Goldman Sachs ETF Trust (GPRF) N-CSRS Certified semi-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: February 28, 2021

ITEM 1. REPORTS TO STOCKHOLDERS.

The Semi-Annual Report to Shareholders is filed herewith.

Goldman Sachs Funds

Semi-Annual Report	February 28, 2021
	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 U.S. Aggregate Bond ETF (GCOR)
	Access Ultra Short Bond ETF (GSST)

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 U.S. AGGREGATE BOND ETF

∎ ACCESS ULTRA SHORT BOND ETF

TABLE OF CONTENTS
Fund Basics	1
Schedules of Investments	15
Financial Statements	71
Financial Highlights
Access High Yield Corporate Bond ETF	78
Access Inflation Protected USD Bond ETF	79
Access Investment Grade Corporate 1-5 Year Bond ETF	80
Access Investment Grade Corporate Bond ETF	81
Access Treasury 0-1 Year ETF	82
Access U.S. Aggregate Bond ETF	83
Access Ultra Short Bond ETF	84
Notes to Financial Statements	85
Other Information	97

NOT FDIC-INSURED May Lose Value No Bank Guarantee

FUND BASICS

Access High Yield Corporate Bond ETF

as of February 28, 2021

FUND SNAPSHOT
As of February 28, 2021
Market Price1	$	49.70
Net Asset Value (NAV)1	$	50.00

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

PERFORMANCE REVIEW
September 1, 2020–February 28, 2021	Fund Total Return (based on NAV)2			Fund Total Return (based on Market Price)2			FTSE Goldman Sachs High Yield Corporate Bond Index3			Bloomberg Barclays High Yield Very Liquid Index4
Shares		3.86	%		3.36	%		3.93	%		5.05	%

²  Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculations assumes all management fees incurred by the Fund. Market Price returns are based upon the last trade at 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. Total returns for periods less than one full year are not annualized.

³  The Index was developed and is calculated and maintained by FTSE Fixed Income LLC (“FTSE”), a trading name of the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group” or the “Index Provider”). FTSE is not affiliated with the Fund or GSAM. The Fund is not sponsored, endorsed, sold or promoted by FTSE or any of its affiliates and FTSE makes no representation to any owner or prospective owner of the Fund regarding the advisability of investing in securities generally or in the Fund particularly, or the ability of the Fund to track the price and yield performance of the Index or the ability of the Index to track general bond market performance. FTSE’s only relationship to GSAM (“Licensee”) is the licensing of certain information, data, trademarks and trade names of FTSE or its affiliates. The Index is determined, composed and calculated by FTSE without regard to the Fund. FTSE has no obligation to take the needs of the owners or prospective owners of the Fund into consideration in determining, composing or calculating the Index. FTSE is not responsible for and has not participated in the determination of the prices and amount of the shares to be issued by the Fund or the timing of the issuance or sale of the shares to be issued by the Fund or in the determination or calculation of the equation by which the shares to be issued by the Fund are to be converted into cash. FTSE has no obligation or liability in connection with the administration, marketing or trading of the Fund. The Index Provider may delay or change a scheduled rebalancing or reconstitution of the Index or the implementation of certain rules at its sole discretion.

⁴  The Bloomberg Barclays High Yield Very Liquid Index (VLI) is a component of the US Corporate High Yield Index that is designed to track a more liquid component of the USD-denominated, high yield, fixed-rate corporate bond market.

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

1

FUND BASICS

TOP TEN HOLDINGS AS OF 2/28/215
Holding	% of Net Assets			Line of Business
TransDigm, Inc., 6.25%, 03/15/26		0.7	%	Aerospace & Defense
DaVita, Inc., 4.63%, 06/01/30		0.5		Healthcare
CCO Holdings LLC / CCO Holdings Capital Corp., 5.75%, 02/15/26		0.5		Communications
CCO Holdings LLC / CCO Holdings Capital Corp., 4.75%, 03/01/30		0.4		Communications
CCO Holdings LLC / CCO Holdings Capital Corp., 4.50%, 08/15/30		0.4		Communications
XPO Logistics, Inc., 6.25%, 05/01/25		0.4		Transportation
Bausch Health Cos., Inc., 6.25%, 02/15/29		0.4		Pharmaceuticals
United Rentals North America, Inc., 4.88%, 01/15/28		0.4		Rental Equipment
Sirius XM Radio, Inc., 5.00%, 08/01/27		0.4		Broadcasting
Sprint Corp., 7.88%, 09/15/23		0.4		Wireless

⁵  The top 10 holdings may not be representative of the Fund’s future investments.

SECTOR ALLOCATION AS OF 2/28/216
Sector Name	Fund
Telecommunication Services		19.6	%
Consumer, Non-cyclical		19.3
Consumer, Cyclical		16.6
Energy		11.5
Financials		10.0
Industrials		7.2
Information Technology		4.9
Materials		4.8
Utilities		3.8
Other		1.0

⁶  The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. The “Other” category represents the Fund’s investments in investment companies. Figures in the table may not sum to 100% due to the exclusion of other assets and liabilities.

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

2

FUND BASICS

Access Inflation Protected USD Bond ETF

as of February 28, 2021

FUND SNAPSHOT
As of February 28, 2021
Market Price1	$	56.66
Net Asset Value (NAV)1	$	56.37

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

PERFORMANCE REVIEW
September 1, 2020–February 28, 2021	Fund Total Return (based on NAV)2			Fund Total Return (based on Market Price)2			FTSE Goldman Sachs Treasury Inflation Protected USD Bond Index3
Shares		-0.42	%		0.03	%		-0.35	%

²  Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculations assumes all management fees incurred by the Fund. Market Price returns are based upon the last trade at 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. The first day of secondary market trading is typically several days after the date on which the Fund commenced investment operations; therefore, the NAV of the Fund is used as a proxy for the period from inception of investment operations to the first day of secondary market trading to calculate the Market Price returns. Total returns for periods less than one full year are not annualized.

³  The Index was developed and is calculated and maintained by FTSE Fixed Income LLC (“FTSE”), a trading name of the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group” or the “Index Provider”). FTSE is not affiliated with the Fund or GSAM. The Fund is not sponsored, endorsed, sold or promoted by FTSE or any of its affiliates and FTSE makes no representation to any owner or prospective owner of the Fund regarding the advisability of investing in securities generally or in the Fund particularly, or the ability of the Fund to track the price and yield performance of the Index or the ability of the Index to track general bond market performance. FTSE’s only relationship to GSAM (“Licensee”) is the licensing of certain information, data, trademarks and trade names of FTSE or its affiliates. The Index is determined, composed and calculated by FTSE without regard to the Fund. FTSE has no obligation to take the needs of the owners or prospective owners of the Fund into consideration in determining, composing or calculating the Index. FTSE is not responsible for and has not participated in the determination of the prices and amount of the shares to be issued by the Fund or the timing of the issuance or sale of the shares to be issued by the Fund or in the determination or calculation of the equation by which the shares to be issued by the Fund are to be converted into cash. FTSE has no obligation or liability in connection with the administration, marketing or trading of the Fund. The Index Provider may delay or change a scheduled rebalancing or reconstitution of the Index or the implementation of certain rules at its sole discretion.

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

3

FUND BASICS

TOP TEN HOLDINGS AS OF 2/28/214
Holding	% of Net Assets5			Line of Business
U.S. Treasury Inflation Indexed Bond, 0.25%, 01/15/25		11.7	%	Government
U.S. Treasury Inflation Indexed Bond, 0.75%, 02/15/42		9.3		Government
U.S. Treasury Inflation Indexed Bond, 0.38%, 07/15/23		9.2		Government
U.S. Treasury Inflation Indexed Bond, 0.38%, 07/15/25		9.0		Government
U.S. Treasury Inflation Indexed Bond, 0.50%, 01/15/28		8.8		Government
U.S. Treasury Inflation Indexed Bond, 0.13%, 01/15/30		7.1		Government
U.S. Treasury Inflation Indexed Bond, 0.38%, 07/15/27		5.6		Government
U.S. Treasury Inflation Indexed Bond, 0.13%, 04/15/22		5.4		Government
U.S. Treasury Inflation Indexed Bond, 0.13%, 10/15/24		5.4		Government
U.S. Treasury Inflation Indexed Bond, 0.63%, 01/15/24		5.1		Government

⁴  The holdings may not be representative of the Fund’s future investments.

⁵  The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

Figures in the table may not sum to 100% due to the exclusion of other assets and liabilities.

SECTOR ALLOCATION AS OF 2/28/21⁶

Sector Name	Fund
Government		99.8	%
Other		0.4

⁶  Figures in the table may not sum to 100% due to the exclusion of other assets and liabilities.

The “Other” category represents the Fund’s investments in investment companies.

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

4

FUND BASICS

Access Investment Grade Corporate 1-5 Year Bond ETF

as of February 28, 2021

FUND SNAPSHOT
As of February 28, 2021
Market Price1	$	50.19
Net Asset Value (NAV)1	$	50.20

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

PERFORMANCE REVIEW
September 1, 2020–February 28, 2021	Fund Total Return (based on NAV)2			Fund Total Return (based on Market Price)2			FTSE Goldman Sachs US Investment-Grade Corporate Bond 1-5 Years Index3
Shares		0.46	%		0.29	%		0.54	%

²  Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculations assumes all management fees incurred by the Fund. Market Price returns are based upon the last trade at 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. Total returns for periods less than one full year are not annualized.

³  The Index was developed and is calculated and maintained by FTSE Fixed Income LLC (“FTSE”), a trading name of the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group” or the “Index Provider”). FTSE is not affiliated with the Fund or GSAM. The Fund is not sponsored, endorsed, sold or promoted by FTSE or any of its affiliates and FTSE makes no representation to any owner or prospective owner of the Fund regarding the advisability of investing in securities generally or in the Fund particularly, or the ability of the Fund to track the price and yield performance of the Index or the ability of the Index to track general bond market performance. FTSE’s only relationship to GSAM (“Licensee”) is the licensing of certain information, data, trademarks and trade names of FTSE or its affiliates. The Index is determined, composed and calculated by FTSE without regard to the Fund. FTSE has no obligation to take the needs of the owners or prospective owners of the Fund into consideration in determining, composing or calculating the Index. FTSE is not responsible for and has not participated in the determination of the prices and amount of the shares to be issued by the Fund or the timing of the issuance or sale of the shares to be issued by the Fund or in the determination or calculation of the equation by which the shares to be issued by the Fund are to be converted into cash. FTSE has no obligation or liability in connection with the administration, marketing or trading of the Fund. The Index Provider may delay or change a scheduled rebalancing or reconstitution of the Index or the implementation of certain rules at its sole discretion.

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

5

FUND BASICS

TOP TEN HOLDINGS AS OF 2/28/214
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
Morgan Stanley, 3.74%, 04/24/24		1.3		Banks
Natwest Group PLC, 6.00%, 12/19/23		1.2		Banks
Citigroup, Inc., 1.68%, 05/15/24		1.1		Banks
Bank of America Corp., Series MTN, 1.20%, 10/24/26		1.1		Banks
Air Lease Corp., 3.50%, 01/15/22		1.1		Financial Company
Credit Suisse AG, 2.95%, 04/09/25		1.0		Banks
Cooperatieve Rabobank UA, Series MTN, 3.38%, 05/21/25		1.0		Banks
General Motors Financial Co., Inc., 5.20%, 03/20/23		1.0		Consumer Cyclical

⁴  The top 10 holdings may not be representative of the Fund’s future investments.

SECTOR ALLOCATION AS OF 2/28/215
Sector Name	Fund
Financials		45.9	%
Consumer, Non-cyclical		13.4
Consumer, Cyclical		8.8
Information Technology		8.2
Industrials		6.2
Telecommunication Services		5.6
Energy		4.9
Utilities		4.4
Materials		1.9
Other		0.2

⁵  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 investment companies. Figures in the table may not sum to 100% due to the exclusion of other assets and liabilities.

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

6

FUND BASICS

Access Investment Grade Corporate Bond ETF

as of February 28, 2021

FUND SNAPSHOT
As of February 28, 2021
Market Price1	$	54.20
Net Asset Value (NAV)1	$	54.03

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

PERFORMANCE REVIEW
September 1, 2020–February 28, 2021	Fund Total Return (based on NAV)2			Fund Total Return (based on Market Price)2			FTSE Goldman Sachs Investment Grade Corporate Bond Index3			Bloomberg Barclays US Corporate Investment Grade Index4
Shares		-1.29	%		-1.13	%		-1.13	%		-0.31	%

²  Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculations assumes all management fees incurred by the Fund. Market Price returns are based upon the last trade at 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. Total returns for periods less than one full year are not annualized.

³  The Index was developed and is calculated and maintained by FTSE Fixed Income LLC (“FTSE”), a trading name of the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group” or the “Index Provider”). FTSE is not affiliated with the Fund or GSAM. The Fund is not sponsored, endorsed, sold or promoted by FTSE or any of its affiliates and FTSE makes no representation to any owner or prospective owner of the Fund regarding the advisability of investing in securities generally or in the Fund particularly, or the ability of the Fund to track the price and yield performance of the Index or the ability of the Index to track general bond market performance. FTSE’s only relationship to GSAM (“Licensee”) is the licensing of certain information, data, trademarks and trade names of FTSE or its affiliates. The Index is determined, composed and calculated by FTSE without regard to the Fund. FTSE has no obligation to take the needs of the owners or prospective owners of the Fund into consideration in determining, composing or calculating the Index. FTSE is not responsible for and has not participated in the determination of the prices and amount of the shares to be issued by the Fund or the timing of the issuance or sale of the shares to be issued by the Fund or in the determination or calculation of the equation by which the shares to be issued by the Fund are to be converted into cash. FTSE has no obligation or liability in connection with the administration, marketing or trading of the Fund. The Index Provider may delay or change a scheduled rebalancing or reconstitution of the Index or the implementation of certain rules at its sole discretion.

⁴  The Bloomberg Barclays US Corporate Investment Grade Index measures the investment grade, fixed-rate, taxable corporate bond market. It includes USD-denominated securities publicly issued by US and non-US industrial, utility and financial issuers.

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

7

FUND BASICS

TOP TEN HOLDINGS AS OF 2/28/215
Holding	% of Net Assets			Line of Business
GE Capital International Funding Co. Unlimited Co., 4.42%, 11/15/35		0.3	%	Financial Company
Wells Fargo & Co., Series MTN, 5.01%, 04/04/51		0.3		Banks
Bank of Montreal, 3.80%, 12/15/32		0.3		Banks
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc., 4.90%, 02/01/46		0.3		Food and Beverage
AT&T, Inc., 3.55%, 09/15/55		0.3		Wireless
Apple, Inc., 4.65%, 02/23/46		0.2		Technology
AT&T, Inc., 3.65%, 09/15/59		0.2		Wireless
JPMorgan Chase & Co., 3.21%, 04/01/23		0.2		Banks
Dell International LLC / EMC Corp., 4.90%, 10/01/26		0.2		Technology
Oracle Corp., 6.50%, 04/15/38		0.2		Software

⁵  The top 10 holdings may not be representative of the Fund’s future investments.

SECTOR ALLOCATION AS OF 2/28/216
Sector Name	Fund
Financials		33.3	%
Consumer, Non-cyclical		19.2
Telecommunication Services		13.1
Information Technology		9.4
Energy		8.1
Consumer, Cyclical		5.9
Industrials		5.5
Utilities		2.4
Materials		2.1
Other		0.3

⁶  The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. The “Other” category represents the Fund’s investments in investment companies. Figures in the table may not sum to 100% due to the exclusion of other assets and liabilities.

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

8

FUND BASICS

Access Treasury 0-1 Year ETF

as of February 28, 2021

FUND SNAPSHOT
As of February 28, 2021
Market Price1	$	100.14
Net Asset Value (NAV)1	$	100.13

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

PERFORMANCE REVIEW
September 1, 2020–February 28, 2021	Fund Total Return (based on NAV)2			Fund Total Return (based on Market Price)2	FTSE US Treasury 0-1 Year Composite Select Index3
Shares		0.01	%	0.01%	0.07%

²  Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculations assumes all management fees incurred by the Fund. Market Price returns are based upon the last trade at 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. Total returns for periods less than one full year are not annualized.

³  The Index is designed to measure the performance of U.S. Treasury Securities with a maximum remaining maturity of 12 months. “U.S. Treasury Securities” refer to securities issued or guaranteed by the U.S. Treasury where the payment of principal and interest is backed by the full faith and credit of the U.S. government. U.S. Treasury Securities include U.S. Treasury notes, U.S. Treasury bills and U.S. Treasury floating rate bonds. The Index is sponsored by FTSE Fixed Income LLC (“FTSE”), a trading name of the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group” or the “Index Provider”). FTSE is not affiliated with the Fund or GSAM. The Index is determined, composed and calculated by FTSE without regard to the Fund. It is not possible to invest directly in an unmanaged index. The Index Provider may delay or change a scheduled rebalancing or reconstitution of the Index or the implementation of certain rules at its sole discretion.

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

9

FUND BASICS

TOP TEN HOLDINGS AS OF 2/28/214
Holding	Maturity Date		% of Net Assets5
U.S. Treasury Bill, 0.03%		04/15/21		28.4	%
U.S. Cash Management Bill, 0.04%		06/29/21		13.6
U.S. Treasury Bill, 0.07%		07/22/21		8.4
U.S. Treasury Bill, 0.05%		08/19/21		6.7
U.S. Treasury Bill, 0.09%		05/27/21		6.6
U.S. Treasury Bill, 0.04%		05/27/21		5.6
U.S. Treasury Note, 2.50%		01/15/22		4.5
U.S. Treasury Bill, 0.08%		12/30/21		4.0
U.S. Treasury Bill, 0.05%		07/22/21		3.8
U.S. Treasury Note, 2.00%		10/31/21		3.7

⁴  The holdings may not be representative of the Fund’s future investments.

⁵  The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

Figures in the table may not sum to 100% due to the exclusion of other assets and liabilities.

SECTOR ALLOCATION AS OF 2/28/216
Sector Name	Fund
Government		100.5	%

⁶  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.

10

FUND BASICS

Access U.S. Aggregate Bond ETF

as of February 28, 2021

FUND SNAPSHOT
As of February 28, 2021
Market Price1	$	48.78
Net Asset Value (NAV)1	$	48.75

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

PERFORMANCE REVIEW
September 8, 2020–February 28, 2021	Fund Total Return (based on NAV)2			Fund Total Return (based on Market Price)2			FTSE Goldman Sachs US Broad Bond Market Index3
Shares		-2.26	%		-2.20	%		-2.02	%

²  Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculations assumes all management fees incurred by the Fund. Market Price returns are based upon the last trade at 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. Total returns for periods less than one full year are not annualized.

³  The Index was developed and is calculated and maintained by FTSE Fixed Income LLC (“FTSE”), a trading name of the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group” or the “Index Provider”). FTSE is not affiliated with the Fund or GSAM. The Fund is not sponsored, endorsed, sold or promoted by FTSE or any of its affiliates and FTSE makes no representation to any owner or prospective owner of the Fund regarding the advisability of investing in securities generally or in the Fund particularly, or the ability of the Fund to track the price and yield performance of the Index or the ability of the Index to track general bond market performance. FTSE’s only relationship to GSAM (“Licensee”) is the licensing of certain information, data, trademarks and trade names of FTSE or its affiliates. The Index is determined, composed and calculated by FTSE without regard to the Fund. FTSE has no obligation to take the needs of the owners or prospective owners of the Fund into consideration in determining, composing or calculating the Index. FTSE is not responsible for and has not participated in the determination of the prices and amount of the shares to be issued by the Fund or the timing of the issuance or sale of the shares to be issued by the Fund or in the determination or calculation of the equation by which the shares to be issued by the Fund are to be converted into cash. FTSE has no obligation or liability in connection with the administration, marketing or trading of the Fund. The Index Provider may delay or change a scheduled rebalancing or reconstitution of the Index or the implementation of certain rules at its sole discretion.

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

11

FUND BASICS

TOP TEN HOLDINGS AS OF 2/28/214
Holding	% of Net Assets
U.S. Treasury Note, 2.13%, 05/31/26		6.2	%
U.S. Treasury Note, 2.00%, 02/15/25		5.0
U.S. Treasury Note, 2.00%, 11/15/26		4.8
Federal National Mortgage Association, 3.00%, 03/15/51		4.4
U.S. Treasury Note, 2.50%, 01/31/25		4.3
U.S. Treasury Note, 2.13%, 02/29/24		4.1
U.S. Treasury Note, 2.75%, 02/15/28		3.7
Federal National Mortgage Association, 2.00%, 03/15/51		3.1
Federal National Mortgage Association, 4.00%, 03/15/51		2.7
U.S. Treasury Bond, 4.38%, 02/15/38		2.3

⁴  The top 10 holdings may not be representative of the Fund’s future investments.

SECTOR ALLOCATION AS OF 2/28/215
Sector Name	Fund
U.S. Treasury Notes		34.5	%
Mortgage-Backed Securities		27.1
Corporate Obligations		24.6
Other		23.2
U.S. Treasury Bonds		6.9
Foreign Corporate Debt		4.2
Foreign Debt Obligations		1.8

⁵  The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Figures in the table may not sum to 100% due to the exclusion of other assets and liabilities.

The “Other” category represents the Fund’s investments in investment companies.

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

FUND BASICS

Access Ultra Short Bond ETF

as of February 28, 2021

FUND SNAPSHOT
As of February 28, 2021
Market Price1	$	50.81
Net Asset Value (NAV)1	$	50.81

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

PERFORMANCE REVIEW
September 1, 2020–February 28, 2021	Fund Total Return (based on NAV)2			Fund Total Return (based on Market Price)2			FTSE Three-Month U.S. Treasury Bill Index3
Shares		0.43	%		0.41	%		0.05	%

²  Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculations assumes all management fees incurred by the Fund. Market Price returns are based upon the last trade at 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. Total returns for periods less than one full year are not annualized.

³  The FTSE Three-Month U.S. Treasury Bill Index is intended to track the daily performance of three-month U.S. Treasury bills. The index is designed to operate as a reference rate for a series of funds. The Fund does not attempt to track an index and takes a more active approach.

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

13

FUND BASICS

TOP TEN HOLDINGS AS OF 2/28/214
Holding	% of Net Assets
U.S. Treasury Bill, 0.08%, 06/10/21		2.4	%
U.S. Treasury Bill, 0.09%, 05/06/21		1.9
FHLMC REMIC, Class FA, Series 2020-5031, 0.36%, 08/15/43		1.7
GNMA, Class FB, Series 2019-56, 0.56%, 05/20/49		1.6
FNMA REMIC, Class KF, Series 2019-6, 0.57%, 03/25/49		1.6
U.S. Treasury Bill, 0.09%, 06/10/21		1.5
GNMA, Class F, Series 2019-110, 0.56%, 09/20/49		1.5
FNMA REMIC, Class GF, Series 2017-91, 0.47%, 11/25/47		1.3
FHLMC REMIC, Class BF, Series 2018-4852, 0.51%, 12/15/48		1.2
FHLMC REMIC, Class NF, Series 2019-4906, 0.54%, 03/15/38		1.2

⁴  The top 10 holdings may not be representative of the Fund’s future investments.

SECTOR ALLOCATION AS OF 2/28/215
Sector Name	Fund
Mortgage-Backed Securities		31.8	%
Asset- Backed Securities		21.1
Corporate Obligations		20.2
Foreign Corporate Debt		18.7
U.S. Treasury Bills		5.8
Other		5.4
Certificate of Deposits		0.6
Municipal Debt Obligations		0.1

⁵  The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

Figures in the table may not sum to 100% due to the exclusion of other assets and liabilities.

The “Other” category represents the Fund’s investments in investment companies.

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 ACCESS HIGH YIELD CORPORATE BOND ETF

Schedule of Investments

February 28, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – 93.1%
Advertising – 1.3%
	Clear Channel Worldwide Holdings, Inc.
$	250,000		9.250	%		02/15/24	$	260,937
	470,000		5.125	(a)		08/15/27		479,400
	Lamar Media Corp.
	250,000		3.750			02/15/28		253,750
	261,000		4.000			02/15/30		267,525
	Nielsen Finance LLC / Nielsen Finance Co.(a)
	72,000		5.000			04/15/22		72,225
	250,000		5.625			10/01/28		265,938
	400,000		5.875			10/01/30		434,500
	Outfront Media Capital LLC / Outfront Media Capital Corp.(a)
	400,000		6.250			06/15/25		425,000
								2,459,275
Aerospace & Defense – 2.6%
	Howmet Aerospace, Inc.
	450,000		5.870			02/23/22		466,194
	250,000		5.125			10/01/24		271,607
	250,000		6.875			05/01/25		289,375
	Signature Aviation US Holdings, Inc.(a)
	370,000		4.000			03/01/28		376,012
	TransDigm, Inc.
	200,000		6.500			05/15/25		204,000
	400,000		8.000	(a)		12/15/25		436,500
	1,220,000		6.250	(a)		03/15/26		1,293,200
	551,000		6.375			06/15/26		568,908
	70,000		7.500			03/15/27		74,550
	450,000		5.500			11/15/27		461,250
	Wolverine Escrow LLC(a)
	525,000		9.000			11/15/26		518,438
								4,960,034
Agriculture – 0.6%(a)
	JBS USA LUX SA / JBS USA Finance, Inc.
	414,000		6.750			02/15/28		456,435
	JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc.
	320,000		6.500			04/15/29		361,600
	300,000		5.500			01/15/30		338,250
								1,156,285
Banks – 0.2%
	Freedom Mortgage Corp.
	174,000		8.125	(a)		11/15/24		180,960
	247,000		8.250	(a)		04/15/25		257,189
								438,149
Basic Industry – 1.3%
	Axalta Coating Systems LLC(a)
	500,000		3.375			02/15/29		488,125
	Axalta Coating Systems LLC / Axalta Coating Systems Dutch Holding B BV(a)
	150,000		4.750			06/15/27		157,125
	Blue Cube Spinco LLC
	200,000		10.000			10/15/25		211,250
	CF Industries, Inc.
	170,000		3.450			06/01/23		178,075
	300,000		5.150			03/15/34		365,706
Corporate Obligations – (continued)
Basic Industry – (continued)
	Chemours Co. (The)(a)
	400,000		5.750			11/15/28		414,000
	Tronox, Inc.(a)
	344,000		6.500			04/15/26		356,900
	Valvoline, Inc.(a)
	300,000		4.250			02/15/30		310,875
								2,482,056
Broadcasting – 3.2%
	Gray Television, Inc.(a)
	250,000		7.000			05/15/27		274,375
	200,000		4.750			10/15/30		199,500
	iHeartCommunications, Inc.
	220,000		8.375			05/01/27		233,475
	750,000		4.750	(a)		01/15/28		769,687
	Nexstar Broadcasting, Inc.(a)
	560,000		5.625			07/15/27		594,300
	Scripps Escrow II, Inc.(a)
	400,000		5.375			01/15/31		406,000
	Sirius XM Radio, Inc.(a)
	210,000		4.625			07/15/24		216,825
	128,000		5.375			07/15/26		132,800
	755,000		5.000			08/01/27		788,031
	240,000		5.500			07/01/29		261,000
	611,000		4.125			07/01/30		620,165
	TEGNA, Inc.
	200,000		4.625	(a)		03/15/28		206,000
	300,000		5.000			09/15/29		314,250
	Terrier Media Buyer, Inc.(a)
	350,000		8.875			12/15/27		375,375
	Univision Communications, Inc.(a)
	257,000		5.125			02/15/25		258,285
	425,000		6.625			06/01/27		445,188
								6,095,256
Brokerage – 0.2%
	Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp.(a)
	500,000		4.250			02/01/27		485,000
Building Materials – 1.0%
	AECOM
	404,000		5.125			03/15/27		444,400
	American Builders & Contractors Supply Co., Inc.(a)
	100,000		5.875			05/15/26		103,250
	363,000		4.000			01/15/28		368,445
	Beacon Roofing Supply, Inc.(a)
	280,000		4.875			11/01/25		283,500
	Builders FirstSource, Inc.(a)
	530,000		6.750			06/01/27		571,075
	Cornerstone Building Brands, Inc.(a)
	210,000		8.000			04/15/26		217,613
								1,988,283
Capital Goods – 3.5%
	Ball Corp.
	350,000		5.000			03/15/22		363,057
	205,000		4.000			11/15/23		218,581

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

GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF

Schedule of Investments (continued)

February 28, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Capital Goods – (continued)
	Ball Corp. – (continued)
$	351,000		5.250	%		07/01/25	$	396,630
	121,000		4.875			03/15/26		135,671
	450,000		2.875			08/15/30		438,750
	Berry Global, Inc.(a)
	200,000		5.625			07/15/27		213,000
	Covanta Holding Corp.(a)
	175,000		5.875			07/01/25		181,863
	201,000		6.000			01/01/27		210,316
	Crown Americas LLC / Crown Americas Capital Corp V
	245,000		4.250			09/30/26		264,600
	Crown Americas LLC / Crown Americas Capital Corp. IV
	200,000		4.500			01/15/23		211,000
	Crown Americas LLC / Crown Americas Capital Corp. VI
	210,000		4.750			02/01/26		218,925
	Flex Acquisition Co., Inc.(a)
	130,000		6.875			01/15/25		131,787
	157,000		7.875			07/15/26		163,673
	Graham Packaging Co., Inc.(a)
	180,000		7.125			08/15/28		195,975
	Herc Holdings, Inc.(a)
	490,000		5.500			07/15/27		519,400
	LABL Escrow Issuer LLC
	183,000		6.750	(a)		07/15/26		197,182
	139,000		10.500	(a)		07/15/27		154,985
	Mauser Packaging Solutions Holding Co.(a)
	304,000		5.500			04/15/24		306,660
	Owens-Brockway Glass Container, Inc.(a)
	200,000		5.875			08/15/23		215,500
	Sealed Air Corp.
	260,000		4.875	(a)		12/01/22		273,325
	130,000		5.125	(a)		12/01/24		142,837
	230,000		5.500	(a)		09/15/25		257,600
	170,000		6.875	(a)		07/15/33		222,700
	Sensata Technologies BV
	366,000		4.875	(a)		10/15/23		393,450
	279,000		5.000	(a)		10/01/25		307,598
	Sensata Technologies, Inc.(a)
	450,000		3.750			02/15/31		453,375
								6,788,440
Communications – 8.5%
	AMC Networks, Inc.
	88,000		5.000			04/01/24		89,265
	440,000		4.750			08/01/25		453,200
	Cable One, Inc.(a)
	475,000		4.000			11/15/30		475,594
	CCO Holdings LLC / CCO Holdings Capital Corp.(a)
	197,000		4.000			03/01/23		198,724
	845,000		5.750			02/15/26		876,687
	509,000		5.500			05/01/26		526,179
	490,000		5.125			05/01/27		513,887
	217,000		5.875			05/01/27		225,680
	423,000		5.000			02/01/28		444,679
	300,000		5.375			06/01/29		323,625
	780,000		4.750			03/01/30		822,900
Corporate Obligations – (continued)
Communications – (continued)
	CCO Holdings LLC / CCO Holdings Capital Corp. – (continued)
	780,000		4.500			08/15/30		810,225
	725,000		4.250			02/01/31		734,062
	300,000		4.500			05/01/32		309,750
	CSC Holdings LLC
	90,000		5.875			09/15/22		95,175
	678,000		5.250			06/01/24		731,392
	550,000		5.500	(a)		04/15/27		580,938
	200,000		5.375	(a)		02/01/28		212,500
	200,000		7.500	(a)		04/01/28		221,250
	640,000		6.500	(a)		02/01/29		708,800
	680,000		5.750	(a)		01/15/30		729,300
	600,000		4.625	(a)		12/01/30		600,000
	425,000		3.375	(a)		02/15/31		410,125
	DISH DBS Corp.
	468,000		5.000			03/15/23		483,795
	314,000		5.875			11/15/24		329,307
	614,000		7.750			07/01/26		676,168
	110,000		7.375			07/01/28		115,500
	Lions Gate Capital Holdings LLC(a)
	133,000		6.375			02/01/24		136,325
	142,000		5.875			11/01/24		145,195
	Netflix, Inc.
	400,000		5.500			02/15/22		416,500
	440,000		4.375			11/15/26		495,000
	467,000		4.875			04/15/28		532,380
	562,000		5.875			11/15/28		674,400
	227,000		6.375			05/15/29		282,615
	200,000		5.375	(a)		11/15/29		237,000
	350,000		4.875	(a)		06/15/30		404,250
	Radiate Holdco LLC / Radiate Finance, Inc.(a)
	250,000		6.500			09/15/28		263,750
								16,286,122
Consumer Cyclical – 16.3%
	ADT Security Corp. (The)(a)
	230,000		4.875			07/15/32		245,525
	Allison Transmission, Inc.(a)
	620,000		4.750			10/01/27		645,575
	American Axle & Manufacturing, Inc.
	450,000		6.875			07/01/28		481,500
	APX Group, Inc.
	277,000		7.875			12/01/22		279,077
	200,000		6.750	(a)		02/15/27		212,000
	Boyd Gaming Corp.
	160,000		6.375			04/01/26		165,200
	271,000		6.000			08/15/26		281,840
	180,000		4.750			12/01/27		183,169
	Brink’s Co. (The)(a)
	284,000		5.500			07/15/25		302,105
	Caesars Entertainment, Inc.(a)
	450,000		6.250			07/01/25		476,894
	450,000		8.125			07/01/27		490,157
	Caesars Resort Collection LLC / CRC Finco, Inc.(a)
	150,000		5.750			07/01/25		157,651
	511,000		5.250			10/15/25		511,000

16 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)
	Churchill Downs, Inc.(a)
$	350,000		5.500	%		04/01/27	$	366,187
	222,000		4.750			01/15/28		231,435
	Clarios Global LP / Clarios US Finance Co.
	418,000		6.250	(a)		05/15/26		444,513
	Clarios Global LP / Clarios US Finance Co.
	415,000		8.500	(a)		05/15/27		447,028
	Dana Financing Luxembourg Sarl(a)
	250,000		5.750			04/15/25		259,062
	Dana, Inc.
	300,000		5.625			06/15/28		321,000
	Diamond Resorts International, Inc.(a)
	104,000		7.750			09/01/23		107,510
	ESH Hospitality, Inc.(a)
	367,000		5.250			05/01/25		375,257
	250,000		4.625			10/01/27		254,688
	Ford Motor Co.
	180,000		8.500			04/21/23		201,695
	280,000		9.000			04/22/25		340,999
	205,000		4.346			12/08/26		218,861
	600,000		6.625			10/01/28		707,266
	500,000		7.450			07/16/31		651,108
	Ford Motor Credit Co. LLC
	700,000		3.087			01/09/23		711,855
	380,000		5.584			03/18/24		412,755
	300,000		5.125			06/16/25		324,015
	200,000		4.134			08/04/25		211,225
	200,000		4.542			08/01/26		214,340
	400,000		4.271			01/09/27		424,865
	400,000		3.815			11/02/27		416,026
	450,000		5.113			05/03/29		494,783
	Gap, Inc. (The)(a)
	200,000		8.625			05/15/25		222,694
	300,000		8.875			05/15/27		351,162
	Goodyear Tire & Rubber Co. (The)
	500,000		5.125			11/15/23		503,125
	200,000		4.875			03/15/27		210,000
	Hanesbrands, Inc.(a)
	447,000		4.625			05/15/24		475,496
	250,000		5.375			05/15/25		265,313
	Hilton Domestic Operating Co., Inc.
	510,000		4.875			01/15/30		549,066
	200,000		4.000	(a)		05/01/31		203,809
	200,000		3.625	(a)		02/15/32		198,585
	Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp.
	205,000		4.875			04/01/27		213,368
	Iron Mountain, Inc.(a)
	331,000		4.875			09/15/27		346,722
	362,000		5.250			03/15/28		380,100
	650,000		5.250			07/15/30		671,937
	750,000		4.500			02/15/31		752,813
	KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC(a)
	270,000		5.250			06/01/26		280,125
Corporate Obligations – (continued)
Consumer Cyclical – (continued)
	L Brands, Inc.
	300,000		6.625	(a)		10/01/30		339,265
	400,000		6.875			11/01/35		485,869
	Liberty Interactive LLC
	250,000		8.250			02/01/30		292,500
	Marriott Ownership Resorts, Inc. / ILG LLC
	340,000		6.500			09/15/26		354,450
	MGM Growth Properties Operating Partnership LP / MGP Finance Co.-Issuer, Inc.
	455,000		4.625	(a)		06/15/25		484,575
	250,000		5.750			02/01/27		283,750
	MGM Resorts International
	298,000		6.000			03/15/23		319,232
	77,000		5.750			06/15/25		85,085
	167,000		4.625			09/01/26		175,350
	209,000		5.500			04/15/27		227,810
	250,000		4.750			10/15/28		261,875
	Mohegan Gaming & Entertainment(a)
	390,000		8.000			02/01/26		385,125
	Navistar International Corp.(a)
	326,000		6.625			11/01/25		339,040
	Penske Automotive Group, Inc.
	20,000		5.500			05/15/26		20,700
	PetSmart, Inc.(a)
	310,000		7.125			03/15/23		310,028
	Picasso Finance Sub, Inc.(a)
	280,000		6.125			06/15/25		299,600
	Prime Security Services Borrower LLC / Prime Finance, Inc.(a)
	790,000		3.375			08/31/27		773,213
	QVC, Inc.
	250,000		4.375			03/15/23		262,265
	100,000		4.450			02/15/25		106,054
	150,000		4.750			02/15/27		158,491
	Scientific Games International, Inc.(a)
	410,000		5.000			10/15/25		422,813
	340,000		8.250			03/15/26		362,525
	145,000		7.000			05/15/28		154,425
	300,000		7.250			11/15/29		324,375
	Staples, Inc.(a)
	547,000		7.500			04/15/26		555,205
	350,000		10.750			04/15/27		334,250
	Station Casinos LLC(a)
	341,000		4.500			02/15/28		340,148
	Taylor Morrison Communities, Inc.(a)
	430,000		5.125			08/01/30		461,175
	Tenneco, Inc.
	100,000		5.000			07/15/26		94,500
	Tesla, Inc.(a)
	352,000		5.300			08/15/25		366,520
	Toll Brothers Finance Corp.
	249,000		5.875			02/15/22		257,271
	313,000		4.375			04/15/23		331,448
	172,000		4.350			02/15/28		191,331
	Travel + Leisure Co.(a)
	360,000		6.625			07/31/26		407,702
	VICI Properties LP / VICI Note Co., Inc.(a)
	285,000		4.250			12/01/26		294,670

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

GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF

Schedule of Investments (continued)

February 28, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Consumer Cyclical – (continued)
	VICI Properties LP / VICI Note Co., Inc. – (continued)
$	250,000		3.750	%		02/15/27	$	254,687
	550,000		4.625			12/01/29		577,752
	400,000		4.125			08/15/30		417,500
	William Carter Co. (The)(a)
	332,000		5.625			03/15/27		351,090
	Wyndham Hotels & Resorts, Inc.(a)
	200,000		4.375			08/15/28		204,750
	Yum! Brands, Inc.
	375,000		4.750	(a)		01/15/30		394,687
	150,000		3.625			03/15/31		145,313
								31,400,895
Consumer Noncyclical – 3.7%
	Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC
	350,000		3.500	(a)		02/15/23		361,375
	131,000		5.750			03/15/25		135,257
	380,000		4.625	(a)		01/15/27		397,575
	678,000		4.875	(a)		02/15/30		701,730
	Allied Universal Holdco LLC / Allied Universal Finance Corp.(a)
	740,000		6.625			07/15/26		784,400
	Change Healthcare Holdings LLC / Change Healthcare Finance, Inc.(a)
	463,000		5.750			03/01/25		475,154
	Envision Healthcare Corp.(a)
	200,000		8.750			10/15/26		143,750
	Fresh Market, Inc. (The)(a)
	280,000		9.750			05/01/23		291,900
	Hologic, Inc.
	250,000		4.625	(a)		02/01/28		265,312
	450,000		3.250	(a)		02/15/29		450,000
	Jaguar Holding Co. II / PPD Development LP(a)
	312,000		5.000			06/15/28		332,670
	MEDNAX, Inc.(a)
	230,000		6.250			01/15/27		243,225
	Molina Healthcare, Inc.
	250,000		5.375			11/15/22		265,000
	250,000		4.375	(a)		06/15/28		261,875
	RegionalCare Hospital Partners Holdings, Inc. / LifePoint Health, Inc.(a)
	170,000		9.750			12/01/26		184,025
	Rite Aid Corp.(a)
	262,000		7.500			07/01/25		276,410
	268,000		8.000			11/15/26		282,740
	Teleflex, Inc.
	616,000		4.625			11/15/27		649,110
	Vector Group Ltd.(a)
	550,000		5.750			02/01/29		572,688
								7,074,196
Consumer Products – 1.3%
	Edgewell Personal Care Co.(a)
	450,000		5.500			06/01/28		476,437
	Energizer Holdings, Inc.(a)
	300,000		4.375			03/31/29		300,314
Corporate Obligations – (continued)
Consumer Products – (continued)
	Mattel, Inc.(a)
	494,000		6.750			12/31/25		516,848
	368,000		5.875			12/15/27		402,500
	Newell Brands, Inc.
	107,000		4.350			04/01/23		112,381
	471,000		4.700			04/01/26		520,795
	Spectrum Brands, Inc.
	222,000		5.750			07/15/25		229,770
								2,559,045
Distribution & Logistics – 0.2%
	IAA, Inc.(a)
	345,000		5.500			06/15/27		362,250
Distributors – 0.1%
	KAR Auction Services, Inc.(a)
	295,000		5.125			06/01/25		301,269
Electric – 3.6%
	Calpine Corp.(a)
	500,000		4.625			02/01/29		501,115
	200,000		5.000			02/01/31		199,360
	450,000		3.750			03/01/31		437,625
	Clearway Energy Operating LLC
	130,000		5.750			10/15/25		136,500
	FirstEnergy Corp.
	500,000		2.650			03/01/30		496,783
	FirstEnergy Corp., Series B
	500,000		2.250			09/01/30		470,354
	FirstEnergy Corp., Series C
	250,000		7.375			11/15/31		348,140
	NextEra Energy Operating Partners LP(a)
	28,000		4.250			09/15/24		29,820
	349,000		4.500			09/15/27		390,008
	NRG Energy, Inc.
	170,000		7.250			05/15/26		176,800
	271,000		6.625			01/15/27		281,840
	521,000		5.250	(a)		06/15/29		553,562
	PG&E Corp.
	500,000		5.000			07/01/28		526,493
	350,000		5.250			07/01/30		376,909
	Talen Energy Supply LLC(a)
	368,000		10.500			01/15/26		353,280
	330,000		7.250			05/15/27		349,800
	TerraForm Power Operating LLC(a)
	8,000		4.250			01/31/23		8,240
	330,000		4.750			01/15/30		351,450
	Vistra Operations Co. LLC(a)
	250,000		5.500			09/01/26		260,000
	250,000		5.625			02/15/27		261,875
	350,000		5.000			07/31/27		367,500
								6,877,454
Energy – 9.8%
	Antero Midstream Partners LP / Antero Midstream Finance Corp.(a)
	325,000		5.750			03/01/27		326,625
	227,000		5.750			01/15/28		229,837

18 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)
	Antero Resources Corp.
$	280,000		5.625	%		06/01/23	$	282,450
	168,000		5.000			03/01/25		168,000
	300,000		7.625	(a)		02/01/29		321,000
	Apache Corp.
	350,000		4.875			11/15/27		369,250
	375,000		4.375			10/15/28		382,894
	Archrock Partners LP / Archrock Partners Finance Corp.(a)
	650,000		6.875			04/01/27		689,000
	Buckeye Partners LP
	320,000		3.950			12/01/26		318,417
	140,000		4.125			12/01/27		141,847
	180,000		4.500	(a)		03/01/28		184,500
	Cheniere Energy Partners LP
	250,000		5.250			10/01/25		257,031
	590,000		5.625			10/01/26		616,550
	500,000		4.500			10/01/29		526,250
	Cheniere Energy, Inc.(a)
	350,000		4.625			10/15/28		365,750
	CNX Resources Corp.(a)
	180,000		6.000			01/15/29		189,450
	Continental Resources, Inc.
	71,000		4.500			04/15/23		73,219
	400,000		3.800			06/01/24		412,000
	550,000		4.375			01/15/28		580,250
	CrownRock LP / CrownRock Finance, Inc.(a)
	423,000		5.625			10/15/25		429,345
	DCP Midstream Operating LP
	250,000		5.375			07/15/25		266,250
	450,000		5.625			07/15/27		487,125
	Endeavor Energy Resources LP / EER Finance, Inc.(a)
	529,000		5.500			01/30/26		540,241
	350,000		5.750			01/30/28		371,000
	EnLink Midstream LLC
	225,000		5.375			06/01/29		223,290
	EnLink Midstream Partners LP
	570,000		4.850			07/15/26		573,356
	EQM Midstream Partners LP
	78,000		4.750			07/15/23		80,535
	320,000		4.000			08/01/24		323,200
	487,000		5.500			07/15/28		504,045
	340,000		4.750	(a)		01/15/31		328,100
	EQT Corp.
	180,000		7.625			02/01/25		210,150
	500,000		3.900			10/01/27		517,500
	Hilcorp Energy I LP / Hilcorp Finance Co.(a)
	540,000		6.250			11/01/28		565,650
	Laredo Petroleum, Inc.
	200,000		10.125			01/15/28		191,000
	Moss Creek Resources Holdings, Inc.(a)
	59,000		7.500			01/15/26		49,265
	275,000		10.500			05/15/27		243,375
	Nabors Industries Ltd.(a)
	100,000		7.500			01/15/28		87,000
	Parsley Energy LLC / Parsley Finance Corp.(a)
	200,000		5.625			10/15/27		217,500
Corporate Obligations – (continued)
Energy – (continued)
	Range Resources Corp.
	113,000		5.000			03/15/23		113,847
	280,000		4.875			05/15/25		278,600
	170,000		9.250			02/01/26		185,300
	430,000		8.250	(a)		01/15/29		462,250
	Southwestern Energy Co.
	200,000		7.500			04/01/26		211,500
	150,000		7.750			10/01/27		160,875
	Sunoco LP / Sunoco Finance Corp.
	320,000		5.500			02/15/26		329,600
	490,000		6.000			04/15/27		512,663
	Targa Resources Partners LP / Targa Resources Partners Finance Corp.
	300,000		5.875			04/15/26		312,750
	250,000		5.375			02/01/27		260,000
	250,000		5.500			03/01/30		267,500
	750,000		4.875	(a)		02/01/31		767,813
	Transocean, Inc.(a)
	563,000		11.500			01/30/27		467,290
	USA Compression Partners LP / USA Compression Finance Corp.
	250,000		6.875			04/01/26		259,375
	Weatherford International Ltd.(a)
	605,000		11.000			12/01/24		595,925
	Western Midstream Operating LP
	630,000		4.650			07/01/26		655,200
	300,000		5.300			02/01/30		325,500
								18,808,235
Financial Company – 4.5%
	Ally Financial, Inc.
	290,000		5.750			11/20/25		331,262
	BCD Acquisition, Inc.(a)
	270,000		9.625			09/15/23		278,100
	HUB International Ltd.(a)
	481,000		7.000			05/01/26		503,246
	Icahn Enterprises LP / Icahn Enterprises Finance Corp.
	700,000		6.750			02/01/24		718,375
	386,000		6.375			12/15/25		402,887
	580,000		5.250			05/15/27		613,350
	LPL Holdings, Inc.(a)
	300,000		5.750			09/15/25		309,000
	Nationstar Mortgage Holdings, Inc.(a)
	200,000		6.000			01/15/27		210,750
	300,000		5.500			08/15/28		311,250
	Navient Corp.
	132,000		7.250			09/25/23		143,473
	106,000		5.875			10/25/24		111,574
	159,000		6.750			06/25/25		171,008
	374,000		6.750			06/15/26		400,582
	Navient Corp., MTN
	160,000		6.125			03/25/24		169,355
	250,000		5.625			08/01/33		230,244
	NFP Corp.(a)
	550,000		6.875			08/15/28		570,625

The accompanying notes are an integral part of these financial statements. 19

GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF

Schedule of Investments (continued)

February 28, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Financial Company – (continued)
	OneMain Finance Corp.
$	240,000		6.125	%		05/15/22	$	251,700
	292,000		5.625			03/15/23		310,980
	310,000		6.125			03/15/24		334,025
	164,000		6.875			03/15/25		185,320
	422,000		7.125			03/15/26		489,520
	240,000		6.625			01/15/28		273,600
	410,000		5.375			11/15/29		434,600
	Quicken Loans LLC(a)
	392,000		5.250			01/15/28		415,480
	Quicken Loans LLC / Quicken Loans Co.-Issuer, Inc.(a)
	550,000		3.875			03/01/31		550,985
								8,721,291
Food and Beverage – 1.5%
	B&G Foods, Inc.
	225,000		5.250			09/15/27		237,657
	Herbalife Nutrition Ltd / HLF Financing, Inc.(a)
	10,000		7.875			09/01/25		10,925
	HLF Financing Sarl LLC / Herbalife International, Inc.(a)
	115,000		7.250			08/15/26		120,031
	Lamb Weston Holdings, Inc.
	300,000		4.625	(a)		11/01/24		312,375
	383,000		4.875	(a)		11/01/26		398,320
	Pilgrim’s Pride Corp.(a)
	208,000		5.875			09/30/27		223,600
	Post Holdings, Inc.
	538,000		5.000	(a)		08/15/26		564,227
	537,000		5.750	(a)		03/01/27		565,864
	489,000		5.500	(a)		12/15/29		525,675
								2,958,674
Hardware – 2.0%
	Avaya, Inc.(a)
	250,000		6.125			09/15/28		270,625
	CDW LLC / CDW Finance Corp.
	413,000		5.500			12/01/24		456,365
	CommScope Technologies LLC(a)
	478,000		6.000			06/15/25		488,755
	CommScope, Inc.(a)
	250,000		5.500			03/01/24		258,125
	400,000		6.000			03/01/26		422,000
	420,000		8.250			03/01/27		444,150
	NCR Corp.(a)
	329,000		6.125			09/01/29		352,852
	450,000		5.250			10/01/30		476,438
	Qorvo, Inc.(a)
	600,000		3.375			04/01/31		603,000
								3,772,310
Healthcare – 7.1%
	Acadia Healthcare Co., Inc.
	150,000		5.625			02/15/23		149,625
	Charles River Laboratories International, Inc.(a)
	200,000		4.250			05/01/28		209,500
	CHS/Community Health Systems, Inc.(a)
	600,000		8.125			06/30/24		630,750
Corporate Obligations – (continued)
Healthcare – (continued)
	CHS/Community Health Systems, Inc. – (continued)
	567,000		8.000			03/15/26		609,525
	300,000		5.625			03/15/27		316,500
	90,000		8.000			12/15/27		98,775
	600,000		6.875			04/01/28		543,750
	200,000		6.875			04/15/29		206,000
	200,000		4.750			02/15/31		197,000
	DaVita, Inc.(a)
	890,000		4.625			06/01/30		907,800
	450,000		3.750			02/15/31		433,125
	Encompass Health Corp.
	400,000		4.750			02/01/30		426,000
	HCA, Inc.
	409,000		5.375			02/01/25		459,102
	320,000		5.875			02/15/26		370,000
	335,000		5.375			09/01/26		383,575
	460,000		5.625			09/01/28		535,900
	420,000		5.875			02/01/29		498,750
	710,000		3.500			09/01/30		734,850
	IQVIA, Inc.(a)
	400,000		5.000			05/15/27		420,000
	Legacy LifePoint Health LLC(a)
	371,000		4.375			02/15/27		371,000
	MPH Acquisition Holdings LLC(a)
	400,000		5.750			11/01/28		400,000
	Select Medical Corp.(a)
	340,000		6.250			08/15/26		363,800
	Service Corp. International
	125,000		4.625			12/15/27		131,875
	500,000		3.375			08/15/30		494,375
	Tenet Healthcare Corp.
	424,000		6.750			06/15/23		458,980
	425,000		4.625			07/15/24		434,562
	400,000		4.625	(a)		09/01/24		414,000
	110,000		5.125			05/01/25		111,650
	122,000		7.000			08/01/25		126,270
	637,000		4.875	(a)		01/01/26		662,480
	300,000		6.250	(a)		02/01/27		317,625
	663,000		5.125	(a)		11/01/27		704,437
	250,000		4.625	(a)		06/15/28		264,063
	250,000		6.125	(a)		10/01/28		264,063
								13,649,707
Household & Leisure – 0.0%
	Prestige Brands, Inc.(a)
	50,000		6.375			03/01/24		50,748
Insurance – 0.6%
	Acrisure LLC / Acrisure Finance, Inc.(a)
	435,000		7.000			11/15/25		447,399
	Alliant Holdings Intermediate LLC / Alliant Holdings Co.- Issuer(a)
	600,000		4.250			10/15/27		601,500
	Radian Group, Inc.
	200,000		4.875			03/15/27		214,000
								1,262,899

20 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)
Metals – 0.8%
	Arconic Corp.(a)
$	300,000		6.125	%		02/15/28	$	320,625
	Novelis Corp.(a)
	580,000		5.875			09/30/26		606,825
	546,000		4.750			01/30/30		571,935
								1,499,385
Metals and Mining – 0.3%
	Cleveland-Cliffs, Inc.
	300,000		6.750	(a)		03/15/26		324,750
	310,000		5.875			06/01/27		320,463
								645,213
Mining – 1.0%
	Freeport-McMoRan, Inc.
	150,000		3.875			03/15/23		157,125
	452,000		4.550			11/14/24		499,460
	300,000		4.375			08/01/28		320,250
	500,000		4.625			08/01/30		556,250
	320,000		5.400			11/14/34		396,800
								1,929,885
	Natural Gas – 1.7%
	AmeriGas Partners LP / AmeriGas Finance Corp.
	502,000		5.500			05/20/25		552,200
	145,000		5.750			05/20/27		163,850
	Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp.(a)
	500,000		5.625			05/01/27		495,625
	300,000		6.000			02/01/29		297,000
	Ferrellgas LP / Ferrellgas Finance Corp.
	323,000		6.750			06/15/23		321,385
	Hess Midstream Operations LP(a)
	250,000		5.625			02/15/26		259,375
	NGL Energy Partners LP / NGL Energy Finance Corp.
	380,000		7.500			11/01/23		365,750
	PBF Logistics LP / PBF Logistics Finance Corp.
	71,000		6.875			05/15/23		69,314
	Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.(a)
	46,000		5.500			09/15/24		46,345
	720,000		5.500			01/15/28		718,200
								3,289,044
	Pharmaceuticals – 3.2%
	Bausch Health Americas, Inc.(a)
	252,000		9.250			04/01/26		280,264
	677,000		8.500			01/31/27		751,576
	Bausch Health Cos., Inc.(a)
	459,000		7.000			03/15/24		469,708
	379,000		6.125			04/15/25		388,105
	272,000		5.500			11/01/25		280,681
	500,000		9.000			12/15/25		545,974
	336,000		5.750			08/15/27		363,515
	542,000		7.000			01/15/28		589,138
	747,000		6.250			02/15/29		799,703
	173,000		7.250			05/30/29		192,723
	300,000		5.250			01/30/30		305,250
Corporate Obligations – (continued)
Pharmaceuticals – (continued)
	Endo Dac / Endo Finance LLC / Endo Finco, Inc.(a)
	300,000		9.500			07/31/27		339,000
	346,000		6.000			06/30/28		305,345
	Par Pharmaceutical, Inc.(a)
	436,000		7.500			04/01/27		470,880
								6,081,862
	REITs and Real Estate – 1.0%
	Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL(a)
	250,000		5.750			05/15/26		257,328
	Diversified Healthcare Trust
	358,000		9.750			06/15/25		403,767
	iStar, Inc.
	320,000		4.750			10/01/24		328,354
	Kennedy-Wilson, Inc.
	363,000		5.875			04/01/24		367,311
	Realogy Group LLC / Realogy Co.-Issuer Corp.(a)
	340,000		4.875			06/01/23		354,450
	150,000		9.375			04/01/27		165,000
								1,876,210
	Rental Equipment – 1.3%
	H&E Equipment Services, Inc.(a)
	250,000		3.875			12/15/28		240,625
	United Rentals North America, Inc.
	250,000		5.875			09/15/26		263,750
	260,000		5.500			05/15/27		275,191
	750,000		4.875			01/15/28		797,812
	320,000		5.250			01/15/30		352,800
	480,000		3.875			02/15/31		493,185
								2,423,363
	Software – 1.8%
	Banff Merger Sub, Inc.(a)
	515,000		9.750			09/01/26		551,694
	Black Knight InfoServ LLC(a)
	250,000		3.625			09/01/28		248,125
	Gartner, Inc.(a)
	373,000		4.500			07/01/28		393,515
	MSCI, Inc.(a)
	445,000		4.750			08/01/26		458,491
	530,000		4.000			11/15/29		564,450
	NortonLifeLock, Inc.
	250,000		3.950			06/15/22		256,250
	Solera LLC / Solera Finance, Inc.(a)
	220,000		10.500			03/01/24		228,800
	SS&C Technologies, Inc.(a)
	650,000		5.500			09/30/27		690,625
								3,391,950
	Technology – 2.9%
	Arches Buyer, Inc.(a)
	100,000		4.250			06/01/28		101,375
	200,000		6.125			12/01/28		206,500
	CDK Global, Inc.
	84,000		4.875			06/01/27		88,200

The accompanying notes are an integral part of these financial statements. 21

GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF

Schedule of Investments (continued)

February 28, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Technology – (continued)
	CDK Global, Inc. – (continued)
$	230,000		5.250	(a) %		05/15/29	$	248,400
	Dell International LLC / EMC Corp.(a)
	366,000		7.125			06/15/24		379,725
	Diebold Nixdorf, Inc.(a)
	150,000		9.375			07/15/25		165,750
	Exela Intermediate LLC / Exela Finance, Inc.(a)
	200,000		10.000			07/15/23		65,500
	Match Group Holdings II LLC(a)
	214,000		4.625			06/01/28		223,362
	350,000		4.125			08/01/30		364,000
	Microchip Technology, Inc.(a)
	529,000		4.250			09/01/25		551,149
	Seagate HDD Cayman
	450,000		4.750			06/01/23		483,187
	300,000		3.375	(a)		07/15/31		292,500
	250,000		5.750			12/01/34		293,750
	Tempo Acquisition LLC / Tempo Acquisition Finance Corp.(a)
	230,000		6.750			06/01/25		236,325
	Uber Technologies, Inc.(a)
	350,000		7.500			05/15/25		377,563
	330,000		8.000			11/01/26		357,225
	276,000		7.500			09/15/27		301,875
	Verscend Escrow Corp.(a)
	303,000		9.750			08/15/26		326,483
	Xerox Corp.
	180,000		4.375			03/15/23		188,155
	Xerox Holdings Corp.(a)
	400,000		5.500			08/15/28		428,500
								5,679,524
	Transportation – 0.5%
	XPO Logistics, Inc.(a)
	170,000		6.750			08/15/24		179,987
	749,000		6.250			05/01/25		807,048
								987,035
	Wireless – 4.0%
	Ligado Networks LLC(a)(b) (PIK)
	500,000		15.500			11/01/23		506,250
	SBA Communications Corp.
	200,000		4.875			09/01/24		204,750
	496,000		3.875			02/15/27		514,346
	Sprint Capital Corp.
	595,000		6.875			11/15/28		756,394
	520,000		8.750			03/15/32		775,450
	Sprint Communications, Inc.
	260,000		6.000			11/15/22		278,525
	Sprint Corp.
	687,000		7.875			09/15/23		786,615
	345,000		7.125			06/15/24		398,475
	388,000		7.625			02/15/25		462,690
	412,000		7.625			03/01/26		507,358
	T-Mobile USA, Inc.
	290,000		4.000			04/15/22		298,700
	123,000		6.000			03/01/23		123,922
Corporate Obligations – (continued)
Wireless – (continued)
	T-Mobile USA, Inc. – (continued)
	80,000		6.000			04/15/24		80,700
	545,000		5.125			04/15/25		555,559
	15,000		6.500			01/15/26		15,441
	115,000		5.375			04/15/27		121,613
	740,000		4.750			02/01/28		784,400
	Viasat, Inc.
	225,000		5.625	(a)		04/15/27		236,250
	220,000		6.500	(a)		07/15/28		235,400
								7,642,838
	Wirelines – 1.5%
	Frontier Communications Corp.(a)
	300,000		5.875			10/15/27		321,375
	400,000		5.000			05/01/28		414,000
	300,000		6.750			05/01/29		313,500
	Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC(a)
	460,000		7.125			12/15/24		474,375
	350,000		7.875			02/15/25		378,000
	Windstream Escrow LLC / Windstream Escrow Finance Corp.(a)
	250,000		7.750			08/15/28		256,875
	Zayo Group Holdings, Inc.(a)
	496,000		4.000			03/01/27		496,000
	293,000		6.125			03/01/28		303,988
								2,958,113
	TOTAL CORPORATE OBLIGATIONS
	(Cost $173,938,605)						$	179,342,295
Foreign Corporate Debt - 4.4%
	Aerospace & Defense – 0.1%
	Bombardier, Inc.(a) (Canada)
$	200,000		7.500	%		03/15/25	$	184,000
	Basic Industry – 0.7%
	Methanex Corp. (Canada)
	350,000		5.250			12/15/29		359,995
	NOVA Chemicals Corp. (Canada)(a)
	210,000		5.250			08/01/23		209,828
	217,000		5.000			05/01/25		225,227
	500,000		5.250			06/01/27		528,125
								1,323,175
	Capital Goods – 0.2%
	GFL Environmental, Inc. (Canada)(a)
	250,000		3.750			08/01/25		255,938
	200,000		3.500			09/01/28		198,250
								454,188
	Communications – 0.3%
	Videotron Ltd.(a) (Canada)
	550,000		5.125			04/15/27		577,500
Consumer Cyclical – 1.5%
	1011778 BC ULC / New Red Finance, Inc. (Canada)(a)
	144,000		4.250			05/15/24		146,520
	349,000		3.875			01/15/28		355,980

22 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
Foreign Corporate Debt – (continued)
Consumer Cyclical – (continued)
	1011778 BC ULC / New Red Finance, Inc. (Canada)(a)
$	510,000		4.375	%		01/15/28	$	520,200
	250,000		3.500			02/15/29		248,125
	450,000		4.000			10/15/30		439,875
	Brookfield Residential Properties, Inc. / Brookfield Residential US Corp.(a) (Canada)
	300,000		6.250			09/15/27		317,024
	Garda World Security Corp. (Canada)(a)
	150,000		4.625			02/15/27		151,125
	155,000		9.500			11/01/27		169,778
	Mattamy Group Corp. (Canada)(a)
	190,000		5.250			12/15/27		200,231
	260,000		4.625			03/01/30		273,325
								2,822,183
	Energy – 0.3%
	MEG Energy Corp. (Canada)(a)
	297,000		6.500			01/15/25		307,024
	250,000		7.125			02/01/27		264,375
								571,399
	Food – 0.1%
	NBM US Holdings, Inc.(a) (Brazil)
	200,000		7.000			05/14/26		216,000
	Mining – 0.7%
	First Quantum Minerals Ltd. (Zambia)(a)
	200,000		7.250			04/01/23		205,000
	361,000		6.500			03/01/24		370,476
	450,000		7.500			04/01/25		468,000
	250,000		6.875			03/01/26		262,500
								1,305,976
	Natural Gas – 0.1%
	Parkland Corp.(a) (Canada)
	100,000		5.875			07/15/27		106,801
	Software – 0.4%
	Open Text Corp.(a) (Canada)
	420,000		5.875			06/01/26		436,275
	Open Text Holdings, Inc.(a) (Canada)
	400,000		4.125			02/15/30		417,500
								853,775
	TOTAL FOREIGN CORPORATE DEBT
	(Cost $8,148,461)						$	8,414,997

Shares	Dividend Rate			Value
Investment Company – 1.0%(c)
Goldman Sachs Financial Square Government Fund – Institutional Shares
1,901,527		0.036	%	$	1,901,527
(Cost $1,901,527)
TOTAL INVESTMENTS – 98.5%
(Cost $183,988,593)				$	189,658,819
OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.5%					2,853,771
NET ASSETS – 100.0%				$	192,512,590

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

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

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

GOLDMAN SACHS ACCESS INFLATION PROTECTED USD BOND ETF

Schedule of Investments

February 28, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
U.S. Treasury Inflation Indexed Bonds – 99.8%
	U.S. Treasury Inflation Indexed Bonds
$	3,313,829		0.125%			04/15/22	$	3,405,734
	1,081,709		0.125			07/15/22		1,124,374
	943,776		0.625			04/15/23		1,001,723
	5,445,249		0.375			07/15/23		5,815,579
	2,982,834		0.625			01/15/24		3,222,798
	432,731		0.500			04/15/24		467,352
	3,151,305		0.125			10/15/24		3,398,250
	6,828,161		0.250			01/15/25		7,398,768
	5,173,370		0.375			07/15/25		5,689,059
	1,806,571		0.625			01/15/26		2,009,621
	3,173,164		0.375			07/15/27		3,529,102
	5,003,233		0.500			01/15/28		5,594,045
	2,801,736		0.750			07/15/28		3,203,687
	335,906		3.875			04/15/29		473,617
	1,286,113		0.250			07/15/29		1,418,670
	4,123,505		0.125			01/15/30		4,481,843
	98,820		2.125			02/15/40		142,636
	5,025,946		0.750			02/15/42		5,892,588
	2,221,764		0.875			02/15/47		2,706,566
	1,542,169		1.000			02/15/48		1,942,067
	291,904		1.000			02/15/49		369,787
	TOTAL U.S. TREASURY INFLATION INDEXED BONDS
	(Cost $62,761,271)						$	63,287,866
Shares		Dividend Rate					Value
Investment Company – 0.3%(a)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	221,575		0.036	%			$	221,575
	(Cost $221,575)
	TOTAL INVESTMENTS – 100.1%
	(Cost $62,982,846)						$	63,509,441
	LIABILITIES IN EXCESS OF ASSETS – (0.1)%							(91,483	)
	NET ASSETS – 100.0%						$	63,417,958

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Represents an affiliated issuer.

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

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

Schedule of Investments

February 28, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – 77.7%
Aerospace & Defense – 1.4%
	L3Harris Technologies, Inc.
$	55,000		3.850	%		06/15/23	$	59,149
	Northrop Grumman Corp.
	65,000		2.930			01/15/25		69,361
	Precision Castparts Corp.
	55,000		3.250			06/15/25		59,880
	Raytheon Technologies Corp.
	205,000		2.800			03/15/22		209,928
								398,318
Banks – 19.9%
	American Express Co.
	200,000		3.400			02/27/23		211,355
	55,000		3.700			08/03/23		59,224
	Bank of America Corp. (a)
	(3M USD LIBOR + 0.780%)
	210,000		3.550			03/05/24		222,917
	Bank of America Corp., Series L
	42,000		3.950			04/21/25		46,235
	Bank of America Corp., MTN
	75,000		4.000			01/22/25		83,005
	(SOFR + 1.150%)
	170,000		1.319	(a)		06/19/26		170,045
	(SOFR + 1.010%)
	300,000		1.197	(a)		10/24/26		297,902
	Bank of New York Mellon Corp. (The), MTN
	(3M USD LIBOR + 0.634%)
	260,000		2.661	(a)		05/16/23		267,359
	120,000		1.600			04/24/25		122,953
	Capital One Financial Corp.
	50,000		3.300			10/30/24		54,255
	100,000		3.200			02/05/25		107,637
	Charles Schwab Corp. (The)
	50,000		3.850			05/21/25		55,720
	Citigroup, Inc.(a)
	(SOFR + 1.667%)
	300,000		1.678			05/15/24		307,358
	(SOFR + 2.842%)
	150,000		3.106			04/08/26		161,085
	(SOFR + 0.765%)
	60,000		1.122			01/28/27		59,010
	Fifth Third Bancorp
	50,000		3.650			01/25/24		54,261
	Huntington Bancshares, Inc.
	170,000		4.000			05/15/25		190,409
	JPMorgan Chase & Co.(a)
	(SOFR + 1.455%)
	550,000		1.514			06/01/24		563,730
	(SOFR + 1.585%)
	150,000		2.005			03/13/26		155,125
	(SOFR + 1.850%)
	100,000		2.083			04/22/26		103,493
	(SOFR + 0.800%)
	50,000		1.045			11/19/26		49,294
	Morgan Stanley
	70,000		2.750			05/19/22		72,118
	(3M USD LIBOR + 0.847%)
	340,000		3.737	(a)		04/24/24		363,117
Corporate Obligations – (continued)
Banks – (continued)
	Morgan Stanley – (continued)
	(SOFR + 1.990%)
	150,000		2.188	(a)		04/28/26		155,476
	Morgan Stanley, GMTN
	70,000		3.125			01/23/23		73,528
	Morgan Stanley(a), MTN
	(SOFR + 1.152%)
	250,000		2.720			07/22/25		265,320
	PNC Financial Services Group, Inc. (The)
	75,000		3.900			04/29/24		82,499
	70,000		2.200			11/01/24		74,048
	Regions Financial Corp.
	90,000		2.250			05/18/25		94,216
	Santander Holdings USA, Inc.
	210,000		3.400			01/18/23		219,927
	State Street Corp.(a)
	(SOFR + 2.690%)
	80,000		2.825			03/30/23		82,223
	(SOFR + 2.600%)
	80,000		2.901			03/30/26		86,152
	Synchrony Financial
	25,000		4.250			08/15/24		27,386
	Truist Bank(a)
	(3M USD LIBOR + 0.735%)
	120,000		3.689			08/02/24		129,231
	Truist Financial Corp., MTN
	150,000		2.850			10/26/24		161,095
	US Bank NA
	250,000		1.950			01/09/23		257,503
								5,486,211
Basic Industry – 2.0%
	Celanese US Holdings LLC
	45,000		4.625			11/15/22		48,020
	DuPont de Nemours, Inc.
	75,000		2.169			05/01/23		75,356
	LYB International Finance BV
	200,000		4.000			07/15/23		216,277
	Packaging Corp. of America
	80,000		4.500			11/01/23		87,645
	Sherwin-Williams Co. (The)
	130,000		2.750			06/01/22		133,336
								560,634
Broadcasting – 0.8%
	Fox Corp.
	195,000		4.030			01/25/24		213,096
Brokerage – 0.9%
	Ameriprise Financial, Inc.
	50,000		3.000			03/22/22		51,389
	BlackRock, Inc.
	50,000		3.500			03/18/24		54,480
	Jefferies Financial Group, Inc.
	30,000		5.500			10/18/23		32,738
	TD Ameritrade Holding Corp.
	100,000		2.950			04/01/22		102,430
								241,037

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

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

Schedule of Investments (continued)

February 28, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Building Materials – 0.6%
	Fortune Brands Home & Security, Inc.
$	80,000		4.000	%		09/21/23	$	86,810
	Masco Corp.
	75,000		4.450			04/01/25		84,824
								171,634
Capital Goods – 2.2%
	Carrier Global Corp.
	35,000		2.242			02/15/25		36,551
	Caterpillar Financial Services Corp., MTN
	120,000		2.150			11/08/24		126,422
	Caterpillar, Inc.
	50,000		2.600			06/26/22		51,242
	Deere & Co.
	50,000		2.750			04/15/25		53,656
	John Deere Capital Corp., MTN
	110,000		2.800			03/06/23		115,542
	Parker-Hannifin Corp.
	180,000		2.700			06/14/24		191,680
	Republic Services, Inc.
	40,000		2.500			08/15/24		42,450
								617,543
Communications – 2.3%
	Charter Communications Operating LLC / Charter Communications Operating Capital
	95,000		4.464			07/23/22		99,521
	75,000		4.500			02/01/24		82,525
	Comcast Corp.
	130,000		3.700			04/15/24		142,488
	TWDC Enterprises 18 Corp., GMTN
	20,000		3.150			09/17/25		21,800
	ViacomCBS, Inc.
	75,000		4.750			05/15/25		85,427
	Walt Disney Co. (The)
	110,000		1.750			08/30/24		114,074
	75,000		3.350			03/24/25		81,761
								627,596
Consumer Cyclical – 8.8%
	American Honda Finance Corp., MTN
	50,000		1.200			07/08/25		50,383
	AutoNation, Inc.
	75,000		3.500			11/15/24		81,076
	Booking Holdings, Inc.
	50,000		4.100			04/13/25		55,675
	Dollar Tree, Inc.
	195,000		3.700			05/15/23		207,875
	DR Horton, Inc.
	55,000		4.750			02/15/23		58,887
	eBay, Inc.
	40,000		3.450			08/01/24		43,245
	General Motors Co.
	50,000		6.125			10/01/25		59,436
	General Motors Financial Co., Inc.
	250,000		5.200			03/20/23		272,819
	50,000		5.100			01/17/24		55,688
Corporate Obligations – (continued)
Consumer Cyclical – (continued)
	Global Payments, Inc.
	50,000		4.000			06/01/23		53,743
	Kohl’s Corp.
	75,000		9.500			05/15/25		96,495
	Lennar Corp.
	75,000		4.750			05/30/25		84,441
	Marriott International, Inc., Series EE
	25,000		5.750			05/01/25		28,818
	NIKE, Inc.
	110,000		2.400			03/27/25		116,374
	PACCAR Financial Corp., MTN
	70,000		1.900			02/07/23		72,128
	Ross Stores, Inc.
	40,000		4.600			04/15/25		45,375
	Target Corp.
	110,000		3.500			07/01/24		120,666
	TJX Cos., Inc. (The)
	140,000		3.500			04/15/25		153,302
	Toyota Motor Credit Corp., MTN
	150,000		1.800			02/13/25		154,415
	VF Corp.
	190,000		2.400			04/23/25		199,486
	Visa, Inc.
	100,000		3.150			12/14/25		109,624
	Walmart, Inc.
	105,000		2.850			07/08/24		112,995
	Western Union Co. (The)
	180,000		3.600			03/15/22		185,410
								2,418,356
Consumer Noncyclical – 7.2%
	AbbVie, Inc.
	170,000		2.300			11/21/22		175,533
	100,000		2.600			11/21/24		104,150
	125,000		3.600			05/14/25		136,770
	Agilent Technologies, Inc.
	30,000		3.200			10/01/22		31,111
	Altria Group, Inc.
	70,000		4.000			01/31/24		76,504
	75,000		3.800			02/14/24		81,401
	Amgen, Inc.
	190,000		1.900			02/21/25		196,097
	Becton Dickinson and Co.
	100,000		3.363			06/06/24		107,782
	75,000		3.734			12/15/24		82,436
	Boston Scientific Corp.
	30,000		3.375			05/15/22		31,020
	Bristol-Myers Squibb Co.
	75,000		3.875			08/15/25		83,854
	50,000		0.750			11/13/25		49,483
	Equifax, Inc.
	60,000		2.600			12/01/24		63,609
	Gilead Sciences, Inc.
	80,000		3.700			04/01/24		86,630
	Kroger Co. (The)
	40,000		3.400			04/15/22		41,079
	Laboratory Corp of America Holdings
	100,000		3.600			02/01/25		108,926

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

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

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Consumer Noncyclical – (continued)
	Philip Morris International, Inc.
$	90,000		2.875	%		05/01/24	$	96,012
	Thermo Fisher Scientific, Inc.
	60,000		4.133			03/25/25		67,005
	Walgreens Boots Alliance, Inc.
	210,000		3.800			11/18/24		231,054
	Zimmer Biomet Holdings, Inc.
	75,000		3.150			04/01/22		76,796
	50,000		3.550			04/01/25		54,326
								1,981,578
Electric – 4.4%
	Berkshire Hathaway Energy Co.(b)
	230,000		4.050			04/15/25		255,780
	Dominion Energy, Inc.
	40,000		3.071			08/15/24		42,962
	DTE Energy Co., Series D
	70,000		3.700			08/01/23		75,076
	Duke Energy Carolinas LLC
	110,000		2.500			03/15/23		114,474
	Georgia Power Co., Series A
	40,000		2.100			07/30/23		41,423
	ITC Holdings Corp.
	60,000		2.700			11/15/22		62,258
	National Rural Utilities Cooperative Finance Corp.
	65,000		2.700			02/15/23		67,632
	NextEra Energy Capital Holdings, Inc.
	75,000		2.750			05/01/25		79,677
	Progress Energy, Inc.
	75,000		3.150			04/01/22		76,727
	Public Service Co. of Colorado
	65,000		2.250			09/15/22		66,308
	Puget Energy, Inc.
	60,000		3.650			05/15/25		65,161
	Sempra Energy
	80,000		2.900			02/01/23		83,570
	Southern Co. (The)
	165,000		2.950			07/01/23		173,867
								1,204,915
Energy – 3.8%
	BP Capital Markets America, Inc.
	60,000		2.520			09/19/22		61,900
	120,000		2.750			05/10/23		125,911
	75,000		3.790			02/06/24		81,534
	Chevron Corp.
	100,000		1.554			05/11/25		101,938
	Enterprise Products Operating LLC
	50,000		3.750			02/15/25		54,897
	Kinder Morgan Energy Partners LP
	75,000		4.150			02/01/24		81,479
	Kinder Morgan, Inc.
	50,000		4.300			06/01/25		55,980
	MPLX LP
	75,000		4.875			12/01/24		84,513
	Sabine Pass Liquefaction LLC
	140,000		5.625			04/15/23		152,698
Corporate Obligations – (continued)
Energy – (continued)
	Spectra Energy Partners LP
	180,000		4.750			03/15/24		199,379
	Williams Cos., Inc. (The)
	50,000		4.000			09/15/25		55,327
								1,055,556
Financial Company – 3.1%
	Air Lease Corp.
	285,000		3.500			01/15/22		292,462
	Ally Financial, Inc.
	230,000		3.050			06/05/23		242,045
	Ares Capital Corp.
	75,000		4.200			06/10/24		81,497
	60,000		3.250			07/15/25		62,638
	BGC Partners, Inc.
	65,000		5.375			07/24/23		71,015
	60,000		3.750			10/01/24		62,877
	Franklin Resources, Inc.
	45,000		2.800			09/15/22		46,643
								859,177
Food and Beverage – 2.2%
	Campbell Soup Co.
	55,000		2.500			08/02/22		56,584
	Coca-Cola Co. (The)
	75,000		2.875			10/27/25		81,669
	Constellation Brands, Inc.
	55,000		4.250			05/01/23		59,271
	General Mills, Inc.
	100,000		4.000			04/17/25		111,342
	Kraft Heinz Foods Co.
	40,000		4.000			06/15/23		42,829
	PepsiCo, Inc.
	100,000		2.250			05/02/22		102,171
	Sysco Corp.
	75,000		5.650			04/01/25		87,991
	Tyson Foods, Inc.
	50,000		3.950			08/15/24		55,077
								596,934
Hardware – 0.7%
	Micron Technology, Inc.
	195,000		2.497			04/24/23		203,046
Healthcare – 2.3%
	Anthem, Inc.
	100,000		2.950			12/01/22		104,155
	Cigna Corp.
	75,000		4.125			11/15/25		84,554
	CVS Health Corp.
	16,000		3.700			03/09/23		17,017
	100,000		2.625			08/15/24		106,279
	50,000		3.875			07/20/25		55,360
	HCA, Inc.
	100,000		5.000			03/15/24		112,125
	UnitedHealth Group, Inc.
	140,000		2.875			03/15/22		142,831
								622,321

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

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

Schedule of Investments (continued)

February 28, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Insurance – 2.0%
	CNA Financial Corp.
$	40,000		3.950	%		05/15/24	$	43,888
	Equitable Holdings, Inc.
	26,000		3.900			04/20/23		27,804
	Markel Corp.
	75,000		4.900			07/01/22		79,459
	Marsh & McLennan Cos., Inc.
	190,000		4.050			10/15/23		205,792
	MetLife, Inc., Series D
	120,000		4.368			09/15/23		132,069
	Prudential Financial, Inc.(a)
	(3M USD LIBOR + 3.920%)
	30,000		5.625			06/15/43		32,064
	Voya Financial, Inc.
	40,000		3.125			07/15/24		43,017
								564,093
Metals – 0.1%
	Nucor Corp.
	20,000		4.000			08/01/23		21,519
REITs and Real Estate – 1.2%
	Boston Properties LP
	190,000		3.125			09/01/23		201,290
	GLP Capital LP / GLP Financing II, Inc.
	20,000		5.250			06/01/25		22,601
	Healthpeak Properties, Inc.
	60,000		4.000			06/01/25		66,839
	Realty Income Corp.
	50,000		4.650			08/01/23		54,570
								345,300
Software – 0.9%
	Oracle Corp.
	180,000		2.500			05/15/22		184,125
	50,000		2.500			04/01/25		52,827
								236,952
Technology – 7.0%
	Analog Devices, Inc.
	60,000		3.125			12/05/23		64,115
	Apple, Inc.
	250,000		1.125			05/11/25		252,238
	Broadcom, Inc.
	75,000		3.625			10/15/24		81,713
	50,000		4.700			04/15/25		56,390
	Dell International LLC / EMC Corp.(b)
	70,000		5.450			06/15/23		76,812
	75,000		4.000			07/15/24		82,072
	DXC Technology Co.
	190,000		4.000			04/15/23		201,843
	Fiserv, Inc.
	75,000		3.850			06/01/25		82,767
	Hewlett Packard Enterprise Co.
	75,000		4.650			10/01/24		84,410
	75,000		4.900			10/15/25		86,333
Corporate Obligations – (continued)
Technology – (continued)
	HP, Inc.
	60,000		2.200			06/17/25		62,540
	Intel Corp.
	100,000		3.400			03/25/25		109,397
	International Business Machines Corp.
	125,000		1.875			08/01/22		127,773
	120,000		3.375			08/01/23		128,786
	Microsoft Corp.
	120,000		2.125			11/15/22		123,840
	PayPal Holdings, Inc.
	90,000		2.400			10/01/24		95,260
	QUALCOMM, Inc.
	80,000		2.900			05/20/24		85,564
	80,000		3.450			05/20/25		87,659
	Verisk Analytics, Inc.
	55,000		4.125			09/12/22		57,985
								1,947,497
Transportation – 1.0%
	FedEx Corp.
	195,000		3.800			05/15/25		215,541
	Ryder System, Inc., MTN
	65,000		3.400			03/01/23		68,654
								284,195
Wireless – 2.9%
	American Tower Corp.
	220,000		5.000			02/15/24		247,881
	AT&T, Inc.
	50,000		3.400			05/15/25		54,439
	Crown Castle International Corp.
	195,000		3.200			09/01/24		210,689
	Verizon Communications, Inc.
	75,000		5.150			09/15/23		83,584
	200,000		0.850			11/20/25		196,679
								793,272
	TOTAL CORPORATE OBLIGATIONS
	(Cost $21,425,348)						$	21,450,780
Foreign Corporate Debt – 21.1%
Banks – 16.1%
	Banco Santander SA (Spain)
$	200,000		2.746	%		05/28/25	$	211,891
	Bank of Montreal(a) (Canada)
	(5 Year USD Swap + 1.280%)
	35,000		4.338			10/05/28		38,106
	Bank of Montreal, Series E (Canada)
	60,000		3.300			02/05/24		64,646
	Bank of Nova Scotia (The) (Canada)
	210,000		2.000			11/15/22		216,103
	Barclays PLC(a) (United Kingdom)
	(3M USD LIBOR + 1.356%)
	240,000		4.338			05/16/24		260,040
	Canadian Imperial Bank of Commerce(a) (Canada)
	(3M USD LIBOR + 0.785%)
	205,000		2.606			07/22/23		211,179

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

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

Principal Amount		Interest Rate			Maturity Date		Value
Foreign Corporate Debt – (continued)
Banks – (continued)
	Cooperatieve Rabobank UA, MTN (Netherlands)
$	250,000		3.375	%		05/21/25	$	275,346
	Credit Suisse AG (Switzerland)
	260,000		2.950			04/09/25		281,753
	Deutsche Bank AG(a) (Germany)
	(SOFR + 2.581%)
	150,000		3.961			11/26/25		163,853
	HSBC Holdings PLC(a) (United Kingdom)
	(3M USD LIBOR + 1.055%)
	500,000		3.262			03/13/23		514,719
	Lloyds Banking Group PLC(a) (United Kingdom)
	(US 1 Year CMT T-Note + 1.100%)
	250,000		1.326			06/15/23		252,720
	Mitsubishi UFJ Financial Group, Inc. (Japan)
	250,000		2.801			07/18/24		266,826
	Mizuho Financial Group, Inc.(a) (Japan)
	(3M USD LIBOR + 0.830%)
	200,000		2.226			05/25/26		206,608
	Natwest Group PLC (United Kingdom)
	105,000		6.125			12/15/22		114,519
	280,000		6.000			12/19/23		318,497
	Royal Bank of Canada, GMTN (Canada)
	120,000		1.950			01/17/23		123,755
	Royal Bank of Canada, MTN (Canada)
	210,000		1.150			06/10/25		210,790
	Santander UK Group Holdings PLC(a) (United Kingdom)
	(US 1 Year CMT T-Note + 1.250%)
	250,000		1.532			08/21/26		251,163
	Sumitomo Mitsui Financial Group, Inc. (Japan)
	250,000		1.474			07/08/25		253,643
	Toronto-Dominion Bank (The), GMTN (Canada)
	90,000		3.250			03/11/24		97,181
	Toronto-Dominion Bank (The), MTN (Canada)
	110,000		1.900			12/01/22		113,153
								4,446,491
Brokerage – 0.1%
	Brookfield Finance, Inc. (Canada)
	25,000		4.000			04/01/24		27,271
Communications – 0.4%
	WPP Finance 2010 (United Kingdom)
	20,000		3.625			09/07/22		20,927
	75,000		3.750			09/19/24		80,715
								101,642
Consumer Cyclical – 0.5%
	Toyota Motor Corp. (Japan)
	125,000		3.419			07/20/23		134,015
Consumer Noncyclical – 1.2%
	BAT Capital Corp. (United Kingdom)
	40,000		3.222			08/15/24		42,969
	Bayer US Finance II LLC(b) (Germany)
	75,000		3.375			07/15/24		80,925
	GlaxoSmithKline Capital PLC (United Kingdom)
	100,000		3.000			06/01/24		107,447
Foreign Corporate Debt – (continued)
Consumer Noncyclical – (continued)
	Reynolds American, Inc. (United Kingdom)
	90,000		4.450			06/12/25		100,239
								331,580
Consumer Products – 0.5%
	Unilever Capital Corp. (United Kingdom)
	140,000		2.200			05/05/22		143,020
Energy – 1.0%
	BP Capital Markets PLC (United Kingdom)
	75,000		2.750			05/10/23		78,695
	75,000		3.814			02/10/24		81,810
	TransCanada PipeLines Ltd. (Canada)
	120,000		2.500			08/01/22		123,731
								284,236
Financial Company – 0.2%
	ORIX Corp. (Japan)
	50,000		2.900			07/18/22		51,659
Food and Beverage – 0.2%
	Diageo Investment Corp. (United Kingdom)
	60,000		8.000			09/15/22		66,956
Metals – 0.1%
	ArcelorMittal SA (Luxembourg)
	25,000		3.600			07/16/24		26,750
Technology – 0.1%
	NXP BV / NXP Funding LLC(b) (Netherlands)
	30,000		4.875			03/01/24		33,482
Transportation – 0.4%
	Canadian Pacific Railway Co. (Canada)
	100,000		2.900			02/01/25		106,775
Wireless – 0.3%
	Vodafone Group PLC (United Kingdom)
	60,000		4.125			05/30/25		67,359
	TOTAL FOREIGN CORPORATE DEBT
	(Cost $5,801,339)						$	5,821,236

Shares		Dividend Rate			Value
Investment Company – 0.2%(c)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	64,378		0.036	%	$	64,378
	(Cost $64,378)
	TOTAL INVESTMENTS – 99.0%
	(Cost $27,291,065)				$	27,336,394
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.0%					274,113
	NET ASSETS – 100.0%				$	27,610,507

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

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

Schedule of Investments (continued)

February 28, 2021 (Unaudited)

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on February 28, 2021.
(b)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(c)	Represents an affiliated issuer.

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

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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Schedule of Investments

February 28, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – 81.2%
Aerospace & Defense – 1.5%
	General Dynamics Corp.
$	219,000		2.250	%		11/15/22	$	225,263
	450,000		3.375			05/15/23		479,104
	300,000		3.500			04/01/27		336,069
	350,000		3.750			05/15/28		395,388
	90,000		4.250			04/01/50		111,136
	Lockheed Martin Corp.
	50,000		2.900			03/01/25		53,726
	310,000		4.070			12/15/42		367,050
	90,000		3.800			03/01/45		101,624
	330,000		4.700			05/15/46		418,834
	407,000		4.090			09/15/52		482,455
	Northrop Grumman Corp.
	700,000		2.930			01/15/25		746,961
	290,000		3.200			02/01/27		317,555
	810,000		3.250			01/15/28		877,162
	900,000		4.400			05/01/30		1,057,058
	440,000		4.030			10/15/47		496,937
	Raytheon Technologies Corp.
	1,100,000		3.950			08/16/25		1,230,695
	100,000		3.125			05/04/27		109,576
	300,000		4.125			11/16/28		344,378
	620,000		6.125			07/15/38		861,038
	173,000		4.450			11/16/38		205,390
	500,000		4.500			06/01/42		607,274
	100,000		4.150			05/15/45		113,856
	320,000		3.750			11/01/46		345,412
	330,000		4.350			04/15/47		389,604
	292,000		4.625			11/16/48		357,539
	100,000		3.125			07/01/50		98,829
								11,129,913
Agriculture – 0.0%
	Archer-Daniels-Midland Co.
	100,000		3.250			03/27/30		110,505
Banks – 18.7%
	American Express Co.
	50,000		2.750			05/20/22		51,386
	240,000		3.400			02/22/24		258,786
	1,250,000		3.000			10/30/24		1,348,019
	708,000		4.200			11/06/25		804,157
	400,000		3.125			05/20/26		437,918
	655,000		4.050			12/03/42		763,980
	American Express Credit Corp., MTN
	100,000		2.700			03/03/22		102,150
	910,000		3.300			05/03/27		1,008,815
	Bank of America Corp.
	(3M USD LIBOR + 0.790%)
	902,000		3.004	(a)		12/20/23		943,767
	(3M USD LIBOR + 0.780%)
	493,000		3.550	(a)		03/05/24		523,325
	(3M USD LIBOR + 0.810%)
	754,000		3.366	(a)		01/23/26		819,525
	(3M USD LIBOR + 1.512%)
	604,000		3.705	(a)		04/24/28		674,686
	(3M USD LIBOR + 1.040%)
	1,518,000		3.419	(a)		12/20/28		1,668,762
Corporate Obligations – (continued)
Banks – (continued)
	Bank of America Corp. – (continued)
	(SOFR + 2.150%)
	1,000,000		2.592	(a)		04/29/31		1,025,762
	460,000		6.110			01/29/37		632,217
	(3M USD LIBOR + 1.814%)
	390,000		4.244	(a)		04/24/38		458,619
	370,000		7.750			05/14/38		586,666
	Bank of America Corp., GMTN
	1,041,000		3.300			01/11/23		1,098,744
	550,000		3.500			04/19/26		610,560
	(3M USD LIBOR + 1.370%)
	540,000		3.593	(a)		07/21/28		601,499
	Bank of America Corp., Series L
	340,000		3.950			04/21/25		374,281
	508,000		4.183			11/25/27		573,871
	Bank of America Corp., MTN
	550,000		2.503			10/21/22		557,809
	640,000		4.000			04/01/24		702,033
	(SOFR + 1.460%)
	119,000		1.486	(a)		05/19/24		121,530
	(3M USD LIBOR + 0.940%)
	200,000		3.864	(a)		07/23/24		216,035
	991,000		4.200			08/26/24		1,097,307
	(SOFR + 0.740%)
	800,000		0.810	(a)		10/24/24		806,972
	600,000		4.000			01/22/25		664,036
	530,000		3.875			08/01/25		590,423
	(3M USD LIBOR + 1.090%)
	800,000		3.093	(a)		10/01/25		863,759
	(3M USD LIBOR + 0.870%)
	800,000		2.456	(a)		10/22/25		846,210
	200,000		4.450			03/03/26		228,337
	704,000		4.250			10/22/26		806,038
	(3M USD LIBOR + 1.060%)
	70,000		3.559	(a)		04/23/27		76,998
	780,000		3.248			10/21/27		849,999
	(3M USD LIBOR + 1.575%)
	482,000		3.824	(a)		01/20/28		542,475
	(3M USD LIBOR + 1.070%)
	150,000		3.970	(a)		03/05/29		169,045
	(3M USD LIBOR + 1.310%)
	1,030,000		4.271	(a)		07/23/29		1,191,448
	(3M USD LIBOR + 1.210%)
	570,000		3.974	(a)		02/07/30		647,650
	(3M USD LIBOR + 1.180%)
	300,000		3.194	(a)		07/23/30		322,626
	(3M USD LIBOR + 0.990%)
	425,000		2.496	(a)		02/13/31		433,593
	(SOFR + 1.530%)
	250,000		1.898	(a)		07/23/31		241,487
	(3M USD LIBOR + 1.320%)
	360,000		4.078	(a)		04/23/40		416,920
	248,000		5.875			02/07/42		346,051
	994,000		5.000			01/21/44		1,291,688
	(3M USD LIBOR + 1.990%)
	470,000		4.443	(a)		01/20/48		571,257

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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Schedule of Investments (continued)

February 28, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Banks – (continued)
	Bank of America Corp., MTN – (continued)
	(3M USD LIBOR + 1.520%)
$	780,000		4.330	(a) %		03/15/50	$	918,336
	(3M USD LIBOR + 3.150%)
	990,000		4.083	(a)		03/20/51		1,141,061
	Bank of New York Mellon Corp. (The), Series G
	790,000		3.000			02/24/25		850,373
	Bank of New York Mellon Corp. (The), MTN
	(3M USD LIBOR + 0.634%)
	850,000		2.661	(a)		05/16/23		874,058
	120,000		3.450			08/11/23		129,232
	860,000		2.200			08/16/23		897,829
	380,000		2.800			05/04/26		410,328
	575,000		2.450			08/17/26		610,330
	790,000		3.250			05/16/27		876,019
	60,000		3.300			08/23/29		65,914
	Capital One Financial Corp.
	159,000		3.200			01/30/23		167,190
	180,000		2.600			05/11/23		188,067
	940,000		3.900			01/29/24		1,023,126
	339,000		3.300			10/30/24		367,849
	305,000		3.200			02/05/25		328,294
	550,000		3.750			07/28/26		602,910
	650,000		3.750			03/09/27		728,179
	100,000		3.650			05/11/27		111,733
	100,000		3.800			01/31/28		111,747
	Charles Schwab Corp. (The)
	50,000		2.650			01/25/23		52,088
	200,000		1.650			03/11/31		190,765
	Citibank NA
	1,180,000		3.650			01/23/24		1,282,767
	Citigroup, Inc.
	250,000		4.050			07/30/22		262,737
	238,000		2.700			10/27/22		246,745
	830,000		3.500			05/15/23		883,307
	830,000		3.875			10/25/23		904,347
	(3M USD LIBOR + 1.023%)
	310,000		4.044	(a)		06/01/24		333,421
	240,000		4.000			08/05/24		264,072
	785,000		3.875			03/26/25		862,993
	340,000		3.300			04/27/25		371,368
	270,000		4.400			06/10/25		301,665
	499,000		5.500			09/13/25		587,681
	225,000		3.700			01/12/26		250,276
	390,000		4.600			03/09/26		446,559
	(SOFR + 2.842%)
	490,000		3.106	(a)		04/08/26		526,213
	800,000		3.400			05/01/26		880,187
	880,000		3.200			10/21/26		956,256
	286,000		4.300			11/20/26		326,967
	817,000		4.450			09/29/27		937,869
	240,000		4.125			07/25/28		271,254
	(3M USD LIBOR + 1.338%)
	575,000		3.980	(a)		03/20/30		647,747
	(SOFR + 1.422%)
	1,160,000		2.976	(a)		11/05/30		1,226,524
Corporate Obligations – (continued)
Banks – (continued)
	Citigroup, Inc. – (continued)
	(SOFR + 2.107%)
	1,150,000		2.572	(a)		06/03/31		1,170,613
	240,000		6.625			06/15/32		325,927
	760,000		8.125			07/15/39		1,280,503
	480,000		6.675			09/13/43		723,279
	150,000		5.300			05/06/44		194,717
	371,000		4.650			07/30/45		458,281
	290,000		4.750			05/18/46		354,012
	(3M USD LIBOR + 1.839%)
	180,000		4.281	(a)		04/24/48		217,358
	320,000		4.650			07/23/48		404,629
	Discover Bank
	815,000		3.350			02/06/23		858,474
	700,000		2.450			09/12/24		738,955
	Fifth Third Bancorp
	700,000		3.650			01/25/24		759,648
	650,000		2.550			05/05/27		692,305
	190,000		8.250			03/01/38		311,677
	Fifth Third Bank NA
	560,000		3.850			03/15/26		624,874
	Huntington Bancshares, Inc.
	600,000		2.625			08/06/24		638,640
	900,000		2.550			02/04/30		924,512
	JPMorgan Chase & Co.
	723,000		3.250			09/23/22		756,779
	167,000		2.972			01/15/23		170,883
	140,000		3.200			01/25/23		147,601
	(3M USD LIBOR + 0.695%)
	1,740,000		3.207	(a)		04/01/23		1,792,542
	(3M USD LIBOR + 0.935%)
	250,000		2.776	(a)		04/25/23		256,896
	60,000		3.375			05/01/23		63,715
	700,000		2.700			05/18/23		733,687
	150,000		3.875			02/01/24		164,385
	50,000		3.625			05/13/24		54,791
	15,000		3.875			09/10/24		16,615
	520,000		3.125			01/23/25		560,618
	(3M USD LIBOR + 1.155%)
	340,000		3.220	(a)		03/01/25		364,052
	(SOFR + 1.585%)
	100,000		2.005	(a)		03/13/26		103,417
	1,100,000		3.300			04/01/26		1,205,813
	(SOFR + 1.850%)
	1,040,000		2.083	(a)		04/22/26		1,076,326
	900,000		3.200			06/15/26		983,389
	550,000		4.125			12/15/26		629,702
	(3M USD LIBOR + 1.245%)
	300,000		3.960	(a)		01/29/27		336,029
	578,000		4.250			10/01/27		668,822
	324,000		3.625			12/01/27		358,820
	(3M USD LIBOR + 1.337%)
	415,000		3.782	(a)		02/01/28		466,139
	(3M USD LIBOR + 1.380%)
	850,000		3.540	(a)		05/01/28		944,092
	(SOFR + 1.890%)
	550,000		2.182	(a)		06/01/28		566,816

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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Banks – (continued)
	JPMorgan Chase & Co. – (continued)
	(3M USD LIBOR + 0.945%)
$	200,000		3.509	(a) %		01/23/29	$	218,550
	(3M USD LIBOR + 1.120%)
	300,000		4.005	(a)		04/23/29		339,559
	(3M USD LIBOR + 1.160%)
	1,136,000		3.702	(a)		05/06/30		1,268,388
	(SOFR + 1.510%)
	415,000		2.739	(a)		10/15/30		435,236
	(SOFR + 3.790%)
	900,000		4.493	(a)		03/24/31		1,064,224
	(SOFR + 2.040%)
	200,000		2.522	(a)		04/22/31		204,577
	650,000		6.400			05/15/38		956,239
	(3M USD LIBOR + 1.360%)
	1,380,000		3.882	(a)		07/24/38		1,573,961
	863,000		5.500			10/15/40		1,185,138
	(SOFR + 2.460%)
	250,000		3.109	(a)		04/22/41		257,620
	826,000		5.600			07/15/41		1,156,193
	450,000		5.400			01/06/42		622,076
	10,000		5.625			08/16/43		14,065
	250,000		4.850			02/01/44		324,615
	230,000		4.950			06/01/45		301,896
	(3M USD LIBOR + 1.580%)
	560,000		4.260	(a)		02/22/48		676,597
	(3M USD LIBOR + 1.460%)
	850,000		4.032	(a)		07/24/48		986,064
	(3M USD LIBOR + 1.380%)
	650,000		3.964	(a)		11/15/48		750,246
	(3M USD LIBOR + 1.220%)
	340,000		3.897	(a)		01/23/49		390,958
	(SOFR + 2.440%)
	600,000		3.109	(a)		04/22/51		605,931
	KeyCorp, MTN
	500,000		4.100			04/30/28		574,947
	1,140,000		2.550			10/01/29		1,184,687
	Morgan Stanley
	815,000		2.750			05/19/22		839,665
	150,000		4.875			11/01/22		160,999
	(3M USD LIBOR + 0.847%)
	1,210,000		3.737	(a)		04/24/24		1,292,268
	1,290,000		5.000			11/24/25		1,501,292
	360,000		3.625			01/20/27		402,792
	586,000		3.950			04/23/27		658,656
	(3M USD LIBOR + 1.455%)
	100,000		3.971	(a)		07/22/38		114,974
	758,000		6.375			07/24/42		1,130,351
	660,000		4.300			01/27/45		804,069
	720,000		4.375			01/22/47		886,922
	Morgan Stanley, Series F
	1,055,000		3.875			04/29/24		1,159,943
	Morgan Stanley, GMTN
	190,000		3.125			01/23/23		199,575
	1,200,000		3.750			02/25/23		1,276,942
	25,000		3.700			10/23/24		27,590
	655,000		4.000			07/23/25		735,938
	730,000		3.875			01/27/26		816,908
Corporate Obligations – (continued)
Banks – (continued)
	Morgan Stanley, GMTN – (continued)
	804,000		4.350			09/08/26		922,014
	(SOFR + 1.143%)
	1,160,000		2.699	(a)		01/22/31		1,204,028
	(SOFR + 4.840%)
	992,000		5.597	(a)		03/24/51		1,430,457
	Morgan Stanley, MTN
	1,044,000		4.100			05/22/23		1,123,447
	1,015,000		3.125			07/27/26		1,105,254
	(SOFR + 3.120%)
	380,000		3.622	(a)		04/01/31		420,029
	(SOFR + 1.430%)
	500,000		2.802	(a)		01/25/52		476,755
	PNC Bank NA
	250,000		3.500			06/08/23		267,191
	960,000		3.100			10/25/27		1,060,092
	760,000		2.700			10/22/29		792,484
	PNC Financial Services Group, Inc. (The)
	705,000		3.300			03/08/22		725,626
	950,000		2.600			07/23/26		1,017,817
	290,000		3.150			05/19/27		319,878
	100,000		3.450			04/23/29		111,578
	410,000		2.550			01/22/30		429,003
	Santander Holdings USA, Inc.
	1,500,000		3.500			06/07/24		1,620,670
	State Street Corp.
	(3M USD LIBOR + 0.635%)
	810,000		2.653	(a)		05/15/23		832,326
	218,000		3.100			05/15/23		231,307
	395,000		3.700			11/20/23		430,852
	35,000		3.300			12/16/24		38,562
	700,000		3.550			08/18/25		778,170
	(SOFR + 0.940%)
	210,000		2.354	(a)		11/01/25		222,405
	410,000		2.650			05/19/26		443,371
	Synchrony Financial
	950,000		4.250			08/15/24		1,040,666
	448,000		4.500			07/23/25		498,866
	224,000		3.950			12/01/27		246,031
	Truist Bank
	840,000		2.800			05/17/22		864,109
	764,000		3.200			04/01/24		823,862
	500,000		1.500			03/10/25		510,743
	300,000		2.250			03/11/30		302,163
	Truist Financial Corp., MTN
	340,000		2.750			04/01/22		348,597
	790,000		3.050			06/20/22		816,747
	840,000		3.750			12/06/23		914,744
	755,000		2.850			10/26/24		810,847
	US Bancorp, MTN
	589,000		3.000			03/15/22		604,635
	810,000		3.700			01/30/24		882,521
	310,000		3.600			09/11/24		341,089
	565,000		3.100			04/27/26		616,771
	705,000		3.900			04/26/28		808,203
	800,000		3.000			07/30/29		860,147
	US Bancorp, Series V
	50,000		2.375			07/22/26		52,930

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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Schedule of Investments (continued)

February 28, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Banks – (continued)
	US Bancorp, Series X
$	775,000		3.150	%		04/27/27	$	856,370
	US Bank NA
	660,000		2.650			05/23/22		678,644
	Wells Fargo & Co.
	(SOFR + 2.530%)
	1,500,000		3.068	(a)		04/30/41		1,529,818
	500,000		5.375			11/02/43		640,244
	100,000		3.900			05/01/45		114,185
	Wells Fargo & Co., GMTN
	500,000		4.900			11/17/45		618,957
	Wells Fargo & Co., MTN
	(3M USD LIBOR + 0.750%)
	500,000		2.164	(a)		02/11/26		518,985
	(3M USD LIBOR + 1.170%)
	1,600,000		2.879	(a)		10/30/30		1,688,215
	(3M USD LIBOR + 3.770%)
	100,000		4.478	(a)		04/04/31		117,542
	1,500,000		4.400			06/14/46		1,751,663
	100,000		4.750			12/07/46		122,083
	(3M USD LIBOR + 4.240%)
	1,600,000		5.013	(a)		04/04/51		2,125,266
								141,695,547
Basic Industry – 1.3%
	Air Products and Chemicals, Inc.
	567,000		2.050			05/15/30		572,729
	150,000		2.800			05/15/50		145,312
	Dow Chemical Co. (The)
	970,000		3.500			10/01/24		1,054,839
	500,000		7.375			11/01/29		693,123
	200,000		4.375			11/15/42		232,403
	200,000		3.600			11/15/50		204,478
	DuPont de Nemours, Inc.
	800,000		2.169			05/01/23		803,793
	290,000		4.205			11/15/23		318,286
	670,000		4.493			11/15/25		764,908
	330,000		5.319			11/15/38		421,718
	584,000		5.419			11/15/48		761,045
	International Paper Co.
	250,000		4.800			06/15/44		307,558
	190,000		4.400			08/15/47		226,821
	150,000		4.350			08/15/48		180,812
	LYB International Finance BV
	50,000		4.000			07/15/23		54,069
	220,000		4.875			03/15/44		261,226
	LYB International Finance III LLC
	688,000		4.200			10/15/49		753,884
	LyondellBasell Industries NV
	200,000		5.750			04/15/24		228,007
	200,000		4.625			02/26/55		228,523
	Sherwin-Williams Co. (The)
	500,000		3.450			06/01/27		548,817
	438,000		4.500			06/01/47		525,851
	Weyerhaeuser Co.
	187,000		7.375			03/15/32		270,460
								9,558,662
Corporate Obligations – (continued)
Broadcasting – 0.6%
	Discovery Communications LLC
	158,000		2.950			03/20/23		165,676
	355,000		3.950			03/20/28		395,068
	320,000		4.125			05/15/29		361,187
	693,000		5.200			09/20/47		846,475
	365,000		4.000	(b)		09/15/55		371,241
	Fox Corp.
	990,000		4.030			01/25/24		1,081,873
	690,000		4.709			01/25/29		804,980
	280,000		5.476			01/25/39		355,135
								4,381,635
Brokerage – 0.5%
	BlackRock, Inc.
	250,000		3.375			06/01/22		259,743
	900,000		3.500			03/18/24		980,633
	1,200,000		2.400			04/30/30		1,247,592
	CME Group, Inc.
	450,000		3.000			03/15/25		485,909
	100,000		5.300			09/15/43		139,121
	Jefferies Financial Group, Inc.
	709,000		5.500			10/18/23		773,704
	Jefferies Group LLC
	150,000		5.125			01/20/23		162,680
								4,049,382
Building Materials – 0.0%
	Stanley Black & Decker, Inc.(a) (US 5 Year CMT T-Note + 2.657%)
	245,000		4.000			03/15/60		264,128
Capital Goods – 2.4%
	3M Co.
	100,000		2.000			02/14/25		104,475
	50,000		2.875			10/15/27		54,586
	394,000		3.250			08/26/49		415,424
	3M Co., MTN
	310,000		4.000			09/14/48		363,239
	Carrier Global Corp.
	1,130,000		2.722			02/15/30		1,168,865
	500,000		2.700			02/15/31		513,298
	771,000		3.377			04/05/40		792,484
	600,000		3.577			04/05/50		613,978
	Caterpillar Financial Services Corp.
	400,000		0.650			07/07/23		402,237
	Caterpillar Financial Services Corp., MTN
	270,000		1.950			11/18/22		277,530
	Caterpillar, Inc.
	430,000		3.400			05/15/24		465,765
	80,000		5.200			05/27/41		108,327
	380,000		3.803			08/15/42		440,825
	400,000		3.250			09/19/49		424,120
	Deere & Co.
	470,000		2.600			06/08/22		481,456
	320,000		3.900			06/09/42		374,302
	Eaton Corp.
	1,060,000		2.750			11/02/22		1,102,445
	100,000		4.150			11/02/42		117,679

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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Capital Goods – (continued)
	GE Capital Funding LLC(b)
$	500,000		4.050	%		05/15/27	$	562,328
	General Electric Co.
	1,270,000		2.700			10/09/22		1,317,437
	40,000		4.125			10/09/42		43,479
	220,000		4.500			03/11/44		249,800
	750,000		4.350			05/01/50		827,502
	General Electric Co., GMTN
	450,000		6.150			08/07/37		594,701
	224,000		6.875			01/10/39		315,427
	General Electric Co., MTN
	800,000		6.750			03/15/32		1,077,911
	354,000		5.875			01/14/38		459,945
	Honeywell International, Inc.
	100,000		0.483			08/19/22		100,101
	705,000		2.500			11/01/26		758,662
	100,000		2.700			08/15/29		106,580
	Illinois Tool Works, Inc.
	390,000		2.650			11/15/26		420,376
	John Deere Capital Corp., MTN
	190,000		2.800			03/06/23		199,573
	Republic Services, Inc.
	420,000		3.950			05/15/28		476,107
	Waste Management, Inc.
	550,000		3.150			11/15/27		606,327
	250,000		4.100			03/01/45		287,123
	Westinghouse Air Brake Technologies Corp.
	800,000		3.450			11/15/26		862,283
	870,000		4.950			09/15/28		1,014,977
								18,501,674
Communications – 5.0%
	Charter Communications Operating LLC / Charter Communications Operating Capital
	850,000		4.464			07/23/22		890,456
	368,000		4.500			02/01/24		404,922
	1,110,000		4.908			07/23/25		1,264,692
	525,000		3.750			02/15/28		574,320
	990,000		4.200			03/15/28		1,105,432
	250,000		5.050			03/30/29		291,979
	593,000		6.384			10/23/35		789,114
	130,000		5.375			04/01/38		154,965
	824,000		6.484			10/23/45		1,100,359
	580,000		5.375			05/01/47		676,542
	495,000		5.750			04/01/48		605,872
	679,000		5.125			07/01/49		777,450
	Comcast Corp.
	1,296,000		3.700			04/15/24		1,420,491
	240,000		3.375			02/15/25		261,206
	100,000		3.375			08/15/25		109,593
	200,000		3.150			03/01/26		218,018
	100,000		3.300			02/01/27		110,346
	113,000		3.150			02/15/28	��	123,096
	100,000		3.550			05/01/28		111,059
	950,000		4.150			10/15/28		1,099,896
	966,000		4.250			10/15/30		1,134,711
	400,000		1.950			01/15/31		391,766
	645,000		4.250			01/15/33		767,403
Corporate Obligations – (continued)
Communications – (continued)
	Comcast Corp. – (continued)
$	260,000		7.050	%		03/15/33	$	379,497
	390,000		4.200			08/15/34		459,106
	520,000		3.200			07/15/36		558,116
	120,000		6.950			08/15/37		181,221
	140,000		3.900			03/01/38		159,737
	700,000		4.600			10/15/38		865,824
	631,000		3.250			11/01/39		663,309
	100,000		3.750			04/01/40		112,380
	80,000		4.650			07/15/42		99,281
	400,000		4.750			03/01/44		504,010
	123,000		4.600			08/15/45		152,310
	590,000		3.400			07/15/46		613,248
	300,000		4.000			08/15/47		342,762
	650,000		3.969			11/01/47		735,240
	842,000		4.700			10/15/48		1,055,236
	475,000		3.999			11/01/49		543,269
	200,000		2.450			08/15/52		172,462
	605,000		4.049			11/01/52		691,334
	521,000		4.950			10/15/58		701,915
	NBCUniversal Media LLC
	850,000		4.450			01/15/43		1,022,216
	Omnicom Group, Inc. / Omnicom Capital, Inc.
	532,000		3.650			11/01/24		581,808
	350,000		3.600			04/15/26		387,634
	Time Warner Cable LLC
	70,000		6.550			05/01/37		93,197
	520,000		7.300			07/01/38		732,667
	360,000		6.750			06/15/39		490,995
	180,000		5.875			11/15/40		225,985
	609,000		5.500			09/01/41		737,671
	Time Warner Entertainment Co. LP
	1,220,000		8.375			03/15/23		1,415,011
	200,000		8.375			07/15/33		297,046
	TWDC Enterprises 18 Corp., GMTN
	190,000		4.125			06/01/44		220,734
	TWDC Enterprises 18 Corp., MTN
	230,000		1.850			07/30/26		236,924
	290,000		2.950			06/15/27		317,237
	ViacomCBS, Inc.
	860,000		4.950			01/15/31		1,031,187
	640,000		4.200			05/19/32		732,766
	150,000		6.875			04/30/36		211,052
	100,000		5.850			09/01/43		131,953
	200,000		4.950			05/19/50		240,181
	Walt Disney Co. (The)
	377,000		3.000			09/15/22		392,524
	850,000		1.750			08/30/24		881,477
	440,000		2.200			01/13/28		453,491
	800,000		2.000			09/01/29		805,730
	498,000		3.800			03/22/30		568,429
	1,200,000		2.650			01/13/31		1,251,499
	75,000		6.400			12/15/35		109,718
	420,000		4.625			03/23/40		521,581
	270,000		4.700			03/23/50		341,995
	440,000		3.800			05/13/60		490,740
								38,297,393

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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Schedule of Investments (continued)

February 28, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Consumer Cyclical – 7.8%
	Amazon.com, Inc.
$	867,000		2.400	%		02/22/23	$	901,643
	230,000		2.800			08/22/24		247,215
	228,000		3.800			12/05/24		253,232
	18,000		5.200			12/03/25		21,359
	30,000		3.150			08/22/27		33,159
	350,000		1.500			06/03/30		338,946
	220,000		4.800			12/05/34		283,518
	775,000		3.875			08/22/37		906,147
	494,000		4.950			12/05/44		659,853
	1,045,000		4.050			08/22/47		1,237,121
	700,000		2.500			06/03/50		639,715
	330,000		4.250			08/22/57		408,349
	American Honda Finance Corp., MTN
	50,000		2.050			01/10/23		51,560
	500,000		2.150			09/10/24		524,122
	Booking Holdings, Inc.
	280,000		3.600			06/01/26		309,208
	550,000		4.625			04/13/30		653,861
	Costco Wholesale Corp.
	624,000		2.300			05/18/22		638,567
	400,000		3.000			05/18/27		439,226
	200,000		1.375			06/20/27		201,025
	640,000		1.750			04/20/32		622,323
	Dollar Tree, Inc.
	830,000		4.000			05/15/25		922,517
	290,000		4.200			05/15/28		331,975
	eBay, Inc.
	1,100,000		2.600			07/15/22		1,127,795
	700,000		2.750			01/30/23		732,001
	50,000		3.450			08/01/24		54,057
	100,000		3.600			06/05/27		111,610
	208,000		2.700			03/11/30		214,786
	General Motors Co.
	600,000		4.875			10/02/23		660,862
	100,000		5.400			10/02/23		111,509
	490,000		5.000			10/01/28		570,260
	528,000		6.600			04/01/36		715,737
	450,000		6.250			10/02/43		602,042
	364,000		5.400			04/01/48		440,198
	200,000		5.950			04/01/49		260,956
	General Motors Financial Co., Inc.
	160,000		3.450			04/10/22		164,299
	100,000		3.150			06/30/22		103,191
	157,000		3.550			07/08/22		162,795
	700,000		5.200			03/20/23		763,894
	200,000		3.700			05/09/23		212,044
	410,000		5.100			01/17/24		456,637
	1,550,000		3.950			04/13/24		1,683,523
	850,000		4.000			01/15/25		925,765
	590,000		5.250			03/01/26		682,309
	Global Payments, Inc.
	661,000		3.200			08/15/29		702,939
	Home Depot, Inc. (The)
	70,000		2.625			06/01/22		71,915
	138,000		2.700			04/01/23		144,153
	500,000		3.750			02/15/24		544,121
Corporate Obligations – (continued)
Consumer Cyclical – (continued)
Home Depot, Inc. (The) – (continued)
	50,000		3.350			09/15/25		55,073
	105,000		3.000			04/01/26		114,520
	186,000		2.125			09/15/26		195,634
	410,000		2.800			09/14/27		445,207
	550,000		3.900			12/06/28		632,718
	430,000		5.875			12/16/36		615,887
	180,000		5.950			04/01/41		256,275
	784,000		4.400			03/15/45		960,125
	500,000		4.250			04/01/46		601,688
	290,000		3.900			06/15/47		330,532
	220,000		4.500			12/06/48		275,185
	200,000		3.125			12/15/49		203,061
	130,000		3.500			09/15/56		140,377
	Lowe’s Cos., Inc.
	200,000		3.120			04/15/22		205,342
	760,000		2.500			04/15/26		805,799
	230,000		3.100			05/03/27		253,084
	1,150,000		3.650			04/05/29		1,285,448
	280,000		3.700			04/15/46		301,849
	354,000		4.050			05/03/47		398,754
	200,000		3.000			10/15/50		188,738
	Marriott International, Inc., Series EE
	300,000		5.750			05/01/25		345,822
	Marriott International, Inc., Series R
	200,000		3.125			06/15/26		209,728
	Mastercard, Inc.
	210,000		2.000			03/03/25		217,802
	329,000		2.950			11/21/26		357,796
	880,000		3.350			03/26/30		979,171
	610,000		3.650			06/01/49		683,695
	300,000		3.850			03/26/50		346,090
	McDonald’s Corp., MTN
	386,000		3.350			04/01/23		408,509
	370,000		3.700			01/30/26		412,643
	690,000		3.500			03/01/27		764,821
	350,000		3.800			04/01/28		395,060
	600,000		2.625			09/01/29		624,812
	282,000		2.125			03/01/30		282,529
	150,000		3.600			07/01/30		167,253
	933,000		4.700			12/09/35		1,148,286
	320,000		4.875			12/09/45		400,244
	320,000		4.450			09/01/48		382,353
	350,000		4.200			04/01/50		406,771
	NIKE, Inc.
	358,000		2.375			11/01/26		378,733
	250,000		3.250			03/27/40		268,311
	140,000		3.875			11/01/45		161,795
	450,000		3.375			03/27/50		486,851
	Starbucks Corp.
	100,000		4.000			11/15/28		114,286
	600,000		3.550			08/15/29		668,421
	500,000		4.450			08/15/49		598,247
	Target Corp.
	560,000		3.500			07/01/24		614,302
	265,000		2.350			02/15/30		274,646
	350,000		4.000			07/01/42		429,326

