Goldman Sachs ETF Trust NCSRS Certified semi-annual shareholder report (management investment company)

Goldman Sachs ETF Trust (GPRF) N-CSRSCertified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORMN-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number811-23013

Goldman Sachs ETF Trust

(Exact name of registrant as specified in charter)

200 West Street, New York, New York 10282

(Address of principal executive offices) (Zip code)


Caroline Kraus, Esq.		Copies to:
Goldman Sachs & Co. LLC		Geoffrey R.T. Kenyon, Esq.
200 West Street		Dechert LLP
New York, New York 10282		100 Oliver Street
		40th Floor
		Boston, MA 02110-2605

(Name and address of agents for service)

Registrant’s telephone number, including area code:(312) 655-4400

Date of fiscal year end: August 31

Date of reporting period: February 28, 2019

ITEM 1.

REPORTS TO STOCKHOLDERS.

The Semi-Annual Report to Shareholders is filed herewith.

Goldman Sachs Funds

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Semi-Annual Report				February 28, 2019

				Access Fixed Income ETFs
				Access High Yield Corporate Bond ETF
				Access Inflation Protected USD Bond ETF
				Access Investment Grade Corporate Bond ETF
				Access Treasury0-1 Year ETF

It is our intention that beginning on January 1, 2021, paper copies of the Funds’ annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. At any time, you may elect to receive reports and certain communications from a Fund electronically by contacting your financial intermediary.

You may elect to receive all future shareholder reports in paper free of charge. You can inform your financial intermediary that you wish to receive paper copies of reports by contacting your financial intermediary. Your election to receive reports in paper will apply to all Goldman Sachs Funds held in your account.

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Goldman Sachs Access Fixed Income ETFs

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ACCESS HIGH YIELD CORPORATE BOND ETF

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ACCESS INFLATION PROTECTED USD BOND ETF

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ACCESS INVESTMENT GRADE CORPORATE BOND ETF

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ACCESS TREASURY0-1 YEAR ETF


TABLE OF CONTENTS

Investment Process			1

Portfolio Results and Fund Basics			5

Schedules of Investments			23

Financial Statements			48

Financial Highlights

Access High Yield Corporate Bond ETF			52

Access Inflation Protected USD Bond ETF			53

Access Investment Grade Corporate Bond ETF			54

Access Treasury0-1 Year ETF			55

Notes to Financial Statements			56

Other Information			65



NOT FDIC-INSURED	May Lose Value	No Bank Guarantee

INVESTMENT PROCESS

Goldman Sachs Access Fixed Income ETFs

Principal Investment Strategies

GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF

The Goldman Sachs Access High Yield 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 FTSE Goldman Sachs High Yield Corporate Bond Index (the “Index”) is a rules-based index that is designed to measure the performance of high yield corporate bonds denominated in U.S. dollars (“USD”) that meet certain liquidity and fundamental screening criteria. “High yield” bonds are bonds that are rated below investment grade and are commonly referred to as “junk bonds.” As of October 31, 2018, there were 660 constituents in the Index and the Index had a weighted average maturity of 5.7 years. The Index is a custom index that is owned and calculated by FTSE Fixed Income LLC (“FTSE”), a trading name of the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group” or the “Index Provider”). The Index is based on the FTSE US High-Yield Market 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 constituents of the Reference Index. The Reference Index includes high yield corporate bonds issued by companies domiciled in the United States or Canada that have a minimum of one year to maturity and are rated a maximum of BB+ by Standard & Poor’s Ratings Services (“S&P”) and Ba1 by Moody’s Investors Service, Inc. (“Moody’s”) a minimum of C by S&P and Ca by Moody’s. Only constituents of the Reference Index that (i) have a minimum of $400 million outstanding, a minimum issuer size of $1 billion and a maximum final maturity of 15 years and (ii) if neither fundamental factor described below is available, are rated at least CCC+ by S&P or Caa1 by Moody’s are included in the Universe. A maturity bucketing process is used to approximate the average effective duration of the Reference Index.

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, debt service 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.

GOLDMAN SACHS ACCESS INFLATION PROTECTED USD BOND ETF

The Goldman Sachs Access Inflation Protected USD 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 FTSE Goldman Sachs Treasury Inflation Protected USD Bond Index (the “Index”) is a rules-based index that is designed to measure the performance of inflation protected, fixed rate U.S. Treasury Securities denominated in U.S. dollars (“USD”) that meet certain screening

INVESTMENT PROCESS

criteria. “U.S. Treasury Securities” refer to securities issued or guaranteed by the U.S. Treasury where the payment of principal and interest is backed by the full faith and credit of the U.S. government. U.S. Treasury Securities include U.S. Treasury notes, U.S. Treasury bills and U.S. Treasury floating rate bonds. As of October 31, 2018, there were 39 issues in the Index and the Index had a weighted average maturity of 8.1 years and a weighted average duration of 7.4 years. The Index is a custom index that is owned and calculated by FTSE Fixed Income LLC (“FTSE”), a trading name of the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group” or the “Index Provider”). The Index is based on the U.S. sleeve of the FTSE World Inflation-Linked Securities Index (the “Reference Index”) using concepts developed with GSAM.

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 constituents of the Reference Index. The Reference Index includes fixed-rate, sovereign bonds denominated in USD that are linked to an inflation index. Only constituents of the Reference Index that are U.S. Treasury Inflation-Protected Securities (“TIPS”), have a minimum of 1 year to maturity and a minimum issue size of $5 billion outstanding (before taking into account the Federal Reserve System Open Market Account (“SOMA”) holdings) are included in the Universe.

Step 2

In the second step, the Index Provider screens the Universe to exclude securities that are unseasoned. The Index excludes “on-the-run” bonds, or the newest issues for each security term. The Index is constructed by weighting each constituent to match the weighted average real yield duration of the Universe.

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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

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 FTSE 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 (“USD”) that meet certain liquidity and fundamental screening criteria. As of October 31, 2018, there were 2,068 constituents in the Index and the Index had a weighted average maturity of 10.7 years. The Index is a custom index that is owned and calculated by FTSE Fixed Income LLC (“FTSE”), a trading name of the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group” or the “Index Provider”). The Index is based on the FTSE US Broad Investment-Grade (USBIG^®) Corporate Index (the “Reference Index”) using concepts developed with Goldman Sachs Asset Management, L.P. (“GSAM”).

INVESTMENT PROCESS

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 constituents 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. A maturity bucketing process is used to approximate the average effective duration of the Reference Index.

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.

GOLDMAN SACHS ACCESS TREASURY 0-1 YEAR ETF

The Goldman Sachs Access Treasury 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 FTSE US Treasury 0-1 Year Composite Select Index (the “Index”) is a rules-based index that is designed to measure the performance of U.S. Treasury Securities with a maximum remaining maturity of 12 months. “U.S. Treasury Securities” refer to securities issued or guaranteed by the U.S. Treasury where the payment of principal and interest is backed by the full faith and credit of the U.S. government. U.S. Treasury Securities include U.S. Treasury notes, U.S. Treasury bills and U.S. Treasury floating rate bonds. As of October 31, 2018, there were 75 issues in the Index and the Index had a weighted average maturity of 0.39 years. The Index includes publicly-issued U.S. Treasury Securities 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 sponsored by FTSE Fixed Income LLC (“FTSE”), a trading name of the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group” or the “Index Provider”), 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.

INVESTMENT PROCESS

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

ALL FUNDS

Each of the FTSE Goldman Sachs High Yield Corporate Bond Index and FTSE Goldman Sachs Investment Grade Corporate Bond Index is rebalanced (i) monthly on the last business day of each month, to account for changes in maturities, duration, corporate actions or ratings migration, and (ii) quarterly, to account for updates to the constituents on the basis of the fundamental factors (as described above). The FTSE US Treasury0-1 Year Composite Select Index is rebalanced monthly on the last day of the month. The FTSE Goldman Sachs Treasury Inflation Protected USD Bond Index is rebalanced monthly on the last business day of the month to account for changes in maturities (i.e., removing securities with less than 1 year to maturity), new issues and duration to closely match the weighted average real yield duration of its Universe.

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

Each of the Goldman Sachs Access High Yield Corporate Bond ETF and Goldman Sachs Access Investment Grade Corporate Bond ETF may concentrate its investments (i.e., hold more than 25% of its total assets) in a particular industry or group of industries to the extent that its Index is concentrated. The degree to which components of its Index represent certain sectors or industries may change over time. Each of the Goldman Sachs Access Treasury0-1 Year ETF and Goldman Sachs Access Inflation Protected USD Bond ETF may concentrate its investments (i.e., hold more than 25% of its total assets) in a particular industry or group of industries to the extent that its Index is concentrated. The U.S. government, state and municipal governments and their agencies, authorities and instrumentalities are not deemed to be industries for this purpose.

PORTFOLIO RESULTS

Goldman Sachs Access High Yield Corporate Bond ETF

Investment Objective

The Goldman Sachs Access High Yield Corporate Bond ETF (the “Fund”) seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the FTSE Goldman Sachs High Yield 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 six-month period ended February 28, 2019 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund returned 2.79% based on net asset value (“NAV”) and 2.55% based on market price. The Index returned 2.89% during the same period.

The Fund had an NAV of $48.86 per share on August 31, 2018 and ended the Reporting Period with an NAV of $48.69 per share. The Fund’s market price on February 28, 2019 was $48.53 per share.

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

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 high yield corporate bonds denominated in U.S. dollars that meet certain liquidity and fundamental screening criteria. “High yield” bonds are bonds that are rated below investment grade and are commonly referred to as “junk bonds.” The Index is a custom index that is owned and calculated by FTSE Fixed Income LLC (“FTSE”), a trading name of the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group” or the “Index Provider”) and is based on the FTSE US High-Yield Market 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 updated on the last business day of each month.

During the Reporting Period, the Fund posted positive absolute returns that modestly lagged 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, high yield corporate bond returns are driven by two primary factors — duration (whether interest rates are rising or falling) and spreads (a widening or tightening of the yield differential to duration-equivalent U.S. Treasuries). During the Reporting Period, the Fund posted positive absolute returns driven largely by income and rates, though partially offset by spread widening.

During the Reporting Period, the yield on the 10-year U.S. Treasury fell approximately 11 basis points, which was positive for credit. (A basis point is 1/100^th of a percentage point.) Despite the fact that the Federal Reserve (the “Fed”) hiked interest rates by 25 basis points twice during the Reporting Period, yields at the intermediate and long-term segments of the U.S. Treasury yield curve declined as investor risk sentiment turned negative.

High yield corporate spreads widened by approximately 52 basis points during the Reporting Period. However, in the last two months of the Reporting Period, high yield corporate spreads tightened back toward levels preceding the large sell-off of risk assets in December 2018.

From a macro perspective, risk assets had a very challenging fourth calendar quarter to end the year 2018 with asset classes across the board closing in negative territory. Many market observers were concerned about the late-cycle signs of a slowing economy, including moderating Gross Domestic

PORTFOLIO RESULTS

Product growth, rising inflation, cyclically low unemployment and interest rate hikes from central banks. Much of the sell-off was retraced in the subsequent early weeks of 2019, with asset classes rallying back broadly.

While the Fed communicated, via data-sensitive dovish comments, toward the end of the Reporting Period that future interest rate hikes may be coming at a slower pace, fears surrounding trade negotiations and a potential “earnings recession” were still top of mind for investors at the end of the Reporting Period. (Dovish language suggests lower interest rates; opposite of hawkish.) (An earnings recession is defined as two consecutive quarters during which corporate earnings decline year over year.) However, progress appeared to have been made on the trade front with representatives from the U.S., Europe and China engaging in ongoing discussions in the early months of 2019, which, if an agreement is struck, could be a catalyst for positive market momentum. While credit spreads retraced much of their widening from the fourth quarter of 2018 by the end of February 2019, we believe there remained additional room for them to continue to tighten before they reach the lows seen in September 2018. In our view, U.S. credit still offered an attractive risk/return profile compared to many other asset classes at the end of the Reporting Period.

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

The Fund does not employ derivatives.

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?¹

The Fund had a weighted average duration of 3.5 years, a weighted average maturity of 5.4 years and a weighted average coupon of 6.17% as of February 28, 2019. The30-day standardized yield of the Fund at the end of the Reporting Period was 5.53%.

What was the Fund’s credit allocation at the end of the Reporting Period?²


BBB	0.74	%
BB	55.40	%
B	36.20	%
CCC	6.74	%
Not Rated	0.16	%
Cash	0.76	%

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

Of the approximately 97.94% of the Fund’s assets invested in high yield corporate bonds at the end of the Reporting Period, approximately 8.71% was in industrials, 10.85% in financials and 2.92% in utilities.

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

While the Index was 98.16% allocated in high yield corporate bonds, 1.04% in emerging market corporate bonds and 0.80% in investment grade corporate bonds, the Fund was 97.50% invested in high yield corporate bonds, 1.00% invested in emerging market corporate bonds, 0.74% invested in investment grade corporate bonds and 0.76% invested in cash at the end of the Reporting Period.

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 30-day standardized yield calculation is based on a 30-day period ending on the last day of the Reporting Period. It is computed by dividing the net investment income per share earned during the period by the maximum offering price per share on the last day of the period.

The Fund and the Index have not been rated by an independent rating agency. The credit allocation provided refers to the Fund’s underlying portfolio securities. For the purpose of determining compliance with any credit rating requirement, the Fund assigns a security, at the time of purchase, the highest rating by a Nationally Recognized Statistical Rating Organization (“NRSRO”) if the security is rated by more than one NRSRO. For this purpose, the Fund relies only on the ratings of the following NRSROs: S&P, Moody’s and Fitch, Inc. This method may differ from the method independently used by the Index Provider. GSAM will use a single rating if that is the only one available. Securities that are not rated by all three agencies are reflected as such in the breakdown. Unrated securities may be purchased by the Fund if they are determined by the Investment Adviser to be of a credit quality consistent with the Fund’s credit rating requirements. Unrated securities do not necessarily indicate low quality, and for such securities the Investment Adviser will evaluate the credit quality. GSAM converts all ratings to the equivalent S&P major rating category when illustrating credit rating breakdowns. Ratings and Fund/Index credit quality may change over time.

The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the FTSE Goldman Sachs High Yield Corporate Bond Index.

FUND BASICS

Access High Yield Corporate Bond ETF

as of February 28, 2019

LOGO

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


PERFORMANCE REVIEW

September 1, 2018– February 28, 2019	Fund Total Return (based on NAV)²	Fund Total Return (based on Market Price)²			FTSE Goldman Sachs High Yield Corporate Bond Index³			Bloomberg Barclays High Yield Very Liquid Index⁴
Shares	2.79%		2.55	%		2.89	%		2.45	%

The Index was developed and is calculated and maintained by FTSE Fixed Income LLC (“FTSE”), a trading name of the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group” or the “Index Provider”). FTSE is not affiliated with the Fund or GSAM. The Fund is not sponsored, endorsed, sold or promoted by FTSE or any of its affiliates and FTSE makes no representation to any owner or prospective owner of the Fund regarding the advisability of investing in securities generally or in the Fund particularly, or the ability of the Fund to track the price and yield performance of the Index or the ability of the Index to track general bond market performance. FTSE’s only relationship to GSAM (“Licensee”) is the licensing of certain information, data, trademarks and trade names of FTSE or its affiliates. The Index is determined, composed and calculated by FTSE without regard to the Fund. FTSE has no obligation to take the needs of the owners or prospective owners of the Fund into consideration in determining, composing or calculating the Index. FTSE is not responsible for and has not participated in the determination of the prices and amount of the shares to be issued by the Fund or the timing of the issuance or sale of the shares to be issued by the Fund or in the determination or calculation of the equation by which the shares to be issued by the Fund are to be converted into cash. FTSE has no obligation or liability in connection with the administration, marketing or trading of the Fund.

⁴

The Bloomberg Barclays High Yield Very Liquid Index (VLI) is a component of the US Corporate High Yield Index that is designed to track a more liquid component of the USD-denominated, high yield, fixed-rate corporate bond market.

The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment returns and principal value will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site atwww.GSAMFUNDS.com/ETFs to obtain the most recentmonth-end returns. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale or redemption of Fund shares.

FUND BASICS


STANDARDIZED TOTAL RETURNS⁵

For the period ended 12/31/18	One Year	Since Inception	Inception Date
Shares (based on NAV)	-2.15%	-0.92%	9/15/17
Shares (based on Market Price)	-2.00	-1.05	9/15/17

⁵

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 atwww.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale or redemption of Fund shares.


		30-DAY STANDARDIZED YIELD⁶

				30-Day Standardized Yield⁴
		Shares		5.53%

⁶


		EXPENSE RATIO⁷

				Expense Ratio
		Shares		0.34%

⁷

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.

FUND BASICS


TOP TEN HOLDINGS AS OF 2/28/19⁸

Holding	% of Net Assets			Line of Business
CSC Holdings LLC, 10.88%, 10/15/25		0.7	%	Telecommunication Services
Bausch Health Cos, Inc., 6.13%, 04/15/25		0.6		Consumer, Non-cyclical
Sirius XM Radio, Inc., 6.00%, 07/15/24		0.6		Telecommunication Services
First Quantum Minerals Ltd., 7.00%, 02/15/21		0.6		Materials
HCA, Inc., 5.38%, 02/01/25		0.6		Consumer, Non-cyclical
T-Mobile USA, Inc., 6.50%, 01/15/26		0.6		Telecommunication Services
T-Mobile USA, Inc., 6.00%, 03/01/23		0.6		Telecommunication Services
CHS/Community Health Systems, Inc., 6.25%, 03/31/23		0.6		Consumer, Non-cyclical
Tenet Healthcare Corp., 6.75%, 06/15/23		0.5		Consumer, Non-cyclical
Bausch Health Cos, Inc., 7.00%, 03/15/24		0.5		Consumer, Non-cyclical

⁸

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


INDUSTRY ALLOCATION AS OF 2/28/19⁹

Industry	% of Net Assets
Telecommunication Services		20.5	%
Consumer,Non-cyclical		18.6
Energy		15.8
Financials		10.9
Consumer, Cyclical		10.0
Industrials		8.7
Information Technology		5.2
Materials		5.0
Utilities		2.9
Other		0.3

⁹

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. The “Other” category represents the Fund’s investments in other investment companies. Figures in the graph may not sum to 100% due to the exclusion of other assets and liabilities.

PORTFOLIO RESULTS

Goldman Sachs Access Inflation Protected USD Bond ETF

Investment Objective

The Goldman Sachs Access Inflation Protected USD Bond ETF (the “Fund”) seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the FTSE Goldman Sachs Treasury Inflation Protected USD Bond Index (the “Index”).

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Global Fixed Income Team discusses the Fund’s performance and positioning for the period since it commenced operations on October 2, 2018 through February 28, 2019 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund returned 0.89% based on net asset value (“NAV”) and 0.85% based on market price. The Index returned 0.97% during the same period.

The Fund had an NAV of $50.00 per share on the date of inception and ended the Reporting Period with an NAV of $50.11 per share. The Fund’s market price on February 28, 2019 was $50.09 per share.

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

The Index is designed to track the performance of inflation protected, fixed rate U.S. Treasury Securities denominated in U.S. dollars (“USD”) that meet certain screening criteria. “U.S. Treasury Securities” refer to securities issued or guaranteed by the U.S. Treasury where the payment of principal and interest is backed by the full faith and credit of the U.S. government. U.S. Treasury Securities include U.S. Treasury notes, U.S. Treasury bills and U.S. Treasury floating rate bonds. The Index is a custom index that is owned and calculated by FTSE Fixed Income LLC (“FTSE”), a trading name of the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group” or the “Index Provider”). The Index is based on the U.S. sleeve of the FTSE World Inflation-Linked Securities Index (the “Reference Index”) using concepts developed with GSAM.

During the Reporting Period, the Fund posted positive absolute returns that outperformed 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.

Two key drivers of return for the Treasury Inflation Protected Securities (“TIPS”) market are interest rates, given the sector’s longer duration profile, and inflation. During the Reporting Period, U.S. Treasuries rallied, with the yield on the 10-year U.S. Treasury declining approximately 40 basis points. (A basis point is 1/100^th of a percentage point.) The move in U.S. Treasuries reflects a strong risk-off, or heightened risk aversion, investor sentiment, as the market adjusted to a potentially lower economic growth outlook. During the same Reporting Period, inflation moved markedly lower. In fact, the Federal Reserve (the “Fed”) described inflationary pressures as “muted” in its latest policy meeting statement.

Year-over-year Consumer Price Index readings moved from an annualized rate of 2.5% to an annualized rate of 1.6% during the Reporting Period. At the same time, we saw improved wage growth. Private sector average hourly earnings increased 3.4% year over year, the highest level reached since April 2009.

A tight labor market characterized by cyclically low unemployment, which was at or near the level of “full employment” during the Reporting Period, as defined by the U.S. Department of Labor, and a pick-up in wage growth is

PORTFOLIO RESULTS

typically associated with an increase in inflation. This relationship is often referred to as the Phillips curve in economics, which asserts there is an inverse relationship between unemployment and inflation in an economy. A tight labor market and wage growth tend to exert upward pressure on inflation since labor is an input cost to many goods and services in the economy. The effect of higher consumer income leading to increased demand also supports this usual trend. While the U.S. economy has experienced the former two conditions in the last few calendar quarters, i.e. low unemployment and a start to wage growth, inflation has remained sluggish and slower to increase than the consensus expected. In our view, this scenario, combined with the Fed’s pause in interest rate increases until inflation catches up, should be constructive for inflation to build in the U.S. economy in the coming months.

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

The Fund does not employ derivatives.

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?¹

The Fund had a weighted average duration of 7.46 years, a weighted average maturity of 7.88 years and a weighted average coupon of 0.40% as of February 28, 2019. The30-day standardized yield of the Fund at the end of the Reporting Period was -3.48%.

What was the Fund’s positioning relative to the Index at the end of the Reporting Period?²

While the Index was 100% allocated to U.S. TIPS, the Fund was 99.43% invested in U.S. TIPS and 0.57% invested in cash at the end of the Reporting Period.

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.)

The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the FTSE Goldman Sachs Treasury Inflation Protected USD Bond Index.

FUND BASICS

Access Inflation Protected USD Bond ETF

as of February 28, 2019

LOGO


PERFORMANCE REVIEW

October 2, 2018–February 28, 2019	Fund Total Return (based on NAV)²	Fund Total Return (based on Market Price)²			FTSE Goldman Sachs Treasury Inflation Protected USD Bond Index³
Shares	0.89%		0.85	%		0.97	%

Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculations assumes all management fees incurred by the Fund. Market Price returns are based upon the last trade at 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. The first day of secondary market trading is typically several days after the date on which the Fund commenced investment operations; therefore, the NAV of the Fund is used as a proxy for the period from inception of investment operations to the first day of secondary market trading to calculate the Market Price returns. Total returns for periods less than one full year are not annualized.

The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment returns and principal value will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recentmonth-end returns. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale or redemption of Fund shares.

FUND BASICS


STANDARDIZED TOTAL RETURNS⁴

For the period ended 12/31/18	Since Inception			Inception Date
Shares (based on NAV)		0.04	%	10/2/18
Shares (based on Market Price)		-0.39		10/2/18

⁴

The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment returns and principal value will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale or redemption of Fund shares.


		30-DAY STANDARDIZED YIELD⁵

				30-Day Standardized Yield⁴
		Shares		-3.48%

⁵


		EXPENSE RATIO⁶

				Expense Ratio
		Shares		0.12%

⁶


TOP HOLDINGS AS OF 2/28/19⁷

Holding	% of Net Assets			Line of Business
U.S. Treasury Inflation Indexed Bond, 0.38%, 07/15/25		16.2	%		Government
U.S. Treasury Inflation Indexed Bond, 0.13%, 01/15/22		13.9			Government
U.S. Treasury Inflation Indexed Bond, 0.38%, 07/15/27		12.6			Government
U.S. Treasury Inflation Indexed Bond, 0.50%, 01/15/28		11.1			Government
U.S. Treasury Inflation Indexed Bond, 0.13%, 04/15/21		9.3			Government
U.S. Treasury Inflation Indexed Bond, 0.75%, 02/15/42		9.0			Government
U.S. Treasury Inflation Indexed Bond, 0.38%, 07/15/23		8.0			Government
U.S. Treasury Inflation Indexed Bond, 0.63%, 01/15/24		7.3			Government
U.S. Treasury Inflation Indexed Bond, 0.13%, 04/15/20		7.2			Government
U.S. Treasury Inflation Indexed Bond, 0.88%, 02/15/47		4.8			Government
Other		0.6

⁷

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

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 FTSE Goldman Sachs Investment Grade Corporate Bond Index (the “Index”).

Portfolio Management Discussion and Analysis

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund returned 2.09% based on net asset value (“NAV”) and 2.17% based on market price. The Index returned 2.12% during the same period.

The Fund had an NAV of $48.31 per share on August 31, 2018 and ended the Reporting Period with an NAV of $48.42 per share. The Fund’s market price on February 28, 2019 was $48.43 per share.

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

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”), a trading name of the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group” or the “Index Provider”) and is based on the FTSE 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 updated on the last business day of each month.

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 two primary factors — duration (whether interest rates are rising or falling) and spreads (a widening or tightening of the yield differential to duration-equivalent U.S. Treasuries). During the Reporting Period, the U.S. investment grade corporate credit market posted positive absolute returns driven in part by income as well as lower rates, though partially offset by spread widening.

Indices that track the U.S. investment grade corporate credit market typically have durations between five and seven years, making them moderately sensitive to changes in underlying rates. During the Reporting Period, the yield on the 10-year U.S. Treasury declined by approximately 11 basis points, which was positive for investment grade credit. (A basis point is 1/100^th of a percentage point.)

Investment grade corporate spreads widened by approximately 20 basis points during the Reporting Period. Toward the end of 2018, spreads widened, as investor sentiment turned negative for risk assets broadly. In the first two months of 2019, spreads reversed the trend, somewhat offsetting the move wider.

PORTFOLIO RESULTS

of a slowing economy, including moderating Gross Domestic Product growth, rising inflation, cyclically low unemployment and interest rate hikes from central banks. Much of the sell-off was retraced in the subsequent early weeks of 2019, with asset classes rallying back broadly.

While the Federal Reserve (the “Fed”) communicated, via data-sensitive dovish comments, toward the end of the Reporting Period that future interest rate hikes may be coming at a slower pace, fears surrounding trade negotiations and a potential “earnings recession” were still top of mind for investors at the end of the Reporting Period. (Dovish language suggests lower interest rates; opposite of hawkish.) (An earnings recession is defined as two consecutive quarters during which corporate earnings decline year over year.) However, progress appeared to have been made on the trade front with representatives from the U.S., Europe and China engaging in ongoing discussions in the early months of 2019, which, if an agreement is struck, could be a catalyst for positive market momentum. While credit spreads retraced much of their widening from the fourth quarter of 2018 by the end of February 2019, we believe there remained additional room for them to continue to tighten before they reach the lows seen in September 2018. In our view, U.S. credit still offered an attractive risk/return profile compared to many other asset classes at the end of the Reporting Period.

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

The Fund does not employ derivatives.

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?¹

A	The Fund had a weighted average duration of 7.18 years, a weighted average maturity of 10.87 years and a weighted average coupon of 4.03% as of February 28, 2019. The30-day standardized yield of the Fund at the end of the Reporting Period was 3.73%.

What was the Fund’s credit allocation at the end of the Reporting Period?²


AAA	2.62	%
AA	13.32	%
A	34.75	%
BBB	48.46	%
BB	0.26	%
Cash	0.60	%

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

Of the approximately 99.05% of the Fund’s assets invested in investment grade corporate bonds at the end of the Reporting Period, approximately 29.95% was in financials, 4.17% in industrials and 1.17% in utilities.

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

While the Index was 97.45% allocated to investment grade corporate bonds, 0.40% allocated to high yield corporate bonds and 2.15% allocated to emerging market corporate bonds, the Fund was 96.52% invested in investment grade corporate bonds, 0.26% invested in high yield corporate bonds, 2.62% invested in emerging market corporate bonds and 0.60% invested in cash at the end of the Reporting Period.

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

FUND BASICS

Access Investment Grade Corporate Bond ETF

as of February 28, 2019

LOGO


PERFORMANCE REVIEW

September 1, 2018– February 28, 2019	Fund Total Return (based on NAV)²	Fund Total Return (based on Market Price)²			FTSE Goldman Sachs Investment Grade Corporate Bond Index³			Bloomberg Barclays US Corporate Investment Grade Index⁴
Shares	2.09%		2.17	%		2.12	%		2.03	%

⁴

The Bloomberg Barclays US Corporate Investment Grade Index measures the investment grade, fixed-rate, taxable corporate bond market. It includes USD-denominated securities publicly issued by US and non-US industrial, utility and financial issuers.

The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment returns and principal value will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may belower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recentmonth-end returns. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale or redemption of Fund shares.

FUND BASICS


STANDARDIZED TOTAL RETURNS⁵

For the period ended 12/31/18	One Year			Since Inception			Inception Date
Shares (based on NAV)		-2.83	%		-0.40	%	6/6/17
Shares (based on Market Price)		-2.75			-0.38		6/6/17

⁵

The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment returns and principal value will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale or redemption of Fund shares.


		30-DAY STANDARDIZED YIELD⁶

				30-Day Standardized Yield⁴
		Shares		3.73%

⁶


		EXPENSE RATIO⁷

				Expense Ratio
		Shares		0.14%

⁷

FUND BASICS


TOP 10 HOLDINGS AS OF 2/28/19⁸

Holding	% of Net Assets			Line of Business
BP Capital Markets PLC, 3.56%, 11/01/21		0.8	%	Energy
Wells Fargo Bank NA, 2.60%, 01/15/21		0.7		Financials
Alibaba Group Holding Ltd., 3.13%, 11/28/21		0.5		Telecommunication Services
JPMorgan Chase & Co., 2.55%, 03/01/21		0.5		Financials
Unilever Capital Corp., 4.25%, 02/10/21		0.5		Consumer, Non-cyclical
Wells Fargo & Co., Series MTN, 4.10%, 06/03/26		0.5		Financials
Wells Fargo & Co., Series GMTN, 4.90%, 11/17/45		0.5		Financials
Dell International LLC / EMC Corp., 4.42%, 06/15/21		0.5		Information Technology
BNP Paribas SA, 5.00%, 01/15/21		0.4		Financials
Apple, Inc., 2.25%, 02/23/21		0.4		Information Technology

⁸

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


INDUSTRY ALLOCATION AS OF 2/28/19⁹

Industry	% of Net Assets
Financials		30.0	%
Consumer, Non-cyclical		21.0
Telecommunication Services		12.6
Energy		11.7
Information Technology		8.7
Consumer, Cyclical		6.8
Industrials		4.2
Materials		2.3
Utilities		1.2
Other		0.6

⁹

PORTFOLIO RESULTS

Goldman Sachs Access Treasury0-1 Year ETF

Investment Objective

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Global Fixed Income and Liquidity Solutions Team discusses the Fund’s performance and positioning for the six-month period ended February 28, 2019 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund returned 1.10% based on net asset value (“NAV”) and 1.10% based on market price. The Index returned 1.15% during the same period.

The Fund had an NAV of $100.16 on August 31, 2018 and ended the Reporting Period with an NAV of $100.23 per share. The Fund’s market price on February 28, 2019 was $100.25 per share.

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

The Index is designed to measure the performance of U.S. Treasury Securities with a maximum remaining maturity of 12 months. “U.S. Treasury Securities” refer to securities issued or guaranteed by the U.S. Treasury where the payment of principal and interest is backed by the full faith and credit of the U.S. government. U.S. Treasury Securities include U.S. Treasury notes, U.S. Treasury bills and U.S. Treasury floating rate bonds. The Index is sponsored by FTSE Fixed Income LLC (“FTSE” ), a trading name of the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group” or the “Index Provider”), 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.

Two primary factors contributed to higher short-term U.S. Treasury yields during the Reporting Period — continued new issue supply and interest rate hikes by the Federal Reserve (the “Fed”).

First, increasing new issue supply contributed to rising yields of front-end, or short-term, U.S. Treasury securities, which positively contributed to the Fund’s returns. Second, during the Reporting Period, the Fed hiked interest rates two additional times, by 25 basis points each, bringing the effective federal funds rate to approximately 2.40%. (A basis point is 1/100^th of a percentage point.) Higher front-end rates, in turn, increased the yield of the Fund — the largest component of its return — during the Reporting Period.

After four interest rate hikes in calendar year 2018, the Fed changed tack, or method in addressing its monetary policy stance, toward the end of the Reporting Period and emphasized it would require evidence of inflationary pressures, described as “muted” in its latest policy meeting statement, before resuming its hiking path. During the Reporting Period, the U.S. Treasury yield curve, or spectrum of maturities, flattened meaningfully, meaning the differential in yields between shorter-term and longer-term maturities narrowed. Notably, at the end of the Reporting Period, the market was not pricing in further interest rate hikes by the Fed in 2019, and consensus expectations were that front-end rates may be rather range-bound in the near term.

PORTFOLIO RESULTS

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

A The Fund does not employ derivatives.

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?¹

The Fund had a weighted average duration of 0.40 years, a weighted average maturity of 0.40 years and a weighted average coupon of 0.48% as of February 28, 2019. The30-day net standardized yield of the Fund at the end of the Reporting Period was 2.31%.

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

The Index was 100% allocated to U.S. Treasury Securities at the end of the Reporting Period, and the Fund was also 100% invested in U.S. Treasury Securities at the end of the Reporting Period.

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 30-day standardized yield calculation is based on a30-day period ending on the last day of the Reporting Period. It is computed by dividing the net investment income per share earned during the period by the maximum offering price per share on the last day of the period.

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

FUND BASICS

Access Treasury0-1 Year ETF

as of February 28, 2019

LOGO


		FUND SNAPSHOT

		As of February 28, 2019

		Market Price¹			$100.25
		Net Asset Value (NAV)¹			$100.23

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


PERFORMANCE REVIEW

September 1, 2018– February 28, 2019	Fund Total Return (based on NAV)²			Fund Total Return (based on Market Price)²			FTSE US Treasury 0-1 Year Composite Select Index³
Shares		1.10	%		1.10	%		1.15	%

The Index is designed to measure the performance of U.S. Treasury Securities with a maximum remaining maturity of 12 months. “U.S. Treasury Securities” refer to securities issued or guaranteed by the U.S. Treasury where the payment of principal and interest is backed by the full faith and credit of the U.S. government. U.S. Treasury Securities include U.S. Treasury notes, U.S. Treasury bills and U.S. Treasury floating rate bonds. The Index is sponsored by FTSE Fixed Income LLC (“FTSE”), a trading name of the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group” or the “Index Provider”). FTSE is not affiliated with the Fund or GSAM. The Index is determined, composed and calculated by FTSE without regard to the Fund. It is not possible to invest directly in an unmanaged index.


STANDARDIZED TOTAL RETURNS⁴

For period ended December 31, 2018	One Year			Since Inception			Inception Date

Shares (based on NAV)		1.77	%		1.12	%	9/6/16
Shares (based on Market Price)		1.78			1.12		9/6/16

⁴

FUND BASICS

lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recentmonth-end returns. 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.


30-DAY STANDARDIZED YIELD⁵

	30-Day Subsized Yield⁵			30-Day Unsubsized Yield⁵

Shares		2.31	%		2.29	%

⁵

The method of calculation of the30-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 30-day period ending on the last day of the Reporting Period by the maximum public offering price per share on the last day of the period. This number is then annualized. The30-Day 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. The30-Day 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, the30-Day Subsidized Yield and30-Day 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 ratios of the Fund 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.

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 December 28, 2019, and prior to such date the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees.


TOP HOLDINGS AS OF 2/28/19⁸

Holding	Maturity Date	% of Net Assets

U.S. Treasury Bill, 2.49%	08/22/19		10.4	%
U.S. Treasury Note, 1.25%	04/30/19		6.4
U.S. Treasury Bill, 2.47%	07/25/19		6.1
U.S. Treasury Note, 0.88%	07/31/19		5.8
U.S. Treasury Note, 1.00%	10/15/19		5.4
U.S. Treasury Bill, 2.53%	05/30/19		5.3
U.S. Treasury Note, 1.00%	06/30/19		5.2
U.S. Treasury Bill, 2.43%	04/25/19		5.0
U.S. Treasury Bill, 2.39%	04/25/19		5.0
U.S. Treasury Note, 0.75%	08/15/19		4.9
Other			40.5

⁸

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

GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF

Schedule of Investments

February 28, 2019 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – 92.6%
Advertising – 0.2%
	Outfront Media Capital LLC / Outfront Media Capital Corp.
$	120,000		5.625	%		02/15/24	$	123,750

Aerospace & Defense – 1.7%
	TransDigm, Inc.
	179,000		6.000			07/15/22		182,804
	60,000		6.500			07/15/24		60,675
	185,000		6.500			05/15/25		185,231
	250,000		6.250	^(a)		03/15/26		257,188
	170,000		6.375			06/15/26		165,750

								851,648

Agriculture – 0.3%
	JBS USA LUX SA / JBS USA Finance, Inc.
	30,000		5.875	^(a)		07/15/24		30,938
	100,000		5.750	^(a)		06/15/25		101,750

								132,688

Air Freight & Logistics – 0.6%
	XPO Logistics, Inc.
	6,000		6.500	^(a)		06/15/22		6,113
	207,000		6.125	^(a)		09/01/23		207,000
	100,000		6.750	^(a)		08/15/24		101,125

								314,238

Automobiles – 0.3%
	Tesla, Inc.
	193,000		5.300	^(a)		08/15/25		172,253

Banks – 0.8%
	CIT Group, Inc.
	80,000		4.125			03/09/21		80,900
	110,000		5.000			08/15/22		114,125
	108,000		5.250			03/07/25		113,400
	Freedom Mortgage Corp.
	125,000		8.250	^(a)		04/15/25		118,125

								426,550

Basic Industry – 0.7%
	Blue Cube Spinco LLC
	10,000		9.750			10/15/23		11,225
	CF Industries, Inc.
	70,000		3.450			06/01/23		68,075
	Hexion, Inc.
	95,000		6.625			04/15/20		81,225
	81,000		10.375	^(a)		02/01/22		68,951
	Momentive Performance Materials, Inc.
	75,000		3.880			10/24/21		81,000
	Novelis Corp.
	50,000		6.250	^(a)		08/15/24		50,500

								360,976

Broadcasting – 2.7%
	Clear Channel Worldwide Holdings, Inc., Series A
	150,000		6.500			11/15/22		153,750
	Clear Channel Worldwide Holdings, Inc., Series B
	150,000		6.500			11/15/22		153,938
	Nexstar Broadcasting, Inc.
	145,000		5.625	^(a)		08/01/24		144,456


Corporate Obligations – (continued)
Broadcasting – (continued)
	Sinclair Television Group, Inc.
	80,000		5.375			04/01/21		80,500
	100,000		5.125	^(a)		02/15/27		94,125
	Sirius XM Radio, Inc.
	30,000		3.875	^(a)		08/01/22		30,000
	305,000		6.000	^(a)		07/15/24		317,581
	47,000		5.375	^(a)		04/15/25		48,057
	124,000		5.375	^(a)		07/15/26		124,775
	50,000		5.000	^(a)		08/01/27		48,813
	Univision Communications, Inc.
	70,000		5.125	^(a)		05/15/23		64,050
	147,000		5.125	^(a)		02/15/25		129,176

								1,389,221

Building Products – 0.4%
	Griffon Corp.
	190,000		5.250			03/01/22		188,575

Capital Goods – 2.6%
	Berry Global, Inc.
	70,000		5.500			05/15/22		71,225
	88,000		4.500	^(a)		02/15/26		83,600
	Brand Industrial Services, Inc.
	50,000		8.500	^(a)		07/15/25		45,250
	BWAY Holding Co.
	179,000		5.500	^(a)		04/15/24		176,986
	100,000		7.250	^(a)		04/15/25		95,375
	Flex Acquisition Co., Inc.
	100,000		6.875	^(a)		01/15/25		95,000
	44,000		7.875	^(a)		07/15/26		42,240
	Owens-Brockway Glass Container, Inc.
	70,000		5.875	^(a)		08/15/23		74,025
	Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu
	213,204		5.750			10/15/20		214,003
	120,000		5.125	^(a)		07/15/23		120,450
	64,000		7.000	^(a)		07/15/24		65,760
	Sensata Technologies BV
	25,000		4.875	^(a)		10/15/23		25,812
	121,000		5.000	^(a)		10/01/25		123,118
	Vertiv Group Corp.
	120,000		9.250	^(a)		10/15/24		120,450

								1,353,294

Capital Markets – 0.3%
	MSCI, Inc.
	160,000		5.250	^(a)		11/15/24		165,600
	5,000		4.750	^(a)		08/01/26		5,025

								170,625

Chemicals – 0.6%
	Ashland LLC
	100,000		4.750			08/15/22		103,125
	Olin Corp.
	97,000		5.125			09/15/27		98,213
	97,000		5.000			02/01/30		94,696

								296,034


The accompanying notes are an integral part of these financial statements.		23

GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF

Schedule of Investments(continued)

February 28, 2019 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Commercial Services & Supplies – 1.3%
	ADT Security Corp. (The)
$	60,000		6.250	%		10/15/21	$	63,525
	120,000		3.500			07/15/22		118,650
	60,000		4.125			06/15/23		59,100
	60,000		4.875	^(a)		07/15/32		50,700
	Covanta Holding Corp.
	25,000		5.875			07/01/25		24,902
	101,000		6.000			01/01/27		101,349
	Pitney Bowes, Inc.
	80,000		3.875			10/01/21		77,700
	110,000		4.950			04/01/23		103,950
	West Corp.
	80,000		8.500	^(a)		10/15/25		66,400

								666,276

Communications – 6.0%
	CCO Holdings LLC / CCO Holdings Capital Corp.
	60,000		5.250			03/15/21		60,525
	154,000		5.250			09/30/22		157,080
	145,000		5.125	^(a)		05/01/23		148,081
	8,000		5.750			09/01/23		8,170
	47,000		5.750			01/15/24		48,351
	201,000		5.875	^(a)		04/01/24		210,045
	110,000		5.750	^(a)		02/15/26		113,850
	159,000		5.500	^(a)		05/01/26		162,975
	246,000		5.125	^(a)		05/01/27		242,618
	67,000		5.875	^(a)		05/01/27		68,926
	191,000		5.000	^(a)		02/01/28		185,748
	CSC Holdings LLC
	212,000		6.750			11/15/21		226,840
	160,000		5.250			06/01/24		159,600
	300,000		10.875	^(a)		10/15/25		349,500
	200,000		5.500	^(a)		04/15/27		201,250
	DISH DBS Corp.
	100,000		6.750			06/01/21		103,000
	162,000		5.875			07/15/22		155,925
	75,000		5.000			03/15/23		66,937
	290,000		5.875			11/15/24		245,775
	199,000		7.750			07/01/26		173,130

								3,088,326

Consumer Cyclical – 4.7%
	Allison Transmission, Inc.
	87,000		5.000	^(a)		10/01/24		88,087
	20,000		4.750	^(a)		10/01/27		19,250
	American Axle & Manufacturing, Inc.
	151,000		6.250			04/01/25		151,377
	APX Group, Inc.
	153,000		7.875			12/01/22		152,044
	68,000		7.625			09/01/23		60,180
	Caesars Resort Collection LLC / CRC Finco, Inc.
	151,000		5.250	^(a)		10/15/25		143,639
	Cinemark USA, Inc.
	60,000		5.125			12/15/22		61,050
	100,000		4.875			06/01/23		101,000
	ESH Hospitality, Inc.
	119,000		5.250	^(a)		05/01/25		119,000


Corporate Obligations – (continued)
Consumer Cyclical – (continued)
	Guitar Center Escrow Issuer, Inc.
	65,000		9.500	%^(a)		10/15/21		62,887
	Harland Clarke Holdings Corp.
	80,000		9.250	^(a)		03/01/21		78,000
	Hilton Domestic Operating Co., Inc.
	74,000		4.250			09/01/24		73,075
	100,000		5.125	^(a)		05/01/26		101,000
	Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp.
	77,000		4.625			04/01/25		77,000
	54,000		4.875			04/01/27		53,865
	Jack Ohio Finance LLC / Jack Ohio Finance 1 Corp.
	200,000		6.750	^(a)		11/15/21		207,000
	KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC
	126,000		5.000	^(a)		06/01/24		127,890
	Prime Security Services Borrower LLC / Prime Finance, Inc.
	217,000		9.250	^(a)		05/15/23		229,478
	Sabre GLBL, Inc.
	45,000		5.375	^(a)		04/15/23		46,125
	60,000		5.250	^(a)		11/15/23		61,800
	Toll Brothers Finance Corp.
	19,000		5.875			02/15/22		19,998
	83,000		4.375			04/15/23		83,311
	50,000		4.350			02/15/28		47,375
	Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp.
	38,000		4.250	^(a)		05/30/23		37,715
	100,000		5.500	^(a)		03/01/25		99,750
	110,000		5.250	^(a)		05/15/27		105,600

								2,407,496

Consumer Finance – 4.1%
	Ally Financial, Inc.
	135,000		8.000			03/15/20		141,412
	95,000		4.125			03/30/20		95,594
	100,000		4.625			05/19/22		102,375
	103,000		5.125			09/30/24		108,408
	55,000		4.625			03/30/25		56,375
	20,000		5.750			11/20/25		21,300
	25,000		8.000			11/01/31		31,000
	152,000		8.000			11/01/31		188,480
	Navient Corp.
	200,000		6.500			06/15/22		206,500
	72,000		5.875			10/25/24		69,660
	Navient Corp., MTN
	200,000		8.000			03/25/20		208,000
	250,000		6.125			03/25/24		245,625
	100,000		5.625			08/01/33		76,000
	Springleaf Finance Corp.
	149,000		7.750			10/01/21		160,361
	102,000		5.625			03/15/23		104,295
	132,000		6.875			03/15/25		135,960
	139,000		7.125			03/15/26		141,085

								2,092,430


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

GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Consumer Noncyclical – 2.4%
	Albertsons Cos. LLC / Safeway, Inc. / New Albertsons LP / Albertson’s LLC
$	40,000		6.625	%		06/15/24	$	40,200
	185,000		5.750			03/15/25		176,675
	Avantor, Inc.
	50,000		9.000	^(a)		10/01/25		53,750
	Change Healthcare Holdings LLC / Change Healthcare Finance, Inc.
	119,000		5.750	^(a)		03/01/25		116,471
	First Quality Finance Co., Inc.
	40,000		4.625	^(a)		05/15/21		40,100
	IQVIA, Inc.
	146,000		4.875	^(a)		05/15/23		149,285
	Jaguar Holding Co. II / Pharmaceutical Product Development LLC
	120,000		6.375	^(a)		08/01/23		121,800
	Kinetic Concepts, Inc. / KCI USA, Inc.
	75,000		7.875	^(a)		02/15/21		76,875
	MPH Acquisition Holdings LLC
	154,000		7.125	^(a)		06/01/24		154,770
	New Albertsons LP
	60,000		7.450			08/01/29		53,250
	40,000		8.000			05/01/31		36,250
	RegionalCare Hospital Partners Holdings, Inc. / LifePoint Health, Inc.
	190,000		9.750	^(a)		12/01/26		195,700

								1,215,126

Containers & Packaging – 1.1%
	Ball Corp.
	145,000		5.000			03/15/22		150,981
	165,000		5.250			07/01/25		174,075
	50,000		4.875			03/15/26		51,063
	Sealed Air Corp.
	160,000		4.875	^(a)		12/01/22		163,600

								539,719

Diversified Consumer Services – 0.4%
	Service Corp. International
	160,000		5.375			01/15/22		162,000
	45,000		4.625			12/15/27		44,663

								206,663

Diversified Telecommunication – 1.1%
	CenturyLink, Inc.
	103,000		5.625			04/01/25		98,623
	CenturyLink, Inc., Series G
	120,000		6.875			01/15/28		113,400
	CenturyLink, Inc., Series S
	100,000		6.450			06/15/21		104,375
	CenturyLink, Inc., Series T
	25,000		5.800			03/15/22		25,781
	CenturyLink, Inc., Series W
	92,000		6.750			12/01/23		95,910
	CenturyLink, Inc., Series Y
	122,000		7.500			04/01/24		129,320

								567,409


Corporate Obligations – (continued)
Electric – 1.0%
	Clearway Energy Operating LLC
	88,000		5.750	%^(a)		10/15/25		86,900
	NextEra Energy Operating Partners LP
	72,000		4.250	^(a)		09/15/24		71,100
	25,000		4.500	^(a)		09/15/27		23,937
	Talen Energy Supply LLC
	1,000		4.600			12/15/21		960
	70,000		6.500			06/01/25		62,388
	80,000		10.500	^(a)		01/15/26		83,800
	TerraForm Power Operating LLC
	200,000		4.250	^(a)		01/31/23		199,250

								528,335

Energy – 4.2%
	Ascent Resources Utica Holdings LLC / ARU Finance Corp.
	31,000		10.000	^(a)		04/01/22		33,519
	80,000		7.000	^(a)		11/01/26		77,600
	CrownRock LP / CrownRock Finance, Inc.
	50,000		5.625	^(a)		10/15/25		48,625
	DCP Midstream Operating LP
	35,000		4.750	^(a)		09/30/21		35,875
	100,000		3.875			03/15/23		99,750
	Endeavor Energy Resources LP / EER Finance, Inc.
	108,000		5.500	^(a)		01/30/26		112,590
	60,000		5.750	^(a)		01/30/28		64,200
	EP Energy LLC / Everest Acquisition Finance, Inc.
	73,000		8.000	^(a)		11/29/24		51,830
	105,000		8.000	^(a)		02/15/25		46,725
	120,000		7.750	^(a)		05/15/26		106,800
	Hilcorp Energy I LP / Hilcorp Finance Co.
	139,000		5.000	^(a)		12/01/24		134,309
	25,000		5.750	^(a)		10/01/25		24,969
	11,000		6.250	^(a)		11/01/28		10,876
	McDermott Technology Americas, Inc. / McDermott Technology US, Inc.
	121,000		10.625	^(a)		05/01/24		101,035
	Nabors Industries, Inc.
	25,000		5.000			09/15/20		25,080
	25,000		4.625			09/15/21		24,625
	142,000		5.500			01/15/23		134,190
	Parsley Energy LLC / Parsley Finance Corp.
	150,000		5.625	^(a)		10/15/27		148,875
	PBF Holding Co. LLC / PBF Finance Corp.
	25,000		7.000			11/15/23		25,687
	50,000		7.250			06/15/25		51,500
	Sable Permian Resources Land LLC / AEPB Finance Corp.
	35,000		13.000	^(a)		11/30/20		36,225
	SESI LLC
	100,000		7.125			12/15/21		92,250
	Sunoco LP / Sunoco Finance Corp.
	183,000		5.500			02/15/26		182,542
	Targa Resources Partners LP / Targa Resources Partners Finance Corp.
	100,000		6.500	^(a)		07/15/27		106,250
	Transocean Proteus Ltd.
	44,800		6.250	^(a)		12/01/24		45,976


The accompanying notes are an integral part of these financial statements.		25

GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF

Schedule of Investments(continued)

February 28, 2019 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Energy – (continued)
	Transocean, Inc.
$	156,000		9.000	%^(a)		07/15/23	$	164,580
	100,000		7.500	^(a)		01/15/26		97,250
	77,000		7.500			04/15/31		64,103

								2,147,836

Entertainment – 1.5%
	AMC Entertainment Holdings, Inc.
	95,000		5.875			11/15/26		85,975
	Netflix, Inc.
	50,000		5.500			02/15/22		52,500
	144,000		5.750			03/01/24		153,180
	25,000		5.875			02/15/25		26,562
	20,000		4.375			11/15/26		19,300
	167,000		4.875			04/15/28		163,243
	189,000		5.875	^(a)		11/15/28		197,032
	70,000		6.375	^(a)		05/15/29		74,725

								772,517

Equity Real Estate Investment – 1.8%
	Equinix, Inc.
	200,000		5.375			01/01/22		205,750
	160,000		5.875			01/15/26		167,950
	Iron Mountain, Inc.
	35,000		6.000			08/15/23		36,094
	94,000		5.750			08/15/24		94,470
	99,000		4.875	^(a)		09/15/27		94,174
	69,000		5.250	^(a)		03/15/28		66,585
	SBA Communications Corp.
	16,000		4.875			07/15/22		16,260
	15,000		4.000			10/01/22		14,962
	245,000		4.875			09/01/24		245,919

								942,164

Financial Company – 1.7%
	BCD Acquisition, Inc.
	30,000		9.625	^(a)		09/15/23		31,800
	Blackstone CQP Holdco LP
	150,000		6.500	^(a)		03/20/21		150,000
	Icahn Enterprises LP / Icahn Enterprises Finance Corp.
	100,000		6.000			08/01/20		101,375
	60,000		5.875			02/01/22		61,050
	218,000		6.250			02/01/22		225,085
	100,000		6.375			12/15/25		103,500
	Quicken Loans, Inc.
	98,000		5.750	^(a)		05/01/25		96,994
	100,000		5.250	^(a)		01/15/28		91,485

								861,289

Food & Staples Retailing – 0.4%
	Fresh Market, Inc. (The)
	148,000		9.750	^(a)		05/01/23		112,110
	Rite Aid Corp.
	100,000		6.125	^(a)		04/01/23		85,750

								197,860


Corporate Obligations – (continued)
Food and Beverage – 1.2%
	Aramark Services, Inc.
	140,000		4.750			06/01/26		139,650
	180,000		5.000	^(a)		02/01/28		178,650
	Golden Nugget, Inc.
	140,000		6.750	^(a)		10/15/24		141,400
	57,000		8.750	^(a)		10/01/25		58,995
	KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC
	100,000		4.750	^(a)		06/01/27		98,500

								617,195

Food Products – 1.7%
	B&G Foods, Inc.
	180,000		5.250			04/01/25		172,800
	Lamb Weston Holdings, Inc.
	100,000		4.625	^(a)		11/01/24		100,875
	100,000		4.875	^(a)		11/01/26		100,750
	Post Holdings, Inc.
	60,000		5.500	^(a)		03/01/25		60,600
	263,000		5.000	^(a)		08/15/26		254,124
	137,000		5.750	^(a)		03/01/27		135,630
	50,000		5.625	^(a)		01/15/28		48,625

								873,404

Hardware – 1.6%
	CDW LLC / CDW Finance Corp.
	40,000		5.000			09/01/23		40,600
	45,000		5.500			12/01/24		47,137
	74,000		5.000			09/01/25		75,203
	CommScope Finance LLC
	110,000		6.000	^(a)		03/01/26		113,025
	120,000		8.250	^(a)		03/01/27		125,100
	CommScope Technologies LLC
	110,000		6.000	^(a)		06/15/25		104,500
	102,000		5.000	^(a)		03/15/27		91,035
	CommScope, Inc.
	209,000		5.500	^(a)		06/15/24		201,685

								798,285

Health Care Equipment & Supplies – 0.5%
	Hologic, Inc.
	170,000		4.375	^(a)		10/15/25		168,300
	90,000		4.625	^(a)		02/01/28		87,750

								256,050

Health Care Providers & Services – 3.9%
	Centene Corp.
	88,000		4.750			05/15/22		89,980
	210,000		6.125			02/15/24		221,025
	125,000		4.750			01/15/25		126,562
	100,000		5.375	^(a)		06/01/26		104,125
	Encompass Health Corp.
	70,000		5.750			11/01/24		70,963
	Envision Healthcare Corp.
	100,000		8.750	^(a)		10/15/26		90,750
	HCA Healthcare, Inc.
	192,000		6.250			02/15/21		201,120


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

GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Health Care Providers & Services – (continued)
	Tenet Healthcare Corp.
$	227,000		4.750	%		06/01/20	$	230,405
	75,000		6.000			10/01/20		77,625
	200,000		8.125			04/01/22		214,500
	269,000		6.750			06/15/23		277,070
	50,000		4.625			07/15/24		50,000
	100,000		5.125			05/01/25		99,625
	142,000		7.000			08/01/25		143,065

								1,996,815

Healthcare – 3.2%
	CHS/Community Health Systems, Inc.
	200,000		6.875			02/01/22		131,750
	300,000		6.250			03/31/23		290,250
	125,000		11.000	^(a)		06/30/23		115,312
	100,000		8.625	^(a)		01/15/24		103,500
	125,000		8.125	^(a)		06/30/24		105,000
	HCA, Inc.
	130,000		7.500			02/15/22		142,838
	299,000		5.375			02/01/25		310,212
	220,000		5.875			02/15/26		231,550
	50,000		5.375			09/01/26		51,563
	140,000		5.625			09/01/28		145,600

								1,627,575

Hotels, Restaurants & Leisure – 1.7%
	Boyd Gaming Corp.
	120,000		6.875			05/15/23		126,000
	100,000		6.000			08/15/26		103,000
	Diamond Resorts International, Inc.
	42,000		7.750	^(a)		09/01/23		42,367
	Eldorado Resorts, Inc.
	75,000		6.000			04/01/25		76,688
	MGM Resorts International
	78,000		6.625			12/15/21		83,265
	100,000		5.750			06/15/25		102,375
	200,000		4.625			09/01/26		191,000
	Six Flags Entertainment Corp.
	136,000		4.875	^(a)		07/31/24		134,300

								858,995

Household & Leisure – 0.2%
	Prestige Brands, Inc.
	100,000		6.375	^(a)		03/01/24		101,000

Household Durables – 1.3%
	Lennar Corp.
	203,000		4.750			11/15/22		207,821
	50,000		4.500			04/30/24		49,875
	55,000		4.750			05/30/25		55,413
	40,000		4.750			11/29/27		39,000
	PulteGroup, Inc.
	55,000		4.250			03/01/21		55,550
	93,000		5.500			03/01/26		94,162
	65,000		5.000			01/15/27		62,888
	56,000		6.375			05/15/33		53,340


Corporate Obligations – (continued)
Household Durables – (continued)
	Tempur Sealy International, Inc.
	20,000		5.625			10/15/23		20,250
	50,000		5.500			06/15/26		50,250

								688,549

Independent Power & Renewable Electricity Producers – 2.3%
	AES Corp.
	100,000		4.875			05/15/23		101,625
	50,000		5.500			04/15/25		51,750
	137,000		6.000			05/15/26		145,220
	Calpine Corp.
	50,000		6.000	^(a)		01/15/22		50,812
	112,000		5.375			01/15/23		111,020
	10,000		5.875	^(a)		01/15/24		10,237
	99,000		5.500			02/01/24		95,783
	120,000		5.750			01/15/25		115,500
	108,000		5.250	^(a)		06/01/26		106,245
	NRG Energy, Inc.
	125,000		6.250			05/01/24		130,000
	80,000		7.250			05/15/26		86,800
	71,000		6.625			01/15/27		75,793
	80,000		5.750			01/15/28		82,400

								1,163,185

Insurance – 0.6%
	Acrisure LLC / Acrisure Finance, Inc.
	150,000		8.125	^(a)		02/15/24		154,125
	HUB International Ltd.
	137,000		7.000	^(a)		05/01/26		134,945

								289,070

Interactive Media & Services – 0.2%
	Rackspace Hosting, Inc.
	100,000		8.625	^(a)		11/15/24		87,500

IT Services – 0.8%
	First Data Corp.
	100,000		5.375	^(a)		08/15/23		102,250
	100,000		5.000	^(a)		01/15/24		102,875
	206,000		5.750	^(a)		01/15/24		212,437

								417,562

Leisure Products – 0.2%
	Mattel, Inc.
	120,000		6.750	^(a)		12/31/25		118,350

Machinery – 0.5%
	Colfax Corp.
	170,000		6.000	^(a)		02/15/24		176,800
	Navistar International Corp.
	80,000		6.625	^(a)		11/01/25		82,800

								259,600

Media – 1.3%
	AMC Networks, Inc.
	60,000		4.750			12/15/22		60,975
	20,000		5.000			04/01/24		19,900
	123,000		4.750			08/01/25		119,925


The accompanying notes are an integral part of these financial statements.		27

GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF

Schedule of Investments(continued)

February 28, 2019 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Media – (continued)
	Cablevision Systems Corp.
$	70,000		5.875	%		09/15/22	$	72,537
	Gray Television, Inc.
	125,000		5.875	^(a)		07/15/26		126,094
	Lamar Media Corp.
	110,000		5.375			01/15/24		112,956
	TEGNA, Inc.
	75,000		6.375			10/15/23		77,625
	Tribune Media Co.
	50,000		5.875			07/15/22		51,125

								641,137

Metals – 0.3%
	Novelis Corp.
	167,000		5.875	^(a)		09/30/26		163,243

Metals & Mining – 2.3%
	Allegheny Technologies, Inc.
	50,000		7.875			08/15/23		54,625
	Cleveland-Cliffs, Inc.
	100,000		4.875	^(a)		01/15/24		100,250
	Freeport-McMoRan, Inc.
	10,000		3.100			03/15/20		10,000
	97,000		4.000			11/14/21		97,485
	95,000		3.550			03/01/22		94,406
	76,000		6.875			02/15/23		80,560
	207,000		3.875			03/15/23		204,412
	100,000		4.550			11/14/24		99,500
	Steel Dynamics, Inc.
	240,000		5.500			10/01/24		247,500
	United States Steel Corp.
	91,000		6.875			08/15/25		90,204
	84,000		6.250			03/15/26		80,010

								1,158,952

Mortgage Real Estate Investment – 0.2%
	Starwood Property Trust, Inc.
	90,000		4.750			03/15/25		87,300

Natural Gas – 2.6%
	Cheniere Corpus Christi Holdings LLC
	100,000		7.000			06/30/24		111,500
	130,000		5.875			03/31/25		139,100
	170,000		5.125			06/30/27		174,250
	Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp.
	60,000		6.250			04/01/23		61,800
	80,000		5.750			04/01/25		81,000
	Genesis Energy LP / Genesis Energy Finance Corp.
	150,000		6.750			08/01/22		153,750
	NuStar Logistics LP
	69,000		5.625			04/28/27		69,862
	Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.
	100,000		5.500	^(a)		09/15/24		102,875
	50,000		5.500	^(a)		01/15/28		50,250


Corporate Obligations – (continued)
Natural Gas – (continued)
Targa Resources Partners LP / Targa Resources Partners Finance Corp.
	86,000		5.125			02/01/25		87,182
	97,000		5.875	^(a)		04/15/26		101,123
	122,000		5.375			02/01/27		123,220
	50,000		5.000			01/15/28		48,750

								1,304,662

Oil, Gas & Consumable Fuels – 8.0%
	Antero Resources Corp.
	217,000		5.125			12/01/22		218,085
	120,000		5.625			06/01/23		120,900
	California Resources Corp.
	160,000		8.000	^(a)		12/15/22		128,000
	Cheniere Energy Partners LP
	120,000		5.250			10/01/25		122,100
	100,000		5.625	^(a)		10/01/26		102,000
	Chesapeake Energy Corp.
	164,000		6.125			02/15/21		167,690
	50,000		4.875			04/15/22		48,375
	100,000		8.000			01/15/25		102,500
	140,000		7.500			10/01/26		138,600
	55,000		8.000			06/15/27		54,656
	CNX Resources Corp.
	170,000		5.875			04/15/22		172,550
	Denbury Resources, Inc.
	30,000		9.000	^(a)		05/15/21		30,300
	88,000		9.250	^(a)		03/31/22		88,880
	Diamondback Energy, Inc.
	170,000		4.750			11/01/24		173,187
	79,000		5.375			05/31/25		82,160
	Energy Transfer LP
	86,000		7.500			10/15/20		91,590
	135,000		5.875			01/15/24		144,788
	EnLink Midstream Partners LP
	107,000		4.400			04/01/24		104,867
	22,000		4.150			06/01/25		21,108
	80,000		4.850			07/15/26		78,579
	Gulfport Energy Corp.
	100,000		6.000			10/15/24		91,250
	Matador Resources Co.
	160,000		5.875			09/15/26		160,000
	Newfield Exploration Co.
	75,000		5.625			07/01/24		80,531
	118,000		5.375			01/01/26		124,638
	Oasis Petroleum, Inc.
	100,000		6.875			03/15/22		100,750
	PDC Energy, Inc.
	75,000		6.125			09/15/24		74,625
	Peabody Energy Corp.
	100,000		6.000	^(a)		03/31/22		102,000
	Range Resources Corp.
	200,000		5.000			03/15/23		193,500
	Sanchez Energy Corp.
	60,000		7.750			06/15/21		9,900
	80,000		6.125			01/15/23		12,200
	40,000		7.250	^(a)		02/15/23		34,700


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

GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Oil, Gas & Consumable Fuels – (continued)
	SM Energy Co.
$	53,000		6.125	%		11/15/22	$	53,133
	25,000		5.000			01/15/24		23,656
	142,000		5.625			06/01/25		133,480
	64,000		6.750			09/15/26		61,600
	Southwestern Energy Co.
	200,000		6.200			01/23/25		198,500
	Whiting Petroleum Corp.
	110,000		5.750			03/15/21		111,925
	129,000		6.625			01/15/26		127,065
	WPX Energy, Inc.
	36,000		6.000			01/15/22		37,260
	92,000		8.250			08/01/23		103,270
	60,000		5.250			09/15/24		60,300

								4,085,198

Personal Products – 0.1%
	Edgewell Personal Care Co.
	50,000		4.700			05/24/22		50,437

Pharmaceuticals – 2.9%
	Bausch Health Americas, Inc.
	100,000		9.250	^(a)		04/01/26		108,000
	70,000		8.500	^(a)		01/31/27		72,975
	Bausch Health Cos, Inc.
	32,000		5.625	^(a)		12/01/21		32,200
	45,000		5.500	^(a)		03/01/23		45,000
	220,000		5.875	^(a)		05/15/23		220,275
	244,000		7.000	^(a)		03/15/24		258,640
	339,000		6.125	^(a)		04/15/25		327,983
	140,000		5.500	^(a)		11/01/25		141,925
	172,000		9.000	^(a)		12/15/25		185,330
	Bausch Health Cos., Inc.
	100,000		6.500	^(a)		03/15/22		104,125

								1,496,453

Real Estate Management & Development – 0.2%
	Howard Hughes Corp. (The)
	108,000		5.375	^(a)		03/15/25		107,190

REITs and Real Estate – 0.6%
	CBL & Associates LP
	100,000		5.250			12/01/23		82,624
	91,000		5.950			12/15/26		69,170
	Kennedy-Wilson, Inc.
	95,000		5.875			04/01/24		93,575
	Realogy Group LLC / Realogy Co.-Issuer Corp.
	56,000		4.875	^(a)		06/01/23		50,960

								296,329

Rental Equipment – 0.6%
	Hertz Corp. (The)
	107,000		7.375			01/15/21		107,000
	141,000		7.625	^(a)		06/01/22		144,878
	80,000		5.500	^(a)		10/15/24		68,800

								320,678


Corporate Obligations – (continued)
Software – 1.4%
	Banff Merger Sub, Inc.
	100,000		9.750	%^(a)		09/01/26		97,625
	Infor US, Inc.
	110,000		6.500			05/15/22		112,475
	Refinitiv US Holdings, Inc.
	100,000		6.250	^(a)		05/15/26		100,750
	120,000		8.250	^(a)		11/15/26		117,750
	Solera LLC / Solera Finance, Inc.
	120,000		10.500	^(a)		03/01/24		130,650
	Star Merger Sub, Inc.
	160,000		10.250	^(a)		02/15/27		165,200

								724,450

Specialty Retail – 0.3%
	Penske Automotive Group, Inc.
	20,000		5.500			05/15/26		19,700
	Staples, Inc.
	124,000		8.500	^(a)		09/15/25		122,140

								141,840

Technology – 1.1%
	Dell International LLC / EMC Corp.
	110,000		5.875	^(a) ��		06/15/21		112,475
	175,000		7.125	^(a)		06/15/24		185,719
	Exela Intermediate LLC / Exela Finance, Inc.
	40,000		10.000	^(a)		07/15/23		40,900
	Harland Clarke Holdings Corp.
	80,000		8.375	^(a)		08/15/22		75,000
	Verscend Escrow Corp.
	137,000		9.750	^(a)		08/15/26		141,281

								555,375

Technology Hardware, Storage & Peripherals – 0.7%
	EMC Corp.
	110,000		2.650			06/01/20		108,625
	100,000		3.375			06/01/23		96,500
	Xerox Corp.
	85,000		4.500			05/15/21		86,170
	80,000		3.625			03/15/23		78,466

								369,761

Thrifts & Mortgage Finance – 0.7%
	Nationstar Mortgage Holdings, Inc.
	200,000		8.125	^(a)		07/15/23		204,750
	150,000		9.125	^(a)		07/15/26		153,750

								358,500

Wireless – 4.1%
	CSC Holdings LLC
	200,000		5.375	^(a)		07/15/23		206,000
	240,000		6.500	^(a)		02/01/29		252,300
	Sprint Capital Corp.
	155,000		6.875			11/15/28		153,450
	165,000		8.750			03/15/32		179,643
	Sprint Communications, Inc.
	60,000		7.000			08/15/20		62,700
	60,000		11.500			11/15/21		70,200
	170,000		6.000			11/15/22		172,975


The accompanying notes are an integral part of these financial statements.		29

GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF

Schedule of Investments(continued)

February 28, 2019 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Wireless – (continued)
	T-Mobile USA, Inc.
$	100,000		4.000	%		04/15/22	$	100,625
	283,000		6.000			03/01/23		291,490
	50,000		6.375			03/01/25		52,187
	125,000		5.125			04/15/25		128,281
	285,000		6.500			01/15/26		306,019
	25,000		4.500			02/01/26		24,719
	15,000		5.375			04/15/27		15,413
	100,000		4.750			02/01/28		97,500

								2,113,502

Wireless Telecommunication Services – 1.5%
	Sprint Corp.
	170,000		7.250			09/15/21		179,987
	220,000		7.875			09/15/23		235,950
	215,000		7.125			06/15/24		221,988
	45,000		7.625			02/15/25		47,250
	100,000		7.625			03/01/26		104,500

								789,675

Wirelines – 0.9%
	Level 3 Financing, Inc.
	200,000		6.125			01/15/21		201,250
	75,000		5.375			01/15/24		75,938
	165,000		5.375			05/01/25		165,412

								442,600

	TOTAL CORPORATE OBLIGATIONS
	(Cost $47,030,404)							47,373,715



Foreign Corporate Debt – 5.0%
Aerospace & Defense – 1.4%
	Bombardier, Inc. (Canada)
$	120,000		7.750	%^(a)		03/15/20	$	126,000
	163,000		8.750	^(a)		12/01/21		179,614
	30,000		6.000	^(a)		10/15/22		30,225
	145,000		6.125	^(a)		01/15/23		145,906
	125,000		7.500	^(a)		12/01/24		127,500
	80,000		7.500	^(a)		03/15/25		80,800

								690,045

Basic Industry – 0.5%
	NOVA Chemicals Corp. (Canada)
	70,000		5.250	^(a)		08/01/23		70,000
	90,000		5.000	^(a)		05/01/25		86,287
	95,000		5.250	^(a)		06/01/27		89,775

								246,062

Consumer Cyclical – 0.8%
	1011778 BC ULC / New Red Finance, Inc. (Canada)
	200,000		4.250	^(a)		05/15/24		195,750
	190,000		5.000	^(a)		10/15/25		184,775

								380,525


Foreign Corporate Debt – (continued)
Consumer Products – 0.2%
	Avon International Operations, Inc. (United Kingdom)
	100,000		7.875	%^(a)		08/15/22		103,625

Household Durables – 0.1%
	Brookfield Residential Properties, Inc. (Canada)
	60,000		6.500	^(a)		12/15/20		60,369

Metals & Mining – 1.1%
	First Quantum Minerals Ltd. (Zambia)
	306,000		7.000	^(a)		02/15/21		312,885
	200,000		7.500	^(a)		04/01/25		194,500
	Hudbay Minerals, Inc. (Canada)
	56,000		7.625	^(a)		01/15/25		58,520

								565,905

Oil, Gas & Consumable Fuels – 0.7%
	MEG Energy Corp. (Canada)
	100,000		6.375	^(a)		01/30/23		91,625
	60,000		7.000	^(a)		03/31/24		55,125
	70,000		6.500	^(a)		01/15/25		69,125
	Seven Generations Energy Ltd. (Canada)
	50,000		6.750	^(a)		05/01/23		51,438
	97,000		5.375	^(a)		09/30/25		94,696

								362,009

Personal Products – 0.0%
	Avon Products, Inc. (United Kingdom)
	20,000		7.000			03/15/23		19,475

Software – 0.2%
	Open Text Corp. (Canada)
	100,000		5.875	^(a)		06/01/26		105,500

	TOTAL FOREIGN CORPORATE DEBT
	(Cost $2,522,596)							2,533,515


Principal Amount		Interest Rate			Value

Investment Company – 0.3%^(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
$	167,415		2.395	%	$	167,415
	(Cost $167,415)

	TOTAL INVESTMENTS – 97.9%
	(Cost $49,720,415)				$	50,074,645

	OTHER ASSETS IN EXCESS OF LIABILITIES – 2.1%					1,054,519

	NET ASSETS – 100.0%				$	51,129,164


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

GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF



The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

(a)		Exempt from registration under Rule 144A of the Securities Act of 1933.

(b)		Represents an affiliated issuer.



Investment Abbreviations:
LP		— Limited Partnership
MTN		— Medium Term Note
REIT		— Real Estate Investment Trust


The accompanying notes are an integral part of these financial statements.		31

GOLDMAN SACHS ACCESS INFLATION PROTECTED USD BOND ETF

Schedule of Investments

February 28, 2019 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

U.S. Treasury Inflation Indexed Bonds – 99.4%
	U.S. Treasury Inflation Indexed Bonds
$	364,759		0.125	%		04/15/20	$	362,033
	470,649		0.125			04/15/21		464,628
	708,186		0.125			01/15/22		698,028
	401,596		0.375			07/15/23		399,165
	363,935		0.625			01/15/24		364,319
	821,043		0.375			07/15/25		808,871
	650,116		0.375			07/15/27		633,246
	569,353		0.500			01/15/28		556,865
	482,539		0.750			02/15/42		449,433
	257,070		0.875			02/15/47		242,208

	TOTAL INVESTMENTS – 99.4%
	(Cost $4,934,821)						$	4,978,796

	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.6%							32,082

	NET ASSETS – 100.0%						$	5,010,878



The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.


