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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-23013

Goldman Sachs ETF Trust

(Exact name of registrant as specified in charter)

200 West Street, New York, New York 10282

(Address of principal executive offices) (Zip code)

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

(Name and address of agents for service)

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

Date of fiscal year end: August 31

Date of reporting period: August 31, 2020

ITEM 1. REPORTS TO STOCKHOLDERS.

The Annual Report to Shareholders is filed herewith.

Goldman Sachs Funds

Annual Report	August 31, 2020
	Access Fixed Income ETFs
	Access High Yield Corporate Bond ETF (GHYB)
	Access Inflation Protected USD Bond ETF (GTIP)
	Access Investment Grade Corporate 1-5 Year Bond ETF (GSIG)
	Access Investment Grade Corporate Bond ETF (GIGB)
	Access Treasury 0-1 Year ETF (GBIL)
	Access Ultra Short Bond ETF (GSST)

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

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

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

Goldman Sachs Access Fixed Income ETFs

∎ ACCESS HIGH YIELD CORPORATE BOND ETF

∎ ACCESS INFLATION PROTECTED USD BOND ETF

∎ ACCESS INVESTMENT GRADE CORPORATE 1-5 YEAR BOND ETF

∎ ACCESS INVESTMENT GRADE CORPORATE BOND ETF

∎ ACCESS TREASURY 0-1 YEAR ETF

∎ ACCESS ULTRA SHORT BOND ETF

TABLE OF CONTENTS
Investment Process	1
Portfolio Results and Fund Basics	6
Schedules of Investments	33
Financial Statements	73
Financial Highlights
Access High Yield Corporate Bond ETF	80
Access Inflation Protected USD Bond ETF	81
Access Investment Grade Corporate 1-5 Year Bond ETF	82
Access Investment Grade Corporate Bond ETF	83
Access Treasury 0-1 Year ETF	84
Access Ultra Short Bond ETF	85
Notes to Financial Statements	86
Report of Independent Registered Public Accounting Firm	99
Other Information	101

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 August 31, 2020, there were 832 constituents in the Index and the Index had a weighted average maturity of 5.94 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 constituent securities 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”) and 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 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. As of August 31, 2020, there were 38 issues in the Index and the Index had a weighted average maturity of 8.18 years and a weighted average duration of 7.80 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.

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.

1

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 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 1-5 YEAR BOND ETF

The Goldman Sachs Access Investment Grade Corporate 1-5 Year 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 1-5 Years 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”) with remaining maturities between one and five years that meet certain liquidity and fundamental screening criteria.

As of August 31, 2020, there were 2,013 constituents in the Index and the Index had a weighted average maturity of 3.24 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 Bond Index (the “Reference Index”) using concepts developed with Goldman Sachs Asset Management, L.P. (the “Investment Adviser” or “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 investment grade corporate bonds that have a minimum of 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 Service, Inc. (“Moody’s”). Only corporate bond constituents of the Reference Index that have a minimum of $250 million outstanding, remaining maturities between one and five years, and from issuers with at least two eligible bonds outstanding are included in the Universe. A maturity bucketing process is used to approximate the average effective duration of constituents of the Reference Index with remaining maturities between one and five years.

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, subject to certain exceptions. 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. An issuer weight cap is applied to each Index constituent.

2

INVESTMENT PROCESS

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 that meet certain liquidity and fundamental screening criteria. As of August 31, 2020, there were 2,529 constituents in the Index and the Index had a weighted average maturity of 12.25 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”).

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 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’ Service, 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 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 Fund expects to invest 100% of its assets in (i) U.S. Treasury Securities with a maximum remaining maturity of 12 months and (ii) cash. As of August 31, 2020, there were 91 issues in the Index and the Index had a weighted average maturity of 0.26 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.

3

INVESTMENT PROCESS

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

ALL ABOVE FUNDS

Each of the FTSE Goldman Sachs High Yield Corporate Bond Index, FTSE Goldman Sachs Investment Grade Corporate Bond 1-5 Years 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, corporate actions or ratings migration, and (ii) quarterly, to account for updates to the constituent securities on the basis of the fundamental factors (as described above). The FTSE US Treasury 0-1 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, Goldman Sachs Investment Grade Corporate 1-5 Year 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 Treasury 0-1 Year ETF and Goldman Sacs 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.

At the end of each Fund’s Reporting Period, i.e. August 31, 2020, we continued to believe the Funds may provide investors with smoother performance and less volatility, as a smart beta approach should provide liquidity while minimizing exposure to factors historically associated with volatility and underperformance.*

GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF

The Goldman Sachs Access Ultra Short Bond ETF (the “Fund”) seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its Net Assets in a broad range of U.S. dollar denominated bonds. The Fund primarily invests in U.S. Government Securities, obligations of U.S. banks, corporate notes, commercial paper and other short-term obligations of U.S. companies, states, municipalities and other entities, fixed and floating rate mortgage-backed securities, asset-backed securities, and repurchase agreements. The Fund may also invest in U.S. dollar-denominated obligations issued or guaranteed by foreign banks, companies and governments or their agencies, authorities, instrumentalities or sponsored enterprises. Shareholders will be provided with sixty days’ notice in the manner prescribed by the Securities and Exchange Commission (“SEC”) before any change in the Fund’s policy to invest at least 80% of its Net Assets in the particular type of investment suggested by its name.

The Fund will generally focus its investments in securities of issuers that, at the time of purchase, have a short-term credit rating of at least investment grade by at least one NRSRO (at least A-2, P-2, or F2 by Standard & Poor’s, Moody’s or Fitch, respectively), have a long-term credit rating of at least investment grade by at least one NRSRO (at least BBB-, Baa3, or BBB by Standard & Poor’s, Moody’s or Fitch, respectively) if such securities only maintain long-term ratings, or, if unrated, are determined by the Investment Adviser to be of comparable credit quality at the time of purchase. The Fund may also rely on the credit quality of a guarantee or demand feature in determining the credit quality of a security supported by the guarantee or demand feature.

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

4

INVESTMENT PROCESS

The Fund will concentrate its investments in the financial services group of industries. Therefore, under normal circumstances, the Fund will invest more than 25% of its total assets in securities issued by companies in the financial services group of industries and repurchase agreements secured by such obligations.

Under normal circumstances, the Fund’s effective duration is expected to be one year or less. “Duration” is a measure of a debt security’s price sensitivity to changes in interest rates. The longer the duration of the Fund (or an individual debt security), the more sensitive its market price to changes in interest rates. In computing duration, the Fund will estimate the duration of obligations that are subject to prepayment or redemption by the issuer, taking into account the influence of interest rates on prepayments and coupon flows. This method of computing duration is known as “option-adjusted” duration.

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

The Fund may, from time to time, take temporary defensive positions that are inconsistent with the Fund’s principal investment strategies in attempting to respond to adverse market, political or other conditions. For temporary defensive purposes, the Fund may invest up to 100% of its total assets in U.S. Government Securities, commercial paper rated at least A-2 by Standard & Poor’s, P-2 by Moody’s, or having a comparable credit rating by another NRSRO (or if unrated, determined by the Investment Adviser to be of comparable credit quality), certificates of deposit, bankers’ acceptances, repurchase agreements, non-convertible preferred stocks and non-convertible corporate bonds with a remaining maturity of less than one year, certain ETFs and other investment companies and cash items. Cash items are not income-generating and, as a result, the Fund’s current yield may be adversely affected during periods when such positions are held. Cash positions may also subject the Fund to additional risks and costs, such as increased exposure to the custodian bank holding the assets and any fees imposed for large cash balances. When the Fund’s assets are invested in such instruments, the Fund may not be achieving its investment objective.

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

The Fund is managed to seek to generate current income and secondarily maintain an emphasis on preservation of capital and liquidity. The Investment Adviser follows a conservative, risk-managed investment process.

Global fixed income markets are constantly evolving and are highly diverse — with a large number of countries, currencies, sectors, issuers and securities. We believe that inefficiencies in these complex markets cause bond prices to diverge from their fair value. To capitalize on these inefficiencies and generate consistent risk-adjusted performance, we believe it is critical to:

• Thoughtfully combine diversified sources of return by employing multiple strategies

• Take a global perspective to uncover relative value opportunities

• Employ focused specialist teams to identify short-term mispricings and incorporate long-term views

• Emphasize a risk-aware approach as we view risk management as both an offensive and defensive tool

• Build a strong team of skilled investors who excel on behalf of our clients.

* * *

5

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 Solutions Team discusses the Fund’s performance and positioning for the 12-month period ended August 31, 2020 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund returned 4.94% based on net asset value (“NAV”) and 5.23% based on market price. The Index returned 4.67% during the same period.

The Fund had a NAV of $49.42 per share on August 31, 2019 and ended the Reporting Period with a NAV of $49.29 per share. The Fund’s market price on August 31, 2020 was $49.23 per share.

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

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

The Index is designed to measure the performance of 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”), 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.

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

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

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 U.S. Federal Reserve (the “Fed”) cut the targeted federal funds rate four times. The Fed pre-emptively cut interest rates in September and October 2019 and then twice in March 2020 on the back of concerns surrounding the COVID-19 pandemic, bringing the targeted federal funds rate to a range of 0% to 0.25%. The shift to a more dovish Fed policy created a positive environment for high yield credit by lowering borrowing costs and supporting yield compression.

The U.S. Treasury market saw yields fall across the spectrum of maturities, but overall, the yield curve remained quite flat, as the U.S. entered a turn in the business cycle into a recession.

Amid this backdrop, high yield corporate spreads widened from 393 basis points to 477 basis points during the Reporting Period. (A basis point is 1/100^th of a percentage point.) High yield corporate spreads widened especially significantly from August 2019 through March 2020 to 882 basis points over duration-equivalent U.S. Treasuries based on concerns surrounding the COVID-19 pandemic, declining oil prices and stressed liquidity conditions. From March 2020

6

PORTFOLIO RESULTS

through August 2020, high yield corporate spreads then tightened given investor demand for yield, incremental foreign investment due to low global yields and lower hedging costs, and supportive central bank policy. The sector also benefited from investor demand amidst strong new issuance. Still, volatility in the high yield market remained elevated due to uncertainty on the timing and speed of any economic recovery, the uptick in interest rate volatility and the upcoming U.S. elections. High yield corporate spreads had not reached pre-COVID-19 levels at the end of the Reporting Period.

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

A The Fund does not employ derivatives.

Q What was the Fund’s weighted average duration, weighted average maturity, weighted average coupon, weighted average yield to maturity and 30-day standardized yield at the end of the Reporting Period?¹

A The Fund had a weighted average duration of 3.38 years, a weighted average maturity of 5.93 years and a weighted average coupon of 5.84% as of August 31, 2020. The Fund’s weighted average yield to maturity was 5.33% on August 31, 2020. The 30-day standardized yield of the Fund at the end of the Reporting Period was 4.27%.

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

A

BBB	0.00%
BB	56.90%
B	32.50%
CCC	8.90%
Not Rated	0.00%
Cash	1.34%

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

A Of the approximately 98.13% of the Fund’s assets invested in high yield corporate bonds at the end of the Reporting Period, approximately 84% was in industrials, 7% in financials and 9% in utilities.³

Q What was the Fund’s sector positioning relative to the Index at the end of the Reporting Period?⁴

A While the Index was 98.64% allocated to in high yield corporate bonds, 0.95% invested in emerging market corporate bonds and 0.41% in cash, the Fund was 98.13% invested in high yield corporate bonds, 0.53% in emerging market corporate bonds and 1.34% in cash at the end of the Reporting Period.

¹Duration 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. Yield to maturity is the annual return that a bond is expected to generate if it is held till its maturity given its coupon rate, payment frequency and current market price. Yield to maturity is essentially the internal rate of return of a bond, i.e. the discount rate at which the present value of a bond’s coupon payments and maturity value is equal to its current market price. 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.

²The 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.

³Industry classifications for securities may differ between the above section and the Fund Basics section due to differing classification methodologies. The classification methodology used for the above section is as set forth by GSAM. The Fund’s composition may differ over time. Consequently, the Fund’s overall industry allocations may differ from percentages contained in the above section.

⁴The 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.

7

FUND BASICS

Access High Yield Corporate Bond ETF

as of August 31, 2020

FUND SNAPSHOT
As of August 31, 2020
Market Price1	$	49.23
Net Asset Value (NAV)1	$	49.29

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

TOP TEN HOLDINGS AS OF 8/31/202
Holding	% of Net Assets			Line of Business
TransDigm, Inc., 6.25%, 03/15/26		0.7	%	Aerospace & Defense
Sirius XM Radio, Inc., 5.00%, 08/01/27		0.5		Broadcasting
Sprint Corp., 7.88%, 09/15/23		0.5		Wireless
CHS/Community Health Systems, Inc., 6.25%, 03/31/23		0.5		Healthcare
United Rentals North America, Inc., 4.88%, 01/15/28		0.5		Rental Equipment
T-Mobile USA, Inc., 4.75%, 02/01/28		0.5		Wireless
Bausch Health Cos., Inc., 6.25%, 02/15/29		0.5		Pharmaceuticals
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 4.88%, 02/01/31		0.5		Energy
1011778 BC ULC / New Red Finance, Inc., 5.00%, 10/15/25		0.5		Consumer Cyclical
CSC Holdings LLC, 5.75%, 01/15/30		0.5		Communications

²  The top 10 holdings may not be representative of the Fund’s future investments.

For more information about the Fund, please refer to www.GSAMFUNDS.com/ETFs. There, you can learn more about the Fund’s investment strategies, holdings, and performance

INDUSTRY ALLOCATION AS OF 8/31/203
Sector Name	Fund
Telecommunication Services		20.54	%
Consumer, Cyclical		20.03
Consumer, Non-cyclical		19.94
Energy		9.87
Financials		8.74
Industrials		7.35
Information Technology		4.59
Materials		3.57
Utilities		2.63
Other		1.17

³  The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. The “Other” category represents the Fund’s investments in other investment companies. Figures in the table may not sum to 100% due to the exclusion of other assets and liabilities.

8

GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF

Performance Summary

August 31, 2020

The following graph shows the value, as of August 31, 2020, of a $10,000 investment made on September 5, 2017 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index, the FTSE Goldman Sachs High Yield Corporate Bond Index is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. In addition to the performance of constituents of the underlying index, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.

Goldman Sachs Access High Yield Corporate Bond ETF’s Lifetime Performance

Performance of a $10,000 Investment, with distributions reinvested, from September 5, 2017 through August 31, 2020.

Average Annual Total Return through August 31, 2020*	1 Year Return	Since Inception
Shares based on NAV (Commenced September 5, 2017)	4.94%	4.88%
Shares based on Market Price (Commenced September 5, 2017)	5.23%	4.85%
FTSE Goldman Sachs High Yield Corporate Bond Index	4.67%	5.03%

* 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.

9

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 12-month period ended August 31, 2020 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund returned 8.57% based on net asset value (“NAV”) and 8.71% based on market price. The Index returned 8.68% during the same period.

The Fund had a NAV of $53.11 per share on August 31, 2019 and ended the Reporting Period with a NAV of $56.96 per share. The Fund’s market price on August 31, 2020 was $57.00 per share.

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

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

The Index is designed to 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.

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

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

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 78 basis points to 0.72%. (A basis point is 1/100^th of a percentage point.) The move in U.S. Treasuries reflected market expectations of lower economic growth amid uncertainty sparked by the COVID-19 pandemic.

The inflation picture during the Reporting Period — and the outlook for inflation — were more mixed. Year-over-year Consumer Price Index readings moved lower — from an annualized rate of 1.8% to an annualized rate of 1.0% during the Reporting Period. At the same time, U.S. employment decreased during the Reporting Period, with unemployment rates increasing from 3.7% to 8.4%, with a spike even higher in-between, due to the COVID-19 pandemic and the simultaneous economic shutdown. Still, we saw improved wage growth, with average hourly earnings increasing from 3.2% year over year in the 12 months ended August 31, 2019 to 4.7% year over year during the Reporting Period. A pick-up in wage growth is typically associated with a pick-up in inflation.

10

PORTFOLIO RESULTS

At the end of the Reporting Period, the U.S. Federal Reserve remained on watch for signs of weakness in the economy. Inflation-linked assets are inherently sensitive to macro data related to inflation estimates, including publication of unemployment, wage growth, inflation in other countries, economic growth and fiscal spending figures. We believed, at the end of the Reporting Period, that U.S. inflation would remain muted for calendar year 2020.

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

A The Fund does not employ derivatives.

Q What was the Fund’s weighted average duration, weighted average maturity, weighted average coupon, weighted average yield to maturity and 30-day standardized yield at the end of the Reporting Period?¹

A The Fund had a weighted average duration of 7.84 years, a weighted average maturity of 8.22 years and a weighted average coupon of 0.56% as of August 31, 2020. The Fund’s weighted average yield to maturity was 0.80% on August 31, 2020. The 30-day standardized yield of the Fund at the end of the Reporting Period was 4.44%.

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

A While the Index was 100% allocated to U.S. TIPS, the Fund was 99.88% invested in U.S. TIPS and 0.12% in cash at the end of the Reporting Period.

¹Duration 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. Yield to maturity is the annual return that a bond is expected to generate if it is held till its maturity given its coupon rate, payment frequency and current market price. Yield to maturity is essentially the internal rate of return of a bond, i.e. the discount rate at which the present value of a bond’s coupon payments and maturity value is equal to its current market price. 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.

²The 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.

11

FUND BASICS

Access Inflation Protected USD Bond ETF

as of August 31, 2020

FUND SNAPSHOT
As of August 31, 2020
Market Price1	$	57.00
Net Asset Value (NAV)1	$	56.96

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

TOP TEN HOLDINGS AS OF 8/31/202
Holding	% of Net Assets			Line of Business
U.S. Treasury Inflation Indexed Bond, 0.50%, 01/15/28		15.6	%	Government
U.S. Treasury Inflation Indexed Bond, 0.38%, 07/15/23		13.9		Government
U.S. Treasury Inflation Indexed Bond, 0.25%, 01/15/25		11.4		Government
U.S. Treasury Inflation Indexed Bond, 0.63%, 01/15/24		9.7		Government
U.S. Treasury Inflation Indexed Bond, 0.75%, 02/15/42		8.9		Government
U.S. Treasury Inflation Indexed Bond, 0.38%, 07/15/27		8.4		Government
U.S. Treasury Inflation Indexed Bond, 0.13%, 04/15/22		5.5		Government
U.S. Treasury Inflation Indexed Bond, 0.75%, 07/15/28		5.0		Government
U.S. Treasury Inflation Indexed Bond, 0.88%, 02/15/47		4.4		Government
U.S. Treasury Inflation Indexed Bond, 0.13%, 01/15/22		3.4		Government

²  The holdings may not be representative of the Fund’s future investments.

³  The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Figures in the table may not sum to 100% due to the exclusion of other assets and liabilities.

For more information about the Fund, please refer to www.GSAMFUNDS.com/ETFs. There, you can learn more about the Fund’s investment strategies, holdings, and performance.

12

GOLDMAN SACHS ACCESS INFLATION PROTECTED USD BOND ETF

Performance Summary

August 31, 2020

The following graph shows the value, as of August 31, 2020, of a $10,000 investment made on October 2, 2018 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index, the FTSE Goldman Sachs Treasury Inflation Protected USD Bond Index is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. In addition to the performance of constituents of the underlying index, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.

Goldman Sachs Access Inflation Protected USD Bond ETF’s Lifetime Performance

Performance of a $10,000 Investment, with distributions reinvested, from October 2, 2018 through August 31, 2020.

Average Annual Total Return through August 31, 2020*	1 Year Return	Since Inception
Shares based on NAV (Commenced October 2, 2018)	8.57%	8.99%
Shares based on Market Price (Commenced October 2, 2018)	8.71%	9.03%
FTSE Goldman Sachs Treasury Inflation Protected USD Bond Index	8.68%	9.10%

* Total return for periods of less than one year represents cumulative total return. Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return 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.

13

PORTFOLIO RESULTS

Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF

Investment Objective

The Goldman Sachs Access Investment Grade Corporate 1-5 Year 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 1-5 Years 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 period since it commenced operations on July 7, 2020 through August 31, 2020 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund returned 0.70% based on net asset value (“NAV”) and 0.84% based on market price. The Index returned 0.77% during the same period.

The Fund had a NAV of $49.89 per share on the date of inception and ended the Reporting Period with a NAV of $50.21 per share. The Fund’s market price on August 31, 2020 was $50.28 per share.

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

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

The Index is a rules-based index that is designed to measure the performance of investment grade, corporate bonds denominated in U.S. dollars (“USD”) with remaining maturities between one and five years 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”). The Index is based on the FTSE US Broad Investment-Grade (USBIG^®) Corporate Bond Index (the “Reference Index”) using concepts developed with Goldman Sachs Asset Management, L.P. (the “Investment Adviser” or “GSAM”). The 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.

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

During the Reporting Period, the Fund posted positive absolute returns that 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, 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, investment grade corporate spreads tightened but had not returned to pre-COVID-19 levels by the end of August 2020.

At the end of the Reporting Period, we remained alert for possible headwinds posed by health outcomes and unemployment rates. However, we believed supportive central bank actions and fiscal policy should keep shorter-dated investment grade corporate credit well supported. Yields on U.S. credit appeared attractive on a relative value basis at the end of the Reporting Period, in our view, given global central bank easing. Gross investment grade corporate credit supply remained strong, a trend, we believed, likely to continue.

14

PORTFOLIO RESULTS

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

A The Fund does not employ derivatives.

Q What was the Fund’s weighted average duration, weighted average maturity, weighted average coupon, weighted average yield to maturity and 30-day standardized yield at the end of the Reporting Period?¹

A The Fund had a weighted average duration of 2.79 years, a weighted average maturity of 3.19 years and a weighted average coupon of 3.21% as of August 31, 2020. The Fund’s weighted average yield to maturity was 0.86% on August 31, 2020. The 30-day standardized yield of the Fund at the end of the Reporting Period was 0.70%.

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

A

AAA	0.45	%
AA	4.58	%
A	38.08	%
BBB	53.27	%
BB	0.00	%
Cash	1.50	%

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

A Of the approximately 96.37% of the Fund’s assets invested in investment grade corporate bonds at the end of the Reporting Period, approximately 33.88% was in financials, 52.71% in industrials and 4.79% in utilities.³

Q What was the Fund’s sector positioning relative to the Index at the end of the Reporting Period?⁴

A While the Index was 97.68% allocated to investment grade corporate bonds, 0.90% allocated to high yield corporate bonds, 0.10% allocated to quasi-government securities and 0.00% in cash, the Fund was 96.37% invested in investment grade corporate bonds, 2.13% in high yield corporate bonds, 0.00% in quasi-government securities and 1.50% in cash at the end of the Reporting Period.

¹Duration 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. Yield to maturity is the annual return that a bond is expected to generate if it is held till its maturity given its coupon rate, payment frequency and current market price. Yield to maturity is essentially the internal rate of return of a bond, i.e. the discount rate at which the present value of a bond’s coupon payments and maturity value is equal to its current market price. 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.

²The 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.

³Industry classifications for securities may differ between the above section and the Fund Basics section due to differing classification methodologies. The classification methodology used for the above section is as set forth by GSAM. The Fund’s composition may differ over time. Consequently, the Fund’s overall industry allocations may differ from percentages contained in the above section.

⁴The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the FTSE Goldman Sachs US Investment-Grade Corporate Bond 1-5 Years Index.

15

FUND BASICS

Access Investment Grade Corporate 1-5 Year Bond ETF

as of August 31, 2020

FUND SNAPSHOT
As of August 31, 2020
Market Price1	$	50.28
Net Asset Value (NAV)1	$	50.21

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

TOP TEN HOLDINGS AS OF 8/31/202
Holding	% of Net Assets			Line of Business
JPMorgan Chase & Co., 1.51%, 06/01/24		2.0	%	Banks
HSBC Holdings PLC, 3.26%, 03/13/23		1.9		Banks
Bank of America Corp., Series MTN, 4.00%, 01/22/25		1.4		Banks
Morgan Stanley, 3.74%, 04/24/24		1.3		Banks
AbbVie, Inc., 2.30%, 11/21/22		1.3		Consumer Non-cyclical
Shell International Finance BV, 2.38%, 04/06/25		1.2		Energy
Intel Corp., 3.40%, 03/25/25		1.2		Technology
Natwest Group PLC, 6.00%, 12/19/23		1.1		Banks
Citigroup, Inc., 1.68%, 05/15/24		1.1		Banks
Air Lease Corp., 3.50%, 01/15/22		1.1		Financial Company

²  The top 10 holdings may not be representative of the Fund’s future investments.

For more information about the Fund, please refer to www.GSAMFUNDS.com/ETFs. There, you can learn more about the Fund’s investment strategies, holdings, and performance.

INDUSTRY ALLOCATION AS OF 8/31/203
Sector Name	Fund
Financials		42.32	%
Consumer, Non-cyclical		14.74
Consumer, Cyclical		7.90
Information Technology		7.84
Energy		7.37
Industrials		7.27
Utilities		4.74
Telecommunication Services		3.72
Investment Company		2.48
Materials		1.83

³  The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. The “Other” category represents the Fund’s investments in other investment companies. Figures in the table may not sum to 100% due to the exclusion of other assets and liabilities.

16

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE 1-5 YEAR BOND ETF

Performance Summary

August 31, 2020

Average Annual Total Return through August 31, 2020*	Since Inception
Shares based on NAV (Commenced July 7, 2020)	0.70%
Shares based on Market Price (Commenced July 7, 2020)	0.84%

* Total return for periods of less than one year represents cumulative total return. Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return 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 above represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.

17

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

Below, the Goldman Sachs Global Fixed Income and Liquidity Solutions Team discusses the Fund’s performance and positioning for the 12-month period ended August 31, 2020 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund returned 7.95% based on net asset value (“NAV”) and 8.07% based on market price. The Index returned 8.13% during the same period.

The Fund had a NAV of $52.87 per share on August 31, 2019 and ended the Reporting Period with a NAV of $55.39 per share. The Fund’s market price on August 31, 2020 was $55.47 per share.

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

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

The Index is designed to measure the performance of investment grade corporate bonds denominated in U.S. dollars that meet certain liquidity and fundamental screening criteria. The Index is a custom index that is owned and calculated by FTSE Fixed Income LLC (“FTSE”), 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.

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

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

Indices that track the U.S. investment grade corporate credit market typically have durations of between seven to eight 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 78 basis points, from 1.50% at the end of August 2019 to 0.72% at the end of August 2020, which was positive for intermediate duration assets such as investment grade corporate credit. (A basis point is 1/100th of a percentage point.)

The U.S. Federal Reserve (the “Fed”) cut the targeted federal funds rate four times during the Reporting Period. The Fed pre-emptively cut interest rates in September and October 2019 and then twice in March 2020 on the back of concerns surround the COVID-19 pandemic, bringing the targeted federal funds rate to a range of 0% to 0.25%. The U.S. Treasury market saw yields fall across the spectrum of maturities, but overall, the yield curve remained quite flat, as the U.S. entered a turn in the business cycle into a recession.

Investment grade corporate spreads widened from approximately 120 basis points to approximately 129 basis points over duration-equivalent U.S. Treasuries during the Reporting Period. Spreads had initially tightened toward the beginning of 2020, as investor sentiment turned toward risk assets. However, spreads then widened as uncertainty around

18

PORTFOLIO RESULTS

the COVID-19 pandemic heightened in February 2020. From March through August 2020, spreads tightened but had not returned to pre-COVID-19 levels by the end of the Reporting Period.

At the end of the Reporting Period, we remained alert for possible headwinds posed by health outcomes and unemployment rates. However, we believed supportive central bank actions and fiscal policy should keep investment grade corporate credit supported. Yields on U.S. credit appeared attractive on a relative value basis at the end of the Reporting Period, in our view, given global central bank easing. Gross investment grade corporate credit supply remained strong, a trend, we believed, likely to continue.

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

A The Fund does not employ derivatives.

Q What was the Fund’s weighted average duration, weighted average maturity, weighted average coupon, weighted average yield to maturity and 30-day standardized yield at the end of the Reporting Period?¹

A The Fund had a weighted average duration of 8.40 years, a weighted average maturity of 12.24 years and a weighted average coupon of 3.94% as of August 31, 2020. The Fund’s weighted average yield to maturity was 1.91% on August 31, 2020. The 30-day standardized yield of the Fund at the end of the Reporting Period was 1.65%.

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

A

AAA	1.99	%
AA	10.34	%
A	36.31	%
BBB	47.72	%
BB	0.00	%
Cash	1.07	%

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

A Of the approximately 96.37% of the Fund’s assets invested in investment grade corporate bonds at the end of the Reporting Period, approximately 29.30% was in financials, 64.63% in industrials and 2.44% in utilities.³

Q What was the Fund’s sector positioning relative to the Index at the end of the Reporting Period?⁴

A While the Index was 96.88% allocated to investment grade corporate bonds, 1.20% allocated to high yield corporate bonds, 1.52% allocated to emerging market corporate bonds, 0.16% allocated to quasi-government securities and 0.23% in cash, the Fund was 96.37% invested in investment grade corporate bonds, 1.06% in high yield corporate bonds, 1.36% in emerging market corporate bonds, 0.15% in quasi-government securities and 1.07% in cash at the end of the Reporting Period.

¹  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. Yield to maturity is the annual return that a bond is expected to generate if it is held till its maturity given its coupon rate, payment frequency and current market price. Yield to maturity is essentially the internal rate of return of a bond, i.e. the discount rate at which the present value of a bond’s coupon payments and maturity value is equal to its current market price. 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.

²  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.

³  Industry classifications for securities may differ between the above section and the Fund Basics section due to differing classification methodologies. The classification methodology used for the above section is as set forth by GSAM. The Fund’s composition may differ over time. Consequently, the Fund’s overall industry allocations may differ from percentages contained in the above section.

⁴  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.

19

FUND BASICS

Access Investment Grade Corporate Bond ETF

as of August 31, 2020

FUND SNAPSHOT
As of August 31, 2020
Market Price1	$	55.47
Net Asset Value (NAV)1	$	55.39

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

TOP TEN HOLDINGS AS OF 8/31/202
Holding	% of Net Assets			Line of Business	Country
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc., 4.90%, 02/01/46		0.3	%	Food and Beverage	Belgium
GE Capital International Funding Co. Unlimited Co., 4.42%, 11/15/35		0.3		Financial Company	United States
Comcast Corp., 3.70%, 04/15/24		0.3		Communications	United States
Apple, Inc., 2.10%, 09/12/22		0.3		Technology	United States
Apple, Inc., 2.50%, 02/09/22		0.3		Technology	United States
AbbVie, Inc., 3.20%, 11/21/29		0.3		Consumer Noncyclical	United States
CVS Health Corp., 4.78%, 03/25/38		0.3		Healthcare	United States
AbbVie, Inc., 4.25%, 11/21/49		0.3		Consumer Noncyclical	United States
Microsoft Corp., 2.53%, 06/01/50		0.3		Technology	United States
AbbVie, Inc., 2.95%, 11/21/26		0.3		Consumer Noncyclical	United States

²  The top 10 holdings may not be representative of the Fund’s future investments.

For more information about the Fund, please refer to www.GSAMFUNDS.com/ETFs. There, you can learn more about the Fund’s investment strategies, holdings, and performance.

INDUSTRY ALLOCATION AS OF 8/31/203
Sector Name	Fund
Financials		30.40	%
Consumer, Non-cyclical		19.89
Telecommunication Services		13.74
Information Technology		9.25
Energy		8.48
Industrials		6.16
Consumer, Cyclical		5.94
Utilities		2.42
Materials		1.85
Investment Company		1.03

³  The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. The “Other” category represents the Fund’s investments in other investment companies. Figures in the table may not sum to 100% due to the exclusion of other assets and liabilities.

20

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Performance Summary

August 31, 2020

The following graph shows the value, as of August 31, 2020, of a $10,000 investment made on June 6, 2017 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index, the FTSE Goldman Sachs Investment Grade Corporate Bond Index is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. In addition to the performance of constituents of the underlying index, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.

Goldman Sachs Access Investment Grade Corporate Bond ETF’s Lifetime Performance

Performance of a $10,000 Investment, with distributions reinvested, from June 6, 2017 through August 31, 2020.

Average Annual Total Return through August 31, 2020*	1 Year Return	Since Inception
Shares based on NAV (Commenced June 6, 2017)	7.95%	6.47%
Shares based on Market Price (Commenced June 6, 2017)	8.07%	6.51%
FTSE Goldman Sachs Investment Grade Corporate Bond Index	8.13%	6.68%

* 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.

21

PORTFOLIO RESULTS

Goldman Sachs Access Treasury 0-1 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 12-month period ended August 31, 2020 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund returned 1.42% based on net asset value (“NAV”) and 1.41% based on market price. The Index returned 1.49% during the same period.

The Fund had a NAV of $100.38 on August 31, 2019 and ended the Reporting Period with a NAV of $100.44 per share. The Fund’s market price on August 31, 2020 was $100.45 per share.

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

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

The Index is designed to measure the performance of U.S. Treasury 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.

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

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

The Fund’s and the Index’s performance was largely reflective of the performance of front-end, or short-term, U.S. Treasury rates, which were primarily affected by U.S. Federal Reserve (“Fed”) policy and issuance. Despite higher new issuance at the front-end of the yield curve, or spectrum of maturities, demand for reduced-risk assets and easing Fed monetary policy kept short-term rates at historic lows during the Reporting Period.

Indeed, the Fed cut the targeted federal funds rate four times during the Reporting Period. The Fed pre-emptively cut interest rates in September and October 2019 and then twice in March 2020 on the back of concerns surrounding the COVID-19 pandemic, bringing the targeted federal funds rate to a range of 0% to 0.25%. The U.S. Treasury market saw yields fall across the spectrum of maturities, but lower front-end rates, in turn, decreased the yield of the Fund — the largest component of its return — during the Reporting Period.

At the end of the Reporting Period, we expected Fed policy to remain accommodative until labor markets normalize, which will likely be highly dependent on the development of the COVID-19 pandemic as well as the evolution of economic data. While U.S. economic growth has declined and the U.S. entered into a recession in 2020, demand for U.S. Treasuries remained robust, especially given negative

22

PORTFOLIO RESULTS

rates elsewhere in some developed markets. While U.S. economic growth may well remain fragile for some time and conditional on health outcomes, we did expect some positive economic data at the end of the Reporting Period should lockdown measures loosen going forward as we anticipate.

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

A The Fund does not employ derivatives.

Q What was the Fund’s weighted average duration, weighted average maturity, weighted average coupon, weighted average yield to maturity and 30-day standardized yield at the end of the Reporting Period?¹

A The Fund had a weighted average duration of 0.34 years, a weighted average maturity of 0.34 years and a weighted average coupon of 0.11% as of August 31, 2020. The Fund’s weighted average yield to maturity was 0.11% on August 31, 2020. The 30-day net standardized yield of the Fund at the end of the Reporting Period was 0.00%.

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

A The Index was 100% allocated to U.S. Treasury Securities as 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.

¹Duration 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. Yield to maturity is the annual return that a bond is expected to generate if it is held till its maturity given its coupon rate, payment frequency and current market price. Yield to maturity is essentially the internal rate of return of a bond, i.e. the discount rate at which the present value of a bond’s coupon payments and maturity value is equal to its current market price. 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.

²The 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.

23

FUND BASICS

Access Treasury 0-1 Year ETF

as of August 31, 2020

FUND SNAPSHOT
As of August 31, 2020
Market Price1	$	100.45
Net Asset Value (NAV)1	$	100.44

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

TOP TEN HOLDINGS AS OF 8/31/202
Holding	Maturity Date	% of Net Assets
U.S. Treasury Bill, 0.09%	10/08/20		11.8	%
U.S. Treasury Bill, 0.16%	10/08/20		6.8
U.S. Treasury Bill, 0.09%	11/19/20		6.8
U.S. Treasury Bill, 0.16%	11/19/20		6.0
U.S. Treasury Bill, 0.16%	12/31/20		4.9
U.S. Treasury Bill, 0.14%	10/08/20		4.5
U.S. Treasury Bill, 0.10%	10/08/20		4.3
U.S. Treasury Bill, 1.31%	01/28/21		4.2
U.S. Treasury Bill, 0.14%	11/19/20		3.9
U.S. Treasury Bill, 0.11%	02/25/21		3.7
Other	N/A		43.1

²  The top 10 holdings may not be representative of the Fund’s future investments.

For more information about the Fund, please refer to www.GSAMFUNDS.com/ETFs. There, you can learn more about the Fund’s investment strategies, holdings, and performance.

24

GOLDMAN SACHS ACCESS TREASURY 0-1 YEAR ETF

Performance Summary

August 31, 2020

The following graph shows the value, as of August 31, 2020, of a $10,000 investment made on September 6, 2016 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index, the FTSE US Treasury 0-1 Year Composite Select Index is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. In addition to the performance of constituents of the underlying index, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.

Goldman Sachs Access Treasury 0-1 Year ETF’s Lifetime Performance

Performance of a $10,000 Investment, with distributions reinvested, from September 6, 2016 through August 31, 2020.

Average Annual Total Return through August 31, 2020*	1 Year Return	Since Inception
Shares based on NAV (Commenced September 6, 2016)	1.42%	1.43%
Shares based on Market Price (Commenced September 6, 2016)	1.41%	1.43%
FTSE US Treasury 0-1 Year Composite Select Index	1.49%	1.53%

* 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.

25

PORTFOLIO RESULTS

Goldman Sachs Access Ultra Short Bond ETF

Investment Objective

The Goldman Sachs Access Ultra Short Bond ETF (the “Fund”) seeks to provide current income with preservation of capital.

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 12-month period ended August 31, 2020 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund returned 2.28% based on net asset value (“NAV”) and 2.28% based on market price. The Fund’s benchmark, the FTSE Three-Month U.S. Treasury Bill Index (the “Index”), returned 1.18% for the same period.

The Fund had a NAV of $50.49 per share on August 31, 2019 and ended the Reporting Period with a NAV of $50.77 per share. The Fund’s market price on August 31, 2020 was $50.78 per share.

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

A The Fund seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) (“Net Assets”) in a broad range of U.S. dollar denominated bonds. The Fund primarily invests in obligations issued or guaranteed by the U.S. Government, its agencies, authorities, instrumentalities or sponsored enterprises (“U.S. Government Securities”), obligations of U.S. banks, corporate notes, commercial paper and other short-term obligations of U.S. companies, states, municipalities and other entities, fixed and floating rate mortgage-backed securities, asset-backed securities, collateralized loan obligations and repurchase agreements. The Fund may also invest in U.S. dollar-denominated obligations issued or guaranteed by foreign banks, companies and governments or their agencies, authorities, instrumentalities or sponsored enterprises.

The Fund will generally focus its investments in securities of issuers that, at the time of purchase, have a short-term credit rating of at least investment grade by at least one nationally recognized statistical rating organization (“NRSRO”) (at least A-2, P-2, or F2 by Standard & Poor’s Ratings Services (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch Ratings, Inc. (“Fitch”), respectively), have a long-term credit rating of at least investment grade by at least one NRSRO (at least BBB-, Baa3, or BBB by Standard & Poor’s, Moody’s or Fitch, respectively) if such securities only maintain long-term ratings, or, if unrated, are determined by the Investment Adviser to be of comparable credit quality at the time of purchase. The Fund may also rely on the credit quality of a guarantee or demand feature in determining the credit quality of a security supported by the guarantee or demand feature.

The Fund will concentrate its investments in the financial services group of industries. Therefore, under normal circumstances, the Fund will invest more than 25% of its total assets in securities issued by companies in the financial services group of industries and repurchase agreements secured by such obligations.

Under normal circumstances, the Fund’s effective duration is expected to be one year or less. “Duration” is a measure of a debt security’s price sensitivity to changes in interest rates. The longer the duration of the Fund (or an individual debt security), the more sensitive its market price to changes in interest rates. In computing duration, the Fund will estimate the duration of obligations that are subject to prepayment or redemption by the issuer, taking into account the influence of interest rates on prepayments and coupon flows. This method of computing duration is known as “option-adjusted” duration.

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

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

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

26

PORTFOLIO RESULTS

an actively managed, broadly diversified portfolio of high quality short-term holdings across multiple spread, or non-U.S. Treasury, sectors, outperformed the Index due primarily to credit risk and having a longer duration than that of the Index, both of which boosted the Fund’s results during the Reporting Period.

Overall, short term bond returns are driven by two primary factors — short-term interest rates and sector yields.

The U.S. Federal Reserve (the “Fed”) cut the targeted federal funds rate four times during the Reporting Period. The Fed pre-emptively cut interest rates in September and October 2019 and then twice in March 2020 on the back of concerns surrounding the COVID-19 pandemic, bringing the targeted federal funds rate to a range of 0% to 0.25%. The U.S. Treasury market saw yields fall across the spectrum of maturities, but lower front-end rates, in turn, decreased the yield of the Fund during the Reporting Period.

That said, since the Fund is an ultra-short bond fund, i.e. it maintains an effective duration of less than one year, its NAV has a low sensitivity to interest rate changes. As the fixed income yield curve remained rather flat during the Reporting Period, with little difference in yields between shorter-term and longer-term maturities, this reflected positively on the Fund on a relative value basis.

During the Reporting Period, short-dated, i.e. maturities of one to three years, investment grade credit yields tightened by approximately 150 basis points, and securitized credit yields fell by approximately 103 basis points. (A basis point is 1/100^th of a percentage point.) Yields rose toward the beginning of 2020 as investor sentiment turned negative toward risk assets amid COVID-19 uncertainties and softening macroeconomic data. However, yields then tightened in mid-2020 through the end of the Reporting Period. Yield tightening was beneficial to the performance of the Fund.

A broad diversified portfolio of high quality short-term holdings, across investment grade corporate credit, U.S. Treasuries, mortgage-backed securities and other securitized credit, helped the Fund achieve a high level of current income for investors while also providing reduced volatility as yields of various individual sectors fluctuated during the Reporting Period.

While U.S. economic growth has declined and the U.S. entered into a recession in 2020, demand for U.S. Treasuries remained robust, especially given negative rates elsewhere in some developed markets. At the end of the Reporting Period, we remained alert for possible headwinds posed by health outcomes and unemployment rates. However, we believed supportive central bank actions and fiscal policy should keep investment grade corporate credit and securitized credit supported.

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

A The Fund does not employ derivatives.

Q What was the Fund’s weighted average duration, weighted average maturity, weighted average coupon, weighted average yield to maturity and 30-day standardized yield at the end of the Reporting Period?¹

A The Fund had a weighted average duration of 0.87 years, a weighted average maturity of 9.81 years and a weighted average coupon of 1.39% as of August 31, 2020. The Fund’s weighted average yield to maturity was 0.76% on August 31, 2020. The 30-day standardized yield of the Fund at the end of the Reporting Period was 0.56%.

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

A

U.S. Treasuries	5.07	%
Agency Securities	34.58	%
AAA	21.49	%
AA	5.83	%
A	18.70	%
BBB	11.40	%
Not Rated	2.29	%
Cash	0.65	%

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

A While the Index was 100% allocated to U.S. Treasury securities, the Fund was 5.07% invested in U.S. Treasury securities, 20.92% in asset-backed securities, 34.58% in residential mortgage-backed securities, 35.92% in investment grade corporate bonds and 0.65% in cash at the end of the Reporting Period.

¹Duration 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

27

PORTFOLIO RESULTS

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. Yield to maturity is the annual return that a bond is expected to generate if it is held till its maturity given its coupon rate, payment frequency and current market price. Yield to maturity is essentially the internal rate of return of a bond, i.e. the discount rate at which the present value of a bond’s coupon payments and maturity value is equal to its current market price. 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.

²  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.

28

FUND BASICS

Access Ultra Short Bond ETF

as of August 31, 2020

FUND SNAPSHOT
As of August 31, 2020
Market Price1	$	50.78
Net Asset Value (NAV)1	$	50.77

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

TOP TEN HOLDINGS AS OF 8/31/202
Holding	% of Net Assets
U.S. Treasury Bill, 0.12%, 02/11/21		4.5	%
FNMA REMIC, Class GF, Series 2017-91, 0.53%, 11/25/47		2.8
FNMA REMIC, Class WF, Series 2010-46, 0.93%, 05/25/40		2.3
GNMA, Class FH, Series 2004-70, 0.56%, 07/20/34		1.9
State of Texas, 4.00%, 08/26/21		1.6
FHLMC REMIC, Class F, Series 2019-4897, 0.56%, 07/15/49		1.5
FHLMC REMIC, Class CF, Series 2009-3593, 0.76%, 02/15/36		1.5
GNMA, Class KF, Series 2013-64, 0.41%, 04/20/43		1.5
FNMA REMIC, Class DF, Series 2013-19, 0.48%, 09/25/41		1.4
FNMA REMIC, Class BF, Series 2012-14, 0.78%, 03/25/42		1.3

²  The top 10 holdings may not be representative of the Fund’s future investments.

For more information about the Fund, please refer to www.GSAMFUNDS.com/ETFs. There, you can learn more about the Fund’s investment strategies, holdings, and performance.

SECTOR ALLOCATION AS OF 8/31/203
Sector Name	Fund
Mortgage-Backed Securities		35.64	%
Asset- Backed Securities		20.89
Corporate Obligations		19.37
Foreign Corporate Debt		16.39
U.S. Treasury Bills		5.07
Investment Company		2.47
Municipal Debt Obligations		1.79
Certificate of Deposit		0.33

³  The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Figures in the table may not sum to 100% due to the exclusion of other assets and liabilities.

29

GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF

Performance Summary

August 31, 2020

The following graph shows the value, as of August 31, 2020, of a $10,000 investment made on April 15, 2019 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of a broad-based securities market index, the FTSE 3 Month T-Bill Index is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. Certain factors may affect Fund performance including, but not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.

Goldman Sachs Access Ultra Short Bond ETF’s Lifetime Performance

Performance of a $10,000 Investment, with distributions reinvested, from April 15, 2019 through August 31, 2020.

Average Annual Total Return through August 31, 2020*	1 Year Return	Since Inception
Shares based on NAV (Commenced April 15, 2019)	2.28%	2.92%
Shares based on Market Price (Commenced April 15, 2019)	2.28%	2.93%
FTSE 3 Month T-Bill Index	1.18%	1.51%

* 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.

30

FUND BASICS

Index Definitions and Industry Terms

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

Access High Yield Corporate Bond ETF

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.

Access Inflation Protected USD Bond ETF

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.

Access Investment Grade Corporate 1-5 Year Bond ETF

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.

Access Investment Grade Corporate Bond ETF

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

31

FUND BASICS

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.

Access Treasury 0-1 Year ETF

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.

Access Ultra Short Bond ETF

The FTSE 3 Month US T Bill Index is intended to track the daily performance of 3 month US Treasury bills. The index is designed to operate as a reference rate for a series of funds.

Goldman Sachs Access Ultra Short Bond ETF (GSST) does not attempt to track an index and takes a more active approach.

32

GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF

Schedule of Investments

August 31, 2020

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – 93.0%
Advertising – 1.1%
	Clear Channel Worldwide Holdings, Inc.(a)
$	470,000		5.125	%		08/15/27	$	473,525
	Lamar Media Corp.
	90,000		5.000			05/01/23		91,238
	300,000		5.750			02/01/26		313,500
	Nielsen Finance LLC / Nielsen Finance Co.(a)
	200,000		5.000			04/15/22		201,250
	Outfront Media Capital LLC / Outfront Media Capital Corp.
	120,000		5.625			02/15/24		122,700
	400,000		6.250	(a)		06/15/25		417,000
								1,619,213
Aerospace – 0.2%
	Triumph Group, Inc.
	100,000		6.250	(a)		09/15/24		82,000
	236,000		7.750			08/15/25		143,370
								225,370
Aerospace & Defense – 1.9%
	TransDigm, Inc.
	254,000		6.500			07/15/24		257,810
	200,000		6.500			05/15/25		202,000
	400,000		8.000	(a)		12/15/25		437,500
	1,020,000		6.250	(a)		03/15/26		1,081,200
	551,000		6.375			06/15/26		565,464
	70,000		7.500			03/15/27		73,850
	Wolverine Escrow LLC(a)
	330,000		9.000			11/15/26		257,400
								2,875,224
Agriculture – 0.8%
	JBS USA LUX SA / JBS USA Finance, Inc.
	480,000		5.750	(a)		06/15/25		498,000
	314,000		6.750	(a)		02/15/28		350,110
	JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc.(a)
	320,000		6.500			04/15/29		364,800
								1,212,910
Banks – 0.1%
	Freedom Mortgage Corp.
	74,000		8.125	(a)		11/15/24		74,833
	147,000		8.250	(a)		04/15/25		150,491
								225,324
Basic Industry – 1.1%
	CF Industries, Inc.
	170,000		3.450			06/01/23		176,800
	100,000		5.150			03/15/34		120,500
	Chemours Co. (The)
	420,000		6.625			05/15/23		422,205
	Olin Corp.
	512,000		5.125			09/15/27		512,000
	Tronox, Inc.(a)
	344,000		6.500			04/15/26		357,760
								1,589,265
Corporate Obligations – (continued)
Broadcasting – 3.5%
	Diamond Sports Group LLC / Diamond Sports Finance Co.
	260,000		5.375	(a)		08/15/26		204,100
	1,000,000		6.625	(a)		08/15/27		565,000
	iHeartCommunications, Inc.(a)
	750,000		4.750			01/15/28		721,875
	Nexstar Broadcasting, Inc.(a)
	560,000		5.625			07/15/27		594,300
	Sinclair Television Group, Inc.(a)
	250,000		5.500			03/01/30		246,875
	Sirius XM Radio, Inc.
	210,000		4.625	(a)		07/15/24		219,188
	128,000		5.375	(a)		07/15/26		134,080
	755,000		5.000	(a)		08/01/27		802,187
	240,000		5.500	(a)		07/01/29		264,600
	411,000		4.125	(a)		07/01/30		432,578
	TEGNA, Inc.(a)
	300,000		5.000			09/15/29		301,875
	Terrier Media Buyer, Inc.(a)
	120,000		8.875			12/15/27		124,500
	Univision Communications, Inc.
	257,000		5.125	(a)		02/15/25		258,285
	405,000		6.625	(a)		06/01/27		407,531
								5,276,974
Brokerage – 0.2%
	Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp.(a)
	300,000		4.250			02/01/27		276,750
Building Materials – 1.1%
	AECOM
	314,000		5.125			03/15/27		346,970
	American Builders & Contractors Supply Co., Inc.
	50,000		5.875	(a)		05/15/26		52,625
	363,000		4.000	(a)		01/15/28		372,982
	Beacon Roofing Supply, Inc.(a)
	280,000		4.875			11/01/25		279,300
	Builders FirstSource, Inc.(a)
	530,000		6.750			06/01/27		579,688
								1,631,565
Capital Goods – 3.2%
	Ball Corp.
	205,000		4.000			11/15/23		219,094
	351,000		5.250			07/01/25		400,140
	121,000		4.875			03/15/26		136,730
	Covanta Holding Corp.
	125,000		5.875			07/01/25		130,567
	101,000		6.000			01/01/27		106,216
	Crown Americas LLC / Crown Americas Capital Corp. IV
	200,000		4.500			01/15/23		210,500
	Crown Americas LLC / Crown Americas Capital Corp. V
	245,000		4.250			09/30/26		261,537
	Crown Americas LLC / Crown Americas Capital Corp. VI
	210,000		4.750			02/01/26		219,450
	Flex Acquisition Co., Inc.
	130,000		6.875	(a)		01/15/25		132,925
	157,000		7.875	(a)		07/15/26		165,439

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

GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF

Schedule of Investments (continued)

August 31, 2020

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Capital Goods – (continued)
	Graham Packaging Co., Inc.(a)
$	30,000		7.125	%		08/15/28	$	31,500
	Herc Holdings, Inc.(a)
	490,000		5.500			07/15/27		514,500
	LABL Escrow Issuer LLC
	183,000		6.750	(a)		07/15/26		196,725
	139,000		10.500	(a)		07/15/27		152,552
	Mauser Packaging Solutions Holding Co.
	304,000		5.500	(a)		04/15/24		315,400
	275,000		7.250	(a)		04/15/25		268,125
	Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu
	214,000		5.125	(a)		07/15/23		218,012
	144,000		7.000	(a)		07/15/24		147,240
	Sealed Air Corp.
	260,000		4.875	(a)		12/01/22		275,600
	60,000		6.875	(a)		07/15/33		77,400
	Sensata Technologies BV
	366,000		4.875	(a)		10/15/23		387,960
	179,000		5.000	(a)		10/01/25		194,663
								4,762,275
Communications – 8.8%
	AMC Networks, Inc.
	80,000		4.750			12/15/22		80,800
	220,000		5.000			04/01/24		226,050
	340,000		4.750			08/01/25		351,900
	CCO Holdings LLC / CCO Holdings Capital Corp.
	197,000		4.000	(a)		03/01/23		199,463
	645,000		5.750	(a)		02/15/26		675,637
	509,000		5.500	(a)		05/01/26		534,450
	490,000		5.125	(a)		05/01/27		520,625
	17,000		5.875	(a)		05/01/27		17,935
	423,000		5.000	(a)		02/01/28		448,909
	300,000		5.375	(a)		06/01/29		330,375
	680,000		4.750	(a)		03/01/30		730,150
	440,000		4.500	(a)		08/15/30		467,500
	400,000		4.250	(a)		02/01/31		418,500
	CSC Holdings LLC
	90,000		5.875			09/15/22		96,300
	678,000		5.250			06/01/24		737,325
	550,000		5.500	(a)		04/15/27		588,500
	200,000		5.375	(a)		02/01/28		214,000
	200,000		7.500	(a)		04/01/28		225,000
	640,000		6.500	(a)		02/01/29		722,400
	680,000		5.750	(a)		01/15/30		743,750
	DISH DBS Corp.
	468,000		5.000			03/15/23		488,475
	314,000		5.875			11/15/24		333,625
	514,000		7.750			07/01/26		591,100
	110,000		7.375	(a)		07/01/28		116,806
	Lions Gate Capital Holdings LLC
	83,000		6.375	(a)		02/01/24		85,490
	142,000		5.875	(a)		11/01/24		143,420
	Live Nation Entertainment, Inc.
	490,000		6.500	(a)		05/15/27		537,775
	224,000		4.750	(a)		10/15/27		212,240
Corporate Obligations – (continued)
Communications – (continued)
	Meredith Corp.
	320,000		6.875			02/01/26		281,200
	Netflix, Inc.
	440,000		4.375			11/15/26		491,700
	467,000		4.875			04/15/28		540,552
	562,000		5.875			11/15/28		694,070
	227,000		6.375			05/15/29		288,858
	100,000		5.375	(a)		11/15/29		120,750
								13,255,630
Consumer Cyclical – 18.1%
	Adient Global Holdings Ltd.(a)
	200,000		4.875			08/15/26		188,000
	Adient US LLC(a)
	449,000		7.000			05/15/26		484,920
	ADT Security Corp. (The)(a)
	230,000		4.875			07/15/32		248,975
	Allison Transmission, Inc.
	97,000		5.000	(a)		10/01/24		98,455
	320,000		4.750	(a)		10/01/27		336,800
	AMC Entertainment Holdings, Inc.
	100,000		5.750			06/15/25		31,000
	250,000		6.125			05/15/27		77,500
	APX Group, Inc.
	277,000		7.875			12/01/22		281,155
	200,000		6.750	(a)		02/15/27		210,750
	Boyd Gaming Corp.
	160,000		6.375			04/01/26		167,600
	271,000		6.000			08/15/26		285,566
	180,000		4.750			12/01/27		179,780
	Brink’s Co. (The)(a)
	284,000		5.500			07/15/25		300,330
	Caesars Entertainment, Inc.
	450,000		6.250	(a)		07/01/25		477,618
	450,000		8.125	(a)		07/01/27		479,250
	Caesars Resort Collection LLC / CRC Finco, Inc.
	150,000		5.750	(a)		07/01/25		157,517
	511,000		5.250	(a)		10/15/25		490,560
	Cedar Fair LP
	75,000		5.250			07/15/29		73,312
	Cedar Fair LP / Canada’s Wonderland Co. / Magnum Management Corp.
	270,000		5.375			06/01/24		272,025
	Cinemark USA, Inc.
	104,000		5.125			12/15/22		97,760
	50,000		4.875			06/01/23		46,250
	Clarios Global LP / Clarios US Finance Co.
	418,000		6.250	(a)		05/15/26		442,571
	415,000		8.500	(a)		05/15/27		439,907
	Dana, Inc.
	300,000		5.625			06/15/28		318,000
	Diamond Resorts International, Inc.(a)
	104,000		7.750			09/01/23		102,180
	ESH Hospitality, Inc.(a)
	367,000		5.250			05/01/25		375,257

34 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 Cyclical – (continued)
	Ford Motor Co.
$	180,000		8.500	%		04/21/23	$	199,981
	280,000		9.000			04/22/25		328,147
	105,000		4.346			12/08/26		105,406
	600,000		6.625			10/01/28		662,846
	300,000		7.450			07/16/31		351,228
	Ford Motor Credit Co. LLC
	700,000		3.087			01/09/23		696,747
	380,000		5.584			03/18/24		404,159
	300,000		5.125			06/16/25		315,785
	200,000		4.134			08/04/25		201,067
	200,000		4.542			08/01/26		204,087
	400,000		4.271			01/09/27		403,675
	200,000		3.815			11/02/27		196,376
	200,000		5.113			05/03/29		211,263
	Gap, Inc. (The)(a)
	500,000		8.625			05/15/25		558,795
	Hanesbrands, Inc.
	397,000		4.625	(a)		05/15/24		418,835
	250,000		5.375	(a)		05/15/25		266,875
	Hilton Domestic Operating Co., Inc.
	274,000		4.250			09/01/24		276,740
	400,000		5.125			05/01/26		416,000
	310,000		4.875			01/15/30		320,850
	Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp.
	217,000		4.625			04/01/25		220,255
	155,000		4.875			04/01/27		160,037
	Iron Mountain, Inc.
	331,000		4.875	(a)		09/15/27		345,481
	272,000		5.250	(a)		03/15/28		286,960
	570,000		5.250	(a)		07/15/30		607,763
	KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC
	186,000		5.000	(a)		06/01/24		192,742
	270,000		5.250	(a)		06/01/26		282,488
	L Brands, Inc.
	350,000		7.500			06/15/29		374,567
	Lennar Corp.
	230,000		4.125			01/15/22		236,038
	150,000		4.500			04/30/24		161,259
	55,000		4.750			05/30/25		60,548
	361,000		4.750			11/29/27		413,796
	Macy’s Retail Holdings LLC
	20,000		2.875			02/15/23		16,606
	Macy’s, Inc.(a)
	300,000		8.375			06/15/25		314,261
	Marriott Ownership Resorts, Inc. / ILG LLC
	340,000		6.500			09/15/26		354,875
	MGM Growth Properties Operating Partnership LP / MGP Finance Co.-Issuer, Inc.
	405,000		4.625	(a)		06/15/25		429,300
	150,000		5.750			02/01/27		166,125
	MGM Resorts International
	298,000		6.000			03/15/23		314,017
	77,000		5.750			06/15/25		82,871
Corporate Obligations – (continued)
Consumer Cyclical – (continued)
	MGM Resorts International – (continued)
	167,000		4.625			09/01/26		170,758
	209,000		5.500			04/15/27		222,063
	Navistar International Corp.(a)
	326,000		6.625			11/01/25		334,150
	NCL Corp Ltd.(a)
	447,000		3.625			12/15/24		307,871
	Penske Automotive Group, Inc.
	30,000		5.750			10/01/22		30,112
	20,000		5.500			05/15/26		20,900
	PetSmart, Inc.
	310,000		7.125	(a)		03/15/23		312,862
	150,000		5.875	(a)		06/01/25		154,687
	165,000		8.875	(a)		06/01/25		172,013
	Picasso Finance Sub, Inc.(a)
	280,000		6.125			06/15/25		299,600
	Prime Security Services Borrower LLC / Prime Finance, Inc.(a)
	540,000		3.375			08/31/27		539,325
	PulteGroup, Inc.
	201,000		5.500			03/01/26		230,945
	172,000		5.000			01/15/27		197,301
	100,000		6.375			05/15/33		124,750
	QVC, Inc.
	100,000		4.450			02/15/25		103,559
	150,000		4.750			02/15/27		159,101
	RHP Hotel Properties LP / RHP Finance Corp.
	30,000		5.000			04/15/23		29,550
	130,000		4.750			10/15/27		120,575
	Scientific Games International, Inc.
	410,000		5.000	(a)		10/15/25		407,950
	340,000		8.250	(a)		03/15/26		351,900
	90,000		7.000	(a)		05/15/28		89,100
	Six Flags Entertainment Corp.
	280,000		4.875	(a)		07/31/24		274,050
	87,000		5.500	(a)		04/15/27		84,716
	Staples, Inc.(a)
	547,000		7.500			04/15/26		490,933
	Station Casinos LLC(a)
	341,000		4.500			02/15/28		325,655
	Taylor Morrison Communities, Inc.(a)
	430,000		5.125			08/01/30		469,775
	Tesla, Inc.(a)
	352,000		5.300			08/15/25		367,400
	Toll Brothers Finance Corp.
	49,000		5.875			02/15/22		51,265
	313,000		4.375			04/15/23		329,208
	122,000		4.350			02/15/28		133,603
	VICI Properties LP / VICI Note Co., Inc.
	285,000		4.250	(a)		12/01/26		293,550
	200,000		4.625	(a)		12/01/29		209,500
	400,000		4.125	(a)		08/15/30		402,000
	William Carter Co. (The)(a)
	332,000		5.625			03/15/27		354,410
	Wyndham Destinations, Inc.(a)
	360,000		6.625			07/31/26		382,956
	Yum! Brands, Inc.(a)
	375,000		4.750			01/15/30		413,438
								27,183,420

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

GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF

Schedule of Investments (continued)

August 31, 2020

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Consumer Noncyclical – 3.4%
	Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC
$	335,000		6.625	%		06/15/24	$	345,469
	449,000		5.750			03/15/25		465,276
	380,000		4.625	(a)		01/15/27		401,375
	339,000		4.875	(a)		02/15/30		367,391
	Allied Universal Holdco LLC / Allied Universal Finance Corp.(a)
	490,000		6.625			07/15/26		526,750
	Change Healthcare Holdings LLC / Change Healthcare Finance, Inc.(a)
	273,000		5.750			03/01/25		279,142
	Elanco Animal Health, Inc.
	300,000		5.900			08/28/28		357,205
	Fresh Market, Inc. (The)(a)
	80,000		9.750			05/01/23		68,700
	Hologic, Inc.(a)
	230,000		4.375			10/15/25		235,750
	Jaguar Holding Co. II / PPD Development LP(a)
	312,000		5.000			06/15/28		332,280
	MEDNAX, Inc.(a)
	230,000		6.250			01/15/27		244,375
	MPH Acquisition Holdings LLC(a)
	307,000		7.125			06/01/24		312,373
	Polaris Intermediate Corp.(a) (b) (PIK 9.250%, Cash 8.500%)
	120,000		8.500			12/01/22		121,950
	RegionalCare Hospital Partners Holdings, Inc. / LifePoint Health, Inc.(a)
	170,000		9.750			12/01/26		184,025
	Rite Aid Corp.
	262,000		7.500	(a)		07/01/25		264,293
	68,000		8.000	(a)		11/15/26		69,700
	Teleflex, Inc.
	546,000		4.625			11/15/27		581,490
								5,157,544
Consumer Products – 2.1%
	Edgewell Personal Care Co.(a)
	450,000		5.500			06/01/28		479,813
	Energizer Holdings, Inc.(a)
	522,000		6.375			07/15/26		555,930
	Mattel, Inc.
	294,000		6.750	(a)		12/31/25		313,110
	268,000		5.875	(a)		12/15/27		292,790
	Newell Brands, Inc.
	306,000		4.350			04/01/23		324,089
	471,000		4.700			04/01/26		508,452
	Spectrum Brands, Inc.
	222,000		5.750			07/15/25		230,325
	Tempur Sealy International, Inc.
	369,000		5.625			10/15/23		376,380
	100,000		5.500			06/15/26		105,000
								3,185,889
Distribution & Logistics – 0.7%
	IAA, Inc.(a)
	345,000		5.500			06/15/27		364,838
Corporate Obligations – (continued)
Distribution & Logistics – (continued)
	WESCO Distribution, Inc.
	240,000		7.125	(a)		06/15/25		266,100
	380,000		7.250	(a)		06/15/28		424,650
								1,055,588
Electric – 2.4%
	Clearway Energy Operating LLC
	130,000		5.750			10/15/25		138,450
	NextEra Energy Operating Partners LP
	312,000		4.250	(a)		09/15/24		333,840
	349,000		4.500	(a)		09/15/27		383,900
	NRG Energy, Inc.
	120,000		7.250			05/15/26		128,400
	271,000		6.625			01/15/27		291,325
	521,000		5.250	(a)		06/15/29		571,146
	PG&E Corp.
	500,000		5.000			07/01/28		499,646
	250,000		5.250			07/01/30		249,467
	Talen Energy Supply LLC
	368,000		10.500	(a)		01/15/26		292,560
	330,000		7.250	(a)		05/15/27		340,725
	TerraForm Power Operating LLC
	8,000		4.250	(a)		01/31/23		8,300
	330,000		4.750	(a)		01/15/30		356,400
								3,594,159
Energy – 7.7%
	Antero Midstream Partners LP / Antero Midstream Finance Corp.
	225,000		5.750	(a)		03/01/27		201,375
	227,000		5.750	(a)		01/15/28		200,895
	Antero Resources Corp.
	67,000		5.125			12/01/22		58,290
	280,000		5.625			06/01/23		224,000
	168,000		5.000			03/01/25		117,600
	Apache Corp.
	310,000		4.875			11/15/27		317,363
	375,000		4.375			10/15/28		374,082
	Archrock Partners LP / Archrock Partners Finance Corp.(a)
	250,000		6.875			04/01/27		257,500
	Ascent Resources Utica Holdings LLC / ARU Finance Corp.
	211,000		10.000	(a)		04/01/22		199,395
	188,000		7.000	(a)		11/01/26		132,070
	Buckeye Partners LP
	200,000		3.950			12/01/26		199,069
	Callon Petroleum Co.
	50,000		6.375			07/01/26		15,500
	Cheniere Energy Partners LP
	250,000		5.250			10/01/25		256,250
	590,000		5.625			10/01/26		621,712
	150,000		4.500			10/01/29		157,125
	Comstock Resources, Inc.
	85,000		7.500	(a)		05/15/25		84,787
	160,000		9.750			08/15/26		171,200
	209,000		9.750			08/15/26		223,630
	Continental Resources, Inc.
	350,000		4.500			04/15/23		353,937
	310,000		4.375			01/15/28		299,925

36 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)
Energy – (continued)
	CrownRock LP / CrownRock Finance, Inc.(a)
$	423,000		5.625	%		10/15/25	$	421,943
	CVR Energy, Inc.(a)
	207,000		5.750			02/15/28		189,405
	DCP Midstream Operating LP
	250,000		5.375			07/15/25		270,000
	250,000		5.625			07/15/27		271,250
	Endeavor Energy Resources LP / EER Finance, Inc.
	349,000		5.500	(a)		01/30/26		350,745
	350,000		5.750	(a)		01/30/28		361,375
	EnLink Midstream Partners LP
	320,000		4.850			07/15/26		282,648
	EQM Midstream Partners LP
	230,000		4.750			07/15/23		235,175
	220,000		4.000			08/01/24		222,750
	487,000		5.500			07/15/28		507,698
	Hilcorp Energy I LP / Hilcorp Finance Co.
	110,000		5.750	(a)		10/01/25		104,500
	240,000		6.250	(a)		11/01/28		227,400
	Laredo Petroleum, Inc.
	300,000		10.125			01/15/28		216,750
	Matador Resources Co.
	65,000		5.875			09/15/26		56,550
	Moss Creek Resources Holdings, Inc.
	59,000		7.500	(a)		01/15/26		40,415
	75,000		10.500	(a)		05/15/27		53,625
	Murphy Oil Corp.
	320,000		6.875			08/15/24		325,241
	170,000		5.750			08/15/25		163,719
	QEP Resources, Inc.
	285,000		5.625			03/01/26		185,963
	Range Resources Corp.
	150,000		5.000			03/15/23		149,250
	170,000		9.250	(a)		02/01/26		179,775
	SESI LLC
	190,000		7.750			09/15/24		59,850
	SM Energy Co.
	470,000		6.625			01/15/27		233,825
	Targa Resources Partners LP / Targa Resources Partners Finance Corp.(a)
	750,000		4.875			02/01/31		759,375
	Transocean, Inc.
	470,000		7.500	(a)		01/15/26		144,525
	920,000		7.500			04/15/31		193,200
	Weatherford International Ltd.(a)
	405,000		11.000			12/01/24		273,375
	Western Midstream Operating LP
	630,000		4.650			07/01/26		648,900
								11,594,932
Financial Company – 4.0%
	Ally Financial, Inc.
	190,000		5.750			11/20/25		213,519
	BCD Acquisition, Inc.(a)
	270,000		9.625			09/15/23		272,025
	HUB International Ltd.(a)
	361,000		7.000			05/01/26		376,342
Corporate Obligations – (continued)
Financial Company – (continued)
	Icahn Enterprises LP / Icahn Enterprises Finance Corp.
	650,000		6.750			02/01/24		675,188
	236,000		6.375			12/15/25		247,505
	380,000		5.250			05/15/27		408,025
	Navient Corp.
	250,000		6.500			06/15/22		261,692
	132,000		7.250			09/25/23		139,381
	106,000		5.875			10/25/24		109,347
	159,000		6.750			06/25/25		167,066
	374,000		6.750			06/15/26		391,765
	Navient Corp., MTN
	160,000		6.125			03/25/24		167,200
	150,000		5.625			08/01/33		132,876
	OneMain Finance Corp.
	240,000		6.125			05/15/22		253,011
	292,000		5.625			03/15/23		310,071
	310,000		6.125			03/15/24		335,575
	164,000		6.875			03/15/25		184,635
	422,000		7.125			03/15/26		485,408
	240,000		6.625			01/15/28		274,800
	Quicken Loans LLC
	138,000		5.750	(a)		05/01/25		142,199
	392,000		5.250	(a)		01/15/28		419,168
								5,966,798
Food and Beverage – 2.5%
	Aramark Services, Inc.
	90,000		5.000	(a)		04/01/25		91,125
	374,000		6.375	(a)		05/01/25		392,700
	370,000		5.000	(a)		02/01/28		370,000
	B&G Foods, Inc.
	225,000		5.250			09/15/27		241,031
	Herbalife Nutrition Ltd / HLF Financing, Inc.(a)
	10,000		7.875			09/01/25		11,075
	HLF Financing Sarl LLC / Herbalife International, Inc.(a)
	115,000		7.250			08/15/26		121,038
	Lamb Weston Holdings, Inc.
	300,000		4.625	(a)		11/01/24		313,875
	383,000		4.875	(a)		11/01/26		402,150
	Pilgrim’s Pride Corp.(a)
	208,000		5.875			09/30/27		221,780
	Post Holdings, Inc.
	488,000		5.000	(a)		08/15/26		508,130
	537,000		5.750	(a)		03/01/27		569,891
	489,000		5.500	(a)		12/15/29		536,678
								3,779,473
Hardware – 2.2%
	CDW LLC / CDW Finance Corp.
	413,000		5.500			12/01/24		459,979
	100,000		5.000			09/01/25		103,750
	CommScope Technologies LLC(a)
	514,000		6.000			06/15/25		530,705
	CommScope, Inc.
	250,000		5.500	(a)		03/01/24		260,000
	400,000		6.000	(a)		03/01/26		426,000
	300,000		8.250	(a)		03/01/27		326,250

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

GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF

Schedule of Investments (continued)

August 31, 2020

Principal Amount			Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Hardware – (continued)
	NCR Corp.
$	329,000			6.125	%(a)		09/01/29	$	355,320
	250,000			5.250	(a)		10/01/30		253,750
	Qorvo, Inc.
	600,000			5.500			07/15/26		639,000
									3,354,754
Healthcare – 6.5%
	Acadia Healthcare Co., Inc.
	150,000			5.625			02/15/23		152,062
	CHS/Community Health Systems, Inc.
	792,000			6.250			03/31/23		797,940
	205,000			9.875	(a)		06/30/23		164,000
	39,000			8.625	(a)		01/15/24		40,950
	600,000			8.125	(a)		06/30/24		415,500
	217,000			8.000	(a)		03/15/26		226,222
	90,000			8.000	(a)		12/15/27		92,025
	DaVita, Inc.
	490,000			4.625	(a)		06/01/30		516,337
	250,000			3.750	(a)		02/15/31		250,313
	Encompass Health Corp.
	400,000			4.750			02/01/30		417,000
	HCA, Inc.
	409,000			5.375			02/01/25		461,147
	320,000			5.875			02/15/26		367,200
	335,000			5.375			09/01/26		381,063
	260,000			5.625			09/01/28		310,050
	420,000			5.875			02/01/29		511,350
	360,000			3.500			09/01/30		379,350
	IQVIA, Inc.(a)
	400,000			5.000			05/15/27		423,000
	LifePoint Health, Inc.(a)
	321,000			4.375			02/15/27		321,000
	Select Medical Corp.(a)
	340,000			6.250			08/15/26		365,500
	Service Corp. International
	70,000			5.375			05/15/24		71,312
	125,000			4.625			12/15/27		135,938
	Tenet Healthcare Corp.
	290,000			8.125			04/01/22		313,925
	304,000			6.750			06/15/23		326,040
	275,000			4.625			07/15/24		281,875
	200,000			4.625	(a)		09/01/24		205,000
	110,000			5.125			05/01/25		113,163
	122,000			7.000			08/01/25		126,575
	637,000			4.875	(a)		01/01/26		665,665
	200,000			6.250	(a)		02/01/27		212,000
	663,000			5.125	(a)		11/01/27		702,780
									9,746,282
Household & Leisure – 0.0%
	Prestige Brands, Inc.(a)
	50,000			6.375			03/01/24		52,000
Insurance – 0.5%
	Acrisure LLC / Acrisure Finance, Inc.
	213,000			8.125	(a)		02/15/24		226,312
	345,000			7.000	(a)		11/15/25		351,900
Corporate Obligations – (continued)
Insurance – (continued)
	Radian Group, Inc.
	100,000			6.625	%		03/15/25		108,250
		��
									686,462
Metals – 0.6%
	Novelis Corp.
	580,000			5.875	(a)		09/30/26		607,550
	346,000			4.750	(a)		01/30/30		352,055
									959,605
Mining – 1.0%
	Freeport-McMoRan, Inc.
	50,000			3.875			03/15/23		52,000
	452,000			4.550			11/14/24		487,030
	300,000			4.375			08/01/28		317,250
	300,000			4.625			08/01/30		321,750
	320,000			5.400			11/14/34		362,400
									1,540,430
Natural Gas – 2.0%
	AmeriGas Partners LP / AmeriGas Finance Corp.
	502,000			5.500			05/20/25		554,710
	145,000			5.750			05/20/27		164,937
	Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp.
	238,000			6.250			04/01/23		236,215
	50,000			5.750			04/01/25		47,500
	138,000			5.625	(a)		05/01/27		126,960
	Ferrellgas LP / Ferrellgas Finance Corp.
	323,000			6.750			06/15/23		284,240
	Genesis Energy LP / Genesis Energy Finance Corp.
	380,000			6.500			10/01/25		328,700
	110,000			7.750			02/01/28		98,725
	NuStar Logistics LP
	83,000			6.000			06/01/26		86,735
	271,000			5.625			04/28/27		274,387
	PBF Logistics LP / PBF Logistics Finance Corp.
	71,000			6.875			05/15/23		71,178
	Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.
	539,000			4.750	(a)		10/01/23		530,915
	70,000			5.500	(a)		09/15/24		68,600
	120,000			5.500	(a)		01/15/28		111,000
									2,984,802
Pharmaceuticals – 3.1%
	Bausch Health Americas, Inc.
	252,000			9.250	(a)		04/01/26		280,014
	427,000			8.500	(a)		01/31/27		471,464
	Bausch Health Cos., Inc.
	259,000			7.000	(a)		03/15/24		269,341
	379,000			6.125	(a)		04/15/25		391,069
	172,000			5.500	(a)		11/01/25		178,188
	500,000			9.000	(a)		12/15/25		549,243
	246,000			5.750	(a)		08/15/27		265,287
	342,000			7.000	(a)		01/15/28		365,814
	747,000			6.250	(a)		02/15/29		783,323
	173,000			7.250	(a)		05/30/29		189,500

38 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)
Pharmaceuticals – (continued)
	Endo Dac / Endo Finance LLC / Endo Finco, Inc.
$	300,000		9.500	%(a)		07/31/27	$	326,250
	196,000		6.000	(a)		06/30/28		151,900
	Par Pharmaceutical, Inc.(a)
	436,000		7.500			04/01/27		468,155
								4,689,548
REITs and Real Estate – 1.2%
	Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL(a)
	250,000		5.750			05/15/26		204,543
	Diversified Healthcare Trust
	358,000		9.750			06/15/25		402,531
	Howard Hughes Corp. (The)(a)
	263,000		5.375			03/15/25		267,602
	Kennedy-Wilson, Inc.
	363,000		5.875			04/01/24		369,353
	Realogy Group LLC / Realogy Co.-Issuer Corp.
	150,000		4.875	(a)		06/01/23		148,125
	150,000		9.375	(a)		04/01/27		158,250
	Starwood Property Trust, Inc.
	200,000		4.750			03/15/25		196,000
								1,746,404
Rental Equipment – 1.3%
	United Rentals North America, Inc.
	250,000		5.875			09/15/26		266,250
	260,000		5.500			05/15/27		278,541
	750,000		4.875			01/15/28		796,875
	320,000		5.250			01/15/30		356,800
	230,000		3.875			02/15/31		238,987
								1,937,453
Software – 2.6%
	Banff Merger Sub, Inc.(a)
	385,000		9.750			09/01/26		411,469
	Dun & Bradstreet Corp. (The)(a)
	400,000		6.875			08/15/26		436,500
	Gartner, Inc.(a)
	373,000		4.500			07/01/28		390,717
	MSCI, Inc.
	445,000		4.750	(a)		08/01/26		465,025
	530,000		4.000	(a)		11/15/29		567,100
	Refinitiv US Holdings, Inc.
	240,000		6.250	(a)		05/15/26		258,900
	471,000		8.250	(a)		11/15/26		522,810
	Solera LLC / Solera Finance, Inc.(a)
	220,000		10.500			03/01/24		232,100
	SS&C Technologies, Inc.(a)
	650,000		5.500			09/30/27		698,750
								3,983,371
Technology – 1.8%
	CDK Global, Inc.
	84,000		4.875			06/01/27		89,040
	230,000		5.250	(a)		05/15/29		251,275
Corporate Obligations – (continued)
Technology – (continued)
	Dell International LLC / EMC Corp.(a)
	266,000		7.125	%		06/15/24		276,640
	Exela Intermediate LLC / Exela Finance, Inc.(a)
	250,000		10.000			07/15/23		73,437
	Microchip Technology, Inc.(a)
	529,000		4.250			09/01/25		551,092
	Rackspace Hosting, Inc.(a)
	125,000		8.625			11/15/24		132,188
	Uber Technologies, Inc.
	100,000		7.500	(a)		11/01/23		104,625
	200,000		7.500	(a)		05/15/25		210,500
	330,000		8.000	(a)		11/01/26		350,625
	150,000		7.500	(a)		09/15/27		157,688
	Verscend Escrow Corp.(a)
	303,000		9.750			08/15/26		328,755
	Xerox Corp.
	180,000		4.125			03/15/23		184,791
								2,710,656
Transportation – 0.5%
	XPO Logistics, Inc.
	170,000		6.750	(a)		08/15/24		181,263
	549,000		6.250	(a)		05/01/25		590,175
								771,438
Wireless – 4.6%
	SBA Communications Corp.
	200,000		4.875			09/01/24		205,750
	496,000		3.875	(a)		02/15/27		515,840
	Sprint Capital Corp.
	495,000		6.875			11/15/28		633,600
	470,000		8.750			03/15/32		710,287
	Sprint Communications, Inc.
	260,000		6.000			11/15/22		282,425
	Sprint Corp.
	130,000		7.250			09/15/21		137,475
	687,000		7.875			09/15/23		801,214
	345,000		7.125			06/15/24		401,925
	388,000		7.625			02/15/25		465,600
	412,000		7.625			03/01/26		508,008
	T-Mobile USA, Inc.
	290,000		4.000			04/15/22		301,600
	123,000		6.000			03/01/23		123,307
	80,000		6.000			04/15/24		81,800
	295,000		5.125			04/15/25		304,219
	15,000		6.500			01/15/26		15,825
	115,000		5.375			04/15/27		124,200
	740,000		4.750			02/01/28		796,425
	ViaSat, Inc.
	225,000		5.625	(a)		04/15/27		238,219
	220,000		6.500	(a)		07/15/28		227,975
								6,875,694
Wirelines – 2.2%
	CenturyLink, Inc.(a)
	320,000		5.125			12/15/26		333,600

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

GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF

Schedule of Investments (continued)

August 31, 2020

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Wirelines – (continued)
	CenturyLink, Inc., Series G
$	275,000		6.875	%		01/15/28	$	305,250
	CenturyLink, Inc., Series T
	175,000		5.800			03/15/22		182,875
	Level 3 Financing, Inc.
	210,000		5.375			01/15/24		213,150
	200,000		5.250			03/15/26		208,750
	500,000		4.250	(a)		07/01/28		516,875
	Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC
	260,000		7.125	(a)		12/15/24		251,550
	250,000		7.875	(a)		02/15/25		264,687
	Windstream Escrow LLC / Windstream Escrow Finance Corp.(a)
	250,000		7.750			08/15/28		251,250
	Zayo Group Holdings, Inc.
	496,000		4.000	(a)		03/01/27		492,280
	293,000		6.125	(a)		03/01/28		303,988
								3,324,255
	TOTAL CORPORATE OBLIGATIONS
	(Cost $136,304,575)						$	139,831,457
Foreign Corporate Debt – 4.3%
Aerospace & Defense – 0.7%
	Bombardier, Inc. (Canada)
	240,000		8.750	(a)		12/01/21		231,000
	150,000		6.000	(a)		10/15/22		128,250
	402,000		7.500	(a)		03/15/25		298,485
	491,000		7.875	(a)		04/15/27		358,430
								1,016,165
Basic Industry – 0.5%
	NOVA Chemicals Corp. (Canada)
	210,000		5.250	(a)		08/01/23		210,422
	217,000		5.000	(a)		05/01/25		217,672
	300,000		5.250	(a)		06/01/27		291,375
								719,469
Communications – 0.4%
	Videotron Ltd.(a) (Canada)
	550,000		5.125			04/15/27		585,750
Consumer Cyclical – 1.3%
	1011778 BC ULC / New Red Finance, Inc. (Canada)
	280,000		4.250	(a)		05/15/24		286,300
	730,000		5.000	(a)		10/15/25		751,900
	249,000		3.875	(a)		01/15/28		255,225
	200,000		4.375	(a)		01/15/28		205,500
	Brookfield Residential Properties, Inc. / Brookfield Residential US Corp.(a) (Canada)
	300,000		6.250			09/15/27		304,287
	Garda World Security Corp.(a) (Canada)
	150,000		4.625			02/15/27		153,563
								1,956,775
Energy – 0.5%
	MEG Energy Corp. (Canada)
	297,000		6.500	(a)		01/15/25		303,682
	250,000		7.125	(a)		02/01/27		239,375
Foreign Corporate Debt – (continued)
Energy – (continued)
	Seven Generations Energy Ltd. (Canada)
	200,000		6.750	%(a)		05/01/23		203,000
	50,000		5.375	(a)		09/30/25		48,375
								794,432
Food – 0.1%
	NBM US Holdings, Inc.(a) (Brazil)
	200,000		7.000			05/14/26		214,000
Mining – 0.4%
	First Quantum Minerals Ltd. (Zambia)
	361,000		6.500	(a)		03/01/24		361,000
	200,000		7.500	(a)		04/01/25		205,500
								566,500
Natural Gas – 0.1%
	Parkland Corp.(a) (Canada)
	100,000		5.875			07/15/27		107,583
Software – 0.3%
	Open Text Corp.(a) (Canada)
	420,000		5.875			06/01/26		443,625
	TOTAL FOREIGN CORPORATE DEBT
	(Cost $6,224,247)						$	6,404,299

Principal Amount	Dividend Rate			Value
Investment Company – 1.2%(c)
Goldman Sachs Financial Square Government Fund – Institutional Shares
$1,754,115		0.027	%	$	1,754,115
(Cost $1,754,115)
TOTAL INVESTMENTS – 98.5%
(Cost $144,282,937)				$	147,989,871
OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.5%					2,357,455
NET ASSETS – 100.0%				$	150,347,326

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(b)	Pay-in-kind securities.
(c)	Represents an affiliated issuer.

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

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

GOLDMAN SACHS ACCESS INFLATION PROTECTED USD BOND ETF

Schedule of Investments

August 31, 2020

Principal Amount		Interest Rate	Maturity Date		Value
U.S. Treasury Inflation Indexed Bonds – 99.8%
	U.S. Treasury Inflation Indexed Bonds
$	1,035,360	0.125%		01/15/22	$	1,056,981
	1,681,223	0.125		04/15/22		1,720,349
	513,436	0.125		07/15/22		530,033
	456,663	0.625		04/15/23		481,183
	4,118,689	0.375		07/15/23		4,355,883
	2,842,805	0.625		01/15/24		3,046,713
	3,303,355	0.250		01/15/25		3,558,924
	915,330	0.375		07/15/25		1,003,490
	2,336,430	0.375		07/15/27		2,624,757
	4,314,297	0.500		01/15/28		4,890,859
	1,355,653	0.750		07/15/28		1,579,815
	142,703	3.875		04/15/29		207,718
	245,911	0.250		07/15/29		278,461
	373,262	3.375		04/15/32		574,271
	2,231,581	0.750		02/15/42		2,791,253
	1,038,057	0.875		02/15/47		1,384,205
	685,796	1.000		02/15/48		957,246
	164,943	1.000		02/15/49		232,533
	TOTAL INVESTMENTS – 99.8%
	(Cost $29,459,044)				$	31,274,674
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.2%					55,071
	NET ASSETS – 100.0%				$	31,329,745

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

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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE 1-5 YEAR BOND

Schedule of Investments

August 31, 2020

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – 79.5%
Aerospace & Defense – 1.5%
	L3Harris Technologies, Inc.
$	55,000		3.850	%		06/15/23	$	59,749
	Northrop Grumman Corp.
	65,000		2.930			01/15/25		70,958
	Precision Castparts Corp.
	55,000		3.250			06/15/25		61,437
	Raytheon Technologies Corp.(a)
	205,000		2.800			03/15/22		211,911
								404,055
Banks – 19.7%
	American Express Co.
	200,000		3.400			02/27/23		213,877
	55,000		3.700			08/03/23		59,917
	Bank of America Corp.
	200,000		5.700			01/24/22		214,486
	(3M USD LIBOR + 0.780%)
	210,000		3.550	(b)		03/05/24		224,784
	Bank of America Corp., MTN
	335,000		4.000			01/22/25		373,571
	(SOFR + 1.150%)
	170,000		1.319	(b)		06/19/26		172,444
	Bank of New York Mellon Corp. (The), MTN
	(3M USD LIBOR + 0.634%)
	260,000		2.661	(b)		05/16/23		269,658
	120,000		1.600			04/24/25		125,183
	Capital One Financial Corp.
	100,000		3.200			02/05/25		109,137
	Charles Schwab Corp. (The)
	50,000		3.850			05/21/25		57,317
	Citigroup, Inc.
	260,000		2.900			12/08/21		267,807
	(SOFR + 1.667%)
	300,000		1.678	(b)		05/15/24		307,200
	(SOFR + 2.750%)
	150,000		3.106	(b)		04/08/26		163,174
	Huntington Bancshares, Inc.
	170,000		4.000			05/15/25		193,617
	JPMorgan Chase & Co.
	(SOFR + 1.455%)
	550,000		1.514	(b)		06/01/24		561,638
	(SOFR + 1.585%)
	150,000		2.005	(b)		03/13/26		156,732
	Morgan Stanley
	70,000		2.750			05/19/22		72,764
	(3M USD LIBOR + 0.847%)
	340,000		3.737	(b)		04/24/24		366,950
	(SOFR + 1.990%)
	150,000		2.188	(b)		04/28/26		158,227
	Morgan Stanley, GMTN
	70,000		3.125			01/23/23		74,254
	PNC Financial Services Group, Inc. (The)
	75,000		3.900			04/29/24		83,290
	70,000		2.200			11/01/24		74,659
	Regions Financial Corp.
	90,000		2.250			05/18/25		95,711
Corporate Obligations – (continued)
Banks – (continued)
	Santander Holdings USA, Inc.
	70,000		4.450			12/03/21		72,761
	210,000		3.400			01/18/23		220,250
	State Street Corp.
	(SOFR + 2.690%)
	80,000		2.825	(a)(b)		03/30/23		82,900
	(SOFR + 2.600%)
	80,000		2.901	(a)(b)		03/30/26		87,450
	Synchrony Financial
	25,000		4.250			08/15/24		26,780
	Truist Bank(b)
	(3M USD LIBOR + 0.735%)
	120,000		3.689			08/02/24		130,753
	Truist Financial Corp., MTN
	150,000		2.850			10/26/24		164,139
	US Bank NA
	250,000		1.950			01/09/23		258,928
								5,440,358
Basic Industry – 1.8%
	Celanese US Holdings LLC
	45,000		4.625			11/15/22		48,487
	LYB International Finance BV
	200,000		4.000			07/15/23		217,843
	Packaging Corp. of America
	80,000		4.500			11/01/23		88,162
	Sherwin-Williams Co. (The)
	130,000		2.750			06/01/22		134,905
								489,397
Broadcasting – 0.8%
	Fox Corp.
	195,000		4.030			01/25/24		215,676
Brokerage – 1.1%
	Ameriprise Financial, Inc.
	50,000		3.000			03/22/22		51,956
	BlackRock, Inc.
	50,000		3.500			03/18/24		55,161
	Intercontinental Exchange, Inc.
	50,000		3.450			09/21/23		54,301
	Jefferies Financial Group, Inc.
	30,000		5.500			10/18/23		33,085
	TD Ameritrade Holding Corp.
	100,000		2.950			04/01/22		103,743
								298,246
Building Materials – 0.5%
	Fortune Brands Home & Security, Inc.
	80,000		4.000			09/21/23		87,863
	Stanley Black & Decker, Inc.
	60,000		3.400			12/01/21		61,765
								149,628
Capital Goods – 3.3%
	Carrier Global Corp.(a)
	35,000		2.242			02/15/25		36,704

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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE 1-5 YEAR BOND

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Capital Goods – (continued)
	Caterpillar Financial Services Corp., MTN
$	70,000		3.150	%		09/07/21	$	72,048
	120,000		2.150			11/08/24		127,616
	Caterpillar, Inc.
	50,000		2.600			06/26/22		51,771
	Deere & Co.
	50,000		2.750			04/15/25		54,740
	General Electric Co., GMTN
	55,000		3.150			09/07/22		57,692
	John Deere Capital Corp., MTN
	110,000		2.800			03/06/23		116,661
	Parker-Hannifin Corp.
	180,000		2.700			06/14/24		193,107
	Republic Services, Inc.
	200,000		2.500			08/15/24		213,703
								924,042
Communications – 1.5%
	Charter Communications Operating LLC / Charter Communications Operating Capital
	95,000		4.464			07/23/22		101,330
	Comcast Corp.
	130,000		3.700			04/15/24		144,239
	Time Warner Cable LLC
	60,000		4.000			09/01/21		61,448
	Walt Disney Co. (The)
	110,000		1.750			08/30/24		114,423
								421,440
Consumer Cyclical – 7.8%
	American Honda Finance Corp., GMTN
	100,000		1.700			09/09/21		101,312
	American Honda Finance Corp., MTN
	100,000		1.650			07/12/21		101,078
	Booking Holdings, Inc.
	50,000		4.100			04/13/25		56,709
	Dollar Tree, Inc.
	195,000		3.700			05/15/23		210,090
	DR Horton, Inc.
	55,000		4.750			02/15/23		59,463
	eBay, Inc.
	40,000		3.450			08/01/24		43,989
	General Motors Financial Co., Inc.
	250,000		5.200			03/20/23		272,764
	Global Payments, Inc.
	50,000		4.000			06/01/23		54,320
	Las Vegas Sands Corp.
	50,000		3.200			08/08/24		50,777
	Marriott International, Inc., Series EE
	25,000		5.750			05/01/25		28,103
	NIKE, Inc.
	110,000		2.400			03/27/25		118,653
	PACCAR Financial Corp., MTN
	70,000		1.900			02/07/23		72,427
	Ross Stores, Inc.
	40,000		4.600			04/15/25		46,150
Corporate Obligations – (continued)
Consumer Cyclical – (continued)
	Target Corp.
	110,000		3.500			07/01/24		122,482
	TJX Cos., Inc. (The)
	140,000		3.500			04/15/25		156,373
	Toyota Motor Credit Corp., MTN
	150,000		1.800			02/13/25		157,077
	VF Corp.
	190,000		2.400			04/23/25		201,820
	Walmart, Inc.
	105,000		2.850			07/08/24		114,153
	Western Union Co. (The)
	180,000		3.600			03/15/22		187,363
								2,155,103
Consumer Noncyclical – 7.8%
	AbbVie, Inc.
	340,000		2.300	(a)		11/21/22		352,931
	100,000		2.600	(a)		11/21/24		107,267
	125,000		3.600			05/14/25		139,385
	Agilent Technologies, Inc.
	40,000		3.200			10/01/22		42,191
	Altria Group, Inc.
	70,000		4.000			01/31/24		77,525
	Amgen, Inc.
	190,000		1.900			02/21/25		199,832
	Becton Dickinson and Co.
	100,000		3.363			06/06/24		108,808
	Boston Scientific Corp.
	60,000		3.375			05/15/22		62,796
	Gilead Sciences, Inc.
	80,000		3.700			04/01/24		88,257
	Kroger Co. (The)
	40,000		3.400			04/15/22		41,613
	Laboratory Corp of America Holdings
	100,000		3.600			02/01/25		111,568
	Philip Morris International, Inc.
	90,000		2.625			02/18/22		92,799
	90,000		2.875			05/01/24		97,179
	Shire Acquisitions Investments Ireland DAC
	200,000		2.400			09/23/21		204,109
	Thermo Fisher Scientific, Inc.
	60,000		4.133			03/25/25		68,916
	Upjohn, Inc.(a)
	60,000		1.125			06/22/22		60,593
	Walgreens Boots Alliance, Inc.
	210,000		3.800			11/18/24		232,503
	Zimmer Biomet Holdings, Inc.
	50,000		3.550			04/01/25		55,622
								2,143,894
Electric – 4.7%
	Avangrid, Inc.
	50,000		3.150			12/01/24		54,689
	Berkshire Hathaway Energy Co.(a)
	230,000		4.050			04/15/25		263,633
	CenterPoint Energy, Inc.
	60,000		3.600			11/01/21		62,138

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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE 1-5 YEAR BOND

Schedule of Investments (continued)

August 31, 2020

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Electric – (continued)
	Dominion Energy, Inc.
$	85,000		2.715	%		08/15/21	$	86,818
	40,000		3.071			08/15/24		43,379
	DTE Energy Co., Series D
	70,000		3.700			08/01/23		75,887
	Duke Energy Carolinas LLC
	110,000		2.500			03/15/23		115,294
	Edison International
	65,000		2.950			03/15/23		66,454
	Georgia Power Co., Series A
	40,000		2.100			07/30/23		41,634
	ITC Holdings Corp.
	60,000		2.700			11/15/22		62,695
	National Rural Utilities Cooperative Finance Corp.
	65,000		2.700			02/15/23		68,377
	Public Service Co. of Colorado
	65,000		2.250			09/15/22		66,835
	Sempra Energy
	80,000		2.900			02/01/23		83,991
	Southern California Edison Co., Series C
	40,000		3.500			10/01/23		43,100
	Southern Co. (The)
	165,000		2.950			07/01/23		175,556
								1,310,480
Energy – 5.4%
	BP Capital Markets America, Inc.
	60,000		2.520			09/19/22		62,355
	120,000		2.750			05/10/23		127,549
	Energy Transfer Operating LP
	50,000		2.900			05/15/25		51,453
	Enterprise Products Operating LLC
	190,000		3.500			02/01/22		198,068
	50,000		3.750			02/15/25		55,865
	Exxon Mobil Corp.
	200,000		1.571			04/15/23		206,249
	Kinder Morgan Energy Partners LP
	225,000		4.150			02/01/24		247,053
	Kinder Morgan, Inc.
	50,000		4.300			06/01/25		56,716
	Marathon Oil Corp.
	60,000		2.800			11/01/22		61,107
	Sabine Pass Liquefaction LLC
	140,000		5.625			04/15/23		154,910
	Spectra Energy Partners LP
	180,000		4.750			03/15/24		202,282
	Valero Energy Corp.
	55,000		2.700			04/15/23		57,490
								1,481,097
Financial Company – 2.1%
	Air Lease Corp.
	285,000		3.500			01/15/22		291,277
	Ally Financial, Inc.
	230,000		3.050			06/05/23		238,645
	Franklin Resources, Inc.
	45,000		2.800			09/15/22		46,993
								576,915
Corporate Obligations – (continued)
Food and Beverage – 2.8%
	Campbell Soup Co.
	55,000		2.500			08/02/22		56,917
	Conagra Brands, Inc.
	60,000		3.800			10/22/21		62,254
	Constellation Brands, Inc.
	55,000		4.250			05/01/23		60,231
	General Mills, Inc.
	100,000		4.000			04/17/25		114,201
	Keurig Dr Pepper, Inc.
	65,000		3.200			11/15/21		66,713
	Kraft Heinz Foods Co.
	40,000		4.000			06/15/23		43,010
	Molson Coors Beverage Co.
	50,000		3.500			05/01/22		52,155
	PepsiCo, Inc.
	100,000		2.250			05/02/22		103,228
	Tyson Foods, Inc.
	200,000		3.950			08/15/24		222,498
								781,207
Hardware – 0.7%
	Micron Technology, Inc.
	195,000		2.497			04/24/23		203,730
Healthcare – 1.9%
	Anthem, Inc.
	100,000		2.950			12/01/22		105,188
	CVS Health Corp.
	48,000		3.700			03/09/23		51,645
	53,000		4.100			03/25/25		60,381
	HCA, Inc.
	100,000		5.000			03/15/24		113,125
	MPT Operating Partnership LP / MPT Finance Corp.
	50,000		6.375			03/01/24		51,455
	UnitedHealth Group, Inc.
	140,000		2.875			03/15/22		144,594
								526,388
Insurance – 2.0%
	American International Group, Inc.
	50,000		4.125			02/15/24		55,715
	CNA Financial Corp.
	40,000		3.950			05/15/24		44,134
	Equitable Holdings, Inc.
	40,000		3.900			04/20/23		43,157
	Marsh & McLennan Cos., Inc.
	190,000		4.050			10/15/23		208,486
	MetLife, Inc., Series D
	120,000		4.368			09/15/23		134,185
	Prudential Financial, Inc.(b)
	(3M USD LIBOR + 3.920%)
	30,000		5.625			06/15/43		32,215
	Voya Financial, Inc.
	40,000		3.125			07/15/24		43,079
								560,971

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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE 1-5 YEAR BOND

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Metals – 0.1%
	Nucor Corp.
$	20,000		4.000	%		08/01/23	$	21,842
REITs and Real Estate – 3.4%
	Alexandria Real Estate Equities, Inc.
	70,000		4.000			01/15/24		77,461
	AvalonBay Communities, Inc., GMTN
	60,000		2.950			09/15/22		62,578
	Boston Properties LP
	190,000		3.125			09/01/23		201,495
	Brixmor Operating Partnership LP
	35,000		3.250			09/15/23		36,114
	Digital Realty Trust LP
	50,000		2.750			02/01/23		52,454
	Essex Portfolio LP
	40,000		3.875			05/01/24		43,956
	GLP Capital LP / GLP Financing II, Inc.
	20,000		5.250			06/01/25		21,578
	Healthpeak Properties, Inc.
	60,000		4.000			06/01/25		67,042
	Omega Healthcare Investors, Inc.
	50,000		4.375			08/01/23		53,681
	Realty Income Corp.
	50,000		4.650			08/01/23		55,242
	Simon Property Group LP
	200,000		2.000			09/13/24		206,578
	Ventas Realty LP / Ventas Capital Corp.
	50,000		3.250			08/15/22		51,607
								929,786
Software – 1.0%
	Oracle Corp.
	80,000		1.900			09/15/21		81,266
	180,000		2.500			05/15/22		186,034
								267,300
Technology – 6.9%
	Analog Devices, Inc.
	60,000		3.125			12/05/23		64,724
	Broadcom, Inc.
	50,000		4.700			04/15/25		57,184
	Dell International LLC / EMC Corp.(a)
	70,000		5.450			06/15/23		77,104
	DXC Technology Co.
	190,000		4.000			04/15/23		200,422
	Fiserv, Inc.
	235,000		2.750			07/01/24		252,280
	HP, Inc.
	60,000		2.200			06/17/25		63,272
	Intel Corp.
	300,000		3.400			03/25/25		336,540
	International Business Machines Corp.
	125,000		1.875			08/01/22		128,708
	120,000		3.375			08/01/23		130,329
	Juniper Networks, Inc.
	30,000		4.500			03/15/24		33,579
Corporate Obligations – (continued)
Technology – (continued)
	Microsoft Corp.
	120,000		2.125			11/15/22		124,695
	Motorola Solutions, Inc.
	60,000		3.750			05/15/22		63,316
	PayPal Holdings, Inc.
	90,000		2.400			10/01/24		96,162
	QUALCOMM, Inc.
	80,000		2.900			05/20/24		86,278
	80,000		3.450			05/20/25		89,788
	Seagate HDD Cayman
	45,000		4.750			06/01/23		48,600
	Verisk Analytics, Inc.
	55,000		4.125			09/12/22		58,627
								1,911,608
Transportation – 1.0%
	FedEx Corp.
	195,000		3.800			05/15/25		220,608
	Ryder System, Inc., MTN
	65,000		3.400			03/01/23		69,079
								289,687
Wireless – 1.7%
	American Tower Corp.
	220,000		5.000			02/15/24		251,190
	Crown Castle International Corp.
	195,000		3.200			09/01/24		211,443
								462,633
	TOTAL CORPORATE OBLIGATIONS
	(Cost $21,903,001)						$	21,965,483
Foreign Corporate Debt – 18.2%
Banks – 11.6%
	Bank of Montreal(b) (Canada)
	(5 Year USD Swap + 1.280%)
	35,000		4.338			10/05/28		37,756
	Bank of Montreal, Series E (Canada)
	60,000		3.300			02/05/24		65,402
	Bank of Nova Scotia (The) (Canada)
	210,000		2.000			11/15/22		217,344
	Barclays PLC(b) (United Kingdom)
	(3M USD LIBOR + 1.356%)
	240,000		4.338			05/16/24		260,100
	Canadian Imperial Bank of Commerce(b) (Canada)
	(3M USD LIBOR + 0.785%)
	205,000		2.606			07/22/23		213,159
	Credit Suisse AG (Switzerland)
	260,000		2.950			04/09/25		285,241
	HSBC Holdings PLC(b) (United Kingdom)
	(3M USD LIBOR + 1.055%)
	500,000		3.262			03/13/23		519,904
	Lloyds Banking Group PLC(b) (United Kingdom)
	(US 1 Year CMT T-Note + 1.100%)
	250,000		1.326			06/15/23		251,875

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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE 1-5 YEAR BOND

Schedule of Investments (continued)

August 31, 2020

Principal Amount		Interest Rate			Maturity Date		Value
Foreign Corporate Debt – (continued)
Banks – (continued)
	Mitsubishi UFJ Financial Group, Inc. (Japan)
$	250,000		2.801	%		07/18/24	$	268,430
	Natwest Group PLC (United Kingdom)
	105,000		6.125			12/15/22		115,379
	280,000		6.000			12/19/23		315,597
	Royal Bank of Canada, GMTN (Canada)
	120,000		1.950			01/17/23		124,296
	Royal Bank of Canada, MTN (Canada)
	210,000		1.150			06/10/25		213,458
	Toronto-Dominion Bank (The), GMTN (Canada)
	90,000		3.250			03/11/24		98,426
	Toronto-Dominion Bank (The), MTN (Canada)
	110,000		1.900			12/01/22		113,805
	Westpac Banking Corp. (Australia)
	100,000		2.800			01/11/22		103,628
								3,203,800
Basic Industry – 0.2%
	Airgas, Inc. (France)
	50,000		3.650			07/15/24		55,225
Brokerage – 0.1%
	Brookfield Finance, Inc. (Canada)
	25,000		4.000			04/01/24		27,601
Communications – 0.1%
	WPP Finance 2010 (United Kingdom)
	20,000		3.625			09/07/22		21,021
Consumer Cyclical – 0.5%
	Toyota Motor Corp. (Japan)
	125,000		3.419			07/20/23		135,390
Consumer Noncyclical – 1.6%
	BAT Capital Corp. (United Kingdom)
	215,000		3.222			08/15/24		232,054
	GlaxoSmithKline Capital PLC (United Kingdom)
	100,000		3.000			06/01/24		108,582
	Reynolds American, Inc. (United Kingdom)
	90,000		4.450			06/12/25		102,571
								443,207
Consumer Products – 0.5%
	Unilever Capital Corp. (United Kingdom)
	140,000		2.200			05/05/22		144,073
Energy – 2.0%
	Shell International Finance BV (Netherlands)
	315,000		2.375			04/06/25		338,405
	Total Capital International SA (France)
	90,000		2.875			02/17/22		93,292
	TransCanada PipeLines Ltd. (Canada)
	120,000		2.500			08/01/22		124,210
								555,907
Financial Company – 0.2%
	ORIX Corp. (Japan)
	50,000		2.900			07/18/22		52,028
Foreign Corporate Debt – (continued)
Food and Beverage – 0.5%
	Anheuser-Busch InBev Finance, Inc. (Belgium)
	75,000		3.300			02/01/23		79,859
	Diageo Investment Corp. (United Kingdom)
	60,000		8.000			09/15/22		68,811
								148,670
Metals – 0.1%
	ArcelorMittal (Luxembourg)
	25,000		3.600			07/16/24		26,344
Technology – 0.1%
	NXP BV / NXP Funding LLC(a) (Netherlands)
	30,000		4.875			03/01/24		33,778
Transportation – 0.4%
	Canadian Pacific Railway Co. (Canada)
	100,000		2.900			02/01/25		109,278
Wireless – 0.3%
	Vodafone Group PLC (United Kingdom)
	60,000		4.125			05/30/25		68,816
	TOTAL FOREIGN CORPORATE DEBT
	(Cost $5,001,558)						$	5,025,138
Principal Amount					Dividend Rate		Value
Investment Company – 2.5%(c)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
$	684,558					0.027%	$	684,558
	(Cost $684,558)
	TOTAL INVESTMENTS – 100.2%
	(Cost $27,589,117)						$	27,675,179
	LIABILITIES IN EXCESS OF     ASSETS – (0.2)%							(57,813	)
	��
	NET ASSETS – 100.0%						$	27,617,366

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)	Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on August 31, 2020.
(c)	Represents an affiliated issuer.

Investment Abbreviations:
CMT	— Constant Maturity Treasury Index
GMTN	— Global Medium Term Note
LIBOR	— London Interbank Offered Rate
LP	— Limited Partnership
MTN	— Medium Term Note
PLC	— Public Limited Company
REIT	— Real Estate Investment Trust
SOFR	— Secured Overnight Financing Rate

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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Schedule of Investments

August 31, 2020

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – 78.6%
Aerospace & Defense – 2.3%
	Boeing Co. (The)
$	1,500,000		3.200	%		03/01/29	$	1,489,059
	700,000		3.600			05/01/34		686,215
	200,000		5.705			05/01/40		232,763
	1,000,000		5.930			05/01/60		1,227,614
	General Dynamics Corp.
	650,000		2.250			11/15/22		674,672
	800,000		3.375			05/15/23		863,605
	350,000		3.750			05/15/28		410,210
	Lockheed Martin Corp.
	50,000		2.900			03/01/25		54,701
	360,000		4.070			12/15/42		455,409
	90,000		3.800			03/01/45		110,004
	330,000		4.700			05/15/46		453,583
	325,000		4.090			09/15/52		422,968
	Northrop Grumman Corp.
	95,000		2.550			10/15/22		99,237
	650,000		2.930			01/15/25		709,575
	290,000		3.200			02/01/27		326,030
	560,000		3.250			01/15/28		634,139
	900,000		4.400			05/01/30		1,113,462
	240,000		4.030			10/15/47		294,515
	Raytheon Technologies Corp.
	1,050,000		3.950			08/16/25		1,200,416
	100,000		3.125			05/04/27		111,018
	300,000		4.125			11/16/28		357,487
	350,000		6.125			07/15/38		513,966
	173,000		4.450			11/16/38		214,718
	140,000		5.700			04/15/40		197,292
	400,000		4.500			06/01/42		507,473
	370,000		3.750			11/01/46		430,222
	380,000		4.350	(a)		04/15/47		473,425
	450,000		4.625			11/16/48		594,294
	100,000		3.125			07/01/50		107,764
								14,965,836
Banks – 15.4%
	American Express Co.
	300,000		3.400			02/22/24		328,522
	760,000		3.000			10/30/24		828,297
	400,000		4.200			11/06/25		468,468
	365,000		4.050			12/03/42		453,693
	American Express Credit Corp., MTN
	100,000		2.700			03/03/22		103,286
	510,000		3.300			05/03/27		581,577
	Bank of America Corp.
	(3M USD LIBOR + 0.790%)
	1,042,000		3.004	(b)		12/20/23		1,096,556
	(3M USD LIBOR + 0.780%)
	135,000		3.550	(b)		03/05/24		144,504
	(3M USD LIBOR + 0.810%)
	754,000		3.366	(b)		01/23/26		828,342
	(3M USD LIBOR + 1.512%)
	540,000		3.705	(b)		04/24/28		611,988
	(3M USD LIBOR + 1.040%)
	1,368,000		3.419	(b)		12/20/28		1,529,376
	460,000		6.110			01/29/37		658,954
Corporate Obligations – (continued)
Banks – (continued)
	(3M USD LIBOR + 1.814%)
	390,000		4.244	(b)		04/24/38		477,377
	370,000		7.750			05/14/38		618,311
	Bank of America Corp., GMTN
	1,275,000		3.300			01/11/23		1,357,878
	250,000		3.500			04/19/26		283,886
	(3M USD LIBOR + 1.370%)
	590,000		3.593	(b)		07/21/28		668,749
	Bank of America Corp., Series L
	250,000		3.950			04/21/25		281,466
	350,000		4.183			11/25/27		403,898
	Bank of America Corp., MTN
	150,000		2.503			10/21/22		153,661
	(3M USD LIBOR + 1.160%)
	960,000		3.124	(b)		01/20/23		994,194
	240,000		4.000			04/01/24		267,624
	891,000		4.200			08/26/24		1,000,113
	600,000		4.000			01/22/25		669,083
	530,000		3.875			08/01/25		604,182
	(3M USD LIBOR + 1.090%)
	800,000		3.093	(b)		10/01/25		868,818
	250,000		4.450			03/03/26		289,207
	550,000		4.250			10/22/26		635,847
	680,000		3.248			10/21/27		755,924
	(3M USD LIBOR + 1.575%)
	700,000		3.824	(b)		01/20/28		798,049
	(3M USD LIBOR + 1.070%)
	150,000		3.970	(b)		03/05/29		173,289
	(3M USD LIBOR + 1.310%)
	1,030,000		4.271	(b)		07/23/29		1,218,654
	(3M USD LIBOR + 1.210%)
	500,000		3.974	(b)		02/07/30		585,032
	(3M USD LIBOR + 1.180%)
	300,000		3.194	(b)		07/23/30		333,300
	(3M USD LIBOR + 1.320%)
	360,000		4.078	(b)		04/23/40		437,673
	320,000		5.875			02/07/42		484,034
	864,000		5.000			01/21/44		1,197,560
	(3M USD LIBOR + 1.990%)
	220,000		4.443	(b)		01/20/48		287,804
	(3M USD LIBOR + 1.520%)
	700,000		4.330	(b)		03/15/50		898,513
	(3M USD LIBOR + 3.150%)
	490,000		4.083	(b)		03/20/51		618,390
	Bank of New York Mellon Corp. (The), Series G
	790,000		3.000			02/24/25		870,446
	Bank of New York Mellon Corp. (The), MTN
	445,000		2.050			05/03/21		449,390
	263,000		2.600			02/07/22		271,314
	(3M USD LIBOR + 0.634%)
	150,000		2.661	(b)		05/16/23		155,572
	120,000		3.450			08/11/23		130,910
	760,000		2.200			08/16/23		797,988
	20,000		2.800			05/04/26		22,340
	675,000		2.450			08/17/26		739,156
	790,000		3.250			05/16/27		898,124
	60,000		3.300			08/23/29		69,374

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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Schedule of Investments (continued)

August 31, 2020

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Banks – (continued)
	Capital One Financial Corp.
$	100,000		3.300	%		10/30/24	$	108,937
	100,000		3.750			07/28/26		109,544
	100,000		3.650			05/11/27		111,290
	100,000		3.800			01/31/28		111,781
	Citibank NA
	910,000		3.650			01/23/24		1,001,684
	Citigroup, Inc.
	320,000		2.350			08/02/21		326,041
	781,000		2.900			12/08/21		804,452
	700,000		4.500			01/14/22		739,558
	200,000		2.700			10/27/22		209,101
	600,000		3.500			05/15/23		644,351
	130,000		3.875			10/25/23		142,944
	90,000		4.000			08/05/24		99,921
	635,000		3.875			03/26/25		706,405
	190,000		3.300			04/27/25		211,118
	150,000		4.400			06/10/25		171,129
	655,000		5.500			09/13/25		780,746
	225,000		3.700			01/12/26		255,021
	40,000		4.600			03/09/26		46,493
	800,000		3.400			05/01/26		898,687
	1,060,000		3.200			10/21/26		1,181,572
	230,000		4.300			11/20/26		264,971
	667,000		4.450			09/29/27		775,717
	240,000		4.125			07/25/28		275,189
	(3M USD LIBOR + 1.338%)
	575,000		3.980	(b)		03/20/30		669,252
	(SOFR + 1.422%)
	1,160,000		2.976	(b)		11/05/30		1,263,576
	240,000		6.625			06/15/32		337,323
	860,000		8.125			07/15/39		1,517,656
	480,000		6.675			09/13/43		751,108
	150,000		5.300			05/06/44		203,342
	485,000		4.650			07/30/45		627,323
	240,000		4.750			05/18/46		308,127
	(3M USD LIBOR + 1.839%)
	180,000		4.281	(b)		04/24/48		233,491
	320,000		4.650			07/23/48		430,792
	Citizens Financial Group, Inc.
	380,000		4.300			12/03/25		438,278
	Fifth Third Bancorp
	600,000		3.650			01/25/24		657,377
	100,000		2.550			05/05/27		108,484
	Huntington Bancshares, Inc.
	450,000		2.300			01/14/22		461,540
	900,000		2.550			02/04/30		945,452
	JPMorgan Chase & Co.
	300,000		2.400			06/07/21		304,541
	747,000		4.500			01/24/22		790,283
	913,000		3.250			09/23/22		966,000
	117,000		2.972			01/15/23		121,204
	140,000		3.200			01/25/23		149,192
	(3M USD LIBOR + 0.935%)
	200,000		2.776	(b)		04/25/23		207,635
	60,000		3.375			05/01/23		64,233
Corporate Obligations – (continued)
Banks – (continued)
	(3M USD LIBOR + 0.935%) – (continued)
	250,000		2.700			05/18/23		264,153
	150,000		3.875			02/01/24		165,891
	15,000		3.875			09/10/24		16,712
	580,000		3.125			01/23/25		632,225
	(3M USD LIBOR + 1.155%)
	400,000		3.220	(b)		03/01/25		432,548
	1,100,000		3.300			04/01/26		1,234,431
	(SOFR + 1.850%)
	1,050,000		2.083	(b)		04/22/26		1,103,436
	750,000		3.200			06/15/26		841,017
	400,000		4.125			12/15/26		466,711
	(3M USD LIBOR + 1.245%)
	200,000		3.960	(b)		01/29/27		229,197
	720,000		4.250			10/01/27		841,212
	540,000		3.625			12/01/27		608,048
	(3M USD LIBOR + 1.337%)
	415,000		3.782	(b)		02/01/28		473,728
	(3M USD LIBOR + 1.380%)
	700,000		3.540	(b)		05/01/28		790,327
	(SOFR + 1.890%)
	100,000		2.182	(b)		06/01/28		104,730
	(3M USD LIBOR + 0.945%)
	200,000		3.509	(b)		01/23/29		226,014
	(3M USD LIBOR + 1.120%)
	200,000		4.005	(b)		04/23/29		233,054
	(3M USD LIBOR + 1.160%)
	836,000		3.702	(b)		05/06/30		968,491
	550,000		6.400			05/15/38		855,016
	(3M USD LIBOR + 1.360%)
	750,000		3.882	(b)		07/24/38		904,180
	675,000		5.500			10/15/40		978,886
	(SOFR + 2.460%)
	250,000		3.109	(b)		04/22/41		275,849
	510,000		5.600			07/15/41		760,167
	350,000		5.400			01/06/42		510,923
	10,000		5.625			08/16/43		14,576
	250,000		4.850			02/01/44		345,479
	230,000		4.950			06/01/45		315,830
	(3M USD LIBOR + 1.580%)
	460,000		4.260	(b)		02/22/48		592,001
	(3M USD LIBOR + 1.460%)
	400,000		4.032	(b)		07/24/48		496,242
	(3M USD LIBOR + 1.380%)
	650,000		3.964	(b)		11/15/48		799,396
	(3M USD LIBOR + 1.220%)
	20,000		3.897	(b)		01/23/49		24,448
	(SOFR + 2.440%)
	300,000		3.109	(b)		04/22/51		328,210
	KeyCorp, MTN
	1,140,000		2.550			10/01/29		1,214,985
	Morgan Stanley
	875,000		2.750			05/19/22		909,550
	(3M USD LIBOR + 0.847%)
	1,060,000		3.737	(b)		04/24/24		1,144,021
	200,000		5.000			11/24/25		236,698

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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Banks – (continued)
	(3M USD LIBOR + 0.847%) – (continued)
$	220,000		3.625	%		01/20/27	$	250,722
	586,000		3.950			04/23/27		664,538
	558,000		6.375			07/24/42		888,275
	370,000		4.300			01/27/45		485,309
	520,000		4.375			01/22/47		698,216
	Morgan Stanley, Series F
	1,055,000		3.875			04/29/24		1,172,683
	Morgan Stanley, GMTN
	790,000		5.500			07/28/21		826,335
	40,000		3.125			01/23/23		42,431
	300,000		3.750			02/25/23		323,970
	25,000		3.700			10/23/24		27,981
	160,000		4.000			07/23/25		183,284
	730,000		3.875			01/27/26		837,144
	790,000		4.350			09/08/26		917,142
	(SOFR + 1.143%)
	710,000		2.699	(b)		01/22/31		767,674
	(SOFR + 4.840%)
	400,000		5.597	(b)		03/24/51		613,596
	Morgan Stanley, MTN
	600,000		2.625			11/17/21		616,380
	800,000		4.100			05/22/23		870,626
	865,000		3.125			07/27/26		966,597
	(SOFR + 3.120%)
	380,000		3.622	(b)		04/01/31		441,090
	PNC Bank NA
	600,000		2.550			12/09/21		613,999
	610,000		3.100			10/25/27		691,945
	760,000		2.700			10/22/29		823,131
	PNC Financial Services Group, Inc. (The)
	705,000		3.300			03/08/22		735,360
	650,000		2.600			07/23/26		715,611
	100,000		3.450			04/23/29		115,780
	260,000		2.550			01/22/30		283,516
	Regions Financial Corp.
	100,000		2.750			08/14/22		104,217
	Santander Holdings USA, Inc.
	400,000		3.500			06/07/24		430,136
	400,000		3.244			10/05/26		425,500
	State Street Corp.
	(3M USD LIBOR + 0.635%)
	870,000		2.653	(b)		05/15/23		904,099
	18,000		3.100			05/15/23		19,261
	275,000		3.700			11/20/23		303,973
	35,000		3.300			12/16/24		39,091
	400,000		3.550			08/18/25		455,171
	670,000		2.650			05/19/26		743,974
	Synchrony Financial
	150,000		3.750			08/15/21		153,209
	670,000		4.250			08/15/24		717,702
	448,000		4.500			07/23/25		488,157
	290,000		3.950			12/01/27		305,751
	Truist Bank
	300,000		2.250			03/11/30		313,009
Corporate Obligations – (continued)
Banks – (continued)
	Truist Financial Corp., MTN
	240,000		2.750			04/01/22		248,516
	800,000		3.050			06/20/22		835,817
	840,000		3.750			12/06/23		926,246
	755,000		2.850			10/26/24		826,166
	US Bancorp, MTN
	775,000		3.000			03/15/22		805,790
	550,000		3.700			01/30/24		606,947
	370,000		3.600			09/11/24		411,388
	465,000		3.100			04/27/26		521,800
	705,000		3.900			04/26/28		849,586
	400,000		3.000			07/30/29		443,011
	US Bancorp, Series X
	375,000		3.150			04/27/27		425,344
								99,149,132
Basic Industry – 1.2%
	Air Products and Chemicals, Inc.
	467,000		2.050			05/15/30		492,471
	Dow Chemical Co. (The)
	970,000		3.500			10/01/24		1,062,712
	500,000		7.375			11/01/29		710,913
	DuPont de Nemours, Inc.
	500,000		2.169			05/01/23		511,785
	240,000		4.205			11/15/23		265,624
	530,000		4.493			11/15/25		616,595
	100,000		5.419			11/15/48		134,708
	Ecolab, Inc.
	200,000		4.800			03/24/30		254,630
	International Paper Co.
	220,000		3.000			02/15/27		241,969
	150,000		4.800			06/15/44		182,960
	190,000		4.400			08/15/47		226,948
	150,000		4.350			08/15/48		180,740
	LYB International Finance BV
	220,000		4.875			03/15/44		261,668
	LYB International Finance III LLC
	750,000		4.200			10/15/49		825,472
	LyondellBasell Industries NV
	200,000		5.750			04/15/24		231,499
	200,000		4.625			02/26/55		228,333
	Sherwin-Williams Co. (The)
	500,000		3.450			06/01/27		567,755
	260,000		4.500			06/01/47		330,420
	Weyerhaeuser Co.
	187,000		7.375			03/15/32		274,002
								7,601,204
Broadcasting – 0.7%
	Discovery Communications LLC
	158,000		2.950			03/20/23		166,773
	463,000		3.950			03/20/28		527,771
	300,000		5.000			09/20/37		356,654
	808,000		5.200			09/20/47		971,172
	Fox Corp.
	990,000		4.030			01/25/24		1,094,970
	990,000		4.709			01/25/29		1,190,328
								4,307,668

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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Schedule of Investments (continued)

August 31, 2020

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Brokerage – 0.4%
	BlackRock, Inc.
$	150,000		3.500	%		03/18/24	$	165,485
	550,000		2.400			04/30/30		600,501
	Intercontinental Exchange, Inc.
	50,000		4.000			10/15/23		55,097
	635,000		3.750			12/01/25		723,503
	200,000		2.650			09/15/40		203,732
	290,000		4.250			09/21/48		365,827
	Jefferies Financial Group, Inc.
	275,000		5.500			10/18/23		303,277
								2,417,422
Building Materials – 0.0%
	Stanley Black & Decker, Inc.(b) (US 5 Year CMT T-Note + 2.657%)
	245,000		4.000			03/15/60		260,120
Capital Goods – 2.2%
	3M Co.
	650,000		3.250			08/26/49		739,795
	3M Co., MTN
	210,000		4.000			09/14/48		268,425
	Carrier Global Corp.
	980,000		2.722	(a)		02/15/30		1,031,023
	500,000		3.377	(a)		04/05/40		518,471
	Caterpillar Financial Services Corp.
	520,000		1.700			08/09/21		527,278
	Caterpillar Financial Services Corp., MTN
	300,000		1.950			11/18/22		310,287
	Caterpillar, Inc.
	280,000		3.400			05/15/24		307,220
	80,000		5.200			05/27/41		111,231
	130,000		3.803			08/15/42		160,216
	400,000		3.250			09/19/49		449,234
	Deere & Co.
	480,000		2.600			06/08/22		497,374
	320,000		3.900			06/09/42		407,648
	Eaton Corp.
	650,000		2.750			11/02/22		682,872
	GE Capital Funding LLC(a)
	500,000		4.050			05/15/27		531,989
	General Electric Co.
	1,400,000		2.700			10/09/22		1,455,638
	40,000		4.125			10/09/42		39,736
	170,000		4.500			03/11/44		176,109
	General Electric Co., GMTN
	450,000		6.150			08/07/37		533,337
	224,000		6.875			01/10/39		284,704
	General Electric Co., MTN
	800,000		6.750			03/15/32		999,600
	354,000		5.875			01/14/38		409,853
	Honeywell International, Inc.
	895,000		2.500			11/01/26		985,843
	Illinois Tool Works, Inc.
	650,000		2.650			11/15/26		724,091
	John Deere Capital Corp., MTN
	250,000		2.800			03/06/23		265,138
Corporate Obligations – (continued)
Capital Goods – (continued)
	Otis Worldwide Corp.(a)
	290,000		3.112			02/15/40		312,467
	Republic Services, Inc.
	470,000		3.550			06/01/22		491,763
	Waste Management, Inc.
	250,000		4.100			03/01/45		306,658
	Westinghouse Air Brake Technologies Corp.
	100,000		3.450			11/15/26		105,886
	260,000		4.950			09/15/28		299,932
								13,933,818
Communications – 5.1%
	Charter Communications Operating LLC / Charter Communications Operating Capital
	170,000		4.464			07/23/22		181,328
	250,000		4.500			02/01/24		277,953
	1,210,000		4.908			07/23/25		1,409,226
	315,000		3.750			02/15/28		351,202
	440,000		4.200			03/15/28		504,673
	250,000		5.050			03/30/29		302,994
	423,000		6.384			10/23/35		580,984
	130,000		5.375			04/01/38		158,679
	1,000,000		6.484			10/23/45		1,352,699
	580,000		5.375			05/01/47		695,809
	320,000		5.750			04/01/48		400,581
	80,000		5.125			07/01/49		93,570
	Comcast Corp.
	700,000		3.125			07/15/22		735,773
	1,616,000		3.700			04/15/24		1,793,001
	295,000		3.375			02/15/25		327,974
	100,000		3.375			08/15/25		112,248
	200,000		3.150			03/01/26		224,114
	900,000		4.150			10/15/28		1,088,452
	550,000		4.250			10/15/30		681,363
	645,000		4.250			01/15/33		807,025
	260,000		7.050			03/15/33		400,593
	390,000		4.200			08/15/34		486,998
	420,000		3.200			07/15/36		471,594
	140,000		3.900			03/01/38		168,338
	600,000		4.600			10/15/38		770,724
	855,000		3.250			11/01/39		949,186
	80,000		4.650			07/15/42		104,612
	400,000		4.750			03/01/44		530,908
	230,000		3.400			07/15/46		256,844
	550,000		3.969			11/01/47		668,377
	742,000		4.700			10/15/48		1,002,327
	400,000		3.999			11/01/49		486,644
	205,000		4.049			11/01/52		252,237
	471,000		4.950			10/15/58		677,945
	NBCUniversal Media LLC
	590,000		5.950			04/01/41		885,711
	Omnicom Group, Inc. / Omnicom Capital, Inc.
	700,000		3.650			11/01/24		773,261
	400,000		3.600			04/15/26		450,450
	Time Warner Cable LLC
	70,000		6.550			05/01/37		94,237

50 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)
Communications – (continued)
	Time Warner Cable LLC – (continued)
$	470,000		7.300	%		07/01/38		$	673,295
	360,000		6.750			06/15/39	��		504,044
	180,000		5.875			11/15/40			228,249
	250,000		5.500			09/01/41			307,099
	Time Warner Entertainment Co. LP
	470,000		8.375			03/15/23			556,385
	100,000		8.375			07/15/33			155,985
	TWDC Enterprises 18 Corp., GMTN
	190,000		4.125			06/01/44			232,081
	TWDC Enterprises 18 Corp., MTN
	240,000		2.950			06/15/27			266,685
	ViacomCBS, Inc.
	1,180,000		4.950			01/15/31			1,412,612
	960,000		4.200			05/19/32			1,094,082
	100,000		5.850			09/01/43			124,167
	100,000		4.950			05/19/50			117,151
	Walt Disney Co. (The)
	510,000		3.000			09/15/22			536,186
	950,000		1.750			08/30/24			988,195
	500,000		2.200			01/13/28			530,802
	1,200,000		2.650			01/13/31			1,301,647
	420,000		4.625			03/23/40			535,083
	850,000		2.750			09/01/49			842,384
	500,000		3.800			05/13/60			590,516
									32,507,282
Consumer Cyclical – 7.3%
	Amazon.com, Inc.
	347,000		2.400			02/22/23			364,887
	370,000		2.800			08/22/24			403,046
	380,000		3.800			12/05/24			430,613
	18,000		5.200			12/03/25			22,092
	30,000		3.150			08/22/27			34,346
	170,000		4.800			12/05/34			233,484
	275,000		3.875			08/22/37			345,927
	344,000		4.950			12/05/44			490,303
	1,045,000		4.050			08/22/47			1,358,997
	500,000		2.500			06/03/50			510,341
	330,000		4.250			08/22/57			450,811
	American Honda Finance Corp., GMTN
	347,000		1.700			09/09/21			351,554
	Booking Holdings, Inc.
	100,000		3.600			06/01/26			112,133
	550,000		4.625			04/13/30			662,856
	Costco Wholesale Corp.
	684,000		2.300			05/18/22			707,880
	400,000		3.000			05/18/27			450,625
	200,000		1.375			06/20/27			204,765
	490,000		1.750			04/20/32			505,624
	Dollar Tree, Inc.
	480,000		4.000			05/15/25			544,482
	140,000		4.200			05/15/28			165,218
	eBay, Inc.
	250,000		2.600			07/15/22			258,576
	250,000		2.750			01/30/23			262,892
Corporate Obligations – (continued)
Consumer Cyclical – (continued)
	eBay, Inc. – (continued)
	50,000		3.450			08/01/24			54,986
	100,000		3.600			06/05/27			112,767
	General Motors Co.
	500,000		4.875			10/02/23			546,955
	340,000		5.000			10/01/28			379,813
	674,000		6.600			04/01/36			806,093
	500,000		6.250			10/02/43			583,269
	628,000		5.400			04/01/48			684,897
	200,000		5.950			04/01/49			237,524
	General Motors Financial Co., Inc.
	550,000		3.200			07/06/21			558,734
	800,000		4.200			11/06/21			826,785
	160,000		3.450			04/10/22			164,521
	410,000		5.100			01/17/24			451,129
	50,000		3.950			04/13/24			53,469
	850,000		4.000			01/15/25			914,434
	300,000		5.250			03/01/26			341,068
	Global Payments, Inc.
	410,000		3.200			08/15/29			450,118
	Home Depot, Inc. (The)
	70,000		2.625			06/01/22			72,761
	138,000		2.700			04/01/23			145,686
	500,000		3.750			02/15/24			553,514
	50,000		3.350			09/15/25			56,394
	55,000		3.000			04/01/26			62,143
	630,000		2.125			09/15/26			680,401
	410,000		2.800			09/14/27			456,185
	500,000		3.900			12/06/28			597,651
	430,000		5.875			12/16/36			646,025
	180,000		5.950			04/01/41			273,061
	830,000		4.400			03/15/45			1,072,269
	200,000		4.250			04/01/46			256,960
	290,000		3.900			06/15/47			354,606
	220,000		4.500			12/06/48			294,463
	200,000		3.125			12/15/49			220,959
	130,000		3.500			09/15/56			155,457
	Las Vegas Sands Corp.
	150,000		3.500			08/18/26			153,120
	Lowe’s Cos., Inc.
	200,000		3.120			04/15/22			207,635
	810,000		2.500			04/15/26			880,840
	230,000		3.100			05/03/27			255,574
	750,000		3.650			04/05/29			866,318
	280,000		3.700			04/15/46			317,200
	264,000		4.050			05/03/47			315,816
	90,000		4.550			04/05/49			114,701
	310,000		5.125			04/15/50			431,652
	Mastercard, Inc.
	350,000		2.000			03/03/25			373,198
	70,000		2.950			11/21/26			79,396
	290,000		3.650			06/01/49			348,761
	200,000		3.850			03/26/50			253,459
	McDonald’s Corp., MTN
	800,000		3.350			04/01/23			858,105
	600,000		3.500			03/01/27			681,631

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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Schedule of Investments (continued)

August 31, 2020

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Consumer Cyclical – (continued)
	McDonald’s Corp., MTN – (continued)
$	350,000		3.800	%		04/01/28	$	408,323
	150,000		3.600			07/01/30		174,261
	443,000		4.700			12/09/35		567,783
	320,000		4.875			12/09/45		417,870
	320,000		4.450			09/01/48		400,536
	100,000		4.200			04/01/50		122,472
	NIKE, Inc.
	288,000		2.375			11/01/26		314,037
	150,000		3.250			03/27/40		170,190
	140,000		3.875			11/01/45		170,290
	200,000		3.375			03/27/50		229,719
	Starbucks Corp.
	322,000		3.800			08/15/25		366,315
	400,000		4.000			11/15/28		472,570
	500,000		2.550			11/15/30		530,597
	570,000		4.500			11/15/48		699,260
	Target Corp.
	590,000		3.500			07/01/24		656,950
	350,000		4.000			07/01/42		448,538
	140,000		3.625			04/15/46		172,960
	80,000		3.900			11/15/47		104,094
	TJX Cos., Inc. (The)
	450,000		3.875			04/15/30		534,033
	100,000		4.500			04/15/50		127,861
	Toyota Motor Credit Corp., GMTN
	570,000		3.450			09/20/23		620,531
	Toyota Motor Credit Corp., MTN
	750,000		2.150			09/08/22		776,396
	565,000		2.150			02/13/30		599,743
	VF Corp.
	1,200,000		2.050			04/23/22		1,228,694
	Visa, Inc.
	625,000		3.150			12/14/25		702,666
	360,000		2.750			09/15/27		400,097
	270,000		4.150			12/14/35		352,878
	900,000		4.300			12/14/45		1,189,731
	40,000		3.650			09/15/47		49,077
	Walmart, Inc.
	100,000		2.350			12/15/22		104,496
	437,000		2.550			04/11/23		459,283
	500,000		3.400			06/26/23		542,406
	470,000		2.650			12/15/24		510,166
	200,000		3.050			07/08/26		225,744
	905,000		3.700			06/26/28		1,074,771
	325,000		3.250			07/08/29		379,484
	580,000		5.250			09/01/35		842,617
	530,000		3.950			06/28/38		661,162
	100,000		3.625			12/15/47		122,713
	530,000		4.050			06/29/48		691,336
	50,000		2.950			09/24/49		55,755
								46,752,360
Consumer Noncyclical – 8.2%
	Abbott Laboratories
	34,000		3.400			11/30/23		37,085
	160,000		2.950			03/15/25		175,486
Corporate Obligations – (continued)
Consumer Noncyclical – (continued)
	Abbott Laboratories – (continued)
	84,000		3.750			11/30/26		98,065
	168,000		4.750			11/30/36		227,077
	600,000		4.900			11/30/46		866,866
	AbbVie, Inc.
	1,000,000		2.900			11/06/22		1,050,455
	337,000		3.600			05/14/25		375,782
	190,000		3.200			05/14/26		212,016
	1,430,000		2.950	(a)		11/21/26		1,575,836
	525,000		4.250			11/14/28		624,672
	1,540,000		3.200	(a)		11/21/29		1,711,888
	609,000		4.500			05/14/35		753,978
	150,000		4.300			05/14/36		179,257
	500,000		4.050	(a)		11/21/39		590,473
	210,000		4.400			11/06/42		252,881
	250,000		4.450			05/14/46		301,412
	495,000		4.875			11/14/48		636,101
	1,325,000		4.250	(a)		11/21/49		1,623,186
	Altria Group, Inc.
	250,000		4.000			01/31/24		276,874
	800,000		2.350			05/06/25		850,851
	800,000		4.800			02/14/29		957,216
	50,000		5.800			02/14/39		63,938
	310,000		5.375			01/31/44		385,863
	900,000		3.875			09/16/46		942,201
	Amgen, Inc.
	447,429		3.875			11/15/21		462,084
	145,000		2.650			05/11/22		150,295
	100,000		3.625			05/22/24		110,340
	430,000		2.600			08/19/26		472,768
	600,000		2.200			02/21/27		633,818
	650,000		3.200			11/02/27		728,381
	402,000		4.400			05/01/45		501,821
	200,000		3.375			02/21/50		221,013
	850,000		4.663			06/15/51		1,133,023
	Becton Dickinson and Co.
	500,000		2.894			06/06/22		518,535
	300,000		3.700			06/06/27		339,780
	260,000		4.685			12/15/44		323,337
	320,000		4.669			06/06/47		398,422
	Biogen, Inc.
	307,000		3.625			09/15/22		326,724
	690,000		4.050			09/15/25		795,961
	80,000		2.250			05/01/30		82,506
	470,000		5.200			09/15/45		645,164
	Boston Scientific Corp.
	600,000		3.750			03/01/26		688,622
	Cardinal Health, Inc.
	300,000		2.616			06/15/22		310,159
	284,000		3.079			06/15/24		306,169
	Centene Corp.
	810,000		4.750			01/15/25		834,300
	600,000		3.375			02/15/30		630,000
	Eli Lilly and Co.
	250,000		3.950			03/15/49		314,203
	480,000		4.150			03/15/59		625,139

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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Consumer Noncyclical – (continued)
	Gilead Sciences, Inc.
$	100,000		4.400	%		12/01/21	$	104,031
	1,000,000		3.500			02/01/25		1,115,964
	1,000,000		3.650			03/01/26		1,143,922
	640,000		2.950			03/01/27		712,904
	750,000		4.500			02/01/45		977,900
	Johnson & Johnson
	110,000		2.250			03/03/22		113,050
	327,000		2.625			01/15/25		356,229
	30,000		2.450			03/01/26		32,926
	125,000		2.950			03/03/27		140,607
	350,000		4.375			12/05/33		458,289
	238,000		3.550			03/01/36		282,069
	240,000		3.625			03/03/37		292,952
	150,000		5.950			08/15/37		229,026
	520,000		3.400			01/15/38		613,829
	70,000		3.700			03/01/46		86,340
	865,000		3.750			03/03/47		1,080,463
	Medtronic, Inc.
	492,000		4.375			03/15/35		646,163
	274,000		4.625			03/15/45		384,643
	Merck & Co., Inc.
	40,000		2.350			02/10/22		41,213
	400,000		2.900			03/07/24		431,825
	435,000		2.750			02/10/25		474,914
	400,000		3.400			03/07/29		467,132
	150,000		3.900			03/07/39		183,960
	50,000		4.150			05/18/43		63,532
	840,000		3.700			02/10/45		1,023,989
	255,000		4.000			03/07/49		324,803
	Mylan NV
	500,000		3.950			06/15/26		565,046
	Mylan, Inc.
	300,000		5.200			04/15/48		374,151
	Pfizer, Inc.
	40,000		2.200			12/15/21		40,964
	657,000		2.950			03/15/24		711,078
	125,000		2.750			06/03/26		138,900
	50,000		3.000			12/15/26		56,870
	300,000		3.450			03/15/29		350,714
	330,000		7.200			03/15/39		551,678
	240,000		2.550			05/28/40		251,682
	280,000		4.400			05/15/44		362,538
	130,000		4.125			12/15/46		164,572
	420,000		4.200			09/15/48		541,011
	320,000		4.000			03/15/49		411,074
	Philip Morris International, Inc.
	100,000		2.500			11/02/22		104,406
	50,000		3.250			11/10/24		55,469
	435,000		3.375			08/11/25		487,703
	20,000		2.750			02/25/26		22,029
	390,000		6.375			05/16/38		588,750
	100,000		4.375			11/15/41		122,274
	30,000		3.875			08/21/42		34,501
	315,000		4.125			03/04/43		372,583
	145,000		4.250			11/10/44		177,382
Corporate Obligations – (continued)
Consumer Noncyclical – (continued)
	Shire Acquisitions Investments Ireland DAC
	900,000		2.875			09/23/23		959,574
	750,000		3.200			09/23/26		841,194
	Stryker Corp.
	420,000		3.500			03/15/26		475,164
	Thermo Fisher Scientific, Inc.
	750,000		3.000			04/15/23		795,466
	50,000		4.150			02/01/24		55,411
	314,000		2.950			09/19/26		351,900
	340,000		3.200			08/15/27		384,400
	Upjohn, Inc.(a)
	800,000		4.000			06/22/50		880,162
	Walgreen Co.
	50,000		3.100			09/15/22		52,444
	Walgreens Boots Alliance, Inc.
	550,000		3.300			11/18/21		565,168
	174,000		3.800			11/18/24		192,645
	350,000		3.450			06/01/26		384,535
	250,000		4.800			11/18/44		275,222
	Wyeth LLC
	140,000		6.500			02/01/34		215,545
	530,000		5.950			04/01/37		780,826
	Zimmer Biomet Holdings, Inc.
	320,000		3.550			04/01/25		355,978
	Zoetis, Inc.
	280,000		3.000			09/12/27		311,986
	200,000		4.700			02/01/43		265,611
								52,733,304
Consumer Products – 0.4%
	Procter & Gamble Co. (The)
	638,000		3.100			08/15/23		692,322
	655,000		2.450			11/03/26		723,221
	980,000		3.000			03/25/30		1,134,958
								2,550,501
Electric – 2.3%
	Berkshire Hathaway Energy Co.
	500,000		3.700	(a)		07/15/30		595,555
	267,000		6.125			04/01/36		384,457
	120,000		5.150			11/15/43		164,264
	50,000		4.500			02/01/45		63,392
	200,000		3.800			07/15/48		235,939
	200,000		4.250	(a)		10/15/50		255,553
	Commonwealth Edison Co.
	500,000		4.000			03/01/48		622,214
	Consolidated Edison Co. of New York, Inc., Series 20B
	250,000		3.950			04/01/50		302,637
	Dominion Energy, Inc.
	200,000		3.900			10/01/25		228,606
	Dominion Energy, Inc., Series C
	400,000		3.375			04/01/30		456,028
	Duke Energy Corp.
	680,000		1.800			09/01/21		689,518
	500,000		2.650			09/01/26		545,016
	375,000		3.750			09/01/46		433,049

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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Schedule of Investments (continued)

August 31, 2020

Principal Amount			Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Electric – (continued)
	Entergy Louisiana LLC
$	100,000			4.000	%		03/15/33	$	124,892
	450,000			4.200			09/01/48		578,598
	Exelon Corp.
	290,000			4.050			04/15/30		344,340
	FirstEnergy Corp., Series C
	400,000	��		4.850			07/15/47		494,370
	Florida Power & Light Co.
	200,000			2.850			04/01/25		219,753
	350,000			3.950			03/01/48		443,871
	MidAmerican Energy Co.
	250,000			4.250			07/15/49		332,627
	NextEra Energy Capital Holdings, Inc.
	550,000			2.900			04/01/22		571,273
	200,000			2.750			05/01/25		217,937
	80,000			3.550			05/01/27		91,884
	600,000			2.250			06/01/30		630,715
	Pacific Gas and Electric Co.
	1,000,000			4.550			07/01/30		1,108,756
	500,000			3.300			08/01/40		473,339
	200,000			3.950			12/01/47		190,171
	Sempra Energy
	275,000			3.250			06/15/27		303,263
	300,000			3.400			02/01/28		334,571
	550,000			4.000			02/01/48		632,102
	Southern California Edison Co.
	100,000			4.650			10/01/43		116,835
	375,000			4.000			04/01/47		407,869
	Southern California Edison Co., Series C
	400,000			4.125			03/01/48		440,787
	Southern Co. (The)
	90,000			2.350			07/01/21		90,935
	300,000			2.950			07/01/23		319,193
	450,000			3.250			07/01/26		503,989
	430,000			4.400			07/01/46		510,382
	Virginia Electric and Power Co., Series A
	290,000			3.150			01/15/26		324,003
									14,782,683
Energy – 5.9%
	Baker Hughes a GE Co. LLC / Baker Hughes Co.-Obligor, Inc.
	100,000			4.080			12/15/47		106,276
	BP Capital Markets America, Inc.
	200,000			3.245			05/06/22		209,317
	200,000			2.750			05/10/23		212,582
	450,000			3.790			02/06/24		494,790
	150,000			3.224			04/14/24		162,159
	100,000			3.194			04/06/25		110,218
	300,000			3.410			02/11/26		335,902
	50,000			3.119			05/04/26		55,329
	360,000			3.017			01/16/27		393,319
	720,000			4.234			11/06/28		858,656
	200,000			3.633			04/06/30		230,607
	550,000			3.000			02/24/50		538,792
	Cheniere Corpus Christi Holdings LLC
	500,000			7.000			06/30/24		582,400
	220,000			5.875			03/31/25		255,475
Corporate Obligations – (continued)
Energy – (continued)
	Cheniere Corpus Christi Holdings LLC – (continued)
	300,000			5.125			06/30/27		339,000
	Chevron Corp.
	496,000			2.566			05/16/23		523,809
	912,000			3.191			06/24/23		977,785
	30,000			2.895			03/03/24		32,286
	932,000			3.326			11/17/25		1,056,759
	180,000			2.954			05/16/26		200,607
	500,000			1.995			05/11/27		529,894
	300,000			2.236			05/11/30		320,731
	Concho Resources, Inc.
	585,000			3.750			10/01/27		641,891
	230,000			4.875			10/01/47		268,238
	ConocoPhillips
	100,000			6.500			02/01/39		152,003
	ConocoPhillips Co.
	280,000			4.950			03/15/26		337,668
	Energy Transfer Operating LP
	190,000			3.600			02/01/23		197,093
	100,000			4.250			03/15/23		105,490
	100,000			5.250			04/15/29		108,936
	1,160,000			6.500			02/01/42		1,247,000
	260,000			6.000			06/15/48		269,692
	100,000			6.250			04/15/49		105,213
	450,000			5.000			05/15/50		433,639
	Enterprise Products Operating LLC
	492,000			3.350			03/15/23		522,790
	157,000			3.900			02/15/24		172,552
	107,000			3.750			02/15/25		119,551
	178,000			3.125			07/31/29		194,868
	225,000			4.850			08/15/42		262,833
	350,000			4.450			02/15/43		387,368
	230,000			4.850			03/15/44		266,229
	210,000			5.100			02/15/45		251,963
	250,000			4.900			05/15/46		292,638
	200,000			4.800			02/01/49		236,149
	500,000			4.200			01/31/50		550,652
	50,000			3.950			01/31/60		51,763
	Enterprise Products Operating LLC(b), Series E
	(3M USD LIBOR + 3.033%)
	164,000			5.250			08/16/77		158,875
	EOG Resources, Inc.
	200,000			4.375			04/15/30		239,858
	Exxon Mobil Corp.
	220,000			2.397			03/06/22		226,245
	500,000			1.571			04/15/23		515,623
	875,000			2.019			08/16/24		921,067
	525,000			3.043			03/01/26		584,606
	150,000			3.294			03/19/27		170,355
	300,000			2.995			08/16/39		319,997
	260,000			3.567			03/06/45		291,582
	880,000			4.114			03/01/46		1,064,995
	1,000,000			3.095			08/16/49		1,053,275
	210,000			4.327			03/19/50		267,354
	Kinder Morgan Energy Partners LP
	350,000			5.500			03/01/44		417,420