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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Consumer Cyclical – (continued)
	TJX Cos., Inc. (The)
$	180,000		2.250	%		09/15/26	$	189,842
	Toyota Motor Credit Corp., GMTN
	570,000		3.450			09/20/23		614,207
	Toyota Motor Credit Corp., MTN
	335,000		2.650			04/12/22		343,898
	100,000		0.450			07/22/22		100,230
	560,000		2.150			09/08/22		575,781
	820,000		0.500			08/14/23		823,255
	1,065,000		2.150			02/13/30		1,090,856
	832,000		3.375			04/01/30		918,052
	VF Corp.
	1,120,000		2.050			04/23/22		1,142,076
	Visa, Inc.
	1,125,000		3.150			12/14/25		1,233,276
	360,000		2.750			09/15/27		389,395
	709,000		2.050			04/15/30		720,210
	370,000		4.150			12/14/35		451,346
	965,000		4.300			12/14/45		1,194,757
	40,000		3.650			09/15/47		45,237
	Walmart, Inc.
	100,000		2.350			12/15/22		103,584
	307,000		2.550			04/11/23		320,191
	260,000		3.400			06/26/23		277,871
	250,000		2.650			12/15/24		268,283
	200,000		3.050			07/08/26		219,506
	1,276,000		3.700			06/26/28		1,457,335
	325,000		3.250			07/08/29		360,959
	680,000		5.250			09/01/35		933,932
	530,000		3.950			06/28/38		620,793
	100,000		3.625			12/15/47		113,668
	730,000		4.050			06/29/48		886,661
	50,000		2.950			09/24/49		51,016
								59,083,855
Consumer Noncyclical – 7.2%
	Abbott Laboratories
	34,000		3.400			11/30/23		36,606
	465,000		2.950			03/15/25		498,989
	134,000		3.750			11/30/26		151,771
	168,000		4.750			11/30/36		216,854
	540,000		4.900			11/30/46		723,797
	Altria Group, Inc.
	250,000		4.000			01/31/24		273,227
	800,000		2.350			05/06/25		836,506
	800,000		4.800			02/14/29		933,947
	100,000		5.800			02/14/39		122,683
	100,000		4.250			08/09/42		103,548
	310,000		5.375			01/31/44		367,938
	664,000		3.875			09/16/46		641,078
	520,000		5.950			02/14/49		660,454
	Amgen, Inc.
	145,000		2.650			05/11/22		148,655
	350,000		3.625			05/22/24		380,391
	430,000		2.600			08/19/26		457,588
	550,000		2.200			02/21/27		570,826
	650,000		3.200			11/02/27		712,582
Corporate Obligations – (continued)
Consumer Noncyclical – (continued)
	Amgen, Inc. – (continued)
	460,000		2.450			02/21/30		470,206
	50,000		3.150			02/21/40		50,982
	712,000		4.400			05/01/45		836,505
	250,000		4.563			06/15/48		302,026
	200,000		3.375			02/21/50		203,599
	790,000		4.663			06/15/51		985,985
	1,280,000		2.770	(b)		09/01/53		1,154,237
	Becton Dickinson and Co.
	426,000		2.894			06/06/22		438,478
	200,000		3.363			06/06/24		215,565
	300,000		3.700			06/06/27		335,259
	300,000		4.685			12/15/44		366,909
	420,000		4.669			06/06/47		515,096
	Boston Scientific Corp.
	700,000		3.750			03/01/26		778,984
	Bristol-Myers Squibb Co.
	700,000		2.600			05/16/22		718,408
	490,000		3.250			08/15/22		509,115
	1,100,000		3.550			08/15/22		1,150,740
	300,000		3.250			02/20/23		317,251
	1,400,000		3.875			08/15/25		1,565,285
	80,000		3.450			11/15/27		90,716
	1,400,000		3.400			07/26/29		1,569,978
	100,000		1.450			11/13/30		96,198
	100,000		5.000			08/15/45		133,024
	1,070,000		4.350			11/15/47		1,322,499
	100,000		4.550			02/20/48		126,894
	1,030,000		4.250			10/26/49		1,243,187
	339,000		2.550			11/13/50		314,003
	Cardinal Health, Inc.
	300,000		2.616			06/15/22		307,692
	218,000		3.079			06/15/24		232,751
	Eli Lilly and Co.
	750,000		3.950			03/15/49		869,633
	480,000		4.150			03/15/59		579,618
	100,000		2.500			09/15/60		87,056
	Gilead Sciences, Inc.
	100,000		3.250			09/01/22		103,768
	1,480,000		0.750			09/29/23		1,482,734
	100,000		3.500			02/01/25		108,665
	100,000		3.650			03/01/26		110,649
	100,000		2.950			03/01/27		107,787
	100,000		1.200			10/01/27		97,661
	100,000		5.650			12/01/41		134,217
	840,000		4.500			02/01/45		990,806
	1,000,000		4.750			03/01/46		1,219,016
	100,000		2.800			10/01/50		91,241
	Johnson & Johnson
	110,000		2.250			03/03/22		112,077
	148,200		2.625			01/15/25		157,526
	180,000		2.450			03/01/26		192,019
	125,000		2.950			03/03/27		137,215
	450,000		4.375			12/05/33		558,147
	738,000		3.550			03/01/36		853,822
	340,000		3.625			03/03/37		393,615
	250,000		5.950			08/15/37		361,580

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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Schedule of Investments (continued)

February 28, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Consumer Noncyclical – (continued)
	Johnson & Johnson – (continued)
$	1,000,000		3.400	%		01/15/38	$	1,110,867
	50,000		2.100			09/01/40		46,142
	170,000		3.700			03/01/46		193,830
	865,000		3.750			03/03/47		999,250
	Medtronic, Inc.
	492,000		4.375			03/15/35		609,545
	54,000		4.625			03/15/45		69,730
	Merck & Co., Inc.
	80,000		2.800			05/18/23		84,325
	300,000		2.900			03/07/24		320,789
	435,000		2.750			02/10/25		463,979
	400,000		3.400			03/07/29		445,648
	500,000		1.450			06/24/30		478,853
	500,000		3.900			03/07/39		580,668
	50,000		4.150			05/18/43		59,708
	484,000		3.700			02/10/45		540,017
	355,000		4.000			03/07/49		415,657
	Mylan, Inc.
	600,000		4.550			04/15/28		690,256
	300,000		5.200			04/15/48		359,161
	Pfizer, Inc.
	100,000		2.950			03/15/24		107,067
	100,000		0.800			05/28/25		99,444
	1,000,000		2.625			04/01/30		1,054,475
	100,000		3.900			03/15/39		115,586
	100,000		7.200			03/15/39		159,039
	310,000		2.550			05/28/40		301,661
	100,000		4.300			06/15/43		120,151
	280,000		4.400			05/15/44		344,335
	100,000		4.200			09/15/48		120,790
	100,000		4.000			03/15/49		118,030
	800,000		2.700			05/28/50		756,347
	Philip Morris International, Inc.
	100,000		2.500			11/02/22		103,438
	50,000		3.250			11/10/24		54,474
	375,000		3.375			08/11/25		410,044
	525,000		2.750			02/25/26		563,659
	390,000		6.375			05/16/38		555,062
	200,000		4.375			11/15/41		230,716
	110,000		3.875			08/21/42		118,246
	315,000		4.125			03/04/43		348,065
	150,000		4.875			11/15/43		183,362
	145,000		4.250			11/10/44		165,516
	Regeneron Pharmaceuticals, Inc.
	580,000		2.800			09/15/50		512,140
	Shire Acquisitions Investments Ireland DAC
	900,000		2.875			09/23/23		951,140
	800,000		3.200			09/23/26		874,302
	Stryker Corp.
	500,000		3.375			11/01/25		545,894
	420,000		3.500			03/15/26		463,133
	Thermo Fisher Scientific, Inc.
	814,000		2.950			09/19/26		878,183
	340,000		3.200			08/15/27		371,575
	Utah Acquisition Sub, Inc.
	1,150,000		3.950			06/15/26		1,283,986
Corporate Obligations – (continued)
Consumer Noncyclical – (continued)
	Walgreen Co.
	50,000		3.100			09/15/22		52,074
	Walgreens Boots Alliance, Inc.
	174,000		3.800			11/18/24		191,445
	450,000		3.450			06/01/26		494,099
	600,000		4.800			11/18/44		673,596
	Wyeth LLC
	100,000		5.950			04/01/37		140,963
	Zimmer Biomet Holdings, Inc.
	320,000		3.550			04/01/25		347,688
	150,000		3.550			03/20/30		163,811
	Zoetis, Inc.
	214,000		3.000			09/12/27		232,769
	200,000		4.700			02/01/43		246,663
								54,859,257
Consumer Products – 0.2%
	Procter & Gamble Co. (The)
	120,000		2.150			08/11/22		123,355
	338,000		3.100			08/15/23		361,217
	299,000		2.450			11/03/26		320,747
	980,000		3.000			03/25/30		1,070,702
								1,876,021
Electric – 2.3%
	Berkshire Hathaway Energy Co.
	500,000		3.700	(b)		07/15/30		565,833
	267,000		6.125			04/01/36		370,930
	120,000		5.150			11/15/43		154,800
	50,000		4.500			02/01/45		59,755
	500,000		3.800			07/15/48		545,411
	300,000		4.250	(b)		10/15/50		351,254
	200,000		2.850	(b)		05/15/51		186,972
	Dominion Energy, Inc.
	200,000		3.900			10/01/25		222,610
	Dominion Energy, Inc., Series C
	400,000		3.375			04/01/30		438,789
	Duke Energy Corp.
	390,000		2.650			09/01/26		412,763
	600,000		3.750			09/01/46		632,801
	Entergy Louisiana LLC
	100,000		4.000			03/15/33		117,984
	530,000		4.200			09/01/48		630,245
	Exelon Corp.
	100,000		4.050			04/15/30		113,868
	100,000		4.700			04/15/50		123,751
	Exelon Generation Co. LLC
	200,000		3.250			06/01/25		214,350
	120,000		5.600			06/15/42		133,707
	Florida Power & Light Co.
	300,000		2.850			04/01/25		321,269
	390,000		3.950			03/01/48		452,102
	MidAmerican Energy Co.
	250,000		4.250			07/15/49		303,298
	NextEra Energy Capital Holdings, Inc.
	1,070,000		2.900			04/01/22		1,099,254
	200,000		2.750			05/01/25		212,472

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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Electric – (continued)
	NextEra Energy Capital Holdings, Inc. – (continued)
$	80,000		3.550	%		05/01/27	$	89,204
	750,000		2.250			06/01/30		754,906
	NiSource, Inc.
	100,000		0.950			08/15/25		98,648
	100,000		3.600			05/01/30		110,934
	500,000		1.700			02/15/31		474,756
	Pacific Gas and Electric Co.
	650,000		3.300			12/01/27		685,441
	1,000,000		4.550			07/01/30		1,113,978
	1,000,000		3.300			08/01/40		942,075
	400,000		3.950			12/01/47		385,058
	160,000		4.950			07/01/50		173,098
	150,000		3.500			08/01/50		135,833
	San Diego Gas & Electric Co., Series VVV
	100,000		1.700			10/01/30		96,872
	Sempra Energy
	275,000		3.250			06/15/27		299,856
	750,000		3.400			02/01/28		821,425
	730,000		3.800			02/01/38		801,647
	66,000		4.000			02/01/48		71,847
	Southern Co. (The)
	240,000		2.950			07/01/23		252,897
	1,140,000		3.250			07/01/26		1,235,409
	430,000		4.400			07/01/46		494,064
	Virginia Electric and Power Co., Series A
	690,000		3.150			01/15/26		748,349
								17,450,515
Energy – 6.2%
	Baker Hughes a GE Co. LLC / Baker Hughes Co.-Obligor, Inc.
	700,000		2.773			12/15/22		728,389
	180,000		3.337			12/15/27		197,153
	200,000		4.080			12/15/47		213,956
	BP Capital Markets America, Inc.
	300,000		3.245			05/06/22		310,202
	200,000		2.750			05/10/23		209,852
	510,000		3.790			02/06/24		554,427
	150,000		3.224			04/14/24		160,801
	100,000		3.194			04/06/25		107,854
	239,000		3.796			09/21/25		264,317
	500,000		3.410			02/11/26		547,429
	410,000		3.119			05/04/26		443,686
	360,000		3.017			01/16/27		387,527
	720,000		4.234			11/06/28		832,074
	650,000		3.633			04/06/30		720,237
	100,000		1.749			08/10/30		96,079
	1,005,000		3.000			02/24/50		926,319
	Cheniere Corpus Christi Holdings LLC
	500,000		7.000			06/30/24		580,750
	320,000		5.875			03/31/25		367,200
	1,200,000		5.125			06/30/27		1,399,500
	Chevron Corp.
	496,000		2.566			05/16/23		518,700
	912,000		3.191			06/24/23		965,748
	130,000		2.895			03/03/24		138,623
Corporate Obligations – (continued)
Energy – (continued)
	Chevron Corp. – (continued)
	932,000		3.326			11/17/25		1,026,331
	434,000		2.954			05/16/26		469,436
	500,000		1.995			05/11/27		516,108
	650,000		2.236			05/11/30		659,452
	200,000		3.078			05/11/50		195,486
	Chevron USA, Inc.
	300,000		2.343			08/12/50		255,398
	ConocoPhillips
	100,000		6.500			02/01/39		146,881
	ConocoPhillips Co.
	500,000		4.950			03/15/26		585,040
	Devon Energy Corp.
	100,000		5.600			07/15/41		121,375
	1,260,000		4.750			05/15/42		1,382,850
	100,000		5.000			06/15/45		114,000
	Energy Transfer Operating LP
	600,000		4.050			03/15/25		646,548
	1,400,000		2.900			05/15/25		1,473,756
	200,000		4.750			01/15/26		221,825
	200,000		5.500			06/01/27		233,174
	100,000		4.950			06/15/28		112,862
	100,000		3.750			05/15/30		104,950
	100,000		5.300			04/15/47		105,752
	100,000		6.000			06/15/48		114,404
	100,000		6.250			04/15/49		117,500
	400,000		5.000			05/15/50		418,116
	Enterprise Products Operating LLC
	492,000		3.350			03/15/23		515,909
	157,000		3.900			02/15/24		170,867
	107,000		3.750			02/15/25		117,480
	478,000		3.125			07/31/29		510,852
	150,000		5.950			02/01/41		195,798
	225,000		4.850			08/15/42		265,866
	250,000		4.450			02/15/43		283,323
	330,000		4.850			03/15/44		386,230
	210,000		5.100			02/15/45		247,808
	250,000		4.900			05/15/46		292,049
	450,000		4.800			02/01/49		522,840
	400,000		4.200			01/31/50		430,236
	150,000		3.950			01/31/60		150,956
	Enterprise Products Operating LLC(a), Series E
	(3M USD LIBOR + 3.033%)
	164,000		5.250			08/16/77		164,410
	EOG Resources, Inc.
	750,000		4.375			04/15/30		881,982
	386,000		4.950			04/15/50		484,612
	Halliburton Co.
	350,000		2.920			03/01/30		356,373
	1,400,000		4.850			11/15/35		1,596,000
	520,000		7.450			09/15/39		723,450
	200,000		5.000			11/15/45		230,500
	Hess Corp.
	290,000		4.300			04/01/27		321,034
	170,000		6.000			01/15/40		202,725
	420,000		5.600			02/15/41		500,325

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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Schedule of Investments (continued)

February 28, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Energy – (continued)
	Marathon Petroleum Corp.
$	1,400,000		4.700	%		05/01/25	$	1,587,250
	100,000		6.500			03/01/41		131,750
	100,000		4.750			09/15/44		111,125
	MPLX LP
$	800,000		4.500			07/15/23		863,884
	200,000		4.125			03/01/27		222,902
	100,000		4.800			02/15/29		116,016
	1,700,000		2.650			08/15/30		1,697,875
	350,000		4.500			04/15/38		384,394
	669,000		5.200			03/01/47		758,774
	200,000		5.500			02/15/49		237,654
	ONEOK Partners LP
	100,000		3.375			10/01/22		103,443
	ONEOK, Inc.
	280,000		4.550			07/15/28		310,550
	780,000		3.100			03/15/30		794,642
	Plains All American Pipeline LP / PAA Finance Corp.
	950,000		4.650			10/15/25		1,053,379
	240,000		4.500			12/15/26		265,858
	450,000		3.550			12/15/29		459,838
	Sabine Pass Liquefaction LLC
	400,000		6.250			03/15/22		416,500
	100,000		5.625			04/15/23		109,070
	400,000		5.750			05/15/24		455,000
	500,000		5.625			03/01/25		575,250
	510,000		5.000			03/15/27		590,963
	140,000		4.200			03/15/28		156,450
	1,100,000		4.500			05/15/30		1,254,162
	Schlumberger Investment SA
	200,000		3.650			12/01/23		215,993
	Sunoco Logistics Partners Operations LP
	100,000		4.000			10/01/27		108,588
	1,000,000		5.400			10/01/47		1,050,014
	Transcontinental Gas Pipe Line Co. LLC
	200,000		7.850			02/01/26		256,332
	Valero Energy Corp.
	500,000		1.200			03/15/24		504,864
	Williams Cos., Inc. (The)
	1,030,000		3.600			03/15/22		1,058,655
	800,000		3.700			01/15/23		840,122
	100,000		4.000			09/15/25		110,654
	100,000		3.750			06/15/27		110,489
	320,000		3.500			11/15/30		345,937
	410,000		6.300			04/15/40		529,812
	280,000		4.850			03/01/48		317,705
								47,349,586
Financial Company – 0.9%
	Ally Financial, Inc.
	680,000		3.050			06/05/23		715,610
	719,000		1.450			10/02/23		731,585
	576,000		8.000			11/01/31		822,411
	Ares Capital Corp.
	780,000		4.200			06/10/24		847,574
	GE Capital Funding LLC(b)
	750,000		4.400			05/15/30		852,959
Corporate Obligations – (continued)
Financial Company – (continued)
	GE Capital International Funding Co. Unlimited Co.
	300,000		3.373			11/15/25		326,888
	1,990,000		4.418			11/15/35		2,258,354
								6,555,381
Food and Beverage – 2.9%
	Coca-Cola Co. (The)
	205,000		2.875			10/27/25		223,229
	294,000		2.250			09/01/26		312,398
	50,000		3.375			03/25/27		55,835
	50,000		1.450			06/01/27		50,110
	220,000		1.000			03/15/28		211,396
	500,000		3.450			03/25/30		561,133
	500,000		1.650			06/01/30		487,016
	380,000		2.500			06/01/40		368,313
	430,000		2.600			06/01/50		402,499
	220,000		2.750			06/01/60		206,520
	Conagra Brands, Inc.
	600,000		4.600			11/01/25		688,811
	350,000		4.850			11/01/28		415,582
	390,000		5.300			11/01/38		489,783
	General Mills, Inc.
	100,000		3.700			10/17/23		108,160
	470,000		4.200			04/17/28		541,435
	Keurig Dr Pepper, Inc.
	528,000		4.057			05/25/23		568,276
	210,000		4.597			05/25/28		246,028
	100,000		3.200			05/01/30		107,706
	Kraft Heinz Foods Co.
	1,157,000		3.950			07/15/25		1,289,261
	890,000		3.000			06/01/26		938,174
	874,000		5.000			07/15/35		1,052,800
	250,000		6.875			01/26/39		348,670
	250,000		6.500			02/09/40		341,687
	600,000		4.375			06/01/46		651,318
	490,000		4.875			10/01/49		572,080
	Molson Coors Beverage Co.
	1,380,000		3.000			07/15/26		1,483,947
	740,000		5.000			05/01/42		880,985
	150,000		4.200			07/15/46		159,340
	PepsiCo, Inc.
	70,000		2.750			03/05/22		71,790
	565,000		3.100			07/17/22		584,325
	140,000		2.250			03/19/25		147,575
	80,000		2.750			04/30/25		85,535
	234,000		2.850			02/24/26		253,512
	240,000		2.375			10/06/26		255,386
	100,000		3.000			10/15/27		109,614
	96,000		2.625			07/29/29		101,743
	210,000		2.750			03/19/30		224,164
	100,000		1.400			02/25/31		95,279
	595,000		4.450			04/14/46		741,452
	470,000		3.450			10/06/46		508,060
	30,000		4.000			05/02/47		35,076
	300,000		3.375			07/29/49		321,987
	240,000		3.625			03/19/50		268,992
	400,000		3.875			03/19/60		471,500

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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Food and Beverage – (continued)
	Sysco Corp.
$	604,000		3.300	%		07/15/26	$	657,401
	635,000		3.250			07/15/27		697,300
	550,000		5.950			04/01/30		703,131
	270,000		6.600			04/01/50		396,654
	Tyson Foods, Inc.
	170,000		4.500			06/15/22		177,051
	50,000		3.950			08/15/24		55,077
	342,000		4.000			03/01/26		383,787
	500,000		3.550			06/02/27		553,543
	110,000		4.550			06/02/47		133,194
	300,000		5.100			09/28/48		390,810
								22,186,430
Hardware – 0.2%
	Micron Technology, Inc.
	99,000		2.497			04/24/23		103,085
	795,000		4.185			02/15/27		902,325
	400,000		4.663			02/15/30		467,500
								1,472,910
Healthcare – 4.3%
	Aetna, Inc.
	120,000		2.750			11/15/22		124,137
	200,000		2.800			06/15/23		209,715
	300,000		3.500			11/15/24		327,930
	620,000		6.625			06/15/36		889,217
	290,000		3.875			08/15/47		311,510
	Anthem, Inc.
	356,000		3.500			08/15/24		387,355
	50,000		3.350			12/01/24		54,481
	552,000		3.650			12/01/27		620,748
	90,000		4.625			05/15/42		109,668
	350,000		4.650			01/15/43		426,658
	275,000		4.650			08/15/44		333,354
	535,000		4.375			12/01/47		632,611
	400,000		4.550			03/01/48		486,435
	300,000		3.125			05/15/50		293,927
	Cigna Corp.
	700,000		3.000			07/15/23		736,156
	50,000		3.750			07/15/23		53,779
	150,000		3.400			03/01/27		164,133
	550,000		4.375			10/15/28		637,317
	50,000		2.400			03/15/30		50,542
	600,000		4.800			08/15/38		735,126
	600,000		4.800			07/15/46		745,168
	100,000		3.875			10/15/47		108,147
	1,370,000		4.900			12/15/48		1,712,494
	400,000		3.400			03/15/50		404,520
	CVS Health Corp.
	200,000		3.500			07/20/22		207,645
	342,000		2.750			12/01/22		354,262
	294,000		3.700			03/09/23		312,683
	650,000		2.625			08/15/24		690,815
	154,000		4.100			03/25/25		171,507
	400,000		3.875			07/20/25		442,881
	100,000		2.875			06/01/26		107,234
Corporate Obligations – (continued)
Healthcare – (continued)
	CVS Health Corp. – (continued)
	100,000		3.000			08/15/26		107,984
	430,000		3.625			04/01/27		475,644
	1,366,000		4.300			03/25/28		1,569,493
	730,000		3.250			08/15/29		785,480
	1,370,000		4.780			03/25/38		1,658,515
	400,000		4.125			04/01/40		451,267
	400,000		2.700			08/21/40		375,342
	240,000		5.300			12/05/43		303,794
	728,000		5.125			07/20/45		913,112
	950,000		5.050			03/25/48		1,182,944
	HCA, Inc.
	920,000		4.750			05/01/23		999,350
	516,000		5.000			03/15/24		578,565
	570,000		5.250			04/15/25		656,925
	500,000		5.250			06/15/26		584,375
	455,000		4.500			02/15/27		519,838
	404,000		4.125			06/15/29		456,520
	295,000		5.125			06/15/39		362,481
	345,000		5.500			06/15/47		435,994
	UnitedHealth Group, Inc.
	300,000		2.875			03/15/22		306,066
	93,000		3.350			07/15/22		96,871
	198,000		2.375			10/15/22		204,506
	219,000		2.875			03/15/23		230,027
	180,000		3.750			07/15/25		200,586
	186,000		3.100			03/15/26		202,869
	480,000		3.450			01/15/27		533,732
	200,000		3.850			06/15/28		226,177
	740,000		4.625			07/15/35		915,576
	225,000		5.800			03/15/36		308,921
	490,000		6.875			02/15/38		747,218
	400,000		4.250			03/15/43		472,682
	300,000		4.750			07/15/45		384,429
	760,000		4.200			01/15/47		872,592
	300,000		3.750			10/15/47		331,872
	420,000		4.450			12/15/48		514,594
	500,000		3.875			08/15/59		560,334
	100,000		3.125			05/15/60		97,950
								32,466,780
Insurance – 1.6%
	Berkshire Hathaway Finance Corp.
	570,000		5.750			01/15/40		795,870
	510,000		4.200			08/15/48		606,389
	526,000		4.250			01/15/49		626,427
	150,000		2.850			10/15/50		144,053
	Berkshire Hathaway, Inc.
	524,000		3.125			03/15/26		570,287
	90,000		4.500			02/11/43		111,184
	Chubb INA Holdings, Inc.
	1,030,000		4.350			11/03/45		1,273,353
	Equitable Holdings, Inc.
	506,000		4.350			04/20/28		576,663
	330,000		5.000			04/20/48		408,159

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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Schedule of Investments (continued)

February 28, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Insurance – (continued)
	Marsh & McLennan Cos., Inc.
$	175,000		4.375	%		03/15/29	$	204,613
	496,000		4.900			03/15/49		645,847
	MetLife, Inc.
	50,000		3.600			04/10/24		54,473
	240,000		6.375			06/15/34		345,856
	170,000		5.700			06/15/35		235,862
	1,400,000		6.400			12/15/36		1,772,068
	494,000		5.875			02/06/41		696,268
	150,000		4.125			08/13/42		174,474
	179,000		4.875			11/13/43		231,832
	120,000		4.050			03/01/45		140,924
	100,000		4.600			05/13/46		126,013
	Prudential Financial, Inc.
	(3M USD LIBOR + 3.920%)
	450,000		5.625	(a)		06/15/43		480,955
	(3M USD LIBOR + 2.380%)
	400,000		4.500	(a)		09/15/47		435,889
	210,000		3.905			12/07/47		233,725
	50,000		3.935			12/07/49		56,606
	Prudential Financial, Inc., MTN
	520,000		4.350			02/25/50		618,289
	350,000		3.700			03/13/51		380,245
								11,946,324
Metals and Mining – 0.1%
	Newmont Corp.
	310,000		4.875			03/15/42		390,908
REITs and Real Estate – 0.5%
	Equinix, Inc.
	350,000		2.625			11/18/24		370,737
	676,000		5.375			05/15/27		732,615
	950,000		3.200			11/18/29		1,004,716
	GLP Capital LP / GLP Financing II, Inc.
	995,000		5.375			04/15/26		1,149,096
	744,000		5.300			01/15/29		851,646
								4,108,810
Revenue – 0.3%
	CommonSpirit Health
	100,000		2.760			10/01/24		106,292
	220,000		3.347			10/01/29		238,387
	870,000		4.350			11/01/42		972,214
	200,000		4.187			10/01/49		219,153
	Kaiser Foundation Hospitals
	280,000		4.150			05/01/47		332,826
	Kaiser Foundation Hospitals, Series 2019
	130,000		3.266			11/01/49		134,439
								2,003,311
Software – 1.6%
	Oracle Corp.
	1,120,000		2.500			05/15/22		1,145,668
	800,000		2.500			10/15/22		828,798
	330,000		2.625			02/15/23		344,389
	220,000		2.400			09/15/23		230,697
Corporate Obligations – (continued)
Software – (continued)
	Oracle Corp. – (continued)
	825,000		3.400			07/08/24		894,995
	40,000		2.950			11/15/24		43,133
	230,000		2.950			05/15/25		247,193
	823,000		2.650			07/15/26		879,108
	80,000		3.250			11/15/27		88,223
	444,000		4.300			07/08/34		529,188
	270,000		3.850			07/15/36		308,493
	245,000		3.800			11/15/37		272,595
	1,212,000		6.500			04/15/38		1,777,536
	400,000		3.600			04/01/40		431,850
	418,000		5.375			07/15/40		552,800
	884,000		4.125			05/15/45		1,000,762
	500,000		4.000			07/15/46		557,467
	310,000		4.000			11/15/47		345,092
	850,000		3.600			04/01/50		876,072
	200,000		4.375			05/15/55		235,250
	595,000		3.850			04/01/60		637,252
								12,226,561
Technology – 8.3%
	Activision Blizzard, Inc.
	500,000		3.400			09/15/26		555,276
	Adobe, Inc.
	180,000		2.150			02/01/27		188,199
	500,000		2.300			02/01/30		514,290
	Alphabet, Inc.
	367,000		1.998			08/15/26		385,214
	980,000		2.050			08/15/50		834,873
	700,000		2.250			08/15/60		585,149
	Apple, Inc.
	1,398,000		2.100			09/12/22		1,434,806
	970,000		2.400			05/03/23		1,013,614
	180,000		3.000			02/09/24		192,760
	489,000		3.450			05/06/24		534,499
	425,000		2.850			05/11/24		454,924
	596,000		3.250			02/23/26		654,704
	214,000		2.450			08/04/26		227,356
	210,000		3.000			06/20/27		230,658
	1,395,000		2.900			09/12/27		1,513,969
	410,000		3.000			11/13/27		450,112
	100,000		1.650			05/11/30		97,519
	1,120,000		4.500			02/23/36		1,410,722
	687,000		3.850			05/04/43		795,324
	310,000		4.450			05/06/44		387,804
	305,000		3.450			02/09/45		330,634
	380,000		4.375			05/13/45		467,640
	1,420,000		4.650			02/23/46		1,809,061
	556,000		3.850			08/04/46		632,347
	296,000		4.250			02/09/47		358,097
	50,000		3.750			11/13/47		56,343
	677,000		2.950			09/11/49		666,917
	239,000		2.400			08/20/50		214,119
	Applied Materials, Inc.
	200,000		4.350			04/01/47		248,682
	Broadcom Corp. / Broadcom Cayman Finance Ltd.
	100,000		3.625			01/15/24		107,607

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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Principal Amount		Interest Rate				Maturity Date		Value
Corporate Obligations – (continued)
Technology – (continued)
	Broadcom Corp. / Broadcom Cayman Finance Ltd. – (continued)
$	530,000		3.125	%			01/15/25	$	566,358
	1,019,000		3.875				01/15/27		1,113,764
	210,000		3.500				01/15/28		224,215
	Broadcom, Inc.
	450,000		3.625				10/15/24		490,279
	500,000		3.150				11/15/25		536,496
	310,000		4.250				04/15/26		346,610
	431,000		3.459				09/15/26		466,871
	470,000		4.750				04/15/29		535,885
	1,081,000		5.000				04/15/30		1,251,725
	950,000		4.150				11/15/30		1,042,098
	600,000		2.450	(b)			02/15/31		580,703
	300,000		4.300				11/15/32		336,774
	600,000		3.500	(b)			02/15/41		593,186
	Cisco Systems, Inc.
	325,000		3.625				03/04/24		355,816
	100,000		2.500				09/20/26		107,771
	716,000		5.900				02/15/39		1,026,411
	470,000		5.500				01/15/40		659,753
	Dell International LLC / EMC Corp.
	565,000		5.450	(b)			06/15/23		619,982
	704,000		6.020	(b)			06/15/26		840,730
	1,550,000		4.900	(b)			10/01/26		1,789,287
	500,000		8.100	(b)			07/15/36		736,248
	400,000		8.350	(b)			07/15/46		604,176
	Fidelity National Information Services, Inc.
	339,000		3.000				08/15/26		370,834
	835,000		3.750				05/21/29		935,472
	Fiserv, Inc.
	400,000		2.750				07/01/24		424,995
	500,000		3.200				07/01/26		542,947
	500,000		3.500				07/01/29		547,110
	400,000		4.400				07/01/49		473,461
	HP, Inc.
	300,000		3.400				06/17/30		322,154
	368,000		6.000				09/15/41		468,811
	Intel Corp.
	370,000		2.875				05/11/24		395,954
	628,000		3.700				07/29/25		698,041
	120,000		2.600				05/19/26		128,221
	940,000		3.150				05/11/27		1,031,971
	821,000		2.450				11/15/29		855,507
	290,000		4.100				05/19/46		335,349
	320,000		4.100				05/11/47		372,546
	295,000		3.734				12/08/47		327,680
	740,000		3.250				11/15/49		757,581
	525,000		4.750				03/25/50		671,175
	50,000		3.100				02/15/60		49,140
	100,000		4.950				03/25/60		135,683
	International Business Machines Corp.
	690,000		1.875				08/01/22		705,305
	100,000		2.875				11/09/22		104,409
	1,260,000		3.300				05/15/26		1,388,921
	650,000		1.950				05/15/30		640,984
	540,000		4.150				05/15/39		633,689
Corporate Obligations – (continued)
Technology – (continued)
	International Business Machines Corp. – (continued)
	427,000		4.000				06/20/42		487,835
	300,000		2.950				05/15/50		286,848
	KLA Corp.
	300,000		4.100				03/15/29		344,400
	Lam Research Corp.
	565,000		4.000				03/15/29		650,732
	280,000		1.900				06/15/30		278,201
	220,000		4.875				03/15/49		294,651
	Microsoft Corp.
	220,000		2.125				11/15/22		227,039
	520,000		2.000				08/08/23		540,353
	647,000		2.875				02/06/24		691,509
	401,000		2.700				02/12/25		428,887
	316,000		3.125		��		11/03/25		347,118
	190,000		2.400				08/08/26		202,536
	255,000		3.300				02/06/27		283,496
	360,000		3.500				02/12/35		418,899
	450,000		3.450				08/08/36		519,785
	113,000		4.100				02/06/37		137,900
	280,000		3.500				11/15/42		321,476
	750,000		3.700				08/08/46		876,843
	250,000		4.250				02/06/47		317,757
	1,751,000		2.525				06/01/50		1,631,006
	447,000		3.950				08/08/56		550,791
	896,000		2.675				06/01/60		827,842
	NVIDIA Corp.
	530,000		3.200				09/16/26		583,885
	56,000		2.850				04/01/30		59,848
	440,000		3.500				04/01/50		471,860
	PayPal Holdings, Inc.
	500,000		2.400				10/01/24		529,224
	880,000		2.650				10/01/26		940,542
	200,000		2.850				10/01/29		212,863
	460,000		3.250				06/01/50		474,019
	QUALCOMM, Inc.
	60,000		3.000				05/20/22		61,978
	216,000		2.900				05/20/24		231,023
	330,000		3.450				05/20/25		361,593
	400,000		3.250				05/20/27		442,581
	126,000		2.150				05/20/30		126,404
	200,000		4.650				05/20/35		248,964
	536,000		4.800				05/20/45		682,369
	250,000		4.300				05/20/47		303,907
	Texas Instruments, Inc.
	612,000		4.150				05/15/48		741,801
	VMware, Inc.
	593,000		2.950				08/21/22		612,918
	50,000		3.900				08/21/27		55,276
									63,303,256
Transportation – 1.7%
	Burlington Northern Santa Fe LLC
	55,000		5.750				05/01/40		75,680
	250,000		4.450				03/15/43		302,597
	260,000		4.900				04/01/44		337,311

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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Schedule of Investments (continued)

February 28, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Transportation – (continued)
	Burlington Northern Santa Fe LLC – (continued)
$	150,000		4.550	%		09/01/44	$	184,979
	1,360,000		4.150			04/01/45		1,606,159
	443,000		3.900			08/01/46		506,189
	CSX Corp.
	700,000		3.250			06/01/27		771,735
	130,000		3.800			03/01/28		145,895
	50,000		4.100			03/15/44		56,624
	190,000		3.800			11/01/46		208,537
	FedEx Corp.
	1,000,000		3.800			05/15/25		1,105,339
	540,000		3.100			08/05/29		577,360
	100,000		5.100			01/15/44		124,046
	200,000		4.550			04/01/46		232,260
	260,000		4.400			01/15/47		294,666
	634,000		4.950			10/17/48		783,748
	Southwest Airlines Co.
	270,000		4.750			05/04/23		293,151
	170,000		5.250			05/04/25		194,637
	Union Pacific Corp.
	530,000		4.163			07/15/22		552,808
	450,000		3.950			09/10/28		514,576
	400,000		3.250			02/05/50		408,783
	310,000		3.799			10/01/51		344,083
	408,000		3.839			03/20/60		452,484
	United Parcel Service, Inc.
	344,000		2.450			10/01/22		356,018
	100,000		3.050			11/15/27		110,278
	860,000		3.400			03/15/29		952,153
	330,000		3.750			11/15/47		371,414
	470,000		5.300			04/01/50		642,669
								12,506,179
Wireless – 5.1%
	American Tower Corp.
	250,000		4.000			06/01/25		276,875
	1,050,000		3.375			10/15/26		1,146,805
	200,000		2.750			01/15/27		210,215
	675,000		3.800			08/15/29		750,328
	80,000		2.900			01/15/30		83,635
	101,000		3.100			06/15/50		94,350
	AT&T, Inc.
	50,000		3.000			06/30/22		51,536
	230,000		2.625			12/01/22		237,667
	880,000		4.125			02/17/26		995,270
	415,000		3.800			02/15/27		465,128
	400,000		4.250			03/01/27		454,775
	339,000		2.300			06/01/27		350,195
	75,000		1.650			02/01/28		73,497
	660,000		4.100			02/15/28		752,240
	715,000		4.350			03/01/29		819,604
	497,000		4.300			02/15/30		565,591
	595,000		2.750			06/01/31		601,827
	435,000		4.500			05/15/35		495,895
	551,000		5.250			03/01/37		678,709
	640,000		4.850			03/01/39		742,383
	90,000		5.350			09/01/40		113,426
	450,000		4.300			12/15/42		491,334
Corporate Obligations – (continued)
Wireless – (continued)
	AT&T, Inc. – (continued)
	330,000		4.350			06/15/45		356,104
	435,000		4.750			05/15/46		500,456
	250,000		5.650			02/15/47		315,713
	640,000		4.500			03/09/48		690,280
	317,000		4.550			03/09/49		345,674
	400,000		5.150			02/15/50		470,179
	470,000		3.650			06/01/51		447,028
	100,000		3.300			02/01/52		89,739
	1,376,000		3.500	(b)		09/15/53		1,254,366
	2,140,000		3.550	(b)		09/15/55		1,940,595
	1,960,000		3.650	(b)		09/15/59		1,795,276
	100,000		3.850			06/01/60		93,524
	CC Holdings GS V LLC / Crown Castle GS III Corp.
	450,000		3.849			04/15/23		480,849
	Crown Castle International Corp.
	60,000		3.150			07/15/23		63,594
	510,000		4.450			02/15/26		578,436
	130,000		3.650			09/01/27		143,937
	100,000		2.250			01/15/31		97,551
	100,000		3.250			01/15/51		93,860
	T-Mobile USA, Inc.
	500,000		3.750	(b)		04/15/27		550,469
	800,000		2.050	(b)		02/15/28		795,412
	1,100,000		3.875	(b)		04/15/30		1,207,442
	800,000		2.550	(b)		02/15/31		796,504
	700,000		4.500	(b)		04/15/50		778,266
	600,000		3.600	(b)		11/15/60		560,641
	Verizon Communications, Inc.
	576,000		5.150			09/15/23		641,923
	150,000		3.500			11/01/24		164,156
	184,000		3.376			02/15/25		200,191
	540,000		0.850			11/20/25		531,034
	853,000		2.625			08/15/26		908,557
	450,000		4.125			03/16/27		518,317
	722,000		4.329			09/21/28		834,850
	360,000		4.016			12/03/29		410,068
	471,000		3.150			03/22/30		500,725
	300,000		1.500			09/18/30		281,479
	485,000		4.500			08/10/33		575,679
	750,000		4.400			11/01/34		883,006
	220,000		4.272			01/15/36		252,186
	510,000		5.250			03/16/37		647,966
	450,000		3.850			11/01/42		490,873
	60,000		6.550			09/15/43		89,712
	1,160,000		4.125			08/15/46		1,330,027
	700,000		4.862			08/21/46		849,598
	815,000		4.522			09/15/48		952,620
	330,000		5.012			04/15/49		412,596
	400,000		2.875			11/20/50		361,475
	394,000		5.012			08/21/54		495,656
	519,000		4.672			03/15/55		623,344
	850,000		2.987	(b)		10/30/56		752,452
								38,605,670
	TOTAL CORPORATE OBLIGATIONS
	(Cost $606,897,851)						$	616,380,593

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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Principal Amount		Interest Rate				Maturity Date		Value
Foreign Corporate Debt – 17.7%
Banks – 9.4%
	Banco Santander SA (Spain)
$	600,000		2.746	%			05/28/25	$	635,671
	600,000		3.490				05/28/30		646,078
	600,000		2.749				12/03/30		587,265
	Bank of Montreal, MTN (Canada)
	1,040,000		2.900				03/26/22		1,069,487
	120,000		2.350				09/11/22		123,792
	210,000		2.550				11/06/22		217,461
	Bank of Montreal(a) (Canada)
	(5 Year USD Swap + 1.432%)
	1,800,000		3.803				12/15/32		2,020,500
	Barclays PLC (United Kingdom)
	800,000		3.684				01/10/23		822,086
	(3M USD LIBOR + 1.356%)
	1,250,000		4.338	(a)			05/16/24		1,354,375
	890,000		3.650				03/16/25		967,609
	1,160,000		4.375				01/12/26		1,311,632
	(3M USD LIBOR + 2.452%)
	200,000		2.852	(a)			05/07/26		210,798
	210,000		5.200				05/12/26		239,761
	850,000		4.836				05/09/28		964,463
	(US 5 Year CMT T-Note + 2.900%)
	200,000		3.564	(a)			09/23/35		205,597
	330,000		5.250				08/17/45		424,234
	600,000		4.950				01/10/47		736,696
	Canadian Imperial Bank of Commerce (Canada)
	1,160,000		3.500				09/13/23		1,252,275
	450,000		3.100				04/02/24		482,180
	Cooperatieve Rabobank UA (Netherlands)
	370,000		3.950				11/09/22		391,773
	350,000		4.625				12/01/23		386,953
	815,000		3.750				07/21/26		902,876
	285,000		5.250				05/24/41		382,911
	680,000		5.750				12/01/43		944,042
	930,000		5.250				08/04/45		1,227,330
	Deutsche Bank AG (Germany)
	230,000		3.300				11/16/22		240,062
	950,000		3.950				02/27/23		1,009,998
	130,000		3.700				05/30/24		140,595
	(SOFR + 2.581%)
	800,000		3.961	(a)			11/26/25		873,883
	HSBC Holdings PLC (United Kingdom)
	(3M USD LIBOR + 1.055%)
	400,000		3.262	(a)			03/13/23		411,775
	540,000		4.250				03/14/24		591,560
	(3M USD LIBOR + 0.987%)
	500,000		3.950	(a)			05/18/24		536,988
	400,000		4.250				08/18/25		446,777
	(3M USD LIBOR + 1.140%)
	250,000		2.633	(a)			11/07/25		264,619
	750,000		4.300				03/08/26		852,284
	1,390,000		3.900				05/25/26		1,550,382
	(3M USD LIBOR + 1.348%)
	500,000		4.292	(a)			09/12/26		559,641
	(3M USD LIBOR + 1.535%)
	700,000		4.583	(a)			06/19/29		800,995
	1,080,000		4.950				03/31/30		1,296,465
Foreign Corporate Debt – (continued)
Banks – (continued)
	HSBC Holdings PLC (United Kingdom) – (continued)
	(3M USD LIBOR + 1.610%)
	500,000		3.973	(a)			05/22/30		555,631
	(SOFR + 2.387%)
	1,205,000		2.848	(a)			06/04/31		1,238,574
	(SOFR + 1.947%)
	1,100,000		2.357	(a)	��		08/18/31		1,085,775
	250,000		6.500				05/02/36		343,190
	546,000		6.500				09/15/37		752,203
	455,000		6.800				06/01/38		651,798
	140,000		6.100				01/14/42		198,158
	519,000		5.250				03/14/44		659,287
	ING Groep NV (Netherlands)
	228,000		3.150				03/29/22		235,056
	590,000		4.100				10/02/23		644,274
	200,000		3.950				03/29/27		226,617
	490,000		4.550				10/02/28		573,272
	330,000		4.050				04/09/29		376,392
	Lloyds Banking Group PLC (United Kingdom)
	1,120,000		4.050				08/16/23		1,214,817
	200,000		3.900				03/12/24		219,782
	650,000		4.500				11/04/24		726,060
	(US 1 Year CMT T-Note + 3.500%)
	200,000		3.870	(a)			07/09/25		219,947
	300,000		4.582				12/10/25		339,469
	(US 1 Year CMT T-Note + 1.000%)
	200,000		2.438	(a)			02/05/26		208,449
	525,000		3.750				01/11/27		582,969
	640,000		4.375				03/22/28		734,446
	200,000		5.300				12/01/45		258,172
	200,000		4.344				01/09/48		231,557
	Mitsubishi UFJ Financial Group, Inc. (Japan)
	900,000		2.623				07/18/22		927,848
	730,000		2.665				07/25/22		753,590
	690,000		3.407				03/07/24		744,610
	200,000		2.193				02/25/25		207,724
	950,000		3.850				03/01/26		1,067,920
	830,000		3.677				02/22/27		935,341
	150,000		3.287				07/25/27		167,151
	950,000		3.961				03/02/28		1,076,819
	100,000		3.741				03/07/29		111,783
	500,000		3.195				07/18/29		539,452
	640,000		2.559				02/25/30		660,511
	200,000		2.048				07/17/30		198,083
	200,000		3.751				07/18/39		220,480
	Mizuho Financial Group, Inc. (Japan)
	690,000		2.601				09/11/22		713,321
	(3M USD LIBOR + 0.830%)
	200,000		2.226	(a)			05/25/26		206,608
	200,000		2.839				09/13/26		216,453
	1,085,000		4.018				03/05/28		1,223,636
	(3M USD LIBOR + 1.510%)
	950,000		2.201	(a)			07/10/31		943,590
	National Australia Bank Ltd. (Australia)
	1,050,000		2.500				07/12/26		1,122,585
	National Australia Bank Ltd., GMTN (Australia)
	800,000		2.500				05/22/22		821,881

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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Schedule of Investments (continued)

February 28, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Foreign Corporate Debt – (continued)
Banks – (continued)
	Natwest Group PLC (United Kingdom)
$	57,000		6.125	%		12/15/22	$	62,168
	(3M USD LIBOR + 1.480%)
	960,000		3.498	(a)		05/15/23		994,394
	(3M USD LIBOR + 1.762%)
	885,000		4.269	(a)		03/22/25		969,614
	(3M USD LIBOR + 1.754%)
	345,000		4.892	(a)		05/18/29		402,799
	(US 5 Year CMT T-Note + 2.100%)
	650,000		3.754	(a)		11/01/29		686,224
	(3M USD LIBOR + 1.905%)
	500,000		5.076	(a)		01/27/30		591,247
	(3M USD LIBOR + 1.871%)
	370,000		4.445	(a)		05/08/30		421,705
	(US 5 Year CMT T-Note + 2.350%)
	1,600,000		3.032	(a)		11/28/35		1,571,529
	Royal Bank of Canada, GMTN (Canada)
	1,000,000		2.800			04/29/22		1,029,030
	100,000		1.600			04/17/23		102,750
	1,100,000		3.700			10/05/23		1,193,192
	300,000		4.650			01/27/26		346,861
	Santander UK PLC (United Kingdom)
	1,000,000		2.875			06/18/24		1,070,134
	Sumitomo Mitsui Banking Corp. (Japan)
	700,000		3.200			07/18/22		725,205
	Sumitomo Mitsui Financial Group, Inc. (Japan)
	340,000		2.784			07/12/22		351,434
	350,000		2.778			10/18/22		362,269
	750,000		3.102			01/17/23		788,431
	400,000		3.784			03/09/26		447,220
	50,000		2.632			07/14/26		53,207
	610,000		3.010			10/19/26		661,220
	100,000		3.446			01/11/27		110,732
	150,000		3.364			07/12/27		165,067
	500,000		3.040			07/16/29		534,334
	1,000,000		2.750			01/15/30		1,046,441
	1,240,000		2.130			07/08/30		1,228,395
	Toronto-Dominion Bank (The), GMTN (Canada)
	225,000		3.500			07/19/23		242,145
	377,000		3.250			03/11/24		407,081
	Toronto-Dominion Bank (The), MTN (Canada)
	585,000		1.900			12/01/22		601,766
	910,000		2.650			06/12/24		970,514
	Toronto-Dominion Bank (The)(a) (Canada)
	(5 Year USD Swap + 2.205%)
	200,000		3.625			09/15/31		221,500
								71,577,758
Beverages – 0.1%
	Fomento Economico Mexicano SAB de CV (Mexico)
	600,000		3.500			01/16/50		613,479
Brokerage – 0.1%
	Brookfield Finance, Inc. (Canada)
	415,000		4.700			09/20/47		489,761
Consumer Noncyclical – 2.1%
	AstraZeneca PLC (United Kingdom)
	200,000		2.375			06/12/22		204,838
Foreign Corporate Debt – (continued)
Consumer Noncyclical – (continued)
	AstraZeneca PLC (United Kingdom) – (continued)
	610,000		3.375			11/16/25		670,528
	220,000		0.700			04/08/26		213,196
	170,000		3.125			06/12/27		185,960
	577,000		1.375			08/06/30		538,083
	330,000		6.450			09/15/37		480,425
	80,000		4.375			11/16/45		96,159
	460,000		4.375			08/17/48		550,889
	BAT Capital Corp. (United Kingdom)
	745,000		3.222			08/15/24		800,297
	100,000		4.700			04/02/27		114,307
	560,000		3.557			08/15/27		605,811
	125,000		2.259			03/25/28		124,297
	1,183,000		4.390			08/15/37		1,255,303
	408,000		4.540			08/15/47		414,601
	BAT International Finance PLC (United Kingdom)
	200,000		1.668			03/25/26		200,748
	GlaxoSmithKline Capital PLC (United Kingdom)
	68,000		2.850			05/08/22		70,055
	228,000		2.875			06/01/22		234,915
	240,000		3.375			06/01/29		267,916
	GlaxoSmithKline Capital, Inc. (United Kingdom)
	275,000		2.800			03/18/23		288,528
	418,000		3.875			05/15/28		479,732
	397,000		6.375			05/15/38		595,185
	Novartis Capital Corp. (Switzerland)
	274,000		2.400			05/17/22		281,032
	200,000		1.750			02/14/25		206,443
	411,000		3.000			11/20/25		446,915
	842,000		3.100			05/17/27		926,239
	750,000		2.200			08/14/30		768,590
	220,000		4.400			05/06/44		271,776
	225,000		2.750			08/14/50		217,793
	Reynolds American, Inc. (United Kingdom)
	1,470,000		4.450			06/12/25		1,637,237
	380,000		5.700			08/15/35		457,536
	295,000		5.850			08/15/45		349,801
	Sanofi (France)
	120,000		3.625			06/19/28		134,497
	Takeda Pharmaceutical Co., Ltd. (Japan)
	200,000		4.400			11/26/23		220,408
	500,000		5.000			11/26/28		606,913
	800,000		3.175			07/09/50		771,723
								15,688,676
Consumer Products – 0.1%
	Unilever Capital Corp. (United Kingdom)
	100,000		2.900			05/05/27		108,507
	500,000		3.500			03/22/28		558,381
	500,000		2.125			09/06/29		512,261
								1,179,149
Electric – 0.1%
	Emera US Finance LP (Canada)
	710,000		3.550			06/15/26		776,638
	240,000		4.750			06/15/46		279,633
								1,056,271

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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Principal Amount		Interest Rate			Maturity Date		Value
Foreign Corporate Debt – (continued)
Energy – 1.8%
	BP Capital Markets PLC (United Kingdom)
$	120,000		2.500	%		11/06/22	$	124,246
	90,000		3.994			09/26/23		98,073
	390,000		3.814			02/10/24		425,413
	570,000		3.535			11/04/24		626,001
	200,000		3.506			03/17/25		219,464
	200,000		3.279			09/19/27		218,457
	Canadian Natural Resources Ltd. (Canada)
	800,000		3.850			06/01/27		881,664
	Canadian Natural Resources Ltd., GMTN (Canada)
	1,010,000		4.950			06/01/47		1,191,346
	Enbridge, Inc. (Canada)
	320,000		4.000			10/01/23		345,444
	850,000		3.125			11/15/29		903,969
	Enbridge, Inc.(a), Series 16-A (Canada)
	(3M USD LIBOR + 3.890%)
	600,000		6.000			01/15/77		633,000
	Equinor ASA (Norway)
	100,000		1.750			01/22/26		102,846
	100,000		2.375			05/22/30		102,113
	140,000		3.950			05/15/43		156,433
	100,000		3.250			11/18/49		100,072
	100,000		3.700			04/06/50		107,298
	Shell International Finance BV (Netherlands)
	500,000		2.875			05/10/26		539,452
	500,000		3.875			11/13/28		567,882
	100,000		2.375			11/07/29		102,179
	500,000		4.125			05/11/35		577,152
	1,000,000		6.375			12/15/38		1,447,531
	1,000,000		4.375			05/11/45		1,169,903
	247,000		3.750			09/12/46		267,101
	100,000		3.125			11/07/49		98,085
	TransCanada PipeLines Ltd. (Canada)
	390,000		4.250			05/15/28		446,653
	300,000		4.100			04/15/30		342,034
	50,000		4.625			03/01/34		58,552
	394,000		6.200			10/15/37		523,877
	250,000		7.625			01/15/39		375,430
	160,000		6.100			06/01/40		212,068
	240,000		4.875			05/15/48		285,130
	379,000		5.100			03/15/49		465,342
	Transcanada Trust(a) (Canada)
	(3M USD LIBOR + 3.208%)
	90,000		5.300			03/15/77		92,868
	Transcanada Trust(a), Series 16-A (Canada)
	(3M USD LIBOR + 4.640%)
	70,000		5.875			08/15/76		77,000
								13,884,078
Food and Beverage – 1.8%
	Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc. (Belgium)
	785,000		3.650			02/01/26		869,141
	950,000		4.700			02/01/36		1,137,118
	1,651,000		4.900			02/01/46		1,973,896
Foreign Corporate Debt – (continued)
Food and Beverage – (continued)
	Anheuser-Busch InBev Finance, Inc. (Belgium)
	200,000		3.650			02/01/26		221,237
	100,000		4.000			01/17/43		107,423
	350,000		4.625			02/01/44		402,893
	200,000		4.900			02/01/46		238,240
	Anheuser-Busch InBev Worldwide, Inc. (Belgium)
	1,000,000		4.150			01/23/25		1,116,631
	790,000		4.000			04/13/28		889,579
	600,000		4.750			01/23/29		706,614
	317,000		4.900			01/23/31		386,001
	620,000		4.375			04/15/38		716,435
	290,000		4.950			01/15/42		354,981
	1,080,000		4.600			04/15/48		1,241,118
	210,000		4.439			10/06/48		236,420
	936,000		5.550			01/23/49		1,208,577
	150,000		4.500			06/01/50		171,388
	260,000		4.750			04/15/58		305,992
	584,000		5.800			01/23/59		801,131
	Diageo Capital PLC (United Kingdom)
	400,000		2.125			04/29/32		401,307
	Diageo Investment Corp. (United Kingdom)
	50,000		2.875			05/11/22		51,522
								13,537,644
Insurance – 0.1%
	AXA SA (France)
	405,000		8.600			12/15/30		620,791
	Manulife Financial Corp.(a) (Canada)
	(5 Year USD Swap + 1.647%)
	410,000		4.061			02/24/32		448,774
								1,069,565
Internet – 0.1%
	Alibaba Group Holding Ltd. (China)
	420,000		3.400			12/06/27		457,790
Metals and Mining – 0.2%
	BHP Billiton Finance USA Ltd. (Australia)
	150,000		4.125			02/24/42		177,020
	350,000		5.000			09/30/43		467,643
	Rio Tinto Finance USA Ltd. (Australia)
	80,000		7.125			07/15/28		108,650
	525,000		5.200			11/02/40		698,648
	Rio Tinto Finance USA PLC (Australia)
	80,000		4.125			08/21/42		95,580
								1,547,541
Mining – 0.6%
	Barrick Gold Corp. (Canada)
	405,000		5.250			04/01/42		520,918
	Barrick North America Finance LLC (Canada)
	50,000		5.700			05/30/41		67,269
	170,000		5.750			05/01/43		236,549
	Barrick PD Australia Finance Pty Ltd. (Canada)
	100,000		5.950			10/15/39		136,763
	Southern Copper Corp. (Peru)
	640,000		7.500			07/27/35		933,785
	250,000		6.750			04/16/40		350,301

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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Schedule of Investments (continued)

February 28, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Foreign Corporate Debt – (continued)
Mining – (continued)
	Southern Copper Corp. (Peru) – (continued)
$	418,000		5.250	%		11/08/42	$	522,485
	190,000		5.875			04/23/45		259,156
	Vale Overseas Ltd. (Brazil)
	350,000		6.875			11/21/36		477,531
	600,000		6.875			11/10/39		822,750
								4,327,507
Technology – 0.0%
	NXP BV / NXP Funding LLC / NXP USA, Inc.(b) (Netherlands)
	100,000		3.400			05/01/30		108,597
	Telecommunications – 0.3%
	America Movil SAB de CV (Mexico)
	514,000		3.125			07/16/22		531,548
	640,000		6.125			03/30/40		890,266
	470,000		4.375			04/22/49		554,397
								1,976,211
Wireless – 0.5%
	Vodafone Group PLC (United Kingdom)
	532,000		2.950			02/19/23		557,990
	1,000,000		3.750			01/16/24		1,090,136
	50,000		4.125			05/30/25		56,132
	700,000		5.250			05/30/48		884,833
	500,000		4.875			06/19/49		599,303
	500,000		4.250			09/17/50		552,648
								3,741,042
Wirelines – 0.4%
	Orange SA (France)
	430,000		9.000			03/01/31		681,739
	260,000		5.375			01/13/42		344,766
	Telefonica Emisiones SA (Spain)
	200,000		4.103			03/08/27		226,625
	100,000		7.045			06/20/36		142,031
	500,000		4.665			03/06/38		566,798
	600,000		5.213			03/08/47		706,500
	415,000		4.895			03/06/48		477,436
								3,145,895
	TOTAL FOREIGN CORPORATE DEBT
	(Cost $131,614,215)						$	134,400,964

Shares	Dividend Rate			Value
Investment Company – 0.3%(c)
Goldman Sachs Financial Square Government Fund – Institutional Shares
2,536,790		0.036	%	$	2,536,790
(Cost $2,536,790)
TOTAL INVESTMENTS – 99.2%
(Cost $741,048,856)				$	753,318,347
OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.8%					5,845,182
NET ASSETS – 100.0%				$	759,163,529

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on February 28, 2021.
(b)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(c)	Represents an affiliated issuer.

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

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

GOLDMAN SACHS ACCESS TREASURY 0-1 YEAR ETF

Schedule of Investments

February 28, 2021 (Unaudited)

Principal Amount		Interest Rate(a)			Maturity Date		Value
U.S. Treasury Bills – 84.7%
	U.S. Cash Management Bill
$	295,555,700		0.041	%		06/29/21	$	295,523,189
	U.S. Treasury Bills
	617,710,900		0.033			04/15/21		617,687,736
	1,620,000		0.023			05/27/21		1,619,883
	122,145,500		0.039			05/27/21		122,136,644
	71,296,900		0.075			05/27/21		71,291,731
	65,009,700		0.083			05/27/21		65,004,987
	143,197,500		0.090			05/27/21		143,187,118
	1,190,000		0.030			07/22/21		1,189,799
	81,418,200		0.049			07/22/21		81,404,455
	182,776,100		0.072			07/22/21		182,745,244
	145,372,600		0.049			08/19/21		145,338,074
	168,000		0.035			10/07/21		167,959
	728,000		0.099			10/07/21		727,822
	26,134,600		0.122			10/07/21		26,128,211
	560,000		0.053			12/30/21		559,702
	86,069,500		0.084			12/30/21		86,023,711
	TOTAL U.S. TREASURY BILLS
	(Cost $1,840,640,606)						$	1,840,736,265
U.S. Treasury Notes – 15.8%
	U.S. Treasury Notes
$	73,826,000		2.750	%		09/15/21	$	74,899,933
	79,688,500		2.000			10/31/21		80,721,103
	73,791,200		2.875			11/15/21		75,249,275
	96,470,700		2.500			01/15/22		98,502,911
	13,989,000		2.500			02/15/22		14,312,224
	TOTAL U.S. TREASURY NOTES
	(Cost $343,618,754)						$	343,685,446
	TOTAL INVESTMENTS – 100.5%
	(Cost $2,184,259,360)						$	2,184,421,711
	LIABILITIES IN EXCESS OF     ASSETS – (0.5)%							(11,559,828	)
	NET ASSETS – 100.0%						$	2,172,861,883

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. 49

GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF

Schedule of Investments

February 28, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date			Value
U.S. Treasury Notes – 34.5%
	U.S. Treasury Notes
$	2,900,000		1.375	%		08/31/23		$	2,983,149
	7,060,000		2.125			02/29/24			7,441,406
	7,250,000		2.500			01/31/25			7,804,512
	8,450,000		2.000			02/15/25			8,932,904
	10,450,000		2.125			05/31/26			11,146,394
	8,180,000		2.000			11/15/26			8,666,007
	5,990,000		2.750			02/15/28			6,630,883
	3,090,000		2.875			08/15/28			3,455,368
	1,650,000		2.375			05/15/29			1,788,059
	3,275,000		1.500			02/15/30			3,309,157
	TOTAL U.S. TREASURY NOTES
	(Cost $63,301,665)							$	62,157,839
Mortgage-Backed Securities – 27.1%
	Federal Home Loan Mortgage Corporation
$	800,943		4.500			07/01/48		$	873,583
	Federal National Mortgage Association
	1,000,000		1.750			07/02/24			1,044,703
	600,000		1.500			TBA-15yr	(a)		605,156
	1,600,000		2.000			TBA-15yr	(a)		1,651,250
	2,000,000		2.500			TBA-15yr	(a)		2,089,844
	1,300,000		3.000			TBA-15yr	(a)		1,373,125
	500,000		3.500			TBA-15yr	(a)		532,656
	198,522		4.500			06/01/48			216,189
	100,000		5.000			12/01/48			110,439
	370,865		5.000			12/01/49			410,818
	94,593		4.500			01/01/50			103,144
	400,001		5.000			04/01/50			441,633
	299,512		4.500			10/01/50			328,945
	3,000,000		3.500			TBA-30yr	(a)		3,182,578
	600,000		2.500			TBA-30yr	(a)		619,781
	100,000		5.000			TBA-30yr	(a)		110,531
	800,000		1.500			TBA-30yr	(a)		781,750
	5,500,000		2.000			TBA-30yr	(a)		5,531,367
	7,600,000		3.000			TBA-30yr	(a)		7,944,969
	3,100,000		3.500			TBA-30yr	(a)		3,285,758
	4,600,000		4.000			TBA-30yr	(a)		4,938,891
	600,000		4.500			TBA-30yr	(a)		652,313
	Government National Mortgage Association
	98,656		5.000			05/20/49			108,149
	767,209		3.000			09/20/49			802,358
	385,205		4.500			03/20/50			415,208
	175,424		5.000			05/20/50			192,113
	578,880		4.000			09/20/50			620,126
	500,000		2.000			TBA-30yr	(a)		505,937
	200,000		2.500			TBA-30yr	(a)		206,969
	3,600,000		3.500			TBA-30yr	(a)		3,805,875
	1,400,000		4.000			TBA-30yr	(a)		1,493,515
	500,000		4.500			TBA-30yr	(a)		538,594
	3,300,000		3.000			TBA-30yr	(a)		3,432,258
	TOTAL MORTGAGE-BACKED SECURITIES
	(Cost $49,218,069)							$	48,950,525
Corporate Obligations – 24.6%
Aerospace & Defense – 0.4%
	General Dynamics Corp.
	15,000		3.625			04/01/30			17,027
	Hexcel Corp.
	40,000		4.200			02/15/27			42,778
	Huntington Ingalls Industries, Inc.
	80,000		4.200			05/01/30			91,485
	Lockheed Martin Corp.
	80,000		3.550			01/15/26			88,958
	50,000		4.500			05/15/36			62,165
	15,000		3.800			03/01/45			16,937
	40,000		2.800			06/15/50			38,378
	Northrop Grumman Corp.
	40,000		4.030			10/15/47			45,176
	Northrop Grumman Systems Corp.
	100,000		7.875			03/01/26			129,241
	Raytheon Technologies Corp.
	30,000		4.450			11/16/38			35,617
	80,000		4.875			10/15/40			100,273
	Textron, Inc.
	80,000		3.000			06/01/30			82,671
									750,706
Banks – 4.1%
	American Express Co.
	80,000		3.625			12/05/24			88,465
	Bank of America Corp.
	40,000		4.100			07/24/23			43,606
	(3M USD LIBOR + 0.780%)
	100,000		3.550	(b)		03/05/24			106,151
	(SOFR + 2.150%)
	200,000		2.592	(b)		04/29/31			205,152
	100,000		7.750			05/14/38			158,558
	Bank of America Corp., GMTN
	40,000		3.300			01/11/23			42,219
	(3M USD LIBOR + 0.930%)
	100,000		2.816	(b)		07/21/23			103,310
	Bank of America Corp., Series L
	125,000		4.750			04/21/45			160,005
	Bank of America Corp., MTN
	(3M USD LIBOR + 1.160%)
	80,000		3.124	(b)		01/20/23			81,895
	(3M USD LIBOR + 1.060%)
	80,000		3.559	(b)		04/23/27			87,998
	(3M USD LIBOR + 0.990%)
	200,000		2.496	(b)		02/13/31			204,044
	(3M USD LIBOR + 3.150%)
	300,000		4.083	(b)		03/20/51			345,776
	Bank of New York Mellon Corp. (The)
	40,000		3.400			05/15/24			43,634
	Bank of New York Mellon Corp. (The), MTN
	40,000		2.950			01/29/23			41,951
	(3M USD LIBOR + 1.069%)
	100,000		3.442	(b)		02/07/28			111,811
	90,000		3.300			08/23/29			98,870
	Capital One Financial Corp.
	120,000		4.200			10/29/25			134,406

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

GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Banks – (continued)
	Citigroup, Inc.
$	50,000		3.875	%		10/25/23	$	54,479
	40,000		4.125			07/25/28		45,209
	(SOFR + 1.146%)
	150,000		2.666	(b)		01/29/31		153,725
	(SOFR + 2.107%)
	200,000		2.572	(b)		06/03/31		203,585
	40,000		6.000			10/31/33		53,148
	80,000		5.875			01/30/42		113,128
	15,000		4.750			05/18/46		18,311
	80,000		4.650			07/23/48		101,157
	JPMorgan Chase & Co.
	100,000		4.500			01/24/22		103,766
	40,000		3.875			02/01/24		43,836
	(3M USD LIBOR + 0.730%)
	80,000		3.559	(b)		04/23/24		84,969
	(SOFR + 1.585%)
	40,000		2.005	(b)		03/13/26		41,367
	80,000		4.250			10/01/27		92,571
	(SOFR + 1.510%)
	90,000		2.739	(b)		10/15/30		94,389
	(SOFR + 3.790%)
	160,000		4.493	(b)		03/24/31		189,195
	(3M USD LIBOR + 1.360%)
	200,000		3.882	(b)		07/24/38		228,110
	15,000		5.400			01/06/42		20,736
	40,000		4.850			02/01/44		51,938
	(3M USD LIBOR + 1.380%)
	40,000		3.964	(b)		11/15/48		46,169
	(SOFR + 2.440%)
	80,000		3.109	(b)		04/22/51		80,791
	KeyCorp, MTN
	120,000		4.100			04/30/28		137,987
	80,000		2.550			10/01/29		83,136
	Manufacturers & Traders Trust Co.
	280,000		3.400			08/17/27		310,787
	Morgan Stanley
	80,000		4.300			01/27/45		97,463
	75,000		4.375			01/22/47		92,388
	Morgan Stanley, GMTN
	300,000		3.700			10/23/24		331,085
	120,000		4.350			09/08/26		137,614
	(SOFR + 1.143%)
	200,000		2.699	(b)		01/22/31		207,591
	Northern Trust Corp.
	15,000		3.950			10/30/25		16,831
	100,000		3.650			08/03/28		112,564
	150,000		3.150			05/03/29		164,310
	PNC Financial Services Group, Inc. (The)
	80,000		3.900			04/29/24		87,999
	200,000		3.450			04/23/29		223,156
	State Street Corp.
	160,000		2.400			01/24/30		167,330
	Truist Bank
	40,000		3.200			04/01/24		43,134
Corporate Obligations – (continued)
Banks – (continued)
	Truist Financial Corp.
	40,000		2.700			01/27/22		40,810
	Truist Financial Corp., MTN
	100,000		3.050			06/20/22		103,386
	80,000		3.875			03/19/29		90,578
	US Bancorp
	15,000		2.400			07/30/24		15,908
	US Bancorp, MTN
	40,000		2.950			07/15/22		41,362
	80,000		3.900			04/26/28		91,711
	80,000		3.000			07/30/29		86,015
	80,000		1.375			07/22/30		76,096
	US Bancorp, Series X
	150,000		3.150			04/27/27		165,749
	Wells Fargo & Co.
	100,000		3.069			01/24/23		102,433
	(SOFR + 2.530%)
	200,000		3.068	(b)		04/30/41		203,976
	Wells Fargo & Co., MTN
	100,000		2.625			07/22/22		103,199
	(3M USD LIBOR + 4.240%)
	200,000		5.013	(b)		04/04/51		265,658
								7,478,686
Basic Industry – 0.6%
	Albemarle Corp.
	80,000		4.150			12/01/24		88,684
	Dow Chemical Co. (The)
	60,000		3.600			11/15/50		61,343
	DuPont de Nemours, Inc.
	120,000		2.169			05/01/23		120,569
	54,000		4.205			11/15/23		59,267
	15,000		5.419			11/15/48		19,548
	Ecolab, Inc.
	40,000		2.375			08/10/22		41,105
	15,000		3.950			12/01/47		17,229
	Georgia-Pacific LLC
	10,000		8.000			01/15/24		12,065
	International Paper Co.
	15,000		4.400			08/15/47		17,907
	15,000		4.350			08/15/48		18,081
	Linde, Inc.
	100,000		1.100			08/10/30		93,047
	LYB International Finance III LLC
	80,000		3.625			04/01/51		80,110
	Mosaic Co. (The)
	80,000		4.875			11/15/41		89,871
	PPG Industries, Inc.
	15,000		3.750			03/15/28		17,178
	Sherwin-Williams Co. (The)
	280,000		2.750			06/01/22		287,186
	Westlake Chemical Corp.
	40,000		3.600			08/15/26		43,850
								1,067,040

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

GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF

Schedule of Investments (continued)

February 28, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Broadcasting – 0.1%
	Discovery Communications LLC
$	80,000		4.125	%		05/15/29	$	90,297
	40,000		3.625			05/15/30		43,789
	Fox Corp.
	40,000		4.030			01/25/24		43,712
	40,000		4.709			01/25/29		46,666
	40,000		5.576			01/25/49		52,371
								276,835
Brokerage – 0.4%
	Affiliated Managers Group, Inc.
	160,000		3.300			06/15/30		169,374
	BlackRock, Inc.
	15,000		3.250			04/30/29		16,675
	15,000		1.900			01/28/31		14,827
	CME Group, Inc.
	15,000		5.300			09/15/43		20,868
	E*TRADE Financial Corp.
	80,000		4.500			06/20/28		93,001
	Intercontinental Exchange, Inc.
	160,000		4.000			10/15/23		174,313
	15,000		3.000			06/15/50		14,264
	10,000		3.000			09/15/60		9,409
	Jefferies Group LLC
	20,000		6.500			01/20/43		25,909
	Jefferies Group LLC / Jefferies Group Capital Finance, Inc.
	40,000		4.150			01/23/30		45,154
	Legg Mason, Inc.
	15,000		5.625			01/15/44		20,413
	Nasdaq, Inc.
	80,000		3.250			04/28/50		78,517
	Raymond James Financial, Inc.
	15,000		4.950			07/15/46		18,914
								701,638
Building Materials – 0.1%
	Mohawk Industries, Inc.
	120,000		3.850			02/01/23		126,819
Capital Goods – 1.0%
	Caterpillar Financial Services Corp., MTN
	80,000		2.850			06/01/22		82,524
	Caterpillar, Inc.
	50,000		3.803			08/15/42		58,003
	Cummins, Inc.
	60,000		0.750			09/01/25		59,583
	Deere & Co.
	40,000		2.875			09/07/49		40,053
	Eaton Corp.
	70,000		2.750			11/02/22		72,803
	Emerson Electric Co.
	80,000		1.950			10/15/30		80,701
	15,000		6.000			08/15/32		20,066
	Fortive Corp.
	15,000		4.300			06/15/46		17,375
Corporate Obligations – (continued)
Capital Goods – (continued)
	General Electric Co.
	100,000		2.700			10/09/22		103,735
	80,000		4.500			03/11/44		90,837
	General Electric Co., MTN
	160,000		5.550			01/05/26		189,963
	Honeywell International, Inc.
	100,000		2.700			08/15/29		106,580
	Illinois Tool Works, Inc.
	15,000		3.900			09/01/42		17,839
	John Deere Capital Corp., MTN
	40,000		2.650			01/06/22		40,822
	80,000		2.450			01/09/30		83,800
	Leggett & Platt, Inc.
	80,000		4.400			03/15/29		90,211
	Lennox International, Inc.
	80,000		1.700			08/01/27		80,219
	Otis Worldwide Corp.
	60,000		2.293			04/05/27		62,590
	Parker-Hannifin Corp., MTN
	15,000		4.200			11/21/34		17,665
	Republic Services, Inc.
	22,000		4.750			05/15/23		23,841
	Rockwell Automation, Inc.
	15,000		4.200			03/01/49		18,411
	Waste Connections, Inc.
	40,000		3.050			04/01/50		39,015
	Westinghouse Air Brake Technologies Corp.
	30,000		4.400			03/15/24		32,780
	100,000		3.200			06/15/25		106,427
	140,000		3.450			11/15/26		150,900
	WW Grainger, Inc.
	120,000		1.850			02/15/25		124,682
	Xylem, Inc.
	15,000		3.250			11/01/26		16,481
								1,827,906
Communications – 1.1%
	Charter Communications Operating LLC / Charter Communications Operating Capital
	90,000		4.200			03/15/28		100,494
	40,000		6.484			10/23/45		53,415
	40,000		5.375			05/01/47		46,658
	40,000		5.125			07/01/49		45,800
	40,000		6.834			10/23/55		55,605
	Comcast Corp.
	75,000		3.300			04/01/27		82,723
	50,000		3.150			02/15/28		54,467
	300,000		2.650			02/01/30		313,121
	80,000		4.400			08/15/35		96,001
	60,000		4.000			08/15/47		68,553
	25,000		3.969			11/01/47		28,279
	75,000		4.000			03/01/48		85,229
	40,000		3.999			11/01/49		45,749
	80,000		2.800			01/15/51		74,317
	Omnicom Group, Inc.
	80,000		4.200			06/01/30		92,053

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

GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Communications – (continued)
	Time Warner Cable LLC
$	15,000		5.875	%		11/15/40	$	18,832
	15,000		5.500			09/01/41		18,169
	TWDC Enterprises 18 Corp.
	15,000		4.375			08/16/41		17,826
	ViacomCBS, Inc.
	15,000		3.375			03/01/22		15,324
	80,000		3.875			04/01/24		86,861
	80,000		4.000			01/15/26		89,489
	11,000		6.875			04/30/36		15,477
	15,000		4.900			08/15/44		17,623
	Walt Disney Co. (The)
	80,000		3.000			09/15/22		83,294
	80,000		2.000			09/01/29		80,573
	80,000		3.800			03/22/30		91,314
	90,000		3.500			05/13/40		97,435
	15,000		4.750			09/15/44		18,873
	50,000		3.600			01/13/51		53,963
								1,947,517
Consumer Cyclical – 2.5%
	Amazon.com, Inc.
	80,000		4.050			08/22/47		94,708
	15,000		2.500			06/03/50		13,708
	American Honda Finance Corp., MTN
	100,000		2.200			06/27/22		102,408
	Aptiv PLC
	40,000		4.250			01/15/26		45,307
	BorgWarner, Inc.
	100,000		3.375			03/15/25		108,756
	Costco Wholesale Corp.
	40,000		3.000			05/18/27		43,923
	Dollar General Corp.
	200,000		3.500			04/03/30		218,606
	DR Horton, Inc.
	80,000		2.500			10/15/24		84,531
	120,000		2.600			10/15/25		126,985
	100,000		1.400			10/15/27		98,647
	eBay, Inc.
	15,000		4.000			07/15/42		16,590
	General Motors Co.
	100,000		5.400			10/02/23		111,509
	40,000		5.950			04/01/49		52,191
	General Motors Financial Co., Inc.
	120,000		3.150			06/30/22		123,830
	40,000		3.700			05/09/23		42,408
	100,000		4.250			05/15/23		107,376
	100,000		2.900			02/26/25		106,050
	80,000		3.850			01/05/28		87,236
	Global Payments, Inc.
	120,000		4.800			04/01/26		138,505
	Home Depot, Inc. (The)
	40,000		2.625			06/01/22		41,094
	90,000		3.350			09/15/25		99,132
	80,000		2.950			06/15/29		86,478
	80,000		4.200			04/01/43		95,323
Corporate Obligations – (continued)
Consumer Cyclical – (continued)
	Lowe’s Cos., Inc.
	80,000		3.120			04/15/22		82,137
	40,000		3.650			04/05/29		44,711
	30,000		3.000			10/15/50		28,311
	Marriott International, Inc., Series EE
	50,000		5.750			05/01/25		57,637
	Mastercard, Inc.
	80,000		2.000			03/03/25		82,972
	15,000		3.300			03/26/27		16,611
	McDonald’s Corp., MTN
	45,000		4.700			12/09/35		55,384
	60,000		4.450			09/01/48		71,691
	NIKE, Inc.
	100,000		2.250			05/01/23		103,782
	20,000		3.375			03/27/50		21,638
	NVR, Inc.
	80,000		3.000			05/15/30		84,745
	O’Reilly Automotive, Inc.
	80,000		4.200			04/01/30		91,989
	Starbucks Corp.
	250,000		3.800			08/15/25		278,696
	Target Corp.
	160,000		3.500			07/01/24		175,515
	15,000		3.900			11/15/47		17,884
	TJX Cos., Inc. (The)
	80,000		3.750			04/15/27		90,220
	Toyota Motor Credit Corp.
	40,000		3.650			01/08/29		45,300
	Toyota Motor Credit Corp., MTN
	100,000		2.650			04/12/22		102,656
	80,000		1.150			05/26/22		80,824
	100,000		0.350			10/14/22		100,068
	80,000		3.375			04/01/30		88,274
	Visa, Inc.
	50,000		0.750			08/15/27		48,362
	40,000		4.300			12/14/45		49,524
	Walmart, Inc.
	100,000		3.300			04/22/24		107,960
	180,000		3.550			06/26/25		199,577
	150,000		3.050			07/08/26		164,629
	50,000		7.550			02/15/30		72,854
	40,000		4.750			10/02/43		51,421
	Western Union Co. (The)
	40,000		6.200			11/17/36		50,128
								4,510,801
Consumer Noncyclical – 2.3%
	Abbott Laboratories
	80,000		3.875			09/15/25		89,430
	200,000		4.750			11/30/36		258,159
	75,000		6.000			04/01/39		108,658
	AbbVie, Inc.
	200,000		3.450			03/15/22		205,461
	90,000		3.600			05/14/25		98,474
	80,000		4.550			03/15/35		96,142
	40,000		4.500			05/14/35		47,378
	60,000		4.850			06/15/44		74,165

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

GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF

Schedule of Investments (continued)

February 28, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Consumer Noncyclical – (continued)
	AbbVie, Inc. – (continued)
$	15,000		4.700	%		05/14/45	$	17,922
	50,000		4.250			11/21/49		57,577
	Agilent Technologies, Inc.
	120,000		2.750			09/15/29		125,628
	Altria Group, Inc.
	115,000		3.400			05/06/30		122,368
	40,000		5.375			01/31/44		47,476
	Amgen, Inc.
	250,000		2.600			08/19/26		266,039
	160,000		2.450			02/21/30		163,550
	Becton Dickinson and Co.
	80,000		3.794			05/20/50		87,680
	Biogen, Inc.
	80,000		3.150			05/01/50		75,324
	Bristol-Myers Squibb Co.
	350,000		0.750			11/13/25		346,381
	200,000		2.350			11/13/40		188,488
	150,000		5.000			08/15/45		199,536
	Cardinal Health, Inc.
	100,000		3.200			06/15/22		103,442
	Centene Corp.
	15,000		4.625			12/15/29		16,162
	15,000		3.375			02/15/30		15,413
	75,000		3.000			10/15/30		76,875
	Eli Lilly and Co.
	250,000		3.375			03/15/29		277,899
	Equifax, Inc.
	40,000		3.250			06/01/26		43,152
	Gilead Sciences, Inc.
	60,000		4.500			02/01/45		70,772
	Johnson & Johnson
	100,000		0.550			09/01/25		98,400
	15,000		0.950			09/01/27		14,684
	90,000		2.900			01/15/28		98,379
	25,000		3.625			03/03/37		28,942
	35,000		3.700			03/01/46		39,906
	Kroger Co. (The)
	15,000		4.450			02/01/47		17,472
	Merck & Co., Inc.
	60,000		3.600			09/15/42		66,941
	20,000		3.700			02/10/45		22,315
	Mylan, Inc.
	40,000		5.400			11/29/43		48,637
	Pfizer, Inc.
	40,000		0.800			05/28/25		39,778
	10,000		4.100			09/15/38		11,804
	40,000		2.700			05/28/50		37,817
	Philip Morris International, Inc.
	40,000		3.250			11/10/24		43,579
	15,000		4.375			11/15/41		17,304
	15,000		4.875			11/15/43		18,336
	10,000		4.250			11/10/44		11,415
	Thermo Fisher Scientific, Inc.
	200,000		2.950			09/19/26		215,770
Corporate Obligations – (continued)
Consumer Noncyclical – (continued)
	Walgreens Boots Alliance, Inc.
	40,000		4.800			11/18/44		44,906
	Wyeth LLC
	10,000		6.500			02/01/34		14,849
								4,170,785
Consumer Products – 0.1%
	Colgate-Palmolive Co.
	15,000		3.700			08/01/47		17,604
	Colgate-Palmolive Co., MTN
	40,000		4.000			08/15/45		48,953
	Procter & Gamble Co. (The)
	40,000		2.150			08/11/22		41,118
	Whirlpool Corp., MTN
	15,000		5.150			03/01/43		18,059
								125,734
Distributors – 0.1%
	PACCAR Financial Corp., MTN
	100,000		2.650			04/06/23		104,668
Electric – 1.8%
	American Electric Power Co., Inc.
	40,000		3.250			03/01/50		38,348
	American Electric Power Co., Inc., Series J
	36,000		4.300			12/01/28		41,136
	Atmos Energy Corp.
	40,000		4.150			01/15/43		45,825
	40,000		3.375			09/15/49		41,270
	Berkshire Hathaway Energy Co.
	40,000		4.500			02/01/45		47,804
	40,000		4.250	(c)		10/15/50		46,834
	Black Hills Corp.
	15,000		4.350			05/01/33		17,339
	Cleco Corporate Holdings LLC
	80,000		3.375			09/15/29		83,030
	Cleco Power LLC
	15,000		6.000			12/01/40		19,051
	Consolidated Edison Co. of New York, Inc.
	40,000		4.625			12/01/54		49,167
	Consolidated Edison Co. of New York, Inc., Series 08-B
	10,000		6.750			04/01/38		14,571
	Consolidated Edison Co. of New York, Inc., Series 12-A
	40,000		4.200			03/15/42		46,182
	Consolidated Edison Co. of New York, Inc., Series A
	15,000		4.125			05/15/49		16,899
	Consumers Energy Co.
	15,000		4.350			04/15/49		18,597
	Dominion Energy South Carolina, Inc.
	80,000		5.100			06/01/65		114,420
	Dominion Energy, Inc.
	80,000		4.250			06/01/28		92,186
	Dominion Energy, Inc., Series B
	80,000		2.750			01/15/22		81,494
	DTE Electric Co.
	15,000		3.700			03/15/45		16,562

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

GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Electric – (continued)
	DTE Electric Co., Series A
$	40,000		4.000	%		04/01/43	$	46,091
	DTE Energy Co., Series C
	80,000		2.529			10/01/24		84,646
	Duke Energy Carolinas LLC
	40,000		3.950			03/15/48		45,083
	Duke Energy Corp.
	80,000		2.400			08/15/22		82,174
	Duke Energy Indiana LLC
	90,000		6.350			08/15/38		129,084
	40,000		6.450			04/01/39		58,458
	Duke Energy Progress LLC
	15,000		4.100			05/15/42		17,223
	Eastern Energy Gas Holdings LLC
	15,000		4.600			12/15/44		17,512
	Entergy Louisiana LLC
	15,000		4.200			04/01/50		17,739
	Evergy Kansas Central, Inc.
	40,000		4.250			12/01/45		46,634
	Evergy Metro, Inc., Series 2019
	15,000		4.125			04/01/49		17,383
	Eversource Energy
	60,000		3.450			01/15/50		62,264
	FirstEnergy Corp., Series B
	120,000		4.250			03/15/23		127,447
	Florida Power & Light Co.
	15,000		3.125			12/01/25		16,313
	80,000		4.950			06/01/35		104,025
	15,000		4.125			02/01/42		17,848
	Georgia Power Co., Series B
	15,000		3.700			01/30/50		15,830
	Interstate Power and Light Co.
	40,000		3.500			09/30/49		41,664
	Kentucky Utilities Co.
	40,000		3.300			06/01/50		40,319
	MidAmerican Energy Co.
	15,000		3.150			04/15/50		15,144
	NextEra Energy Capital Holdings, Inc.
	280,000		2.900			04/01/22		287,655
	NSTAR Electric Co.
	15,000		3.200			05/15/27		16,533
	Ohio Power Co., Series D
	15,000		6.600			03/01/33		20,716
	Oklahoma Gas and Electric Co.
	40,000		3.900			05/01/43		43,835
	Oncor Electric Delivery Co. LLC
	100,000		3.800			06/01/49		114,185
	ONE Gas, Inc.
	40,000		4.658			02/01/44		47,727
	Pacific Gas and Electric Co.
	50,000		4.550			07/01/30		55,699
	15,000		4.500			12/15/41		15,092
	60,000		4.950			07/01/50		64,912
	PacifiCorp
	57,000		2.950			02/01/22		58,037
	35,000		6.250			10/15/37		48,987
	40,000		4.150			02/15/50		47,045
Corporate Obligations – (continued)
Electric – (continued)
	PPL Capital Funding, Inc.
	25,000		5.000			03/15/44		30,383
	PPL Electric Utilities Corp.
	40,000		4.125			06/15/44		46,208
	Public Service Co. of Colorado, Series 36
	80,000		2.700			01/15/51		76,241
	Puget Sound Energy, Inc.
	55,000		4.223			06/15/48		65,839
	Sempra Energy
	15,000		6.000			10/15/39		20,204
	Southern Co. Gas Capital Corp.
	15,000		3.950			10/01/46		16,221
	Union Electric Co.
	42,000		3.500			03/15/29		46,961
	40,000		2.950			03/15/30		43,294
	Virginia Electric and Power Co., Series B
	15,000		3.800			09/15/47		16,727
	Virginia Electric and Power Co., Series C
	80,000		4.000			11/15/46		92,186
	Wisconsin Electric Power Co.
	40,000		4.300			12/15/45		46,509
	Wisconsin Public Service Corp.
	10,000		3.300			09/01/49		10,499
	Xcel Energy, Inc.
	40,000		3.500			12/01/49		41,886
								3,207,177
Energy – 1.3%
	BP Capital Markets America, Inc.
	190,000		4.234			11/06/28		219,575
	40,000		2.772			11/10/50		34,883
	Cheniere Corpus Christi Holdings LLC
	80,000		5.875			03/31/25		91,800
	40,000		5.125			06/30/27		46,650
	Chevron Corp.
	100,000		2.236			05/11/30		101,454
	El Paso Natural Gas Co. LLC
	15,000		8.375			06/15/32		21,350
	Energy Transfer Operating LP
	40,000		3.750			05/15/30		41,980
	Energy Transfer Partners LP / Regency Energy Finance Corp.
	100,000		5.875			03/01/22		103,935
	120,000		4.500			11/01/23		130,140
	Enterprise Products Operating LLC
	40,000		4.850			08/15/42		47,265
	80,000		4.200			01/31/50		86,047
	Enterprise Products Operating LLC, Series D
	80,000		6.875			03/01/33		108,876
	EOG Resources, Inc.
	80,000		3.900			04/01/35		87,391
	Exxon Mobil Corp.
	80,000		4.227			03/19/40		91,548
	100,000		4.327			03/19/50		115,622
	Halliburton Co.
	50,000		5.000			11/15/45		57,625
	Kinder Morgan Energy Partners LP
	15,000		5.500			03/01/44		17,997

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

GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF

Schedule of Investments (continued)

February 28, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Energy – (continued)
	Kinder Morgan Energy Partners LP, MTN
$	40,000		6.950	%		01/15/38	$	53,285
	Kinder Morgan, Inc.
	15,000		5.300			12/01/34		18,014
	Magellan Midstream Partners LP
	15,000		4.200			10/03/47		16,033
	MPLX LP
	100,000		2.650			08/15/30		99,875
	40,000		4.700			04/15/48		42,816
	ONEOK Partners LP
	15,000		6.650			10/01/36		18,781
	ONEOK, Inc.
	80,000		2.200			09/15/25		82,502
	40,000		5.200			07/15/48		43,820
	Ovintiv Exploration, Inc.
	40,000		5.375			01/01/26		44,200
	Ovintiv, Inc.
	40,000		8.125			09/15/30		53,395
	Phillips 66
	40,000		4.300			04/01/22		41,850
	Phillips 66 Partners LP
	80,000		4.680			02/15/45		84,822
	Sabine Pass Liquefaction LLC
	120,000		5.750			05/15/24		136,500
	110,000		5.625			03/01/25		126,555
	40,000		4.200			03/15/28		44,700
	Transcontinental Gas Pipe Line Co. LLC
	50,000		5.400			08/15/41		60,119
	40,000		3.950			05/15/50		42,461
								2,413,866
Financial Company – 0.6%
	Air Lease Corp.
	26,000		3.500			01/15/22		26,681
	300,000		2.875			01/15/26		311,523
	Aircastle Ltd.
	80,000		5.000			04/01/23		85,685
	15,000		4.250			06/15/26		15,851
	Ally Financial, Inc.
	160,000		4.125			02/13/22		165,478
	75,000		5.125			09/30/24		85,548
	Ares Capital Corp.
	65,000		3.625			01/19/22		66,521
	80,000		3.250			07/15/25		83,517
	GE Capital International Funding Co. Unlimited Co.
	200,000		4.418			11/15/35		226,970
								1,067,774
Food and Beverage – 1.2%
	Campbell Soup Co.
	40,000		4.800			03/15/48		48,670
	Coca-Cola Co. (The)
	175,000		1.750			09/06/24		182,294
	Conagra Brands, Inc.
	80,000		4.600			11/01/25		91,841
	Constellation Brands, Inc.
	40,000		3.150			08/01/29		42,661
Corporate Obligations – (continued)
Food and Beverage – (continued)
	Flowers Foods, Inc.
	20,000		4.375			04/01/22		20,620
	General Mills, Inc.
	80,000		2.875			04/15/30		84,299
	255,000		4.550			04/17/38		311,218
	15,000		4.150			02/15/43		17,514
	Hershey Co. (The)
	80,000		3.375			08/15/46		84,955
	J M Smucker Co. (The)
	15,000		4.375			03/15/45		17,240
	Kellogg Co.
	80,000		2.650			12/01/23		84,668
	Keurig Dr Pepper, Inc.
	160,000		4.417			05/25/25		180,762
	Kraft Heinz Foods Co.
	100,000		3.950			07/15/25		111,431
	150,000		3.000			06/01/26		158,119
	95,000		4.625			01/30/29		109,416
	15,000		5.000			07/15/35		18,069
	McCormick & Co., Inc.
	160,000		2.700			08/15/22		165,053
	Molson Coors Beverage Co.
	160,000		4.200			07/15/46		169,962
	PepsiCo, Inc.
	40,000		3.500			07/17/25		44,056
	40,000		2.750			03/19/30		42,698
	40,000		3.375			07/29/49		42,932
	Sysco Corp.
	80,000		2.400			02/15/30		81,015
	Tyson Foods, Inc.
	40,000		3.550			06/02/27		44,283
								2,153,776
Hardware – 0.1%
	Micron Technology, Inc.
	120,000		4.185			02/15/27		136,200
Healthcare – 1.1%
	Aetna, Inc.
	40,000		4.750			03/15/44		47,831
	Anthem, Inc.
	15,000		4.650			08/15/44		18,183
	40,000		4.850			08/15/54		48,197
	Cigna Corp.
	200,000		3.750			07/15/23		215,119
	CVS Health Corp.
	220,000		3.250			08/15/29		236,720
	100,000		1.750			08/21/30		94,983
	70,000		5.050			03/25/48		87,164
	100,000		4.250			04/01/50		114,825
	Evernorth Health, Inc.
	120,000		4.500			02/25/26		137,279
	HCA, Inc.
	150,000		4.750			05/01/23		162,937
	40,000		5.250			04/15/25		46,100
	40,000		4.500			02/15/27		45,700
	60,000		4.125			06/15/29		67,800

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

GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Healthcare – (continued)
	HCA, Inc. – (continued)
$	40,000		5.500	%		06/15/47	$	50,550
	Humana, Inc.
	40,000		3.950			08/15/49		44,824
	Quest Diagnostics, Inc.
	120,000		2.800			06/30/31		125,552
	UnitedHealth Group, Inc.
	250,000		3.750			07/15/25		278,592
	11,000		5.800			03/15/36		15,103
	80,000		2.750			05/15/40		78,495
	40,000		5.950			02/15/41		56,307
	40,000		3.750			10/15/47		44,250
								2,016,511
Insurance – 0.7%
	Allstate Corp. (The)
	15,000		4.200			12/15/46		18,036
	Arch Capital Group Ltd.
	15,000		3.635			06/30/50		15,595
	AXIS Specialty Finance LLC
	40,000		3.900			07/15/29		43,857
	Berkshire Hathaway Finance Corp.
	15,000		5.750			01/15/40		20,944
	80,000		4.400			05/15/42		97,084
	Brown & Brown, Inc.
	80,000		4.200			09/15/24		89,188
	Chubb INA Holdings, Inc.
	150,000		3.350			05/03/26		164,822
	Cincinnati Financial Corp.
	80,000		6.920			05/15/28		102,815
	CNO Financial Group, Inc.
	80,000		5.250			05/30/29		94,300
	Hartford Financial Services Group, Inc. (The)
	30,000		3.600			08/19/49		32,093
	Lincoln National Corp.
	80,000		4.000			09/01/23		87,243
	80,000		3.800			03/01/28		89,921
	Marsh & McLennan Cos., Inc.
	80,000		3.500			06/03/24		86,579
	MetLife, Inc.
	80,000		4.600			05/13/46		100,811
	Progressive Corp. (The)
	15,000		4.200			03/15/48		18,190
	Prudential Financial, Inc., MTN
	15,000		6.625			06/21/40		21,820
	15,000		4.350			02/25/50		17,835
	60,000		3.700			03/13/51		65,185
	Travelers Cos., Inc. (The)
	40,000		3.750			05/15/46		45,095
	Voya Financial, Inc.(b)
	(3M USD LIBOR + 2.084%)
	40,000		4.700			01/23/48		41,478
								1,252,891
Metals – 0.1%
	Steel Dynamics, Inc.
	80,000		3.450			04/15/30		86,800
Corporate Obligations – (continued)
Metals – (continued)
	Steel Dynamics, Inc. – (continued)
	15,000		3.250			01/15/31		16,050
								102,850
Metals and Mining – 0.1%
	Newmont Corp.
	50,000		5.875			04/01/35		68,190
	Reliance Steel & Aluminum Co.
	80,000		4.500			04/15/23		85,831
								154,021
	Other – 0.0%
	Yale University, Series 2020
	80,000		2.402			04/15/50		74,946
	REITs and Real Estate – 0.7%
	Alexandria Real Estate Equities, Inc.
	15,000		4.000			02/01/50		16,537
	Boston Properties LP
	100,000		4.500			12/01/28		115,987
	80,000		3.400			06/21/29		85,348
	90,000		2.900			03/15/30		92,949
	Camden Property Trust
	80,000		3.150			07/01/29		86,033
	Duke Realty LP
	80,000		4.000			09/15/28		90,781
	Equinix, Inc.
	80,000		5.375			05/15/27		86,700
	ERP Operating LP
	40,000		4.150			12/01/28		45,802
	GLP Capital LP / GLP Financing II, Inc.
	150,000		5.375			11/01/23		164,060
	40,000		5.750			06/01/28		46,796
	Kimco Realty Corp.
	40,000		3.400			11/01/22		41,715
	Omega Healthcare Investors, Inc.
	40,000		3.625			10/01/29		41,481
	Prologis LP
	40,000		2.125			10/15/50		33,482
	Sabra Health Care LP
	30,000		5.125			08/15/26		33,843
	Welltower, Inc.
	200,000		4.250			04/15/28		226,863
								1,208,377
	Revenue – 0.0%
	California Institute of Technology
	15,000		3.650			09/01/19		16,352
	Hackensack Meridian Health, Inc., Series 2020
	15,000		2.675			09/01/41		14,569
	University of Chicago (The), Series 20B
	40,000		2.761			04/01/45		39,639
								70,560
	Software – 0.3%
	Oracle Corp.
	300,000		2.950			11/15/24		323,498
	100,000		2.950			04/01/30		106,491
	20,000		5.375			07/15/40		26,450

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

GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF

Schedule of Investments (continued)

February 28, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Software – (continued)
	Oracle Corp. – (continued)
$	50,000		4.375	%		05/15/55	$	58,812
	15,000		3.850			04/01/60		16,065
	salesforce.com, Inc.
	80,000		3.700			04/11/28		90,781
								622,097
	Technology – 2.2%
	Adobe, Inc.
	80,000		2.300			02/01/30		82,286
	Alphabet, Inc.
	15,000		1.998			08/15/26		15,744
	Apple, Inc.
	15,000		3.350			02/09/27		16,652
	15,000		3.200			05/11/27		16,554
	200,000		4.500			02/23/36		251,915
	80,000		3.850			05/04/43		92,614
	80,000		4.450			05/06/44		100,078
	Applied Materials, Inc.
	300,000		3.300			04/01/27		332,457
	Automatic Data Processing, Inc.
	15,000		1.250			09/01/30		14,221
	Broadcom Corp. / Broadcom Cayman Finance Ltd.
	160,000		3.625			01/15/24		172,172
	Broadcom, Inc.
	90,000		4.250			04/15/26		100,629
	60,000		4.750			04/15/29		68,411
	200,000		3.500	(c)		02/15/41		197,728
	Cisco Systems, Inc.
	160,000		3.625			03/04/24		175,171
	Corning, Inc.
	45,000		4.375			11/15/57		50,791
	Dell International LLC / EMC Corp.
	100,000		5.450	(c)		06/15/23		109,731
	100,000		6.020	(c)		06/15/26		119,422
	HP, Inc.
	15,000		6.000			09/15/41		19,109
	Intel Corp.
	120,000		2.875			05/11/24		128,418
	200,000		3.700			07/29/25		222,306
	80,000		3.734			12/08/47		88,862
	International Business Machines Corp.
	15,000		5.875			11/29/32		20,525
	150,000		4.150			05/15/39		176,025
	150,000		4.000			06/20/42		171,370
	Intuit, Inc.
	15,000		1.350			07/15/27		14,936
	Jabil, Inc.
	80,000		3.600			01/15/30		85,384
	KLA Corp.
	80,000		3.300			03/01/50		81,435
	Microsoft Corp.
	220,000		4.250			02/06/47		279,626
	20,000		2.675			06/01/60		18,479
	NetApp, Inc.
	80,000		1.875			06/22/25		82,310
	PayPal Holdings, Inc.
	160,000		2.400			10/01/24		169,352
Corporate Obligations – (continued)
Technology – (continued)
	QUALCOMM, Inc.
	200,000		4.300			05/20/47		243,125
	Seagate HDD Cayman(c)
	120,000		4.125			01/15/31		125,550
	VMware, Inc.
	80,000		4.700			05/15/30		93,188
	Xilinx, Inc.
	40,000		2.950			06/01/24		42,683
								3,979,259
Transportation – 0.6%
	Burlington Northern Santa Fe LLC
	50,000		5.750			05/01/40		68,800
	25,000		5.150			09/01/43		32,994
	40,000		3.900			08/01/46		45,706
	40,000		4.125			06/15/47		47,158
	40,000		4.150			12/15/48		47,521
	CSX Corp.
	80,000		4.100			03/15/44		90,598
	40,000		4.300			03/01/48		47,316
	FedEx Corp.
	40,000		3.900			02/01/35		45,085
	40,000		4.400			01/15/47		45,333
	40,000		4.950			10/17/48		49,448
	Southwest Airlines Co.
	40,000		5.250			05/04/25		45,797
	Union Pacific Corp.
	40,000		3.700			03/01/29		44,698
	120,000		3.799			10/01/51		133,194
	80,000		3.839			03/20/60		88,722
	15,000		3.750			02/05/70		16,152
	Union Pacific Railroad Co. Pass-Through Trust, Series 2015-1
	82,833		2.695			05/12/27		87,867
	United Parcel Service, Inc.
	40,000		3.625			10/01/42		44,449
	15,000		4.250			03/15/49		18,121
	15,000		5.300			04/01/50		20,511
								1,019,470
Water – 0.1%
	American Water Capital Corp.
	105,000		3.750			09/01/47		115,946
	40,000		4.200			09/01/48		47,402
								163,348
Wireless – 0.9%
	American Tower Corp.
	20,000		3.100			06/15/50		18,683
	AT&T, Inc.
	80,000		4.350			03/01/29		91,704
	80,000		4.300			02/15/30		91,041
	100,000		5.250			03/01/37		123,178
	120,000		3.500			06/01/41		120,042
	180,000		4.650			06/01/44		202,654
	50,000		3.500	(c)		09/15/53		45,580
	150,000		3.550	(c)		09/15/55		136,023
	50,000		3.650	(c)		09/15/59		45,798

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

GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Wireless – (continued)
	Crown Castle International Corp.
$	40,000		3.300	%		07/01/30	$	43,022
	40,000		4.150			07/01/50		43,905
	T-Mobile USA, Inc.
	90,000		3.500	(c)		04/15/25		97,090
	60,000		3.750	(c)		04/15/27		66,057
	30,000		4.375	(c)		04/15/40		33,425
	Verizon Communications, Inc.
	75,000		4.329			09/21/28		86,723
	100,000		3.150			03/22/30		106,311
	21,000		4.500			08/10/33		24,926
	100,000		4.272			01/15/36		114,630
	80,000		5.500			03/16/47		106,552
	40,000		4.522			09/15/48		46,754
	40,000		4.000			03/22/50		43,572
								1,687,670
	TOTAL CORPORATE OBLIGATIONS
	(Cost $45,416,959)						$	44,419,928
U.S. Treasury Bonds – 6.8%
	U.S. Treasury Bonds
$	3,075,000		4.375	%		02/15/38	$	4,203,621
	2,755,000		3.875			08/15/40		3,593,446
	1,450,000		2.500			02/15/45		1,540,795
	810,000		2.500			05/15/46		860,150
	2,250,000		2.000			02/15/50		2,159,297
	TOTAL U.S. TREASURY BONDS
	(Cost $13,573,961)						$	12,357,309
Foreign Corporate Debt – 4.3%
Banks – 1.7%
	Banco Bilbao Vizcaya Argentaria SA (Spain)
$	200,000		1.125	%		09/18/25	$	198,551
	Bank of Montreal, MTN (Canada)
	200,000		2.900			03/26/22		205,671
	Bank of Nova Scotia (The) (Canada)
	105,000		2.700			03/07/22		107,668
	200,000		3.400			02/11/24		216,300
	Barclays PLC (United Kingdom)
	200,000		4.375			09/11/24		219,946
	200,000		5.200			05/12/26		228,343
	HSBC Holdings PLC (United Kingdom)
	(3M USD LIBOR + 1.211%)
	350,000		3.803	(b)		03/11/25		380,027
	200,000		6.500			09/15/37		275,533
	Lloyds Banking Group PLC(b) (United Kingdom)
	(US 1 Year CMT T-Note + 3.500%)
	200,000		3.870			07/09/25		219,947
	Mitsubishi UFJ Financial Group, Inc. (Japan)
	200,000		3.850			03/01/26		224,825
	100,000		3.741			03/07/29		111,783
	Natwest Group PLC (United Kingdom)
	100,000		6.000			12/19/23		113,749
	Royal Bank of Canada, GMTN (Canada)
	40,000		1.600			04/17/23		41,100
Foreign Corporate Debt – (continued)
Banks – (continued)
	Sumitomo Mitsui Financial Group, Inc. (Japan)
$	140,000		3.010	%		10/19/26		151,755
	Toronto-Dominion Bank (The)(b) (Canada)
	(5 Year USD Swap + 2.205%)
	160,000		3.625			09/15/31		177,200
	Westpac Banking Corp. (Australia)
	40,000		2.800			01/11/22		40,952
	80,000		3.400			01/25/28		89,063
	Westpac Banking Corp.(b), GMTN (Australia)
	(5 Year USD Swap + 2.236%)
	80,000		4.322			11/23/31		89,396
								3,091,809
Basic Industry – 0.0%
	Syngenta Finance NV (Switzerland)
	20,000		3.125			03/28/22		20,275
Brokerage – 0.1%
	Brookfield Finance, Inc. (Canada)
	50,000		4.350			04/15/30		57,936
	15,000		3.500			03/30/51		15,035
								72,971
Capital Goods – 0.1%
	CNH Industrial NV (United Kingdom)
	80,000		4.500			08/15/23		87,190
Communications – 0.0%
	RELX Capital, Inc. (United Kingdom)
	40,000		3.500			03/16/23		42,410
Consumer Noncyclical – 0.5%
	AstraZeneca PLC (United Kingdom)
	80,000		3.375			11/16/25		87,938
	150,000		0.700			04/08/26		145,361
	15,000		4.375			11/16/45		18,030
	BAT Capital Corp. (United Kingdom)
	80,000		5.282			04/02/50		90,097
	Bayer US Finance II LLC (Germany)
	100,000		3.375	(c)		07/15/24		107,901
	15,000		4.200	(c)		07/15/34		16,328
	GlaxoSmithKline Capital PLC (United Kingdom)
	100,000		3.000			06/01/24		107,447
	GlaxoSmithKline Capital, Inc. (United Kingdom)
	150,000		6.375			05/15/38		224,881
	20,000		4.200			03/18/43		24,194
	Reynolds American, Inc. (United Kingdom)
	81,000		5.700			08/15/35		97,527
								919,704
Consumer Products – 0.0%
	Koninklijke Philips NV (Netherlands)
	15,000		6.875			03/11/38		22,556
Energy – 0.3%
	Enbridge, Inc. (Canada)
	110,000		3.125			11/15/29		116,984
	Enbridge, Inc.(b), Series 16-A (Canada)
	(3M USD LIBOR + 3.890%)
	15,000		6.000			01/15/77		15,825

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

GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF

Schedule of Investments (continued)

February 28, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Foreign Corporate Debt – (continued)
Energy – (continued)
	Total Capital International SA (France)
$	100,000		3.127	%		05/29/50	$	96,816
	TransCanada PipeLines Ltd. (Canada)
	80,000		4.875			01/15/26		92,433
	120,000		6.200			10/15/37		159,556
								481,614
Food and Beverage – 0.3%
	Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc. (Belgium)
	80,000		4.900			02/01/46		95,646
	Anheuser-Busch InBev Finance, Inc. (Belgium)
	15,000		4.700			02/01/36		17,954
	100,000		4.900			02/01/46		119,120
	Anheuser-Busch InBev Worldwide, Inc. (Belgium)
	46,000		4.375			04/15/38		53,155
	40,000		4.600			04/15/48		45,967
	40,000		5.550			01/23/49		51,649
	40,000		4.750			04/15/58		47,076
								430,567
Forest Products & Paper – 0.1%
	Suzano Austria GmbH (Brazil)
	200,000		5.000			01/15/30		225,776
Internet – 0.1%
	Baidu, Inc. (China)
	200,000		3.075			04/07/25		211,573
Metals – 0.0%
	Arcelormittal SA (Luxembourg)
	15,000		4.250			07/16/29		16,669
	ArcelorMittal SA (Luxembourg)
	30,000		3.600			07/16/24		32,100
								48,769
Metals and Mining – 0.1%
	Rio Tinto Finance USA Ltd. (Australia)
	200,000		3.750			06/15/25		221,901
Mining – 0.1%
	Southern Copper Corp. (Peru)
	55,000		3.875			04/23/25		60,408
	Vale Overseas Ltd. (Brazil)
	60,000		6.250			08/10/26		72,600
	100,000		3.750			07/08/30		106,415
								239,423
Oil Company-Integrated – 0.3%
	Petroleos Mexicanos (Mexico)
	300,000		3.500			01/30/23		303,509
	250,000		5.950			01/28/31		241,374
								544,883
Technology – 0.1%
	NXP BV / NXP Funding LLC / NXP USA, Inc.(c) (Netherlands)
	120,000		3.400			05/01/30		130,317
Telecommunications – 0.1%
	America Movil SAB de CV (Mexico)
	200,000		2.875			05/07/30		209,611
Foreign Corporate Debt – (continued)
Transportation – 0.0%
	Canadian National Railway Co. (Canada)
	40,000		4.450			01/20/49		51,167
Wireless – 0.3%
	Vodafone Group PLC (United Kingdom)
	80,000		2.500			09/26/22		82,558
	80,000		2.950			02/19/23		83,908
	250,000		4.125			05/30/25		280,662
	50,000		5.250			05/30/48		63,202
								510,330
Wirelines – 0.1%
	Bell Canada (Canada)
	80,000		4.300			07/29/49		94,200
	Deutsche Telekom International Finance BV (Germany)
	15,000		8.750			06/15/30		22,707
								116,907
	TOTAL FOREIGN CORPORATE DEBT
	(Cost $7,740,789)						$	7,679,753
Foreign Debt Obligations – 1.8%
Sovereign – 1.8%
	Abu Dhabi Government International Bond(c) (United Arab Emirates)
$	200,000		2.700	%		09/02/70	$	174,466
	China Government International Bond(c) (China)
	400,000		0.400			10/21/23		400,311
	Colombia Government International Bond (Colombia)
	100,000		6.125			01/18/41		121,661
	Hungary Government International Bond (Hungary)
	16,000		5.375			02/21/23		17,580
	Indonesia Government International Bond (Indonesia)
	200,000		3.850			10/15/30		221,206
	Mexico Government International Bond (Mexico)
	280,000		4.000			10/02/23		304,262
	250,000		3.250			04/16/30		256,139
	Panama Government International Bond (Panama)
	200,000		6.700			01/26/36		268,750
	Perusahaan Penerbit SBSN Indonesia III (Indonesia)
	200,000		4.550	(c)		03/29/26		227,250
	200,000		2.800	(c)		06/23/30		203,000
	Philippine Government International Bond (Philippines)
	200,000		3.750			01/14/29		225,336
	Qatar Government International Bond(c) (Qatar)
	200,000		4.817			03/14/49		248,149
	Romanian Government International Bond(c) (Romania)
	16,000		3.000			02/14/31		16,232
	Russian Foreign Bond – Eurobond(c) (Russia)
	200,000		5.250			06/23/47		250,000
	Saudi Government International Bond (Saudi Arabia)
	200,000		4.625			10/04/47		228,916
	TOTAL FOREIGN DEBT OBLIGATIONS
	(Cost $3,283,655)						$	3,163,258

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

GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF

Shares		Dividend Rate	Value
Investment Company – 23.2%(d)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	41,857,451	0.036%	$	41,857,451
	(Cost $41,857,451)
	TOTAL INVESTMENTS – 122.3%
	(Cost $224,392,549)		$	220,586,063
	LIABILITIES IN EXCESS OF ASSETS – (22.3)%			(40,218,026	)
	NET ASSETS – 100.0%		$	180,368,037

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $43,283,117 which represents approximately 24.0% of the Fund’s net assets as of February 28, 2021.
(b)	Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on February 28, 2021.
(c)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(d)	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. 61

GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF

Schedule of Investments

February 28, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Mortgage-Backed Securities – 31.8%
	FHLMC REMIC Series 2003-2682, Class FB(a) (1M USD LIBOR + 0.900%)
$	258,340		1.012	%		10/15/33	$	264,213
	FHLMC REMIC Series 2003-2711, Class FA(a) (1M USD LIBOR + 1.000%)
	321,601		1.112			11/15/33		330,224
	FHLMC REMIC Series 2005-3033, Class FG(a) (1M USD LIBOR + 0.350%)
	787,808		0.462			09/15/35		793,291
	FHLMC REMIC Series 2007-3298, Class FC(a) (1M USD LIBOR + 0.420%)
	293,243		0.532			04/15/37		295,539
	FHLMC REMIC Series 2007-3314, Class FC(a) (1M USD LIBOR + 0.400%)
	37,326		0.512			12/15/36		37,647
	FHLMC REMIC Series 2007-3316, Class FB(a) (1M USD LIBOR + 0.300%)
	941,116		0.412			08/15/35		945,593
	FHLMC REMIC Series 2007-3371, Class FA(a) (1M USD LIBOR + 0.600%)
	173,809		0.712			09/15/37		176,675
	FHLMC REMIC Series 2009-3593, Class CF(a) (1M USD LIBOR + 0.600%)
	1,980,349		0.712			02/15/36		2,014,187
	FHLMC REMIC Series 2011-3895, Class FM(a) (1M USD LIBOR + 0.350%)
	277,048		0.462			12/15/40		278,164
	FHLMC REMIC Series 2012-4040, Class FW(a) (1M USD LIBOR + 0.370%)
	660,830		0.482			05/15/32		663,698
	FHLMC REMIC Series 2012-4057, Class FE(a) (1M USD LIBOR + 0.450%)
	1,567,693		0.562			06/15/42		1,583,326
	FHLMC REMIC Series 2012-4068, Class UF(a) (1M USD LIBOR + 0.500%)
	340,096		0.612			06/15/42		343,498
	FHLMC REMIC Series 2012-4098, Class MF(a) (1M USD LIBOR + 0.300%)
	475,818		0.412			11/15/41		476,507
	FHLMC REMIC Series 2013-4203, Class QF(a) (1M USD LIBOR + 0.250%)
	1,716,241		0.362			05/15/43		1,717,585
	FHLMC REMIC Series 2013-4248, Class FL(a) (1M USD LIBOR + 0.450%)
	127,802		0.562			05/15/41		129,145
	FHLMC REMIC Series 2013-4263, Class FB(a) (1M USD LIBOR + 0.400%)
	96,409		0.512			11/15/43		97,230
	FHLMC REMIC Series 2013-4272, Class FD(a) (1M USD LIBOR + 0.350%)
	107,267		0.462			11/15/43		108,005
	FHLMC REMIC Series 2018-4787, Class ZS(a)
	2,243,598		5.000			07/01/48		2,484,461
	FHLMC REMIC Series 2018-4818, Class FC(a) (1M USD LIBOR + 0.300%)
	503,675		0.412			04/15/48		504,020
Mortgage-Backed Securities – (continued)
	FHLMC REMIC Series 2018-4852, Class BF(a) (1M USD LIBOR + 0.400%)
	2,966,050		0.512			12/15/48		2,989,017
	FHLMC REMIC Series 2019-4897, Class F(a) (1M USD LIBOR + 0.400%)
	1,954,751		0.512			07/15/49		1,971,720
	FHLMC REMIC Series 2019-4903, Class F(a) (1M USD LIBOR + 0.450%)
	433,079		0.562			09/15/48		437,037
	FHLMC REMIC Series 2019-4906, Class NF(a) (1M USD LIBOR + 0.400%)
	2,929,962		0.544			03/15/38		2,951,292
	FHLMC REMIC Series 2020-5002, Class FJ(a) (1M USD LIBOR + 0.400%)
	338,939		0.518			07/25/50		341,427
	FHLMC REMIC Series 2020-5031, Class FA(a) (SOFR + 0.300%)
	4,164,957		0.356			08/15/43		4,170,692
	FHLMC STRIPS Series 2006-239, Class F22(a) (1M USD LIBOR + 0.350%)
	264,678		0.462			08/15/36		266,398
	FHLMC STRIPS Series 2006-239, Class F30(a) (1M USD LIBOR + 0.300%)
	661,694		0.412			08/15/36		665,530
	FNMA REMIC Series 2004-54, Class FL(a) (1M USD LIBOR + 0.400%)
	175,876		0.518			07/25/34		177,177
	FNMA REMIC Series 2004-54, Class FN(a) (1M USD LIBOR + 0.450%)
	427,936		0.568			07/25/34		431,962
	FNMA REMIC Series 2005-120, Class FE(a) (1M USD LIBOR + 0.520%)
	599,441		0.638			01/25/36		607,803
	FNMA REMIC Series 2005-87, Class FE(a) (1M USD LIBOR + 0.450%)
	678,275		0.568			10/25/35		684,944
	FNMA REMIC Series 2006-16, Class FC(a) (1M USD LIBOR + 0.300%)
	184,295		0.418			03/25/36		184,945
	FNMA REMIC Series 2006-36, Class FB(a) (1M USD LIBOR + 0.300%)
	83,883		0.418			05/25/36		84,286
	FNMA REMIC Series 2006-42, Class PF(a) (1M USD LIBOR + 0.410%)
	152,742		0.528			06/25/36		154,106
	FNMA REMIC Series 2006-44, Class FP(a) (1M USD LIBOR + 0.400%)
	1,448,894		0.518			06/25/36		1,461,578
	FNMA REMIC Series 2006-61, Class FD(a) (1M USD LIBOR + 0.360%)
	266,775		0.478			07/25/36		268,657
	FNMA REMIC Series 2006-79, Class DF(a) (1M USD LIBOR + 0.350%)
	599,980		0.468			08/25/36		603,949
	FNMA REMIC Series 2006-88, Class AF(a) (1M USD LIBOR + 0.460%)
	507,352		0.578			09/25/36		513,122