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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Schedule of Investments

February 28, 2019 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – 75.5%
Advertising – 0.1%
	Omnicom Group, Inc. / Omnicom Capital, Inc.
$	320,000		3.600	%		04/15/26	$	308,931

Aerospace & Defense – 1.7%
	General Dynamics Corp.
	290,000		2.875			05/11/20		290,504
	Lockheed Martin Corp.
	50,000		2.900			03/01/25		49,097
	310,000		4.070			12/15/42		302,628
	60,000		3.800			03/01/45		56,505
	180,000		4.700			05/15/46		194,524
	200,000		4.090			09/15/52		193,987
	Northrop Grumman Corp.
	95,000		2.550			10/15/22		93,308
	400,000		2.930			01/15/25		387,092
	290,000		3.200			02/01/27		279,622
	400,000		3.250			01/15/28		383,962
	240,000		4.030			10/15/47		226,021
	Raytheon Co.
	490,000		2.500			12/15/22		481,495
	Rockwell Collins, Inc.
	50,000		3.200			03/15/24		48,831
	United Technologies Corp.
	372,000		1.950			11/01/21		362,614
	430,000		3.125			05/04/27		408,714
	180,000		4.450			11/16/38		179,306
	435,000		5.700			04/15/40		491,615
	90,000		4.500			06/01/42		89,108
	140,000		3.750			11/01/46		123,290
	340,000		4.625			11/16/48		343,601

								4,985,824

Air Freight & Logistics – 0.4%
	FedEx Corp.
	160,000		5.100			01/15/44		161,815
	240,000		4.750			11/15/45		230,880
	230,000		4.550			04/01/46		214,754
	120,000		4.400			01/15/47		109,749
	United Parcel Service, Inc.
	330,000		3.750			11/15/47		305,107

								1,022,305

Automobiles – 0.4%
	Ford Motor Co.
	370,000		7.450			07/16/31		391,085
	100,000		5.291			12/08/46		80,852
	General Motors Co.
	340,000		5.000			10/01/28		333,453
	520,000		5.400			04/01/48		464,126

								1,269,516

Banks – 12.5%
	Bank of America Corp.
	370,000		7.750			05/14/38		500,794
	Bank of America Corp., GMTN
	405,000		3.300			01/11/23		407,121
	50,000		3.500			04/19/26		49,605


Corporate Obligations – (continued)
Banks – (continued)
	Bank of America Corp., Series L
	540,000		2.250			04/21/20		536,453
	50,000		3.950			04/21/25		50,069
	200,000		4.183			11/25/27		199,946
	Bank of America Corp., MTN
	250,000		5.625			07/01/20		258,920
	190,000		2.625			10/19/20		189,194
	90,000		2.151			11/09/20		88,807
	324,000		5.000			05/13/21		336,909
	50,000		2.503			10/21/22		48,908
	720,000		4.000			04/01/24		741,531
	250,000		4.000			01/22/25		251,342
	580,000		3.875			08/01/25		592,247
	260,000		3.248			10/21/27		249,399
	370,000		5.875			02/07/42		452,927
	320,000		5.000			01/21/44		349,397
	BB&T Corp., MTN
	150,000		2.050			05/10/21		147,218
	140,000		2.750			04/01/22		138,696
	380,000		2.850			10/26/24		372,467
	Capital One Bank USA NA
	400,000		3.375			02/15/23		394,411
	Citibank NA
	910,000		3.650			01/23/24		924,708
	Citigroup, Inc.
	30,000		2.650			10/26/20		29,826
	110,000		2.700			03/30/21		109,366
	380,000		2.350			08/02/21		373,785
	280,000		4.500			01/14/22		290,498
	200,000		2.700			10/27/22		196,688
	130,000		3.875			10/25/23		133,534
	90,000		4.000			08/05/24		91,009
	535,000		3.875			03/26/25		532,809
	190,000		3.300			04/27/25		187,662
	80,000		5.500			09/13/25		86,586
	225,000		3.700			01/12/26		224,772
	40,000		4.600			03/09/26		41,033
	700,000		3.400			05/01/26		681,015
	360,000		3.200			10/21/26		345,421
	40,000		4.300			11/20/26		40,203
	427,000		4.450			09/29/27		431,196
	240,000		4.125			07/25/28		236,476
	240,000		6.625			06/15/32		286,521
	210,000		8.125			07/15/39		305,043
	230,000		6.675			09/13/43		285,455
	150,000		5.300			05/06/44		160,332
	310,000		4.650			07/30/45		324,805
	170,000		4.750			05/18/46		167,962
	Fifth Third Bancorp
	750,000		4.300			01/16/24		773,267
	230,000		8.250			03/01/38		318,025
	Fifth Third Bank/Cincinnati OH
	200,000		2.200			10/30/20		197,421
	HSBC Bank USA NA
	300,000		5.625			08/15/35		336,529


The accompanying notes are an integral part of these financial statements.		33

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Schedule of Investments(continued)

February 28, 2019 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Banks – (continued)
	HSBC USA, Inc.
$	125,000		2.350	%		03/05/20	$	124,370
	450,000		2.750			08/07/20		448,604
	Huntington Bancshares, Inc.
	720,000		3.150			03/14/21		719,038
	250,000		2.300			01/14/22		244,333
	JPMorgan Chase & Co.
	430,000		4.250			10/15/20		438,442
	270,000		2.550			10/29/20		268,165
	1,400,000		2.550			03/01/21		1,387,947
	80,000		2.400			06/07/21		78,943
	577,000		4.500			01/24/22		600,621
	160,000		3.250			09/23/22		161,208
	7,000		2.972			01/15/23		6,961
	140,000		3.200			01/25/23		140,385
	60,000		3.375			05/01/23		59,828
	250,000		2.700			05/18/23		245,751
	150,000		3.875			02/01/24		154,055
	60,000		3.875			09/10/24		60,822
	30,000		3.125			01/23/25		29,509
	500,000		3.300			04/01/26		491,115
	460,000		3.200			06/15/26		446,099
	540,000		3.625			12/01/27		523,948
	550,000		6.400			05/15/38		694,093
	175,000		5.500			10/15/40		201,952
	110,000		5.600			07/15/41		128,673
	180,000		5.400			01/06/42		206,063
	150,000		4.850			02/01/44		161,114
	230,000		4.950			06/01/45		244,390
	JPMorgan Chase & Co., MTN
	1,000,000		2.295			08/15/21		982,821
	PNC Bank NA
	250,000		2.950			01/30/23		246,567
	PNC Bank NA, MTN
	260,000		2.600			07/21/20		259,102
	550,000		3.250			06/01/25		547,780
	PNC Financial Services Group, Inc. (The)
	190,000		5.125			02/08/20		194,008
	740,000		4.375			08/11/20		756,589
	120,000		3.900			04/29/24		122,004
	US Bancorp, MTN
	550,000		3.700			01/30/24		567,714
	550,000		3.600			09/11/24		559,686
	170,000		3.100			04/27/26		166,294
	400,000		3.900			04/26/28		416,855
	Wells Fargo & Co.
	550,000		3.000			04/22/26		527,834
	250,000		5.375			02/07/35		285,761
	550,000		5.375			11/02/43		602,640
	Wells Fargo & Co., GMTN
	1,300,000		4.900			11/17/45		1,341,404
	Wells Fargo & Co., MTN
	690,000		3.000			01/22/21		690,196
	128,000		3.500			03/08/22		129,263
	150,000		3.000			02/19/25		146,262
	560,000		3.550			09/29/25		561,087


Corporate Obligations – (continued)
Banks – (continued)
	Wells Fargo & Co., MTN – (continued)
	1,345,000		4.100			06/03/26		1,356,161
	510,000		4.150			01/24/29		522,376
	Wells Fargo Bank NA
	2,100,000		2.600			01/15/21		2,085,293

								35,802,434

Basic Industry – 0.4%
	Rohm & Haas Co.
	890,000		7.850			07/15/29		1,112,329

Beverages – 1.3%
	Coca-Cola Co. (The)
	1,000,000		1.875			10/27/20		986,893
	500,000		2.875			10/27/25		494,647
	80,000		2.250			09/01/26		74,331
	Molson Coors Brewing Co.
	780,000		3.000			07/15/26		719,050
	140,000		5.000			05/01/42		133,900
	150,000		4.200			07/15/46		127,466
	PepsiCo, Inc.
	110,000		2.750			04/30/25		108,135
	500,000		2.850			02/24/26		487,111
	340,000		4.450			04/14/46		364,627
	330,000		3.450			10/06/46		302,460
	30,000		4.000			05/02/47		30,003

								3,828,623

Biotechnology – 3.6%
	AbbVie, Inc.
	500,000		2.500			05/14/20		497,117
	70,000		2.900			11/06/22		68,851
	180,000		3.600			05/14/25		177,399
	190,000		3.200			05/14/26		179,700
	350,000		4.250			11/14/28		347,271
	374,000		4.500			05/14/35		350,256
	150,000		4.300			05/14/36		136,693
	210,000		4.400			11/06/42		185,459
	175,000		4.700			05/14/45		160,691
	190,000		4.450			05/14/46		166,882
	200,000		4.875			11/14/48		189,061
	Amgen, Inc.
	500,000		2.125			05/01/20		495,684
	680,000		3.450			10/01/20		685,552
	240,000		3.875			11/15/21		244,539
	145,000		2.650			05/11/22		143,208
	100,000		3.625			05/22/24		101,367
	430,000		2.600			08/19/26		398,732
	402,000		4.400			05/01/45		376,902
	305,000		4.663			06/15/51		292,926
	Biogen, Inc.
	307,000		3.625			09/15/22		311,955
	180,000		5.200			09/15/45		188,813
	Celgene Corp.
	130,000		3.250			08/15/22		129,167
	500,000		3.625			05/15/24		498,366
	580,000		3.875			08/15/25		581,672


34		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)
Biotechnology – (continued)
	Celgene Corp. – (continued)
$	600,000		3.450	%		11/15/27	$	568,465
	50,000		3.900			02/20/28		49,049
	380,000		5.000			08/15/45		375,637
	Gilead Sciences, Inc.
	50,000		2.550			09/01/20		49,844
	700,000		2.500			09/01/23		677,450
	800,000		3.500			02/01/25		800,158
	250,000		4.800			04/01/44		250,921
	350,000		4.750			03/01/46		350,425
	190,000		4.150			03/01/47		174,288

								10,204,500

Broadcasting – 0.6%
	Discovery Communications LLC
	375,000		3.950			03/20/28		356,955
	440,000		5.200			09/20/47		415,103
	Fox Corp.
	500,000		4.709	^(a)		01/25/29		518,916
	300,000		5.476	^(a)		01/25/39		315,701

								1,606,675

Capital Goods – 0.3%
	Caterpillar Financial Services Corp.
	520,000		1.700			08/09/21		503,634
	John Deere Capital Corp., MTN
	250,000		2.800			03/06/23		247,810

								751,444

Capital Markets – 3.6%
	Bank of New York Mellon Corp. (The), Series G
	340,000		3.000			02/24/25		335,176
	Bank of New York Mellon Corp. (The), MTN
	320,000		2.600			08/17/20		319,635
	263,000		2.600			02/07/22		260,981
	120,000		3.450			08/11/23		121,743
	570,000		2.200			08/16/23		548,755
	20,000		2.800			05/04/26		19,218
	40,000		3.250			05/16/27		39,546
	60,000		3.300			08/23/29		58,498
	BlackRock, Inc.
	200,000		3.500			03/18/24		203,949
	Intercontinental Exchange, Inc.
	50,000		4.000			10/15/23		51,875
	320,000		3.750			12/01/25		327,761
	240,000		4.250			09/21/48		244,057
	Morgan Stanley
	40,000		2.800			06/16/20		39,917
	260,000		5.750			01/25/21		272,734
	660,000		2.750			05/19/22		651,822
	200,000		5.000			11/24/25		210,304
	30,000		3.625			01/20/27		29,572
	286,000		3.950			04/23/27		279,248
	156,000		6.375			07/24/42		197,000
	20,000		4.300			01/27/45		19,755
	130,000		4.375			01/22/47		128,258


Corporate Obligations – (continued)
Capital Markets – (continued)
	Morgan Stanley, Series F
	955,000		3.875			04/29/24		970,643
	Morgan Stanley, GMTN
	1,070,000		2.500			04/21/21		1,057,531
	945,000		5.500			07/28/21		996,072
	40,000		3.125			01/23/23		39,726
	25,000		3.700			10/23/24		25,184
	60,000		4.000			07/23/25		61,000
	730,000		3.875			01/27/26		734,758
	300,000		4.350			09/08/26		300,832
	Morgan Stanley, MTN
	400,000		2.625			11/17/21		394,812
	720,000		3.125			07/27/26		688,614
	State Street Corp.
	250,000		3.100			05/15/23		249,517
	170,000		3.700			11/20/23		175,381
	60,000		3.300			12/16/24		60,899
	80,000		2.650			05/19/26		76,321

								10,191,094

Chemicals – 0.8%
	Dow Chemical Co. (The)
	1,000,000		3.000			11/15/22		993,798
	DowDuPont, Inc.
	250,000		5.419			11/15/48		267,348
	Sherwin-Williams Co. (The)
	710,000		2.250			05/15/20		702,345
	200,000		2.750			06/01/22		196,952

								2,160,443

Commercial Services & Supplies – 0.1%
	Republic Services, Inc.
	400,000		3.950			05/15/28		409,403

Communications – 1.6%
	21st Century Fox America, Inc.
	100,000		4.500			02/15/21		102,162
	40,000		6.200			12/15/34		49,653
	250,000		6.400			12/15/35		318,218
	40,000		6.150			03/01/37		49,900
	40,000		6.650			11/15/37		53,044
	150,000		6.150			02/15/41		191,184
	Charter Communications Operating LLC / Charter Communications Operating Capital
	710,000		3.579			07/23/20		712,328
	170,000		4.464			07/23/22		173,993
	240,000		3.750			02/15/28		225,576
	370,000		4.200			03/15/28		358,733
	180,000		6.384			10/23/35		192,919
	300,000		6.484			10/23/45		323,206
	580,000		5.375			05/01/47		553,158
	Time Warner Cable LLC
	50,000		6.550			05/01/37		53,302
	170,000		7.300			07/01/38		191,301
	400,000		6.750			06/15/39		429,040
	160,000		5.875			11/15/40		158,754
	250,000		5.500			09/01/41		238,087
	170,000		4.500			09/15/42		143,644


The accompanying notes are an integral part of these financial statements.		35

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Schedule of Investments(continued)

February 28, 2019 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Communications – (continued)
	Time Warner Entertainment Co. LP
$	50,000		8.375	%		03/15/23	$	57,618

								4,575,820

Communications Equipment – 0.4%
	Cisco Systems, Inc.
	360,000		3.625			03/04/24		373,021
	410,000		5.900			02/15/39		523,986
	270,000		5.500			01/15/40		331,088

								1,228,095

Consumer Cyclical – 2.2%
	Ford Motor Credit Co. LLC
	300,000		8.125			01/15/20		311,194
	300,000		3.336			03/18/21		294,649
	555,000		5.875			08/02/21		574,434
	520,000		5.596			01/07/22		533,359
	250,000		4.375			08/06/23		243,244
	300,000		3.664			09/08/24		272,465
	376,000		4.134			08/04/25		343,122
	General Motors Financial Co., Inc.
	1,000,000		4.200			11/06/21		1,012,244
	1,000,000		5.100			01/17/24		1,022,389
	1,000,000		4.000			01/15/25		961,851
	Toyota Motor Credit Corp.
	450,000		1.950			04/17/20		445,664
	Toyota Motor Credit Corp., GMTN
	400,000		3.450			09/20/23		405,968

								6,420,583

Consumer Finance – 1.5%
	American Express Co.
	350,000		3.400			02/22/24		351,049
	740,000		3.000			10/30/24		723,604
	115,000		4.050			12/03/42		113,796
	American Express Credit Corp., MTN
	450,000		2.375			05/26/20		446,528
	210,000		3.300			05/03/27		208,266
	Capital One Financial Corp.
	150,000		3.300			10/30/24		145,290
	250,000		3.200			02/05/25		240,455
	142,000		4.200			10/29/25		141,926
	660,000		3.750			07/28/26		626,669
	300,000		3.750			03/09/27		288,197
	290,000		3.800			01/31/28		278,274
	Synchrony Financial
	100,000		3.750			08/15/21		100,180
	50,000		4.250			08/15/24		49,113
	490,000		4.500			07/23/25		481,024
	140,000		3.950			12/01/27		127,778

								4,322,149

Consumer Noncyclical – 0.5%
	HCA, Inc.
	130,000		5.250			04/15/25		138,125
	Mylan, Inc.
	40,000		4.550			04/15/28		37,779
	130,000		5.200			04/15/48		111,035


Corporate Obligations – (continued)
Consumer Noncyclical – (continued)
	Shire Acquisitions Investments Ireland DAC
$	265,000		2.875	%		09/23/23	$	256,808
	310,000		3.200			09/23/26		290,378
	Walgreen Co.
	50,000		3.100			09/15/22		49,622
	Wyeth LLC
	530,000		5.950			04/01/37		654,736

								1,538,483

Containers & Packaging – 0.2%
	International Paper Co.
	220,000		3.000			02/15/27		205,913
	200,000		4.800			06/15/44		191,536
	190,000		4.400			08/15/47		170,425

								567,874

Distributors – 0.1%
	American Honda Finance Corp., GMTN
	297,000		1.700			09/09/21		287,254

Diversified Financial Services – 0.2%
	Berkshire Hathaway, Inc.
	340,000		3.125			03/15/26		337,634
	90,000		4.500			02/11/43		96,111

								433,745

Diversified Telecommunication – 5.1%
	AT&T, Inc.
	150,000		3.200			03/01/22		150,050
	50,000		3.000			06/30/22		49,626
	230,000		2.625			12/01/22		225,061
	450,000		3.600			02/17/23		453,233
	25,000		3.800			03/01/24		25,279
	60,000		3.900			03/11/24		60,892
	410,000		3.950			01/15/25		411,395
	440,000		3.400			05/15/25		428,357
	280,000		4.125			02/17/26		280,477
	100,000		4.250			03/01/27		100,631
	560,000		4.100			02/15/28		551,893
	370,000		4.350			03/01/29		369,206
	520,000		4.300			02/15/30		509,038
	85,000		4.500			05/15/35		80,502
	195,000		5.250			03/01/37		196,375
	110,000		6.000			08/15/40		118,771
	90,000		5.350			09/01/40		90,467
	100,000		6.375			03/01/41		113,733
	320,000		5.550			08/15/41		328,329
	154,000		5.150			03/15/42		151,363
	250,000		4.300			12/15/42		219,194
	270,000		4.800			06/15/44		254,189
	50,000		4.350			06/15/45		43,626
	310,000		4.750			05/15/46		288,973
	170,000		5.150			11/15/46		166,566
	200,000		5.650			02/15/47		209,563
	90,000		5.450			03/01/47		91,836
	410,000		4.500			03/09/48		367,861
	278,000		4.550			03/09/49		249,559
	710,000		5.150			02/15/50		693,950
	70,000		5.700			03/01/57		71,664


36		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)
Diversified Telecommunication – (continued)
	Verizon Communications, Inc.
$	370,000		2.946	%		03/15/22	$	370,551
	560,000		3.125			03/16/22		561,877
	130,000		5.150			09/15/23		140,989
	50,000		4.150			03/15/24		52,040
	200,000		3.500			11/01/24		202,210
	634,000		3.376			02/15/25		635,424
	330,000		4.125			03/16/27		337,216
	750,000		4.329			09/21/28		776,243
	560,000		4.500			08/10/33		573,980
	200,000		4.400			11/01/34		201,200
	220,000		4.272			01/15/36		214,634
	460,000		5.250			03/16/37		502,344
	150,000		4.750			11/01/41		152,518
	170,000		3.850			11/01/42		153,107
	270,000		6.550			09/15/43		332,331
	110,000		5.500			03/16/47		122,723
	800,000		4.522			09/15/48		784,997
	642,000		5.012			08/21/54		661,818
	600,000		4.672			03/15/55		584,962

								14,712,823

Electric – 0.3%
	Berkshire Hathaway Energy Co.
	417,000		6.125			04/01/36		506,710
	120,000		5.150			11/15/43		132,945
	40,000		4.500			02/01/45		40,868
	MidAmerican Energy Co.
	300,000		4.250			07/15/49		307,536

								988,059

Electric Utilities – 0.5%
	FirstEnergy Corp., Series B
	255,000		3.900			07/15/27		253,079
	FirstEnergy Corp., Series C
	310,000		7.375			11/15/31		400,146
	150,000		4.850			07/15/47		154,952
	Southern Co. (The)
	80,000		2.350			07/01/21		78,657
	260,000		3.250			07/01/26		248,411
	230,000		4.400			07/01/46		221,515

								1,356,760

Energy – 2.2%
	Anadarko Finance Co., Series B
	170,000		7.500			05/01/31		206,578
	Andeavor Logistics LP / Tesoro Logistics Finance Corp.
	100,000		5.250			01/15/25		102,063
	500,000		4.250			12/01/27		492,187
	Baker Hughes a GE Co. LLC / Baker Hughes Co.-Obligor, Inc.
	275,000		3.337			12/15/27		261,476
	BP Capital Markets America, Inc.
	50,000		3.119			05/04/26		48,837
	60,000		3.017			01/16/27		58,036
	520,000		4.234			11/06/28		549,042


Corporate Obligations – (continued)
Energy – (continued)
	ConocoPhillips Co.
$	150,000		4.950	%		03/15/26	$	164,564
	100,000		4.300			11/15/44		103,585
	ConocoPhillips Holding Co.
	130,000		6.950			04/15/29		165,625
	Enterprise Products Operating LLC
	200,000		3.350			03/15/23		201,607
	340,000		4.450			02/15/43		330,299
	200,000		4.850			03/15/44		204,666
	190,000		5.100			02/15/45		198,940
	50,000		4.900			05/15/46		51,662
	200,000		4.800			02/01/49		203,213
	Plains All American Pipeline LP / PAA Finance Corp.
	250,000		3.600			11/01/24		244,506
	240,000		4.500			12/15/26		240,199
	Sabine Pass Liquefaction LLC
	100,000		5.625			04/15/23		107,062
	895,000		5.625			03/01/25		970,795
	318,000		5.875			06/30/26		346,620
	220,000		5.000			03/15/27		229,378
	Sunoco Logistics Partners Operations LP
	500,000		4.000			10/01/27		480,241
	50,000		5.350			05/15/45		46,763
	200,000		5.400			10/01/47		192,416

								6,200,360

Energy Equipment & Services – 0.5%
	Halliburton Co.
	125,000		3.500			08/01/23		126,646
	350,000		3.800			11/15/25		353,199
	150,000		4.850			11/15/35		152,210
	40,000		6.700			09/15/38		48,874
	150,000		4.750			08/01/43		150,437
	140,000		5.000			11/15/45		144,535
	National Oilwell Varco, Inc.
	400,000		2.600			12/01/22		387,239

								1,363,140

Entertainment – 0.3%
	Viacom, Inc.
	120,000		4.250			09/01/23		122,556
	190,000		6.875			04/30/36		216,486
	216,000		4.375			03/15/43		185,373
	Walt Disney Co. (The)
	239,000		3.000			02/13/26		236,096

								760,511

Equity Real Estate Investment – 0.4%
	American Tower Corp.
	50,000		4.000			06/01/25		50,468
	190,000		3.375			10/15/26		181,828
	Crown Castle International Corp.
	250,000		4.875			04/15/22		259,314
	190,000		5.250			01/15/23		200,828
	60,000		3.150			07/15/23		58,789
	210,000		4.450			02/15/26		214,319
	130,000		3.650			09/01/27		124,790


The accompanying notes are an integral part of these financial statements.		37

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Schedule of Investments(continued)

February 28, 2019 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Equity Real Estate Investment – (continued)
	Welltower, Inc.
$	60,000		4.000	%		06/01/25	$	60,546

								1,150,882

Financial Company – 0.1%
	International Lease Finance Corp.
	375,000		5.875			08/15/22		399,141

Food & Staples Retailing – 1.9%
	Costco Wholesale Corp.
	734,000		2.300			05/18/22		723,622
	400,000		3.000			05/18/27		389,979
	Sysco Corp.
	200,000		3.300			07/15/26		193,669
	60,000		3.250			07/15/27		57,709
	Walgreens Boots Alliance, Inc.
	550,000		3.300			11/18/21		552,631
	350,000		3.450			06/01/26		335,296
	Walmart, Inc.
	30,000		1.750			10/09/19		29,829
	80,000		1.900			12/15/20		78,951
	100,000		2.350			12/15/22		98,595
	200,000		2.550			04/11/23		197,889
	500,000		3.400			06/26/23		509,767
	500,000		2.650			12/15/24		490,664
	500,000		3.700			06/26/28		513,020
	360,000		5.250			09/01/35		419,942
	50,000		3.950			06/28/38		50,171
	100,000		3.625			12/15/47		94,203
	650,000		4.050			06/29/48		657,324

								5,393,261

Food and Beverage – 0.3%
	Kraft Heinz Foods Co.
	550,000		4.000			06/15/23		556,803
	325,000		3.000			06/01/26		299,962

								856,765

Food Products – 0.5%
	Tyson Foods, Inc.
	50,000		3.950			08/15/24		50,258
	870,000		4.000			03/01/26		869,075
	140,000		4.550			06/02/47		125,091
	300,000		5.100			09/28/48		291,114

								1,335,538

Health Care Equipment & Supplies – 1.2%
	Abbott Laboratories
	400,000		2.900			11/30/21		399,743
	34,000		3.400			11/30/23		34,375
	60,000		2.950			03/15/25		58,825
	84,000		3.750			11/30/26		85,349
	500,000		4.750			11/30/36		538,607
	Becton Dickinson and Co.
	300,000		3.700			06/06/27		292,345
	400,000		4.669			06/06/47		398,716


Corporate Obligations – (continued)
Health Care Equipment & Supplies – (continued)
	Boston Scientific Corp.
$	50,000		6.000	%		01/15/20	$	51,290
	Stryker Corp.
	380,000		3.500			03/15/26		376,808
	Zimmer Biomet Holdings, Inc.
	800,000		2.700			04/01/20		795,352
	320,000		3.550			04/01/25		310,213

								3,341,623

Health Care Providers & Services – 4.3%
	Aetna, Inc.
	350,000		2.800			06/15/23		341,228
	140,000		6.625			06/15/36		163,126
	Anthem, Inc.
	60,000		2.500			11/21/20		59,439
	470,000		3.650			12/01/27		463,872
	90,000		4.625			05/15/42		90,349
	50,000		4.650			01/15/43		50,487
	75,000		4.650			08/15/44		74,809
	120,000		4.375			12/01/47		114,804
	Cardinal Health, Inc.
	300,000		2.616			06/15/22		291,674
	210,000		3.079			06/15/24		201,120
	Cigna Corp.
	250,000		4.125	^(a)		11/15/25		254,240
	Cigna Holding Co.
	238,000		3.250			04/15/25		231,751
	560,000		3.875			10/15/47		477,575
	CVS Health Corp.
	500,000		2.125			06/01/21		487,893
	548,000		2.750			12/01/22		534,283
	680,000		3.700			03/09/23		683,938
	579,000		4.100			03/25/25		585,687
	100,000		3.875			07/20/25		99,947
	877,000		4.300			03/25/28		879,179
	195,000		5.300			12/05/43		198,487
	578,000		5.125			07/20/45		575,160
	840,000		5.050			03/25/48		833,952
	Express Scripts Holding Co.
	330,000		4.750			11/15/21		342,297
	160,000		3.900			02/15/22		163,358
	60,000		3.000			07/15/23		58,880
	50,000		3.500			06/15/24		49,822
	195,000		4.500			02/25/26		199,494
	310,000		3.400			03/01/27		295,210
	100,000		4.800			07/15/46		98,212
	UnitedHealth Group, Inc.
	610,000		2.700			07/15/20		610,247
	400,000		2.875			03/15/22		400,653
	410,000		2.875			03/15/23		407,236
	420,000		3.750			07/15/25		431,407
	330,000		3.100			03/15/26		324,739
	380,000		3.450			01/15/27		379,905
	120,000		4.625			07/15/35		130,640
	100,000		4.250			03/15/43		102,140
	300,000		4.750			07/15/45		328,814


38		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)
Health Care Providers & Services – (continued)
	UnitedHealth Group, Inc. – (continued)
$	180,000		4.200	%		01/15/47	$	183,050
	130,000		3.750			10/15/47		121,765

								12,320,869

Healthcare – 0.8%
	Cigna Corp.
	200,000		4.375	^(a)		10/15/28		203,268
	400,000		4.900	^(a)		12/15/48		398,093
	HCA, Inc.
	1,000,000		5.875			03/15/22		1,065,000
	120,000		4.750			05/01/23		124,500
	190,000		5.000			03/15/24		198,787
	140,000		5.250			06/15/26		148,050
	145,000		5.500			06/15/47		151,344

								2,289,042

Hotels, Restaurants & Leisure – 0.4%
	McDonald’s Corp., MTN
	660,000		4.700			12/09/35		681,741
	370,000		4.450			09/01/48		361,136

								1,042,877

Household Products – 0.2%
	Procter & Gamble Co. (The)
	550,000		3.100			08/15/23		557,451

Industrial Conglomerates – 0.2%
	3M Co., MTN
	470,000		4.000			09/14/48		469,574
	Honeywell International, Inc.
	245,000		2.500			11/01/26		234,131

								703,705

Insurance – 0.9%
	Berkshire Hathaway Finance Corp.
	10,000		5.750			01/15/40		12,183
	230,000		4.200			08/15/48		231,774
	Chubb INA Holdings, Inc.
	400,000		3.150			03/15/25		397,200
	400,000		3.350			05/03/26		398,566
	250,000		4.350			11/03/45		264,018
	MetLife, Inc.
	240,000		6.375			06/15/34		299,305
	170,000		5.700			06/15/35		199,354
	160,000		4.125			08/13/42		155,840
	129,000		4.875			11/13/43		139,344
	120,000		4.050			03/01/45		114,839
	100,000		4.600			05/13/46		104,287
	Prudential Financial, Inc., MTN
	150,000		5.700			12/14/36		172,911

								2,489,621

Interactive Media & Services – 0.1%
	Alphabet, Inc.
	390,000		1.998			08/15/26		360,716


Corporate Obligations – (continued)
Internet & Direct Marketing Retail – 1.3%
	Amazon.com, Inc.
$	460,000		2.400	%		02/22/23	$	452,027
	370,000		2.800			08/22/24		366,193
	560,000		3.800			12/05/24		583,175
	580,000		3.150			08/22/27		571,221
	170,000		4.800			12/05/34		189,222
	200,000		3.875			08/22/37		199,750
	500,000		4.950			12/05/44		568,255
	125,000		4.050			08/22/47		124,910
	eBay, Inc.
	150,000		2.875			08/01/21		149,003
	250,000		2.600			07/15/22		244,323
	250,000		2.750			01/30/23		243,440

								3,691,519

IT Services – 0.8%
	Fidelity National Information Services, Inc.
	100,000		5.000			10/15/25		105,437
	101,000		3.000			08/15/26		94,385
	International Business Machines Corp.
	150,000		1.875			08/01/22		144,261
	350,000		3.375			08/01/23		352,682
	120,000		3.625			02/12/24		122,556
	320,000		4.000			06/20/42		303,958
	Visa, Inc.
	380,000		3.150			12/14/25		381,748
	400,000		2.750			09/15/27		386,033
	270,000		4.150			12/14/35		283,097
	180,000		4.300			12/14/45		189,816
	30,000		3.650			09/15/47		28,645

								2,392,618

Life Sciences Tools & Services – 0.4%
	Thermo Fisher Scientific, Inc.
	50,000		3.600			08/15/21		50,487
	790,000		3.300			02/15/22		792,675
	20,000		3.150			01/15/23		19,874
	50,000		3.000			04/15/23		49,381
	50,000		4.150			02/01/24		51,626
	314,000		2.950			09/19/26		296,908

								1,260,951

Machinery – 0.5%
	Caterpillar, Inc.
	30,000		3.900			05/27/21		30,775
	130,000		3.400			05/15/24		132,331
	80,000		5.200			05/27/41		90,129
	130,000		3.803			08/15/42		124,787
	Deere & Co.
	480,000		2.600			06/08/22		476,339
	Wabtec Corp.
	500,000		4.700			09/15/28		494,113

								1,348,474


The accompanying notes are an integral part of these financial statements.		39

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Schedule of Investments(continued)

February 28, 2019 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Media – 0.2%
	Warner Media LLC
$	215,000		3.600	%		07/15/25	$	211,939
	370,000		3.800			02/15/27		360,658
	50,000		4.850			07/15/45		47,852

								620,449

Multiline Retail – 0.3%
	Target Corp.
	620,000		3.500			07/01/24		635,631
	200,000		4.000			07/01/42		194,392
	140,000		3.625			04/15/46		126,216

								956,239

Multi-Utilities – 0.2%
	NiSource, Inc.
	225,000		4.375			05/15/47		218,099
	Sempra Energy
	250,000		3.400			02/01/28		235,501

								453,600

Oil, Gas & Consumable Fuels – 5.1%
	Anadarko Petroleum Corp.
	225,000		6.450			09/15/36		253,094
	130,000		6.200			03/15/40		142,861
	70,000		6.600			03/15/46		83,342
	Apache Corp.
	570,000		4.375			10/15/28		561,315
	180,000		6.000			01/15/37		188,033
	200,000		4.750			04/15/43		182,906
	Chevron Corp.
	646,000		2.566			05/16/23		637,414
	30,000		2.895			03/03/24		29,933
	180,000		2.954			05/16/26		176,754
	Concho Resources, Inc.
	230,000		4.875			10/01/47		234,025
	ConocoPhillips
	150,000		6.500			02/01/39		196,153
	Continental Resources, Inc.
	800,000		5.000			09/15/22		807,200
	160,000		4.500			04/15/23		163,580
	120,000		3.800			06/01/24		118,950
	Devon Energy Corp.
	50,000		5.600			07/15/41		54,144
	120,000		4.750			05/15/42		117,396
	Energy Transfer Operating LP
	20,000		4.650			06/01/21		20,583
	100,000		3.600			02/01/23		99,782
	400,000		4.750			01/15/26		407,032
	400,000		5.250			04/15/29		418,331
	20,000		5.150			03/15/45		18,530
	30,000		6.125			12/15/45		31,197
	10,000		5.300			04/15/47		9,470
	350,000		6.000			06/15/48		362,245
	Exxon Mobil Corp.
	535,000		2.222			03/01/21		530,224
	150,000		3.043			03/01/26		149,023


Corporate Obligations – (continued)
Oil, Gas & Consumable Fuels – (continued)
	Exxon Mobil Corp. – (continued)
$	60,000		3.567	%		03/06/45	$	57,611
	370,000		4.114			03/01/46		383,051
	Hess Corp.
	350,000		4.300			04/01/27		338,927
	40,000		6.000			01/15/40		40,318
	200,000		5.600			02/15/41		194,995
	Kinder Morgan, Inc.
	320,000		5.550			06/01/45		336,894
	235,000		5.050			02/15/46		232,631
	Kinder Morgan, Inc./de
	180,000		3.150			01/15/23		178,161
	Kinder Morgan, Inc./de, GMTN
	440,000		7.750			01/15/32		553,490
	Marathon Oil Corp.
	250,000		2.800			11/01/22		244,836
	270,000		6.600			10/01/37		311,306
	Marathon Petroleum Corp.
	225,000		5.125			03/01/21		234,074
	120,000		6.500			03/01/41		140,476
	MPLX LP
	1,000,000		4.500			07/15/23		1,035,190
	50,000		4.875			06/01/25		52,112
	145,000		4.500			04/15/38		133,962
	250,000		5.200			03/01/47		245,012
	Occidental Petroleum Corp.
	470,000		3.400			04/15/26		472,166
	285,000		4.625			06/15/45		300,711
	130,000		4.400			04/15/46		132,684
	92,000		4.100			02/15/47		89,913
	60,000		4.200			03/15/48		60,309
	Phillips 66
	210,000		3.900			03/15/28		209,739
	140,000		4.650			11/15/34		144,676
	100,000		5.875			05/01/42		115,664
	110,000		4.875			11/15/44		114,328
	Valero Energy Corp.
	150,000		3.400			09/15/26		143,477
	Williams Cos., Inc. (The)
	350,000		4.300			03/04/24		358,802
	1,000,000		4.550			06/24/24		1,035,495
	430,000		3.900			01/15/25		432,364
	50,000		3.750			06/15/27		48,518
	240,000		6.300			04/15/40		271,607

								14,637,016

Pharmaceuticals – 1.6%
	Eli Lilly & Co.
	380,000		3.950			05/15/47		377,475
	200,000		4.150			03/15/59		195,834
Johnson & Johnson
	50,000		2.250			03/03/22		49,351
	350,000		2.625			01/15/25		343,619
	60,000		2.450			03/01/26		57,310
	700,000		3.550			03/01/36		677,120
	420,000		3.625			03/03/37		409,857


40		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)
Pharmaceuticals – (continued)
Johnson & Johnson – (continued)
$	60,000		3.400	%		01/15/38	$	57,104
	70,000		3.700			03/01/46		67,860
	Merck & Co., Inc.
	40,000		2.350			02/10/22		39,582
	150,000		2.750			02/10/25		147,142
	50,000		4.150			05/18/43		51,277
	260,000		3.700			02/10/45		248,725
	Mylan NV
	180,000		3.950			06/15/26		168,821
	170,000		5.250			06/15/46		146,883
	Pfizer, Inc.
	40,000		2.200			12/15/21		39,532
	125,000		2.750			06/03/26		120,783
	50,000		3.000			12/15/26		49,124
	290,000		7.200			03/15/39		410,298
	280,000		4.400			05/15/44		296,092
	130,000		4.125			12/15/46		132,391
	Shire Acquisitions Investments Ireland DAC
	50,000		2.400			09/23/21		48,862
	Zoetis, Inc.
	270,000		3.000			09/12/27		252,965
	100,000		4.700			02/01/43		102,180

								4,490,187

REITs and Real Estate – 0.4%
	Boston Properties LP
	370,000		3.850			02/01/23		375,713
	60,000		2.750			10/01/26		55,488
	Simon Property Group LP
	500,000		4.375			03/01/21		512,190
	150,000		3.375			10/01/24		150,461

								1,093,852

Road & Rail – 0.6%
	CSX Corp.
	550,000		3.250			06/01/27		531,915
	30,000		3.800			03/01/28		29,832
	190,000		3.800			11/01/46		171,036
	Union Pacific Corp.
	590,000		4.163			07/15/22		612,007
	200,000		4.500			09/10/48		201,319
	300,000		4.300			03/01/49		294,080

								1,840,189

Semiconductors & Semiconductor – 1.2%
	Applied Materials, Inc.
	110,000		3.300			04/01/27		108,719
	260,000		4.350			04/01/47		260,867
	Intel Corp.
	240,000		2.450			07/29/20		239,298
	500,000		2.875			05/11/24		495,728
	503,000		3.700			07/29/25		517,039
	400,000		2.600			05/19/26		383,742
	720,000		3.150			05/11/27		715,028
	145,000		4.100			05/11/47		146,455
	95,000		3.734			12/08/47		91,027


Corporate Obligations – (continued)
Semiconductors & Semiconductor – (continued)
	QUALCOMM, Inc.
$	320,000		4.800	%		05/20/45	$	306,664
	320,000		4.300			05/20/47		288,573

								3,553,140

Software – 3.7%
	Microsoft Corp.
	140,000		1.850			02/06/20		138,958
	570,000		1.850			02/12/20		565,996
	40,000		1.550			08/08/21		38,966
	60,000		2.400			02/06/22		59,519
	730,000		2.375			02/12/22		723,702
	400,000		2.000			08/08/23		387,325
	110,000		2.875			02/06/24		109,971
	125,000		2.700			02/12/25		123,014
	60,000		2.400			08/08/26		56,915
	475,000		3.500			02/12/35		463,446
	450,000		3.450			08/08/36		434,554
	20,000		4.100			02/06/37		20,972
	95,000		5.200			06/01/39		111,809
	200,000		4.500			10/01/40		217,870
	280,000		3.500			11/15/42		264,811
	140,000		3.750			02/12/45		136,733
	219,000		4.450			11/03/45		238,432
	500,000		3.700			08/08/46		485,058
	430,000		4.250			02/06/47		454,330
	80,000		4.000			02/12/55		78,842
	50,000		4.750			11/03/55		56,177
	420,000		3.950			08/08/56		412,389
	150,000		4.500			02/06/57		162,054
	Oracle Corp.
	356,000		2.800			07/08/21		355,848
	300,000		1.900			09/15/21		293,102
	150,000		2.500			05/15/22		148,253
	30,000		2.625			02/15/23		29,618
	150,000		2.400			09/15/23		146,003
	40,000		2.950			11/15/24		39,536
	260,000		2.950			05/15/25		255,448
	850,000		2.650			07/15/26		808,421
	80,000		3.250			11/15/27		78,796
	200,000		3.900			05/15/35		196,353
	420,000		3.850			07/15/36		407,833
	245,000		3.800			11/15/37		235,634
	40,000		6.500			04/15/38		51,178
	60,000		6.125			07/08/39		74,518
	220,000		5.375			07/15/40		252,013
	300,000		4.125			05/15/45		292,969
	440,000		4.000			07/15/46		422,685
	170,000		4.000			11/15/47		163,140
	200,000		4.375			05/15/55		198,935
	VMware, Inc.
	300,000		2.950			08/21/22		294,675

								10,486,801


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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Schedule of Investments(continued)

February 28, 2019 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Specialty Retail – 1.0%
	Home Depot, Inc. (The)
$	100,000		4.400	%		04/01/21	$	102,899
	70,000		2.625			06/01/22		69,774
	150,000		2.700			04/01/23		149,238
	80,000		3.350			09/15/25		81,204
	105,000		3.000			04/01/26		102,875
	60,000		2.125			09/15/26		55,240
	60,000		2.800			09/14/27		57,765
	430,000		5.875			12/16/36		523,532
	320,000		4.400			03/15/45		333,270
	200,000		4.250			04/01/46		204,542
	290,000		3.900			06/15/47		281,135
	130,000		3.500			09/15/56		114,306
	Lowe’s Cos., Inc.
	310,000		2.500			04/15/26		283,506
	30,000		3.100			05/03/27		28,262
	100,000		3.700			04/15/46		84,632
	504,000		4.050			05/03/47		450,997

								2,923,177

Technology – 1.2%
	Broadcom Corp. / Broadcom Cayman Finance Ltd.
	50,000		3.000			01/15/22		49,045
	30,000		2.650			01/15/23		28,496
	100,000		3.625			01/15/24		97,003
	300,000		3.125			01/15/25		277,562
	590,000		3.875			01/15/27		543,040
	160,000		3.500			01/15/28		142,274
	Dell International LLC / EMC Corp.
	1,280,000		4.420	^(a)		06/15/21		1,301,794
	175,000		5.450	^(a)		06/15/23		183,674
	280,000		6.020	^(a)		06/15/26		295,542
	40,000		8.100	^(a)		07/15/36		45,835
	160,000		8.350	^(a)		07/15/46		187,520
	Seagate HDD Cayman
	220,000		4.750			06/01/23		220,412

								3,372,197

Technology Hardware, Storage & Peripherals – 2.3%
	Apple, Inc.
	1,177,000		2.250			02/23/21		1,167,948
	100,000		2.850			05/06/21		100,337
	139,000		1.550			08/04/21		135,129
	30,000		3.000			02/09/24		30,097
	930,000		3.450			05/06/24		949,238
	350,000		2.450			08/04/26		331,680
	110,000		3.000			06/20/27		106,937
	240,000		2.900			09/12/27		231,890
	230,000		4.500			02/23/36		248,148
	157,000		3.850			05/04/43		151,507
	200,000		3.450			02/09/45		181,019
	380,000		4.375			05/13/45		393,913
	400,000		4.650			02/23/46		430,623
	1,075,000		3.850			08/04/46	��	1,034,081
	160,000		4.250			02/09/47		163,851
	50,000		3.750			11/13/47		47,270


Corporate Obligations – (continued)
Technology Hardware, Storage & Peripherals – (continued)
	Hewlett Packard Enterprise Co.
$	500,000		4.900	%		10/15/25	$	520,188
	210,000		6.350			10/15/45		212,711

								6,436,567

Tobacco – 1.6%
	Altria Group, Inc.
	1,000,000		2.850			08/09/22		983,645
	890,000		4.400			02/14/26		894,262
	440,000		5.800			02/14/39		437,488
	490,000		5.950			02/14/49		487,337
	Philip Morris International, Inc.
	320,000		4.500			03/26/20		325,431
	112,000		1.875			02/25/21		109,479
	50,000		3.250			11/10/24		49,709
	670,000		3.375			08/11/25		666,818
	20,000		2.750			02/25/26		18,799
	140,000		6.375			05/16/38		165,049
	100,000		4.375			11/15/41		94,739
	30,000		3.875			08/21/42		26,202
	205,000		4.125			03/04/43		184,571
	50,000		4.250			11/10/44		45,793

								4,489,322

Transportation – 0.2%
	Burlington Northern Santa Fe LLC
	240,000		4.450			03/15/43		250,911
	130,000		4.900			04/01/44		143,396
	150,000		4.550			09/01/44		158,429
	100,000		3.900			08/01/46		96,416

								649,152

Wireless – 0.2%
	Cc Holdings GS V LLC / Crown Castle GS III Corp.
	500,000		3.849			04/15/23		504,442

	TOTAL CORPORATE OBLIGATIONS
	(Cost $216,240,724)							215,850,560



Foreign Corporate Debt – 22.9%
Banks – 9.5%
	Australia & New Zealand Banking Group Ltd. (Australia)
$	360,000		2.550	%		11/23/21	$	354,145
	Australia & New Zealand Banking Group Ltd., MTN (Australia)
	250,000		2.700			11/16/20		248,973
	640,000		2.300			06/01/21		628,735
	Bank of Montreal, Series D (Canada)
	1,000,000		3.100			04/13/21		1,002,923
	Bank of Montreal, MTN (Canada)
	120,000		1.900			08/27/21		117,251
	200,000		2.550			11/06/22		196,213
	Bank of Nova Scotia (The) (Canada)
	300,000		2.500			01/08/21		297,517
	Barclays Bank PLC (United Kingdom)
	500,000		5.125			01/08/20		508,888


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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF


Principal Amount		Interest Rate			Maturity Date		Value

Foreign Corporate Debt – (continued)
Banks – (continued)
	Barclays PLC (United Kingdom)
$	200,000		3.684	%		01/10/23	$	197,100
	400,000		4.375			01/12/26		398,076
	400,000		4.950			01/10/47		381,997
	BNP Paribas SA (France)
	1,130,000		5.000			01/15/21		1,169,422
	BNP Paribas SA, MTN (France)
	50,000		3.250			03/03/23		49,937
	Cooperatieve Rabobank UA (Netherlands)
	100,000		3.875			02/08/22		102,396
	370,000		3.950			11/09/22		373,162
	800,000		4.625			12/01/23		826,109
	380,000		5.250			05/24/41		436,401
	370,000		5.750			12/01/43		424,118
	Credit Suisse AG (Switzerland)
	320,000		3.000			10/29/21		319,544
	Credit Suisse AG, MTN (Switzerland)
	960,000		3.625			09/09/24		959,393
	Credit Suisse Group Funding Guernsey Ltd. (Switzerland)
	300,000		3.800			09/15/22		301,987
	250,000		4.875			05/15/45		258,098
	Deutsche Bank AG (Germany)
	320,000		2.700			07/13/20		313,622
	430,000		3.150			01/22/21		421,794
	230,000		3.300			11/16/22		217,314
	200,000		3.950			02/27/23		192,127
	130,000		3.700			05/30/24		121,809
	HSBC Holdings PLC (United Kingdom)
	200,000		2.950			05/25/21		199,001
	700,000		2.650			01/05/22		688,537
	300,000		4.250			03/14/24		303,876
	400,000		4.250			08/18/25		403,054
	350,000		4.300			03/08/26		355,585
	270,000		3.900			05/25/26		268,034
	200,000		4.375			11/23/26		201,405
	250,000		6.500			05/02/36		296,390
	100,000		6.500			09/15/37		119,827
	110,000		6.800			06/01/38		136,481
	280,000		5.250			03/14/44		295,743
	ING Groep NV (Netherlands)
	200,000		3.950			03/29/27		194,781
	Lloyds Bank PLC (United Kingdom)
	500,000		2.700			08/17/20		497,682
	Lloyds Banking Group PLC (United Kingdom)
	250,000		3.000			01/11/22		246,639
	200,000		4.500			11/04/24		197,297
	200,000		5.300			12/01/45		198,030
	200,000		4.344			01/09/48		170,602
	Mitsubishi UFJ Financial Group, Inc. (Japan)
	350,000		2.950			03/01/21		348,972
	1,070,000		2.665			07/25/22		1,048,405
	200,000		3.850			03/01/26		202,247
	230,000		3.677			02/22/27		230,482
	500,000		3.961			03/02/28		510,432


Foreign Corporate Debt – (continued)
Banks – (continued)
	Mizuho Financial Group, Inc. (Japan)
	690,000		2.601			09/11/22		671,000
	200,000		2.839			09/13/26		188,950
	National Australia Bank Ltd. (Australia)
	550,000		2.500			07/12/26		507,611
	National Australia Bank Ltd., GMTN (Australia)
	550,000		2.500			05/22/22		538,913
	Royal Bank of Canada, GMTN (Canada)
	450,000		2.150			03/06/20		447,349
	100,000		2.500			01/19/21		99,177
	Royal Bank of Canada, MTN (Canada)
	1,100,000		2.350			10/30/20		1,089,602
	Royal Bank of Scotland Group PLC (United Kingdom)
	500,000		6.000			12/19/23		524,632
	350,000		4.800			04/05/26		354,045
	Sumitomo Mitsui Banking Corp. (Japan)
	290,000		2.450			01/16/20		289,026
	Sumitomo Mitsui Financial Group, Inc. (Japan)
	460,000		2.934			03/09/21		457,692
	340,000		2.784			07/12/22		334,375
	150,000		2.778			10/18/22		147,453
	400,000		3.784			03/09/26		402,886
	50,000		2.632			07/14/26		46,874
	610,000		3.010			10/19/26		585,923
	150,000		3.364			07/12/27		146,546
	Westpac Banking Corp. (Australia)
	152,000		2.150			03/06/20		150,896
	1,095,000		2.300			05/26/20		1,086,090
	150,000		2.600			11/23/20		149,053
	200,000		2.100			05/13/21		195,964
	650,000		3.650			05/15/23		658,218
	120,000		2.700			08/19/26		112,267

								27,117,095

Capital Goods – 0.1%
	ABB Finance USA, Inc. (Switzerland)
	80,000		2.875			05/08/22		79,894
	110,000		4.375			05/08/42		114,963

								194,857

Communications – 0.0%
	Telefonica Europe BV (Spain)
	40,000		8.250			09/15/30		51,782

Consumer Noncyclical – 0.9%
	BAT Capital Corp. (United Kingdom)
	400,000		2.764			08/15/22		389,140
	300,000		3.222			08/15/24		286,856
	560,000		3.557			08/15/27		514,448
	380,000		4.390			08/15/37		319,054
	350,000		4.540			08/15/47		283,135
	GlaxoSmithKline Capital, Inc. (United Kingdom)
	172,000		6.375			05/15/38		219,120
	Novartis Capital Corp. (Switzerland)
	75,000		2.400			05/17/22		74,055
	300,000		3.000			11/20/25		298,658
	220,000		4.400			05/06/44		236,348

								2,620,814


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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Schedule of Investments(continued)

February 28, 2019 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Foreign Corporate Debt – (continued)
Consumer Products – 0.5%
	Unilever Capital Corp. (United Kingdom)
$	1,350,000		4.250	%		02/10/21	$	1,387,901

Diversified Telecommunication – 0.1%
	Orange SA (France)
	30,000		9.000			03/01/31		42,242
	50,000		5.375			01/13/42		54,113
	140,000		5.500			02/06/44		153,682

								250,037

Electric – 0.2%
	Emera US Finance LP (Canada)
	50,000		2.700			06/15/21		49,169
	260,000		3.550			06/15/26		249,381
	240,000		4.750			06/15/46		236,403

								534,953

Energy – 2.3%
	BP Capital Markets PLC (United Kingdom)
	2,240,000		3.561			11/01/21		2,275,658
	20,000		2.500			11/06/22		19,649
	500,000		3.224			04/14/24		501,399
	20,000		3.535			11/04/24		20,361
	200,000		3.279			09/19/27		196,812
	Shell International Finance BV (Netherlands)
	250,000		4.375			03/25/20		254,341
	500,000		2.125			05/11/20		496,612
	400,000		2.250			11/10/20		396,933
	425,000		1.750			09/12/21		414,171
	180,000		3.250			05/11/25		180,432
	60,000		2.875			05/10/26		58,442
	310,000		6.375			12/15/38		405,702
	430,000		5.500			03/25/40		512,032
	100,000		4.550			08/12/43		106,995
	240,000		4.375			05/11/45		252,737
	160,000		4.000			05/10/46		159,093
	Total Capital Canada Ltd. (France)
	25,000		2.750			07/15/23		24,719
	Total Capital International SA (France)
	250,000		3.700			01/15/24		255,963
	125,000		3.750			04/10/24		129,063

								6,661,114

Financial Company – 0.2%
	AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Ireland)
	350,000		5.000			10/01/21		358,750
	150,000		3.650			07/21/27		135,656

								494,406

Food and Beverage – 2.2%
	Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc. (Belgium)
	370,000		4.700	^(a)		02/01/36		358,269
	1,115,000		4.900	^(a)		02/01/46		1,066,909
	Anheuser-Busch InBev Finance, Inc. (Belgium)
	850,000		3.300			02/01/23		853,274
	260,000		4.625			02/01/44		239,270


Foreign Corporate Debt – (continued)
Food and Beverage – (continued)
	Anheuser-Busch InBev Worldwide, Inc. (Belgium)
	1,000,000		3.750			01/15/22		1,021,008
	150,000		4.000			04/13/28		149,244
	500,000		4.750			01/23/29		522,605
	100,000		4.375			04/15/38		92,601
	210,000		8.200			01/15/39		282,361
	300,000		5.450			01/23/39		315,736
	212,000		3.750			07/15/42		176,498
	250,000		4.600			04/15/48		231,164
	140,000		4.439			10/06/48		126,945
	500,000		5.550			01/23/49		526,430
	110,000		4.750			04/15/58		100,742
	300,000		5.800			01/23/59		321,143
	Diageo Investment Corp. (United Kingdom)
	50,000		2.875			05/11/22		49,858

								6,434,057

Hotels, Restaurants & Leisure – 0.4%
	Sands China Ltd. (Macau)
	920,000		4.600			08/08/23		930,925
	330,000		5.400			08/08/28		336,188

								1,267,113

Insurance – 0.1%
	AXA SA (France)
	220,000		8.600			12/15/30		283,830

Internet & Direct Marketing Retail – 0.6%
	Alibaba Group Holding Ltd. (China)
	1,470,000		3.125			11/28/21		1,465,450
	236,000		4.200			12/06/47		222,480

								1,687,930

Metals & Mining – 0.5%
	BHP Billiton Finance USA Ltd. (Australia)
	390,000		5.000			09/30/43		446,045
	Rio Tinto Finance USA Ltd. (Australia)
	140,000		5.200			11/02/40		161,100
	Rio Tinto Finance USA PLC (Australia)
	80,000		4.125			08/21/42		80,423
	Southern Copper Corp. (Peru)
	230,000		7.500			07/27/35		283,691
	130,000		6.750			04/16/40		150,870
	60,000		5.250			11/08/42		59,680
	140,000		5.875			04/23/45		149,632
	Vale Overseas Ltd. (Brazil)
	80,000		8.250			01/17/34		97,600

								1,429,041

Mining – 0.5%
	BHP Billiton Finance USA Ltd. (Australia)
	150,000		4.125			02/24/42		151,688
	Vale Overseas Ltd. (Brazil)
	503,000		4.375			01/11/22		504,886
	480,000		6.250			08/10/26		510,600
	154,000		6.875			11/21/36		168,438

								1,335,612


44		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)
Oil & Gas – 0.1%
	CNOOC Finance 2013 Ltd. (China)
$	200,000		3.000	%		05/09/23	$	196,750

Oil Company-Exploration & Production – 0.1%
	Nexen, Inc. (China)
	250,000		6.400			05/15/37		310,736

Oil, Gas & Consumable Fuels – 1.4%
	Canadian Natural Resources Ltd. (Canada)
	250,000		2.950			01/15/23		244,588
	210,000		3.850			06/01/27		205,683
	100,000		6.250			03/15/38		114,973
	Canadian Natural Resources Ltd., GMTN (Canada)
	150,000		4.950			06/01/47		155,360
	Cenovus Energy, Inc. (Canada)
	325,000		5.400			06/15/47		308,750
	Ecopetrol SA (Colombia)
	520,000		5.875			09/18/23		558,350
	105,000		5.375			06/26/26		110,578
	20,000		7.375			09/18/43		23,450
	340,000		5.875			05/28/45		343,400
	Equinor ASA (Norway)
	430,000		3.150			01/23/22		434,270
	100,000		3.950			05/15/43		98,246
	160,000		4.800			11/08/43		176,634
	Suncor Energy, Inc. (Canada)
	330,000		6.500			06/15/38		399,111
	TransCanada PipeLines Ltd. (Canada)
	390,000		4.250			05/15/28		399,850
	50,000		4.625			03/01/34		51,009
	250,000		6.200			10/15/37		288,191
	160,000		6.100			06/01/40		184,712

								4,097,155

Pharmaceuticals – 0.9%
	AstraZeneca PLC (United Kingdom)
	185,000		3.375			11/16/25		182,276
	90,000		3.125			06/12/27		85,373
	280,000		4.000			01/17/29		283,500
	330,000		6.450			09/15/37		401,878
	80,000		4.375			11/16/45		77,254
	160,000		4.375			08/17/48		155,600
	GlaxoSmithKline Capital PLC (United Kingdom)
	68,000		2.850			05/08/22		67,899
	GlaxoSmithKline Capital, Inc. (United Kingdom)
	608,000		2.800			03/18/23		604,117
	Novartis Capital Corp. (Switzerland)
	800,000		3.100			05/17/27		791,017

								2,648,914

Tobacco – 0.1%
	Reynolds American, Inc. (United Kingdom)
	70,000		4.450			06/12/25		70,659
	110,000		5.700			08/15/35		108,964

								179,623


Foreign Corporate Debt – (continued)
Wireless Telecommunication Services – 1.2%
	America Movil SAB de CV (Mexico)
	1,000,000		3.125			07/16/22		994,951
	Vodafone Group PLC (United Kingdom)
	910,000		2.500			09/26/22		886,069
	350,000		2.950			02/19/23		342,257
	600,000		4.375			05/30/28		594,063
	100,000		5.000			05/30/38		94,792
	60,000		4.375			02/19/43		51,505
	400,000		5.250			05/30/48		383,866

								3,347,503

Wirelines – 1.0%
	British Telecommunications PLC (United Kingdom)
	310,000		9.625			12/15/30		433,838
	Deutsche Telekom International Finance BV (Germany)
	318,000		8.750			06/15/30		424,863
	Telefonica Emisiones SAU (Spain)
	714,000		5.134			04/27/20		729,460
	570,000		5.462			02/16/21		593,865
	365,000		7.045			06/20/36		430,809
	230,000		5.213			03/08/47		220,015

								2,832,850

	TOTAL FOREIGN CORPORATE DEBT
	(Cost $65,704,907)							65,364,073


Principal Amount		Interest Rate	Value

Investment Company – 0.6%^(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
$	1,746,117	2.395%	$	1,746,117
	(Cost $1,746,117)

	TOTAL INVESTMENTS – 99.0%
	(Cost $283,691,748)		$	282,960,750

	OTHER ASSETS IN EXCESS OF LIABILITIES – 1.0%			2,723,583

	NET ASSETS – 100.0%		$	285,684,333



The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

(a)		Exempt from registration under Rule 144A of the Securities Act of 1933.

(b)		Represents an affiliated issuer.



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


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

GOLDMAN SACHS ACCESS TREASURY 0-1 YEAR ETF

Schedule of Investments

February 28, 2019 (Unaudited)


Principal Amount		Interest Rate^(a)			Maturity Date		Value

U.S. Treasury Bills – 52.8%
U.S. Treasury Bills
$	51,000		2.376	%		04/25/19	$	50,814
	765,000		2.386			04/25/19		762,213
	147,600,000		2.391			04/25/19		147,062,182
	4,040,000		2.395			04/25/19		4,025,279
	102,000		2.407			04/25/19		101,628
	909,000		2.413			04/25/19		905,688
	1,530,000		2.414			04/25/19		1,524,425
	3,030,000		2.415			04/25/19		3,018,959
	1,020,000		2.416			04/25/19		1,016,283
	4,361,000		2.418			04/25/19		4,345,110
	1,020,000		2.420			04/25/19		1,016,283
	202,000		2.421			04/25/19		201,264
	1,020,000		2.423			04/25/19		1,016,283
	148,697,100		2.425			04/25/19		148,155,285
	2,929,000		2.438			04/25/19		2,918,327
	153,000		2.442			04/25/19		152,443
	1,836,000		2.444			04/25/19		1,829,310
	1,122,000		2.457			04/25/19		1,117,912
	510,000		2.458			04/25/19		508,142
	2,295,000		2.459			04/25/19		2,286,638
	510,000		2.462			04/25/19		508,142
	765,000		2.463			04/25/19		762,213
	510,000		2.467			04/25/19		508,142
	92,549,000		2.468			04/25/19		92,211,775
	408,000		2.470			04/25/19		406,513
	8,415,000		2.474			04/25/19		8,384,338
	1,122,000		2.477			04/25/19		1,117,912
	1,020,000		2.479			04/25/19		1,016,283
	816,000		2.480			04/25/19		813,027
	510,000		2.482			04/25/19		508,142
	1,020,000		2.484			04/25/19		1,016,283
	2,550,000		2.487			04/25/19		2,540,708
	765,000		2.490			04/25/19		762,213
	3,570,000		2.494			04/25/19		3,556,992
	5,100,000		2.503			04/25/19		5,081,417
	714,000		2.510			04/25/19		711,398
	765,000		2.511			04/25/19		762,213
	594,000		2.419			05/30/19		590,447
	1,650,000		2.424			05/30/19		1,640,131
	2,640,000		2.426			05/30/19		2,624,209
	66,000		2.428			05/30/19		65,605
	990,000		2.434			05/30/19		984,079
	132,000		2.438			05/30/19		131,210
	132,000		2.440			05/30/19		131,210
	1,980,000		2.448			05/30/19		1,968,157
	136,291,100		2.451			05/30/19		135,475,909
	1,320,000		2.452			05/30/19		1,312,105
	3,894,000		2.453			05/30/19		3,870,709
	2,376,000		2.457			05/30/19		2,361,789
	198,000		2.465			05/30/19		196,816
	1,320,000		2.472			05/30/19		1,312,105
	990,000		2.475			05/30/19		984,079
	2,376,000		2.476			05/30/19		2,361,789
	990,000		2.498			05/30/19		984,079
	1,320,000		2.501			05/30/19		1,312,105
	3,300,000		2.505			05/30/19		3,280,262


U.S. Treasury Bills – (continued)
U.S. Treasury Bills – (continued)
	660,000		2.515			05/30/19		656,052
	1,056,000		2.516			05/30/19		1,049,684
	5,940,000		2.525			05/30/19		5,904,471
	155,598,000		2.526			05/30/19		154,667,330
	975,000		2.541			05/30/19		969,168
	369,000		2.433			06/20/19		366,279
	1,025,000		2.434			06/20/19		1,017,443
	1,640,000		2.440			06/20/19		1,627,908
	82,000		2.442			06/20/19		81,395
	29,600,000		2.447			06/20/19		29,381,759
	1,189,000		2.448			06/20/19		1,180,233
	465,000		2.451			06/20/19		461,572
	1,230,000		2.456			06/20/19		1,220,931
	31,000		2.459			06/20/19		30,771
	662,000		2.460			06/20/19		657,119
	1,116,000		2.463			06/20/19		1,107,772
	600,000		2.465			06/20/19		595,576
	620,000		2.469			06/20/19		615,429
	1,116,000		2.480			06/20/19		1,107,772
	79,805,000		2.492			06/20/19		79,216,596
	2,040,000		2.461			07/25/19		2,020,123
	459,000		2.467			07/25/19		454,528
	180,812,100		2.470			07/25/19		179,050,363
	2,805,000		2.471			07/25/19		2,777,670
	102,000		2.473			07/25/19		101,006
	1,479,000		2.480			07/25/19		1,464,589
	140,721,000		2.505			07/25/19		139,349,889
	309,425,000		2.489			08/22/19		305,790,803
	6,808,000		2.490			08/22/19		6,728,040
	324,000		2.536			01/02/20		317,233
	480,000		2.539			01/02/20		469,975
	108,000		2.543			01/02/20		105,744
	96,000		2.545			01/02/20		93,995
	252,000		2.546			01/02/20		246,737
	360,000		2.564			01/02/20		352,482
	33,455,000		2.609			01/02/20		32,756,308

	TOTAL U.S. TREASURY BILLS
	(Cost $1,558,166,901)						$	1,558,263,719



U.S. Treasury Notes – 47.1%
	U.S. Treasury Notes
$	188,481,000		1.250	%		04/30/19	$	188,098,149
	119,422,000		0.875			05/15/19		119,032,734
	152,463,000		1.000			06/30/19		151,718,552
	172,551,000		0.875			07/31/19		171,418,634
	146,340,000		0.750			08/15/19		145,162,420
	136,222,000		0.875			09/15/19		135,030,117
	159,603,000		1.000			10/15/19		158,106,723
	129,823,000		1.000			11/15/19		128,433,488
	139,136,000		1.375			12/15/19		137,885,950


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

GOLDMAN SACHS ACCESS TREASURY 0-1 YEAR ETF


Principal Amount		Interest Rate^(a)			Maturity Date		Value

U.S. Treasury Notes – (continued)
U.S. Treasury Notes – (continued)
$	30,790,000		1.250	%		01/31/20	$	30,430,383
	23,025,300		1.375			02/15/20		22,771,662

	TOTAL U.S. TREASURY NOTES
	(Cost $1,387,407,577)						$	1,388,088,812

	TOTAL INVESTMENTS – 99.9%
	(Cost $2,945,574,478)						$	2,946,352,531

	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.1%							3,306,768

	NET ASSETS – 100.0%						$	2,949,659,299



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.


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

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Statements of Assets and Liabilities

February 28, 2019 (Unaudited)


	Access High Yield Corporate Bond ETF			Access Inflation Protected USD Bond ETF			Access Investment Grade Corporate Bond ETF			Access Treasury 0-1 Year ETF
Assets:

Investments in unaffiliated issuers, at value (cost $49,553,000, $4,934,821, $281,945,631 and $2,945,574,478, respectively)	$	49,907,230		$	4,978,796		$	281,214,633		$	2,946,352,531

Investments in affiliated issuers, at value (cost $167,415, $0, $1,746,117 and $0, respectively)		167,415			—			1,746,117			—

Cash		49,936			18,717			54,842			121,435

Receivables:

Investments sold		4,915,703			130,794			23,910,558			20,993,036

Fund shares sold		4,868,234			—			24,235,842			—

Interest		892,813			2,240			3,018,096			3,508,799

Reimbursement from advisor		26			1,380			242			45,067

Total assets		60,801,357			5,131,927			334,180,330			2,971,020,868

Liabilities:

Payables:

Fund shares redeemed		4,882,337			—			24,210,536			21,047,518

Investments purchased		4,777,416			121,049			24,255,707			—

Management fees		12,440			—			29,754			314,051

Total liabilities		9,672,193			121,049			48,495,997			21,361,569

Net Assets:

Paid-in capital		51,457,506			5,023,686			287,879,432			2,943,911,326

Total distributable earnings (loss)		(328,342	)		(12,808	)		(2,195,099	)		5,747,973

NET ASSETS	$	51,129,164		$	5,010,878		$	285,684,333		$	2,949,659,299
SHARES ISSUED AND OUTSTANDING

Shares outstanding no par value (unlimited shares authorized):		1,050,000			100,000			5,900,000			29,430,000

Net asset value per share:		$ 48.69			$ 50.11			$ 48.42			$ 100.23


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

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Statements of Operations

For the Six Months Ended February 28, 2019 (Unaudited)


	Access High Yield Corporate Bond ETF			Access Inflation Protected USD Bond ETF^(a)			Access Investment Grade Corporate Bond ETF			Access Treasury 0-1 Year ETF
Investment income:

Interest	$	1,457,669		$	11,575		$	5,996,539		$	29,878,264

Dividends from Affiliated Underlying Funds		5,942			—			15,275			—

Total investment income		1,463,611			11,575			6,011,814			29,878,264

Expenses:

Management fees		75,002			1,251			209,977			1,763,479

Trustee fees		6,074			1,714			9,882			36,631

Total expenses		81,076			2,965			219,859			1,800,110

Less — expense reductions		(448	)		—			(1,126	)		(258,574	)

Net expenses		80,628			2,965			218,733			1,541,536

NET INVESTMENT INCOME		1,382,983			8,610			5,793,081			28,336,728

Realized and unrealized gain (loss):

Net realized gain (loss) from:

Investments		(94,579	)		(1,540	)		(531,465	)		(51,391	)

In-kind redemptions		(154,626	)		(27,609	)		(1,128,318	)		765

Net change in unrealized gain on:

Investments		323,029			43,975			2,492,167			704,206

Net realized and unrealized gain		73,824			14,826			832,384			653,580

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,456,807		$	23,436		$	6,625,465		$	28,990,308

(a)

For the period October 2, 2018 (commencement of operations) through February 28, 2019.


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

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Statements of Changes in Net Assets


	Access High Yield Corporate Bond ETF						Access Inflation Protected USD Bond ETF
	For the Six Months Ended February 28, 2019 (Unaudited)			For the Period September 5, 2017* to August 31, 2018			For the Period October 2, 2018* to February 28, 2019 (Unaudited)
From operations:

Net investment income	$	1,382,983		$	2,177,075		$	8,610

Net realized loss		(249,205	)		(1,151,078	)		(29,149	)

Net change in unrealized gain		323,029			31,201			43,975

Net increase in net assets resulting from operations		1,456,807			1,057,198			23,436

Distributions to shareholders:

From distributable earnings		(1,492,628	)		(1,965,439	)^(a)		(36,244	)

Total distributions to shareholders		(1,492,628	)		(1,965,439	)		(36,244	)

From share transactions:

Proceeds from sales of shares		14,386,074			141,101,712			8,719,383

Cost of shares redeemed		(9,633,960	)		(93,780,600	)		(3,695,697	)

Net increase in net assets resulting from share transactions		4,752,114			47,321,112			5,023,686

TOTAL INCREASE		4,716,293			46,412,871			5,010,878

Net assets:^(b)

Beginning of period	$	46,412,871		$	—		$	—

End of period	$	51,129,164		$	46,412,871		$	5,010,878

Commencement of operations.

(a)

Prior fiscal year information has been revised to conform to current year presentation. Distributions to shareholders for Access High Yield Corporate Bond ETF consisted solely of net investment income for the fiscal year ended August 31, 2018.

(b)

Prior fiscal year information has been revised to conform with current year presentation. Undistributed net investment income was $309,834 for Access High Yield Corporate Bond ETF as of August 31, 2018.


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

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Statements of Changes in Net Assets(continued)


	Access Investment Grade Corporate Bond ETF						Access Treasury0-1 Year ETF
	For the Six Months Ended February 28, 2019 (Unaudited)			For the Fiscal Year Ended August 31, 2018			For the Six Months Ended February 28, 2019 (Unaudited)			For the Fiscal Year Ended August 31, 2018
From operations:

Net investment income	$	5,793,081		$	5,886,424		$	28,336,728		$	15,332,752

Net realized loss		(1,659,783	)		(2,551,726	)		(50,626	)		(265,146	)

Net change in unrealized gain (loss)		2,492,167			(3,834,618	)		704,206			(23,608	)

Net increase (decrease) in net assets resulting from operations		6,625,465			(499,920	)		28,990,308			15,043,998

Distributions to shareholders:

From distributable earnings		(5,765,625	)		(5,390,095	)^(a)		(25,676,627	)		(13,376,311	)^(a)

Total distributions to shareholders		(5,765,625	)		(5,390,095	)		(25,676,627	)		(13,376,311	)

From share transactions:

Proceeds from sales of shares		134,077,102			233,218,124			1,786,335,298			1,080,258,244

Cost of shares redeemed		(107,714,813	)		(149,862,662	)		(482,616,798	)		(255,128,079	)

Net increase in net assets resulting from share transactions		26,362,289			83,355,462			1,303,718,500			825,130,165

TOTAL INCREASE		27,222,129			77,465,447			1,307,032,181			826,797,852

Net assets:^(b)

Beginning of period	$	258,462,204		$	180,996,757		$	1,642,627,118		$	815,829,266

End of period	$	285,684,333		$	258,462,204		$	2,949,659,299		$	1,642,627,118

(a)

Prior fiscal year information has been revised to conform to current year presentation. Distributions to shareholders for Access Investment Grade Corporate Bond ETF and Access Treasury0-1 Year ETF consisted solely of net investment income for the fiscal year ended August 31, 2018.

(b)

Prior fiscal year information has been revised to conform with current year presentation. Undistributed net investment income was $770,376 and $2,610,844 for Access Investment Grade Corporate Bond ETF and Access Treasury0-1 Year ETF respectively, as of August 31, 2018.


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

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


	Access High Yield Corporate Bond ETF
	For the Six Months Ended February 28, 2019 (Unaudited)			For the Period September 5, 2017* to August 31, 2018
Per Share Operating Performance:

Net asset value, beginning of period	$	48.86		$	49.92

Net investment income^(a)		1.37			2.41

Net realized and unrealized loss		(0.05	)		(1.21	)

Total gain from investment operations		1.32			1.20

Distributions to shareholders from net investment income		(1.49	)		(2.26	)

Net asset value, end of period	$	48.69		$	48.86

Market price, end of period	$	48.53		$	48.82

Total Return at Net Asset Value^(b)		2.79	%		2.58	%

Net assets, end of period (in 000’s)	$	51,129		$	46,413

Ratio of total expenses to average net assets		0.34	%^(c)		0.34	%^(c)

Ratio of net investment income to average net assets		5.80	%^(c)		4.93	%^(c)

Portfolio turnover rate^(d)		9	%		69	%

Commencement of operations.

(a)

Calculated based on the average shares outstanding methodology.

(b)

Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized.

(c)

Annualized.

(d)

The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result ofin-kind transactions. If such transactions were included, the Fund’s portfolio turnover rate may be higher.


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

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout the Period


	Access Inflation Protected USD Bond ETF
	For the Period October 2, 2018* to February 28, 2019 (Unaudited)
Per Share Operating Performance:

Net asset value, beginning of period	$	50.00

Net investment income^(a)		0.07

Net realized and unrealized gain		0.37

Total gain from investment operations		0.44

Distributions to shareholders from net investment income		(0.33	)

Net asset value, end of period	$	50.11

Market price, end of period	$	50.09

Total Return at Net Asset Value^(b)		0.89	%

Net assets, end of period (in 000’s)	$	5,011

Ratio of total expenses to average net assets		0.12	%^(c)

Ratio of net investment income to average net assets		0.35	%^(c)

Portfolio turnover rate^(d)		7	%

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

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period


	Access Investment Grade Corporate Bond ETF
	For the Six Months Ended February 28, 2019 (Unaudited)			For the Fiscal Year Ended August 31, 2018			For the Period June 6, 2017* to August 31, 2017
Per Share Operating Performance:

Net asset value, beginning of period	$	48.31		$	50.28		$	49.90

Net investment income^(a)		0.87			1.55			0.32

Net realized and unrealized gain (loss)		0.12			(2.09	)		0.27

Total gain (loss) from investment operations		0.99			(0.54	)		0.59

Distributions to shareholders from net investment income		(0.88	)		(1.43	)		(0.21	)

Net asset value, end of period	$	48.42		$	48.31		$	50.28

Market price, end of period	$	48.43		$	48.28		$	50.24

Total Return at Net Asset Value^(b)		2.09	%		(1.04	)%		1.19	%

Net assets, end of period (in 000’s)	$	285,684		$	258,462		$	180,997

Ratio of net expenses to average net assets		0.14	%^(c)		0.14	%		0.13	%^(c)

Ratio of total expenses to average net assets		0.14	%^(c)		0.14	%		0.14	%^(c)

Ratio of net investment income to average net assets		3.69	%^(c)		3.18	%		2.65	%^(c)

Portfolio turnover rate^(d)		9	%		22	%		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 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)

(e)

Less than 0.5%


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

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period


	Access Treasury0-1 Year ETF
	For the Six Months Ended February 28, 2019 (Unaudited)			For the Fiscal Year Ended August 31, 2018			For the Period September 6, 2016* to August 31, 2017
Per Share Operating Performance:

Net asset value, beginning of period	$	100.16		$	100.10		$	100.00

Net investment income^(a)		1.09			1.48			0.82

Net realized and unrealized gain (loss)		0.01			(0.13	)		(0.29	)

Total gain from investment operations		1.10			1.35			0.53

Distributions to shareholders from net investment income		(1.03	)		(1.29	)		(0.43	)

Net asset value, end of period	$	100.23		$	100.16		$	100.10

Market price, end of period	$	100.25		$	100.18		$	100.10

Total Return at Net Asset Value^(b)		1.10	%		1.37	%		0.53	%

Net assets, end of period (in 000’s)	$	2,949,659		$	1,642,627		$	815,829

Ratio of net expenses to average net assets		0.12	%^(c)		0.12	%		0.13	%^(c)

Ratio of total expenses to average net assets		0.14	%^(c)		0.14	%		0.14	%^(c)

Ratio of net investment income to average net assets		2.21	%^(c)		1.48	%		0.83	%^(c)

Portfolio turnover rate^(d)		—	%		—	%		—	%

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

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Notes to Financial Statements

February 28, 2019 (Unaudited)

1. ORGANIZATION

Goldman Sachs ETF Trust (the “Trust”) is an open-end management investment company, registered under the Investment Company Act of 1940, as amended (the “Act”), consisting of multiple series. The Trust was organized as a Delaware statutory trust on December 16, 2009. The following table lists those series of the Trust that are included in this report (collectively, the “Funds” or individually a “Fund”) along with their respective diversification status under the Act:


Fund				Diversification Classification
Goldman Sachs Access High Yield Corporate Bond ETF (“Access High Yield Corporate Bond ETF”)				Diversified
Goldman Sachs Access Inflation Protected USD Bond ETF (“Access Inflation Protected USD Bond ETF”)*				Diversified
Goldman Sachs Access Investment Grade Corporate Bond ETF (“Access Investment Grade Corporate Bond ETF”)				Diversified
Goldman Sachs Access Treasury 0-1 Year ETF (formerly Goldman Sachs TreasuryAccess 0-1 Year ETF) (“Access Treasury 0-1 Year ETF”)				Diversified

Commencement of operations on October 2, 2018.

The investment objective of each Fund is to provide investment results that closely correspond, before fees and expenses, to the performance of its respective Index.

Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as investment adviser to the Funds pursuant to a management agreement (the “Agreement”) with the Trust. Each Fund is an exchange-traded fund (“ETF”). Shares of the Access High Yield Corporate Bond ETF, Access Investment Grade Corporate Bond ETF and Access Treasury 0-1 Year ETF are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”), and shares of the Access Inflation Protected USD Bond ETF are listed and traded on the Cboe BZX Exchange, Inc. (“Cboe BZX”). 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 Funds. 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, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily NAV calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments. Distributions received from the Funds’ investments in U.S. real estate investment trusts (“REITs”) may be characterized as ordinary income, net capital gain or a return of capital. A return of capital is recorded by the Funds as a reduction to the cost basis of the REIT.

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

D. Federal Taxes and Distributions to Shareholders — It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex- dividend date. For each Fund, income distributions, if any, are declared and paid monthly. Capital gains distributions, if any, are declared and paid annually.

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

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund’s distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Funds’ net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Funds’ policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable

(including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;

Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM’s assumptions in determining fair value measurement).

The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, including investments for which market quotations are not readily available. The Trustees have delegated to 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:

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

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Notes to Financial Statements(continued)

February 28, 2019 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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.

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 the Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.

B. Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of the Funds’ investments may be determined under Valuation Procedures approved by the Trustees. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund’s NAV.

On February 28, 2019 the Funds did not hold any Level 3 securities.

C. Fair Value Hierarchy — The following is a summary of the Funds’ investments classified in the fair value hierarchy as of February 28, 2019:


ACCESS HIGH YIELD CORPORATE BOND ETF

Investment Type	Level 1		Level 2		Level 3

Assets

Fixed Income

Corporate Obligations	$	—	$	47,373,715	$	—

Foreign Corporate Debt		—		2,533,515		—

Investment Company		167,415		—		—

Total	$	167,415	$	49,907,230	$	—

ACCESS INFLATION PROTECTED USD BOND ETF

Investment Type	Level 1		Level 2		Level 3

Assets

Fixed Income

U.S. Treasury Inflation Indexed Bonds	$	4,978,796	$	—	$	—

Total	$	4,978,796	$	—	$	—

ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Investment Type	Level 1		Level 2		Level 3

Assets

Fixed Income

Corporate Obligations	$	—	$	215,850,560	$	—

Foreign Corporate Debt		—		65,364,073		—

Investment Company		1,746,117		—		—

Total	$	1,746,117	$	281,214,633	$	—

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



ACCESS TREASURY 0-1 YEAR ETF

Investment Type	Level 1		Level 2		Level 3

Assets

US Government	$	2,946,352,531	$	—	$	—

Total	$	2,946,352,531	$	—	$	—

4. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

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

The Funds operate under a unitary management fee structure. Under the unitary fee structure, GSAM is responsible for paying substantially all the expenses of each Fund, excluding payments under the Fund’s 12b-1 plan (if any), interest expenses, taxes, acquired fund fees and expenses, brokerage fees, costs of holding shareholder meetings and litigation, indemnification and extraordinary expenses. As the Funds directly pay fees and expenses of the independent Trustees, the management fee collected by GSAM will be reduced by an amount equal to the fees and expenses paid by the Funds to the independent Trustees.

For the six months ended February 28, 2019, contractual and effective net unitary management fee rates with GSAM were at the following rates:


Fund	Contractual Unitary Management Fee			Effective Net Unitary Management Fee*
Access High Yield Corporate Bond ETF		0.34	%		0.34	%
Access Inflation Protected USD Bond ETF		0.12	%		0.12	%
Access Investment Grade Corporate Bond ETF		0.14	%		0.14	%
Access Treasury 0-1 Year ETF		0.14	%		0.12	%

Effective Net Unitary Management Fee includes the impact of management fee waivers, if any.

The Access High Yield Corporate Bond ETF and Access Investment Grade Corporate Bond ETF invest in Institutional Shares of the Goldman Sachs Financial Square Government Fund, which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Funds invest. For the six months ended February 28, 2019, GSAM waived $448 and $1,126 of the Funds’ management fee for the Access High Yield Corporate Bond ETF and Access Investment Grade Corporate Bond ETF respectively.

GSAM 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 Access Treasury 0-1 Year ETF. This arrangement will remain in effect through at least December 28, 2019, and prior to such date the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees. For the six months ended February 28, 2019, GSAM waived $258,574 of the Access Treasury 0-1 Year ETF Fund’s management fee.

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Notes to Financial Statements(continued)

February 28, 2019 (Unaudited)

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

B. Other Transactions with Affiliates — The Funds may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is solely due to having a common investment adviser, common officers, or common trustees. The following table provides information about the Funds’ investments in the Goldman Sachs Financial Square Government Fund for the six months ended February 28, 2019:


Fund	Beginning value as of August 31, 2018		Purchases at Cost		Proceeds from Sales			Ending value as of February 28, 2019		Shares as of February 28, 2019		Interest Income
Access High Yield Corporate Bond ETF	$	885,984	$	5,709,564	$	(6,428,133	)	$	167,415		167,415	$	5,942
Access Investment Grade Corporate Bond ETF	$	1,618,035	$	15,061,878	$	(14,933,796	)	$	1,746,117		1,746,117	$	15,275

5. CREATION AND REDEMPTION OF CREATION UNITS

The Trust issues and redeems shares of the Funds only in Creation Units on a continuous basis through the Distributor, without an initial sales load, at NAV next determined after receipt, on any Business Day (as defined in the Statement of Additional Information), of an order in proper form. Shares of the Funds may only be purchased or redeemed by certain financial institutions (each an “Authorized Participant”). An Authorized Participant is either (1) a “Participating Party” or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation; or (2) a Depository Trust Company participant; which, in either case, must have executed an agreement with the Distributor. Retail investors will typically not qualify as an Authorized Participant or have the resources to buy and sell whole Creation Units.

Therefore, they will be unable to purchase or redeem the shares directly from the Funds. Rather, most retail investors will purchase shares in the secondary market at market prices with the assistance of a broker and may be subject to customary brokerage commissions or fees. Fixed creation and redemption transaction fees are imposed in connection with creations and redemptions.

Authorized Participants transacting in Creation Units for cash may also pay a variable charge to compensate the relevant fund for certain transaction costs (e.g. taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in “Proceeds from sale of shares” in the Statements of Changes in Net Assets.

Share activity is as follows:


	Access High Yield Corporate Bond ETF
	For the Six Months Ended February 28, 2019 (Unaudited)						For the Period September 5, 2017* through August 31, 2018

	Shares			Dollars			Shares			Dollars

Fund Share Activity
Shares Sold		300,000		$	14,352,709			2,850,000		$	141,032,291
Shares Redeemed		(200,000	)		(9,607,720	)		(1,900,000	)		(93,593,996	)

NET INCREASE IN SHARES		100,000		$	4,744,989			950,000		$	47,438,295

Commencement of operations.

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

5. CREATION AND REDEMPTION OF CREATION UNITS (continued)



	Access Inflation Protected USD Bond ETF

	For the Period October 2, 2018* through February 28, 2019 (Unaudited)

		Shares			Dollars

Fund Share Activity
Shares Sold		175,000		$	8,719,145
Shares Redeemed		(75,000	)		(3,695,697	)

NET INCREASE IN SHARES		100,000		$	5,023,448

Commencement of operations.


	Access Investment Grade Corporate Bond ETF

	For the Six Months Ended February 28, 2019 (Unaudited)						For the Fiscal Year Ended August 31, 2018

	Shares			Dollars			Shares			Dollars

Shares Sold		2,800,000		$	134,008,136			4,800,000		$	233,147,838
Shares Redeemed		(2,250,000	)		(107,714,813	)		(3,050,000	)		(149,799,365	)

NET INCREASE IN SHARES		550,000		$	26,293,323			1,750,000		$	83,348,473

	Access Treasury 0-1 Year ETF

	For the Six Months Ended February 28, 2019 (Unaudited)						For the Fiscal Year Ended August 31, 2018

	Shares			Dollars			Shares			Dollars

Shares Sold		17,850,000		$	1,786,335,298			10,800,000		$	1,080,258,244
Shares Redeemed		(4,820,000	)		(482,616,236	)		(2,550,000	)		(255,127,736	)

NET INCREASE IN SHARES		13,030,000		$	1,303,719,062			8,250,000		$	825,130,508

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long term securities for the six months ended February 28, 2019, were as follows (with the exception of the Access Treasury 0-1 Year ETF, which only owns short term securities):


Fund	Purchases		Sales
Access High Yield Corporate Bond ETF	$	19,197,876	$	4,285,601
Access Inflation Protected USD Bond ETF		4,117,378		421,766
Access Investment Grade Corporate Bond ETF		160,298,573		28,241,748
Access Treasury 0-1 Year ETF		4,591,704,262		4,558,255,126

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Notes to Financial Statements(continued)

February 28, 2019 (Unaudited)

6. PORTFOLIO SECURITIES TRANSACTIONS (continued)

The proceeds from in-kind creation and redemption transactions for the six months ended February 28, 2019, were as follows:


Fund	Purchases		Sales
Access High Yield Corporate Bond ETF	$	—	$	9,490,093
Access Inflation Protected USD Bond ETF		4,937,597		3,671,137
Access Investment Grade Corporate Bond ETF		—		105,768,339
Access Treasury 0-1 Year ETF		1,729,737,622		482,076,566

7. TAX INFORMATION

As of the Funds’ most recent fiscal year end, August 31, 2018, the Funds’ capital loss carryforward and certain timing differences on a tax-basis were as follows:


	Access High Yield Corporate Bond ETF			Access Inflation Protected USD Bond ETF		Access Investment Grade Corporate Bond ETF			Access Treasury 0-1 Year ETF
Capital loss carryforwards:
Perpetual Short-Term	$	(10,793	)	$	—	$	(52,394	)	$	—
Timing differences (Post-October Capital Loss Deferral)		(566,160	)		—		(540,079	)		(250,399	)

As of February 28, 2019, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:


	Access High Yield Corporate Bond ETF			Access Inflation Protected USD Bond ETF			Access Investment Grade Corporate Bond ETF			Access Treasury 0-1 Year ETF
Tax Cost	$	49,806,088		$	4,934,821		$	283,707,509		$	2,945,574,478
Gross unrealized gain		796,418			48,644			2,284,689			826,521
Gross unrealized loss		(527,861	)		(4,669	)		(3,031,448	)		(48,468	)
Net unrealized gains (losses) on securities	$	268,557		$	43,975		$	(746,759	)	$	778,053

The difference between GAAP-basis and tax-basis unrealized gains (losses) is due to wash sales and premium amortization on debt securities.

GSAM has reviewed the Funds’ tax positions for all open tax years (the current year, and prior three tax years, as applicable) and has concluded that no provision for income tax is required in the Fund’s financial statements. Such open tax year remains subject to examination and adjustment by tax authorities.

8. OTHER RISKS

The Funds’ risks include, but are not limited to, the following:

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

8. OTHER RISKS (continued)

which may cause the value of securities denominated in such foreign currency (or other instruments through which a Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that a Fund also invests in securities of issuers located in emerging markets, these risks may be more pronounced.

Interest Rate Risk — When interest rates increase, fixed income securities or instruments held by a Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short- term fixed income securities or instruments. The risks associated with changing interest rates may have unpredictable effects on the markets and a Fund’s investments. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Funds.

Index Risk — FTSE Fixed Income LLC (the “Index Provider”) constructs each Fund’s Index in accordance with a rules-based methodology. A Fund will be negatively affected by general declines in the securities and asset classes represented in its Index. In addition, because the Funds are not “actively” managed, unless a specific security is removed from its Index, a Fund generally would not sell a security because the security’s issuer was in financial trouble. Market disruptions and regulatory restrictions could have an adverse effect on a Fund’s ability to adjust its exposure to the required levels in order to track the Index. A Fund also does not attempt to take defensive positions under any market conditions, including declining markets. Therefore, a Fund’s performance could be lower than funds that may actively shift their portfolio assets to take advantage of market opportunities or to lessen the impact of a market decline or a decline in the value of one or more issuers. The Index Provider may utilize third party data in constructing each Index, but it does not guarantee the accuracy or availability of any such third party data.

The FTSE Goldman Sachs Treasury Inflation Protected USD Bond Index is new and has a limited performance history. Errors in index data, index computation or the construction of an Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the applicable Fund and its shareholders. In addition, neither a Fund, the Investment Adviser nor the Index Provider can guarantee the availability or timeliness of the production of the Index.

Liquidity Risk — A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors’ interests because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund’s NAV and dilute remaining investors’ interests. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, potentially causing increased supply in the market due to selling activity. These risks may be more pronounced in connection with a Fund’s investments in securities of issuers located in emerging market countries.