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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Energy – (continued)
	Kinder Morgan Energy Partners LP, MTN
$	200,000		6.950	%		01/15/38	$	268,079
	Kinder Morgan, Inc.
	180,000		3.150			01/15/23		189,900
	600,000		4.300			06/01/25		680,594
	408,000		4.300			03/01/28		471,725
	320,000		5.550			06/01/45		396,342
	325,000		5.050			02/15/46		387,984
	Kinder Morgan, Inc., GMTN
	270,000		7.750			01/15/32		383,238
	Marathon Oil Corp.
	100,000		2.800			11/01/22		101,845
	300,000		4.400			07/15/27		306,613
	Marathon Petroleum Corp.
	340,000		4.500			05/01/23		370,600
	1,000,000		3.625			09/15/24		1,077,592
	340,000		6.500			03/01/41		436,900
	MPLX LP
	1,000,000		5.200			03/01/47		1,136,747
	200,000		5.500			02/15/49		237,662
	ONEOK, Inc.
	680,000		3.100			03/15/30		645,613
	Phillips 66
	1,190,000		4.300			04/01/22		1,265,911
	360,000		3.900			03/15/28		408,292
	140,000		4.650			11/15/34		170,135
	360,000		4.875			11/15/44		440,612
	Sabine Pass Liquefaction LLC
	300,000		6.250			03/15/22		321,600
	100,000		5.625			04/15/23		110,650
	100,000		5.750			05/15/24		115,000
	500,000		5.625			03/01/25		585,000
	240,000		5.000			03/15/27		273,900
	140,000		4.200			03/15/28		154,350
	1,100,000		4.500	(a)		05/15/30		1,265,000
	Sunoco Logistics Partners Operations LP
	150,000		5.350			05/15/45		143,354
	200,000		5.400			10/01/47		193,926
	Valero Energy Corp.
	1,060,000		3.400			09/15/26		1,169,288
	140,000		7.500			04/15/32		202,246
	Williams Cos., Inc. (The)
	1,030,000		3.600			03/15/22		1,070,636
	500,000		3.700			01/15/23		529,797
	100,000		4.000			09/15/25		111,922
	100,000		3.750			06/15/27		110,359
	100,000		6.300			04/15/40		125,936
	100,000		4.850			03/01/48		115,750
								37,909,262
Financial Company – 0.7%
	Air Lease Corp., MTN
	300,000		2.300			02/01/25		294,489
	Ally Financial, Inc.
	510,000		8.000			11/01/31		694,988
	GE Capital Funding LLC(a)
	750,000		4.400			05/15/30		790,038
Corporate Obligations – (continued)
Financial Company – (continued)
	GE Capital International Funding Co. Unlimited Co.
	300,000		3.373			11/15/25		318,919
	1,740,000		4.418			11/15/35		1,802,087
	International Lease Finance Corp.
	325,000		5.875			08/15/22		351,497
								4,252,018
Food and Beverage – 3.0%
	Coca-Cola Co. (The)
	475,000		2.875			10/27/25		527,217
	880,000		2.250			09/01/26		957,976
	400,000		3.450			03/25/30		479,194
	500,000		1.650			06/01/30		516,388
	340,000		2.500			06/01/40		354,056
	330,000		2.600			06/01/50		335,762
	220,000		2.750			06/01/60		224,574
	Conagra Brands, Inc.
	600,000		4.600			11/01/25		696,098
	300,000		5.300			11/01/38		388,634
	General Mills, Inc.
	470,000		4.200			04/17/28		557,726
	Keurig Dr Pepper, Inc.
	578,000		4.057			05/25/23		631,700
	210,000		4.597			05/25/28		254,039
	Kraft Heinz Foods Co.
	1,157,000		3.950			07/15/25		1,256,847
	1,290,000		3.000			06/01/26		1,342,468
	174,000		5.000			07/15/35		201,871
	250,000		6.875			01/26/39		342,946
	250,000		6.500			02/09/40		320,287
	300,000		4.375			06/01/46		308,078
	490,000		4.875	(a)		10/01/49		537,082
	Molson Coors Beverage Co.
	120,000		2.100			07/15/21		121,525
	1,380,000		3.000			07/15/26		1,476,296
	140,000		5.000			05/01/42		156,912
	150,000		4.200			07/15/46		155,584
	PepsiCo, Inc.
	70,000		2.750			03/05/22		72,661
	725,000		3.100			07/17/22		759,233
	80,000		2.750			04/30/25		87,549
	500,000		2.850			02/24/26		555,088
	100,000		2.375			10/06/26		109,621
	100,000		3.000			10/15/27		113,140
	870,000		4.450			04/14/46		1,162,251
	530,000		3.450			10/06/46		625,463
	30,000		4.000			05/02/47		37,741
	220,000		3.875			03/19/60		283,498
	Sysco Corp.
	400,000		3.300			07/15/26		433,671
	860,000		3.250			07/15/27		923,529
	400,000		5.950			04/01/30		505,358
	200,000		6.600			04/01/50		276,012
	Tyson Foods, Inc.
	50,000		3.950			08/15/24		55,624
	402,000		4.000			03/01/26		462,857

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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Schedule of Investments (continued)

August 31, 2020

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Food and Beverage – (continued)
	Tyson Foods, Inc. – (continued)
$	350,000		3.550	%		06/02/27	$	396,381
	110,000		4.550			06/02/47		139,224
	300,000		5.100			09/28/48		412,935
								19,555,096
Hardware – 0.0%
	Micron Technology, Inc.
	90,000		4.185			02/15/27		103,050
Healthcare – 4.1%
	Aetna, Inc.
	300,000		2.800			06/15/23		317,660
	400,000		3.500			11/15/24		440,668
	140,000		6.625			06/15/36		199,919
	Anthem, Inc.
	350,000		3.500			08/15/24		384,429
	50,000		3.350			12/01/24		55,104
	720,000		3.650			12/01/27		825,135
	90,000		4.625			05/15/42		113,006
	250,000		4.650			01/15/43		316,067
	75,000		4.650			08/15/44		96,316
	595,000		4.375			12/01/47		751,412
	300,000		3.125			05/15/50		317,431
	Cigna Corp.
	700,000		3.000			07/15/23		743,389
	150,000		3.400			03/01/27		168,254
	600,000		4.375			10/15/28		713,357
	600,000		4.800			08/15/38		755,200
	600,000		4.800			07/15/46		797,864
	360,000		4.900			12/15/48		472,572
	CVS Health Corp.
	415,000		2.125			06/01/21		419,842
	548,000		2.750			12/01/22		573,298
	294,000		3.700			03/09/23		316,325
	500,000		2.625			08/15/24		536,062
	154,000		4.100			03/25/25		175,448
	100,000		3.875			07/20/25		113,285
	100,000		3.000			08/15/26		109,812
	500,000		3.625			04/01/27		566,237
	1,316,000		4.300			03/25/28		1,543,838
	180,000		3.250			08/15/29		199,970
	1,370,000		4.780			03/25/38		1,681,585
	300,000		4.125			04/01/40		350,629
	195,000		5.300			12/05/43		250,280
	578,000		5.125			07/20/45		738,448
	950,000		5.050			03/25/48		1,242,770
	DH Europe Finance II Sarl
	275,000		3.250			11/15/39		308,690
	450,000		3.400			11/15/49		529,151
	HCA, Inc.
	320,000		4.750			05/01/23		351,600
	470,000		5.000			03/15/24		531,687
	270,000		5.250			04/15/25		315,225
	300,000		5.250			06/15/26		354,375
	425,000		4.500			02/15/27		486,094
	354,000		4.125			06/15/29		409,224
Corporate Obligations – (continued)
Healthcare – (continued)
	HCA, Inc. – (continued)
	295,000		5.125			06/15/39		365,063
	345,000		5.500			06/15/47		440,392
	UnitedHealth Group, Inc.
	400,000		2.875			03/15/22		413,125
	359,000		2.875			03/15/23		381,253
	420,000		3.750			07/15/25		480,199
	480,000		3.100			03/15/26		538,380
	580,000		3.450			01/15/27		659,872
	200,000		3.850			06/15/28		235,649
	700,000		2.875			08/15/29		783,046
	120,000		4.625			07/15/35		159,209
	225,000		5.800			03/15/36		325,659
	140,000		6.875			02/15/38		226,812
	200,000		4.250			03/15/43		256,347
	300,000		4.750			07/15/45		410,005
	180,000		4.200			01/15/47		226,515
	130,000		3.750			10/15/47		154,643
	270,000		4.450			12/15/48		357,312
	500,000		3.875			08/15/59		624,669
								26,609,808
Insurance – 1.7%
	American International Group, Inc.
	450,000		4.875			06/01/22		484,530
	365,000		3.750			07/10/25		409,794
	715,000		3.900			04/01/26		819,810
	300,000		3.875			01/15/35		345,831
	552,000		4.500			07/16/44		652,661
	American International Group, Inc.(b), Series A-9
	(3M USD LIBOR + 2.868%)
	275,000		5.750			04/01/48		301,813
	Berkshire Hathaway Finance Corp.
	10,000		5.750			01/15/40		15,041
	460,000		4.200			08/15/48		579,922
	610,000		4.250			01/15/49		793,210
	Berkshire Hathaway, Inc.
	520,000		3.125			03/15/26		582,450
	90,000		4.500			02/11/43		118,962
	Brighthouse Financial, Inc.
	450,000		4.700			06/22/47		429,753
	Chubb INA Holdings, Inc.
	450,000		4.350			11/03/45		598,815
	Equitable Holdings, Inc.
	350,000		3.900			04/20/23		377,626
	506,000		4.350			04/20/28		577,761
	130,000		5.000			04/20/48		153,199
	Marsh & McLennan Cos., Inc.
	200,000		4.900			03/15/49		280,440
	MetLife, Inc.
	50,000		3.600			04/10/24		55,649
	240,000		6.375			06/15/34		365,842
	170,000		5.700			06/15/35		250,260
	170,000		5.875			02/06/41		249,440
	150,000		4.125			08/13/42		183,890
	179,000		4.875			11/13/43		241,631
	120,000		4.050			03/01/45		145,398

56 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)
Insurance – (continued)
	MetLife, Inc. – (continued)
$	100,000		4.600	%		05/13/46	$	132,132
	Prudential Financial, Inc.
	(3M USD LIBOR + 3.920%)
	450,000		5.625	(b)		06/15/43		483,221
	(3M USD LIBOR + 2.380%)
	400,000		4.500	(b)		09/15/47		430,439
	210,000		3.905			12/07/47		236,109
	Prudential Financial, Inc., MTN
	570,000		4.350			02/25/50		681,523
								10,977,152
Metals and Mining – 0.1%
	Newmont Corp.
	310,000		4.875			03/15/42		420,898
REITs and Real Estate – 1.0%
	Boston Properties LP
	520,000		3.850			02/01/23		555,788
	375,000		3.650			02/01/26		418,092
	60,000		2.750			10/01/26		64,793
	150,000		4.500			12/01/28		177,923
	500,000		3.250			01/30/31		545,698
	Equinix, Inc.
	350,000		2.625			11/18/24		375,844
	520,000		5.375			05/15/27		571,350
	350,000		3.200			11/18/29		387,826
	GLP Capital LP / GLP Financing II, Inc.
	475,000		5.375			04/15/26		527,782
	300,000		5.300			01/15/29		333,870
	Healthpeak Properties, Inc.
	200,000		4.000			06/01/25		223,475
	Prologis LP
	450,000		4.250			08/15/23		498,033
	50,000		3.750			11/01/25		57,294
	Simon Property Group LP
	500,000		3.375			10/01/24		541,406
	130,000		3.300			01/15/26		142,295
	200,000		3.375			12/01/27		216,780
	100,000		3.250			09/13/49		95,360
	Welltower, Inc.
	60,000		4.000			06/01/25		67,545
	185,000		4.250			04/15/28		209,502
	200,000		3.100			01/15/30		210,812
								6,221,468
Revenue – 0.1%
	CommonSpirit Health
	100,000		2.760			10/01/24		104,502
	120,000		3.347			10/01/29		126,751
	250,000		4.350			11/01/42		276,806
	Kaiser Foundation Hospitals
	340,000		4.150			05/01/47		438,357
								946,416
Software – 1.9%
	Fiserv, Inc.
	300,000		2.250			06/01/27		318,863
	500,000		2.650			06/01/30		540,017
Corporate Obligations – (continued)
Software – (continued)
	Oracle Corp.
	656,000		2.800			07/08/21		669,997
	300,000		1.900			09/15/21		304,746
	970,000		2.500			05/15/22		1,002,517
	600,000		2.500			10/15/22		627,064
	30,000		2.625			02/15/23		31,587
	150,000		2.400			09/15/23		158,503
	625,000		3.400			07/08/24		686,630
	40,000		2.950			11/15/24		43,700
	130,000		2.950			05/15/25		142,630
	1,169,000		2.650			07/15/26		1,283,316
	80,000		3.250			11/15/27		90,542
	740,000		4.300			07/08/34		926,171
	200,000		3.900			05/15/35		242,870
	270,000		3.850			07/15/36		319,274
	245,000		3.800			11/15/37		283,465
	312,000		6.500			04/15/38		479,994
	400,000		3.600			04/01/40		453,492
	220,000		5.375			07/15/40		302,832
	700,000		4.125			05/15/45		835,985
	440,000		4.000			07/15/46		520,501
	310,000		4.000			11/15/47		368,249
	500,000		3.600			04/01/50		566,031
	200,000		4.375			05/15/55		248,067
	545,000		3.850			04/01/60		633,312
								12,080,355
Technology – 8.0%
	Adobe, Inc.
	180,000		2.150			02/01/27		193,355
	400,000		2.300			02/01/30		432,208
	Alphabet, Inc.
	743,000		1.998			08/15/26		799,555
	440,000		2.050			08/15/50		418,975
	200,000		2.250			08/15/60		191,832
	Apple, Inc.
	165,000		1.550			08/04/21		166,908
	1,680,000		2.500			02/09/22		1,731,329
	1,688,000		2.100			09/12/22		1,746,199
	30,000		3.000			02/09/24		32,398
	589,000		3.450			05/06/24		652,299
	425,000		2.850			05/11/24		459,560
	350,000		2.450			08/04/26		383,600
	210,000		3.000			06/20/27		237,241
	355,000		2.900			09/12/27		399,914
	410,000		3.000			11/13/27		464,563
	680,000		4.500			02/23/36		906,191
	687,000		3.850			05/04/43		844,114
	10,000		4.450			05/06/44		13,397
	200,000		3.450			02/09/45		233,817
	380,000		4.375			05/13/45		502,255
	690,000		4.650			02/23/46		943,922
	494,000		3.850			08/04/46		610,499
	480,000		4.250			02/09/47		628,768
	50,000		3.750			11/13/47		60,742
	420,000		2.950			09/11/49		457,379

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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Schedule of Investments (continued)

August 31, 2020

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Technology – (continued)
	Applied Materials, Inc.
$	940,000		3.300	%		04/01/27	$	1,076,644
	200,000		4.350			04/01/47		270,443
	Broadcom Corp. / Broadcom Cayman Finance Ltd.
	30,000		2.650			01/15/23		31,215
	100,000		3.625			01/15/24		108,066
	500,000		3.125			01/15/25		536,855
	727,000		3.875			01/15/27		806,850
	160,000		3.500			01/15/28		173,068
	Broadcom, Inc.
	150,000		3.625			10/15/24		164,777
	360,000		4.250			04/15/26		407,955
	497,000		3.459			09/15/26		541,845
	530,000		4.750			04/15/29		619,563
	1,000,000		5.000			04/15/30		1,180,713
	500,000		4.150			11/15/30		560,393
	300,000		4.300			11/15/32		345,210
	Cisco Systems, Inc.
	150,000		1.850			09/20/21		152,332
	165,000		3.625			03/04/24		183,539
	666,000		5.900			02/15/39		1,013,870
	270,000		5.500			01/15/40		399,057
	Dell International LLC / EMC Corp.
	707,000		4.420	(a)		06/15/21		724,982
	175,000		5.450	(a)		06/15/23		192,760
	764,000		6.020	(a)		06/15/26		898,384
	690,000		8.100	(a)		07/15/36		912,897
	460,000		8.350	(a)		07/15/46		619,551
	Fidelity National Information Services, Inc.
	189,000		3.000			08/15/26		210,414
	Fiserv, Inc.
	500,000		3.800			10/01/23		547,787
	1,100,000		3.500			07/01/29		1,253,649
	HP, Inc.
	268,000		6.000			09/15/41		330,144
	Intel Corp.
	420,000		2.875			05/11/24		454,713
	378,000		3.700			07/29/25		430,770
	200,000		2.600			05/19/26		220,317
	440,000		3.150			05/11/27		495,724
	700,000		2.450			11/15/29		760,877
	290,000		4.100			05/19/46		363,309
	320,000		4.100			05/11/47		405,398
	95,000		3.734			12/08/47		113,528
	850,000		3.250			11/15/49		954,160
	300,000		4.750			03/25/50		414,699
	100,000		4.950			03/25/60		145,298
	International Business Machines Corp.
	800,000		1.875			08/01/22		823,732
	820,000		3.300			05/15/26		932,013
	500,000		1.950			05/15/30		518,434
	500,000		4.150			05/15/39		613,779
	427,000		4.000			06/20/42		514,929
	300,000		2.950			05/15/50		313,165
	Lam Research Corp.
	525,000		4.000			03/15/29		630,167
	170,000		4.875			03/15/49		244,142
Corporate Obligations – (continued)
Technology – (continued)
	Microsoft Corp.
	900,000		1.550			08/08/21		910,328
	410,000		2.400			02/06/22		422,062
	662,000		2.375			02/12/22		681,559
	450,000		2.000			08/08/23		471,610
	97,000		2.875			02/06/24		104,764
	665,000		2.700			02/12/25		728,121
	160,000		2.400			08/08/26		175,170
	115,000		3.300			02/06/27		131,767
	360,000		3.500			02/12/35		443,497
	450,000		3.450			08/08/36		541,044
	13,000		4.100			02/06/37		16,863
	280,000		3.500			11/15/42		334,846
	810,000		3.700			08/08/46		1,017,695
	1,491,000		2.525			06/01/50		1,580,178
	347,000		3.950			08/08/56		451,341
	968,000		2.675			06/01/60		1,019,880
	NVIDIA Corp.
	680,000		3.200			09/16/26		770,335
	440,000		3.500			04/01/50		501,152
	PayPal Holdings, Inc.
	500,000		2.400			10/01/24		534,234
	460,000		3.250			06/01/50		524,750
	QUALCOMM, Inc.
	276,000		2.900			05/20/24		297,661
	360,000		3.250			05/20/27		407,087
	200,000		4.650			05/20/35		271,423
	620,000		4.800			05/20/45		847,876
	200,000		4.300			05/20/47		255,980
	Texas Instruments, Inc.
	372,000		4.150			05/15/48		491,104
	VMware, Inc.
	400,000		2.950			08/21/22		417,480
								51,472,944
Transportation – 1.6%
	Burlington Northern Santa Fe LLC
	55,000		5.750			05/01/40		80,427
	250,000		4.450			03/15/43		325,607
	130,000		4.900			04/01/44		180,065
	150,000		4.550			09/01/44		199,023
	310,000		4.150			04/01/45		394,478
	750,000		3.900			08/01/46		935,873
	CSX Corp.
	700,000		3.250			06/01/27		792,134
	30,000		3.800			03/01/28		35,171
	190,000		3.800			11/01/46		223,595
	FedEx Corp.
	1,000,000		3.800			05/15/25		1,131,321
	340,000		3.100			08/05/29		374,964
	260,000		4.400			01/15/47		298,144
	700,000		4.950			10/17/48		877,783
	Union Pacific Corp.
	530,000		4.163			07/15/22		562,223
	450,000		3.950			09/10/28		534,108
	50,000		4.375			09/10/38		62,398
	300,000		4.300			03/01/49		391,865

58 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)
Transportation – (continued)
	Union Pacific Corp. – (continued)
$	400,000		3.250	%		02/05/50	$	443,345
	310,000		3.799			10/01/51		376,346
	United Parcel Service, Inc.
	1,000,000		2.450			10/01/22		1,044,216
	260,000		3.400			03/15/29		301,838
	330,000		3.750			11/15/47		393,747
	200,000		5.300			04/01/50		296,841
								10,255,512
Wireless – 5.0%
	American Tower Corp.
	250,000		4.000			06/01/25		284,246
	400,000		3.375			10/15/26		450,517
	475,000		3.800			08/15/29		549,876
	80,000		2.900			01/15/30		87,148
	AT&T, Inc.
	50,000		3.000			06/30/22		52,168
	230,000		2.625			12/01/22		240,927
	100,000		3.950			01/15/25		112,715
	280,000		4.125			02/17/26		323,952
	415,000		3.800			02/15/27		474,640
	400,000		4.250			03/01/27		469,158
	560,000		4.100			02/15/28		649,948
	565,000		4.350			03/01/29		672,165
	1,020,000		4.300			02/15/30		1,219,251
	670,000		2.750			06/01/31		711,140
	685,000		4.500			05/15/35		820,681
	551,000		5.250			03/01/37		694,496
	180,000		4.900			08/15/37		223,481
	340,000		4.850			03/01/39		413,333
	360,000		6.000			08/15/40		486,413
	90,000		5.350			09/01/40		115,716
	100,000		6.375			03/01/41		140,770
	640,000		5.550			08/15/41		836,281
	254,000		5.150			03/15/42		317,166
	450,000		4.300			12/15/42		513,297
	370,000		4.800			06/15/44		447,425
	430,000		4.350			06/15/45		494,035
	50,000		4.850			07/15/45		60,665
	535,000		4.750			05/15/46		644,502
	260,000		5.150			11/15/46		326,816
	250,000		5.650			02/15/47		330,356
	490,000		5.450			03/01/47		643,046
	640,000		4.500			03/09/48		754,718
	367,000		4.550			03/09/49		435,757
	610,000		5.150			02/15/50		774,865
	470,000		3.650			06/01/51		499,097
	70,000		5.700			03/01/57		96,374
	CC Holdings GS V LLC / Crown Castle GS III Corp.
	450,000		3.849			04/15/23		486,084
	Crown Castle International Corp.
	340,000		5.250			01/15/23		376,695
	60,000		3.150			07/15/23		64,128
	210,000		4.450			02/15/26		243,707
	130,000		3.650			09/01/27		147,439
	100,000		3.250			01/15/51		104,369
Corporate Obligations – (continued)
Wireless – (continued)
	T-Mobile USA, Inc.
	700,000		3.500	(a)		04/15/25		773,874
	1,200,000		3.875	(a)		04/15/30		1,376,934
	600,000		4.375	(a)		04/15/40		725,977
	400,000		4.500	(a)		04/15/50		492,294
	Verizon Communications, Inc.
	521,000		2.946			03/15/22		540,777
	480,000		5.150			09/15/23		547,625
	150,000		3.500			11/01/24		167,271
	184,000		3.376			02/15/25		205,920
	1,149,000		2.625			08/15/26		1,265,480
	450,000		4.125			03/16/27		532,029
	950,000		4.329			09/21/28		1,149,989
	270,000		4.016			12/03/29		324,138
	485,000		4.500			08/10/33		616,414
	350,000		4.400			11/01/34		438,879
	220,000		4.272			01/15/36		269,594
	385,000		5.250			03/16/37		525,168
	225,000		4.812			03/15/39		296,000
	400,000		3.850			11/01/42		476,167
	60,000		6.550			09/15/43		96,450
	430,000		4.125			08/15/46		530,082
	640,000		4.862			08/21/46		864,797
	110,000		5.500			03/16/47		161,889
	300,000		4.522			09/15/48		395,573
	330,000		5.012			04/15/49		465,147
	562,000		5.012			08/21/54		817,896
	405,000		4.672			03/15/55		560,173
								32,406,100
	TOTAL CORPORATE OBLIGATIONS
	(Cost $469,991,278)						$	505,171,409
Foreign Corporate Debt – 19.5%
Banks – 9.8%
	Australia & New Zealand Banking Group Ltd., MTN (Australia)
$	480,000		2.300	%		06/01/21	$	486,678
	510,000		2.050			11/21/22		529,370
	Australia & New Zealand Banking Group Ltd. (Australia)
	280,000		2.550			11/23/21		287,803
	Banco Santander SA (Spain)
	800,000		3.848			04/12/23		859,723
	800,000		2.706			06/27/24		851,002
	400,000		3.800			02/23/28		439,519
	400,000		3.306			06/27/29		437,392
	Bank of Montreal, MTN (Canada)
	120,000		1.900			08/27/21		121,989
	1,100,000		2.900			03/26/22		1,144,326
	200,000		2.550			11/06/22		209,183
	Bank of Montreal(b) (Canada) (5 Year USD Swap + 1.432%)
	400,000		3.803			12/15/32		444,500
	Bank of Nova Scotia (The) (Canada)
	850,000		2.000			11/15/22		879,724
	945,000		3.400			02/11/24		1,032,083

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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Schedule of Investments (continued)

August 31, 2020

Principal Amount		Interest Rate			Maturity Date		Value
Foreign Corporate Debt – (continued)
Banks – (continued)
	Barclays PLC (United Kingdom)
$	200,000		3.684	%		01/10/23	$	207,484
	(3M USD LIBOR + 1.400%)
	400,000		4.610	(b)		02/15/23		421,023
	(3M USD LIBOR + 1.356%)
	700,000		4.338	(b)		05/16/24		758,625
	890,000		3.650			03/16/25		970,734
	1,160,000		4.375			01/12/26		1,322,106
	400,000		4.836			05/09/28		445,470
	330,000		5.250			08/17/45		453,736
	400,000		4.950			01/10/47		542,966
	BNP Paribas SA, MTN (France)
	50,000		3.250			03/03/23		53,409
	Canadian Imperial Bank of Commerce (Canada)
	300,000		3.500			09/13/23		328,028
	Cooperatieve Rabobank UA (Netherlands)
	650,000		3.875			02/08/22		683,355
	370,000		3.950			11/09/22		394,909
	350,000		4.625			12/01/23		390,125
	250,000		3.750			07/21/26		278,667
	285,000		5.250			05/24/41		418,799
	340,000		5.750			12/01/43		498,525
	330,000		5.250			08/04/45		457,875
	Credit Suisse AG (Switzerland)
	670,000		3.000			10/29/21		690,940
	Credit Suisse AG, MTN (Switzerland)
	1,030,000		3.625			09/09/24		1,146,091
	Credit Suisse Group AG(a) (b) (Switzerland)
	(SOFR + 3.730%)
	1,200,000		4.194			04/01/31		1,405,500
	Credit Suisse Group Funding Guernsey Ltd. (Switzerland)
	300,000		3.800			09/15/22		318,684
	710,000		4.550			04/17/26		832,475
	300,000		4.875			05/15/45		409,207
	Deutsche Bank AG (Germany)
	650,000		4.250			10/14/21		672,142
	230,000		3.300			11/16/22		238,337
	200,000		3.950			02/27/23		211,512
	130,000		3.700			05/30/24		138,938
	(SOFR + 2.581%)
	500,000		3.961	(b)		11/26/25		536,991
	Deutsche Bank AG, Series D (Germany)
	310,000		5.000			02/14/22		325,333
	Deutsche Bank AG, GMTN (Germany)
	50,000		3.375			05/12/21		50,831
	HSBC Holdings PLC (United Kingdom)
	200,000		2.950			05/25/21		203,840
	(3M USD LIBOR + 1.055%)
	400,000		3.262	(b)		03/13/23		415,924
	340,000		4.250			03/14/24		371,393
	(3M USD LIBOR + 0.987%)
	500,000		3.950	(b)		05/18/24		540,165
	400,000		4.250			08/18/25		443,196
	(3M USD LIBOR + 1.140%)
	250,000		2.633	(b)		11/07/25		262,469
	550,000		4.300			03/08/26		632,143
	990,000		3.900			05/25/26		1,118,714
Foreign Corporate Debt – (continued)
Banks – (continued)
	(3M USD LIBOR + 1.348%)
	500,000		4.292	(b)		09/12/26		564,156
	(3M USD LIBOR + 1.610%)
	500,000		3.973	(b)		05/22/30		566,659
	250,000		6.500			05/02/36		339,713
	654,000		6.500			09/15/37		922,766
	510,000		6.800			06/01/38		724,743
	140,000		6.100			01/14/42		203,746
	680,000		5.250			03/14/44		884,883
	ING Groep NV (Netherlands)
	228,000		3.150			03/29/22		236,941
	390,000		4.100			10/02/23		429,890
	200,000		3.950			03/29/27		230,428
	490,000		4.550			10/02/28		596,929
	330,000		4.050			04/09/29		392,205
	Lloyds Banking Group PLC (United Kingdom)
	250,000		3.000			01/11/22		258,511
	1,120,000		4.050			08/16/23		1,226,511
	200,000		3.900			03/12/24		219,961
	200,000		4.500			11/04/24		220,671
	(US 1 Year CMT T-Note + 3.500%)
	200,000		3.870	(b)		07/09/25		220,402
	300,000		4.582			12/10/25		338,293
	525,000		3.750			01/11/27		591,566
	640,000		4.375			03/22/28		754,604
	200,000		5.300			12/01/45		274,435
	200,000		4.344			01/09/48		246,988
	Mitsubishi UFJ Financial Group, Inc. (Japan)
	1,000,000		2.623			07/18/22		1,040,765
	730,000		2.665			07/25/22		758,580
	950,000		3.850			03/01/26		1,092,699
	830,000		3.677			02/22/27		941,649
	150,000		3.287			07/25/27		167,228
	950,000		3.961			03/02/28		1,104,808
	300,000		3.195			07/18/29		333,324
	200,000		3.751			07/18/39		234,325
	Mizuho Financial Group, Inc. (Japan)
	300,000		2.273			09/13/21		305,343
	690,000		2.601			09/11/22		717,915
	200,000		2.839			09/13/26		219,004
	740,000		4.018			03/05/28		855,150
	National Australia Bank Ltd. (Australia)
	1,050,000		2.500			07/12/26		1,143,050
	National Australia Bank Ltd., GMTN (Australia)
	550,000		2.500			05/22/22		570,140
	Natwest Group PLC (United Kingdom)
	(3M USD LIBOR + 1.480%)
	960,000		3.498	(b)		05/15/23		1,002,132
	245,000		6.100			06/10/23		271,433
	(3M USD LIBOR + 1.762%)
	685,000		4.269	(b)		03/22/25		752,347
	(3M USD LIBOR + 1.754%)
	345,000		4.892	(b)		05/18/29		411,018
	(US 5 Year CMT T-Note + 2.100%)
	650,000		3.754	(b)		11/01/29		686,291
	(3M USD LIBOR + 1.905%)
	500,000		5.076	(b)		01/27/30		608,669

60 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)
	Royal Bank of Canada, GMTN (Canada)
$	500,000		3.700	%		10/05/23	$	549,364
	300,000		4.650			01/27/26		355,529
	Santander UK PLC (United Kingdom)
	1,000,000		2.875			06/18/24		1,075,371
	Sumitomo Mitsui Financial Group, Inc. (Japan)
	637,000		2.934			03/09/21		645,801
	520,000		2.442			10/19/21		531,858
	340,000		2.784			07/12/22		354,196
	150,000		2.778			10/18/22		157,056
	650,000		3.102			01/17/23		687,766
	400,000		3.784			03/09/26		456,088
	50,000		2.632			07/14/26		54,184
	610,000		3.010			10/19/26		676,272
	100,000		3.446			01/11/27		111,909
	150,000		3.364			07/12/27		168,790
	500,000		3.040			07/16/29		548,776
	Toronto-Dominion Bank (The), MTN (Canada)
	775,000		1.900			12/01/22		801,805
	910,000		2.650			06/12/24		979,291
	Westpac Banking Corp. (Australia)
	415,000		2.000			08/19/21		422,040
	100,000		2.500			06/28/22		104,030
	800,000		3.650			05/15/23		868,879
	300,000		3.300			02/26/24		327,204
	330,000		2.850			05/13/26		366,299
	120,000		2.700			08/19/26		132,734
	400,000		3.400			01/25/28		465,604
	300,000		2.650			01/16/30		332,317
	(US 5 Year CMT T-Note + 2.000%)
	100,000		4.110	(b)		07/24/34		113,674
	Westpac Banking Corp.(b), GMTN (Australia)
	(5 Year USD Swap + 2.236%)
	510,000		4.322			11/23/31		577,623
								62,839,284
Beverages – 0.1%
	Fomento Economico Mexicano SAB de CV (Mexico)
	600,000		3.500			01/16/50		646,550
Brokerage – 0.1%
	Brookfield Finance, Inc. (Canada)
	600,000		4.700			09/20/47		704,090
Consumer Noncyclical – 1.8%
	AstraZeneca PLC (United Kingdom)
	200,000		2.375			06/12/22		206,853
	460,000		3.375			11/16/25		516,830
	20,000		3.125			06/12/27		22,294
	280,000		4.000			01/17/29		334,858
	330,000		6.450			09/15/37		510,125
	80,000		4.375			11/16/45		105,486
	160,000		4.375			08/17/48		215,361
	BAT Capital Corp. (United Kingdom)
	1,160,000		2.764			08/15/22		1,205,862
	300,000		3.222			08/15/24		323,796
	560,000		3.557			08/15/27		610,923
	723,000		4.390			08/15/37		788,685
	350,000		4.540			08/15/47		383,721
Foreign Corporate Debt – (continued)
Consumer Noncyclical – (continued)
	GlaxoSmithKline Capital PLC (United Kingdom)
	68,000		2.850			05/08/22		70,751
	300,000		2.875			06/01/22		312,511
	240,000		3.375			06/01/29		276,078
	GlaxoSmithKline Capital, Inc. (United Kingdom)
	532,000		2.800			03/18/23		564,310
	272,000		3.875			05/15/28		321,268
	397,000		6.375			05/15/38		610,550
	Novartis Capital Corp. (Switzerland)
	275,000		2.400			05/17/22		285,770
	435,000		3.000			11/20/25		484,007
	420,000		3.100			05/17/27		470,561
	500,000		2.200			08/14/30		538,233
	220,000		4.400			05/06/44		288,478
	225,000		2.750			08/14/50		235,508
	Reynolds American, Inc. (United Kingdom)
	70,000		4.450			06/12/25		79,777
	380,000		5.700			08/15/35		474,683
	295,000		5.850			08/15/45		367,180
	Takeda Pharmaceutical Co., Ltd. (Japan)
	200,000		4.400			11/26/23		223,666
	200,000		5.000			11/26/28		248,277
	700,000		3.175			07/09/50		718,704
								11,795,106
Consumer Products – 0.1%
	Unilever Capital Corp. (United Kingdom)
	500,000		3.500			03/22/28		577,872
Electric – 0.2%
	ABB Finance USA, Inc. (Switzerland)
	600,000		3.800			04/03/28		703,813
	Emera US Finance LP (Canada)
	50,000		2.700			06/15/21		50,807
	360,000		3.550			06/15/26		403,004
	240,000		4.750			06/15/46		300,422
								1,458,046
Energy – 2.3%
	BP Capital Markets PLC (United Kingdom)
	1,160,000		3.561			11/01/21		1,202,406
	20,000		2.500			11/06/22		20,834
	90,000		3.994			09/26/23		99,304
	290,000		3.814			02/10/24		319,598
	520,000		3.535			11/04/24		575,745
	200,000		3.279			09/19/27		222,851
	Enbridge, Inc. (Canada)
	120,000		4.000			10/01/23		130,727
	850,000		3.125			11/15/29		917,696
	Equinor ASA (Norway)
	630,000		3.150			01/23/22		653,825
	500,000		2.375			05/22/30		532,047
	100,000		3.950			05/15/43		115,480
	160,000		4.800			11/08/43		209,920
	430,000		3.250			11/18/49		463,926
	Shell International Finance BV (Netherlands)
	425,000		1.750			09/12/21		431,506
	180,000		3.250			05/11/25		200,793

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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Schedule of Investments (continued)

August 31, 2020

Principal Amount		Interest Rate			Maturity Date		Value
Foreign Corporate Debt – (continued)
Energy – (continued)
	Shell International Finance BV (Netherlands) – (continued)
$	60,000		2.875	%		05/10/26	$	66,902
	500,000		2.500			09/12/26		547,733
	772,000		2.375			11/07/29		821,322
	510,000		4.125			05/11/35		633,135
	230,000		6.375			12/15/38		344,334
	190,000		5.500			03/25/40		268,218
	375,000		4.550			08/12/43		468,780
	590,000		4.375			05/11/45		736,106
	470,000		4.000			05/10/46		562,773
	Total Capital Canada Ltd. (France)
	25,000		2.750			07/15/23		26,696
	Total Capital International SA (France)
	350,000		3.700			01/15/24		386,532
	125,000		3.750			04/10/24		138,647
	530,000		3.455			02/19/29		609,014
	700,000		3.127			05/29/50		739,166
	Total Capital SA (France)
	50,000		3.883			10/11/28		58,969
	TransCanada PipeLines Ltd. (Canada)
	390,000		4.250			05/15/28		449,420
	50,000		4.625			03/01/34		60,275
	260,000		6.200			10/15/37		352,422
	200,000		7.625			01/15/39		308,682
	160,000		6.100			06/01/40		214,900
	190,000		4.875			05/15/48		245,966
	500,000		5.100			03/15/49		671,870
								14,808,520
Financial Company – 0.1%
	AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Ireland)
	500,000		2.875			08/14/24		479,545
	150,000		3.650			07/21/27		139,608
								619,153
Food and Beverage – 1.9%
	Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc. (Belgium)
	785,000		3.650			02/01/26		889,698
	750,000		4.700			02/01/36		895,833
	1,550,000		4.900			02/01/46		1,923,154
	Anheuser-Busch InBev Finance, Inc. (Belgium)
	1,000,000		3.300			02/01/23		1,064,788
	300,000		4.625			02/01/44		354,787
	100,000		4.900			02/01/46		123,223
	Anheuser-Busch InBev Worldwide, Inc. (Belgium)
	1,000,000		4.150			01/23/25		1,138,801
	490,000		4.000			04/13/28		567,548
	600,000		4.750			01/23/29		731,971
	255,000		4.900			01/23/31		322,656
	520,000		4.375			04/15/38		599,433
	90,000		4.950			01/15/42		109,497
	700,000		4.600			04/15/48		835,120
	210,000		4.439			10/06/48		246,367
	686,000		5.550			01/23/49		922,346
	800,000		5.800			01/23/59		1,146,379
Foreign Corporate Debt – (continued)
Food and Beverage – (continued)
	Diageo Capital PLC (United Kingdom)
	400,000		2.125			04/29/32		415,944
	Diageo Investment Corp. (United Kingdom)
	50,000		2.875			05/11/22		52,152
								12,339,697
Insurance – 0.1%
	AXA SA (France)
	265,000		8.600			12/15/30		399,583
	Manulife Financial Corp.(b) (Canada)
	(5 Year USD Swap + 1.647%)
	410,000		4.061			02/24/32		438,526
								838,109
Internet – 0.3%
	Alibaba Group Holding Ltd. (China)
	1,068,000		3.125			11/28/21		1,096,400
	300,000		3.400			12/06/27		338,726
	236,000		4.200			12/06/47		303,116
	270,000		4.400			12/06/57		365,165
								2,103,407
Lodging – 0.1%
	Sands China Ltd. (Macau)
	228,000		4.600			08/08/23		243,675
Metals & Mining – 0.1%
	BHP Billiton Finance USA Ltd. (Australia)
	150,000		4.125			02/24/42		189,262
	Rio Tinto Finance USA Ltd. (Australia)
	80,000		7.125			07/15/28		113,577
								302,839
Metals and Mining – 0.2%
	BHP Billiton Finance USA Ltd. (Australia)
	350,000		5.000			09/30/43		497,077
	Rio Tinto Finance USA Ltd. (Australia)
	440,000		5.200			11/02/40		628,357
	Rio Tinto Finance USA PLC (Australia)
	80,000		4.125			08/21/42		101,751
								1,227,185
Mining – 0.4%
	Barrick Gold Corp. (Canada)
	340,000		5.250			04/01/42		465,559
	Barrick North America Finance LLC (Canada)
	50,000		5.700			05/30/41		70,635
	170,000		5.750			05/01/43		248,138
	Southern Copper Corp. (Peru)
	230,000		7.500			07/27/35		343,586
	150,000		6.750			04/16/40		220,004
	240,000		5.250			11/08/42		307,328
	190,000		5.875			04/23/45		264,177
	Vale Overseas Ltd. (Brazil)
	250,000		6.875			11/21/36		332,344
	250,000		6.875			11/10/39		337,500
								2,589,271

62 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 Company-Exploration & Production – 0.3%
	CNOOC Finance 2013 Ltd. (China)
$	450,000		3.000	%		05/09/23	$	474,200
	CNOOC Finance 2015 USA LLC (China)
	305,000		4.375			05/02/28		359,932
	CNOOC Petroleum North America ULC (China)
	650,000		6.400			05/15/37		957,248
								1,791,380
Telecommunications – 0.3%
	America Movil SAB de CV (Mexico)
	214,000		3.125			07/16/22		223,200
	935,000		3.625			04/22/29		1,060,182
	340,000		6.125			03/30/40		494,462
	250,000		4.375			04/22/49		315,892
								2,093,736
Wireless – 0.6%
	Rogers Communications, Inc. (Canada)
	105,000		4.300			02/15/48		131,296
	150,000		4.350			05/01/49		186,160
	250,000		3.700			11/15/49		287,281
	Vodafone Group PLC (United Kingdom)
	700,000		2.950			02/19/23		741,068
	1,000,000		3.750			01/16/24		1,098,303
	500,000		5.250			05/30/48		648,449
	500,000		4.875			06/19/49		626,098
	200,000		4.250			09/17/50		232,807
								3,951,462
Wirelines – 0.7%
	British Telecommunications PLC (United Kingdom)
	310,000		9.625			12/15/30		504,732
	Deutsche Telekom International Finance BV (Germany)
	618,000		8.750			06/15/30		972,016
	Orange SA (France)
	430,000		9.000			03/01/31		705,800
	210,000		5.375			01/13/42		297,475
	Telefonica Emisiones SA (Spain)
	100,000		7.045			06/20/36		146,288
	500,000		4.665			03/06/38		583,182
	650,000		5.213			03/08/47		788,938
	350,000		4.895			03/06/48		418,896
								4,417,327
	TOTAL FOREIGN CORPORATE DEBT
	(Cost $117,255,315)						$	125,346,709

Principal Amount	Dividend Rate			Value
Investment Company – 1.0%(c)
Goldman Sachs Financial Square Government Fund – Institutional Shares
$6,635,197		0.027	%	$	6,635,197
(Cost $6,635,197)
TOTAL INVESTMENTS – 99.1%
(Cost $593,881,790)				$	637,153,315
OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.9%					5,424,679
NET ASSETS – 100.0%				$	642,577,994

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)	Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on August 31, 2020.
(c)	Represents an affiliated issuer.

Investment Abbreviations:
CMT	— Constant Maturity Treasury Index
GMTN	— Global Medium Term Note
LIBOR	— London Interbank Offered Rate
LP	— Limited Partnership
MTN	— Medium Term Note
PLC	— Public Limited Company
REIT	— Real Estate Investment Trust
SOFR	— Secured Overnight Financing Rate

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

GOLDMAN SACHS ACCESS TREASURY 0-1 YEAR ETF

Schedule of Investments

August 31, 2020

Principal Amount		Interest Rate(a)	Maturity Date		Value
U.S. Treasury Bills – 95.3%
	U.S. Treasury Bills
$	2,585,000	0.084%		10/08/20	$	2,584,771
	360,262,900	0.092		10/08/20		360,230,964
	131,341,600	0.097		10/08/20		131,329,957
	1,710,000	0.109		10/08/20		1,709,848
	560,000	0.125		10/08/20		559,950
	1,400,000	0.127		10/08/20		1,399,876
	800,000	0.130		10/08/20		799,929
	2,284,000	0.132		10/08/20		2,283,798
	1,280,000	0.135		10/08/20		1,279,887
	3,234,000	0.137		10/08/20		3,233,713
	2,052,000	0.139		10/08/20		2,051,818
	135,680,400	0.142		10/08/20		135,668,373
	2,775,000	0.147		10/08/20		2,774,754
	4,323,000	0.150		10/08/20		4,322,617
	896,000	0.153		10/08/20		895,921
	1,572,000	0.158		10/08/20		1,571,861
	208,431,400	0.159		10/08/20		208,412,924
	2,096,000	0.169		10/08/20		2,095,814
	3,930,000	0.170		10/08/20		3,929,652
	88,736,800	0.092		11/19/20		88,717,814
	205,561,500	0.093		11/19/20		205,517,519
	1,463,000	0.094		11/19/20		1,462,687
	1,060,000	0.120		11/19/20		1,059,773
	117,615,100	0.142		11/19/20		117,589,936
	3,312,000	0.145		11/19/20		3,311,291
	840,000	0.153		11/19/20		839,820
	1,500,000	0.155		11/19/20		1,499,679
	3,010,000	0.158		11/19/20		3,009,356
	182,952,100	0.163		11/19/20		182,912,956
	1,120,000	0.172		11/19/20		1,119,760
	2,100,000	0.181		11/19/20		2,099,551
	96,391,700	0.093		12/03/20		96,364,309
	715,000	0.103		12/03/20		714,797
	350,000	0.117		12/03/20		349,901
	945,000	0.120		12/03/20		944,731
	1,505,000	0.125		12/03/20		1,504,572
	2,555,000	0.128		12/03/20		2,554,274
	490,000	0.130		12/03/20		489,861
	840,000	0.132		12/03/20		839,761
	700,000	0.137		12/03/20		699,801
	750,000	0.148		12/03/20		749,787
	1,134,000	0.150		12/03/20		1,133,678
	420,000	0.153		12/03/20		419,881
	504,000	0.154		12/03/20		503,857
	1,620,000	0.163		12/03/20		1,619,540
	350,000	0.172		12/03/20		349,901
	1,656,000	0.181		12/03/20		1,655,529
	87,478,000	1.462		12/03/20		87,453,142
	92,124,200	0.104		12/31/20		92,090,140
	550,000	0.107		12/31/20		549,797
	500,000	0.127		12/31/20		499,815
	500,000	0.150		12/31/20		499,815
	149,471,200	0.160		12/31/20		149,415,937
	600,000	0.163		12/31/20		599,778
	104,048,100	0.097		01/28/21		104,005,035
	913,000	0.107		01/28/21		912,622
U.S. Treasury Bills – (continued)
	U.S. Treasury Bills – (continued)
	83,512,500	0.110		01/28/21		83,477,935
	500,000	0.130		01/28/21		499,793
	1,350,000	0.136		01/28/21		1,349,441
	714,000	0.140		01/28/21		713,704
	2,850,000	0.142		01/28/21		2,848,820
	400,000	0.145		01/28/21		399,834
	1,200,000	0.150		01/28/21		1,199,503
	2,620,000	0.153		01/28/21		2,618,916
	600,000	0.155		01/28/21		599,752
	1,765,000	0.158		01/28/21		1,764,269
	2,550,000	0.163		01/28/21		2,548,945
	500,000	0.165		01/28/21		499,793
	1,650,000	0.168		01/28/21		1,649,317
	1,400,000	0.176		01/28/21		1,399,421
	1,500,000	0.184		01/28/21		1,499,379
	127,113,200	1.312		01/28/21		127,060,589
	113,703,800	0.113		02/25/21		113,639,510
	385,000	0.120		02/25/21		384,782
	104,975,800	0.122		02/25/21		104,916,445
	350,000	0.127		02/25/21		349,802
	1,100,000	0.153		02/25/21		1,099,378
	420,000	0.158		02/25/21		419,762
	385,000	0.126		03/25/21		384,742
	104,760,000	0.127		03/25/21		104,689,906
	350,000	0.128		03/25/21		349,766
	490,000	0.132		03/25/21		489,672
	420,000	0.147		03/25/21		419,719
	350,000	0.152		03/25/21		349,766
	490,000	0.155		03/25/21		489,672
	32,002,800	0.107		04/22/21		31,977,945
	440,000	0.129		04/22/21		439,658
	630,000	0.137		04/22/21		629,511
	405,000	0.138		04/22/21		404,685
	885,000	0.145		04/22/21		884,313
	120,000	0.146		04/22/21		119,907
	210,000	0.150		04/22/21		209,837
	49,307,200	0.152		04/22/21		49,268,905
	300,000	0.155		04/22/21		299,767
	1,065,000	0.157		04/22/21		1,064,173
	336,000	0.162		04/22/21		335,739
	35,293,700	0.166		04/22/21		35,266,289
	990,000	0.168		04/22/21		989,231
	110,000	0.128		05/20/21		109,919
	100,000	0.134		05/20/21		99,927
	120,000	0.148		05/20/21		119,912
	240,000	0.150		05/20/21		239,824
	210,000	0.160		05/20/21		209,846
	330,000	0.165		05/20/21		329,758
	380,000	0.168		05/20/21		379,721
	28,708,500	0.174		05/20/21		28,687,426
	300,000	0.180		05/20/21		299,780
	91,382,300	0.108		07/15/21		91,281,716
	38,210,600	0.109		07/15/21		38,168,542
	38,114,500	0.118		08/12/21		38,064,276
	TOTAL U.S. TREASURY BILLS
	(Cost $2,900,175,766)				$	2,901,189,770

64 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 – 4.7%
	U.S. Treasury Notes
$	59,427,500	2.125%		05/31/21	$	60,302,507
	81,899,400	2.625		06/15/21		83,499,148
	TOTAL U.S. TREASURY NOTES
	(Cost $143,802,705)				$	143,801,655
	TOTAL INVESTMENTS – 100.0%
	(Cost $3,043,978,471)				$	3,044,991,425
	OTHER ASSETS IN EXCESS OF     LIABILITIES - 0.0%					404,851
	NET ASSETS – 100.0%				$	3,045,396,276

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. 65

GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF

Schedule of Investments

August 31, 2020

Principal Amount		Interest Rate			Maturity Date		Value
Mortgage-Backed Securities – 35.6%
	FHLMC REMIC Series 2003-2682, Class FB(a) (1M USD LIBOR + 0.900%)
$	306,400		1.062	%		10/15/33	$	313,357
	FHLMC REMIC Series 2003-2711, Class FA(a) (1M USD LIBOR + 1.000%)
	374,204		1.162			11/15/33		383,604
	FHLMC REMIC Series 2005-3033, Class FG(a) (1M USD LIBOR + 0.350%)
	872,265		0.512			09/15/35		878,710
	FHLMC REMIC Series 2007-3298, Class FC(a) (1M USD LIBOR + 0.420%)
	462,472		0.582			04/15/37		465,984
	FHLMC REMIC Series 2007-3314, Class FC(a) (1M USD LIBOR + 0.400%)
	42,963		0.562			12/15/36		43,325
	FHLMC REMIC Series 2007-3314, Class FE(a) (1M USD LIBOR + 0.270%)
	1,466,833		0.432			05/15/37		1,463,534
	FHLMC REMIC Series 2007-3316, Class FB(a) (1M USD LIBOR + 0.300%)
	1,085,498		0.462			08/15/35		1,090,332
	FHLMC REMIC Series 2007-3371, Class FA(a) (1M USD LIBOR + 0.600%)
	185,622		0.762			09/15/37		188,628
	FHLMC REMIC Series 2009-3593, Class CF(a) (1M USD LIBOR + 0.600%)
	2,253,738		0.762			02/15/36		2,288,640
	FHLMC REMIC Series 2011-3895, Class FM(a) (1M USD LIBOR + 0.350%)
	384,420		0.512			12/15/40		384,883
	FHLMC REMIC Series 2012-4040, Class FW(a) (1M USD LIBOR + 0.370%)
	793,360		0.532			05/15/32		795,553
	FHLMC REMIC Series 2012-4068, Class UF(a) (1M USD LIBOR + 0.500%)
	431,661		0.662			06/15/42		434,907
	FHLMC REMIC Series 2012-4098, Class MF(a) (1M USD LIBOR + 0.300%)
	655,201		0.462			11/15/41		654,923
	FHLMC REMIC Series 2013-4203, Class QF(a) (1M USD LIBOR + 0.250%)
	1,981,434		0.412			05/15/43		1,982,764
	FHLMC REMIC Series 2013-4248, Class FL(a) (1M USD LIBOR + 0.450%)
	147,022		0.612			05/15/41		148,403
	FHLMC REMIC Series 2013-4263, Class FB(a) (1M USD LIBOR + 0.400%)
	106,606		0.562			11/15/43		107,549
	FHLMC REMIC Series 2013-4272, Class FD(a) (1M USD LIBOR + 0.350%)
	116,976		0.512			11/15/43		117,581
	FHLMC REMIC Series 2018-4818, Class FC(a) (1M USD LIBOR + 0.300%)
	762,061		0.462			04/15/48		761,685
	FHLMC REMIC Series 2019-4897, Class F(a) (1M USD LIBOR + 0.400%)
	2,273,961		0.562			07/15/49		2,291,772
Mortgage-Backed Securities – (continued)
	FHLMC REMIC Series 2019-4903, Class F(a) (1M USD LIBOR + 0.450%)
	661,740		0.612			09/15/48		666,847
	FHLMC STRIPS Series 2006-239, Class F22(a) (1M USD LIBOR + 0.350%)
	299,042		0.512			08/15/36		300,940
	FHLMC STRIPS Series 2006-239, Class F30(a) (1M USD LIBOR + 0.300%)
	747,604		0.462			08/15/36		751,850
	FNMA REMIC Series 2004-54, Class FL(a) (1M USD LIBOR + 0.400%)
	194,318		0.575			07/25/34		195,772
	FNMA REMIC Series 2004-54, Class FN(a) (1M USD LIBOR + 0.450%)
	477,894		0.625			07/25/34		482,503
	FNMA REMIC Series 2005-120, Class FE(a) (1M USD LIBOR + 0.520%)
	646,708		0.695			01/25/36		656,102
	FNMA REMIC Series 2005-87, Class FE(a) (1M USD LIBOR + 0.450%)
	751,693		0.625			10/25/35		759,231
	FNMA REMIC Series 2006-16, Class FC(a) (1M USD LIBOR + 0.300%)
	211,452		0.475			03/25/36		212,306
	FNMA REMIC Series 2006-36, Class FB(a) (1M USD LIBOR + 0.300%)
	118,838		0.475			05/25/36		119,361
	FNMA REMIC Series 2006-42, Class PF(a) (1M USD LIBOR + 0.410%)
	176,476		0.585			06/25/36		178,114
	FNMA REMIC Series 2006-61, Class FD(a) (1M USD LIBOR + 0.360%)
	293,506		0.535			07/25/36		295,531
	FNMA REMIC Series 2006-79, Class DF(a) (1M USD LIBOR + 0.350%)
	675,630		0.525			08/25/36		680,298
	FNMA REMIC Series 2006-88, Class AF(a) (1M USD LIBOR + 0.460%)
	552,194		0.635			09/25/36		558,708
	FNMA REMIC Series 2007-35, Class PF(a) (1M USD LIBOR + 0.250%)
	121,591		0.425			04/25/37		121,983
	FNMA REMIC Series 2007-67, Class FB(a) (1M USD LIBOR + 0.320%)
	767,516		0.495			07/25/37		771,301
	FNMA REMIC Series 2008-1, Class CF(a) (1M USD LIBOR + 0.700%)
	75,621		0.875			02/25/38		76,589
	FNMA REMIC Series 2009-110, Class FG(a) (1M USD LIBOR + 0.750%)
	394,032		0.925			01/25/40		401,394
	FNMA REMIC Series 2010-113, Class FA(a) (1M USD LIBOR + 0.400%)
	263,088		0.575			10/25/40		265,229
	FNMA REMIC Series 2010-116, Class FE(a) (1M USD LIBOR + 0.400%)
	324,600		0.575			10/25/40		327,212

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

GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF

Principal Amount		Interest Rate			Maturity Date		Value
Mortgage-Backed Securities – (continued)
	FNMA REMIC Series 2010-141, Class FB(a) (1M USD LIBOR + 0.470%)
$	197,017		0.645	%		12/25/40	$	199,102
	FNMA REMIC Series 2010-15, Class FJ(a) (1M USD LIBOR + 0.930%)
	606,542		1.105			06/25/36		619,132
	FNMA REMIC Series 2010-39, Class FE(a) (1M USD LIBOR + 0.770%)
	978,531		0.945			06/25/37		996,695
	FNMA REMIC Series 2010-39, Class FG(a) (1M USD LIBOR + 0.920%)
	396,156		1.095			03/25/36		406,926
	FNMA REMIC Series 2010-46, Class WF(a) (1M USD LIBOR + 0.750%)
	3,308,811		0.925			05/25/40		3,388,552
	FNMA REMIC Series 2010-49, Class FB(a) (1M USD LIBOR + 0.750%)
	305,145		0.925			05/25/40		311,301
	FNMA REMIC Series 2011-5, Class PF(a) (1M USD LIBOR + 0.600%)
	669,166		0.775			11/25/40		671,605
	FNMA REMIC Series 2011-53, Class FT(a) (1M USD LIBOR + 0.580%)
	270,655		0.755			06/25/41		275,126
	FNMA REMIC Series 2011-87, Class FJ(a) (1M USD LIBOR + 0.550%)
	490,135		0.725			09/25/41		495,241
	FNMA REMIC Series 2012-101, Class FC(a) (1M USD LIBOR + 0.500%)
	276,145		0.675			09/25/42		278,261
	FNMA REMIC Series 2012-14, Class BF(a) (1M USD LIBOR + 0.600%)
	1,949,504		0.775			03/25/42		1,986,358
	FNMA REMIC Series 2012-37, Class BF(a) (1M USD LIBOR + 0.500%)
	253,327		0.675			12/25/35		256,360
	FNMA REMIC Series 2013-10, Class KF(a) (1M USD LIBOR + 0.300%)
	177,167		0.475			02/25/43		177,616
	FNMA REMIC Series 2013-130, Class FB(a) (1M USD LIBOR + 0.450%)
	220,843		0.625			01/25/44		222,784
	FNMA REMIC Series 2013-19, Class DF(a) (1M USD LIBOR + 0.300%)
	2,028,714		0.475			09/25/41		2,033,677
	FNMA REMIC Series 2013-2, Class QF(a) (1M USD LIBOR + 0.500%)
	135,360		0.675			02/25/43		136,796
	FNMA REMIC Series 2014-17, Class FE(a) (1M USD LIBOR + 0.550%)
	1,903,294		0.725			04/25/44		1,926,668
	FNMA REMIC Series 2015-27, Class KF(a) (1M USD LIBOR + 0.300%)
	185,923		0.475			05/25/45		186,779
	FNMA REMIC Series 2015-87, Class BF(a) (1M USD LIBOR + 0.300%)
	707,833		0.475			12/25/45		710,581
Mortgage-Backed Securities – (continued)
	FNMA REMIC Series 2016-49, Class EF(a) (1M USD LIBOR + 0.400%)
	1,647,052		0.575			08/25/46		1,661,145
	FNMA REMIC Series 2017-91, Class GF(a) (1M USD LIBOR + 0.350%)
	4,137,168		0.525			11/25/47		4,156,730
	GNMA Series 2004-59, Class FP(a) (1M USD LIBOR + 0.300%)
	674,567		0.462			08/16/34		678,449
	GNMA Series 2004-70, Class FH(a) (1M USD LIBOR + 0.400%)
	2,758,192		0.558			07/20/34		2,783,731
	GNMA Series 2005-4, Class FA(a) (1M USD LIBOR + 0.370%)
	638,234		0.532			01/16/35		643,486
	GNMA Series 2007-59, Class FA(a) (1M USD LIBOR + 0.500%)
	202,545		0.658			10/20/37		205,502
	GNMA Series 2011-11, Class FA(a) (1M USD LIBOR + 0.500%)
	1,490,741		0.658			01/20/41		1,507,192
	GNMA Series 2013-64, Class KF(a) (1M USD LIBOR + 0.250%)
	2,238,590		0.408			04/20/43		2,247,838
	JPMBB Commercial Mortgage Securities Trust Series 2015-C31, Class ASB
	728,390		3.540			08/15/48		771,455
	Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C7, Class A3
	265,842		2.655			02/15/46		269,715
	WFRBS Commercial Mortgage Trust Series 2012-C10, Class A3
	537,000		2.875			12/15/45		553,395
	TOTAL MORTGAGE-BACKED SECURITIES
	(Cost $52,855,566)						$	53,375,603
Asset- Backed Securities – 20.9%
	Access to Loans for Learning Student Loan Corp., Series 2012-1, Class A(a) (1M USD LIBOR + 0.700%)
$	28,839		0.875	%		07/25/36	$	28,183
	Ally Master Owner Trust, Series 2018-1, Class A2
	295,000		2.700			01/17/23		297,513
	American Express Credit Account Master Trust, Series 2017-2, Class A(a) (1M USD LIBOR + 0.450%)
	135,000		0.612			09/16/24		135,639
	American Express Credit Account Master Trust, Series 2019-3, Class A
	1,070,000		2.000			04/15/25		1,105,128
	AMMC CLO Ltd., Series 2017-14A, Class A1LR(a)(b) (3M USD LIBOR + 1.250%) (Cayman Islands)
	1,000,000		1.495			07/25/29		994,562
	Atlas Senior Loan Fund III Ltd., Series 2013-1A, Class AR(a)(b) (3M USD LIBOR + 0.830%) (Cayman Islands)
	212,404		1.110			11/17/27		209,791
	Atrium XII, Series 2017-12A, Class AR(a)(b) (3M USD LIBOR + 0.830%) (Cayman Islands)
	262,008		1.088			04/22/27		260,578
	BA Credit Card Trust, Series 2018-A3, Class A3
	500,000		3.100			12/15/23		512,194
	Barings CLO Ltd., Series 2018-3A, Class A1(a)(b) (3M USD LIBOR + 0.950%) (Cayman Islands)
	500,000		1.222			07/20/29		497,649

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

GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF

Schedule of Investments (continued)

August 31, 2020

Principal Amount		Interest Rate			Maturity Date		Value
Asset- Backed Securities – (continued)
	BlueMountain CLO Ltd., Series 2016-1A, Class A1R(a)(b) (3M USD LIBOR + 1.330%) (Cayman Islands)
$	148,530		1.596	%		04/13/27	$	148,544
	BlueMountain CLO Ltd., Series 2017-2A, Class A1R(a)(b) (3M USD LIBOR + 1.180%) (Cayman Islands)
	992,368		1.438			10/22/30		987,034
	BlueMountain CLO Ltd., Series 2018-2A, Class A1R(a)(b) (3M USD LIBOR + 0.930%) (Cayman Islands)
	691,803		1.202			07/18/27		687,251
	Brazos Higher Education Authority, Inc., Series 2005-3, Class A16(a) (3M USD LIBOR + 0.200%)
	155,794		0.497			06/25/26		154,792
	Brazos Higher Education Authority, Inc., Series 2006-2, Class A10(a) (3M USD LIBOR + 0.120%)
	957,665		0.417			06/25/26		944,950
	Brazos Higher Education Authority, Inc., Series 2010-1, Class A1(a) (3M USD LIBOR + 0.900%)
	89,454		1.150			05/25/29		89,013
	Brazos Higher Education Authority, Inc., Series 2011-1, Class A2(a) (3M USD LIBOR + 0.800%)
	625,277		1.050			02/25/30		622,604
	Brazos Higher Education Authority, Inc., Series 2011-2, Class A2(a) (3M USD LIBOR + 0.850%)
	97,875		1.095			07/25/29		97,153
	California Street CLO XII Ltd., Series 2013-12A, Class AR(a)(b) (3M USD LIBOR + 1.030%) (Cayman Islands)
	402,303		1.305			10/15/25		401,496
	Capital One Multi-Asset Execution Trust, Series 2016-A7, Class A7(a) (1M USD LIBOR + 0.510%)
	300,000		0.672			09/16/24		301,348
	Carlyle Global Market Strategies CLO Ltd., Series 2018-2A, Class A1R(a)(b) (3M USD LIBOR + 0.780%) (Cayman Islands)
	374,568		1.025			04/27/27		371,963
	Cedar Funding II CLO Ltd., Series 2017-1A, Class A1R(a)(b) (3M USD LIBOR + 1.230%) (Cayman Islands)
	250,000		1.543			06/09/30		249,643
	Chase Issuance Trust, Series 2020-A1, Class A1
	400,000		1.530			01/15/25		411,267
	Crown Point CLO 5 Ltd., Series 2018-5A, Class A(a)(b) (3M USD LIBOR + 0.940%) (Cayman Islands)
	296,127		1.213			07/17/28		294,063
	Crown Point CLO 6 Ltd., Series 2018-6A, Class A1(a)(b) (3M USD LIBOR + 1.170%) (Cayman Islands)
	294,706		1.442			10/20/28		293,409
	Discover Card Execution Note Trust, Series 2017-A7, Class A7(a) (1M USD LIBOR + 0.360%)
	150,000		0.522			04/15/25		150,235
	Dryden XXV Senior Loan Fund, Series 2012-25A, Class ARR(a)(b) (3M USD LIBOR + 0.900%) (Cayman Islands)
	269,551		1.175			10/15/27		268,071
	Dryden XXVI Senior Loan Fund, Series 2013-26A, Class AR(a)(b) (3M USD LIBOR + 0.900%) (Cayman Islands)
	250,000		1.175			04/15/29		248,039
	Edsouth Indenture No 2 LLC, Series 2012-1, Class A1(a)(b) (1M USD LIBOR + 1.150%)
	327,774		1.325			09/25/40		327,083
Asset- Backed Securities – (continued)
	Edsouth Indenture No 3 LLC, Series 2012-2, Class A(a)(b) (1M USD LIBOR + 0.730%)
	56,018		0.905			04/25/39		55,183
	Educational Funding of the South, Inc., Series 2011-1, Class A2(a) (3M USD LIBOR + 0.650%)
	795,341		0.895			04/25/35		794,250
	Evergreen Credit Card Trust, Series 2019-1, Class A(a)(b) (1M USD LIBOR + 0.480%) (Canada)
	500,000		0.642			01/15/23		500,341
	Ford Credit Auto Owner Trust, Series 2017-1, Class A(b)
	1,450,000		2.620			08/15/28		1,492,370
	Gallatin CLO VIII Ltd., Series 2017-1A, Class A(a)(b) (3M USD LIBOR + 1.300%) (Cayman Islands)
	579,098		1.575			07/15/27		577,905
	GCO Education Loan Funding Trust, Series 2006-1, Class A10L(a) (3M USD LIBOR + 0.190%)
	699,258		0.550			02/27/28		693,379
	Goal Capital Funding Trust, Series 2010-1, Class A(a)(b) (3M USD LIBOR + 0.700%)
	389,589		0.950			08/25/48		382,857
	Golden Credit Card Trust, Series 2018-1A, Class A(b) (Canada)
	100,000		2.620			01/15/23		100,873
	Higher Education Funding I, Series 2014-1, Class A(a)(b) (3M USD LIBOR + 1.050%)
	1,053,687		1.300			05/25/34		1,053,686
	Honda Auto Receivables Owner Trust, Series 2019-4, Class A3
	1,000,000		1.830			01/18/24		1,025,113
	Jamestown CLO IX Ltd., Series 2016-9A, Class A1AR(a)(b) (3M USD LIBOR + 1.170%) (Cayman Islands)
	850,000		1.442			10/20/28		845,710
	KnowledgeWorks Foundation, Series 2010-1, Class A(a) (3M USD LIBOR + 0.950%)
	393,584		1.200			02/25/42		386,735
	Madison Park Funding XI Ltd., Series 2017-11A, Class X(a)(b) (3M USD LIBOR + 0.900%) (Cayman Islands)
	56,250		1.156			07/23/29		56,268
	Nelnet Student Loan Trust, Series 2014-2A, Class A2(a)(b) (1M USD LIBOR + 0.600%)
	656,843		0.775			03/25/30		640,364
	Nelnet Student Loan Trust, Series 2014-4A, Class A1(a)(b) (1M USD LIBOR + 0.540%)
	769,105		0.715			11/27/39		758,646
	Nelnet Student Loan Trust, Series 2016-1A, Class A(a)(b) (1M USD LIBOR + 0.800%)
	610,171		0.975			09/25/65		603,703
	Neuberger Berman CLO XX Ltd., Series 2017-20A, Class AR(a)(b) (3M USD LIBOR + 0.800%) (Cayman Islands)
	236,815		1.075			01/15/28		235,224
	Nissan Auto Lease Trust, Series 2020-A, Class A3
	165,000		1.840			01/17/23		168,201
	Northstar Education Finance, Inc., Series 2012-1, Class A(a)(b) (1M USD LIBOR + 0.700%)
	173,593		0.875			12/26/31		170,294
	Octagon Investment Partners 25 Ltd., Series 2015-1A, Class AR(a)(b) (3M USD LIBOR + 0.800%) (Cayman Islands)
	426,739		1.072			10/20/26		424,316

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

GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF

Principal Amount		Interest Rate			Maturity Date		Value
Asset- Backed Securities – (continued)
	Octagon Investment Partners XXIII Ltd., Series 2015-1A, Class A1R(a)(b) (3M USD LIBOR + 0.850%) (Cayman Islands)
$	433,377		1.125	%		07/15/27	$	429,520
	Pennsylvania Higher Education Assistance Agency, Series 2009-1, Class A1(a) (3M USD LIBOR + 0.900%)
	156,378		1.168			07/25/29		155,995
	Recette CLO Ltd., Series 2015-1A, Class AR(a)(b) (3M USD LIBOR + 0.920%) (Cayman Islands)
	159,381		1.192			10/20/27		158,650
	Rhode Island Student Loan Authority, Series 2012-1, Class A1(a) (1M USD LIBOR + 0.900%)
	164,548		1.055			07/01/31		163,734
	Rhode Island Student Loan Authority, Series 2014-1, Class A1(a) (1M USD LIBOR + 0.700%)
	227,199		0.856			10/02/28		224,847
	SLC Student Loan Trust, Series 2005-3, Class A3(a) (3M USD LIBOR + 0.120%)
	204,093		0.433			06/15/29		202,445
	SLC Student Loan Trust, Series 2005-5, Class A4(a) (3M USD LIBOR + 0.140%)
	375,514		0.385			10/25/28		371,935
	SLC Student Loan Trust, Series 2007-1, Class A4(a) (3M USD LIBOR + 0.060%)
	1,062,080		0.340			05/15/29		1,032,291
	SLC Student Loan Trust, Series 2010-1, Class A(a) (3M USD LIBOR + 0.875%)
	494,781		1.125			11/25/42		491,564
	SLM Student Loan Trust, Series 2003-11, Class A6(a)(b) (3M USD LIBOR + 0.550%)
	187,044		0.863			12/15/25		185,860
	SLM Student Loan Trust, Series 2003-14, Class A6(a) (3M USD LIBOR + 0.300%)
	303,643		0.545			07/25/25		296,143
	SLM Student Loan Trust, Series 2004-1, Class A4(a) (3M USD LIBOR + 0.260%)
	382,981		0.505			10/27/25		379,633
	SLM Student Loan Trust, Series 2005-7, Class A4(a) (3M USD LIBOR + 0.150%)
	333,957		0.395			10/25/29		325,383
	Sound Point CLO Ltd., Series 2016-3A, Class AR(a)(b) (3M USD LIBOR + 1.150%) (Cayman Islands)
	400,000		1.406			01/23/29		397,130
	South Carolina Student Loan Corp., Series 2014-1, Class A1(a) (1M USD LIBOR + 0.750%)
	472,809		0.905			05/01/30		469,238
	TICP CLO Ltd., Series 2019-6A, Class AR(a)(b) (3M USD LIBOR + 1.200%) (Cayman Islands)
	750,000		1.475			01/15/29		748,518
	Toyota Auto Receivables Owner Trust, Series 2017-C, Class A4
	300,000		1.980			12/15/22		303,364
	TRESTLES CLO Ltd., Series 2017-1A, Class A1A(a)(b) (3M USD LIBOR + 1.290%) (Cayman Islands)
	250,000		1.535			07/25/29		249,355
	Utah State Board of Regents, Series 2016-1, Class A(a) (1M USD LIBOR + 0.750%)
	190,031		0.925			09/25/56		188,010
Asset- Backed Securities – (continued)
	Venture XVI CLO Ltd., Series 2014-16A, Class ARR(a)(b) (3M USD LIBOR + 0.850%) (Cayman Islands)
	169,257		1.125			01/15/28		167,339
	Voya CLO Ltd., Series 2015-1A, Class A1R(a)(b) (3M USD LIBOR + 0.900%) (Cayman Islands)
	300,000		1.172			01/18/29		296,654
	Wellfleet CLO Ltd., Series 2019-1A, Class AR3(a)(b) (3M USD LIBOR + 1.280%) (Cayman Islands)
	991,458		1.552			07/20/29		986,463
	Zais CLO Ltd., Series 2020-15A, Class A1(a)(b) (3M USD LIBOR + 2.555%) (Cayman Islands)
	1,000,000		2.917			07/28/30		1,008,666
	TOTAL ASSET- BACKED SECURITIES
	(Cost $31,199,337)						$	31,287,350
Corporate Obligations – 19.4%
Banks – 8.5%
	American Express Credit Corp., MTN
$	1,000,000		2.250	%		05/05/21	$	1,011,595
	Bank of America Corp.(a)
	(3M USD LIBOR + 0.380%)
	500,000		0.636			01/23/22		500,421
	Bank of America Corp.(a), MTN
	(3M USD LIBOR + 0.630%)
	875,000		3.499			05/17/22		894,080
	Capital One Financial Corp.
	200,000		3.450			04/30/21		203,553
	Capital One NA
	705,000		2.950			07/23/21		719,373
	Citigroup, Inc.
	710,000		2.350			08/02/21		723,350
	(SOFR + 0.870%)
	240,000		0.958	(a)		11/04/22		240,938
	Citizens Bank NA/Providence RI
	550,000		2.550			05/13/21		557,259
	Citizens Financial Group, Inc.
	701,000		2.375			07/28/21		711,221
	Discover Bank
	250,000		3.200			08/09/21		255,816
	Fifth Third Bancorp
	600,000		2.600			06/15/22		621,640
	Fifth Third Bank NA(a)
	(3M USD LIBOR + 0.640%)
	500,000		0.891			02/01/22		503,025
	JPMorgan Chase & Co.(a)
	(3M USD LIBOR + 0.610%)
	1,545,000		3.514			06/18/22		1,583,715
	Manufacturers & Traders Trust Co.(a)
	(3M USD LIBOR + 0.640%)
	675,000		0.886			12/01/21		674,166
	Morgan Stanley
	(3M USD LIBOR + 1.180%)
	740,000		1.452	(a)		01/20/22		742,751
	(SOFR + 0.830%)
	350,000		0.922	(a)		06/10/22		351,079

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

GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF

Schedule of Investments (continued)

August 31, 2020

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Banks – (continued)
	MUFG Union Bank NA
$	300,000		3.150	%		04/01/22	$	312,525
	Truist Bank(a)
	(SOFR + 0.730%)
	500,000		0.821			03/09/23		502,525
	Truist Financial Corp.(a), MTN
	(3M USD LIBOR + 0.650%)
	500,000		0.946			04/01/22		503,032
	Wells Fargo & Co., MTN
	325,000		2.625			07/22/22		337,922
	Wells Fargo Bank NA(a)
	(3M USD LIBOR + 0.510%)
	750,000		0.768			10/22/21		752,463
								12,702,449
Basic Industry – 0.4%
	LyondellBasell Industries NV
	500,000		6.000			11/15/21		525,767
Brokerage – 1.3%
	Intercontinental Exchange, Inc.(a)
	(3M USD LIBOR + 0.650%)
	1,200,000		0.903			06/15/23		1,202,117
	TD Ameritrade Holding Corp.(a)
	(3M USD LIBOR + 0.430%)
	758,000		0.681			11/01/21		760,564
								1,962,681
Capital Goods – 1.0%
	General Electric Co., GMTN
	675,000		3.150			09/07/22		708,038
	Honeywell International, Inc.
	794,000		0.483			08/19/22		795,460
								1,503,498
Communications – 0.5%
	Moody’s Corp.
	400,000		4.500			09/01/22		428,552
	TWDC Enterprises 18 Corp.(a), MTN
	(3M USD LIBOR + 0.390%)
	375,000		0.641			03/04/22		375,564
								804,116
Consumer Noncyclical – 0.5%
	AbbVie, Inc.
	(3M USD LIBOR + 0.460%)
	325,000		0.728	(a)(b)		11/19/21		326,003
	350,000		3.450	(b)		03/15/22		363,830
								689,833
Consumer Products – 0.3%
	Clorox Co. (The)
	500,000		3.800			11/15/21		520,109
Electric – 1.7%
	Duke Energy Progress LLC(a), Series A
	(3M USD LIBOR + 0.180%)
	459,000		0.433			02/18/22		459,237
Corporate Obligations – (continued)
Electric – (continued)
	Florida Power & Light Co.(a)
	(3M USD LIBOR + 0.380%)
	500,000		0.641			07/28/23		500,349
	NextEra Energy Capital Holdings, Inc.(a)
	(3M USD LIBOR + 0.550%)
	500,000		0.806			08/28/21		500,147
	Southern Co. (The)
	300,000		2.350			07/01/21		304,436
	Southern Power Co.(a)(b)
	(3M USD LIBOR + 0.550%)
	804,000		0.856			12/20/20		804,420
								2,568,589
Energy – 0.9%
	Chevron Corp.(a)
	(3M USD LIBOR + 0.530%)
	350,000		0.781			03/03/22		352,351
	Kinder Morgan Energy Partners LP
	465,000		5.000			10/01/21		481,398
	MPLX LP(a)
	(3M USD LIBOR + 0.900%)
	500,000		1.213			09/09/21		499,295
								1,333,044
Financial Company – 0.5%
	Air Lease Corp.
	750,000		3.500			01/15/22		765,946
Insurance – 2.2%
	Guardian Life Global Funding(b)
	575,000		2.500			05/08/22		595,128
	Jackson National Life Global Funding(a)(b)
	(SOFR + 0.600%)
	900,000		0.694			01/06/23		899,717
	Marsh & McLennan Cos., Inc.
	250,000		3.500			12/29/20		252,536
	Metropolitan Life Global Funding I(a)(b)
	(SOFR + 0.570%)
	900,000		0.662			01/13/23		904,007
	Protective Life Global Funding(a)(b)
	(3M USD LIBOR + 0.520%)
	695,000		0.826			06/28/21		697,082
								3,348,470
Technology – 1.4%
	Electronic Arts, Inc.
	300,000		3.700			03/01/21		304,050
	Fiserv, Inc.
	800,000		4.750			06/15/21		826,932
	Hewlett Packard Enterprise Co.(a)
	(3M USD LIBOR + 0.720%)
	900,000		1.024			10/05/21		899,861
								2,030,843
Transportation – 0.2%
	Penske Truck Leasing Co. LP / PTL Finance Corp.(b)
	250,000		3.300			04/01/21		253,511
	TOTAL CORPORATE OBLIGATIONS
	(Cost $28,938,887)						$	29,008,856

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

GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF

Principal Amount		Interest Rate			Maturity Date		Value
Foreign Corporate Debt – 16.4%
Aerospace & Defense – 0.3%
	BAE Systems PLC(b) (United Kingdom)
$	410,000		4.750	%		10/11/21	$	428,727
Banks – 11.3%
	Australia & New Zealand Banking Group Ltd. (Australia)
	600,000		2.550			11/23/21		616,466
	Bank of Montreal(a), MTN (Canada)
	(SOFR + 0.680%)
	1,750,000		0.772			03/10/23		1,757,998
	Banque Federative du Credit Mutuel SA(b) (France)
	550,000		2.500			04/13/21		557,338
	BNP Paribas SA (France)
	700,000		5.000			01/15/21		712,263
	BPCE SA(a), MTN (France)
	(3M USD LIBOR + 0.880%)
	250,000		1.136			05/31/22		252,672
	Canadian Imperial Bank of Commerce(a) (Canada)
	(SOFR + 0.800%)
	128,000		0.893			03/17/23		128,816
	Commonwealth Bank of Australia(b) (Australia)
	600,000		2.750			03/10/22		622,029
	Cooperatieve Rabobank UA (Netherlands)
	500,000		3.875			02/08/22		525,324
	Credit Suisse AG(a) (Switzerland)
	(SOFR + 0.450%)
	1,200,000		0.539			02/04/22		1,201,695
	DNB Bank ASA(a)(b) (Norway)
	(3M USD LIBOR + 0.620%)
	850,000		0.861			12/02/22		855,712
	HSBC Holdings PLC (United Kingdom)
	850,000		2.950			05/25/21		866,207
	ING Groep NV (Netherlands)
	(3M USD LIBOR + 1.150%)
	200,000		1.456	(a)		03/29/22		202,267
	750,000		3.150			03/29/22		780,567
	Macquarie Bank Ltd. (Australia)
	200,000		2.850	(b)		01/15/21		201,626
	400,000		2.100	(b)		10/17/22		413,305
	Mitsubishi UFJ Financial Group, Inc.(a) (Japan)
	(3M USD LIBOR + 1.060%)
	400,000		1.373			09/13/21		403,684
	Mizuho Financial Group, Inc. (Japan)
	(3M USD LIBOR + 1.140%)
	410,000		1.453	(a)		09/13/21		413,535
	(3M USD LIBOR + 0.940%)
	600,000		1.196	(a)		02/28/22		605,457
	MUFG Bank Ltd.(b) (Japan)
	400,000		2.850			09/08/21		409,721
	National Australia Bank Ltd.(a)(b) (Australia)
	(3M USD LIBOR + 0.890%)
	250,000		1.163			01/10/22		252,543
	Nordea Bank Abp(b) (Finland)
	600,000		2.250			05/27/21		608,478
	Societe Generale SA(b) (France)
	500,000		5.200			04/15/21		515,224
Foreign Corporate Debt – (continued)
Banks – (continued)
	Standard Chartered PLC(a)(b) (United Kingdom)
	(3M USD LIBOR + 1.200%)
	450,000		1.510			09/10/22		451,903
	Sumitomo Mitsui Financial Group, Inc. (Japan)
	(3M USD LIBOR + 1.110%)
	246,000		1.378	(a)		07/14/21		248,018
	427,000		2.442			10/19/21		436,536
	530,000		2.784			07/12/22		552,124
	Toronto-Dominion Bank (The)(a), MTN (Canada)
	(SOFR + 0.480%)
	1,000,000		0.569			01/27/23		1,002,494
	UBS Group AG (Switzerland)
	(3M USD LIBOR + 1.780%)
	450,000		2.048	(a)(b)		04/14/21		454,620
	450,000		3.000	(b)		04/15/21		457,364	��
	Westpac Banking Corp.(a) (Australia)
	(3M USD LIBOR + 0.850%)
	350,000		1.118			08/19/21		352,628
								16,858,614
Consumer Cyclical – 2.4%
	BMW US Capital LLC (Germany)
	400,000		1.850	(b)		09/15/21		404,407
	450,000		2.950	(b)		04/14/22		467,534
	Daimler Finance North America LLC (Germany)
	(3M USD LIBOR + 0.550%)
	450,000		0.799	(a)(b)		05/04/21		450,275
	500,000		2.850	(b)		01/06/22		513,995
	Volkswagen Group of America Finance LLC (Germany)
	(3M USD LIBOR + 0.860%)
	1,000,000		1.157	(a)(b)		09/24/21		1,002,398
	(3M USD LIBOR + 0.940%)
	750,000		1.197	(a)(b)		11/12/21		748,550
								3,587,159
Consumer Noncyclical – 1.0%
	BAT International Finance PLC(b) (United Kingdom)
	1,000,000		3.250			06/07/22		1,045,384
	Bayer US Finance II LLC(b) (Germany)
	450,000		3.500			06/25/21		459,642
								1,505,026
Energy – 0.9%
	BP Capital Markets PLC (United Kingdom)
	400,000		3.245			05/06/22		418,492
	Enbridge, Inc.(a) (Canada)
	(3M USD LIBOR + 0.500%)
	1,000,000		0.770			02/18/22		1,000,255
								1,418,747
Food and Beverage – 0.5%
	Danone SA(b) (France)
	716,000		3.000			06/15/22		746,013
	TOTAL FOREIGN CORPORATE DEBT
	(Cost $24,455,320)						$	24,544,286

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

GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF

Schedule of Investments (continued)

August 31, 2020

Principal Amount		Interest Rate			Maturity Date		Value
U.S. Treasury Bills – 5.1%
	U.S. Cash Management Bill
$	900,000		0.107	%(c)		12/01/20	$	899,782
	U.S. Treasury Bill
	6,700,000		0.120	(c)		02/11/21		6,696,850
	TOTAL U.S. TREASURY BILLS
	(Cost $7,596,329)						$	7,596,632
Municipal Debt Obligations – 1.8%
Pennsylvania – 0.2%
	School District of Philadelphia (The)
$	340,000		4.000	%		06/30/21	$	350,339
Texas – 1.6%
	State of Texas
	2,240,000		4.000			08/26/21		2,322,343
	TOTAL MUNICIPAL DEBT OBLIGATIONS
	(Cost $2,672,170)						$	2,672,682
Certificate of Deposit – 0.3%
	Bayerische Landesbank (3M USD LIBOR + 0.470%) (Germany)
$	500,000		0.721	%(c)		02/03/22	$	500,142
	(Cost $500,000)

Principal Amount	Dividend Rate			Value
Investment Company – 2.5%(d)
Goldman Sachs Financial Square Government Fund – Institutional Shares
$3,705,115		0.027	%	$	3,705,115
(Cost $3,705,115)
TOTAL INVESTMENTS – 102.0%
(Cost $151,922,724)				$	152,690,666
LIABILITIES IN EXCESS OF     ASSETS – (2.0)%					(2,925,980	)
NET ASSETS – 100.0%				$	149,764,686

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on August 31, 2020.
(b)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(c)	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.
(d)	Represents an affiliated issuer.

Investment Abbreviations:
GMTN	—Global Medium Term Note
LIBOR	—London Interbank Offered Rate
LP	—Limited Partnership
MTN	—Medium Term Note
PLC	—Public Limited Company
SOFR	—Secured Overnight Financing Rate

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

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Statements of Assets and Liabilities

August 31, 2020

	Access High Yield Corporate Bond ETF		Access Inflation Protected USD Bond ETF		Access Investment Grade Corporate 1-5 Year Bond ETF		Access Investment Grade Corporate Bond ETF
Assets:
Investments in unaffiliated issuers, at value (cost $142,528,822, $29,459,044, $26,904,559 and $587,246,593, respectively)	$	146,235,756	$	31,274,674	$	26,990,621	$	630,518,118
Investments in affiliated issuers, at value (cost $1,754,115, $0, $684,558 and $6,635,197, respectively)		1,754,115		—		684,558		6,635,197
Cash		177,250		36,260		50,011		52,047
Receivables:
Fund shares sold		7,390,273		—		—		44,228,924
Dividends and interest		2,203,993		21,824		222,260		5,705,222
Reimbursement from investment adviser		195		—		69		495
Total assets		157,761,582		31,332,758		27,947,519		687,140,003
Liabilities:
Payables:
Investments purchased		7,353,781		—		327,170		44,468,645
Management fees		41,245		3,013		2,983		70,573
Fund shares redeemed		19,230		—		—		22,791
Total liabilities		7,414,256		3,013		330,153		44,562,009
Net Assets:
Paid-in capital		147,763,703		29,536,006		27,512,139		598,098,385
Total distributable earnings		2,583,623		1,793,739		105,227		44,479,609
NET ASSETS	$	150,347,326	$	31,329,745	$	27,617,366	$	642,577,994
SHARES ISSUED AND OUTSTANDING
Shares outstanding no par value (unlimited shares authorized):		3,050,000		550,000		550,000		11,600,000
Net asset value per share:		$49.29		$56.96		$50.21		$55.39

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

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Statements of Assets and Liabilities (continued)

August 31, 2020

	Access Treasury 0-1 Year ETF		Access Ultra Short Bond ETF
Assets:
Investments in unaffiliated issuers, at value (cost $3,043,978,471 and $148,217,609, respectively)	$	3,044,991,425	$	148,985,551
Investments in affiliated issuers, at value (cost $0 and $3,705,115, respectively)		—		3,705,115
Cash		76,775		434,526
Receivables:
Investments sold		774,816,503		—
Dividends and interest		779,051		321,844
Reimbursement from investment adviser		52,925		5,310
Total assets		3,820,716,679		153,452,346
Liabilities:
Payables:
Investments purchased		774,949,928		3,663,027
Management fees		370,475		24,633
Total liabilities		775,320,403		3,687,660
Net Assets:
Paid-in capital		3,037,042,917		148,931,310
Total distributable earnings		8,353,359		833,376
NET ASSETS	$	3,045,396,276	$	149,764,686
SHARES ISSUED AND OUTSTANDING
Shares outstanding no par value (unlimited shares authorized):		30,320,000		2,950,000
Net asset value per share:		$100.44		$50.77

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

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Statements of Operations

For the Fiscal Year Ended August 31, 2020

	Access High Yield Corporate Bond ETF			Access Inflation Protected USD Bond ETF			Access Investment Grade Corporate 1-5 Year Bond ETF*			Access Investment Grade Corporate Bond ETF
Investment income:
Interest	$	4,366,975		$	134,036		$	30,478		$	16,439,408
Dividends from Affiliated Underlying Funds		7,079			16			36			26,189
Total investment income		4,374,054			134,052			30,514			16,465,597
Expenses:
Management fees		264,954			17,210			4,895			721,840
Trustee fees		5,908			4,953			—			13,457
Total expenses		270,862			22,163			4,895			735,297
Less — expense reductions		(1,323	)		(19	)		(69	)		(4,916	)
Net expenses		269,539			22,144			4,826			730,381
NET INVESTMENT INCOME		4,104,515			111,908			25,688			15,735,216
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		(1,047,700	)		33,786			4,949			886,824
In-kind redemptions		(1,412,345	)		441,095			—			5,763,505
Net change in unrealized gain (loss) on:
Investments		2,696,332			1,423,412			86,062			11,236,182
Net realized and unrealized gain		236,287			1,898,293			91,011			17,886,511
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	4,340,802		$	2,010,201		$	116,699		$	33,621,727

* For the period July 7, 2020 (commencement of operations) through August 31, 2020.

The accompanying notes are an integral part of these financial statements. 75

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Statements of Operations (continued)

For the Fiscal Year Ended August 31, 2020

	Access Treasury 0-1 Year ETF			Access Ultra Short Bond ETF
Investment income:
Interest	$	41,994,001		$	1,227,953
Dividends from Affiliated Underlying Funds		—			8,666
Total investment income		41,994,001			1,236,619
Expenses:
Management fees		4,652,214			148,018
Trustee fees		62,199			5,739
Total expenses		4,714,413			153,757
Less — expense reductions		(673,487	)		(32,988	)
Net expenses		4,040,926			120,769
NET INVESTMENT INCOME		37,953,075			1,115,850
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		8,192,160			(46,343	)
In-kind redemptions		4,697,070			—
Net change in unrealized gain (loss) on:
Investments		(2,300,783	)		697,031
Net realized and unrealized gain		10,588,447			650,688
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	48,541,522		$	1,766,538

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

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 Fiscal Year Ended August 31, 2020			For the Fiscal Year Ended August 31, 2019			For the Fiscal Year Ended August 31, 2020			For the Period October 2, 2018* to August 31, 2019
From operations:
Net investment income	$	4,104,515		$	3,383,084		$	111,908		$	163,069
Net realized gain (loss)		(2,460,045	)		305,345			474,881			(16,827	)
Net change in unrealized gain		2,696,332			979,401			1,423,412			392,218
Net increase in net assets resulting from operations		4,340,802			4,667,830			2,010,201			538,460
Distributions to shareholders:
From distributable earnings		(3,924,025	)		(3,325,987	)		(181,025	)		(157,830	)
From return of capital		—			—			(2,030	)		—
Total distributions to shareholders		(3,924,025	)		(3,325,987	)		(183,055	)		(157,830	)
From share transactions:
Proceeds from sales of shares		106,526,874			119,456,665			28,412,564			11,281,177
Cost of shares redeemed		(33,198,256	)		(90,609,448	)		(6,876,076	)		(3,695,696	)
Net increase in net assets resulting from share transactions		73,328,618			28,847,217			21,536,488			7,585,481
TOTAL INCREASE		73,745,395			30,189,060			23,363,634			7,966,111
Net assets:
Beginning of period	$	76,601,931		$	46,412,871		$	7,966,111		$	—
End of period	$	150,347,326		$	76,601,931		$	31,329,745		$	7,966,111

* Commencement of operations.

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

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Statements of Changes in Net Assets (continued)

	Access Investment Grade Corporate 1-5 Year Bond ETF			Access Investment Grade Corporate Bond ETF
	For the Period July 7, 2020* to August 31, 2020			For the Fiscal Year Ended August 31, 2020			For the Fiscal Year Ended August 31, 2019
From operations:
Net investment income	$	25,688		$	15,735,216		$	12,782,931
Net realized gain		4,949			6,650,329			1,847,736
Net change in unrealized gain		86,062			11,236,182			35,258,508
Net increase in net assets resulting from operations		116,699			33,621,727			49,889,175
Distributions to shareholders:
From distributable earnings		(11,472	)		(15,896,442	)		(12,196,139	)
From share transactions:
Proceeds from sales of shares		27,512,139			353,704,682			419,766,193
Cost of shares redeemed		—			(254,900,515	)		(189,872,891	)
Net increase in net assets resulting from share transactions		27,512,139			98,804,167			229,893,302
TOTAL INCREASE		27,617,366			116,529,452			267,586,338
Net assets:
Beginning of period	$	—		$	526,048,542		$	258,462,204
End of period	$	27,617,366		$	642,577,994		$	526,048,542

* Commencement of operations.

78 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 Treasury 0-1 Year ETF						Access Ultra Short Bond ETF
	For the Fiscal Year Ended August 31, 2020			For the Fiscal Year Ended August 31, 2019			For the Fiscal Year Ended August 31, 2020			For the Period April 15, 2019* to August 31, 2019
From operations:
Net investment income	$	37,953,075		$	63,305,335		$	1,115,850		$	130,040
Net realized gain (loss)		12,889,230			2,235,068			(46,343	)		6,788
Net change in unrealized gain (loss)		(2,300,783	)		3,239,890			697,031			70,911
Net increase in net assets resulting from operations		48,541,522			68,780,293			1,766,538			207,739
Distributions to shareholders:
From distributable earnings		(45,661,342	)		(60,529,416	)		(1,046,869	)		(94,032	)
From share transactions:
Proceeds from sales of shares		1,673,288,926			2,509,825,793			146,532,435			15,034,457
Cost of shares redeemed		(1,804,799,190	)		(986,677,428	)		(12,635,582	)		—
Net increase (decrease) in net assets resulting from share transactions		(131,510,264	)		1,523,148,365			133,896,853			15,034,457
TOTAL INCREASE (DECREASE)		(128,630,084	)		1,531,399,242			134,616,522			15,148,164
Net assets:
Beginning of period	$	3,174,026,360		$	1,642,627,118		$	15,148,164		$	—
End of period	$	3,045,396,276		$	3,174,026,360		$	149,764,686		$	15,148,164

* Commencement of operations.

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

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 Fiscal Year Ended August 31,						For the Period September 5, 2017* to August 31, 2018
	2020			2019
Per Share Operating Performance:
Net asset value, beginning of period	$	49.42		$	48.86		$	49.92
Net investment income(a)		2.49			2.75			2.41
Net realized and unrealized gain (loss)		(0.15	)		0.61			(1.21	)
Total gain from investment operations		2.34			3.36			1.20
Distributions to shareholders from net investment income		(2.47	)		(2.80	)		(2.26	)
Net asset value, end of period	$	49.29		$	49.42		$	48.86
Market price, end of period	$	49.23		$	49.24		$	48.82
Total Return at Net Asset Value(b)		4.94	%		7.20	%		2.58	%
Net assets, end of period (in 000’s)	$	150,347		$	76,602		$	46,413
Ratio of total expenses to average net assets		0.34	%		0.34	%		0.34	%(c)
Ratio of net investment income to average net assets		5.15	%		5.67	%		4.93	%(c)
Portfolio turnover rate(d)		22	%		23	%		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 of in-kind transactions. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Access Inflation Protected USD Bond ETF
	For the Fiscal Year Ended August 31, 2020			For the Period October 2, 2018* to August 31, 2019
Per Share Operating Performance:
Net asset value, beginning of period	$	53.11		$	50.00
Net investment income(a)		0.33			1.27
Net realized and unrealized gain		4.18			2.98
Total gain from investment operations		4.51			4.25
Distributions to shareholders from net investment income		(0.61	)		(1.14	)
Distributions to shareholders from realized gains		(0.04	)		—
Distributions to shareholders from return of capital		(0.01	)		—
Total distributions to shareholders		(0.66	)		(1.14	)
Net asset value, end of period	$	56.96		$	53.11
Market price, end of period	$	57.00		$	53.08
Total Return at Net Asset Value(b)		8.57	%		8.61	%
Net assets, end of period (in 000’s)	$	31,330		$	7,966
Ratio of total expenses to average net assets		0.12	%		0.12	%(c)
Ratio of net investment income to average net assets		0.61	%		2.74	%(c)
Portfolio turnover rate(d)		43	%		36	%

* 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. 81

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout the Period

	Access Investment Grade Corporate 1-5 Year Bond ETF
	For the Period July 7, 2020* to August 31, 2020
Per Share Operating Performance:
Net asset value, beginning of period	$	49.89
Net investment income(a)		0.06
Net realized and unrealized gain		0.29
Total gain from investment operations		0.35
Distributions to shareholders from net investment income		(0.03	)
Net asset value, end of period	$	50.21
Market price, end of period	$	50.28
Total Return at Net Asset Value(b)		0.70	%
Net assets, end of period (in 000’s)	$	27,617
Ratio of total expenses to average net assets		0.14	%(c)
Ratio of net investment income to average net assets		0.73	%(c)
Portfolio turnover rate(d)		3	%

 * 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.

82 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 Investment Grade Corporate Bond ETF
	For the Fiscal Year Ended August 31,									For the Period June 6, 2017* to August 31, 2017
	2020			2019			2018
Per Share Operating Performance:
Net asset value, beginning of period	$	52.87		$	48.31		$	50.28		$	49.90
Net investment income(a)		1.59			1.74			1.55			0.32
Net realized and unrealized gain (loss)		2.54			4.52			(2.09	)		0.27
Total gain (loss) from investment operations		4.13			6.26			(0.54	)		0.59
Distributions to shareholders from net investment income		(1.61	)		(1.70	)		(1.43	)		(0.21	)
Net asset value, end of period	$	55.39		$	52.87		$	48.31		$	50.28
Market price, end of period	$	55.47		$	52.90		$	48.28		$	50.24
Total Return at Net Asset Value(b)		7.95	%		13.35	%		(1.04	)%		1.19	%
Net assets, end of period (in 000’s)	$	642,578		$	526,049		$	258,462		$	180,997
Ratio of net expenses to average net assets		0.14	%		0.14	%		0.14	%		0.13	%(c)
Ratio of total expenses to average net assets		0.14	%		0.14	%		0.14	%		0.14	%(c)
Ratio of net investment income to average net assets		3.00	%		3.54	%		3.18	%		2.65	%(c)
Portfolio turnover rate(d)		9	%		13	%		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) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

(e) Less than 0.5%

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

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Access Treasury 0-1 Year ETF
	For the Fiscal Year Ended August 31,									For the Period September 6, 2016* to August 31, 2017
	2020			2019			2018
Per Share Operating Performance:
Net asset value, beginning of period	$	100.38		$	100.16		$	100.10		$	100.00
Net investment income(a)		1.13			2.23			1.48			0.82
Net realized and unrealized gain (loss)		0.29			0.15			(0.13	)		(0.29	)
Total gain from investment operations		1.42			2.38			1.35			0.53
Distributions to shareholders from net investment income		(1.36	)		(2.16	)		(1.29	)		(0.43	)
Net asset value, end of period	$	100.44		$	100.38		$	100.16		$	100.10
Market price, end of period	$	100.45		$	100.40		$	100.18		$	100.10
Total Return at Net Asset Value(b)		1.42	%		2.40	%		1.37	%		0.53	%
Net assets, end of period (in 000’s)	$	3,045,396		$	3,174,026		$	1,642,627		$	815,829
Ratio of net expenses to average net assets		0.12	%		0.12	%		0.12	%		0.13	%(c)
Ratio of total expenses to average net assets		0.14	%		0.14	%		0.14	%		0.14	%(c)
Ratio of net investment income to average net assets		1.13	%		2.22	%		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 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.

84 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 Ultra Short Bond ETF
	For the Fiscal Year Ended August 31, 2020			For the Period April 15, 2019* to August 31, 2019
Per Share Operating Performance:
Net asset value, beginning of period	$	50.49		$	50.00
Net investment income(a)		0.73			0.52
Net realized and unrealized gain		0.42			0.34
Total gain from investment operations		1.15			0.86
Distributions to shareholders from net investment income		(0.87	)		(0.37	)
Net asset value, end of period	$	50.77		$	50.49
Market price, end of period	$	50.78		$	50.51
Total Return at Net Asset Value(b)		2.28	%		1.75	%
Net assets, end of period (in 000’s)	$	149,765		$	15,148
Ratio of net expenses to average net assets		0.16	%		0.16	%(c)
Ratio of total expenses to average net assets		0.20	%		0.20	%(c)
Ratio of net investment income to average net assets		1.45	%		2.72	%(c)
Portfolio turnover rate(d)		63	%		66	%

 * 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. 85

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Notes to Financial Statements

August 31, 2020

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 1-5 Year Bond ETF (“Access Investment Grade Corporate 1-5 Year Bond ETF”)*	Diversified
Goldman Sachs Access Investment Grade Corporate Bond ETF (“Access Investment Grade Corporate Bond ETF”)	Diversified
Goldman Sachs Access Treasury 0-1 Year ETF (“Access Treasury 0-1 Year ETF”)	Diversified
Goldman Sachs Access Ultra Short Bond ETF (“Access Ultra Short Bond ETF”)	Diversified

* Commencement of operations on July 7, 2020.

The investment objective of each Fund (except the Access Ultra Short Bond ETF) is to provide investment results that closely correspond, before fees and expenses, to the performance of its respective Index. The Access Ultra Short Bond ETF seeks to provide current income with preservation of capital.

Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as investment adviser to the Funds pursuant to a management agreement (the “Agreement”) with the Trust. Each Fund is an exchange-traded fund (“ETF”). Shares of the Access High Yield Corporate Bond ETF, Access Investment Grade Corporate 1-5 Year Bond ETF, Access Investment Grade Corporate Bond ETF and Access Treasury 0-1 Year ETF are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”), and shares of the Access Inflation Protected USD Bond ETF and Access Ultra Short Bond ETF are listed and traded on the Cboe BZX Exchange, Inc. (“Cboe BZX”). Market prices for the Funds’ shares may be different from their net asset 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 Access Inflation Protected USD Bond ETF, Access Treasury 0-1 Year ETF and Access Ultra Short Bond ETF. Creation Units are issued for cash and redeemed principally in-kind for a basket of securities and a cash amount, with respect to the Access High Yield Corporate Bond ETF, Access Investment Grade Corporate 1-5 Year Bond ETF and Access Investment Grade Corporate Bond ETF. Shares generally trade in the secondary market in quantities less than a Creation Unit at market prices that change throughout the day. Only those that have entered into an authorized participant agreement with ALPS Distributors, Inc. (the “Distributor”) may do business directly with the Funds.

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. Each Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.

A.  Investment Valuation — The Funds’ valuation policy is to value investments at fair value.

B.  Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained

86

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily NAV calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments. Distributions received from the Funds’ investments in U.S. real estate investment trusts (“REITs”) may be characterized as ordinary income, net capital gain and/or a return of capital. A return of capital is recorded by the Funds as a reduction to the cost basis of the REIT.

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 level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

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

Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;

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

87

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Notes to Financial Statements (continued)

August 31, 2020

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, including investments for which market quotations are not readily available. The Trustees have delegated to 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 rating, interest rate and maturity date or (ii) quotations from securities dealers to determine current value. With the exception of treasury securities of G7 countries, which are generally classified as Level 1, these investments are generally classified as Level 2 of the fair value hierarchy.

Money Market Funds — Investments in the Goldman Sachs Financial Square Government Fund (“Underlying Fund”) are valued at the NAV per share of the Institutional Share class on the day of valuation. These investments are generally classified as Level 1 of the fair value hierarchy. For information regarding the Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.

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

C.  Fair Value Hierarchy — The following is a summary of the Funds’ investments classified in the fair value hierarchy as of August 31, 2020:

ACCESS HIGH YIELD CORPORATE BOND ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Fixed Income
Corporate Obligations	$	—	$	139,831,457	$	—
Foreign Corporate Debt		—		6,404,299		—
Investment Company		1,754,115		—		—
Total	$	1,754,115	$	146,235,756	$	—

88

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

ACCESS INFLATION PROTECTED USD BOND ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Fixed Income
U.S. Treasury Inflation Indexed Bonds	$	31,274,674	$	—	$	—
Total	$	31,274,674	$	—	$	—
ACCESS INVESTMENT GRADE CORPORATE 1-5 YEAR BOND ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Fixed Income
Corporate Obligations	$	—	$	21,965,483	$	—
Foreign Corporate Debt		—		5,025,138		—
Investment Company		684,558		—		—
Total	$	684,558	$	26,990,621	$	—
ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Fixed Income
Corporate Obligations	$	—	$	505,171,409	$	—
Foreign Corporate Debt		–		125,346,709		—
Investment Company		6,635,197		—		—
Total	$	6,635,197	$	630,518,118	$	—
ACCESS TREASURY 0-1 YEAR ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Fixed Income
U.S. Treasury Bills	$	2,901,189,770	$	—	$	—
U.S. Treasury Notes		143,801,655		—		—
Total	$	3,044,991,425	$	—	$	—

89

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Notes to Financial Statements (continued)

August 31, 2020

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

ACCESS ULTRA SHORT BOND ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Fixed Income
Mortgage-Backed Securities	$	—	$	53,375,603	$	—
Asset- Backed Securities		—		31,287,350		—
Corporate Obligations		—		29,008,856		—
Foreign Corporate Debt		—		24,544,286		—
U.S. Treasury Bills		7,596,632		—		—
Municipal Debt Obligations		—		2,672,682		—
Investment Company		3,705,115		—		—
Certificate of Deposit		—		500,142		—
Total	$	11,301,747	$	141,388,919	$	—

For further information regarding security characteristics, see the Schedules of Investments.

4. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

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

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 fiscal year ended August 31, 2020, contractual and effective net unitary management fee 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 1-5 Year Bond  ETF		0.14	%		0.14	%
Access Investment Grade Corporate Bond ETF		0.14	%		0.14	%
Access Treasury 0-1 Year ETF		0.14	%		0.12	%
Access Ultra Short Bond ETF		0.20	%		0.16	%

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

GSAM has agreed to waive a portion of its management fee in order to achieve an effective net management fee rate of 0.12% and 0.16% as an annual percentage rate of average daily net assets of the Access Treasury 0-1 Year ETF and the Access Ultra

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4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Short Bond ETF, respectively. These arrangements will remain in effect through at least December 27, 2020 and prior to such dates the Investment Adviser may not terminate the arrangements without the approval of the Board of Trustees. For the fiscal year ended August 31, 2020, GSAM waived $673,487 and 30,752 of the Funds’ management fees for the Access Treasury 0-1 Year ETF and the Access Ultra Short Bond ETF respectively.

The Access High Yield Corporate Bond ETF, Access Inflation Protected USD Bond ETF, Access Investment Grade Corporate 1-5 Year Bond ETF, Access Investment Grade Corporate Bond ETF and Access Ultra Short Bond ETF invest in Institutional Shares of the Goldman Sachs Financial Square Government Fund, which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Funds invest. For the fiscal year ended August 31, 2020, GSAM waived $1,323, $19, $69, $4,916 and $2,236 of the Funds’ management fees for the Access High Yield Corporate Bond ETF, Access Inflation Protected USD Bond ETF, Access Investment Grade Corporate 1-5 Year Bond ETF, Access Investment Grade Corporate Bond ETF, and Access Ultra Short Bond ETF, respectively.

B.  Other Transactions with Affiliates — The following table provides information about the Funds’ investments in the Goldman Sachs Financial Square Government Fund for the fiscal year ended August 31, 2020:

Fund	Beginning value as of August 31, 2019		Purchases at Cost		Proceeds from Sales			Ending value as of August 31, 2020		Shares as of August 31, 2020		Interest Income
Access High Yield Corporate Bond ETF	$	1,093,653	$	14,854,534	$	(14,194,072	)	$	1,754,115		1,754,115	$	7,079
Access Inflation Protected USD Bond ETF	$	—	$	1,452,002	$	(1,452,002	)				—	$	16
Access Investment Grade Corporate 1-5 Year Bond  ETF*	$	—	$	8,301,859	$	(7,617,301	)	$	684,558		684,558	$	36
Access Investment Grade Corporate Bond ETF	$	3,519,879	$	49,638,838	$	(46,523,520	)	$	6,635,197		6,635,197	$	26,189
Access Ultra Short Bond ETF	$	392,280	$	81,131,404	$	(77,818,569	)	$	3,705,115		3,705,115	$	8,666

* Commencement of operations on July 7, 2020.

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.

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Notes to Financial Statements (continued)

August 31, 2020

5. CREATION AND REDEMPTION OF CREATION UNITS (continued)

Share activity is as follows:

	Access High Yield Corporate Bond ETF
	For the Fiscal Year Ended August 31, 2020						For the Fiscal Year Ended August 31, 2019
	Shares			Dollars			Shares			Dollars
Fund Share Activity
Shares Sold		2,200,000		$	106,518,573			2,450,000		$	119,417,522
Shares Redeemed		(700,000	)		(33,025,220	)		(1,850,000	)		(90,435,797	)
NET INCREASE IN SHARES		1,500,000		$	73,493,353			600,000		$	28,981,725
	Access Inflation Protected USD Bond ETF
	For the Fiscal Year Ended August 31, 2020						For the Period October 2, 2018* through August 31, 2019
	Shares			Dollars			Shares			Dollars
Fund Share Activity
Shares Sold		525,000		$	28,411,888			225,000		$	11,280,939
Shares Redeemed		(125,000	)		(6,876,076	)		(75,000	)		(3,695,696	)
NET INCREASE IN SHARES		400,000		$	21,535,812			150,000		$	7,585,243

	Access Investment Grade Corporate 1-5 Year Bond ETF
	For the Period July 7, 2020* through August 31, 2020
	Shares		Dollars
Fund Share Activity
Shares Sold		550,000	$	27,483,763
Shares Redeemed		—		—
NET INCREASE IN SHARES		550,000	$	27,483,763

* Commencement of operations.

	Access Investment Grade Corporate Bond ETF
	For the Fiscal Year Ended August 31, 2020						For the Fiscal Year Ended August 31, 2019
	Shares			Dollars			Shares			Dollars
Fund Share Activity
Shares Sold		6,550,000		$	353,363,901			8,450,000		$	419,509,892
Shares Redeemed		(4,900,000	)		(254,691,742	)		(3,850,000	)		(189,753,355	)
NET INCREASE IN SHARES		1,650,000		$	98,672,159			4,600,000		$	229,756,537

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5. CREATION AND REDEMPTION OF CREATION UNITS (continued)

	Access Treasury 0-1 Year ETF
	For the Fiscal Year Ended August 31, 2020						For the Fiscal Year Ended August 31, 2019
	Shares			Dollars			Shares			Dollars
Fund Share Activity
Shares Sold		16,650,000		$	1,673,288,926			25,070,000		$	2,509,781,663
Shares Redeemed		(17,950,000	)		(1,804,798,807	)		(9,850,000	)		(986,671,512	)
NET INCREASE (DECREASE) IN SHARES		(1,300,000	)	$	(131,509,881	)		15,220,000		$	1,523,110,151
	Access Ultra Short Bond ETF
	For the Fiscal Year Ended August 31, 2020						For the Period April 15, 2019* through August 31, 2019
	Shares			Dollars			Shares			Dollars
Fund Share Activity
Shares Sold		2,900,000		$	146,532,435			300,000		$	15,034,457
Shares Redeemed		(250,000	)		(12,635,581	)		—			—
NET INCREASE IN SHARES		2,650,000		$	133,896,854			300,000		$	15,034,457

* Commencement of operations.

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the fiscal year ended August 31, 2020, were as follows (with the exception of the Access Treasury 0-1 Year ETF which only owns short term securities):

Fund	Purchases		Sales
Access High Yield Corporate Bond ETF	$	122,451,212	$	17,777,521
Access Inflation Protected USD Bond ETF		7,876,334		9,369,277
Access Investment Grade Corporate 1-5 Year Bond  ETF		27,592,230		625,134
Access Investment Grade Corporate Bond ETF		396,621,255		46,961,412
Access Treasury 0-1 Year ETF		14,385,547,154		14,410,227,259
Access Ultra Short Bond ETF		160,984,520		41,679,680

The purchases and sales from in-kind creation and redemption transactions for the fiscal year ended August 31, 2020, were as follows:

Fund	Purchases		Sales
Access High Yield Corporate Bond ETF	$	—	$	32,468,310
Access Inflation Protected USD Bond ETF		28,361,801		5,474,542
Access Investment Grade Corporate 1-5 Year Bond  ETF		—		—

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Notes to Financial Statements (continued)

August 31, 2020

6. PORTFOLIO SECURITIES TRANSACTIONS (continued)

Fund	Purchases		Sales
Access Investment Grade Corporate Bond ETF	$	—	$	251,782,052
Access Treasury 0-1 Year ETF		1,661,035,638		1,803,006,483
Access Ultra Short Bond ETF		—		—

7. TAX INFORMATION

The tax character of distributions paid during the fiscal year ended August 31, 2020 was as follows:

	Access High Yield Corporate Bond ETF		Access Inflation Protected USD Bond ETF		Access Investment Grade Corporate 1-5 Year Bond ETF		Access Investment Grade Corporate Bond ETF		Access Treasury 0-1 Year ETF		Access Ultra Short Bond ETF
Distributions paid from:
Ordinary Income	$	3,924,025	$	170,530	$	11,472	$	15,896,442	$	45,661,342	$	1,046,869
Long-term Capital Gain				10,495
Return of Capital				2,030
Total taxable distributions	$	3,924,025	$	183,055	$	11,472	$	15,896,442	$	45,661,342	$	1,046,869

The tax character of distributions paid during the fiscal year ended August 31, 2019 was as follows:

	Access High Corporate Bond ETF		Access Inflation Protected USD Bond ETF		Access Investment Grade Corporate 1-5 Year Bond ETF		Access Investment Grade Corporate Bond ETF		Access Treasury 0-1 Year ETF		Access Ultra Short Bond ETF
Distributions paid from:
Ordinary Income	$	3,325,987	$	157,830	$	—	$	12,196,139	$	60,529,416	$	94,032
Total taxable distributions	$	3,325,987	$	157,830	$	—	$	12,196,139	$	60,529,416	$	94,032

As of August 31, 2020, the components of accumulated earnings (losses) on tax-basis were as follows:

	Access High Yield Corporate Bond ETF			Access Inflation Protected USD Bond ETF		Access Investment Grade Corporate 1-5 Year Bond ETF		Access Investment Grade Corporate Bond ETF		Access Treasury 0-1 Year ETF		Access Ultra Short Bond ETF
Undistributed ordinary income — net	$	622,528		$	—	$	23,608	$	1,300,609	$	7,343,148	$	141,931
Undistributed long-term capital gains		—			—		—		59,870		—		—
Total undistributed earnings	$	622,528		$	—	$	23,608	$	1,360,479	$	7,343,148	$	141,931
Capital loss carryforwards:(1)
Perpetual Short-Term	$	(1,508,264	)	$	—	$	—	$	—	$	—	$	(64,586	)
Perpetual Long-Term		(87,369	)		—		—		—		—		(339	)
Unrealized gains (losses) — net		3,556,728			1,793,739		81,619		43,119,130		1,010,211		756,370
Total accumulated earnings (losses) net	$	2,583,623		$	1,793,739	$	105,227	$	44,479,609	$	8,353,359	$	833,376

(1) Access Investment Grade Corporate Bond ETF utilized 481,075 of capital losses in the current fiscal year.

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7. TAX INFORMATION (continued)

As of August 31, 2020, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

	Access High Yield Corporate Bond ETF			Access Inflation Protected USD Bond ETF			Access Investment Grade Corporate 1-5 Year Bond ETF			Access Investment Grade Corporate Bond ETF			Access Treasury 0-1 Year ETF			Access Ultra Short Bond ETF
Tax Cost	$	144,433,143		$	29,480,935		$	27,593,560		$	594,034,185		$	3,043,981,214		$	151,934,296
Gross unrealized gain		4,538,830			1,794,668			98,622			44,057,119			1,069,973			853,105
Gross unrealized loss		(982,102	)		(929	)		(17,003	)		(937,989	)		(59,762	)		(96,735	)
Net unrealized gains (losses) on securities	$	3,556,728		$	1,793,739		$	81,619		$	43,119,130		$	1,010,211		$	756,370

The difference between GAAP-basis and tax-basis unrealized gains (losses) is due to wash sales, and differences in tax treatment of market discount accretion and premium amortization, and inflation protected securities.

In order to present certain components of the Funds’ capital accounts on a tax-basis, certain reclassifications have been recorded to the Funds’ accounts. These reclassifications have no impact on the NAV of the Funds’ and result primarily from redemptions utilized as distributions, and redemptions in-kind transactions.

Fund	Paid-in Capital			Total Distributable Earnings
Access High Yield Corporate Bond ETF	$	(1,413,580	)	$	1,413,580
Access Inflation Protected USD Bond ETF	$	444,141		$	(444,141	)
Access Investment Grade Corporate 1-5 Year Bond  ETF	$	—		$	—
Access Investment Grade Corporate Bond ETF	$	5,861,611		$	(5,861,611	)
Access Treasury 0-1 Year ETF	$	4,693,562		$	(4,693,562	)
Access Ultra Short Bond ETF	$	—		$	—

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

8. OTHER RISKS

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

Floating and Variable Rate Obligations Risk — Floating rate and variable rate obligations are debt instruments issued by companies or other entities with interest rates that reset periodically (typically, daily, monthly, quarterly, or semiannually) in response to changes in the market rate of interest on which the interest rate is based. For floating and variable rate obligations, there may be a lag between an actual change in the underlying interest rate benchmark and the reset time for an interest payment of such an obligation, which could harm or benefit a Fund, depending on the interest rate environment or other circumstances. In a rising interest rate environment, for example, a floating or variable rate obligation that does not reset immediately would prevent a Fund from taking full advantage of rising interest rates in a timely manner. However, in a declining interest rate environment, a Fund may benefit from a lag due to an obligation’s interest rate payment not being immediately impacted by a decline in interest rates.

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Notes to Financial Statements (continued)

August 31, 2020

8. OTHER RISKS (continued)

In 2017, the United Kingdom’s Financial Conduct Authority (“FCA”) warned that LIBOR may cease to be available or appropriate for use by 2021. The unavailability or replacement of LIBOR may affect the value, liquidity or return on certain Fund investments and may result in costs incurred in connection with closing out positions and entering into new trades. Any pricing adjustments to a Fund’s investments resulting from a substitute reference rate may also adversely affect the Fund’s performance and/or NAV.

Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the United States. Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which a Fund invests. The imposition of exchange controls (including repatriation restrictions), confiscations of assets and property, trade restrictions (including tariffs) and other government restrictions by the United States or other governments, or from problems in share registration, settlement or custody, may also result in losses. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which a Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that a Fund also invests in securities of issuers located in emerging markets, these risks may be more pronounced.

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

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

The FTSE Goldman Sachs Investment Grade Corporate Bond 1-5 Years Index is new and has a limited performance history. Errors in index data, index computation or the construction of an Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the applicable Fund and its shareholders. In addition, neither a Fund, the Investment Adviser nor the Index Provider can guarantee the availability or timeliness of the production of the Index.

Investments in Other Investment Companies Risk — As a shareholder of another investment company, including an ETF, a Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund.

Liquidity Risk — A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. 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

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8. OTHER RISKS (continued)

reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund’s NAV and dilute remaining investors’ interests. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, potentially causing increased supply in the market due to selling activity. These risks may be more pronounced in connection with a Fund’s investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on a Fund’s liquidity.

Market and Credit Risks — In the normal course of business, a Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also significantly impact a Fund and its investments. Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

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

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

9. INDEMNIFICATIONS

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

10. OTHER MATTERS

The Funds have adopted Financial Accounting Standards Board Accounting Standards Update 2017-08 to amend the amortization period for certain purchased callable debt securities held at a premium. Under the new standard, the Funds have changed the amortization period for the premium on certain purchased callable debt securities with non-contingent call features to the earliest call date. In accordance with the transition provisions of the standard, the Funds applied the amendments on a modified

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Notes to Financial Statements (continued)

August 31, 2020

10. OTHER MATTERS (continued)

retrospective basis beginning with the fiscal period ended August 31, 2020. This change in accounting policy has been made to comply with the newly issued accounting standard and had no material impact on total distributable earnings (loss) or the net asset value of the Funds.

In March 2020, the FASB issued Accounting Standard Update (“ASU”) No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” This ASU provides optional exceptions for applying GAAP to contract modifications, hedging relationships and other transactions affected reference rate reform if certain criteria are met. ASU 2020-04 is elective and is effective on March 12, 2020 through December 31, 2022. As of the financial reporting period, GSAM is currently evaluating the impact, if any, of applying ASU 2020-04.

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.

98

Report of Independent Registered Public

Accounting Firm

To the Board of Trustees of Goldman Sachs ETF Trust and Shareholders of Goldman Sachs Access High Yield Corporate Bond ETF, Goldman Sachs Access Inflation Protected USD Bond ETF, Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF, Goldman Sachs Access Investment Grade Corporate Bond ETF, Goldman Sachs Access Treasury 0-1 Year ETF, and Goldman Sachs Access Ultra Short Bond ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds indicated in the table below (six of the funds constituting Goldman Sachs ETF Trust, hereafter collectively referred to as the “Funds”) as of August 31, 2020, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2020, the results of each of their operations, the changes in each of their net assets for each of the periods listed in the table below and each of the financial highlights for each of the periods listed in the table below in conformity with accounting principles generally accepted in the United States of America.

Fund	Statements of operations	Statements of changes in net assets	Financial highlights
Goldman Sachs Access High Yield Corporate Bond ETF, Goldman Sachs Access Investment Grade Corporate Bond ETF, and Goldman Sachs Access Treasury 0-1 Year ETF	For the year ended August 31, 2020	For the two years ended August 31, 2020	For each of the periods indicated within
Goldman Sachs Access Inflation Protected USD Bond ETF	For the year ended August 31, 2020	For the year ended August 31, 2020, and for the period October 2, 2018 (commencement of operations) through August 31, 2019
Goldman Sachs Access Ultra Short Bond ETF	For the year ended August 31, 2020	For the year ended August 31, 2020, and for the period April 15, 2019 (commencement of operations) through August 31, 2019
Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF	For the period July 7, 2020 (commencement of operations) through August 31, 2020

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2020 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

October 26, 2020

We have served as the auditor of one or more investment companies in the Goldman Sachs fund complex since 2000.

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Liquidity Risk Management Program (Unaudited)

Each Fund has adopted and implemented a liquidity risk management program (the “Program”) in accordance with Rule 22e-4 under the 1940 Act. The Program seeks to assess and manage each Fund’s liquidity risk, i.e., the risk that a Fund is unable to satisfy redemption requests without significantly diluting remaining investors’ interests in the Fund. The Board of Trustees of the Trust has designated GSAM, each Fund’s investment adviser, to administer the Program. Certain aspects of the Program rely on third parties to perform certain functions, including the provision of market data and application of models.

The Program is comprised of various components designed to support the assessment and/or management of liquidity risk, including: (1) the periodic assessment (no less frequently than annually) of certain factors that influence a Fund’s liquidity risk; (2) the periodic classification (no less frequently than monthly) of a Fund’s investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) a 15% limit on the acquisition of “illiquid investments” (as defined under Rule 22e-4); (4) for a Fund that does not invest primarily in “highly liquid investments” (as defined under Rule 22e-4), the determination of a minimum percentage of the Fund’s assets that will generally be invested in highly liquid investments (a “Highly Liquid Investment Minimum”); and (5) periodic reporting to the Board of Trustees.

At a meeting of the Board of Trustees on March 18-19, 2020, GSAM provided a written report to the Board (with respect to each Fund except Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF and Goldman Sachs Access U.S. Aggregate Bond ETF) addressing the operation, and the adequacy and effectiveness of the implementation of the Program, including, as applicable, the operation of any Highly Liquid Investment Minimum and any material changes to the Program, for the initial period from December 1, 2018 through December 31, 2019 (the “Reporting Period”). Among other things, the annual report discussed: (1) the results of stress tests designed to assess liquidity under a hypothetical stressed scenario involving elevated redemptions; and (2) an assessment of the methodologies used to classify investments into one of four liquidity categories. The report concluded that the Program was reasonably designed to assess and manage liquidity risk and was adequately and effectively implemented during the Reporting Period.

There can be no assurance that the Program will achieve its objectives under all circumstances in the future. Please refer to your Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other risks to which it may be subject.

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GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Fund Expenses — Six Month Period Ended  8/31/2020 (Unaudited)

As a shareholder you incur ongoing costs, including management fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in Shares of a Fund and to compare these costs with the ongoing costs of investing in other exchange-traded funds. This example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares of a Fund.

The example is based on an investment of $1,000 invested at the beginning of the period from March 1, 2020 and held for the entire six months ended August 31, 2020, which represents a period of 184 days of a 366 day year (or less where indicated).

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

Hypothetical Example for Comparison Purposes — The second line in the table below provides information about hypothetical account values and hypothetical expenses based on a Fund’s actual net expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in a Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees, or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Access High Yield Corporate Bond ETF							Access Inflation Protected USD Bond ETF							Access Investment Grade Corporate 1-5 Year Bond  ETF**							Access Investment Grade Corporate Bond ETF							Access Treasury 0-1 Year ETF							Access Ultra Short Bond ETF
	Beginning Account Value 3/1/20		Ending Account Value 8/31/20			Expenses Paid*		Beginning Account Value 3/1/20		Ending Account Value 8/31/20			Expenses Paid*		Beginning Account Value 3/1/20		Ending Account Value 8/31/20			Expenses Paid*		Beginning Account Value 3/1/20		Ending Account Value 8/31/20			Expenses Paid*		Beginning Account Value 3/1/20		Ending Account Value 8/31/20			Expenses Paid*		Beginning Account Value 3/1/20		Ending Account Value 8/31/20			Expenses Paid*
Actual based on NAV	$	1,000	$	1,038.30		$	1.74	$	1,000	$	1,056.70		$	0.62	$	1,000	$	1,004.80		$	0.21	$	1,000	$	1,036.30		$	0.72	$	1,000	$	1,004.10		$	0.60	$	1,000	$	1,006.00		$	0.81
Hypothetical 5% return	$	1,000	$	1,023.43	+	$	1.73	$	1,000	$	1,024.53	+	$	0.61	$	1,000	$	1,007.44	+	$	0.22	$	1,000	$	1,024.43	+	$	0.71	$	1,000	$	1,024.53	+	$	0.61	$	1,000	$	1,024.33	+	$	0.81

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

* Expenses for each Fund are calculated using the Fund’s annualized net expense ratio, which represents the ongoing expenses as a percentage of net assets for the six months ended August 31, 2020. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal year; and then dividing that result by the number of days in the fiscal year.

** The Fund commenced operations on July 7, 2020. Expenses are calculated using the Fund’s annualized expense ratio, multiplied by the ending value for the period, multiplied by 56/366, which represents a period of 56 days of a 366 day year (to reflect the Fund’s commencement of operation).

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

Fund
Access High Yield Corporate Bond ETF	0.34	%
Access Inflation Protected USD Bond ETF	0.12
Access Investment Grade Corporate 1-5 Bond Year ETF	0.14
Access Investment Grade Corporate Bond ETF	0.14
Access Treasury 0-1 Year ETF	0.12
Access Ultra Short Bond ETF	0.16

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

Background

The Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF (the “Fund”) is a newly-organized investment portfolio of Goldman Sachs ETF Trust (the “Trust”) that commenced investment operations on July 7, 2020. At a meeting held on September 17-18, 2019 (the “Meeting”) in connection with the Fund’s organization, the Board of Trustees, including all of the Trustees present who are not parties to the Fund’s investment management agreement (the “Management Agreement”) or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”) approved the Management Agreement with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Fund.

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

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

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

As part of their review, the Trustees considered the nature, extent, and quality of the services to be provided to the Fund by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that would be provided by the Investment Adviser and its affiliates. The Trustees noted the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted the 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 would 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 management fee to the Investment Adviser, and the Investment Adviser pays all of the Fund’s ordinary operating expenses, excluding payments under the Fund’s 12b-1 plan (if any), interest expenses, taxes, acquired fund fees and expenses, brokerage fees, costs of holding shareholder meetings and litigation, indemnification and extraordinary expenses. The Trustees also considered information about the Fund’s structure, investment objective, strategies and other characteristics. In particular, they noted that the Fund would operate as a passively-managed ETF that seeks to track an index owned and calculated by a third-party service provider using concepts developed with the Investment Adviser. The Trustees noted the experience and capabilities of the key personnel of the Investment Adviser who would provide services to the Fund. In particular, the Trustees considered the Investment Adviser’s extensive experience in managing fixed income investment strategies. The Trustees concluded that the Investment Adviser would be able to commit substantial financial and operational resources to the Fund. They also considered that although the Fund was new (and therefore had no performance data to evaluate), the Investment Adviser has committed substantial financial and operational resources to ETFs and has extensive experience managing other types of registered investment companies. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Fund and the Investment Adviser and its affiliates.

Unitary Fee Structure and Profitability

The Trustees considered the contractual management fee rate payable by the Fund, noting that the Management Agreement provides for a unitary fee structure, pursuant to which the Fund pays a single management fee to the Investment Adviser and the Investment Adviser then pays all of the Fund’s ordinary operating expenses. In addition, the Trustees considered information on the services to be rendered by the Investment Adviser to the Fund, which would include both advisory and 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 FTSE Fixed Income LLC 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 unitary management fee rate and projected expense ratio were prepared by the Investment Adviser and a third-party provider of mutual fund and ETF data. In particular, the Trustees referred to an analysis comparing the

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

Fund’s unitary management fee rate and projected expense ratio to those of relevant peer funds. The Trustees concluded that the comparisons were useful in evaluating the reasonableness of the management fee and total expenses to be paid by the Fund. The Trustees concluded that the Investment Adviser’s management of the Fund likely would benefit the Fund and its shareholders.

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

Economies of Scale

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

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 management fee to be paid by the Fund was reasonable in light of the services to be provided to it by the Investment Adviser, the Investment Adviser’s costs and the Fund’s reasonably foreseeable asset levels. The Trustees unanimously concluded that the engagement of the Investment Adviser likely would benefit the Fund and its shareholders and that the Management Agreement should be approved until September 18, 2021.

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Trustees and Officers (Unaudited) Independent Trustees

Name, Address and Age1	Position(s) Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee3	Other Directorships Held by Trustee4
Lawrence W. Stranghoener Age: 66	Chairman of the Board of Trustees	Trustee Since 2015; Chairman Since 2017	Mr. Stranghoener is retired. He is Director, Kennametal, Inc. (a global manufacturer and distributor of tooling and industrial materials) (2003-Present); and was formerly Director, Aleris Corporation and Aleris International, Inc. (a producer of aluminum rolled products) (2011-2020); Interim Chief Executive Officer (2014); and Executive Vice President and Chief Financial Officer (2004-2014), Mosaic Company (a fertilizer manufacturing company). Chairman of the Board of Trustees — Goldman Sachs ETF Trust; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.	46	Kennametal Inc. (a global manufacturer and distributor of tooling and industrial materials)
Caroline Dorsa Age: 61	Trustee	Since 2016	Ms. Dorsa is retired. She is Director, Biogen Inc. (a biotechnology company) (2010-Present); Director, Intellia Therapeutics Inc. (a gene- editing company) (2015-Present); and Director, Illumina, Inc. (a life sciences company) (2017- Present). She was formerly Executive Vice President and Chief Financial Officer, Public Service Enterprise Group, Inc. (a generation and energy services company) (2009-2015); Senior Vice President, Merck & Co, Inc. (a pharmaceutical company) (2008-2009 and 1987- 2007); Senior Vice President and Chief Financial Officer, Gilead Sciences, Inc. (a pharmaceutical company) (2007-2008); and Senior Vice President and Chief Financial Officer, Avaya, Inc. (a technology company) (2007). Trustee — Goldman Sachs ETF Trust; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.	46	Biogen Inc. (a biotechnology company); Intellia Therapeutics Inc. (a gene-editing company); Illumina, Inc. (a life sciences company)
Linda A. Lang Age: 62	Trustee	Since 2016	Ms. Lang is retired. She was formerly Chair of the Board of Directors (2016-2019), and Member of the Board of Directors, WD-40 Company (a global consumer products company) (2004–2019); Chairman and Chief Executive Officer (2005-2014); and Director, President and Chief Operating Officer, Jack in the Box, Inc. (a restaurant company) (2003-2005). Previously, Ms. Lang served as an Advisory Board Member of Goldman Sachs MLP Income Opportunities Fund and Goldman Sachs MLP and Energy Renaissance Fund (February 2016-March 2016). Trustee — Goldman Sachs ETF Trust; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.	46	None
Michael Latham Age: 54	Trustee	Since 2015	Mr. Latham is retired. Formerly, he held senior management positions with the iShares exchange-traded fund business, including Chairman (2011-2014); Global Head (2010-2011); U.S. Head (2007-2010); and Chief Operating Officer (2003-2007). Trustee — Goldman Sachs ETF Trust; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.	46	None

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Trustees and Officers (Unaudited) (continued)

Interested Trustee*

Name, Address and Age1	Position(s) Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee3	Other Directorships Held by Trustee4
James A. McNamara Age: 57	Trustee and President	Since 2014	Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President and Trustee — Goldman Sachs ETF Trust; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.	168	None

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

¹  Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Caroline L. Kraus. Information is provided as of August 31, 2020.

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

³  The Goldman Sachs Fund Complex includes certain other companies listed above for each respective Trustee. As of August 31, 2020, Goldman Sachs ETF Trust consisted of 42 portfolios (23 of which offered shares to the public); Goldman Sachs Trust consisted of 90 portfolios (89 of which offered shares to the public); Goldman Sachs Variable Insurance Trust consisted of 13 portfolios; Goldman Sachs Trust II consisted of 19 portfolios (17 of which offered shares to the public); and Goldman Sachs MLP Income Opportunities Fund, Goldman Sachs MLP and Energy Renaissance Fund, Goldman Sachs Credit Income Fund and Goldman Sachs Real Estate Diversified Income Fund each consisted of one portfolio. Goldman Sachs Credit Income Fund did not offer shares to the public.

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

Additional information about the Trustees is available in the Funds’ Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States of America): 1-800-621-2550.

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Trustees and Officers (Unaudited) (continued)

Officers of the Trust*

Name, Address and Age1	Positions Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years
James A. McNamara 200 West Street New York, NY 10282 Age: 57	Trustee and President	Since 2014	Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President and Trustee — Goldman Sachs ETF Trust; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.
Caroline L. Kraus 200 West Street New York, NY 10282 Age: 43	Secretary	Since 2014	Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (August 2006-December 2015); Senior Counsel, Goldman Sachs (January 2020-Present); Associate General Counsel, Goldman Sachs (2012-December 2019); Assistant General Counsel, Goldman Sachs (August 2006-December 2011); and Associate, Weil, Gotshal & Manges, LLP (2002-2006). Secretary — Goldman Sachs ETF Trust; Goldman Sachs Trust (previously Assistant Secretary (2012)); Goldman Sachs Variable Insurance Trust (previously Assistant Secretary (2012)); Goldman Sachs Trust II; Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs Private Middle Market Credit II LLC; Goldman Sachs Middle Market Lending Corp.; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.
Joseph F. DiMaria 30 Hudson Street Jersey City, NJ 07302 Age: 52	Treasurer, Principal Financial Officer and Principal Accounting Officer	Since 2017 (Treasurer and Principal Financial Officer since 2019)	Managing Director, Goldman Sachs (November 2015-Present) and Vice President — Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010- October 2015). Treasurer, Principal Financial Officer and Principal Accounting Officer — Goldman Sachs ETF Trust (previously Assistant Treasurer (2017)); Goldman Sachs Trust (previously Assistant Treasurer (2016)); Goldman Sachs Variable Insurance Trust (previously Assistant Treasurer (2016)); Goldman Sachs Trust II (previously Assistant Treasurer (2017)); Goldman Sachs MLP Income Opportunities Fund (previously Assistant Treasurer (2017)); Goldman Sachs MLP and Energy Renaissance Fund (previously Assistant Treasurer (2017)); Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

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

¹  Information is provided as of August 31, 2020.

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

Goldman Sachs Access Fixed Income ETFs — Tax Information (Unaudited)

During the fiscal year ended August 31, 2020, 100% of the net investment company taxable income distributions paid by the Access Inflation Protected USD Bond ETF and Access Treasury 0-1 Year ETF were designated as interest-related dividends pursuant to Section 871(k) of the Internal Revenue Code.

Pursuant to Section 852 of the Internal Revenue Code, the Access Inflation Protected USD Bond ETF and Access Investment Grade Corporate Bond ETF designate $10,495, and $141,378, respectively, or if different, the maximum amount allowable, as capital gain dividends paid during the year ended August 31, 2020.

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Goldman Sachs Access Treasury 0-1 Year ETF

Effective from November 1, 2016 and solely for the purpose of marketing the Fund in the United Kingdom (“UK”), Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) identified itself as the alternative investment fund manager (“AIFM”) of the Fund. As AIFM, the Investment Adviser is responsible for complying with the UK marketing rules implementing the Alternative Investment Fund Managers Directive (Directive 2011/61/EU) (the “Directive”).

In accordance with these rules, the AIFM is required to make available an Annual Report for the financial year of the Fund, containing certain disclosures as set out in Article 22 and 23 of the Directive. The disclosures set out below are included to satisfy these requirements as they have not been disclosed elsewhere in this Annual Report.

I. Remuneration

The following disclosures are made in accordance with Article 107 of the EU Commission Delegated Regulation C (2012) 8370 in respect of the AIFM, which is part of The Goldman Sachs Group, Inc. (“GS Group”). GS Group’s global remuneration philosophy, structure and process for setting remuneration generally applies to employees of the AIFM in the same manner as other employees globally. References to the “firm” and “we” throughout this disclosure include GS Group and the AIFM and any subsidiaries and affiliates.

a. Remuneration Program Philosophy

The remuneration philosophy and the objectives of the remuneration program for the firm, including the AIFM, are reflected in GS Group’s Compensation principles as posted on the Goldman Sachs public website (http://www.goldmansachs.com/investor relations/corporate governance/corporate governance-documents/compensation-principles.pdf) which includes the following:

1. We pay for performance – this is an absolute requirement under our compensation program and inherent in our culture.

2. We structure compensation, especially at senior levels, to align with GS Group’s shareholders’ long-term interests.

3. We use compensation as an important tool to attract, retain and motivate talent.

4. We align total compensation with corporate performance over the period.

The AIFM’s remuneration program is intended to be flexible enough to allow responses to changes in market conditions, but grounded in a framework that maintains effective remuneration practices.

b. Remuneration Governance

The planning, implementation and revision of the compensation policy of the AIFM is subject to the oversight of the Compensation Committee of the Board of Directors of GS Group (the “GS Group Compensation Committee”), the ultimate parent of the AIFM.

The members of the GS Group Compensation Committee at the end of 2019 were M. Michele Burns (Chair), Drew G. Faust, Ellen J. Kullman, Lakshmi N. Mittal, and Adebayo O. Ogunlesi (ex-officio). None of the members of the GS Group Compensation Committee were an employee of the firm. All members of the GS Group Compensation Committee were “independent” within the meaning of the New York Stock Exchange Rules and the firm’s Director Independence Policy.

The GS Group Compensation Committee has for several years recognised the importance of using an independent remuneration consultant that is appropriately qualified and that provides services solely to the GS Group Compensation Committee and not to the firm. The Compensation Committee continued to retain an independent remuneration consultant in 2019.

GS Group’s global process for setting variable remuneration (including the requirement to consider risk and compliance issues) applies to employees of the AIFM in the same way as to employees of other entities and in other regions and is subject to oversight by the senior management of the firm in the region.

c. Link Between Pay and Performance

Annual remuneration for employees is generally comprised of fixed and variable remuneration. The AIFM’s remuneration practices provide for variable remuneration determinations to be made on a discretionary basis. Variable remuneration is based on multiple factors and is not set as a fixed percentage of revenue or by reference to any other formula. Firmwide performance is a key factor in determining variable remuneration.

d. Performance Measurement

Year-end variable remuneration is determined through a discretionary process that relies on certain qualitative and quantitative metrics (amongst other factors) against which we assess performance at year-end. We do not set specific goals, targets or other

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GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Goldman Sachs TreasuryAccess 0-1 Year ETF (continued)

objectives for purposes of determining year-end variable remuneration nor do we set an initial remuneration pool that is adjusted for any such goals, targets or other objectives. Such metrics are not formulaic nor given any specific weight. In addition, employees are evaluated annually as part of the “360 degree” feedback process.

e. Risk Adjustment

Prudent risk management is a hallmark of both the firm’s and AIFM’s culture and sensitivity to risk and risk management are key elements in assessing employee performance, including as part of the “360 degree” feedback process noted above.

We take risk into account in setting the amount and form of variable remuneration for employees. We provide guidelines to assist compensation managers when applying discretion during the remuneration process to promote consistent consideration of the different metrics/factors considered during the remuneration process. Further, to ensure the independence of control function employees, remuneration for those employees is not determined by individuals in revenue-producing positions but rather by the management of the relevant control function.

f. Structure of Remuneration

1. Fixed Remuneration

2. Variable Remuneration: For employees with total and variable remuneration above a specific threshold, variable remuneration is generally paid in a combination of cash and equity-based remuneration. In general, the portion paid in the form of an equity-based award increases as variable remuneration increases.

g. Total Remuneration

Staff remuneration for the financial period ending December 31, 2019:

Total remuneration for the financial year ending December 31, 2019 paid by the AIFM to 13 staff in respect of the management of the assets of the Fund	US$170,802, made up of: •  US$76,788 fixed remuneration •  US$94,014 variable remuneration
Which includes:
(a)   Remuneration paid by the AIFM to senior management	US$127,000
(b)  Remuneration paid by the AIFM to other staff members whose actions have a material impact on the risk profile of the Fund	US$43,802

The remuneration figures above:

1. relate to the proportion of time spent by those staff on the management of the assets of the Fund; and

2. do not include figures for those staff whose activities may impact the Fund but who provide services through other affiliates of the AIFM.

II. Risk Management

The current risk profile of the Fund and the risk management framework employed by the AIFM to manage those risks are outlined in the Fund’s Prospectus and Statement of Additional Information. The Investment Manager’s risk management function will seek to ensure that the risk profile disclosed to investors is consistent with applicable risk limits, monitor compliance with those risk limits, promptly notify the risk management component of the portfolio management team managing the portfolio of any inconsistency, or risk or inconsistency, between the risk profile and risk limits.

III. Material Changes

Article 22 of the Directive requires disclosure of any material changes in the information listed in Article 23 of the Directive.

In respect of the period ended December 31, 2019, there have been no material changes to the information listed in Article 23 of the Directive.

108

FUNDS PROFILE

Goldman Sachs ETFs

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

Today, the Consumer and Investment Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $1.88 trillion in assets under supervision as of June 30, 2020, 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 Investment Grade Corporate 1-5 Year Bond ETF

Goldman Sachs Access Treasury 0-1 Year ETF

Goldman Sachs Access Ultra Short Bond ETF

Goldman Sachs Access U.S. Aggregate Bond ETF

Goldman Sachs Data-Driven World ETF

Goldman Sachs Finance Reimagined ETF

Goldman Sachs Human Evolution ETF

Goldman Sachs Manufacturing Revolution ETF

Goldman Sachs New Age Consumer ETF

Goldman Sachs MarketBeta International Equity ETF

Goldman Sachs MarketBeta Emerging Markets Equity ETF

Goldman Sachs MarketBeta U.S. Equity ETF

INDEX DISCLAIMERS

Goldman Sachs Access High Yield Corporate Bond ETF

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

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

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

Goldman Sachs Access Inflation Protected USD Bond ETF

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

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

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

Goldman Sachs Access Investment Grade Corporate Bond ETF

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

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

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

Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF

The Goldman Sachs Access Investment Grade Corporate 1-5 Year 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 US Investment-Grade Corporate Bond 1-5 Years Index (the “Index”) vest in the relevant LSE Group company which owns the Index. FTSE^® is a trademark of the relevant LSE Group company and is used by any other LSE Group company under license.

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

Goldman Sachs Access Treasury 0-1 Year ETF

The Goldman Sachs Access Treasury 0-1 Year ETF (the “Fund”) has been developed solely by GSAM. The Fund is not in any way connected to or sponsored, endorsed, sold or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). FTSE Russell is a trading name of certain of the LSE Group companies.

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

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

TRUSTEES Lawrence W. Stranghoener, Chairman Caroline Dorsa Linda A. Lang Michael Latham James A. McNamara	OFFICERS James A. McNamara, President Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Caroline L. Kraus, Secretary
THE BANK OF NEW YORK MELLON Transfer Agent
ALPS DISTRIBUTORS, INC. Distributor	GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser

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

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

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

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

The Funds will file portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be made available on the SEC’s web site at http://www.sec.gov. Portfolio holdings information may be obtained upon request and without charge by calling 1-800-621-2550.

Fund holdings and allocations shown are as of August 31, 2020 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.

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

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

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

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

This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current Prospectus or summary prospectus, if applicable. Investors should consider the Funds’ objectives, risks, and charges and expenses, and read the summary prospectuses, if available, and/or the Prospectus carefully before investing or sending money. The summary prospectuses, if available, and the Prospectus contain this and other information about the Funds and may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC by calling 1-800-621-2550.

ActiveBeta^® is a registered trademark of GSAM.

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

© 2020 Goldman Sachs. All rights reserved. 218107-OTU-10/2020 AIGAHYCPBNDETFAR-20

Goldman Sachs Funds

Annual Report	August 31, 2020
	Goldman Sachs ActiveBeta® ETFs
	ActiveBeta® Emerging Markets Equity ETF (GEM)
	ActiveBeta® Europe Equity ETF (GSEU)
	ActiveBeta® International Equity ETF (GSIE)
	ActiveBeta® Japan Equity ETF (GSJY)
	ActiveBeta® U.S. Large Cap Equity ETF (GSLC)
	ActiveBeta® U.S. Small Cap Equity ETF (GSSC)

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

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

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

ActiveBeta^® is a registered trademark of GSAM.

Goldman Sachs ActiveBeta^® ETFs

TABLE OF CONTENTS
Investment Process	1
Portfolio Management Discussion and Performance Summaries	3
Schedules of Investments	32
Financial Statements	82
Financial Highlights
ActiveBeta® Emerging Markets Equity ETF	89
ActiveBeta® Europe Equity ETF	90
ActiveBeta® International Equity ETF	91
ActiveBeta® Japan Equity ETF	92
ActiveBeta® U.S. Large Cap Equity ETF	93
ActiveBeta® U.S. Small Cap Equity ETF	94
Notes to Financial Statements	95
Report of Independent Registered Public Accounting Firm	110
Other Information	112

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

* * *

1

INVESTMENT PROCESS

At the end of the Reporting Period, i.e. the 12 months ended August 31, 2020, we continued to believe in the existence and persistence of certain equity common factors. We further believed that in capturing common factors, investment efficiency (risk-adjusted returns) can be improved by enhancing the informational efficiency and diversification of individual common factor portfolios. Additionally, we advocate the pursuit of factor diversification strategies, which combine individual common factor portfolios, as such strategies tend to dominate individual factors. A passive capture of informationally-efficient and diversified common factor strategies potentially delivers attractive after-cost information ratios.

2

PORTFOLIO RESULTS

Goldman Sachs ActiveBeta^® Emerging Markets Equity ETF

Investment Objective

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the 12-month period ended August 31, 2020 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund returned 9.55% based on net asset value (“NAV”) and 9.52% based on market price. The Index returned 9.65%, 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 14.44% during the same period.

The Fund had a NAV of $31.12 per share on August 31, 2019 and ended the Reporting Period with a NAV of $33.28 per share. The Fund’s market price on August 31, 2020 was $33.28 per share.

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

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

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

During the Reporting Period, the Fund posted positive absolute returns but underperformed the MSCI Emerging Markets Index, as measured by NAV. Amongst underlying factors, Low Volatility and Value detracted most from results during the Reporting Period, followed by Quality. Momentum contributed positively to relative results during the Reporting Period. 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. Quality refers to sustainable profitability over time. Momentum is whether a company’s share price is trending up or down.

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

A Index constituents in the consumer discretionary, communication services, information technology and health care sectors detracted most from the Index’s results relative to the MSCI Emerging Markets Index during the Reporting Period. Index constituents in the real estate, industrials 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 Brazil detracted the most from the Index’s results relative to the MSCI Emerging Markets Index during

3

PORTFOLIO RESULTS

the Reporting Period. Conversely, Index constituents in the Philippines, Greece and Indonesia contributed most positively to the Index’s results relative to the MSCI Emerging Markets Index during the Reporting Period.

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

A Relative to the MSCI Emerging Markets Index, underweight positions in Chinese e-commerce retailer Alibaba Group Holdings, Chinese web-based shopping platform Meituan Dianping and Chinese multi-media company Tencent Holdings detracted most (7.29%, 1.26% and 5.39% of Fund net assets as of August 31, 2020, respectively). Alibaba Group Holdings and Tencent Holdings each posted a robust double-digit gain within the Index during the Reporting Period, and Meituan Dianping generated a triple-digit gain within the Index during the Reporting Period.

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

A Relative to the MSCI Emerging Markets Index, an overweight position in Chinese condiments producer Yihai International Holding and underweight positions in chemical products producer Sasol and Brazilian oil and natural gas exploration and production company Petroleo Brasileiro contributed most positively (0.33%, 0.00%¹ and 0.20% of Fund net assets as of August 31, 2020, respectively). Yihai International Holding posted a triple-digit gain within the Index during the Reporting Period. Sasol generated a double-digit negative return within the Index during the Reporting Period, and Petroleo Brasileiro generated a double-digit negative return within the Index during the Reporting Period.

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

A The Fund does not employ derivatives as a source of alpha generation, although it did use index futures to equitize excess cash. The use of futures was not material to the performance of the Fund.

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

Sector Name	Fund3			GS ActiveBeta® Emerging Markets Equity Index			MSCI Emerging Markets Index
Consumer Discretionary		17.46	%		17.51	%		19.77	%
Consumer Staples		12.34			12.02			6.25
Energy		4.20			4.68			5.60
Financials		16.74			17.93			17.77
Health Care		5.04			4.10			4.20
Industrials		1.84			2.38			4.47
Information Technology		18.82			18.69			17.54
Materials		5.68			5.11			7.06
Real Estate		0.64			0.79			2.37
Communication Services		14.02			13.88			12.95
Utilities		2.44			2.89			2.03

¹  Some weights are 0.00% at August 31, 2020 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.

²  Country and sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by MSCI. 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 country and sector allocation of exchange-traded funds held by the Fund are not reflected in the chart above. Investments in the securities lending vehicle represented 0.3% of the Fund’s net assets as of August 31, 2020. Figures above may not sum to 100% due to rounding.

³  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.

4

PORTFOLIO RESULTS

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

Country Name	Fund3			GS ActiveBeta® Emerging Markets Equity Index			MSCI Emerging Markets Index
Philippines		0.45	%		0.55	%		0.74	%
Greece		0.28			0.28			0.13
Indonesia		1.42			1.29			1.41
Malaysia		0.51			1.20			1.66
Saudi Arabia		2.53			2.37			2.56
Poland		0.84			0.94			0.71
Thailand		1.73			1.97			1.94
Turkey		0.36			0.44			0.34
Czech		0.00			0.00			0.10
United Arab Emirates		0.38			0.28			0.50
Peru		0.12			0.13			0.25
Pakistan		0.00			0.00			0.02
Hong Kong		0.00			0.00			0.00
Hungary		0.00			0.00			0.21
Argentina		0.19			0.19			0.13
Colombia		0.13			0.13			0.18
Chile		0.22			0.51			0.53
Russia		4.23			4.20			2.93
Qatar		1.14			1.14			0.80
Netherlands		0.00			0.00			0.00
Egypt		0.36			0.33			0.11
South Africa		3.42			3.37			3.54
Mexico		1.90			1.88			1.61
Taiwan		14.59			15.02			12.45
India		9.06			8.64			8.30
Brazil		6.40			6.10			4.84
Korea		13.51			13.25			11.47
China		35.44			35.80			42.53

²  Country and sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by MSCI. 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 country and sector allocation of exchange-traded funds held by the Fund are not reflected in the chart above. Investments in the securities lending vehicle represented 0.3% of the Fund’s net assets as of August 31, 2020. Figures above may not sum to 100% due to rounding.