62 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 2007-35, Class PF(a) (1M USD LIBOR + 0.250%)
$	105,510		0.368	%		04/25/37	$	105,809
	FNMA REMIC Series 2007-67, Class FB(a) (1M USD LIBOR + 0.320%)
	572,894		0.438			07/25/37		575,654
	FNMA REMIC Series 2008-1, Class CF(a) (1M USD LIBOR + 0.700%)
	70,530		0.818			02/25/38		71,452
	FNMA REMIC Series 2009-110, Class FG(a) (1M USD LIBOR + 0.750%)
	344,412		0.868			01/25/40		350,768
	FNMA REMIC Series 2010-113, Class FA(a) (1M USD LIBOR + 0.400%)
	231,023		0.518			10/25/40		232,963
	FNMA REMIC Series 2010-116, Class FE(a) (1M USD LIBOR + 0.400%)
	284,517		0.518			10/25/40		286,948
	FNMA REMIC Series 2010-141, Class FB(a) (1M USD LIBOR + 0.470%)
	173,815		0.588			12/25/40		175,671
	FNMA REMIC Series 2010-15, Class FJ(a) (1M USD LIBOR + 0.930%)
	537,971		1.048			06/25/36		549,644
	FNMA REMIC Series 2010-39, Class FE(a) (1M USD LIBOR + 0.770%)
	851,581		0.888			06/25/37		868,613
	FNMA REMIC Series 2010-39, Class FG(a) (1M USD LIBOR + 0.920%)
	368,125		1.038			03/25/36		377,985
	FNMA REMIC Series 2010-46, Class WF(a) (1M USD LIBOR + 0.750%)
	2,809,819		0.868			05/25/40		2,885,729
	FNMA REMIC Series 2010-49, Class FB(a) (1M USD LIBOR + 0.750%)
	263,948		0.868			05/25/40		269,628
	FNMA REMIC Series 2011-5, Class PF(a) (1M USD LIBOR + 0.600%)
	309,863		0.718			11/25/40		311,349
	FNMA REMIC Series 2011-53, Class FT(a) (1M USD LIBOR + 0.580%)
	244,177		0.698			06/25/41		248,149
	FNMA REMIC Series 2011-87, Class FJ(a) (1M USD LIBOR + 0.550%)
	363,210		0.668			09/25/41		368,099
	FNMA REMIC Series 2012-101, Class FC(a) (1M USD LIBOR + 0.500%)
	216,733		0.618			09/25/42		218,963
	FNMA REMIC Series 2012-14, Class BF(a) (1M USD LIBOR + 0.600%)
	1,524,822		0.718			03/25/42		1,550,702
	FNMA REMIC Series 2012-37, Class BF(a) (1M USD LIBOR + 0.500%)
	233,041		0.618			12/25/35		236,021
	FNMA REMIC Series 2013-10, Class KF(a) (1M USD LIBOR + 0.300%)
	150,704		0.418			02/25/43		151,091
Mortgage-Backed Securities – (continued)
	FNMA REMIC Series 2013-130, Class FB(a) (1M USD LIBOR + 0.450%)
	181,059		0.568			01/25/44		182,914
	FNMA REMIC Series 2013-19, Class DF(a) (1M USD LIBOR + 0.300%)
	1,570,555		0.418			09/25/41		1,574,015
	FNMA REMIC Series 2013-2, Class QF(a) (1M USD LIBOR + 0.500%)
	125,432		0.618			02/25/43		126,925
	FNMA REMIC Series 2014-17, Class FE(a) (1M USD LIBOR + 0.550%)
	1,568,307		0.668			04/25/44		1,591,188
	FNMA REMIC Series 2015-27, Class KF(a) (1M USD LIBOR + 0.300%)
	163,663		0.418			05/25/45		164,371
	FNMA REMIC Series 2015-87, Class BF(a) (1M USD LIBOR + 0.300%)
	629,643		0.418			12/25/45		632,765
	FNMA REMIC Series 2016-49, Class EF(a) (1M USD LIBOR + 0.400%)
	1,455,031		0.518			08/25/46		1,467,319
	FNMA REMIC Series 2017-91, Class GF(a) (1M USD LIBOR + 0.350%)
	3,201,158		0.468			11/25/47		3,219,986
	FNMA REMIC Series 2018-15, Class JF(a) (1M USD LIBOR + 0.300%)
	1,744,294		0.418			03/25/48		1,751,876
	FNMA REMIC Series 2018-3385, Class MA(a)
	2,350,496		4.500			06/01/48		2,553,334
	FNMA REMIC Series 2019-41, Class FM(a) (1M USD LIBOR + 0.450%)
	2,903,602		0.568			08/25/49		2,925,465
	FNMA REMIC Series 2019-6, Class KF(a) (1M USD LIBOR + 0.450%)
	3,827,540		0.568			03/25/49		3,865,062
	GNMA Series 2004-59, Class FP(a) (1M USD LIBOR + 0.300%)
	610,711		0.407			08/16/34		613,740
	GNMA Series 2005-4, Class FA(a) (1M USD LIBOR + 0.370%)
	581,529		0.477			01/16/35		585,164
	GNMA Series 2007-59, Class FA(a) (1M USD LIBOR + 0.500%)
	177,833		0.611			10/20/37		180,350
	GNMA Series 2013-99, Class PF(a) (1M USD LIBOR + 0.300%)
	2,644,800		0.411			07/20/43		2,658,747
	GNMA Series 2019-110, Class F(a) (1M USD LIBOR + 0.450%)
	3,718,640		0.561			09/20/49		3,742,263
	GNMA Series 2019-56, Class FB(a) (1M USD LIBOR + 0.450%)
	3,849,395		0.561			05/20/49		3,888,452
	GNMA Series 2019-58, Class FA(a) (1M USD LIBOR + 0.400%)
	2,470,969		0.511			05/20/49		2,484,524
	JP Morgan Chase Commercial Mortgage Securities Trust Series 2016-JP2, Class ASB
	650,000		2.713			08/15/49		682,841
	JPMBB Commercial Mortgage Securities Trust Series 2015-C31, Class ASB
	660,460		3.540			08/15/48		702,398
	Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C7, Class A3
	265,842		2.655			02/15/46		274,199

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

GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF

Schedule of Investments (continued)

February 28, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Mortgage-Backed Securities – (continued)
	Wells Fargo Commercial Mortgage Trust Series 2013-LC12, Class A4(a)
$	700,000		4.218	%		07/15/46	$	752,131
	WFRBS Commercial Mortgage Trust Series 2012-C10, Class A3
	537,000		2.875			12/15/45		554,956
	TOTAL MORTGAGE-BACKED SECURITIES
	(Cost $78,731,828)						$	79,218,873
Asset-Backed Securities – 21.1%
	Access to Loans for Learning Student Loan Corp., Series 2010-I, Class A3(a) (3M USD LIBOR + 0.800%)
$	901,349		1.018	%		04/25/37	$	910,402
	Access to Loans for Learning Student Loan Corp., Series 2012-1, Class A(a) (1M USD LIBOR + 0.700%)
	26,928		0.818			07/25/36		26,844
	American Express Credit Account Master Trust, Series 2017-2, Class A(a) (1M USD LIBOR + 0.450%)
	135,000		0.557			09/16/24		135,519
	American Express Credit Account Master Trust, Series 2019-3, Class A
	1,070,000		2.000			04/15/25		1,099,055
	Anchorage Capital CLO 4-R Ltd., Series 2018-4RA, Class A(a)(b) (3M USD LIBOR + 1.050%) (Cayman Islands)
	1,000,000		1.269			01/28/31		1,000,822
	Atlas Senior Loan Fund III Ltd., Series 2013-1A, Class AR(a)(b) (3M USD LIBOR + 0.830%) (Cayman Islands)
	178,772		1.022			11/17/27		178,840
	Atrium XII, Series 2017-12A, Class AR(a)(b) (3M USD LIBOR + 0.830%) (Cayman Islands)
	251,603		1.052			04/22/27		251,413
	BA Credit Card Trust, Series 2018-A3, Class A3
	500,000		3.100			12/15/23		505,281
	Barings CLO Ltd., Series 2018-3A, Class A1(a)(b) (3M USD LIBOR + 0.950%) (Cayman Islands)
	500,000		1.174			07/20/29		499,592
	BlueMountain CLO Ltd., Series 2017-2A, Class A1R(a)(b) (3M USD LIBOR + 1.180%) (Cayman Islands)
	980,386		1.402			10/22/30		980,532
	BlueMountain CLO Ltd., Series 2018-2A, Class A1R(a)(b) (3M USD LIBOR + 0.930%) (Cayman Islands)
	570,089		1.153			07/18/27		570,235
	Brazos Higher Education Authority, Inc., Series 2005-3, Class A16(a) (3M USD LIBOR + 0.200%)
	105,157		0.451			06/25/26		105,123
	Brazos Higher Education Authority, Inc., Series 2006-2, Class A10(a) (3M USD LIBOR + 0.120%)
	991,745		0.371			06/25/26		989,576
	Brazos Higher Education Authority, Inc., Series 2010-1, Class A1(a) (3M USD LIBOR + 0.900%)
	71,964		1.088			05/25/29		71,992
	Brazos Higher Education Authority, Inc., Series 2011-1, Class A2(a) (3M USD LIBOR + 0.800%)
	1,032,455		0.988			02/25/30		1,035,656
	Brazos Higher Education Authority, Inc., Series 2011-2, Class A2(a) (3M USD LIBOR + 0.850%)
	75,824		1.068			07/25/29		75,990
Asset-Backed Securities – (continued)
	BX, Series 2021-MFM1, Class A(a)(b) (1M USD LIBOR + 0.700%)
	100,000		0.812			01/15/34		100,000
	California Street CLO XII Ltd., Series 2013-12A, Class AR(a)(b) (3M USD LIBOR + 1.030%) (Cayman Islands)
	236,289		1.271			10/15/25		236,376
	Capital One Multi-Asset Execution Trust, Series 2016-A7, Class A7(a) (1M USD LIBOR + 0.510%)
	300,000		0.622			09/16/24		301,035
	Carlyle Global Market Strategies CLO Ltd., Series 2018-2A, Class A1R(a)(b) (3M USD LIBOR + 0.780%) (Cayman Islands)
	279,461		0.993			04/27/27		279,544
	Cathedral Lake CLO 2016-4 Ltd., Series 2019-4A, Class AR(a)(b) (3M USD LIBOR + 1.250%) (Cayman Islands)
	1,000,000		1.474			10/20/28		998,209
	Cedar Funding II CLO Ltd., Series 2017-1A, Class A1R(a)(b) (3M USD LIBOR + 1.230%) (Cayman Islands)
	250,000		1.460			06/09/30		250,011
	Chase Issuance Trust, Series 2020-A1, Class A1
	400,000		1.530			01/15/25		409,624
	CIFC Funding Ltd., Series 2017-3A, Class A1(a)(b) (3M USD LIBOR + 1.220%) (Cayman Islands)
	2,350,000		1.444			07/20/30		2,350,510
	Citigroup Commercial Mortgage Trust, Series 2014-GC19, Class A4
	500,000		4.023			03/10/47		542,433
	COMM Mortgage Trust, Series 2013-CR7, Class A4
	427,573		3.213			03/10/46		448,704
	COMM Mortgage Trust, Series 2015-CR24, Class ASB
	489,511		3.445			08/10/48		518,222
	Crown Point CLO 5 Ltd., Series 2018-5A, Class A(a)(b) (3M USD LIBOR + 0.940%) (Cayman Islands)
	235,625		1.163			07/17/28		235,686
	Crown Point CLO 6 Ltd., Series 2018-6A, Class A1(a)(b) (3M USD LIBOR + 1.170%) (Cayman Islands)
	269,576		1.394			10/20/28		269,646
	DBJPM Mortgage Trust, Series 2016-C3, Class ASB
	365,000		2.756			08/10/49		383,561
	Discover Card Execution Note Trust, Series 2017-A7, Class A7(a) (1M USD LIBOR + 0.360%)
	150,000		0.472			04/15/25		150,679
	Dryden XXV Senior Loan Fund, Series 2012-25A, Class ARR(a)(b) (3M USD LIBOR + 0.900%) (Cayman Islands)
	228,436		1.141			10/15/27		228,490
	Dryden XXVI Senior Loan Fund, Series 2013-26A, Class AR(a)(b) (3M USD LIBOR + 0.900%) (Cayman Islands)
	250,000		1.141			04/15/29		249,708
	Edsouth Indenture No 10 LLC, Series 2015-2, Class A(a)(b) (1M USD LIBOR + 1.000%)
	178,545		1.118			12/25/56		180,387
	Edsouth Indenture No 2 LLC, Series 2012-1, Class A1(a)(b) (1M USD LIBOR + 1.150%)
	267,194		1.268			09/25/40		267,977
	Edsouth Indenture No 3 LLC, Series 2012-2, Class A(a)(b) (1M USD LIBOR + 0.730%)
	50,727		0.848			04/25/39		50,413

64 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)
	Educational Funding of the South, Inc., Series 2011-1, Class A2(a) (3M USD LIBOR + 0.650%)
$	1,321,545		0.868	%		04/25/35	$	1,313,336
	EFS Volunteer LLC, Series 2010-1, Class A2(a)(b) (3M USD LIBOR + 0.850%)
	983,348		1.068			10/25/35		983,197
	Ford Credit Auto Owner Trust, Series 2017-1, Class A(b)
	1,450,000		2.620			08/15/28		1,482,057
	Ford Credit Floorplan Master Owner Trust A, Series 2018-2, Class A
	1,000,000		3.170			03/15/25		1,056,090
	Gallatin CLO VIII Ltd., Series 2017-1A, Class A(a)(b) (3M USD LIBOR + 1.300%) (Cayman Islands)
	530,580		1.541			07/15/27		530,705
	GCO Education Loan Funding Trust, Series 2006-1, Class A10L(a) (3M USD LIBOR + 0.190%)
	543,019		0.397			02/27/28		539,246
	GMF Floorplan Owner Revolving Trust, Series 2020-2, Class A(b)
	1,000,000		0.690			10/15/25		1,005,981
	Goal Capital Funding Trust, Series 2010-1, Class A(a)(b) (3M USD LIBOR + 0.700%)
	352,938		0.888			08/25/48		355,032
	Higher Education Funding I, Series 2014-1, Class A(a)(b) (3M USD LIBOR + 1.050%)
	1,637,736		1.238			05/25/34		1,646,797
	Honda Auto Receivables Owner Trust, Series 2019-4, Class A3
	1,000,000		1.830			01/18/24		1,017,929
	ICG US CLO Ltd., Series 2018-1A, Class A1R(a)(b) (3M USD LIBOR + 1.140%) (Cayman Islands)
	976,733		1.363			10/19/28		976,984
	Jamestown CLO IX Ltd., Series 2016-9A, Class A1AR(a)(b) (3M USD LIBOR + 1.170%) (Cayman Islands)
	849,535		1.394			10/20/28		849,757
	KKR Industrial Portfolio Trust, Series 2021-KDIP, Class A(a)(b) (1M USD LIBOR + 0.550%)
	490,000		0.662			12/15/37		490,000
	KnowledgeWorks Foundation, Series 2010-1, Class A(a) (3M USD LIBOR + 0.950%)
	362,043		1.138			02/25/42		360,053
	LCM XX LP, Series 2018-20A, Class AR(a)(b) (3M USD LIBOR + 1.040%) (Cayman Islands)
	1,775,370		1.264			10/20/27		1,776,295
	Madison Park Funding XI Ltd., Series 2017-11A, Class X(a)(b) (3M USD LIBOR + 0.900%) (Cayman Islands)
	28,125		1.118			07/23/29		28,135
	Navient Student Loan Trust, Series 2016-6A, Class A2(a)(b) (1M USD LIBOR + 0.750%)
	581,291		0.868			03/25/66		581,979
	Nelnet Student Loan Trust, Series 2014-2A, Class A2(a)(b) (1M USD LIBOR + 0.600%)
	592,151		0.718			03/25/30		590,842
	Nelnet Student Loan Trust, Series 2014-4A, Class A1(a)(b) (1M USD LIBOR + 0.540%)
	702,633		0.658			11/27/39		701,035
	Nelnet Student Loan Trust, Series 2016-1A, Class A(a)(b) (1M USD LIBOR + 0.800%)
	585,909		0.918			09/25/65		585,177
Asset-Backed Securities – (continued)
	Neuberger Berman CLO XX Ltd., Series 2017-20A, Class AR(a)(b) (3M USD LIBOR + 0.800%) (Cayman Islands)
	212,599		1.041			01/15/28		212,650
	Nissan Auto Lease Trust, Series 2020-A, Class A3
	165,000		1.840			01/17/23		167,059
	Northstar Education Finance, Inc., Series 2012-1, Class A(a)(b) (1M USD LIBOR + 0.700%)
	150,529		0.818			12/26/31		151,228
	NorthStar Student Loan Trust III, Series 2016-1, Class A(a)(b) (1M USD LIBOR + 1.250%)
	2,775,742		1.368			05/27/36		2,799,106
	Octagon Investment Partners Ltd., Series 2015-1A, Class A1R(a)(b) (3M USD LIBOR + 0.850%) (Cayman Islands)
	316,409		1.091			07/15/27		316,485
	ONE PARK Mortgage Trust, Series 2021-PARK, Class A(a)(b) (1M USD LIBOR + 0.700%)
	908,000		0.950			03/15/36		908,085
	OZLM Ltd., Series 2017-11A, Class A1R(a)(b) (3M USD LIBOR + 1.250%) (Cayman Islands)
	247,297		1.455			10/30/30		247,343
	Pennsylvania Higher Education Assistance Agency, Series 2009-1, Class A1(a) (3M USD LIBOR + 0.900%)
	129,547		1.118			07/25/29		129,636
	Recette CLO Ltd., Series 2015-1A, Class AR(a)(b) (3M USD LIBOR + 0.920%) (Cayman Islands)
	138,915		1.144			10/20/27		138,915
	Rhode Island Student Loan Authority, Series 2012-1, Class A1(a) (1M USD LIBOR + 0.900%)
	1,168,728		1.015			07/01/31		1,173,334
	Rhode Island Student Loan Authority, Series 2014-1, Class A1(a) (1M USD LIBOR + 0.700%)
	206,882		0.815			10/02/28		207,085
	RR 6 Ltd., Series 2019-6A, Class A1A(a)(b) (3M USD LIBOR + 1.250%) (Cayman Islands)
	1,000,000		1.491			04/15/30		1,000,636
	Shackleton 2015-VIII CLO Ltd., Series 2017-8A, Class A2R(a)(b) (3M USD LIBOR + 0.920%) (Cayman Islands)
	445,698		1.143			10/20/27		445,815
	SLC Student Loan Trust, Series 2005-3, Class A3(a) (3M USD LIBOR + 0.120%)
	979,617		0.337			06/15/29		973,989
	SLC Student Loan Trust, Series 2005-5, Class A4(a) (3M USD LIBOR + 0.140%)
	1,023,032		0.358			10/25/28		1,017,197
	SLC Student Loan Trust, Series 2007-1, Class A4(a) (3M USD LIBOR + 0.060%)
	2,000,180		0.254			05/15/29		1,978,855
	SLC Student Loan Trust, Series 2010-1, Class A(a) (3M USD LIBOR + 0.875%)
	452,687		1.063			11/25/42		453,130
	SLM Student Loan Trust, Series 2003-11, Class A6(a)(b) (3M USD LIBOR + 0.550%)
	151,959		0.767			12/15/25		151,873
	SLM Student Loan Trust, Series 2003-14, Class A6(a) (3M USD LIBOR + 0.300%)
	246,985		0.518			07/25/25		245,561

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

GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF

Schedule of Investments (continued)

February 28, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Asset-Backed Securities – (continued)
	SLM Student Loan Trust, Series 2004-1, Class A4(a) (3M USD LIBOR + 0.260%)
$	309,102		0.478	%		10/27/25	$	307,350
	SLM Student Loan Trust, Series 2005-7, Class A4(a) (3M USD LIBOR + 0.150%)
	293,231		0.368			10/25/29		290,520
	SLM Student Loan Trust, Series 2018-10, Class A7B(a)(b) (3M USD LIBOR + 0.600%)
	177,794		0.818			10/25/29		177,001
	South Carolina Student Loan Corp., Series 2014-1, Class A1(a) (1M USD LIBOR + 0.750%)
	387,688		0.865			05/01/30		388,072
	Toyota Auto Receivables Owner Trust, Series 2017-C, Class A4
	230,704		1.980			12/15/22		231,799
	Tralee CLO II Ltd., Series 2017-1A, Class AR(a)(b) (3M USD LIBOR + 1.320%) (Cayman Islands)
	610,316		1.544			07/20/29		609,838
	TRESTLES CLO Ltd., Series 2017-1A, Class A1A(a)(b) (3M USD LIBOR + 1.290%) (Cayman Islands)
	250,000		1.508			07/25/29		250,085
	Trimaran Cavu 2021-1 Ltd., Series 2021-1A, Class A(a)(b) (3M USD LIBOR + 1.210%) (Cayman Islands)
	1,000,000		1.410			04/23/32		1,000,000
	Utah State Board of Regents, Series 2016-1, Class A(a) (1M USD LIBOR + 0.750%)
	178,632		0.868			09/25/56		177,150
	Venture XVI CLO Ltd., Series 2014-16A, Class ARR(a)(b) (3M USD LIBOR + 0.850%) (Cayman Islands)
	141,550		1.091			01/15/28		141,583
	Voya CLO Ltd., Series 2015-1A, Class A1R(a)(b) (3M USD LIBOR + 0.900%) (Cayman Islands)
	300,000		1.123			01/18/29		300,088
	Wellfleet CLO Ltd., Series 2019-1A, Class AR3(a)(b) (3M USD LIBOR + 1.280%) (Cayman Islands)
	983,893		1.504			07/20/29		984,122
	Wells Fargo Commercial Mortgage Trust 2015-C31, Series 2015-C31, Class ASB
	131,634		3.487			11/15/48		139,842
	Zais CLO Ltd., Series 2020-15A, Class A1(a)(b) (3M USD LIBOR + 2.555%) (Cayman Islands)
	1,000,000		2.774			07/28/30		1,005,225
	TOTAL ASSET- BACKED SECURITIES
	(Cost $52,273,974)						$	52,479,371
Corporate Obligations – 20.2%
Aerospace & Defense – 0.5%
	Northrop Grumman Corp.
$	750,000		2.550	%		10/15/22	$	775,443
	Raytheon Technologies Corp.(b)
	500,000		2.500			12/15/22		516,019
								1,291,462
Banks – 6.5%
	American Express Credit Corp., MTN
	500,000		2.250			05/05/21		500,884
Corporate Obligations – (continued)
Banks – (continued)
	Bank of America Corp.(a), MTN
	(3M USD LIBOR + 0.630%)
	1,425,000		3.499			05/17/22		1,434,443
	BBVA USA
	1,000,000		2.875			06/29/22		1,031,496
	Capital One NA
	705,000		2.950			07/23/21		710,745
	Citigroup, Inc.
	(SOFR + 0.870%)
	740,000		0.940	(a)		11/04/22		743,055
	(SOFR + 0.867%)
	935,000		2.312	(a)		11/04/22		946,122
	(3M USD LIBOR + 0.722%)
	709,000		3.142	(a)		01/24/23		726,114
	Citizens Bank NA/Providence RI
	550,000		2.550			05/13/21		551,437
	Citizens Financial Group, Inc.
	701,000		2.375			07/28/21		705,657
	Discover Bank
	550,000		3.200			08/09/21		555,568
	Fifth Third Bancorp
	600,000		2.600			06/15/22		616,410
	Fifth Third Bank NA(a)
	(3M USD LIBOR + 0.640%)
	500,000		0.845			02/01/22		502,661
	JPMorgan Chase & Co.(a)
	(3M USD LIBOR + 0.610%)
	1,744,000		3.514			06/18/22		1,760,194
	Manufacturers & Traders Trust Co.(a)
	(3M USD LIBOR + 0.640%)
	675,000		0.865			12/01/21		675,000
	Morgan Stanley(a)
	(SOFR + 0.830%)
	350,000		0.888			06/10/22		350,649
	Morgan Stanley(a), GMTN
	(SOFR + 0.700%)
	1,200,000		0.729			01/20/23		1,204,694
	MUFG Union Bank NA
	300,000		3.150			04/01/22		308,541
	500,000		2.100			12/09/22		514,665
	Truist Bank(a)
	(SOFR + 0.730%)
	500,000		0.791			03/09/23		505,080
	Wells Fargo Bank NA
	(3M USD LIBOR + 0.510%)
	750,000		0.732	(a)		10/22/21		751,854
	(3M USD LIBOR + 0.650%)
	1,171,000		2.082	(a)		09/09/22		1,181,678
								16,276,947
Brokerage – 0.8%
	Intercontinental Exchange, Inc.(a)
	(3M USD LIBOR + 0.650%)
	1,200,000		0.867			06/15/23		1,202,982

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
Corporate Obligations – (continued)
Brokerage – (continued)
	TD Ameritrade Holding Corp.(a)
	(3M USD LIBOR + 0.430%)
$	758,000		0.635	%		11/01/21	$	759,549
								1,962,531
Capital Goods – 0.2%
	Roper Technologies, Inc.
	450,000		3.125			11/15/22		467,675
Communications – 0.3%
	Moody’s Corp.
	400,000		4.500			09/01/22		420,300
	TWDC Enterprises 18 Corp.(a), MTN
	(3M USD LIBOR + 0.390%)
	375,000		0.573			03/04/22		376,222
								796,522
Consumer Cyclical – 1.0%
	7-Eleven, Inc.
	(3M USD LIBOR + 0.450%)
	650,000		0.645	(a)(b)		08/10/22		650,762
	591,000		0.625	(b)		02/10/23		591,836
	eBay, Inc.
	750,000		2.600			07/15/22		768,291
	Ralph Lauren Corp.
	400,000		1.700			06/15/22		406,713
								2,417,602
Consumer Noncyclical – 1.5%
	AbbVie, Inc.
	(3M USD LIBOR + 0.460%)
	325,000		0.641	(a)		11/19/21		325,694
	350,000		3.450			03/15/22		359,172
	700,000		3.250			10/01/22		726,035
	1,500,000		3.200			11/06/22		1,562,176
	Gilead Sciences, Inc.(a)
	(3M USD LIBOR + 0.520%)
	750,000		0.771			09/29/23		751,455
								3,724,532
Consumer Products – 0.2%
	Clorox Co. (The)
	500,000		3.800			11/15/21		512,107
Electric – 2.7%
	American Electric Power Co., Inc.(a), Series A
	(3M USD LIBOR + 0.480%)
	625,000		0.685			11/01/23		626,088
	CenterPoint Energy Resources Corp.
	(3M USD LIBOR + 0.500%)
	1,250,000		0.684	(a)		03/02/23		1,250,000
	900,000		0.700			03/02/23		899,127
	Duke Energy Progress LLC(a), Series A
	(3M USD LIBOR + 0.180%)
	459,000		0.369			02/18/22		459,094
	Entergy Corp.
	580,000		4.000			07/15/22		604,458
Corporate Obligations – (continued)
Electric – (continued)
	Florida Power & Light Co.(a)
	(3M USD LIBOR + 0.380%)
	250,000		0.599			07/28/23		250,091
	NextEra Energy Capital Holdings, Inc.
	(3M USD LIBOR + 0.550%)
	500,000		0.740	(a)		08/28/21		500,121
	(3M USD LIBOR + 0.270%)
	1,245,000		0.452	(a)		02/22/23		1,245,361
	PPL Capital Funding, Inc.
	500,000		3.500			12/01/22		522,575
	Southern Co. (The)
	300,000		2.350			07/01/21		301,523
								6,658,438
Energy – 0.4%
	Baker Hughes a GE Co. LLC / Baker Hughes Co.-Obligor, Inc.
	500,000		2.773			12/15/22		520,810
	Kinder Morgan Energy Partners LP
	465,000		5.000			10/01/21		471,963
								992,773
Financial Company – 0.7%
	Air Lease Corp.
	500,000		3.375			06/01/21		503,501
	750,000		3.500			01/15/22		769,371
	350,000		2.625			07/01/22		358,601
								1,631,473
Food and Beverage – 0.3%
	Mondelez International Holdings Netherlands BV(b)
	750,000		2.000			10/28/21		757,122
Healthcare – 0.5%
	Cigna Corp.
	1,250,000		3.050			11/30/22		1,303,306
Insurance – 2.5%
	AIG Global Funding(a)(b)
	(SOFR + 0.380%)
	752,000		0.437			12/15/23		752,854
	Athene Global Funding(a)(b)
	(3M USD LIBOR + 0.730%)
	1,750,000		0.964			01/08/24		1,755,388
	Guardian Life Global Funding(b)
	575,000		2.500			05/08/22		590,119
	Jackson National Life Global Funding(a)(b)
	(SOFR + 0.600%)
	1,300,000		0.642			01/06/23		1,307,869
	Markel Corp.
	600,000		4.900			07/01/22		634,807
	Metropolitan Life Global Funding I(a)(b)
	(SOFR + 0.570%)
	900,000		0.606			01/13/23		906,045
	Protective Life Global Funding(a)(b)
	(3M USD LIBOR + 0.520%)
	345,000		0.771			06/28/21		345,520
								6,292,602

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

GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF

Schedule of Investments (continued)

February 28, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Technology – 1.5%
	Fidelity National Information Services, Inc.
$	1,500,000		0.375	%		03/01/23	$	1,499,474
	Fiserv, Inc.
	800,000		4.750			06/15/21		809,944
	Hewlett Packard Enterprise Co.
	(3M USD LIBOR + 0.720%)
	900,000		0.958	(a)		10/05/21		899,182
	400,000		4.400			10/15/22		422,488
								3,631,088
Transportation – 0.6%
	Penske Truck Leasing Co. LP / PTL Finance Corp.(b)
	1,390,000		4.250			01/17/23		1,484,642
	TOTAL CORPORATE OBLIGATIONS
	(Cost $50,143,618)						$	50,200,822
Foreign Corporate Debt – 18.7%
Aerospace & Defense – 0.2%
	BAE Systems PLC(b) (United Kingdom)
$	410,000		4.750	%		10/11/21	$	420,837
Banks – 13.1%
	Australia & New Zealand Banking Group Ltd. (Australia)
	600,000		2.550			11/23/21		610,208
	Bank of Montreal(a), MTN (Canada)
	(SOFR + 0.680%)
	1,450,000		0.740			03/10/23		1,462,931
	Bank of Nova Scotia (The)(a) (Canada)
	(SOFR + 0.550%)
	1,200,000		0.608			09/15/23		1,208,375
	Banque Federative du Credit Mutuel SA (France)
	550,000		2.500	(b)		04/13/21		551,420
	253,000		2.125	(b)		11/21/22		260,800
	Barclays PLC (United Kingdom)
	1,000,000		3.684			01/10/23		1,026,567
	(3M USD LIBOR + 1.400%)
	610,000		4.610	(a)		02/15/23		633,257
	BPCE SA(a), MTN (France)
	(3M USD LIBOR + 0.880%)
	250,000		1.071			05/31/22		252,362
	Canadian Imperial Bank of Commerce(a) (Canada)
	(SOFR + 0.800%)
	1,395,000		0.853			03/17/23		1,410,982
	Commonwealth Bank of Australia(b) (Australia)
	900,000		2.750			03/10/22		923,088
	Cooperatieve Rabobank UA (Netherlands)
	900,000		3.875			02/08/22		930,830
	Credit Suisse AG(a) (Switzerland)
	(SOFR + 0.390%)
	2,000,000		0.417			02/02/24		2,004,619
	Deutsche Bank NY (Germany)
	976,000		0.720			11/08/21		975,980
	DNB Bank ASA(a)(b) (Norway)
	(3M USD LIBOR + 0.620%)
	850,000		0.808			12/02/22		856,954
Foreign Corporate Debt – (continued)
Banks – (continued)
	HSBC Holdings PLC (United Kingdom)
	705,000		2.950			05/25/21		709,226
	Industrial & Commercial Bank of China Ltd. (China)
	250,000		2.635			05/26/21		251,047
	ING Groep NV (Netherlands)
	(3M USD LIBOR + 1.150%)
	200,000		1.401	(a)		03/29/22		202,204
	750,000		3.150			03/29/22		773,079
	Macquarie Bank Ltd.(b) (Australia)
	400,000		2.100			10/17/22		411,444
	Mitsubishi UFJ Financial Group, Inc. (Japan)
	(3M USD LIBOR + 1.060%)
	400,000		1.280	(a)		09/13/21		402,093
	600,000		2.190			09/13/21		605,987
	Mizuho Bank Ltd.(b) (Japan)
	1,175,000		2.950			10/17/22		1,224,130
	Mizuho Financial Group, Inc. (Japan)
	(3M USD LIBOR + 1.140%)
	410,000		1.360	(a)		09/13/21		412,370
	(3M USD LIBOR + 0.940%)
	600,000		1.130	(a)		02/28/22		605,094
	MUFG Bank Ltd.(b) (Japan)
	800,000		2.850			09/08/21		810,562
	National Australia Bank Ltd.(a)(b) (Australia)
	(3M USD LIBOR + 0.890%)
	250,000		1.115			01/10/22		251,784
	NatWest Markets PLC (United Kingdom)
	1,500,000		3.625	(b)		09/29/22		1,575,094
	1,000,000		2.375	(b)		05/21/23		1,040,942
	Nordea Bank Abp(b) (Finland)
	300,000		2.250			05/27/21		301,432
	Royal Bank of Canada(a), MTN (Canada)
	(SOFR + 0.450%)
	800,000		0.479			10/26/23		803,947
	Societe Generale SA(b) (France)
	500,000		5.200			04/15/21		503,017
	Standard Chartered PLC(a)(b) (United Kingdom)
	(SOFR + 1.250%)
	1,750,000		1.284			10/14/23		1,770,059
	Sumitomo Mitsui Banking Corp.(b) (Japan)
	500,000		3.950			01/12/22		515,610
	Sumitomo Mitsui Financial Group, Inc. (Japan)
	(3M USD LIBOR + 1.110%)
	246,000		1.344	(a)		07/14/21		246,995
	530,000		2.784			07/12/22		547,559
	(3M USD LIBOR + 0.740%)
	1,020,000		0.963	(a)		01/17/23		1,029,221
	Toronto-Dominion Bank (The)(a), MTN (Canada)
	(SOFR + 0.480%)
	1,000,000		0.508			01/27/23		1,005,494
	UBS AG/London(a)(b) (Switzerland)
	(SOFR + 0.360%)
	1,750,000		0.383			02/09/24		1,752,607

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
Foreign Corporate Debt – (continued)
Banks – (continued)
	UBS Group AG (Switzerland)
	(3M USD LIBOR + 1.780%)
$	450,000		2.014	%(a)(b)		04/14/21	$	450,949
	(3M USD LIBOR + 1.530%)
	836,000		1.735	(a)(b)		02/01/22		847,606
	Westpac Banking Corp.(a) (Australia)
	(3M USD LIBOR + 0.850%)
	350,000		1.031			08/19/21		351,325
								32,509,250
Consumer Cyclical – 1.4%
	BMW US Capital LLC(b) (Germany)
	450,000		2.950			04/14/22		463,059
	Daimler Finance North America LLC(b) (Germany)
	1,400,000		2.850			01/06/22		1,429,376
	Volkswagen Group of America Finance LLC(b) (Germany)
	1,593,000		0.750			11/23/22		1,599,280
								3,491,715
Consumer Noncyclical – 0.8%
	BAT International Finance PLC(b) (United Kingdom)
	430,000		3.250			06/07/22		444,745
	Bayer US Finance II LLC(b) (Germany)
	900,000		3.500			06/25/21		906,546
	Bayer US Finance LLC(b) (Germany)
	665,000		3.000			10/08/21		675,517
								2,026,808
Consumer Products – 0.2%
	Reckitt Benckiser Treasury Services PLC(b) (United Kingdom)
	500,000		2.375			06/24/22		512,742
Energy – 0.5%
	BP Capital Markets PLC (United Kingdom)
	400,000		3.245			05/06/22		413,490
	Enbridge, Inc. (Canada)
	(3M USD LIBOR + 0.500%)
	550,000		0.689	(a)		02/18/22		551,484
	(SOFR + 0.400%)
	401,000		0.450	(a)		02/17/23		401,784
								1,366,758
Food and Beverage – 0.5%
	Danone SA(b) (France)
	1,216,000		3.000			06/15/22		1,256,391
Internet – 0.2%
	Alibaba Group Holding Ltd. (China)
	500,000		3.125			11/28/21		507,136
Metals and Mining – 0.2%
	Glencore Finance Canada Ltd.(b) (Switzerland)
	366,000		4.250			10/25/22		387,619
Mining – 0.4%
	Anglo American Capital PLC(b) (South Africa)
	1,040,000		4.125			09/27/22		1,094,733
Foreign Corporate Debt – (continued)
Other Financials – 0.4%
	ICBCIL Finance Co., Ltd.(a) (China) (3M USD LIBOR + 0.950%)
	900,000		1.144			05/15/21		899,946
Wireless – 0.8%
	NTT Finance Corp.(b) (Japan)
	2,007,000		0.373			03/03/23		2,007,345
	TOTAL FOREIGN CORPORATE DEBT
	(Cost $46,353,448)						$	46,481,280
U.S. Treasury Bills – 5.8%
	U.S. Treasury Bills
$	4,650,000		0.088	%(c)		05/06/21	$	4,649,705
	6,000,000		0.078	(c)		06/10/21		5,999,333
	3,800,000		0.086	(c)		06/10/21		3,799,578
	TOTAL U.S. TREASURY BILLS
	(Cost $14,447,068)						$	14,448,616
Certificate of Deposits – 0.6%
	Bank of China Ltd. (China)
$	1,000,000		0.397	%(c)		11/19/21	$	996,990
	Bayerische Landesbank (3M USD LIBOR + 0.470%) (Germany)
	500,000		0.666	(c)		02/03/22		501,481
	TOTAL CERTIFICATE OF DEPOSITS
	(Cost $1,497,151)						$	1,498,471
Municipal Debt Obligations – 0.1%
Pennsylvania – 0.1%
	School District of Philadelphia (The)
$	340,000		4.000	%		06/30/21	$	344,298
	TOTAL MUNICIPAL DEBT OBLIGATIONS (Cost $343,874)						$	344,298

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

GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF

Schedule of Investments (continued)

February 28, 2021 (Unaudited)

Shares	Dividend Rate			Value
Investment Company – 5.4%(d)
Goldman Sachs Financial Square Government Fund – Institutional Shares
13,397,685		0.036	%	$	13,397,685
(Cost $13,397,685)
TOTAL INVESTMENTS – 103.7%
(Cost $257,188,646)				$	258,069,416
LIABILITIES IN EXCESS OF     ASSETS – (3.7)%					(9,084,035	)
NET ASSETS – 100.0%				$	248,985,381

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on February 28, 2021.
(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

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

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Statements of Assets and Liabilities

February 28, 2021 (Unaudited)

	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 $182,087,066, $62,761,271, $27,226,687 and $738,512,066, respectively)	$	187,757,292	$	63,287,866	$	27,272,016	$	750,781,557
Investments in affiliated issuers, at value (cost $1,901,527, $221,575, $64,378 and $2,536,790, respectively)		1,901,527		221,575		64,378		2,536,790
Cash		268,774		51,524		51,534		56,098
Receivables:
Fund shares sold		5,004,698		—		—		—
Dividends and interest		2,626,643		33,167		225,548		7,327,147
Reimbursement from investment adviser		205		25		7		199
Investments sold		—		720,117		—		56,075,810
Total assets		197,559,139		64,314,274		27,613,483		816,777,601
Liabilities:
Payables:
Investments purchased		4,997,501		891,853		—		11,603,284
Management fees		49,048		4,463		2,976		82,745
Fund shares redeemed		—		—		—		45,928,043
Total liabilities		5,046,549		896,316		2,976		57,614,072
Net Assets:
Paid-in capital		187,392,259		62,215,152		27,512,692		733,988,791
Total distributable earnings		5,120,331		1,202,806		97,815		25,174,738
NET ASSETS	$	192,512,590	$	63,417,958	$	27,610,507	$	759,163,529
SHARES ISSUED AND OUTSTANDING
Shares outstanding no par value (unlimited shares authorized):		3,850,000		1,125,000		550,000		14,050,000
Net asset value per share:		$50.00		$56.37		$50.20		$54.03

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

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Statements of Assets and Liabilities (continued)

February 28, 2021 (Unaudited)

	Access Treasury 0-1 Year ETF			Access U.S. Aggregate Bond ETF			Access Ultra Short Bond ETF
Assets:
Investments in unaffiliated issuers, at value (cost $2,184,259,360, $182,535,098 and $243,790,961, respectively)	$	2,184,421,711		$	178,728,612		$	244,671,731
Investments in affiliated issuers, at value (cost $—, $41,857,451 and $13,397,685, respectively)		—			41,857,451			13,397,685
Cash		143,874			3,253,697			1,985,140
Receivables:
Investments sold		1,388,166,071			3,609,938			—
Dividends and interest		2,443,890			790,174			554,793
Reimbursement from investment adviser		35,023			4,287			8,566
Total assets		3,575,210,569			228,244,159			260,617,915
Liabilities:
Payables:
Investments purchased		1,373,065,278			47,859,503			11,594,497
Fund shares redeemed		29,038,246			—			—
Management fees		245,162			16,619			38,037
Total liabilities		1,402,348,686			47,876,122			11,632,534
Net Assets:
Paid-in capital		2,173,867,422			184,038,449			247,951,482
Total distributable earnings (loss)		(1,005,539	)		(3,670,412	)		1,033,899
NET ASSETS	$	2,172,861,883		$	180,368,037		$	248,985,381
SHARES ISSUED AND OUTSTANDING
Shares outstanding no par value (unlimited shares authorized):		21,700,000			3,700,000			4,900,000
Net asset value per share:		$100.13			$48.75			$50.81

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

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Statements of Operations

For the Six Months Ended February 28, 2021 (Unaudited)

	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	$	4,031,990		$	226,474		$	128,060		$	8,760,405
Dividends from Affiliated Underlying Funds		203			7			10			360
Total investment income		4,032,193			226,481			128,070			8,760,765
Expenses:
Management fees		275,510			21,604			17,172			483,007
Trustee fees		2,913			2,200			2,048			6,231
Total expenses		278,423			23,804			19,220			489,238
Less — expense reductions		(1,285	)		(34	)		(65	)		(2,267	)
Net expenses		277,138			23,770			19,155			486,971
NET INVESTMENT INCOME		3,755,055			202,711			108,915			8,273,794
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		106,618			41,152			10,524			(538,212	)
In-kind redemptions		613,903			705,164			45,316			12,299,179
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		1,963,292			(1,289,035	)		(40,733	)		(31,002,034	)
Net realized and unrealized gain (loss)		2,683,813			(542,719	)		15,107			(19,241,067	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	6,438,868		$	(340,008	)	$	124,022		$	(10,967,273	)

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

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Statements of Operations (continued)

For the Six Months Ended February 28, 2021 (Unaudited)

	Access Treasury 0-1 Year ETF			Access U.S. Aggregate Bond ETF*			Access Ultra Short Bond ETF
Investment income:
Interest	$	1,970,146		$	472,355		$	736,517
Dividends from Affiliated Underlying Funds		—			3,263			619
Total investment income		1,970,146			475,618			737,136
Expenses:
Management fees		1,892,378			78,010			188,536
Trustee fees		20,319			1,955			2,978
Total expenses		1,912,697			79,965			191,514
Less — expense reductions		(282,762	)		(20,071	)		(41,901	)
Net expenses		1,629,935			59,894			149,613
NET INVESTMENT INCOME		340,211			415,724			587,523
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		411,456			100,390			142,606
In-kind redemptions		343,513			—			—
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		(850,603	)		(3,806,486	)		112,828
Net realized and unrealized gain (loss)		(95,634	)		(3,706,096	)		255,434
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	244,577		$	(3,290,372	)	$	842,957

* For the period September 8, 2020 (commencement of operations) through February 28, 2021.

74 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 Six Months Ended February 28, 2021 (Unaudited)			For the Fiscal Year Ended August 31, 2020			For the Six Months Ended February 28, 2021 (Unaudited)			For the Fiscal Year Ended August 31, 2020
From operations:
Net investment income	$	3,755,055		$	4,104,515		$	202,711		$	111,908
Net realized gain (loss)		720,521			(2,460,045	)		746,316			474,881
Net change in unrealized gain (loss)		1,963,292			2,696,332			(1,289,035	)		1,423,412
Net increase (decrease) in net assets resulting from operations		6,438,868			4,340,802			(340,008	)		2,010,201
Distributions to shareholders:
From distributable earnings		(3,902,160	)		(3,924,025	)		(250,925	)		(181,025	)
From return of capital		—			—			—			(2,030	)
Total distributions to shareholders		(3,902,160	)		(3,924,025	)		(250,925	)		(183,055	)
From share transactions:
Proceeds from sales of shares		57,017,923			106,526,874			42,556,170			28,412,564
Cost of shares redeemed		(17,389,367	)		(33,198,256	)		(9,877,024	)		(6,876,076	)
Net increase in net assets resulting from share transactions		39,628,556			73,328,618			32,679,146			21,536,488
TOTAL INCREASE		42,165,264			73,745,395			32,088,213			23,363,634
Net assets:
Beginning of period	$	150,347,326		$	76,601,931		$	31,329,745		$	7,966,111
End of period	$	192,512,590		$	150,347,326		$	63,417,958		$	31,329,745

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

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 Six Months Ended February 28, 2021 (Unaudited)			For the Period July 7, 2020* to August 31, 2020			For the Six Months Ended February 28, 2021 (Unaudited)			For the Fiscal Year Ended August 31, 2020
From operations:
Net investment income	$	108,915		$	25,688		$	8,273,794		$	15,735,216
Net realized gain		55,840			4,949			11,760,967			6,650,329
Net change in unrealized gain (loss)		(40,733	)		86,062			(31,002,034	)		11,236,182
Net increase (decrease) in net assets resulting from operations		124,022			116,699			(10,967,273	)		33,621,727
Distributions to shareholders:
From distributable earnings		(131,434	)		(11,472	)		(8,337,598	)		(15,896,442	)
From share transactions:
Proceeds from sales of shares		2,522,042			27,512,139			371,035,611			353,704,682
Cost of shares redeemed		(2,521,489	)		—			(235,145,205	)		(254,900,515	)
Net increase in net assets resulting from share transactions		553			27,512,139			135,890,406			98,804,167
TOTAL INCREASE (DECREASE)		(6,859	)		27,617,366			116,585,535			116,529,452
Net assets:
Beginning of period	$	27,617,366		$	—		$	642,577,994		$	526,048,542
End of period	$	27,610,507		$	27,617,366		$	759,163,529		$	642,577,994

* Commencement of operations.

76 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 U.S. Aggregate Bond ETF			Access Ultra Short Bond ETF
	For the Six Months Ended February 28, 2021 (Unaudited)			For the Fiscal Year Ended August 31, 2020			For the Period September 8, 2020* to February 28, 2021 (Unaudited)			For the Six Months Ended February 28, 2021 (Unaudited)			For the Fiscal Year Ended August 31, 2020
From operations:
Net investment income	$	340,211		$	37,953,075		$	415,724		$	587,523		$	1,115,850
Net realized gain (loss)		754,969			12,889,230			100,390			142,606			(46,343	)
Net change in unrealized gain (loss)		(850,603	)		(2,300,783	)		(3,806,486	)		112,828			697,031
Net increase in net assets resulting from operations		244,577			48,541,522			(3,290,372	)		842,957			1,766,538
Distributions to shareholders:
From distributable earnings		(9,603,475	)		(45,661,342	)		(380,040	)		(642,434	)		(1,046,869	)
From share transactions:
Proceeds from sales of shares		167,367,744			1,673,288,926			184,038,449			124,399,447			146,532,435
Cost of shares redeemed		(1,030,543,239	)		(1,804,799,190	)					(25,379,275	)		(12,635,582	)
Net increase (decrease) in net assets resulting from share transactions		(863,175,495	)		(131,510,264	)		184,038,449			99,020,172			133,896,853
TOTAL INCREASE (DECREASE)		(872,534,393	)		(128,630,084	)		180,368,037			99,220,695			134,616,522
Net assets:
Beginning of period	$	3,045,396,276		$	3,174,026,360		$	—		$	149,764,686		$	15,148,164
End of period	$	2,172,861,883		$	3,045,396,276		$	180,368,037		$	248,985,381		$	149,764,686

* Commencement of operations.

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

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

	Access High Yield Corporate Bond ETF
	For the Six Months Ended February 28, 2021 (Unaudited)			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	$	49.29		$	49.42		$	48.86		$	49.92
Net investment income(a)		1.13			2.49			2.75			2.41
Net realized and unrealized gain (loss)		0.74			(0.15	)		0.61			(1.21	)
Total gain from investment operations		1.87			2.34			3.36			1.20
Distributions to shareholders from net investment income		(1.16	)		(2.47	)		(2.80	)		(2.26	)
Net asset value, end of period	$	50.00		$	49.29		$	49.42		$	48.86
Market price, end of period	$	49.70		$	49.23		$	49.24		$	48.82
Total Return at Net Asset Value(b)		3.86	%		4.94	%		7.20	%		2.58	%
Net assets, end of period (in 000’s)	$	192,513		$	150,347		$	76,602		$	46,413
Ratio of total expenses to average net assets		0.34	%(c)		0.34	%		0.34	%		0.34	%(c)
Ratio of net investment income to average net assets		4.59	%(c)		5.15	%		5.67	%		4.93	%(c)
Portfolio turnover rate(d)		10	%		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 and short-term transactions. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Access Inflation Protected USD Bond ETF
	For the Six Months Ended February 28, 2021 (Unaudited)			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	$	56.96		$	53.11		$	50.00
Net investment income(a)		0.29			0.33			1.27
Net realized and unrealized gain (loss)		(0.53	)		4.18			2.98
Total gain (loss) from investment operations		(0.24	)		4.51			4.25
Distributions to shareholders from net investment income		(0.35	)		(0.61	)		(1.14	)
Distributions to shareholders from net realized gains		—			(0.04	)		—
Distributions to shareholders from return of capital		—			(0.01	)		—
Total distributions		(0.35	)		(0.66	)		(1.14	)
Net asset value, end of period	$	56.37		$	56.96		$	53.11
Market price, end of period	$	56.66		$	57.00		$	53.08
Total Return at Net Asset Value(b)		(0.42	)%		8.57	%		8.61	%
Net assets, end of period (in 000’s)	$	63,418		$	31,330		$	7,966
Ratio of total expenses to average net assets		0.12	%(c)		0.12	%		0.12	%(c)
Ratio of net investment income to average net assets		1.02	%(c)		0.61	%		2.74	%(c)
Portfolio turnover rate(d)		14	%		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 and short-term transactions. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Access Investment Grade Corporate 1-5 Year Bond ETF
	For the Six Months Ended February 28, 2021 (Unaudited)			For the Period July 7, 2020* to August 31, 2020
Per Share Operating Performance:
Net asset value, beginning of period	$	50.21		$	49.89
Net investment income(a)		0.20			0.06
Net realized and unrealized gain		0.03			0.29
Total gain from investment operations		0.23			0.35
Distributions to shareholders from net investment income		(0.24	)		(0.03	)
Net asset value, end of period	$	50.20		$	50.21
Market price, end of period	$	50.19		$	50.28
Total Return at Net Asset Value(b)		0.46	%		0.70	%
Net assets, end of period (in 000’s)	$	27,611		$	27,617
Ratio of total expenses to average net assets		0.14	%(c)		0.14	%(c)
Ratio of net investment income to average net assets		0.79	%(c)		0.73	%(c)
Portfolio turnover rate(d)		23	%		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 and short-term transactions. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Access Investment Grade Corporate Bond ETF
	For the Six Months Ended February 28, 2021 (Unaudited)			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	$	55.39		$	52.87		$	48.31		$	50.28		$	49.90
Net investment income(a)		0.65			1.59			1.74			1.55			0.32
Net realized and unrealized gain (loss)		(1.35	)		2.54			4.52			(2.09	)		0.27
Total gain (loss) from investment operations		(0.70	)		4.13			6.26			(0.54	)		0.59
Distributions to shareholders from net investment income		(0.66	)		(1.61	)		(1.70	)		(1.43	)		(0.21	)
Net asset value, end of period	$	54.03		$	55.39		$	52.87		$	48.31		$	50.28
Market price, end of period	$	54.20		$	55.47		$	52.90		$	48.28		$	50.24
Total Return at Net Asset Value(b)		(1.29	)%		7.95	%		13.35	%		(1.04	)%		1.19	%
Net assets, end of period (in 000’s)	$	759,164		$	642,578		$	526,049		$	258,462		$	180,997
Ratio of net expenses to average net assets		0.14	%(c)		0.14	%		0.14	%		0.14	%		0.13	%(c)
Ratio of total expenses to average net assets		0.14	%(c)		0.14	%		0.14	%		0.14	%		0.14	%(c)
Ratio of net investment income to average net assets		2.37	%(c)		3.00	%		3.54	%		3.18	%		2.65	%(c)
Portfolio turnover rate(d)		5	%		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 and short-term 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. 81

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 Six Months Ended February 28, 2021 (Unaudited)			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	$	100.44		$	100.38		$	100.16		$	100.10		$	100.00
Net investment income(a)		0.01			1.13			2.23			1.48			0.82
Net realized and unrealized gain (loss)		—	(b)		0.29			0.15			(0.13	)		(0.29	)
Total gain (loss) from investment operations		0.01			1.42			2.38			1.35			0.53
Distributions to shareholders from net investment income		(0.32	)		(1.36	)		(2.16	)		(1.29	)		(0.43	)
Net asset value, end of period	$	100.13		$	100.44		$	100.38		$	100.16		$	100.10
Market price, end of period	$	100.14		$	100.45		$	100.40		$	100.18		$	100.10
Total Return at Net Asset Value(c)		0.01	%		1.42	%		2.40	%		1.37	%		0.53	%
Net assets, end of period (in 000’s)	$	2,172,862		$	3,045,396		$	3,174,026		$	1,642,627		$	815,829
Ratio of net expenses to average net assets		0.12	%(d)		0.12	%		0.12	%		0.12	%		0.13	%(d)
Ratio of total expenses to average net assets		0.14	%(d)		0.14	%		0.14	%		0.14	%		0.14	%(d)
Ratio of net investment income to average net assets		0.03	%(d)		1.13	%		2.22	%		1.48	%		0.83	%(d)
Portfolio turnover rate(e)		—	%		—	%		—	%		—	%		—	%

 * Commencement of operations.

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

(b) Amount is less than $0.005 per share.

(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 and short-term transactions. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout The Period

	Access U.S. Aggregate Bond ETF
	For the Period September 8, 2020* to February 28, 2021 (Unaudited)
Per Share Operating Performance:
Net asset value, beginning of period	$	50.03
Net investment income(a)		0.17
Net realized and unrealized loss		(1.30	)
Total loss from investment operations		(1.13	)
Distributions to shareholders from net investment income		(0.15	)
Net asset value, end of period	$	48.75
Market price, end of period	$	48.78
Total Return at Net Asset Value(b)		(2.26	)%
Net assets, end of period (in 000’s)	$	180,368
Ratio of net expenses to average net assets		0.10	%(c)
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)		240	%

 * Commencement of operations.

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

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

(c) Annualized.

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

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

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 Six Months Ended February 28, 2021 (Unaudited)			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	$	50.77		$	50.49		$	50.00
Net investment income(a)		0.15			0.73			0.52
Net realized and unrealized gain		0.07			0.42			0.34
Total gain from investment operations		0.22			1.15			0.86
Distributions to shareholders from net investment income		(0.18	)		(0.87	)		(0.37	)
Net asset value, end of period	$	50.81		$	50.77		$	50.49
Market price, end of period	$	50.81		$	50.78		$	50.51
Total Return at Net Asset Value(b)		0.43	%		2.28	%		1.75	%
Net assets, end of period (in 000’s)	$	248,985		$	149,765		$	15,148
Ratio of net expenses to average net assets		0.16	%(c)		0.16	%		0.16	%(c)
Ratio of total expenses to average net assets		0.20	%(c)		0.20	%		0.20	%(c)
Ratio of net investment income to average net assets		0.61	%(c)		1.45	%		2.72	%(c)
Portfolio turnover rate(d)		30	%		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 and short-term 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

Notes to Financial Statements

February 28, 2021 (Unaudited)

1. ORGANIZATION

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

Fund	Diversification Classification
Goldman Sachs Access High Yield Corporate Bond ETF (“Access High Yield Corporate Bond ETF”)	Diversified
Goldman Sachs Access Inflation Protected USD Bond ETF (“Access Inflation Protected USD Bond ETF”)	Diversified
Goldman Sachs Access Investment Grade Corporate 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 U.S. Aggregate Bond ETF (“Access U.S. Aggregate Bond ETF”)*	Diversified
Goldman Sachs Access Ultra Short Bond ETF (“Access Ultra Short Bond ETF”)	Diversified

* Commencement of operations on September 8, 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, Access Treasury 0-1 Year ETF and Access U.S. Aggregate Bond 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 generally for a designated portfolio of securities (including any portion of such securities for which cash may be substituted) and a specified amount of cash. Shares generally trade in the secondary market in quantities less than a Creation Unit at market prices that change throughout the day. Only those that have entered into an authorized participant agreement with ALPS Distributors, Inc. (the “Distributor”) may do business directly with the Funds.

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

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

85

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Notes to Financial Statements (continued)

February 28, 2021 (Unaudited)

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.

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).

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

86

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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 February 28, 2021:

ACCESS HIGH YIELD CORPORATE BOND ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Fixed Income
Corporate Obligations	$	—	$	179,342,295	$	—
Foreign Corporate Debt		—		8,414,997		—
Investment Company		1,901,527		—		—
Total	$	1,901,527	$	187,757,292	$	—
ACCESS INFLATION PROTECTED USD BOND ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Fixed Income
U.S. Treasury Inflation Indexed Bonds	$	63,287,866	$	—	$	—
Investment Companies		221,575		—		—
Total	$	63,509,441	$	—	$	—

87

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Notes to Financial Statements (continued)

February 28, 2021 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

ACCESS INVESTMENT GRADE CORPORATE 1-5 YEAR BOND ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Fixed Income
Corporate Obligations	$	—	$	21,450,780	$	—
Foreign Corporate Debt		—		5,821,236		—
Investment Company		64,378		—		—
Total	$	64,378	$	27,272,016	$	—
ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Fixed Income
Corporate Obligations	$	—	$	616,380,593	$	—
Foreign Corporate Debt		—		134,400,964		—
Investment Company		2,536,790		—		—
Total	$	2,536,790	$	750,781,557	$	—
ACCESS TREASURY 0-1 YEAR ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Fixed Income
U.S. Treasury Bills	$	1,840,736,265	$	—	$	—
U.S. Treasury Notes		343,685,446		—		—
Total	$	2,184,421,711	$	—	$	—
ACCESS U.S. AGGREGATE BOND ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Fixed Income
U.S. Treasury Notes	$	62,157,839	$	—	$	—
Mortgage-Backed Securities		—		48,950,525		—
Corporate Obligations		—		44,419,928		—
U.S. Treasury Bonds		12,357,309		—		—
Foreign Corporate Debt		—		7,679,753		—
Foreign Debt Obligations		—		3,163,258		—
Investment Company		41,857,451		—		—
Total	$	116,372,599	$	104,213,464	$	—

88

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

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	$	—	$	79,218,873	$	—
Asset- Backed Securities		—		52,479,371		—
Corporate Obligations		—		50,200,822		—
Foreign Corporate Debt		—		46,481,280		—
U.S. Treasury Bills		14,448,616		—		—
Municipal Debt Obligations		—		344,298		—
Certificate of Deposit		—		1,498,471		—
Investment Company		13,397,685		—		—
Total	$	27,846,301	$	230,223,115	$	—

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, 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 February 28, 2021, contractual and effective net unitary management fees 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 U.S. Aggregate Bond ETF		0.14	%		0.10	%
Access Ultra Short Bond ETF		0.20	%		0.16	%

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

89

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Notes to Financial Statements (continued)

February 28, 2021 (Unaudited)

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

GSAM has agreed to waive a portion of its management fee in order to achieve an effective net management fee rate of 0.12% and 0.16% as an annual percentage rate of average daily net assets of the Access Treasury 0-1 Year ETF and the Access Ultra Short Bond ETF, respectively. These arrangements will remain in effect through at least December 29, 2021 and prior to such dates the Investment Adviser may not terminate the arrangements without the approval of the Board of Trustees. For the six months ended February 28, 2021, GSAM waived $282,762 and $38,303 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, Access Ultra Short Bond ETF and Access U.S. Aggregate 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 period ended February 28, 2021, GSAM waived $1,285, $34, $65, $2,267, $20,071 and $3,598 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, Access U.S. Aggregate 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 period ended February 28, 2021:

Fund	Beginning value as of August 31, 2020		Purchases at Cost		Proceeds from Sales			Ending value as of February 28, 2021		Shares as of February 28, 2021		Interest Income
Access High Yield Corporate Bond ETF	$	1,754,115	$	34,796,570	$	(34,649,158	)	$	1,901,527		1,901,527	$	203
Access Inflation Protected USD Bond ETF	$	—	$	333,248	$	(111,673	)	$	221,575		221,575	$	7
Access Investment Grade Corporate 1-5 Year Bond ETF	$	684,558	$	1,071,960	$	(1,692,140)		$	64,378		64,378	$	10
Access Investment Grade Corporate Bond ETF	$	6,635,197	$	37,080,431	$	(41,178,838)		$	2,536,790		2,536,790	$	360
Access U.S. Aggregate Bond ETF*	$	—	$	66,798,531	$	(24,941,080	)	$	41,857,451		41,857,451	$	3,263
Access Ultra Short Bond ETF	$	3,705,115	$	97,411,488	$	(87,718,918	)	$	13,397,685		13,397,685	$	619

* Commencement of operations on September 8, 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.

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

Share activity is as follows:

	Access High Yield Corporate Bond ETF
	For the Six Months Ended February 28, 2021 (Unaudited)						For the Fiscal Year Ended August 31, 2020
Fund Share Activity
Shares Sold		1,150,000		$	56,975,327			2,200,000		$	106,518,573
Shares Redeemed		(350,000	)		(17,325,925	)		(700,000	)		(33,025,220	)
NET INCREASE IN SHARES		800,000		$	39,649,402			1,500,000		$	73,493,353

	Access Inflation Protected USD Bond ETF
	For the Six Months Ended February 28, 2021 (Unaudited)						For the Fiscal Year Ended August 31, 2020
Fund Share Activity
Shares Sold		750,000		$	42,556,170			525,000		$	28,411,888
Shares Redeemed		(175,000	)		(9,875,297	)		(125,000	)		(6,876,076	)
NET INCREASE IN SHARES		575,000		$	32,680,873			400,000		$	21,535,812

	Access Investment Grade Corporate 1-5 Year Bond ETF
	For the Six Months Ended February 28, 2021 (Unaudited)						For the Period July 7, 2020* through August 31, 2020
Shares Sold		50,000		$	2,522,042			550,000	$	27,483,763
Shares Redeemed		(50,000	)		(2,519,551	)		—		—
NET INCREASE IN SHARES		—		$	2,491			550,000	$	27,483,763

* Commencement of operations.

	Access Investment Grade Corporate Bond ETF
	For the Six Months Ended February 28, 2021 (Unaudited)						For the Fiscal Year Ended August 31, 2020
Shares Sold		6,700,000		$	370,949,444			6,550,000		$	353,363,901
Shares Redeemed		(4,250,000	)		(234,632,571	)		(4,900,000	)		(254,691,742	)
NET INCREASE IN SHARES		2,450,000		$	136,316,873			1,650,000		$	98,672,159

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Notes to Financial Statements (continued)

February 28, 2021 (Unaudited)

5. CREATION AND REDEMPTION OF CREATION UNITS (continued)

	Access Treasury 0-1 Year ETF
	For the Six Months Ended February 28, 2021 (Unaudited)						For the Fiscal Year Ended August 31, 2020
Shares Sold		1,670,000		$	167,367,745			16,650,000		$	1,673,288,926
Shares Redeemed		(10,290,000	)		(1,030,543,239	)		(17,950,000	)		(1,804,798,807	)
NET DECREASE IN SHARES		(8,620,000	)	$	(863,175,494	)		(1,300,000	)	$	(131,509,881	)

	Access U.S. Aggregate Bond ETF
	For the Period September 8, 2020* through February 28, 2021 (Unaudited)
Shares Sold		3,700,000	$	184,110,701
Shares Redeemed		—		—
NET INCREASE IN SHARES		3,700,000	$	184,110,701

* Commencement of operations.

	Access Ultra Short Bond ETF
	For the Six Months Ended February 28, 2021 (Unaudited)						For the Fiscal Year Ended August 31, 2020
Shares Sold		2,450,000		$	124,399,448			2,900,000		$	146,532,435
Shares Redeemed		(500,000	)		(25,379,275	)		(250,000	)		(12,635,581	)
NET INCREASE IN SHARES		1,950,000		$	99,020,173			2,650,000		$	133,896,854

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the period ended February 28, 2021, 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	$	73,273,714	$	16,932,170
Access Inflation Protected USD Bond ETF		11,182,551		5,733,219
Access Investment Grade Corporate 1-5 Year Bond  ETF		6,833,767		3,795,386
Access Investment Grade Corporate Bond ETF		407,702,165		32,624,602
Access U.S. Aggregate Bond ETF		466,634,265		283,532,848
Access Ultra Short Bond ETF		136,573,217		51,169,815

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6. PORTFOLIO SECURITIES TRANSACTIONS (continued)

The purchases and sales from in-kind creation and redemption transactions for the period ended February 28, 2021, were as follows:

Fund	Purchases	Sales
Access High Yield Corporate Bond ETF	$             —	$	17,095,364
Access Inflation Protected USD Bond ETF	36,843,337		9,877,649
Access Investment Grade Corporate 1-5 Year Bond  ETF	—		2,491,803
Access Investment Grade Corporate Bond ETF	—		232,814,861
Access U.S. Aggregate Bond ETF	—		—
Access Ultra Short Bond ETF	—		—

7. TAX INFORMATION

As of the Funds’ most recent fiscal year end, August 31, 2020, the Funds’ capital loss carryforwards 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
Capital loss carryforwards:
Perpetual Short-Term	$	(1,508,264	)	$	—	$	—	$	—	$	—	$	(64,586	)
Perpetual Long-Term		(87,369	)		—		—		—		—		(339	)

As of February 28, 2021, 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 Bonds ETF			Access Treasury 0-1 Year ETF			Access U.S. Aggregate Bond ETF			Access Ultra Short Bond ETF
Tax Cost	$	184,289,084		$	63,004,737		$	27,311,894		$	741,295,763		$	2,184,256,530		$	224,403,909		$	257,240,454
Gross unrealized gain		6,098,346			837,623			126,587			21,528,357			172,570			197,180			940,004
Gross unrealized loss		(728,611	)		(332,919	)		(102,087	)		(9,505,773	)		(7,389	)		(4,015,026	)		(111,042	)
Net unrealized gains (losses) on securities	$	5,369,735		$	504,704		$	24,500		$	12,022,584		$	165,181		$	(3,817,846	)	$	828,962

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.

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.

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Notes to Financial Statements (continued)

February 28, 2021 (Unaudited)

8. OTHER RISKS

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

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

In 2017, the United Kingdom’s Financial Conduct Authority (“FCA”) warned that LIBOR may cease to be available or appropriate for use by 2021. The unavailability or replacement of LIBOR may affect the value, liquidity or return on certain Fund investments and may result in costs incurred in connection with closing out positions and entering into new trades. Any pricing adjustments to a Fund’s 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 problems with 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 US Investment-Grade Corporate Bond 1-5 Years Index and FTSE Goldman Sachs US Broad Bond Market Index are new and have 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

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8. OTHER RISKS (continued)

period of time or at all, which may have an adverse impact on the applicable Fund and its shareholders. In addition, neither a Fund, the Investment Adviser nor the Index Provider can guarantee the availability or timeliness of the production of the Index.

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

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

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 (except the Access Ultra Short Bond ETF) 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

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Notes to Financial Statements (continued)

February 28, 2021 (Unaudited)

9. INDEMNIFICATIONS (continued)

the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.

10. OTHER MATTERS

New Accounting Standards — 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.

Other — On October 22, 2020, Goldman Sachs announced a settlement of matters involving 1Malaysia Development Bhd. (1MDB), a Malaysian sovereign wealth fund, with the United States Department of Justice as well as criminal and civil authorities in the UK, Singapore and Hong Kong. Further information regarding the 1MDB settlement can be found at https://www.goldmansachs.com/media-relations/press-releases/current/goldman-sachs-2020-10-22.html. The 1MDB settlement will not materially adversely affect GSAM’s ability to serve as investment manager.

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.

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Fund Expenses — For the Period Ended 2/28/2021 (Unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the period from September 1, 2020 and held for the entire period ended February 28, 2021, which represents a period of 181 days of a 365 day year (or less where indicated).

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

Hypothetical Example for Comparison Purposes — The second line in the table below provides information about hypothetical account values and hypothetical expenses based on 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
	Beginning Account Value 9/1/20		Ending Account Value 2/28/21			Expenses Paid*		Beginning Account Value 9/1/20		Ending Account Value 2/28/21			Expenses Paid*		Beginning Account Value 9/1/20		Ending Account Value 2/28/21			Expenses Paid*		Beginning Account Value 9/1/20		Ending Account Value 2/28/21			Expenses Paid*		Beginning Account Value 9/1/20		Ending Account Value 2/28/21			Expenses Paid*
Actual based on NAV	$	1,000	$	1,038.60		$	1.72	$	1,000	$	995.80		$	0.59	$	1,000	$	1,004.60		$	0.70	$	1,000	$	987.10		$	0.69	$	1,000	$	1,000.10		$	0.60
Hypothetical 5% return	$	1,000	$	1,023.11	+	$	1.71	$	1,000	$	1,024.20	+	$	0.60	$	1,000	$	1,024.10	+	$	0.70	$	1,000	$	1,024.10	+	$	0.70	$	1,000	$	1,024.20	+	$	0.60
		Access U.S. Aggregate Bond ETF**							Access Ultra Short Bond ETF
	Beginning Account Value 9/1/20		Ending Account Value 2/28/21			Expenses Paid*		Beginning Account Value 9/1/20		Ending Account Value 2/28/21			Expenses Paid*
	$	1,000	$	977.40		$	0.47	$	1,000	$	1,004.30		$	0.80
	$	1,000	$	1,023.36	+	$	0.48	$	1,000	$	1,024.00	+	$	0.80

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

*   Expenses for each Fund are calculated using the Fund’s annualized net expense ratio, which represents the ongoing expenses as a percentage of net assets for the six months ended February 28, 2021. 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 September 8, 2020. Expenses are calculated using the Fund’s annualized expense ratio, multiplied by the ending value for the period, multiplied by 174/365, which represents a period of 174 days of a 365 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 Year Bond ETF	0.14%
Access Investment Grade Corporate Bond ETF	0.14%
Access Treasury 0-1 Year ETF	0.12%
Access U.S. Aggregate Bond ETF	0.10%
Access Ultra Short Bond ETF	0.16%

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

Background

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

The Management Agreement was most recently approved for continuation until September 30, 2021 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on September 22-23, 2020 (the “Annual Meeting”).

The review process undertaken by the Trustees spans the course of the year and culminates with the Annual Meeting. To assist the Trustees in their deliberations, the Trustees have established a Contract Review Committee (the “Committee”), comprised of the Independent Trustees. The Committee held two meetings over the course of the year since the Management Agreement was last approved in 2019. At those Committee meetings, regularly scheduled Board or other committee meetings, and/or the Annual Meeting, matters relevant to the renewal of the Management Agreement were considered by the Board, or the Independent Trustees, as applicable. With respect to each Fund, such matters included:

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

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

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

(iii) trends in employee headcount;

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

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

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

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

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

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

(f) the undertakings of the Investment Adviser and its affiliates to implement fee waivers;

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

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

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

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

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

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

(l) the nature and quality of the services provided to the Fund by its unaffiliated service providers, and the Investment Adviser’s general oversight and evaluation (including reports on due diligence) of those service providers as part of the administrative services provided under the Management Agreement; and

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

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

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

As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Funds by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees noted the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted the significant resources that the Investment Adviser devotes to risk management and the control environment in which the Funds operate, the Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the market, regulatory and control environment in which the Funds and their service providers operate, including changes associated with the COVID-19 pandemic, 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 fee to the Investment Adviser, and the Investment Adviser pays each Fund’s ordinary operating expenses, excluding payments under each Fund’s 12b-1 plan (if any), interest expenses, taxes, acquired fund fees and expenses, brokerage fees, costs of holding shareholder meetings, litigation, indemnification and extraordinary expenses. The Trustees also considered information about each Fund’s structure, investment objective, strategies and other characteristics. In particular, they noted that the Funds are passively-managed ETFs that seek to track indices developed and maintained by a third-party service provider, except for the Goldman Sachs Access Ultra Short Bond ETF, which is an actively managed ETF that does not seek to replicate the performance of a specified index. The Trustees noted the experience and capabilities of the key personnel of the Investment Adviser who provide services to the Funds. In particular, the Trustees considered the Investment Adviser’s extensive experience in managing fixed income investment strategies and portfolios that invest in short term U.S. Treasury securities. They also considered information regarding the Investment Adviser’s business continuity planning and remote operations in the current environment. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Funds and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Funds and the Investment Adviser and its affiliates.

Investment Performance

The Trustees also considered the investment performance of the Funds. In this regard, they compared the investment performance of each Fund to its peers using rankings and/or ratings compiled by the Outside Data Provider as of March 31, 2020, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data

99

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs Access High Yield Corporate Bond ETF, Goldman Sachs Access 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 (Unaudited) (continued)

Provider as of June 30, 2020. The information on each Fund’s investment performance was provided for the one- and three-year periods ending on the applicable dates, to the extent that each Fund had been in existence for those periods. As part of this review, they reviewed the investment performance of each Fund in light of its investment objective and policies and market conditions. The Trustees also received information comparing each Fund’s performance to that of its respective index (except the Goldman Sachs Access Ultra Short Bond ETF), a comparable market capitalization-weighted reference index, and a separate account composite with a comparable investment strategy, as applicable. The Trustees observed that the investment performance of each passively-managed Fund was consistent with the investment objective of tracking its respective index. They also noted that the Goldman Sachs Access Ultra Short Bond ETF’s investment performance was consistent with the investment objective of seeking to provide current income with preservation of capital.

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

Unitary Fee Structure and Profitability

The Trustees considered the contractual fee rate payable by each Fund, noting that the Management Agreement provides for a unitary fee structure, pursuant to which each Fund pays a single fee to the Investment Adviser and the Investment Adviser then pays all of the Fund’s ordinary operating expenses. In addition, the Trustees considered information on the services rendered by the Investment Adviser to the Funds, which included both advisory and administrative services that were directed to the needs and operations of the Funds as ETFs.

In addition, the Trustees considered the Investment Adviser’s undertakings to implement management fee waivers for the Goldman Sachs Access Treasury 0-1 Year ETF, Goldman Sachs Access Emerging Markets USD Bond ETF, and Goldman Sachs Access Ultra Short Bond ETF. The Trustees noted that license fees would be payable by the Investment Adviser to FTSE Fixed Income LLC for the use of its indices (except with respect to the Goldman Sachs Access Ultra Short Bond ETF). The Trustees also considered information previously provided regarding fees and expenses of comparable ETFs advised by other, unaffiliated investment management firms.

The comparisons of the Funds’ fee rates and expense ratios were prepared by the Investment Adviser and certain third-party providers of mutual fund and ETF data. In particular, the Trustees referred to an analysis comparing each Fund’s management fee rate and net expense ratio to those of relevant peer funds. The Trustees concluded that the comparisons were useful in evaluating the reasonableness of the management fees and total expenses paid by the Funds.

The Trustees reviewed each Fund’s contribution to the Investment Adviser’s revenues and pre-tax profit margins. In this regard the Trustees noted that they had previously received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency and distribution and service), and information on the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs & Co. LLC (“Goldman Sachs”) organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology and profitability analysis calculations.

Economies of Scale

The Trustees noted that the Funds, similar to many other ETFs, do not have management fee breakpoints. They considered information previously provided regarding each Fund’s fee structure, the amount of assets in each Fund, each Fund’s recent creation and redemption activity, and the costs of the services provided by the Investment Adviser and its affiliates. The Trustees further noted the Investment Adviser’s assertion that future economies of scale (among several factors) had been taken into consideration in determining each Fund’s unitary management fee rate, and that significant economies of scale are unlikely to be realized in the competitive environment in which the Funds operate.

100

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs Access High Yield Corporate Bond ETF, Goldman Sachs Access 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 (Unaudited) (continued)

Other Benefits to the Investment Adviser and Its Affiliates

The Trustees also considered the other benefits derived (or expected to be derived) by the Investment Adviser and its affiliates from their relationships with the Funds as stated above, 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. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.

Other Benefits to the Funds and Their Shareholders

The Trustees also noted that the Funds receive certain other potential benefits as a result of their relationship with the Investment Adviser, including: (a) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (b) the Investment Adviser’s ability to hire and retain qualified personnel to provide services to the Funds because of the reputation of the Goldman Sachs organization; and (c) the Funds’ access to certain affiliated distribution channels.

Conclusion

In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the unitary fee paid by each Fund was reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and each Fund’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit each Fund and its shareholders and that the Management Agreement should be approved and continued with respect to each Fund until September 30, 2021.

101

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Statement Regarding Basis for Initial Approval of Management Agreement for the Goldman Sachs Access U.S. Aggregate Bond ETF (Unaudited)

Background

The Goldman Sachs Access U.S. Aggregate Bond ETF (the “Fund”) is a newly-organized investment portfolio of Goldman Sachs ETF Trust (the “Trust”) that commenced investment operations on September 8, 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 significant resources that the Investment Adviser devotes to risk management and the control environment in which the Fund would operate, the Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the market, regulatory and control environment in which the Fund and its service providers would operate, including changes associated with the COVID-19 pandemic, 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 also considered information regarding the Investment Adviser’s business continuity planning and remote operations in the current environment. 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 a license fee would be payable by the

102

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Statement Regarding Basis for Initial Approval of Management Agreement for the Goldman Sachs Access U.S. Aggregate Bond ETF (Unaudited) (continued)

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

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

Economies of Scale

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

Other Benefits to the Investment Adviser and Its Affiliates

The Trustees also considered the other benefits expected to be derived by the Investment Adviser and its affiliates from their relationships with the Fund as stated above, including: (a) 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 due to the volume of business generated by the Investment Adviser and its affiliates; (b) the Investment Adviser’s ability to hire and retain qualified personnel to provide services to the Fund because of the reputation of the Goldman Sachs organization; and (c) the Fund’s access to certain affiliated distribution channels.

Conclusion

In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the unitary management fee to be paid by the Fund was reasonable in light of the services to be provided to it by the Investment Adviser, the Investment Adviser’s costs and the Fund’s reasonably foreseeable asset levels. The Trustees unanimously concluded that the engagement of the Investment Adviser likely would benefit the Fund and its shareholders and that the Management Agreement should be approved for an initial two-year period from its effective date.

103

FUNDS PROFILE

Goldman Sachs ETFs

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

Today, the Asset Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $1.95 trillion in assets under supervision as of December 31, 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 Innovate Equity ETF

Goldman Sachs Access High Yield Corporate Bond ETF

Goldman Sachs Access Inflation Protected USD Bond ETF

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

Goldman Sachs Access Investment Grade Corporate Bond ETF

Goldman Sachs Access Treasury 0-1 Year ETF

Goldman Sachs Access U.S. Aggregate Bond ETF

Goldman Sachs Access Ultra Short Bond ETF

Goldman Sachs MarketBeta^TM Emerging Markets Equity ETF

Goldman Sachs MarketBeta^TM International Equity ETF

Goldman Sachs MarketBeta^TM U.S. Equity ETF

Goldman Sachs Physical Gold ETF

INDEX DISCLAIMERS

The 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 U.S. Aggregate Bond ETF (the “Funds”) have been developed solely by GSAM. The Funds are 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, FTSE Goldman Sachs Treasury Inflation Protected USD Bond Index, FTSE Goldman Sachs US Investment-Grade Corporate Bond 1-5 Years Index, FTSE Goldman Sachs Investment Grade Corporate Bond Index, FTSE US Treasury 0-1 Year Composite Select Index, FTSE Goldman Sachs US Broad Bond Market Index, and FTSE Goldman Sachs US Treasury Index (each, an “Index” and collectively, the “Indexes”) vest in the relevant LSE Group company which owns each Index. FTSE^® is a trademark of the relevant LSE Group company and is used by any other LSE Group company under license.

Each 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 Funds. The LSE Group makes no claim, prediction, warranty or representation either as to the results to be obtained from the Funds or the suitability of any Index for the purpose to which it is being put by GSAM.

TRUSTEES Lawrence W. Stranghoener, Chairman 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 the Funds voted proxies relating to portfolio securities for the most recent 12-month period ended June 30, are available (i) without charge, upon request by calling 1-800-621-2550; and (ii) on the Securities and Exchange Commission (“SEC’’) web site at http://www.sec.gov.

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

Fund holdings and allocations shown are as of February 28, 2021 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.

© 2021 Goldman Sachs. All rights reserved. 237073-OTU-04/2021 ACFIETFSAR-21

Goldman Sachs Funds

Semi-Annual Report	February 28, 2021
	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)

ActiveBeta^® is a registered trademark of GSAM.

Goldman Sachs ActiveBeta^® ETFs

∎ ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

∎ ACTIVEBETA^® EUROPE EQUITY ETF

∎ ACTIVEBETA^® INTERNATIONAL EQUITY ETF

∎ ACTIVEBETA^® JAPAN EQUITY ETF

∎ ACTIVEBETA^® U.S. LARGE CAP EQUITY ETF

∎ ACTIVEBETA^® U.S. SMALL CAP EQUITY ETF

TABLE OF CONTENTS
Fund Basics	1
Schedules of Investments	14
Financial Statements	63
Financial Highlights	70
ActiveBeta® Emerging Markets Equity ETF	70
ActiveBeta® Europe Equity ETF	71
ActiveBeta® International Equity ETF	72
ActiveBeta® Japan Equity ETF	73
ActiveBeta® U.S. Large Cap Equity ETF	74
ActiveBeta® U.S. Small Cap Equity ETF	75
Notes to Financial Statements	76
Other Information	90

NOT FDIC-INSURED May Lose Value No Bank Guarantee

FUND BASICS

ActiveBeta^® Emerging Markets Equity ETF

as of February 28, 2021

FUND SNAPSHOT
As of February 28, 2021
Market Price1	$	39.33
Net Asset Value (NAV)1	$	39.21

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.

PERFORMANCE REVIEW
September 1, 2020–February 28, 2021	Fund Total Return (based on NAV)2			Fund Total Return (based on Market Price)2			GS ActiveBeta® Emerging Markets Equity Index3			MSCI Emerging Markets Index4
Shares		19.50	%		19.86	%		19.48	%		22.32	%

²  Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculation assumes all management fees and operating expenses incurred by the Fund. Market Price returns are based upon the last trade as of 4:00pm EST and do not reflect the returns you would receive if you traded shares at other times. Total returns for periods less than one full year are not annualized.

³  The Goldman Sachs ActiveBeta^® Emerging Markets Equity Index (the “Index”) is designed to deliver exposure to equity securities of emerging market issuers. The Index seeks to capture common sources of active equity returns, including value (i.e., how attractively a stock is priced relative to its “fundamentals”, such as book value or free cash flow), momentum (i.e., whether a company’s share price is trending up or down), quality (i.e., profitability) and low volatility (i.e., a relatively low dgree of fluctuation in a company’s share price over time). The index provider for the reference index on which the Index is based may delay or change a scheduled rebalancing or reconstitution of such reference index or the implementation of certain rules at its sole discretion. In such circumstances, the scheduled rebalancing or reconstitution of the Index may likewise be delayed or changed. It is not possible to invest directly in an unmanaged index.

⁴  The MSCI Emerging Markets Index captures large and mid cap representation across 27 Emerging Markets countries. It is not possible to invest directly in an unmanaged index.

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

1

FUND BASICS

TOP TEN HOLDINGS AS OF 2/28/215
Holding	% of Net Assets			Line of Business	Country
Taiwan Semiconductor Manufacturing Co. Ltd.		5.9	%	Information Technology	Taiwan
Tencent Holdings Ltd.		5.3		Communication Services	China
Alibaba Group Holding Ltd. ADR		4.8		Consumer Discretionary	China
Samsung Electronics Co. Ltd.		4.0		Information Technology	South Korea
Meituan, Class B		1.5		Consumer Discretionary	China
Samsung Electronics Co. Ltd., 4.10%		0.9		Information Technology	South Korea
Infosys Ltd.		0.9		Information Technology	India
SK Hynix, Inc.		0.9		Information Technology	South Korea
JD.com, Inc. ADR		0.8		Consumer Discretionary	China
Naspers Ltd., Class N		0.8		Consumer Discretionary	South Africa

⁵  The top 10 holdings may not be representative of the Fund’s future investments.

FUND VS BENCHMARK⁶

February 28, 2021

⁶  Country and sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by MSCI. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Underlying sector allocation of exchange-traded funds held by the Fund are not reflected in the chart above. Investments in the securities lending vehicle represented 0.7% of the Fund’s net assets as of February 28, 2021. Figures above may not sum to 100% due to rounding.

⁷  The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Goldman Sachs ActiveBeta^® Emerging Markets Equity Index.

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

2

FUND BASICS

ActiveBeta^® Europe Equity ETF

as of February 28, 2021

FUND SNAPSHOT
As of February 28, 2021
Market Price1	$	33.14
Net Asset Value (NAV)1	$	33.22

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

PERFORMANCE REVIEW
September 1, 2020–February 28, 2021	Fund Total Return (based on NAV)2			Fund Total Return (based on Market Price)2			GS ActiveBeta® Europe Equity Index3			MSCI Europe Index4
Shares		11.99	%		11.86	%		12.25	%		12.83	%

²  Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculation assumes all management fees incurred by the Fund. Market Price returns are based upon the last trade as of 4:00pm EST and do not reflect the returns you would receive if you traded shares at other times. Total returns for periods less than one full year are not annualized.

³  The Goldman Sachs ActiveBeta^® Europe Equity Index (the “Index”) is designed to deliver exposure to equity securities of developed market issuers in Europe. The Index seeks to capture common sources of active equity returns, including value (i.e., how attractively a stock is priced relative to its “fundamentals”, such as book value or free cash flow), momentum (i.e., whether a company’s share price is trending up or down), quality (i.e., profitability) and low volatility (i.e., a relatively low dgree of fluctuation in a company’s share price over time). The index provider for the reference index on which the Index is based may delay or change a scheduled rebalancing or reconstitution of such reference index or the implementation of certain rules at its sole discretion. In such circumstances, the scheduled rebalancing or reconstitution of the Index may likewise be delayed or changed. It is not possible to invest directly in an unmanaged index.

⁴  The MSCI Europe Index captures large and mid-cap representation across 15 Developed Markets countries. It is not possible to invest directly in an unmanaged index.

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

3

FUND BASICS

TOP TEN HOLDINGS AS OF 2/28/215
Holding	% of Net Assets			Line of Business	Country
Nestle SA		2.7	%	Consumer Staples	Switzerland
Roche Holding AG		2.2		Health Care	Switzerland
ASML Holding NV		1.8		Information Technology	Netherlands
Novartis AG		1.6		Health Care	Switzerland
LVMH Moet Hennessy Louis Vuitton SE		1.5		Consumer Discretionary	France
Novo Nordisk A/S, Class B		1.2		Health Care	Denmark
L’Oreal SA		1.1		Consumer Staples	France
Unilever PLC		1.0		Consumer Staples	United Kingdom
AstraZeneca PLC		1.0		Health Care	United Kingdom
SAP SE		1.0		Information Technology	Germany

⁵  The top 10 holdings may not be representative of the Fund’s future investments.

FUND VS BENCHMARK⁶

February 28, 2021

⁶  Country and sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by MSCI. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Underlying sector allocation of exchange-traded funds held by the Fund are not reflected in the chart above. Investments in the securities lending vehicle represented 0.4% of the Fund’s net assets as of February 28, 2021. Figures above may not sum to 100% due to rounding.

⁷  The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Goldman Sachs ActiveBeta^® Europe Equity Index.

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

4

FUND BASICS

ActiveBeta^® International Equity ETF

as of February 28, 2021

FUND SNAPSHOT
As of February 28, 2021
Market Price1	$	32.17
Net Asset Value (NAV)1	$	32.13

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

PERFORMANCE REVIEW
September 1, 2020–February 28, 2021	Fund Total Return (based on NAV)2			Fund Total Return (based on Market Price)2			GS ActiveBeta® Intl Equity  Index3			MSCI World ex USA Index4
Shares		12.74	%		13.23	%		12.81	%		14.23	%

²  Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculation assumes all management fees incurred by the Fund. Market Price returns are based upon the last trade as of 4:00pm EST and do not reflect the returns you would receive if you traded shares at other times. Total returns for periods less than one full year are not annualized.

³  The Goldman Sachs ActiveBeta^® International Equity Index (the “Index”) is designed to deliver exposure to equity securities of developed market issuers outside of the United States. The Index seeks to capture common sources of active equity returns, including value (i.e., how attractively a stock is priced relative to its “fundamentals”, such as book value or free cash flow), momentum (i.e., whether a company’s share price is trending up or down), quality (i.e., profitability) and low volatility (i.e., a relatively low degree of fluctuation in a company’s share price over time). The index provider for the reference index on which the Index is based may delay or change a scheduled rebalancing or reconstitution of such reference index or the implementation of certain rules at its sole discretion. In such circumstances, the scheduled rebalancing or reconstitution of the Index may likewise be delayed or changed. It is not possible to invest directly in an unmanaged index.

⁴  The MSCI World ex USA Index captures large and mid cap representation across 22 of 23 Developed Markets countries. It is not possible to invest directly in an unmanaged index.

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

5

FUND BASICS

TOP TEN HOLDINGS AS OF 2/28/215
Holding	% of Net Assets			Line of Business	Country
Nestle SA		1.5	%	Consumer Staples	Switzerland
Roche Holding AG		1.2		Health Care	Switzerland
LVMH Moet Hennessy Louis Vuitton SE		0.9		Consumer Discretionary	France
Novartis AG		0.9		Health Care	Switzerland
ASML Holding NV		0.8		Information Technology	Netherlands
Novo Nordisk A/S, Class B		0.7		Health Care	Denmark
L’Oreal SA		0.7		Consumer Staples	France
Royal Bank of Canada		0.6		Financials	Canada
Shopify, Inc., Class A		0.5		Information Technology	Canada
Unilever PLC		0.5		Consumer Staples	United Kingdom

⁵  The top 10 holdings may not be representative of the Fund’s future investments.

FUND VS BENCHMARK⁶

February 28, 2021

⁶  Country and sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by MSCI. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Underlying sector allocation of exchange-traded funds held by the Fund are not reflected in the chart above. Investments in the securities lending vehicle represented 1.5% of the Fund’s net assets as of February 28, 2021. Figures above may not sum to 100% due to rounding.

⁷  The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Goldman Sachs ActiveBeta^® International Equity Index.

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

6

FUND BASICS

ActiveBeta^® Japan Equity ETF

as of February 28, 2021

FUND SNAPSHOT
As of February 28, 2021
Market Price1	$	37.48
Net Asset Value (NAV)1	$	37.11

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

PERFORMANCE REVIEW
September 1, 2020–February 28, 2021	Fund Total Return (based on NAV)2			Fund Total Return (based on Market Price)2			GS ActiveBeta® Japan Equity Index3			MSCI Japan Index4
Shares		14.85	%		16.30	%		14.78	%		16.97	%

² Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculation assumes all management fees incurred by the Fund. Market Price returns are based upon the last trade as of 4:00pm EST and do not reflect the returns you would receive if you traded shares at other times. Total returns for periods less than one full year are not annualized.

³ The Goldman Sachs ActiveBeta^® Japan Equity Index (the “Index”) is designed to deliver exposure to equity securities of Japan issuers. The Index seeks to capture common sources of active equity returns, including value (i.e., how attractively a stock is priced relative to its “fundamentals”, such as book value or free cash flow), momentum (i.e., whether a company’s share price is trending up or down), quality (i.e., profitability) and low volatility (i.e., a relatively low degree of fluctuation in a company’s share price over time). The index provider for the reference index on which the Index is based may delay or change a scheduled rebalancing or reconstitution of such reference index or the implementation of certain rules at its sole discretion. In such circumstances, the scheduled rebalancing or reconstitution of the Index may likewise be delayed or changed. It is not possible to invest directly in an unmanaged index.

⁴ The MSCI Japan Index is designed to measure the performance of the large and mid cap segments of the Japanese market. It is not possible to invest directly in an unmanaged index.

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

7

FUND BASICS

TOP TEN HOLDINGS AS OF 2/28/215
Holding	% of Net Assets			Line of Business
Toyota Motor Corp.		3.0	%	Consumer Discretionary
Sony Corp.		3.0		Consumer Discretionary
SoftBank Group Corp.		2.9		Communication Services
Keyence Corp.		1.7		Information Technology
Nintendo Co. Ltd.		1.7		Communication Services
Tokyo Electron Ltd.		1.5		Information Technology
Recruit Holdings Co. Ltd.		1.3		Industrials
Fast Retailing Co. Ltd.		1.3		Consumer Discretionary
KDDI Corp.		1.3		Communication Services
Honda Motor Co. Ltd.		1.2		Consumer Discretionary

⁵  The top 10 holdings may not be representative of the Fund’s future investments.

FUND VS BENCHMARK⁶

February 28, 2021

⁶  Country and sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by MSCI. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Underlying sector allocation of exchange-traded funds held by the Fund are not reflected in the chart above. Investments in the securities lending vehicle represented 1.2% of the Fund’s net assets as of February 28, 2021. Figures above may not sum to 100% due to rounding.

⁷  The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Goldman Sachs ActiveBeta^® Japan Equity Index.

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

8

FUND BASICS

ActiveBeta^® U.S. Large Cap Equity ETF

as of February 28, 2021

FUND SNAPSHOT
As of February 28, 2021
Market Price1	$	76.32
Net Asset Value (NAV)1	$	76.37

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

PERFORMANCE REVIEW
September 1, 2020–February 28, 2021	Fund Total Return (based on NAV)2			Fund Total Return (based on Market Price)2			GS ActiveBeta® U.S. Large Cap Equity Index3			S&P 500 Index4
Shares		8.74	%		8.80	%		8.76	%		9.74	%

²  Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculation assumes all management fees incurred by the Fund. Market Price returns are based upon the last trade as of 4:00pm EST and do not reflect the returns you would receive if you traded shares at other times. Total returns for periods less than one full year are not annualized.

³  The Goldman Sachs ActiveBeta^® U.S. Large Cap Equity Index (the “Index”) is designed to deliver exposure to equity securities of large capitalization U.S. issuers. The Index seeks to capture common sources of active equity returns, including value (i.e., how attractively a stock is priced relative to its “fundamentals”, such as book value or free cash flow), momentum (i.e., whether a company’s share price is trending up or down), quality (i.e., profitability) and low volatility (i.e., a relatively low dgree of fluctuation in a company’s share price over time). The index provider for the reference index on which the Index is based may delay or change a scheduled rebalancing or reconstitution of such reference index or the implementation of certain rules at its sole discretion. In such circumstances, the scheduled rebalancing or reconstitution of the Index may likewise be delayed or changed. It is not possible to invest directly in an unmanaged index.

⁴  The S&P 500 Index is the Standard & Poor’s 500 Composite Index of 500 stocks, an unmanaged index of common stock prices. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an unmanaged index.

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

9

FUND BASICS

TOP TEN HOLDINGS AS OF 2/28/215
Holding	% of Net Assets			Line of Business
Apple, Inc.		5.0	%	Information Technology
Microsoft Corp.		4.8		Information Technology
Amazon.com, Inc.		3.6		Consumer Discretionary
Facebook, Inc., Class A		1.7		Communication Services
Alphabet, Inc., Class A		1.6		Communication Services
Alphabet, Inc., Class C		1.6		Communication Services
Johnson & Johnson		1.1		Health Care
Home Depot, Inc. (The)		0.9		Consumer Discretionary
JPMorgan Chase & Co.		0.9		Financials
Intel Corp.		0.8		Information Technology

⁵  The top 10 holdings may not be representative of the Fund’s future investments.

FUND VS BENCHMARK⁶

February 28, 2021

⁶  Country and sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by 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. Figures above may not sum to 100% due to rounding.

⁷  The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Goldman Sachs ActiveBeta^® U.S. Large Cap Equity Index.

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

10

FUND BASICS

ActiveBeta^® U.S. Small Cap Equity ETF

as of February 28, 2021

FUND SNAPSHOT
As of February 28, 2021
Market Price1	$	61.23
Net Asset Value (NAV)1	$	61.06

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

PERFORMANCE REVIEW
September 1, 2020–February 28, 2021	Fund Total Return (based on NAV)2			Fund Total Return (based on Market Price)2			GS ActiveBeta® U.S. Small Cap Equity Index3			Russell 2000® Index4
Shares		40.91	%		41.10	%		41.16	%		41.69	%

²  Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculation assumes all management fees incurred by the Fund. Market Price returns are based upon the last trade as of 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. Total returns for periods less than one full year are not annualized.

³  The Goldman Sachs ActiveBeta^® U.S. Small Cap Equity Index (the “Index”) is designed to deliver exposure to equity securities of small capitalization U.S. issuers. The Index seeks to capture common sources of active equity returns, including value (i.e., how attractively a stock is priced relative to its “fundamentals”, such as book value or free cash flow), momentum (i.e., whether a company’s share price is trending up or down), quality (i.e., profitability) and low volatility (i.e., a relatively low degree of fluctuation in a company’s share price over time). The index provider for the reference index on which the Index is based may delay or change a scheduled rebalancing or reconstitution of such reference index or the implementation of certain rules at its sole discretion. In such circumstances, the scheduled rebalancing or reconstitution of the Index may likewise be delayed or changed. It is not possible to invest directly in an unmanaged index.

⁴  The Russell 2000^® Index is an unmanaged index of common stock prices that measures the performance of the 2000 smallest companies in the Russell 3000^® Index. The Index is constructed to provide a comprehensive and unbiased small-cap barometer and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set.

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

11

FUND BASICS

TOP TEN HOLDINGS AS OF 2/28/215
Holding	% of Net Assets			Line of Business
Builders FirstSource, Inc.		0.6	%	Industrials
GameStop Corp., Class A		0.5		Consumer Discretionary
eXp World Holdings, Inc.		0.5		Real Estate
Penn National Gaming, Inc.		0.4		Consumer Discretionary
Redfin Corp.		0.4		Real Estate
Deckers Outdoor Corp.		0.4		Consumer Discretionary
MicroStrategy, Inc., Class A		0.4		Information Technology
Plug Power, Inc.		0.4		Industrials
Vericel Corp.		0.4		Health Care
Digital Turbine, Inc.		0.3		Information Technology

⁵  The top 10 holdings may not be representative of the Fund’s future investments.

FUND VS BENCHMARK⁶

February 28, 2021

⁶  Country and sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by 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 February 28, 2021. Figures above may not sum to 100% due to rounding.

⁷  The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Goldman Sachs ActiveBeta^® U.S. Small Cap Equity Index.