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.

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Notes to Financial Statements(continued)

February 28, 2019 (Unaudited)

8. OTHER RISKS (continued)

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.

9. INDEMNIFICATIONS

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

10. OTHER MATTERS

In March 2017, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2017-08—Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. The amendments in the ASU shorten the amortization period for certain callable debt securities held at a premium, by requiring amortization to the earliest call date. The ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. GSAM is currently evaluating the impact, if any, of the amendments.

11. 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.

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Fund Expenses — For the Six Months Ended 2/28/2019 (Unaudited)

As a shareholder you incur ongoing costs, which may include management fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in Shares of the Fund and to compare these costs with the ongoing costs of investing in other exchange-traded funds.

The example is based on an investment of $1,000 invested at the beginning of the period from September 1, 2018 and held for the entire six months ended February 28, 2019, which represents a period of 181 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.


	Access High Yield Corporate Bond ETF							Access Inflation Protected USD Bond ETF*							Access Investment Grade Corporate Bond ETF							Access Treasury 0-1 Year ETF
	Beginning Account Value 9/1/18		Ending Account Value 2/28/19			Expenses Paid**		Beginning Account Value 10/2/18		Ending Account Value 2/28/19			Expenses Paid**		Beginning Account Value 9/1/18		Ending Account Value 2/28/19			Expenses Paid**		Beginning Account Value 9/1/18		Ending Account Value 2/28/19			Expenses Paid**
Actual based on NAV	$	1,000	$	1,027.90		$	1.71	$	1,000	$	1,013.90		$	0.50	$	1,000	$	1,020.90		$	0.70	$	1,000	$	1,011.00		$	0.60
Hypothetical 5% return	$	1,000	$	1,023.11	+	$	1.71	$	1,000	$	1,020.05	+	$	0.50	$	1,000	$	1,024.10	+	$	0.70	$	1,000	$	1,024.20	+	$	0.60

Hypothetical expenses are based on each Fund’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses.

The Fund commenced operations on October 2, 2018. Expenses are calculated using the Fund’s annualized expense ratio, multiplied by the ending value for the period, multiplied by 150/365, which represents a period of 150 days of a 365 day year (to reflect the Fund’s commencement of operation).

Expenses for each Fund are calculated using the Fund’s annualized net expense ratio, which represents the ongoing expenses as a percentage of net assets for the six months ended February 28, 2019. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal year; and then dividing that result by the number of days in the fiscal year.

The annualized net expense ratio for the period is as follows:


Fund
Access High Yield Corporate Bond ETF	0.34	%
Access Investment Grade Corporate Bond ETF	0.14	%
Access Inflation Protected USD Bond ETF	0.12	%
Access Treasury 0-1 Year ETF	0.12	%

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs Access High Yield Corporate Bond ETF, Goldman Sachs Access Investment Grade Corporate Bond ETF, Goldman Sachs Access Treasury0-1 Year ETF (Unaudited)

Background

The Goldman Sachs Access High Yield Corporate Bond ETF, Goldman Sachs Access Investment Grade Corporate Bond ETF and Goldman Sachs Access Treasury0-1 Year ETF (each, a “Fund” and together, the “Funds”) are investment portfolios of Goldman Sachs ETF Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Funds at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Funds.

The Management Agreement was approved for continuation until September 30, 2019 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 September20-21, 2018 (the “Annual Meeting”).

The review process undertaken by the Trustees spans the course of the year and culminates with the Annual Meeting. To assist the Trustees in their deliberations, the Trustees have established a Contract Review Committee (the “Committee”), comprised of the Independent Trustees. At those Committee meetings, regularly scheduled Board or other committee meetings, and/or the Annual Meeting, matters relevant to the renewal of the Management Agreement were considered by the Board, or the Independent Trustees, as applicable. With respect to each Fund, such matters included:

(a)

the nature and quality of the advisory, administrative, and other services provided to the Fund by the Investment Adviser and its affiliates, including information about:

(i)

the structure, staff, and capabilities of the Investment Adviser and its portfolio management teams;

(ii)

the groups within the Investment Adviser and its affiliates that support the portfolio management teams or provide other types of necessary services, including fund services groups (e.g., accounting and financial reporting, tax, shareholder services, and operations); controls and risk management groups (e.g., legal, compliance, valuation oversight, credit risk management, internal audit, compliance testing, market risk analysis, finance, and central funding); sales and distribution support groups, and others (e.g., information technology and training);

(iii)

trends in employee headcount;

(iv)

the Investment Adviser’s financial resources and ability to hire and retain talented personnel and strengthen its operations; and

(v)

the parent company’s support of the Investment Adviser and its registered fund business, as expressed by the firm’s senior management;

(b)

information on the investment performance of the Fund, including comparisons to the performance of similar exchange-traded funds (“ETFs”), as provided by a third-party fund data provider engaged as part of the contract review process (the “Outside Data Provider”), and information on general investment outlooks in the markets in which the Fund invests, to the extent that a Fund had been existence for at least one year;

(c)

the terms of the Management Agreement entered into by the Trust on behalf of the Fund;

(d)

fee and expense information for the Fund, including the relative management fee and expense levels of the Fund as compared to those of comparable funds managed by other advisers, as provided by the Outside Data Provider;

(e)

with respect to the investment performance and expense comparison data provided by the Outside Data Provider, its processes in producing that data for the Fund;

(f)

the undertakings of the Investment Adviser and its affiliates to implement fee waivers and/or expense limitations;

(g)

information relating to the profitability of the Management Agreement and the transfer agency and distribution and service arrangements of the Fund to the Investment Adviser and its affiliates;

(h)

whether the Fund’s existing management fee schedule adequately addressed any economies of scale;

(i)

a summary of the“fall-out” benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund;

(j)

a summary of potential benefits derived by the Fund as a result of its relationship with the Investment Adviser;

(k)

portfolio manager ownership of Fund shares; the manner in which portfolio manager compensation is determined; and the number and types of accounts managed by the portfolio managers;

(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

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

(m)

the Investment Adviser’s processes and policies addressing various types of potential conflicts of interest; its approach to risk management; the annual review of the effectiveness of the Fund’s compliance program; and periodic compliance reports.

The presentations made at the Board and Committee meetings and at the Annual Meeting encompassed the Funds and other registered funds for which the Board of Trustees has responsibility. In evaluating the Management Agreement at the Annual Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Investment Adviser and its affiliates, their services, and the Funds. In conjunction with these meetings, the Trustees received written materials and oral presentations on the topics covered, and the Investment Adviser addressed the questions and concerns of the Trustees, including concerns regarding the investment performance of certain of the funds they oversee. The Independent Trustees were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval and continuation of registered fund investment management agreements under applicable law. In addition, the Investment Adviser and its affiliates provided the Independent Trustees with a written response to a formal request for information sent on behalf of the Independent Trustees by their independent legal counsel. During the course of their deliberations, the Independent Trustees met in executive sessions with their independent legal counsel, without representatives of the Investment Adviser or its affiliates present.

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

As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Funds by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services andnon-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees noted the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted the Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the regulatory and control environment in which the Funds and their service providers operate, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. The Trustees considered that under the Management Agreement, the Funds pay a single fee to the Investment Adviser, and the Investment Adviser pays all of the Funds’ ordinary operating expenses, excluding payments under each Fund’s12b-1 plan (if any), interest expenses, taxes, acquired fund fees and expenses, brokerage fees, costs of holding shareholder meetings, litigation, indemnification and extraordinary expenses. The Trustees also considered information about each Fund’s structure, investment objective, strategies and other characteristics. In particular, they noted that the Funds are passively-managed ETFs that seek to track indices developed and maintained by a third-party service provider. The Trustees noted the experience and capabilities of the key personnel of the Investment Adviser who provide services to the Funds. In particular, the Trustees considered the Investment Adviser’s extensive experience in managing fixed income investment strategies and portfolios that invest in short term U.S. Treasury securities. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Funds and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Funds and the Investment Adviser and its affiliates.

Investment Performance

The Trustees also considered the investment performance of the Funds. In this regard, they compared the total return of each Fund to the performance of its respective index, a comparable market capitalization-weighted reference index, and a separate account composite with a comparable investment strategy. The information regarding the Goldman Sachs Access Treasury0-1 Year ETF’s investment performance was provided for theone-year period ended December 31, 2017 and for theyear-to-date periods ended January 31, 2018 and June 30, 2018. The information regarding the Goldman Sachs Access High Yield Corporate Bond ETF’s and Goldman Sachs Access Investment Grade Corporate Bond ETF’s investment performance was provided for theone-year andyear-to-date periods ended January 31, 2018 and June 30, 2018 to the extent that a Fund had not been in existence for that entire period. The Trustees observed that each Fund’s investment performance was consistent with the investment objective of tracking its respective index.

In addition, the Trustees considered materials prepared and presentations made by the Investment Adviser’s senior management and portfolio management personnel in which Fund performance was assessed. The Trustees also considered the Investment Adviser’s periodic reports with respect to the Funds’ risk profiles, and how the Investment Adviser’s approach to risk monitoring and management influences portfolio management.

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

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. In addition, the Trustees considered the Investment Adviser’s undertaking to implement a fee waiver for the Goldman Sachs Access Treasury0-1 Year ETF. The Trustees noted that license fees would be payable by the Investment Adviser to FTSE Fixed Income LLC for the use of its indices. The Trustees also considered information previously provided at the March13-14, 2018 meeting regarding fees and expenses of comparable ETFs advised by other, unaffiliated investment management firms. The comparisons of the Funds’ fee rates and expense ratios were prepared by the Investment Adviser and a third-party provider of mutual fund and ETF data. 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 andpre-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.

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 (or expected to be derived) by the Investment Adviser and its affiliates from their relationships with the Funds, including: (a) the Investment Adviser’s ability to leverage the infrastructure designed to service the Funds on behalf of its other clients; (b) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (c) the Investment Adviser’s ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Funds; and (d) the possibility that the working relationship between the Investment Adviser and the Funds’ third party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs.

Other Benefits to the Funds and Their Shareholders

The Trustees also noted that the Funds receive 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 September 30, 2019.

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Statement Regarding Basis for Initial Approval of Management Agreement for Goldman Sachs Access Inflation Protected USD Bond ETF (Unaudited)

Background

The Goldman Sachs Access Inflation Protected USD Bond ETF (the “Fund”) is a newly-organized investment portfolio of Goldman Sachs ETF Trust (the “Trust”) that commenced investment operations on October 2, 2018. At a meeting held onJune 5-6, 2018 (the “Meeting”) in connection with the Fund’s organization, the Board of Trustees, including all of the Trustees present who are not parties to the Fund’s investment management agreement (the “Management Agreement”) or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”) approved the Management Agreement with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”).

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

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

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

As part of their review, the Trustees considered the nature, extent, and quality of the services to be provided to the Fund by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services andnon-advisory services that would be provided by the Investment Adviser and its affiliates.The Trustees considered that under the Management Agreement, the Fund pays a single fee to the Investment Adviser, and the Investment Adviser pays all of the Fund’s ordinary operating expenses, excluding payments under the Fund’s12b-1 plan (if any), interest expenses, taxes, acquired fund fees and expenses, brokerage fees, costs of holding shareholder meetings, litigation, indemnification and extraordinary expenses. The Trustees also considered information about the Fund’s structure, investment objective, strategies and other characteristics. In particular, they noted that the Fund would operate as a passively-managed ETF that would seek to track an index developed and maintained by a third-party service provider using concepts developed with the Investment Adviser. The Trustees noted the experience and capabilities of the key personnel of the Investment Adviser who would be providing services to the Fund. In particular, the Trustees considered the Investment Adviser’s extensive experience in managing fixed income investment strategies. The Trustees concluded although the Fund was new (and therefore had no performance data to evaluate), the Investment Adviser would be able to commit substantial financial and operational resources to the Fund.

Unitary Fee Structure and Profitability

The Trustees considered the contractual fee rate payable by the Fund, noting that the Management Agreement provides for a unitary fee structure, pursuant to which the Fund pays a single fee to the Investment Adviser and the Investment Adviser then pays all of the Fund’s ordinary operating expenses. In addition, the Trustees considered information on the services 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 noted that license fees would be payable by the Investment Adviser to London Stock Exchange Group plc for the use of its index and certain trademarks. The Trustees also considered information provided regarding fees and expenses of comparable ETFs advised by other, unaffiliated investment management firms. The comparisons of the Fund’s fee rate and projected expense ratio were prepared by the Investment Adviser and a third-party provider of mutual fund and ETF data. In particular, the Trustees referred to an analysis comparing the Fund’s management fee and projected net expense ratio to those of relevant peer funds. The Trustees concluded that the comparisons were useful in evaluating the reasonableness of the management fee and total expenses to be paid by the Fund. The Trustees concluded that the Investment Adviser’s management of the Fund likely would benefit the Fund and its shareholders.

In addition, the Trustees recognized that there was not yet profitability data to evaluate for the Fund, but considered the Investment Adviser’s representations that (i) such data would be provided after the Fund commenced operations, and (ii) the Fund was not expected to be profitable to the Investment Adviser and its affiliates initially.

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Statement Regarding Basis for Initial Approval of Management Agreement for Goldman Sachs Access Inflation Protected USD Bond ETF (Unaudited) (continued)

Economies of Scale

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

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 more likely to do business with other areas of Goldman Sachs & Co. LLC (“Goldman Sachs”).

Other Benefits to the Fund and Its Shareholders

The Trustees also noted that the Fund is expected to receive certain potential benefits as a result of its relationship with the Investment Adviser, including: (a) 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 unitary fee to be paid by the Fund was reasonable in light of the services to be provided to it by the Investment Adviser, the Investment Adviser’s costs, and the Fund’s reasonably foreseeable asset levels. The Trustees unanimously concluded that the engagement of the Investment Adviser likely would benefit the Fund and its shareholders and that the Management Agreement should be approved until June 6, 2020.

FUNDS PROFILE

Goldman Sachs ETFs

LOGO

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

Today, theInvestment Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $1.34 trillion in assets under supervision as of December 31, 2018, Goldman Sachs Asset Management (“GSAM”) has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. GSAM leverages the resources of Goldman Sachs & Co. LLC. subject to legal, internal and regulatory restrictions.

GOLDMAN SACHS EXCHANGE-TRADED FUNDS

Goldman Sachs ActiveBeta^® Emerging Markets Equity ETF

Goldman Sachs ActiveBeta^® Europe Equity ETF

Goldman Sachs ActiveBeta^® International Equity ETF

Goldman Sachs ActiveBeta^® Japan Equity ETF

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

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

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

Goldman Sachs Hedge Industry VIP ETF

Goldman Sachs JUST U.S. Large Cap Equity ETF

Goldman Sachs Access High Yield Corporate Bond ETF

Goldman Sachs Access Inflation Protected USD Bond ETF

Goldman Sachs Access Investment Grade Corporate Bond ETF

Goldman Sachs Access Treasury0-1 Year ETF

Goldman Sachs Motif Data-Driven World ETF

Goldman Sachs Motif Finance Reimagined ETF

Goldman Sachs Motif Human Evolution ETF

Goldman Sachs Motif Manufacturing Revolution ETF

Goldman Sachs Motif New Age Consumer ETF

Effective August 7, 2018, the Goldman Sachs TreasuryAccess 0-1 Year ETF was renamed Goldman Sachs Access Treasury 0-1 Year ETF.

INDEX DISCLAIMERS

Goldman Sachs Access High Yield Corporate Bond ETF

The Goldman Sachs Access High Yield Corporate Bond ETF (the “Fund”) has been developed solely by GSAM. The Fund is not in any way connected to or sponsored, endorsed, sold or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). FTSE Russell is a trading name of certain of the LSE Group companies.

All rights in the FTSE Goldman Sachs High Yield Corporate Bond Index (the “Index”) vest in the relevant LSE Group company which owns the Index. FTSE^® is a trademark of the relevant LSE Group company and is used by any other LSE Group company under license.

The Index is calculated by or on behalf of FTSE Fixed Income, LLC or its affiliate, agent or partner. The LSE Group does not accept any liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the Index or (b) investment in or operation of the Fund. The LSE Group makes no claim, prediction, warranty or representation either as to the results to be obtained from the Fund or the suitability of the Index for the purpose to which it is being put by GSAM.

Goldman Sachs Access Inflation Protected USD Bond ETF

The Goldman Sachs Access Inflation Protected USD Bond ETF (the “Fund”) has been developed solely by GSAM. The Fund is not in any way connected to or sponsored, endorsed, sold or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). FTSE Russell is a trading name of certain of the LSE Group companies.

All rights in the FTSE Goldman Sachs Treasury Inflation Protected USD Bond Index (the “Index”) vest in the relevant LSE Group company which owns the Index. FTSE^® is a trademark of the relevant LSE Group company and is used by any other LSE Group company under license.

Goldman Sachs Access Investment Grade Corporate Bond ETF

The Goldman Sachs Access Investment Grade Corporate Bond ETF (the “Fund”) has been developed solely by GSAM. The Fund is not in any way connected to or sponsored, endorsed, sold or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). FTSE Russell is a trading name of certain of the LSE Group companies.

All rights in the FTSE Goldman Sachs Investment Grade Corporate Bond Index (the “Index”) vest in the relevant LSE Group company which owns the Index. FTSE^® is a trademark of the relevant LSE Group company and is used by any other LSE Group company under license.

The Index is calculated by or on behalf of FTSE Fixed Income LLC, or its affiliate, agent or partner. The LSE Group does not accept any liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the Index or (b) investment in or operation of the Fund. The LSE Group makes no claim, prediction, warranty or representation either as to the results to be obtained from the Fund or the suitability of the Index for the purpose to which it is being put by GSAM.

Goldman Sachs Access Treasury 0-1 Year ETF

The Goldman Sachs Access Treasury 0-1 Year ETF (the “Fund”) has been developed solely by GSAM. The Fund is not in any way connected to or sponsored, endorsed, sold or promoted by the London Stock

Exchange Group plc and its group undertakings (collectively, the “LSE Group”). FTSE Russell is a trading name of certain of the LSE Group companies.

All rights in the FTSE US Treasury 0-1 Year Composite Select Index (the “Index”) vest in the relevant LSE Group company which owns the Index. FTSE^® is a trademark of the relevant LSE Group company and is used by any other LSE Group company under license.

The 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 andPrincipalFinancial Officer Joseph F. DiMaria,Assistant Treasurer and PrincipalAccounting 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 atwww.GSAMFUNDS.com/ETFs to obtain the most recentmonth-end returns.

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

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

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information regarding how the Funds voted proxies relating to portfolio securities for the most recent12-month period ended June 30, are available (i) without charge, upon request by calling1-800-621-2550; and (ii) on the Securities and Exchange Commission (“SEC’’) web site at http://www.sec.gov.

The Funds will file portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be made available on the SEC’s web site at http://www.sec.gov. Portfolio holdings information may be obtained upon request and without charge by calling1-800-621-2550.

Fund holdings and allocations shown are as of February 28, 2019 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.

ETF Fund shares are not individually redeemable and are issued and redeemed by the Funds at their net asset value (“NAV”) only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Brokerage commissions will reduce returns.

A Fund may be recently or newly organized and have limited operating history.

Economic and market forecasts presented herein reflect our judgment as of the date of this presentation and are subject to change without notice. These forecasts do not take into account the specific investment objectives, restrictions, tax and financial situation or other needs of any specific client. Actual data will vary and may not be reflected here. These forecasts are subject to high levels of uncertainty that may affect actual performance. Accordingly, these forecasts should be viewed as merely representative of a broad range of possible outcomes. These forecasts are estimated, based on assumptions, and are subject to significant revision and may change materially as economic and market conditions change. Goldman Sachs has no obligation to provide updates or changes to these forecasts. Case studies and examples are for illustrative purposes only.

ETF Fund shares are not individually redeemable and are issued and redeemed by the Fund at their net asset value (“NAV”) only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Brokerage commissions will reduce returns. Ordinary brokerage commissions apply.

This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current Prospectus or summary prospectus, if applicable. Investors should consider the Funds’ objectives, risks, and charges and expenses, and read the summary prospectuses, if available, and/or the Prospectus carefully before investing or sending money. The summary prospectuses, if available, and the Prospectus contain this and other information about the Funds and may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC by calling1-800-621-2550.

ActiveBeta^® is a registered trademark of GSAM.

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

Goldman Sachs Funds

LOGO



Semi-Annual Report				February 28, 2019

				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.

LOGO

Goldman Sachs ActiveBeta^® ETFs


TABLE OF CONTENTS

Investment Process			1

Portfolio Management Discussion and Performance Summaries			3

Schedules of Investments			31

Financial Statements			80

Financial Highlights

ActiveBeta^® Emerging Markets Equity ETF			87

ActiveBeta^® Europe Equity ETF			88

ActiveBeta^® International Equity ETF			89

ActiveBeta^® Japan Equity ETF			90

ActiveBeta^® U.S. Large Cap Equity ETF			91

ActiveBeta^® U.S. Small Cap Equity ETF			92

Notes to Financial Statements			93

Other Information			104



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

INVESTMENT PROCESS

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

* * *

At the end of the Reporting Period, i.e. the six months ended February 28, 2019, 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.

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 six-month period ended February 28, 2019 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund returned 0.20% based on net asset value (“NAV”) and 0.58% based on market price. The Index returned 0.09%, 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 0.33% during the same period.

The Fund had an NAV of $32.98 per share on August 31, 2018 and ended the Reporting Period with an NAV of $32.62 per share. The Fund’s market price on February 28, 2019 was $32.63 per share.

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

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 Index to that of the MSCI Emerging Markets Index.Given the Fund’sinvestment 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.

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

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

Index constituents in the consumer staples, industrials and energy sectors detracted most from the Index’s results relative to the MSCI Emerging Markets Index during the Reporting Period. Index constituents in the utilities, consumer discretionary and materials sectors contributed most positively to the Index’s results relative to the MSCI Emerging Markets Index during the Reporting Period.

From a country perspective, Index constituents in China, South Korea and Turkey detracted the most from the Index’s results relative to the MSCI Emerging Markets Index during the Reporting Period. Conversely, Index constituents in

PORTFOLIO RESULTS

Brazil, Taiwan and South Africa contributed most positively to the Index’s results relative to the MSCI Emerging Markets Index during the Reporting Period.

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

Relative to the MSCI Emerging Markets Index, an overweight position in South Korean consumer staples firm Amorepacific and underweight positions in Brazilian energy company Petroleo Brasileiro and Brazilian financials company Brasil Bolsa Balcao detracted most (0.18%, 0.40% and 0.18% of Fund net assets as of February 28, 2019, respectively). Amorepacific posted a decline within the Index during the Reporting Period, while Petroleo Brasileiro and Brasil Bolsa Balcao each generated a gain within the Index during the Reporting Period.

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

Relative to the MSCI Emerging Markets Index, overweight positions in Brazilian consumer discretionary company Lojas Renner and Brazilian financials firm IRB Brasil Resseguros and an underweight position in Taiwanese information technology company Hon Hai Precision Industry contributed most positively (0.42%, 0.29% and 0.27% of Fund net assets as of February 28, 2019, respectively). Lojas Renner and IRB Brasil Resseguros each posted a gain within the Index during the Reporting Period, while Hon Hai Precision Industry generated a decline within the Index during the Reporting Period.

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

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.

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 Emerging Markets Index

Financials		24.2	%		24.3	%		24.6	%
Information Technology		13.5			13.7			14.6
Consumer Discretionary		13.1			13.2			13.2
Communication Services		12.3			12.7			12.0
Consumer Staples		11.6			12.0			6.4
Energy		7.4			7.1			8.1
Materials		5.6			5.9			7.4
Industrials		3.8			3.4			5.4
Utilities		3.7			3.6			2.6
Health Care		2.2			2.6			2.7
Real Estate		1.4			1.5			3.0

Country and sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by MSCI. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Underlying sector allocation of exchange-traded funds held by the Fund are not reflected in the chart above. Investments in the securities lending vehicle represented 1.7% of the Fund’s net assets as of February 28, 2019. Figures above may not sum to 100% due to rounding.

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.

PORTFOLIO RESULTS

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 Emerging Markets Index
China		29.0	%		28.9	%		32.1	%
Korea		16.1			16.3			13.7
Taiwan		11.3			11.2			11.2
Brazil		9.1			9.2			7.6
India		8.7			8.8			8.5
South Africa		6.4			6.3			6.1
Russia		4.0			3.8			3.8
Mexico		2.7			2.7			2.7
Thailand		2.2			2.1			2.4
Indonesia		1.9			1.9			2.2
Poland		1.5			1.4			1.2
Chile		1.2			1.2			1.1
Qatar		1.0			1.0			1.0
Malaysia		0.8			2.1			2.3
United Arab Emirates		0.5			0.5			0.7
Turkey		0.5			0.5			0.7
Colombia		0.4			0.4			0.5
Egypt		0.4			0.4			0.1
Hungary		0.3			0.3			0.3
Peru		0.3			0.3			0.4
Philippines		0.3			0.3			1.1
Greece		0.2			0.2			0.2
Czech		0.2			0.2			0.2
Pakistan³		0.0			0.0			0.0

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.

Some weights are 0.00% at February 28, 2019 either because those positions were taken out during the most recent rebalance given the Fund’s index construction methodology or because they were not components of the Index during the Reporting Period.

FUND BASICS

ActiveBeta^® Emerging Markets Equity ETF

as of February 28, 2019

LOGO


FUND SNAPSHOT

As of February 28, 2019

Market Price¹	$	32.63
Net Asset Value (NAV)¹	$	32.62

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/ETFs.


PERFORMANCE REVIEW

September 1, 2018– February 28, 2019	Fund Total Return (based on NAV)²			Fund Total Return (based on Market Price)²			GS ActiveBeta^® EME Index³			MSCI EM Index⁴
Shares		0.20	%		0.58	%		0.09	%		0.33	%

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

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/ETFs to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale or redemption of Fund shares.

FUND BASICS


STANDARDIZED TOTAL RETURNS⁵

For the period ended 12/31/18	One Year			Since Inception			Inception Date

Shares (based on NAV)		-13.48	%		7.98	%		9/25/15
Shares (based on Market Price)		-14.20			7.84			9/25/15

⁵

The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment returns and principal value will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale or redemption of Fund shares.


EXPENSE RATIOS⁶

	Net Expense Ratio (Current)			Gross Expense Ratio (Before expense limitation)
Shares		0.45	%		0.51	%

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 2/28/19⁷

Holding	% of Net Assets			Line of Business	Country

Tencent Holdings Ltd.		4.0	%	Communication Services	China

Alibaba Group Holding Ltd. ADR		3.6		Consumer Discretionary	China

Samsung Electronics Co. Ltd.		3.6		Information Technology	South Korea

Taiwan Semiconductor Manufacturing Co. Ltd.		3.3		Information Technology	Taiwan

China Construction Bank Corp., Class H		1.4		Financials	China

China Mobile Ltd.		1.2		Communication Services	China

Naspers Ltd., Class N		1.1		Consumer Discretionary	South Africa

Ping An Insurance Group Co. of China Ltd., Class H		1.1		Financials	China

Industrial & Commercial Bank of China Ltd., Class H		1.0		Financials	China
LUKOIL PJSC		0.9		Energy	Russia

⁷

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

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 six-month period ended February 28, 2019 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund returned -4.35% based on net asset value (“NAV”) and -4.34% based on market price. The Index returned -4.34%, 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 -3.50% during the same period.

The Fund had an NAV of $30.82 per share on August 31, 2018 and ended the Reporting Period with an NAV of $29.20 per share. The Fund’s market price on February 28, 2019 was $29.12 per share.

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

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 Index to that of the MSCI Europe Index.Given the Fund’s investment objective of attempting to track the Index, the Fund does not follow traditionalmethods 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.

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

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

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

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

PORTFOLIO RESULTS

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

Relative to the MSCI Europe Index, overweight positions in U.K. postal and delivery services provider Royal Mail, France-based video game producer and distributor Ubisoft Entertainment and U.K. investment management services provider Hargreaves Lansdown detracted most (0.46%, 0.38% and 0.65% of Fund net assets as of February 28, 2019, respectively). Each of these holdings posted a decline within the Index during the Reporting Period.

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

Relative to the MSCI Europe Index, overweight positions in France-based supermarket and convenience store operator Casino Guichard Perrachon and U.K.-based global mining company Anglo American and an underweight position in U.K.-based tobacco company British American Tobacco contributed most positively (0.40%, 0.45% and 0.58% of Fund net assets as of February 28, 2019, respectively). Casino Guichard Perrachon and Anglo American each posted a gain within the Index during the Reporting Period, while British American Tobacco generated a decline within the Index during the Reporting Period.

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

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



Sector Name	Fund²			GS ActiveBeta^® Index			MSCI Europe Index

Financials		16.3	%		16.2	%		19.0	%
Consumer Staples		14.6			14.9			14.0
Industrials		13.7			13.9			13.1
Health Care		13.4			13.5			12.9
Consumer Discretionary		12.1			12.4			9.4
Energy		6.8			6.6			8.2
Materials		6.8			7.1			7.7
Information Technology		5.3			5.5			5.3
Communication Services		4.8			4.8			4.8
Utilities		4.3			3.7			4.1
Real Estate		1.6			1.6			1.5

Country and sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by MSCI. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Investments in the securities lending vehicle represented 0.4% of the Fund’s net assets as of February 28, 2019. Figures above may not sum to 100% due to rounding.

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.

PORTFOLIO RESULTS

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 Europe Index

UK		25.9	%		25.6	%		27.1	%
France		19.5			20.0			17.9
Germany		13.7			13.7			13.9
Switzerland		13.1			13.1			14.0
Netherlands		5.8			5.9			5.6
Spain		4.7			4.4			4.9
Italy		4.7			4.4			3.7
Sweden		3.6			3.7			4.3
Denmark		2.9			3.0			2.8
Finland		1.5			1.5			1.7
Norway		1.4			1.5			1.2
Belgium		1.3			1.6			1.6
Portugal		0.7			0.8			0.3
Austria		0.5			0.5			0.4
Ireland		0.4			0.4			0.9

Country and sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by MSCI. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Investments in the securities lending vehicle represented 0.4% of the Fund’s net assets as of February 28, 2019. Figures above may not sum to 100% due to rounding.

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.

FUND BASICS

ActiveBeta^® Europe Equity ETF

as of February 28, 2019

LOGO


FUND SNAPSHOT

As of February 28, 2019

Market Price¹	$	29.12
Net Asset Value (NAV)¹	$	29.20

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/ETFs.


PERFORMANCE REVIEW

September 1, 2018– February 28, 2019	Fund Total Return (based on NAV)²			Fund Total Return (based on Market Price)²			GS ActiveBeta^® Europe Index³			MSCI Europe Index⁴
Shares		-4.35	%		-4.34	%		-4.34	%		-3.50	%

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.

Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale or redemption of Fund shares.

FUND BASICS


STANDARDIZED TOTAL RETURNS⁵

For the period ended 12/31/18	One Year			Since Inception			Inception Date
Shares (based on NAV)		-13.95	%		4.93	%		3/2/16
Shares (based on Market Price)		-14.23			4.88			3/2/16

⁵

The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment returns and principal value will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale or redemption of Fund shares.

⁶


TOP TEN HOLDINGS AS OF 2/28/19⁷

Holding	% of Net Assets			Line of Business	Country

Nestle SA		2.7	%	Consumer Staples	Switzerland
Roche Holding AG		2.1		Health Care	Switzerland
Novartis AG		1.9		Health Care	Switzerland

HSBC Holdings PLC		1.3		Financials	United Kingdom
Royal Dutch Shell PLC, Class A		1.2		Energy	Netherlands
TOTAL SA		1.2		Energy	France
BP PLC		1.2		Energy	United Kingdom

GlaxoSmithKline PLC		1.0		Health Care	United Kingdom
SAP SE		1.0		Information Technology	Germany
Royal Dutch Shell PLC, Class B		1.0		Energy	Netherlands

⁷

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

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 six-month period ended February 28, 2019 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund returned -4.23% based on net asset value (“NAV”) and -4.28% based on market price. The Index returned -4.19%, and the MSCI World ex U.S. Index (net, unhedged, USD) (“MSCI World ex U.S. Index”), a market-cap based index against which the performance of the Fund is measured, and the reference index for the Index, returned -3.41% during the same period.

The Fund had an NAV of $29.42 per share on August 31, 2018 and ended the Reporting Period with an NAV of $27.89 per share. The Fund’s market price on February 28, 2019 was $27.90 per share.

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

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 Index 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.

During the Reporting Period, the Fund posted negative absolute returns that underperformed the MSCI World ex USA Index, as measured by NAV. Amongst underlying factors, Quality and Momentum detracted from relative results, while Low Volatility and Value contributed positively during the Reporting Period. 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. Value refers to how attractively a stock is priced relative to its fundamentals, such as book value and free cash flow.

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

Index constituents in the consumer discretionary, materials and health care detracted the most from the Index’s results relative to the MSCI World ex USA Index during the Reporting Period. Index constituents in the consumer staples, financials and information technology sectors contributed most positively to the Index’s results relative to the MSCI World ex USA Index during the Reporting Period.

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

PORTFOLIO RESULTS

Belgium and Sweden contributed most positively to the Index’s results relative to the MSCI World ex USA Index during the Reporting Period.

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

Relative to the MSCI World ex USA Index, overweight positions in Japanese online fashion shopping sites operator ZOZO, U.K. postal and delivery services provider Royal Mail and French digital services provider Atos detracted most (0.18%, 0.21% and 0.44% of Fund net assets as of February 28, 2019, respectively). Each of these holdings posted a decline within the Index during the Reporting Period.

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

Relative to the MSCI World ex USA Index, overweight positions in France-based supermarket and convenience store operator Casino Guichard Perrachon, U.K.-based global mining company Anglo American and Canada-based food distribution company Empire contributed most positively (0.24%, 0.33% and 0.40% of Fund net assets as of February 28, 2019, respectively). Each of these holdings generated a gain within the Index during the Reporting Period.

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

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		18.4	%		18.3	%		21.4	%
Consumer Staples		14.6			14.7			10.7
Industrials		13.1			13.3			13.9
Consumer Discretionary		12.6			13.1			10.5
Health Care		11.2			11.5			10.3
Information Technology		6.8			7.2			6.0
Materials		6.0			6.2			7.7
Energy		5.0			4.8			7.2
Communication Services		4.7			4.5			5.2
Utilities		4.0			3.5			3.6
Real Estate		3.2			3.0			3.5

Country and sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by MSCI. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Investments in the securities lending vehicle represented 1.9% of the Fund’s net assets as of February 28, 2019. Figures above may not sum to 100% due to rounding.

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.

PORTFOLIO RESULTS

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		21.0	%		22.1	%		21.9	%
UK		14.3			14.1			15.5
France		11.7			11.8			10.2
Canada		9.1			9.0			9.3
Germany		7.7			7.6			7.9
Switzerland		7.5			7.5			8.0
Australia		6.1			6.0			6.3
Hong Kong		3.5			3.4			3.7
Netherlands		3.4			3.3			3.2
Italy		2.9			2.7			2.1
Spain		2.8			2.6			2.8
Sweden		2.2			2.2			2.4
Denmark		1.9			1.9			1.6
Singapore		1.5			1.5			1.2
Israel		1.0			0.9			0.5
Finland		0.8			0.9			1.0
Norway		0.7			0.8			0.7
Belgium		0.7			0.7			0.9
Portugal		0.4			0.4			0.1
Austria		0.3			0.3			0.2
New Zealand		0.3			0.3			0.2
Ireland		0.2			0.2			0.5

Country and sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by MSCI. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Investments in the securities lending vehicle represented 1.9% of the Fund’s net assets as of February 28, 2019. Figures above may not sum to 100% due to rounding.

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.

FUND BASICS

ActiveBeta^® International Equity ETF

as of February 28, 2019

LOGO


FUND SNAPSHOT

As of February 28, 2019

Market Price¹	$	27.90
Net Asset Value (NAV)¹	$	27.89

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/ETFs.


PERFORMANCE REVIEW

September 1, 2018– February 28, 2019	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		-4.23	%		-4.28	%		-4.19	%		-3.41	%

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/ETFs to obtain the most recent month-end returns. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale or redemption of Fund shares.

FUND BASICS


STANDARDIZED TOTAL RETURNS⁵

For the period ended 12/31/18	One Year			Since Inception			Inception Date

Shares (based on NAV)		-12.90	%		3.11	%	11/6/15
Shares (based on Market Price)		-13.35			3.04		11/6/15

⁵

The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment returns and principal value will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com/ETFs. to obtain the most recent month-end returns. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale or redemption of Fund shares.

⁶


TOP TEN HOLDINGS AS OF 2/28/19⁷

Holding	% of Net Assets			Line of Business	Country

Nestle SA		1.6	%	Consumer Staples	Switzerland
Roche Holding AG		1.1		Health Care	Switzerland
Novartis AG		1.0		Health Care	Switzerland
HSBC Holdings PLC		0.7		Financials	United Kingdom
Royal Bank of Canada		0.6		Financials	Canada
Royal Dutch Shell PLC, Class A		0.6		Energy	Netherlands
LVMH Moet Hennessy Louis Vuitton SE		0.6		Consumer Discretionary	France
TOTAL SA		0.6		Energy	France
BP PLC		0.6		Energy	United Kingdom
Allianz SE		0.5		Financials	Germany

⁷

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

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 six-month period ended February 28, 2019 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund returned -4.89% based on net asset value (“NAV”) and -4.38% based on market price. The Index returned -5.26%, 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 -6.27% during the same period.

The Fund had an NAV of $32.99 per share on August 31, 2018 and ended the Reporting Period with an NAV of $30.66 per share. The Fund’s market price on February 28, 2019 was $30.72 per share.

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

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 Index to that of the MSCI Japan Index.Given the Fund’s investment objective of attempting totrack 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.

During the Reporting Period, the Fund posted negative absolute returns but outperformed the MSCI Japan Index, as measured by NAV. Amongst underlying factors, Value and Low Volatility contributed positively to results relative to the MSCI Japan Index, while Quality 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. 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.

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

Index constituents in the utilities, industrials and health care sectors contributed most positively to the Index’s results relative to the MSCI Japan Index during the Reporting Period. Conversely, Index constituents in energy and real estate were the only two sectors to detract from results relative to the MSCI Japan Index during the Reporting Period.

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

Relative to the MSCI Japan Index, overweight positions in utilities company Tokyo Electric Power, health care company Suzuken and information technology company

PORTFOLIO RESULTS

NEC contributed most positively (1.23%, 0.61% and 0.67% of Fund net assets as of February 28, 2019, respectively). Each of these holdings generated a gain within the Index during the Reporting Period.

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

Relative to the MSCI Japan Index, overweight positions in energy company Idemitsu Kosan and website operator CyberAgent and an underweight position in health care company Takeda Pharmaceutical detracted most (0.02%, 0.18% and 1.09% of Fund net assets as of February 28, 2019, respectively). Idemitsu Kosan and CyberAgent each posted a decline within the Index during the Reporting Period. Takeda Pharmaceutical also posted a negative return within the Index during the Reporting Period but still outperformed the Index for the Reporting Period.

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

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

Industrials		18.8	%		19.1	%		20.9	%
Consumer Discretionary		18.5			18.7			18.4
Consumer Staples		11.4			11.7			8.6
Information Technology		10.6			11.0			10.4
Health Care		10.5			10.2			9.2
Financials		10.3			10.1			11.3
Communication Services		7.7			7.0			8.4
Materials		3.9			4.0			5.6
Real Estate		3.8			3.5			4.1
Utilities		3.7			3.6			2.1
Energy		0.8			1.2			1.0

Sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by MSCI. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Investments in the securities lending vehicle represented 0.9% of the Fund’s net assets as of February 28, 2019. Figures above may not sum to 100% due to rounding.

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.

FUND BASICS

ActiveBeta^® Japan Equity ETF

as of February 28, 2019

LOGO


FUND SNAPSHOT

As of February 28, 2019

Market Price¹	$	30.72
Net Asset Value (NAV)¹	$	30.66

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/ETFs.


PERFORMANCE REVIEW

September 1, 2018– February 28, 2019	Fund Total Return (based on NAV)²			Fund Total Return (based on Market Price)²			GS ActiveBeta^® Japan Index³			MSCI World Japan Index⁴
Shares		-4.89	%		-4.38	%		-5.26	%		-6.27	%

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.

Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale or redemption of Fund shares.

FUND BASICS


STANDARDIZED TOTAL RETURNS⁵

For the period ended 12/31/18	One Year			Since Inception			Inception Date

Shares (based on NAV)		-10.49	%		7.07	%	3/2/16
Shares (based on Market Price)		-11.50			6.76		3/2/16

⁵

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


TOP TEN HOLDINGS AS OF 2/28/19⁷

Holding	% of Net Assets			Line of Business

Toyota Motor Corp.		3.4	%	Consumer Discretionary
Sony Corp.		1.6		Consumer Discretionary
Honda Motor Co. Ltd.		1.6		Consumer Discretionary
SoftBank Group Corp.		1.6		Communication Services
Mitsubishi UFJ Financial Group, Inc.		1.4		Financials
Sumitomo Mitsui Financial Group, Inc.		1.4		Financials
Nippon Telegraph & Telephone Corp.		1.3		Communication Services
Tokyo Electric Power Co. Holdings, Inc.		1.2		Utilities
Keyence Corp.		1.2		Information Technology
Mitsubishi Corp.		1.2		Industrials

⁷

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

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 six-month period ended February 28, 2019 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund returned -3.57% based on net asset value (“NAV”) and -3.58% based on market price. The Index returned -3.55%, 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 -3.04% during the same period.

The Fund had an NAV of $58.75 on August 31, 2018 and ended the Reporting Period with an NAV of $56.10 per share. The Fund’s market price on February 28, 2019 was $56.09 per share.

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

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 Index 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 traditionalmethods of active investment management, which may involve buying and selling securities based upon analysis of economic and market factors. The Fund does not follow a strategy of seeking to outperform the S&P 500 Index.

During the Reporting Period, the Fund posted negative absolute returns that modestly underperformed the S&P 500 Index, as measured by NAV. Amongst underlying factors, Value and Momentum detracted from relative returns, while Low Volatility and Quality contributed positively. Value refers to how attractively a stock is priced relative to its fundamentals, such as book value and free cash flow. 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. Quality refers to sustainable profitability over time.

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

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

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

A	Relative to the S&P 500 Index, overweight positions in department store retailer Macy’s and generic and specialty pharmaceuticals company Mylan and an underweight position in semiconductor company Broadcom detracted most (0.38%, 0.34% and 0.12% of Fund net assets as of

PORTFOLIO RESULTS

February 28, 2019, respectively). Macy’s and Mylan each generated a decline within the Index, and Broadcom posted a gain within the Index during the Reporting Period.

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

Relative to the S&P 500 Index, underweight positions in information technology giant Apple, e-commerce retailing leader Amazon.com and materials, chemicals and agricultural products developer DowDuPont contributed most positively (2.73%, 2.27% and 0.07% of Fund net assets as of February 28, 2019, respectively). Each of these holdings posted a decline within the Index during the Reporting Period.

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.

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



Sector Name	Fund²			GS ActiveBeta^® Index			S&P 500 Index

Financials		18.3	%		11.1	%		13.3	%
Consumer Staples		14.7			8.8			7.1
Industrials		13.3			8.9			9.8
Consumer Discretionary		13.1			12.9			9.9
Health Care		11.5			15.5			14.8
Information Technology		7.2			22.7			20.6
Materials		6.2			1.6			2.7
Energy		4.8			3.1			5.4
Communication Services		4.5			8.1			10.1
Utilities		3.5			4.6			3.3
Real Estate		3.0			2.7			3.0

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

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.

FUND BASICS

ActiveBeta^® U.S. Large Cap Equity ETF

as of February 28, 2019

LOGO


FUND SNAPSHOT

As of February 28, 2019

Market Price¹	$	56.09
Net Asset Value (NAV)¹	$	56.10

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/ETFs.


PERFORMANCE REVIEW

September 1, 2018– February 28, 2019	Fund Total Return (based on NAV)²			Fund Total Return (based on Market Price)²			GS ActiveBeta^® LC Index³			S&P 500 Index⁴
Shares		-3.57	%		-3.58	%		-3.55	%		-3.04	%

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/ETFs. to obtain the most recent month-end returns.Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale or redemption of Fund shares.

FUND BASICS


STANDARDIZED TOTAL RETURNS⁵

For the period ended 12/31/18	One Year			Since Inception			Inception Date

Shares (based on NAV)		-4.00	%		8.48	%	9/17/15
Shares (based on Market Price)		-4.03			8.50		9/17/15

⁵

The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment returns and principal value will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com/ETFs. to obtain the most recent month-end returns.Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale or redemption of Fund shares.

⁶


TOP TEN HOLDINGS AS OF 2/28/19⁷

Holding	% of Net Assets			Line of Business

Microsoft Corp.		3.1	%	Information Technology
Apple, Inc.		2.7		Information Technology
Amazon.com, Inc.		2.3		Consumer Discretionary
Facebook, Inc., Class A		1.3		Communication Services
Johnson & Johnson		1.3		Health Care
JPMorgan Chase & Co.		1.2		Financials
Alphabet, Inc., Class C		1.1		Communication Services
Alphabet, Inc., Class A		1.1		Communication Services
Intel Corp.		1.0		Information Technology
Exxon Mobil Corp.		1.0		Energy

⁷

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

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 for the six-month period ended February 28, 2019 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund returned -8.49% based on net asset value (“NAV”) and -8.51% based on market price. The Index returned -8.60%, 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 -8.86% during the same period.

The Fund had an NAV of $49.49 on August 31, 2018 and ended the Reporting Period with an NAV of $44.98 per share. The Fund’s market price on February 28, 2019 was $45.03 per share.

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

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 Index to that of the Russell 2000^® Index.Given the Fund’s investment objective of attempting to track the Index, the Fund does not follow traditionalmethods ofactive investment management, which mayinvolve 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.

During the Reporting Period, the Fund posted negative absolute returns but outperformed the Russell 2000^® Index, as measured by NAV. Amongst underlying factors, Low Volatility and Quality contributed positively to relative returns, while Momentum and Value detracted. 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.

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

Index constituents in the health care, energy and financials sectors contributed most positively to the Index’s results relative to the Russell 2000^® Index during the Reporting Period. Partially offsetting these positive contributors were Index constituents in the industrials, information technology and consumer discretionary sectors, which detracted from the Index’s results relative to the Russell 2000^® Index during the Reporting Period.

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

A	Relative to the Russell 2000^® Index, overweight positions in technology-based education company K12 and genomics-based clinical diagnostic cancer test developer Genomic Health and an underweight position in oil and gas exploration and production company Oasis Petroleum

PORTFOLIO RESULTS

contributed most positively (0.19%, 0.28% and 0.02% of Fund net assets as of February 28, 2019, respectively). K12 and Genomic Health each posted a gain within the Index during the Reporting Period, while Oasis Petroleum generated a decline within the Index during the Reporting Period.

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

Relative to the Russell 2000^® Index, underweight positions in e-commerce services provider Etsy and gene therapy products developer Spark Therapeutics and an overweight position in power components and power systems manufacturer Vicor detracted most (0.24%, 0.05% and 0.07% of Fund net assets as of August 31, 2018, respectively). Etsy and Spark Therapeutics each posted a gain within the Index during the Reporting Period, while Vicor generated a decline within the Index during the Reporting Period.

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.

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		21.0	%		21.1	%		18.1	%
Industrials		14.7			14.7			14.9
Information Technology		14.7			14.9			15.3
Health Care		13.5			13.4			15.5
Consumer Discretionary		12.3			12.3			12.2
Real Estate		7.2			7.3			7.3
Utilities		3.9			3.9			3.5
Materials		3.8			3.8			3.9
Communication Services		3.3			3.3			3.2
Consumer Staples		2.8			2.8			2.7
Energy		2.6			2.6			3.6

Sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by Russell Investments. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Investments in the securities lending vehicle represented 1.5% of the Fund’s net assets as of February 28, 2019. Figures above may not sum to 100% due to rounding.

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.

FUND BASICS

ActiveBeta^® U.S. Small Cap Equity ETF

as of February 28, 2019

LOGO


FUND SNAPSHOT

As of February 28, 2019

Market Price¹	$	45.03
Net Asset Value (NAV)¹	$	44.98

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/ETFs.


PERFORMANCE REVIEW

September 1, 2018– February 28, 2019	Fund Total Return (based on NAV)²			Fund Total Return (based on Market Price)²			GS ActiveBeta^® SC Index³			Russell 2000^® Index⁴
Shares		-8.49	%		-8.51	%		-8.60	%		-8.86	%

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/ETFs. to obtain the most recent month-end returns. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale or redemption of Fund shares.

FUND BASICS


STANDARDIZED TOTAL RETURNS⁵

For the period ended 12/31/18	One Year			Since Inception			Inception Date
Shares (based on NAV)		-8.70	%		-1.23	%		6/28/17
Shares (based on Market Price)		-9.20			-1.25			6/28/17

⁵The

Standardized Total Returns are average annual total returns or cumulative total returns (only if the performance period is one year or less) as of the most recent calendar quarterend. 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/ETFs. to obtain the most recent month-end returns.Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale or redemption of Fund shares.

⁶


TOP TEN HOLDINGS AS OF 2/28/19⁷

Holding	% of Net Assets			Line of Business

Primerica, Inc.		0.3	%	Financials
MGIC Investment Corp.		0.3		Financials
Horizon Pharma PLC		0.3		Health Care
Amedisys, Inc.		0.3		Health Care
Ingevity Corp.		0.3		Materials
Trex Co., Inc.		0.3		Industrials
Genomic Health, Inc.		0.3		Health Care
Ciena Corp.		0.3		Information Technology
HubSpot, Inc.		0.3		Information Technology
Essent Group Ltd.		0.3		Financials

⁷

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

FUND BASICS

Industry Terms

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

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

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

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

Schedule of Investments

February 28, 2019 (Unaudited)


Shares		Description	Value

Common Stocks – 94.5%
Brazil – 6.0%
	1,572,373	Ambev SA (Consumer Staples)	$	7,224,048
	403,629	Atacadao Distribuicao Comercio e Industria Ltda (Consumer Staples)		2,100,883
	357,888	B3 SA – Brasil Bolsa Balcao (Financials)		3,129,164
	447,598	Banco Bradesco SA (Financials)		4,598,614
	384,822	Banco do Brasil SA (Financials)		5,192,185
	611,741	BB Seguridade Participacoes SA (Financials)		4,453,178
	259,616	Centrais Eletricas Brasileiras SA (Utilities)*		2,559,989
	377,491	Cia de Saneamento Basico do Estado de Sao Paulo (Utilities)		3,960,875
	283,601	Engie Brasil Energia SA (Utilities)		3,112,597
	147,534	Equatorial Energia SA (Utilities)		3,230,976
	370,724	Hypera SA (Health Care)		2,659,150
	215,272	IRB Brasil Resseguros SA (Financials)		5,108,782
	495,413	Klabin SA (Materials)		2,383,108
	219,243	Localiza Rent a Car SA (Industrials)		2,019,824
	632,318	Lojas Renner SA (Consumer Discretionary)		7,297,306
	197,559	M Dias Branco SA (Consumer Staples)		2,474,854
	81,903	Magazine Luiza SA (Consumer Discretionary)		3,788,253
	279,637	Multiplan Empreendimentos Imobiliarios SA (Real Estate)		1,876,798
	280,645	Natura Cosmeticos SA (Consumer Staples)		3,620,453
	875,295	Petroleo Brasileiro SA (Energy)		6,969,218
	275,022	Porto Seguro SA (Financials)		4,109,655
	262,001	Raia Drogasil SA (Consumer Staples)		4,569,692
	379,301	Sul America SA (Financials)		3,074,662
	233,078	Suzano Papel e Celulose SA (Materials)		2,962,069
	885,040	Vale SA (Materials)		11,115,361
	361,764	WEG SA (Industrials)		1,776,866

				105,368,560

Chile – 1.1%
	82,077	Banco de Chile ADR (Financials)		2,615,794
	43,572,260	Banco Santander Chile (Financials)		3,480,058
	268,756	Cia Cervecerias Unidas SA (Consumer Staples)		3,806,684
	546,962	Empresas CMPC SA (Materials)		2,054,788
	201,566	Empresas COPEC SA (Energy)		2,739,568
	164,777	Latam Airlines Group SA (Industrials)		1,917,460
	267,030	SACI Falabella (Consumer Discretionary)		2,079,721

				18,694,073


Common Stocks – (continued)
China – 28.4%
	31,701	58.com, Inc. ADR (Communication Services)*	$	2,311,320
	4,817,700	Agricultural Bank of China Ltd., Class A (Financials)		2,734,386
	9,965,791	Agricultural Bank of China Ltd., Class H (Financials)		4,773,545
	346,740	Alibaba Group Holding Ltd. ADR (Consumer Discretionary)*		63,463,822
	1,750,056	Alibaba Health Information Technology Ltd. (Health Care)*		1,794,689
	821,109	ANTA Sports Products Ltd. (Consumer Discretionary)		4,811,717
	41,229	Autohome, Inc. ADR (Communication Services)*^(a)		3,877,587
	79,118	Baidu, Inc. ADR (Communication Services)*		12,859,840
	2,107,643	Bank of Beijing Co. Ltd., Class A (Financials)		2,021,010
	3,449,469	Bank of China Ltd., Class A (Financials)		1,978,426
	23,385,692	Bank of China Ltd., Class H (Financials)		10,903,671
	3,074,321	Bank of Communications Co. Ltd., Class A (Financials)		2,938,770
	5,553,406	Bank of Communications Co. Ltd., Class H (Financials)		4,662,150
	56,465	Baozun, Inc. ADR (Consumer Discretionary)*^(a)		2,114,614
	519,694	Beijing Enterprises Holdings Ltd. (Utilities)		3,048,728
	10,458,202	CGN Power Co. Ltd., Class H (Utilities)^(b)		2,757,838
	8,633,933	China Cinda Asset Management Co. Ltd., Class H (Financials)		2,507,754
	4,787,528	China CITIC Bank Corp Ltd., Class H (Financials)		3,110,448
	4,621,868	China Communications Services Corp. Ltd., Class H (Communication Services)		4,645,537
	934,030	China Conch Venture Holdings Ltd. (Industrials)		3,117,479
	27,587,686	China Construction Bank Corp., Class H (Financials)		24,530,822
	3,309,610	China Everbright Bank Co. Ltd., Class A (Financials)		2,090,998
	6,632,363	China Everbright Bank Co. Ltd., Class H (Financials)		3,176,856
	3,942,464	China Huishan Dairy Holdings Co. Ltd. (Consumer Staples)*^(c)		—
	1,100,953	China Life Insurance Co. Ltd., Class H (Financials)		3,029,451
	3,012,400	China Longyuan Power Group Corp. Ltd., Class H (Utilities)		2,248,804
	1,664,425	China Mengniu Dairy Co. Ltd. (Consumer Staples)*		5,141,826


The accompanying notes are an integral part of these financial statements.		31

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

Schedule of Investments(continued)

February 28, 2019 (Unaudited)


Shares		Description	Value

Common Stocks – (continued)
China – (continued)
	1,414,141	China Merchants Bank Co. Ltd., Class H (Financials)	$	6,485,398
	2,030,820	China Minsheng Banking Corp. Ltd., Class A (Financials)		1,980,711
	5,173,202	China Minsheng Banking Corp. Ltd., Class H (Financials)		3,993,682
	1,910,750	China Mobile Ltd. (Communication Services)		20,105,984
	734,213	China Overseas Land & Investment Ltd. (Real Estate)		2,703,095
	496,065	China Pacific Insurance Group Co. Ltd., Class H (Financials)		1,867,401
	10,251,506	China Petroleum & Chemical Corp., Class H (Energy)		8,854,393
	3,915,234	China Railway Group Ltd., Class H (Industrials)		3,880,420
	8,403,837	China Reinsurance Group Corp., Class H (Financials)		1,937,749
	924,035	China Resources Beer Holdings Co. Ltd. (Consumer Staples)		3,443,148
	1,631,343	China Resources Cement Holdings Ltd. (Materials)		1,737,373
	1,510,664	China Resources Pharmaceutical Group Ltd. (Health Care)^(b)		2,024,534
	1,311,909	China Resources Power Holdings Co. Ltd. (Utilities)		2,486,841
	12,624,072	China Telecom Corp. Ltd., Class H (Communication Services)		6,834,863
	3,506,007	China Unicom Hong Kong Ltd. (Communication Services)		4,158,186
	1,110,493	China Yangtze Power Co. Ltd., Class A (Utilities)		2,703,584
	3,961,703	Chongqing Rural Commercial Bank Co. Ltd., Class H (Financials)		2,478,020
	2,168,537	CITIC Ltd. (Industrials)		3,298,470
	4,491,212	CNOOC Ltd. (Energy)		7,746,823
	1,700,973	CRRC Corp. Ltd., Class H (Industrials)		1,785,525
	2,469,785	CSPC Pharmaceutical Group Ltd. (Health Care)		4,216,046
	65,292	Ctrip.com International Ltd. ADR (Consumer Discretionary)*		2,228,416
	2,789,004	Dali Foods Group Co. Ltd. (Consumer Staples)^(b)		1,900,835
	1,370,800	Daqin Railway Co. Ltd., Class A (Industrials)		1,828,361
	10,329,706	Datang International Power Generation Co. Ltd., Class H (Utilities)		2,868,705
	2,735,164	Dongfeng Motor Group Co. Ltd., Class H (Consumer Discretionary)		2,909,452
	255,930	ENN Energy Holdings Ltd. (Utilities)		2,640,874
	1,574,849	Geely Automobile Holdings Ltd. (Consumer Discretionary)		2,957,180


Common Stocks – (continued)
China – (continued)
	1,476,644	Guangdong Investment Ltd. (Utilities)	$	2,832,971
	224,449	Hengan International Group Co. Ltd. (Consumer Staples)		1,814,223
	2,151,300	Industrial & Commercial Bank of China Ltd., Class A (Financials)		1,847,589
	22,511,697	Industrial & Commercial Bank of China Ltd., Class H (Financials)		17,321,543
	1,155,721	Industrial Bank Co. Ltd., Class A (Financials)		3,082,981
	173,241	JD.com, Inc. ADR (Consumer Discretionary)*		4,800,508
	254,961	Jiangsu Hengrui Medicine Co. Ltd., Class A (Health Care)		2,738,036
	5,779,752	Kaisa Group Holdings Ltd. (Real Estate)*		2,061,620
	3,911,044	Lenovo Group Ltd. (Information Technology)		3,522,520
	1,353,632	Longfor Group Holdings Ltd. (Real Estate)		4,017,889
	87,291	Momo, Inc. ADR (Communication Services)*		2,895,442
	25,087	NetEase, Inc. ADR (Communication Services)		5,599,920
	48,777	New Oriental Education & Technology Group, Inc. ADR (Consumer Discretionary)*		4,002,641
	1,577,200	PetroChina Co. Ltd., Class A (Energy)		1,844,527
	7,777,321	PetroChina Co. Ltd., Class H (Energy)		5,142,080
	3,112,456	PICC Property & Casualty Co. Ltd., Class H (Financials)		3,727,112
	1,838,879	Ping An Insurance Group Co. of China Ltd., Class H (Financials)		19,361,430
	1,154,687	Shanghai Industrial Holdings Ltd. (Industrials)		2,588,918
	1,720,093	Shanghai Pudong Development Bank Co. Ltd., Class A (Financials)		3,016,175
	4,776,702	Shenzhen Investment Ltd. (Real Estate)		1,782,942
	355,230	Shenzhou International Group Holdings Ltd. (Consumer Discretionary)		4,434,831
	35,840	SINA Corp. (Communication Services)*		2,414,541
	432,662	Sinopharm Group Co. Ltd., Class H (Health Care)		1,923,604
	576,189	Sunac China Holdings Ltd. (Real Estate)		2,411,247
	86,889	TAL Education Group ADR (Consumer Discretionary)*		3,093,248
	1,635,303	Tencent Holdings Ltd. (Communication Services)		69,955,253
	1,869,125	Tingyi Cayman Islands Holding Corp. (Consumer Staples)		2,595,412


32		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)
	317,164	Vipshop Holdings Ltd. ADR (Consumer Discretionary)*	$	2,277,238
	4,253,423	Want Want China Holdings Ltd. (Consumer Staples)		3,429,918
	41,643	Weibo Corp. ADR (Communication Services)*		3,008,707
	179,857	Wuxi Biologics Cayman, Inc. (Health Care)*^(b)		1,706,967
	570,470	Yihai International Holding Ltd. (Consumer Staples)		1,802,295
	197,818	Yum China Holdings, Inc. (Consumer Discretionary)		8,252,967
	30,003	YY, Inc. ADR (Communication Services)*		2,115,211

				496,130,663

Colombia – 0.4%
	4,288,986	Ecopetrol SA (Energy)		4,345,816
	418,288	Interconexion Electrica SA ESP (Utilities)		1,899,086

				6,244,902

Czech Republic – 0.2%
	136,244	CEZ AS (Utilities)		3,306,673

Egypt – 0.3%
	1,404,484	Commercial International Bank Egypt SAE GDR (Financials)		5,596,869
	456,939	Eastern Tobacco (Consumer Staples)		435,292

				6,032,161

Greece – 0.2%
	308,051	Hellenic Telecommunications Organization SA (Communication Services)		3,911,173

Hong Kong – 0.8%
	1,385,500	Haier Electronics Group Co. Ltd. (Consumer Discretionary)*		4,130,131
	4,080,263	Sino Biopharmaceutical Ltd. (Health Care)		3,539,783
	5,869,207	Sun Art Retail Group Ltd. (Consumer Staples)		5,966,556

				13,636,470

Hungary – 0.3%
	224,237	MOL Hungarian Oil & Gas PLC (Energy)		2,619,107
	75,729	OTP Bank PLC (Financials)		3,205,023

				5,824,130

India – 9.2%
	119,677	Asian Paints Ltd. (Materials)		2,364,389
	196,227	Aurobindo Pharma Ltd. (Health Care)		1,964,443


Common Stocks – (continued)
India – (continued)
	119,297	Avenue Supermarts Ltd. (Consumer Staples)*^(b)	$	2,441,751
	320,476	Axis Bank Ltd. (Financials)*		3,197,044
	67,381	Bajaj Auto Ltd. (Consumer Discretionary)		2,747,865
	90,459	Bajaj Finance Ltd. (Financials)		3,369,022
	99,694	Britannia Industries Ltd. (Consumer Staples)		4,284,699
	290,478	Cipla Ltd. (Health Care)		2,264,770
	588,484	Coal India Ltd. (Energy)		1,888,907
	584,555	Dabur India Ltd. (Consumer Staples)		3,600,138
	89,311	Dr. Reddy’s Laboratories Ltd. (Health Care)		3,304,480
	552,082	GAIL India Ltd. (Utilities)		2,654,604
	273,958	Glenmark Pharmaceuticals Ltd. (Health Care)		2,297,740
	254,406	Havells India Ltd. (Industrials)		2,558,680
	497,897	HCL Technologies Ltd. (Information Technology)		7,377,496
	81,916	Hero MotoCorp Ltd. (Consumer Discretionary)		3,026,779
	859,506	Hindalco Industries Ltd. (Materials)		2,365,488
	421,907	Hindustan Unilever Ltd. (Consumer Staples)		10,277,741
	399,598	Housing Development Finance Corp. Ltd. (Financials)		10,344,139
	493,258	ICICI Bank Ltd. (Financials)		2,428,278
	196,721	Indiabulls Housing Finance Ltd. (Financials)		1,812,291
	1,392,677	Infosys Ltd. (Information Technology)		14,377,852
	948,806	ITC Ltd. (Consumer Staples)		3,682,436
	455,855	JSW Steel Ltd. (Materials)		1,801,597
	112,565	Larsen & Toubro Ltd. (Industrials)		2,046,234
	266,833	Mahindra & Mahindra Ltd. (Consumer Discretionary)		2,423,120
	653,663	Marico Ltd. (Consumer Staples)		3,121,904
	42,062	Maruti Suzuki India Ltd. (Consumer Discretionary)		4,038,886
	37,726	Nestle India Ltd. (Consumer Staples)		5,643,419
	1,163,571	NTPC Ltd. (Utilities)		2,310,742
	1,119,054	Oil & Natural Gas Corp. Ltd. (Energy)		2,338,762
	184,827	Pidilite Industries Ltd. (Materials)		2,994,729
	933,601	Power Grid Corp. of India Ltd. (Utilities)		2,400,084
	1,054,830	REC Ltd. (Financials)		2,022,124
	560,425	Reliance Industries Ltd. (Energy)		9,699,811
	382,660	Tata Consultancy Services Ltd. (Information Technology)		10,670,983
	318,909	Tech Mahindra Ltd. (Information Technology)		3,722,146


The accompanying notes are an integral part of these financial statements.		33

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

Schedule of Investments(continued)

February 28, 2019 (Unaudited)


Shares		Description	Value

Common Stocks – (continued)
India – (continued)
	194,308	Titan Co. Ltd. (Consumer Discretionary)	$	2,800,718
	35,588	UltraTech Cement Ltd. (Materials)		1,914,588
	1,146,970	Wipro Ltd. (Information Technology)		5,948,820

				160,529,699

Indonesia – 1.8%
	4,740,471	Astra International Tbk PT (Consumer Discretionary)		2,409,410
	3,479,863	Bank Central Asia Tbk PT (Financials)		6,821,199
	4,349,871	Bank Mandiri Persero Tbk PT (Financials)		2,203,151
	11,758,721	Bank Rakyat Indonesia Persero Tbk PT (Financials)		3,218,132
	3,481,755	Charoen Pokphand Indonesia Tbk PT (Consumer Staples)		1,806,775
	305,492	Gudang Garam Tbk PT (Consumer Staples)		1,854,560
	3,265,672	Indofood CBP Sukses Makmur Tbk PT (Consumer Staples)		2,373,662
	12,568,756	Perusahaan Gas Negara Persero Tbk (Utilities)		2,269,390
	16,148,393	Telekomunikasi Indonesia Persero Tbk PT (Communication Services)		4,430,979
	1,391,575	Unilever Indonesia Tbk PT (Consumer Staples)		4,814,993

				32,202,251

Malaysia – 0.0%
	34,302	British American Tobacco Malaysia Bhd (Consumer Staples)		284,268

Mexico – 2.7%
	1,885,502	Alfa SAB de CV, Class A (Industrials)		2,147,781
	829,477	Alsea SAB de CV (Consumer Discretionary)		2,101,075
	10,208,236	America Movil SAB de CV, Series L (Communication Services)		7,353,068
	460,130	Arca Continental SAB de CV (Consumer Staples)		2,595,127
	1,978,050	Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand, Class B (Financials)		2,717,188
	4,282,638	Cemex SAB de CV, Series CPO (Materials)*		2,102,475
	403,792	Coca-Cola Femsa SAB de CV, Series L (Consumer Staples)		2,443,344
	585,466	Fomento Economico Mexicano SAB de CV (Consumer Staples)		5,313,676
	317,179	Gruma SAB de CV, Class B (Consumer Staples)		3,437,530
	1,991,232	Grupo Bimbo SAB de CV, Series A (Consumer Staples)		3,950,523


Common Stocks – (continued)
Mexico – (continued)
	566,676	Grupo Financiero Banorte SAB de CV, Class O (Financials)	$	3,083,413
	1,705,465	Grupo Financiero Inbursa SAB de CV, Class O (Financials)		2,545,424
	831,022	Mexichem SAB de CV (Materials)		2,014,424
	1,987,767	Wal-Mart de Mexico SAB de CV (Consumer Staples)		5,142,320

				46,947,368

Peru – 0.3%
	24,077	Credicorp Ltd. (Financials)		5,852,878

Philippines – 0.3%
	67,314	Globe Telecom, Inc. (Communication Services)		2,472,866
	494,328	Jollibee Foods Corp. (Consumer Discretionary)		2,941,882

				5,414,748

Poland – 1.4%
	70,921	Bank Pekao SA (Financials)		2,126,598
	64,510	CD Projekt SA (Communication Services)*		3,245,561
	75,054	Dino Polska SA (Consumer Staples)*^(b)		2,125,388
	144,013	Grupa Lotos SA (Energy)		3,627,671
	1,632	LPP SA (Consumer Discretionary)^(a)		3,522,286
	117,801	Polski Koncern Naftowy ORLEN SA (Energy)		3,176,901
	1,441,466	Polskie Gornictwo Naftowe i Gazownictwo SA (Energy)		2,639,922
	244,221	Powszechna Kasa Oszczednosci Bank Polski SA (Financials)		2,458,692
	216,858	Powszechny Zaklad Ubezpieczen SA (Financials)		2,341,619

				25,264,638

Qatar – 1.0%
	711,085	Ezdan Holding Group QSC (Real Estate)*		2,538,892
	68,200	Industries Qatar QSC (Industrials)		2,491,239
	214,198	Masraf Al Rayan QSC (Financials)		2,170,806
	116,302	Ooredoo QPSC (Communication Services)		2,139,816
	67,964	Qatar Islamic Bank (Financials)		2,710,347
	103,093	Qatar National Bank QPSC (Financials)		5,328,784

				17,379,884

Russia – 3.8%
	1,629,513	Alrosa PJSC (Materials)		2,351,677
	1,479,328	Gazprom PJSC ADR (Energy)		7,017,932
	53,639,422	Inter RAO UES PJSC (Utilities)		3,186,802
	194,991	LUKOIL PJSC (Energy)		16,277,793
	15,721	MMC Norilsk Nickel PJSC (Materials)		3,367,205


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

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF


Shares		Description	Value

Common Stocks – (continued)
Russia – (continued)
	19,490	Novatek PJSC GDR (Energy)	$	3,377,617
	335,538	Rosneft Oil Co. PJSC (Energy)		2,030,655
	839,233	Sberbank of Russia PJSC ADR (Financials)		10,708,613
	227,039	Severstal PJSC GDR (Materials)		3,507,753
	485,282	Surgutneftegas PJSC ADR (Energy)		2,974,779
	510,368	Surgutneftegas PJSC ADR (Energy)		1,966,958
	105,049	Tatneft PJSC ADR (Energy)		7,416,459
	104,878	X5 Retail Group NV GDR (Consumer Staples)		2,653,148

				66,837,391

Singapore – 0.2%
	306,719	BOC Aviation Ltd. (Industrials)^(b)		2,653,089

South Africa – 6.2%
	197,512	Absa Group Ltd. (Financials)^(a)		2,537,032
	70,838	Anglo American Platinum Ltd. (Materials)^(a)		3,862,384
	262,066	AngloGold Ashanti Ltd. (Materials)		3,765,288
	178,815	Aspen Pharmacare Holdings Ltd. (Health Care)		1,773,397
	149,904	Bid Corp. Ltd. (Consumer Staples)		3,141,694
	195,508	Bidvest Group Ltd. (The) (Industrials)		2,893,268
	33,263	Capitec Bank Holdings Ltd. (Financials)		3,090,218
	156,044	Clicks Group Ltd. (Consumer Staples)		2,005,043
	1,016,874	FirstRand Ltd. (Financials)^(a)		4,650,427
	1,962,693	Fortress REIT Ltd., Class A REIT (Real Estate)		2,641,120
	1,343,958	Growthpoint Properties Ltd. REIT (Real Estate)^(a)		2,334,243
	349,366	Hyprop Investments Ltd. REIT (Real Estate)		1,925,489
	458,391	Investec Ltd. (Financials)		2,985,084
	68,045	Kumba Iron Ore Ltd. (Materials)^(a)		1,806,774
	240,185	Liberty Holdings Ltd. (Financials)^(a)		1,759,535
	236,421	Mr Price Group Ltd. (Consumer Discretionary)		3,630,223
	88,889	MultiChoice Group Ltd. (Communication Services)*		664,139
	90,428	Naspers Ltd., Class N (Consumer Discretionary)		19,586,666
	190,926	Nedbank Group Ltd. (Financials)^(a)		3,861,974
	1,291,035	Netcare Ltd. (Health Care)		2,335,984
	1,402,070	Old Mutual Ltd. (Financials)		2,318,501
	853,566	Pick n Pay Stores Ltd. (Consumer Staples)		4,208,942
	822,916	Rand Merchant Investment Holdings Ltd. (Financials)		1,947,256


Common Stocks – (continued)
South Africa – (continued)
	3,088,179	Redefine Properties Ltd. REIT (Real Estate)	$	2,132,732
	167,705	Remgro Ltd. (Financials)		2,399,875
	382,133	Sappi Ltd. (Materials)		1,963,664
	119,902	Sasol Ltd. (Materials)^(a)		3,665,965
	217,520	Shoprite Holdings Ltd. (Consumer Staples)^(a)		2,656,343
	210,787	SPAR Group Ltd. (The) (Consumer Staples)		2,993,895
	335,998	Standard Bank Group Ltd. (Financials)		4,630,368
	646,148	Telkom SA SOC Ltd. (Communication Services)		3,217,872
	265,878	Vodacom Group Ltd. (Communication Services)		2,195,857
	685,655	Woolworths Holdings Ltd. (Consumer Discretionary)^(a)		2,233,499

				107,814,751

South Korea – 14.7%
	17,673	Amorepacific Corp. (Consumer Staples)		3,142,705
	33,598	AMOREPACIFIC Group (Consumer Staples)		2,189,680
	401,222	BNK Financial Group, Inc. (Financials)		2,529,265
	9,661	Celltrion, Inc. (Health Care)*		1,756,624
	163,082	Cheil Worldwide, Inc. (Communication Services)		3,632,261
	7,964	CJ CheilJedang Corp. (Consumer Staples)		2,280,082
	11,922	CJ Logistics Corp. (Industrials)*		2,014,030
	50,819	Coway Co. Ltd. (Consumer Discretionary)		4,274,453
	26,662	Daelim Industrial Co. Ltd. (Industrials)		2,218,870
	55,042	DB Insurance Co. Ltd. (Financials)		3,548,097
	269,774	DGB Financial Group, Inc. (Financials)		2,034,039
	13,781	E-MART, Inc. (Consumer Staples)		2,205,548
	46,620	Fila Korea Ltd. (Consumer Discretionary)		2,304,679
	46,938	GS Engineering & Construction Corp. (Industrials)		1,786,206
	50,587	GS Holdings Corp. (Energy)		2,410,832
	92,066	Hana Financial Group, Inc. (Financials)		3,180,194
	56,537	Hankook Tire Co. Ltd. (Consumer Discretionary)		2,148,979
	676,361	Hanwha Life Insurance Co. Ltd. (Financials)		2,507,714
	26,864	HLB, Inc. (Consumer Discretionary)*		2,144,916
	45,318	Hotel Shilla Co. Ltd. (Consumer Discretionary)		3,304,060


The accompanying notes are an integral part of these financial statements.		35

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

Schedule of Investments(continued)

February 28, 2019 (Unaudited)


Shares		Description	Value

Common Stocks – (continued)
South Korea – (continued)
	35,729	Hyundai Department Store Co. Ltd. (Consumer Discretionary)	$	3,075,102
	68,952	Hyundai Marine & Fire Insurance Co. Ltd. (Financials)		2,311,274
	16,593	Hyundai Mobis Co. Ltd. (Consumer Discretionary)		3,253,096
	46,271	Hyundai Motor Co. (Consumer Discretionary)		5,204,305
	222,197	Industrial Bank of Korea (Financials)		2,755,978
	74,509	Kangwon Land, Inc. (Consumer Discretionary)*		2,047,060
	118,094	KB Financial Group, Inc. (Financials)		4,656,770
	141,420	Kia Motors Corp. (Consumer Discretionary)		4,595,804
	103,283	Korea Electric Power Corp. (Utilities)		3,200,331
	58,675	Korea Gas Corp. (Utilities)		2,613,690
	45,063	Korea Investment Holdings Co. Ltd. (Financials)*		2,584,301
	6,549	Korea Zinc Co. Ltd. (Materials)		2,658,148
	99,793	KT Corp. (Communication Services)		2,657,107
	34,359	KT&G Corp. (Consumer Staples)		3,222,970
	8,543	LG Chem Ltd. (Materials)		2,966,161
	41,466	LG Corp. (Industrials)		2,765,137
	67,148	LG Electronics, Inc. (Consumer Discretionary)		4,209,064
	6,357	LG Household & Health Care Ltd. (Consumer Staples)		7,042,609
	228,308	LG Uplus Corp. (Communication Services)		3,044,919
	6,654	Lotte Chemical Corp. (Materials)		1,887,282
	10,866	Lotte Shopping Co. Ltd. (Consumer Discretionary)		1,845,297
	30,259	NAVER Corp. (Communication Services)		3,578,240
	9,113	NCSoft Corp. (Communication Services)		3,735,301
	21,318	OCI Co. Ltd. (Materials)*		2,047,074
	3,788	Ottogi Corp. (Consumer Staples)		2,573,159
	12,686	Pearl Abyss Corp. (Communication Services)*		2,031,429
	18,679	POSCO (Materials)		4,367,900
	43,224	S-1 Corp. (Industrials)		3,920,021
	24,146	Samsung C&T Corp. (Industrials)		2,479,651
	60,789	Samsung Card Co. Ltd. (Financials)		1,840,371
	22,920	Samsung Electro-Mechanics Co. Ltd. (Information Technology)		2,180,528
	1,562,430	Samsung Electronics Co. Ltd. (Information Technology)		62,652,790
	10,661	Samsung Fire & Marine Insurance Co. Ltd. (Financials)		2,857,910


Common Stocks – (continued)
South Korea – (continued)
	29,823	Samsung Life Insurance Co. Ltd. (Financials)	$	2,352,005
	10,882	Samsung SDI Co. Ltd. (Information Technology)		2,297,924
	12,453	Samsung SDS Co. Ltd. (Information Technology)		2,552,162
	76,673	Samsung Securities Co. Ltd. (Financials)		2,362,158
	120,260	Shinhan Financial Group Co. Ltd. (Financials)		4,667,333
	9,878	SK Holdings Co. Ltd. (Industrials)		2,393,309
	207,337	SK Hynix, Inc. (Information Technology)		12,904,410
	19,118	SK Innovation Co. Ltd. (Energy)		3,195,682
	24,613	SK Telecom Co. Ltd. (Communication Services)		5,700,797
	288,496	Woori Financial Group, Inc. (Financials)*		3,796,338

				256,696,131

Taiwan – 11.4%
	427,747	Advantech Co. Ltd. (Information Technology)		3,266,146
	1,400,704	ASE Technology Holding Co. Ltd. (Information Technology)*		2,862,713
	2,210,268	Asia Cement Corp. (Materials)		2,786,490
	289,766	Asustek Computer, Inc. (Information Technology)		2,066,630
	2,279,542	Cathay Financial Holding Co. Ltd. (Financials)		3,355,263
	1,024,405	Chailease Holding Co. Ltd. (Financials)		4,027,521
	3,674,370	Chang Hwa Commercial Bank Ltd. (Financials)		2,208,693
	8,426,853	China Development Financial Holding Corp. (Financials)		2,729,866
	4,217,545	China Steel Corp. (Materials)		3,494,465
	1,165,634	Chunghwa Telecom Co. Ltd. (Communication Services)		4,052,535
	4,420,531	Compal Electronics, Inc. (Information Technology)		2,743,397
	5,834,711	CTBC Financial Holding Co. Ltd. (Financials)		3,952,812
	712,705	Delta Electronics, Inc. (Information Technology)		3,554,667
	3,784,367	E.Sun Financial Holding Co. Ltd. (Financials)		2,717,480
	863,576	Far EasTone Telecommunications Co. Ltd. (Communication Services)		2,023,097
	816,727	Feng TAY Enterprise Co. Ltd. (Consumer Discretionary)		5,134,979
	4,039,892	First Financial Holding Co. Ltd. (Financials)		2,730,322
	891,307	Formosa Chemicals & Fibre Corp. (Materials)		3,055,347


36		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)
	822,391	Formosa Petrochemical Corp. (Energy)	$	3,113,043
	1,029,261	Formosa Plastics Corp. (Materials)		3,427,916
	1,143,451	Foxconn Technology Co. Ltd. (Information Technology)		2,344,378
	1,956,311	Fubon Financial Holding Co. Ltd. (Financials)		2,892,212
	2,000,702	Hon Hai Precision Industry Co. Ltd. (Information Technology)		4,726,042
	3,357,599	Hua Nan Financial Holdings Co. Ltd. (Financials)		2,061,918
	6,223,448	Innolux Corp. (Information Technology)		2,072,696
	3,890,269	Inventec Corp. (Information Technology)		3,008,412
	22,259	Largan Precision Co. Ltd. (Information Technology)		3,153,355
	2,899,346	Mega Financial Holding Co. Ltd. (Financials)		2,567,127
	1,071,186	Nan Ya Plastics Corp. (Materials)		2,676,529
	299,968	Nien Made Enterprise Co. Ltd. (Consumer Discretionary)		2,607,231
	752,682	President Chain Store Corp. (Consumer Staples)		7,789,359
	1,042,793	Quanta Computer, Inc. (Information Technology)		1,938,094
	1,972,600	Shanghai Commercial & Savings Bank Ltd. (The) (Financials)		3,070,120
	5,335,046	SinoPac Financial Holdings Co Ltd. (Financials)		1,863,491
	1,503,289	Standard Foods Corp. (Consumer Staples)		2,574,150
	7,912,932	Taishin Financial Holding Co. Ltd. (Financials)		3,586,678
	10,554,158	Taiwan Business Bank (Financials)		3,892,246
	3,891,587	Taiwan Cooperative Financial Holding Co. Ltd. (Financials)		2,415,132
	2,668,070	Taiwan High Speed Rail Corp. (Industrials)		2,860,829
	812,592	Taiwan Mobile Co. Ltd. (Communication Services)		2,904,330
	7,475,098	Taiwan Semiconductor Manufacturing Co. Ltd. (Information Technology)		58,049,110
	3,028,363	Uni-President Enterprises Corp. (Consumer Staples)		7,379,891
	5,128,360	United Microelectronics Corp. (Information Technology)		1,907,940
	2,075,146	WPG Holdings Ltd. (Information Technology)		2,683,567
	3,987,802	Yuanta Financial Holding Co. Ltd. (Financials)		2,261,048
	684,946	Zhen Ding Technology Holding Ltd. (Information Technology)		1,989,641

				198,578,908


Common Stocks – (continued)
Thailand – 2.4%
	580,916	Advanced Info Service PCL NVDR (Communication Services)	$	3,355,072
	1,516,700	Airports of Thailand PCL NVDR (Industrials)		3,248,782
	7,359,300	Bangkok Expressway & Metro PCL NVDR (Industrials)		2,475,481
	8,572,300	BTS Group Holdings PCL NVDR (Industrials)		2,829,097
	425,300	Bumrungrad Hospital PCL NVDR (Health Care)		2,517,047
	1,994,877	CP ALL PCL NVDR (Consumer Staples)		4,921,910
	296,002	Electricity Generating PCL NVDR (Utilities)		2,507,974
	7,022,700	Home Product Center PCL NVDR (Consumer Discretionary)		3,342,816
	428,300	Kasikornbank PCL (Financials)		2,691,104
	1,226,700	Muangthai Capital PCL NVDR (Financials)		1,829,588
	566,900	PTT Exploration & Production PCL NVDR (Energy)		2,239,716
	1,034,100	PTT Global Chemical PCL NVDR (Materials)		2,362,720
	2,996,470	PTT PCL NVDR (Energy)		4,611,782
	3,915,900	Thai Union Group PCL NVDR (Consumer Staples)		2,298,902

				41,231,991

Turkey – 0.5%
	253,309	BIM Birlesik Magazalar AS (Consumer Staples)		4,069,850
	1,777,484	Haci Omer Sabanci Holding AS (Financials)		3,042,450
	736,821	Turk Hava Yollari AO (Industrials)*		1,953,253

				9,065,553

United Arab Emirates – 0.6%
	933,447	Abu Dhabi Commercial Bank PJSC (Financials)		2,421,930
	36,252	DP World Ltd. (Industrials)		580,395
	1,464,575	Dubai Islamic Bank PJSC (Financials)		2,081,427
	612,013	Emirates Telecommunications Group Co. PJSC (Communication Services)		2,812,627
	723,261	First Abu Dhabi Bank PJSC (Financials)		2,993,076

				10,889,455

United Kingdom – 0.1%
	103,347	Mondi Ltd. (Materials)		2,434,535

United States – 0.2%
	820,712	JBS SA (Consumer Staples)		2,939,047

	TOTAL COMMON STOCKS
	(Cost $1,399,106,234)		$	1,652,165,390


The accompanying notes are an integral part of these financial statements.		37

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

Schedule of Investments(continued)

February 28, 2019 (Unaudited)


Shares		Description	Rate			Value


Preferred Stocks – 4.4%
Brazil – 2.8%
	1,052,417	Banco Bradesco SA (Financials)		2.65	%	$	12,142,679
	156,805	Braskem SA, Class A (Materials)		3.43			2,274,566
	232,273	Centrais Eletricas Brasileiras SA, Class B (Utilities)*		0.00			2,413,620
	120,216	Cia Brasileira de Distribuicao (Consumer Staples)		1.47			2,984,684
	1,696,094	Itau Unibanco Holding SA (Financials)		4.13			15,933,176
	1,046,967	Itausa – Investimentos Itau SA (Financials)		3.33			3,453,365
	958,680	Petroleo Brasileiro SA (Energy)		3.37			6,917,374
	237,062	Telefonica Brasil SA (Communication Services)		9.87			2,957,704

							49,077,168

Chile – 0.1%
	642,100	Embotelladora Andina SA, Class B (Consumer Staples)		3.85			2,407,293

Russia – 0.2%
	1,130	Transneft PJSC (Energy)		4.54			2,925,478

South Korea – 1.3%
	34,248	Amorepacific Corp. (Consumer Staples)		1.11			3,395,263
	43,509	Hyundai Motor Co. (Consumer Discretionary)		5.70			2,851,083
	8,440	LG Household & Health Care Ltd. (Consumer Staples)		1.26			5,620,663
	327,636	Samsung Electronics Co. Ltd. (Information Technology)		3.91			10,487,149

							22,354,158

	TOTAL PREFERRED STOCKS
	(Cost $58,011,846)					$	76,764,097



Exchange–Traded Fund – 0.8%
United States – 0.8%
	460,721	iShares MSCI Malaysia ETF
	(Cost $14,068,521)					$	14,079,634


Units	Description	Expiration Month		Value

Right – 0.0%
Taiwan – 0.0%
38,577	CTBC Financial Holding Co. Ltd. (Financials)*
(Cost $0)			04/19	$	—

TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
(Cost $1,471,186,601)				$	1,743,009,121


Shares		Distribution Rate	Value

Securities Lending Reinvestment Vehicle – 1.7%^(d)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	30,573,906	2.395%	$	30,573,906
	(Cost $30,573,906)

	TOTAL INVESTMENTS – 101.4%
	(Cost $1,501,760,507)		$	1,773,583,027

	LIABILITIES IN EXCESS OF OTHER ASSETS – (1.4)%			(25,221,964	)

	NET ASSETS – 100.0%		$	1,748,361,063



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.