³  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.

5

FUND BASICS

ActiveBeta^® Emerging Markets Equity ETF

as of August 31, 2020

FUND SNAPSHOT
As of August 31, 2020
Market Price1	$	33.28
Net Asset Value (NAV)1	$	33.28

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

TOP 10 HOLDINGS AS OF 8/31/202
Holding	% of Net Assets			Line of Business	Country
Alibaba Group Holding Ltd. ADR		7.4	%	Consumer Discretionary	China
Tencent Holdings Ltd.		5.4		Communication Services	China
Taiwan Semiconductor Manufacturing Co. Ltd.		5.1		Information Technology	Taiwan
Samsung Electronics Co. Ltd.		3.2		Information Technology	South Korea
Meituan Dianping, Class B		1.3		Consumer Discretionary	China
Reliance Industries Ltd.		0.9		Energy	India
China Construction Bank Corp., Class H		0.9		Financials	China
Ping An Insurance Group Co. of China Ltd., Class H		0.8		Financials	China
Infosys Ltd.		0.8		Information Technology	India
JD.com, Inc. ADR		0.8		Consumer Discretionary	China

²  The top 10 holdings may not be representative of the Fund’s future investments.

For more information about the Fund, please refer to www.GSAMFUNDS.com/ETFs. There, you can learn more about the Fund’s investment strategies, holdings, and performance.

6

ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

Performance Summary

August 31, 2020

The following graph shows the value, as of August 31, 2020, of a $10,000 investment made on September 25, 2015 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index and reference index, the Goldman Sachs ActiveBeta^® Emerging Markets Equity Index and the MSCI Emerging Markets Index (net, unhedged), respectively, are shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. In addition to the performance of constituents of the underlying index, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.

ActiveBeta^® Emerging Markets Equity ETF’s Lifetime Performance

Performance of a $10,000 Investment, with distributions reinvested, from September 25, 2015 through August 31, 2020.

Average Annual Total Return through August 31, 2020*	1 Year Return	Since Inception
Shares based on NAV (Commenced September 25, 2015)	9.55%	8.08%
Shares based on Market Price (Commenced September 25, 2015)	9.52%	8.08%
Goldman Sachs ActiveBeta® Emerging Markets Equity Index	9.65%	8.32%
MSCI Emerging Markets Index (net, unhedged)	14.44%	9.53%

* 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. 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.

7

PORTFOLIO RESULTS

Goldman Sachs ActiveBeta^® Europe Equity ETF

Investment Objective

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the 12-month period ended August 31, 2020 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund returned 6.69% based on net asset value (“NAV”) and 6.46% based on market price. The Index returned 6.74%, 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 5.41% during the same period.

The Fund had a NAV of $28.59 per share on August 31, 2019 and ended the Reporting Period with a NAV of $29.85 per share. The Fund’s market price on August 31, 2020 was $29.81 per share.

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

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

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

During the Reporting Period, the Fund posted positive absolute returns that outperformed the MSCI Europe Index, as measured by NAV. Amongst underlying factors, Quality and Momentum contributed positively to relative results during the Reporting Period. Value detracted from relative results during the Reporting Period, while Low Volatility had a rather neutral effect on relative results during the Reporting Period. 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. Low Volatility is a relatively low degree of fluctuation in a company’s share price over time.

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

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

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

8

PORTFOLIO RESULTS

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

A Relative to the MSCI Europe Index, underweight positions in U.K. bank HSBC Holdings and Netherlands-based integrated energy company Royal Dutch Shell and an overweight position in Sweden’s tobacco products manufacturer Swedish Match contributed most positively (0.33%, 0.34% and 0.57% of Fund net assets as of August 31, 2020, respectively). HSBC Holdings and Royal Dutch Shell each posted a double-digit decline within the Index during the Reporting Period, while Swedish Match generated a robust double-digit gain within the Index during the Reporting Period.

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

A Relative to the MSCI Europe Index, an underweight position in Netherlands-based semiconductor producer ASML Holding and overweight positions in Switzerland-based duty-free shops operator Dufry and U.K. retailer Marks & Spencer Group detracted most (1.31%, 0.00%¹ and 0.00% of Fund net assets as of August 31, 2020, respectively). ASML Holding posted a double-digit gain within the Index during the Reporting Period, while Dufry and Marks & Spencer Group each generated a double-digit decline within the Index during the Reporting Period.

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

A The Fund does not employ derivatives as a source of alpha generation, although it did use index futures to equitize excess cash. The use of futures was not material to the performance of the Fund.

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

Sector Name	Fund3			GS ActiveBeta® Europe Equity Index			MSCI Europe Index
Consumer Discretionary		11.82	%		12.14	%		10.27	%
Consumer Staples		15.32			15.34			14.48
Energy		2.51			3.47			4.31
Financials		11.70			12.37			15.02
Health Care		17.27			16.92			15.71
Industrials		14.76			14.89			14.11
Information Technology		7.69			7.20			7.74
Materials		7.10			6.54			7.93
Real Estate		1.15			1.09			1.42
Communication Services		5.14			4.85			4.05
Utilities		5.27			5.19			4.96

¹  Some weights are 0.00% at August 31, 2020 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.

²  Country and sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by MSCI. 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 country and sector allocation of exchange-traded funds held by the Fund are not reflected in the chart above. Investments in the securities lending vehicle represented 0.4% of the Fund’s net assets as of August 31, 2020. Figures above may not sum to 100% due to rounding.

³  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.

9

PORTFOLIO RESULTS

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

Country Name	Fund3			GS ActiveBeta® Europe Equity Index			MSCI Europe Index
UK		20.24	%		21.06	%		21.80	%
France		18.18			18.65			17.39
Norway		1.31			1.08			0.91
Denmark		4.47			4.57			3.95
Belgium		1.53			1.47			1.47
Portugal		0.65			0.65			0.27
Sweden		5.28			5.37			5.24
Finland		1.50			1.36			1.70
Italy		4.20			4.38			3.68
Austria		1.11			0.67			0.26
Spain		3.40			3.82			3.68
Ireland		0.78			0.70			1.10
Switzerland		15.43			15.26			16.34
Germany		15.02			14.35			15.36
Netherlands		6.63			6.62			6.85

²  Country and sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by MSCI. 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 country and sector allocation of exchange-traded funds held by the Fund are not reflected in the chart above. Investments in the securities lending vehicle represented 0.4% of the Fund’s net assets as of August 31, 2020. Figures above may not sum to 100% due to rounding.

³  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.

10

FUND BASICS

ActiveBeta^® Europe Equity ETF

as of August 31, 2020

FUND SNAPSHOT
As of August 31, 2020
Market Price1	$	29.81
Net Asset Value (NAV)1	$	29.85

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

TOP 10 HOLDINGS AS OF 8/31/202
Holding	% of Net Assets			Line of Business	Country
Nestle SA		3.5	%	Consumer Staples	Switzerland
Roche Holding AG		2.7		Health Care	Switzerland
Novartis AG		1.8		Health Care	Switzerland
SAP SE		1.5		Information Technology	Germany
AstraZeneca PLC		1.3		Health Care	United Kingdom
ASML Holding NV		1.3		Information Technology	Netherlands
Novo Nordisk A/S, Class B		1.3		Health Care	Denmark
LVMH Moet Hennessy Louis Vuitton SE		1.3		Consumer Discretionary	France
Sanofi		1.1		Health Care	France
L’Oreal SA		1.1		Consumer Staples	France

²  The top 10 holdings may not be representative of the Fund’s future investments.

For more information about the Fund, please refer to www.GSAMFUNDS.com/ETFs. There, you can learn more about the Fund’s investment strategies, holdings, and performance.

11

ACTIVEBETA^® EUROPE EQUITY ETF

Performance Summary

August 31, 2020

The following graph shows the value, as of August 31, 2020, of a $10,000 investment made on March 2, 2016 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index and reference index, the Goldman Sachs ActiveBeta^® Europe Equity Index and the MSCI Europe Index (Total Return, USD), respectively, are shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. In addition to the performance of constituents of the underlying index, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.

ActiveBeta^® Europe Equity ETF’s Lifetime Performance

Performance of a $10,000 Investment, with distributions reinvested, from March 2, 2016 through August 31, 2020.

Average Annual Total Return through August 31, 2020*	1 Year Return	Since Inception
Shares based on NAV (Commenced March 2, 2016)	6.69%	7.23%
Shares based on Market Price (Commenced March 2, 2016)	6.46%	7.19%
Goldman Sachs ActiveBeta® Europe Equity Index	6.74%	7.25%
MSCI Europe Index (Total Return, USD)	5.41%	6.53%

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

12

PORTFOLIO RESULTS

Goldman Sachs ActiveBeta^® International Equity ETF

Investment Objective

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the 12-month period ended August 31, 2020 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund returned 5.96% based on net asset value (“NAV”) and 5.52% based on market price. The Index returned 6.08%, 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 5.94% during the same period.

The Fund had a NAV of $27.70 per share on August 31, 2019 and ended the Reporting Period with a NAV of $28.72 per share. The Fund’s market price on August 31, 2020 was $28.63 per share.

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

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

The Index is constructed using a rules-based methodology that was developed to provide exposure to the “factors” (or characteristics) that are commonly tied to a stock’s outperformance relative to market returns, and its performance is compared to that of the MSCI World ex USA Index. Because the Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Index, the discussion below compared the performance of the 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 positive absolute returns that closely matched the performance of the MSCI World ex USA Index, as measured by NAV. Amongst underlying factors, Quality and Momentum contributed positively to relative results, while Value and Low Volatility detracted from relative results during the Reporting Period. 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. Low Volatility is a relatively low degree of fluctuation in a company’s share price over time.

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

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

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

13

PORTFOLIO RESULTS

the Fund’s results relative to the MSCI World ex USA Index during the Reporting Period.

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

A Relative to the MSCI World ex USA Index, underweight positions in Netherlands-based integrated energy company Royal Dutch Shell, U.K. bank HSBC Holdings and U.K.-based integrated energy company BP contributed most positively (0.24%, 0.13% and 0.11% of Fund net assets as of August 31, 2020, respectively). Each of these holdings generated a double-digit decline within the Index during the Reporting Period.

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

A Relative to the MSCI World ex USA Index, underweight positions in Netherlands-based semiconductor producer ASML Holding and Japanese telecommunication services provider SoftBank Group and an overweight position in Australia-based retail travel agency Flight Centre Travel Group detracted most (0.53%, 0.25% and 0.00%¹ of Fund net assets as of August 31, 2020, respectively). ASML Holding and SoftBank Group each posted a double-digit gain within the Index during the Reporting Period. Flight Centre Travel Group generated a double-digit decline within the Index during the Reporting Period.

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

A The Fund does not employ derivatives as a source of alpha generation, although it did use index futures to equitize excess cash. The use of futures was not material to the performance of the Fund.

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

Sector Name	Fund3			GS ActiveBeta® International Equity Index			MSCI World ex USA Index
Consumer Discretionary		11.65	%		12.25	%		10.90	%
Consumer Staples		15.52			15.36			11.08
Energy		2.79			3.40			4.12
Financials		14.79			15.41			17.75
Health Care		13.49			13.33			12.64
Industrials		14.03			14.28			14.54
Information Technology		8.93			8.72			8.73
Materials		6.41			6.06			8.22
Real Estate		1.81			1.88			2.90
Communication Services		5.85			5.19			5.18
Utilities		4.33			4.13			3.95

¹  Some weights are 0.00% at August 31, 2020 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.

²  Country and sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by MSCI. 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 country and sector allocation of exchange-traded funds held by the Fund are not reflected in the chart above. Investments in the securities lending vehicle represented 1.4% of the Fund’s net assets as of August 31, 2020. Figures above may not sum to 100% due to rounding.

³  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.

14

PORTFOLIO RESULTS

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

Country Name	Fund3			GS ActiveBeta® International Equity Index			MSCI World ex USA Index
UK		12.24	%		12.50	%		12.38	%
France		11.19			11.44			9.87
Denmark		2.78			2.85			2.25
Israel		0.92			0.88			0.57
New Zealand		0.45			0.46			0.29
Norway		0.77			0.58			0.51
Portugal		0.35			0.35			0.15
Belgium		0.88			0.84			0.83
Australia		5.33			5.61			6.24
Finland		0.73			0.74			0.96
Hong Kong		2.57			2.51			3.08
Singapore		1.36			1.38			0.95
Italy		2.44			2.65			2.09
Sweden		2.94			2.89			2.97
Ireland		0.48			0.46			0.63
Austria		0.60			0.44			0.15
Spain		1.82			2.22			2.09
Switzerland		8.62			8.71			9.28
Germany		8.51			8.06			8.72
Netherlands		3.45			3.68			3.89
Canada		9.29			9.71			9.40
Japan		21.85			21.06			22.68

²  Country and sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by MSCI. 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 country and sector allocation of exchange-traded funds held by the Fund are not reflected in the chart above. Investments in the securities lending vehicle represented 1.4% of the Fund’s net assets as of August 31, 2020. Figures above may not sum to 100% due to rounding.

³  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.

15

FUND BASICS

ActiveBeta^® International Equity ETF

as of August 31, 2020

FUND SNAPSHOT
As of August 31, 2020
Market Price1	$	28.63
Net Asset Value (NAV)1	$	28.72

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

TOP 10 HOLDINGS AS OF 8/31/202
Holding	% of Net Assets			Line of Business	Country
Nestle SA		2.0	%	Consumer Staples	Switzerland
Roche Holding AG		1.5		Health Care	Switzerland
Novartis AG		1.0		Health Care	Switzerland
SAP SE		0.8		Information Technology	Germany
LVMH Moet Hennessy Louis Vuitton SE		0.7		Consumer Discretionary	France
Novo Nordisk A/S, Class B		0.7		Health Care	Denmark
AstraZeneca PLC		0.7		Health Care	United Kingdom
L’Oreal SA		0.7		Consumer Staples	France
Sanofi		0.6		Health Care	France
Royal Bank of Canada		0.6		Financials	Canada

²  The top 10 holdings may not be representative of the Fund’s future investments.

For more information about the Fund, please refer to www.GSAMFUNDS.com/ETFs. There, you can learn more about the Fund’s investment strategies, holdings, and performance.

16

ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Performance Summary

August 31, 2020

The following graph shows the value, as of August 31, 2020, of a $10,000 investment made on November 6, 2015 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index and reference index, the Goldman Sachs ActiveBeta^® International Equity Index and the MSCI World ex USA Index (net, Unhedged, USD), respectively, are shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. In addition to the performance of constituents of the underlying index, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.

ActiveBeta^® International Equity ETF’s Lifetime Performance

Performance of a $10,000 Investment, with distributions reinvested, from November 6, 2015 through August 31, 2020.

Average Annual Total Return through August 31, 2020*	1 Year Return	Since Inception
Shares based on NAV (Commenced November 6, 2015)	5.96%	5.52%
Shares based on Market Price (Commenced November 6, 2015)	5.52%	5.45%
Goldman Sachs ActiveBeta® International Equity Index	6.08%	5.60%
MSCI World ex USA Index (net, Unhedged, USD)	5.94%	4.90%

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

17

PORTFOLIO RESULTS

Goldman Sachs ActiveBeta^® Japan Equity ETF

Investment Objective

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the 12-month period ended August 31, 2020 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund returned 9.15% based on net asset value (“NAV”) and 9.12% based on market price. The Index returned 9.14%, 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 10.13% during the same period.

The Fund had a NAV of $30.59 per share on August 31, 2019 and ended the Reporting Period with a NAV of $32.60 per share. The Fund’s market price on August 31, 2020 was $32.51 per share.

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

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

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

During the Reporting Period, the Fund posted positive absolute returns but underperformed the MSCI Japan Index, as measured by NAV. Amongst underlying factors, Value and Low Volatility detracted from relative results relative to the MSCI Japan Index. Quality and Momentum contributed positively to results relative to the MSCI Japan Index. 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.

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

A Index constituents in the communication services, industrials and health care sectors detracted most from results relative to the MSCI Japan Index during the Reporting Period. Conversely, Index constituents in the financials, utilities and materials sectors contributed most positively to the Index’s results relative to the MSCI Japan Index during the Reporting Period.

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

A Relative to the MSCI Japan Index, underweight positions in telecommunication services provider SoftBank Group, Internet search engine operating as “Yahoo! Japan” Z

18

PORTFOLIO RESULTS

Holdings and sensor and measuring instrument manufacturer Keyence detracted most (2.17%, 0.38% and 1.68% of Fund net assets as of August 31, 2020, respectively). Each of these holdings posted a robust gain within the Index during the Reporting Period.

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

A Relative to the MSCI Japan Index, overweight positions in consumer credit company Credit Saison and drugstore chain operator Welcia Holdings and an underweight position in real estate services provider Mitsui Fudosan contributed most positively (0.00%,¹ 0.45% and 0.20% of Fund net assets as of August 31, 2020, respectively). Credit Saison and Welcia Holdings each generated a double-digit gain within the Index during the Reporting Period. Mitsui Fudosan posted a double-digit decline within the Index during the Reporting Period.

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

A The Fund does not employ derivatives as a source of alpha generation, although it did use index futures to equitize excess cash. The use of futures was not material to the performance of the Fund.

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

Sector Name	Fund3			GS ActiveBeta® Japan Equity Index			MSCI Japan Index
Consumer Discretionary		17.65	%		17.76	%		17.99	%
Consumer Staples		10.82			10.97			8.05
Energy		1.37			1.54			0.65
Financials		8.12			8.31			9.09
Health Care		11.73			11.81			11.48
Industrials		17.60			17.99			20.64
Information Technology		13.34			13.35			12.15
Materials		3.67			3.65			4.81
Real Estate		2.22			2.46			3.58
Communication Services		10.65			10.66			10.11
Utilities		1.55			1.51			1.46

¹  Some weights are 0.00% at August 31, 2020 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.

²  Sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by MSCI. 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 5.1% of the Fund’s net assets as of August 31, 2020. Figures above may not sum to 100% due to rounding.

³  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.

19

FUND BASICS

ActiveBeta^® Japan Equity ETF

as of August 31, 2020

FUND SNAPSHOT
As of August 31, 2020
Market Price1	$	32.51
Net Asset Value (NAV)1	$	32.60

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

TOP 10 HOLDINGS AS OF 8/31/202
Holding	% of Net Assets			Line of Business	Country
Toyota Motor Corp.		3.2	%	Consumer Discretionary	Japan
Sony Corp.		2.5		Consumer Discretionary	Japan
SoftBank Group Corp.		2.2		Communication Services	Japan
Keyence Corp.		1.7		Information Technology	Japan
Nintendo Co. Ltd.		1.5		Communication Services	Japan
Takeda Pharmaceutical Co. Ltd.		1.4		Health Care	Japan
Daiichi Sankyo Co. Ltd.		1.3		Health Care	Japan
KDDI Corp.		1.3		Communication Services	Japan
NTT DOCOMO, Inc.		1.2		Communication Services	Japan
Nippon Telegraph & Telephone Corp.		1.2		Communication Services	Japan

²  The top 10 holdings may not be representative of the Fund’s future investments.

For more information about the Fund, please refer to www.GSAMFUNDS.com/ETFs. There, you can learn more about the Fund’s investment strategies, holdings, and performance.

20

ACTIVEBETA^® JAPAN EQUITY ETF

Performance Summary

August 31, 2020

The following graph shows the value, as of August 31, 2020, of a $10,000 investment made on March 2, 2016 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index and reference index, the Goldman Sachs ActiveBeta^® Japan Index and the MSCI Japan Index (Total Return, USD), respectively, are shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. In addition to the performance of constituents of the underlying index, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.

ActiveBeta^® Japan Equity ETF’s Lifetime Performance

Performance of a $10,000 Investment, with distributions reinvested, from March 2, 2016 through August 31, 2020.

Average Annual Total Return through August 31, 2020*	1 Year Return	Since Inception
Shares based on NAV (Commenced March 2, 2016)	9.15%	7.85%
Shares based on Market Price (Commenced March 2, 2016)	9.12%	7.80%
Goldman Sachs ActiveBeta® Japan Equity Index	9.14%	7.65%
MSCI Japan Index (Total Return, USD)	10.13%	7.97%

* 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 calculation assumes all management fees incurred by the Fund. Market Price returns are based upon the last trade as of 4:00pm EST and do not reflect the returns you would receive if you traded shares at other times. The first day of secondary market trading is typically several days after the date on which the Fund commenced investment operations; therefore, the NAV of the Fund is used as a proxy for the period from inception of investment operations to the first day of secondary market trading to calculate the Market Price returns.

21

PORTFOLIO RESULTS

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

Investment Objective

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the 12-month period ended August 31, 2020 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund returned 21.81% based on net asset value (“NAV”) and 21.69% based on market price. The Index returned 21.96%, 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 21.87% during the same period.

The Fund had a NAV of $59.09 on August 31, 2019 and ended the Reporting Period with a NAV of $70.70 per share. The Fund’s market price on August 31, 2020 was $70.61 per share.

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

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

The Index is constructed using a rules-based methodology that was developed to provide exposure to the “factors” (or characteristics) that are commonly tied to a stock’s outperformance relative to market returns, and its performance is compared to that of the S&P 500 Index. Because the Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Index, the discussion below compared the performance of the 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 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 Fund posted positive absolute returns that closely matched the performance of the S&P 500 Index, as measured by NAV. Amongst underlying factors, Quality contributed positively to relative returns, while Low Volatility and Value detracted. Momentum had a rather neutral effect on relative returns during the Reporting Period. 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. Momentum is whether a company’s share price is trending up or down.

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

A Index constituents in the energy, financials and industrials sectors contributed most positively to the Index’s results relative to the S&P 500 Index during the Reporting Period. Partially offsetting these positive contributors were Index constituents in information technology, utilities and consumer staples, which detracted from the Index’s results relative to the S&P 500 Index during the Reporting Period.

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

A Relative to the S&P 500 Index, underweight positions in aerospace and defense company Boeing and integrated energy company Exxon Mobil and an overweight position in electric vehicle manufacturer Tesla contributed most

22

PORTFOLIO RESULTS

positively (0.00%¹, 0.15% and 0.51% of Fund net assets as of August 31, 2020, respectively). Boeing and Exxon Mobil each posted a double-digit decline within the Index during the Reporting Period. Tesla generated a triple-digit gain within the Index during the Reporting Period.

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

A Relative to the S&P 500 Index, underweight positions in information technology giant Apple, e-commerce retailing behemoth Amazon.com and software leader Microsoft detracted most (6.25%, 4.33% and 4.97% of Fund net assets as of August 31, 2020, respectively). Each of these holdings generated a robust gain within the Index during the Reporting Period.

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

A The Fund does not employ derivatives as a source of alpha generation, although it did use index futures to equitize excess cash. The use of futures was not material to the performance of the Fund.

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

Sector Name	Fund3			GS ActiveBeta® U.S. Large Cap Equity Index			S&P 500 Index
Consumer Discretionary		13.50	%		13.53	%		11.44	%
Consumer Staples		8.82			8.83			6.89
Energy		0.83			0.83			2.32
Financials		6.38			6.39			9.62
Health Care		15.68			15.71			13.98
Industrials		7.59			7.61			7.99
Information Technology		30.03			30.08			28.71
Materials		1.29			1.29			2.49
Real Estate		2.85			2.86			2.61
Communication Services		9.98			10.01			11.10
Utilities		2.85			2.86			2.83

¹  Some weights are 0.00% at August 31, 2020 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.

³  Sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by Standard & Poor’s. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Underlying sector allocation of exchange-traded funds held by the Fund are not reflected in the chart above. Investments in the securities lending vehicle represented 0.1% of the Fund’s net assets as of August 31, 2020. Figures above may not sum to 100% due to rounding.

³  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.

23

FUND BASICS

ActiveBeta^® U.S. Large Cap Equity ETF

as of August 31, 2020

FUND SNAPSHOT
As of August 31, 2020
Market Price1	$	70.61
Net Asset Value (NAV)1	$	70.70

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

TOP 10 HOLDINGS AS OF 8/31/202
Holding	% of Net Assets			Line of Business	Country
Apple, Inc.		6.3	%	Information Technology	United States
Microsoft Corp.		5.0		Information Technology	United States
Amazon.com, Inc.		4.3		Consumer Discretionary	United States
Facebook, Inc., Class A		2.1		Communication Services	United States
Alphabet, Inc., Class A		1.4		Communication Services	United States
Alphabet, Inc., Class C		1.3		Communication Services	United States
Johnson & Johnson		1.2		Health Care	United States
Home Depot, Inc. (The)		1.1		Consumer Discretionary	United States
Walmart, Inc.		0.9		Consumer Staples	United States
Visa, Inc., Class A		0.8		Information Technology	United States

²  The top 10 holdings may not be representative of the Fund’s future investments.

For more information about the Fund, please refer to www.GSAMFUNDS.com/ETFs. There, you can learn more about the Fund’s investment strategies, holdings, and performance.

24

ACTIVEBETA^® U.S. LARGE CAP EQUITY ETF

Performance Summary

August 31, 2020

The following graph shows the value, as of August 31, 2020, of a $10,000 investment made on September 17, 2015 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index and a market-cap based index against which the performance of the Fund is measured, the Goldman Sachs ActiveBeta^® U.S. Large Cap Equity Index and the S&P 500 Index (Total Return, USD), respectively, are shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. In addition to the performance of constituents of the underlying index, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.

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

Performance of a $10,000 Investment, with distributions reinvested, from September 17, 2015 through August 31, 2020.

Average Annual Total Return through August 31, 2020*	1 Year Return	Since Inception
Shares based on NAV (Commenced September 17, 2015)	21.81%	13.68%
Shares based on Market Price (Commenced September 17, 2015)	21.69%	13.65%
Goldman Sachs ActiveBeta® U.S. Large Cap Equity Index	21.96%	13.80%
S&P 500 Index (Total Return, USD)	21.87%	14.34%

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

25

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 12-month period ended August 31, 2020 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund returned 3.13% based on net asset value (“NAV”) and 3.28% based on market price. The Index returned 3.20%, 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 6.00% during the same period.

The Fund had a NAV of $42.84 on August 31, 2019 and ended the Reporting Period with a NAV of $43.57 per share. The Fund’s market price on August 31, 2020 was $43.63 per share.

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

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

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

During the Reporting Period, the Fund posted positive absolute returns but underperformed the Russell 2000^® Index, as measured by NAV. Amongst underlying factors, Low Volatility and Value detracted from relative returns, while Quality contributed positively. Momentum had a rather neutral effect on relative returns during the Reporting Period. 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. Quality refers to sustainable profitability over time. Momentum is whether a company’s share price is trending up or down.

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

A Index constituents in the health care sector detracted most from the Index’s results relative to the Russell 2000^® Index during the Reporting Period, followed at some distance by consumer discretionary and financials. Partially offsetting these detractors were Index constituents in the energy, consumer staples and real estate, which contributed positively to the Index’s results relative to the Russell 2000^® Index during the Reporting Period.

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

A Relative to the Russell 2000^® Index, underweight positions in phone and video health care services provider Teladoc

26

PORTFOLIO RESULTS

Health, clinical stage biotechnology company Novavax and biopharmaceutical company Momenta Pharmaceuticals detracted most (0.00%¹, 0.12% and 0.15% of Fund net assets as of August 31, 2020, respectively). Teladoc Health and Momenta Pharmaceuticals each generated a triple-digit gain within the Index during the Reporting Period, and Novavax posted a double-digit positive return within the Index during the Reporting Period.

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

A Relative to the Russell 2000^® Index, overweight positions in cloud-based agent-owned real estate solutions developer eXp World Holdings, web-based real estate services provider Redfin and medical and surgical supplies distributor Owens & Minor contributed most positively (0.27%, 0.37% and 0.22% of Fund net assets as of August 31, 2020, respectively). Each of these holdings posted a triple-digit gain within the Index during the Reporting Period.

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

A The Fund does not employ derivatives as a source of alpha generation, although it did use index futures to equitize excess cash. The use of futures was not material to the performance of the Fund.

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

Sector Name	Fund3			GS ActiveBeta® U.S. Small Cap Equity Index			Russell 2000® Index
Consumer Discretionary		13.10	%		13.62	%		13.17	%
Consumer Staples		3.43			3.56			3.45
Energy		1.36			1.41			2.22
Financials		15.63			16.21			15.37
Health Care		17.22			17.85			20.02
Industrials		15.53			16.10			15.32
Information Technology		14.23			14.86			13.78
Materials		3.55			3.68			4.17
Real Estate		6.60			6.84			6.75
Communication Services		2.24			2.32			2.50
Utilities		3.43			3.55			3.24

¹  Some weights are 0.00% at August 31, 2020 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.

²  Sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by Russell Investments. 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 1.9% of the Fund’s net assets as of August 31, 2020. Figures above may not sum to 100% due to rounding.

³  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.

27

FUND BASICS

ActiveBeta^® U.S. Small Cap Equity ETF

as of August 31, 2020

FUND SNAPSHOT
As of August 31, 2020
Market Price1	$	43.63
Net Asset Value (NAV)1	$	43.57

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

TOP 10 HOLDINGS AS OF 8/31/202
Holding	% of Net Assets			Line of Business	Country
Redfin Corp.		0.4	%	Real Estate	United States
iRhythm Technologies, Inc.		0.4		Health Care	United States
Emergent BioSolutions, Inc.		0.4		Health Care	United States
SiteOne Landscape Supply, Inc.		0.4		Industrials	United States
Deckers Outdoor Corp.		0.4		Consumer Discretionary	United States
Builders FirstSource, Inc.		0.4		Industrials	United States
Wingstop, Inc.		0.3		Consumer Discretionary	United States
LHC Group, Inc.		0.3		Health Care	United States
BMC Stock Holdings, Inc.		0.3		Industrials	United States
Varonis Systems, Inc.		0.3		Information Technology	United States

²  The top 10 holdings may not be representative of the Fund’s future investments.

For more information about the Fund, please refer to www.GSAMFUNDS.com/ETFs. There, you can learn more about the Fund’s investment strategies, holdings, and performance.

28

ACTIVEBETA^® U.S. SMALL CAP EQUITY ETF

Performance Summary

August 31, 2020

The following graph shows the value, as of August 31, 2020, of a $10,000 investment made on June 28, 2017 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index and reference index, the Goldman Sachs ActiveBeta^® U.S. Small Cap Equity Index and the Russell 2000^® Index, respectively, are shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. In addition to the performance of constituents of the underlying index, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.

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

Performance of a $10,000 Investment, with distributions reinvested, from June 28, 2017 through August 31, 2020.

Average Annual Total Return through August 31, 2020*	1 Year Return	Since Inception
Shares based on NAV (Commenced June 28, 2017)	3.13%	3.69%
Shares based on Market Price (Commenced June 28, 2017)	3.28%	3.74%
Goldman Sachs ActiveBeta® U.S. Small Cap Equity Index	3.20%	3.80%
Russell 2000® Index	6.00%	4.33%

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

29

FUND BASICS

Index Definitions and 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.

The Goldman Sachs ActiveBeta^® Emerging Markets Equity 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 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). The Index is reconstituted and rebalanced quarterly. It is not possible to invest directly in an unmanaged index.

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 Goldman Sachs ActiveBeta^® Europe Equity 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 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). The Index is reconstituted and rebalanced quarterly. It is not possible to invest directly in an unmanaged index.

The MSCI Europe Index captures large and mid-cap representation across 15 Developed Markets countries. It is not possible to invest directly in an unmanaged index.

The Goldman Sachs ActiveBeta^® International Equity Index is designed to deliver exposure to equity securities of developed markets 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 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). The Index is reconstituted and rebalanced quarterly. It is not possible to invest directly in an unmanaged index.

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 Goldman Sachs ActiveBeta^® Japan Equity Index is designed to deliver exposure to equity securities of Japanese 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 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). The Index is reconstituted and rebalanced quarterly. It is not possible to invest directly in an unmanaged index.

The MSCI Japan Index is designed to measure the performance of the large and mid cap segments of the Japanese market. It is not possible to invest directly in an unmanaged index.

The Goldman Sachs ActiveBeta^® U.S. Large Cap Equity 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 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). The Index is reconstituted and rebalanced quarterly. It is not possible to invest directly in an unmanaged index.

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 Goldman Sachs ActiveBeta^® U.S. Small Cap Equity 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 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). The Index is reconstituted and rebalanced quarterly. It is not possible to invest directly in an unmanaged index.

30

FUND BASICS

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.

31

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

Schedule of Investments

August 31, 2020

Shares		Description	Value
Common Stocks – 97.0%
Argentina – 0.2%
	18,531	Globant SA (Information Technology)*	$	3,290,735
Brazil – 5.0%
	1,503,659	Ambev SA (Consumer Staples)		3,374,112
	692,785	Atacadao SA (Consumer Staples)		2,468,865
	97,805	B2W Cia Digital (Consumer Discretionary)*		1,998,389
	342,238	B3 SA – Brasil Bolsa Balcao (Financials)		3,668,240
	565,040	Banco Bradesco SA (Financials)		1,960,063
	367,960	Banco do Brasil SA (Financials)		2,189,959
	585,048	BB Seguridade Participacoes SA (Financials)		2,813,315
	230,553	Cia de Saneamento Basico do Estado de Sao Paulo (Utilities)		2,006,764
	152,445	Cosan SA (Energy)		2,313,394
	419,200	CPFL Energia SA (Utilities)		2,196,141
	224,591	Energisa SA (Utilities)		1,778,829
	271,258	Engie Brasil Energia SA (Utilities)		2,107,900
	532,300	Equatorial Energia SA (Utilities)		2,251,109
	186,747	Hapvida Participacoes e Investimentos SA (Health Care)(a)		2,203,491
	1,537,838	IRB Brasil Resseguros SA (Financials)		1,998,721
	473,786	Klabin SA (Materials)		2,219,563
	552,992	Lojas Renner SA (Consumer Discretionary)		4,381,881
	324,067	Magazine Luiza SA (Consumer Discretionary)		5,506,758
	290,826	Natura & Co. Holding SA (Consumer Staples)		2,615,679
	175,966	Notre Dame Intermedica Participacoes SA (Health Care)		2,376,835
	837,062	Petroleo Brasileiro SA (Energy)		3,405,681
	262,972	Porto Seguro SA (Financials)		2,533,896
	289,494	Raia Drogasil SA (Consumer Staples)		5,688,666
	338,042	Sul America SA (Financials)		2,660,758
	230,100	Suzano SA (Materials)*		2,105,584
	846,410	Vale SA (Materials)		9,207,924
	473,300	Via Varejo SA (Consumer Discretionary)*		1,768,652
	445,421	WEG SA (Industrials)		5,246,743
				85,047,912
Chile – 0.2%
	1,378,617	Cencosud SA (Consumer Staples)		2,044,186
	257,012	Cia Cervecerias Unidas SA (Consumer Staples)		1,693,740
				3,737,926
China – 35.6%
	1,473,100	3SBio, Inc. (Health Care)*(a)		1,729,671
	4,608,335	Agricultural Bank of China Ltd., Class A (Financials)		2,159,794
Common Stocks – (continued)
China – (continued)
	9,530,252	Agricultural Bank of China Ltd., Class H (Financials)		3,184,887
	438,325	Alibaba Group Holding Ltd. ADR (Consumer Discretionary)*		125,812,425
	305,987	Anhui Conch Cement Co. Ltd., Class H (Materials)		2,218,856
	289,444	ANTA Sports Products Ltd. (Consumer Discretionary)		2,858,904
	27,135	Autohome, Inc. ADR (Communication Services)		2,177,312
	4,291,000	BAIC Motor Corp. Ltd., Class H (Consumer Discretionary)(a)		2,054,103
	55,141	Baidu, Inc. ADR (Communication Services)*		6,868,914
	3,090,844	Bank of Beijing Co. Ltd., Class A (Financials)		2,197,705
	4,957,824	Bank of China Ltd., Class A (Financials)		2,374,260
	17,132,362	Bank of China Ltd., Class H (Financials)		5,614,885
	2,940,752	Bank of Communications Co. Ltd., Class A (Financials)		2,030,873
	5,310,743	Bank of Communications Co. Ltd., Class H (Financials)		2,775,238
	2,389,636	Bank of Jiangsu Co. Ltd., Class A (Financials)		2,239,908
	2,076,588	Bank of Shanghai Co. Ltd., Class A (Financials)		2,552,853
	37,200	Bilibili, Inc. ADR (Communication Services)*		1,757,700
	4,578,338	China CITIC Bank Corp. Ltd., Class H (Financials)		1,914,004
	599,261	China Conch Venture Holdings Ltd. (Industrials)		2,598,036
	2,746,566	China Construction Bank Corp., Class A (Financials)		2,486,251
	21,493,548	China Construction Bank Corp., Class H (Financials)		15,225,457
	3,165,780	China Everbright Bank Co. Ltd., Class A (Financials)		1,774,906
	6,342,589	China Everbright Bank Co. Ltd., Class H (Financials)		2,275,104
	1,513,799	China Lesso Group Holdings Ltd. (Industrials)		2,824,401
	1,052,850	China Life Insurance Co. Ltd., Class H (Financials)		2,564,829
	1,994,054	China Medical System Holdings Ltd. (Health Care)		2,251,308
	1,591,694	China Mengniu Dairy Co. Ltd. (Consumer Staples)*		7,824,822
	339,549	China Merchants Bank Co. Ltd., Class A (Financials)		1,868,495
	1,134,422	China Merchants Bank Co. Ltd., Class H (Financials)		5,415,845
	2,913,924	China Minsheng Banking Corp. Ltd., Class A (Financials)		2,361,210

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)
	4,947,192	China Minsheng Banking Corp. Ltd., Class H (Financials)	$	3,012,941
	1,562,332	China Mobile Ltd. (Communication Services)		10,915,954
	1,512,162	China National Building Material Co. Ltd., Class H (Materials)		2,126,742
	702,165	China Overseas Land & Investment Ltd. (Real Estate)		2,033,974
	4,888,571	China Petroleum & Chemical Corp., Class H (Energy)		2,258,161
	527,464	China Resources Beer Holdings Co. Ltd. (Consumer Staples)		3,430,151
	477,842	China Resources Land Ltd. (Real Estate)		2,210,362
	3,850,208	China Resources Pharmaceutical Group Ltd. (Health Care)(a)		2,180,914
	1,243,486	China Shenhua Energy Co. Ltd., Class H (Energy)		2,076,180
	12,072,451	China Telecom Corp. Ltd., Class H (Communication Services)		3,956,572
	146,649	China Tourism Group Duty Free Corp. Ltd., Class A (Consumer Discretionary)		4,453,544
	12,565,990	China Tower Corp. Ltd., Class H (Communication Services)(a)		2,399,652
	3,352,804	China Unicom Hong Kong Ltd. (Communication Services)		2,375,037
	2,830,692	China United Network Communications Ltd., Class A (Communication Services)		2,144,980
	651,418	China Yangtze Power Co. Ltd., Class A (Utilities)		1,835,610
	2,073,795	CITIC Ltd. (Industrials)		1,891,800
	3,311,797	CNOOC Ltd. (Energy)		3,768,966
	59,766	Contemporary Amperex Technology Co. Ltd., Class A (Industrials)		1,800,620
	2,042,756	Country Garden Holdings Co. Ltd. (Real Estate)		2,532,968
	488,205	Country Garden Services Holdings Co. Ltd. (Industrials)		3,404,770
	2,306,905	CSPC Pharmaceutical Group Ltd. (Health Care)		5,125,695
	244,765	ENN Energy Holdings Ltd. (Utilities)		2,716,049
	6,292,295	GD Power Development Co. Ltd., Class A (Utilities)		1,883,329
	21,700	GDS Holdings Ltd. ADR (Information Technology)*		1,756,398
	223,699	Gree Electric Appliances Inc of Zhuhai, Class A (Consumer Discretionary)		1,780,016
	23,900	GSX Techedu, Inc. ADR (Consumer Discretionary)*		2,041,060
	447,509	Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A (Health Care)		2,124,135
Common Stocks – (continued)
China – (continued)
	413,228	Haidilao International Holding Ltd. (Consumer Discretionary)(a)		2,665,936
	1,325,001	Haier Electronics Group Co. Ltd. (Consumer Discretionary)		4,539,109
	2,255,254	Huaxia Bank Co. Ltd., Class A (Financials)		2,117,238
	3,098,488	Industrial & Commercial Bank of China Ltd., Class A (Financials)		2,243,855
	11,889,145	Industrial & Commercial Bank of China Ltd., Class H (Financials)		6,657,792
	1,105,510	Industrial Bank Co. Ltd., Class A (Financials)		2,608,359
	176,740	JD.com, Inc. ADR (Consumer Discretionary)*		13,898,834
	351,287	Jiangsu Hengrui Medicine Co. Ltd., Class A (Health Care)		4,865,801
	26,252	JOYY, Inc. ADR (Communication Services)*		2,242,971
	719,600	Kingboard Holdings Ltd. (Information Technology)		2,316,603
	744,600	Kingdee International Software Group Co. Ltd. (Information Technology)*		1,898,453
	2,605,730	Kunlun Energy Co. Ltd. (Utilities)		1,943,333
	22,467	Kweichow Moutai Co. Ltd., Class A (Consumer Staples)		5,860,186
	3,740,110	Lenovo Group Ltd. (Information Technology)		2,499,793
	909,309	Li Ning Co. Ltd. (Consumer Discretionary)		3,848,356
	793,573	Longfor Group Holdings Ltd. (Real Estate)(a)		4,203,296
	324,542	Luxshare Precision Industry Co. Ltd., Class A (Information Technology)		2,606,135
	2,754,600	Luye Pharma Group Ltd. (Health Care)(a)		1,492,787
	658,228	Meituan Dianping, Class B (Consumer Discretionary)*		21,708,364
	83,500	Momo, Inc. ADR (Communication Services)		1,703,400
	20,567	NetEase, Inc. ADR (Communication Services)		10,020,448
	46,689	New Oriental Education & Technology Group, Inc. ADR (Consumer Discretionary)*		6,846,008
	98,000	NIO, Inc. ADR (Consumer Discretionary)*		1,864,940
	7,437,479	PetroChina Co. Ltd., Class H (Energy)		2,571,878
	2,976,416	PICC Property & Casualty Co. Ltd., Class H (Financials)		2,300,437
	54,369	Pinduoduo, Inc. ADR (Consumer Discretionary)*		4,835,579
	200,365	Ping An Insurance Group Co. of China Ltd., Class A (Financials)		2,241,441

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

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

Schedule of Investments (continued)

August 31, 2020

Shares		Description	Value
Common Stocks – (continued)
China – (continued)
	1,325,127	Ping An Insurance Group Co. of China Ltd., Class H (Financials)	$	14,114,467
	4,414,008	Postal Savings Bank of China Co. Ltd., Class H (Financials)(a)		2,090,206
	851,709	Semiconductor Manufacturing International Corp. (Information Technology)*		2,736,406
	958,820	Shandong Weigao Group Medical Polymer Co. Ltd., Class H (Health Care)		2,239,265
	1,645,309	Shanghai Pudong Development Bank Co. Ltd., Class A (Financials)		2,488,689
	29,958	Silergy Corp. (Information Technology)		1,904,186
	53,522	SINA Corp. (Communication Services)*		2,177,543
	789,641	Sinopharm Group Co. Ltd., Class H (Health Care)		1,944,008
	3,002,379	Sun Art Retail Group Ltd. (Consumer Staples)		3,912,702
	1,243,141	Suning.com Co. Ltd., Class A (Consumer Discretionary)		1,787,804
	83,131	TAL Education Group ADR (Consumer Discretionary)*		6,135,899
	1,358,631	Tencent Holdings Ltd. (Communication Services)		92,998,683
	1,787,484	Tingyi Cayman Islands Holding Corp. (Consumer Staples)		3,358,099
	1,942,132	Topsports International Holdings Ltd. (Consumer Discretionary)(a)		2,403,185
	62,472	Trip.com Group Ltd. ADR (Consumer Discretionary)*		1,889,153
	303,257	Vipshop Holdings Ltd. ADR (Consumer Discretionary)*		5,006,773
	2,891,268	Want Want China Holdings Ltd. (Consumer Staples)		1,984,677
	1,090,814	Weichai Power Co. Ltd., Class H (Industrials)		2,204,105
	443,851	Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd., Class A (Communication Services)		2,954,406
	93,657	Wuliangye Yibin Co. Ltd., Class A (Consumer Staples)		3,281,820
	114,936	Wuxi Biologics Cayman, Inc. (Health Care)*(a)		2,986,795
	1,562,913	Xiaomi Corp., Class B (Information Technology)*(a)		4,739,064
	358,008	Yihai International Holding Ltd. (Consumer Staples)*		5,626,391
	188,999	Yum China Holdings, Inc. (Consumer Discretionary)		10,907,132
	145,091	Zhejiang Supor Co. Ltd., Class A (Consumer Discretionary)		1,795,327
	76,531	ZTO Express Cayman, Inc. ADR (Industrials)		2,566,084
				609,063,737
Common Stocks – (continued)
Colombia – 0.1%
	400,056	Interconexion Electrica SA ESP (Utilities)		2,233,925
Egypt – 0.4%
	1,116,696	Commercial International Bank Egypt SAE GDR (Financials)		4,768,292
	346,255	Commercial International Bank Egypt SAE (Financials)		1,476,117
				6,244,409
Greece – 0.3%
	294,558	Hellenic Telecommunications Organization SA (Communication Services)		4,826,192
Hong Kong – 0.3%
	3,970,559	Sino Biopharmaceutical Ltd. (Health Care)		4,585,267
India – 9.1%
	114,494	Asian Paints Ltd. (Materials)		2,953,986
	268,300	Aurobindo Pharma Ltd. (Health Care)		2,948,448
	114,039	Avenue Supermarts Ltd. (Consumer Staples)*(a)		3,487,828
	414,951	Berger Paints India Ltd. (Materials)		3,031,201
	276,077	Bharti Airtel Ltd. (Communication Services)		1,924,466
	536,800	Biocon Ltd. (Health Care)*		2,743,162
	55,279	Britannia Industries Ltd. (Consumer Staples)		2,798,252
	278,100	Cipla Ltd. (Health Care)		2,695,897
	140,796	Colgate-Palmolive India Ltd. (Consumer Staples)		2,607,617
	325,914	Dabur India Ltd. (Consumer Staples)		2,101,400
	89,545	Divi’s Laboratories Ltd. (Health Care)		3,798,949
	85,386	Dr. Reddy’s Laboratories Ltd. (Health Care)		4,947,127
	774,024	HCL Technologies Ltd. (Information Technology)		7,302,004
	60,328	HDFC Asset Management Co. Ltd. (Financials)(a)		1,975,950
	341,062	HDFC Life Insurance Co. Ltd. (Financials)*(a)		2,663,349
	294,613	Hindustan Unilever Ltd. (Consumer Staples)		8,474,664
	382,129	Housing Development Finance Corp. Ltd. (Financials)		9,513,835
	595,494	ICICI Bank Ltd. (Financials)*		3,192,364
	127,674	ICICI Lombard General Insurance Co. Ltd. (Financials)(a)		2,179,777
	1,476,855	Indian Oil Corp. Ltd. (Energy)		1,721,484
	346,484	Indraprastha Gas Ltd. (Utilities)		1,856,749
	39,600	Info Edge India Ltd. (Communication Services)		1,755,807
	1,110,848	Infosys Ltd. (Information Technology)		14,013,972

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)
India – (continued)
	907,380	ITC Ltd. (Consumer Staples)	$	2,355,743
	68,861	Jubilant Foodworks Ltd. (Consumer Discretionary)		1,961,777
	625,058	Marico Ltd. (Consumer Staples)		3,132,614
	21,400	Nestle India Ltd. (Consumer Staples)		4,637,033
	1,852,062	NTPC Ltd. (Utilities)		2,425,551
	126,356	Pidilite Industries Ltd. (Materials)		2,408,073
	116,947	Piramal Enterprises Ltd. (Health Care)		2,172,355
	892,797	Power Grid Corp. of India Ltd. (Utilities)		2,170,513
	571,683	Reliance Industries Ltd. (Energy)		16,160,049
	208,587	SBI Life Insurance Co. Ltd. (Financials)*(a)		2,345,656
	247,500	Sun Pharmaceutical Industries Ltd. (Health Care)		1,749,304
	281,257	Tata Consultancy Services Ltd. (Information Technology)		8,625,036
	307,644	Tata Consumer Products Ltd. (Consumer Staples)		2,224,967
	1,022,500	Tata Motors Ltd. (Consumer Discretionary)*		1,989,227
	304,985	Tech Mahindra Ltd. (Information Technology)		3,070,256
	68,596	Torrent Pharmaceuticals Ltd. (Health Care)		2,480,387
	33,993	UltraTech Cement Ltd. (Materials)		1,802,854
	1,086,892	Wipro Ltd. (Information Technology)		4,006,029
				156,405,712
Indonesia – 1.4%
	2,100,709	Bank Central Asia Tbk PT (Financials)		4,525,991
	11,244,862	Bank Rakyat Indonesia Persero Tbk PT (Financials)		2,710,350
	4,198,100	Charoen Pokphand Indonesia Tbk PT (Consumer Staples)*		1,816,174
	2,702,800	Indah Kiat Pulp & Paper Corp. Tbk PT (Materials)*		1,726,080
	3,122,977	Indofood CBP Sukses Makmur Tbk PT (Consumer Staples)		2,192,786
	4,976,367	Indofood Sukses Makmur Tbk PT (Consumer Staples)		2,605,651
	19,338,701	Kalbe Farma Tbk PT (Health Care)		2,098,207
	15,442,806	Telekomunikasi Indonesia PerseroTbk PT (Communication Services)		3,032,888
	6,653,827	Unilever Indonesia Tbk PT (Consumer Staples)		3,758,127
				24,466,254
Luxembourg – 0.1%
	122,593	Reinet Investments SCA (Financials)		2,338,213
Common Stocks – (continued)
Mexico – 1.9%
	9,762,142	America Movil SAB de CV, Series L (Communication Services)		5,927,939
	439,986	Arca Continental SAB de CV (Consumer Staples)		2,006,936
	1,235,975	Becle SAB de CV (Consumer Staples)		2,361,149
	4,974,700	Cemex SAB de CV, Series CPO (Materials)		1,595,650
	559,857	Fomento Economico Mexicano SAB de CV (Consumer Staples)		3,257,945
	303,273	Gruma SAB de CV, Class B (Consumer Staples)		3,586,315
	1,904,272	Grupo Bimbo SAB de CV, Series A (Consumer Staples)		3,516,891
	541,931	Grupo Financiero Banorte SAB de CV, Class O (Financials)*		1,873,706
	815,731	Grupo Mexico SAB de CV, Series B (Materials)		2,176,674
	1,183,246	Kimberly-Clark de Mexico SAB de CV, Class A (Consumer Staples)		1,900,892
	1,900,902	Wal-Mart de Mexico SAB de CV (Consumer Staples)		4,562,477
				32,766,574
Peru – 0.1%
	16,512	Credicorp Ltd. (Financials)		2,154,486
Philippines – 0.5%
	96,489	Globe Telecom, Inc. (Communication Services)		4,155,286
	237,618	Jollibee Foods Corp. (Consumer Discretionary)		662,105
	98,415	PLDT, Inc. (Communication Services)		3,002,079
				7,819,470
Poland – 0.9%
	24,774	CD Projekt SA (Communication Services)*		2,961,224
	247,743	Cyfrowy Polsat SA (Communication Services)*		1,942,208
	71,793	Dino Polska SA (Consumer Staples)*(a)		4,375,820
	1,523	LPP SA (Consumer Discretionary)*		2,982,856
	312,339	Powszechny Zaklad Ubezpieczen SA (Financials)*		2,313,244
				14,575,352
Qatar – 1.1%
	1,588,453	Commercial Bank PSQC (The) (Financials)		1,812,259
	2,048,400	Masraf Al Rayan QSC (Financials)		2,346,011
	1,112,248	Ooredoo QPSC (Communication Services)		2,016,465
	360,772	Qatar Fuel QSC (Energy)		1,823,182
	922,189	Qatar International Islamic Bank QSC (Financials)		2,168,069

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

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

Schedule of Investments (continued)

August 31, 2020

Shares		Description	Value
Common Stocks – (continued)
Qatar – (continued)
	649,942	Qatar Islamic Bank (Financials)	$	2,856,103
	1,334,983	Qatar National Bank QPSC (Financials)		6,599,751
				19,621,840
Russia – 4.1%
	2,025,666	Gazprom PJSC (Energy)		4,942,286
	51,295,831	Inter RAO UES PJSC (Utilities)		3,601,134
	152,821	LUKOIL PJSC (Energy)		10,253,999
	19,747	MMC Norilsk Nickel PJSC (Materials)		5,131,989
	243,557	Mobile TeleSystems PJSC ADR (Communication Services)		2,269,951
	1,633,370	Moscow Exchange MICEX-RTS PJSC (Financials)		3,013,339
	13,117	Novatek PJSC GDR (Energy)		1,942,628
	1,205,916	Novolipetsk Steel PJSC (Materials)		2,511,448
	112,622	PhosAgro PJSC GDR (Materials)		1,403,901
	191,354	Polymetal International PLC (Materials)		5,109,962
	21,835	Polyus PJSC (Materials)		5,303,792
	2,386,455	Sberbank of Russia PJSC (Financials)*		7,249,192
	101,724	Severstal PAO GDR (Materials)		1,285,791
	124,743	Severstal PAO (Materials)		1,564,874
	4,830,336	Surgutneftegas PJSC (Energy)		2,381,888
	315,098	Tatneft PJSC (Energy)		2,316,314
	14,687	Tatneft PJSC ADR (Energy)		656,215
	4,019,002,855	VTB Bank PJSC (Financials)*		1,902,051
	99,667	X5 Retail Group NV GDR (Consumer Staples)		3,587,954
	62,400	Yandex NV, Class A (Communication Services)*		4,351,197
				70,779,905
Saudi Arabia – 2.6%
	114,484	Abdullah Al Othaim Markets Co. (Consumer Staples)		3,809,570
	269,365	Al Rajhi Bank (Financials)		4,661,251
	364,457	Arab National Bank (Financials)		2,017,392
	68,294	Bupa Arabia for Cooperative Insurance Co. (Financials)*		2,257,984
	317,956	Etihad Etisalat Co. (Communication Services)*		2,272,053
	274,724	National Commercial Bank (Financials)		2,724,935
	533,833	Sahara International Petrochemical Co. (Materials)		2,266,027
	270,906	Samba Financial Group (Financials)		1,990,017
	586,789	Saudi Arabian Oil Co. (Energy)(a)		5,562,092
	123,004	Saudi Basic Industries Corp. (Materials)		2,886,148
Common Stocks – (continued)
Saudi Arabia – (continued)
	611,252	Saudi Electricity Co. (Utilities)		2,594,657
	310,240	Saudi Industrial Investment Group (Materials)		1,811,584
	988,087	Saudi Kayan Petrochemical Co. (Materials)*		2,392,201
	138,330	Saudi Telecom Co. (Communication Services)		3,540,823
	226,164	Savola Group (The) (Consumer Staples)		2,930,734
				43,717,468
South Africa – 3.1%
	24,540	Anglo American Platinum Ltd. (Materials)(b)		1,831,195
	244,042	Aspen Pharmacare Holdings Ltd. (Health Care)*		1,957,234
	143,383	Bid Corp. Ltd. (Consumer Staples)		2,369,030
	31,816	Capitec Bank Holdings Ltd. (Financials)		1,568,146
	149,216	Clicks Group Ltd. (Consumer Staples)		2,025,806
	1,155,566	FirstRand Ltd. (Financials)		2,581,756
	216,049	Gold Fields Ltd. (Materials)		2,793,764
	316,400	Impala Platinum Holdings Ltd. (Materials)		2,920,414
	449,400	MTN Group Ltd. (Communication Services)		1,620,002
	445,396	MultiChoice Group (Communication Services)*		2,547,298
	70,946	Naspers Ltd., Class N (Consumer Discretionary)		12,951,715
	332,391	Nedbank Group Ltd. (Financials)		1,883,345
	3,301,933	Old Mutual Ltd. (Financials)		2,180,986
	355,681	Remgro Ltd. (Financials)		1,845,878
	249,300	Shoprite Holdings Ltd. (Consumer Staples)		1,626,070
	854,220	Sibanye Stillwater Ltd. (Materials)*		2,586,169
	233,408	SPAR Group Ltd. (The) (Consumer Staples)		2,227,270
	321,321	Standard Bank Group Ltd. (Financials)		2,002,703
	170,096	Tiger Brands Ltd. (Consumer Staples)		1,731,257
	254,244	Vodacom Group Ltd. (Communication Services)		1,918,995
				53,169,033
South Korea – 12.5%
	11,100	Alteogen, Inc. (Health Care)*		1,952,942
	25,081	Amorepacific Corp. (Consumer Staples)		3,547,107
	46,872	AMOREPACIFIC Group (Consumer Staples)		2,012,351
	11,303	BGF retail Co. Ltd. (Consumer Staples)		1,213,177
	20,062	Celltrion Healthcare Co. Ltd. (Health Care)*		1,690,552

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)
South Korea – (continued)
	18,400	Celltrion Pharm, Inc. (Health Care)*		$	1,720,886
	16,260	Celltrion, Inc. (Health Care)*	��		4,065,342
	155,971	Cheil Worldwide, Inc. (Communication Services)			2,396,221
	8,496	CJ CheilJedang Corp. (Consumer Staples)			2,910,912
	13,900	CJ Logistics Corp. (Industrials)*			1,772,750
	48,580	Coway Co. Ltd. (Consumer Discretionary)			3,263,477
	31,200	E-MART, Inc. (Consumer Staples)			3,151,780
	73,171	GS Holdings Corp. (Energy)			2,001,900
	70,982	GS Retail Co. Ltd. (Consumer Staples)			1,968,900
	88,047	Hana Financial Group, Inc. (Financials)			2,090,180
	43,362	Hotel Shilla Co. Ltd. (Consumer Discretionary)			2,566,166
	15,869	Hyundai Mobis Co. Ltd. (Consumer Discretionary)			2,992,387
	20,582	Hyundai Motor Co. (Consumer Discretionary)			3,058,105
	19,168	Kakao Corp. (Communication Services)			6,567,368
	85,320	KB Financial Group, Inc. (Financials)			2,646,723
	102,181	Kia Motors Corp. (Consumer Discretionary)			3,651,472
	42,025	KMW Co. Ltd. (Information Technology)*			2,702,845
	98,803	Korea Electric Power Corp. (Utilities)*			1,705,077
	29,323	Korea Gas Corp. (Utilities)			582,560
	6,223	Korea Zinc Co. Ltd. (Materials)			2,087,605
	32,837	KT&G Corp. (Consumer Staples)			2,297,125
	6,096	LG Chem Ltd. (Materials)			3,797,491
	24,560	LG Corp. (Industrials)			1,709,834
	64,200	LG Electronics, Inc. (Consumer Discretionary)			4,550,585
	6,128	LG Household & Health Care Ltd. (Consumer Staples)			7,598,741
	289,881	LG Uplus Corp. (Communication Services)			2,916,136
	15,395	Lotte Shopping Co. Ltd. (Consumer Discretionary)			984,948
	637,139	Meritz Securities Co. Ltd. (Financials)			1,719,026
	19,099	NAVER Corp. (Communication Services)			5,185,140
	8,694	NCSoft Corp. (Communication Services)			6,038,008
	31,997	Orion Corp. (Consumer Staples)			3,784,476
	4,998	Ottogi Corp. (Consumer Staples)			2,532,870
	12,136	Pearl Abyss Corp. (Communication Services)*			1,859,375
	17,824	POSCO (Materials)			2,768,354
	41,306	S-1 Corp. (Industrials)			3,032,143
	4,486	Samsung Biologics Co. Ltd. (Health Care)*(a)			2,938,049
	23,113	Samsung C&T Corp. (Industrials)			2,101,359
Common Stocks – (continued)
South Korea – (continued)
	21,961	Samsung Electro-Mechanics Co. Ltd. (Information Technology)			2,301,662
	1,217,632	Samsung Electronics Co. Ltd. (Information Technology)			55,351,568
	10,444	Samsung SDI Co. Ltd. (Information Technology)			3,978,374
	18,318	Samsung SDS Co. Ltd. (Information Technology)			2,428,727
	73,302	Samsung Securities Co. Ltd. (Financials)			1,860,473
	10,800	Seegene, Inc. (Health Care)			2,391,110
	18,200	Shin Poong Pharmaceutical Co. Ltd. (Health Care)*			2,091,338
	115,041	Shinhan Financial Group Co. Ltd. (Financials)			2,871,425
	10,000	Shinsegae, Inc. (Consumer Discretionary)			1,708,898
	150,161	SK Hynix, Inc. (Information Technology)			9,493,300
	23,563	SK Telecom Co. Ltd. (Communication Services)			4,919,289
	275,928	Woori Financial Group, Inc. (Financials)			1,965,107
	34,759	Yuhan Corp. (Health Care)			1,960,479
					213,454,195
Taiwan – 14.6%
	307,702	Accton Technology Corp. (Information Technology)			2,453,940
	3,340,500	Acer, Inc. (Information Technology)			2,658,374
	449,931	Advantech Co. Ltd. (Information Technology)			4,653,956
	1,339,551	ASE Technology Holding Co. Ltd. (Information Technology)			2,794,013
	1,688,509	Asia Cement Corp. (Materials)			2,445,738
	29,900	ASMedia Technology, Inc. (Information Technology)			1,798,596
	214,196	Asustek Computer, Inc. (Information Technology)			1,773,925
	270,588	Catcher Technology Co. Ltd. (Information Technology)			1,849,016
	2,254,956	Cathay Financial Holding Co. Ltd. (Financials)			3,062,556
	1,049,376	Chailease Holding Co. Ltd. (Financials)			4,631,467
	1,585,792	Chang Hwa Commercial Bank Ltd. (Financials)			986,340
	863,963	Chicony Electronics Co. Ltd. (Information Technology)			2,605,890
	8,058,755	China Development Financial Holding Corp. (Financials)			2,345,544
	1,114,751	Chunghwa Telecom Co. Ltd. (Communication Services)			4,122,164
	4,227,419	Compal Electronics, Inc. (Information Technology)			2,665,414
	5,579,835	CTBC Financial Holding Co. Ltd. (Financials)			3,603,697

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

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

Schedule of Investments (continued)

August 31, 2020

Shares		Description	Value
Common Stocks – (continued)
Taiwan – (continued)
	681,584	Delta Electronics, Inc. (Information Technology)	$	4,390,347
	4,185,333	E.Sun Financial Holding Co. Ltd. (Financials)		3,879,865
	672,157	Feng TAY Enterprise Co. Ltd. (Consumer Discretionary)		3,905,825
	2,828,474	First Financial Holding Co. Ltd. (Financials)		2,048,466
	847,443	Formosa Plastics Corp. (Materials)		2,258,577
	1,093,554	Foxconn Technology Co. Ltd. (Information Technology)		1,945,487
	1,870,844	Fubon Financial Holding Co. Ltd. (Financials)		2,728,972
	174,212	Globalwafers Co. Ltd. (Information Technology)		2,339,333
	2,634,252	Hon Hai Precision Industry Co. Ltd. (Information Technology)		6,904,009
	89,556	Hotai Motor Co. Ltd. (Consumer Discretionary)		1,822,161
	199,709	Hua Nan Financial Holdings Co. Ltd. (Financials)		122,855
	2,561,554	Inventec Corp. (Information Technology)		1,986,107
	21,254	Largan Precision Co. Ltd. (Information Technology)		2,451,981
	1,839,807	Lite-On Technology Corp. (Information Technology)		2,909,430
	425,645	MediaTek, Inc. (Information Technology)		8,065,662
	2,772,725	Mega Financial Holding Co. Ltd. (Financials)		2,764,078
	529,200	Micro-Star International Co. Ltd. (Information Technology)		2,443,863
	286,817	Nien Made Enterprise Co. Ltd. (Consumer Discretionary)		3,303,994
	390,630	Novatek Microelectronics Corp. (Information Technology)		3,195,174
	1,119,465	Pegatron Corp. (Information Technology)		2,384,560
	2,242,462	Pou Chen Corp. (Consumer Discretionary)		2,117,008
	949,099	Powertech Technology, Inc. (Information Technology)		2,794,750
	570,117	President Chain Store Corp. (Consumer Staples)		5,246,207
	997,295	Quanta Computer, Inc. (Information Technology)		2,617,171
	253,484	Realtek Semiconductor Corp. (Information Technology)		3,282,856
	5,101,997	SinoPac Financial Holdings Co. Ltd. (Financials)		1,877,940
	1,437,612	Standard Foods Corp. (Consumer Staples)		3,121,036
	2,226,714	Synnex Technology International Corp. (Information Technology)		3,316,375
	5,784,679	Taishin Financial Holding Co. Ltd. (Financials)		2,612,239
Common Stocks – (continued)
Taiwan – (continued)
	2,048,491	Taiwan Cement Corp. (Materials)		2,995,084
	1,501,686	Taiwan Cooperative Financial Holding Co. Ltd. (Financials)		1,026,151
	777,136	Taiwan Mobile Co. Ltd. (Communication Services)		2,688,319
	5,986,348	Taiwan Semiconductor Manufacturing Co. Ltd. (Information Technology)		87,015,913
	2,896,134	Uni-President Enterprises Corp. (Consumer Staples)		6,573,710
	6,365,303	United Microelectronics Corp. (Information Technology)		4,599,098
	815,700	Vanguard International Semiconductor Corp. (Information Technology)		2,599,320
	2,071,907	Wistron Corp. (Information Technology)		2,252,572
	1,236,957	WPG Holdings Ltd. (Information Technology)		1,732,663
	3,966,182	Yuanta Financial Holding Co. Ltd. (Financials)		2,487,185
	654,997	Zhen Ding Technology Holding Ltd. (Information Technology)		2,745,757
				250,002,730
Tanzania – 0.2%
	122,978	AngloGold Ashanti Ltd. (Materials)		3,590,780
Thailand – 1.7%
	555,516	Advanced Info Service PCL NVDR (Communication Services)		3,266,429
	1,177,200	B Grimm Power PCL NVDR (Utilities)		1,749,393
	3,584,200	Bangkok Dusit Medical Services PCL NVDR (Health Care)		2,395,417
	3,767,000	Charoen Pokphand Foods PCL NVDR (Consumer Staples)		3,903,470
	1,907,677	CP ALL PCL NVDR (Consumer Staples)		3,892,280
	283,102	Electricity Generating PCL NVDR (Utilities)		2,019,396
	1,763,700	Gulf Energy Development PCL NVDR (Utilities)		1,785,093
	3,717,100	Home Product Center PCL NVDR (Consumer Discretionary)		1,779,574
	1,139,800	Intouch Holdings PCL NVDR (Communication Services)		1,995,955
	1,737,700	Muangthai Capital PCL NVDR (Financials)		2,777,751
	214,200	Siam Cement PCL (The) NVDR (Materials)		2,436,398
	4,154,600	Thai Union Group PCL NVDR (Consumer Staples)		1,882,235
				29,883,391

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

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

Shares		Description	Value
Common Stocks – (continued)
Turkey – 0.4%
	484,509	BIM Birlesik Magazalar AS (Consumer Staples)	$	4,467,174
	1,699,838	Haci Omer Sabanci Holding AS (Financials)		1,785,535
				6,252,709
United Arab Emirates – 0.4%
	573,500	Emirates NBD Bank PJSC (Financials)		1,686,236
	585,320	Emirates Telecommunications Group Co. PJSC (Communication Services)		2,638,852
	691,647	First Abu Dhabi Bank PJSC (Financials)		2,157,896
				6,482,984
United States – 0.2%
	784,826	JBS SA (Consumer Staples)		3,210,320
	TOTAL COMMON STOCKS
	(Cost $1,290,327,753)		$	1,659,721,519

Shares		Description	Rate			Value
Preferred Stocks – 2.6%
Brazil – 1.3%
	1,328,463	Banco Bradesco SA (Financials)		8.24	%	$	5,022,389
	1,622,029	Itau Unibanco Holding SA (Financials)		5.25			6,963,084
	1,503,616	Itausa SA (Financials)		3.12			2,584,644
	342,286	Lojas Americanas SA (Consumer Discretionary)		0.55			2,013,447
	916,813	Petroleo Brasileiro SA (Energy)		2.73			3,658,294
	226,663	Telefonica Brasil SA (Communication Services)		6.10			1,976,624
							22,218,482
Russia – 0.1%
	4,614,819	Surgutneftegas PJSC (Energy)		2.61			2,311,750
South Korea – 1.2%
	47,932	Amorepacific Corp. (Consumer Staples)		1.66			2,408,907
	8,086	LG Household & Health Care Ltd. (Consumer Staples)		1.54			4,771,686
	313,322	Samsung Electronics Co. Ltd. (Information Technology)		3.01			12,528,660
							19,709,253
	TOTAL PREFERRED STOCKS
	(Cost $46,548,699)					$	44,239,485

Units		Description	Expiration Month		Value
Right – 0.0%
Thailand – 0.0%
	167,930	Gulf Energy Development PCL (Utilities)
	(Cost $0)			09/20	$	0

Shares		Description	Value
Exchange-Traded Fund – 0.5%
United States – 0.5%
	330,810	iShares MSCI Malaysia ETF
	(Cost $9,826,867)		$	8,776,389
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $1,346,703,319)		$	1,712,737,393
Shares		Dividend Rate	Value
Securities Lending Reinvestment Vehicle – 0.3%(c)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	4,333,286	0.027%	$	4,333,286
	(Cost $4,333,286)
	TOTAL INVESTMENTS – 100.4%
	(Cost $1,351,036,605)		$	1,717,070,679
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (0.4)%			(6,594,109	)
	NET ASSETS – 100.0%		$	1,710,476,570

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.
(a)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(b)	All or a portion of security is on loan.
(c)	Represents an affiliated issuer.

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

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

GOLDMAN SACHS ACTIVEBETA^® EUROPE EQUITY ETF

Schedule of Investments

August 31, 2020

Shares		Description	Value
Common Stocks – 98.7%
Australia – 1.1%
	1,771	BHP Group PLC (Materials)	$	40,615
	29,523	Glencore PLC (Materials)*		66,877
	1,292	Rio Tinto PLC (Materials)		80,182
				187,674
Austria – 1.1%
	1,049	ANDRITZ AG (Industrials)		35,178
	1,170	OMV AG (Energy)*		38,144
	1,917	Raiffeisen Bank International AG (Financials)*		34,390
	335	Verbund AG (Utilities)		18,029
	2,213	voestalpine AG (Materials)		55,076
				180,817
Belgium – 1.5%
	603	Ageas SA/NV (Financials)		25,385
	619	Anheuser-Busch InBev SA/NV (Consumer Staples)		36,130
	621	Colruyt SA (Consumer Staples)		39,362
	115	Elia Group SA/NV (Utilities)		12,392
	118	Galapagos NV (Health Care)*		16,074
	177	Groupe Bruxelles Lambert SA (Financials)		16,422
	127	KBC Group NV (Financials)		7,306
	159	Proximus SADP (Communication Services)		3,155
	71	Sofina SA (Financials)		21,356
	104	Solvay SA (Materials)		9,035
	103	Telenet Group Holding NV (Communication Services)		4,013
	403	UCB SA (Health Care)		47,965
	264	Umicore SA (Materials)		12,152
				250,747
China – 0.2%
	305	Prosus NV (Consumer Discretionary)*		30,582
Denmark – 4.5%
	278	Ambu A/S, Class B (Health Care)		8,191
	43	AP Moller – Maersk A/S, Class A (Industrials)		61,343
	44	AP Moller – Maersk A/S, Class B (Industrials)		67,605
	261	Carlsberg AS, Class B (Consumer Staples)		36,756
	119	Chr Hansen Holding A/S (Materials)		13,692
	422	Coloplast A/S, Class B (Health Care)		71,761
	1,823	Danske Bank A/S (Financials)*		28,273
	191	Demant A/S (Health Care)*		5,713
	206	DSV PANALPINA A/S (Industrials)		32,280
	92	Genmab A/S (Health Care)*		34,822
	124	GN Store Nord A/S (Health Care)		9,002
	238	H Lundbeck A/S (Health Care)		7,831
	3,179	Novo Nordisk A/S, Class B (Health Care)		211,000
	350	Novozymes A/S, Class B (Materials)		20,754
	332	Orsted A/S (Utilities)(a)		47,075
	474	Pandora A/S (Consumer Discretionary)		34,693
Common Stocks – (continued)
Denmark – (continued)
	425	Tryg A/S (Financials)		13,075
	181	Vestas Wind Systems A/S (Industrials)		27,578
				731,444
Finland – 1.6%
	420	Elisa OYJ (Communication Services)		24,758
	673	Fortum OYJ (Utilities)		14,258
	508	Kone OYJ, Class B (Industrials)		43,646
	403	Neste OYJ (Energy)		21,597
	6,775	Nokia OYJ (Information Technology)*		32,998
	1,972	Nordea Bank Abp (Financials)*		15,920
	1,779	Orion OYJ, Class B (Health Care)		83,657
	161	Sampo OYJ, Class A (Financials)		6,495
	574	UPM-Kymmene OYJ (Materials)		17,443
				260,772
France – 17.2%
	240	Accor SA (Consumer Discretionary)*		7,388
	302	Adevinta ASA (Communication Services)*		5,672
	542	Air Liquide SA (Materials)		90,133
	102	Airbus SE (Industrials)*		8,398
	455	Alstom SA (Industrials)*		25,379
	96	Amundi SA (Financials)*(a)		7,474
	150	Arkema SA (Materials)		16,666
	1,098	Atos SE (Information Technology)*		95,204
	872	AXA SA (Financials)		17,808
	305	BioMerieux (Health Care)		46,325
	1,808	BNP Paribas SA (Financials)*		79,064
	11,235	Bollore SA (Communication Services)		42,298
	366	Bouygues SA (Industrials)*		14,554
	529	Bureau Veritas SA (Industrials)*		12,017
	415	Capgemini SE (Information Technology)		57,573
	3,328	Carrefour SA (Consumer Staples)		53,572
	1,469	Cie de Saint-Gobain (Industrials)*		59,698
	149	Cie Generale des Etablissements Michelin (Consumer Discretionary)		16,861
	2,565	CNP Assurances (Financials)*		34,419
	3,927	Credit Agricole SA (Financials)*		40,333
	1,147	Danone SA (Consumer Staples)		75,584
	5	Dassault Aviation SA (Industrials)*		4,560
	184	Dassault Systemes (Information Technology)		34,736
	462	Edenred (Information Technology)		23,908
	586	Eiffage SA (Industrials)*		54,118
	1,087	Electricite de France SA (Utilities)		11,443
	2,543	Engie SA (Utilities)*		35,446
	374	EssilorLuxottica SA (Consumer Discretionary)*		50,141
	95	Eurazeo SE (Financials)*		5,024
	49	Gecina SA REIT (Real Estate)		6,751
	555	Getlink SE (Industrials)*		8,523
	105	Hermes International (Consumer Discretionary)		90,338
	176	ICADE REIT (Real Estate)		11,419
	70	Iliad SA (Communication Services)		14,985

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

GOLDMAN SACHS ACTIVEBETA^® EUROPE EQUITY ETF

Shares		Description	Value
Common Stocks – (continued)
France – (continued)
	146	Ingenico Group SA (Information Technology)*	$	24,829
	974	Ipsen SA (Health Care)		101,109
	257	JCDecaux SA (Communication Services)*		4,915
	99	Kering (Consumer Discretionary)		60,928
	1,862	La Francaise des Jeux SAEM (Consumer Discretionary)(a)		69,233
	516	Legrand SA (Industrials)		43,136
	531	L’Oreal SA (Consumer Staples)		175,845
	439	LVMH Moet Hennessy Louis Vuitton SE (Consumer Discretionary)		206,229
	1,495	Orange SA (Communication Services)		16,682
	34	Orpea (Health Care)*		4,093
	287	Pernod Ricard SA (Consumer Staples)		49,255
	524	Peugeot SA (Consumer Discretionary)*		9,005
	1,175	Publicis Groupe SA (Communication Services)*		41,272
	93	Remy Cointreau SA (Consumer Staples)(b)		15,338
	234	Safran SA (Industrials)*		27,151
	1,837	Sanofi (Health Care)		186,456
	189	Sartorius Stedim Biotech (Health Care)		67,765
	789	Schneider Electric SE (Industrials)		97,899
	188	SEB SA (Consumer Discretionary)		33,074
	125	Sodexo SA (Consumer Discretionary)		8,964
	3,090	Suez SA (Utilities)		53,603
	122	Teleperformance (Industrials)		37,702
	126	Thales SA (Industrials)		9,870
	3,551	TOTAL SE (Energy)		140,570
	349	Ubisoft Entertainment SA (Communication Services)*		28,783
	1,132	Veolia Environnement SA (Utilities)		27,347
	612	Vinci SA (Industrials)		57,514
	908	Vivendi SA (Communication Services)		25,845
	67	Wendel SE (Financials)		6,887
	299	Worldline SA (Information Technology)*(a)		27,541
				2,816,652
Germany – 14.2%
	491	adidas AG (Consumer Discretionary)*		149,504
	437	Allianz SE (Financials)		94,868
	698	Aroundtown SA (Real Estate)*		3,825
	724	BASF SE (Materials)		44,211
	1,473	Bayer AG (Health Care)		97,841
	187	Bayerische Motoren Werke AG (Consumer Discretionary)		13,452
	510	Beiersdorf AG (Consumer Staples)		59,042
	640	Brenntag AG (Industrials)		40,153
	197	Carl Zeiss Meditec AG (Health Care)		22,241
	58	Continental AG (Consumer Discretionary)		6,326
	229	Covestro AG (Materials)(a)		10,917
	1,010	Daimler AG (Consumer Discretionary)		51,511
	180	Delivery Hero SE (Consumer Discretionary)*(a)		19,379
	1,050	Deutsche Bank AG (Financials)*		10,077
	322	Deutsche Boerse AG (Financials)		60,999
	712	Deutsche Lufthansa AG (Industrials)*		7,434
Common Stocks – (continued)
Germany – (continued)
	2,785	Deutsche Post AG (Industrials)		126,967
	3,823	Deutsche Telekom AG (Communication Services)		67,439
	597	Deutsche Wohnen SE (Real Estate)		31,872
	3,134	E.ON SE (Utilities)		37,144
	263	Evonik Industries AG (Materials)		7,643
	558	Fresenius Medical Care AG & Co. KGaA (Health Care)		47,421
	1,417	Fresenius SE & Co. KGaA (Health Care)		65,753
	275	GEA Group AG (Industrials)		10,051
	108	Hannover Rueck SE (Financials)		18,419
	1,061	HeidelbergCement AG (Materials)		67,531
	154	Henkel AG & Co. KGaA (Consumer Staples)		13,859
	154	HOCHTIEF AG (Industrials)		13,684
	940	Infineon Technologies AG (Information Technology)		26,036
	179	KION Group AG (Industrials)		15,169
	395	Knorr-Bremse AG (Industrials)		50,301
	76	LEG Immobilien AG (Real Estate)		11,203
	382	Merck KGaA (Health Care)		51,921
	5,032	METRO AG (Consumer Staples)		49,902
	64	MTU Aero Engines AG (Industrials)		11,883
	128	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Financials)		37,000
	670	Nemetschek SE (Information Technology)		53,366
	949	Puma SE (Consumer Discretionary)*		78,516
	1,522	RWE AG (Utilities)		60,614
	1,490	SAP SE (Information Technology)		245,983
	361	Scout24 AG (Communication Services)(a)		33,654
	911	Siemens AG (Industrials)		126,013
	320	Siemens Healthineers AG (Health Care)(a)		14,581
	245	Symrise AG (Materials)		33,857
	2,843	Telefonica Deutschland Holding AG (Communication Services)		7,875
	1,205	Uniper SE (Utilities)		39,544
	390	United Internet AG (Communication Services)		19,189
	32	Volkswagen AG (Consumer Discretionary)*		5,748
	597	Vonovia SE (Real Estate)		42,839
	1,260	Zalando SE (Consumer Discretionary)*(a)		110,215
				2,324,972
Ireland – 0.8%
	942	CRH PLC (Materials)		34,924
	148	Flutter Entertainment PLC (Consumer Discretionary)		25,010
	237	Kerry Group PLC, Class A (Consumer Staples)		31,179
	232	Kingspan Group PLC (Industrials)		19,963
	465	Smurfit Kappa Group PLC (Materials)		16,506
				127,582

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

GOLDMAN SACHS ACTIVEBETA^® EUROPE EQUITY ETF

Schedule of Investments (continued)

August 31, 2020

Shares		Description	Value
Common Stocks – (continued)
Italy – 3.7%
	1,136	Assicurazioni Generali SpA (Financials)	$	17,669
	721	Atlantia SpA (Industrials)*		11,494
	1,638	Davide Campari-Milano NV (Consumer Staples)		16,832
	254	DiaSorin SpA (Health Care)		46,021
	11,265	Enel SpA (Utilities)		102,242
	769	Eni SpA (Energy)		7,174
	267	Ferrari NV (Consumer Discretionary)		52,113
	1,503	FinecoBank Banca Fineco SpA (Financials)*		22,828
	1,336	Infrastrutture Wireless Italiane SpA (Communication Services)(a)		13,046
	11,698	Intesa Sanpaolo SpA (Financials)*		25,255
	1,822	Moncler SpA (Consumer Discretionary)*		70,709
	719	Nexi SpA (Information Technology)*(a)		12,825
	2,559	Poste Italiane SpA (Financials)(a)		23,535
	578	Prysmian SpA (Industrials)		16,203
	616	Recordati Industria Chimica e Farmaceutica SpA (Health Care)		33,645
	5,540	Snam SpA (Utilities)		28,424
	86,688	Telecom Italia SpA (Communication Services)		41,345
	86,155	Telecom Italia SpA-RSP (Communication Services)		40,782
	3,892	Terna Rete Elettrica Nazionale SpA (Utilities)		28,198
	500	UniCredit SpA (Financials)*		4,933
				615,273
Jordan – 0.1%
	640	Hikma Pharmaceuticals PLC (Health Care)		20,318
Luxembourg – 0.6%
	6,946	ArcelorMittal (Materials)*		88,072
	20	Eurofins Scientific SE (Health Care)*		16,064
				104,136
Netherlands – 6.3%
	25	Adyen NV (Information Technology)*(a)		42,247
	13,762	Aegon NV (Financials)		38,398
	300	Akzo Nobel NV (Materials)		29,758
	839	Altice Europe NV (Communication Services)*		3,721
	53	Argenx SE (Health Care)*		12,278
	568	ASML Holding NV (Information Technology)		213,504
	704	EXOR NV (Financials)		41,592
	311	Heineken Holding NV (Consumer Staples)		25,534
	326	Heineken NV (Consumer Staples)		30,239
	3,724	ING Groep NV (Financials)*		30,303
	52	Just Eat Takeaway.com NV (Consumer Discretionary)*(a)		5,798
	4,674	Koninklijke Ahold Delhaize NV (Consumer Staples)		140,977
	232	Koninklijke DSM NV (Materials)		37,304
Common Stocks – (continued)
Netherlands – (continued)
	4,450	Koninklijke KPN NV (Communication Services)		11,692
	2,003	Koninklijke Philips NV (Health Care)*		94,945
	406	Koninklijke Vopak NV (Energy)		22,345
	792	NN Group NV (Financials)		29,884
	1,156	Randstad NV (Industrials)		60,375
	3,710	Royal Dutch Shell PLC, Class A (Energy)		54,980
	2,910	Royal Dutch Shell PLC, Class B (Energy)		41,418
	777	Wolters Kluwer NV (Industrials)		63,933
				1,031,225
Norway – 1.3%
	498	DNB ASA (Financials)*		8,046
	434	Equinor ASA (Energy)		7,082
	1,261	Gjensidige Forsikring ASA (Financials)*		27,042
	524	Mowi ASA (Consumer Staples)		10,316
	12,312	Norsk Hydro ASA (Materials)*		39,569
	2,275	Orkla ASA (Consumer Staples)		23,311
	1,723	Schibsted ASA, Class B (Communication Services)*		68,737
	1,109	Telenor ASA (Communication Services)		18,160
	166	Yara International ASA (Materials)		7,001
				209,264
Portugal – 0.6%
	9,158	EDP – Energias de Portugal SA (Utilities)		46,461
	473	Galp Energia SGPS SA (Energy)		5,075
	3,295	Jeronimo Martins SGPS SA (Consumer Staples)		54,204
				105,740
Russia – 0.1%
	5,082	Evraz PLC (Materials)		22,060
South Africa – 0.2%
	1,073	Anglo American PLC (Materials)		26,329
Spain – 3.4%
	3,052	ACS Actividades de Construccion y Servicios SA (Industrials)		74,899
	96	Aena SME SA (Industrials)*(a)		14,363
	807	Amadeus IT Group SA (Information Technology)		45,274
	1,700	Banco Bilbao Vizcaya Argentaria SA (Financials)		4,987
	3,815	Banco Santander SA (Financials)		8,499
	834	Bankinter SA (Financials)		4,495
	590	Cellnex Telecom SA (Communication Services)*(a)		37,877
	813	Enagas SA (Utilities)		19,923
	990	Endesa SA (Utilities)		27,504
	829	Ferrovial SA (Industrials)		22,189
	612	Grifols SA (Health Care)		16,622
	8,880	Iberdrola SA (Utilities)		112,041
	3,132	Industria de Diseno Textil SA (Consumer Discretionary)		88,212

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

GOLDMAN SACHS ACTIVEBETA^® EUROPE EQUITY ETF

Shares		Description	Value
Common Stocks – (continued)
Spain – (continued)
	10,186	Mapfre SA (Financials)	$	19,345
	921	Naturgy Energy Group SA (Utilities)		17,800
	729	Red Electrica Corp. SA (Utilities)		13,971
	436	Siemens Gamesa Renewable Energy SA (Industrials)		11,701
	4,149	Telefonica SA (Communication Services)		16,429
				556,131
Sweden – 5.2%
	209	Alfa Laval AB (Industrials)*		5,123
	1,266	Assa Abloy AB, Class B (Industrials)		29,357
	822	Atlas Copco AB, Class A (Industrials)		38,112
	590	Atlas Copco AB, Class B (Industrials)		23,757
	450	Electrolux AB, Series B (Consumer Discretionary)		9,777
	610	Epiroc AB, Class A (Industrials)		9,106
	539	Epiroc AB, Class B (Industrials)		7,771
	745	Essity AB, Class B (Consumer Staples)*		25,706
	1,116	Evolution Gaming Group AB (Consumer Discretionary)(a)		83,820
	4,666	Hennes & Mauritz AB, Class B (Consumer Discretionary)		74,602
	395	Hexagon AB, Class B (Information Technology)*		28,688
	1,232	Husqvarna AB, Class B (Consumer Discretionary)		13,424
	198	ICA Gruppen AB (Consumer Staples)		9,738
	527	Industrivarden AB, Class C (Financials)*		13,925
	801	Investment AB Latour, Class B (Industrials)(b)		17,915
	724	Investor AB, Class B (Financials)		46,286
	738	Kinnevik AB, Class B (Financials)		28,583
	738	Kinnevik AB, Class B (Financials)*		595
	418	L E Lundbergforetagen AB, Class B (Financials)*		19,143
	666	Nibe Industrier AB, Class B (Industrials)*		18,764
	1,470	Sandvik AB (Industrials)*		28,940
	959	Securitas AB, Class B (Industrials)*		13,687
	1,549	Skandinaviska Enskilda Banken AB, Class A (Financials)*		15,399
	2,447	Skanska AB, Class B (Industrials)*		49,990
	404	SKF AB, Class B (Industrials)		8,085
	951	Svenska Cellulosa AB SCA, Class B (Materials)*		12,289
	1,055	Svenska Handelsbanken AB, Class A (Financials)*		10,644
	492	Swedbank AB, Class A (Financials)*		8,364
	1,221	Swedish Match AB (Consumer Staples)		92,952
	938	Tele2 AB, Class B (Communication Services)		13,328
	4,712	Telefonaktiebolaget LM Ericsson, Class B (Information Technology)		54,769
	3,383	Telia Co. AB (Communication Services)		13,065
	1,101	Volvo AB, Class B (Industrials)*		21,101
				846,805
Common Stocks – (continued)
Switzerland – 15.8%
	1,862	ABB Ltd. (Industrials)		47,499
	490	Adecco Group AG (Industrials)		25,718
	520	Alcon, Inc. (Health Care)*		29,660
	80	Baloise Holding AG (Financials)		12,483
	221	Banque Cantonale Vaudoise (Financials)		23,684
	11	Barry Callebaut AG (Consumer Staples)		24,432
	5	Chocoladefabriken Lindt & Spruengli AG (Consumer Staples)		42,729
	498	Cie Financiere Richemont SA (Consumer Discretionary)		33,051
	330	Clariant AG (Materials)		6,890
	712	Coca-Cola HBC AG (Consumer Staples)*		19,009
	4,078	Credit Suisse Group AG (Financials)		44,990
	28	EMS-Chemie Holding AG (Materials)		25,327
	53	Geberit AG (Industrials)		30,642
	14	Givaudan SA (Materials)		58,926
	97	Julius Baer Group Ltd. (Financials)		4,664
	547	Kuehne + Nagel International AG (Industrials)*		106,338
	793	LafargeHolcim Ltd. (Materials)*		37,781
	718	Logitech International SA (Information Technology)		53,281
	91	Lonza Group AG (Health Care)		56,634
	4,780	Nestle SA (Consumer Staples)		576,286
	3,340	Novartis AG (Health Care)		289,470
	96	Partners Group Holding AG (Financials)		97,850
	1,249	Roche Holding AG (Health Care)		437,902
	56	Schindler Holding AG (Industrials)		14,789
	75	Schindler Holding AG Participation Certificates (Industrials)		20,082
	32	SGS SA (Industrials)		83,087
	174	Sika AG (Materials)		41,855
	163	Sonova Holding AG (Health Care)*		38,213
	1,907	STMicroelectronics NV (Information Technology)		57,496
	59	Straumann Holding AG (Health Care)		58,237
	85	Swatch Group AG (The) – Bearer (Consumer Discretionary)		18,030
	356	Swatch Group AG (The) – Registered (Consumer Discretionary)		14,091
	29	Swiss Life Holding AG (Financials)		11,749
	185	Swiss Prime Site AG (Real Estate)		16,714
	130	Swiss Re AG (Financials)		10,487
	50	Swisscom AG (Communication Services)		27,764
	32	Temenos AG (Information Technology)		5,181
	2,516	UBS Group AG (Financials)		30,694
	48	Vifor Pharma AG (Health Care)		7,114
	156	Zurich Insurance Group AG (Financials)		57,864
				2,598,693
United Kingdom – 18.2%
	422	3i Group PLC (Financials)		5,300
	3,349	Admiral Group PLC (Financials)		118,247
	361	Ashtead Group PLC (Industrials)		12,592
	816	Associated British Foods PLC (Consumer Staples)		22,354

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

GOLDMAN SACHS ACTIVEBETA^® EUROPE EQUITY ETF

Schedule of Investments (continued)

August 31, 2020

Shares		Description	Value
Common Stocks – (continued)
United Kingdom – (continued)
	1,923	AstraZeneca PLC (Health Care)	$	214,738
	11,969	Auto Trader Group PLC (Communication Services)(a)		90,258
	295	AVEVA Group PLC (Information Technology)		20,034
	15,016	Aviva PLC (Financials)		56,839
	4,264	BAE Systems PLC (Industrials)		29,665
	4,365	Barclays PLC (Financials)*		6,544
	1,470	Barratt Developments PLC (Consumer Discretionary)		10,337
	560	Berkeley Group Holdings PLC (Consumer Discretionary)		34,184
	11,905	BP PLC (Energy)		42,114
	2,969	British American Tobacco PLC (Consumer Staples)		100,676
	1,575	British Land Co. PLC (The) REIT (Real Estate)		7,712
	7,341	BT Group PLC (Communication Services)		10,286
	783	Bunzl PLC (Industrials)		25,392
	3,413	Burberry Group PLC (Consumer Discretionary)		66,011
	733	Coca-Cola European Partners PLC (Consumer Staples)		30,170
	2,674	Compass Group PLC (Consumer Discretionary)		43,698
	397	Croda International PLC (Materials)		31,362
	231	DCC PLC (Industrials)		20,500
	3,108	Diageo PLC (Consumer Staples)		104,432
	3,435	Direct Line Insurance Group PLC (Financials)		13,563
	1,518	Experian PLC (Industrials)		56,707
	8,152	GlaxoSmithKline PLC (Health Care)		160,671
	1,091	GVC Holdings PLC (Consumer Discretionary)*		11,748
	1,130	Halma PLC (Information Technology)		33,559
	3,409	Hargreaves Lansdown PLC (Financials)		73,785
	12,340	HSBC Holdings PLC (Financials)		54,550
	1,817	Imperial Brands PLC (Consumer Staples)		30,484
	893	Informa PLC (Communication Services)*		4,943
	197	Intertek Group PLC (Industrials)		15,499
	33,871	J Sainsbury PLC (Consumer Staples)		83,356
	7,591	JD Sports Fashion PLC (Consumer Discretionary)		73,770
	308	Johnson Matthey PLC (Materials)		9,794
	5,431	Kingfisher PLC (Consumer Discretionary)		19,656
	1,144	Land Securities Group PLC REIT (Real Estate)		8,855
	8,513	Legal & General Group PLC (Financials)		24,769
	19,374	Lloyds Banking Group PLC (Financials)*		7,354
	549	London Stock Exchange Group PLC (Financials)		64,687
	21,448	M&G PLC (Financials)		49,682
	692	Mondi PLC (Materials)		13,537
	3,893	National Grid PLC (Utilities)		43,952
	750	Next PLC (Consumer Discretionary)		60,634
Common Stocks – (continued)
United Kingdom – (continued)
	1,194	Ocado Group PLC (Consumer Discretionary)*		39,920
	1,474	Pearson PLC (Communication Services)		11,040
	281	Persimmon PLC (Consumer Discretionary)		9,858
	1,337	Prudential PLC (Financials)		21,867
	750	Reckitt Benckiser Group PLC (Consumer Staples)		75,416
	2,549	RELX PLC (Industrials)		58,106
	3,254	Rentokil Initial PLC (Industrials)*		23,223
	993	Rolls-Royce Holdings PLC (Industrials)*		3,206
	1,605	RSA Insurance Group PLC (Financials)		9,656
	6,928	Sage Group PLC (The) (Information Technology)		68,700
	322	Schroders PLC (Financials)		12,494
	3,653	Segro PLC REIT (Real Estate)		46,603
	714	Severn Trent PLC (Utilities)		22,294
	1,748	Smith & Nephew PLC (Health Care)		35,610
	289	Smiths Group PLC (Industrials)		5,425
	160	Spirax-Sarco Engineering PLC (Industrials)		21,948
	1,543	SSE PLC (Utilities)		26,011
	2,136	St James’s Place PLC (Financials)		28,022
	6,640	Standard Chartered PLC (Financials)*		34,887
	1,664	Standard Life Aberdeen PLC (Financials)		5,285
	15,128	Tesco PLC (Consumer Staples)		44,299
	2,225	Unilever NV (Consumer Staples)		129,085
	1,846	Unilever PLC (Consumer Staples)		110,238
	1,421	United Utilities Group PLC (Utilities)		15,815
	35,950	Vodafone Group PLC (Communication Services)		53,642
	9,863	Wm Morrison Supermarkets PLC (Consumer Staples)(b)		25,395
	2,770	WPP PLC (Communication Services)		23,945
				2,980,990
United States – 1.0%
	1,172	Ferguson PLC (Industrials)		115,748
	464	QIAGEN NV (Health Care)*		23,623
	5,107	Tenaris SA (Energy)		30,050
				169,421
	TOTAL COMMON STOCKS
	(Cost $16,019,081)		$	16,197,627

Shares		Description	Rate			Value
Preferred Stocks – 0.6%
Germany – 0.6%
	73	Bayerische Motoren Werke AG (Consumer Discretionary)		5.36	%	$	4,112
	721	FUCHS PETROLUB SE (Materials)		2.45			34,164
	193	Henkel AG & Co. KGaA (Consumer Staples)		2.12			19,749
	72	Sartorius AG (Health Care)		0.10			30,568

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

GOLDMAN SACHS ACTIVEBETA^® EUROPE EQUITY ETF

Shares		Description	Rate			Value
Preferred Stocks – (continued)
Germany – (continued)
	108	Volkswagen AG (Consumer Discretionary)*		0.00	%	$	17,997
	TOTAL PREFERRED STOCKS
	(Cost $105,475)					$	106,590
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $16,124,556)					$	16,304,217

Shares	Dividend Rate			Value
Securities Lending Reinvestment Vehicle – 0.4%(c)
Goldman Sachs Financial Square Government Fund – Institutional Shares
62,772		0.027	%	$	62,772
(Cost $62,772)
TOTAL INVESTMENTS – 99.7%
(Cost $16,187,328)				$	16,366,989
OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.3%					48,802
NET ASSETS – 100.0%				$	16,415,791

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

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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Schedule of Investments (continued)

August 31, 2020

Shares		Description	Value
Common Stocks – 99.3%
Australia – 5.9%
	11,933	Afterpay Ltd. (Information Technology)*	$	806,962
	179,741	AGL Energy Ltd. (Utilities)		1,967,326
	61,707	Ampol Ltd. (Energy)		1,187,433
	105,074	APA Group (Utilities)		810,489
	48,154	Aristocrat Leisure Ltd. (Consumer Discretionary)		1,010,320
	24,890	ASX Ltd. (Financials)		1,607,702
	237,240	Aurizon Holdings Ltd. (Industrials)		763,211
	533,275	AusNet Services (Utilities)		719,750
	203,247	Australia & New Zealand Banking Group Ltd. (Financials)		2,747,690
	140,995	BHP Group Ltd. (Materials)		3,952,983
	117,827	BHP Group PLC (Materials)		2,702,189
	288,709	BlueScope Steel Ltd. (Materials)		2,709,501
	135,637	Brambles Ltd. (Industrials)		1,112,441
	116,669	CIMIC Group Ltd. (Industrials)		1,826,601
	92,057	Coca-Cola Amatil Ltd. (Consumer Staples)		619,535
	18,976	Cochlear Ltd. (Health Care)		2,696,575
	362,348	Coles Group Ltd. (Consumer Staples)		4,751,186
	154,165	Commonwealth Bank of Australia (Financials)		7,784,787
	39,268	Computershare Ltd. (Information Technology)		385,950
	39,578	CSL Ltd. (Health Care)		8,371,485
	131,610	Dexus REIT (Real Estate)		859,443
	120,372	Evolution Mining Ltd. (Materials)		494,067
	116,070	Fortescue Metals Group Ltd. (Materials)		1,495,325
	1,602,305	Glencore PLC (Materials)*		3,629,598
	148,494	Goodman Group REIT (Real Estate)		2,010,780
	126,928	Insurance Australia Group Ltd. (Financials)		447,758
	30,309	Macquarie Group Ltd. (Financials)		2,862,397
	66,599	Magellan Financial Group Ltd. (Financials)		2,918,257
	506,048	Medibank Pvt Ltd. (Financials)		1,021,696
	156,064	National Australia Bank Ltd. (Financials)		2,069,429
	40,593	Newcrest Mining Ltd. (Materials)		959,457
	49,106	Northern Star Resources Ltd. (Materials)		495,718
	46,207	Orica Ltd. (Materials)		593,916
	179,649	Origin Energy Ltd. (Energy)		744,012
	9,676	Ramsay Health Care Ltd. (Health Care)		465,562
	29,513	REA Group Ltd. (Communication Services)(a)		2,491,912
	24,471	Rio Tinto Ltd. (Materials)		1,773,557
	74,322	Rio Tinto PLC (Materials)		4,612,447
	23,548	SEEK Ltd. (Communication Services)		359,966
	47,902	Sonic Healthcare Ltd. (Health Care)		1,135,401
	1,120,455	South32 Ltd. (Materials)		1,740,128
Common Stocks – (continued)
Australia – (continued)
	174,415	Stockland REIT (Real Estate)		510,795
	141,663	Suncorp Group Ltd. (Financials)		974,332
	530,611	Telstra Corp. Ltd. (Communication Services)		1,134,074
	178,514	Transurban Group (Industrials)		1,776,989
	152,079	Wesfarmers Ltd. (Consumer Discretionary)		5,344,574
	233,467	Westpac Banking Corp. (Financials)		3,028,465
	48,701	Woodside Petroleum Ltd. (Energy)		705,209
	258,950	Woolworths Group Ltd. (Consumer Staples)		7,635,361
				102,824,741
Austria – 0.6%
	63,573	ANDRITZ AG (Industrials)		2,131,886
	92,735	OMV AG (Energy)*		3,023,310
	66,988	Raiffeisen Bank International AG (Financials)*		1,201,715
	17,664	Verbund AG (Utilities)		950,637
	130,384	voestalpine AG (Materials)		3,244,962
				10,552,510
Belgium – 0.8%
	31,146	Ageas SA/NV (Financials)		1,311,167
	37,613	Anheuser-Busch InBev SA/NV (Consumer Staples)		2,195,409
	26,908	Colruyt SA (Consumer Staples)		1,705,574
	5,739	Elia Group SA/NV (Utilities)		618,407
	9,145	Galapagos NV (Health Care)*		1,245,721
	12,750	Groupe Bruxelles Lambert SA (Financials)		1,182,969
	13,538	KBC Group NV (Financials)		778,776
	3,673	Sofina SA (Financials)		1,104,771
	8,101	Solvay SA (Materials)		703,765
	16,167	Telenet Group Holding NV (Communication Services)		629,932
	22,261	UCB SA (Health Care)		2,649,526
	14,251	Umicore SA (Materials)		656,004
				14,782,021
Brazil – 0.1%
	31,270	Wheaton Precious Metals Corp. (Materials)		1,671,797
Canada – 9.2%
	16,687	Agnico Eagle Mines Ltd. (Materials)		1,377,275
	44,737	Air Canada (Industrials)*		604,299
	85,619	Algonquin Power & Utilities Corp. (Utilities)		1,188,067
	106,465	Alimentation Couche-Tard, Inc., Class B (Consumer Staples)		3,478,426
	27,238	AltaGas Ltd. (Utilities)		352,665
	14,893	Atco Ltd., Class I (Utilities)		454,237
	142,418	B2Gold Corp. (Materials)		957,505
	46,090	Bank of Montreal (Financials)		2,928,225
	91,659	Bank of Nova Scotia (The) (Financials)		3,965,477

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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Shares		Description	Value
Common Stocks – (continued)
Canada – (continued)
	87,210	Barrick Gold Corp. (Materials)	$	2,586,281
	23,073	BCE, Inc. (Communication Services)		992,726
	72,958	Brookfield Asset Management, Inc., Class A (Financials)		2,464,877
	41,867	CAE, Inc. (Industrials)		664,499
	31,338	Cameco Corp. (Energy)		363,419
	18,091	Canadian Apartment Properties REIT (Real Estate)		624,809
	38,183	Canadian Imperial Bank of Commerce (Financials)		3,034,830
	32,137	Canadian National Railway Co. (Industrials)		3,380,557
	83,880	Canadian Natural Resources Ltd. (Energy)		1,655,776
	7,448	Canadian Pacific Railway Ltd. (Industrials)		2,205,847
	18,900	Canadian Tire Corp. Ltd., Class A (Consumer Discretionary)		1,979,282
	31,491	Canadian Utilities Ltd., Class A (Utilities)		791,293
	419,778	Cenovus Energy, Inc. (Energy)		1,984,598
	45,374	CGI, Inc. (Information Technology)*		3,190,580
	222,922	CI Financial Corp. (Financials)		3,168,591
	7,751	Constellation Software, Inc. (Information Technology)		8,982,641
	92,996	Dollarama, Inc. (Consumer Discretionary)		3,634,335
	30,430	Emera, Inc. (Utilities)		1,243,637
	291,709	Empire Co. Ltd., Class A (Consumer Staples)		7,600,845
	93,778	Enbridge, Inc. (Energy)		3,003,458
	2,585	Fairfax Financial Holdings Ltd. (Financials)		797,730
	47,756	First Capital Real Estate Investment Trust REIT (Real Estate)		501,402
	41,280	Fortis, Inc. (Utilities)		1,652,847
	12,576	Franco-Nevada Corp. (Materials)		1,893,422
	61,791	George Weston Ltd. (Consumer Staples)		4,468,756
	60,439	Great-West Lifeco, Inc. (Financials)		1,234,339
	54,350	Hydro One Ltd. (Utilities)(b)		1,126,252
	73,896	iA Financial Corp., Inc. (Financials)		2,662,740
	28,311	IGM Financial, Inc. (Financials)		691,614
	81,090	Imperial Oil Ltd. (Energy)(a)		1,338,690
	15,204	Intact Financial Corp. (Financials)		1,630,263
	122,011	Kinross Gold Corp. (Materials)*		1,084,376
	39,818	Kirkland Lake Gold Ltd. (Materials)		2,123,912
	77,086	Loblaw Cos. Ltd. (Consumer Staples)		3,988,156
	47,976	Magna International, Inc. (Consumer Discretionary)		2,338,874
	264,192	Manulife Financial Corp. (Financials)		3,901,189
	39,245	Metro, Inc. (Consumer Staples)		1,774,677
	43,284	National Bank of Canada (Financials)		2,381,874
	57,268	Nutrien Ltd. (Materials)		2,123,349
	9,991	Onex Corp. (Financials)		485,613
	21,513	Open Text Corp. (Information Technology)		976,790
Common Stocks – (continued)
Canada – (continued)
	23,081	Pan American Silver Corp. (Materials)		834,172
	35,637	Parkland Corp. (Energy)		1,011,167
	94,316	Power Corp. of Canada (Financials)		1,884,945
	29,849	Quebecor, Inc., Class B (Communication Services)		740,870
	6,387	Restaurant Brands International, Inc. (Consumer Discretionary)		346,421
	29,094	Ritchie Bros Auctioneers, Inc. (Industrials)		1,704,174
	16,587	Rogers Communications, Inc., Class B (Communication Services)		690,748
	129,592	Royal Bank of Canada (Financials)		9,879,407
	73,850	Saputo, Inc. (Consumer Staples)		1,844,337
	25,119	Shaw Communications, Inc., Class B (Communication Services)		470,204
	8,344	Shopify, Inc., Class A (Information Technology)*		8,922,147
	57,535	Sun Life Financial, Inc. (Financials)(a)		2,403,934
	68,615	Suncor Energy, Inc. (Energy)		1,102,200
	44,701	TC Energy Corp. (Energy)		2,092,416
	44,538	TELUS Corp. (Communication Services)		821,062
	17,046	Thomson Reuters Corp. (Industrials)		1,304,468
	12,633	TMX Group Ltd. (Financials)		1,329,473
	150,434	Toronto-Dominion Bank (The) (Financials)		7,512,752
	94,275	WSP Global, Inc. (Industrials)		6,402,698
	123,423	Yamana Gold, Inc. (Materials)		765,385
				160,098,902
China – 0.6%
	1,377	BeiGene Ltd. ADR (Health Care)*		332,642
	650,134	BOC Hong Kong Holdings Ltd. (Financials)		1,845,506
	206,094	Microport Scientific Corp. (Health Care)		937,377
	20,415	Prosus NV (Consumer Discretionary)*		2,046,981
	1,268,509	Wilmar International Ltd. (Consumer Staples)		4,067,887
	574,743	Yangzijiang Shipbuilding Holdings Ltd. (Industrials)		386,798
				9,617,191
Denmark – 2.8%
	14,888	Ambu A/S, Class B (Health Care)		438,653
	3,290	AP Moller – Maersk A/S, Class A (Industrials)		4,693,469
	3,353	AP Moller – Maersk A/S, Class B (Industrials)(a)		5,151,790
	19,167	Carlsberg AS, Class B (Consumer Staples)		2,699,235
	6,063	Chr Hansen Holding A/S (Materials)		697,601
	33,122	Coloplast A/S, Class B (Health Care)		5,632,387

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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Schedule of Investments (continued)

August 31, 2020

Shares		Description	Value
Common Stocks – (continued)
Denmark – (continued)
	91,620	Danske Bank A/S (Financials)*	$	1,420,962
	38,171	Demant A/S (Health Care)*		1,141,822
	18,569	DSV PANALPINA A/S (Industrials)		2,909,754
	4,706	Genmab A/S (Health Care)*		1,781,198
	4,991	GN Store Nord A/S (Health Care)		362,339
	15,648	H Lundbeck A/S (Health Care)		514,842
	182,408	Novo Nordisk A/S, Class B (Health Care)		12,107,004
	17,630	Novozymes A/S, Class B (Materials)		1,045,397
	21,781	Orsted A/S (Utilities)(b)		3,088,352
	31,857	Pandora A/S (Consumer Discretionary)		2,331,705
	28,919	Tryg A/S (Financials)		889,687
	10,994	Vestas Wind Systems A/S (Industrials)		1,675,068
				48,581,265
Finland – 0.8%
	18,748	Elisa OYJ (Communication Services)		1,105,165
	85,821	Fortum OYJ (Utilities)		1,818,226
	26,700	Kone OYJ, Class B (Industrials)		2,293,986
	37,391	Neste OYJ (Energy)		2,003,804
	147,787	Nokia OYJ (Information Technology)*		719,798
	94,373	Nordea Bank Abp (Financials)*		761,882
	88,571	Orion OYJ, Class B (Health Care)		4,165,031
	20,989	UPM-Kymmene OYJ (Materials)		637,837
				13,505,729
France – 10.5%
	18,332	Accor SA (Consumer Discretionary)*		564,328
	19,215	Adevinta ASA (Communication Services)*		360,918
	28,934	Air Liquide SA (Materials)		4,811,635
	6,635	Airbus SE (Industrials)*		546,254
	17,127	Alstom SA (Industrials)*		955,329
	17,672	Arkema SA (Materials)		1,963,426
	79,255	Atos SE (Information Technology)*		6,871,917
	105,474	AXA SA (Financials)		2,153,995
	22,356	BioMerieux (Health Care)		3,395,557
	106,027	BNP Paribas SA (Financials)*		4,636,553
	832,293	Bollore SA (Communication Services)		3,133,460
	61,323	Bouygues SA (Industrials)*		2,438,531
	36,111	Bureau Veritas SA (Industrials)*		820,337
	34,039	Capgemini SE (Information Technology)		4,722,239
	226,378	Carrefour SA (Consumer Staples)		3,644,119
	95,997	Cie de Saint-Gobain (Industrials)*		3,901,164
	10,299	Cie Generale des Etablissements Michelin (Consumer Discretionary)		1,165,443
	146,669	CNP Assurances (Financials)*		1,968,088
	256,597	Credit Agricole SA (Financials)*		2,635,462
	75,101	Danone SA (Consumer Staples)		4,948,921
	14,841	Dassault Systemes (Information Technology)		2,801,696
	23,973	Edenred (Information Technology)		1,240,573
Common Stocks – (continued)
France – (continued)
	33,588	Eiffage SA (Industrials)*		3,101,895
	73,774	Electricite de France SA (Utilities)		776,601
	210,696	Engie SA (Utilities)*		2,936,850
	23,690	EssilorLuxottica SA (Consumer Discretionary)*		3,176,025
	2,842	Gecina SA REIT (Real Estate)		391,552
	34,423	Getlink SE (Industrials)*		528,600
	8,235	Hermes International (Consumer Discretionary)		7,085,121
	9,789	ICADE REIT (Real Estate)		635,113
	3,434	Iliad SA (Communication Services)		735,134
	8,965	Ingenico Group SA (Information Technology)*		1,524,625
	61,551	Ipsen SA (Health Care)		6,389,517
	6,165	Kering (Consumer Discretionary)		3,794,164
	97,565	La Francaise des Jeux SAEM (Consumer Discretionary)(b)		3,627,672
	25,034	Legrand SA (Industrials)		2,092,766
	34,176	L’Oreal SA (Consumer Staples)		11,317,680
	27,587	LVMH Moet Hennessy Louis Vuitton SE (Consumer Discretionary)		12,959,527
	475,339	Natixis SA (Financials)*		1,310,351
	88,522	Orange SA (Communication Services)		987,748
	14,697	Pernod Ricard SA (Consumer Staples)		2,522,283
	24,233	Peugeot SA (Consumer Discretionary)*		416,464
	78,123	Publicis Groupe SA (Communication Services)*		2,744,076
	6,715	Remy Cointreau SA (Consumer Staples)(a)		1,107,448
	18,597	Safran SA (Industrials)*		2,157,831
	103,470	Sanofi (Health Care)		10,502,238
	9,370	Sartorius Stedim Biotech (Health Care)		3,359,576
	42,610	Schneider Electric SE (Industrials)		5,287,043
	22,058	SEB SA (Consumer Discretionary)		3,880,539
	11,517	Sodexo SA (Consumer Discretionary)		825,875
	201,413	Suez SA (Utilities)		3,493,964
	8,446	Teleperformance (Industrials)		2,610,098
	7,126	Thales SA (Industrials)		558,214
	185,215	TOTAL SE (Energy)		7,331,914
	38,959	Ubisoft Entertainment SA (Communication Services)*		3,213,056
	99,286	Veolia Environnement SA (Utilities)		2,398,571
	39,336	Vinci SA (Industrials)		3,696,710
	52,459	Vivendi SA (Communication Services)		1,493,173
	4,057	Wendel SE (Financials)		417,027
	23,799	Worldline SA (Information Technology)*(b)		2,192,176
				183,259,162
Germany – 8.0%
	27,734	adidas AG (Consumer Discretionary)*		8,444,698
	32,606	Allianz SE (Financials)		7,078,402
	30,066	BASF SE (Materials)		1,835,987

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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Shares		Description	Value
Common Stocks – (continued)
Germany – (continued)
	80,432	Bayer AG (Health Care)	$	5,342,542
	8,242	Bayerische Motoren Werke AG (Consumer Discretionary)		592,900
	38,904	Beiersdorf AG (Consumer Staples)		4,503,839
	36,910	Brenntag AG (Industrials)		2,315,717
	4,947	Carl Zeiss Meditec AG (Health Care)		558,505
	6,096	Continental AG (Consumer Discretionary)		664,895
	21,880	Covestro AG (Materials)(b)		1,043,032
	49,771	Daimler AG (Consumer Discretionary)		2,538,386
	9,079	Delivery Hero SE (Consumer Discretionary)*(b)		977,440
	40,202	Deutsche Bank AG (Financials)*		385,839
	28,085	Deutsche Boerse AG (Financials)		5,320,382
	93,426	Deutsche Lufthansa AG (Industrials)*(a)		975,428
	178,246	Deutsche Post AG (Industrials)		8,126,170
	240,232	Deutsche Telekom AG (Communication Services)		4,237,757
	33,801	Deutsche Wohnen SE (Real Estate)		1,804,542
	179,120	E.ON SE (Utilities)		2,122,907
	21,673	Evonik Industries AG (Materials)		629,852
	37,536	Fresenius Medical Care AG & Co. KGaA (Health Care)		3,189,969
	91,975	Fresenius SE & Co. KGaA (Health Care)		4,267,905
	14,457	GEA Group AG (Industrials)		528,378
	10,942	Hannover Rueck SE (Financials)		1,866,077
	49,092	HeidelbergCement AG (Materials)		3,124,631
	15,946	Henkel AG & Co. KGaA (Consumer Staples)		1,435,065
	10,773	HOCHTIEF AG (Industrials)		957,279
	41,731	Infineon Technologies AG (Information Technology)		1,155,874
	15,798	KION Group AG (Industrials)		1,338,802
	21,992	Knorr-Bremse AG (Industrials)		2,800,567
	4,808	LEG Immobilien AG (Real Estate)		708,761
	29,497	Merck KGaA (Health Care)		4,009,226
	257,381	METRO AG (Consumer Staples)		2,552,401
	5,196	MTU Aero Engines AG (Industrials)		964,748
	7,834	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Financials)		2,264,506
	31,514	Nemetschek SE (Information Technology)		2,510,100
	52,588	Puma SE (Consumer Discretionary)*		4,350,913
	83,205	RWE AG (Utilities)		3,313,652
	81,231	SAP SE (Information Technology)		13,410,345
	20,651	Scout24 AG (Communication Services)(b)		1,925,176
	49,346	Siemens AG (Industrials)		6,825,718
	17,052	Siemens Healthineers AG (Health Care)(b)		776,987
	14,374	Symrise AG (Materials)		1,986,373
Common Stocks – (continued)
Germany – (continued)
	196,771	Telefonica Deutschland Holding AG (Communication Services)		545,021
	117,987	Uniper SE (Utilities)		3,871,965
	18,124	United Internet AG (Communication Services)		891,726
	2,066	Volkswagen AG (Consumer Discretionary)*		371,119
	35,955	Vonovia SE (Real Estate)		2,580,024
	62,076	Zalando SE (Consumer Discretionary)*(b)		5,429,901
				139,452,429
Hong Kong – 2.2%
	760,412	AIA Group Ltd. (Financials)		7,829,639
	73,978	ASM Pacific Technology Ltd. (Information Technology)		795,606
	371,935	Bank of East Asia Ltd. (The) (Financials)		838,877
	449,050	CK Asset Holdings Ltd. (Real Estate)		2,439,308
	85,856	CLP Holdings Ltd. (Utilities)		843,588
	619,564	Dairy Farm International Holdings Ltd. (Consumer Staples)		2,589,778
	191,096	Hang Lung Properties Ltd. (Real Estate)		538,757
	87,603	Hang Seng Bank Ltd. (Financials)		1,377,884
	94,491	Henderson Land Development Co. Ltd. (Real Estate)		372,470
	847,369	HK Electric Investments & HK Electric Investments Ltd. (Utilities)		862,660
	740,934	HKT Trust & HKT Ltd. (Communication Services)		1,059,276
	547,455	Hong Kong & China Gas Co. Ltd. (Utilities)		796,797
	138,399	Hong Kong Exchanges & Clearing Ltd. (Financials)		6,985,889
	14,848	Jardine Matheson Holdings Ltd. (Industrials)		623,616
	29,058	Jardine Strategic Holdings Ltd. (Industrials)		582,904
	81,102	Link REIT (Real Estate)		645,664
	126,678	MTR Corp. Ltd. (Industrials)		659,530
	1,917,198	PCCW Ltd. (Communication Services)		1,202,245
	122,262	Power Assets Holdings Ltd. (Utilities)		700,429
	43,955	Sun Hung Kai Properties Ltd. (Real Estate)		590,971
	295,754	Swire Pacific Ltd., Class A (Real Estate)		1,610,397
	234,344	Techtronic Industries Co. Ltd. (Industrials)		2,975,355
	1,809,481	WH Group Ltd. (Consumer Staples)(b)		1,561,960
				38,483,600

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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Schedule of Investments (continued)

August 31, 2020

Shares		Description	Value
Common Stocks – (continued)
Ireland – 0.5%
	55,994	CRH PLC (Materials)	$	2,075,948
	7,956	Flutter Entertainment PLC (Consumer Discretionary)		1,344,467
	15,548	Kerry Group PLC, Class A (Consumer Staples)		2,045,410
	10,524	Kingspan Group PLC (Industrials)		905,576
	58,887	Smurfit Kappa Group PLC (Materials)		2,090,242
				8,461,643
Israel – 0.9%
	118,986	Bank Hapoalim BM (Financials)		722,063
	123,886	Bank Leumi Le-Israel BM (Financials)		635,739
	12,870	Check Point Software Technologies Ltd. (Information Technology)*		1,624,966
	3,331	Elbit Systems Ltd. (Industrials)		450,197
	141,684	Israel Discount Bank Ltd., Class A (Financials)		454,843
	17,035	Nice Ltd. (Information Technology)*		3,903,298
	580,430	Teva Pharmaceutical Industries Ltd. ADR (Health Care)*		5,728,844
	8,777	Wix.com Ltd. (Information Technology)*		2,585,968
				16,105,918
Italy – 2.1%
	93,442	Assicurazioni Generali SpA (Financials)		1,453,335
	50,485	Atlantia SpA (Industrials)*		804,833
	87,516	Davide Campari-Milano NV (Consumer Staples)		899,280
	8,577	DiaSorin SpA (Health Care)		1,554,037
	561,797	Enel SpA (Utilities)		5,098,908
	46,722	Eni SpA (Energy)		435,842
	19,295	Ferrari NV (Consumer Discretionary)		3,765,981
	116,138	FinecoBank Banca Fineco SpA (Financials)*		1,763,970
	73,204	Infrastrutture Wireless Italiane SpA (Communication Services)(b)		714,832
	1,081,259	Intesa Sanpaolo SpA (Financials)*		2,334,362
	97,221	Moncler SpA (Consumer Discretionary)*		3,773,010
	36,761	Nexi SpA (Information Technology)*(b)		655,728
	203,327	Poste Italiane SpA (Financials)(b)		1,869,970
	47,771	Prysmian SpA (Industrials)		1,339,168
	51,046	Recordati Industria Chimica e Farmaceutica SpA (Health Care)		2,788,085
	345,047	Snam SpA (Utilities)		1,770,308
	5,353,422	Telecom Italia SpA (Communication Services)		2,553,288
	4,195,609	Telecom Italia SpA-RSP (Communication Services)		1,986,022
Common Stocks – (continued)
Italy – (continued)
	227,665	Terna Rete Elettrica Nazionale SpA (Utilities)		1,649,449
				37,210,408
Japan – 21.9%
	18,819	ABC-Mart, Inc. (Consumer Discretionary)(a)		990,240
	36,407	Advantest Corp. (Information Technology)		1,740,615
	72,189	Aeon Co. Ltd. (Consumer Staples)		1,789,664
	43,060	Aeon Mall Co. Ltd. (Real Estate)		569,694
	27,596	Ajinomoto Co., Inc. (Consumer Staples)		514,213
	50,499	Asahi Group Holdings Ltd. (Consumer Staples)		1,768,144
	19,761	Asahi Intecc Co. Ltd. (Health Care)		586,056
	306,760	Astellas Pharma, Inc. (Health Care)		4,814,956
	41,921	Bandai Namco Holdings, Inc. (Consumer Discretionary)		2,603,929
	31,120	Benesse Holdings, Inc. (Consumer Discretionary)		792,636
	48,903	Bridgestone Corp. (Consumer Discretionary)		1,549,936
	133,556	Brother Industries Ltd. (Information Technology)		2,210,295
	91,491	Calbee, Inc. (Consumer Staples)		2,851,410
	91,290	Canon, Inc. (Information Technology)		1,577,097
	35,841	Casio Computer Co. Ltd. (Consumer Discretionary)		577,606
	11,074	Central Japan Railway Co. (Industrials)		1,659,351
	42,988	Chubu Electric Power Co., Inc. (Utilities)		530,839
	60,220	Chugai Pharmaceutical Co. Ltd. (Health Care)		2,680,924
	66,368	Chugoku Electric Power Co., Inc. (The) (Utilities)		808,595
	56,150	Coca-Cola Bottlers Japan Holdings, Inc. (Consumer Staples)		936,142
	6,648	Cosmos Pharmaceutical Corp. (Consumer Staples)		1,169,175
	42,546	CyberAgent, Inc. (Communication Services)		2,266,820
	21,529	Dai Nippon Printing Co. Ltd. (Industrials)		457,602
	12,047	Daifuku Co. Ltd. (Industrials)		1,059,913
	25,057	Dai-ichi Life Holdings, Inc. (Financials)		379,358
	49,951	Daiichi Sankyo Co. Ltd. (Health Care)		4,449,876
	17,069	Daikin Industries Ltd. (Industrials)		3,213,566
	28,293	Daito Trust Construction Co. Ltd. (Real Estate)		2,508,204
	18,296	Daiwa House Industry Co. Ltd. (Real Estate)		490,073

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)
	145	Daiwa House REIT Investment Corp. REIT (Real Estate)	$	378,754
	16,972	Denso Corp. (Consumer Discretionary)		713,322
	71,859	Dentsu Group, Inc. (Communication Services)		1,886,515
	1,697	Disco Corp. (Information Technology)		395,745
	10,760	East Japan Railway Co. (Industrials)		699,813
	28,307	Eisai Co. Ltd. (Health Care)		2,473,142
	789,757	ENEOS Holdings, Inc. (Energy)		3,095,129
	25,711	FamilyMart Co. Ltd. (Consumer Staples)		569,766
	2,098	FANUC Corp. (Industrials)		368,082
	5,386	Fast Retailing Co. Ltd. (Consumer Discretionary)(a)		3,213,976
	58,173	FUJIFILM Holdings Corp. (Information Technology)		2,768,079
	44,485	Fujitsu Ltd. (Information Technology)		5,797,376
	21,098	Fukuoka Financial Group, Inc. (Financials)		349,163
	213	GLP J REIT (Real Estate)		328,604
	4,202	GMO Payment Gateway, Inc. (Information Technology)		444,193
	55,353	Hakuhodo DY Holdings, Inc. (Communication Services)		689,009
	12,575	Hamamatsu Photonics KK (Information Technology)		572,750
	46,293	Hankyu Hanshin Holdings, Inc. (Industrials)		1,503,884
	1,519	Hikari Tsushin, Inc. (Consumer Discretionary)		366,984
	110,788	Hitachi Ltd. (Information Technology)		3,687,884
	22,696	Hitachi Metals Ltd. (Materials)		340,510
	175,571	Honda Motor Co. Ltd. (Consumer Discretionary)		4,518,207
	79,267	Hoya Corp. (Health Care)		7,785,052
	29,229	Idemitsu Kosan Co. Ltd. (Energy)		643,868
	91,970	Iida Group Holdings Co. Ltd. (Consumer Discretionary)		1,795,256
	265,567	Inpex Corp. (Energy)		1,687,388
	46,199	Ito En Ltd. (Consumer Staples)		2,792,546
	203,777	ITOCHU Corp. (Industrials)		5,233,501
	25,468	Itochu Techno-Solutions Corp. (Information Technology)		922,223
	49,301	Japan Exchange Group, Inc. (Financials)		1,277,563
	59,686	Japan Post Bank Co. Ltd. (Financials)		480,100
	207,497	Japan Post Holdings Co. Ltd. (Financials)		1,533,457
	93,395	Japan Post Insurance Co. Ltd. (Financials)		1,491,924
	51,618	Japan Tobacco, Inc. (Consumer Staples)		964,993
	51,180	JGC Holdings Corp. (Industrials)		565,154
	16,370	JSR Corp. (Materials)		348,873
Common Stocks – (continued)
Japan – (continued)
	96,618	Kakaku.com, Inc. (Communication Services)		2,575,690
	80,616	Kamigumi Co. Ltd. (Industrials)		1,664,850
	62,046	Kao Corp. (Consumer Staples)		4,721,101
	148,437	KDDI Corp. (Communication Services)		4,308,445
	13,351	Keihan Holdings Co. Ltd. (Industrials)		575,360
	7,177	Keio Corp. (Industrials)		433,821
	15,956	Keisei Electric Railway Co. Ltd. (Industrials)		469,449
	9,023	Keyence Corp. (Information Technology)		3,716,579
	40,548	Kikkoman Corp. (Consumer Staples)		2,202,428
	10,398	Kintetsu Group Holdings Co. Ltd. (Industrials)		456,926
	89,095	Kirin Holdings Co. Ltd. (Consumer Staples)		1,751,738
	10,596	Kobayashi Pharmaceutical Co. Ltd. (Consumer Staples)		943,243
	13,330	Kobe Bussan Co. Ltd. (Consumer Staples)		785,633
	16,204	Komatsu Ltd. (Industrials)		352,058
	29,292	Kose Corp. (Consumer Staples)		3,433,444
	26,291	Kubota Corp. (Industrials)		475,145
	15,338	Kyocera Corp. (Information Technology)		880,404
	25,030	Kyowa Kirin Co. Ltd. (Health Care)		647,199
	67,441	Kyushu Electric Power Co., Inc. (Utilities)		597,172
	21,290	Kyushu Railway Co. (Industrials)		469,386
	9,300	Lasertec Corp. (Information Technology)		701,589
	42,122	Lawson, Inc. (Consumer Staples)(a)		2,077,402
	49,553	LINE Corp. (Communication Services)*		2,523,327
	146,832	Lion Corp. (Consumer Staples)		3,109,856
	50,707	LIXIL Group Corp. (Industrials)		932,422
	34,992	M3, Inc. (Health Care)		2,026,035
	7,452	Makita Corp. (Industrials)		344,333
	365,482	Marubeni Corp. (Industrials)		2,204,369
	19,841	McDonald’s Holdings Co. Japan Ltd. (Consumer Discretionary)		972,919
	167,970	Mebuki Financial Group, Inc. (Financials)		407,075
	31,829	Medipal Holdings Corp. (Health Care)		608,396
	35,579	MEIJI Holdings Co. Ltd. (Consumer Staples)		2,871,953
	11,539	Mercari, Inc. (Consumer Discretionary)*		523,387
	86,945	MISUMI Group, Inc. (Industrials)		2,280,928
	356,989	Mitsubishi Chemical Holdings Corp. (Materials)		2,086,490
	143,769	Mitsubishi Corp. (Industrials)		3,406,286
	98,411	Mitsubishi Electric Corp. (Industrials)		1,357,681
	29,082	Mitsubishi Estate Co. Ltd. (Real Estate)		455,653

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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Schedule of Investments (continued)

August 31, 2020

Shares			Description	Value
Common Stocks – (continued)
Japan – (continued)
	19,386		Mitsubishi Gas Chemical Co., Inc. (Materials)	$	346,241
	66,298		Mitsubishi Heavy Industries Ltd. (Industrials)		1,646,431
	472,509		Mitsubishi UFJ Financial Group, Inc. (Financials)		1,971,665
	328,123		Mitsubishi UFJ Lease & Finance Co. Ltd. (Financials)		1,550,187
	75,193		Mitsui & Co. Ltd. (Industrials)		1,357,154
	23,058		Mitsui Chemicals, Inc. (Materials)		542,068
	11,217		Miura Co. Ltd. (Industrials)		459,067
	983,483		Mizuho Financial Group, Inc. (Financials)		1,333,631
	96,314		MonotaRO Co. Ltd. (Industrials)		3,805,513
	23,412		MS&AD Insurance Group Holdings, Inc. (Financials)		649,297
	35,940		Murata Manufacturing Co. Ltd. (Information Technology)		2,128,372
	28,168		Nagoya Railroad Co. Ltd. (Industrials)		785,979
	80,696		NEC Corp. (Information Technology)		4,253,766
	35,896		Nexon Co. Ltd. (Communication Services)		840,490
	17,387		NH Foods Ltd. (Consumer Staples)		787,822
	19,604		Nidec Corp. (Industrials)		1,647,331
	14,730		Nihon M&A Center, Inc. (Industrials)		733,409
	5,993		Nintendo Co. Ltd. (Communication Services)		3,206,590
	20,303		Nippon Paint Holdings Co. Ltd. (Materials)(a)		1,742,254
	471		Nippon Prologis REIT, Inc. REIT (Real Estate)		1,541,204
	239,636		Nippon Telegraph & Telephone Corp. (Communication Services)		5,449,406
	13,536		Nissan Chemical Corp. (Materials)		717,359
	10,986		Nissin Foods Holdings Co. Ltd. (Consumer Staples)		1,098,134
	28,085		Nitori Holdings Co. Ltd. (Consumer Discretionary)		5,874,160
	5,620		Nitto Denko Corp. (Materials)		341,297
	76,576	��	Nomura Holdings, Inc. (Financials)		393,188
	71,610		Nomura Real Estate Holdings, Inc. (Real Estate)		1,370,142
	37,684		Nomura Research Institute Ltd. (Information Technology)		1,001,756
	118,144		NTT Data Corp. (Information Technology)		1,350,281
	199,381		NTT DOCOMO, Inc. (Communication Services)		5,563,378
	120,886		Obayashi Corp. (Industrials)		1,182,128
	11,920		Obic Co. Ltd. (Information Technology)		2,112,092
	21,261		Odakyu Electric Railway Co. Ltd. (Industrials)		525,886
	202,088		Olympus Corp. (Health Care)		4,000,026
	41,420		Omron Corp. (Information Technology)		3,034,876
Common Stocks – (continued)
Japan – (continued)
	43,474		Ono Pharmaceutical Co. Ltd. (Health Care)		1,311,456
	7,477		Oracle Corp. Japan (Information Technology)		877,117
	6,388		Oriental Land Co. Ltd. (Consumer Discretionary)		866,833
	103,515		ORIX Corp. (Financials)		1,290,460
	36,669		Osaka Gas Co. Ltd. (Utilities)		716,817
	13,705		Otsuka Corp. (Information Technology)		672,035
	27,622		Otsuka Holdings Co. Ltd. (Health Care)		1,213,029
	30,718		Pan Pacific International Holdings Corp. (Consumer Discretionary)		721,567
	140,396		Panasonic Corp. (Consumer Discretionary)		1,294,670
	110,829		Persol Holdings Co. Ltd. (Industrials)		1,729,662
	39,085		Pigeon Corp. (Consumer Staples)		1,785,721
	126,261		Pola Orbis Holdings, Inc. (Consumer Staples)		2,287,212
	178,657		Recruit Holdings Co. Ltd. (Industrials)		6,782,716
	265,469		Renesas Electronics Corp. (Information Technology)*		1,669,742
	197,184		Resona Holdings, Inc. (Financials)		725,180
	72,046		Ricoh Co. Ltd. (Information Technology)(a)		538,757
	5,578		Rinnai Corp. (Consumer Discretionary)		516,009
	128,973		Ryohin Keikaku Co. Ltd. (Consumer Discretionary)		2,018,909
	18,127		Santen Pharmaceutical Co. Ltd. (Health Care)		345,463
	10,113		Secom Co. Ltd. (Industrials)		956,036
	51,069		Sekisui Chemical Co. Ltd. (Consumer Discretionary)		817,239
	173,615		Sekisui House Ltd. (Consumer Discretionary)(a)		3,431,534
	71,580		Seven & i Holdings Co. Ltd. (Consumer Staples)		2,317,263
	13,182		SG Holdings Co. Ltd. (Industrials)		605,990
	35,015		Shimadzu Corp. (Information Technology)		1,045,051
	11,829		Shimamura Co. Ltd. (Consumer Discretionary)		976,036
	4,703		Shimano, Inc. (Consumer Discretionary)		995,637
	13,856		Shin-Etsu Chemical Co. Ltd. (Materials)		1,683,574
	42,883		Shinsei Bank Ltd. (Financials)		501,033
	29,395		Shionogi & Co. Ltd. (Health Care)		1,630,730
	90,936		Shiseido Co. Ltd. (Consumer Staples)		5,291,773
	55,248		Shizuoka Bank Ltd. (The) (Financials)		383,967
	2,974		SMC Corp. (Industrials)		1,633,604
	97,110		SoftBank Corp. (Communication Services)(a)		1,275,173
	69,382		SoftBank Group Corp. (Communication Services)		4,316,870

52 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)
	10,621	Sompo Holdings, Inc. (Financials)	$	398,619
	86,697	Sony Corp. (Consumer Discretionary)		6,793,016
	16,481	Square Enix Holdings Co. Ltd. (Communication Services)		1,086,352
	27,868	SUMCO Corp. (Information Technology)		377,898
	150,081	Sumitomo Corp. (Industrials)		1,945,272
	95,728	Sumitomo Dainippon Pharma Co. Ltd. (Health Care)		1,211,438
	36,437	Sumitomo Electric Industries Ltd. (Consumer Discretionary)		429,156
	99,494	Sumitomo Mitsui Financial Group, Inc. (Financials)		2,925,383
	28,048	Sumitomo Mitsui Trust Holdings, Inc. (Financials)		812,253
	306,650	Sumitomo Rubber Industries Ltd. (Consumer Discretionary)		2,952,423
	57,150	Sundrug Co. Ltd. (Consumer Staples)		2,126,048
	45,298	Suntory Beverage & Food Ltd. (Consumer Staples)		1,747,077
	10,335	Suzuken Co. Ltd. (Health Care)		383,987
	41,383	Sysmex Corp. (Health Care)		3,612,452
	34,024	T&D Holdings, Inc. (Financials)		356,138
	14,795	Taiheiyo Cement Corp. (Materials)		376,136
	18,949	Taisho Pharmaceutical Holdings Co. Ltd. (Health Care)		1,165,048
	101,621	Takeda Pharmaceutical Co. Ltd. (Health Care)		3,793,838
	6,725	TDK Corp. (Information Technology)		698,215
	35,009	Teijin Ltd. (Materials)		549,342
	39,434	Terumo Corp. (Health Care)		1,602,721
	16,037	Tobu Railway Co. Ltd. (Industrials)		500,565
	17,360	Toho Co. Ltd. (Communication Services)		659,727
	16,151	Toho Gas Co. Ltd. (Utilities)		711,256
	137,935	Tohoku Electric Power Co., Inc. (Utilities)		1,398,275
	36,165	Tokio Marine Holdings, Inc. (Financials)		1,667,659
	6,586	Tokyo Century Corp. (Financials)		337,855
	16,704	Tokyo Electron Ltd. (Information Technology)		4,276,615
	38,737	Tokyo Gas Co. Ltd. (Utilities)		860,802
	39,718	Tokyu Corp. (Industrials)		531,096
	26,212	Toppan Printing Co. Ltd. (Industrials)		407,349
	267,807	Toray Industries, Inc. (Materials)		1,272,049
	21,065	Toshiba Corp. (Industrials)		606,852
	15,739	TOTO Ltd. (Industrials)		690,886
	18,618	Toyo Suisan Kaisha Ltd. (Consumer Staples)		1,056,913
	106,970	Toyota Motor Corp. (Consumer Discretionary)		7,067,111
	53,665	Toyota Tsusho Corp. (Industrials)		1,563,722
	11,735	Trend Micro, Inc. (Information Technology)		725,933
Common Stocks – (continued)
Japan – (continued)
	18,360	Tsuruha Holdings, Inc. (Consumer Staples)		2,451,578
	34,544	Unicharm Corp. (Consumer Staples)		1,503,004
	29,928	USS Co. Ltd. (Consumer Discretionary)		505,456
	199,824	Welcia Holdings Co. Ltd. (Consumer Staples)		8,545,446
	9,296	West Japan Railway Co. (Industrials)		488,359
	11,539	Yakult Honsha Co. Ltd. (Consumer Staples)		658,314
	443,225	Yamada Denki Co. Ltd. (Consumer Discretionary)		2,378,189
	9,492	Yamaha Corp. (Consumer Discretionary)		462,762
	63,913	Yamato Holdings Co. Ltd. (Industrials)		1,670,676
	199,484	Yamazaki Baking Co. Ltd. (Consumer Staples)(a)		3,246,823
	42,212	Yokogawa Electric Corp. (Information Technology)		689,833
	140,366	Yokohama Rubber Co. Ltd. (The) (Consumer Discretionary)		2,198,575
	142,180	Z Holdings Corp. (Communication Services)		945,230
	165,394	ZOZO, Inc. (Consumer Discretionary)		4,654,021
				381,223,074
Jordan – 0.1%
	40,477	Hikma Pharmaceuticals PLC (Health Care)		1,285,003
Luxembourg – 0.4%
	419,007	ArcelorMittal (Materials)*		5,312,786
	1,059	Eurofins Scientific SE (Health Care)*		850,589
	151,916	SES SA (Communication Services)		1,081,020
				7,244,395
Macau – 0.0%
	651,424	SJM Holdings Ltd. (Consumer Discretionary)		896,006
Netherlands – 3.4%
	1,342	Adyen NV (Information Technology)*(b)		2,267,816
	691,796	Aegon NV (Financials)		1,930,216
	12,966	Akzo Nobel NV (Materials)		1,286,125
	127,915	Altice Europe NV (Communication Services)*		567,250
	2,518	Argenx SE (Health Care)*		583,309
	24,456	ASML Holding NV (Information Technology)		9,192,699
	43,727	EXOR NV (Financials)		2,583,389
	16,729	Heineken Holding NV (Consumer Staples)		1,373,484
	14,772	Heineken NV (Consumer Staples)		1,370,220
	248,888	ING Groep NV (Financials)*		2,025,263

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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Schedule of Investments (continued)

August 31, 2020

Shares		Description	Value
Common Stocks – (continued)
Netherlands – (continued)
	263,981	Koninklijke Ahold Delhaize NV (Consumer Staples)	$	7,962,161
	15,896	Koninklijke DSM NV (Materials)		2,556,006
	254,380	Koninklijke KPN NV (Communication Services)		668,384
	112,104	Koninklijke Philips NV (Health Care)*		5,313,898
	22,970	Koninklijke Vopak NV (Energy)		1,264,215
	69,212	NN Group NV (Financials)		2,611,524
	53,848	Randstad NV (Industrials)		2,812,328
	279,270	Royal Dutch Shell PLC, Class A (Energy)		4,138,641
	267,108	Royal Dutch Shell PLC, Class B (Energy)		3,801,758
	59,407	Wolters Kluwer NV (Industrials)		4,888,091
				59,196,777
New Zealand – 0.5%
	144,346	a2 Milk Co. Ltd. (The) (Consumer Staples)*		1,813,704
	137,817	Fisher & Paykel Healthcare Corp. Ltd. (Health Care)		3,432,596
	174,357	Mercury NZ Ltd. (Utilities)		611,630
	310,776	Meridian Energy Ltd. (Utilities)		1,067,072
	309,800	Spark New Zealand Ltd. (Communication Services)		1,011,372
				7,936,374
Norway – 0.8%
	31,731	DNB ASA (Financials)*		512,640
	28,011	Equinor ASA (Energy)		457,059
	134,210	Gjensidige Forsikring ASA (Financials)*		2,878,138
	35,678	Mowi ASA (Consumer Staples)		702,418
	828,867	Norsk Hydro ASA (Materials)*		2,663,874
	80,741	Orkla ASA (Consumer Staples)		827,321
	94,661	Schibsted ASA, Class B (Communication Services)*		3,776,405
	55,773	Telenor ASA (Communication Services)		913,268
	9,942	Yara International ASA (Materials)		419,310
				13,150,433
Portugal – 0.3%
	557,591	EDP – Energias de Portugal SA (Utilities)		2,828,783
	33,445	Galp Energia SGPS SA (Energy)		358,867
	176,004	Jeronimo Martins SGPS SA (Consumer Staples)		2,895,319
				6,082,969
Russia – 0.1%
	301,639	Evraz PLC (Materials)		1,309,377
Singapore – 1.1%
	394,959	Ascendas Real Estate Investment Trust REIT (Real Estate)		964,448
Common Stocks – (continued)
Singapore – (continued)
	225,927	DBS Group Holdings Ltd. (Financials)		3,468,003
	220,445	Jardine Cycle & Carriage Ltd. (Consumer Discretionary)		3,072,545
	394,343	Mapletree Logistics Trust REIT (Real Estate)		600,390
	516,116	Oversea-Chinese Banking Corp. Ltd. (Financials)		3,291,208
	780,138	Singapore Exchange Ltd. (Financials)		4,940,415
	271,806	Singapore Telecommunications Ltd. (Communication Services)		459,807
	145,896	United Overseas Bank Ltd. (Financials)		2,098,945
	23,406	Venture Corp. Ltd. (Information Technology)		341,725
				19,237,486
South Africa – 0.1%
	81,923	Anglo American PLC (Materials)		2,010,193
Spain – 1.8%
	197,543	ACS Actividades de Construccion y Servicios SA (Industrials)		4,847,884
	2,591	Aena SME SA (Industrials)*(b)		387,648
	52,850	Amadeus IT Group SA (Information Technology)		2,964,993
	228,013	Banco Santander SA (Financials)		507,971
	23,607	Cellnex Telecom SA (Communication Services)*(b)		1,515,537
	57,637	Enagas SA (Utilities)		1,412,396
	56,992	Endesa SA (Utilities)		1,583,348
	47,300	Ferrovial SA (Industrials)		1,266,002
	36,015	Grifols SA (Health Care)		978,169
	517,070	Iberdrola SA (Utilities)		6,524,016
	172,473	Industria de Diseno Textil SA (Consumer Discretionary)		4,857,639
	622,953	Mapfre SA (Financials)		1,183,093
	55,775	Naturgy Energy Group SA (Utilities)		1,077,939
	40,341	Red Electrica Corp. SA (Utilities)		773,140
	61,201	Repsol SA (Energy)		484,686
	21,396	Siemens Gamesa Renewable Energy SA (Industrials)		574,207
	204,039	Telefonica SA (Communication Services)		807,952
				31,746,620
Sweden – 2.9%
	64,570	Assa Abloy AB, Class B (Industrials)		1,497,284
	72,541	Atlas Copco AB, Class A (Industrials)		3,363,399
	34,993	Atlas Copco AB, Class B (Industrials)		1,409,060
	37,349	Electrolux AB, Series B (Consumer Discretionary)		811,506
	72,555	Epiroc AB, Class A (Industrials)		1,083,074
	31,619	Epiroc AB, Class B (Industrials)		455,866
	46,902	Essity AB, Class B (Consumer Staples)*		1,618,332
	55,513	Evolution Gaming Group AB (Consumer Discretionary)(b)		4,169,453

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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Shares		Description	Value
Common Stocks – (continued)
Sweden – (continued)
	244,698	Hennes & Mauritz AB, Class B (Consumer Discretionary)	$	3,912,354
	12,367	Hexagon AB, Class B (Information Technology)*		898,172
	123,498	Husqvarna AB, Class B (Consumer Discretionary)		1,345,671
	22,944	ICA Gruppen AB (Consumer Staples)		1,128,452
	29,796	Industrivarden AB, Class C (Financials)*		787,310
	40,931	Investment AB Latour, Class B (Industrials)		915,436
	38,785	Investor AB, Class B (Financials)		2,479,556
	28,577	Kinnevik AB, Class B (Financials)		1,106,806
	24,034	Kinnevik AB, Class B (Financials)*		19,367
	23,835	L E Lundbergforetagen AB, Class B (Financials)*		1,091,580
	35,432	Nibe Industrier AB, Class B (Industrials)*		998,264
	95,878	Sandvik AB (Industrials)*		1,887,557
	126,134	Securitas AB, Class B (Industrials)*		1,800,253
	105,593	Skandinaviska Enskilda Banken AB, Class A (Financials)*		1,049,692
	153,031	Skanska AB, Class B (Industrials)*		3,126,286
	45,017	SKF AB, Class B (Industrials)		900,867
	41,360	Svenska Cellulosa AB SCA, Class B (Materials)*		534,446
	77,003	Svenska Handelsbanken AB, Class A (Financials)*		776,909
	20,882	Swedbank AB, Class A (Financials)*		354,984
	63,976	Swedish Match AB (Consumer Staples)		4,870,363
	65,857	Tele2 AB, Class B (Communication Services)		935,747
	284,422	Telefonaktiebolaget LM Ericsson, Class B (Information Technology)		3,305,910
	225,870	Telia Co. AB (Communication Services)		872,322
	53,970	Volvo AB, Class B (Industrials)*		1,034,353
				50,540,631
Switzerland – 9.0%
	101,707	ABB Ltd. (Industrials)		2,594,491
	33,288	Adecco Group AG (Industrials)		1,747,116
	18,062	Alcon, Inc. (Health Care)*		1,030,223
	5,090	Baloise Holding AG (Financials)		794,209
	11,586	Banque Cantonale Vaudoise (Financials)		1,241,656
	508	Barry Callebaut AG (Consumer Staples)		1,128,325
	258	Chocoladefabriken Lindt & Spruengli AG (Consumer Staples)		2,204,798
	25,687	Cie Financiere Richemont SA (Consumer Discretionary)		1,704,764
	19,973	Clariant AG (Materials)		417,005
	59,606	Coca-Cola HBC AG (Consumer Staples)*		1,591,400
Common Stocks – (continued)
Switzerland – (continued)
	200,487	Credit Suisse Group AG (Financials)		2,211,825
	1,601	EMS-Chemie Holding AG (Materials)(a)		1,448,181
	2,984	Geberit AG (Industrials)		1,725,216
	804	Givaudan SA (Materials)		3,384,041
	34,936	Kuehne + Nagel International AG (Industrials)*		6,791,656
	49,901	LafargeHolcim Ltd. (Materials)*		2,377,426
	32,230	Logitech International SA (Information Technology)		2,391,703
	4,936	Lonza Group AG (Health Care)		3,071,947
	291,018	Nestle SA (Consumer Staples)		35,085,695
	193,123	Novartis AG (Health Care)		16,737,541
	7,025	Partners Group Holding AG (Financials)		7,160,359
	72,154	Roche Holding AG (Health Care)		25,297,371
	4,259	Schindler Holding AG (Industrials)		1,124,760
	5,796	Schindler Holding AG Participation Certificates (Industrials)		1,551,908
	1,643	SGS SA (Industrials)		4,266,016
	9,398	Sika AG (Materials)		2,260,655
	13,978	Sonova Holding AG (Health Care)*		3,276,979
	170,395	STMicroelectronics NV (Information Technology)		5,137,394
	4,844	Straumann Holding AG (Health Care)		4,781,328
	8,252	Swatch Group AG (The) – Bearer (Consumer Discretionary)		1,750,383
	33,369	Swatch Group AG (The) – Registered (Consumer Discretionary)		1,320,752
	1,738	Swiss Life Holding AG (Financials)		704,117
	11,850	Swiss Prime Site AG (Real Estate)		1,070,573
	7,337	Swiss Re AG (Financials)		591,882
	2,190	Swisscom AG (Communication Services)		1,216,059
	2,836	Temenos AG (Information Technology)		459,202
	174,028	UBS Group AG (Financials)		2,123,047
	8,952	Zurich Insurance Group AG (Financials)		3,320,526
				157,092,529
United Kingdom – 11.1%
	205,880	Admiral Group PLC (Financials)		7,269,233
	22,567	Ashtead Group PLC (Industrials)		787,129
	85,779	Associated British Foods PLC (Consumer Staples)		2,349,908
	104,414	AstraZeneca PLC (Health Care)		11,659,746
	841,011	Auto Trader Group PLC (Communication Services)(b)		6,342,035
	15,673	AVEVA Group PLC (Information Technology)		1,064,377
	780,944	Aviva PLC (Financials)		2,956,038
	202,071	BAE Systems PLC (Industrials)		1,405,845
	509,708	Barclays PLC (Financials)*		764,097
	98,050	Barratt Developments PLC (Consumer Discretionary)		689,504

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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Schedule of Investments (continued)

August 31, 2020

Shares		Description	Value
Common Stocks – (continued)
United Kingdom – (continued)
	41,539	Berkeley Group Holdings PLC (Consumer Discretionary)	$	2,535,654
	546,790	BP PLC (Energy)		1,934,273
	203,605	British American Tobacco PLC (Consumer Staples)		6,904,022
	102,613	British Land Co. PLC (The) REIT (Real Estate)		502,449
	361,816	BT Group PLC (Communication Services)		506,980
	42,958	Bunzl PLC (Industrials)		1,393,101
	219,872	Burberry Group PLC (Consumer Discretionary)		4,252,573
	345,829	CK Hutchison Holdings Ltd. (Industrials)		2,264,578
	43,591	Coca-Cola European Partners PLC (Consumer Staples)		1,794,206
	164,399	Compass Group PLC (Consumer Discretionary)		2,686,589
	28,815	Croda International PLC (Materials)		2,276,328
	10,620	DCC PLC (Industrials)		942,478
	127,193	Diageo PLC (Consumer Staples)		4,273,805
	156,365	Direct Line Insurance Group PLC (Financials)		617,417
	107,355	Experian PLC (Industrials)		4,010,428
	454,917	GlaxoSmithKline PLC (Health Care)		8,966,114
	128,719	GVC Holdings PLC (Consumer Discretionary)*		1,386,025
	59,730	Halma PLC (Information Technology)		1,773,856
	243,108	Hargreaves Lansdown PLC (Financials)		5,261,859
	524,979	HSBC Holdings PLC (Financials)		2,320,692
	146,369	Imperial Brands PLC (Consumer Staples)		2,455,639
	16,288	Intertek Group PLC (Industrials)		1,281,486
	2,069,525	J Sainsbury PLC (Consumer Staples)		5,093,080
	449,102	JD Sports Fashion PLC (Consumer Discretionary)		4,364,417
	17,502	Johnson Matthey PLC (Materials)		556,565
	622,153	Kingfisher PLC (Consumer Discretionary)		2,251,684
	66,409	Land Securities Group PLC REIT (Real Estate)		514,037
	980,850	Legal & General Group PLC (Financials)		2,853,820
	1,145,219	Lloyds Banking Group PLC (Financials)*		434,716
	37,173	London Stock Exchange Group PLC (Financials)		4,380,005
	1,369,415	M&G PLC (Financials)		3,172,090
	265,902	Melrose Industries PLC (Industrials)		362,438
	47,492	Mondi PLC (Materials)		929,041
	245,055	National Grid PLC (Utilities)		2,766,677
	52,627	Next PLC (Consumer Discretionary)		4,254,671
	92,671	Ocado Group PLC (Consumer Discretionary)*		3,098,323
Common Stocks – (continued)
United Kingdom – (continued)
	129,170	Pearson PLC (Communication Services)		967,494
	18,813	Persimmon PLC (Consumer Discretionary)		659,969
	98,587	Prudential PLC (Financials)		1,612,417
	42,191	Reckitt Benckiser Group PLC (Consumer Staples)		4,242,521
	158,071	RELX PLC (Industrials)		3,603,326
	187,179	Rentokil Initial PLC (Industrials)*		1,335,822
	129,696	Rolls-Royce Holdings PLC (Industrials)*		418,686
	95,884	RSA Insurance Group PLC (Financials)		576,829
	475,953	Sage Group PLC (The) (Information Technology)		4,719,675
	38,028	Schroders PLC (Financials)		1,475,591
	269,260	Segro PLC REIT (Real Estate)		3,435,088
	45,693	Severn Trent PLC (Utilities)		1,426,732
	134,742	Smith & Nephew PLC (Health Care)		2,744,980
	10,035	Spirax-Sarco Engineering PLC (Industrials)		1,376,555
	84,978	SSE PLC (Utilities)		1,432,506
	144,458	St James’s Place PLC (Financials)		1,895,149
	368,860	Standard Chartered PLC (Financials)*		1,938,005
	248,799	Standard Life Aberdeen PLC (Financials)		790,183
	1,158,677	Tesco PLC (Consumer Staples)		3,392,934
	142,810	Unilever NV (Consumer Staples)		8,285,202
	124,992	Unilever PLC (Consumer Staples)		7,464,167
	85,725	United Utilities Group PLC (Utilities)		954,064
	2,184,060	Vodafone Group PLC (Communication Services)		3,258,892
	800,324	Wm Morrison Supermarkets PLC (Consumer Staples)(a)		2,060,675
	277,147	WPP PLC (Communication Services)		2,395,731
				193,123,221
United States – 0.8%
	51,736	Bausch Health Cos., Inc. (Health Care)*		859,653
	3,468	CyberArk Software Ltd. (Information Technology)*		383,214
	78,089	Ferguson PLC (Industrials)		7,712,143
	47,689	James Hardie Industries PLC CDI (Materials)		1,087,324
	19,508	QIAGEN NV (Health Care)*		993,184
	470,997	Tenaris SA (Energy)		2,771,382
				13,806,900
Zambia – 0.0%
	37,709	First Quantum Minerals Ltd. (Materials)		373,632
	TOTAL COMMON STOCKS
	(Cost $1,590,481,007)		$	1,730,862,936

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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Shares		Description	Rate			Value
Preferred Stocks – 0.4%
Germany – 0.4%
	67,439	FUCHS PETROLUB SE (Materials)		2.45	%	$	3,195,500
	16,987	Henkel AG & Co. KGaA (Consumer Staples)		2.12			1,738,203
	5,151	Sartorius AG (Health Care)		0.10			2,186,921
	5,727	Volkswagen AG (Consumer Discretionary)*		0.00			954,369
	TOTAL PREFERRED STOCKS
	(Cost $7,131,474)					$	8,074,993
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $1,597,612,481)					$	1,738,937,929

Shares	Dividend Rate			Value
Securities Lending Reinvestment Vehicle – 1.4%(c)
Goldman Sachs Financial Square Government Fund – Institutional Shares
24,830,933		0.027	%	$	24,830,933
(Cost $24,830,933)
TOTAL INVESTMENTS – 101.1%
(Cost $1,622,443,414)				$	1,763,768,862
LIABILITIES IN EXCESS OF     OTHER ASSETS – (1.1)%					(20,206,594	)
NET ASSETS – 100.0%				$	1,743,562,268

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.
(a)	All or a portion of security is on loan.
(b)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(c)	Represents an affiliated issuer.