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

12

FUND BASICS

Industry Terms

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

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

13

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

Schedule of Investments

February 28, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – 97.1%
Argentina – 0.3%
	17,866	Globant SA (Information Technology)*	$	3,836,187
	496,400	YPF SA ADR (Energy)*		2,149,412
				5,985,599
Brazil – 4.4%
	1,454,499	Ambev SA (Consumer Staples)		3,659,051
	670,145	Atacadao SA (Consumer Staples)		2,285,904
	331,020	B3 SA – Brasil Bolsa Balcao (Financials)		3,225,233
	546,507	Banco Bradesco SA (Financials)		2,019,106
	70,700	Banco Inter SA (Financials)		1,971,159
	946,545	BB Seguridade Participacoes SA (Financials)		4,319,114
	462,746	Cia Siderurgica Nacional SA (Materials)		2,729,289
	405,500	CPFL Energia SA (Utilities)		2,099,879
	327,556	Energisa SA (Utilities)		2,566,704
	394,863	Engie Brasil Energia SA (Utilities)		2,915,569
	514,934	Equatorial Energia SA (Utilities)		1,857,183
	903,395	Hapvida Participacoes e Investimentos SA (Health Care)(a)		2,512,560
	753,206	Klabin SA (Materials)*		3,982,914
	360,934	Lojas Renner SA (Consumer Discretionary)		2,374,255
	1,254,052	Magazine Luiza SA (Consumer Discretionary)		5,441,002
	281,326	Natura & Co. Holding SA (Consumer Staples)*		2,330,649
	170,200	Notre Dame Intermedica Participacoes SA (Health Care)		2,648,414
	809,743	Petroleo Brasileiro SA (Energy)		3,218,311
	1,400,047	Raia Drogasil SA (Consumer Staples)		5,835,780
	333,135	Sul America SA (Financials)		1,974,403
	222,568	Suzano SA (Materials)*		2,922,152
	330,960	Telefonica Brasil SA (Communication Services)		2,612,975
	818,686	Vale SA (Materials)		13,885,072
	430,926	WEG SA (Industrials)		6,035,075
				85,421,753
Chile – 0.4%
	1,333,644	Cencosud SA (Consumer Staples)		2,614,102
	388,700	Cia Cervecerias Unidas SA (Consumer Staples)		3,356,654
	38,645,421	Enel Chile SA (Utilities)		2,858,982
				8,829,738
China – 32.5%
	1,876,300	3SBio, Inc. (Health Care)*(a)		1,867,266
	4,457,752	Agricultural Bank of China Ltd., Class A (Financials)		2,242,686
	9,218,956	Agricultural Bank of China Ltd., Class H (Financials)		3,351,332
	64,437	Airtac International Group (Industrials)		2,244,103
Common Stocks – (continued)
China – (continued)
	394,650	Alibaba Group Holding Ltd. ADR (Consumer Discretionary)*		93,831,984
	695,826	Alibaba Health Information Technology Ltd. (Health Care)*		2,332,172
	279,978	ANTA Sports Products Ltd. (Consumer Discretionary)		4,294,944
	26,268	Autohome, Inc. ADR (Communication Services)		2,995,603
	53,359	Baidu, Inc. ADR (Communication Services)*		15,125,142
	2,989,908	Bank of Beijing Co. Ltd., Class A (Financials)		2,200,955
	4,795,849	Bank of China Ltd., Class A (Financials)		2,397,980
	16,572,770	Bank of China Ltd., Class H (Financials)		5,810,997
	4,274,231	Bank of Communications Co. Ltd., Class A (Financials)		3,014,458
	5,137,257	Bank of Communications Co. Ltd., Class H (Financials)		2,900,628
	3,005,014	Bank of Jiangsu Co. Ltd., Class A (Financials)		2,666,548
	1,506,277	Bank of Nanjing Co. Ltd., Class A (Financials)		2,045,609
	2,008,874	Bank of Shanghai Co. Ltd., Class A (Financials)		2,597,956
	6,200	BeiGene Ltd. ADR (Health Care)*		1,984,000
	878,900	Beijing Enterprises Holdings Ltd. (Utilities)		3,042,078
	20,569	Bilibili, Inc. ADR (Communication Services)*		2,591,077
	65,041	BYD Co. Ltd., Class A (Consumer Discretionary)		1,980,083
	92,639	BYD Co. Ltd., Class H (Consumer Discretionary)		2,354,981
	3,742,604	China Bohai Bank Co. Ltd., Class H (Financials)*(a)		2,064,925
	4,428,802	China CITIC Bank Corp. Ltd., Class H (Financials)		2,089,556
	596,173	China Conch Venture Holdings Ltd. (Industrials)		2,651,417
	2,656,898	China Construction Bank Corp., Class A (Financials)		2,976,779
	18,341,356	China Construction Bank Corp., Class H (Financials)		14,730,114
	6,135,408	China Everbright Bank Co. Ltd., Class H (Financials)		2,657,476
	1,018,426	China Life Insurance Co. Ltd., Class H (Financials)		2,147,827
	1,928,975	China Medical System Holdings Ltd. (Health Care)		3,013,810
	1,179,641	China Mengniu Dairy Co. Ltd. (Consumer Staples)*		6,447,663
	328,460	China Merchants Bank Co. Ltd., Class A (Financials)		2,590,231
	850,546	China Merchants Bank Co. Ltd., Class H (Financials)		6,529,293

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

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

Shares		Description	Value
Common Stocks – (continued)
China – (continued)
	2,818,753	China Minsheng Banking Corp. Ltd., Class A (Financials)	$	2,253,315
	4,785,529	China Minsheng Banking Corp. Ltd., Class H (Financials)		2,856,259
	1,462,827	China National Building Material Co. Ltd., Class H (Materials)		2,217,619
	2,856,900	China Petroleum & Chemical Corp., Class A (Energy)		1,988,413
	4,728,830	China Petroleum & Chemical Corp., Class H (Energy)		2,615,156
	510,204	China Resources Beer Holdings Co. Ltd. (Consumer Staples)		3,847,568
	3,724,420	China Resources Pharmaceutical Group Ltd. (Health Care)(a)		2,376,569
	1,202,862	China Shenhua Energy Co. Ltd., Class H (Energy)		2,285,598
	111,134	China Tourism Group Duty Free Corp. Ltd., Class A (Consumer Discretionary)		5,280,874
	18,639,216	China Tower Corp. Ltd., Class H (Communication Services)(a)		2,787,226
	967,665	China Yangtze Power Co. Ltd., Class A (Utilities)		2,949,356
	3,237,665	China Zheshang Bank Co. Ltd., Class A (Financials)		2,053,567
	346,613	Country Garden Services Holdings Co. Ltd. (Industrials)		2,850,704
	3,570,425	CSPC Pharmaceutical Group Ltd. (Health Care)		3,728,134
	2,001,484	Daqin Railway Co. Ltd., Class A (Industrials)		2,016,974
	236,732	ENN Energy Holdings Ltd. (Utilities)		3,628,486
	21,027	GDS Holdings Ltd. ADR (Information Technology)*		2,148,118
	558,000	Geely Automobile Holdings Ltd. (Consumer Discretionary)		1,812,681
	636,600	Great Wall Motor Co. Ltd., Class H (Consumer Discretionary)		1,850,546
	37,298	GSX Techedu, Inc. ADR (Consumer Discretionary)*(b)		3,836,099
	399,718	Haidilao International Holding Ltd. (Consumer Discretionary)(a)		3,279,735
	2,181,501	Huaxia Bank Co. Ltd., Class A (Financials)		2,100,753
	2,997,280	Industrial & Commercial Bank of China Ltd., Class A (Financials)		2,483,915
	11,500,765	Industrial & Commercial Bank of China Ltd., Class H (Financials)		7,501,772
	1,069,467	Industrial Bank Co. Ltd., Class A (Financials)		4,073,311
	65,691	Intco Medical Technology Co. Ltd., Class A (Health Care)		2,158,425
	170,996	JD.com, Inc. ADR (Consumer Discretionary)*		16,051,395
	339,800	Jiangsu Hengrui Medicine Co. Ltd., Class A (Health Care)		5,338,340
Common Stocks – (continued)
China – (continued)
	25,415	JOYY, Inc. ADR (Communication Services)		2,996,428
	696,092	Kingboard Holdings Ltd. (Information Technology)		3,212,449
	720,353	Kingdee International Software Group Co. Ltd. (Information Technology)*		2,586,171
	2,520,712	Kunlun Energy Co. Ltd. (Utilities)		2,316,858
	21,801	Kweichow Moutai Co. Ltd., Class A (Consumer Staples)		7,141,944
	3,617,960	Lenovo Group Ltd. (Information Technology)		4,575,298
	879,630	Li Ning Co. Ltd. (Consumer Discretionary)		4,943,939
	767,632	Longfor Group Holdings Ltd. (Real Estate)(a)		4,551,950
	673,390	Meituan, Class B (Consumer Discretionary)*(a)		29,514,280
	146,070	Midea Group Co. Ltd., Class A (Consumer Discretionary)		2,098,227
	142,561	Momo, Inc. ADR (Communication Services)		2,258,166
	99,451	NetEase, Inc. ADR (Communication Services)		10,924,692
	30,906	New Oriental Education & Technology Group, Inc. ADR (Consumer Discretionary)*		5,489,524
	94,774	NIO, Inc. ADR (Consumer Discretionary)*		4,338,754
	258,900	Nongfu Spring Co. Ltd., Class H (Consumer Staples)*(a)		1,718,802
	4,268,197	PetroChina Co. Ltd., Class A (Energy)		2,871,878
	7,194,501	PetroChina Co. Ltd., Class H (Energy)		2,578,292
	2,879,259	PICC Property & Casualty Co. Ltd., Class H (Financials)		2,178,740
	61,626	Pinduoduo, Inc. ADR (Consumer Discretionary)*		10,547,906
	193,837	Ping An Insurance Group Co. of China Ltd., Class A (Financials)		2,548,058
	1,281,917	Ping An Insurance Group Co. of China Ltd., Class H (Financials)		15,748,508
	2,194,224	Postal Savings Bank of China Co. Ltd., Class A (Financials)		2,072,371
	4,269,864	Postal Savings Bank of China Co. Ltd., Class H (Financials)(a)		3,175,971
	714,957	SAIC Motor Corp. Ltd., Class A (Consumer Discretionary)		2,344,628
	1,477,859	Shanghai Pharmaceuticals Holding Co. Ltd., Class H (Health Care)		2,709,064
	1,591,550	Shanghai Pudong Development Bank Co. Ltd., Class A (Financials)		2,588,785
	1,616,843	Shenzhen Overseas Chinese Town Co. Ltd., Class A (Consumer Discretionary)		2,016,110

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

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

Schedule of Investments (continued)

February 28, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
China – (continued)
	1,216,347	Sichuan Chuantou Energy Co. Ltd., Class A (Utilities)	$	2,014,152
	39,274	Silergy Corp. (Information Technology)		3,778,990
	108,199	SINA Corp. (Communication Services)*(b)		4,670,951
	282,508	Smoore International Holdings Ltd. (Consumer Staples)*(a)		2,292,520
	2,904,325	Sun Art Retail Group Ltd. (Consumer Staples)(b)		2,508,457
	1,830,596	Suning.com Co. Ltd., Class A (Consumer Discretionary)		1,977,541
	80,336	TAL Education Group ADR (Consumer Discretionary)*		6,229,253
	1,217,573	Tencent Holdings Ltd. (Communication Services)		103,984,236
	1,729,066	Tingyi Cayman Islands Holding Corp. (Consumer Staples)		3,472,687
	1,878,713	Topsports International Holdings Ltd. (Consumer Discretionary)(a)		2,760,908
	60,427	Trip.com Group Ltd. ADR (Consumer Discretionary)*		2,383,845
	226,569	Vipshop Holdings Ltd. ADR (Consumer Discretionary)*		8,455,555
	2,796,851	Want Want China Holdings Ltd. (Consumer Staples)		2,019,036
	446,940	Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd., Class A (Communication Services)		1,941,613
	90,566	Wuliangye Yibin Co. Ltd., Class A (Consumer Staples)		3,913,436
	333,383	Wuxi Biologics Cayman, Inc. (Health Care)*(a)		4,127,883
	1,478,642	Xiaomi Corp., Class B (Information Technology)*(a)		4,822,477
	998,926	Xinyi Solar Holdings Ltd. (Information Technology)		2,098,976
	346,334	Yihai International Holding Ltd. (Consumer Staples)*		4,741,396
	182,823	Yum China Holdings, Inc. (Consumer Discretionary)		10,940,128
	12,200	Zai Lab Ltd. ADR (Health Care)*		1,799,744
	450,300	Zhongsheng Group Holdings Ltd. (Consumer Discretionary)		2,786,312
	1,085,000	Zijin Mining Group Co. Ltd., Class H (Materials)		1,608,475
	74,085	ZTO Express Cayman, Inc. ADR (Industrials)		2,499,628
				638,018,573
Egypt – 0.3%
	800,027	Commercial International Bank Egypt SAE GDR (Financials)		3,132,106
	603,342	Commercial International Bank Egypt SAE (Financials)		2,396,459
				5,528,565
Common Stocks – (continued)
Greece – 0.2%
	284,936	Hellenic Telecommunications Organization SA (Communication Services)		4,406,199
Hong Kong – 0.2%
	3,840,888	Sino Biopharmaceutical Ltd. (Health Care)		4,272,962
India – 9.7%
	148,718	Adani Green Energy Ltd. (Utilities)*		2,347,290
	110,660	Asian Paints Ltd. (Materials)		3,429,203
	259,534	Aurobindo Pharma Ltd. (Health Care)		3,020,392
	59,121	Avenue Supermarts Ltd. (Consumer Staples)*(a)		2,408,928
	294,561	Berger Paints India Ltd. (Materials)		2,725,145
	519,264	Biocon Ltd. (Health Care)*		2,757,254
	80,031	Britannia Industries Ltd. (Consumer Staples)		3,663,391
	268,992	Cipla Ltd. (Health Care)		2,880,998
	184,029	Colgate-Palmolive India Ltd. (Consumer Staples)		3,959,810
	315,323	Dabur India Ltd. (Consumer Staples)		2,158,794
	86,686	Divi’s Laboratories Ltd. (Health Care)*		3,967,254
	82,574	Dr. Reddy’s Laboratories Ltd. (Health Care)		4,974,048
	196,600	Havells India Ltd. (Industrials)		2,957,762
	748,732	HCL Technologies Ltd. (Information Technology)		9,266,304
	86,189	HDFC Asset Management Co. Ltd. (Financials)(a)		3,444,745
	329,929	HDFC Life Insurance Co. Ltd. (Financials)*(a)		3,145,741
	135,044	Hindustan Unilever Ltd. (Consumer Staples)		3,918,086
	284,900	Housing Development Finance Corp. Ltd. (Financials)		9,845,207
	575,995	ICICI Bank Ltd. (Financials)*		4,685,324
	123,466	ICICI Lombard General Insurance Co. Ltd. (Financials)*(a)		2,395,897
	2,209,642	Indian Oil Corp. Ltd. (Energy)		2,948,294
	38,297	Info Edge India Ltd. (Communication Services)*		2,559,048
	1,013,672	Infosys Ltd. (Information Technology)		17,288,360
	877,678	ITC Ltd. (Consumer Staples)		2,434,710
	66,525	Jubilant Foodworks Ltd. (Consumer Discretionary)		2,711,243
	78,638	Larsen & Toubro Infotech Ltd. (Information Technology)(a)		3,852,283
	229,070	Lupin Ltd. (Health Care)		3,174,436
	176,700	Mahindra & Mahindra Ltd. (Consumer Discretionary)		1,939,047
	604,714	Marico Ltd. (Consumer Staples)		3,271,471
	139,052	Muthoot Finance Ltd. (Financials)		2,459,358
	20,653	Nestle India Ltd. (Consumer Staples)		4,525,364

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

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

Shares		Description	Value
Common Stocks – (continued)
India – (continued)
	8,600	Page Industries Ltd. (Consumer Discretionary)	$	3,286,696
	83,678	PI Industries Ltd. (Materials)		2,479,083
	122,191	Pidilite Industries Ltd. (Materials)		2,803,401
	863,608	Power Grid Corp. of India Ltd. (Utilities)		2,518,489
	381,846	Reliance Industries Ltd. (Energy)		10,838,326
	201,744	SBI Life Insurance Co. Ltd. (Financials)*(a)		2,379,967
	96,562	Siemens Ltd. (Industrials)		2,430,968
	272,042	Tata Consultancy Services Ltd. (Information Technology)		10,714,720
	297,586	Tata Consumer Products Ltd. (Consumer Staples)		2,466,823
	989,139	Tata Motors Ltd. (Consumer Discretionary)*		4,347,043
	219,600	Tata Steel Ltd. (Materials)		2,137,129
	419,809	Tech Mahindra Ltd. (Information Technology)		5,249,255
	66,377	Torrent Pharmaceuticals Ltd. (Health Care)		2,193,327
	32,888	UltraTech Cement Ltd. (Materials)		2,736,751
	1,051,356	Wipro Ltd. (Information Technology)		5,870,196
	732,900	Zee Entertainment Enterprises Ltd. (Communication Services)		2,004,666
				189,572,027
Indonesia – 1.4%
	9,762,100	Aneka Tambang Tbk (Materials)		1,946,936
	6,324,081	Astra International Tbk PT (Consumer Discretionary)		2,398,177
	2,032,071	Bank Central Asia Tbk PT (Financials)		4,787,639
	932,100	Gudang Garam Tbk PT (Consumer Staples)*		2,389,161
	4,690,434	Indofood CBP Sukses Makmur Tbk PT (Consumer Staples)		2,824,471
	4,813,771	Indofood Sukses Makmur Tbk PT (Consumer Staples)		2,045,177
	18,707,159	Kalbe Farma Tbk PT (Health Care)		1,931,146
	10,829,895	Merdeka Copper Gold Tbk PT (Materials)*		2,152,290
	14,938,268	Telkom Indonesia Persero Tbk PT (Communication Services)		3,661,134
	6,436,480	Unilever Indonesia Tbk PT (Consumer Staples)		3,164,000
				27,300,131
Kuwait – 0.3%
	1,279,678	Kuwait Finance House KSCP (Financials)		3,052,792
	1,128,184	National Bank of Kuwait SAKP (Financials)		3,075,340
				6,128,132
Common Stocks – (continued)
Luxembourg – 0.1%
	118,551	Reinet Investments SCA (Financials)		2,212,091
Mexico – 1.7%
	9,443,271	America Movil SAB de CV, Series L (Communication Services)		6,046,981
	1,352,845	Becle SAB de CV (Consumer Staples)		2,791,672
	4,812,129	Cemex SAB de CV, Series CPO (Materials)*		3,208,009
	541,643	Fomento Economico Mexicano SAB de CV (Consumer Staples)		3,707,744
	293,384	Gruma SAB de CV, Class B (Consumer Staples)		3,199,226
	1,842,000	Grupo Bimbo SAB de CV, Series A (Consumer Staples)		3,461,926
	524,213	Grupo Financiero Banorte SAB de CV, Class O (Financials)*		2,633,788
	789,129	Grupo Mexico SAB de CV, Series B (Materials)		3,748,556
	1,838,815	Wal-Mart de Mexico SAB de CV (Consumer Staples)		5,248,104
				34,046,006
Philippines – 0.3%
	93,414	Globe Telecom, Inc. (Communication Services)		3,900,593
	95,270	PLDT, Inc. (Communication Services)		2,529,014
				6,429,607
Poland – 0.6%
	69,426	Dino Polska SA (Consumer Staples)*(a)		4,588,886
	35,900	KGHM Polska Miedz SA (Materials)*		1,824,974
	1,162,300	PGE Polska Grupa Energetyczna SA (Utilities)*		2,073,842
	302,145	Powszechny Zaklad Ubezpieczen SA (Financials)*		2,374,298
				10,862,000
Qatar – 0.9%
	3,065,229	Masraf Al Rayan QSC (Financials)		3,648,731
	1,075,266	Ooredoo QPSC (Communication Services)		2,273,508
	891,446	Qatar International Islamic Bank QSC (Financials)		2,071,616
	628,311	Qatar Islamic Bank (Financials)		2,708,721
	1,290,694	Qatar National Bank QPSC (Financials)		6,113,674
				16,816,250
Russia – 3.4%
	1,448,421	Gazprom PJSC (Energy)		4,253,689
	49,620,122	Inter RAO UES PJSC (Utilities)		3,398,433
	99,031	LUKOIL PJSC (Energy)		7,444,846

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

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

Schedule of Investments (continued)

February 28, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Russia – (continued)
	19,154	MMC Norilsk Nickel PJSC (Materials)	$	6,000,281
	1,579,935	Moscow Exchange MICEX-RTS PJSC (Financials)		3,665,937
	1,166,485	Novolipetsk Steel PJSC (Materials)		3,503,641
	173,450	PhosAgro PJSC GDR (Materials)		3,141,474
	185,139	Polymetal International PLC (Materials)		3,686,014
	21,087	Polyus PJSC (Materials)		3,973,395
	2,308,531	Sberbank of Russia PJSC (Financials)		8,363,208
	211,293	Severstal PAO (Materials)		3,824,038
	4,672,514	Surgutneftegas PJSC (Energy)		2,036,379
	385,394	Tatneft PJSC (Energy)		2,711,912
	40,900	TCS Group Holding PLC GDR (Financials)		2,122,438
	96,400	X5 Retail Group NV GDR (Consumer Staples)		3,181,540
	80,979	Yandex NV, Class A (Communication Services)*		5,231,328
				66,538,553
Saudi Arabia – 2.5%
	110,697	Abdullah Al Othaim Markets Co. (Consumer Staples)		3,606,765
	154,938	Advanced Petrochemical Co. (Materials)		2,800,906
	260,425	Al Rajhi Bank (Financials)		6,318,804
	66,053	Bupa Arabia for Cooperative Insurance Co. (Financials)*		2,102,847
	307,453	Etihad Etisalat Co. (Communication Services)*		2,352,727
	265,593	National Commercial Bank (Financials)		3,328,322
	516,154	Sahara International Petrochemical Co. (Materials)		2,614,832
	261,895	Samba Financial Group (Financials)		2,356,741
	567,238	Saudi Arabian Oil Co. (Energy)(a)		5,225,456
	118,922	Saudi Basic Industries Corp. (Materials)		3,380,105
	397,440	Saudi Electricity Co. (Utilities)		2,233,845
	299,903	Saudi Industrial Investment Group (Materials)		2,262,966
	955,234	Saudi Kayan Petrochemical Co. (Materials)*		3,779,675
	133,698	Saudi Telecom Co. (Communication Services)		4,234,988
	218,684	Savola Group (The) (Consumer Staples)		2,195,295
				48,794,274
South Africa – 3.7%
	243,700	Absa Group Ltd. (Financials)		1,952,335
	116,871	African Rainbow Minerals Ltd. (Materials)		2,276,038
	236,076	Aspen Pharmacare Holdings Ltd. (Health Care)*		2,220,287
Common Stocks – (continued)
South Africa – (continued)
	138,660	Bid Corp. Ltd. (Consumer Staples)		2,593,996
	144,401	Clicks Group Ltd. (Consumer Staples)		2,333,488
	1,117,814	FirstRand Ltd. (Financials)		3,713,685
	309,655	Gold Fields Ltd. (Materials)		2,571,488
	306,037	Impala Platinum Holdings Ltd. (Materials)		4,971,958
	67,500	Kumba Iron Ore Ltd. (Materials)		2,892,300
	220,658	Mr Price Group Ltd. (Consumer Discretionary)		2,541,036
	434,661	MTN Group (Communication Services)		2,086,029
	534,393	MultiChoice Group (Communication Services)		4,503,773
	68,655	Naspers Ltd., Class N (Consumer Discretionary)		15,946,318
	321,514	Nedbank Group Ltd. (Financials)		2,772,922
	344,059	Remgro Ltd. (Financials)		2,353,583
	351,980	Shoprite Holdings Ltd. (Consumer Staples)		3,092,381
	826,341	Sibanye Stillwater Ltd. (Materials)		3,820,114
	225,845	SPAR Group Ltd. (The) (Consumer Staples)		2,838,449
	310,852	Standard Bank Group Ltd. (Financials)		2,729,607
	164,535	Tiger Brands Ltd. (Consumer Staples)(b)		2,190,758
	245,998	Vodacom Group Ltd. (Communication Services)		2,023,368
				72,423,913
South Korea – 14.8%
	24,186	Amorepacific Corp. (Consumer Staples)		5,048,168
	63,012	AMOREPACIFIC Group (Consumer Staples)		3,628,728
	15,907	BGF retail Co. Ltd. (Consumer Staples)		2,251,191
	17,100	Celltrion Healthcare Co. Ltd. (Health Care)*		1,911,669
	18,137	Celltrion Pharm, Inc. (Health Care)*		2,481,226
	16,102	Celltrion, Inc. (Health Care)*		4,263,770
	150,850	Cheil Worldwide, Inc. (Communication Services)		2,611,511
	8,199	CJ CheilJedang Corp. (Consumer Staples)		2,966,527
	19,500	CJ ENM Co. Ltd. (Consumer Discretionary)		2,400,401
	13,414	CJ Logistics Corp. (Industrials)*		1,958,074
	47,034	Coway Co. Ltd. (Consumer Discretionary)		2,708,589
	30,211	E-MART, Inc. (Consumer Staples)		4,544,423
	70,842	GS Holdings Corp. (Energy)		2,459,135
	68,606	GS Retail Co. Ltd. (Consumer Staples)		2,210,536
	85,198	Hana Financial Group, Inc. (Financials)		2,809,600

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

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

Shares		Description	Value
Common Stocks – (continued)
South Korea – (continued)
	60,046	Hankook Tire & Technology Co. Ltd. (Consumer Discretionary)	$	2,546,677
	52,877	Hanwha Solutions Corp. (Materials)*		2,120,257
	41,877	Hotel Shilla Co. Ltd. (Consumer Discretionary)		3,041,534
	15,394	Hyundai Mobis Co. Ltd. (Consumer Discretionary)		4,151,653
	19,945	Hyundai Motor Co. (Consumer Discretionary)		4,207,357
	347,316	Industrial Bank of Korea (Financials)		2,575,116
	14,914	Kakao Corp. (Communication Services)		6,477,999
	92,100	Kangwon Land, Inc. (Consumer Discretionary)*		1,983,818
	82,502	KB Financial Group, Inc. (Financials)		3,216,366
	98,877	Kia Motors Corp. (Consumer Discretionary)		6,987,836
	40,570	KMW Co. Ltd. (Information Technology)*		2,238,843
	95,584	Korea Electric Power Corp. (Utilities)		1,931,248
	89,400	Korea Gas Corp. (Utilities)*		2,534,393
	6,107	Korea Zinc Co. Ltd. (Materials)		2,193,302
	31,744	KT&G Corp. (Consumer Staples)		2,212,332
	9,800	Kumho Petrochemical Co. Ltd. (Materials)*		1,840,498
	5,880	LG Chem Ltd. (Materials)		4,349,159
	62,098	LG Electronics, Inc. (Consumer Discretionary)		8,097,336
	5,895	LG Household & Health Care Ltd. (Consumer Staples)		7,938,705
	280,358	LG Uplus Corp. (Communication Services)		2,944,570
	25,751	Lotte Shopping Co. Ltd. (Consumer Discretionary)		2,716,060
	616,304	Meritz Securities Co. Ltd. (Financials)		2,062,575
	22,005	NAVER Corp. (Communication Services)		7,344,793
	8,388	NCSoft Corp. (Communication Services)		6,988,134
	30,959	Orion Corp. (Consumer Staples)		3,540,927
	4,827	Ottogi Corp. (Consumer Staples)		2,405,981
	11,730	Pearl Abyss Corp. (Communication Services)*		3,021,506
	17,286	POSCO (Materials)		4,331,116
	40,026	S-1 Corp. (Industrials)		2,956,972
	4,333	Samsung Biologics Co. Ltd. (Health Care)*(a)		2,892,523
	22,369	Samsung C&T Corp. (Industrials)		2,419,077
	60,385	Samsung Card Co. Ltd. (Financials)		1,770,971
	21,210	Samsung Electro-Mechanics Co. Ltd. (Information Technology)		3,577,477
	1,070,266	Samsung Electronics Co. Ltd. (Information Technology)		78,590,961
Common Stocks – (continued)
South Korea – (continued)
	16,263	Samsung Fire & Marine Insurance Co. Ltd. (Financials)		2,504,227
	7,875	Samsung SDI Co. Ltd. (Information Technology)		4,724,299
	17,762	Samsung SDS Co. Ltd. (Information Technology)		3,074,952
	70,881	Samsung Securities Co. Ltd. (Financials)		2,305,920
	18,049	Seegene, Inc. (Health Care)		2,000,089
	111,272	Shinhan Financial Group Co. Ltd. (Financials)		3,263,384
	9,732	Shinsegae, Inc. (Consumer Discretionary)		2,312,812
	134,525	SK Hynix, Inc. (Information Technology)		16,942,846
	22,745	SK Telecom Co. Ltd. (Communication Services)		5,010,581
	266,867	Woori Financial Group, Inc. (Financials)		2,275,555
	53,156	Yuhan Corp. (Health Care)		2,933,397
				289,809,682
Taiwan – 16.7%
	428,934	Accton Technology Corp. (Information Technology)		4,042,552
	4,802,578	Acer, Inc. (Information Technology)		4,629,718
	435,182	Advantech Co. Ltd. (Information Technology)		5,663,889
	1,295,772	ASE Technology Holding Co. Ltd. (Information Technology)		4,815,094
	1,633,358	Asia Cement Corp. (Materials)		2,501,130
	380,687	Asustek Computer, Inc. (Information Technology)		4,155,061
	469,600	Catcher Technology Co. Ltd. (Information Technology)		3,237,167
	2,181,297	Cathay Financial Holding Co. Ltd. (Financials)		3,285,357
	744,879	Chailease Holding Co. Ltd. (Financials)		4,599,917
	835,719	Chicony Electronics Co. Ltd. (Information Technology)		2,814,485
	7,795,528	China Development Financial Holding Corp. (Financials)		2,602,941
	3,458,583	China Steel Corp. (Materials)		3,073,330
	1,078,267	Chunghwa Telecom Co. Ltd. (Communication Services)		4,239,125
	4,089,299	Compal Electronics, Inc. (Information Technology)		3,259,400
	5,397,566	CTBC Financial Holding Co. Ltd. (Financials)		3,875,822
	659,335	Delta Electronics, Inc. (Information Technology)		6,640,103
	2,291,500	E.Sun Financial Holding Co. Ltd. (Financials)		2,077,385
	2,437,424	Evergreen Marine Corp. Taiwan Ltd. (Industrials)*		3,321,075

The accompanying notes are an integral part of these financial statements. 19

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

Schedule of Investments (continued)

February 28, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Taiwan – (continued)
	650,143	Feng TAY Enterprise Co. Ltd. (Consumer Discretionary)	$	4,341,678
	819,802	Formosa Plastics Corp. (Materials)		2,869,785
	1,057,805	Foxconn Technology Co. Ltd. (Information Technology)		2,658,517
	1,809,712	Fubon Financial Holding Co. Ltd. (Financials)		3,242,245
	168,496	Globalwafers Co. Ltd. (Information Technology)		4,476,691
	2,548,200	Hon Hai Precision Industry Co. Ltd. (Information Technology)		10,246,779
	2,477,817	Inventec Corp. (Information Technology)		2,206,260
	20,600	Largan Precision Co. Ltd. (Information Technology)		2,437,017
	1,779,771	Lite-On Technology Corp. (Information Technology)		3,795,652
	411,699	MediaTek, Inc. (Information Technology)		13,244,136
	2,682,121	Mega Financial Holding Co. Ltd. (Financials)		2,811,882
	806,435	Micro-Star International Co. Ltd. (Information Technology)		4,314,112
	193,400	Nan Ya Printed Circuit Board Corp. (Information Technology)*		2,076,173
	798,328	Nanya Technology Corp. (Information Technology)		2,765,951
	277,467	Nien Made Enterprise Co. Ltd. (Consumer Discretionary)		3,885,186
	377,854	Novatek Microelectronics Corp. (Information Technology)		6,430,403
	243,377	Oneness Biotech Co. Ltd. (Health Care)*		2,276,266
	751,200	Pegatron Corp. (Information Technology)		2,012,010
	2,169,189	Pou Chen Corp. (Consumer Discretionary)		2,352,015
	918,088	Powertech Technology, Inc. (Information Technology)		3,296,250
	551,459	President Chain Store Corp. (Consumer Staples)		5,187,407
	1,434,030	Quanta Computer, Inc. (Information Technology)		4,376,359
	354,064	Realtek Semiconductor Corp. (Information Technology)		5,847,570
	4,935,389	SinoPac Financial Holdings Co. Ltd. (Financials)		2,064,349
	2,153,999	Synnex Technology International Corp. (Information Technology)		3,816,528
	5,595,782	Taishin Financial Holding Co. Ltd. (Financials)		2,601,755
	1,981,670	Taiwan Cement Corp. (Materials)		2,988,247
	751,696	Taiwan Mobile Co. Ltd. (Communication Services)		2,620,579
	5,344,509	Taiwan Semiconductor Manufacturing Co. Ltd. (Information Technology)		116,283,007
Common Stocks – (continued)
Taiwan – (continued)
	660,229	Unimicron Technology Corp. (Information Technology)		2,311,187
	2,801,489	Uni-President Enterprises Corp. (Consumer Staples)		6,759,180
	5,070,563	United Microelectronics Corp. (Information Technology)		9,867,140
	789,072	Vanguard International Semiconductor Corp. (Information Technology)		3,286,325
	2,870,803	Winbond Electronics Corp. (Information Technology)		3,148,839
	1,843,584	WPG Holdings Ltd. (Information Technology)		3,001,761
	3,836,639	Yuanta Financial Holding Co. Ltd. (Financials)		2,927,155
				327,659,947
Tanzania – 0.1%
	118,983	AngloGold Ashanti Ltd. (Materials)		2,381,663
Thailand – 1.7%
	537,016	Advanced Info Service PCL NVDR (Communication Services)		2,949,266
	3,465,100	Bangkok Dusit Medical Services PCL NVDR (Health Care)		2,299,718
	3,637,400	Charoen Pokphand Foods PCL NVDR (Consumer Staples)		3,470,226
	1,844,277	CP ALL PCL NVDR (Consumer Staples)		3,641,430
	347,400	Delta Electronics Thailand PCL NVDR (Information Technology)*		4,611,249
	1,101,900	Intouch Holdings PCL NVDR (Communication Services)		2,038,524
	1,078,900	Krungthai Card PCL NVDR (Financials)		2,273,441
	1,680,000	Muangthai Capital PCL NVDR (Financials)		3,637,631
	1,571,200	PTT PCL NVDR (Energy)		2,085,548
	207,000	Siam Cement PCL (The) NVDR (Materials)		2,514,087
	7,177,900	Thai Union Group PCL NVDR (Consumer Staples)		3,334,681
				32,855,801
Turkey – 0.3%
	468,643	BIM Birlesik Magazalar AS (Consumer Staples)		4,175,964
	1,644,315	Haci Omer Sabanci Holding AS (Financials)		2,323,055
				6,499,019
United Arab Emirates – 0.4%
	659,900	Emirates NBD Bank PJSC (Financials)		2,012,137
	565,805	Emirates Telecommunications Group Co. PJSC (Communication Services)		3,065,358

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

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

Shares		Description	Value
Common Stocks – (continued)
United Arab Emirates – (continued)
	668,717	First Abu Dhabi Bank PJSC (Financials)	$	2,676,215
				7,753,710
United States – 0.2%
	759,236	JBS SA (Consumer Staples)		3,517,548
	TOTAL COMMON STOCKS
	(Cost $1,299,585,330)		$	1,904,063,743

Shares		Description	Rate			Value
Preferred Stocks – 2.2%
Brazil – 0.9%
	965,326	Banco Bradesco SA (Financials)		3.06	%	$	3,983,904
	243,900	Bradespar SA (Materials)		3.10			2,743,577
	1,216,035	Itau Unibanco Holding SA (Financials)		1.99			5,574,989
	1,454,509	Itausa SA (Financials)		2.10			2,596,848
	886,819	Petroleo Brasileiro SA (Energy)		0.00			3,538,970
							18,438,288
Russia – 0.1%
	4,464,041	Surgutneftegas PJSC (Energy)		2.42			2,355,169
South Korea – 1.2%
	7,807	LG Household & Health Care Ltd. (Consumer Staples)		1.57			4,898,919
	269,841	Samsung Electronics Co. Ltd. (Information Technology)		4.10			17,485,024
							22,383,943
	TOTAL PREFERRED STOCKS
	(Cost $31,820,457)					$	43,177,400

Shares		Description	Value
Exchange-Traded Fund – 0.6%
United States – 0.6%
	407,434	iShares MSCI Malaysia ETF
	(Cost $11,988,997)		$	11,082,205
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $1,343,394,784)		$	1,958,323,348

Shares		Dividend Rate	Value
Securities Lending Reinvestment Vehicle – 0.7%(c)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	14,474,035	0.036%	$	14,474,035
	(Cost $14,474,035)
	TOTAL INVESTMENTS – 100.6%
	(Cost $1,357,868,819)		$	1,972,797,383
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (0.6)%			(12,189,074	)
	NET ASSETS – 100.0%		$	1,960,608,309

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. 21

GOLDMAN SACHS ACTIVEBETA^® EUROPE EQUITY ETF

Schedule of Investments

February 28, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – 98.5%
Australia – 1.4%
	2,078	BHP Group PLC (Materials)	$	65,935
	14,290	Glencore PLC (Materials)*		58,078
	1,550	Rio Tinto PLC (Materials)		134,076
				258,089
Austria – 1.1%
	355	OMV AG (Energy)		17,176
	3,146	Raiffeisen Bank International AG (Financials)*		64,229
	207	Verbund AG (Utilities)		15,879
	2,769	voestalpine AG (Materials)		110,376
				207,660
Belgium – 1.1%
	605	Ageas SA/NV (Financials)		34,118
	617	Anheuser-Busch InBev SA/NV (Consumer Staples)		35,544
	77	Elia Group SA/NV (Utilities)		8,374
	344	Etablissements Franz Colruyt NV (Consumer Staples)		20,727
	142	Groupe Bruxelles Lambert SA (Financials)		14,161
	71	Sofina SA (Financials)		23,656
	104	Solvay SA (Materials)		12,762
	404	UCB SA (Health Care)		40,427
	92	Umicore SA (Materials)		5,434
				195,203
Brazil – 0.1%
	166	Yara International ASA (Materials)		8,030
Chile – 0.1%
	975	Antofagasta PLC (Materials)		24,298
China – 0.3%
	463	Prosus NV (Consumer Discretionary)*		55,109
Denmark – 4.2%
	278	Ambu A/S, Class B (Health Care)		12,951
	30	AP Moller – Maersk A/S, Class A (Industrials)		60,575
	31	AP Moller – Maersk A/S, Class B (Industrials)		66,997
	226	Carlsberg AS, Class B (Consumer Staples)		35,784
	119	Chr Hansen Holding A/S (Materials)*		10,272
	423	Coloplast A/S, Class B (Health Care)		64,822
	497	Danske Bank A/S (Financials)*		9,224
	134	Demant A/S (Health Care)*		5,554
	217	DSV PANALPINA A/S (Industrials)		40,097
	92	Genmab A/S (Health Care)*		31,086
	177	GN Store Nord AS (Health Care)		14,966
	345	H Lundbeck A/S (Health Care)		13,217
	3,172	Novo Nordisk A/S, Class B (Health Care)		226,758
	349	Novozymes A/S, Class B (Materials)*		21,693
	319	Orsted AS (Utilities)(a)		51,967
	476	Pandora A/S (Consumer Discretionary)		46,588
	36	ROCKWOOL International A/S, Class B (Industrials)		13,128
Common Stocks – (continued)
Denmark – (continued)
	426	Tryg A/S (Financials)		13,490
	189	Vestas Wind Systems A/S (Industrials)		35,617
				774,786
Finland – 1.7%
	421	Elisa OYJ (Communication Services)		25,218
	675	Fortum OYJ (Utilities)		16,952
	950	Kesko OYJ, Class B (Consumer Staples)		24,261
	509	Kone OYJ, Class B (Industrials)*		40,826
	404	Neste OYJ (Energy)		26,706
	6,758	Nokia OYJ (Information Technology)*		27,070
	1,967	Nordea Bank Abp (Financials)		17,871
	1,857	Orion OYJ, Class B (Health Care)		76,569
	161	Sampo OYJ, Class A (Financials)		7,205
	978	Stora Enso OYJ, Class R (Materials)		19,379
	496	UPM-Kymmene OYJ (Materials)		19,025
				301,082
France – 17.6%
	240	Accor SA (Consumer Discretionary)*		10,068
	851	Adevinta ASA (Communication Services)*		11,967
	541	Air Liquide SA (Materials)		81,886
	102	Airbus SE (Industrials)*		11,874
	320	Alstom SA (Industrials)*		16,057
	96	Amundi SA (Financials)*(a)		7,341
	151	Arkema SA (Materials)		16,770
	1,479	Atos SE (Information Technology)*		116,006
	875	AXA SA (Financials)		22,091
	306	BioMerieux (Health Care)		39,074
	1,803	BNP Paribas SA (Financials)*		107,837
	17,695	Bollore SA (Communication Services)		85,182
	1,430	Bouygues SA (Industrials)		58,251
	530	Bureau Veritas SA (Industrials)*		14,404
	416	Capgemini SE (Information Technology)		67,233
	3,871	Carrefour SA (Consumer Staples)		67,872
	1,572	Cie de Saint-Gobain (Industrials)*		84,758
	149	Cie Generale des Etablissements Michelin (Consumer Discretionary)		21,658
	2,572	CNP Assurances (Financials)*		46,547
	830	Credit Agricole SA (Financials)*		11,702
	1,144	Danone SA (Consumer Staples)		78,400
	5	Dassault Aviation SA (Industrials)*		5,420
	185	Dassault Systemes (Information Technology)		38,601
	293	Edenred (Information Technology)		16,320
	642	Eiffage SA (Industrials)*		66,362
	1,090	Electricite de France SA (Utilities)*		13,109
	2,536	Engie SA (Utilities)*		37,200
	375	EssilorLuxottica SA (Consumer Discretionary)		61,449
	95	Eurazeo SE (Financials)*		7,074
	49	Gecina SA REIT (Real Estate)		6,822
	557	Getlink SE (Industrials)*		9,174
	104	Hermes International (Consumer Discretionary)		116,540

22 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)
	101	Iliad SA (Communication Services)	$	17,972
	971	Ipsen SA (Health Care)		83,268
	98	Kering (Consumer Discretionary)		62,438
	2,006	La Francaise des Jeux SAEM (Consumer Discretionary)(a)		91,040
	517	Legrand SA (Industrials)		45,132
	529	L’Oreal SA (Consumer Staples)		194,428
	438	LVMH Moet Hennessy Louis Vuitton SE (Consumer Discretionary)		279,113
	2,215	Orange SA (Communication Services)		25,670
	34	Orpea SA (Health Care)*		4,105
	267	Pernod Ricard SA (Consumer Staples)		50,995
	1,172	Publicis Groupe SA (Communication Services)		69,052
	146	Remy Cointreau SA (Consumer Staples)		28,000
	199	Safran SA (Industrials)*		27,355
	1,833	Sanofi (Health Care)		168,647
	158	Sartorius Stedim Biotech (Health Care)		69,425
	787	Schneider Electric SE (Industrials)		117,354
	189	SEB SA (Consumer Discretionary)		34,113
	2,403	Suez SA (Utilities)		50,314
	123	Teleperformance (Industrials)		43,759
	126	Thales SA (Industrials)		11,997
	3,324	TOTAL SE (Energy)		154,831
	350	Ubisoft Entertainment SA (Communication Services)*		28,710
	1,135	Veolia Environnement SA (Utilities)		30,791
	861	Vinci SA (Industrials)		89,919
	982	Vivendi SE (Communication Services)		34,054
	67	Wendel SE (Financials)		7,701
	353	Worldline SA (Information Technology)*(a)		31,621
				3,206,853
Germany – 14.8%
	441	adidas AG (Consumer Discretionary)*		154,644
	436	Allianz SE (Financials)		105,738
	697	Aroundtown SA (Real Estate)		5,088
	726	BASF SE (Materials)		59,685
	1,469	Bayer AG (Health Care)		89,368
	453	Bayerische Motoren Werke AG (Consumer Discretionary)		39,314
	79	Bechtle AG (Information Technology)		14,988
	511	Beiersdorf AG (Consumer Staples)		50,799
	642	Brenntag SE (Industrials)		50,075
	198	Carl Zeiss Meditec AG (Health Care)		29,873
	58	Continental AG (Consumer Discretionary)		8,371
	376	Covestro AG (Materials)(a)		27,365
	1,370	Daimler AG (Consumer Discretionary)		110,168
	196	Delivery Hero SE (Consumer Discretionary)*(a)		25,147
	779	Deutsche Bank AG (Financials)*		9,658
	243	Deutsche Boerse AG (Financials)		39,981
	2,756	Deutsche Post AG (Industrials)		137,355
	3,245	Deutsche Telekom AG (Communication Services)		59,200
	642	Deutsche Wohnen SE (Real Estate)		30,352
Common Stocks – (continued)
Germany – (continued)
	2,739	E.ON SE (Utilities)		28,093
	264	Evonik Industries AG (Materials)		8,937
	746	Fresenius Medical Care AG & Co. KGaA (Health Care)		51,939
	1,694	Fresenius SE & Co. KGaA (Health Care)		72,871
	274	GEA Group AG (Industrials)		9,518
	57	Hannover Rueck SE (Financials)		9,707
	1,058	HeidelbergCement AG (Materials)		84,089
	1,546	HelloFresh SE (Consumer Discretionary)*		121,036
	155	Henkel AG & Co. KGaA (Consumer Staples)		13,809
	155	HOCHTIEF AG (Industrials)		13,894
	1,075	Infineon Technologies AG (Information Technology)		46,974
	97	Just Eat Takeaway.com NV (Consumer Discretionary)*(a)		9,405
	200	KION Group AG (Industrials)		16,979
	396	Knorr-Bremse AG (Industrials)		50,729
	49	LANXESS AG (Materials)		3,647
	111	LEG Immobilien AG (Real Estate)		15,244
	383	Merck KGaA (Health Care)		62,550
	42	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Financials)		12,388
	856	Nemetschek SE (Information Technology)		54,185
	763	Puma SE (Consumer Discretionary)*		81,481
	61	Rational AG (Industrials)		52,496
	1,526	RWE AG (Utilities)		58,050
	1,486	SAP SE (Information Technology)		184,086
	362	Scout24 AG (Communication Services)(a)		27,440
	909	Siemens AG (Industrials)		141,206
	1,085	Siemens Energy AG (Industrials)*		41,155
	320	Siemens Healthineers AG (Health Care)(a)		17,801
	246	Symrise AG (Materials)		28,880
	232	TeamViewer AG (Information Technology)*(a)		12,531
	2,851	Telefonica Deutschland Holding AG (Communication Services)		7,648
	2,725	Uniper SE (Utilities)		95,921
	582	United Internet AG (Communication Services)		25,771
	211	Volkswagen AG (Consumer Discretionary)		49,609
	595	Vonovia SE (Real Estate)		38,089
	965	Zalando SE (Consumer Discretionary)*(a)		99,585
				2,694,912
Ireland – 0.8%
	944	CRH PLC (Materials)		41,020
	148	Flutter Entertainment PLC (Consumer Discretionary)*		28,644
	218	Kerry Group PLC, Class A (Consumer Staples)		26,448
	280	Kingspan Group PLC (Industrials)*		20,477
	466	Smurfit Kappa Group PLC (Materials)		22,150
				138,739

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

GOLDMAN SACHS ACTIVEBETA^® EUROPE EQUITY ETF

Schedule of Investments (continued)

February 28, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Italy – 3.9%
	256	Amplifon SpA (Health Care)*	$	10,254
	1,133	Assicurazioni Generali SpA (Financials)		21,385
	723	Atlantia SpA (Industrials)*		13,624
	1,642	Davide Campari-Milano NV (Consumer Staples)		18,691
	312	DiaSorin SpA (Health Care)		61,502
	11,237	Enel SpA (Utilities)		106,988
	767	Eni SpA (Energy)		8,828
	266	Ferrari NV (Consumer Discretionary)		52,144
	1,507	FinecoBank Banca Fineco SpA (Financials)*		26,651
	1,339	Infrastrutture Wireless Italiane SpA (Communication Services)(a)		14,002
	22,020	Intesa Sanpaolo SpA (Financials)*		57,037
	1,459	Moncler SpA (Consumer Discretionary)*		90,849
	484	Nexi SpA (Information Technology)*(a)		8,745
	2,566	Poste Italiane SpA (Financials)(a)		29,290
	580	Prysmian SpA (Industrials)		18,790
	617	Recordati Industria Chimica e Farmaceutica SpA (Health Care)		31,559
	5,555	Snam SpA (Utilities)		28,966
	86,922	Telecom Italia SpA (Communication Services)		41,453
	86,388	Telecom Italia SpA-RSP (Communication Services)		46,578
	3,432	Terna Rete Elettrica Nazionale SpA (Utilities)		24,028
	501	UniCredit SpA (Financials)*		5,193
				716,557
Jordan – 0.2%
	1,065	Hikma Pharmaceuticals PLC (Health Care)		33,293
Luxembourg – 0.7%
	3,989	ArcelorMittal (Materials)*		93,729
	276	Eurofins Scientific SE (Health Care)*		24,670
	1,969	SES SA (Communication Services)		15,812
				134,211
Mexico – 0.1%
	1,263	Fresnillo PLC (Materials)		16,069
Netherlands – 6.6%
	25	Adyen NV (Information Technology)*(a)		58,141
	915	Aegon NV (Financials)		4,394
	301	Akzo Nobel NV (Materials)		31,260
	60	Argenx SE (Health Care)*		20,217
	75	ASM International NV (Information Technology)		20,355
	581	ASML Holding NV (Information Technology)		328,173
	242	Heineken Holding NV (Consumer Staples)		20,914
	275	Heineken NV (Consumer Staples)(b)		27,271
	3,734	ING Groep NV (Financials)		40,968
	497	JDE Peet’s NV (Consumer Staples)*		20,300
	4,953	Koninklijke Ahold Delhaize NV (Consumer Staples)		131,301
Common Stocks – (continued)
Netherlands – (continued)
	277	Koninklijke DSM NV (Materials)		45,911
	4,462	Koninklijke KPN NV (Communication Services)		14,667
	1,997	Koninklijke Philips NV (Health Care)*		108,969
	329	Koninklijke Vopak NV (Energy)		15,778
	1,080	NN Group NV (Financials)		50,077
	1,154	Randstad NV (Industrials)*		77,516
	3,700	Royal Dutch Shell PLC, Class A (Energy)		74,739
	2,903	Royal Dutch Shell PLC, Class B (Energy)		56,318
	780	Wolters Kluwer NV (Industrials)		62,183
				1,209,452
Norway – 1.1%
	499	DNB ASA (Financials)(b)		9,772
	436	Equinor ASA (Energy)		8,265
	1,264	Gjensidige Forsikring ASA (Financials)		29,208
	522	Mowi ASA (Consumer Staples)		12,692
	10,325	Norsk Hydro ASA (Materials)		57,547
	2,281	Orkla ASA (Consumer Staples)		21,152
	447	Schibsted ASA, Class A (Communication Services)*		18,203
	824	Schibsted ASA, Class B (Communication Services)*		28,494
	1,112	Telenor ASA (Communication Services)		18,096
				203,429
Portugal – 0.6%
	7,361	EDP – Energias de Portugal SA (Utilities)		42,404
	4,156	Jeronimo Martins SGPS SA (Consumer Staples)		64,823
				107,227
Russia – 0.2%
	5,069	Evraz PLC (Materials)		40,467
South Africa – 0.2%
	1,071	Anglo American PLC (Materials)		41,514
Spain – 3.2%
	3,196	ACS Actividades de Construccion y Servicios SA (Industrials)		98,302
	343	Amadeus IT Group SA (Information Technology)*		23,939
	1,257	Banco Bilbao Vizcaya Argentaria SA (Financials)		7,023
	3,971	Banco Santander SA (Financials)*		13,966
	11,921	CaixaBank SA (Financials)		34,829
	589	Cellnex Telecom SA (Communication Services)*(a)		32,208
	811	Enagas SA (Utilities)		17,094
	992	Endesa SA (Utilities)		24,744
	827	Ferrovial SA (Industrials)		20,719
	988	Grifols SA (Health Care)		24,968
	8,857	Iberdrola SA (Utilities)		112,075
	2,938	Industria de Diseno Textil SA (Consumer Discretionary)		97,391
	711	Naturgy Energy Group SA (Utilities)		17,873

24 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)
	882	Red Electrica Corp. SA (Utilities)	$	14,843
	603	Repsol SA (Energy)		7,623
	701	Siemens Gamesa Renewable Energy SA (Industrials)		26,207
	4,160	Telefonica SA (Communication Services)		17,804
				591,608
Sweden – 5.4%
	210	Alfa Laval AB (Industrials)*		6,532
	1,270	Assa Abloy AB, Class B (Industrials)		32,007
	824	Atlas Copco AB, Class A (Industrials)		47,291
	592	Atlas Copco AB, Class B (Industrials)		28,853
	291	Boliden AB (Materials)		11,588
	1,173	Electrolux AB, Series B (Consumer Discretionary)		27,851
	857	Epiroc AB, Class A (Industrials)		18,282
	540	Epiroc AB, Class B (Industrials)		10,684
	1,468	EQT AB (Financials)		41,156
	651	Essity AB, Class B (Consumer Staples)		19,669
	281	Evolution Gaming Group AB (Consumer Discretionary)(a)		35,175
	2,919	H & M Hennes & Mauritz AB, Class B (Consumer Discretionary)*		69,152
	394	Hexagon AB, Class B (Information Technology)		33,002
	2,281	Husqvarna AB, Class B (Consumer Discretionary)		28,050
	197	ICA Gruppen AB (Consumer Staples)		9,402
	228	Industrivarden AB, Class A (Financials)*		8,143
	526	Industrivarden AB, Class C (Financials)*		17,464
	799	Investment AB Latour, Class B (Industrials)		18,291
	726	Investor AB, Class B (Financials)		54,000
	1,426	Kinnevik AB, Class B (Financials)*		66,614
	208	L E Lundbergforetagen AB, Class B (Financials)*		10,405
	668	Nibe Industrier AB, Class B (Industrials)		21,097
	1,474	Sandvik AB (Industrials)*		39,780
	1,083	Securitas AB, Class B (Industrials)		16,690
	850	Skandinaviska Enskilda Banken AB, Class A (Financials)*		9,833
	2,259	Skanska AB, Class B (Industrials)		55,076
	405	SKF AB, Class B (Industrials)		11,094
	1,091	Svenska Cellulosa AB SCA, Class B (Materials)*		18,865
	816	Svenska Handelsbanken AB, Class A (Financials)*		8,647
	703	Swedbank AB, Class A (Financials)(b)		12,388
	1,218	Swedish Match AB (Consumer Staples)		88,043
	935	Tele2 AB, Class B (Communication Services)		11,860
	4,725	Telefonaktiebolaget LM Ericsson, Class B (Information Technology)		59,287
	3,392	Telia Co. AB (Communication Services)		13,774
	1,104	Volvo AB, Class B (Industrials)*		28,428
				988,473
Common Stocks – (continued)
Switzerland – 14.5%
	1,857	ABB Ltd. (Industrials)		53,579
	491	Adecco Group AG (Industrials)		30,958
	391	Alcon, Inc. (Health Care)*		27,011
	80	Baloise Holding AG (Financials)		14,042
	220	Banque Cantonale Vaudoise (Financials)		23,183
	11	Barry Callebaut AG (Consumer Staples)		23,912
	4	Chocoladefabriken Lindt & Spruengli AG (Consumer Staples)		33,690
	607	Cie Financiere Richemont SA (Consumer Discretionary)		58,722
	331	Clariant AG (Materials)		6,951
	714	Coca-Cola HBC AG (Consumer Staples)*		22,341
	4,736	Credit Suisse Group AG (Financials)		68,662
	32	EMS-Chemie Holding AG (Materials)		28,455
	52	Geberit AG (Industrials)		30,799
	14	Givaudan SA (Materials)		52,997
	97	Julius Baer Group Ltd. (Financials)		5,979
	546	Kuehne + Nagel International AG (Industrials)		130,092
	712	LafargeHolcim Ltd. (Materials)*		39,450
	716	Logitech International SA (Information Technology)		76,733
	90	Lonza Group AG (Health Care)		57,044
	4,669	Nestle SA (Consumer Staples)		489,954
	3,331	Novartis AG (Health Care)		287,696
	96	Partners Group Holding AG (Financials)		115,639
	138	Roche Holding AG (Health Care)		46,310
	1,246	Roche Holding AG (Health Care)		410,080
	56	Schindler Holding AG (Industrials)		14,982
	75	Schindler Holding AG Participation Certificates (Industrials)		20,562
	32	SGS SA (Industrials)		91,726
	174	Sika AG (Materials)		46,167
	52	Sonova Holding AG (Health Care)*		13,372
	1,171	STMicroelectronics NV (Information Technology)		45,441
	43	Straumann Holding AG (Health Care)		52,200
	86	Swatch Group AG (The) – Bearer (Consumer Discretionary)		25,763
	356	Swatch Group AG (The) – Registered (Consumer Discretionary)		20,527
	29	Swiss Life Holding AG (Financials)		14,489
	184	Swiss Prime Site AG (Real Estate)		17,296
	104	Swiss Re AG (Financials)		9,815
	41	Swisscom AG (Communication Services)		20,674
	32	Temenos AG (Information Technology)		4,339
	4,320	UBS Group AG (Financials)		67,284
	48	Vifor Pharma AG (Health Care)		5,997
	109	Zurich Insurance Group AG (Financials)		44,729
				2,649,642
United Kingdom – 17.3%
	423	3i Group PLC (Financials)		6,547
	3,341	Admiral Group PLC (Financials)		144,242
	502	Ashtead Group PLC (Industrials)		27,232

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

GOLDMAN SACHS ACTIVEBETA^® EUROPE EQUITY ETF

Schedule of Investments (continued)

February 28, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
United Kingdom – (continued)
	818	Associated British Foods PLC (Consumer Staples)*	$	27,082
	1,919	AstraZeneca PLC (Health Care)		186,331
	11,939	Auto Trader Group PLC (Communication Services)*(a)		91,839
	526	AVEVA Group PLC (Information Technology)		24,967
	15,057	Aviva PLC (Financials)		76,184
	4,254	BAE Systems PLC (Industrials)		28,780
	12,921	Barclays PLC (Financials)		28,832
	2,608	Barratt Developments PLC (Consumer Discretionary)*		24,226
	276	Berkeley Group Holdings PLC (Consumer Discretionary)		15,640
	11,876	BP PLC (Energy)		48,442
	2,962	British American Tobacco PLC (Consumer Staples)		102,929
	725	British Land Co. PLC (The) REIT (Real Estate)		4,963
	7,360	BT Group PLC (Communication Services)*		12,713
	785	Bunzl PLC (Industrials)		24,551
	3,422	Burberry Group PLC (Consumer Discretionary)*		86,859
	1,415	CNH Industrial NV (Industrials)*		21,023
	552	Coca-Cola European Partners PLC (Consumer Staples)		28,124
	673	Compass Group PLC (Consumer Discretionary)*		13,690
	398	Croda International PLC (Materials)		34,321
	231	DCC PLC (Industrials)		18,635
	3,100	Diageo PLC (Consumer Staples)		121,897
	3,444	Direct Line Insurance Group PLC (Financials)		15,437
	1,089	Entain PLC (Consumer Discretionary)*		21,513
	694	Experian PLC (Industrials)		22,055
	8,132	GlaxoSmithKline PLC (Health Care)		135,386
	1,133	Halma PLC (Information Technology)		35,910
	3,986	Hargreaves Lansdown PLC (Financials)		84,178
	12,310	HSBC Holdings PLC (Financials)*		73,352
	2,394	Imperial Brands PLC (Consumer Staples)		44,616
	895	Informa PLC (Communication Services)*		6,892
	198	Intertek Group PLC (Industrials)		14,827
	33,786	J Sainsbury PLC (Consumer Staples)		106,848
	7,572	JD Sports Fashion PLC (Consumer Discretionary)*		87,910
	1,652	Johnson Matthey PLC (Materials)		70,560
	15,460	Kingfisher PLC (Consumer Discretionary)*		57,365
	663	Land Securities Group PLC REIT (Real Estate)		6,164
	7,125	Legal & General Group PLC (Financials)		25,830
	19,326	Lloyds Banking Group PLC (Financials)*		10,538
	528	London Stock Exchange Group PLC (Financials)		71,000
	30,681	M&G PLC (Financials)		78,884
Common Stocks – (continued)
United Kingdom – (continued)
	3,118	Melrose Industries PLC (Industrials)*		7,232
	694	Mondi PLC (Materials)		16,733
	3,904	National Grid PLC (Utilities)		44,015
	494	Next PLC (Consumer Discretionary)*		52,214
	1,197	Ocado Group PLC (Consumer Discretionary)*		36,818
	1,477	Pearson PLC (Communication Services)(b)		15,508
	196	Persimmon PLC (Consumer Discretionary)		7,097
	406	Phoenix Group Holdings PLC (Financials)		4,030
	1,016	Prudential PLC (Financials)		20,007
	748	Reckitt Benckiser Group PLC (Consumer Staples)		62,747
	2,556	RELX PLC (Industrials)		60,482
	2,887	Rentokil Initial PLC (Industrials)*		18,837
	6,910	Sage Group PLC (The) (Information Technology)		53,966
	323	Schroders PLC (Financials)		15,819
	2,941	Segro PLC REIT (Real Estate)		37,409
	716	Severn Trent PLC (Utilities)		21,923
	1,744	Smith & Nephew PLC (Health Care)		33,782
	288	Smiths Group PLC (Industrials)		5,895
	190	Spirax-Sarco Engineering PLC (Industrials)		28,450
	1,303	SSE PLC (Utilities)		24,129
	2,529	St James’s Place PLC (Financials)		41,510
	4,657	Standard Chartered PLC (Financials)*		30,087
	11,161	Tesco PLC (Consumer Staples)		35,078
	3,575	Unilever PLC (Consumer Staples)		186,583
	1,424	United Utilities Group PLC (Utilities)		17,106
	36,047	Vodafone Group PLC (Communication Services)		61,495
	8,185	Wm Morrison Supermarkets PLC (Consumer Staples)		19,551
	2,763	WPP PLC (Communication Services)		32,982
				3,160,799
United States – 1.3%
	1,169	Ferguson PLC (Industrials)		137,811
	620	QIAGEN NV (Health Care)*		30,855
	1,363	Stellantis NV (Consumer Discretionary)		22,225
	5,094	Tenaris SA (Energy)		53,459
				244,350
	TOTAL COMMON STOCKS
	(Cost $16,034,766)		$	18,001,852

Shares		Description	Rate			Value
Preferred Stocks – 1.0%
Germany – 1.0%
	214	Bayerische Motoren Werke AG (Consumer Discretionary)		4.44	%	$	14,559
	723	FUCHS PETROLUB SE (Materials)		2.10			39,790
	194	Henkel AG & Co. KGaA (Consumer Staples)		2.23			19,210

26 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)
	72	Sartorius AG (Health Care)		0.08	%	$	37,177
	300	Volkswagen AG (Consumer Discretionary)		2.77			63,004
	TOTAL PREFERRED STOCKS
	(Cost $147,986)					$	173,740
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $16,182,752)					$	18,175,592

Shares		Dividend Rate	Value
Securities Lending Reinvestment Vehicle – 0.4%(c)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	67,768	0.036%	$	67,768
	(Cost $67,768)
	TOTAL INVESTMENTS – 99.9%
	(Cost $16,250,520)		$	18,243,360
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.1%			26,957
	NET ASSETS – 100.0%		$	18,270,317

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

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At February 28, 2021, the Fund had the following futures contracts:

Description	Number of Contracts		Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
MSCI Europe Index		3	03/19/21	$	87,767	$	(537	)

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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Schedule of Investments

February 28, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – 99.0%
Australia – 6.2%
	13,690	Afterpay Ltd. (Information Technology)*	$	1,266,768
	425,606	AGL Energy Ltd. (Utilities)		3,087,454
	70,792	Ampol Ltd. (Energy)		1,347,160
	120,543	APA Group (Utilities)		866,984
	55,244	Aristocrat Leisure Ltd. (Consumer Discretionary)		1,298,494
	28,555	ASX Ltd. (Financials)		1,494,452
	272,167	Aurizon Holdings Ltd. (Industrials)		802,811
	918,208	AusNet Services (Utilities)		1,176,501
	233,169	Australia & New Zealand Banking Group Ltd. (Financials)		4,724,193
	167,670	BHP Group Ltd. (Materials)		6,377,570
	135,174	BHP Group PLC (Materials)		4,289,057
	296,003	BlueScope Steel Ltd. (Materials)		3,822,481
	155,607	Brambles Ltd. (Industrials)		1,192,662
	105,609	Coca-Cola Amatil Ltd. (Consumer Staples)		1,094,800
	21,769	Cochlear Ltd. (Health Care)		3,563,011
	433,666	Coles Group Ltd. (Consumer Staples)		5,146,958
	176,862	Commonwealth Bank of Australia (Financials)		11,167,729
	45,048	Computershare Ltd. (Information Technology)		462,807
	56,740	Crown Resorts Ltd. (Consumer Discretionary)		437,085
	42,568	CSL Ltd. (Health Care)		8,653,954
	150,986	Dexus REIT (Real Estate)		1,040,351
	190,662	Evolution Mining Ltd. (Materials)		619,964
	240,572	Fortescue Metals Group Ltd. (Materials)		4,490,507
	1,138,791	Glencore PLC (Materials)*		4,628,364
	170,355	Goodman Group REIT (Real Estate)		2,184,079
	145,613	Insurance Australia Group Ltd. (Financials)		562,541
	34,771	Macquarie Group Ltd. (Financials)		3,835,520
	93,911	Magellan Financial Group Ltd. (Financials)		3,158,344
	580,550	Medibank Pvt Ltd. (Financials)		1,245,009
	179,041	National Australia Bank Ltd. (Financials)		3,415,437
	46,569	Newcrest Mining Ltd. (Materials)		888,364
	76,859	Northern Star Resources Ltd. (Materials)		607,538
	53,009	Orica Ltd. (Materials)		515,457
	206,097	Origin Energy Ltd. (Energy)		718,021
	11,101	Ramsay Health Care Ltd. (Health Care)		567,230
	33,857	REA Group Ltd. (Communication Services)		3,585,814
	28,074	Rio Tinto Ltd. (Materials)		2,764,461
	87,839	Rio Tinto PLC (Materials)		7,598,117
	27,014	SEEK Ltd. (Communication Services)		537,496
	63,663	Sonic Healthcare Ltd. (Health Care)		1,563,905
Common Stocks – (continued)
Australia – (continued)
	1,285,413	South32 Ltd. (Materials)		2,756,612
	200,093	Stockland REIT (Real Estate)		645,983
	222,000	Suncorp Group Ltd. (Financials)		1,708,412
	127,477	Tabcorp Holdings Ltd. (Consumer Discretionary)		439,182
	608,725	Telstra Corp. Ltd. (Communication Services)		1,451,527
	83,632	TPG Telecom Ltd. (Communication Services)*		440,286
	111,667	Transurban Group (Industrials)		1,106,593
	47,819	Washington H Soul Pattinson & Co. Ltd. (Energy)(a)		1,106,201
	174,469	Wesfarmers Ltd. (Consumer Discretionary)		6,651,038
	232,398	Westpac Banking Corp. (Financials)		4,285,754
	18,938	WiseTech Global Ltd. (Information Technology)		399,827
	36,980	Woodside Petroleum Ltd. (Energy)		703,437
	297,073	Woolworths Group Ltd. (Consumer Staples)		9,061,760
				137,556,062
Austria – 0.6%
	40,675	OMV AG (Energy)		1,967,941
	172,492	Raiffeisen Bank International AG (Financials)*		3,521,616
	20,265	Verbund AG (Utilities)		1,554,572
	166,890	voestalpine AG (Materials)		6,652,434
				13,696,563
Belgium – 0.6%
	35,732	Ageas SA/NV (Financials)		2,015,040
	31,982	Anheuser-Busch InBev SA/NV (Consumer Staples)		1,842,385
	6,584	Elia Group SA/NV (Utilities)		716,053
	30,108	Etablissements Franz Colruyt NV (Consumer Staples)		1,814,098
	10,534	Groupe Bruxelles Lambert SA (Financials)		1,050,512
	4,214	Sofina SA (Financials)		1,404,054
	9,294	Solvay SA (Materials)		1,140,515
	25,538	UCB SA (Health Care)		2,555,477
	7,907	Umicore SA (Materials)		467,015
				13,005,149
Brazil – 0.1%
	35,873	Wheaton Precious Metals Corp. (Materials)		1,289,841
	11,405	Yara International ASA (Materials)		551,710
				1,841,551
Canada – 9.3%
	19,131	Agnico Eagle Mines Ltd. (Materials)		1,073,512
	64,255	Algonquin Power & Utilities Corp. (Utilities)		1,000,368
	122,139	Alimentation Couche-Tard, Inc., Class B (Consumer Staples)		3,690,219

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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Shares		Description	Value
Common Stocks – (continued)
Canada – (continued)
	31,249	AltaGas Ltd. (Utilities)	$	476,140
	17,085	Atco Ltd., Class I (Utilities)		500,944
	201,904	B2Gold Corp. (Materials)		883,529
	46,328	Ballard Power Systems, Inc. (Industrials)*		1,302,746
	52,875	Bank of Montreal (Financials)		4,342,767
	105,153	Bank of Nova Scotia (The) (Financials)		6,179,608
	111,084	Barrick Gold Corp. (Materials)		2,083,922
	26,470	BCE, Inc. (Communication Services)(a)		1,138,043
	130,050	BlackBerry Ltd. (Information Technology)*		1,322,072
	27,453	Brookfield Asset Management, Inc., Class A (Financials)		1,114,601
	71,052	Cameco Corp. (Energy)		1,120,781
	20,754	Canadian Apartment Properties REIT (Real Estate)		836,717
	43,804	Canadian Imperial Bank of Commerce (Financials)		4,059,655
	42,970	Canadian National Railway Co. (Industrials)		4,714,820
	96,229	Canadian Natural Resources Ltd. (Energy)		2,638,316
	9,813	Canadian Pacific Railway Ltd. (Industrials)		3,515,317
	21,683	Canadian Tire Corp. Ltd., Class A (Consumer Discretionary)		2,816,392
	36,127	Canadian Utilities Ltd., Class A (Utilities)(a)		859,514
	23,092	Canopy Growth Corp. (Health Care)*		764,261
	20,938	CCL Industries, Inc., Class B (Materials)		1,108,589
	139,588	Cenovus Energy, Inc. (Energy)		1,038,641
	52,054	CGI, Inc. (Information Technology)*		3,906,106
	8,893	Constellation Software, Inc. (Information Technology)		11,574,387
	106,687	Dollarama, Inc. (Consumer Discretionary)		4,081,241
	34,911	Emera, Inc. (Utilities)		1,382,652
	334,655	Empire Co. Ltd., Class A (Consumer Staples)		9,349,721
	62,778	Enbridge, Inc. (Energy)		2,131,278
	2,252	Fairfax Financial Holdings Ltd. (Financials)		922,164
	9,459	FirstService Corp. (Real Estate)		1,442,684
	34,317	Fortis, Inc. (Utilities)		1,328,225
	14,427	Franco-Nevada Corp. (Materials)		1,552,783
	73,973	George Weston Ltd. (Consumer Staples)		5,461,498
	42,365	GFL Environmental, Inc. (Industrials)		1,321,815
	69,337	Great-West Lifeco, Inc. (Financials)		1,783,812
	71,756	Hydro One Ltd. (Utilities)(b)		1,531,475
	84,930	iA Financial Corp., Inc. (Financials)		4,386,708
	32,479	IGM Financial, Inc. (Financials)		890,735
	17,442	Intact Financial Corp. (Financials)		1,959,676
Common Stocks – (continued)
Canada – (continued)
	227,414	Kinross Gold Corp. (Materials)		1,420,888
	45,680	Kirkland Lake Gold Ltd. (Materials)		1,501,739
	147,769	Loblaw Cos. Ltd. (Consumer Staples)		7,158,509
	55,039	Magna International, Inc. (Consumer Discretionary)		4,660,056
	303,087	Manulife Financial Corp. (Financials)(a)		6,073,710
	45,023	Metro, Inc. (Consumer Staples)		1,881,293
	49,656	National Bank of Canada (Financials)		3,144,096
	44,221	Northland Power, Inc. (Utilities)		1,475,780
	65,699	Nutrien Ltd. (Materials)		3,564,664
	11,462	Onex Corp. (Financials)		644,987
	24,680	Open Text Corp. (Information Technology)		1,104,947
	26,479	Pan American Silver Corp. (Materials)		879,496
	40,884	Parkland Corp. (Energy)		1,305,963
	108,201	Power Corp. of Canada (Financials)		2,622,122
	34,244	Quebecor, Inc., Class B (Communication Services)		889,911
	33,377	Ritchie Bros Auctioneers, Inc. (Industrials)		1,830,989
	19,029	Rogers Communications, Inc., Class B (Communication Services)		828,648
	148,671	Royal Bank of Canada (Financials)		12,725,110
	84,722	Saputo, Inc. (Consumer Staples)		2,398,449
	28,817	Shaw Communications, Inc., Class B (Communication Services)		504,184
	9,206	Shopify, Inc., Class A (Information Technology)*		11,989,106
	66,005	Sun Life Financial, Inc. (Financials)(a)		3,192,849
	17,065	TC Energy Corp. (Energy)		718,455
	34,041	Teck Resources Ltd., Class B (Materials)		712,549
	51,095	TELUS Corp. (Communication Services)		1,029,165
	22,159	Thomson Reuters Corp. (Industrials)		1,937,600
	18,857	TMX Group Ltd. (Financials)		1,809,587
	24,217	Toromont Industries Ltd. (Industrials)		1,773,235
	172,581	Toronto-Dominion Bank (The) (Financials)		10,515,718
	25,556	West Fraser Timber Co. Ltd. (Materials)		1,756,218
	108,155	WSP Global, Inc. (Industrials)		9,416,149
	223,462	Yamana Gold, Inc. (Materials)		893,142
				205,947,748
Chile – 0.1%
	71,270	Antofagasta PLC (Materials)		1,776,130
	59,051	Lundin Mining Corp. (Materials)		679,600
				2,455,730

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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Schedule of Investments (continued)

February 28, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
China – 0.5%
	1,095,441	BOC Hong Kong Holdings Ltd. (Financials)	$	3,643,303
	32,090	Prosus NV (Consumer Discretionary)*		3,819,519
	1,201,907	Wilmar International Ltd. (Consumer Staples)		4,772,557
				12,235,379
Denmark – 2.7%
	17,080	Ambu A/S, Class B (Health Care)		795,696
	2,880	AP Moller – Maersk A/S, Class A (Industrials)		5,815,238
	2,872	AP Moller – Maersk A/S, Class B (Industrials)(a)		6,206,942
	16,126	Carlsberg AS, Class B (Consumer Staples)		2,553,311
	6,955	Chr Hansen Holding A/S (Materials)*		600,335
	37,999	Coloplast A/S, Class B (Health Care)		5,823,050
	69,479	Danske Bank A/S (Financials)*		1,289,494
	37,284	Demant A/S (Health Care)*		1,545,221
	21,302	DSV PANALPINA A/S (Industrials)		3,936,154
	5,399	Genmab A/S (Health Care)*		1,824,269
	11,188	GN Store Nord AS (Health Care)		945,992
	31,559	H Lundbeck A/S (Health Care)		1,209,043
	209,262	Novo Nordisk A/S, Class B (Health Care)		14,959,607
	20,226	Novozymes A/S, Class B (Materials)*		1,257,223
	23,522	Orsted AS (Utilities)(b)		3,831,864
	36,547	Pandora A/S (Consumer Discretionary)		3,576,997
	2,689	ROCKWOOL International A/S, Class B (Industrials)		980,571
	33,176	Tryg A/S (Financials)		1,050,585
	12,612	Vestas Wind Systems A/S (Industrials)		2,376,748
				60,578,340
Finland – 0.9%
	21,509	Elisa OYJ (Communication Services)		1,288,411
	78,322	Fortum OYJ (Utilities)		1,966,941
	56,886	Kesko OYJ, Class B (Consumer Staples)		1,452,775
	30,631	Kone OYJ, Class B (Industrials)*		2,456,848
	42,896	Neste OYJ (Energy)		2,835,578
	681,741	Nokia OYJ (Information Technology)*		2,730,741
	108,267	Nordea Bank Abp (Financials)		983,671
	117,554	Orion OYJ, Class B (Health Care)		4,847,079
	37,246	Stora Enso OYJ, Class R (Materials)		738,040
	24,079	UPM-Kymmene OYJ (Materials)		923,576
				20,223,660
Common Stocks – (continued)
France – 10.6%
	21,031	Accor SA (Consumer Discretionary)*		882,228
	62,738	Adevinta ASA (Communication Services)*		882,208
	33,194	Air Liquide SA (Materials)		5,024,272
	7,612	Airbus SE (Industrials)*		886,155
	25,542	Alstom SA (Industrials)*		1,281,659
	5,767	Amundi SA (Financials)*(b)		440,999
	20,274	Arkema SA (Materials)		2,251,685
	115,490	Atos SE (Information Technology)*		9,058,545
	90,994	AXA SA (Financials)		2,297,329
	28,864	BioMerieux (Health Care)		3,685,695
	121,637	BNP Paribas SA (Financials)*		7,275,108
	1,110,487	Bollore SA (Communication Services)		5,345,807
	98,842	Bouygues SA (Industrials)		4,026,341
	41,428	Bureau Veritas SA (Industrials)*		1,125,888
	37,053	Capgemini SE (Information Technology)		5,988,412
	275,684	Carrefour SA (Consumer Staples)		4,833,661
	114,505	Cie de Saint-Gobain (Industrials)*		6,173,765
	11,816	Cie Generale des Etablissements Michelin (Consumer Discretionary)		1,717,486
	168,261	CNP Assurances (Financials)*		3,045,147
	163,540	Credit Agricole SA (Financials)*		2,305,634
	86,158	Danone SA (Consumer Staples)		5,904,506
	17,026	Dassault Systemes (Information Technology)		3,552,513
	18,567	Edenred (Information Technology)		1,034,206
	38,533	Eiffage SA (Industrials)*		3,983,048
	84,636	Electricite de France SA (Utilities)*		1,017,861
	241,715	Engie SA (Utilities)*		3,545,662
	27,178	EssilorLuxottica SA (Consumer Discretionary)		4,453,468
	39,492	Getlink SE (Industrials)*		650,483
	9,447	Hermes International (Consumer Discretionary)		10,586,120
	7,540	Iliad SA (Communication Services)		1,341,691
	73,289	Ipsen SA (Health Care)		6,284,896
	7,073	Kering (Consumer Discretionary)		4,506,375
	126,991	La Francaise des Jeux SAEM (Consumer Discretionary)(b)		5,763,357
	28,719	Legrand SA (Industrials)		2,507,068
	39,207	L’Oreal SA (Consumer Staples)		14,410,087
	31,649	LVMH Moet Hennessy Louis Vuitton SE (Consumer Discretionary)		20,168,166
	140,230	Orange SA (Communication Services)		1,625,176
	13,730	Pernod Ricard SA (Consumer Staples)		2,622,312
	89,624	Publicis Groupe SA (Communication Services)		5,280,453
	11,687	Remy Cointreau SA (Consumer Staples)		2,241,337
	14,189	Safran SA (Industrials)*		1,950,460

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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Shares		Description	Value
Common Stocks – (continued)
France – (continued)
	118,703	Sanofi (Health Care)	$	10,921,392
	10,750	Sartorius Stedim Biotech (Health Care)		4,723,503
	48,883	Schneider Electric SE (Industrials)		7,289,204
	25,306	SEB SA (Consumer Discretionary)		4,567,532
	231,065	Suez SA (Utilities)		4,838,050
	9,689	Teleperformance (Industrials)		3,447,005
	8,175	Thales SA (Industrials)		778,346
	191,324	TOTAL SE (Energy)		8,911,790
	44,695	Ubisoft Entertainment SA (Communication Services)*		3,666,268
	113,903	Veolia Environnement SA (Utilities)		3,090,009
	58,350	Vinci SA (Industrials)		6,093,803
	74,142	Vivendi SE (Communication Services)		2,571,116
	4,654	Wendel SE (Financials)		534,963
	27,656	Worldline SA (Information Technology)*(b)		2,477,381
				235,867,631
Germany – 8.0%
	29,904	adidas AG (Consumer Discretionary)*		10,486,340
	34,859	Allianz SE (Financials)		8,453,908
	34,493	BASF SE (Materials)		2,835,693
	92,274	Bayer AG (Health Care)		5,613,549
	20,808	Bayerische Motoren Werke AG (Consumer Discretionary)		1,805,858
	4,922	Bechtle AG (Information Technology)		933,787
	44,632	Beiersdorf AG (Consumer Staples)		4,436,877
	42,344	Brenntag SE (Industrials)		3,302,780
	5,675	Carl Zeiss Meditec AG (Health Care)		856,217
	6,993	Continental AG (Consumer Discretionary)		1,009,235
	25,101	Covestro AG (Materials)(b)		1,826,837
	75,349	Daimler AG (Consumer Discretionary)		6,059,133
	12,243	Delivery Hero SE (Consumer Discretionary)*(b)		1,570,760
	25,100	Deutsche Boerse AG (Financials)		4,129,718
	202,881	Deutsche Post AG (Industrials)		10,111,310
	150,953	Deutsche Telekom AG (Communication Services)		2,753,898
	47,371	Deutsche Wohnen SE (Real Estate)		2,239,583
	164,460	E.ON SE (Utilities)		1,686,802
	24,864	Evonik Industries AG (Materials)		841,718
	49,330	Fresenius Medical Care AG & Co. KGaA (Health Care)		3,434,530
	110,199	Fresenius SE & Co. KGaA (Health Care)		4,740,438
	16,585	GEA Group AG (Industrials)		576,145
	3,889	Hannover Rueck SE (Financials)		662,282
	56,319	HeidelbergCement AG (Materials)		4,476,213
	87,303	HelloFresh SE (Consumer Discretionary)*		6,834,960
	18,293	Henkel AG & Co. KGaA (Consumer Staples)		1,629,777
	12,359	HOCHTIEF AG (Industrials)		1,107,850
Common Stocks – (continued)
Germany – (continued)
	71,077	Infineon Technologies AG (Information Technology)		3,105,837
	6,034	Just Eat Takeaway.com NV (Consumer Discretionary)*(b)		585,047
	20,137	KION Group AG (Industrials)		1,709,494
	25,229	Knorr-Bremse AG (Industrials)		3,231,947
	5,516	LEG Immobilien AG (Real Estate)		757,509
	33,839	Merck KGaA (Health Care)		5,526,477
	2,860	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Financials)		843,567
	50,464	Nemetschek SE (Information Technology)		3,194,354
	57,994	Puma SE (Consumer Discretionary)*		6,193,186
	3,341	Rational AG (Industrials)(a)		2,875,212
	95,455	RWE AG (Utilities)		3,631,155
	93,190	SAP SE (Information Technology)		11,544,416
	26,479	Scout24 AG (Communication Services)(b)		2,007,156
	56,611	Siemens AG (Industrials)		8,794,072
	111,628	Siemens Energy AG (Industrials)*		4,234,189
	19,562	Siemens Healthineers AG (Health Care)(b)		1,088,204
	16,490	Symrise AG (Materials)		1,935,905
	17,407	TeamViewer AG (Information Technology)*(b)		940,223
	225,737	Telefonica Deutschland Holding AG (Communication Services)		605,539
	193,563	Uniper SE (Utilities)		6,813,456
	31,141	United Internet AG (Communication Services)		1,378,905
	12,204	Volkswagen AG (Consumer Discretionary)		2,869,320
	44,393	Vonovia SE (Real Estate)		2,841,854
	71,215	Zalando SE (Consumer Discretionary)*(b)		7,349,194
				178,472,416
Hong Kong – 2.5%
	927,164	AIA Group Ltd. (Financials)		11,599,485
	84,868	ASM Pacific Technology Ltd. (Information Technology)		1,180,462
	426,695	Bank of East Asia Ltd. (The) (Financials)		1,007,696
	749,454	CK Asset Holdings Ltd. (Real Estate)		4,400,682
	82,962	CK Infrastructure Holdings Ltd. (Utilities)		480,724
	98,497	CLP Holdings Ltd. (Utilities)		960,547
	296,603	Hang Lung Properties Ltd. (Real Estate)		768,525
	100,500	Hang Seng Bank Ltd. (Financials)		1,943,318
	108,404	Henderson Land Development Co. Ltd. (Real Estate)		470,936
	972,119	HK Electric Investments & HK Electric Investments Ltd. (Utilities)		952,401

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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Schedule of Investments (continued)

February 28, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Hong Kong – (continued)
	850,013	HKT Trust & HKT Ltd. (Communication Services)	$	1,154,922
	628,047	Hong Kong & China Gas Co. Ltd. (Utilities)		947,250
	158,774	Hong Kong Exchanges & Clearing Ltd. (Financials)		9,685,248
	99,656	Hongkong Land Holdings Ltd. (Real Estate)		480,342
	17,034	Jardine Matheson Holdings Ltd. (Industrials)		891,219
	33,336	Jardine Strategic Holdings Ltd. (Industrials)		862,736
	93,041	Link REIT (Real Estate)		877,955
	145,330	MTR Corp. Ltd. (Industrials)		872,090
	91,648	New World Development Co. Ltd. (Real Estate)		466,076
	2,199,455	PCCW Ltd. (Communication Services)		1,261,716
	140,260	Power Assets Holdings Ltd. (Utilities)		779,287
	50,428	Sun Hung Kai Properties Ltd. (Real Estate)		809,984
	339,296	Swire Pacific Ltd., Class A (Real Estate)		2,486,542
	268,846	Techtronic Industries Co. Ltd. (Industrials)		4,103,381
	4,665,523	WH Group Ltd. (Consumer Staples)(b)		4,185,971
	527,786	Xinyi Glass Holdings Ltd. (Industrials)		1,476,401
				55,105,896
Ireland – 0.5%
	64,237	CRH PLC (Materials)		2,791,357
	9,127	Flutter Entertainment PLC (Consumer Discretionary)*		1,766,443
	11,140	Kerry Group PLC, Class A (Consumer Staples)		1,351,497
	16,933	Kingspan Group PLC (Industrials)*		1,238,335
	67,556	Smurfit Kappa Group PLC (Materials)		3,211,099
				10,358,731
Israel – 0.9%
	136,505	Bank Hapoalim BM (Financials)*		968,354
	142,124	Bank Leumi Le-Israel BM (Financials)		868,781
	14,765	Check Point Software Technologies Ltd. (Information Technology)*		1,627,694
	5,781	Elbit Systems Ltd. (Industrials)		751,615
	78,751	ICL Group Ltd. (Materials)		456,907
	162,547	Israel Discount Bank Ltd., Class A (Financials)		604,025
	19,542	Nice Ltd. (Information Technology)*		4,543,499
	566,986	Teva Pharmaceutical Industries Ltd. ADR (Health Care)*		6,100,769
Common Stocks – (continued)
Israel – (continued)
	10,069	Wix.com Ltd. (Information Technology)*		3,509,751
				19,431,395
Italy – 2.3%
	15,394	Amplifon SpA (Health Care)*		616,613
	107,198	Assicurazioni Generali SpA (Financials)		2,023,318
	57,917	Atlantia SpA (Industrials)*		1,091,402
	100,399	Davide Campari-Milano NV (Consumer Staples)		1,142,843
	17,289	DiaSorin SpA (Health Care)		3,408,027
	644,507	Enel SpA (Utilities)		6,136,381
	53,599	Eni SpA (Energy)		616,884
	22,135	Ferrari NV (Consumer Discretionary)		4,339,095
	133,235	FinecoBank Banca Fineco SpA (Financials)*		2,356,270
	83,981	Infrastrutture Wireless Italiane SpA (Communication Services)(b)		878,180
	1,419,903	Intesa Sanpaolo SpA (Financials)*		3,677,902
	111,534	Moncler SpA (Consumer Discretionary)*		6,944,992
	42,172	Nexi SpA (Information Technology)*(b)		761,939
	233,260	Poste Italiane SpA (Financials)(b)		2,662,564
	54,803	Prysmian SpA (Industrials)		1,775,416
	58,561	Recordati Industria Chimica e Farmaceutica SpA (Health Care)		2,995,368
	395,847	Snam SpA (Utilities)		2,064,138
	6,141,552	Telecom Italia SpA (Communication Services)		2,928,918
	4,813,275	Telecom Italia SpA-RSP (Communication Services)		2,595,173
	261,182	Terna Rete Elettrica Nazionale SpA (Utilities)		1,828,587
				50,844,010
Japan – 22.2%
	21,587	ABC-Mart, Inc. (Consumer Discretionary)		1,227,870
	41,767	Advantest Corp. (Information Technology)		3,430,273
	82,795	Aeon Co. Ltd. (Consumer Staples)(a)		2,489,134
	49,369	Aeon Mall Co. Ltd. (Real Estate)		830,385
	27,576	Air Water, Inc. (Materials)		453,474
	19,807	Aisin Seiki Co. Ltd. (Consumer Discretionary)		673,929
	31,658	Ajinomoto Co., Inc. (Consumer Staples)		629,654
	57,934	Asahi Group Holdings Ltd. (Consumer Staples)		2,507,899
	29,998	Asahi Intecc Co. Ltd. (Health Care)		860,183
	351,921	Astellas Pharma, Inc. (Health Care)		5,529,527
	27,645	Azbil Corp. (Information Technology)		1,174,147

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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Shares		Description	Value
Common Stocks – (continued)
Japan – (continued)
	48,093	Bandai Namco Holdings, Inc. (Consumer Discretionary)	$	3,677,620
	7,271	Bank of Kyoto Ltd. (The) (Financials)		436,096
	56,102	Bridgestone Corp. (Consumer Discretionary)		2,191,106
	153,218	Brother Industries Ltd. (Information Technology)		3,009,999
	104,961	Calbee, Inc. (Consumer Staples)		2,758,502
	78,354	Canon, Inc. (Information Technology)		1,686,001
	41,822	Capcom Co. Ltd. (Communication Services)		2,543,707
	4,003	Central Japan Railway Co. (Industrials)		654,141
	84,184	Chubu Electric Power Co., Inc. (Utilities)		1,033,139
	74,004	Chugai Pharmaceutical Co. Ltd. (Health Care)		3,308,439
	76,140	Chugoku Electric Power Co., Inc. (The) (Utilities)		908,334
	64,416	Coca-Cola Bottlers Japan Holdings, Inc. (Consumer Staples)(a)		1,106,451
	11,905	Cosmos Pharmaceutical Corp. (Consumer Staples)		1,704,067
	62,476	CyberAgent, Inc. (Communication Services)		3,764,745
	13,820	Daifuku Co. Ltd. (Industrials)		1,320,514
	28,746	Dai-ichi Life Holdings, Inc. (Financials)		504,283
	171,914	Daiichi Sankyo Co. Ltd. (Health Care)		4,856,966
	19,581	Daikin Industries Ltd. (Industrials)		3,808,131
	32,459	Daito Trust Construction Co. Ltd. (Real Estate)		3,598,093
	20,989	Daiwa House Industry Co. Ltd. (Real Estate)		591,609
	90,861	Daiwa Securities Group, Inc. (Financials)		441,427
	19,470	Denso Corp. (Consumer Discretionary)		1,167,396
	82,438	Dentsu Group, Inc. (Communication Services)		2,839,755
	1,946	Disco Corp. (Information Technology)		610,066
	12,344	East Japan Railway Co. (Industrials)		910,332
	39,264	Eisai Co. Ltd. (Health Care)		2,697,327
	906,027	ENEOS Holdings, Inc. (Energy)		3,977,368
	7,382	FANUC Corp. (Industrials)		1,825,060
	6,178	Fast Retailing Co. Ltd. (Consumer Discretionary)		6,088,699
	66,738	FUJIFILM Holdings Corp. (Information Technology)		3,802,325
	51,034	Fujitsu Ltd. (Information Technology)		7,357,633
	24,204	Fukuoka Financial Group, Inc. (Financials)		435,054
	8,139	GMO Payment Gateway, Inc. (Information Technology)		1,077,917
	63,502	Hakuhodo DY Holdings, Inc. (Communication Services)		1,045,453
Common Stocks – (continued)
Japan – (continued)
	17,950	Hamamatsu Photonics KK (Information Technology)		1,056,378
	17,772	Hankyu Hanshin Holdings, Inc. (Industrials)		589,675
	11,502	Harmonic Drive Systems, Inc. (Industrials)		884,188
	4,297	Hirose Electric Co. Ltd. (Information Technology)		626,763
	6,798	Hisamitsu Pharmaceutical Co., Inc. (Health Care)		423,679
	106,821	Hitachi Ltd. (Information Technology)		4,888,860
	223,383	Honda Motor Co. Ltd. (Consumer Discretionary)		6,104,558
	78,072	Hoya Corp. (Health Care)		8,866,822
	21,048	Ibiden Co. Ltd. (Information Technology)		855,433
	33,533	Idemitsu Kosan Co. Ltd. (Energy)		876,252
	154,938	Iida Group Holdings Co. Ltd. (Consumer Discretionary)		3,507,701
	304,666	Inpex Corp. (Energy)		2,241,957
	59,537	Ito En Ltd. (Consumer Staples)		3,285,879
	214,194	ITOCHU Corp. (Industrials)		6,369,125
	29,218	Itochu Techno-Solutions Corp. (Information Technology)		896,779
	66,549	Japan Exchange Group, Inc. (Financials)		1,432,609
	68,475	Japan Post Bank Co. Ltd. (Financials)		651,714
	238,045	Japan Post Holdings Co. Ltd. (Financials)		2,034,576
	107,144	Japan Post Insurance Co. Ltd. (Financials)		2,191,353
	59,217	Japan Tobacco, Inc. (Consumer Staples)		1,069,952
	33,566	JSR Corp. (Materials)		1,000,301
	146,686	Kajima Corp. (Industrials)		1,869,716
	110,842	Kakaku.com, Inc. (Communication Services)		3,516,482
	44,816	Kansai Electric Power Co., Inc. (The) (Utilities)		446,940
	16,478	Kansai Paint Co. Ltd. (Materials)		430,278
	54,632	Kao Corp. (Consumer Staples)		3,663,328
	170,290	KDDI Corp. (Communication Services)		5,258,627
	15,316	Keihan Holdings Co. Ltd. (Industrials)		687,164
	8,234	Keio Corp. (Industrials)		614,420
	10,772	Keyence Corp. (Information Technology)		5,111,999
	46,517	Kikkoman Corp. (Consumer Staples)		3,069,406
	11,930	Kintetsu Group Holdings Co. Ltd. (Industrials)		498,296
	85,829	Kirin Holdings Co. Ltd. (Consumer Staples)		1,682,503
	12,156	Kobayashi Pharmaceutical Co. Ltd. (Consumer Staples)		1,147,826
	30,585	Kobe Bussan Co. Ltd. (Consumer Staples)(a)		785,151

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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Schedule of Investments (continued)

February 28, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Japan – (continued)
	22,366	Koei Tecmo Holdings Co. Ltd. (Communication Services)	$	1,257,484
	6,202	Koito Manufacturing Co. Ltd. (Consumer Discretionary)		413,311
	25,977	Komatsu Ltd. (Industrials)		777,798
	9,664	Konami Holdings Corp. (Communication Services)		619,534
	33,605	Kose Corp. (Consumer Staples)		5,384,244
	72,257	Kubota Corp. (Industrials)		1,632,802
	10,850	Kurita Water Industries Ltd. (Industrials)		438,929
	17,596	Kyocera Corp. (Information Technology)		1,132,658
	28,715	Kyowa Kirin Co. Ltd. (Health Care)		799,945
	77,370	Kyushu Electric Power Co., Inc. (Utilities)		664,479
	24,425	Kyushu Railway Co. (Industrials)		635,499
	10,669	Lasertec Corp. (Information Technology)		1,298,826
	53,000	Lawson, Inc. (Consumer Staples)(a)		2,474,892
	155,804	Lion Corp. (Consumer Staples)		2,992,069
	58,172	Lixil Corp. (Industrials)		1,630,935
	40,144	M3, Inc. (Health Care)		3,174,519
	419,289	Marubeni Corp. (Industrials)		3,115,742
	22,761	McDonald’s Holdings Co. Japan Ltd. (Consumer Discretionary)		1,128,009
	90,144	Medipal Holdings Corp. (Health Care)		1,785,281
	40,817	MEIJI Holdings Co. Ltd. (Consumer Staples)		2,589,853
	18,390	Mercari, Inc. (Consumer Discretionary)*		883,769
	99,746	MISUMI Group, Inc. (Industrials)		3,042,749
	409,548	Mitsubishi Chemical Holdings Corp. (Materials)		2,843,848
	164,934	Mitsubishi Corp. (Industrials)		4,648,928
	112,899	Mitsubishi Electric Corp. (Industrials)		1,662,118
	33,363	Mitsubishi Estate Co. Ltd. (Real Estate)		575,570
	33,492	Mitsubishi Gas Chemical Co., Inc. (Materials)		779,300
	25,367	Mitsubishi Heavy Industries Ltd. (Industrials)		730,486
	358,748	Mitsubishi UFJ Financial Group, Inc. (Financials)		1,878,932
	376,431	Mitsubishi UFJ Lease & Finance Co. Ltd. (Financials)		2,017,478
	86,264	Mitsui & Co. Ltd. (Industrials)		1,832,725
	26,452	Mitsui Chemicals, Inc. (Materials)		814,366
	20,903	Miura Co. Ltd. (Industrials)		1,081,054
	112,650	Mizuho Financial Group, Inc. (Financials)		1,648,408
	110,493	MonotaRO Co. Ltd. (Industrials)		6,347,073
	26,859	MS&AD Insurance Group Holdings, Inc. (Financials)		756,308
	41,231	Murata Manufacturing Co. Ltd. (Information Technology)		3,514,349
Common Stocks – (continued)
Japan – (continued)
	20,707	Nabtesco Corp. (Industrials)		878,502
	32,314	Nagoya Railroad Co. Ltd. (Industrials)		820,134
	92,576	NEC Corp. (Information Technology)		5,039,805
	49,170	Nexon Co. Ltd. (Communication Services)		1,550,696
	19,947	NH Foods Ltd. (Consumer Staples)		839,706
	28,102	Nidec Corp. (Industrials)		3,566,163
	20,191	Nihon M&A Center, Inc. (Industrials)		1,101,086
	8,027	Nintendo Co. Ltd. (Communication Services)		4,878,433
	9,024	Nippon Express Co. Ltd. (Industrials)		670,829
	23,292	Nippon Paint Holdings Co. Ltd. (Materials)(a)		1,731,487
	381	Nippon Prologis REIT, Inc. REIT (Real Estate)		1,165,816
	274,916	Nippon Telegraph & Telephone Corp. (Communication Services)		7,116,748
	41,124	Nippon Yusen KK (Industrials)		1,179,217
	15,529	Nissan Chemical Corp. (Materials)		843,936
	220,707	Nissan Motor Co. Ltd. (Consumer Discretionary)*		1,190,542
	12,604	Nissin Foods Holdings Co. Ltd. (Consumer Staples)		952,339
	32,220	Nitori Holdings Co. Ltd. (Consumer Discretionary)		6,010,630
	20,156	Nitto Denko Corp. (Materials)		1,719,711
	87,849	Nomura Holdings, Inc. (Financials)		510,240
	82,153	Nomura Real Estate Holdings, Inc. (Real Estate)		1,849,869
	43,233	Nomura Research Institute Ltd. (Information Technology)		1,343,169
	135,537	NTT Data Corp. (Information Technology)		2,067,276
	164,360	Obayashi Corp. (Industrials)		1,408,491
	13,675	Obic Co. Ltd. (Information Technology)		2,307,833
	24,391	Odakyu Electric Railway Co. Ltd. (Industrials)		713,140
	87,887	Oji Holdings Corp. (Materials)		553,521
	231,840	Olympus Corp. (Health Care)		4,852,668
	47,517	Omron Corp. (Information Technology)		3,826,693
	49,875	Ono Pharmaceutical Co. Ltd. (Health Care)		1,340,736
	8,578	Oracle Corp. Japan (Information Technology)		869,555
	9,097	Oriental Land Co. Ltd. (Consumer Discretionary)		1,523,282
	102,566	ORIX Corp. (Financials)		1,734,303
	42,067	Osaka Gas Co. Ltd. (Utilities)		752,578
	15,723	Otsuka Corp. (Information Technology)		730,513
	31,689	Otsuka Holdings Co. Ltd. (Health Care)		1,256,376
	35,240	Pan Pacific International Holdings Corp. (Consumer Discretionary)		825,266

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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Shares		Description	Value
Common Stocks – (continued)
Japan – (continued)
	161,065	Panasonic Corp. (Consumer Discretionary)	$	2,064,335
	127,147	Persol Holdings Co. Ltd. (Industrials)		2,514,537
	65,268	Pigeon Corp. (Consumer Staples)		2,358,568
	144,849	Pola Orbis Holdings, Inc. (Consumer Staples)(a)		3,307,843
	195,546	Recruit Holdings Co. Ltd. (Industrials)		9,692,871
	304,551	Renesas Electronics Corp. (Information Technology)*		3,341,657
	226,216	Resona Holdings, Inc. (Financials)		908,134
	363,582	Ricoh Co. Ltd. (Information Technology)		3,146,448
	10,336	Rinnai Corp. (Consumer Discretionary)		1,045,824
	4,191	Rohm Co. Ltd. (Information Technology)		411,862
	108,006	Ryohin Keikaku Co. Ltd. (Consumer Discretionary)		2,430,997
	30,575	Santen Pharmaceutical Co. Ltd. (Health Care)		419,567
	16,493	SBI Holdings, Inc. (Financials)		457,915
	11,602	Secom Co. Ltd. (Industrials)		1,004,694
	30,764	Sega Sammy Holdings, Inc. (Consumer Discretionary)		516,583
	59,551	Seiko Epson Corp. (Information Technology)		974,816
	58,589	Sekisui Chemical Co. Ltd. (Consumer Discretionary)		1,042,108
	199,175	Sekisui House Ltd. (Consumer Discretionary)		3,733,363
	82,094	Seven & i Holdings Co. Ltd. (Consumer Staples)		3,110,695
	46,253	SG Holdings Co. Ltd. (Industrials)		1,062,768
	22,461	Sharp Corp. (Consumer Discretionary)		424,385
	40,170	Shimadzu Corp. (Information Technology)		1,444,069
	13,570	Shimamura Co. Ltd. (Consumer Discretionary)		1,351,396
	6,342	Shimano, Inc. (Consumer Discretionary)		1,417,336
	58,831	Shimizu Corp. (Industrials)		444,518
	17,333	Shin-Etsu Chemical Co. Ltd. (Materials)		2,822,673
	25,184	Shionogi & Co. Ltd. (Health Care)		1,279,529
	104,324	Shiseido Co. Ltd. (Consumer Staples)		7,748,412
	63,383	Shizuoka Bank Ltd. (The) (Financials)		462,849
	3,412	SMC Corp. (Industrials)		2,014,406
	178,684	SoftBank Corp. (Communication Services)		2,416,779
	79,596	SoftBank Group Corp. (Communication Services)		7,392,551
	9,671	Sohgo Security Services Co. Ltd. (Industrials)		435,712
	12,185	Sompo Holdings, Inc. (Financials)		466,630
	99,461	Sony Corp. (Consumer Discretionary)		10,381,137
	22,599	Square Enix Holdings Co. Ltd. (Communication Services)		1,281,190
Common Stocks – (continued)
Japan – (continued)
	35,429	Subaru Corp. (Consumer Discretionary)		661,259
	31,971	SUMCO Corp. (Information Technology)		729,205
	307,954	Sumitomo Chemical Co. Ltd. (Materials)		1,488,608
	205,076	Sumitomo Corp. (Industrials)		2,965,267
	177,525	Sumitomo Dainippon Pharma Co. Ltd. (Health Care)(a)		2,804,342
	41,802	Sumitomo Electric Industries Ltd. (Consumer Discretionary)		606,784
	15,824	Sumitomo Metal Mining Co. Ltd. (Materials)		763,723
	120,957	Sumitomo Mitsui Financial Group, Inc. (Financials)		4,248,368
	32,178	Sumitomo Mitsui Trust Holdings, Inc. (Financials)		1,057,700
	65,564	Sundrug Co. Ltd. (Consumer Staples)		2,461,573
	51,967	Suntory Beverage & Food Ltd. (Consumer Staples)		1,777,921
	23,029	Suzuken Co. Ltd. (Health Care)		877,583
	47,475	Sysmex Corp. (Health Care)		4,939,557
	39,033	T&D Holdings, Inc. (Financials)		526,107
	34,464	Taiheiyo Cement Corp. (Materials)		857,880
	12,682	Taisei Corp. (Industrials)		446,977
	21,739	Taisho Pharmaceutical Holdings Co. Ltd. (Health Care)		1,332,417
	116,582	Takeda Pharmaceutical Co. Ltd. (Health Care)		3,919,624
	7,716	TDK Corp. (Information Technology)		1,103,734
	40,162	Teijin Ltd. (Materials)		689,849
	45,239	Terumo Corp. (Health Care)		1,677,673
	18,398	Tobu Railway Co. Ltd. (Industrials)		523,240
	19,915	Toho Co. Ltd. (Communication Services)		747,700
	18,529	Toho Gas Co. Ltd. (Utilities)		1,088,714
	92,443	Tohoku Electric Power Co., Inc. (Utilities)		813,019
	26,314	Tokio Marine Holdings, Inc. (Financials)		1,297,423
	9,809	Tokyo Century Corp. (Financials)		638,957
	19,163	Tokyo Electron Ltd. (Information Technology)		7,833,196
	44,439	Tokyo Gas Co. Ltd. (Utilities)		918,478
	45,565	Tokyu Corp. (Industrials)		626,123
	30,071	Toppan Printing Co. Ltd. (Industrials)		471,923
	199,045	Toray Industries, Inc. (Materials)		1,301,434
	24,167	Toshiba Corp. (Industrials)		761,031
	18,056	TOTO Ltd. (Industrials)		1,086,343
	26,567	Toyo Suisan Kaisha Ltd. (Consumer Staples)		1,132,102
	11,416	Toyota Industries Corp. (Consumer Discretionary)		975,085
	98,273	Toyota Motor Corp. (Consumer Discretionary)		7,262,092
	61,566	Toyota Tsusho Corp. (Industrials)		2,577,289

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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Schedule of Investments (continued)

February 28, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Japan – (continued)
	13,463	Trend Micro, Inc. (Information Technology)	$	646,992
	21,063	Tsuruha Holdings, Inc. (Consumer Staples)		2,710,472
	39,630	Unicharm Corp. (Consumer Staples)		1,568,238
	34,334	USS Co. Ltd. (Consumer Discretionary)		652,262
	114,637	Welcia Holdings Co. Ltd. (Consumer Staples)		3,663,779
	13,238	Yakult Honsha Co. Ltd. (Consumer Staples)		654,818
	641,241	Yamada Holdings Co. Ltd. (Consumer Discretionary)		3,063,560
	114,307	Yamato Holdings Co. Ltd. (Industrials)		3,006,272
	228,853	Yamazaki Baking Co. Ltd. (Consumer Staples)(a)		3,851,450
	13,778	Yaskawa Electric Corp. (Industrials)		687,995
	48,425	Yokogawa Electric Corp. (Information Technology)		916,321
	199,469	Z Holdings Corp. (Communication Services)		1,214,151
	189,743	ZOZO, Inc. (Consumer Discretionary)		5,930,582
				494,792,828
Jordan – 0.1%
	67,195	Hikma Pharmaceuticals PLC (Health Care)		2,100,619
Luxembourg – 0.5%
	374,358	ArcelorMittal (Materials)*		8,796,192
	21,865	Eurofins Scientific SE (Health Care)*		1,954,386
	174,281	SES SA (Communication Services)		1,399,564
				12,150,142
Macau – 0.0%
	747,324	SJM Holdings Ltd. (Consumer Discretionary)		1,040,445
Mexico – 0.1%
	92,392	Fresnillo PLC (Materials)		1,175,477
Netherlands – 3.6%
	1,650	Adyen NV (Information Technology)*(b)		3,837,307
	14,875	Akzo Nobel NV (Materials)		1,544,809
	3,672	Argenx SE (Health Care)*		1,237,284
	3,951	ASM International NV (Information Technology)		1,072,324
	31,129	ASML Holding NV (Information Technology)		17,582,960
	15,158	Heineken Holding NV (Consumer Staples)		1,309,993
	14,161	Heineken NV (Consumer Staples)(a)		1,404,310
	285,529	ING Groep NV (Financials)		3,132,692
	38,552	JDE Peet’s NV (Consumer Staples)*		1,574,632
	330,480	Koninklijke Ahold Delhaize NV (Consumer Staples)		8,760,824
Common Stocks – (continued)
Netherlands – (continued)
	18,236	Koninklijke DSM NV (Materials)		3,022,515
	291,829	Koninklijke KPN NV (Communication Services)		959,233
	128,608	Koninklijke Philips NV (Health Care)*		7,017,673
	26,352	Koninklijke Vopak NV (Energy)		1,263,769
	79,401	NN Group NV (Financials)		3,681,599
	65,289	Randstad NV (Industrials)*		4,385,572
	320,383	Royal Dutch Shell PLC, Class A (Energy)		6,471,660
	306,432	Royal Dutch Shell PLC, Class B (Energy)		5,944,795
	68,153	Wolters Kluwer NV (Industrials)		5,433,319
				79,637,270
New Zealand – 0.5%
	165,596	a2 Milk Co. Ltd. (The) (Consumer Staples)*		1,166,724
	158,106	Fisher & Paykel Healthcare Corp. Ltd. (Health Care)		3,362,549
	200,027	Mercury NZ Ltd. (Utilities)		879,910
	356,527	Meridian Energy Ltd. (Utilities)		1,477,616
	355,411	Spark New Zealand Ltd. (Communication Services)		1,186,145
	27,676	Xero Ltd. (Information Technology)*		2,537,571
				10,610,515
Norway – 0.7%
	36,401	DNB ASA (Financials)(a)		712,846
	32,135	Equinor ASA (Energy)		609,155
	153,969	Gjensidige Forsikring ASA (Financials)		3,557,807
	40,932	Mowi ASA (Consumer Staples)		995,258
	904,102	Norsk Hydro ASA (Materials)		5,039,119
	92,628	Orkla ASA (Consumer Staples)		858,949
	29,046	Schibsted ASA, Class A (Communication Services)*		1,182,818
	60,887	Schibsted ASA, Class B (Communication Services)*		2,105,452
	63,985	Telenor ASA (Communication Services)		1,041,279
				16,102,683
Portugal – 0.3%
	518,956	EDP – Energias de Portugal SA (Utilities)		2,989,547
	278,197	Jeronimo Martins SGPS SA (Consumer Staples)		4,339,130
				7,328,677
Russia – 0.1%
	374,752	Evraz PLC (Materials)		2,991,704
Singapore – 1.0%
	259,189	DBS Group Holdings Ltd. (Financials)		5,192,746
	461,002	Mapletree Logistics Trust REIT (Real Estate)		641,388

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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Shares		Description	Value
Common Stocks – (continued)
Singapore – (continued)
	592,100	Oversea-Chinese Banking Corp. Ltd. (Financials)	$	4,893,720
	894,994	Singapore Exchange Ltd. (Financials)		6,724,066
	311,822	Singapore Telecommunications Ltd. (Communication Services)		551,088
	167,376	United Overseas Bank Ltd. (Financials)		3,106,595
	55,913	Venture Corp. Ltd. (Information Technology)		807,347
				21,916,950
South Africa – 0.2%
	93,983	Anglo American PLC (Materials)		3,643,002
Spain – 1.7%
	226,626	ACS Actividades de Construccion y Servicios SA (Industrials)		6,970,492
	272,956	Banco Santander SA (Financials)*		959,982
	692,587	CaixaBank SA (Financials)		2,023,474
	33,988	Cellnex Telecom SA (Communication Services)*(b)		1,858,521
	66,122	Enagas SA (Utilities)		1,393,696
	65,383	Endesa SA (Utilities)		1,630,887
	54,264	Ferrovial SA (Industrials)		1,359,467
	67,344	Grifols SA (Health Care)		1,701,871
	593,193	Iberdrola SA (Utilities)		7,506,184
	197,865	Industria de Diseno Textil SA (Consumer Discretionary)		6,559,002
	46,308	Naturgy Energy Group SA (Utilities)		1,164,081
	65,732	Red Electrica Corp. SA (Utilities)		1,106,226
	70,211	Repsol SA (Energy)		887,588
	48,914	Siemens Gamesa Renewable Energy SA (Industrials)		1,828,652
	234,080	Telefonica SA (Communication Services)		1,001,829
				37,951,952
Sweden – 3.1%
	74,077	Assa Abloy AB, Class B (Industrials)		1,866,895
	83,220	Atlas Copco AB, Class A (Industrials)		4,776,177
	40,145	Atlas Copco AB, Class B (Industrials)		1,956,568
	17,124	Boliden AB (Materials)		681,894
	51,595	Electrolux AB, Series B (Consumer Discretionary)		1,225,060
	83,236	Epiroc AB, Class A (Industrials)		1,775,680
	36,274	Epiroc AB, Class B (Industrials)		717,698
	85,563	EQT AB (Financials)		2,398,791
	41,805	Essity AB, Class B (Consumer Staples)		1,263,093
	22,360	Evolution Gaming Group AB (Consumer Discretionary)(b)		2,798,960
	232,075	H & M Hennes & Mauritz AB, Class B (Consumer Discretionary)*		5,497,902
	19,339	Hexagon AB, Class B (Information Technology)		1,619,852
	181,503	Husqvarna AB, Class B (Consumer Discretionary)		2,232,028
Common Stocks – (continued)
Sweden – (continued)
	26,322	ICA Gruppen AB (Consumer Staples)		1,256,234
	13,307	Industrivarden AB, Class A (Financials)*		475,244
	34,183	Industrivarden AB, Class C (Financials)*		1,134,944
	46,956	Investment AB Latour, Class B (Industrials)		1,074,944
	44,495	Investor AB, Class B (Financials)		3,309,541
	71,275	Kinnevik AB, Class B (Financials)*		3,329,521
	15,633	L E Lundbergforetagen AB, Class B (Financials)*		782,013
	40,648	Nibe Industrier AB, Class B (Industrials)		1,283,784
	109,994	Sandvik AB (Industrials)*		2,968,493
	144,704	Securitas AB, Class B (Industrials)		2,229,965
	86,972	Skandinaviska Enskilda Banken AB, Class A (Financials)*		1,006,171
	175,561	Skanska AB, Class B (Industrials)		4,280,293
	51,645	SKF AB, Class B (Industrials)		1,414,687
	73,064	Svenska Cellulosa AB SCA, Class B (Materials)*		1,263,383
	58,409	Svenska Handelsbanken AB, Class A (Financials)*		618,989
	46,981	Swedbank AB, Class A (Financials)		827,863
	73,395	Swedish Match AB (Consumer Staples)		5,305,347
	75,553	Tele2 AB, Class B (Communication Services)		958,342
	326,296	Telefonaktiebolaget LM Ericsson, Class B (Information Technology)		4,094,189
	259,121	Telia Co. AB (Communication Services)		1,052,204
	70,962	Volvo AB, Class B (Industrials)*		1,827,250
				69,303,999
Switzerland – 8.1%
	116,680	ABB Ltd. (Industrials)		3,366,488
	38,189	Adecco Group AG (Industrials)		2,407,852
	20,722	Alcon, Inc. (Health Care)*		1,431,519
	5,839	Baloise Holding AG (Financials)		1,024,873
	13,291	Banque Cantonale Vaudoise (Financials)		1,400,598
	583	Barry Callebaut AG (Consumer Staples)		1,267,363
	298	Chocoladefabriken Lindt & Spruengli AG (Consumer Staples)		2,509,941
	29,468	Cie Financiere Richemont SA (Consumer Discretionary)		2,850,776
	22,913	Clariant AG (Materials)		481,140
	68,381	Coca-Cola HBC AG (Consumer Staples)*		2,139,607
	280,115	Credit Suisse Group AG (Financials)		4,061,095
	2,300	EMS-Chemie Holding AG (Materials)		2,045,178
	3,423	Geberit AG (Industrials)		2,027,408
	922	Givaudan SA (Materials)		3,490,218
	40,080	Kuehne + Nagel International AG (Industrials)		9,549,603

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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Schedule of Investments (continued)

February 28, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Switzerland – (continued)
	57,247	LafargeHolcim Ltd. (Materials)*	$	3,171,887
	40,953	Logitech International SA (Information Technology)		4,388,888
	5,998	Lonza Group AG (Health Care)		3,801,671
	314,366	Nestle SA (Consumer Staples)		32,988,810
	221,556	Novartis AG (Health Care)		19,135,605
	8,059	Partners Group Holding AG (Financials)		9,707,654
	8,338	Roche Holding AG (Health Care)		2,798,061
	82,776	Roche Holding AG (Health Care)		27,243,024
	4,887	Schindler Holding AG (Industrials)		1,307,447
	6,649	Schindler Holding AG Participation Certificates (Industrials)		1,822,911
	1,884	SGS SA (Industrials)		5,400,398
	11,595	Sika AG (Materials)		3,076,460
	6,156	Sonova Holding AG (Health Care)*		1,583,030
	106,966	STMicroelectronics NV (Information Technology)		4,150,835
	3,545	Straumann Holding AG (Health Care)		4,303,496
	9,467	Swatch Group AG (The) – Bearer (Consumer Discretionary)		2,836,022
	38,281	Swatch Group AG (The) – Registered (Consumer Discretionary)		2,207,299
	1,994	Swiss Life Holding AG (Financials)		996,229
	13,594	Swiss Prime Site AG (Real Estate)		1,277,863
	8,417	Swiss Re AG (Financials)		794,376
	2,512	Swisscom AG (Communication Services)		1,266,683
	228,767	UBS Group AG (Financials)		3,563,034
	7,339	Zurich Insurance Group AG (Financials)		3,011,641
				180,886,983
United Kingdom – 10.0%
	236,190	Admiral Group PLC (Financials)		10,197,114
	30,767	Ashtead Group PLC (Industrials)		1,668,996
	98,407	Associated British Foods PLC (Consumer Staples)*		3,257,963
	119,832	AstraZeneca PLC (Health Care)		11,635,460
	964,824	Auto Trader Group PLC (Communication Services)*(b)		7,421,765
	31,964	AVEVA Group PLC (Information Technology)		1,517,188
	895,918	Aviva PLC (Financials)		4,533,100
	231,822	BAE Systems PLC (Industrials)		1,568,371
	914,926	Barclays PLC (Financials)		2,041,537
	232,262	Barratt Developments PLC (Consumer Discretionary)*		2,157,478
	16,256	Berkeley Group Holdings PLC (Consumer Discretionary)		921,147
	627,289	BP PLC (Energy)		2,558,686
	233,580	British American Tobacco PLC (Consumer Staples)		8,116,857
	415,080	BT Group PLC (Communication Services)*		716,990
	55,848	Bunzl PLC (Industrials)		1,746,675
Common Stocks – (continued)
United Kingdom – (continued)
	252,242	Burberry Group PLC (Consumer Discretionary)*		6,402,538
	396,744	CK Hutchison Holdings Ltd. (Industrials)		2,997,054
	130,840	CNH Industrial NV (Industrials)*		1,943,878
	50,009	Coca-Cola European Partners PLC (Consumer Staples)		2,547,959
	34,432	Compass Group PLC (Consumer Discretionary)*		700,428
	33,057	Croda International PLC (Materials)		2,850,666
	12,183	DCC PLC (Industrials)		982,808
	145,918	Diageo PLC (Consumer Staples)		5,737,727
	179,385	Direct Line Insurance Group PLC (Financials)		804,059
	147,670	Entain PLC (Consumer Discretionary)*		2,917,245
	38,721	Experian PLC (Industrials)		1,230,508
	521,890	GlaxoSmithKline PLC (Health Care)		8,688,730
	68,523	Halma PLC (Information Technology)		2,171,833
	278,899	Hargreaves Lansdown PLC (Financials)		5,889,876
	602,267	HSBC Holdings PLC (Financials)*		3,588,732
	167,918	Imperial Brands PLC (Consumer Staples)		3,129,435
	18,685	Intertek Group PLC (Industrials)		1,399,175
	2,374,203	J Sainsbury PLC (Consumer Staples)		7,508,427
	515,221	JD Sports Fashion PLC (Consumer Discretionary)*		5,981,628
	82,764	Johnson Matthey PLC (Materials)		3,535,014
	891,005	Kingfisher PLC (Consumer Discretionary)*		3,306,127
	769,391	Legal & General Group PLC (Financials)		2,789,254
	1,313,805	Lloyds Banking Group PLC (Financials)*		716,364
	42,646	London Stock Exchange Group PLC (Financials)		5,734,579
	2,156,180	M&G PLC (Financials)		5,543,770
	305,048	Melrose Industries PLC (Industrials)*		707,543
	54,484	Mondi PLC (Materials)		1,313,623
	177,259	National Grid PLC (Utilities)		1,998,468
	49,868	Next PLC (Consumer Discretionary)*		5,270,869
	106,313	Ocado Group PLC (Consumer Discretionary)*		3,269,998
	148,186	Pearson PLC (Communication Services)		1,555,914
	40,332	Prudential PLC (Financials)		794,228
	50,798	Reckitt Benckiser Group PLC (Consumer Staples)		4,261,244
	181,342	RELX PLC (Industrials)		4,291,070
	214,733	Rentokil Initial PLC (Industrials)*		1,401,119
	546,023	Sage Group PLC (The) (Information Technology)		4,264,326

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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Shares		Description	Value
Common Stocks – (continued)
United Kingdom – (continued)
	43,626	Schroders PLC (Financials)	$	2,136,604
	263,534	Segro PLC REIT (Real Estate)		3,352,132
	52,420	Severn Trent PLC (Utilities)		1,605,017
	154,578	Smith & Nephew PLC (Health Care)		2,994,282
	12,999	Spirax-Sarco Engineering PLC (Industrials)		1,946,426
	53,208	SSE PLC (Utilities)		985,298
	188,542	St James’s Place PLC (Financials)		3,094,673
	423,165	Standard Chartered PLC (Financials)*		2,733,910
	877,770	Tesco PLC (Consumer Staples)		2,758,770
	223,600	Unilever PLC (Consumer Staples)		11,669,931
	98,345	United Utilities Group PLC (Utilities)		1,181,368
	2,505,597	Vodafone Group PLC (Communication Services)		4,274,455
	718,506	Wm Morrison Supermarkets PLC (Consumer Staples)		1,716,263
	268,816	WPP PLC (Communication Services)		3,208,853
				221,943,525
United States – 1.0%
	46,049	Bausch Health Cos., Inc. (Health Care)*		1,456,763
	3,979	CyberArk Software Ltd. (Information Technology)*		584,237
	89,585	Ferguson PLC (Industrials)		10,560,984
	54,710	James Hardie Industries PLC (Materials)		1,546,435
	40,125	QIAGEN NV (Health Care)*		1,996,853
	55,781	Stellantis NV (Consumer Discretionary)		909,575
	540,339	Tenaris SA (Energy)		5,670,595
				22,725,442
Zambia – 0.0%
	43,260	First Quantum Minerals Ltd. (Materials)		937,300
	TOTAL COMMON STOCKS
	(Cost $1,835,541,927)		$	2,204,859,774

Shares		Description	Rate			Value
Preferred Stocks – 0.6%
Germany – 0.6%
	9,751	Bayerische Motoren Werke AG (Consumer Discretionary)		4.44	%	$	663,395
	77,368	FUCHS PETROLUB SE (Materials)		2.10			4,257,846
Preferred Stocks – (continued)
Germany – (continued)
	19,488	Henkel AG & Co. KGaA (Consumer Staples)		2.23			1,929,737
	5,909	Sartorius AG (Health Care)		0.08			3,051,115
	18,145	Volkswagen AG (Consumer Discretionary)		2.77			3,810,662
	TOTAL PREFERRED STOCKS
	(Cost $11,032,309)					$	13,712,755
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $1,846,574,236)					$	2,218,572,529

Shares		Dividend Rate	Value
Securities Lending Reinvestment Vehicle – 1.5%(c)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	32,805,090	0.036%	$	32,805,090
	(Cost $32,805,090)
	TOTAL INVESTMENTS – 101.1%
	(Cost $1,879,379,326)		$	2,251,377,619
	LIABILITIES IN EXCESS OF OTHER     ASSETS – (1.1)%			(24,838,418	)
	NET ASSETS – 100.0%		$	2,226,539,201

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

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

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

GOLDMAN SACHS ACTIVEBETA^® JAPAN EQUITY ETF

Schedule of Investments

February 28, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – 99.4%
Communication Services – 10.9%
	1,442	Capcom Co. Ltd.	$	87,706
	1,346	CyberAgent, Inc.		81,109
	1,061	Dentsu Group, Inc.		36,548
	3,540	Hakuhodo DY Holdings, Inc.		58,280
	2,009	Kakaku.com, Inc.		63,736
	8,985	KDDI Corp.		277,461
	908	Koei Tecmo Holdings Co. Ltd.		51,051
	543	Konami Holdings Corp.		34,810
	3,333	Nexon Co. Ltd.		105,114
	612	Nintendo Co. Ltd.		371,945
	9,725	Nippon Telegraph & Telephone Corp.		251,751
	13,027	SoftBank Corp.		176,196
	6,986	SoftBank Group Corp.		648,831
	1,121	Square Enix Holdings Co. Ltd.		63,552
	731	Toho Co. Ltd.		27,445
	13,777	Z Holdings Corp.		83,859
				2,419,394
Consumer Discretionary – 17.6%
	731	ABC-Mart, Inc.		41,579
	799	Aisin Seiki Co. Ltd.		27,186
	1,325	Bandai Namco Holdings, Inc.		101,321
	2,820	Bridgestone Corp.		110,137
	1,265	Casio Computer Co. Ltd.		24,364
	1,324	Denso Corp.		79,385
	284	Fast Retailing Co. Ltd.		279,895
	131	Hikari Tsushin, Inc.		25,932
	10,053	Honda Motor Co. Ltd.		274,726
	6,367	Iida Group Holdings Co. Ltd.		144,145
	798	Isuzu Motors Ltd.		8,344
	332	Koito Manufacturing Co. Ltd.		22,125
	358	Marui Group Co. Ltd.		6,791
	1,058	Mazda Motor Corp.		8,332
	791	McDonald’s Holdings Co. Japan Ltd.		39,201
	787	Mercari, Inc.*		37,821
	431	NGK Spark Plug Co. Ltd.		7,290
	9,659	Nissan Motor Co. Ltd.*		52,103
	584	Nitori Holdings Co. Ltd.		108,945
	604	Oriental Land Co. Ltd.		101,139
	2,580	Pan Pacific International Holdings Corp.		60,420
	10,931	Panasonic Corp.		140,100
	2,713	Rakuten, Inc.		30,328
	406	Rinnai Corp.		41,080
	2,287	Ryohin Keikaku Co. Ltd.		51,476
	1,480	Sega Sammy Holdings, Inc.		24,852
	2,513	Sekisui Chemical Co. Ltd.		44,698
	4,755	Sekisui House Ltd.		89,128
	467	Sharp Corp.		8,824
	544	Shimamura Co. Ltd.		54,175
	352	Shimano, Inc.		78,667
	6,290	Sony Corp.		656,512
	495	Stanley Electric Co. Ltd.		14,659
	1,504	Subaru Corp.		28,071
	1,864	Sumitomo Electric Industries Ltd.		27,057
	1,221	Suzuki Motor Corp.		52,707
	467	Toyoda Gosei Co. Ltd.		12,102
Common Stocks – (continued)
Consumer Discretionary – (continued)
	509	Toyota Industries Corp.		43,476
	9,159	Toyota Motor Corp.		676,824
	1,140	USS Co. Ltd.		21,657
	34,084	Yamada Holdings Co. Ltd.		162,838
	609	Yamaha Corp.		33,897
	755	Yamaha Motor Co. Ltd.		16,434
	1,779	ZOZO, Inc.		55,604
				3,926,347
Consumer Staples – 9.4%
	4,313	Aeon Co. Ltd.		129,665
	2,704	Ajinomoto Co., Inc.		53,781
	2,121	Asahi Group Holdings Ltd.		91,816
	1,555	Calbee, Inc.		40,867
	1,634	Coca-Cola Bottlers Japan Holdings, Inc.(a)		28,067
	405	Cosmos Pharmaceutical Corp.		57,971
	948	Ito En Ltd.		52,321
	4,610	Japan Tobacco, Inc.		83,295
	2,405	Kao Corp.		161,266
	957	Kikkoman Corp.		63,147
	4,315	Kirin Holdings Co. Ltd.		84,587
	577	Kobayashi Pharmaceutical Co. Ltd.		54,483
	1,538	Kobe Bussan Co. Ltd.(a)		39,482
	331	Kose Corp.		53,033
	1,273	Lawson, Inc.(a)		59,444
	2,443	Lion Corp.		46,916
	884	MEIJI Holdings Co. Ltd.		56,090
	823	NH Foods Ltd.		34,646
	1,498	Nisshin Seifun Group, Inc.		24,086
	642	Nissin Foods Holdings Co. Ltd.		48,509
	1,114	Pigeon Corp.		40,256
	1,922	Pola Orbis Holdings, Inc.(a)		43,892
	4,249	Seven & i Holdings Co. Ltd.		161,003
	1,818	Shiseido Co. Ltd.		135,028
	1,418	Sundrug Co. Ltd.		53,238
	1,634	Suntory Beverage & Food Ltd.		55,903
	1,136	Toyo Suisan Kaisha Ltd.		48,408
	528	Tsuruha Holdings, Inc.		67,945
	2,214	Unicharm Corp.		87,612
	2,004	Welcia Holdings Co. Ltd.		64,047
	607	Yakult Honsha Co. Ltd.		30,025
	2,754	Yamazaki Baking Co. Ltd.(a)		46,348
				2,097,177
Energy – 1.2%
	43,812	ENEOS Holdings, Inc.		192,331
	786	Idemitsu Kosan Co. Ltd.		20,539
	7,831	Inpex Corp.		57,626
				270,496
Financials – 7.7%
	7,910	Acom Co. Ltd.		35,266
	367	Bank of Kyoto Ltd. (The)(a)		22,012
	1,678	Chiba Bank Ltd. (The)		10,694
	2,855	Concordia Financial Group Ltd.		11,014
	2,517	Dai-ichi Life Holdings, Inc.		44,155