(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


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

GOLDMAN SACHS ACTIVEBETA^® EUROPE EQUITY ETF

Schedule of Investments

February 28, 2019 (Unaudited)


Shares		Description	Value

Common Stocks – 98.8%
Australia – 0.9%
	4,432	BHP Group PLC (Materials)	$	102,927
	2,822	Rio Tinto PLC (Materials)		162,753

				265,680

Austria – 0.5%
	547	ANDRITZ AG (Industrials)		27,344
	219	Erste Group Bank AG (Financials)*		8,292
	324	OMV AG (Energy)		17,071
	1,757	Raiffeisen Bank International AG (Financials)		44,855
	743	Verbund AG (Utilities)		35,805

				133,367

Belgium – 1.3%
	1,112	Ageas (Financials)		54,866
	1,066	Anheuser-Busch InBev SA/NV (Consumer Staples)		83,210
	1,052	Colruyt SA (Consumer Staples)		75,109
	282	Groupe Bruxelles Lambert SA (Financials)		27,160
	358	KBC Group NV (Financials)		26,546
	459	Proximus SADP (Communication Services)		12,141
	192	Solvay SA (Materials)		21,518
	332	Telenet Group Holding NV (Communication Services)		15,001
	743	UCB SA (Health Care)		62,337

				377,888

Chile – 0.1%
	1,640	Antofagasta PLC (Materials)		20,435

Denmark – 2.8%
	861	Carlsberg A/S, Class B (Consumer Staples)		104,414
	393	Chr Hansen Holding A/S (Materials)		40,078
	778	Coloplast A/S, Class B (Health Care)		77,630
	1,335	Danske Bank A/S (Financials)		26,589
	478	DSV A/S (Industrials)		39,802
	837	H Lundbeck A/S (Health Care)		38,322
	387	ISS A/S (Industrials)		12,090
	5,831	Novo Nordisk A/S, Class B (Health Care)		286,420
	408	Novozymes A/S, Class B (Materials)		18,544
	793	Orsted A/S (Utilities)^(a)		57,608
	642	Pandora A/S (Consumer Discretionary)		33,725
	1,641	Tryg A/S (Financials)		44,780
	261	Vestas Wind Systems A/S (Industrials)		21,749
	1,003	William Demant Holding A/S (Health Care)*		30,156

				831,907

Finland – 1.5%
	546	Elisa OYJ (Communication Services)		22,936
	2,285	Fortum OYJ (Utilities)		50,790
	450	Kone OYJ, Class B (Industrials)		22,018
	544	Neste OYJ (Energy)		52,344
	8,413	Nokia OYJ (Information Technology)		50,927


Common Stocks – (continued)
Finland – (continued)
	2,557	Nordea Bank Abp (Financials)	$	23,202
	3,263	Orion OYJ, Class B (Health Care)		116,706
	779	Sampo OYJ, Class A (Financials)		37,540
	1,791	Stora Enso OYJ, Class R (Materials)		24,034
	1,644	UPM-Kymmene OYJ (Materials)		49,646

				450,143

France – 18.9%
	556	Accor SA (Consumer Discretionary)		23,501
	121	Aeroports de Paris (Industrials)		23,506
	724	Air Liquide SA (Materials)		90,398
	827	Airbus SE (Industrials)		106,978
	705	Alstom SA (Industrials)		30,682
	1,476	Arkema SA (Materials)		148,979
	2,013	Atos SE (Information Technology)		193,508
	7,402	AXA SA (Financials)		187,917
	563	BioMerieux (Health Care)		46,479
	3,426	BNP Paribas SA (Financials)		175,768
	5,999	Bollore SA (Industrials)		26,696
	321	Bouygues SA (Industrials)		12,154
	975	Bureau Veritas SA (Industrials)		23,337
	818	Capgemini SE (Information Technology)		97,989
	1,902	Carrefour SA (Consumer Staples)		38,985
	2,224	Casino Guichard Perrachon SA (Consumer Staples)		117,735
	1,028	Cie de Saint-Gobain (Industrials)		37,061
	274	Cie Generale des Etablissements Michelin (Consumer Discretionary)		32,916
	2,906	CNP Assurances (Financials)		67,240
	278	Covivio REIT (Real Estate)		28,174
	8,239	Credit Agricole SA (Financials)		105,376
	2,104	Danone SA (Consumer Staples)		158,915
	16	Dassault Aviation SA (Industrials)		26,964
	556	Dassault Systemes (Information Technology)		81,451
	914	Edenred (Industrials)		40,611
	1,109	Eiffage SA (Industrials)		108,325
	2,005	Electricite de France SA (Utilities)		29,155
	3,657	Engie SA (Utilities)		55,176
	1,062	EssilorLuxottica SA (Consumer Discretionary)		128,730
	450	Eurazeo SE (Financials)		33,871
	504	Faurecia (Consumer Discretionary)		24,070
	184	Gecina SA REIT (Real Estate)		27,322
	1,637	Getlink SE (Industrials)		24,195
	353	Hermes International (Consumer Discretionary)		223,812
	306	ICADE REIT (Real Estate)		26,081
	124	Imerys SA (Materials)		7,057
	308	Ingenico Group SA (Information Technology)		20,699
	942	Ipsen SA (Health Care)		130,435
	181	Kering (Consumer Discretionary)		98,951
	604	Klepierre SA REIT (Real Estate)		21,108
	951	Legrand SA (Industrials)		62,808
	973	L’Oreal SA (Consumer Staples)		245,855


The accompanying notes are an integral part of these financial statements.		39

GOLDMAN SACHS ACTIVEBETA^® EUROPE EQUITY ETF

Schedule of Investments(continued)

February 28, 2019 (Unaudited)


Shares		Description	Value

Common Stocks – (continued)
France – (continued)
	798	LVMH Moet Hennessy Louis Vuitton SE (Consumer Discretionary)	$	274,422
	9,308	Natixis SA (Financials)		51,214
	2,756	Orange SA (Communication Services)		42,178
	546	Pernod Ricard SA (Consumer Staples)		94,130
	4,964	Peugeot SA (Consumer Discretionary)		126,390
	746	Publicis Groupe SA (Communication Services)		41,395
	171	Remy Cointreau SA (Consumer Staples)		22,295
	92	Renault SA (Consumer Discretionary)		6,310
	8,334	Rexel SA (Industrials)		104,010
	783	Safran SA (Industrials)		106,903
	3,370	Sanofi (Health Care)		282,050
	296	Sartorius Stedim Biotech (Health Care)		34,885
	1,416	Schneider Electric SE (Industrials)		110,320
	665	SCOR SE (Financials)		29,979
	347	SEB SA (Consumer Discretionary)		59,823
	347	Societe BIC SA (Industrials)		32,855
	2,835	Societe Generale SA (Financials)		87,162
	231	Sodexo SA (Consumer Discretionary)^(b)		25,404
	927	Suez (Utilities)		11,859
	260	Teleperformance (Industrials)		46,482
	374	Thales SA (Industrials)		46,101
	6,003	TOTAL SA (Energy)		341,713
	1,511	Ubisoft Entertainment SA (Communication Services)*		109,257
	130	Unibail-Rodamco-Westfield REIT (Real Estate)		21,020
	242	Valeo SA (Consumer Discretionary)		7,647
	1,527	Veolia Environnement SA (Utilities)		33,559
	1,267	Vinci SA (Industrials)		121,074
	1,354	Vivendi SA (Communication Services)		39,624
	99	Wendel SA (Financials)		12,502

				5,513,533

Germany – 12.8%
	1,070	adidas AG (Consumer Discretionary)		260,252
	1,115	Allianz SE (Financials)		248,344
	5,363	Aroundtown SA (Real Estate)		45,191
	476	Axel Springer SE (Communication Services)		27,182
	1,901	BASF SE (Materials)		145,011
	2,702	Bayer AG (Health Care)		216,235
	472	Bayerische Motoren Werke AG (Consumer Discretionary)		39,939
	940	Beiersdorf AG (Consumer Staples)		87,300
	439	Brenntag AG (Industrials)		21,795
	159	Continental AG (Consumer Discretionary)		26,072
	1,964	Covestro AG (Materials)^(a)		112,134
	835	Daimler AG (Consumer Discretionary)		50,070
	646	Deutsche Boerse AG (Financials)		81,725
	2,781	Deutsche Lufthansa AG (Industrials)		71,093
	4,848	Deutsche Post AG (Industrials)		150,818
	8,214	Deutsche Telekom AG (Communication Services)		135,482
	1,354	Deutsche Wohnen SE (Real Estate)		63,214


Common Stocks – (continued)
Germany – (continued)
	4,320	E.ON SE (Utilities)	$	47,642
	739	Evonik Industries AG (Materials)		20,827
	198	Fraport AG Frankfurt Airport Services Worldwide (Industrials)		15,922
	652	Fresenius Medical Care AG & Co KGaA (Health Care)		51,139
	1,039	Fresenius SE & Co KGaA (Health Care)		58,481
	379	Hannover Rueck SE (Financials)		56,535
	1,104	HeidelbergCement AG (Materials)		81,261
	285	Henkel AG & Co KGaA (Consumer Staples)		26,806
	285	HOCHTIEF AG (Industrials)		45,240
	2,010	HUGO BOSS AG (Consumer Discretionary)		148,817
	2,116	Infineon Technologies AG (Information Technology)		46,515
	1,110	Innogy SE (Utilities)^(a)		51,367
	209	KION Group AG (Industrials)		11,928
	147	LANXESS AG (Materials)		7,976
	704	Merck KGaA (Health Care)		72,773
	207	MTU Aero Engines AG (Industrials)		44,432
	327	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Financials)		77,115
	872	ProSiebenSat.1 Media SE (Communication Services)		15,927
	185	Puma SE (Consumer Discretionary)		104,382
	6,436	RWE AG (Utilities)		157,274
	2,714	SAP SE (Information Technology)		291,119
	1,650	Siemens AG (Industrials)		180,615
	181	Siemens Healthineers AG (Health Care)^(a)		7,342
	452	Symrise AG (Materials)		39,878
	2,531	Telefonica Deutschland Holding AG (Communication Services)		8,318
	1,753	Uniper SE (Utilities)		51,121
	169	United Internet AG (Communication Services)		6,156
	60	Volkswagen AG (Consumer Discretionary)		10,617
	1,500	Vonovia SE (Real Estate)		72,831
	409	Wirecard AG (Information Technology)		56,120
	2,533	Zalando SE (Consumer Discretionary)*^(a)		93,452

				3,741,785

Ireland – 0.5%
	277	AerCap Holdings NV (Industrials)*		12,504
	1,391	AIB Group PLC (Financials)^(b)		6,551
	1,736	CRH PLC (Materials)		55,034
	437	Kerry Group PLC, Class A (Consumer Staples)		45,034
	436	Smurfit Kappa Group PLC (Materials)		12,382

				131,505

Italy – 3.8%
	5,613	Assicurazioni Generali SpA (Financials)		100,315
	3,920	Davide Campari-Milano SpA (Consumer Staples)		37,428


40		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)
	15,742	Enel SpA (Utilities)	$	95,363
	6,647	Eni SpA (Energy)		114,791
	489	Ferrari NV (Consumer Discretionary)		63,005
	25,815	Intesa Sanpaolo SpA (Financials)		63,759
	9,734	Leonardo SpA (Industrials)		98,272
	1,201	Mediobanca Banca di Credito Finanziario SpA (Financials)		12,065
	3,865	Moncler SpA (Consumer Discretionary)		148,404
	6,345	Poste Italiane SpA (Financials)^(a)		57,295
	1,066	Prysmian SpA (Industrials)		21,789
	1,335	Recordati SpA (Health Care)		50,272
	9,580	Snam SpA (Energy)		47,398
	87,306	Telecom Italia SpA (Communication Services)*		53,267
	102,700	Telecom Italia SpA-RSP (Communication Services)		56,028
	7,175	Terna Rete Elettrica Nazionale SpA (Utilities)		44,674
	4,324	UniCredit SpA (Financials)		58,917

				1,123,042

Luxembourg – 0.6%
	4,047	ArcelorMittal (Materials)		93,134
	805	RTL Group SA (Communication Services)		45,448
	811	SES SA (Communication Services)		16,313
	528	Tenaris SA (Energy)		7,053

				161,948

Netherlands – 7.3%
	748	ABN AMRO Group NV (Financials)^(a)		18,159
	11	Adyen NV (Information Technology)*^(a)		8,267
	6,321	Aegon NV (Financials)		34,031
	418	Akzo Nobel NV (Materials)		37,950
	728	ASML Holding NV (Information Technology)		133,564
	1,151	EXOR NV (Financials)		70,906
	986	Heineken Holding NV (Consumer Staples)		95,491
	787	Heineken NV (Consumer Staples)		79,400
	8,723	ING Groep NV (Financials)		115,539
	8,321	Koninklijke Ahold Delhaize NV (Consumer Staples)		214,849
	522	Koninklijke DSM NV (Materials)		56,112
	6,965	Koninklijke KPN NV (Communication Services)		21,509
	3,600	Koninklijke Philips NV (Health Care)		143,476
	468	Koninklijke Vopak NV (Energy)		22,910
	2,609	NN Group NV (Financials)		113,784
	1,045	NXP Semiconductors NV (Information Technology)		95,429
	2,065	Randstad NV (Industrials)		110,399
	11,581	Royal Dutch Shell PLC, Class A (Energy)		361,914
	9,248	Royal Dutch Shell PLC, Class B (Energy)		290,852
	1,433	Wolters Kluwer NV (Industrials)		94,609

				2,119,150


Common Stocks – (continued)
Norway – 1.4%
	964	Aker BP ASA (Energy)		32,711
	1,316	DNB ASA (Financials)		25,253
	3,546	Equinor ASA (Energy)		79,808
	1,463	Gjensidige Forsikring ASA (Financials)		26,259
	2,561	Mowi ASA (Consumer Staples)		59,153
	1,789	Orkla ASA (Consumer Staples)		14,113
	3,558	Schibsted ASA, Class B (Communication Services)		131,972
	2,049	Telenor ASA (Communication Services)		40,002
	185	Yara International ASA (Materials)		7,795

				417,066

Portugal – 0.7%
	26,851	EDP – Energias de Portugal SA (Utilities)		98,605
	1,097	Galp Energia SGPS SA (Energy)		18,025
	6,503	Jeronimo Martins SGPS SA (Consumer Staples)		98,116

				214,746

South Africa – 0.5%
	4,905	Anglo American PLC (Materials)		130,711
	3,494	Investec PLC (Financials)		22,902

				153,613

Spain – 4.4%
	1,921	ACS Actividades de Construccion y Servicios SA (Industrials)		85,267
	296	Aena SME SA (Industrials)^(a)		52,884
	1,488	Amadeus IT Group SA (Information Technology)		112,168
	11,183	Banco Bilbao Vizcaya Argentaria SA (Financials)		69,706
	37,004	Banco Santander SA (Financials)		181,018
	2,271	Bankinter SA (Financials)		18,676
	1,372	Enagas SA (Energy)		39,136
	1,825	Endesa SA (Utilities)		46,031
	1,467	Ferrovial SA (Industrials)		33,844
	631	Grifols SA (Health Care)		16,425
	13,632	Iberdrola SA (Utilities)		114,123
	5,163	Industria de Diseno Textil SA (Consumer Discretionary)		156,032
	10,724	Mapfre SA (Financials)		30,333
	1,698	Naturgy Energy Group SA (Utilities)		46,153
	2,139	Red Electrica Corp. SA (Utilities)		46,278
	10,128	Repsol SA (Energy)		174,433
	5,851	Telefonica SA (Communication Services)		50,562

				1,273,069

Sweden – 3.5%
	815	Alfa Laval AB (Industrials)		17,835
	2,337	Assa Abloy AB, Class B (Industrials)		48,369
	1,434	Atlas Copco AB, Class A (Industrials)		38,877
	994	Atlas Copco AB, Class B (Industrials)		24,961
	399	Boliden AB (Materials)		10,925
	830	Electrolux AB, Series B (Consumer Discretionary)		21,733
	1,125	Epiroc AB, Class A (Industrials)*		11,302


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

GOLDMAN SACHS ACTIVEBETA^® EUROPE EQUITY ETF

Schedule of Investments(continued)

February 28, 2019 (Unaudited)


Shares		Description	Value

Common Stocks – (continued)
Sweden – (continued)
	994	Epiroc AB, Class B (Industrials)*	$	9,345
	578	Essity AB, Class B (Consumer Staples)		16,136
	8,565	Hennes & Mauritz AB, Class B (Consumer Discretionary)^(b)		129,699
	682	Hexagon AB, Class B (Information Technology)		35,893
	724	Husqvarna AB, Class B (Consumer Discretionary)		5,937
	615	ICA Gruppen AB (Consumer Staples)^(b)		23,652
	960	Industrivarden AB, Class C (Financials)		20,005
	1,114	Investor AB, Class B (Financials)		49,782
	627	Kinnevik AB, Class B (Financials)		15,895
	644	L E Lundbergforetagen AB, Class B (Financials)		19,870
	1,226	Lundin Petroleum AB (Energy)		40,111
	2,712	Sandvik AB (Industrials)		44,585
	2,449	Securitas AB, Class B (Industrials)		38,430
	2,383	Skandinaviska Enskilda Banken AB, Class A (Financials)		24,272
	1,388	Skanska AB, Class B (Industrials)		25,051
	745	SKF AB, Class B (Industrials)		12,546
	1,653	Svenska Handelsbanken AB, Class A (Financials)		18,866
	2,387	Swedbank AB, Class A (Financials)		43,883
	2,546	Swedish Match AB (Consumer Staples)		119,430
	9,553	Telefonaktiebolaget LM Ericsson, Class B (Information Technology)		87,492
	7,557	Telia Co. AB (Communication Services)		32,821
	3,121	Volvo AB, Class B (Industrials)		45,983

				1,033,686

Switzerland – 14.0%
	2,197	ABB Ltd. (Industrials)		43,589
	902	Adecco Group AG (Industrials)		46,956
	234	Baloise Holding AG (Financials)		38,288
	37	Barry Callebaut AG (Consumer Staples)		63,846
	11	Chocoladefabriken Lindt & Spruengli AG (Consumer Staples)		71,662
	916	Cie Financiere Richemont SA (Consumer Discretionary)		70,286
	417	Clariant AG (Materials)*		8,979
	2,318	Coca-Cola HBC AG (Consumer Staples)*		78,189
	3,738	Credit Suisse Group AG (Financials)*		46,322
	459	Dufry AG (Consumer Discretionary)*		46,628
	37	EMS-Chemie Holding AG (Materials)		21,412
	55	Geberit AG (Industrials)		21,996
	25	Givaudan SA (Materials)		62,663
	39,205	Glencore PLC (Materials)*		158,500
	347	Julius Baer Group Ltd. (Financials)*		15,183
	1,002	Kuehne + Nagel International AG (Industrials)		131,008
	337	LafargeHolcim Ltd. (Materials)*		16,711
	217	Lonza Group AG (Health Care)*		60,447
	8,698	Nestle SA (Consumer Staples)		788,949
	6,113	Novartis AG (Health Care)		558,650
	372	Pargesa Holding SA (Financials)		30,620


Common Stocks – (continued)
Switzerland – (continued)
	210	Partners Group Holding AG (Financials)		152,198
	2,244	Roche Holding AG (Health Care)		624,635
	140	Schindler Holding AG (Industrials)		31,114
	138	Schindler Holding AG Participation Certificates (Industrials)		31,252
	59	SGS SA (Industrials)		150,728
	246	Sika AG (Materials)		33,337
	182	Sonova Holding AG (Health Care)		34,100
	3,516	STMicroelectronics NV (Information Technology)		57,533
	132	Straumann Holding AG (Health Care)		103,220
	121	Swatch Group AG (The) – Bearer (Consumer Discretionary)		35,892
	456	Swatch Group AG (The) – Registered (Consumer Discretionary)		26,137
	172	Swiss Life Holding AG (Financials)*		75,105
	355	Swiss Prime Site AG (Real Estate)*		30,023
	560	Swiss Re AG (Financials)		55,550
	69	Swisscom AG (Communication Services)		32,007
	384	Temenos AG (Information Technology)*		55,777
	5,604	UBS Group AG (Financials)*		71,442
	93	Vifor Pharma AG (Health Care)		11,665
	323	Zurich Insurance Group AG (Financials)		106,997

				4,099,596

United Arab Emirates – 0.0%
	182	NMC Health PLC (Health Care)		6,546

United Kingdom – 22.5%
	5,868	3i Group PLC (Financials)		73,820
	6,245	Admiral Group PLC (Financials)		181,247
	758	Ashtead Group PLC (Industrials)		20,195
	1,294	Associated British Foods PLC (Consumer Staples)		38,605
	3,291	AstraZeneca PLC (Health Care)		268,726
	29,704	Auto Trader Group PLC (Communication Services)^(a)		187,946
	6,556	Aviva PLC (Financials)		36,904
	8,699	Babcock International Group PLC (Industrials)		62,597
	3,254	BAE Systems PLC (Industrials)		20,169
	13,187	Barclays PLC (Financials)		28,794
	4,653	Barratt Developments PLC (Consumer Discretionary)		37,072
	1,342	Berkeley Group Holdings PLC (Consumer Discretionary)		70,507
	47,419	BP PLC (Energy)		337,057
	4,588	British American Tobacco PLC (Consumer Staples)		168,337
	3,536	British Land Co. PLC (The) REIT (Real Estate)		28,417
	8,032	BT Group PLC (Communication Services)		22,937
	1,441	Bunzl PLC (Industrials)		45,483
	7,429	Burberry Group PLC (Consumer Discretionary)		186,707
	9,899	Centrica PLC (Utilities)		16,393


42		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)
	5,604	CNH Industrial NV (Industrials)	$	60,775
	1,085	Coca-Cola European Partners PLC (Consumer Staples)		51,147
	3,815	Compass Group PLC (Consumer Discretionary)		84,488
	14,159	ConvaTec Group PLC (Health Care)^(a)		24,982
	1,025	Croda International PLC (Materials)		65,591
	424	DCC PLC (Industrials)		36,799
	6,334	Diageo PLC (Consumer Staples)		245,458
	6,324	Direct Line Insurance Group PLC (Financials)		30,004
	3,895	Experian PLC (Industrials)		101,724
	6,768	Fiat Chrysler Automobiles NV (Consumer Discretionary)*		100,049
	14,931	GlaxoSmithKline PLC (Health Care)		297,380
	8,201	Hargreaves Lansdown PLC (Financials)		190,020
	47,963	HSBC Holdings PLC (Financials)		391,003
	2,829	Imperial Brands PLC (Consumer Staples)		94,466
	3,748	Informa PLC (Communication Services)		35,156
	1,647	InterContinental Hotels Group PLC (Consumer Discretionary)		98,789
	12,930	International Consolidated Airlines Group SA (Industrials)		102,416
	546	Intertek Group PLC (Industrials)		36,936
	35,789	J Sainsbury PLC (Consumer Staples)		109,011
	372	Johnson Matthey PLC (Materials)		15,304
	9,998	Kingfisher PLC (Consumer Discretionary)		32,195
	2,548	Land Securities Group PLC REIT (Real Estate)		30,488
	19,384	Legal & General Group PLC (Financials)		72,346
	104,550	Lloyds Banking Group PLC (Financials)		88,360
	1,005	London Stock Exchange Group PLC (Financials)		60,247
	24,998	Marks & Spencer Group PLC (Consumer Discretionary)		90,772
	2,540	Meggitt PLC (Industrials)		18,217
	3,930	Merlin Entertainments PLC (Consumer Discretionary)^(a)		18,902
	1,143	Micro Focus International PLC (Information Technology)		28,453
	1,275	Mondi PLC (Materials)		29,313
	6,818	National Grid PLC (Utilities)		76,893
	1,810	Next PLC (Consumer Discretionary)		122,493
	5,424	Pearson PLC (Communication Services)		61,034
	801	Persimmon PLC (Consumer Discretionary)		25,921
	4,444	Prudential PLC (Financials)		93,984
	718	Reckitt Benckiser Group PLC (Consumer Staples)		55,076
	4,692	RELX PLC (Industrials)		107,904
	1,828	Rolls-Royce Holdings PLC (Industrials)*		23,220
	4,220	Royal Bank of Scotland Group PLC (Financials)		14,914
	35,593	Royal Mail PLC (Industrials)		133,884
	4,189	RSA Insurance Group PLC (Financials)		28,472


Common Stocks – (continued)
United Kingdom – (continued)
	12,688	Sage Group PLC (The) (Information Technology)		111,552
	867	Schroders PLC (Financials)		31,540
	8,304	Segro PLC REIT (Real Estate)		73,008
	1,020	Severn Trent PLC (Utilities)		27,392
	6,097	Smith & Nephew PLC (Health Care)		116,495
	1,766	Smiths Group PLC (Industrials)		33,602
	2,074	SSE PLC (Utilities)		32,786
	1,405	St James’s Place PLC (Financials)		18,172
	2,714	Standard Chartered PLC (Financials)		21,717
	19,056	Standard Life Aberdeen PLC (Financials)		62,542
	15,552	Taylor Wimpey PLC (Consumer Discretionary)		37,524
	40,683	Tesco PLC (Consumer Staples)		122,294
	4,133	Unilever NV (Consumer Staples)		223,853
	3,432	Unilever PLC (Consumer Staples)		182,961
	2,615	United Utilities Group PLC (Utilities)		29,224
	57,492	Vodafone Group PLC (Communication Services)		102,684
	482	Whitbread PLC (Consumer Discretionary)		31,113
	19,234	Wm Morrison Supermarkets PLC (Consumer Staples)		58,867
	2,663	WPP PLC (Communication Services)		29,250

				6,563,075

United States – 0.8%
	537	Carnival PLC (Consumer Discretionary)		30,113
	2,146	Ferguson PLC (Industrials)		149,028
	1,253	QIAGEN NV (Health Care)*		47,969

				227,110

	TOTAL COMMON STOCKS
	(Cost $31,193,865)		$	28,858,890


Shares		Description	Rate			Value

Preferred Stocks – 0.6%
Germany – 0.6%
	195	Bayerische Motoren Werke AG (Consumer Discretionary)		6.17	%	$	14,411
	1,330	FUCHS PETROLUB SE (Materials)		2.31			59,519
	295	Henkel AG & Co KGaA (Consumer Staples)		2.02			29,507
	158	Porsche Automobil Holding SE (Consumer Discretionary)		2.93			10,546
	156	Sartorius AG (Health Care)		0.36			24,763
	158	Volkswagen AG (Consumer Discretionary)		2.55			27,149

	TOTAL PREFERRED STOCKS
	(Cost $192,909)					$	165,895

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $31,386,774)					$	29,024,785


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

GOLDMAN SACHS ACTIVEBETA^® EUROPE EQUITY ETF

Schedule of Investments(continued)

February 28, 2019 (Unaudited)


Shares		Distribution Rate	Value

Securities Lending Reinvestment Vehicle – 0.4%^(c)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	115,687	2.395%	$	115,687
(Cost $115,687)

	TOTAL INVESTMENTS – 99.8%
	(Cost $31,502,461)		$	29,140,472

	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.2%			59,278

	NET ASSETS – 100.0%		$	29,199,750



The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

*		Non-income producing security.

(a)		Exempt from registration under Rule 144A of the Securities Act of 1933.

(b)		All or a portion of security is on loan.

(c)		Represents an affiliated issuer.



Investment Abbreviations:
PLC		—Public Limited Company
REIT		—Real Estate Investment Trust


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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Schedule of Investments

February 28, 2019 (Unaudited)


Shares		Description	Value

Common Stocks – 99.4%
Australia – 6.4%
	26,298	AGL Energy Ltd. (Utilities)	$	396,833
	299,412	Alumina Ltd. (Materials)		543,193
	53,954	Amcor Ltd. (Materials)		577,703
	38,980	APA Group (Utilities)		277,601
	72,999	Aristocrat Leisure Ltd. (Consumer Discretionary)		1,278,643
	20,096	ASX Ltd. (Financials)		997,523
	117,397	Aurizon Holdings Ltd. (Industrials)		377,520
	430,480	AusNet Services (Utilities)		531,370
	164,070	Australia & New Zealand Banking Group Ltd. (Financials)		3,268,373
	84,112	Bank of Queensland Ltd. (Financials)		539,172
	190,045	Bendigo & Adelaide Bank Ltd. (Financials)		1,333,146
	161,440	BHP Group Ltd. (Materials)		4,276,108
	95,119	BHP Group PLC (Materials)		2,209,001
	335,904	BlueScope Steel Ltd. (Materials)		3,216,656
	57,603	Brambles Ltd. (Industrials)		481,944
	37,942	Caltex Australia Ltd. (Energy)		772,024
	64,431	CIMIC Group Ltd. (Industrials)		2,298,848
	74,305	Coca-Cola Amatil Ltd. (Consumer Staples)		421,328
	38,543	Cochlear Ltd. (Health Care)		4,675,352
	282,175	Coles Group Ltd. (Consumer Staples)*		2,274,536
	124,441	Commonwealth Bank of Australia (Financials)		6,547,057
	48,928	Computershare Ltd. (Information Technology)		600,470
	56,755	Crown Resorts Ltd. (Consumer Discretionary)		462,736
	40,509	CSL Ltd. (Health Care)		5,584,189
	106,244	Dexus REIT (Real Estate)		908,559
	8,711	Domino’s Pizza Enterprises Ltd. (Consumer Discretionary)		255,644
	90,597	Flight Centre Travel Group Ltd. (Consumer Discretionary)		2,950,116
	60,508	Fortescue Metals Group Ltd. (Materials)		260,873
	119,869	Goodman Group REIT (Real Estate)		1,091,594
	233,958	GPT Group (The) REIT (Real Estate)		973,729
	160,064	Harvey Norman Holdings Ltd. (Consumer Discretionary)^(a)		409,959
	102,461	Insurance Australia Group Ltd. (Financials)		535,785
	24,469	Macquarie Group Ltd. (Financials)		2,239,426
	408,489	Medibank Pvt Ltd. (Financials)		825,359
	261,514	Mirvac Group REIT (Real Estate)		478,159
	125,984	National Australia Bank Ltd. (Financials)		2,252,435
	32,767	Newcrest Mining Ltd. (Materials)		566,950
	111,731	Oil Search Ltd. (Energy)		665,340
	198,800	Origin Energy Ltd. (Energy)*		1,040,971
	34,163	QBE Insurance Group Ltd. (Financials)		300,170
	7,808	Ramsay Health Care Ltd. (Health Care)		359,853
	23,830	REA Group Ltd. (Communication Services)		1,382,417


Common Stocks – (continued)
Australia – (continued)
	15,889	Rio Tinto Ltd. (Materials)		1,087,015
	60,000	Rio Tinto PLC (Materials)		3,460,389
	155,800	Santos Ltd. (Energy)		767,040
	200,905	Scentre Group REIT (Real Estate)		553,154
	38,664	Sonic Healthcare Ltd. (Health Care)		663,481
	1,065,162	South32 Ltd. (Materials)		2,963,036
	220,750	Stockland REIT (Real Estate)		549,684
	117,774	Suncorp Group Ltd. (Financials)		1,135,359
	60,555	Sydney Airport (Industrials)		310,189
	428,317	Telstra Corp. Ltd. (Communication Services)		953,793
	129,683	Transurban Group (Industrials)		1,150,519
	276,639	Vicinity Centres REIT (Real Estate)		484,165
	28,217	Washington H Soul Pattinson & Co. Ltd. (Energy)		590,807
	122,763	Wesfarmers Ltd. (Consumer Discretionary)		2,897,933
	188,455	Westpac Banking Corp. (Financials)		3,614,698
	46,396	Woodside Petroleum Ltd. (Energy)		1,196,556
	209,029	Woolworths Group Ltd. (Consumer Staples)		4,263,622

				88,080,105

Austria – 0.3%
	15,440	ANDRITZ AG (Industrials)		771,830
	9,646	Erste Group Bank AG (Financials)*		365,215
	15,444	OMV AG (Energy)		813,708
	64,178	Raiffeisen Bank International AG (Financials)		1,638,443
	14,264	Verbund AG (Utilities)		687,379

				4,276,575

Belgium – 0.7%
	25,139	Ageas (Financials)		1,240,356
	16,127	Anheuser-Busch InBev SA/NV (Consumer Staples)		1,258,840
	29,189	Colruyt SA (Consumer Staples)		2,083,993
	7,105	Groupe Bruxelles Lambert SA (Financials)		684,292
	12,970	KBC Group NV (Financials)		961,754
	14,037	Proximus SADP (Communication Services)		371,307
	6,545	Solvay SA (Materials)		733,504
	12,698	Telenet Group Holding NV (Communication Services)		573,742
	16,210	UCB SA (Health Care)		1,360,010

				9,267,798

Canada – 8.9%
	6,282	Agnico Eagle Mines Ltd. (Materials)		266,973
	38,843	Alimentation Couche-Tard, Inc., Class B (Consumer Staples)		2,187,536
	12,022	Atco Ltd., Class I (Utilities)		404,293
	37,202	Bank of Montreal (Financials)		2,898,762
	73,994	Bank of Nova Scotia (The) (Financials)		4,109,280
	31,509	Barrick Gold Corp. (Materials)		397,152


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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Schedule of Investments(continued)

February 28, 2019 (Unaudited)


Shares		Description	Value

Common Stocks – (continued)
Canada – (continued)
	15,643	BCE, Inc. (Communication Services)	$	695,086
	36,725	Brookfield Asset Management, Inc., Class A (Financials)^(a)		1,657,505
	33,794	CAE, Inc. (Industrials)		712,060
	103,402	Cameco Corp. (Energy)		1,198,898
	30,822	Canadian Imperial Bank of Commerce (Financials)^(a)		2,612,498
	27,754	Canadian National Railway Co. (Industrials)		2,379,637
	47,247	Canadian Natural Resources Ltd. (Energy)		1,340,997
	7,843	Canadian Pacific Railway Ltd. (Industrials)		1,619,338
	3,204	Canadian Tire Corp. Ltd., Class A (Consumer Discretionary)		353,243
	15,697	Canadian Utilities Ltd., Class A (Utilities)		417,037
	14,638	Canopy Growth Corp. (Health Care)*		693,332
	231,633	Cenovus Energy, Inc. (Energy)		2,121,104
	40,953	CGI, Inc. (Information Technology)*		2,743,571
	179,952	CI Financial Corp. (Financials)		2,541,463
	7,400	Constellation Software, Inc. (Information Technology)		6,314,049
	138,195	Dollarama, Inc. (Consumer Discretionary)		3,737,666
	17,625	Emera, Inc. (Utilities)		626,578
	235,474	Empire Co. Ltd., Class A (Consumer Staples)		5,465,786
	75,698	Enbridge, Inc. (Energy)		2,798,010
	1,568	Fairfax Financial Holdings Ltd. (Financials)		775,702
	41,987	Finning International, Inc. (Industrials)		782,036
	38,501	First Capital Realty, Inc. (Real Estate)		626,189
	33,320	Fortis, Inc. (Utilities)		1,200,481
	3,575	Franco-Nevada Corp. (Materials)		269,116
	54,090	George Weston Ltd. (Consumer Staples)		3,852,424
	14,514	Gildan Activewear, Inc. (Consumer Discretionary)		518,625
	48,784	Great-West Lifeco, Inc. (Financials)		1,120,884
	48,193	H&R Real Estate Investment Trust REIT (Real Estate)		831,027
	173,378	Husky Energy, Inc. (Energy)		1,925,983
	28,481	Hydro One Ltd. (Utilities)^(b)		446,570
	59,653	iA Financial Corp., Inc. (Financials)		2,286,925
	22,861	IGM Financial, Inc. (Financials)		596,782
	47,155	Imperial Oil Ltd. (Energy)		1,275,727
	10,872	Intact Financial Corp. (Financials)		908,064
	17,621	Inter Pipeline Ltd. (Energy)		283,113
	51,758	Loblaw Cos. Ltd. (Consumer Staples)		2,575,717
	32,920	Magna International, Inc. (Consumer Discretionary)		1,735,736
	106,454	Manulife Financial Corp. (Financials)^(a)		1,797,674
	6,142	Methanex Corp. (Materials)		345,435
	31,682	Metro, Inc. (Consumer Staples)		1,189,819
	34,945	National Bank of Canada (Financials)		1,647,483


Common Stocks – (continued)
Canada – (continued)
	13,670	Nutrien Ltd. (Materials)		743,494
	10,647	Onex Corp. (Financials)		639,871
	14,218	Open Text Corp. (Information Technology)		538,492
	30,613	Pembina Pipeline Corp. (Energy)		1,119,455
	129,111	Power Corp. of Canada (Financials)		2,753,780
	87,032	Power Financial Corp. (Financials)		1,940,873
	5,159	Restaurant Brands International, Inc. (Consumer Discretionary)		325,992
	33,789	RioCan Real Estate Investment Trust REIT (Real Estate)		644,993
	25,665	Rogers Communications, Inc., Class B (Communication Services)		1,416,934
	104,607	Royal Bank of Canada (Financials)		8,169,195
	59,616	Saputo, Inc. (Consumer Staples)		1,941,481
	20,275	Shaw Communications, Inc., Class B (Communication Services)		417,816
	7,993	Shopify, Inc., Class A (Information Technology)*		1,512,904
	26,998	SmartCentres Real Estate Investment Trust REIT (Real Estate)		692,067
	46,450	Sun Life Financial, Inc. (Financials)^(a)		1,757,129
	72,229	Suncor Energy, Inc. (Energy)		2,487,705
	126,976	Teck Resources Ltd., Class B (Materials)		2,843,221
	17,972	TELUS Corp. (Communication Services)		652,287
	13,766	Thomson Reuters Corp. (Industrials)		747,984
	121,432	Toronto-Dominion Bank (The) (Financials)		6,957,676
	20,776	TransCanada Corp. (Energy)		928,373
	31,528	West Fraser Timber Co. Ltd. (Materials)		1,550,546
	74,008	WSP Global, Inc. (Industrials)		3,916,186

				121,981,820

Chile – 0.0%
	59,706	Antofagasta PLC (Materials)		743,959

China – 0.1%
	291,019	BOC Hong Kong Holdings Ltd. (Financials)		1,216,008

Colombia – 0.0%
	5,422	Millicom International Cellular SA (Communication Services)		326,588

Denmark – 1.8%
	29,728	Carlsberg A/S, Class B (Consumer Staples)		3,605,126
	9,511	Chr Hansen Holding A/S (Materials)		969,927
	26,744	Coloplast A/S, Class B (Health Care)		2,668,563
	43,736	Danske Bank A/S (Financials)		871,075
	17,122	DSV A/S (Industrials)		1,425,723
	21,877	H Lundbeck A/S (Health Care)		1,001,648
	15,434	ISS A/S (Industrials)^(a)		482,173
	147,247	Novo Nordisk A/S, Class B (Health Care)		7,232,796


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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF


Shares		Description	Value

Common Stocks – (continued)
Denmark – (continued)
	11,824	Novozymes A/S, Class B (Materials)	$	537,397
	22,259	Orsted A/S (Utilities)^(b)		1,617,033
	22,560	Pandora A/S (Consumer Discretionary)		1,185,103
	43,449	Tryg A/S (Financials)		1,185,642
	10,724	Vestas Wind Systems A/S (Industrials)		893,626
	52,467	William Demant Holding A/S (Health Care)*		1,577,461

				25,253,293

Finland – 0.9%
	12,499	Elisa OYJ (Communication Services)		525,041
	51,617	Fortum OYJ (Utilities)^(a)		1,147,313
	13,739	Kone OYJ, Class B (Industrials)^(a)		672,249
	14,504	Neste OYJ (Energy)		1,395,578
	240,529	Nokia OYJ (Information Technology)		1,456,002
	76,178	Nordea Bank Abp (Financials)		691,244
	68,285	Orion OYJ, Class B (Health Care)		2,442,321
	22,851	Sampo OYJ, Class A (Financials)^(a)		1,101,185
	44,796	Stora Enso OYJ, Class R (Materials)		601,144
	63,420	UPM-Kymmene OYJ (Materials)		1,915,179
	17,279	Wartsila OYJ Abp (Industrials)		280,968

				12,228,224

France – 11.2%
	14,802	Accor SA (Consumer Discretionary)		625,659
	3,763	Aeroports de Paris (Industrials)		731,009
	18,555	Air Liquide SA (Materials)		2,316,750
	24,121	Airbus SE (Industrials)		3,120,205
	20,842	Alstom SA (Industrials)		907,068
	36,039	Arkema SA (Materials)		3,637,576
	62,345	Atos SE (Information Technology)		5,993,169
	172,390	AXA SA (Financials)		4,376,522
	18,053	BioMerieux (Health Care)		1,490,380
	85,591	BNP Paribas SA (Financials)		4,391,174
	66,468	Bollore SA (Industrials)		295,785
	11,394	Bouygues SA (Industrials)		431,397
	29,156	Bureau Veritas SA (Industrials)		697,863
	30,467	Capgemini SE (Information Technology)		3,649,682
	79,054	Carrefour SA (Consumer Staples)		1,620,339
	61,591	Casino Guichard Perrachon SA (Consumer Staples)		3,260,516
	28,715	Cie de Saint-Gobain (Industrials)		1,035,212
	8,310	Cie Generale des Etablissements Michelin (Consumer Discretionary)		998,305
	101,424	CNP Assurances (Financials)		2,346,789
	5,573	Covivio REIT (Real Estate)		564,792
	207,130	Credit Agricole SA (Financials)		2,649,169
	60,625	Danone SA (Consumer Staples)		4,579,007
	455	Dassault Aviation SA (Industrials)		766,801
	20,030	Dassault Systemes (Information Technology)		2,934,271
	19,349	Edenred (Industrials)		859,717
	27,109	Eiffage SA (Industrials)		2,647,946
	59,556	Electricite de France SA (Utilities)		866,016


Common Stocks – (continued)
France – (continued)
	99,797	Engie SA (Utilities)		1,505,715
	33,903	EssilorLuxottica SA (Consumer Discretionary)		4,109,541
	21,644	Eurazeo SE (Financials)		1,629,103
	18,012	Eutelsat Communications SA (Communication Services)		356,058
	10,596	Faurecia (Consumer Discretionary)		506,034
	4,625	Gecina SA REIT (Real Estate)		686,750
	43,687	Getlink SE (Industrials)		645,708
	10,507	Hermes International (Consumer Discretionary)		6,661,737
	7,909	ICADE REIT (Real Estate)		674,098
	7,011	Imerys SA (Materials)		399,012
	12,964	Ingenico Group SA (Information Technology)		871,260
	23,895	Ipsen SA (Health Care)		3,308,645
	4,972	Kering (Consumer Discretionary)		2,718,143
	17,399	Klepierre SA REIT (Real Estate)		608,038
	16,598	Legrand SA (Industrials)		1,096,209
	27,584	L’Oreal SA (Consumer Staples)		6,969,861
	22,266	LVMH Moet Hennessy Louis Vuitton SE (Consumer Discretionary)		7,657,001
	256,319	Natixis SA (Financials)		1,410,319
	71,453	Orange SA (Communication Services)		1,093,526
	13,598	Pernod Ricard SA (Consumer Staples)		2,344,285
	164,220	Peugeot SA (Consumer Discretionary)		4,181,262
	23,612	Publicis Groupe SA (Communication Services)		1,310,203
	5,417	Remy Cointreau SA (Consumer Staples)		706,275
	220,984	Rexel SA (Industrials)		2,757,915
	23,211	Safran SA (Industrials)		3,169,002
	80,901	Sanofi (Health Care)		6,770,968
	6,588	Sartorius Stedim Biotech (Health Care)		776,432
	30,277	Schneider Electric SE (Industrials)		2,358,878
	17,445	SCOR SE (Financials)		786,441
	17,806	SEB SA (Consumer Discretionary)		3,069,741
	13,417	Societe BIC SA (Industrials)		1,270,361
	67,468	Societe Generale SA (Financials)		2,074,298
	5,431	Sodexo SA (Consumer Discretionary)^(a)		597,278
	27,373	Suez (Utilities)		350,191
	6,816	Teleperformance (Industrials)		1,218,537
	11,902	Thales SA (Industrials)		1,467,092
	133,578	TOTAL SA (Energy)^(a)		7,603,746
	35,313	Ubisoft Entertainment SA (Communication Services)*		2,553,394
	3,371	Unibail-Rodamco-Westfield REIT (Real Estate)		545,076
	11,873	Valeo SA (Consumer Discretionary)		375,174
	37,952	Veolia Environnement SA (Utilities)		834,068
	37,537	Vinci SA (Industrials)		3,587,026
	42,347	Vivendi SA (Communication Services)		1,239,268
	3,277	Wendel SA (Financials)		413,826

				153,060,614


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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Schedule of Investments(continued)

February 28, 2019 (Unaudited)


Shares		Description	Value

Common Stocks – (continued)
Germany – 7.1%
	28,589	adidas AG (Consumer Discretionary)	$	6,953,601
	32,503	Allianz SE (Financials)		7,239,388
	132,891	Aroundtown SA (Real Estate)		1,119,791
	14,550	Axel Springer SE (Communication Services)		830,890
	44,657	BASF SE (Materials)		3,406,505
	64,929	Bayer AG (Health Care)		5,196,130
	6,655	Bayerische Motoren Werke AG (Consumer Discretionary)		563,125
	31,402	Beiersdorf AG (Consumer Staples)		2,916,380
	13,286	Brenntag AG (Industrials)		659,615
	4,918	Continental AG (Consumer Discretionary)		806,419
	42,474	Covestro AG (Materials)^(b)		2,425,029
	17,567	Daimler AG (Consumer Discretionary)		1,053,387
	26,704	Deutsche Boerse AG (Financials)		3,378,313
	124,151	Deutsche Lufthansa AG (Industrials)		3,173,775
	142,749	Deutsche Post AG (Industrials)		4,440,821
	188,686	Deutsche Telekom AG (Communication Services)		3,112,201
	34,313	Deutsche Wohnen SE (Real Estate)		1,601,961
	123,457	E.ON SE (Utilities)		1,361,523
	17,491	Evonik Industries AG (Materials)		492,946
	6,657	Fraport AG Frankfurt Airport Services Worldwide (Industrials)		535,323
	11,454	Fresenius Medical Care AG & Co KGaA (Health Care)		898,379
	31,275	Fresenius SE & Co KGaA (Health Care)		1,760,344
	8,828	Hannover Rueck SE (Financials)		1,316,871
	19,309	HeidelbergCement AG (Materials)		1,421,251
	12,524	Henkel AG & Co KGaA (Consumer Staples)		1,177,966
	7,632	HOCHTIEF AG (Industrials)		1,211,464
	38,191	HUGO BOSS AG (Consumer Discretionary)		2,827,597
	55,266	Infineon Technologies AG (Information Technology)		1,214,891
	27,756	Innogy SE (Utilities)^(b)		1,284,459
	9,899	KION Group AG (Industrials)		564,952
	23,818	Merck KGaA (Health Care)		2,462,096
	5,627	MTU Aero Engines AG (Industrials)		1,207,808
	8,065	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Financials)		1,901,928
	11,221	OSRAM Licht AG (Industrials)^(a)		486,817
	34,455	ProSiebenSat.1 Media SE (Communication Services)		629,312
	4,247	Puma SE (Consumer Discretionary)		2,396,268
	174,559	RWE AG (Utilities)		4,265,613
	59,681	SAP SE (Information Technology)		6,401,718
	36,857	Siemens AG (Industrials)		4,034,488
	10,580	Symrise AG (Materials)		933,437
	158,838	Telefonica Deutschland Holding AG (Communication Services)		521,988
	63,161	Uniper SE (Utilities)		1,841,909


Common Stocks – (continued)
Germany – (continued)
	34,487	Vonovia SE (Real Estate)		1,674,488
	10,045	Wirecard AG (Information Technology)^(a)		1,378,309
	50,109	Zalando SE (Consumer Discretionary)*^(b)		1,848,716

				96,930,192

Hong Kong – 3.2%
	673,316	AIA Group Ltd. (Financials)		6,733,332
	59,717	ASM Pacific Technology Ltd. (Information Technology)		632,560
	122,974	Bank of East Asia Ltd. (The) (Financials)^(a)		428,462
	125,467	CK Asset Holdings Ltd. (Real Estate)		1,041,323
	222,610	CK Hutchison Holdings Ltd. (Industrials)		2,369,368
	50,399	CK Infrastructure Holdings Ltd. (Utilities)		420,216
	114,072	CLP Holdings Ltd. (Utilities)		1,351,461
	283,237	Dairy Farm International Holdings Ltd. (Consumer Staples)		2,532,139
	122,973	Hang Lung Group Ltd. (Real Estate)		386,161
	154,256	Hang Lung Properties Ltd. (Real Estate)		364,329
	70,717	Hang Seng Bank Ltd. (Financials)		1,752,205
	69,343	Henderson Land Development Co. Ltd. (Real Estate)		392,217
	684,014	HK Electric Investments & HK Electric Investments Ltd. (Utilities)		712,787
	598,106	HKT Trust & HKT Ltd. (Communication Services)		934,136
	758,668	Hong Kong & China Gas Co. Ltd. (Utilities)		1,757,062
	111,719	Hong Kong Exchanges & Clearing Ltd. (Financials)		3,851,201
	63,660	Hongkong Land Holdings Ltd. (Real Estate)		456,442
	11,987	Jardine Matheson Holdings Ltd. (Industrials)		821,829
	19,242	Jardine Strategic Holdings Ltd. (Industrials)		760,059
	436,212	Kerry Properties Ltd. (Real Estate)		1,822,690
	123,746	Link REIT REIT (Real Estate)		1,399,075
	130,183	MTR Corp. Ltd. (Industrials)		747,949
	227,747	New World Development Co. Ltd. (Real Estate)		363,824
	342,754	NWS Holdings Ltd. (Industrials)		829,617
	3,436,455	PCCW Ltd. (Communication Services)		2,066,303
	55,812	Power Assets Holdings Ltd. (Utilities)		387,494
	296,131	Shangri-La Asia Ltd. (Consumer Discretionary)		421,007
	144,103	Sino Land Co. Ltd. (Real Estate)		268,387
	58,942	Sun Hung Kai Properties Ltd. (Real Estate)		976,134


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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF


Shares		Description	Value

Common Stocks – (continued)
Hong Kong – (continued)
	121,459	Swire Pacific Ltd., Class A (Real Estate)	$	1,444,393
	124,182	Swire Properties Ltd. (Real Estate)		498,323
	189,172	Techtronic Industries Co. Ltd. (Consumer Discretionary)		1,263,990
	2,637,940	WH Group Ltd. (Consumer Staples)^(b)		2,342,282
	49,956	Wharf Real Estate Investment Co. Ltd. (Real Estate)		350,974
	59,163	Wheelock & Co. Ltd. (Real Estate)		400,585

				43,280,316

Ireland – 0.3%
	9,277	AerCap Holdings NV (Industrials)*		418,764
	45,201	CRH PLC (Materials)		1,432,936
	51,544	James Hardie Industries PLC CDI (Materials)		646,876
	12,550	Kerry Group PLC, Class A (Consumer Staples)		1,293,308

				3,791,884

Israel – 1.0%
	4,912	Azrieli Group Ltd. (Real Estate)		275,077
	96,057	Bank Hapoalim BM (Financials)		661,475
	272,002	Bank Leumi Le-Israel BM (Financials)		1,799,508
	784,013	Bezeq The Israeli Telecommunication Corp. Ltd. (Communication Services)		687,687
	10,395	Check Point Software Technologies Ltd. (Information Technology)*		1,271,309
	132,498	Israel Chemicals Ltd. (Materials)		742,368
	41,439	Mizrahi Tefahot Bank Ltd. (Financials)		793,976
	19,585	Nice Ltd. (Information Technology)*		2,302,750
	239,449	Teva Pharmaceutical Industries Ltd. ADR (Health Care)*		4,029,927
	7,089	Wix.com Ltd. (Information Technology)*		774,473

				13,338,550

Italy – 2.4%
	155,159	Assicurazioni Generali SpA (Financials)		2,772,987
	103,430	Davide Campari-Milano SpA (Consumer Staples)		987,550
	411,402	Enel SpA (Utilities)		2,492,227
	190,545	Eni SpA (Energy)		3,290,623
	23,268	Ferrari NV (Consumer Discretionary)		2,997,942
	1,044,989	Intesa Sanpaolo SpA (Financials)		2,580,957
	264,555	Leonardo SpA (Industrials)		2,670,873
	35,470	Mediobanca Banca di Credito Finanziario SpA (Financials)		356,318
	78,480	Moncler SpA (Consumer Discretionary)		3,013,395


Common Stocks – (continued)
Italy – (continued)
	164,133	Poste Italiane SpA (Financials)^(b)		1,482,104
	38,561	Prysmian SpA (Industrials)		788,174
	41,211	Recordati SpA (Health Care)		1,551,876
	250,110	Snam SpA (Energy)		1,237,458
	2,770,458	Telecom Italia SpA (Communication Services)*		1,690,300
	3,386,748	Telecom Italia SpA-RSP (Communication Services)		1,847,645
	183,781	Terna Rete Elettrica Nazionale SpA (Utilities)		1,144,297
	111,573	UniCredit SpA (Financials)		1,520,259

				32,424,985

Japan – 21.0%
	15,163	ABC-Mart, Inc. (Consumer Discretionary)		869,026
	61,836	Aeon Co. Ltd. (Consumer Staples)		1,303,155
	22,272	Ajinomoto Co., Inc. (Consumer Staples)		336,921
	88,425	Alfresa Holdings Corp. (Health Care)		2,561,720
	21,624	ANA Holdings, Inc. (Industrials)		802,644
	14,663	Aozora Bank Ltd. (Financials)		422,819
	40,769	Asahi Group Holdings Ltd. (Consumer Staples)		1,760,480
	5,366	Asahi Intecc Co. Ltd. (Health Care)		257,888
	63,309	Asics Corp. (Consumer Discretionary)		842,831
	247,621	Astellas Pharma, Inc. (Health Care)		3,822,644
	59,066	Bandai Namco Holdings, Inc. (Consumer Discretionary)		2,515,027
	19,629	Benesse Holdings, Inc. (Consumer Discretionary)		533,397
	39,476	Bridgestone Corp. (Consumer Discretionary)		1,557,834
	99,330	Brother Industries Ltd. (Information Technology)		1,815,815
	73,849	Calbee, Inc. (Consumer Staples)		2,046,570
	79,467	Canon, Inc. (Information Technology)		2,285,069
	28,931	Casio Computer Co. Ltd. (Consumer Discretionary)		392,694
	7,976	Central Japan Railway Co. (Industrials)		1,789,441
	73,868	Chubu Electric Power Co., Inc. (Utilities)		1,162,897
	14,190	Chugai Pharmaceutical Co. Ltd. (Health Care)		964,951
	66,413	Chugoku Electric Power Co., Inc. (The) (Utilities)^(a)		863,274
	45,324	Coca-Cola Bottlers Japan Holdings, Inc. (Consumer Staples)		1,167,708
	34,340	CyberAgent, Inc. (Communication Services)		1,068,883
	32,214	Dai Nippon Printing Co. Ltd. (Industrials)		746,027


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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Schedule of Investments(continued)

February 28, 2019 (Unaudited)


Shares		Description	Value

Common Stocks – (continued)
Japan – (continued)
	43,258	Dai-ichi Life Holdings, Inc. (Financials)	$	654,971
	40,325	Daiichi Sankyo Co. Ltd. (Health Care)		1,509,471
	13,783	Daikin Industries Ltd. (Industrials)		1,496,914
	12,840	Daito Trust Construction Co. Ltd. (Real Estate)		1,780,322
	30,701	Daiwa House Industry Co. Ltd. (Real Estate)		950,098
	289	Daiwa House REIT Investment Corp. REIT (Real Estate)		644,876
	55,075	Daiwa Securities Group, Inc. (Financials)		279,778
	30,331	DeNA Co. Ltd. (Communication Services)		467,281
	13,707	Denso Corp. (Consumer Discretionary)		588,815
	6,164	Dentsu, Inc. (Communication Services)		257,479
	3,294	Disco Corp. (Information Technology)		453,916
	8,685	East Japan Railway Co. (Industrials)		831,675
	18,401	Eisai Co. Ltd. (Health Care)		1,519,917
	30,386	Electric Power Development Co. Ltd. (Utilities)		759,923
	37,973	FamilyMart UNY Holdings Co. Ltd. (Consumer Staples)^(a)		1,083,042
	9,049	Fast Retailing Co. Ltd. (Consumer Discretionary)		4,239,991
	52,221	FUJIFILM Holdings Corp. (Information Technology)		2,341,313
	35,915	Fujitsu Ltd. (Information Technology)		2,422,617
	36,001	Hakuhodo DY Holdings, Inc. (Communication Services)		552,046
	16,729	Hamamatsu Photonics KK (Information Technology)		589,092
	17,497	Hankyu Hanshin Holdings, Inc. (Industrials)		634,997
	5,709	Hikari Tsushin, Inc. (Consumer Discretionary)		1,023,128
	37,281	Hitachi Ltd. (Information Technology)		1,116,889
	156,161	Honda Motor Co. Ltd. (Consumer Discretionary)		4,423,065
	63,988	Hoya Corp. (Health Care)		3,911,591
	22,700	Iida Group Holdings Co. Ltd. (Consumer Discretionary)		414,766
	49,372	Isetan Mitsukoshi Holdings Ltd. (Consumer Discretionary)		490,527
	164,499	ITOCHU Corp. (Industrials)		2,952,470
	29,098	Japan Airlines Co. Ltd. (Industrials)		1,062,553
	12,337	Japan Airport Terminal Co. Ltd. (Industrials)		489,845
	24,463	Japan Exchange Group, Inc. (Financials)		431,816
	33,007	Japan Post Bank Co. Ltd. (Financials)		368,556
	90,922	Japan Post Holdings Co. Ltd. (Financials)		1,106,713
	221	Japan Prime Realty Investment Corp. REIT (Real Estate)		867,562


Common Stocks – (continued)
Japan – (continued)
	177	Japan Real Estate Investment Corp. REIT (Real Estate)		1,025,557
	318	Japan Retail Fund Investment Corp. REIT (Real Estate)		641,028
	41,674	Japan Tobacco, Inc. (Consumer Staples)		1,060,568
	56,243	Kajima Corp. (Industrials)		832,631
	181,293	Kakaku.com, Inc. (Communication Services)		3,486,780
	38,408	Kamigumi Co. Ltd. (Industrials)		890,505
	137,524	Kansai Electric Power Co., Inc. (The) (Utilities)		2,057,548
	53,044	Kao Corp. (Consumer Staples)		4,014,038
	83,703	KDDI Corp. (Communication Services)		2,021,519
	23,829	Keihan Holdings Co. Ltd. (Industrials)		986,810
	18,212	Keikyu Corp. (Industrials)		302,006
	14,485	Keio Corp. (Industrials)		850,987
	12,884	Keisei Electric Railway Co. Ltd. (Industrials)		439,806
	3,470	Keyence Corp. (Information Technology)		2,023,959
	32,732	Kikkoman Corp. (Consumer Staples)		1,628,955
	20,274	Kintetsu Group Holdings Co. Ltd. (Industrials)		916,082
	71,915	Kirin Holdings Co. Ltd. (Consumer Staples)		1,607,945
	8,557	Kobayashi Pharmaceutical Co. Ltd. (Consumer Staples)		690,279
	233,391	Konica Minolta, Inc. (Information Technology)		2,264,304
	23,644	Kose Corp. (Consumer Staples)		3,827,388
	54,440	Kyushu Electric Power Co., Inc. (Utilities)		647,490
	22,250	Kyushu Railway Co. (Industrials)		761,521
	33,933	Lawson, Inc. (Consumer Staples)^(a)		2,057,562
	40,000	LINE Corp. (Communication Services)*^(a)		1,476,824
	127,041	Lion Corp. (Consumer Staples)		2,605,413
	127,667	M3, Inc. (Health Care)		2,117,079
	295,031	Marubeni Corp. (Industrials)		2,106,191
	21,015	Marui Group Co. Ltd. (Consumer Discretionary)		369,820
	16,366	Maruichi Steel Tube Ltd. (Materials)		492,509
	213,759	Mazda Motor Corp. (Consumer Discretionary)		2,510,689
	16,012	McDonald’s Holdings Co. Japan Ltd. (Consumer Discretionary)		717,750
	145,978	Medipal Holdings Corp. (Health Care)		3,404,230
	28,725	MEIJI Holdings Co. Ltd. (Consumer Staples)		2,275,912
	70,188	MISUMI Group, Inc. (Industrials)		1,702,998
	288,165	Mitsubishi Chemical Holdings Corp. (Materials)		2,127,585
	116,054	Mitsubishi Corp. (Industrials)		3,272,489
	79,440	Mitsubishi Electric Corp. (Industrials)		994,784


50		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)
	40,729	Mitsubishi Estate Co. Ltd. (Real Estate)	$	699,915
	39,435	Mitsubishi Heavy Industries Ltd. (Industrials)		1,605,102
	569,886	Mitsubishi UFJ Financial Group, Inc. (Financials)		2,952,329
	290,043	Mitsubishi UFJ Lease & Finance Co. Ltd. (Financials)		1,477,312
	60,697	Mitsui & Co. Ltd. (Industrials)		954,184
	13,357	Mitsui Fudosan Co. Ltd. (Real Estate)		316,467
	1,574,220	Mizuho Financial Group, Inc. (Financials)		2,477,572
	77,754	MonotaRO Co. Ltd. (Industrials)		1,834,190
	18,895	MS&AD Insurance Group Holdings, Inc. (Financials)		567,427
	5,822	Murata Manufacturing Co. Ltd. (Information Technology)		906,092
	42,408	Nagoya Railroad Co. Ltd. (Industrials)		1,167,630
	100,281	NEC Corp. (Information Technology)		3,346,604
	19,941	NGK Spark Plug Co. Ltd. (Consumer Discretionary)		423,827
	10,623	NH Foods Ltd. (Consumer Staples)		387,913
	3,073	Nidec Corp. (Industrials)		371,979
	96,133	Nikon Corp. (Consumer Discretionary)		1,455,985
	172	Nippon Building Fund, Inc. REIT (Real Estate)		1,120,194
	39,400	Nippon Electric Glass Co. Ltd. (Information Technology)		1,065,343
	321	Nippon Prologis REIT, Inc. REIT (Real Estate)		682,832
	17,239	Nippon Steel & Sumitomo Metal Corp. (Materials)		310,262
	87,975	Nippon Telegraph & Telephone Corp. (Communication Services)		3,794,179
	14,320	Nissan Chemical Corp. (Materials)		722,946
	97,946	Nissan Motor Co. Ltd. (Consumer Discretionary)		846,777
	36,997	Nisshin Seifun Group, Inc. (Consumer Staples)		793,647
	10,501	Nissin Foods Holdings Co. Ltd. (Consumer Staples)		729,184
	22,670	Nitori Holdings Co. Ltd. (Consumer Discretionary)		2,827,641
	71,577	Nomura Holdings, Inc. (Financials)		276,869
	522	Nomura Real Estate Master Fund, Inc. REIT (Real Estate)		715,570
	116,099	NTT Data Corp. (Information Technology)		1,269,246
	91,858	NTT DOCOMO, Inc. (Communication Services)		2,138,430
	9,622	Obic Co. Ltd. (Information Technology)		918,809


Common Stocks – (continued)
Japan – (continued)
	22,993	Odakyu Electric Railway Co. Ltd. (Industrials)		537,233
	167,269	Oji Holdings Corp. (Materials)		994,719
	40,787	Olympus Corp. (Health Care)		1,804,491
	33,442	Omron Corp. (Information Technology)		1,443,486
	17,505	Ono Pharmaceutical Co. Ltd. (Health Care)		359,865
	6,042	Oracle Corp. Japan (Information Technology)		451,033
	16,752	Oriental Land Co. Ltd. (Consumer Discretionary)		1,840,433
	83,567	ORIX Corp. (Financials)		1,210,115
	45,600	Osaka Gas Co. Ltd. (Utilities)		933,956
	14,964	Otsuka Corp. (Information Technology)		538,365
	19,112	Otsuka Holdings Co. Ltd. (Health Care)		796,963
	113,327	Panasonic Corp. (Consumer Discretionary)		1,043,480
	15,310	Park24 Co. Ltd. (Industrials)		367,759
	64,049	Persol Holdings Co. Ltd. (Industrials)		1,097,786
	25,790	Pigeon Corp. (Consumer Staples)		1,051,802
	101,926	Pola Orbis Holdings, Inc. (Consumer Staples)		2,861,290
	200,372	Recruit Holdings Co. Ltd. (Industrials)		5,605,088
	159,180	Resona Holdings, Inc. (Financials)		719,685
	58,160	Ricoh Co. Ltd. (Information Technology)		590,377
	4,315	Rinnai Corp. (Consumer Discretionary)		290,328
	10,411	Ryohin Keikaku Co. Ltd. (Consumer Discretionary)^(a)		2,470,882
	11,338	Sankyo Co. Ltd. (Consumer Discretionary)		417,587
	13,257	SBI Holdings, Inc. (Financials)		279,145
	15,356	Secom Co. Ltd. (Industrials)		1,327,028
	52,447	Sekisui Chemical Co. Ltd. (Consumer Discretionary)		823,077
	26,805	Sekisui House Ltd. (Consumer Discretionary)		402,966
	49,904	Seven & i Holdings Co. Ltd. (Consumer Staples)		2,193,947
	22,573	SG Holdings Co. Ltd. (Industrials)		661,049
	28,269	Shimadzu Corp. (Information Technology)		697,075
	9,551	Shimamura Co. Ltd. (Consumer Discretionary)^(a)		807,356
	3,163	Shimano, Inc. (Consumer Discretionary)		480,474
	34,618	Shinsei Bank Ltd. (Financials)		475,484
	23,725	Shionogi & Co. Ltd. (Health Care)		1,516,593
	75,537	Shiseido Co. Ltd. (Consumer Staples)		4,986,039
	15,734	Showa Denko KK (Materials)		585,855
	91,404	Showa Shell Sekiyu KK (Energy)		1,371,224
	19,126	SoftBank Group Corp. (Communication Services)		1,766,217


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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Schedule of Investments(continued)

February 28, 2019 (Unaudited)


Shares		Description	Value

Common Stocks – (continued)
Japan – (continued)
	69,980	Sony Corp. (Consumer Discretionary)	$	3,357,556
	14,449	Sony Financial Holdings, Inc. (Financials)		273,223
	17,811	Stanley Electric Co. Ltd. (Consumer Discretionary)		511,994
	18,229	Subaru Corp. (Consumer Discretionary)		462,848
	24,388	SUMCO Corp. (Information Technology)		309,560
	45,512	Sumitomo Corp. (Industrials)		654,347
	58,818	Sumitomo Dainippon Pharma Co. Ltd. (Health Care)		1,451,429
	29,411	Sumitomo Electric Industries Ltd. (Consumer Discretionary)		409,249
	8,606	Sumitomo Heavy Industries Ltd. (Industrials)		294,546
	85,113	Sumitomo Mitsui Financial Group, Inc. (Financials)		3,013,973
	22,641	Sumitomo Mitsui Trust Holdings, Inc. (Financials)		858,088
	23,485	Sumitomo Realty & Development Co. Ltd. (Real Estate)		878,472
	37,860	Sumitomo Rubber Industries Ltd. (Consumer Discretionary)		486,684
	40,859	Sundrug Co. Ltd. (Consumer Staples)		1,251,610
	36,567	Suntory Beverage & Food Ltd. (Consumer Staples)		1,612,864
	63,807	Suzuken Co. Ltd. (Health Care)		3,496,431
	19,098	Suzuki Motor Corp. (Consumer Discretionary)		978,061
	38,968	Sysmex Corp. (Health Care)		2,345,011
	11,946	Taiheiyo Cement Corp. (Materials)		408,323
	7,103	Taisho Pharmaceutical Holdings Co. Ltd. (Health Care)		719,105
	28,969	Taiyo Nippon Sanso Corp. (Materials)		409,345
	16,302	Takeda Pharmaceutical Co. Ltd. (Health Care)		654,452
	36,772	Teijin Ltd. (Materials)		616,721
	19,747	Terumo Corp. (Health Care)		1,209,796
	23,042	Tobu Railway Co. Ltd. (Industrials)		643,735
	14,002	Toho Co. Ltd. (Communication Services)		500,611
	13,037	Toho Gas Co. Ltd. (Utilities)		592,591
	47,352	Tohoku Electric Power Co., Inc. (Utilities)		621,038
	33,678	Tokio Marine Holdings, Inc. (Financials)		1,641,545
	9,361	Tokyo Century Corp. (Financials)		417,511
	601,992	Tokyo Electric Power Co. Holdings, Inc. (Utilities)*		3,752,986
	13,484	Tokyo Electron Ltd. (Information Technology)		1,835,093
	18,050	Tokyo Gas Co. Ltd. (Utilities)		496,975
	43,427	Tokyu Corp. (Industrials)		736,137
	106,479	Tokyu Fudosan Holdings Corp. (Real Estate)		588,255


Common Stocks – (continued)
Japan – (continued)
	31,848	Toppan Printing Co. Ltd. (Industrials)		506,959
	73,940	Toray Industries, Inc. (Materials)		515,096
	16,545	Toshiba Corp. (Industrials)		518,703
	44,665	Tosoh Corp. (Materials)		659,222
	12,713	TOTO Ltd. (Industrials)		481,363
	31,933	Toyo Seikan Group Holdings Ltd. (Materials)		674,976
	15,026	Toyo Suisan Kaisha Ltd. (Consumer Staples)		557,468
	91,327	Toyota Motor Corp. (Consumer Discretionary)		5,494,223
	24,561	Toyota Tsusho Corp. (Industrials)		779,942
	9,477	Trend Micro, Inc. (Information Technology)		467,380
	12,949	Tsuruha Holdings, Inc. (Consumer Staples)		1,146,938
	45,634	Unicharm Corp. (Consumer Staples)		1,453,221
	458	United Urban Investment Corp. REIT (Real Estate)		710,122
	24,156	USS Co. Ltd. (Consumer Discretionary)		440,068
	40,312	Welcia Holdings Co. Ltd. (Consumer Staples)		1,430,402
	13,787	West Japan Railway Co. (Industrials)		1,039,227
	9,310	Yakult Honsha Co. Ltd. (Consumer Staples)		624,737
	357,785	Yamada Denki Co. Ltd. (Consumer Discretionary)		1,729,144
	38,064	Yamaguchi Financial Group, Inc. (Financials)		354,927
	11,412	Yamaha Corp. (Consumer Discretionary)		561,784
	21,733	Yamato Holdings Co. Ltd. (Industrials)		565,972
	143,913	Yamazaki Baking Co. Ltd. (Consumer Staples)		2,464,051
	22,423	Yaskawa Electric Corp. (Information Technology)^(a)		637,521
	34,077	Yokogawa Electric Corp. (Information Technology)		656,316
	45,009	Yokohama Rubber Co. Ltd. (The) (Consumer Discretionary)		918,213
	133,506	ZOZO, Inc. (Consumer Discretionary)		2,513,731

				287,165,851

Luxembourg – 0.4%
	137,332	ArcelorMittal (Materials)		3,160,440
	25,585	RTL Group SA (Communication Services)		1,444,447
	26,246	SES SA (Communication Services)		527,942

				5,132,829

Macau – 0.2%
	46,126	Galaxy Entertainment Group Ltd. (Consumer Discretionary)		327,591


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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF


Shares		Description	Value

Common Stocks – (continued)
Macau – (continued)
	70,926	Sands China Ltd. (Consumer Discretionary)	$	354,187
	2,037,930	SJM Holdings Ltd. (Consumer Discretionary)		2,297,597
	210,457	Wynn Macau Ltd. (Consumer Discretionary)		520,124

				3,499,499

Netherlands – 4.0%
	35,882	ABN AMRO Group NV (Financials)^(b)		871,111
	330,587	Aegon NV (Financials)		1,779,806
	10,470	Akzo Nobel NV (Materials)		950,557
	17,330	ASML Holding NV (Information Technology)		3,179,491
	32,982	EXOR NV (Financials)		2,031,813
	37,458	Heineken Holding NV (Consumer Staples)		3,627,675
	19,538	Heineken NV (Consumer Staples)		1,971,167
	213,448	ING Groep NV (Financials)		2,827,197
	213,086	Koninklijke Ahold Delhaize NV (Consumer Staples)		5,501,888
	14,074	Koninklijke DSM NV (Materials)		1,512,861
	205,337	Koninklijke KPN NV (Communication Services)		634,113
	88,691	Koninklijke Philips NV (Health Care)		3,534,737
	13,231	Koninklijke Vopak NV (Energy)		647,694
	70,476	NN Group NV (Financials)		3,073,616
	28,626	NXP Semiconductors NV (Information Technology)		2,614,126
	37,961	Randstad NV (Industrials)		2,029,471
	261,119	Royal Dutch Shell PLC, Class A (Energy)		8,160,153
	215,619	Royal Dutch Shell PLC, Class B (Energy)		6,781,265
	47,960	Wolters Kluwer NV (Industrials)		3,166,408

				54,895,149

New Zealand – 0.3%
	113,374	a2 Milk Co. Ltd. (Consumer Staples)*		1,105,654
	61,677	Auckland International Airport Ltd. (Industrials)		326,595
	111,249	Fisher & Paykel Healthcare Corp. Ltd. (Health Care)		1,114,498
	250,868	Meridian Energy Ltd. (Utilities)		630,867
	250,076	Spark New Zealand Ltd. (Communication Services)		635,692

				3,813,306

Norway – 0.7%
	22,336	Aker BP ASA (Energy)^(a)		757,914
	36,464	DNB ASA (Financials)		699,721
	78,251	Equinor ASA (Energy)		1,761,160
	45,659	Gjensidige Forsikring ASA (Financials)		819,537


Common Stocks – (continued)
Norway – (continued)
	73,688	Mowi ASA (Consumer Staples)^(a)		1,702,005
	65,171	Orkla ASA (Consumer Staples)		514,115
	76,417	Schibsted ASA, Class B (Communication Services)		2,834,432
	45,028	Telenor ASA (Communication Services)		879,074

				9,967,958

Portugal – 0.4%
	806,643	EDP – Energias de Portugal SA (Utilities)		2,962,243
	41,854	Galp Energia SGPS SA (Energy)		687,722
	132,922	Jeronimo Martins SGPS SA (Consumer Staples)^(a)		2,005,498

				5,655,463

Singapore – 1.5%
	222,333	Ascendas Real Estate Investment Trust REIT (Real Estate)		460,725
	383,783	CapitaLand Commercial Trust REIT (Real Estate)		551,021
	393,208	CapitaLand Mall Trust REIT (Real Estate)		698,416
	56,254	City Developments Ltd. (Real Estate)		371,363
	226,629	ComfortDelGro Corp. Ltd. (Industrials)		400,861
	182,377	DBS Group Holdings Ltd. (Financials)		3,352,756
	11,688,937	Golden Agri-Resources Ltd. (Consumer Staples)		2,378,965
	56,744	Jardine Cycle & Carriage Ltd. (Consumer Discretionary)		1,400,122
	416,619	Oversea-Chinese Banking Corp. Ltd. (Financials)		3,410,158
	629,739	Singapore Exchange Ltd. (Financials)		3,653,903
	98,827	Singapore Technologies Engineering Ltd. (Industrials)		273,544
	219,408	Singapore Telecommunications Ltd. (Communication Services)		490,388
	234,522	Suntec Real Estate Investment Trust REIT (Real Estate)		334,982
	117,777	United Overseas Bank Ltd. (Financials)		2,180,862
	102,030	UOL Group Ltd. (Real Estate)		500,636
	39,319	Venture Corp. Ltd. (Information Technology)		517,968

				20,976,670

South Africa – 0.4%
	167,867	Anglo American PLC (Materials)		4,473,414
	107,619	Investec PLC (Financials)		705,414

				5,178,828

Spain – 2.6%
	73,317	ACS Actividades de Construccion y Servicios SA (Industrials)		3,254,289


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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Schedule of Investments(continued)

February 28, 2019 (Unaudited)


Shares		Description	Value

Common Stocks – (continued)
Spain – (continued)
	8,583	Aena SME SA (Industrials)^(b)	$	1,533,457
	65,795	Amadeus IT Group SA (Information Technology)		4,959,757
	269,510	Banco Bilbao Vizcaya Argentaria SA (Financials)		1,679,922
	911,629	Banco Santander SA (Financials)		4,459,559
	47,708	Bankinter SA (Financials)		392,336
	35,385	Enagas SA (Energy)		1,009,338
	46,011	Endesa SA (Utilities)		1,160,499
	41,313	Ferrovial SA (Industrials)		953,094
	309,341	Iberdrola SA (Utilities)		2,589,718
	139,223	Industria de Diseno Textil SA (Consumer Discretionary)		4,207,474
	498,025	Mapfre SA (Financials)		1,408,680
	45,030	Naturgy Energy Group SA (Utilities)		1,223,951
	52,447	Red Electrica Corp. SA (Utilities)		1,134,707
	256,903	Repsol SA (Energy)		4,424,601
	164,707	Telefonica SA (Communication Services)		1,423,332

				35,814,714

Sweden – 2.1%
	33,293	Alfa Laval AB (Industrials)		728,567
	40,080	Assa Abloy AB, Class B (Industrials)		829,545
	58,562	Atlas Copco AB, Class A (Industrials)		1,587,652
	23,795	Atlas Copco AB, Class B (Industrials)		597,537
	21,037	Boliden AB (Materials)		576,024
	30,154	Electrolux AB, Series B (Consumer Discretionary)		789,563
	58,573	Epiroc AB, Class A (Industrials)*		588,414
	23,080	Essity AB, Class B (Consumer Staples)		644,341
	197,523	Hennes & Mauritz AB, Class B (Consumer Discretionary)^(a)		2,991,080
	17,598	Hexagon AB, Class B (Information Technology)		926,160
	45,492	Husqvarna AB, Class B (Consumer Discretionary)		373,075
	18,528	ICA Gruppen AB (Consumer Staples)^(a)		712,561
	24,053	Industrivarden AB, Class C (Financials)		501,218
	25,539	Investor AB, Class B (Financials)		1,141,283
	19,359	Kinnevik AB, Class B (Financials)		490,754
	15,651	L E Lundbergforetagen AB, Class B (Financials)		482,889
	23,353	Lundin Petroleum AB (Energy)		764,038
	77,399	Sandvik AB (Industrials)		1,272,417
	129,666	Securitas AB, Class B (Industrials)		2,034,745
	85,238	Skandinaviska Enskilda Banken AB, Class A (Financials)		868,198
	35,456	Skanska AB, Class B (Industrials)		639,927
	19,715	SKF AB, Class B (Industrials)		332,011
	62,159	Svenska Handelsbanken AB, Class A (Financials)		709,421
	45,409	Swedbank AB, Class A (Financials)		834,813


Common Stocks – (continued)
Sweden – (continued)
	51,640	Swedish Match AB (Consumer Staples)		2,422,365
	293,819	Telefonaktiebolaget LM Ericsson, Class B (Information Technology)		2,690,962
	182,332	Telia Co. AB (Communication Services)		791,889
	70,675	Volvo AB, Class B (Industrials)		1,041,286

				28,362,735

Switzerland – 8.2%
	39,475	ABB Ltd. (Industrials)		783,199
	21,810	Adecco Group AG (Industrials)		1,135,381
	4,929	Baloise Holding AG (Financials)		806,492
	1,091	Barry Callebaut AG (Consumer Staples)		1,882,583
	311	Chocoladefabriken Lindt & Spruengli AG (Consumer Staples)		2,026,089
	20,734	Cie Financiere Richemont SA (Consumer Discretionary)		1,590,953
	16,129	Clariant AG (Materials)*		347,287
	94,305	Coca-Cola HBC AG (Consumer Staples)*		3,181,034
	91,098	Credit Suisse Group AG (Financials)*		1,128,895
	5,354	Dufry AG (Consumer Discretionary)*		543,892
	1,130	EMS-Chemie Holding AG (Materials)		653,930
	2,146	Geberit AG (Industrials)		858,228
	644	Givaudan SA (Materials)		1,614,202
	925,910	Glencore PLC (Materials)*		3,743,306
	12,392	Julius Baer Group Ltd. (Financials)*		542,228
	28,207	Kuehne + Nagel International AG (Industrials)		3,687,976
	9,184	LafargeHolcim Ltd. (Materials)*		455,420
	3,517	Lonza Group AG (Health Care)*		979,690
	234,919	Nestle SA (Consumer Staples)		21,308,252
	155,898	Novartis AG (Health Care)		14,247,093
	9,955	Pargesa Holding SA (Financials)		819,424
	7,122	Partners Group Holding AG (Financials)		5,161,698
	55,887	Roche Holding AG (Health Care)		15,556,580
	3,436	Schindler Holding AG (Industrials)		763,632
	4,682	Schindler Holding AG Participation Certificates (Industrials)		1,060,288
	1,329	SGS SA (Industrials)		3,395,207
	12,369	Sika AG (Materials)		1,676,184
	11,205	Sonova Holding AG (Health Care)		2,099,391
	164,344	STMicroelectronics NV (Information Technology)		2,689,182
	3,909	Straumann Holding AG (Health Care)		3,056,726
	6,014	Swatch Group AG (The) – Bearer (Consumer Discretionary)		1,783,916
	23,558	Swatch Group AG (The) – Registered (Consumer Discretionary)		1,350,293
	5,794	Swiss Life Holding AG (Financials)*		2,530,004
	9,164	Swiss Prime Site AG (Real Estate)*		775,012
	15,790	Swiss Re AG (Financials)		1,566,320
	1,772	Swisscom AG (Communication Services)		821,965


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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF


Shares		Description	Value

Common Stocks – (continued)
Switzerland – (continued)
	7,169	Temenos AG (Information Technology)*	$	1,041,311
	140,483	UBS Group AG (Financials)*		1,790,940
	5,162	Vifor Pharma AG (Health Care)		647,452
	7,226	Zurich Insurance Group AG (Financials)		2,393,676

				112,495,331

United Kingdom – 12.6%
	279,308	3i Group PLC (Financials)		3,513,719
	166,190	Admiral Group PLC (Financials)		4,823,297
	21,565	Ashtead Group PLC (Industrials)		574,533
	32,525	Associated British Foods PLC (Consumer Staples)		970,356
	77,614	AstraZeneca PLC (Health Care)		6,337,560
	678,873	Auto Trader Group PLC (Communication Services)^(b)		4,295,424
	169,179	Aviva PLC (Financials)		952,306
	204,415	Babcock International Group PLC (Industrials)		1,470,938
	92,211	BAE Systems PLC (Industrials)		571,548
	277,130	Barclays PLC (Financials)		605,111
	227,961	Barratt Developments PLC (Consumer Discretionary)		1,816,234
	33,536	Berkeley Group Holdings PLC (Consumer Discretionary)		1,761,947
	1,059,699	BP PLC (Energy)		7,532,400
	104,345	British American Tobacco PLC (Consumer Staples)		3,828,503
	82,831	British Land Co. PLC (The) REIT (Real Estate)		665,669
	220,881	BT Group PLC (Communication Services)		630,776
	34,677	Bunzl PLC (Industrials)		1,094,520
	192,776	Burberry Group PLC (Consumer Discretionary)		4,844,894
	360,026	Centrica PLC (Utilities)		596,194
	134,062	CNH Industrial NV (Industrials)		1,453,900
	32,732	Coca-Cola European Partners PLC (Consumer Staples)		1,542,986
	105,695	Compass Group PLC (Consumer Discretionary)		2,340,739
	291,796	ConvaTec Group PLC (Health Care)^(b)		514,838
	23,834	Croda International PLC (Materials)		1,525,165
	8,575	DCC PLC (Industrials)		744,216
	126,780	Diageo PLC (Consumer Staples)		4,913,038
	126,221	Direct Line Insurance Group PLC (Financials)		598,851
	103,775	Experian PLC (Industrials)		2,710,242
	240,413	Fiat Chrysler Automobiles NV (Consumer Discretionary)*		3,553,932
	354,587	GlaxoSmithKline PLC (Health Care)		7,062,282
	196,236	Hargreaves Lansdown PLC (Financials)		4,546,856
	1,144,031	HSBC Holdings PLC (Financials)		9,326,352


Common Stocks – (continued)
United Kingdom – (continued)
	65,942	Imperial Brands PLC (Consumer Staples)		2,201,946
	109,317	Informa PLC (Communication Services)		1,025,379
	40,479	InterContinental Hotels Group PLC (Consumer Discretionary)		2,427,966
	333,761	International Consolidated Airlines Group SA (Industrials)		2,643,655
	18,341	Intertek Group PLC (Industrials)		1,240,749
	941,705	J Sainsbury PLC (Consumer Staples)		2,868,367
	13,050	Johnson Matthey PLC (Materials)		536,877
	502,218	Kingfisher PLC (Consumer Discretionary)		1,617,229
	53,603	Land Securities Group PLC REIT (Real Estate)		641,391
	791,764	Legal & General Group PLC (Financials)		2,955,070
	2,255,641	Lloyds Banking Group PLC (Financials)		1,906,345
	30,003	London Stock Exchange Group PLC (Financials)		1,798,608
	604,177	Marks & Spencer Group PLC (Consumer Discretionary)		2,193,872
	132,789	Meggitt PLC (Industrials)		952,350
	137,866	Merlin Entertainments PLC (Consumer Discretionary)^(b)		663,086
	19,786	Micro Focus International PLC (Information Technology)		492,530
	46,956	Mondi PLC (Materials)		1,079,555
	186,456	National Grid PLC (Utilities)		2,102,836
	42,479	Next PLC (Consumer Discretionary)		2,874,788
	104,274	Pearson PLC (Communication Services)		1,173,359
	28,005	Persimmon PLC (Consumer Discretionary)		906,279
	157,873	Prudential PLC (Financials)		3,338,792
	17,976	Reckitt Benckiser Group PLC (Consumer Staples)		1,378,883
	121,561	RELX PLC (Industrials)		2,795,591
	69,051	Rolls-Royce Holdings PLC (Industrials)*		877,117
	121,711	Royal Bank of Scotland Group PLC (Financials)		430,136
	753,052	Royal Mail PLC (Industrials)		2,832,623
	107,821	RSA Insurance Group PLC (Financials)		732,839
	384,203	Sage Group PLC (The) (Information Technology)		3,377,899
	30,700	Schroders PLC (Financials)		1,116,812
	217,349	Segro PLC REIT (Real Estate)		1,910,924
	32,669	Severn Trent PLC (Utilities)		877,317
	174,502	Smith & Nephew PLC (Health Care)		3,334,191
	53,150	Smiths Group PLC (Industrials)		1,011,290
	60,109	SSE PLC (Utilities)		950,218
	34,819	St James’s Place PLC (Financials)		450,345
	65,748	Standard Chartered PLC (Financials)		526,108


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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Schedule of Investments(continued)

February 28, 2019 (Unaudited)


Shares		Description	Value

Common Stocks – (continued)
United Kingdom – (continued)
	433,328	Standard Life Aberdeen PLC (Financials)	$	1,422,192
	316,911	Taylor Wimpey PLC (Consumer Discretionary)		764,643
	935,309	Tesco PLC (Consumer Staples)		2,811,564
	115,275	Unilever NV (Consumer Staples)		6,243,558
	110,684	Unilever PLC (Consumer Staples)		5,900,611
	69,203	United Utilities Group PLC (Utilities)		773,378
	1,339,877	Vodafone Group PLC (Communication Services)		2,393,099
	19,422	Whitbread PLC (Consumer Discretionary)		1,253,686
	646,033	Wm Morrison Supermarkets PLC (Consumer Staples)		1,977,223
	92,349	WPP PLC (Communication Services)		1,014,359

				172,516,961

United States – 0.7%
	118,814	Bausch Health Cos., Inc. (Health Care)*		2,820,141
	19,726	Carnival PLC (Consumer Discretionary)		1,106,175
	63,037	Ferguson PLC (Industrials)		4,377,575
	21,739	QIAGEN NV (Health Care)*		832,237

				9,136,128

	TOTAL COMMON STOCKS
	(Cost $1,313,908,694)		$	1,360,812,333


Shares		Description	Rate			Value

Preferred Stocks – 0.4%
Germany – 0.4%
	54,438	FUCHS PETROLUB SE (Materials)		2.31	%	$	2,436,151
	13,342	Henkel AG & Co KGaA (Consumer Staples)		2.02			1,334,513
	5,365	Porsche Automobil Holding SE (Consumer Discretionary)		2.93			358,117
	4,163	Sartorius AG (Health Care)		0.36			660,813
	3,760	Volkswagen AG (Consumer Discretionary)		2.55			646,081

	TOTAL PREFERRED STOCKS
	(Cost $5,931,954)					$	5,435,675

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $1,319,840,648)					$	1,366,248,008


Shares		Distribution Rate	Value

Securities Lending Reinvestment Vehicle – 1.9%^(c)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	25,717,599	2.395%	$	25,717,599
(Cost $25,717,599)

	TOTAL INVESTMENTS – 101.7%
	(Cost $1,345,558,247)		$	1,391,965,607

	LIABILITIES IN EXCESS OF OTHER ASSETS – (1.7)%			(22,406,767	)

	NET ASSETS – 100.0%		$	1,369,558,840



The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

*		Non-income producing security.