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

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

GOLDMAN SACHS ACTIVEBETA^® JAPAN EQUITY ETF

Schedule of Investments

August 31, 2020

Shares		Description	Value
Common Stocks – 99.5%
Communication Services – 10.7%
	1,045	CyberAgent, Inc.	$	55,677
	1,045	Dentsu Group, Inc.		27,434
	3,634	Hakuhodo DY Holdings, Inc.		45,234
	1,979	Kakaku.com, Inc.		52,757
	8,923	KDDI Corp.		258,994
	547	Konami Holdings Corp.		21,071
	1,418	LINE Corp.*		72,207
	3,284	Nexon Co. Ltd.		76,894
	552	Nintendo Co. Ltd.		295,351
	10,145	Nippon Telegraph & Telephone Corp.		230,701
	8,349	NTT DOCOMO, Inc.		232,964
	9,415	SoftBank Corp.(a)		123,631
	6,882	SoftBank Group Corp.		428,190
	1,104	Square Enix Holdings Co. Ltd.		72,771
	810	Toho Co. Ltd.		30,782
	11,331	Z Holdings Corp.		75,330
				2,099,988
Consumer Discretionary – 17.8%
	757	ABC-Mart, Inc.(a)		39,833
	234	Aisin Seiki Co. Ltd.		8,043
	1,306	Bandai Namco Holdings, Inc.		81,122
	1,482	Benesse Holdings, Inc.		37,747
	2,778	Bridgestone Corp.		88,046
	2,918	Casio Computer Co. Ltd.		47,026
	1,305	Denso Corp.		54,848
	282	Fast Retailing Co. Ltd.(a)		168,277
	170	Hikari Tsushin, Inc.		41,071
	8,540	Honda Motor Co. Ltd.		219,771
	4,482	Iida Group Holdings Co. Ltd.		87,489
	1,562	Isetan Mitsukoshi Holdings Ltd.		8,602
	787	Isuzu Motors Ltd.		7,785
	565	JTEKT Corp.		4,364
	234	Koito Manufacturing Co. Ltd.		11,342
	1,561	Marui Group Co. Ltd.		28,513
	1,381	Mazda Motor Corp.		8,855
	779	McDonald’s Holdings Co. Japan Ltd.		38,199
	574	Mercari, Inc.*		26,036
	424	NGK Spark Plug Co. Ltd.		7,297
	1,145	Nikon Corp.		8,983
	3,069	Nissan Motor Co. Ltd.		12,488
	550	Nitori Holdings Co. Ltd.		115,036
	595	Oriental Land Co. Ltd.		80,740
	2,542	Pan Pacific International Holdings Corp.		59,712
	10,769	Panasonic Corp.		99,307
	2,673	Rakuten, Inc.		23,517
	400	Rinnai Corp.		37,003
	2,251	Ryohin Keikaku Co. Ltd.		35,237
	1,458	Sega Sammy Holdings, Inc.		16,897
	3,381	Sekisui Chemical Co. Ltd.		54,105
	6,281	Sekisui House Ltd.(a)		124,145
	622	Sharp Corp.		7,725
	536	Shimamura Co. Ltd.		44,227
	329	Shimano, Inc.		69,650
	6,299	Sony Corp.		493,549
	488	Stanley Electric Co. Ltd.		13,990
Common Stocks – (continued)
Consumer Discretionary – (continued)
	1,482	Subaru Corp.		30,780
	2,042	Sumitomo Electric Industries Ltd.		24,051
	11,785	Sumitomo Rubber Industries Ltd.		113,466
	1,203	Suzuki Motor Corp.		49,336
	461	Toyoda Gosei Co. Ltd.		10,064
	431	Toyota Industries Corp.		25,117
	9,590	Toyota Motor Corp.		633,576
	1,123	USS Co. Ltd.		18,966
	20,635	Yamada Denki Co. Ltd.		110,720
	676	Yamaha Corp.		32,957
	744	Yamaha Motor Co. Ltd.		11,724
	3,856	Yokohama Rubber Co. Ltd. (The)		60,397
	1,678	ZOZO, Inc.		47,217
				3,478,948
Consumer Staples – 10.9%
	4,250	Aeon Co. Ltd.		105,363
	2,664	Ajinomoto Co., Inc.		49,640
	2,290	Asahi Group Holdings Ltd.		80,181
	1,347	Calbee, Inc.		41,981
	1,610	Coca-Cola Bottlers Japan Holdings, Inc.		26,842
	399	Cosmos Pharmaceutical Corp.		70,172
	1,671	FamilyMart Co. Ltd.		37,030
	934	Ito En Ltd.		56,457
	4,542	Japan Tobacco, Inc.		84,912
	2,369	Kao Corp.		180,258
	943	Kikkoman Corp.		51,221
	4,996	Kirin Holdings Co. Ltd.		98,229
	568	Kobayashi Pharmaceutical Co. Ltd.		50,563
	758	Kobe Bussan Co. Ltd.		44,674
	326	Kose Corp.		38,212
	830	Lawson, Inc.(a)		40,934
	2,492	Lion Corp.		52,780
	870	MEIJI Holdings Co. Ltd.		70,227
	860	NH Foods Ltd.		38,967
	1,476	Nisshin Seifun Group, Inc.		24,371
	632	Nissin Foods Holdings Co. Ltd.		63,173
	996	Pigeon Corp.		45,505
	1,740	Pola Orbis Holdings, Inc.		31,520
	4,188	Seven & i Holdings Co. Ltd.(a)		135,578
	1,791	Shiseido Co. Ltd.		104,222
	1,397	Sundrug Co. Ltd.		51,970
	1,664	Suntory Beverage & Food Ltd.		64,178
	1,119	Toyo Suisan Kaisha Ltd.		63,524
	520	Tsuruha Holdings, Inc.		69,435
	2,182	Unicharm Corp.		94,938
	2,054	Welcia Holdings Co. Ltd.		87,839
	598	Yakult Honsha Co. Ltd.		34,117
	2,713	Yamazaki Baking Co. Ltd.(a)		44,157
				2,133,170
Energy – 1.4%
	39,774	ENEOS Holdings, Inc.		155,878
	774	Idemitsu Kosan Co. Ltd.		17,050
	15,251	Inpex Corp.		96,903
				269,831

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

GOLDMAN SACHS ACTIVEBETA^® JAPAN EQUITY ETF

Shares		Description	Value
Common Stocks – (continued)
Financials – 8.2%
	7,792	Acom Co. Ltd.	$	30,420
	493	Aozora Bank Ltd.		8,856
	140	Bank of Kyoto Ltd. (The)(a)		5,967
	1,654	Chiba Bank Ltd. (The)		8,578
	2,812	Concordia Financial Group Ltd.		9,334
	2,480	Dai-ichi Life Holdings, Inc.		37,547
	3,701	Daiwa Securities Group, Inc.		16,682
	620	Fukuoka Financial Group, Inc.		10,261
	4,006	Japan Exchange Group, Inc.		103,810
	1,908	Japan Post Bank Co. Ltd.		15,348
	12,876	Japan Post Holdings Co. Ltd.		95,157
	5,641	Japan Post Insurance Co. Ltd.		90,111
	5,496	Mebuki Financial Group, Inc.		13,320
	42,463	Mitsubishi UFJ Financial Group, Inc.		177,188
	8,653	Mitsubishi UFJ Lease & Finance Co. Ltd.		40,880
	77,518	Mizuho Financial Group, Inc.		105,117
	2,021	MS&AD Insurance Group Holdings, Inc.		56,049
	12,179	Nomura Holdings, Inc.		62,535
	7,417	ORIX Corp.		92,463
	7,669	Resona Holdings, Inc.		28,204
	635	SBI Holdings, Inc.		14,449
	7,891	Seven Bank Ltd.		19,794
	2,412	Shinsei Bank Ltd.		28,181
	2,457	Shizuoka Bank Ltd. (The)		17,076
	1,501	Sompo Holdings, Inc.		56,334
	7,250	Sumitomo Mitsui Financial Group, Inc.		213,169
	1,470	Sumitomo Mitsui Trust Holdings, Inc.		42,570
	5,600	T&D Holdings, Inc.		58,617
	2,718	Tokio Marine Holdings, Inc.		125,334
	329	Tokyo Century Corp.		16,877
				1,600,228
Health Care – 11.8%
	404	Alfresa Holdings Corp.		8,115
	2,151	Asahi Intecc Co. Ltd.		63,793
	12,396	Astellas Pharma, Inc.		194,570
	3,895	Chugai Pharmaceutical Co. Ltd.		173,401
	2,912	Daiichi Sankyo Co. Ltd.		259,415
	1,352	Eisai Co. Ltd.		118,122
	406	Hisamitsu Pharmaceutical Co., Inc.		18,722
	1,946	Hoya Corp.		191,122
	1,883	Kyowa Kirin Co. Ltd.		48,689
	2,506	M3, Inc.		145,097
	1,321	Medipal Holdings Corp.		25,250
	399	Nippon Shinyaku Co. Ltd.		32,922
	6,899	Olympus Corp.		136,555
	2,749	Ono Pharmaceutical Co. Ltd.		82,927
	2,614	Otsuka Holdings Co. Ltd.		114,795
	186	PeptiDream, Inc.*		7,551
	2,428	Santen Pharmaceutical Co. Ltd.		46,273
	1,849	Shionogi & Co. Ltd.		102,576
	2,848	Sumitomo Dainippon Pharma Co. Ltd.		36,041
	353	Suzuken Co. Ltd.		13,115
	947	Sysmex Corp.		82,667
	522	Taisho Pharmaceutical Holdings Co. Ltd.		32,094
	7,224	Takeda Pharmaceutical Co. Ltd.		269,695
Common Stocks – (continued)
Health Care – (continued)
	2,666	Terumo Corp.		108,355
				2,311,862
Industrials – 17.7%
	358	AGC, Inc.		10,145
	826	Amada Co. Ltd.		7,353
	537	ANA Holdings, Inc.*		13,407
	673	Central Japan Railway Co.		100,844
	1,085	Dai Nippon Printing Co. Ltd.		23,062
	661	Daifuku Co. Ltd.		58,156
	1,036	Daikin Industries Ltd.		195,047
	1,061	East Japan Railway Co.		69,006
	517	FANUC Corp.		90,705
	233	Fuji Electric Co. Ltd.		7,284
	1,318	Hankyu Hanshin Holdings, Inc.		42,817
	686	Hino Motors Ltd.		4,619
	384	Hitachi Construction Machinery Co. Ltd.		13,470
	333	Hoshizaki Corp.		25,467
	7,176	ITOCHU Corp.(a)		184,297
	982	Japan Airlines Co. Ltd.		19,576
	2,605	JGC Holdings Corp.		28,766
	919	Kajima Corp.		11,448
	2,236	Kamigumi Co. Ltd.		46,177
	475	Keihan Holdings Co. Ltd.		20,470
	885	Keikyu Corp.		13,203
	233	Keio Corp.		14,084
	787	Keisei Electric Railway Co. Ltd.		23,155
	530	Kintetsu Group Holdings Co. Ltd.		23,290
	2,607	Komatsu Ltd.		56,641
	2,689	Kubota Corp.		48,597
	505	Kurita Water Industries Ltd.		15,810
	687	Kyushu Railway Co.		15,146
	3,327	LIXIL Group Corp.		61,178
	647	Makita Corp.		29,896
	23,136	Marubeni Corp.		139,542
	817	MINEBEA MITSUMI, Inc.		14,168
	1,992	MISUMI Group, Inc.		52,258
	7,674	Mitsubishi Corp.		181,818
	7,043	Mitsubishi Electric Corp.		97,165
	3,568	Mitsubishi Heavy Industries Ltd.		88,607
	5,073	Mitsui & Co. Ltd.		91,562
	840	Miura Co. Ltd.		34,378
	1,702	MonotaRO Co. Ltd.		67,249
	409	Nabtesco Corp.		12,940
	1,192	Nagoya Railroad Co. Ltd.		33,261
	766	NGK Insulators Ltd.		10,886
	1,516	Nidec Corp.		127,390
	1,312	Nihon M&A Center, Inc.		65,325
	396	Nippon Express Co. Ltd.		23,414
	634	Nippon Yusen KK		9,912
	6,921	Obayashi Corp.		67,679
	729	Odakyu Electric Railway Co. Ltd.		18,032
	692	Park24 Co. Ltd.		12,503
	2,125	Persol Holdings Co. Ltd.		33,164
	5,918	Recruit Holdings Co. Ltd.		224,677
	737	Secom Co. Ltd.		69,672

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

GOLDMAN SACHS ACTIVEBETA^® JAPAN EQUITY ETF

Schedule of Investments (continued)

August 31, 2020

Shares		Description	Value
Common Stocks – (continued)
Industrials – (continued)
	813	Seibu Holdings, Inc.	$	8,939
	807	SG Holdings Co. Ltd.		37,099
	1,737	Shimizu Corp.		13,366
	206	SMC Corp.		113,155
	473	Sohgo Security Services Co. Ltd.		22,101
	9,580	Sumitomo Corp.		124,171
	205	Sumitomo Heavy Industries Ltd.		4,665
	326	Taisei Corp.		11,267
	462	THK Co. Ltd.		10,831
	998	Tobu Railway Co. Ltd.		31,151
	1,871	Tokyu Corp.		25,018
	902	Toppan Printing Co. Ltd.		14,018
	1,247	Toshiba Corp.		35,924
	962	TOTO Ltd.		42,228
	3,333	Toyota Tsusho Corp.		97,119
	643	West Japan Railway Co.		33,779
	2,089	Yamato Holdings Co. Ltd.		54,606
	1,126	Yaskawa Electric Corp.		40,508
				3,468,663
Information Technology – 13.4%
	1,970	Advantest Corp.		94,186
	2,993	Brother Industries Ltd.		49,533
	4,051	Canon, Inc.		69,984
	189	Disco Corp.		44,075
	2,408	FUJIFILM Holdings Corp.		114,581
	1,550	Fujitsu Ltd.		201,999
	202	GMO Payment Gateway, Inc.		21,353
	1,031	Hamamatsu Photonics KK		46,959
	163	Hirose Electric Co. Ltd.		18,460
	5,814	Hitachi Ltd.		193,535
	1,350	Itochu Techno-Solutions Corp.		48,885
	805	Keyence Corp.		331,580
	1,423	Kyocera Corp.		81,680
	517	Lasertec Corp.		39,002
	2,576	Murata Manufacturing Co. Ltd.		152,551
	2,686	NEC Corp.		141,588
	2,731	Nomura Research Institute Ltd.		72,598
	5,226	NTT Data Corp.		59,729
	398	Obic Co. Ltd.		70,521
	1,277	Omron Corp.		93,567
	479	Oracle Corp. Japan		56,191
	1,022	Otsuka Corp.		50,115
	7,498	Renesas Electronics Corp.*		47,161
	6,329	Ricoh Co. Ltd.(a)		47,328
	150	Rohm Co. Ltd.		9,647
	164	SCSK Corp.		8,877
	2,370	Seiko Epson Corp.		28,294
	1,663	Shimadzu Corp.		49,634
	1,386	SUMCO Corp.		18,795
	551	TDK Corp.		57,207
	807	TIS, Inc.		16,133
	818	Tokyo Electron Ltd.		209,427
	811	Trend Micro, Inc.		50,169
	2,079	Yokogawa Electric Corp.		33,975
				2,629,319
Common Stocks – (continued)
Materials – 3.7%
	451	Air Water, Inc.		6,337
	3,106	Asahi Kasei Corp.		26,068
	905	Daicel Corp.		6,571
	872	Hitachi Metals Ltd.		13,083
	1,531	JSR Corp.		32,628
	945	Kansai Paint Co. Ltd.		22,537
	643	Kuraray Co. Ltd.		6,579
	20,377	Mitsubishi Chemical Holdings Corp.		119,097
	1,412	Mitsubishi Gas Chemical Co., Inc.		25,219
	330	Mitsubishi Materials Corp.		6,933
	646	Mitsui Chemicals, Inc.		15,187
	767	Nippon Paint Holdings Co. Ltd.(a)		65,818
	466	Nippon Steel Corp.		4,590
	704	Nissan Chemical Corp.		37,309
	673	Nitto Denko Corp.		40,870
	1,230	Shin-Etsu Chemical Co. Ltd.		149,451
	3,474	Sumitomo Chemical Co. Ltd.		11,302
	228	Sumitomo Metal Mining Co. Ltd.		6,960
	802	Taiheiyo Cement Corp.		20,389
	1,475	Teijin Ltd.		23,145
	15,661	Toray Industries, Inc.		74,388
	651	Tosoh Corp.		9,669
				724,130
Real Estate – 2.3%
	1,644	Aeon Mall Co. Ltd.		21,751
	633	Daito Trust Construction Co. Ltd.		56,116
	2,536	Daiwa House Industry Co. Ltd.		67,929
	8	Daiwa House REIT Investment Corp. REIT		20,897
	10	GLP J REIT		15,427
	1,692	Hulic Co. Ltd.		15,413
	3	Japan Real Estate Investment Corp. REIT		16,804
	3	Japan Retail Fund Investment Corp. REIT		4,524
	3,663	Mitsubishi Estate Co. Ltd.		57,391
	2,183	Mitsui Fudosan Co. Ltd.		39,524
	1	Nippon Building Fund, Inc. REIT		6,026
	14	Nippon Prologis REIT, Inc. REIT		45,811
	1,604	Nomura Real Estate Holdings, Inc.		30,690
	817	Sumitomo Realty & Development Co. Ltd.		24,122
	3,737	Tokyu Fudosan Holdings Corp.		16,069
				438,494
Utilities – 1.6%
	1,639	Chubu Electric Power Co., Inc.		20,239
	1,536	Chugoku Electric Power Co., Inc. (The)		18,714
	756	Electric Power Development Co. Ltd.		11,399
	1,179	Kansai Electric Power Co., Inc. (The)		11,607
	1,787	Kyushu Electric Power Co., Inc.		15,824
	1,954	Osaka Gas Co. Ltd.		38,197
	658	Toho Gas Co. Ltd.		28,977
	10,114	Tohoku Electric Power Co., Inc.		102,528
	2,607	Tokyo Electric Power Co. Holdings, Inc.*		7,670
	2,267	Tokyo Gas Co. Ltd.		50,377
				305,532
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $18,260,875)		$	19,460,165

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

GOLDMAN SACHS ACTIVEBETA^® JAPAN EQUITY ETF

Shares		Dividend Rate	Value
Securities Lending Reinvestment Vehicle – 5.1%(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	999,602	0.027%	$	999,602
	(Cost $999,602)
	TOTAL INVESTMENTS – 104.6%
	(Cost $19,260,477)		$	20,459,767
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (4.6)%			(898,796	)
	NET ASSETS – 100.0%		$	19,560,971

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

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At August 31, 2020, the Fund had the following futures contracts:

Description	Number of Contracts		Expiration Date		Notional Amount		Unrealized Appreciation/ (Depreciation)
Mini Tokyo Price Index		9		09/10/20	$	133,092	$	4,057

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

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

Schedule of Investments

August 31, 2020

Shares		Description	Value
Common Stocks – 99.8%
Communication Services – 10.0%
	270,486	Activision Blizzard, Inc.	$	22,590,991
	88,589	Alphabet, Inc., Class A*		144,358,433
	85,417	Alphabet, Inc., Class C*		139,586,753
	196,913	Altice USA, Inc., Class A*		5,430,861
	1,810,681	AT&T, Inc.		53,976,401
	7,172	Cable One, Inc.		13,198,847
	2,049,104	CenturyLink, Inc.		22,027,868
	56,602	Charter Communications, Inc., Class A*		34,844,757
	1,227,775	Comcast Corp., Class A		55,016,598
	183,594	Electronic Arts, Inc.*		25,605,855
	745,892	Facebook, Inc., Class A*		218,695,534
	1,454,364	Fox Corp., Class A		40,518,581
	80,088	IAC/InterActiveCorp*		10,650,903
	107,825	Liberty Broadband Corp., Class C*		15,105,204
	173,041	Match Group, Inc.*		19,325,219
	85,473	Netflix, Inc.*		45,263,082
	170,790	Omnicom Group, Inc.		9,238,031
	86,228	Roku, Inc.*		14,958,833
	180,451	Snap, Inc., Class A*		4,076,388
	82,719	Take-Two Interactive Software, Inc.*		14,160,666
	205,712	T-Mobile US, Inc.*		24,002,476
	1,071,051	Verizon Communications, Inc.		63,481,193
	105,397	ViacomCBS, Inc., Class B		2,935,306
	318,181	Walt Disney Co. (The)		41,958,529
				1,041,007,309
Consumer Discretionary – 13.5%
	78,899	Advance Auto Parts, Inc.		12,332,703
	130,945	Amazon.com, Inc.*		451,885,957
	32,857	AutoZone, Inc.*		39,307,158
	367,539	Best Buy Co., Inc.		40,763,751
	15,978	Booking Holdings, Inc.*		30,525,170
	94,019	Burlington Stores, Inc.*		18,515,162
	29,603	CarMax, Inc.*		3,165,449
	4,597	Chipotle Mexican Grill, Inc.*		6,023,357
	171,481	Dollar General Corp.		34,618,584
	151,014	Dollar Tree, Inc.*		14,538,118
	87,826	Domino’s Pizza, Inc.		35,917,321
	63,569	D.R. Horton, Inc.		4,536,920
	401,085	eBay, Inc.		21,971,436
	62,708	Expedia Group, Inc.		6,154,790
	6,114,628	Ford Motor Co.		41,701,763
	89,031	Garmin Ltd.		9,224,502
	196,787	Genuine Parts Co.		18,584,564
	70,117	Hilton Worldwide Holdings, Inc.		6,335,772
	395,896	Home Depot, Inc. (The)		112,846,196
	518,495	Lennar Corp., Class A		38,793,796
	360,477	Lowe’s Cos., Inc.		59,366,957
	129,749	McDonald’s Corp.		27,704,006
	542,810	NIKE, Inc., Class B		60,735,011
	2,151	NVR, Inc.*		8,966,099
	76,907	O’Reilly Automotive, Inc.*		35,810,206
	177,032	Ross Stores, Inc.		16,124,075
	124,981	Starbucks Corp.		10,557,145
Common Stocks – (continued)
Consumer Discretionary – (continued)
	407,695	Target Corp.		61,647,561
	106,572	Tesla, Inc.*		53,106,959
	117,216	Tiffany & Co.		14,358,960
	574,604	TJX Cos., Inc. (The)		31,482,553
	157,400	Tractor Supply Co.		23,425,842
	69,905	Ulta Beauty, Inc.*		16,230,543
	239,196	VF Corp.		15,727,137
	258,837	Yum! Brands, Inc.		24,809,526
				1,407,795,049
Consumer Staples – 8.8%
	212,446	Altria Group, Inc.		9,292,388
	187,943	Archer-Daniels-Midland Co.		8,412,329
	323,140	Brown-Forman Corp., Class B		23,644,154
	126,779	Campbell Soup Co.		6,669,843
	176,426	Church & Dwight Co., Inc.		16,906,904
	187,430	Clorox Co. (The)		41,890,605
	715,967	Coca-Cola Co. (The)		35,461,845
	420,996	Colgate-Palmolive Co.		33,368,143
	177,616	Conagra Brands, Inc.		6,813,350
	22,596	Constellation Brands, Inc., Class A		4,168,510
	188,859	Costco Wholesale Corp.		65,658,720
	193,550	Estee Lauder Cos., Inc. (The), Class A		42,913,906
	201,205	General Mills, Inc.		12,867,060
	176,908	Hershey Co. (The)		26,295,605
	171,763	Hormel Foods Corp.		8,756,478
	126,283	J M Smucker Co. (The)		15,176,691
	127,767	Kellogg Co.		9,059,958
	178,795	Kimberly-Clark Corp.		28,206,699
	726,063	Kraft Heinz Co. (The)		25,441,247
	1,399,587	Kroger Co. (The)		49,937,264
	99,601	Lamb Weston Holdings, Inc.		6,259,923
	78,885	McCormick & Co., Inc.		16,266,087
	1,062,801	Molson Coors Beverage Co., Class B		40,003,830
	274,472	Mondelez International, Inc., Class A		16,034,654
	207,218	Monster Beverage Corp.*		17,377,301
	462,896	PepsiCo, Inc.		64,833,214
	437,110	Philip Morris International, Inc.		34,877,007
	589,604	Procter & Gamble Co. (The)		81,559,921
	436,374	Sysco Corp.		26,243,532
	253,655	Tyson Foods, Inc., Class A		15,929,534
	876,233	Walgreens Boots Alliance, Inc.		33,314,379
	689,676	Walmart, Inc.		95,761,513
				919,402,594
Energy – 0.8%
	380,664	Baker Hughes Co.		5,435,882
	265,800	Chevron Corp.		22,308,594
	226,849	ConocoPhillips		8,595,308
	411,873	EOG Resources, Inc.		18,674,322
	384,253	Exxon Mobil Corp.		15,347,065
	71,558	Marathon Petroleum Corp.		2,537,447
	261,130	Valero Energy Corp.		13,732,827
				86,631,445

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)
Financials – 6.4%
	87,921	Allstate Corp. (The)	$	8,176,653
	115,625	American Express Co.		11,746,344
	194,420	American International Group, Inc.		5,665,399
	31,240	Ameriprise Financial, Inc.		4,898,432
	134,958	Arthur J Gallagher & Co.		14,211,077
	1,503,401	Bank of America Corp.		38,697,542
	486,229	Bank of New York Mellon Corp. (The)		17,980,748
	181,742	Berkshire Hathaway, Inc., Class B*		39,627,026
	18,489	BlackRock, Inc.		10,985,979
	154,105	Blackstone Group, Inc. (The), Class A		8,159,860
	139,738	Brown & Brown, Inc.		6,483,843
	70,000	Cboe Global Markets, Inc.		6,425,300
	154,036	Charles Schwab Corp. (The)		5,472,899
	44,091	Chubb Ltd.		5,511,375
	482,616	Citigroup, Inc.		24,671,330
	425,492	Citizens Financial Group, Inc.		11,007,478
	48,085	CME Group, Inc.		8,456,709
	15,151	Everest Re Group Ltd.		3,334,432
	55,625	FactSet Research Systems, Inc.		19,491,000
	83,847	Fidelity National Financial, Inc.		2,752,697
	408,849	Fifth Third Bancorp		8,446,820
	34,897	First Republic Bank		3,940,220
	203,094	Hartford Financial Services Group, Inc. (The)		8,215,152
	276,221	Huntington Bancshares, Inc.		2,599,240
	140,912	Intercontinental Exchange, Inc.		14,969,082
	667,074	JPMorgan Chase & Co.		66,834,144
	314,641	KeyCorp		3,876,377
	2,352	Markel Corp.*		2,556,224
	24,295	MarketAxess Holdings, Inc.		11,805,912
	180,831	Marsh & McLennan Cos., Inc.		20,779,290
	371,443	MetLife, Inc.		14,285,698
	130,232	Moody’s Corp.		38,371,557
	453,341	Morgan Stanley		23,691,601
	38,383	MSCI, Inc.		14,327,222
	83,294	Nasdaq, Inc.		11,196,379
	32,625	Northern Trust Corp.		2,671,661
	133,184	Principal Financial Group, Inc.		5,608,378
	215,218	Progressive Corp. (The)		20,454,319
	163,121	Prudential Financial, Inc.		11,054,710
	71,453	Raymond James Financial, Inc.		5,410,421
	202,236	Regions Financial Corp.		2,337,848
	92,666	S&P Global, Inc.		33,954,676
	128,943	State Street Corp.		8,779,729
	777,775	Synchrony Financial		19,296,598
	164,854	T. Rowe Price Group, Inc.		22,949,325
	85,467	TD Ameritrade Holding Corp.		3,280,223
	35,953	Travelers Cos., Inc. (The)		4,171,986
	137,449	US Bancorp		5,003,144
	54,012	W R Berkley Corp.		3,351,445
	421,819	Wells Fargo & Co.		10,186,929
	35,156	Willis Towers Watson PLC		7,225,613
				665,388,046
Common Stocks – (continued)
Health Care – 15.7%
	369,449	Abbott Laboratories		40,443,582
	533,894	AbbVie, Inc.		51,131,028
	120,362	Agilent Technologies, Inc.		12,086,752
	129,903	Alexion Pharmaceuticals, Inc.*		14,837,521
	71,108	Align Technology, Inc.*		21,117,654
	68,351	Alnylam Pharmaceuticals, Inc.*		9,066,077
	27,027	AmerisourceBergen Corp.		2,622,430
	204,263	Amgen, Inc.		51,743,903
	99,670	Anthem, Inc.		28,059,098
	229,092	Baxter International, Inc.		19,947,040
	44,724	Becton Dickinson and Co.		10,857,645
	85,789	Biogen, Inc.*		24,676,348
	100,087	BioMarin Pharmaceutical, Inc.*		7,809,789
	14,837	Bio-Rad Laboratories, Inc., Class A*		7,545,950
	310,353	Boston Scientific Corp.*		12,730,680
	797,000	Bristol-Myers Squibb Co.		49,573,400
	56,785	Cardinal Health, Inc.		2,882,407
	60,742	Catalent, Inc.*		5,618,635
	181,755	Centene Corp.*		11,145,217
	251,712	Cerner Corp.		18,468,109
	196,261	Cigna Corp.		34,810,814
	29,120	Cooper Cos., Inc. (The)		9,154,746
	743,471	CVS Health Corp.		46,184,419
	146,590	Danaher Corp.		30,266,437
	103,279	DENTSPLY SIRONA, Inc.		4,634,129
	57,976	DexCom, Inc.*		24,663,570
	415,194	Edwards Lifesciences Corp.*		35,640,253
	308,414	Eli Lilly and Co.		45,765,553
	445,649	Gilead Sciences, Inc.		29,747,071
	17,679	HCA Healthcare, Inc.		2,399,394
	195,187	Henry Schein, Inc.*		12,968,224
	120,743	Hologic, Inc.*		7,210,772
	49,608	Humana, Inc.		20,595,753
	115,786	IDEXX Laboratories, Inc.*		45,279,273
	37,353	Illumina, Inc.*		13,343,239
	204,285	Incyte Corp.*		19,682,860
	57,744	Insulet Corp.*		12,602,628
	20,439	Intuitive Surgical, Inc.*		14,937,639
	65,264	IQVIA Holdings, Inc.*		10,686,980
	809,534	Johnson & Johnson		124,190,611
	50,562	Laboratory Corp. of America Holdings*		8,886,271
	67,595	Masimo Corp.*		15,141,280
	146,455	McKesson Corp.		22,472,055
	223,324	Medtronic PLC		24,000,630
	665,495	Merck & Co., Inc.		56,746,759
	36,553	Mettler-Toledo International, Inc.*		35,484,921
	119,118	Moderna, Inc.*		7,729,567
	17,337	Molina Healthcare, Inc.*		3,206,825
	3,090,208	Mylan NV*		50,617,607
	57,303	Neurocrine Biosciences, Inc.*		6,671,215
	59,115	PerkinElmer, Inc.		6,959,018
	1,512,020	Pfizer, Inc.		57,139,236
	213,317	QIAGEN NV*		10,870,634
	67,220	Quest Diagnostics, Inc.		7,477,553

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)

August 31, 2020

Shares		Description	Value
Common Stocks – (continued)
Health Care – (continued)
	29,687	Regeneron Pharmaceuticals, Inc.*	$	18,403,862
	110,460	ResMed, Inc.		19,968,959
	79,119	Seattle Genetics, Inc.*		12,527,702
	65,627	STERIS PLC		10,476,694
	73,939	Stryker Corp.		14,651,752
	34,602	Teladoc Health, Inc.*		7,463,305
	9,047	Teleflex, Inc.		3,555,019
	126,187	Thermo Fisher Scientific, Inc.		54,131,699
	256,588	UnitedHealth Group, Inc.		80,196,579
	203,125	Universal Health Services, Inc., Class B		22,414,844
	63,997	Varian Medical Systems, Inc.*		11,114,359
	56,929	Veeva Systems, Inc., Class A*		16,069,349
	104,971	Vertex Pharmaceuticals, Inc.*		29,299,506
	61,636	Waters Corp.*		13,329,401
	53,871	West Pharmaceutical Services, Inc.		15,297,209
	37,579	Zimmer Biomet Holdings, Inc.		5,294,130
	250,498	Zoetis, Inc.		40,104,730
				1,634,830,300
Industrials – 7.6%
	160,334	3M Co.		26,137,649
	67,191	Allegion PLC		6,946,878
	118,488	AMETEK, Inc.		11,931,742
	711,701	Carrier Global Corp.		21,244,275
	70,985	Caterpillar, Inc.		10,101,875
	283,945	C.H. Robinson Worldwide, Inc.		27,911,794
	85,915	Cintas Corp.		28,630,315
	125,935	Copart, Inc.*		13,011,604
	14,457	CoStar Group, Inc.*		12,268,210
	86,189	CSX Corp.		6,590,011
	103,052	Cummins, Inc.		21,357,527
	12,262	Deere & Co.		2,575,756
	157,307	Delta Air Lines, Inc.		4,852,921
	69,860	Dover Corp.		7,673,422
	144,541	Eaton Corp. PLC		14,757,636
	225,179	Emerson Electric Co.		15,643,185
	68,733	Equifax, Inc.		11,565,702
	78,770	Expeditors International of Washington, Inc.		6,962,480
	749,026	Fastenal Co.		36,597,410
	17,817	FedEx Corp.		3,916,889
	152,795	Fortive Corp.		11,018,047
	48,458	General Dynamics Corp.		7,237,202
	4,883,333	General Electric Co.		30,960,331
	130,479	Honeywell International, Inc.		21,600,798
	22,329	Huntington Ingalls Industries, Inc.		3,383,290
	46,309	IDEX Corp.		8,346,271
	141,556	IHS Markit Ltd.		11,313,156
	121,171	Illinois Tool Works, Inc.		23,937,331
	67,869	Jacobs Engineering Group, Inc.		6,126,535
	32,828	J.B. Hunt Transport Services, Inc.		4,613,647
	180,003	Johnson Controls International PLC		7,331,522
	24,319	Kansas City Southern		4,427,031
	49,417	L3Harris Technologies, Inc.		8,931,629
Common Stocks – (continued)
Industrials – (continued)
	51,982	Lockheed Martin Corp.		20,286,495
	246,633	Masco Corp.		14,378,704
	29,851	Norfolk Southern Corp.		6,344,233
	58,989	Northrop Grumman Corp.		20,210,221
	53,780	Old Dominion Freight Line, Inc.		10,873,240
	83,035	Otis Worldwide Corp.		5,222,902
	67,765	PACCAR, Inc.		5,816,948
	70,336	Parker-Hannifin Corp.		14,489,919
	264,388	Raytheon Technologies Corp.		16,127,668
	153,578	Republic Services, Inc.		14,239,752
	72,588	Rockwell Automation, Inc.		16,733,712
	31,185	Roper Technologies, Inc.		13,321,920
	852,534	Southwest Airlines Co.		32,038,228
	31,912	Stanley Black & Decker, Inc.		5,147,406
	26,029	Teledyne Technologies, Inc.*		8,162,955
	127,373	Trane Technologies PLC		15,079,690
	26,504	TransUnion		2,298,427
	67,419	Union Pacific Corp.		12,974,112
	102,712	United Parcel Service, Inc., Class B		16,805,737
	134,575	United Rentals, Inc.*		23,826,504
	71,532	Verisk Analytics, Inc.		13,352,878
	108,820	Waste Management, Inc.		12,405,480
	236,588	Westinghouse Air Brake Technologies Corp.		15,744,931
	81,207	W.W. Grainger, Inc.		29,675,474
	81,980	Xylem, Inc.		6,573,156
				792,034,763
Information Technology – 30.0%
	292,742	Accenture PLC, Class A		70,237,588
	161,353	Adobe, Inc.*		82,837,017
	689,208	Advanced Micro Devices, Inc.*		62,593,871
	125,956	Akamai Technologies, Inc.*		14,665,057
	298,796	Amdocs Ltd.		18,295,279
	102,851	Amphenol Corp., Class A		11,293,040
	48,325	Analog Devices, Inc.		5,648,226
	52,377	ANSYS, Inc.*		17,756,327
	5,050,599	Apple, Inc.		651,729,295
	355,949	Applied Materials, Inc.		21,926,458
	28,594	Arista Networks, Inc.*		6,389,329
	117,499	Autodesk, Inc.*		28,869,504
	99,314	Automatic Data Processing, Inc.		13,813,584
	136,815	Black Knight, Inc.*		11,506,141
	162,680	Booz Allen Hamilton Holding Corp.		14,325,601
	107,154	Broadcom, Inc.		37,198,511
	94,340	Broadridge Financial Solutions, Inc.		12,962,316
	401,260	Cadence Design Systems, Inc.*		44,503,747
	152,485	CDW Corp.		17,329,920
	1,151,109	Cisco Systems, Inc.		48,599,822
	196,883	Citrix Systems, Inc.		28,587,412
	247,771	Cognizant Technology Solutions Corp., Class A		16,565,969
	95,005	Corning, Inc.		3,083,862
	23,701	Coupa Software, Inc.*		7,767,766

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)
Information Technology – (continued)
	40,564	Dell Technologies, Inc., Class C*	$	2,680,469
	73,429	DocuSign, Inc.*		16,374,667
	15,699	EPAM Systems, Inc.*		5,135,143
	20,747	Fair Isaac Corp.*		8,730,130
	191,960	Fidelity National Information Services, Inc.		28,957,166
	177,720	Fiserv, Inc.*		17,697,358
	26,169	FleetCor Technologies, Inc.*		6,580,195
	122,737	Fortinet, Inc.*		16,201,898
	66,172	Gartner, Inc.*		8,590,449
	81,437	Global Payments, Inc.		14,383,403
	52,698	GoDaddy, Inc., Class A*		4,409,769
	763,823	HP, Inc.		14,932,740
	1,558,070	Intel Corp.		79,383,666
	294,215	International Business Machines Corp.		36,279,652
	146,338	Intuit, Inc.		50,543,682
	76,731	Jack Henry & Associates, Inc.		12,692,842
	351,542	Juniper Networks, Inc.		8,788,550
	93,870	Keysight Technologies, Inc.*		9,248,072
	52,333	KLA Corp.		10,735,592
	93,996	Lam Research Corp.		31,614,615
	317,198	Leidos Holdings, Inc.		28,703,247
	150,898	Marvell Technology Group Ltd.		5,851,824
	224,327	Mastercard, Inc., Class A		80,351,688
	94,416	Maxim Integrated Products, Inc.		6,461,831
	87,231	Microchip Technology, Inc.		9,569,241
	443,098	Micron Technology, Inc.*		20,165,390
	2,296,531	Microsoft Corp.		517,936,636
	104,819	Motorola Solutions, Inc.		16,220,740
	209,816	NetApp, Inc.		9,943,180
	1,134,334	NortonLifeLock, Inc.		26,679,536
	158,992	NVIDIA Corp.		85,057,540
	55,935	Okta, Inc.*		12,046,721
	787,935	Oracle Corp.		45,085,641
	39,117	Palo Alto Networks, Inc.*		10,069,107
	141,743	Paychex, Inc.		10,839,087
	228,759	PayPal Holdings, Inc.*		46,698,862
	137,346	Qorvo, Inc.*		17,617,371
	256,040	QUALCOMM, Inc.		30,494,364
	94,492	RingCentral, Inc., Class A*		27,475,439
	217,108	salesforce.com, Inc.*		59,194,496
	245,053	Seagate Technology PLC		11,760,093
	81,731	ServiceNow, Inc.*		39,395,977
	156,765	Skyworks Solutions, Inc.		22,707,410
	49,998	Splunk, Inc.*		10,966,061
	82,865	Square, Inc., Class A*		13,221,939
	337,717	SS&C Technologies Holdings, Inc.		21,519,327
	169,789	Synopsys, Inc.*		37,574,306
	105,353	TE Connectivity Ltd.		10,177,100
	149,366	Teradyne, Inc.		12,691,629
	347,491	Texas Instruments, Inc.		49,395,846
	13,684	Trade Desk, Inc. (The), Class A*		6,586,109
	50,687	Trimble, Inc.*		2,656,506
	20,748	Twilio, Inc., Class A*		5,596,980
��	37,299	Tyler Technologies, Inc.*		12,879,718
Common Stocks – (continued)
Information Technology – (continued)
	121,063	VeriSign, Inc.*		26,004,332
	404,536	Visa, Inc., Class A		85,757,587
	71,732	VMware, Inc., Class A *(a)		10,360,970
	639,450	Western Union Co. (The)		15,084,625
	34,745	Workday, Inc., Class A*		8,328,724
	62,547	Xilinx, Inc.		6,514,896
	17,979	Zebra Technologies Corp., Class A*		5,151,523
	37,660	Zendesk, Inc.*		3,629,671
	44,330	Zoom Video Communications, Inc., Class A*		14,411,683
				3,131,280,653
Materials – 1.3%
	50,452	Air Products and Chemicals, Inc.		14,745,101
	83,058	Ball Corp.		6,675,371
	154,271	Dow, Inc.		6,960,707
	85,528	Eastman Chemical Co.		6,252,952
	64,921	Ecolab, Inc.		12,794,631
	23,390	FMC Corp.		2,499,455
	303,476	International Paper Co.		11,007,075
	233,392	Newmont Corp.		15,702,614
	179,090	Nucor Corp.		8,141,431
	29,123	Packaging Corp. of America		2,948,413
	60,069	PPG Industries, Inc.		7,232,308
	31,382	Sherwin-Williams Co. (The)		21,058,891
	20,067	Vulcan Materials Co.		2,408,040
	530,332	Westrock Co.		16,084,970
				134,511,959
Real Estate – 2.8%
	57,145	Alexandria Real Estate Equities, Inc. REIT		9,622,075
	90,798	American Tower Corp. REIT		22,622,322
	28,234	AvalonBay Communities, Inc. REIT		4,462,666
	37,964	Boston Properties, Inc. REIT		3,297,933
	128,103	Camden Property Trust REIT		11,649,687
	675,793	CBRE Group, Inc., Class A*		31,782,545
	126,144	Crown Castle International Corp. REIT		20,593,008
	23,362	CyrusOne, Inc. REIT		1,951,428
	118,867	Digital Realty Trust, Inc. REIT		18,501,649
	158,057	Duke Realty Corp. REIT		6,093,097
	23,729	Equinix, Inc. REIT		18,740,690
	180,157	Equity LifeStyle Properties, Inc. REIT		11,942,607
	145,299	Equity Residential REIT		8,202,129
	24,598	Essex Property Trust, Inc. REIT		5,325,713
	63,140	Extra Space Storage, Inc. REIT		6,727,567
	1,952,903	Host Hotels & Resorts, Inc. REIT		21,931,101
	300,290	Invitation Homes, Inc. REIT		8,597,303
	101,118	Medical Properties Trust, Inc. REIT		1,878,772
	95,628	Mid-America Apartment Communities, Inc. REIT		11,199,951

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

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

Schedule of Investments (continued)

August 31, 2020

Shares		Description	Value
Common Stocks – (continued)
Real Estate – (continued)
	155,607	Prologis, Inc. REIT	$	15,850,129
	41,114	Public Storage REIT		8,732,614
	39,549	SBA Communications Corp. REIT		12,104,762
	58,033	Simon Property Group, Inc. REIT		3,937,539
	103,294	Sun Communities, Inc. REIT		15,399,069
	107,211	UDR, Inc. REIT		3,732,015
	158,606	Ventas, Inc. REIT		6,536,153
	253,325	VICI Properties, Inc. REIT		5,659,280
				297,073,804
Utilities – 2.9%
	132,273	Alliant Energy Corp.		7,162,583
	71,673	Ameren Corp.		5,670,051
	98,524	American Electric Power Co., Inc.		7,766,647
	80,399	American Water Works Co., Inc.		11,363,595
	63,690	Atmos Energy Corp.		6,357,536
	125,875	CenterPoint Energy, Inc.		2,526,311
	120,387	CMS Energy Corp.		7,282,210
	132,659	Consolidated Edison, Inc.		9,463,893
	171,033	Dominion Energy, Inc.		13,415,829
	55,038	DTE Energy Co.		6,531,359
	153,703	Duke Energy Corp.		12,348,499
	81,313	Edison International		4,267,306
	40,635	Entergy Corp.		4,028,554
	59,506	Essential Utilities, Inc.		2,529,005
	114,017	Evergy, Inc.		6,067,985
	100,781	Eversource Energy		8,637,939
	330,260	Exelon Corp.		12,189,897
	85,309	FirstEnergy Corp.		2,438,984
	118,036	NextEra Energy, Inc.		32,952,110
	199,181	NiSource, Inc.		4,413,851
	564,016	NRG Energy, Inc.		19,407,791
	60,942	Pinnacle West Capital Corp.		4,470,096
	177,043	PPL Corp.		4,891,698
	183,000	Public Service Enterprise Group, Inc.		9,559,920
	61,005	Sempra Energy		7,543,268
	138,473	Southern Co. (The)		7,225,521
	2,611,945	Vistra Corp.		50,227,702
	127,779	WEC Energy Group, Inc.		12,021,448
	209,496	Xcel Energy, Inc.		14,554,735
				297,316,323
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $8,045,630,266)		$	10,407,272,245
Shares		Dividend Rate	Value
Securities Lending Reinvestment Vehicle – 0.1%(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	9,557,821	0.027%	$	9,557,821
	(Cost $9,557,821)
	TOTAL INVESTMENTS – 99.9%
	(Cost $8,055,188,087)		$	10,416,830,066
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.1%			11,064,657
	NET ASSETS – 100.0%		$	10,427,894,723

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

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

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

Schedule of Investments

August 31, 2020

Shares		Description	Value
Common Stocks – 98.2%
Communication Services – 2.3%
	20,296	Alaska Communications Systems Group, Inc.	$	45,463
	1,543	AMC Networks, Inc., Class A*		37,480
	789	Anterix, Inc.*		34,511
	475	ATN International, Inc.		27,550
	685	Bandwidth, Inc., Class A*		107,874
	1,059	Cardlytics, Inc.*		80,325
	5,930	Cargurus, Inc.*		144,573
	5,172	Cars.com, Inc.*		44,893
	8,530	Central European Media Enterprises Ltd., Class A (Czech Republic)*		35,357
	1,867	Cincinnati Bell, Inc.*		28,117
	2,889	Cogent Communications Holdings, Inc.		194,314
	12,458	Consolidated Communications Holdings, Inc.*		96,923
	125	Daily Journal Corp.*(a)		34,400
	15,461	DHI Group, Inc.*		37,570
	16,605	Entercom Communications Corp., Class A		24,908
	18,535	Eros International PLC (India)*(a)		57,644
	3,415	EverQuote, Inc., Class A*		121,233
	17,139	Glu Mobile, Inc.*		136,084
	6,168	Gray Television, Inc.*		95,727
	2,097	Hemisphere Media Group, Inc.*		18,663
	5,942	IDT Corp., Class B*		38,742
	3,021	iHeartMedia, Inc., Class A*		27,854
	3,437	Iridium Communications, Inc.*		96,270
	4,533	Liberty Latin America Ltd., Class A (Chile)*		44,423
	7,048	Liberty Latin America Ltd., Class C (Chile)*		67,238
	1,771	Liberty Media Corp.-Liberty Braves, Class A*(a)		34,694
	2,573	Liberty Media Corp.-Liberty Braves, Class C*		49,993
	19,614	Liberty TripAdvisor Holdings, Inc., Class A*		54,919
	2,712	Marcus Corp. (The)		42,497
	7,683	Meet Group, Inc. (The)*		48,403
	6,909	MSG Networks, Inc., Class A*		67,294
	6,600	Ooma, Inc.*		90,024
	14,544	ORBCOMM, Inc.*		58,321
	4,499	QuinStreet, Inc.*		59,162
	17	Saga Communications, Inc., Class A		383
	4,556	Scholastic Corp.		102,510
	2,227	Shenandoah Telecommunications Co.		123,153
	1,376	Sinclair Broadcast Group, Inc., Class A(a)		28,635
	4,323	Spok Holdings, Inc.		46,861
	5,453	TechTarget, Inc.*		216,375
	12,539	TEGNA, Inc.		156,988
	=-24,765	TrueCar, Inc.*		117,138
	30,589	Vonage Holdings Corp.*		350,244
	6,864	Yelp, Inc.*		158,696
				3,484,426
Common Stocks – (continued)
Consumer Discretionary – 13.4%
	7,567	1-800-Flowers.com, Inc., Class A*		226,480
	7,081	Aaron’s, Inc.		395,757
	7,440	Abercrombie & Fitch Co., Class A		96,794
	3,231	Acushnet Holdings Corp.		114,022
	5,469	Adient PLC*		94,832
	4,966	Adtalem Global Education, Inc.*		164,871
	1,203	America’s Car-Mart, Inc.*		120,901
	7,133	American Axle & Manufacturing Holdings, Inc.*		55,495
	6,095	American Eagle Outfitters, Inc.		76,858
	574	American Outdoor Brands, Inc.*		8,742
	5,400	American Public Education, Inc.*	��	169,776
	1,659	Asbury Automotive Group, Inc.*		175,506
	7,264	Aspen Group, Inc.*		92,834
	3,652	At Home Group, Inc.*		69,790
	2,453	BBX Capital Corp.		37,776
	7,519	Beazer Homes USA, Inc.*		92,033
	8,268	Bed Bath & Beyond, Inc.		100,704
	3,763	Big Lots, Inc.		177,425
	77	Biglari Holdings, Inc., Class B*		7,631
	2,111	BJ’s Restaurants, Inc.		66,539
	5,101	Bloomin’ Brands, Inc.		73,148
	2,613	Boot Barn Holdings, Inc.*		73,765
	5,664	Boyd Gaming Corp.		151,682
	2,684	Brinker International, Inc.		120,887
	3,782	Buckle, Inc. (The)		70,875
	3,567	Caesars Entertainment, Inc.*		163,369
	4,404	Caleres, Inc.		34,395
	5,387	Callaway Golf Co.		112,373
	988	Camping World Holdings, Inc., Class A		28,711
	7,870	CarParts.com, Inc.*		110,573
	2,949	Carriage Services, Inc.		65,291
	3,295	Casper Sleep, Inc.*		29,919
	414	Cavco Industries, Inc.*		79,037
	910	Century Communities, Inc.*		32,469
	3,286	Cheesecake Factory, Inc. (The)(a)		97,036
	1,665	Children’s Place, Inc. (The)		33,242
	1,765	Churchill Downs, Inc.		308,451
	2,542	Citi Trends, Inc.		49,137
	3,528	Clarus Corp.		44,418
	3,217	Collectors Universe, Inc.		143,124
	3,063	Conn’s, Inc.*		39,145
	3,278	Cooper Tire & Rubber Co.		113,320
	3,353	Core-Mark Holding Co., Inc.		112,057
	509	Cracker Barrel Old Country Store, Inc.		68,058
	8,039	Crocs, Inc.*		320,836
	9,308	Dana, Inc.		129,847
	2,615	Deckers Outdoor Corp.*		533,120
	9,452	Del Taco Restaurants, Inc.*		79,491
	8,592	Denny’s Corp.*		98,464
	4,340	Designer Brands, Inc., Class A		30,597
	2,057	Dillard’s, Inc., Class A(a)		62,142
	697	Dine Brands Global, Inc.		41,513
	3,079	Dorman Products, Inc.*		260,761
	3,846	Duluth Holdings, Inc., Class B*(a)		37,229
	4,472	El Pollo Loco Holdings, Inc.*		79,915

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)

August 31, 2020

Shares		Description	Value
Common Stocks – (continued)
Consumer Discretionary – (continued)
	6,284	Ethan Allen Interiors, Inc.	$	89,484
	4,701	Everi Holdings, Inc.*		36,480
	7,049	Fiesta Restaurant Group, Inc.*		70,631
	13,282	Fossil Group, Inc.*		85,470
	2,403	Fox Factory Holding Corp.*		242,246
	1,066	Franchise Group, Inc.		26,181
	7,259	Funko, Inc., Class A*(a)		42,393
	9,721	GameStop Corp., Class A*(a)		64,936
	2,867	Genesco, Inc.*		55,906
	4,074	Gentherm, Inc.*		184,267
	2,594	G-III Apparel Group Ltd.*		28,690
	8,906	Goodyear Tire & Rubber Co. (The)		85,453
	11,560	GoPro, Inc., Class A*		53,060
	2,456	Green Brick Partners, Inc.*		34,973
	1,473	Group 1 Automotive, Inc.		127,326
	2,462	Groupon, Inc.*		78,365
	3,228	Guess?, Inc.		37,122
	5,225	Haverty Furniture Cos., Inc.		110,352
	1,456	Helen of Troy Ltd.*		301,130
	4,264	Hibbett Sports, Inc.*		142,290
	1,947	Hilton Grand Vacations, Inc.*		42,659
	16,745	Houghton Mifflin Harcourt Co.*		37,844
	7,687	Hudson Ltd., Class A*		57,960
	1,603	Installed Building Products, Inc.*		139,172
	5,034	International Game Technology PLC		56,028
	2,250	iRobot Corp.*		166,568
	1,357	Jack in the Box, Inc.		111,803
	1,465	Johnson Outdoors, Inc., Class A		125,565
	8,523	K12, Inc.*		317,141
	6,952	KB Home		248,604
	1,557	Kontoor Brands, Inc.		34,410
	1,337	Lakeland Industries, Inc.*(a)		27,315
	3,433	Lands’ End, Inc.*		45,934
	8,766	Laureate Education, Inc., Class A*		109,750
	5,700	La-Z-Boy, Inc.		185,250
	2,444	LCI Industries		277,712
	576	LGI Homes, Inc.*		64,431
	3,092	Lifetime Brands, Inc.		30,363
	1,619	Liquidity Services, Inc.*		11,673
	1,385	Lithia Motors, Inc., Class A		344,810
	3,269	Lumber Liquidators Holdings, Inc.*		78,423
	2,798	M/I Homes, Inc.*		119,083
	17,106	Macy’s, Inc.(a)		119,229
	10,436	Magnite, Inc.*		76,705
	2,041	Malibu Boats, Inc., Class A*		105,826
	2,305	Marine Products Corp.		33,307
	2,034	MarineMax, Inc.*		59,820
	2,047	Marriott Vacations Worldwide Corp.		193,789
	5,480	MasterCraft Boat Holdings, Inc.*		114,587
	2,455	MDC Holdings, Inc.		106,498
	2,664	Meritage Homes Corp.*		255,824
	5,328	Modine Manufacturing Co.*		36,071
	1,410	Monarch Casino & Resort, Inc.*		64,874
	1,173	Monro, Inc.		54,064
	2,311	Movado Group, Inc.		25,213
	2,238	Murphy USA, Inc.*		301,817
Common Stocks – (continued)
Consumer Discretionary – (continued)
	1,127	Nathan’s Famous, Inc.		59,111
	2,382	National Vision Holdings, Inc.*		89,492
	8,282	Nautilus, Inc.*		98,142
	3,547	ODP Corp. (The)		82,929
	2,528	Overstock.com, Inc.*		221,200
	2,445	Oxford Industries, Inc.		121,101
	3,093	Papa John’s International, Inc.		304,011
	8,606	Penn National Gaming, Inc.*		439,767
	17,307	Perdoceo Education Corp.*		248,702
	2,451	PetMed Express, Inc.		85,197
	7,302	PlayAGS, Inc.*		29,208
	3,693	Purple Innovation, Inc.*		69,835
	4,136	Quotient Technology, Inc.*		36,025
	2,507	RCI Hospitality Holdings, Inc.		47,934
	1,907	RealReal, Inc. (The)*		30,626
	9,803	Rent-A-Center, Inc.		300,952
	1,417	RH*		468,389
	4,467	Ruth’s Hospitality Group, Inc.		45,898
	9,226	Sally Beauty Holdings, Inc.*		102,962
	3,212	Scientific Games Corp.*		66,440
	3,521	SeaWorld Entertainment, Inc.*		71,828
	677	Shake Shack, Inc., Class A*		46,205
	3,638	Shoe Carnival, Inc.		119,617
	2,813	Shutterstock, Inc.		141,550
	3,060	Signet Jewelers Ltd.		52,846
	2,598	Skyline Champion Corp.*		74,147
	3,902	Sleep Number Corp.*		187,296
	2,299	Smith & Wesson Brands, Inc.*		41,980
	1,515	Sonic Automotive, Inc., Class A		64,024
	9,052	Sonos, Inc.*		127,362
	4,247	Sportsman’s Warehouse Holdings, Inc.*		66,657
	1,138	Stamps.com, Inc.*		283,749
	3,418	Standard Motor Products, Inc.		155,314
	6,578	Steven Madden Ltd.		139,190
	4,128	Stitch Fix, Inc., Class A*(a)		99,691
	7,845	Stoneridge, Inc.*		158,469
	1,194	Strategic Education, Inc.		122,469
	2,434	Sturm Ruger & Co., Inc.		172,473
	10,134	Taylor Morrison Home Corp.*		238,453
	3,375	Texas Roadhouse, Inc.		212,591
	2,085	TopBuild Corp.*		320,673
	8,591	TRI Pointe Group, Inc.*		145,016
	16,540	Tupperware Brands Corp.		269,437
	3,790	Turtle Beach Corp.*		74,170
	2,503	Unifi, Inc.*		30,612
	641	Universal Electronics, Inc.*		26,332
	11,283	Universal Technical Institute, Inc.*		79,545
	7,999	Vera Bradley, Inc.*		42,155
	3,504	Vista Outdoor, Inc.*		68,013
	923	Visteon Corp.*		69,622
	1,402	Weyco Group, Inc.		25,236
	3,214	Wingstop, Inc.		525,168
	853	Winmark Corp.		131,746
	1,795	Winnebago Industries, Inc.		96,894
	5,231	Wolverine World Wide, Inc.		130,670
	8,754	WW International, Inc.*		205,544

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)
Consumer Discretionary – (continued)
	4,196	YETI Holdings, Inc.*	$	215,590
	5,174	Zumiez, Inc.*		132,868
				20,363,163
Consumer Staples – 3.5%
	66	Alico, Inc.		2,133
	1,828	B&G Foods, Inc.(a)		56,924
	2,936	BellRing Brands, Inc., Class A*		57,076
	8,865	BJ’s Wholesale Club Holdings, Inc.*		393,695
	686	Calavo Growers, Inc.		43,540
	1,469	Cal-Maine Foods, Inc.*		56,689
	9,078	Celsius Holdings, Inc. *(a)		176,295
	1,967	Central Garden & Pet Co.*		80,037
	2,784	Central Garden & Pet Co., Class A*		103,454
	3,718	Chefs’ Warehouse, Inc. (The)*		55,064
	781	Coca-Cola Consolidated, Inc.		213,447
	10,986	Darling Ingredients, Inc.*		351,222
	2,817	Edgewell Personal Care Co.*		80,876
	1,540	elf Beauty, Inc.*		30,076
	1,619	Farmer Bros Co.*		10,184
	3,220	Fresh Del Monte Produce, Inc.		74,672
	2,922	Freshpet, Inc.*		331,939
	11,530	Hostess Brands, Inc.*		148,045
	3,286	Ingles Markets, Inc., Class A		132,754
	1,469	Inter Parfums, Inc.		65,620
	1,025	J & J Snack Foods Corp.		139,349
	1,266	John B Sanfilippo & Son, Inc.		100,824
	1,205	Lancaster Colony Corp.		214,153
	3,895	Landec Corp.*		39,885
	5,369	Lifevantage Corp.*		80,642
	1,386	Medifast, Inc.		225,530
	2,315	National Beverage Corp. *(a)		188,256
	2,357	Nature’s Sunshine Products, Inc.*		26,021
	7,886	Performance Food Group Co.*		287,918
	713	PriceSmart, Inc.		46,880
	11,459	Primo Water Corp.		156,759
	6,020	Rite Aid Corp.*		78,380
	1,181	Sanderson Farms, Inc.		138,130
	3,287	Simply Good Foods Co. (The)*		81,682
	4,881	SpartanNash Co.		97,522
	1,139	Tootsie Roll Industries, Inc.		36,437
	2,016	Turning Point Brands, Inc.		58,262
	5,245	United Natural Foods, Inc.*		94,672
	2,034	Universal Corp.		88,296
	2,057	USANA Health Sciences, Inc.*		161,289
	10,650	Vector Group Ltd.		107,246
	8,074	Veru, Inc.*		22,365
	3,156	Village Super Market, Inc., Class A		80,289
	1,127	WD-40 Co.		230,336
	1,805	Weis Markets, Inc.		88,860
				5,333,725
Energy – 1.4%
	7,994	Aspen Aerogels, Inc.*		67,949
	574	Bristow Group, Inc.*		10,854
	4,415	Cactus, Inc., Class A		97,527
Common Stocks – (continued)
Energy – (continued)
	4,459	CNX Resources Corp.*		48,871
	5,054	CONSOL Energy, Inc.*		26,129
	8,197	Contango Oil & Gas Co.*		13,279
	5,715	DHT Holdings, Inc.		30,232
	3,664	Diamond S Shipping, Inc.*		30,008
	3,153	DMC Global, Inc.		111,711
	6,452	Dorian LPG Ltd.*		54,455
	10,082	Evolution Petroleum Corp.		27,524
	3,763	Frontline Ltd. (Norway)(a)		29,953
	12,474	Helix Energy Solutions Group, Inc.*		44,657
	1,587	International Seaways, Inc.		26,916
	14,751	Kosmos Energy Ltd. (Ghana)		21,684
	8,378	Liberty Oilfield Services, Inc., Class A		54,038
	2,684	Matador Resources Co.*		26,115
	6,255	Matrix Service Co.*		57,796
	1,129	Nabors Industries Ltd.(a)		45,137
	16,809	Newpark Resources, Inc.*		32,778
	26,205	NexTier Oilfield Solutions, Inc.*		66,037
	6,433	Nordic American Tankers Ltd.(a)		28,048
	9,801	Oil States International, Inc.*		43,026
	5,812	Ovintiv, Inc.(a)		64,397
	3,944	Par Pacific Holdings, Inc.*		34,234
	6,433	Patterson-UTI Energy, Inc.		24,767
	2,183	PBF Energy, Inc., Class A		18,686
	2,033	PDC Energy, Inc.*		30,780
	10,424	Peabody Energy Corp.		27,207
	24,086	ProPetro Holding Corp.*		151,260
	4,598	Range Resources Corp.		34,301
	5,758	Renewable Energy Group, Inc.*		192,490
	685	REX American Resources Corp.*		42,319
	22,477	RPC, Inc.*		70,353
	2,436	Scorpio Tankers, Inc. (Monaco)		28,842
	1,460	SEACOR Holdings, Inc.*		46,151
	7,479	Select Energy Services, Inc., Class A*		35,675
	5,651	SFL Corp. Ltd. (Norway)		49,616
	9,025	Solaris Oilfield Infrastructure, Inc., Class A		70,215
	10,273	Southwestern Energy Co.*		28,559
	32,406	W&T Offshore, Inc. *(a)		72,265
	3,557	World Fuel Services Corp.		93,905
				2,110,746
Financials – 15.9%
	1,007	1st Constitution Bancorp		12,255
	1,395	1st Source Corp.		48,058
	1,318	Allegiance Bancshares, Inc.		33,504
	2,790	Altabancorp		57,530
	2,450	Ambac Financial Group, Inc.*		30,943
	618	Amerant Bancorp, Inc.*		8,127
	9,168	American Equity Investment Life Holding Co.		219,207
	1,598	American National Bankshares, Inc.		36,019
	2,308	Ameris Bancorp		56,592
	2,580	AMERISAFE, Inc.		172,163
	198	Ames National Corp.		3,950

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)

August 31, 2020

Shares		Description	Value
Common Stocks – (continued)
Financials – (continued)
	4,852	Apollo Commercial Real Estate Finance, Inc. REIT	$	43,377
	5,653	Ares Commercial Real Estate Corp. REIT		56,304
	1,823	Argo Group International Holdings Ltd.		67,706
	2,887	Arrow Financial Corp.		82,713
	6,774	Artisan Partners Asset Management, Inc., Class A		262,222
	399	Associated Capital Group, Inc., Class A		15,421
	3,165	Atlantic Capital Bancshares, Inc.*		36,508
	5,092	Atlantic Union Bankshares Corp.		118,440
	8,969	Axos Financial, Inc.*		222,252
	2,865	B. Riley Financial, Inc.		76,725
	4,550	Banc of California, Inc.		50,004
	2,453	BancFirst Corp.		107,932
	2,892	Banco Latinoamericano de Comercio Exterior SA, Class E (Panama)		35,225
	6,012	BancorpSouth Bank		129,739
	913	Bank First Corp.		56,971
	4,539	Bank of Commerce Holdings		33,362
	1,453	Bank of Marin Bancorp		46,249
	7,644	Bank of NT Butterfield & Son Ltd. (The) (Bermuda)		192,629
	2,782	BankFinancial Corp.		20,197
	2,301	BankUnited, Inc.		53,797
	1,251	Bankwell Financial Group, Inc.		19,516
	2,150	Banner Corp.		77,658
	1,402	Bar Harbor Bankshares		28,405
	3,845	BCB Bancorp, Inc.		31,318
	4,059	Berkshire Hills Bancorp, Inc.		37,262
	6,881	Blackstone Mortgage Trust, Inc., Class A REIT		163,561
	7,341	Boston Private Financial Holdings, Inc.		43,606
	2,111	Bridge Bancorp, Inc.		42,241
	10,633	Brightsphere Investment Group, Inc.		147,373
	5,731	Brookline Bancorp, Inc.		55,018
	2,173	Bryn Mawr Bank Corp.		58,975
	675	C&F Financial Corp.		21,580
	618	Cambridge Bancorp		33,891
	3,215	Camden National Corp.		104,986
	7,003	Cannae Holdings, Inc.*		264,223
	3,157	Capital City Bank Group, Inc.		63,992
	5,893	Capitol Federal Financial, Inc.		55,041
	1,340	Capstar Financial Holdings, Inc.		13,655
	6,276	Cathay General Bancorp		154,954
	1,132	CB Financial Services, Inc.		21,055
	2,731	Central Pacific Financial Corp.		42,303
	2,251	Central Valley Community Bancorp		27,080
	835	Century Bancorp, Inc., Class A		58,826
	785	Chemung Financial Corp.		22,537
	1,809	Citizens & Northern Corp.		31,006
	2,330	City Holding Co.		149,073
	3,935	Civista Bancshares, Inc.		52,532
	2,678	CNB Financial Corp.		42,714
	9,307	CNO Financial Group, Inc.		151,704
	2,093	Codorus Valley Bancorp, Inc.		27,000
	3,623	Cohen & Steers, Inc.		219,191
Common Stocks – (continued)
Financials – (continued)
	1,497	Colony Bankcorp, Inc.		16,467
	4,177	Columbia Banking System, Inc.		116,580
	2,024	Columbia Financial, Inc.*		21,596
	3,091	Community Bank System, Inc.		185,985
	8,523	Community Bankers Trust Corp.		43,723
	817	Community Financial Corp. (The)		18,170
	1,949	Community Trust Bancorp, Inc.		62,894
	2,566	ConnectOne Bancorp, Inc.		38,798
	1,822	County Bancorp, Inc.		35,165
	4,113	Cowen, Inc., Class A		74,404
	2,879	Crawford & Co., Class A		19,750
	4,527	Curo Group Holdings Corp.		34,858
	5,436	Customers Bancorp, Inc.*		69,418
	6,777	CVB Financial Corp.		123,409
	680	Diamond Hill Investment Group, Inc.		84,259
	3,358	Dime Community Bancshares, Inc.		43,318
	2,851	Donegal Group, Inc., Class A		41,140
	6,217	Donnelley Financial Solutions, Inc.*		67,765
	2,934	Dynex Capital, Inc. REIT		46,475
	3,337	Eagle Bancorp, Inc.		96,039
	650	eHealth, Inc.*		41,028
	4,068	Employers Holdings, Inc.		132,535
	4,040	Encore Capital Group, Inc.*		185,598
	5,666	Enova International, Inc.*		96,775
	761	Enstar Group Ltd. (Bermuda)*		136,211
	2,789	Enterprise Financial Services Corp.		83,419
	421	Equity Bancshares, Inc., Class A*		6,694
	341	Esquire Financial Holdings, Inc.*		5,626
	2,606	ESSA Bancorp, Inc.		33,357
	9,846	Essent Group Ltd.		351,502
	1,494	Evans Bancorp, Inc.		34,063
	5,801	EZCORP, Inc., Class A*		31,209
	1,682	Farmers & Merchants Bancorp, Inc.		36,247
	4,455	Farmers National Banc Corp.		51,945
	4,065	FB Financial Corp.		109,755
	1,029	FBL Financial Group, Inc., Class A		38,124
	3,169	Federal Agricultural Mortgage Corp., Class C		215,967
	9,048	Federated Hermes, Inc.		216,338
	3,206	Financial Institutions, Inc.		55,239
	17,639	First BanCorp. (Puerto Rico)		101,071
	2,245	First Bancorp, Inc. (The)		47,774
	1,589	First Bancshares, Inc. (The)		34,068
	1,051	First Bank		6,853
	3,023	First BankCorp		61,820
	3,628	First Busey Corp.		64,633
	2,384	First Business Financial Services, Inc.		36,952
	8,237	First Commonwealth Financial Corp.		67,543
	1,535	First Community Bankshares, Inc.		29,533
	1,748	First Community Corp/SC		22,165
	8,264	First Financial Bancorp		113,382
	10,579	First Financial Bankshares, Inc.		320,279
	1,545	First Financial Corp.		53,133
	4,177	First Foundation, Inc.		63,449
	1,419	First Guaranty Bancshares, Inc.		18,206
	1,879	First Internet Bancorp		27,452

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)
	2,327	First Interstate BancSystem, Inc., Class A	$	76,326
	5,051	First Merchants Corp.		129,205
	1,746	First Mid Bancshares, Inc.		45,466
	5,095	First Midwest Bancorp, Inc.		63,484
	3,382	First Northwest Bancorp		37,540
	3,407	First of Long Island Corp. (The)		52,349
	638	First Savings Financial Group, Inc.		27,753
	2,356	FirstCash, Inc.		140,771
	4,714	Flagstar Bancorp, Inc.		148,114
	4,827	Flushing Financial Corp.		58,552
	1,316	Focus Financial Partners, Inc., Class A*		46,573
	1,274	FS Bancorp, Inc.		50,476
	11,743	Fulton Financial Corp.		114,847
	31,636	Genworth Financial, Inc., Class A*		95,541
	3,786	German American Bancorp, Inc.		107,333
	5,508	Glacier Bancorp, Inc.		193,248
	625	Global Indemnity Group LLC, Class A		14,519
	466	Goosehead Insurance, Inc., Class A		47,886
	4,125	Granite Point Mortgage Trust, Inc. REIT		27,390
	4,838	Great Ajax Corp. REIT		44,123
	2,396	Great Southern Bancorp, Inc.		92,342
	2,858	Green Dot Corp., Class A*		148,787
	5,540	Greenhill & Co., Inc.		62,159
	3,130	Hamilton Lane, Inc., Class A		228,834
	4,771	Hancock Whitney Corp.		95,468
	3,643	Hanmi Financial Corp.		34,718
	2,805	Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT		119,100
	5,591	HarborOne Bancorp, Inc.		48,362
	915	HCI Group, Inc.		50,069
	3,087	Heartland Financial USA, Inc.		106,285
	6,814	Heritage Commerce Corp.		47,221
	2,362	Heritage Financial Corp.		47,098
	2,407	Heritage Insurance Holdings, Inc.		31,411
	6,364	Hilltop Holdings, Inc.		131,098
	472	Hingham Institution For Savings (The)		86,546
	1,408	Home Bancorp, Inc.		34,017
	10,828	Home BancShares, Inc.		175,522
	3,477	HomeStreet, Inc.		95,165
	2,231	HomeTrust Bancshares, Inc.		31,301
	8,631	Hope Bancorp, Inc.		73,018
	4,203	Horace Mann Educators Corp.		164,169
	4,845	Horizon Bancorp, Inc.		54,167
	3,805	Houlihan Lokey, Inc.		222,973
	778	Howard Bancorp, Inc.*		7,632
	4,000	Independent Bank Corp.		59,640
	2,110	Independent Bank Corp.		132,613
	2,395	Independent Bank Group, Inc.		111,367
	3,985	International Bancshares Corp.		125,846
	15,057	Invesco Mortgage Capital, Inc. REIT		45,171
	2,364	Investar Holding Corp.		32,150
	12,804	Investors Bancorp, Inc.		99,231
	441	Investors Title Co.		60,002
	2,093	James River Group Holdings Ltd.		101,950
	4,277	Kearny Financial Corp.		33,190
	2,243	Kinsale Capital Group, Inc.		464,817
Common Stocks – (continued)
Financials – (continued)
	3,021	KKR Real Estate Finance Trust, Inc. REIT		54,982
	8,200	Ladder Capital Corp. REIT		61,090
	4,496	Lakeland Bancorp, Inc.		47,792
	3,352	Lakeland Financial Corp.		153,153
	2,676	Live Oak Bancshares, Inc.		59,354
	7,618	Macatawa Bank Corp.		55,764
	693	Marlin Business Services Corp.		4,643
	2,674	Mercantile Bank Corp.		58,400
	3,562	Meridian Bancorp, Inc.		41,462
	3,489	Meta Financial Group, Inc.		67,268
	2,091	Midland States Bancorp, Inc.		30,550
	1,729	MidWestOne Financial Group, Inc.		32,834
	1,534	MMA Capital Holdings, Inc.*		36,018
	4,135	Moelis & Co., Class A		131,948
	8	Morgan Group Holding Co.*		56
	16,666	Mr Cooper Group, Inc.*		305,404
	1,533	National Bank Holdings Corp., Class A		43,599
	9,717	National General Holdings Corp.		330,864
	297	National Western Life Group, Inc., Class A		65,337
	15,356	Navient Corp.		139,586
	3,273	NBT Bancorp, Inc.		99,728
	1,947	Nelnet, Inc., Class A		127,509
	557	NI Holdings, Inc.*		9,090
	1,679	Nicolet Bankshares, Inc.*		100,774
	6,486	NMI Holdings, Inc., Class A*		111,235
	2,920	Northeast Bank		54,487
	1,839	Northrim BanCorp, Inc.		49,487
	6,319	Northwest Bancshares, Inc.		63,885
	1,765	Norwood Financial Corp.		43,684
	3,163	OceanFirst Financial Corp.		49,374
	4,962	OFG Bancorp (Puerto Rico)		63,712
	1,620	Ohio Valley Banc Corp.		36,936
	10,195	Old National Bancorp		142,526
	4,344	Old Second Bancorp, Inc.		35,490
	1,758	Oppenheimer Holdings, Inc., Class A		42,948
	6,291	Orchid Island Capital, Inc. REIT		32,147
	5,445	Pacific Premier Bancorp, Inc.		123,003
	650	Palomar Holdings, Inc.*		73,028
	1,600	Park National Corp.		143,856
	2,791	Parke Bancorp, Inc.		34,329
	2,572	PCSB Financial Corp.		32,613
	2,810	Peapack-Gladstone Financial Corp.		47,770
	1,805	Penns Woods Bancorp, Inc.		37,454
	6,367	PennyMac Financial Services, Inc.		335,668
	1,748	Peoples Bancorp of North Carolina, Inc.		29,716
	3,014	Peoples Bancorp, Inc.		63,716
	1,471	Peoples Financial Services Corp.		53,603
	955	Piper Sandler Cos.		72,055
	1,757	PJT Partners, Inc., Class A		103,979
	1,247	Plumas Bancorp		24,641
	2,986	PRA Group, Inc.*		139,372
	2,996	Preferred Bank		112,050
	3,787	Premier Financial Bancorp, Inc.		48,549
	2,096	Premier Financial Corp.		38,304

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)

August 31, 2020

Shares		Description	Value
Common Stocks – (continued)
Financials – (continued)
	2,057	Protective Insurance Corp., Class B	$	29,539
	4,899	Provident Financial Services, Inc.		64,569
	3,222	Prudential Bancorp, Inc.		31,866
	6,716	Pzena Investment Management, Inc., Class A		33,244
	2,046	QCR Holdings, Inc.		61,319
	19,233	Radian Group, Inc.		296,958
	2,444	Regional Management Corp.*		44,701
	887	Reliant Bancorp, Inc.		12,862
	3,226	Renasant Corp.		81,844
	2,219	Republic Bancorp, Inc., Class A		68,256
	7,861	Riverview Bancorp, Inc.		32,466
	2,381	RLI Corp.		223,314
	3,023	S&T Bancorp, Inc.		61,049
	1,822	Safety Insurance Group, Inc.		131,913
	3,297	Sandy Spring Bancorp, Inc.		78,864
	3,166	Seacoast Banking Corp. of Florida*		64,080
	4,989	Selective Insurance Group, Inc.		298,392
	6,091	ServisFirst Bancshares, Inc.		223,235
	3,425	Shore Bancshares, Inc.		33,394
	2,609	Sierra Bancorp		46,623
	5,371	Simmons First National Corp., Class A		91,683
	1,740	SmartFinancial, Inc.		23,960
	3,359	South State Corp.		187,029
	2,243	Southern First Bancshares, Inc.*		58,094
	2,403	Southern Missouri Bancorp, Inc.		56,903
	3,446	Southern National Bancorp of Virginia, Inc.		29,463
	2,407	Southside Bancshares, Inc.		66,325
	3,790	Stewart Information Services Corp.		161,719
	4,678	Stifel Financial Corp.		237,221
	3,724	Stock Yards Bancorp, Inc.		159,871
	2,031	StoneX Group, Inc.*		115,158
	907	Summit Financial Group, Inc.		13,378
	2,318	Territorial Bancorp, Inc.		49,049
	832	Texas Capital Bancshares, Inc.*		26,948
	4,888	Third Point Reinsurance Ltd. (Bermuda)*		41,841
	2,466	Timberland Bancorp, Inc.		43,130
	1,349	Tompkins Financial Corp.		89,277
	5,046	Towne Bank		89,466
	3,301	TriCo Bancshares		91,405
	4,365	TriState Capital Holdings, Inc.*		60,674
	2,507	Triumph Bancorp, Inc.*		71,600
	1,033	Trupanion, Inc.*		64,800
	10,545	TrustCo Bank Corp.		62,848
	4,672	Trustmark Corp.		109,699
	2,741	UMB Financial Corp.		147,247
	6,866	United Bankshares, Inc.		179,477
	6,588	United Community Banks, Inc.		119,375
	1,206	United Fire Group, Inc.		30,367
	1,829	United Security Bancshares		11,139
	3,069	Unity Bancorp, Inc.		40,756
	4,691	Universal Insurance Holdings, Inc.		87,018
	2,508	Univest Financial Corp.		40,354
	25,474	Valley National Bancorp		191,310
	3,694	Veritex Holdings, Inc.		66,418
Common Stocks – (continued)
Financials – (continued)
	903	Virtus Investment Partners, Inc.		128,136
	9,732	Waddell & Reed Financial, Inc., Class A		153,279
	5,485	Walker & Dunlop, Inc.		300,468
	6,514	Washington Federal, Inc.		152,753
	2,468	Washington Trust Bancorp, Inc.		82,382
	4,559	Waterstone Financial, Inc.		70,619
	4,247	WesBanco, Inc.		94,368
	4,736	West BanCorp, Inc.		83,354
	1,900	Westamerica BanCorp		115,634
	5,689	Western New England Bancorp, Inc.		29,128
	1,068	World Acceptance Corp.*		97,177
	2,615	WSFS Financial Corp.		76,620
				24,307,720
Health Care – 17.6%
	814	1Life Healthcare, Inc.*(a)		23,744
	1,324	Addus HomeCare Corp.*		124,006
	1,965	Adverum Biotechnologies, Inc.*		23,973
	14,959	Affimed NV (Germany)*		51,609
	9,658	Agile Therapeutics, Inc.*		30,906
	1,528	Aimmune Therapeutics, Inc.*(a)		52,288
	3,900	Akcea Therapeutics, Inc.*		71,292
	14,699	Akebia Therapeutics, Inc.*		153,017
	1,040	Akero Therapeutics, Inc.*		33,904
	1,629	Alector, Inc.*		21,047
	347	Allakos, Inc.*		31,084
	1,414	Allogene Therapeutics, Inc.*		50,409
	13,847	Allscripts Healthcare Solutions, Inc.*		123,654
	11,992	Alphatec Holdings, Inc.*		71,832
	12,064	AMAG Pharmaceuticals, Inc.*(a)		124,983
	5,367	American Renal Associates Holdings, Inc.*		36,174
	7,128	Amicus Therapeutics, Inc.*		104,069
	4,853	AMN Healthcare Services, Inc.*		261,285
	18,502	Amneal Pharmaceuticals, Inc.*		76,043
	5,119	Amphastar Pharmaceuticals, Inc.*		104,325
	1,239	AnaptysBio, Inc.*		21,472
	5,344	Anavex Life Sciences Corp.*(a)		22,659
	6,783	AngioDynamics, Inc.*		63,523
	3,689	ANI Pharmaceuticals, Inc.*		115,687
	2,464	Anika Therapeutics, Inc.*		94,445
	25,006	Antares Pharma, Inc.*		70,767
	1,354	Apellis Pharmaceuticals, Inc.*		41,744
	569	Applied Therapeutics, Inc.*		13,713
	3,647	Apyx Medical Corp.*		16,740
	7,772	Aquestive Therapeutics, Inc. *(a)		61,088
	1,905	Aravive, Inc.*(a)		10,858
	686	Arcturus Therapeutics Holdings, Inc.*		33,093
	1,066	Arcus Biosciences, Inc.*		25,371
	3,900	Ardelyx, Inc.*		22,386
	3,733	Arena Pharmaceuticals, Inc.*		260,638
	4,849	Arrowhead Pharmaceuticals, Inc.*		204,822
	852	Arvinas, Inc.*		22,109
	6,169	Aspira Women’s Health, Inc.*		17,674
	1,204	Assembly Biosciences, Inc.*		26,331
	11,217	Athersys, Inc.*(a)		24,453

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)
	1,317	Atreca, Inc., Class A*	$	18,728
	3,420	AtriCure, Inc.*		152,977
	82	Atrion Corp.		51,801
	2,602	Avenue Therapeutics, Inc.*		28,960
	4,925	Avid Bioservices, Inc.*		41,321
	1,257	Avrobio, Inc.*		21,771
	756	Axonics Modulation Technologies, Inc.*		31,949
	1,335	Axsome Therapeutics, Inc.*		97,869
	3,628	Beyond Air, Inc.*		20,135
	6,725	BioCryst Pharmaceuticals, Inc.*		27,909
	32,777	BioDelivery Sciences International, Inc.*		128,158
	1,325	Biohaven Pharmaceutical Holding Co. Ltd.*		83,992
	1,098	BioSpecifics Technologies Corp.*		70,821
	2,259	BioTelemetry, Inc.*		89,411
	488	Bioxcel Therapeutics, Inc.*		19,886
	622	Black Diamond Therapeutics, Inc.*		17,895
	1,347	Blueprint Medicines Corp.*		104,298
	2,882	BrainStorm Cell Therapeutics, Inc.*		36,342
	1,692	Bridgebio Pharma, Inc.*		50,523
	14,170	Brookdale Senior Living, Inc.*		38,967
	5,128	Calithera Biosciences, Inc.*		20,666
	624	Cantel Medical Corp.		32,747
	1,602	Cara Therapeutics, Inc.*		24,831
	5,877	Cardiovascular Systems, Inc.*		192,002
	827	CareDx, Inc.*		28,242
	2,939	Castle Biosciences, Inc.*		134,400
	37,961	Catalyst Pharmaceuticals, Inc.*		124,512
	1,836	CEL-SCI Corp.*(a)		23,739
	4,224	Cerus Corp.*		26,907
	1,445	ChemoCentryx, Inc.*		77,307
	7,057	Cidara Therapeutics, Inc.*		22,441
	1,681	Co-Diagnostics, Inc.*(a)		18,323
	10,973	Coherus Biosciences, Inc.*		208,158
	11,471	Collegium Pharmaceutical, Inc.*		218,637
	4,278	Computer Programs and Systems, Inc.		117,046
	1,819	CONMED Corp.		156,998
	867	Constellation Pharmaceuticals, Inc.*		18,250
	4,967	Corbus Pharmaceuticals Holdings, Inc.*(a)		46,119
	24,094	Corcept Therapeutics, Inc.*		305,994
	550	Cortexyme, Inc.*		24,183
	1,328	CorVel Corp.*		110,251
	3,307	Covetrus, Inc.*		75,763
	12,947	Cross Country Healthcare, Inc.*		82,731
	2,040	CryoLife, Inc.*		41,249
	1,055	CryoPort, Inc.*		58,531
	1,064	Cue Biopharma, Inc.*		19,014
	6,304	Cutera, Inc.*		103,196
	1,544	Cytokinetics, Inc.*		36,994
	7,479	CytoSorbents Corp.*		63,123
	916	Deciphera Pharmaceuticals, Inc.*		41,229
	1,271	Denali Therapeutics, Inc.*		40,545
	4,983	Dicerna Pharmaceuticals, Inc.*		92,285
	45,809	Durect Corp.*		79,479
	4,175	Dynavax Technologies Corp.*		24,966
	4,206	Eagle Pharmaceuticals, Inc.*		166,894
Common Stocks – (continued)
Health Care – (continued)
	1,537	Editas Medicine, Inc.*		54,148
	1,147	Eidos Therapeutics, Inc.*		49,642
	2,724	Electromed, Inc.*		33,723
	4,834	Emergent BioSolutions, Inc.*		551,318
	1,670	Enanta Pharmaceuticals, Inc.*		87,157
	42,052	Endo International PLC*		126,577
	3,586	Ensign Group, Inc. (The)		209,924
	16,368	Enzo Biochem, Inc.*		34,864
	1,684	Epizyme, Inc.*		21,892
	981	Esperion Therapeutics, Inc.*(a)		35,414
	4,319	Evolent Health, Inc., Class A*		61,891
	1,725	Fate Therapeutics, Inc.*		62,790
	3,028	Fennec Pharmaceuticals, Inc. (Canada)*		16,593
	2,851	FibroGen, Inc.*		127,810
	7,967	Flexion Therapeutics, Inc.*		92,895
	7,399	Fluidigm Corp.*		58,082
	2,461	FONAR Corp.*		62,436
	9,658	Fortress Biotech, Inc.*		38,197
	1,194	Frequency Therapeutics, Inc.*		23,092
	1,612	Fulgent Genetics, Inc.*		47,651
	1,139	G1 Therapeutics, Inc.*		17,484
	5,019	GenMark Diagnostics, Inc.*		65,096
	1,066	Glaukos Corp.*		50,987
	5,759	Halozyme Therapeutics, Inc.*		166,982
	2,605	Hanger, Inc.*		51,475
	8,753	Harrow Health, Inc.*		60,308
	14,760	Harvard Bioscience, Inc.*		49,446
	842	Health Catalyst, Inc.*		26,254
	2,990	HealthEquity, Inc.*		171,865
	1,958	HealthStream, Inc.*		40,560
	2,396	Heron Therapeutics, Inc.*		34,263
	643	Heska Corp.*		66,615
	4,109	HMS Holdings Corp.*		114,600
	1,797	Homology Medicines, Inc.*		19,102
	7,859	iCAD, Inc.*		85,113
	413	IGM Biosciences, Inc.*(a)		17,759
	6,040	ImmunoGen, Inc.*		22,348
	987	Immunovant, Inc.*		33,519
	5,660	InfuSystem Holdings, Inc.*		82,353
	22,033	Innoviva, Inc.*		258,006
	1,531	Inogen, Inc.*		46,282
	2,919	Inovalon Holdings, Inc., Class A*		72,231
	3,793	Inovio Pharmaceuticals, Inc.*(a)		45,478
	1,970	Insmed, Inc.*		55,534
	1,586	Inspire Medical Systems, Inc.*		189,448
	2,477	Integer Holdings Corp.*		171,557
	1,206	Intellia Therapeutics, Inc.*(a)		26,025
	648	Intercept Pharmaceuticals, Inc.*(a)		32,322
	12,726	Intersect ENT, Inc.*		255,538
	1,072	Intra-Cellular Therapies, Inc.*		19,532
	6,368	Invacare Corp.		43,175
	2,537	Invitae Corp.*(a)		88,694
	2,504	iRhythm Technologies, Inc.*		551,331
	28,164	Ironwood Pharmaceuticals, Inc.*		284,456
	4,407	IVERIC bio, Inc.*		19,787
	5,187	Joint Corp. (The)*		92,640

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)

August 31, 2020

Shares		Description	Value
Common Stocks – (continued)
Health Care – (continued)
	6,014	Kadmon Holdings, Inc.*	$	30,070
	2,220	Kala Pharmaceuticals, Inc.*		19,758
	270	Karuna Therapeutics, Inc.*		20,628
	1,833	Karyopharm Therapeutics, Inc.*		27,880
	1,112	Kiniksa Pharmaceuticals Ltd., Class A*		19,649
	828	Kodiak Sciences, Inc.*		43,545
	764	Krystal Biotech, Inc.*		36,527
	11,817	Lannett Co., Inc.*		62,157
	8,418	Lantheus Holdings, Inc.*		112,970
	3,950	LeMaitre Vascular, Inc.		127,506
	15,463	Lexicon Pharmaceuticals, Inc.*(a)		27,060
	2,452	LHC Group, Inc.*		511,095
	923	Ligand Pharmaceuticals, Inc.*		94,146
	3,060	LivaNova PLC*		143,514
	10,482	Luminex Corp.		279,765
	298	Madrigal Pharmaceuticals, Inc.*		32,095
	2,660	Magellan Health, Inc.*		200,724
	33,137	Mallinckrodt PLC *(a)		52,356
	12,540	MannKind Corp.*		21,820
	10,499	Marinus Pharmaceuticals, Inc.*		20,368
	5,550	MEDNAX, Inc.*		103,119
	2,708	Medpace Holdings, Inc.*		351,471
	6,636	MEI Pharma, Inc.*		18,050
	7,210	Meridian Bioscience, Inc.*		101,949
	2,898	Merit Medical Systems, Inc.*		142,292
	1,281	Mersana Therapeutics, Inc.*		24,544
	334	Mesa Laboratories, Inc.		82,137
	13,713	Milestone Scientific, Inc.*		20,569
	8,004	Minerva Neurosciences, Inc.*		25,453
	1,346	Mirati Therapeutics, Inc.*		201,052
	1,818	Misonix, Inc.*		23,979
	1,871	Molecular Templates, Inc.*		21,722
	4,339	Momenta Pharmaceuticals, Inc.*		226,366
	1,621	MyoKardia, Inc.*		177,402
	21,341	Myriad Genetics, Inc.*		285,329
	4,912	NanoString Technologies, Inc.*		198,838
	7,699	NantHealth, Inc.*		24,483
	2,499	NantKwest, Inc.*		18,243
	5,721	Natera, Inc.*		364,485
	1,418	National HealthCare Corp.		90,327
	3,038	National Research Corp.		170,128
	5,132	Natus Medical, Inc.*		93,197
	2,505	Neogen Corp.*		190,881
	10,167	NeoGenomics, Inc.*		396,005
	1,770	Neoleukin Therapeutics, Inc.*		22,497
	2,721	Neubase Therapeutics, Inc.*(a)		21,850
	2,300	Nevro Corp.*		316,342
	1,111	NextCure, Inc.*		9,988
	13,559	NextGen Healthcare, Inc.*		179,792
	1,206	NGM Biopharmaceuticals, Inc.*		22,492
	1,657	Novavax, Inc.*		182,833
	4,405	NuVasive, Inc.*		229,633
	7,817	Nymox Pharmaceutical Corp.*		19,699
	3,092	Ocular Therapeutix, Inc.*		26,900
	657	Odonate Therapeutics, Inc.*		10,611
	2,846	Omnicell, Inc.*		189,771
Common Stocks – (continued)
Health Care – (continued)
	2,848	Ontrak, Inc.*(a)		207,762
	29,729	OPKO Health, Inc.*(a)		96,322
	3,285	OptimizeRx Corp.*		66,226
	3,523	Option Care Health, Inc.*		40,937
	4,188	OraSure Technologies, Inc.*		49,083
	4,404	Orthofix Medical, Inc.*		133,617
	916	OrthoPediatrics Corp.*		46,166
	3,807	Ovid therapeutics, Inc.*		21,852
	20,462	Owens & Minor, Inc.		339,260
	7,781	Pacific Biosciences of California, Inc.*		51,355
	5,858	Pacira BioSciences, Inc.*		366,242
	772	Passage Bio, Inc.*		12,784
	7,217	Patterson Cos., Inc.		209,365
	12,319	PAVmed, Inc.*(a)		24,268
	24,027	PDL BioPharma, Inc.*		80,490
	1,803	Pennant Group, Inc. (The)*		66,783
	1,198	PetIQ, Inc.*		42,146
	3,147	Pfenex, Inc.*		39,432
	615	Phathom Pharmaceuticals, Inc.*		22,607
	7,512	Phibro Animal Health Corp., Class A		161,208
	960	Phreesia, Inc.*		30,278
	11,549	Pieris Pharmaceuticals, Inc.*		33,030
	6,644	Prestige Consumer Healthcare, Inc.*		242,041
	976	Principia Biopharma, Inc.*		97,610
	1,133	Progyny, Inc.*		32,347
	1,738	Provention Bio, Inc.*		22,664
	1,466	Providence Service Corp. (The)*		135,737
	2,782	PTC Therapeutics, Inc.*		137,500
	11,953	Puma Biotechnology, Inc.*		122,996
	5,250	R1 RCM, Inc.*		76,125
	13,783	Radius Health, Inc.*		170,634
	8,064	RadNet, Inc.*		116,283
	746	REGENXBIO, Inc.*		22,768
	571	Relmada Therapeutics, Inc.*(a)		20,373
	5,188	Retractable Technologies, Inc.*		32,788
	6,955	Retrophin, Inc.*		136,248
	1,472	Revance Therapeutics, Inc.*		43,027
	703	REVOLUTION Medicines, Inc.*		19,923
	1,241	Rocket Pharmaceuticals, Inc.*		31,732
	3,021	Sangamo Therapeutics, Inc.*		33,337
	1,458	Scholar Rock Holding Corp.*		22,016
	362	Schrodinger, Inc.*		21,887
	4,705	SeaSpine Holdings Corp.*		62,624
	9,963	Select Medical Holdings Corp.*		199,957
	8,589	Selecta Biosciences, Inc.*		22,331
	5,695	Seres Therapeutics, Inc.*		150,861
	3,700	Sharps Compliance Corp.*(a)		28,249
	905	Shockwave Medical, Inc.*		57,504
	1,625	SI-BONE, Inc.*		35,457
	2,007	Silk Road Medical, Inc.*		122,387
	3,934	Simulations Plus, Inc.		234,388
	609	SpringWorks Therapeutics, Inc.*		27,046
	5,319	STAAR Surgical Co.*		255,046
	16,088	Stereotaxis, Inc.*		56,630
	10,773	Supernus Pharmaceuticals, Inc.*		236,898
	8,814	Surgery Partners, Inc.*		168,259

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)
Health Care – (continued)
	2,041	Surmodics, Inc.*	$	92,355
	1,813	Syndax Pharmaceuticals, Inc.*		29,570
	2,721	Syros Pharmaceuticals, Inc.*		36,053
	561	Tabula Rasa HealthCare, Inc.*		28,387
	3,697	Tactile Systems Technology, Inc.*		142,076
	6,642	Tenet Healthcare Corp.*		187,172
	2,596	TG Therapeutics, Inc.*		64,394
	1,806	Theravance Biopharma, Inc.*		33,104
	16,950	Tivity Health, Inc.*		277,302
	1,699	Translate Bio, Inc.*		23,939
	4,300	Triple-S Management Corp., Class B (Puerto Rico)*		79,980
	775	Turning Point Therapeutics, Inc.*		60,589
	684	Twist Bioscience Corp.*		47,832
	1,911	Ultragenyx Pharmaceutical, Inc.*		162,550
	978	US Physical Therapy, Inc.		86,944
	437	Utah Medical Products, Inc.		35,900
	20,774	Vanda Pharmaceuticals, Inc.*		213,764
	709	Vapotherm, Inc.*		22,057
	3,727	Varex Imaging Corp.*		41,332
	10,377	Vaxart, Inc.*(a)		61,536
	10,576	VBI Vaccines, Inc.*		45,054
	8,674	Veracyte, Inc.*		288,931
	14,983	Verastem, Inc.*		18,879
	14,937	Vericel Corp.*		236,751
	606	Viela Bio, Inc.*(a)		20,416
	3,524	Viking Therapeutics, Inc.*		23,576
	1,064	Vir Biotechnology, Inc.*		43,071
	2,517	Vocera Communications, Inc.*		70,451
	4,245	Voyager Therapeutics, Inc.*		50,049
	5,046	Wright Medical Group NV*		152,541
	1,886	XBiotech, Inc.*		35,683
	2,919	Xencor, Inc.*		104,354
	1,254	XOMA Corp.*(a)		23,851
	852	Y-mAbs Therapeutics, Inc.*		36,662
	569	Zentalis Pharmaceuticals, Inc.*(a)		19,574
	1,169	Zogenix, Inc.*		27,670
	6,247	Zynex, Inc.*(a)		92,456
				26,776,696
Industrials – 15.8%
	4,402	AAON, Inc.		250,606
	2,215	AAR Corp.		44,699
	4,571	ABM Industries, Inc.		174,338
	916	Acacia Research Corp.*		3,476
	10,243	ACCO Brands Corp.		66,375
	3,166	Advanced Disposal Services, Inc.*		95,392
	3,874	Advanced Drainage Systems, Inc.		214,930
	3,856	Aegion Corp.*		62,409
	4,604	Aerojet Rocketdyne Holdings, Inc.*		190,467
	902	AeroVironment, Inc.*		68,904
	1,467	Air Transport Services Group, Inc.*		37,291
	1,147	Alamo Group, Inc.		127,202
	1,586	Albany International Corp., Class A		82,313
	674	Allegiant Travel Co.		86,676
	2,641	Allied Motion Technologies, Inc.		112,480
Common Stocks – (continued)
Industrials – (continued)
	4,779	Alpha Pro Tech Ltd.*		67,049
	4,389	Altra Industrial Motion Corp.		171,390
	1,747	Ameresco, Inc., Class A*		59,643
	1,239	American Woodmark Corp.*		108,412
	5,468	API Group Corp.*(b)		77,318
	3,797	Apogee Enterprises, Inc.		79,471
	4,972	Applied Industrial Technologies, Inc.		299,364
	4,015	ArcBest Corp.		135,787
	3,618	Arcosa, Inc.		167,477
	657	Argan, Inc.		27,811
	4,491	ASGN, Inc.*		322,319
	2,366	Astec Industries, Inc.		124,736
	3,703	Astronics Corp.*		33,475
	5,521	Atkore International Group, Inc.*		147,576
	1,196	Atlas Air Worldwide Holdings, Inc.*		67,442
	1,878	AZZ, Inc.		65,223
	3,153	Barnes Group, Inc.		124,859
	1,312	Barrett Business Services, Inc.		75,532
	4,483	Beacon Roofing Supply, Inc.*		151,929
	3,615	BG Staffing, Inc.		33,909
	6,078	Bloom Energy Corp., Class A*(a)		95,181
	4,698	Blue Bird Corp.*		53,463
	12,586	BMC Stock Holdings, Inc.*		502,433
	5,198	Brady Corp., Class A		243,734
	3,412	BrightView Holdings, Inc.*		41,899
	2,499	Brink’s Co. (The)		120,852
	17,277	Builders FirstSource, Inc.*		529,022
	4,625	Caesarstone Ltd.		51,037
	1,740	CAI International, Inc.*		37,949
	3,147	Casella Waste Systems, Inc., Class A*		176,704
	6,085	CBIZ, Inc.*		147,987
	2,102	Chart Industries, Inc.*		138,143
	2,524	Cimpress PLC (Ireland)*		233,975
	3,064	Columbus McKinnon Corp.		111,453
	4,985	Comfort Systems USA, Inc.		252,590
	1,584	Construction Partners, Inc., Class A*		29,605
	17,098	Cornerstone Building Brands, Inc.*		136,100
	7,005	Costamare, Inc. (Monaco)		35,375
	4,194	Covanta Holding Corp.		39,591
	1,688	CRA International, Inc.		71,757
	2,527	CSW Industrials, Inc.		182,576
	761	Cubic Corp.		35,828
	5,451	Deluxe Corp.		154,808
	1,243	Douglas Dynamics, Inc.		47,719
	1,739	Ducommun, Inc.*		64,986
	5,732	DXP Enterprises, Inc.*		110,284
	1,033	Dycom Industries, Inc.*		63,540
	2,106	Eastern Co. (The)		46,121
	9,815	Echo Global Logistics, Inc.*		268,146
	4,610	EMCOR Group, Inc.		345,796
	1,767	Encore Wire Corp.		91,195
	3,756	Energy Recovery, Inc.*		31,964
	2,988	Enerpac Tool Group Corp.		62,150
	2,823	EnerSys		203,200
	2,715	Ennis, Inc.		49,766
	1,628	EnPro Industries, Inc.		95,271

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)

August 31, 2020

Shares		Description	Value
Common Stocks – (continued)
Industrials – (continued)
	1,681	ESCO Technologies, Inc.	$	151,156
	367	EVI Industries, Inc.*(a)		9,014
	2,324	Evoqua Water Technologies Corp.*		47,549
	2,145	Exponent, Inc.		172,576
	3,222	Federal Signal Corp.		103,491
	2,249	Forrester Research, Inc.*		79,750
	4,085	Forward Air Corp.		240,974
	6,815	Foundation Building Materials, Inc.*		110,607
	4,479	Franklin Covey Co.*		88,415
	4,345	Franklin Electric Co., Inc.		257,919
	12,767	FuelCell Energy, Inc.*(a)		36,258
	1,309	GATX Corp.		87,546
	631	Gencor Industries, Inc.*		7,957
	1,135	General Finance Corp.*		7,355
	2,512	Gibraltar Industries, Inc.*		156,862
	8,693	GMS, Inc.*		230,278
	1,454	Gorman-Rupp Co. (The)		46,455
	8,096	Great Lakes Dredge & Dock Corp.*		75,860
	1,750	Griffon Corp.		38,028
	3,525	H&E Equipment Services, Inc.		71,417
	3,987	Hawaiian Holdings, Inc.		53,585
	7,202	HC2 Holdings, Inc.*(a)		18,005
	4,415	Healthcare Services Group, Inc.		91,832
	1,908	Heartland Express, Inc.		39,467
	1,479	Heidrick & Struggles International, Inc.		31,991
	2,517	Heritage-Crystal Clean, Inc.*		36,950
	7,255	Herman Miller, Inc.		172,887
	5,233	Hillenbrand, Inc.		165,938
	5,817	HNI Corp.		185,271
	4,457	Hub Group, Inc., Class A*		239,965
	1,768	Hurco Cos., Inc.		49,999
	2,186	Huron Consulting Group, Inc.*		94,829
	961	Hyster-Yale Materials Handling, Inc.		38,767
	2,382	ICF International, Inc.		162,714
	3,175	IES Holdings, Inc.*		91,535
	3,303	Insperity, Inc.		222,523
	6,459	Interface, Inc.		48,830
	3,516	JELD-WEN Holding, Inc.*		74,012
	2,234	John Bean Technologies Corp.		229,007
	1,614	Kadant, Inc.		187,934
	885	Kaman Corp.		40,931
	3,150	KAR Auction Services, Inc.		54,621
	6,153	Kelly Services, Inc., Class A		116,845
	4,836	Kennametal, Inc.		140,341
	7,508	Kforce, Inc.		257,825
	11,824	Kimball International, Inc., Class B		132,547
	5,525	Knoll, Inc.		71,107
	3,855	Korn Ferry		117,578
	3,783	Kratos Defense & Security Solutions, Inc.*		73,958
	3,300	L B Foster Co., Class A*		49,335
	1,670	Lawson Products, Inc.*		59,953
	487	Lindsay Corp.		48,666
	10,023	LSI Industries, Inc.		68,758
	2,011	Luxfer Holdings PLC (United Kingdom)		28,596
	3,567	Lydall, Inc.*		66,988
Common Stocks – (continued)
Industrials – (continued)
	2,585	Manitowoc Co., Inc. (The)*		24,351
	2,847	Marten Transport Ltd.		51,702
	1,805	Masonite International Corp.*		164,778
	3,795	MasTec, Inc.*		175,367
	1,530	Mastech Digital, Inc.*		28,305
	1,133	Matson, Inc.		45,399
	2,026	Matthews International Corp., Class A		44,369
	4,534	Maxar Technologies, Inc.		104,962
	954	McGrath RentCorp		63,307
	5,944	Meritor, Inc.*		135,285
	7,892	Mesa Air Group, Inc.*		28,885
	980	Miller Industries, Inc.		30,743
	6,777	Mistras Group, Inc.*		32,259
	1,675	Moog, Inc., Class A		100,986
	10,366	MRC Global, Inc.*		58,983
	4,054	Mueller Industries, Inc.		120,404
	6,281	Mueller Water Products, Inc., Class A		67,835
	1,413	MYR Group, Inc.*		54,839
	404	National Presto Industries, Inc.		36,332
	2,499	Navistar International Corp.*		79,918
	2,030	Northwest Pipe Co.*		57,510
	17,081	NOW, Inc.*		124,179
	2,569	NV5 Global, Inc.*		132,997
	1,132	Omega Flex, Inc.		149,130
	10,445	Orion Energy Systems, Inc.*		66,639
	574	PAM Transportation Services, Inc.*		20,951
	2,507	Park Aerospace Corp.		27,803
	1,737	Park-Ohio Holdings Corp.		27,479
	3,363	Parsons Corp.*		111,853
	2,252	Patrick Industries, Inc.		126,585
	7,716	PGT Innovations, Inc.*		139,891
	3,824	PICO Holdings, Inc.*		33,995
	15,008	Plug Power, Inc.*		194,804
	2,008	Powell Industries, Inc.		54,196
	1,192	Preformed Line Products Co.		64,857
	1,827	Primoris Services Corp.		34,823
	2,301	Proto Labs, Inc.*		338,247
	12,819	Quad/Graphics, Inc.		44,738
	4,748	Quanex Building Products Corp.		79,814
	14,861	Radiant Logistics, Inc.*		78,466
	4,195	Raven Industries, Inc.		104,246
	1,068	RBC Bearings, Inc.*		141,019
	2,531	Red Violet, Inc.*(a)		52,619
	9,378	Resources Connection, Inc.		115,256
	4,285	REV Group, Inc.		33,209
	5,964	Rexnord Corp.		172,717
	3,132	Rush Enterprises, Inc., Class A		151,338
	1,737	Rush Enterprises, Inc., Class B		72,589
	1,347	Saia, Inc.*		180,767
	4,269	Shyft Group, Inc. (The)		85,252
	4,155	Simpson Manufacturing Co., Inc.		408,603
	4,272	SiteOne Landscape Supply, Inc.*		534,214
	2,591	SkyWest, Inc.		87,187
	2,746	SP Plus Corp.*		56,320
	3,003	SPX Corp.*		125,615
	3,592	SPX FLOW, Inc.*		156,180

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)
Industrials – (continued)
	889	Standex International Corp.	$	51,420
	12,183	Steelcase, Inc., Class A		127,312
	2,988	Sterling Construction Co., Inc.*		42,250
	2,965	Sunrun, Inc.*		167,686
	4,560	Systemax, Inc.		101,186
	11,110	Team, Inc.*		70,771
	2,638	Tennant Co.		175,348
	2,584	Terex Corp.		50,569
	3,216	Tetra Tech, Inc.		296,869
	3,497	Textainer Group Holdings Ltd. (China)*		41,055
	3,858	Titan Machinery, Inc.*		52,083
	1,236	TPI Composites, Inc.*		37,958
	2,722	Transcat, Inc.*		80,054
	3,567	TriMas Corp.*		90,174
	2,321	TriNet Group, Inc.*		157,457
	3,713	Triton International Ltd. (Bermuda)		133,891
	8,398	TrueBlue, Inc.*		142,094
	6,297	Tutor Perini Corp.*		79,027
	5,598	UFP Industries, Inc.		332,241
	1,050	UniFirst Corp.		202,251
	2,915	Upwork, Inc.*		44,395
	2,525	Vectrus, Inc.*		109,610
	4,563	Veritiv Corp.*		79,305
	1,704	Viad Corp.		36,517
	3,846	Vicor Corp.*		334,717
	2,780	Vivint Solar, Inc.*		85,846
	5,889	Wabash National Corp.		71,905
	2,823	Watts Water Technologies, Inc., Class A		270,302
	2,635	Werner Enterprises, Inc.		121,236
	1,821	WESCO International, Inc.*		85,314
	3,033	Willdan Group, Inc.*		85,470
	222	Willis Lease Finance Corp.*		4,746
	5,940	WillScot Mobile Mini Holdings Corp.*		106,326
				24,146,519
Information Technology – 14.5%
	7,887	3D Systems Corp.*		43,300
	9,146	8x8, Inc.*		154,384
	17,268	A10 Networks, Inc.*		147,641
	1,819	Acacia Communications, Inc.*		122,746
	5,995	ACI Worldwide, Inc.*		176,133
	5,232	ADTRAN, Inc.		58,023
	2,548	Advanced Energy Industries, Inc.*		188,858
	3,984	Agilysys, Inc.*		101,074
	3,225	Akoustis Technologies, Inc.*(a)		25,574
	3,200	Alarm.com Holdings, Inc.*		191,584
	3,313	Altair Engineering, Inc., Class A*		139,212
	1,970	Ambarella, Inc.*		103,819
	4,432	American Software, Inc., Class A		62,757
	14,481	Amkor Technology, Inc.*		176,596
	1,903	Appfolio, Inc., Class A*		319,761
	3,417	Appian Corp.*(a)		209,257
	2,645	Atomera, Inc.*(a)		33,618
	10,336	Avaya Holdings Corp.*		160,415
	10,912	Avid Technology, Inc.*		88,387
	2,954	Axcelis Technologies, Inc.*		69,803
Common Stocks – (continued)
Information Technology – (continued)
	5,819	AXT, Inc.*		32,819
	2,945	Badger Meter, Inc.		181,677
	580	Bel Fuse, Inc., Class B		6,972
	2,225	Belden, Inc.		74,938
	5,048	Benchmark Electronics, Inc.		98,991
	4,478	Benefitfocus, Inc.*		46,303
	2,378	Blackbaud, Inc.		151,835
	1,757	Blackline, Inc.*		153,509
	2,184	Bottomline Technologies DE, Inc.*		104,024
	10,860	Box, Inc., Class A*		213,182
	11,387	Brightcove, Inc.*		126,623
	2,816	Brooks Automation, Inc.		145,390
	1,394	Cabot Microelectronics Corp.		212,292
	13,594	Calix, Inc.*		264,403
	4,036	Cardtronics PLC, Class A*		87,622
	1,096	Cass Information Systems, Inc.		42,919
	2,153	Cerence, Inc.*		114,540
	1,260	CEVA, Inc.*		53,235
	8,597	ChannelAdvisor Corp.*		144,602
	4,291	Clearfield, Inc.*		75,522
	9,876	Cloudera, Inc.*		130,462
	4,203	Cohu, Inc.		72,292
	4,140	CommVault Systems, Inc.*		178,972
	3,165	Comtech Telecommunications Corp.		52,539
	15,007	Conduent, Inc.*		50,724
	3,661	Cornerstone OnDemand, Inc.*		129,123
	3,985	CSG Systems International, Inc.		169,641
	2,439	CTS Corp.		50,975
	2,665	CyberOptics Corp.*		85,413
	12,630	Daktronics, Inc.		55,825
	6,661	Diebold Nixdorf, Inc.*		55,553
	5,452	Digi International, Inc.*		74,256
	8,387	Digital Turbine, Inc.*		202,882
	4,930	Diodes, Inc.*		240,880
	2,573	Domo, Inc., Class B*		104,773
	3,077	DSP Group, Inc.*		44,124
	4,922	Ebix, Inc.		113,551
	7,012	eGain Corp.*		93,821
	2,239	Envestnet, Inc.*		185,815
	1,555	ePlus, Inc.*		119,300
	5,594	EVERTEC, Inc. (Puerto Rico)		195,902
	2,469	ExlService Holdings, Inc.*		157,251
	27,374	Extreme Networks, Inc.*		119,624
	2,706	Fabrinet (Thailand)*		188,825
	2,043	FARO Technologies, Inc.*		115,429
	19,523	Fitbit, Inc., Class A*		124,166
	7,134	FormFactor, Inc.*		186,411
	8,004	Genasys, Inc.*		40,020
	5,442	GreenSky, Inc., Class A*(a)		23,673
	5,088	GTT Communications, Inc.*(a)		25,338
	8,049	Hackett Group, Inc. (The)		101,498
	9,260	Harmonic, Inc.*		54,634
	927	I3 Verticals, Inc., Class A*		25,854
	3,625	Ichor Holdings Ltd.*		91,205
	3,418	II-VI, Inc.*		152,101
	4,696	Immersion Corp.*		44,659

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

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

Schedule of Investments (continued)

August 31, 2020

Shares		Description	Value
Common Stocks – (continued)
Information Technology – (continued)
	4,260	Impinj, Inc.*(a)	$	104,157
	4,562	Infinera Corp.*		33,257
	10,067	Information Services Group, Inc.*		20,688
	6,554	Inseego Corp.*(a)		75,240
	3,079	Insight Enterprises, Inc.*		184,140
	6,224	Intellicheck, Inc.*		39,211
	1,767	Intelligent Systems Corp.*		66,422
	834	InterDigital, Inc.		50,999
	9,449	Iteris, Inc.*		43,182
	2,285	Itron, Inc.*		136,117
	3,479	J2 Global, Inc.*		243,495
	10,859	KBR, Inc.		271,366
	4,769	Kimball Electronics, Inc.*		64,310
	5,315	Knowles Corp.*		80,044
	6,205	KVH Industries, Inc.*		55,783
	13,297	Lattice Semiconductor Corp.*		380,294
	18,548	Limelight Networks, Inc.*		105,167
	6,566	LivePerson, Inc.*		391,728
	1,733	LiveRamp Holdings, Inc.*		96,771
	11,255	Luna Innovations, Inc.*		72,032
	1,687	MACOM Technology Solutions Holdings, Inc.*		60,108
	2,935	ManTech International Corp., Class A		219,685
	5,590	MAXIMUS, Inc.		433,505
	3,967	MaxLinear, Inc.*		96,596
	3,108	Methode Electronics, Inc.		87,987
	1,054	MicroStrategy, Inc., Class A*		152,240
	1,968	Mimecast Ltd.*		96,904
	9,584	Mitek Systems, Inc.*		121,621
	23,148	MobileIron, Inc.*		151,156
	4,127	Model N, Inc.*		162,274
	1,685	MTS Systems Corp.		41,114
	4,552	Napco Security Technologies, Inc.*		113,390
	15,328	NeoPhotonics Corp.*		102,084
	2,288	NETGEAR, Inc.*		76,305
	6,625	NetScout Systems, Inc.*		153,303
	7,620	NIC, Inc.		162,916
	1,208	nLight, Inc.*		28,219
	2,405	Novanta, Inc.*		257,744
	622	NVE Corp.		33,233
	3,841	OneSpan, Inc.*		82,774
	4,668	Onto Innovation, Inc.*		145,828
	1,415	OSI Systems, Inc.*		111,431
	1,871	PAR Technology Corp.*		69,863
	4,323	PC Connection, Inc.		191,466
	6,883	PCTEL, Inc.*		43,638
	1,803	PDF Solutions, Inc.*		37,322
	5,591	Perficient, Inc.*		239,910
	10,373	Perspecta, Inc.		215,447
	5,466	PFSweb, Inc.*		46,188
	7,630	Photronics, Inc.*		76,529
	14,837	Pixelworks, Inc.*		33,828
	3,034	Plantronics, Inc.		37,500
	2,304	Plexus Corp.*		175,265
	4,028	Power Integrations, Inc.		225,447
	4,198	Progress Software Corp.		159,062
Common Stocks – (continued)
Information Technology – (continued)
	2,044	PROS Holdings, Inc.*		79,716
	2,329	Q2 Holdings, Inc.*		226,588
	2,080	QAD, Inc., Class A		94,598
	2,222	Qualys, Inc.*		235,843
	11,440	Quantum Corp.*		62,462
	13,283	Rambus, Inc.*		178,391
	3,011	Rapid7, Inc.*		194,420
	1,615	Repay Holdings Corp.*		40,860
	16,362	Ribbon Communications, Inc.*		70,029
	633	Rogers Corp.*		71,725
	7,833	Rosetta Stone, Inc.*		237,967
	2,895	Sailpoint Technologies Holdings, Inc.*		113,571
	5,395	Sanmina Corp.*		152,679
	1,467	Sapiens International Corp. NV (Israel)		49,203
	3,278	ScanSource, Inc.*		80,934
	3,264	SecureWorks Corp., Class A*		42,204
	4,020	Semtech Corp.*		235,773
	24,450	ServiceSource International, Inc.*		36,797
	1,944	ShotSpotter, Inc.*		58,242
	2,502	Silicon Laboratories, Inc.*		256,230
	5,251	SMART Global Holdings, Inc.*		132,325
	12,029	Smith Micro Software, Inc.*		46,191
	2,789	SPS Commerce, Inc.*		222,785
	3,069	Super Micro Computer, Inc.*		84,060
	4,973	SVMK, Inc.*		123,778
	6,848	Sykes Enterprises, Inc.*		226,703
	4,706	Synaptics, Inc.*		401,563
	10,375	Telenav, Inc.*		47,621
	2,664	Tenable Holdings, Inc.*		100,273
	2,892	TTEC Holdings, Inc.		163,947
	9,690	TTM Technologies, Inc.*		111,047
	702	Tucows, Inc., Class A*		44,380
	5,948	Ultra Clean Holdings, Inc.*		145,845
	4,195	Unisys Corp.*		48,914
	1,098	Upland Software, Inc.*		43,064
	3,873	Varonis Systems, Inc.*		478,432
	2,101	Veeco Instruments, Inc.*		24,981
	4,821	Verint Systems, Inc.*		229,287
	5,525	Verra Mobility Corp.*		58,372
	14,292	Viavi Solutions, Inc.*		190,584
	8,325	VirnetX Holding Corp.		41,375
	2,326	Virtusa Corp.*		91,970
	9,318	Vishay Intertechnology, Inc.		148,995
	2,941	Vishay Precision Group, Inc.*		73,260
	2,865	Workiva, Inc.*		169,035
	11,437	Xperi Holding Corp.		143,306
	8,251	Yext, Inc.*		163,865
	5,883	Zix Corp.*		35,651
	3,124	Zuora, Inc., Class A*		42,455
				22,070,432
Materials – 3.6%
	8,004	AgroFresh Solutions, Inc.*		19,850
	3,861	Alcoa Corp.*		56,448
	6,593	Allegheny Technologies, Inc.*		54,920
	5,470	American Vanguard Corp.		77,401

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)
Materials – (continued)
	23,797	Amyris, Inc.*(a)	$	78,054
	3,274	Arconic Corp.*		72,847
	6,308	Avient Corp.		160,980
	1,612	Balchem Corp.		157,492
	6,442	Boise Cascade Co.		295,044
	3,363	Caledonia Mining Corp. PLC (South Africa)		61,139
	2,531	Carpenter Technology Corp.		53,227
	1,903	Chase Corp.		185,676
	778	Clearwater Paper Corp.*		26,187
	5,483	Cleveland-Cliffs, Inc.(a)		36,078
	5,739	Coeur Mining, Inc.*		48,552
	9,262	Commercial Metals Co.		193,298
	847	Compass Minerals International, Inc.		48,220
	2,397	Domtar Corp.		68,362
	3,586	Ferro Corp.*		44,717
	3,350	Forterra, Inc.*		44,388
	4,282	FutureFuel Corp.		51,812
	6,144	GCP Applied Technologies, Inc.*		160,113
	7,413	Gold Resource Corp.		29,504
	1,415	Greif, Inc., Class A		52,143
	1,198	Haynes International, Inc.		22,451
	3,233	HB Fuller Co.		155,734
	14,336	Hecla Mining Co.		86,303
	2,679	Ingevity Corp.*		150,479
	2,635	Innospec, Inc.		196,808
	1,008	Kaiser Aluminum Corp.		64,794
	1,871	Koppers Holdings, Inc.*		45,016
	3,773	Kraton Corp.*		52,973
	2,927	Kronos Worldwide, Inc.		36,558
	4,280	Livent Corp.*		36,294
	8,144	Louisiana-Pacific Corp.		268,263
	10,631	Marrone Bio Innovations, Inc.*		13,501
	2,823	Materion Corp.		154,108
	2,310	Minerals Technologies, Inc.		117,233
	10,071	Myers Industries, Inc.		154,086
	928	Neenah, Inc.		41,092
	7,765	Novagold Resources, Inc. (Canada)*		82,231
	3,201	O-I Glass, Inc.		34,827
	3,572	Olympic Steel, Inc.		39,292
	8,967	Orion Engineered Carbons SA (Germany)		108,949
	4,132	P H Glatfelter Co.		61,939
	356	Quaker Chemical Corp.		67,640
	6,255	Ryerson Holding Corp.*		34,465
	5,341	Schnitzer Steel Industries, Inc., Class A		105,431
	2,403	Schweitzer-Mauduit International, Inc.		72,883
	2,523	Sensient Technologies Corp.		139,320
	1,981	Stepan Co.		228,390
	5,654	Summit Materials, Inc., Class A*		84,188
	11,999	SunCoke Energy, Inc.		42,956
	2,227	Tredegar Corp.		37,703
	2,043	Trinseo SA		50,891
	7,498	Tronox Holdings PLC, Class A		67,182
	2,574	UFP Technologies, Inc.*		106,075
	780	United States Lime & Minerals, Inc.		71,861
	2,660	US Concrete, Inc.*		70,995
Common Stocks – (continued)
Materials – (continued)
	4,851	Verso Corp., Class A		63,597
	10,975	Warrior Met Coal, Inc.		169,783
	2,577	Worthington Industries, Inc.		107,023
				5,519,766
Real Estate – 6.7%
	2,788	Acadia Realty Trust REIT		31,616
	2,723	Agree Realty Corp. REIT		182,223
	9,165	Alexander & Baldwin, Inc. REIT		110,988
	204	Alexander’s, Inc. REIT		52,034
	1,662	Alpine, Inc.ome Property Trust, Inc. REIT		24,116
	2,508	American Assets Trust, Inc. REIT		64,079
	3,843	American Finance Trust, Inc. REIT		26,267
	3,353	BRT Apartments Corp. REIT		44,763
	6,284	CareTrust REIT, Inc. REIT		121,721
	7,745	Chatham Lodging Trust REIT		53,595
	3,229	City Office REIT, Inc. REIT		25,961
	3,028	Columbia Property Trust, Inc. REIT		35,730
	2,257	Community Healthcare Trust, Inc. REIT		105,402
	10,967	CoreCivic, Inc. REIT		102,103
	4,901	CorEnergy Infrastructure Trust, Inc. REIT		43,815
	14,271	CorePoint Lodging, Inc. REIT		81,059
	1,398	CTO Realty Growth, Inc.		58,954
	4,348	Cushman & Wakefield PLC*		50,480
	19,376	DiamondRock Hospitality Co. REIT		102,693
	22,752	Diversified Healthcare Trust REIT		86,458
	4,404	Easterly Government Properties, Inc. REIT		106,533
	2,219	EastGroup Properties, Inc. REIT		295,482
	4,336	Essential Properties Realty Trust, Inc. REIT		73,582
	9,327	eXp World Holdings, Inc.*		414,865
	4,185	Forestar Group, Inc.*		74,367
	5,760	Four Corners Property Trust, Inc. REIT		145,440
	12,053	Franklin Street Properties Corp. REIT		53,395
	5,478	Front Yard Residential Corp. REIT		53,410
	1,408	FRP Holdings, Inc.*		57,841
	11,389	GEO Group, Inc. (The) REIT		127,101
	3,211	Getty Realty Corp. REIT		94,050
	4,286	Gladstone Commercial Corp. REIT		84,048
	2,194	Gladstone Land Corp. REIT		34,534
	3,616	Global Medical REIT, Inc. REIT		46,249
	4,542	Global Net Lease, Inc. REIT		79,485
	6,854	Healthcare Realty Trust, Inc. REIT		197,738
	13,154	Hersha Hospitality Trust REIT		84,580
	8,346	Independence Realty Trust, Inc. REIT		97,732
	4,963	Industrial Logistics Properties Trust REIT		107,052
	1,046	Innovative Industrial Properties, Inc. REIT		128,752
	977	Investors Real Estate Trust REIT		69,465
	7,333	iStar, Inc. REIT		90,782
	2,462	Jernigan Capital, Inc. REIT		42,445
	6,724	Kennedy-Wilson Holdings, Inc.		96,086
	7,850	Kite Realty Group Trust REIT		88,234

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

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

Schedule of Investments (continued)

August 31, 2020

Shares		Description	Value
Common Stocks – (continued)
Real Estate – (continued)
	14,361	Lexington Realty Trust REIT	$	163,285
	2,706	LTC Properties, Inc. REIT		98,742
	9,033	Mack-Cali Realty Corp. REIT		114,087
	9,107	Marcus & Millichap, Inc.*		256,908
	833	Maui Land & Pineapple Co., Inc.*		9,713
	6,489	Monmouth Real Estate Investment Corp. REIT		94,155
	2,573	National Health Investors, Inc. REIT		160,169
	6,736	National Storage Affiliates Trust REIT		231,112
	14,367	New Senior Investment Group, Inc. REIT		62,927
	14,547	Newmark Group, Inc., Class A		64,443
	2,656	NexPoint Residential Trust, Inc. REIT		109,958
	3,559	Office Properties Income Trust REIT		84,847
	1,686	One Liberty Properties, Inc. REIT		32,304
	11,621	Pebblebrook Hotel Trust REIT		146,657
	11,005	Physicians Realty Trust REIT		199,741
	10,313	Piedmont Office Realty Trust, Inc., Class A REIT		157,892
	5,830	PotlatchDeltic Corp. REIT		268,413
	7,440	Preferred Apartment Communities, Inc., Class A REIT		49,104
	1,490	PS Business Parks, Inc. REIT		188,038
	3,131	QTS Realty Trust, Inc., Class A REIT		212,344
	5,589	RE/MAX Holdings, Inc., Class A		196,397
	25,605	Realogy Holdings Corp.*		283,703
	12,208	Redfin Corp.*		580,735
	7,570	Retail Opportunity Investments Corp. REIT		84,254
	6,299	Retail Properties of America, Inc., Class A REIT		39,747
	4,108	Retail Value, Inc. REIT		52,213
	14,161	RLJ Lodging Trust REIT		133,680
	4,184	RMR Group, Inc. (The), Class A		118,072
	9,051	RPT Realty REIT		53,039
	3,493	Ryman Hospitality Properties, Inc. REIT		133,293
	13,318	Sabra Health Care REIT, Inc. REIT		197,506
	645	Safehold, Inc. REIT		35,778
	1,034	Saul Centers, Inc. REIT		28,973
	10,774	Service Properties Trust REIT		88,455
	5,485	SITE Centers Corp. REIT		41,192
	2,222	St Joe Co. (The)*		51,573
	7,212	STAG Industrial, Inc. REIT		232,948
	13,433	Summit Hotel Properties, Inc. REIT		79,120
	22,111	Sunstone Hotel Investors, Inc. REIT		184,185
	8,242	Tanger Factory Outlet Centers, Inc. REIT		46,897
	3,834	Terreno Realty Corp. REIT		228,660
	4,127	UMH Properties, Inc. REIT		60,007
	14,842	Uniti Group, Inc. REIT		145,748
	1,127	Universal Health Realty Income Trust REIT		75,193
	4,626	Urban Edge Properties REIT		48,851
	3,921	Washington Real Estate Investment Trust REIT		86,027
	10,842	Xenia Hotels & Resorts, Inc. REIT		97,361
				10,255,751
Common Stocks – (continued)
Utilities – 3.5%
	4,284	ALLETE, Inc.		231,165
	4,117	American States Water Co.		313,221
	1,001	Artesian Resources Corp., Class A		35,225
	35,472	Atlantic Power Corp.*		73,427
	5,100	Avista Corp.		187,986
	4,607	Black Hills Corp.		258,361
	3,160	Brookfield Infrastructure Corp., Class A (Canada)		157,747
	3,356	California Water Service Group		152,161
	1,725	Chesapeake Utilities Corp.		141,105
	10,978	Clearway Energy, Inc., Class A		265,119
	12,787	Clearway Energy, Inc., Class C		326,196
	5,669	Consolidated Water Co. Ltd. (Cayman Islands)		68,198
	5,160	Genie Energy Ltd., Class B		45,615
	2,778	MGE Energy, Inc.		180,542
	1,168	Middlesex Water Co.		74,904
	6,223	New Jersey Resources Corp.		187,561
	2,036	Northwest Natural Holding Co.		104,060
	4,058	NorthWestern Corp.		209,555
	3,932	ONE Gas, Inc.		291,440
	3,828	Ormat Technologies, Inc.		233,010
	3,639	Otter Tail Corp.		141,375
	6,584	PNM Resources, Inc.		287,589
	7,295	Portland General Electric Co.		278,304
	7,508	Pure Cycle Corp.*		73,278
	2,077	RGC Resources, Inc.		48,436
	1,984	SJW Group		124,060
	5,398	South Jersey Industries, Inc.		119,566
	3,967	Southwest Gas Holdings, Inc.		249,405
	4,572	Spark Energy, Inc., Class A		42,017
	3,478	Spire, Inc.		202,454
	2,498	Sunnova Energy International, Inc.*		59,253
	1,942	Unitil Corp.		81,952
	1,837	York Water Co. (The)		83,786
				5,328,073
	TOTAL COMMON STOCKS
	(Cost $141,323,600)		$	149,697,017
Units		Description	Value
Right – 0.0%
Financials – 0.0%
	153	NewStar Financial, Inc. CVR*(c)	$	0
	(Cost $13)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $141,323,613)		$	149,697,017

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

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

Shares		Dividend Rate	Value
Securities Lending Reinvestment Vehicle – 1.9%(d)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	2,901,792	0.027%	$	2,901,792
	(Cost $2,901,792)
	TOTAL INVESTMENTS – 100.1%
	(Cost $144,225,405)		$	152,598,809
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (0.1)%			(114,978	)
	NET ASSETS – 100.0%		$	152,483,831

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)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(d)	Represents an affiliated issuer.

Investment Abbreviations:
CVR	—Contingent Value Right
PLC	—Public Limited Company
REIT	—Real Estate Investment Trust

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At August 31, 2020, the Fund had the following futures contracts:

Description	Number of Contracts		Expiration Date		Notional Amount		Unrealized Appreciation/ (Depreciation)
E-mini Russell 2000 Index		32		09/18/20	$	2,369,834	$	128,246

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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Statements of Assets and Liabilities

August 31, 2020

	ActiveBeta® Emerging Markets Equity ETF		ActiveBeta® Europe Equity ETF			ActiveBeta® International Equity ETF		ActiveBeta® Japan Equity ETF
Assets:
Investments in unaffiliated issuers, at value (cost $1,346,703,319, $16,124,556, $1,597,612,481 and $18,260,875, respectively)(a)	$	1,712,737,393	$	16,304,217		$	1,738,937,929	$	19,460,165
Investments in securities lending reinvestment vehicle, at value which equals cost		4,333,286		62,772			24,830,933		999,602
Cash		15,809,357		60,177			3,346,967		108,327
Foreign currency, at value (cost $253,948, $—, $137,448 and $14,969, respectively)		254,353		—			141,365		15,218
Variation margin on futures contracts		—		—			—		1,061
Receivables:
Investments sold		119,908,115		775,679			88,641,689		676,650
Dividends		2,770,034		32,663			3,659,406		23,842
Reimbursement from investment adviser		183,580		—			—		—
Foreign tax reclaims		27,679		79,419			1,523,202		1,294
Securities lending income		2,386		338			30,761		200
Collateral on futures contracts		671,463		12,196			—		5,738
Total assets		1,856,697,646		17,327,461			1,861,112,252		21,292,097
Liabilities:
Payables:
Investments purchased		138,525,819		844,803			92,355,188		727,463
Upon return of securities loaned		4,333,286		62,772			24,830,933		999,602
Foreign capital gains tax		1,525,646		—			—		—
Management fees		599,855		3,432			363,863		4,061
Trustees fees		4,777		—			—		—
Foreign bank overdraft (cost $—, $(650), $— and $—, respectively)		—		663			—		—
Accrued expenses		1,231,693		—			—		—
Total liabilities		146,221,076		911,670			117,549,984		1,731,126
Net Assets:
Paid-in capital		1,508,464,961		19,545,722			1,719,232,509		19,268,694
Total distributable earnings (loss)		202,011,609		(3,129,931	)		24,329,759		292,277
NET ASSETS	$	1,710,476,570	$	16,415,791		$	1,743,562,268	$	19,560,971
SHARES ISSUED AND OUTSTANDING
Shares outstanding no par value (unlimited shares authorized):		51,400,000		550,000			60,700,000		600,000
Net asset value per share:		$33.28		$29.85			$28.72		$32.60

(a) Includes loaned securities having a market value of $4,100,901, $60,056, $23,426,522 and $944,830, respectively.

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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Statements of Assets and Liabilities (continued)

August 31, 2020

	ActiveBeta® U.S. Large Cap Equity ETF		ActiveBeta® U.S. Small Cap Equity ETF
Assets:
Investments in unaffiliated issuers, at value (cost $8,045,630,266 and $141,323,613, respectively)(a)	$	10,407,272,245	$	149,697,017
Investments in securities lending reinvestment vehicle, at value which equals cost		9,557,821		2,901,792
Cash		7,346,612		2,414,526
Receivables:
Fund shares sold		731,745,348		—
Dividends		12,551,599		204,652
Securities lending income		2,556		11,192
Collateral on futures contracts		—		204,160
Total assets		11,168,476,181		155,433,339
Liabilities:
Variation margin on futures contracts		—		23,040
Payables:
Investments purchased		730,315,034		—
Upon return of securities loaned		9,557,821		2,901,792
Management fees		708,603		24,676
Total liabilities		740,581,458		2,949,508
Net Assets:
Paid-in capital		8,493,340,230		153,163,441
Total distributable earnings (loss)		1,934,554,493		(679,610	)
`NET ASSETS	$	10,427,894,723	$	152,483,831
SHARES ISSUED AND OUTSTANDING
Shares outstanding no par value (unlimited shares authorized):		147,502,500		3,500,000
Net asset value per share:		$70.70		$43.57

(a) Includes loaned securities having a market value of $9,249,793 and $2,842,554, respectively.

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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Statements of Operations

For the Fiscal Year Ended August 31, 2020

	ActiveBeta® Emerging Markets Equity ETF			ActiveBeta® Europe Equity ETF			ActiveBeta® International Equity ETF			ActiveBeta® Japan Equity ETF
Investment income:
Dividends — unaffiliated issuers (net of foreign withholding taxes of $5,809,018, $42,400, $4,332,134 and $62,866, respectively)	$	42,777,967		$	372,183		$	35,889,100		$	456,851
Non-cash dividend income		8,809,847			15,559			1,202,349			—
Securities lending income — unaffiliated issuer		175,574			4,171			428,104			2,178
Total investment income		51,763,388			391,913			37,519,553			459,029
Expenses:
Management fees		6,911,102			38,342			3,988,468			44,041
Custody, accounting and administrative services		1,729,099			—			—			—
Printing and mailing costs		169,464			—			—			—
Professional fees		105,550			—			—			—
Trustee fees		30,256			4,976			31,186			5,023
Registration fees		1,786			—			—			—
Other		99,849			49			2,771			—
Total expenses		9,047,106			43,367			4,022,425			49,064
Less — expense reductions		(1,272,116	)		—			—			—
Net expenses		7,774,990			43,367			4,022,425			49,064
NET INVESTMENT INCOME		43,988,398			348,546			33,497,128			409,965
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers (including the effects of the foreign capital gains tax liability of $156,330, $—, $— and $—, respectively)		(65,164,901	)		(1,299,076	)		(81,002,491	)		(479,763	)
In-kind redemptions		24,971,066			(660,668	)		10,142,950			836,874
Futures		751,736			(3,058	)		(626,744	)		31,932
Foreign currency transactions		(893,394	)		335			(28,384	)		(865	)
Net change in unrealized gain (loss) on:
Investments (including the effects of the foreign capital gains tax liability of $1,525,646, $—, $— and $—, respectively)		146,791,587			2,037,642			96,226,980			1,208,532
Futures		—			—			—			4,057
Foreign currency translations		3,448			6,460			96,237			(172	)
Net realized and unrealized gain		106,459,542			81,635			24,808,548			1,600,595
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	150,447,940		$	430,181		$	58,305,676		$	2,010,560

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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Statements of Operations (continued)

For the Fiscal Year Ended August 31, 2020

	ActiveBeta® U.S. Large Cap Equity ETF			ActiveBeta® U.S. Small Cap Equity ETF
Investment income:
Dividends — unaffiliated issuers (net of foreign withholding taxes of $— and $905, respectively)	$	138,213,891		$	1,267,609
Securities lending income — unaffiliated issuer		175,041			110,656
Total investment income		138,388,932			1,378,265
Expenses:
Management fees		6,770,614			189,684
Trustee fees		128,137			6,241
Total expenses		6,898,751			195,925
NET INVESTMENT INCOME		131,490,181			1,182,340
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		(343,798,398	)		(6,986,083	)
In-kind redemptions		203,631,708			5,611,230
Futures		(4,739,566	)		(42,760	)
Net change in unrealized gain (loss) on:
Investments		1,648,452,208			8,541,947
Futures		—			128,246
Net realized and unrealized gain		1,503,545,952			7,252,580
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,635,036,133		$	8,434,920

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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Statements of Changes in Net Assets

	ActiveBeta® Emerging Markets Equity ETF						ActiveBeta® Europe Equity ETF
	For the Fiscal Year Ended August 31, 2020			For the Fiscal Year Ended August 31, 2019			For the Fiscal Year Ended August 31, 2020			For the Fiscal Year Ended August 31, 2019
From operations:
Net investment income	$	43,988,398		$	39,862,455		$	348,546		$	973,864
Net realized gain (loss)		(40,335,493	)		(61,811,796	)		(1,962,467	)		6,372,235
Net change in unrealized gain (loss)		146,795,035			(35,128,337	)		2,044,102			(7,884,289	)
Net increase (decrease) in net assets resulting from operations		150,447,940			(57,077,678	)		430,181			(538,190	)
Distributions to shareholders:
From distributable earnings		(44,088,214	)		(42,811,808	)		(340,708	)		(1,153,378	)
From share transactions:
Proceeds from sales of shares		148,065,074			173,910,887			—			9,731,944
Cost of shares redeemed		(243,149,316	)		(63,360,446	)		(2,258,165	)		(63,419,366	)
Net increase (decrease) in net assets resulting from share transactions		(95,084,242	)		110,550,441			(2,258,165	)		(53,687,422	)
TOTAL INCREASE (DECREASE)		11,275,484			10,660,955			(2,168,692	)		(55,378,990	)
Net assets:
Beginning of year	$	1,699,201,086		$	1,688,540,131		$	18,584,483		$	73,963,473
End of year	$	1,710,476,570		$	1,699,201,086		$	16,415,791		$	18,584,483

86 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 Fiscal Year Ended August 31, 2020			For the Fiscal Year Ended August 31, 2019			For the Fiscal Year Ended August 31, 2020			For the Fiscal Year Ended August 31, 2019
From operations:
Net investment income	$	33,497,128		$	39,751,220		$	409,965		$	745,876
Net realized gain (loss)		(71,514,669	)		(23,424,442	)		388,178			8,913,734
Net change in unrealized gain (loss)		96,323,217			(41,264,287	)		1,212,417			(9,018,645	)
Net increase (decrease) in net assets resulting from operations		58,305,676			(24,937,509	)		2,010,560			640,965
Distributions to shareholders:
From distributable earnings		(34,855,286	)		(37,687,035	)		(482,484	)		(794,800	)
From share transactions:
Proceeds from sales of shares		319,433,538			533,347,481			—			12,425,460
Cost of shares redeemed		(144,922,933	)		(19,583,653	)		(6,435,562	)		(40,580,807	)
Net increase (decrease) in net assets resulting from share transactions		174,510,605			513,763,828			(6,435,562	)		(28,155,347	)
TOTAL INCREASE (DECREASE)		197,960,995			451,139,284			(4,907,486	)		(28,309,182	)
Net assets:
Beginning of year	$	1,545,601,273		$	1,094,461,989		$	24,468,457		$	52,777,639
End of year	$	1,743,562,268		$	1,545,601,273		$	19,560,971		$	24,468,457

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

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 Fiscal Year Ended August 31, 2020			For the Fiscal Year Ended August 31, 2019			For the Fiscal Year Ended August 31, 2020			For the Fiscal Year Ended August 31, 2019
From operations:
Net investment income	$	131,490,181		$	83,436,579		$	1,182,340		$	985,967
Net realized gain (loss)		(144,906,256	)		88,486,288			(1,417,613	)		(925,616	)
Net change in unrealized gain (loss)		1,648,452,208			(22,078,144	)		8,670,193			(4,008,744	)
Net increase (decrease) in net assets resulting from operations		1,635,036,133			149,844,723			8,434,920			(3,948,393	)
Distributions to shareholders:
From distributable earnings		(130,496,243	)		(76,178,483	)		(1,215,722	)		(900,932	)
From share transactions:
Proceeds from sales of shares		2,860,908,951			3,028,113,603			74,558,334			58,670,921
Cost of shares redeemed		(543,604,251	)		(476,026,399	)		(25,692,998	)		(4,436,399	)
Net increase in net assets resulting from share transactions		2,317,304,700			2,552,087,204			48,865,336			54,234,522
TOTAL INCREASE		3,821,844,590			2,625,753,444			56,084,534			49,385,197
Net assets:
Beginning of year	$	6,606,050,133		$	3,980,296,689		$	96,399,297		$	47,014,100
End of year	$	10,427,894,723		$	6,606,050,133		$	152,483,831		$	96,399,297

88 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 Fiscal Year Ended August 31,												For the Period September 25, 2015* to August 31, 2016
	2020			2019			2018			2017
Per Share Operating Performance:
Net asset value, beginning of period	$	31.12		$	32.98		$	33.73		$	28.03		$	25.00
Net investment income(a)		0.80	(b)		0.75			0.77			0.63			0.60
Net realized and unrealized gain (loss)		2.17			(1.79	)		(0.84	)		5.58			2.70
Total gain (loss) from investment operations		2.97			(1.04	)		(0.07	)		6.21			3.30
Distributions to shareholders from net investment income		(0.81	)		(0.82	)		(0.68	)		(0.51	)		(0.27	)
Net asset value, end of period	$	33.28		$	31.12		$	32.98		$	33.73		$	28.03
Market price, end of period	$	33.28		$	31.14		$	32.87		$	33.74		$	28.01
Total Return at Net Asset Value(c)		9.55	%		(3.21	)%		(0.28	)%		22.49	%		13.29	%
Net assets, end of period (in 000’s)	$	1,710,477		$	1,699,201		$	1,688,540		$	1,490,683		$	863,388
Ratio of net expenses to average net assets		0.45	%		0.45	%		0.45	%		0.45	%		0.45	%(d)
Ratio of total expenses to average net assets		0.52	%		0.51	%		0.51	%		0.53	%		0.58	%(d)
Ratio of net investment income to average net assets		2.55	%(b)		2.37	%		2.19	%		2.13	%		2.52	%(d)
Portfolio turnover rate(e)		38	%		28	%		28	%		27	%		44	%

* Commencement of operations.

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

(b) Reflects income recognized from non-recurring special dividends which amounted to $0.03 per share and 0.09% of average net assets.

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

(d) Annualized.