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

GOLDMAN SACHS ACTIVEBETA^® JAPAN EQUITY ETF

Shares		Description	Value
Common Stocks – (continued)
Financials – (continued)
	3,756	Daiwa Securities Group, Inc.	$	18,248
	629	Fukuoka Financial Group, Inc.		11,306
	4,262	Japan Exchange Group, Inc.		91,749
	1,937	Japan Post Bank Co. Ltd.		18,436
	15,558	Japan Post Holdings Co. Ltd.		132,975
	6,247	Japan Post Insurance Co. Ltd.		127,766
	39,565	Mitsubishi UFJ Financial Group, Inc.		207,220
	12,781	Mitsubishi UFJ Lease & Finance Co. Ltd.		68,500
	7,868	Mizuho Financial Group, Inc.		115,132
	1,055	MS&AD Insurance Group Holdings, Inc.		29,707
	12,362	Nomura Holdings, Inc.		71,800
	4,302	ORIX Corp.		72,743
	7,784	Resona Holdings, Inc.		31,249
	796	SBI Holdings, Inc.		22,100
	584	Shinsei Bank Ltd.(a)		8,332
	2,494	Shizuoka Bank Ltd. (The)		18,212
	1,523	Sompo Holdings, Inc.		58,324
	5,805	Sumitomo Mitsui Financial Group, Inc.		203,889
	1,355	Sumitomo Mitsui Trust Holdings, Inc.		44,539
	8,147	T&D Holdings, Inc.		109,809
	2,104	Tokio Marine Holdings, Inc.		103,739
	416	Tokyo Century Corp.		27,098
				1,716,014
Health Care – 11.0%
	410	Alfresa Holdings Corp.		7,904
	2,183	Asahi Intecc Co. Ltd.		62,597
	12,307	Astellas Pharma, Inc.		193,373
	3,953	Chugai Pharmaceutical Co. Ltd.		176,724
	8,868	Daiichi Sankyo Co. Ltd.		250,541
	1,373	Eisai Co. Ltd.		94,321
	412	Hisamitsu Pharmaceutical Co., Inc.		25,677
	1,886	Hoya Corp.		214,197
	1,912	Kyowa Kirin Co. Ltd.		53,265
	2,455	M3, Inc.		194,137
	5,042	Medipal Holdings Corp.		99,856
	405	Nippon Shinyaku Co. Ltd.		27,484
	5,595	Olympus Corp.		117,110
	2,790	Ono Pharmaceutical Co. Ltd.		75,001
	2,654	Otsuka Holdings Co. Ltd.		105,223
	383	PeptiDream, Inc.*		18,226
	2,465	Santen Pharmaceutical Co. Ltd.		33,826
	1,664	Shionogi & Co. Ltd.		84,543
	2,891	Sumitomo Dainippon Pharma Co. Ltd.(a)		45,669
	1,783	Suzuken Co. Ltd.		67,946
	1,161	Sysmex Corp.		120,797
	530	Taisho Pharmaceutical Holdings Co. Ltd.		32,485
	7,332	Takeda Pharmaceutical Co. Ltd.		246,510
	2,707	Terumo Corp.		100,388
				2,447,800
Industrials – 18.3%
	363	AGC, Inc.		13,288
	838	Amada Co. Ltd.		10,155
	458	ANA Holdings, Inc.*		10,979
	379	Central Japan Railway Co.		61,933
Common Stocks – (continued)
Industrials – (continued)
	841	Dai Nippon Printing Co. Ltd.		15,109
	671	Daifuku Co. Ltd.		64,115
	1,051	Daikin Industries Ltd.		204,399
	948	East Japan Railway Co.		69,912
	525	FANUC Corp.		129,796
	237	Fuji Electric Co. Ltd.		9,832
	963	Hankyu Hanshin Holdings, Inc.		31,952
	359	Harmonic Drive Systems, Inc.		27,597
	219	Hitachi Construction Machinery Co. Ltd.		6,732
	287	Hoshizaki Corp.		25,160
	6,647	ITOCHU Corp.		197,651
	768	Japan Airlines Co. Ltd.*		18,238
	10,642	Kajima Corp.		135,647
	436	Keihan Holdings Co. Ltd.		19,562
	695	Keikyu Corp.		10,985
	343	Keio Corp.		25,595
	491	Keisei Electric Railway Co. Ltd.		17,697
	538	Kintetsu Group Holdings Co. Ltd.		22,471
	2,646	Komatsu Ltd.		79,226
	3,501	Kubota Corp.		79,113
	513	Kurita Water Industries Ltd.		20,753
	698	Kyushu Railway Co.		18,161
	2,096	Lixil Corp.		58,764
	657	Makita Corp.		27,966
	23,484	Marubeni Corp.		174,510
	829	MINEBEA MITSUMI, Inc.		20,348
	2,138	MISUMI Group, Inc.		65,220
	8,413	Mitsubishi Corp.		237,134
	7,149	Mitsubishi Electric Corp.		105,249
	664	Mitsubishi Heavy Industries Ltd.		19,121
	5,149	Mitsui & Co. Ltd.		109,393
	965	Miura Co. Ltd.		49,908
	1,727	MonotaRO Co. Ltd.		99,204
	976	Nabtesco Corp.		41,407
	1,210	Nagoya Railroad Co. Ltd.		30,710
	635	NGK Insulators Ltd.		11,205
	1,674	Nidec Corp.		212,432
	1,331	Nihon M&A Center, Inc.		72,584
	402	Nippon Express Co. Ltd.		29,884
	1,327	Nippon Yusen KK		38,051
	10,675	Obayashi Corp.		91,480
	853	Odakyu Electric Railway Co. Ltd.		24,940
	2,157	Persol Holdings Co. Ltd.		42,658
	5,672	Recruit Holdings Co. Ltd.		281,151
	748	Secom Co. Ltd.		64,774
	825	Seibu Holdings, Inc.		9,912
	2,465	SG Holdings Co. Ltd.		56,639
	1,763	Shimizu Corp.		13,321
	210	SMC Corp.		123,982
	440	Sohgo Security Services Co. Ltd.		19,824
	11,369	Sumitomo Corp.		164,388
	442	Taisei Corp.		15,578
	269	THK Co. Ltd.		8,673
	869	Tobu Railway Co. Ltd.		24,714
	1,899	Tokyu Corp.		26,095
	915	Toppan Printing Co. Ltd.		14,360

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

GOLDMAN SACHS ACTIVEBETA^® JAPAN EQUITY ETF

Schedule of Investments (continued)

February 28, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Industrials – (continued)
	1,115	Toshiba Corp.	$	35,112
	976	TOTO Ltd.		58,721
	2,391	Toyota Tsusho Corp.		100,093
	519	West Japan Railway Co.		31,732
	3,298	Yamato Holdings Co. Ltd.		86,737
	1,143	Yaskawa Electric Corp.		57,075
				4,081,107
Information Technology – 15.6%
	1,563	Advantest Corp.		128,367
	1,592	Azbil Corp.		67,616
	3,038	Brother Industries Ltd.		59,682
	4,112	Canon, Inc.		88,481
	192	Disco Corp.		60,191
	2,406	FUJIFILM Holdings Corp.		137,079
	1,573	Fujitsu Ltd.		226,781
	315	GMO Payment Gateway, Inc.		41,718
	1,046	Hamamatsu Photonics KK		61,558
	166	Hirose Electric Co. Ltd.		24,213
	5,277	Hitachi Ltd.		241,512
	797	Ibiden Co. Ltd.		32,392
	1,371	Itochu Techno-Solutions Corp.		42,080
	817	Keyence Corp.		387,718
	1,335	Kyocera Corp.		85,934
	525	Lasertec Corp.		63,913
	2,615	Murata Manufacturing Co. Ltd.		222,891
	2,727	NEC Corp.		148,457
	2,772	Nomura Research Institute Ltd.		86,121
	5,304	NTT Data Corp.		80,899
	404	Obic Co. Ltd.		68,180
	1,296	Omron Corp.		104,371
	467	Oracle Corp. Japan		47,340
	1,037	Otsuka Corp.		48,180
	7,611	Renesas Electronics Corp.*		83,511
	16,281	Ricoh Co. Ltd.		140,896
	262	Rohm Co. Ltd.		25,748
	235	SCSK Corp.		13,830
	2,406	Seiko Epson Corp.		39,385
	1,627	Shimadzu Corp.		58,489
	1,285	SUMCO Corp.		29,309
	559	TDK Corp.		79,962
	819	TIS, Inc.		17,020
	830	Tokyo Electron Ltd.		339,276
	823	Trend Micro, Inc.		39,551
	1,991	Yokogawa Electric Corp.		37,675
				3,460,326
Materials – 4.5%
	812	Air Water, Inc.		13,353
	2,932	Asahi Kasei Corp.		31,538
	534	Hitachi Metals Ltd.		8,466
	1,554	JSR Corp.		46,311
	959	Kansai Paint Co. Ltd.		25,042
	653	Kuraray Co. Ltd.		7,306
	19,381	Mitsubishi Chemical Holdings Corp.		134,579
	1,434	Mitsubishi Gas Chemical Co., Inc.		33,367
Common Stocks – (continued)
Materials – (continued)
	656	Mitsui Chemicals, Inc.		20,196
	779	Nippon Paint Holdings Co. Ltd.(a)		57,909
	473	Nippon Steel Corp.*		6,959
	820	Nissan Chemical Corp.		44,563
	927	Nitto Denko Corp.		79,092
	3,256	Oji Holdings Corp.		20,507
	1,248	Shin-Etsu Chemical Co. Ltd.		203,236
	19,612	Sumitomo Chemical Co. Ltd.		94,802
	811	Sumitomo Metal Mining Co. Ltd.		39,142
	2,951	Taiheiyo Cement Corp.		73,456
	1,379	Teijin Ltd.		23,687
	2,599	Toray Industries, Inc.		16,993
	661	Tosoh Corp.		12,098
				992,602
Real Estate – 2.0%
	1,541	Aeon Mall Co. Ltd.		25,920
	643	Daito Trust Construction Co. Ltd.		71,277
	2,574	Daiwa House Industry Co. Ltd.		72,552
	3	Daiwa House REIT Investment Corp. REIT		7,873
	8	GLP J REIT		12,961
	742	Hulic Co. Ltd.		8,274
	2	Japan Real Estate Investment Corp. REIT		12,183
	12	Japan Retail Fund Investment Corp. REIT		11,860
	3,719	Mitsubishi Estate Co. Ltd.		64,159
	2,116	Mitsui Fudosan Co. Ltd.		47,667
	1	Nippon Building Fund, Inc. REIT		6,110
	7	Nippon Prologis REIT, Inc. REIT		21,419
	1,628	Nomura Real Estate Holdings, Inc.		36,658
	765	Sumitomo Realty & Development Co. Ltd.		26,352
	3,793	Tokyu Fudosan Holdings Corp.		23,711
				448,976
Utilities – 1.2%
	6,479	Chubu Electric Power Co., Inc.		79,513
	1,403	Chugoku Electric Power Co., Inc. (The)		16,737
	1,582	Kansai Electric Power Co., Inc. (The)		15,777
	1,814	Kyushu Electric Power Co., Inc.		15,579
	1,685	Osaka Gas Co. Ltd.		30,145
	668	Toho Gas Co. Ltd.		39,250
	2,426	Tohoku Electric Power Co., Inc.		21,336
	1,376	Tokyo Electric Power Co. Holdings, Inc.*		4,417
	2,216	Tokyo Gas Co. Ltd.		45,801
				268,555
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $18,142,843)		$	22,128,794

42 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 – 1.2%(b)
Goldman Sachs Financial Square Government Fund – Institutional Shares
258,183		0.036%	$	258,183
(Cost $258,183)
TOTAL INVESTMENTS – 100.6%
(Cost $18,401,026)			$	22,386,977
LIABILITIES IN EXCESS OF OTHER     ASSETS – (0.6)%				(123,031	)
NET ASSETS – 100.0%			$	22,263,946

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

Investment Abbreviations:
REIT	—Real Estate Investment Trust

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

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

Schedule of Investments

February 28, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – 99.8%
Communication Services – 11.1%
	282,420	Activision Blizzard, Inc.	$	27,002,176
	92,536	Alphabet, Inc., Class A*		187,099,464
	89,863	Alphabet, Inc., Class C*		183,038,350
	371,793	Altice USA, Inc., Class A*		12,495,963
	1,891,101	AT&T, Inc.		52,742,807
	7,618	Cable One, Inc.		14,587,327
	59,174	Charter Communications, Inc., Class A*		36,298,515
	1,282,401	Comcast Corp., Class A		67,608,181
	191,826	Electronic Arts, Inc.		25,698,929
	779,008	Facebook, Inc., Class A*		200,688,041
	83,693	IAC/InterActiveCorp*		20,490,557
	112,485	Liberty Broadband Corp., Class C*		16,817,632
	2,140,073	Lumen Technologies, Inc.		26,301,497
	206,095	Match Group, Inc.*		31,501,621
	93,365	Netflix, Inc.*		50,309,730
	466,905	Omnicom Group, Inc.		32,090,381
	236,676	Pinterest, Inc., Class A*		19,071,352
	84,655	Roku, Inc.*		33,479,359
	245,428	Snap, Inc., Class A*		16,114,803
	86,408	Take-Two Interactive Software, Inc.*		15,938,820
	214,778	T-Mobile US, Inc.*		25,766,917
	207,998	Twitter, Inc.*		16,028,326
	1,015,148	Verizon Communications, Inc.		56,137,684
	944,681	ViacomCBS, Inc., Class B		60,922,478
	332,285	Walt Disney Co. (The)*		62,815,156
	104,083	Zillow Group, Inc., Class C*		16,791,710
				1,307,837,776
Consumer Discretionary – 13.8%
	97,538	Advance Auto Parts, Inc.		15,640,218
	136,864	Amazon.com, Inc.*		423,310,772
	34,359	AutoZone, Inc.*		39,853,691
	383,757	Best Buy Co., Inc.		38,510,015
	15,749	Booking Holdings, Inc.*		36,671,704
	80,632	Burlington Stores, Inc.*		20,869,174
	30,929	CarMax, Inc.*		3,696,325
	26,911	Carvana Co.*		7,629,268
	6,902	Chipotle Mexican Grill, Inc.*		9,952,684
	179,143	Dollar General Corp.		33,856,236
	180,245	Dollar Tree, Inc.*		17,700,059
	91,663	Domino’s Pizza, Inc.		31,762,146
	81,436	D.R. Horton, Inc.		6,259,985
	460,686	eBay, Inc.		25,991,904
	113,924	Etsy, Inc.*		25,094,039
	38,594	Expedia Group, Inc.		6,213,634
	5,460,614	Ford Motor Co.*		63,889,184
	93,043	Garmin Ltd.		11,539,193
	46,083	General Motors Co.		2,365,440
	205,449	Genuine Parts Co.		21,644,052
	55,057	Hilton Worldwide Holdings, Inc.*		6,809,450
	413,556	Home Depot, Inc. (The)		106,838,057
	541,475	Lennar Corp., Class A		44,926,181
	376,561	Lowe’s Cos., Inc.		60,155,620
	103,453	McDonald’s Corp.		21,325,801
	566,942	NIKE, Inc., Class B		76,412,443
Common Stocks – (continued)
Consumer Discretionary – (continued)
	1,521	NVR, Inc.*		6,845,778
	80,347	O’Reilly Automotive, Inc.*		35,941,624
	96,973	Peloton Interactive, Inc., Class A*		11,682,337
	73,736	Pool Corp.		24,684,601
	578,249	PulteGroup, Inc.		26,084,812
	101,445	Ross Stores, Inc.		11,832,545
	130,634	Starbucks Corp.		14,112,391
	425,879	Target Corp.		78,123,244
	136,535	Tesla, Inc.*		92,229,392
	465,518	TJX Cos., Inc. (The)		30,719,533
	180,119	Tractor Supply Co.		28,631,716
	72,924	Ulta Beauty, Inc.*		23,505,593
	209,931	VF Corp.		16,611,840
	81,667	Wayfair, Inc., Class A*		23,600,130
	42,791	Whirlpool Corp.		8,133,713
	270,267	Yum! Brands, Inc.		27,980,743
				1,619,637,267
Consumer Staples – 7.8%
	221,895	Altria Group, Inc.		9,674,622
	196,212	Archer-Daniels-Midland Co.		11,101,675
	278,916	Brown-Forman Corp., Class B		19,964,807
	132,408	Campbell Soup Co.		6,021,916
	184,213	Church & Dwight Co., Inc.		14,506,774
	195,631	Clorox Co. (The)		35,418,993
	632,853	Coca-Cola Co. (The)		31,003,469
	439,627	Colgate-Palmolive Co.		33,059,950
	313,428	Conagra Brands, Inc.		10,634,612
	23,500	Constellation Brands, Inc., Class A		5,032,290
	197,261	Costco Wholesale Corp.		65,293,391
	202,040	Estee Lauder Cos., Inc. (The), Class A		57,755,154
	210,211	General Mills, Inc.		11,563,707
	184,763	Hershey Co. (The)		26,910,731
	179,465	Hormel Foods Corp.		8,321,792
	176,378	J M Smucker Co. (The)		19,754,336
	133,540	Kellogg Co.		7,706,593
	203,406	Keurig Dr Pepper, Inc.		6,207,951
	186,629	Kimberly-Clark Corp.		23,950,100
	988,924	Kraft Heinz Co. (The)		35,977,055
	1,557,672	Kroger Co. (The)		50,172,615
	164,626	McCormick & Co., Inc.		13,874,679
	286,686	Mondelez International, Inc., Class A		15,240,228
	264,429	Monster Beverage Corp.*		23,201,000
	471,364	PepsiCo, Inc.		60,895,515
	456,594	Philip Morris International, Inc.		38,363,028
	615,777	Procter & Gamble Co. (The)		76,066,933
	313,822	Sysco Corp.		24,989,646
	510,653	Tyson Foods, Inc., Class A		34,555,889
	976,789	Walgreens Boots Alliance, Inc.		46,817,497
	720,275	Walmart, Inc.		93,578,128
				917,615,076
Energy – 0.9%
	229,602	Chevron Corp.		22,960,200
	166,640	ConocoPhillips		8,666,947

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

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

Shares		Description	Value
Common Stocks – (continued)
Energy – (continued)
	430,073	EOG Resources, Inc.	$	27,765,513
	401,395	Exxon Mobil Corp.		21,823,846
	160,846	Kinder Morgan, Inc.		2,364,436
	74,816	Marathon Petroleum Corp.		4,086,450
	142,918	Schlumberger NV		3,988,841
	223,842	Valero Energy Corp.		17,231,357
				108,887,590
Financials – 6.7%
	91,772	Allstate Corp. (The)		9,782,895
	49,019	American Express Co.		6,630,310
	32,508	Ameriprise Financial, Inc.		7,192,070
	81,837	Aon PLC, Class A		18,635,103
	140,883	Arthur J Gallagher & Co.		16,877,783
	1,484,055	Bank of America Corp.		51,511,549
	507,793	Bank of New York Mellon Corp. (The)		21,408,553
	202,722	Berkshire Hathaway, Inc., Class B*		48,756,668
	19,390	BlackRock, Inc.		13,466,355
	51,647	Blackstone Group, Inc. (The), Class A		3,575,522
	146,043	Brown & Brown, Inc.		6,703,374
	155,603	Charles Schwab Corp. (The)		9,603,817
	46,035	Chubb Ltd.		7,484,370
	503,953	Citigroup, Inc.		33,200,424
	444,463	Citizens Financial Group, Inc.		19,307,473
	40,153	CME Group, Inc.		8,018,554
	58,055	FactSet Research Systems, Inc.		17,643,495
	87,679	Fidelity National Financial, Inc.		3,356,352
	426,906	Fifth Third Bancorp		14,809,369
	36,399	First Republic Bank		5,996,735
	212,076	Hartford Financial Services Group, Inc. (The)		10,750,132
	147,107	Intercontinental Exchange, Inc.		16,227,373
	696,751	JPMorgan Chase & Co.		102,540,845
	328,530	KeyCorp		6,616,594
	2,397	Markel Corp.*		2,609,854
	25,444	MarketAxess Holdings, Inc.		14,145,337
	188,959	Marsh & McLennan Cos., Inc.		21,771,856
	387,930	MetLife, Inc.		22,344,768
	136,065	Moody’s Corp.		37,402,908
	473,400	Morgan Stanley		36,390,258
	36,330	MSCI, Inc.		15,059,512
	68,809	Nasdaq, Inc.		9,515,597
	34,093	Northern Trust Corp.		3,243,267
	139,149	Principal Financial Group, Inc.		7,873,050
	236,108	Progressive Corp. (The)		20,293,483
	74,696	Raymond James Financial, Inc.		8,720,011
	100,061	S&P Global, Inc.		32,956,091
	152,155	State Street Corp.		11,072,319
	7,919	SVB Financial Group*		4,001,946
	647,341	Synchrony Financial		25,039,150
	158,254	T. Rowe Price Group, Inc.		25,659,304
	37,607	Travelers Cos., Inc. (The)		5,471,818
	143,439	US Bancorp		7,171,950
	56,505	W R Berkley Corp.		3,917,492
	125,352	Wells Fargo & Co.		4,533,982
Common Stocks – (continued)
Financials – (continued)
	36,694	Willis Towers Watson PLC		8,096,164
				787,385,832
Health Care – 15.4%
	385,945	Abbott Laboratories		46,228,492
	557,624	AbbVie, Inc.		60,078,410
	52,776	ABIOMED, Inc.*		17,128,451
	135,331	Agilent Technologies, Inc.		16,519,855
	135,689	Alexion Pharmaceuticals, Inc.*		20,726,495
	44,630	Align Technology, Inc.*		25,310,119
	60,240	Alnylam Pharmaceuticals, Inc.*		8,921,544
	43,332	AmerisourceBergen Corp.		4,386,065
	213,416	Amgen, Inc.		48,001,527
	104,038	Anthem, Inc.		31,543,281
	179,145	Baxter International, Inc.		13,917,775
	46,760	Becton Dickinson and Co.		11,276,174
	111,027	Biogen, Inc.*		30,297,048
	104,515	BioMarin Pharmaceutical, Inc.*		8,092,596
	19,403	Bio-Rad Laboratories, Inc., Class A*		11,341,053
	276,638	Boston Scientific Corp.*		10,728,022
	832,466	Bristol-Myers Squibb Co.		51,055,140
	59,384	Cardinal Health, Inc.		3,059,464
	99,662	Catalent, Inc.*		11,332,566
	113,520	Centene Corp.*		6,645,461
	262,982	Cerner Corp.		18,182,575
	41,120	Charles River Laboratories International, Inc.*		11,766,077
	211,173	Cigna Corp.		44,325,213
	30,376	Cooper Cos., Inc. (The)		11,729,085
	813,455	CVS Health Corp.		55,420,689
	153,016	Danaher Corp.		33,613,025
	107,874	DENTSPLY SIRONA, Inc.		5,724,873
	60,451	DexCom, Inc.*		24,046,199
	433,578	Edwards Lifesciences Corp.*		36,030,332
	297,488	Eli Lilly and Co.		60,952,316
	465,481	Gilead Sciences, Inc.		28,580,533
	18,464	HCA Healthcare, Inc.*		3,176,362
	203,913	Henry Schein, Inc.*		12,612,019
	188,548	Hologic, Inc.*		13,592,425
	131,094	Horizon Therapeutics PLC*		11,917,756
	54,359	Humana, Inc.		20,637,394
	115,652	IDEXX Laboratories, Inc.*		60,158,701
	38,914	Illumina, Inc.*		17,099,201
	213,441	Incyte Corp.*		16,789,269
	60,185	Insulet Corp.*		15,593,933
	21,326	Intuitive Surgical, Inc.*		15,712,997
	68,202	IQVIA Holdings, Inc.*		13,148,664
	845,353	Johnson & Johnson		133,954,636
	52,851	Laboratory Corp. of America Holdings*		12,679,483
	79,725	Masimo Corp.*		19,989,449
	152,861	McKesson Corp.		25,912,997
	183,004	Medtronic PLC		21,405,978
	694,958	Merck & Co., Inc.		50,467,850
	38,294	Mettler-Toledo International, Inc.*		42,738,019
	139,008	Moderna, Inc.*		21,519,828
	29,117	Molina Healthcare, Inc.*		6,311,401

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

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

Schedule of Investments (continued)

February 28, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Health Care – (continued)
	106,471	PerkinElmer, Inc.	$	13,424,928
	1,579,104	Pfizer, Inc.		52,884,193
	337,333	QIAGEN NV*		16,866,650
	70,145	Quest Diagnostics, Inc.		8,108,061
	31,026	Regeneron Pharmaceuticals, Inc.*		13,979,385
	115,449	ResMed, Inc.		22,256,258
	45,442	Sarepta Therapeutics, Inc.*		3,956,181
	123,999	Seagen, Inc.*		18,737,489
	68,617	STERIS PLC		11,994,252
	77,245	Stryker Corp.		18,746,589
	40,807	Teladoc Health, Inc.*		9,022,020
	9,470	Teleflex, Inc.		3,770,196
	131,731	Thermo Fisher Scientific, Inc.		59,289,488
	271,391	UnitedHealth Group, Inc.		90,161,518
	66,753	Varian Medical Systems, Inc.*		11,699,798
	67,369	Veeva Systems, Inc., Class A*		18,870,731
	114,510	Vertex Pharmaceuticals, Inc.*		24,339,100
	2,370,178	Viatris, Inc.*		35,197,143
	64,345	Waters Corp.*		17,622,809
	56,344	West Pharmaceutical Services, Inc.		15,812,944
	31,486	Zimmer Biomet Holdings, Inc.		5,134,107
	251,868	Zoetis, Inc.		39,099,988
				1,813,352,645
Industrials – 7.8%
	167,554	3M Co.		29,332,003
	70,113	Allegion PLC		7,626,892
	123,804	AMETEK, Inc.		14,605,158
	566,596	Carrier Global Corp.		20,697,752
	95,998	Caterpillar, Inc.		20,724,048
	296,644	C.H. Robinson Worldwide, Inc.		26,950,107
	89,772	Cintas Corp.		29,116,651
	131,442	Copart, Inc.*		14,348,209
	15,070	CoStar Group, Inc.*		12,414,063
	90,085	CSX Corp.		8,247,282
	107,613	Cummins, Inc.		27,247,612
	72,348	Deere & Co.		25,258,134
	72,872	Dover Corp.		8,982,203
	150,967	Eaton Corp. PLC		19,654,394
	235,271	Emerson Electric Co.		20,209,779
	71,878	Equifax, Inc.		11,635,611
	105,287	Expeditors International of Washington, Inc.		9,669,558
	782,300	Fastenal Co.		36,275,251
	98,052	FedEx Corp.		24,954,234
	159,527	Fortive Corp.		10,500,067
	46,129	Generac Holdings, Inc.*		15,202,273
	50,722	General Dynamics Corp.		8,291,525
	1,713,422	General Electric Co.		21,486,312
	125,781	Honeywell International, Inc.		25,451,785
	48,278	IDEX Corp.		9,422,417
	79,744	IHS Markit Ltd.		7,189,719
	126,581	Illinois Tool Works, Inc.		25,592,147
	149,524	Jacobs Engineering Group, Inc.		17,207,222
	90,341	J.B. Hunt Transport Services, Inc.		13,268,383
	188,012	Johnson Controls International PLC		10,489,190
Common Stocks – (continued)
Industrials – (continued)
	25,472	Kansas City Southern		5,408,725
	51,541	L3Harris Technologies, Inc.		9,375,823
	54,181	Lockheed Martin Corp.		17,893,275
	257,479	Masco Corp.		13,703,032
	31,213	Norfolk Southern Corp.		7,867,549
	61,610	Northrop Grumman Corp.		17,969,173
	56,239	Old Dominion Freight Line, Inc.		12,078,450
	86,770	Otis Worldwide Corp.		5,528,117
	70,769	PACCAR, Inc.		6,439,271
	67,170	Parker-Hannifin Corp.		19,275,103
	143,116	Raytheon Technologies Corp.		10,302,921
	160,423	Republic Services, Inc.		14,292,085
	75,698	Rockwell Automation, Inc.		18,415,809
	27,107	Roper Technologies, Inc.		10,236,145
	33,277	Stanley Black & Decker, Inc.		5,818,151
	27,134	Teledyne Technologies, Inc.*		10,066,714
	133,089	Trane Technologies PLC		20,394,558
	27,678	TransUnion		2,330,764
	95,729	Union Pacific Corp.		19,716,345
	166,454	United Parcel Service, Inc., Class B		26,271,435
	140,445	United Rentals, Inc.*		41,765,534
	74,785	Verisk Analytics, Inc.		12,253,522
	113,625	Waste Management, Inc.		12,599,876
	247,165	Westinghouse Air Brake Technologies Corp.		17,902,161
	84,683	W.W. Grainger, Inc.		31,562,201
	85,563	Xylem, Inc.		8,518,652
				910,035,372
Information Technology – 30.4%
	305,825	Accenture PLC, Class A		76,731,493
	168,436	Adobe, Inc.*		77,424,976
	719,739	Advanced Micro Devices, Inc.*		60,825,143
	131,466	Akamai Technologies, Inc.*		12,423,537
	107,383	Amphenol Corp., Class A		13,495,895
	61,917	Analog Devices, Inc.		9,647,907
	39,559	ANSYS, Inc.*		13,489,223
	4,867,523	Apple, Inc.		590,235,839
	371,673	Applied Materials, Inc.		43,928,032
	29,775	Arista Networks, Inc.*		8,332,236
	122,672	Autodesk, Inc.*		33,857,472
	92,688	Automatic Data Processing, Inc.		16,129,566
	48,942	Avalara, Inc.*		7,680,957
	166,637	Black Knight, Inc.*		12,779,392
	169,955	Booz Allen Hamilton Holding Corp.		13,110,329
	114,615	Broadcom, Inc.		53,854,150
	98,528	Broadridge Financial Solutions, Inc.		14,039,255
	419,105	Cadence Design Systems, Inc.*		59,131,524
	159,172	CDW Corp.		24,972,495
	62,429	Ceridian HCM Holding, Inc.*		5,597,384
	1,202,330	Cisco Systems Inc/Delaware		53,948,547
	214,622	Citrix Systems, Inc.		28,669,207
	258,783	Cognizant Technology Solutions Corp., Class A		19,015,375
	99,291	Corning, Inc.		3,796,888

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

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

Shares		Description	Value
Common Stocks – (continued)
Information Technology – (continued)
	24,765	Coupa Software, Inc.*	$	8,575,129
	78,085	Crowdstrike Holdings, Inc., Class A*		16,866,360
	100,718	Datadog, Inc., Class A*		9,609,504
	80,438	Dell Technologies, Inc., Class C*		6,521,109
	101,742	DocuSign, Inc.*		23,060,842
	93,970	Enphase Energy, Inc.*		16,544,358
	29,849	EPAM Systems, Inc.*		11,151,885
	29,814	Fair Isaac Corp.*		13,641,396
	200,515	Fidelity National Information Services, Inc.		27,671,070
	185,693	Fiserv, Inc.*		21,423,401
	32,008	FleetCor Technologies, Inc.*		8,876,138
	128,078	Fortinet, Inc.*		21,625,970
	77,969	Gartner, Inc.*		13,959,570
	84,941	Global Payments, Inc.		16,817,469
	55,001	GoDaddy, Inc., Class A*		4,461,681
	797,758	HP, Inc.		23,111,049
	28,870	HubSpot, Inc.*		14,868,050
	1,627,366	Intel Corp.		98,911,305
	326,181	International Business Machines Corp.		38,792,706
	152,728	Intuit, Inc.		59,585,302
	80,146	Jack Henry & Associates, Inc.		11,896,872
	97,990	Keysight Technologies, Inc.*		13,867,545
	54,583	KLA Corp.		16,987,867
	98,134	Lam Research Corp.		55,660,623
	395,409	Leidos Holdings, Inc.		34,973,926
	236,796	Marvell Technology Group Ltd.		11,432,511
	228,081	Mastercard, Inc., Class A		80,706,462
	180,737	Maxim Integrated Products, Inc.		16,839,266
	90,981	Microchip Technology, Inc.		13,886,430
	319,558	Micron Technology, Inc.*		29,249,144
	2,398,462	Microsoft Corp.		557,354,600
	30,671	MongoDB, Inc.*		11,836,859
	20,068	Monolithic Power Systems, Inc.		7,515,867
	109,346	Motorola Solutions, Inc.		19,188,036
	219,179	NetApp, Inc.		13,720,605
	1,184,625	NortonLifeLock, Inc.		23,112,034
	168,279	NVIDIA Corp.		92,314,494
	58,410	Okta, Inc.*		15,271,295
	822,976	Oracle Corp.		53,090,182
	48,409	Palo Alto Networks, Inc.*		17,345,429
	148,059	Paychex, Inc.		13,483,733
	8,299	Paycom Software, Inc.*		3,105,818
	238,794	PayPal Holdings, Inc.*		62,050,621
	143,322	Qorvo, Inc.*		25,042,653
	291,252	QUALCOMM, Inc.		39,665,610
	98,702	RingCentral, Inc., Class A*		37,325,148
	226,640	salesforce.com, Inc.*		49,067,560
	255,968	Seagate Technology PLC		18,744,537
	85,277	ServiceNow, Inc.*		45,491,868
	163,776	Skyworks Solutions, Inc.		29,122,648
	102,875	Slack Technologies, Inc., Class A*		4,210,674
	52,205	Splunk, Inc.*		7,465,837
	86,576	Square, Inc., Class A*		19,915,077
	352,580	SS&C Technologies Holdings, Inc.		23,369,002
Common Stocks – (continued)
Information Technology – (continued)
	177,206	Synopsys, Inc.*		43,452,683
	109,952	TE Connectivity Ltd.		14,297,059
	165,705	Teradyne, Inc.		21,311,320
	362,878	Texas Instruments, Inc.		62,512,993
	15,863	Trade Desk, Inc. (The), Class A*		12,775,902
	70,379	Trimble, Inc.*		5,217,899
	38,362	Twilio, Inc., Class A*		15,071,663
	38,852	Tyler Technologies, Inc.*		18,004,794
	126,456	VeriSign, Inc.*		24,536,258
	399,177	Visa, Inc., Class A		84,781,203
	75,014	VMware, Inc., Class A*		10,367,685
	40,976	Workday, Inc., Class A*		10,046,496
	87,510	Xilinx, Inc.		11,402,553
	21,798	Zebra Technologies Corp., Class A*		10,886,575
	39,265	Zendesk, Inc.*		5,738,187
	71,727	Zoom Video Communications, Inc., Class A*		26,797,924
	66,483	Zscaler, Inc.*		13,631,009
				3,574,334,152
Materials – 1.6%
	36,769	Air Products and Chemicals, Inc.		9,398,892
	86,796	Ball Corp.		7,411,510
	19,334	Celanese Corp.		2,685,686
	58,379	Corteva, Inc.		2,635,812
	26,048	Crown Holdings, Inc.*		2,489,147
	161,218	Dow, Inc.		9,561,840
	34,279	DuPont de Nemours, Inc.		2,410,499
	89,328	Eastman Chemical Co.		9,759,977
	67,810	Ecolab, Inc.		14,196,702
	24,408	FMC Corp.		2,482,049
	446,353	Freeport-McMoRan, Inc.*		15,135,830
	22,521	International Flavors & Fragrances, Inc.		3,051,821
	316,930	International Paper Co.		15,735,574
	243,802	Newmont Corp.		13,257,953
	186,966	Nucor Corp.		11,184,306
	30,381	Packaging Corp. of America		4,010,900
	62,847	PPG Industries, Inc.		8,473,033
	35,882	RPM International, Inc.		2,857,642
	32,670	Sherwin-Williams Co. (The)		22,226,708
	553,842	Westrock Co.		24,141,973
				183,107,854
Real Estate – 2.0%
	59,796	Alexandria Real Estate Equities, Inc. REIT		9,548,823
	42,873	American Tower Corp. REIT		9,266,141
	29,363	AvalonBay Communities, Inc. REIT		5,160,547
	54,022	Boston Properties, Inc. REIT		5,355,201
	705,845	CBRE Group, Inc., Class A*		53,481,876
	65,015	Crown Castle International Corp. REIT		10,126,086
	124,238	Digital Realty Trust, Inc. REIT		16,738,586
	111,406	Duke Realty Corp. REIT		4,372,686
	21,318	Equinix, Inc. REIT		13,821,312
	62,304	Equity LifeStyle Properties, Inc. REIT		3,841,042

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

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

Schedule of Investments (continued)

February 28, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Real Estate – (continued)
	151,835	Equity Residential REIT	$	9,931,527
	25,792	Essex Property Trust, Inc. REIT		6,571,544
	66,049	Extra Space Storage, Inc. REIT		8,302,359
	119,008	Invitation Homes, Inc. REIT		3,467,893
	84,044	Mid-America Apartment Communities, Inc. REIT		11,323,248
	142,346	Prologis, Inc. REIT		14,102,218
	42,924	Public Storage REIT		10,041,641
	26,689	SBA Communications Corp. REIT		6,809,165
	107,891	Sun Communities, Inc. REIT		16,394,037
	165,589	Ventas, Inc. REIT		8,759,658
	264,549	VICI Properties, Inc. REIT		7,539,647
				234,955,237
Utilities – 2.3%
	138,107	Alliant Energy Corp.		6,375,019
	74,947	Ameren Corp.		5,266,526
	103,005	American Electric Power Co., Inc.		7,709,924
	50,538	American Water Works Co., Inc.		7,170,331
	66,400	Atmos Energy Corp.		5,618,104
	131,373	CenterPoint Energy, Inc.		2,553,891
	125,682	CMS Energy Corp.		6,800,653
	138,548	Consolidated Edison, Inc.		9,095,676
	156,472	Dominion Energy, Inc.		10,690,167
	57,384	DTE Energy Co.		6,755,244
	160,566	Duke Energy Corp.		13,742,844
	84,799	Edison International		4,578,298
	42,375	Entergy Corp.		3,678,574
	62,201	Essential Utilities, Inc.		2,616,174
	118,983	Evergy, Inc.		6,381,058
	105,309	Eversource Energy		8,369,959
	344,929	Exelon Corp.		13,314,259
	89,076	FirstEnergy Corp.		2,951,979
	407,873	NextEra Energy, Inc.		29,970,508
	207,903	NiSource, Inc.		4,490,705
	212,009	PG&E Corp.*		2,228,215
	63,550	Pinnacle West Capital Corp.		4,444,051
	184,920	PPL Corp.		4,843,055
	191,144	Public Service Enterprise Group, Inc.		10,289,282
	63,622	Sempra Energy		7,378,880
	144,612	Southern Co. (The)		8,202,393
	3,192,662	Vistra Corp.		55,073,420
	101,188	WEC Energy Group, Inc.		8,159,800
	190,920	Xcel Energy, Inc.		11,186,003
				269,934,992
	TOTAL INVESTMENTS – 99.8%
	(Cost $8,608,292,822)		$	11,727,083,793
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.2%			18,428,224
	NET ASSETS – 100.0%		$	11,745,512,017

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.

Investment Abbreviations:
PLC	— Public Limited Company
REIT	— Real Estate Investment Trust

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

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

Schedule of Investments

February 28, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – 99.1%
Communication Services – 2.2%
	30,769	Alaska Communications Systems Group, Inc.	$	100,615
	2,433	AMC Networks, Inc., Class A*(a)		159,581
	321	Anterix, Inc.*		13,556
	1,068	Bandwidth, Inc., Class A*		169,129
	1,677	Cardlytics, Inc.*		222,085
	10,270	Cargurus, Inc.*		266,507
	8,128	Cars.com, Inc.*		94,854
	4,469	Cincinnati Bell, Inc.*		68,286
	4,562	Cogent Communications Holdings, Inc.		273,036
	19,597	Consolidated Communications Holdings, Inc.*		103,080
	175	Daily Journal Corp.*		59,903
	23,303	DHI Group, Inc.*		72,472
	3,739	Entercom Communications Corp., Class A		16,713
	29,146	Eros STX Global Corp. (United Arab Emirates)*		53,337
	6,131	EverQuote, Inc., Class A*		300,296
	26,945	Glu Mobile, Inc.*		336,274
	9,708	Gray Television, Inc.*		176,200
	2,752	Hemisphere Media Group, Inc.*		30,410
	9,002	IDT Corp., Class B*		161,586
	6,233	Iridium Communications, Inc.*		238,786
	7,125	Liberty Latin America Ltd., Class A (Chile)*		78,161
	14,059	Liberty Latin America Ltd., Class C (Chile)*		154,087
	2,795	Liberty Media Corp.-Liberty Braves, Class A*		82,117
	2,598	Liberty Media Corp.-Liberty Braves, Class C*		74,796
	30,857	Liberty TripAdvisor Holdings, Inc., Class A*		173,725
	13,032	MSG Networks, Inc., Class A*		221,023
	12,309	Ooma, Inc.*		194,482
	22,864	ORBCOMM, Inc.*		174,452
	7,079	QuinStreet, Inc.*		169,117
	7,168	Scholastic Corp.		206,438
	3,500	Shenandoah Telecommunications Co.		155,225
	2,238	Sinclair Broadcast Group, Inc., Class A		69,221
	6,796	Spok Holdings, Inc.		72,853
	8,568	TechTarget, Inc.*		716,542
	19,729	TEGNA, Inc.		359,660
	45,464	TrueCar, Inc.*		246,415
	48,115	Vonage Holdings Corp.*		636,080
	11,776	Yelp, Inc.*		444,073
				7,145,173
Consumer Discretionary – 14.5%
	11,909	1-800-Flowers.com, Inc., Class A*		336,787
	5,569	Aaron’s Co., Inc. (The)*		122,295
	13,115	Abercrombie & Fitch Co., Class A		358,958
	5,808	Acushnet Holdings Corp.		245,214
	4,244	Adient PLC*		157,368
	7,807	Adtalem Global Education, Inc.*		306,815
Common Stocks – (continued)
Consumer Discretionary – (continued)
	1,904	America’s Car-Mart, Inc.*		257,040
	11,214	American Axle & Manufacturing Holdings, Inc.*		109,561
	9,593	American Eagle Outfitters, Inc.(a)		246,540
	8,507	American Public Education, Inc.*		250,446
	2,591	Asbury Automotive Group, Inc.*		439,045
	11,252	Aspen Group, Inc.*		99,918
	5,754	At Home Group, Inc.*		144,943
	11,835	Beazer Homes USA, Inc.*		209,124
	14,504	Bed Bath & Beyond, Inc.		389,577
	6,535	Big Lots, Inc.		415,234
	5	Biglari Holdings, Inc., Class B*		586
	2,607	BJ’s Restaurants, Inc.*		144,767
	4,463	Bloomin’ Brands, Inc.*		110,861
	3,650	Bluegreen Vacations Holding Corp.*		57,962
	2,796	Boot Barn Holdings, Inc.*		168,934
	7,611	Boyd Gaming Corp.*		446,766
	4,238	Brinker International, Inc.		290,684
	5,955	Buckle, Inc. (The)		228,910
	7,687	Caesars Entertainment, Inc.*		718,273
	9,080	Caleres, Inc.		144,009
	8,387	Callaway Golf Co.		234,417
	3,230	Camping World Holdings, Inc., Class A		101,099
	12,261	CarParts.com, Inc.*		217,388
	4,637	Carriage Services, Inc.		152,835
	647	Cavco Industries, Inc.*		136,459
	2,020	Century Communities, Inc.*		111,767
	3,123	Cheesecake Factory, Inc. (The)		171,609
	2,602	Children’s Place, Inc. (The)*		180,188
	2,785	Churchill Downs, Inc.		642,305
	4,016	Citi Trends, Inc.		312,806
	5,555	Clarus Corp.		96,435
	5,378	Container Store Group, Inc. (The)*		82,445
	5,145	Cooper Tire & Rubber Co.		294,500
	6,193	Core-Mark Holding Co., Inc.		201,768
	819	Cracker Barrel Old Country Store, Inc.		126,839
	9,833	Crocs, Inc.*		754,388
	14,638	Dana, Inc.*		348,531
	3,865	Deckers Outdoor Corp.*		1,260,415
	14,866	Del Taco Restaurants, Inc.		149,255
	3,236	Dillard’s, Inc., Class A		257,909
	1,090	Dine Brands Global, Inc.		86,230
	4,835	Dorman Products, Inc.*		482,098
	6,053	Duluth Holdings, Inc., Class B*(a)		84,621
	7,032	El Pollo Loco Holdings, Inc.*		128,897
	11,394	Ethan Allen Interiors, Inc.		291,914
	7,396	Everi Holdings, Inc.*		111,754
	10,677	Fiesta Restaurant Group, Inc.*		162,931
	23,795	Fossil Group, Inc.*		360,256
	3,783	Fox Factory Holding Corp.*		481,008
	2,592	Franchise Group, Inc.		90,927
	11,409	Funko, Inc., Class A*		154,934
	17,498	GameStop Corp., Class A*(a)		1,780,246
	5,470	Genesco, Inc.*		245,822
	6,415	Gentherm, Inc.*		454,118
	4,078	G-III Apparel Group Ltd.*		117,406

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

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

Schedule of Investments (continued)

February 28, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Consumer Discretionary – (continued)
	14,010	Goodyear Tire & Rubber Co. (The)*	$	235,508
	18,180	GoPro, Inc., Class A*		136,714
	3,863	Green Brick Partners, Inc.*		76,217
	2,324	Group 1 Automotive, Inc.		354,271
	3,874	Groupon, Inc.*		168,132
	5,089	Guess?, Inc.		128,294
	9,291	Haverty Furniture Cos., Inc.		336,055
	2,391	Helen of Troy Ltd.*		518,369
	6,707	Hibbett Sports, Inc.*		430,992
	3,061	Hilton Grand Vacations, Inc.*		120,940
	26,349	Houghton Mifflin Harcourt Co.*		160,729
	2,525	Installed Building Products, Inc.*		276,134
	7,913	International Game Technology PLC		144,729
	3,920	iRobot Corp.*		486,511
	2,142	Jack in the Box, Inc.		219,234
	2,309	Johnson Outdoors, Inc., Class A		278,650
	10,937	KB Home		441,636
	3,346	Kontoor Brands, Inc.		141,368
	4,546	Lakeland Industries, Inc.*		142,699
	5,410	Lands’ End, Inc.*		178,746
	13,790	Laureate Education, Inc., Class A*		189,612
	8,971	La-Z-Boy, Inc.		382,254
	3,840	LCI Industries		541,210
	1,132	LGI Homes, Inc.*		123,671
	4,618	Lifetime Brands, Inc.		59,895
	2,164	Lithia Motors, Inc., Class A		809,228
	6,075	Lumber Liquidators Holdings, Inc.*		150,478
	4,397	M/I Homes, Inc.*		219,410
	26,914	Macy’s, Inc.		409,362
	2,997	Magnite, Inc.*		146,463
	3,215	Malibu Boats, Inc., Class A*		239,646
	3,625	Marine Products Corp.		60,936
	4,982	MarineMax, Inc.*		222,446
	3,225	Marriott Vacations Worldwide Corp.*		547,315
	8,632	MasterCraft Boat Holdings, Inc.*		221,238
	3,861	MDC Holdings, Inc.		218,417
	4,188	Meritage Homes Corp.*		353,090
	6,908	Michaels Cos., Inc. (The)*		103,620
	8,393	Modine Manufacturing Co.*		116,411
	2,228	Monarch Casino & Resort, Inc.*		150,746
	1,831	Monro, Inc.		113,504
	438	Movado Group, Inc.		9,986
	3,739	Murphy USA, Inc.		466,066
	1,686	Nathan’s Famous, Inc.		100,755
	4,366	National Vision Holdings, Inc.*		207,341
	13,035	Nautilus, Inc.*		239,974
	5,564	ODP Corp. (The)*		212,934
	4,484	Overstock.com, Inc.*		301,190
	3,842	Oxford Industries, Inc.		292,914
	5,206	Papa John’s International, Inc.		469,529
	3,546	Patrick Industries, Inc.		279,886
	12,289	Penn National Gaming, Inc.*		1,422,820
	27,230	Perdoceo Education Corp.*		350,450
	4,783	PetMed Express, Inc.		166,018
	6,294	PlayAGS, Inc.*		51,422
	6,845	Purple Innovation, Inc.*		251,828
Common Stocks – (continued)
Consumer Discretionary – (continued)
	6,509	Quotient Technology, Inc.*		87,351
	3,937	RCI Hospitality Holdings, Inc.		252,952
	2,587	Red Rock Resorts, Inc., Class A		78,050
	15,416	Rent-A-Center, Inc.		890,428
	1,938	RH*		950,337
	14,506	Sally Beauty Holdings, Inc.*		233,547
	5,042	Scientific Games Corp.*		236,117
	2,821	SeaWorld Entertainment, Inc.*		140,091
	1,377	Shake Shack, Inc., Class A*		163,147
	5,522	Shoe Carnival, Inc.		270,357
	4,439	Shutterstock, Inc.		391,653
	4,801	Signet Jewelers Ltd.*		238,994
	4,086	Skyline Champion Corp.*		180,805
	6,121	Sleep Number Corp.*		839,373
	11,407	Smith & Wesson Brands, Inc.		196,314
	2,364	Sonic Automotive, Inc., Class A		109,004
	14,242	Sonos, Inc.*		554,583
	10,858	Sportsman’s Warehouse Holdings, Inc.*		183,935
	1,804	Stamps.com, Inc.*		328,202
	6,311	Standard Motor Products, Inc.		265,125
	10,348	Steven Madden Ltd.		382,773
	7,291	Stitch Fix, Inc., Class A*		556,376
	12,350	Stoneridge, Inc.*		378,651
	2,441	Strategic Education, Inc.		221,936
	13,390	Stride, Inc.*		322,029
	4,263	Sturm Ruger & Co., Inc.		290,737
	15,928	Taylor Morrison Home Corp.*		438,179
	5,322	Texas Roadhouse, Inc.		483,663
	3,278	TopBuild Corp.*		624,164
	13,495	Tri Pointe Homes, Inc.*		256,405
	15,916	Tupperware Brands Corp.*		486,552
	7,260	Turtle Beach Corp.*		217,074
	3,931	Unifi, Inc.*		98,000
	17,111	Universal Technical Institute, Inc.*		104,890
	12,163	Vera Bradley, Inc.*		115,427
	5,520	Vista Outdoor, Inc.*		174,487
	1,466	Visteon Corp.*		186,431
	3,912	Vivint Smart Home, Inc.*		66,504
	2,005	Weyco Group, Inc.		35,188
	5,257	Wingstop, Inc.		715,741
	1,357	Winmark Corp.		239,497
	2,802	Winnebago Industries, Inc.		195,019
	8,216	Wolverine World Wide, Inc.		287,149
	2,916	Workhorse Group, Inc.*(a)		47,152
	13,773	WW International, Inc.*		406,166
	1,204	XPEL, Inc. REIT*		58,213
	7,479	YETI Holdings, Inc.*		514,331
	7,122	Zumiez, Inc.*		321,060
				47,259,289
Consumer Staples – 3.5%
	6,514	B&G Foods, Inc.(a)		197,570
	5,747	BellRing Brands, Inc., Class A*		130,572
	15,252	BJ’s Wholesale Club Holdings, Inc.*		612,825
	1,069	Calavo Growers, Inc.		80,442
	2,316	Cal-Maine Foods, Inc.*		88,240

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

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

Shares		Description	Value
Common Stocks – (continued)
Consumer Staples – (continued)
	10,383	Celsius Holdings, Inc.*	$	618,100
	3,098	Central Garden & Pet Co.*		141,269
	4,370	Central Garden & Pet Co., Class A*		181,399
	5,857	Chefs’ Warehouse, Inc. (The)*		182,387
	1,351	Coca-Cola Consolidated, Inc.		346,748
	15,614	Darling Ingredients, Inc.*		984,307
	4,449	Edgewell Personal Care Co.		136,095
	3,978	elf Beauty, Inc.*		102,036
	226	Farmer Bros Co.*		1,765
	5,058	Fresh Del Monte Produce, Inc.		130,193
	4,586	Freshpet, Inc.*		714,866
	18,128	Hostess Brands, Inc.*		260,862
	5,848	Ingles Markets, Inc., Class A		303,862
	2,317	Inter Parfums, Inc.		169,535
	1,597	J & J Snack Foods Corp.		253,540
	2,666	John B. Sanfilippo & Son, Inc.		230,502
	2,061	Lancaster Colony Corp.		359,995
	6,107	Landec Corp.*		68,093
	8,126	Lifevantage Corp.*		71,102
	2,166	Medifast, Inc.		547,976
	7,969	National Beverage Corp.(a)		379,802
	3,515	Nature’s Sunshine Products, Inc.*		57,927
	12,388	Performance Food Group Co.*		671,925
	1,138	PriceSmart, Inc.		109,760
	19,623	Primo Water Corp.		280,413
	10,992	Rite Aid Corp.*		215,223
	1,614	Sanderson Farms, Inc.		246,135
	5,162	Simply Good Foods Co. (The)*		150,576
	10,639	SpartanNash Co.		193,949
	199	Tootsie Roll Industries, Inc.		6,131
	3,169	Turning Point Brands, Inc.		155,915
	10,132	United Natural Foods, Inc.*		267,991
	3,203	Universal Corp.		162,776
	3,237	USANA Health Sciences, Inc.*		314,183
	21,221	Vector Group Ltd.		289,667
	6,742	Veru, Inc.*		93,174
	4,977	Village Super Market, Inc., Class A		114,720
	1,784	WD-40 Co.		556,162
	3,402	Weis Markets, Inc.		181,837
				11,362,547
Energy – 1.6%
	16,047	Antero Resources Corp.*		144,423
	12,135	Aspen Aerogels, Inc.*		270,004
	6,947	Cactus, Inc., Class A		221,401
	9,627	CNX Resources Corp.*		121,396
	1,966	CONSOL Energy, Inc.*		21,252
	1,645	Contango Oil & Gas Co.*		8,011
	29,128	DHT Holdings, Inc.		162,534
	3,613	Diamond S Shipping, Inc.*		29,265
	6,103	DMC Global, Inc.		384,428
	10,154	Dorian LPG Ltd.*		126,417
	13,860	Evolution Petroleum Corp.		49,203
	8,884	Frontline Ltd. (Norway)(a)		60,145
	19,629	Helix Energy Solutions Group, Inc.*		96,182
	6,738	Liberty Oilfield Services, Inc., Class A		78,767
Common Stocks – (continued)
Energy – (continued)
	6,950	Matador Resources Co.*		145,185
	1,788	Nabors Industries Ltd.(a)		198,486
	11,767	Newpark Resources, Inc.*		40,714
	54,409	NexTier Oilfield Solutions, Inc.*		253,002
	15,411	Oil States International, Inc.*		112,963
	9,151	Ovintiv, Inc.		211,114
	3,831	Par Pacific Holdings, Inc.*		67,694
	2,868	PDC Energy, Inc.*		100,237
	42,600	ProPetro Holding Corp.*		488,622
	11,196	Range Resources Corp.*		107,929
	10,033	Renewable Energy Group, Inc.*		780,266
	1,068	REX American Resources Corp.*		100,467
	34,083	RPC, Inc.*		216,427
	9,305	Select Energy Services, Inc., Class A*		58,808
	14,193	Solaris Oilfield Infrastructure, Inc., Class A		167,619
	25,649	Southwestern Energy Co.*		103,878
	50,964	W&T Offshore, Inc.*		167,672
	7,459	World Fuel Services Corp.		231,826
				5,326,337
Financials – 15.6%
	1,422	1st Constitution Bancorp		24,956
	2,200	1st Source Corp.		97,614
	2,059	Allegiance Bancshares, Inc.		77,521
	4,382	Altabancorp		150,828
	465	Amerant Bancorp, Inc.*		7,659
	14,418	American Equity Investment Life Holding Co.		398,369
	2,498	American National Bankshares, Inc.		77,438
	3,629	Ameris Bancorp		172,886
	4,550	AMERISAFE, Inc.		266,266
	78	Ames National Corp.		1,783
	7,649	Apollo Commercial Real Estate Finance, Inc. REIT		101,655
	8,878	Ares Commercial Real Estate Corp. REIT		122,605
	2,173	Argo Group International Holdings Ltd.		100,414
	4,690	Arrow Financial Corp.		149,423
	10,650	Artisan Partners Asset Management, Inc., Class A		505,875
	358	Associated Capital Group, Inc., Class A		12,208
	4,993	Atlantic Capital Bancshares, Inc.*		101,608
	6,395	Atlantic Union Bankshares Corp.		234,888
	14,111	Axos Financial, Inc.*		652,916
	4,500	B. Riley Financial, Inc.		296,190
	4,950	Banc of California, Inc.		91,872
	3,858	BancFirst Corp.		246,449
	4,564	Banco Latinoamericano de Comercio Exterior SA, Class E (Panama)		69,647
	9,458	BancorpSouth Bank		284,307
	1,429	Bank First Corp.		99,887
	7,135	Bank of Commerce Holdings		77,557
	2,269	Bank of Marin Bancorp		83,953
	12,034	Bank of NT Butterfield & Son Ltd. (The) (Bermuda)		439,121
	3,941	BankFinancial Corp.		37,242

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

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

Schedule of Investments (continued)

February 28, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Financials – (continued)
	3,616	BankUnited, Inc.	$	145,327
	1,794	Bankwell Financial Group, Inc.		44,491
	3,378	Banner Corp.		174,913
	1,593	Bar Harbor Bankshares		44,588
	6,052	BCB Bancorp, Inc.		80,068
	8,863	Blackstone Mortgage Trust, Inc., Class A REIT		258,800
	11,539	Boston Private Financial Holdings, Inc.		158,777
	18,245	Brightsphere Investment Group, Inc.		330,234
	9,004	Brookline Bancorp, Inc.		128,127
	3,419	Bryn Mawr Bank Corp.		129,341
	953	C&F Financial Corp.		41,455
	3,815	Cadence BanCorp		78,284
	964	Cambridge Bancorp		73,476
	5,048	Camden National Corp.		204,595
	12,294	Cannae Holdings, Inc.*		459,181
	4,978	Capital City Bank Group, Inc.		122,907
	9,279	Capitol Federal Financial, Inc.		123,503
	1,579	Capstar Financial Holdings, Inc.		25,596
	9,852	Cathay General Bancorp		370,829
	1,617	CB Financial Services, Inc.		32,906
	4,292	Central Pacific Financial Corp.		97,128
	3,095	Central Valley Community Bancorp		54,689
	1,305	Century Bancorp, Inc., Class A		118,298
	1,109	Chemung Financial Corp.		39,048
	2,636	Citizens & Northern Corp.		55,145
	3,670	City Holding Co.		276,021
	6,198	Civista Bancshares, Inc.		119,188
	4,232	CNB Financial Corp.		98,225
	14,636	CNO Financial Group, Inc.		352,142
	3,095	Codorus Valley Bancorp, Inc.		52,151
	5,684	Cohen & Steers, Inc.		365,936
	2,218	Colony Bankcorp, Inc.		31,828
	6,550	Columbia Banking System, Inc.		290,099
	4,875	Community Bank System, Inc.		347,051
	12,916	Community Bankers Trust Corp.		100,228
	1,159	Community Financial Corp. (The)		35,118
	3,065	Community Trust Bancorp, Inc.		125,236
	4,028	ConnectOne Bancorp, Inc.		93,570
	2,871	County Bancorp, Inc.		64,913
	7,550	Cowen, Inc., Class A		255,567
	3,875	Crawford & Co., Class A		36,425
	5,733	Curo Group Holdings Corp.		82,957
	8,537	Customers Bancorp, Inc.*		228,621
	10,655	CVB Financial Corp.		228,124
	1,058	Diamond Hill Investment Group, Inc.		150,077
	6,745	Dime Community Bancshares, Inc.		198,370
	4,474	Donegal Group, Inc., Class A		61,294
	9,778	Donnelley Financial Solutions, Inc.*		254,130
	9,827	Dynex Capital, Inc. REIT		184,944
	5,233	Eagle Bancorp, Inc.		255,841
	1,350	eHealth, Inc.*		80,217
	6,404	Employers Holdings, Inc.		213,189
	7,076	Encore Capital Group, Inc.*		236,480
	10,125	Enova International, Inc.*		310,837
	1,346	Enstar Group Ltd.*		286,146
Common Stocks – (continued)
Financials – (continued)
	4,379	Enterprise Financial Services Corp.		188,297
	245	Esquire Financial Holdings, Inc.*		5,468
	4,103	ESSA Bancorp, Inc.		64,458
	15,473	Essent Group Ltd.		637,952
	2,359	Evans Bancorp, Inc.		76,432
	5,968	EZCORP, Inc., Class A*		28,646
	2,651	Farmers & Merchants Bancorp, Inc.		61,106
	6,985	Farmers National Banc Corp.		96,672
	5,294	FB Financial Corp.		224,519
	1,605	FBL Financial Group, Inc., Class A		91,549
	5,000	Federal Agricultural Mortgage Corp., Class C		431,250
	14,234	Federated Hermes, Inc.		380,332
	5,031	Financial Institutions, Inc.		137,749
	14,088	First BanCorp. (Puerto Rico)		147,783
	3,532	First Bancorp, Inc. (The)		90,278
	2,482	First Bancshares, Inc. (The)		79,598
	1,254	First Bank		13,230
	4,770	First BankCorp		192,088
	5,694	First Busey Corp.		130,336
	3,750	First Business Financial Services, Inc.		83,250
	12,938	First Commonwealth Financial Corp.		173,499
	1,797	First Community Bankshares, Inc.		46,111
	2,556	First Community Corp/SC		45,548
	13,006	First Financial Bancorp		291,725
	16,644	First Financial Bankshares, Inc.		743,321
	2,436	First Financial Corp.		103,238
	6,550	First Foundation, Inc.		149,667
	2,153	First Guaranty Bancshares, Inc.		35,654
	2,955	First Internet Bancorp		96,776
	3,665	First Interstate BancSystem, Inc., Class A		166,464
	7,945	First Merchants Corp.		334,087
	2,750	First Mid Bancshares, Inc.		100,073
	8,006	First Midwest Bancorp, Inc.		158,359
	5,146	First Northwest Bancorp		83,777
	5,344	First of Long Island Corp. (The)		99,292
	1,001	First Savings Financial Group, Inc.		62,573
	3,698	FirstCash, Inc.		234,157
	8,188	Flagstar Bancorp, Inc.		355,277
	7,590	Flushing Financial Corp.		157,493
	2,055	Focus Financial Partners, Inc., Class A*		96,606
	2,015	FS Bancorp, Inc.		122,169
	18,462	Fulton Financial Corp.		285,238
	49,756	Genworth Financial, Inc., Class A*		155,239
	5,962	German American Bancorp, Inc.		234,903
	8,650	Glacier Bancorp, Inc.		468,830
	1,589	Goosehead Insurance, Inc., Class A		205,839
	7,609	Great Ajax Corp. REIT		85,601
	3,771	Great Southern Bancorp, Inc.		199,071
	4,488	Green Dot Corp., Class A*		212,103
	8,412	Greenhill & Co., Inc.		126,937
	4,910	Hamilton Lane, Inc., Class A		438,954
	4,268	Hancock Whitney Corp.		161,117
	5,737	Hanmi Financial Corp.		98,217
	4,914	Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT		276,314

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

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

Shares		Description	Value
Common Stocks – (continued)
Financials – (continued)
	8,785	HarborOne Bancorp, Inc.	$	104,981
	1,435	HCI Group, Inc.		83,043
	4,870	Heartland Financial USA, Inc.		227,624
	10,723	Heritage Commerce Corp.		101,976
	3,709	Heritage Financial Corp.		96,026
	2,877	Heritage Insurance Holdings, Inc.		27,936
	12,175	Hilltop Holdings, Inc.		402,262
	733	Hingham Institution For Savings (The)		177,665
	2,224	Home Bancorp, Inc.		71,946
	17,014	Home BancShares, Inc.		415,822
	5,452	HomeStreet, Inc.		234,218
	3,506	HomeTrust Bancshares, Inc.		81,129
	13,582	Hope Bancorp, Inc.		178,739
	6,614	Horace Mann Educators Corp.		254,904
	7,622	Horizon Bancorp, Inc.		136,129
	5,993	Houlihan Lokey, Inc.		380,915
	841	Howard Bancorp, Inc.*		11,564
	3,323	Independent Bank Corp.		284,150
	6,299	Independent Bank Corp.		130,200
	3,770	Independent Bank Group, Inc.		262,731
	6,270	International Bancshares Corp.		273,247
	3,713	Investar Holding Corp.		71,290
	20,141	Investors Bancorp, Inc.		268,681
	713	Investors Title Co.		108,212
	3,292	James River Group Holdings Ltd.		151,136
	6,732	Kearny Financial Corp.		76,408
	2,966	Kinsale Capital Group, Inc.		522,194
	4,767	KKR Real Estate Finance Trust, Inc. REIT		87,856
	12,907	Ladder Capital Corp. REIT		147,656
	7,076	Lakeland Bancorp, Inc.		110,952
	5,262	Lakeland Financial Corp.		362,815
	4,225	Live Oak Bancshares, Inc.		232,840
	11,972	Macatawa Bank Corp.		105,713
	466	Marlin Business Services Corp.		7,083
	4,209	Mercantile Bank Corp.		123,071
	5,592	Meridian Bancorp, Inc.		93,666
	5,713	Meta Financial Group, Inc.		253,029
	3,288	Midland States Bancorp, Inc.		80,556
	2,700	MidWestOne Financial Group, Inc.		74,088
	2,417	MMA Capital Holdings, Inc.*		53,657
	7,136	Moelis & Co., Class A		368,503
	26,217	Mr. Cooper Group, Inc.*		824,525
	3,279	National Bank Holdings Corp., Class A		127,061
	469	National Western Life Group, Inc., Class A		97,941
	27,207	Navient Corp.		336,823
	5,136	NBT Bancorp, Inc.		186,077
	3,061	Nelnet, Inc., Class A		222,229
	566	NI Holdings, Inc.*		10,092
	2,645	Nicolet Bankshares, Inc.*		195,862
	10,180	NMI Holdings, Inc., Class A*		232,715
	4,558	Northeast Bank		118,371
	2,902	Northrim BanCorp, Inc.		111,698
	9,943	Northwest Bancshares, Inc.		140,395
	2,784	Norwood Financial Corp.		71,103
Common Stocks – (continued)
Financials – (continued)
	4,990	OceanFirst Financial Corp.		108,433
	7,800	OFG Bancorp (Puerto Rico)		150,618
	2,549	Ohio Valley Banc Corp.		61,915
	16,019	Old National Bancorp		290,424
	6,835	Old Second Bancorp, Inc.		81,815
	2,771	Oppenheimer Holdings, Inc., Class A		105,021
	458	Orchid Island Capital, Inc. REIT		2,624
	4,744	Pacific Premier Bancorp, Inc.		191,183
	1,257	Palomar Holdings, Inc.*		107,008
	2,520	Park National Corp.		312,480
	4,383	Parke Bancorp, Inc.		79,551
	4,038	PCSB Financial Corp.		65,254
	4,418	Peapack-Gladstone Financial Corp.		121,539
	2,823	Penns Woods Bancorp, Inc.		67,272
	10,017	PennyMac Financial Services, Inc.		593,107
	2,654	Peoples Bancorp of North Carolina, Inc.		62,051
	4,737	Peoples Bancorp, Inc.		147,510
	2,321	Peoples Financial Services Corp.		97,203
	1,488	Piper Sandler Cos.		158,204
	3,948	PJT Partners, Inc., Class A		275,255
	1,860	Plumas Bancorp		46,519
	4,684	PRA Group, Inc.*		172,652
	4,702	Preferred Bank		272,481
	5,964	Premier Financial Bancorp, Inc.		92,681
	3,298	Premier Financial Corp.		101,117
	5,094	PROG Holdings, Inc.		254,700
	3,021	Protective Insurance Corp., Class B		69,211
	7,702	Provident Financial Services, Inc.		155,811
	4,723	Prudential Bancorp, Inc.		63,997
	10,042	Pzena Investment Management, Inc., Class A		92,587
	3,224	QCR Holdings, Inc.		133,474
	27,445	Radian Group, Inc.		559,878
	3,840	Regional Management Corp.		124,301
	811	Reliant Bancorp, Inc.		17,931
	5,086	Renasant Corp.		199,778
	3,484	Republic Bancorp, Inc., Class A		146,467
	12,377	Riverview Bancorp, Inc.		81,688
	3,744	RLI Corp.		390,649
	4,769	S&T Bancorp, Inc.		137,729
	2,869	Safety Insurance Group, Inc.		226,881
	5,197	Sandy Spring Bancorp, Inc.		195,303
	4,995	Seacoast Banking Corp. of Florida*		179,570
	7,434	Selective Insurance Group, Inc.		504,248
	9,587	ServisFirst Bancshares, Inc.		475,132
	5,377	Shore Bancshares, Inc.		82,268
	4,123	Sierra Bancorp		98,334
	8,435	Simmons First National Corp., Class A		246,977
	2,364	SmartFinancial, Inc.		49,644
	3,994	South State Corp.		314,967
	3,528	Southern First Bancshares, Inc.*		155,232
	3,783	Southern Missouri Bancorp, Inc.		138,987
	5,433	Southern National Bancorp of Virginia, Inc.		77,149
	3,803	Southside Bancshares, Inc.		131,508
	5,969	Stewart Information Services Corp.		281,737

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

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

Schedule of Investments (continued)

February 28, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Financials – (continued)
	11,023	Stifel Financial Corp.	$	673,285
	5,867	Stock Yards Bancorp, Inc.		289,067
	3,637	StoneX Group, Inc.*		209,819
	1,248	Summit Financial Group, Inc.		30,064
	3,647	Territorial Bancorp, Inc.		89,643
	1,317	Texas Capital Bancshares, Inc.*		100,355
	7,682	Third Point Reinsurance Ltd. (Bermuda)*		78,433
	3,883	Timberland Bancorp, Inc.		107,753
	2,135	Tompkins Financial Corp.		165,100
	7,935	Towne Bank		228,845
	5,205	TriCo Bancshares		224,179
	6,871	TriState Capital Holdings, Inc.*		157,689
	3,938	Triumph Bancorp, Inc.*		302,045
	1,611	Trupanion, Inc.*		155,880
	16,569	TrustCo Bank Corp.		113,995
	7,343	Trustmark Corp.		221,465
	4,311	UMB Financial Corp.		363,719
	9,255	United Bankshares, Inc.		341,972
	10,366	United Community Banks, Inc.		342,700
	456	United Fire Group, Inc.		13,429
	2,479	United Security Bancshares		18,493
	4,601	Unity Bancorp, Inc.		91,330
	7,378	Universal Insurance Holdings, Inc.		109,858
	3,939	Univest Financial Corp.		99,066
	40,058	Valley National Bancorp		490,711
	5,794	Veritex Holdings, Inc.		168,490
	1,412	Virtus Investment Partners, Inc.		354,271
	15,302	Waddell & Reed Financial, Inc., Class A		383,927
	7,285	Walker & Dunlop, Inc.		726,023
	10,249	Washington Federal, Inc.		309,725
	3,886	Washington Trust Bancorp, Inc.		184,779
	7,172	Waterstone Financial, Inc.		139,352
	6,659	WesBanco, Inc.		214,953
	7,441	West BanCorp, Inc.		169,878
	2,993	Westamerica BanCorp		179,909
	8,958	Western New England Bancorp, Inc.		71,754
	1,376	World Acceptance Corp.*		174,133
	4,131	WSFS Financial Corp.		219,521
				51,132,160
Health Care – 17.4%
	2,848	1Life Healthcare, Inc.*		135,308
	2,101	AdaptHealth Corp.*		64,648
	2,072	Addus HomeCare Corp.*		222,885
	4,919	Adverum Biotechnologies, Inc.*		63,111
	18,548	Affimed NV (Germany)*		105,167
	7,440	Agile Therapeutics, Inc.*		21,353
	84,951	Akebia Therapeutics, Inc.*		293,930
	836	Allakos, Inc.*		101,306
	2,234	Allogene Therapeutics, Inc.*		77,542
	21,773	Allscripts Healthcare Solutions, Inc.*		335,957
	18,876	Alphatec Holdings, Inc.*		302,960
	12,383	Amicus Therapeutics, Inc.*		152,063
	7,651	AMN Healthcare Services, Inc.*		557,528
	40,023	Amneal Pharmaceuticals, Inc.*		215,724
	9,762	Amphastar Pharmaceuticals, Inc.*		171,128
Common Stocks – (continued)
Health Care – (continued)
	10,668	AngioDynamics, Inc.*		223,495
	5,576	ANI Pharmaceuticals, Inc.*		162,262
	3,877	Anika Therapeutics, Inc.*		142,286
	47,533	Antares Pharma, Inc.*		202,015
	2,139	Apellis Pharmaceuticals, Inc.*		103,036
	789	Applied Therapeutics, Inc.*		17,137
	4,630	Apyx Medical Corp.*		48,383
	11,780	Aquestive Therapeutics, Inc.*(a)		53,952
	1,628	Arcturus Therapeutics Holdings, Inc.*		85,747
	4,919	Arcus Biosciences, Inc.*		173,444
	5,881	Arena Pharmaceuticals, Inc.*		472,538
	7,627	Arrowhead Pharmaceuticals, Inc.*		607,567
	443	Arvinas, Inc.*		34,687
	2,387	Atara Biotherapeutics, Inc.*		40,054
	13,198	Athersys, Inc.*		26,924
	4,691	AtriCure, Inc.*		306,182
	132	Atrion Corp.		82,487
	2,099	Avanos Medical, Inc.*		96,512
	2,447	Avenue Therapeutics, Inc.*		11,501
	7,763	Avid Bioservices, Inc.*		159,763
	1,828	Axonics Modulation Technologies, Inc.*		91,967
	2,108	Axsome Therapeutics, Inc.*		141,995
	861	Beam Therapeutics, Inc.*		76,741
	1,931	Beyond Air, Inc.*		11,451
	16,337	BioCryst Pharmaceuticals, Inc.*		176,113
	51,566	BioDelivery Sciences International, Inc.*		216,577
	2,073	Biohaven Pharmaceutical Holding Co. Ltd.*		176,164
	1,377	BioLife Solutions, Inc.*		54,020
	1,253	Bioxcel Therapeutics, Inc.*		67,173
	5,487	Blueprint Medicines Corp.*		538,933
	5,128	Bridgebio Pharma, Inc.*		362,447
	33,745	Brookdale Senior Living, Inc.*		196,396
	974	Cantel Medical Corp.*		72,349
	9,248	Cardiovascular Systems, Inc.*		381,942
	2,370	CareDx, Inc.*		187,420
	3,327	Castle Biosciences, Inc.*		253,118
	57,569	Catalyst Pharmaceuticals, Inc.*		223,943
	4,687	CEL-SCI Corp.*(a)		83,194
	14,268	Cerus Corp.*		87,606
	2,255	ChemoCentryx, Inc.*		152,979
	7,028	Cidara Therapeutics, Inc.*		15,954
	15,739	Co-Diagnostics, Inc.*(a)		216,569
	17,255	Coherus Biosciences, Inc.*		280,221
	20,367	Collegium Pharmaceutical, Inc.*		480,458
	15,407	Community Health Systems, Inc.*		131,884
	6,733	Computer Programs and Systems, Inc.		211,753
	2,865	CONMED Corp.		352,567
	2,350	Constellation Pharmaceuticals, Inc.*		59,220
	37,904	Corcept Therapeutics, Inc.*		953,286
	2,095	CorVel Corp.*		212,642
	7,930	Covetrus, Inc.*		294,679
	20,368	Cross Country Healthcare, Inc.*		226,288
	3,214	CryoLife, Inc.*		81,153
	1,670	CryoPort, Inc.*		99,265
	725	Cue Biopharma, Inc.*		9,867

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

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

Shares		Description	Value
Common Stocks – (continued)
Health Care – (continued)
	9,921	Cutera, Inc.*	$	350,410
	3,752	Cytokinetics, Inc.*		70,275
	14,607	CytoSorbents Corp.*		137,598
	1,454	Deciphera Pharmaceuticals, Inc.*		63,656
	2,789	Denali Therapeutics, Inc.*		200,250
	9,110	Dicerna Pharmaceuticals, Inc.*		245,788
	72,061	Durect Corp.*		159,975
	6,475	Eagle Pharmaceuticals, Inc.*		288,137
	2,423	Editas Medicine, Inc.*		106,273
	1,523	Electromed, Inc.*		16,083
	8,574	Emergent BioSolutions, Inc.*		823,104
	2,628	Enanta Pharmaceuticals, Inc.*		129,613
	66,126	Endo International PLC*		524,379
	5,652	Ensign Group, Inc. (The)		463,577
	25,737	Enzo Biochem, Inc.*		75,152
	4,440	Epizyme, Inc.*		42,580
	6,773	Evolent Health, Inc., Class A*		136,476
	3,749	Fate Therapeutics, Inc.*		336,360
	4,475	FibroGen, Inc.*		223,884
	12,519	Flexion Therapeutics, Inc.*		137,959
	24,229	Fluidigm Corp.*		111,453
	3,738	FONAR Corp.*		72,480
	4,627	Fortress Biotech, Inc.*		17,212
	2,541	Fulgent Genetics, Inc.*		257,302
	7,884	GenMark Diagnostics, Inc.*		154,132
	1,690	Glaukos Corp.*		159,806
	9,068	Halozyme Therapeutics, Inc.*		410,327
	4,099	Hanger, Inc.*		90,096
	13,270	Harrow Health, Inc.*		101,781
	22,713	Harvard Bioscience, Inc.*		99,710
	2,050	Health Catalyst, Inc.*		99,404
	4,691	HealthEquity, Inc.*		386,304
	3,082	HealthStream, Inc.*		71,811
	3,773	Heron Therapeutics, Inc.*		68,216
	1,027	Heska Corp.*		193,487
	6,444	HMS Holdings Corp.*		237,043
	11,931	iCAD, Inc.*		220,604
	1,031	IGM Biosciences, Inc.*(a)		90,140
	15,131	ImmunoGen, Inc.*		132,396
	1,564	Immunovant, Inc.*		24,680
	2,119	Inari Medical, Inc.*		221,647
	8,573	InfuSystem Holdings, Inc.*		146,255
	36,689	Innoviva, Inc.*		419,355
	2,394	Inogen, Inc.*		125,661
	4,580	Inovalon Holdings, Inc., Class A*		112,485
	5,975	Inovio Pharmaceuticals, Inc.*(a)		66,322
	3,865	Insmed, Inc.*		138,251
	2,476	Inspire Medical Systems, Inc.*		576,388
	3,913	Integer Holdings Corp.*		345,087
	3,011	Intellia Therapeutics, Inc.*		182,045
	19,296	Intersect ENT, Inc.*		440,142
	10,018	Invacare Corp.		91,164
	4,893	Invitae Corp.*		196,356
	3,749	iRhythm Technologies, Inc.*		603,214
	46,643	Ironwood Pharmaceuticals, Inc.*		430,515
	7,875	Joint Corp. (The)*		313,504
Common Stocks – (continued)
Health Care – (continued)
	14,730	Kadmon Holdings, Inc.*(a)		67,611
	713	Karuna Therapeutics, Inc.*		89,096
	3,158	Kiniksa Pharmaceuticals Ltd., Class A*		64,960
	1,508	Kodiak Sciences, Inc.*		194,547
	357	Krystal Biotech, Inc.*		28,164
	2,267	Kura Oncology, Inc.*		63,476
	18,579	Lannett Co., Inc.*		112,589
	13,246	Lantheus Holdings, Inc.*		247,435
	6,214	LeMaitre Vascular, Inc.		319,337
	2,356	LENSAR, Inc.*		21,298
	8,796	Lexicon Pharmaceuticals, Inc.*		63,243
	3,855	LHC Group, Inc.*		700,492
	1,452	Ligand Pharmaceuticals, Inc.*		215,215
	3,554	LivaNova PLC*		275,577
	17,617	Luminex Corp.		572,905
	471	Madrigal Pharmaceuticals, Inc.*		57,080
	4,180	Magellan Health, Inc.*		390,078
	8,741	MEDNAX, Inc.*		213,543
	4,250	Medpace Holdings, Inc.*		690,327
	21,590	MEI Pharma, Inc.*		80,962
	11,337	Meridian Bioscience, Inc.*		238,984
	4,572	Merit Medical Systems, Inc.*		254,752
	3,124	Mersana Therapeutics, Inc.*		56,794
	518	Mesa Laboratories, Inc.		140,849
	16,641	Milestone Scientific, Inc.*		65,233
	14,462	Minerva Neurosciences, Inc.*		44,832
	2,634	Mirati Therapeutics, Inc.*		529,223
	1,846	Misonix, Inc.*		30,939
	2,311	ModivCare, Inc.*		296,409
	2,220	Molecular Templates, Inc.*		24,198
	31,299	Myriad Genetics, Inc.*		954,307
	6,654	NanoString Technologies, Inc.*		464,383
	5,199	NantHealth, Inc.*(a)		19,860
	6,793	NantKwest, Inc.*(a)		220,840
	8,984	Natera, Inc.*		1,042,953
	2,242	National HealthCare Corp.		155,931
	4,791	National Research Corp.		247,551
	9,479	Natus Medical, Inc.*		245,601
	3,935	Neogen Corp.*		322,355
	16,002	NeoGenomics, Inc.*		815,622
	4,599	Neoleukin Therapeutics, Inc.*		55,372
	1,246	NeuBase Therapeutics, Inc.*		11,812
	3,614	Nevro Corp.*		596,961
	21,318	NextGen Healthcare, Inc.*		398,647
	3,172	Novavax, Inc.*		733,462
	5,758	NuVasive, Inc.*		347,380
	9,464	Nymox Pharmaceutical Corp.*(a)		24,701
	5,897	Ocular Therapeutix, Inc.*		108,151
	4,780	Omnicell, Inc.*		606,582
	4,468	Ontrak, Inc.*(a)		263,344
	46,747	OPKO Health, Inc.*(a)		210,362
	5,158	OptimizeRx Corp.*		274,302
	5,552	Option Care Health, Inc.*		106,543
	6,586	OraSure Technologies, Inc.*		69,812
	8,523	Orthofix Medical, Inc.*		396,405
	1,453	OrthoPediatrics Corp.*		79,130

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

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

Schedule of Investments (continued)

February 28, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Health Care – (continued)
	21,224	Owens & Minor, Inc.	$	721,828
	12,251	Pacific Biosciences of California, Inc.*		374,513
	9,198	Pacira BioSciences, Inc.*		676,053
	12,259	Patterson Cos., Inc.		380,765
	7,965	PAVmed, Inc.*		33,453
	2,052	Pennant Group, Inc. (The)*		108,305
	2,128	Personalis, Inc.*		65,606
	1,896	PetIQ, Inc.*		65,355
	29	Phathom Pharmaceuticals, Inc.*		1,277
	11,829	Phibro Animal Health Corp., Class A		255,152
	2,265	Phreesia, Inc.*		138,731
	15,233	Pieris Pharmaceuticals, Inc.*		41,434
	10,449	Prestige Consumer Healthcare, Inc.*		435,828
	1,795	Progyny, Inc.*		75,552
	4,386	Provention Bio, Inc.*		55,790
	4,368	PTC Therapeutics, Inc.*		249,413
	18,123	Puma Biotechnology, Inc.*		180,505
	1,390	Quanterix Corp.*		105,293
	8,252	R1 RCM, Inc.*		228,085
	26,910	Radius Health, Inc.*		500,795
	12,692	RadNet, Inc.*		234,040
	749	Relmada Therapeutics, Inc.*		24,972
	1,288	Replimune Group, Inc.*		44,603
	7,877	Retractable Technologies, Inc.*(a)		123,669
	2,322	Revance Therapeutics, Inc.*		60,976
	1,294	REVOLUTION Medicines, Inc.*		59,110
	1,936	Rocket Pharmaceuticals, Inc.*		107,603
	12,477	Sangamo Therapeutics, Inc.*		143,361
	1,205	Scholar Rock Holding Corp.*		65,191
	959	Schrodinger, Inc.*		98,278
	7,404	SeaSpine Holdings Corp.*		140,084
	15,684	Select Medical Holdings Corp.*		496,399
	5,643	Seres Therapeutics, Inc.*		107,443
	3,384	Sharps Compliance Corp.*		43,044
	1,416	Shockwave Medical, Inc.*		165,332
	2,565	SI-BONE, Inc.*		80,515
	3,135	Silk Road Medical, Inc.*		171,704
	4,070	Simulations Plus, Inc.		291,900
	9,973	Sorrento Therapeutics, Inc.*(a)		96,439
	1,480	SpringWorks Therapeutics, Inc.*		127,354
	8,360	STAAR Surgical Co.*		869,524
	25,298	Stereotaxis, Inc.*		177,086
	19,535	Supernus Pharmaceuticals, Inc.*		524,905
	9,823	Surgery Partners, Inc.*		387,714
	3,214	Surmodics, Inc.*		167,610
	2,853	Syndax Pharmaceuticals, Inc.*		69,642
	6,559	Tactile Systems Technology, Inc.*		333,328
	10,446	Tenet Healthcare Corp.*		532,955
	4,083	TG Therapeutics, Inc.*		178,713
	67,143	TherapeuticsMD, Inc.*		102,057
	25	Theravance Biopharma, Inc.*		414
	25,710	Tivity Health, Inc.*		611,898
	7,587	Translate Bio, Inc.*		177,081
	10,957	Travere Therapeutics, Inc.*		337,695
	6,763	Triple-S Management Corp., Class B (Puerto Rico)*		171,104
Common Stocks – (continued)
Health Care – (continued)
	1,566	Turning Point Therapeutics, Inc.*		184,647
	1,418	Twist Bioscience Corp.*		195,174
	3,815	Ultragenyx Pharmaceutical, Inc.*		539,975
	1,529	US Physical Therapy, Inc.		179,260
	707	Utah Medical Products, Inc.		59,671
	31,883	Vanda Pharmaceuticals, Inc.*		594,618
	5,873	Varex Imaging Corp.*		134,668
	16,329	Vaxart, Inc.*(a)		116,752
	25,059	VBI Vaccines, Inc.*		84,449
	10,242	Veracyte, Inc.*		594,651
	23,501	Vericel Corp.*		1,134,628
	1,599	Viela Bio, Inc.*		85,067
	2,546	Vir Biotechnology, Inc.*		159,456
	3,955	Vocera Communications, Inc.*		169,432
	1,462	Voyager Therapeutics, Inc.*		8,290
	2,260	XBiotech, Inc.*		42,940
	4,581	Xencor, Inc.*		225,706
	1,645	XOMA Corp.*		59,549
	1,355	Y-mAbs Therapeutics, Inc.*		47,655
	9,831	Zynex, Inc.*(a)		142,746
				56,686,547
Industrials – 16.2%
	6,922	AAON, Inc.		533,686
	7,193	ABM Industries, Inc.		310,594
	16,123	ACCO Brands Corp.		130,596
	6,101	Advanced Drainage Systems, Inc.		671,232
	6,071	Aegion Corp.*		156,935
	6,523	Aerojet Rocketdyne Holdings, Inc.*(a)		334,434
	1,409	AeroVironment, Inc.*		155,103
	2,313	Air Transport Services Group, Inc.*		61,387
	1,813	Alamo Group, Inc.		276,718
	2,476	Albany International Corp., Class A		195,728
	826	Allegiant Travel Co.*		208,309
	4,146	Allied Motion Technologies, Inc.		201,247
	7,256	Alpha Pro Tech Ltd.*(a)		101,439
	6,897	Altra Industrial Motion Corp.		399,474
	2,751	Ameresco, Inc., Class A*		157,137
	1,933	American Woodmark Corp.*		180,562
	8,614	API Group Corp.*(b)		159,359
	5,983	Apogee Enterprises, Inc.		223,764
	7,817	Applied Industrial Technologies, Inc.		667,337
	6,322	ArcBest Corp.		372,935
	5,675	Arcosa, Inc.		321,943
	7,067	ASGN, Inc.*		657,019
	4,162	Astec Industries, Inc.		282,683
	5,812	Astronics Corp.*		91,830
	8,673	Atkore, Inc.*		586,728
	2,279	Atlas Air Worldwide Holdings, Inc.*		125,641
	2,417	Avis Budget Group, Inc.*		134,264
	2,954	AZZ, Inc.		150,920
	4,230	Barnes Group, Inc.		221,440
	1,500	Barrett Business Services, Inc.		106,800
	7,053	Beacon Roofing Supply, Inc.*		337,345
	5,464	BGSF, Inc.		76,168
	5,745	Bloom Energy Corp., Class A*		163,905

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

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

Shares		Description	Value
Common Stocks – (continued)
Industrials – (continued)
	7,390	Blue Bird Corp.*	$	179,651
	10,740	Boise Cascade Co.		536,356
	8,189	Brady Corp., Class A		429,185
	5,352	BrightView Holdings, Inc.*		85,150
	2,948	Brink’s Co. (The)		226,495
	48,337	Builders FirstSource, Inc.*		2,091,300
	7,275	Caesarstone Ltd.		91,738
	2,738	CAI International, Inc.		120,472
	4,942	Casella Waste Systems, Inc., Class A*		286,241
	9,575	CBIZ, Inc.*		288,686
	3,308	Chart Industries, Inc.*		473,342
	3,969	Cimpress PLC (Ireland)*		393,249
	4,809	Columbus McKinnon Corp.		242,085
	7,857	Comfort Systems USA, Inc.		486,663
	30,507	CoreCivic, Inc. REIT		219,040
	25,938	Cornerstone Building Brands, Inc.*		295,434
	11,017	Costamare, Inc. (Monaco)		106,314
	6,598	Covanta Holding Corp.		92,702
	2,661	CRA International, Inc.		146,807
	3,974	CSW Industrials, Inc.		499,015
	1,189	Cubic Corp.		82,576
	9,591	Deluxe Corp.		379,132
	1,941	Douglas Dynamics, Inc.		93,517
	2,737	Ducommun, Inc.*		148,893
	9,004	DXP Enterprises, Inc.*		270,480
	1,994	Dycom Industries, Inc.*		152,701
	3,199	Eastern Co. (The)		81,574
	15,449	Echo Global Logistics, Inc.*		430,409
	7,247	EMCOR Group, Inc.		705,640
	2,788	Encore Wire Corp.		182,698
	5,889	Energy Recovery, Inc.*		103,646
	4,687	Enerpac Tool Group Corp.		115,769
	4,455	EnerSys		402,197
	4,262	Ennis, Inc.		84,473
	2,570	EnPro Industries, Inc.		206,474
	2,358	ESCO Technologies, Inc.		249,170
	353	EVI Industries, Inc.*		12,920
	8,364	Evoqua Water Technologies Corp.*		205,336
	3,351	Exponent, Inc.		323,271
	5,061	Federal Signal Corp.		184,271
	3,540	Forrester Research, Inc.*		159,937
	6,431	Forward Air Corp.		551,587
	7,045	Franklin Covey Co.*		181,127
	6,837	Franklin Electric Co., Inc.		513,185
	17,260	FuelCell Energy, Inc.*		292,384
	1,391	GATX Corp.		132,743
	715	Gencor Industries, Inc.*		10,153
	1,418	General Finance Corp.*		14,308
	3,948	Gibraltar Industries, Inc.*		344,858
	14,702	GMS, Inc.*		538,093
	2,272	Gorman-Rupp Co. (The)		72,681
	12,718	Great Lakes Dredge & Dock Corp.*		193,186
	1,621	Greenbrier Cos., Inc. (The)		76,268
	6,694	H&E Equipment Services, Inc.		207,045
	11,469	HC2 Holdings, Inc.*		40,141
	6,946	Healthcare Services Group, Inc.		197,614
Common Stocks – (continued)
Industrials – (continued)
	2,336	Heidrick & Struggles International, Inc.		83,839
	1,147	Herc Holdings, Inc.*		100,661
	3,956	Heritage-Crystal Clean, Inc.*		103,726
	11,401	Herman Miller, Inc.		437,285
	8,221	Hillenbrand, Inc.		381,948
	9,938	HNI Corp.		353,693
	7,002	Hub Group, Inc., Class A*		403,175
	2,790	Hurco Cos., Inc.		87,690
	3,443	Huron Consulting Group, Inc.*		175,249
	1,499	Hyster-Yale Materials Handling, Inc.		128,239
	3,746	ICF International, Inc.		312,604
	4,821	IES Holdings, Inc.*		220,995
	5,208	Insperity, Inc.		461,950
	13,484	Interface, Inc.		167,471
	5,543	JELD-WEN Holding, Inc.*		164,350
	3,512	John Bean Technologies Corp.		518,266
	2,544	Kadant, Inc.		442,656
	1,378	Kaman Corp.		67,053
	4,948	KAR Auction Services, Inc.		68,827
	9,681	Kelly Services, Inc., Class A*		201,558
	6,016	Kennametal, Inc.		224,758
	11,713	Kforce, Inc.		601,463
	18,593	Kimball International, Inc., Class B		240,593
	8,681	Knoll, Inc.		141,587
	6,070	Korn Ferry		373,608
	5,956	Kratos Defense & Security Solutions, Inc.*		163,790
	5,202	L B Foster Co., Class A*		88,174
	2,628	Lawson Products, Inc.*		139,284
	761	Lindsay Corp.		121,950
	15,197	LSI Industries, Inc.		137,077
	1,586	Luxfer Holdings PLC (United Kingdom)		30,388
	5,615	Lydall, Inc.*		195,570
	4,482	Marten Transport Ltd.		72,519
	2,823	Masonite International Corp.*		309,740
	5,980	MasTec, Inc.*		518,765
	1,818	Mastech Digital, Inc.*		29,088
	9,846	Matrix Service Co.*		133,610
	1,795	Matson, Inc.		124,340
	3,187	Matthews International Corp., Class A		113,776
	5,350	Maxar Technologies, Inc.		255,997
	1,486	McGrath RentCorp		115,403
	9,352	Meritor, Inc.*		284,020
	2,865	Mesa Air Group, Inc.*		34,953
	1,163	Miller Industries, Inc.		45,904
	8,359	Mistras Group, Inc.*		66,538
	2,638	Moog, Inc., Class A		204,867
	16,313	MRC Global, Inc.*		142,576
	6,378	Mueller Industries, Inc.		259,202
	9,860	Mueller Water Products, Inc., Class A		127,095
	2,885	MYR Group, Inc.*		170,071
	442	National Presto Industries, Inc.		45,230
	3,923	Navistar International Corp.*		172,847
	3,194	Northwest Pipe Co.*		108,692
	38,223	NOW, Inc.*		406,310
	4,033	NV5 Global, Inc.*		416,448

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

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

Schedule of Investments (continued)

February 28, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Industrials – (continued)
	1,720	Omega Flex, Inc.	$	296,700
	16,035	Orion Energy Systems, Inc.*		134,694
	813	PAM Transportation Services, Inc.*		47,146
	1,892	Park Aerospace Corp.		26,280
	2,384	Park-Ohio Holdings Corp.		77,075
	5,299	Parsons Corp.*		189,386
	12,147	PGT Innovations, Inc.*		286,548
	5,628	PICO Holdings, Inc.*		51,440
	23,613	Plug Power, Inc.*		1,142,397
	3,137	Powell Industries, Inc.		97,655
	1,791	Preformed Line Products Co.		131,388
	3,924	Primoris Services Corp.		131,336
	3,617	Proto Labs, Inc.*		526,925
	19,720	Quad/Graphics, Inc.*		86,374
	7,462	Quanex Building Products Corp.		181,550
	23,199	Radiant Logistics, Inc.*		157,057
	6,600	Raven Industries, Inc.		258,720
	1,694	RBC Bearings, Inc.*		337,208
	3,981	Red Violet, Inc.*		92,359
	5,240	Resideo Technologies, Inc.*		125,865
	14,748	Resources Connection, Inc.		188,184
	6,745	REV Group, Inc.		83,773
	9,391	Rexnord Corp.		422,125
	7,372	Rush Enterprises, Inc., Class A		312,794
	3,942	Rush Enterprises, Inc., Class B		149,599
	2,131	Saia, Inc.*		427,329
	2,282	SEACOR Holdings, Inc.*		97,008
	7,881	Shyft Group, Inc. (The)		259,206
	6,542	Simpson Manufacturing Co., Inc.		637,583
	6,722	SiteOne Landscape Supply, Inc.*		1,065,504
	4,072	SkyWest, Inc.		229,539
	4,337	SP Plus Corp.*		143,772
	4,715	SPX Corp.*		262,107
	5,658	SPX FLOW, Inc.*		348,306
	1,386	Standex International Corp.		135,911
	19,169	Steelcase, Inc., Class A		267,216
	4,688	Sterling Construction Co., Inc.*		106,793
	7,569	Sunrun, Inc.*		473,668
	7,175	Systemax, Inc.		259,017
	17,468	Team, Inc.*		193,720
	4,530	Tennant Co.		345,186
	4,059	Terex Corp.		167,150
	5,050	Tetra Tech, Inc.		698,768
	5,491	Textainer Group Holdings Ltd. (China)*		142,986
	6,075	Titan Machinery, Inc.*		148,838
	1,929	TPI Composites, Inc.*		91,936
	4,130	Transcat, Inc.*		185,148
	5,615	TriMas Corp.*		188,608
	3,654	TriNet Group, Inc.*		293,307
	5,847	Triton International Ltd. (Bermuda)		337,840
	14,719	TrueBlue, Inc.*		306,597
	9,907	Tutor Perini Corp.*		145,633
	8,798	UFP Industries, Inc.		536,678
	1,644	UniFirst Corp.		398,325
	6,113	Upwork, Inc.*		329,368
	3,970	Vectrus, Inc.*		216,762
Common Stocks – (continued)
Industrials – (continued)
	7,179	Veritiv Corp.*		170,717
	4,638	Vicor Corp.*		456,797
	9,272	Wabash National Corp.		153,730
	4,456	Watts Water Technologies, Inc., Class A		508,385
	5,369	Werner Enterprises, Inc.		230,437
	3,918	WESCO International, Inc.*		314,537
	4,785	Willdan Group, Inc.*		209,870
	192	Willis Lease Finance Corp.*		6,202
	9,335	WillScot Mobile Mini Holdings Corp.*		258,860
				52,766,434
Information Technology – 15.5%
	12,390	3D Systems Corp.*		444,058
	14,379	8x8, Inc.*		491,906
	30,618	A10 Networks, Inc.*		285,972
	3,199	Acacia Communications, Inc.*		367,853
	9,412	ACI Worldwide, Inc.*		360,103
	10,350	ADTRAN, Inc.		174,294
	4,023	Advanced Energy Industries, Inc.		420,202
	6,269	Agilysys, Inc.*		373,570
	5,782	Alarm.com Holdings, Inc.*		508,122
	5,722	Altair Engineering, Inc., Class A*		352,418
	3,104	Ambarella, Inc.*		349,169
	6,975	American Software, Inc., Class A		140,895
	22,768	Amkor Technology, Inc.		543,928
	3,000	Appfolio, Inc., Class A*		492,060
	4,998	Appian Corp.*(a)		859,156
	8,397	Arlo Technologies, Inc.*		58,443
	6,429	Atomera, Inc.*(a)		179,883
	16,240	Avaya Holdings Corp.*		481,841
	17,165	Avid Technology, Inc.*		332,829
	6,730	Axcelis Technologies, Inc.*		248,135
	6,503	AXT, Inc.*		84,084
	4,630	Badger Meter, Inc.		502,772
	428	Bel Fuse, Inc., Class B		7,597
	3,497	Belden, Inc.		154,602
	6,416	Benchmark Electronics, Inc.		182,214
	7,044	Benefitfocus, Inc.*		107,069
	3,738	Blackbaud, Inc.*		257,249
	2,770	Blackline, Inc.*		343,535
	1,069	BM Technologies Inc.*(c)		9,887
	3,440	Bottomline Technologies DE, Inc.*		154,387
	18,399	Box, Inc., Class A*		337,622
	17,901	Brightcove, Inc.*		389,884
	4,813	Brooks Automation, Inc.		400,249
	17,253	Calix, Inc.*		681,666
	5,252	Cardtronics PLC, Class A*		202,465
	1,709	Cass Information Systems, Inc.		73,624
	2,947	Cerence, Inc.*		327,765
	3,294	CEVA, Inc.*		201,692
	15,360	ChannelAdvisor Corp.*		347,136
	6,627	Clearfield, Inc.*		214,781
	15,545	Cloudera, Inc.*		250,896
	2,182	CMC Materials, Inc.		372,031
	7,579	Cognyte Software Ltd. (Israel)*		218,806
	6,615	Cohu, Inc.*		287,422

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

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

Shares		Description	Value
Common Stocks – (continued)
Information Technology – (continued)
	7,050	CommVault Systems, Inc.*	$	449,296
	3,103	Comtech Telecommunications Corp.		83,409
	33,630	Conduent, Inc.*		180,929
	5,768	Cornerstone OnDemand, Inc.*		291,399
	6,271	CSG Systems International, Inc.		289,407
	3,832	CTS Corp.		123,275
	4,189	CyberOptics Corp.*		112,056
	19,870	Daktronics, Inc.		107,497
	10,481	Diebold Nixdorf, Inc.*		152,184
	8,565	Digi International, Inc.*		200,078
	13,177	Digital Turbine, Inc.*		1,088,025
	7,766	Diodes, Inc.*		609,786
	5,132	Domo, Inc., Class B*		327,062
	4,833	DSP Group, Inc.*		75,250
	5,997	Ebix, Inc.		146,207
	11,032	eGain Corp.*		128,192
	3,522	Envestnet, Inc.*		225,478
	2,456	ePlus, Inc.*		232,239
	7,755	EVERTEC, Inc. (Puerto Rico)		301,669
	3,888	ExlService Holdings, Inc.*		329,003
	43,052	Extreme Networks, Inc.*		394,787
	4,247	Fabrinet (Thailand)*		375,138
	3,218	FARO Technologies, Inc.*		300,754
	11,217	FormFactor, Inc.*		508,915
	12,600	Genasys, Inc.*		86,562
	8,347	GTT Communications, Inc.*		15,692
	12,665	Hackett Group, Inc. (The)		197,827
	14,578	Harmonic, Inc.*		112,907
	2,429	I3 Verticals, Inc., Class A*		80,643
	5,686	Ichor Holdings Ltd.*		243,133
	6,003	II-VI, Inc.*		506,053
	7,385	Immersion Corp.*		73,185
	6,701	Impinj, Inc.*		428,663
	10,803	Infinera Corp.*		106,139
	14,734	Information Services Group, Inc.*		53,632
	10,738	Inseego Corp.*(a)		156,667
	4,835	Insight Enterprises, Inc.*		404,158
	9,792	Intellicheck, Inc.*		119,169
	2,787	Intelligent Systems Corp.*(a)		110,588
	1,709	InterDigital, Inc.		108,299
	14,860	Iteris, Inc.*		81,879
	3,588	Itron, Inc.*		420,657
	5,457	J2 Global, Inc.*		607,801
	17,082	KBR, Inc.		529,542
	7,502	Kimball Electronics, Inc.*		176,147
	8,352	Knowles Corp.*		173,638
	9,740	KVH Industries, Inc.*		133,048
	20,915	Lattice Semiconductor Corp.*		1,006,430
	29,166	Limelight Networks, Inc.*		95,373
	9,734	LivePerson, Inc.*		638,745
	3,169	LiveRamp Holdings, Inc.*		200,154
	17,354	Luna Innovations, Inc.*		203,736
	3,225	MACOM Technology Solutions Holdings, Inc.*		207,529
	4,610	ManTech International Corp., Class A		360,318
	8,781	MAXIMUS, Inc.		713,720
Common Stocks – (continued)
Information Technology – (continued)
	6,220	MaxLinear, Inc.*		247,369
	4,899	Methode Electronics, Inc.		190,718
	1,668	MicroStrategy, Inc., Class A*		1,251,684
	4,078	Mimecast Ltd.*		174,865
	16,990	Mitek Systems, Inc.*		259,607
	6,494	Model N, Inc.*		275,021
	1,989	MTS Systems Corp.		116,078
	6,910	Napco Security Technologies, Inc.*		215,108
	27,793	NeoPhotonics Corp.*		267,091
	3,592	NETGEAR, Inc.*		143,680
	10,398	NetScout Systems, Inc.*		293,432
	11,977	NIC, Inc.		415,722
	2,997	nLight, Inc.*		114,246
	3,803	Novanta, Inc.*		503,251
	759	NVE Corp.		53,487
	8,526	OneSpan, Inc.*		199,167
	7,335	Onto Innovation, Inc.*		458,144
	2,237	OSI Systems, Inc.*		211,665
	2,433	PAR Technology Corp.*		211,379
	6,539	PC Connection, Inc.		300,859
	10,451	PCTEL, Inc.*		79,010
	2,817	PDF Solutions, Inc.*		51,720
	7,717	Perficient, Inc.*		429,760
	16,322	Perspecta, Inc.		476,602
	7,885	PFSweb, Inc.*		55,353
	11,995	Photronics, Inc.*		142,860
	23,156	Pixelworks, Inc.*		83,130
	4,787	Plantronics, Inc.*		193,826
	3,621	Plexus Corp.*		304,092
	6,313	Power Integrations, Inc.		557,880
	7,265	Progress Software Corp.		309,053
	3,220	PROS Holdings, Inc.*		152,628
	3,668	Q2 Holdings, Inc.*		447,056
	3,268	QAD, Inc., Class A		209,806
	3,990	Qualys, Inc.*		387,668
	17,361	Quantum Corp.*		144,791
	20,889	Rambus, Inc.*		438,251
	4,730	Rapid7, Inc.*		360,615
	3,727	Repay Holdings Corp.*		81,249
	25,726	Ribbon Communications, Inc.*		222,273
	992	Rogers Corp.*		180,028
	4,570	Sailpoint Technologies Holdings, Inc.*		257,657
	8,481	Sanmina Corp.*		302,093
	2,313	Sapiens International Corp. NV (Israel)		72,582
	5,145	ScanSource, Inc.*		146,324
	5,119	SecureWorks Corp., Class A*		73,867
	6,739	Semtech Corp.*		494,036
	38,465	ServiceSource International, Inc.*		61,736
	3,056	ShotSpotter, Inc.*		128,291
	3,928	Silicon Laboratories, Inc.*		611,747
	2,063	SiTime Corp.*		200,998
	8,255	SMART Global Holdings, Inc.*		385,426
	18,912	Smith Micro Software, Inc.*		124,819
	4,671	SPS Commerce, Inc.*		470,510
	2,557	SunPower Corp.*		88,907
	4,818	Super Micro Computer, Inc.*		157,211

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

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

Schedule of Investments (continued)

February 28, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Information Technology – (continued)
	10,682	SVMK, Inc.*	$	198,899
	11,490	Sykes Enterprises, Inc.*		469,481
	7,406	Synaptics, Inc.*		992,626
	5,540	Tenable Holdings, Inc.*		226,641
	4,565	TTEC Holdings, Inc.		384,099
	15,251	TTM Technologies, Inc.*		215,344
	1,099	Tucows, Inc., Class A*		86,843
	9,362	Ultra Clean Holdings, Inc.*		434,210
	2,705	Unisys Corp.*		66,408
	1,712	Upland Software, Inc.*		84,624
	5,235	Varonis Systems, Inc.*		960,832
	7,579	Verint Systems, Inc.*		373,569
	6,378	Veritone, Inc.*		229,927
	8,681	Verra Mobility Corp.*		123,704
	22,489	Viavi Solutions, Inc.*		363,984
	13,099	VirnetX Holding Corp.(a)		91,169
	14,657	Vishay Intertechnology, Inc.		349,863
	4,621	Vishay Precision Group, Inc.*		149,351
	4,500	Workiva, Inc.*		455,175
	18,005	Xperi Holding Corp.		379,905
	12,976	Yext, Inc.*		219,554
	9,261	Zix Corp.*		68,346
	4,899	Zuora, Inc., Class A*		73,142
				50,742,465
Materials – 3.6%
	11,287	AgroFresh Solutions, Inc.*		26,976
	8,838	Alcoa Corp.*		216,973
	10,375	Allegheny Technologies, Inc.*		203,972
	8,617	American Vanguard Corp.		168,204
	37,428	Amyris, Inc.*		516,506
	5,138	Arconic Corp.*		112,625
	9,928	Avient Corp.		429,088
	2,541	Balchem Corp.		303,294
	5,299	Caledonia Mining Corp. PLC (South Africa)		75,034
	3,982	Carpenter Technology Corp.		161,908
	3,000	Chase Corp.		323,040
	1,950	Clearwater Paper Corp.*		68,269
	14,439	Cleveland-Cliffs, Inc.		192,616
	9,032	Coeur Mining, Inc.*		81,378
	16,004	Commercial Metals Co.		402,501
	1,736	Compass Minerals International, Inc.		109,524
	3,773	Domtar Corp.		139,790
	5,651	Ferro Corp.*		89,681
	5,258	Forterra, Inc.*		122,354
	6,740	FutureFuel Corp.		98,943
	10,712	GCP Applied Technologies, Inc.*		265,550
	6,502	Glatfelter Corp.		104,357
	2,236	Greif, Inc., Class A		107,999
	301	Haynes International, Inc.		8,407
	5,098	HB Fuller Co.		285,845
	22,540	Hecla Mining Co.		147,186
	4,233	Ingevity Corp.*		294,109
	4,135	Innospec, Inc.		415,361
	1,596	Kaiser Aluminum Corp.		182,104
Common Stocks – (continued)
Materials – (continued)
	2,924	Koppers Holdings, Inc.*		97,691
	5,936	Kraton Corp.*		220,760
	4,594	Kronos Worldwide, Inc.		66,383
	6,736	Livent Corp.*		125,424
	12,820	Louisiana-Pacific Corp.		610,360
	14,370	Marrone Bio Innovations, Inc.*		36,715
	4,456	Materion Corp.		305,147
	3,633	Minerals Technologies, Inc.		258,779
	15,831	Myers Industries, Inc.		350,498
	1,476	Neenah, Inc.		81,652
	12,206	Novagold Resources, Inc. (Canada)*		101,920
	7,544	O-I Glass, Inc.*		88,114
	5,422	Olympic Steel, Inc.		96,728
	14,106	Orion Engineered Carbons SA (Germany)		249,676
	679	Quaker Chemical Corp.		191,736
	9,497	Ryerson Holding Corp.*		120,897
	8,414	Schnitzer Steel Industries, Inc., Class A		290,620
	3,783	Schweitzer-Mauduit International, Inc.		176,666
	4,363	Sensient Technologies Corp.		339,660
	3,123	Stepan Co.		376,915
	8,880	Summit Materials, Inc., Class A*		246,065
	18,881	SunCoke Energy, Inc.		120,650
	3,499	Tredegar Corp.		53,325
	3,218	Trinseo SA		208,237
	11,802	Tronox Holdings PLC, Class A		216,449
	4,041	UFP Technologies, Inc.*		200,110
	1,188	United States Lime & Minerals, Inc.		166,486
	4,667	United States Steel Corp.		77,519
	4,180	US Concrete, Inc.*		215,103
	5,101	Verso Corp., Class A		63,763
	8,042	Warrior Met Coal, Inc.		154,165
	4,047	Worthington Industries, Inc.		258,563
				11,820,370
Real Estate – 6.0%
	4,378	Acadia Realty Trust REIT		82,788
	4,611	Agree Realty Corp. REIT		297,686
	14,413	Alexander & Baldwin, Inc. REIT		251,795
	318	Alexander’s, Inc. REIT		86,213
	1,859	Alpine, Inc.ome Property Trust, Inc. REIT		34,057
	4,840	American Assets Trust, Inc. REIT		150,427
	5,264	BRT Apartments Corp. REIT		83,382
	9,867	CareTrust REIT, Inc. REIT		218,850
	1,527	Centerspace REIT		104,798
	12,167	Chatham Lodging Trust REIT*		169,486
	11,880	Colony Capital, Inc. REIT		70,330
	4,779	Columbia Property Trust, Inc. REIT		67,479
	3,555	Community Healthcare Trust, Inc. REIT		155,816
	7,706	CorEnergy Infrastructure Trust, Inc. REIT		57,564
	22,439	CorePoint Lodging, Inc. REIT		204,419
	2,205	CTO Realty Growth, Inc. REIT		114,109
	6,842	Cushman & Wakefield PLC*		105,914
	16,646	DiamondRock Hospitality Co. REIT*		168,457
	35,782	Diversified Healthcare Trust REIT		161,019

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

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

Shares		Description	Value
Common Stocks – (continued)
Real Estate – (continued)
	6,926	Easterly Government Properties, Inc. REIT	$	152,233
	3,484	EastGroup Properties, Inc. REIT		474,207
	6,820	Essential Properties Realty Trust, Inc. REIT		158,224
	28,898	eXp World Holdings, Inc.*		1,745,150
	6,581	Forestar Group, Inc.*		140,109
	9,069	Four Corners Property Trust, Inc. REIT		245,679
	18,968	Franklin Street Properties Corp. REIT		94,081
	2,224	FRP Holdings, Inc.*		100,391
	22,870	GEO Group, Inc. (The) REIT		164,664
	5,040	Getty Realty Corp. REIT		141,019
	6,748	Gladstone Commercial Corp. REIT		126,053
	1,596	Gladstone Land Corp. REIT		28,552
	5,670	Global Medical REIT, Inc. REIT		76,375
	7,141	Global Net Lease, Inc. REIT		132,680
	12,700	Healthcare Realty Trust, Inc. REIT		366,522
	20,192	Hersha Hospitality Trust REIT*		224,535
	13,134	Independence Realty Trust, Inc. REIT		184,401
	7,801	Industrial Logistics Properties Trust REIT		165,927
	1,636	Innovative Industrial Properties, Inc. REIT		319,020
	11,526	iStar, Inc. REIT		204,241
	10,577	Kennedy-Wilson Holdings, Inc.		198,425
	12,358	Kite Realty Group Trust REIT		236,903
	22,597	Lexington Realty Trust REIT		242,240
	4,247	LTC Properties, Inc. REIT		173,745
	14,210	Mack-Cali Realty Corp. REIT		198,514
	13,810	Marcus & Millichap, Inc.*		522,985
	1,051	Maui Land & Pineapple Co., Inc.*		12,423
	10,188	Monmouth Real Estate Investment Corp. REIT		176,456
	4,039	National Health Investors, Inc. REIT		275,743
	10,597	National Storage Affiliates Trust REIT		408,514
	22,609	New Senior Investment Group, Inc. REIT		138,141
	22,871	Newmark Group, Inc., Class A		229,167
	4,172	NexPoint Residential Trust, Inc. REIT		171,219
	5,585	Office Properties Income Trust REIT		141,245
	2,149	One Liberty Properties, Inc. REIT		46,010
	9,324	Pebblebrook Hotel Trust REIT		211,282
	18,559	Physicians Realty Trust REIT		315,503
	16,231	Piedmont Office Realty Trust, Inc., Class A REIT		276,901
	9,179	PotlatchDeltic Corp. REIT		465,834
	11,717	Preferred Apartment Communities, Inc., Class A REIT		96,431
	2,355	PS Business Parks, Inc. REIT		341,145
	5,269	QTS Realty Trust, Inc., Class A REIT		327,310
	8,779	RE/MAX Holdings, Inc., Class A		366,260
	40,261	Realogy Holdings Corp.*		607,136
	16,947	Redfin Corp.*		1,283,566
	11,921	Retail Opportunity Investments Corp. REIT		188,471
	9,912	Retail Properties of America, Inc., Class A REIT		104,373
	6,834	Retail Value, Inc. REIT		114,128
Common Stocks – (continued)
Real Estate – (continued)
	14,509	RLJ Lodging Trust REIT		227,791
	6,577	RMR Group, Inc. (The), Class A		264,330
	14,240	RPT Realty REIT		156,213
	2,561	Ryman Hospitality Properties, Inc. REIT		197,940
	20,951	Sabra Health Care REIT, Inc. REIT		360,776
	1,031	Safehold, Inc. REIT		78,614
	564	Saul Centers, Inc. REIT		19,977
	16,948	Service Properties Trust REIT		217,612
	8,640	SITE Centers Corp. REIT		115,258
	3,490	St Joe Co. (The)		175,652
	12,998	STAG Industrial, Inc. REIT		410,087
	15,935	Summit Hotel Properties, Inc. REIT*		164,927
	13,652	Sunstone Hotel Investors, Inc. REIT		180,343
	12,948	Tanger Factory Outlet Centers, Inc. REIT		203,802
	6,015	Terreno Realty Corp. REIT		337,081
	6,494	UMH Properties, Inc. REIT		110,853
	25,817	Uniti Group, Inc. REIT		307,480
	1,784	Universal Health Realty Income Trust REIT		110,519
	7,277	Urban Edge Properties REIT		120,070
	6,171	Washington Real Estate Investment Trust REIT		138,971
	8,564	Xenia Hotels & Resorts, Inc. REIT		171,023
				19,768,041
Utilities – 3.0%
	6,744	ALLETE, Inc.		419,005
	6,476	American States Water Co.		473,072
	1,589	Artesian Resources Corp., Class A		58,793
	51,591	Atlantic Power Corp.*		148,066
	8,014	Avista Corp.		322,243
	7,241	Black Hills Corp.		428,378
	5,401	Brookfield Infrastructure Corp., Class A (Canada)		357,654
	8,663	Brookfield Renewable Corp., Class A(a)		400,057
	5,269	California Water Service Group		289,531
	2,693	Chesapeake Utilities Corp.		284,731
	17,266	Clearway Energy, Inc., Class A		451,506
	20,095	Clearway Energy, Inc., Class C		551,809
	8,603	Consolidated Water Co. Ltd. (Cayman Islands)		111,409
	7,811	Genie Energy Ltd., Class B		58,973
	4,360	MGE Energy, Inc.		277,732
	1,822	Middlesex Water Co.		125,117
	9,791	New Jersey Resources Corp.		384,688
	3,205	Northwest Natural Holding Co.		153,808
	6,386	NorthWestern Corp.		373,453
	6,192	ONE Gas, Inc.		414,678
	6,003	Ormat Technologies, Inc.		514,277
	5,730	Otter Tail Corp.		232,180
	10,359	PNM Resources, Inc.		497,336
	11,486	Portland General Electric Co.		484,250
	11,520	Pure Cycle Corp.*		135,475
	3,245	RGC Resources, Inc.		73,694
	3,126	SJW Group		195,938
	8,503	South Jersey Industries, Inc.		213,510

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

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

Schedule of Investments (continued)

February 28, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Utilities – (continued)
	6,220	Southwest Gas Holdings, Inc.	$	387,817
	7,111	Spark Energy, Inc., Class A		70,897
	5,454	Spire, Inc.		362,255
	3,922	Sunnova Energy International, Inc.*		175,862
	3,036	Unitil Corp.		127,026
	2,897	York Water Co. (The)		120,544
				9,675,764
	TOTAL COMMON STOCKS
	(Cost $242,848,051)		$	323,685,127
Units		Description	Value
Right – 0.0%
Financials – 0.0%
	153	NewStar Financial, Inc. CVR*(d)
	(Cost $13)		$	0
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $242,749,840)		$	323,685,127
Shares		Dividend Rate	Value
Securities Lending Reinvestment Vehicle – 1.9%(e)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	6,365,173	0.036%	$	6,365,173
	(Cost $6,365,173)
	TOTAL INVESTMENTS – 101.0%
	(Cost $249,115,013)		$	330,050,300
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (1.0)%			(3,359,826	)
	NET ASSETS – 100.0%		$	326,690,474

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)	Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on sale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered and the registration statement is effective. Disposal of these securities may involve time consuming negotiations and prompt sale at an acceptable price may be difficult. Total market value of restricted securities amounts to $9,887, which represents approximately 0.0% of net assets as of February 28, 2021. See additional details below:

Security	Date(s) of Purchase		Cost
BM Technologies Inc.		12/17/20	$	13,363

(d)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(e)	Represents an affiliated issuer.