(a)		All or a portion of security is on loan.

(b)		Exempt from registration under Rule 144A of the Securities Act of 1933.

(c)		Represents an affiliated issuer.



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


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

GOLDMAN SACHS ACTIVEBETA^® JAPAN EQUITY ETF

Schedule of Investments

February 28, 2019 (Unaudited)


Shares		Description	Value

Common Stocks – 99.8%
Communication Services – 8.0%
	1,737	CyberAgent, Inc.	$	54,067
	2,258	DeNA Co. Ltd.		34,787
	1,613	Dentsu, Inc.		67,377
	6,039	Hakuhodo DY Holdings, Inc.		92,603
	5,414	Kakaku.com, Inc.		104,127
	14,828	KDDI Corp.		358,112
	909	Konami Holdings Corp.		37,521
	1,234	LINE Corp.*^(a)		45,560
	5,653	Nexon Co. Ltd.*		89,731
	611	Nintendo Co. Ltd.		167,076
	9,555	Nippon Telegraph & Telephone Corp.		412,087
	13,179	NTT DOCOMO, Inc.		306,804
	9,548	Softbank Corp.*		119,221
	5,183	SoftBank Group Corp.		478,631
	2,343	Toho Co. Ltd.		83,769
	5,465	Yahoo Japan Corp.		14,630

				2,466,103

Consumer Discretionary – 18.4%
	888	ABC-Mart, Inc.		50,893
	606	Aisin Seiki Co. Ltd.		23,653
	4,373	Asics Corp.		58,218
	2,679	Bandai Namco Holdings, Inc.		114,072
	1,345	Benesse Holdings, Inc.		36,549
	4,707	Bridgestone Corp.		185,751
	4,849	Casio Computer Co. Ltd.		65,818
	2,341	Denso Corp.		100,563
	501	Fast Retailing Co. Ltd.		234,748
	414	Hikari Tsushin, Inc.		74,194
	17,646	Honda Motor Co. Ltd.		499,801
	2,514	Iida Group Holdings Co. Ltd.		45,935
	3,663	Isetan Mitsukoshi Holdings Ltd.		36,393
	2,147	Isuzu Motors Ltd.		30,772
	1,215	J Front Retailing Co. Ltd.		13,457
	390	Koito Manufacturing Co. Ltd.		22,562
	2,097	Marui Group Co. Ltd.		36,903
	23,118	Mazda Motor Corp.		271,531
	1,295	McDonald’s Holdings Co. Japan Ltd.		58,049
	3,793	Mitsubishi Motors Corp.		21,296
	1,819	NGK Spark Plug Co. Ltd.		38,661
	6,464	Nikon Corp.		97,901
	10,555	Nissan Motor Co. Ltd.		91,252
	840	Nitori Holdings Co. Ltd.		104,774
	1,416	Oriental Land Co. Ltd.		155,567
	747	Pan Pacific International Holdings Corp.		44,557
	17,542	Panasonic Corp.		161,521
	2,623	Rakuten, Inc.		20,641
	430	Rinnai Corp.		28,932
	374	Ryohin Keikaku Co. Ltd.		88,763
	1,143	Sankyo Co. Ltd.		42,098
	2,423	Sega Sammy Holdings, Inc.		28,209
	5,620	Sekisui Chemical Co. Ltd.		88,197
	4,427	Sekisui House Ltd.		66,552
	657	Shimamura Co. Ltd.		55,537
	427	Shimano, Inc.		64,863
	10,421	Sony Corp.		499,987
	1,038	Stanley Electric Co. Ltd.		29,838
	3,035	Subaru Corp.		77,061


Common Stocks – (continued)
Consumer Discretionary – (continued)
	3,393	Sumitomo Electric Industries Ltd.		47,213
	2,625	Sumitomo Rubber Industries Ltd.		33,744
	2,992	Suzuki Motor Corp.		153,228
	1,444	Takashimaya Co. Ltd.^(a)		19,003
	734	Toyoda Gosei Co. Ltd.		16,629
	427	Toyota Industries Corp.		21,902
	17,412	Toyota Motor Corp.		1,047,504
	1,564	USS Co. Ltd.		28,493
	48,802	Yamada Denki Co. Ltd.		235,856
	1,522	Yamaha Corp.		74,924
	2,535	Yamaha Motor Co. Ltd.		51,397
	4,421	Yokohama Rubber Co. Ltd. (The)		90,191
	2,557	ZOZO, Inc.		48,145

				5,634,298

Consumer Staples – 11.3%
	7,537	Aeon Co. Ltd.		158,838
	4,427	Ajinomoto Co., Inc.		66,970
	4,100	Asahi Group Holdings Ltd.		177,045
	1,859	Calbee, Inc.		51,518
	2,798	Coca-Cola Bottlers Japan Holdings, Inc.		72,086
	4,653	FamilyMart UNY Holdings Co. Ltd.^(a)		132,710
	7,787	Japan Tobacco, Inc.		198,173
	3,937	Kao Corp.		297,927
	2,588	Kikkoman Corp.		128,796
	9,632	Kirin Holdings Co. Ltd.		215,362
	925	Kobayashi Pharmaceutical Co. Ltd.		74,618
	567	Kose Corp.		91,784
	1,320	Lawson, Inc.		80,040
	3,990	Lion Corp.		81,829
	1,405	MEIJI Holdings Co. Ltd.		111,320
	1,428	NH Foods Ltd.		52,145
	4,659	Nisshin Seifun Group, Inc.		99,943
	1,066	Nissin Foods Holdings Co. Ltd.		74,022
	1,583	Pigeon Corp.		64,560
	2,525	Pola Orbis Holdings, Inc.		70,882
	6,408	Seven & i Holdings Co. Ltd.		281,717
	3,757	Shiseido Co. Ltd.		247,992
	1,981	Sundrug Co. Ltd.		60,683
	2,766	Suntory Beverage & Food Ltd.		122,000
	1,804	Toyo Suisan Kaisha Ltd.		66,929
	844	Tsuruha Holdings, Inc.		74,756
	3,738	Unicharm Corp.		119,037
	1,726	Welcia Holdings Co. Ltd.		61,244
	994	Yakult Honsha Co. Ltd.		66,701
	4,337	Yamazaki Baking Co. Ltd.		74,257

				3,475,884

Energy – 0.8%
	193	Idemitsu Kosan Co. Ltd.		6,848
	1,474	Inpex Corp.		14,340
	21,042	JXTG Holdings, Inc.		98,424
	7,710	Showa Shell Sekiyu KK		115,664

				235,276

Financials – 10.3%
	14,125	Acom Co. Ltd.^(a)		48,344
	1,251	AEON Financial Service Co. Ltd.		24,600


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

GOLDMAN SACHS ACTIVEBETA^® JAPAN EQUITY ETF

Schedule of Investments(continued)

February 28, 2019 (Unaudited)


Shares		Description	Value

Common Stocks – (continued)
Financials – (continued)
	1,030	Aozora Bank Ltd.	$	29,701
	232	Bank of Kyoto Ltd. (The)		10,389
	1,984	Chiba Bank Ltd. (The)		12,048
	1,875	Concordia Financial Group Ltd.		7,596
	1,013	Credit Saison Co. Ltd.		14,705
	14,514	Dai-ichi Life Holdings, Inc.		219,757
	6,150	Daiwa Securities Group, Inc.		31,242
	689	Fukuoka Financial Group, Inc.		14,904
	5,637	Japan Exchange Group, Inc.		99,503
	2,424	Japan Post Bank Co. Ltd.		27,066
	9,757	Japan Post Holdings Co. Ltd.		118,763
	6,648	Mebuki Financial Group, Inc.		17,976
	84,401	Mitsubishi UFJ Financial Group, Inc.		437,245
	27,939	Mitsubishi UFJ Lease & Finance Co. Ltd.		142,305
	172,124	Mizuho Financial Group, Inc.		270,896
	3,791	MS&AD Insurance Group Holdings, Inc.		113,846
	10,054	Nomura Holdings, Inc.		38,890
	14,762	ORIX Corp.		213,765
	12,034	Resona Holdings, Inc.		54,408
	2,156	SBI Holdings, Inc.		45,398
	8,828	Seven Bank Ltd.		25,773
	6,429	Shinsei Bank Ltd.		88,304
	1,686	Shizuoka Bank Ltd. (The)		13,313
	3,027	Sompo Holdings, Inc.		113,037
	3,134	Sony Financial Holdings, Inc.		59,262
	12,049	Sumitomo Mitsui Financial Group, Inc.		426,672
	2,182	Sumitomo Mitsui Trust Holdings, Inc.		82,697
	2,078	T&D Holdings, Inc.		24,948
	5,264	Tokio Marine Holdings, Inc.		256,580
	1,031	Tokyo Century Corp.		45,984
	2,311	Yamaguchi Financial Group, Inc.		21,549

				3,151,466

Health Care – 10.5%
	4,596	Alfresa Holdings Corp.		133,149
	1,414	Asahi Intecc Co. Ltd.		67,956
	20,789	Astellas Pharma, Inc.		320,930
	2,022	Chugai Pharmaceutical Co. Ltd.		137,500
	4,840	Daiichi Sankyo Co. Ltd.		181,174
	2,211	Eisai Co. Ltd.		182,628
	597	Hisamitsu Pharmaceutical Co., Inc.		29,496
	3,765	Hoya Corp.		230,155
	3,130	Kyowa Hakko Kirin Co. Ltd.		59,777
	4,919	M3, Inc.		81,571
	11,977	Medipal Holdings Corp.		279,305
	1,649	Mitsubishi Tanabe Pharma Corp.		23,790
	2,866	Olympus Corp.		126,797
	3,066	Ono Pharmaceutical Co. Ltd.		63,030
	2,608	Otsuka Holdings Co. Ltd.		108,753
	3,096	Santen Pharmaceutical Co. Ltd.		48,253
	2,875	Shionogi & Co. Ltd.		183,781
	4,734	Sumitomo Dainippon Pharma Co. Ltd.		116,819
	3,423	Suzuken Co. Ltd.		187,570
	1,494	Sysmex Corp.		89,906
	609	Taisho Pharmaceutical Holdings Co. Ltd.		61,655
	8,299	Takeda Pharmaceutical Co. Ltd.		333,168
	2,682	Terumo Corp.		164,312

				3,211,475


Common Stocks – (continued)
Industrials – 18.6%
	698	AGC, Inc.		24,203
	1,373	Amada Holdings Co. Ltd.		14,443
	1,872	ANA Holdings, Inc.		69,485
	1,118	Central Japan Railway Co.		250,827
	3,553	Dai Nippon Printing Co. Ltd.		82,282
	130	Daifuku Co. Ltd.		6,376
	1,721	Daikin Industries Ltd.		186,911
	1,895	East Japan Railway Co.		181,465
	860	FANUC Corp.		142,458
	388	Fuji Electric Co. Ltd.		12,199
	1,383	Hankyu Hanshin Holdings, Inc.		50,192
	1,316	Hino Motors Ltd.		12,094
	666	Hitachi Construction Machinery Co. Ltd.		16,626
	493	Hoshizaki Corp.		33,392
	1,119	IHI Corp.		29,513
	12,023	ITOCHU Corp.		215,792
	1,871	Japan Airlines Co. Ltd.		68,322
	651	Japan Airport Terminal Co. Ltd.		25,848
	6,850	Kajima Corp.		101,409
	2,301	Kamigumi Co. Ltd.		53,350
	428	Kawasaki Heavy Industries Ltd.		10,996
	1,937	Keihan Holdings Co. Ltd.		80,215
	1,222	Keikyu Corp.		20,264
	1,421	Keio Corp.		83,483
	1,092	Keisei Electric Railway Co. Ltd.		37,276
	1,878	Kintetsu Group Holdings Co. Ltd.		84,858
	4,332	Komatsu Ltd.		106,276
	4,469	Kubota Corp.		60,319
	840	Kurita Water Industries Ltd.		21,158
	2,081	Kyushu Railway Co.		71,224
	1,714	LIXIL Group Corp.		23,234
	1,227	Makita Corp.		43,483
	38,450	Marubeni Corp.		274,490
	1,357	MINEBEA MITSUMI, Inc.		21,771
	3,311	MISUMI Group, Inc.		80,336
	13,158	Mitsubishi Corp.		371,029
	10,981	Mitsubishi Electric Corp.		137,509
	6,923	Mitsubishi Heavy Industries Ltd.		281,783
	8,787	Mitsui & Co. Ltd.		138,136
	1,041	Mitsui OSK Lines Ltd.		24,407
	3,908	MonotaRO Co. Ltd.		92,188
	464	Nabtesco Corp.		12,250
	2,592	Nagoya Railroad Co. Ltd.		71,366
	1,273	NGK Insulators Ltd.		19,429
	1,031	Nidec Corp.		124,800
	659	Nippon Express Co. Ltd.		38,894
	1,054	Nippon Yusen KK		16,617
	1,230	NSK Ltd.		11,303
	2,091	Obayashi Corp.		20,380
	2,818	Odakyu Electric Railway Co. Ltd.		65,843
	1,712	Park24 Co. Ltd.		41,124
	3,531	Persol Holdings Co. Ltd.		60,521
	9,253	Recruit Holdings Co. Ltd.		258,838
	1,528	Secom Co. Ltd.		132,046
	1,144	Seibu Holdings, Inc.		20,327
	2,786	SG Holdings Co. Ltd.		81,588
	2,506	Shimizu Corp.		22,016
	258	SMC Corp.		89,809
	608	Sohgo Security Services Co. Ltd.		26,271


58		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)
	5,684	Sumitomo Corp.	$	81,722
	3,584	Sumitomo Heavy Industries Ltd.		122,665
	810	Taisei Corp.		38,273
	1,425	Tobu Railway Co. Ltd.		39,811
	3,954	Tokyu Corp.		67,025
	1,753	Toppan Printing Co. Ltd.		27,904
	5,283	Toshiba Corp.		165,628
	1,598	TOTO Ltd.		60,506
	5,668	Toyota Tsusho Corp.		179,989
	1,188	West Japan Railway Co.		89,548
	3,472	Yamato Holdings Co. Ltd.		90,418

				5,718,533

Information Technology – 10.5%
	914	Alps Alpine Co. Ltd.		17,956
	4,276	Brother Industries Ltd.		78,168
	6,733	Canon, Inc.		193,607
	302	Disco Corp.		41,616
	3,932	FUJIFILM Holdings Corp.		176,290
	2,576	Fujitsu Ltd.		173,762
	1,810	Hamamatsu Photonics KK		63,737
	119	Hirose Electric Co. Ltd.		12,240
	331	Hitachi High-Technologies Corp.		12,592
	8,425	Hitachi Ltd.		252,402
	643	Keyence Corp.		375,045
	10,278	Konica Minolta, Inc.		99,715
	1,149	Kyocera Corp.		63,385
	990	Murata Manufacturing Co. Ltd.		154,076
	6,181	NEC Corp.		206,274
	3,083	Nippon Electric Glass Co. Ltd.		83,362
	1,125	Nomura Research Institute Ltd.		45,780
	10,675	NTT Data Corp.		116,704
	707	Obic Co. Ltd.		67,512
	2,078	Omron Corp.		89,694
	627	Oracle Corp. Japan		46,805
	1,636	Otsuka Corp.		58,859
	5,569	Renesas Electronics Corp.*		32,618
	14,629	Ricoh Co. Ltd.		148,498
	139	Rohm Co. Ltd.		8,778
	3,939	Seiko Epson Corp.		58,243
	3,000	Shimadzu Corp.		73,976
	1,928	SUMCO Corp.		24,472
	669	TDK Corp.		52,284
	1,359	Tokyo Electron Ltd.		184,952
	1,348	Trend Micro, Inc.		66,480
	1,968	Yaskawa Electric Corp.^(a)		55,953
	4,615	Yokogawa Electric Corp.		88,884

				3,224,719

Materials – 3.9%
	1,150	Air Water, Inc.		18,347
	7,500	Asahi Kasei Corp.		81,791
	843	Daicel Corp.		8,875
	674	Hitachi Chemical Co. Ltd.		12,243
	2,473	JFE Holdings, Inc.		43,131
	485	Kaneka Corp.		18,974
	465	Kansai Paint Co. Ltd.		8,551
	906	Kobe Steel Ltd.		7,170
	1,690	Kuraray Co. Ltd.		22,681


Common Stocks – (continued)
Materials – (continued)
	771	Maruichi Steel Tube Ltd.		23,202
	21,108	Mitsubishi Chemical Holdings Corp.		155,845
	1,413	Mitsubishi Gas Chemical Co., Inc.		21,604
	531	Mitsubishi Materials Corp.		14,596
	672	Mitsui Chemicals, Inc.		16,377
	451	Nippon Paint Holdings Co. Ltd.		17,340
	1,641	Nippon Steel & Sumitomo Metal Corp.		29,534
	1,911	Nissan Chemical Corp.		96,477
	925	Nitto Denko Corp.		49,374
	11,584	Oji Holdings Corp.		68,888
	1,746	Shin-Etsu Chemical Co. Ltd.		145,411
	710	Showa Denko KK		26,437
	8,612	Sumitomo Chemical Co. Ltd.		42,704
	351	Taiheiyo Cement Corp.		11,998
	2,546	Taiyo Nippon Sanso Corp.		35,976
	5,847	Teijin Ltd.		98,063
	4,496	Toray Industries, Inc.		31,321
	1,083	Tosoh Corp.		15,984
	2,852	Toyo Seikan Group Holdings Ltd.		60,284

				1,183,178

Real Estate – 3.8%
	1,520	Aeon Mall Co. Ltd.^(a)		24,796
	931	Daito Trust Construction Co. Ltd.		129,087
	4,614	Daiwa House Industry Co. Ltd.		142,789
	13	Daiwa House REIT Investment Corp. REIT		29,008
	2,093	Hulic Co. Ltd.		19,234
	18	Japan Prime Realty Investment Corp. REIT		70,661
	14	Japan Real Estate Investment Corp. REIT		81,117
	23	Japan Retail Fund Investment Corp. REIT		46,364
	7,025	Mitsubishi Estate Co. Ltd.		120,722
	3,629	Mitsui Fudosan Co. Ltd.		85,982
	14	Nippon Building Fund, Inc. REIT		91,179
	14	Nippon Prologis REIT, Inc. REIT		29,781
	1,172	Nomura Real Estate Holdings, Inc.		22,204
	36	Nomura Real Estate Master Fund, Inc. REIT		49,350
	2,986	Sumitomo Realty & Development Co. Ltd.		111,693
	10,103	Tokyu Fudosan Holdings Corp.		55,815
	37	United Urban Investment Corp. REIT		57,368

				1,167,150

Utilities – 3.7%
	7,364	Chubu Electric Power Co., Inc.		115,931
	5,272	Chugoku Electric Power Co., Inc. (The)^(a)		68,528
	3,293	Electric Power Development Co. Ltd.		82,355
	8,487	Kansai Electric Power Co., Inc. (The)		126,977
	4,854	Kyushu Electric Power Co., Inc.		57,732
	5,435	Osaka Gas Co. Ltd.		111,317
	1,418	Toho Gas Co. Ltd.		64,455
	3,932	Tohoku Electric Power Co., Inc.		51,569
	60,498	Tokyo Electric Power Co. Holdings, Inc.*		377,161
	2,644	Tokyo Gas Co. Ltd.		72,798

				1,128,823

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $29,952,913)		$	30,596,905


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

GOLDMAN SACHS ACTIVEBETA^® JAPAN EQUITY ETF

Schedule of Investments(continued)

February 28, 2019 (Unaudited)


Shares		Distribution Rate	Value

Securities Lending Reinvestment Vehicle – 0.9%^(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	263,303	2.395%	$	263,303
	(Cost $263,303)

	TOTAL INVESTMENTS – 100.7%
	(Cost $30,216,216)		$	30,860,208

	LIABILITIES IN EXCESS OF OTHER ASSETS – (0.7)%			(202,490	)

	NET ASSETS – 100.0%		$	30,657,718



The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

*		Non-income producing security.

(a)		All or a portion of security is on loan.

(b)		Represents an affiliated issuer.



Investment Abbreviations:
REIT		—Real Estate Investment Trust


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

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

Schedule of Investments

February 28, 2019 (Unaudited)


Shares		Description	Value

Common Stocks – 99.7%
Communication Services – 8.0%
	113,412	Activision Blizzard, Inc.	$	4,779,182
	44,948	Alphabet, Inc., Class A*		50,636,169
	46,074	Alphabet, Inc., Class C*		51,599,194
	983,723	AT&T, Inc.		30,613,460
	29,279	CBS Corp., Class B		1,470,099
	488,322	CenturyLink, Inc.		6,440,967
	3,384	Charter Communications, Inc., Class A*		1,167,175
	489,282	Comcast Corp., Class A		18,920,535
	99,773	Electronic Arts, Inc.*		9,556,258
	376,220	Facebook, Inc., Class A*		60,740,719
	42,043	IAC/InterActiveCorp*		8,957,261
	80,265	Interpublic Group of Cos., Inc. (The)		1,848,503
	48,362	Netflix, Inc.*		17,318,432
	56,204	Omnicom Group, Inc.		4,254,643
	12,577	Take-Two Interactive Software, Inc.*		1,097,469
	114,781	T-Mobile US, Inc.*		8,288,336
	204,750	Twenty-First Century Fox, Inc., Class A		10,325,543
	102,377	Twitter, Inc.*		3,151,164
	581,937	Verizon Communications, Inc.		33,123,854
	577,764	Viacom, Inc., Class B		16,882,264
	193,563	Walt Disney Co. (The)		21,841,649

				363,012,876

Consumer Discretionary – 12.9%
	32,927	Advance Auto Parts, Inc.		5,326,930
	62,412	Amazon.com, Inc.*		102,345,070
	102,957	Aramark		3,119,597
	17,864	AutoZone, Inc.*		16,773,760
	199,606	Best Buy Co., Inc.		13,740,877
	8,411	Booking Holdings, Inc.*		14,273,803
	51,073	Burlington Stores, Inc.*		8,669,131
	96,297	Carnival Corp.		5,562,115
	2,289	Chipotle Mexican Grill, Inc.*		1,390,636
	44,803	Darden Restaurants, Inc.		5,022,864
	93,182	Dollar General Corp.		11,038,340
	82,067	Dollar Tree, Inc.*		7,905,514
	54,153	Domino’s Pizza, Inc.		13,589,154
	186,819	eBay, Inc.		6,940,326
	32,141	Expedia Group, Inc.		3,963,307
	1,370,808	Ford Motor Co.		12,021,986
	75,859	Genuine Parts Co.		8,251,942
	71,748	Hasbro, Inc.		6,091,405
	73,213	Hilton Worldwide Holdings, Inc.		6,084,000
	215,121	Home Depot, Inc. (The)		39,827,502
	317,574	Kohl’s Corp.		21,445,772
	42,076	Las Vegas Sands Corp.		2,584,729
	35,593	Lear Corp.		5,412,628
	52,005	Lennar Corp., Class A		2,495,200
	66,081	LKQ Corp.*		1,830,444
	218,599	Lowe’s Cos., Inc.		22,972,569
	695,317	Macy’s, Inc.		17,236,908
	54,534	Marriott International, Inc., Class A		6,831,474
	110,468	McDonald’s Corp.		20,308,437
	294,927	NIKE, Inc., Class B		25,284,092


Common Stocks – (continued)
Consumer Discretionary – (continued)
	49,072	Norwegian Cruise Line Holdings Ltd.*		2,724,968
	41,792	O’Reilly Automotive, Inc.*		15,544,952
	63,547	PVH Corp.		7,297,738
	769,546	Qurate Retail, Inc.*		13,859,523
	157,385	Ross Stores, Inc.		14,924,820
	184,682	Starbucks Corp.		12,975,757
	189,082	Tapestry, Inc.		6,606,525
	221,532	Target Corp.		16,092,084
	63,665	Tiffany & Co.		6,050,722
	375,407	TJX Cos., Inc. (The)		19,254,625
	85,551	Tractor Supply Co.		8,157,288
	37,956	Ulta Beauty, Inc.*		11,860,870
	6,412	Vail Resorts, Inc.		1,336,197
	144,052	VF Corp.		12,584,383
	135,800	Yum! Brands, Inc.		12,833,100

				580,444,064

Consumer Staples – 8.8%
	166,700	Altria Group, Inc.		8,736,747
	141,717	Archer-Daniels-Midland Co.		6,022,973
	175,481	Brown-Forman Corp., Class B		8,684,555
	27,934	Bunge Ltd.		1,482,737
	112,460	Church & Dwight Co., Inc.		7,399,868
	101,745	Clorox Co. (The)		16,078,762
	445,752	Coca-Cola Co. (The)		20,210,396
	221,551	Colgate-Palmolive Co.		14,593,564
	96,522	Conagra Brands, Inc.		2,255,719
	17,017	Constellation Brands, Inc., Class A		2,878,596
	102,615	Costco Wholesale Corp.		22,446,005
	125,860	Estee Lauder Cos., Inc. (The), Class A		19,752,468
	99,716	General Mills, Inc.		4,699,615
	96,117	Hershey Co. (The)		10,638,230
	127,898	Hormel Foods Corp.		5,545,657
	68,597	JM Smucker Co. (The)		7,265,108
	69,447	Kellogg Co.		3,907,088
	97,112	Kimberly-Clark Corp.		11,345,595
	57,227	Kraft Heinz Co. (The)		1,899,364
	439,412	Kroger Co. (The)		12,887,954
	94,876	Lamb Weston Holdings, Inc.		6,575,856
	46,380	McCormick & Co., Inc.		6,306,752
	282,946	Molson Coors Brewing Co., Class B		17,446,450
	91,313	Mondelez International, Inc., Class A		4,306,321
	112,610	Monster Beverage Corp.*		7,187,896
	251,499	PepsiCo, Inc.		29,083,344
	219,852	Philip Morris International, Inc.		19,113,933
	289,985	Procter & Gamble Co. (The)		28,578,022
	237,090	Sysco Corp.		16,015,430
	252,119	Tyson Foods, Inc., Class A		15,545,658
	271,556	Walgreens Boots Alliance, Inc.		19,332,072
	406,256	Walmart, Inc.		40,215,281

				398,438,016

Energy – 3.0%
	21,243	Cheniere Energy, Inc.*		1,369,111
	188,493	Chevron Corp.		22,539,993
	130,235	ConocoPhillips		8,836,445
	44,265	EOG Resources, Inc.		4,160,910


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

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

Schedule of Investments(continued)

February 28, 2019 (Unaudited)


Shares		Description	Value

Common Stocks – (continued)
Energy – (continued)
	547,667	Exxon Mobil Corp.	$	43,282,123
	26,120	Hess Corp.		1,511,042
	256,455	HollyFrontier Corp.		13,130,496
	105,594	Kinder Morgan, Inc.		2,023,181
	168,000	Marathon Petroleum Corp.		10,417,680
	64,372	National Oilwell Varco, Inc.		1,811,428
	68,424	Occidental Petroleum Corp.		4,526,248
	79,161	ONEOK, Inc.		5,086,886
	66,976	Phillips 66		6,453,807
	58,043	Schlumberger Ltd.		2,557,374
	88,330	Valero Energy Corp.		7,204,195
	93,378	Williams Cos., Inc. (The)		2,492,259

				137,403,178

Financials – 11.1%
	179,033	Aflac, Inc.		8,797,682
	4,280	Alleghany Corp.		2,751,869
	106,919	Allstate Corp. (The)		10,091,015
	461,810	Ally Financial, Inc.		12,510,433
	95,411	American Express Co.		10,279,581
	64,534	American International Group, Inc.		2,787,869
	16,938	Ameriprise Financial, Inc.		2,229,549
	996,202	Annaly Capital Management, Inc. REIT		10,091,526
	33,271	Aon PLC		5,706,975
	110,551	Arch Capital Group Ltd.*		3,611,701
	73,305	Arthur J Gallagher & Co.		5,884,925
	1,284,028	Bank of America Corp.		37,339,534
	77,314	Bank of New York Mellon Corp. (The)		4,057,439
	80,892	BB&T Corp.		4,123,065
	189,524	Berkshire Hathaway, Inc., Class B*		38,151,181
	9,418	BlackRock, Inc.		4,174,246
	98,856	Capital One Financial Corp.		8,262,385
	14,008	Cboe Global Markets, Inc.		1,343,507
	83,711	Charles Schwab Corp. (The)		3,851,543
	37,177	Chubb Ltd.		4,978,000
	39,609	Cincinnati Financial Corp.		3,438,853
	234,737	Citigroup, Inc.		15,018,473
	168,291	Citizens Financial Group, Inc.		6,216,670
	54,484	CME Group, Inc.		9,911,184
	17,135	Comerica, Inc.		1,492,630
	71,485	Discover Financial Services		5,119,041
	38,287	E*TRADE Financial Corp.		1,875,680
	8,937	Everest Re Group Ltd.		2,020,745
	280,729	Fifth Third Bancorp		7,742,506
	18,286	First Republic Bank		1,919,664
	32,533	Franklin Resources, Inc.		1,060,901
	64,323	Hartford Financial Services Group, Inc. (The)		3,174,983
	150,039	Huntington Bancshares, Inc.		2,162,062
	76,542	Intercontinental Exchange, Inc.		5,905,215
	192,338	Invesco Ltd.		3,721,740
	501,911	JPMorgan Chase & Co.		52,379,432
	170,920	KeyCorp		3,018,447
	50,619	KKR & Co., Inc., Class A		1,125,260
	56,513	Lincoln National Corp.		3,533,193
	70,144	Loews Corp.		3,340,257


Common Stocks – (continued)
Financials – (continued)
	15,808	M&T Bank Corp.		2,735,733
	3,530	Markel Corp.*		3,547,226
	98,278	Marsh & McLennan Cos., Inc.		9,141,820
	96,102	MetLife, Inc.		4,342,849
	70,772	Moody’s Corp.		12,252,049
	246,281	Morgan Stanley		10,338,876
	60,419	MSCI, Inc.		11,160,598
	56,708	Nasdaq, Inc.		5,192,752
	34,955	Northern Trust Corp.		3,257,806
	35,184	PNC Financial Services Group, Inc. (The)		4,433,888
	72,376	Principal Financial Group, Inc.		3,809,873
	159,158	Progressive Corp. (The)		11,602,618
	88,655	Prudential Financial, Inc.		8,497,582
	15,956	Raymond James Financial, Inc.		1,317,646
	109,788	Regions Financial Corp.		1,800,523
	22,444	Reinsurance Group of America, Inc.		3,242,934
	95,127	S&P Global, Inc.		19,060,597
	33,000	State Street Corp.		2,371,710
	82,521	SunTrust Banks, Inc.		5,353,137
	179,712	Synchrony Financial		5,860,408
	89,560	T Rowe Price Group, Inc.		8,994,511
	46,436	TD Ameritrade Holding Corp.		2,615,740
	31,878	Travelers Cos., Inc. (The)		4,236,905
	120,208	US Bancorp		6,213,552
	614,959	Wells Fargo & Co.		30,680,305
	17,866	Willis Towers Watson PLC		3,073,309
	21,896	Zions Bancorp NA		1,118,886

				501,454,794

Health Care – 15.5%
	200,755	Abbott Laboratories		15,582,603
	202,058	AbbVie, Inc.		16,011,076
	28,326	ABIOMED, Inc.*		9,475,047
	65,380	Agilent Technologies, Inc.		5,193,787
	43,588	Align Technology, Inc.*		11,287,984
	77,219	Allergan PLC		10,633,829
	14,699	AmerisourceBergen Corp.		1,224,427
	111,004	Amgen, Inc.		21,099,640
	38,649	Anthem, Inc.		11,622,914
	124,438	Baxter International, Inc.		9,299,252
	36,284	Becton Dickinson and Co.		9,027,096
	44,552	Biogen, Inc.*		14,613,502
	168,642	Boston Scientific Corp.*		6,765,917
	290,290	Bristol-Myers Squibb Co.		14,996,381
	224,633	Cardinal Health, Inc.		12,206,557
	90,453	Celgene Corp.*		7,518,453
	192,340	Centene Corp.*		11,711,583
	105,015	Cerner Corp.*		5,875,589
	71,085	Cigna Corp.		12,400,067
	8,001	Cooper Cos., Inc. (The)		2,288,206
	38,971	Covetrus, Inc.*		1,394,382
	199,426	CVS Health Corp.		11,532,806
	68,777	Danaher Corp.		8,736,055
	53,652	DaVita, Inc.*		3,052,799
	50,163	DexCom, Inc.*		6,989,211
	78,332	Edwards Lifesciences Corp.*		13,260,824
	167,477	Eli Lilly & Co.		21,150,670


62		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)
	242,142	Gilead Sciences, Inc.	$	15,744,073
	49,084	HCA Healthcare, Inc.		6,824,639
	97,478	Henry Schein, Inc.*		5,780,445
	32,488	Hologic, Inc.*		1,531,809
	39,949	Humana, Inc.		11,387,063
	62,932	IDEXX Laboratories, Inc.*		13,280,540
	27,234	Illumina, Inc.*		8,517,978
	19,175	Incyte Corp.*		1,653,460
	21,690	Intuitive Surgical, Inc.*		11,877,661
	44,903	IQVIA Holdings, Inc.*		6,290,910
	14,982	Jazz Pharmaceuticals PLC*		2,097,929
	439,744	Johnson & Johnson		60,086,620
	62,913	Laboratory Corp. of America Holdings*		9,326,223
	96,110	McKesson Corp.		12,221,348
	109,135	Medtronic PLC		9,876,718
	346,248	Merck & Co., Inc.		28,146,500
	19,894	Mettler-Toledo International, Inc.*		13,546,024
	590,168	Mylan NV*		15,574,534
	264,755	Perrigo Co. PLC		12,893,569
	980,477	Pfizer, Inc.		42,503,678
	42,185	Quest Diagnostics, Inc.		3,651,112
	3,891	Regeneron Pharmaceuticals, Inc.*		1,676,009
	59,879	ResMed, Inc.		6,133,406
	66,118	Stryker Corp.		12,463,904
	4,921	Teleflex, Inc.		1,426,303
	68,543	Thermo Fisher Scientific, Inc.		17,791,707
	177,593	UnitedHealth Group, Inc.		43,016,576
	18,270	Universal Health Services, Inc., Class B		2,536,424
	54,866	Varian Medical Systems, Inc.*		7,371,796
	30,957	Veeva Systems, Inc., Class A*		3,650,140
	38,097	Vertex Pharmaceuticals, Inc.*		7,190,809
	24,308	Waters Corp.*		5,887,884
	14,596	WellCare Health Plans, Inc.*		3,701,254
	20,395	Zimmer Biomet Holdings, Inc.		2,531,427
	158,554	Zoetis, Inc.		14,940,543

				698,081,672

Industrials – 8.9%
	87,145	3M Co.		18,073,002
	64,392	AMETEK, Inc.		5,124,315
	79,743	Boeing Co. (The)		35,083,730
	38,574	Caterpillar, Inc.		5,297,753
	154,299	CH Robinson Worldwide, Inc.		13,945,544
	46,691	Cintas Corp.		9,646,361
	68,398	Copart, Inc.*		4,012,911
	10,146	CoStar Group, Inc.*		4,642,099
	77,896	CSX Corp.		5,660,702
	23,005	Cummins, Inc.		3,544,840
	6,676	Deere & Co.		1,095,131
	114,975	Delta Air Lines, Inc.		5,700,461
	37,930	Dover Corp.		3,433,803
	72,568	Eaton Corp. PLC		5,788,749
	122,376	Emerson Electric Co.		8,339,924
	42,773	Expeditors International of Washington, Inc.		3,205,836
	203,482	Fastenal Co.		12,807,157


Common Stocks – (continued)
Industrials – (continued)
	28,283	FedEx Corp.		5,119,223
	83,001	Fortive Corp.		6,770,392
	38,982	General Dynamics Corp.		6,635,516
	282,117	General Electric Co.		2,931,196
	85,224	Honeywell International, Inc.		13,130,462
	15,356	Huntington Ingalls Industries, Inc.		3,215,700
	40,105	IDEX Corp.		5,779,131
	76,102	IHS Markit Ltd.*		4,046,343
	65,843	Illinois Tool Works, Inc.		9,486,659
	77,414	Ingersoll-Rand PLC		8,171,822
	61,956	Jacobs Engineering Group, Inc.		4,571,114
	17,848	JB Hunt Transport Services, Inc.		1,921,694
	67,552	Johnson Controls International PLC		2,382,559
	34,728	L3 Technologies, Inc.		7,353,654
	14,167	Lockheed Martin Corp.		4,383,412
	108,796	Masco Corp.		4,086,378
	216,407	Nielsen Holdings PLC		5,669,863
	25,980	Norfolk Southern Corp.		4,658,214
	32,050	Northrop Grumman Corp.		9,293,218
	18,388	PACCAR, Inc.		1,246,706
	38,202	Parker-Hannifin Corp.		6,729,664
	46,444	Raytheon Co.		8,661,806
	83,450	Republic Services, Inc.		6,544,984
	39,405	Rockwell Automation, Inc.		7,036,157
	25,445	Roper Technologies, Inc.		8,235,274
	115,745	Southwest Airlines Co.		6,486,350
	15,166	Spirit AeroSystems Holdings, Inc., Class A		1,498,401
	23,553	Stanley Black & Decker, Inc.		3,119,124
	247,480	Textron, Inc.		13,438,164
	10,856	TransDigm Group, Inc.*		4,712,481
	14,399	TransUnion		929,599
	68,527	Union Pacific Corp.		11,491,978
	154,037	United Continental Holdings, Inc.*		13,525,989
	33,742	United Parcel Service, Inc., Class B		3,718,368
	16,166	United Rentals, Inc.*		2,175,782
	90,257	United Technologies Corp.		11,342,597
	53,513	Verisk Analytics, Inc.*		6,765,649
	1,515	Wabtec Corp.		110,989
	88,321	Waste Management, Inc.		8,942,501
	44,029	WW Grainger, Inc.		13,418,718
	32,612	XPO Logistics, Inc.*		1,642,014
	66,474	Xylem, Inc.		5,022,111

				401,804,274

Information Technology – 22.7%
	159,077	Accenture PLC, Class A		25,671,846
	87,642	Adobe, Inc.*		23,006,025
	386,696	Advanced Micro Devices, Inc.*		9,098,957
	68,410	Akamai Technologies, Inc.*		4,765,441
	34,051	Alliance Data Systems Corp.		5,890,823
	149,182	Amdocs Ltd.		8,290,044
	55,870	Amphenol Corp., Class A		5,250,104
	26,290	Analog Devices, Inc.		2,811,978
	28,437	ANSYS, Inc.*		5,040,743
	710,895	Apple, Inc.		123,091,469
	193,364	Applied Materials, Inc.		7,413,576
	15,510	Arista Networks, Inc.*		4,424,227


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

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

Schedule of Investments(continued)

February 28, 2019 (Unaudited)


Shares		Description	Value

Common Stocks – (continued)
Information Technology – (continued)
	61,559	Autodesk, Inc.*	$	10,034,733
	60,963	Automatic Data Processing, Inc.		9,329,168
	19,994	Broadcom, Inc.		5,505,548
	66,644	Broadridge Financial Solutions, Inc.		6,747,705
	236,812	Cadence Design Systems, Inc.*		13,557,487
	82,817	CDW Corp.		7,775,688
	625,448	Cisco Systems, Inc.		32,379,443
	106,951	Citrix Systems, Inc.		11,283,330
	126,985	Cognizant Technology Solutions Corp., Class A		9,013,395
	51,638	Corning, Inc.		1,797,519
	307,118	DXC Technology Co.		20,226,791
	51,774	F5 Networks, Inc.*		8,705,280
	92,544	Fidelity National Information Services, Inc.		10,008,634
	145,239	Fiserv, Inc.*		12,300,291
	12,546	FleetCor Technologies, Inc.*		2,926,731
	62,764	Fortinet, Inc.*		5,447,288
	31,826	Gartner, Inc.*		4,528,840
	27,922	Global Payments, Inc.		3,640,470
	28,621	GoDaddy, Inc., Class A*		2,136,558
	66,400	Hewlett Packard Enterprise Co.		1,087,632
	414,998	HP, Inc.		8,187,911
	820,956	Intel Corp.		43,477,830
	159,834	International Business Machines Corp.		22,077,870
	113,892	Intuit, Inc.		28,146,130
	41,692	Jack Henry & Associates, Inc.		5,529,610
	96,623	Juniper Networks, Inc.		2,616,551
	46,138	Keysight Technologies, Inc.*		3,894,509
	57,027	KLA-Tencor Corp.		6,586,048
	55,038	Lam Research Corp.		9,691,641
	172,251	Leidos Holdings, Inc.		11,125,692
	121,888	Mastercard, Inc., Class A		27,396,766
	51,300	Maxim Integrated Products, Inc.		2,792,259
	26,288	Microchip Technology, Inc.		2,283,639
	565,270	Micron Technology, Inc.*		23,108,238
	1,242,498	Microsoft Corp.		139,197,051
	56,859	Motorola Solutions, Inc.		8,137,660
	114,010	NetApp, Inc.		7,433,452
	98,806	NVIDIA Corp.		15,241,814
	428,119	Oracle Corp.		22,317,843
	21,276	Palo Alto Networks, Inc.*		5,239,640
	111,916	Paychex, Inc.		8,619,770
	99,121	PayPal Holdings, Inc.*		9,720,796
	49,590	PTC, Inc.*		4,602,944
	15,638	Qorvo, Inc.*		1,096,849
	40,421	QUALCOMM, Inc.		2,158,077
	66,493	Red Hat, Inc.*		12,141,622
	112,394	salesforce.com, Inc.*		18,393,278
	152,148	Seagate Technology PLC		7,084,011
	44,381	ServiceNow, Inc.*		10,626,587
	85,188	Skyworks Solutions, Inc.		6,956,452
	44,705	Splunk, Inc.*		6,074,515
	79,982	Square, Inc., Class A*		6,497,738
	27,633	SS&C Technologies Holdings, Inc.		1,701,640
	300,957	Symantec Corp.		6,768,523
	92,159	Synopsys, Inc.*		9,370,727


Common Stocks – (continued)
Information Technology – (continued)
	57,217	TE Connectivity Ltd.		4,696,944
	188,786	Texas Instruments, Inc.		19,969,783
	87,861	Total System Services, Inc.		8,294,078
	27,556	Trimble, Inc.*		1,102,516
	65,781	VeriSign, Inc.*		11,711,649
	211,543	Visa, Inc., Class A		31,333,749
	23,935	VMware, Inc., Class A		4,112,272
	369,234	Western Digital Corp.		18,572,470
	150,761	Western Union Co. (The)		2,694,099
	18,859	Workday, Inc., Class A*		3,732,762
	39,579	Worldpay, Inc., Class A*		3,791,668
	34,002	Xilinx, Inc.		4,260,451

				1,023,755,888

Materials – 1.6%
	18,602	Air Products & Chemicals, Inc.		3,370,310
	90,178	Ball Corp.		4,939,951
	17,580	Celanese Corp.		1,798,258
	29,605	CF Industries Holdings, Inc.		1,249,331
	56,836	DowDuPont, Inc.		3,025,380
	23,815	Eastman Chemical Co.		1,969,262
	44,745	Ecolab, Inc.		7,557,878
	595,424	Freeport-McMoRan, Inc.		7,680,970
	28,318	International Flavors & Fragrances, Inc.		3,610,545
	34,075	International Paper Co.		1,561,316
	30,289	Linde PLC (United Kingdom)		5,247,266
	16,273	LyondellBasell Industries NV, Class A		1,391,667
	47,930	Mosaic Co. (The)		1,498,771
	42,288	Newmont Mining Corp.		1,442,867
	15,813	Packaging Corp. of America		1,511,565
	32,669	PPG Industries, Inc.		3,657,948
	21,445	Sherwin-Williams Co. (The)		9,289,974
	97,456	Steel Dynamics, Inc.		3,637,058
	211,052	WestRock Co.		7,889,124

				72,329,441

Real Estate – 2.7%
	23,571	Alexandria Real Estate Equities, Inc. REIT		3,203,063
	42,480	American Tower Corp. REIT		7,482,852
	18,386	AvalonBay Communities, Inc. REIT		3,578,467
	20,616	Boston Properties, Inc. REIT		2,735,537
	174,175	CBRE Group, Inc., Class A*		8,666,948
	60,055	Crown Castle International Corp. REIT		7,131,531
	60,698	Digital Realty Trust, Inc. REIT		6,866,158
	116,917	Duke Realty Corp. REIT		3,457,236
	4,276	Equinix, Inc. REIT		1,810,886
	63,198	Equity Residential REIT		4,657,061
	15,194	Essex Property Trust, Inc. REIT		4,251,889
	35,124	Extra Space Storage, Inc. REIT		3,369,797
	14,363	Federal Realty Investment Trust REIT		1,918,753
	124,841	HCP, Inc. REIT		3,841,358
	412,212	Host Hotels & Resorts, Inc. REIT		8,083,477
	37,905	Iron Mountain, Inc. REIT		1,342,595
	22,298	Mid-America Apartment Communities, Inc. REIT		2,309,627


64		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)
Real Estate – (continued)
	65,976	Prologis, Inc. REIT	$	4,622,279
	17,306	Public Storage REIT		3,660,046
	86,258	Realty Income Corp. REIT		5,965,603
	27,318	Regency Centers Corp. REIT		1,782,500
	14,438	SBA Communications Corp. REIT*		2,606,925
	31,503	Simon Property Group, Inc. REIT		5,707,083
	58,077	SL Green Realty Corp. REIT		5,268,745
	78,788	UDR, Inc. REIT		3,499,763
	86,156	Ventas, Inc. REIT		5,406,289
	40,339	Vornado Realty Trust REIT		2,715,218
	55,497	Welltower, Inc. REIT		4,123,982
	64,600	Weyerhaeuser Co. REIT		1,607,894

				121,673,562

Utilities – 4.5%
	236,971	AES Corp.		4,083,010
	82,272	Alliant Energy Corp.		3,773,817
	99,275	Ameren Corp.		7,072,351
	104,192	American Electric Power Co., Inc.		8,455,181
	55,404	American Water Works Co., Inc.		5,630,154
	49,959	Atmos Energy Corp.		4,938,447
	185,326	CenterPoint Energy, Inc.		5,585,726
	110,370	CMS Energy Corp.		6,004,128
	87,744	Consolidated Edison, Inc.		7,234,493
	66,807	Dominion Energy, Inc.		4,949,731
	60,623	DTE Energy Co.		7,490,578
	95,913	Duke Energy Corp.		8,599,560
	71,078	Edison International		4,256,861
	72,632	Entergy Corp.		6,778,745
	65,332	Evergy, Inc.		3,652,712
	92,407	Eversource Energy		6,450,933
	183,871	Exelon Corp.		8,934,292
	171,748	FirstEnergy Corp.		6,998,731
	86,136	NextEra Energy, Inc.		16,169,450
	137,252	NiSource, Inc.		3,703,059
	186,261	NRG Energy, Inc.		7,763,358
	97,717	PG&E Corp.*		1,664,120
	44,228	Pinnacle West Capital Corp.		4,145,933
	157,837	PPL Corp.		5,077,616
	122,568	Public Service Enterprise Group, Inc.		7,208,224
	22,651	Sempra Energy		2,728,086
	142,205	Southern Co. (The)		7,066,166
	150,550	UGI Corp.		8,265,195
	589,852	Vistra Energy Corp.*		15,359,746
	95,260	WEC Energy Group, Inc.		7,266,433
	137,694	Xcel Energy, Inc.		7,553,893

				204,860,729

	TOTAL INVESTMENTS – 99.7%
	(Cost $3,951,441,542)		$	4,503,258,494

	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.3%			12,668,540

	NET ASSETS – 100.0%		$	4,515,927,034



The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

*		Non-income producing security.



Investment Abbreviations:
PLC		—Public Limited Company
REIT		—Real Estate Investment Trust


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

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

Schedule of Investments

February 28, 2019 (Unaudited)


Shares		Description	Value

Common Stocks – 99.7%
Communication Services – 3.2%
	1,524	AMC Entertainment Holdings, Inc., Class A	$	21,382
	1,916	Boingo Wireless, Inc.*		42,861
	928	Boston Omaha Corp., Class A*		23,181
	87	Cardlytics, Inc.*		1,533
	2,428	Care.com, Inc.*		61,161
	2,803	Cargurus, Inc.*		119,772
	2,898	Cars.com, Inc.*		68,219
	6,014	Central European Media Enterprises Ltd., Class A (Czech Republic)*		21,109
	1,624	Cogent Communications Holdings, Inc.		79,105
	1,604	Consolidated Communications Holdings, Inc.		15,928
	78	Daily Journal Corp.*^(a)		17,549
	1,628	Emerald Expositions Events, Inc.		20,480
	3,389	Entercom Communications Corp., Class A		20,876
	2,173	Entravision Communications Corp., Class A		8,583
	2,280	Eros International PLC (India)*^(a)		21,911
	1,868	EW Scripps Co. (The), Class A		39,508
	12,098	Frontier Communications Corp.*^(a)		36,899
	8,689	Gannett Co, Inc.		102,009
	9,606	Glu Mobile, Inc.*		86,262
	2,529	Gray Television, Inc.*		55,410
	1,640	Hemisphere Media Group, Inc.*		22,796
	748	Intelsat S.A.*		18,012
	1,189	Iridium Communications, Inc.*		25,314
	1,100	Liberty Latin America Ltd., Class C (Chile)*		21,329
	985	Liberty Media Corp. – Liberty Braves, Class A*		27,344
	1,426	Liberty Media Corp. – Liberty Braves, Class C*		39,700
	1,973	Liberty TripAdvisor Holdings, Inc., Class A*		29,773
	742	Marcus Corp. (The)		31,453
	13,292	Meet Group, Inc. (The)*		79,752
	685	Meredith Corp.		39,230
	3,869	MSG Networks, Inc., Class A*		93,398
	4,533	National CineMedia, Inc.		35,085
	6,177	New Media Investment Group, Inc.		82,278
	6,597	New York Times Co. (The), Class A		216,711
	1,379	Nexstar Media Group, Inc., Class A		134,770
	6,488	NII Holdings, Inc.*		25,238
	2,147	Ooma, Inc.*		35,018
	4,173	QuinStreet, Inc.*		55,876
	1,647	Reading International, Inc., Class A*		26,533
	4,462	Rosetta Stone, Inc.*		71,883
	250	Saga Communications, Inc., Class A		8,400
	2,556	Scholastic Corp.		108,144
	1,015	Shenandoah Telecommunications Co.		45,107
	2,368	Sinclair Broadcast Group, Inc., Class A		85,485
	2,395	Spok Holdings, Inc.		33,075
	3,056	TechTarget, Inc.*		50,668
	4,628	TEGNA, Inc.		60,951
	1,383	Tribune Publishing Co.*		16,679
	6,898	TrueCar, Inc.*		49,942
	21,710	Vonage Holdings Corp.*		223,179


Common Stocks – (continued)
Communication Services – (continued)
	9,090	Windstream Holdings, Inc.*^(a)		3,636
	2,336	World Wrestling Entertainment, Inc., Class A		195,523
	3,849	Yelp, Inc.*		143,414

				2,999,434

Consumer Discretionary – 12.3%
	4,244	1-800-Flowers.com, Inc., Class A*		75,713
	4,183	Aaron’s, Inc.		227,095
	4,174	Abercrombie & Fitch Co., Class A		91,619
	1,795	Acushnet Holdings Corp.		44,713
	3,362	Adtalem Global Education, Inc.*		162,048
	2,943	American Axle & Manufacturing Holdings, Inc.*		47,382
	6,961	American Eagle Outfitters, Inc.		142,004
	1,302	American Outdoor Brands Corp.*		16,340
	3,030	American Public Education, Inc.*		97,899
	985	America’s Car-Mart, Inc.*		80,376
	720	Asbury Automotive Group, Inc.*		51,689
	28,085	Ascena Retail Group, Inc.*		62,349
	1,595	Bassett Furniture Industries, Inc.		31,501
	4,909	BBX Capital Corp.		30,043
	3,223	Beazer Homes USA, Inc.*		39,063
	4,042	Bed Bath & Beyond, Inc.		67,623
	848	Belmond Ltd., Class A (United Kingdom)*		21,073
	1,267	Big 5 Sporting Goods Corp.		5,106
	2,106	Big Lots, Inc.		66,402
	4	Biglari Holdings, Inc., Class A*		2,796
	122	Biglari Holdings, Inc., Class B*		16,349
	336	BJ’s Restaurants, Inc.		16,074
	1,500	Bloomin’ Brands, Inc.		31,020
	2,604	Boot Barn Holdings, Inc.*		74,214
	3,174	Boyd Gaming Corp.		94,458
	2,393	Brinker International, Inc.		109,528
	2,095	Buckle, Inc. (The)^(a)		40,203
	2,468	Caleres, Inc.		76,755
	4,221	Callaway Golf Co.		72,643
	9,210	Career Education Corp.*		153,070
	1,637	Carriage Services, Inc.		34,393
	1,172	Cato Corp. (The), Class A		18,447
	235	Cavco Industries, Inc.*		32,531
	4,663	Century Casinos, Inc.*		39,309
	1,842	Cheesecake Factory, Inc. (The)		87,127
	4,548	Chegg, Inc.*		180,237
	7,825	Chico’s FAS, Inc.		45,698
	927	Children’s Place, Inc. (The)		88,584
	993	Churchill Downs, Inc.		93,143
	1,419	Citi Trends, Inc.		30,707
	1,954	Clarus Corp.		23,800
	1,273	Conn’s, Inc.*		30,030
	1,508	Cooper Tire & Rubber Co.		48,196
	877	Cooper-Standard Holdings, Inc.*		52,716
	1,144	Core-Mark Holding Co, Inc.		36,047
	405	Cracker Barrel Old Country Store, Inc.		65,606
	6,304	Crocs, Inc.*		161,887
	1	Culp, Inc.		19
	4,301	Dana, Inc.		84,945
	891	Dave & Buster’s Entertainment, Inc.		45,735


66		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)
	1,605	Deckers Outdoor Corp.*	$	237,460
	3,058	Del Taco Restaurants, Inc.*		31,620
	5,632	Denny’s Corp.*		98,335
	559	Dillard’s, Inc., Class A^(a)		43,904
	267	Dine Brands Global, Inc.		26,486
	1,726	Dorman Products, Inc.*		139,633
	4,258	Drive Shack, Inc.*		18,778
	2,433	DSW, Inc., Class A		72,041
	1,549	Duluth Holdings, Inc., Class B*^(a)		39,345
	2,484	El Pollo Loco Holdings, Inc.*		37,583
	1,578	Eldorado Resorts, Inc.*		76,075
	2,437	Ethan Allen Interiors, Inc.		48,935
	3,160	Etsy, Inc.*		225,213
	4,166	Express, Inc.*		21,663
	2,636	Fiesta Restaurant Group, Inc.*		39,725
	1,856	Five Below, Inc.*		223,370
	118	Flexsteel Industries, Inc.		2,937
	6,223	Fossil Group, Inc.*		97,328
	2,289	Fox Factory Holding Corp.*		145,077
	1,582	Gaia, Inc.*^(a)		17,592
	3,318	GameStop Corp., Class A		38,821
	1,607	Genesco, Inc.*		77,570
	1,650	Gentherm, Inc.*		67,650
	1,455	G-III Apparel Group Ltd.*		51,813
	630	Golden Entertainment, Inc.*^(a)		11,479
	4,892	GoPro, Inc., Class A*^(a)		28,520
	937	Green Brick Partners, Inc.*		8,349
	572	Group 1 Automotive, Inc.		35,567
	17,355	Groupon, Inc.*		56,751
	1,794	Guess?, Inc.		40,168
	113	Hamilton Beach Brands Holding Co., Class A		2,742
	1,916	Haverty Furniture Cos, Inc.		46,674
	767	Helen of Troy Ltd.*		85,988
	2,366	Hibbett Sports, Inc.*		43,866
	584	Hooker Furniture Corp.		18,338
	4,370	Houghton Mifflin Harcourt Co.*		34,567
	1,590	Hudson Ltd, Class A*		23,691
	891	Installed Building Products, Inc.*		38,865
	1,449	International Speedway Corp., Class A		62,669
	1,264	iRobot Corp.*^(a)		158,076
	2,843	J Alexander’s Holdings, Inc.*		25,957
	1,126	Jack in the Box, Inc.		90,688
	814	Johnson Outdoors, Inc., Class A		53,431
	5,542	K12, Inc.*		177,566
	3,859	KB Home		88,024
	3,372	Kirkland’s, Inc.*		39,385
	1,308	Laureate Education, Inc., Class A*		19,999
	3,198	La-Z-Boy, Inc.		110,043
	1,278	LCI Industries		104,131
	2,574	Leaf Group Ltd.*		20,927
	994	Liberty Expedia Holdings, Inc., Class A*		44,034
	2,081	Lifetime Brands, Inc.		21,767
	1,563	Lindblad Expeditions Holdings, Inc.*		21,241
	3,042	Liquidity Services, Inc.*		20,990
	255	Lithia Motors, Inc., Class A		23,019
	2,237	Lumber Liquidators Holdings, Inc.*		26,419
	1,309	M/I Homes, Inc.*		34,086


Common Stocks – (continued)
Consumer Discretionary – (continued)
	1,138	Malibu Boats, Inc., Class A*		52,587
	1,394	Marine Products Corp.		19,739
	1,182	Marriott Vacations Worldwide Corp.		115,056
	3,075	MasterCraft Boat Holdings, Inc.*		75,860
	828	MDC Holdings, Inc.		23,880
	776	Meritage Homes Corp.*		34,028
	1,717	Modine Manufacturing Co.*		25,807
	782	Monarch Casino & Resort, Inc.*		34,291
	552	Monro, Inc.		42,123
	775	Movado Group, Inc.		27,148
	927	Murphy USA, Inc.*		72,093
	634	Nathan’s Famous, Inc.		45,065
	843	National Vision Holdings, Inc.*		28,325
	3,480	Nautilus, Inc.*		22,724
	2,444	Noodles & Co.*		19,161
	1,837	Nutrisystem, Inc.		79,505
	17,133	Office Depot, Inc.		59,452
	1,470	Ollie’s Bargain Outlet Holdings, Inc.*		129,683
	1,685	Overstock.com, Inc.*^(a)		33,380
	1,369	Oxford Industries, Inc.		108,192
	1,737	Papa John’s International, Inc.^(a)		75,924
	2,004	Party City Holdco, Inc.*		20,862
	4,824	Penn National Gaming, Inc.*		119,876
	1,356	PetMed Express, Inc.		31,256
	1,378	Pier 1 Imports, Inc.*		1,860
	1,925	Planet Fitness, Inc., Class A*		113,151
	5,039	Potbelly Corp.*		42,428
	2,295	Quotient Technology, Inc.*		23,019
	1,389	RCI Hospitality Holdings, Inc.		32,489
	1,092	Red Robin Gourmet Burgers, Inc.*		33,208
	850	Red Rock Resorts, Inc., Class A		23,902
	4,437	Regis Corp.*		80,265
	3,683	Remark Holdings, Inc.*		7,624
	5,497	Rent-A-Center, Inc.*		102,299
	1,059	RH*		162,652
	314	Rocky Brands, Inc.		9,404
	1,319	Roku, Inc.*		87,437
	6,485	RTW RetailWinds, Inc.*		19,714
	3,191	Ruth’s Hospitality Group, Inc.		81,115
	3,951	Sally Beauty Holdings, Inc.*		71,395
	1,958	SeaWorld Entertainment, Inc.*		53,434
	370	Shake Shack, Inc., Class A*		20,402
	2,083	Shoe Carnival, Inc.		79,446
	1,694	Shutterfly, Inc.*		75,908
	1,363	Shutterstock, Inc.		63,148
	1,711	Signet Jewelers Ltd.		48,096
	1,440	Skyline Champion Corp.		28,598
	2,184	Sleep Number Corp.*		95,332
	1,506	Sotheby’s*		66,068
	2,258	Speedway Motorsports, Inc.		39,876
	2,690	Sportsman’s Warehouse Holdings, Inc.*		16,920
	642	Stamps.com, Inc.*		60,342
	1,722	Standard Motor Products, Inc.		84,895
	3,688	Steven Madden Ltd.		121,667
	4,802	Stoneridge, Inc.*		141,995
	1,562	Strategic Education, Inc.		204,278
	1,361	Sturm Ruger & Co., Inc.		77,509
	3,845	Tailored Brands, Inc.		49,831


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

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

Schedule of Investments(continued)

February 28, 2019 (Unaudited)


Shares		Description	Value

Common Stocks – (continued)
Consumer Discretionary – (continued)
	3,763	Taylor Morrison Home Corp., Class A*	$	63,106
	1,366	Tenneco, Inc., Class A		47,264
	1,896	Texas Roadhouse, Inc.		120,036
	2,896	Tilly’s, Inc., Class A		35,128
	1,323	TopBuild Corp.*		78,718
	1,152	Tower International, Inc.		29,549
	3,239	Town Sports International Holdings, Inc.*		17,653
	4,183	TRI Pointe Group, Inc.*		52,706
	1,666	Tupperware Brands Corp.		50,163
	1,759	Turtle Beach Corp.*^(a)		27,071
	4,439	Vera Bradley, Inc.*		42,392
	1,956	Vista Outdoor, Inc.*		17,428
	1,979	Weight Watchers International, Inc.*		40,035
	778	Weyco Group, Inc.		23,589
	1,215	Wingstop, Inc.		80,931
	482	Winmark Corp.		83,024
	3,285	Wolverine World Wide, Inc.		117,472
	4,228	ZAGG, Inc.*		49,045
	2,899	Zumiez, Inc.*		71,605

				11,305,915

Consumer Staples – 2.8%
	442	Alico, Inc.		13,375
	627	B&G Foods, Inc.^(a)		15,437
	1,469	BJ’s Wholesale Club Holdings, Inc.*		37,195
	723	Boston Beer Co, Inc. (The), Class A*		225,981
	381	Calavo Growers, Inc.		32,434
	1,581	Cal-Maine Foods, Inc.		69,722
	18,160	Castle Brands, Inc.*		15,981
	5,114	Celsius Holdings, Inc.*^(a)		18,206
	1,096	Central Garden & Pet Co.*^(a)		34,283
	1,213	Central Garden & Pet Co., Class A*		33,782
	1,503	Chefs’ Warehouse, Inc. (The)*		48,111
	405	Coca-Cola Consolidated, Inc.		100,383
	5,707	Darling Ingredients, Inc.*		125,440
	15,384	Dean Foods Co.		61,690
	1,083	Edgewell Personal Care Co.*		48,042
	1,190	Farmer Brothers Co.*		28,381
	1,460	Fresh Del Monte Produce, Inc.		40,413
	2,871	Freshpet, Inc.*		118,343
	5,158	Hostess Brands, Inc.*		62,618
	1,828	Ingles Markets, Inc., Class A		56,887
	824	Inter Parfums, Inc.		60,786
	567	J&J Snack Foods Corp.		88,044
	421	John B Sanfilippo & Son, Inc.		29,251
	679	Lancaster Colony Corp.		106,447
	2,159	Landec Corp.*		27,722
	774	Medifast, Inc.		98,631
	404	MGP Ingredients, Inc.		33,067
	1,176	National Beverage Corp.		80,662
	1,623	Natural Health Trends Corp.		20,645
	1,841	Nature’s Sunshine Products, Inc.*		15,280
	274	Oil-Dri Corp. of America		7,987
	4,190	Performance Food Group Co.*		161,441
	283	PriceSmart, Inc.		18,299
	26,748	Rite Aid Corp.*		19,793
	660	Sanderson Farms, Inc.		76,032
	44	Seneca Foods Corp., Class A*		1,299


Common Stocks – (continued)
Consumer Staples – (continued)
	1,379	Simply Good Foods Co. (The)*		28,214
	1,752	SpartanNash Co.		33,253
	1,127	Turning Point Brands, Inc.		46,083
	1,891	United Natural Foods, Inc.*		28,384
	975	Universal Corp.		57,856
	1,156	USANA Health Sciences, Inc.*		113,866
	3,658	Vector Group Ltd.		42,872
	1,771	Village Super Market, Inc., Class A		54,281
	634	WD-40 Co.		113,467
	1,009	Weis Markets, Inc.		50,763

				2,601,129

Energy – 2.6%
	16,293	Abraxas Petroleum Corp.*		20,366
	370	Adams Resources & Energy, Inc.		14,704
	999	Arch Coal, Inc., Class A		93,067
	1,393	Basic Energy Services, Inc.*		6,728
	872	Bonanza Creek Energy, Inc.*		20,030
	1,917	C&J Energy Services, Inc.*		33,107
	2,477	Cactus, Inc., Class A*		89,816
	927	California Resources Corp.*		21,923
	1,871	Carrizo Oil & Gas, Inc.*		20,543
	7,694	Cloud Peak Energy, Inc.*		4,001
	1,006	CONSOL Energy, Inc.*		38,178
	854	CVR Energy, Inc.		34,621
	2,041	Dawson Geophysical Co.*		7,368
	2,941	Delek US Holdings, Inc.		104,052
	12,126	Denbury Resources, Inc.*		23,282
	4,044	DHT Holdings, Inc.		17,470
	3,345	Diamond Offshore Drilling, Inc.*		31,945
	3,582	Dorian LPG Ltd.*		21,134
	1,625	Dril-Quip, Inc.*		69,241
	2,586	Era Group, Inc.*		29,791
	5,591	Evolution Petroleum Corp.		39,528
	2,238	Exterran Corp.*		38,203
	7,362	FTS International, Inc.*		75,755
	1,145	GasLog Ltd. (Monaco)		18,457
	1,310	Golar LNG Ltd. (Bermuda)		27,038
	3,540	Hallador Energy Co.		19,010
	2,777	Helix Energy Solutions Group, Inc.*		20,550
	1,710	ION Geophysical Corp.*		22,504
	8,261	Keane Group, Inc.*		91,036
	5,888	Laredo Petroleum, Inc.*		20,196
	4,692	Liberty Oilfield Services, Inc., Class A		76,855
	2,829	Mammoth Energy Services, Inc.		65,039
	1,232	Matador Resources Co.*		22,915
	3,511	Matrix Service Co.*		73,345
	2,373	McDermott International, Inc.*		20,123
	211	NACCO Industries, Inc., Class A		7,716
	245	Natural Gas Services Group, Inc.*		4,528
	4,810	Newpark Resources, Inc.*		42,520
	11,174	Noble Corp. PLC*		33,634
	7,212	Northern Oil and Gas, Inc.*		17,092
	4,098	Oasis Petroleum, Inc.*		22,908
	3,082	Oceaneering International, Inc.*		47,617
	1,766	Oil States International, Inc.*		30,269
	10,010	Overseas Shipholding Group, Inc., Class A*		19,720


68		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)
	122	Panhandle Oil and Gas, Inc., Class A	$	2,003
	2,197	Par Pacific Holdings, Inc.*		37,129
	944	PDC Energy, Inc.*		34,994
	3,222	Peabody Energy Corp.		99,399
	438	Penn Virginia Corp.*		23,503
	3,303	Profire Energy, Inc.*		6,177
	3,838	ProPetro Holding Corp.*		76,223
	3,977	Renewable Energy Group, Inc.*		105,669
	983	REX American Resources Corp.*		78,355
	2,937	RigNet, Inc.*		45,465
	3,622	Rowan Cos PLC, Class A*		40,965
	529	SEACOR Holdings, Inc.*		23,625
	16,900	Teekay Tankers Ltd., Class A (Bermuda)		18,083
	35,645	Ultra Petroleum Corp.*		23,975
	1,889	Unit Corp.*		29,374
	1,582	US Silica Holdings, Inc.		23,572
	20,874	W&T Offshore, Inc.*		108,753
	1,241	World Fuel Services Corp.		34,363

				2,369,552

Financials – 21.0%
	907	1st Constitution Bancorp		16,934
	774	1st Source Corp.		36,804
	458	ACNB Corp.		18,045
	4,008	AG Mortgage Investment Trust, Inc. REIT		71,262
	731	Allegiance Bancshares, Inc.*		27,968
	3,054	Ambac Financial Group, Inc.*		60,378
	4,410	American Equity Investment Life Holding Co.		139,576
	889	American National Bankshares, Inc.		31,826
	796	Ameris Bancorp		32,453
	1,036	AMERISAFE, Inc.		65,382
	484	Ames National Corp.		13,470
	9,552	Anworth Mortgage Asset Corp. REIT		40,692
	4,980	Apollo Commercial Real Estate Finance, Inc. REIT		90,437
	4,361	Arbor Realty Trust, Inc. REIT		56,431
	3,132	Ares Commercial Real Estate Corp. REIT		47,794
	1,355	Argo Group International Holdings Ltd.		94,186
	2,106	Arlington Asset Investment Corp., Class A		17,459
	4,727	ARMOUR Residential REIT, Inc. REIT		94,776
	1,575	Arrow Financial Corp.		55,786
	3,464	Artisan Partners Asset Management, Inc., Class A		91,103
	526	Associated Capital Group, Inc., Class A		22,371
	1,759	Atlantic Capital Bancshares, Inc.*		33,914
	5,031	Axos Financial, Inc.*		162,401
	2,365	B. Riley Financial, Inc.		40,300
	3,935	Banc of California, Inc.		68,154
	1,376	BancFirst Corp.		77,579
	972	Banco Latinoamericano de Comercio Exterior SA, Class E (Panama)		20,334
	526	Bancorp, Inc. (The)*		4,771
	3,369	BancorpSouth Bank		109,796
	2,517	Bank of Commerce Holdings		28,568
	807	Bank of Marin Bancorp		35,911
	4,287	Bank of NT Butterfield & Son Ltd. (The) (Bermuda)		174,652


Common Stocks – (continued)
Financials – (continued)
	1,890	BankFinancial Corp.		29,560
	940	Bankwell Financial Group, Inc.		28,454
	777	Bar Harbor Bankshares		20,062
	2,132	BCB Bancorp, Inc.		27,972
	1,481	Beneficial Bancorp, Inc.		23,874
	1,810	Berkshire Hills Bancorp, Inc.		56,689
	2,617	Blackstone Mortgage Trust, Inc., Class A REIT		90,234
	3,089	Blucora, Inc.*		83,063
	1,714	Blue Hills Bancorp, Inc.		42,644
	2,329	Boston Private Financial Holdings, Inc.		27,692
	1,177	Bridge Bancorp, Inc.		38,806
	5,205	BrightSphere Investment Group PLC		73,651
	3,181	Brookline Bancorp, Inc.		50,832
	1,213	Bryn Mawr Bank Corp.		49,442
	978	BSB Bancorp, Inc.*		34,523
	455	C&F Financial Corp.		23,473
	4,106	Cadence BanCorp		82,079
	344	Cambridge Bancorp		28,549
	1,801	Camden National Corp.		80,775
	1,466	Cannae Holdings, Inc.*		33,601
	1,754	Capital City Bank Group, Inc.		43,289
	3,272	Capitol Federal Financial, Inc.		43,747
	1,229	Capstar Financial Holdings, Inc.		20,598
	5,521	Capstead Mortgage Corp. REIT		45,824
	1,130	Carolina Financial Corp.		41,381
	3,270	Cathay General Bancorp		127,007
	3,795	CenterState Bank Corp.		100,416
	1,110	Central Pacific Financial Corp.		32,390
	1,257	Central Valley Community Bancorp		24,474
	467	Century Bancorp, Inc., Class A		36,122
	2,020	Chemical Financial Corp.		92,577
	535	Chemung Financial Corp.		24,920
	3,075	Cherry Hill Mortgage Investment Corp. REIT		57,010
	1,008	Citizens & Northern Corp.		26,450
	1,311	City Holding Co.		105,064
	2,189	Civista Bancshares, Inc.		46,691
	1,052	CNB Financial Corp.		29,246
	2,981	CNO Financial Group, Inc.		50,766
	1,104	Codorus Valley Bancorp, Inc.		25,039
	2,139	Cohen & Steers, Inc.		89,325
	2,199	Colony Credit Real Estate, Inc. REIT		38,329
	2,337	Columbia Banking System, Inc.		88,526
	1,735	Community Bank System, Inc.		112,411
	4,740	Community Bankers Trust Corp.*		37,825
	572	Community Financial Corp. (The)		17,194
	1,090	Community Trust Bancorp, Inc.		46,630
	1,422	ConnectOne Bancorp, Inc.		30,673
	767	County Bancorp, Inc.		14,642
	2,618	Crawford & Co., Class B		26,913
	1,747	Curo Group Holdings Corp.*		19,252
	3,662	Customers Bancorp, Inc.*		78,330
	3,796	CVB Financial Corp.		86,511
	317	Diamond Hill Investment Group, Inc.		45,001
	1,869	Dime Community Bancshares, Inc.		37,343
	1,583	Donegal Group, Inc., Class A		21,323
	1,667	Donnelley Financial Solutions, Inc.*		23,688


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

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

Schedule of Investments(continued)

February 28, 2019 (Unaudited)