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

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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	ActiveBeta® Europe Equity ETF
	For the Fiscal Year Ended August 31,												For the Period March 2, 2016* to August 31, 2016
	2020			2019			2018			2017
Per Share Operating Performance:
Net asset value, beginning of period	$	28.59		$	30.82		$	30.39		$	26.12		$	25.03
Net investment income(a)		0.58			0.89			0.95			0.75			0.60
Net realized and unrealized gain (loss)		1.27			(1.84	)		0.37			4.26			0.97
Total gain (loss) from investment operations		1.85			(0.95	)		1.32			5.01			1.57
Distributions to shareholders from net investment income		(0.59	)		(1.28	)		(0.89	)		(0.74	)		(0.48	)
Net asset value, end of period	$	29.85		$	28.59		$	30.82		$	30.39		$	26.12
Market price, end of period	$	29.81		$	28.62		$	30.73		$	30.54		$	26.20
Total Return at Net Asset Value(b)		6.69	%		(3.15	)%		4.40	%		19.46	%		6.23	%
Net assets, end of period (in 000’s)	$	16,416		$	18,584		$	73,963		$	44,062		$	33,959
Ratio of net expenses to average net assets		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%(c)
Ratio of total expenses to average net assets		0.25	%		0.25	%		0.25	%		0.25	%		0.71	%(c)
Ratio of net investment income to average net assets		2.01	%		3.07	%		3.02	%		2.71	%		4.61	%(c)
Portfolio turnover rate(d)		18	%		17	%		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) 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.

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® International Equity ETF
	For the Fiscal Year Ended August 31,												For the Period November 6, 2015* to August 31, 2016
	2020			2019			2018			2017
Per Share Operating Performance:
Net asset value, beginning of period	$	27.70		$	29.42		$	28.38		$	24.67		$	24.78
Net investment income(a)		0.57			0.86			0.76			0.69			0.59
Net realized and unrealized gain (loss)		1.05			(1.78	)		1.02			3.61			(0.37	)
Total gain (loss) from investment operations		1.62			(0.92	)		1.78			4.30			0.22
Distributions to shareholders from net investment income		(0.60	)		(0.80	)		(0.74	)		(0.59	)		(0.33	)
Net asset value, end of period	$	28.72		$	27.70		$	29.42		$	28.38		$	24.67
Market price, end of period	$	28.63		$	27.73		$	29.45		$	28.53		$	24.78
Total Return at Net Asset Value(b)		5.96	%		(3.09	)%		6.30	%		17.66	%		0.90	%
Net assets, end of period (in 000’s)	$	1,743,562		$	1,545,601		$	1,094,462		$	593,129		$	283,757
Ratio of net expenses to average net assets		0.25	%		0.25	%		0.25	%		0.25	%		0.27	%(c)
Ratio of total expenses to average net assets		0.25	%		0.25	%		0.25	%		0.25	%		0.62	%(c)
Ratio of net investment income to average net assets		2.08	%		3.10	%		2.56	%		2.64	%		3.02	%(c)
Portfolio turnover rate(d)		20	%		17	%		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 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. 91

GOLDMAN SACHS ACTIVEBETA^® ETFS

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	ActiveBeta® Japan Equity ETF
	For the Fiscal Year Ended August 31,												For the Period March 2, 2016* to August 31, 2016
	2020			2019			2018			2017
Per Share Operating Performance:
Net asset value, beginning of period	$	30.59		$	32.99		$	30.71		$	27.33		$	25.69
Net investment income(a)		0.66			0.82			0.54			0.48			0.24
Net realized and unrealized gain (loss)		2.15			(2.29	)		2.36			3.50			1.60
Total gain (loss) from investment operations		2.81			(1.47	)		2.90			3.98			1.84
Distributions to shareholders from net investment income		(0.80	)		(0.93	)		(0.62	)		(0.60	)		(0.20	)
Net asset value, end of period	$	32.60		$	30.59		$	32.99		$	30.71		$	27.33
Market price, end of period	$	32.51		$	30.52		$	32.90		$	30.79		$	27.44
Total Return at Net Asset Value(b)		9.15	%		(4.32	)%		9.42	%		14.74	%		7.17	%
Net assets, end of period (in 000’s)	$	19,561		$	24,468		$	52,778		$	42,992		$	32,797
Ratio of net expenses to average net assets		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%(c)
Ratio of total expenses to average net assets		0.25	%		0.25	%		0.25	%		0.25	%		0.73	%(c)
Ratio of net investment income to average net assets		2.09	%		2.64	%		1.62	%		1.68	%		1.81	%(c)
Portfolio turnover rate(d)		18	%		33	%		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) 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.

92 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 Fiscal Year Ended August 31,												For the Period September 17, 2015* to August 31, 2016
	2020			2019			2018			2017
Per Share Operating Performance:
Net asset value, beginning of period	$	59.09		$	58.75		$	49.16		$	43.83		$	40.70
Net investment income(a)		1.06			1.03			0.96			0.97			0.85
Net realized and unrealized gain		11.62			0.30			9.56			5.17			2.78
Total gain from investment operations		12.68			1.33			10.52			6.14			3.63
Distributions to shareholders from net investment income		(1.07	)		(0.99	)		(0.93	)		(0.81	)		(0.50	)
Net asset value, end of period	$	70.70		$	59.09		$	58.75		$	49.16		$	43.83
Market price, end of period	$	70.61		$	59.07		$	58.75		$	49.15		$	43.82
Total Return at Net Asset Value(b)		21.81	%		2.42	%		21.65	%		14.15	%		8.97	%
Net assets, end of period (in 000’s)	$	10,427,895		$	6,606,050		$	3,980,297		$	2,396,490		$	1,157,206
Ratio of net expenses to average net assets		0.09	%		0.09	%		0.09	%		0.09	%		0.09	%(c)
Ratio of total expenses to average net assets		0.09	%		0.09	%		0.09	%		0.09	%		0.19	%(c)
Ratio of net investment income to average net assets		1.72	%		1.82	%		1.78	%		2.08	%		2.11	%(c)
Portfolio turnover rate(d)		17	%		16	%		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 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. 93

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 Fiscal Year Ended August 31,									For the Period June 28, 2017* to August 31, 2017
	2020			2019			2018
Per Share Operating Performance:
Net asset value, beginning of period	$	42.84		$	49.49		$	39.65		$	40.36
Net investment income(a)		0.51			0.57			0.56			0.07
Net realized and unrealized gain (loss)		0.78			(6.66	)		9.79			(0.78	)
Total gain (loss) from investment operations		1.29			(6.09	)		10.35			(0.71	)
Distributions to shareholders from net investment income		(0.56	)		(0.56	)		(0.51	)		—
Net asset value, end of period	$	43.57		$	42.84		$	49.49		$	39.65
Market price, end of period	$	43.63		$	42.84		$	49.55		$	38.95
Total Return at Net Asset Value(b)		3.13	%		(12.28	)%		26.28	%		(1.76	)%
Net assets, end of period (in 000’s)	$	152,484		$	96,399		$	47,014		$	11,896
Ratio of total expenses to average net assets		0.20	%		0.20	%		0.20	%		0.20	%(c)
Ratio of net investment income to average net assets		1.21	%		1.32	%		1.24	%		0.96	%(c)
Portfolio turnover rate(d)		20	%		20	%		27	%		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) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

(e) Less than 0.5%

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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Notes to Financial Statements

August 31, 2020

1. ORGANIZATION

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

Fund	Diversification Classification
Goldman Sachs ActiveBeta® Emerging Markets Equity ETF (“ActiveBeta® Emerging Markets Equity ETF”)	Diversified
Goldman Sachs ActiveBeta® Europe Equity ETF (“ActiveBeta® Europe Equity ETF”)	Diversified
Goldman Sachs ActiveBeta® International Equity ETF (“ActiveBeta® International Equity ETF”)	Diversified
Goldman Sachs ActiveBeta® Japan Equity ETF (“ActiveBeta® Japan Equity ETF”)	Diversified
Goldman Sachs ActiveBeta® U.S. Large Cap Equity ETF (“ActiveBeta® U.S. Large Cap Equity ETF”)	Diversified
Goldman Sachs ActiveBeta® U.S. Small Cap Equity ETF (“ActiveBeta® U.S. Small Cap Equity ETF”)	Diversified

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

Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as investment adviser to the Funds pursuant to management agreements (each, an “Agreement” and together, the “Agreements”) with the Trust. Each Fund is an exchange-traded fund (“ETF”). Shares of the Funds are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”). Market prices for the Funds’ shares may be different from their net asset value (“NAV”). The Funds issue and redeem shares at their respective NAV only in blocks of a specified number of shares, or multiples thereof, referred to as “Creation Units”. Creation Units are issued and redeemed principally in-kind for a basket of securities and a cash amount, with respect to the ActiveBeta^® Europe Equity ETF, ActiveBeta^® International Equity ETF, ActiveBeta^® Japan Equity ETF, ActiveBeta^® U.S. Large Cap Equity ETF and the ActiveBeta^® U.S. Small Cap Equity ETF. The ActiveBeta^® Emerging Markets Equity ETF issues and redeems Creation Units partially for cash and partially in-kind. Shares generally trade in the secondary market in quantities less than a Creation Unit at market prices that change throughout the day. Only those that have entered into an authorized participant agreement with ALPS Distributors, Inc. (the “Distributor”) may do business directly with the Funds.

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. Each Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.

A.  Investment Valuation — The Funds’ valuation policy is to value investments at fair value.

B.  Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily NAV calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments. Distributions received from the Funds’ investments in U.S. real estate investment

95

GOLDMAN SACHS ACTIVEBETA^® ETFS

Notes to Financial Statements (continued)

August 31, 2020

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

trusts (“REITs”) may be characterized as ordinary income, net capital gain and/or a return of capital. A return of capital is recorded by the Funds as a reduction to the cost basis of the REIT.

For derivative contracts, realized gains and losses are recorded upon settlement of the contract.

C.  Expenses — Expenses incurred directly by a Fund are charged to the Fund, and certain expenses incurred by the Trust are allocated across the applicable Funds on a straight-line and/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 quarterly. Capital gains distributions, if any, are declared and paid at least annually.

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

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

E.  Foreign Currency Translation — The accounting records and reporting currency of a Fund are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Statements of Operations within net change in unrealized gain (loss) on foreign currency translation. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

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

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

Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;

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

96

GOLDMAN SACHS ACTIVEBETA^® ETFS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, including investments for which market quotations are not readily available. The Trustees have delegated to GSAM day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds’ investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

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

Equity Securities — Equity securities traded on a United States (“U.S.”) securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities will be valued at the valid closing bid price for long positions and at the valid closing ask price for short positions (i.e. where there is sufficient volume, during normal exchange trading hours). If no valid bid/ask price is available, the equity security will be valued pursuant to the Valuation Procedures approved by the Trustees and consistent with applicable regulatory guidance. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2.

Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price for long positions or the last ask price for short positions, and are generally classified as Level 2.

Underlying Funds (including Money Market Funds) — Underlying funds (“Underlying Funds”) include other investment companies and ETFs. Investments in the Underlying Funds (except ETFs) are valued at the NAV per share on the day of valuation. ETFs are valued daily at the last sale price or official closing price on the principal exchange or system on which the investment is traded. Because the Funds invest in Underlying Funds that fluctuate in value, the Funds’ shares will correspondingly fluctuate in value. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. For information regarding an Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. A Fund enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as receivables/payables for collateral on certain derivatives contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

Exchange-traded derivatives, including futures and options contracts, are generally valued at the last sale or settlement price on the exchange where they are principally traded. Exchange-traded options without settlement prices are generally valued at the last bid price for long positions and the last ask price for short positions on the exchange where they are principally traded. Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy. Over-the-counter (“OTC”) and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.

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Notes to Financial Statements (continued)

August 31, 2020

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security. Upon entering into a futures contract, a Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.

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

C.  Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of August 31, 2020:

ACTIVEBETA® EMERGING MARKETS EQUITY ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Africa	$	58,235,930	$	4,768,292	$	—
Asia		1,404,431,997		60,124,668		—
Europe		21,739,757		—		—
North America		44,753,283		—		—
South America		96,464,984		22,218,482		—
Securities Lending Reinvestment Vehicle		4,333,286		—		—
Total	$	1,629,959,237	$	87,111,442	$	—
ACTIVEBETA® EUROPE EQUITY ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Africa	$	26,329	$	—	$	—
Asia		72,960		—		—
Europe		15,741,243		106,590		—
North America		169,421		—		—
Oceania		187,674		—		—
Securities Lending Reinvestment Vehicle		62,772		—		—
Total	$	16,260,399	$	106,590	$	—

(a) Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile noted in table.

For further information regarding security characteristics, see the Schedules of Investments.

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

ACTIVEBETA® INTERNATIONAL EQUITY ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Africa	$	2,383,825	$	—	$	—
Asia		468,157,655		—		—
Europe		973,982,742		8,074,993		—
North America		172,818,478		1,087,324		—
Oceania		110,761,115		—		—
South America		1,671,797		—		—
Securities Lending Reinvestment Vehicle		24,830,933		—		—
Total	$	1,754,606,545	$	9,162,317	$	—
ACTIVEBETA® JAPAN EQUITY ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	19,460,165	$	—	$	—
Securities Lending Reinvestment Vehicle		999,602		—		—
Total	$	20,459,767	$	—	$	—
Derivative Type
Assets(b)
Futures Contracts	$	4,057	$	—	$	—
ACTIVEBETA® U.S. LARGE CAP EQUITY ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
North America	$	10,407,272,245	$	—	$	—
Securities Lending Reinvestment Vehicle		9,557,821		—		—
Total	$	10,416,830,066	$	—	$	—

(a) Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile noted in table.

(b) Amount shown represents unrealized gain at fiscal year end.

For further information regarding security characteristics, see the Schedules of Investments.

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Notes to Financial Statements (continued)

August 31, 2020

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

ACTIVEBETA® U.S. SMALL CAP EQUITY ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Africa	$	82,823	$	—	$	—
Asia		336,727		—		—
Europe		602,272		—		—
North America		148,563,534		—		—
South America		111,661		—		—
Securities Lending Reinvestment Vehicle		2,901,792		—		—
Total	$	152,598,809	$	—	$	—
Derivative Type
Assets(b)
Futures Contracts	$	128,246	$	—	$	—

(a) Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile noted in table.

(b) Amount shown represents unrealized gain at fiscal year end.

For further information regarding security characteristics, see the Schedules of Investments.

4. INVESTMENTS IN DERIVATIVES

The following tables set forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of August 31, 2020. These instruments were used as part of the Funds’ investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds’ net exposure.

Risk	Fund	Statement of Assets and Liabilities		Assets(a)
Equity	Goldman Sachs ActiveBeta® U.S. Japan Equity ETF		Variation Margin on Futures Contracts	$	4,057
Equity	Goldman Sachs ActiveBeta® U.S. Small Cap Equity ETF		Variation Margin on Futures Contracts		128,246

(a) Includes unrealized gain (loss) on futures contracts described in the Additional Investment Information sections of the Schedules of Investments. Only the variation margin as of August 31, 2020 is reported within the Statements of Assets and Liabilities.

The following tables set forth, by certain risk types, the Funds’ gains (losses) related to these derivatives and their indicative volumes for the fiscal year ended August 31, 2020. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and

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4. INVESTMENTS IN DERIVATIVES (continued)

accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in “Net realized gain (loss)” or “Net change in unrealized gain (loss)” on the Statements of Operations:

Risk	Fund	Net Realized Gain (Loss) from Futures Contracts			Net Change in Unrealized Gain (Loss) on Futures Contracts		Average Number of Contracts(a)
Equity	Goldman Sachs ActiveBeta® Emerging Markets Equity ETF	$	751,736		$	—		30
Equity	Goldman Sachs ActiveBeta® Europe Equity ETF		(3,058	)		—		1
Equity	Goldman Sachs ActiveBeta® International Equity ETF		(626,744	)		—		19
Equity	Goldman Sachs ActiveBeta® Japan Equity ETF		31,932			4,057		5
Equity	Goldman Sachs ActiveBeta® U.S. Large Cap Equity ETF		(4,739,566	)		—		23
Equity	Goldman Sachs ActiveBeta® U.S. Small Cap Equity ETF		(42,760	)		128,246		10

(a) Average number of contracts is based on the month end balances for the fiscal year ended August 31, 2020.

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

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

For each Fund except the ActiveBeta^® Emerging Markets Equity ETF, the Funds operate under a unitary management fee structure. Under the unitary fee structure, GSAM is responsible for paying substantially all the expenses of each such Fund, excluding payments under the Fund’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 fiscal year ended August 31, 2020, unitary management fees with GSAM were at the following rates for each Fund except the ActiveBeta^® Emerging Markets Equity ETF:

Fund	Unitary Management Fee
ActiveBeta® Europe Equity ETF	0.25%
ActiveBeta® International Equity ETF	0.25%
ActiveBeta® Japan Equity ETF	0.25%
ActiveBeta® U.S. Large Cap Equity ETF	0.09%
ActiveBeta® U.S. Small Cap Equity ETF	0.20%

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Notes to Financial Statements (continued)

August 31, 2020

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the fiscal year ended August 31, 2020, contractual and effective net management fees with GSAM were at the following rate for the ActiveBeta^® Emerging Markets Equity ETF:

Fund	Contractual and Effective Net Management Fee
ActiveBeta® Emerging Markets Equity ETF	0.40%

B.  Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain “Other Expenses” of the ActiveBeta^® Emerging Markets Equity ETF (excluding acquired fund fees and expenses, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of the Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Fund is not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitation as an annual percentage rate of average daily net assets for the ActiveBeta^® Emerging Markets Equity ETF is 0.05%. This Other Expense limitation will remain in effect permanently and GSAM may not terminate the arrangement without the approval of the Trustees.

For the fiscal year ended August 31, 2020, these expense reimbursements amounted to $1,272,116.

6. CREATION AND REDEMPTION OF CREATION UNITS

The Trust issues and redeems shares of the Funds only in Creation Units on a continuous basis through the Distributor, without an initial sales load, at NAV next determined after receipt, on any Business Day (as defined in the Statement of Additional Information), of an order in proper form. Shares of the Funds may only be purchased or redeemed by certain financial institutions (each an “Authorized Participant”). An Authorized Participant is either (1) a “Participating Party” or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation; or (2) a Depository Trust Company participant; which, in either case, must have executed an agreement with the Distributor. Retail investors will typically not qualify as an Authorized Participant or have the resources to buy and sell whole Creation Units. Therefore, they will be unable to purchase or redeem the shares directly from the Funds. Rather, most retail investors will purchase shares in the secondary market at market prices with the assistance of a broker and may be subject to customary brokerage commissions or fees. Fixed creation and redemption transaction fees are imposed in connection with creations and redemptions.

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

Share activity is as follows:

	ActiveBeta® Emerging Markets Equity ETF
	For the Fiscal Year Ended August 31, 2020						For the Fiscal Year Ended August 31, 2019
	Shares			Dollars			Shares			Dollars
Fund Share Activity
Shares Sold		4,400,000		$	147,064,435			5,400,000		$	173,435,103
Shares Redeemed		(7,600,000	)		(242,809,605	)		(2,000,000	)		(63,269,200	)
NET INCREASE (DECREASE) IN SHARES		(3,200,000	)	$	(95,745,170	)		3,400,000		$	110,165,903

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6. CREATION AND REDEMPTION OF CREATION UNITS (continued)

	ActiveBeta® Europe Equity ETF
	For the Fiscal Year Ended August 31, 2020						For the Fiscal Year Ended August 31, 2019
	Shares			Dollars			Shares			Dollars
Fund Share Activity
Shares Sold		—		$	—			350,000		$	9,731,604
Shares Redeemed		(100,000	)		(2,258,165	)		(2,100,000	)		(63,419,366	)
NET DECREASE IN SHARES		(100,000	)	$	(2,258,165	)		(1,750,000	)	$	(53,687,762	)
	ActiveBeta® International Equity ETF
	For the Fiscal Year Ended August 31, 2020						For the Fiscal Year Ended August 31, 2019
	Shares			Dollars			Shares			Dollars
Fund Share Activity
Shares Sold		11,200,000		$	319,392,338			19,300,000		$	533,307,092
Shares Redeemed		(6,300,000	)		(144,922,584	)		(700,000	)		(19,583,028	)
NET INCREASE IN SHARES		4,900,000		$	174,469,754			18,600,000		$	513,724,064
	ActiveBeta® Japan Equity ETF
	For the Fiscal Year Ended August 31, 2020						For the Fiscal Year Ended August 31, 2019
	Shares			Dollars			Shares			Dollars
Fund Share Activity
Shares Sold		—		$	—			400,000		$	12,425,460
Shares Redeemed		(200,000	)		(6,435,562	)		(1,200,000	)		(40,580,806	)
NET DECREASE IN SHARES		(200,000	)	$	(6,435,562	)		(800,000	)	$	(28,155,346	)
	ActiveBeta® U.S. Large Cap Equity ETF
	For the Fiscal Year Ended August 31, 2020						For the Fiscal Year Ended August 31, 2019
	Shares			Dollars			Shares			Dollars
Fund Share Activity
Shares Sold		44,400,000		$	2,860,908,861			52,500,000		$	3,028,113,210
Shares Redeemed		(8,700,000	)		(543,604,251	)		(8,450,000	)		(476,026,399	)
NET INCREASE IN SHARES		35,700,000		$	2,317,304,610			44,050,000		$	2,552,086,811
	ActiveBeta® U.S. Small Cap Equity ETF
	For the Fiscal Year Ended August 31, 2020						For the Fiscal Year Ended August 31, 2019
	Shares			Dollars			Shares			Dollars
Fund Share Activity
Shares Sold		1,900,000		$	74,558,334			1,400,000		$	58,670,905
Shares Redeemed		(650,000	)		(25,692,998	)		(100,000	)		(4,436,399	)
NET INCREASE IN SHARES		1,250,000		$	48,865,336			1,300,000		$	54,234,506

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Notes to Financial Statements (continued)

August 31, 2020

7. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales of long-term securities for the fiscal year ended August 31, 2020, were as follows:

Fund	Purchases		Sales
ActiveBeta® Emerging Markets Equity  ETF	$	644,902,698	$	684,705,620
ActiveBeta® Europe Equity ETF		3,111,768		3,083,630
ActiveBeta® International Equity ETF		330,927,641		313,761,835
ActiveBeta® Japan Equity ETF		3,610,451		3,745,227
ActiveBeta�� U.S. Large Cap Equity  ETF		1,360,900,441		1,326,640,129
ActiveBeta® U.S. Small Cap Equity ETF		19,891,421		20,532,959

The purchases and sales from in-kind creation and redemption transactions for the fiscal year ended August 31, 2020, were as follows:

Fund	Purchases		Sales
ActiveBeta® Emerging Markets Equity  ETF	$	30,324,134	$	81,867,064
ActiveBeta® Europe Equity ETF		—		2,244,293
ActiveBeta® International Equity ETF		298,448,682		142,515,467
ActiveBeta® Japan Equity ETF		—		6,370,895
ActiveBeta® U.S. Large Cap Equity  ETF		2,824,276,854		544,409,424
ActiveBeta® U.S. Small Cap Equity ETF		73,653,360		25,717,223

8. SECURITIES LENDING

The Funds may lend their securities through a securities lending agent, the Bank of New York Mellon (“BNYM”), to certain qualified borrowers. In accordance with the Funds’ securities lending procedures, the Funds receive cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Funds, at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Statements of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

The Funds invest the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”), an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to 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.

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8. SECURITIES LENDING (continued)

In the event of a default by a borrower with respect to any loan, BNYM may exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If BNYM is unable to purchase replacement securities, BNYM will indemnify the Funds by paying the Funds an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Funds’ master netting agreements with certain borrowers provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws. The Funds’ loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the value of the cash received. The amounts of the Funds’ overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of August 31, 2020, are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities, where applicable.

Both the Funds and BNYM received compensation relating to the lending of the Funds’ securities. The amounts earned, if any, by the Funds for the fiscal year ended August 31, 2020, are reported under Investment Income on the Statements of Operations.

The following table provides information about the Funds’ investment in the Government Money Market Fund for the fiscal year ended August 31, 2020:

Fund	Beginning value as of August 31, 2019		Purchases at Cost		Proceeds from Sales			Ending value as of August 31, 2020
ActiveBeta® Emerging Markets Equity  ETF	$	16,175,855	$	114,462,518	$	(126,305,087	)	$	4,333,286
ActiveBeta® Europe Equity ETF		41,424		3,147,240		(3,125,892	)		62,772
ActiveBeta® International Equity ETF		17,792,823		282,231,327		(275,193,217	)		24,830,933
ActiveBeta® Japan Equity ETF		670,849		4,006,301		(3,677,548	)		999,602
ActiveBeta® U.S. Large Cap Equity ETF		—		73,561,714		(64,003,893	)		9,557,821
ActiveBeta® U.S. Small Cap Equity ETF		1,802,678		17,516,524		(16,417,410	)		2,901,792

9. TAX INFORMATION

The tax character of distributions paid during the fiscal year ended August 31, 2020 and August 31, 2019 were as follows:

	Fiscal Year Ended August 31, 2020
	ActiveBeta® Emerging Markets Equity ETF		ActiveBeta® Europe Equity ETF		ActiveBeta® International Equity ETF		ActiveBeta® Japan Equity ETF		ActiveBeta® U.S. Large Cap Equity ETF		ActiveBeta® U.S. Small Cap Equity ETF
Distributions paid from:
Ordinary Income	$	44,088,214	$	340,708	$	34,855,286	$	482,484	$	130,496,243	$	1,215,722
Total taxable distributions	$	44,088,214	$	340,708	$	34,855,286	$	482,484	$	130,496,243	$	1,215,722

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Notes to Financial Statements (continued)

August 31, 2020

9. TAX INFORMATION (continued)

	Fiscal Year Ended August 31, 2019
	ActiveBeta® Emerging Markets Equity ETF		ActiveBeta® Europe Equity ETF		ActiveBeta® International Equity ETF		ActiveBeta® Japan Equity ETF		ActiveBeta® U.S. Large Cap Equity ETF		ActiveBeta® U.S. Small Cap Equity ETF
Distributions paid from:
Ordinary Income	$	42,811,808	$	1,153,378	$	37,687,035	$	794,800	$	76,178,483	$	900,932
Total taxable distributions	$	42,811,808	$	1,153,378	$	37,687,035	$	794,800	$	76,178,483	$	900,932

As of August 31, 2020, the components of accumulated earnings (losses) on a tax-basis were as follows:

	ActiveBeta® Emerging Markets Equity ETF			ActiveBeta® Europe Equity ETF			ActiveBeta® International Equity ETF			ActiveBeta® Japan Equity ETF			ActiveBeta® U.S. Large Cap Equity ETF			ActiveBeta® U.S. Small Cap Equity ETF
Undistributed ordinary income — net	$	19,893,000		$	73,055		$	5,411,037		$	46,698		$	21,141,950		$	153,721
Total undistributed earnings	$	19,893,000		$	73,055		$	5,411,037		$	46,698		$	21,141,950		$	153,721
Capital loss carryforwards:
Perpetual Short-Term	$	(101,846,403	)	$	(1,057,760	)	$	(41,653,447	)	$	(340,063	)	$	(219,173,013	)	$	(2,166,488	)
Perpetual Long-Term		(60,153,326	)		(2,253,244	)		(70,497,387	)		(404,415	)		(172,318,274	)		(3,596,057	)
Timing differences (Qualified Late Year Loss Deferral)		(2,662,750	)		(684	)		—			(60,525	)		—			—
Unrealized gains (losses) — net		346,781,088			108,702			131,069,556			1,050,582			2,304,903,830			4,929,214
Total accumulated earnings (losses) net	$	202,011,609		$	(3,129,931	)	$	24,329,759		$	292,277		$	1,934,554,493		$	(679,610	)

As of August 31, 2020, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

	ActiveBeta® Emerging Markets Equity ETF			ActiveBeta® Europe Equity ETF			ActiveBeta® International Equity ETF			ActiveBeta® Japan Equity ETF			ActiveBeta® U.S. Large Cap Equity ETF			ActiveBeta® U.S. Small Cap Equity ETF
Tax Cost	$	1,368,713,389		$	16,261,212		$	1,632,771,140		$	19,413,661		$	8,111,926,236		$	147,797,841
Gross unrealized gain		465,427,637			2,333,075			270,822,377			2,801,262			2,598,921,292			19,759,017
Gross unrealized loss		(118,646,549	)		(2,224,373	)		(139,752,821	)		(1,750,680	)		(294,017,462	)		(14,829,803	)
Net unrealized gains (losses)	$	346,781,088		$	108,702		$	131,069,556		$	1,050,582		$	2,304,903,830		$	4,929,214

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

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9. TAX INFORMATION (continued)

In order to present certain components of the Funds’ capital accounts on a tax-basis, certain reclassifications have been recorded to the Funds’ accounts. These reclassifications have no impact on the net asset value of the Funds’ and result primarily from redemption in-kind transactions.

	ActiveBeta® Emerging Markets Equity ETF			ActiveBeta® Europe Equity ETF			ActiveBeta® International Equity ETF			ActiveBeta® Japan Equity ETF			ActiveBeta® U.S. Large Cap Equity ETF			ActiveBeta® U.S. Small Cap Equity ETF
Paid-in Capital	$	23,483,826		$	(671,256	)	$	8,258,295		$	715,137		$	199,570,733		$	5,234,137
Total Distributable Earnings	$	(23,483,826	)	$	671,256		$	(8,258,295	)	$	(715,137	)	$	(199,570,733	)	$	(5,234,137	)

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

10. OTHER RISKS

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

Derivatives Risk — The Funds’ use of derivatives may result in loss. Derivative instruments, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other instruments, may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Funds. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.

Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the United States. Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which a Fund invests. The imposition of exchange controls (including repatriation restrictions), confiscations of assets and property, trade restrictions (including tariffs) and other government restrictions by the United States or other governments, or from problems in share registration, settlement or custody, may also result in losses. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which a Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that a Fund also invests in securities of issuers located in emerging markets, these risks may be more pronounced.

Foreign Custody Risk — If a Fund invests in foreign securities, the Fund may hold such securities and cash with foreign banks, agents, and securities depositories appointed by the Fund’s custodian (each a “Foreign Custodian”). Some foreign custodians may be recently organized or new to the foreign custody business. In some countries, Foreign Custodians may be subject to little or no regulatory oversight over, or independent evaluation of, their operations. Further, the laws of certain countries may place limitations on a Fund’s ability to recover its assets if a Foreign Custodian enters bankruptcy. Investments in emerging markets may be subject to even greater custody risks than investments in more developed markets. Custody services in emerging market countries are very often undeveloped and may be considerably less well regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries.

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Notes to Financial Statements (continued)

August 31, 2020

10. OTHER RISKS (continued)

Index Risk — GSAM (the “Index Provider”) constructs each Fund’s Index in accordance with a rules-based methodology. A Fund will be negatively affected by general declines in the securities and asset classes represented in its Index. In addition, because the Funds are not “actively” managed, unless a specific security is removed from an Index, a Fund generally would not sell a security because the security’s issuer was in financial trouble. Market disruptions and regulatory restrictions could have an adverse effect on a Fund’s ability to adjust its exposure to the required levels in order to track the Index. A Fund also does not attempt to take defensive positions under any market conditions, including declining markets. Therefore, a Fund’s performance could be lower than funds that may actively shift their portfolio assets to take advantage of market opportunities or to lessen the impact of a market decline or a decline in the value of one or more issuers. The Index Provider relies on third party data it believes to be reliable in constructing each Index, but it does not guarantee the accuracy or availability of such third party data. Errors in index data, index computation or the construction of an Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the applicable Fund and its shareholders. In addition, neither a Fund, the Investment Adviser, the Calculation Agent nor the Index Provider can guarantee the availability or timeliness of the production of the Index.

Investments in Other Investment Companies Risk — As a shareholder of another investment company, including an ETF, a Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund. ETFs are subject to risks that do not apply to conventional mutual funds, including but not limited to the following: (i) the market price of the ETF’s shares may trade at a premium or a discount to their NAV; and (ii) an active trading market for an ETF’s shares may not develop or be maintained.

Market and Credit Risks — In the normal course of business, a Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also significantly impact a Fund and its investments.

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

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

Tracking Error Risk — Tracking error is the divergence of a Fund’s performance from that of its Index. The performance of a Fund may diverge from that of its Index for a number of reasons. Tracking error may occur because of transaction costs, a Fund’s holding of cash, differences in accrual of dividends, changes to 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.

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11. INDEMNIFICATIONS

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

12. SUBSEQUENT EVENTS

Subsequent events after the Statements of Assets and Liabilities date have been evaluated, and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.

109

Report of Independent Registered Public

Accounting Firm

To the Board of Trustees of Goldman Sachs ETF Trust and Shareholders of Goldman Sachs ActiveBeta^® Emerging Markets Equity ETF, Goldman Sachs ActiveBeta^® Europe Equity ETF, Goldman Sachs ActiveBeta^® International Equity ETF, Goldman Sachs ActiveBeta^® Japan Equity ETF, Goldman Sachs ActiveBeta^® U.S. Large Cap Equity ETF, and Goldman Sachs ActiveBeta^® U.S. Small Cap Equity ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Goldman Sachs ActiveBeta^® Emerging Markets Equity ETF, Goldman Sachs ActiveBeta^® Europe Equity ETF, Goldman Sachs ActiveBeta^® International Equity ETF, Goldman Sachs ActiveBeta^® Japan Equity ETF, Goldman Sachs ActiveBeta^® U.S. Large Cap Equity ETF, and Goldman Sachs ActiveBeta^® U.S. Small Cap Equity ETF (six of the funds constituting Goldman Sachs ETF Trust, hereafter collectively referred to as the “Funds”) as of August 31, 2020, the related statements of operations for the year ended August 31, 2020, the statements of changes in net assets for each of the two years in the period ended August 31, 2020, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2020, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2020 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2020 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

October 26, 2020

We have served as the auditor of one or more investment companies in the Goldman Sachs fund complex since 2000.

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Liquidity Risk Management Program (Unaudited)

Each Fund has adopted and implemented a liquidity risk management program (the “Program”) in accordance with Rule 22e-4 under the 1940 Act. The Program seeks to assess and manage each Fund’s liquidity risk, i.e., the risk that a Fund is unable to satisfy redemption requests without significantly diluting remaining investors’ interests in the Fund. The Board of Trustees of the Trust has designated GSAM, each Fund’s investment adviser, to administer the Program. Certain aspects of the Program rely on third parties to perform certain functions, including the provision of market data and application of models.

The Program is comprised of various components designed to support the assessment and/or management of liquidity risk, including: (1) the periodic assessment (no less frequently than annually) of certain factors that influence a Fund’s liquidity risk; (2) the periodic classification (no less frequently than monthly) of a Fund’s investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) a 15% limit on the acquisition of “illiquid investments” (as defined under Rule 22e-4); (4) for a Fund that does not invest primarily in “highly liquid investments” (as defined under Rule 22e-4), the determination of a minimum percentage of the Fund’s assets that will generally be invested in highly liquid investments (a “Highly Liquid Investment Minimum”); and (5) periodic reporting to the Board of Trustees.

At a meeting of the Board of Trustees on March 18-19, 2020, GSAM provided a written report to the Board addressing the operation, and the adequacy and effectiveness of the implementation of the Program, including, as applicable, the operation of any Highly Liquid Investment Minimum and any material changes to the Program, for the initial period from December 1, 2018 through December 31, 2019 (the “Reporting Period”). Among other things, the annual report discussed: (1) the results of stress tests designed to assess liquidity under a hypothetical stressed scenario involving elevated redemptions; and (2) an assessment of the methodologies used to classify investments into one of four liquidity categories. The report concluded that the Program was reasonably designed to assess and manage liquidity risk and was adequately and effectively implemented during the Reporting Period.

There can be no assurance that the Program will achieve its objectives under all circumstances in the future. Please refer to your Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other risks to which it may be subject.

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GOLDMAN SACHS ACTIVEBETA^® ETFS

Fund Expenses — Six Month Period ended 8/31/2020 (Unaudited)

As a shareholder you incur ongoing costs, including management fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in Shares of the Funds and to compare these costs with the ongoing costs of investing in other exchange-traded funds. This example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares of a Fund.

The example is based on an investment of $1,000 invested at the beginning of the period from March 1, 2020 and held for the six months ended August 31, 2020, which represents a period of 184 days of a 366 day year (or less where indicated).

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

Hypothetical Example for Comparison Purposes — The second line in the table below provides information about hypothetical account values and hypothetical expenses based on a Fund’s actual net expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in a Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees, or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	ActiveBeta® Emerging Markets Equity ETF							ActiveBeta® Europe Equity ETF							ActiveBeta® International Equity ETF
	Beginning Account Value 3/1/20		Ending Account Value 8/31/20			Expenses Paid*		Beginning Account Value 3/1/20		Ending Account Value 8/31/20			Expenses Paid*		Beginning Account Value 3/1/20		Ending Account Value 8/31/20			Expenses Paid*
Actual based on NAV	$	1,000	$	1,081.50		$	2.35	$	1,000	$	1,083.40		$	1.31	$	1,000	$	1,077.60		$	1.31
Hypothetical 5% return		1,000		1,022.87	+		2.29		1,000		1,023.88	+		1.27		1,000		1,023.88	+		1.27
	ActiveBeta® Japan Equity ETF							ActiveBeta® U.S. Large Cap Equity ETF							ActiveBeta® U.S. Small Cap Equity ETF
	Beginning Account Value 3/1/20		Ending Account Value 8/31/20			Expenses Paid*		Beginning Account Value 3/1/20		Ending Account Value 8/31/20			Expenses Paid*		Beginning Account Value 3/1/20		Ending Account Value 8/31/20			Expenses Paid*
Actual based on NAV	$	1,000	$	1,093.10		$	1.32	$	1,000	$	1,194.70		$	0.50	$	1,000	$	1,047.80		$	1.03
Hypothetical 5% return		1,000		1,023.88	+		1.27		1,000		1,024.68	+		0.46		1,000		1,024.13	+		1.02

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

* Expenses for each Fund are calculated using the Fund’s annualized net expense ratio, which represents the ongoing expenses as a percentage of net assets for the six months ended August 31, 2020. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratio for the period is as follows:

Fund
ActiveBeta® Emerging Markets Equity ETF	0.45	%
ActiveBeta® Europe Equity ETF	0.25
ActiveBeta® International Equity ETF	0.25
ActiveBeta® Japan Equity ETF	0.25
ActiveBeta® U.S. Large Cap Equity ETF	0.09
ActiveBeta® U.S. Small Cap Equity ETF	0.20

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Trustees and Officers (Unaudited) Independent Trustees

Name, Address and Age1	Position(s) Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee3	Other Directorships Held by Trustee4
Lawrence W. Stranghoener Age: 66	Chairman of the Board of Trustees	Trustee Since 2015; Chairman Since 2017	Mr. Stranghoener is retired. He is Director, Kennametal, Inc. (a global manufacturer and distributor of tooling and industrial materials) (2003-Present); and was formerly Director, Aleris Corporation and Aleris International, Inc. (a producer of aluminum rolled products) (2011-2020); Interim Chief Executive Officer (2014); and Executive Vice President and Chief Financial Officer (2004-2014), Mosaic Company (a fertilizer manufacturing company). Chairman of the Board of Trustees — Goldman Sachs ETF Trust; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.	46	Kennametal Inc. (a global manufacturer and distributor of tooling and industrial materials)
Caroline Dorsa Age: 61	Trustee	Since 2016	Ms. Dorsa is retired. She is Director, Biogen Inc. (a biotechnology company) (2010-Present); Director, Intellia Therapeutics Inc. (a gene-editing company) (2015-Present); and Director, Illumina, Inc. (a life sciences company) (2017- Present). She was formerly Executive Vice President and Chief Financial Officer, Public Service Enterprise Group, Inc. (a generation and energy services company) (2009-2015); Senior Vice President, Merck & Co, Inc. (a pharmaceutical company) (2008-2009 and 1987-2007); Senior Vice President and Chief Financial Officer, Gilead Sciences, Inc. (a pharmaceutical company) (2007-2008); and Senior Vice President and Chief Financial Officer, Avaya, Inc. (a technology company) (2007). Trustee — Goldman Sachs ETF Trust; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.	46	Biogen Inc. (a biotechnology company); Intellia Therapeutics Inc. (a gene-editing company); Illumina, Inc. (a life sciences company)
Linda A. Lang Age: 62	Trustee	Since 2016	Ms. Lang is retired. She was formerly Chair of the Board of Directors (2016-2019), and Member of the Board of Directors, WD-40 Company (a global consumer products company) (2004-2019); Chairman and Chief Executive Officer (2005-2014); and Director, President and Chief Operating Officer, Jack in the Box, Inc. (a restaurant company) (2003-2005). Previously, Ms. Lang served as an Advisory Board Member of Goldman Sachs MLP Income Opportunities Fund and Goldman Sachs MLP and Energy Renaissance Fund (February 2016-March 2016). Trustee — Goldman Sachs ETF Trust; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.	46	None
Michael Latham Age: 54	Trustee	Since 2015	Mr. Latham is retired. Formerly, he held senior management positions with the iShares exchange-traded fund business, including Chairman (2011-2014); Global Head (2010-2011); U.S. Head (2007-2010); and Chief Operating Officer (2003-2007). Trustee — Goldman Sachs ETF Trust; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.	46	None

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

Name, Address and Age1	Position(s) Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee3	Other Directorships Held by Trustee4
James A. McNamara Age: 57	Trustee and President	Since 2014	Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President and Trustee — Goldman Sachs ETF Trust; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.	168	None

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

¹  Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Caroline L. Kraus. Information is provided as of August 31, 2020.

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

³  The Goldman Sachs Fund Complex includes certain other companies listed above for each respective Trustee. As of August 31, 2020, Goldman Sachs ETF Trust consisted of 42 portfolios (23 of which offered shares to the public); Goldman Sachs Trust consisted of 90 portfolios (89 of which offered shares to the public); Goldman Sachs Variable Insurance Trust consisted of 13 portfolios; Goldman Sachs Trust II consisted of 19 portfolios (17 of which offered shares to the public); and Goldman Sachs MLP Income Opportunities Fund, Goldman Sachs MLP and Energy Renaissance Fund, Goldman Sachs Credit Income Fund and Goldman Sachs Real Estate Diversified Income Fund each consisted of one portfolio. Goldman Sachs Credit Income Fund did not offer shares to the public.

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

Additional information about the Trustees is available in the Funds’ Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States of America): 1-800-621-2550.

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Trustees and Officers (Unaudited) (continued)

Officers of the Trust*

Name, Address and Age1	Positions Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years
James A. McNamara 200 West Street New York, NY 10282 Age: 57	Trustee and President	Since 2014	Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President and Trustee — Goldman Sachs ETF Trust; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.
Caroline L. Kraus 200 West Street New York, NY 10282 Age: 43	Secretary	Since 2014	Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (August 2006-December 2015); Senior Counsel, Goldman Sachs (January 2020-Present); Associate General Counsel, Goldman Sachs (2012-December 2019); Assistant General Counsel, Goldman Sachs (August 2006-December 2011); and Associate, Weil, Gotshal & Manges, LLP (2002-2006). Secretary — Goldman Sachs ETF Trust; Goldman Sachs Trust (previously Assistant Secretary (2012)); Goldman Sachs Variable Insurance Trust (previously Assistant Secretary (2012)); Goldman Sachs Trust II; Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs Private Middle Market Credit II LLC; Goldman Sachs Middle Market Lending Corp.; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.
Joseph F. DiMaria 30 Hudson Street Jersey City, NJ 07302 Age: 52	Treasurer, Principal Financial Officer and Principal Accounting Officer	Since 2017 (Treasurer and Principal Financial Officer since 2019)	Managing Director, Goldman Sachs (November 2015-Present) and Vice President — Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010- October 2015). Treasurer, Principal Financial Officer and Principal Accounting Officer — Goldman Sachs ETF Trust (previously Assistant Treasurer (2017)); Goldman Sachs Trust (previously Assistant Treasurer (2016)); Goldman Sachs Variable Insurance Trust (previously Assistant Treasurer (2016)); Goldman Sachs Trust II (previously Assistant Treasurer (2017)); Goldman Sachs MLP Income Opportunities Fund (previously Assistant Treasurer (2017)); Goldman Sachs MLP and Energy Renaissance Fund (previously Assistant Treasurer (2017)); Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

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

¹  Information is provided as of August 31, 2020.

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

Goldman Sachs ActiveBeta ETFs — Tax Information (Unaudited)

From distributions paid during the fiscal year ended August 31, 2020, the total amount of income received by the ActiveBeta Emerging Markets Equity ETF, ActiveBeta Europe Equity ETF, ActiveBeta International Equity ETF and ActiveBeta Japan Equity ETF from sources within foreign countries and possessions of the United States was $0.7861, $1.4162, $0.6486 and $1.3608 per share, respectively, all of which is attributable to qualified passive income. The percentage of net investment income dividends paid from foreign sources by the ActiveBeta Emerging Markets Equity ETF, ActiveBeta Europe Equity ETF, ActiveBeta International Equity ETF and ActiveBeta Japan Equity ETF was 94.81%, 86.24%, 85.23% and 91.90%, respectively. The total amount of taxes paid by the ActiveBeta Emerging Markets Equity ETF, ActiveBeta Europe Equity ETF, ActiveBeta International Equity ETF and ActiveBeta Japan Equity ETF to foreign countries was $0.1126, $0.1437, $0.0583 and $0.1511 per share, respectively.

For the fiscal year ended August 31, 2020, 63.96%, 75.96%, 74.65%, 81.20%, 96.57%, and 85.84% of the dividends paid from net investment company taxable income by 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 Active Beta U.S. Small Cap Equity ETF, respectively, qualify for the reduced tax rate under the Jobs and Growth Tax Relief and Reconciliation Act of 2003.

For the fiscal year ended August 31, 2020, 93.42 % and 78.94% of the dividends paid from net investment company taxable income by the ActiveBeta U.S. Large Cap Equity and Active Beta U.S. Small Cap Equity ETF, respectively, qualify for the dividends received deduction available to corporations.

115

FUNDS PROFILE

Goldman Sachs ETFs

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

Today, the Consumer and Investment Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $1.88 trillion in assets under supervision as of June 30, 2020, 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 U.S. Aggregate Bond 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 Investment Grade Corporate 1-5 Year Bond ETF

Goldman Sachs Access Treasury 0-1 Year ETF

Goldman Sachs Access Ultra Short Bond ETF

Goldman Sachs Data-Driven World ETF

Goldman Sachs Finance Reimagined ETF

Goldman Sachs Human Evolution ETF

Goldman Sachs Manufacturing Revolution ETF

Goldman Sachs New Age Consumer ETF

Goldman Sachs MarketBeta International Equity ETF

Goldman Sachs MarketBeta Emerging Markets Equity ETF

Goldman Sachs MarketBeta U.S. Equity ETF

INDEX DISCLAIMERS

The MSCI Emerging Markets Index, MSCI Europe Index, MSCI World ex USA Index and MSCI Japan Index (the “MSCI Indices”) were used by GSAM as the reference universe for selection of the companies included in the Goldman Sachs ActiveBeta^® Emerging Markets Equity Index, Goldman Sachs ActiveBeta^® Europe Equity Index, Goldman Sachs ActiveBeta^® International Equity Index and Goldman Sachs ActiveBeta^® Japan Equity Index (the “ActiveBeta^® Indices”), respectively. MSCI Inc. does not in any way sponsor, support, promote or endorse the ActiveBeta^® Indices or the Goldman Sachs ActiveBeta^® Emerging Markets Equity ETF, Goldman Sachs ActiveBeta^® Europe Equity ETF, Goldman Sachs ActiveBeta^® International Equity ETF or Goldman Sachs ActiveBeta^® Japan Equity ETF (the “ActiveBeta^® ETFs” or the “Funds”). MSCI Inc. was not and is not involved in any way in the creation, calculation, maintenance or review of the ActiveBeta^® Indices. The MSCI Indices were provided on an “as is” basis. MSCI Inc., its affiliates and any other person or entity involved in or related to compiling, computing or creating the MSCI Indices (collectively, the “MSCI Parties”) expressly disclaim all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose). Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including without limitation lost profits) or any other damages in connection with the MSCI Indices, the ActiveBeta^® ETFs or the ActiveBeta^® Indices.

The Russell 2000^® Index was used by Goldman Sachs Asset Management or its affiliate as the starting universe for selection of the companies included in the Goldman Sachs ActiveBeta^® U.S. Small Cap Equity Index. Frank Russell Company (“RUSSELL”) does not in any way sponsor, support, promote or endorse the Goldman Sachs ActiveBeta^® U.S. Small Cap Equity Index or the Goldman Sachs ActiveBeta^® U.S. Small Cap Equity ETF. In no event shall any Russell Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including without limitation lost profits) or any other damages in connection with the Russell 2000^® Index or the Goldman Sachs ActiveBeta^® U.S. Small Cap Equity Index.

The ActiveBeta^® Indices are trademarks of Goldman Sachs Asset Management, L.P. and have been licensed for use by Goldman Sachs ETF Trust.

GOLDMAN SACHS ASSET MANAGEMENT, L.P., THE GOLDMAN SACHS GROUP, INC., AND GOLDMAN SACHS & CO. LLC (COLLECTIVELY, “GOLDMAN SACHS”) DOES NOT GUARANTEE NOR MAKE ANY REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, TO THE OWNERS OR SHAREHOLDERS OF THE FUNDS OR ANY MEMBER OF THE PUBLIC REGARDING THE ADVISABILITY OF INVESTING IN SECURITIES GENERALLY OR IN A FUND PARTICULARLY OR THE ABILITY OF THE ACTIVEBETA^® INDICES TO TRACK GENERAL MARKET PERFORMANCE. GOLDMAN SACHS, IN ITS CAPACITY AS THE INDEX PROVIDER OF THE ACTIVEBETA^® INDICES, LICENSES CERTAIN TRADEMARKS AND TRADE NAMES TO THE FUNDS. GOLDMAN SACHS HAS NO OBLIGATION TO TAKE THE NEEDS OF THE FUNDS OR THE SHAREHOLDERS OF THE FUNDS INTO CONSIDERATION IN DETERMINING, COMPOSING OR CALCULATING THE ACTIVEBETA^® INDICES. GOLDMAN SACHS OR ANY OF ITS AFFILIATES MAY HOLD LONG OR SHORT POSITIONS IN SECURITIES HELD BY A FUND OR IN RELATED DERIVATIVES.

GOLDMAN SACHS DOES NOT GUARANTEE THE ADEQUACY, TIMELINESS, ACCURACY AND/OR THE COMPLETENESS OF THE ACTIVEBETA^® INDICES OR ANY DATA RELATED THERETO. GOLDMAN SACHS HEREBY EXPRESSLY DISCLAIMS ANY AND ALL LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN OR IN THE CALCULATION THEREOF. GOLDMAN SACHS MAKES NO WARRANTY, EXPRESS OR IMPLIED, AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE MARKS, THE ACTIVEBETA^® INDICES OR ANY DATA INCLUDED THEREIN AS TO THE RESULTS TO BE OBTAINED BY A FUND, THE SHAREHOLDERS, OR ANY OTHER PERSON OR ENTITY FROM USE OF THE ACTIVEBETA^® INDICES OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, GOLDMAN SACHS HEREBY EXPRESSLY DISCLAIMS ANY AND ALL LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.

TRUSTEES Lawrence W. Stranghoener, Chairman Caroline Dorsa Linda A. Lang Michael Latham James A. McNamara	OFFICERS James A. McNamara, President Joseph F. DiMaria, Treasurer, Principal Financial Officer and Principal Accounting Officer Caroline L. Kraus, Secretary
THE BANK OF NEW YORK MELLON Transfer Agent
ALPS DISTRIBUTORS, INC. Distributor	GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser

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

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

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

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

The Funds will file their portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on the Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be made available on the SEC’s web site at http://www.sec.gov. Portfolio holdings information may be obtained upon request and without charge by calling 1-800-621-2550.

Fund holdings and allocations shown are as of August 31, 2020 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.

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

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

This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current Prospectus or summary prospectus, if applicable. Investors should consider a Fund’s objective, risks, and charges and expenses, and read the summary prospectus, if available, and/or the Prospectus carefully before investing or sending money. The summary prospectus, if available, and the Prospectus contain this and other information about a Fund and may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC by calling 1-800-621-2550.

ActiveBeta^® is a registered trademark of GSAM.

© 2020 Goldman Sachs. All rights reserved. 218108-OTU-10/2020 ACTBETAAR-20

Goldman Sachs Funds

Annual Report	August 31, 2020
	Equal Weight U.S. Large Cap Equity ETF

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

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

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

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

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
Report of Independent Registered Public Accounting Firm	23
Other Information	25

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 August 31, 2020, the Index consisted of 496 securities with a market capitalization range of between approximately $6.1 billion and $2,206.9 billion, and an average market capitalization of approximately $67.3 billion. The Index is reconstituted on a semi-annual basis in May and November to reflect changes in the constituents of the Solactive US Large Cap Index. New securities from initial public offerings are also added on a semi-annual basis in February and August, subject to fulfillment of certain eligibility criteria. The Index is rebalanced on a monthly basis to weight all constituents equally.

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

* * *

At the end of the Reporting Period, i.e. the 12 months ended August 31, 2020, 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.

1

PORTFOLIO RESULTS

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

Investment Objective

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the 12-month period ended August 31, 2020 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund returned 12.08% based on net asset value (“NAV”) and 12.23% based on market price. The Index returned 12.32%, 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 21.87% during the same period.

The Fund had a NAV of $46.30 on August 31, 2019 and ended the Reporting Period with a NAV of $50.86 per share. The Fund’s market price on August 31, 2020 was $50.95 per share.

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

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

The Index’s performance is compared to that of the S&P 500^® Index below. Given the Fund’s investment objective of attempting to track the Index, the Fund does not follow traditional methods of active investment management, which may involve buying and selling securities based upon analysis of economic and market factors. The Fund does not follow a strategy of seeking to outperform the S&P 500^® Index.

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

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

A Index constituents in the information technology, consumer discretionary and real estate sectors detracted most from the Index’s results relative to the S&P 500^® Index. Partially offsetting these detractors were Index constituents in the health care, consumer staples and industrials sectors, which contributed positively to the Index’s results relative to the S&P 500^® Index during the Reporting Period.

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

A Relative to the S&P 500^® Index, underweight positions in information technology giant Apple, e-commerce retailing behemoth Amazon.com and software leader Microsoft detracted most (0.23%, 0.21% and 0.21% of Fund net assets as of August 31, 2020, respectively). Apple generated a triple-digit gain within the Index during the Reporting Period, and Amazon.com and Microsoft each posted a robust double-digit positive return within the Index during the Reporting Period.

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

A Relative to the S&P 500^® Index, an overweight position in electric vehicle manufacturer Tesla and underweight positions in integrated oil company Exxon Mobil and aerospace and defense company Boeing contributed most positively (0.33%, 0.18% and 0.19% of Fund net assets as of August 31, 2020, respectively.) Tesla posted a quadruple-

2

PORTFOLIO RESULTS

digit gain within the Index during the Reporting Period, while Exxon Mobil and Boeing each generated a double-digit negative return within the Index during the Reporting Period.

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

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

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

Sector Name	Fund2			Solactive US Large Cap Equal Weight Index			S&P 500® Index
Information Technology		18.64	%		18.71	%		28.71	%
Health Care		14.42			14.47			13.98
Financials		13.21			13.25			9.62
Industrials		12.79			12.79			7.99
Consumer Discretionary		8.78			8.78			11.44
Real Estate		6.56			6.59			2.61
Consumer Staples		6.47			6.50			6.89
Utilities		5.82			5.84			2.83
Communication Services		5.08			5.12			11.10
Materials		4.57			4.61			2.49
Energy		3.34			3.34			2.32

¹  Sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by Standard & Poor’s. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Underlying sector allocation of exchange-traded funds held by the Fund are not reflected in the chart above. Investments in the securities lending vehicle represented 0.22% of the Fund’s net assets as of August 31, 2020. Figures above may not sum to 100% due to rounding.

²  The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Solactive US Large Cap Equal Weight Index.

3

FUND BASICS

Equal Weight U.S. Large Cap Equity ETF

as of August 31, 2020

FUND SNAPSHOT
As of August 31, 2020
Market Price1	$	50.95
Net Asset Value (NAV)1	$	50.86

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

TOP TEN HOLDINGS AS OF 8/31/202
Holding	% of Net Assets			Line of Business
Tesla, Inc.		0.3	%	Consumer Discretionary
salesforce.com, inc.		0.3		Information Technology
Workday, Inc., Class A		0.3		Information Technology
FedEx Corp.		0.3		Industrials
Wynn Resorts Ltd.		0.2		Consumer Discretionary
Expedia Group, Inc.		0.2		Consumer Discretionary
Marriott International, Inc., Class A		0.2		Consumer Discretionary
Zoom Video Communications, Inc., Class A		0.2		Information Technology
Delta Air Lines, Inc.		0.2		Industrials
NVIDIA Corp.		0.2		Information Technology

²  The top 10 holdings may not be representative of the Fund’s future investments.

For more information about the Fund, please refer to www.GSAMFUNDS.com/ETFs. There, you can learn more about the Fund’s investment strategies, holdings, and performance.

4

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

Performance Summary

August 31, 2020

The following graph shows the value, as of August 31, 2020, of a $10,000 investment made on September 12, 2017 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index and a market cap-based index against which the performance of the Fund is measured, the Solactive US Large Cap Equal Weight Index (GTR) and the S&P^® 500 Index (Total Return, USD), are shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. In addition to the performance of constituents of the underlying index, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.

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

Performance of a $10,000 Investment, with distributions reinvested, from September 12, 2017 through August 31, 2020.

Average Annual Total Return through August 31, 2020*	1 Year	Since Inception
Shares based on NAV (Commenced September 12, 2017)	12.08%	9.70%
Shares based on Market Price (Commenced September 12, 2017)	12.23%	9.77%
Solactive US Large Cap Equal Weight Index (GTR)	12.32%	9.90%
S&P 500® Index (TR, unhedged, USD)	21.87%	14.26%

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

5

FUND BASICS

Index Definitions and Industry Terms:

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

Solactive US Large Cap Equal Weight Index (GTR) 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. It is not possible to invest directly in an index.

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 index.

6

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

Schedule of Investments

August 31, 2020

Shares		Description	Value
Common Stocks – 99.7%
Communication Services – 5.1%
	7,420	Activision Blizzard, Inc.	$	619,718
	422	Alphabet, Inc., Class A*		687,662
	424	Alphabet, Inc., Class C*		692,892
	22,205	Altice USA, Inc., Class A*		612,414
	21,094	AT&T, Inc.		628,812
	349	Cable One, Inc.		642,275
	64,102	CenturyLink, Inc.		689,097
	1,048	Charter Communications, Inc., Class A*		645,159
	14,786	Comcast Corp., Class A		662,561
	4,318	Electronic Arts, Inc.*		602,231
	2,508	Facebook, Inc., Class A*		735,346
	25,183	Fox Corp., Class A		701,598
	4,642	IAC/InterActiveCorp*		617,340
	4,441	Liberty Broadband Corp., Class C*		622,140
	5,211	Match Group, Inc.*		581,965
	1,245	Netflix, Inc.*		659,302
	11,874	Omnicom Group, Inc.		642,265
	3,811	Roku, Inc.*		661,132
	28,533	Snap, Inc., Class A*		644,560
	3,559	Take-Two Interactive Software, Inc.*		609,265
	5,826	T-Mobile US, Inc.*		679,778
	16,854	Twitter, Inc.*		683,935
	10,929	Verizon Communications, Inc.		647,762
	24,002	ViacomCBS, Inc., Class B		668,456
	4,937	Walt Disney Co. (The)		651,042
				16,288,707
Consumer Discretionary – 8.8%
	4,136	Advance Auto Parts, Inc.		646,498
	199	Amazon.com, Inc.*		686,741
	524	AutoZone, Inc.*		626,866
	6,236	Best Buy Co., Inc.		691,635
	368	Booking Holdings, Inc.*		703,046
	3,433	Burlington Stores, Inc.*		676,061
	6,260	CarMax, Inc.*		669,382
	536	Chipotle Mexican Grill, Inc.*		702,310
	8,354	Darden Restaurants, Inc.		724,041
	3,237	Dollar General Corp.		653,486
	6,573	Dollar Tree, Inc.*		632,783
	1,601	Domino’s Pizza, Inc.		654,745
	9,240	D.R. Horton, Inc.		659,459
	11,073	eBay, Inc.		606,579
	7,725	Expedia Group, Inc.		758,209
	90,089	Ford Motor Co.		614,407
	6,158	Garmin Ltd.		638,030
	24,270	General Motors Co.		719,120
	6,829	Genuine Parts Co.		644,931
	8,202	Hasbro, Inc.		647,466
	8,016	Hilton Worldwide Holdings, Inc.		724,326
	2,357	Home Depot, Inc. (The)		671,839
	14,607	Las Vegas Sands Corp.		740,721
	8,531	Lennar Corp., Class A		638,289
	4,205	Lowe’s Cos., Inc.		692,521
	7,300	Marriott International, Inc., Class A		751,243
	3,162	McDonald’s Corp.		675,150
	6,248	NIKE, Inc., Class B		699,089
	163	NVR, Inc.*		679,439
Common Stocks – (continued)
Consumer Discretionary – (continued)
	1,334	O’Reilly Automotive, Inc.*		621,150
	7,095	Ross Stores, Inc.		646,213
	8,281	Starbucks Corp.		699,496
	4,867	Target Corp.		735,939
	2,109	Tesla, Inc.*		1,050,957
	5,016	Tiffany & Co.		614,460
	11,876	TJX Cos., Inc. (The)		650,686
	4,297	Tractor Supply Co.		639,522
	3,139	Ulta Beauty, Inc.*		728,813
	10,217	VF Corp.		671,768
	8,883	Wynn Resorts Ltd.		776,818
	6,886	Yum! Brands, Inc.		660,023
				28,124,257
Consumer Staples – 6.5%
	15,129	Altria Group, Inc.		661,742
	14,533	Archer-Daniels-Midland Co.		650,497
	9,305	Brown-Forman Corp., Class B		680,847
	12,667	Campbell Soup Co.		666,411
	6,551	Church & Dwight Co., Inc.		627,782
	2,667	Clorox Co. (The)		596,074
	13,337	Coca-Cola Co. (The)		660,582
	8,220	Colgate-Palmolive Co.		651,517
	16,755	Conagra Brands, Inc.		642,722
	3,643	Constellation Brands, Inc., Class A		672,061
	1,852	Costco Wholesale Corp.		643,866
	3,140	Estee Lauder Cos., Inc. (The), Class A		696,201
	9,765	General Mills, Inc.		624,472
	4,404	Hershey Co. (The)		654,611
	12,309	Hormel Foods Corp.		627,513
	5,636	J M Smucker Co. (The)		677,334
	9,038	Kellogg Co.		640,885
	4,045	Kimberly-Clark Corp.		638,139
	18,065	Kraft Heinz Co. (The)		632,998
	17,909	Kroger Co. (The)		638,993
	10,071	Lamb Weston Holdings, Inc.		632,962
	3,180	McCormick & Co., Inc.		655,716
	17,274	Molson Coors Beverage Co., Class B		650,193
	11,369	Mondelez International, Inc., Class A		664,177
	7,631	Monster Beverage Corp.*		639,936
	4,608	PepsiCo, Inc.		645,396
	8,200	Philip Morris International, Inc.		654,278
	4,702	Procter & Gamble Co. (The)		650,428
	11,486	Sysco Corp.		690,768
	9,868	Tyson Foods, Inc., Class A		619,710
	15,251	Walgreens Boots Alliance, Inc.		579,843
	4,863	Walmart, Inc.		675,228
				20,743,882
Energy – 3.3%
	37,253	Baker Hughes Co.		531,973
	32,265	Cabot Oil & Gas Corp.		612,067
	12,001	Cheniere Energy, Inc.*		624,652
	7,231	Chevron Corp.		606,898
	11,896	Concho Resources, Inc.		618,354
	16,496	ConocoPhillips		625,033

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)

August 31, 2020

Shares		Description	Value
Common Stocks – (continued)
Energy – (continued)
	12,384	EOG Resources, Inc.	$	561,491
	14,356	Exxon Mobil Corp.		573,379
	11,942	Hess Corp.		549,810
	43,427	Kinder Morgan, Inc.		600,161
	17,283	Marathon Petroleum Corp.		612,855
	39,303	Occidental Petroleum Corp.		500,720
	21,171	ONEOK, Inc.		581,779
	10,259	Phillips 66		599,844
	6,140	Pioneer Natural Resources Co.		638,130
	32,246	Schlumberger NV		612,996
	12,088	Valero Energy Corp.		635,708
	29,398	Williams Cos., Inc. (The)		610,303
				10,696,153
Financials – 13.2%
	17,638	Aflac, Inc.		640,612
	1,185	Alleghany Corp.		657,154
	6,631	Allstate Corp. (The)		616,683
	6,645	American Express Co.		675,066
	20,843	American International Group, Inc.		607,365
	4,020	Ameriprise Financial, Inc.		630,336
	85,208	Annaly Capital Management, Inc. REIT		626,279
	20,352	Arch Capital Group Ltd.*		641,902
	5,949	Arthur J Gallagher & Co.		626,430
	24,796	Bank of America Corp.		638,249
	17,443	Bank of New York Mellon Corp. (The)		645,042
	3,084	Berkshire Hathaway, Inc., Class B*		672,435
	1,081	BlackRock, Inc.		642,319
	11,959	Blackstone Group, Inc. (The), Class A		633,229
	13,755	Brown & Brown, Inc.		638,232
	9,840	Capital One Financial Corp.		679,255
	7,215	Cboe Global Markets, Inc.		662,265
	18,464	Charles Schwab Corp. (The)		656,026
	4,957	Chubb Ltd.		619,625
	7,870	Cincinnati Financial Corp.		624,957
	12,316	Citigroup, Inc.		629,594
	25,470	Citizens Financial Group, Inc.		658,909
	3,855	CME Group, Inc.		677,979
	12,677	Discover Financial Services		672,895
	11,834	E*TRADE Financial Corp.		640,219
	2,837	Everest Re Group Ltd.		624,367
	1,786	FactSet Research Systems, Inc.		625,814
	18,506	Fidelity National Financial, Inc.		607,552
	31,889	Fifth Third Bancorp		658,827
	5,507	First Republic Bank		621,795
	3,087	Goldman Sachs Group, Inc. (The)(a)		632,434
	14,941	Hartford Financial Services Group, Inc. (The)		604,363
	67,473	Huntington Bancshares, Inc.		634,921
	6,530	Intercontinental Exchange, Inc.		693,682
	6,475	JPMorgan Chase & Co.		648,730
	51,417	KeyCorp		633,457
	17,366	KKR & Co., Inc.		622,050
	17,156	Loews Corp.		615,214
	6,017	M&T Bank Corp.		621,315
	593	Markel Corp.*		644,490
Common Stocks – (continued)
Financials – (continued)
	1,235	MarketAxess Holdings, Inc.		600,136
	5,316	Marsh & McLennan Cos., Inc.		610,862
	16,467	MetLife, Inc.		633,321
	2,265	Moody’s Corp.		667,360
	12,616	Morgan Stanley		659,312
	1,739	MSCI, Inc.		649,117
	4,851	Nasdaq, Inc.		652,071
	7,835	Northern Trust Corp.		641,608
	5,925	PNC Financial Services Group, Inc. (The)		658,860
	14,004	Principal Financial Group, Inc.		589,708
	6,898	Progressive Corp. (The)		655,586
	9,449	Prudential Financial, Inc.		640,359
	8,707	Raymond James Financial, Inc.		659,294
	57,638	Regions Financial Corp.		666,295
	1,800	S&P Global, Inc.		659,556
	9,498	State Street Corp.		646,719
	2,726	SVB Financial Group*		696,166
	27,316	Synchrony Financial		677,710
	4,518	T. Rowe Price Group, Inc.		628,951
	17,038	TD Ameritrade Holding Corp.		653,918
	5,445	Travelers Cos., Inc. (The)		631,838
	16,684	Truist Financial Corp.		647,506
	17,172	US Bancorp		625,061
	10,069	W R Berkley Corp.		624,782
	25,750	Wells Fargo & Co.		621,863
	3,093	Willis Towers Watson PLC		635,704
				42,335,731
Health Care – 14.4%
	6,184	Abbott Laboratories		676,962
	6,698	AbbVie, Inc.		641,467
	6,389	Agilent Technologies, Inc.		641,583
	6,141	Alexion Pharmaceuticals, Inc.*		701,425
	2,113	Align Technology, Inc.*		627,519
	4,165	Alnylam Pharmaceuticals, Inc.*		552,446
	6,034	AmerisourceBergen Corp.		585,479
	2,603	Amgen, Inc.		659,392
	2,297	Anthem, Inc.		646,651
	7,717	Baxter International, Inc.		671,919
	2,220	Becton Dickinson and Co.		538,949
	2,282	Biogen, Inc.*		656,394
	5,248	BioMarin Pharmaceutical, Inc.*		409,501
	1,185	Bio-Rad Laboratories, Inc., Class A*		602,679
	16,667	Boston Scientific Corp.*		683,680
	10,564	Bristol-Myers Squibb Co.		657,081
	10,933	Cardinal Health, Inc.		554,959
	7,047	Catalent, Inc.*		651,848
	9,930	Centene Corp.*		608,908
	9,139	Cerner Corp.		670,528
	3,584	Cigna Corp.		635,694
	2,106	Cooper Cos., Inc. (The)		662,084
	9,816	CVS Health Corp.		609,770
	3,051	Danaher Corp.		629,940
	13,457	DENTSPLY SIRONA, Inc.		603,816
	1,388	DexCom, Inc.*		590,469
	8,043	Edwards Lifesciences Corp.*		690,411
	24,914	Elanco Animal Health, Inc.*		724,001

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)
	4,087	Eli Lilly and Co.	$	606,470
	6,815	Exact Sciences Corp.*		513,101
	9,048	Gilead Sciences, Inc.		603,954
	4,794	HCA Healthcare, Inc.		650,642
	9,375	Henry Schein, Inc.*		622,875
	8,586	Hologic, Inc.*		512,756
	1,576	Humana, Inc.		654,308
	1,594	IDEXX Laboratories, Inc.*		623,350
	1,572	Illumina, Inc.*		561,550
	6,441	Incyte Corp.*		620,590
	2,930	Insulet Corp.*		639,473
	905	Intuitive Surgical, Inc.*		661,410
	3,914	IQVIA Holdings, Inc.*		640,918
	4,238	Johnson & Johnson		650,152
	3,233	Laboratory Corp. of America Holdings*		568,200
	2,804	Masimo Corp.*		628,096
	4,100	McKesson Corp.		629,104
	6,467	Medtronic PLC		695,009
	7,697	Merck & Co., Inc.		656,323
	662	Mettler-Toledo International, Inc.*		642,656
	8,312	Moderna, Inc.*		539,366
	3,304	Molina Healthcare, Inc.*		611,141
	37,721	Mylan NV*		617,870
	5,278	Neurocrine Biosciences, Inc.*		614,465
	5,164	PerkinElmer, Inc.		607,906
	16,391	Pfizer, Inc.		619,416
	13,348	QIAGEN NV*		680,214
	4,972	Quest Diagnostics, Inc.		553,085
	994	Regeneron Pharmaceuticals, Inc.*		616,210
	3,072	ResMed, Inc.		555,356
	3,980	Sarepta Therapeutics, Inc.*		582,752
	3,859	Seattle Genetics, Inc.*		611,034
	3,979	STERIS PLC		635,208
	3,318	Stryker Corp.		657,495
	2,948	Teladoc Health, Inc.*		635,854
	1,696	Teleflex, Inc.		666,443
	1,500	Thermo Fisher Scientific, Inc.		643,470
	2,028	UnitedHealth Group, Inc.		633,851
	5,819	Universal Health Services, Inc., Class B		642,127
	3,617	Varian Medical Systems, Inc.*		628,164
	2,312	Veeva Systems, Inc., Class A*		652,608
	2,313	Vertex Pharmaceuticals, Inc.*		645,605
	2,969	Waters Corp.*		642,076
	2,287	West Pharmaceutical Services, Inc.		649,417
	4,706	Zimmer Biomet Holdings, Inc.		662,981
	3,995	Zoetis, Inc.		639,600
				46,210,206
Industrials – 12.8%
	4,065	3M Co.		662,676
	6,251	Allegion PLC		646,291
	6,506	AMETEK, Inc.		655,154
	3,606	Boeing Co. (The)		619,583
	22,507	Carrier Global Corp.		671,834
	4,671	Caterpillar, Inc.		664,730
	6,607	C.H. Robinson Worldwide, Inc.		649,468
	2,101	Cintas Corp.		700,137
Common Stocks – (continued)
Industrials – (continued)
	6,448	Copart, Inc.*		666,207
	748	CoStar Group, Inc.*		634,753
	8,819	CSX Corp.		674,301
	3,174	Cummins, Inc.		657,811
	3,431	Deere & Co.		720,716
	24,241	Delta Air Lines, Inc.		747,835
	6,003	Dover Corp.		659,369
	6,528	Eaton Corp. PLC		666,509
	9,744	Emerson Electric Co.		676,916
	3,864	Equifax, Inc.		650,195
	7,453	Expeditors International of Washington, Inc.		658,771
	13,140	Fastenal Co.		642,020
	3,677	FedEx Corp.		808,352
	8,969	Fortive Corp.		646,755
	4,214	General Dynamics Corp.		629,361
	101,425	General Electric Co.		643,034
	4,200	Honeywell International, Inc.		695,310
	3,568	Huntington Ingalls Industries, Inc.		540,623
	3,773	IDEX Corp.		680,008
	7,654	IHS Markit Ltd.		611,708
	3,347	Illinois Tool Works, Inc.		661,200
	18,960	Ingersoll Rand, Inc.*		664,738
	6,813	Jacobs Engineering Group, Inc.		615,009
	4,777	J.B. Hunt Transport Services, Inc.		671,360
	16,462	Johnson Controls International PLC		670,497
	3,564	Kansas City Southern		648,790
	3,655	L3Harris Technologies, Inc.		660,605
	1,637	Lockheed Martin Corp.		638,856
	10,994	Masco Corp.		640,950
	3,242	Norfolk Southern Corp.		689,022
	1,902	Northrop Grumman Corp.		651,644
	3,426	Old Dominion Freight Line, Inc.		692,669
	9,998	Otis Worldwide Corp.		628,874
	7,268	PACCAR, Inc.		623,885
	3,394	Parker-Hannifin Corp.		699,198
	10,640	Raytheon Technologies Corp.		649,040
	7,272	Republic Services, Inc.		674,260
	2,830	Rockwell Automation, Inc.		652,400
	1,446	Roper Technologies, Inc.		617,717
	19,621	Southwest Airlines Co.		737,357
	4,016	Stanley Black & Decker, Inc.		647,781
	1,959	Teledyne Technologies, Inc.*		614,362
	5,492	Trane Technologies PLC		650,198
	1,355	TransDigm Group, Inc.		677,053
	7,168	TransUnion		621,609
	19,020	Uber Technologies, Inc.*		639,643
	3,552	Union Pacific Corp.		683,547
	4,336	United Parcel Service, Inc., Class B		709,456
	3,776	United Rentals, Inc.*		668,541
	3,365	Verisk Analytics, Inc.		628,144
	5,764	Waste Management, Inc.		657,096
	9,957	Westinghouse Air Brake Technologies Corp.		662,638
	1,849	W.W. Grainger, Inc.		675,680
	8,361	Xylem, Inc.		670,385
				40,974,631

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)

August 31, 2020

Shares		Description	Value
Common Stocks – (continued)
Information Technology – 18.6%
	2,757	Accenture PLC, Class A	$	661,487
	1,386	Adobe, Inc.*		711,559
	7,376	Advanced Micro Devices, Inc.*		669,888
	5,669	Akamai Technologies, Inc.*		660,042
	10,200	Amdocs Ltd.		624,546
	5,792	Amphenol Corp., Class A		635,962
	5,421	Analog Devices, Inc.		633,606
	2,000	ANSYS, Inc.*		678,020
	5,740	Apple, Inc.		740,690
	9,731	Applied Materials, Inc.		599,430
	2,668	Arista Networks, Inc.*		596,165
	2,563	Autodesk, Inc.*		629,729
	4,640	Automatic Data Processing, Inc.		645,378
	8,290	Black Knight, Inc.*		697,189
	7,625	Booz Allen Hamilton Holding Corp.		671,457
	1,916	Broadcom, Inc.		665,139
	4,616	Broadridge Financial Solutions, Inc.		634,238
	5,694	Cadence Design Systems, Inc.*		631,522
	5,434	CDW Corp.		617,574
	13,294	Cisco Systems, Inc.		561,273
	4,418	Citrix Systems, Inc.		641,494
	9,171	Cognex Corp.		634,541
	9,324	Cognizant Technology Solutions Corp., Class A		623,403
	19,851	Corning, Inc.		644,363
	1,985	Coupa Software, Inc.*		650,564
	10,343	Dell Technologies, Inc., Class C*		683,465
	2,757	DocuSign, Inc.*		614,811
	2,160	EPAM Systems, Inc.*		706,536
	1,426	Fair Isaac Corp.*		600,047
	4,300	Fidelity National Information Services, Inc.		648,655
	6,325	Fiserv, Inc.*		629,843
	2,369	FleetCor Technologies, Inc.*		595,685
	4,500	Fortinet, Inc.*		594,022
	4,841	Gartner, Inc.*		628,459
	3,607	Global Payments, Inc.		637,068
	8,548	GoDaddy, Inc., Class A*		715,297
	63,262	Hewlett Packard Enterprise Co.		611,744
	34,839	HP, Inc.		681,102
	12,864	Intel Corp.		655,421
	5,026	International Business Machines Corp.		619,756
	2,015	Intuit, Inc.		695,961
	3,478	Jack Henry & Associates, Inc.		575,331
	24,632	Juniper Networks, Inc.		615,800
	6,288	Keysight Technologies, Inc.*		619,494
	3,096	KLA Corp.		635,113
	1,637	Lam Research Corp.		550,589
	7,023	Leidos Holdings, Inc.		635,511
	16,746	Marvell Technology Group Ltd.		649,410
	1,921	Mastercard, Inc., Class A		688,083
	9,147	Maxim Integrated Products, Inc.		626,021
	6,364	Microchip Technology, Inc.		698,131
	12,337	Micron Technology, Inc.*		561,457
	2,947	Microsoft Corp.		664,637
	4,526	Motorola Solutions, Inc.		700,398
	14,616	NetApp, Inc.		692,652
Common Stocks – (continued)
Information Technology – (continued)
	28,582	NortonLifeLock, Inc.		672,249
	1,392	NVIDIA Corp.		744,692
	2,782	Okta, Inc.*		599,159
	11,279	Oracle Corp.		645,384
	2,373	Palo Alto Networks, Inc.*		610,834
	8,599	Paychex, Inc.		657,566
	2,090	Paycom Software, Inc.*		625,871
	3,084	PayPal Holdings, Inc.*		629,568
	4,772	Qorvo, Inc.*		612,104
	5,658	QUALCOMM, Inc.		673,868
	2,151	RingCentral, Inc., Class A*		625,446
	3,094	salesforce.com, Inc.*		843,579
	14,022	Seagate Technology PLC		672,916
	1,429	ServiceNow, Inc.*		688,807
	4,367	Skyworks Solutions, Inc.		632,560
	20,858	Slack Technologies, Inc., Class A*		684,977
	2,932	Splunk, Inc.*		643,076
	4,240	Square, Inc., Class A*		676,534
	10,562	SS&C Technologies Holdings, Inc.		673,011
	3,094	Synopsys, Inc.*		684,702
	6,857	TE Connectivity Ltd.		662,386
	6,971	Teradyne, Inc.		592,326
	4,763	Texas Instruments, Inc.		677,060
	1,265	Trade Desk, Inc. (The), Class A*		608,844
	13,851	Trimble, Inc.*		725,931
	2,262	Twilio, Inc., Class A*		610,197
	1,702	Tyler Technologies, Inc. *		587,718
	2,947	VeriSign, Inc.*		633,016
	3,204	Visa, Inc., Class A		679,216
	4,328	VMware, Inc., Class A*(b)		625,136
	14,084	Western Digital Corp.		541,107
	27,739	Western Union Co. (The)		654,363
	3,411	Workday, Inc., Class A*		817,651
	5,802	Xilinx, Inc.		604,336
	2,193	Zebra Technologies Corp., Class A*		628,360
	6,856	Zendesk, Inc.*		660,781
	2,303	Zoom Video Communications, Inc., Class A*		748,705
				59,743,794
Materials – 4.6%
	2,195	Air Products and Chemicals, Inc.		641,511
	5,419	Avery Dennison Corp.		625,298
	8,339	Ball Corp.		670,205
	6,301	Celanese Corp.		637,346
	21,721	Corteva, Inc.		620,134
	14,955	Dow, Inc.		674,770
	11,426	DuPont de Nemours, Inc.		637,114
	8,690	Eastman Chemical Co.		635,326
	3,266	Ecolab, Inc.		643,663
	5,759	FMC Corp.		615,407
	44,662	Freeport-McMoRan, Inc.		697,174
	4,925	International Flavors & Fragrances, Inc.(b)		609,666
	17,565	International Paper Co.		637,083
	9,491	LyondellBasell Industries NV, Class A		621,471
	2,877	Martin Marietta Materials, Inc.		583,657

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)
	8,941	Newmont Corp.	$	601,550
	14,382	Nucor Corp.		653,806
	6,521	Packaging Corp. of America		660,186
	5,643	PPG Industries, Inc.		679,417
	7,460	RPM International, Inc.		632,384
	960	Sherwin-Williams Co. (The)		644,208
	4,931	Vulcan Materials Co.		591,720
	20,878	Westrock Co.		633,230
				14,646,326
Real Estate – 6.6%
	3,613	Alexandria Real Estate Equities, Inc. REIT		608,357
	2,450	American Tower Corp. REIT		610,417
	4,170	AvalonBay Communities, Inc. REIT		659,110
	7,272	Boston Properties, Inc. REIT		631,719
	7,064	Camden Property Trust REIT		642,400
	14,941	CBRE Group, Inc., Class A*		702,675
	3,822	Crown Castle International Corp. REIT		623,942
	7,336	CyrusOne, Inc. REIT		612,776
	3,935	Digital Realty Trust, Inc. REIT		612,483
	15,898	Duke Realty Corp. REIT		612,868
	791	Equinix, Inc. REIT		624,716
	9,438	Equity LifeStyle Properties, Inc. REIT		625,645
	11,761	Equity Residential REIT		663,908
	2,891	Essex Property Trust, Inc. REIT		625,930
	6,018	Extra Space Storage, Inc. REIT		641,218
	23,273	Healthpeak Properties, Inc. REIT		643,266
	58,010	Host Hotels & Resorts, Inc. REIT		651,452
	21,324	Invitation Homes, Inc. REIT		610,506
	21,639	Iron Mountain, Inc. REIT		651,118
	31,678	Medical Properties Trust, Inc. REIT		588,577
	5,405	Mid-America Apartment Communities, Inc. REIT		633,034
	5,979	Prologis, Inc. REIT		609,021
	3,153	Public Storage REIT		669,697
	10,110	Realty Income Corp. REIT		627,123
	2,043	SBA Communications Corp. REIT		625,301
	10,051	Simon Property Group, Inc. REIT		681,960
	4,332	Sun Communities, Inc. REIT		645,815
	17,855	UDR, Inc. REIT		621,533
	16,504	Ventas, Inc. REIT		680,130
	27,898	VICI Properties, Inc. REIT		623,241
	11,920	Welltower, Inc. REIT		685,638
	22,150	Weyerhaeuser Co. REIT		671,367
	8,890	W.P. Carey, Inc. REIT		616,699
				21,033,642
Utilities – 5.8%
	40,912	AES Corp. (The)		726,188
	11,886	Alliant Energy Corp.		643,627
	7,843	Ameren Corp.		620,460
	7,412	American Electric Power Co., Inc.		584,288
	4,279	American Water Works Co., Inc.		604,794
	6,058	Atmos Energy Corp.		604,709
	33,027	CenterPoint Energy, Inc.		662,852
Common Stocks – (continued)
Utilities – (continued)
	10,040	CMS Energy Corp.		607,320
	8,510	Consolidated Edison, Inc.		607,103
	7,911	Dominion Energy, Inc.		620,539
	5,438	DTE Energy Co.		645,327
	7,514	Duke Energy Corp.		603,675
	11,745	Edison International		616,378
	6,214	Entergy Corp.		616,056
	13,986	Essential Utilities, Inc.		594,405
	11,668	Evergy, Inc.		620,971
	7,117	Eversource Energy		609,998
	16,667	Exelon Corp.		615,179
	21,774	FirstEnergy Corp.		622,519
	2,224	NextEra Energy, Inc.		620,874
	26,049	NiSource, Inc.		577,246
	18,722	NRG Energy, Inc.		644,224
	7,901	Pinnacle West Capital Corp.		579,538
	23,704	PPL Corp.		654,941
	11,507	Public Service Enterprise Group, Inc.		601,126
	4,954	Sempra Energy		612,562
	11,722	Southern Co. (The)		611,654
	34,270	Vistra Corp.		659,012
	6,745	WEC Energy Group, Inc.		634,570
	9,030	Xcel Energy, Inc.		627,359
				18,649,494
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $277,228,766)		$	319,446,823

Shares		Dividend Rate	Value
Securities Lending Reinvestment Vehicle – 0.2%(a)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	695,187	0.027%	$	695,187
	(Cost $695,187)
	TOTAL INVESTMENTS – 99.9%
	(Cost $277,923,953)		$	320,142,010
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.1%			291,037
	NET ASSETS – 100.0%		$	320,433,047

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

Investment Abbreviations:
PLC	—Public Limited Company
REIT	—Real Estate Investment Trust

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

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

Statement of Assets and Liabilities

August 31, 2020

Assets:
Investments in unaffiliated issuers, at value (cost $276,620,182)(a)	$	318,814,389
Investments in affiliated issuers, at value (cost $608,584)		632,434
Investments in securities lending reinvestment vehicle, at value which equals cost		695,187
Cash		491,254
Receivables:
Fund shares sold		5,086,238
Dividends		502,601
Securities lending income		204
Total assets		326,222,307
Liabilities:
Payables:
Investments purchased		5,070,643
Upon return of securities loaned		695,187
Management fees		23,430
Total liabilities		5,789,260
Net Assets:
Paid-in capital		294,824,639
Total distributable earnings		25,608,408
NET ASSETS	$	320,433,047
SHARES ISSUED AND OUTSTANDING
Shares outstanding no par value (unlimited shares authorized):		6,300,000
Net asset value per share:		$50.86

(a) Includes loaned securities having a market value of $673,328.

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 Fiscal Year Ended August 31, 2020

Investment income:
Dividends — unaffiliated issuer	$	4,686,557
Dividends — affiliated issuers		11,990
Securities lending income — unaffiliated issuer		4,074
Total investment income		4,702,621
Expenses:
Management fees		196,360
Trustee fees		8,239
Total expenses		204,599
NET INVESTMENT INCOME		4.498,022
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		(16,120,832	)
Investments — affiliated issuers		(11,012	)
In-kind redemptions — unaffiliated issuers		7,473,300
In-kind redemptions — affiliated issuers		603
Net change in unrealized gain (loss) on:
Investments— unaffiliated issuers		35,053,818
Investments — affiliated issuers		21,354
Net realized and unrealized gain		26,417,231
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	30,915,253

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

	For the Fiscal Year Ended August 31, 2020			For the Fiscal Year Ended August 31, 2019
From operations:
Net investment income	$	4,498,022		$	1,967,256
Net realized gain (loss)		(8,657,941	)		3,599,212
Net change in unrealized gain		35,075,172			2,986,124
Net increase in net assets resulting from operations		30,915,253			8,552,592
Distributions to shareholders:
From distributable earnings		(4,152,895	)		(1,705,332	)
Total distributions to shareholders		(4,152,895	)		(1,705,332	)
From share transactions:
Proceeds from sales of shares		156,356,207			133,769,866
Cost of shares redeemed		(31,674,529	)		(48,065,915	)
Net increase in net assets resulting from share transactions		124,681,678			85,703,951
TOTAL INCREASE		151,444,036			92,551,211
Net assets:
Beginning of period	$	168,989,011		$	76,437,800
End of period	$	320,433,047		$	168,989,011

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

	For the Fiscal Year Ended August 31,						For the Period September 12,  2017* to August 31, 2018
	2020			2019
Per Share Operating Performance:
Net asset value, beginning of period	$	46.30		$	46.33		$	40.58
Net investment income(a)		0.93			0.81			0.77
Net realized and unrealized gain (loss)		4.52			(0.10	)		5.52
Total gain from investment operations		5.45			0.71			6.29
Distributions to shareholders from net investment income		(0.89	)		(0.74	)		(0.54	)
Net asset value, end of period	$	50.86		$	46.30		$	46.33
Market price, end of period	$	50.95		$	46.32		$	46.35
Total Return at Net Asset Value(b)		12.08	%		1.62	%		15.60	%
Net assets, end of period (in 000’s)	$	320,433		$	168,989		$	76,438
Ratio of total expenses to average net assets		0.09	%		0.09	%		0.09	%(c)
Ratio of net investment income to average net assets		1.98	%		1.81	%		1.82	%(c)
Portfolio turnover rate(d)		48	%		39	%		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 year, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the year. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

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

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

August 31, 2020

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, with respect to the Fund. Shares generally trade in the secondary market in quantities less than a Creation Unit at market prices that change throughout the day. Only those that have entered into an authorized participant agreement with ALPS Distributors, Inc. (the “Distributor”) may do business directly with the Fund.

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. The Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.

A.  Investment Valuation — The Fund’s valuation policy is to value investments at fair value.

B.  Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily NAV calculations. Distributions received from the Fund’s investments in U.S. real estate investment trusts (“REITs”) may be characterized as ordinary income, net capital gain or a return of capital. A return of capital is recorded by the Fund as a reduction to the cost basis of the REIT.

C.  Expenses — Expenses incurred directly by the Fund are charged to the Fund, and certain expenses incurred by the Trust that may not solely relate to the Fund are allocated to the Fund and the other applicable funds of the Trust on a straight-line and/or pro- rata basis, depending upon the nature of the expenses, and are accrued daily.

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

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

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

16

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 level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

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

Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;

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

The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the 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 will be valued at the valid closing bid price for long positions and at the valid closing ask price for short positions (i.e. where there is sufficient volume, during normal exchange trading hours). If no valid bid/ask price is available, the equity security will be valued pursuant to the Valuation Procedures approved by the Trustees and consistent with applicable regulatory guidance. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2

Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price for long positions or the last ask price for short positions, and are generally classified as Level 2.

Underlying Funds (including Money Market Funds) — Underlying funds (“Underlying Funds”) include other investment companies and exchange-traded funds (“ETFs”). Investments in the Underlying Funds (except ETFs) are valued at the NAV per share on the day of valuation. ETFs are valued daily at the last sale price or official closing price on the principal exchange or system on which the investment is traded. Because the Fund invests in Underlying Funds that fluctuate in value, the Fund’s shares will correspondingly fluctuate in value. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. For information regarding an Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.

17

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

Notes to Financial Statements (continued)

August 31, 2020

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

B.  Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of the Fund’s investments may be determined under Valuation Procedures approved by the

Trustees. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining the Fund’s NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.

C.  Fair Value Hierarchy — The following is a summary of the Fund’s investments classified in the fair value hierarchy as of August 31, 2020:

EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
North America	$	319,446,823	$	—	$	—
Securities Lending Reinvestment Vehicle		695,187		—		—
Total	$	320,142,010	$	—	$	—

(a) Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile.

For further information regarding security characteristics, see the Schedule of Investments.

4. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

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

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

For the fiscal year ended August 31, 2020, the unitary management fee rate with GSAM was 0.09%.

B.  Other Transactions with Affiliates — The Fund may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is solely due to having a common investment adviser, common officers, or common trustees. The following table provides information about the Fund’s investment in The Goldman Sachs Group, Inc. for the fiscal year ended August 31, 2020:

Beginning value as of August 31, 2019	Purchases at Cost		Proceeds from Sales			Realized Loss			Change in Unrealized Depreciation		Ending value as of August 31, 2020		Shares as of August 31, 2020		Dividend Income
$332,985	$	420,153	$	(131,649	)	$	(10,409	)	$	21,354	$	632,434		3,087	$	11,990

18

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

5. CREATION AND REDEMPTION OF CREATION UNITS

The Trust issues and redeems shares of the Fund only in Creation Units on a continuous basis through the Distributor, without an initial sales load, at NAV next determined after receipt, on any Business Day (as defined in the Statement of Additional Information), of an order in proper form. Shares of the Fund may only be purchased or redeemed by certain financial institutions (each an “Authorized Participant”). An Authorized Participant is either (1) a “Participating Party” or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation; or (2) a Depository Trust Company participant; which, in either case, must have executed an agreement with the Distributor. Retail investors will typically not qualify as an Authorized Participant or have the resources to buy and sell whole Creation Units. Therefore, they will be unable to purchase or redeem the shares directly from the Fund. Rather, most retail investors will purchase shares in the secondary market at market prices with the assistance of a broker and may be subject to customary brokerage commissions or fees. Fixed creation and redemption transaction fees are imposed in connection with creations and redemptions.

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

Share activity is as follows:

	Equal Weight U.S. Large Cap Equity ETF
	For the Fiscal Year Ended August 31, 2020						For the Fiscal Year Ended August 31, 2019
	Shares			Dollars			Shares			Dollars
Fund Share Activity
Shares Sold		3,400,000		$	156,356,177			3,100,000		$	133,769,866
Shares Redeemed		(750,000	)		(31,674,529	)		(1,100,000	)		(48,065,915	)
NET INCREASE IN SHARES		2,650,000		$	124,681,648			2,000,000		$	85,703,951

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales of long-term securities for the fiscal year ended August 31, 2020, were $109,797,801 and $109,381,201, respectively.

The purchases and sales from in-kind creation and redemption transactions for the fiscal year ended August 31, 2020, were $155,966,201 and $31,591,743, 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.

19

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

Notes to Financial Statements (continued)

August 31, 2020

7. SECURITIES LENDING (continued)

The Fund invested the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”), an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net assets of the Government Money Market Fund.

In the event of a default by a borrower with respect to any loan, BNYM may exercise any and all remedies provided under the applicable borrower agreement to make the Fund whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If BNYM is unable to purchase replacement securities, BNYM will indemnify the Fund by paying the Fund an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Fund’s master netting agreements with certain borrowers provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws. The Fund’s loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the value of the cash received. The amounts of the Fund’s overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of August 31, 2020, are disclosed as “Payable upon return of securities loaned” on the Statement of Assets and Liabilities, where applicable.

Both the Fund and BNYM received compensation relating to the lending of the Fund’s securities. The amounts earned, if any, by the Fund for the fiscal year ended August 31, 2020, are reported under Investment Income on the Statement of Operations.

The following table provides information about the Fund’s investment in the Government Money Market Fund for the fiscal year ended August 31, 2020:

Beginning value as of August 31, 2019		Purchases at Cost		Proceeds from Sales			Ending value as of August 31, 2020
$	320,144	$	13,876,604	$	(13,501,561	)	$	695,187

8. TAX INFORMATION

The tax character of distributions paid during the fiscal years ended August 31, 2020 and August 31, 2019 were as follows:

	2020		2019
Distributions paid from:
Ordinary Income*	$	4,152,895	$	1,705,332
Total taxable distributions	$	4,152,895	$	1,705,332

* For tax purposes short-term capital gain distributions are considered ordinary income distributions.

20

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

8. TAX INFORMATION (continued)

As of August 31, 2020, the components of accumulated earnings (losses) on a tax-basis were as follows:

	Equal Weight U.S. Large Cap Equity ETF
Undistributed ordinary income — net	$	823,487
Undistributed long-term capital gains		—
Total undistributed earnings	$	823,487
Capital loss carryforwards:
Perpetual Short-Term	$	(3,558,901	)
Perpetual Long-Term		(3,700,950	)
Timing differences		—
Unrealized gains (losses) — net		32,044,772
Total accumulated earnings (losses) net	$	25,608,408

As of August 31, 2020, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

	Equal Weight U.S. Large Cap Equity ETF
Tax Cost	$	288,097,238
Gross unrealized gain		43,858,404
Gross unrealized loss		(11,813,632	)
Net unrealized gains (losses)	$	32,044,772

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

The Fund reclassed $6,502,918 from distributable earnings to paid in capital for the year ending August 31, 2020. In order to present certain components of the Fund’s capital accounts on a tax-basis, certain reclassifications have been recorded to the Fund’s accounts. These reclassifications have no impact on the net asset value of the Fund and result primarily from redemptions in-kind.

GSAM has reviewed the Fund’s 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 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. Errors in index data, index computation or the construction of the Index in accordance with its methodology may occur from time to time

21

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

Notes to Financial Statements (continued)

August 31, 2020

9. OTHER RISKS (continued)

and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. In addition, neither the Fund, the Investment Adviser nor the Index Provider can guarantee the availability or timeliness of the production of the Index.

Investments in Other Investment Companies Risk — As a shareholder of another investment company, including an ETF, the Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund. ETFs are subject to risks that do not apply to conventional mutual funds, including but not limited to the following: (i) the market price of the ETF’s shares may trade at a premium or a discount to their NAV; and (ii) an active trading market for an ETF’s shares may not develop or be maintained.

Market and Credit Risks — In the normal course of business, the Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which the Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also significantly impact the Fund and its investments.

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

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 the portfolio of investments. Tracking error risk may be heightened during times of market volatility or other unusual market conditions.

10. INDEMNIFICATIONS

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

11. SUBSEQUENT EVENTS

Subsequent events after the Statement of Assets and Liabilities date have been evaluated and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.

22

Report of Independent Registered Public

Accounting Firm

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

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Goldman Sachs Equal Weight U.S. Large Cap Equity ETF (one of the funds constituting Goldman Sachs ETF Trust, referred to hereafter as the “Fund”) as of August 31, 2020, the related statement of operations for the year ended August 31, 2020, the statements of changes in net assets for each of the two years in the period ended August 31, 2020, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of August 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended August 31, 2020 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2020 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

October 26, 2020

We have served as the auditor of one or more investment companies in the Goldman Sachs fund complex since 2000.

23

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

Liquidity Risk Management Program (Unaudited)

The Fund has adopted and implemented a liquidity risk management program (the “Program”) in accordance with Rule 22e-4 under the 1940 Act. The Program seeks to assess and manage each Fund’s liquidity risk, i.e., the risk that a Fund is unable to satisfy redemption requests without significantly diluting remaining investors’ interests in the Fund. The Board of Trustees of the Trust has designated GSAM, each Fund’s investment adviser, to administer the Program. Certain aspects of the Program rely on third parties to perform certain functions, including the provision of market data and application of models.

The Program is comprised of various components designed to support the assessment and/or management of liquidity risk, including: (1) the periodic assessment (no less frequently than annually) of certain factors that influence a Fund’s liquidity risk; (2) the periodic classification (no less frequently than monthly) of a Fund’s investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) a 15% limit on the acquisition of “illiquid investments” (as defined under Rule 22e-4); (4) for a Fund that does not invest primarily in “highly liquid investments” (as defined under Rule 22e-4), the determination of a minimum percentage of the Fund’s assets that will generally be invested in highly liquid investments (a “Highly Liquid Investment Minimum”); and (5) periodic reporting to the Board of Trustees.

At a meeting of the Board of Trustees on March 18-19, 2020, GSAM provided a written report to the Board addressing the operation, and the adequacy and effectiveness of the implementation, of the Program, including, as applicable, the operation of any Highly Liquid Investment Minimum and any material changes to the Program, for the initial period from December 1, 2018 through December 31, 2019 (the “Reporting Period”). Among other things, the annual report discussed: (1) the results of stress tests designed to assess liquidity under a hypothetical stressed scenario involving elevated redemptions; and (2) an assessment of the methodologies used to classify investments into one of four liquidity categories. The report concluded that the Program was reasonably designed to assess and manage liquidity risk and was adequately and effectively implemented during the Reporting Period.

There can be no assurance that the Program will achieve its objectives under all circumstances in the future. Please refer to your Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other risks to which it may be subject.

24

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

Fund Expenses — Six Month Period Ended 8/31/2020 (Unaudited)

As a shareholder you incur ongoing costs, including management fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in Shares of the Fund and to compare these costs with the ongoing costs of investing in other exchange-traded funds. This example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares of the Fund.

The example is based on an investment of $l,000 invested at the beginning of the period from March 1, 2020 and held for the six months ended August 31, 2020, which represents a period of 184 days of a 366 day year (or less where indicated).

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

Hypothetical Example for Comparison Purposes — The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual net expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees, or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Equal Weight U.S. Large Cap Equity ETF
	Beginning Account Value 3/1/20		Ending Account Value 8/31/20			Expenses Paid*
Actual based on NAV	$	1,000	$	1,116.30		$	0.48
Hypothetical 5% return	$	1,000	$	1,024.68	+	$	0.46

+ 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 August 31, 2020. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal year; and then dividing that result by the number of days in the fiscal year.

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

Fund
Equal Weight U.S. Large Cap Equity ETF	0.09%

25

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

Trustees and Officers (Unaudited) Independent Trustees

Name, Address and Age1	Position(s) Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee3	Other Directorships Held by Trustee4
Lawrence W. Stranghoener Age: 66	Chairman of the Board of Trustees	Trustee Since 2015; Chairman Since 2017	Mr. Stranghoener is retired. He is Director, Kennametal, Inc. (a global manufacturer and distributor of tooling and industrial materials) (2003-Present); and was formerly Director, Aleris Corporation and Aleris International, Inc. (a producer of aluminum rolled products) (2011-2020); Interim Chief Executive Officer (2014); and Executive Vice President and Chief Financial Officer (2004-2014), Mosaic Company (a fertilizer manufacturing company). Chairman of the Board of Trustees — Goldman Sachs ETF Trust; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.	46	Kennametal Inc. (a global manufacturer and distributor of tooling and industrial materials)
Caroline Dorsa Age: 61	Trustee	Since 2016	Ms. Dorsa is retired. She is Director, Biogen Inc. (a biotechnology company) (2010-Present); Director, Intellia Therapeutics Inc. (a gene- editing company) (2015-Present); and Director, Illumina, Inc. (a life sciences company) (2017- Present). She was formerly Executive Vice President and Chief Financial Officer, Public Service Enterprise Group, Inc. (a generation and energy services company) (2009-2015); Senior Vice President, Merck & Co, Inc. (a pharmaceutical company) (2008-2009 and 1987- 2007); Senior Vice President and Chief Financial Officer, Gilead Sciences, Inc. (a pharmaceutical company) (2007-2008); and Senior Vice President and Chief Financial Officer, Avaya, Inc. (a technology company) (2007). Trustee — Goldman Sachs ETF Trust; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.	46	Biogen Inc. (a biotechnology company); Intellia Therapeutics Inc. (a gene-editing company); Illumina, Inc. (a life sciences company)
Linda A. Lang Age: 62	Trustee	Since 2016	Ms. Lang is retired. She was formerly Chair of the Board of Directors (2016-2019), and Member of the Board of Directors, WD-40 Company (a global consumer products company) (2004-2019); Chairman and Chief Executive Officer (2005-2014); and Director, President and Chief Operating Officer, Jack in the Box, Inc. (a restaurant company) (2003-2005). Previously, Ms. Lang served as an Advisory Board Member of Goldman Sachs MLP Income Opportunities Fund and Goldman Sachs MLP and Energy Renaissance Fund (February 2016-March 2016). Trustee — Goldman Sachs ETF Trust; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.	46	None
Michael Latham Age: 54	Trustee	Since 2015	Mr. Latham is retired. Formerly, he held senior management positions with the iShares exchange-traded fund business, including Chairman (2011-2014); Global Head (2010-2011); U.S. Head (2007-2010); and Chief Operating Officer (2003-2007). Trustee — Goldman Sachs ETF Trust; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.	46	None

26

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

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

Name, Address and Age1	Position(s) Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee3	Other Directorships Held by Trustee4
James A. McNamara Age: 57	Trustee and President	Since 2014	Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President and Trustee — Goldman Sachs ETF Trust; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.	168	None

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

¹  Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Caroline L. Kraus. Information is provided as of August 31, 2020.

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

³  The Goldman Sachs Fund Complex includes certain other companies listed above for each respective Trustee. As of August 31, 2020, Goldman Sachs ETF Trust consisted of 42 portfolios (23 of which offered shares to the public); Goldman Sachs Trust consisted of 90 portfolios (89 of which offered shares to the public); Goldman Sachs Variable Insurance Trust consisted of 13 portfolios; Goldman Sachs Trust II consisted of 19 portfolios (17 of which offered shares to the public); and Goldman Sachs MLP Income Opportunities Fund, Goldman Sachs MLP and Energy Renaissance Fund, Goldman Sachs Credit Income Fund and Goldman Sachs Real Estate Diversified Income Fund each consisted of one portfolio. Goldman Sachs Credit Income Fund did not offer shares to the public.

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

Additional information about the Trustees is available in the Fund’s Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States of America): 1-800-621-2550.

27

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

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

Name, Address and Age1	Positions Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years
James A. McNamara 200 West Street New York, NY 10282 Age: 57	Trustee and President	Since 2014	Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President and Trustee — Goldman Sachs ETF Trust; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.
Caroline L. Kraus 200 West Street New York, NY 10282 Age: 43	Secretary	Since 2014	Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (August 2006-December 2015); Senior Counsel, Goldman Sachs (January 2020-Present); Associate General Counsel, Goldman Sachs (2012-December 2019); Assistant General Counsel, Goldman Sachs (August 2006-December 2011); and Associate, Weil, Gotshal & Manges, LLP (2002-2006). Secretary — Goldman Sachs ETF Trust; Goldman Sachs Trust (previously Assistant Secretary (2012)); Goldman Sachs Variable Insurance Trust (previously Assistant Secretary (2012)); Goldman Sachs Trust II; Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs Private Middle Market Credit II LLC; Goldman Sachs Middle Market Lending Corp.; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.
Joseph F. DiMaria 30 Hudson Street Jersey City, NJ 07302 Age: 52	Treasurer, Principal Financial Officer and Principal Accounting Officer	Since 2017 (Treasurer and Principal Financial Officer since 2019)	Managing Director, Goldman Sachs (November 2015-Present) and Vice President — Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010- October 2015). Treasurer, Principal Financial Officer and Principal Accounting Officer — Goldman Sachs ETF Trust (previously Assistant Treasurer (2017)); Goldman Sachs Trust (previously Assistant Treasurer (2016)); Goldman Sachs Variable Insurance Trust (previously Assistant Treasurer (2016)); Goldman Sachs Trust II (previously Assistant Treasurer (2017)); Goldman Sachs MLP Income Opportunities Fund (previously Assistant Treasurer (2017)); Goldman Sachs MLP and Energy Renaissance Fund (previously Assistant Treasurer (2017)); Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

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

¹  Information is provided as of August 31, 2020.

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

Goldman Sachs Equal Weight U.S. Large Cap Equity ETF — Tax Information (Unaudited)

For the fiscal year ended August 31, 2020, 87.17% of the dividends paid from net investment company taxable income by the Equal Weight U.S. large Cap Equity ETF, qualify for the reduced tax rate under the Jobs and Growth Tax Relief and Reconciliation Act of 2003.

For the fiscal year ended August 31, 2020, 86.38% of the dividends paid from net investment company taxable income by the Equal Weight U.S. Large Cap Equity ETF qualify for the dividends received deduction available to corporations.

28

FUNDS PROFILE

Goldman Sachs ETFs

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

Today, the Consumer and Investment Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $1.88 trillion in assets under supervision as of June 30, 2020, 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 U.S. Aggregate Bond 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 Investment Grade Corporate 1-5 Year Bond ETF

Goldman Sachs Access Treasury 0-1 Year ETF

Goldman Sachs Access Ultra Short Bond ETF

Goldman Sachs Data-Driven World ETF

Goldman Sachs Finance Reimagined ETF

Goldman Sachs Human Evolution ETF

Goldman Sachs Manufacturing Revolution ETF

Goldman Sachs New Age Consumer ETF

Goldman Sachs MarketBeta International Equity ETF

Goldman Sachs MarketBeta Emerging Markets Equity ETF

Goldman Sachs MarketBeta U.S. Equity ETF

INDEX DISCLAIMERS

The Goldman Sachs Equal Weight U.S. Large Cap Equity ETF is not sponsored, promoted, sold or supported in any other manner by Solactive AG nor does Solactive AG offer any express or implicit guarantee or assurance either with regard to the results of using the Solactive US Large Cap Equal Weight Index (GTR) (“Solactive Index”) and/or Solactive Index trade mark or the Solactive Index Price at any time or in any other respect. The Solactive Index is calculated and published by Solactive AG. Solactive AG uses its best efforts to ensure that the Solactive Index is calculated correctly. Irrespective of its obligations towards Goldman Sachs Equal Weight U.S. Large Cap Equity ETF, Solactive AG has no obligation to point out errors in the Solactive Index to third parties including but not limited to investors and/or financial intermediaries of Goldman Sachs Equal Weight U.S. Large Cap Equity ETF. Neither publication of a Solactive Index by Solactive AG nor the licensing of the Solactive Index or Solactive Index trade mark for the purpose of use in connection with the Goldman Sachs Equal Weight U.S. Large Cap Equity ETF constitutes a recommendation by Solactive AG to invest capital in said fund nor does it in any way represent an assurance or opinion of Solactive AG with regard to any investment in this fund.

TRUSTEES Lawrence W. Stranghoener, Chairman Caroline Dorsa Linda A. Lang Michael Latham James A. McNamara	OFFICERS James A. McNamara, President Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Caroline L. Kraus, Secretary
THE BANK OF NEW YORK MELLON Transfer Agent
ALPS DISTRIBUTORS, INC. Distributor	GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser

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

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

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

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

The Fund will file its portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be made available on the SEC’s web site at http://www.sec.gov. Portfolio holdings information may be obtained upon request and without charge by calling 1-800-621-2550.

Fund holdings and allocations shown are as of August 31, 2020 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.

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

This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus or summary prospectus, if applicable. Investors should consider the Fund’s objective, risks, and charges and expenses, and read the summary prospectus, if available, and/or the prospectus carefully before investing or sending money. The summary prospectus, if available, and the Prospectus contain this and other information about the Fund and may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC by calling 1-800-621-2550.

ActiveBeta^® is a registered trademark of GSAM.

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

©2020 Goldman Sachs. All rights reserved. 218125-OTU-10/2020 EQWUSLCEAR-20

Goldman Sachs Funds

Annual Report	August 31, 2020
	Hedge Industry VIP ETF

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

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

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

Goldman Sachs Hedge Industry VIP ETF

TABLE OF CONTENTS
Investment Process	1
Portfolio Results and Fund Basics	2
Schedule of Investments	7
Financial Statements	8
Financial Highlights	11
Notes to Financial Statements	12
Report of Independent Registered Public Accounting Firm	19
Other Information	21

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 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 disclosure filing to calculate the dollar market value of each reported position. U.S. hedge fund managers that select their investments based upon fundamental analysis are assumed to be U.S. hedge fund managers with no fewer than 10 and no more than 200 distinct U.S. equity positions, as reported in the hedge fund managers’ most recent Form 13F filings. Managers with less than $10 million of disclosed equity assets are excluded.

The equity positions are then ranked within each individual hedge fund manager’s portfolio by descending market value. The approximately 50 stocks that appear most frequently in the top 10 holdings of this universe then become the Index constituents. Constituents are equal dollar-weighted at each rebalance. Given the Fund’s investment objective of attempting to track the Index, the Fund does not follow traditional methods of active investment management, which may involve buying and selling securities based upon analysis of economic and market factors.

The Index does not include hedge funds (i.e., unlisted, privately offered funds) and is not designed to approximate the performance of any hedge fund manager, hedge fund or group of hedge fund managers or hedge funds. The Index should not be considered a hedge fund replication strategy. As of August 31, 2020, the Index consisted of 50 securities with a market capitalization range of between approximately $7.4 billion and $2,206.9 billion. The components of the Index may change over time. The percentage of the portfolio exposed to any asset class will vary from time to time as the weightings of the securities within the Index change, and the Fund may not be invested in each asset class at all times.

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

* * *

At the end of the Reporting Period, i.e. the 12 months ended August 31, 2020, 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 Form 13F filings of hedge funds and identifying stocks that appear among top holdings the most frequently. Through an efficient implementation, we believe investors are able to access top hedge fund long equity ideas and gain exposure to evolving U.S. market themes.

1

PORTFOLIO RESULTS

Goldman Sachs Hedge Industry VIP ETF

Investment Objective

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the 12-month period ended August 31, 2020 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund returned 40.07% based on net asset value (“NAV”) and 39.88% based on market price. The Index returned 41.26%, 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 21.87% during the same period.

The Fund had a NAV of $56.86 on August 31, 2019 and ended the Reporting Period with a NAV of $79.37 per share. The Fund’s market price on August 31, 2020 was $79.50 per share.

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

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

The Index is designed to 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 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.

The Index’s performance is compared to that of the S&P 500^® Index below. Given the Fund’s investment objective of attempting to track the Index, the Fund does not follow traditional methods of active investment management, which may involve buying and selling securities based upon analysis of economic and market factors. The Fund does not follow a strategy of seeking to outperform the S&P 500^® Index.

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

2

PORTFOLIO RESULTS

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

A Index constituents in the consumer discretionary, communication services and utilities sectors contributed most positively to the Index’s results relative to the S&P 500^® Index during the Reporting Period. Partially offsetting these positive contributors were Index constituents in the industrials and health care sectors, the only two sectors that detracted from the Index’s results relative to the S&P 500^® Index during the Reporting Period.

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

A Relative to the S&P 500^® Index, overweight positions in information technology software and services provider Sea, electric car manufacturer Tesla and online used car retailer and technology company Carvana contributed most positively (2.23%, 2.79% and 2.03% of Fund net assets as of August 31, 2020, respectively). Each of these holdings generated a robust triple-digit positive return within the Index during the Reporting Period.

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

A Relative to the S&P 500^® Index, underweight positions in information technology giant Apple and software leader Microsoft and an overweight position in airline Delta Air Lines detracted most (2.08%, 2.00% and 0.00%¹ of Fund net assets as of August 31, 2020, respectively). Apple posted a triple-digit gain within the Index during the Reporting Period, and Microsoft posted a robust double-digit gain within the Index during the Reporting Period. Delta Air Lines generated a double-digit negative return within the Index during the Reporting Period.

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

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

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

Sector Name	Fund3			GS Hedge Fund VIP IndexTM			S&P 500® Index
Information Technology		34.94	%		34.94	%		28.71	%
Communication Services		23.56			23.56			11.10
Consumer Discretionary		19.10			19.10			11.44
Health Care		11.31			11.31			13.98
Financials		5.51			5.51			9.62
Industrials		3.76			3.76			7.99
Utilities		1.82			1.82			2.83
Consumer Staples		0.00			0.00			6.89
Energy		0.00			0.00			2.32
Materials		0.00			0.00			2.49
Real Estate		0.00			0.00			2.61

²  Sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by Standard & Poor’s. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Investments in the securities lending vehicle represented 0.00% of the Fund’s net assets as of August 31, 2020. Figures above may not sum to 100% due to rounding.

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

¹  Some weights are 0.00% at August 31, 2020 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.

3

FUND BASICS

Hedge Industry VIP ETF

as of August 31, 2020

FUND SNAPSHOT
As of August 31, 2020
Market Price1	$	79.50
Net Asset Value (NAV)1	$	79.37

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

TOP 10 HOLDINGS AS OF 8/31/202
Holding	% of Net Assets			Line of Business	Country
Tesla, Inc.		2.8	%	Consumer Discretionary	United States
salesforce.com, Inc.		2.6		Information Technology	United States
JD.com, Inc. ADR		2.3		Consumer Discretionary	China
Crowdstrike Holdings, Inc., Class A		2.3		Information Technology	United States
Sea Ltd. ADR		2.2		Communication Services	Taiwan
NVIDIA Corp.		2.1		Information Technology	United States
Adobe, Inc.		2.1		Information Technology	United States
Coupa Software, Inc.		2.1		Information Technology	United States
Alibaba Group Holding Ltd. ADR		2.1		Consumer Discretionary	China
Apple, Inc.		2.1		Information Technology	United States

²  The top 10 holdings may not be representative of the Fund’s future investments.

For more information about the Fund, please refer to www.GSAMFUNDS.com/ETFs. There, you can learn more about the Fund’s investment strategies, holdings, and performance.

4

GOLDMAN SACHS HEDGE INDUSTRY VIP ETF

Performance Summary

August 31, 2020

The following graph shows the value, as of August 31, 2020, of a $10,000 investment made on November 1, 2016 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index and a market cap-based index against which the performance of the Fund is measured, the Goldman Sachs Hedge Fund VIP Index™ and the S&P 500^® Index (Total Return, USD) are shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. In addition to the performance of constituents of the underlying index, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.

Goldman Sachs Hedge Industry VIP ETF’s Lifetime Performance

Performance of a $10,000 Investment, with distributions reinvested, from November 1, 2016 through August 31, 2020.

Average Annual Total Return through August 31, 2020*	1 Year Return	Since Inception
Shares based on NAV (Commenced November 1, 2016)	40.07%	20.21%
Shares based on Market Price (Commenced November 1, 2016)	39.88%	20.26%
Goldman Sachs Hedge Fund VIP Index™	41.26%	20.79%
S&P 500® Index (Total Return, USD)	21.87%	16.39%

* 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.

5

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.

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

6

GOLDMAN SACHS HEDGE INDUSTRY VIP ETF

Schedule of Investments

August 31, 2020

Shares		Description	Value
Common Stocks – 99.9%
Communication Services – 23.5%
	26,444	Activision Blizzard, Inc.	$	2,208,603
	1,413	Alphabet, Inc., Class A*		2,302,526
	3,514	Charter Communications, Inc., Class A*		2,163,253
	48,575	Comcast Corp., Class A		2,176,646
	8,139	Facebook, Inc., Class A*		2,386,355
	15,123	Liberty Broadband Corp., Class C*		2,118,581
	4,405	Netflix, Inc.*		2,332,712
	61,307	Pinterest, Inc., Class A*		2,255,484
	16,807	Sea Ltd. ADR (Taiwan)*		2,568,278
	18,410	T-Mobile US, Inc.*		2,148,079
	56,098	Twitter, Inc.*		2,276,457
	16,288	Walt Disney Co. (The)		2,147,898
				27,084,872
Consumer Discretionary – 19.1%
	8,372	Alibaba Group Holding Ltd. ADR (China)*		2,403,015
	675	Amazon.com, Inc.*		2,329,398
	1,195	Booking Holdings, Inc.*		2,282,988
	51,455	Caesars Entertainment, Inc.*		2,356,639
	10,810	Carvana Co.*		2,334,528
	34,259	JD.com, Inc. ADR (China)*		2,694,128
	13,776	Lowe’s Cos., Inc.		2,268,769
	6,440	Tesla, Inc.*		3,209,181
	17,009	Tiffany & Co.		2,083,602
				21,962,248
Financials – 5.5%
	10,078	Berkshire Hathaway, Inc., Class B*		2,197,407
	40,169	Citigroup, Inc.		2,053,439
	20,761	JPMorgan Chase & Co.		2,080,045
				6,330,891
Health Care – 11.3%
	22,364	AbbVie, Inc.		2,141,800
	20,648	Alexion Pharmaceuticals, Inc.*		2,358,415
	32,892	Centene Corp.*		2,016,937
	10,378	Danaher Corp.		2,142,746
	15,816	HCA Healthcare, Inc.		2,146,547
	29,197	Horizon Therapeutics PLC*		2,193,279
				12,999,724
Industrials – 3.8%
	21,259	Copart, Inc.*		2,196,480
	4,263	TransDigm Group, Inc.		2,130,093
				4,326,573
Information Technology – 34.9%
	4,750	Adobe, Inc.*		2,438,602
	26,152	Advanced Micro Devices, Inc.*		2,375,125
	18,504	Apple, Inc.		2,387,756
	7,437	Coupa Software, Inc.*		2,437,402
	20,999	Crowdstrike Holdings, Inc., Class A*		2,640,204
	14,777	Fidelity National Information Services, Inc.		2,229,110
	21,310	Fiserv, Inc.*		2,122,050
Common Stocks – (continued)
Information Technology – (continued)
	26,339	GoDaddy, Inc., Class A*		2,204,048
	6,506	Mastercard, Inc., Class A		2,330,384
	46,625	Micron Technology, Inc.*		2,121,904
	10,178	Microsoft Corp.		2,295,444
	4,596	NVIDIA Corp.		2,458,768
	11,105	PayPal Holdings, Inc.*		2,266,975
	18,693	QUALCOMM, Inc.		2,226,336
	10,990	salesforce.com, Inc.*		2,996,424
	4,879	ServiceNow, Inc.*		2,351,776
	10,812	Visa, Inc., Class A		2,292,036
				40,174,344
Utilities – 1.8%
	225,943	PG&E Corp.*		2,092,232
	TOTAL INVESTMENTS – 99.9%
	(Cost $87,801,887)		$	114,970,884
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.1%			114,310
	NET ASSETS – 100.0%		$	115,085,194

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

The accompanying notes are an integral part of these financial statements. 7

GOLDMAN SACHS HEDGE INDUSTRY VIP ETF

Statement of Assets and Liabilities

August 31, 2020

Assets:
Investments at value (cost $87,801,887)	$	114,970,884
Cash		125,079
Receivables:
Dividends		31,204
Securities lending income		431
Total assets		115,127,598
Liabilities:
Payables:
Management fees		42,404
Total liabilities		42,404
Net Assets:
Paid-in capital		100,551,211
Total distributable earnings		14,533,983
NET ASSETS	$	115,085,194
SHARES ISSUED AND OUTSTANDING
Shares outstanding no par value (unlimited shares authorized):		1,450,000
Net asset value per share:		$79.37

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

GOLDMAN SACHS HEDGE INDUSTRY VIP ETF

Statement of Operations

For the Fiscal Year Ended August 31, 2020

Investment income:
Dividends — unaffiliated issuer (net of foreign withholding taxes of $1,631)	$	624,009
Securities lending income — unaffiliated issuer		7,258
Total investment income		631,267
Expenses:
Management fees		396,235
Trustee fees		6,134
Total expenses		402,369
NET INVESTMENT INCOME		228,898
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		(2,282,703	)
In-kind redemptions		11,462,474
Net change in unrealized gain (loss) on:
Investments		22,564,797
Net realized and unrealized gain		31,744,568
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	31,973,466

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

GOLDMAN SACHS HEDGE INDUSTRY VIP ETF

Statements of Changes in Net Assets

	For the Fiscal Year Ended August 31, 2020			For the Fiscal Year Ended August 31, 2019
From operations:
Net investment income	$	228,898		$	822,518
Net realized gain (loss)		9,179,771			(1,362,981	)
Net change in unrealized gain (loss)		22,564,797			(6,015,036	)
Net increase (decrease) in net assets resulting from operations		31,973,466			(6,555,499	)
Distributions to shareholders:
From distributable earnings		(329,128	)		(814,931	)
From return of capital		(6,291	)		—
Total distributions to shareholders		(335,419	)		(814,931	)
From share transactions:
Proceeds from sales of shares		60,238,984			43,224,579
Cost of shares redeemed		(56,399,720	)		(66,400,806	)
Net increase (decrease) in net assets resulting from share transactions		3,839,264			(23,176,227	)
TOTAL INCREASE (DECREASE)		35,477,311			(30,546,657	)
Net assets:
Beginning of period	$	79,607,883		$	110,154,540
End of period	$	115,085,194		$	79,607,883

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

GOLDMAN SACHS HEDGE INDUSTRY VIP ETF

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

	For the Fiscal Year Ended August 31,									For the Period November 1,  2016* to August 31, 2017
	2020			2019			2018
Per Share Operating Performance:
Net asset value, beginning of period	$	56.86		$	57.98		$	50.46		$	40.00
Net investment income(a)		0.16	(b)		0.51			0.17			0.32	(c)
Net realized and unrealized gain (loss)		22.59			(1.11	)		7.52			10.31
Total gain (loss) from investment operations		22.75			(0.60	)		7.69			10.63
Distributions to shareholders from net investment income		(0.24	)		(0.52	)		(0.17	)		(0.17	)
Distributions to shareholders from return of capital		—	(d)		—			—			—
Total distributions to shareholders		(0.24	)		(0.52	)		(0.17	)		(0.17	)
Net asset value, end of period	$	79.37		$	56.86		$	57.98		$	50.46
Market price, end of period	$	79.50		$	57.03		$	57.98		$	50.48
Total Return at Net Asset Value(e)		40.07	%		(0.99	)%		15.27	%		26.61	%
Net assets, end of period (in 000’s)	$	115,085		$	79,608		$	110,155		$	45,410
Ratio of total expenses to average net assets		0.45	%		0.45	%		0.45	%		0.45	%(e)
Ratio of net investment income to average net assets		0.26	%(b)		0.91	%		0.31	%		0.84	%(c)(f)
Portfolio turnover rate(g)		124	%		103	%		129	%		116	%

 * Commencement of operations.

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

(b) Reflects income recognized from non-recurring special dividends which amounted to $0.07 per share and 0.11% of average net assets.

(c) Reflects income recognized from non-recurring special dividends which amounted to $0.11 per share and 0.24% of average net assets.

(d) Amount is less than $0.005 per share.

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

(f) Annualized.

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

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

GOLDMAN SACHS HEDGE INDUSTRY VIP ETF

Notes to Financial Statements

August 31, 2020

1. ORGANIZATION

Goldman Sachs Hedge Industry VIP ETF (the “Fund”) is a diversified series of the Goldman Sachs ETF Trust (the “Trust”) which is an open-end management investment company, registered under the Investment Company Act of 1940, as amended (the “Act”), consisting of multiple series. The Trust was organized as a Delaware statutory trust on December 16, 2009.

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

Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as investment adviser to the Fund pursuant to a management agreement (the “Agreement”) with the Trust. The Fund is an exchange-traded fund (“ETF”). Shares of the Fund are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”). Market prices for the Fund’s shares may be different from their net asset value (“NAV”). The Fund issues and redeems shares at its NAV only in blocks of a specified number of shares, or multiples thereof, referred to as “Creation Units”. Creation Units are issued and redeemed principally in-kind for a basket of securities and a cash amount. Shares generally trade in the secondary market in quantities less than a Creation Unit at market prices that change throughout the day. Only those that have entered into an authorized participant agreement with ALPS Distributors, Inc. (the “Distributor”) may do business directly with the Fund.

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. The Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.

A.  Investment Valuation — The Fund’s valuation policy is to value investments at fair value.

B.  Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value (“NAV”) calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Fund may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments.

C.  Expenses — Expenses incurred directly by the Fund are charged to the Fund, and certain expenses incurred by the Trust that may not solely relate to the Fund are allocated to the Fund and the other applicable funds of the Trust on a straight-line and/or pro-rata basis, depending upon the nature of the expenses, and are accrued daily.

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

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

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

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GOLDMAN SACHS HEDGE INDUSTRY VIP ETF

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

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

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

Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;

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

The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the 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 will be valued at the valid closing bid price for long positions and at the valid closing ask price for short positions (i.e. where there is sufficient volume, during normal exchange trading hours). If no valid bid/ask price is available, the equity security will be valued pursuant to the Valuation Procedures approved by the Trustees and consistent with applicable regulatory guidance. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2.

Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price for long positions or the last ask price for short positions, and are generally classified as Level 2.

Money Market Funds — Investments in the Goldman Sachs Financial Square Government Fund (“Underlying Fund”) are valued at the NAV per share of the Institutional Share class on the day of valuation. These investments are generally classified as Level 1 of the fair value hierarchy. For information regarding the Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.

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

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GOLDMAN SACHS HEDGE INDUSTRY VIP ETF

Notes to Financial Statements (continued)

August 31, 2020

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

of the securities at the time of determining the Fund’s NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.

C.  Fair Value Hierarchy — The following is a summary of the Fund’s investments classified in the fair value hierarchy as of August 31, 2020:

HEDGE INDUSTRY VIP ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	7,665,421	$	—	$	—
North America		107,305,463		—		—
Total	$	114,970,884	$	—	$	—

(a) Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile noted in the table.

For further information regarding security characteristics, see the Schedule of Investments.

4. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

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

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

For the fiscal year ended August 31, 2020, the unitary management fee rate with GSAM was 0.45%.

5. CREATION AND REDEMPTION OF CREATION UNITS

The Trust issues and redeems shares of the Fund only in Creation Units on a continuous basis through the Distributor, without an initial sales load, at NAV next determined after receipt, on any Business Day (as defined in the Statement of Additional Information), of an order in proper form. Shares of the Fund may only be purchased or redeemed by certain financial institutions (each an “Authorized Participant”). An Authorized Participant is either (1) a “Participating Party” or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation; or (2) a Depository Trust Company participant; which, in either case, must have executed an agreement with the Distributor. Retail investors will typically not qualify as an Authorized Participant or have the resources to buy and sell whole Creation Units. Therefore, they will be unable to purchase or redeem the shares directly from the Fund. Rather, most retail investors will purchase shares in the secondary market at market prices with the assistance of a broker and may be subject to customary brokerage commissions or fees. Fixed creation and redemption transaction fees are imposed in connection with creations and redemptions.

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GOLDMAN SACHS HEDGE INDUSTRY VIP ETF

5. CREATION AND REDEMPTION OF CREATION UNITS (continued)

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 Statements of Changes in Net Assets.

Share activity is as follows:

	Goldman Sachs Hedge Industry VIP ETF
	For the Fiscal Year Ended August 31, 2020						For the Fiscal Year Ended August 31, 2019
	Shares			Dollars			Shares			Dollars
Fund Share Activity
Shares Sold		900,000		$	60,238,946			750,000		$	43,224,538
Shares Redeemed		(850,000	)		(56,399,720	)		(1,250,000	)		(66,400,806	)
NET INCREASE (DECREASE) IN SHARES		50,000		$	3,839,226			(500,000	)	$	(23,176,268	)

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the fiscal year ended August 31, 2020, were $110,414,052 and $111,903,030, respectively.

The purchases and sales from in-kind creation and redemption transactions for the fiscal year ended August 31, 2020, were $59,962,001 and $54,887,920 respectively.

7. SECURITIES LENDING

The Fund may lend its securities through a securities lending agent, the Bank of New York Mellon (“BNYM”), to certain qualified borrowers. In accordance with the Fund’s securities lending procedures, the Fund receives cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Fund, at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Fund on the next business day. As with other extensions of credit, the Fund may experience delay in the recovery of its securities or incur a loss should the borrower of the securities breach its agreement with the Fund or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Statement of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

The Fund invests the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”), an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net assets of the Government Money Market Fund.

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GOLDMAN SACHS HEDGE INDUSTRY VIP ETF

Notes to Financial Statements (continued)

August 31, 2020

7. SECURITIES LENDING (continued)

In the event of a default by a borrower with respect to any loan, BNYM may exercise any and all remedies provided under the applicable borrower agreement to make the Fund whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If BNYM is unable to purchase replacement securities, BNYM will indemnify the Fund by paying the Fund an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Fund’s master netting agreements with certain borrowers provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws. The Fund’s loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the value of the cash received. The amounts of the Fund’s overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of August 31, 2020, are disclosed as “Payable upon return of securities loaned” on the Statement of Assets and Liabilities, where applicable.

Both the Fund and BNYM received compensation relating to the lending of the Fund’s securities. The amounts earned, if any, by the Fund for the fiscal year ended August 31, 2020, are reported under Investment Income on the Statement of Operations.

The following table provides information about the Fund’s investment in the Government Money Market Fund for the fiscal year ended August 31, 2020:

Beginning value as of August 31, 2019		Purchases at Cost		Proceeds from Sales			Ending value as of August 31, 2020
$	261,175	$	54,947,380	$	(55,208,555	)	$	—

8. TAX INFORMATION

The tax character of distributions paid during the fiscal years ended August 31, 2020 and August 31, 2019 were as follows:

	2020		2019
Distributions paid from:
Ordinary Income	$	329,128	$	814,931
Return of capital		6,291		—
Total taxable distributions		$335,419	$	814,931

As of August 31, 2020, the components of accumulated earnings (losses) on a tax-basis were as follows:

	Goldman Sachs Hedge Industry VIP ETF
Capital loss carryforwards:
Perpetual Short-Term	$	(10,844,232	)
Perpetual Long-Term		(917,719	)
Unrealized gains (losses) — net		26,295,934
Total accumulated earnings (losses) net	$	14,533,983

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GOLDMAN SACHS HEDGE INDUSTRY VIP ETF

8. TAX INFORMATION (continued)

As of August 31, 2020, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

	Goldman Sachs Hedge Industry VIP ETF
Tax Cost	$	88,674,950
Gross unrealized gain		27,155,789
Gross unrealized loss		(859,855	)
Net unrealized gains (losses) on securities	$	26,295,934

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

The Fund reclassed $11,375,236 from distributable earnings to paid in capital for the year ending August 31, 2020. In order to present certain components of the Fund’s capital accounts on a tax-basis, certain reclassifications have been recorded to the Fund’s accounts. These reclassifications have no impact on the NAV of the Fund and result primarily from redemptions in-kind transactions, redemptions utilized as distributions and partnership investments.

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.

9. OTHER RISKS

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

Index Risk — GSAM (the “Index Provider”) constructs the Fund’s Index in accordance with a rules-based methodology. The Fund will be negatively affected by general declines in the securities and asset classes represented in its Index. In addition, because the Fund is not “actively” managed, unless a specific security is removed from its Index, the Fund generally would not sell a security because the security’s issuer was in financial trouble. Market disruptions and regulatory restrictions could have an adverse effect on the Fund’s ability to adjust its exposure to the required levels in order to track the Index. The Fund also does not attempt to take defensive positions under any market conditions, including declining markets. Therefore, the Fund’s performance could be lower than funds that may actively shift their portfolio assets to take advantage of market opportunities or to lessen the impact of a market decline or a decline in the value of one or more issuers. The Index Provider relies on third party data it believes to be reliable in constructing the Index, but it does not guarantee the accuracy or availability of such third party data. Errors in index data, index computation or the construction of the Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. In addition, neither the Fund, the Investment Adviser, the Calculation Agent nor the Index Provider can guarantee the availability or timeliness of the production of the Index.

Market and Credit Risks — In the normal course of business, the Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which the Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also significantly impact the Fund and its investments. Additionally, the Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

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GOLDMAN SACHS HEDGE INDUSTRY VIP ETF

Notes to Financial Statements (continued)

August 31, 2020

9. OTHER RISKS (continued)

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

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

10. INDEMNIFICATIONS

Under the Trust’s organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted

by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Fund. Additionally, in the course of business, the Fund enters into contracts that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.

11. SUBSEQUENT EVENTS

Subsequent events after the Statement of Assets and Liabilities date have been evaluated, and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.

18

Report of Independent Registered Public Accounting Firm

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

Goldman Sachs Hedge Industry VIP ETF

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Goldman Sachs Hedge Industry VIP ETF (one of the funds constituting Goldman Sachs ETF Trust, referred to hereafter as the “Fund”) as of August 31, 2020, the related statement of operations for the year ended August 31, 2020, the statements of changes in net assets for each of the two years in the period ended August 31, 2020, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of August 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended August 31, 2020 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2020 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

October 26, 2020

We have served as the auditor of one or more investment companies in the Goldman Sachs fund complex since 2000.

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GOLDMAN SACHS HEDGE INDUSTRY VIP ETF

Liquidity Risk Management Program (Unaudited)

The Fund has adopted and implemented a liquidity risk management program (the “Program”) in accordance with Rule 22e-4 under the 1940 Act. The Program seeks to assess and manage the Fund’s liquidity risk, i.e., the risk that the Fund is unable to satisfy redemption requests without significantly diluting remaining investors’ interests in the Fund. The Board of Trustees of the Trust has designated GSAM, the Fund’s investment adviser, to administer the Program. Certain aspects of the Program rely on third parties to perform certain functions, including the provision of market data and application of models.

The Program is comprised of various components designed to support the assessment and/or management of liquidity risk, including: (1) the periodic assessment (no less frequently than annually) of certain factors that influence a Fund’s liquidity risk; (2) the periodic classification (no less frequently than monthly) of a Fund’s investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) a 15% limit on the acquisition of “illiquid investments” (as defined under Rule 22e-4); (4) for a Fund that does not invest primarily in “highly liquid investments” (as defined under Rule 22e-4), the determination of a minimum percentage of the Fund’s assets that will generally be invested in highly liquid investments (a “Highly Liquid Investment Minimum”); and (5) periodic reporting to the Board of Trustees.

At a meeting of the Board of Trustees on March 18-19, 2020, GSAM provided a written report to the Board addressing the operation, and the adequacy and effectiveness of the implementation, of the Program, including, as applicable, the operation of any Highly Liquid Investment Minimum and any material changes to the Program, for the initial period from December 1, 2018 through December 31, 2019 (the “Reporting Period”). Among other things, the annual report discussed: (1) the results of stress tests designed to assess liquidity under a hypothetical stressed scenario involving elevated redemptions; and (2) an assessment of the methodologies used to classify investments into one of four liquidity categories. The report concluded that the Program was reasonably designed to assess and manage liquidity risk and was adequately and effectively implemented during the Reporting Period.

There can be no assurance that the Program will achieve its objectives under all circumstances in the future. Please refer to your Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other risks to which it may be subject.

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GOLDMAN SACHS HEDGE INDUSTRY VIP ETF

Fund Expenses —Six Months Ended 8/31/2020  (Unaudited)

As a shareholder you incur ongoing costs, which may include management fees; distribution and service (12b-1) fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in Shares of the Fund and to compare these costs with the ongoing costs of investing in other exchange-traded funds.

The example is based on an investment of $1,000 invested at the beginning of the period from March 1, 2020 and held for the six months ended August 31, 2020, which represents a period of 184 days of a 366 day year (or less where indicated).

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

Hypothetical Example for Comparison Purposes — The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual net expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees, or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Hedge Industry VIP ETF
	Beginning Account Value 3/1/20		Ending Account Value 8/31/20			Expenses Paid*
Actual based on NAV	$	1,000	$	1,305.10		$	2.61
Hypothetical 5% return	$	1,000	$	1,022.87	+	$	2.29

+ 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 August 31, 2020. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal year; and then dividing that result by the number of days in the fiscal year.

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

Fund
Hedge Industry VIP ETF	0.45	%

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GOLDMAN SACHS HEDGE INDUSTRY VIP ETF

Trustees and Officers (Unaudited) Independent Trustees

Name, Address and Age1	Position(s) Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee3	Other Directorships Held by Trustee4
Lawrence W. Stranghoener Age: 66	Chairman of the Board of Trustees	Trustee Since 2015; Chairman Since 2017	Mr. Stranghoener is retired. He is Director, Kennametal, Inc. (a global manufacturer and distributor of tooling and industrial materials) (2003-Present); and was formerly Director, Aleris Corporation and Aleris International, Inc. (a producer of aluminum rolled products) (2011-2020); Interim Chief Executive Officer (2014); and Executive Vice President and Chief Financial Officer (2004-2014), Mosaic Company (a fertilizer manufacturing company). Chairman of the Board of Trustees — Goldman Sachs ETF Trust; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.	46	Kennametal Inc. (a global manufacturer and distributor of tooling and industrial materials)
Caroline Dorsa Age: 61	Trustee	Since 2016	Ms. Dorsa is retired. She is Director, Biogen Inc. (a biotechnology company) (2010-Present); Director, Intellia Therapeutics Inc. (a gene- editing company) (2015-Present); and Director, Illumina, Inc. (a life sciences company) (2017- Present). She was formerly Executive Vice President and Chief Financial Officer, Public Service Enterprise Group, Inc. (a generation and energy services company) (2009-2015); Senior Vice President, Merck & Co, Inc. (a pharmaceutical company) (2008-2009 and 1987- 2007); Senior Vice President and Chief Financial Officer, Gilead Sciences, Inc. (a pharmaceutical company) (2007-2008); and Senior Vice President and Chief Financial Officer, Avaya, Inc. (a technology company) (2007). Trustee — Goldman Sachs ETF Trust; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.	46	Biogen Inc. (a biotechnology company); Intellia Therapeutics Inc. (a gene-editing company); Illumina, Inc. (a life sciences company)
Linda A. Lang Age: 62	Trustee	Since 2016	Ms. Lang is retired. She was formerly Chair of the Board of Directors (2016-2019), and Member of the Board of Directors, WD-40 Company (a global consumer products company) (2004-2019); Chairman and Chief Executive Officer (2005-2014); and Director, President and Chief Operating Officer, Jack in the Box, Inc. (a restaurant company) (2003-2005). Previously, Ms. Lang served as an Advisory Board Member of Goldman Sachs MLP Income Opportunities Fund and Goldman Sachs MLP and Energy Renaissance Fund (February 2016—March 2016). Trustee — Goldman Sachs ETF Trust; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.	46	None
Michael Latham Age: 54	Trustee	Since 2015	Mr. Latham is retired. Formerly, he held senior management positions with the iShares exchange-traded fund business, including Chairman (2011-2014); Global Head (2010-2011); U.S. Head (2007-2010); and Chief Operating Officer (2003-2007). Trustee — Goldman Sachs ETF Trust; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.	46	None

22

GOLDMAN SACHS HEDGE INDUSTRY VIP ETF

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

Name, Address and Age1	Position(s) Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee3	Other Directorships Held by Trustee4
James A. McNamara Age: 57	Trustee and President	Since 2014	Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President and Trustee — Goldman Sachs ETF Trust; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.	168	None

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

¹  Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Caroline L. Kraus. Information is provided as of August 31, 2020.

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

³  The Goldman Sachs Fund Complex includes certain other companies listed above for each respective Trustee. As of August 31, 2020, Goldman Sachs ETF Trust consisted of 42 portfolios (23 of which offered shares to the public); Goldman Sachs Trust consisted of 90 portfolios (89 of which offered shares to the public); Goldman Sachs Variable Insurance Trust consisted of 13 portfolios; Goldman Sachs Trust II consisted of 19 portfolios (17 of which offered shares to the public); and Goldman Sachs MLP Income Opportunities Fund, Goldman Sachs MLP and Energy Renaissance Fund, Goldman Sachs Credit Income Fund and Goldman Sachs Real Estate Diversified Income Fund each consisted of one portfolio. Goldman Sachs Credit Income Fund did not offer shares to the public.

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

Additional information about the Trustees is available in the Fund’s Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States of America): 1-800-621-2550.

23

GOLDMAN SACHS HEDGE INDUSTRY VIP ETF

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

Name, Address and Age1	Positions Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years
James A. McNamara 200 West Street New York, NY 10282 Age: 57	Trustee and President	Since 2014	Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President and Trustee — Goldman Sachs ETF Trust; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.
Caroline L. Kraus 200 West Street New York, NY 10282 Age: 43	Secretary	Since 2014	Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (August 2006-December 2015); Senior Counsel, Goldman Sachs (January 2020-Present); Associate General Counsel, Goldman Sachs (2012-December 2019); Assistant General Counsel, Goldman Sachs (August 2006-December 2011); and Associate, Weil, Gotshal & Manges, LLP (2002-2006). Secretary — Goldman Sachs ETF Trust; Goldman Sachs Trust (previously Assistant Secretary (2012)); Goldman Sachs Variable Insurance Trust (previously Assistant Secretary (2012)); Goldman Sachs Trust II; Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs Private Middle Market Credit II LLC; Goldman Sachs Middle Market Lending Corp.; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.
Joseph F. DiMaria 30 Hudson Street Jersey City, NJ 07302 Age: 52	Treasurer, Principal Financial Officer and Principal Accounting Officer	Since 2017 (Treasurer and Principal Financial Officer since 2019)	Managing Director, Goldman Sachs (November 2015-Present) and Vice President — Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010- October 2015). Treasurer, Principal Financial Officer and Principal Accounting Officer — Goldman Sachs ETF Trust (previously Assistant Treasurer (2017)); Goldman Sachs Trust (previously Assistant Treasurer (2016)); Goldman Sachs Variable Insurance Trust (previously Assistant Treasurer (2016)); Goldman Sachs Trust II (previously Assistant Treasurer (2017)); Goldman Sachs MLP Income Opportunities Fund (previously Assistant Treasurer (2017)); Goldman Sachs MLP and Energy Renaissance Fund (previously Assistant Treasurer (2017)); Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

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

¹  Information is provided as of August 31, 2020.

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

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

For the fiscal year ended August 31, 2020, 100% of the dividends paid from net investment company taxable income by the Goldman Sachs Hedge Industry VIP ETF qualify for the dividends received deduction available to corporations.

For the fiscal year ended August 31, 2020, 100% of the dividends paid from net investment company taxable income by the Goldman Sachs Hedge Industry VIP ETF qualify for the reduced tax rate under the Jobs and Growth Tax Relief and Reconciliation Act of 2003.

24

FUNDS PROFILE

Goldman Sachs ETFs

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

Today, the Consumer and Investment Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $1.88 trillion in assets under supervision as of June 30, 2020, 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 Investment Grade Corporate 1-5 Year Bond ETF

Goldman Sachs Access Treasury 0-1 Year ETF

Goldman Sachs Access Ultra Short Bond ETF

Goldman Sachs Access U.S. Aggregate Bond ETF

Goldman Sachs Data-Driven World ETF

Goldman Sachs Finance Reimagined ETF

Goldman Sachs Human Evolution ETF

Goldman Sachs Manufacturing Revolution ETF

Goldman Sachs New Age Consumer ETF

Goldman Sachs MarketBeta International Equity ETF

Goldman Sachs MarketBeta Emerging Markets Equity ETF

Goldman Sachs MarketBeta U.S. Equity ETF

INDEX DISCLAIMER

GOLDMAN SACHS ASSET MANAGEMENT, L.P., THE GOLDMAN SACHS GROUP, INC., AND GOLDMAN SACHS & CO. LLC (COLLECTIVELY, “GOLDMAN SACHS”) DOES NOT GUARANTEE NOR MAKE ANY REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, TO THE OWNERS OR SHAREHOLDERS OF THE FUND OR ANY MEMBER OF THE PUBLIC REGARDING THE ADVISABILITY OF INVESTING IN SECURITIES GENERALLY OR IN THE FUND PARTICULARLY OR THE ABILITY OF THE INDEX TO TRACK GENERAL MARKET PERFORMANCE. GOLDMAN SACHS, IN ITS CAPACITY AS THE INDEX PROVIDER OF THE INDEX, LICENSES CERTAIN TRADEMARKS AND TRADE NAMES TO THE FUND. GOLDMAN SACHS HAS NO OBLIGATION TO TAKE THE NEEDS OF THE FUND OR THE SHAREHOLDERS OF THE FUND INTO CONSIDERATION IN DETERMINING, COMPOSING OR CALCULATING THE INDEX. GOLDMAN SACHS, ITS AFFILIATES AND ANY OF ITS CLIENTS MAY HOLD LONG OR SHORT POSITIONS IN SECURITIES HELD BY THE FUND OR IN RELATED DERIVATIVES, INCLUDING THOSE LINKED TO THE INDEX. GOLDMAN SACHS DOES NOT GUARANTEE THE ADEQUACY, TIMELINESS, ACCURACY AND/OR THE COMPLETENESS OF THE INDEX OR ANY DATA RELATED THERETO. GOLDMAN SACHS HEREBY EXPRESSLY DISCLAIMS ANY AND ALL LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN OR IN THE CALCULATION THEREOF. GOLDMAN SACHS MAKES NO WARRANTY, EXPRESS OR IMPLIED, AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE MARKS, THE INDEX OR ANY DATA INCLUDED THEREIN AS TO THE RESULTS TO BE OBTAINED BY THE FUND, THE SHAREHOLDERS, OR ANY OTHER PERSON OR ENTITY FROM USE OF THE INDEX OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, GOLDMAN SACHS HEREBY EXPRESSLY DISCLAIMS ANY AND ALL LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.

TRUSTEES Lawrence W. Stranghoener, Chairman Caroline Dorsa Linda A. Lang Michael Latham James A. McNamara	OFFICERS James A. McNamara, President Joseph F. DiMaria, Treasurer, Principal Financial Officer and Principal Accounting Officer Caroline L. Kraus, Secretary
THE BANK OF NEW YORK MELLON Transfer Agent
ALPS DISTRIBUTORS, INC. Distributor	GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser

Visit our Website at www.GSAMFUNDS.com/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 during the most recent 12-month period ended June 30 is available (i) without charge, upon request by calling 1-800-621-2550; and (ii) on the Securities and Exchange Commission (“SEC”) web site at http://www.sec.gov.

The Fund will file portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be made available on the SEC’s web site at http://www.sec.gov. Portfolio holdings information may be obtained upon request and without charge by calling 1-800-621-2550.

Fund holdings and allocations shown are as of August 31, 2020 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.

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

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

This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current Prospectus or summary prospectus, if applicable. Investors should consider the Fund’s objective, risks, and charges and expenses, and read the summary prospectus, if available, and/or the Prospectus carefully before investing or sending money. The summary prospectus, if available, and the Prospectus contain this and other information about the Fund and may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC by calling 1-800-621-2550.

ActiveBeta^® is a registered trademark of GSAM.

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

© 2020 Goldman Sachs. All rights reserved. 218123-OTU-10/2020 HEDVIPETFAR-20

Goldman Sachs Funds

Annual Report	August 31, 2020
	JUST U.S. Large Cap Equity ETF (JUST)

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

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

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

Goldman Sachs JUST U.S. Large Cap Equity ETF

TABLE OF CONTENTS
Investment Process	1
Portfolio Management Discussion and Performance Summary	3
Index Definitions and Industry Terms	7
Schedule of Investments	8
Financial Statements	13
Financial Highlights	16
Notes to Financial Statements	17
Report of Independent Registered Public Accounting Firm	24
Other Information	26

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, in depositary receipts representing securities included in its underlying index and in underlying stocks in respect of depositary receipts included in its underlying index.

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

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

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

As of August 31, 2020, the Index consisted of 446 securities with a market capitalization range of between approximately $1.7 billion and $2,206.9 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.

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

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

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

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

The Fund may lend securities representing up to one-third of the value of the Fund’s total assets (including the value of any collateral received).

1

INVESTMENT PROCESS

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

* * *

At the end of the Reporting Period, i.e., the 12 month period ended August 31, 2020, 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.

2

PORTFOLIO RESULTS

Goldman Sachs JUST U.S. Large Cap Equity ETF

Investment Objective

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the 12-month period ended August 31, 2020 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund returned 23.29% based on net asset value (“NAV”) and 23.13% based on market price. The Index returned 23.73%, and the Russell 1000^® Index (Total Return, USD) (“Russell 1000^® Index”), a market-cap based index against which the performance of the Fund is measured, returned 22.43% during the same period.