Investment Abbreviations:
CVR	—Contingent Value Right
PLC	—Public Limited Company
REIT	—Real Estate Investment Trust

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At February 28, 2021, the Fund had the following futures contracts:

Description	Number of Contracts	Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
E-mini Russell 2000 Index	21	03/19/21	$	2,332,174	$	(23,014	)

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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Statements of Assets and Liabilities

February 28, 2021 (Unaudited)

	ActiveBeta® Emerging Markets Equity ETF		ActiveBeta® Europe Equity ETF			ActiveBeta® International Equity ETF		ActiveBeta® Japan Equity ETF
Assets:
Investments at value (cost $1,343,394,784, $16,182,752, $1,846,574,236 and $18,142,843, respectively)(a)	$	1,958,323,348	$	18,175,592		$	2,218,572,529	$	22,128,794
Investments in securities lending reinvestment vehicle, at value which equals cost		14,474,035		67,768			32,805,090		258,183
Cash		32,795,845		25,992			631,308		—
Foreign currency, at value (cost $101,660, $9,299, $1,008,552 and $14,224, respectively)		101,800		9,307			1,007,389		13,966
Receivables:
Investments sold		104,786,551		866,586			91,456,176		644,058
Dividends		5,132,398		14,263			2,877,556		33,128
Reimbursement from investment adviser		50,124		—			—		—
Securities lending income		36,964		25			8,492		66
Foreign tax reclaims		29,921		80,857			1,926,725		2,432
Due from broker		—		7,570			—		—
Other assets		12,213		—			—		—
Total assets		2,115,743,199		19,247,960			2,349,285,265		23,080,627
Liabilities:
Variation margin on futures contracts		104,285		1,445			—		—
Payables:
Investments purchased		133,836,439		904,608			89,505,118		462,471
Upon return of securities loaned		14,474,035		67,768			32,805,090		258,183
Foreign capital gains tax		4,885,710		—			—		—
Management fees		626,530		3,556			435,856		4,439
Due to custodian		—		—			—		91,588
Accrued expenses		1,207,891		—			—		—
Total liabilities		155,134,890		977,377			122,746,064		816,681
Net Assets:
Paid-in capital		1,473,167,938		19,545,722			1,976,258,434		19,268,694
Total distributable earnings (loss)		487,440,371		(1,275,139	)		250,280,767		2,995,252
NET ASSETS	$	1,960,608,309	$	18,270,583		$	2,226,539,201	$	22,263,946
SHARES ISSUED AND OUTSTANDING
Shares outstanding no par value (unlimited shares authorized):		50,000,000		550,000			69,300,000		600,000
Net asset value per share:	$	39.21	$	33.22		$	32.13	$	37.11

(a) Includes loaned securities having a market value of $13,482,311, $62,367, $28,797,312 and $244,994 for the ActiveBeta Emerging Markets Equity ETF, ActiveBeta Europe Equity ETF, ActiveBeta International Equity ETF and ActiveBeta Japan Equity ETF funds, respectively.

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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Statements of Assets and Liabilities (continued)

February 28, 2021 (Unaudited)

	ActiveBeta® U.S. Large Cap Equity ETF		ActiveBeta® U.S. Small Cap Equity ETF
Assets:
Investments at value (cost $8,608,292,822 and $242,749,840, respectively)(a)	$	11,727,083,793	$	323,685,127
Investments in securities lending reinvestment vehicle, at value which equals cost		—		6,365,173
Cash		6,062,265		2,723,239
Receivables:
Fund shares sold		76,631,340		—
Dividends		13,245,578		168,518
Securities lending income		1,442		10,794
Due from broker		—		150,150
Total assets		11,823,024,418		333,103,001
Liabilities:
Variation margin on futures contracts		—		840
Payables:
Fund shares redeemed		76,367,497		—
Management fees		836,023		46,514
Investments purchased		308,881		—
Upon return of securities loaned		—		6,365,173
Total liabilities		77,512,401		6,412,527
Net Assets:
Paid-in capital		8,961,236,018		254,814,975
Total distributable earnings		2,784,275,999		71,875,499
NET ASSETS	$	11,745,512,017	$	326,690,474
SHARES ISSUED AND OUTSTANDING
Shares outstanding no par value (unlimited shares authorized):		153,802,500		5,350,000
Net asset value per share:	$	76.37	$	61.06

(a) Includes loaned securities having a market value of $– and $6,218,746 for the ActiveBeta U.S. Large Cap Equity ETF, and ActiveBeta U.S. Small Cap Equity ETF funds, respectively.

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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Statements of Operations

For the Six Months Ended February 28, 2021 (Unaudited)

	ActiveBeta® Emerging Markets Equity ETF			ActiveBeta® Europe Equity ETF			ActiveBeta® International Equity ETF			ActiveBeta® Japan Equity ETF
Investment income:
Dividends — unaffiliated issuer (net of foreign withholding taxes of $2,004,348, $10,799, $1,444,622 and $27,676, respectively)	$	12,292,040		$	101,617		$	14,903,240		$	181,065
Non cash dividend income		—			16,725			1,122,264			—
Securities lending income — unaffiliated issuer		92,520			1,002			149,287			1,142
Total investment income		12,384,560			119,344			16,174,791			182,207
Expenses:
Management fees		3,586,988			19,423			2,479,735			24,382
Custody, accounting and administrative services		757,185			—			—			—
Printing and mailing costs		91,972			—			—			—
Professional fees		54,509			—			—			—
Trustee fees		11,115			2,057			14,054			2,082
Other		24,063			—			—			—
Total expenses		4,525,832			21,480			2,493,789			26,464
Less — expense reductions		(490,025	)		—			—			—
Net expenses		4,035,807			21,480			2,493,789			26,464
NET INVESTMENT INCOME		8,348,753			97,864			13,681,002			155,743
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		26,260,163			46,285			(4,348,187	)		(69,308	)
In-kind redemptions		30,783,704			—			—			—
Futures		(83,681	)		—			932,928			27,841
Foreign currency transactions		(272,569	)		(451	)		(46,741	)		2,163
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers (including the effects of the foreign capital gains tax liability of $5,807,724, $–, $– and $–, respectively)		244,612,411			1,813,179			230,672,845			2,786,661
Futures		—			(537	)		—			(4,057	)
Foreign currency translations		(144,929	)		840			(136,604	)		(3,582	)
Net realized and unrealized gain		301,155,099			1,859,316			227,074,241			2,739,718
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	309,503,852		$	1,957,180		$	240,755,243		$	2,895,461

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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Statements of Operations (continued)

For the Six Months Ended February 28, 2021 (Unaudited)

	ActiveBeta® U.S. Large Cap Equity ETF			ActiveBeta® U.S. Small Cap Equity ETF
Investment income:
Dividends — unaffiliated issuer (net of foreign withholding taxes of $– and $12,562, respectively)	$	74,399,397		$	1,196,204
Securities lending income — unaffiliated issuer		31,287			101,256
Total investment income		74,430,684			1,297,460
Expenses:
Management fees		4,829,724			211,243
Trustee fees		67,744			3,142
Total expenses		4,897,468			214,385
NET INVESTMENT INCOME		69,533,216			1,083,075
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		(84,213,673	)		(330,015	)
In-kind redemptions		176,210,014			—
Futures		720,998			451,951
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		757,148,992			72,561,883
Futures		—			(151,260	)
Net realized and unrealized gain		849,866,331			72,532,559
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	919,399,547		$	73,615,634

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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Statements of Changes in Net Assets

	ActiveBeta® Emerging Markets Equity ETF						ActiveBeta® Europe Equity ETF
	For the Six Months Ended February 28, 2021 (Unaudited)			For the Fiscal Year Ended August 31, 2020			For the Six Months Ended February 28, 2021 (Unaudited)			For the Fiscal Year Ended August 31, 2020
From operations:
Net investment income	$	8,348,753		$	43,988,398		$	97,864		$	348,546
Net realized gain (loss)		56,687,617			(40,335,493	)		45,834			(1,962,467	)
Net change in unrealized gain		244,467,482			146,795,035			1,813,482			2,044,102
Net increase in net assets resulting from operations		309,503,852			150,447,940			1,957,180			430,181
Distributions to shareholders:
From distributable earnings		(24,075,090	)		(44,088,214	)		(102,388	)		(340,708	)
From share transactions:
Proceeds from sales of shares		146,232,369			148,065,074			—			—
Cost of shares redeemed		(181,529,392	)		(243,149,316	)		—			(2,258,165	)
Net decrease in net assets resulting from share transactions		(35,297,023	)		(95,084,242	)		—			(2,258,165	)
TOTAL INCREASE (DECREASE)		250,131,739			11,275,484			1,854,792			(2,168,692	)
Net assets:
Beginning of period	$	1,710,476,570		$	1,699,201,086		$	16,415,791		$	18,584,483
End of period	$	1,960,608,309		$	1,710,476,570		$	18,270,583		$	16,415,791

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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Statements of Changes in Net Assets (continued)

	ActiveBeta® International Equity ETF						ActiveBeta® Japan Equity ETF
	For the Six Months Ended February 28, 2021 (Unaudited)			For the Fiscal Year Ended August 31, 2020			For the Six Months Ended February 28, 2021 (Unaudited)			For the Fiscal Year Ended August 31, 2020
From operations:
Net investment income	$	13,681,002		$	33,497,128		$	155,743		$	409,965
Net realized gain (loss)		(3,462,000	)		(71,514,669	)		(39,304	)		388,178
Net change in unrealized gain		230,536,241			96,323,217			2,779,022			1,212,417
Net increase in net assets resulting from operations		240,755,243			58,305,676			2,895,461			2,010,560
Distributions to shareholders:
From distributable earnings		(14,804,235	)		(34,855,286	)		(192,486	)		(482,484	)
From share transactions:
Proceeds from sales of shares		257,025,925			319,433,538			—			—
Cost of shares redeemed		—			(144,922,933	)		—			(6,435,562	)
Net increase (decrease) in net assets resulting from share transactions		257,025,925			174,510,605			—			(6,435,562	)
TOTAL INCREASE (DECREASE)		482,976,933			197,960,995			2,702,975			(4,907,486	)
Net assets:
Beginning of period	$	1,743,562,268		$	1,545,601,273		$	19,560,971		$	24,468,457
End of period	$	2,226,539,201		$	1,743,562,268		$	22,263,946		$	19,560,971

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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Statements of Changes in Net Assets (continued)

	ActiveBeta® U.S. Large Cap Equity ETF						ActiveBeta® U.S. Small Cap Equity ETF
	For the Six Months Ended February 28, 2021 (Unaudited)			For the Fiscal Year Ended August 31, 2020			For the Six Months Ended February 28, 2021 (Unaudited)			For the Fiscal Year Ended August 31, 2020
From operations:
Net investment income	$	69,533,216		$	131,490,181		$	1,083,075		$	1,182,340
Net realized gain (loss)		92,717,339			(144,906,256	)		121,936			(1,417,613	)
Net change in unrealized gain		757,148,992			1,648,452,208			72,410,623			8,670,193
Net increase in net assets resulting from operations		919,399,547			1,635,036,133			73,615,634			8,434,920
Distributions to shareholders:
From distributable earnings		(69,678,041	)		(130,496,243	)		(1,060,525	)		(1,215,722	)
From share transactions:
Proceeds from sales of shares		834,735,668			2,860,908,951			101,651,534			74,558,334
Cost of shares redeemed		(366,839,880	)		(543,604,251	)		—			(25,692,998	)
Net increase in net assets resulting from share transactions		467,895,788			2,317,304,700			101,651,534			48,865,336
TOTAL INCREASE		1,317,617,294			3,821,844,590			174,206,643			56,084,534
Net assets:
Beginning of period	$	10,427,894,723		$	6,606,050,133		$	152,483,831		$	96,399,297
End of period	$	11,745,512,017		$	10,427,894,723		$	326,690,474		$	152,483,831

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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

	ActiveBeta® Emerging Markets Equity ETF
	For the Six Months Ended February 28, 2021 (Unaudited)			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	$	33.28		$	31.12		$	32.98		$	33.73		$	28.03		$	25.00
Net investment income(a)		0.17			0.80	(b)		0.75			0.77			0.63			0.60
Net realized and unrealized gain (loss)		6.24			2.17			(1.79	)		(0.84	)		5.58			2.70
Total gain (loss) from investment operations		6.41			2.97			(1.04	)		(0.07	)		6.21			3.30
Distributions to shareholders from net investment income		(0.48	)		(0.81	)		(0.82	)		(0.68	)		(0.51	)		(0.27	)
Net asset value, end of period	$	39.21		$	33.28		$	31.12		$	32.98		$	33.73		$	28.03
Market price, end of period	$	39.33		$	33.28		$	31.14		$	32.87		$	33.74		$	28.01
Total Return at Net Asset Value(c)		19.50	%		9.55	%		(3.21	)%		(0.28	)%		22.49	%		13.29	%
Net assets, end of period (in 000’s)	$	1,960,608		$	1,710,477		$	1,699,201		$	1,688,540		$	1,490,683		$	863,388
Ratio of net expenses to average net assets		0.45	%(d)		0.45	%		0.45	%		0.45	%		0.45	%		0.45	%(d)
Ratio of total expenses to average net assets		0.50	%(d)		0.52	%		0.51	%		0.51	%		0.53	%		0.58	%(d)
Ratio of net investment income to average net assets		0.93	%(d)		2.55	%(b)		2.37	%		2.19	%		2.13	%		2.52	%(d)
Portfolio turnover rate(e)		21	%		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 and short-term transactions. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	ActiveBeta® Europe Equity ETF
	For the Six Months Ended February 28, 2021 (Unaudited)			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	$	29.85		$	28.59		$	30.82		$	30.39		$	26.12		$	25.03
Net investment income(a)		0.18	(b)		0.58			0.89			0.95			0.75			0.60
Net realized and unrealized gain (loss)		3.38			1.27			(1.84	)		0.37			4.26			0.97
Total gain (loss) from investment operations		3.56			1.85			(0.95	)		1.32			5.01			1.57
Distributions to shareholders from net investment income		(0.19	)		(0.59	)		(1.28	)		(0.89	)		(0.74	)		(0.48	)
Net asset value, end of period	$	33.22		$	29.85		$	28.59		$	30.82		$	30.39		$	26.12
Market price, end of period	$	33.14		$	29.81		$	28.62		$	30.73		$	30.54		$	26.20
Total Return at Net Asset Value(c)		11.99	%		6.69	%		(3.15	)%		4.40	%		19.46	%		6.23	%
Net assets, end of period (in 000’s)	$	18,271		$	16,416		$	18,584		$	73,963		$	44,062		$	33,959
Ratio of net expenses to average net assets		0.25	%(d)		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%(d)
Ratio of total expenses to average net assets		0.25	%(d)		0.25	%		0.25	%		0.25	%		0.25	%		0.71	%(d)
Ratio of net investment income to average net assets		1.04	%(b)(d)		2.01	%		3.07	%		3.02	%		2.71	%		4.61	%(d)
Portfolio turnover rate(e)		10	%		18	%		17	%		23	%		17	%		14	%

 * 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 0.10% 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 and short-term transactions. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	ActiveBeta® International Equity ETF
	For the Six Months Ended February 28, 2021 (Unaudited)			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	$	28.72		$	27.70		$	29.42		$	28.38		$	24.67		$	24.78
Net investment income(a)		0.21			0.57			0.86			0.76			0.69			0.59
Net realized and unrealized gain (loss)		3.43			1.05			(1.78	)		1.02			3.61			(0.37	)
Total gain (loss) from investment operations		3.64			1.62			(0.92	)		1.78			4.30			0.22
Distributions to shareholders from net investment income		(0.23	)		(0.60	)		(0.80	)		(0.74	)		(0.59	)		(0.33	)
Net asset value, end of period	$	32.13		$	28.72		$	27.70		$	29.42		$	28.38		$	24.67
Market price, end of period	$	32.17		$	28.63		$	27.73		$	29.45		$	28.53		$	24.78
Total Return at Net Asset Value(b)		12.74	%		5.96	%		(3.09	)%		6.30	%		17.66	%		0.90	%
Net assets, end of period (in 000’s)	$	2,226,539		$	1,743,562		$	1,545,601		$	1,094,462		$	593,129		$	283,757
Ratio of net expenses to average net assets		0.25	%(c)		0.25	%		0.25	%		0.25	%		0.25	%		0.27	%(c)
Ratio of total expenses to average net assets		0.25	%(c)		0.25	%		0.25	%		0.25	%		0.25	%		0.62	%(c)
Ratio of net investment income to average net assets		1.37	%(c)		2.08	%		3.10	%		2.56	%		2.64	%		3.02	%(c)
Portfolio turnover rate(d)		7	%		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 and short-term transactions. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	ActiveBeta® Japan Equity ETF
	For the Six Months Ended February 28, 2021 (Unaudited)			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	$	32.60		$	30.59		$	32.99		$	30.71		$	27.33		$	25.69
Net investment income(a)		0.26			0.66			0.82			0.54			0.48			0.24
Net realized and unrealized gain (loss)		4.57			2.15			(2.29	)		2.36			3.50			1.60
Total gain (loss) from investment operations		4.83			2.81			(1.47	)		2.90			3.98			1.84
Distributions to shareholders from net investment income		(0.32	)		(0.80	)		(0.93	)		(0.62	)		(0.60	)		(0.20	)
Net asset value, end of period	$	37.11		$	32.60		$	30.59		$	32.99		$	30.71		$	27.33
Market price, end of period	$	37.48		$	32.51		$	30.52		$	32.90		$	30.79		$	27.44
Total Return at Net Asset Value(b)		14.85	%		9.15	%		(4.32	)%		9.42	%		14.74	%		7.17	%
Net assets, end of period (in 000’s)	$	22,264		$	19,561		$	24,468		$	52,778		$	42,992		$	32,797
Ratio of net expenses to average net assets		0.25	%(c)		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%(c)
Ratio of total expenses to average net assets		0.25	%(c)		0.25	%		0.25	%		0.25	%		0.25	%		0.73	%(c)
Ratio of net investment income to average net assets		1.47	%(c)		2.09	%		2.64	%		1.62	%		1.68	%		1.81	%(c)
Portfolio turnover rate(d)		10	%		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 and short-term transactions. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	ActiveBeta® U.S. Large Cap Equity ETF
	For the Six Months Ended February 28, 2021 (Unaudited)			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	$	70.70		$	59.09		$	58.75		$	49.16		$	43.83		$	40.70
Net investment income(a)		0.46			1.06			1.03			0.96			0.97			0.85
Net realized and unrealized gain		5.68			11.62			0.30			9.56			5.17			2.78
Total gain from investment operations		6.14			12.68			1.33			10.52			6.14			3.63
Distributions to shareholders from net investment income		(0.47	)		(1.07	)		(0.99	)		(0.93	)		(0.81	)		(0.50	)
Net asset value, end of period	$	76.37		$	70.70		$	59.09		$	58.75		$	49.16		$	43.83
Market price, end of period	$	76.32		$	70.61		$	59.07		$	58.75		$	49.15		$	43.82
Total Return at Net Asset Value(b)		8.74	%		21.81	%		2.42	%		21.65	%		14.15	%		8.97	%
Net assets, end of period (in 000’s)	$	11,745,512		$	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	%(c)		0.09	%		0.09	%		0.09	%		0.09	%		0.09	%(c)
Ratio of total expenses to average net assets		0.09	%(c)		0.09	%		0.09	%		0.09	%		0.09	%		0.19	%(c)
Ratio of net investment income to average net assets		1.28	%(c)		1.72	%		1.82	%		1.78	%		2.08	%		2.11	%(c)
Portfolio turnover rate(d)		7	%		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 and short-term transactions. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	ActiveBeta® U.S. Small Cap Equity ETF
	For the Six Months Ended February 28, 2021 (Unaudited)			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	$	43.57		$	42.84		$	49.49		$	39.65		$	40.36
Net investment income(a)		0.26	(b)		0.51			0.57			0.56			0.07
Net realized and unrealized gain (loss)		17.49			0.78			(6.66	)		9.79			(0.78	)
Total gain (loss) from investment operations		17.75			1.29			(6.09	)		10.35			(0.71	)
Distributions to shareholders from net investment income		(0.26	)		(0.56	)		(0.56	)		(0.51	)		—
Net asset value, end of period	$	61.06		$	43.57		$	42.84		$	49.49		$	39.65
Market price, end of period	$	61.23		$	43.63		$	42.84		$	49.55		$	38.95
Total Return at Net Asset Value(c)		40.91	%		3.13	%		(12.28	)%		26.28	%		(1.76	)%
Net assets, end of period (in 000’s)	$	326,690		$	152,484		$	96,399		$	47,014		$	11,896
Ratio of total expenses to average net assets		0.20	%(d)		0.20	%		0.20	%		0.20	%		0.20	%(d)
Ratio of net investment income to average net assets		0.92	%(b)(d)		1.21	%		1.32	%		1.24	%		0.96	%(d)
Portfolio turnover rate(e)		7	%		20	%		20	%		27	%		0	%(f)

 * Commencement of operations.

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

(b) Reflects income recognized from non-recurring special dividends which amounted to $0.05 per share and 0.09% 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 and short-term transactions. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

(f) Less than 0.5%

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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Notes to Financial Statements

February 28, 2021 (Unaudited)

1. ORGANIZATION

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

Fund	Diversification Classification
Goldman Sachs 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 generally for a designated portfolio of securities (including any portion of such securities for which cash may be substituted) and a specified amount of cash. Shares generally trade in the secondary market in quantities less than a Creation Unit at market prices that change throughout the day. Only those that have entered into an authorized participant agreement with ALPS Distributors, Inc. (the “Distributor”) may do business directly with the Funds.

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

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

76

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2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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).

77

GOLDMAN SACHS ACTIVEBETA^® ETFS

Notes to Financial Statements (continued)

February 28, 2021 (Unaudited)

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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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 February 28, 2021:

ACTIVEBETA® EMERGING MARKETS EQUITY ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Africa	$	77,202,035	$	3,132,106	$	—
Asia		1,625,169,874		68,017,906		—
Europe		17,480,290		—		—
North America		48,645,759		—		—
South America		100,237,090		18,438,288		—
Securities Lending Reinvestment Vehicle		14,474,035		—		—
Total	$	1,883,209,083	$	89,588,300	$	—

79

GOLDMAN SACHS ACTIVEBETA^® ETFS

Notes to Financial Statements (continued)

February 28, 2021 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

ACTIVEBETA® EUROPE EQUITY ETF
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Africa	$	41,514		$	—	$	—
Asia		128,869			—		—
Europe		17,280,633			173,740		—
North America		260,419			—		—
Oceania		258,089			—		—
South America		32,328			—		—
Securities Lending Reinvestment Vehicle		67,768			—		—
Total	$	18,069,620		$	173,740	$	—
Derivative Type
Liabilities(b)
Futures Contracts	$	(537	)	$	—	$	—
ACTIVEBETA® INTERNATIONAL EQUITY ETF
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Africa	$	4,580,302		$	—	$	—
Asia		609,615,216			—		—
Europe		1,208,351,731			13,712,755		—
North America		228,302,232			1,546,435		—
Oceania		148,166,577			—		—
South America		4,297,281			—		—
Securities Lending Reinvestment Vehicle		32,805,090			—		—
Total	$	2,236,118,429		$	15,259,190	$	—

80

GOLDMAN SACHS ACTIVEBETA^® ETFS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

ACTIVEBETA® JAPAN EQUITY ETF
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	22,128,794		$	—	$	—
Securities Lending Reinvestment Vehicle		258,183			—		—
Total	$	22,386,977		$	—	$	—
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	$	11,727,083,793		$	—	$	—
Total	$	11,727,083,793		$	—	$	—
ACTIVEBETA® U.S. SMALL CAP EQUITY ETF
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
	$	—		$	9,887	$	—
Africa		75,034			—		—
Asia		862,849			—		—
Europe		944,939			—		—
North America		321,560,170			—		—
South America		232,248			—		—
Securities Lending Reinvestment Vehicle		6,346,066			—		—
Total	$	330,021,306		$	9,887	$	—
Derivative Type
Liabilities(b)
Futures Contracts	$	(23,014	)	$	—	$	—

(a) Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile noted in table.

(b) Amount shown represents unrealized loss at period end.

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

4. INVESTMENTS IN DERIVATIVES

The following tables set forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of February 28, 2021. These instruments were used as part of the Funds’

81

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Notes to Financial Statements (continued)

February 28, 2021 (Unaudited)

4. INVESTMENTS IN DERIVATIVES (continued)

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		Liabilities(a)
Equity	Goldman Sachs ActiveBeta® Europe Equity ETF		Variation Margin on Futures Contracts	$	(537	)
Equity	Goldman Sachs ActiveBeta® U.S. Small Cap Equity ETF		Variation Margin on Futures Contracts		(23,014	)

(a) Includes unrealized gain (loss) on futures contracts described in the Additional Investment Information sections of the Schedules of Investments. Only the variation margin as of February 28, 2021 is reported within the Statements of Assets and Liabilities.

The following tables set forth, by certain risk types, the Funds’ gains (losses) related to these derivatives and their indicative volumes for the six months ended February 28, 2021. 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	Goldman Sachs ActiveBeta® Emerging Markets Equity ETF	$	(83,681	)	$	—			27
Equity	Goldman Sachs ActiveBeta® Europe Equity ETF		—			(537	)		1
Equity	Goldman Sachs ActiveBeta® International Equity ETF		932,928			—			20
Equity	Goldman Sachs ActiveBeta® Japan Equity ETF		27,841			(4,057	)		4
Equity	Goldman Sachs ActiveBeta® U.S. Large Cap Equity ETF		720,998			—			19
Equity	Goldman Sachs ActiveBeta® U.S. Small Cap Equity ETF		451,951			(151,260)			13

(a) Average number of contracts is based on the month end balances for the six months ended February 28, 2021.

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 Goldman Sachs 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.

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5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the six months ended February 28, 2021, unitary management fees with GSAM were at the following rates for each Fund except the ActiveBeta^® Emerging Markets Equity ETF:

Fund	Unitary Management Fee
ActiveBeta® Europe Equity ETF		0.25	%
ActiveBeta® International Equity ETF		0.25	%
ActiveBeta® Japan Equity ETF		0.25	%
ActiveBeta® U.S. Large Cap Equity  ETF		0.09	%
ActiveBeta® U.S. Small Cap Equity ETF		0.20	%

For the six months ended February 28, 2021, 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 six months ended February 28, 2021, these expense reimbursements amounted to $490,025.

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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Notes to Financial Statements (continued)

February 28, 2021 (Unaudited)

6. CREATION AND REDEMPTION OF CREATION UNITS (continued)

Share activity is as follows:

	ActiveBeta® Emerging Markets Equity ETF
	For the Six Months Ended February 28, 2021 (Unaudited)						For the Fiscal Year Ended August 31, 2020
	Shares			Dollars			Shares			Dollars
Fund Share Activity
Shares Sold		3,800,000		$	145,310,355			4,400,000		$	147,064,435
Shares Redeemed		(5,200,000	)		(181,529,392	)		(7,600,000	)		(242,809,605	)
NET (DECREASE) IN SHARES		(1,400,000	)	$	(36,219,037	)		(3,200,000	)	$	(95,745,170	)
	ActiveBeta® Europe Equity ETF
	For the Six Months Ended February 28, 2021 (Unaudited)						For the Fiscal Year Ended August 31, 2020
	Shares			Dollars			Shares			Dollars
Fund Share Activity
Shares Sold		—		$	—			—		$	—
Shares Redeemed		—			—			(100,000	)		(2,258,165	)
NET (DECREASE) IN SHARES		—		$	—			(100,000	)	$	(2,258,165	)
	ActiveBeta® International Equity ETF
	For the Six Months Ended February 28, 2021 (Unaudited)						For the Fiscal Year Ended August 31, 2020
	Shares			Dollars			Shares			Dollars
Fund Share Activity
Shares Sold		8,600,000		$	257,025,925			11,200,000		$	319,392,338
Shares Redeemed		—			—			(6,300,000	)		(144,922,584	)
NET INCREASE IN SHARES		8,600,000		$	257,025,925			4,900,000		$	174,469,754
	ActiveBeta® Japan Equity ETF
	For the Six Months Ended February 28, 2021 (Unaudited)						For the Fiscal Year Ended August 31, 2020
	Shares			Dollars			Shares			Dollars
Fund Share Activity
Shares Sold		—		$	—			—		$	—
Shares Redeemed		—			—			(200,000	)		(6,435,562	)
NET (DECREASE) IN SHARES		—		$	—			(200,000	)	$	(6,435,562	)

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6. CREATION AND REDEMPTION OF CREATION UNITS (continued)

	ActiveBeta® U.S. Large Cap Equity ETF
	For the Six Months Ended
	February 28, 2021						For the Fiscal Year Ended
	(Unaudited)						August 31, 2020
	Shares			Dollars			Shares			Dollars
Fund Share Activity
Shares Sold		11,200,000		$	834,735,668			44,400,000		$	2,860,908,861
Shares Redeemed		(4,900,000	)		(366,839,880	)		(8,700,000	)		(543,604,251	)
NET INCREASE IN SHARES		6,300,000		$	467,895,788			35,700,000		$	2,317,304,610
	ActiveBeta® U.S. Small Cap Equity ETF
	For the Six Months Ended
	February 28, 2021						For the Fiscal Year Ended
	(Unaudited)						August 31, 2020
	Shares			Dollars			Shares			Dollars
Fund Share Activity
Shares Sold		1,850,000		$	101,651,534			1,900,000		$	74,558,334
Shares Redeemed		—			—			(650,000	)		(25,692,998	)
NET INCREASE IN SHARES		1,850,000		$	101,651,534			1,250,000		$	48,865,336

7. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales of long-term securities for the six months ended February 28, 2021, were as follows:

Fund	Purchases		Sales
ActiveBeta® Emerging Markets Equity  ETF	$	372,430,432	$	383,424,318
ActiveBeta® Europe Equity ETF		1,772,150		1,758,065
ActiveBeta® International Equity ETF		213,996,359		131,789,534
ActiveBeta® Japan Equity ETF		2,102,718		2,151,432
ActiveBeta® U.S. Large Cap Equity  ETF		740,923,703		711,859,062
ActiveBeta® U.S. Small Cap Equity ETF		15,599,257		14,337,349

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Notes to Financial Statements (continued)

February 28, 2021 (Unaudited)

7. PORTFOLIO SECURITIES TRANSACTIONS (continued)

The purchases and sales from in-kind creation and redemption transactions for the six months ended February 28, 2021, were as follows:

Fund	Purchases		Sales
ActiveBeta® Emerging Markets Equity  ETF	$	34,101,195	$	83,573,109
ActiveBeta® International Equity ETF		248,915,966		77,294,718
ActiveBeta® U.S. Large Cap Equity  ETF		810,518,835		366,584,550
ActiveBeta® U.S. Small Cap Equity ETF		100,696,116		—

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 February 28, 2021, are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities, where applicable.

Both the Funds and BNYM received compensation relating to the lending of the Funds’ securities. The amounts earned, if any, by the Funds for the six months ended February 28, 2021, are reported under Investment Income on the Statements of Operations.

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8. SECURITIES LENDING (continued)

The following table provides information about the Funds’ investment in the Government Money Market Fund for the six months ended February 28, 2021:

Fund	Beginning value as of August 31, 2020		Purchases at Cost		Proceeds from Sales			Ending value as of February 28, 2021
ActiveBeta® Emerging Markets Equity  ETF	$	4,333,286	$	63,528,869	$	(53,388,120	)	$	14,474,035
ActiveBeta® Europe Equity ETF		62,772		899,496		(894,500	)		67,768
ActiveBeta® International Equity ETF		24,830,933		148,788,755		(140,814,598	)		32,805,090
ActiveBeta® Japan Equity ETF		999,602		1,742,253		(2,483,672	)		258,183
ActiveBeta® U.S. Large Cap Equity ETF		9,557,821		88,087,247		(97,645,068	)		—
ActiveBeta® U.S. Small Cap Equity ETF		2,901,792		24,318,933		(20,855,552	)		6,365,173

9. TAX INFORMATION

As of the Funds’ most recent fiscal year ended August 31, 2020, the Funds’ capital loss carryforward and certain timing differences on a tax-basis were as follows:

	ActiveBeta® Emerging Markets Equity ETF			ActiveBeta® Europe Equity ETF			ActiveBeta® International Equity ETF			ActiveBeta® Japan Equity ETF			ActiveBeta® U.S. Large Cap Equity ETF			ActiveBeta® U.S. Small Cap Equity ETF
Capital loss carryforwards:
Perpetual Short-Term	$	(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	)		—			—

As of February 28, 2021, 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	$	1,375,545,603		$	16,324,404		$	1,889,707,052		$	18,554,210		$	8,665,030,971		$	252,687,449
Gross unrealized gain		646,423,287			3,259,732			419,585,056			4,689,982			3,174,695,044			80,200,518
Gross unrealized loss		(49,171,507	)		(1,340,776	)		(57,914,489	)		(857,215	)		(112,642,222	)		(2,837,667	)
Net unrealized gains (losses)	$	597,251,780		$	1,918,956		$	361,670,567		$	3,832,767		$	3,062,052,822		$	77,362,851

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.

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.

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Notes to Financial Statements (continued)

February 28, 2021 (Unaudited)

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 U.S. 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 U.S. or other governments, or problems with 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 providers for the reference indices upon which the Funds’ Indeces are based may delay or change a scheduled rebalancing or reconstitution of an index or the implementation of certain rules at their sole discretion. In such circumstances, a Fund, in replicating the composition of an 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.

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

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10. OTHER RISKS (continued)

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.

11. INDEMNIFICATIONS

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

12. OTHER MATTERS

On October 22, 2020, Goldman Sachs announced a settlement of matters involving 1Malaysia Development Bhd. (1MDB), a Malaysian sovereign wealth fund, with the United States Department of Justice as well as criminal and civil authorities in the UK, Singapore and Hong Kong. Further information regarding the 1MDB settlement can be found at https://www.goldmansachs.com/media-relations/press-releases/current/goldman-sachs-2020-10-22.html. The 1MDB settlement will not materially adversely affect GSAM’s ability to serve as investment manager.

13. SUBSEQUENT EVENTS

Subsequent events after the Statements of Assets and Liabilities date have been evaluated, and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.

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Fund Expenses — For the Six Months ended  2/28/2021 (Unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the period from September 1, 2020 and held for the six months ended February 28, 2021, which represents a period of 181 days of a 365 day year (or less where indicated).

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

Hypothetical Example for Comparison Purposes — The second line in the table below provides information about hypothetical account values and hypothetical expenses based on 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 9/1/20		Ending Account Value 2/28/21			Expenses Paid*		Beginning Account Value 9/1/20		Ending Account Value 2/28/21			Expenses Paid*		Beginning Account Value 9/1/20		Ending Account Value 2/28/21			Expenses Paid*
Actual based on NAV	$	1,000	$	1,195.00		$	2.45	$	1,000	$	1,119.90		$	1.31	$	1,000	$	1,127.40		$	1.32
Hypothetical 5% return		1,000		1,022.56	+		2.26		1,000		1,023.55	+		1.25		1,000		1,023.55	+		1.25

	ActiveBeta® Japan Equity ETF							ActiveBeta® U.S. Large Cap Equity ETF							ActiveBeta® U.S. Small Cap Equity ETF
	Beginning Account Value 9/1/20		Ending Account Value 2/28/21			Expenses Paid*		Beginning Account Value 9/1/20		Ending Account Value 2/28/21			Expenses Paid*		Beginning Account Value 9/1/20		Ending Account Value 2/28/21			Expenses Paid*
Actual based on NAV	$	1,000	$	1,148.50		$	1.33	$	1,000	$	1,087.40		$	0.47	$	1,000	$	1,409.10		$	1.19
Hypothetical 5% return		1,000		1,023.55	+		1.25		1,000		1,024.35	+		0.45		1,000		1,023.80	+		1.00

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

* Expenses for the Fund are calculated using the Fund’s annualized net expense ratio, which represents the ongoing expenses as a percentage of net assets for the six months ended 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
Goldman Sachs ActiveBeta Emerging Markets Equity ETF	0.45	%
Goldman Sachs ActiveBeta Europe Equity ETF	0.25
Goldman Sachs ActiveBeta International Equity ETF	0.25
Goldman Sachs ActiveBeta Japan Equity ETF	0.25
Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF	0.09
Goldman Sachs ActiveBeta U.S. Small Cap Equity ETF	0.20

90

GOLDMAN SACHS ACTIVEBETA^® ETFS

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

Background

The Goldman Sachs ActiveBeta^® Emerging Markets Equity ETF (the “Fund”) is an investment portfolio of Goldman Sachs ETF Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Fund at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Fund.

The Management Agreement was most recently approved for continuation until September 30, 2021 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on September 22-23, 2020 (the “Annual Meeting”).

The review process undertaken by the Trustees spans the course of the year and culminates with the Annual Meeting. To assist the Trustees in their deliberations, the Trustees have established a Contract Review Committee (the “Committee”), comprised of the Independent Trustees. The Committee held two meetings over the course of the year since the Management Agreement was last approved in 2019. At those Committee meetings, regularly scheduled Board or other committee meetings, and/or the Annual Meeting, matters relevant to the renewal of the Management Agreement were considered by the Board, or the Independent Trustees, as applicable. With respect to the Fund, such matters included:

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

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

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

(iii) trends in employee headcount;

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

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

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

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

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

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

(f) the undertaking of the Investment Adviser and its affiliates to implement fee waivers and/or expense limitations;

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

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

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

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

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

(l) the nature and quality of the services provided to the Fund by its unaffiliated service providers, and the Investment Adviser’s general oversight and evaluation (including reports on due diligence) of those service providers as part of the administrative services provided under the Management Agreement; and

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

91

GOLDMAN SACHS ACTIVEBETA^® ETFS

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

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

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

As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Fund by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees noted the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted the significant resources that the Investment Adviser devotes to risk management and the control environment in which the Fund operates, the Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the market, regulatory and control environment in which the Fund and their service providers operate, including changes associated with the COVID-19 pandemic, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. The Trustees also considered information about the Fund’s structure, investment objective, strategies and other characteristics. In particular, they noted that the Fund is a passively-managed ETF that seeks to track a proprietary index created by the Investment Adviser. The Trustees noted the experience and capabilities of the key personnel of the Investment Adviser who provide services to the Fund. In particular, the Trustees considered the Investment Adviser’s extensive experience in managing quantitative investment strategies and its expertise in developing “smart beta” products. The Trustees also considered information regarding the Investment Adviser’s business continuity planning and remote operations in the current environment. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Fund and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Fund and the Investment Adviser and its affiliates.

Investment Performance

The Trustees also considered the investment performance of the Fund. In this regard, they compared the investment performance of the Fund to its peers using ranking and rating compiled by the Outside Data Provider as of March 31, 2020, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of June 30, 2020. The information on the Fund’s investment performance was provided for the one- and three-year periods ending on the applicable dates. As part of this review, they reviewed the investment performance of the Fund in light of its investment objective and policies and market conditions. The Trustees also received information comparing the Fund’s performance to that of its proprietary index, a comparable market capitalization-weighted reference index, and a separate account composite with a comparable investment strategy. The Trustees observed that the Fund’s investment performance was consistent with the investment objective of tracking its proprietary index.

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

Costs of Services Provided and Profitability

The Trustees considered the contractual terms of the Management Agreement and the fee rate payable by the Fund thereunder. In this regard, the Trustees considered information on the services rendered by the Investment Adviser to the Fund, which included both advisory and administrative services that were directed to the needs and operations of the Fund as an ETF.

92

GOLDMAN SACHS ACTIVEBETA^® ETFS

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

The Trustees noted that no license fees would be payable to the Investment Adviser by the Fund for use of the index created by the Investment Adviser. The Trustees reviewed the Fund’s total operating expense ratio (both gross and net of expense limitations). The Trustees also considered information previously provided regarding fees and expenses of comparable ETFs advised by other, unaffiliated investment management firms. The comparisons of the Fund’s fee rate and expense ratio were prepared by the Investment Adviser and certain third-party providers of mutual fund and ETF data. In particular, the Trustees referred to an analysis comparing the Fund’s management fee and net expense ratio to those of relevant peer funds. The Trustees concluded that the comparisons were useful in evaluating the reasonableness of the management fee and total expenses paid by the Fund.

In addition, the Trustees considered the Investment Adviser’s undertaking to limit certain expenses of the Fund that exceed a specified level pursuant to the permanent expense limitation agreement in place. The Trustees reviewed the Fund’s contribution to the Investment Adviser’s revenues and pre-tax profit margins. In this regard the Trustees noted that they had previously received, among other things, profitability analyses and summaries, revenue and expense schedules with respect to the Fund for various functions (i.e., investment management, transfer agency and distribution and service), and information on the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs & Co. LLC (“Goldman Sachs”) organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology and profitability analysis calculations.

Economies of Scale

The Trustees noted that the Fund, similar to many other ETFs, does not have management fee breakpoints. They considered information previously provided regarding the Fund’s fee structure, the amount of assets in the Fund, the Fund’s recent creation and redemption activity, and the costs of the services provided by the Investment Adviser and its affiliates. The Trustees recognized that if the assets of the Fund increase over time, the Fund and its shareholders could realize economies of scale as certain Fund expenses, such as certain fixed fees, become a smaller percentage of overall assets.

Other Benefits to the Investment Adviser and Its Affiliates

The Trustees also considered the other benefits derived (or expected to be derived) by the Investment Adviser and its affiliates from their relationships with the Fund as stated above, 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. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.

Other Benefits to the Fund and Its Shareholders

The Trustees also noted that the Fund receives certain other potential benefits as a result of its relationship with the Investment Adviser, including: (a) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (b) the Investment Adviser’s ability to hire and retain qualified personnel to provide services to the Fund because of the reputation of the Goldman Sachs organization; and (c) the Fund’s access to certain affiliated distribution channels.

Conclusion

In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fee paid by the Fund was reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and the Fund’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit the Fund and its shareholders and that the Management Agreement should be approved and continued with respect to the Fund until September 30, 2021.

93

GOLDMAN SACHS ACTIVEBETA^® ETFS

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

Background

The Goldman Sachs ActiveBeta^® Europe Equity ETF, Goldman Sachs ActiveBeta^® International Equity ETF, Goldman Sachs ActiveBeta^® Japan Equity ETF, Goldman Sachs ActiveBeta^® U.S. Large Cap Equity ETF and Goldman Sachs ActiveBeta^® U.S. Small Cap Equity ETF (each, a “Fund” and together, the “Funds”) are investment portfolios of Goldman Sachs ETF Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Funds at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Funds.

The Management Agreement was most recently approved for continuation until September 30, 2021 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on September 22-23, 2020 (the “Annual Meeting”).

The review process undertaken by the Trustees spans the course of the year and culminates with the Annual Meeting. To assist the Trustees in their deliberations, the Trustees have established a Contract Review Committee (the “Committee”), comprised of the Independent Trustees. The Committee held two meetings over the course of the year since the Management Agreement was last approved in 2019. At those Committee meetings, regularly scheduled Board or other committee meetings, and/or the Annual Meeting, matters relevant to the renewal of the Management Agreement were considered by the Board, or the Independent Trustees, as applicable. With respect to each Fund, such matters included:

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

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

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

(iii) trends in employee headcount;

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

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

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

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

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

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

(f) the undertakings of the Investment Adviser and its affiliates to implement expense limitation arrangements;

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

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

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

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

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

(l) the nature and quality of the services provided to the Fund by its unaffiliated service providers, and the Investment Adviser’s general oversight and evaluation (including reports on due diligence) of those service providers as part of the administrative services provided under the Management Agreement; and

94

GOLDMAN SACHS ACTIVEBETA^® ETFS

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

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

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

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

As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Funds by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees noted the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted the significant resources that the Investment Adviser devotes to risk management and the control environment in which the Funds operate, the Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the market, regulatory and control environment in which the Funds and their service providers operate, including changes associated with the COVID-19 pandemic, 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 fee to the Investment Adviser, and the Investment Adviser pays each Fund’s ordinary operating expenses, excluding payments under each Fund’s 12b-1 plan (if any), interest expenses, taxes, acquired fund fees and expenses, brokerage fees, costs of holding shareholder meetings, litigation, indemnification and extraordinary expenses. The Trustees also considered information about each Fund’s structure, investment objective, strategies and other characteristics. In particular, they noted that the Funds are passively-managed ETFs that seek to track proprietary indices created by the Investment Adviser. The Trustees noted the experience and capabilities of the key personnel of the Investment Adviser who provide services to the Funds. In particular, the Trustees considered the Investment Adviser’s extensive experience in managing quantitative investment strategies and its expertise in developing “smart beta” products. The Trustees also considered information regarding the Investment Adviser’s business continuity planning and remote operations in the current environment. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Funds and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Funds and the Investment Adviser and its affiliates.

Investment Performance

The Trustees also considered the investment performance of the Funds. In this regard, they compared the investment performance of each Fund to its peers using rankings and ratings compiled by the Outside Data Provider as of March 31, 2020, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of June 30, 2020. The information on each Fund’s investment performance was provided for the one- and three-year periods ending on the applicable dates, to the extent that each Fund had been in existence for those periods. As part of this review, they reviewed the investment performance of each Fund in light of its investment objective and policies and market conditions. The Trustees also received information comparing each Fund’s performance to that of its proprietary index, a comparable market capitalization-weighted reference index, and a separate account composite with a comparable investment strategy, as applicable. The Trustees observed that each Fund’s investment performance was consistent with the investment objective of tracking its proprietary index.

In addition, the Trustees considered materials prepared and presentations made by the Investment Adviser’s senior management and portfolio management personnel in which Fund performance was assessed. The Trustees also considered the

95

GOLDMAN SACHS ACTIVEBETA^® ETFS

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

Investment Adviser’s periodic reports with respect to the Funds’ risk profiles, and how the Investment Adviser’s approach to risk monitoring and management influences portfolio management.

Unitary Fee Structure and Profitability

The Trustees considered the contractual fee rate payable by each Fund, noting that the Management Agreement provides for a unitary fee structure, pursuant to which each Fund pays a single fee to the Investment Adviser and the Investment Adviser then pays all of the Fund’s ordinary operating expenses. In addition, the Trustees considered information on the services rendered by the Investment Adviser to the Funds, which included both advisory and administrative services that were directed to the needs and operations of the Funds as ETFs.

In addition, the Trustees considered the Investment Adviser’s undertakings to implement an expense limitation arrangement for the Goldman Sachs ActiveBeta^® Emerging Markets Equity ETF. The Trustees noted that no license fees would be payable to the Investment Adviser by the Funds for use of the index created by the Investment Adviser. The Trustees also considered information previously provided regarding fees and expenses of comparable ETFs advised by other, unaffiliated investment management firms. The comparisons of the Funds’ fee rates and expense ratios were prepared by the Investment Adviser and certain third-party providers of mutual fund and ETF data. In particular, the Trustees referred to an analysis comparing each Fund’s management fee rate and net expense ratio to those of relevant peer funds. The Trustees concluded that the comparisons were useful in evaluating the reasonableness of the management fees and total expenses paid by the Funds.

The Trustees reviewed each Fund’s contribution to the Investment Adviser’s revenues and pre-tax profit margins. In this regard the Trustees noted that they had previously received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency and distribution and service), and information on the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs & Co. LLC (“Goldman Sachs”) organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology and profitability analysis calculations.

Economies of Scale

The Trustees noted that the Funds, similar to many other ETFs, do not have management fee breakpoints. They considered information previously provided regarding each Fund’s fee structure, the amounts of assets in each Fund, each Fund’s recent creation and redemption activity, and the costs of the services provided by the Investment Adviser and its affiliates. The Trustees further noted the Investment Adviser’s assertion that future economies of scale (among several factors) had been taken into consideration in determining each Fund’s unitary management fee rate, and that significant economies of scale are unlikely to be realized in the competitive environment in which the Funds operate.

Other Benefits to the Investment Adviser and Its Affiliates

The Trustees also considered the other benefits derived (or expected to be derived) by the Investment Adviser and its affiliates from their relationships with the Funds as stated above, 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.    In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.

Other Benefits to the Funds and Their Shareholders

The Trustees also noted that the Funds receive certain other potential benefits as a result of their relationship with the Investment Adviser, including: (a) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (b) the Investment Adviser’s ability to hire and retain qualified personnel to provide services to the Funds because of the reputation of the Goldman Sachs organization; and (c) the Funds’ access to certain affiliated distribution channels.

96

GOLDMAN SACHS ACTIVEBETA^® ETFS

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

Conclusion

In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the unitary fee paid by each Fund was reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and each Fund’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit each Fund and its shareholders and that the Management Agreement should be approved and continued with respect to each Fund until September 30, 2021.

97

FUNDS PROFILE

Goldman Sachs ETFs

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

Today, the Asset Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $1.95 trillion in assets under supervision as of December 31, 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 Innovate Equity 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 1-5 Year Bond ETF

Goldman Sachs Access Investment Grade Corporate Bond ETF

Goldman Sachs Access Treasury 0-1 Year ETF

Goldman Sachs Access Ultra Short Bond ETF

Goldman Sachs Access U.S. Aggregate Bond ETF

Goldman Sachs MarketBetaTM Emerging Markets Equity ETF

Goldman Sachs MarketBetaTM International Equity ETF

Goldman Sachs MarketBetaTM U.S. Equity ETF

Goldman Sachs Physical Gold 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 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 the Fund voted proxies relating to portfolio securities for the most recent 12-month period ended June 30, are available (i) without charge, upon request by calling 1-800-621-2550; and (ii) on the Securities and Exchange Commission (“SEC’’) web site at http://www.sec.gov.

The 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 February 28, 2021 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.

© 2021 Goldman Sachs. All rights reserved. 236973-OTU-04/2021 ACTBETASAR-21

Goldman Sachs Funds

Semi-Annual Report	February 28, 2021
	Goldman Sachs Equity ETF
	Equal Weight U.S. Large Cap Equity ETF (GSEW)
	Hedge Industry VIP ETF (GVIP)
	Innovate Equity ETF (GINN)
	JUST U.S. Large Cap Equity ETF (JUST)

Goldman Sachs Equity

∎ EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF

∎ HEDGE INDUSTRY VIP ETF

∎ INNOVATE EQUITY ETF

∎ JUST U.S. LARGE CAP EQUITY ETF

TABLE OF CONTENTS
Fund Basics	1
Schedule of Investments	9
Financial Statements	26
Financial Highlights	30
Notes to Financial Statements	34
Other Information	45

NOT FDIC-INSURED May Lose Value No Bank Guarantee

FUND BASICS

Equal Weight U.S. Large Cap Equity ETF

As of February 28, 2021

FUND SNAPSHOT
As of February 28, 2021
Market Price1	$	59.68
Net Asset Value (NAV)1	$	59.69

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

PERFORMANCE REVIEW
September 1, 2020– February 28, 2021	Fund Total Return (based on NAV)2			Fund Total Return (based on Market Price)2			Solactive US Large Cap Equal Weight Index3			S&P 500 Index (Total Return, USD)4
Shares		18.28	%		18.04	%		18.35	%		9.74	%

²  Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculation assumes all management fees and operating expenses incurred by the Fund. Market Price returns are based upon the last trade at 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. Total returns for periods less than one full year are not annualized.

³  The Index is calculated and published by Solactive AG. Solactive AG uses its best efforts to ensure that the Index is calculated correctly. Irrespective of its obligations towards Goldman Sachs Equal Weight U.S. Large Cap Equity ETF, Solactive AG has no obligation to point out errors in the Index to third parties including but not limited to investors and/or financial intermediaries of Goldman Sachs Equal Weight U.S. Large Cap Equity ETF. Neither publication of an Index by Solactive AG nor the licensing of the Index or Index trade mark for the purpose of use in connection with the Goldman Sachs Equal Weight U.S. Large Cap Equity ETF constitutes a recommendation by Solactive AG to invest capital in said fund nor does it in any way represent an assurance or opinion of Solactive AG with regard to any investment in this fund. The index provider may delay or change a scheduled rebalancing or reconstitution of the Index or the implementation of certain rules at its sole discretion.

⁴  The S&P 500^® Index is the Standard & Poor’s 500 Composite Index of 500 stocks, an unmanaged index of common stock prices. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an unmanaged index.

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

1

FUND BASICS

TOP TEN HOLDINGS AS OF 2/28/215
Holding	% of Net Assets			Line of Business	Country
Twitter, Inc.		0.3	%	Communication Services	United States
Royal Caribbean Cruises Ltd.		0.3		Consumer Discretionary	United States
HubSpot, Inc.		0.3		Information Technology	United States
Valero Energy Corp.		0.3		Energy	United States
ViacomCBS, Inc., Class B		0.3		Communication Services	United States
Southwest Airlines Co.		0.3		Industrials	United States
Generac Holdings, Inc.		0.3		Industrials	United States
Zebra Technologies Corp., Class A		0.2		Information Technology	United States
Simon Property Group, Inc. REIT		0.2		Real Estate	United States
Delta Air Lines, Inc.		0.2		Industrials	United States

⁵  The top 10 holdings may not be representative of the Fund’s future investments.

FUND VS. BENCHMARK SECTOR ALLOCATION ⁶

February 28, 2021

⁶  Sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by Standard & Poor’s. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Figures above may not sum to 100% due to rounding.

⁷ The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Solactive US Large Cap Equal Weight Index.

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

2

FUND BASICS

Hedge Industry VIP ETF

as of February 28, 2021

FUND SNAPSHOT
As of February 28, 2021
Market Price1	$	95.53
Net Asset Value (NAV)1	$	95.52

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

PERFORMANCE REVIEW
September 1, 2020– February 28, 2021	Fund Total Return (based on NAV)2			Fund Total Return (based on Market Price)2			Goldman Sachs Hedge Fund VIP IndexTM3			S&P 500® Index4
Shares		20.35	%		20.17	%		20.65	%		9.74	%

²  Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculations assumes all management fees incurred by the Fund. Market Price returns are based upon the last trade at 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. Total returns for periods less than one full year are not annualized.

³  The Index is owned and maintained by the Index Provider. The Index is calculated by Solactive AG. The Index consists of the US-listed stocks whose performance is expected to influence the long portfolios of hedge funds. Those stocks are defined as the positions that appear most frequently among the top 10 long equity holdings within the portfolios of fundamentally-driven hedge fund managers. It is not possible to invest directly in an unmanaged index.

⁴  The S&P 500^® Index is the Standard & Poor’s 500 Composite Index of 500 stocks, an unmanaged index of common stock prices.

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

TOP TEN HOLDINGS AS OF 2/28/215
Holding	% of Net Assets			Line of Business	Country
Expedia Group, Inc.		2.3	%	Consumer Discretionary	United States
Booking Holdings, Inc.		2.3		Consumer Discretionary	United States
Fiserv, Inc.		2.2		Information Technology	United States
Horizon Therapeutics PLC		2.2		Health Care	United States
Micron Technology, Inc.		2.2		Information Technology	United States
Twitter, Inc.		2.2		Communication Services	United States
Wells Fargo & Co.		2.2		Financials	United States
Mastercard, Inc., Class A		2.2		Information Technology	United States
Fidelity National Information Services, Inc.		2.2		Information Technology	United States
Visa, Inc., Class A		2.2		Information Technology	United States

⁵  The top 10 holdings may not be representative of the Fund’s future investments.

3

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁶

As of February 28, 2021

⁶ Sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by Standard & Poor’s. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Investments in the securities lending vehicle represented 1.1% of the Fund’s net assets as of February 28, 2021. Figures above may not sum to 100% due to rounding.

⁷ The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Goldman Sachs Hedge Fund VIP Index^TM.

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

4

FUND BASICS

Innovate Equity ETF

as of February 28, 2021

FUND SNAPSHOT
As of February 28, 2021
Market Price1	$	58.05
Net Asset Value (NAV)1	$	57.83

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

PERFORMANCE REVIEW
November 6, 2020*– February 28, 2021	Fund Total Return (based on NAV)2			Fund Total Return (based on Market Price)2			Solactive Innovate Global Equity Index3
Shares		15.68	%		16.12	%		16.14	%

* Commencement of operations.

²  Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculation assumes all management fees and operating expenses incurred by the Fund. Market Price returns are based upon the last trade as of 4:00pm EST and do not reflect the returns you would receive if you traded shares at other times. Total returns for periods less than one full year are not annualized.

³  The Solactive Innovative Global Equity Index itself is comprised of the securities that compose the five Solactive Thematic Indexes, which include companies from the ‘Data-Driven World’, ‘Finance Reimagined’, ‘Human Evolution’, ‘Manufacturing Revolution’, and ‘New Age Consumer’ themes. The weight of each index constituent within the Solactive Innovate Global Equity Index is equal to the average weight of such index constituent across the Solactive Thematic Indexes, subject to specified minimum and maximum weights.

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

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

5

FUND BASICS

TOP TEN HOLDINGS AS OF 2/28/214
Holding	% of Net Assets			Line of Business	Country
Alphabet, Inc., Class A		2.0	%	Communication Services	United States
Facebook, Inc., Class A		2.0		Communication Services	United States
Microsoft Corp.		2.0		Information Technology	United States
NVIDIA Corp.		2.0		Information Technology	United States
Amazon.com, Inc.		1.9		Consumer Discretionary	United States
Alibaba Group Holding Ltd. ADR		1.9		Consumer Discretionary	China
Apple, Inc.		1.9		Information Technology	United States
Tesla, Inc.		1.4		Consumer Discretionary	United States
Tencent Holdings Ltd.		1.2		Communication Services	China
Walmart, Inc.		1.2		Consumer Staples	United States

⁴  The top 10 holdings may not be representative of the Fund’s future investments.

FUND VS BENCHMARK SECTOR ALLOCATION⁵

As of February 28, 2021

⁵  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 0.7% of the Fund’s net assets as of February 28, 2021. Figures above may not sum to 100% due to rounding.

⁶  The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Solactive Innovative Global Equity Index.

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

6

FUND BASICS

Goldman Sachs JUST U.S. Large Cap Equity ETF

as of February 28, 2021

FUND SNAPSHOT
As of February 28, 2021
Market Price1	$	55.66
Net Asset Value (NAV)1	$	55.46

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

PERFORMANCE REVIEW
September 1, 2020– February 28, 2021	Fund Total Return (based on NAV)2			Fund Total Return (based on Market Price)2			JUST US Large Cap Diversified Index3			Russell 1000® Index4
Shares		9.68	%		10.16	%		9.77	%		11.78	%

²  Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculation assumes all management fees and operating expenses incurred by the Fund. Market Price returns are based upon the last trade at 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. Total returns for periods less than one full year are not annualized.

³  “JUST” and “JUST Capital” are trademarks of JUST Capital Foundation, Inc. or its affiliates and have been licensed for use in connection with the issuance and distribution of the Goldman Sachs JUST U.S. Large Cap Equity ETF. JUST Capital Foundation, Inc. and its affiliates do not in any way recommend the purchase, sale or holding of any security based on the JUST US Large Cap Diversified Index including the Goldman Sachs JUST U.S. Large Cap Equity ETF, or have any involvement in their operations or distribution. JUST Capital Foundation, Inc., its affiliates, calculation agent, and data providers expressly disclaim all representations, warranties, and liabilities relating to or in connection with the Goldman Sachs JUST U.S. Large Cap Equity ETF (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability, and fitness for a particular purpose). Frank Russell Company (“Russell”) acts solely as calculation agent in respect of the JUST US Large Cap Diversified Index. Russell does not in any way sponsor, support, promote or endorse the JUST US Large Cap Diversified Index or the Goldman Sachs JUST U.S. Large Cap Equity ETF. In no event shall any Russell party have any liability for any direct, indirect, special, incidental, punitive, consequential (including without limitation, lost profits) or any other damages in connection with the JUST US Large Cap Diversified Index. The index provider may delay or change a scheduled rebalancing or reconstitution of the Index or the implementation of certain rules at its sole discretion.

⁴  The Russell 1000^® Index is an index of approximately 1,000 of the largest companies in the U.S. equity market. The Russell 1000^® is a subset of the Russell 3000^® Index. It represents the top companies by market capitalization. The Russell 1000^® typically comprises approximately 90% of the total market capitalization of all listed U.S. stocks. It is considered a bellwether index for large cap investing. It is not possible to invest directly in an unmanaged index.

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

7

FUND BASICS

TOP TEN HOLDINGS AS OF 2/28/215
Holding	% of Net Assets			Line of Business	Country
Apple, Inc.		6.3	%	Information Technology	United States
Microsoft Corp.		5.6		Information Technology	United States
Amazon.com, Inc.		4.5		Consumer Discretionary	United States
Facebook, Inc., Class A		2.0		Communication Services	United States
Alphabet, Inc., Class A		1.9		Communication Services	United States
Alphabet, Inc., Class C		1.9		Communication Services	United States
JPMorgan Chase & Co.		1.7		Financials	United States
Johnson & Johnson		1.4		Health Care	United States
Visa, Inc., Class A		1.4		Information Technology	United States
Procter & Gamble Co. (The)		1.3		Consumer Staples	United States

⁵  The top 10 holdings may not be representative of the Fund’s future investments.

FUND VS BENCHMARK SECTOR ALLOCATION⁶

As of February 28, 2021

⁶  Sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by GICS. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Investments in the securities lending vehicle represented 0.1% of the Fund’s net assets as of February 28, 2021. Figures above may not sum to 100% due to rounding.

⁷  The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the JUST US Large Cap Diversified Index.

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

8

GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF

Schedule of Investments

February 28, 2021 (Unaudited)

Shares		Description		Value
Common Stocks – 99.8%
Communication Services – 5.3%
	11,985	Activision Blizzard, Inc.		$	1,145,886
	544	Alphabet, Inc., Class A*			1,099,919
	542	Alphabet, Inc., Class C*			1,103,978
	30,840	Altice USA, Inc., Class A*			1,036,532
	39,374	AT&T, Inc.			1,098,141
	545	Cable One, Inc.			1,043,593
	1,835	Charter Communications, Inc., Class A*			1,125,626
	22,133	Comcast Corp., Class A			1,166,852
	8,096	Electronic Arts, Inc.			1,084,621
	4,214	Facebook, Inc., Class A*			1,085,611
	4,783	IAC/InterActiveCorp*			1,171,022
	7,585	Liberty Broadband Corp., Class C*			1,134,033
	95,867	Lumen Technologies, Inc.			1,178,205
	7,775	Match Group, Inc.*			1,188,409
	2,075	Netflix, Inc.*			1,118,114
	17,762	Omnicom Group, Inc.			1,220,782
	14,717	Pinterest, Inc., Class A*			1,185,896
	2,603	Roku, Inc.*			1,029,434
	18,895	Snap, Inc., Class A*			1,240,646
	5,466	Take-Two Interactive Software, Inc.*			1,008,258
	8,674	T-Mobile US, Inc.*			1,040,620
	20,543	Twitter, Inc.*			1,583,044
	20,593	Verizon Communications, Inc.			1,138,793
	22,075	ViacomCBS, Inc., Class B			1,423,617
	6,358	Walt Disney Co. (The)*			1,201,916
	7,795	Zillow Group, Inc., Class C*			1,257,567
					30,111,115
Consumer Discretionary – 9.5%
	7,289	Advance Auto Parts, Inc.			1,168,791
	332	Amazon.com, Inc.*			1,026,853
	939	AutoZone, Inc.*			1,089,165
	10,272	Best Buy Co., Inc.			1,030,795
	543	Booking Holdings, Inc.*			1,264,381
	4,456	Burlington Stores, Inc.*			1,153,302
	9,190	CarMax, Inc.*			1,098,297
	4,013	Carvana Co.*			1,137,686
	756	Chipotle Mexican Grill, Inc.*			1,090,152
	9,049	Darden Restaurants, Inc.			1,242,699
	5,747	Dollar General Corp.			1,086,126
	10,848	Dollar Tree, Inc.*			1,065,274
	2,997	Domino’s Pizza, Inc.			1,038,490
	14,645	D.R. Horton, Inc.			1,125,761
	18,911	DraftKings, Inc., Class A*			1,163,594
	19,398	eBay, Inc.			1,094,435
	5,319	Etsy, Inc.*			1,171,616
	8,136	Expedia Group, Inc.			1,309,896
	99,777	Ford Motor Co.*	��		1,167,391
	9,465	Garmin Ltd.			1,173,849
	20,585	General Motors Co.			1,056,628
	11,461	Genuine Parts Co.			1,207,416
	11,679	Hasbro, Inc.			1,094,439
	10,451	Hilton Worldwide Holdings, Inc.*			1,292,580
	4,117	Home Depot, Inc. (The)			1,063,586
	21,105	Las Vegas Sands Corp.			1,321,173
	13,258	Lennar Corp., Class A			1,100,016
	6,686	Lowe’s Cos., Inc.			1,068,089
Common Stocks – (continued)
Consumer Discretionary – (continued)
	9,121	Marriott International, Inc., Class A*			1,350,546
	5,373	McDonald’s Corp.			1,107,590
	8,126	NIKE, Inc., Class B			1,095,222
	253	NVR, Inc.*			1,138,713
	2,527	O’Reilly Automotive, Inc.*			1,130,403
	7,600	Peloton Interactive, Inc., Class A*			915,572
	3,168	Pool Corp.			1,060,551
	24,524	PulteGroup, Inc.			1,106,278
	9,690	Ross Stores, Inc.			1,130,242
	16,309	Royal Caribbean Cruises Ltd.			1,521,140
	11,093	Starbucks Corp.			1,198,377
	6,087	Target Corp.			1,116,599
	1,313	Tesla, Inc.*			886,932
	16,881	TJX Cos., Inc. (The)			1,113,977
	7,753	Tractor Supply Co.			1,232,417
	3,888	Ulta Beauty, Inc.*			1,253,219
	14,191	VF Corp.			1,122,934
	3,853	Wayfair, Inc., Class A*			1,113,440
	5,856	Whirlpool Corp.			1,113,108
	10,708	Yum! Brands, Inc.			1,108,599
					54,718,339
Consumer Staples – 6.2%
	26,902	Altria Group, Inc.			1,172,927
	21,930	Archer-Daniels-Midland Co.			1,240,799
	15,300	Brown-Forman Corp., Class B			1,095,174
	24,081	Campbell Soup Co.			1,095,204
	13,580	Church & Dwight Co., Inc.			1,069,425
	5,557	Clorox Co. (The)			1,006,095
	23,029	Coca-Cola Co. (The)			1,128,191
	14,192	Colgate-Palmolive Co.			1,067,238
	32,736	Conagra Brands, Inc.			1,110,732
	5,183	Constellation Brands, Inc., Class A			1,109,888
	3,166	Costco Wholesale Corp.			1,047,946
	4,512	Estee Lauder Cos., Inc. (The), Class A			1,289,800
	19,773	General Mills, Inc.			1,087,713
	7,678	Hershey Co. (The)			1,118,301
	23,955	Hormel Foods Corp.			1,110,793
	9,924	J M Smucker Co. (The)			1,111,488
	19,316	Kellogg Co.			1,114,726
	35,587	Keurig Dr Pepper, Inc.			1,086,115
	8,544	Kimberly-Clark Corp.			1,096,451
	34,147	Kraft Heinz Co. (The)			1,242,268
	33,628	Kroger Co. (The)			1,083,158
	14,402	Lamb Weston Holdings, Inc.			1,148,847
	12,608	McCormick & Co., Inc.			1,062,602
	20,255	Mondelez International, Inc., Class A			1,076,756
	12,420	Monster Beverage Corp.*			1,089,731
	8,130	PepsiCo, Inc.			1,050,315
	14,057	Philip Morris International, Inc.			1,181,069
	8,745	Procter & Gamble Co. (The)			1,080,270
	14,733	Sysco Corp.			1,173,189
	17,295	Tyson Foods, Inc., Class A			1,170,353
	23,278	Walgreens Boots Alliance, Inc.			1,115,715
	7,938	Walmart, Inc.			1,031,305
					35,664,584

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

GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF

Schedule of Investments (continued)

February 28, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Energy – 3.4%
	17,124	Cheniere Energy, Inc.*	$	1,153,986
	12,669	Chevron Corp.		1,266,900
	26,241	ConocoPhillips		1,364,794
	20,953	EOG Resources, Inc.		1,352,726
	23,778	Exxon Mobil Corp.		1,292,810
	19,827	Hess Corp.		1,299,263
	80,093	Kinder Morgan, Inc.		1,177,367
	24,034	Marathon Petroleum Corp.		1,312,737
	51,678	Occidental Petroleum Corp.		1,375,152
	26,560	ONEOK, Inc.		1,176,342
	16,096	Phillips 66		1,336,773
	9,040	Pioneer Natural Resources Co.		1,343,073
	47,427	Schlumberger NV		1,323,688
	18,646	Valero Energy Corp.		1,435,369
	51,277	Williams Cos., Inc. (The)		1,171,167
				19,382,147
Financials – 12.7%
	24,585	Aflac, Inc.		1,177,376
	10,313	Allstate Corp. (The)		1,099,366
	9,321	American Express Co.		1,260,758
	28,796	American International Group, Inc.		1,265,584
	5,563	Ameriprise Financial, Inc.		1,230,758
	134,188	Annaly Capital Management, Inc. REIT		1,115,102
	5,407	Aon PLC, Class A		1,231,228
	34,211	Arch Capital Group Ltd.*		1,225,438
	9,590	Arthur J Gallagher & Co.		1,148,882
	36,040	Bank of America Corp.		1,250,948
	27,573	Bank of New York Mellon Corp. (The)		1,162,478
	4,849	Berkshire Hathaway, Inc., Class B*		1,166,233
	1,563	BlackRock, Inc.		1,085,504
	15,960	Blackstone Group, Inc. (The), Class A		1,104,911
	25,468	Brown & Brown, Inc.		1,168,981
	10,599	Capital One Financial Corp.		1,273,894
	20,357	Charles Schwab Corp. (The)		1,256,434
	7,310	Chubb Ltd.		1,188,460
	13,109	Cincinnati Financial Corp.		1,282,978
	18,772	Citigroup, Inc.		1,236,699
	29,289	Citizens Financial Group, Inc.		1,272,314
	5,849	CME Group, Inc.		1,168,045
	13,085	Discover Financial Services		1,230,906
	3,564	FactSet Research Systems, Inc.		1,083,135
	29,462	Fidelity National Financial, Inc.		1,127,805
	37,013	Fifth Third Bancorp		1,283,981
	7,384	First Republic Bank		1,216,514
	3,914	Goldman Sachs Group, Inc. (The)(a)		1,250,445
	22,770	Hartford Financial Services Group, Inc. (The)		1,154,211
	82,865	Huntington Bancshares, Inc.		1,271,149
	9,682	Intercontinental Exchange, Inc.		1,068,021
	8,354	JPMorgan Chase & Co.		1,229,458
	63,034	KeyCorp		1,269,505
	26,659	KKR & Co., Inc.		1,214,584
	8,304	M&T Bank Corp.		1,253,406
	1,093	Markel Corp.*		1,190,058
	1,960	MarketAxess Holdings, Inc.		1,089,642
	10,020	Marsh & McLennan Cos., Inc.		1,154,504
Common Stocks – (continued)
Financials – (continued)
	22,865	MetLife, Inc.		1,317,024
	4,072	Moody’s Corp.		1,119,352
	15,907	Morgan Stanley		1,222,771
	2,684	MSCI, Inc.		1,112,572
	7,926	Nasdaq, Inc.		1,096,087
	12,115	Northern Trust Corp.		1,152,500
	7,419	PNC Financial Services Group, Inc. (The)		1,249,063
	22,142	Principal Financial Group, Inc.		1,252,794
	12,938	Progressive Corp. (The)		1,112,021
	13,987	Prudential Financial, Inc.		1,212,953
	10,643	Raymond James Financial, Inc.		1,242,464
	62,786	Regions Financial Corp.		1,295,275
	3,443	S&P Global, Inc.		1,133,987
	15,531	State Street Corp.		1,130,191
	2,407	SVB Financial Group*		1,216,402
	31,124	Synchrony Financial		1,203,876
	7,187	T. Rowe Price Group, Inc.		1,165,300
	8,091	Travelers Cos., Inc. (The)		1,177,241
	22,142	Truist Financial Corp.		1,261,208
	25,397	US Bancorp		1,269,850
	17,721	W R Berkley Corp.		1,228,597
	35,927	Wells Fargo & Co.		1,299,480
	5,365	Willis Towers Watson PLC		1,183,734
				73,114,437
Health Care – 14.4%
	9,383	Abbott Laboratories		1,123,896
	10,633	AbbVie, Inc.		1,145,599
	3,409	ABIOMED, Inc.*		1,106,391
	9,119	Agilent Technologies, Inc.		1,113,156
	7,274	Alexion Pharmaceuticals, Inc.*		1,111,103
	2,060	Align Technology, Inc.*		1,168,247
	7,404	Alnylam Pharmaceuticals, Inc.*		1,096,532
	10,845	AmerisourceBergen Corp.		1,097,731
	4,828	Amgen, Inc.		1,085,914
	3,808	Anthem, Inc.		1,154,548
	14,506	Baxter International, Inc.		1,126,971
	4,297	Becton Dickinson and Co.		1,036,222
	4,221	Biogen, Inc.*		1,151,826
	13,459	BioMarin Pharmaceutical, Inc.*		1,042,130
	1,902	Bio-Rad Laboratories, Inc., Class A*		1,111,719
	30,293	Boston Scientific Corp.*		1,174,763
	18,077	Bristol-Myers Squibb Co.		1,108,662
	20,889	Cardinal Health, Inc.		1,076,201
	9,805	Catalent, Inc.*		1,114,927
	18,687	Centene Corp.*		1,093,937
	14,112	Cerner Corp.		975,704
	4,218	Charles River Laboratories International, Inc.*		1,206,939
	5,189	Cigna Corp.		1,089,171
	2,999	Cooper Cos., Inc. (The)		1,158,004
	15,555	CVS Health Corp.		1,059,762
	4,668	Danaher Corp.		1,025,420
	20,593	DENTSPLY SIRONA, Inc.		1,092,870
	2,927	DexCom, Inc.*		1,164,302
	13,468	Edwards Lifesciences Corp.*		1,119,191
	38,378	Elanco Animal Health, Inc.*		1,261,101

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)
Health Care – (continued)
	5,698	Eli Lilly and Co.	$	1,167,463
	8,014	Exact Sciences Corp.*		1,090,866
	17,317	Gilead Sciences, Inc.		1,063,264
	6,578	HCA Healthcare, Inc.*		1,131,613
	16,547	Henry Schein, Inc.*		1,023,432
	13,743	Hologic, Inc.*		990,733
	13,351	Horizon Therapeutics PLC*		1,213,739
	2,981	Humana, Inc.		1,131,737
	2,271	IDEXX Laboratories, Inc.*		1,181,306
	2,669	Illumina, Inc.*		1,172,785
	12,327	Incyte Corp.*		969,642
	4,109	Insulet Corp.*		1,064,642
	1,494	Intuitive Surgical, Inc.*		1,100,779
	6,122	IQVIA Holdings, Inc.*		1,180,260
	7,032	Johnson & Johnson		1,114,291
	4,966	Laboratory Corp. of America Holdings*		1,191,393
	4,334	Masimo Corp.*		1,086,664
	6,283	McKesson Corp.		1,065,094
	10,015	Medtronic PLC		1,171,455
	14,521	Merck & Co., Inc.		1,054,515
	943	Mettler-Toledo International, Inc.*		1,052,435
	6,956	Moderna, Inc.*		1,076,858
	5,356	Molina Healthcare, Inc.*		1,160,967
	7,847	PerkinElmer, Inc.		989,428
	32,248	Pfizer, Inc.		1,079,986
	20,470	QIAGEN NV*		1,023,500
	8,890	Quest Diagnostics, Inc.		1,027,595
	2,274	Regeneron Pharmaceuticals, Inc.*		1,024,596
	5,513	ResMed, Inc.		1,062,796
	12,265	Sarepta Therapeutics, Inc.*		1,067,791
	6,862	Seagen, Inc.*		1,036,917
	6,214	STERIS PLC		1,086,207
	4,824	Stryker Corp.		1,170,737
	4,140	Teladoc Health, Inc.*		915,313
	2,893	Teleflex, Inc.		1,151,761
	2,210	Thermo Fisher Scientific, Inc.		994,677
	3,353	UnitedHealth Group, Inc.		1,113,934
	6,386	Varian Medical Systems, Inc.*		1,119,274
	3,922	Veeva Systems, Inc., Class A*		1,098,591
	5,256	Vertex Pharmaceuticals, Inc.*		1,117,163
	63,138	Viatris, Inc.*		937,599
	3,934	Waters Corp.*		1,077,444
	3,850	West Pharmaceutical Services, Inc.		1,080,502
	7,199	Zimmer Biomet Holdings, Inc.		1,173,869
	7,179	Zoetis, Inc.		1,114,468
				82,313,020
Industrials – 13.0%
	6,341	3M Co.		1,110,055
	10,163	Allegion PLC		1,105,531
	9,662	AMETEK, Inc.		1,139,826
	5,479	Boeing Co. (The)*		1,161,603
	13,717	Booz Allen Hamilton Holding Corp.		1,058,129
	29,537	Carrier Global Corp.		1,078,987
	5,900	Caterpillar, Inc.		1,273,692
	12,903	C.H. Robinson Worldwide, Inc.		1,172,238
	3,415	Cintas Corp.		1,107,621
Common Stocks – (continued)
Industrials – (continued)
	9,978	Copart, Inc.*		1,089,199
	1,237	CoStar Group, Inc.*		1,018,991
	12,574	CSX Corp.		1,151,150
	4,772	Cummins, Inc.		1,208,270
	3,733	Deere & Co.		1,303,265
	28,781	Delta Air Lines, Inc.*		1,379,761
	9,430	Dover Corp.		1,162,342
	9,359	Eaton Corp. PLC		1,218,448
	13,630	Emerson Electric Co.		1,170,817
	6,332	Equifax, Inc.		1,025,024
	12,316	Expeditors International of Washington, Inc.		1,131,101
	23,934	Fastenal Co.		1,109,820
	4,632	FedEx Corp.		1,178,844
	16,962	Fortive Corp.		1,116,439
	12,589	Fortune Brands Home & Security, Inc.		1,046,649
	4,275	Generac Holdings, Inc.*		1,408,869
	7,410	General Dynamics Corp.		1,211,313
	100,581	General Electric Co.		1,261,286
	5,641	Honeywell International, Inc.		1,141,456
	5,775	IDEX Corp.		1,127,107
	12,538	IHS Markit Ltd.		1,130,426
	5,689	Illinois Tool Works, Inc.		1,150,202
	25,855	Ingersoll Rand, Inc.*		1,198,121
	10,656	Jacobs Engineering Group, Inc.		1,226,293
	8,039	J.B. Hunt Transport Services, Inc.		1,180,688
	22,385	Johnson Controls International PLC		1,248,859
	5,320	Kansas City Southern		1,129,649
	6,270	L3Harris Technologies, Inc.		1,140,576
	3,405	Lockheed Martin Corp.		1,124,501
	20,208	Masco Corp.		1,075,470
	6,139	Nordson Corp.		1,181,205
	4,575	Norfolk Southern Corp.		1,153,175
	3,749	Northrop Grumman Corp.		1,093,433
	5,573	Old Dominion Freight Line, Inc.		1,196,913
	17,568	Otis Worldwide Corp.		1,119,257
	11,836	PACCAR, Inc.		1,076,958
	4,148	Parker-Hannifin Corp.		1,190,310
	16,103	Raytheon Technologies Corp.		1,159,255
	12,342	Republic Services, Inc.		1,099,549
	4,512	Rockwell Automation, Inc.		1,097,679
	2,807	Roper Technologies, Inc.		1,059,979
	24,387	Southwest Airlines Co.		1,417,616
	6,380	Stanley Black & Decker, Inc.		1,115,479
	2,976	Teledyne Technologies, Inc.*		1,104,096
	7,716	Trane Technologies PLC		1,182,400
	1,904	TransDigm Group, Inc.*		1,097,980
	12,210	TransUnion		1,028,204
	19,675	Uber Technologies, Inc.*		1,018,181
	5,492	Union Pacific Corp.		1,131,132
	7,080	United Parcel Service, Inc., Class B		1,117,436
	4,502	United Rentals, Inc.*		1,338,805
	6,047	Verisk Analytics, Inc.		990,801
	10,026	Waste Management, Inc.		1,111,783
	14,306	Westinghouse Air Brake Technologies Corp.		1,036,184
	3,131	W.W. Grainger, Inc.		1,166,955

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

GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF

Schedule of Investments (continued)

February 28, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Industrials – (continued)
	11,778	Xylem, Inc.	$	1,172,618
				74,730,001
Information Technology – 19.1%
	4,535	Accenture PLC, Class A		1,137,832
	2,339	Adobe, Inc.*		1,075,168
	12,812	Advanced Micro Devices, Inc.*		1,082,742
	9,981	Akamai Technologies, Inc.*		943,204
	8,850	Amphenol Corp., Class A		1,112,268
	7,575	Analog Devices, Inc.		1,180,337
	3,013	ANSYS, Inc.*		1,027,403
	8,384	Apple, Inc.		1,016,644
	11,101	Applied Materials, Inc.		1,312,027
	3,546	Arista Networks, Inc.*		992,313
	3,814	Autodesk, Inc.*		1,052,664
	6,740	Automatic Data Processing, Inc.		1,172,895
	7,018	Avalara, Inc.*		1,101,405
	12,922	Black Knight, Inc.*		990,988
	2,399	Broadcom, Inc.		1,127,218
	7,684	Broadridge Financial Solutions, Inc.		1,094,893
	8,286	Cadence Design Systems, Inc.*		1,169,072
	8,011	CDW Corp.		1,256,846
	11,218	Ceridian HCM Holding, Inc.*		1,005,806
	24,557	Cisco Systems Inc/Delaware		1,101,873
	8,498	Citrix Systems, Inc.		1,135,163
	13,216	Cognex Corp.		1,091,509
	14,169	Cognizant Technology Solutions Corp., Class A		1,041,138
	31,306	Corning, Inc.		1,197,141
	3,427	Coupa Software, Inc.*		1,186,633
	5,155	Crowdstrike Holdings, Inc., Class A*		1,113,480
	10,397	Datadog, Inc., Class A*		991,978
	14,569	Dell Technologies, Inc., Class C*		1,181,109
	4,761	DocuSign, Inc.*		1,079,128
	5,856	Enphase Energy, Inc.*		1,031,007
	3,032	EPAM Systems, Inc.*		1,132,786
	2,435	Fair Isaac Corp.*		1,114,134
	8,520	Fidelity National Information Services, Inc.		1,175,760
	10,167	Fiserv, Inc.*		1,172,967
	4,405	FleetCor Technologies, Inc.*		1,221,551
	7,449	Fortinet, Inc.*		1,257,764
	7,129	Gartner, Inc.*		1,276,376
	5,790	Global Payments, Inc.		1,146,362
	13,234	GoDaddy, Inc., Class A*		1,073,542
	89,815	Hewlett Packard Enterprise Co.		1,307,706
	44,821	HP, Inc.		1,298,464
	2,879	HubSpot, Inc.*		1,482,685
	19,535	Intel Corp.		1,187,337
	9,481	International Business Machines Corp.		1,127,575
	2,955	Intuit, Inc.		1,152,864
	7,459	Jack Henry & Associates, Inc.		1,107,214
	7,903	Keysight Technologies, Inc.*		1,118,433
	3,864	KLA Corp.		1,202,593
	2,204	Lam Research Corp.		1,250,087
	10,842	Leidos Holdings, Inc.		958,975
	21,899	Marvell Technology Group Ltd.		1,057,284
Common Stocks – (continued)
Information Technology – (continued)
	3,375	Mastercard, Inc., Class A		1,194,244
	12,697	Maxim Integrated Products, Inc.		1,182,979
	8,021	Microchip Technology, Inc.		1,224,245
	14,075	Micron Technology, Inc.*		1,288,285
	4,636	Microsoft Corp.		1,077,314
	2,833	MongoDB, Inc.*		1,093,340
	3,062	Monolithic Power Systems, Inc.		1,146,780
	6,307	Motorola Solutions, Inc.		1,106,752
	17,167	NetApp, Inc.		1,074,654
	51,771	NortonLifeLock, Inc.		1,010,052
	2,057	NVIDIA Corp.		1,128,429
	4,150	Okta, Inc.*		1,085,018
	17,973	Oracle Corp.		1,159,438
	2,959	Palo Alto Networks, Inc.*		1,060,239
	12,472	Paychex, Inc.		1,135,825
	2,706	Paycom Software, Inc.*		1,012,693
	4,482	PayPal Holdings, Inc.*		1,164,648
	6,408	Qorvo, Inc.*		1,119,670
	6,907	QUALCOMM, Inc.		940,664
	2,829	RingCentral, Inc., Class A*		1,069,815
	4,796	salesforce.com, Inc.*		1,038,334
	16,666	Seagate Technology PLC		1,220,451
	1,942	ServiceNow, Inc.*		1,035,979
	6,251	Skyworks Solutions, Inc.		1,111,553
	26,196	Slack Technologies, Inc., Class A*		1,072,202
	6,538	Splunk, Inc.*		934,999
	4,945	Square, Inc., Class A*		1,137,498
	17,205	SS&C Technologies Holdings, Inc.		1,140,347
	4,232	Synopsys, Inc.*		1,037,729
	8,914	TE Connectivity Ltd.		1,159,087
	9,284	Teradyne, Inc.		1,194,015
	6,594	Texas Instruments, Inc.		1,135,948
	1,315	Trade Desk, Inc. (The), Class A*		1,059,088
	15,840	Trimble, Inc.*		1,174,378
	2,906	Twilio, Inc., Class A*		1,141,709
	2,634	Tyler Technologies, Inc.*		1,220,648
	5,574	VeriSign, Inc.*		1,081,523
	5,568	Visa, Inc., Class A		1,182,588
	7,849	VMware, Inc., Class A*		1,084,810
	19,402	Western Digital Corp.		1,329,619
	4,310	Workday, Inc., Class A*		1,056,726
	8,294	Xilinx, Inc.		1,080,708
	2,783	Zebra Technologies Corp., Class A*		1,389,914
	7,404	Zendesk, Inc.*		1,082,021
	2,949	Zoom Video Communications, Inc., Class A*		1,101,776
	5,357	Zscaler, Inc.*		1,098,346
				109,401,423
Materials – 4.9%
	4,019	Air Products and Chemicals, Inc.		1,027,337
	6,789	Avery Dennison Corp.		1,189,501
	12,432	Ball Corp.		1,061,568
	8,979	Celanese Corp.		1,247,273
	27,124	Corteva, Inc.		1,224,649
	12,203	Crown Holdings, Inc.*		1,166,119
	20,673	Dow, Inc.		1,226,116

12 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)
	14,998	DuPont de Nemours, Inc.	$	1,054,659
	10,990	Eastman Chemical Co.		1,200,767
	5,341	Ecolab, Inc.		1,118,192
	10,142	FMC Corp.		1,031,340
	38,789	Freeport-McMoRan, Inc.*		1,315,335
	8,892	International Flavors & Fragrances, Inc.		1,204,955
	22,417	International Paper Co.		1,113,004
	12,726	LyondellBasell Industries NV, Class A		1,311,923
	3,803	Martin Marietta Materials, Inc.		1,281,117
	18,929	Newmont Corp.		1,029,359
	21,799	Nucor Corp.		1,304,016
	8,321	Packaging Corp. of America		1,098,538
	8,011	PPG Industries, Inc.		1,080,043
	13,267	RPM International, Inc.		1,056,584
	1,584	Sherwin-Williams Co. (The)		1,077,659
	7,346	Vulcan Materials Co.		1,226,708
	26,503	Westrock Co.		1,155,266
				27,802,028
Real Estate – 5.8%
	6,753	Alexandria Real Estate Equities, Inc. REIT		1,078,387
	4,836	American Tower Corp. REIT		1,045,205
	6,761	AvalonBay Communities, Inc. REIT		1,188,246
	12,549	Boston Properties, Inc. REIT		1,243,982
	17,290	CBRE Group, Inc., Class A*		1,310,063
	6,895	Crown Castle International Corp. REIT		1,073,896
	7,634	Digital Realty Trust, Inc. REIT		1,028,529
	27,440	Duke Realty Corp. REIT		1,077,020
	1,490	Equinix, Inc. REIT		966,027
	17,849	Equity LifeStyle Properties, Inc. REIT		1,100,391
	18,201	Equity Residential REIT		1,190,527
	4,620	Essex Property Trust, Inc. REIT		1,177,130
	9,740	Extra Space Storage, Inc. REIT		1,224,318
	37,595	Healthpeak Properties, Inc. REIT		1,093,638
	37,660	Invitation Homes, Inc. REIT		1,097,412
	51,869	Medical Properties Trust, Inc. REIT		1,119,852
	8,352	Mid-America Apartment Communities, Inc. REIT		1,125,265
	10,666	Prologis, Inc. REIT		1,056,681
	4,907	Public Storage REIT		1,147,944
	18,721	Realty Income Corp. REIT		1,128,127
	4,136	SBA Communications Corp. REIT		1,055,218
	12,244	Simon Property Group, Inc. REIT		1,382,592
	7,549	Sun Communities, Inc. REIT		1,147,071
	28,989	UDR, Inc. REIT		1,193,477
	24,220	Ventas, Inc. REIT		1,281,238
	42,467	VICI Properties, Inc. REIT		1,210,309
	18,522	Welltower, Inc. REIT		1,257,644
	33,499	Weyerhaeuser Co. REIT		1,134,611
	16,532	W.P. Carey, Inc. REIT		1,133,103
				33,267,903
Utilities – 5.5%
	43,824	AES Corp. (The)		1,163,965
	22,799	Alliant Energy Corp.		1,052,402
	15,444	Ameren Corp.		1,085,250
Common Stocks – (continued)
Utilities – (continued)
	13,762	American Electric Power Co., Inc.		1,030,086
	6,847	American Water Works Co., Inc.		971,452
	12,925	Atmos Energy Corp.		1,093,584
	53,318	CenterPoint Energy, Inc.		1,036,502
	19,650	CMS Energy Corp.		1,063,261
	15,937	Consolidated Edison, Inc.		1,046,264
	15,425	Dominion Energy, Inc.		1,053,836
	9,502	DTE Energy Co.		1,118,575
	12,062	Duke Energy Corp.		1,032,387
	18,972	Edison International		1,024,298
	11,770	Entergy Corp.		1,021,754
	23,742	Essential Utilities, Inc.		998,589
	20,953	Evergy, Inc.		1,123,709
	12,793	Eversource Energy		1,016,788
	26,426	Exelon Corp.		1,020,044
	34,783	FirstEnergy Corp.		1,152,709
	13,483	NextEra Energy, Inc.		990,731
	50,652	NiSource, Inc.		1,094,083
	95,704	PG&E Corp.*		1,005,849
	14,762	Pinnacle West Capital Corp.		1,032,307
	40,334	PPL Corp.		1,056,347
	19,367	Public Service Enterprise Group, Inc.		1,042,526
	9,087	Sempra Energy		1,053,910
	18,898	Southern Co. (The)		1,071,895
	53,090	Vistra Corp.		915,802
	12,880	WEC Energy Group, Inc.		1,038,643
	17,741	Xcel Energy, Inc.		1,039,445
				31,446,993
	TOTAL INVESTMENTS – 99.8%
	(Cost $484,030,668)		$	571,951,990
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.2%			1,087,045
	NET ASSETS – 100.0%		$	573,039,035

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.
(a)	Represents an affiliated issuer.

Investment Abbreviations:
PLC	—Public Limited Company
REIT	—Real Estate Investment Trust

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

GOLDMAN SACHS HEDGE INDUSTRY VIP ETF

Schedule of Investments

February 28, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – 99.7%
Communication Services – 24.0%
	1,858	Alphabet, Inc., Class A*	$	3,756,709
	6,342	Charter Communications, Inc., Class A*		3,890,310
	14,318	Facebook, Inc., Class A*		3,688,603
	15,035	IAC/InterActiveCorp*		3,681,019
	26,083	Liberty Broadband Corp., Class C*		3,899,669
	7,039	Netflix, Inc.*		3,792,965
	44,001	Pinterest, Inc., Class A*		3,545,601
	14,103	Sea Ltd. ADR (Taiwan)*		3,323,936
	32,154	T-Mobile US, Inc.*		3,857,515
	53,038	Twitter, Inc.*		4,087,108
	21,050	Walt Disney Co. (The)*		3,979,292
	19,624	Zillow Group, Inc., Class C*		3,165,940
				44,668,667
Consumer Discretionary – 13.5%
	14,491	Alibaba Group Holding Ltd. ADR (China)*		3,445,380
	1,200	Amazon.com, Inc.*		3,711,516
	1,796	Booking Holdings, Inc.*		4,182,004
	13,241	Carvana Co.*		3,753,823
	74,434	Churchill Capital Corp IV, Class A*(a)		2,288,846
	26,534	Expedia Group, Inc.		4,271,974
	37,926	JD.com, Inc. ADR (China)*		3,560,114
				25,213,657
Energy – 2.1%
	57,183	Cheniere Energy, Inc.*		3,853,563
Financials – 8.5%
	114,465	Bank of America Corp.		3,973,080
	15,993	Berkshire Hathaway, Inc., Class B*		3,846,477
	27,119	JPMorgan Chase & Co.		3,991,103
	112,754	Wells Fargo & Co.		4,078,312
				15,888,972
Health Care – 10.1%
	25,035	Alexion Pharmaceuticals, Inc.*		3,824,096
	165,585	Change Healthcare, Inc.*		3,786,929
	45,109	Horizon Therapeutics PLC*		4,100,859
	22,269	Varian Medical Systems, Inc.*		3,903,088
	213,946	Viatris, Inc.*		3,177,098
				18,792,070
Industrials – 3.9%
	6,851	TransDigm Group, Inc.*		3,950,766
	64,817	Uber Technologies, Inc.*		3,354,280
				7,305,046
Information Technology – 35.7%
	29,452	Apple, Inc.		3,571,350
	29,469	Fidelity National Information Services, Inc.		4,066,722
	35,596	Fiserv, Inc.*		4,106,711
	46,144	GoDaddy, Inc., Class A*		3,743,201
	11,496	Mastercard, Inc., Class A		4,067,860
	40,794	Maxim Integrated Products, Inc.		3,800,777
	44,709	Micron Technology, Inc.*		4,092,215
Common Stocks – (continued)
Information Technology – (continued)
	16,096	Microsoft Corp.		3,740,388
	6,397	NVIDIA Corp.		3,509,266
	9,975	Palo Alto Networks, Inc.*		3,574,142
	12,870	PayPal Holdings, Inc.*		3,344,269
	15,779	salesforce.com, Inc.*		3,416,153
	2,662	Shopify, Inc., Class A (Canada)*		3,409,942
	88,588	Slack Technologies, Inc., Class A*		3,625,907
	14,212	Square, Inc., Class A*		3,269,186
	18,868	Visa, Inc., Class A		4,007,375
	14,271	Workday, Inc., Class A*		3,498,964
	27,513	Xilinx, Inc.		3,584,944
				66,429,372
Utilities – 1.9%
	332,433	PG&E Corp.*		3,493,871
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $153,506,228)		$	185,645,218
Shares		Dividend Rate	Value
Securities Lending Reinvestment Vehicle – 1.1%(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	2,109,000	0.036%	$	2,109,000
	(Cost $2,109,000)
	TOTAL INVESTMENTS – 100.8%
	(Cost $155,615,228)		$	187,754,218
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (0.8)%			(1,484,910	)
	NET ASSETS – 100.0%		$	186,269,308

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

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

GOLDMAN SACHS INNOVATE EQUITY ETF

Schedule of Investments

February 28, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – 99.5%
Communication Services – 13.4%
	12,689	Activision Blizzard, Inc.	$	1,213,195
	4,418	AfreecaTV Co. Ltd. (South Korea)		286,669
	4,194	Alphabet, Inc., Class A*		8,479,890
	15,058	Baidu, Inc. ADR (China)*		4,268,341
	7,588	Bilibili, Inc. ADR (China)*		955,860
	8,505	CTS Eventim AG & Co. KGaA (Germany)*		582,238
	35,996	DouYu International Holdings Ltd. ADR (China)*		516,183
	8,414	Electronic Arts, Inc.		1,127,224
	14,211	Eventbrite, Inc., Class A*		282,373
	32,675	Facebook, Inc., Class A*		8,417,733
	39,130	Glu Mobile, Inc.*		488,342
	56,239	Gree, Inc. (Japan)		292,439
	15,967	HUYA, Inc. ADR (China)*(a)		420,730
	30,155	iQIYI, Inc. ADR (China)*		763,826
	5,922	JOYY, Inc. ADR (China)		698,204
	10,109	Live Nation Entertainment, Inc.*		898,286
	3,630	Madison Square Garden Entertainment Corp.*		391,205
	1,739	Madison Square Garden Sports Corp.*		334,497
	21,821	Mail.Ru Group Ltd. GDR (Russia)*		585,894
	9,578	Mixi, Inc. (Japan)		241,113
	28,207	Momo, Inc. ADR (China)		446,799
	13,114	NetEase, Inc. ADR (China)		1,440,573
	2,429	Netflix, Inc.*		1,308,867
	68,920	Rightmove PLC (United Kingdom)*		544,418
	7,020	Scout24 AG (Germany)(b)		532,129
	5,830	Sea Ltd. ADR (Taiwan)*		1,374,073
	10,242	SINA Corp. (China)*		442,147
	19,854	Snap, Inc., Class A*		1,303,614
	16,982	Sohu.com Ltd. ADR (China)*		310,091
	3,205	Spotify Technology SA*		985,153
	3,835	Take-Two Interactive Software, Inc.*		707,404
	32,345	TELUS Corp. (Canada)		651,499
	59,379	Tencent Holdings Ltd. (China)		5,071,137
	36,212	Tencent Music Entertainment Group ADR (China)*		931,373
	12,333	TripAdvisor, Inc.*		611,963
	26,726	Turkcell Iletisim Hizmetleri AS ADR (Turkey)		145,389
	22,686	Twitter, Inc.*		1,748,183
	5,021	Ubisoft Entertainment SA (France)*		411,866
	13,203	Walt Disney Co. (The)*		2,495,895
	10,172	Weibo Corp. ADR (China)*		561,189
	9,803	World Wrestling Entertainment, Inc., Class A		484,268
	10,464	Yandex NV, Class A (Russia)*		669,539
	4,825	Zillow Group, Inc., Class A*		819,381
	68,090	Zynga, Inc., Class A*		759,203
				56,000,395
Consumer Discretionary – 15.7%
	4,101	AB Dynamics PLC (United Kingdom)		108,365
	2,552	adidas AG (Germany)*		894,902
	32,974	Alibaba Group Holding Ltd. ADR (China)*		7,839,898
Common Stocks – (continued)
Consumer Discretionary – (continued)
	2,613	Amazon.com, Inc.*		8,081,826
	53,608	ANTA Sports Products Ltd. (China)		822,362
	7,747	Aptiv PLC*		1,160,810
	9,857	Bandai Namco Holdings, Inc. (Japan)		753,754
	7,147	Baozun, Inc. ADR (China)*		328,262
	8,378	Blink Charging Co.*(a)		320,375
	411	Booking Holdings, Inc.*		957,018
	3,734	Boot Barn Holdings, Inc.*		225,608
	14,937	BorgWarner, Inc.		672,165
	5,341	Chegg, Inc.*		515,567
	5,029	Chewy, Inc., Class A*		510,745
	4,057	Columbia Sportswear Co.		418,155
	5,902	Continental AG (Germany)		851,781
	19,306	Dana, Inc.*		459,676
	2,120	Deckers Outdoor Corp.*		691,353
	7,650	Dick’s Sporting Goods, Inc.		545,981
	13,472	eBay, Inc.		760,090
	3,431	Etsy, Inc.*		755,746
	22,341	Everi Holdings, Inc.*		337,573
	4,772	Expedia Group, Inc.		768,292
	10,622	Farfetch Ltd., Class A (United Kingdom)*		699,777
	124,917	Ford Motor Co.*		1,461,529
	32,065	General Motors Co.		1,645,896
	9,781	GSX Techedu, Inc. ADR (China)*		1,005,976
	5,953	HelloFresh SE (Germany)*		466,061
	4,547	iRobot Corp.*		564,328
	45,508	JD Sports Fashion PLC (United Kingdom)*		528,340
	14,311	JD.com, Inc. ADR (China)*		1,343,374
	6,312	Jumia Technologies AG ADR (Germany)*		279,685
	5,446	Just Eat Takeaway.com NV (Germany)*(b)		528,035
	9,076	Kia Motors Corp. (South Korea)		641,419
	149,416	Koolearn Technology Holding Ltd. (China)*(a)(b)		417,968
	16,645	Las Vegas Sands Corp.		1,041,977
	86,374	Li Ning Co. Ltd. (China)		485,463
	2,834	Lululemon Athletica, Inc.*		883,301
	1,474	MercadoLibre, Inc. (Argentina)*		2,414,574
	14,763	MGM Resorts International		557,894
	3,782	New Oriental Education & Technology Group, Inc. ADR (China)*		671,759
	270,078	Nexteer Automotive Group Ltd. (China)		357,210
	11,367	NIKE, Inc., Class B		1,532,044
	27,964	NIO, Inc. ADR (China)*		1,280,192
	10,413	Overstock.com, Inc.*		699,441
	6,763	Peloton Interactive, Inc., Class A*		814,739
	9,655	Pinduoduo, Inc. ADR (China)*		1,652,550
	5,955	Planet Fitness, Inc., Class A*		512,666
	22,156	Sharp Corp. (Japan)		418,622
	10,031	Skechers USA, Inc., Class A*		367,135
	13,740	Sony Corp. (Japan)		1,434,098
	11,454	Stride, Inc.*		275,469
	9,736	TAL Education Group ADR (China)*		754,929
	24,916	Tata Motors Ltd. ADR (India)*		547,903

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

GOLDMAN SACHS INNOVATE EQUITY ETF

Schedule of Investments (continued)

February 28, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Consumer Discretionary – (continued)
	8,692	Tesla, Inc.*	$	5,871,446
	31,472	TomTom NV (Netherlands)*		297,202
	27,624	Toyota Motor Corp. (Japan)		2,041,334
	90,123	TUI AG (Germany)*(a)		544,073
	17,389	Veoneer, Inc. (Sweden)*		477,850
	17,169	Workhorse Group, Inc.*(a)		277,623
	27,292	Yamaha Motor Co. Ltd. (Japan)		594,051
	5,147	Youdao, Inc. ADR (China)*(a)		164,755
	5,379	Zalando SE (Germany)*(b)		555,098
				65,888,090
Consumer Staples – 1.4%
	3,691	Beyond Meat, Inc.*		536,967
	6,328	Church & Dwight Co., Inc.		498,330
	37,669	Walmart, Inc.		4,893,956
				5,929,253
Energy – 0.1%
	1,567,085	China Suntien Green Energy Corp. Ltd., Class H (China)		488,871
Financials – 7.5%
	16,110	360 DigiTech, Inc. ADR (China)*		377,457
	44,278	3i Group PLC (United Kingdom)		685,290
	3,505	Ameriprise Financial, Inc.		775,446
	14,991	Apollo Global Management, Inc.		741,455
	12,139	Ares Management Corp., Class A		630,985
	5,156	B. Riley Financial, Inc.		339,368
	57,497	BGC Partners, Inc., Class A		257,587
	20,705	Bit Digital, Inc. (China)*		305,606
	2,330	BlackRock, Inc.		1,618,185
	16,603	Blackstone Group, Inc. (The), Class A		1,149,426
	13,330	Carlyle Group, Inc. (The)		456,553
	20,288	Charles Schwab Corp. (The)		1,252,175
	24,017	CI Financial Corp. (Canada)		338,059
	7,009	Cowen, Inc., Class A		237,255
	11,673	DWS Group GmbH & Co. KGaA (Germany)(b)		489,457
	5,816	Eurazeo SE (France)*		433,098
	4,234	Evercore, Inc., Class A		507,106
	3,417	flatexDEGIRO AG (Germany)*		362,496
	22,308	FS KKR Capital Corp II		414,706
	28,064	Galaxy Digital Holdings Ltd.*		369,088
	5,780	Goldman Sachs Group, Inc. (The)(c)		1,846,594
	8,619	Green Dot Corp., Class A*		407,334
	23,737	Hargreaves Lansdown PLC (United Kingdom)		501,285
	7,253	Interactive Brokers Group, Inc., Class A		525,045
	13,324	Intercontinental Exchange, Inc.		1,469,770
	26,487	Invesco Ltd.		593,839
	23,506	KKR & Co., Inc.		1,070,933
	8,899	Lazard Ltd., Class A		344,302
	24,319	LexinFintech Holdings Ltd. ADR (China)*		276,264
	37,694	Monex Group, Inc. (Japan)		313,468
	21,089	Morgan Stanley		1,621,111
	2,856	Morningstar, Inc.		640,458
Common Stocks – (continued)
Financials – (continued)
	2,635	MSCI, Inc.		1,092,260
	4,328	Nasdaq, Inc.		598,519
	117,033	Ping An Insurance Group Co. of China Ltd., Class H (China)		1,437,765
	4,345	PJT Partners, Inc., Class A		302,933
	24,173	Plus500 Ltd. (Israel)		461,995
	7,219	S&P Global, Inc.		2,377,650
	6,787	Stifel Financial Corp.		414,550
	102,776	TP Icap Group PLC (United Kingdom)		344,859
	8,323	Tradeweb Markets, Inc., Class A		605,831
	14,899	Up Fintech Holding Ltd. ADR (China)*		355,341
	337,054	Value Partners Group Ltd. (Hong Kong)		222,897
	1,164	Virtus Investment Partners, Inc.		292,048
	62,422	WisdomTree Investments, Inc.		330,837
	17,956	XP, Inc., Class A (Brazil)*		792,578
	50,992	Zip Co. Ltd. (Australia)*		410,571
				31,391,835
Health Care – 19.4%
	3,914	10X Genomics, Inc., Class A*		696,653
	475,608	3SBio, Inc. (China)*(b)		473,318
	20,864	Abbott Laboratories		2,499,090
	21,588	AbbVie, Inc.		2,325,891
	2,360	ABIOMED, Inc.*		765,938
	14,018	AdaptHealth Corp.*		431,334
	11,229	Adaptive Biotechnologies Corp.*		635,225
	50,421	Agenus, Inc.*		201,684
	8,330	Agilent Technologies, Inc.		1,016,843
	8,931	Akouos, Inc.*		181,924
	321,549	Alibaba Health Information Technology Ltd. (China)*		1,077,723
	21,549	Allscripts Healthcare Solutions, Inc.*		332,501
	7,676	Amgen, Inc.		1,726,486
	18,028	AstraZeneca PLC (United Kingdom)		1,750,485
	10,622	BioNTech SE ADR (Germany)*		1,158,117
	2,096	Bio-Techne Corp.		758,102
	7,342	Bluebird Bio, Inc.*		228,336
	24,244	Boston Scientific Corp.*		940,182
	31,892	Bristol-Myers Squibb Co.		1,955,936
	16,488	Burning Rock Biotech Ltd. ADR (China)*		593,403
	3,950	Castle Biosciences, Inc.*		300,516
	10,025	Cerner Corp.		693,128
	21,173	Change Healthcare, Inc.*		484,226
	6,542	CompuGroup Medical SE & Co. KgaA (Germany)		564,582
	5,830	CRISPR Therapeutics AG (Switzerland)*		732,773
	16,489	CVS Health Corp.		1,123,396
	3,243	DexCom, Inc.*		1,290,001
	4,587	Eckert & Ziegler Strahlen- und Medizintechnik AG (Germany)		316,524
	9,674	Editas Medicine, Inc.*		424,302
	10,334	Edwards Lifesciences Corp.*		858,755
	10,841	Eli Lilly and Co.		2,221,212
	7,960	Exact Sciences Corp.*		1,083,515
	6,347	Fate Therapeutics, Inc.*		569,453

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

GOLDMAN SACHS INNOVATE EQUITY ETF

Shares		Description	Value
Common Stocks – (continued)
Health Care – (continued)
	5,414	Galapagos NV (Belgium)*	$	448,571
	16,972	Genetron Holdings Ltd. ADR (China)*		417,341
	24,951	Gilead Sciences, Inc.		1,531,991
	64,821	GlaxoSmithKline PLC (United Kingdom)		1,079,178
	7,236	Globus Medical, Inc., Class A*		452,250
	6,647	Guardant Health, Inc.*		978,305
	4,128	Hill-Rom Holdings, Inc.		440,334
	10,105	Horizon Therapeutics PLC*		918,646
	3,424	Illumina, Inc.*		1,504,540
	7,784	I-Mab ADR (China)*(a)		460,735
	12,528	Immatics NV (Germany)*		135,177
	3,295	Insulet Corp.*		853,734
	8,239	Intellia Therapeutics, Inc.*		498,130
	2,287	Intuitive Surgical, Inc.*		1,685,062
	10,800	Invitae Corp.*		433,404
	2,804	iRhythm Technologies, Inc.*		451,164
	19,321	Johnson & Johnson		3,061,606
	21,144	Koninklijke Philips NV (Netherlands)*		1,153,751
	3,694	Masimo Corp.*		926,197
	19,835	Medtronic PLC		2,320,100
	26,461	Merck & Co., Inc.		1,921,598
	172,121	Mesoblast Ltd. (Australia)*(a)		327,810
	2,099	Mezzion Pharma Co. Ltd. (South Korea)*		282,669
	9,708	Moderna, Inc.*		1,502,895
	18,910	Myriad Genetics, Inc.*		576,566
	23,471	Nektar Therapeutics*		532,557
	12,770	NextGen Healthcare, Inc.*		238,799
	18,038	Novartis AG (Switzerland)		1,557,927
	6,041	NuVasive, Inc.*		364,454
	25,287	Ono Pharmaceutical Co. Ltd. (Japan)		679,763
	6,098	OptimizeRx Corp.*		324,292
	6,565	Personalis, Inc.*		202,399
	69,277	Pfizer, Inc.		2,320,087
	8,762	Pulmonx Corp.*		497,944
	13,575	QIAGEN NV*		678,750
	2,739	Regeneron Pharmaceuticals, Inc.*		1,234,111
	9,321	Relay Therapeutics, Inc.*		384,678
	12,447	Repare Therapeutics, Inc. (Canada)*		409,506
	32,694	ResMed, Inc.		621,402
	8,391	Roche Holding AG (Switzerland)		2,761,624
	9,824	Rocket Pharmaceuticals, Inc.*		546,018
	32,377	Sangamo Therapeutics, Inc.*		372,012
	19,575	Sanofi (France)		1,801,018
	4,930	Sarepta Therapeutics, Inc.*		429,206
	133,124	Senseonics Holdings, Inc.*(a)		455,284
	60,378	Shanghai Junshi Biosciences Co. Ltd., Class H (China)*(b)		618,775
	8,829	SI-BONE, Inc.*		277,142
	40,894	Smith & Nephew PLC (United Kingdom)		792,145
	6,809	Stryker Corp.		1,652,476
	17,167	Takara Bio, Inc. (Japan)		466,799
	7,064	Tandem Diabetes Care, Inc.*		678,073
	4,828	Teladoc Health, Inc.*		1,067,423
Common Stocks – (continued)
Health Care – (continued)
	50,314	Teva Pharmaceutical Industries Ltd. ADR (Israel)*		541,379
	14,535	Theravance Biopharma, Inc.*		240,845
	2,936	Thermo Fisher Scientific, Inc.		1,321,435
	89,913	TransEnterix, Inc.*		334,476
	3,063	Ultragenyx Pharmaceutical, Inc.*		433,537
	4,081	Vertex Pharmaceuticals, Inc.*		867,417
	53,700	Well Health Technologies Corp. (Canada)*		376,664
	66,306	ZIOPHARM Oncology, Inc.*		353,411
				81,207,136
Industrials – 7.0%
	53,101	ABB Ltd. (Switzerland)		1,532,087
	4,531	AeroVironment, Inc.*		498,772
	27,821	AgEagle Aerial Systems, Inc.*		225,350
	3,005	Alfen Beheer BV (Netherlands)*(b)		256,417
	6,414	ASGN, Inc.*		596,310
	6,272	Barnes Group, Inc.		328,339
	9,269	Boeing Co. (The)*		1,965,121
	7,558	Daihen Corp. (Japan)		321,006
	3,988	Equifax, Inc.		645,577
	5,356	FANUC Corp. (Japan)		1,324,170
	3,467	FedEx Corp.		882,352
	3,116	FTI Consulting, Inc.*		356,938
	152,409	General Electric Co.		1,911,209
	20,780	Kawasaki Heavy Industries Ltd. (Japan)*		465,765
	18,029	Kratos Defense & Security Solutions, Inc.*		495,798
	9,529	LIG Nex1 Co. Ltd. (South Korea)		313,817
	13,027	Lyft, Inc., Class A*		725,604
	7,688	Maxar Technologies, Inc.		371,040
	729	MBB SE (Germany)		111,492
	21,964	MINEBEA MITSUMI, Inc. (Japan)		539,101
	52,452	Mitsubishi Electric Corp. (Japan)		772,207
	9,620	Nabtesco Corp. (Japan)		408,132
	11,642	Nidec Corp. (Japan)		1,477,378
	24,438	Nikola Corp.*		442,328
	17,399	Nordex SE (Germany)*		468,840
	11,511	Parsons Corp.*		411,403
	26,217	Pitney Bowes, Inc.		222,320
	3,036	Proto Labs, Inc.*		442,284
	4,028	Rockwell Automation, Inc.		979,932
	6,741	Schneider Electric SE (France)		1,005,186
	9,112	Shibaura Machine Co. Ltd. (Japan)		241,356
	29,674	Siemens Energy AG (Germany)*		1,125,572
	9,401	Sunrun, Inc.*		588,315
	2,477	Teledyne Technologies, Inc.*		918,967
	10,438	Textron, Inc.		525,449
	7,189	Thales SA (France)		684,468
	24,596	Uber Technologies, Inc.*		1,272,843
	6,342	United Parcel Service, Inc., Class B		1,000,958
	4,985	Verisk Analytics, Inc.		816,792
	11,150	Virgin Galactic Holdings, Inc.*		415,115
	310,581	Xinjiang Goldwind Science & Technology Co. Ltd., Class H (China)(a)		664,614

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

GOLDMAN SACHS INNOVATE EQUITY ETF

Schedule of Investments (continued)

February 28, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Industrials – (continued)
	15,001	Yaskawa Electric Corp. (Japan)	$	749,064
				29,499,788
Information Technology – 32.9%
	9,117	2U, Inc.*		361,307
	13,190	3D Systems Corp.*		472,730
	9,513	8x8, Inc.*		325,440
	14,187	ACI Worldwide, Inc.*		542,795
	3,802	Adobe, Inc.*		1,747,665
	10,789	Advanced Micro Devices, Inc.*		911,778
	569	Adyen NV (Netherlands)*(b)		1,323,290
	6,174	Akamai Technologies, Inc.*		583,443
	2,761	Alteryx, Inc., Class A*		263,952
	5,827	Ambarella, Inc.*		655,479
	4,930	Amphenol Corp., Class A		619,602
	21,177	Appen Ltd. (Australia)		273,636
	64,056	Apple, Inc.		7,767,431
	2,642	Arista Networks, Inc.*		739,337
	2,742	Atlassian Corp. PLC, Class A*		651,773
	8,437	Atos SE (France)*		661,762
	4,215	Autodesk, Inc.*		1,163,340
	10,108	Avaya Holdings Corp.*		299,904
	2,954	BASE, Inc. (Japan)*		294,735
	5,048	Belden, Inc.		223,172
	51,733	BlackBerry Ltd. (Canada)*		519,917
	6,045	Booz Allen Hamilton Holding Corp.		466,311
	756,193	BrainChip Holdings Ltd. (Australia)*		301,504
	16,109	Brightcove, Inc.*		350,854
	4,244	Broadcom, Inc.		1,994,128
	3,475	Broadridge Financial Solutions, Inc.		495,153
	5,365	Brooks Automation, Inc.		446,153
	1,677	CACI International, Inc., Class A*		371,187
	8,598	Canadian Solar, Inc. (Canada)*		403,504
	6,658	CEVA, Inc.*		407,669
	4,396	Check Point Software Technologies Ltd. (Israel)*		484,615
	8,101	Ciena Corp.*		422,629
	44,258	Cisco Systems, Inc.		1,985,856
	24,938	Cloudera, Inc.*		402,499
	6,108	Cloudflare, Inc., Class A*		451,809
	4,980	CM.com NV (Netherlands)*		164,416
	10,053	Cognex Corp.		830,277
	18,999	Corning, Inc.		726,522
	1,994	Coupa Software, Inc.*		690,442
	4,894	Crowdstrike Holdings, Inc., Class A*		1,057,104
	3,252	CyberArk Software Ltd.*		477,491
	5,137	Dassault Systemes (France)		1,071,846
	12,312	Digi International, Inc.*		287,608
	8,876	Digital Garage, Inc. (Japan)		339,078
	5,764	Docebo, Inc. (Canada)*		253,325
	4,412	DocuSign, Inc.*		1,000,024
	12,406	Edenred (France)		691,030
	4,696	Euronet Worldwide, Inc.*		705,856
	10,491	EVERTEC, Inc. (Puerto Rico)		408,100
	1,297	Fair Isaac Corp.*		593,442
	3,398	FARO Technologies, Inc.*		317,577
Common Stocks – (continued)
Information Technology – (continued)
	7,416	Fidelity National Information Services, Inc.		1,023,408
	23,931	FireEye, Inc.*		462,347
	5,089	First Solar, Inc.*		412,311
	20,157	Fiserv, Inc.*		2,325,513
	3,251	FleetCor Technologies, Inc.*		901,535
	14,403	FLIR Systems, Inc.		769,120
	6,256	Fortinet, Inc.*		1,056,326
	5,181	Global Payments, Inc.		1,025,786
	4,660	Guidewire Software, Inc.*		517,213
	3,677	Hennge KK (Japan)*		264,023
	40,968	Himax Technologies, Inc. ADR (Taiwan)*		551,839
	37,594	HP, Inc.		1,089,098
	182,649	Ideanomics, Inc.*		582,650
	29,918	Infineon Technologies AG (Germany)		1,307,321
	12,638	Infocom Corp. (Japan)		311,858
	2,809	Inphi Corp.*		462,333
	22,517	Inseego Corp.*(a)		328,523
	67,101	Intel Corp.		4,078,399
	6,518	InterDigital, Inc.		413,046
	22,171	International Business Machines Corp.		2,636,797
	6,407	Intuit, Inc.		2,499,627
	4,564	IPG Photonics Corp.*		1,037,625
	9,452	Jabil, Inc.		408,043
	26,029	Juniper Networks, Inc.		605,955
	17,665	Kainos Group PLC (United Kingdom)		325,018
	2,409	Keyence Corp. (Japan)		1,143,224
	5,771	Keysight Technologies, Inc.*		816,712
	157,058	Learning Technologies Group PLC (United Kingdom)		359,018
	4,952	Leidos Holdings, Inc.		438,004
	16,472	Marathon Digital Holdings, Inc.*		496,631
	19,894	Marvell Technology Group Ltd.		960,482
	7,746	Mastercard, Inc., Class A		2,740,922
	7,374	Materialise NV ADR (Belgium)*		335,591
	9,790	Medallia, Inc.*		395,222
	36,169	Microsoft Corp.		8,404,952
	9,502	Mimecast Ltd.*		407,446
	7,467	Nemetschek SE (Germany)		472,659
	8,000	NETGEAR, Inc.*		320,000
	2,706	Nice Ltd. ADR (Israel)*		621,135
	239,501	Nokia OYJ ADR (Finland)*		938,844
	7,513	Novanta, Inc.*		994,195
	15,065	NVIDIA Corp.		8,264,358
	5,163	NXP Semiconductors NV (Netherlands)		942,506
	3,633	Okta, Inc.*		949,848
	36,226	OneConnect Financial Technology Co. Ltd. ADR (China)*		660,400
	9,819	Open Text Corp. (Canada)		437,633
	29,147	Opera Ltd. ADR (Norway)*(a)		351,513
	21,085	Oracle Corp.		1,360,193
	3,480	OSI Systems, Inc.*		329,278
	12,925	Pagseguro Digital Ltd., Class A (Brazil)*		750,426
	2,669	Palo Alto Networks, Inc.*		956,329

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

GOLDMAN SACHS INNOVATE EQUITY ETF

Shares		Description	Value
Common Stocks – (continued)
Information Technology – (continued)
	321,530	PAX Global Technology Ltd. (Hong Kong)	$	295,527
	9,753	PayPal Holdings, Inc.*		2,534,317
	15,235	Perspecta, Inc.		444,862
	12,827	Ping Identity Holding Corp.*		300,537
	4,710	Proofpoint, Inc.*		569,533
	4,333	PTC, Inc.*		593,361
	4,219	Q2 Holdings, Inc.*		514,212
	22,985	QIWI PLC ADR (Russia)		245,710
	3,554	Qorvo, Inc.*		620,990
	13,493	QUALCOMM, Inc.		1,837,612
	1,083,587	Razer, Inc.*(a)(b)		358,991
	17,041	Repay Holdings Corp.*		371,494
	17,649	Riot Blockchain, Inc.*		771,967
	2,737	Rogers Corp.*		496,711
	9,109	S&T AG (Austria)*(a)		245,012
	26,099	Sabre Corp.		383,394
	13,321	salesforce.com, Inc.*		2,883,996
	2,797	Samsung SDS Co. Ltd. (South Korea)		484,216
	13,568	SAP SE (Germany)		1,680,810
	30,934	Seiko Epson Corp. (Japan)		506,372
	7,974	Semtech Corp.*		584,574
	1,698	ServiceNow, Inc.*		905,815
	5,865	Shift4 Payments, Inc., Class A*		448,672
	1,128	Shopify, Inc., Class A (Canada)*		1,444,934
	16,246	Sierra Wireless, Inc. (Canada)*		273,258
	3,825	Silicon Laboratories, Inc.*		595,706
	5,529	Skyworks Solutions, Inc.		983,167
	17,575	Slack Technologies, Inc., Class A*		719,345
	11,520	Software AG (Germany)		515,133
	11,351	Square, Inc., Class A*		2,611,071
	13,175	SS&C Technologies Holdings, Inc.		873,239
	10,178	StoneCo Ltd., Class A (Brazil)*		873,374
	10,442	Stratasys Ltd.*		360,145
	12,293	SunPower Corp.*		427,428
	10,771	Tenable Holdings, Inc.*		440,642
	12,635	Teradyne, Inc.		1,624,987
	10,713	Unisys Corp.*		263,004
	28,520	Velodyne Lidar, Inc.*(a)		418,959
	8,076	Verint Systems, Inc.*		398,066
	6,868	Viasat, Inc.*		351,230
	11,805	Visa, Inc., Class A		2,507,264
	5,750	VMware, Inc., Class A*		794,708
	2,403	WEX, Inc.*		500,665
	5,295	WNS Holdings Ltd. ADR (India)*		395,589
	5,805	Xilinx, Inc.		756,392
	133,543	Yangtze Optical Fibre and Cable Joint Stock Ltd. Co., Class H (China)(b)		185,922
	8,650	Yokowo Co. Ltd. (Japan)		229,525
	3,646	Zoom Video Communications, Inc., Class A*		1,362,182
	3,676	Zscaler, Inc.*		753,690
				137,982,042
Real Estate – 0.7%
	3,669	CoreSite Realty Corp. REIT		446,554
	12,179	Digital Realty Trust, Inc. REIT		1,640,877
Common Stocks – (continued)
Real Estate – (continued)
	1,448	Equinix, Inc. REIT		938,796
				3,026,227
Utilities – 1.4%
	9,130	Atlantica Sustainable Infrastructure PLC (Spain)		330,049
	18,455	Avangrid, Inc.		844,501
	9,127	Azure Power Global Ltd. (India)*		276,731
	697,996	Beijing Jingneng Clean Energy Co. Ltd., Class H (China)		193,454
	19,109	Brookfield Renewable Partners LP (Canada)		814,321
	14,246	Dominion Energy, Inc.		973,287
	2,043,628	Huaneng Power International, Inc., Class H (China)		698,127
	21,737	Innergex Renewable Energy, Inc. (Canada)		413,449
	16,292	NextEra Energy, Inc.		1,197,136
				5,741,055
	TOTAL COMMON STOCKS
	(Cost $361,032,851)		$	417,154,692
Closed-End Fund – 0.1%
	222,252	Greencoat UK Wind PLC/Funds
	(Cost $394,409)		$	395,871
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $361,427,260)		$	417,550,563

Shares		Dividend Rate	Value
Securities Lending Reinvestment Vehicle – 0.7%(c)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	2,995,889	0.036%	$	2,995,889
	(Cost $2,995,889)
	TOTAL INVESTMENTS – 100.3%
	(Cost $364,423,149)		$	420,546,452
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (0.3)%			(1,287,433	)
	NET ASSETS – 100.0%		$	419,259,019

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.