Shares		Description	Value

Common Stocks – (continued)
Financials – (continued)
	10,450	Dynex Capital, Inc. REIT	$	63,745
	1,465	Eagle Bancorp, Inc.*		86,713
	983	EMC Insurance Group, Inc.		31,387
	2,359	Employers Holdings, Inc.		98,276
	1,470	Encore Capital Group, Inc.*		50,274
	2,640	Enova International, Inc.*		67,373
	276	Enstar Group Ltd. (Bermuda)*		49,238
	1,422	Entegra Financial Corp.*		34,171
	278	Enterprise Bancorp, Inc.		8,818
	1,561	Enterprise Financial Services Corp.		70,526
	782	Equity Bancshares, Inc., Class A*		26,580
	657	Esquire Financial Holdings, Inc.*		14,986
	1,445	ESSA Bancorp, Inc.		23,106
	5,514	Essent Group Ltd.*		237,874
	842	Evans Bancorp, Inc.		30,017
	3,220	EZCORP, Inc., Class A*		31,459
	936	Farmers & Merchants Bancorp, Inc.		28,651
	1,830	Farmers National Banc Corp.		26,938
	1,261	FB Financial Corp.		44,702
	569	FBL Financial Group, Inc., Class A		39,756
	1,781	Federal Agricultural Mortgage Corp., Class C		145,810
	5,075	Federated Investors, Inc., Class B		150,981
	3,565	FGL Holdings*		29,590
	3,295	Fidelity Southern Corp.		107,351
	1,794	Financial Institutions, Inc.		54,071
	1,254	First Bancorp, Inc.		33,043
	7,296	First BanCorp. (Puerto Rico)		83,977
	1,698	First Bancorp/Southern Pines NC		66,545
	872	First Bancshares, Inc. (The)		28,567
	1,522	First Bank/Hamilton NJ		17,610
	2,032	First Busey Corp.		54,742
	1,319	First Business Financial Services, Inc.		29,097
	4,613	First Commonwealth Financial Corp.		64,859
	854	First Community Bancshares, Inc.		30,616
	1,749	First Defiance Financial Corp.		54,114
	4,634	First Financial Bancorp		128,501
	2,966	First Financial Bankshares, Inc.		192,345
	858	First Financial Corp.		38,078
	1,424	First Financial Northwest, Inc.		23,097
	2,313	First Foundation, Inc.		35,273
	968	First Guaranty Bancshares, Inc.		20,222
	1,035	First Internet Bancorp		22,356
	1,299	First Interstate BancSystem, Inc., Class A		54,090
	1,869	First Merchants Corp.		75,489
	972	First Mid-Illinois Bancshares, Inc.		33,933
	2,823	First Midwest Bancorp, Inc.		65,352
	1,879	First Northwest Bancorp		30,289
	1,905	First of Long Island Corp. (The)		44,501
	1,315	FirstCash, Inc.		115,273
	2,401	Flagstar Bancorp, Inc.		78,417
	3,169	Flushing Financial Corp.		73,552
	1,029	Franklin Financial Network, Inc.		33,751
	717	FS Bancorp, Inc.		37,176
	6,040	Fulton Financial Corp.		103,767
	495	GAIN Capital Holdings, Inc.^(a)		3,415
	34	GAMCO Investors, Inc., Class A		696
	11,565	Genworth Financial, Inc., Class A*		44,757


Common Stocks – (continued)
Financials – (continued)
	2,124	German American Bancorp, Inc.		65,780
	3,083	Glacier Bancorp, Inc.		135,097
	675	Global Indemnity Ltd. (Cayman Islands)		26,042
	1,625	Granite Point Mortgage Trust, Inc. REIT		30,907
	2,690	Great Ajax Corp. REIT		35,589
	1,347	Great Southern Bancorp, Inc.		76,281
	1,870	Great Western Bancorp, Inc.		70,218
	1,600	Green Dot Corp., Class A*		103,280
	973	Hallmark Financial Services, Inc.*		10,168
	1,750	Hamilton Lane, Inc., Class A		81,690
	2,929	Hancock Whitney Corp.		127,939
	2,024	Hanmi Financial Corp.		46,714
	1,725	HarborOne Bancorp, Inc.*^(a)		27,824
	2,447	Health Insurance Innovations, Inc., Class A*^(a)		91,053
	1,733	Heartland Financial USA, Inc.		84,206
	3,824	Heritage Commerce Corp.		53,421
	1,746	Heritage Financial Corp.		57,478
	244	Heritage Insurance Holdings, Inc.		3,640
	3,201	Hilltop Holdings, Inc.		61,523
	260	Hingham Institution for Savings		50,908
	781	Home Bancorp, Inc.		27,624
	4,641	Home BancShares, Inc.		90,407
	2,237	HomeStreet, Inc.*		62,412
	1,232	HomeTrust Bancshares, Inc.		33,547
	3,613	Hope Bancorp, Inc.		52,678
	2,036	Horace Mann Educators Corp.		79,791
	1,957	Horizon Bancorp, Inc.		34,580
	2,137	Houlihan Lokey, Inc.		98,259
	1,263	Howard Bancorp, Inc.*		16,760
	1,437	IBERIABANK Corp.		112,417
	1,944	Impac Mortgage Holdings, Inc.*		7,776
	1,029	Independent Bank Corp.		87,599
	2,245	Independent Bank Corp.		52,196
	1,744	Independent Bank Group, Inc.		101,082
	2,233	International Bancshares Corp.		91,151
	894	INTL. FCStone, Inc.*		38,889
	9,283	Invesco Mortgage Capital, Inc. REIT		147,785
	1,308	Investar Holding Corp.		31,837
	7,177	Investors Bancorp, Inc.		90,215
	252	Investors Title Co.		42,943
	1,499	James River Group Holdings Ltd.		61,594
	2,374	Kearny Financial Corp.		32,263
	1,621	Kemper Corp.		134,705
	2,001	Kingstone Cos, Inc.		33,637
	1,424	Kinsale Capital Group, Inc.		95,066
	1,677	KKR Real Estate Finance Trust, Inc. REIT		34,160
	4,031	Ladder Capital Corp. REIT		73,969
	2,497	Lakeland Bancorp, Inc.		41,775
	1,878	Lakeland Financial Corp.		90,745
	571	LCNB Corp.		9,707
	2,265	LegacyTexas Financial Group, Inc.		94,518
	376	LendingTree, Inc.*		119,925
	3,701	Live Oak Bancshares, Inc.		59,993
	4,268	Macatawa Bank Corp.		46,564
	1,423	Malvern Bancorp, Inc.*		29,541
	477	Marlin Business Services Corp.		11,229
	3,263	MB Financial, Inc.		147,716


70		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)
	3,424	MBT Financial Corp.	$	37,904
	1,138	Mercantile Bank Corp.		39,409
	1,972	Meridian Bancorp, Inc.		32,124
	2,395	Meta Financial Group, Inc.		55,923
	22,118	MGIC Investment Corp.*		287,092
	434	Middlefield Banc Corp.		18,206
	1,155	Midland States Bancorp, Inc.		29,453
	2,032	MidSouth Bancorp, Inc.		23,144
	949	MidWestOne Financial Group, Inc.		29,504
	2,320	Moelis & Co., Class A		103,495
	3,100	Mr Cooper Group, Inc.*		42,315
	500	MutualFirst Financial, Inc.		15,720
	853	National Bank Holdings Corp., Class A		30,819
	217	National Bankshares, Inc.		8,572
	758	National Commerce Corp.*		33,117
	2,784	National General Holdings Corp.		71,855
	170	National Western Life Group, Inc., Class A		52,360
	755	Navigators Group, Inc. (The)		52,684
	1,604	NBT Bancorp, Inc.		61,963
	1,089	Nelnet, Inc., Class A		59,699
	11,301	New York Mortgage Trust, Inc. REIT		67,806
	769	NI Holdings, Inc.*		11,604
	935	Nicolet Bankshares, Inc.*		53,688
	3,327	NMI Holdings, Inc., Class A*		80,347
	1,622	Northeast Bancorp		32,894
	739	Northfield Bancorp, Inc.		11,018
	1,024	Northrim BanCorp, Inc.		38,410
	2,799	Northwest Bancshares, Inc.		52,061
	982	Norwood Financial Corp.		30,088
	1,387	OceanFirst Financial Corp.		34,952
	3,476	OFG Bancorp (Puerto Rico)		71,918
	900	Ohio Valley Banc Corp.		32,859
	1,256	Old Line Bancshares, Inc.		35,972
	4,700	Old National Bancorp		83,566
	2,410	Old Second Bancorp, Inc.		34,415
	979	Oppenheimer Holdings, Inc., Class A		27,627
	1,403	Opus Bank		31,946
	3,484	Orchid Island Capital, Inc. REIT		23,273
	3,246	Oritani Financial Corp.		58,266
	2,196	Pacific Mercantile Bancorp*		18,117
	1,115	Pacific Premier Bancorp, Inc.		33,283
	890	Park National Corp.		89,134
	1,401	Parke Bancorp, Inc.		31,088
	1,425	PCSB Financial Corp.		28,970
	1,577	Peapack Gladstone Financial Corp.		45,859
	661	Penns Woods Bancorp, Inc.		28,991
	4,486	PennyMac Financial Services, Inc.		104,614
	4,225	PennyMac Mortgage Investment Trust REIT		86,106
	1,025	Peoples Bancorp of North Carolina, Inc.		28,905
	1,691	Peoples Bancorp, Inc.		56,378
	817	Peoples Financial Services Corp.		35,744
	1,548	People’s Utah Bancorp		45,449
	286	Piper Jaffray Cos		20,009
	1,236	PJT Partners, Inc., Class A		57,140
	1,668	PRA Group, Inc.*		53,693
	1,676	Preferred Bank		85,845


Common Stocks – (continued)
Financials – (continued)
	2,098	Premier Financial Bancorp, Inc.		34,764
	2,566	Primerica, Inc.		320,853
	780	ProAssurance Corp.		31,668
	1,144	Protective Insurance Corp., Class B		24,150
	2,746	Provident Financial Services, Inc.		75,378
	1,791	Prudential Bancorp, Inc.		32,542
	3,724	Pzena Investment Management, Inc., Class A		37,091
	1,141	QCR Holdings, Inc.		40,791
	10,273	Radian Group, Inc.		209,158
	2,311	Ready Capital Corp. REIT^(a)		37,276
	4,680	Redwood Trust, Inc. REIT		71,604
	1,352	Regional Management Corp.*		36,761
	932	Reliant Bancorp, Inc.^(a)		20,448
	1,543	Renasant Corp.		59,066
	1,239	Republic Bancorp, Inc., Class A		56,052
	4,369	Riverview Bancorp, Inc.		33,816
	1,949	RLI Corp.		137,443
	1,688	S&T Bancorp, Inc.		69,849
	937	Safeguard Scientifics, Inc.*		10,166
	743	Safety Insurance Group, Inc.		66,380
	1,850	Sandy Spring Bancorp, Inc.		64,880
	561	SB One Bancorp		13,268
	1,779	Seacoast Banking Corp. of Florida*		51,627
	2,799	Selective Insurance Group, Inc.		184,622
	3,415	ServisFirst Bancshares, Inc.		119,423
	1,902	Shore Bancshares, Inc.		29,957
	1,911	SI Financial Group, Inc.		28,187
	1,458	Sierra Bancorp		39,293
	3,007	Simmons First National Corp., Class A		80,678
	969	SmartFinancial, Inc.*		19,012
	1,004	South State Corp.		71,324
	1,258	Southern First Bancshares, Inc.*		47,930
	1,341	Southern Missouri Bancorp, Inc.		48,517
	1,917	Southern National Bancorp of Virginia, Inc.		30,384
	1,342	Southside Bancshares, Inc.		46,594
	733	State Auto Financial Corp.		24,680
	1,395	Stewart Information Services Corp.		59,887
	1,864	Stifel Financial Corp.		101,458
	2,091	Stock Yards Bancorp, Inc.		74,481
	746	Summit Financial Group, Inc.		18,210
	1,295	Territorial Bancorp, Inc.		36,390
	4,761	Third Point Reinsurance Ltd. (Bermuda)*		50,895
	1,378	Timberland Bancorp, Inc.		42,167
	647	Tompkins Financial Corp.		52,025
	2,830	Towne Bank/Portsmouth VA		78,023
	2,100	TriCo Bancshares		84,462
	2,004	TriState Capital Holdings, Inc.*		45,310
	1,389	Triumph Bancorp, Inc.*		47,045
	953	Trupanion, Inc.*^(a)		28,924
	4,689	TrustCo Bank Corp.		39,716
	2,615	Trustmark Corp.		92,780
	1,539	UMB Financial Corp.		105,899
	3,912	Union Bankshares Corp.		139,150
	2,122	United Bankshares, Inc.		81,464
	2,075	United Community Banks, Inc.		57,457
	2,500	United Community Financial Corp.		25,050


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

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

Schedule of Investments(continued)

February 28, 2019 (Unaudited)


Shares		Description	Value

Common Stocks – (continued)
Financials – (continued)
	3,100	United Financial Bancorp, Inc.	$	48,143
	680	United Fire Group, Inc.		33,143
	1,605	United Security Bancshares		17,334
	1,706	Unity Bancorp, Inc.		37,686
	4,439	Universal Insurance Holdings, Inc.		173,299
	1,389	Univest Financial Corp.		36,822
	10,100	Valley National Bancorp		106,656
	2,067	Veritex Holdings, Inc.		57,897
	425	Virtus Investment Partners, Inc.		43,482
	4,408	Waddell & Reed Financial, Inc., Class A		81,592
	3,277	Walker & Dunlop, Inc.		182,857
	3,653	Washington Federal, Inc.		112,074
	1,379	Washington Trust Bancorp, Inc.		72,260
	2,531	Waterstone Financial, Inc.		42,622
	2,592	WesBanco, Inc.		109,979
	2,212	West Bancorporation, Inc.		51,141
	770	Westamerica Bancorporation		49,496
	5,478	Western Asset Mortgage Capital Corp. REIT		54,944
	3,155	Western New England Bancorp, Inc.		30,982
	481	Westwood Holdings Group, Inc.		18,591
	3,699	WisdomTree Investments, Inc.		28,778
	602	World Acceptance Corp.*		74,046
	1,585	WSFS Financial Corp.		68,599

				19,367,362

Health Care – 13.5%
	3,591	ACADIA Pharmaceuticals, Inc.*		95,162
	8,130	Acorda Therapeutics, Inc.*		119,836
	1,133	Addus HomeCare Corp.*		76,149
	3,967	ADMA Biologics, Inc.*^(a)		16,225
	1,227	Adverum Biotechnologies, Inc.*^(a)		4,969
	574	Aeglea BioTherapeutics, Inc.*		4,799
	4,752	Akorn, Inc.*		19,246
	294	Albireo Pharma, Inc.*		8,267
	6,880	Allscripts Healthcare Solutions, Inc.*		73,754
	7,545	AMAG Pharmaceuticals, Inc.*		112,345
	2,186	Amedisys, Inc.*		271,720
	1,704	American Renal Associates Holdings, Inc.*		21,283
	2,724	AMN Healthcare Services, Inc.*		136,227
	1,924	Amneal Pharmaceuticals, Inc.*		26,032
	2,508	Amphastar Pharmaceuticals, Inc.*		62,324
	342	AnaptysBio, Inc.*		23,554
	3,802	AngioDynamics, Inc.*		85,203
	1,369	ANI Pharmaceuticals, Inc.*		90,067
	460	Apollo Medical Holdings, Inc.*		8,988
	2,014	Arbutus Biopharma Corp. (Canada)*		8,841
	801	Arena Pharmaceuticals, Inc.*		39,986
	4,048	Array BioPharma, Inc.*		92,861
	2,245	Arrowhead Pharmaceuticals, Inc.*		43,822
	12,851	Assertio Therapeutics, Inc.*		53,203
	765	Atara Biotherapeutics, Inc.*		27,395
	2,338	AtriCure, Inc.*		74,676
	74	Atrion Corp.		58,191
	1,320	Avanos Medical, Inc.*		62,146
	1,362	AxoGen, Inc.*		25,143
	10,813	BioScrip, Inc.*		35,142


Common Stocks – (continued)
Health Care – (continued)
	1,271	BioTelemetry, Inc.*		94,969
	661	Blueprint Medicines Corp.*		54,328
	5,075	Brookdale Senior Living, Inc.*		34,307
	2,350	Cambrex Corp.*		97,149
	3,499	Cardiovascular Systems, Inc.*		123,760
	1,295	CareDx, Inc.*		40,300
	1,182	CASI Pharmaceuticals, Inc.*		3,877
	2,230	Catalyst Biosciences, Inc.*		19,000
	907	Catalyst Pharmaceuticals, Inc.*		2,639
	1,136	Cellular Biomedicine Group, Inc.*		21,720
	4,975	ChemoCentryx, Inc.*		53,481
	2,337	Civitas Solutions, Inc.*		41,505
	1,313	Codexis, Inc.*		28,387
	2,722	Collegium Pharmaceutical, Inc.*		47,880
	5,602	Community Health Systems, Inc.*		27,730
	1,702	Computer Programs & Systems, Inc.		56,064
	2,380	Concert Pharmaceuticals, Inc.*		36,152
	1,020	CONMED Corp.		78,438
	10,442	Corcept Therapeutics, Inc.*^(a)		130,212
	886	CorVel Corp.*		59,628
	6,222	Cross Country Healthcare, Inc.*		54,380
	1,137	CryoLife, Inc.*		33,632
	723	CTI BioPharma Corp.*		737
	2,947	Cutera, Inc.*		50,453
	116	CytomX Therapeutics, Inc.*		1,302
	1,051	CytoSorbents Corp.*^(a)		8,492
	1,636	Dicerna Pharmaceuticals, Inc.*		19,976
	3,154	Diplomat Pharmacy, Inc.*		20,343
	2,213	Eagle Pharmaceuticals, Inc.*		110,805
	1,059	Editas Medicine, Inc.*		21,847
	566	Eloxx Pharmaceuticals, Inc.*		7,273
	3,687	Emergent BioSolutions, Inc.*		215,136
	634	Enanta Pharmaceuticals, Inc.*		65,010
	9,729	Endo International PLC*		106,922
	1,830	Ensign Group, Inc. (The)		90,494
	9,074	Enzo Biochem, Inc.*		30,670
	523	Esperion Therapeutics, Inc.*^(a)		24,110
	2,197	Fate Therapeutics, Inc.*		34,515
	1,234	Fennec Pharmaceuticals, Inc. (Canada)*		8,206
	751	FibroGen, Inc.*		43,408
	1,068	FONAR Corp.*		23,122
	3,422	Genomic Health, Inc.*		259,969
	2,227	Glaukos Corp.*^(a)		165,177
	676	Global Blood Therapeutics, Inc.*		35,490
	3,174	Globus Medical, Inc., Class A*		154,542
	2,251	Haemonetics Corp.*		195,544
	2,736	Halozyme Therapeutics, Inc.*		47,196
	7,906	Harvard Bioscience, Inc.*		31,782
	1,672	HealthEquity, Inc.*		134,563
	1,054	Heron Therapeutics, Inc.*^(a)		27,899
	889	Heska Corp.*		72,711
	2,299	HMS Holdings Corp.*		79,224
	9,482	Horizon Pharma PLC*		275,073
	3,620	ImmunoGen, Inc.*		17,086
	3,149	Immunomedics, Inc.*		49,628
	12,349	Innoviva, Inc.*		193,879
	856	Inogen, Inc.*		91,986
	5,292	Insys Therapeutics, Inc.*		33,287


72		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)
	1,651	Integer Holdings Corp.*	$	150,175
	246	Intercept Pharmaceuticals, Inc.*		24,536
	4,042	Intersect ENT, Inc.*		137,388
	1,149	IntriCon Corp.*		30,931
	1,400	iRhythm Technologies, Inc.*		134,106
	2,542	Kindred Biosciences, Inc.*		27,504
	1,099	Kura Oncology, Inc.*		16,749
	5,409	Lannett Co., Inc.*		50,899
	5,223	Lantheus Holdings, Inc.*		119,346
	2,217	LeMaitre Vascular, Inc.		66,333
	1,375	LHC Group, Inc.*		150,824
	567	Ligand Pharmaceuticals, Inc.*		70,353
	1,711	LivaNova PLC*		159,465
	6,793	Luminex Corp.		173,086
	1,077	Magellan Health, Inc.*		73,354
	5,042	Mallinckrodt PLC*		125,848
	1,990	Medidata Solutions, Inc.*		149,290
	1,513	Medpace Holdings, Inc.*		83,139
	3,272	Meridian Bioscience, Inc.		55,853
	1,628	Merit Medical Systems, Inc.*		90,728
	411	Mirati Therapeutics, Inc.*		29,921
	2,341	Momenta Pharmaceuticals, Inc.*		32,985
	901	MyoKardia, Inc.*		40,410
	6,958	Myriad Genetics, Inc.*		215,907
	5,691	NanoString Technologies, Inc.*		144,950
	4,160	Natera, Inc.*		65,894
	471	National HealthCare Corp.		38,344
	1,707	National Research Corp.		66,454
	1,074	Natus Medical, Inc.*		29,675
	1,401	Neogen Corp.*		86,806
	5,703	NeoGenomics, Inc.*		111,779
	1,217	Nevro Corp.*		56,067
	6,734	NextGen Healthcare, Inc.*		117,845
	2,491	Novocure Ltd.*		133,792
	2,156	NuVasive, Inc.*		126,988
	2,259	Nymox Pharmaceutical Corp. (Canada)*^(a)		4,902
	1,365	Omnicell, Inc.*		115,957
	7,154	OPKO Health, Inc.*		18,243
	1,675	OraSure Technologies, Inc.*		18,006
	2,063	Orthofix Medical, Inc.*		126,049
	3,457	Owens & Minor, Inc.		21,572
	1,645	Oxford Immunotec Global PLC*		27,455
	1,664	Pacira Pharmaceuticals, Inc.*		68,524
	44,050	Palatin Technologies, Inc.*		43,521
	3,265	Patterson Cos., Inc.		73,626
	24,391	PDL BioPharma, Inc.*		88,539
	3,910	Phibro Animal Health Corp., Class A		114,563
	9,466	Pieris Pharmaceuticals, Inc.*		28,398
	2,786	Prestige Brands Holdings, Inc.*		81,518
	814	Providence Service Corp. (The)*		58,054
	691	PTC Therapeutics, Inc.*		23,867
	2,953	Puma Biotechnology, Inc.*^(a)		82,123
	1,168	Quidel Corp.*		76,574
	2,909	R1 RCM, Inc.*		28,770
	7,133	RadNet, Inc.*		97,294
	3,843	Recro Pharma, Inc.*		33,011
	934	REGENXBIO, Inc.*		48,316
	1,011	Repligen Corp.*		60,175


Common Stocks – (continued)
Health Care – (continued)
	1,459	Retrophin, Inc.*		32,915
	2,243	Sangamo Therapeutics, Inc.*		20,209
	336	Savara, Inc.*		2,312
	2,614	SeaSpine Holdings Corp.*		40,099
	3,988	Select Medical Holdings Corp.*		59,102
	1,720	SIGA Technologies, Inc.*		11,662
	2,433	Simulations Plus, Inc.		49,901
	407	Spark Therapeutics, Inc.*		46,113
	3,669	STAAR Surgical Co.*		135,019
	1,517	Stemline Therapeutics, Inc.*		16,641
	3,277	Supernus Pharmaceuticals, Inc.*		133,833
	2,164	Surgery Partners, Inc.*^(a)		27,093
	961	Surmodics, Inc.*		56,074
	2,969	Syneos Health, Inc.*		124,015
	495	Tabula Rasa HealthCare, Inc.*		27,279
	2,070	Tactile Systems Technology, Inc.*		157,341
	3,137	Tandem Diabetes Care, Inc.*		205,693
	1,071	Teladoc Health, Inc.*		68,930
	3,041	Tenet Healthcare Corp.*		86,912
	1,471	Tivity Health, Inc.*		31,479
	3,405	Triple-S Management Corp., Class B (Puerto Rico)*		86,623
	572	Ultragenyx Pharmaceutical, Inc.*		36,688
	547	US Physical Therapy, Inc.		60,301
	246	Utah Medical Products, Inc.		20,880
	6,939	Vanda Pharmaceuticals, Inc.*		140,445
	1,582	Varex Imaging Corp.*		49,738
	5,968	Veracyte, Inc.*		120,613
	8,377	Vericel Corp.*		156,734
	1,911	Vocera Communications, Inc.*		63,331
	2,034	Wright Medical Group NV*		63,685
	1,622	Xencor, Inc.*		49,211
	643	XOMA Corp.*^(a)		9,041
	1,545	Zafgen, Inc.*		6,906
	648	Zogenix, Inc.*^(a)		34,169

				12,422,719

Industrials – 14.7%
	2,955	AAON, Inc.		117,786
	1,418	AAR Corp.		51,800
	1,786	ABM Industries, Inc.		63,689
	4,169	Acacia Research Corp.*		12,715
	3,499	ACCO Brands Corp.		32,541
	1,670	Actuant Corp., Class A		40,831
	1,779	Advanced Disposal Services, Inc.*		47,179
	2,395	Advanced Drainage Systems, Inc.		60,881
	1,716	Aegion Corp.*		29,790
	2,577	Aerojet Rocketdyne Holdings, Inc.*		95,993
	686	Aerovironment, Inc.*		54,654
	731	Alamo Group, Inc.		70,205
	670	Albany International Corp., Class A		51,958
	372	Allegiant Travel Co.		49,141
	1,464	Allied Motion Technologies, Inc.		60,976
	1,505	Altra Industrial Motion Corp.		47,874
	482	American Woodmark Corp.*		41,066
	2,133	Apogee Enterprises, Inc.		76,127
	2,788	Applied Industrial Technologies, Inc.		162,094
	2,255	ArcBest Corp.		78,542


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

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

Schedule of Investments(continued)

February 28, 2019 (Unaudited)


Shares		Description	Value

Common Stocks – (continued)
Industrials – (continued)
	2,520	ASGN, Inc.*	$	162,313
	690	Astec Industries, Inc.		26,330
	2,862	Atkore International Group, Inc.*		66,112
	2,146	Avis Budget Group, Inc.*		76,870
	3,050	Axon Enterprise, Inc.*		164,181
	641	AZZ, Inc.		29,499
	2,019	Barnes Group, Inc.		117,243
	728	Barrett Business Services, Inc.		57,177
	2,702	Beacon Roofing Supply, Inc.*		98,002
	1,521	BG Staffing, Inc.		37,949
	2,610	Blue Bird Corp.*		48,546
	984	BlueLinx Holdings, Inc.*		31,527
	7,053	BMC Stock Holdings, Inc.*		134,924
	2,916	Brady Corp., Class A		137,956
	1,397	Brink’s Co. (The)		110,251
	8,550	Builders FirstSource, Inc.*		119,101
	2,569	Caesarstone Ltd.		43,159
	2,288	Casella Waste Systems, Inc., Class A*		80,721
	4,479	CBIZ, Inc.*		92,402
	1,179	Chart Industries, Inc.*		104,082
	1,416	Cimpress NV (Netherlands)*		116,820
	1,714	Columbus McKinnon Corp.		64,189
	2,798	Comfort Systems USA, Inc.		150,029
	3,649	Commercial Vehicle Group, Inc.*		29,192
	1,656	Continental Building Products, Inc.*		47,742
	5,253	Costamare, Inc. (Monaco)		27,316
	2,326	Covanta Holding Corp.		39,495
	949	Covenant Transportation Group, Inc., Class A*		21,647
	1,207	CRA International, Inc.		60,302
	887	CSW Industrials, Inc.*		50,364
	891	Cubic Corp.		54,975
	2,683	Deluxe Corp.		124,840
	1,583	DMC Global, Inc.		74,369
	1,169	Douglas Dynamics, Inc.		49,308
	969	Ducommun, Inc.*		41,115
	2,742	DXP Enterprises, Inc.*		96,985
	1,170	Dycom Industries, Inc.*		52,744
	1,223	Eastern Co. (The)		35,589
	5,054	Echo Global Logistics, Inc.*		121,397
	2,477	EMCOR Group, Inc.		178,666
	830	Encore Wire Corp.		49,169
	1,586	EnerSys		117,079
	6,735	Enphase Energy, Inc.*^(a)		61,086
	786	EnPro Industries, Inc.		53,912
	1,215	ESCO Technologies, Inc.		84,066
	970	Esterline Technologies Corp.*		118,097
	699	EVI Industries, Inc.^(a)		28,309
	1,197	Exponent, Inc.		67,786
	1,791	Federal Signal Corp.		44,023
	1,256	Forrester Research, Inc.		63,051
	2,294	Forward Air Corp.		148,307
	2,162	Franklin Covey Co.*		56,255
	1,322	Franklin Electric Co, Inc.		70,344
	1,220	FreightCar America, Inc.*		9,455
	1,614	FTI Consulting,��Inc.*		119,694
	2,582	FuelCell Energy, Inc.*^(a)		1,224
	726	GATX Corp.		57,717


Common Stocks – (continued)
Industrials – (continued)
	337	Genco Shipping & Trading Ltd.*		2,743
	909	Gencor Industries, Inc.*		12,099
	2,074	Generac Holdings, Inc.*		106,935
	1,706	General Finance Corp.*		18,425
	1,172	Gibraltar Industries, Inc.*		47,466
	933	Global Brass & Copper Holdings, Inc.		31,489
	4,428	GMS, Inc.*		86,567
	808	Gorman-Rupp Co. (The)		27,318
	212	Graham Corp.		4,802
	530	Granite Construction, Inc.		24,677
	895	Greenbrier Cos, Inc. (The)		36,919
	1,980	H&E Equipment Services, Inc.		57,004
	2,752	Harsco Corp.*		61,590
	2,870	Hawaiian Holdings, Inc.		85,383
	2,476	Healthcare Services Group, Inc.		94,534
	1,062	Heartland Express, Inc.		21,336
	821	Heidrick & Struggles International, Inc.		35,393
	1,393	Heritage-Crystal Clean, Inc.*		33,655
	4,062	Herman Miller, Inc.		148,994
	2,987	Hillenbrand, Inc.		132,294
	2,501	HNI Corp.		96,614
	2,493	Hub Group, Inc., Class A*		107,149
	996	Hurco Cos, Inc.		42,708
	1,229	Huron Consulting Group, Inc.*		56,313
	530	Hyster-Yale Materials Handling, Inc.		35,860
	1,336	ICF International, Inc.		100,895
	1,871	IES Holdings, Inc.*		34,389
	4,880	InnerWorkings, Inc.*		23,668
	1,854	Insperity, Inc.		234,105
	3,624	Interface, Inc.		64,326
	1,482	JELD-WEN Holding, Inc.*		29,951
	1,251	John Bean Technologies Corp.		117,219
	905	Kadant, Inc.		79,142
	2,098	Kaman Corp.		129,195
	3,812	KBR, Inc.		75,325
	2,354	Kelly Services, Inc., Class A		56,802
	2,712	Kennametal, Inc.		102,215
	2,457	KeyW Holding Corp. (The)*		18,182
	4,212	Kforce, Inc.		155,886
	6,627	Kimball International, Inc., Class B		103,978
	2,739	Knoll, Inc.		57,957
	1,733	Korn Ferry		84,553
	2,096	Kratos Defense & Security Solutions, Inc.*		36,030
	1,422	Lawson Products, Inc.*		44,893
	1,834	LB Foster Co., Class A*		31,747
	540	Lindsay Corp.		49,934
	76	LSC Communications, Inc.		643
	867	Lydall, Inc.*		24,406
	1,307	Manitex International, Inc.*		9,985
	1,057	Marten Transport Ltd.		19,713
	837	Masonite International Corp.*		46,412
	1,522	MasTec, Inc.*		65,720
	638	Matson, Inc.		23,038
	896	Matthews International Corp., Class A		35,634
	1,524	Maxar Technologies, Inc.^(a)		11,110
	527	McGrath RentCorp		31,536
	490	Mercury Systems, Inc.*		31,125
	3,331	Meritor, Inc.*		74,215


74		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)
	1,840	Milacron Holdings Corp.*	$	25,742
	115	Miller Industries, Inc.		3,900
	1,441	Mistras Group, Inc.*		22,739
	939	Mobile Mini, Inc.		33,813
	938	Moog, Inc., Class A		88,134
	2,215	MRC Global, Inc.*		37,345
	1,406	MSA Safety, Inc.		145,366
	768	Mueller Industries, Inc.		25,382
	1,770	Mueller Water Products, Inc., Class A		18,479
	492	Multi-Color Corp.		24,526
	783	MYR Group, Inc.*		26,262
	339	National Presto Industries, Inc.		38,015
	2,523	Navigant Consulting, Inc.		51,949
	774	Navistar International Corp.*		29,698
	6,134	NCI Building Systems, Inc.*		43,061
	4,352	Nexeo Solutions, Inc.*		43,215
	1,132	Northwest Pipe Co.*		27,926
	2,824	NOW, Inc.*		40,750
	1,657	NV5 Global, Inc.*		131,334
	645	Omega Flex, Inc.		47,666
	4,543	Orion Group Holdings, Inc.*		19,308
	488	PAM Transportation Services, Inc.*		24,722
	653	Park-Ohio Holdings Corp.		20,759
	1,257	Patrick Industries, Inc.*		56,829
	4,328	PGT Innovations, Inc.*		65,266
	2,119	PICO Holdings, Inc.*		21,783
	3,497	Pitney Bowes, Inc.		25,143
	1,107	Powell Industries, Inc.		35,524
	678	Preformed Line Products Co.		40,477
	1,018	Primoris Services Corp.		23,791
	1,288	Proto Labs, Inc.*		145,531
	1,587	Quanex Building Products Corp.		27,281
	8,335	Radiant Logistics, Inc.*		53,261
	2,351	Raven Industries, Inc.		93,852
	602	RBC Bearings, Inc.*		84,370
	5,257	Resources Connection, Inc.		91,314
	3,028	Rexnord Corp.*		80,757
	2,038	Rush Enterprises, Inc., Class A		85,433
	1,005	Rush Enterprises, Inc., Class B		41,507
	6,725	Safe Bulkers, Inc. (Greece)*		10,088
	759	Saia, Inc.*		50,215
	2,214	Simpson Manufacturing Co., Inc.		132,685
	2,622	SiteOne Landscape Supply, Inc.*		140,828
	1,297	SkyWest, Inc.		70,090
	1,543	SP Plus Corp.*		53,079
	896	Spartan Motors, Inc.		8,189
	1,718	Sparton Corp.*		31,749
	1,036	Spirit Airlines, Inc.*		58,275
	1,419	SPX Corp.*		51,595
	1,543	SPX FLOW, Inc.*		53,264
	489	Standex International Corp.		40,103
	6,271	Steelcase, Inc., Class A		109,805
	52	Sun Hydraulics Corp.		2,474
	2,559	Systemax, Inc.		51,845
	1,474	Tennant Co.		93,157
	2,425	Tetra Tech, Inc.		145,549
	2,164	Titan Machinery, Inc.*		41,570
	780	TPI Composites, Inc.*		23,564


Common Stocks – (continued)
Industrials – (continued)
	3,497	Trex Co., Inc.*		262,100
	1,999	TriMas Corp.*		64,628
	1,512	TriNet Group, Inc.*		92,670
	741	Triton International Ltd. (Bermuda)		24,386
	4,708	TrueBlue, Inc.*		108,378
	1,720	Tutor Perini Corp.*		32,370
	1,879	Twin Disc, Inc.*		33,240
	589	UniFirst Corp.		84,710
	2,689	Universal Forest Products, Inc.		83,278
	328	US Ecology, Inc.		18,821
	1,769	USA Truck, Inc.*		30,427
	1,399	Vectrus, Inc.*		37,717
	2,588	Veritiv Corp.*		74,767
	959	Viad Corp.		55,526
	2,118	Vicor Corp.*		67,310
	380	VSE Corp.		13,433
	3,271	Wabash National Corp.		48,542
	1,491	Watts Water Technologies, Inc., Class A		120,085
	825	Werner Enterprises, Inc.		28,487
	1,704	Willdan Group, Inc.*		64,548
	361	Willis Lease Finance Corp.*		15,184
	1,266	Woodward, Inc.		121,966

				13,575,948

Information Technology – 14.7%
	4,417	3D Systems Corp.*		62,368
	5,122	8x8, Inc.*		100,750
	7,077	A10 Networks, Inc.*		49,397
	678	Acacia Communications, Inc.*		36,171
	3,078	ACI Worldwide, Inc.*		98,096
	4,067	Adesto Technologies Corp.*^(a)		23,914
	2,899	ADTRAN, Inc.		43,543
	2,190	Advanced Energy Industries, Inc.*		110,310
	7,056	Aerohive Networks, Inc.*		35,633
	1,802	Agilysys, Inc.*		37,662
	1,623	Alarm.com Holdings, Inc.*		106,517
	1,424	Altair Engineering, Inc., Class A*		50,495
	758	Alteryx, Inc., Class A*		57,843
	1,527	Ambarella, Inc.*		61,645
	2,460	American Software, Inc., Class A		28,511
	7,112	Amkor Technology, Inc.*		62,443
	1,563	Anixter International, Inc.*		91,717
	1,808	Appfolio, Inc., Class A*		130,682
	3,976	Aquantia Corp.*		31,212
	2,502	Arlo Technologies, Inc.*		10,834
	4,327	Avaya Holdings Corp.*		67,025
	6,154	Avid Technology, Inc.*		29,231
	2,444	AVX Corp.		44,481
	1,639	Axcelis Technologies, Inc.*		34,452
	1,652	Badger Meter, Inc.		97,204
	1,215	Bel Fuse, Inc., Class B		29,707
	1,073	Belden, Inc.		66,301
	2,516	Benchmark Electronics, Inc.		68,938
	1,216	Blackbaud, Inc.		93,924
	1,218	Bottomline Technologies DE, Inc.*		60,754
	6,089	Box, Inc., Class A*		123,241
	6,378	Brightcove, Inc.*		56,573
	2,515	Brooks Automation, Inc.		80,757


The accompanying notes are an integral part of these financial statements.		75

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

Schedule of Investments(continued)

February 28, 2019 (Unaudited)


Shares		Description	Value

Common Stocks – (continued)
Information Technology – (continued)
	1,330	Cabot Microelectronics Corp.	$	150,423
	1,193	CACI International, Inc., Class A*		217,436
	1,630	CalAmp Corp.*		22,657
	7,623	Calix, Inc.*		62,509
	2,327	Carbonite, Inc.*		54,149
	1,913	Cardtronics PLC, Class A*		56,453
	3,354	Casa Systems, Inc.*		34,177
	607	Cass Information Systems, Inc.		31,704
	3,223	ChannelAdvisor Corp.*		41,673
	5,842	Ciena Corp.*		249,220
	4,220	Cirrus Logic, Inc.*		169,349
	2,610	Cision Ltd*		33,982
	2,381	Clearfield, Inc.*		34,572
	7,230	Cloudera, Inc.*		105,341
	3,193	Cohu, Inc.		57,123
	2,125	CommVault Systems, Inc.*		143,204
	1,426	Comtech Telecommunications Corp.		37,789
	3,784	Control4 Corp.*		68,150
	1,900	Cornerstone OnDemand, Inc.*		107,350
	1,131	Coupa Software, Inc.*		106,529
	2,925	Cree, Inc.*		159,149
	2,233	CSG Systems International, Inc.		92,781
	1,350	CTS Corp.		43,362
	5,195	Daktronics, Inc.		42,183
	3,025	Digi International, Inc.*		39,930
	2,766	Diodes, Inc.*		111,553
	391	Ebix, Inc.		22,784
	3,961	eGain Corp.*		44,918
	1,716	Electronics For Imaging, Inc.*		46,401
	825	Ellie Mae, Inc.*		82,079
	6,068	Entegris, Inc.		214,382
	932	Envestnet, Inc.*		56,861
	875	ePlus, Inc.*		78,260
	1,430	Everbridge, Inc.*		101,115
	3,471	Everi Holdings, Inc.*		26,692
	3,135	EVERTEC, Inc. (Puerto Rico)		89,724
	3,292	Exela Technologies, Inc.*		13,102
	1,257	ExlService Holdings, Inc.*		77,180
	10,667	Extreme Networks, Inc.*		87,683
	1,003	Fabrinet (Thailand)*		58,676
	1,138	FARO Technologies, Inc.*		52,132
	1,831	Finisar Corp.*		44,841
	8,607	Fitbit, Inc., Class A*		50,953
	2,908	Five9, Inc.*		154,240
	1,399	ForeScout Technologies, Inc.*		58,114
	2,858	FormFactor, Inc.*		45,299
	1,012	GTT Communications, Inc.*^(a)		31,635
	4,512	Hackett Group, Inc. (The)		73,365
	1,426	HubSpot, Inc.*		240,110
	1,387	Ichor Holdings Ltd.*		29,085
	1,417	II-VI, Inc.*		60,194
	2,364	Impinj, Inc.*		39,550
	7,138	Information Services Group, Inc.*		30,765
	1,396	Insight Enterprises, Inc.*		77,925
	2,757	Instructure, Inc.*		128,835
	4,684	Integrated Device Technology, Inc.*		226,378
	1,134	InterDigital, Inc.		79,074
	5,239	Iteris, Inc.*		22,632


Common Stocks – (continued)
Information Technology – (continued)
	1,276	Itron, Inc.*		67,641
	1,743	j2 Global, Inc.		148,172
	3,470	KEMET Corp.		65,756
	2,651	Kimball Electronics, Inc.*		41,091
	2,978	Knowles Corp.*		48,482
	3,437	KVH Industries, Inc.*		39,044
	568	Lattice Semiconductor Corp.*		6,702
	10,287	Limelight Networks, Inc.*		30,038
	4,729	LivePerson, Inc.*		132,223
	3,174	LiveRamp Holdings, Inc.*		170,603
	1,644	Lumentum Holdings, Inc.*		81,789
	1,742	ManTech International Corp., Class A		94,678
	3,017	MAXIMUS, Inc.		213,242
	2,199	MaxLinear, Inc.*		55,283
	250	Mesa Laboratories, Inc.		57,523
	1,745	Methode Electronics, Inc.		48,965
	592	MicroStrategy, Inc., Class A*		83,768
	3,620	Mitek Systems, Inc.*		39,132
	9,746	MobileIron, Inc.*		49,315
	1,846	Model N, Inc.*		31,936
	938	MTS Systems Corp.		49,995
	2,610	Nanometrics, Inc.*		74,281
	2,650	Napco Security Technologies, Inc.*		56,949
	1,265	NETGEAR, Inc.*		45,350
	3,708	NetScout Systems, Inc.*		101,488
	1,863	New Relic, Inc.*		197,012
	4,270	NIC, Inc.		72,974
	1,352	Novanta, Inc.*		110,499
	347	NVE Corp.		35,679
	2,130	OneSpan, Inc.*		45,369
	704	OSI Systems, Inc.*		61,142
	2,575	PAR Technology Corp.*		69,448
	1,029	Park Electrochemical Corp.		17,894
	384	Paylocity Holding Corp.*		33,627
	2,577	PC Connection, Inc.		103,698
	3,557	Perficient, Inc.*		101,766
	4,745	Perspecta, Inc.		100,120
	3,400	PFSweb, Inc.*		21,284
	2,903	Photronics, Inc.*		28,478
	1,903	Plantronics, Inc.		95,607
	1,823	Plexus Corp.*		112,588
	1,061	Power Integrations, Inc.		77,517
	1,403	Presidio, Inc.		23,332
	4,643	PRGX Global, Inc.*		43,551
	2,353	Progress Software Corp.		86,543
	1,139	PROS Holdings, Inc.*		48,521
	1,480	Q2 Holdings, Inc.*		101,854
	1,162	QAD, Inc., Class A		52,592
	1,011	Qualys, Inc.*		84,550
	2,687	Quantenna Communications, Inc.*		48,769
	7,443	Rambus, Inc.*		76,440
	2,070	Rapid7, Inc.*		95,282
	9,169	Ribbon Communications, Inc.*		47,220
	283	Rogers Corp.*		43,936
	2,938	Rudolph Technologies, Inc.*		66,340
	741	SailPoint Technologies Holding, Inc.*		22,852
	3,025	Sanmina Corp.*		96,619
	1,437	ScanSource, Inc.*		53,959


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)
Information Technology – (continued)
	2,592	Science Applications International Corp.	$	193,622
	1,768	Semtech Corp.*		97,311
	772	ShotSpotter, Inc.*		38,554
	1,236	Silicon Laboratories, Inc.*		100,141
	1,708	SMART Global Holdings, Inc.*		50,061
	780	SPS Commerce, Inc.*		83,288
	1,459	Stratasys Ltd.*		41,523
	3,521	Sykes Enterprises, Inc.*		104,186
	2,328	Synaptics, Inc.*		97,473
	1,303	SYNNEX Corp.		127,850
	980	Tech Data Corp.*		100,176
	3,196	Telaria, Inc.*		17,834
	643	Telenav, Inc.*		3,845
	4,340	TiVo Corp.		43,530
	758	Trade Desk, Inc. (The), Class A*		149,735
	5,881	Travelport Worldwide Ltd.		92,449
	1,625	TTEC Holdings, Inc.		55,673
	4,803	TTM Technologies, Inc.*		58,212
	636	Tucows, Inc., Class A*		49,309
	2,010	Ultra Clean Holdings, Inc.*		21,407
	4,013	Unisys Corp.*		54,216
	934	Upland Software, Inc.*		32,783
	2,386	Varonis Systems, Inc.*		135,907
	2,503	Verint Systems, Inc.*		133,285
	846	ViaSat, Inc.*		63,915
	4,816	Viavi Solutions, Inc.*		63,234
	1,078	Virtusa Corp.*		54,407
	5,226	Vishay Intertechnology, Inc.		114,554
	1,649	Vishay Precision Group, Inc.*		57,484
	3,556	Workiva, Inc.*		175,844
	2,574	Xperi Corp.		61,776
	4,624	Yext, Inc.*		85,914
	7,893	Zix Corp.*		71,274

				13,541,343

Materials – 3.8%
	1,051	AdvanSix, Inc.*		34,420
	4,625	AgroFresh Solutions, Inc.*		19,934
	2,455	Allegheny Technologies, Inc.*		70,287
	3,069	American Vanguard Corp.		57,636
	5,452	Amyris, Inc.*		25,842
	904	Balchem Corp.		80,212
	3,612	Boise Cascade Co.		100,739
	1,216	Carpenter Technology Corp.		57,079
	1,070	Chase Corp.		103,308
	9,495	Cleveland-Cliffs, Inc.		105,300
	2,610	Commercial Metals Co.		43,195
	478	Compass Minerals International, Inc.		25,038
	2,932	Ferro Corp.*		56,851
	1,587	FutureFuel Corp.		29,264
	2,997	GCP Applied Technologies, Inc.*		89,820
	8,983	Gold Resource Corp.		42,130
	797	Greif, Inc., Class A		32,039
	86	Greif, Inc., Class B		3,910
	32	Haynes International, Inc.		1,126
	1,450	HB Fuller Co.		73,196
	12,874	Hecla Mining Co.		30,898
	2,286	Ingevity Corp.*		263,393


Common Stocks – (continued)
Materials – (continued)
	849	Innophos Holdings, Inc.		28,187
	1,253	Innospec, Inc.		102,571
	483	Kaiser Aluminum Corp.		52,879
	1,388	Kraton Corp.*		49,385
	1,964	Kronos Worldwide, Inc.		29,951
	7,038	Louisiana-Pacific Corp.		177,850
	10,499	Marrone Bio Innovations, Inc.*		17,113
	1,586	Materion Corp.		91,639
	1,295	Minerals Technologies, Inc.		76,664
	5,644	Myers Industries, Inc.		107,687
	524	Neenah, Inc.		35,412
	2,032	Olympic Steel, Inc.		39,461
	3,851	OMNOVA Solutions, Inc.*		31,386
	4,205	PolyOne Corp.		137,167
	988	Quaker Chemical Corp.		206,482
	1,766	Rayonier Advanced Materials, Inc.		24,883
	3,520	Ryerson Holding Corp.*		29,814
	2,629	Schnitzer Steel Industries, Inc., Class A		63,885
	1,134	Schweitzer-Mauduit International, Inc.		43,727
	1,415	Sensient Technologies Corp.		91,550
	1,115	Stepan Co.		104,921
	2,327	Summit Materials, Inc., Class A*		39,559
	4,289	SunCoke Energy, Inc.*		42,547
	928	Synalloy Corp.		14,171
	172	TimkenSteel Corp.*		2,143
	1,358	Trecora Resources*		13,037
	1,990	Trinseo SA		99,878
	4,166	Tronox Ltd., Class A		49,284
	1,426	UFP Technologies, Inc.*		47,771
	441	United States Lime & Minerals, Inc.		31,752
	583	Universal Stainless & Alloy Products, Inc.*		10,716
	560	US Concrete, Inc.*		22,462
	4,085	Valhi, Inc.		16,544
	2,238	Verso Corp., Class A*		43,977
	4,927	Warrior Met Coal, Inc.		144,263
	1,442	Worthington Industries, Inc.		56,685

				3,523,020

Real Estate – 7.2%
	1,547	Acadia Realty Trust REIT		44,074
	1,048	Agree Realty Corp. REIT		68,885
	2,349	Alexander & Baldwin, Inc. REIT*		53,863
	90	Alexander’s, Inc. REIT		34,354
	2,238	Altisource Portfolio Solutions SA*		56,107
	1,217	American Assets Trust, Inc. REIT		52,867
	1,587	Armada Hoffler Properties, Inc. REIT		24,281
	10,141	Ashford Hospitality Trust, Inc. REIT		54,356
	5,802	Braemar Hotels & Resorts, Inc. REIT		75,542
	1,861	BRT Apartments Corp. REIT		24,751
	3,162	CareTrust REIT, Inc. REIT		70,639
	273	CatchMark Timber Trust, Inc., Class A REIT		2,607
	14,911	CBL & Associates Properties, Inc. REIT^(a)		31,910
	10,181	Cedar Realty Trust, Inc. REIT		35,430
	3,428	Chatham Lodging Trust REIT		68,491
	4,428	Chesapeake Lodging Trust REIT		133,371
	1,795	City Office REIT, Inc. REIT		19,745


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)

February 28, 2019 (Unaudited)


Shares		Description	Value

Common Stocks – (continued)
Real Estate – (continued)
	542	Clipper Realty, Inc. REIT	$	7,133
	1,260	Community Healthcare Trust, Inc. REIT		44,969
	776	Consolidated-Tomoka Land Co.		45,862
	5,684	CoreCivic, Inc. REIT		120,387
	1,371	CorEnergy Infrastructure Trust, Inc. REIT^(a)		49,987
	3,220	CorePoint Lodging, Inc. REIT		44,983
	23,213	Cousins Properties, Inc. REIT		220,988
	10,015	DiamondRock Hospitality Co. REIT		107,060
	1,714	Easterly Government Properties, Inc. REIT		30,818
	1,239	EastGroup Properties, Inc. REIT		130,913
	3,838	First Industrial Realty Trust, Inc. REIT		128,650
	2,322	Forestar Group, Inc.*		39,404
	3,232	Four Corners Property Trust, Inc. REIT		88,524
	2,907	Franklin Street Properties Corp. REIT		21,047
	3,042	Front Yard Residential Corp. REIT		33,857
	791	FRP Holdings, Inc.*		40,539
	5,763	GEO Group, Inc. (The) REIT		130,935
	1,786	Getty Realty Corp. REIT		58,849
	1,995	Gladstone Commercial Corp. REIT		41,177
	1,598	Global Net Lease, Inc. REIT		28,508
	1,556	Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT		38,309
	3,310	Healthcare Realty Trust, Inc. REIT		104,762
	3,281	Hersha Hospitality Trust REIT		61,847
	2,552	HFF, Inc., Class A		115,350
	3,767	Independence Realty Trust, Inc. REIT		39,026
	2,781	Industrial Logistics Properties Trust REIT		58,012
	4,052	InfraREIT, Inc. REIT		86,510
	586	Innovative Industrial Properties, Inc. REIT		46,288
	4,066	iStar, Inc. REIT		35,578
	1,371	Jernigan Capital, Inc. REIT		29,408
	2,914	Kennedy-Wilson Holdings, Inc.		60,553
	3,817	Kite Realty Group Trust REIT		60,080
	5,524	Lexington Realty Trust REIT		51,318
	1,502	LTC Properties, Inc. REIT		66,719
	3,758	Mack-Cali Realty Corp. REIT		78,956
	4,400	Marcus & Millichap, Inc.*		169,928
	932	Maui Land & Pineapple Co., Inc.*		10,634
	1,576	MedEquities Realty Trust, Inc. REIT		16,784
	2,975	Monmouth Real Estate Investment Corp. REIT		39,449
	1,438	National Health Investors, Inc. REIT		112,207
	3,778	National Storage Affiliates Trust REIT		106,993
	6,158	New Senior Investment Group, Inc. REIT		31,775
	1,843	Newmark Group, Inc., Class A		17,066
	1,488	NexPoint Residential Trust, Inc. REIT		53,479
	2,883	NorthStar Realty Europe Corp. REIT		51,721
	932	One Liberty Properties, Inc. REIT		26,860
	6,447	Pebblebrook Hotel Trust REIT		206,368
	5,934	Pennsylvania Real Estate Investment Trust REIT		36,494
	4,723	Physicians Realty Trust REIT		85,345
	2,354	Piedmont Office Realty Trust, Inc., Class A REIT		48,186
	3,271	PotlatchDeltic Corp. REIT		117,723
	2,883	Preferred Apartment Communities, Inc., Class A REIT		43,937


Common Stocks – (continued)
Real Estate – (continued)
	840	PS Business Parks, Inc. REIT		123,623
	1,628	QTS Realty Trust, Inc., Class A REIT		67,936
	2,808	RE/MAX Holdings, Inc., Class A		110,158
	8,574	Redfin Corp.*^(a)		171,223
	2,196	Retail Opportunity Investments Corp. REIT		37,705
	2,873	Rexford Industrial Realty, Inc. REIT		98,486
	7,447	RLJ Lodging Trust REIT		138,291
	1,565	RMR Group, Inc. (The), Class A		111,976
	5,077	RPT Realty REIT		64,376
	1,957	Ryman Hospitality Properties, Inc. REIT		158,497
	7,469	Sabra Health Care REIT, Inc. REIT		135,338
	409	Saul Centers, Inc. REIT		23,178
	1,056	Seritage Growth Properties, Class A REIT		46,622
	1,228	St Joe Co. (The)*		19,083
	3,229	STAG Industrial, Inc. REIT		89,379
	7,529	Summit Hotel Properties, Inc. REIT		85,755
	12,392	Sunstone Hotel Investors, Inc. REIT		186,500
	3,439	Tanger Factory Outlet Centers, Inc. REIT		74,248
	282	Tejon Ranch Co.*		5,214
	2,146	Terreno Realty Corp. REIT		87,771
	2,419	Tier REIT, Inc. REIT		58,661
	2,288	UMH Properties, Inc. REIT		31,300
	634	Universal Health Realty Income Trust REIT		47,214
	2,570	Urban Edge Properties REIT		49,909
	1,179	Urstadt Biddle Properties, Inc., Class A REIT		24,665
	8,219	Washington Prime Group, Inc. REIT		47,506
	2,198	Washington Real Estate Investment Trust REIT		58,225
	1,670	Whitestone REIT		21,727
	5,178	Xenia Hotels & Resorts, Inc. REIT		101,126

				6,649,220

Utilities – 3.9%
	2,405	ALLETE, Inc.		194,925
	2,306	American States Water Co.		164,026
	2,445	AquaVenture Holdings Ltd.*		54,083
	565	Artesian Resources Corp., Class A		22,171
	24,851	Atlantic Power Corp.*		66,849
	2,857	Avista Corp.		115,451
	2,580	Black Hills Corp.		183,128
	1,095	Cadiz, Inc.*^(a)		10,764
	1,705	California Water Service Group		88,694
	904	Chesapeake Utilities Corp.		81,369
	6,152	Clearway Energy, Inc., Class A		90,804
	7,163	Clearway Energy, Inc., Class C		107,373
	397	Connecticut Water Service, Inc.		26,631
	3,221	Consolidated Water Co. Ltd. (Cayman Islands)		42,549
	1,795	El Paso Electric Co.		96,571
	2,126	IDACORP, Inc.		209,220
	1,553	MGE Energy, Inc.		99,268
	3,487	New Jersey Resources Corp.		168,771
	1,143	Northwest Natural Holding Co.		73,403
	2,275	NorthWestern Corp.		155,928
	2,207	ONE Gas, Inc.		190,795


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)
Utilities – (continued)
	2,141	Ormat Technologies, Inc.	$	119,532
	1,871	Otter Tail Corp.		94,074
	3,634	Pattern Energy Group, Inc., Class A		75,805
	3,692	PNM Resources, Inc.		161,267
	4,091	Portland General Electric Co.		205,123
	3,349	Pure Cycle Corp.*		33,959
	1,146	RGC Resources, Inc.		31,584
	839	SJW Group		51,322
	3,028	South Jersey Industries, Inc.		87,661
	2,120	Southwest Gas Holdings, Inc.		173,713
	2,544	Spark Energy, Inc., Class A		25,415
	1,945	Spire, Inc.		154,277
	4,336	TerraForm Power, Inc., Class A		54,243
	1,085	Unitil Corp.		59,577
	856	York Water Co. (The)		31,201

				3,601,526

	TOTAL COMMON STOCKS
	(Cost $87,759,158)		$	91,957,168


Units		Description	Value

Rights – 0.0%
Financials – 0.0%
	153	NewStar Financial, Inc. CVR*^(b)	$	40

Health Care – 0.0%
	1,313	Corium International, Inc.*^(a)(b)		236

Materials – 0.0%
	562	A Schulman, Inc. CVR*^(b)		243

	TOTAL RIGHTS
	(Cost $1,060)		$	519

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $87,760,218)		$	91,957,687


Shares		Distribution Rate	Value

Securities Lending Reinvestment Vehicle – 1.5%^(c)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	1,405,345	2.395%	$	1,405,345
	(Cost $1,405,345)

	TOTAL INVESTMENTS – 101.2%
	(Cost $89,165,563)		$	93,363,032

	LIABILITIES IN EXCESS OF OTHER ASSETS – (1.2)%			(1,158,134	)

	NET ASSETS – 100.0%		$	92,204,898



The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

*		Non-income producing security.

(a)		All or a portion of security is on loan.

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

(c)		Represents an affiliated issuer.



Investment Abbreviations:
CVR		—Contingent Value Right
PLC		—Public Limited Company
REIT		—Real Estate Investment Trust


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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Statements of Assets and Liabilities

February 28, 2019 (Unaudited)


	ActiveBeta^® Emerging Markets Equity ETF		ActiveBeta^® Europe Equity ETF		ActiveBeta^® International Equity ETF		ActiveBeta^® Japan Equity ETF
Assets:

Investments at value (cost $1,471,186,601, $31,386,774, $1,319,840,648 and $29,952,913, respectively)^(a)	$	1,743,009,121	$	29,024,785	$	1,366,248,008	$	30,596,905

Investments in securities lending reinvestment vehicle, at value which equals cost		30,573,906		115,687		25,717,599		263,303

Cash		25,357,261		245,547		2,114,845		47,762

Foreign currency, at value (cost $119,966, $48, $132,405 and $11,822, respectively)		119,776		61		132,455		11,916

Receivables:

Investments sold		56,394,084		801,284		53,973,440		1,390,508

Dividends		6,280,678		55,690		2,345,563		45,558

Securities lending income		9,454		665		20,912		96

Foreign tax reclaims		102		67,891		427,775		—

Fund shares sold		—		—		36,261,228		—

Reimbursement from advisor		84,732		—		—		—

Other assets		48,249		—		—		—

Total assets		1,861,877,363		30,311,610		1,487,241,825		32,356,048

Liabilities:

Payables:

Upon return of securities loaned		30,573,906		115,687		25,717,599		263,303

Investments purchased		79,721,505		990,461		91,721,789		1,430,066

Foreign capital gains tax		2,065,989		—		—		—

Management fees		531,665		5,712		243,597		4,961

Accrued expenses		623,235		—		—		—

Total liabilities		113,516,300		1,111,860		117,682,985		1,698,330

Net Assets:

Paid-in capital		1,540,963,466		25,282,809		1,344,226,669		22,062,514

Total distributable earnings		207,397,597		3,916,941		25,332,171		8,595,204

NET ASSETS	$	1,748,361,063	$	29,199,750	$	1,369,558,840	$	30,657,718
SHARES ISSUED AND OUTSTANDING

Shares outstanding no par value (unlimited shares authorized):		53,600,000		1,000,000		49,100,000		1,000,000

Net asset value per share:	$	32.62	$	29.20	$	27.89	$	30.66

(a)

Includes loaned securities having a market value of $26,865,643, $111,135, $24,313,039 and $248,926.


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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Statements of Assets and Liabilities(continued)

February 28, 2019 (Unaudited)


	ActiveBeta^® U.S. Large Cap Equity ETF		ActiveBeta^® U.S. Small Cap Equity ETF
Assets:

Investments at value (cost $3,951,441,542 and $87,760,218, respectively)^(a)	$	4,503,258,494	$	91,957,687

Investments in securities lending reinvestment vehicle, at value which equals cost		—		1,405,345

Cash		4,553,869		1,304,046

Receivables:

Fund shares sold		42,072,548		—

Dividends		8,301,469		63,291

Investments sold		—		38,095

Securities lending income		—		2,884

Total assets		4,558,186,380		94,771,348

Liabilities:

Payables:

Upon return of securities loaned		—		1,405,345

Investments purchased		41,960,564		1,148,174

Management fees		298,782		12,931

Total liabilities		42,259,346		2,566,450

Net Assets:

Paid-in capital		3,978,937,784		88,893,687

Total distributable earnings		536,989,250		3,311,211

NET ASSETS	$	4,515,927,034	$	92,204,898
SHARES ISSUED AND OUTSTANDING

Shares outstanding no par value (unlimited shares authorized):		80,502,500		2,050,000

Net asset value per share:		$56.10		$44.98

(a)

Includes loaned securities having a market value of $— and $1,336,336.


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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Statements of Operations

For the Six Months Ended February 28, 2019 (Unaudited)


	ActiveBeta^® Emerging Markets Equity ETF			ActiveBeta^® Europe Equity ETF			ActiveBeta^® International Equity ETF			ActiveBeta^® Japan Equity ETF
Investment income:

Dividends (net of foreign withholding taxes of $1,765,097, $19,349, $836,188 and $46,346, respectively)	$	15,979,766		$	276,890		$	10,235,616		$	462,384

Non cash dividend income		—			—			1,401,208			—

Securities lending income		58,369			6,838			151,250			888

Total investment income		16,038,135			283,728			11,788,074			463,272

Expenses:

Management fees		3,224,066			40,454			1,381,817			27,996

Custody, accounting and administrative services		705,941			—			—			—

Printing and mailing cost		68,677			—			—			—

Professional fees		61,175			—			—			—

Trustee fees		24,945			5,888			20,525			5,992

Registration fees		16,089			—			—			—

Other		47,300			2			33			21

Total expenses		4,148,193			46,344			1,402,375			34,009

Less — expense reductions		(519,437	)		—			—			—

Net expenses		3,628,756			46,344			1,402,375			34,009

NET INVESTMENT INCOME		12,409,379			237,384			10,385,699			429,263

Realized and unrealized gain (loss):

Net realized gain (loss) from:

Investments (including the effects of the foreign capital gains tax liability of $14,964, $—, $— and $—, respectively)		(25,362,817	)		(331,233	)		(10,988,765	)		(207,569	)

In-kind redemptions		1,384,749			7,719,060			—			8,472,079

Foreign currency transactions		(782,696	)		759			(17,317	)		(1,034	)

Net change in unrealized gain (loss) on:

Investments (including the effects of the foreign capital gains tax liability of $2,065,989, $—, $— and $—, respectively)		16,838,220			(8,384,209	)		(39,927,632	)		(8,364,738	)

Foreign currency translations		124,563			(895	)		(22,346	)		(1,565	)

Net realized and unrealized loss		(7,797,981	)		(996,518	)		(50,956,060	)		(102,827	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	4,611,398		$	(759,134	)	$	(40,570,361	)	$	326,436


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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Statements of Operations(continued)

For the Six Months Ended February 28, 2019 (Unaudited)


	ActiveBeta^® U.S. Large Cap Equity ETF			ActiveBeta^® U.S. Small Cap Equity ETF
Investment income:

Dividends (net of foreign withholding taxes of $— and $110, respectively)	$	38,196,131		$	423,358

Non cash dividend income		—			27,258

Securities lending income		33,171			15,614

Total investment income		38,229,302			466,230

Expenses:

Management fees		1,719,527			50,594

Trustee fees		59,112			6,094

Total expenses		1,778,639			56,688

NET INVESTMENT INCOME		36,450,663			409,542

Realized and unrealized gain (loss):

Net realized gain (loss) from:

Investments		(24,861,866	)		(717,379	)

In-kind redemptions		40,767,693			—

Foreign currency transactions		—			(70	)

Net change in unrealized gain (loss) on:

Investments		(183,450,963	)		357,268

Net realized and unrealized loss		(167,545,136	)		(360,181	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(131,094,473	)	$	49,361


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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Statements of Changes in Net Assets


	ActiveBeta^® Emerging Markets Equity ETF						ActiveBeta^® Europe Equity ETF
	For the Six Months Ended February 28, 2019 (Unaudited)			For the Fiscal Year Ended August 31, 2018			For the Six Months Ended February 28, 2019 (Unaudited)			For the Fiscal Year Ended August 31, 2018
From operations:

Net investment income	$	12,409,379		$	37,961,917		$	237,384		$	1,914,710

Net realized gain (loss)		(24,760,764	)		(13,621,310	)		7,388,586			(1,087,193	)

Net change in unrealized gain (loss)		16,962,783			(38,278,616	)		(8,385,104	)		344,197

Net increase (decrease) in net assets resulting from operations		4,611,398			(13,938,009	)		(759,134	)		1,171,714

Distributions to shareholders:

From distributable earnings		(21,058,606	)		(32,143,026	)^(a)		(299,772	)		(1,905,353	)^(a)

Total distributions to shareholders		(21,058,606	)		(32,143,026	)		(299,772	)		(1,905,353	)

From share transactions:

Proceeds from sales of shares		95,465,836			314,794,227			9,731,922			30,634,671

Cost of shares redeemed		(19,197,696	)		(70,855,843	)		(53,436,739	)		—

Net increase (decrease) in net assets resulting from share transactions		76,268,140			243,938,384			(43,704,817	)		30,634,671

TOTAL INCREASE (DECREASE)		59,820,932			197,857,349			(44,763,723	)		29,901,032

Net assets:^(b)

Beginning of period	$	1,688,540,131		$	1,490,682,782		$	73,963,473		$	44,062,441

End of period	$	1,748,361,063		$	1,688,540,131		$	29,199,750		$	73,963,473

(a)

Prior fiscal year information has been revised to conform to current year presentation. Distributions to shareholders for ActiveBeta^® Emerging Markets Equity ETF and ActiveBeta^® Europe Equity ETF consisted solely of net investment income for the fiscal year ended August 31, 2018.

(b)

Prior fiscal year information has been revised to conform with current year presentation. Undistributed net investment income was $14,894,569 and $140,745 for ActiveBeta^® Emerging Markets Equity ETF and ActiveBeta^® Europe Equity ETF respectively, as of August 31, 2018.


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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Statements of Changes in Net Assets(continued)


	ActiveBeta^® International Equity ETF						ActiveBeta^® Japan Equity ETF
	For the Six Months Ended February 28, 2019 (Unaudited)			For the Fiscal Year Ended August 31, 2018			For the Six Months Ended February 28, 2019 (Unaudited)			For the Fiscal Year Ended August 31, 2018
From operations:

Net investment income	$	10,385,699		$	21,402,220		$	429,263		$	817,023

Net realized gain (loss)		(11,006,082	)		(4,232,491	)		8,263,476			(5,936	)

Net change in unrealized gain (loss)		(39,949,978	)		15,910,667			(8,366,303	)		2,883,563

Net increase (decrease) in net assets resulting from operations		(40,570,361	)		33,080,396			326,436			3,694,650

Distributions to shareholders:

From distributable earnings		(10,817,417	)		(21,486,236	)^(a)		(539,600	)		(918,018	)^(a)

Total distributions to shareholders		(10,817,417	)		(21,486,236	)		(539,600	)		(918,018	)

From share transactions:

Proceeds from sales of shares		326,484,629			504,609,336			12,425,460			7,009,409

Cost of shares redeemed		—			(14,870,038	)		(34,332,217	)		—

Net increase (decrease) in net assets resulting from share transactions		326,484,629			489,739,298			(21,906,757	)		7,009,409

TOTAL INCREASE (DECREASE)		275,096,851			501,333,458			(22,119,921	)		9,786,041

Net assets:^(b)

Beginning of period	$	1,094,461,989		$	593,128,531		$	52,777,639		$	42,991,598

End of period	$	1,369,558,840		$	1,094,461,989		$	30,657,718		$	52,777,639

(a)

Prior fiscal year information has been revised to conform to current year presentation. Distributions to shareholders for ActiveBeta^® International Equity ETF and ActiveBeta^® Japan Equity ETF consisted solely of net investment income for the fiscal year ended August 31, 2018.

(b)

Prior fiscal year information has been revised to conform with current year presentation. Undistributed (distributions in excess of) net investment income was $2,014,147 and $(137,957) for ActiveBeta^® International Equity ETF and ActiveBeta^® Japan Equity ETF respectively, as of August 31, 2018.


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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Statements of Changes in Net Assets(continued)


	ActiveBeta^® U.S. Large Cap Equity ETF						ActiveBeta^® U.S. Small Cap Equity ETF
	For the Six Months Ended February 28, 2019 (Unaudited)			For the Fiscal Year Ended August 31, 2018			For the Six Months Ended February 28, 2019 (Unaudited)			For the Fiscal Year Ended August 31, 2018
From operations:

Net investment income	$	36,450,663		$	53,085,510		$	409,542		$	255,423

Net realized gain (loss)		15,905,827			38,767,598			(717,449	)		557,814

Net change in unrealized gain (loss)		(183,450,963	)		499,540,105			357,268			4,040,567

Net increase (decrease) in net assets resulting from operations		(131,094,473	)		591,393,213			49,361			4,853,804

Distributions to shareholders:

From distributable earnings		(36,236,315	)		(50,169,147	)^(a)		(327,255	)		(196,288	)^(a)

Total distributions to shareholders		(36,236,315	)		(50,169,147	)		(327,255	)		(196,288	)

From share transactions:

Proceeds from sales of shares		851,779,937			1,249,627,575			45,468,692			41,173,190

Cost of shares redeemed		(148,818,804	)		(207,045,304	)		—			(10,712,536	)

Net increase in net assets resulting from share transactions		702,961,133			1,042,582,271			45,468,692			30,460,654

TOTAL INCREASE		535,630,345			1,583,806,337			45,190,798			35,118,170

Net assets:^(b)

Beginning of period	$	3,980,296,689		$	2,396,490,352		$	47,014,100		$	11,895,930

End of period	$	4,515,927,034		$	3,980,296,689		$	92,204,898		$	47,014,100

(a)

Prior fiscal year information has been revised to conform to current year presentation. Distributions to shareholders for ActiveBeta^® U.S. Large Cap Equity ETF and ActiveBeta^® U.S. Small Cap Equity ETF consisted solely of net investment income for the fiscal year ended August 31, 2018.

(b)

Prior fiscal year information has been revised to conform with current year presentation. Undistributed net investment income was $12,889,916 and $79,481 for ActiveBeta^® U.S. Large Cap Equity ETF and ActiveBeta^® U.S. Small Cap Equity ETF respectively, as of August 31, 2018.


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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


	ActiveBeta^® Emerging Markets Equity ETF
	For the Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,						For the period September 25, 2015* to August 31, 2016
	For the Six Months Ended February 28, 2019 (Unaudited)			2018			2017			For the period September 25, 2015* to August 31, 2016
Per Share Operating Performance:

Net asset value, beginning of period	$	32.98		$	33.73		$	28.03		$	25.00

Net investment income^(a)		0.24			0.77			0.63			0.60

Net realized and unrealized gain (loss)		(0.19	)		(0.84	)		5.58			2.70

Total gain (loss) from investment operations		0.05			(0.07	)		6.21			3.30

Distributions to shareholders from net investment income		(0.41	)		(0.68	)		(0.51	)		(0.27	)

Net asset value, end of period	$	32.62		$	32.98		$	33.73		$	28.03

Market price, end of period	$	32.63		$	32.87		$	33.74		$	28.01

Total Return at Net Asset Value^(b)		0.20	%		(0.28	)%		22.49	%		13.29	%

Net assets, end of period (in 000’s)	$	1,748,361		$	1,688,540		$	1,490,683		$	863,388

Ratio of net expenses to average net assets		0.45	%^(c)		0.45	%		0.45	%		0.45	%^(c)

Ratio of total expenses to average net assets		0.51	%^(c)		0.51	%		0.53	%		0.58	%^(c)

Ratio of net investment income to average net assets		1.54	%^(c)		2.19	%		2.13	%		2.52	%^(c)

Portfolio turnover rate^(d)		13	%		28	%		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 accompanying notes are an integral part of these financial statements.		87

GOLDMAN SACHS ACTIVEBETA^® ETFS

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period


	ActiveBeta^® Europe Equity ETF
	For the Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,						For the period March 2, 2016* to August 31, 2016
	For the Six Months Ended February 28, 2019 (Unaudited)			2018			2017			For the period March 2, 2016* to August 31, 2016
Per Share Operating Performance:

Net asset value, beginning of period	$	30.82		$	30.39		$	26.12		$	25.03

Net investment income^(a)		0.18			0.95			0.75			0.60

Net realized and unrealized gain		(1.52	)		0.37			4.26			0.97

Total gain (loss) from investment operations		(1.34	)		1.32			5.01			1.57

Distributions to shareholders from net investment income		(0.28	)		(0.89	)		(0.74	)		(0.48	)

Net asset value, end of period	$	29.20		$	30.82		$	30.39		$	26.12

Market price, end of period	$	29.12		$	30.73		$	30.54		$	26.20

Total Return at Net Asset Value^(b)		(4.35	)%		4.40	%		19.46	%		6.23	%

Net assets, end of period (in 000’s)	$	29,200		$	73,963		$	44,062		$	33,959

Ratio of net expenses to average net assets		0.25	%^(c)		0.25	%		0.25	%		0.25	%^(c)

Ratio of total expenses to average net assets		0.25	%^(c)		0.25	%		0.25	%		0.71	%^(c)

Ratio of net investment income to average net assets		1.28	%^(c)		3.02	%		2.71	%		4.61	%^(c)

Portfolio turnover rate^(d)		8	%		23	%		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)


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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period


	ActiveBeta^® International Equity ETF
	For the Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,						For the period November 6, 2015* to August 31, 2016
	For the Six Months Ended February 28, 2019 (Unaudited)			2018			2017			For the period November 6, 2015* to August 31, 2016
Per Share Operating Performance:

Net asset value, beginning of period	$	29.42		$	28.38		$	24.67		$	24.78

Net investment income^(a)		0.25			0.76			0.69			0.59

Net realized and unrealized gain (loss)		(1.51	)		1.02			3.61			(0.37	)

Total gain (loss) from investment operations		(1.26	)		1.78			4.30			0.22

Distributions to shareholders from net investment income		(0.27	)		(0.74	)		(0.59	)		(0.33	)

Net asset value, end of period	$	27.89		$	29.42		$	28.38		$	24.67

Market price, end of period	$	27.90		$	29.45		$	28.53		$	24.78

Total Return at Net Asset Value^(b)		(4.23	)%		6.30	%		17.66	%		0.90	%

Net assets, end of period (in 000’s)	$	1,369,559		$	1,094,462		$	593,129		$	283,757

Ratio of net expenses to average net assets		0.25	%^(c)		0.25	%		0.25	%		0.27	%^(c)

Ratio of total expenses to average net assets		0.25	%^(c)		0.25	%		0.25	%		0.62	%^(c)

Ratio of net investment income to average net assets		1.85	%^(c)		2.56	%		2.64	%		3.02	%^(c)

Portfolio turnover rate^(d)		8	%		16	%		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 accompanying notes are an integral part of these financial statements.		89

GOLDMAN SACHS ACTIVEBETA^® ETFS

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period


	ActiveBeta^® Japan Equity ETF
	For the Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,						For the period March 2, 2016* to August 31, 2016
	For the Six Months Ended February 28, 2019 (Unaudited)			2018			2017			For the period March 2, 2016* to August 31, 2016
Per Share Operating Performance:

Net asset value, beginning of period	$	32.99		$	30.71		$	27.33		$	25.69

Net investment income^(a)		0.49			0.54			0.48			0.24

Net realized and unrealized gain (loss)		(2.15	)		2.36			3.50			1.60

Total gain (loss) from investment operations		(1.66	)		2.90			3.98			1.84

Distributions to shareholders from net investment income		(0.67	)		(0.62	)		(0.60	)		(0.20	)

Net asset value, end of period	$	30.66		$	32.99		$	30.71		$	27.33

Market price, end of period	$	30.72		$	32.90		$	30.79		$	27.44

Total Return at Net Asset Value^(b)		(4.89	)%		9.42	%		14.74	%		7.17	%

Net assets, end of period (in 000’s)	$	30,658		$	52,778		$	42,992		$	32,797

Ratio of net expenses to average net assets		0.25	%^(c)		0.25	%		0.25	%		0.25	%^(c)

Ratio of total expenses to average net assets		0.25	%^(c)		0.25	%		0.25	%		0.73	%^(c)

Ratio of net investment income to average net assets		3.16	%^(c)		1.62	%		1.68	%		1.81	%^(c)

Portfolio turnover rate^(d)		24	%		23	%		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)


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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period


	ActiveBeta^® U.S. Large Cap Equity ETF
	For the Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31,						For the period September 17, 2015* to August 31, 2016
	For the Six Months Ended February 28, 2019 (Unaudited)			2018			2017			For the period September 17, 2015* to August 31, 2016
Per Share Operating Performance:

Net asset value, beginning of period	$	58.75		$	49.16		$	43.83		$	40.70

Net investment income^(a)		0.50			0.96			0.97			0.85

Net realized and unrealized gain (loss)		(2.64	)		9.56			5.17			2.78

Total gain (loss) from investment operations		(2.14	)		10.52			6.14			3.63

Distributions to shareholders from net investment income		(0.51	)		(0.93	)		(0.81	)		(0.50	)

Net asset value, end of period	$	56.10		$	58.75		$	49.16		$	43.83

Market price, end of period	$	56.09		$	58.75		$	49.15		$	43.82

Total Return at Net Asset Value^(b)		(3.57	)%		21.65	%		14.15	%		8.97	%

Net assets, end of period (in 000’s)	$	4,515,927		$	3,980,297		$	2,396,490		$	1,157,206

Ratio of net expenses to average net assets		0.09	%^(c)		0.09	%		0.09	%		0.09	%^(c)

Ratio of total expenses to average net assets		0.09	%^(c)		0.09	%		0.09	%		0.19	%^(c)

Ratio of net investment income to average net assets		1.84	%^(c)		1.78	%		2.08	%		2.11	%^(c)

Portfolio turnover rate^(d)		8	%		16	%		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 accompanying notes are an integral part of these financial statements.		91

GOLDMAN SACHS ACTIVEBETA^® ETFS

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period


	ActiveBeta^® U.S. Small Cap Equity ETF
	For the Six Months Ended February 28, 2019 (Unaudited)			For the Fiscal Year Ended August 31, 2018			For the period June 28, 2017* to August 31, 2017
Per Share Operating Performance:

Net asset value, beginning of period	$	49.49		$	39.65		$	40.36

Net investment income^(a)		0.31	^(b)		0.56			0.07

Net realized and unrealized gain (loss)		(4.54	)		9.79			(0.78	)

Total gain (loss) from investment operations		(4.23	)		10.35			(0.71	)

Distributions to shareholders from net investment income		(0.28	)		(0.51	)		—

Net asset value, end of period	$	44.98		$	49.49		$	39.65

Market price, end of period	$	45.03		$	49.55		$	38.95

Total Return at Net Asset Value^(c)		(8.49	)%		26.28	%		(1.76	)%

Net assets, end of period (in 000’s)	$	92,205		$	47,014		$	11,896

Ratio of total expenses to average net assets		0.20	%^(d)		0.20	%		0.20	%^(d)

Ratio of net investment income to average net assets		1.44	%^(b)(d)		1.24	%		0.96	%^(d)

Portfolio turnover rate^(e)		7	%		27	%		0	%^(f)

Commencement of operations.

(a)

Calculated based on the average shares outstanding methodology.

(b)

Reflects income recognized from non-recurring special dividends which amounted to $0.05 per share and 0.11% 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)

(f)

Less than 0.5%


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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Notes to Financial Statements

February 28, 2019 (Unaudited)

1. ORGANIZATION

Goldman Sachs ETF Trust (the “Trust”) is an open-end management investment company, registered under the Investment Company Act of 1940, as amended (the “Act”), consisting of multiple series (collectively, the “Funds” or individually a “Fund”). Goldman Sachs ActiveBeta^® Emerging Markets Equity ETF (“ActiveBeta^® Emerging Markets Equity ETF”), Goldman Sachs ActiveBeta^® Europe Equity ETF (“ActiveBeta^® Europe Equity ETF”), Goldman Sachs ActiveBeta^® International Equity ETF (“ActiveBeta^® International Equity ETF”), Goldman Sachs ActiveBeta^® Japan Equity ETF (“ActiveBeta^® Japan Equity ETF”), Goldman Sachs ActiveBeta^® U.S. Large Cap Equity ETF (“ActiveBeta^® U.S. Large Cap Equity ETF”) and Goldman Sachs ActiveBeta^® U.S. Small Cap Equity ETF (“ActiveBeta^® U.S. Small Cap Equity ETF”) are all diversified Funds. The Trust was organized as a Delaware statutory trust on December 16, 2009.

The investment objective of each Fund is to provide investment results that closely correspond, before fees and expenses, to the performance of its respective Index.

Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as investment adviser to the Funds pursuant to management agreements (each, an “Agreement”) 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

A. Investment Valuation — The Funds’ valuation policy is to value investments at fair value.

B. Investment Income and Investments— Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily NAV calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments. Distributions received from the Funds’ investments in U.S. real estate investment trusts (“REITs”) may be characterized as ordinary income, net capital gain or a return of capital. A return of capital is recorded by the Funds as a reduction to the cost basis of the REIT.

GOLDMAN SACHS ACTIVEBETA^® ETFS

Notes to Financial Statements(continued)

February 28, 2019 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on theex-dividend date. For each fund, income distributions, if any, are declared and paid quarterly. Capital gains distributions, if any, are declared and paid annually.

E. Foreign Currency Translation— The accounting records and reporting currency of a Fund are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Statements of Operations within net change in unrealized gain (loss) on foreign currency translation. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

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).

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:

GOLDMAN SACHS ACTIVEBETA^® ETFS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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.

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, and are generally classified as Level 2.

Underlying Funds (including Money Market Funds) — Underlying funds (“Underlying Funds”) include other investment companies and exchange-traded funds (“ETFs”). Investments in the Underlying Funds (except ETFs) are valued at the NAV per share of the Institutional share class on the day of valuation. ETFs are valued daily at the last sale price or official closing price on the principal exchange or system on which the investment is traded. Because the Funds invest in Underlying Funds that fluctuate in value, the Funds’ shares will correspondingly fluctuate in value. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. For information regarding an Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.