The Fund had an NAV of $42.04 on August 31, 2019 and ended the Reporting Period with an NAV of $50.92 per share. The Fund’s market price on August 31, 2020 was $50.88 per share.

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

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

The Index’s performance is compared to that of the Russell 1000^® Index below. Given the Fund’s investment objective of attempting to track the Index, the Fund does not follow traditional methods of active investment management, which may involve buying and selling securities based upon analysis of economic and market factors. The Fund does not follow a strategy of seeking to outperform the Russell 1000^® Index.

During the Reporting Period, the Index posted double-digit positive absolute returns that outperformed the Russell 1000^® Index. The Fund also outperformed the Russell 1000^®  Index during the Reporting Period, as measured by NAV.

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

A Index constituents in the information technology, real estate and communication services sectors contributed most positively to the Index’s results relative to the Russell 1000^® Index during the Reporting Period. Index constituents in the consumer discretionary, financials and industrials sectors detracted most from the Index’s results relative to the Russell 1000^® Index during the Reporting Period.

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

A Relative to the Russell 1000^® Index, overweight positions in e-commerce retailing leader Amazon.com and information technology giant Apple and having no exposure to diversified conglomerate Berkshire Hathaway contributed most positively (4.32%, 5.24% and 0.00%¹ of Fund net assets as of August 31, 2020, respectively). Amazon.com and Apple each generated a double-digit gain within the Index during the Reporting Period, while Berkshire Hathaway posted a double-digit loss within the Index during the Reporting Period.

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

A Relative to the Russell 1000^® Index, having no exposure to electric vehicle manufacturer Tesla and overweight positions

¹  Some weights are 0.00% at August 31, 2020 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.

3

PORTFOLIO RESULTS

in aerospace and defense company Boeing and financial services company Wells Fargo & Company detracted most (0.00%¹, 0.69% and 0.77% of Fund net assets as of August 31, 2020, respectively). Tesla generated a double-digit gain within the Index during the Reporting Period, while Boeing and Wells Fargo & Company each posted a double-digit loss within the Index during the Reporting Period.

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

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

Q 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		29.15	%		29.15	%		28.40	%
Health Care		13.41			13.40			13.83
Consumer Discretionary		12.08			12.08			12.36
Communication Services		11.24			11.25			10.53
Financials		9.50			9.50			9.64
Industrials		7.80			7.80			8.35
Consumer Staples		6.95			6.95			6.35
Utilities		2.73			2.73			2.70
Real Estate		2.48			2.48			3.10
Materials		2.43			2.42			2.57
Energy		2.22			2.22			2.17

¹  Some weights are 0.00% at August 31, 2020 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.

²  Sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by GICS. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Underlying sector allocation of exchange-traded funds held by the Fund are not reflected in the chart above. Investments in the securities lending vehicle represented 0.05% of the Fund’s net assets as of August 31, 2020. Figures above may not sum to 100% due to rounding.

³  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.

4

FUND BASICS

Goldman Sachs JUST U.S. Large Cap Equity ETF

as of August 31, 2020

FUND SNAPSHOT
As of August 31, 2020
Market Price1	$	50.88
Net Asset Value (NAV)1	$	50.92

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

TOP 10 HOLDINGS AS OF 8/31/202
Holding	% of Net Assets			Line of Business	Country
Apple, Inc.		7.4	%	Information Technology	United States
Amazon.com, Inc.		6.0		Consumer Discretionary	United States
Microsoft Corp.		5.9		Information Technology	United States
Facebook, Inc., Class A		2.5		Communication Services	United States
Alphabet, Inc., Class A		1.7		Communication Services	United States
Alphabet, Inc., Class C		1.7		Communication Services	United States
Johnson & Johnson		1.6		Health Care	United States
Visa, Inc., Class A		1.6		Information Technology	United States
Procter & Gamble Co. (The)		1.5		Consumer Staples	United States
Mastercard, Inc., Class A		1.4		Information Technology	United States

²  The top 10 holdings may not be representative of the Fund’s future investments.

For more information about the Fund, please refer to www.GSAMFUNDS.com/ETFs. There, you can learn more about the Fund’s investment strategies, holdings, and performance.

5

GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF

Performance Summary

August 31, 2020

The following graph shows the value, as of August 31, 2020, of a $10,000 investment made on June 7, 2018 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index and a market-cap based index against which the performance of the Fund is measured, the JUST US Large Cap Diversified Index and the Russell 1000^® Index (Total Return, USD) are shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. In addition to the performance of constituents of the underlying index, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.

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

Performance of a $10,000 Investment, with distributions reinvested, from June 7, 2018 through August 31, 2020.

Average Annual Total Return through August 31, 2020*	1 Year Return	Since Inception
Shares based on NAV (Commenced June 7, 2018)	23.29%	13.34%
Shares based on Market Price (Commenced June 7, 2018)	23.13%	13.29%
JUST US Large Cap Diversified Index	23.73%	13.62%
Russell 1000® Index	22.43%	13.19%

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

6

FUND BASICS

Index Definitions and Industry Terms

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

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

The 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.

7

GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF

Schedule of Investments

August 31, 2020

Shares		Description	Value
Common Stocks – 99.3%
Communication Services – 11.2%
	5,237	Activision Blizzard, Inc.	$	437,394
	1,602	Alphabet, Inc., Class A*		2,610,507
	1,583	Alphabet, Inc., Class C*		2,586,907
	35,347	AT&T, Inc.		1,053,694
	28,319	Comcast Corp., Class A		1,268,975
	973	Discovery, Inc., Class A*		21,469
	2,031	Discovery, Inc., Class C*		40,559
	1,954	Electronic Arts, Inc.*		272,525
	12,836	Facebook, Inc., Class A*		3,763,515
	2,422	Interpublic Group of Cos., Inc. (The)		43,015
	268	John Wiley & Sons, Inc., Class A		8,482
	154	Liberty Media Corp.-Liberty Formula One, Class A*		5,572
	1,234	Liberty Media Corp.-Liberty Formula One, Class C*		48,101
	2,657	Netflix, Inc.*		1,407,041
	1,019	New York Times Co. (The), Class A		44,153
	1,326	Omnicom Group, Inc.		71,723
	2,628	T-Mobile US, Inc.*		306,635
	625	TripAdvisor, Inc.		14,606
	4,104	Twitter, Inc.*		166,540
	74	United States Cellular Corp.*		2,692
	20,537	Verizon Communications, Inc.		1,217,228
	11,294	Walt Disney Co. (The)		1,489,340
	383	Zillow Group, Inc., Class A*		32,662
	909	Zillow Group, Inc., Class C*		77,956
	6,076	Zynga, Inc., Class A*		55,049
				17,046,340
Consumer Discretionary – 12.0%
	419	Advance Auto Parts, Inc.		65,494
	2,649	Amazon.com, Inc.*		9,141,593
	1,833	Aptiv PLC		157,858
	1,425	Best Buy Co., Inc.		158,047
	255	Booking Holdings, Inc.*		487,165
	1,418	BorgWarner, Inc.		57,557
	1,018	CarMax, Inc.*		108,855
	342	Carvana Co.*		73,858
	813	Darden Restaurants, Inc.		70,463
	4,169	eBay, Inc.		228,378
	735	Etsy, Inc.*		87,979
	843	Expedia Group, Inc.		82,740
	26,716	Ford Motor Co.		182,203
	1,141	Gap, Inc. (The)		19,842
	8,564	General Motors Co.		253,751
	1,679	Gentex Corp.		45,417
	24	Graham Holdings Co., Class B		10,271
	288	Grand Canyon Education, Inc.*		27,083
	869	Hasbro, Inc.		68,599
	1,702	Hilton Worldwide Holdings, Inc.		153,793
	6,714	Home Depot, Inc. (The)		1,913,759
	219	Hyatt Hotels Corp., Class A		12,371
	966	Kohl’s Corp.		20,634
	1,431	L Brands, Inc.		42,071
	2,070	Las Vegas Sands Corp.		104,970
	408	Lear Corp.		46,483
	4,721	Lowe’s Cos., Inc.		777,501
Common Stocks – (continued)
Consumer Discretionary – (continued)
	1,677	Marriott International, Inc., Class A		172,580
	2,939	MGM Resorts International		66,127
	396	Mohawk Industries, Inc.*		36,563
	8,307	NIKE, Inc., Class B		929,470
	683	Nordstrom, Inc.(a)		10,928
	1,594	Norwegian Cruise Line Holdings Ltd.*		27,273
	201	Penske Automotive Group, Inc.		9,481
	264	Pool Corp.		86,550
	1,829	PulteGroup, Inc.		81,555
	481	PVH Corp.		26,821
	329	Ralph Lauren Corp.		22,645
	1,068	Royal Caribbean Cruises Ltd.		73,521
	1,084	Service Corp. International		49,485
	7,305	Starbucks Corp.		617,053
	1,894	Tapestry, Inc.		27,899
	3,122	Target Corp.		472,078
	830	Tiffany & Co.		101,675
	7,488	TJX Cos., Inc. (The)		410,268
	795	Toll Brothers, Inc.		33,565
	721	Tractor Supply Co.		107,306
	1,290	Under Armour, Inc., Class A*		12,655
	1,298	Under Armour, Inc., Class C*		11,487
	2,239	VF Corp.		147,214
	408	Wayfair, Inc., Class A*		120,996
	421	Whirlpool Corp.		74,820
	522	Wyndham Destinations, Inc.		15,133
	1,883	Yum! Brands, Inc.		180,486
				18,324,369
Consumer Staples – 6.9%
	3,797	Archer-Daniels-Midland Co.		169,954
	311	Brown-Forman Corp., Class A		20,675
	1,235	Brown-Forman Corp., Class B		90,365
	946	Bunge Ltd.		43,157
	1,202	Campbell Soup Co.		63,237
	1,683	Church & Dwight Co., Inc.		161,282
	863	Clorox Co. (The)		192,880
	26,518	Coca-Cola Co. (The)		1,313,437
	5,778	Colgate-Palmolive Co.		457,964
	3,339	Conagra Brands, Inc.		128,084
	2,758	Costco Wholesale Corp.		958,846
	4,162	General Mills, Inc.		266,160
	1,008	Hershey Co. (The)		149,829
	1,912	Hormel Foods Corp.		97,474
	460	Ingredion, Inc.		37,002
	754	J M Smucker Co. (The)		90,616
	1,717	Kellogg Co.		121,752
	2,326	Kimberly-Clark Corp.		366,950
	849	McCormick & Co., Inc.		175,064
	9,687	Mondelez International, Inc., Class A		565,915
	9,519	PepsiCo, Inc.		1,333,231
	16,715	Procter & Gamble Co. (The)		2,312,186
	3,025	Sysco Corp.		181,924
	1,507	US Foods Holding Corp.*		36,695
	8,711	Walmart, Inc.		1,209,522
				10,544,201

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 – 2.2%
	2,227	Apache Corp.	$	32,960
	3,867	Baker Hughes Co.		55,221
	11,037	Chevron Corp.		926,335
	592	Cimarex Energy Co.		16,446
	1,152	Concho Resources, Inc.		59,881
	6,340	ConocoPhillips		240,223
	2,251	Devon Energy Corp.		24,468
	3,437	EOG Resources, Inc.		155,834
	1,505	EQT Corp.		23,884
	2,404	Equitrans Midstream Corp.		24,713
	24,985	Exxon Mobil Corp.		997,901
	5,162	Halliburton Co.		83,521
	4,646	Marathon Oil Corp.		24,531
	4,788	Occidental Petroleum Corp.		60,999
	2,588	ONEOK, Inc.		71,118
	1,774	Parsley Energy, Inc., Class A		19,071
	2,577	Phillips 66		150,677
	967	Pioneer Natural Resources Co.		100,500
	8,188	Schlumberger NV		155,654
	7,169	Williams Cos., Inc. (The)		148,828
				3,372,765
Financials – 9.4%
	316	Affiliated Managers Group, Inc.		21,693
	2,101	Allstate Corp. (The)		195,393
	2,499	Ally Financial, Inc.		57,177
	4,383	American Express Co.		445,269
	5,768	American International Group, Inc.		168,080
	823	Ameriprise Financial, Inc.		129,046
	1,536	Aon PLC, Class A		307,185
	1,016	Associated Banc-Corp.		13,655
	397	Assurant, Inc.		48,259
	51,815	Bank of America Corp.		1,333,718
	262	Bank of Hawaii Corp.		14,421
	5,347	Bank of New York Mellon Corp. (The)		197,732
	985	BlackRock, Inc.		585,277
	211	BOK Financial Corp.		11,846
	3,028	Capital One Financial Corp.		209,023
	7,738	Charles Schwab Corp. (The)		274,931
	13,946	Citigroup, Inc.		712,920
	2,851	Citizens Financial Group, Inc.		73,755
	190	CNA Financial Corp.		6,112
	932	Comerica, Inc.		36,842
	2,049	Discover Financial Services		108,761
	739	Eaton Vance Corp.		30,314
	2,720	Equitable Holdings, Inc.		57,637
	166	Erie Indemnity Co., Class A		35,431
	232	FactSet Research Systems, Inc.		81,293
	4,758	Fifth Third Bancorp		98,300
	725	First American Financial Corp.		38,113
	2,059	First Horizon National Corp.		19,663
	1,142	First Republic Bank		128,943
	2,222	Goldman Sachs Group, Inc. (The)(b)		455,221
	252	Hanover Insurance Group, Inc. (The)		25,828
	2,391	Hartford Financial Services Group, Inc. (The)		96,716
	6,751	Huntington Bancshares, Inc.		63,527
Common Stocks – (continued)
Financials – (continued)
	3,615	Intercontinental Exchange, Inc.		384,021
	2,520	Invesco Ltd.		25,704
	20,290	JPMorgan Chase & Co.		2,032,855
	6,495	KeyCorp		80,018
	1,289	Lincoln National Corp.		46,468
	523	LPL Financial Holdings, Inc.		42,970
	3,387	Marsh & McLennan Cos., Inc.		389,200
	5,149	MetLife, Inc.		198,031
	1,087	Moody’s Corp.		320,274
	7,387	Morgan Stanley		386,045
	134	Morningstar, Inc.		21,460
	556	MSCI, Inc.		207,538
	763	Nasdaq, Inc.		102,563
	1,286	Northern Trust Corp.		105,311
	493	Pinnacle Financial Partners, Inc.		19,695
	2,842	PNC Financial Services Group, Inc. (The)		316,030
	265	Primerica, Inc.		33,085
	1,815	Principal Financial Group, Inc.		76,430
	3,916	Progressive Corp. (The)		372,177
	2,647	Prudential Financial, Inc.		179,387
	6,427	Regions Financial Corp.		74,296
	454	Reinsurance Group of America, Inc.		41,623
	329	RenaissanceRe Holdings Ltd. (Bermuda)		60,450
	1,610	S&P Global, Inc.		589,936
	345	SVB Financial Group*		88,106
	3,901	Synchrony Financial		96,784
	1,516	T. Rowe Price Group, Inc.		211,042
	1,739	TD Ameritrade Holding Corp.		66,743
	328	TFS Financial Corp.		5,068
	1,691	Travelers Cos., Inc. (The)		196,224
	9,018	Truist Financial Corp.		349,989
	1,469	Umpqua Holdings Corp.		16,570
	1,357	Unum Group		25,077
	9,102	US Bancorp		331,313
	840	Voya Financial, Inc.		43,604
	25,154	Wells Fargo & Co.		607,469
	860	Willis Towers Watson PLC		176,756
				14,402,393
Health Care – 13.3%
	10,287	Abbott Laboratories		1,126,118
	2,165	Agilent Technologies, Inc.		217,409
	364	Agios Pharmaceuticals, Inc.*		14,928
	465	Align Technology, Inc.*		138,096
	681	Alnylam Pharmaceuticals, Inc.*		90,328
	3,502	Amgen, Inc.		887,127
	1,504	Anthem, Inc.		423,406
	3,027	Baxter International, Inc.		263,561
	1,603	Becton Dickinson and Co.		389,160
	967	Biogen, Inc.*		278,148
	1,073	BioMarin Pharmaceutical, Inc.*		83,726
	8,312	Boston Scientific Corp.*		340,958
	13,470	Bristol-Myers Squibb Co.		837,834
	1,741	Cardinal Health, Inc.		88,373
	288	Charles River Laboratories International, Inc.*		63,058
	2,154	Cigna Corp.		382,055

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)

August 31, 2020

Shares		Description	Value
Common Stocks – (continued)
Health Care – (continued)
	8,168	CVS Health Corp.	$	507,396
	3,725	Danaher Corp.		769,101
	3,670	Edwards Lifesciences Corp.*		315,033
	2,375	Elanco Animal Health, Inc.*		69,018
	5,014	Eli Lilly and Co.		744,027
	881	Exact Sciences Corp.*		66,330
	7,470	Gilead Sciences, Inc.		498,623
	1,584	HCA Healthcare, Inc.		214,980
	846	Henry Schein, Inc.*		56,208
	1,525	Hologic, Inc.*		91,073
	789	Humana, Inc.		327,569
	499	IDEXX Laboratories, Inc.*		195,139
	871	Illumina, Inc.*		311,139
	1,082	Incyte Corp.*		104,251
	690	Intuitive Surgical, Inc.*		504,280
	15,693	Johnson & Johnson		2,407,463
	1,006	McKesson Corp.		154,361
	7,985	Medtronic PLC		858,148
	15,031	Merck & Co., Inc.		1,281,693
	163	Mettler-Toledo International, Inc.*		158,237
	374	PRA Health Sciences, Inc.*		39,984
	796	Quest Diagnostics, Inc.		88,547
	577	Regeneron Pharmaceuticals, Inc.*		357,700
	851	ResMed, Inc.		153,844
	307	Sage Therapeutics, Inc.*		16,099
	2,060	Stryker Corp.		408,210
	2,353	Thermo Fisher Scientific, Inc.		1,009,390
	5,619	UnitedHealth Group, Inc.		1,756,218
	542	Varian Medical Systems, Inc.*		94,129
	1,545	Vertex Pharmaceuticals, Inc.*		431,240
	431	Waters Corp.*		93,208
	1,232	Zimmer Biomet Holdings, Inc.		173,564
	2,831	Zoetis, Inc.		453,243
				20,333,730
Industrials – 7.8%
	3,941	3M Co.		642,462
	1,070	AECOM*		42,276
	3,743	Boeing Co. (The)		643,122
	668	BWX Technologies, Inc.		37,147
	6,081	Carrier Global Corp.		181,518
	3,798	Caterpillar, Inc.		540,493
	1,034	Cummins, Inc.		214,296
	2,195	Deere & Co.		461,082
	3,977	Delta Air Lines, Inc.		122,690
	2,800	Eaton Corp. PLC		285,880
	4,172	Emerson Electric Co.		289,829
	1,164	Expeditors International of Washington, Inc.		102,886
	1,700	FedEx Corp.		373,728
	944	Fortune Brands Home & Security, Inc.		79,372
	61,015	General Electric Co.		386,835
	1,158	Graco, Inc.		67,187
	561	Hexcel Corp.		22,098
	2,762	Howmet Aerospace, Inc.		48,390
	275	Huntington Ingalls Industries, Inc.		41,668
	2,204	Illinois Tool Works, Inc.		435,400
Common Stocks – (continued)
Industrials – (continued)
	874	Jacobs Engineering Group, Inc.		78,896
	5,218	Johnson Controls International PLC		212,529
	666	Kansas City Southern		121,239
	242	Lennox International, Inc.		67,840
	1,738	Lockheed Martin Corp.		678,272
	512	Macquarie Infrastructure Corp.		14,346
	403	ManpowerGroup, Inc.		29,544
	315	MSC Industrial Direct Co., Inc., Class A		20,759
	2,225	Nielsen Holdings PLC		33,998
	400	Nordson Corp.		74,596
	1,794	Norfolk Southern Corp.		381,279
	1,094	Northrop Grumman Corp.		374,815
	685	Old Dominion Freight Line, Inc.		138,493
	474	Oshkosh Corp.		36,503
	3,038	Otis Worldwide Corp.		191,090
	747	Owens Corning		50,527
	9,992	Raytheon Technologies Corp.		609,512
	1,468	Republic Services, Inc.		136,113
	813	Rockwell Automation, Inc.		187,421
	376	Snap-on, Inc.		55,750
	3,343	Southwest Airlines Co.		125,630
	1,079	Stanley Black & Decker, Inc.		174,043
	445	Timken Co. (The)		24,115
	747	Toro Co. (The)		56,234
	1,673	Trane Technologies PLC		198,066
	4,762	Union Pacific Corp.		916,399
	1,673	United Airlines Holdings, Inc.*		60,228
	4,943	United Parcel Service, Inc., Class B		808,774
	503	United Rentals, Inc.*		89,056
	1,116	Univar Solutions, Inc.*		20,300
	1,109	Verisk Analytics, Inc.		207,017
	2,961	Waste Management, Inc.		337,554
	388	Woodward, Inc.		33,248
	314	W.W. Grainger, Inc.		114,745
	634	XPO Logistics, Inc.*		55,963
	1,255	Xylem, Inc.		100,626
				11,833,879
Information Technology – 28.9%
	381	2U, Inc.*		15,770
	4,468	Accenture PLC, Class A		1,072,007
	2,569	Adobe, Inc.*		1,318,899
	6,233	Advanced Micro Devices, Inc.*		566,081
	853	Akamai Technologies, Inc.*		99,315
	329	Alliance Data Systems Corp.		14,841
	1,963	Analog Devices, Inc.		229,435
	87,448	Apple, Inc.		11,284,290
	4,898	Applied Materials, Inc.		301,717
	1,173	Autodesk, Inc.*		288,206
	3,012	Automatic Data Processing, Inc.		418,939
	687	Avnet, Inc.		18,899
	963	Booz Allen Hamilton Holding Corp.		84,802
	763	Broadridge Financial Solutions, Inc.		104,836
	1,470	Cadence Design Systems, Inc.*		163,038
	755	CDW Corp.		85,806
	817	Ciena Corp.*		46,381
	22,698	Cisco Systems, Inc.		958,310

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)
	661	Citrix Systems, Inc.	$	95,977
	166	Coherent, Inc.*		18,702
	818	Dell Technologies, Inc., Class C*		54,053
	942	DocuSign, Inc.*		210,066
	391	Dolby Laboratories, Inc., Class A		27,311
	1,310	Dropbox, Inc., Class A*		27,733
	290	Elastic NV*		31,488
	327	F5 Networks, Inc.*		43,272
	463	Gartner, Inc.*		60,107
	6,886	Hewlett Packard Enterprise Co.		66,588
	7,642	HP, Inc.		149,401
	222	HubSpot, Inc.*		66,529
	22,660	Intel Corp.		1,154,527
	4,751	International Business Machines Corp.		585,846
	1,345	Intuit, Inc.		464,550
	1,031	Jabil, Inc.		35,209
	531	Jack Henry & Associates, Inc.		87,838
	1,756	Juniper Networks, Inc.		43,900
	1,310	Keysight Technologies, Inc.*		129,061
	773	Lam Research Corp.		259,991
	162	Littelfuse, Inc.		29,296
	5,908	Mastercard, Inc., Class A		2,116,187
	1,418	Maxim Integrated Products, Inc.		97,048
	5,946	Micron Technology, Inc.*		270,602
	40,033	Microsoft Corp.		9,028,642
	224	MongoDB, Inc.*		52,371
	910	Motorola Solutions, Inc.		140,822
	689	National Instruments Corp.		24,728
	1,182	NetApp, Inc.		56,015
	2,977	NortonLifeLock, Inc.		70,019
	951	Nutanix, Inc., Class A*		27,303
	3,154	NVIDIA Corp.		1,687,327
	613	Okta, Inc.*		132,022
	2,164	ON Semiconductor Corp.*		46,245
	10,551	Oracle Corp.		603,728
	365	PagerDuty, Inc.*		11,925
	2,248	Paychex, Inc.		171,905
	242	Paylocity Holding Corp.*		35,634
	8,236	PayPal Holdings, Inc.*		1,681,297
	212	Pegasystems, Inc.		27,236
	660	Pluralsight, Inc., Class A*		12,632
	559	PTC, Inc.*		51,098
	1,290	Pure Storage, Inc., Class A*		19,685
	6,015	QUALCOMM, Inc.		716,386
	1,720	Sabre Corp.		12,023
	4,632	salesforce.com, Inc.*		1,262,915
	1,019	ServiceNow, Inc.*		491,178
	848	Splunk, Inc.*		185,992
	801	Synopsys, Inc.*		177,261
	587	Teradata Corp.*		14,293
	880	Teradyne, Inc.		74,774
	4,907	Texas Instruments, Inc.		697,530
	252	Trade Desk, Inc. (The), Class A*		121,288
	1,748	Trimble, Inc.*		91,613
	687	Twilio, Inc., Class A*		185,325
	303	Universal Display Corp.		53,176
	548	VeriSign, Inc.*		117,710
Common Stocks – (continued)
Information Technology – (continued)
	11,309	Visa, Inc., Class A		2,397,395
	425	VMware, Inc., Class A*(a)		61,387
	2,742	Western Union Co. (The)		64,684
	918	Workday, Inc., Class A*		220,054
	965	Xerox Holdings Corp.		18,200
	367	Zebra Technologies Corp., Class A*		105,157
	603	Zendesk, Inc.*		58,117
				44,203,946
Materials – 2.4%
	1,481	Air Products and Chemicals, Inc.		432,837
	708	Albemarle Corp.		64,435
	370	Ashland Global Holdings, Inc.		27,265
	583	Avery Dennison Corp.		67,273
	1,414	Axalta Coating Systems Ltd.*		33,724
	2,236	Ball Corp.		179,707
	793	Celanese Corp.		80,212
	1,432	CF Industries Holdings, Inc.		46,726
	910	Crown Holdings, Inc.*		69,934
	4,986	Dow, Inc.		224,968
	912	Eastman Chemical Co.		66,676
	1,673	Ecolab, Inc.		329,715
	9,729	Freeport-McMoRan, Inc.		151,870
	1,943	Graphic Packaging Holding Co.		27,163
	718	International Flavors & Fragrances, Inc.(a)		88,881
	2,638	International Paper Co.		95,680
	3,527	Linde PLC (United Kingdom)		880,833
	1,719	LyondellBasell Industries NV, Class A		112,560
	437	Martin Marietta Materials, Inc.		88,654
	5,393	Newmont Corp.		362,841
	1,087	Sealed Air Corp.		42,719
	702	Sonoco Products Co.		37,227
	927	Vulcan Materials Co.		111,240
	1,795	Westrock Co.		54,443
				3,677,583
Real Estate – 2.5%
	2,957	American Tower Corp. REIT		736,737
	988	Apartment Investment and Management Co., Class A REIT		35,598
	942	AvalonBay Communities, Inc. REIT		148,892
	1,042	Boston Properties, Inc. REIT		90,519
	629	Camden Property Trust REIT		57,201
	2,233	CBRE Group, Inc., Class A*		105,018
	2,781	Crown Castle International Corp. REIT		453,998
	1,789	Digital Realty Trust, Inc. REIT		278,458
	589	Equinix, Inc. REIT		465,180
	2,461	Equity Residential REIT		138,923
	843	Extra Space Storage, Inc. REIT		89,822
	260	Howard Hughes Corp. (The)*		15,369
	1,912	Iron Mountain, Inc. REIT		57,532
	815	JBG SMITH Properties REIT		22,551
	345	Jones Lang LaSalle, Inc.		35,549
	2,738	Kimco Realty Corp. REIT		32,829
	1,598	Park Hotels & Resorts, Inc. REIT		15,165
	4,929	Prologis, Inc. REIT		502,068
	739	SBA Communications Corp. REIT		226,186

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)

August 31, 2020

Shares		Description	Value
Common Stocks – (continued)
Real Estate – (continued)
	2,497	Ventas, Inc. REIT	$	102,901
	4,998	Weyerhaeuser Co. REIT		151,489
				3,761,985
Utilities – 2.7%
	1,790	Alliant Energy Corp.		96,928
	3,563	American Electric Power Co., Inc.		280,871
	404	Avangrid, Inc.		19,408
	3,608	CenterPoint Energy, Inc.		72,413
	2,046	CMS Energy Corp.		123,762
	2,401	Consolidated Edison, Inc.		171,287
	6,016	Dominion Energy, Inc.		471,895
	1,380	DTE Energy Co.		163,765
	5,271	Duke Energy Corp.		423,472
	2,561	Edison International		134,401
	2,415	Eversource Energy		206,990
	6,980	Exelon Corp.		257,632
	3,881	FirstEnergy Corp.		110,958
	361	IDACORP, Inc.		32,454
	1,397	MDU Resources Group, Inc.		32,997
	3,511	NextEra Energy, Inc.		980,166
	1,432	OGE Energy Corp.		45,623
	808	Pinnacle West Capital Corp.		59,267
	3,620	Public Service Enterprise Group, Inc.		189,109
	2,104	Sempra Energy		260,160
				4,133,558
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $122,720,467)		$	151,634,749
Shares		Dividend Rate	Value
Securities Lending Reinvestment Vehicle – 0.0%(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	76,274	0.027%	$	76,274
	(Cost $76,274)
	TOTAL INVESTMENTS – 99.3%
	(Cost $122,796,741)		$	151,711,023
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.7%			1,042,971
	NET ASSETS – 100.0%		$	152,753,994

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

August 31, 2020

Assets:
Investments in unaffiliated issuers, at value (cost $122,236,547)(a)	$	151,179,528
Investments in affiliated issuers, at value (cost $483,920)		455,221
Investments in securities lending reinvestment vehicle, at value which equals cost		76,274
Cash		927,392
Receivables:
Dividends		216,517
Securities lending income		38
Total assets		152,854,970
Liabilities:
Payables:
Upon return of securities loaned		76,274
Management fees		24,702
Total liabilities		100,976
Net Assets:
Paid-in capital		130,028,848
Total distributable earnings		22,725,146
NET ASSETS	$	152,753,994
SHARES ISSUED AND OUTSTANDING
Shares outstanding no par value (unlimited shares authorized):		3,000,000
Net asset value per share:		$50.92

(a) Includes loaned securities having a market value of $74,186.

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 Fiscal Year Ended August 31, 2020

Investment income:
Dividends — unaffiliated issuer (net of foreign withholding taxes of $40)	$	2,354,171
Dividends — affiliated issuers		10,589
Securities lending income — unaffiliated issuer		1,104
Total investment income		2,365,864
Expenses:
Management fees		247,063
Trustee fees		6,810
Total expenses		253,873
NET INVESTMENT INCOME		2,111,991
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		(3,210,428	)
Investments — affiliated issuers		(11,690	)
In-kind redemptions — unaffiliated issuers		8,861,864
In-kind redemptions — affiliated issuers		10,307
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		23,611,059
Investments — affiliated issuers		32,192
Net realized and unrealized gain		29,293,304
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	31,405,295

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

	For the Fiscal Year Ended August 31, 2020			For the Fiscal Year Ended August 31, 2019
From operations:
Net investment income	$	2,111,991		$	3,151,564
Net realized gain (loss)		5,650,053			(2,234,063	)
Net change in unrealized gain (loss)		23,643,251			(6,457,542	)
Net increase (decrease) in net assets resulting from operations		31,405,295			(5,540,041	)
Distributions to shareholders:
From distributable earnings		(2,180,884	)		(3,779,599	)
From share transactions:
Proceeds from sales of shares		46,857,228			45,068,001
Cost of shares redeemed		(52,602,473	)		(179,278,963	)
Net decrease in net assets resulting from share transactions		(5,745,245	)		(134,210,962	)
TOTAL INCREASE (DECREASE)		23,479,166			(143,530,602	)
Net assets:
Beginning of year	$	129,274,828		$	272,805,430
End of year	$	152,753,994		$	129,274,828

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

	For the Fiscal Year Ended August 31,						For the Period June 7, 2018* to August 31, 2018
	2020			2019
Per Share Operating Performance:
Net asset value, beginning of period	$	42.04		$	42.13		$	40.08
Net investment income(a)		0.74			0.72			0.17
Net realized and unrealized gain		8.90			0.08			1.88
Total gain from investment operations		9.64			0.80			2.05
Distributions to shareholders from net investment income		(0.76	)		(0.89	)		—
Net asset value, end of period	$	50.92		$	42.04		$	42.13
Market price, end of period	$	50.88		$	42.06		$	42.13
Total Return at Net Asset Value(b)		23.29	%		2.06	%		5.11	%
Net assets, end of period (in 000’s)	$	152,754		$	129,275		$	272,805
Ratio of total expenses to average net assets		0.20	%		0.20	%		0.20	%(c)
Ratio of net investment income to average net assets		1.69	%		1.79	%		1.84	%(c)
Portfolio turnover rate(d)		14	%		17	%		2	%

* Commencement of operations.

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

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

(c) Annualized.

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

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

GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF

Notes to Financial Statements

August 31, 2020

1. ORGANIZATION

Goldman Sachs JUST U.S. Large Cap Equity ETF (the “Fund”) is a diversified series of the Goldman Sachs ETF Trust (the “Trust”) which is an open-end management investment company, registered under the Investment Company Act of 1940, as amended (the “Act”), consisting of multiple series. The Trust was organized as a Delaware statutory trust on December 16, 2009.

The investment objective of the Fund is to provide investment results that closely correspond, before fees and expenses, to the performance of the JUST US Large Cap Diversified Index (the “Index”).

Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as investment adviser to the Fund pursuant to a management agreement (the “Agreement”) with the Trust. The Fund is an exchange-traded fund (“ETF”). Shares of the Fund are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”). Market prices for the Fund’s shares may be different from its net asset value (“NAV”). The Fund issues and redeems shares at its NAV only in blocks of a specified number of shares, or multiples thereof, referred to as “Creation Units”. Creation Units are issued and redeemed principally in-kind for a basket of securities and a cash amount. Shares generally trade in the secondary market in quantities less than a Creation Unit at market prices that change throughout the day. Only those that have entered into an authorized participant agreement with ALPS Distributors, Inc. (the “Distributor”) may do business directly with the Fund.

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. The Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.

A.  Investment Valuation — The Fund’s valuation policy is to value investments at fair value.

B.  Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily NAV calculations. Distributions received from the Fund’s investments in U.S. real estate investment trusts (“REITs”) may be characterized as ordinary income, net capital gain and/or a return of capital. A return of capital is recorded by the Fund as a reduction to the cost basis of the REIT.

C.  Expenses — Expenses incurred directly by the Fund are charged to the Fund, and certain expenses incurred by the Trust that may not solely relate to the Fund are allocated to the Fund and the other applicable funds of the Trust on a straight-line and/or pro- rata basis, depending upon the nature of the expenses, and are accrued daily.

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

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

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

17

GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF

Notes to Financial Statements (continued)

August 31, 2020

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 level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

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

Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;

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

The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the 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 will be valued at the valid closing bid price for long positions and at the valid closing ask price for short positions (i.e. where there is sufficient volume, during normal exchange trading hours). If no valid bid/ask price is available, the equity security will be valued pursuant to the Valuation Procedures approved by the Trustees and consistent with applicable regulatory guidance. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2.

Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price for long positions or the last ask price for short positions, and are generally classified as Level 2.

Money Market Funds — Investments in the Goldman Sachs Financial Square Government Fund (“Underlying Fund”) are valued at the NAV per share of the Institutional Share class on the day of valuation. These investments are generally classified as Level 1 of the fair value hierarchy. For information regarding the Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.

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

18

GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

of the securities at the time of determining the Fund’s NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.

On August 31, 2020 the Fund did not hold Level 3 securities.

C.  Fair Value Hierarchy — The following is a summary of the Fund’s investments classified in the fair value hierarchy as of August 31, 2020:

JUST U.S. LARGE CAP EQUITY ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	880,833	$	—	$	—
North America		150,753,916		—		—
Securities Lending Reinvestment Vehicle		76,274		—		—
Total	$	151,711,023	$	—	$	—

(a) Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile noted in the table.

For further information regarding security characteristics, see the Schedule of Investments.

4. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

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

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

For the fiscal year ended August 31, 2020, the unitary management fee rate with GSAM was 0.20%.

B.  Other Transactions with Affiliates — The Fund may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is solely due to having a common investment adviser, common officers, or common trustees. The following table provides information about the Fund’s investment in The Goldman Sachs Group, Inc. for the fiscal year ended August 31, 2020:

Beginning value as of August 31, 2019	Purchases at Cost	Proceeds from Sales	Realized Loss	Change in Unrealized Appreciation	Ending value as of August 31, 2020	Shares as of August 31, 2020	Dividend Income
$ 468,789	$ 188,001	$ (232,378)	$ (1,383)	$ 32,192	$ 455,221	2,222	$ 10,589

19

GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF

Notes to Financial Statements (continued)

August 31, 2020

5. CREATION AND REDEMPTION OF CREATION UNITS

The Trust issues and redeems shares of the Fund only in Creation Units on a continuous basis through the Distributor, without an initial sales load, at NAV next determined after receipt, on any Business Day (as defined in the Statement of Additional Information), of an order in proper form. Shares of the Fund may only be purchased or redeemed by certain financial institutions (each an “Authorized Participant”). An Authorized Participant is either (1) a “Participating Party” or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation; or (2) a Depository Trust Company participant; which, in either case, must have executed an agreement with the Distributor. Retail investors will typically not qualify as an Authorized Participant or have the resources to buy and sell whole Creation Units. Therefore, they will be unable to purchase or redeem the shares directly from the Fund. Rather, most retail investors will purchase shares in the secondary market at market prices with the assistance of a broker and may be subject to customary brokerage commissions or fees. Fixed creation and redemption transaction fees are imposed in connection with creations and redemptions.

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

Share activity is as follows:

	JUST U.S. Large Cap Equity ETF
	For the Fiscal Year Ended August 31, 2020						For the Fiscal Year Ended August 31, 2019
	Shares			Dollars			Shares			Dollars
Fund Share Activity
Shares Sold		1,075,000		$	46,857,228			1,125,000		$	45,067,999
Shares Redeemed		(1,150,000	)		(52,602,473	)		(4,525,000	)		(179,278,963	)
NET DECREASE IN SHARES		(75,000	)	$	(5,745,245	)		(3,400,000	)	$	(134,210,964	)

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales of long-term securities for the fiscal year ended August 31, 2020, were $18,079,212 and $18,890,405, respectively.

The purchases and sales from in-kind creation and redemption transactions for the fiscal year ended August 31, 2020 were $46,721,144 and $52,482,608, 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

20

GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF

7. SECURITIES LENDING (continued)

borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

The Fund invests the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”), an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net assets of the Government Money Market Fund.

In the event of a default by a borrower with respect to any loan, BNYM may exercise any and all remedies provided under the applicable borrower agreement to make the Fund whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If BNYM is unable to purchase replacement securities, BNYM will indemnify the Fund by paying the Fund an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Fund’s master netting agreements with certain borrowers provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws. The Fund’s loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the value of the cash received. The amounts of the Fund’s overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of August 31, 2020, are disclosed as “Payable upon return of securities loaned” on the Statement of Assets and Liabilities, where applicable.

Both the Fund and BNYM received compensation relating to the lending of the Fund’s securities. The amounts earned, if any, by the Fund for the fiscal year ended August 31, 2020, are reported under Investment Income on the Statement of Operations.

The following table provides information about the Fund’s investment in the Government Money Market Fund for the fiscal year ended August 31, 2020:

Beginning value as of August 31, 2019		Purchases at Cost		Proceeds from Sales			Ending value as of August 31, 2020
$	44,769	$	4,228,209	$	(4,196,704	)	$	76,274

8. TAX INFORMATION

The tax character of distributions paid during the fiscal years ended August 31, 2020 and August 31, 2019 was as follows:

	2020		2019
Distributions paid from:
Ordinary Income	$	2,180,884	$	3,779,599
Total taxable distributions	$	2,180,884	$	3,779,599

21

GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF

Notes to Financial Statements (continued)

August 31, 2020

8. TAX INFORMATION (continued)

As of August 31, 2020, the components of accumulated earnings (losses) on a tax-basis were as follows:

	JUST U.S. Large Cap Equity ETF
Undistributed ordinary income — net	$	355,416
Capital loss carryforwards:
Perpetual Short-Term	$	(4,099,633	)
Perpetual Long-Term		(1,120,241	)
Unrealized gains (losses) — net	$	27,589,604
Total accumulated earnings (losses) net	$	22,725,146

As of August 31, 2020, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

	JUST U.S. Large Cap Equity ETF
Tax Cost	$	124,121,419
Gross unrealized gain		36,973,777
Gross unrealized loss		(9,384,173	)
Net unrealized gains (losses)	$	27,589,604

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

The Fund reclassified $8,261,311 from distributable earnings to paid in capital for the year ending August 31, 2020. In order to present certain components of the Fund’s capital accounts on a tax-basis, certain reclassifications have been recorded to the Fund’s accounts. These reclassifications have no impact on the NAV of the Fund and result primarily from redemptions in kind.

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

9. OTHER RISKS

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

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

Errors in index data, index computation or the construction of the Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. In addition, neither the Fund, the Investment Adviser, the Calculation Agent nor the Index Provider can guarantee the availability or timeliness of the production of the Index.

Market and Credit Risks — In the normal course of business, the Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which the

22

GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF

9. OTHER RISKS (continued)

Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also significantly impact the Fund and its investments.

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

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

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

10. INDEMNIFICATIONS

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

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.

23

Report of Independent Registered Public

Accounting Firm

To the Board of Trustees of Goldman Sachs ETF Trust and Shareholders of Goldman Sachs JUST U.S. Large Cap Equity ETF

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Goldman Sachs JUST U.S. Large Cap Equity ETF (one of the funds constituting Goldman Sachs ETF Trust, referred to hereafter as the “Fund”) as of August 31, 2020, the related statement of operations for the year ended August 31, 2020, the statements of changes in net assets for each of the two years in the period ended August 31, 2020, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of August 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended August 31, 2020 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2020 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

October 26, 2020

We have served as the auditor of one or more investment companies in the Goldman Sachs fund complex since 2000.

24

GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF

Liquidity Risk Management Program (Unaudited)

The Fund has adopted and implemented a liquidity risk management program (the “Program”) in accordance with Rule 22e-4 under the 1940 Act. The Program seeks to assess and manage the Fund’s liquidity risk, i.e., the risk that the Fund is unable to satisfy redemption requests without significantly diluting remaining investors’ interests in the Fund. The Board of Trustees of the Trust has designated GSAM, the Fund’s investment adviser, to administer the Program. Certain aspects of the Program rely on third parties to perform certain functions, including the provision of market data and application of models.

The Program is comprised of various components designed to support the assessment and/or management of liquidity risk, including: (1) the periodic assessment (no less frequently than annually) of certain factors that influence a Fund’s liquidity risk; (2) the periodic classification (no less frequently than monthly) of a Fund’s investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) a 15% limit on the acquisition of “illiquid investments” (as defined under Rule 22e-4); (4) for a Fund that does not invest primarily in “highly liquid investments” (as defined under Rule 22e-4), the determination of a minimum percentage of the Fund’s assets that will generally be invested in highly liquid investments (a “Highly Liquid Investment Minimum”); and (5) periodic reporting to the Board of Trustees.

At a meeting of the Board of Trustees on March 18-19, 2020, GSAM provided a written report to the Board addressing the operation, and the adequacy and effectiveness of the implementation, of the Program, including, as applicable, the operation of any Highly Liquid Investment Minimum and any material changes to the Program, for the initial period from December 1, 2018 through December 31, 2019 (the “Reporting Period”). Among other things, the annual report discussed: (1) the results of stress tests designed to assess liquidity under a hypothetical stressed scenario involving elevated redemptions; and (2) an assessment of the methodologies used to classify investments into one of four liquidity categories. The report concluded that the Program was reasonably designed to assess and manage liquidity risk and was adequately and effectively implemented during the Reporting Period.

There can be no assurance that the Program will achieve its objectives under all circumstances in the future. Please refer to your Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other risks to which it may be subject.

25

GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF

Fund Expenses — Six Month Period ended  8/31/2020 (Unaudited)

As a shareholder you incur ongoing costs, including management fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in Shares of the Fund and to compare these costs with the ongoing costs of investing in other exchange-traded funds. This example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares of the Fund.

The example is based on an investment of $1,000 invested at the beginning of the period from March 1, 2020 and held for the six months ended August 31, 2020, which represents a period of 184 days of a 366 day year (or less where indicated).

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

Hypothetical Example for Comparison Purposes — The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual net expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees, or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	JUST U.S. Large Cap Equity ETF
	Beginning Account Value 3/1/2020		Ending Account Value 8/31/2020			Expenses Paid*
Actual based on NAV	$	1,000	$	1,209.80		$	1.11
Hypothetical 5% return	$	1,000	$	1,024.13	+	$	1.02

+ 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 August 31, 2020. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal year; and then dividing that result by the number of days in the fiscal year.

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

Fund
JUST U.S. Large Cap Equity ETF	0.20	%

26

GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF

Trustees and Officers (Unaudited) Independent Trustees

Name, Address and Age1	Position(s) Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee3	Other Directorships Held by Trustee4
Lawrence W. Stranghoener Age: 66	Chairman of the Board of Trustees	Trustee Since 2015; Chairman Since 2017	Mr. Stranghoener is retired. He is Director, Kennametal, Inc. (a global manufacturer and distributor of tooling and industrial materials) (2003-Present); and was formerly Director, Aleris Corporation and Aleris International, Inc. (a producer of aluminum rolled products) (2011-2020); Interim Chief Executive Officer (2014); and Executive Vice President and Chief Financial Officer (2004-2014), Mosaic Company (a fertilizer manufacturing company). Chairman of the Board of Trustees — Goldman Sachs ETF Trust; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.	46	Kennametal Inc. (a global manufacturer and distributor of tooling and industrial materials)
Caroline Dorsa Age: 61	Trustee	Since 2016	Ms. Dorsa is retired. She is Director, Biogen Inc. (a biotechnology company) (2010-Present); Director, Intellia Therapeutics Inc. (a gene- editing company) (2015-Present); and Director, Illumina, Inc. (a life sciences company) (2017- Present). She was formerly Executive Vice President and Chief Financial Officer, Public Service Enterprise Group, Inc. (a generation and energy services company) (2009-2015); Senior Vice President, Merck & Co, Inc. (a pharmaceutical company) (2008-2009 and 1987- 2007); Senior Vice President and Chief Financial Officer, Gilead Sciences, Inc. (a pharmaceutical company) (2007-2008); and Senior Vice President and Chief Financial Officer, Avaya, Inc. (a technology company) (2007). Trustee — Goldman Sachs ETF Trust; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.	46	Biogen Inc. (a biotechnology company); Intellia Therapeutics Inc. (a gene-editing company); Illumina, Inc. (a life sciences company)
Linda A. Lang Age: 62	Trustee	Since 2016	Ms. Lang is retired. She was formerly Chair of the Board of Directors (2016-2019), and Member of the Board of Directors, WD-40 Company (a global consumer products company) (2004-2019); Chairman and Chief Executive Officer (2005-2014); and Director, President and Chief Operating Officer, Jack in the Box, Inc. (a restaurant company) (2003-2005). Previously, Ms. Lang served as an Advisory Board Member of Goldman Sachs MLP Income Opportunities Fund and Goldman Sachs MLP and Energy Renaissance Fund (February 2016-March 2016). Trustee — Goldman Sachs ETF Trust; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.	46	None
Michael Latham Age: 54	Trustee	Since 2015	Mr. Latham is retired. Formerly, he held senior management positions with the iShares exchange-traded fund business, including Chairman (2011-2014); Global Head (2010-2011); U.S. Head (2007-2010); and Chief Operating Officer (2003-2007). Trustee — Goldman Sachs ETF Trust; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.	46	None

27

GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF

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

Name, Address and Age1	Position(s) Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee3	Other Directorships Held by Trustee4
James A. McNamara Age: 57	Trustee and President	Since 2014	Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President and Trustee — Goldman Sachs ETF Trust; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.	168	None

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

¹  Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Caroline L. Kraus. Information is provided as of August 31, 2020.

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

³  The Goldman Sachs Fund Complex includes certain other companies listed above for each respective Trustee. As of August 31, 2020, Goldman Sachs ETF Trust consisted of 42 portfolios (23 of which offered shares to the public); Goldman Sachs Trust consisted of 90 portfolios (89 of which offered shares to the public); Goldman Sachs Variable Insurance Trust consisted of 13 portfolios; Goldman Sachs Trust II consisted of 19 portfolios (17 of which offered shares to the public); and Goldman Sachs MLP Income Opportunities Fund, Goldman Sachs MLP and Energy Renaissance Fund, Goldman Sachs Credit Income Fund and Goldman Sachs Real Estate Diversified Income Fund each consisted of one portfolio. Goldman Sachs Credit Income Fund did not offer shares to the public.

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

Additional information about the Trustees is available in the Fund’s Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States of America): 1-800-621-2550.

28

GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF

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

Name, Address and Age1	Positions Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years
James A. McNamara 200 West Street New York, NY 10282 Age: 57	Trustee and President	Since 2014	Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President and Trustee — Goldman Sachs ETF Trust; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.
Caroline L. Kraus 200 West Street New York, NY 10282 Age: 43	Secretary	Since 2014	Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (August 2006-December 2015); Senior Counsel, Goldman Sachs (January 2020-Present); Associate General Counsel, Goldman Sachs (2012-December 2019); Assistant General Counsel, Goldman Sachs (August 2006-December 2011); and Associate, Weil, Gotshal & Manges, LLP (2002-2006). Secretary — Goldman Sachs ETF Trust; Goldman Sachs Trust (previously Assistant Secretary (2012)); Goldman Sachs Variable Insurance Trust (previously Assistant Secretary (2012)); Goldman Sachs Trust II; Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs Private Middle Market Credit II LLC; Goldman Sachs Middle Market Lending Corp.; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.
Joseph F. DiMaria 30 Hudson Street Jersey City, NJ 07302 Age: 52	Treasurer, Principal Financial Officer and Principal Accounting Officer	Since 2017 (Treasurer and Principal Financial Officer since 2019)	Managing Director, Goldman Sachs (November 2015-Present) and Vice President — Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010- October 2015). Treasurer, Principal Financial Officer and Principal Accounting Officer—Goldman Sachs ETF Trust (previously Assistant Treasurer (2017)); Goldman Sachs Trust (previously Assistant Treasurer (2016)); Goldman Sachs Variable Insurance Trust (previously Assistant Treasurer (2016)); Goldman Sachs Trust II (previously Assistant Treasurer (2017)); Goldman Sachs MLP Income Opportunities Fund (previously Assistant Treasurer (2017)); Goldman Sachs MLP and Energy Renaissance Fund (previously Assistant Treasurer (2017)); Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

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

¹  Information is provided as of August 31, 2020.

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

Goldman Sachs JUST U.S. Large Cap Equity ETF — Tax Information (Unaudited)

For the fiscal year ended August 31, 2020, 100% of the dividends paid from net investment company taxable income by the JUST U.S. Large Cap Equity ETF qualify for the reduced tax rate under the Jobs and Growth Tax Relief and Reconciliation Act of 2003.

For the fiscal year ended August 31, 2020, 100% of the dividends paid from net investment company taxable income by the JUST U.S. Large Cap Equity ETF qualify for the dividends received deduction available to corporations.

29

FUNDS PROFILE

Goldman Sachs ETFs

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

Today, the Consumer and Investment Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $1.88 trillion in assets under supervision as of June 30, 2020, 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 U.S. Aggregate Bond 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 Investment Grade Corporate 1-5 Year Bond ETF

Goldman Sachs Access Treasury 0-1 Year ETF

Goldman Sachs Access Ultra Short Bond ETF

Goldman Sachs Data-Driven World ETF

Goldman Sachs Finance Reimagined ETF

Goldman Sachs Human Evolution ETF

Goldman Sachs Manufacturing Revolution ETF

Goldman Sachs New Age Consumer ETF

Goldman Sachs MarketBeta International Equity ETF

Goldman Sachs MarketBeta Emerging Markets Equity ETF

Goldman Sachs MarketBeta U.S. Equity ETF

INDEX DISCLAIMERS

Neither JUST Capital Foundation, Inc. (“JUST Capital”) nor any of its affiliates (collectively, the “JUST Parties”) in any way sells, sponsors, supports, promotes, or endorses the Goldman Sachs JUST U.S. Large Cap Equity ETF (the “GS ETF”), or has involvement in its operations or distribution. The JUST US Large Cap Diversified Index (the “JUST Index”) has been licensed by Russell on an “as is” basis to Goldman Sachs Asset Management L.P. (“Goldman Sachs”) in connection with Goldman Sachs’ sponsorship of the GS ETF, and JUST Capital’s only relationship with Goldman Sachs is the licensing of certain trademarks and trade names of JUST Capital or its affiliates. The JUST Parties and any other person or entity involved in or related to compiling, computing, or creating the JUST Index expressly disclaim all representations, warranties, and liabilities relating to or in connection with the GS ETF (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability, and fitness for a particular purpose).

No JUST Party makes any claim, prediction, warranty, or representation whatsoever, expressly or impliedly, either as to (i) the results to be obtained from the use of the JUST Index, the GS ETF, or any of the data included in either of the foregoing, (ii) the level at which the JUST Index or GS ETF is said to stand at any particular time on any particular day or otherwise, (iii) the suitability of the JUST Index for the purpose to which it is being put in connection with the GS ETF, or (iv) the advisability of investing in securities generally or in any index or ETF, including those provided by Goldman Sachs.

No JUST Party has provided, nor will any provide, any financial or investment advice or recommendation in relation to the JUST Index or the GS ETF to Goldman Sachs Asset Management or to its clients. No JUST Party shall be (i) liable (whether in negligence or otherwise) to any person for any error in the JUST Index or (ii) under any obligation to advise any person of any error therein. Without limiting any of the foregoing, in no event shall any JUST Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including without limitation lost profits), or any other damages in connection with the JUST Index or the GS ETF.

Data and information regarding the JUST Index is proprietary to JUST Capital or its licensors, and reproduction of such data and information is prohibited except with the prior written permission of JUST Capital. JUST Index^® and JUST Capital Index^® are trademarks of JUST Capital and have been licensed for use by Goldman Sachs Asset Management L.P. by JUST Capital and/or its agent.

Frank Russell Company (“Russell”) acts solely as calculation agent in respect of the JUST US Large Cap Diversified Index and does not in any way sponsor, support, promote or endorse the JUST US Large Cap Diversified Index or the Goldman Sachs JUST U.S. Large Cap Equity ETF. The JUST US Large Cap Diversified Index was provided on an “as is” basis. Russell, its affiliates and any other person or entity involved in or related to compiling, computing or creating the JUST US Large Cap Diversified Index (collectively, the “Russell Parties”) expressly disclaim all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose).

Russell does not make any claim, prediction, warranty or representation whatsoever, expressly or impliedly, either as to (i) the results to be obtained from the use of the JUST US Large Cap Diversified Index (upon which the Goldman Sachs JUST U.S. Large Cap Equity ETF is based), (ii) the figure at which the JUST US Large Cap Diversified Index is said to stand at any particular time on any particular day or otherwise, or (iii) the suitability of the JUST US Large Cap Diversified Index for the purpose to which it is being put in connection with the Goldman Sachs JUST U.S. Large Cap Equity ETF.

Russell has not provided and will not provide any financial or investment advice or recommendation in relation to the JUST US Large Cap Diversified Index to Goldman Sachs Asset Management or to its clients. The JUST US Large Cap Diversified Index is calculated by Russell or its agent as calculation agent. Russell shall not be (a) liable (whether in negligence or otherwise) to any person for any error in the Index or (b) under any obligation to advise any person of any error therein.

Without limiting any of the foregoing, in no event shall any Russell Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including without limitation lost profits) or any other damages in connection with the JUST US Large Cap Diversified Index or the Goldman Sachs JUST U.S. Large Cap Equity ETF.

TRUSTEES Lawrence W. Stranghoener, Chairman Caroline Dorsa Linda A. Lang Michael Latham James A. McNamara	OFFICERS James A. McNamara, President Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Caroline L. Kraus, Secretary
THE BANK OF NEW YORK MELLON Transfer Agent
ALPS DISTRIBUTORS, INC. Distributor	GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser

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

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

The reports concerning the 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 a Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (i) without charge, upon request by calling 1-800-621-2550; and (ii) on the Securities and Exchange Commission (“SEC”) web site at http://www.sec.gov.

The Fund will file its portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be made available on the SEC’s web site at http://www.sec.gov. Portfolio holdings information may be obtained upon request and without charge by calling 1-800-621-2550.

Fund holdings and allocations shown are as of August 31, 2020 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.

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

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

This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current Prospectus or summary prospectus, if applicable. Investors should consider the Fund’s objective, risks, and charges and expenses, and read the summary prospectus, if available, and/or the Prospectus carefully before investing or sending money. The summary prospectus, if available, and the Prospectus contain this and other information about the Fund and may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC by calling 1-800-621-2550.

ActiveBeta^® is a registered trademark of GSAM.

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

© 2020 Goldman Sachs. All rights reserved. 218126-OTU-10/2020 JUSTUSLCEETFAR-20

Goldman Sachs Funds

Annual Report	August 31, 2020
	Goldman Sachs Thematic ETFs
	Data-Driven World ETF (GDAT)
	Finance Reimagined ETF (GFIN)
	Human Evolution ETF (GDNA)
	Manufacturing Revolution ETF (GMAN)
	New Age Consumer ETF (GBUY)

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

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

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

Goldman Sachs Thematic ETFs

TABLE OF CONTENTS
Reorganization of Goldman Sachs Thematic ETFs	1
Investment Process	2
Portfolio Management Discussion and Performance Summaries	4
Schedules of Investments	24
Financial Statements	34
Financial Highlights	41
Data-Driven World ETF	41
Finance Reimagined ETF	42
Human Evolution ETF	43
Manufacturing Revolution ETF	44
New Age Consumer ETF	45
Notes to Financial Statements	46
Report of Independent Registered Public Accounting Firm	57
Other Information	58

NOT FDIC-INSURED May Lose Value No Bank Guarantee

Reorganization of Goldman Sachs Thematic ETFs

On August 7, 2020, Goldman Sachs Asset Management (“GSAM”), investment adviser for the Goldman Sachs Data-Driven World ETF, Goldman Sachs Finance Reimagined ETF, Goldman Sachs Human Evolution ETF, Goldman Sachs Manufacturing Revolution ETF and Goldman Sachs New Age Consumer ETF (each, an “Acquired Fund” and collectively, the “Acquired Funds”), each a series of the Goldman Sachs ETF Trust (the “Trust”) announced that the Board of Trustees of the Trust has approved an Agreement and Plan of Reorganization (the “Plan of Reorganization”) providing for the reorganization of the Acquired Funds with and into the Goldman Sachs Innovate Equity ETF (the “Surviving Fund” and together with the Acquired Funds, the “Funds”), a newly organized series of the Trust (the “Reorganization”).

The Board of Trustees and GSAM believe that the Reorganization is in the best interests of the shareholders of each Fund and that the interests of the shareholders of each Fund will not be diluted as a result of the Reorganization.

The key terms of the Reorganization include:

∎ Each Acquired Fund will transfer of all of its assets to the Surviving Fund in exchange for shares of the Surviving Fund having an aggregate net asset value (“NAV”) equal to the NAV of such Acquired Fund as of the time of valuation specified in the Plan of Reorganization and the assumption by the Surviving Fund of all of the liabilities of such Acquired Fund. Shares of the Surviving Fund received by the Surviving Fund will be distributed to the shareholders of each Acquired Fund in complete liquidation of each Acquired Fund.

∎ Currently, each Acquired Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of an underlying index designed to provide exposure to certain potential drivers of changes in the economy, or “Themes.” The Surviving Fund will seek to provide investment results that closely correspond, before fees and expenses, to the performance of the Solactive Innovative Global Equity Index, which will combine the five Themes on an equal-weighted basis to provide exposure to companies that may benefit from technological innovation and the resulting changes in the economy.

It is currently anticipated that the Reorganization will conclude after the close of business on November 6, 2020, subject to compliance with all regulatory requirements and satisfaction of customary closing conditions. Shares of the Surviving Fund are expected to begin trading on the NYSE Arca, Inc. on November 9, 2020. Shareholders of each Acquired Fund are not required to approve the Plan of Reorganization. The Surviving Fund has not commenced investment operations and does not currently have shareholders.

1

INVESTMENT PROCESS

Goldman Sachs ETF Trust

Principal Investment Strategies

During the Reporting Period, certain changes were made to the names and the respective underlying indices (each, an “Index”) of the Goldman Sachs Motif Data-Driven World ETF, Goldman Sachs Motif Finance Reimagined ETF, Goldman Sachs Motif Human Evolution ETF, Goldman Sachs Motif Manufacturing Revolution ETF and Goldman Sachs Motif New Age Consumer ETF (each, a “Fund”).

Effective May 15, 2020, Goldman Sachs Asset Management, L.P. (“GSAM”) replaced Motif Capital Management, Inc. as the Index Provider for the Funds. At the same time, “Goldman Sachs” replaced “Motif” in the name of each Index and “Motif” was removed from the name of each Fund. No changes were made to the Funds’ respective investment strategies. In connection with the changes discussed above, the quarterly rebalances for each Index scheduled for May and August 2020 did not take place.

The investment objective of each of the Goldman Sachs Data-Driven World ETF, the Goldman Sachs Finance Reimagined ETF, the Goldman Sachs Human Evolution ETF, the Goldman Sachs Manufacturing Revolution ETF and the Goldman Sachs New Age Consumer ETF, is to seek to provide investment results that closely correspond, before fees and expenses, to the performance of its respective 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 Index, in depositary receipts representing securities included in its Index and in underlying stocks in respect of depositary receipts included in its Index. Given each Fund’s investment objective of attempting to track its underlying index, the Funds do not follow traditional methods of active investment management, which may involve buying and selling securities based upon analysis of economic and market factors.

Each Index is designed to deliver exposure to equity securities of companies located across developed and emerging markets worldwide, listed and traded on major exchanges in certain developed markets, including Australia, Canada, France, Germany, Hong Kong, Japan, South Korea, Switzerland, the Netherlands, the U.K. and the U.S. In addition, company and stock screens are applied to set minimum liquidity and investability requirements for stocks in the eligible universe (“Index Universe”).

The Index Provider determines the components of each Index based on that Index’s exposure to certain Themes (i.e., the Data-Driven World Theme, the Finance Reimagined Theme, the Human Evolution Theme, the Manufacturing Revolution Theme and the New Age Consumer Theme), as well as related Sub-Themes, and in accordance with a rules-based methodology that involves five steps.

Step 1

In the first step, a quantitative measurement is made of the exposure of companies in each Index Universe to each Sub-Theme (“Sub-Theme Thematic Beta”).

For the Digitization of Finance Sub-Theme and the Asset Management Makeover Sub-Theme within the Goldman Sachs Finance Reimagined Index, and all Sub-Themes within the Goldman Sachs New Age Consumer Index:

To calculate a Sub-Theme Thematic Beta, the Index Provider applies automated semantic search algorithms to multiple regulatory filings filed with the applicable regulators or major stock exchanges in certain developed markets to score the relevance of a Sub-Theme to a company. Each regulatory filing is scored for the relevance of the Sub-Theme by applying an automated semantic search algorithm. This algorithm assigns a score to the regulatory filing based on the topic, document length, and number of mentions of the topic, among other factors. Regulatory filings scoring above a fixed theme relevance threshold are then mapped, if possible, to a company. For each company that has a total market capitalization of at least $500,000,000 in U.S. dollars, a stock with an average daily trading volume over the most recent 30-day period (“ADTV”) of at least $1,000,000 in U.S. dollars and at least 50 days of historical returns data over the most recent 90-day period, the company’s reported revenue streams are examined to determine whether each revenue stream is relevant to the Sub-Theme. The company’s Sub-Theme Thematic Beta is equal to the sum of all revenue streams of such company that are theme-relevant divided by the company’s total revenue.

For all other Sub-Themes within each Index:

To calculate a Sub-Theme Thematic Beta, the Index Provider applies automated semantic search algorithms to multiple datasets and documents to score the relevance of a Sub-Theme to a company. The datasets and documents used include one or more of (1) regulatory filings filed with the applicable regulators or major stock exchanges in certain developed markets, (2) academic

2

INVESTMENT PROCESS

journals, and (3) patent filings (the “Search Corpus”). The Search Corpus for the Goldman Sachs Human Evolution Index also includes clinical trial data. Each dataset and document in the Search Corpus is scored for the relevance of the Sub-Theme by applying an automated semantic search algorithm. This algorithm assigns a score to the dataset or document based on the topic, document length, and number of mentions of the topic, among other factors. Datasets and documents with a non-zero score are then mapped, if possible, to a company. Multiple entries within a type of Search Corpus for each company are then combined to make a single score. This results in up to three (or four, in the case of the Goldman Sachs Human Evolution Index) quantitative measurements of the relevance of the Sub-Theme to a company: the “Filing Search Beta,” sourced from the regulatory filings; the “Academic Beta,” sourced from academic journals; and the “Patent Beta,” sourced from patent filings. The three (or four) quantitative measurements are then combined to give a company an overall Sub-Theme Thematic Beta. For the Goldman Sachs Human Evolution Index, the “Clinical Trial Beta,” sourced from clinical trial data, is also combined to calculate a company’s Sub-Theme Thematic Beta.

Step 2

In the second step, a company’s Sub-Theme Thematic Betas for all Sub-Themes are combined to give that company a single Thematic Beta. Each respective Index Universe consists of all companies with a non-zero applicable Thematic Beta.

Step 3

In the third step, each company in the Index Universe is mapped, if possible, to one or more common equity securities listed on major stock exchanges in certain developed markets. If no relevant security is found, the company is removed from the Index Universe.

Step 4

In the fourth step, liquidity, investability and/or theme relevance screens are applied to the Index Universe. Stocks of companies with an applicable Thematic Beta below a fixed threshold are removed from the Index Universe. Additionally, for all Sub-Themes within each Index except the Digitization of Finance Sub-Theme and the Asset Management Makeover Sub-Theme within the Goldman Sachs Finance Reimagined Index, and all Sub-Themes within the Goldman Sachs New Age Consumer Index, stocks of companies with any of the following characteristics are removed from the Index Universe:

• An ADTV of less than $1,000,000 in U.S. dollars;

• A total market capitalization of less than $500,000,000 in U.S. dollars;

• Less than 50 days of historical returns data over the most recent 90-day period; or

• A Thematic Beta below a fixed threshold.

All remaining stocks are included in the Index. In addition, if the size of the remaining Index Universe is greater than 120 stocks, the final Index Universe is reduced to 120 stocks based on a function of the applicable Thematic Beta, market variables and the weight of the stock from the previous rebalancing, if any.

Step 5

In the fifth step, stocks are weighted according to a function of a company’s market capitalization and applicable Thematic Beta. A minimum weight of 0.1% and a maximum weight of the lesser of 5% or the ADTV of such stock multiplied by 10^-9 (for example, an ADTV of $10 million would correspond to a maximum weight of 1%) are applied to each stock to reduce concentration in individual securities and increase diversification of the Index.

Each Index is reconstituted and rebalanced quarterly on the third Friday of each February, May, August and November.

* * *

At the end of the Reporting Period, i.e., the 12 months ended August 31, 2020, we believed that the Funds presented attractive long-term opportunities, as their respective underlying secular growth Themes and Sub-Themes were still in the early innings of their potential value. Although the growth style of these Themes and Sub-Themes and their exposure to emerging markets may lead to short-term volatility, we remained confident overall in their long-term strength.

3

PORTFOLIO RESULTS

Goldman Sachs Data-Driven World ETF

Investment Objective

The Goldman Sachs Data-Driven World ETF (the “Fund”) seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Goldman Sachs Data-Driven World Index (the “Index”).

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the 12-month period ended August 31, 2020 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund returned 41.46% based on net asset value (“NAV”) and 41.57% based on market price. The Index returned 41.54% during the same period.

The Fund had a NAV of $51.34 per share on August 31, 2019 and ended the Reporting Period with a NAV of $71.88 per share. The Fund’s market price on August 31, 2020 was $72.02 per share.

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

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

The Index is constructed using a rules-based methodology that was developed to provide exposure to companies with common equity securities listed on exchanges in certain developed markets that may benefit from the ongoing rapid increase in electronically recorded data in the world and its impact on the lifecycle of data delivery and processing (the “Data-Driven World Theme”). This lifecycle includes the recording, transmission, storage and processing, securing and analysis of data. The focus of the Index is to identify and weight companies that originate data solutions as well as companies that deploy data solutions to solve business problems. The Data-Driven World Theme is separated into five sub-themes (each a “Sub-Theme,” and collectively, the “Sub-Themes”), each of which relates to a part of the data lifecycle. Given the Fund’s investment objective of attempting to track the Index, the Fund does not follow traditional methods of active investment management, which may involve buying and selling securities based upon analysis of economic and market factors. The Fund does not follow a strategy of seeking to outperform the Index.

During the Reporting Period, the Fund generated positive absolute returns that closely tracked the Index, as measured by NAV. All of the underlying Sub-Themes contributed positively to the Index’s performance. Artificial Intelligence added the most to results, followed at a distance by the Internet of Things, Cybersecurity, Data Infrastructure and Big Data Sub-Themes. The Artificial Intelligence Sub-Theme represents companies that may benefit from the development of artificial intelligence, which, for the purposes of the Index, refers to the ability of a machine to perform cognitive tasks typically associated with human brains, such as perception, reasoning, learning, interacting with the environment and problem solving. The Internet of Things Sub-Theme represents companies that may benefit from the development of the Internet of Things, which, for the purposes of the Index, refers to the collection of consumer and industrial network-connected devices beyond traditional appliances. The Cybersecurity Sub-Theme represents companies that may benefit from the need to secure data in an online world. For the purposes of the Index, cybersecurity refers to the practice of ensuring the integrity, confidentiality and availability of information. The Data Infrastructure Sub-Theme represents companies that may benefit from the expansion in physical infrastructure to transmit and store data. For the purposes of the Index, data infrastructure refers to the range of hardware components needed for transmission and storage of large quantities of data, such as routers and switches, wired and wireless transmission networks, and high-density storage. The Big Data Sub-Theme represents companies that may benefit from

4

PORTFOLIO RESULTS

the development of big data technologies. For the purposes of the Index, big data refers to the set of software technologies associated with the storage, processing and analytics of large-scale structured and unstructured data.

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

A During the Reporting Period, the Index benefited most from positions in U.S.-based NVIDIA, which engages in the design and manufacture of computer graphics processors, chipsets and related multimedia software; U.S.-based Apple, a multinational technology company; and U.S.-based Amazon.com, an e-commerce retailing behemoth (5.16%, 3.68% and 4.24%, respectively, of Fund net assets as of August 31, 2020). Positions in Capital One Financial, a U.S. bank holding company; HEROZ, a Japan-based developer of artificial intelligence technology; and Western Digital, a U.S. hard disk drive manufacturer and data storage company (0.42%, 0.17% and 0.46%, respectively, of Fund net assets as of August 31, 2020) contributed least positively to the Index’s performance during the Reporting Period.

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

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

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

Region Name	Fund2			Index
North America		75.3	%		75.3	%
Emerging Markets		13.1			13.1
Developed Europe		8.1			8.1
Developed Asia Pacific		3.4			3.4

¹  The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. Figures above may not sum to 100% due to rounding.

²  The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Index.

5

FUND BASICS

Data-Driven World ETF

as of August 31, 2020

FUND SNAPSHOT
As of August 31, 2020
Market Price1	$	72.02
Net Asset Value (NAV)1	$	71.88

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

TOP TEN HOLDINGS AS OF 8/31/202
Holding	% of Net Assets			Line of Business	Country
NVIDIA Corp.		5.1	%	Information Technology	United States
Amazon.com, Inc.		4.2		Consumer Discretionary	United States
Apple, Inc.		3.7		Information Technology	United States
Microsoft Corp.		3.5		Information Technology	United States
Facebook, Inc., Class A		3.3		Communication Services	United States
Alphabet, Inc., Class A		3.0		Communication Services	United States
Advanced Micro Devices, Inc.		2.3		Information Technology	United States
Alibaba Group Holding Ltd. ADR		2.2		Consumer Discretionary	China
Intel Corp.		2.2		Information Technology	United States
Adobe, Inc.		2.2		Information Technology	United States

²  The top 10 holdings may not be representative of the Fund’s future investments.

For more information about the Fund, please refer to www.GSAMFUNDS.com/ETFs. There, you can learn more about the Fund’s investment strategies, holdings, and performance.

6

GOLDMAN SACHS DATA-DRIVEN WORLD ETF

Performance Summary

August 31, 2020

The following graph shows the value, as of August 31, 2020, of a $10,000 investment made on March 1, 2019 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index, the Goldman Sachs Data-Driven World Index is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. In addition to the performance of constituents of the underlying index, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.

Goldman Sachs Data-Driven World ETF’s Lifetime Performance

Performance of a $10,000 Investment, with distributions reinvested, from March 1, 2019 through August 31, 2020.

Average Annual Total Return through August 31, 2020*	1 Year Return	Since Inception
Shares based on NAV (Commenced March 1, 2019)	41.46%	28.17%
Shares based on Market Price (Commenced March 1, 2019)	41.57%	28.33%
Goldman Sachs Data-Driven World Index**	41.54%	28.40%

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

** Effective May 15, 2020, GSAM replaced Motif Capital Management, Inc. as the Index Provider for the Index and “Goldman Sachs” replaced “Motif” in the name of the Index. In addition, the quarterly rebalances for the Index scheduled for May and August 2020 did not take place. No other changes were made to the Index’s methodology.

7

PORTFOLIO RESULTS

Goldman Sachs Finance Reimagined ETF

Investment Objective

The Goldman Sachs Finance Reimagined ETF (the “Fund”) seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Goldman Sachs Finance Reimagined Index (the “Index”).

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the period for the 12-month period ended August 31, 2020 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund returned 21.05% based on net asset value (“NAV”) and 21.10% based on market price. The Index returned 20.91% during the same period.

The Fund had a NAV of $55.59 per share on August 31, 2019 and ended the Reporting Period with a NAV of $66.76 per share. The Fund’s market price on August 31, 2020 was $66.86 per share.

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

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

The Index is constructed using a rules-based methodology that was developed to provide exposure to companies with common equity securities listed on exchanges in certain developed markets that may benefit from the ongoing structural changes in the support and delivery of financial services (the “Finance Reimagined Theme”). These structural changes include the impact of rapid technological change on the industry, including the effects of the development of blockchain technology, and the split in the asset management industry toward very low and high cost investment strategies. The Finance Reimagined Theme is separated into three sub-themes (each a “Sub-Theme,” and collectively, the “Sub- Themes”), each of which relates to a part of the data lifecycle. Given the Fund’s investment objective of attempting to track the Index, the Fund does not follow traditional methods of active investment management, which may involve buying and selling securities based upon analysis of economic and market factors. The Fund does not follow a strategy of seeking to outperform the Index.

During the Reporting Period, the Fund recorded positive absolute returns that modestly outperformed the Index, as measured by NAV. All of the underlying Sub-Themes contributed positively to the Index’s performance. The Digitization of Finance added the most, followed at some distance by the Blockchain and Asset Management Makeover Sub-Themes. The Digitization of Finance Sub-Theme represents companies that may benefit from the digitization of traditional financial services, which, for the purposes of the Index, refers to the impact of technological changes on the support and delivery of traditional financial services, such as payments, lending and insurance. The Blockchain Sub-Theme represents companies that may benefit from the development of blockchain technology, which, for the purposes of the Index, refers to the technology underlying distributed ledgers, applicable to payments, currencies and to other fields and industries that depend on a trusted intermediary. The Asset Management Makeover Sub-Theme represents companies that may benefit from the bifurcation in strategies in the asset management industry. For the purposes of the Index, asset management makeover refers to the movement of assets into low cost, often passive investments such as exchange-traded funds and index funds, and high cost, often complex investments such as private equity and hedge funds.

8

PORTFOLIO RESULTS

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

A During the Reporting Period, positions in U.S.-based payment processors Square, PayPal Holdings and Mastercard (5.17%, 3.52% and 5.34%, respectively, of Fund net assets as of August 31, 2020) added most to the Index’s returns. Contributing least to the Index’s results during the Reporting Period were Wirecard, a German payment processor; Quidian, a China-based online provider of small consumer credit products; and American Express, a U.S.-based multinational financial services company (0.00%,¹ 0.11% and 1.74%, respectively, of Fund net assets as of August 31, 2020).

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

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

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

Region Name	Fund3			Index
North America		79.3	%		79.3	%
Developed Europe		11.2			11.2
Emerging Markets		5.4			5.4
Developed Asia Pacific		4.0			4.0

¹  Some weights are 0.00% at August 31, 2020 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.

²  The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. Figures above may not sum to 100% due to rounding.

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

9

FUND BASICS

Finance Reimagined ETF

as of August 31, 2020

FUND SNAPSHOT
As of August 31, 2020
Market Price1	$	66.86
Net Asset Value (NAV)1	$	66.76

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

TOP TEN HOLDINGS AS OF 8/31/202
Holding	% of Net Assets			Line of Business	Country
Mastercard, Inc., Class A		5.3	%	Information Technology	United States
Square, Inc., Class A		5.2		Information Technology	United States
Visa, Inc., Class A		4.1		Information Technology	United States
PayPal Holdings, Inc.		3.5		Information Technology	United States
Fidelity National Information Services, Inc.		2.3		Information Technology	United States
Intuit, Inc.		2.2		Information Technology	United States
Worldline SA		1.9		Information Technology	France
American Express Co.		1.7		Financials	United States
ZhongAn Online P&C Insurance Co. Ltd., Class H		1.7		Financials	China
Zillow Group, Inc., Class C		1.7		Communication Services	United States

²  The top 10 holdings may not be representative of the Fund’s future investments.

For more information about the Fund, please refer to www.GSAMFUNDS.com/ETFs. There, you can learn more about the Fund’s investment strategies, holdings, and performance.

10

GOLDMAN SACHS FINANCE REIMAGINED ETF

Performance Summary

August 31, 2020

The following graph shows the value, as of August 31, 2020, of a $10,000 investment made on March 1, 2019 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index, the Goldman Sachs Finance Reimagined Index is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. In addition to the performance of constituents of the underlying index, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.

Goldman Sachs Finance Reimagined ETF’s Lifetime Performance

Performance of a $10,000 Investment, with distributions reinvested, from March 1, 2019 through August 31, 2020.

Average Annual Total Return through August 31, 2020*	1 Year Return	Since Inception
Shares based on NAV (Commenced March 1, 2019)	21.05%	20.80%
Shares based on Market Price (Commenced March 1, 2019)	21.10%	20.94%
Goldman Sachs Finance Reimagined Index**	20.91%	20.89%

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

** Effective May 15, 2020, GSAM replaced Motif Capital Management, Inc. as the Index Provider for the Index and “Goldman Sachs” replaced “Motif” in the name of the Index. In addition, the quarterly rebalances for the Index scheduled for May and August 2020 did not take place. No other changes were made to the Index’s methodology.

11

PORTFOLIO RESULTS

Goldman Sachs Human Evolution ETF

Investment Objective

The Goldman Sachs Human Evolution ETF (the “Fund”) seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Goldman Sachs Human Evolution Index (the “Index”).

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the period for the 12-month period ended August 31, 2020 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund returned 29.91% based on net asset value (“NAV”) and 30.08% based on market price. The Index returned 30.15% during the same period.

The Fund had a NAV of $50.15 per share on August 31, 2019 and ended the Reporting Period with a NAV of $64.96 per share. The Fund’s market price on August 31, 2020 was $65.19 per share.

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

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

The Index is constructed using a rules-based methodology that was developed to provide exposure to companies with common equity securities listed on exchanges in certain developed markets that may benefit from the development of new knowledge, medicines and technologies for the medical treatment of the human condition, from birth to end-of-life care (the “Human Evolution Theme”). The Human Evolution Theme is separated into five sub-themes (each a “Sub-Theme,” and collectively, the “Sub-Themes”), each of which relates to a part of the data lifecycle. Given the Fund’s investment objective of attempting to track the Index, the Fund does not follow traditional methods of active investment management, which may involve buying and selling securities based upon analysis of economic and market factors. The Fund does not follow a strategy of seeking to outperform the Index.

During the Reporting Period, the Fund generated positive absolute returns but modestly underperformed the Index, as measured by NAV. All of the underlying Sub-Themes contributed positively to the Index’s returns. Precision Medicine added the most, followed at some distance by the Life Extension, Genomics, Digital Medicine and Robotic Surgery Sub-Themes. The Precision Medicine Sub-Theme represents companies that may benefit from the development of precise medical treatments. For the purposes of the Index, precision medicine refers to medical treatments or techniques that are either physically precise, targeting a specific group or type of cells, or tailored to a group of patients. The Life Extension Sub-Theme represents companies that may benefit from the long-term demographic shift towards an older population. For the purposes of the Index, life extension refers to medical products and services geared towards managing the health of an aging population. The Genomics Sub-Theme represents companies that may benefit from the development of genomics, which, for the purposes of the Index, refers to the study of genomes, including genome sequencing and bioinformatics, and its application to healthcare as genomic medicine and pharmacogenomics, including gene therapy, gene editing and the use of biomarkers. The Digital Health Sub-Theme represents companies that may benefit from the development of digital health tools. For the purposes of the Index, digital health refers to the use of electronic data and software tools of analysis to assist in health care treatment and the development of drugs. The Robotic Surgery Sub-Theme represents companies that may benefit from the development of robotic surgery, which, for the purposes of the Index, refers to technology that enables minimally invasive surgery as well as the use of miniaturized surgical instruments and robotic systems to assist in surgical procedures.

12

PORTFOLIO RESULTS

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

A During the Reporting Period, the biggest positive contributors to the Index’s performance were positions in Moderna, a U.S.-based biotechnology company; Intuitive Surgical, a U.S. maker of robotic technologies for surgery; and DexCom, a U.S. company that develops and manufacturers continuous glucose monitoring systems for diabetes management (1.53%, 5.04% and 1.97%, respectively, of Fund net assets as of August 31, 2020). Contributing least to the Index’s returns during the Reporting Period were a position in U.S. biotechnology company bluebird bio and positions in U.K.-based Smith & Nephew and U.S.- based Boston Scientific, each a medical device manufacturer (0.40%, 1.22% and 2.85%, respectively, of Fund net assets as of August 31, 2020).

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

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

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

Region Name	Fund2			Index
North America		74.3	%		74.3	%
Developed Europe		18.4			18.4
Emerging Markets		5.2			5.2
Developed Asia Pacific		2.0			2.0

¹  The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. Figures above may not sum to 100% due to rounding.

²  The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Index.

13

FUND BASICS

Human Evolution ETF

as of August 31, 2020

FUND SNAPSHOT
As of August 31, 2020
Market Price1	$	65.19
Net Asset Value (NAV)1	$	64.96

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

TOP TEN HOLDINGS AS OF 8/31/202
Holding	% of Net Assets			Line of Business	Country
Intuitive Surgical, Inc.		5.0	%	Health Care	United States
Abbott Laboratories		4.0		Health Care	United States
Medtronic PLC		3.5		Health Care	United States
Johnson & Johnson		3.0		Health Care	United States
Boston Scientific Corp.		2.9		Health Care	United States
Roche Holding AG		2.7		Health Care	Switzerland
AstraZeneca PLC		2.7		Health Care	United Kingdom
Fresenius Medical Care AG & Co. KGaA		2.6		Health Care	Germany
BeiGene Ltd. ADR		2.5		Health Care	China
Align Technology, Inc.		2.1		Health Care	United States

²  The top 10 holdings may not be representative of the Fund’s future investments.

For more information about the Fund, please refer to www.GSAMFUNDS.com/ETFs. There, you can learn more about the Fund’s investment strategies, holdings, and performance.

14

GOLDMAN SACHS HUMAN EVOLUTION ETF

Performance Summary

August 31, 2020

The following graph shows the value, as of August 31, 2020, of a $10,000 investment made on March 1, 2019 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index, the Goldman Sachs Human Evolution Index is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. In addition to the performance of constituents of the underlying index, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.

Goldman Sachs Human Evolution ETF’s Lifetime Performance

Performance of a $10,000 Investment, with distributions reinvested, from March 1, 2019 through August 31, 2020.

Average Annual Total Return through August 31, 2020*	1 Year Return	Since Inception
Shares based on NAV (Commenced March 1, 2019)	29.91%	18.48%
Shares based on Market Price (Commenced March 1, 2019)	30.08%	18.75%
Goldman Sachs Human Evolution Index**	30.15%	18.82%

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

** Effective May 15, 2020, GSAM replaced Motif Capital Management, Inc. as the Index Provider for the Index and “Goldman Sachs” replaced “Motif” in the name of the Index. In addition, the quarterly rebalances for the Index scheduled for May and August 2020 did not take place. No other changes were made to the Index’s methodology.

15

PORTFOLIO RESULTS

Goldman Sachs Manufacturing Revolution ETF

Investment Objective

The Goldman Sachs Manufacturing Revolution ETF (the “Fund”) seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Goldman Sachs Manufacturing Revolution Index (the “Index”).

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the period for the 12-month period ended August 31, 2020 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund returned 46.71% based on net asset value (“NAV”) and 46.77% based on market price. The Index returned 46.85% during the same period.

The Fund had a NAV of $48.11 per share on August 31, 2019 and ended the Reporting Period with a NAV of $70.14 per share. The Fund’s market price on August 31, 2020 was $70.33 per share.

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

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

The Index is constructed using a rules-based methodology that was developed to provide exposure to companies with common equity securities listed on exchanges in certain developed markets that may benefit from the ongoing technology-driven transformation of the manufacturing industry (the “Manufacturing Revolution Theme”). This transformation includes the use of new materials and energy sources to supply the manufacturing process, the application of new methods and processes, and the manufacture of new products. The focus of the Index is to identify and weight companies that are originating new solutions for manufacturing as well as companies that are deploying new solutions to solve business problems. The Manufacturing Revolution Theme is separated into five sub-themes (each a “Sub-Theme,” and collectively, the “Sub-Themes”), each of which relates to a part of the data lifecycle. Given the Fund’s investment objective of attempting to track the Index, the Fund does not follow traditional methods of active investment management, which may involve buying and selling securities based upon analysis of economic and market factors. The Fund does not follow a strategy of seeking to outperform the Index.

During the Reporting Period, the Fund generated positive absolute returns but modestly underperformed the Index, as measured by NAV. All of the underlying Sub-Themes contributed positively to the Index’s performance. Future Mobility added the most to results, followed at a distance by Robotics. The Clean Energy, Drones and 3D Printing Sub-Themes also bolstered the Index’s returns. The Future Mobility Sub-Theme represents companies that may benefit from the development of new methods of mobility. For the purposes of the Index, future mobility refers to road vehicles, including automobiles and trucks that apply one or both of electrification and partially or fully autonomous driving capabilities. The Robotics Sub-Theme represents companies that may benefit from the increased sophistication of robotics used in the manufacturing process. For the purposes of the Index, robotics refers to the ability of a machine to perform physical tasks that previously either were not possible or required a human. The Clean Energy Sub-Theme represents companies that may benefit from the development of clean energy sources. For the purposes of the Index, clean energy refers to energy from renewable resources, such as solar, wind and biofuel, as well as battery technology needed for the storage of intermittent power sources. The Drones Sub-Theme represents companies that may benefit from the development of drones, which, for the purposes of the Index, refers to aerial, land or sea-based unmanned vehicles, either remotely operated or autonomous, used in military, consumer or industrial applications. The 3D Printing Sub-Theme represents companies that may benefit from the development

16

PORTFOLIO RESULTS

of 3D printing and its application in manufacturing. For the purposes of the Index, 3D printing refers to the additive process of manufacturing a three-dimensional object from a digital design.

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

A During the Reporting Period, the Index benefited most from positions in Tesla, a U.S. automotive and energy company; NVIDIA, a U.S.-based company engaged in the design and manufacture of computer graphics processors, chipsets and related multimedia software; and NIO, a Chinese automobile manufacturer (9.78%, 3.44% and 3.30%, respectively, of Fund net assets as of August 31, 2020). Positions in three aerospace and defense companies — U.S.-based Boeing and Raytheon Technologies and France-based Safran (0.00%,¹ 0.46% and 1.01%, respectively, of Fund net assets as of August 31, 2020) — contributed least to the Index’s results during the Reporting Period.

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

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

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

Region Name	Fund3			Index
North America		58.0	%		58.0	%
Developed Europe		19.3			19.3
Emerging Markets		13.4			13.4
Developed Asia Pacific		9.3			9.3

¹  Some weights are 0.00% at August 31, 2020 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.

²  The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. Figures above may not sum to 100% due to rounding.

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

17

FUND BASICS

Manufacturing Revolution ETF

as of August 31, 2020

FUND SNAPSHOT
As of August 31, 2020
Market Price1	$	70.33
Net Asset Value (NAV)1	$	70.14

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

TOP TEN HOLDINGS AS OF 8/31/202
Holding	% of Net Assets			Line of Business	Country
Tesla, Inc.		9.7	%	Consumer Discretionary	United States
NVIDIA Corp.		3.4		Information Technology	United States
NIO, Inc. ADR		3.3		Consumer Discretionary	China
Amazon.com, Inc.		2.9		Consumer Discretionary	United States
ABB Ltd.		2.7		Industrials	Switzerland
Rockwell Automation, Inc.		2.3		Industrials	United States
JD.com, Inc. ADR		2.1		Consumer Discretionary	China
Dassault Systemes		1.9		Information Technology	France
Schneider Electric SE		1.9		Industrials	France
SolarEdge Technologies, Inc.		1.8		Information Technology	United States

² The top 10 holdings may not be representative of the Fund’s future investments.

For more information about the Fund, please refer to www.GSAMFUNDS.com/ETFs. There, you can learn more about the Fund’s investment strategies, holdings, and performance.

18

GOLDMAN SACHS MANUFACTURING REVOLUTION ETF

Performance Summary

August 31, 2020

The following graph shows the value, as of August 31, 2020, of a $10,000 investment made on March 1, 2019 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index, the Goldman Sachs Manufacturing Revolution Index is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. In addition to the performance of constituents of the underlying index, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.

Goldman Sachs Manufacturing Revolution ETF’s Lifetime Performance

Performance of a $10,000 Investment, with distributions reinvested, from March 1, 2019 through August 31, 2020.

Average Annual Total Return through August 31, 2020*	1 Year Return	Since Inception
Shares based on NAV (Commenced March 1, 2019)	46.71%	26.89%
Shares based on Market Price (Commenced March 1, 2019)	46.77%	27.12%
Goldman Sachs Manufacturing Revolution Index**	46.85%	27.10%

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

** Effective May 15, 2020, GSAM replaced Motif Capital Management, Inc. as the Index Provider for the Index and “Goldman Sachs” replaced “Motif” in the name of the Index. In addition, the quarterly rebalances for the Index scheduled for May and August 2020 did not take place. No other changes were made to the Index’s methodology.

19

PORTFOLIO RESULTS

Goldman Sachs New Age Consumer ETF

Investment Objective

The Goldman Sachs New Age Consumer ETF (the “Fund”) seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Goldman Sachs New Age Consumer Index (the “Index”).

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the period for the 12-month period ended August 31, 2020 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund returned 57.41% based on net asset value (“NAV”) and 57.52% based on market price. The Index returned 57.74% during the same period.

The Fund had a NAV of $52.74 per share on August 31, 2019 and ended the Reporting Period with a NAV of $82.85 per share. The Fund’s market price on August 31, 2020 was $83.07 per share.

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

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

The Index is constructed using a rules-based methodology that was developed to provide exposure to companies with common equity securities listed on exchanges in certain developed markets that may benefit from the ongoing structural shifts in the consumer market due to changes in demographics, technology and preferences (the “New Age Consumer Theme”). The focus of the Index is to identify and weight companies that are originating and monetizing new consumer products as well as those creating and supporting the infrastructure to produce them. The New Age Consumer Theme is separated into seven sub-themes (each a “Sub-Theme,” and collectively, the “Sub-Themes”), each of which relates to a part of the data lifecycle. Given the Fund’s investment objective of attempting to track the Index, the Fund does not follow traditional methods of active investment management, which may involve buying and selling securities based upon analysis of economic and market factors. The Fund does not follow a strategy of seeking to outperform the Index.

During the Reporting Period, the Fund generated positive absolute returns but modestly underperformed the Index, as measured by NAV. All of the underlying Sub-Themes contributed positively to the Index’s returns. E-commerce added the most, followed at a distance by the Online Gaming Sub-Theme. Evolution of Education, Health and Wellness, Online Music and Video, Social Media and Experiences over Goods also enhanced the Index’s performance. The E-commerce Sub-Theme represents companies that may benefit from the expansion of e-commerce, which, for the purposes of the Index, refers to the purchase and delivery of goods and services over the Internet. The Online Gaming Sub-Theme represents companies that may benefit from the popularity of online gaming, which for the purposes of the Index, refers to a game that is either partially or primarily played through the Internet, including video games and games that may have traditionally been delivered in person, such as betting. The Evolution of Education Sub-Theme represents companies that may benefit from the evolution of education, which, for the purposes of the Index, refers to the delivery of educational materials over the Internet, such as interactive and non-interactive multimedia content, the streaming of lectures and the delivery of teaching and tutoring services online, and for-profit education services in emerging markets. The Health and Wellness Sub-Theme represents companies that may benefit from consumer interest in health and wellness, which, for the purposes of the Index, refers to consumer health-related goods and services outside of traditional health care (e.g., relating to nutrition, exercise and health tracking). The Online Music and Video Sub-Theme represents companies that may benefit from demand for music and video delivered over the Internet. For

20

PORTFOLIO RESULTS

the purposes of the Index, online music and video refers to the digital distribution of music and video. The Social Media Sub-Theme represents companies that may benefit from the development of social media, which, for the purposes of the Index, refers to online platforms that connect people and allow members to interact with one another. The Experiences over Goods Sub-Theme represents companies that may benefit from demand by consumers for experiences relative to goods. For the purposes of the Index, experiences over goods refers to demand for experiences, and the goods that relate to those experiences, relative to the demand for physical goods unrelated to those experiences.

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

A During the Reporting Period, the Index was helped most by positions in Meituan Dianping, a Chinese web-based shopping platform; Amazon.com, the U.S.-based e-commerce retailing behemoth; and Sea, a Singapore-based provider of forensic engineering services (2.99%, 3.49% and 2.38%, respectively, of Fund net assets as of August 31, 2020). Positions in U.S. online travel company Expedia Group; U.S. manufacturer of footwear, sportswear and casual apparel Under Armour; and U.S. chicken producer Pilgrim’s Pride (0.56%, 0.29% and 0.34%, respectively, of Fund net assets as of August 31, 2020) contributed least to the Index’s results during the Reporting Period.

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

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

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

Region Name	Fund2			Index
North America		50.1	%		50.1	%
Emerging Markets		27.9			27.9
Developed Europe		11.0			11.0
Developed Asia Pacific		10.9			10.9

¹  The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. Figures above may not sum to 100% due to rounding.

²  The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Index.

21

FUND BASICS

New Age Consumer ETF

as of August 31, 2020

FUND SNAPSHOT
As of August 31, 2020
Market Price1	$	83.07
Net Asset Value (NAV)1	$	82.85

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

TOP TEN HOLDINGS AS OF 8/31/202
Holding	% of Net Assets			Line of Business	Country
Amazon.com, Inc.		3.5	%	Consumer Discretionary	United States
Facebook, Inc., Class A		3.3		Communication Services	United States
Alibaba Group Holding Ltd. ADR		3.1		Consumer Discretionary	China
Meituan Dianping, Class B		3.0		Consumer Discretionary	China
Tencent Holdings Ltd.		2.9		Communication Services	China
JD.com, Inc. ADR		2.6		Consumer Discretionary	China
Sea Ltd. ADR		2.4		Communication Services	Taiwan
Netflix, Inc.		2.4		Communication Services	United States
Pinduoduo, Inc. ADR		2.0		Consumer Discretionary	China
Wayfair, Inc., Class A		1.9		Consumer Discretionary	United States

² The top 10 holdings may not be representative of the Fund’s future investments.

For more information about the Fund, please refer to www.GSAMFUNDS.com/ETFs. There, you can learn more about the Fund’s investment strategies, holdings, and performance.

22

GOLDMAN SACHS NEW AGE CONSUMER ETF

Performance Summary

August 31, 2020

The following graph shows the value, as of August 31, 2020, of a $10,000 investment made on March 1, 2019 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index, the Goldman Sachs New Age Consumer Index is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. In addition to the performance of constituents of the underlying index, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.

Goldman Sachs New Age Consumer ETF’s Lifetime Performance

Performance of a $10,000 Investment, with distributions reinvested, from March 1, 2019 through August 31, 2020.

Average Annual Total Return through August 31, 2020*	1 Year Return	Since Inception
Shares based on NAV (Commenced March 1, 2019)	57.41%	38.66%
Shares based on Market Price (Commenced March 1, 2019)	57.52%	38.90%
Goldman Sachs New Age Consumer Index**	57.74%	39.08%

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

** Effective May 15, 2020, GSAM replaced Motif Capital Management, Inc. as the Index Provider for the Index and “Goldman Sachs” replaced “Motif” in the name of the Index. In addition, the quarterly rebalances for the Index scheduled for May and August 2020 did not take place. No other changes were made to the Index’s methodology.

23

GOLDMAN SACHS DATA-DRIVEN WORLD ETF

Schedule of Investments

August 31, 2020

Shares		Description	Value
Common Stocks – 99.9%
Communication Services – 10.9%
	770	Alphabet, Inc., Class A*	$	1,254,738
	4,310	Baidu, Inc. ADR (China)*		536,897
	3,993	Criteo SA ADR (France)*		51,989
	4,585	Facebook, Inc., Class A*		1,344,322
	1,975	Heroz, Inc. (Japan)*		71,796
	12,491	Nippon Telegraph & Telephone Corp. (Japan)		284,050
	193,480	PCCW Ltd. (Hong Kong)		121,328
	744	SK Telecom Co. Ltd. (South Korea)		155,326
	6,804	SoftBank Group Corp. (Japan)		423,337
	30,362	Sogou, Inc. ADR (China)*		262,631
				4,506,414
Consumer Discretionary – 9.2%
	3,126	Alibaba Group Holding Ltd. ADR (China)*		897,256
	506	Amazon.com, Inc.*		1,746,186
	5,486	eBay, Inc.		300,523
	9,178	JD.com, Inc. ADR (China)*		721,758
	2,716	Shutterstock, Inc.		136,669
				3,802,392
Financials – 2.6%
	15,095	Bank of America Corp.		388,545
	2,511	Capital One Financial Corp.		173,334
	46,850	Ping An Insurance Group Co. of China Ltd., Class H (China)		499,019
				1,060,898
Industrials – 1.1%
	2,194	Allegion PLC		226,838
	1,427	Equifax, Inc.		240,121
				466,959
Information Technology – 72.8%
	7,935	21Vianet Group, Inc. ADR (China)*		184,171
	2,321	Accenture PLC, Class A		556,878
	1,729	Adobe, Inc.*		887,651
	10,423	Advanced Micro Devices, Inc.*		946,617
	2,688	Akamai Technologies, Inc.*		312,964
	1,568	Alarm.com Holdings, Inc.*		93,876
	1,373	Alteryx, Inc., Class A *(a)		165,900
	4,304	Ambarella, Inc.*		226,821
	2,147	Amdocs Ltd.		131,461
	11,748	Apple, Inc.		1,515,962
	4,687	Avaya Holdings Corp.*		72,742
	33,856	BlackBerry Ltd. (Canada)*		176,728
	5,621	Blue Prism Group PLC (United Kingdom)*		119,366
	2,118	Booz Allen Hamilton Holding Corp.		186,511
	1,483	Broadcom, Inc.		514,823
	2,529	Cadence Design Systems, Inc.*		280,491
	2,362	CEVA, Inc.*		99,794
	2,822	Check Point Software Technologies Ltd. (Israel)*		356,306
Common Stocks – (continued)
Information Technology – (continued)
	164,662	Chinasoft International Ltd. (China)*		117,067
	3,632	Ciena Corp.*		206,189
	10,948	Cisco Systems, Inc.		462,225
	13,005	Cloudera, Inc.*		171,796
	3,927	Cognex Corp.		271,709
	6,169	CommScope Holding Co., Inc.*		63,541
	1,997	CommVault Systems, Inc.*		86,330
	12,078	Conduent, Inc.*		40,824
	1,839	CyberArk Software Ltd.*		203,210
	6,350	Dell Technologies, Inc., Class C*		419,608
	3,820	Dialog Semiconductor PLC (United Kingdom)*		165,792
	1,568	ExlService Holdings, Inc.*		99,866
	9,935	Extreme Networks, Inc.*		43,416
	431	Fair Isaac Corp.*		181,360
	17,622	FireEye, Inc.*		258,691
	2,732	FLIR Systems, Inc.		100,811
	4,754	Fortinet, Inc.*		627,552
	3,180	GDS Holdings Ltd. ADR (China)*		257,389
	21,911	Himax Technologies, Inc. ADR (Taiwan)*		82,385
	10,493	Infineon Technologies AG (Germany)		290,637
	31,918	Infosys Ltd. ADR (India)		402,167
	17,594	Intel Corp.		896,414
	4,638	International Business Machines Corp.		571,912
	1,109	Intuit, Inc.		383,038
	2,510	Itron, Inc.*		149,521
	7,558	Juniper Networks, Inc.		188,950
	7,910	Lattice Semiconductor Corp.*		226,226
	4,029	Logitech International SA (Switzerland)		298,981
	3,042	MACOM Technology Solutions Holdings, Inc.*		108,386
	7,300	Marvell Technology Group Ltd.		283,094
	4,229	MaxLinear, Inc.*		102,976
	4,415	Medallia, Inc.*		159,779
	7,377	Micron Technology, Inc.*		335,727
	6,418	Microsoft Corp.		1,447,452
	1,886	MongoDB, Inc.*		440,947
	5,672	NEC Corp. (Japan)		298,991
	3,065	NetScout Systems, Inc.*		70,924
	1,805	Nice Ltd. ADR (Israel)*		414,879
	56,329	Nokia OYJ ADR (Finland)*(a)		276,012
	21,350	NortonLifeLock, Inc.		502,152
	13,599	Nuance Communications, Inc.*		407,426
	3,970	NVIDIA Corp.		2,123,871
	3,346	NXP Semiconductors NV (Netherlands)		420,793
	7,981	Opera Ltd. ADR (Norway)*(a)		72,148
	11,146	Oracle Corp.		637,774
	2,428	Palo Alto Networks, Inc.*		624,991
	1,699	PKSHA Technology, Inc. (Japan)*		43,659
	1,327	Proofpoint, Inc.*		145,532
	1,761	Qorvo, Inc.*		225,883
	5,514	QUALCOMM, Inc.		656,717
	1,743	Qualys, Inc.*		185,002
	3,041	Radware Ltd. (Israel)*		78,823
	1,475	Rapid7, Inc.*		95,241

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

GOLDMAN SACHS DATA-DRIVEN WORLD ETF

Shares		Description	Value
Common Stocks – (continued)
Information Technology – (continued)
	14,439	Samsung Electronics Co. Ltd. (South Korea)	$	656,373
	5,041	SAP SE (Germany)		832,214
	6,111	SecureWorks Corp., Class A*		79,015
	74,218	Semiconductor Manufacturing International Corp. (China)*		238,451
	2,192	Silicon Laboratories, Inc.*		224,483
	2,873	Silicon Motion Technology Corp. ADR (Taiwan)		108,915
	2,761	Software AG (Germany)		137,958
	2,787	Splunk, Inc.*		611,273
	11,784	STMicroelectronics NV (Switzerland)		355,287
	1,491	Synaptics, Inc.*		127,227
	28,617	Telefonaktiebolaget LM Ericsson ADR (Sweden)(a)		333,388
	4,215	Teradata Corp.*		102,635
	4,489	Trend Micro, Inc. (Japan)		277,692
	2,080	Verint Systems, Inc.*		98,925
	1,673	VMware, Inc., Class A*(a)		241,648
	4,947	Western Digital Corp.		190,064
	35,301	Wipro Ltd. ADR (India)		151,794
	988	Zebra Technologies Corp., Class A*		283,092
	5,424	Zscaler, Inc.*		777,476
				30,083,758
Real Estate – 3.3%
	2,703	CyrusOne, Inc. REIT		225,782
	2,205	Digital Realty Trust, Inc. REIT		343,208
	658	Equinix, Inc. REIT		519,675
	5,916	Iron Mountain, Inc. REIT		178,013
	1,555	QTS Realty Trust, Inc., Class A REIT		105,460
				1,372,138
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $31,651,630)		$	41,292,559

Shares		Dividend Rate	Value
Securities Lending Reinvestment Vehicle – 2.6%(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	1,092,435	0.027%	$	1,092,435
(Cost $1,092,435)
	TOTAL INVESTMENTS – 102.5%
	(Cost $32,744,065)		$	42,384,994
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (2.5)%			(1,054,058	)
	NET ASSETS – 100.0%		$	41,330,936

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

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

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

GOLDMAN SACHS FINANCE REIMAGINED ETF

Schedule of Investments

August 31, 2020

Shares		Description	Value
Common Stocks – 99.8%
Communication Services – 4.7%
	2,855	Internet Initiative Japan, Inc. (Japan)	$	115,228
	1,673	JOYY, Inc. ADR (China)*		142,941
	463	NetEase, Inc. ADR (China)		225,578
	37,341	Rightmove PLC (United Kingdom)		316,886
	1,632	Scout24 AG (Germany)(a)		152,142
	6,194	Zillow Group, Inc., Class C*		531,198
				1,483,973
Consumer Discretionary – 0.5%
	8,254	Everi Holdings, Inc.*		64,051
	22,586	Moneysupermarket.com Group PLC (United Kingdom)		92,116
				156,167
Financials – 33.5%
	19,474	360 Finance, Inc. ADR (China)*		243,425
	934	Affiliated Managers Group, Inc.		64,119
	5,403	American Express Co.		548,891
	9,587	Apollo Global Management, Inc.		449,343
	7,529	Ares Management Corp., Class A		304,548
	5,242	Axos Financial, Inc.*		129,897
	62,740	Banco Santander SA ADR (Spain)(b)		139,910
	3,091	Bank of New York Mellon Corp. (The)		114,305
	738	BlackRock, Inc.		438,512
	8,604	Blackstone Group, Inc. (The), Class A		455,582
	4,411	Blucora, Inc.*		52,623
	12,261	Brookfield Asset Management, Inc., Class A (Canada)		413,686
	2,730	Canadian Imperial Bank of Commerce (Canada)		216,984
	9,113	Carlyle Group, Inc. (The)		235,207
	3,470	Curo Group Holdings Corp.		26,719
	7,537	Draper Esprit PLC (United Kingdom)*		57,926
	4,769	Enova International, Inc.*		81,455
	2,420	Eurazeo SE (France)*		127,982
	818	FactSet Research Systems, Inc.		286,627
	18,287	FinVolution Group ADR (China)		34,745
	1,265	Flatex AG (Germany)*	��	61,498
	3,623	Green Dot Corp., Class A*		188,613
	1,937	Hamilton Lane, Inc., Class A		141,614
	5,441	Hong Kong Exchanges & Clearing Ltd. (Hong Kong)		274,642
	214	Hypoport SE (Germany)*		128,734
	31,418	ING Groep NV (Netherlands)*		255,656
	4,925	Intercontinental Exchange, Inc.		523,183
	11,188	Intermediate Capital Group PLC (United Kingdom)		204,779
	11,970	KKR & Co., Inc.		428,765
	9,696	LendingClub Corp.*		51,680
	562	LendingTree, Inc.*(b)		173,624
	14,897	LexinFintech Holdings Ltd. ADR (China)*		116,346
	3,420	London Stock Exchange Group PLC (United Kingdom)		402,970
	50,731	Man Group PLC (United Kingdom)		83,244
	16,260	Monex Group, Inc. (Japan)		42,319
	679	Morningstar, Inc.		108,742
Common Stocks – (continued)
Financials – (continued)
	1,405	MSCI, Inc.		524,444
	2,219	Nasdaq, Inc.		298,278
	2,931	Northern Trust Corp.		240,020
	22,577	Qudian, Inc. ADR (China)*		35,897
	962	S&P Global, Inc.		352,496
	8,753	SBI Holdings, Inc. (Japan)		199,170
	2,854	Sculptor Capital Management, Inc.		36,446
	5,155	SEI Investments Co.		269,916
	28,502	Standard Chartered PLC (United Kingdom)*		149,751
	3,945	Tradeweb Markets, Inc., Class A		226,009
	80,616	Value Partners Group Ltd. (Hong Kong)		36,927
	23,007	WisdomTree Investments, Inc.		86,046
	82,456	ZhongAn Online P&C Insurance Co. Ltd., Class H (China)*(a)		543,135
				10,607,430
Health Care – 0.2%
	1,326	HealthEquity, Inc.*		76,218
Industrials – 4.4%
	4,089	CoreLogic, Inc.		271,509
	548	CoStar Group, Inc.*		465,033
	3,700	PayPoint PLC (United Kingdom)		31,211
	2,578	Thomson Reuters Corp. (Canada)		196,882
	2,263	Verisk Analytics, Inc.		422,434
				1,387,069
Information Technology – 54.7%
	1,390	Accenture PLC, Class A		333,503
	6,019	ACI Worldwide, Inc.*		176,838
	2,072	Appfolio, Inc., Class A*		348,158
	3,064	Avalara, Inc.*		405,704
	4,951	Black Knight, Inc.*		416,379
	2,206	Bottomline Technologies DE, Inc.*		105,072
	2,820	Broadridge Financial Solutions, Inc.		387,468
	22,282	Canaan, Inc. ADR (China)*(b)		44,787
	461	Cass Information Systems, Inc.		18,053
	3,236	Ceridian HCM Holding, Inc.*		257,327
	2,830	Digital Garage, Inc. (Japan)		86,065
	2,880	Ebix, Inc.		66,442
	2,694	Envestnet, Inc.*		223,575
	20,227	Equiniti Group PLC (United Kingdom)(a)		30,712
	1,310	Euronet Worldwide, Inc.*		135,428
	1,974	EVERTEC, Inc. (Puerto Rico)		69,129
	4,895	Evo Payments, Inc., Class A*		140,633
	1,394	ExlService Holdings, Inc.*		88,784
	4,752	Fidelity National Information Services, Inc.		716,839
	5,091	Fiserv, Inc.*		506,962
	1,383	FleetCor Technologies, Inc.*		347,755
	2,834	Global Payments, Inc.		500,541
	1,314	Globant SA (Argentina)*		233,340
	5,262	GMO internet, Inc. (Japan)		141,666
	15,080	GreenSky, Inc., Class A*(b)		65,598
	3,158	Guidewire Software, Inc.*		354,675
	4,436	I3 Verticals, Inc., Class A*		123,720

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

GOLDMAN SACHS FINANCE REIMAGINED ETF

Shares		Description	Value
Common Stocks – (continued)
Information Technology – (continued)
	2,230	International Business Machines Corp.	$	274,981
	2,018	Intuit, Inc.		696,997
	2,085	Jack Henry & Associates, Inc.		344,901
	4,711	Mastercard, Inc., Class A		1,687,433
	1,458	Money Forward, Inc. (Japan)*		103,942
	749	Nice Ltd. ADR (Israel)*		172,158
	11,697	Nomura Research Institute Ltd. (Japan)		310,942
	5,659	Opera Ltd. ADR (Norway)*(b)		51,157
	3,643	Optim Corp. (Japan)*		103,404
	5,701	Pagseguro Digital Ltd., Class A (Brazil)*		240,240
	2,965	Paychex, Inc.		226,734
	5,437	PayPal Holdings, Inc.*		1,109,909
	2,779	Q2 Holdings, Inc.*		270,369
	6,249	QIWI PLC ADR (Russia)		112,295
	3,444	RealPage, Inc.*		215,663
	27,798	Sage Group PLC (The) (United Kingdom)		275,652
	2,477	Sapiens International Corp. NV (Israel)		83,079
	10,238	Square, Inc., Class A*		1,633,575
	4,610	SS&C Technologies Holdings, Inc.		293,749
	7,568	StoneCo Ltd., Class A (Brazil)*		385,968
	7,444	TIS, Inc. (Japan)		148,817
	6,078	Visa, Inc., Class A		1,288,475
	982	WEX, Inc.*		156,835
	971	Workday, Inc., Class A*		232,758
	6,645	Worldline SA (France)*(a)		612,085
				17,357,271
Materials – 0.3%
	25,169	IAMGOLD Corp. (Burkina Faso)*(b)		107,975
Real Estate – 1.5%
	983	Corestate Capital Holding SA (Germany)*(b)		18,928
	1,812	PATRIZIA AG (Germany)		53,526
	8,487	Redfin Corp.*		403,727
				476,181
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $26,359,466)		$	31,652,284

Shares		Dividend Rate	Value
Securities Lending Reinvestment Vehicle – 1.7%(c)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	526,091	0.027%	$	526,091
(Cost $526,091)
	TOTAL INVESTMENTS – 101.5%
	(Cost $26,885,557)		$	32,178,375
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (1.5)%			(466,520	)
	NET ASSETS – 100.0%		$	31,711,855

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.
(a)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(b)	All or a portion of security is on loan.
(c)	Represents an affiliated issuer.

Investment Abbreviations:
ADR	—American Depositary Receipt
PLC	—Public Limited Company

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

GOLDMAN SACHS HUMAN EVOLUTION ETF

Schedule of Investments

August 31, 2020

Shares		Description	Value
Common Stocks – 99.9%
Health Care – 99.9%
	138,462	3SBio, Inc. (China)*(a)	$	162,578
	17,597	Abbott Laboratories		1,926,344
	15,420	Abcam PLC (United Kingdom)		257,670
	1,502	ABIOMED, Inc.*		462,045
	2,399	Acceleron Pharma, Inc.*		233,830
	6,797	Adaptive Biotechnologies Corp.*		282,823
	13,719	Adverum Biotechnologies, Inc.*		167,372
	3,259	Agios Pharmaceuticals, Inc.*		133,652
	24,477	Akebia Therapeutics, Inc.*		254,806
	3,429	Align Technology, Inc.*		1,018,344
	6,932	Allogene Therapeutics, Inc.*		247,126
	52,469	Allscripts Healthcare Solutions, Inc.*		468,548
	11,609	AstraZeneca PLC (United Kingdom)		1,296,359
	4,721	Atara Biotherapeutics, Inc.*		63,639
	10,080	Athenex, Inc.*		115,819
	6,892	Baxter International, Inc.		600,086
	4,996	BeiGene Ltd. ADR (China)*		1,206,884
	13,525	BioNTech SE ADR (Germany)*		828,406
	1,648	BioTelemetry, Inc.*		65,228
	3,282	Bluebird Bio, Inc.*		194,623
	2,211	Blueprint Medicines Corp.*		171,198
	33,840	Boston Scientific Corp.*		1,388,117
	5,786	Cara Therapeutics, Inc.*		89,683
	3,317	Cardiovascular Systems, Inc.*		108,366
	3,272	Cellectis SA ADR (France)*		60,368
	7,167	Cerner Corp.		525,843
	1,372	Charles River Laboratories International, Inc.*		300,399
	21,462	Compugen Ltd. (Israel)*(b)		371,078
	1,954	CONMED Corp.		168,650
	7,074	CRISPR Therapeutics AG (Switzerland)*		661,136
	5,258	DaVita, Inc.*		456,184
	2,261	DexCom, Inc.*		961,852
	6,351	Editas Medicine, Inc.*		223,746
	9,227	Edwards Lifesciences Corp.*		792,046
	4,991	EMIS Group PLC (United Kingdom)		68,832
	14,289	Exelixis, Inc.*		317,502
	12,358	Fate Therapeutics, Inc.*		449,831
	5,742	FibroGen, Inc.*		257,414
	15,018	Fresenius Medical Care AG & Co. KGaA (Germany)		1,276,293
	6,482	Fresenius SE & Co. KGaA (Germany)		300,783
	3,050	G1 Therapeutics, Inc.*		46,817
	78,281	Genscript Biotech Corp. (China)*		151,307
	10,093	Gilead Sciences, Inc.		673,708
	6,009	Globus Medical, Inc., Class A*		339,629
	3,702	Gossamer Bio, Inc.*		51,458
	9,805	Halozyme Therapeutics, Inc.*		284,296
	2,650	HCA Healthcare, Inc.		359,658
	4,920	Health Catalyst, Inc.*		153,406
	5,249	Henry Schein, Inc.*		348,744
	5,958	Hutchison China MediTech Ltd. ADR (Hong Kong)*		197,925
	2,325	Illumina, Inc.*		830,536
	12,944	Innate Pharma SA (France)*		83,671
	2,287	Inspire Medical Systems, Inc.*		273,182
Common Stocks – (continued)
Health Care – (continued)
	1,291	Insulet Corp.*		281,761
	2,739	Integer Holdings Corp.*		189,703
	14,317	Intellia Therapeutics, Inc.*(b)		308,961
	3,359	Intuitive Surgical, Inc.*		2,454,892
	18,675	Iovance Biotherapeutics, Inc.*		622,438
	1,474	iRhythm Technologies, Inc.*		324,545
	9,434	Johnson & Johnson		1,447,270
	10,070	Karyopharm Therapeutics, Inc.*		153,165
	2,882	Krystal Biotech, Inc.*		137,788
	1,387	Laboratory Corp. of America Holdings*		243,765
	1,663	LivaNova PLC*		77,995
	16,060	Medtronic PLC		1,725,968
	4,685	MeiraGTx Holdings PLC*		60,952
	5,506	Merck KGaA (Germany)		748,374
	4,540	Merit Medical Systems, Inc.*		222,914
	64,928	Mesoblast Ltd. (Australia)*(b)		254,973
	61,303	Microport Scientific Corp. (China)		278,824
	4,241	Mirati Therapeutics, Inc.*		633,478
	11,455	Moderna, Inc.*		743,315
	11,211	Molecular Templates, Inc.*		130,160
	1,887	MorphoSys AG (Germany)*		237,975
	11,160	Myriad Genetics, Inc.*		149,209
	7,640	Natera, Inc.*		486,744
	13,050	Nektar Therapeutics*		252,387
	7,961	NeoGenomics, Inc.*		310,081
	8,834	NextGen Healthcare, Inc.*		117,139
	6,642	Nichi-iko Pharmaceutical Co. Ltd. (Japan)		74,534
	8,267	Novartis AG (Switzerland)		716,482
	2,559	Novocure Ltd.*		211,757
	55,084	OPKO Health, Inc.*(b)		178,472
	27,660	Precigen, Inc.*(b)		167,343
	8,799	QIAGEN NV*		448,397
	5,272	Quanterix Corp.*		187,683
	2,572	Quest Diagnostics, Inc.		286,109
	1,486	Reata Pharmaceuticals, Inc., Class A*		155,956
	1,057	Regeneron Pharmaceuticals, Inc.*		655,266
	6,135	REGENXBIO, Inc.*		187,240
	5,743	Replimune Group, Inc.*		155,061
	2,276	ResMed, Inc.		411,455
	8,448	Rhythm Pharmaceuticals, Inc.*		249,300
	3,704	Roche Holding AG (Switzerland)		1,298,632
	5,822	Rocket Pharmaceuticals, Inc.*		148,869
	33,651	Sangamo Therapeutics, Inc.*		371,339
	9,541	Sanofi (France)		968,415
	3,594	Seattle Genetics, Inc.*		569,074
	7,642	Shockwave Medical, Inc.*		485,573
	29,185	Smith & Nephew PLC (United Kingdom)		594,560
	4,136	Stoke Therapeutics, Inc.*(b)		121,474
	3,423	Stryker Corp.		678,302
	3,007	Surmodics, Inc.*		136,067
	7,371	Takara Bio, Inc. (Japan)		198,863
	12,484	Takeda Pharmaceutical Co. Ltd. (Japan)		466,068
	1,831	Teleflex, Inc.		719,491
	18,124	TG Therapeutics, Inc.*		449,566
	8,652	Theravance Biopharma, Inc.*		158,591
	2,028	Thermo Fisher Scientific, Inc.		869,971

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

GOLDMAN SACHS HUMAN EVOLUTION ETF

Shares		Description	Value
Common Stocks – (continued)
Health Care – (continued)
	4,778	Vocera Communications, Inc.*	$	133,736
	50,716	WuXi AppTec Co. Ltd., Class H (China)(a)		751,237
	49,825	ZIOPHARM Oncology, Inc.*(b)		140,008
				48,669,507
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $42,808,309)		$	48,669,507

Shares		Dividend Rate	Value
Securities Lending Reinvestment Vehicle – 2.3%(c)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	1,129,919	0.027%	$	1,129,919
	(Cost $1,129,919)
	TOTAL INVESTMENTS – 102.2%
	(Cost $43,938,228)		$	49,799,426
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (2.2)%			(1,077,148	)
	NET ASSETS – 100.0%		$	48,722,278

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.
(a)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(b)	All or a portion of security is on loan.
(c)	Represents an affiliated issuer.

Investment Abbreviations:
ADR	—American Depositary Receipt
PLC	—Public Limited Company

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

GOLDMAN SACHS MANUFACTURING REVOLUTION ETF

Schedule of Investments

August 31, 2020

Shares		Description	Value
Common Stocks – 99.9%
Communication Services – 0.3%
	3,816	Iridium Communications, Inc.*	$	106,886
Consumer Discretionary – 32.1%
	264	Amazon.com, Inc.*		911,053
	4,433	Aptiv PLC		381,770
	48,218	BYD Co. Ltd., Class H (China)(a)		479,060
	1,420	Ferrari NV (Italy)		276,545
	29,055	Fiat Chrysler Automobiles NV (United Kingdom)*		320,477
	25,684	Ford Motor Co.		175,165
	1,984	Garmin Ltd.		205,562
	7,967	General Motors Co.		236,062
	1,920	Gentherm, Inc.*		86,842
	13,185	GoPro, Inc., Class A*		60,519
	2,914	Hella GmbH & Co. KGaA (Germany)		142,885
	8,576	JD.com, Inc. ADR (China)*		674,417
	6,292	Magna International, Inc. (Canada)		305,854
	54,263	NIO, Inc. ADR (China)*(a)		1,032,625
	6,379	Niu Technologies ADR (China)*(a)		131,854
	11,526	Ocado Group PLC (United Kingdom)*		385,355
	15,218	Panasonic Corp. (Japan)		140,334
	11,633	Tata Motors Ltd. ADR (India)*		113,305
	6,135	Tesla, Inc.*		3,057,193
	29,852	Tianneng Power International Ltd. (China)		64,094
	6,843	Toyota Motor Corp. (Japan)		452,092
	7,017	Valeo SA (France)		214,835
	6,557	Veoneer, Inc. (Sweden)*(a)		91,011
	1,626	Visteon Corp.*		122,649
	77,797	Yadea Group Holdings Ltd. (China)*(b)		78,799
				10,140,357
Energy – 1.2%
	7,163	Eni SpA ADR (Italy)		133,232
	6,166	TOTAL SE (France)		244,087
				377,319
Health Care – 2.2%
	1,637	Align Technology, Inc.*		486,156
	1,856	Hogy Medical Co. Ltd. (Japan)		58,807
	2,122	Omnicell, Inc.*		141,495
				686,458
Industrials – 29.1%
	33,401	ABB Ltd. (Switzerland)		852,042
	1,481	AeroVironment, Inc.*		113,134
	3,011	Altra Industrial Motion Corp.		117,580
	141,980	AviChina Industry & Technology Co. Ltd., Class H (China)		88,667
	15,211	Ballard Power Systems, Inc. (Canada)*(a)		252,503
	2,377	Carrier Global Corp.		70,953
	18,569	CNH Industrial NV (United Kingdom)*		146,695
	1,208	Curtiss-Wright Corp.		123,603
	5,058	Daifuku Co. Ltd. (Japan)		445,010
	6,557	DMG Mori Co. Ltd. (Japan)		83,350
	296	Elbit Systems Ltd. (Israel)		39,762
Common Stocks – (continued)
Industrials – (continued)
	7,172	Emerson Electric Co.		498,239
	1,356	FANUC Corp. (Japan)		237,903
	4,016	GS Yuasa Corp. (Japan)		66,539
	1,457	HEICO Corp.		160,153
	2,756	Honeywell International, Inc.		456,256
	3,515	KION Group AG (Germany)		297,879
	1,758	L3Harris Technologies, Inc.		317,741
	793	Lockheed Martin Corp.		309,476
	2,574	Matthews International Corp., Class A		56,371
	1,145	Mercury Systems, Inc.*		86,722
	616	MTU Aero Engines AG (Germany)		114,373
	2,486	Nachi-Fujikoshi Corp. (Japan)		77,244
	3,593	Nidec Corp. (Japan)		301,921
	849	Northrop Grumman Corp.		290,876
	900	NV5 Global, Inc.*		46,593
	5,589	Okamura Corp. (Japan)		39,264
	1,188	Otis Worldwide Corp.		74,725
	1,865	Proto Labs, Inc.*		274,155
	2,377	Raytheon Technologies Corp.		144,997
	2,844	Rexnord Corp.		82,362
	3,148	Rockwell Automation, Inc.		725,708
	2,725	Safran SA (France)*		316,185
	4,795	Schneider Electric SE (France)		594,963
	4,083	Sensata Technologies Holding PLC*		170,016
	2,400	Siemens AG (Germany)		331,977
	35,758	Techtronic Industries Co. Ltd. (Hong Kong)		454,002
	2,156	Thales SA (France)		168,890
	1,389	TPI Composites, Inc.*		42,656
	725	Varta AG (Germany)*(a)		113,152
				9,184,637
Information Technology – 30.0%
	2,860	Ambarella, Inc.*		150,722
	2,166	Analog Devices, Inc.		253,162
	1,624	ANSYS, Inc.*		550,552
	1,865	Autodesk, Inc.*		458,231
	1,236	Belden, Inc.		41,628
	2,635	Brooks Automation, Inc.		136,045
	2,221	Cognex Corp.		153,671
	610	Coherent, Inc.*		68,723
	3,170	Dassault Systemes (France)		598,435
	3,086	Enphase Energy, Inc.*		238,332
	2,019	FARO Technologies, Inc.*		114,074
	3,022	First Solar, Inc.*		231,455
	10,223	Flex Ltd.*		111,022
	3,254	FLIR Systems, Inc.		120,073
	8,343	Infineon Technologies AG (Germany)		231,086
	7,508	Intel Corp.		382,533
	1,305	IPG Photonics Corp.*		211,058
	6,043	JinkoSolar Holding Co. Ltd. ADR (China)*		138,022
	1,386	Keyence Corp. (Japan)		570,894
	646	Maxeon Solar Technologies Ltd. (Singapore)*		13,424

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

GOLDMAN SACHS MANUFACTURING REVOLUTION ETF

Shares		Description	Value
Common Stocks – (continued)
Information Technology – (continued)
	2,013	NVIDIA Corp.	$	1,076,915
	2,849	Omron Corp. (Japan)		208,748
	5,886	ON Semiconductor Corp.*		125,784
	2,122	PTC, Inc.*		193,972
	2,496	Renishaw PLC (United Kingdom)		159,882
	1,743	Rorze Corp. (Japan)		81,607
	1,071	Silicon Laboratories, Inc.*		109,681
	2,601	SolarEdge Technologies, Inc.*		575,211
	3,055	Spectris PLC (United Kingdom)		103,735
	9,119	STMicroelectronics NV (Switzerland)		274,937
	21,101	Sunny Optical Technology Group Co. Ltd. (China)		312,833
	5,170	SunPower Corp.*(a)		57,852
	4,325	Teradyne, Inc.		367,495
	3,401	Texas Instruments, Inc.		483,452
	10,329	Topcon Corp. (Japan)		83,181
	6,098	Trimble, Inc.*		319,596
	1,714	ViaSat, Inc.*		68,149
	4,423	Xerox Holdings Corp.		83,418
				9,459,590
Materials – 4.8%
	3,200	Albemarle Corp.		291,232
	1,181	Arkema SA (France)		131,214
	3,318	FMC Corp.		354,561
	79,739	Ganfeng Lithium Co. Ltd., Class H (China)(b)		403,832
	15,946	Livent Corp.*		135,222
	25,712	Nippon Light Metal Holdings Co. Ltd. (Japan)		45,098
	4,591	Sociedad Quimica y Minera de Chile SA ADR (Chile)		143,974
				1,505,133
Utilities – 0.2%
	70,885	HK Electric Investments & HK Electric Investments Ltd. (Hong Kong)		72,164
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $24,951,770)		$	31,532,544

Shares		Dividend Rate	Value
Securities Lending Reinvestment Vehicle – 5.1%(c)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	1,606,015	0.027%	$	1,606,015
	(Cost $1,606,015)
	TOTAL INVESTMENTS – 105.0%
	(Cost $26,557,785)		$	33,138,559
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (5.0)%			(1,576,216	)
	NET ASSETS – 100.0%		$	31,562,343

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

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

GOLDMAN SACHS NEW AGE CONSUMER ETF

Schedule of Investments

August 31, 2020

Shares		Description	Value
Common Stocks – 99.9%
Communication Services – 35.9%
	9,943	Activision Blizzard, Inc.	$	830,439
	11,926	Bilibili, Inc. ADR (China)*		563,504
	4,577	Cargurus, Inc.*		111,587
	43,472	China Literature Ltd. (China)*(a)		270,082
	9,584	Dip Corp. (Japan)		212,205
	4,457	Electronic Arts, Inc.*		621,618
	5,057	Eventbrite, Inc., Class A*(b)		54,363
	7,066	Facebook, Inc., Class A*		2,071,751
	10,066	GungHo Online Entertainment, Inc. (Japan)		207,879
	12,015	HUYA, Inc. ADR (China)*(b)		345,071
	176,276	IGG, Inc. (Singapore)		203,566
	16,022	iQIYI, Inc. ADR (China)*		346,876
	3,571	JOYY, Inc. ADR (China)*		305,106
	13,975	Kakaku.com, Inc. (Japan)		372,552
	10,936	Koei Tecmo Holdings Co. Ltd. (Japan)		433,645
	5,595	Live Nation Entertainment, Inc.*		317,796
	4,967	Mail.Ru Group Ltd. GDR (Russia)*		153,232
	6,466	Match Group, Inc.*		722,123
	8,597	Momo, Inc. ADR (China)		175,379
	1,979	NetEase, Inc. ADR (China)		964,189
	2,762	Netflix, Inc.*		1,462,645
	24,031	Nexon Co. Ltd. (Japan)		562,676
	1,587	Nintendo Co. Ltd. (Japan)		849,134
	19,293	Pinterest, Inc., Class A*		709,789
	3,987	Roku, Inc.*		691,665
	9,675	Sea Ltd. ADR (Taiwan)*		1,478,437
	67,326	Sirius XM Holdings, Inc.		395,204
	25,649	Snap, Inc., Class A*		579,411
	3,780	Spotify Technology SA*		1,066,565
	5,507	Square Enix Holdings Co. Ltd. (Japan)		362,996
	3,421	Take-Two Interactive Software, Inc.*		585,641
	26,310	Tencent Holdings Ltd. (China)		1,800,927
	28,307	Tencent Music Entertainment Group ADR (China)*		442,438
	3,239	TripAdvisor, Inc.		75,695
	14,295	Twitter, Inc.*		580,091
	5,566	Ubisoft Entertainment SA (France)*		459,043
	8,174	Weibo Corp. ADR (China)*		304,890
	7,605	Yelp, Inc.*		175,828
	49,970	Zynga, Inc., Class A*		452,728
				22,318,766
Consumer Discretionary – 56.6%
	6,376	Acushnet Holdings Corp.		225,009
	2,431	adidas AG (Germany)*		740,213
	6,793	Alibaba Group Holding Ltd. ADR (China)*		1,949,795
	629	Amazon.com, Inc.*		2,170,654
	49,299	ANTA Sports Products Ltd. (China)		486,937
	5,368	Arco Platform Ltd., Class A (Brazil)*		242,848
	19,953	Asics Corp. (Japan)		275,460
	7,006	ASOS PLC (United Kingdom)*		460,498
	4,559	Baozun, Inc. ADR (China)*(b)		188,925
	77,855	boohoo Group PLC (United Kingdom)*		301,786
	331	Booking Holdings, Inc.*		632,359
Common Stocks – (continued)
Consumer Discretionary – (continued)
	4,697	Brunswick Corp.		290,697
	7,168	Callaway Golf Co.		149,525
	4,757	Carvana Co.*		1,027,322
	6,494	Chegg, Inc.*		478,868
	14,973	Chewy, Inc., Class A*		914,401
	147,765	China Education Group Holdings Ltd. (China)		290,567
	303,951	China Maple Leaf Educational Systems Ltd. (China)		118,441
	317,613	China Yuhua Education Corp. Ltd. (China)(a)		304,493
	3,421	Columbia Sportswear Co.		292,735
	6,978	Delivery Hero SE (Germany)*(a)		751,248
	6,977	Descente Ltd. (Japan)*		119,480
	5,836	Dick’s Sporting Goods, Inc.		315,844
	15,093	eBay, Inc.		826,795
	4,456	Etsy, Inc.*		533,383
	3,540	Expedia Group, Inc.		347,451
	13,399	Farfetch Ltd., Class A (United Kingdom)*		371,018
	3,081	Flutter Entertainment PLC (Ireland)		510,713
	5,804	Foot Locker, Inc.		176,035
	22,956	Frasers Group PLC (United Kingdom)*		107,579
	3,840	Goldwin, Inc. (Japan)		277,014
	2,791	Groupon, Inc.*		88,838
	4,288	GrubHub, Inc.*		310,237
	10,276	GSX Techedu, Inc. ADR (China)*(b)		877,570
	23,072	GVC Holdings PLC (United Kingdom)*		248,435
	13,097	HelloFresh SE (Germany)*		675,091
	33,830	JD Sports Fashion PLC (United Kingdom)		328,763
	20,193	JD.com, Inc. ADR (China)*		1,587,978
	111,556	Li Ning Co. Ltd. (China)		472,125
	2,190	Lululemon Athletica, Inc.*		822,717
	8,867	MakeMyTrip Ltd. (India)*		149,675
	56,119	Meituan Dianping, Class B (China)*		1,850,805
	631	MercadoLibre, Inc. (Argentina)*		737,380
	10,007	Mercari, Inc. (Japan)*		453,899
	4,488	New Oriental Education & Technology Group, Inc. ADR (China)*		658,075
	9,226	NIKE, Inc., Class B		1,032,297
	18,633	Ocado Group PLC (United Kingdom)*		622,968
	12,557	Peloton Interactive, Inc., Class A*		962,745
	14,027	Pinduoduo, Inc. ADR (China)*		1,247,561
	4,048	Planet Fitness, Inc., Class A*		246,078
	4,048	Puma SE (Germany)*		334,915
	34,188	Rakuten, Inc. (Japan)		300,791
	6,407	Stitch Fix, Inc., Class A*(b)		154,729
	10,064	TAL Education Group ADR (China)*		742,824
	4,019	Thor Industries, Inc.		379,514
	12,165	Trip.com Group Ltd. ADR (China)*		367,870
	18,363	Under Armour, Inc., Class A*		180,141
	27,618	Vipshop Holdings Ltd. ADR (China)*		455,973
	3,887	Wayfair, Inc., Class A*		1,152,729
	6,557	WW International, Inc.*		153,958
	6,916	YETI Holdings, Inc.*		355,344

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

GOLDMAN SACHS NEW AGE CONSUMER ETF

Shares		Description	Value
Common Stocks – (continued)
Consumer Discretionary – (continued)
	9,555	Zalando SE (Germany)*(a)	$	835,793
	18,840	ZOZO, Inc. (Japan)		530,139
				35,196,050
Consumer Staples – 2.8%
	3,479	Beyond Meat, Inc.*(b)		472,622
	1,679	Calavo Growers, Inc.		106,566
	4,019	Cal-Maine Foods, Inc.*		155,093
	7,307	Fresh Del Monte Produce, Inc.		169,450
	4,936	Herbalife Nutrition Ltd.*		242,605
	5,145	Maruha Nichiro Corp. (Japan)		116,344
	19,353	Nippon Suisan Kaisha Ltd. (Japan)		86,869
	13,187	Pilgrim’s Pride Corp.*		210,992
	1,498	Sanderson Farms, Inc.		175,206
				1,735,747
Health Care – 1.6%
	7,816	Dechra Pharmaceuticals PLC (United Kingdom)		329,655
	1,710	IDEXX Laboratories, Inc.*		668,712
				998,367
Industrials – 0.5%
	4,727	en-japan, Inc. (Japan)		136,847
	9,554	Upwork, Inc.*		145,507
				282,354
Information Technology – 2.5%
	4,148	2U, Inc.*		171,686
	4,230	GoDaddy, Inc., Class A*		353,966
	5,400	LivePerson, Inc.*		322,164
	2,400	Wix.com Ltd. (Israel)*		707,112
				1,554,928
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $47,898,985)		$	62,086,212

Shares		Dividend Rate	Value
Securities Lending Reinvestment Vehicle – 3.0%(c)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	1,858,500	0.027%	$	1,858,500
	(Cost $1,858,500)
	TOTAL INVESTMENTS – 102.9%
	(Cost $49,757,485)		$	63,944,712
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (2.9)%			(1,806,230	)
	NET ASSETS – 100.0%		$	62,138,482

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.
(a)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(b)	All or a portion of security is on loan.
(c)	Represents an affiliated issuer.

Investment Abbreviations:
ADR	—American Depositary Receipt
GDR	—Global Depositary Receipt
PLC	—Public Limited Company

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

GOLDMAN SACHS ETF TRUST

Statements of Assets and Liabilities

August 31, 2020

	Data-Driven World ETF		Finance Reimagined ETF		Human Evolution ETF		Manufacturing Revolution ETF
Assets:
Investments in unaffiliated issuers, at value (cost $31,651,630, $26,359,466, $42,808,309 and $24,951,770, respectively)(a)	$	41,292,559	$	31,652,284	$	48,669,507	$	31,532,544
Investments in securities lending reinvestment vehicle, at value which equals cost		1,092,435		526,091		1,129,919		1,606,015
Cash		28,699		53,260		23,309		18,541
Foreign currency, at value (cost $—, $—, $— and $189, respectively)		—		—		—		189
Receivables:
Dividends		24,324		17,993		42,894		19,802
Foreign tax reclaims		1,199		—		3,803		707
Securities lending income		1,026		773		2,507		2,720
Total assets		42,440,242		32,250,401		49,871,939		33,180,518
Liabilities:
Payables:
Upon return of securities loaned		1,092,435		526,091		1,129,919		1,606,015
Management fees		16,871		12,455		19,742		12,160
Total liabilities		1,109,306		538,546		1,149,661		1,618,175
Net Assets:
Paid-in capital		31,743,876		26,686,512		42,892,264		24,992,583
Total distributable earnings		9,587,060		5,025,343		5,830,014		6,569,760
NET ASSETS	$	41,330,936	$	31,711,855	$	48,722,278	$	31,562,343
SHARES ISSUED AND OUTSTANDING
Shares outstanding no par value (unlimited shares authorized):		575,000		475,000		750,000		450,000
Net asset value per share:		$71.88		$66.76		$64.96		$70.14

(a) Includes loaned securities having a market value of $1,050,853, $492,952, $1,095,841 and $1,542,380, respectively.

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

GOLDMAN SACHS ETF TRUST

Statements of Assets and Liabilities (continued)

August 31, 2020

	New Age Consumer ETF
Assets:
Investments in unaffiliated issuers, at value (cost $47,898,985)(a)	$	62,086,212
Investments in securities lending reinvestment vehicle, at value which equals cost		1,858,500
Cash		54,204
Receivables:
Dividends		22,783
Securities lending income		758
Total assets		64,022,457
Liabilities:
Payables:
Upon return of securities loaned		1,858,500
Management fees		25,475
Total liabilities		1,883,975
Net Assets:
Paid-in capital		47,947,049
Total distributable earnings		14,191,433
NET ASSETS	$	62,138,482
SHARES ISSUED AND OUTSTANDING
Shares outstanding no par value (unlimited shares authorized):		750,000
Net asset value per share:		$82.85

(a) Includes loaned securities having a market value of $1,820,458.

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

GOLDMAN SACHS ETF TRUST

Statements of Operations

For the Fiscal Year Ended August 31, 2020

	Data-Driven World ETF			Finance Reimagined ETF			Human Evolution ETF			Manufacturing Revolution ETF
Investment income:
Dividends — unaffiliated issuers (net of foreign withholding taxes of $8,774, $4,180, $17,314 and $15,432, respectively)	$	313,145		$	175,587		$	157,775		$	130,304
Securities lending income — unaffiliated issuer		6,043			19,994			33,583			23,817
Total investment income		319,188			195,581			191,358			154,121
Expenses:
Management fees		97,869			79,223			90,489			54,279
Trustee fees		4,987			4,949			4,939			4,854
Total expenses		102,856			84,172			95,428			59,133
NET INVESTMENT INCOME		216,332			111,409			95,930			94,988
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		(48,206	)		(250,149	)		(49,327	)		(14,520	)
Foreign currency transactions		(327	)		(2	)		(1,149	)		(821	)
Net change in unrealized gain (loss) on:
Investments		9,614,108			4,720,687			5,948,274			6,743,931
Foreign currency translations		87			82			171			89
Net realized and unrealized gain		9,565,662			4,470,618			5,897,969			6,728,679
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	9,781,994		$	4,582,027		$	5,993,899		$	6,823,667

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

GOLDMAN SACHS ETF TRUST

Statements of Operations (continued)

For the Fiscal Year Ended August 31, 2020

	New Age Consumer ETF
Investment income:
Dividends — unaffiliated issuers (net of foreign withholding taxes of $2,203)	$	71,990
Securities lending income — unaffiliated issuer		21,245
Total investment income		93,235
Expenses:
Management fees		84,527
Trustee fees		4,890
Total expenses		89,417
NET INVESTMENT INCOME		3,818
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		36,002
Foreign currency transactions		(1,911	)
Net change in unrealized gain (loss) on:
Investments		13,993,032
Foreign currency translations		2
Net realized and unrealized gain		14,027,125
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	14,030,943

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

GOLDMAN SACHS ETF TRUST

Statements of Changes in Net Assets

	Data-Driven World ETF						Finance Reimagined ETF
	For the Fiscal Year Ended August 31, 2020			For the Period March 1, 2019* to August 31, 2019			For the Fiscal Year Ended August 31, 2020			For the Period March 1, 2019* to August 31, 2019
From operations:
Net investment income	$	216,332		$	29,851		$	111,409		$	26,946
Net realized loss		(48,533	)		(14,756	)		(250,151	)		(13,040	)
Net change in unrealized gain		9,614,195			26,827			4,720,769			572,137
Net increase in net assets resulting from operations		9,781,994			41,922			4,582,027			586,043
Distributions to shareholders:
From distributable earnings		(219,222	)		(17,634	)		(125,194	)		(17,533	)
From share transactions:
Proceeds from sales of shares		21,500,619			10,243,257			16,137,782			10,548,730
Net increase in net assets resulting from share transactions		21,500,619			10,243,257			16,137,782			10,548,730
TOTAL INCREASE		31,063,391			10,267,545			20,594,615			11,117,240
Net assets:
Beginning of period	$	10,267,545		$	—		$	11,117,240		$	—
End of period	$	41,330,936		$	10,267,545		$	31,711,855		$	11,117,240

* Commencement of operations.

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

GOLDMAN SACHS ETF TRUST

Statements of Changes in Net Assets (continued)

	Human Evolution ETF						Manufacturing Revolution ETF
	For the Fiscal Year Ended August 31, 2020			For the Period March 1, 2019* to August 31, 2019			For the Fiscal Year Ended August 31, 2020			For the Period March 1, 2019* to August 31, 2019
From operations:
Net investment income	$	95,930		$	14,837		$	94,988		$	39,390
Net realized loss		(50,476	)		(6,103	)		(15,341	)		(12,337	)
Net change in unrealized gain (loss)		5,948,445			(87,125	)		6,744,020			(163,179	)
Net increase (decrease) in net assets resulting from operations		5,993,899			(78,391	)		6,823,667			(136,126	)
Distributions to shareholders:
From distributable earnings		(72,044	)		(13,450	)		(83,010	)		(34,771	)
From share transactions:
Proceeds from sales of shares		34,024,022			8,868,242			18,807,793			6,184,790
Net increase in net assets resulting from share transactions		34,024,022			8,868,242			18,807,793			6,184,790
TOTAL INCREASE		39,945,877			8,776,401			25,548,450			6,013,893
Net assets:
Beginning of period	$	8,776,401		$	—		$	6,013,893		$	—
End of period	$	48,722,278		$	8,776,401		$	31,562,343		$	6,013,893

* Commencement of operations.

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

GOLDMAN SACHS ETF TRUST

Statements of Changes in Net Assets (continued)

	New Age Consumer ETF
	For the Fiscal Year Ended August 31, 2020			For the Period March 1, 2019* to August 31, 2019
From operations:
Net investment income	$	3,818		$	4,414
Net realized gain (loss)		34,091			(4,863	)
Net change in unrealized gain		13,993,034			194,187
Net increase in net assets resulting from operations		14,030,943			193,738
Distributions to shareholders:
From distributable earnings		(28,466	)		(4,782	)
From share transactions:
Proceeds from sales of shares		42,862,235			5,084,814
Net increase in net assets resulting from share transactions		42,862,235			5,084,814
TOTAL INCREASE		56,864,712			5,273,770
Net assets:
Beginning of period	$	5,273,770		$	—
End of period	$	62,138,482		$	5,273,770

* Commencement of operations.

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

GOLDMAN SACHS ETF TRUST

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

	Data-Driven World ETF
	For the Fiscal Year Ended August 31, 2020			For the Period March 1, 2019* to August 31, 2019
Per Share Operating Performance:
Net asset value, beginning of period	$	51.34		$	50.10
Net investment income(a)		0.62	(b)		0.17
Net realized and unrealized gain		20.50			1.16
Total gain from investment operations		21.12			1.33
Distributions to shareholders from net investment income		(0.58	)		(0.09	)
Net asset value, end of period	$	71.88		$	51.34
Market price, end of period	$	72.02		$	51.40
Total Return at Net Asset Value(c)		41.46	%		2.65	%
Net assets, end of period (in 000’s)	$	41,331		$	10,268
Ratio of total expenses to average net assets		0.50	%		0.50	%(d)
Ratio of net investment income to average net assets		1.05	%(b)		0.65	%(d)
Portfolio turnover rate(e)		9	%		17	%

 * Commencement of operations.

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

(b) Reflects income recognized from non-recurring special dividends which amounted to $0.32 per share and 0.54% of average net assets.

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

(d) Annualized.

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

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

GOLDMAN SACHS ETF TRUST

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Finance Reimagined ETF
	For the Fiscal Year Ended August 31, 2020			For the Period March 1, 2019* to August 31, 2019
Per Share Operating Performance:
Net asset value, beginning of period	$	55.59		$	50.74
Net investment income(a)		0.38			0.20
Net realized and unrealized gain		11.26			4.77
Total gain from investment operations		11.64			4.97
Distributions to shareholders from net investment income		(0.47	)		(0.12	)
Net asset value, end of period	$	66.76		$	55.59
Market price, end of period	$	66.86		$	55.64
Total Return at Net Asset Value(b)		21.05	%		9.77	%
Net assets, end of period (in 000’s)	$	31,712		$	11,117
Ratio of total expenses to average net assets		0.50	%		0.50	%(c)
Ratio of net investment income to average net assets		0.66	%		0.73	%(c)
Portfolio turnover rate(d)		5	%		18	%

 * Commencement of operations.

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

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

(c) Annualized.

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

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

GOLDMAN SACHS ETF TRUST

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Human Evolution ETF
	For the Fiscal Year Ended August 31, 2020			For the Period March 1, 2019* to August 31, 2019
Per Share Operating Performance:
Net asset value, beginning of period	$	50.15		$	50.63
Net investment income(a)		0.29			0.12
Net realized and unrealized gain (loss)		14.71			(0.47	)
Total gain (loss) from investment operations		15.00			(0.35	)
Distributions to shareholders from net investment income		(0.19	)		(0.13	)
Net asset value, end of period	$	64.96		$	50.15
Market price, end of period	$	65.19		$	50.26
Total Return at Net Asset Value(b)		29.91	%		(0.69	)%
Net assets, end of period (in 000’s)	$	48,722		$	8,776
Ratio of total expenses to average net assets		0.50	%		0.50	%(c)
Ratio of net investment income to average net assets		0.50	%		0.49	%(c)
Portfolio turnover rate(d)		11	%		24	%

 * 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. 43

GOLDMAN SACHS ETF TRUST

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Manufacturing Revolution ETF
	For the Fiscal Year Ended August 31, 2020			For the Period March 1, 2019* to August 31, 2019
Per Share Operating Performance:
Net asset value, beginning of period	$	48.11		$	49.70
Net investment income(a)		0.45			0.38
Net realized and unrealized gain (loss)		21.97			(1.62	)
Total gain (loss) from investment operations		22.42			(1.24	)
Distributions to shareholders from net investment income		(0.39	)		(0.35	)
Net asset value, end of period	$	70.14		$	48.11
Market price, end of period	$	70.33		$	48.22
Total Return at Net Asset Value(b)		46.71	%		(2.52	)%
Net assets, end of period (in 000’s)	$	31,562		$	6,014
Ratio of total expenses to average net assets		0.50	%		0.50	%(c)
Ratio of net investment income to average net assets		0.80	%		1.55	%(c)
Portfolio turnover rate(d)		12	%		21	%

 * 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.