The accompanying notes are an integral part of these financial statements. 19

GOLDMAN SACHS INNOVATE EQUITY ETF

Schedule of Investments (continued)

February 28, 2021 (Unaudited)

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

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

GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF

Schedule of Investments

February 28, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – 99.8%
Communication Services – 11.2%
	1,901	Alphabet, Inc., Class A*	$	3,843,651
	1,841	Alphabet, Inc., Class C*		3,749,859
	41,070	AT&T, Inc.		1,145,442
	36	Cable One, Inc.		68,935
	979	Charter Communications, Inc., Class A*		600,538
	30,633	Comcast Corp., Class A		1,614,972
	1,047	Discovery, Inc., Class A*(a)		55,522
	2,086	Discovery, Inc., Class C*		93,870
	2,512	Electronic Arts, Inc.		336,533
	15,204	Facebook, Inc., Class A*		3,916,854
	2,609	Interpublic Group of Cos., Inc. (The)		68,147
	2,875	Netflix, Inc.*		1,549,194
	1,095	New York Times Co. (The), Class A		56,031
	1,429	Omnicom Group, Inc.		98,215
	3,167	T-Mobile US, Inc.*		379,945
	4,931	Twitter, Inc.*		379,983
	23,865	Verizon Communications, Inc.		1,319,735
	74	ViacomCBS, Inc., Class A		4,755
	3,661	ViacomCBS, Inc., Class B		236,098
	12,218	Walt Disney Co. (The)*		2,309,691
	443	Zillow Group, Inc., Class A*		75,230
	1,101	Zillow Group, Inc., Class C*		177,624
	7,764	Zynga, Inc., Class A*		86,569
				22,167,393
Consumer Discretionary – 11.3%
	2,867	Amazon.com, Inc.*		8,867,430
	2,354	Aptiv PLC*		352,723
	158	AutoZone, Inc.*		183,267
	1,540	Best Buy Co., Inc.		154,539
	276	Booking Holdings, Inc.*		642,669
	594	Brunswick Corp.		52,492
	1,094	CarMax, Inc.*		130,744
	3,256	Carnival Corp.*		87,098
	188	Chipotle Mexican Grill, Inc.*		271,096
	253	Columbia Sportswear Co.		26,077
	874	Darden Restaurants, Inc.		120,026
	414	Dick’s Sporting Goods, Inc.		29,547
	1,700	Dollar General Corp.		321,283
	4,434	eBay, Inc.		250,166
	794	Etsy, Inc.*		174,894
	913	Expedia Group, Inc.		146,993
	34,312	Ford Motor Co.*		401,450
	1,227	Gap, Inc. (The)*		30,614
	1,316	Garmin Ltd.		163,210
	11,001	General Motors Co.		564,681
	313	Grand Canyon Education, Inc.*		32,768
	1,114	Hasbro, Inc.		104,393
	1,842	Hilton Worldwide Holdings, Inc.*		227,819
	7,262	Home Depot, Inc. (The)		1,876,065
	236	Hyatt Hotels Corp., Class A*		20,756
	1,056	Kohl’s Corp.		58,344
	1,541	L Brands, Inc.*		84,231
	2,233	Las Vegas Sands Corp.		139,786
	526	Lear Corp.		87,363
	5,127	Lowe’s Cos., Inc.		819,038
	1,000	Lululemon Athletica, Inc.*		311,680
Common Stocks – (continued)
Consumer Discretionary – (continued)
	1,814	Marriott International, Inc., Class A*		268,599
	3,162	MGM Resorts International		119,492
	3,364	Newell Brands, Inc.		77,944
	10,799	NIKE, Inc., Class B		1,455,489
	733	Nordstrom, Inc.(a)		26,718
	341	Pool Corp.		114,157
	2,341	PulteGroup, Inc.		105,603
	614	PVH Corp.		61,376
	2,558	Qurate Retail, Inc.Series A		31,770
	413	Ralph Lauren Corp.		48,354
	1,234	Royal Caribbean Cruises Ltd.		115,095
	1,133	Service Corp. International		54,112
	7,901	Starbucks Corp.		853,545
	2,421	Tapestry, Inc.		102,021
	3,377	Target Corp.		619,477
	8,098	TJX Cos., Inc. (The)		534,387
	780	Tractor Supply Co.		123,989
	564	Travel + Leisure Co.		34,083
	363	Ulta Beauty, Inc.*		117,006
	1,724	Under Armour, Inc., Class C*		31,377
	2,836	VF Corp.		224,413
	478	Wayfair, Inc., Class A*		138,132
	535	Whirlpool Corp.		101,693
	659	Wynn Resorts Ltd.*		86,810
	2,035	Yum! Brands, Inc.		210,684
				22,389,568
Consumer Staples – 6.4%
	4,874	Archer-Daniels-Midland Co.		275,771
	396	Brown-Forman Corp., Class A		26,370
	1,589	Brown-Forman Corp., Class B		113,741
	1,193	Bunge Ltd.		91,360
	1,709	Campbell Soup Co.		77,725
	2,185	Church & Dwight Co., Inc.		172,069
	1,110	Clorox Co. (The)		200,966
	34,061	Coca-Cola Co. (The)		1,668,648
	7,423	Colgate-Palmolive Co.		558,210
	4,288	Conagra Brands, Inc.		145,492
	2,983	Costco Wholesale Corp.		987,373
	5,343	General Mills, Inc.		293,918
	1,298	Hershey Co. (The)		189,054
	2,444	Hormel Foods Corp.		113,328
	587	Ingredion, Inc.		52,947
	968	J M Smucker Co. (The)		108,416
	2,208	Kellogg Co.		127,424
	2,991	Kimberly-Clark Corp.		383,835
	5,697	Kraft Heinz Co. (The)		207,257
	5,225	Kroger Co. (The)		168,297
	2,182	McCormick & Co., Inc.		183,899
	12,440	Mondelez International, Inc., Class A		661,310
	12,229	PepsiCo, Inc.		1,579,865
	21,472	Procter & Gamble Co. (The)		2,652,436
	2,529	Tyson Foods, Inc., Class A		171,137
	4,890	Walgreens Boots Alliance, Inc.		234,378
	9,420	Walmart, Inc.		1,223,846
				12,669,072

The accompanying notes are an integral part of these financial statements. 21

GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF

Schedule of Investments (continued)

February 28, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Energy – 2.8%
	2,688	Apache Corp.	$	53,034
	4,674	Baker Hughes Co.		114,419
	1,648	Cheniere Energy, Inc.*		111,059
	13,790	Chevron Corp.		1,379,000
	9,747	ConocoPhillips		506,941
	4,210	Devon Energy Corp.		90,683
	2,903	Equitrans Midstream Corp.		20,989
	30,311	Exxon Mobil Corp.		1,648,009
	1,956	Hess Corp.		128,177
	5,607	Marathon Oil Corp.		62,238
	4,629	Marathon Petroleum Corp.		252,836
	6,002	Occidental Petroleum Corp.		159,713
	3,168	ONEOK, Inc.		140,311
	3,122	Phillips 66		259,282
	9,933	Schlumberger NV		277,230
	2,916	Valero Energy Corp.		224,474
	8,695	Williams Cos., Inc. (The)		198,594
				5,626,989
Financials – 11.4%
	340	Affiliated Managers Group, Inc.		47,590
	5,289	Aflac, Inc.		253,290
	2,310	Allstate Corp. (The)		246,246
	2,829	Ally Financial, Inc.		117,404
	4,980	American Express Co.		673,595
	6,560	American International Group, Inc.		288,312
	898	Ameriprise Financial, Inc.		198,674
	1,726	Aon PLC, Class A		393,028
	1,452	Arthur J Gallagher & Co.		173,950
	1,147	Associated Banc-Corp.		23,112
	444	Assurant, Inc.		54,710
	627	Axis Capital Holdings Ltd.		31,682
	58,919	Bank of America Corp.		2,045,079
	298	Bank of Hawaii Corp.		26,075
	6,077	Bank of New York Mellon Corp. (The)		256,206
	1,121	BlackRock, Inc.		778,535
	238	BOK Financial Corp.		20,482
	3,445	Capital One Financial Corp.		414,055
	10,489	Charles Schwab Corp. (The)		647,381
	3,423	Chubb Ltd.		556,511
	15,860	Citigroup, Inc.		1,044,857
	1,052	Comerica, Inc.		71,641
	800	Commerce Bancshares, Inc.		59,224
	3,037	Equitable Holdings, Inc.		89,804
	189	Erie Indemnity Co., Class A		45,757
	250	FactSet Research Systems, Inc.		75,978
	5,408	Fifth Third Bancorp		187,604
	822	First American Financial Corp.		43,188
	4,130	First Horizon Corp.		66,906
	1,314	First Republic Bank		216,482
	2,440	FNB Corp.		28,865
	2,522	Goldman Sachs Group, Inc. (The)(b)		805,729
	281	Hanover Insurance Group, Inc. (The)		32,413
	2,718	Hartford Financial Services Group, Inc. (The)		137,775
	7,679	Huntington Bancshares, Inc.		117,796
	4,214	Intercontinental Exchange, Inc.		464,846
Common Stocks – (continued)
Financials – (continued)
	2,854	Invesco Ltd.		63,987
	23,073	JPMorgan Chase & Co.		3,395,653
	7,386	KeyCorp		148,754
	762	Lazard Ltd., Class A		29,482
	1,457	Lincoln National Corp.		82,860
	594	LPL Financial Holdings, Inc.		78,135
	3,853	Marsh & McLennan Cos., Inc.		443,943
	5,854	MetLife, Inc.		337,190
	1,236	Moody’s Corp.		339,764
	10,152	Morgan Stanley		780,384
	145	Morningstar, Inc.		32,516
	620	MSCI, Inc.		257,002
	870	Nasdaq, Inc.		120,312
	1,461	Northern Trust Corp.		138,985
	3,229	PNC Financial Services Group, Inc. (The)		543,634
	2,066	Principal Financial Group, Inc.		116,894
	4,451	Progressive Corp. (The)		382,563
	3,010	Prudential Financial, Inc.		261,027
	7,305	Regions Financial Corp.		150,702
	514	Reinsurance Group of America, Inc.		62,826
	1,834	S&P Global, Inc.		604,046
	2,842	SLM Corp.		44,875
	2,677	State Street Corp.		194,805
	390	SVB Financial Group*		197,090
	4,433	Synchrony Financial		171,468
	1,721	T. Rowe Price Group, Inc.		279,043
	1,924	Travelers Cos., Inc. (The)		279,942
	10,256	Truist Financial Corp.		584,182
	1,666	Umpqua Holdings Corp.		28,439
	1,540	Unum Group		40,779
	10,349	US Bancorp		517,450
	952	Voya Financial, Inc.		57,387
	28,601	Wells Fargo & Co.		1,034,498
				22,535,399
Health Care – 13.1%
	11,583	Abbott Laboratories		1,387,412
	11,805	AbbVie, Inc.		1,271,871
	2,345	Agilent Technologies, Inc.		286,254
	409	Agios Pharmaceuticals, Inc.*		19,403
	522	Align Technology, Inc.*		296,031
	1,052	Alkermes PLC*		20,030
	3,904	Amgen, Inc.		878,088
	1,668	Anthem, Inc.		505,721
	3,410	Baxter International, Inc.		264,923
	1,848	Becton Dickinson and Co.		445,645
	1,027	Biogen, Inc.*		280,248
	1,209	BioMarin Pharmaceutical, Inc.*		93,613
	254	Bio-Techne Corp.		91,869
	9,572	Boston Scientific Corp.*		371,202
	15,171	Bristol-Myers Squibb Co.		930,437
	1,083	Catalent, Inc.*		123,148
	3,846	Centene Corp.*		225,145
	1,924	Cerner Corp.		133,025
	2,374	Cigna Corp.		498,303
	327	Cooper Cos., Inc. (The)		126,264
	8,836	CVS Health Corp.		601,997

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

GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF

Shares		Description	Value
Common Stocks – (continued)
Health Care – (continued)
	4,130	Edwards Lifesciences Corp.*	$	343,203
	5,649	Eli Lilly and Co.		1,157,424
	657	Encompass Health Corp.		52,849
	994	Exact Sciences Corp.*		135,303
	8,414	Gilead Sciences, Inc.		516,620
	1,782	HCA Healthcare, Inc.*		306,557
	951	Henry Schein, Inc.*		58,819
	1,715	Hologic, Inc.*		123,634
	885	Humana, Inc.		335,990
	563	IDEXX Laboratories, Inc.*		292,856
	983	Illumina, Inc.*		431,940
	1,218	Incyte Corp.*		95,808
	776	Intuitive Surgical, Inc.*		571,757
	17,670	Johnson & Johnson		2,799,988
	327	Masimo Corp.*		81,989
	1,090	McKesson Corp.		184,777
	8,989	Medtronic PLC		1,051,443
	16,930	Merck & Co., Inc.		1,229,457
	179	Mettler-Toledo International, Inc.*		199,773
	37,265	Pfizer, Inc.		1,248,005
	421	PRA Health Sciences, Inc.*		62,060
	899	Quest Diagnostics, Inc.		103,915
	645	Regeneron Pharmaceuticals, Inc.*		290,618
	959	ResMed, Inc.		184,876
	340	Sage Therapeutics, Inc.*		28,900
	848	Seagen, Inc.*		128,141
	560	STERIS PLC		97,888
	2,321	Stryker Corp.		563,283
	311	Teleflex, Inc.		123,815
	2,646	Thermo Fisher Scientific, Inc.		1,190,912
	6,326	UnitedHealth Group, Inc.		2,101,624
	607	Varian Medical Systems, Inc.*		106,389
	1,739	Vertex Pharmaceuticals, Inc.*		369,624
	3,190	Zoetis, Inc.		495,216
				25,916,082
Industrials – 7.9%
	4,265	3M Co.		746,631
	1,153	AECOM*		66,747
	807	Alaska Air Group, Inc.*		52,471
	695	Allegion PLC		75,602
	3,283	American Airlines Group, Inc.*(a)		68,746
	361	Armstrong World Industries, Inc.		30,894
	4,053	Boeing Co. (The)*		859,277
	717	BWX Technologies, Inc.		41,593
	4,131	Caterpillar, Inc.		891,800
	1,117	Cummins, Inc.		282,824
	2,378	Deere & Co.		830,207
	4,303	Delta Air Lines, Inc.*		206,286
	3,034	Eaton Corp. PLC		394,996
	4,514	Emerson Electric Co.		387,753
	1,833	FedEx Corp.		466,498
	985	Flowserve Corp.		36,445
	1,213	Fortune Brands Home & Security, Inc.		100,849
	1,924	General Dynamics Corp.		314,516
	65,955	General Electric Co.		827,076
	1,247	Graco, Inc.		86,479
Common Stocks – (continued)
Industrials – (continued)
	5,330	Honeywell International, Inc.		1,078,525
	2,978	Howmet Aerospace, Inc.*		83,712
	298	Huntington Ingalls Industries, Inc.		52,421
	2,388	Illinois Tool Works, Inc.		482,806
	946	Jacobs Engineering Group, Inc.		108,866
	636	J.B. Hunt Transport Services, Inc.		93,409
	2,075	JetBlue Airways Corp.*		38,242
	5,511	Johnson Controls International PLC		307,459
	261	Lennox International, Inc.		73,020
	1,878	Lockheed Martin Corp.		620,210
	437	ManpowerGroup, Inc.		41,270
	412	Mercury Systems, Inc.*		26,928
	2,394	Nielsen Holdings PLC		53,650
	433	Nordson Corp.		83,314
	1,186	Northrop Grumman Corp.		345,909
	512	Oshkosh Corp.		54,272
	807	Owens Corning		65,383
	1,246	Pentair PLC		69,689
	10,819	Raytheon Technologies Corp.		778,860
	1,591	Republic Services, Inc.		141,742
	879	Rockwell Automation, Inc.		213,843
	396	Ryder System, Inc.		26,837
	406	Snap-on, Inc.		82,463
	3,615	Southwest Airlines Co.		210,140
	1,169	Stanley Black & Decker, Inc.		204,388
	274	Teledyne Technologies, Inc.*		101,654
	807	Toro Co. (The)		81,321
	1,810	Trane Technologies PLC		277,364
	5,153	Union Pacific Corp.		1,061,312
	1,803	United Airlines Holdings, Inc.*		94,982
	5,437	United Parcel Service, Inc., Class B		858,122
	544	United Rentals, Inc.*		161,775
	1,220	Univar Solutions, Inc.*		24,290
	1,202	Verisk Analytics, Inc.		196,948
	3,204	Waste Management, Inc.		355,292
	420	Woodward, Inc.		47,972
	338	W.W. Grainger, Inc.		125,976
	686	XPO Logistics, Inc.*		79,988
	1,353	Xylem, Inc.		134,705
				15,706,749
Information Technology – 28.5%
	463	2U, Inc.*		18,349
	4,838	Accenture PLC, Class A		1,213,854
	3,046	Adobe, Inc.*		1,400,155
	7,580	Advanced Micro Devices, Inc.*		640,586
	1,011	Akamai Technologies, Inc.*		95,539
	351	Alliance Data Systems Corp.		33,871
	2,328	Analog Devices, Inc.		362,749
	102,179	Apple, Inc.		12,390,226
	5,799	Applied Materials, Inc.		685,384
	371	Arista Networks, Inc.*		103,821
	565	Arrow Electronics, Inc.*		56,647
	1,388	Autodesk, Inc.*		383,088
	3,261	Automatic Data Processing, Inc.		567,479
	739	Avnet, Inc.		28,134
	1,020	Booz Allen Hamilton Holding Corp.		78,683

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

GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF

Schedule of Investments (continued)

February 28, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Information Technology – (continued)
	870	Broadridge Financial Solutions, Inc.	$	123,966
	897	CDW Corp.		140,730
	962	Ciena Corp.*		50,188
	26,886	Cisco Systems, Inc.		1,206,375
	779	Citrix Systems, Inc.		104,059
	1,636	Dell Technologies, Inc., Class C*		132,630
	1,127	DocuSign, Inc.*		255,446
	1,545	Dropbox, Inc., Class A*		34,832
	1,595	DXC Technology Co.		40,226
	416	Elastic NV*		55,906
	384	F5 Networks, Inc.*		72,952
	4,686	Fidelity National Information Services, Inc.		646,668
	655	First Solar, Inc.*		53,068
	4,359	Fiserv, Inc.*		502,898
	837	Fortinet, Inc.*		141,327
	2,258	Global Payments, Inc.		447,061
	1,057	GoDaddy, Inc., Class A*		85,744
	8,120	Hewlett Packard Enterprise Co.		118,227
	8,692	HP, Inc.		251,807
	261	HubSpot, Inc.*		134,415
	25,975	Intel Corp.		1,578,760
	5,625	International Business Machines Corp.		668,981
	1,595	Intuit, Inc.		622,273
	1,109	Jabil, Inc.		47,876
	575	Jack Henry & Associates, Inc.		85,353
	2,067	Juniper Networks, Inc.		48,120
	1,417	Keysight Technologies, Inc.*		200,534
	981	KLA Corp.		305,317
	918	Lam Research Corp.		520,680
	179	Littelfuse, Inc.		46,579
	6,720	Mastercard, Inc., Class A		2,377,872
	1,678	Maxim Integrated Products, Inc.		156,339
	7,039	Micron Technology, Inc.*		644,280
	47,412	Microsoft Corp.		11,017,601
	1,075	Motorola Solutions, Inc.		188,641
	812	National Instruments Corp.		36,053
	1,394	NetApp, Inc.		87,264
	325	New Relic, Inc.*		19,870
	3,455	NortonLifeLock, Inc.		67,407
	3,738	NVIDIA Corp.		2,050,592
	11,931	Oracle Corp.		769,669
	437	PagerDuty, Inc.*		19,551
	589	Palo Alto Networks, Inc.*		211,045
	312	Paycom Software, Inc.*		116,763
	288	Paylocity Holding Corp.*		55,063
	8,915	PayPal Holdings, Inc.*		2,316,563
	249	Pegasystems, Inc.		32,955
	1,521	Pure Storage, Inc., Class A*		35,561
	7,125	QUALCOMM, Inc.		970,354
	500	RingCentral, Inc., Class A*		189,080
	5,551	salesforce.com, Inc.*		1,201,791
	1,230	ServiceNow, Inc.*		656,156
	1,005	Splunk, Inc.*		143,725
	2,803	Square, Inc., Class A*		644,774
	956	Synopsys, Inc.*		234,421
	682	Teradata Corp.*		27,348
Common Stocks – (continued)
Information Technology – (continued)
	1,046	Teradyne, Inc.		134,526
	5,811	Texas Instruments, Inc.		1,001,061
	1,890	Trimble, Inc.*		140,125
	885	Twilio, Inc., Class A*		347,699
	250	Tyler Technologies, Inc.*		115,855
	639	VeriSign, Inc.*		123,985
	12,861	Visa, Inc., Class A		2,731,548
	508	VMware, Inc., Class A*		70,211
	3,094	Western Union Co. (The)		71,843
	1,113	Workday, Inc., Class A*		272,885
	1,059	Xerox Holdings Corp.		26,983
	1,544	Xilinx, Inc.		201,183
	397	Zebra Technologies Corp., Class A*		198,274
	730	Zendesk, Inc.*		106,682
				56,595,161
Materials – 2.7%
	1,624	Air Products and Chemicals, Inc.		415,127
	775	Albemarle Corp.		121,838
	487	AptarGroup, Inc.		63,344
	405	Ashland Global Holdings, Inc.		34,069
	631	Avery Dennison Corp.		110,557
	2,418	Ball Corp.		206,473
	1,002	Berry Global Group, Inc.*		55,511
	407	Cabot Corp.		20,037
	852	Celanese Corp.		118,351
	1,561	CF Industries Holdings, Inc.		70,682
	5,454	Dow, Inc.		323,477
	992	Eastman Chemical Co.		108,386
	1,831	Ecolab, Inc.		383,338
	10,647	Freeport-McMoRan, Inc.*		361,040
	1,697	International Flavors & Fragrances, Inc.		229,960
	2,888	International Paper Co.		143,389
	3,864	Linde PLC (United Kingdom)		943,859
	1,884	LyondellBasell Industries NV, Class A		194,222
	471	Martin Marietta Materials, Inc.		158,666
	5,903	Newmont Corp.		321,005
	2,208	Nucor Corp.		132,083
	707	Packaging Corp. of America		93,338
	625	Sherwin-Williams Co. (The)		425,212
	755	Sonoco Products Co.		44,975
	1,348	Valvoline, Inc.		33,646
	1,001	Vulcan Materials Co.		167,157
	1,937	Westrock Co.		84,434
				5,364,176
Real Estate – 2.1%
	3,359	American Tower Corp. REIT		725,981
	1,068	AvalonBay Communities, Inc. REIT		187,701
	1,183	Boston Properties, Inc. REIT		117,271
	714	Camden Property Trust REIT		74,363
	2,537	CBRE Group, Inc., Class A*		192,229
	3,164	Crown Castle International Corp. REIT		492,793
	2,124	Digital Realty Trust, Inc. REIT		286,167
	1,260	Douglas Emmett, Inc. REIT		41,265
	676	Equinix, Inc. REIT		438,278
	1,320	Equity LifeStyle Properties, Inc. REIT		81,378

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

GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF

Shares		Description	Value
Common Stocks – (continued)
Real Estate – (continued)
	2,795	Equity Residential REIT	$	182,821
	496	Essex Property Trust, Inc. REIT		126,376
	956	Extra Space Storage, Inc. REIT		120,169
	920	JBG SMITH Properties REIT		29,210
	391	Jones Lang LaSalle, Inc.*		68,026
	3,127	Kimco Realty Corp. REIT		57,318
	5,606	Prologis, Inc. REIT		555,386
	2,219	UDR, Inc. REIT		91,356
	2,838	Ventas, Inc. REIT		150,130
	5,681	Weyerhaeuser Co. REIT		192,415
				4,210,633
Utilities – 2.4%
	2,346	Alliant Energy Corp.		108,291
	2,313	Ameren Corp.		162,535
	4,669	American Electric Power Co., Inc.		349,475
	531	Avangrid, Inc.		24,299
	2,683	CMS Energy Corp.		145,177
	3,148	Consolidated Edison, Inc.		206,666
	7,667	Dominion Energy, Inc.		523,809
	1,804	DTE Energy Co.		212,367
	6,910	Duke Energy Corp.		591,427
	3,362	Edison International		181,514
	3,225	Eversource Energy		256,323
	9,153	Exelon Corp.		353,306
	1,505	MDU Resources Group, Inc.		42,290
	2,275	NRG Energy, Inc.		83,060
	4,747	Public Service Enterprise Group, Inc.		255,531
	2,724	Sempra Energy		315,930
	9,936	Southern Co. (The)		563,570
	4,562	Vistra Corp.		78,695
	4,938	Xcel Energy, Inc.		289,317
				4,743,582
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $156,912,528)		$	197,924,804

Shares		Dividend Rate	Value
Securities Lending Reinvestment Vehicle – 0.1%(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	127,644	0.036%	$	127,644
	(Cost $127,644)
	TOTAL INVESTMENTS – 99.9%
	(Cost $157,040,172)		$	198,052,448
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.1%			205,816
	NET ASSETS – 100.0%		$	198,258,264

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

Investment Abbreviations:
PLC	—Public Limited Company
REIT	—Real Estate Investment Trust

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

GOLDMAN SACHS EQUITY ETFS

Statements of Assets and Liabilities

February 28, 2021 (Unaudited)

	Equal Weight U.S. Large Cap Equity ETF		Hedge Industry VIP ETF		Innovate Equity ETF		JUST U.S. Large Cap Equity ETF
Assets:
Investments in unaffiliated issuers, at value (cost $483,196,303, $153,506,228, $360,282,456 and $156,347,895, respectively)(a)	$	570,701,545	$	185,645,218	$	415,703,969	$	197,119,075
Investments in affiliated issuers, at value (cost $834,365, $—, $1,144,804 and $564,633, respectively)		1,250,445		—		1,846,594		805,729
Investments in securities lending reinvestment vehicle, at value which equals cost		—		2,109,000		2,995,889		127,644
Cash		366,515		631,448		990,342		87,958
Foreign currency, at value (cost $—, $—, $120,541 and $—, respectively)		—		—		119,527		—
Receivables:
Investments sold		5,964,150		4,762,446		364,039		—
Dividends		765,995		70,697		369,093		276,055
Securities lending income		755		925		18,530		64
Foreign tax reclaims		—		—		9,754		—
Total assets		579,049,405		193,219,734		422,417,737		198,416,525
Liabilities:
Payables:
Fund shares redeemed		5,969,157		4,776,112		—		—
Management fees		41,213		65,314		162,829		30,617
Upon return of securities loaned		—		2,109,000		2,995,889		127,644
Total liabilities		6,010,370		6,950,426		3,158,718		158,261
Net Assets:
Paid-in capital		474,317,140		143,952,963		349,345,680		159,661,231
Total distributable earnings		98,721,895		42,316,345		69,913,339		38,597,033
NET ASSETS	$	573,039,035	$	186,269,308	$	419,259,019	$	198,258,264
SHARES ISSUED AND OUTSTANDING
Shares outstanding no par value (unlimited shares authorized):		9,600,000		1,950,000		7,250,000		3,575,000
Net asset value per share:		$59.69		$95.52		$57.83		$55.46

(a) Includes loaned securities having a market value of $—, $2,275,500, $2,707,452 and $126,157 for Equal Weight U.S. Large Cap Equity ETF, Hedge Industry VIP ETF, Innovate Equity ETF, and JUST U.S. Large Cap Equity ETF, respectively.

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

GOLDMAN SACHS EQUITY ETFS

Statements of Operations

For the Six Months Ended February 28, 2021 (Unaudited)

	Equal Weight U.S. Large Cap Equity ETF			Hedge Industry VIP ETF			Innovate Equity ETF*			JUST U.S. Large Cap Equity ETF
Investment income:
Dividends — unaffiliated issuer (net of foreign withholding taxes of $—, $—, $19,495 and $—, respectively)	$	3,507,677		$	262,673		$	898,282		$	1,352,978
Dividends — affiliated issuers		5,095			—			6,828			3,167
Securities lending income — unaffiliated issuer		9,288			925			57,275			611
Total investment income		3,522,060			263,598			962,385			1,356,756
Expenses:
Management fees		199,197			320,372			548,974			170,337
Trustee fees		4,500			2,761			2,034			2,979
Total expenses		203,697			323,133			551,008			173,316
NET INVESTMENT INCOME (LOSS)		3,318,363			(59,535	)		411,377			1,183,440
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		(538,244	)		1,024,563			1,181,882			(1,192,501	)
Investments — affiliated issuers		25,589			—			17,223			691
In-kind redemptions — unaffiliated issuers		27,773,725			21,848,276			12,466,647			4,934,866
In-kind redemptions — affiliated issuers		58,953			—			—			12,064
Foreign currency transactions		—			—			(27,603	)		—
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		45,311,035			4,969,993			55,421,513			11,828,199
Investments — affiliated issuers		392,230			—			701,790			269,795
Foreign currency translations		—			—			(12,691	)		—
Net realized and unrealized gain		73,023,288			27,842,832			69,748,761			15,853,114
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	76,341,651		$	27,783,297		$	70,160,138		$	17,036,554

* For the period November 6, 2020 (commencement of operations) through February 28, 2021.

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

GOLDMAN SACHS EQUITY ETFS

Statements of Changes in Net Assets

	Equal Weight U.S. Large Cap Equity ETF						Hedge Industry VIP ETF
	For the Six Months Ended February 28, 2021 (Unaudited)			For the Fiscal Year Ended August 31, 2020			For the Six Months Ended February 28, 2021 (Unaudited)			For the Fiscal Year Ended August 31, 2020
From operations:
Net investment income (loss)	$	3,318,363		$	4,498,022		$	(59,535	)	$	228,898
Net realized gain (loss)		27,320,023			(8,657,941	)		22,872,839			9,179,771
Net change in unrealized gain		45,703,265			35,075,172			4,969,993			22,564,797
Net increase in net assets resulting from operations		76,341,651			30,915,253			27,783,297			31,973,466
Distributions to shareholders:
From distributable earnings		(3,228,164	)		(4,152,895	)		(935	)		(329,128	)
From return of capital		—			—			—			(6,291	)
Total distributions to shareholders		(3,228,164	)		(4,152,895	)		(935	)		(335,419	)
From share transactions:
Proceeds from sales of shares		255,744,379			156,356,207			107,891,668			60,238,984
Cost of shares redeemed		(76,251,878	)		(31,674,529	)		(64,489,916	)		(56,399,720	)
Net increase in net assets resulting from share transactions		179,492,501			124,681,678			43,401,752			3,839,264
TOTAL INCREASE		252,605,988			151,444,036			71,184,114			35,477,311
Net assets:
Beginning of period	$	320,433,047		$	168,989,011		$	115,085,194		$	79,607,883
End of period	$	573,039,035		$	320,433,047		$	186,269,308		$	115,085,194

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

GOLDMAN SACHS EQUITY ETFS

Statements of Changes in Net Assets (continued)

	Innovate Equity ETF			JUST U.S. Large Cap Equity ETF
	For the Period November 6, 2020* to February 28, 2021 (Unaudited)			For the Six Months Ended February 28, 2021 (Unaudited)			For the Fiscal Year Ended August 31, 2020
From operations:
Net investment income	$	411,377		$	1,183,440		$	2,111,991
Net realized gain		13,638,149			3,755,120			5,650,053
Net change in unrealized gain		56,110,612			12,097,994			23,643,251
Net increase in net assets resulting from operations		70,160,138			17,036,554			31,405,295
Distributions to shareholders:
From distributable earnings		(246,799	)		(1,164,667	)		(2,180,884	)
From share transactions:
Proceeds from sales of shares		377,959,520			43,105,330			46,857,228
Cost of shares redeemed		(28,613,840	)		(13,472,947	)		(52,602,473	)
Net increase (decrease) in net assets resulting from share transactions		349,345,680			29,632,383			(5,745,245	)
TOTAL INCREASE		419,259,019			45,504,270			23,479,166
Net assets:
Beginning of period	$	—		$	152,753,994		$	129,274,828
End of period	$	419,259,019		$	198,258,264		$	152,753,994

* Commencement of operations.

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

GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

	Equal Weight U.S. Large Cap Equity ETF
	For the Six Months Ended February 28, 2021 (Unaudited)			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	$	50.86		$	46.30		$	46.33		$	40.58
Net investment income(a)		0.40			0.93			0.81			0.77
Net realized and unrealized gain (loss)		8.84			4.52			(0.10	)		5.52
Total gain from investment operations		9.24			5.45			0.71			6.29
Distributions to shareholders from net investment income		(0.41	)		(0.89	)		(0.74	)		(0.54	)
Net asset value, end of period	$	59.69		$	50.86		$	46.30		$	46.33
Market price, end of period	$	59.68		$	50.95		$	46.32		$	46.35
Total Return at Net Asset Value(b)		18.28	%		12.08	%		1.62	%		15.60	%
Net assets, end of period (in 000’s)	$	573,039		$	320,433		$	168,989		$	76,438
Ratio of total expenses to average net assets		0.09	%(c)		0.09	%		0.09	%		0.09	%(c)
Ratio of net investment income to average net assets		1.47	%(c)		1.98	%		1.81	%		1.82	%(c)
Portfolio turnover rate(d)		21	%		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 period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

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

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

GOLDMAN SACHS HEDGE INDUSTRY VIP ETF

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Hedge Industry VIP ETF
	For the Six Months Ended February 28, 2021 (Unaudited)			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	$	79.37		$	56.86		$	57.98		$	50.46		$	40.00
Net investment income (loss)(a)		(0.04	)		0.16	(c)		0.51			0.17			0.32	(d)
Net realized and unrealized gain (loss)		16.19			22.59			(1.11	)		7.52			10.31
Total gain (loss) from investment operations		16.15			22.75			(0.60	)		7.69			10.63
Distributions to shareholders from net investment income		0.00	(b)		(0.24	)		(0.52	)		(0.17	)		(0.17	)
Distributions to shareholders from return of capital		—			—	(b)		—			—			—
Total distributions to shareholders		0.00	(b)		(0.24	)		(0.52	)		(0.17	)		(0.17	)
Net asset value, end of period	$	95.52		$	79.37		$	56.86		$	57.98		$	50.46
Market price, end of period	$	95.53		$	79.50		$	57.03		$	57.98		$	50.48
Total Return at Net Asset Value(e)		20.35	%		40.07	%		(0.99	)%		15.27	%		26.61	%
Net assets, end of period (in 000’s)	$	186,269		$	115,085		$	79,608		$	110,155		$	45,410
Ratio of total expenses to average net assets		0.45	%(f)		0.45	%		0.45	%		0.45	%		0.45	%(f)
Ratio of net investment income to average net assets		(0.08	)%(f)		0.26	%(c)		0.91	%		0.31	%		0.84	%(d)(f)
Portfolio turnover rate(g)		63	%		124	%		103	%		129	%		116	%

 * Commencement of operations.

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

(b) Amount is less than $0.005 per share.

(c) Reflects income recognized from non-recurring special dividends which amounted to $0.07 per share and 0.11% of average net assets.

(d) Reflects income recognized from non-recurring special dividends which amounted to $0.11 per share and 0.24% of average net assets.

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

(f) Annualized.

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

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

GOLDMAN SACHS INNOVATE EQUITY ETF

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout The Period

	Innovate Equity ETF
	For the Period November 6, 2020* to February 28, 2021 (Unaudited)
Per Share Operating Performance:
Net asset value, beginning of period	$	50.03
Net investment income(a)		0.06
Net realized and unrealized gain		7.78
Total gain from investment operations		7.84
Distributions to shareholders from net investment income		(0.04	)
Net asset value, end of period	$	57.83
Market price, end of period	$	58.05
Total Return at Net Asset Value(b)		15.68	%
Net assets, end of period (in 000’s)	$	419,259
Ratio of total expenses to average net assets		0.49	%(c)
Ratio of net investment income to average net assets		0.36	%(c)
Portfolio turnover rate(d)		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 and short-term transactions. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	JUST U.S. Large Cap Equity ETF
	For the Six Months Ended February 28, 2021 (Unaudited)			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	$	50.92		$	42.04		$	42.13		$	40.08
Net investment income(a)		0.36			0.74			0.72			0.17
Net realized and unrealized gain		4.54			8.90			0.08			1.88
Total gain from investment operations		4.90			9.64			0.80			2.05
Distributions to shareholders from net investment income		(0.36	)		(0.76	)		(0.89	)		—
Net asset value, end of period	$	55.46		$	50.92		$	42.04		$	42.13
Market price, end of period	$	55.66		$	50.88		$	42.06		$	42.13
Total Return at Net Asset Value(b)		9.68	%		23.29	%		2.06	%		5.11	%
Net assets, end of period (in 000’s)	$	198,258		$	152,754		$	129,275		$	272,805
Ratio of total expenses to average net assets		0.20	%(c)		0.20	%		0.20	%		0.20	%(c)
Ratio of net investment income to average net assets		1.37	%(c)		1.69	%		1.79	%		1.84	%(c)
Portfolio turnover rate(d)		11	%		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 and short-term transactions. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS EQUITY ETFS

Notes to Financial Statements

February 28, 2021 (Unaudited)

1. ORGANIZATION

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

Fund	Diversification Classification
Goldman Sachs Equal Weight U.S. Large Cap Equity ETF	Diversified
Goldman Sachs Hedge Industry VIP ETF	Diversified
Goldman Sachs Innovate Equity ETF*	Diversified
Goldman Sachs JUST U.S. Large Cap Equity ETF	Diversified

* The Goldman Sachs Innovate Equity ETF commenced operations following a reorganization at the close of business on November 6, 2020 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 into the Fund. The reorganization was completed via an in-kind transaction amounting to $307,712,434 in market value.

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 Goldman Sachs Hedged Industry VIP ETF, Goldman Sachs Innovate Equity ETF, and Goldman Sachs JUST U.S. Large Cap Equity ETF are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”), and shares of the Goldman Sachs Equal Weight U.S. Large Cap Equity ETF are traded on the Cboe BZX Exchange, Inc. (“Cboe”). Market prices for the Funds’ shares may be different from their net asset value (“NAV”). The Funds issue and redeem shares at their respective NAV only in blocks of a specified number of shares, or multiples thereof, referred to as “Creation Units”. Creation Units are issued and redeemed generally for a designated portfolio of securities (including any portion of such securities for which cash may be substituted) and a specified amount of cash. Shares generally trade in the secondary market in quantities less than a Creation Unit at market prices that change throughout the day. Only those that have entered into an authorized participant agreement with ALPS Distributors, Inc. (the “Distributor”) may do business directly with the Funds.

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

B.  Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily NAV calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any foreign capital gains tax is accrued daily based upon net unrealized gains,

34

GOLDMAN SACHS EQUITY ETFS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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 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).

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Notes to Financial Statements (continued)

February 28, 2021 (Unaudited)

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 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 Funds invest in Underlying Funds that fluctuate in value, the Funds’ shares will correspondingly fluctuate in value. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. For information regarding an Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.

B.  Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of a Fund’s investments may be determined under Valuation Procedures approved by the Trustees. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund’s NAV. 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 February 28, 2021:

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	$	571,951,990	$	—	$	—
Total	$	571,951,990	$	—	$	—

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

HEDGE INDUSTRY VIP ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	10,329,430	$	—	$	—
North America		175,315,788		—		—
Securities Lending Reinvestment Vehicle		2,109,000		—		—
Total	$	187,754,218	$	—	$	—
INNOVATE EQUITY ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	68,701,813	$	585,894	$	—
Europe		42,665,928		—		—
North America		298,831,053		621,402		—
Oceania		985,711		327,810		—
South America		4,830,952		—		—
Securities Lending Reinvestment Vehicle		2,995,889		—		—
Total	$	419,011,346	$	1,535,106	$	—
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	$	943,859	$	—	$	—
North America		196,980,945		—		—
Securities Lending Reinvestment Vehicle		127,644		—		—
Total	$	198,052,448	$	—	$	—

(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. The Funds utilize fair value model prices by an independent third-party (fair value) service for certain international equity securities resulting in a Level 2 classification.

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.

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Notes to Financial Statements (continued)

February 28, 2021 (Unaudited)

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

The Funds operate under a unitary management fee structure. Under the unitary fee structure, GSAM is responsible for paying substantially all the expenses of each 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 six months ended February 28, 2021, contractual and effective net unitary management fee rates with GSAM for each Fund were at the following rates:

Fund	Unitary Management Fee
Goldman Sachs Equal Weight U.S. Large Cap Equity ETF		0.09	%
Goldman Sachs Hedge Industry VIP ETF		0.45	%
Goldman Sachs Innovate Equity ETF		0.50	%
Goldman Sachs JUST U.S. Large Cap Equity ETF		0.20	%

B.  Other Transactions with Affiliates — The Funds may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is solely due to having a common investment adviser, common officers, or common trustees. The following table provides information about the Funds’ investments in The Goldman Sachs Group, Inc. for the six months ended February 28, 2021:

Fund	Beginning value as of August 31, 2020		Purchases at Cost		Proceeds from Sales			Realized Gain		Change in Unrealized Depreciation		Ending value as of February 28, 2021		Shares as of February 28, 2021		Dividend Income
Goldman Sachs Equal Weight U.S. Large Cap Equity ETF	$	632,434	$	551,322	$	(410,083	)	$	84,542	$	392,230	$	1,250,445		3,914	$	5,095
Goldman Sachs Innovate Equity ETF*		—		1,487,529		(359,948	)		17,223		701,790		1,846,594		5,780		6,828
Goldman Sachs JUST U.S. Large Cap Equity ETF		455,221		152,039		(84,081	)		12,755		269,795		805,729		2,522		3,167

* Commenced operations on November 6, 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.

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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 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.

	Goldman Sachs Equal Weight U.S. Large Cap Equity ETF
	For the Six Months Ended February 28, 2021 (Unaudited)						For the Fiscal Year Ended August 31, 2020
Shares Sold		4,600,000		$	255,744,379			3,400,000		$	156,356,177
Shares Redeemed		(1,300,000	)		(76,251,878	)		(750,000	)		(31,674,529	)
NET INCREASE IN SHARES		3,300,000		$	179,492,501			2,650,000		$	124,681,648
	Goldman Sachs Hedge Industry VIP ETF
	For the Six Months Ended February 28, 2021 (Unaudited)						For the Fiscal Year Ended August 31, 2020
Shares Sold		1,200,000		$	107,891,668			900,000		$	60,238,946
Shares Redeemed		(700,000	)		(64,489,916	)		(850,000	)		(56,399,720	)
NET INCREASE IN SHARES		500,000		$	43,401,752			50,000		$	3,839,226
	Goldman Sachs Innovate Equity ETF
	For the Period November 6, 2020* through February 28, 2021 (Unaudited)
Shares Sold		7,750,000		$	377,959,520
Shares Redeemed		(500,000	)		(28,613,840	)
NET INCREASE IN SHARES		7,250,000		$	349,345,680
	Goldman Sachs JUST U.S. Large Cap Equity ETF
	For the Six Months Ended February 28, 2021 (Unaudited)						For the Fiscal Year Ended August 31, 2020
Shares Sold		825,000		$	43,105,330			1,075,000		$	46,857,228
Shares Redeemed		(250,000	)		(13,472,947	)		(1,150,000	)		(52,602,473	)
NET INCREASE (DECREASE) IN SHARES		575,000		$	29,632,383			(75,000	)	$	(5,745,245	)

* Commencement of operations

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GOLDMAN SACHS EQUITY ETFS

Notes to Financial Statements (continued)

February 28, 2021 (Unaudited)

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales of long-term securities for the period ended February 28, 2021, were as follows:

Fund	Purchases		Sales
Goldman Sachs Equal Weight U.S. Large Cap Equity ETF	$	92,721,176	$	94,021,330
Goldman Sachs Hedge Industry VIP ETF		90,293,969		90,965,053
Goldman Sachs Innovate Equity ETF*		78,327,467		72,968,358
Goldman Sachs JUST U.S. Large Cap Equity ETF		20,654,949		19,643,339

* Commenced operations on November 6, 2020.

The purchases and sales from in-kind creation and redemption transactions for the period ended February 28, 2021, were as follows:

Fund	Purchases		Sales
Goldman Sachs Equal Weight U.S. Large Cap Equity ETF	$	255,485,922	$	74,350,375
Goldman Sachs Hedge Industry VIP ETF		107,806,269		64,237,040
Goldman Sachs Innovate Equity ETF*		371,495,868		28,891,441
Goldman Sachs JUST U.S. Large Cap Equity ETF		43,024,417		13,514,659

* Commenced operations on November 6, 2020.

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 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

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7. SECURITIES LENDING (continued)

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 February 28, 2021, are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities, where applicable.

Both the Funds and BNYM received compensation relating to the lending of the Funds’ securities. The amounts earned, if any, by the Funds for the six months ended February 28, 2021, are reported under Investment Income on the Statements of Operations.

The following table provides information about the Funds’ investment in the Government Money Market Fund for the six months ended February 28, 2021:

Fund	Beginning value as of August 31, 2020		Purchases at Cost		Proceeds from Sales			Ending value as of February 28, 2021
Goldman Sachs Equal Weight U.S. Large Cap Equity ETF	$	695,187	$	8,047,962	$	(8,743,149	)	$	—
Goldman Sachs Hedge Industry VIP ETF		—		2,109,000		—			2,109,000
Goldman Sachs Innovate Equity ETF*		—		12,980,372		(9,984,483	)		2,995,889
Goldman Sachs JUST U.S. Large Cap Equity ETF		76,274		1,059,982		(1,008,612	)		127,644

* Commenced operations on November 6, 2020.

8. TAX INFORMATION

As of the Funds’ most recent fiscal year ended August 31, 2020, the Funds’ capital loss carryforwards on a tax-basis were as follows:

	Goldman Sachs Equal Weight U.S. Large Cap Equity ETF			Goldman Sachs Hedge Industry VIP ETF			Goldman Sachs Innovate Equity ETF*,**			Goldman Sachs JUST U.S. Large Cap Equity ETF
Capital loss carryforwards:
Perpetual Short-Term	$	(3,558,901	)	$	(10,844,232	)	$	(87,595	)	$	(4,099,633	)
Perpetual Long-Term		(3,700,950	)		(917,719	)		(264,253	)		(1,120,241	)

* Commenced operations on November 6, 2020.

** The capital loss carryforwards of the Goldman Sachs Innovate Equity ETF were acquired in a tax-free reorganization on November 6, 2020. The amounts shown above are estimated and utilization of these losses may be subject to limitation.

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Notes to Financial Statements (continued)

February 28, 2021 (Unaudited)

8. TAX INFORMATION (continued)

As of February 28, 2021, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

	Goldman Sachs Equal Weight U.S. Large Cap Equity ETF			Goldman Sachs Hedge Industry VIP ETF			Goldman Sachs Innovate Equity ETF*			Goldman Sachs JUST U.S. Large Cap Equity ETF
Tax Cost	$	494,203,953		$	156,488,290		$	364,436,135		$	158,364,850
Gross unrealized gain		93,614,356			33,840,231			64,124,111			44,133,113
Gross unrealized loss		(15,866,319	)		(2,574,304	)		(8,013,794	)		(4,445,515	)
Net unrealized gains (losses) on securities	$	77,748,037		$	31,265,927		$	56,110,317		$	39,687,598

* Commenced operations on November 6, 2020.

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

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

9. OTHER RISKS

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

Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. 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 U.S. or other governments, or problems with 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, JUST Capital Foundation, Inc. and Solactive AG (the “Index Providers”) construct the respective Fund’s Index in accordance with a rules-based methodology. A Fund will be negatively affected by general declines in the securities and asset classes represented in its Index. In addition, because the Funds are not “actively” managed, unless a specific security is removed from an Index, a Fund generally would not sell a security because the security’s issuer was in financial trouble. Market disruptions and regulatory restrictions could have an adverse effect on a Fund’s ability to adjust its exposure to the required levels in order to track the Index. A Fund also does not attempt to take defensive positions under any market conditions, including

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GOLDMAN SACHS EQUITY ETFS

9. OTHER RISKS (continued)

declining markets. Therefore, a Fund’s performance could be lower than funds that may actively shift their portfolio assets to take advantage of market opportunities or to lessen the impact of a market decline or a decline in the value of one or more issuers. The Index Providers rely on third party data they believe to be reliable in constructing each respective Index, but they do not guarantee the accuracy or availability of such third party data. Errors in index data, index computation or the construction of an Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Providers for a period of time or at all, which may have an adverse impact on the applicable Fund and its shareholders. In addition, neither a Fund, the Investment Adviser, the Calculation Agent nor the Index Providers can guarantee the availability or timeliness of the production of the Index. Furthermore, Solactive AG, the index provider for the Goldman Sachs Equal Weight U.S. Large Cap Equity ETF and Goldman Sachs Innovate Equity ETF, and JUST Capital Foundation, Inc., the index provider for the Goldman Sachs JUST U.S. Large Cap Equity ETF, may delay or change a scheduled rebalancing or reconstitution of an Index or the implementation of certain rules at its sole discretion. In such circumstances, a Fund, in replicating the composition of its Index, may have more or less exposure to a particular sector or individual company than had the Index been constructed in accordance with its stated methodology.

Investments in Other Investment Companies Risk — As a shareholder of another investment company, including an ETF, the Funds 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 Funds. 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.

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.

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Notes to Financial Statements (continued)

February 28, 2021 (Unaudited)

10. IDEMNIFICATIONS

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 October 22, 2020, Goldman Sachs announced a settlement of matters involving 1Malaysia Development Bhd. (1MDB), a Malaysian sovereign wealth fund, with the United States Department of Justice as well as criminal and civil authorities in the UK, Singapore and Hong Kong. Further information regarding the 1MDB settlement can be found at https://www.goldmansachs.com/media-relations/press-releases/current/goldman-sachs-2020-10-22.html. The 1MDB settlement will not materially adversely affect GSAM’s ability to serve as investment manager.

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.

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Fund Expenses — For the Six Months ended 2/28/2021 (Unaudited)

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

Except with respect to the Innovate Equity Fund, which commenced operations on November 6, 2020, the example is based on an investment of $1,000 invested at the beginning of the period from September 1, 2020 and held for the six months ended February 28, 2021, which represents a period of 181 days of a 365 day year (or less where indicated).

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

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

	Equal Weight U.S. Large Cap Equity ETF							Hedge Industry VIP ETF							Innovate Equity ETF							JUST U.S. Large Cap Equity ETF
	Beginning Account Value 9/1/20		Ending Account Value 2/28/21			Expenses Paid**		Beginning Account Value 9/1/20		Ending Account Value 2/28/21			Expenses Paid**		Beginning Account Value 11/9/20		Ending Account Value 2/28/21			Expenses Paid*		Beginning Account Value 9/1/20		Ending Account Value 2/28/21			Expenses Paid**
Actual based on NAV	$	1,000	$	1,182.80		$	0.49	$	1,000	$	1,203.50		$	2.46	$	1,000	$	1,156.80		$	1.65	$	1,000	$	1,096.80		$	1.04
Hypothetical 5% return		1,000		1,024.35	+		0.45		1,000		1,022.56	+		2.26		1,000		1,013.81	+		1.54		1,000		1,023.80	+		1.00

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

 * The Fund commenced operations on November 6, 2020. Expenses are calculated using the Fund’s annualized expense ratio, multiplied by the ending value for the period, multiplied by 115/365, which represents a period of 115 days of a 365 day year (to reflect the Fund’s commencement of operation).

** Expenses for each Fund are calculated using the Fund’s annualized net expense ratio, which represents the ongoing expenses as a percentage of net assets for the six months ended February 28, 2021. 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	%
Equal Hedge Industry VIP ETF	0.45
Innovate Equity ETF	0.50
JUST U.S. Large Cap Equity ETF	0.20

45

GOLDMAN SACHS EQUITY ETFS

Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs Equal Weight U.S. Large Cap Equity ETF, Goldman Sachs Hedge Industry VIP ETF and Goldman Sachs JUST U.S. Large Cap Equity ETF (Unaudited)

Background

The Goldman Sachs Equal Weight U.S. Large Cap Equity ETF, Goldman Sachs Hedge Industry VIP ETF and Goldman Sachs JUST U.S. Large Cap Equity ETF (each, a “Fund” and together, the “Funds”) are investment portfolios of Goldman Sachs ETF Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Funds at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Funds.

The Management Agreement was most recently approved for continuation until September 30, 2021 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on September 22-23, 2020 (the “Annual Meeting”).

The review process undertaken by the Trustees spans the course of the year and culminates with the Annual Meeting. To assist the Trustees in their deliberations, the Trustees have established a Contract Review Committee (the “Committee”), comprised of the Independent Trustees. The Committee held two meetings over the course of the year since the Management Agreement was last approved in 2019. At those Committee meetings, regularly scheduled Board or other committee meetings, and/or the Annual Meeting, matters relevant to the renewal of the Management Agreement were considered by the Board, or the Independent Trustees, as applicable. With respect to each Fund, such matters included:

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

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

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

(iii) trends in employee headcount;

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

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

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

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

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

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

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

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

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

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

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

(k) the nature and quality of the services provided to the Fund by its unaffiliated service providers, and the Investment Adviser’s general oversight and evaluation (including reports on due diligence) of those service providers as part of the administrative services provided under the Management Agreement; and

46

GOLDMAN SACHS EQUITY ETFS

Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs Equal Weight U.S. Large Cap Equity ETF, Goldman Sachs Hedge Industry VIP ETF and Goldman Sachs JUST U.S. Large Cap Equity ETF (Unaudited) (continued)

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

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

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

As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Funds by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees noted the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted the significant resources that the Investment Adviser devotes to risk management and the control environment in which the Funds operate, the Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the market, regulatory and control environment in which the Funds and their service providers operate, including changes associated with the COVID-19 pandemic, 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 fee to the Investment Adviser, and the Investment Adviser pays each Fund’s ordinary operating expenses, excluding payments under each Fund’s 12b-1 plan (if any), interest expenses, taxes, acquired fund fees and expenses, brokerage fees, costs of holding shareholder meetings, litigation, indemnification and extraordinary expenses. The Trustees also considered information about each Fund’s structure, investment objective, strategies and other characteristics. In particular, they noted that the Funds are passively-managed ETFs that seek to track indices developed and maintained by third-party service providers, except for the Goldman Sachs Hedge Industry VIP ETF, which seeks to track a proprietary index created by the Investment Adviser. The Trustees noted the experience and capabilities of the key personnel of the Investment Adviser who provide services to the Funds. In particular, the Trustees considered the Investment Adviser’s extensive experience in managing quantitative investment strategies. They also considered information regarding the Investment Adviser’s business continuity planning and remote operations in the current environment. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Funds and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Funds and the Investment Adviser and its affiliates.

Investment Performance

The Trustees also considered the investment performance of the Funds. In this regard, they compared the investment performance of each Fund to its peers using rankings and/or ratings compiled by the Outside Data Provider as of March 31, 2020, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of June 30, 2020. The information on each Fund’s investment performance was provided for the one- and three-year periods ending on the applicable dates, to the extent that each Fund had been in existence for those periods. As part of this review, they reviewed the investment performance of each Fund in light of its investment objective and policies and market conditions. The Trustees also received information comparing each Fund’s performance to that of its respective index, a comparable market capitalization-weighted reference index, and a separate account composite with a comparable investment strategy, as applicable. The Trustees observed that each Fund’s investment performance was consistent with the investment objective of tracking its index.

47

GOLDMAN SACHS EQUITY ETFS

Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs Equal Weight U.S. Large Cap Equity ETF, Goldman Sachs Hedge Industry VIP ETF and Goldman Sachs JUST U.S. Large Cap Equity ETF (Unaudited) (continued)

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

Unitary Fee Structure and Profitability

The Trustees considered the contractual fee rate payable by each Fund, noting that the Management Agreement provides for a unitary fee structure, pursuant to which each Fund pays a single fee to the Investment Adviser and the Investment Adviser then pays all of the Fund’s ordinary operating expenses. In addition, the Trustees considered information on the services rendered by the Investment Adviser to the Funds, which included both advisory and administrative services that were directed to the needs and operations of the Funds as ETFs. The Trustees noted that license fees would be payable by the Investment Adviser to Solactive AG and Frank Russell Company for the use of the underlying indices of the Goldman Sachs Equal Weight U.S. Large Cap Equity ETF and Goldman Sachs JUST U.S. Large Cap Equity ETF, respectively, and to JUST Capital Foundation, Inc. for the use of certain trademarks and trade names with respect to the Goldman Sachs JUST U.S. Large Cap Equity ETF. They noted that no license fee would be payable to the Investment Adviser by the Goldman Sachs Hedge Industry VIP ETF for use of the index created by the Investment Adviser. The Trustees also considered information previously provided regarding fees and expenses of comparable ETFs advised by other, unaffiliated investment management firms. The comparisons of the Funds’ fee rates and expense ratios were prepared by the Investment Adviser and certain third-party providers of mutual fund and ETF data. In particular, the Trustees referred to an analysis comparing each Fund’s management fee rate and net expense ratio to those of relevant peer funds. The Trustees concluded that the comparisons were useful in evaluating the reasonableness of the management fees and total expenses paid by the Funds.

The Trustees reviewed each Fund’s contribution to the Investment Adviser’s revenues and pre-tax profit margins. In this regard the Trustees noted that they had previously received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency and distribution and service), and information on the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs & Co. LLC (“Goldman Sachs”) organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology and profitability analysis calculations.

Economies of Scale

The Trustees noted that the Funds, similar to many other ETFs, do not have management fee breakpoints. They considered information previously provided regarding each Fund’s fee structure, the amount of assets in each Fund, each Fund’s recent creation and redemption activity, and the costs of the services provided by the Investment Adviser and its affiliates. The Trustees further noted the Investment Adviser’s assertion that future economies of scale (among several factors) had been taken into consideration in determining each Fund’s unitary management fee rate, and that significant economies of scale are unlikely to be realized in the competitive environment in which the Funds operate.

Other Benefits to the Investment Adviser and Its Affiliates

The Trustees also considered the other benefits derived (or expected to be derived) by the Investment Adviser and its affiliates from their relationships with the Funds as stated above, 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. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.

48

GOLDMAN SACHS EQUITY ETFS

Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs Equal Weight U.S. Large Cap Equity ETF, Goldman Sachs Hedge Industry VIP ETF and Goldman Sachs JUST U.S. Large Cap Equity ETF (Unaudited) (continued)

Other Benefits to the Funds and Their Shareholders

The Trustees also noted that the Funds receive certain other potential benefits as a result of their relationship with the Investment Adviser, including: (a) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (b) the Investment Adviser’s ability to hire and retain qualified personnel to provide services to the Funds because of the reputation of the Goldman Sachs organization; and (c) the Funds’ access to certain affiliated distribution channels.

Conclusion

In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the unitary fee paid by each Fund was reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and each Fund’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit each Fund and its shareholders and that the Management Agreement should be approved and continued with respect to each Fund until September 30, 2021.

49

GOLDMAN SACHS EQUITY ETFS

Statement Regarding Basis for Initial Approval of Management Agreement for the Goldman Sachs Innovate Equity ETF (Unaudited)

Background

The Goldman Sachs Innovate Equity ETF (the “Fund”) is a newly-organized investment portfolio of Goldman Sachs ETF Trust (the “Trust”) that commenced investment operations on November 6, 2020. At a meeting held on July 27, 2020 (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. The Trustees also approved the reorganization of 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 with and into the Fund at the Meeting, effective November 6, 2020.

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

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

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

As part of their review, the Trustees considered the nature, extent, and quality of the services to be provided to the Fund by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that would be provided by the Investment Adviser and its affiliates. The Trustees noted the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted the significant resources that the Investment Adviser devotes to risk management and the control environment in which the Fund would operate, the Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the market, regulatory and control environment in which the Fund and its service providers would operate, including changes associated with the COVID-19 pandemic, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. The Trustees considered that under the Management Agreement, the Fund pays a single management fee to the Investment Adviser, and the Investment Adviser pays all of the Fund’s ordinary operating expenses, excluding payments under the Fund’s 12b-1 plan (if any), interest expenses, taxes, acquired fund fees and expenses, brokerage fees, costs of holding shareholder meetings and litigation, indemnification and extraordinary expenses. The Trustees also considered information about the Fund’s structure, investment objective, strategies and other characteristics. In particular, they noted that the Fund would operate as a passively-managed ETF that seeks to track an index owned and calculated by a third-party service provider. The Trustees noted the experience and capabilities of the key personnel of the Investment Adviser who would provide services to the Fund. In particular, the Trustees considered the Investment Adviser’s extensive experience in managing quantitative investment strategies. The Trustees also considered information regarding the Investment Adviser’s business continuity planning and remote operations in the current environment. 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

50

GOLDMAN SACHS EQUITY ETFS

Statement Regarding Basis for Initial Approval of Management Agreement for the Goldman Sachs Innovate Equity ETF (Unaudited) (continued)

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 a license fee would be payable by the Investment Adviser to Solactive AG for the use of its index. The Trustees also considered information provided regarding fees and expenses of comparable ETFs advised by other, unaffiliated investment management firms. The comparisons of the Fund’s unitary management fee rate and projected expense ratio were prepared by the Investment Adviser and a third-party provider of mutual fund and ETF data. In particular, the Trustees referred to an analysis comparing the Fund’s unitary management fee rate and projected expense ratio to those of relevant peer funds. The Trustees concluded that the comparisons were useful in evaluating the reasonableness of the management fee and total expenses to be paid by the Fund. The Trustees concluded that the Investment Adviser’s management of the Fund likely would benefit the Fund and its shareholders.

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

Economies of Scale

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

Other Benefits to the Investment Adviser and Its Affiliates

The Trustees also considered the other benefits expected to be derived by the Investment Adviser and its affiliates from their relationships with the Fund as stated above, including: (a) 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 due to the volume of business generated by the Investment Adviser and its affiliates; (b) the Investment Adviser’s ability to hire and retain qualified personnel to provide services to the Fund because of the reputation of the Goldman Sachs organization; and (c) the Fund’s access to certain affiliated distribution channels.

Conclusion

In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the unitary management fee to be paid by the Fund was reasonable in light of the services to be provided to it by the Investment Adviser, the Investment Adviser’s costs and the Fund’s reasonably foreseeable asset levels. The Trustees unanimously concluded that the engagement of the Investment Adviser likely would benefit the Fund and its shareholders and that the Management Agreement should be approved for an initial two-year period from its effective date.

51

FUNDS PROFILE

Goldman Sachs ETFs

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

Today, the Asset Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $1.95 trillion in assets under supervision as of December 31, 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 Innovate Equity 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 1-5 Year Bond ETF

Goldman Sachs Access Investment Grade Corporate Bond ETF

Goldman Sachs Access Treasury 0-1 Year ETF

Goldman Sachs Access Ultra Short Bond ETF

Goldman Sachs Access U.S. Aggregate Bond ETF

Goldman Sachs MarketBeta^TM Emerging Markets Equity ETF

Goldman Sachs MarketBeta^TM International Equity ETF

Goldman Sachs MarketBeta^TM U.S. Equity ETF

Goldman Sachs Physical Gold 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.

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.

FUNDS PROFILE

The Goldman Sachs Innovate Equity ETF is not sponsored, promoted, sold or supported in any other manner by Solactive AG nor does Solactive AG offer any express or implicit guarantee or assurance either with regard to the results of using the Solactive Innovative Global Equity Index (“Solactive Index”) and/or Solactive Index trade mark or the Solactive Index Price at any time or in any other respect. The Solactive Index is calculated and published by Solactive AG. Solactive AG uses its best efforts to ensure that the Solactive Index is calculated correctly. Irrespective of its obligations towards Goldman Sachs Innovate Equity ETF, Solactive AG has no obligation to point out errors in the Solactive Index to third parties including but not limited to investors and/or financial intermediaries of Goldman Sachs Innovate Equity ETF. Neither publication of a Solactive Index by Solactive AG nor the licensing of the Solactive Index or Solactive Index trade mark for the purpose of use in connection with the Goldman Sachs Innovate Equity ETF constitutes a recommendation by Solactive AG to invest capital in said fund nor does it in any way represent an assurance or opinion of Solactive AG with regard to any investment in this fund.

Neither JUST Capital Foundation, Inc. (“JUST Capital”) nor any of its affiliates (collectively, the “JUST Parties”) in any way sells, sponsors, supports, promotes, or endorses the Goldman Sachs JUST U.S. Large Cap Equity ETF (the “GS ETF”), or has involvement in its operations or distribution. The JUST US Large Cap Diversified Index (the “JUST Index”) has been licensed by Russell on an “as is” basis to Goldman Sachs Asset Management L.P. (“Goldman Sachs”) in connection withGoldman 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 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 the Funds 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 Funds will file their portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be made available on the SEC’s web site at http://www.sec.gov. Portfolio holdings information may be obtained upon request and without charge by calling 1-800-621-2550.

Fund holdings and allocations shown are as of February 28, 2021 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.

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

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

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.

©2021 Goldman Sachs. All rights reserved. Info to come 236967-OTU-04/2021 EQTYETFSAR-21

Goldman Sachs Funds

Semi-Annual Report	February 28, 2021
	Goldman Sachs MarketBeta ETFs
	MarketBeta® Emerging Markets Equity ETF (GSEE)
	MarketBeta® International Equity ETF (GSID)
	MarketBeta® U.S. Equity ETF (GSUS)

MarketBeta^® is a registered trademark of GSAM.

Goldman Sachs MarketBeta^® ETFs

∎ MARKETBETA^® EMERGING MARKETS EQUITY ETF

∎ MARKETBETA^® INTERNATIONAL EQUITY ETF

∎ MARKETBETA^® U.S. EQUITY ETF

TABLE OF CONTENTS
Fund Basics	1
Schedules of Investments	7
Financial Statements	48
Financial Highlights
MarketBeta® Emerging Markets Equity ETF	52
MarketBeta® International Equity ETF	53
MarketBeta® U.S. Equity ETF	54
Notes to Financial Statements	55
Other Information	66

NOT FDIC-INSURED May Lose Value No Bank Guarantee

FUND BASICS

MarketBeta^® Emerging Markets Equity ETF

as of February 28, 2021

FUND SNAPSHOT
As of February 28, 2021
Market Price1	$	57.18
Net Asset Value (NAV)1	$	56.85

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

PERFORMANCE REVIEW
September 1, 2020–February 28, 2021	Fund Total Return (based on NAV)2			Fund Total Return (based on Market Price)2			Solactive GBS Emerging Markets Large & Mid Cap  Index3
Shares		21.41	%		21.56	%		21.58	%

²  Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculation assumes all management fees and operating expenses incurred by the Fund. Market Price returns are based upon the last trade as of 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. Total returns for periods less than one full year are not annualized.

³  The Goldman Sachs MarketBeta^® Emerging Markets 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 GBS Emerging Markets Large & Mid Cap Index (“Solactive Index”) 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.

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

1

FUND BASICS

TOP TEN HOLDINGS AS OF 2/28/214
Holding	% of Net Assets			Line of Business	Country
Taiwan Semiconductor Manufacturing Co. Ltd.		6.8	%	Information Technology	Taiwan
Tencent Holdings Ltd.		6.4		Communication Services	China
Alibaba Group Holding Ltd. ADR		5.7		Consumer Discretionary	China
Samsung Electronics Co. Ltd.		4.5		Information Technology	South Korea
Meituan, Class B		1.4		Consumer Discretionary	China
Naspers Ltd., Class N		1.3		Consumer Discretionary	South Africa
Reliance Industries Ltd.		1.1		Energy	India
JD.com, Inc. ADR		1.1		Consumer Discretionary	China
iShares MSCI Malaysia ETF		1.0		Exchange-Traded Fund	United States
Baidu, Inc. ADR		1.0		Communication Services	China

FUND VS BENCHMARK⁵

February 28, 2021

⁴  The top 10 holdings may not be representative of the Fund’s future investments.

⁵  Country and sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by 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 0.7% of the Fund’s net assets as of February 28, 2021. Figures above may not sum to 100% due to rounding.

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

2

FUND BASICS

MarketBeta^® International Equity ETF

as of February 28, 2021

FUND SNAPSHOT
As of February 28, 2021
Market Price1	$	53.27
Net Asset Value (NAV)1	$	53.01

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

PERFORMANCE REVIEW
September 1, 2020–February 28, 2021	Fund Total Return (based on NAV)2			Fund Total Return (based on Market Price)2			Solactive GBS Developed Markets ex North America Large & Mid Cap Index3
Shares		14.55	%		15.02	%		14.67	%

²  Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculation assumes all management fees incurred by the Fund. Market Price returns are based upon the last trade as of 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. Total returns for periods less than one full year are not annualized.

³  The Goldman Sachs MarketBeta^® International 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 GBS Developed Markets ex North America Large & Mid Cap Index (“Solactive Index”) 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.

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

3

FUND BASICS

TOP TEN HOLDINGS AS OF 2/28/214
Holding	% of Net Assets			Line of Business	Country
Nestle SA		1.8	%	Consumer Staples	Switzerland
ASML Holding NV		1.4		Information Technology	Netherlands
Roche Holding AG		1.4		Health Care	Switzerland
Novartis AG		1.2		Health Care	Switzerland
Toyota Motor Corp.		1.0		Consumer Discretionary	Japan
LVMH Moet Hennessy Louis Vuitton SE		1.0		Consumer Discretionary	France
AIA Group Ltd.		0.9		Financials	Hong Kong
Unilever PLC		0.8		Consumer Staples	United Kingdom
Sony Corp.		0.8		Consumer Discretionary	Japan
Siemens AG		0.8		Industrials	Germany

FUND VS BENCHMARK⁵

February 28, 2021

⁴  The top 10 holdings may not be representative of the Fund’s future investments.

⁵  Country and sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by 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 February 28, 2021. Figures above may not sum to 100% due to rounding.

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

4

FUND BASICS

MarketBeta^® U.S. Equity ETF

as of February 28, 2021

FUND SNAPSHOT
As of February 28, 2021
Market Price1	$	53.33
Net Asset Value (NAV)1	$	53.15

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

PERFORMANCE REVIEW
September 1, 2020–February 28, 2021	Fund Total Return (based on NAV)2			Fund Total Return (based on Market Price)2			Solactive GBS United States Large & Mid Cap  Index3
Shares		10.25	%		10.46	%		10.28	%

²  Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculation assumes all management fees incurred by the Fund. Market Price returns are based upon the last trade as of 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. Total returns for periods less than one full year are not annualized.

³  The Goldman Sachs MarketBeta^® U.S. 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 GBS United States Large & Mid Cap Index (“Solactive Index”) 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

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

5

FUND BASICS

TOP TEN HOLDINGS AS OF 2/28/21⁴

Holding	% of Net Assets			Line of Business	Country
Apple, Inc.		6.2	%	Information Technology	United States
Microsoft Corp.		5.2		Information Technology	United States
Amazon.com, Inc.		4.0		Consumer Discretionary	United States
Facebook, Inc., Class A		1.9		Communication Services	United States
Alphabet, Inc., Class A		1.8		Communication Services	United States
Alphabet, Inc., Class C		1.8		Communication Services	United States
Tesla, Inc.		1.6		Consumer Discretionary	United States
JPMorgan Chase & Co.		1.4		Financials	United States
Johnson & Johnson		1.3		Health Care	United States
Visa, Inc., Class A		1.1		Information Technology	United States

FUND VS BENCHMARK⁵

February 28, 2021

⁴  The top 10 holdings may not be representative of the Fund’s future investments.

⁵  Country and sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by 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. Figures above may not sum to 100% due to rounding.

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 MARKETBETA EMERGING MARKETS EQUITY ETF

Schedule of Investments

February 28, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – 97.3%
Argentina – 0.1%
	148	Banco Macro SA ADR (Financials)*	$	2,007
	227	Globant SA (Information Technology)*		48,741
	404	Grupo Financiero Galicia SA ADR (Financials)		3,010
	290	Pampa Energia SA ADR (Utilities)*		3,866
	426	Telecom Argentina SA ADR (Communication Services)		2,539
	192	Transportadora de Gas del Sur SA ADR (Energy)*		902
	1,130	YPF SA ADR (Energy)*		4,893
				65,958
Brazil – 3.9%
	25,778	Ambev SA (Consumer Staples)		64,849
	2,458	Atacadao SA (Consumer Staples)		8,384
	1,249	B2W Cia Digital (Consumer Discretionary)*		18,377
	11,962	B3 SA – Brasil Bolsa Balcao (Financials)		116,550
	7,502	Banco Bradesco SA (Financials)		27,717
	1,840	Banco BTG Pactual SA (Financials)		33,557
	5,042	Banco do Brasil SA (Financials)		25,377
	2,249	Banco Santander Brasil SA (Financials)		15,089
	3,959	BB Seguridade Participacoes SA (Financials)		18,065
	4,260	BRF SA (Consumer Staples)*		16,541
	6,846	CCR SA (Industrials)		13,820
	2,416	Centrais Eletricas Brasileiras SA (Utilities)		14,050
	941	Cia Brasileira de Distribuicao (Consumer Staples)		14,014
	2,024	Cia de Saneamento Basico do Estado de Sao Paulo (Utilities)		13,365
	1,128	Cia Energetica de Minas Gerais (Utilities)		2,957
	3,769	Cia Siderurgica Nacional SA (Materials)		22,230
	6,531	Cielo SA (Information Technology)		4,219
	10,961	Cogna Educacao (Consumer Discretionary)*		7,356
	633	Cosan Ltd., Class A (Energy)		11,666
	771	Cosan SA (Energy)		11,261
	1,101	CPFL Energia SA (Utilities)		5,701
	1,506	Energisa SA (Utilities)		11,801
	1,034	Engie Brasil Energia SA (Utilities)		7,635
	5,048	Equatorial Energia SA (Utilities)		18,206
	6,365	Hapvida Participacoes e Investimentos SA (Health Care)(a)		17,703
	2,369	Hypera SA (Health Care)		13,934
	2,688	Itau Unibanco Holding SA (Financials)		11,272
	4,095	Klabin SA (Materials)*		21,654
	3,474	Localiza Rent a Car SA (Industrials)		36,155
	1,523	Lojas Americanas SA (Consumer Discretionary)		6,285
	4,651	Lojas Renner SA (Consumer Discretionary)		30,595
	723	M Dias Branco SA (Consumer Staples)		3,714
	15,728	Magazine Luiza SA (Consumer Discretionary)		68,240
	1,624	Multiplan Empreendimentos Imobiliarios SA (Real Estate)		5,735
Common Stocks – (continued)
Brazil – (continued)
	5,143	Natura & Co. Holding SA (Consumer Staples)*		42,607
	1,329	Neoenergia SA (Utilities)		3,899
	3,171	Notre Dame Intermedica Participacoes SA (Health Care)		49,343
	1,050	Pagseguro Digital Ltd., Class A (Information Technology)*		60,963
	4,271	Petrobras Distribuidora SA (Consumer Discretionary)		15,266
	21,609	Petroleo Brasileiro SA (Energy)		85,885
	549	Porto Seguro SA (Financials)		4,294
	6,729	Raia Drogasil SA (Consumer Staples)		28,048
	7,379	Rumo SA (Industrials)*		23,965
	999	StoneCo Ltd., Class A (Information Technology)*		85,724
	4,614	Suzano SA (Materials)*		60,578
	2,435	Telefonica Brasil SA (Communication Services)		19,225
	4,829	TIM SA (Communication Services)		11,091
	4,636	Ultrapar Participacoes SA (Energy)*		16,072
	25,250	Vale SA (Materials)		428,245
	8,675	Via Varejo SA (Consumer Discretionary)*		18,477
	4,397	WEG SA (Industrials)		61,580
	784	XP, Inc., Class A (Financials)*		34,606
				1,767,942
Chile – 0.4%
	253,679	Banco de Chile (Financials)		27,821
	357	Banco de Credito e Inversiones SA (Financials)		15,501
	368,240	Banco Santander Chile (Financials)		21,081
	7,969	Cencosud SA (Consumer Staples)		15,620
	2,880	Cencosud Shopping SA (Real Estate)		5,695
	867	Cia Cervecerias Unidas SA (Consumer Staples)		7,487
	42,432	Colbun SA (Utilities)		7,933
	800	Empresa Nacional de Telecomunicaciones SA (Communication Services)		5,421
	6,323	Empresas CMPC SA (Materials)		18,450
��	2,311	Empresas COPEC SA (Energy)		26,080
	156,202	Enel Americas SA (Utilities)		23,792
	147,624	Enel Chile SA (Utilities)		10,921
	4,421	Falabella SA (Consumer Discretionary)		18,334
				204,136
China – 39.6%
	2,219	360 Security Technology, Inc., Class A (Information Technology)		5,513
	172	51job, Inc. ADR (Industrials)*		11,283
	3,825	AAC Technologies Holdings, Inc. (Information Technology)		20,611
	899	AECC Aviation Power Co. Ltd., Class A (Industrials)		8,349
	5,748	Agile Group Holdings Ltd. (Real Estate)		8,121
	16,971	Agricultural Bank of China Ltd., Class A (Financials)		8,538

The accompanying notes are an integral part of these financial statements. 7

GOLDMAN SACHS MARKETBETA EMERGING MARKETS EQUITY ETF

Schedule of Investments (continued)

February 28, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
China – (continued)
	165,937	Agricultural Bank of China Ltd., Class H (Financials)	$	60,322
	1,423	Aier Eye Hospital Group Co. Ltd., Class A (Health Care)		15,873
	2,159	Air China Ltd., Class A (Industrials)		2,695
	10,002	Air China Ltd., Class H (Industrials)		8,252
	662	Airtac International Group (Industrials)		23,055
	10,898	Alibaba Group Holding Ltd. ADR (Consumer Discretionary)*		2,591,109
	3,050	A-Living Smart City Services Co. Ltd. (Industrials)(a)		12,778
	4,957	Aluminum Corp. of China Ltd., Class A (Materials)*		3,251
	22,182	Aluminum Corp. of China Ltd., Class H (Materials)*		11,209
	1,839	Angang Steel Co. Ltd., Class A (Materials)		920
	8,986	Angang Steel Co. Ltd., Class H (Materials)		4,193
	200	Angel Yeast Co. Ltd., Class A (Consumer Staples)		1,648
	1,377	Anhui Conch Cement Co. Ltd., Class A (Materials)		11,335
	6,939	Anhui Conch Cement Co. Ltd., Class H (Materials)		44,636
	325	Anhui Gujing Distillery Co. Ltd., Class A (Consumer Staples)		11,750
	160	Anhui Kouzi Distillery Co. Ltd., Class A (Consumer Staples)		1,419
	6,112	ANTA Sports Products Ltd. (Consumer Discretionary)		93,760
	80	Asymchem Laboratories Tianjin Co. Ltd., Class A (Health Care)		3,247
	80	Autobio Diagnostics Co. Ltd., Class A (Health Care)		1,517
	330	Autohome, Inc. ADR (Communication Services)		37,633
	420	Avary Holding Shenzhen Co. Ltd., Class A (Information Technology)		2,665
	3,358	Avic Capital Co. Ltd., Class A (Financials)		2,130
	1,300	AVIC Electromechanical Systems Co. Ltd., Class A (Industrials)		2,450
	400	AVIC Jonhon Optronic Technology Co. Ltd., Class A (Information Technology)		4,249
	320	AVIC Shenyang Aircraft Co. Ltd., Class A (Industrials)		4,005
	974	AVIC Xi’an Aircraft Industry Group Co. Ltd., Class A (Industrials)		4,760
	10,542	BAIC Motor Corp. Ltd., Class H (Consumer Discretionary)(a)		3,778
	1,577	Baidu, Inc. ADR (Communication Services)*		447,016
	7,441	Bank of Beijing Co. Ltd., Class A (Financials)		5,478
	1,359	Bank of Chengdu Co. Ltd., Class A (Financials)		2,307
Common Stocks – (continued)
China – (continued)
	12,040	Bank of China Ltd., Class A (Financials)		6,020
	490,494	Bank of China Ltd., Class H (Financials)		171,984
	13,814	Bank of Communications Co. Ltd., Class A (Financials)		9,743
	42,612	Bank of Communications Co. Ltd., Class H (Financials)		24,060
	2,019	Bank of Hangzhou Co. Ltd., Class A (Financials)		4,992
	4,397	Bank of Jiangsu Co. Ltd., Class A (Financials)		3,902
	3,498	Bank of Nanjing Co. Ltd., Class A (Financials)		4,750
	2,114	Bank of Ningbo Co. Ltd., Class A (Financials)		13,082
	5,000	Bank of Shanghai Co. Ltd., Class A (Financials)		6,466
	1,846	Bank of Zhengzhou Co. Ltd., Class A (Financials)		1,091
	5,999	Baoshan Iron & Steel Co. Ltd., Class A (Materials)		6,962
	3,118	BBMG Corp., Class A (Materials)		1,376
	13,560	BBMG Corp., Class H (Materials)		2,814
	423	BeiGene Ltd. ADR (Health Care)*		135,360
	1,599	Beijing Dabeinong Technology Group Co. Ltd., Class A (Consumer Staples)		2,465
	1,000	Beijing Enlight Media Co. Ltd., Class A (Communication Services)		2,096
	2,813	Beijing Enterprises Holdings Ltd. (Utilities)		9,736
	24,122	Beijing Enterprises Water Group Ltd. (Utilities)*		9,546
	595	Beijing New Building Materials PLC, Class A (Industrials)		4,441
	838	Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A (Materials)		6,108
	1,199	Beijing Originwater Technology Co. Ltd., Class A (Industrials)		1,410
	240	Beijing Shiji Information Technology Co. Ltd., Class A (Information Technology)		1,301
	240	Beijing Shunxin Agriculture Co. Ltd., Class A (Consumer Staples)		2,022
	559	Beijing Sinnet Technology Co. Ltd., Class A (Information Technology)		1,643
	480	Beijing Tiantan Biological Products Corp. Ltd., Class A (Health Care)		2,599
	17,500	Beijing-Shanghai High Speed Railway Co. Ltd., Class A (Industrials)		15,340
	100	Betta Pharmaceuticals Co. Ltd., Class A (Health Care)		1,824
	80	BGI Genomics Co. Ltd., Class A (Health Care)		1,704
	1,167	Bilibili, Inc. ADR (Communication Services)*		147,007
	21,018	BOC Hong Kong Holdings Ltd. (Financials)		69,903
	12,096	BOE Technology Group Co. Ltd., Class A (Information Technology)		11,368

8 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)
	17,286	Brilliance China Automotive Holdings Ltd. (Consumer Discretionary)	$	15,509
	639	BYD Co. Ltd., Class A (Consumer Discretionary)		19,453
	4,038	BYD Co. Ltd., Class H (Consumer Discretionary)		102,650
	559	By-health Co. Ltd., Class A (Consumer Staples)		1,884
	1,359	Caitong Securities Co. Ltd., Class A (Financials)		2,355
	430	CanSino Biologics, Inc., Class H (Health Care)*(a)(b)		20,454
	100	Changchun High & New Technology Industry Group, Inc., Class A (Health Care)		6,496
	2,079	Changjiang Securities Co. Ltd., Class A (Financials)		2,326
	639	Chaozhou Three-Circle Group Co. Ltd., Class A (Information Technology)		3,688
	240	Chengdu Kanghong Pharmaceutical Group Co. Ltd., Class A (Health Care)		1,408
	96	China Biologic Products Holdings, Inc. (Health Care)*		11,476
	13,564	China Bohai Bank Co. Ltd., Class H (Financials)*(a)		7,484
	51,375	China Cinda Asset Management Co. Ltd., Class H (Financials)		10,199
	1,759	China CITIC Bank Corp. Ltd., Class A (Financials)		1,420
	55,886	China CITIC Bank Corp. Ltd., Class H (Financials)		26,368
	1,279	China Coal Energy Co. Ltd., Class A (Energy)		985
	12,281	China Coal Energy Co. Ltd., Class H (Energy)		5,050
	14,027	China Communications Services Corp. Ltd., Class H (Industrials)		6,618
	9,277	China Conch Venture Holdings Ltd. (Industrials)		41,258
	3,598	China Construction Bank Corp., Class A (Financials)		4,031
	544,122	China Construction Bank Corp., Class H (Financials)		436,989
	3,118	China Eastern Airlines Corp. Ltd., Class A (Industrials)		2,271
	9,257	China Eastern Airlines Corp. Ltd., Class H (Industrials)		4,224
	13,760	China Everbright Bank Co. Ltd., Class A (Financials)		8,706
	43,461	China Everbright Bank Co. Ltd., Class H (Financials)		18,825
	20,759	China Everbright Environment Group Ltd. (Industrials)		11,882
	11,349	China Evergrande Group (Real Estate)		23,232
	11,965	China Feihe Ltd. (Consumer Staples)(a)		32,776
	559	China Film Co. Ltd., Class A (Communication Services)		1,149
Common Stocks – (continued)
China – (continued)
	1,454	China Fortune Land Development Co. Ltd., Class A (Real Estate)		1,903
	1,279	China Galaxy Securities Co. Ltd., Class A (Financials)		2,126
	21,878	China Galaxy Securities Co. Ltd., Class H (Financials)		13,509
	1,759	China Gezhouba Group Co. Ltd., Class A (Industrials)		1,832
	639	China Great Wall Securities Co. Ltd., Class A (Financials)		1,094
	1,119	China Greatwall Technology Group Co. Ltd., Class A (Information Technology)		2,982
	16,382	China Hongqiao Group Ltd. (Materials)		20,316
	39,321	China Huarong Asset Management Co. Ltd., Class H (Financials)(a)		4,663
	8,136	China International Capital Corp. Ltd., Class H (Financials)*(a)		18,774
	559	China International Marine Containers Group Co. Ltd., Class A (Industrials)		1,241
	38,508	China Jinmao Holdings Group Ltd. (Real Estate)		16,034
	1,279	China Jushi Co. Ltd., Class A (Materials)		4,431
	719	China Life Insurance Co. Ltd., Class A (Financials)		3,679
	43,647	China Life Insurance Co. Ltd., Class H (Financials)		92,050
	2,033	China Literature Ltd. (Communication Services)*(a)		18,948
	18,620	China Longyuan Power Group Corp. Ltd., Class H (Utilities)		27,700
	15,870	China Mengniu Dairy Co. Ltd. (Consumer Staples)*		86,742
	7,260	China Merchants Bank Co. Ltd., Class A (Financials)		57,252
	24,125	China Merchants Bank Co. Ltd., Class H (Financials)		185,198
	2,238	China Merchants Energy Shipping Co. Ltd., Class A (Energy)		1,806
	8,023	China Merchants Port Holdings Co. Ltd. (Industrials)		11,687
	2,579	China Merchants Securities Co. Ltd., Class A (Financials)		8,669
	2,705	China Merchants Securities Co. Ltd., Class H (Financials)(a)		3,801
	2,318	China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A (Real Estate)		4,600
	12,481	China Minsheng Banking Corp. Ltd., Class A (Financials)		9,977
	40,458	China Minsheng Banking Corp. Ltd., Class H (Financials)		24,148
	6,217	China Molybdenum Co. Ltd., Class A (Materials)		6,428
	21,676	China Molybdenum Co. Ltd., Class H (Materials)		16,766
	22,692	China National Building Material Co. Ltd., Class H (Materials)		34,401
	160	China National Software & Service Co. Ltd., Class A (Information Technology)		1,437

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

GOLDMAN SACHS MARKETBETA EMERGING MARKETS EQUITY ETF

Schedule of Investments (continued)

February 28, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
China – (continued)
	1,359	China Northern Rare Earth Group High-Tech Co. Ltd., Class A (Materials)*	$	4,339
	28,237	China Overseas Land & Investment Ltd. (Real Estate)		71,490
	2,409	China Pacific Insurance Group Co. Ltd., Class A (Financials)		16,428
	15,296	China Pacific Insurance Group Co. Ltd., Class H (Financials)		70,295
	7,984	China Petroleum & Chemical Corp., Class A (Energy)		5,557
	146,407	China Petroleum & Chemical Corp., Class H (Energy)		80,967
	6,682	China Railway Group Ltd., Class A (Industrials)		5,888
	25,049	China Railway Group Ltd., Class H (Industrials)		13,239
	10,098	China Railway Signal & Communication Corp. Ltd., Class H (Information Technology)(a)		4,179
	39,576	China Reinsurance Group Corp., Class H (Financials)		4,388
	8,357	China Resources Beer Holdings Co. Ltd. (Consumer Staples)		63,022
	12,998	China Resources Cement Holdings Ltd. (Materials)		15,482
	5,228	China Resources Gas Group Ltd. (Utilities)		26,115
	16,906	China Resources Land Ltd. (Real Estate)		80,309
	9,166	China Resources Pharmaceutical Group Ltd. (Health Care)(a)		5,849
	10,434	China Resources Power Holdings Co. Ltd. (Utilities)		12,146
	400	China Satellite Communications Co. Ltd., Class A (Communication Services)		1,011
	1,889	China Shenhua Energy Co. Ltd., Class A (Energy)		5,174
	19,935	China Shenhua Energy Co. Ltd., Class H (Energy)		37,879
	2,718	China Southern Airlines Co. Ltd., Class A (Industrials)*		2,546
	9,040	China Southern Airlines Co. Ltd., Class H (Industrials)*		6,176
	8,530	China Taiping Insurance Holdings Co. Ltd. (Financials)		18,385
	552	China Tourism Group Duty Free Corp. Ltd., Class A (Consumer Discretionary)		26,230
	217,114	China Tower Corp. Ltd., Class H (Communication Services)(a)		32,466
	559	China TransInfo Technology Co. Ltd., Class A (Information Technology)		1,415
	3,484	China Vanke Co. Ltd., Class A (Real Estate)		17,797
	11,107	China Vanke Co. Ltd., Class H (Real Estate)		47,106
	6,596	China Yangtze Power Co. Ltd., Class A (Utilities)		20,104
	3,198	China Zheshang Bank Co. Ltd., Class A (Financials)		2,028
Common Stocks – (continued)
China – (continued)
	100	Chongqing Brewery Co. Ltd., Class A (Consumer Staples)		1,863
	3,007	Chongqing Changan Automobile Co. Ltd., Class A (Consumer Discretionary)*		8,423
	3,358	Chongqing Rural Commercial Bank Co. Ltd., Class A (Financials)		2,192
	13,996	Chongqing Rural Commercial Bank Co. Ltd., Class H (Financials)		6,170
	559	Chongqing Zhifei Biological Products Co. Ltd., Class A (Health Care)		15,052
	21,701	CIFI Holdings Group Co. Ltd. (Real Estate)		20,561
	37,317	CITIC Ltd. (Industrials)		31,605
	3,815	CITIC Securities Co. Ltd., Class A (Financials)		16,043
	13,364	CITIC Securities Co. Ltd., Class H (Financials)		28,804
	894	CNPC Capital Co. Ltd., Class A (Industrials)		908
	799	Contemporary Amperex Technology Co. Ltd., Class A (Industrials)		39,733
	1,199	COSCO SHIPPING Energy Transportation Co. Ltd., Class A (Energy)		1,171
	8,251	COSCO SHIPPING Energy Transportation Co. Ltd., Class H (Energy)		3,531
	2,478	COSCO SHIPPING Holdings Co. Ltd., Class A (Industrials)*		4,834
	15,406	COSCO SHIPPING Holdings Co. Ltd., Class H (Industrials)*		17,119
	52,889	Country Garden Holdings Co. Ltd. (Real Estate)		65,793
	8,611	Country Garden Services Holdings Co. Ltd. (Industrials)		70,821
	759	CSC Financial Co. Ltd., Class A (Financials)		4,137
	4,673	CSC Financial Co. Ltd., Class H (Financials)(a)		6,120
	1,332	Dada Nexus Ltd. ADR (Consumer Discretionary)*		47,233
	12,049	Dali Foods Group Co. Ltd. (Consumer Staples)(a)		7,331
	4,297	Daqin Railway Co. Ltd., Class A (Industrials)		4,330
	192	DaShenLin Pharmaceutical Group Co. Ltd., Class A (Consumer Staples)		2,550
	1,839	Datang International Power Generation Co. Ltd., Class A (Utilities)		656
	1,119	DHC Software Co. Ltd., Class A (Information Technology)		1,321
	240	Dong-E-E-Jiao Co. Ltd., Class A (Health Care)		1,314
	1,039	Dongfang Electric Corp. Ltd., Class A (Industrials)		1,900
	2,024	Dongfang Electric Corp. Ltd., Class H (Industrials)		1,795
	16,749	Dongfeng Motor Group Co. Ltd., Class H (Consumer Discretionary)		15,416

10 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)
	1,039	Dongxing Securities Co. Ltd., Class A (Financials)	$	1,839
	3,070	East Money Information Co. Ltd., Class A (Financials)		14,393
	4,450	ENN Energy Holdings Ltd. (Utilities)		68,207
	607	Eve Energy Co. Ltd., Class A (Industrials)		8,009
	1,439	Everbright Securities Co. Ltd., Class A (Financials)		3,420
	1,520	Everbright Securities Co. Ltd., Class H (Financials)(a)		1,303
	16,385	Evergrande Property Services Group Ltd. (Real Estate)*(a)		34,471
	1,455	Fangda Carbon New Material Co. Ltd., Class A (Industrials)*		1,731
	639	FAW Jiefang Group Co. Ltd., Class A (Consumer Discretionary)*		1,102
	400	Fiberhome Telecommunication Technologies Co. Ltd., Class A (Information Technology)		1,182
	1,500	First Capital Securities Co. Ltd., Class A (Financials)		1,836
	300	Flat Glass Group Co. Ltd., Class A (Information Technology)		1,498
	2,448	Flat Glass Group Co. Ltd., Class H (Information Technology)(b)		9,152
	5,166	Focus Media Information Technology Co. Ltd., Class A (Communication Services)		8,730
	541	Foshan Haitian Flavouring & Food Co. Ltd., Class A (Consumer Staples)		14,419
	2,398	Founder Securities Co. Ltd., Class A (Financials)*		3,183
	3,074	Foxconn Industrial Internet Co. Ltd., Class A (Information Technology)		6,551
	400	Fujian Sunner Development Co. Ltd., Class A (Consumer Staples)		1,778
	719	Fuyao Glass Industry Group Co. Ltd., Class A (Consumer Discretionary)		5,254
	2,966	Fuyao Glass Industry Group Co. Ltd., Class H (Consumer Discretionary)(a)		18,200
	400	Ganfeng Lithium Co. Ltd., Class A (Materials)		6,113
	1,128	Ganfeng Lithium Co. Ltd., Class H (Materials)(a)		14,490
	1,047	GDS Holdings Ltd. ADR (Information Technology)*		106,962
	1,679	Gemdale Corp., Class A (Real Estate)		3,286
	2,083	GF Securities Co. Ltd., Class A (Financials)		5,147
	7,863	GF Securities Co. Ltd., Class H (Financials)		11,150
	559	Giant Network Group Co. Ltd., Class A (Communication Services)		1,455
	160	Gigadevice Semiconductor Beijing, Inc., Class A (Information Technology)		4,753
	1,199	GoerTek, Inc., Class A (Information Technology)		5,921
	719	Great Wall Motor Co. Ltd., Class A (Consumer Discretionary)		3,481
Common Stocks – (continued)
China – (continued)
	17,958	Great Wall Motor Co. Ltd., Class H (Consumer Discretionary)		52,202
	2,216	Greenland Holdings Corp. Ltd., Class A (Real Estate)		1,925
	753	GSX Techedu, Inc. ADR (Consumer Discretionary)*		77,446
	559	Guangdong Haid Group Co. Ltd., Class A (Consumer Staples)		6,858
	16,447	Guangdong Investment Ltd. (Utilities)		29,428
	959	Guangzhou Automobile Group Co. Ltd., Class A (Consumer Discretionary)		1,564
	16,706	Guangzhou Automobile Group Co. Ltd., Class H (Consumer Discretionary)		15,506
	719	Guangzhou Baiyun International Airport Co. Ltd., Class A (Industrials)		1,462
	480	Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A (Health Care)		2,139
	1,309	Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class H (Health Care)		3,348
	100	Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A (Health Care)		2,113
	9,433	Guangzhou R&F Properties Co. Ltd., Class H (Real Estate)		12,598
	240	Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A (Information Technology)		4,716
	480	Guangzhou Yuexiu Financial Holdings Group Co. Ltd., Class A (Financials)		997
	1,519	Guosen Securities Co. Ltd., Class A (Financials)		2,858
	2,645	Guotai Junan Securities Co. Ltd., Class A (Financials)		6,800
	4,859	Guotai Junan Securities Co. Ltd., Class H (Financials)(a)		6,752
	1,479	Guoyuan Securities Co. Ltd., Class A (Financials)		1,824
	4,939	Haidilao International Holding Ltd. (Consumer Discretionary)(a)		40,525
	2,220	Haier Smart Home Co. Ltd., Class A (Consumer Discretionary)		9,908
	3,438	Haitong Securities Co. Ltd., Class A (Financials)		6,415
	17,550	Haitong Securities Co. Ltd., Class H (Financials)		16,040
	188	Han’s Laser Technology Industry Group Co. Ltd., Class A (Industrials)		1,251
	200	Hangzhou First Applied Material Co. Ltd., Class A (Information Technology)		2,782
	320	Hangzhou Robam Appliances Co. Ltd., Class A (Consumer Discretionary)		1,867
	142	Hangzhou Tigermed Consulting Co. Ltd., Class A (Health Care)		3,081
	733	Hangzhou Tigermed Consulting Co. Ltd., Class H (Health Care)*(a)		14,344
	5,296	Hansoh Pharmaceutical Group Co. Ltd. (Health Care)*(a)		26,967

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

GOLDMAN SACHS MARKETBETA EMERGING MARKETS EQUITY ETF

Schedule of Investments (continued)

February 28, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
China – (continued)
	799	Henan Shuanghui Investment & Development Co. Ltd., Class A (Consumer Staples)	$	5,677
	3,658	Hengan International Group Co. Ltd. (Consumer Staples)		25,322
	1,839	Hengli Petrochemical Co. Ltd., Class A (Materials)		10,257
	719	Hengtong Optic-electric Co. Ltd., Class A (Information Technology)		1,424
	1,351	Hengyi Petrochemical Co. Ltd., Class A (Materials)		3,747
	3,997	Hesteel Co. Ltd., Class A (Materials)*		1,363
	160	Hithink RoyalFlush Information Network Co. Ltd., Class A (Financials)		3,323
	400	Hongta Securities Co. Ltd., Class A (Financials)		892
	3,038	Huadian Power International Corp. Ltd., Class A (Utilities)		1,500
	10,390	Huadian Power International Corp. Ltd., Class H (Utilities)		2,853
	639	Huadong Medicine Co. Ltd., Class A (Health Care)		3,140
	639	Hualan Biological Engineering, Inc., Class A (Health Care)		4,219
	1,839	Huaneng Lancang River Hydropower, Inc., Class A (Utilities)		1,269
	2,558	Huaneng Power International, Inc., Class A (Utilities)		1,591
	24,455	Huaneng Power International, Inc., Class H (Utilities)		8,354
	2,589	Huatai Securities Co. Ltd., Class A (Financials)		6,860
	9,587	Huatai Securities Co. Ltd., Class H (Financials)(a)		14,262
	959	Huaxi Securities Co. Ltd., Class A (Financials)		1,496
	4,477	Huaxia Bank Co. Ltd., Class A (Financials)		4,311
	1,659	Huaxin Cement Co. Ltd., Class A (Materials)		5,732
	1,110	Huayu Automotive Systems Co. Ltd., Class A (Consumer Discretionary)		4,420
	855	Huazhu Group Ltd. ADR (Consumer Discretionary)*		49,710
	1,599	Hubei Biocause Pharmaceutical Co. Ltd., Class A (Financials)		990
	500	Humanwell Healthcare Group Co. Ltd., Class A (Health Care)		2,294
	312	Hundsun Technologies, Inc., Class A (Information Technology)		4,208
	475	HUYA, Inc. ADR (Communication Services)*(b)		12,516
	799	Iflytek Co. Ltd., Class A (Information Technology)		5,945
	19,565	Industrial & Commercial Bank of China Ltd., Class A (Financials)		16,214
	437,514	Industrial & Commercial Bank of China Ltd., Class H (Financials)		285,384
Common Stocks – (continued)
China – (continued)
	7,311	Industrial Bank Co. Ltd., Class A (Financials)		27,846
	2,558	Industrial Securities Co. Ltd., Class A (Financials)		3,581
	17,350	Inner Mongolia BaoTou Steel Union Co. Ltd., Class A (Materials)*		4,123
	3,038	Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A (Materials)		2,790
	2,141	Inner Mongolia Yili Industrial Group Co. Ltd., Class A (Consumer Staples)		14,280
	4,337	Innovent Biologics, Inc. (Health Care)*(a)		44,671
	1,896	iQIYI, Inc. ADR (Communication Services)*		48,026
	200	JA Solar Technology Co. Ltd., Class A (Information Technology)*		1,028
	304	Jafron Biomedical Co. Ltd., Class A (Health Care)		3,682
	2,252	JD Health International, Inc. (Consumer Discretionary)*(a)		41,165
	5,384	JD.com, Inc. ADR (Consumer Discretionary)*		505,396
	559	Jiangsu Expressway Co. Ltd., Class A (Industrials)		802
	7,168	Jiangsu Expressway Co. Ltd., Class H (Industrials)		8,325
	236	Jiangsu Hengli Hydraulic Co. Ltd., Class A (Industrials)		3,460
	1,876	Jiangsu Hengrui Medicine Co. Ltd., Class A (Health Care)		29,472
	400	Jiangsu King’s Luck Brewery JSC Ltd., Class A (Consumer Staples)		3,039
	320	Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A (Consumer Staples)		9,334
	320	Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A (Health Care)		1,387
	1,359	Jiangsu Zhongnan Construction Group Co. Ltd., Class A (Real Estate)		1,690
	1,119	Jiangsu Zhongtian Technology Co. Ltd., Class A (Industrials)		1,791
	719	Jiangxi Copper Co. Ltd., Class A (Materials)		3,096
	6,459	Jiangxi Copper Co. Ltd., Class H (Materials)		15,670
	959	Jiangxi Zhengbang Technology Co. Ltd., Class A (Consumer Staples)		2,451
	1,999	Jinke Properties Group Co. Ltd., Class A (Real Estate)		2,298
	639	Jointown Pharmaceutical Group Co. Ltd., Class A (Health Care)*		1,664
	240	Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A (Consumer Staples)		1,920
	290	JOYY, Inc. ADR (Communication Services)		34,191
	200	Juewei Food Co. Ltd., Class A (Consumer Staples)		2,680

12 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)
	5,167	KE Holdings, Inc. ADR (Real Estate)*	$	329,810
	16,257	Kingdee International Software Group Co. Ltd. (Information Technology)*		58,365
	1,253	Kingsoft Cloud Holdings Ltd. ADR (Information Technology)*		73,777
	4,796	Kingsoft Corp. Ltd. (Information Technology)		33,633
	700	Kuang-Chi Technologies Co. Ltd., Class A (Consumer Discretionary)*		2,374
	21,545	Kunlun Energy Co. Ltd. (Utilities)		19,803
	387	Kweichow Moutai Co. Ltd., Class A (Consumer Staples)		126,780
	6,958	KWG Group Holdings Ltd. (Real Estate)		10,548
	6,071	Legend Holdings Corp., Class H (Information Technology)(a)		9,063
	41,115	Lenovo Group Ltd. (Information Technology)		51,994
	1,328	Lens Technology Co. Ltd., Class A (Information Technology)		6,404
	639	Lepu Medical Technology Beijing Co. Ltd., Class A (Health Care)		3,139
	4,217	Li Auto, Inc. ADR (Consumer Discretionary)*(b)		106,985
	13,459	Li Ning Co. Ltd. (Consumer Discretionary)		75,646
	2,157	Lingyi iTech Guangdong Co., Class A (Information Technology)		3,385
	160	Livzon Pharmaceutical Group, Inc., Class A (Health Care)		919
	915	Livzon Pharmaceutical Group, Inc., Class H (Health Care)		3,362
	7,331	Logan Group Co. Ltd. (Real Estate)		11,416
	639	Lomon Billions Group Co. Ltd., Class A (Materials)		3,982
	9,845	Longfor Group Holdings Ltd. (Real Estate)(a)		58,379
	1,327	LONGi Green Energy Technology Co. Ltd., Class A (Information Technology)		21,392
	14,443	Lufax Holding Ltd. ADR (Financials)*		216,934
	2,462	Luxshare Precision Industry Co. Ltd., Class A (Information Technology)		17,668
	516	Luzhou Laojiao Co. Ltd., Class A (Consumer Staples)		18,730
	559	Mango Excellent Media Co. Ltd., Class A (Communication Services)		5,534
	1,439	Meinian Onehealth Healthcare Holdings Co. Ltd., Class A (Health Care)*		3,553
	14,461	Meituan, Class B (Consumer Discretionary)*(a)		633,817
	6,796	Metallurgical Corp. of China Ltd., Class A (Industrials)		3,472
	4,688	Microport Scientific Corp. (Health Care)(b)		27,588
	1,764	Ming Yuan Cloud Group Holdings Ltd. (Information Technology)*		9,983
	1,316	MINISO Group Holding Ltd. ADR (Consumer Discretionary)*(b)		35,098
	953	Momo, Inc. ADR (Communication Services)		15,096
Common Stocks – (continued)
China – (continued)
	1,319	Muyuan Foods Co. Ltd., Class A (Consumer Staples)		23,185
	800	NanJi E-Commerce Co. Ltd., Class A (Communication Services)		1,306
	208	Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd., Class A (Health Care)		1,329
	1,199	Nanjing Securities Co. Ltd., Class A (Financials)		1,943
	1,450	NARI Technology Co. Ltd., Class A (Industrials)		6,353
	160	NAURA Technology Group Co. Ltd., Class A (Information Technology)		4,430
	719	NavInfo Co. Ltd., Class A (Consumer Discretionary)		1,812
	2,239	NetEase, Inc. ADR (Communication Services)		245,954
	639	New China Life Insurance Co. Ltd., Class A (Financials)		5,137
	5,637	New China Life Insurance Co. Ltd., Class H (Financials)		21,509
	1,599	New Hope Liuhe Co. Ltd., Class A (Consumer Staples)		5,940
	879	New Oriental Education & Technology Group, Inc. ADR (Consumer Discretionary)*		156,128
	400	Ninestar Corp., Class A (Information Technology)		1,694
	300	Ningbo Tuopu Group Co. Ltd., Class A (Consumer Discretionary)		1,730
	1,956	Ningbo Zhoushan Port Co. Ltd., Class A (Industrials)		1,210
	800	Ningxia Baofeng Energy Group Co. Ltd., Class A (Materials)		2,158
	7,538	NIO, Inc. ADR (Consumer Discretionary)*		345,090
	9,558	Nongfu Spring Co. Ltd., Class H (Consumer Staples)*(a)(b)		63,454
	1,119	Oceanwide Holdings Co. Ltd., Class A (Financials)		522
	719	Offcn Education Technology Co. Ltd., Class A (Consumer Discretionary)		3,615
	1,039	OFILM Group Co. Ltd., Class A (Information Technology)		1,703
	2,282	OneConnect Financial Technology Co. Ltd. ADR (Information Technology)*		41,601
	112	Oppein Home Group, Inc., Class A (Consumer Discretionary)		2,619
	2,238	Orient Securities Co. Ltd., Class A (Financials)		3,312
	5,213	Orient Securities Co. Ltd., Class H (Financials)(a)		3,394
	1,279	Oriental Pearl Group Co. Ltd., Class A (Communication Services)		1,703
	1,619	People’s Insurance Co. Group of China Ltd. (The), Class A (Financials)		1,532
	48,829	People’s Insurance Co. Group of China Ltd. (The), Class H (Financials)		15,170

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

GOLDMAN SACHS MARKETBETA EMERGING MARKETS EQUITY ETF

Schedule of Investments (continued)

February 28, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
China – (continued)
	720	Perfect World Co. Ltd., Class A (Communication Services)	$	2,622
	5,754	PetroChina Co. Ltd., Class A (Energy)		3,872
	122,048	PetroChina Co. Ltd., Class H (Energy)		43,738
	80	Pharmaron Beijing Co. Ltd., Class A (Health Care)		1,571
	722	Pharmaron Beijing Co. Ltd., Class H (Health Care)(a)		12,341
	40,468	PICC Property & Casualty Co. Ltd., Class H (Financials)		30,622
	502	Pinduoduo, Inc. ADR (Consumer Discretionary)*		85,922
	6,830	Ping An Bank Co. Ltd., Class A (Financials)		22,535
	2,428	Ping An Healthcare and Technology Co. Ltd. (Health Care)*(a)		35,087
	3,812	Ping An Insurance Group Co. of China Ltd., Class A (Financials)		50,110
	34,969	Ping An Insurance Group Co. of China Ltd., Class H (Financials)		429,598
	4,212	Poly Developments and Holdings Group Co. Ltd., Class A (Real Estate)		10,101
	874	Poly Property Services Co. Ltd. (Real Estate)		5,752
	3,702	Postal Savings Bank of China Co. Ltd., Class A (Financials)		3,496
	75,803	Postal Savings Bank of China Co. Ltd., Class H (Financials)(a)		56,383
	5,197	Power Construction Corp. of China Ltd., Class A (Industrials)		3,104
	352	Red Star Macalline Group Corp. Ltd., Class A (Real Estate)		485
	1,599	RiseSun Real Estate Development Co. Ltd., Class A (Real Estate)		1,639
	1,619	Rongsheng Petro Chemical Co. Ltd., Class A (Materials)		8,408
	2,096	SAIC Motor Corp. Ltd., Class A (Consumer Discretionary)		6,874
	1,519	Sanan Optoelectronics Co. Ltd., Class A (Information Technology)		7,019
	80	Sangfor Technologies, Inc., Class A (Information Technology)		3,275
	2,984	Sany Heavy Industry Co. Ltd., Class A (Industrials)		18,931
	1,119	SDIC Capital Co. Ltd., Class A (Financials)		2,114
	2,558	SDIC Power Holdings Co. Ltd., Class A (Utilities)		3,296
	11,487	Seazen Group Ltd. (Real Estate)*		13,919
	658	Seazen Holdings Co. Ltd., Class A (Real Estate)		5,174
	1,039	SF Holding Co. Ltd., Class A (Industrials)		16,830
	2,293	Shaanxi Coal Industry Co. Ltd., Class A (Energy)		3,793
	1,342	Shandong Gold Mining Co. Ltd., Class A (Materials)		4,600
Common Stocks – (continued)
China – (continued)
	3,541	Shandong Gold Mining Co. Ltd., Class H (Materials)(a)		7,148
	13,828	Shandong Weigao Group Medical Polymer Co. Ltd., Class H (Health Care)		23,744
	979	Shanghai Baosight Software Co. Ltd., Class A (Information Technology)		8,651
	3,038	Shanghai Electric Group Co. Ltd., Class A (Industrials)*		2,616
	15,372	Shanghai Electric Group Co. Ltd., Class H (Industrials)*		5,846
	719	Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A (Health Care)		5,109
	2,989	Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H (Health Care)(b)		14,102
	620	Shanghai International Airport Co. Ltd., Class A (Industrials)		5,921
	3,118	Shanghai International Port Group Co. Ltd., Class A (Industrials)		2,295
	403	Shanghai Junshi Biosciences Co. Ltd., Class H (Health Care)*(a)		4,130
	320	Shanghai Lingang Holdings Corp. Ltd., Class A (Real Estate)		953
	473	Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class A (Real Estate)		774
	320	Shanghai M&G Stationery, Inc., Class A (Industrials)		3,835
	719	Shanghai Pharmaceuticals Holding Co. Ltd., Class A (Health Care)		2,271
	5,027	Shanghai Pharmaceuticals Holding Co. Ltd., Class H (Health Care)		9,215
	10,515	Shanghai Pudong Development Bank Co. Ltd., Class A (Financials)		17,104
	100	Shanghai Putailai New Energy Technology Co. Ltd., Class A (Materials)		1,353
	2,279	Shanghai RAAS Blood Products Co. Ltd., Class A (Health Care)		2,687
	1,439	Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A (Consumer Discretionary)		2,247
	1,359	Shanxi Meijin Energy Co. Ltd., Class A (Energy)*		1,518
	2,159	Shanxi Taigang Stainless Steel Co. Ltd., Class A (Materials)		1,286
	240	Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A (Consumer Staples)		11,597
	799	Shengyi Technology Co. Ltd., Class A (Information Technology)		3,019
	112	Shennan Circuits Co. Ltd., Class A (Information Technology)		1,901
	7,102	Shenwan Hongyuan Group Co. Ltd., Class A (Financials)		5,261
	4,257	Shenwan Hongyuan Group Co. Ltd., Class H (Financials)(a)		1,218
	80	Shenzhen Goodix Technology Co. Ltd., Class A (Information Technology)		1,705
	240	Shenzhen Hepalink Pharmaceutical Group Co. Ltd., Class A (Health Care)		704