B. Level 3 Fair Value Investments— To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of a Fund’s investments may be determined under Valuation Procedures approved by the Trustees. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund’s NAV.

C. Fair Value Hierarchy— The following is a summary of the Funds’ investments classified in the fair value hierarchy as of February 28, 2019:



ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

Investment Type	Level 1		Level 2		Level 3

Assets

Common Stock and/or Other Equity Investments^(a)

Africa	$	108,250,042	$	5,596,869	$	—

Asia		1,263,672,310		73,137,829		—

Europe		40,741,149		—		—

North America		63,966,049		—		—

South America		136,160,412		51,484,461		—

Securities Lending Reinvestment Vehicle		30,573,906		—		—

Total	$	1,643,363,868	$	130,219,159	$	—

ACTIVEBETA^® EUROPE EQUITY ETF

Investment Type	Level 1		Level 2		Level 3

Assets

Common Stock and/or Other Equity Investments^(a)

Africa	$	153,614	$	—	$	—

Asia		6,546		—		—

Europe		27,943,493		407,907		—

North America		227,110		—		—

Oceania		265,680		—		—

South America		20,435		—		—

Securities Lending Reinvestment Vehicle		115,687		—		—

Total	$	28,732,565	$	407,907	$	—

GOLDMAN SACHS ACTIVEBETA^® ETFS

Notes to Financial Statements(continued)

February 28, 2019 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Investment Type	Level 1		Level 2		Level 3

Assets

Common Stock and/or Other Equity Investments^(a)

Africa	$	5,178,828	$	—	$	—

Asia		369,476,895		—		—

Europe		754,960,034		12,550,344		—

North America		131,117,948		—		—

Oceania		91,893,412		—		—

South America		743,959		326,588		—

Securities Lending Reinvestment Vehicle		25,717,599		—		—

Total	$	1,379,088,675	$	12,876,932	$	—

ACTIVEBETA^® JAPAN EQUITY ETF

Investment Type	Level 1		Level 2		Level 3

Assets

Common Stock and/or Other Equity Investments^(a)

Asia	$	30,596,905	$	—	$	—

Securities Lending Reinvestment Vehicle		263,303		—		—

Total	$	30,860,208	$	—	$	—

ACTIVEBETA^® U.S. LARGE CAP EQUITY ETF

Investment Type	Level 1		Level 2		Level 3

Assets

Common Stock and/or Other Equity Investments^(a)

Europe	$	5,247,266	$	—	$	—

North America		4,498,011,228		—		—

Total	$	4,503,258,494	$	—	$	—

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	$	80,586	$	—	$	—

Europe		214,863		—		—

North America		91,640,390		—		519

South America		21,329		—		—

Securities Lending Reinvestment Vehicle		1,405,345		—		—

Total	$	93,362,513	$	—	$	519

(a)

Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile noted in table.

For further information regarding security characteristics, see the Schedules of Investments.

GOLDMAN SACHS ACTIVEBETA^® ETFS

4. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

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 and litigation, indemnification and extraordinary expenses. As the Funds directly pay fees and expenses of the independent Trustees, the management fee collected by GSAM will be reduced by an amount equal to the fees and expenses paid by the Funds to the independent Trustees.

For the six months ended February 28, 2019, unitary management fees with GSAM were at the following rates for each Fund except the ActiveBeta^® Emerging Markets Equity ETF:


Fund	Unitary Management Fee
ActiveBeta^® Europe Equity ETF		0.25	%
ActiveBeta^® International Equity ETF		0.25	%
ActiveBeta^® Japan Equity ETF		0.25	%
ActiveBeta^® U.S. Large Cap Equity ETF		0.09	%
ActiveBeta^® U.S. Small Cap Equity ETF		0.20	%

For the six months ended February 28, 2019, 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. 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, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of the Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the 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 six months ended February 28, 2019, these expense reimbursements amounted to $519,437.

5. CREATION AND REDEMPTION OF CREATION UNITS

GOLDMAN SACHS ACTIVEBETA^® ETFS

Notes to Financial Statements(continued)

February 28, 2019 (Unaudited)

5. CREATION AND REDEMPTION OF CREATION UNITS (continued)

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.

Share activity is as follows:


	ActiveBeta^® Emerging Markets Equity ETF
	For the Six Months Ended February 28, 2019 (Unaudited)						For the Fiscal Year Ended August 31, 2018
Shares Sold		3,000,000		$	95,263,457			9,000,000		$	313,899,096
Shares Redeemed		(600,000	)		(19,151,704	)		(2,000,000	)		(70,845,037	)

NET INCREASE IN SHARES		2,400,000		$	76,111,753			7,000,000		$	243,054,059

	ActiveBeta^® Europe Equity ETF
	For the Six Months Ended February 28, 2019 (Unaudited)						For the Fiscal Year Ended August 31, 2018
Shares Sold		350,000		$	9,731,604			950,000		$	30,634,671
Shares Redeemed		(1,750,000	)		(53,436,739	)		—			—

NET INCREASE IN SHARES		(1,400,000	)	$	(43,705,135	)		950,000		$	30,634,671

	ActiveBeta^® International Equity ETF
	For the Six Months Ended February 28, 2019 (Unaudited)						For the Fiscal Year Ended August 31, 2018
Shares Sold		11,900,000		$	326,469,320			16,800,000		$	504,572,187
Shares Redeemed		—			—			(500,000	)		(14,869,982	)

NET INCREASE IN SHARES		11,900,000		$	326,469,320			16,300,000		$	489,702,205

	ActiveBeta^® Japan Equity ETF
	For the Six Months Ended February 28, 2019 (Unaudited)						For the Fiscal Year Ended August 31, 2018
Shares Sold		400,000		$	12,425,460			200,000		$	7,009,409
Shares Redeemed		(1,000,000	)		(34,332,217	)		—			—

NET INCREASE IN SHARES		(600,000	)	$	(21,906,757	)		200,000		$	7,009,409

GOLDMAN SACHS ACTIVEBETA^® ETFS

5. CREATION AND REDEMPTION OF CREATION UNITS (continued)



	ActiveBeta^® U.S. Large Cap Equity ETF
	For the Six Months Ended February 28, 2019 (Unaudited)						For the Fiscal Year Ended August 31, 2018
Shares Sold		15,550,000		$	851,779,897			22,900,000		$	1,249,627,522
Shares Redeemed		(2,800,000	)		(148,818,804	)		(3,900,000	)		(207,045,304	)

NET INCREASE IN SHARES		12,750,000		$	702,961,093			19,000,000		$	1,042,582,218

	ActiveBeta^® U.S. Small Cap Equity ETF
	For the Six Months Ended February 28, 2019 (Unaudited)						For the Fiscal Year Ended August 31, 2018
Shares Sold		1,100,000		$	45,468,678			900,000		$	41,173,179
Shares Redeemed		—			—			(250,000	)		(10,712,536	)

NET INCREASE IN SHARES		1,100,000		$	45,468,678			650,000		$	30,460,643

Commencement of operation

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales of long-term securities for the six months ended February 28, 2019, were as follows:


Fund	Purchases		Sales
ActiveBeta^® Emerging Markets Equity ETF	$	266,039,080	$	220,061,699
ActiveBeta^® Europe Equity ETF		3,109,899		3,198,509
ActiveBeta^® International Equity ETF		103,070,586		96,362,428
ActiveBeta^® Japan Equity ETF		7,018,906		6,531,007
ActiveBeta^® U.S. Large Cap Equity ETF		329,882,083		323,391,287
ActiveBeta^® U.S. Small Cap Equity ETF		4,938,931		4,180,296

The purchase and sales from in-kind creation and redemption transactions for the six months ended February 28, 2019, were as follows:


Fund	Purchases		Sales
ActiveBeta^® Emerging Markets Equity ETF	$	24,150,771	$	5,119,293
ActiveBeta^® Europe Equity ETF		9,626,671		53,094,986
ActiveBeta^® International Equity ETF		318,706,181		—
ActiveBeta^® Japan Equity ETF		12,267,988		34,043,558
ActiveBeta^® U.S. Large Cap Equity ETF		844,015,212		147,986,478
ActiveBeta^® U.S. Small Cap Equity ETF		44,988,232		—

GOLDMAN SACHS ACTIVEBETA^® ETFS

Notes to Financial Statements(continued)

February 28, 2019 (Unaudited)

7. SECURITIES LENDING

The Funds may lend their securities through a securities lending agent, the Bank of New York Mellon (“BNYM”), to certain qualified borrowers. In accordance with the Funds’ securities lending procedures, the Funds receive cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Funds, at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Statements of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

The Funds invest the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”), an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net assets of the Government Money Market Fund.

In the event of a default by a borrower with respect to any loan, BNYM may exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If BNYM is unable to purchase replacement securities, BNYM will indemnify the Funds by paying the Funds an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Funds may enter into master netting agreements with borrowers, which provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws. The Funds’ loaned securities were all subject to enforceable Securities Lending Agreements, and the value of the collateral was at least equal to the value of the cash received. The amounts of the Funds’ overnight and continuous agreements which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of February 28, 2019 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 six months ended February 28, 2019, are reported under Investment Income on the Statements of Operations.

The following table provides information about the Funds’ investment in the Government Money Market Fund for the six months ended February 28, 2019:


Fund	Beginning value as of August 31, 2018		Purchases at Cost		Proceeds from Sales			Ending value as of February 28, 2019
ActiveBeta^® Emerging Markets Equity ETF	$	22,917,805	$	73,507,554	$	(65,851,453	)	$	30,573,906
ActiveBeta^® Europe Equity ETF		517,340		5,822,230		(6,223,883	)		115,687
ActiveBeta^® International Equity ETF		12,382,605		145,318,511		(131,983,517	)		25,717,599
ActiveBeta^® Japan Equity ETF		928,809		1,261,152		(1,926,658	)		263,303
ActiveBeta^® U.S. Large Cap Equity ETF		165,999		10,551,022		(10,717,021	)		—
ActiveBeta^® U.S. Small Cap Equity ETF		1,464,426		5,755,719		(5,814,800	)		1,405,345

100

GOLDMAN SACHS ACTIVEBETA^® ETFS

8. TAX INFORMATION

As of the Funds’ most recent fiscal year end, August 31, 2018, the Funds’ capital loss carryforward and certain timing differences 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
Capital loss carryforwards:
Perpetual Short-Term	$	(9,474,543	)	$	(8,922	)	$	(134,300	)	$	(31,193	)	$	(10,443,983	)	$	(12,857	)
Perpetual Long-Term		—			(58,657	)		—			—			(750,872	)		—
Timing differences(Post-October Capital Loss Deferral/Qualified Late Year Loss Deferral)		(29,028,472	)		(953,073	)		(5,934,865	)		(20,277	)		(15,211,669	)		(152,393	)

As of February 28, 2019, 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	$	1,509,709,912		$	31,800,977		$	1,352,738,151		$	30,454,119		$	3,968,872,811		$	89,330,113
Gross unrealized gain		334,054,708			1,037,377			104,386,275			1,857,429			658,704,203			7,745,887
Gross unrealized loss		(70,181,593	)		(3,697,882	)		(65,158,819	)		(1,451,340	)		(124,318,520	)		(3,712,968	)
Net unrealized gains (losses)	$	263,873,115		$	(2,660,505	)	$	39,227,456		$	406,089		$	534,385,683		$	4,032,919

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

GSAM has reviewed the Funds’ tax positions for all open tax years (the current and prior three years, as applicable) and has concluded that no provision for income tax is required in the Funds’ financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.

9. OTHER RISKS

The Funds’ risks include, but are not limited to, the following:

Foreign and Emerging Countries Risk— Investing in foreign markets may involve special risks and considerations not typically associated with investing in the United States. Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which a Fund invests. The imposition of exchange controls (including repatriation restrictions), 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

101

GOLDMAN SACHS ACTIVEBETA^® ETFS

Notes to Financial Statements(continued)

February 28, 2019 (Unaudited)

9. OTHER RISKS (continued)

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 because the security’s issuer was in financial trouble. Market disruptions and regulatory restrictions could have an adverse effect on a Fund’s ability to adjust its exposure to the required levels in order to track the Index. A Fund also does not attempt to take defensive positions under any market conditions, including declining markets. Therefore, a Fund’s performance could be lower than funds that may actively shift their portfolio assets to take advantage of market opportunities or to lessen the impact of a market decline or a decline in the value of one or more issuers. The Index Provider relies on third party data it believes to be reliable in constructing each Index, but it does not guarantee the accuracy or availability of such third party data. Errors in index data, index computation or the construction of an Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the applicable Fund and its shareholders. In addition, neither a Fund, the Investment Adviser, the Calculation Agent nor the Index Provider can guarantee the availability or timeliness of the production of the Index.

Investments in Other Investment Companies Risk — As a shareholder of another investment company, including an ETF, a Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund. ETFs are subject to risks that do not apply to conventional mutual funds, including but not limited to the following: (i) the market price of the ETF’s shares may trade at a premium or a discount to their NAV; and (ii) an active trading market for an ETF’s shares may not develop or be maintained.

Market and Credit Risks— In the normal course of business, a Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). 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.

102

GOLDMAN SACHS ACTIVEBETA^® ETFS

10. INDEMNIFICATIONS

11. SUBSEQUENT EVENTS

103

GOLDMAN SACHS ACTIVEBETA^® ETFS

Fund Expenses — Six Months ended 2/28/2019 (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 September 1, 2018 and held for the six months ended February 28, 2019, which represents a period of 181 days of a 365 day year (or less where indicated).

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

HypotheticalExamplefor ComparisonPurposes— 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.


	ActiveBeta^® Emerging Markets Equity ETF							ActiveBeta^® Europe Equity ETF							ActiveBeta^® International Equity ETF
	Beginning Account Value 9/1/18		Ending Account Value 2/28/19			Expenses Paid*		Beginning Account Value 9/1/18		Ending Account Value 2/28/19			Expenses Paid*		Beginning Account Value 9/1/18		Ending Account Value 2/28/19			Expenses Paid*
Actual based on NAV	$	1,000	$	1,002.00		$	2.23	$	1,000	$	956.50		$	1.21	$	1,000	$	957.70		$	1.21
Hypothetical 5% return		1,000		1,022.56	+		2.26		1,000		1,023.55	+		1.25		1,000		1,023.55	+		1.25

	ActiveBeta^® Japan Equity ETF							ActiveBeta^® U.S. Large Cap Equity ETF							ActiveBeta^® U.S. Small Cap Equity ETF
	Beginning Account Value 9/1/18		Ending Account Value 2/28/19			Expenses Paid*		Beginning Account Value 9/1/18		Ending Account Value 2/28/19			Expenses Paid*		Beginning Account Value 9/1/18		Ending Account Value 2/28/19			Expenses Paid*
Actual based on NAV	$	1,000	$	951.10		$	1.21	$	1,000	$	964.30		$	0.44	$	1,000	$	915.10		$	0.95
Hypothetical 5% return		1,000		1,023.55	+		1.25		1,000		1,024.35	+		0.45		1,000		1,023.80	+		1.00

Hypothetical expenses are based on the Fund’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses.

Expenses for the Fund are calculated using the Fund’s annualized net expense ratio, which represents the ongoing expenses as a percentage of net assets for the six months ended February 28, 2019. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratio for the period is as follows:


Fund
ActiveBeta^® Emerging Markets Equity ETF	0.45	%
ActiveBeta^® Europe Equity ETF	0.25
ActiveBeta^® International Equity ETF	0.25
ActiveBeta^® Japan Equity ETF	0.25
ActiveBeta^® U.S. Large Cap Equity ETF	0.09
ActiveBeta^® U.S. Small Cap Equity ETF	0.20

104

GOLDMAN SACHS ACTIVEBETA® ETFS

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.

(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)

(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)

(c)

the terms of the Management Agreement entered into by the Trust on behalf of the Fund;

(d)

(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)

(m)

105

GOLDMAN SACHS ACTIVEBETA® ETFS

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

The presentations made at the Board and Committee meetings and at the Annual Meeting encompassed the Fund and other registered funds for which the Board of Trustees has responsibility. In evaluating the Management Agreement at the Annual Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Investment Adviser and its affiliates, their services, and the Fund. In conjunction with these meetings, the Trustees received written materials and oral presentations on the topics covered, and the Investment Adviser addressed the questions and concerns of the Trustees, including concerns regarding the investment performance of certain of the funds they oversee. The Independent Trustees were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval and continuation of registered fund investment management agreements under applicable law. In addition, the Investment Adviser and its affiliates provided the Independent Trustees with a written response to a formal request for information sent on behalf of the Independent Trustees by their independent legal counsel. During the course of their deliberations, the Independent Trustees met in executive sessions with their independent legal counsel, without representatives of the Investment Adviser or its affiliates present.

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

As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Fund by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services andnon-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees noted the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted the Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the regulatory and control environment in which the Fund and their service providers operate, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. The Trustees also considered information about the Fund’s structure, investment objective, strategies and other characteristics. In particular, they noted that the Fund is a passively-managed ETF that seeks to track a proprietary index created by the Investment Adviser. The Trustees noted the experience and capabilities of the key personnel of the Investment Adviser who provide services to the Fund. In particular, the Trustees considered the Investment Adviser’s extensive experience in managing quantitative investment strategies and its expertise in developing “smart beta” products. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Fund and expressed confidence that the Investment Adviser would continue to do so in the future.The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Fund and the Investment Adviser and its affiliates.

Investment Performance

The Trustees also considered the investment performance of the Fund. In this regard, they compared the 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 for theone-year period ended December 31, 2017 andyear-to-date period ended January 31, 2018. The Trustees also noted that supplemental performance information had been provided by the Investment Adviser for the Fund for theone-year andyear-to-date periods ended June 30, 2018. The Trustees observed that the Fund’s investment performance was consistent with the investment objective of tracking its proprietary index.

In addition, the Trustees considered materials prepared and presentations made by the Investment Adviser’s senior management and portfolio management personnel in which Fund performance was assessed. The Trustees also considered the Investment Adviser’s periodic reports with respect to the Fund’s risk profiles, and how the Investment Adviser’s approach to risk monitoring and management influences portfolio management.

Costs of Services Provided and Profitability

The Trustees considered the contractual terms of the Management Agreement and the fee 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 reviewed the Fund’s total operating expense ratio (both gross and net of expense limitations). The Trustees also considered information previously provided at the March13-14, 2018 meeting regarding fees and expenses to similar information for comparable ETFs advised by other, unaffiliated investment management firms. The comparisons of the Fund’s fee rate and expense ratio were prepared by the Investment Adviser and a third-party provider of mutual fund and ETF data.

106

GOLDMAN SACHS ACTIVEBETA® ETFS

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

In particular, the Trustees referred to an analysis comparing the Fund’s management fee 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 andpre-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.

Economies of Scale

The Trustees noted that the Fund does not have management fee breakpoints. The Trustees considered information previously provided regarding the amount of assets in the Fund, the Fund’s recent creation and redemption activity, and the costs of the services provided by the Investment Adviser and its affiliates. The Trustees recognized that if the assets of the Fund increase over time, the Fund and its shareholders could realize economies of scale as certain Fund expenses, such as certain fixed fees, become a smaller percentage of overall assets.

Other Benefits to the Investment Adviser and Its Affiliates

The Trustees also considered the other benefits derived (or expected to be derived) by the Investment Adviser and its affiliates from their relationships with the Fund, including: (a) the Investment Adviser’s ability to leverage the infrastructure designed to service the Fund on behalf of its other clients; (b) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (c) the Investment Adviser’s ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Fund; and (d) the possibility that the working relationship between the Investment Adviser and the Fund’s third party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs.

Other Benefits to the Fund and Its Shareholders

The Trustees also noted that the Fund receives 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/or reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit the Fund and its shareholders and that the Management Agreement should be approved and continued with respect to the Fund until September 30, 2019.

107

GOLDMAN SACHS ACTIVEBETA® ETFS

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

Background

The Goldman Sachs ActiveBeta^® Europe Equity ETF, Goldman Sachs ActiveBeta^® International Equity ETF, Goldman Sachs ActiveBeta^® Japan Equity ETF, Goldman Sachs ActiveBeta^® U.S. Large Cap Equity ETF and Goldman Sachs ActiveBeta^® U.S. Small Cap Equity ETF (each, a “Fund” and together, the “Funds”) are investment portfolios of Goldman Sachs ETF Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Funds at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Funds.

(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)

(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)

(c)

the terms of the Management Agreement entered into by the Trust on behalf of the Fund;

(d)

(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)

108

GOLDMAN SACHS ACTIVEBETA® ETFS

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

(l)

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

As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Funds by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services andnon-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees noted the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted the Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the regulatory and control environment in which the Funds and their service providers operate, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. The Trustees considered that under the Management Agreement, the Funds pay a single fee to the Investment Adviser, and the Investment Adviser pays all of the Funds’ ordinary operating expenses, excluding payments under each Fund’s12b-1 plan (if any), interest expenses, taxes, acquired fund fees and expenses, brokerage fees, costs of holding shareholder meetings, litigation, indemnification and extraordinary expenses. The Trustees also considered information about each Fund’s structure, investment objective, strategies and other characteristics. In particular, they noted that the Funds are passively-managed ETFs that seek to track proprietary indices created by the Investment Adviser. The Trustees noted the experience and capabilities of the key personnel of the Investment Adviser who provide services to the Funds. In particular, the Trustees considered the Investment Adviser’s extensive experience in managing quantitative investment strategies and its expertise in developing “smart beta” products. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Funds and expressed confidence that the Investment Adviser would continue to do so in the future.The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Funds and the Investment Adviser and its affiliates.

Investment Performance

The Trustees also considered the investment performance of the Funds. In this regard, they compared the total return of each Fund 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 theone-year period ended December 31, 2017, to the extent that a Fund had been in existence for thatone-year period. The Trustees also noted that supplemental performance information had been provided by the Investment Adviser for the Funds for theone-year andyear-to-date periods ended January 31, 2018 and June 30, 2018, to the extent that a Fund had been in existence for that entire period. The Trustees observed that each Fund’s investment performance was consistent with the investment objective of tracking its respective proprietary index.

109

GOLDMAN SACHS ACTIVEBETA® ETFS

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

Unitary Fee Structure and Profitability

The Trustees considered the contractual fee 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 noted that no license fees would be payable to the Investment Adviser by the Funds for use of the index created by the Investment Adviser. The Trustees also considered information previously provided at the March13-14, 2018 meeting regarding fees and expenses of comparable ETFs advised by other, unaffiliated investment management firms. The comparisons of the Funds’ fee rates and expense ratios were prepared by the Investment Adviser and a third-party provider of mutual fund and ETF data. 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.

Economies of Scale

Other Benefits to the Investment Adviser and Its Affiliates

Other Benefits to the Funds and Their Shareholders

Conclusion

110

FUNDS PROFILE

Goldman Sachs ETFs

LOGO

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

Today, theInvestment Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $1.34 trillion in assets under supervision as of December 31, 2018, Goldman Sachs Asset Management (“GSAM”) has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. GSAM leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.

GOLDMAN SACHS EXCHANGE-TRADED FUNDS

Goldman Sachs ActiveBeta^® Emerging Markets Equity ETF

Goldman Sachs ActiveBeta^® Europe Equity ETF

Goldman Sachs ActiveBeta^® International Equity ETF

Goldman Sachs ActiveBeta^® Japan Equity ETF

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

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

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

Goldman Sachs Hedge Industry VIP ETF

Goldman Sachs JUST U.S. Large Cap Equity ETF

Goldman Sachs Access High Yield Corporate Bond ETF

Goldman Sachs Access Inflation Protected USD Bond ETF

Goldman Sachs Access Investment Grade Corporate Bond ETF

Goldman Sachs Access Treasury 0-1 Year ETF

Goldman Sachs Motif Data-Driven World ETF

Goldman Sachs Motif Finance Reimagined ETF

Goldman Sachs Motif Human Evolution ETF

Goldman Sachs Motif Manufacturing Revolution ETF

Goldman Sachs Motif New Age Consumer ETF

Effective August 7, 2018, the Goldman Sachs TreasuryAccess 0-1 Year ETF was renamed Goldman Sachs Access Treasury 0-1 Year 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 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 atwww.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.

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

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 calling1-800-621-2550; and (ii) on the Securities and Exchange Commission (“SEC’’) web site at http://www.sec.gov.

The Funds will file portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on the FormN-PORT. Portfolio holdings information for the third month of each fiscal quarter will be made available on the SEC’s web site at http://www.sec.gov. Portfolio holdings information may be obtained upon request and without charge by calling 1-800-621-2550.

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.

Goldman Sachs Funds

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Semi-Annual Report				February 28, 2019

				Equal Weight U.S. Large Cap Equity ETF

It is our intention that beginning on January 1, 2021, paper copies of the Fund’s annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. At any time, you may elect to receive reports and certain communications from the Fund electronically by contacting your financial intermediary.

LOGO

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


TABLE OF CONTENTS

Investment Process			1

Portfolio Results and Fund Basics			2

Schedule of Investments			7

Financial Statements			12

Financial Highlights			15

Notes to Financial Statements			16

Other Information			23



NOT FDIC-INSURED	May Lose Value	No Bank Guarantee

INVESTMENT PROCESS

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

Principal Investment Strategies

The Goldman Sachs Equal Weight U.S. Large Cap Equity ETF (the “Fund”) seeks to achieve its investment objective by investing at least 80% of its assets (exclusive of collateral held from securities lending) in securities included in its underlying index.

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

As of November 30, 2018, the Index consisted of 501 securities with a market capitalization range of between approximately $4.8 billion and $857 billion, and an average market capitalization of approximately $50.1 billion. The Index is reconstituted on a semi-annual basis in May and November to reflect changes in the constituents of the Solactive US Large Cap Index. New securities from initial public offerings are also added on a semi-annual basis in February and August, subject to fulfillment of certain eligibility criteria. The Index is rebalanced on a monthly basis to weight all constituents equally.

* * *

At the end of the Reporting Period, i.e. the six months ended February 28, 2019, we believed that while mega-cap stocks may drive performance in market cap-weighted equity indices, many top performers may be found among non-mega-cap stocks. We maintain conviction in our methodology for providing meaningful access to opportunities among non-mega-cap stocks and avoiding concentration in mega-cap stocks by equally weighting the largest U.S. equities and rebalancing on a monthly basis. We believe this approach allows investors to participate in a broad range of market cycles and potentially reduce exposure to isolated market incidents.

PORTFOLIO RESULTS

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

Investment Objective

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the six-month period ended February 28, 2019 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund returned -2.35% based on net asset value (“NAV”) and -2.36% based on market price. The Index returned -2.20%, 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 -3.04% during the same period.

The Fund had an NAV of $46.33 on August 31, 2018 and ended the Reporting Period with an NAV of $44.91 per share. The Fund’s market price on February 28, 2019 was $44.93 per share.

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

The Index’s performance is compared to that of the S&P 500 Index below.Given the Fund’s investment objective of attempting to track the Index, the Fund does not follow traditional methods of active investment management, which may involve buying and selling securities based upon analysis of economic and market factors. The Funddoes not follow a strategy of seeking to outperform the S&P 500 Index.

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

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

Index constituents in the information technology, utilities and consumer discretionary sectors contributed most positively to the Index’s results relative to the S&P 500 Index. Partially offsetting these positive contributors were Index constituents in the energy, health care and communication services sectors, which detracted from the Index’s results relative to the S&P 500 Index during the Reporting Period.

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

Relative to the S&P 500 Index, underweight positions in information technology giants Apple and Alphabet and in e-commerce retailing behemoth Amazon.com contributed most positively (0.19%, 0.19% and 0.18% of Fund net assets as of February 28, 2019, respectively). Each of these holdings posted a negative return within the Index during the Reporting Period.

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

Relative to the S&P 500 Index, underweight positions in aerospace and defense company Boeing, consumer goods manufacturer Procter & Gamble and software giant Microsoft detracted most (0.21%, 0.20% and 0.20% of Fund net assets as of February 28, 2019, respectively). Boeing and Procter & Gamble each posted a gain within the Index during the Reporting Period, and Microsoft also generated a positive return within the Index during the Reporting Period, albeit more modestly so.

PORTFOLIO RESULTS

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

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



Sector Name	Fund²			Solactive US Large Cap Equal Weight Index			S&P 500 Index

Information Technology		16.3	%		16.4	%		20.6	%
Financials		13.8			13.9			13.3
Industrials		13.1			13.1			9.8
Health Care		12.8			12.8			14.8
Consumer Discretionary		10.6			10.6			9.9
Consumer Staples		6.3			6.3			7.1
Utilities		6.3			6.3			3.3
Energy		5.9			6.0			5.4
Real Estate		5.7			5.7			3.0
Materials		4.8			4.8			2.7
Communication Services		4.1			4.1			10.1

¹Sector

classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by Standard & Poor’s. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Investments in the securities lending vehicle represented 0.0% of the Fund’s net assets as of February 28, 2019. Figures above may not sum to 100% due to rounding.

²The

Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Solactive US Large Cap Equal Weight Index.

FUND BASICS

Equal Weight U.S. Large Cap Equity ETF

as of February 28, 2019

LOGO


FUND SNAPSHOT

As of February 28, 2019

Market Price¹	$	44.93
Net Asset Value (NAV)¹	$	44.91

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


PERFORMANCE REVIEW

September 1, 2018– February 28, 2019	Fund Total Return (based on NAV)²			Fund Total Return (based on Market Price)²			Solactive US Large Cap Equal Weight Index³			S&P 500 Index (Total Return, USD)⁴

Shares		-2.35	%		-2.36	%		-2.20	%		-3.04	%

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

The Index is calculated and published by Solactive AG. Solactive AG uses its best efforts to ensure that the Index is calculated correctly. Irrespective of its obligations towards Goldman Sachs Equal Weight U.S. Large Cap Equity ETF, Solactive AG has no obligation to point out errors in the Index to third parties including but not limited to investors and/or financial intermediaries of Goldman Sachs Equal Weight U.S. Large Cap Equity ETF. Neither publication of an Index by Solactive AG nor the licensing of the Index or Index trade mark for the purpose of use in connection with the Goldman Sachs Equal Weight U.S. Large Cap Equity ETF constitutes a recommendation by Solactive AG to invest capital in said fund nor does it in any way represent an assurance or opinion of Solactive AG with regard to any investment in this fund.

⁴

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

The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment returns and principal value will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale or redemption of Fund shares.

FUND BASICS


STANDARDIZED TOTAL RETURNS⁵

For the period ended 12/31/18	One Year			Since Inception			Inception Date

Shares (based on NAV)		-7.27	%		-0.39	%	9/12/17
Shares (based on Market Price)		-8.07			-0.77		9/12/17

⁵

The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment returns and principal value will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale or redemption of Fund shares.

⁶


TOP 10 HOLDINGS AS OF 2/28/19⁷

Holding	% of Net Assets			Line of Business

Arista Networks, Inc.		0.2	%	Information Technology
Motorola Solutions, Inc.		0.2		Information Technology
PG&E Corp.		0.2		Utilities
SS&C Technologies Holdings, Inc.		0.2		Information Technology
Electronic Arts, Inc.		0.2		Communication Services
Chipotle Mexican Grill, Inc.		0.2		Consumer Discretionary
Danaher Corp.		0.2		Health Care
Best Buy Co., Inc.		0.2		Consumer Discretionary
Philip Morris International, Inc.		0.2		Consumer Staples
CoStar Group, Inc.		0.2		Industrials

⁷

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

FUND BASICS

Industry Terms:

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

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

Schedule of Investments

February 28, 2019 (Unaudited)


Shares		Description	Value

Common Stocks – 99.5%
Communication Services – 4.1%
	4,701	Activision Blizzard, Inc.	$	198,100
	172	Alphabet, Inc., Class A*		193,767
	6,794	AT&T, Inc.		211,429
	4,023	CBS Corp., Class B		201,995
	13,963	CenturyLink, Inc.		184,172
	589	Charter Communications, Inc., Class A*		203,152
	5,400	Comcast Corp., Class A		208,818
	2,449	Electronic Arts, Inc.*		234,565
	1,168	Facebook, Inc., Class A*		188,574
	926	IAC/InterActiveCorp*		197,284
	8,761	Interpublic Group of Cos., Inc. (The)		201,766
	2,263	Liberty Broadband Corp., Class C*		202,538
	570	Netflix, Inc.*		204,117
	2,569	Omnicom Group, Inc.		194,473
	2,196	Take-Two Interactive Software, Inc.*		191,623
	3,056	T-Mobile US, Inc.*		220,674
	4,084	Twenty-First Century Fox, Inc., Class A		205,956
	5,832	Twitter, Inc.*		179,509
	3,718	Verizon Communications, Inc.		211,629
	6,559	Viacom, Inc., Class B		191,654
	1,786	Walt Disney Co. (The)		201,532

				4,227,327

Consumer Discretionary – 10.6%
	1,249	Advance Auto Parts, Inc.		202,063
	113	Amazon.com, Inc.*		185,301
	6,088	Aramark		184,466
	232	AutoZone, Inc.*		217,841
	3,375	Best Buy Co., Inc.		232,335
	110	Booking Holdings, Inc.*		186,674
	1,149	Burlington Stores, Inc.*		195,031
	3,227	CarMax, Inc.*		200,397
	3,436	Carnival Corp.		198,463
	386	Chipotle Mexican Grill, Inc.*		234,507
	1,853	Darden Restaurants, Inc.		207,740
	1,732	Dollar General Corp.		205,173
	2,045	Dollar Tree, Inc.*		196,995
	681	Domino’s Pizza, Inc.		170,890
	5,218	DR Horton, Inc.		202,928
	5,683	eBay, Inc.		211,123
	1,572	Expedia Group, Inc.		193,843
	22,936	Ford Motor Co.		201,149
	5,097	General Motors Co.		201,230
	1,959	Genuine Parts Co.		213,100
	2,535	GrubHub, Inc.*		206,805
	2,199	Hasbro, Inc.		186,695
	2,695	Hilton Worldwide Holdings, Inc.		223,954
	1,071	Home Depot, Inc. (The)		198,285
	2,943	Kohl’s Corp.		198,741
	3,365	Las Vegas Sands Corp.		206,712
	1,322	Lear Corp.		201,037
	4,281	Lennar Corp., Class A		205,402
	7,398	LKQ Corp.*		204,925
	2,045	Lowe’s Cos., Inc.		214,909
	7,733	Macy’s, Inc.		191,701
	1,712	Marriott International, Inc., Class A		214,462
	1,129	McDonald’s Corp.		207,555


Common Stocks – (continued)
Consumer Discretionary – (continued)
	6,814	MGM Resorts International		182,274
	1,597	Mohawk Industries, Inc.*		217,384
	2,409	NIKE, Inc., Class B		206,524
	3,898	Norwegian Cruise Line Holdings Ltd.*		216,456
	566	O’Reilly Automotive, Inc.*		210,529
	1,787	PVH Corp.		205,219
	9,148	Qurate Retail, Inc.*		164,755
	2,144	Ross Stores, Inc.		203,316
	1,704	Royal Caribbean Cruises Ltd.		201,890
	2,850	Starbucks Corp.		200,241
	5,182	Tapestry, Inc.		181,059
	2,754	Target Corp.		200,051
	618	Tesla, Inc.*		197,686
	2,225	Tiffany & Co.		211,464
	4,075	TJX Cos., Inc. (The)		209,007
	2,247	Tractor Supply Co.		214,251
	683	Ulta Beauty, Inc.*		213,431
	981	Vail Resorts, Inc.		204,431
	2,333	VF Corp.		203,811
	1,572	Wynn Resorts Ltd.		198,921
	2,137	Yum! Brands, Inc.		201,946

				10,947,078

Consumer Staples – 6.3%
	4,111	Altria Group, Inc.		215,458
	4,913	Archer-Daniels-Midland Co.		208,802
	4,211	Brown-Forman Corp., Class B		208,402
	3,731	Bunge Ltd.		198,041
	3,429	Church & Dwight Co., Inc.		225,628
	1,331	Clorox Co. (The)		210,338
	4,087	Coca-Cola Co. (The)		185,305
	3,123	Colgate-Palmolive Co.		205,712
	9,031	Conagra Brands, Inc.		211,054
	1,154	Constellation Brands, Inc., Class A		195,211
	947	Costco Wholesale Corp.		207,147
	1,269	Estee Lauder Cos., Inc. (The), Class A		199,157
	4,481	General Mills, Inc.		211,190
	1,886	Hershey Co. (The)		208,742
	4,775	Hormel Foods Corp.		207,044
	1,902	JM Smucker Co. (The)		201,441
	3,406	Kellogg Co.		191,622
	1,795	Kimberly-Clark Corp.		209,710
	4,167	Kraft Heinz Co. (The)		138,303
	7,093	Kroger Co. (The)		208,038
	2,797	Lamb Weston Holdings, Inc.		193,860
	1,599	McCormick & Co., Inc.		217,432
	3,006	Molson Coors Brewing Co., Class B		185,350
	4,383	Mondelez International, Inc., Class A		206,702
	3,513	Monster Beverage Corp.*		224,235
	1,781	PepsiCo, Inc.		205,955
	2,653	Philip Morris International, Inc.		230,652
	2,066	Procter & Gamble Co. (The)		203,604
	3,098	Sysco Corp.		209,270
	3,264	Tyson Foods, Inc., Class A		201,258
	2,833	Walgreens Boots Alliance, Inc.		201,681
	2,104	Walmart, Inc.		208,275

				6,534,619


The accompanying notes are an integral part of these financial statements.		7

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

Schedule of Investments(continued)

February 28, 2019 (Unaudited)


Shares		Description	Value

Common Stocks – (continued)
Energy – 5.9%
	4,106	Anadarko Petroleum Corp.	$	178,611
	6,159	Apache Corp.		204,356
	7,973	Baker Hughes a GE Co., Class A		210,328
	8,148	Cabot Oil & Gas Corp.		200,604
	2,992	Cheniere Energy, Inc.*		192,834
	1,681	Chevron Corp.		201,014
	2,661	Cimarex Energy Co.		191,353
	1,708	Concho Resources, Inc.		187,880
	2,911	ConocoPhillips		197,511
	7,515	Devon Energy Corp.		221,768
	1,993	Diamondback Energy, Inc.		205,139
	2,058	EOG Resources, Inc.		193,452
	10,680	EQT Corp.		193,522
	9,946	Equitrans Midstream Corp.		175,447
	2,647	Exxon Mobil Corp.		209,192
	6,226	Halliburton Co.		191,076
	3,727	Hess Corp.		215,607
	3,528	HollyFrontier Corp.		180,634
	10,869	Kinder Morgan, Inc.		208,250
	12,684	Marathon Oil Corp.		210,554
	2,964	Marathon Petroleum Corp.		183,798
	6,652	National Oilwell Varco, Inc.		187,187
	8,801	Noble Energy, Inc.		194,942
	2,993	Occidental Petroleum Corp.		197,987
	3,027	ONEOK, Inc.		194,515
	2,117	Phillips 66		203,994
	1,412	Pioneer Natural Resources Co.		199,021
	4,445	Schlumberger Ltd.		195,847
	4,598	Targa Resources Corp.		185,024
	2,325	Valero Energy Corp.		189,627
	7,365	Williams Cos., Inc. (The)		196,572

				6,097,646

Financials – 13.9%
	4,174	Aflac, Inc.		205,110
	309	Alleghany Corp.		198,675
	2,267	Allstate Corp. (The)		213,960
	7,536	Ally Financial, Inc.		204,150
	1,940	American Express Co.		209,016
	4,617	American International Group, Inc.		199,454
	1,601	Ameriprise Financial, Inc.		210,740
	19,244	Annaly Capital Management, Inc. REIT		194,942
	1,193	Aon PLC		204,635
	6,626	Arch Capital Group Ltd.*		216,471
	2,544	Arthur J Gallagher & Co.		204,232
	6,999	Bank of America Corp.		203,531
	3,813	Bank of New York Mellon Corp. (The)		200,106
	4,141	BB&T Corp.		211,067
	970	Berkshire Hathaway, Inc., Class B*		195,261
	473	BlackRock, Inc.		209,643
	2,492	Capital One Financial Corp.		208,281
	2,102	Cboe Global Markets, Inc.		201,603
	4,339	Charles Schwab Corp. (The)		199,637
	1,488	Chubb Ltd.		199,243
	2,440	Cincinnati Financial Corp.		211,841
	3,148	Citigroup, Inc.		201,409
	5,862	Citizens Financial Group, Inc.		216,542


Common Stocks – (continued)
Financials – (continued)
	1,136	CME Group, Inc.		206,650
	2,531	Comerica, Inc.		220,475
	2,898	Discover Financial Services		207,526
	4,285	E*TRADE Financial Corp.		209,922
	912	Everest Re Group Ltd.		206,212
	7,504	Fifth Third Bancorp		206,960
	2,020	First Republic Bank		212,060
	6,558	Franklin Resources, Inc.		213,856
	1,019	Goldman Sachs Group, Inc. (The)^(a)		200,437
	4,126	Hartford Financial Services Group, Inc. (The)		203,659
	15,182	Huntington Bancshares, Inc.		218,773
	2,597	Intercontinental Exchange, Inc.		200,359
	10,721	Invesco Ltd.		207,451
	1,943	JPMorgan Chase & Co.		202,772
	12,375	KeyCorp		218,543
	8,473	KKR & Co., Inc., Class A		188,355
	3,435	Lincoln National Corp.		214,756
	4,190	Loews Corp.		199,528
	1,240	M&T Bank Corp.		214,594
	190	Markel Corp.*		190,927
	2,178	Marsh & McLennan Cos., Inc.		202,598
	4,454	MetLife, Inc.		201,276
	1,236	Moody’s Corp.		213,976
	4,746	Morgan Stanley		199,237
	1,156	MSCI, Inc.		213,536
	2,329	Nasdaq, Inc.		213,267
	2,239	Northern Trust Corp.		208,675
	1,648	PNC Financial Services Group, Inc. (The)		207,681
	4,151	Principal Financial Group, Inc.		218,509
	3,025	Progressive Corp. (The)		220,523
	2,167	Prudential Financial, Inc.		207,707
	2,440	Raymond James Financial, Inc.		201,495
	13,071	Regions Financial Corp.		214,364
	1,385	Reinsurance Group of America, Inc.		200,119
	1,024	S&P Global, Inc.		205,179
	2,837	State Street Corp.		203,895
	3,406	SunTrust Banks, Inc.		220,947
	865	SVB Financial Group*		213,793
	6,680	Synchrony Financial		217,835
	2,133	T Rowe Price Group, Inc.		214,217
	3,631	TD Ameritrade Holding Corp.		204,534
	1,592	Travelers Cos., Inc. (The)		211,593
	3,913	US Bancorp		202,263
	4,085	Wells Fargo & Co.		203,801
	1,197	Willis Towers Watson PLC		205,908
	4,120	Zions Bancorporation		210,532

				14,300,824

Health Care – 12.8%
	2,734	Abbott Laboratories		212,213
	2,510	AbbVie, Inc.		198,892
	581	ABIOMED, Inc.*		194,344
	2,627	Agilent Technologies, Inc.		208,689
	1,651	Alexion Pharmaceuticals, Inc.*		223,430
	827	Align Technology, Inc.*		214,168
	1,455	Allergan PLC		200,368


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

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


Shares		Description	Value

Common Stocks – (continued)
Health Care – (continued)
	2,332	AmerisourceBergen Corp.	$	194,256
	1,056	Amgen, Inc.		200,724
	672	Anthem, Inc.		202,090
	2,808	Baxter International, Inc.		209,842
	832	Becton Dickinson and Co.		206,993
	598	Biogen, Inc.*		196,150
	2,062	BioMarin Pharmaceutical, Inc.*		192,302
	5,335	Boston Scientific Corp.*		214,040
	4,039	Bristol-Myers Squibb Co.		208,655
	3,998	Cardinal Health, Inc.		217,251
	2,281	Celgene Corp.*		189,597
	3,173	Centene Corp.*		193,204
	3,635	Cerner Corp.*		203,378
	1,090	Cigna Corp.		190,140
	721	Cooper Cos., Inc. (The)		206,199
	1,005	Covetrus, Inc.*		35,959
	3,063	CVS Health Corp.		177,133
	1,839	Danaher Corp.		233,590
	3,527	DaVita, Inc.*		200,686
	4,633	DENTSPLY SIRONA, Inc.		193,474
	1,344	DexCom, Inc.*		187,259
	1,180	Edwards Lifesciences Corp.*		199,762
	1,661	Eli Lilly & Co.		209,768
	3,005	Gilead Sciences, Inc.		195,385
	1,430	HCA Healthcare, Inc.		198,827
	2,511	Henry Schein, Inc.*		148,902
	4,547	Hologic, Inc.*		214,391
	672	Humana, Inc.		191,547
	952	IDEXX Laboratories, Inc.*		200,901
	706	Illumina, Inc.*		220,816
	2,472	Incyte Corp.*		213,161
	393	Intuitive Surgical, Inc.*		215,211
	1,543	IQVIA Holdings, Inc.*		216,174
	1,569	Jazz Pharmaceuticals PLC*		219,707
	1,515	Johnson & Johnson		207,010
	1,417	Laboratory Corp. of America Holdings*		210,056
	1,531	McKesson Corp.		194,682
	2,284	Medtronic PLC		206,702
	2,607	Merck & Co., Inc.		211,923
	304	Mettler-Toledo International, Inc.*		206,997
	6,458	Mylan NV*		170,427
	2,293	Neurocrine Biosciences, Inc.*		177,134
	4,274	Perrigo Co. PLC		208,144
	4,799	Pfizer, Inc.		208,037
	2,303	Quest Diagnostics, Inc.		199,325
	486	Regeneron Pharmaceuticals, Inc.*		209,340
	2,086	ResMed, Inc.		213,669
	1,112	Stryker Corp.		209,623
	737	Teleflex, Inc.		213,612
	816	Thermo Fisher Scientific, Inc.		211,809
	765	UnitedHealth Group, Inc.		185,298
	1,482	Universal Health Services, Inc., Class B		205,746
	1,514	Varian Medical Systems, Inc.*		203,421
	1,735	Veeva Systems, Inc., Class A*		204,574
	1,085	Vertex Pharmaceuticals, Inc.*		204,794
	863	Waters Corp.*		209,036
	717	WellCare Health Plans, Inc.*		181,817


Common Stocks – (continued)
Health Care – (continued)
	1,703	Zimmer Biomet Holdings, Inc.		211,376
	2,306	Zoetis, Inc.		217,294

				13,231,424

Industrials – 13.1%
	998	3M Co.		206,975
	5,445	American Airlines Group, Inc.		194,005
	2,662	AMETEK, Inc.		211,842
	10,685	Arconic, Inc.		197,566
	486	Boeing Co. (The)		213,821
	1,512	Caterpillar, Inc.		207,658
	2,222	CH Robinson Worldwide, Inc.		200,824
	1,048	Cintas Corp.		216,517
	3,875	Copart, Inc.*		227,346
	502	CoStar Group, Inc.*		229,680
	2,936	CSX Corp.		213,359
	1,331	Cummins, Inc.		205,094
	1,222	Deere & Co.		200,457
	3,977	Delta Air Lines, Inc.		197,180
	2,279	Dover Corp.		206,318
	2,607	Eaton Corp. PLC		207,960
	3,020	Emerson Electric Co.		205,813
	1,860	Equifax, Inc.		203,689
	2,842	Expeditors International of Washington, Inc.		213,008
	3,269	Fastenal Co.		205,751
	1,094	FedEx Corp.		198,014
	2,699	Fortive Corp.		220,157
	1,178	General Dynamics Corp.		200,519
	18,625	General Electric Co.		193,514
	1,273	Harris Corp.		209,956
	1,344	Honeywell International, Inc.		207,070
	946	Huntington Ingalls Industries, Inc.		198,102
	1,451	IDEX Corp.		209,089
	3,855	IHS Markit Ltd.*		204,970
	1,458	Illinois Tool Works, Inc.		210,069
	1,975	Ingersoll-Rand PLC		208,481
	3,010	Jacobs Engineering Group, Inc.		222,078
	1,839	JB Hunt Transport Services, Inc.		198,005
	5,892	Johnson Controls International PLC		207,811
	1,906	Kansas City Southern		207,068
	983	L3 Technologies, Inc.		208,150
	664	Lockheed Martin Corp.		205,448
	6,084	Masco Corp.		228,515
	7,786	Nielsen Holdings PLC		203,993
	1,192	Norfolk Southern Corp.		213,726
	719	Northrop Grumman Corp.		208,481
	1,420	Old Dominion Freight Line, Inc.		214,093
	3,069	PACCAR, Inc.		208,078
	1,200	Parker-Hannifin Corp.		211,392
	1,143	Raytheon Co.		213,170
	2,576	Republic Services, Inc.		202,036
	8,452	Resideo Technologies, Inc.*		217,216
	1,175	Rockwell Automation, Inc.		209,808
	672	Roper Technologies, Inc.		217,493
	3,491	Southwest Airlines Co.		195,636
	2,157	Spirit AeroSystems Holdings, Inc., Class A		213,112


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

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

Schedule of Investments(continued)

February 28, 2019 (Unaudited)


Shares		Description	Value

Common Stocks – (continued)
Industrials – (continued)
	1,538	Stanley Black & Decker, Inc.	$	203,677
	3,677	Textron, Inc.		199,661
	472	TransDigm Group, Inc.*		204,890
	3,220	TransUnion		207,883
	1,251	Union Pacific Corp.		209,793
	2,234	United Continental Holdings, Inc.*		196,168
	1,866	United Parcel Service, Inc., Class B		205,633
	1,558	United Rentals, Inc.*		209,691
	1,655	United Technologies Corp.		207,984
	1,669	Verisk Analytics, Inc.*		211,012
	100	Wabtec Corp.		7,326
	2,056	Waste Management, Inc.		208,170
	662	WW Grainger, Inc.		201,758
	3,327	XPO Logistics, Inc.*		167,514
	2,846	Xylem, Inc.		215,015

				13,486,288

Information Technology – 16.2%
	1,278	Accenture PLC, Class A		206,244
	793	Adobe, Inc.*		208,162
	8,743	Advanced Micro Devices, Inc.*		205,723
	2,941	Akamai Technologies, Inc.*		204,870
	1,112	Alliance Data Systems Corp.		192,376
	3,596	Amdocs Ltd.		199,830
	2,219	Amphenol Corp., Class A		208,519
	1,998	Analog Devices, Inc.		213,706
	1,179	ANSYS, Inc.*		208,989
	1,142	Apple, Inc.		197,737
	5,131	Applied Materials, Inc.		196,722
	889	Arista Networks, Inc.*		253,587
	1,317	Autodesk, Inc.*		214,684
	1,371	Automatic Data Processing, Inc.		209,804
	749	Broadcom, Inc.		206,245
	1,930	Broadridge Financial Solutions, Inc.		195,412
	4,011	Cadence Design Systems, Inc.*		229,630
	2,341	CDW Corp.		219,796
	4,257	Cisco Systems, Inc.		220,385
	1,886	Citrix Systems, Inc.		198,973
	2,818	Cognizant Technology Solutions Corp., Class A		200,022
	5,994	Corning, Inc.		208,651
	3,108	DXC Technology Co.		204,693
	1,240	F5 Networks, Inc.*		208,494
	1,831	Fidelity National Information Services, Inc.		198,023
	2,355	Fiserv, Inc.*		199,445
	972	FleetCor Technologies, Inc.*		226,748
	2,430	Fortinet, Inc.*		210,900
	1,429	Gartner, Inc.*		203,347
	1,747	Global Payments, Inc.		227,774
	2,891	GoDaddy, Inc., Class A*		215,813
	12,632	Hewlett Packard Enterprise Co.		206,912
	8,781	HP, Inc.		173,249
	3,966	Intel Corp.		210,039
	1,490	International Business Machines Corp.		205,814
	888	Intuit, Inc.		219,451
	1,486	Jack Henry & Associates, Inc.		197,088


Common Stocks – (continued)
Information Technology – (continued)
	7,712	Juniper Networks, Inc.		208,841
	2,661	Keysight Technologies, Inc.*		224,615
	1,887	KLA-Tencor Corp.		217,930
	1,162	Lam Research Corp.		204,617
	3,276	Leidos Holdings, Inc.		211,597
	10,769	Marvell Technology Group Ltd.		214,842
	936	Mastercard, Inc., Class A		210,385
	3,637	Maxim Integrated Products, Inc.		197,962
	2,411	Microchip Technology, Inc.		209,444
	5,119	Micron Technology, Inc.*		209,265
	1,856	Microsoft Corp.		207,928
	1,683	Motorola Solutions, Inc.		240,871
	2,973	NetApp, Inc.		193,840
	1,345	NVIDIA Corp.		207,480
	3,920	Oracle Corp.		204,350
	920	Palo Alto Networks, Inc.*		226,568
	2,703	Paychex, Inc.		208,185
	2,172	PayPal Holdings, Inc.*		213,008
	2,275	PTC, Inc.*		211,165
	3,037	Qorvo, Inc.*		213,015
	3,941	QUALCOMM, Inc.		210,410
	1,117	Red Hat, Inc.*		203,964
	1,257	salesforce.com, Inc.*		205,708
	4,478	Seagate Technology PLC		208,496
	885	ServiceNow, Inc.*		211,904
	2,412	Skyworks Solutions, Inc.		196,964
	1,552	Splunk, Inc.*		210,886
	2,778	Square, Inc., Class A*		225,685
	3,856	SS&C Technologies Holdings, Inc.		237,452
	8,851	Symantec Corp.		199,059
	2,029	Synopsys, Inc.*		206,309
	2,454	TE Connectivity Ltd.		201,449
	1,966	Texas Instruments, Inc.		207,963
	2,167	Total System Services, Inc.		204,565
	5,223	Trimble, Inc.*		208,972
	1,162	VeriSign, Inc.*		206,882
	1,409	Visa, Inc., Class A		208,701
	1,273	VMware, Inc., Class A		218,714
	4,253	Western Digital Corp.		213,926
	10,855	Western Union Co. (The)		193,979
	1,049	Workday, Inc., Class A*		207,629
	2,353	Worldpay, Inc., Class A*		225,417
	1,804	Xilinx, Inc.		226,041

				16,784,840

Materials – 4.7%
	1,201	Air Products & Chemicals, Inc.		217,597
	2,475	Albemarle Corp.		225,943
	3,775	Ball Corp.		206,794
	2,045	Celanese Corp.		209,183
	4,672	CF Industries Holdings, Inc.		197,158
	3,671	DowDuPont, Inc.		195,407
	2,481	Eastman Chemical Co.		205,154
	1,261	Ecolab, Inc.		212,996
	2,360	FMC Corp.		211,220
	16,945	Freeport-McMoRan, Inc.		218,590
	1,390	International Flavors & Fragrances, Inc.		177,225


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

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


Shares		Description	Value

Common Stocks – (continued)
Materials – (continued)
	4,280	International Paper Co.	$	196,110
	1,211	Linde PLC (United Kingdom)		209,794
	2,300	LyondellBasell Industries NV, Class A		196,696
	1,060	Martin Marietta Materials, Inc.		199,068
	6,237	Mosaic Co. (The)		195,031
	5,907	Newmont Mining Corp.		201,547
	3,286	Nucor Corp.		199,033
	2,073	Packaging Corp. of America		198,158
	1,881	PPG Industries, Inc.		210,616
	485	Sherwin-Williams Co. (The)		210,102
	5,499	Steel Dynamics, Inc.		205,223
	1,904	Vulcan Materials Co.		212,220
	5,237	WestRock Co.		195,759

				4,906,624

Real Estate – 5.6%
	1,549	Alexandria Real Estate Equities, Inc. REIT		210,494
	1,157	American Tower Corp. REIT		203,805
	1,025	AvalonBay Communities, Inc. REIT		199,496
	1,527	Boston Properties, Inc. REIT		202,618
	4,325	CBRE Group, Inc., Class A*		215,212
	1,686	Crown Castle International Corp. REIT		200,212
	1,807	Digital Realty Trust, Inc. REIT		204,408
	6,723	Duke Realty Corp. REIT		198,799
	510	Equinix, Inc. REIT		215,985
	2,761	Equity Residential REIT		203,458
	725	Essex Property Trust, Inc. REIT		202,884
	2,050	Extra Space Storage, Inc. REIT		196,677
	1,492	Federal Realty Investment Trust REIT		199,316
	6,406	HCP, Inc. REIT		197,113
	10,958	Host Hotels & Resorts, Inc. REIT		214,886
	5,459	Iron Mountain, Inc. REIT		193,358
	1,953	Mid-America Apartment Communities, Inc. REIT		202,292
	2,871	Prologis, Inc. REIT		201,142
	963	Public Storage REIT		203,665
	2,891	Realty Income Corp. REIT		199,941
	3,101	Regency Centers Corp. REIT		202,340
	1,087	SBA Communications Corp. REIT*		196,269
	1,092	Simon Property Group, Inc. REIT		197,827
	2,202	SL Green Realty Corp. REIT		199,765
	4,555	UDR, Inc. REIT		202,333
	3,117	Ventas, Inc. REIT		195,592
	2,842	Vornado Realty Trust REIT		191,295
	2,590	Welltower, Inc. REIT		192,463
	7,557	Weyerhaeuser Co. REIT		188,094

				5,831,739

Utilities – 6.3%
	11,833	AES Corp.		203,883
	4,537	Alliant Energy Corp.		208,112
	2,917	Ameren Corp.		207,807
	2,558	American Electric Power Co., Inc.		207,582
	2,080	American Water Works Co., Inc.		211,370
	2,074	Atmos Energy Corp.		205,015
	6,533	CenterPoint Energy, Inc.		196,905


Common Stocks – (continued)
Utilities – (continued)
	3,871	CMS Energy Corp.		210,582
	2,585	Consolidated Edison, Inc.		213,133
	2,799	Dominion Energy, Inc.		207,378
	1,721	DTE Energy Co.		212,647
	2,265	Duke Energy Corp.		203,080
	3,587	Edison International		214,825
	2,259	Entergy Corp.		210,832
	3,509	Evergy, Inc.		196,188
	2,892	Eversource Energy		201,891
	4,250	Exelon Corp.		206,508
	5,119	FirstEnergy Corp.		208,599
	1,121	NextEra Energy, Inc.		210,434
	7,607	NiSource, Inc.		205,237
	4,961	NRG Energy, Inc.		206,774
	13,967	PG&E Corp.*		237,858
	2,300	Pinnacle West Capital Corp.		215,602
	6,484	PPL Corp.		208,590
	3,665	Public Service Enterprise Group, Inc.		215,539
	1,728	Sempra Energy		208,120
	4,131	Southern Co. (The)		205,269
	3,535	UGI Corp.		194,072
	8,005	Vistra Energy Corp.*		208,450
	2,758	WEC Energy Group, Inc.		210,380
	3,835	Xcel Energy, Inc.		210,388

				6,463,050

	TOTAL INVESTMENTS – 99.5%
	(Cost $100,644,386)		$	102,811,459

	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.5%			488,516

	NET ASSETS – 100.0%		$	103,299,975



The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

*		Non-income producing security.

(a)		Represents an affiliated issuer.



Investment Abbreviations:
PLC		—Public Limited Company
REIT		—Real Estate Investment Trust


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

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

Statement of Assets and Liabilities

February 28, 2019 (Unaudited)


	Equal Weight U.S. Large Cap Equity ETF
Assets:

Investments in unaffiliated issuers, at value (cost $100,428,910)	$	102,611,022

Investments in affiliated issuers, at value (cost $215,476)		200,437

Cash		333,159

Receivables:

Dividends		161,806

Total assets		103,306,424

Liabilities:

Payables:

Management fees		6,449

Total liabilities		6,449

Net Assets:

Paid-in capital		97,135,582

Total distributable earnings		6,164,393

NET ASSETS	$	103,299,975
SHARES ISSUED AND OUTSTANDING

Shares outstanding no par value (unlimited shares authorized):		2,300,000

Net asset value per share:		$44.91


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

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

Statement of Operations

For the Six Months Ended February 28, 2019 (Unaudited)


	Equal Weight U.S. Large Cap Equity ETF
Investment income:

Dividends — unaffiliated issuers	$	817,901

Dividends — affiliated issuers		1,352

Securities lending income		1,139

Total investment income		820,392

Expenses:

Management fees		33,397

Trustee fees		6,198

Total expenses		39,595

NET INVESTMENT INCOME		780,797

Realized and unrealized gain (loss):

Net realized gain (loss) from:

Investments — unaffiliated issuers		(1,510,408	)

Investments — affiliated issuers		(7,835	)

In-kind redemptions — affiliated issuers		9,192

In-kind redemptions — unaffiliated issuers		5,574,630

Net change in unrealized loss on:

Investments — unaffiliated issuers		(1,976,842	)

Investments — affiliated issuers		(12,846	)

Net realized and unrealized gain		2,075,891

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	2,856,688


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

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

Statements of Changes in Net Assets


	Equal Weight U.S. Large Cap Equity ETF
	For the Six Months Ended February 28, 2019 (Unaudited)			For the Period September 12, 2017* to August 31, 2018
From operations:

Net investment income	$	780,797		$	624,097

Net realized gain		4,065,579			187,735

Net change in unrealized gain (loss)		(1,989,688	)		4,156,761

Net increase in net assets resulting from operations		2,856,688			4,968,593

Distributions to shareholders:

From distributable earnings		(597,697	)		(410,506	)^(a)

Total distributions to shareholders		(597,697	)		(410,506	)

From share transactions:

Proceeds from sales of shares		68,073,850			80,491,449

Cost of shares redeemed		(43,470,666	)		(8,611,736	)

Net increase in net assets resulting from share transactions		24,603,184			71,879,713

TOTAL INCREASE		26,862,175			76,437,800

Net assets:^(b)

Beginning of period	$	76,437,800		$	—

End of period	$	103,299,975		$	76,437,800

Commencement of operations.

(a)

Prior fiscal year information has been revised to conform to current year presentation. Distributions to shareholders for Equal Weight U.S. Large Cap Equity ETF consisted solely of net investment income for the fiscal year ended August 31, 2018.

(b)

Prior fiscal year information has been revised to conform with current year presentation. Undistributed net investment income was $215,556 as of August 31, 2018.


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

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

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


	Equal Weight U.S. Large Cap Equity ETF
	For the Six Months Ended February 28, 2019 (Unaudited)			For the Period September 12, 2017* to August 31, 2018
Per Share Operating Performance:

Net asset value, beginning of period	$	46.33		$	40.58

Net investment income^(a)		0.38			0.77

Net realized and unrealized gain (loss)		(1.49	)		5.52

Total gain (loss) from investment operations		(1.11	)		6.29

Distributions to shareholders from net investment income		(0.31	)		(0.54	)

Net asset value, end of period	$	44.91		$	46.33

Market price, end of period	$	44.93		$	46.35

Total Return at Net Asset Value^(b)		(2.35	)%		15.60	%

Net assets, end of period (in 000’s)	$	103,300		$	76,438

Ratio of total expenses to average net assets		0.09	%^(c)		0.09	%^(c)

Ratio of net investment income to average net assets		1.77	%^(c)		1.82	%^(c)

Portfolio turnover rate^(d)		22	%		34	%

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.		15

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

Notes to Financial Statements

February 28, 2019 (Unaudited)

1. ORGANIZATION

Goldman Sachs Equal Weight U.S. Large Cap Equity ETF (the “Fund”) is a diversified series of the Goldman Sachs ETF Trust (the “Trust”) which is an open-end management investment company, registered under the Investment Company Act of 1940, as amended (the “Act”), consisting of multiple series. The Trust was organized as a Delaware statutory trust on December 16, 2009.

The investment objective of the Fund is to provide investment results that closely correspond, before fees and expenses, to the performance of the Solactive US Large Cap Equal Weight Index (GTR) (the “Index”).

Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as investment adviser to the Fund pursuant to a management agreement (the “Agreement”) with the Trust. The Fund is an exchange- traded fund (“ETF”). Shares of the Fund are listed and traded on the Cboe BZX Exchange, Inc. (“Cboe BZX”). Market prices for the Fund’s shares may be different from its net asset value (“NAV”). The Fund issues and redeems shares at its NAV only in blocks of a specified number of shares, or multiples thereof, referred to as “Creation Units”. Creation Units are issued and redeemed 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

A. Investment Valuation — The Fund’s valuation policy is to value investments at fair value.

B. Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily NAV calculations. Distributions received from the Fund’s investments in U.S. real estate investment trusts (“REITs”) may be characterized as ordinary income, net capital gain or a return of capital. A return of capital is recorded by the Fund as a reduction to the cost basis of the REIT.

C. Expenses — Expenses incurred directly by the Fund are charged to the Fund, and certain expenses incurred by the Trust that may not solely relate to the Fund are allocated to the Fund and the other applicable funds of the Trust on a straight-line and/or pro- rata basis, depending upon the nature of the expenses, and are accrued daily.

D. Federal Taxes and Distributions to Shareholders — It is the Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, the Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid quarterly and annually, respectively.

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of the Fund’s distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Fund’s net assets on the Statement of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

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

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Fund’s policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM’s assumptions in determining fair value measurement).

The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Fund, including investments for which market quotations are not readily available. The Trustees have delegated to 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.

Underlying Funds (including Money Market Funds) — Underlying funds (“Underlying Funds”) include other investment companies and exchange-traded funds (“ETFs”). Investments in the Underlying Funds (except ETFs) are valued at the on the day of valuation. ETFs are valued daily at the last sale price or official closing price on the principal exchange or system on which the investment is traded. Because the Fund invests in Underlying Funds that fluctuate in value, the Fund’s shares will correspondingly fluctuate in value. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. For information regarding an Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.

B. Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of the Fund’s investments may be determined under Valuation Procedures approved by the Trustees. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining the Fund’s NAV.

On February 28, 2019 the Fund did not hold Level 3 securities.

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

Notes to Financial Statements(continued)

February 28, 2019 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

Fair Value Hierarchy — The following is a summary of the Fund’s investments classified in the fair value hierarchy as of February 28, 2019:


EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF

Investment Type	Level 1		Level 2		Level 3

Assets

Common Stock and/or Other Equity Investments^(a)

Europe	$	209,794	$	—	$	—

North America		102,601,665		—		—

Total	$	102,811,459	$	—	$	—

(a)

For further information regarding security characteristics, see the Schedule of Investments.

4. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

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

The Fund operates under a unitary management fee structure. Under the unitary fee structure, GSAM is responsible for paying substantially all the expenses of the Fund, excluding payments under the Fund’s 12b-1 plan (if any), interest expenses, taxes, acquired fund fees and expenses, brokerage fees, costs of holding shareholder meetings, litigation, indemnification and extraordinary expenses. As the Fund directly pays fees and expenses of the independent Trustees, the management fee collected by GSAM will be reduced by an amount equal to the fees and expenses paid by the Fund to the independent Trustees.

For the six months ended February 28, 2019, the unitary management fee rate with GSAM was 0.09%.

B. Other Transactions with Affiliates — The Fund may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is solely due to having a common investment adviser, common officers, or common trustees. The following table provides information about the Fund’s investment in The Goldman Sachs Group, Inc. for the period ended February 28, 2019:


Fund	Beginning value as of August 31, 2018	Purchases at Cost		Proceeds from Sales			Realized Gain		Change in Unrealized Depreciation			Ending value as of February 28, 2019		Shares as of February 28, 2019		Dividend Income
Equal Weight U.S. Large Cap Equity ETF	$149,821	$	177,987	$	(115,882	)	$	1,357	$	(12,846	)	$	200,437		1,019	$	1,352

5. CREATION AND REDEMPTION OF CREATION UNITS

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

5. CREATION AND REDEMPTION OF CREATION UNITS (continued)

Depository Trust Company participant; which, in either case, must have executed an agreement with the Distributor. Retail investors will typically not qualify as an Authorized Participant or have the resources to buy and sell whole Creation Units.

Therefore, they will be unable to purchase or redeem the shares directly from the Fund. Rather, most retail investors will purchase shares in the secondary market at market prices with the assistance of a broker and may be subject to customary brokerage commissions or fees. Fixed creation and redemption transaction fees are imposed in connection with creations and redemptions.

Authorized Participants transacting in Creation Units for cash may also pay a variable charge to compensate the Fund for certain transaction costs (e.g. taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in “Proceeds from sale of shares” in the Statement of Changes in Net Assets.

Share activity is as follows:


	Equal Weight U.S. Large Cap Equity ETF
	For the Six Months Ended February 28, 2019 (Unaudited)						For the period September 12, 2017* through August 31, 2018
	Shares			Dollars			Shares			Dollars

Fund Share Activity
Shares Sold		1,650,000		$	68,073,850			1,850,000		$	80,491,438
Shares Redeemed		(1,000,000	)		(43,470,666	)		(200,000	)		(8,611,736	)

NET INCREASE IN SHARES		650,000		$	24,603,184			1,650,000		$	71,879,702

Commencement of operations.

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales of long-term securities for the six months ended February 28, 2019, were $19,815,049 and $19,639,376, respectively.

The purchase and sales from in-kind creation and redemption transactions for the six months ended February 28, 2019, were $67,905,955 and $43,415,951, respectively.

7. SECURITIES LENDING

The Fund may lend its securities through a securities lending agent, the Bank of New York Mellon (“BNYM”), to certain qualified borrowers. In accordance with the Fund’s securities lending procedures, the Fund receives cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Fund, at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Fund on the next business day. As with other extensions of credit, the Fund may experience delay in the recovery of its securities or incur a loss should the borrower of the securities breach its agreement with the Fund or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Statement of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

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

Notes to Financial Statements(continued)

February 28, 2019 (Unaudited)

7. SECURITIES LENDING (continued)

The Fund invests the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”), an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net assets of the Government Money Market Fund.

In the event of a default by a borrower with respect to any loan, BNYM may exercise any and all remedies provided under the applicable borrower agreement to make the Fund whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If BNYM is unable to purchase replacement securities, BNYM will indemnify the Fund by paying the Fund an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Fund may enter into master netting agreements with borrowers, which provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws. The Fund’s loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the value of the cash received. The Fund’s loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the value of the cash received. The amounts of the Fund’s overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of February 28, 2019 are disclosed as “Payable upon return of securities loaned” on the Statement of Assets and Liabilities, where applicable.

The Fund did not have securities on loan as of February 28, 2019.

Both the Fund and BNYM received compensation relating to the lending of the Fund’s securities. The amounts earned, if any, by the Fund for the six months ended February 28, 2019, are reported under Investment Income on the Statement of Operations.

The following table provides information about the Fund’s investment in the Government Money Market Fund for the six months ended February 28, 2019:


Beginning value as of August 31, 2018		Purchases at Cost		Proceeds from Sales			Ending value as of February 28, 2019
$	61,541	$	1,114,447	$	(1,175,988	)	$	—

8. TAX INFORMATION

As of February 28, 2019, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:


	Equal Weight U.S. Large Cap Equity ETF
Tax Cost	$	101,111,423
Gross unrealized gain		5,604,711
Gross unrealized loss		(3,904,675	)
Net unrealized gains	$	1,700,036

The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales and differences in the tax treatment of underlying fund investments.

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

8. TAX INFORMATION (continued)

GSAM has reviewed the Fund’s 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 Fund’s financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.

9. OTHER RISKS

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

Index Risk — Solactive AG (the “Index Provider”) constructs the Fund’s Index in accordance with a rules-based methodology. The Fund will be negatively affected by general declines in the securities and asset classes represented in its Index. In addition, because the Fund is not “actively” managed, unless a specific security is removed from its Index, the Fund generally would not sell a security because the security’s issuer was in financial trouble. Market disruptions and regulatory restrictions could have an adverse effect on the Fund’s ability to adjust its exposure to the required levels in order to track the Index. The Fund also does not attempt to take defensive positions under any market conditions, including declining markets. Therefore, the Fund’s performance could be lower than funds that may actively shift their portfolio assets to take advantage of market opportunities or to lessen the impact of a market decline or a decline in the value of one or more issuers. The Index Provider relies on third party data it believes to be reliable in constructing the Index, but it does not guarantee the accuracy or availability of such third party data. 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.

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 its 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.

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

Notes to Financial Statements(continued)

February 28, 2019 (Unaudited)

10. INDEMNIFICATIONS

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

11. SUBSEQUENT EVENTS

Subsequent events after the Statement of Assets and Liabilities date have been evaluated and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.

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



Fund Expenses — Six Months Ended 2/28/2019 (Unaudited)


	Equal Weight U.S. Large Cap Equity ETF
	Beginning Account Value 9/1/18		Ending Account Value 2/28/19			Expenses Paid*
Actual based on NAV	$	1,000	$	976.50		$	0.44
Hypothetical 5% return	$	1,000	$	1,024.35	+	$	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.

The annualized net expense ratio for the period is as follows:


Fund

Equal Weight U.S. Large Cap Equity ETF	0.09	%

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

Statement Regarding Basis for Approval of Management Agreement (Unaudited)

Background

The Goldman Sachs Equal Weight U.S. Large Cap Equity ETF (the “Fund”) is an investment portfolio of Goldman Sachs ETF Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Fund at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Fund.

(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)

(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 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)

(e)

with respect to the expense comparison data provided by the Outside Data Provider, its processes in producing that data for the Fund;

(f)

information relating to the profitability of the Management Agreement and the transfer agency and distribution and service arrangements of the Fund to the Investment Adviser and its affiliates;

(g)

whether the Fund’s existing management fee schedule adequately addressed any economies of scale;

(h)

a summary of the“fall-out” benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund;

(i)

a summary of potential benefits derived by the Fund as a result of its relationship with the Investment Adviser;

(j)

portfolio manager ownership of Fund shares; the manner in which portfolio manager compensation is determined; and the number and types of accounts managed by the portfolio managers;

(k)

(l)

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

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

Investment Adviser and its affiliates, their services, and the Fund. In conjunction with these meetings, the Trustees received written materials and oral presentations on the topics covered, and the Investment Adviser addressed the questions and concerns of the Trustees, including concerns regarding the investment performance of certain of the funds they oversee. The Independent Trustees were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval and continuation of registered fund investment management agreements under applicable law. In addition, the Investment Adviser and its affiliates provided the Independent Trustees with a written response to a formal request for information sent on behalf of the Independent Trustees by their independent legal counsel. During the course of their deliberations, the Independent Trustees met in executive sessions with their independent legal counsel, without representatives of the Investment Adviser or its affiliates present.

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

As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Fund by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services andnon-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees noted the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted the Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the regulatory and control environment in which the Fund and its service providers operate, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. The Trustees considered that under the Management Agreement, the Fund pays a single fee to the Investment Adviser, and the Investment Adviser pays all of the Fund’s ordinary operating expenses, excluding payments under the Fund’s12b-1 plan (if any), interest expenses, taxes, acquired fund fees and expenses, brokerage fees, costs of holding shareholder meetings, litigation, indemnification and extraordinary expenses. The Trustees also considered information about the Fund’s structure, investment objective, strategies and other characteristics. In particular, they noted that the Fund is a passively-managed ETF that seeks to track an index developed and maintained by a third-party service provider. The Trustees noted the experience and capabilities of the key personnel of the Investment Adviser who provide services to the Fund. In particular, the Trustees considered the Investment Adviser’s extensive experience in managing quantitative investment strategies. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Fund and expressed confidence that the Investment Adviser would continue to do so in the future.The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Fund and the Investment Adviser and its affiliates.

Investment Performance

The Trustees also considered the investment performance of the Fund. In this regard, they compared the total return of the Fund to the performance of its 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 for theyear-to-date periods ended January 31, 2018 and June 30, 2018. The Trustees observed that the Fund’s investment performance was consistent with the investment objective of tracking its index.

In addition, the Trustees considered materials prepared and presentations made by the Investment Adviser’s senior management and portfolio management personnel in which Fund performance was assessed. The Trustees also considered the Investment Adviser’s periodic reports with respect to the Fund’s risk profile, and how the Investment Adviser’s approach to risk monitoring and management influences portfolio management.

Unitary Fee Structure and Profitability

The Trustees considered the contractual fee rates payable by the Fund, noting that the Management Agreement provides for a unitary fee structure, pursuant to which the Fund pays a single fee to the Investment Adviser and the Investment Adviser then pays all of the Fund’s ordinary operating expenses. In addition, the Trustees considered information on the services rendered by the Investment Adviser to the Fund, which included both advisory and administrative services that were directed to the needs and operations of the Fund as an ETF. The Trustees noted that a license fee would be payable by the Investment Adviser to Solactive AG for the use of its index. The Trustees also considered information previously provided at the March13-14, 2018 meeting regarding fees and expenses of comparable ETFs advised by other, unaffiliated investment management firms. The comparisons of the Fund’s fee rate and expense ratio were prepared by the Investment Adviser and a third-party provider of mutual fund and ETF data. In particular, the Trustees referred to an analysis comparing the Fund’s management fee 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.

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

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

The Trustees reviewed the Fund’s contribution to the Investment Adviser’s revenues andpre-tax profit margins. In this regard the Trustees noted that they had 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.

Economies of Scale

The Trustees noted that the Fund does not have fee breakpoints. The Trustees considered information previously provided regarding the amount of assets in the Fund, the Fund’s recent creation and redemption activity, and the costs of the services provided by the Investment Adviser and its affiliates.

Other Benefits to the Investment Adviser and Its Affiliates

Other Benefits to the Fund and Its Shareholders

Conclusion

In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the unitary fee paid by the Fund was reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and the Fund’s current and/or reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit the Fund and its shareholders and that the Management Agreement should be approved and continued with respect to the Fund until September 30, 2019.

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Effective August 7, 2018, the Goldman Sachs TreasuryAccess 0-1 Year ETF was renamed Goldman Sachs Access Treasury 0-1 Year ETF.

INDEX DISCLAIMERS

The Goldman Sachs Equal Weight U.S. Large Cap Equity ETF is not sponsored, promoted, sold or supported in any other manner by Solactive AG nor does Solactive AG offer any express or implicit guarantee or assurance either with regard to the results of using the Solactive US Large Cap Equal Weight Index (GTR) (“Solactive Index”) and/or Solactive Index trade mark or the Solactive Index Price at any time or in any other respect. The Solactive Index is calculated and published by Solactive AG. Solactive AG uses its best efforts to ensure that the Solactive Index is calculated correctly. Irrespective of its obligations towards Goldman Sachs Equal Weight U.S. Large Cap Equity ETF, Solactive AG has no obligation to point out errors in the Solactive Index to third parties including but not limited to investors and/or financial intermediaries of Goldman Sachs Equal Weight U.S. Large Cap Equity ETF. Neither publication of a Solactive Index by Solactive AG nor the licensing of the Solactive Index or Solactive Index trade mark for the purpose of use in connection with the Goldman Sachs Equal Weight U.S. Large Cap Equity ETF constitutes a recommendation by Solactive AG to invest capital in said fund nor does it in any way represent an assurance or opinion of Solactive AG with regard to any investment in this fund.


TRUSTEES Lawrence W. Stranghoener,Chairman Caroline Dorsa Linda A. Lang Michael Latham James A. McNamara		OFFICERS James A. McNamara,President 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 atwww.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.

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

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

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

The Fund will file portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be made available on the SEC’s web site at http://www.sec.gov. Portfolio holdings information may be obtained upon request and without charge by calling1-800-621-2550.

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.

Goldman Sachs Funds

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Semi-Annual Report				February 28, 2019

				Hedge Industry VIP ETF

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. At any time, you may elect to receive reports and certain communications from the Fund electronically by contacting your financial intermediary.

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Goldman Sachs Hedge Industry VIP ETF


TABLE OF CONTENTS

Investment Process			1

Portfolio Results and Fund Basics			3

Schedule of Investments			8

Financial Statements			9

Financial Highlights			12

Notes to Financial Statements			13

Other Information			19



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 top 10 holdings of this universe then become the Index constituents. Constituents are equal dollar-weighted at each rebalance.Given the Fund’s investment objective of attempting to track the Index, the Fund does not follow traditional methods of active investment management, which may involve buying and selling securities based upon analysis of economic and market factors.

The Index does not include hedge funds (i.e.,unlisted, privately offered funds) and is not designed to approximate the performance of any hedge fund manager, hedge fund or group of hedge fund managers or hedge funds. The Index should not be considered a hedge fund replication strategy. As of November 30, 2018, the Index consisted of 50 securities with a market capitalization range of between approximately $1.7 billion and $857.1 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.

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. the six months ended February 28, 2019, 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 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.

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 thesix-month period ended February 28, 2019 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund returned-3.12% based on net asset value (“NAV”) and-3.14% based on market price.The Index returned-3.20%, and the S&P 500 Index (Total Return, USD) (“S&P 500^® Index”), amarket-cap based index against which the performance of the Fund is measured, returned-3.04% during the same period.

The Fund had an NAV of $57.98 on August 31, 2018 and ended the Reporting Period with an NAV of $56.00 per share. The Fund’s market price on February 28, 2019 was $55.99 per share.

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

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 Form 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 Form 13F filing to calculate the dollar market value of each reported position. U.S. hedge fund managers that select their investments based upon fundamental analysis are assumed to be U.S. hedge fund managers with no fewer than 10 and more than 200 distinct U.S. equity positions, as reported in the hedge fund managers’ most recent Form 13F filings. Managers with less than $10 million of disclosed equity assets are excluded. The equity positions are then ranked within each individual hedge fund manager’s portfolio by descending market value. The approximately 50 stocks that appear most frequently in the top 10 holdings of this universe then become the Index constituents. Constituents are equal dollar-weighted at each rebalance.

The Index’s performance is compared to that of the S&P 500^® Index below.Given the Fund’s investment objective of attempting to track the Index, the Fund does not follow traditional methods of active investment management, which may involve buying and selling securities based upon analysis of economic and market factors. The Fund does not follow a strategy of seeking to outperform the S&P 500 Index.

During the Reporting Period, the Index posted a negative absolute return that modestly underperformed the S&P 500^® Index. The Fund also slightly underperformed the S&P 500^® Index during the Reporting Period, as measured by NAV.

PORTFOLIO RESULTS

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

Index constituents in the utilities, consumer staples and materials sectors detracted most from the Index’s results relative to the S&P 500^® Index during the Reporting Period. Partially offsetting these detractors were Index constituents in the consumer discretionary, energy and communication services sectors, which contributed most positively to the Index’s results relative to the S&P 500^® Index during the Reporting Period.

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

Relative to the S&P 500^® Index, overweight positions in interactive video game developerTake-Two Interactive Software, logistics services provider XPO Logistics and utilities company PG&E detracted most (1.86%, 0.00%¹ and 0.00%¹ of Fund net assets as of February 28, 2019, respectively). Each of these holdings generated a negative return within the Index during the Reporting Period.

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

Relative to the S&P 500^® Index, overweight positions in enterprise information technology management software provider ServiceNow, aircraft components manufacturer TransDigm Group and pharmacy benefit management and specialty managed care company Express Scripts contributed most positively (2.03%, 2.01% and 0.00%¹ of Fund net assets as of February 28, 2019, respectively). Each of these holdings generated a positive return within the Index during the Reporting Period.