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

GOLDMAN SACHS ETF TRUST

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	New Age Consumer ETF
	For the Fiscal Year Ended August 31, 2020			For the Period March 1, 2019* to August 31, 2019
Per Share Operating Performance:
Net asset value, beginning of period	$	52.74		$	50.83
Net investment income(a)		0.01			0.04
Net realized and unrealized gain		30.28			1.92
Total gain from investment operations		30.29			1.96
Distributions to shareholders from net investment income		(0.18	)		(0.05	)
Net asset value, end of period	$	82.85		$	52.74
Market price, end of period	$	83.07		$	52.83
Total Return at Net Asset Value(b)		57.41	%		3.83	%
Net assets, end of period (in 000’s)	$	62,138		$	5,274
Ratio of total expenses to average net assets		0.50	%		0.50	%(c)
Ratio of net investment income to average net assets		0.02	%		0.17	%(c)
Portfolio turnover rate(d)		3	%		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 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. 45

GOLDMAN SACHS ETF TRUST

Notes to Financial Statements

August 31, 2020

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 Data-Driven World ETF (formerly Goldman Sachs Motif Data-Driven World ETF) (“Data-Driven World ETF”)	Diversified
Goldman Sachs Finance Reimagined ETF (formerly Goldman Sachs Motif Finance Reimagined ETF) (“Finance Reimagined ETF”)	Diversified
Goldman Sachs Human Evolution ETF (formerly Goldman Sachs Motif Human Evolution ETF) (“Human Evolution ETF”)	Diversified
Goldman Sachs Manufacturing Revolution ETF (formerly Goldman Sachs Motif Manufacturing Revolution ETF) (“Manufacturing Revolution ETF”)	Diversified
Goldman Sachs New Age Consumer ETF (formerly Goldman Sachs Motif New Age Consumer ETF) (“New Age Consumer ETF”)	Diversified

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

Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as investment adviser to the Funds pursuant to a management agreement (the “Agreement”) with the Trust. Each Fund is an exchange-traded fund (“ETF”). Shares of the Funds are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”). Market prices for the Funds’ shares may be different from their net asset value (“NAV”). The Funds issue and redeem shares at their respective NAV only in blocks of a specified number of shares, or multiples thereof, referred to as “Creation Units”. Creation Units are issued and redeemed 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 Funds.

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. Each Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.

A.  Investment Valuation — The Funds’ valuation policy is to value investments at fair value.

B.  Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily NAV calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments. Distributions received from the Funds’ investments in U.S. real estate investment trusts (“REITs”) may be characterized as ordinary income, net capital gain and/or a return of capital. A return of capital is recorded by the Funds as a reduction to the cost basis of the REIT.

46

GOLDMAN SACHS ETF TRUST

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

D.  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 quarterly. Capital gains distributions, if any, are declared and paid annually.

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

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

E.  Foreign Currency Translation — The accounting records and reporting currency of a Fund are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Statements of Operations within net change in unrealized gain (loss) on foreign currency translation. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

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

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

Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;

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

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

47

GOLDMAN SACHS ETF TRUST

Notes to Financial Statements (continued)

August 31, 2020

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

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

Equity Securities — Equity securities traded on a United States (“U.S.”) securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities will be valued at the valid closing bid price for long positions and at the valid closing ask price for short positions (i.e. where there is sufficient volume, during normal exchange trading hours). If no valid bid/ask price is available, the equity security will be valued pursuant to the Valuation Procedures approved by the Trustees and consistent with applicable regulatory guidance. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2.

Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price for long positions or the last ask price for short positions, and are generally classified as Level 2.

Money Market Funds — Investments in the Goldman Sachs Financial Square Government Fund (“Underlying Fund”) are valued at the NAV per share of the Institutional Share class on the day of valuation. These investments are generally classified as Level 1 of the fair value hierarchy. For information regarding 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. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.

C.  Fair Value Hierarchy — The following is a summary of the Funds’ investments classified in the fair value hierarchy as of August 31, 2020:

DATA-DRIVEN WORLD ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	7,642,460	$	—	$	—
Europe		3,354,565		—		—
North America		30,295,534		—		—
Securities Lending Reinvestment Vehicle		1,092,435		—		—
Total	$	42,384,994	$	—	$	—

(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.

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

FINANCE REIMAGINED ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Africa	$	107,975	$	—	$	—
Asia		3,317,508		—		—
Europe		3,246,865		—		—
North America		24,120,388		—		—
South America		859,548		—		—
Securities Lending Reinvestment Vehicle		526,091		—		—
Total	$	32,178,375	$	—	$	—
HUMAN EVOLUTION ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	3,859,298	$	—	$	—
Europe		9,397,956		—		—
North America		35,157,280		—		—
Oceania		254,973		—		—
Securities Lending Reinvestment Vehicle		1,129,919		—		—
Total	$	49,799,426	$	—	$	—
MANUFACTURING REVOLUTION ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	6,988,852	$	—	$	—
Europe		6,243,872		—		—
North America		18,155,846		—		—
South America		143,974		—		—
Securities Lending Reinvestment Vehicle		1,606,015		—		—
Total	$	33,138,559	$	—	$	—

(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.

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Notes to Financial Statements (continued)

August 31, 2020

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

NEW AGE CONSUMER ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	24,955,121	$	153,232	$	—
Europe		7,077,718		—		—
North America		28,919,913		—		—
South America		980,228		—		—
Securities Lending Reinvestment Vehicle		1,858,500		—		—
Total	$	63,791,480	$	153,232	$	—

(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.

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 a Fund’s 12b-1 plan (if any), interest expenses, taxes, acquired fund fees and expenses, brokerage fees, costs of holding shareholder meetings, litigation, indemnification and extraordinary expenses. As the Funds directly pay fees and expenses of the independent Trustees, the management fee collected by GSAM will be reduced by an amount equal to the fees and expenses paid by the Funds to the independent Trustees.

For the fiscal year ended August 31, 2020, contractual and effective net unitary management fee rates with GSAM were 0.50% for each Fund.

5. CREATION AND REDEMPTION OF CREATION UNITS

The Trust issues and redeems shares of the Funds only in Creation Units on a continuous basis through the Distributor, without an initial sales load, at NAV next determined after receipt, on any Business Day (as defined in the Statement of Additional Information), of an order in proper form. Shares of the Funds may only be purchased or redeemed by certain financial institutions (each an “Authorized Participant”). An Authorized Participant is either (1) a “Participating Party” or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation; or (2) a Depository Trust Company participant; which, in either case, must have executed an agreement with the Distributor. Retail investors will typically not qualify as an Authorized Participant or have the resources to buy and sell whole Creation Units. Therefore, they will be unable to purchase or redeem the shares directly from the Funds. Rather, most retail investors will purchase shares in the secondary market at market prices with the assistance of a broker and may be subject to customary brokerage commissions or fees. Fixed creation and redemption transaction fees are imposed in connection with creations and redemptions.

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

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5. CREATION AND REDEMPTION OF CREATION UNITS (continued)

Share activity is as follows:

	Data-Driven World ETF
	For the Fiscal Year Ended August 31, 2020				For the period March 1, 2019* through August 31, 2019
	Shares		Dollars		Shares		Dollars
Fund Share Activity
Shares Sold		375,000	$	21,499,021		200,000	$	10,242,706
NET INCREASE IN SHARES		375,000	$	21,499,021		200,000	$	10,242,706
	Finance Reimagined ETF
	For the Fiscal Year Ended August 31, 2020				For the period March 1, 2019* through August 31, 2019
	Shares		Dollars		Shares		Dollars
Fund Share Activity
Shares Sold		275,000	$	16,137,246		200,000	$	10,548,731
NET INCREASE IN SHARES		275,000	$	16,137,246		200,000	$	10,548,731
	Human Evolution ETF
	For the Fiscal Year Ended August 31, 2020				For the period March 1, 2019* through August 31, 2019
	Shares		Dollars		Shares		Dollars
Fund Share Activity
Shares Sold		575,000	$	34,022,468		175,000	$	8,869,648
NET INCREASE IN SHARES		575,000	$	34,022,468		175,000	$	8,869,648
	Manufacturing Revolution ETF
	For the Fiscal Year Ended August 31, 2020				For the period March 1, 2019* through August 31, 2019
	Shares		Dollars		Shares		Dollars
Fund Share Activity
Shares Sold		325,000	$	18,805,303		125,000	$	6,183,762
NET INCREASE IN SHARES		325,000	$	18,805,303		125,000	$	6,183,762
	New Age Consumer ETF
	For the Fiscal Year Ended August 31, 2020				For the period March 1, 2019* through August 31, 2019
	Shares		Dollars		Shares		Dollars
Fund Share Activity
Shares Sold		650,000	$	42,854,695		100,000	$	5,083,282
NET INCREASE IN SHARES		650,000	$	42,854,695		100,000	$	5,083,282

* Commencement of operation

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Notes to Financial Statements (continued)

August 31, 2020

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales of long-term securities for the fiscal year ended August 31, 2020, were as follows:

Fund	Purchases		Sales
Data-Driven World ETF	$	2,844,881	$	1,915,320
Finance Reimagined ETF		1,092,668		901,335
Human Evolution ETF		2,954,841		2,148,665
Manufacturing Revolution ETF		2,618,336		1,509,238
New Age Consumer ETF		3,812,221		508,080

The purchases and sales from in-kind creation and redemption transactions for the fiscal year ended August 31, 2020, were as follows:

Fund	Purchases		Sales
Data-Driven World ETF	$	20,543,924	$	—
Finance Reimagined ETF		15,932,749		—
Human Evolution ETF		33,245,989		—
Manufacturing Revolution ETF		17,708,206		—
New Age Consumer ETF		39,512,996		—

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 invested 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

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7. SECURITIES LENDING (continued)

securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Funds’ master netting agreements with certain borrowers provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws. The Funds’ loaned securities were all subject to enforceable Securities Lending Agreements, and the value of the collateral was at least equal to the value of the cash received. The amounts of the Funds’ overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of August 31, 2020, are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities, where applicable.

Both the Funds and BNYM received compensation relating to the lending of the Funds’ securities. The amounts earned, if any, by the Funds for the fiscal year ended August 31, 2020, are reported under Investment Income on the Statements of Operations.

The following table provides information about the Funds’ investment in the Government Money Market Fund for the fiscal year ended August 31, 2020:

Fund	Beginning value as of August 31, 2019		Purchases at Cost		Proceeds from Sales			Ending value as of August 31, 2019
Data-Driven World ETF*	$	95,421	$	6,255,168	$	(5,258,154	)	$	1,092,435
Finance Reimagined ETF*		334,439		7,943,890		(7,752,238	)		526,091
Human Evolution ETF*		387,038		9,329,914		(8,587,033	)		1,129,919
Manufacturing Revolution ETF*		295,431		7,144,886		(5,834,302	)		1,606,015
New Age Consumer ETF*		300,049		14,425,945		(12,867,494	)		1,858,500

* Commencement of operations on March 1, 2019.

8. TAX INFORMATION

The tax character of distributions paid during the fiscal year ended August 31, 2020 and August 31, 2019 were as follows:

	Year Ended August 31, 2020
	Data-Driven World ETF		Finance Reimagined ETF		Human Evolution ETF		Manufacturing Revolution ETF		New Age Consumer ETF
Distributions paid from:
Ordinary Income*	$	219,222	$	125,194	$	72,044	$	83,010	$	28,466
Total taxable distributions	$	219,222	$	125,194	$	72,044	$	83,010	$	28,466

* For tax purposes short-term capital gain distributions are considered ordinary income distributions.

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Notes to Financial Statements (continued)

August 31, 2020

8. TAX INFORMATION (continued)

	Year Ended August 31, 2019
	Data-Driven World ETF		Finance Reimagined ETF		Human Evolution ETF		Manufacturing Revolution ETF		New Age Consumer ETF
Distributions paid from:
Ordinary Income*	$	17,634	$	17,533	$	13,450	$	34,771	$	4,782
Total taxable distributions	$	17,634	$	17,533	$	13,450	$	34,771	$	4,782

* For tax purposes short-term capital gain distributions are considered ordinary income distributions.

As of August 31, 2020, the components of accumulated earnings (loss) on a tax-basis were as follows:

	Data-Driven World ETF			Finance Reimagined ETF			Human Evolution ETF			Manufacturing Revolution ETF			New Age Consumer ETF
Undistributed ordinary income — net	$	9,292		$	71,936		$	331,852		$	17,225		$	59,928
Total undistributed earnings	$	9,292		$	71,936		$	331,852		$	17,225		$	59,928
Capital loss carryforwards:
Perpetual Short-Term	$	—		$	(87,899	)	$	—		$	—		$	—
Perpetual Long-Term		(14,402	)		(172,440	)		(52,386	)		(25,223	)		—
Unrealized gains (losses) — net		9,592,170			5,213,746			5,550,548			6,577,758			14,131,505
Total accumulated earnings (losses) net	$	9,587,060		$	5,025,343		$	5,830,014		$	6,569,760		$	14,191,433

As of August 31, 2020, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

	Data-Driven World ETF			Finance Reimagined ETF			Human Evolution ETF			Manufacturing Revolution ETF			New Age Consumer ETF
Tax Cost	$	32,792,917		$	26,964,717		$	44,249,000		$	26,560,868		$	49,813,201
Gross unrealized gain		10,484,559			6,363,093			7,005,048			7,255,938			15,024,098
Gross unrealized loss		(892,389	)		(1,149,347	)		(1,454,500	)		(678,180	)		(892,593	)
Net unrealized gains (losses)	$	9,592,170		$	5,213,746		$	5,550,548		$	6,577,758		$	14,131,505

The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales, partnership investments and passive foreign investment company investments.

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

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9. OTHER RISKS

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

Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the United States. Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which a Fund invests. The imposition of exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the United States or other governments, or from problems in share registration, settlement or custody, may also result in losses. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which a Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that a Fund also invests in securities of issuers located in emerging markets, these risks may be more pronounced.

Foreign Custody Risk — If a Fund invests in foreign securities, the Fund may hold such securities and cash with foreign banks, agents, and securities depositories appointed by the Fund’s custodian (each a “Foreign Custodian”). Some foreign custodians may be recently organized or new to the foreign custody business. In some countries, Foreign Custodians may be subject to little or no regulatory oversight over, or independent evaluation of, their operations. Further, the laws of certain countries may place limitations on a Fund’s ability to recover its assets if a Foreign Custodian enters bankruptcy. Investments in emerging markets may be subject to even greater custody risks than investments in more developed markets. Custody services in emerging market countries are very often undeveloped and may be considerably less well regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries.

Index Risk — 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. Furthermore, the Index Provider may delay or change a scheduled rebalancing or reconstitution of an Index or the implementation of certain rules at its sole discretion. In such circumstances, a Fund, in replicating the composition of its Index, may have more or less exposure to a particular sector or individual company than had the Index been constructed in accordance with its stated methodology.

Liquidity Risk — A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. To the extent a Fund engages in cash redemptions, then liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors’ interests because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund’s NAV and dilute remaining investors’ interests. These risks may be more pronounced in connection with a Fund’s investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on a Fund’s liquidity.

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Notes to Financial Statements (continued)

August 31, 2020

9. OTHER RISKS (continued)

Market and Credit Risks — In the normal course of business, a Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also significantly impact a Fund and its investments. Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

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

Sector Risk — To the extent a Fund focuses its investments in securities of issuers in one or more sectors (such as the financial services or telecommunications sectors), the Fund may be subjected, to a greater extent than if its investments were diversified across different sectors, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that sector, such as: adverse economic, business, political, environmental or other developments.

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

10. INDEMNIFICATIONS

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

11. OTHER MATTERS

On July 27, 2020, the Trustees of the Trust, on behalf of each Fund and the Goldman Sachs Innovate Equity ETF, a newly created series of the Trust, approved an agreement and plan of reorganization pursuant to which each Fund will be reorganized into the Goldman Sachs Innovate Equity ETF (the “Reorganization”). It is currently anticipated that the Reorganization will conclude on November 6, 2020, subject to certain conditions.

12. SUBSEQUENT EVENTS

Subsequent events after the Statements of Assets and Liabilities date other than noted above have been evaluated, and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.

56

Report of Independent Registered Public Accounting Firm

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

Goldman Sachs Data-Driven World ETF (formerly known as Goldman Sachs Motif Data-Driven World ETF), Goldman Sachs Finance Reimagined ETF (formerly known as Goldman Sachs Motif Finance Reimagined ETF), Goldman Sachs Human Evolution ETF (formerly known as Goldman Sachs Motif Human Evolution ETF), Goldman Sachs Manufacturing Revolution ETF (formerly known as Goldman Sachs Motif Manufacturing Revolution ETF), and Goldman Sachs New Age Consumer ETF (formerly known as Goldman Sachs Motif New Age Consumer ETF)

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Goldman Sachs Data-Driven World ETF, Goldman Sachs Finance Reimagined ETF, Goldman Sachs Human Evolution ETF, Goldman Sachs Manufacturing Revolution ETF, and Goldman Sachs New Age Consumer ETF (five of the funds constituting Goldman Sachs ETF Trust, hereafter collectively referred to as the “Funds”) as of August 31, 2020, the related statements of operations for the year ended August 31, 2020, and the statements of changes in net assets and the financial highlights for the year ended August 31, 2020, and for the period March 1, 2019 (commencement of operations) through August 31, 2019, including the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2020, the results of each of their operations for the year ended August 31, 2020, and the changes in each of their net assets and each of the financial highlights for the year ended August 31, 2020, and for the period March 1, 2019 (commencement of operations) through August 31, 2019 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2020 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

October 26, 2020

We have served as the auditor of one or more investment companies in the Goldman Sachs fund complex since 2000.

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GOLDMAN SACHS THEMATIC ETFS

Liquidity Risk Management Program (Unaudited)

Each Fund has adopted and implemented a liquidity risk management program (the “Program”) in accordance with Rule 22e-4 under the 1940 Act. The Program seeks to assess and manage each Fund’s liquidity risk, i.e., the risk that a Fund is unable to satisfy redemption requests without significantly diluting remaining investors’ interests in the Fund. The Board of Trustees of the Trust has designated GSAM, each Fund’s investment adviser, to administer the Program. Certain aspects of the Program rely on third parties to perform certain functions, including the provision of market data and application of models.

The Program is comprised of various components designed to support the assessment and/or management of liquidity risk, including: (1) the periodic assessment (no less frequently than annually) of certain factors that influence a Fund’s liquidity risk; (2) the periodic classification (no less frequently than monthly) of a Fund’s investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) a 15% limit on the acquisition of “illiquid investments” (as defined under Rule 22e-4); (4) for a Fund that does not invest primarily in “highly liquid investments” (as defined under Rule 22e-4), the determination of a minimum percentage of the Fund’s assets that will generally be invested in highly liquid investments (a “Highly Liquid Investment Minimum”); and (5) periodic reporting to the Board of Trustees.

At a meeting of the Board of Trustees on March 18-19, 2020, GSAM provided a written report to the Board addressing the operation, and the adequacy and effectiveness of the implementation of the Program, including, as applicable, the operation of any Highly Liquid Investment Minimum and any material changes to the Program, for the initial period from December 1, 2018 through December 31, 2019 (the “Reporting Period”). Among other things, the annual report discussed: (1) the results of stress tests designed to assess liquidity under a hypothetical stressed scenario involving elevated redemptions; and (2) an assessment of the methodologies used to classify investments into one of four liquidity categories. The report concluded that the Program was reasonably designed to assess and manage liquidity risk and was adequately and effectively implemented during the Reporting Period.

There can be no assurance that the Program will achieve its objectives under all circumstances in the future. Please refer to your Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other risks to which it may be subject.

58

GOLDMAN SACHS ETF TRUST

Fund Expenses — Six Months ended 8/31/2020 (Unaudited)

As a shareholder you incur ongoing costs, including management fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in Shares of the Funds and to compare these costs with the ongoing costs of investing in other exchange-traded funds. This example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares of a Fund.

The example is based on an investment of $1,000 invested at the beginning of the period from March 1, 2020 and held for the six months ended August 31, 2020, which represents a period of 184 days of a 366 day year (or less where indicated).

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

Hypothetical Example for Comparison Purposes — The second line in the table below provides information about hypothetical account values and hypothetical expenses based on a Fund’s actual net expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in a Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees, or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Data-Driven World ETF							Finance Reimagined ETF							Human Evolution ETF
	Beginning Account Value 3/1/20		Ending Account Value 8/31/20			Expenses Paid*		Beginning Account Value 3/1/20		Ending Account Value 8/31/20			Expenses Paid*		Beginning Account Value 3/1/20		Ending Account Value 8/31/20			Expenses Paid*
Actual based on NAV	$	1,000	$	1,320.30		$	2.92	$	1,000	$	1,166.40		$	2.72	$	1,000	$	1,237.90		$	2.81
Hypothetical 5% return		1,000		1,022.62	+		2.54		1,000		1,022.62	+		2.54		1,000		1,022.62	+		2.54

	Manufacturing Revolution ETF							New Age Consumer ETF
	Beginning Account Value 3/1/20		Ending Account Value 8/31/20			Expenses Paid*		Beginning Account Value 3/1/20		Ending Account Value 8/31/20			Expenses Paid*
Actual based on NAV	$	1,000	$	1,391.10		$	2.91	$	1,000	$	1516.30		$	3.16
Hypothetical 5% return		1,000		1,022.62	+		2.54		1,000		1,022.62	+		2.54

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

* Expenses for each Fund are calculated using the Fund’s annualized net expense ratio, which represents the ongoing expenses as a percentage of net assets for the six months ended August 31, 2020. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratio for the period is as follows:

Fund
Data-Driven World ETF	0.50	%
Finance Reimagined ETF	0.50
Human Evolution ETF	0.50
Manufacturing Revolution ETF	0.50
New Age Consumer ETF	0.50

59

GOLDMAN SACHS ETF TRUST

Trustees and Officers (Unaudited) Independent Trustees

Name, Address and Age1	Position(s) Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee3	Other Directorships Held by Trustee4
Lawrence W. Stranghoener Age: 66	Chairman of the Board of Trustees	Trustee Since 2015; Chairman Since 2017	Mr. Stranghoener is retired. He is Director, Kennametal, Inc. (a global manufacturer and distributor of tooling and industrial materials) (2003-Present); and was formerly Director, Aleris Corporation and Aleris International, Inc. (a producer of aluminum rolled products) (2011-2020); Interim Chief Executive Officer (2014); and Executive Vice President and Chief Financial Officer (2004-2014), Mosaic Company (a fertilizer manufacturing company). Chairman of the Board of Trustees — Goldman Sachs ETF Trust; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.	46	Kennametal Inc. (a global manufacturer and distributor of tooling and industrial materials)
Caroline Dorsa Age: 61	Trustee	Since 2016	Ms. Dorsaisretired. She is Director, Biogen Inc. (a biotechnology company) (2010-Present); Director, Intellia Therapeutics Inc. (a gene-editing company) (2015-Present); and Director, Illumina, Inc. (a life sciences company) (2017- Present). She was formerly Executive Vice President and Chief Financial Officer, Public Service Enterprise Group, Inc. (a generation and energy services company) (2009-2015); Senior Vice President, Merck & Co, Inc. (a pharmaceutical company) (2008-2009 and 1987- 2007); Senior Vice President and Chief Financial Officer, Gilead Sciences, Inc. (a pharmaceutical company) (2007-2008); and Senior Vice President and Chief Financial Officer, Avaya, Inc. (a technology company) (2007). Trustee — Goldman Sachs ETF Trust; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.	46	Biogen Inc. (a biotechnology company); Intellia Therapeutics Inc. (a gene-editing company); Illumina, Inc. (a life sciences company)
Linda A. Lang Age: 62	Trustee	Since 2016	Ms. Lang is retired. She was formerly Chair of the Board of Directors (2016-2019), and Member of the Board of Directors, WD-40 Company (a global consumer products company) (2004–2019); Chairman and Chief Executive Officer (2005-2014); and Director, President and Chief Operating Officer, Jack in the Box, Inc. (a restaurant company) (2003-2005). Previously, Ms. Lang served as an Advisory Board Member of Goldman Sachs MLP Income Opportunities Fund and Goldman Sachs MLP and Energy Renaissance Fund (February 2016-March 2016). Trustee — Goldman Sachs ETF Trust; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.	46	None
Michael Latham Age: 54	Trustee	Since 2015	Mr. Latham is retired. Formerly, he held senior management positions with the iShares exchange-traded fund business, including Chairman (2011-2014); Global Head (2010-2011); U.S. Head (2007-2010); and Chief Operating Officer (2003-2007). Trustee — Goldman Sachs ETF Trust; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.	46	None

60

GOLDMAN SACHS ETF TRUST

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

Name, Address and Age1	Position(s) Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee3	Other Directorships Held by Trustee4
James A. McNamara Age: 57	Trustee and President	Since 2014	Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President and Trustee — Goldman Sachs ETF Trust; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.	168	None

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

¹  Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Caroline L. Kraus. Information is provided as of August 31, 2020.

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

³  The Goldman Sachs Fund Complex includes certain other companies listed above for each respective Trustee. As of August 31, 2020, Goldman Sachs ETF Trust consisted of 42 portfolios (23 of which offered shares to the public); Goldman Sachs Trust consisted of 90 portfolios (89 of which offered shares to the public); Goldman Sachs Variable Insurance Trust consisted of 13 portfolios; Goldman Sachs Trust II consisted of 19 portfolios (17 of which offered shares to the public); and Goldman Sachs MLP Income Opportunities Fund, Goldman Sachs MLP and Energy Renaissance Fund, Goldman Sachs Credit Income Fund and Goldman Sachs Real Estate Diversified Income Fund each consisted of one portfolio. Goldman Sachs Credit Income Fund did not offer shares to the public.

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

Additional information about the Trustees is available in the Funds’ Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States of America): 1-800-621-2550.

61

GOLDMAN SACHS ETF TRUST

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

Name, Address and Age1	Positions Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years
James A. McNamara 200 West Street New York, NY 10282 Age: 57	Trustee and President	Since 2014	Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President and Trustee — Goldman Sachs ETF Trust; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.
Caroline L. Kraus 200 West Street New York, NY 10282 Age: 43	Secretary	Since 2014	Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (August 2006-December 2015); Senior Counsel, Goldman Sachs (January 2020–Present); Associate General Counsel, Goldman Sachs (2012-December 2019); Assistant General Counsel, Goldman Sachs (August 2006-December 2011); and Associate, Weil, Gotshal & Manges, LLP (2002-2006). Secretary — Goldman Sachs ETF Trust; Goldman Sachs Trust (previously Assistant Secretary (2012)); Goldman Sachs Variable Insurance Trust (previously Assistant Secretary (2012)); Goldman Sachs Trust II; Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs Private Middle Market Credit II LLC; Goldman Sachs Middle Market Lending Corp.; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.
Joseph F. DiMaria 30 Hudson Street Jersey City, NJ 07302 Age: 52	Treasurer, Principal Financial Officer and Principal Accounting Officer	Since 2017 (Treasurer and Principal Financial Officer since 2019)	Managing Director, Goldman Sachs (November 2015-Present) and Vice President — Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010- October 2015). Treasurer, Principal Financial Officer and Principal Accounting Officer — Goldman Sachs ETF Trust (previously Assistant Treasurer (2017)); Goldman Sachs Trust (previously Assistant Treasurer (2016)); Goldman Sachs Variable Insurance Trust (previously Assistant Treasurer (2016)); Goldman Sachs Trust II (previously Assistant Treasurer (2017)); Goldman Sachs MLP Income Opportunities Fund (previously Assistant Treasurer (2017)); Goldman Sachs MLP and Energy Renaissance Fund (previously Assistant Treasurer (2017)); Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

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

¹  Information is provided as of August 31, 2020.

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

Goldman Sachs ETF Trust — Goldman Sachs Thematics ETFs — Tax Information (Unaudited)

For the fiscal year ended August 31, 2020, 99.68%, 59.69 %, 13.52%, 47.95%, and 31.00% of the dividends paid from net investment company taxable income by the Goldman Sachs Data-Driven World ETF, Goldman Sachs Finance Reimagined ETF, Goldman Sachs Human Evolution ETF, Goldman Sachs Manufacturing Revolution ETF and Goldman Sachs New Age Consumer ETF, respectively, qualify for the dividends received deduction available to corporations.

For the fiscal year ended August 31, 2020, the Goldman Sachs Data-Driven World ETF, Goldman Sachs Finance Reimagined ETF, Goldman Sachs Human Evolution ETF, Goldman Sachs Manufacturing Revolution ETF and Goldman Sachs New Age Consumer ETF designate 100%, 95.41%, 100%, 100% and 100%, respectively, of the dividends paid from net investment company taxable income as qualifying for the reduced tax rate under the Jobs and Growth Tax Relief and Reconciliation Act of 2003.

62

FUNDS PROFILE

Goldman Sachs ETFs

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

Today, the Consumer and Investment Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $1.88 trillion in assets under supervision as of June 30, 2020, 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 U.S. Aggregate Bond 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 Investment Grade Corporate 1-5 Year Bond ETF

Goldman Sachs Access Treasury 0-1 Year ETF

Goldman Sachs Access Ultra Short Bond ETF

Goldman Sachs Data-Driven World ETF

Goldman Sachs Finance Reimagined ETF

Goldman Sachs Human Evolution ETF

Goldman Sachs Manufacturing Revolution ETF

Goldman Sachs New Age Consumer ETF

Goldman Sachs MarketBeta International Equity ETF

Goldman Sachs MarketBeta Emerging Markets Equity ETF

Goldman Sachs MarketBeta U.S. Equity ETF

INDEX DISCLAIMERS

GOLDMAN SACHS ASSET MANAGEMENT, L.P., THE GOLDMAN SACHS GROUP, INC., AND GOLDMAN SACHS & CO. LLC (COLLECTIVELY, “GOLDMAN SACHS”) DOES NOT GUARANTEE NOR MAKE ANY REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, TO THE OWNERS OR SHAREHOLDERS OF THE FUNDS OR ANY MEMBER OF THE PUBLIC REGARDING THE ADVISABILITY OF INVESTING IN SECURITIES GENERALLY OR IN THE FUNDS PARTICULARLY OR THE ABILITY OF THE INDEXES TO TRACK GENERAL MARKET PERFORMANCE. GOLDMAN SACHS, IN ITS CAPACITY AS THE INDEX PROVIDER OF THE INDEXES, LICENSES CERTAIN TRADEMARKS AND TRADE NAMES TO THE FUNDS. GOLDMAN SACHS HAS NO OBLIGATION TO TAKE THE NEEDS OF THE FUNDS OR THE SHAREHOLDERS OF THE FUNDS INTO CONSIDERATION IN DETERMINING, COMPOSING OR CALCULATING THE INDEXES. GOLDMAN SACHS, ITS AFFILIATES AND ANY OF ITS CLIENTS MAY HOLD LONG OR SHORT POSITIONS IN SECURITIES HELD BY THE FUNDS OR IN RELATED DERIVATIVES, INCLUDING THOSE LINKED TO THE INDEXES. GOLDMAN SACHS DOES NOT GUARANTEE THE ADEQUACY, TIMELINESS, ACCURACY AND/OR THE COMPLETENESS OF THE INDEXES 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 INDEXES OR ANY DATA INCLUDED THEREIN AS TO THE RESULTS TO BE OBTAINED BY THE FUNDS, THE SHAREHOLDERS, OR ANY OTHER PERSON OR ENTITY FROM USE OF THE INDEXES OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, GOLDMAN SACHS HEREBY EXPRESSLY DISCLAIMS ANY AND ALL LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.

TRUSTEES Lawrence W. Stranghoener, Chairman Caroline Dorsa Linda A. Lang Michael Latham James A. McNamara	OFFICERS James A. McNamara, President Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Caroline L. Kraus, Secretary
THE BANK OF NEW YORK MELLON Transfer Agent
ALPS DISTRIBUTORS, INC. Distributor	GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser

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

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

The Funds are recently or newly organized and have limited operating history.

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

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

The Funds will file portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on the Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be made available on the SEC’s web site at http://www.sec.gov. Portfolio holdings information may be obtained upon request and without charge by calling 1-800-621-2550.

Fund holdings and allocations shown are as of August 31, 2020 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.

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

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

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

This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current Prospectus or summary prospectus, if applicable. Investors should consider a Fund’s objective, risks, and charges and expenses, and read the summary prospectus, if available, and/or the Prospectus carefully before investing or sending money. The summary prospectus, if available, and the Prospectus contain this and other information about a Fund and may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC by calling 1-800-621-2550.

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

© 2020 Goldman Sachs. All rights reserved. 218109-OTU-10/2020 TECHETFAR-20

Goldman Sachs Funds

Annual Report	August 31, 2020
	Goldman Sachs MarketBeta ETFs
	MarketBeta® Emerging Markets Equity ETF (GSEE)
	MarketBeta® International Equity ETF (GSID)
	MarketBeta® U.S. Equity ETF (GSUS)

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.

MarketBeta^® is a registered trademark of GSAM.

Goldman Sachs MarketBeta^® ETFs

TABLE OF CONTENTS
Investment Process	1
Portfolio Management Discussion and Performance Summaries	3
Schedules of Investments	16
Financial Statements	57
Financial Highlights
MarketBeta® Emerging Markets Equity ETF	60
MarketBeta® International Equity ETF	61
MarketBeta® U.S. Equity ETF	62
Notes to Financial Statements	63
Report of Independent Registered Public Accounting Firm	74
Other Information	75

NOT FDIC-INSURED May Lose Value No Bank Guarantee

INVESTMENT PROCESS

Goldman Sachs MarketBeta^® Equity ETFs

Principal Investment Strategies

The investment objective of each of the MarketBeta Emerging Markets Equity ETF, MarketBeta International Equity ETF and MarketBeta U.S. 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.

MarketBeta Emerging Markets Equity ETF

The Solactive GBS Emerging Markets Large & Mid Cap Index (the “Index”). consists of equity securities of large and mid-capitalization issuers covering approximately the largest 85% of the free-float market capitalization in emerging markets. It is calculated as a net total return index in U.S. dollars and weighted by free-float market capitalization.

As of March 31, 2020, the Index consisted of 1,328 securities with a market capitalization range of between approximately $0.1 billion and $1,601.6 billion, and an average market capitalization of approximately $13.1 billion from issuers in the following emerging market countries: Argentina, Brazil, Chile, China, Colombia, the Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Malaysia, Mexico, Pakistan, Peru, the Philippines, Poland, Qatar, Russia, South Africa, South Korea, Taiwan, Thailand, Turkey and the United Arab Emirates. The components of the Index may change over time. The percentage of the portfolio exposed to any asset class, country or geographic region will vary from time to time as the weightings of the securities within the Index change, and the Fund may not be invested in each asset class, country or geographic region at all times. Solactive AG (“Solactive” or the “Index Provider”) will generally deem an issuer to be located in an emerging market country if it is organized under the laws of the emerging market country and it is primarily listed in the emerging market country; in the event that these factors point to more than one country, the Index methodology provides for consideration of certain additional factors. The Index is reconstituted on a semi-annual basis in May and November. 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.

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.

MarketBeta International Equity ETF

The Solactive GBS Developed Markets ex North America Large & Mid Cap Index (the “Index”) consists of equity securities of large and mid-capitalization issuers covering approximately the largest 85% of the free-float market capitalization in developed markets excluding North America. It is calculated as a net total return index in U.S. dollars and weighted by free-float market capitalization.

As of March 31, 2020, the Index consisted of 962 securities with a market capitalization range of between approximately $0.3 billion and $306.4 billion, and an average market capitalization of approximately $16.7 billion from issuers in the following developed market countries: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom. The components of the Index may change over time. The percentage of the portfolio exposed to any asset class, country or geographic region will vary from time to time as the weightings of the securities within the Index change, and the Fund may not be invested in each asset class, country or geographic region at all times. Solactive AG (“Solactive” or the “Index Provider”) will generally deem an issuer to be located in a developed market country if it is organized under the laws of the developed market country and it is primarily listed in the developed market country; in the event that these factors point to more than one country, the Index methodology provides for consideration of certain additional factors. The Index is reconstituted on a semi-annual basis in May and November. 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.

1

INVESTMENT PROCESS

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.

MarketBeta U.S. Equity ETF

The Solactive GBS United States Large & Mid Cap Index (the “Index”) consists of equity securities of large and mid-capitalization equity issuers covering approximately the largest 85% of the free-float market capitalization in the United States. It is calculated as a total return index in U.S. dollars and weighted by free-float market capitalization.

As of March 31, 2020, the Index consisted of 541 securities with a market capitalization range of between approximately $1.6 billion and $1,199.5 billion, and an average market capitalization of approximately $45.6 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. Solactive AG (“Solactive” or the “Index Provider”) will deem an issuer to be a U.S. issuer if it is organized under the laws of the U.S. and it is primarily listed in the U.S.; in the event that these factors point to more than one country, the Index methodology provides for consideration of certain additional factors. The Index is reconstituted on a semi-annual basis in May and November. 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.

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.

All Above Funds

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

Each Index is owned and calculated by Solactive.

Each Fund is classified as “diversified” under the Investment Company Act of 1940, as amended (the “Investment Company Act”). However, each Fund may become “non-diversified” solely as a result of a change in the relative market capitalization or index weighting of one or more constituents of the respective Index. A non-diversified fund may invest a larger percentage of its assets in fewer issuers than diversified funds.

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

* * *

At the end of the Reporting Period, i.e. August 31, 2020, we maintained conviction in our principal investment strategies, as each Fund continues to seek to provide efficient and diversified access to approximately 85% of the broad equity market represented by each respective Index in one portfolio.

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PORTFOLIO RESULTS

Goldman Sachs MarketBeta^® Emerging Markets Equity ETF

Investment Objective

The Goldman Sachs MarketBeta Emerging Markets Equity ETF (the “Fund”) seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Solactive GBS Emerging Markets Large & Mid Cap Index (the “Index”).

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the period since it commenced operations on May 12, 2020 through August 31, 2020 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund returned 21.54% based on net asset value (“NAV”) and 22.13% based on market price. The Index returned 22.06% during the same period.

The Fund had a NAV of $39.60 per share on the date of inception and ended the Reporting Period with a NAV of $48.15 per share. The Fund’s market price on August 31, 2020 was $48.36 per share.

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

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

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

Q Which sectors and countries contributed most to the Index’s performance during the Reporting Period, and which contributed least?

A Index constituents in the consumer discretionary, information technology and communication services sectors contributed most positively to the Index’s results during the Reporting Period. Index constituents in the utilities, real estate and industrials sectors contributed least to the Index’s results during the Reporting Period.

From a country perspective, Index constituents in China, Taiwan and South Korea contributed most to the Index’s results during the Reporting Period. Conversely, Index constituents in Peru, Panama and Turkey contributed least to the Index’s results during the Reporting Period.

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

A Positions in China-based consumer discretionary company Alibaba Group Holding, Taiwan-based information technology company Taiwan Semiconductor Manufacturing and China-based communication services company Tencent Holdings contributed most positively (8.99%, 6.12% and 6.86% of Fund net assets as of August 31, 2020, respectively). Each of these holdings posted a robust double-digit positive return within the Index during the Reporting Period.

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

A Positions in Chinese financials companies Industrial & Commercial Bank of China and China Construction Bank and in South Korean information technology company SK Hynix contributed least (0.04%, 0.01% and 0.00%¹ of Fund net assets as of August 31, 2020, respectively). Each of these holdings posted a single-digit negative return within the Index during the Reporting Period.

¹  Some weights are 0.00% at August 31, 2020 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.

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PORTFOLIO RESULTS

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

A The Fund does not employ derivatives as a source of alpha generation, although it did use index futures to equitize excess cash. The use of futures was not material to the performance of the fund.

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

Sector Name	Fund2			Solactive Index
Financials		17.33	%		18.98	%
Information Technology		17.66			17.44
Consumer Discretionary		19.34			18.36
Communication Services		14.11			13.74
Materials		6.82			6.75
Energy		6.14			6.29
Consumer Staples		5.96			6.05
Industrials		4.81			4.56
Health Care		3.92			3.73
Real Estate		2.07			2.22
Utilities		1.84			1.89

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

Country Name	Fund3			Solactive Index
China		39.86	%		40.96	%
Taiwan		13.58			13.03
South Korea		11.03			10.92
India		8.50			8.28
Brazil		5.77			5.46
South Africa		3.39			3.22
Saudi Arabia		3.13			2.96
Russia		2.62			3.25
Indonesia		1.53			1.44
Malaysia		1.29			1.22
Mexico		1.61			1.73
Kuwait		0.76			0.71
United Arab Emirates		0.72			0.68
Qatar		0.89			0.85
Philippines		0.74			0.70
Argentina		0.18			0.17
Greece		0.22			0.21
Colombia		0.20			0.19
Chile		0.61			0.58
Hungary		0.23			0.22
Czech Republic		0.11			0.10
Thailand		1.99			2.16
Luxembourg		0.05			0.05
Pakistan		0.06			0.06
Egypt		0.16			0.15
Singapore		0.03			0.03
Turkey		0.56			0.53
Panama		0.03			0.03
Peru		0.14			0.13

²  Country and sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by Solactive. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Underlying sector allocation of exchange-traded funds held by the Fund are not reflected in the chart above. Investments in the securities lending vehicle represented 0.6% of the Fund’s net assets as of August 31, 2020. Figures above may not sum to 100% due to rounding.

³  The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Solactive GBS Emerging Markets Large & Mid Cap Index.

4

FUND BASICS

MarketBeta^® Emerging Markets Equity ETF

as of August 31, 2020

FUND SNAPSHOT
As of August 31, 2020
Market Price1	$	48.36
Net Asset Value (NAV)1	$	48.15

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

TOP 10 HOLDINGS AS OF 8/31/202
Holding	% of Net Assets			Line of Business	Country
Alibaba Group Holding Ltd. ADR		8.5	%	Consumer Discretionary	China
Tencent Holdings Ltd.		6.5		Communication Services	China
Taiwan Semiconductor Manufacturing Co. Ltd.		5.8		Information Technology	Taiwan
Samsung Electronics Co. Ltd.		3.5		Information Technology	South Korea
Reliance Industries Ltd.		1.4		Energy	India
Meituan Dianping, Class B		1.2		Consumer Discretionary	China
iShares MSCI Malaysia ETF		1.2		Exchange-Traded Fund	United States
Naspers Ltd., Class N		1.2		Consumer Discretionary	South Africa
JD.com, Inc. ADR		1.2		Consumer Discretionary	China
Ping An Insurance Group Co. of China Ltd., Class H		1.0		Financials	China

²  The top 10 holdings may not be representative of the Fund’s future investments.

For more information about the Fund, please refer to www.GSAMFUNDS.com/ETFs. There, you can learn more about the Fund’s investment strategies, holdings, and performance.

5

MARKETBETA^® EMERGING MARKETS EQUITY ETF

Performance Summary

August 31, 2020

Average Annual Total Return through August 31, 2020*	Since Inception
Shares based on NAV (Commenced May 12, 2020)	21.54%
Shares based on Market Price (Commenced May 12, 2020)	22.13%

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

The returns set forth above represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.

6

PORTFOLIO RESULTS

Goldman Sachs MarketBeta^® International Equity ETF

Investment Objective

The Goldman Sachs MarketBeta International Equity ETF (the “Fund”) seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Solactive GBS Developed Markets ex North America Large & Mid Cap Index (the “Index”).

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the period since it commenced operations on May 12, 2020 through August 31, 2020 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund returned 16.57% based on net asset value (“NAV”) and 16.65% based on market price. The Index returned 16.50% during the same period.

The Fund had a NAV of $40.14 per share on the date of inception and ended the Reporting Period with a NAV of $46.79 per share. The Fund’s market price on August 31, 2020 was $46.82 per share.

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

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

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

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

A Index constituents in the industrials, financials and consumer discretionary sectors contributed most to the Index’s results during the Reporting Period. Index constituents in the energy, real estate and utilities sectors contributed least to the Index’s results during the Reporting Period.

From a country perspective, Index constituents in Japan, Germany and France contributed most to the Fund’s results during the Reporting Period. Index constituents in Faroe Islands, Colombia and Macao contributed least to the Fund’s results during the Reporting Period.

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

A Positions in German information technology company SAP, German industrials company Siemens and Switzerland-based consumer staples company Nestle contributed most (1.20%, 0.80% and 2.48% of Fund net assets as of August 31, 2020, respectively). SAP and Siemens each generated a double-digit positive return within the Index during the Reporting Period; Nestle posted a single-digit positive return within the Index during the Reporting Period.

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

A Positions in U.K. financials firm HSBC Holdings, German information technology company Wirecard and U.K. consumer staples company British American Tobacco contributed least (0.64%, 0.00%¹ and 0.78% of Fund net assets as of August 31, 2020, respectively). Each of these holdings posted a double-digit negative return within the Index during the Reporting Period.

¹  Some weights are 0.00% at August 31, 2020 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.

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PORTFOLIO RESULTS

Q 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.

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

Sector Name	Fund3			Solactive Index
Financials		16.08	%		16.09	%
Industrials		15.43			15.49
Health Care		13.83			13.82
Consumer Staples		11.39			11.38
Consumer Discretionary		11.38			11.49
Information Technology		8.27			8.26
Materials		7.59			7.58
Communication Services		5.56			5.56
Utilities		3.89			3.89
Energy		3.23			3.23
Real Estate		3.22			3.20

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

Country Name	Fund3			Solactive Index
Japan		25.96	%		25.96	%
Germany		8.72			8.72
France		8.85			8.85
Australia		6.98			7.00
Netherlands		4.87			5.11
UK		13.40			13.28
Switzerland		9.44			9.29
Sweden		3.48			3.47
Denmark		2.24			2.23
Italy		2.01			2.01
Hong Kong		3.22			3.22
Finland		1.39			1.39
Spain		2.24			2.27
Ireland		0.99			1.00
Norway		0.77			0.77
Belgium		0.99			0.99
Jersey		0.73			0.73
Israel		0.79			0.79
New Zealand		0.48			0.48
Singapore		1.18			1.18
Poland		0.28			0.28
Austria		0.29			0.29
China		0.32			0.32
Portugal		0.16			0.16
Luxembourg		0.09			0.09
Macao		0.10			0.10
Colombia		0.02			0.02
Faroe Islands		0.02			0.02

²  Country and sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by Solactive. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Underlying sector allocation of exchange-traded funds held by the Fund are not reflected in the chart above. Investments in the securities lending vehicle represented 0.1% of the Fund’s net assets as of August 31, 2020. Figures above may not sum to 100% due to rounding.

³  The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Solactive GBS Developed Markets ex North America Large & Mid Cap Index.

8

FUND BASICS

MarketBeta^® International Equity ETF

as of August 31, 2020

FUND SNAPSHOT
As of August 31, 2020
Market Price1	$	46.82
Net Asset Value (NAV)1	$	46.79

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

TOP 10 HOLDINGS AS OF 8/31/202
Holding	% of Net Assets			Line of Business	Country
Nestle SA		2.5	%	Consumer Staples	Switzerland
Roche Holding AG		1.8		Health Care	Switzerland
Novartis AG		1.4		Health Care	Switzerland
SAP SE		1.2		Information Technology	Germany
ASML Holding NV		1.1		Information Technology	Netherlands
Toyota Motor Corp.		1.1		Consumer Discretionary	Japan
AstraZeneca PLC		1.0		Health Care	United Kingdom
AIA Group Ltd.		0.9		Financials	Hong Kong
LVMH Moet Hennessy Louis Vuitton SE		0.9		Consumer Discretionary	France
Siemens AG		0.8		Industrials	Germany

²  The top 10 holdings may not be representative of the Fund’s future investments.

For more information about the Fund, please refer to www.GSAMFUNDS.com/ETFs. There, you can learn more about the Fund’s investment strategies, holdings, and performance.

9

MARKETBETA^® INTERNATIONAL EQUITY ETF

Performance Summary

August 31, 2020

Average Annual Total Return through August 31, 2020*	Since Inception
Shares based on NAV (Commenced May 12, 2020)	16.57%
Shares based on Market Price (Commenced May 12, 2020)	16.65%

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

The returns set forth above represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.

10

PORTFOLIO RESULTS

Goldman Sachs MarketBeta^® U.S. Equity ETF

Investment Objective

The Goldman Sachs MarketBeta U.S. Equity ETF (the “Fund”) seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Solactive GBS United States Large & Mid Cap Index (the “Index”).

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the period since it commenced operations on May 12, 2020 through August 31, 2020 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund returned 24.03% based on net asset value (“NAV”) and 24.21% based on market price. The Index returned 24.10% during the same period.

The Fund had a NAV of $39.20 per share on the date of inception and ended the Reporting Period with a NAV of $48.62 per share. The Fund’s market price on August 31, 2020 was $48.69 per share.

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

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

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

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

A Index constituents in the information technology, consumer discretionary and communication services sectors contributed most to the Index’s results during the Reporting Period. Index constituents in the energy, utilities and real estate sectors contributed least to the Index’s results during the Reporting Period.

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

A Positions in information technology giant Apple, e-commerce retailing leader Amazon.com and software leader Microsoft contributed most (7.50%, 4.89% and 5.66% of Fund net assets as of August 31, 2020, respectively). Each of these holdings posted a double-digit positive return within the Index during the Reporting Period.

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

A Positions in semiconductor bellwether Intel, integrated oil company Exxon Mobil and biopharmaceutical company Gilead Sciences contributed least (0.72%, 0.57% and 0.28% of Fund net assets as of August 31, 2020, respectively). Each of these holdings generated a negative return within the Index during the Reporting Period.

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

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

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PORTFOLIO RESULTS

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

Sector Name	Fund2			Solactive Index
Information Technology		29.28	%		29.26	%
Health Care		13.64			13.64
Consumer Discretionary		12.61			12.61
Communication Services		11.10			11.10
Financials		9.17			9.16
Industrials		7.78			7.78
Consumer Staples		6.66			6.66
Utilities		2.71			2.71
Real Estate		2.58			2.58
Energy		2.13			2.16
Materials		2.34			2.33

¹  Sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by Solactive. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Underlying sector allocation of exchange-traded funds held by the Fund are not reflected in the chart above. Investments in the securities lending vehicle represented 0.1% of the Fund’s net assets as of August 31, 2020. Figures above may not sum to 100% due to rounding.

²  The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Solactive GBS United States Large & Mid Cap Index.

12

FUND BASICS

MarketBeta^® U.S. Equity ETF

as of August 31, 2020

FUND SNAPSHOT
As of August 31, 2020
Market Price1	$	48.69
Net Asset Value (NAV)1	$	48.62

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

TOP 10 HOLDINGS AS OF 8/31/202
Holding	% of Net Assets			Line of Business	Country
Apple, Inc.		7.5	%	Information Technology	United States
Microsoft Corp.		5.6		Information Technology	United States
Amazon.com, Inc.		4.9		Consumer Discretionary	United States
Facebook, Inc., Class A		2.4		Communication Services	United States
Alphabet, Inc., Class A		1.6		Communication Services	United States
Alphabet, Inc., Class C		1.6		Communication Services	United States
Johnson & Johnson		1.4		Health Care	United States
Tesla, Inc.		1.2		Consumer Discretionary	United States
Visa, Inc., Class A		1.2		Information Technology	United States
Procter & Gamble Co. (The)		1.1		Consumer Staples	United States

²  The top 10 holdings may not be representative of the Fund’s future investments.

For more information about the Fund, please refer to www.GSAMFUNDS.com/ETFs. There, you can learn more about the Fund’s investment strategies, holdings, and performance.

13

MARKETBETA^® U.S. EQUITY ETF

Performance Summary

August 31, 2020

Average Annual Total Return through August 31, 2020*	Since Inception
Shares based on NAV (Commenced May 12, 2020)	24.03%
Shares based on Market Price (Commenced May 12, 2020)	24.21%

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

The returns set forth above represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.

14

FUND BASICS

Index Definitions and 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.

The Solactive GBS Emerging Markets Large & Mid Cap Index, Solactive GBS Developed Markets ex North America Small Cap Index, and Solactive GBS United States Large & Mid Cap Index (the, “Solactive Indexes”) are calculated and published by Solactive AG. Solactive AG uses its best efforts to ensure that the Solactive Indexes are calculated correctly. Irrespective of its obligations towards the Funds, Solactive AG has no obligation to point out errors in the Solactive Indexes to third parties including but not limited to investors and/or financial intermediaries of the Funds. Neither publication of the Solactive Indexes by Solactive AG nor the licensing of the Solactive Indexes or Index trade mark for the purpose of use in connection with a Fund 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. Solactive AG is registered as a benchmark administrator under the Regulation (EU) 2016/2011 (BMR). Solactive appears on the ESMA register of administrators.

15

GOLDMAN SACHS MARKETBETA EMERGING MARKETS EQUITY ETF

Schedule of Investments

August 31, 2020

Shares		Description	Value
Common Stocks – 91.6%
Argentina – 0.2%
	148	Banco Macro SA ADR (Financials)*	$	2,805
	243	Globant SA (Information Technology)*		43,152
	404	Grupo Financiero Galicia SA ADR (Financials)*		4,173
	348	Pampa Energia SA ADR (Utilities)*		3,999
	426	Telecom Argentina SA ADR (Communication Services)		2,880
	192	Transportadora de Gas del Sur SA ADR (Energy)*		902
	1,221	YPF SA ADR (Energy)*		6,813
				64,724
Brazil – 4.1%
	27,975	Ambev SA (Consumer Staples)		62,774
	2,458	Atacadao SA (Consumer Staples)		8,760
	1,364	B2W Cia Digital (Consumer Discretionary)*		27,870
	13,028	B3 SA – Brasil Bolsa Balcao (Financials)		139,639
	8,139	Banco Bradesco SA (Financials)		28,233
	1,767	Banco BTG Pactual SA (Financials)		25,874
	5,477	Banco do Brasil SA (Financials)		32,597
	2,418	Banco Santander Brasil SA (Financials)		12,465
	4,297	BB Seguridade Participacoes SA (Financials)		20,663
	4,409	BRF SA (Consumer Staples)*		15,744
	7,299	CCR SA (Industrials)		17,736
	2,578	Centrais Eletricas Brasileiras SA (Utilities)		16,687
	1,003	Cia Brasileira de Distribuicao (Consumer Staples)		11,612
	2,163	Cia de Saneamento Basico do Estado de Sao Paulo (Utilities)		18,827
	1,227	Cia Energetica de Minas Gerais (Utilities)		2,360
	4,089	Cia Siderurgica Nacional SA (Materials)		11,337
	7,120	Cielo SA (Information Technology)		5,918
	11,901	Cogna Educacao (Consumer Discretionary)		12,365
	979	Cosan SA (Energy)		14,857
	1,195	CPFL Energia SA (Utilities)		6,260
	1,607	Energisa SA (Utilities)		12,728
	1,619	Engie Brasil Energia SA (Utilities)		12,581
	6,432	Equatorial Energia SA (Utilities)		27,201
	1,379	Hapvida Participacoes e Investimentos SA (Health Care)(a)		16,271
	2,518	Hypera SA (Health Care)		14,527
	5,749	IRB Brasil Resseguros SA (Financials)		7,472
	2,870	Itau Unibanco Holding SA (Financials)		11,802
	4,537	Klabin SA (Materials)		21,255
	3,770	Localiza Rent a Car SA (Industrials)		33,144
	1,179	Lojas Americanas SA (Consumer Discretionary)		5,884
	5,045	Lojas Renner SA (Consumer Discretionary)		39,976
	783	M Dias Branco SA (Consumer Staples)		5,068
	4,221	Magazine Luiza SA (Consumer Discretionary)		71,726
	1,719	Multiplan Empreendimentos Imobiliarios SA (Real Estate)		6,524
Common Stocks – (continued)
Brazil – (continued)
	5,076	Natura & Co. Holding SA (Consumer Staples)		45,653
	1,523	Neoenergia SA (Utilities)		5,175
	3,058	Notre Dame Intermedica Participacoes SA (Health Care)		41,306
	1,143	Pagseguro Digital Ltd., Class A (Information Technology)*		48,166
	4,615	Petrobras Distribuidora SA (Consumer Discretionary)		17,952
	23,498	Petroleo Brasileiro SA (Energy)		95,604
	599	Porto Seguro SA (Financials)		5,772
	1,463	Raia Drogasil SA (Consumer Staples)		28,749
	6,708	Rumo SA (Industrials)*		27,635
	891	StoneCo Ltd., Class A (Information Technology)*		45,441
	4,057	Suzano SA (Materials)*		37,125
	5,149	TIM Participacoes SA (Communication Services)		13,441
	5,393	Ultrapar Participacoes SA (Energy)		19,111
	24,641	Vale SA (Materials)		268,064
	4,729	WEG SA (Industrials)		55,704
	717	XP, Inc., Class A (Financials)*		35,413
				1,569,048
Chile – 0.5%
	284,472	Banco de Chile (Financials)		23,838
	353	Banco de Credito e Inversiones SA (Financials)		11,151
	358,175	Banco Santander Chile (Financials)		13,808
	8,795	Cencosud SA (Consumer Staples)		13,041
	10,861	Cencosud Shopping SA (Real Estate)		16,260
	943	Cia Cervecerias Unidas SA (Consumer Staples)		6,214
	46,069	Colbun SA (Utilities)		7,128
	867	Empresa Nacional de Telecomunicaciones SA (Communication Services)		5,261
	7,355	Empresas CMPC SA (Materials)		15,316
	2,506	Empresas COPEC SA (Energy)		18,421
	168,784	Enel Americas SA (Utilities)		24,346
	147,624	Enel Chile SA (Utilities)		11,383
	6,692	Falabella SA (Consumer Discretionary)		21,140
	1,459	Latam Airlines Group SA (Industrials)*		2,467
	4,777	Plaza SA (Real Estate)		7,638
				197,412
China – 37.7%
	1,519	360 Security Technology, Inc., Class A (Information Technology)		4,143
	6,628	3SBio, Inc. (Health Care)*(a)		7,782
	184	51job, Inc. ADR (Industrials)*		12,059
	723	58.com, Inc. ADR (Communication Services)*		40,025
	4,073	AAC Technologies Holdings, Inc. (Information Technology)		25,699
	240	ADAMA Ltd., Class A (Materials)		325

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

GOLDMAN SACHS MARKETBETA EMERGING MARKETS EQUITY ETF

Shares		Description	Value
Common Stocks – (continued)
China – (continued)
	799	AECC Aviation Power Co. Ltd., Class A (Industrials)	$	5,208
	6,240	Agile Group Holdings Ltd. (Real Estate)		8,615
	18,389	Agricultural Bank of China Ltd., Class A (Financials)		8,618
	1,451	Aier Eye Hospital Group Co. Ltd., Class A (Health Care)		11,010
	2,159	Air China Ltd., Class A (Industrials)		2,285
	10,857	Air China Ltd., Class H (Industrials)		7,481
	715	Airtac International Group (Industrials)		15,864
	639	Aisino Corp., Class A (Information Technology)		1,680
	11,402	Alibaba Group Holding Ltd. ADR (Consumer Discretionary)*		3,272,716
	2,626	A-Living Services Co. Ltd., Class H (Industrials)(a)		13,553
	4,957	Aluminum Corp. of China Ltd., Class A (Materials)*		2,287
	24,082	Aluminum Corp. of China Ltd., Class H (Materials)*		5,904
	1,839	Angang Steel Co. Ltd., Class A (Materials)		722
	8,986	Angang Steel Co. Ltd., Class H (Materials)		2,597
	1,439	Anhui Conch Cement Co. Ltd., Class A (Materials)		12,797
	7,531	Anhui Conch Cement Co. Ltd., Class H (Materials)		54,611
	372	Anhui Gujing Distillery Co. Ltd., Class A (Consumer Staples)		14,032
	160	Anhui Kouzi Distillery Co. Ltd., Class A (Consumer Staples)		1,404
	6,624	ANTA Sports Products Ltd. (Consumer Discretionary)		65,427
	80	Asymchem Laboratories Tianjin Co. Ltd., Class A (Health Care)		3,200
	80	Autobio Diagnostics Co. Ltd., Class A (Health Care)		1,883
	360	Autohome, Inc. ADR (Communication Services)		28,886
	320	Avary Holding Shenzhen Co. Ltd., Class A (Information Technology)		2,285
	1,039	AVIC Aircraft Co. Ltd., Class A (Industrials)		3,671
	3,358	Avic Capital Co. Ltd., Class A (Financials)		2,466
	400	AVIC Jonhon Optronic Technology Co. Ltd., Class A (Information Technology)		2,821
	320	AVIC Shenyang Aircraft Co. Ltd., Class A (Industrials)		2,759
	10,542	BAIC Motor Corp. Ltd., Class H (Consumer Discretionary)(a)		5,046
	1,723	Baidu, Inc. ADR (Communication Services)*		214,634
	8,075	Bank of Beijing Co. Ltd., Class A (Financials)		5,742
	1,359	Bank of Chengdu Co. Ltd., Class A (Financials)		2,016
	14,311	Bank of China Ltd., Class A (Financials)		6,853
Common Stocks – (continued)
China – (continued)
	14,951	Bank of Communications Co. Ltd., Class A (Financials)		10,325
	46,260	Bank of Communications Co. Ltd., Class H (Financials)		24,174
	1,919	Bank of Hangzhou Co. Ltd., Class A (Financials)		3,628
	4,397	Bank of Jiangsu Co. Ltd., Class A (Financials)		4,121
	3,198	Bank of Nanjing Co. Ltd., Class A (Financials)		4,011
	2,279	Bank of Ningbo Co. Ltd., Class A (Financials)		11,812
	5,357	Bank of Shanghai Co. Ltd., Class A (Financials)		6,586
	1,846	Bank of Zhengzhou Co. Ltd., Class A (Financials)		1,030
	6,457	Baoshan Iron & Steel Co. Ltd., Class A (Materials)		4,657
	3,118	BBMG Corp., Class A (Materials)		1,502
	13,560	BBMG Corp., Class H (Materials)		2,852
	336	BeiGene Ltd. ADR (Health Care)*		81,168
	1,599	Beijing Dabeinong Technology Group Co. Ltd., Class A (Consumer Staples)		2,654
	3,054	Beijing Enterprises Holdings Ltd. (Utilities)		9,713
	29,790	Beijing Enterprises Water Group Ltd. (Utilities)*		11,724
	639	Beijing New Building Materials PLC, Class A (Industrials)		3,060
	559	Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A (Materials)		4,892
	1,199	Beijing Originwater Technology Co. Ltd., Class A (Industrials)		1,703
	240	Beijing Shiji Information Technology Co. Ltd., Class A (Information Technology)		1,153
	240	Beijing Shunxin Agriculture Co. Ltd., Class A (Consumer Staples)		2,637
	559	Beijing Sinnet Technology Co. Ltd., Class A (Information Technology)		2,151
	480	Beijing Tiantan Biological Products Corp. Ltd., Class A (Health Care)		2,967
	480	Beijing Tongrentang Co. Ltd., Class A (Health Care)		2,081
	80	BGI Genomics Co. Ltd., Class A (Health Care)		1,711
	1,265	Bilibili, Inc. ADR (Communication Services)*		59,771
	16,790	BOE Technology Group Co. Ltd., Class A (Information Technology)		13,483
	19,670	Brilliance China Automotive Holdings Ltd. (Consumer Discretionary)		17,614
	639	BYD Co. Ltd., Class A (Consumer Discretionary)		7,930
	4,393	BYD Co. Ltd., Class H (Consumer Discretionary)(b)		43,646
	559	By-health Co. Ltd., Class A (Consumer Staples)		2,002

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

GOLDMAN SACHS MARKETBETA EMERGING MARKETS EQUITY ETF

Schedule of Investments (continued)

August 31, 2020

Shares		Description	Value
Common Stocks – (continued)
China – (continued)
	1,359	Caitong Securities Co. Ltd., Class A (Financials)	$	2,889
	5,037	CGN Power Co. Ltd., Class A (Utilities)		2,214
	64,570	CGN Power Co. Ltd., Class H (Utilities)(a)		13,997
	100	Changchun High & New Technology Industry Group, Inc., Class A (Health Care)		6,827
	2,079	Changjiang Securities Co. Ltd., Class A (Financials)		2,589
	639	Chaozhou Three-Circle Group Co. Ltd., Class A (Information Technology)		2,610
	240	Chengdu Kanghong Pharmaceutical Group Co. Ltd., Class A (Health Care)		1,693
	76	China Biologic Products Holdings, Inc. (Health Care)*		8,022
	74,248	China Cinda Asset Management Co. Ltd., Class H (Financials)		14,179
	1,759	China CITIC Bank Corp. Ltd., Class A (Financials)		1,341
	58,869	China CITIC Bank Corp. Ltd., Class H (Financials)		24,611
	1,279	China Coal Energy Co. Ltd., Class A (Energy)		764
	13,332	China Coal Energy Co. Ltd., Class H (Energy)		3,354
	1,679	China Communications Construction Co. Ltd., Class A (Industrials)		1,949
	28,195	China Communications Construction Co. Ltd., Class H (Industrials)		15,825
	15,227	China Communications Services Corp. Ltd., Class H (Industrials)		10,000
	9,586	China Conch Venture Holdings Ltd. (Industrials)		41,559
	3,598	China Construction Bank Corp., Class A (Financials)		3,257
	639	China CSSC Holdings Ltd., Class A (Industrials)*		1,949
	3,118	China Eastern Airlines Corp. Ltd., Class A (Industrials)		2,299
	8,423	China Eastern Airlines Corp. Ltd., Class H (Industrials)		3,478
	14,311	China Everbright Bank Co. Ltd., Class A (Financials)		8,023
	46,488	China Everbright Bank Co. Ltd., Class H (Financials)		16,675
	23,498	China Everbright International Ltd. (Industrials)		14,189
	11,125	China Evergrande Group (Real Estate)(b)		25,982
	8,331	China Feihe Ltd. (Consumer Staples)(a)		16,877
	559	China Film Co. Ltd., Class A (Communication Services)		1,226
	1,454	China Fortune Land Development Co. Ltd., Class A (Real Estate)		3,566
	1,279	China Galaxy Securities Co. Ltd., Class A (Financials)		2,530
	23,506	China Galaxy Securities Co. Ltd., Class H (Financials)		14,164
Common Stocks – (continued)
China – (continued)
	1,759	China Gezhouba Group Co. Ltd., Class A (Industrials)		1,633
	639	China Great Wall Securities Co. Ltd., Class A (Financials)		1,300
	1,119	China Greatwall Technology Group Co. Ltd., Class A (Information Technology)		2,893
	15,830	China Hongqiao Group Ltd. (Materials)		10,213
	42,686	China Huarong Asset Management Co. Ltd., Class H (Financials)(a)		4,902
	9,882	China International Capital Corp. Ltd., Class H (Financials)*(a)		23,487
	559	China International Marine Containers Group Co. Ltd., Class A (Industrials)		715
	2,894	China International Marine Containers Group Co. Ltd., Class H (Industrials)		2,950
	37,306	China Jinmao Holdings Group Ltd. (Real Estate)		23,346
	1,279	China Jushi Co. Ltd., Class A (Materials)		2,773
	719	China Life Insurance Co. Ltd., Class A (Financials)		4,585
	47,388	China Life Insurance Co. Ltd., Class H (Financials)		115,441
	1,439	China Literature Ltd. (Communication Services)*(a)		8,940
	20,004	China Longyuan Power Group Corp. Ltd., Class H (Utilities)		12,622
	17,066	China Mengniu Dairy Co. Ltd. (Consumer Staples)*		83,897
	7,835	China Merchants Bank Co. Ltd., Class A (Financials)		43,115
	26,192	China Merchants Bank Co. Ltd., Class H (Financials)		125,043
	2,238	China Merchants Energy Shipping Co. Ltd., Class A (Energy)		2,111
	8,023	China Merchants Port Holdings Co. Ltd. (Industrials)		9,182
	2,179	China Merchants Securities Co. Ltd., Class A (Financials)*		6,856
	1,019	China Merchants Securities Co. Ltd., Class H (Financials)*(a)		1,315
	2,318	China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A (Real Estate)		5,652
	13,512	China Minsheng Banking Corp. Ltd., Class A (Financials)		10,949
	44,745	China Minsheng Banking Corp. Ltd., Class H (Financials)		27,251
	35,398	China Mobile Ltd. (Communication Services)		247,324
	6,716	China Molybdenum Co. Ltd., Class A (Materials)		4,197
	23,118	China Molybdenum Co. Ltd., Class H (Materials)		9,396
	24,637	China National Building Material Co. Ltd., Class H (Materials)		34,650
	1,839	China National Chemical Engineering Co. Ltd., Class A (Industrials)		1,573

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

GOLDMAN SACHS MARKETBETA EMERGING MARKETS EQUITY ETF

Shares		Description	Value
Common Stocks – (continued)
China – (continued)
	4,477	China National Nuclear Power Co. Ltd., Class A (Utilities)	$	3,046
	160	China National Software & Service Co. Ltd., Class A (Information Technology)		2,309
	1,359	China Northern Rare Earth Group High-Tech Co. Ltd., Class A (Materials)*		2,450
	400	China Oilfield Services Ltd., Class A (Energy)		771
	11,537	China Oilfield Services Ltd., Class H (Energy)		9,066
	2,518	China Pacific Insurance Group Co. Ltd., Class A (Financials)		11,331
	17,673	China Pacific Insurance Group Co. Ltd., Class H (Financials)		49,141
	8,555	China Petroleum & Chemical Corp., Class A (Energy)		5,034
	158,199	China Petroleum & Chemical Corp., Class H (Energy)		73,076
	4,397	China Railway Construction Corp. Ltd., Class A (Industrials)		5,733
	12,021	China Railway Construction Corp. Ltd., Class H (Industrials)		9,244
	7,196	China Railway Group Ltd., Class A (Industrials)		5,884
	24,673	China Railway Group Ltd., Class H (Industrials)		12,671
	9,674	China Railway Signal & Communication Corp. Ltd., Class H (Information Technology)(a)		3,919
	39,576	China Reinsurance Group Corp., Class H (Financials)		4,238
	9,029	China Resources Beer Holdings Co. Ltd. (Consumer Staples)		58,716
	13,904	China Resources Cement Holdings Ltd. (Materials)		20,273
	5,652	China Resources Gas Group Ltd. (Utilities)		26,546
	18,345	China Resources Land Ltd. (Real Estate)		84,859
	10,538	China Resources Pharmaceutical Group Ltd. (Health Care)(a)		5,969
	11,321	China Resources Power Holdings Co. Ltd. (Utilities)		13,439
	2,039	China Shenhua Energy Co. Ltd., Class A (Energy)		4,811
	21,643	China Shenhua Energy Co. Ltd., Class H (Energy)		36,136
	8,715	China Shipbuilding Industry Co. Ltd., Class A (Industrials)*		6,171
	2,718	China Southern Airlines Co. Ltd., Class A (Industrials)*		2,325
	9,818	China Southern Airlines Co. Ltd., Class H (Industrials)*		5,181
	400	China Spacesat Co. Ltd., Class A (Industrials)		2,305
	15,990	China State Construction Engineering Corp. Ltd., Class A (Industrials)		12,000
Common Stocks – (continued)
China – (continued)
	11,293	China State Construction International Holdings Ltd. (Industrials)		8,757
	9,238	China Taiping Insurance Holdings Co. Ltd. (Financials)		14,685
	88,376	China Telecom Corp. Ltd., Class H (Communication Services)		28,964
	639	China Tourism Group Duty Free Corp. Ltd., Class A (Consumer Discretionary)		19,406
	559	China TransInfo Technology Co. Ltd., Class A (Information Technology)		1,996
	39,097	China Unicom Hong Kong Ltd. (Communication Services)		27,695
	11,113	China United Network Communications Ltd., Class A (Communication Services)		8,421
	3,678	China Vanke Co. Ltd., Class A (Real Estate)		14,644
	12,001	China Vanke Co. Ltd., Class H (Real Estate)		37,319
	5,596	China Yangtze Power Co. Ltd., Class A (Utilities)		15,769
	3,198	China Zheshang Bank Co. Ltd., Class A (Financials)		1,947
	3,438	Chongqing Changan Automobile Co. Ltd., Class A (Consumer Discretionary)*		5,878
	3,358	Chongqing Rural Commercial Bank Co. Ltd., Class A (Financials)		2,559
	16,002	Chongqing Rural Commercial Bank Co. Ltd., Class H (Financials)		6,525
	559	Chongqing Zhifei Biological Products Co. Ltd., Class A (Health Care)		11,030
	23,341	CIFI Holdings Group Co. Ltd. (Real Estate)		19,877
	40,323	CITIC Ltd. (Industrials)		36,784
	3,997	CITIC Securities Co. Ltd., Class A (Financials)		18,558
	14,507	CITIC Securities Co. Ltd., Class H (Financials)		34,854
	101,084	CNOOC Ltd. (Energy)		115,038
	894	CNPC Capital Co. Ltd., Class A (Industrials)		957
	799	Contemporary Amperex Technology Co. Ltd., Class A (Industrials)		24,072
	1,199	COSCO SHIPPING Energy Transportation Co. Ltd., Class A (Energy)		1,332
	8,251	COSCO SHIPPING Energy Transportation Co. Ltd., Class H (Energy)		3,801
	2,478	COSCO SHIPPING Holdings Co. Ltd., Class A (Industrials)*		1,968
	16,434	COSCO SHIPPING Holdings Co. Ltd., Class H (Industrials)*		8,249
	58,445	Country Garden Holdings Co. Ltd. (Real Estate)		72,470
	8,085	Country Garden Services Holdings Co. Ltd. (Industrials)		56,385
	9,274	CRRC Corp. Ltd., Class A (Industrials)		7,935
	27,835	CRRC Corp. Ltd., Class H (Industrials)		12,570

The accompanying notes are an integral part of these financial statements. 19

GOLDMAN SACHS MARKETBETA EMERGING MARKETS EQUITY ETF

Schedule of Investments (continued)

August 31, 2020

Shares		Description	Value
Common Stocks – (continued)
China – (continued)
	559	CSC Financial Co. Ltd., Class A (Financials)	$	4,266
	4,929	CSC Financial Co. Ltd., Class H (Financials)(a)		7,327
	1,395	Dada Nexus Ltd. ADR (Consumer Discretionary)*		31,750
	13,080	Dali Foods Group Co. Ltd. (Consumer Staples)(a)		8,017
	4,797	Daqin Railway Co. Ltd., Class A (Industrials)		4,636
	192	DaShenLin Pharmaceutical Group Co. Ltd., Class A (Consumer Staples)		2,388
	1,839	Datang International Power Generation Co. Ltd., Class A (Utilities)		660
	479	Dawning Information Industry Co. Ltd., Class A (Information Technology)		3,160
	1,119	DHC Software Co. Ltd., Class A (Information Technology)		1,905
	240	Dong-E-E-Jiao Co. Ltd., Class A (Health Care)		1,620
	1,039	Dongfang Electric Corp. Ltd., Class A (Industrials)		1,518
	18,185	Dongfeng Motor Group Co. Ltd., Class H (Consumer Discretionary)		12,624
	1,039	Dongxing Securities Co. Ltd., Class A (Financials)		2,025
	3,070	East Money Information Co. Ltd., Class A (Financials)		11,726
	4,809	ENN Energy Holdings Ltd. (Utilities)		53,363
	607	Eve Energy Co. Ltd., Class A (Industrials)		4,343
	1,439	Everbright Securities Co. Ltd., Class A (Financials)		4,605
	1,455	Fangda Carbon New Material Co. Ltd., Class A (Industrials)*		1,430
	639	FAW Jiefang Group Co. Ltd., Class A (Consumer Discretionary)*		1,316
	400	Fiberhome Telecommunication Technologies Co. Ltd., Class A (Information Technology)		1,536
	5,596	Focus Media Information Technology Co. Ltd., Class A (Communication Services)		6,160
	559	Foshan Haitian Flavouring & Food Co. Ltd., Class A (Consumer Staples)		14,952
	2,398	Founder Securities Co. Ltd., Class A (Financials)*		3,071
	3,438	Foxconn Industrial Internet Co. Ltd., Class A (Information Technology)		7,399
	400	Fujian Sunner Development Co. Ltd., Class A (Consumer Staples)		1,570
	719	Fuyao Glass Industry Group Co. Ltd., Class A (Consumer Discretionary)		3,042
	3,218	Fuyao Glass Industry Group Co. Ltd., Class H (Consumer Discretionary)(a)		10,360
	400	Ganfeng Lithium Co. Ltd., Class A (Materials)		2,950
	979	Ganfeng Lithium Co. Ltd., Class H (Materials)(a)		4,958
Common Stocks – (continued)
China – (continued)
	7,435	GD Power Development Co. Ltd., Class A (Utilities)		2,225
	295	GDS Holdings Ltd. ADR (Information Technology)*		23,877
	1,679	Gemdale Corp., Class A (Real Estate)		3,510
	2,238	GF Securities Co. Ltd., Class A (Financials)		5,284
	8,683	GF Securities Co. Ltd., Class H (Financials)		10,274
	559	Giant Network Group Co. Ltd., Class A (Communication Services)		1,689
	160	Gigadevice Semiconductor Beijing, Inc., Class A (Information Technology)		4,661
	225	Glodon Co. Ltd., Class A (Information Technology)		2,289
	1,199	GoerTek, Inc., Class A (Information Technology)		7,193
	719	Great Wall Motor Co. Ltd., Class A (Consumer Discretionary)		1,464
	19,548	Great Wall Motor Co. Ltd., Class H (Consumer Discretionary)		21,212
	2,238	Gree Electric Appliances Inc of Zhuhai, Class A (Consumer Discretionary)		17,808
	2,638	Greenland Holdings Corp. Ltd., Class A (Real Estate)		2,946
	819	GSX Techedu, Inc. ADR (Consumer Discretionary)*(b)		69,943
	559	Guangdong Haid Group Co. Ltd., Class A (Consumer Staples)		5,776
	719	Guangxi Guiguan Electric Power Co. Ltd., Class A (Utilities)		501
	959	Guangzhou Automobile Group Co. Ltd., Class A (Consumer Discretionary)		1,453
	17,857	Guangzhou Automobile Group Co. Ltd., Class H (Consumer Discretionary)		15,345
	719	Guangzhou Baiyun International Airport Co. Ltd., Class A (Industrials)		1,598
	480	Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A (Health Care)		2,278
	883	Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class H (Health Care)		2,313
	7,915	Guangzhou R&F Properties Co. Ltd., Class H (Real Estate)		10,070
	240	Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A (Information Technology)		3,507
	480	Guangzhou Yuexiu Financial Holdings Group Co. Ltd., Class A (Financials)		1,471
	1,519	Guosen Securities Co. Ltd., Class A (Financials)		3,107
	2,798	Guotai Junan Securities Co. Ltd., Class A (Financials)		7,901
	5,437	Guotai Junan Securities Co. Ltd., Class H (Financials)(a)		8,489
	1,279	Guoyuan Securities Co. Ltd., Class A (Financials)		2,058

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

GOLDMAN SACHS MARKETBETA EMERGING MARKETS EQUITY ETF

Shares		Description	Value
Common Stocks – (continued)
China – (continued)
	2,988	Haidilao International Holding Ltd. (Consumer Discretionary)(a)	$	19,277
	2,398	Haier Smart Home Co. Ltd., Class A (Consumer Discretionary)		7,808
	3,038	Haitong Securities Co. Ltd., Class A (Financials)*		6,729
	18,717	Haitong Securities Co. Ltd., Class H (Financials)*		17,002
	160	Han’s Laser Technology Industry Group Co. Ltd., Class A (Industrials)		868
	3,278	Hangzhou Hikvision Digital Technology Co. Ltd., Class A (Information Technology)		17,909
	320	Hangzhou Robam Appliances Co. Ltd., Class A (Consumer Discretionary)		1,822
	142	Hangzhou Tigermed Consulting Co. Ltd., Class A (Health Care)		2,322
	5,723	Hansoh Pharmaceutical Group Co. Ltd. (Health Care)*(a)		27,138
	799	Henan Shuanghui Investment & Development Co. Ltd., Class A (Consumer Staples)		7,408
	4,069	Hengan International Group Co. Ltd. (Consumer Staples)		32,079
	1,839	Hengli Petrochemical Co. Ltd., Class A (Materials)		5,647
	719	Hengtong Optic-electric Co. Ltd., Class A (Information Technology)		1,716
	1,351	Hengyi Petrochemical Co. Ltd., Class A (Materials)		2,456
	3,997	Hesteel Co. Ltd., Class A (Materials)*		1,296
	160	Hithink RoyalFlush Information Network Co. Ltd., Class A (Financials)		3,923
	400	Hongta Securities Co. Ltd., Class A (Financials)		1,215
	3,038	Huadian Power International Corp. Ltd., Class A (Utilities)		1,779
	10,390	Huadian Power International Corp. Ltd., Class H (Utilities)		2,909
	639	Huadong Medicine Co. Ltd., Class A (Health Care)		2,609
	639	Hualan Biological Engineering, Inc., Class A (Health Care)		5,374
	1,839	Huaneng Lancang River Hydropower, Inc., Class A (Utilities)		1,093
	2,558	Huaneng Power International, Inc., Class A (Utilities)		2,058
	26,824	Huaneng Power International, Inc., Class H (Utilities)		11,179
	2,798	Huatai Securities Co. Ltd., Class A (Financials)		8,746
	10,038	Huatai Securities Co. Ltd., Class H (Financials)(a)		17,615
	959	Huaxi Securities Co. Ltd., Class A (Financials)		1,792
	4,477	Huaxia Bank Co. Ltd., Class A (Financials)		4,203
Common Stocks – (continued)
China – (continued)
	1,359	Huaxin Cement Co. Ltd., Class A (Materials)		5,548
	1,199	Huayu Automotive Systems Co. Ltd., Class A (Consumer Discretionary)		4,355
	927	Huazhu Group Ltd. ADR (Consumer Discretionary)		41,465
	1,599	Hubei Biocause Pharmaceutical Co. Ltd., Class A (Financials)		1,314
	312	Hundsun Technologies, Inc., Class A (Information Technology)		5,076
	412	HUYA, Inc. ADR (Communication Services)*(b)		11,833
	799	Iflytek Co. Ltd., Class A (Information Technology)		4,397
	20,769	Industrial & Commercial Bank of China Ltd., Class A (Financials)		15,040
	7,915	Industrial Bank Co. Ltd., Class A (Financials)		18,675
	2,558	Industrial Securities Co. Ltd., Class A (Financials)		3,070
	17,350	Inner Mongolia BaoTou Steel Union Co. Ltd., Class A (Materials)*		2,938
	3,038	Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A (Materials)		4,152
	2,238	Inner Mongolia Yili Industrial Group Co. Ltd., Class A (Consumer Staples)		13,704
	4,262	Innovent Biologics, Inc. (Health Care)*(a)		28,404
	480	Inspur Electronic Information Industry Co. Ltd., Class A (Information Technology)		2,530
	855	iQIYI, Inc. ADR (Communication Services)*		18,511
	304	Jafron Biomedical Co. Ltd., Class A (Health Care)		3,383
	5,754	JD.com, Inc. ADR (Consumer Discretionary)*		452,495
	559	Jiangsu Expressway Co. Ltd., Class A (Industrials)		784
	7,783	Jiangsu Expressway Co. Ltd., Class H (Industrials)		7,793
	236	Jiangsu Hengli Hydraulic Co. Ltd., Class A (Industrials)		2,257
	2,015	Jiangsu Hengrui Medicine Co. Ltd., Class A (Health Care)		27,910
	400	Jiangsu King’s Luck Brewery JSC Ltd., Class A (Consumer Staples)		3,182
	320	Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A (Consumer Staples)		6,592
	320	Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A (Health Care)		1,720
	1,359	Jiangsu Zhongnan Construction Group Co. Ltd., Class A (Real Estate)		1,933
	1,119	Jiangsu Zhongtian Technology Co. Ltd., Class A (Industrials)		1,846
	719	Jiangxi Copper Co. Ltd., Class A (Materials)		1,640

The accompanying notes are an integral part of these financial statements. 21

GOLDMAN SACHS MARKETBETA EMERGING MARKETS EQUITY ETF

Schedule of Investments (continued)

August 31, 2020

Shares		Description	Value
Common Stocks – (continued)
China – (continued)
	7,244	Jiangxi Copper Co. Ltd., Class H (Materials)	$	8,543
	959	Jiangxi Zhengbang Technology Co. Ltd., Class A (Consumer Staples)		3,479
	1,999	Jinke Properties Group Co. Ltd., Class A (Real Estate)		2,983
	639	Jointown Pharmaceutical Group Co. Ltd., Class A (Health Care)*		1,653
	240	Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A (Consumer Staples)		2,859
	305	JOYY, Inc. ADR (Communication Services)*		26,059
	1,279	Kingsoft Cloud Holdings Ltd. ADR (Information Technology)*		44,100
	23,386	Kunlun Energy Co. Ltd. (Utilities)		17,441
	400	Kweichow Moutai Co. Ltd., Class A (Consumer Staples)		104,334
	7,531	KWG Group Holdings Ltd. (Real Estate)*		14,323
	6,860	Legend Holdings Corp., Class H (Information Technology)(a)		10,108
	43,222	Lenovo Group Ltd. (Information Technology)		28,888
	1,479	Lens Technology Co. Ltd., Class A (Information Technology)		7,454
	639	Lepu Medical Technology Beijing Co. Ltd., Class A (Health Care)		3,616
	13,756	Li Ning Co. Ltd. (Consumer Discretionary)		58,218
	2,479	Lingyi iTech Guangdong Co., Class A (Information Technology)*		4,329
	160	Livzon Pharmaceutical Group, Inc., Class A (Health Care)		1,250
	995	Livzon Pharmaceutical Group, Inc., Class H (Health Care)		4,769
	7,895	Logan Group Co. Ltd. (Real Estate)		14,710
	639	Lomon Billions Group Co. Ltd., Class A (Materials)		2,190
	9,931	Longfor Group Holdings Ltd. (Real Estate)(a)		52,601
	1,439	LONGi Green Energy Technology Co. Ltd., Class A (Information Technology)		13,295
	2,597	Luxshare Precision Industry Co. Ltd., Class A (Information Technology)		20,854
	559	Luzhou Laojiao Co. Ltd., Class A (Consumer Staples)		12,202
	2,238	Maanshan Iron & Steel Co. Ltd., Class A (Materials)		918
	5,329	Maanshan Iron & Steel Co. Ltd., Class H (Materials)		1,437
	559	Mango Excellent Media Co. Ltd., Class A (Communication Services)		5,795
	1,439	Meinian Onehealth Healthcare Holdings Co. Ltd., Class A (Health Care)*		3,689
	14,240	Meituan Dianping, Class B (Consumer Discretionary)*		469,635
Common Stocks – (continued)
China – (continued)
	6,796	Metallurgical Corp. of China Ltd., Class A (Industrials)		2,798
	18,285	Metallurgical Corp. of China Ltd., Class H (Industrials)		3,138
	1,027	Momo, Inc. ADR (Communication Services)		20,951
	1,359	Muyuan Foodstuff Co. Ltd., Class A (Consumer Staples)		17,421
	208	Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd., Class A (Health Care)		1,494
	1,199	Nanjing Securities Co. Ltd., Class A (Financials)		2,587
	1,519	NARI Technology Co. Ltd., Class A (Industrials)		4,968
	160	NAURA Technology Group Co. Ltd., Class A (Information Technology)		4,305
	719	NavInfo Co. Ltd., Class A (Consumer Discretionary)		1,726
	507	NetEase, Inc. ADR (Communication Services)		247,015
	639	New China Life Insurance Co. Ltd., Class A (Financials)		5,584
	6,168	New China Life Insurance Co. Ltd., Class H (Financials)		24,632
	1,599	New Hope Liuhe Co. Ltd., Class A (Consumer Staples)		8,871
	1,004	New Oriental Education & Technology Group, Inc. ADR (Consumer Discretionary)*		147,217
	400	Ninestar Corp., Class A (Information Technology)		2,133
	2,638	Ningbo Zhoushan Port Co. Ltd., Class A (Industrials)		1,429
	1,119	Oceanwide Holdings Co. Ltd., Class A (Real Estate)		673
	719	Offcn Education Technology Co. Ltd., Class A (Consumer Discretionary)		3,749
	1,039	OFILM Group Co. Ltd., Class A (Information Technology)		2,869
	112	Oppein Home Group, Inc., Class A (Consumer Discretionary)		1,652
	2,238	Orient Securities Co. Ltd., Class A (Financials)		3,859
	5,213	Orient Securities Co. Ltd., Class H (Financials)(a)		3,296
	1,279	Oriental Pearl Group Co. Ltd., Class A (Communication Services)		1,991
	1,519	People’s Insurance Co. Group of China Ltd. (The), Class A (Financials)		1,601
	52,229	People’s Insurance Co. Group of China Ltd. (The), Class H (Financials)		17,050
	720	Perfect World Co. Ltd., Class A (Communication Services)		3,849
	6,236	PetroChina Co. Ltd., Class A (Energy)		4,033
	132,501	PetroChina Co. Ltd., Class H (Energy)		45,819

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

GOLDMAN SACHS MARKETBETA EMERGING MARKETS EQUITY ETF

Shares		Description	Value
Common Stocks – (continued)
China – (continued)
	80	Pharmaron Beijing Co. Ltd., Class A (Health Care)	$	1,286
	780	Pharmaron Beijing Co. Ltd., Class H (Health Care)(a)		10,366
	43,938	PICC Property & Casualty Co. Ltd., Class H (Financials)		33,959
	543	Pinduoduo, Inc. ADR (Consumer Discretionary)*		48,294
	7,355	Ping An Bank Co. Ltd., Class A (Financials)		16,194
	2,518	Ping An Healthcare and Technology Co. Ltd. (Health Care)*(a)(b)		36,713
	4,077	Ping An Insurance Group Co. of China Ltd., Class A (Financials)		45,609
	36,348	Ping An Insurance Group Co. of China Ltd., Class H (Financials)		387,157
	4,557	Poly Developments and Holdings Group Co. Ltd., Class A (Real Estate)		10,712
	874	Poly Property Services Co. Ltd. (Real Estate)		7,652
	4,557	Postal Savings Bank of China Co. Ltd., Class A (Financials)		3,074
	81,210	Postal Savings Bank of China Co. Ltd., Class H (Financials)(a)		38,456
	5,197	Power Construction Corp. of China Ltd., Class A (Industrials)		3,088
	352	Red Star Macalline Group Corp. Ltd., Class A (Real Estate)		503
	1,599	RiseSun Real Estate Development Co. Ltd., Class A (Real Estate)		1,924
	1,519	Rongsheng Petro Chemical Co. Ltd., Class A (Materials)		4,391
	2,238	SAIC Motor Corp. Ltd., Class A (Consumer Discretionary)		6,097
	1,519	Sanan Optoelectronics Co. Ltd., Class A (Information Technology)		6,019
	80	Sangfor Technologies, Inc., Class A (Information Technology)		2,569
	879	Sansteel Minguang Co. Ltd. Fujian, Class A (Materials)		892
	3,198	Sany Heavy Industry Co. Ltd., Class A (Industrials)		10,338
	1,119	SDIC Capital Co. Ltd., Class A (Financials)		2,480
	2,558	SDIC Power Holdings Co. Ltd., Class A (Utilities)		3,384
	12,508	Seazen Group Ltd. (Real Estate)*		11,346
	799	Seazen Holdings Co. Ltd., Class A (Real Estate)		4,188
	28,326	Semiconductor Manufacturing International Corp. (Information Technology)*		91,007
	939	SF Holding Co. Ltd., Class A (Industrials)		11,667
	2,558	Shaanxi Coal Industry Co. Ltd., Class A (Energy)		3,036
	1,342	Shandong Gold Mining Co. Ltd., Class A (Materials)		5,680
Common Stocks – (continued)
China – (continued)
	3,133	Shandong Gold Mining Co. Ltd., Class H (Materials)(a)		8,813
	14,904	Shandong Weigao Group Medical Polymer Co. Ltd., Class H (Health Care)		34,807
	879	Shanghai Baosight Software Co. Ltd., Class A (Information Technology)		8,922
	3,038	Shanghai Electric Group Co. Ltd., Class A (Industrials)*		2,466
	16,998	Shanghai Electric Group Co. Ltd., Class H (Industrials)*		5,001
	719	Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A (Health Care)		5,755
	3,258	Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H (Health Care)		13,767
	320	Shanghai International Airport Co. Ltd., Class A (Industrials)		3,569
	3,118	Shanghai International Port Group Co. Ltd., Class A (Industrials)		2,021
	320	Shanghai Lingang Holdings Corp. Ltd., Class A (Real Estate)		1,078
	4,157	Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class A (Real Estate)		7,556
	320	Shanghai M&G Stationery, Inc., Class A (Industrials)		3,247
	719	Shanghai Pharmaceuticals Holding Co. Ltd., Class A (Health Care)		2,330
	5,305	Shanghai Pharmaceuticals Holding Co. Ltd., Class H (Health Care)		9,460
	11,193	Shanghai Pudong Development Bank Co. Ltd., Class A (Financials)		16,930
	1,679	Shanghai RAAS Blood Products Co. Ltd., Class A (Health Care)		2,204
	1,439	Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A (Consumer Discretionary)		2,082
	1,359	Shanxi Meijin Energy Co. Ltd., Class A (Energy)*		1,310
	2,159	Shanxi Taigang Stainless Steel Co. Ltd., Class A (Materials)		1,154
	240	Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A (Consumer Staples)		6,911
	799	Shengyi Technology Co. Ltd., Class A (Information Technology)		2,894
	112	Shennan Circuits Co. Ltd., Class A (Information Technology)		2,267
	7,675	Shenwan Hongyuan Group Co. Ltd., Class A (Financials)		6,320
	80	Shenzhen Goodix Technology Co. Ltd., Class A (Information Technology)		2,090
	240	Shenzhen Hepalink Pharmaceutical Group Co. Ltd., Class A (Health Care)		857
	639	Shenzhen Inovance Technology Co. Ltd., Class A (Industrials)		5,206
	6,752	Shenzhen International Holdings Ltd. (Industrials)		10,838
	240	Shenzhen Kangtai Biological Products Co. Ltd., Class A (Health Care)		6,938

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

GOLDMAN SACHS MARKETBETA EMERGING MARKETS EQUITY ETF

Schedule of Investments (continued)

August 31, 2020

Shares		Description	Value
Common Stocks – (continued)
China – (continued)
	320	Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A (Health Care)	$	16,000
	3,118	Shenzhen Overseas Chinese Town Co. Ltd., Class A (Consumer Discretionary)		3,255
	320	Shenzhen Sunway Communication Co. Ltd., Class A (Information Technology)		2,898
	4,805	Shenzhou International Group Holdings Ltd. (Consumer Discretionary)		77,498
	1,199	Sichuan Chuantou Energy Co. Ltd., Class A (Utilities)		1,754
	480	Sichuan Kelun Pharmaceutical Co. Ltd., Class A (Health Care)		1,734
	1,119	Sinolink Securities Co. Ltd., Class A (Financials)		2,542
	1,999	Sinopec Oilfield Service Corp., Class A (Energy)*		555
	1,679	Sinopec Shanghai Petrochemical Co. Ltd., Class A (Materials)		856
	20,915	Sinopec Shanghai Petrochemical Co. Ltd., Class H (Materials)		4,318
	8,543	Sinopharm Group Co. Ltd., Class H (Health Care)		21,032
	1,999	Sinotrans Ltd., Class A (Industrials)		1,068
	12,976	Sinotrans Ltd., Class H (Industrials)		3,081
	4,217	Sinotruk Hong Kong Ltd. (Industrials)		10,964
	863	Songcheng Performance Development Co. Ltd., Class A (Consumer Discretionary)		2,253
	1,439	SooChow Securities Co. Ltd., Class A (Financials)		2,261
	320	Spring Airlines Co. Ltd., Class A (Industrials)		2,061
	400	STO Express Co. Ltd., Class A (Industrials)		964
	16,058	Sunac China Holdings Ltd. (Real Estate)		67,546
	3,198	Suning.com Co. Ltd., Class A (Consumer Discretionary)		4,599
	4,265	Sunny Optical Technology Group Co. Ltd. (Information Technology)		63,231
	559	Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A (Information Technology)		2,268
	959	Suzhou Gold Mantis Construction Decoration Co. Ltd., Class A (Industrials)		1,472
	2,480	TAL Education Group ADR (Consumer Discretionary)*		183,049
	1,359	TBEA Co. Ltd., Class A (Industrials)		1,621
	5,117	TCL Technology Group Corp., Class A (Consumer Discretionary)		5,289
	36,496	Tencent Holdings Ltd. (Communication Services)		2,498,162
	4,049	Tencent Music Entertainment Group ADR (Communication Services)*		63,286
	2,478	Tianfeng Securities Co. Ltd., Class A (Financials)		2,500
	1,039	Tianjin Zhonghuan Semiconductor Co. Ltd., Class A (Information Technology)		3,287
Common Stocks – (continued)
China – (continued)
	719	Tianma Microelectronics Co. Ltd., Class A (Information Technology)		1,725
	559	Tianqi Lithium Corp., Class A (Materials)*		1,853
	11,681	Tingyi Cayman Islands Holding Corp. (Consumer Staples)		21,945
	160	Toly Bread Co. Ltd., Class A (Consumer Staples)		1,475
	3,642	Tongcheng-Elong Holdings Ltd. (Consumer Discretionary)*		7,143
	719	Tonghua Dongbao Pharmaceutical Co. Ltd., Class A (Health Care)		1,494
	639	Tongkun Group Co. Ltd., Class A (Materials)		1,505
	1,599	Tongwei Co. Ltd., Class A (Consumer Staples)		5,696
	80	Topchoice Medical Corp., Class A (Health Care)*		2,643
	8,471	Topsports International Holdings Ltd. (Consumer Discretionary)(a)		10,482
	959	Transfar Zhilian Co. Ltd., Class A (Materials)		846
	5,936	TravelSky Technology Ltd., Class H (Information Technology)		12,347
	3,591	Trip.com Group Ltd. ADR (Consumer Discretionary)*		108,592
	240	Tsingtao Brewery Co. Ltd., Class A (Consumer Staples)		3,061
	2,410	Tsingtao Brewery Co. Ltd., Class H (Consumer Staples)		21,954
	2,079	Tunghsu Optoelectronic Technology Co. Ltd., Class A (Information Technology)*		953
	200	Unigroup Guoxin Microelectronics Co. Ltd., Class A (Information Technology)		3,659
	8,051	Uni-President China Holdings Ltd. (Consumer Staples)		7,334
	1,006	Unisplendour Corp. Ltd., Class A (Information Technology)		4,818
	400	Universal Scientific Industrial Shanghai Co. Ltd., Class A (Information Technology)		1,366
	178	Venustech Group, Inc., Class A (Information Technology)		991
	3,418	Vipshop Holdings Ltd. ADR (Consumer Discretionary)*		56,431
	559	Walvax Biotechnology Co. Ltd., Class A (Health Care)*		5,183
	719	Wanda Film Holding Co. Ltd., Class A (Communication Services)*		1,945
	879	Wangsu Science & Technology Co. Ltd., Class A (Information Technology)		1,176
	1,199	Wanhua Chemical Group Co. Ltd., Class A (Materials)		12,830
	30,838	Want Want China Holdings Ltd. (Consumer Staples)		21,168
	408	Weibo Corp. ADR (Communication Services)*		15,218

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

GOLDMAN SACHS MARKETBETA EMERGING MARKETS EQUITY ETF

Shares		Description	Value
Common Stocks – (continued)
China – (continued)
	2,238	Weichai Power Co. Ltd., Class A (Industrials)	$	4,843
	12,376	Weichai Power Co. Ltd., Class H (Industrials)		25,007
	2,398	Wens Foodstuffs Group Co. Ltd., Class A (Consumer Staples)		8,641
	1,279	Western Securities Co. Ltd., Class A (Financials)		1,823
	240	Will Semiconductor Ltd., Class A (Information Technology)		5,881
	726	Winning Health Technology Group Co. Ltd., Class A (Health Care)		2,247
	408	Wuhan Guide Infrared Co. Ltd., Class A (Information Technology)		2,286
	799	Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd., Class A (Communication Services)		5,318
	1,439	Wuliangye Yibin Co. Ltd., Class A (Consumer Staples)		50,424
	639	WUS Printed Circuit Kunshan Co. Ltd., Class A (Information Technology)		1,963
	771	WuXi AppTec Co. Ltd., Class A (Health Care)		12,372
	1,343	WuXi AppTec Co. Ltd., Class H (Health Care)(a)		19,893
	5,655	Wuxi Biologics Cayman, Inc. (Health Care)*(a)		146,954
	320	Wuxi Lead Intelligent Equipment Co. Ltd., Class A (Information Technology)		2,100
	2,958	XCMG Construction Machinery Co. Ltd., Class A (Industrials)		2,682
	46,239	Xiaomi Corp., Class B (Information Technology)*(a)		140,206
	3,278	Xinhu Zhongbao Co. Ltd., Class A (Real Estate)		1,685
	1,279	Xinjiang Goldwind Science & Technology Co. Ltd., Class A (Industrials)		2,039
	4,925	Xinjiang Goldwind Science & Technology Co. Ltd., Class H (Industrials)		4,239
	22,754	Xinyi Solar Holdings Ltd. (Information Technology)		28,743
	1,519	Yango Group Co. Ltd., Class A (Real Estate)		1,564
	799	Yanzhou Coal Mining Co. Ltd., Class A (Energy)		1,083
	9,434	Yanzhou Coal Mining Co. Ltd., Class H (Energy)		7,267
	240	Yealink Network Technology Corp. Ltd., Class A (Information Technology)		1,975
	112	Yifeng Pharmacy Chain Co. Ltd., Class A (Consumer Staples)		1,648
	2,678	Yihai International Holding Ltd. (Consumer Staples)*		42,087
	3,598	Yonghui Superstores Co. Ltd., Class A (Consumer Staples)		4,665
	1,143	Yonyou Network Technology Co. Ltd., Class A (Information Technology)		6,994
Common Stocks – (continued)
China – (continued)
	719	YTO Express Group Co. Ltd., Class A (Industrials)		1,681
	727	Yunda Holding Co. Ltd., Class A (Industrials)		2,206
	400	Yunnan Baiyao Group Co. Ltd., Class A (Health Care)		6,758
	240	Yunnan Energy New Material Co. Ltd., Class A (Materials)		2,741
	160	Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A (Health Care)		5,884
	2,130	Zhejiang Century Huatong Group Co. Ltd., Class A (Communication Services)*		3,443
	799	Zhejiang Chint Electrics Co. Ltd., Class A (Industrials)		4,021
	1,119	Zhejiang Dahua Technology Co. Ltd., Class A (Information Technology)		3,735
	9,130	Zhejiang Expressway Co. Ltd., Class H (Industrials)		6,161
	527	Zhejiang Huahai Pharmaceutical Co. Ltd., Class A (Health Care)		3,376
	400	Zhejiang Huayou Cobalt Co. Ltd., Class A (Materials)*		2,345
	1,199	Zhejiang Longsheng Group Co. Ltd., Class A (Materials)		2,512
	799	Zhejiang NHU Co. Ltd., Class A (Health Care)		3,823
	1,351	Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A (Industrials)		4,458
	559	Zhejiang Semir Garment Co. Ltd., Class A (Consumer Discretionary)		628
	80	Zhejiang Supor Co. Ltd., Class A (Consumer Discretionary)		990
	799	Zhengzhou Yutong Bus Co. Ltd., Class A (Industrials)		1,658
	959	Zheshang Securities Co. Ltd., Class A (Financials)		2,083
	2,534	ZhongAn Online P&C Insurance Co. Ltd., Class H (Financials)*(a)		16,691
	240	Zhongji Innolight Co. Ltd., Class A (Information Technology)		2,075
	3,222	Zhongsheng Group Holdings Ltd. (Consumer Discretionary)		20,122
	2,638	Zhongtian Financial Group Co. Ltd., Class A (Real Estate)*		1,371
	3,486	Zhuzhou CRRC Times Electric Co. Ltd., Class H (Industrials)		11,200
	7,435	Zijin Mining Group Co. Ltd., Class A (Materials)		7,805
	36,434	Zijin Mining Group Co. Ltd., Class H (Materials)		24,869
	2,478	Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A (Industrials)*		3,082
	8,807	Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H (Industrials)*		8,818

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

GOLDMAN SACHS MARKETBETA EMERGING MARKETS EQUITY ETF

Schedule of Investments (continued)

August 31, 2020

Shares		Description	Value
Common Stocks – (continued)
China – (continued)
	1,439	ZTE Corp., Class A (Information Technology)	$	8,194
	4,809	ZTE Corp., Class H (Information Technology)		13,992
	3,518	ZTO Express Cayman, Inc. ADR (Industrials)		117,959
				14,515,203
Colombia – 0.1%
	1,747	Bancolombia SA (Financials)		12,113
	22,754	Ecopetrol SA (Energy)		13,288
	1,527	Grupo de Inversiones Suramericana SA (Financials)		8,551
	8,231	Grupo Energia Bogota SA ESP (Utilities)		5,400
	2,618	Interconexion Electrica SA ESP (Utilities)		14,619
				53,971
Czech Republic – 0.1%
	1,015	CEZ AS (Utilities)		20,951
	440	Komercni banka AS (Financials)*		10,614
	3,158	Moneta Money Bank AS (Financials)(a)		7,977
				39,542
Egypt – 0.2%
	9,354	Commercial International Bank Egypt SAE (Financials)		39,877
	6,220	Eastern Co. SAE (Consumer Staples)		4,992
	2,482	Egypt Kuwait Holding Co. SAE (Materials)		2,802
	4,417	Egyptian Financial Group-Hermes Holding Co. (Financials)*		3,915
	4,497	ElSewedy Electric Co. (Industrials)		2,131
	6,412	Talaat Moustafa Group (Real Estate)		2,796
	2,171	Telecom Egypt Co. (Communication Services)		1,846
				58,359
Greece – 0.2%
	8,027	Alpha Bank AE (Financials)*		5,324
	15,774	Eurobank Ergasias Services and Holdings SA (Financials)*		7,587
	1,495	Hellenic Telecommunications Organization SA (Communication Services)		24,495
	663	JUMBO SA (Consumer Discretionary)		11,537
	440	LAMDA Development SA (Real Estate)*		2,973
	412	Motor Oil Hellas Corinth Refineries SA (Energy)		5,790
	667	Mytilineos SA (Industrials)		6,294
	3,474	National Bank of Greece SA (Financials)*		4,739
	1,311	OPAP SA (Consumer Discretionary)		12,041
				80,780
Hungary – 0.2%
	3,006	MOL Hungarian Oil & Gas PLC (Energy)*		16,977
Common Stocks – (continued)
Hungary – (continued)
	1,375	OTP Bank Nyrt (Financials)*		46,519
	887	Richter Gedeon Nyrt (Health Care)		21,730
				85,226
India – 8.0%
	272	ABB India Ltd. (Industrials)		3,513
	288	ACC Ltd. (Materials)		5,172
	4,245	Adani Ports & Special Economic Zone Ltd. (Industrials)		20,516
	160	Alkem Laboratories Ltd. (Health Care)		5,918
	3,758	Ambuja Cements Ltd. (Materials)		10,749
	1,835	Asian Paints Ltd. (Materials)		47,344
	1,627	Aurobindo Pharma Ltd. (Health Care)		17,880
	991	Avenue Supermarts Ltd. (Consumer Staples)*(a)		30,309
	13,292	Axis Bank Ltd. (Financials)*		89,703
	440	Bajaj Auto Ltd. (Consumer Discretionary)		17,736
	1,151	Bajaj Finance Ltd. (Financials)		54,539
	244	Bajaj Finserv Ltd. (Financials)		20,520
	80	Bajaj Holdings & Investment Ltd. (Financials)		2,911
	2,458	Bandhan Bank Ltd. (Financials)*(a)		10,212
	5,884	Bank of Baroda (Financials)*		3,913
	1,483	Berger Paints India Ltd. (Materials)		10,833
	3,726	Bharat Electronics Ltd. (Industrials)		5,371
	4,297	Bharat Petroleum Corp. Ltd. (Energy)		23,806
	2,123	Bharti Infratel Ltd. (Communication Services)		5,727
	1,835	Biocon Ltd. (Health Care)*		9,377
	44	Bosch Ltd. (Consumer Discretionary)		7,660
	228	Britannia Industries Ltd. (Consumer Staples)		11,541
	1,370	Cadila Healthcare Ltd. (Health Care)		6,910
	2,055	Cipla Ltd. (Health Care)		19,921
	9,418	Coal India Ltd. (Energy)		17,190
	412	Colgate-Palmolive India Ltd. (Consumer Staples)		7,630
	1,319	Container Corp. Of India Ltd. (Industrials)		7,042
	3,374	Dabur India Ltd. (Consumer Staples)		21,755
	504	Divi’s Laboratories Ltd. (Health Care)		21,382
	3,786	DLF Ltd. (Real Estate)		8,145
	516	Dr. Reddy’s Laboratories Ltd. (Health Care)		29,896
	790	Eicher Motors Ltd. (Consumer Discretionary)		22,453
	4,800	Embassy Office Parks REIT (Real Estate)		23,615
	6,892	GAIL India Ltd. (Utilities)		8,956
	2,194	Godrej Consumer Products Ltd. (Consumer Staples)		19,413
	2,055	Grasim Industries Ltd. (Materials)		18,841
	1,317	Havells India Ltd. (Industrials)		11,014
	6,640	HCL Technologies Ltd. (Information Technology)		62,641
	308	HDFC Asset Management Co. Ltd. (Financials)(a)		10,088
	3,082	HDFC Life Insurance Co. Ltd. (Financials)*(a)		24,067

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

GOLDMAN SACHS MARKETBETA EMERGING MARKETS EQUITY ETF

Shares		Description	Value
Common Stocks – (continued)
India – (continued)
	312	Hero MotoCorp Ltd. (Consumer Discretionary)	$	12,742
	5,720	Hindalco Industries Ltd. (Materials)*		14,396
	3,881	Hindustan Petroleum Corp. Ltd. (Energy)		10,627
	5,654	Hindustan Unilever Ltd. (Consumer Staples)		162,640
	9,237	Housing Development Finance Corp. Ltd. (Financials)		229,973
	10,098	ICICI Bank Ltd. (Financials)*		54,134
	1,083	ICICI Lombard General Insurance Co. Ltd. (Financials)(a)		18,490
	2,194	ICICI Prudential Life Insurance Co. Ltd. (Financials)(a)		12,598
	12,081	Indian Oil Corp. Ltd. (Energy)		14,082
	1,335	Indraprastha Gas Ltd. (Utilities)		7,154
	376	Info Edge India Ltd. (Communication Services)		16,671
	20,352	Infosys Ltd. (Information Technology)		256,752
	571	InterGlobe Aviation Ltd. (Industrials)*(a)		9,302
	18,789	ITC Ltd. (Consumer Staples)		48,780
	5,349	JSW Steel Ltd. (Materials)		19,606
	823	Kansai Nerolac Paints Ltd. (Materials)		5,342
	228	Larsen & Toubro Infotech Ltd. (Information Technology)(a)		7,615
	2,143	Larsen & Toubro Ltd. (Industrials)		27,511
	1,355	Lupin Ltd. (Health Care)		17,075
	3,878	Mahindra & Mahindra Ltd. (Consumer Discretionary)		31,974
	2,878	Marico Ltd. (Consumer Staples)		14,424
	767	Maruti Suzuki India Ltd. (Consumer Discretionary)		71,273
	4,825	Motherson Sumi Systems Ltd. (Consumer Discretionary)		7,191
	6	MRF Ltd. (Consumer Discretionary)		4,727
	611	Muthoot Finance Ltd. (Financials)		9,519
	148	Nestle India Ltd. (Consumer Staples)		32,069
	15,351	NHPC Ltd. (Utilities)		4,515
	3,406	NMDC Ltd. (Materials)		4,495
	15,119	NTPC Ltd. (Utilities)		19,801
	15,866	Oil & Natural Gas Corp. Ltd. (Energy)		17,664
	116	Oracle Financial Services Software Ltd. (Information Technology)		4,779
	32	Page Industries Ltd. (Consumer Discretionary)		8,255
	3,822	Petronet LNG Ltd. (Energy)		12,480
	775	Pidilite Industries Ltd. (Materials)		14,770
	594	Piramal Enterprises Ltd. (Health Care)		11,034
	4,033	Power Finance Corp. Ltd. (Financials)		5,153
	9,994	Power Grid Corp. of India Ltd. (Utilities)		24,297
	5,061	Punjab National Bank (Financials)*		2,410
	519	Rajesh Exports Ltd. (Consumer Discretionary)		3,148
	4,401	REC Ltd. (Financials)		6,347
	19,688	Reliance Industries Ltd. (Energy)		556,530
	1,813	SBI Cards & Payment Services Ltd. (Financials)		19,897
Common Stocks – (continued)
India – (continued)
	1,527	SBI Life Insurance Co. Ltd. (Financials)*(a)		17,172
	56	Shree Cement Ltd. (Materials)		15,431
	460	Siemens Ltd. (Industrials)		7,248
	11,369	State Bank of India (Financials)*		32,744
	5,603	Sun Pharmaceutical Industries Ltd. (Health Care)		39,601
	5,636	Tata Consultancy Services Ltd. (Information Technology)		172,834
	2,043	Tata Consumer Products Ltd. (Consumer Staples)		14,776
	6,884	Tata Motors Ltd. (Consumer Discretionary)*		13,392
	2,426	Tata Motors Ltd., Class A (Consumer Discretionary)*		1,679
	1,723	Tata Steel Ltd. (Materials)		9,667
	2,954	Tech Mahindra Ltd. (Information Technology)		29,738
	803	Titan Co. Ltd. (Consumer Discretionary)		12,006
	260	Torrent Pharmaceuticals Ltd. (Health Care)		9,401
	697	UltraTech Cement Ltd. (Materials)		36,966
	416	United Breweries Ltd. (Consumer Staples)		5,712
	1,903	United Spirits Ltd. (Consumer Staples)*		14,133
	3,060	UPL Ltd. (Materials)		21,033
	9,971	Vedanta Ltd. (Materials)		17,427
	8,692	Wipro Ltd. (Information Technology)		32,037
	16,292	Yes Bank Ltd. (Financials)*		3,176
				3,094,624
Indonesia – 1.4%
	92,149	Adaro Energy Tbk PT (Energy)		6,866
	115,631	Astra International Tbk PT (Consumer Discretionary)		40,495
	67,680	Bank Central Asia Tbk PT (Financials)		145,817
	118,810	Bank Mandiri Persero Tbk PT (Financials)		48,544
	47,452	Bank Negara Indonesia Persero Tbk PT (Financials)		16,618
	339,647	Bank Rakyat Indonesia Persero Tbk PT (Financials)		81,865
	179,120	Barito Pacific Tbk PT (Materials)*		10,332
	9,346	Chandra Asri Petrochemical Tbk PT (Materials)		4,573
	46,436	Charoen Pokphand Indonesia Tbk PT (Consumer Staples)*		20,089
	2,914	Gudang Garam Tbk PT (Consumer Staples)*		9,505
	16,286	Indah Kiat Pulp & Paper Corp. Tbk PT (Materials)*		10,401
	11,489	Indocement Tunggal Prakarsa Tbk PT (Materials)		9,369
	14,455	Indofood CBP Sukses Makmur Tbk PT (Consumer Staples)		10,149
	27,911	Indofood Sukses Makmur Tbk PT (Consumer Staples)		14,614

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

GOLDMAN SACHS MARKETBETA EMERGING MARKETS EQUITY ETF

Schedule of Investments (continued)

August 31, 2020

Shares		Description	Value
Common Stocks – (continued)
Indonesia – (continued)
	127,624	Kalbe Farma Tbk PT (Health Care)	$	13,847
	18,505	Semen Indonesia Persero Tbk PT (Materials)		13,406
	302,217	Telekomunikasi Indonesia Persero Tbk PT (Communication Services)		59,354
	36,458	Unilever Indonesia Tbk PT (Consumer Staples)		20,592
	9,594	United Tractors Tbk PT (Energy)		15,153
	23,010	XL Axiata Tbk PT (Communication Services)		3,855
				555,444
Kuwait – 0.7%
	5,594	Agility Public Warehousing Co. KSC (Industrials)		11,439
	5,856	Boubyan Bank KSCP (Financials)		11,092
	39,744	Kuwait Finance House KSCP (Financials)		81,533
	26,160	Mobile Telecommunications Co. KSC (Communication Services)		50,580
	42,870	National Bank of Kuwait SAKP (Financials)		120,820
				275,464
Luxembourg – 0.0%
	963	Reinet Investments SCA (Financials)		18,367
Mexico – 1.5%
	32,041	Alfa SAB de CV, Class A (Industrials)		20,598
	189,716	America Movil SAB de CV, Series L (Communication Services)		115,203
	2,470	Arca Continental SAB de CV (Consumer Staples)		11,267
	3,490	Becle SAB de CV (Consumer Staples)		6,667
	94,572	Cemex SAB de CV, Series CPO (Materials)		30,334
	3,346	Coca-Cola Femsa SAB de CV (Consumer Staples)		14,035
	1,259	El Puerto de Liverpool SAB de CV (Consumer Discretionary)		3,308
	22,291	Fibra Uno Administracion SA de CV REIT (Real Estate)		17,396
	3,682	GMexico Transportes SAB de CV (Industrials)(a)		4,781
	1,110	Gruma SAB de CV, Class B (Consumer Staples)		13,126
	2,290	Grupo Aeroportuario del Pacifico SAB de CV, Class B (Industrials)		17,806
	835	Grupo Aeroportuario del Sureste SAB de CV, Class B (Industrials)*		9,461
	9,502	Grupo Bimbo SAB de CV, Series A (Consumer Staples)		17,549
	3,118	Grupo Carso SAB de CV, Series A1 (Industrials)		6,156
	404	Grupo Elektra SAB DE CV (Financials)		22,114
	18,365	Grupo Financiero Banorte SAB de CV, Class O (Financials)*		63,496
Common Stocks – (continued)
Mexico – (continued)
	14,031	Grupo Financiero Inbursa SAB de CV, Class O (Financials)*		10,264
	19,453	Grupo Mexico SAB de CV, Series B (Materials)		51,908
	18,337	Grupo Televisa SAB, Series CPO (Communication Services)*		22,639
	787	Industrias Penoles SAB de CV (Materials)		13,127
	3,282	Infraestructura Energetica Nova SAB de CV (Utilities)		9,611
	10,218	Kimberly-Clark de Mexico SAB de CV, Class A (Consumer Staples)		16,415
	6,632	Orbia Advance Corp. SAB de CV (Materials)		10,654
	32,792	Wal-Mart de Mexico SAB de CV (Consumer Staples)		78,706
				586,621
Pakistan – 0.1%
	1,995	Engro Corp. Ltd. (Materials)		3,590
	4,461	Habib Bank Ltd. (Financials)		3,621
	5,748	Hub Power Co. Ltd. (The) (Utilities)*		2,967
	1,291	Lucky Cement Ltd. (Materials)		4,788
	4,101	Oil & Gas Development Co. Ltd. (Energy)		2,841
	4,357	Pakistan Petroleum Ltd. (Energy)		2,670
	3,062	United Bank Ltd. (Financials)		2,308
				22,785
Peru – 0.2%
	386	Credicorp Ltd. (Financials)		50,365
	196	InRetail Peru Corp. (Consumer Staples)(a)		6,115
	212	Intercorp Financial Services, Inc. (Financials)		5,239
				61,719
Philippines – 0.7%
	14,400	Aboitiz Equity Ventures, Inc. (Industrials)		14,256
	8,800	Aboitiz Power Corp. (Utilities)		4,837
	1,600	Ayala Corp. (Industrials)		24,205
	37,600	Ayala Land, Inc. (Real Estate)		22,334
	11,510	Bank of the Philippine Islands (Financials)		15,905
	11,150	BDO Unibank, Inc. (Financials)		19,777
	180	Globe Telecom, Inc. (Communication Services)		7,752
	5,110	International Container Terminal Services, Inc. (Industrials)		11,066
	18,390	JG Summit Holdings, Inc. (Industrials)		24,389
	2,800	Jollibee Foods Corp. (Consumer Discretionary)		7,802
	1,520	Manila Electric Co. (Utilities)		8,433
	11,600	Metropolitan Bank & Trust Co. (Financials)		8,015
	540	PLDT, Inc. (Communication Services)		16,472
	1,520	SM Investments Corp. (Industrials)		26,648
	66,300	SM Prime Holdings, Inc. (Real Estate)		39,929
	5,590	Universal Robina Corp. (Consumer Staples)		15,888
				267,708

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

GOLDMAN SACHS MARKETBETA EMERGING MARKETS EQUITY ETF

Shares		Description	Value
Common Stocks – (continued)
Qatar – 0.8%
	12,628	Commercial Bank PSQC (The) (Financials)	$	14,407
	18,877	Industries Qatar QSC (Industrials)		51,120
	23,406	Masraf Al Rayan QSC (Financials)		26,807
	27,635	Mesaieed Petrochemical Holding Co. (Materials)		16,091
	7,056	Ooredoo QPSC (Communication Services)		12,792
	3,434	Qatar Electricity & Water Co. QSC (Utilities)		16,222
	3,102	Qatar Fuel QSC (Energy)		15,676
	7,371	Qatar Islamic Bank (Financials)		32,391
	28,275	Qatar National Bank QPSC (Financials)		139,783
				325,289
Russia – 2.4%
	19,668	Alrosa PJSC (Materials)		17,432
	2,210	Gazprom Neft PJSC (Energy)		9,487
	2,651	LUKOIL PJSC (Energy)		177,877
	7,030	Mobile TeleSystems PJSC (Communication Services)		32,117
	2,322	Novatek PJSC (Energy)		34,703
	6,108	Novolipetsk Steel PJSC (Materials)		12,721
	152	Polyus PJSC (Materials)		36,921
	7,156	Rosneft Oil Co. PJSC (Energy)		35,925
	68,396	Sberbank of Russia PJSC (Financials)*		207,762
	1,227	Severstal PAO (Materials)		15,392
	226,594	Surgutneftegas PJSC (Energy)		111,736
	8,923	Tatneft PJSC (Energy)		65,594
	27,276,568	VTB Bank PJSC (Financials)*		12,909
	1,922	Yandex NV, Class A (Communication Services)*		134,022
				904,598
Saudi Arabia – 3.0%
	675	Advanced Petrochemical Co. (Materials)		9,917
	7,803	Al Rajhi Bank (Financials)		135,028
	6,240	Alinma Bank (Financials)*		25,789
	2,662	Almarai Co. JSC (Consumer Staples)		38,115
	1,043	Arabian Centres Co. Ltd. (Real Estate)		7,105
	2,258	Bank AlBilad (Financials)		14,462
	3,762	Banque Saudi Fransi (Financials)		32,048
	197	Bupa Arabia for Cooperative Insurance Co. (Financials)*		6,513
	3,370	Dar Al Arkan Real Estate Development Co. (Real Estate)*		7,287
	537	Dr Sulaiman Al Habib Medical Services Group Co. (Health Care)		12,858
	2,402	Etihad Etisalat Co. (Communication Services)*		17,164
	376	Jarir Marketing Co. (Consumer Discretionary)		16,382
Common Stocks – (continued)
Saudi Arabia – (continued)
	8,627	National Commercial Bank (Financials)		85,570
	2,091	National Industrialization Co. (Materials)*		6,590
	761	National Petrochemical Co. (Materials)		5,448
	694	Rabigh Refining & Petrochemical Co. (Energy)*		2,642
	9,362	Riyad Bank (Financials)		47,878
	6,240	Samba Financial Group (Financials)		45,838
	1,275	Saudi Arabian Fertilizer Co. (Materials)		28,183
	2,570	Saudi Arabian Mining Co. (Materials)*		26,999
	21,948	Saudi Arabian Oil Co. (Energy)(a)		208,042
	5,696	Saudi Basic Industries Corp. (Materials)		133,650
	6,184	Saudi British Bank (The) (Financials)		44,272
	4,981	Saudi Electricity Co. (Utilities)		21,143
	1,403	Saudi Industrial Investment Group (Materials)		8,193
	4,681	Saudi Kayan Petrochemical Co. (Materials)*		11,333
	3,822	Saudi Telecom Co. (Communication Services)		97,831
	1,667	Savola Group (The) (Consumer Staples)		21,602
	1,479	Yanbu National Petrochemical Co. (Materials)		21,098
				1,138,980
Singapore – 0.0%
	1,323	BOC Aviation Ltd. (Industrials)(a)		9,841
South Africa – 3.0%
	3,274	Absa Group Ltd. (Financials)		14,929
	319	Anglo American Platinum Ltd. (Materials)(b)		23,804
	2,103	Aspen Pharmacare Holdings Ltd. (Health Care)*		16,866
	1,879	Bid Corp. Ltd. (Consumer Staples)		31,046
	2,015	Bidvest Group Ltd. (The) (Industrials)		16,189
	463	Capitec Bank Holdings Ltd. (Financials)		22,820
	1,487	Clicks Group Ltd. (Consumer Staples)		20,188
	2,432	Discovery Ltd. (Financials)		17,375
	2,155	Exxaro Resources Ltd. (Energy)		17,450
	19,640	FirstRand Ltd. (Financials)		43,880
	4,901	Gold Fields Ltd. (Materials)		63,376
	14,960	Growthpoint Properties Ltd. REIT (Real Estate)		10,782
	4,745	Impala Platinum Holdings Ltd. (Materials)		43,797
	1,547	Investec Ltd. (Financials)		2,871
	308	Kumba Iron Ore Ltd. (Materials)		9,654
	1,407	Mr Price Group Ltd. (Consumer Discretionary)		9,624
	10,730	MTN Group Ltd. (Communication Services)		38,680
	2,462	MultiChoice Group (Communication Services)*		14,081
	2,552	Naspers Ltd., Class N (Consumer Discretionary)		465,886
	2,910	Nedbank Group Ltd. (Financials)		16,488
	29,986	Old Mutual Ltd. (Financials)		19,806

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

GOLDMAN SACHS MARKETBETA EMERGING MARKETS EQUITY ETF

Schedule of Investments (continued)

August 31, 2020

Shares		Description	Value
Common Stocks – (continued)
South Africa – (continued)
	3,989	Pepkor Holdings Ltd. (Consumer Discretionary)(a)	$	2,284
	875	PSG Group Ltd. (Financials)		2,324
	4,125	Rand Merchant Investment Holdings Ltd. (Financials)		7,322
	2,826	Remgro Ltd. (Financials)		14,666
	5,810	RMB Holdings Ltd. (Financials)		422
	12,445	Sanlam Ltd. (Financials)		40,388
	2,398	Sasol Ltd. (Materials)*		19,614
	2,434	Shoprite Holdings Ltd. (Consumer Staples)		15,876
	14,113	Sibanye Stillwater Ltd. (Materials)*		42,727
	7,627	Standard Bank Group Ltd. (Financials)		47,537
	1,063	Tiger Brands Ltd. (Consumer Staples)		10,819
	3,720	Vodacom Group Ltd. (Communication Services)		28,078
	5,389	Woolworths Holdings Ltd. (Consumer Discretionary)		10,112
				1,161,761
South Korea – 10.3%
	168	Amorepacific Corp. (Consumer Staples)		23,760
	172	AMOREPACIFIC Group (Consumer Staples)		7,384
	48	BGF retail Co. Ltd. (Consumer Staples)		5,152
	1,343	BNK Financial Group, Inc. (Financials)		5,743
	457	Celltrion Healthcare Co. Ltd. (Health Care)*		38,510
	100	Celltrion Pharm, Inc. (Health Care)*		9,353
	505	Celltrion, Inc. (Health Care)*		126,261
	344	Cheil Worldwide, Inc. (Communication Services)		5,285
	36	CJ CheilJedang Corp. (Consumer Staples)		12,334
	72	CJ Corp. (Industrials)		4,909
	60	CJ ENM Co. Ltd. (Consumer Discretionary)		5,995
	48	CJ Logistics Corp. (Industrials)*		6,122
	304	Coway Co. Ltd. (Consumer Discretionary)		20,422
	144	Daelim Industrial Co. Ltd. (Industrials)		10,534
	1,067	Daewoo Engineering & Construction Co. Ltd. (Industrials)*		2,645
	300	Daewoo Shipbuilding & Marine Engineering Co. Ltd. (Industrials)*		5,594
	252	DB Insurance Co. Ltd. (Financials)		9,260
	304	Dongsuh Cos., Inc. (Consumer Staples)		6,539
	264	Doosan Bobcat, Inc. (Industrials)		5,845
	40	Doosan Co. Ltd. (Industrials)		1,564
	751	Doosan Heavy Industries & Construction Co. Ltd. (Industrials)*		10,179
	787	Doosan Infracore Co. Ltd. (Industrials)*		5,327
	104	Doosan Solus Co. Ltd. (Information Technology)*		3,502
	108	Douzone Bizon Co. Ltd. (Information Technology)		9,183
	96	E-MART, Inc. (Consumer Staples)		9,698
	260	Fila Holdings Corp. (Consumer Discretionary)		7,595
Common Stocks – (continued)
South Korea – (continued)
	324	GS Engineering & Construction Corp. (Industrials)		6,737
	428	GS Holdings Corp. (Energy)		11,710
	144	GS Retail Co. Ltd. (Consumer Staples)		3,994
	1,641	Hana Financial Group, Inc. (Financials)		38,956
	80	Hanjin Kal Corp. (Industrials)		5,112
	416	Hankook Tire & Technology Co. Ltd. (Consumer Discretionary)		10,331
	31	Hanmi Pharm Co. Ltd. (Health Care)		7,999
	136	Hanmi Science Co. Ltd. (Health Care)		6,709
	815	Hanon Systems (Consumer Discretionary)		8,850
	64	Hanssem Co. Ltd. (Consumer Discretionary)		5,242
	156	Hanwha Aerospace Co. Ltd. (Industrials)*		3,388
	224	Hanwha Corp. (Industrials)		5,186
	2,234	Hanwha Life Insurance Co. Ltd. (Financials)		2,877
	531	Hanwha Solutions Corp. (Materials)		17,858
	204	HDC Hyundai Development Co.-Engineering & Construction, Class E (Industrials)		3,950
	152	Helixmith Co. Ltd. (Health Care)*		6,302
	164	Hite Jinro Co. Ltd. (Consumer Staples)		5,094
	290	HLB, Inc. (Consumer Discretionary)*		21,190
	188	Hotel Shilla Co. Ltd. (Consumer Discretionary)		11,126
	48	Hugel, Inc. (Health Care)*		6,619
	80	Hyundai Department Store Co. Ltd. (Consumer Discretionary)		3,616
	126	Hyundai Elevator Co. Ltd. (Industrials)		4,354
	380	Hyundai Engineering & Construction Co. Ltd. (Industrials)		10,316
	92	Hyundai Glovis Co. Ltd. (Industrials)		11,269
	48	Hyundai Heavy Industries Holdings Co. Ltd. (Industrials)		9,132
	328	Hyundai Marine & Fire Insurance Co. Ltd. (Financials)		6,102
	116	Hyundai Mipo Dockyard Co. Ltd. (Industrials)		3,003
	332	Hyundai Mobis Co. Ltd. (Consumer Discretionary)		62,605
	730	Hyundai Motor Co. (Consumer Discretionary)		108,465
	452	Hyundai Steel Co. (Materials)		9,551
	1,375	Industrial Bank of Korea (Financials)		9,364
	276	Kakao Corp. (Communication Services)		94,563
	587	Kangwon Land, Inc. (Consumer Discretionary)		10,204
	2,067	KB Financial Group, Inc. (Financials)		64,121
	24	KCC Corp. (Materials)		2,818
	112	KEPCO Plant Service & Engineering Co. Ltd. (Industrials)		2,621
	1,407	Kia Motors Corp. (Consumer Discretionary)		50,280
	148	KMW Co. Ltd. (Information Technology)*		9,519
	256	Komipharm International Co. Ltd. (Health Care)*		3,330

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

GOLDMAN SACHS MARKETBETA EMERGING MARKETS EQUITY ETF

Shares		Description	Value
Common Stocks – (continued)
South Korea – (continued)
	420	Korea Aerospace Industries Ltd. (Industrials)	$	7,938
	1,635	Korea Electric Power Corp. (Utilities)*		28,216
	176	Korea Gas Corp. (Utilities)		3,497
	224	Korea Investment Holdings Co. Ltd. (Financials)		11,484
	216	Korea Shipbuilding & Offshore Engineering Co. Ltd. (Industrials)*		15,674
	56	Korea Zinc Co. Ltd. (Materials)		18,786
	304	Korean Air Lines Co. Ltd. (Industrials)*		4,517
	408	KT Corp. (Communication Services)		8,209
	607	KT&G Corp. (Consumer Staples)		42,463
	92	Kumho Petrochemical Co. Ltd. (Materials)		7,783
	238	LG Chem Ltd. (Materials)		148,262
	551	LG Corp. (Industrials)		38,360
	1,259	LG Display Co. Ltd. (Information Technology)*		15,474
	575	LG Electronics, Inc. (Consumer Discretionary)		40,757
	51	LG Household & Health Care Ltd. (Consumer Staples)		63,240
	76	LG Innotek Co. Ltd. (Information Technology)		9,277
	1,359	LG Uplus Corp. (Communication Services)		13,671
	80	Lotte Chemical Corp. (Materials)		12,762
	160	Lotte Corp. (Industrials)		4,041
	60	Lotte Shopping Co. Ltd. (Consumer Discretionary)		3,839
	104	LS Corp. (Industrials)		3,962
	164	Mando Corp. (Consumer Discretionary)		4,335
	28	Medytox, Inc. (Health Care)		5,886
	252	Meritz Fire & Marine Insurance Co. Ltd. (Financials)		2,705
	1,575	Meritz Securities Co. Ltd. (Financials)		4,249
	1,693	Mirae Asset Daewoo Co. Ltd. (Financials)		13,254
	749	NAVER Corp. (Communication Services)		203,344
	86	NCSoft Corp. (Communication Services)		59,727
	132	Netmarble Corp. (Communication Services)*(a)		18,502
	703	NH Investment & Securities Co. Ltd. (Financials)		5,303
	16	NongShim Co. Ltd. (Consumer Staples)		4,842
	108	OCI Co. Ltd. (Materials)*		5,882
	120	Orion Corp. (Consumer Staples)		14,193
	12	Ottogi Corp. (Consumer Staples)		6,081
	1,203	Pan Ocean Co. Ltd. (Industrials)*		3,438
	32	Pearl Abyss Corp. (Communication Services)*		4,903
	432	POSCO (Materials)		67,097
	136	POSCO Chemical Co. Ltd. (Materials)		10,189
	248	Posco International Corp. (Industrials)		2,839
	108	S-1 Corp. (Industrials)		7,928
	104	Samsung Biologics Co. Ltd. (Health Care)*(a)		68,113
	472	Samsung C&T Corp. (Industrials)		42,913
	148	Samsung Card Co. Ltd. (Financials)		3,582
Common Stocks – (continued)
South Korea – (continued)
	288	Samsung Electro-Mechanics Co. Ltd. (Information Technology)		30,184
	29,886	Samsung Electronics Co. Ltd. (Information Technology)		1,358,569
	839	Samsung Engineering Co. Ltd. (Industrials)*		7,981
	222	Samsung Fire & Marine Insurance Co. Ltd. (Financials)		34,947
	2,630	Samsung Heavy Industries Co. Ltd. (Industrials)*		11,424
	539	Samsung Life Insurance Co. Ltd. (Financials)		27,769
	284	Samsung SDI Co. Ltd. (Information Technology)		108,182
	180	Samsung SDS Co. Ltd. (Information Technology)		23,866
	320	Samsung Securities Co. Ltd. (Financials)		8,122
	124	Seegene, Inc. (Health Care)		27,453
	2,536	Shinhan Financial Group Co. Ltd. (Financials)		63,299
	36	Shinsegae, Inc. (Consumer Discretionary)		6,152
	176	SK Holdings Co. Ltd. (Industrials)		31,706
	283	SK Innovation Co. Ltd. (Energy)		34,544
	767	SK Networks Co. Ltd. (Industrials)		3,351
	252	SK Telecom Co. Ltd. (Communication Services)		52,610
	212	S-Oil Corp. (Energy)		10,083
	583	Ssangyong Cement Industrial Co. Ltd. (Materials)		2,768
	68	Studio Dragon Corp. (Communication Services)*		4,579
	2,652	Woori Financial Group, Inc. (Financials)		18,887
	240	Yuhan Corp. (Health Care)		13,536
				3,964,687
Taiwan – 12.8%
	2,674	Accton Technology Corp. (Information Technology)		21,325
	18,345	Acer, Inc. (Information Technology)		14,599
	2,593	Advantech Co. Ltd. (Information Technology)		26,821
	18,297	ASE Technology Holding Co. Ltd. (Information Technology)		38,164
	13,168	Asia Cement Corp. (Materials)		19,073
	4,053	Asustek Computer, Inc. (Information Technology)		33,566
	48,383	AU Optronics Corp. (Information Technology)*		17,232
	3,993	Catcher Technology Co. Ltd. (Information Technology)		27,285
	48,915	Cathay Financial Holding Co. Ltd. (Financials)		66,434
	8,031	Chailease Holding Co. Ltd. (Financials)		35,445
	30,598	Chang Hwa Commercial Bank Ltd. (Financials)		19,031

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

GOLDMAN SACHS MARKETBETA EMERGING MARKETS EQUITY ETF

Schedule of Investments (continued)

August 31, 2020

Shares		Description	Value
Common Stocks – (continued)
Taiwan – (continued)
	11,177	Cheng Shin Rubber Industry Co. Ltd. (Consumer Discretionary)	$	13,713
	3,602	Chicony Electronics Co. Ltd. (Information Technology)		10,864
	16,398	China Airlines Ltd. (Industrials)*		4,773
	87,320	China Development Financial Holding Corp. (Financials)		25,415
	18,813	China Life Insurance Co. Ltd. (Financials)		13,176
	72,003	China Steel Corp. (Materials)		48,834
	2,266	Chroma ATE, Inc. (Information Technology)		12,434
	24,205	Chunghwa Telecom Co. Ltd. (Communication Services)		89,506
	26,276	Compal Electronics, Inc. (Information Technology)		16,567
	113,341	CTBC Financial Holding Co. Ltd. (Financials)		73,200
	11,033	Delta Electronics, Inc. (Information Technology)		71,068
	1,155	Eclat Textile Co. Ltd. (Consumer Discretionary)		15,254
	72,995	E.Sun Financial Holding Co. Ltd. (Financials)		67,667
	14,683	Eva Airways Corp. (Industrials)		5,755
	15,323	Evergreen Marine Corp. Taiwan Ltd. (Industrials)*		9,087
	19,244	Far Eastern New Century Corp. (Industrials)		17,348
	10,166	Far EasTone Telecommunications Co. Ltd. (Communication Services)		21,239
	2,542	Feng TAY Enterprise Co. Ltd. (Consumer Discretionary)		14,771
	60,511	First Financial Holding Co. Ltd. (Financials)		43,824
	9,146	FIT Hon Teng Ltd. (Information Technology)*(a)		3,611
	21,291	Formosa Chemicals & Fibre Corp. (Materials)		49,197
	7,543	Formosa Petrochemical Corp. (Energy)		21,080
	27,256	Formosa Plastics Corp. (Materials)		72,642
	400	Formosa Sumco Technology Corp. (Information Technology)		1,404
	4,609	Formosa Taffeta Co. Ltd. (Consumer Discretionary)		4,972
	5,644	Foxconn Technology Co. Ltd. (Information Technology)		10,041
	36,906	Fubon Financial Holding Co. Ltd. (Financials)		53,834
	1,439	General Interface Solution Holding Ltd. (Information Technology)		6,376
	1,867	Giant Manufacturing Co. Ltd. (Consumer Discretionary)		19,407
	1,347	Globalwafers Co. Ltd. (Information Technology)		18,088
Common Stocks – (continued)
Taiwan – (continued)
	5,065	Highwealth Construction Corp. (Real Estate)		8,010
	1,506	Hiwin Technologies Corp. (Industrials)		16,527
	76,064	Hon Hai Precision Industry Co. Ltd. (Information Technology)		199,353
	1,755	Hotai Motor Co. Ltd. (Consumer Discretionary)		35,708
	57,784	Hua Nan Financial Holdings Co. Ltd. (Financials)		35,547
	52,277	Innolux Corp. (Information Technology)*		16,249
	15,583	Inventec Corp. (Information Technology)		12,082
	356	King Slide Works Co. Ltd. (Information Technology)		3,694
	11,785	Lite-On Technology Corp. (Information Technology)		18,636
	11,257	Macronix International (Information Technology)		11,586
	8,631	MediaTek, Inc. (Information Technology)		163,551
	64,214	Mega Financial Holding Co. Ltd. (Financials)		64,014
	1,299	Merida Industry Co. Ltd. (Consumer Discretionary)		10,847
	4,409	Micro-Star International Co. Ltd. (Information Technology)		20,361
	30,094	Nan Ya Plastics Corp. (Materials)		63,077
	7,164	Nanya Technology Corp. (Information Technology)		12,672
	911	Nien Made Enterprise Co. Ltd. (Consumer Discretionary)		10,494
	3,406	Novatek Microelectronics Corp. (Information Technology)		27,859
	12,005	Pegatron Corp. (Information Technology)		25,572
	939	Phison Electronics Corp. (Information Technology)		8,865
	14,067	Pou Chen Corp. (Consumer Discretionary)		13,280
	3,901	Powertech Technology, Inc. (Information Technology)		11,487
	3,366	President Chain Store Corp. (Consumer Staples)		30,974
	16,666	Quanta Computer, Inc. (Information Technology)		43,736
	2,698	Realtek Semiconductor Corp. (Information Technology)		34,942
	5,193	Ruentex Development Co. Ltd. (Real Estate)		7,646
	2,039	Ruentex Industries Ltd. (Consumer Discretionary)		4,837
	25,265	Shanghai Commercial & Savings Bank Ltd. (The) (Financials)		35,993
	67,116	Shin Kong Financial Holding Co. Ltd. (Financials)		18,985
	232	Silicon Motion Technology Corp. ADR (Information Technology)		8,795
	3,198	Sino-American Silicon Products, Inc. (Information Technology)		10,507

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

GOLDMAN SACHS MARKETBETA EMERGING MARKETS EQUITY ETF

Shares		Description	Value
Common Stocks – (continued)
Taiwan – (continued)
	59,824	SinoPac Financial Holdings Co. Ltd. (Financials)	$	22,020
	3,370	Standard Foods Corp. (Consumer Staples)		7,316
	8,167	Synnex Technology International Corp. (Information Technology)		12,164
	62,374	Taishin Financial Holding Co. Ltd. (Financials)		28,167
	33,852	Taiwan Business Bank (Financials)		11,537
	31,519	Taiwan Cement Corp. (Materials)		46,084
	56,238	Taiwan Cooperative Financial Holding Co. Ltd. (Financials)		38,429
	4,613	Taiwan Fertilizer Co. Ltd. (Materials)		8,537
	12,572	Taiwan High Speed Rail Corp. (Industrials)		13,925
	10,402	Taiwan Mobile Co. Ltd. (Communication Services)		35,983
	153,319	Taiwan Semiconductor Manufacturing Co. Ltd. (Information Technology)		2,228,603
	12,788	Tatung Co. Ltd. (Consumer Discretionary)*		7,496
	9,982	Teco Electric and Machinery Co. Ltd. (Industrials)		9,968
	3,006	Tripod Technology Corp. (Information Technology)		11,884
	28,999	Uni-President Enterprises Corp. (Consumer Staples)		65,823
	68,036	United Microelectronics Corp. (Information Technology)		49,158
	5,572	Vanguard International Semiconductor Corp. (Information Technology)		17,756
	15,990	Walsin Lihwa Corp. (Industrials)		9,183
	1,827	Walsin Technology Corp. (Information Technology)		9,963
	1,935	Win Semiconductors Corp. (Information Technology)		18,861
	17,134	Winbond Electronics Corp. (Information Technology)		7,095
	16,746	Wistron Corp. (Information Technology)		18,206
	983	Wiwynn Corp. (Information Technology)		26,199
	9,642	WPG Holdings Ltd. (Information Technology)		13,506
	2,042	Yageo Corp. (Information Technology)		23,175
	69,875	Yuanta Financial Holding Co. Ltd. (Financials)		43,818
	5,165	Yulon Motor Co. Ltd. (Consumer Discretionary)*		4,454
	3,510	Zhen Ding Technology Holding Ltd. (Information Technology)		14,714
				4,944,032
Tanzania – 0.2%
	2,543	AngloGold Ashanti Ltd. (Materials)		74,252
Thailand – 1.9%
	6,400	Advanced Info Service PCL NVDR (Communication Services)		37,632
Common Stocks – (continued)
Thailand – (continued)
	26,400	Airports of Thailand PCL NVDR (Industrials)		47,503
	5,200	B Grimm Power PCL NVDR (Utilities)		7,727
	6,400	Bangkok Bank PCL NVDR (Financials)		21,900
	34,000	Bangkok Dusit Medical Services PCL NVDR (Health Care)		22,723
	56,700	Bangkok Expressway & Metro PCL NVDR (Industrials)		16,487
	4,000	Banpu Power PCL NVDR (Utilities)		1,838
	8,000	Berli Jucker PCL NVDR (Consumer Staples)		9,511
	49,600	BTS Group Holdings PCL NVDR (Industrials)		16,574
	2,800	Bumrungrad Hospital PCL NVDR (Health Care)		9,941
	2,400	Carabao Group PCL NVDR (Consumer Staples)		9,331
	10,400	Central Pattana PCL NVDR (Real Estate)		15,706
	19,600	Central Retail Corp. PCL NVDR (Consumer Discretionary)*		18,736
	25,973	Charoen Pokphand Foods PCL NVDR (Consumer Staples)		26,914
	1,600	Electricity Generating PCL NVDR (Utilities)		11,413
	10,000	Energy Absolute PCL NVDR (Utilities)		13,495
	232	Fabrinet (Information Technology)*		16,189
	4,125	Global Power Synergy PCL NVDR (Utilities)		8,483
	30,800	Home Product Center PCL NVDR (Consumer Discretionary)		14,746
	12,400	Indorama Ventures PCL NVDR (Materials)		9,443
	13,200	Intouch Holdings PCL NVDR (Communication Services)		23,115
	65,233	IRPC PCL NVDR (Energy)		4,905
	9,800	Kasikornbank PCL NVDR (Financials)		26,529
	2,800	Kiatnakin Phatra Bank PCL NVDR (Financials)		3,576
	28,000	Krung Thai Bank PCL NVDR (Financials)		8,592
	3,819	Krungthai Card PCL NVDR (Financials)		3,773
	35,600	Land & Houses PCL NVDR (Real Estate)		8,465
	17,600	Minor International PCL NVDR (Consumer Discretionary)*		12,667
	4,400	Muangthai Capital PCL NVDR (Financials)		7,033
	9,200	Osotspa PCL NVDR (Consumer Staples)		11,455
	8,400	PTT Exploration & Production PCL NVDR (Energy)		24,021
	12,400	PTT Global Chemical PCL NVDR (Materials)		18,427
	63,578	PTT PCL NVDR (Energy)		73,542
	3,200	Ratch Group PCL NVDR (Utilities)		5,758
	2,636	Siam Cement PCL (The) NVDR (Materials)		29,983
	12,000	Siam Commercial Bank PCL (The) NVDR (Financials)		27,954

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

GOLDMAN SACHS MARKETBETA EMERGING MARKETS EQUITY ETF

Schedule of Investments (continued)

August 31, 2020

Shares		Description	Value
Common Stocks – (continued)
Thailand – (continued)
	12,400	Siam Global House PCL NVDR (Consumer Discretionary)	$	8,168
	4,650	Srisawad Corp. PCL NVDR (Financials)		6,835
	51,600	Thai Beverage PCL (Consumer Staples)		23,341
	6,400	Thai Oil PCL NVDR (Energy)		8,534
	16,800	Thai Union Group PCL NVDR (Consumer Staples)		7,611
	4,000	Thanachart Capital PCL NVDR (Financials)		4,145
	3,200	Tisco Financial Group PCL NVDR (Financials)		6,915
	327,800	TMB Bank PCL NVDR (Financials)		9,901
	4,400	TOA Paint Thailand PCL NVDR (Materials)		5,584
	4,000	Total Access Communication PCL NVDR (Communication Services)		4,595
	117,100	True Corp. PCL NVDR (Communication Services)		12,492
	18,400	VGI PCL NVDR (Communication Services)		4,138
				728,346
Turkey – 0.5%
	19,620	Akbank T.A.S. (Financials)*		13,037
	1,243	Anadolu Efes Biracilik Ve Malt Sanayii AS (Consumer Staples)		3,282
	1,579	Arcelik AS (Consumer Discretionary)*		4,519
	3,750	Aselsan Elektronik Sanayi Ve Ticaret AS (Industrials)		8,276
	2,882	BIM Birlesik Magazalar AS (Consumer Staples)		26,572
	436	Coca-Cola Icecek AS (Consumer Staples)		2,561
	12,261	Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT (Real Estate)		2,932
	1,503	Enerjisa Enerji AS (Utilities)(a)		1,667
	10,701	Enka Insaat ve Sanayi AS (Industrials)		9,292
	7,927	Eregli Demir ve Celik Fabrikalari TAS (Materials)		9,393
	456	Ford Otomotiv Sanayi AS (Consumer Discretionary)		5,236
	320	Gubre Fabrikalari TAS (Materials)*		1,291
	10,254	Haci Omer Sabanci Holding AS (Financials)		10,771
	6,932	KOC Holding AS (Industrials)		14,035
	292	Koza Altin Isletmeleri AS (Materials)*		3,083
	228	Pegasus Hava Tasimaciligi AS (Industrials)*		1,419
	6,588	Petkim Petrokimya Holding AS (Materials)*		3,500
	803	Sasa Polyester Sanayi AS (Materials)*		1,645
	695	Selcuk Ecza Deposu Ticaret ve Sanayi A.S. (Health Care)		755
	2,406	Soda Sanayii AS (Materials)		2,226
	1,671	Sok Marketler Ticaret AS (Consumer Staples)*		2,918
	1,099	TAV Havalimanlari Holding AS (Industrials)		2,240
Common Stocks – (continued)
Turkey – (continued)
	1,267	Tekfen Holding AS (Industrials)		2,553
	779	Tofas Turk Otomobil Fabrikasi AS (Consumer Discretionary)		2,378
	779	Tupras Turkiye Petrol Rafinerileri AS (Energy)*		8,469
	4,473	Turk Hava Yollari AO (Industrials)*		6,419
	2,970	Turk Telekomunikasyon AS (Communication Services)		2,756
	6,860	Turkcell Iletisim Hizmetleri AS (Communication Services)		13,349
	13,412	Turkiye Garanti Bankasi AS (Financials)*		12,320
	3,889	Turkiye Halk Bankasi AS (Financials)*		2,595
	9,666	Turkiye Is Bankasi AS, Class C (Financials)*		6,449
	3,466	Turkiye Sise ve Cam Fabrikalari AS (Industrials)		2,845
	10,271	Turkiye Vakiflar Bankasi TAO, Class D (Financials)*		5,681
	1,067	Ulker Biskuvi Sanayi AS (Consumer Staples)*		3,320
	16,150	Yapi ve Kredi Bankasi AS (Financials)*		4,455
				204,239
United Arab Emirates – 0.7%
	17,629	Abu Dhabi Commercial Bank PJSC (Financials)		26,589
	9,208	Abu Dhabi Islamic Bank PJSC (Financials)		10,027
	7,963	Abu Dhabi National Oil Co. for Distribution PJSC (Consumer Discretionary)		6,937
	11,529	Dubai Islamic Bank PJSC (Financials)		12,869
	12,736	Emaar Malls PJSC (Real Estate)*		4,820
	22,343	Emaar Properties PJSC (Real Estate)*		17,518
	8,047	Emirates NBD Bank PJSC (Financials)		23,660
	11,077	Emirates Telecommunications Group Co. PJSC (Communication Services)		49,940
	27,815	First Abu Dhabi Bank PJSC (Financials)		86,781
	2,123	International Holdings Co. PJSC (Consumer Staples)*		21,905
				261,046
United States – 0.1%
	7,229	JBS SA (Consumer Staples)	$	29,570
	TOTAL COMMON STOCKS
	(Cost $28,807,378)		$	35,293,638

Shares	Description	Rate			Value
Preferred Stocks – 1.7%
Brazil – 1.3%
27,432	Banco Bradesco SA (Financials)		8.24	%	$	103,709
1,187	Braskem SA, Class A (Materials)		3.90			4,607

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

GOLDMAN SACHS MARKETBETA EMERGING MARKETS EQUITY ETF

Shares	Description		Rate				Value
Preferred Stocks – (continued)
Brazil – (continued)
1,547	Centrais Eletricas Brasileiras SA, Class B (Utilities)			4.85	%		$	10,121
6,259	Cia Energetica de Minas Gerais (Utilities)			4.64				12,014
6,716	Gerdau SA (Materials)			0.70				23,370
30,858	Itau Unibanco Holding SA (Financials)			5.25				132,468
28,371	Itausa SA (Financials)			3.12				48,768
4,817	Lojas Americanas SA (Consumer Discretionary)			0.55				28,335
29,083	Petroleo Brasileiro SA (Energy)			2.73				116,048
2,642	Telefonica Brasil SA (Communication Services)			6.10				23,040
								502,480
Chile – 0.1%
2,143	Embotelladora Andina SA, Class B (Consumer Staples)			6.52				4,576
635	Sociedad Quimica y Minera de Chile SA, Class B (Materials)			2.79				19,898
								24,474
Colombia – 0.1%
555	Banco Davivienda SA (Financials)			3.04				4,289
1,439	Bancolombia SA (Financials)			5.71				10,253
22,642	Grupo Aval Acciones y Valores SA (Financials)			6.32				5,646
								20,188
Russia – 0.1%
6,368	Sberbank of Russia PJSC (Financials)*			0.00				18,526
49,047	Surgutneftegas PJSC (Energy)			2.61				24,570
939	Tatneft PJSC (Energy)			9.57				6,788
								49,884
South Korea – 0.1%
68	Amorepacific Corp. (Consumer Staples)			1.66				3,418
48	Doosan Solus Co. Ltd. (Information Technology)*			0.00				640
12	Doosan Solus Co. Ltd. (Information Technology)*			0.00				326
4	Hanjin Kal Corp. (Industrials)			0.55				169
228	Hyundai Motor Co. (Consumer Discretionary)			3.51				16,967
144	Hyundai Motor Co. (Consumer Discretionary)			3.55				10,546
4	Korean Air Lines Co. Ltd. (Industrials)*			0.00				75
48	LG Chem Ltd. (Materials)			0.55				15,153
Preferred Stocks – (continued)
South Korea – (continued)
20		Samsung Electro-Mechanics Co. Ltd. (Information Technology)				1.93				982
16		Samsung Fire & Marine Insurance Co. Ltd. (Financials)				6.28				1,765
8		Samsung SDI Co. Ltd. (Information Technology)				0.40				1,751
4		SK Holdings Co. Ltd. (Industrials)				2.40				712
										52,504
TOTAL PREFERRED STOCKS
(Cost $519,264)									$	649,530
Units	Description				Expiration Month				Value
Right – 0.0%
Thailand – 0.0%
2,642		Gulf Energy Development PCL (Utilities)*
(Cost $0)						09/20			$	0
Warrant – 0.0%
Thailand – 0.0%
186		Srisawad Corp. PCL (Financials)*
(Cost $0)						06/26			$	0

Shares		Description	Value
Exchange-Traded Fund – 1.2%
United States – 1.2%
	17,685	iShares MSCI Malaysia ETF
	(Cost $417,196)		$	469,183
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $29,743,838)		$	36,412,351
Shares		Dividend Rate	Value
Securities Lending Reinvestment Vehicle – 0.6%(c)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	212,078	0.027%	$	212,078
	(Cost $212,078)
	TOTAL INVESTMENTS – 95.1%
	(Cost $29,955,916)		$	36,624,429
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 4.9%			1,892,832
	NET ASSETS – 100.0%		$	38,517,261

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

GOLDMAN SACHS MARKETBETA EMERGING MARKETS EQUITY ETF

Schedule of Investments (continued)

August 31, 2020

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.
(a)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(b)	All or a portion of security is on loan.
(c)	Represents an affiliated issuer.