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

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



Sector Name	Fund³			GS Hedge Fund VIP Index^TM			S&P 500^® Index

Information Technology		30.5	%		30.5	%		20.6	%
Communication Services		21.9	%		22.0	%		10.1	%
Consumer Discretionary		14.0	%		14.1	%		9.9	%
Health Care		11.4	%		11.5	%		14.8	%
Financials		8.1	%		8.1	%		13.3	%
Industrials		6.1	%		6.1	%		9.8	%
Energy		3.9	%		3.9	%		5.4	%
Materials		2.0	%		2.0	%		2.7	%
Utilities		2.0	%		2.0	%		3.3	%
Consumer Staples		0.0	%		0.0	%		7.1	%
Real Estate		0.0	%		0.0	%		3.0	%

Some weights are 0.00% at February 28, 2019 because those positions were eliminated during the most recent rebalance given the Index construction methodology.

²Sector

³The

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.

FUND BASICS

Hedge Industry VIP ETF

as of February 28, 2019

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FUND SNAPSHOT

As of February 28, 2019

Market Price¹	$	55.99
Net Asset Value (NAV)¹	$	56.00

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


PERFORMANCE REVIEW

September 1, 2018– February 28, 2019	Fund Total Return (based on NAV)²			Fund Total Return (based on Market Price)²			Goldman Sachs Hedge Fund VIP Index^TM3			S&P 500^® Index⁴

Shares		-3.12	%		-3.14	%		-3.20	%		-3.04	%

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

⁴

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

The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment returns and principal value will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recentmonth-end returns.Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale or redemption of Fund shares.

FUND BASICS


STANDARDIZED TOTAL RETURNS⁵

For the period ended 12/31/18	One Year			Since Inception			Inception Date

Shares (based on NAV)		-6.65	%		10.50	%	11/1/16
Shares (based on Market Price)		-6.83			10.45		11/1/16

⁵

The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recentmonth-end returns. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

⁶


TOP TEN HOLDINGS AS OF 2/28/19⁷

Holding	% of Net Assets			Line of Business	Country

Nexstar Media Group, Inc., Class A		2.2	%	Communication Services	United States
SS&C Technologies Holdings, Inc.		2.2		Information Technology	United States
Alibaba Group Holding Ltd. ADR		2.2		Consumer Discretionary	China
Boeing Co. (The)		2.1		Industrials	United States
Microsoft Corp.		2.1		Information Technology	United States
GoDaddy, Inc., Class A		2.1		Information Technology	United States
LKQ Corp.		2.1		Consumer Discretionary	United States
PayPal Holdings, Inc.		2.1		Information Technology	United States
Comcast Corp., Class A		2.1		Communication Services	United States
Hilton Worldwide Holdings, Inc.		2.1		Consumer Discretionary	United States

⁷

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

FUND BASICS

Index Definitions and Industry Terms

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

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

GOLDMAN SACHS HEDGE INDUSTRY VIP ETF

Schedule of Investments

February 28, 2019 (Unaudited)


Shares		Description	Value

Common Stocks – 99.9%
Communication Services – 21.9%
	1,330	Alphabet, Inc., Class A*	$	1,498,312
	4,397	Charter Communications, Inc., Class A*		1,516,569
	40,312	Comcast Corp., Class A		1,558,865
	14,271	Electronic Arts, Inc.*		1,366,876
	9,161	Facebook, Inc., Class A*		1,479,043
	17,123	Liberty Broadband Corp., Class C*		1,532,509
	4,183	Netflix, Inc.*		1,497,932
	17,196	Nexstar Media Group, Inc., Class A		1,680,565
	16,102	Take-Two Interactive Software, Inc.*		1,405,061
	21,305	T-Mobile US, Inc.*		1,538,434
	30,040	Twenty-First Century Fox, Inc., Class A		1,514,917

				16,589,083

Consumer Discretionary – 14.0%
	8,921	Alibaba Group Holding Ltd. ADR (China)*		1,632,811
	926	Amazon.com, Inc.*		1,518,483
	789	Booking Holdings, Inc.*		1,338,964
	15,244	Dollar Tree, Inc.*		1,468,454
	38,623	General Motors Co.		1,524,836
	18,738	Hilton Worldwide Holdings, Inc.		1,557,128
	56,766	LKQ Corp.*		1,572,418

				10,613,094

Energy – 3.9%
	22,758	Cheniere Energy, Inc.*		1,466,753
	23,454	Marathon Petroleum Corp.		1,454,383

				2,921,136

Financials – 8.1%
	52,908	Bank of America Corp.		1,538,565
	7,407	Berkshire Hathaway, Inc., Class B*		1,491,029
	24,064	Citigroup, Inc.		1,539,615
	14,665	JPMorgan Chase & Co.		1,530,439

				6,099,648

Health Care – 11.4%
	10,832	Allergan PLC		1,491,675
	4,874	Anthem, Inc.		1,465,758
	7,814	Cigna Corp.		1,363,074
	10,561	HCA Healthcare, Inc.		1,468,402
	10,643	IQVIA Holdings, Inc.*		1,491,084
	5,661	UnitedHealth Group, Inc.		1,371,207

				8,651,200

Industrials – 6.1%
	3,665	Boeing Co. (The)		1,612,453
	29,755	Delta Air Lines, Inc.		1,475,253
	3,495	TransDigm Group, Inc.*		1,517,145

				4,604,851

Information Technology – 30.5%
	5,774	Adobe, Inc.*		1,515,675
	8,794	Apple, Inc.		1,522,681
	9,391	Autodesk, Inc.*		1,530,827
	95,126	Avaya Holdings Corp.*		1,473,502
	27,621	Dell Technologies, Inc., Class C*		1,541,804


Common Stocks – (continued)
Information Technology – (continued)
	21,081	GoDaddy, Inc., Class A*		1,573,697
	6,834	Mastercard, Inc., Class A		1,536,078
	35,568	Micron Technology, Inc.*		1,454,020
	14,051	Microsoft Corp.		1,574,133
	16,371	NXP Semiconductors NV (Netherlands)		1,495,000
	15,908	PayPal Holdings, Inc.*		1,560,097
	9,419	salesforce.com, Inc.*		1,541,419
	6,418	ServiceNow, Inc.*		1,536,726
	26,660	SS&C Technologies Holdings, Inc.		1,641,723
	10,492	Visa, Inc., Class A		1,554,075

				23,051,457

Materials – 2.0%
	28,523	DowDuPont, Inc.		1,518,279

Utilities – 2.0%
	57,090	Vistra Energy Corp.*		1,486,624

	TOTAL INVESTMENTS – 99.9%
	(Cost $73,139,242)		$	75,535,372

	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.1%			70,310

	NET ASSETS – 100.0%		$	75,605,682



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


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

GOLDMAN SACHS HEDGE INDUSTRY VIP ETF

Statement of Assets and Liabilities

February 28, 2019 (Unaudited)


	Hedge Industry VIP ETF
Assets:

Investments at value (cost $73,139,242)	$	75,535,372

Cash		17,856

Receivables:

Dividends		77,650

Total assets		75,630,878

Liabilities:

Payables:

Management fees		25,196

Total liabilities		25,196

Net Assets:

Paid-in capital		76,257,788

Total distributable loss		(652,106	)

NET ASSETS	$	75,605,682
SHARES ISSUED AND OUTSTANDING

Shares outstanding no par value (unlimited shares authorized):		1,350,000

Net asset value per share:		$56.00


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

GOLDMAN SACHS HEDGE INDUSTRY VIP ETF

Statement of Operations

For the Six Months Ended February 28, 2019 (Unaudited)


	Hedge Industry VIP ETF
Investment income:

Dividends (net of foreign withholding taxes of $1,906)	$	491,235

Securities lending income		321,522

Total investment income		812,757

Expenses:

Management fees		217,258

Trustee fees		6,910

Total expenses		224,168

NET INVESTMENT INCOME		588,589

Realized and unrealized gain (loss):

Net realized gain (loss) from:

Investments		(3,887,630	)

In-kind redemptions		3,469,090

Net change in unrealized loss on:

Investments		(8,223,106	)

Net realized and unrealized loss		(8,641,646	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(8,053,057	)


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

GOLDMAN SACHS HEDGE INDUSTRY VIP ETF

Statements of Changes in Net Assets



	Hedge Industry VIP ETF
	For the Six Months Ended February 28, 2019 (Unaudited)			For the Fiscal Year Ended August 31, 2018
From operations:

Net investment income	$	588,589		$	249,005

Net realized gain (loss)		(418,540	)		4,455,142

Net change in unrealized gain (loss)		(8,223,106	)		6,929,279

Net increase (decrease) in net assets resulting from operations		(8,053,057	)		11,633,426

Distributions to shareholders:

From distributable earnings		(300,459	)		(211,522	)^(a)

Total distributions to shareholders		(300,459	)		(211,522	)

From share transactions:

Proceeds from sales of shares		26,097,513			89,646,943

Cost of shares redeemed		(52,292,855	)		(36,323,817	)

Net increase (decrease) in net assets resulting from share transactions		(26,195,342	)		53,323,126

TOTAL INCREASE (DECREASE)		(34,548,858	)		64,745,030

Net assets:^(b)

Beginning of period	$	110,154,540		$	45,409,510

End of period	$	75,605,682		$	110,154,540

(a)

Prior fiscal year information has been revised to conform to current year presentation. Distributions to shareholders for Hedge Industry VIP ETF consisted solely of net investment income for the fiscal year ended August 31, 2018.

(b)

Prior fiscal year information has been revised to conform with current year presentation. Undistributed net investment income was $141,853 as of August 31, 2018.


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

GOLDMAN SACHS HEDGE INDUSTRY VIP ETF

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


	Hedge Industry VIP ETF
	For the Six Months Ended February 28, 2019 (Unaudited)			For the Fiscal Year Ended August 31, 2018			For the Period November 1, 2016* to August 31, 2017
Per Share Operating Performance:

Net asset value, beginning of period	$	57.98		$	50.46		$	40.00

Net investment income^(a)		0.32			0.17			0.32	^(b)

Net realized and unrealized gain (loss)		(2.14	)		7.52			10.31

Total gain (loss) from investment operations		(1.82	)		7.69			10.63

Distributions to shareholders from net investment income		(0.16	)		(0.17	)		(0.17	)

Net asset value, end of period	$	56.00		$	57.98		$	50.46

Market price, end of period	$	55.99		$	57.98		$	50.48

Total Return at Net Asset Value^(c)		(3.12	)%		15.27	%		26.61	%

Net assets, end of period (in 000’s)	$	75,606		$	110,155		$	45,410

Ratio of total expenses to average net assets		0.45	%^(d)		0.45	%		0.45	%^(d)

Ratio of net investment income to average net assets		1.18	%^(d)		0.31	%		0.84	%^(b)(d)

Portfolio turnover rate^(e)		43	%		129	%		116	%

Commencement of operations.

(a)

Calculated based on the average shares outstanding methodology.

(b)

Reflects income recognized from non-recurring special dividends which amounted to $0.11 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)


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

GOLDMAN SACHS HEDGE INDUSTRY VIP ETF

Notes to Financial Statements

February 28, 2019 (Unaudited)

1. ORGANIZATION

Goldman Sachs Hedge Industry VIP ETF (the “Fund”) is a diversified series of the Goldman Sachs ETF Trust (the “Trust”) which is anopen-end management investment company, registered under the Investment Company Act of 1940, as amended (the “Act”), consisting of multiple series. The Trust was organized as a Delaware statutory trust on December 16, 2009.

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

Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as investment adviser to the Fund pursuant to a management agreement (the “Agreement”) with the Trust. The Fund is an exchange-traded fund (“ETF”). Shares of the Fund are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”). Market prices for the Fund’s shares may be different from its net asset value (“NAV”). The Fund issues and redeems shares at its NAV only in blocks of a specified number of shares, or multiples thereof, referred to as “Creation Units”. Creation Units are issued and redeemed principallyin-kind for a basket of securities and a cash amount. Shares generally trade in the secondary market in quantities less than a Creation Unit at market prices that change throughout the day. Only those that have entered into an authorized participant agreement with ALPS Distributors, Inc. (the “Distributor”) may do business directly with the Fund.

2. SIGNIFICANT ACCOUNTING POLICIES

A. Investment Valuation — The Fund’s valuation policy is to value investments at fair value.

B. Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized onex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to theex-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/orpro-rata basis, depending upon the nature of the expenses, and are accrued daily.

D. Federal Taxes and Distributions to Shareholders — It is the Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, the Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on theex-dividend date. Income and capital gains distributions, if any, are declared and paid quarterly and annually, respectively.

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of the Fund’s distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Fund’s net assets on the Statement of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

GOLDMAN SACHS HEDGE INDUSTRY VIP ETF

Notes to Financial Statements(continued)

February 28, 2019 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Fund’s policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable

(including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;

Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM’s assumptions in determining fair value measurement).

The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Fund, including investments for which market quotations are not readily available. The Trustees have delegated to GSAMday-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Fund’s investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

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

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.

On February 28, 2019 the Fund did not hold Level 3 securities.

GOLDMAN SACHS HEDGE INDUSTRY VIP ETF

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

C. Fair Value Hierarchy — The following is a summary of the Fund’s investments classified in the fair value hierarchy as of February 28, 2019:



HEDGE INDUSTRY VIP ETF

Investment Type	Level 1		Level 2		Level 3

Assets

Common Stock and/or Other Equity Investments^(a)

Asia	$	1,632,811	$	—	$	—

Europe		1,495,000		—		—

North America		72,407,561		—		—

Total	$	75,535,372	$	—	$	—

(a)

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.

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’s12b-1 plan (if any), interest expenses, taxes, acquired fund fees and expenses, brokerage fees, costs of holding shareholder meetings, litigation, indemnification and extraordinary expenses. As the Fund directly pays fees and expenses of the independent Trustees, the management fee collected by GSAM will be reduced by an amount equal to the fees and expenses paid by the Fund to the independent Trustees.

For the six month ended February 28, 2019, the unitary management fee rate with GSAM was 0.45%.

5. CREATION AND REDEMPTION OF CREATION UNITS

The Trust issues and redeems shares of the Fund only in Creation Units on a continuous basis through the Distributor, without an initial sales load, at NAV next determined after receipt, on any Business Day (as defined in the Statement of Additional Information), of an order in proper form. Shares of the Fund may only be purchased or redeemed by certain financial institutions (each an “Authorized Participant”). An Authorized Participant is either (1) a “Participating Party” or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation; or (2) a Depository Trust Company participant; which, in either case, must have executed an agreement with the Distributor. Retail investors will typically not qualify as an Authorized Participant or have the resources to buy and sell whole Creation Units. Therefore, they will be unable to purchase or redeem the shares directly from the Fund. Rather, most retail investors will purchase shares in the secondary market at market prices with the assistance of a broker and may be subject to customary brokerage commissions or fees. Fixed creation and redemption transaction fees are imposed in connection with creations and redemptions.

GOLDMAN SACHS HEDGE INDUSTRY VIP ETF

Notes to Financial Statements(continued)

February 28, 2019 (Unaudited)

5. CREATION AND REDEMPTION OF CREATION UNITS (continued)

Share activity is as follows:


	Goldman Sachs Hedge Industry VIP ETF
	For the Six Months Ended February 28, 2019 (Unaudited)						For the Fiscal Year Ended August 31, 2018
	Shares			Dollars			Shares			Dollars

Fund Share Activity
Shares Sold		450,000		$	26,097,476			1,650,000		$	89,646,943
Shares Redeemed		(1,000,000	)		(52,292,855	)		(650,000	)		(36,323,817	)

NET INCREASE (DECREASE) IN SHARES		(550,000	)	$	(26,195,379	)		1,000,000		$	53,323,126

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended February 28, 2019, were $43,619,592 and $42,777,975, respectively.

The purchases and sales fromin-kind creation and redemption transactions for the six months ended February 28, 2019, were $25,533,665 and $52,172,059, respectively.

7. SECURITIES LENDING

The Fund invests the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”), an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net assets of the Government Money Market Fund.

GOLDMAN SACHS HEDGE INDUSTRY VIP ETF

7. SECURITIES LENDING (continued)

to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right ofset-off that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws. The Fund’s loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the value of the cash received. The amounts of the Fund’s overnight and continuous agreements which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of February 28, 2019, are disclosed as “Payable upon return of securities loaned” on the Statement of Assets and Liabilities, where applicable.

The Fund did not have securities on loan as of February 28, 2019.

The following table provides information about the Fund’s investment in the Government Money Market Fund for the six months ended February 28, 2019:


Beginning value as of August 31, 2018		Purchases at Cost		Proceeds from Sales			Ending value as of February 28, 2019
	977,928		9,487,719		(10,465,647	)		—

8. TAX INFORMATION

As of the Fund’s most recent fiscal year end, August 31, 2018, the Fund’s capital loss carryforwards and certain timing differences on atax-basis were as follows:


	Goldman Sachs Hedge Industry VIP ETF
Capital loss carryforwards:
Perpetual Short-Term	$	(185,212	)
Timing differences (Post-October Capital Loss Deferral)		(2,205,568	)

As of February 28, 2019, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:


	Goldman Sachs Hedge Industry VIP ETF
Tax Cost	$	73,808,141
Gross unrealized gain		5,298,107
Gross unrealized loss		(3,570,876	)
Net unrealized gains (losses) on securities	$	1,727,231

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

GSAM has reviewed the Fund’s tax positions for all open tax years (the current year and prior two years, as applicable) and has concluded that no provision for income tax is required in the Fund’s financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.

GOLDMAN SACHS HEDGE INDUSTRY VIP ETF

Notes to Financial Statements(continued)

February 28, 2019 (Unaudited)

9. OTHER RISKS

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

Index Risk — GSAM (the “Index Provider”) constructs the Fund’s Index in accordance with a rules-based methodology. The Fund will be negatively affected by general declines in the securities and asset classes represented in its Index. In addition, because the Fund is not “actively” managed, unless a specific security is removed from its Index, the Fund generally would not sell a security because the security’s issuer was in financial trouble. Market disruptions and regulatory restrictions could have an adverse effect on the Fund’s ability to adjust its exposure to the required levels in order to track the Index. The Fund also does not attempt to take defensive positions under any market conditions, including declining markets. Therefore, the Fund’s performance could be lower than funds that may actively shift their portfolio assets to take advantage of market opportunities or to lessen the impact of a market decline or a decline in the value of one or more issuers. The Index Provider relies on third party data it believes to be reliable in constructing the Index, but it does not guarantee the accuracy or availability of such third party data. Errors in index data, index computation or the construction of the Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. In addition, neither the Fund, the Investment Adviser, the Calculation Agent nor the Index Provider can guarantee the availability or timeliness of the production of the Index.

10. INDEMNIFICATIONS

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

11. SUBSEQUENT EVENTS

Subsequent events after the Statement of Assets and Liabilities date have been evaluated and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.

GOLDMAN SACHS HEDGE INDUSTRY VIP ETF



Fund Expenses — Six Months Ended 2/28/2019 (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.

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 Examplefor ComparisonPurposes— 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.


	Hedge Industry VIP ETF
	Beginning Account Value 9/1/18		Ending Account Value 2/28/19			Expenses Paid*
Actual based on NAV	$	1,000	$	968.80		$	2.20
Hypothetical 5% return	$	1,000	$	1,022.56	+	$	2.26

Hypothetical expenses are based on the Fund’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses.

The annualized net expense ratio for the period is as follows:


Fund

Hedge Industry VIP ETF	0.45	%

GOLDMAN SACHS HEDGE INDUSTRY VIP ETF

Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs Hedge Industry VIP ETF (Unaudited)

Background

The Goldman Sachs Hedge Industry VIP ETF (the “Fund”) is an investment portfolio of Goldman Sachs ETF Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Fund at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Fund.

(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)

(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)

(c)

the terms of the Management Agreement entered into by the Trust on behalf of the Fund;

(d)

(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)

(l)

GOLDMAN SACHS HEDGE INDUSTRY VIP ETF

Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs Hedge Industry VIP ETF (Unaudited) (continued)

Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Investment Adviser and its affiliates, their services, and the Fund. In conjunction with these meetings, the Trustees received written materials and oral presentations on the topics covered, and the Investment Adviser addressed the questions and concerns of the Trustees, including concerns regarding the investment performance of certain of the funds they oversee. The Independent Trustees were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval and continuation of registered fund investment management agreements under applicable law. In addition, the Investment Adviser and its affiliates provided the Independent Trustees with a written response to a formal request for information sent on behalf of the Independent Trustees by their independent legal counsel. During the course of their deliberations, the Independent Trustees met in executive sessions with their independent legal counsel, without representatives of the Investment Adviser or its affiliates present.

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

As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Fund by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services andnon-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees noted the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted the Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the regulatory and control environment in which the Fund and its service providers operate, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. The Trustees considered that under the Management Agreement, the Fund pays a single fee to the Investment Adviser, and the Investment Adviser pays all of the Fund’s ordinary operating expenses, excluding payments under each Fund’s12b-1 plan (if any), interest expenses, taxes, acquired fund fees and expenses, brokerage fees, costs of holding shareholder meetings, litigation, indemnification and extraordinary expenses. The Trustees also considered information about the Fund’s structure, investment objective, strategies and other characteristics. In particular, they noted that the Fund is a passively-managed ETF that seeks to track a proprietary index created by the Investment Adviser. The Trustees noted the experience and capabilities of the key personnel of the Investment Adviser who provide services to the Fund. In particular, the Trustees considered the Investment Adviser’s extensive experience in managing quantitative investment strategies. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Fund and expressed confidence that the Investment Adviser would continue to do so in the future.The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Fund and the Investment Adviser and its affiliates.

Investment Performance

The Trustees also considered the investment performance of the Fund. In this regard, they compared the 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 for theone-year period ended December 31, 2017 and theyear-to-date period ended January 31, 2018. The Trustees also noted that supplemental performance information had been provided by the Investment Adviser for the Fund for theone-year andyear-to-date periods ended June 30, 2018. The Trustees observed that the Fund’s investment performance was consistent with the investment objective of tracking its proprietary index.

In addition, the Trustees considered materials prepared and presentations made by the Investment Adviser’s senior management and portfolio management personnel in which Fund performance was assessed. The Trustees also considered the Investment Adviser’s periodic reports with respect to the Fund’s risk profile, and how the Investment Adviser’s approach to risk monitoring and management influences portfolio management.

Unitary Fee Structure and Profitability

The Trustees considered the contractual fee rates payable by the Fund, noting that the Management Agreement provides for a unitary fee structure, pursuant to which the Fund pays a single fee to the Investment Adviser and the Investment Adviser then pays all of the Fund’s ordinary operating expenses. In addition, the Trustees considered information on the services rendered by the Investment Adviser to the Fund, which included both advisory and administrative services that were directed to the needs and operations of the Fund as an ETF. The Trustees noted that no license fee would be payable to the Investment Adviser by the Fund for use of the index created by the Investment Adviser. The Trustees also considered information previously provided at the March13-14, 2018 meeting regarding fees and expenses of comparable ETFs advised by other, unaffiliated investment management firms. The comparisons of the Fund’s fee rate and expense ratio were prepared by the Investment Adviser and a third-party

GOLDMAN SACHS HEDGE INDUSTRY VIP ETF

Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs Hedge Industry VIP ETF (Unaudited) (continued)

provider of mutual fund and ETF data. In particular, the Trustees referred to an analysis comparing the Fund’s management fee 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.

Economies of Scale

Other Benefits to the Investment Adviser and Its Affiliates

Other Benefits to the Fund and Its Shareholders

Conclusion

In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the unitary fee paid by the Fund was reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and the Fund’s current and/or reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit the Fund and its shareholders and that the Management Agreement should be approved and continued with respect to the Fund until September 30, 2019.

FUNDS PROFILE

Goldman Sachs ETFs

LOGO

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

Today, theInvestment Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $1.34 trillion in assets under supervision as of December 31, 2018, Goldman Sachs Asset Management (“GSAM”) has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. GSAM leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.

GOLDMAN SACHS EXCHANGE-TRADED FUNDS

Goldman Sachs ActiveBeta^® Emerging Markets Equity ETF

Goldman Sachs ActiveBeta^® Europe Equity ETF

Goldman Sachs ActiveBeta^® International Equity ETF

Goldman Sachs ActiveBeta^® Japan Equity ETF

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

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

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

Goldman Sachs Hedge Industry VIP ETF

Goldman Sachs JUST U.S. Large Cap Equity ETF

Goldman Sachs Access High Yield Corporate Bond ETF

Goldman Sachs Access Inflation Protected USD Bond ETF

Goldman Sachs Access Investment Grade Corporate Bond ETF

Goldman Sachs Access Treasury 0-1 Year ETF

Goldman Sachs Motif Data-Driven World ETF

Goldman Sachs Motif Finance Reimagined ETF

Goldman Sachs Motif Human Evolution ETF

Goldman Sachs Motif Manufacturing Revolution ETF

Goldman Sachs Motif New Age Consumer ETF

Effective August 7, 2018, the Goldman Sachs TreasuryAccess 0-1 Year ETF was renamed Goldman Sachs Access Treasury 0-1 Year ETF.

INDEX DISCLAIMER

GOLDMAN SACHS ASSET MANAGEMENT, L.P., THE GOLDMAN SACHS GROUP, INC., AND GOLDMAN SACHS & CO. LLC (COLLECTIVELY, “GOLDMAN SACHS”) DOES NOT GUARANTEE NOR MAKE ANY REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, TO THE OWNERS OR SHAREHOLDERS OF THE FUND OR ANY MEMBER OF THE PUBLIC REGARDING THE ADVISABILITY OF INVESTING IN SECURITIES GENERALLY OR IN THE FUND PARTICULARLY OR THE ABILITY OF THE INDEX TO TRACK GENERAL MARKET PERFORMANCE. GOLDMAN SACHS, IN ITS CAPACITY AS THE INDEX PROVIDER OF THE INDEX, LICENSES CERTAIN TRADEMARKS AND TRADE NAMES TO THE FUND. GOLDMAN SACHS HAS NO OBLIGATION TO TAKE THE NEEDS OF THE FUND OR THE SHAREHOLDERS OF THE FUND INTO CONSIDERATION IN DETERMINING, COMPOSING OR CALCULATING THE INDEX. GOLDMAN SACHS, ITS AFFILIATES AND ANY OF ITS CLIENTS MAY HOLD LONG OR SHORT POSITIONS IN SECURITIES HELD BY THE FUND OR IN RELATED DERIVATIVES, INCLUDING THOSE LINKED TO THE INDEX. GOLDMAN SACHS DOES NOT GUARANTEE THE ADEQUACY, TIMELINESS, ACCURACY AND/OR THE COMPLETENESS OF THE INDEX OR ANY DATA RELATED THERETO. GOLDMAN SACHS HEREBY EXPRESSLY DISCLAIMS ANY AND ALL LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN OR IN THE CALCULATION THEREOF. GOLDMAN SACHS MAKES NO WARRANTY, EXPRESS OR IMPLIED, AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE MARKS, THE INDEX OR ANY DATA INCLUDED THEREIN AS TO THE RESULTS TO BE OBTAINED BY THE FUND, THE SHAREHOLDERS, OR ANY OTHER PERSON OR ENTITY FROM USE OF THE INDEX OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, GOLDMAN SACHS HEREBY EXPRESSLY DISCLAIMS ANY AND ALL LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.


TRUSTEES Lawrence W. Stranghoener,Chairman Caroline Dorsa Linda A. Lang Michael Latham James A. McNamara		OFFICERS James A. McNamara,President Scott M. McHugh,Treasurer, Senior Vice President andPrincipal Financial Officer Joseph F. DiMaria,Assistant Treasurer and PrincipalAccounting 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 atwww.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.

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

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.

Goldman Sachs Funds

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Semi-Annual Report				February 28, 2019

				JUST U.S. Large Cap Equity ETF

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. At any time, you may elect to receive reports and certain communications from the Fund electronically by contacting your financial intermediary.

LOGO

Goldman Sachs JUST U.S. Large Cap Equity ETF


TABLE OF CONTENTS

Investment Process			1

Portfolio Results and Fund Basics			3

Schedule of Investments			8

Financial Statements			13

Financial Highlights			16

Notes to Financial Statements			17

Other Information			24



NOT FDIC-INSURED	May Lose Value	No Bank Guarantee

INVESTMENT PROCESS

Goldman Sachs JUST U.S. Large Cap Equity ETF

Principal Investment Strategies

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

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

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

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

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

As of November 30, 2018, the Index consisted of 424 securities with a market capitalization range of between approximately $1.9 billion and $857.1 billion. The Index is reconstituted annually in December and rebalanced in March, June and September on dates corresponding to the rebalance dates for the Reference Index. The components of the Index may change over time. The Index Provider determines whether an issuer is a U.S. issuer by reference to the index methodology of the Reference Index. FTSE Russell, which constructs the Reference Index, will deem an issuer to be a U.S. issuer if it is incorporated in, has a stated headquarters in, and trades in the U.S.; if any of these do not match, the Reference Index methodology provides for consideration of certain additional factors.

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

INVESTMENT PROCESS

securities not in the Fund’s Index that the Investment Adviser believes are appropriate to substitute for certain securities in such Index or utilize various combinations of other available investment techniques.

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

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

The Fund may lend securities representing up toone-third of the value of the Fund’s total assets (including the value of any collateral received).

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

* * *

At the end of the Reporting Period, i.e. the six months ended February 28, 2019, we believed a focus on just business behavior via a data-driven approach may provide a suitable core U.S. equity allocation for investors seeking to encourage greater accountability in the business community through their investments. The Fund’s data-driven approach collects and analyzes data from a diverse range of sources, utilizing more than 120,000 data points across 85 unique metrics to score the performance of Russell 1000^® Index companies. These companies are scored across a variety of issues, including worker treatment, customer concerns and environment impacts to provide broad market exposure.

PORTFOLIO RESULTS

Goldman Sachs JUST U.S. Large Cap Equity ETF

Investment Objective

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for thesix-month period ended February 28, 2019 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund returned-3.88% based on net asset value (“NAV”) and-3.89% based on market price.The Index returned-3.85%, and the Russell 1000^® Index (Total Return, USD) (“Russell 1000^® Index”), amarket-cap based index against which the performance of the Fund is measured, returned-3.07% during the same period.

The Fund had an NAV of $42.13 on August 31, 2018 and ended the Reporting Period with an NAV of $40.07 per share. The Fund’s market price on February 28, 2019 was $40.06 per share.

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

The Index’s performance is compared to that of the Russell 1000^® Index below.Given the Fund’s investment objective of attempting to track the Index, the Fund does not follow traditional methods of active investment management, which may involve buying and selling securities based upon analysis of economic and market factors. The Fund does not follow a strategy of seeking to outperform the Russell 1000^® Index.

Some weights are 0.00% at February 28, 2019 either because those positions were eliminated during the most recent rebalance given the Index construction methodology or were not held at all during the Reporting Period as they did not meet the Fund’s investment criteria.

During the Reporting Period, the Index posted negative absolute returns that underperformed the Russell 1000^® Index. The Fund underperformed the Russell 1000^® Index during the Reporting Period, as measured by NAV.

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

Index constituents in the consumer discretionary, information technology and financials sectors detracted most from the Index’s results relative to the Russell 1000^® Index during the Reporting Period. Index constituents in the health care, consumer staples and energy sectors contributed most positively to the Index’s results relative to the Russell 1000^® Index during the Reporting Period.

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

Relative to the Russell 1000^® Index, overweight positions ine-commerce retailing leader Amazon.com and information technology giant Apple and having no exposure to semiconductor company Broadcom detracted most (3.38%, 3.60% and 0.00%¹ of Fund net assets as of February 28, 2019, respectively). Amazon.com and Apple each posted a loss within the Index during the Reporting Period, while Broadcom generated a gain within the Index during the Reporting Period.

PORTFOLIO RESULTS

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

Relative to the Russell 1000^® Index, overweight positions in consumer staples leader Procter & Gamble and aerospace and defense company Boeing and having no exposure to specialty pharmaceuticals manufacturer Allergan contributed most positively (1.46%, 1.22% and 0.00%¹ of Fund net assets as of February 28, 2019, respectively). Procter & Gamble and Boeing each posted a gain within the Index during the Reporting Period, while Allergan generated a negative return within the Index during the Reporting Period.

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

What was the Fund’s sector positioning relative to the Index and the Russell 1000^® Index at the end of the Reporting Period?²



Sector Name	Fund³			JUST US Large Cap Diversified Index			Russell 1000^® Index

Information Technology		21.1	%		21.1	%		21.0	%

Health Care		14.5	%		14.5	%		14.3	%

Financials		14.1	%		14.1	%		13.5	%

Industrials		10.1	%		10.1	%		10.1	%

Communication Services		10.0	%		10.0	%		9.5	%

Consumer Discretionary		9.9	%		9.9	%		10.1	%

Consumer Staples		7.1	%		7.1	%		6.7	%

Energy		5.2	%		5.2	%		5.1	%

Utilities		3.1	%		3.1	%		3.1	%

Materials		2.9	%		2.9	%		2.9	%
Real Estate		2.1	%		2.1	%		3.7	%

²Sector

classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by GICS. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Investments in the securities lending vehicle represented 0.0% of the Fund’s net assets as of February 28, 2019. Figures above may not sum to 100% due to rounding.

³The

Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the JUST US Large Cap Diversified Index.

FUND BASICS

Goldman Sachs JUST U.S. Large Cap Equity ETF

as of February 28, 2019

LOGO


FUND SNAPSHOT

As of February 28, 2019

Market Price¹	$	40.06
Net Asset Value (NAV)¹	$	40.07

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


PERFORMANCE REVIEW

September 1, 2018– February 28, 2019	Fund Total Return (based on NAV)²			Fund Total Return (based on Market Price)²			JUST US Large Cap Diversified Index³			Russell 1000^® Index⁴

Shares		-3.88	%		-3.89	%		-3.85	%		-3.07	%

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

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

⁴

The Russell 1000^® Index is an index of approximately 1,000 of the largest companies in the U.S. equity market. The Russell 1000^® is a subset of the Russell 3000^® Index. It represents the top companies by market capitalization. The Russell 1000^® typically comprises approximately 90% of the total market capitalization of all listed U.S. stocks. It is considered a bellwether index for large cap investing.

The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment returns and principal value will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale or redemption of Fund shares.

FUND BASICS


STANDARDIZED TOTAL RETURNS⁵

For the period ended 12/31/18	Since Inception			Inception Date

Shares (based on NAV)		-9.38	%		6/7/18
Shares (based on Market Price)		-9.40			6/7/18

⁵

The Standardized Total Returns are average annual total returns or cumulative total returns (only if the performance period is one year or less) 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/ETFs to obtain the most recent month-end returns. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale or redemption of Fund shares.

⁶


TOP TEN HOLDINGS AS OF 2/28/19⁷

Holding	% of Net Assets			Line of Business

Microsoft Corp.		3.7	%	Information Technology
Apple, Inc.		3.6		Information Technology
Amazon.com, Inc.		3.4		Consumer Discretionary
JPMorgan Chase & Co.		1.9		Financials
Johnson & Johnson		1.8		Health Care
Facebook, Inc., Class A		1.7		Communication Services
Exxon Mobil Corp.		1.5		Energy
Bank of America Corp.		1.5		Financials
Alphabet, Inc., Class C		1.5		Communication Services
Alphabet, Inc., Class A		1.5		Communication Services

⁷

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

FUND BASICS

Industry Terms

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

GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF

Schedule of Investments

February 28, 2019 (Unaudited)


Shares		Description	Value

Common Stocks – 99.5%
Communication Services – 9.9%
	9,549	Activision Blizzard, Inc.	$	402,395
	2,790	Alphabet, Inc., Class A*		3,143,074
	2,844	Alphabet, Inc., Class C*		3,185,052
	63,075	AT&T, Inc.		1,962,894
	49,415	Comcast Corp., Class A		1,910,878
	1,660	Discovery, Inc., Class A*		47,974
	3,730	Discovery, Inc., Class C*		101,643
	3,759	Electronic Arts, Inc.*		360,037
	22,202	Facebook, Inc., Class A*		3,584,513
	4,151	Interpublic Group of Cos., Inc. (The)		95,598
	4,507	Netflix, Inc.*		1,613,957
	2,405	Omnicom Group, Inc.		182,059
	5,670	Sprint Corp.*		36,004
	1,429	Take-Two Interactive Software, Inc.*		124,695
	2,676	T-Mobile US, Inc.*		193,234
	1,126	TripAdvisor, Inc.*		59,869
	6,677	Twitter, Inc.*		205,518
	35,895	Verizon Communications, Inc.		2,043,143
	96	Viacom, Inc., Class A		3,278
	3,815	Viacom, Inc., Class B		111,474
	16,137	Walt Disney Co. (The)		1,820,899
	668	Zillow Group, Inc., Class A*		27,675
	1,457	Zillow Group, Inc., Class C*		60,903
	9,677	Zynga, Inc., Class A*		50,514

				21,327,280

Consumer Discretionary – 9.8%
	752	Advance Auto Parts, Inc.		121,658
	4,395	Amazon.com, Inc.*		7,207,053
	3,352	Aptiv PLC		278,585
	2,641	Aramark		80,022
	277	AutoZone, Inc.*		260,095
	2,545	Best Buy Co., Inc.		175,198
	515	Booking Holdings, Inc.*		873,976
	6,296	Caesars Entertainment Corp.*		54,271
	1,880	CarMax, Inc.*		116,748
	1,340	Darden Restaurants, Inc.		150,227
	9,792	eBay, Inc.		363,773
	1,302	Expedia Group, Inc.		160,550
	49,507	Ford Motor Co.		434,176
	2,333	Gap, Inc. (The)		59,258
	16,610	General Motors Co.		655,763
	3,411	Gentex Corp.		69,380
	46	Graham Holdings Co., Class B		31,451
	972	GrubHub, Inc.*		79,296
	2,222	H&R Block, Inc.		53,661
	4,545	Hanesbrands, Inc.		84,491
	1,470	Hasbro, Inc.		124,803
	1,044	Hilton Grand Vacations, Inc.*		33,189
	3,017	Hilton Worldwide Holdings, Inc.		250,713
	12,468	Home Depot, Inc. (The)		2,308,325
	454	Hyatt Hotels Corp., Class A		33,037
	1,808	Kohl’s Corp.		122,094
	2,470	L Brands, Inc.		64,566
	3,861	Las Vegas Sands Corp.		237,181
	811	Lear Corp.		123,329
	8,831	Lowe’s Cos., Inc.		928,050


Common Stocks – (continued)
Consumer Discretionary – (continued)
	3,292	Macy’s, Inc.		81,609
	3,058	Marriott International, Inc., Class A		383,076
	5,312	MGM Resorts International		142,096
	5,493	Newell Brands, Inc.		89,151
	15,930	NIKE, Inc., Class B		1,365,679
	1,271	Nordstrom, Inc.		60,093
	382	Penske Automotive Group, Inc.		16,976
	500	Pool Corp.		79,770
	3,232	PulteGroup, Inc.		87,264
	968	PVH Corp.		111,165
	4,482	Qurate Retail, Inc.*		80,721
	1,801	Royal Caribbean Cruises Ltd.		213,382
	13,062	Starbucks Corp.		917,736
	5,694	Target Corp.		413,612
	1,315	Tiffany & Co.		124,978
	13,383	TJX Cos., Inc. (The)		686,414
	1,732	Toll Brothers, Inc.		61,659
	4,102	VF Corp.		358,351
	364	Visteon Corp.*		31,180
	726	Wayfair, Inc., Class A*^(a)		120,284
	790	Whirlpool Corp.		111,793
	1,031	Wyndham Destinations, Inc.		46,426

				21,118,334

Consumer Staples – 7.0%
	7,080	Archer-Daniels-Midland Co.		300,900
	650	Brown-Forman Corp., Class A		32,045
	3,889	Brown-Forman Corp., Class B		192,467
	1,785	Bunge Ltd.		94,748
	2,233	Campbell Soup Co.		80,433
	1,625	Clorox Co. (The)		256,799
	48,531	Coca-Cola Co. (The)		2,200,395
	10,808	Colgate-Palmolive Co.		711,923
	4,726	Costco Wholesale Corp.		1,033,765
	2,710	Estee Lauder Cos., Inc. (The), Class A		425,307
	7,517	General Mills, Inc.		354,276
	1,780	Hershey Co. (The)		197,010
	3,442	Hormel Foods Corp.		149,245
	897	Ingredion, Inc.		82,928
	1,392	JM Smucker Co. (The)		147,427
	3,146	Kellogg Co.		176,994
	2,269	Keurig Dr Pepper, Inc.		57,065
	4,416	Kimberly-Clark Corp.		515,921
	1,541	McCormick & Co., Inc.		209,545
	2,200	Molson Coors Brewing Co., Class B		135,652
	17,973	PepsiCo, Inc.		2,078,398
	31,601	Procter & Gamble Co. (The)		3,114,279
	5,149	Sysco Corp.		347,815
	8,757	Walgreens Boots Alliance, Inc.		623,411
	15,432	Walmart, Inc.		1,527,614

				15,046,362

Energy – 5.1%
	4,895	Anadarko Petroleum Corp.		212,933
	2,341	Antero Resources Corp.*^(a)		20,273
	3,710	Apache Corp.		123,098
	4,986	Baker Hughes a GE Co., Class A		131,531


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

GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF


Shares		Description	Value

Common Stocks – (continued)
Energy – (continued)
	18,504	Chevron Corp.	$	2,212,708
	1,887	Concho Resources, Inc.		207,570
	11,193	ConocoPhillips		759,445
	4,537	Devon Energy Corp.		133,887
	5,616	EOG Resources, Inc.		527,904
	2,461	EQT Corp.		44,593
	1,075	Extraction Oil & Gas, Inc.*		4,515
	41,173	Exxon Mobil Corp.		3,253,902
	8,476	Halliburton Co.		260,128
	1,029	Helmerich & Payne, Inc.		55,772
	2,538	Hess Corp.		146,823
	8,046	Marathon Oil Corp.		133,564
	3,709	National Oilwell Varco, Inc.		104,371
	4,656	Noble Energy, Inc.		103,130
	7,340	Occidental Petroleum Corp.		485,541
	3,976	ONEOK, Inc.		255,498
	4,041	Phillips 66		389,391
	1,642	Pioneer Natural Resources Co.		231,440
	13,465	Schlumberger Ltd.		593,268
	4,117	Valero Energy Corp.		335,783
	11,803	Williams Cos., Inc. (The)		315,022

				11,042,090

Financials – 14.1%
	645	Affiliated Managers Group, Inc.		70,698
	9,186	Aflac, Inc.		451,400
	4,169	Allstate Corp. (The)		393,470
	7,938	American Express Co.		855,240
	10,695	American International Group, Inc.		462,024
	1,972	Associated Banc-Corp.		45,908
	1,245	Assured Guaranty Ltd.		51,991
	2,376	AXA Equitable Holdings, Inc.		45,429
	110,035	Bank of America Corp.		3,199,818
	496	Bank of Hawaii Corp.		40,786
	11,008	Bank of New York Mellon Corp. (The)		577,700
	9,254	BB&T Corp.		471,676
	389	BOK Financial Corp.		35,181
	1,441	Brighthouse Financial, Inc.*		55,795
	5,729	Capital One Financial Corp.		478,830
	14,442	Charles Schwab Corp. (The)		664,476
	5,512	Chubb Ltd.		738,057
	29,394	Citigroup, Inc.		1,880,628
	4,252	CME Group, Inc.		773,481
	1,936	Comerica, Inc.		168,645
	134	Credit Acceptance Corp.*		58,941
	687	Cullen/Frost Bankers, Inc.		71,228
	4,028	Discover Financial Services		288,445
	1,367	Eaton Vance Corp.		57,209
	298	Erie Indemnity Co., Class A		53,110
	403	FactSet Research Systems, Inc.		94,773
	3,890	First Horizon National Corp.		60,801
	1,874	First Republic Bank		196,733
	4,189	Goldman Sachs Group, Inc. (The)^(b)		823,976
	511	Hanover Insurance Group, Inc. (The)		60,661
	4,296	Hartford Financial Services Group, Inc. (The)		212,051
	12,680	Huntington Bancshares, Inc.		182,719


Common Stocks – (continued)
Financials – (continued)
	6,749	Intercontinental Exchange, Inc.		520,685
	4,871	Invesco Ltd.		94,254
	39,800	JPMorgan Chase & Co.		4,153,528
	12,369	KeyCorp		218,437
	1,015	Legg Mason, Inc.		29,689
	2,562	Lincoln National Corp.		160,176
	1,031	LPL Financial Holdings, Inc.		77,748
	162	Markel Corp.*		162,791
	6,096	Marsh & McLennan Cos., Inc.		567,050
	10,155	MetLife, Inc.		458,904
	2,005	Moody’s Corp.		347,106
	15,620	Morgan Stanley		655,728
	196	Morningstar, Inc.		24,806
	1,375	Nasdaq, Inc.		125,909
	5,580	PNC Financial Services Group, Inc. (The)		703,192
	1,185	Popular, Inc. (Puerto Rico)		66,810
	3,357	Principal Financial Group, Inc.		176,712
	6,967	Progressive Corp. (The)		507,894
	4,965	Prudential Financial, Inc.		475,895
	12,417	Regions Financial Corp.		203,639
	751	Reinsurance Group of America, Inc.		108,512
	3,021	S&P Global, Inc.		605,318
	4,513	State Street Corp.		324,349
	5,396	SunTrust Banks, Inc.		350,039
	635	SVB Financial Group*		156,947
	8,912	Synchrony Financial		290,620
	2,838	T Rowe Price Group, Inc.		285,020
	3,384	TD Ameritrade Holding Corp.		190,621
	601	Texas Capital Bancshares, Inc.*		36,679
	593	TFS Financial Corp.		10,158
	3,180	Travelers Cos., Inc. (The)		422,654
	2,486	Unum Group		92,877
	18,193	US Bancorp		940,396
	1,865	Voya Financial, Inc.		94,313
	1,098	Webster Financial Corp.		63,047
	51,028	Wells Fargo & Co.		2,545,787
	1,433	Willis Towers Watson PLC		246,505

				30,116,675

Health Care – 14.5%
	17,759	Abbott Laboratories		1,378,454
	15,727	AbbVie, Inc.		1,246,207
	443	ABIOMED, Inc.*		148,183
	3,511	Agilent Technologies, Inc.		278,914
	526	Agios Pharmaceuticals, Inc.*		34,122
	927	Alnylam Pharmaceuticals, Inc.*		78,795
	6,616	Amgen, Inc.		1,257,569
	2,698	Anthem, Inc.		811,370
	5,191	Baxter International, Inc.		387,923
	2,748	Becton Dickinson and Co.		683,675
	2,087	Biogen, Inc.*		684,557
	559	Bluebird Bio, Inc.*		86,768
	14,297	Boston Scientific Corp.*		573,596
	16,977	Bristol-Myers Squibb Co.		877,032
	3,103	Cardinal Health, Inc.		168,617
	2,955	Cerner Corp.*		165,332
	3,868	Cigna Corp.		674,734


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

GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF

Schedule of Investments(continued)

February 28, 2019 (Unaudited)


Shares		Description	Value

Common Stocks – (continued)
Health Care – (continued)
	631	Covetrus, Inc.*	$	22,577
	13,887	CVS Health Corp.		803,085
	6,839	Danaher Corp.		868,690
	1,345	DaVita, Inc.*		76,530
	2,265	DENTSPLY SIRONA, Inc.		94,586
	2,178	Edwards Lifesciences Corp.*		368,714
	9,758	Eli Lilly & Co.		1,232,338
	1,239	Exact Sciences Corp.*		112,749
	3,040	Exelixis, Inc.*		68,066
	2,833	HCA Healthcare, Inc.		393,900
	1,575	Henry Schein, Inc.*		93,398
	2,814	Hologic, Inc.*		132,680
	1,426	Humana, Inc.		406,467
	1,523	Illumina, Inc.*		476,349
	1,178	Intuitive Surgical, Inc.*		645,085
	27,870	Johnson & Johnson		3,808,157
	1,043	Laboratory Corp. of America Holdings*		154,614
	14,043	Medtronic PLC		1,270,892
	27,018	Merck & Co., Inc.		2,196,293
	273	Mettler-Toledo International, Inc.*		185,888
	60,224	Pfizer, Inc.		2,610,710
	826	Regeneron Pharmaceuticals, Inc.*		355,791
	1,457	ResMed, Inc.		149,241
	472	Sage Therapeutics, Inc.*		75,166
	1,125	Seattle Genetics, Inc.*		83,565
	4,174	Thermo Fisher Scientific, Inc.		1,083,445
	9,924	UnitedHealth Group, Inc.		2,403,791
	950	Varian Medical Systems, Inc.*		127,642
	831	Waters Corp.*		201,285
	519	WellCare Health Plans, Inc.*		131,608
	755	West Pharmaceutical Services, Inc.		79,086
	2,111	Zimmer Biomet Holdings, Inc.		262,017
	5,013	Zoetis, Inc.		472,375

				30,982,628

Industrials – 10.1%
	6,295	3M Co.		1,305,520
	1,720	AECOM*		53,251
	1,298	Alaska Air Group, Inc.		80,087
	1,048	Allegion PLC		94,278
	4,501	American Airlines Group, Inc.		160,371
	4,789	Arconic, Inc.		88,549
	5,925	Boeing Co. (The)		2,606,763
	6,338	Caterpillar, Inc.		870,461
	8,886	CSX Corp.		645,746
	1,644	Cummins, Inc.		253,324
	3,579	Deere & Co.		587,099
	6,904	Delta Air Lines, Inc.		342,300
	1,588	Dover Corp.		143,762
	4,832	Eaton Corp. PLC		385,449
	6,955	Emerson Electric Co.		473,983
	2,698	FedEx Corp.		488,338
	1,551	Fluor Corp.		58,318
	1,800	Fortune Brands Home & Security, Inc.		84,816
	2,869	General Dynamics Corp.		488,361
	95,407	General Electric Co.		991,279
	1,825	Graco, Inc.		85,702
	471	Huntington Ingalls Industries, Inc.		98,632


Common Stocks – (continued)
Industrials – (continued)
	4,579	IHS Markit Ltd.*		243,465
	3,672	Illinois Tool Works, Inc.		529,062
	2,707	Ingersoll-Rand PLC		285,751
	1,459	Jacobs Engineering Group, Inc.		107,645
	10,220	Johnson Controls International PLC		360,459
	395	Lennox International, Inc.		96,874
	2,744	Lockheed Martin Corp.		849,021
	879	Macquarie Infrastructure Corp.		35,942
	682	ManpowerGroup, Inc.		57,458
	3,364	Masco Corp.		126,352
	3,852	Nielsen Holdings PLC		100,922
	640	Nordson Corp.		86,886
	3,011	Norfolk Southern Corp.		539,872
	1,791	Northrop Grumman Corp.		519,318
	803	Oshkosh Corp.		62,481
	1,194	Owens Corning		59,616
	1,731	Pentair PLC		73,637
	3,177	Raytheon Co.		592,510
	2,406	Republic Services, Inc.		188,703
	1,331	Rockwell Automation, Inc.		237,663
	1,121	Roper Technologies, Inc.		362,812
	574	Ryder System, Inc.		35,680
	620	Snap-on, Inc.		99,200
	5,645	Southwest Airlines Co.		316,346
	1,158	Spirit AeroSystems Holdings, Inc., Class A		114,410
	1,671	Stanley Black & Decker, Inc.		221,291
	1,141	Toro Co. (The)		78,250
	8,188	Union Pacific Corp.		1,373,128
	2,645	United Continental Holdings, Inc.*		232,257
	7,641	United Parcel Service, Inc., Class B		842,038
	896	United Rentals, Inc.*		120,593
	8,967	United Technologies Corp.		1,126,883
	901	USG Corp.		38,842
	1,775	Verisk Analytics, Inc.*		224,413
	510	Wabtec Corp.		37,363
	4,715	Waste Management, Inc.		477,394
	1,646	Welbilt, Inc.*		26,287
	504	WW Grainger, Inc.		153,604
	1,982	Xylem, Inc.		149,740

				21,570,557

Information Technology – 21.0%
	7,117	Accenture PLC, Class A		1,148,541
	4,602	Adobe, Inc.*		1,208,025
	8,734	Advanced Micro Devices, Inc.*		205,511
	1,476	Akamai Technologies, Inc.*		102,818
	534	Alliance Data Systems Corp.		92,382
	3,446	Analog Devices, Inc.		368,584
	44,355	Apple, Inc.		7,680,068
	9,169	Applied Materials, Inc.		351,539
	2,044	Autodesk, Inc.*		333,192
	4,873	Automatic Data Processing, Inc.		745,715
	1,219	Avnet, Inc.		53,014
	1,539	Booz Allen Hamilton Holding Corp.		81,352
	1,279	Broadridge Financial Solutions, Inc.		129,499
	1,367	CDW Corp.		128,348


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

GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF


Shares		Description	Value

Common Stocks – (continued)
Information Technology – (continued)
	42,341	Cisco Systems, Inc.	$	2,191,994
	1,261	Citrix Systems, Inc.		133,036
	5,459	Cognizant Technology Solutions Corp., Class A		387,480
	7,354	Corning, Inc.		255,993
	568	F5 Networks, Inc.*		95,504
	794	First Solar, Inc.*		41,725
	4,405	Fiserv, Inc.*		373,059
	1,623	Genpact Ltd.		53,916
	753	Guidewire Software, Inc.*		69,080
	13,727	Hewlett Packard Enterprise Co.		224,848
	14,781	HP, Inc.		291,629
	42,673	Intel Corp.		2,259,962
	8,578	International Business Machines Corp.		1,184,879
	2,274	Intuit, Inc.		561,974
	398	IPG Photonics Corp.*		61,702
	1,749	Jabil, Inc.		49,672
	850	Jack Henry & Associates, Inc.		112,736
	3,181	Juniper Networks, Inc.		86,142
	2,067	Keysight Technologies, Inc.*		174,475
	1,446	Lam Research Corp.		254,626
	1,317	Leidos Holdings, Inc.		85,065
	267	Littelfuse, Inc.		51,555
	11,047	Mastercard, Inc., Class A		2,483,034
	2,596	Maxim Integrated Products, Inc.		141,300
	10,567	Micron Technology, Inc.*		431,979
	70,765	Microsoft Corp.		7,927,803
	1,512	Motorola Solutions, Inc.		216,397
	1,219	National Instruments Corp.		56,976
	1,305	Nutanix, Inc., Class A*		65,367
	5,436	NVIDIA Corp.		838,557
	23,784	Oracle Corp.		1,239,860
	848	Palo Alto Networks, Inc.*		208,837
	3,547	Paychex, Inc.		273,190
	463	Paycom Software, Inc.*		84,141
	13,144	PayPal Holdings, Inc.*		1,289,032
	1,527	Pure Storage, Inc., Class A*		31,273
	11,316	QUALCOMM, Inc.		604,161
	1,650	Red Hat, Inc.*		301,290
	2,975	Sabre Corp.		66,729
	6,715	salesforce.com, Inc.*		1,098,910
	1,657	ServiceNow, Inc.*		396,752
	3,234	Square, Inc., Class A*		262,730
	5,930	Symantec Corp.		133,366
	1,392	Synopsys, Inc.*		141,539
	666	Tableau Software, Inc., Class A*		87,845
	1,107	Teradata Corp.*		53,546
	8,974	Texas Instruments, Inc.		949,270
	2,755	Trimble, Inc.*		110,228
	285	Ultimate Software Group, Inc. (The)*		94,478
	21,185	Visa, Inc., Class A		3,137,922
	662	VMware, Inc., Class A		113,738
	456	WEX, Inc.*		81,195
	1,356	Workday, Inc., Class A*		268,393
	2,306	Xerox Corp.		71,255
	978	Zendesk, Inc.*		77,282

				44,968,015


Common Stocks – (continued)
Materials – 2.8%
	2,897	Air Products & Chemicals, Inc.		524,879
	1,394	Albemarle Corp.		127,258
	2,466	Alcoa Corp.*		72,747
	688	AptarGroup, Inc.		69,990
	822	Ashland Global Holdings, Inc.		63,606
	1,143	Avery Dennison Corp.		123,490
	3,693	Ball Corp.		202,303
	999	Bemis Co., Inc.		52,847
	780	Cabot Corp.		36,566
	1,767	Celanese Corp.		180,746
	824	Domtar Corp.		41,950
	30,366	DowDuPont, Inc.		1,616,382
	1,862	Eastman Chemical Co.		153,969
	3,368	Ecolab, Inc.		568,889
	19,140	Freeport-McMoRan, Inc.		246,906
	1,334	International Flavors & Fragrances, Inc.		170,085
	4,156	LyondellBasell Industries NV, Class A		355,421
	4,637	Mosaic Co. (The)		144,999
	7,046	Newmont Mining Corp.		240,410
	4,152	Nucor Corp.		251,487
	1,760	Owens-Illinois, Inc.		35,059
	518	ScottsMiracle-Gro Co. (The)		42,424
	923	Sherwin-Williams Co. (The)		399,844
	1,087	Sonoco Products Co.		62,926
	2,418	Valvoline, Inc.		45,434
	1,452	Vulcan Materials Co.		161,840
	2,777	Westrock Co.		103,804

				6,096,261

Real Estate – 2.1%
	3,102	American Homes 4 Rent, Class A REIT		67,748
	5,272	American Tower Corp. REIT		928,663
	1,658	AvalonBay Communities, Inc. REIT		322,697
	3,816	CBRE Group, Inc., Class A*		189,884
	4,979	Crown Castle International Corp. REIT		591,256
	2,468	Digital Realty Trust, Inc. REIT		279,180
	951	Equinix, Inc. REIT		402,748
	4,313	Equity Residential REIT		317,825
	467	Howard Hughes Corp. (The)*		52,014
	3,410	Iron Mountain, Inc. REIT		120,782
	542	Jones Lang Lasalle, Inc.		89,495
	7,526	Prologis, Inc. REIT		527,272
	1,410	Realogy Holdings Corp.		19,176
	1,348	SBA Communications Corp. REIT*		243,395
	1,008	Sun Communities, Inc. REIT		114,479
	9,006	Weyerhaeuser Co. REIT		224,159

				4,490,773

Utilities – 3.1%
	3,173	Alliant Energy Corp.		145,545
	6,640	American Electric Power Co., Inc.		538,836
	752	Avangrid, Inc.		36,359
	6,742	CenterPoint Energy, Inc.		203,204
	3,787	CMS Energy Corp.		206,013
	4,188	Consolidated Edison, Inc.		345,301
	8,771	Dominion Energy, Inc.		649,843
	2,435	DTE Energy Co.		300,869


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

GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF

Schedule of Investments(continued)

February 28, 2019 (Unaudited)


Shares		Description	Value

Common Stocks – (continued)
Utilities – (continued)
	9,600	Duke Energy Corp.	$	860,736
	2,434	Entergy Corp.		227,165
	4,259	Eversource Energy		297,321
	12,985	Exelon Corp.		630,941
	2,144	MDU Resources Group, Inc.		56,644
	6,429	NextEra Energy, Inc.		1,206,852
	4,874	NiSource, Inc.		131,501
	3,896	NRG Energy, Inc.		162,385
	6,954	PG&E Corp.*		118,427
	3,684	Sempra Energy		443,701

				6,561,643

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $211,228,091)		$	213,320,618


Shares		Distribution Rate	Value

Securities Lending Reinvestment Vehicle – 0.0%^(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	71,173	2.395%	$	71,173
	(Cost $71,173)

	TOTAL INVESTMENTS – 99.5%
(Cost $211,299,264)			$213,391,791

	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.5%			980,598

	NET ASSETS – 100.0%		$	214,372,389



The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

*		Non-income producing security.

(a)		All or a portion of security is on loan.

(b)		Represents an affiliated issuer.



Investment Abbreviations:
		PLC —Public Limited Company
		REIT—Real Estate Investment Trust


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

GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF

Statement of Assets and Liabilities

February 28, 2019 (Unaudited)


	Just U.S. Large Cap Equity ETF
Assets:

Investments in unaffiliated issuers, at value (cost $210,257,330)^(a)	$	212,496,642

Investments in affiliated issuers, at value (cost $970,761)		823,976

Investments in securities lending reinvestment vehicle, at value which equals cost		71,173

Cash		627,525

Receivables:

Dividends		454,669

Securities lending income		48

Total assets		214,474,033

Liabilities:

Payables:

Upon return of securities loaned		71,173

Management fees		30,471

Total liabilities		101,644

Net Assets:

Paid-in capital		215,161,458

Total distributable loss		(789,069	)

NET ASSETS	$	214,372,389
SHARES ISSUED AND OUTSTANDING

Shares outstanding no par value (unlimited shares authorized):		5,350,000

Net asset value per share:		$40.07

(a)

Includes loaned securities having a market value of $69,362.


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

GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF

Statement of Operations

For the Six Months Ended February 28, 2019 (Unaudited)


	Just U.S. Large Cap Equity ETF
Investment income:

Dividends — unaffiliated issuers (net of foreign withholding taxes of $70)	$	2,278,201

Dividends — affiliated issuers		6,837

Securities lending income		371

Total investment income		2,285,409

Expenses:

Management fees		216,360

Trustee fees		7,524

Total expenses		223,884

NET INVESTMENT INCOME		2,061,525

Realized and unrealized gain (loss):

Net realized gain (loss) from:

Investments — unaffiliated issuers		(4,942,958	)

Investments — affiliated issuers		(13,917	)

In-kind redemptions — unaffiliated issuers		1,420,395

In-kind redemptions — affiliated issuers		(7,368	)

Net change in unrealized loss on:

Investments — unaffiliated issuers		(9,463,912	)

Investments — affiliated issuers		(172,134	)

Net realized and unrealized loss		(13,179,894	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(11,118,369	)


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

GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF

Statements of Changes in Net Assets


	Just U.S. Large Cap Equity ETF
	For the Six Months Ended February 28, 2019 (Unaudited)			For the period June 7, 2018* to August 31, 2018
From operations:

Net investment income	$	2,061,525		$	1,052,344

Net realized loss		(3,543,848	)		(76,598	)

Net change in unrealized gain (loss)		(9,636,046	)		11,728,573

Net increase (decrease) in net assets resulting from operations		(11,118,369	)		12,704,319

Distributions to shareholders:

From distributable earnings		(2,375,019	)		—

Total distributions to shareholders		(2,375,019	)		—

From share transactions:

Proceeds from sales of shares		28,393,950			260,101,111

Cost of shares redeemed		(73,333,603	)		—

Net increase (decrease) in net assets resulting from share transactions		(44,939,653	)		260,101,111

TOTAL INCREASE (DECREASE)		(58,433,041	)		272,805,430

Net assets:^(a)

Beginning of period	$	272,805,430		$	—

End of period	$	214,372,389		$	272,805,430

Commencement of operations.

(a)

Prior fiscal year information has been revised to conform with current year presentation. Undistributed net investment income was $1,052,344 as of August 31, 2018.


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

GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


	Just U.S. Large Cap Equity ETF
	For the Six Months Ended February 28, 2019 (Unaudited)			For the period June 7, 2018* to August 31, 2018
Per Share Operating Performance:

Net asset value, beginning of period	$	42.13		$	40.08

Net investment income^(a)		0.36			0.17

Net realized and unrealized gain (loss)		(2.02	)		1.88

Total gain (loss) from investment operations		(1.66	)		2.05

Distributions to shareholders from net investment income		(0.40	)		—

Net asset value, end of period	$	40.07		$	42.13

Market price, end of period	$	40.06		$	42.13

Total Return at Net Asset Value^(b)		(3.88	)%		5.11	%

Net assets, end of period (in 000’s)	$	214,372		$	272,805

Ratio of total expenses to average net assets		0.20	%^(c)		0.20	%^(c)

Ratio of net investment income to average net assets		1.84	%^(c)		1.84	%^(c)

Portfolio turnover rate^(d)		12	%		2	%

Commencement of operations.

(a)

Calculated based on the average shares outstanding methodology.

(b)

Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders 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)


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

GOLDMAN SACHS ETF TRUST

Notes to Financial Statements

February 28, 2019 (Unaudited)

1. ORGANIZATION

Goldman Sachs JUST U.S. Large Cap Equity ETF (the “Fund”) is a diversified series of the Goldman Sachs ETF Trust (the “Trust”) which is anopen-end management investment company, registered under the Investment Company Act of 1940, as amended (the “Act”), consisting of multiple series. The Trust was organized as a Delaware statutory trust on December 16, 2009.

The investment objective of the Fund is to provide investment results that closely correspond, before fees and expenses, to the performance of the JUST US Large Cap Diversified Index (the “Index”).

Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as investment adviser to the Fund pursuant to a management agreement (the “Agreement”) with the Trust. The Fund is an exchange- traded fund (“ETF”). Shares of the Fund are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”). Market prices for the Fund’s shares may be different from its net asset value (“NAV”). The Fund issues and redeems shares at its NAV only in blocks of a specified number of shares, or multiples thereof, referred to as “Creation Units”. Creation Units are issued and redeemed principallyin-kind for a basket of securities and a cash amount. Shares generally trade in the secondary market in quantities less than a Creation Unit at market prices that change throughout the day. Only those that have entered into an authorized participant agreement with ALPS Distributors, Inc. (the “Distributor”) may do business directly with the Fund.


2. SIGNIFICANT ACCOUNTING POLICIES

A. Investment Valuation — The Fund’s valuation policy is to value investments at fair value.

B. Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized onex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to theex-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. Distributions received from the Fund’s investments in U.S. real estate investment trusts (“REITs”) may be characterized as ordinary income, net capital gain or a return of capital. A return of capital is recorded by the Fund as a reduction to the cost basis of the REIT.

D. Federal Taxes and Distributions to Shareholders — It is the Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, the Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex- dividend date. Income and capital gains distributions, if any, are declared and paid quarterly and annually, respectively.

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of the Fund’s distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Fund’s net assets on the Statement of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

GOLDMAN SACHS ETF TRUST

Notes to Financial Statements(continued)

February 28, 2019 (Unaudited)

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 3 — Prices or valuations that require significant unobservable inputs (including GSAM’s assumptions in determining fair value measurement).

The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Fund, including investments for which market quotations are not readily available. The Trustees have delegated to GSAMday-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Fund’s investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

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

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.

On February 28, 2019 the Fund did not hold Level 3 securities.

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 February 28, 2019:



JUST U.S. Large Cap Equity ETF

Investment Type	Level 1		Level 2		Level 3

Assets

Common Stock and/or Other Equity Investments^(a)

North America	$	213,320,618	$	—	$	—

Securities Lending Reinvestment Vehicle		71,173		—		—

Total	$	213,391,791	$	—	$	—

(a)

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.

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’s12b-1 plan (if any), interest expenses, taxes, acquired fund fees and expenses, brokerage fees, costs of holding shareholder meetings, litigation, indemnification and extraordinary expenses. As the Fund directly pays fees and expenses of the independent Trustees, the management fee collected by GSAM will be reduced by an amount equal to the fees and expenses paid by the Fund to the independent Trustees.

For the six months ended February 28, 2019, the unitary management fee rate with GSAM was 0.20%.


Fund	Beginning value as of August 31, 2018	Purchases at Cost		Proceeds from Sales			Realized Gain			Change in Unrealized Appreciation			Ending value as of February 28, 2019		Shares as of February 28, 2019		Dividend Income
JUST U.S. Large Cap Equity ETF	$1,247,789	$	123,153	$	(353,547	)	$	(21,285	)	$	(172,134	)	$	823,976		4,189	$	6,837

5. CREATION AND REDEMPTION OF CREATION UNITS

GOLDMAN SACHS ETF TRUST

Notes to Financial Statements(continued)

February 28, 2019 (Unaudited)

5. CREATION AND REDEMPTION OF CREATION UNITS (continued)

Share activity for the six months ended February 28, 2019, is as follows:


	JUST U.S. Large Cap Equity ETF

	For the Six Months Ended February 28, 2019 (Unaudited)						For the Fiscal Year Ended August 31, 2018

	Shares			Dollars			Shares		Dollars

Fund Share Activity
Shares Sold		725,000		$	28,393,947			6,475,000	$	260,101,111
Shares Redeemed		(1,850,000	)		(73,333,603	)		—		—

NET INCREASE (DECREASE) IN SHARES		(1,125,000	)	$	(44,939,656	)		6,475,000	$	260,101,111


6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales of long-term securities for the six months ended February 28, 2019, were $28,269,524 and $28,429,932, respectively.

The purchase and sales fromin-kind creation and redemption transactions for the six months ended February 28, 2019, were $28,303,557 and $73,216,768, respectively.


7. SECURITIES LENDING

GOLDMAN SACHS ETF TRUST

7. SECURITIES LENDING (continued)

The Fund invests the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”), an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net assets of the Government Money Market Fund.

In the event of a default by a borrower with respect to any loan, BNYM may exercise any and all remedies provided under the applicable borrower agreement to make the Fund whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If BNYM is unable to purchase replacement securities, BNYM will indemnify the Fund by paying the Fund an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Fund may enter into master netting agreements with borrowers, which provide the right, in the event of a default (including bankruptcy or insolvency), for thenon-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right ofset-off that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws. The Fund’s loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the value of the cash received. The amounts of the Fund’s overnight and continuous agreements which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of February 28, 2019 are disclosed as “Payable upon return of securities loaned” on the Statement of Assets and Liabilities.

The following table provides information about the Fund’s investment in the Government Money Market Fund for the six months ended February 28, 2019:


Beginning value as of August 31, 2018		Purchases at Cost		Proceeds from Sales			Ending value as of February 28, 2019
$	75,906	$	1,495,705	$	(1,500,438	)	$	71,173

8. TAX INFORMATION

As of the Fund’s most recent fiscal year end, August 31, 2018, the Fund’s capital loss carryforwards and certain timing differences on a tax-basis were as follows:


	JUST U.S. Large Cap Equity ETF
Capital loss carryforwards:
Perpetual Short-Term	$	(9,850	)

GOLDMAN SACHS ETF TRUST

Notes to Financial Statements(continued)

February 28, 2019 (Unaudited)

8. TAX INFORMATION (continued)

As of February 28, 2019, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:


	JUST U.S. Large Cap Equity ETF
Tax Cost	$	211,366,012
Gross unrealized gain		13,465,188
Gross unrealized loss		(11,439,409	)
Net unrealized gains	$	2,025,779

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

GSAM has reviewed the Fund’s tax positions for all open tax years (the current and prior year) and has concluded that no provision for income tax is required in the Fund’s financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.


9. OTHER RISKS

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

Index Risk — JUST Capital Foundation, Inc. (the “Index Provider”) constructs the Fund’s Index in accordance with a rules-based methodology. The Fund will be negatively affected by general declines in the securities and asset classes represented in its Index. In addition, because the Fund is not “actively” managed, unless a specific security is removed from its Index, the Fund generally would not sell a security because the security’s issuer was in financial trouble. Market disruptions and regulatory restrictions could have an adverse effect on the Fund’s ability to adjust its exposure to the required levels in order to track the Index. The Fund also does not attempt to take defensive positions under any market conditions, including declining markets. Therefore, the Fund’s performance could be lower than funds that may actively shift their portfolio assets to take advantage of market opportunities or to lessen the impact of a market decline or a decline in the value of one or more issuers. The Index Provider relies on third party data it believes to be reliable in constructing the Index, but it does not guarantee the accuracy or availability of such third party data. 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, the Calculation Agent nor the Index Provider can guarantee the availability or timeliness of the production of the Index.

GOLDMAN SACHS ETF TRUST

9. OTHER RISKS (continued)


10. INDEMNIFICATIONS

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


11. SUBSEQUENT EVENTS

Subsequent events after the Statement of Assets and Liabilities date have been evaluated, and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.

GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF



Fund Expenses — Six Months ended 2/28/2019 (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.

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.


	JUST U.S. Large Cap Equity ETF
	Beginning Account Value 9/1/18		Ending Account Value 2/28/19			Expenses Paid*
Actual based on NAV	$	1,000	$	961.20		$	0.97
Hypothetical 5% return	$	1,000	$	1.023.80	+	$	1.00

Hypothetical expenses are based on the Fund’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses.

The Expenses for the Fund are calculated using the Fund’s annualized net expense ratio, which represents the ongoing expenses as a percentage of net assets for the six months ended February 28, 2019. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal year; and then dividing that result by the number of days in the fiscal year.

The annualized net expense ratio for the period is as follows:


Fund

JUST U.S. Large Cap Equity ETF	0.20	%

GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF

Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs JUST U.S. Large Cap Equity ETF (Unaudited)

Background

The Goldman Sachs JUST U.S. Large Cap Equity ETF (the “Fund”) is an investment portfolio of Goldman Sachs ETF Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Fund at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Fund.

(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)

(iii)

trends in employee headcount;

(iv)

the Investment Adviser’s financial resources and ability to hire and retain talented personnel and strengthen its operations; and

(v)

the parent company’s support of the Investment Adviser and its registered fund business, as expressed by the firm’s senior management;

(b)

information on the general investment outlooks in the markets in which the Fund invests;

(c)

the terms of the Management Agreement entered into by the Trust on behalf of the Fund;

(d)

fee and expense information for the Fund, including the relative management fee and expense levels of the Fund as compared to those of comparable funds managed by other advisers;

(e)

whether the Fund’s existing management fee schedule adequately addressed any economies of scale;

(f)

a summary of the “fall-out” benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund;

(g)

a summary of potential benefits derived by the Fund as a result of its relationship with the Investment Adviser;

(h)

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;

GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF

Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs JUST U.S. Large Cap Equity ETF (Unaudited) (continued)

(i)

(j)

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

As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Fund by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees noted the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted the Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the regulatory and control environment in which the Fund and its service providers operate, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. The Trustees considered that under the Management Agreement, the Fund pays a single fee to the Investment Adviser, and the Investment Adviser pays all of the Fund’s ordinary operating expenses, excluding payments under each Fund’s 12b-1 plan (if any), interest expenses, taxes, acquired fund fees and expenses, brokerage fees, costs of holding shareholder meetings, litigation, indemnification and extraordinary expenses. The Trustees also considered information about the Fund’s structure, investment objective, strategies and other characteristics. In particular, they noted that the Fund is a passively-managed ETF that seeks to track an index developed and maintained by a third-party service provider. The Trustees noted the experience and capabilities of the key personnel of the Investment Adviser who provide services to the Fund. In particular, the Trustees considered the Investment Adviser’s extensive experience in managing quantitative investment strategies. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Fund and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Funds and the Investment Adviser and its affiliates.

GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF

Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs JUST U.S. Large Cap Equity ETF (Unaudited) (continued)

Investment Performance

The Trustees noted that the Fund had launched on June 7, 2018 and did not yet have a meaningful performance history.

Unitary Fee Structure and Profitability

Economies of Scale

Other Benefits to the Investment Adviser and Its Affiliates

Other Benefits to the Fund and Its Shareholders

Conclusion

In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the unitary fee paid by the Fund was reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and the Fund’s current and/or reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit the Fund and its shareholders and that the Management Agreement should be approved and continued with respect to the Fund until September 30, 2019.

FUNDS PROFILE

Goldman Sachs ETFs

LOGO

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

Today, theInvestment Management Divisionof Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $1.34 trillion in assets under supervision as of December 31, 2018, Goldman Sachs Asset Management (“GSAM”) has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. GSAM leverages the resources of Goldman Sachs & Co. LLC. subject to legal, internal and regulatory restrictions.

GOLDMAN SACHS EXCHANGE-TRADED FUNDS

Goldman Sachs ActiveBeta^® Emerging Markets Equity ETF

Goldman Sachs ActiveBeta^® Europe Equity ETF

Goldman Sachs ActiveBeta^® International Equity ETF

Goldman Sachs ActiveBeta^® Japan Equity ETF

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

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

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

Goldman Sachs Hedge Industry VIP ETF

Goldman Sachs JUST U.S. Large Cap Equity ETF

Goldman Sachs Access High Yield Corporate Bond ETF

Goldman Sachs Access Inflation Protected USD Bond ETF

Goldman Sachs Access Investment Grade Corporate Bond ETF

Goldman Sachs Access Treasury0-1 Year ETF

Goldman Sachs Motif Data-Driven World ETF

Goldman Sachs Motif Finance Reimagined ETF

Goldman Sachs Motif Human Evolution ETF

Goldman Sachs Motif Manufacturing Revolution ETF

Goldman Sachs Motif New Age Consumer ETF

Effective August 7, 2018, the Goldman Sachs Treasury Access 0-1 Year ETF was renamed Goldman Sachs Access Treasury 0-1 Year ETF.

INDEX DISCLAIMERS

Neither JUST Capital Foundation, Inc. (“JUST Capital”) nor any of its affiliates (collectively, the “JUST Parties”) in any way sells, sponsors, supports, promotes, or endorses the Goldman Sachs JUST U.S. Large Cap Equity ETF (the “GS ETF”), or has involvement in its operations or distribution. The JUST US Large Cap Diversified Index (the “JUST Index”) has been licensed by Russell on an “as is” basis to Goldman Sachs Asset Management L.P. (“Goldman Sachs”) in connection with Goldman Sachs’ sponsorship of the GS ETF, and JUST Capital’s only relationship with Goldman Sachs is the licensing of certain trademarks and trade names of JUST Capital or its affiliates. The JUST Parties and any other person or entity involved in or related to compiling, computing, or creating the JUST Index expressly disclaim all representations, warranties, and liabilities relating to or in connection with the GS ETF (including, without limitation, any warranties of originality, accuracy, completeness, timeliness,non-infringement, merchantability, and fitness for a particular purpose).

No JUST Party makes any claim, prediction, warranty, or representation whatsoever, expressly or impliedly, either as to (i) the results to be obtained from the use of the JUST Index, the GS ETF, or any of the data included in either of the foregoing, (ii) the level at which the JUST Index or GS ETF is said to stand at any particular time on any particular day or otherwise, (iii) the suitability of the JUST Index for the purpose to which it is being put in connection with the GS ETF, or (iv) the advisability of investing in securities generally or in any index or ETF, including those provided by Goldman Sachs.

No JUST Party has provided, nor will any provide, any financial or investment advice or recommendation in relation to the JUST Index or the GS ETF to Goldman Sachs Asset Management or to its clients. No JUST Party shall be (i) liable (whether in negligence or otherwise) to any person for any error in the JUST Index or (ii) under any obligation to advise any person of any error therein. Without limiting any of the foregoing, in no event shall any JUST Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including without limitation lost profits), or any other damages in connection with the JUST Index or the GS ETF.

Data and information regarding the JUST Index is proprietary to JUST Capital or its licensors, and reproduction of such data and information is prohibited except with the prior written permission of JUST Capital. JUST Index^® and JUST Capital Index^® are trademarks of JUST Capital and have been licensed for use by Goldman Sachs Asset Management L.P. by JUST Capital and/or its agent.

Frank Russell Company (“Russell”) acts solely as calculation agent in respect of the JUST US Large Cap Diversified Index and does not in any way sponsor, support, promote or endorse the JUST US Large Cap Diversified Index or the Goldman Sachs JUST U.S. Large Cap Equity ETF. The JUST US Large Cap Diversified Index was provided on an “as is” basis. Russell, its affiliates and any other person or entity involved in or related to compiling, computing or creating the JUST US Large Cap Diversified Index (collectively, the “Russell Parties”) expressly disclaim all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness,non-infringement, merchantability and fitness for a particular purpose).

Russell does not make any claim, prediction, warranty or representation whatsoever, expressly or impliedly, either as to (i) the results to be obtained from the use of the JUST US Large Cap Diversified Index (upon which the Goldman Sachs JUST U.S. Large Cap Equity ETF is based), (ii) the figure at which the JUST US Large Cap Diversified Index is said to stand at any particular time on any particular day or otherwise, or (iii) the suitability of the JUST US Large Cap Diversified Index for the purpose to which it is being put in connection with the Goldman Sachs JUST U.S. Large Cap Equity ETF.

Russell has not provided and will not provide any financial or investment advice or recommendation in relation to the JUST US Large Cap Diversified Index to Goldman Sachs Asset Management or to its clients. The JUST US Large Cap Diversified Index is calculated by Russell or its agent as calculation agent. Russell shall not be (a) liable (whether in negligence or otherwise) to any person for any error in the Index or (b) under any obligation to advise any person of any error therein.

Without limiting any of the foregoing, in no event shall any Russell Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including without limitation lost profits) or any other damages in connection with the JUST US Large Cap Diversified Index or the Goldman Sachs JUST U.S. Large Cap Equity ETF.


TRUSTEES Lawrence W. Stranghoener, Chairman Caroline Dorsa Linda A. Lang Michael Latham James A. McNamara		OFFICERS James A. McNamara, President 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 atwww.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.

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

The Fund is recently or newly organized and has limited operating history.

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.

ITEM 2.

CODE OF ETHICS.

(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party (the “Code of Ethics”).

(b) During the period covered by this report, no amendments were made to the provisions of the Code of Ethics.

(c) During the period covered by this report, the registrant did not grant any waivers, including an implicit waiver, from any provision of the Code of Ethics.

(d) A copy of the Code of Ethics is available as provided in Item 13(a)(1) of this report.

ITEM 3.

AUDIT COMMITTEE FINANCIAL EXPERT.

The registrant’s board of trustees has determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its audit committee. Caroline Dorsa is the “audit committee financial expert” and is “independent” (as each term is defined in Item 3 of Form N-CSR).

ITEM 4.

PRINCIPAL ACCOUNTANT FEES AND SERVICES.

The information required by this Item is only required in an annual report on this Form N-CSR.

ITEM 5.

AUDIT COMMITTEE OF LISTED REGISTRANTS.

The Registrant has a separately-designated standing Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended. The members of the Audit Committee are Michael Latham, Linda A. Lang, Lawrence W. Stranghoener, and Caroline Dorsa, each a Trustee of the Registrant.

ITEM 6.

SCHEDULE OF INVESTMENTS.

Schedule of Investments is included as part of the Report to Shareholders filed under Item 1.

ITEM 7.

DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FORCLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8.

PORTFOLIO MANAGERS OFCLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9.

PURCHASES OF EQUITY SECURITIES BYCLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10.

SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees.

ITEM 11.

CONTROLS AND PROCEDURES.

(a)

The registrant’s principal executive and principal financial officers, or persons performing similar functions have concluded that the registrant’s disclosure controls and procedures (as defined in Rule30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule30a-3(b) under the 1940 Act and15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b)

There were no changes in the registrant’s internal control over financial reporting (as defined in Rule30a-3(d) under the 1940 Act) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12.

DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13.

EXHIBITS.


(a)(1)	Goldman Sachs ETF Trust’s Code of Ethics for Principal Executive and Senior Financial Officers is 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.

(a)(3)	Not applicable to open-end investment companies.

(a)(4)	There was no change in the registrant’s independent public accountant for the period covered by this report.

(b)	Exhibit 99.906CERT	Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


		Goldman Sachs ETF Trust

By:		/s/ James A. McNamara


		James A. McNamara
		President/Chief Executive Officer
		Goldman Sachs ETF Trust

Date:		April 26, 2019

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:		April 26, 2019

By:		/s/ Scott McHugh


		Scott McHugh
		Principal Financial Officer
		Goldman Sachs ETF Trust

Date:		April 26, 2019

FUND SNAPSHOT

As of February 28, 2019

Market Price¹

Net Asset Value (NAV)¹