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

FUTURES CONTRACTS — At August 31, 2020, the Fund had the following futures contracts:

Description	Number of Contracts	Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
MSCI Emerging Markets Index Futures	36	09/18/20	$	2,002,864	$	(22,144	)

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

GOLDMAN SACHS MARKETBETA INTERNATIONAL EQUITY ETF

Schedule of Investments

August 31, 2020

Shares		Description	Value
Common Stocks – 99.1%
Australia – 7.9%
	3,871	Afterpay Ltd. (Information Technology)*	$	261,774
	12,373	AGL Energy Ltd. (Utilities)		135,427
	50,892	Alumina Ltd. (Materials)		59,090
	67,395	AMP Ltd. (Financials)*		76,258
	4,920	Ampol Ltd. (Energy)		94,676
	23,474	APA Group (Utilities)		181,067
	12,736	Aristocrat Leisure Ltd. (Consumer Discretionary)		267,214
	3,825	ASX Ltd. (Financials)		247,065
	37,157	Aurizon Holdings Ltd. (Industrials)		119,536
	36,804	AusNet Services (Utilities)		49,674
	53,066	Australia & New Zealand Banking Group Ltd. (Financials)		717,398
	58,665	BHP Group Ltd. (Materials)		1,644,751
	40,997	BHP Group PLC (Materials)		940,206
	10,009	BlueScope Steel Ltd. (Materials)		93,933
	24,414	Boral Ltd. (Materials)		72,402
	30,114	Brambles Ltd. (Industrials)		246,983
	12,085	Challenger Ltd. (Financials)		36,465
	1,440	CIMIC Group Ltd. (Industrials)		22,545
	9,949	Coca-Cola Amatil Ltd. (Consumer Staples)		66,956
	1,307	Cochlear Ltd. (Health Care)		185,731
	25,258	Coles Group Ltd. (Consumer Staples)		331,188
	34,937	Commonwealth Bank of Australia (Financials)		1,764,195
	9,289	Computershare Ltd. (Information Technology)		91,298
	8,514	Crown Resorts Ltd. (Consumer Discretionary)		56,732
	9,031	CSL Ltd. (Health Care)		1,910,225
	21,663	Dexus REIT (Real Estate)		141,464
	31,678	Evolution Mining Ltd. (Materials)		130,022
	33,792	Fortescue Metals Group Ltd. (Materials)		435,341
	241,481	Glencore PLC (Materials)*		547,011
	36,077	Goodman Group REIT (Real Estate)		488,524
	38,777	GPT Group (The) REIT (Real Estate)		109,835
	46,021	Insurance Australia Group Ltd. (Financials)		162,346
	13,703	Lendlease Corp. Ltd. (Real Estate)		117,758
	7,128	Macquarie Group Ltd. (Financials)		673,172
	2,523	Magellan Financial Group Ltd. (Financials)		110,554
	54,746	Medibank Pvt Ltd. (Financials)		110,531
	78,264	Mirvac Group REIT (Real Estate)		122,127
	65,645	National Australia Bank Ltd. (Financials)		870,461
	16,268	Newcrest Mining Ltd. (Materials)		384,511
	14,523	Northern Star Resources Ltd. (Materials)		146,608
	37,359	Oil Search Ltd. (Energy)		90,346
	8,095	Orica Ltd. (Materials)		104,048
	34,937	Origin Energy Ltd. (Energy)		144,691
	36,969	Qantas Airways Ltd. (Industrials)		107,721
	27,627	QBE Insurance Group Ltd. (Financials)		216,779
Common Stocks – (continued)
Australia – (continued)
	3,696	Ramsay Health Care Ltd. (Health Care)		177,833
	1,140	REA Group Ltd. (Communication Services)		96,255
	7,347	Rio Tinto Ltd. (Materials)		532,480
	21,239	Rio Tinto PLC (Materials)		1,318,099
	41,521	Santos Ltd. (Energy)		174,108
	101,847	Scentre Group REIT (Real Estate)		170,225
	9,349	Sonic Healthcare Ltd. (Health Care)		221,595
	91,878	South32 Ltd. (Materials)		142,692
	47,352	Stockland REIT (Real Estate)		138,676
	25,489	Suncorp Group Ltd. (Financials)		175,309
	45,001	Sydney Airport (Industrials)		190,364
	30,809	Tabcorp Holdings Ltd. (Consumer Discretionary)		82,481
	235,966	Telstra Corp. Ltd. (Communication Services)		504,330
	54,532	Transurban Group (Industrials)		542,830
	14,343	Treasury Wine Estates Ltd. (Consumer Staples)		98,118
	9,264	Tuas Ltd. (Communication Services)*		3,426
	73,060	Vicinity Centres REIT (Real Estate)		78,075
	22,489	Wesfarmers Ltd. (Consumer Discretionary)		790,340
	72,070	Westpac Banking Corp. (Financials)		934,871
	2,769	WiseTech Global Ltd. (Information Technology)(a)		57,707
	18,963	Woodside Petroleum Ltd. (Energy)		274,592
	25,138	Woolworths Group Ltd. (Consumer Staples)		741,215
				22,332,260
Austria – 0.3%
	5,014	ams AG (Information Technology)*		89,065
	1,440	ANDRITZ AG (Industrials)		48,290
	1,740	BAWAG Group AG (Financials)*(b)		65,675
	1,320	CA Immobilien Anlagen AG (Real Estate)		41,282
	6,874	Erste Group Bank AG (Financials)*		167,543
	720	EVN AG (Utilities)		12,158
	284	Mayr Melnhof Karton AG (Materials)		48,774
	660	Oesterreichische Post AG (Industrials)(a)		22,101
	2,820	OMV AG (Energy)*		91,937
	2,700	Raiffeisen Bank International AG (Financials)*		48,436
	2,700	Telekom Austria AG (Communication Services)*		19,956
	1,320	Verbund AG (Utilities)		71,039
	780	Vienna Insurance Group AG Wiener Versicherung Gruppe (Financials)*		19,123
	2,220	voestalpine AG (Materials)		55,251
				800,630
Belgium – 1.0%
	436	Ackermans & van Haaren NV (Financials)*		62,103
	3,778	Ageas SA/NV (Financials)		159,044

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

GOLDMAN SACHS MARKETBETA INTERNATIONAL EQUITY ETF

Schedule of Investments (continued)

August 31, 2020

Shares		Description	Value
Common Stocks – (continued)
Belgium – (continued)
	16,942	Anheuser-Busch InBev SA/NV (Consumer Staples)	$	988,877
	1,056	Colruyt SA (Consumer Staples)		66,935
	579	Elia Group SA/NV (Utilities)		62,390
	840	Galapagos NV (Health Care)*		114,424
	1,500	Groupe Bruxelles Lambert SA (Financials)		139,173
	5,581	KBC Group NV (Financials)		321,048
	2,820	Proximus SADP (Communication Services)		55,951
	300	Sofina SA (Financials)		90,235
	1,420	Solvay SA (Materials)		123,361
	840	Telenet Group Holding NV (Communication Services)		32,730
	2,400	UCB SA (Health Care)		285,650
	3,840	Umicore SA (Materials)		176,763
	2,640	Warehouses De Pauw CVA REIT (Real Estate)		93,456
				2,772,140
Chile – 0.0%
	6,895	Antofagasta PLC (Materials)		99,152
China – 0.8%
	80,722	Alibaba Health Information Technology Ltd. (Health Care)*		194,979
	33,792	Budweiser Brewing Co. APAC Ltd. (Consumer Staples)(b)		114,018
	37,337	China Gas Holdings Ltd. (Utilities)		102,374
	114,722	CSPC Pharmaceutical Group Ltd. (Health Care)		254,900
	48,732	Fosun International Ltd. (Industrials)		54,264
	114,493	Geely Automobile Holdings Ltd. (Consumer Discretionary)		241,982
	24,058	Haier Electronics Group Co. Ltd. (Consumer Discretionary)		82,416
	7,764	Prosus NV (Consumer Discretionary)*		778,485
	24,613	Shimao Group Holdings Ltd. (Real Estate)		110,836
	34,152	Sun Art Retail Group Ltd. (Consumer Staples)		44,507
	41,902	Wilmar International Ltd. (Consumer Staples)		134,372
	54,822	Yangzijiang Shipbuilding Holdings Ltd. (Industrials)		36,895
				2,150,028
Colombia – 0.0%
	2,040	Millicom International Cellular SA SDR (Communication Services)		60,668
Denmark – 2.2%
	59	AP Moller – Maersk A/S, Class A (Industrials)		84,169
	115	AP Moller – Maersk A/S, Class B (Industrials)		176,694
Common Stocks – (continued)
Denmark – (continued)
	1,971	Carlsberg AS, Class B (Consumer Staples)		277,570
	1,954	Chr Hansen Holding A/S (Materials)		224,825
	2,460	Coloplast A/S, Class B (Health Care)		418,322
	12,829	Danske Bank A/S (Financials)*		198,969
	1,932	Demant A/S (Health Care)*		57,793
	4,355	DSV PANALPINA A/S (Industrials)		682,427
	1,296	Genmab A/S (Health Care)*		490,530
	1,200	H Lundbeck A/S (Health Care)		39,482
	33,108	Novo Nordisk A/S, Class B (Health Care)		2,197,484
	4,010	Novozymes A/S, Class B (Materials)		237,779
	3,571	Orsted A/S (Utilities)(b)		506,336
	2,400	Tryg A/S (Financials)		73,835
	3,932	Vestas Wind Systems A/S (Industrials)		599,087
				6,265,302
Faroe Islands – 0.0%
	1,000	Bakkafrost P/F (Consumer Staples)*		63,033
Finland – 1.4%
	2,820	Elisa OYJ (Communication Services)		166,234
	8,383	Fortum OYJ (Utilities)		177,604
	1,740	Huhtamaki OYJ (Materials)*		84,362
	5,220	Kesko OYJ, Class B (Consumer Staples)		116,055
	7,117	Kone OYJ, Class B (Industrials)		611,472
	2,460	Neles OYJ (Industrials)		33,657
	9,223	Neste OYJ (Energy)		494,265
	111,747	Nokia OYJ (Information Technology)*		544,265
	79,538	Nordea Bank Abp (Financials)*		642,179
	1,920	Orion OYJ, Class B (Health Care)		90,287
	9,165	Sampo OYJ, Class A (Financials)		369,711
	11,209	Stora Enso OYJ, Class R (Materials)		165,289
	10,130	UPM-Kymmene OYJ (Materials)		307,842
	10,789	Wartsila OYJ Abp (Industrials)		92,438
				3,895,660
France – 9.2%
	3,697	Accor SA (Consumer Discretionary)*		113,808
	5,015	Adevinta ASA (Communication Services)*		94,197
	660	Aeroports de Paris (Industrials)		69,303
	9,443	Air Liquide SA (Materials)		1,570,342
	11,569	Airbus SE (Industrials)*		952,467
	1,194	Amundi SA (Financials)*(b)		92,960
	45,003	AXA SA (Financials)		919,054
	794	BioMerieux (Health Care)		120,597
	22,744	BNP Paribas SA (Financials)*		994,594
	17,823	Bollore SA (Communication Services)		67,101
	5,995	Bouygues SA (Industrials)*		238,393
	3,209	Capgemini SE (Information Technology)		445,185
	10,653	Carrefour SA (Consumer Staples)		171,487
	10,825	Cie de Saint-Gobain (Industrials)*		439,911
	3,230	Cie Generale des Etablissements Michelin (Consumer Discretionary)		365,509
	25,318	Credit Agricole SA (Financials)*		260,037

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

GOLDMAN SACHS MARKETBETA INTERNATIONAL EQUITY ETF

Shares		Description	Value
Common Stocks – (continued)
France – (continued)
	12,028	Danone SA (Consumer Staples)	$	792,608
	2,651	Dassault Systemes (Information Technology)		500,458
	10,070	Electricite de France SA (Utilities)		106,004
	36,257	Engie SA (Utilities)*		505,379
	5,877	EssilorLuxottica SA (Consumer Discretionary)*		787,906
	660	Hermes International (Consumer Discretionary)		567,842
	1,491	Kering (Consumer Discretionary)		917,615
	5,253	Legrand SA (Industrials)		439,135
	4,180	L’Oreal SA (Consumer Staples)		1,384,243
	5,217	LVMH Moet Hennessy Louis Vuitton SE (Consumer Discretionary)		2,450,787
	18,543	Natixis SA (Financials)*		51,117
	39,797	Orange SA (Communication Services)		444,064
	3,413	Pernod Ricard SA (Consumer Staples)		585,735
	11,269	Peugeot SA (Consumer Discretionary)*		193,667
	4,329	Publicis Groupe SA (Communication Services)*		152,056
	7,025	Safran SA (Industrials)*		815,119
	21,601	Sanofi (Health Care)		2,192,508
	475	Sartorius Stedim Biotech (Health Care)		170,309
	10,698	Schneider Electric SE (Industrials)		1,327,406
	16,619	Societe Generale SA (Financials)*		269,949
	1,680	Sodexo SA (Consumer Discretionary)		120,471
	1,146	Teleperformance (Industrials)		354,152
	2,102	Thales SA (Industrials)		164,660
	51,931	TOTAL SE (Energy)		2,055,739
	2,516	Unibail-Rodamco-Westfield REIT (Real Estate)		117,833
	11,089	Vinci SA (Industrials)		1,042,120
	13,892	Vivendi SA (Communication Services)		395,417
				25,819,244
Germany – 8.2%
	3,639	adidas AG (Consumer Discretionary)*		1,108,036
	8,315	Allianz SE (Financials)		1,805,095
	18,327	BASF SE (Materials)		1,119,143
	19,623	Bayer AG (Health Care)		1,303,420
	6,355	Bayerische Motoren Werke AG (Consumer Discretionary)		457,156
	1,965	Beiersdorf AG (Consumer Staples)		227,484
	2,160	Continental AG (Consumer Discretionary)		235,593
	3,360	Covestro AG (Materials)(b)		160,173
	15,936	Daimler AG (Consumer Discretionary)		812,757
	2,507	Delivery Hero SE (Consumer Discretionary)*(b)		269,902
	34,966	Deutsche Bank AG (Financials)*		335,586
	3,657	Deutsche Boerse AG (Financials)		692,777
	19,623	Deutsche Post AG (Industrials)		894,605
	64,695	Deutsche Telekom AG (Communication Services)		1,141,237
	6,904	Deutsche Wohnen SE (Real Estate)		368,585
	44,101	E.ON SE (Utilities)		522,679
Common Stocks – (continued)
Germany – (continued)
	3,780	Evonik Industries AG (Materials)		109,853
	3,960	Fresenius Medical Care AG & Co. KGaA (Health Care)		336,538
	8,127	Fresenius SE & Co. KGaA (Health Care)		377,116
	1,200	Hannover Rueck SE (Financials)		204,651
	483	Hapag-Lloyd AG (Industrials)(b)		28,131
	2,940	HeidelbergCement AG (Materials)		187,127
	2,017	Henkel AG & Co. KGaA (Consumer Staples)		181,520
	439	HOCHTIEF AG (Industrials)		39,009
	26,023	Infineon Technologies AG (Information Technology)		720,791
	960	Knorr-Bremse AG (Industrials)		122,251
	2,580	Merck KGaA (Health Care)		350,673
	1,064	MTU Aero Engines AG (Industrials)		197,554
	2,800	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Financials)		809,371
	11,313	RWE AG (Utilities)		450,542
	20,386	SAP SE (Information Technology)		3,365,505
	16,221	Siemens AG (Industrials)		2,243,748
	3,000	Siemens Healthineers AG (Health Care)(b)		136,697
	2,474	Symrise AG (Materials)		341,887
	1,080	Talanx AG (Financials)		40,221
	15,665	Telefonica Deutschland Holding AG (Communication Services)		43,389
	587	Volkswagen AG (Consumer Discretionary)*		105,444
	10,825	Vonovia SE (Real Estate)		776,770
	3,244	Zalando SE (Consumer Discretionary)*(b)		283,759
				22,906,775
Hong Kong – 3.0%
	241,147	AIA Group Ltd. (Financials)		2,482,988
	6,055	ASM Pacific Technology Ltd. (Information Technology)		65,119
	27,358	Bank of East Asia Ltd. (The) (Financials)		61,704
	19,290	Cathay Pacific Airways Ltd. (Industrials)		15,681
	35,388	Chow Tai Fook Jewellery Group Ltd. (Consumer Discretionary)		39,725
	47,643	CK Asset Holdings Ltd. (Real Estate)		258,804
	12,169	CK Infrastructure Holdings Ltd. (Utilities)		64,377
	36,317	CLP Holdings Ltd. (Utilities)		356,837
	5,995	Dairy Farm International Holdings Ltd. (Consumer Staples)		25,059
	36,617	Hang Lung Properties Ltd. (Real Estate)		103,234
	14,463	Hang Seng Bank Ltd. (Financials)		227,485
	26,218	Henderson Land Development Co. Ltd. (Real Estate)		103,348

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

GOLDMAN SACHS MARKETBETA INTERNATIONAL EQUITY ETF

Schedule of Investments (continued)

August 31, 2020

Shares		Description	Value
Common Stocks – (continued)
Hong Kong – (continued)
	45,181	HK Electric Investments & HK Electric Investments Ltd. (Utilities)	$	45,996
	67,935	HKT Trust & HKT Ltd. (Communication Services)		97,123
	206,135	Hong Kong & China Gas Co. Ltd. (Utilities)		300,020
	25,297	Hong Kong Exchanges & Clearing Ltd. (Financials)		1,276,903
	23,054	Hongkong Land Holdings Ltd. (Real Estate)		88,297
	5,076	Jardine Matheson Holdings Ltd. (Industrials)		213,192
	3,342	Jardine Strategic Holdings Ltd. (Industrials)		67,040
	11,749	Kerry Properties Ltd. (Real Estate)		30,547
	40,997	Link REIT (Real Estate)		326,383
	9,109	Melco Resorts & Entertainment Ltd. ADR (Consumer Discretionary)		177,808
	30,298	MTR Corp. Ltd. (Industrials)		157,742
	28,150	New World Development Co. Ltd. (Real Estate)		146,196
	27,898	NWS Holdings Ltd. (Industrials)		23,722
	27,238	Power Assets Holdings Ltd. (Utilities)		156,044
	194,499	Sino Biopharmaceutical Ltd. (Health Care)		224,611
	60,081	Sino Land Co. Ltd. (Real Estate)		70,003
	28,858	Sun Hung Kai Properties Ltd. (Real Estate)		387,993
	9,889	Swire Pacific Ltd., Class A (Real Estate)		53,846
	17,403	Swire Pacific Ltd., Class B (Real Estate)		15,808
	21,003	Swire Properties Ltd. (Real Estate)		56,910
	27,118	Techtronic Industries Co. Ltd. (Industrials)		344,304
	188,440	WH Group Ltd. (Consumer Staples)(b)		162,663
	16,346	Wharf Holdings Ltd. (The) (Real Estate)		31,890
	18,372	Wharf Real Estate Investment Co. Ltd. (Real Estate)		76,450
				8,335,852
Ireland – 0.9%
	2,520	AerCap Holdings NV (Industrials)*		74,517
	15,663	AIB Group PLC (Financials)*		19,350
	7,613	Amarin Corp. PLC ADR (Health Care)*		59,077
	15,663	CRH PLC (Materials)		580,697
	3,047	Flutter Entertainment PLC (Consumer Discretionary)		514,906
	1,029	ICON PLC (Health Care)*		191,816
	3,071	Kerry Group PLC, Class A (Consumer Staples)		404,004
	3,042	Kingspan Group PLC (Industrials)		261,760
	3,539	Ryanair Holdings PLC ADR (Industrials)*		286,305
	4,723	Smurfit Kappa Group PLC (Materials)		167,647
				2,560,079
Common Stocks – (continued)
Israel – 0.7%
	1,440	Airport City Ltd. (Real Estate)*		16,794
	2,880	Alony Hetz Properties & Investments Ltd. (Real Estate)		33,855
	3,300	Amot Investments Ltd. (Real Estate)		16,954
	720	Azrieli Group Ltd. (Real Estate)		38,881
	22,323	Bank Hapoalim BM (Financials)		135,467
	28,978	Bank Leumi Le-Israel BM (Financials)		148,705
	40,637	Bezeq The Israeli Telecommunication Corp. Ltd. (Communication Services)*		46,472
	120	Big Shopping Centers Ltd. (Real Estate)		9,896
	2,171	Check Point Software Technologies Ltd. (Information Technology)*		274,110
	420	Elbit Systems Ltd. (Industrials)		56,764
	43	Electra Ltd. (Industrials)		19,552
	4,178	Energix-Renewable Energies Ltd. (Utilities)*		19,720
	1,020	First International Bank Of Israel Ltd. (Financials)		23,935
	1,620	Gazit-Globe Ltd. (Real Estate)		8,429
	2,280	Harel Insurance Investments & Financial Services Ltd. (Financials)*		16,373
	13,803	ICL Group Ltd. (Materials)		51,436
	60	Israel Corp. Ltd. (The) (Materials)*		7,153
	23,174	Israel Discount Bank Ltd., Class A (Financials)		74,395
	822	Kornit Digital Ltd. (Industrials)*		50,906
	600	Matrix IT Ltd. (Information Technology)		15,463
	420	Melisron Ltd. (Real Estate)		16,866
	13,249	Mivne Real Estate KD Ltd. (Real Estate)*		27,472
	2,640	Mizrahi Tefahot Bank Ltd. (Financials)		53,883
	1,145	Nice Ltd. (Information Technology)*		262,359
	2,925	Phoenix Holdings Ltd. (The) (Financials)*		14,652
	1,860	Plus500 Ltd. (Financials)		36,323
	2,820	Shapir Engineering and Industry Ltd. (Industrials)*		19,730
	4,200	Shikun & Binui Ltd. (Industrials)*		18,796
	3,480	Shufersal Ltd. (Consumer Staples)		27,410
	960	Strauss Group Ltd. (Consumer Staples)		28,069
	21,723	Teva Pharmaceutical Industries Ltd. (Health Care)*		207,784
	2,100	Tower Semiconductor Ltd. (Information Technology)*		41,345
	1,000	Wix.com Ltd. (Information Technology)*		294,630
				2,114,579
Italy – 2.2%
	30,778	A2A SpA (Utilities)		45,017
	2,431	Amplifon SpA (Health Care)*		81,173
	23,101	Assicurazioni Generali SpA (Financials)		359,298
	9,229	Atlantia SpA (Industrials)*		147,129
	4,230	Banca Mediolanum SpA (Financials)		31,441
	1,320	Buzzi Unicem SpA (Materials)		32,394
	780	Buzzi Unicem SpA-RSP (Materials)		10,896

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

GOLDMAN SACHS MARKETBETA INTERNATIONAL EQUITY ETF

Shares		Description	Value
Common Stocks – (continued)
Italy – (continued)
	11,389	Davide Campari-Milano NV (Consumer Staples)	$	117,029
	495	DiaSorin SpA (Health Care)		89,687
	155,058	Enel SpA (Utilities)		1,407,317
	49,306	Eni SpA (Energy)		459,947
	2,233	Ferrari NV (Consumer Discretionary)		435,835
	12,169	FinecoBank Banca Fineco SpA (Financials)*		184,830
	14,593	Hera SpA (Utilities)		55,883
	6,518	Infrastrutture Wireless Italiane SpA (Communication Services)(b)		63,648
	303,656	Intesa Sanpaolo SpA (Financials)*		655,572
	7,555	Leonardo SpA (Industrials)		51,213
	14,643	Mediobanca Banca di Credito Finanziario SpA (Financials)		127,525
	4,001	Moncler SpA (Consumer Discretionary)*		155,273
	7,103	Nexi SpA (Information Technology)*(b)		126,700
	7,114	Pirelli & C SpA (Consumer Discretionary)*(b)		30,807
	9,205	Poste Italiane SpA (Financials)(b)		84,657
	10,249	PRADA SpA (Consumer Discretionary)*		40,202
	4,740	Prysmian SpA (Industrials)		132,877
	1,894	Recordati Industria Chimica e Farmaceutica SpA (Health Care)		103,448
	11,089	Saipem SpA (Energy)		23,805
	38,672	Snam SpA (Utilities)		198,412
	199,894	Telecom Italia SpA (Communication Services)		95,338
	120,196	Telecom Italia SpA-RSP (Communication Services)		56,896
	28,138	Terna Rete Elettrica Nazionale SpA (Utilities)		203,862
	42,509	UniCredit SpA (Financials)*		419,419
	8,849	UnipolSai Assicurazioni SpA (Financials)		25,441
				6,052,971
Japan – 25.9%
	600	ABC-Mart, Inc. (Consumer Discretionary)		31,571
	6,295	Acom Co. Ltd. (Financials)		24,576
	3,941	Advantest Corp. (Information Technology)		188,419
	14,043	Aeon Co. Ltd. (Consumer Staples)		348,145
	2,040	AEON Financial Service Co. Ltd. (Financials)		18,141
	1,980	Aeon Mall Co. Ltd. (Real Estate)		26,196
	3,900	AGC, Inc. (Industrials)		110,514
	3,720	Air Water, Inc. (Materials)		52,268
	3,120	Aisin Seiki Co. Ltd. (Consumer Discretionary)		107,241
	10,789	Ajinomoto Co., Inc. (Consumer Staples)		201,038
	3,540	Alfresa Holdings Corp. (Health Care)		71,104
Common Stocks – (continued)
Japan – (continued)
	3,960	Alps Alpine Co. Ltd. (Information Technology)		62,960
	6,715	Amada Co. Ltd. (Industrials)		59,776
	6,115	ANA Holdings, Inc. (Industrials)*(a)		152,666
	2,340	Aozora Bank Ltd. (Financials)		42,036
	8,155	Asahi Group Holdings Ltd. (Consumer Staples)		285,535
	3,833	Asahi Intecc Co. Ltd. (Health Care)		113,676
	26,398	Asahi Kasei Corp. (Materials)		221,550
	36,797	Astellas Pharma, Inc. (Health Care)		577,572
	3,828	Bandai Namco Holdings, Inc. (Consumer Discretionary)		237,777
	1,500	Benesse Holdings, Inc. (Consumer Discretionary)		38,205
	11,329	Bridgestone Corp. (Consumer Discretionary)		359,062
	4,860	Brother Industries Ltd. (Information Technology)		80,431
	1,620	Calbee, Inc. (Consumer Staples)		50,489
	20,364	Canon, Inc. (Information Technology)		351,802
	1,689	Capcom Co. Ltd. (Communication Services)		81,866
	4,200	Casio Computer Co. Ltd. (Consumer Discretionary)		67,686
	3,401	Central Japan Railway Co. (Industrials)		509,613
	13,623	Chiba Bank Ltd. (The) (Financials)		70,655
	14,523	Chubu Electric Power Co., Inc. (Utilities)		179,338
	12,549	Chugai Pharmaceutical Co. Ltd. (Health Care)		558,667
	6,235	Chugoku Electric Power Co., Inc. (The) (Utilities)		75,964
	2,340	Coca-Cola Bottlers Japan Holdings, Inc. (Consumer Staples)		39,013
	21,543	Concordia Financial Group Ltd. (Financials)		71,509
	377	Cosmos Pharmaceutical Corp. (Consumer Staples)		66,303
	2,940	Credit Saison Co. Ltd. (Financials)		33,518
	1,980	CyberAgent, Inc. (Communication Services)		105,493
	4,560	Dai Nippon Printing Co. Ltd. (Industrials)		96,923
	5,340	Daicel Corp. (Materials)		38,774
	2,233	Daifuku Co. Ltd. (Industrials)		196,463
	21,303	Dai-ichi Life Holdings, Inc. (Financials)		322,523
	12,382	Daiichi Sankyo Co. Ltd. (Health Care)		1,103,048
	5,160	Daikin Industries Ltd. (Industrials)		971,469
	1,273	Daito Trust Construction Co. Ltd. (Real Estate)		112,853
	12,012	Daiwa House Industry Co. Ltd. (Real Estate)		321,751
	45	Daiwa House REIT Investment Corp. REIT (Real Estate)		117,544
	28,918	Daiwa Securities Group, Inc. (Financials)		130,348
	8,800	Denso Corp. (Consumer Discretionary)		369,858
	4,200	Dentsu Group, Inc. (Communication Services)		110,263

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

GOLDMAN SACHS MARKETBETA INTERNATIONAL EQUITY ETF

Schedule of Investments (continued)

August 31, 2020

Shares		Description	Value
Common Stocks – (continued)
Japan – (continued)
	1,620	DIC Corp. (Materials)	$	38,543
	552	Disco Corp. (Information Technology)		128,728
	6,864	East Japan Railway Co. (Industrials)		446,424
	1,860	Ebara Corp. (Industrials)		47,919
	5,400	Eisai Co. Ltd. (Health Care)		471,790
	3,240	Electric Power Development Co. Ltd. (Utilities)		48,854
	60,081	ENEOS Holdings, Inc. (Energy)		235,463
	960	Ezaki Glico Co. Ltd. (Consumer Staples)		40,737
	4,839	FamilyMart Co. Ltd. (Consumer Staples)		107,234
	3,793	FANUC Corp. (Industrials)		665,461
	1,085	Fast Retailing Co. Ltd. (Consumer Discretionary)		647,450
	2,520	Fuji Electric Co. Ltd. (Industrials)		78,776
	3,300	Fuji Media Holdings, Inc. (Communication Services)		32,768
	7,495	FUJIFILM Holdings Corp. (Information Technology)		356,639
	3,748	Fujitsu Ltd. (Information Technology)		488,447
	3,480	Fukuoka Financial Group, Inc. (Financials)		57,593
	69	GLP J REIT (Real Estate)		106,449
	825	GMO Payment Gateway, Inc. (Information Technology)		87,211
	4,320	Hakuhodo DY Holdings, Inc. (Communication Services)		53,773
	2,760	Hamamatsu Photonics KK (Information Technology)		125,709
	4,560	Hankyu Hanshin Holdings, Inc. (Industrials)		148,137
	681	Harmonic Drive Systems, Inc. (Industrials)		35,898
	5,400	Haseko Corp. (Consumer Discretionary)		73,684
	403	Hikari Tsushin, Inc. (Consumer Discretionary)		97,363
	5,220	Hino Motors Ltd. (Industrials)		35,146
	639	Hirose Electric Co. Ltd. (Information Technology)		72,369
	1,260	Hisamitsu Pharmaceutical Co., Inc. (Health Care)		58,102
	2,040	Hitachi Construction Machinery Co. Ltd. (Industrials)		71,562
	18,783	Hitachi Ltd. (Information Technology)		625,244
	3,960	Hitachi Metals Ltd. (Materials)		59,412
	32,095	Honda Motor Co. Ltd. (Consumer Discretionary)		825,944
	1,091	Hoshizaki Corp. (Industrials)		83,436
	7,458	Hoya Corp. (Health Care)		732,473
	7,555	Hulic Co. Ltd. (Real Estate)		68,821
	4,020	Idemitsu Kosan Co. Ltd. (Energy)		88,554
	2,520	IHI Corp. (Industrials)		37,428
	2,940	Iida Group Holdings Co. Ltd. (Consumer Discretionary)		57,389
	19,383	Inpex Corp. (Energy)		123,158
	6,595	Isetan Mitsukoshi Holdings Ltd. (Consumer Discretionary)		36,319
Common Stocks – (continued)
Japan – (continued)
	11,149	Isuzu Motors Ltd. (Consumer Discretionary)		110,286
	1,080	Ito En Ltd. (Consumer Staples)		65,282
	29,426	ITOCHU Corp. (Industrials)		755,733
	1,800	Itochu Techno-Solutions Corp. (Information Technology)		65,180
	780	Izumi Co. Ltd. (Consumer Discretionary)		30,414
	4,800	J Front Retailing Co. Ltd. (Consumer Discretionary)		33,405
	6,295	Japan Airlines Co. Ltd. (Industrials)		125,490
	10,609	Japan Exchange Group, Inc. (Financials)		274,917
	8,095	Japan Post Bank Co. Ltd. (Financials)		65,114
	28,318	Japan Post Holdings Co. Ltd. (Financials)		209,277
	3,900	Japan Post Insurance Co. Ltd. (Financials)		62,300
	54	Japan Retail Fund Investment Corp. REIT (Real Estate)		81,424
	21,903	Japan Tobacco, Inc. (Consumer Staples)		409,474
	10,249	JFE Holdings, Inc. (Materials)		77,608
	4,380	JGC Holdings Corp. (Industrials)		48,366
	3,960	JSR Corp. (Materials)		84,394
	4,500	JTEKT Corp. (Consumer Discretionary)		34,754
	8,989	Kajima Corp. (Industrials)		111,976
	2,520	Kakaku.com, Inc. (Communication Services)		67,179
	14,643	Kansai Electric Power Co., Inc. (The) (Utilities)		144,159
	4,260	Kansai Paint Co. Ltd. (Materials)		101,594
	9,391	Kao Corp. (Consumer Staples)		714,564
	2,940	Kawasaki Heavy Industries Ltd. (Industrials)		41,642
	32,008	KDDI Corp. (Communication Services)		929,045
	2,023	Keihan Holdings Co. Ltd. (Industrials)		87,181
	4,740	Keikyu Corp. (Industrials)		70,712
	2,280	Keio Corp. (Industrials)		137,817
	2,940	Keisei Electric Railway Co. Ltd. (Industrials)		86,499
	2,040	Kewpie Corp. (Consumer Staples)		38,628
	3,603	Keyence Corp. (Information Technology)		1,484,078
	2,880	Kikkoman Corp. (Consumer Staples)		156,432
	3,600	Kintetsu Group Holdings Co. Ltd. (Industrials)		158,197
	15,876	Kirin Holdings Co. Ltd. (Consumer Staples)		312,145
	953	Kobayashi Pharmaceutical Co. Ltd. (Consumer Staples)		84,835
	1,080	Kobe Bussan Co. Ltd. (Consumer Staples)		63,652
	2,382	Koito Manufacturing Co. Ltd. (Consumer Discretionary)		115,456
	18,663	Komatsu Ltd. (Industrials)		405,484
	1,860	Konami Holdings Corp. (Communication Services)		71,650
	9,709	Konica Minolta, Inc. (Information Technology)		31,404
	600	Kose Corp. (Consumer Staples)		70,329

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

GOLDMAN SACHS MARKETBETA INTERNATIONAL EQUITY ETF

Shares		Description	Value
Common Stocks – (continued)
Japan – (continued)
	23,174	Kubota Corp. (Industrials)	$	418,812
	6,715	Kuraray Co. Ltd. (Materials)		68,705
	6,512	Kyocera Corp. (Information Technology)		373,790
	4,860	Kyowa Kirin Co. Ltd. (Health Care)		125,665
	8,929	Kyushu Electric Power Co., Inc. (Utilities)		79,064
	3,000	Kyushu Railway Co. (Industrials)		66,142
	1,500	Lasertec Corp. (Information Technology)		113,160
	940	Lawson, Inc. (Consumer Staples)		46,360
	1,090	LINE Corp. (Communication Services)*		55,505
	4,860	Lion Corp. (Consumer Staples)		102,933
	5,400	LIXIL Group Corp. (Industrials)		99,297
	8,131	M3, Inc. (Health Care)		470,784
	900	Mabuchi Motor Co. Ltd. (Industrials)		31,699
	4,800	Makita Corp. (Industrials)		221,793
	33,058	Marubeni Corp. (Industrials)		199,386
	3,900	Marui Group Co. Ltd. (Consumer Discretionary)		71,237
	1,620	Matsumotokiyoshi Holdings Co. Ltd. (Consumer Staples)		56,676
	11,449	Mazda Motor Corp. (Consumer Discretionary)		73,415
	1,320	McDonald’s Holdings Co. Japan Ltd. (Consumer Discretionary)		64,727
	21,423	Mebuki Financial Group, Inc. (Financials)		51,919
	3,120	Medipal Holdings Corp. (Health Care)		59,637
	2,564	MEIJI Holdings Co. Ltd. (Consumer Staples)		206,967
	1,739	Mercari, Inc. (Consumer Discretionary)*		78,878
	7,615	MINEBEA MITSUMI, Inc. (Industrials)		132,057
	5,695	MISUMI Group, Inc. (Industrials)		149,403
	27,538	Mitsubishi Chemical Holdings Corp. (Materials)		160,951
	26,578	Mitsubishi Corp. (Industrials)		629,706
	38,897	Mitsubishi Electric Corp. (Industrials)		536,624
	23,638	Mitsubishi Estate Co. Ltd. (Real Estate)		370,357
	3,720	Mitsubishi Gas Chemical Co., Inc. (Materials)		66,440
	6,055	Mitsubishi Heavy Industries Ltd. (Industrials)		150,369
	2,280	Mitsubishi Materials Corp. (Materials)		47,903
	12,349	Mitsubishi Motors Corp. (Consumer Discretionary)		29,695
	228,503	Mitsubishi UFJ Financial Group, Inc. (Financials)		953,487
	10,249	Mitsubishi UFJ Lease & Finance Co. Ltd. (Financials)		48,420
	32,203	Mitsui & Co. Ltd. (Industrials)		581,230
	3,360	Mitsui Chemicals, Inc. (Materials)		78,990
	17,883	Mitsui Fudosan Co. Ltd. (Real Estate)		323,781
	2,280	Mitsui OSK Lines Ltd. (Industrials)		42,205
	1,912	Miura Co. Ltd. (Industrials)		78,251
Common Stocks – (continued)
Japan – (continued)
	465,264	Mizuho Financial Group, Inc. (Financials)		630,911
	2,400	MonotaRO Co. Ltd. (Industrials)		94,828
	9,408	MS&AD Insurance Group Holdings, Inc. (Financials)		260,917
	12,349	Murata Manufacturing Co. Ltd. (Information Technology)		731,310
	2,220	Nabtesco Corp. (Industrials)		70,235
	3,840	Nagoya Railroad Co. Ltd. (Industrials)		107,148
	4,965	NEC Corp. (Information Technology)		261,722
	8,929	Nexon Co. Ltd. (Communication Services)		209,069
	6,115	NGK Insulators Ltd. (Industrials)		86,900
	3,720	NGK Spark Plug Co. Ltd. (Consumer Discretionary)		64,020
	1,980	NH Foods Ltd. (Consumer Staples)		89,716
	2,400	Nichirei Corp. (Consumer Staples)		62,622
	10,003	Nidec Corp. (Industrials)		840,556
	2,860	Nihon M&A Center, Inc. (Industrials)		142,400
	5,755	Nikon Corp. (Consumer Discretionary)		45,152
	2,333	Nintendo Co. Ltd. (Communication Services)		1,248,285
	62	Nippon Building Fund, Inc. REIT (Real Estate)		373,596
	1,680	Nippon Express Co. Ltd. (Industrials)		99,331
	3,480	Nippon Paint Holdings Co. Ltd. (Materials)		298,628
	44	Nippon Prologis REIT, Inc. REIT (Real Estate)		143,977
	1,125	Nippon Shinyaku Co. Ltd. (Health Care)		92,826
	16,923	Nippon Steel Corp. (Materials)		166,685
	47,261	Nippon Telegraph & Telephone Corp. (Communication Services)		1,074,731
	2,820	Nippon Television Holdings, Inc. (Communication Services)		33,294
	3,000	Nippon Yusen KK (Industrials)		46,905
	2,553	Nissan Chemical Corp. (Materials)		135,300
	46,681	Nissan Motor Co. Ltd. (Consumer Discretionary)		189,946
	4,560	Nisshin Seifun Group, Inc. (Consumer Staples)		75,294
	1,361	Nissin Foods Holdings Co. Ltd. (Consumer Staples)		136,042
	1,614	Nitori Holdings Co. Ltd. (Consumer Discretionary)		337,579
	2,946	Nitto Denko Corp. (Materials)		178,907
	1,740	NOK Corp. (Consumer Discretionary)		18,951
	59,541	Nomura Holdings, Inc. (Financials)		305,720
	2,220	Nomura Real Estate Holdings, Inc. (Real Estate)		42,476
	77	Nomura Real Estate Master Fund, Inc. REIT (Real Estate)		98,678
	7,195	Nomura Research Institute Ltd. (Information Technology)		191,265
	9,109	NSK Ltd. (Industrials)		69,835

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

GOLDMAN SACHS MARKETBETA INTERNATIONAL EQUITY ETF

Schedule of Investments (continued)

August 31, 2020

Shares		Description	Value
Common Stocks – (continued)
Japan – (continued)
	12,529	NTT Data Corp. (Information Technology)	$	143,195
	21,363	NTT DOCOMO, Inc. (Communication Services)		596,097
	12,949	Obayashi Corp. (Industrials)		126,627
	1,266	Obic Co. Ltd. (Information Technology)		224,321
	6,715	Odakyu Electric Railway Co. Ltd. (Industrials)		166,094
	17,943	Oji Holdings Corp. (Materials)		81,048
	24,898	Olympus Corp. (Health Care)		492,818
	3,780	Omron Corp. (Information Technology)		276,964
	7,844	Ono Pharmaceutical Co. Ltd. (Health Care)		236,626
	660	Oracle Corp. Japan (Information Technology)		77,424
	3,939	Oriental Land Co. Ltd. (Consumer Discretionary)		534,511
	24,828	ORIX Corp. (Financials)		309,516
	56	Orix JREIT, Inc. REIT (Real Estate)		83,278
	7,961	Osaka Gas Co. Ltd. (Utilities)		155,624
	2,040	Otsuka Corp. (Information Technology)		100,033
	7,955	Otsuka Holdings Co. Ltd. (Health Care)		349,346
	7,762	Pan Pacific International Holdings Corp. (Consumer Discretionary)		182,330
	43,370	Panasonic Corp. (Consumer Discretionary)		399,939
	2,160	Park24 Co. Ltd. (Industrials)		39,026
	1,860	PeptiDream, Inc. (Health Care)*		75,509
	3,480	Persol Holdings Co. Ltd. (Industrials)		54,311
	2,280	Pigeon Corp. (Consumer Staples)		104,169
	1,680	Pola Orbis Holdings, Inc. (Consumer Staples)		30,433
	16,023	Rakuten, Inc. (Consumer Discretionary)		140,973
	24,256	Recruit Holdings Co. Ltd. (Industrials)		920,879
	14,708	Renesas Electronics Corp. (Information Technology)*		92,510
	44,881	Resona Holdings, Inc. (Financials)		165,058
	13,863	Ricoh Co. Ltd. (Information Technology)		103,667
	696	Rinnai Corp. (Consumer Discretionary)		64,386
	1,680	Rohm Co. Ltd. (Information Technology)		108,045
	4,740	Ryohin Keikaku Co. Ltd. (Consumer Discretionary)		74,199
	7,435	Santen Pharmaceutical Co. Ltd. (Health Care)		141,696
	4,440	SBI Holdings, Inc. (Financials)		101,030
	840	SCREEN Holdings Co. Ltd. (Information Technology)		40,952
	960	SCSK Corp. (Information Technology)		51,963
	4,185	Secom Co. Ltd. (Industrials)		395,630
	3,420	Sega Sammy Holdings, Inc. (Consumer Discretionary)		39,636
	4,140	Seibu Holdings, Inc. (Industrials)		45,521
	5,695	Seiko Epson Corp. (Information Technology)		67,989
	7,943	Sekisui Chemical Co. Ltd. (Consumer Discretionary)		127,109
Common Stocks – (continued)
Japan – (continued)
	11,809	Sekisui House Ltd. (Consumer Discretionary)		233,407
	14,943	Seven & i Holdings Co. Ltd. (Consumer Staples)		483,750
	11,929	Seven Bank Ltd. (Financials)		29,922
	4,260	SG Holdings Co. Ltd. (Industrials)		195,837
	4,020	Sharp Corp. (Consumer Discretionary)		49,925
	5,574	Shimadzu Corp. (Information Technology)		166,361
	480	Shimamura Co. Ltd. (Consumer Discretionary)		39,606
	1,519	Shimano, Inc. (Consumer Discretionary)		321,576
	11,569	Shimizu Corp. (Industrials)		89,022
	8,075	Shin-Etsu Chemical Co. Ltd. (Materials)		981,153
	4,440	Shinsei Bank Ltd. (Financials)		51,876
	5,935	Shionogi & Co. Ltd. (Health Care)		329,253
	7,837	Shiseido Co. Ltd. (Consumer Staples)		456,053
	10,129	Shizuoka Bank Ltd. (The) (Financials)		70,395
	2,820	Showa Denko KK (Materials)		54,967
	1,247	SMC Corp. (Industrials)		684,971
	35,871	SoftBank Corp. (Communication Services)		471,030
	27,836	SoftBank Group Corp. (Communication Services)		1,731,924
	1,380	Sohgo Security Services Co. Ltd. (Industrials)		64,481
	21,483	Sojitz Corp. (Industrials)		49,228
	6,602	Sompo Holdings, Inc. (Financials)		247,781
	25,126	Sony Corp. (Consumer Discretionary)		1,968,711
	1,740	Square Enix Holdings Co. Ltd. (Communication Services)		114,693
	2,940	Stanley Electric Co. Ltd. (Consumer Discretionary)		84,281
	11,989	Subaru Corp. (Consumer Discretionary)		249,005
	4,980	SUMCO Corp. (Information Technology)		67,530
	31,618	Sumitomo Chemical Co. Ltd. (Materials)		102,864
	22,983	Sumitomo Corp. (Industrials)		297,894
	3,300	Sumitomo Dainippon Pharma Co. Ltd. (Health Care)		41,762
	14,763	Sumitomo Electric Industries Ltd. (Consumer Discretionary)		173,879
	2,280	Sumitomo Heavy Industries Ltd. (Industrials)		51,880
	4,730	Sumitomo Metal Mining Co. Ltd. (Materials)		144,382
	25,558	Sumitomo Mitsui Financial Group, Inc. (Financials)		751,472
	6,235	Sumitomo Mitsui Trust Holdings, Inc. (Financials)		180,562
	6,535	Sumitomo Realty & Development Co. Ltd. (Real Estate)		192,947
	3,540	Sumitomo Rubber Industries Ltd. (Consumer Discretionary)		34,083
	1,320	Sundrug Co. Ltd. (Consumer Staples)		49,106
	2,460	Suntory Beverage & Food Ltd. (Consumer Staples)		94,879

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

GOLDMAN SACHS MARKETBETA INTERNATIONAL EQUITY ETF

Shares		Description	Value
Common Stocks – (continued)
Japan – (continued)
	1,260	Suzuken Co. Ltd. (Health Care)	$	46,814
	8,095	Suzuki Motor Corp. (Consumer Discretionary)		331,983
	3,034	Sysmex Corp. (Health Care)		264,847
	10,909	T&D Holdings, Inc. (Financials)		114,187
	2,400	Taiheiyo Cement Corp. (Materials)		61,016
	3,780	Taisei Corp. (Industrials)		130,640
	720	Taisho Pharmaceutical Holdings Co. Ltd. (Health Care)		44,268
	3,240	Taiyo Nippon Sanso Corp. (Materials)		57,012
	30,658	Takeda Pharmaceutical Co. Ltd. (Health Care)		1,144,561
	2,511	TDK Corp. (Information Technology)		260,702
	3,600	Teijin Ltd. (Materials)		56,489
	14,053	Terumo Corp. (Health Care)		571,158
	2,340	THK Co. Ltd. (Industrials)		54,856
	4,560	TIS, Inc. (Information Technology)		91,161
	3,960	Tobu Railway Co. Ltd. (Industrials)		123,604
	2,160	Toho Co. Ltd. (Communication Services)		82,086
	1,800	Toho Gas Co. Ltd. (Utilities)		79,268
	9,229	Tohoku Electric Power Co., Inc. (Utilities)		93,556
	12,709	Tokio Marine Holdings, Inc. (Financials)		586,044
	1,860	Tokyo Broadcasting System Holdings, Inc. (Communication Services)		32,133
	795	Tokyo Century Corp. (Financials)		40,783
	29,578	Tokyo Electric Power Co. Holdings, Inc. (Utilities)*		87,023
	2,790	Tokyo Electron Ltd. (Information Technology)		714,305
	8,313	Tokyo Gas Co. Ltd. (Utilities)		184,729
	11,869	Tokyu Corp. (Industrials)		158,708
	11,989	Tokyu Fudosan Holdings Corp. (Real Estate)		51,553
	5,611	Toppan Printing Co. Ltd. (Industrials)		87,198
	29,698	Toray Industries, Inc. (Materials)		141,062
	8,569	Toshiba Corp. (Industrials)		246,860
	5,755	Tosoh Corp. (Materials)		85,474
	3,060	TOTO Ltd. (Industrials)		134,323
	2,880	Toyo Seikan Group Holdings Ltd. (Materials)		32,210
	1,740	Toyo Suisan Kaisha Ltd. (Consumer Staples)		98,777
	1,380	Toyoda Gosei Co. Ltd. (Consumer Discretionary)		30,126
	1,080	Toyota Boshoku Corp. (Consumer Discretionary)		15,317
	3,060	Toyota Industries Corp. (Consumer Discretionary)		178,328
	45,053	Toyota Motor Corp. (Consumer Discretionary)		2,976,485
	4,440	Toyota Tsusho Corp. (Industrials)		129,375
	2,640	Trend Micro, Inc. (Information Technology)		163,312
	737	Tsuruha Holdings, Inc. (Consumer Staples)		98,410
Common Stocks – (continued)
Japan – (continued)
	7,642	Unicharm Corp. (Consumer Staples)		332,502
	58	United Urban Investment Corp. REIT (Real Estate)		64,539
	4,020	USS Co. Ltd. (Consumer Discretionary)		67,894
	1,880	Welcia Holdings Co. Ltd. (Consumer Staples)		80,398
	3,540	West Japan Railway Co. (Industrials)		185,971
	360	Workman Co. Ltd. (Consumer Discretionary)		31,028
	2,319	Yakult Honsha Co. Ltd. (Consumer Staples)		132,302
	13,121	Yamada Denki Co. Ltd. (Consumer Discretionary)		70,403
	3,300	Yamaha Corp. (Consumer Discretionary)		160,885
	5,755	Yamaha Motor Co. Ltd. (Consumer Discretionary)		90,684
	6,588	Yamato Holdings Co. Ltd. (Industrials)		172,209
	2,580	Yamazaki Baking Co. Ltd. (Consumer Staples)		41,992
	4,966	Yaskawa Electric Corp. (Industrials)		178,653
	5,040	Yokogawa Electric Corp. (Information Technology)		82,364
	2,640	Yokohama Rubber Co. Ltd. (The) (Consumer Discretionary)		41,351
	51,746	Z Holdings Corp. (Communication Services)		344,014
	1,920	ZOZO, Inc. (Consumer Discretionary)		54,027
				72,685,741
Jordan – 0.0%
	2,827	Hikma Pharmaceuticals PLC (Health Care)		89,747
Luxembourg – 0.1%
	13,780	ArcelorMittal (Materials)*		174,723
	731	RTL Group SA (Communication Services)*		24,321
				199,044
Macau – 0.2%
	39,238	Galaxy Entertainment Group Ltd. (Consumer Discretionary)		309,088
	16,383	MGM China Holdings Ltd. (Consumer Discretionary)		23,845
	48,492	Sands China Ltd. (Consumer Discretionary)		213,987
	37,157	SJM Holdings Ltd. (Consumer Discretionary)		51,108
	28,798	Wynn Macau Ltd. (Consumer Discretionary)*		54,176
				652,204
Mexico – 0.0%
	3,660	Fresnillo PLC (Materials)		61,870
Netherlands – 4.2%
	8,869	ABN AMRO Bank NV (Financials)*(b)		84,685

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

GOLDMAN SACHS MARKETBETA INTERNATIONAL EQUITY ETF

Schedule of Investments (continued)

August 31, 2020

Shares		Description	Value
Common Stocks – (continued)
Netherlands – (continued)
	369	Adyen NV (Information Technology)*(b)	$	623,565
	3,456	Akzo Nobel NV (Materials)		342,808
	8,496	ASML Holding NV (Information Technology)		3,193,538
	2,078	EXOR NV (Financials)		122,768
	1,696	HAL Trust (Financials)		227,173
	2,022	Heineken Holding NV (Consumer Staples)		166,010
	3,762	Heineken NV (Consumer Staples)		348,955
	77,784	ING Groep NV (Financials)*		632,948
	1,446	JDE Peet’s BV (Consumer Staples)*		63,830
	2,648	Just Eat Takeaway.com NV (Consumer Discretionary)*(b)		295,280
	17,722	Koninklijke Ahold Delhaize NV (Consumer Staples)		534,529
	3,395	Koninklijke DSM NV (Materials)		545,901
	68,715	Koninklijke KPN NV (Communication Services)		180,549
	17,994	Koninklijke Philips NV (Health Care)*		852,943
	4,075	NN Group NV (Financials)		153,759
	5,551	NXP Semiconductors NV (Information Technology)		698,094
	2,378	Randstad NV (Industrials)		124,196
	81,430	Royal Dutch Shell PLC, Class A (Energy)		1,206,752
	68,775	Royal Dutch Shell PLC, Class B (Energy)		978,877
	5,439	Wolters Kluwer NV (Industrials)		447,528
				11,824,688
New Zealand – 0.5%
	14,643	a2 Milk Co. Ltd. (The) (Consumer Staples)*		183,989
	24,065	Auckland International Airport Ltd. (Industrials)		107,840
	14,343	Contact Energy Ltd. (Utilities)		60,590
	2,575	EBOS Group Ltd. (Health Care)		40,239
	11,449	Fisher & Paykel Healthcare Corp. Ltd. (Health Care)		285,159
	16,443	Fletcher Building Ltd. (Materials)*		39,899
	10,129	Genesis Energy Ltd. (Utilities)		20,676
	26,578	Goodman Property Trust REIT (Real Estate)		41,856
	13,108	Infratil Ltd. (Utilities)		43,944
	1,423	Mainfreight Ltd. (Industrials)		46,157
	12,169	Mercury NZ Ltd. (Utilities)		42,688
	25,018	Meridian Energy Ltd. (Utilities)		85,901
	8,275	Ryman Healthcare Ltd. (Health Care)		75,171
	36,617	Spark New Zealand Ltd. (Communication Services)		119,540
	1,980	Xero Ltd. (Information Technology)*		147,851
				1,341,500
Norway – 0.7%
	420	Aker ASA, Class A (Financials)		19,659
	2,100	Aker BP ASA (Energy)		42,058
Common Stocks – (continued)
Norway – (continued)
	1,680	Austevoll Seafood ASA (Consumer Staples)		15,613
	17,463	DNB ASA (Financials)*		282,129
	3,240	Entra ASA (Real Estate)(b)		44,579
	21,123	Equinor ASA (Energy)		344,666
	3,660	Gjensidige Forsikring ASA (Financials)*		78,489
	1,753	Kongsberg Gruppen ASA (Industrials)		26,220
	5,635	Leroy Seafood Group ASA (Consumer Staples)		35,857
	8,929	Mowi ASA (Consumer Staples)		175,792
	26,458	Norsk Hydro ASA (Materials)*		85,033
	14,943	Orkla ASA (Consumer Staples)		153,115
	1,020	Salmar ASA (Consumer Staples)*		55,654
	1,425	Schibsted ASA, Class A (Communication Services)*		62,465
	1,860	Schibsted ASA, Class B (Communication Services)*		74,203
	3,568	SpareBank 1 SR-Bank ASA (Financials)*		32,317
	9,078	Storebrand ASA (Financials)*		56,133
	11,829	Telenor ASA (Communication Services)		193,697
	2,280	TGS NOPEC Geophysical Co. ASA (Energy)		29,860
	2,318	TOMRA Systems ASA (Industrials)*		113,122
	3,360	Yara International ASA (Materials)		141,710
				2,062,371
Poland – 0.3%
	3,180	Bank Pekao SA (Financials)*		45,335
	1,273	CD Projekt SA (Communication Services)*		152,161
	3,958	Cyfrowy Polsat SA (Communication Services)*		31,029
	959	Dino Polska SA (Consumer Staples)*(b)		58,452
	1,738	Grupa Lotos SA (Energy)		19,168
	2,756	KGHM Polska Miedz SA (Materials)*		102,809
	241	mBank SA (Financials)*		12,357
	15,903	PGE Polska Grupa Energetyczna SA (Utilities)*		26,174
	5,763	Polski Koncern Naftowy ORLEN SA (Energy)		79,551
	32,419	Polskie Gornictwo Naftowe i Gazownictwo SA (Energy)		45,334
	17,640	Powszechna Kasa Oszczednosci Bank Polski SA (Financials)*		103,718
	11,331	Powszechny Zaklad Ubezpieczen SA (Financials)*		83,920
	660	Santander Bank Polska SA (Financials)*		27,256
				787,264
Portugal – 0.2%
	48,964	EDP – Energias de Portugal SA (Utilities)		248,405
	9,829	Galp Energia SGPS SA (Energy)		105,466
	4,860	Jeronimo Martins SGPS SA (Consumer Staples)		79,948

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

GOLDMAN SACHS MARKETBETA INTERNATIONAL EQUITY ETF

Shares		Description	Value
Common Stocks – (continued)
Portugal – (continued)
	4,620	NOS SGPS SA (Communication Services)	$	18,720
				452,539
Russia – 0.0%
	11,449	Evraz PLC (Materials)		49,699
Singapore – 1.1%
	57,860	Ascendas Real Estate Investment Trust REIT (Real Estate)		141,288
	57,449	CapitaLand Commercial Trust REIT (Real Estate)		70,987
	49,272	CapitaLand Ltd. (Real Estate)		100,385
	48,072	CapitaLand Mall Trust REIT (Real Estate)		69,301
	11,689	City Developments Ltd. (Real Estate)		69,037
	43,081	ComfortDelGro Corp. Ltd. (Industrials)		46,896
	35,357	DBS Group Holdings Ltd. (Financials)		542,734
	113,302	Genting Singapore Ltd. (Consumer Discretionary)		58,334
	1,980	Jardine Cycle & Carriage Ltd. (Consumer Discretionary)		27,597
	28,618	Keppel Corp. Ltd. (Industrials)		96,404
	25,617	Keppel DC REIT (Real Estate)		54,829
	41,990	Mapletree Commercial Trust REIT (Real Estate)		59,298
	34,697	Mapletree Industrial Trust REIT (Real Estate)		77,836
	52,526	Mapletree Logistics Trust REIT (Real Estate)		79,971
	73,315	Oversea-Chinese Banking Corp. Ltd. (Financials)		467,521
	12,949	SATS Ltd. (Industrials)		28,572
	17,943	Sembcorp Industries Ltd. (Industrials)		24,679
	26,278	Singapore Airlines Ltd. (Industrials)		70,546
	15,663	Singapore Exchange Ltd. (Financials)		99,190
	31,738	Singapore Press Holdings Ltd. (Communication Services)		25,445
	30,577	Singapore Technologies Engineering Ltd. (Industrials)		76,465
	157,888	Singapore Telecommunications Ltd. (Communication Services)		267,095
	35,417	Suntec Real Estate Investment Trust REIT (Real Estate)		36,469
	28,318	United Overseas Bank Ltd. (Financials)		407,399
	10,669	UOL Group Ltd. (Real Estate)		51,556
	5,340	Venture Corp. Ltd. (Information Technology)		77,963
				3,127,797
South Africa – 0.2%
	23,114	Anglo American PLC (Materials)		567,162
Spain – 2.2%
	4,690	ACS Actividades de Construccion y Servicios SA (Industrials)		115,097
	1,357	Aena SME SA (Industrials)*(b)		203,025
Common Stocks – (continued)
Spain – (continued)
	8,973	Amadeus IT Group SA (Information Technology)		503,404
	132,685	Banco Bilbao Vizcaya Argentaria SA (Financials)		389,254
	327,430	Banco Santander SA (Financials)		729,454
	22,978	Bankia SA (Financials)		29,006
	70,695	CaixaBank SA (Financials)		155,737
	6,889	Cellnex Telecom SA (Communication Services)*(b)		442,264
	6,355	Endesa SA (Utilities)		176,554
	9,349	Ferrovial SA (Industrials)		250,229
	5,852	Grifols SA (Health Care)		158,941
	120,969	Iberdrola SA (Utilities)		1,526,299
	16,351	Industria de Diseno Textil SA (Consumer Discretionary)		460,520
	19,143	Mapfre SA (Financials)		36,356
	9,709	Naturgy Energy Group SA (Utilities)		187,642
	8,629	Red Electrica Corp. SA (Utilities)		165,376
	27,418	Repsol SA (Energy)		217,139
	3,300	Siemens Gamesa Renewable Energy SA (Industrials)		88,562
	90,318	Telefonica SA (Communication Services)		357,640
				6,192,499
Sweden – 3.5%
	3,374	AAK AB (Consumer Staples)*		67,030
	5,935	Alfa Laval AB (Industrials)*		145,469
	18,723	Assa Abloy AB, Class B (Industrials)		434,159
	12,917	Atlas Copco AB, Class A (Industrials)		598,903
	7,795	Atlas Copco AB, Class B (Industrials)		313,880
	2,100	Axfood AB (Consumer Staples)		46,553
	5,340	Boliden AB (Materials)		159,675
	4,550	Castellum AB (Real Estate)		93,374
	4,980	Electrolux AB, Series B (Consumer Discretionary)		108,204
	6,475	Elekta AB, Class B (Health Care)(a)		81,417
	12,433	Epiroc AB, Class A (Industrials)		185,595
	7,279	Epiroc AB, Class B (Industrials)		104,945
	7,111	EQT AB (Financials)		131,503
	12,133	Essity AB, Class B (Consumer Staples)*		418,644
	2,400	Evolution Gaming Group AB (Consumer Discretionary)(b)		180,258
	5,280	Fabege AB (Real Estate)		64,493
	1,842	Fastighets AB Balder, Class B (Real Estate)*		73,595
	3,713	Getinge AB, Class B (Health Care)		82,698
	14,823	Hennes & Mauritz AB, Class B (Consumer Discretionary)		236,997
	5,574	Hexagon AB, Class B (Information Technology)*		404,820
	1,751	Holmen AB, Class B (Materials)*		62,488
	7,945	Husqvarna AB, Class B (Consumer Discretionary)		86,571
	1,723	ICA Gruppen AB (Consumer Staples)		84,742

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

GOLDMAN SACHS MARKETBETA INTERNATIONAL EQUITY ETF

Schedule of Investments (continued)

August 31, 2020

Shares		Description	Value
Common Stocks – (continued)
Sweden – (continued)
	2,111	Industrivarden AB, Class A (Financials)*	$	56,196
	2,980	Industrivarden AB, Class C (Financials)*		78,742
	2,220	Investment AB Latour, Class B (Industrials)		49,651
	2,640	Investor AB, Class A (Financials)		167,124
	9,085	Investor AB, Class B (Financials)		580,811
	4,800	Kinnevik AB, Class B (Financials)*		3,868
	4,800	Kinnevik AB, Class B (Financials)		185,907
	1,452	L E Lundbergforetagen AB, Class B (Financials)*		66,498
	3,480	Lundin Energy AB (Energy)		85,296
	8,449	Nibe Industrier AB, Class B (Industrials)*		238,043
	1,620	Saab AB, Class B (Industrials)*		48,835
	21,303	Sandvik AB (Industrials)*		419,394
	6,175	Securitas AB, Class B (Industrials)*		88,133
	30,418	Skandinaviska Enskilda Banken AB, Class A (Financials)*		302,383
	360	Skandinaviska Enskilda Banken AB, Class C (Financials)*		3,723
	7,675	Skanska AB, Class B (Industrials)*		156,793
	8,441	SKF AB, Class B (Industrials)		168,919
	3,960	SSAB AB, Class A (Materials)*		12,975
	10,909	SSAB AB, Class B (Materials)*		33,809
	11,329	Svenska Cellulosa AB SCA, Class B (Materials)*		146,391
	29,098	Svenska Handelsbanken AB, Class A (Financials)*		293,579
	21,423	Swedbank AB, Class A (Financials)*		364,181
	3,154	Swedish Match AB (Consumer Staples)		240,108
	3,277	Swedish Orphan Biovitrum AB (Health Care)*		73,614
	8,989	Tele2 AB, Class B (Communication Services)		127,723
	58,700	Telefonaktiebolaget LM Ericsson, Class B (Information Technology)		682,285
	41,158	Telia Co. AB (Communication Services)		158,954
	4,800	Trelleborg AB, Class B (Industrials)*		83,980
	3,940	Volvo AB, Class A (Industrials)*		76,471
	29,904	Volvo AB, Class B (Industrials)*		573,120
				9,733,519
Switzerland – 9.4%
	37,337	ABB Ltd. (Industrials)		952,447
	9,769	Alcon, Inc. (Health Care)*		557,206
	10,174	Cie Financiere Richemont SA (Consumer Discretionary)		675,216
	45,849	Credit Suisse Group AG (Financials)		505,818
	715	Geberit AG (Industrials)		413,381
	163	Givaudan SA (Materials)		686,068
	1,099	Kuehne + Nagel International AG (Industrials)*		213,649
	10,287	LafargeHolcim Ltd. (Materials)*		490,102
	1,485	Lonza Group AG (Health Care)		924,198
	57,471	Nestle SA (Consumer Staples)		6,928,815
	46,660	Novartis AG (Health Care)		4,043,918
Common Stocks – (continued)
Switzerland – (continued)
	360	Partners Group Holding AG (Financials)		366,937
	532	Roche Holding AG (Health Care)		186,934
	14,014	Roche Holding AG (Health Care)		4,913,343
	378	Schindler Holding AG (Industrials)		99,826
	797	Schindler Holding AG Participation Certificates (Industrials)		213,401
	110	SGS SA (Industrials)		285,613
	2,677	Sika AG (Materials)		643,943
	12,809	STMicroelectronics NV (Information Technology)		385,118
	582	Swatch Group AG (The) – Bearer (Consumer Discretionary)		123,452
	1,015	Swatch Group AG (The) – Registered (Consumer Discretionary)		40,174
	5,503	Swiss Re AG (Financials)		443,931
	500	Swisscom AG (Communication Services)		277,639
	76,981	UBS Group AG (Financials)		939,126
	2,996	Zurich Insurance Group AG (Financials)		1,111,293
				26,421,548
United Kingdom – 12.5%
	19,383	3i Group PLC (Financials)		243,438
	5,100	Admiral Group PLC (Financials)		180,071
	8,936	Ashtead Group PLC (Industrials)		311,685
	7,178	Associated British Foods PLC (Consumer Staples)		196,641
	25,151	AstraZeneca PLC (Health Care)		2,808,572
	18,843	Auto Trader Group PLC (Communication Services)(b)		142,094
	1,275	AVEVA Group PLC (Information Technology)		86,587
	78,264	Aviva PLC (Financials)		296,246
	64,035	BAE Systems PLC (Industrials)		445,503
	345,853	Barclays PLC (Financials)*		518,464
	20,283	Barratt Developments PLC (Consumer Discretionary)		142,633
	2,371	Berkeley Group Holdings PLC (Consumer Discretionary)		144,732
	403,949	BP PLC (Energy)		1,428,972
	45,766	British American Tobacco PLC (Consumer Staples)		1,551,875
	17,108	British Land Co. PLC (The) REIT (Real Estate)		83,770
	173,077	BT Group PLC (Communication Services)		242,517
	6,715	Bunzl PLC (Industrials)		217,763
	8,095	Burberry Group PLC (Consumer Discretionary)		156,566
	53,246	CK Hutchison Holdings Ltd. (Industrials)		348,669
	5,345	Clarivate PLC (Industrials)*		157,357
	19,563	CNH Industrial NV (Industrials)*		155,212
	2,852	Coca-Cola European Partners PLC (Consumer Staples)		117,388

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

GOLDMAN SACHS MARKETBETA INTERNATIONAL EQUITY ETF

Shares		Description	Value
Common Stocks – (continued)
United Kingdom – (continued)
	35,572	Compass Group PLC (Consumer Discretionary)	$	581,313
	31,760	ConvaTec Group PLC (Health Care)(b)		81,478
	2,568	Croda International PLC (Materials)		202,867
	1,904	DCC PLC (Industrials)		168,972
	46,621	Diageo PLC (Consumer Staples)		1,566,510
	27,178	Direct Line Insurance Group PLC (Financials)		107,314
	27,344	DS Smith PLC (Materials)		94,716
	6,101	easyJet PLC (Industrials)		51,726
	18,256	Experian PLC (Industrials)		681,984
	22,263	Fiat Chrysler Automobiles NV (Consumer Discretionary)*		245,780
	100,114	GlaxoSmithKline PLC (Health Care)		1,973,181
	7,555	Halma PLC (Information Technology)		224,368
	6,424	Hargreaves Lansdown PLC (Financials)		139,042
	406,305	HSBC Holdings PLC (Financials)		1,796,089
	18,843	Imperial Brands PLC (Consumer Staples)		316,130
	29,925	Informa PLC (Communication Services)*		165,641
	3,480	InterContinental Hotels Group PLC (Consumer Discretionary)*		205,300
	28,798	International Consolidated Airlines Group SA (Industrials)(a)		83,403
	3,216	Intertek Group PLC (Industrials)		253,024
	72,255	ITV PLC (Communication Services)		58,744
	44,221	J Sainsbury PLC (Consumer Staples)		108,827
	8,629	JD Sports Fashion PLC (Consumer Discretionary)		83,857
	3,840	Johnson Matthey PLC (Materials)		122,112
	42,121	Kingfisher PLC (Consumer Discretionary)		152,444
	14,823	Land Securities Group PLC REIT (Real Estate)		114,737
	118,896	Legal & General Group PLC (Financials)		345,932
	2,820	Liberty Global PLC, Class A (Communication Services)*		65,903
	7,650	Liberty Global PLC, Class C (Communication Services)*		176,027
	1,410,656	Lloyds Banking Group PLC (Financials)*		535,474
	7,015	London Stock Exchange Group PLC (Financials)		826,560
	51,866	M&G PLC (Financials)		120,142
	38,897	Marks & Spencer Group PLC (Consumer Discretionary)		57,862
	95,653	Melrose Industries PLC (Industrials)		130,380
	9,709	Mondi PLC (Materials)		189,928
	70,028	National Grid PLC (Utilities)		790,618
	91,398	Natwest Group PLC (Financials)*		138,042
	2,463	Next PLC (Consumer Discretionary)		199,123
	10,063	Ocado Group PLC (Consumer Discretionary)*		336,442
Common Stocks – (continued)
United Kingdom – (continued)
	15,003	Pearson PLC (Communication Services)		112,374
	6,295	Persimmon PLC (Consumer Discretionary)		220,832
	51,926	Prudential PLC (Financials)		849,264
	14,163	Reckitt Benckiser Group PLC (Consumer Staples)		1,424,162
	38,537	RELX PLC (Industrials)		878,475
	36,977	Rentokil Initial PLC (Industrials)*		263,890
	38,537	Rolls-Royce Holdings PLC (Industrials)*		124,405
	20,643	RSA Insurance Group PLC (Financials)		124,186
	21,663	Sage Group PLC (The) (Information Technology)		214,816
	2,340	Schroders PLC (Financials)		90,798
	23,715	Segro PLC REIT (Real Estate)		302,544
	4,800	Severn Trent PLC (Utilities)		149,877
	17,463	Smith & Nephew PLC (Health Care)		355,758
	7,902	Smiths Group PLC (Industrials)		148,337
	1,474	Spirax-Sarco Engineering PLC (Industrials)		202,197
	20,703	SSE PLC (Utilities)		348,998
	10,669	St James’s Place PLC (Financials)		139,967
	63,015	Standard Chartered PLC (Financials)*		331,083
	45,077	Standard Life Aberdeen PLC (Financials)		143,164
	70,743	Taylor Wimpey PLC (Consumer Discretionary)		116,034
	8,395	TechnipFMC PLC (Energy)		64,642
	195,280	Tesco PLC (Consumer Staples)		571,835
	27,358	Unilever NV (Consumer Staples)		1,587,190
	22,002	Unilever PLC (Consumer Staples)		1,313,897
	13,623	United Utilities Group PLC (Utilities)		151,615
	534,987	Vodafone Group PLC (Communication Services)		798,268
	5,160	Weir Group PLC (The) (Industrials)		87,640
	4,023	Whitbread PLC (Consumer Discretionary)		136,227
	47,892	Wm Morrison Supermarkets PLC (Consumer Staples)		123,312
	24,418	WPP PLC (Communication Services)		211,076
				35,055,610
United States – 0.3%
	3,060	Carnival PLC (Consumer Discretionary)		43,205
	768	CyberArk Software Ltd. (Information Technology)*		84,864
	4,485	Ferguson PLC (Industrials)		442,943
	8,435	James Hardie Industries PLC CDI (Materials)		192,321
	9,349	Tenaris SA (Energy)		55,010
				818,343
	TOTAL COMMON STOCKS
	(Cost $270,314,905)		$	278,351,518

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

GOLDMAN SACHS MARKETBETA INTERNATIONAL EQUITY ETF

Schedule of Investments (continued)

August 31, 2020

Shares	Description		Rate			Value
Preferred Stocks – 0.6%
Germany – 0.6%
1,140		Bayerische Motoren Werke AG (Consumer Discretionary)		5.36	%	$	64,215
3,480		Henkel AG & Co. KGaA (Consumer Staples)		2.12			356,093
3,060		Porsche Automobil Holding SE (Consumer Discretionary)*		0.00			187,738
675		Sartorius AG (Health Care)		0.10			286,580
3,653		Volkswagen AG (Consumer Discretionary)*		0.00			608,749
							1,503,375
Spain – 0.0%
5,160		Grifols SA, Class B (Health Care)		1.49			83,557
TOTAL PREFERRED STOCKS
(Cost $1,503,777)						$	1,586,932
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
(Cost $271,818,682)						$	279,938,450
Shares	Dividend Rate					Value
Securities Lending Reinvestment Vehicle – 0.1%(c)
Goldman Sachs Financial Square Government Fund – Institutional Shares
292,150		0.027%				$	292,150
(Cost $292,150)
TOTAL INVESTMENTS – 99.8%
(Cost $272,110,832)						$	280,230,600
OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.2%							492,696
NET ASSETS – 100.0%						$	280,723,296

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
SDR	—Swedish Depositary Receipt

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

GOLDMAN SACHS MARKETBETA U.S. EQUITY ETF

Schedule of Investments

August 31, 2020

Shares		Description	Value
Common Stocks – 99.7%
Communication Services – 11.1%
	6,572	Activision Blizzard, Inc.	$	548,893
	2,560	Alphabet, Inc., Class A*		4,171,597
	2,517	Alphabet, Inc., Class C*		4,113,231
	2,768	Altice USA, Inc., Class A*		76,341
	61,395	AT&T, Inc.		1,830,185
	9,436	CenturyLink, Inc.		101,437
	1,237	Charter Communications, Inc., Class A*		761,510
	39,030	Comcast Corp., Class A		1,748,934
	1,272	Discovery, Inc., Class A*		28,067
	2,799	Discovery, Inc., Class C*		55,896
	2,120	DISH Network Corp., Class A*		75,302
	2,474	Electronic Arts, Inc.*		345,049
	20,630	Facebook, Inc., Class A*		6,048,716
	2,915	Fox Corp., Class A		81,212
	1,378	Fox Corp., Class B		38,308
	673	IAC/InterActiveCorp*		89,502
	3,286	Interpublic Group of Cos., Inc. (The)		58,359
	212	Liberty Broadband Corp., Class A*		29,296
	1,272	Liberty Broadband Corp., Class C*		178,195
	742	Liberty Media Corp.-Liberty SiriusXM, Class A*		26,942
	1,429	Liberty Media Corp.-Liberty SiriusXM, Class C*		51,437
	2,097	Match Group, Inc.*		234,193
	3,721	Netflix, Inc.*		1,970,493
	1,829	Omnicom Group, Inc.		98,931
	566	Sea Ltd. ADR (Taiwan)*		86,491
	9,249	Sirius XM Holdings, Inc.		54,292
	8,858	Snap, Inc., Class A*		200,102
	1,084	Spotify Technology SA*		305,861
	966	Take-Two Interactive Software, Inc.*		165,370
	3,310	T-Mobile US, Inc.*		386,211
	6,509	Twitter, Inc.*		264,135
	35,681	Verizon Communications, Inc.		2,114,813
	106	ViacomCBS, Inc., Class A		3,237
	4,664	ViacomCBS, Inc., Class B		129,892
	15,562	Walt Disney Co. (The)		2,052,161
				28,524,591
Consumer Discretionary – 12.6%
	569	Advance Auto Parts, Inc.		88,940
	3,643	Amazon.com, Inc.*		12,571,847
	2,313	Aptiv PLC		199,196
	201	AutoZone, Inc.*		240,458
	1,982	Best Buy Co., Inc.		219,824
	350	Booking Holdings, Inc.*		668,657
	1,398	CarMax, Inc.*		149,488
	4,028	Carnival Corp.(a)		66,381
	549	Chewy, Inc., Class A*		33,527
	236	Chipotle Mexican Grill, Inc.*		309,226
	1,120	Darden Restaurants, Inc.		97,070
	2,171	Dollar General Corp.		438,281
	2,014	Dollar Tree, Inc.*		193,888
	334	Domino’s Pizza, Inc.		136,593
	2,926	D.R. Horton, Inc.		208,829
	5,752	eBay, Inc.		315,095
	1,166	Expedia Group, Inc.		114,443
	33,430	Ford Motor Co.		227,993
	1,202	Garmin Ltd.		124,539
	10,814	General Motors Co.		320,419
	1,205	Genuine Parts Co.		113,800
	1,098	Hasbro, Inc.		86,676
	2,350	Hilton Worldwide Holdings, Inc.		212,346
	9,268	Home Depot, Inc. (The)		2,641,751
	3,180	Las Vegas Sands Corp.		161,258
	2,332	Lennar Corp., Class A		174,480
	133	Lennar Corp., Class B		7,887
	2,438	LKQ Corp.*		77,382
	6,512	Lowe’s Cos., Inc.		1,072,461
	1,034	Lululemon Athletica, Inc.*		388,443
	2,061	Marriott International, Inc., Class A		212,097
	6,413	McDonald’s Corp.		1,369,304
	410	MercadoLibre, Inc. (Argentina)*		479,122
	3,816	MGM Resorts International		85,860
	509	Mohawk Industries, Inc.*		46,996
	3,254	Newell Brands, Inc.		51,999
	10,568	NIKE, Inc., Class B		1,182,453
	28	NVR, Inc.*		116,713
	630	O’Reilly Automotive, Inc.*		293,347
	2,226	PulteGroup, Inc.		99,257
	3,000	Ross Stores, Inc.		273,240
	1,484	Royal Caribbean Cruises Ltd.		102,159
	10,055	Starbucks Corp.		849,346
	4,303	Target Corp.		650,657
	6,360	Tesla, Inc.*		3,169,315
	1,040	Tiffany & Co.		127,400
	9,540	TJX Cos., Inc. (The)		522,697
	988	Tractor Supply Co.		147,044
	460	Ulta Beauty, Inc.*		106,803
	340	Vail Resorts, Inc.		74,008
	2,766	VF Corp.		181,864
	530	Whirlpool Corp.		94,192
	848	Wynn Resorts Ltd.		74,158
	3,097	Yum China Holdings, Inc. (China)		178,728
	2,595	Yum! Brands, Inc.		248,731
				32,398,668
Consumer Staples – 6.6%
	16,002	Altria Group, Inc.		699,927
	4,770	Archer-Daniels-Midland Co.		213,505
	318	Brown-Forman Corp., Class A		21,141
	2,606	Brown-Forman Corp., Class B		190,681
	1,667	Campbell Soup Co.		87,701
	2,120	Church & Dwight Co., Inc.		203,160
	1,082	Clorox Co. (The)		241,827
	33,224	Coca-Cola Co. (The)		1,645,585
	7,362	Colgate-Palmolive Co.		583,512
	4,093	Conagra Brands, Inc.		157,007
	1,349	Constellation Brands, Inc., Class A		248,864
	3,754	Costco Wholesale Corp.		1,305,116
	1,705	Estee Lauder Cos., Inc. (The), Class A		378,033

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

GOLDMAN SACHS MARKETBETA U.S. EQUITY ETF

Schedule of Investments (continued)

August 31, 2020

Shares		Description	Value
Common Stocks – (continued)
Consumer Staples – (continued)
	5,246	General Mills, Inc.	$	335,482
	1,272	Hershey Co. (The)		189,070
	2,438	Hormel Foods Corp.		124,289
	940	J M Smucker Co. (The)		112,969
	2,198	Kellogg Co.		155,860
	3,362	Keurig Dr Pepper, Inc.		100,288
	2,929	Kimberly-Clark Corp.		462,079
	5,512	Kraft Heinz Co. (The)		193,140
	6,466	Kroger Co. (The)		230,707
	1,060	McCormick & Co., Inc.		218,572
	1,590	Molson Coors Beverage Co., Class B		59,848
	12,152	Mondelez International, Inc., Class A		709,920
	3,177	Monster Beverage Corp.*		266,423
	11,944	PepsiCo, Inc.		1,672,877
	13,403	Philip Morris International, Inc.		1,069,425
	21,245	Procter & Gamble Co. (The)		2,938,821
	4,156	Sysco Corp.		249,942
	2,506	Tyson Foods, Inc., Class A		157,377
	6,254	Walgreens Boots Alliance, Inc.		237,777
	11,984	Walmart, Inc.		1,663,978
				17,124,903
Energy – 2.1%
	5,618	Baker Hughes Co.		80,225
	3,392	Cabot Oil & Gas Corp.		64,346
	1,979	Cheniere Energy, Inc.*		103,007
	16,091	Chevron Corp.		1,350,517
	1,696	Concho Resources, Inc.		88,158
	9,239	ConocoPhillips		350,066
	4,982	EOG Resources, Inc.		225,884
	36,404	Exxon Mobil Corp.		1,453,976
	6,996	Halliburton Co.		113,195
	2,417	Hess Corp.		111,279
	16,734	Kinder Morgan, Inc.		231,264
	5,580	Marathon Petroleum Corp.		197,867
	3,805	ONEOK, Inc.		104,561
	3,759	Phillips 66		219,789
	1,405	Pioneer Natural Resources Co.		146,022
	11,946	Schlumberger NV		227,093
	3,498	Valero Energy Corp.		183,960
	10,445	Williams Cos., Inc. (The)		216,838
				5,468,047
Financials – 9.1%
	5,739	Aflac, Inc.		208,440
	119	Alleghany Corp.		65,993
	2,650	Allstate Corp. (The)		246,450
	3,180	Ally Financial, Inc.		72,758
	5,194	American Express Co.		527,658
	636	American Financial Group, Inc.		42,517
	7,420	American International Group, Inc.		216,219
	1,051	Ameriprise Financial, Inc.		164,797
	12,287	Annaly Capital Management, Inc. REIT		90,309
	1,978	Aon PLC, Class A		395,580
	1,759	Apollo Global Management, Inc.		82,444
	3,392	Arch Capital Group Ltd.*		106,984
	1,617	Arthur J Gallagher & Co.		170,270
	1,572	Athene Holding Ltd., Class A*		57,472
	66,759	Bank of America Corp.		1,718,377
	6,859	Bank of New York Mellon Corp. (The)		253,646
	11,573	Berkshire Hathaway, Inc., Class B*		2,523,377
	1,229	BlackRock, Inc.		730,259
	5,725	Blackstone Group, Inc. (The), Class A		303,139
	3,888	Capital One Financial Corp.		268,389
	942	Cboe Global Markets, Inc.		86,466
	10,018	Charles Schwab Corp. (The)		355,940
	3,382	Chubb Ltd.		422,750
	1,353	Cincinnati Financial Corp.		107,442
	17,907	Citigroup, Inc.		915,406
	3,664	Citizens Financial Group, Inc.		94,788
	3,054	CME Group, Inc.		537,107
	2,624	Discover Financial Services		139,282
	1,908	E*TRADE Financial Corp.		103,223
	338	Everest Re Group Ltd.		74,387
	2,450	Fidelity National Financial, Inc.		80,433
	6,148	Fifth Third Bancorp		127,018
	1,465	First Republic Bank		165,413
	2,438	Franklin Resources, Inc.		51,344
	848	Globe Life, Inc.		69,943
	2,927	Goldman Sachs Group, Inc. (The)		599,654
	3,074	Hartford Financial Services Group, Inc. (The)		124,343
	8,692	Huntington Bancshares, Inc.		81,792
	636	Interactive Brokers Group, Inc., Class A		33,721
	4,664	Intercontinental Exchange, Inc.		495,457
	25,579	JPMorgan Chase & Co.		2,562,760
	8,367	KeyCorp		103,081
	4,558	KKR & Co., Inc.		163,268
	1,567	Lincoln National Corp.		56,490
	2,082	Loews Corp.		74,660
	1,060	M&T Bank Corp.		109,456
	115	Markel Corp.*		124,985
	4,396	Marsh & McLennan Cos., Inc.		505,144
	6,042	MetLife, Inc.		232,375
	1,395	Moody’s Corp.		411,023
	10,284	Morgan Stanley		537,442
	701	MSCI, Inc.		261,662
	981	Nasdaq, Inc.		131,866
	1,696	Northern Trust Corp.		138,885
	3,560	PNC Financial Services Group, Inc. (The)		395,872
	2,332	Principal Financial Group, Inc.		98,200
	5,036	Progressive Corp. (The)		478,621
	3,392	Prudential Financial, Inc.		229,876
	1,060	Raymond James Financial, Inc.		80,263
	8,268	Regions Financial Corp.		95,578
	585	Reinsurance Group of America, Inc.		53,633
	2,077	S&P Global, Inc.		761,054
	1,166	SEI Investments Co.		61,052
	2,862	State Street Corp.		194,874
	441	SVB Financial Group*		112,623
	4,876	Synchrony Financial		120,974
	1,908	T. Rowe Price Group, Inc.		265,613

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

GOLDMAN SACHS MARKETBETA U.S. EQUITY ETF

Shares		Description	Value
Common Stocks – (continued)
Financials – (continued)
	2,226	TD Ameritrade Holding Corp.	$	85,434
	2,175	Travelers Cos., Inc. (The)		252,387
	11,559	Truist Financial Corp.		448,605
	11,674	US Bancorp		424,934
	1,180	W R Berkley Corp.		73,219
	32,477	Wells Fargo & Co.		784,320
	1,095	Willis Towers Watson PLC		225,055
				23,566,271
Health Care – 13.6%
	15,142	Abbott Laboratories		1,657,595
	15,187	AbbVie, Inc.		1,454,459
	382	ABIOMED, Inc.*		117,511
	2,650	Agilent Technologies, Inc.		266,113
	1,819	Alexion Pharmaceuticals, Inc.*		207,766
	621	Align Technology, Inc.*		184,425
	1,262	AmerisourceBergen Corp.		122,452
	5,063	Amgen, Inc.		1,282,559
	2,175	Anthem, Inc.		612,306
	4,364	Baxter International, Inc.		379,973
	2,496	Becton Dickinson and Co.		605,954
	1,393	Biogen, Inc.*		400,682
	1,551	BioMarin Pharmaceutical, Inc.*		121,025
	12,285	Boston Scientific Corp.*		503,931
	19,496	Bristol-Myers Squibb Co.		1,212,651
	2,506	Cardinal Health, Inc.		127,205
	4,880	Centene Corp.*		299,242
	2,622	Cerner Corp.		192,376
	3,173	Cigna Corp.		562,795
	455	Cooper Cos., Inc. (The)		143,043
	11,238	CVS Health Corp.		698,105
	5,414	Danaher Corp.		1,117,829
	693	DaVita, Inc.*		60,125
	1,881	DENTSPLY SIRONA, Inc.		84,400
	781	DexCom, Inc.*		332,245
	5,302	Edwards Lifesciences Corp.*		455,124
	3,392	Elanco Animal Health, Inc.*		98,571
	7,279	Eli Lilly and Co.		1,080,131
	10,776	Gilead Sciences, Inc.		719,298
	2,279	HCA Healthcare, Inc.		309,306
	1,216	Henry Schein, Inc.*		80,791
	2,209	Hologic, Inc.*		131,921
	1,139	Humana, Inc.		472,879
	725	IDEXX Laboratories, Inc.*		283,518
	1,263	Illumina, Inc.*		451,169
	1,579	Incyte Corp.*		152,137
	994	Intuitive Surgical, Inc.*		726,455
	1,581	IQVIA Holdings, Inc.*		258,889
	459	Jazz Pharmaceuticals PLC*		61,685
	22,710	Johnson & Johnson		3,483,941
	835	Laboratory Corp. of America Holdings*		146,751
	1,396	McKesson Corp.		214,202
	11,553	Medtronic PLC		1,241,601
	21,759	Merck & Co., Inc.		1,855,390
	203	Mettler-Toledo International, Inc.*		197,068
	4,452	Mylan NV*		72,924
	1,166	Perrigo Co. PLC		60,982
	47,889	Pfizer, Inc.		1,809,725
	1,148	Quest Diagnostics, Inc.		127,704
	843	Regeneron Pharmaceuticals, Inc.*		522,601
	1,239	ResMed, Inc.		223,986
	1,060	Seattle Genetics, Inc.*		167,840
	2,862	Stryker Corp.		567,134
	400	Teleflex, Inc.		157,180
	3,398	Thermo Fisher Scientific, Inc.		1,457,674
	8,130	UnitedHealth Group, Inc.		2,541,031
	646	Universal Health Services, Inc., Class B		71,286
	778	Varian Medical Systems, Inc.*		135,115
	1,158	Veeva Systems, Inc., Class A*		326,869
	2,233	Vertex Pharmaceuticals, Inc.*		623,275
	530	Waters Corp.*		114,618
	1,783	Zimmer Biomet Holdings, Inc.		251,189
	4,095	Zoetis, Inc.		655,609
				35,054,336
Industrials – 7.8%
	4,945	3M Co.		806,134
	1,140	A O Smith Corp.		55,826
	1,972	AMETEK, Inc.		198,580
	4,592	Boeing Co. (The)		788,997
	7,472	Carrier Global Corp.		223,039
	4,660	Caterpillar, Inc.		663,165
	1,151	C.H. Robinson Worldwide, Inc.		113,143
	755	Cintas Corp.		251,596
	1,814	Copart, Inc.*		187,423
	334	CoStar Group, Inc.*		283,432
	6,572	CSX Corp.		502,495
	1,256	Cummins, Inc.		260,306
	2,687	Deere & Co.		564,431
	5,483	Delta Air Lines, Inc.		169,151
	1,237	Dover Corp.		135,872
	3,445	Eaton Corp. PLC		351,735
	5,116	Emerson Electric Co.		355,409
	1,043	Equifax, Inc.		175,506
	1,429	Expeditors International of Washington, Inc.		126,309
	4,939	Fastenal Co.		241,320
	2,079	FedEx Corp.		457,047
	2,658	Fortive Corp.		191,668
	1,180	Fortune Brands Home & Security, Inc.		99,214
	2,155	General Dynamics Corp.		321,849
	74,423	General Electric Co.		471,842
	6,042	Honeywell International, Inc.		1,000,253
	339	Huntington Ingalls Industries, Inc.		51,365
	3,136	IHS Markit Ltd.		250,629
	2,456	Illinois Tool Works, Inc.		485,183
	3,296	Ingersoll Rand, Inc.*		115,558
	721	J.B. Hunt Transport Services, Inc.		101,329
	6,399	Johnson Controls International PLC		260,631
	817	Kansas City Southern		148,727
	1,855	L3Harris Technologies, Inc.		335,273

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

GOLDMAN SACHS MARKETBETA U.S. EQUITY ETF

Schedule of Investments (continued)

August 31, 2020

Shares		Description	Value
Common Stocks – (continued)
Industrials – (continued)
	2,050	Lockheed Martin Corp.	$	800,033
	1,855	Lyft, Inc., Class A*		55,038
	2,259	Masco Corp.		131,700
	2,208	Norfolk Southern Corp.		469,266
	1,288	Northrop Grumman Corp.		441,282
	911	Old Dominion Freight Line, Inc.		184,186
	3,733	Otis Worldwide Corp.		234,806
	2,929	PACCAR, Inc.		251,425
	1,096	Parker-Hannifin Corp.		225,787
	13,068	Raytheon Technologies Corp.		797,148
	1,802	Republic Services, Inc.		167,081
	989	Rockwell Automation, Inc.		227,994
	1,272	Rollins, Inc.		70,138
	881	Roper Technologies, Inc.		376,354
	460	Snap-on, Inc.		68,204
	5,066	Southwest Airlines Co.		190,380
	1,328	Stanley Black & Decker, Inc.		214,206
	1,957	Textron, Inc.		77,165
	2,050	Trane Technologies PLC		242,700
	440	TransDigm Group, Inc.		219,855
	1,623	TransUnion		140,747
	9,434	Uber Technologies, Inc.*		317,265
	5,839	Union Pacific Corp.		1,123,657
	2,428	United Airlines Holdings, Inc.*		87,408
	6,069	United Parcel Service, Inc., Class B		993,010
	619	United Rentals, Inc.*		109,594
	1,385	Verisk Analytics, Inc.		258,538
	3,648	Waste Management, Inc.		415,872
	1,536	Westinghouse Air Brake Technologies Corp.		102,221
	388	W.W. Grainger, Inc.		141,787
	1,546	Xylem, Inc.		123,958
				20,003,242
Information Technology – 29.2%
	5,478	Accenture PLC, Class A		1,314,337
	4,124	Adobe, Inc.*		2,117,220
	10,039	Advanced Micro Devices, Inc.*		911,742
	1,378	Akamai Technologies, Inc.*		160,441
	1,166	Amdocs Ltd.		71,394
	2,544	Amphenol Corp., Class A		279,331
	3,167	Analog Devices, Inc.		370,159
	730	ANSYS, Inc.*		247,477
	149,372	Apple, Inc.		19,274,963
	7,844	Applied Materials, Inc.		483,190
	473	Arista Networks, Inc.*		105,692
	1,074	Atlassian Corp. PLC, Class A*		205,950
	1,888	Autodesk, Inc.*		463,882
	3,435	Automatic Data Processing, Inc.		477,774
	3,385	Broadcom, Inc.		1,175,103
	981	Broadridge Financial Solutions, Inc.		134,789
	2,377	Cadence Design Systems, Inc.*		263,633
	1,218	CDW Corp.		138,426
	33,661	Cisco Systems, Inc.		1,421,167
	1,054	Citrix Systems, Inc.		153,041
	4,649	Cognizant Technology Solutions Corp., Class A		310,832
	6,572	Corning, Inc.		213,327
	2,034	Dell Technologies, Inc., Class C*		134,407
	1,496	DocuSign, Inc.*		333,608
	2,120	Dropbox, Inc., Class A*		44,880
	530	F5 Networks, Inc.*		70,135
	5,313	Fidelity National Information Services, Inc.		801,466
	4,773	Fiserv, Inc.*		475,295
	711	FleetCor Technologies, Inc.*		178,781
	1,181	Fortinet, Inc.*		155,898
	742	Gartner, Inc.*		96,327
	2,558	Global Payments, Inc.		451,794
	11,132	Hewlett Packard Enterprise Co.		107,646
	12,304	HP, Inc.		240,543
	36,507	Intel Corp.		1,860,032
	7,648	International Business Machines Corp.		943,075
	2,176	Intuit, Inc.		751,569
	2,862	Juniper Networks, Inc.		71,550
	1,601	Keysight Technologies, Inc.*		157,731
	1,334	KLA Corp.		273,657
	1,239	Lam Research Corp.		416,725
	1,218	Leidos Holdings, Inc.		110,217
	5,685	Marvell Technology Group Ltd.		220,464
	7,554	Mastercard, Inc., Class A		2,705,767
	2,285	Maxim Integrated Products, Inc.		156,385
	2,073	Microchip Technology, Inc.		227,408
	9,562	Micron Technology, Inc.*		435,167
	64,476	Microsoft Corp.		14,541,272
	1,462	Motorola Solutions, Inc.		226,245
	1,908	NetApp, Inc.		90,420
	4,770	NortonLifeLock, Inc.		112,190
	5,082	NVIDIA Corp.		2,718,768
	988	Okta, Inc.*		212,786
	16,587	Oracle Corp.		949,108
	809	Palo Alto Networks, Inc.*		208,245
	2,756	Paychex, Inc.		210,751
	10,118	PayPal Holdings, Inc.*		2,065,489
	979	Qorvo, Inc.*		125,576
	9,694	QUALCOMM, Inc.		1,154,555
	651	RingCentral, Inc., Class A*		189,291
	7,480	salesforce.com, Inc.*		2,039,422
	1,928	Seagate Technology PLC		92,525
	1,641	ServiceNow, Inc.*		790,995
	1,437	Skyworks Solutions, Inc.		208,150
	1,359	Splunk, Inc.*		298,070
	3,100	Square, Inc., Class A*		494,636
	1,933	SS&C Technologies Holdings, Inc.		123,171
	1,291	Synopsys, Inc.*		285,698
	2,839	TE Connectivity Ltd.		274,247
	7,905	Texas Instruments, Inc.		1,123,696
	2,120	Trimble, Inc.*		111,109
	1,082	Twilio, Inc., Class A*		291,880
	870	VeriSign, Inc.*		186,876
	14,454	Visa, Inc., Class A		3,064,104

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

GOLDMAN SACHS MARKETBETA U.S. EQUITY ETF

Shares		Description	Value
Common Stocks – (continued)
Information Technology – (continued)
	690	VMware, Inc., Class A*(a)	$	99,664
	2,519	Western Digital Corp.		96,780
	3,498	Western Union Co. (The)		82,518
	1,484	Workday, Inc., Class A*		355,730
	2,096	Xilinx, Inc.		218,319
	1,484	Zoom Video Communications, Inc., Class A*		482,448
				75,239,131
Materials – 2.3%
	1,900	Air Products and Chemicals, Inc.		555,294
	915	Albemarle Corp.		83,274
	13,558	Amcor PLC		149,952
	2,789	Ball Corp.		224,152
	1,013	Celanese Corp.		102,465
	6,466	Corteva, Inc.		184,604
	6,401	Dow, Inc.		288,813
	6,319	DuPont de Nemours, Inc.		352,347
	1,165	Eastman Chemical Co.		85,173
	2,216	Ecolab, Inc.		436,729
	1,111	FMC Corp.		118,721
	12,456	Freeport-McMoRan, Inc.		194,438
	921	International Flavors & Fragrances, Inc.(a)		114,011
	3,392	International Paper Co.		123,028
	4,458	Linde PLC (United Kingdom)		1,113,341
	2,203	LyondellBasell Industries NV, Class A		144,252
	530	Martin Marietta Materials, Inc.		107,521
	6,896	Newmont Corp.		463,963
	2,575	Nucor Corp.		117,060
	808	Packaging Corp. of America		81,802
	2,031	PPG Industries, Inc.		244,532
	710	Sherwin-Williams Co. (The)		476,446
	711	Southern Copper Corp. (Peru)		34,199
	1,142	Vulcan Materials Co.		137,040
	2,226	Westrock Co.		67,515
				6,000,672
Real Estate – 2.6%
	1,135	Alexandria Real Estate Equities, Inc. REIT		191,111
	3,811	American Tower Corp. REIT		949,511
	1,214	AvalonBay Communities, Inc. REIT		191,885
	1,228	Boston Properties, Inc. REIT		106,676
	2,756	CBRE Group, Inc., Class A*		129,615
	3,579	Crown Castle International Corp. REIT		584,272
	2,308	Digital Realty Trust, Inc. REIT		359,240
	3,180	Duke Realty Corp. REIT		122,589
	758	Equinix, Inc. REIT		598,653
	3,160	Equity Residential REIT		178,382
	561	Essex Property Trust, Inc. REIT		121,462
	1,084	Extra Space Storage, Inc. REIT		115,500
	636	Federal Realty Investment Trust REIT		50,397
	4,633	Healthpeak Properties, Inc. REIT		128,056
	6,042	Host Hotels & Resorts, Inc. REIT		67,852
	4,819	Invitation Homes, Inc. REIT		137,968
	2,438	Iron Mountain, Inc. REIT		73,359
	978	Mid-America Apartment Communities, Inc. REIT		114,543
	6,338	Prologis, Inc. REIT		645,589
	1,289	Public Storage REIT		273,784
	2,968	Realty Income Corp. REIT		184,105
	1,447	Regency Centers Corp. REIT		57,460
	954	SBA Communications Corp. REIT		291,991
	2,623	Simon Property Group, Inc. REIT		177,970
	2,544	UDR, Inc. REIT		88,557
	3,180	Ventas, Inc. REIT		131,048
	1,484	Vornado Realty Trust REIT		53,172
	3,594	Welltower, Inc. REIT		206,727
	6,421	Weyerhaeuser Co. REIT		194,620
	1,514	W.P. Carey, Inc. REIT		105,026
				6,631,120
Utilities – 2.7%
	2,147	Alliant Energy Corp.		116,260
	2,120	Ameren Corp.		167,713
	4,269	American Electric Power Co., Inc.		336,525
	1,559	American Water Works Co., Inc.		220,349
	1,044	Atmos Energy Corp.		104,212
	489	Avangrid, Inc.		23,492
	4,346	CenterPoint Energy, Inc.		87,224
	2,455	CMS Energy Corp.		148,503
	2,862	Consolidated Edison, Inc.		204,175
	7,208	Dominion Energy, Inc.		565,396
	1,649	DTE Energy Co.		195,687
	6,333	Duke Energy Corp.		508,793
	3,259	Edison International		171,032
	1,719	Entergy Corp.		170,422
	1,946	Evergy, Inc.		103,566
	2,947	Eversource Energy		252,588
	8,374	Exelon Corp.		309,084
	4,664	FirstEnergy Corp.		133,344
	4,213	NextEra Energy, Inc.		1,176,143
	3,286	NiSource, Inc.		72,818
	954	Pinnacle West Capital Corp.		69,976
	6,625	PPL Corp.		183,049
	4,346	Public Service Enterprise Group, Inc.		227,035
	2,520	Sempra Energy		311,598
	9,102	Southern Co. (The)		474,942
	1,802	UGI Corp.		62,223
	2,717	WEC Energy Group, Inc.		255,615
	4,517	Xcel Energy, Inc.		313,819
				6,965,583
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $232,251,163)		$	256,976,564

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

GOLDMAN SACHS MARKETBETA U.S. EQUITY ETF

Schedule of Investments (continued)

August 31, 2020

Shares		Dividend Rate	Value
Securities Lending Reinvestment Vehicle – 0.1%(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	278,029	0.027%	$	278,029
	(Cost $278,029)
	TOTAL INVESTMENTS – 99.8%
	(Cost $232,529,192)		$	257,254,593
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.2%			408,483
	NET ASSETS – 100.0%		$	257,663,076

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

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

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

GOLDMAN SACHS MARKETBETA ETFS

Statements of Assets and Liabilities

August 31, 2020

	MarketBeta Emerging Markets Equity ETF		MarketBeta International Equity ETF		MarketBeta U.S. Equity ETF
Assets:
Investments in unaffiliated issuers, at value (cost $29,743,838, $271,818,682 and $232,251,163, respectively)(a)	$	36,412,351	$	279,938,450	$	256,976,564
Investments in securities lending reinvestment vehicle, at value which equals cost		212,078		292,150		278,029
Cash		1,998,505		170,174		332,670
Foreign currency, at value (cost $3,457, $11,748 and $–, respectively)		3,459		11,841		—
Receivables:
Due from broker		209,880		—		—
Dividends		42,027		590,202		367,901
Investments sold		3,709		978		—
Reimbursement from investment adviser		2,924		10,048		4,042
Securities lending income		165		353		86
Foreign tax reclaims		—		38,357		—
Fund shares sold		—		24,989		—
Total assets		38,885,098		281,077,542		257,959,292
Liabilities:
Variation margin on futures contracts		35,100		—		—
Payables:
Upon return of securities loaned		212,078		292,150		278,029
Foreign capital gains tax		102,146		—		—
Management fees		14,622		50,238		18,187
Investments purchased		3,456		81		—
Accrued expenses		435		11,777		—
Total liabilities		367,837		354,246		296,216
Net Assets:
Paid-in capital		31,195,581		271,484,976		232,137,199
Total distributable earnings		7,321,680		9,238,320		25,525,877
NET ASSETS	$	38,517,261	$	280,723,296	$	257,663,076
SHARES ISSUED AND OUTSTANDING
Shares outstanding no par value (unlimited shares authorized):		800,000		6,000,000		5,300,000
Net asset value per share:	$	48.15	$	46.79	$	48.62

(a) Includes loaned securities having a market value of $206,212, $281,260 and $267,310, respectively.

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

GOLDMAN SACHS MARKETBETA ETFS

Statements of Operations

For the Period Ended August 31, 2020

	MarketBeta Emerging Markets Equity ETF(a)			MarketBeta International Equity ETF(a)			MarketBeta U.S. Equity ETF(a)
Investment income:
Dividends — unaffiliated issuers (net of foreign withholding taxes of $63,325, $99,310 and $–, respectively)	$	471,712		$	1,107,415		$	863,361
Non cash dividend income — unaffiliated issuer		—			120,861			—
Securities lending income — unaffiliated issuer		267			945			584
Total investment income		471,979			1,229,221			863,945
Expenses:
Management fees		52,904			129,363			44,698
Trustee fees		678			1,406			1,326
Total expenses		53,582			130,769			46,024
Less — expense reductions		(10,717	)		(26,154	)		(10,228	)
Net expenses		42,865			104,615			35,796
NET INVESTMENT INCOME		429,114			1,124,606			828,149
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers (including the effects of the foreign capital gains tax liability of $11,356, $– and $– , respectively)		331,944			(65,377	)		(27,673	)
In-kind redemptions		284,635			2,974,015			—
Foreign currency transactions		59,326			46,818			—
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers (including the effects of the foreign capital gains tax liability of $102,138, $– and $–, respectively)		6,566,375			8,119,768			24,725,401
Futures		(22,144	)		—			—
Foreign currency translations		(136	)		11,366			—
Net realized and unrealized gain		7,220,000			11,086,590			24,697,728
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	7,649,114		$	12,211,196		$	25,525,877

(a) For the period May 12, 2020 (commencement of operations) through August 31, 2020.

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

GOLDMAN SACHS MARKETBETA ETFS

Statements of Changes in Net Assets

	MarketBeta Emerging Markets Equity ETF			MarketBeta International Equity ETF				MarketBeta U.S. Equity ETF
	For the Period May 12, 2020* to August 31, 2020			For the Period May 12, 2020* to August 31, 2020				For the Period May 12, 2020* to August 31, 2020
From operations:
Net investment income	$	429,114		$	1,124,606			$	828,149
Net realized gain (loss)		675,905			2,955,456				(27,673	)
Net change in unrealized gain		6,544,095			8,131,134				24,725,401
Net increase in net assets resulting from operations		7,649,114			12,211,196				25,525,877
From share transactions:
Proceeds from sales of shares		39,611,628			295,853,235				232,137,239
Cost of shares redeemed		(8,743,481	)		(27,341,135	)			(40	)
Net increase in net assets resulting from share transactions		30,868,147			268,512,100				232,137,199
TOTAL INCREASE		38,517,261			280,723,296		��		257,663,076
Net assets:
Beginning of period	$	—		$	—			$	—
End of period	$	38,517,261		$	280,723,296			$	257,663,076

* Commencement of operations.

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

GOLDMAN SACHS MARKETBETA EMERGING MARKETS EQUITY ETF

Financial Highlights

Selected Data for a Share Outstanding Throughout the Period

	MarketBeta Emerging Markets Equity ETF
	For the Period May 12, 2020* to August 31, 2020
Per Share Operating Performance:
Net asset value, beginning of period	$	39.60
Net investment income(a)		0.49
Net realized and unrealized gain		8.06
Total gain from investment operations		8.55
Net asset value, end of period	$	48.15
Market price, end of period	$	48.36
Total Return at Net Asset Value(b)		21.54	%
Net assets, end of period (in 000’s)	$	38,517
Ratio of net expenses to average net assets		0.36	%(c)
Ratio of total expenses to average net assets		0.45	%(c)
Ratio of net investment income to average net assets		3.60	%(c)
Portfolio turnover rate(d)		23	%

 * Commencement of operations.

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

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

(c) Annualized.

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

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

GOLDMAN SACHS MARKETBETA INTERNATIONAL EQUITY ETF

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout the Period

	MarketBeta International Equity ETF
	For the Period May 12, 2020* to August 31, 2020
Per Share Operating Performance:
Net asset value, beginning of period	$	40.14
Net investment income(a)		0.30
Net realized and unrealized gain		6.35
Total gain from investment operations		6.65
Net asset value, end of period	$	46.79
Market price, end of period	$	46.82
Total Return at Net Asset Value(b)		16.57	%
Net assets, end of period (in 000’s)	$	280,723
Ratio of net expenses to average net assets		0.20	%(c)
Ratio of total expenses to average net assets		0.25	%(c)
Ratio of net investment income to average net assets		2.15	%(c)
Portfolio turnover rate(d)		1	%

 * 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. 61

GOLDMAN SACHS MARKETBETA U.S. EQUITY ETF

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout the Period

	MarketBeta U.S. Equity ETF
	For the Period May 12, 2020* to August 31, 2020
Per Share Operating Performance:
Net asset value, beginning of period	$	39.20
Net investment income(a)		0.22
Net realized and unrealized gain		9.20
Total gain from investment operations		9.42
Net asset value, end of period	$	48.62
Market price, end of period	$	48.69
Total Return at Net Asset Value(b)		24.03	%
Net assets, end of period (in 000’s)	$	257,663
Ratio of net expenses to average net assets		0.07	%(c)
Ratio of total expenses to average net assets		0.09	%(c)
Ratio of net investment income to average net assets		1.62	%(c)
Portfolio turnover rate(d)		1	%

 * 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.

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

GOLDMAN SACHS MARKETBETA ETFS

Notes to Financial Statements

August 31, 2020

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 MarketBeta Emerging Markets Equity ETF (“MarketBeta Emerging Markets Equity ETF”)*	Diversified
Goldman Sachs MarketBeta International Equity ETF (“MarketBeta International Equity ETF”)*	Diversified
Goldman Sachs MarketBeta U.S. Equity ETF (“MarketBeta U.S. Equity ETF”)*	Diversified

* Commencement of operations on May 12, 2020.

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

Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as investment adviser to the Funds pursuant to a management agreement (the “Agreement”) with the Trust. Each Fund is an exchange-traded fund (“ETF”). Shares of the Funds are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”). Market prices for the Funds’ shares may be different from their net asset value (“NAV”). The Funds issue and redeem shares at their respective NAV only in blocks of a specified number of shares, or multiples thereof, referred to as “Creation Units”. Creation Units are issued and redeemed principally in-kind for a basket of securities and a cash amount, with respect to the MarketBeta International Equity ETF and MarketBeta U.S. Equity ETF. The Goldman Sachs MarketBeta Emerging Markets Equity ETF issues and redeems Creation Units partially for cash and partially in-kind. Shares generally trade in the secondary market in quantities less than a Creation Unit at market prices that change throughout the day. Only those that have entered into an authorized participant agreement with ALPS Distributors, Inc. (the “Distributor”) may do business directly with the Funds.

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. Each Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.

A.  Investment Valuation — The Funds’ valuation policy is to value investments at fair value.

B.  Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily NAV calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments. Distributions received from the Funds’ investments in U.S. real estate investment trusts (“REITs”) may be characterized as ordinary income, net capital gain or a return of capital. A return of capital is recorded by the Funds as a reduction to the cost basis of the REIT. For derivative contracts, realized gains and losses are recorded upon settlement of the contract.

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Notes to Financial Statements (continued)

August 31, 2020

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 quarterly. Capital gains distributions, if any, are declared and paid annually.

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

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

E.  Foreign Currency Translation — The accounting records and reporting currency of a Fund are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Statements of Operations within net change in unrealized gain (loss) on foreign currency translation. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

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

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

Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;

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

The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, including investments for which market quotations are not readily available. The Trustees have delegated to GSAM day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

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

Equity Securities — Equity securities traded on a United States (“U.S.”) securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities will be valued at the valid closing bid price for long positions and at the valid closing ask price for short positions (i.e. where there is sufficient volume, during normal exchange trading hours). If no valid bid/ask price is available, the equity security will be valued pursuant to the Valuation Procedures approved by the Trustees and consistent with applicable regulatory guidance. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2.

Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price for long positions or the last ask price for short positions, and are generally classified as Level 2.

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. A Fund enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as receivables/payables for collateral on certain derivatives contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

Exchange-traded derivatives, including futures and options contracts, are generally valued at the last sale or settlement price on the exchange where they are principally traded. Exchange-traded options without settlement prices are generally valued at the last bid price for long positions and the last ask price for short positions on the exchange where they are principally traded.

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

Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security. Upon entering into a futures contract, a Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.

Underlying Funds (including Money Market Funds) — Underlying funds (“Underlying Funds”) include other investment companies and ETFs. Investments in the Underlying Funds (except ETFs) are valued at the NAV per share on the day of valuation. ETFs are valued daily at the last sale price or official closing price on the principal exchange or system on which the investment is traded. Because the Funds invest in Underlying Funds that fluctuate in value, the Funds’ shares will correspondingly fluctuate in

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Notes to Financial Statements (continued)

August 31, 2020

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.

C.  Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of August 31, 2020:

MARKETBETA EMERGING MARKETS EQUITY ETF
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Africa	$	1,294,372		$	—	$	—
Asia		30,527,352			787,322		—
Europe		223,915			—		—
North America		1,085,374			—		—
South America		1,976,707			517,309		—
Securities Lending Reinvestment Vehicle		212,078			—		—
Total	$	35,319,798		$	1,304,631	$	—
Derivative Type
Liabilities(b)
Futures Contracts	$	(22,144	)	$	—	$	—

MARKETBETA INTERNATIONAL EQUITY ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Africa	$	567,162	$	—	$	—
Asia		89,205,647		—		—
Europe		163,863,788		1,588,060		—
North America		687,892		192,321		—
Oceania		23,673,760		—		—
South America		99,152		60,668		—
Securities Lending Reinvestment Vehicle		292,150		—		—
Total	$	278,389,551	$	1,841,049	$	—

(a) Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile noted in table.

(b) Amount shown represents unrealized loss at period end.

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

MARKETBETA U.S. EQUITY ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	265,219	$	—	$	—
Europe		1,113,341		—		—
North America		255,084,683		—		—
South America		513,321		—		—
Securities Lending Reinvestment Vehicle		278,029		—		—
Total	$	257,254,593	$	—	$	—

(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.

4. INVESTMENTS IN DERIVATIVES

The following table sets forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of August 31, 2020. These instruments were used as part of the MarketBeta Emerging Markets Equity ETF’s investment strategies and to obtain and/or manage exposure related to the risks below. The values in the table below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the MarketBeta Emerging Markets Equity ETF’s net exposure.

Risk	Fund	Statement of Assets and Liabilities		Liability(a)
Equity	MarketBeta Emerging Markets Equity ETF		Variation Margin on Futures Contracts	$	(22,144	)

(a) Includes unrealized gain (loss) on futures contracts described in the Additional Investment Information sections of the Schedules of Investments. Only the variation margin as of August 31, 2020 is reported within the Statements of Assets and Liabilities.

The following table sets forth, by certain risk types, the gains (losses) related to these derivatives and their indicative volumes for the period ended August 31, 2020. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in “Net realized gain (loss)” or “Net change in unrealized gain (loss)” on the Statements of Operations:

Risk	Fund	Net Realized Gain (Loss) from Futures Contracts		Net Change in Unrealized Gain (Loss) on Futures Contracts	Average Number of Contracts(a)
Equity	MarketBeta Emerging Markets Equity ETF	$	—	$(22,144)		9

(a) Average number of contracts is based on the month end balances for the period ended August 31, 2020.

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

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

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Notes to Financial Statements (continued)

August 31, 2020

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

The Funds operate under a unitary management fee structure. Under the unitary fee structure, GSAM is responsible for paying substantially all the expenses of each such Fund, excluding payments under the Fund’s 12b-1 plan (if any), interest expenses, taxes, acquired fund fees and expenses, brokerage fees, costs of holding shareholder meetings, 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 period ended August 31, 2020, contractual and effective net unitary management fees with GSAM were at the following rates for each Fund:

Fund	Contractual Unitary Management Fee			Effective Net Unitary Management Fee*
MarketBeta Emerging Markets Equity ETF		0.45	%		0.36	%
MarketBeta International Equity ETF		0.25	%		0.20	%
MarketBeta U.S. Equity ETF		0.09	%		0.07	%

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

GSAM has agreed to waive a portion of its management fee in order to achieve an effective net management fee rate of 0.36%, 0.20% and 0.07% as an annual percentage rate of average daily net assets of the MarketBeta Emerging Markets Equity ETF, MarketBeta International Equity ETF and MarketBeta U.S. Equity ETF, respectively. These arrangements will remain in effect through at least May 11, 2021 and prior to such date, the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees. For the fiscal year ended August 31, 2020, GSAM waived $10,717, $26,154 and $10,228 of the Funds’ management fees for the MarketBeta Emerging Markets Equity ETF, MarketBeta International Equity ETF and MarketBeta U.S. Equity ETF, respectively

6. CREATION AND REDEMPTION OF CREATION UNITS

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

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

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

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6. CREATION AND REDEMPTION OF CREATION UNITS (continued)

Share activity is as follows:

	MarketBeta Emerging Markets Equity ETF
	For the period* May 12, 2020 through August 31, 2020
	Shares			Dollars
Fund Share Activity
Shares Sold		1,000,001		$	39,597,471
Shares Redeemed		(200,001	)		(8,743,481	)
NET INCREASE IN SHARES		800,000		$	30,853,990
	MarketBeta International Equity ETF
	For the period* May 12, 2020 through August 31, 2020
	Shares			Dollars
Fund Share Activity
Shares Sold		6,600,001		$	295,827,537
Shares Redeemed		(600,001	)		(27,341,135	)
NET INCREASE IN SHARES		6,000,000		$	268,486,402
	MarketBeta U.S. Equity ETF
	For the period* May 12, 2020 through August 31, 2020
	Shares			Dollars
Fund Share Activity
Shares Sold		5,300,001		$	232,137,239
Shares Redeemed		(1	)		(40	)
NET INCREASE IN SHARES		5,300,000		$	232,137,199

* Commencement of operations

7. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales of long-term securities for the period ended August 31, 2020, were as follows:

Fund	Purchases		Sales
MarketBeta Emerging Markets Equity ETF	$	40,250,137	$	8,585,907
MarketBeta International Equity ETF		32,985,930		1,909,893
MarketBeta U.S. Equity ETF		4,108,674		2,001,426

The purchases and sales from in-kind creation and redemption transactions for the period ended August 31, 2020, were as follows:

Fund	Purchases		Sales
MarketBeta Emerging Markets Equity ETF	$	—	$	2,542,872
MarketBeta International Equity ETF		265,192,773		27,331,421
MarketBeta U.S. Equity ETF		230,174,933		—

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Notes to Financial Statements (continued)

August 31, 2020

8. SECURITIES LENDING

The Funds may lend their securities through a securities lending agent, the Bank of New York Mellon (“BNYM”), to certain qualified borrowers. In accordance with the Funds’ securities lending procedures, the Funds receive cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Funds, at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Statements of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

The Funds invest the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”), an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net assets of the Government Money Market Fund.

In the event of a default by a borrower with respect to any loan, BNYM may exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If BNYM is unable to purchase replacement securities, BNYM will indemnify the Funds by paying the Funds an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Funds’ master netting agreements with certain borrowers provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws. The Funds’ loaned securities were all subject to enforceable Securities Lending Agreements, and the value of the collateral was at least equal to the value of the cash received. The amounts of the Funds’ overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of August 31, 2020, are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities, where applicable.

Both the Funds and BNYM received compensation relating to the lending of the Funds’ securities. The amounts earned, if any, by the Funds for the period ended August 31, 2020, are reported under Investment Income on the Statements of Operations.

The following table provides information about the Funds’ investment in the Government Money Market Fund for the period ended August 31, 2020:

Fund	Beginning value as of May 12, 2020*		Purchases at Cost		Proceeds from Sales			Ending value as of August 31, 2020
MarketBeta Emerging Markets Equity ETF	$	—	$	729,991	$	(517,913	)	$	212,078
MarketBeta International Equity ETF		—		2,341,510		(2,049,360	)		292,150
MarketBeta U.S. Equity ETF		—		981,383		(703,354	)		278,029

* Commencement of operations

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GOLDMAN SACHS MARKETBETA ETFS

9. TAX INFORMATION

There were no distributions from the Funds for the period ended August 31, 2020.

As of August 31, 2020, the components of accumulated earnings (losses) on a tax-basis were as follows:

	MarketBeta Emerging Markets Equity ETF		MarketBeta International Equity ETF			MarketBeta U.S. Equity ETF
Undistributed ordinary income — net	$	905,632	$	1,428,403		$	861,285
Undistributed long-term capital gains							3,352
Total undistributed earnings	$	905,632	$	1,428,403		$	864,637
Capital loss carryforwards:
Perpetual Short-Term	$	—	$	(46,560	)	$	—
Perpetual Long-Term		—		—			—
Timing differences (Post-October Capital Loss Deferral)		—		—			—
Unrealized gains (losses) — net		6,416,048		7,856,477			24,661,240
Total accumulated earnings (losses) net	$	7,321,680	$	9,238,320		$	25,525,877

As of August 31, 2020, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

	MarketBeta Emerging Markets Equity ETF			MarketBeta International Equity ETF			MarketBeta U.S. Equity ETF
Tax Cost	$	30,083,963		$	272,385,489		$	232,593,353
Gross unrealized gain		6,764,050			14,819,243			30,803,162
Gross unrealized loss		(348,002	)		(6,962,766	)		(6,141,922	)
Net unrealized gains (losses)	$	6,416,048		$	7,856,477		$	24,661,240

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

In order to present certain components of the Funds’ capital accounts on a tax-basis, certain reclassifications have been recorded to the Funds’ accounts. These reclassifications have no impact on the net asset value of the Funds and result primarily from redemptions utilized as distributions and redemptions in-kind.

Fund	Paid-in Capital		Total Distributable Earnings
MarketBeta Emerging Markets Equity ETF	$	327,434	$	(327,434	)
MarketBeta International Equity ETF	$	2,972,876	$	(2,972,876	)
MarketBeta U.S. Equity ETF	$	—	$	—

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

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GOLDMAN SACHS MARKETBETA ETFS

Notes to Financial Statements (continued)

August 31, 2020

10. OTHER RISKS

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

Derivatives Risk — The Funds’ use of derivatives may result in loss. Derivative instruments, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other instruments, may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Funds. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.

Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the United States. Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which a Fund invests. The imposition of exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the United States or other governments, or from problems in share registration, settlement or custody, may also result in losses. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which a Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that a Fund also invests in securities of issuers located in emerging markets, these risks may be more pronounced.

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.

Foreign Custody Risk — If a Fund invests in foreign securities, the Fund may hold such securities and cash with foreign banks, agents, and securities depositories appointed by the Fund’s custodian (each a “Foreign Custodian”). Some foreign custodians may be recently organized or new to the foreign custody business. In some countries, Foreign Custodians may be subject to little or no regulatory oversight over, or independent evaluation of, their operations. Further, the laws of certain countries may place limitations on a Fund’s ability to recover its assets if a Foreign Custodian enters bankruptcy. Investments in emerging markets may be subject to even greater custody risks than investments in more developed markets. Custody services in emerging market countries are very often undeveloped and may be considerably less well regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries.

Index Risk — Solactive AG (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.

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10. OTHER RISKS (continued)

Market and Credit Risks — In the normal course of business, a Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also significantly impact a Fund and its investments. Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

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

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

11. INDEMNIFICATIONS

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

12. SUBSEQUENT EVENTS

Subsequent events after the Statements of Assets and Liabilities date have been evaluated and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.

73

Report of Independent Registered Public

Accounting Firm

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

Goldman Sachs MarketBeta Emerging Markets Equity ETF, Goldman Sachs MarketBeta International Equity ETF, and Goldman Sachs MarketBeta U.S. Equity ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Goldman Sachs MarketBeta Emerging Markets Equity ETF, Goldman Sachs MarketBeta International Equity ETF, and Goldman Sachs MarketBeta U.S. Equity ETF (three of the funds constituting Goldman Sachs ETF Trust, hereafter collectively referred to as the “Funds”) as of August 31, 2020, the related statements of operations and changes in net assets, including the related notes, and the financial highlights for the period May 12, 2020 (commencement of operations) through August 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2020, and the results of each of their operations, changes in each of their net assets, and each of the financial highlights for the period May 12, 2020 (commencement of operations) through August 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2020 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

October 26, 2020

We have served as the auditor of one or more investment companies in the Goldman Sachs fund complex since 2000.

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GOLDMAN SACHS MARKETBETA ETFS

Fund Expenses — For the Period ended  8/31/2020 (Unaudited)

As a shareholder you incur ongoing costs, including management fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in Shares of the Funds and to compare these costs with the ongoing costs of investing in other exchange-traded funds. This example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares of a Fund.

The example is based on an investment of $1,000 invested at the beginning of the period from May 12, 2020 (commencement of operations) and held for the entire period ended August 31, 2020, which represents a period of 112 days of a 366 day year (or less where indicated).

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

Hypothetical Example for Comparison Purposes — The second line in the table below provides information about hypothetical account values and hypothetical expenses based on a Fund’s actual net expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in a Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees, or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	MarketBeta Emerging Markets Equity ETF*							MarketBeta International Equity ETF*							MarketBeta U.S. Equity ETF*
	Beginning Account Value 5/12/2020		Ending Account Value 8/31/20			Expenses Paid**		Beginning Account Value 5/12/20		Ending Account Value 8/31/20			Expenses Paid**		Beginning Account Value 5/12/20		Ending Account Value 8/31/20			Expenses Paid**
Actual based on NAV	$	1,000	$	1,215.40		$	1.22	$	1,000	$	1,165.70		$	0.66	$	1,000	$	1,240.30		$	0.24
Hypothetical 5% return	$	1,000	$	1,014.20	+	$	1.11	$	1,000	$	1,014.69	+	$	0.62	$	1,000	$	1,015.09	+	$	0.22

 + 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.

 * Each Fund commenced operations on May 12, 2020.

** 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 period ended August 31, 2020. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal year; and then dividing that result by the number of days in the fiscal year.

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

Fund
MarketBeta Emerging Markets Equity ETF	0.36	%
MarketBeta International Equity ETF	0.20
MarketBeta U.S. Equity ETF	0.07

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GOLDMAN SACHS MARKETBETA ETFS

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

Background

The Goldman Sachs MarketBeta Emerging Markets Equity ETF, Goldman Sachs MarketBeta International Equity ETF and Goldman Sachs MarketBeta U.S. Equity ETF (each, a “Fund” and together, the “Funds”) are newly-organized investment portfolios of Goldman Sachs ETF Trust (the “Trust”) that commenced investment operations on May 12th, 2020. At a meeting held on September 17-18, 2019 (the “Meeting”) in connection with the Funds’ organization, the Board of Trustees, including all of the Trustees present who are not parties to the Funds’ investment management agreement (the “Management Agreement”) or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”) approved the Management Agreement with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Funds.

At the Meeting, the Trustees reviewed the Management Agreement with respect to the Funds, 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 each Fund; a comparison of each 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 Funds; and potential benefits to be derived by the Funds from their relationship with the Investment Adviser. Various information was also provided at prior meetings at which each Fund was discussed.

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

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

As part of their review, the Trustees considered the nature, extent, and quality of the services to be provided to the Funds by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that would be provided by the Investment Adviser and its affiliates. The Trustees noted the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted the 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 would 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, each Fund pays a single management fee to the Investment Adviser, and the Investment Adviser pays all of such Fund’s ordinary operating expenses, excluding payments under such Fund’s 12b-1 plan (if any), interest expenses, taxes, acquired fund fees and expenses, brokerage fees, costs of holding shareholder meetings and litigation, indemnification and extraordinary expenses. The Trustees also considered information about each Fund’s structure, investment objective, strategies and other characteristics. In particular, they noted that each Fund would operate as a passively-managed ETF that seeks to track an index owned and calculated by a third-party service provider. The Trustees noted the experience and capabilities of the key personnel of the Investment Adviser who would provide services to the Funds. In particular, the Trustees considered the Investment Adviser’s extensive experience in managing quantitative investment strategies. The Trustees concluded that the Investment Adviser would be able to commit substantial financial and operational resources to the Funds. They also considered that although the Funds were new (and therefore had no performance data to evaluate), the Investment Adviser has committed substantial financial and operational resources to ETFs and has extensive experience managing other types of registered investment companies. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Funds and the Investment Adviser and its affiliates.

Unitary Fee Structure and Profitability

The Trustees considered the contractual management fee rate payable by each Fund, noting that the Management Agreement provides for a unitary fee structure, pursuant to which each Fund pays a single management fee to the Investment Adviser and the Investment Adviser then pays all of the Fund’s ordinary operating expenses. In addition, the Trustees considered information on the services to be rendered by the Investment Adviser to the Funds, which would include both advisory and administrative services directed to the needs and operations of the Funds as ETFs. In addition, the Trustees considered the Investment Adviser’s undertakings to implement a fee waiver for each Fund. The Trustees noted that license fees would be payable by the Investment Adviser to Solactive AG for the use of its indices. The Trustees also considered information provided regarding fees and expenses of comparable ETFs advised by other, unaffiliated investment management firms. The comparisons of the Funds’ unitary

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GOLDMAN SACHS MARKETBETA ETFS

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

management fee rates and projected 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 unitary management fee rate and projected expense ratio to those of relevant peer funds. The Trustees concluded that the comparisons were useful in evaluating the reasonableness of the management fees and total expenses to be paid by the Funds. The Trustees concluded that the Investment Adviser’s management of the Funds likely would benefit the Funds and their shareholders.

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

Economies of Scale

The Trustees noted that the Funds would not have management fee breakpoints. The Trustees considered the Funds’ projected asset levels and information comparing the fee rates charged by the Investment Adviser with fee rates charged to other ETFs in the Funds’ peer groups.

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 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 & Co. LLC (“Goldman Sachs”).

Other Benefits to the Funds and Their Shareholders

The Trustees also noted that the Funds are expected to receive certain potential benefits as a result of their relationships with the Investment Adviser, including: (a) enhanced servicing from vendors because of the volume of business generated by the Investment Adviser and its affiliates; (b) the Investment Adviser’s ability to hire and retain qualified personnel to provide services to the 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 management fee to be paid by each Fund was reasonable in light of the services to be provided to it by the Investment Adviser, the Investment Adviser’s costs and each Fund’s reasonably foreseeable asset levels. The Trustees unanimously concluded that the engagement of the Investment Adviser likely would benefit each Fund and its shareholders and that the Management Agreement should be approved until September 18, 2021.

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Trustees and Officers (Unaudited) Independent Trustees

Name, Address and Age1	Position(s) Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee3	Other Directorships Held by Trustee4
Lawrence W. Stranghoener Age: 66	Chairman of the Board of Trustees	Trustee Since 2015; Chairman Since 2017	Mr. Stranghoener is retired. He is Director, Kennametal, Inc. (a global manufacturer and distributor of tooling and industrial materials) (2003-Present); and was formerly Director, Aleris Corporation and Aleris International, Inc. (a producer of aluminum rolled products) (2011-2020); Interim Chief Executive Officer (2014); and Executive Vice President and Chief Financial Officer (2004-2014), Mosaic Company (a fertilizer manufacturing company). Chairman of the Board of Trustees — Goldman Sachs ETF Trust; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.	46	Kennametal Inc. (a global manufacturer and distributor of tooling and industrial materials)
Caroline Dorsa Age: 61	Trustee	Since 2016	Ms. Dorsa is retired. She is Director, Biogen Inc. (a biotechnology company) (2010-Present); Director, Intellia Therapeutics Inc. (a gene- editing company) (2015-Present); and Director, Illumina, Inc. (a life sciences company) (2017- Present). She was formerly Executive Vice President and Chief Financial Officer, Public Service Enterprise Group, Inc. (a generation and energy services company) (2009-2015); Senior Vice President, Merck & Co, Inc. (a pharmaceutical company) (2008-2009 and 1987- 2007); Senior Vice President and Chief Financial Officer, Gilead Sciences, Inc. (a pharmaceutical company) (2007-2008); and Senior Vice President and Chief Financial Officer, Avaya, Inc. (a technology company) (2007). Trustee — Goldman Sachs ETF Trust; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.	46	Biogen Inc. (a biotechnology company); Intellia Therapeutics Inc. (a gene-editing company); Illumina, Inc. (a life sciences company)
Linda A. Lang Age: 62	Trustee	Since 2016	Ms. Lang is retired. She was formerly Chair of the Board of Directors (2016-2019), and Member of the Board of Directors, WD-40 Company (a global consumer products company) (2004-2019); Chairman and Chief Executive Officer (2005-2014); and Director, President and Chief Operating Officer, Jack in the Box, Inc. (a restaurant company) (2003-2005). Previously, Ms. Lang served as an Advisory Board Member of Goldman Sachs MLP Income Opportunities Fund and Goldman Sachs MLP and Energy Renaissance Fund (February 2016—March 2016). Trustee — Goldman Sachs ETF Trust; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.	46	None
Michael Latham Age: 54	Trustee	Since 2015	Mr. Latham is retired. Formerly, he held senior management positions with the iShares exchange-traded fund business, including Chairman (2011-2014); Global Head (2010-2011); U.S. Head (2007-2010); and Chief Operating Officer (2003-2007). Trustee — Goldman Sachs ETF Trust; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.	46	None

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GOLDMAN SACHS MARKETBETA ETFS

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

Name, Address and Age1	Position(s) Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee3	Other Directorships Held by Trustee4
James A. McNamara Age: 57	Trustee and President	Since 2014	Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President and Trustee — Goldman Sachs ETF Trust; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.	168	None

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

¹  Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Caroline L. Kraus. Information is provided as of August 31, 2020.

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

³  The Goldman Sachs Fund Complex includes certain other companies listed above for each respective Trustee. As of August 31, 2020, Goldman Sachs ETF Trust consisted of 42 portfolios (23 of which offered shares to the public); Goldman Sachs Trust consisted of 90 portfolios (89 of which offered shares to the public); Goldman Sachs Variable Insurance Trust consisted of 13 portfolios; Goldman Sachs Trust II consisted of 19 portfolios (17 of which offered shares to the public); and Goldman Sachs MLP Income Opportunities Fund, Goldman Sachs MLP and Energy Renaissance Fund, Goldman Sachs Credit Income Fund and Goldman Sachs Real Estate Diversified Income Fund each consisted of one portfolio. Goldman Sachs Credit Income Fund did not offer shares to the public.

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

Additional information about the Trustees is available in the Funds’ Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States of America): 1-800-621-2550.

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GOLDMAN SACHS MARKETBETA ETFS

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

Name, Address and Age1	Positions Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years
James A. McNamara 200 West Street New York, NY 10282 Age: 57	Trustee and President	Since 2014	Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President and Trustee — Goldman Sachs ETF Trust; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.
Caroline L. Kraus 200 West Street New York, NY 10282 Age: 43	Secretary	Since 2014	Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (August 2006-December 2015); Senior Counsel, Goldman Sachs (January 2020–Present); Associate General Counsel, Goldman Sachs (2012-December 2019); Assistant General Counsel, Goldman Sachs (August 2006-December 2011); and Associate, Weil, Gotshal & Manges, LLP (2002-2006). Secretary — Goldman Sachs ETF Trust; Goldman Sachs Trust (previously Assistant Secretary (2012)); Goldman Sachs Variable Insurance Trust (previously Assistant Secretary (2012)); Goldman Sachs Trust II; Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs Private Middle Market Credit II LLC; Goldman Sachs Middle Market Lending Corp.; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.
Joseph F. DiMaria 30 Hudson Street Jersey City, NJ 07302 Age: 52	Treasurer, Principal Financial Officer and Principal Accounting Officer	Since 2017 (Treasurer and Principal Financial Officer since 2019)	Managing Director, Goldman Sachs (November 2015-Present) and Vice President — Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010- October 2015). Treasurer, Principal Financial Officer and Principal Accounting Officer—Goldman Sachs ETF Trust (previously Assistant Treasurer (2017)); Goldman Sachs Trust (previously Assistant Treasurer (2016)); Goldman Sachs Variable Insurance Trust (previously Assistant Treasurer (2016)); Goldman Sachs Trust II (previously Assistant Treasurer (2017)); Goldman Sachs MLP Income Opportunities Fund (previously Assistant Treasurer (2017)); Goldman Sachs MLP and Energy Renaissance Fund (previously Assistant Treasurer (2017)); Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

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

¹  Information is provided as of August 31, 2020.

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

80

FUNDS PROFILE

Goldman Sachs ETFs

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

Today, the Consumer and Investment Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $1.88 trillion in assets under supervision as of June 30, 2020, 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 U.S. Aggregate Bond 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 Investment Grade Corporate 1-5 Year Bond ETF

Goldman Sachs Access Treasury 0-1 Year ETF

Goldman Sachs Access Ultra Short Bond ETF

Goldman Sachs Data-Driven World ETF

Goldman Sachs Finance Reimagined ETF

Goldman Sachs Human Evolution ETF

Goldman Sachs Manufacturing Revolution ETF

Goldman Sachs New Age Consumer ETF

Goldman Sachs MarketBeta International Equity ETF

Goldman Sachs MarketBeta Emerging Markets Equity ETF

Goldman Sachs MarketBeta U.S. Equity ETF

INDEX DISCLAIMERS

The Goldman Sachs MarketBeta International Equity ETF, Goldman Sachs MarketBeta Emerging Markets Equity ETF, Goldman Sachs MarketBeta International Small Cap Equity ETF, and Goldman Sachs MarketBeta U.S. Equity ETF are 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 GBS Developed Markets ex North America Large & Mid Cap Index, the Solactive GBS Emerging Markets Large & Mid Cap Index, Solactive GBS Developed Markets ex North America Small Cap Index, Solactive GBS United States Large & Mid Cap Index (“Solactive Indexes”) and/ or Solactive Index trade mark or the Solactive Index Price at any time or in any other respect. The Solactive Indexes are calculated and published by Solactive AG. Solactive AG uses its best efforts to ensure that the Solactive Indexes are calculated correctly. Irrespective of its obligations towards the Funds, Solactive AG has no obligation to point out errors in the Solactive Indexes to third parties including but not limited to investors and/or financial intermediaries of the Funds. 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 a Fund 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. Solactive AG is registered as a benchmark administrator under the Regulation (EU) 2016/2011 (BMR). Solactive appears on the ESMA register of administrators.

TRUSTEES Lawrence W. Stranghoener, Chairman Caroline Dorsa Linda A. Lang Michael Latham James A. McNamara	OFFICERS James A. McNamara, President Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Caroline L. Kraus, Secretary
THE BANK OF NEW YORK MELLON Transfer Agent
ALPS DISTRIBUTORS, INC. Distributor	GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser

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

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

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

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

The Funds will file portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on the Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be made available on the SEC’s web site at http://www.sec.gov. Portfolio holdings information may be obtained upon request and without charge by calling 1-800-621-2550.

Fund holdings and allocations shown are as of August 31, 2020 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.

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

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

This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current Prospectus or summary prospectus, if applicable. Investors should consider a Fund’s objective, risks, and charges and expenses, and read the summary prospectus, if available, and/or the Prospectus carefully before investing or sending money. The summary prospectus, if available, and the Prospectus contain this and other information about a Fund and may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC by calling 1-800-621-2550.

MarketBeta^® and ActiveBeta^® are registered trademarks of GSAM.

© 2020 Goldman Sachs. All rights reserved. 218110-OTU-10/2020 MCEQWGETFAR-20

ITEM 2. CODE OF ETHICS.

(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party (the “Code of Ethics”).

(b) During the period covered by this report, no amendments were made to the provisions of the Code of Ethics.

(c) During the period covered by this report, the registrant did not grant any waivers, including an implicit waiver, from any provision of the Code of Ethics.

(d) A copy of the Code of Ethics is available as provided in Item 13(a)(1) of this report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The registrant’s board of trustees has determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its audit committee. Caroline Dorsa is the “audit committee financial expert” and is “independent” (as each term is defined in Item 3 of Form N-CSR).

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Table 1 — Items 4(a) - 4(d). The accountant fees below reflect the aggregate fees billed by the Funds of the Goldman Sachs ETF Trust to which this certified shareholder report relates.

	2020			2019			Description of Services Rendered
Audit Fees:
• PricewaterhouseCoopers LLP (“PwC”)		$	611,900		$	436,500	Financial Statement audits.
Audit-Related Fees:
• PwC		$	36,324		$	12,753
Tax Fees:
• PwC		$	2,325		$	100,736	Tax compliance services provided in connection with the preparation and review of registrant’s tax returns.

Table 2 — Items 4(b)(c) & (d). Non-Audit Services to the Goldman Sachs ETF Trust’s service affiliates * that were pre-approved by the Audit Committee of the Goldman Sachs ETF Trust pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X.

	2020			2019			Description of Services Rendered
Audit-Related Fees:
• PwC		$	1,441,351		$	1,406,035	Internal control review performanced in accordance with Statement on Standards for Attestation Engagements No. 16 and Semi-annual Updates related to withholding tax accrual for non-US Jurisdictions. These fees are borne by the Funds’ Adviser.

* These include the advisor (excluding sub-advisors) and any entity controlling, controlled by or under common control with the advisor that provides ongoing services to the registrant (hereinafter referred to as “service affiliates”).

Item 4(e)(1) — Audit Committee Pre-Approval Policies and Procedures

Pre-Approval of Audit and Non-Audit Services Provided to the Funds of the Goldman Sachs ETF Trust. The Audit and Non-Audit Services Pre-Approval Policy (the “Policy”) adopted by the Audit Committee of Goldman Sachs ETF Trust (“GS ETF”) sets forth the procedures and the conditions pursuant to which services performed by an independent auditor for GS ETF may be pre-approved. Services may be pre-approved specifically by the Audit Committee as a whole or, in certain circumstances, by the Audit Committee Chairman or the person designated as the Audit Committee Financial Expert. In addition, subject to specified cost limitations, certain services may be pre-approved under the provisions of the Policy. The Policy provides that the Audit Committee will consider whether the services provided by an independent auditor are consistent with the Securities and Exchange Commission’s rules on auditor independence. The Policy provides for periodic review and pre-approval by the Audit Committee of the services that may be provided by the independent auditor.

De Minimis Waiver. The pre-approval requirements of the Policy may be waived with respect to the provision of non-audit services that are permissible for an independent auditor to perform, provided (1) the aggregate amount of all such services provided constitutes no more than five percent of the total amount of revenues subject to pre-approval that was paid to the independent auditors during the fiscal year in which the services are provided; (2) such services were not recognized by GS ETF at the time of the engagement to be non-audit services; and (3) such services are promptly brought to the attention of the Audit Committee and approved prior to the completion of the audit by the Audit Committee or by one or more members of the Audit Committee to whom authority to grant such approvals has been delegated by the Audit Committee, pursuant to the pre-approval provisions of the Policy.

Pre-Approval of Non-Audit Services Provided to the Goldman Sachs ETF Trust’s Investment Advisers. The Policy provides that, in addition to requiring pre-approval of audit and non-audit services provided to GS ETF, the Audit Committee will pre-approve those non-audit services provided to GS ETF’s investment advisers (and entities controlling, controlled by or under common control with the investment advisers that provide ongoing services to GS ETF) where the engagement relates directly to the operations or financial reporting of GS ETF.

Item 4(e)(2) – 0% of the audit-related fees, tax fees and other fees listed in Table 1 were approved by GS ETF’s Audit Committee pursuant to the “de minimis” exception of Rule 2-01(c)(7)(i)(C) of Regulation S-X. In addition, 0% of the non-audit services to the GS ETF’s service affiliates listed in Table 2 were approved by GS ETF’s Audit Committee pursuant to the “de minimis” exception of Rule 2-01(c)(7)(i)(C) of Regulation S-X.

Item 4(f) – Not applicable.

Item 4(g) Aggregate Non-Audit Fees Disclosure

The aggregate non-audit fees billed to GS ETF by PwC for the twelve months ended August 31, 2020 and August 31, 2019 were approximately $38,649 and $113,489 respectively. The aggregate non-audit fees billed to GS ETF’s adviser and service affiliates by PwC for non-audit services for the twelve months ended December 31, 2019 and December 31, 2018 were approximately $14.7 million and $12.3 million respectively. With regard to the aggregate non-audit fees billed to GS ETF’s adviser and service affiliates, the 2019 and 2018 amounts include fees for non-audit services required to be pre-approved [see Table 2] and fees for non-audit services that did not require pre-approval since they did not directly relate to GS ETF’s operations or financial reporting.

Item 4(h) — GS ETF’s Audit Committee has considered whether the provision of non-audit services to GS ETF’s investment adviser and service affiliates that did not require pre-approval pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the auditors’ independence.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

The Registrant has a separately-designated standing Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended. The members of the Audit Committee are Michael Latham, Linda A. Lang, Lawrence W. Stranghoener, and Caroline Dorsa, each a Trustee of the Registrant.

ITEM 6. SCHEDULE OF INVESTMENTS.

Schedule of Investments is included as part of the Report to Shareholders filed under Item 1.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees.

ITEM 11. CONTROLS AND PROCEDURES.

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 13. EXHIBITS.

(a)(1)	Goldman Sachs ETF Trust’s Code of Ethics for Principal Executive and Senior Financial Officers is incorporated by reference to Exhibit 13(a)(1) of the registrant’s Form N-CSR filed on May 5, 2020.
(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:	November 2, 2020

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ James A. McNamara
	James A. McNamara
	President/Chief Executive Officer
	Goldman Sachs ETF Trust
Date:	November 2, 2020
By:	/s/ Joseph F. DiMaria
	Joseph F. DiMaria
	Principal Financial Officer
	Goldman Sachs ETF Trust
Date:	November 2, 2020