14 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)
	1,035	Shenzhen Hepalink Pharmaceutical Group Co. Ltd., Class H (Health Care)*(a)	$	1,710
	605	Shenzhen Inovance Technology Co. Ltd., Class A (Industrials)		7,963
	6,752	Shenzhen International Holdings Ltd. (Industrials)		11,176
	240	Shenzhen Kangtai Biological Products Co. Ltd., Class A (Health Care)		5,669
	320	Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A (Health Care)		20,642
	3,118	Shenzhen Overseas Chinese Town Co. Ltd., Class A (Consumer Discretionary)		3,888
	320	Shenzhen Sunway Communication Co. Ltd., Class A (Information Technology)		1,674
	4,647	Shenzhou International Group Holdings Ltd. (Consumer Discretionary)		96,506
	978	Sichuan Chuantou Energy Co. Ltd., Class A (Utilities)		1,619
	480	Sichuan Kelun Pharmaceutical Co. Ltd., Class A (Health Care)		1,607
	1,119	Sinolink Securities Co. Ltd., Class A (Financials)		2,228
	1,999	Sinopec Oilfield Service Corp., Class A (Energy)*		617
	1,679	Sinopec Shanghai Petrochemical Co. Ltd., Class A (Materials)		959
	19,262	Sinopec Shanghai Petrochemical Co. Ltd., Class H (Materials)		4,718
	7,987	Sinopharm Group Co. Ltd., Class H (Health Care)		18,698
	1,150	Sinotrans Ltd., Class A (Industrials)		802
	11,561	Sinotrans Ltd., Class H (Industrials)		4,158
	3,887	Sinotruk Hong Kong Ltd. (Industrials)		12,402
	4,035	Smoore International Holdings Ltd. (Consumer Staples)*(a)		32,744
	863	Songcheng Performance Development Co. Ltd., Class A (Consumer Discretionary)		2,684
	1,439	SooChow Securities Co. Ltd., Class A (Financials)		1,901
	320	Spring Airlines Co. Ltd., Class A (Industrials)		3,042
	500	STO Express Co. Ltd., Class A (Industrials)		784
	14,813	Sunac China Holdings Ltd. (Real Estate)		63,397
	3,617	Sunac Services Holdings Ltd. (Real Estate)*(a)		11,657
	3,198	Suning.com Co. Ltd., Class A (Consumer Discretionary)		3,455
	3,932	Sunny Optical Technology Group Co. Ltd. (Information Technology)		98,334
	500	Sunwoda Electronic Co. Ltd., Class A (Industrials)		1,908
	559	Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A (Information Technology)		1,865
	959	Suzhou Gold Mantis Construction Decoration Co. Ltd., Class A (Industrials)		1,424
Common Stocks – (continued)
China – (continued)
	2,298	TAL Education Group ADR (Consumer Discretionary)*		178,187
	1,359	TBEA Co. Ltd., Class A (Industrials)		2,544
	5,117	TCL Technology Group Corp., Class A (Consumer Discretionary)		6,499
	33,995	Tencent Holdings Ltd. (Communication Services)		2,903,271
	3,553	Tencent Music Entertainment Group ADR (Communication Services)*		91,383
	2,478	Tianfeng Securities Co. Ltd., Class A (Financials)		1,985
	1,039	Tianjin Zhonghuan Semiconductor Co. Ltd., Class A (Information Technology)		4,214
	719	Tianma Microelectronics Co. Ltd., Class A (Information Technology)		1,667
	10,766	Tingyi Cayman Islands Holding Corp. (Consumer Staples)		21,623
	160	Toly Bread Co. Ltd., Class A (Consumer Staples)		1,381
	3,656	Tongcheng-Elong Holdings Ltd. (Consumer Discretionary)*		8,587
	719	Tonghua Dongbao Pharmaceutical Co. Ltd., Class A (Health Care)		1,359
	739	Tongkun Group Co. Ltd., Class A (Materials)		2,921
	1,599	Tongwei Co. Ltd., Class A (Consumer Staples)		11,593
	80	Topchoice Medical Corp., Class A (Health Care)*		3,272
	7,840	Topsports International Holdings Ltd. (Consumer Discretionary)(a)		11,521
	5,568	TravelSky Technology Ltd., Class H (Information Technology)		14,054
	3,324	Trip.com Group Ltd. ADR (Consumer Discretionary)*		131,132
	240	Tsingtao Brewery Co. Ltd., Class A (Consumer Staples)		2,949
	2,587	Tsingtao Brewery Co. Ltd., Class H (Consumer Staples)		21,227
	200	Unigroup Guoxin Microelectronics Co. Ltd., Class A (Information Technology)		3,426
	7,347	Uni-President China Holdings Ltd. (Consumer Staples)		8,827
	1,006	Unisplendour Corp. Ltd., Class A (Information Technology)		3,336
	400	Universal Scientific Industrial Shanghai Co. Ltd., Class A (Information Technology)		1,222
	178	Venustech Group, Inc., Class A (Information Technology)		850
	3,211	Vipshop Holdings Ltd. ADR (Consumer Discretionary)*		119,835
	559	Walvax Biotechnology Co. Ltd., Class A (Health Care)		3,952
	1,105	Wanhua Chemical Group Co. Ltd., Class A (Materials)		22,305
	26,840	Want Want China Holdings Ltd. (Consumer Staples)		19,376

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

GOLDMAN SACHS MARKETBETA EMERGING MARKETS EQUITY ETF

Schedule of Investments (continued)

February 28, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
China – (continued)
	382	Weibo Corp. ADR (Communication Services)*	$	21,075
	2,108	Weichai Power Co. Ltd., Class A (Industrials)		7,173
	11,397	Weichai Power Co. Ltd., Class H (Industrials)		33,351
	2,243	Wens Foodstuffs Group Co. Ltd., Class A (Consumer Staples)		6,290
	1,279	Western Securities Co. Ltd., Class A (Financials)		1,865
	240	Will Semiconductor Co. Ltd., Class A (Information Technology)		10,481
	400	Wingtech Technology Co. Ltd., Class A (Information Technology)		6,224
	726	Winning Health Technology Group Co. Ltd., Class A (Health Care)		1,883
	408	Wuhan Guide Infrared Co. Ltd., Class A (Information Technology)		2,473
	799	Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd., Class A (Communication Services)		3,471
	1,366	Wuliangye Yibin Co. Ltd., Class A (Consumer Staples)		59,026
	639	WUS Printed Circuit Kunshan Co. Ltd., Class A (Information Technology)		1,708
	751	WuXi AppTec Co. Ltd., Class A (Health Care)		16,652
	1,573	WuXi AppTec Co. Ltd., Class H (Health Care)(a)		32,789
	18,307	Wuxi Biologics Cayman, Inc. (Health Care)*(a)		226,674
	320	Wuxi Lead Intelligent Equipment Co. Ltd., Class A (Information Technology)		4,143
	2,958	XCMG Construction Machinery Co. Ltd., Class A (Industrials)		3,195
	3,278	Xinhu Zhongbao Co. Ltd., Class A (Real Estate)		1,583
	1,279	Xinjiang Goldwind Science & Technology Co. Ltd., Class A (Industrials)		2,990
	4,538	Xinjiang Goldwind Science & Technology Co. Ltd., Class H (Industrials)		9,711
	24,525	Xinyi Solar Holdings Ltd. (Information Technology)		51,533
	2,810	XPeng, Inc. ADR (Consumer Discretionary)*		95,849
	1,519	Yango Group Co. Ltd., Class A (Real Estate)		1,493
	799	Yanzhou Coal Mining Co. Ltd., Class A (Energy)		1,189
	8,058	Yanzhou Coal Mining Co. Ltd., Class H (Energy)		7,469
	2,494	Yatsen Holding Ltd. ADR (Consumer Staples)*		43,720
	240	Yealink Network Technology Corp. Ltd., Class A (Information Technology)		2,805
	112	Yifeng Pharmacy Chain Co. Ltd., Class A (Consumer Staples)		1,523
Common Stocks – (continued)
China – (continued)
	2,515	Yihai International Holding Ltd. (Consumer Staples)*		34,431
	3,598	Yonghui Superstores Co. Ltd., Class A (Consumer Staples)		4,003
	1,143	Yonyou Network Technology Co. Ltd., Class A (Information Technology)		6,509
	819	YTO Express Group Co. Ltd., Class A (Industrials)		1,460
	727	Yunda Holding Co. Ltd., Class A (Industrials)		1,884
	354	Yunnan Baiyao Group Co. Ltd., Class A (Health Care)		7,146
	240	Yunnan Energy New Material Co. Ltd., Class A (Materials)		3,926
	510	Zai Lab Ltd. ADR (Health Care)*		75,235
	160	Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A (Health Care)		7,346
	2,130	Zhejiang Century Huatong Group Co. Ltd., Class A (Communication Services)*		2,064
	799	Zhejiang Chint Electrics Co. Ltd., Class A (Industrials)		4,224
	1,119	Zhejiang Dahua Technology Co. Ltd., Class A (Information Technology)		3,618
	100	Zhejiang Dingli Machinery Co. Ltd., Class A (Industrials)		1,772
	8,410	Zhejiang Expressway Co. Ltd., Class H (Industrials)		7,340
	527	Zhejiang Huahai Pharmaceutical Co. Ltd., Class A (Health Care)		2,298
	400	Zhejiang Huayou Cobalt Co. Ltd., Class A (Materials)*		5,515
	1,199	Zhejiang Longsheng Group Co. Ltd., Class A (Materials)		3,060
	799	Zhejiang NHU Co. Ltd., Class A (Health Care)		5,347
	1,264	Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A (Industrials)		4,717
	559	Zhejiang Semir Garment Co. Ltd., Class A (Consumer Discretionary)		796
	80	Zhejiang Supor Co. Ltd., Class A (Consumer Discretionary)		930
	799	Zhengzhou Yutong Bus Co. Ltd., Class A (Industrials)		1,872
	1,259	Zheshang Securities Co. Ltd., Class A (Financials)		2,444
	6,291	ZhongAn Online P&C Insurance Co. Ltd., Class H (Financials)*(a)(b)		42,292
	240	Zhongji Innolight Co. Ltd., Class A (Information Technology)		1,700
	1,700	Zhongjin Gold Corp. Ltd., Class A (Materials)		2,445
	3,014	Zhongsheng Group Holdings Ltd. (Consumer Discretionary)		18,650
	2,638	Zhongtian Financial Group Co. Ltd., Class A (Real Estate)*		1,156
	3,210	Zhuzhou CRRC Times Electric Co. Ltd., Class H (Industrials)		13,966

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)
	6,912	Zijin Mining Group Co. Ltd., Class A (Materials)	$	13,003
	33,533	Zijin Mining Group Co. Ltd., Class H (Materials)		49,712
	2,300	Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A (Industrials)		5,104
	8,112	Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H (Industrials)		12,360
	1,358	ZTE Corp., Class A (Information Technology)		6,656
	4,431	ZTE Corp., Class H (Information Technology)		11,298
	3,108	ZTO Express Cayman, Inc. ADR (Industrials)		104,864
				17,998,722
Colombia – 0.1%
	1,350	Bancolombia SA (Financials)		11,722
	21,251	Ecopetrol SA (Energy)		13,223
	2,493	Interconexion Electrica SA ESP (Utilities)		16,408
				41,353
Czech Republic – 0.1%
	938	CEZ AS (Utilities)		23,010
	441	Komercni banka AS (Financials)*		13,865
				36,875
Egypt – 0.1%
	4,636	Abou Kir Fertilizers & Chemical Industries (Materials)		6,555
	8,610	Commercial International Bank Egypt SAE (Financials)		34,199
	5,723	Eastern Co. SAE (Consumer Staples)		5,413
	3,550	Egyptian Financial Group-Hermes Holding Co. (Financials)*		3,527
	4,497	ElSewedy Electric Co. (Industrials)		2,730
	3,181	Fawry for Banking & Payment Technology Services SAE (Information Technology)*		9,770
	6,412	Talaat Moustafa Group (Real Estate)		2,810
	2,171	Telecom Egypt Co. (Communication Services)		1,625
				66,629
Greece – 0.2%
	14,858	Eurobank Ergasias Services and Holdings SA (Financials)*		10,475
	1,408	Hellenic Telecommunications Organization SA (Communication Services)		21,773
	613	JUMBO SA (Consumer Discretionary)		10,134
	502	LAMDA Development SA (Real Estate)*		4,180
	380	Motor Oil Hellas Corinth Refineries SA (Energy)		5,249
	616	Mytilineos SA (Industrials)		9,533
	3,198	National Bank of Greece SA (Financials)*		8,152
	1,169	OPAP SA (Consumer Discretionary)		15,807
Common Stocks – (continued)
Greece – (continued)
	675	Public Power Corp. SA (Utilities)*		7,292
	306	Terna Energy SA (Utilities)		4,494
				97,089
Hungary – 0.2%
	2,770	MOL Hungarian Oil & Gas PLC (Energy)*		20,005
	1,291	OTP Bank Nyrt (Financials)*		59,029
				79,034
India – 8.2%
	252	ABB India Ltd. (Industrials)		5,240
	264	ACC Ltd. (Materials)		6,227
	720	Adani Enterprises Ltd. (Industrials)		8,168
	1,958	Adani Green Energy Ltd. (Utilities)*		30,904
	3,430	Adani Ports & Special Economic Zone Ltd. (Industrials)		31,548
	148	Alkem Laboratories Ltd. (Health Care)		5,482
	3,529	Ambuja Cements Ltd. (Materials)		13,134
	1,688	Asian Paints Ltd. (Materials)		52,309
	1,338	Aurobindo Pharma Ltd. (Health Care)		15,571
	912	Avenue Supermarts Ltd. (Consumer Staples)*(a)		37,160
	13,288	Axis Bank Ltd. (Financials)*		131,063
	407	Bajaj Auto Ltd. (Consumer Discretionary)		21,039
	1,060	Bajaj Finance Ltd. (Financials)		75,945
	224	Bajaj Finserv Ltd. (Financials)		29,411
	157	Bajaj Holdings & Investment Ltd. (Financials)		7,756
	2,308	Bandhan Bank Ltd. (Financials)*(a)		10,844
	5,420	Bank of Baroda (Financials)*		6,299
	1,392	Berger Paints India Ltd. (Materials)		12,878
	3,430	Bharat Electronics Ltd. (Industrials)		6,399
	3,977	Bharat Petroleum Corp. Ltd. (Energy)		24,346
	14,006	Bharti Airtel Ltd. (Communication Services)		106,029
	1,689	Biocon Ltd. (Health Care)*		8,968
	40	Bosch Ltd. (Consumer Discretionary)		8,086
	339	Britannia Industries Ltd. (Consumer Staples)		15,518
	1,298	Cadila Healthcare Ltd. (Health Care)		7,687
	1,892	Cipla Ltd. (Health Care)		20,264
	8,831	Coal India Ltd. (Energy)		18,291
	383	Colgate-Palmolive India Ltd. (Consumer Staples)		8,241
	1,215	Container Corp. Of India Ltd. (Industrials)		9,223
	3,110	Dabur India Ltd. (Consumer Staples)		21,292
	467	Divi’s Laboratories Ltd. (Health Care)*		21,373
	3,485	DLF Ltd. (Real Estate)		14,346
	478	Dr. Reddy’s Laboratories Ltd. (Health Care)		28,794
	689	Eicher Motors Ltd. (Consumer Discretionary)		23,427
	5,400	Embassy Office Parks REIT (Real Estate)		23,564
	6,349	GAIL India Ltd. (Utilities)		12,251
	2,115	Godrej Consumer Products Ltd. (Consumer Staples)*		19,756

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

GOLDMAN SACHS MARKETBETA EMERGING MARKETS EQUITY ETF

Schedule of Investments (continued)

February 28, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
India – (continued)
	1,891	Grasim Industries Ltd. (Materials)	$	30,900
	1,004	Havells India Ltd. (Industrials)		15,105
	5,931	HCL Technologies Ltd. (Information Technology)		73,402
	263	HDFC Asset Management Co. Ltd. (Financials)(a)		10,511
	2,844	HDFC Life Insurance Co. Ltd. (Financials)*(a)		27,116
	292	Hero MotoCorp Ltd. (Consumer Discretionary)		12,811
	5,271	Hindalco Industries Ltd. (Materials)		24,406
	3,567	Hindustan Petroleum Corp. Ltd. (Energy)		11,769
	4,688	Hindustan Unilever Ltd. (Consumer Staples)		136,015
	8,912	Housing Development Finance Corp. Ltd. (Financials)		307,969
	9,921	ICICI Bank Ltd. (Financials)*		80,701
	1,007	ICICI Lombard General Insurance Co. Ltd. (Financials)*(a)		19,541
	2,058	ICICI Prudential Life Insurance Co. Ltd. (Financials)*(a)		12,926
	9,963	Indian Oil Corp. Ltd. (Energy)		13,294
	1,232	Indraprastha Gas Ltd. (Utilities)		8,248
	1,683	Indus Towers Ltd. (Communication Services)		5,904
	377	Info Edge India Ltd. (Communication Services)*		25,192
	18,996	Infosys Ltd. (Information Technology)		323,980
	542	InterGlobe Aviation Ltd. (Industrials)*(a)		11,948
	17,322	ITC Ltd. (Consumer Staples)		48,052
	4,795	JSW Steel Ltd. (Materials)		25,804
	759	Kansai Nerolac Paints Ltd. (Materials)		5,773
	247	Larsen & Toubro Infotech Ltd. (Information Technology)(a)		12,100
	1,977	Larsen & Toubro Ltd. (Industrials)		38,808
	1,205	Lupin Ltd. (Health Care)		16,699
	3,573	Mahindra & Mahindra Ltd. (Consumer Discretionary)		39,209
	2,698	Marico Ltd. (Consumer Staples)		14,596
	709	Maruti Suzuki India Ltd. (Consumer Discretionary)		66,246
	4,445	Motherson Sumi Systems Ltd. (Consumer Discretionary)		12,945
	6	MRF Ltd. (Consumer Discretionary)		6,899
	565	Muthoot Finance Ltd. (Financials)		9,993
	136	Nestle India Ltd. (Consumer Staples)		29,800
	7,880	NHPC Ltd. (Utilities)		2,590
	2,743	NMDC Ltd. (Materials)*		4,741
	14,138	NTPC Ltd. (Utilities)		20,644
	13,697	Oil & Natural Gas Corp. Ltd. (Energy)		20,690
	107	Oracle Financial Services Software Ltd. (Information Technology)		4,432
	31	Page Industries Ltd. (Consumer Discretionary)		11,847
	3,582	Petronet LNG Ltd. (Energy)		12,437
	361	PI Industries Ltd. (Materials)		10,695
	726	Pidilite Industries Ltd. (Materials)		16,656
Common Stocks – (continued)
India – (continued)
	546	Piramal Enterprises Ltd. (Financials)		13,591
	3,716	Power Finance Corp. Ltd. (Financials)*		6,270
	9,206	Power Grid Corp. of India Ltd. (Utilities)		26,847
	11,902	Punjab National Bank (Financials)*		6,616
	4,054	REC Ltd. (Financials)		7,475
	18,220	Reliance Industries Ltd. (Energy)		517,157
	1,701	SBI Cards & Payment Services Ltd. (Financials)		24,736
	1,429	SBI Life Insurance Co. Ltd. (Financials)*(a)		16,858
	51	Shree Cement Ltd. (Materials)*		18,393
	372	Siemens Ltd. (Industrials)		9,365
	10,470	State Bank of India (Financials)*		55,588
	5,418	Sun Pharmaceutical Industries Ltd. (Health Care)		43,839
	5,274	Tata Consultancy Services Ltd. (Information Technology)		207,723
	1,925	Tata Consumer Products Ltd. (Consumer Staples)		15,957
	6,342	Tata Motors Ltd. (Consumer Discretionary)*		27,872
	2,426	Tata Motors Ltd., Class A (Consumer Discretionary)*		4,249
	1,614	Tata Steel Ltd. (Materials)		15,707
	2,724	Tech Mahindra Ltd. (Information Technology)		34,061
	1,823	Titan Co. Ltd. (Consumer Discretionary)		34,902
	238	Torrent Pharmaceuticals Ltd. (Health Care)		7,864
	636	UltraTech Cement Ltd. (Materials)		52,924
	386	United Breweries Ltd. (Consumer Staples)		6,100
	1,782	United Spirits Ltd. (Consumer Staples)*		12,976
	3,213	UPL Ltd. (Materials)		24,553
	8,144	Vedanta Ltd. (Materials)		22,974
	7,396	Wipro Ltd. (Information Technology)		41,295
	63,419	Yes Bank Ltd. (Financials)*		13,593
				3,751,712
Indonesia – 1.3%
	83,417	Adaro Energy Tbk PT (Energy)		6,912
	118,270	Astra International Tbk PT (Consumer Discretionary)		44,849
	64,899	Bank Central Asia Tbk PT (Financials)		152,905
	103,857	Bank Mandiri Persero Tbk PT (Financials)*		44,854
	43,737	Bank Negara Indonesia Persero Tbk PT (Financials)		18,275
	289,482	Bank Rakyat Indonesia Persero Tbk PT (Financials)*		95,749
	143,903	Barito Pacific Tbk PT (Materials)*		11,116
	8,104	Chandra Asri Petrochemical Tbk PT (Materials)*		5,549
	43,411	Charoen Pokphand Indonesia Tbk PT (Consumer Staples)		18,748
	2,684	Gudang Garam Tbk PT (Consumer Staples)*		6,880

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)
Indonesia – (continued)
	15,269	Indah Kiat Pulp & Paper Corp. Tbk PT (Materials)	$	14,127
	10,770	Indocement Tunggal Prakarsa Tbk PT (Materials)		9,454
	13,316	Indofood CBP Sukses Makmur Tbk PT (Consumer Staples)		8,019
	26,168	Indofood Sukses Makmur Tbk PT (Consumer Staples)		11,118
	119,452	Kalbe Farma Tbk PT (Health Care)		12,331
	144,282	Sarana Menara Nusantara Tbk PT (Communication Services)		12,817
	17,351	Semen Indonesia Persero Tbk PT (Materials)		12,428
	278,364	Telkom Indonesia Persero Tbk PT (Communication Services)		68,223
	34,087	Unilever Indonesia Tbk PT (Consumer Staples)		16,756
	8,996	United Tractors Tbk PT (Energy)		14,246
				585,356
Kuwait – 0.5%
	5,247	Agility Public Warehousing Co. KSC (Industrials)		11,442
	5,392	Boubyan Bank KSCP (Financials)		9,834
	23,015	Kuwait Finance House KSCP (Financials)		54,905
	19,822	Mobile Telecommunications Co. KSCP (Communication Services)		41,065
	37,274	National Bank of Kuwait SAKP (Financials)		101,606
				218,852
Luxembourg – 0.0%
	904	Reinet Investments SCA (Financials)		16,868
Mexico – 1.7%
	29,227	Alfa SAB de CV, Class A (Industrials)		15,920
	177,157	America Movil SAB de CV, Series L (Communication Services)		113,442
	2,626	Arca Continental SAB de CV (Consumer Staples)		11,902
	3,215	Becle SAB de CV (Consumer Staples)		6,634
	88,510	Cemex SAB de CV, Series CPO (Materials)*		59,005
	3,136	Coca-Cola Femsa SAB de CV (Consumer Staples)		13,166
	29,227	Controladora Nemak SAB de CV (Consumer Discretionary)*		4,109
	1,158	El Puerto de Liverpool SAB de CV (Consumer Discretionary)		3,507
	17,875	Fibra Uno Administracion SA de CV REIT (Real Estate)		20,225
	12,677	Fomento Economico Mexicano SAB de CV (Consumer Staples)		86,779
	3,233	GMexico Transportes SAB de CV (Industrials)(a)		4,297
	1,197	Gruma SAB de CV, Class B (Consumer Staples)		13,053
Common Stocks – (continued)
Mexico – (continued)
	2,211	Grupo Aeroportuario del Pacifico SAB de CV, Class B (Industrials)*		22,378
	765	Grupo Aeroportuario del Sureste SAB de CV, Class B (Industrials)*		14,320
	8,923	Grupo Bimbo SAB de CV, Series A (Consumer Staples)		16,770
	2,640	Grupo Carso SAB de CV, Series A1 (Industrials)*		6,545
	376	Grupo Elektra SAB DE CV (Financials)		24,919
	16,913	Grupo Financiero Banorte SAB de CV, Class O (Financials)*		84,976
	12,586	Grupo Financiero Inbursa SAB de CV, Class O (Financials)*		11,352
	18,170	Grupo Mexico SAB de CV, Series B (Materials)		86,312
	16,907	Grupo Televisa SAB, Series CPO (Communication Services)*		25,170
	740	Industrias Penoles SAB de CV (Materials)*		10,162
	2,524	Infraestructura Energetica Nova SAB de CV (Utilities)*		8,789
	9,579	Kimberly-Clark de Mexico SAB de CV, Class A (Consumer Staples)		15,323
	6,130	Orbia Advance Corp. SAB de CV (Materials)		14,303
	7,466	Telesites SAB de CV (Communication Services)*		6,595
	30,204	Wal-Mart de Mexico SAB de CV (Consumer Staples)		86,204
				786,157
Pakistan – 0.1%
	1,352	DG Khan Cement Co. Ltd. (Materials)*		1,165
	1,995	Engro Corp. Ltd. (Materials)		3,823
	6,384	Hub Power Co. Ltd. (The) (Utilities)		3,449
	1,068	Lucky Cement Ltd. (Materials)*		5,976
	4,101	Oil & Gas Development Co. Ltd. (Energy)		2,716
	4,357	Pakistan Petroleum Ltd. (Energy)		2,492
	1,767	Pakistan State Oil Co. Ltd. (Energy)*		2,645
	538	Searle Co. Ltd. (The) (Health Care)		926
	3,062	United Bank Ltd. (Financials)		2,470
				25,662
Peru – 0.2%
	1,128	Cia de Minas Buenaventura SAA ADR (Materials)*		12,476
	384	Credicorp Ltd. (Financials)		61,444
	223	InRetail Peru Corp. (Consumer Staples)(a)		9,923
				83,843
Philippines – 0.6%
	13,446	Aboitiz Equity Ventures, Inc. (Industrials)		11,681
	1,472	Ayala Corp. (Industrials)		22,693
	34,561	Ayala Land, Inc. (Real Estate)		27,816
	10,748	Bank of the Philippine Islands (Financials)		19,715
	10,286	BDO Unibank, Inc. (Financials)		22,365
	171	Globe Telecom, Inc. (Communication Services)		7,140

The accompanying notes are an integral part of these financial statements. 19

GOLDMAN SACHS MARKETBETA EMERGING MARKETS EQUITY ETF

Schedule of Investments (continued)

February 28, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Philippines – (continued)
	4,782	International Container Terminal Services, Inc. (Industrials)	$	11,817
	16,396	JG Summit Holdings, Inc. (Industrials)		21,779
	2,599	Jollibee Foods Corp. (Consumer Discretionary)		9,588
	1,386	Manila Electric Co. (Utilities)		7,741
	10,741	Metropolitan Bank & Trust Co. (Financials)		11,224
	507	PLDT, Inc. (Communication Services)		13,459
	1,413	SM Investments Corp. (Industrials)		29,384
	61,214	SM Prime Holdings, Inc. (Real Estate)		45,608
	5,264	Universal Robina Corp. (Consumer Staples)		13,854
				275,864
Qatar – 0.7%
	11,840	Commercial Bank PSQC (The) (Financials)		13,915
	17,389	Industries Qatar QSC (Industrials)		55,198
	21,556	Masraf Al Rayan QSC (Financials)		25,659
	25,916	Mesaieed Petrochemical Holding Co. (Materials)		13,379
	8,352	Ooredoo QPSC (Communication Services)		17,659
	2,859	Qatar Electricity & Water Co. QSC (Utilities)		13,660
	2,909	Qatar Fuel QSC (Energy)		13,484
	16,162	Qatar Gas Transport Co. Ltd. (Energy)		14,645
	6,791	Qatar Islamic Bank (Financials)		29,277
	26,043	Qatar National Bank QPSC (Financials)		123,359
				320,235
Russia – 2.9%
	18,131	Alrosa PJSC (Materials)		24,203
	1,922	Gazprom Neft PJSC (Energy)		8,741
	68,940	Gazprom PJSC (Energy)		202,461
	2,243	LUKOIL PJSC (Energy)		168,622
	398	MMC Norilsk Nickel PJSC (Materials)		124,680
	6,506	Mobile TeleSystems PJSC (Communication Services)		27,495
	4,405	Novatek PJSC (Energy)		75,551
	7,275	Novolipetsk Steel PJSC (Materials)		21,851
	2,088	Polymetal International PLC (Materials)		41,571
	179	Polyus PJSC (Materials)		33,729
	6,944	Rosneft Oil Co. PJSC (Energy)		48,993
	63,303	Sberbank of Russia PJSC (Financials)		229,330
	1,382	Severstal PAO (Materials)		25,012
	208,725	Surgutneftegas PJSC (Energy)		90,967
	8,640	Tatneft PJSC (Energy)		60,797
	1,797	Yandex NV, Class A (Communication Services)*		116,088
				1,300,091
Saudi Arabia – 2.7%
	622	Advanced Petrochemical Co. (Materials)		11,244
	7,185	Al Rajhi Bank (Financials)		174,333
	5,748	Alinma Bank (Financials)*		24,828
Common Stocks – (continued)
Saudi Arabia – (continued)
	1,446	Almarai Co. JSC (Consumer Staples)		19,663
	3,320	Arab National Bank (Financials)		17,138
	960	Arabian Centres Co. Ltd. (Real Estate)		5,560
	2,156	Bank AlBilad (Financials)		18,941
	3,464	Banque Saudi Fransi (Financials)		25,769
	134	BinDawood Holding Co. (Consumer Staples)		3,909
	341	Bupa Arabia for Cooperative Insurance Co. (Financials)*		10,856
	3,104	Dar Al Arkan Real Estate Development Co. (Real Estate)*		7,275
	546	Dr Sulaiman Al Habib Medical Services Group Co. (Health Care)		17,324
	2,246	Etihad Etisalat Co. (Communication Services)*		17,187
	350	Jarir Marketing Co. (Consumer Discretionary)		15,958
	283	Mouwasat Medical Services Co. (Health Care)		10,368
	7,946	National Commercial Bank (Financials)		99,577
	1,923	National Industrialization Co. (Materials)*		7,640
	704	National Petrochemical Co. (Materials)		7,264
	1,304	Rabigh Refining & Petrochemical Co. (Energy)*		5,069
	8,622	Riyad Bank (Financials)		45,518
	1,368	SABIC Agri-Nutrients Co. (Materials)		35,527
	5,748	Samba Financial Group (Financials)		51,725
	2,369	Saudi Arabian Mining Co. (Materials)*		32,467
	20,663	Saudi Arabian Oil Co. (Energy)(a)		190,350
	5,279	Saudi Basic Industries Corp. (Materials)		150,044
	5,227	Saudi British Bank (The) (Financials)		33,671
	2,898	Saudi Electricity Co. (Utilities)		16,288
	1,293	Saudi Industrial Investment Group (Materials)		9,756
	4,388	Saudi Kayan Petrochemical Co. (Materials)*		17,362
	3,519	Saudi Telecom Co. (Communication Services)		111,467
	1,558	Savola Group (The) (Consumer Staples)		15,640
	1,365	Yanbu National Petrochemical Co. (Materials)		25,950
				1,235,668
Singapore – 0.0%
	1,220	BOC Aviation Ltd. (Industrials)(a)		11,795
South Africa – 3.2%
	3,445	Absa Group Ltd. (Financials)		27,599
	240	Anglo American Platinum Ltd. (Materials)		29,064
	1,932	Aspen Pharmacare Holdings Ltd. (Health Care)*	��	18,170
	1,794	Bid Corp. Ltd. (Consumer Staples)		33,561
	1,932	Bidvest Group Ltd. (The) (Industrials)		21,461
	397	Capitec Bank Holdings Ltd. (Financials)*		35,090
	1,394	Clicks Group Ltd. (Consumer Staples)		22,527
	1,981	Discovery Ltd. (Financials)		18,526
	1,768	Exxaro Resources Ltd. (Energy)		19,972
	21,388	FirstRand Ltd. (Financials)		71,057

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)
South Africa – (continued)
	4,077	Gold Fields Ltd. (Materials)	$	33,857
	2,704	Harmony Gold Mining Co. Ltd. (Materials)*		10,244
	4,363	Impala Platinum Holdings Ltd. (Materials)		70,882
	280	Kumba Iron Ore Ltd. (Materials)		11,998
	9,377	MTN Group (Communication Services)		45,002
	1,940	MultiChoice Group (Communication Services)		16,350
	2,482	Naspers Ltd., Class N (Consumer Discretionary)		576,488
	2,364	Nedbank Group Ltd. (Financials)		20,388
	1,623	Northam Platinum Ltd. (Materials)*		23,778
	27,619	Old Mutual Ltd. (Financials)		24,526
	4,622	Pepkor Holdings Ltd. (Consumer Discretionary)*(a)		4,553
	2,882	Rand Merchant Investment Holdings Ltd. (Financials)		5,801
	2,594	Remgro Ltd. (Financials)		17,745
	10,319	Sanlam Ltd. (Financials)		41,409
	2,581	Sasol Ltd. (Materials)*		32,109
	2,521	Shoprite Holdings Ltd. (Consumer Staples)		22,149
	15,376	Sibanye Stillwater Ltd. (Materials)		71,082
	7,140	Standard Bank Group Ltd. (Financials)		62,697
	955	Tiger Brands Ltd. (Consumer Staples)		12,716
	2,985	Vodacom Group Ltd. (Communication Services)		24,552
	5,054	Woolworths Holdings Ltd. (Consumer Discretionary)		15,393
				1,440,746
South Korea – 12.6%
	106	Alteogen, Inc. (Health Care)*		12,265
	154	Amorepacific Corp. (Consumer Staples)		32,143
	175	AMOREPACIFIC Group (Consumer Staples)		10,078
	48	BGF retail Co. Ltd. (Consumer Staples)		6,793
	70	Big Hit Entertainment Co. Ltd. (Communication Services)*		12,866
	1,372	BNK Financial Group, Inc. (Financials)		7,205
	191	Bukwang Pharmaceutical Co. Ltd. (Health Care)		4,735
	524	Celltrion Healthcare Co. Ltd. (Health Care)*		58,580
	96	Celltrion Pharm, Inc. (Health Care)*		13,133
	478	Celltrion, Inc. (Health Care)*		126,573
	305	Cheil Worldwide, Inc. (Communication Services)		5,280
	31	Chong Kun Dang Pharmaceutical Corp. (Health Care)*		4,718
	36	CJ CheilJedang Corp. (Consumer Staples)		13,025
	73	CJ Corp. (Industrials)		6,023
	56	CJ ENM Co. Ltd. (Consumer Discretionary)		6,893
	41	CJ Logistics Corp. (Industrials)*		5,985
	285	Coway Co. Ltd. (Consumer Discretionary)		16,413
	64	CS Wind Corp. (Industrials)		4,124
	986	Daewoo Engineering & Construction Co. Ltd. (Industrials)*		5,152
Common Stocks – (continued)
South Korea – (continued)
	277	Daewoo Shipbuilding & Marine Engineering Co. Ltd. (Industrials)*		6,275
	223	DB Insurance Co. Ltd. (Financials)		8,217
	74	DL E&C Co. Ltd. (Industrials)*		7,311
	63	DL Holdings Co. Ltd. (Industrials)		4,850
	279	Dongsuh Cos., Inc. (Consumer Staples)		10,008
	229	Doosan Bobcat, Inc. (Industrials)*		6,594
	40	Doosan Co. Ltd. (Industrials)		1,661
	179	Doosan Fuel Cell Co. Ltd. (Industrials)*		7,966
	1,137	Doosan Heavy Industries & Construction Co. Ltd. (Industrials)*		10,727
	735	Doosan Infracore Co. Ltd. (Industrials)*		5,142
	108	Douzone Bizon Co. Ltd. (Information Technology)		10,574
	54	Ecopro BM Co. Ltd. (Industrials)		7,801
	83	E-MART, Inc. (Consumer Staples)		12,485
	239	Fila Holdings Corp. (Consumer Discretionary)		8,509
	110	Genexine, Inc. (Health Care)*		9,419
	26	Green Cross Corp. (Health Care)		8,759
	295	GS Engineering & Construction Corp. (Industrials)		9,544
	404	GS Holdings Corp. (Energy)		14,024
	127	GS Retail Co. Ltd. (Consumer Staples)		4,092
	1,518	Hana Financial Group, Inc. (Financials)		50,060
	64	Hanjin Kal Corp. (Industrials)*		3,452
	386	Hankook Tire & Technology Co. Ltd. (Consumer Discretionary)		16,371
	31	Hanmi Pharm Co. Ltd. (Health Care)*		9,464
	125	Hanmi Science Co. Ltd. (Health Care)*		7,176
	764	Hanon Systems (Consumer Discretionary)		10,506
	59	Hanssem Co. Ltd. (Consumer Discretionary)		5,225
	160	Hanwha Aerospace Co. Ltd. (Industrials)		5,255
	232	Hanwha Corp. (Industrials)		6,061
	2,063	Hanwha Life Insurance Co. Ltd. (Financials)		5,885
	560	Hanwha Solutions Corp. (Materials)*		22,455
	181	HDC Hyundai Development Co.-Engineering & Construction, Class E (Industrials)		4,318
	152	Helixmith Co. Ltd. (Health Care)*		3,261
	164	Hite Jinro Co. Ltd. (Consumer Staples)*		5,000
	277	HLB, Inc. (Consumer Discretionary)*		16,913
	1,465	HMM Co. Ltd. (Industrials)*		24,775
	179	Hotel Shilla Co. Ltd. (Consumer Discretionary)		13,001
	39	Hugel, Inc. (Health Care)*		5,971
	73	Hyundai Department Store Co. Ltd. (Consumer Discretionary)		5,328
	117	Hyundai Elevator Co. Ltd. (Industrials)*		4,488
	359	Hyundai Engineering & Construction Co. Ltd. (Industrials)		12,718
	89	Hyundai Glovis Co. Ltd. (Industrials)		15,289
	44	Hyundai Heavy Industries Holdings Co. Ltd. (Industrials)		10,594
	304	Hyundai Marine & Fire Insurance Co. Ltd. (Financials)		5,926

The accompanying notes are an integral part of these financial statements. 21

GOLDMAN SACHS MARKETBETA EMERGING MARKETS EQUITY ETF

Schedule of Investments (continued)

February 28, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
South Korea – (continued)
	108	Hyundai Mipo Dockyard Co. Ltd. (Industrials)*	$	5,191
	310	Hyundai Mobis Co. Ltd. (Consumer Discretionary)		83,605
	672	Hyundai Motor Co. (Consumer Discretionary)		141,757
	426	Hyundai Steel Co. (Materials)		15,148
	106	Iljin Materials Co. Ltd. (Information Technology)*		6,595
	1,564	Industrial Bank of Korea (Financials)		11,596
	268	Kakao Corp. (Communication Services)		116,408
	197	Kakao Games Corp. (Communication Services)*		9,469
	671	Kangwon Land, Inc. (Consumer Discretionary)*		14,453
	1,858	KB Financial Group, Inc. (Financials)		72,435
	24	KCC Corp. (Materials)		4,262
	112	KEPCO Plant Service & Engineering Co. Ltd. (Industrials)*		2,677
	1,260	Kia Motors Corp. (Consumer Discretionary)		89,047
	62	KIWOOM Securities Co. Ltd. (Financials)*		7,119
	140	KMW Co. Ltd. (Information Technology)*		7,726
	59	Kolmar BNH Co. Ltd. (Consumer Staples)*		2,626
	256	Komipharm International Co. Ltd. (Health Care)*		2,301
	390	Korea Aerospace Industries Ltd. (Industrials)*		11,490
	1,506	Korea Electric Power Corp. (Utilities)		30,428
	162	Korea Gas Corp. (Utilities)*		4,592
	199	Korea Investment Holdings Co. Ltd. (Financials)*		15,463
	207	Korea Shipbuilding & Offshore Engineering Co. Ltd. (Industrials)*		20,635
	52	Korea Zinc Co. Ltd. (Materials)		18,676
	915	Korean Air Lines Co. Ltd. (Industrials)*		22,926
	375	KT Corp. (Communication Services)		8,678
	573	KT&G Corp. (Consumer Staples)		39,934
	87	Kumho Petrochemical Co. Ltd. (Materials)*		16,339
	53	LEENO Industrial, Inc. (Information Technology)		7,557
	225	LG Chem Ltd. (Materials)		166,422
	585	LG Corp. (Industrials)		48,893
	1,137	LG Display Co. Ltd. (Information Technology)		22,872
	533	LG Electronics, Inc. (Consumer Discretionary)		69,501
	48	LG Household & Health Care Ltd. (Consumer Staples)		64,641
	68	LG Innotek Co. Ltd. (Information Technology)		12,044
	1,277	LG Uplus Corp. (Communication Services)		13,412
	71	Lotte Chemical Corp. (Materials)		20,096
	198	Lotte Corp. (Industrials)		5,921
	55	Lotte Shopping Co. Ltd. (Consumer Discretionary)		5,801
	97	LS Corp. (Industrials)		6,035
	150	Mando Corp. (Consumer Discretionary)*		8,344
Common Stocks – (continued)
South Korea – (continued)
	80	MedPacto, Inc. (Health Care)*		6,195
	26	Medytox, Inc. (Health Care)		4,675
	223	Meritz Fire & Marine Insurance Co. Ltd. (Financials)		3,196
	1,430	Meritz Securities Co. Ltd. (Financials)		4,786
	1,595	Mirae Asset Daewoo Co. Ltd. (Financials)		13,260
	705	NAVER Corp. (Communication Services)		235,314
	79	NCSoft Corp. (Communication Services)		65,816
	92	Netmarble Corp. (Communication Services)(a)		10,113
	647	NH Investment & Securities Co. Ltd. (Financials)*		6,248
	16	NongShim Co. Ltd. (Consumer Staples)		3,916
	103	OCI Co. Ltd. (Materials)*		11,460
	120	Orion Corp. (Consumer Staples)		13,725
	1,230	Pan Ocean Co. Ltd. (Industrials)		6,262
	34	Pearl Abyss Corp. (Communication Services)*		8,758
	400	POSCO (Materials)		100,223
	140	POSCO Chemical Co. Ltd. (Materials)		19,688
	228	Posco International Corp. (Industrials)		4,536
	102	S-1 Corp. (Industrials)		7,535
	97	Samsung Biologics Co. Ltd. (Health Care)*(a)		64,753
	437	Samsung C&T Corp. (Industrials)		47,259
	137	Samsung Card Co. Ltd. (Financials)		4,018
	266	Samsung Electro-Mechanics Co. Ltd. (Information Technology)		44,866
	27,758	Samsung Electronics Co. Ltd. (Information Technology)		2,038,304
	798	Samsung Engineering Co. Ltd. (Industrials)*		9,163
	204	Samsung Fire & Marine Insurance Co. Ltd. (Financials)		31,413
	2,573	Samsung Heavy Industries Co. Ltd. (Industrials)*		15,023
	500	Samsung Life Insurance Co. Ltd. (Financials)		33,378
	264	Samsung SDI Co. Ltd. (Information Technology)		158,376
	165	Samsung SDS Co. Ltd. (Information Technology)		28,565
	275	Samsung Securities Co. Ltd. (Financials)		8,946
	116	Seegene, Inc. (Health Care)		12,854
	195	Shin Poong Pharmaceutical Co. Ltd. (Health Care)		14,545
	2,597	Shinhan Financial Group Co. Ltd. (Financials)		76,165
	34	Shinsegae, Inc. (Consumer Discretionary)		8,080
	117	SK Biopharmaceuticals Co. Ltd. (Health Care)*		12,288
	38	SK Chemicals Co. Ltd. (Materials)		12,751
	154	SK Holdings Co. Ltd. (Industrials)		35,981
	2,684	SK Hynix, Inc. (Information Technology)		338,038
	238	SK Innovation Co. Ltd. (Energy)*		55,184
	21	SK Materials Co. Ltd. (Materials)		5,720
	646	SK Networks Co. Ltd. (Industrials)		3,197

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)
South Korea – (continued)
	232	SK Telecom Co. Ltd. (Communication Services)	$	51,108
	92	SKC Co. Ltd. (Materials)		9,622
	203	S-Oil Corp. (Energy)*		15,358
	63	Solus Advanced Materials Co. Ltd. (Information Technology)		2,532
	29	Soulbrain Co. Ltd./New (Materials)		7,997
	532	Ssangyong Cement Industrial Co. Ltd. (Materials)		3,149
	64	Studio Dragon Corp. (Communication Services)*		5,480
	2,412	Woori Financial Group, Inc. (Financials)		20,567
	237	Yuhan Corp. (Health Care)		13,079
				5,722,014
Taiwan – 14.4%
	2,727	Accton Technology Corp. (Information Technology)		25,701
	17,210	Acer, Inc. (Information Technology)		16,591
	2,272	Advantech Co. Ltd. (Information Technology)		29,570
	16,901	ASE Technology Holding Co. Ltd. (Information Technology)		62,804
	11,842	Asia Cement Corp. (Materials)		18,133
	151	ASMedia Technology, Inc. (Information Technology)		9,216
	3,557	Asustek Computer, Inc. (Information Technology)		38,823
	56,196	AU Optronics Corp. (Information Technology)*		38,133
	3,914	Catcher Technology Co. Ltd. (Information Technology)		26,981
	43,880	Cathay Financial Holding Co. Ltd. (Financials)		66,090
	7,139	Chailease Holding Co. Ltd. (Financials)		44,086
	31,030	Chang Hwa Commercial Bank Ltd. (Financials)		18,995
	9,469	Cheng Shin Rubber Industry Co. Ltd. (Consumer Discretionary)		14,670
	3,431	Chicony Electronics Co. Ltd. (Information Technology)		11,555
	15,104	China Airlines Ltd. (Industrials)*		7,592
	80,412	China Development Financial Holding Corp. (Financials)		26,850
	18,862	China Life Insurance Co. Ltd. (Financials)		15,373
	66,182	China Steel Corp. (Materials)		58,810
	2,146	Chroma ATE, Inc. (Information Technology)		15,756
	22,296	Chunghwa Telecom Co. Ltd. (Communication Services)		87,655
	24,646	Compal Electronics, Inc. (Information Technology)		19,644
	106,322	CTBC Financial Holding Co. Ltd. (Financials)		76,346
	10,847	Delta Electronics, Inc. (Information Technology)		109,239
Common Stocks – (continued)
Taiwan – (continued)
	1,078	Eclat Textile Co. Ltd. (Consumer Discretionary)		16,623
	64,938	E.Sun Financial Holding Co. Ltd. (Financials)		58,870
	13,523	Eva Airways Corp. (Industrials)		7,671
	14,365	Evergreen Marine Corp. Taiwan Ltd. (Industrials)*		19,573
	17,410	Far Eastern New Century Corp. (Industrials)		18,096
	9,365	Far EasTone Telecommunications Co. Ltd. (Communication Services)		20,779
	2,455	Feng TAY Enterprise Co. Ltd. (Consumer Discretionary)		16,395
	58,449	First Financial Holding Co. Ltd. (Financials)		43,754
	9,146	FIT Hon Teng Ltd. (Information Technology)*(a)		3,384
	19,160	Formosa Chemicals & Fibre Corp. (Materials)		59,160
	6,660	Formosa Petrochemical Corp. (Energy)		23,912
	25,107	Formosa Plastics Corp. (Materials)		87,889
	400	Formosa Sumco Technology Corp. (Information Technology)		2,154
	4,609	Formosa Taffeta Co. Ltd. (Consumer Discretionary)		5,022
	5,321	Foxconn Technology Co. Ltd. (Information Technology)		13,373
	34,669	Fubon Financial Holding Co. Ltd. (Financials)		62,112
	1,242	General Interface Solution Holding Ltd. (Information Technology)		4,972
	1,669	Giant Manufacturing Co. Ltd. (Consumer Discretionary)		16,838
	1,187	Globalwafers Co. Ltd. (Information Technology)		31,537
	5,701	Highwealth Construction Corp. (Real Estate)		9,252
	1,467	Hiwin Technologies Corp. (Industrials)		21,015
	69,307	Hon Hai Precision Industry Co. Ltd. (Information Technology)		278,696
	1,678	Hotai Motor Co. Ltd. (Consumer Discretionary)		35,605
	54,563	Hua Nan Financial Holdings Co. Ltd. (Financials)		35,556
	49,556	Innolux Corp. (Information Technology)*		30,247
	14,676	Inventec Corp. (Information Technology)		13,068
	517	Largan Precision Co. Ltd. (Information Technology)		61,162
	11,212	Lite-On Technology Corp. (Information Technology)		23,911
	10,340	Macronix International (Information Technology)		17,523
	8,494	MediaTek, Inc. (Information Technology)		273,247
	58,587	Mega Financial Holding Co. Ltd. (Financials)		61,421
	1,172	Merida Industry Co. Ltd. (Consumer Discretionary)		11,992

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

GOLDMAN SACHS MARKETBETA EMERGING MARKETS EQUITY ETF

Schedule of Investments (continued)

February 28, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Taiwan – (continued)
	3,908	Micro-Star International Co. Ltd. (Information Technology)	$	20,906
	284	momo.com, Inc. (Consumer Discretionary)		9,860
	27,661	Nan Ya Plastics Corp. (Materials)		72,200
	1,266	Nan Ya Printed Circuit Board Corp. (Information Technology)*		13,591
	6,586	Nanya Technology Corp. (Information Technology)		22,818
	789	Nien Made Enterprise Co. Ltd. (Consumer Discretionary)		11,048
	3,113	Novatek Microelectronics Corp. (Information Technology)		52,978
	1,233	Oneness Biotech Co. Ltd. (Health Care)*		11,532
	407	Parade Technologies Ltd. (Information Technology)		17,316
	10,100	Pegatron Corp. (Information Technology)		27,052
	868	Phison Electronics Corp. (Information Technology)		14,320
	13,215	Pou Chen Corp. (Consumer Discretionary)		14,329
	3,603	Powertech Technology, Inc. (Information Technology)		12,936
	3,075	President Chain Store Corp. (Consumer Staples)		28,926
	15,248	Quanta Computer, Inc. (Information Technology)		46,534
	2,545	Realtek Semiconductor Corp. (Information Technology)		42,032
	4,922	Ruentex Development Co. Ltd. (Real Estate)		7,369
	2,039	Ruentex Industries Ltd. (Consumer Discretionary)		5,483
	23,319	Shanghai Commercial & Savings Bank Ltd. (The) (Financials)		33,406
	61,953	Shin Kong Financial Holding Co. Ltd. (Financials)		18,440
	210	Silicon Motion Technology Corp. ADR (Information Technology)		12,482
	2,964	Sino-American Silicon Products, Inc. (Information Technology)		17,772
	58,313	SinoPac Financial Holdings Co. Ltd. (Financials)		24,391
	3,104	Standard Foods Corp. (Consumer Staples)		6,129
	7,566	Synnex Technology International Corp. (Information Technology)		13,406
	62,133	Taishin Financial Holding Co. Ltd. (Financials)		28,889
	31,317	Taiwan Business Bank (Financials)		10,648
	30,886	Taiwan Cement Corp. (Materials)		46,574
	51,811	Taiwan Cooperative Financial Holding Co. Ltd. (Financials)		37,111
	4,227	Taiwan Fertilizer Co. Ltd. (Materials)		8,104
	11,882	Taiwan High Speed Rail Corp. (Industrials)		12,862
	9,590	Taiwan Mobile Co. Ltd. (Communication Services)		33,433
Common Stocks – (continued)
Taiwan – (continued)
	141,890	Taiwan Semiconductor Manufacturing Co. Ltd. (Information Technology)		3,087,168
	11,991	Tatung Co. Ltd. (Consumer Discretionary)*		12,033
	9,253	Teco Electric and Machinery Co. Ltd. (Industrials)		10,083
	2,701	Tripod Technology Corp. (Information Technology)		13,431
	7,038	Unimicron Technology Corp. (Information Technology)		24,637
	26,526	Uni-President Enterprises Corp. (Consumer Staples)		64,000
	65,780	United Microelectronics Corp. (Information Technology)		128,006
	5,210	Vanguard International Semiconductor Corp. (Information Technology)		21,699
	366	Voltronic Power Technology Corp. (Industrials)		15,177
	14,684	Walsin Lihwa Corp. (Industrials)		9,806
	1,764	Walsin Technology Corp. (Information Technology)		16,087
	1,821	Win Semiconductors Corp. (Information Technology)		24,877
	15,937	Winbond Electronics Corp. (Information Technology)		17,481
	15,322	Wistron Corp. (Information Technology)		17,604
	421	Wiwynn Corp. (Information Technology)		12,153
	9,055	WPG Holdings Ltd. (Information Technology)		14,744
	2,108	Yageo Corp. (Information Technology)		44,881
	66,347	Yuanta Financial Holding Co. Ltd. (Financials)		50,619
	4,719	Yulon Motor Co. Ltd. (Consumer Discretionary)*		7,057
	3,323	Zhen Ding Technology Holding Ltd. (Information Technology)		14,317
				6,564,159
Tanzania – 0.1%
	2,136	AngloGold Ashanti Ltd. (Materials)		42,756
Thailand – 2.0%
	5,992	Advanced Info Service PCL NVDR (Communication Services)		32,908
	24,166	Airports of Thailand PCL NVDR (Industrials)		51,323
	47,625	Asset World Corp. PCL NVDR (Consumer Discretionary)		7,681
	4,775	B Grimm Power PCL NVDR (Utilities)		7,606
	6,040	Bangkok Bank PCL NVDR (Financials)		24,453
	31,709	Bangkok Dusit Medical Services PCL NVDR (Health Care)		21,045
	51,822	Bangkok Expressway & Metro PCL NVDR (Industrials)		13,671
	4,000	Banpu Power PCL NVDR (Utilities)		2,509
	8,000	Berli Jucker PCL NVDR (Consumer Staples)		9,889

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)
Thailand – (continued)
	45,407	BTS Group Holdings PCL NVDR (Industrials)	$	14,164
	2,629	Bumrungrad Hospital PCL NVDR (Health Care)		11,036
	2,224	Carabao Group PCL NVDR (Consumer Staples)		10,258
	9,827	Central Pattana PCL NVDR (Real Estate)		17,283
	18,597	Central Retail Corp. PCL NVDR (Consumer Discretionary)*		20,674
	21,642	Charoen Pokphand Foods PCL NVDR (Consumer Staples)		20,647
	30,797	CP ALL PCL NVDR (Consumer Staples)		60,807
	1,473	Electricity Generating PCL NVDR (Utilities)		8,261
	7,603	Energy Absolute PCL NVDR (Utilities)		15,769
	216	Fabrinet (Information Technology)*		19,079
	3,818	Global Power Synergy PCL NVDR (Utilities)		9,534
	29,849	Gulf Energy Development PCL NVDR (Utilities)		32,934
	28,965	Home Product Center PCL NVDR (Consumer Discretionary)		12,784
	11,714	Indorama Ventures PCL NVDR (Materials)		15,354
	11,748	Intouch Holdings PCL NVDR (Communication Services)		21,734
	60,688	IRPC PCL NVDR (Energy)		7,089
	9,412	Kasikornbank PCL NVDR (Financials)		44,194
	23,959	Krung Thai Bank PCL NVDR (Financials)		9,541
	3,534	Krungthai Card PCL NVDR (Financials)		7,447
	32,215	Land & Houses PCL NVDR (Real Estate)		8,445
	17,746	Minor International PCL NVDR (Consumer Discretionary)*		17,814
	3,993	Muangthai Capital PCL NVDR (Financials)		8,646
	8,561	Osotspa PCL NVDR (Consumer Staples)		9,872
	7,666	PTT Exploration & Production PCL NVDR (Energy)		29,255
	11,884	PTT Global Chemical PCL NVDR (Materials)		24,746
	58,989	PTT PCL NVDR (Energy)		78,300
	2,668	Ratch Group PCL NVDR (Utilities)		4,537
	6,670	SCG Packaging PCL NVDR (Materials)*		10,403
	2,539	Siam Cement PCL (The) NVDR (Materials)		30,837
	11,229	Siam Commercial Bank PCL (The) NVDR (Financials)		38,380
	8,432	Siam Global House PCL NVDR (Consumer Discretionary)		5,792
	5,982	Sri Trang Gloves Thailand PCL NVDR (Health Care)		7,642
	4,437	Srisawad Corp. PCL NVDR (Financials)		9,276
	47,508	Thai Beverage PCL (Consumer Staples)		26,260
	5,634	Thai Oil PCL NVDR (Energy)		11,077
	16,800	Thai Union Group PCL NVDR (Consumer Staples)		7,805
	2,761	Tisco Financial Group PCL NVDR (Financials)		8,704
Common Stocks – (continued)
Thailand – (continued)
	235,974	TMB Bank PCL NVDR (Financials)		8,849
	3,022	TOA Paint Thailand PCL NVDR (Materials)		3,134
	4,000	Total Access Communication PCL NVDR (Communication Services)		4,214
	108,932	True Corp. PCL NVDR (Communication Services)		11,350
	16,658	VGI PCL NVDR (Communication Services)		3,731
				898,743
Turkey – 0.6%
	343	AG Anadolu Grubu Holding AS (Industrials)		1,291
	18,395	Akbank T.A.S. (Financials)*		15,027
	752	Aksa Enerji Uretim AS (Utilities)*		1,070
	1,144	Anadolu Efes Biracilik Ve Malt Sanayii AS (Consumer Staples)		3,643
	1,456	Arcelik AS (Consumer Discretionary)*		6,513
	3,451	Aselsan Elektronik Sanayi Ve Ticaret AS (Industrials)		7,899
	2,034	Bera Holding AS (Industrials)*		6,751
	2,655	BIM Birlesik Magazalar AS (Consumer Staples)		23,658
	36	Borusan Yatirim ve Pazarlama AS (Financials)		2,383
	232	Brisa Bridgestone Sabanci Sanayi ve Ticaret AS (Consumer Discretionary)		919
	449	Coca-Cola Icecek AS (Consumer Staples)		4,291
	209	Deva Holding AS (Health Care)		842
	5,588	Dogan Sirketler Grubu Holding AS (Industrials)		2,388
	190	Dogus Otomotiv Servis ve Ticaret AS (Consumer Discretionary)*		797
	804	EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret AS (Consumer Staples)		779
	11,292	Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT (Real Estate)		3,395
	1,503	Enerjisa Enerji AS (Utilities)(a)		2,308
	9,831	Enka Insaat ve Sanayi AS (Industrials)		9,370
	7,429	Eregli Demir ve Celik Fabrikalari TAS (Materials)		14,612
	194	Fenerbahce Futbol AS (Communication Services)*		768
	407	Ford Otomotiv Sanayi AS (Consumer Discretionary)		9,607
	320	Gubre Fabrikalari TAS (Materials)*		3,442
	7,876	Haci Omer Sabanci Holding AS (Financials)		11,127
	1,085	Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class A (Materials)*		763
	237	Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class B (Materials)*		166
	4,408	Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D (Materials)*		3,862
	800	Kerevitas Gida Sanayi ve Ticaret AS (Consumer Staples)*		603

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

GOLDMAN SACHS MARKETBETA EMERGING MARKETS EQUITY ETF

Schedule of Investments (continued)

February 28, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Turkey – (continued)
	6,386	KOC Holding AS (Industrials)	$	18,578
	268	Koza Altin Isletmeleri AS (Materials)*		4,668
	1,103	Koza Anadolu Metal Madencilik Isletmeleri AS (Materials)*		2,547
	203	Migros Ticaret AS (Consumer Staples)*		1,069
	814	MLP Saglik Hizmetleri AS (Health Care)*(a)		2,605
	1,486	Oyak Cimento Fabrikalari AS (Materials)*		1,514
	228	Pegasus Hava Tasimaciligi AS (Industrials)*		2,740
	7,284	Petkim Petrokimya Holding AS (Materials)*		5,165
	803	Sasa Polyester Sanayi AS (Materials)*		4,369
	695	Selcuk Ecza Deposu Ticaret ve Sanayi A.S. (Health Care)		1,073
	1,671	Sok Marketler Ticaret AS (Consumer Staples)*		2,545
	1,099	TAV Havalimanlari Holding AS (Industrials)		3,695
	1,267	Tekfen Holding AS (Industrials)		2,741
	719	Tofas Turk Otomobil Fabrikasi AS (Consumer Discretionary)		3,359
	877	Torunlar Gayrimenkul Yatirim Ortakligi AS REIT (Real Estate)*		410
	4,118	Turk Hava Yollari AO (Industrials)*		7,489
	2,970	Turk Telekomunikasyon AS (Communication Services)		3,075
	79	Turk Traktor ve Ziraat Makineleri AS (Industrials)		2,293
	6,962	Turkcell Iletisim Hizmetleri AS (Communication Services)		14,876
	12,576	Turkiye Garanti Bankasi AS (Financials)*		15,122
	3,889	Turkiye Halk Bankasi AS (Financials)*		2,805
	9,076	Turkiye Is Bankasi AS, Class C (Financials)*		7,011
	720	Turkiye Petrol Rafinerileri AS (Energy)*		9,813
	1,123	Turkiye Sigorta AS (Financials)*		1,066
	7,885	Turkiye Sise ve Cam Fabrikalari AS (Industrials)		7,579
	6,176	Turkiye Vakiflar Bankasi TAO, Class D (Financials)*		3,455
	1,067	Ulker Biskuvi Sanayi AS (Consumer Staples)*		2,966
	439	Vestel Elektronik Sanayi ve Ticaret AS (Consumer Discretionary)*		1,573
	14,878	Yapi ve Kredi Bankasi AS (Financials)*		5,315
	2,383	Zorlu Enerji Elektrik Uretim AS (Utilities)*		819
				280,609
United Arab Emirates – 0.7%
	16,241	Abu Dhabi Commercial Bank PJSC (Financials)		27,767
	14,664	Abu Dhabi National Oil Co. for Distribution PJSC (Consumer Discretionary)		16,368
	10,808	Dubai Islamic Bank PJSC (Financials)		13,977
Common Stocks – (continued)
United Arab Emirates – (continued)
	11,733	Emaar Malls PJSC (Real Estate)*		5,398
	20,578	Emaar Properties PJSC (Real Estate)*		19,552
	14,820	Emirates NBD Bank PJSC (Financials)		45,189
	10,202	Emirates Telecommunications Group Co. PJSC (Communication Services)		55,271
	25,621	First Abu Dhabi Bank PJSC (Financials)		102,536
	1,959	International Holdings Co. PJSC (Consumer Staples)*		25,013
				311,071
United States – 0.1%
	5,956	JBS SA (Consumer Staples)		27,594
	TOTAL COMMON STOCKS
	(Cost $30,500,138)		$	44,257,533

Shares	Description		Rate			Value
Preferred Stocks – 1.5%
Brazil – 1.0%
1,101		Alpargatas SA (Consumer Discretionary)		0.16	%	$	6,901
25,284		Banco Bradesco SA (Financials)		3.06			104,347
1,091		Braskem SA, Class A (Materials)*		0.00			6,120
1,425		Centrais Eletricas Brasileiras SA, Class B (Utilities)		4.93			8,379
5,870		Cia Energetica de Minas Gerais (Utilities)		5.24			12,597
6,213		Gerdau SA (Materials)		1.20			28,841
28,179		Itau Unibanco Holding SA (Financials)		1.99			129,188
26,270		Itausa SA (Financials)		2.10			46,902
5,248		Lojas Americanas SA (Consumer Discretionary)		0.87			23,457
26,787		Petroleo Brasileiro SA (Energy)*		0.00			106,897
							473,629
Chile – 0.1%
2,318		Embotelladora Andina SA, Class B (Consumer Staples)		5.79			6,273
700		Sociedad Quimica y Minera de Chile SA, Class B (Materials)		1.62			37,557
							43,830
Colombia – 0.1%
1,732		Bancolombia SA (Financials)		5.26			14,848
21,057		Grupo Aval Acciones y Valores SA (Financials)		5.10			6,918
							21,766
Russia – 0.1%
5,954		Sberbank of Russia PJSC (Financials)		7.47			19,970
45,177		Surgutneftegas PJSC (Energy)		2.42			23,835
865		Tatneft PJSC (Energy)		2.22			5,707
							49,512

26 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)
South Korea – 0.2%
62	Amorepacific Corp. (Consumer Staples)		1.06	%	$	4,183
8	CJ CheilJedang Corp. (Consumer Staples)		2.23			1,314
11	DL E&C Co. Ltd. (Industrials)*		0.00			693
9	DL Holdings Co. Ltd. (Industrials)		7.46			337
1	Doosan Co. Ltd. (Industrials)		7.41			49
19	Doosan Co. Ltd. (Industrials)		5.40			634
80	Doosan Fuel Cell Co. Ltd. (Industrials)*		0.00			1,111
18	Doosan Fuel Cell Co. Ltd. (Industrials)*		0.00			292
134	Hanwha Corp. (Industrials)		5.49			1,628
3	Hanwha Corp. (Industrials)		1.92			103
7	Hanwha Solutions Corp. (Materials)*		0.00			330
4	Hotel Shilla Co. Ltd. (Consumer Discretionary)		0.30			294
131	Hyundai Motor Co. (Consumer Discretionary)		2.85			12,126
14	Hyundai Motor Co. (Consumer Discretionary)		3.03			1,241
211	Hyundai Motor Co. (Consumer Discretionary)		2.97			19,156
35	Korea Investment Holdings Co. Ltd. (Financials)*		0.00			1,894
4	Korean Air Lines Co. Ltd. (Industrials)*		0.00			143
45	LG Chem Ltd. (Materials)		2.45			15,601
102	LG Electronics, Inc. (Consumer Discretionary)		1.74			6,482
833	Mirae Asset Daewoo Co. Ltd. (Financials)		4.63			3,207
10	Samsung C&T Corp. (Industrials)		2.07			1,010
17	Samsung Electro-Mechanics Co. Ltd. (Information Technology)		1.24			1,718
16	Samsung Fire & Marine Insurance Co. Ltd. (Financials)		6.38			1,937
1	Samsung Heavy Industries Co. Ltd. (Industrials)*		0.00			266
9	Samsung SDI Co. Ltd. (Information Technology)		0.22			3,941
9	Shin Poong Pharmaceutical Co. Ltd. (Health Care)		0.13			680
9	SK Chemicals Co. Ltd. (Materials)		1.16			1,466
4	SK Holdings Co. Ltd. (Industrials)		2.82			863
7	SK Innovation Co. Ltd. (Energy)*		0.00			1,190
48	Solus Advanced Materials Co. Ltd. (Information Technology)		0.07			643
Preferred Stocks – (continued)
South Korea – (continued)
12	Solus Advanced Materials Co. Ltd. (Information Technology)		0.04			285
6	Yuhan Corp. (Health Care)		0.68			322
						85,139
TOTAL PREFERRED STOCKS
(Cost $496,579)					$	673,876

Shares		Description	Value
Exchange-Traded Fund – 1.0%
United States – 1.0%
	16,592	iShares MSCI Malaysia ETF
	(Cost $389,456)		$	451,302
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $31,386,173)		$	45,382,711

Shares		Dividend Rate	Value
Securities Lending Reinvestment Vehicle – 0.7%(c)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	296,421	0.036%	$	296,421
	(Cost $296,421)
	TOTAL INVESTMENTS – 100.5%
	(Cost $31,682,594)		$	45,679,132
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (0.5)%			(196,240	)
	NET ASSETS – 100.0%		$	45,482,892

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

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

GOLDMAN SACHS MARKETBETA INTERNATIONAL EQUITY ETF

Schedule of Investments

February 28, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – 99.1%
Australia – 8.5%
	4,208	Afterpay Ltd. (Information Technology)*	$	389,376
	11,938	AGL Energy Ltd. (Utilities)		86,601
	49,581	Alumina Ltd. (Materials)		62,185
	64,998	AMP Ltd. (Financials)		75,482
	4,556	Ampol Ltd. (Energy)		86,700
	21,594	APA Group (Utilities)		155,311
	12,290	Aristocrat Leisure Ltd. (Consumer Discretionary)		288,873
	3,691	ASX Ltd. (Financials)		193,172
	34,726	Aurizon Holdings Ltd. (Industrials)		102,431
	36,455	AusNet Services (Utilities)		46,710
	51,397	Australia & New Zealand Banking Group Ltd. (Financials)		1,041,345
	56,570	BHP Group Ltd. (Materials)		2,151,722
	39,580	BHP Group PLC (Materials)		1,255,869
	9,660	BlueScope Steel Ltd. (Materials)		124,746
	23,542	Boral Ltd. (Materials)		94,412
	28,373	Brambles Ltd. (Industrials)		217,467
	1,353	CIMIC Group Ltd. (Industrials)*		22,301
	9,585	Coca-Cola Amatil Ltd. (Consumer Staples)		99,363
	1,260	Cochlear Ltd. (Health Care)		206,229
	24,323	Coles Group Ltd. (Consumer Staples)		288,677
	33,873	Commonwealth Bank of Australia (Financials)		2,138,868
	8,987	Computershare Ltd. (Information Technology)		92,329
	8,343	Crown Resorts Ltd. (Consumer Discretionary)		64,269
	8,727	CSL Ltd. (Health Care)		1,774,174
	20,929	Dexus REIT (Real Estate)		144,209
	1,135	Domino’s Pizza Enterprises Ltd. (Consumer Discretionary)		79,041
	32,019	Evolution Mining Ltd. (Materials)		104,114
	33,794	Fortescue Metals Group Ltd. (Materials)		630,797
	233,308	Glencore PLC (Materials)*		948,229
	34,421	Goodman Group REIT (Real Estate)		441,303
	37,456	GPT Group (The) REIT (Real Estate)		123,823
	47,428	Insurance Australia Group Ltd. (Financials)		183,227
	13,232	Lendlease Corp. Ltd. (Real Estate)		136,248
	6,891	Macquarie Group Ltd. (Financials)		760,132
	2,743	Magellan Financial Group Ltd. (Financials)		92,250
	52,898	Medibank Pvt Ltd. (Financials)		113,442
	75,619	Mirvac Group REIT (Real Estate)		130,554
	63,507	National Australia Bank Ltd. (Financials)		1,211,478
	15,718	Newcrest Mining Ltd. (Materials)		299,841
	22,092	Northern Star Resources Ltd. (Materials)		174,628
	36,068	Oil Search Ltd. (Energy)		118,397
	7,732	Orica Ltd. (Materials)		75,186
	33,905	Origin Energy Ltd. (Energy)		118,122
	36,115	Qantas Airways Ltd. (Industrials)*		139,801
	26,463	QBE Insurance Group Ltd. (Financials)		190,330
Common Stocks – (continued)
Australia – (continued)
	3,563	Ramsay Health Care Ltd. (Health Care)		182,059
	1,100	REA Group Ltd. (Communication Services)		116,502
	5,545	Reece Ltd. (Industrials)		69,546
	7,088	Rio Tinto Ltd. (Materials)		697,959
	20,501	Rio Tinto PLC (Materials)		1,773,347
	40,098	Santos Ltd. (Energy)		224,447
	98,368	Scentre Group REIT (Real Estate)		219,331
	6,486	SEEK Ltd. (Communication Services)		129,051
	2,518	Seven Group Holdings Ltd. (Industrials)		42,283
	9,087	Sonic Healthcare Ltd. (Health Care)		223,225
	88,648	South32 Ltd. (Materials)		190,109
	45,781	Stockland REIT (Real Estate)		147,800
	24,619	Suncorp Group Ltd. (Financials)		189,457
	51,773	Sydney Airport (Industrials)*		234,884
	42,395	Tabcorp Holdings Ltd. (Consumer Discretionary)		146,059
	226,992	Telstra Corp. Ltd. (Communication Services)		541,271
	3,721	TPG Telecom Ltd. (Communication Services)*		19,589
	52,697	Transurban Group (Industrials)		522,215
	13,839	Treasury Wine Estates Ltd. (Consumer Staples)		116,784
	71,286	Vicinity Centres REIT (Real Estate)		90,511
	21,708	Wesfarmers Ltd. (Consumer Discretionary)		827,544
	70,608	Westpac Banking Corp. (Financials)		1,302,113
	2,810	WiseTech Global Ltd. (Information Technology)		59,326
	18,476	Woodside Petroleum Ltd. (Energy)		351,452
	24,282	Woolworths Group Ltd. (Consumer Staples)		740,685
				26,431,313
Austria – 0.3%
	5,021	ams AG (Information Technology)*		118,578
	1,388	ANDRITZ AG (Industrials)		66,918
	1,691	BAWAG Group AG (Financials)*(a)		88,341
	1,256	CA Immobilien Anlagen AG (Real Estate)		54,197
	5,683	Erste Group Bank AG (Financials)*		188,247
	270	Mayr Melnhof Karton AG (Materials)		59,253
	613	Oesterreichische Post AG (Industrials)		24,852
	2,749	OMV AG (Energy)		133,002
	2,610	Raiffeisen Bank International AG (Financials)*		53,286
	1,272	Verbund AG (Utilities)		97,578
	702	Vienna Insurance Group AG Wiener Versicherung Gruppe (Financials)		18,959
	2,143	voestalpine AG (Materials)		85,423
	2,158	Wienerberger AG (Materials)		72,505
				1,061,139
Belgium – 0.9%
	425	Ackermans & van Haaren NV (Financials)		68,920

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

GOLDMAN SACHS MARKETBETA INTERNATIONAL EQUITY ETF

Shares		Description	Value
Common Stocks – (continued)
Belgium – (continued)
	3,479	Ageas SA/NV (Financials)	$	196,192
	16,337	Anheuser-Busch InBev SA/NV (Consumer Staples)		941,125
	553	Elia Group SA/NV (Utilities)		60,142
	1,037	Etablissements Franz Colruyt NV (Consumer Staples)		62,482
	812	Galapagos NV (Health Care)*		67,277
	1,450	Groupe Bruxelles Lambert SA (Financials)		144,602
	5,398	KBC Group NV (Financials)*		390,636
	2,739	Proximus SADP (Communication Services)		53,859
	289	Sofina SA (Financials)		96,291
	1,366	Solvay SA (Materials)		167,629
	822	Telenet Group Holding NV (Communication Services)		32,965
	2,325	UCB SA (Health Care)		232,653
	3,744	Umicore SA (Materials)		221,134
	2,551	Warehouses De Pauw CVA REIT (Real Estate)		87,752
				2,823,659
Brazil – 0.0%
	3,198	Yara International ASA (Materials)		154,701
Chile – 0.1%
	6,664	Antofagasta PLC (Materials)		166,075
China – 0.9%
	74,454	Alibaba Health Information Technology Ltd. (Health Care)*		249,545
	32,586	Budweiser Brewing Co. APAC Ltd. (Consumer Staples)(a)		99,556
	11,880	BYD Electronic International Co. Ltd. (Information Technology)		66,235
	42,525	China Evergrande New Energy Vehicle Group Ltd. (Health Care)*		286,703
	35,776	China Gas Holdings Ltd. (Utilities)		144,121
	33,656	Chow Tai Fook Jewellery Group Ltd. (Consumer Discretionary)		46,249
	162,962	CSPC Pharmaceutical Group Ltd. (Health Care)		170,160
	33,287	ESR Cayman Ltd. (Real Estate)*(a)		105,345
	45,389	Fosun International Ltd. (Industrials)		68,107
	110,615	Geely Automobile Holdings Ltd. (Consumer Discretionary)		359,336
	7,936	Prosus NV (Consumer Discretionary)*		944,584
	23,757	Shimao Group Holdings Ltd. (Real Estate)		78,247
	30,559	Sun Art Retail Group Ltd. (Consumer Staples)		26,394
	42,950	Wilmar International Ltd. (Consumer Staples)		170,547
	51,607	Yangzijiang Shipbuilding Holdings Ltd. (Industrials)		41,528
				2,856,657
Common Stocks – (continued)
Colombia – 0.0%
	1,943	Millicom International Cellular SA SDR (Communication Services)*		73,301
Denmark – 2.2%
	59	AP Moller – Maersk A/S, Class A (Industrials)		119,131
	108	AP Moller – Maersk A/S, Class B (Industrials)		233,409
	1,892	Carlsberg AS, Class B (Consumer Staples)		299,570
	1,978	Chr Hansen Holding A/S (Materials)*		170,735
	2,385	Coloplast A/S, Class B (Health Care)		365,483
	13,042	Danske Bank A/S (Financials)*		242,053
	1,899	Demant A/S (Health Care)*		78,703
	4,354	DSV PANALPINA A/S (Industrials)		804,526
	1,248	Genmab A/S (Health Care)*		421,687
	2,470	GN Store Nord AS (Health Care)		208,849
	1,188	H Lundbeck A/S (Health Care)		45,513
	31,853	Novo Nordisk A/S, Class B (Health Care)		2,277,090
	3,871	Novozymes A/S, Class B (Materials)*		240,616
	3,442	Orsted AS (Utilities)(a)		560,721
	2,313	Tryg A/S (Financials)		73,246
	3,822	Vestas Wind Systems A/S (Industrials)		720,261
				6,861,593
Faroe Islands – 0.0%
	960	Bakkafrost P/F (Consumer Staples)*		68,667
Finland – 1.3%
	2,743	Elisa OYJ (Communication Services)		164,309
	8,094	Fortum OYJ (Utilities)		203,269
	1,694	Huhtamaki OYJ (Materials)		76,654
	5,091	Kesko OYJ, Class B (Consumer Staples)		130,016
	6,868	Kone OYJ, Class B (Industrials)*		550,868
	15,349	Metso Outotec OYJ (Industrials)		173,544
	8,905	Neste OYJ (Energy)		588,652
	107,959	Nokia OYJ (Information Technology)*		432,434
	76,171	Nordea Bank Abp (Financials)		694,162
	1,883	Orion OYJ, Class B (Health Care)		77,641
	8,850	Sampo OYJ, Class A (Financials)		396,062
	10,836	Stora Enso OYJ, Class R (Materials)		214,719
	9,784	UPM-Kymmene OYJ (Materials)		375,276
	10,373	Wartsila OYJ Abp (Industrials)		119,637
				4,197,243
France – 9.2%
	5,346	Adevinta ASA (Communication Services)*		75,174
	636	Aeroports de Paris (Industrials)*		81,212
	9,115	Air Liquide SA (Materials)		1,379,654
	11,161	Airbus SE (Industrials)*		1,299,314
	1,152	Amundi SA (Financials)*(a)		88,093
	43,563	AXA SA (Financials)		1,099,837
	783	BioMerieux (Health Care)		99,983
	21,956	BNP Paribas SA (Financials)*		1,313,188
	17,317	Bollore SA (Communication Services)		83,363
	5,772	Bouygues SA (Industrials)		235,123

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

GOLDMAN SACHS MARKETBETA INTERNATIONAL EQUITY ETF

Schedule of Investments (continued)

February 28, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
France – (continued)
	3,054	Capgemini SE (Information Technology)	$	493,580
	12,001	Carrefour SA (Consumer Staples)		210,418
	9,846	Cie de Saint-Gobain (Industrials)*		530,867
	3,137	Cie Generale des Etablissements Michelin (Consumer Discretionary)		455,971
	25,117	Credit Agricole SA (Financials)*		354,107
	12,237	Danone SA (Consumer Staples)		838,616
	2,574	Dassault Systemes (Information Technology)		537,071
	9,655	Electricite de France SA (Utilities)*		116,114
	34,969	Engie SA (Utilities)*		512,952
	5,697	EssilorLuxottica SA (Consumer Discretionary)		933,527
	638	Hermes International (Consumer Discretionary)		714,930
	1,438	Kering (Consumer Discretionary)		916,184
	4,043	L’Oreal SA (Consumer Staples)		1,485,959
	5,063	Legrand SA (Industrials)		441,982
	5,020	LVMH Moet Hennessy Louis Vuitton SE (Consumer Discretionary)		3,198,970
	38,417	Orange SA (Communication Services)		445,228
	3,227	Pernod Ricard SA (Consumer Staples)		616,329
	6,788	Safran SA (Industrials)*		933,098
	20,906	Sanofi (Health Care)		1,923,478
	457	Sartorius Stedim Biotech (Health Care)		200,804
	10,322	Schneider Electric SE (Industrials)		1,539,168
	15,994	Societe Generale SA (Financials)*		398,656
	1,513	Sodexo SA (Consumer Discretionary)*		145,486
	1,109	Teleperformance (Industrials)		394,543
	2,031	Thales SA (Industrials)		193,372
	51,112	TOTAL SE (Energy)		2,380,775
	10,842	Vinci SA (Industrials)		1,132,288
	13,422	Vivendi SE (Communication Services)		465,452
	4,370	Worldline SA (Information Technology)*(a)		391,458
				28,656,324
Germany – 7.9%
	3,374	adidas AG (Consumer Discretionary)*		1,183,150
	7,932	Allianz SE (Financials)		1,923,647
	17,696	BASF SE (Materials)		1,454,800
	18,928	Bayer AG (Health Care)		1,151,497
	6,151	Bayerische Motoren Werke AG (Consumer Discretionary)		533,825
	1,894	Beiersdorf AG (Consumer Staples)		188,283
	4,584	BioNTech SE ADR (Health Care)*		499,793
	2,081	Continental AG (Consumer Discretionary)		300,332
	3,609	Covestro AG (Materials)(a)		262,661
	16,026	Daimler AG (Consumer Discretionary)		1,288,719
	2,548	Delivery Hero SE (Consumer Discretionary)*(a)		326,905
	36,894	Deutsche Bank AG (Financials)*		457,403
	3,533	Deutsche Boerse AG (Financials)		581,286
	18,962	Deutsche Post AG (Industrials)		945,040
	62,472	Deutsche Telekom AG (Communication Services)		1,139,702
Common Stocks – (continued)
Germany – (continued)
	6,621	Deutsche Wohnen SE (Real Estate)		313,024
	41,068	E.ON SE (Utilities)		421,218
	3,689	Evonik Industries AG (Materials)		124,883
	3,825	Fresenius Medical Care AG & Co. KGaA (Health Care)		266,310
	7,843	Fresenius SE & Co. KGaA (Health Care)		337,383
	1,157	Hannover Rueck SE (Financials)		197,033
	467	Hapag-Lloyd AG (Industrials)(a)		69,042
	2,847	HeidelbergCement AG (Materials)		226,278
	1,942	Henkel AG & Co. KGaA (Consumer Staples)		173,018
	25,016	Infineon Technologies AG (Information Technology)		1,093,119
	2,563	Just Eat Takeaway.com NV (Consumer Discretionary)*(a)		248,504
	1,273	Knorr-Bremse AG (Industrials)		163,077
	2,490	Merck KGaA (Health Care)		406,659
	1,028	MTU Aero Engines AG (Industrials)		245,814
	2,699	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Financials)		796,079
	12,043	RWE AG (Utilities)		458,122
	19,410	SAP SE (Information Technology)		2,404,519
	15,554	Siemens AG (Industrials)		2,416,191
	7,700	Siemens Energy AG (Industrials)*		292,071
	4,318	Siemens Healthineers AG (Health Care)(a)		240,204
	2,394	Symrise AG (Materials)		281,053
	1,021	Talanx AG (Financials)		42,706
	15,119	Telefonica Deutschland Holding AG (Communication Services)		40,557
	551	Volkswagen AG (Consumer Discretionary)		129,547
	10,903	Vonovia SE (Real Estate)		697,964
	3,171	Zalando SE (Consumer Discretionary)*(a)		327,239
				24,648,657
Hong Kong – 3.0%
	232,792	AIA Group Ltd. (Financials)		2,912,394
	5,887	ASM Pacific Technology Ltd. (Information Technology)		81,884
	26,444	Bank of East Asia Ltd. (The) (Financials)		62,451
	18,628	Cathay Pacific Airways Ltd. (Industrials)*		17,290
	45,545	CK Asset Holdings Ltd. (Real Estate)		267,433
	11,698	CK Infrastructure Holdings Ltd. (Utilities)		67,784
	36,394	CLP Holdings Ltd. (Utilities)		354,916
	5,799	Dairy Farm International Holdings Ltd. (Consumer Staples)		25,110
	35,216	Hang Lung Properties Ltd. (Real Estate)		91,248
	13,945	Hang Seng Bank Ltd. (Financials)		269,647
	25,302	Henderson Land Development Co. Ltd. (Real Estate)		109,919

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

GOLDMAN SACHS MARKETBETA INTERNATIONAL EQUITY ETF

Shares		Description	Value
Common Stocks – (continued)
Hong Kong – (continued)
	43,619	HK Electric Investments & HK Electric Investments Ltd. (Utilities)	$	42,734
	65,626	HKT Trust & HKT Ltd. (Communication Services)		89,167
	199,146	Hong Kong & China Gas Co. Ltd. (Utilities)		300,361
	24,414	Hong Kong Exchanges & Clearing Ltd. (Financials)		1,489,259
	22,295	Hongkong Land Holdings Ltd. (Real Estate)		107,462
	4,899	Jardine Matheson Holdings Ltd. (Industrials)		256,316
	3,226	Jardine Strategic Holdings Ltd. (Industrials)		83,489
	40,072	Link REIT (Real Estate)		378,128
	8,772	Melco Resorts & Entertainment Ltd. ADR (Consumer Discretionary)*		190,001
	29,676	MTR Corp. Ltd. (Industrials)		178,079
	26,981	New World Development Co. Ltd. (Real Estate)		137,212
	26,333	Power Assets Holdings Ltd. (Utilities)		146,307
	190,803	Sino Biopharmaceutical Ltd. (Health Care)		212,267
	59,501	Sino Land Co. Ltd. (Real Estate)		90,049
	27,689	Sun Hung Kai Properties Ltd. (Real Estate)		444,746
	9,502	Swire Pacific Ltd., Class A (Real Estate)		69,636
	16,653	Swire Pacific Ltd., Class B (Real Estate)		19,321
	20,270	Swire Properties Ltd. (Real Estate)		65,194
	26,262	Techtronic Industries Co. Ltd. (Industrials)		400,835
	182,368	WH Group Ltd. (Consumer Staples)(a)		163,623
	26,360	Wharf Holdings Ltd. (The) (Real Estate)		62,185
	27,417	Wharf Real Estate Investment Co. Ltd. (Real Estate)		163,816
				9,350,263
Ireland – 0.9%
	2,418	AerCap Holdings NV (Industrials)*		116,499
	15,101	AIB Group PLC (Financials)*		34,148
	15,124	CRH PLC (Materials)		657,199
	3,333	Flutter Entertainment PLC (Consumer Discretionary)*		645,070
	1,002	ICON PLC (Health Care)*		181,041
	2,971	Kerry Group PLC, Class A (Consumer Staples)		360,440
	2,938	Kingspan Group PLC (Industrials)*		214,860
	3,744	Ryanair Holdings PLC ADR (Industrials)*		402,555
	4,938	Smurfit Kappa Group PLC (Materials)		234,715
				2,846,527
Israel – 0.8%
	1,257	Airport City Ltd. (Real Estate)*		17,227
	2,806	Alony Hetz Properties & Investments Ltd. (Real Estate)		33,729
	3,783	Amot Investments Ltd. (Real Estate)		19,984
Common Stocks – (continued)
Israel – (continued)
	704	Azrieli Group Ltd. (Real Estate)		42,843
	21,616	Bank Hapoalim BM (Financials)*		153,342
	27,065	Bank Leumi Le-Israel BM (Financials)		165,444
	39,246	Bezeq The Israeli Telecommunication Corp. Ltd. (Communication Services)*		38,041
	116	Big Shopping Centers Ltd. (Real Estate)*		11,661
	2,119	Check Point Software Technologies Ltd. (Information Technology)*		233,599
	400	Elbit Systems Ltd. (Industrials)		52,006
	37	Electra Ltd. (Industrials)		19,345
	4,210	Energix-Renewable Energies Ltd. (Utilities)		14,742
	998	First International Bank Of Israel Ltd. (Financials)		26,192
	362	Fiverr International Ltd. (Consumer Discretionary)*		97,729
	2,210	Harel Insurance Investments & Financial Services Ltd. (Financials)		20,081
	13,348	ICL Group Ltd. (Materials)		77,444
	70	Israel Corp. Ltd. (The) (Materials)*		15,922
	21,482	Israel Discount Bank Ltd., Class A (Financials)		79,827
	332	JFrog Ltd. (Information Technology)*(b)		17,759
	867	Kornit Digital Ltd. (Industrials)*		98,084
	610	Matrix IT Ltd. (Information Technology)		13,442
	902	Maytronics Ltd. (Consumer Discretionary)		14,341
	406	Melisron Ltd. (Real Estate)		21,448
	12,805	Mivne Real Estate KD Ltd. (Real Estate)		29,764
	2,875	Mizrahi Tefahot Bank Ltd. (Financials)		68,874
	206	Nano-X Imaging Ltd. (Health Care)*		9,326
	1,114	Nice Ltd. (Information Technology)*		259,004
	2,793	Phoenix Holdings Ltd. (The) (Financials)*		21,752
	1,909	Plus500 Ltd. (Financials)		36,485
	559	Sapiens International Corp. NV (Information Technology)		18,461
	2,716	Shapir Engineering and Industry Ltd. (Industrials)		18,734
	4,582	Shikun & Binui Ltd. (Industrials)*		26,833
	4,539	Shufersal Ltd. (Consumer Staples)		36,461
	957	Strauss Group Ltd. (Consumer Staples)		25,676
	21,025	Teva Pharmaceutical Industries Ltd. (Health Care)*		233,054
	2,079	Tower Semiconductor Ltd. (Information Technology)*		63,386
	1,037	Wix.com Ltd. (Information Technology)*		361,467
				2,493,509
Italy – 2.1%
	30,180	A2A SpA (Utilities)		51,084
	2,224	Amplifon SpA (Health Care)*		89,083
	22,299	Assicurazioni Generali SpA (Financials)		420,884
	8,882	Atlantia SpA (Industrials)*		167,375
	4,086	Banca Mediolanum SpA (Financials)*		35,833
	1,799	Buzzi Unicem SpA (Materials)		45,747

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

GOLDMAN SACHS MARKETBETA INTERNATIONAL EQUITY ETF

Schedule of Investments (continued)

February 28, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Italy – (continued)
	10,224	Davide Campari-Milano NV (Consumer Staples)	$	116,380
	444	DiaSorin SpA (Health Care)		87,522
	149,679	Enel SpA (Utilities)		1,425,101
	47,594	Eni SpA (Energy)		547,771
	2,338	Ferrari NV (Consumer Discretionary)		458,315
	11,742	FinecoBank Banca Fineco SpA (Financials)*		207,658
	16,374	Hera SpA (Utilities)		58,710
	6,448	Infrastrutture Wireless Italiane SpA (Communication Services)(a)		67,426
	330,437	Intesa Sanpaolo SpA (Financials)*		855,914
	7,312	Leonardo SpA (Industrials)		58,843
	14,493	Mediobanca Banca di Credito Finanziario SpA (Financials)*		151,604
	3,860	Moncler SpA (Consumer Discretionary)*		240,354
	9,667	Nexi SpA (Information Technology)*(a)		174,658
	7,944	Pirelli & C SpA (Consumer Discretionary)*(a)		46,043
	8,883	Poste Italiane SpA (Financials)(a)		101,396
	9,871	PRADA SpA (Consumer Discretionary)*		58,724
	4,564	Prysmian SpA (Industrials)		147,857
	1,822	Recordati Industria Chimica e Farmaceutica SpA (Health Care)		93,194
	37,527	Snam SpA (Utilities)		195,684
	189,918	Telecom Italia SpA (Communication Services)		90,572
	116,126	Telecom Italia SpA-RSP (Communication Services)		62,612
	27,165	Terna Rete Elettrica Nazionale SpA (Utilities)		190,188
	41,038	UniCredit SpA (Financials)*		425,394
	8,478	UnipolSai Assicurazioni SpA (Financials)		24,739
				6,696,665
Japan – 25.9%
	595	ABC-Mart, Inc. (Consumer Discretionary)		33,844
	6,035	Acom Co. Ltd. (Financials)		26,907
	3,764	Advantest Corp. (Information Technology)		309,133
	13,817	Aeon Co. Ltd. (Consumer Staples)		415,392
	2,002	AEON Financial Service Co. Ltd. (Financials)		25,631
	1,833	Aeon Mall Co. Ltd. (Real Estate)		30,831
	3,719	AGC, Inc. (Industrials)		136,138
	3,718	Air Water, Inc. (Materials)		61,141
	3,019	Aisin Seiki Co. Ltd. (Consumer Discretionary)		102,721
	10,466	Ajinomoto Co., Inc. (Consumer Staples)		208,161
	3,456	Alfresa Holdings Corp. (Health Care)		66,629
	3,876	Alps Alpine Co. Ltd. (Information Technology)		51,006
	6,501	Amada Co. Ltd. (Industrials)		78,776
Common Stocks – (continued)
Japan – (continued)
	8,307	ANA Holdings, Inc. (Industrials)*		199,137
	8,324	Asahi Group Holdings Ltd. (Consumer Staples)		360,337
	3,953	Asahi Intecc Co. Ltd. (Health Care)		113,351
	25,480	Asahi Kasei Corp. (Materials)		274,076
	35,511	Astellas Pharma, Inc. (Health Care)		557,963
	2,625	Azbil Corp. (Information Technology)		111,490
	3,692	Bandai Namco Holdings, Inc. (Consumer Discretionary)		282,323
	1,499	Benesse Holdings, Inc. (Consumer Discretionary)		30,236
	11,003	Bridgestone Corp. (Consumer Discretionary)		429,730
	4,745	Brother Industries Ltd. (Information Technology)		93,217
	1,598	Calbee, Inc. (Consumer Staples)		41,997
	19,663	Canon, Inc. (Information Technology)		423,103
	1,575	Capcom Co. Ltd. (Communication Services)		95,795
	4,100	Casio Computer Co. Ltd. (Consumer Discretionary)		78,968
	3,282	Central Japan Railway Co. (Industrials)		536,321
	13,095	Chiba Bank Ltd. (The) (Financials)		83,457
	13,993	Chubu Electric Power Co., Inc. (Utilities)		171,728
	12,136	Chugai Pharmaceutical Co. Ltd. (Health Care)		542,555
	6,001	Chugoku Electric Power Co., Inc. (The) (Utilities)		71,591
	2,303	Coca-Cola Bottlers Japan Holdings, Inc. (Consumer Staples)		39,558
	20,802	Concordia Financial Group Ltd. (Financials)		80,248
	359	Cosmos Pharmaceutical Corp. (Consumer Staples)		51,387
	1,921	CyberAgent, Inc. (Communication Services)		115,758
	4,455	Dai Nippon Printing Co. Ltd. (Industrials)		80,034
	5,079	Daicel Corp. (Materials)		37,184
	2,166	Daifuku Co. Ltd. (Industrials)		206,963
	20,234	Dai-ichi Life Holdings, Inc. (Financials)		354,959
	36,560	Daiichi Sankyo Co. Ltd. (Health Care)		1,032,904
	5,040	Daikin Industries Ltd. (Industrials)		980,184
	1,237	Daito Trust Construction Co. Ltd. (Real Estate)		137,122
	11,532	Daiwa House Industry Co. Ltd. (Real Estate)		325,048
	39	Daiwa House REIT Investment Corp. REIT (Real Estate)		102,350
	27,914	Daiwa Securities Group, Inc. (Financials)		135,614
	8,488	Denso Corp. (Consumer Discretionary)		508,929
	4,134	Dentsu Group, Inc. (Communication Services)		142,405
	1,552	DIC Corp. (Materials)		38,006
	542	Disco Corp. (Information Technology)		169,916
	6,585	East Japan Railway Co. (Industrials)		485,624
	1,824	Ebara Corp. (Industrials)		68,310
	5,211	Eisai Co. Ltd. (Health Care)		357,981

32 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)
	3,185	Electric Power Development Co. Ltd. (Utilities)	$	51,898
	59,905	ENEOS Holdings, Inc. (Energy)		262,977
	937	Ezaki Glico Co. Ltd. (Consumer Staples)		38,126
	3,668	FANUC Corp. (Industrials)		906,844
	1,049	Fast Retailing Co. Ltd. (Consumer Discretionary)		1,033,837
	2,467	Fuji Electric Co. Ltd. (Industrials)		102,348
	3,186	Fuji Media Holdings, Inc. (Communication Services)		38,517
	7,191	FUJIFILM Holdings Corp. (Information Technology)		409,699
	3,575	Fujitsu Ltd. (Information Technology)		515,412
	3,358	Fukuoka Financial Group, Inc. (Financials)		60,358
	76	GLP J REIT (Real Estate)		123,124
	794	GMO Payment Gateway, Inc. (Information Technology)		105,156
	4,216	Hakuhodo DY Holdings, Inc. (Communication Services)		69,409
	2,682	Hamamatsu Photonics KK (Information Technology)		157,839
	4,431	Hankyu Hanshin Holdings, Inc. (Industrials)		147,021
	662	Harmonic Drive Systems, Inc. (Industrials)		50,890
	5,108	Haseko Corp. (Consumer Discretionary)		63,191
	381	Hikari Tsushin, Inc. (Consumer Discretionary)		75,420
	5,113	Hino Motors Ltd. (Industrials)		47,991
	612	Hirose Electric Co. Ltd. (Information Technology)		89,267
	1,287	Hisamitsu Pharmaceutical Co., Inc. (Health Care)		80,211
	1,998	Hitachi Construction Machinery Co. Ltd. (Industrials)		61,418
	18,138	Hitachi Ltd. (Information Technology)		830,119
	3,840	Hitachi Metals Ltd. (Materials)		60,876
	31,198	Honda Motor Co. Ltd. (Consumer Discretionary)		852,572
	985	Hoshizaki Corp. (Industrials)		86,352
	7,074	Hoya Corp. (Health Care)		803,411
	6,342	Hulic Co. Ltd. (Real Estate)		70,718
	2,156	Ibiden Co. Ltd. (Information Technology)		87,624
	3,970	Idemitsu Kosan Co. Ltd. (Energy)		103,740
	2,483	IHI Corp. (Industrials)		45,633
	2,829	Iida Group Holdings Co. Ltd. (Consumer Discretionary)		64,047
	18,898	Inpex Corp. (Energy)		139,065
	6,338	Isetan Mitsukoshi Holdings Ltd. (Consumer Discretionary)		46,223
	10,795	Isuzu Motors Ltd. (Consumer Discretionary)		112,874
	1,057	Ito En Ltd. (Consumer Staples)		58,336
	28,317	ITOCHU Corp. (Industrials)		842,015
	1,769	Itochu Techno-Solutions Corp. (Information Technology)		54,295
Common Stocks – (continued)
Japan – (continued)
	776	Izumi Co. Ltd. (Consumer Discretionary)		28,661
	4,797	J Front Retailing Co. Ltd. (Consumer Discretionary)		45,791
	8,136	Japan Airlines Co. Ltd. (Industrials)*		193,205
	10,260	Japan Exchange Group, Inc. (Financials)		220,868
	7,739	Japan Post Bank Co. Ltd. (Financials)		73,656
	27,154	Japan Post Holdings Co. Ltd. (Financials)		232,086
	3,798	Japan Post Insurance Co. Ltd. (Financials)		77,678
	100	Japan Retail Fund Investment Corp. REIT (Real Estate)		98,836
	20,699	Japan Tobacco, Inc. (Consumer Staples)		373,996
	9,133	JFE Holdings, Inc. (Materials)*		95,839
	4,287	JGC Holdings Corp. (Industrials)		55,006
	3,880	JSR Corp. (Materials)		115,628
	4,364	JTEKT Corp. (Consumer Discretionary)		45,754
	8,552	Kajima Corp. (Industrials)		109,007
	2,469	Kakaku.com, Inc. (Communication Services)		78,329
	14,128	Kansai Electric Power Co., Inc. (The) (Utilities)		140,895
	4,169	Kansai Paint Co. Ltd. (Materials)		108,862
	9,066	Kao Corp. (Consumer Staples)		607,917
	2,875	Kawasaki Heavy Industries Ltd. (Industrials)*		64,441
	30,536	KDDI Corp. (Communication Services)		942,965
	1,948	Keihan Holdings Co. Ltd. (Industrials)		87,399
	4,419	Keikyu Corp. (Industrials)		69,848
	2,098	Keio Corp. (Industrials)		156,552
	2,859	Keisei Electric Railway Co. Ltd. (Industrials)		103,046
	2,025	Kewpie Corp. (Consumer Staples)		43,773
	3,676	Keyence Corp. (Information Technology)		1,744,496
	2,797	Kikkoman Corp. (Consumer Staples)		184,559
	3,485	Kintetsu Group Holdings Co. Ltd. (Industrials)		145,563
	15,635	Kirin Holdings Co. Ltd. (Consumer Staples)		306,492
	947	Kobayashi Pharmaceutical Co. Ltd. (Consumer Staples)		89,420
	2,127	Kobe Bussan Co. Ltd. (Consumer Staples)		54,602
	805	Koei Tecmo Holdings Co. Ltd. (Communication Services)		45,260
	2,276	Koito Manufacturing Co. Ltd. (Consumer Discretionary)		151,676
	17,694	Komatsu Ltd. (Industrials)		529,790
	1,792	Konami Holdings Corp. (Communication Services)		114,880
	587	Kose Corp. (Consumer Staples)		94,050
	22,245	Kubota Corp. (Industrials)		502,674
	6,384	Kuraray Co. Ltd. (Materials)		71,426
	6,287	Kyocera Corp. (Information Technology)		404,695
	4,744	Kyowa Kirin Co. Ltd. (Health Care)		132,159
	8,610	Kyushu Electric Power Co., Inc. (Utilities)		73,945
	2,647	Kyushu Railway Co. (Industrials)		68,871

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

GOLDMAN SACHS MARKETBETA INTERNATIONAL EQUITY ETF

Schedule of Investments (continued)

February 28, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Japan – (continued)
	1,477	Lasertec Corp. (Information Technology)	$	179,808
	895	Lawson, Inc. (Consumer Staples)		41,793
	4,801	Lion Corp. (Consumer Staples)		92,199
	5,235	Lixil Corp. (Industrials)		146,771
	7,849	M3, Inc. (Health Care)		620,685
	893	Mabuchi Motor Co. Ltd. (Industrials)		39,478
	4,639	Makita Corp. (Industrials)		197,464
	32,376	Marubeni Corp. (Industrials)		240,586
	3,789	Marui Group Co. Ltd. (Consumer Discretionary)		71,875
	1,590	Matsumotokiyoshi Holdings Co. Ltd. (Consumer Staples)		62,382
	11,059	Mazda Motor Corp. (Consumer Discretionary)		87,089
	1,418	McDonald’s Holdings Co. Japan Ltd. (Consumer Discretionary)		70,274
	20,785	Mebuki Financial Group, Inc. (Financials)		44,286
	3,238	Medipal Holdings Corp. (Health Care)		64,128
	2,473	MEIJI Holdings Co. Ltd. (Consumer Staples)		156,913
	1,799	Mercari, Inc. (Consumer Discretionary)*		86,455
	7,342	MINEBEA MITSUMI, Inc. (Industrials)		180,208
	5,457	MISUMI Group, Inc. (Industrials)		166,466
	26,582	Mitsubishi Chemical Holdings Corp. (Materials)		184,582
	26,087	Mitsubishi Corp. (Industrials)		735,304
	37,701	Mitsubishi Electric Corp. (Industrials)		555,041
	22,916	Mitsubishi Estate Co. Ltd. (Real Estate)		395,341
	3,619	Mitsubishi Gas Chemical Co., Inc. (Materials)		84,208
	5,793	Mitsubishi Heavy Industries Ltd. (Industrials)		166,819
	2,241	Mitsubishi Materials Corp. (Materials)		52,649
	12,296	Mitsubishi Motors Corp. (Consumer Discretionary)*		34,854
	221,043	Mitsubishi UFJ Financial Group, Inc. (Financials)		1,157,706
	8,940	Mitsubishi UFJ Lease & Finance Co. Ltd. (Financials)		47,914
	30,916	Mitsui & Co. Ltd. (Industrials)		656,827
	3,380	Mitsui Chemicals, Inc. (Materials)		104,059
	17,122	Mitsui Fudosan Co. Ltd. (Real Estate)		385,703
	2,227	Mitsui OSK Lines Ltd. (Industrials)		70,338
	1,846	Miura Co. Ltd. (Industrials)		95,471
	45,133	Mizuho Financial Group, Inc. (Financials)		660,431
	2,332	MonotaRO Co. Ltd. (Industrials)		133,958
	9,084	MS&AD Insurance Group Holdings, Inc. (Financials)		255,791
	11,989	Murata Manufacturing Co. Ltd. (Information Technology)		1,021,890
	2,136	Nabtesco Corp. (Industrials)		90,621
	3,713	Nagoya Railroad Co. Ltd. (Industrials)		94,236
	4,800	NEC Corp. (Information Technology)		261,310
Common Stocks – (continued)
Japan – (continued)
	8,669	Nexon Co. Ltd. (Communication Services)		273,398
	5,882	NGK Insulators Ltd. (Industrials)		103,794
	3,630	NGK Spark Plug Co. Ltd. (Consumer Discretionary)		61,397
	1,945	NH Foods Ltd. (Consumer Staples)		81,878
	2,357	Nichirei Corp. (Consumer Staples)		61,347
	9,663	Nidec Corp. (Industrials)		1,226,241
	2,803	Nihon M&A Center, Inc. (Industrials)		152,857
	6,110	Nikon Corp. (Consumer Discretionary)		54,195
	2,252	Nintendo Co. Ltd. (Communication Services)		1,368,660
	65	Nippon Building Fund, Inc. REIT (Real Estate)		397,175
	1,631	Nippon Express Co. Ltd. (Industrials)		121,246
	3,369	Nippon Paint Holdings Co. Ltd. (Materials)		250,446
	37	Nippon Prologis REIT, Inc. REIT (Real Estate)		113,216
	3,204	Nippon Sanso Holdings Corp. (Materials)		60,116
	1,133	Nippon Shinyaku Co. Ltd. (Health Care)		76,887
	16,520	Nippon Steel Corp. (Materials)*		243,055
	44,790	Nippon Telegraph & Telephone Corp. (Communication Services)		1,159,478
	2,658	Nippon Television Holdings, Inc. (Communication Services)		35,152
	3,007	Nippon Yusen KK (Industrials)		86,225
	2,445	Nissan Chemical Corp. (Materials)		132,875
	42,394	Nissan Motor Co. Ltd. (Consumer Discretionary)*		228,683
	4,643	Nisshin Seifun Group, Inc. (Consumer Staples)		74,652
	1,323	Nissin Foods Holdings Co. Ltd. (Consumer Staples)		99,964
	1,558	Nitori Holdings Co. Ltd. (Consumer Discretionary)		290,644
	2,807	Nitto Denko Corp. (Materials)		239,493
	57,831	Nomura Holdings, Inc. (Financials)		335,891
	2,191	Nomura Real Estate Holdings, Inc. (Real Estate)		49,336
	79	Nomura Real Estate Master Fund, Inc. REIT (Real Estate)		118,270
	6,965	Nomura Research Institute Ltd. (Information Technology)		216,390
	8,799	NSK Ltd. (Industrials)		86,140
	12,094	NTT Data Corp. (Information Technology)		184,464
	12,533	Obayashi Corp. (Industrials)		107,402
	328	OBIC Business Consultants Co. Ltd. (Information Technology)		18,318
	1,225	Obic Co. Ltd. (Information Technology)		206,735
	6,531	Odakyu Electric Railway Co. Ltd. (Industrials)		190,952
	16,646	Oji Holdings Corp. (Materials)		104,838
	22,794	Olympus Corp. (Health Care)		477,104
	3,671	Omron Corp. (Information Technology)		295,637

34 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)
	7,658	Ono Pharmaceutical Co. Ltd. (Health Care)	$	205,862
	1,302	Open House Co. Ltd. (Consumer Discretionary)		49,861
	638	Oracle Corp. Japan (Information Technology)		64,674
	3,826	Oriental Land Co. Ltd. (Consumer Discretionary)		640,659
	23,472	ORIX Corp. (Financials)		396,891
	53	Orix JREIT, Inc. REIT (Real Estate)		90,191
	7,687	Osaka Gas Co. Ltd. (Utilities)		137,520
	2,090	Otsuka Corp. (Information Technology)		97,104
	7,652	Otsuka Holdings Co. Ltd. (Health Care)		303,379
	7,479	Pan Pacific International Holdings Corp. (Consumer Discretionary)		175,146
	41,320	Panasonic Corp. (Consumer Discretionary)		529,589
	2,089	Park24 Co. Ltd. (Industrials)*		44,921
	1,804	PeptiDream, Inc. (Health Care)*		85,848
	3,394	Persol Holdings Co. Ltd. (Industrials)		67,122
	2,210	Pigeon Corp. (Consumer Staples)		79,862
	1,584	Pola Orbis Holdings, Inc. (Consumer Staples)		36,173
	15,535	Rakuten, Inc. (Consumer Discretionary)		173,664
	25,543	Recruit Holdings Co. Ltd. (Industrials)		1,266,121
	14,482	Renesas Electronics Corp. (Information Technology)*		158,902
	43,370	Resona Holdings, Inc. (Financials)		174,107
	13,371	Ricoh Co. Ltd. (Information Technology)		115,713
	666	Rinnai Corp. (Consumer Discretionary)		67,388
	1,630	Rohm Co. Ltd. (Information Technology)		160,185
	4,599	Ryohin Keikaku Co. Ltd. (Consumer Discretionary)		103,514
	7,205	Santen Pharmaceutical Co. Ltd. (Health Care)		98,871
	4,477	SBI Holdings, Inc. (Financials)		124,300
	826	SCREEN Holdings Co. Ltd. (Information Technology)		64,350
	915	SCSK Corp. (Information Technology)		53,849
	4,038	Secom Co. Ltd. (Industrials)		349,677
	3,299	Sega Sammy Holdings, Inc. (Consumer Discretionary)		55,396
	4,279	Seibu Holdings, Inc. (Industrials)		51,409
	5,496	Seiko Epson Corp. (Information Technology)		89,966
	7,603	Sekisui Chemical Co. Ltd. (Consumer Discretionary)		135,233
	11,411	Sekisui House Ltd. (Consumer Discretionary)		213,889
	14,423	Seven & i Holdings Co. Ltd. (Consumer Staples)		546,514
	11,606	Seven Bank Ltd. (Financials)		26,145
	8,209	SG Holdings Co. Ltd. (Industrials)		188,621
	3,909	Sharp Corp. (Consumer Discretionary)		73,858
	5,395	Shimadzu Corp. (Information Technology)		193,945
Common Stocks – (continued)
Japan – (continued)
	460	Shimamura Co. Ltd. (Consumer Discretionary)		45,810
	1,473	Shimano, Inc. (Consumer Discretionary)		329,192
	11,183	Shimizu Corp. (Industrials)		84,497
	7,804	Shin-Etsu Chemical Co. Ltd. (Materials)		1,270,879
	4,179	Shinsei Bank Ltd. (Financials)		59,622
	5,839	Shionogi & Co. Ltd. (Health Care)		296,663
	7,610	Shiseido Co. Ltd. (Consumer Staples)		565,214
	9,808	Shizuoka Bank Ltd. (The) (Financials)		71,622
	2,738	Showa Denko KK (Materials)		66,664
	1,205	SMC Corp. (Industrials)		711,418
	53,702	SoftBank Corp. (Communication Services)		726,343
	23,895	SoftBank Group Corp. (Communication Services)		2,219,270
	1,359	Sohgo Security Services Co. Ltd. (Industrials)		61,228
	20,414	Sojitz Corp. (Industrials)		53,650
	6,229	Sompo Holdings, Inc. (Financials)		238,543
	23,758	Sony Corp. (Consumer Discretionary)		2,479,716
	1,674	Square Enix Holdings Co. Ltd. (Communication Services)		94,903
	2,807	Stanley Electric Co. Ltd. (Consumer Discretionary)		83,125
	11,676	Subaru Corp. (Consumer Discretionary)		217,925
	673	Sugi Holdings Co. Ltd. (Consumer Staples)		46,871
	5,049	SUMCO Corp. (Information Technology)		115,159
	30,611	Sumitomo Chemical Co. Ltd. (Materials)		147,969
	22,337	Sumitomo Corp. (Industrials)		322,979
	3,202	Sumitomo Dainippon Pharma Co. Ltd. (Health Care)		50,582
	14,232	Sumitomo Electric Industries Ltd. (Consumer Discretionary)		206,587
	2,208	Sumitomo Heavy Industries Ltd. (Industrials)		60,620
	4,636	Sumitomo Metal Mining Co. Ltd. (Materials)		223,750
	24,769	Sumitomo Mitsui Financial Group, Inc. (Financials)		869,961
	5,634	Sumitomo Mitsui Trust Holdings, Inc. (Financials)		185,191
	6,362	Sumitomo Realty & Development Co. Ltd. (Real Estate)		219,153
	3,414	Sumitomo Rubber Industries Ltd. (Consumer Discretionary)		37,973
	1,296	Sundrug Co. Ltd. (Consumer Staples)		48,658
	2,398	Suntory Beverage & Food Ltd. (Consumer Staples)		82,042
	1,211	Suzuken Co. Ltd. (Health Care)		46,148
	7,807	Suzuki Motor Corp. (Consumer Discretionary)		337,004
	2,854	Sysmex Corp. (Health Care)		296,946
	9,634	T&D Holdings, Inc. (Financials)		129,852
	2,269	Taiheiyo Cement Corp. (Materials)		56,480
	3,624	Taisei Corp. (Industrials)		127,728

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

GOLDMAN SACHS MARKETBETA INTERNATIONAL EQUITY ETF

Schedule of Investments (continued)

February 28, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Japan – (continued)
	756	Taisho Pharmaceutical Holdings Co. Ltd. (Health Care)	$	46,336
	29,609	Takeda Pharmaceutical Co. Ltd. (Health Care)		995,489
	1,795	TBS Holdings, Inc. (Communication Services)		32,736
	2,423	TDK Corp. (Information Technology)		346,598
	3,476	Teijin Ltd. (Materials)		59,706
	13,634	Terumo Corp. (Health Care)		505,612
	2,304	THK Co. Ltd. (Industrials)		74,284
	4,474	TIS, Inc. (Information Technology)		92,974
	3,740	Tobu Railway Co. Ltd. (Industrials)		106,366
	2,071	Toho Co. Ltd. (Communication Services)		77,755
	1,725	Toho Gas Co. Ltd. (Utilities)		101,356
	8,785	Tohoku Electric Power Co., Inc. (Utilities)		77,262
	12,347	Tokio Marine Holdings, Inc. (Financials)		608,774
	700	Tokyo Century Corp. (Financials)		45,598
	28,580	Tokyo Electric Power Co. Holdings, Inc. (Utilities)*		91,744
	2,862	Tokyo Electron Ltd. (Information Technology)		1,169,890
	8,024	Tokyo Gas Co. Ltd. (Utilities)		165,842
	11,412	Tokyu Corp. (Industrials)		156,816
	11,608	Tokyu Fudosan Holdings Corp. (Real Estate)		72,564
	5,395	Toppan Printing Co. Ltd. (Industrials)		84,667
	28,699	Toray Industries, Inc. (Materials)		187,645
	8,368	Toshiba Corp. (Industrials)		263,513
	5,168	Tosoh Corp. (Materials)		94,590
	2,975	TOTO Ltd. (Industrials)		178,991
	1,676	Toyo Suisan Kaisha Ltd. (Consumer Staples)		71,420
	1,313	Toyoda Gosei Co. Ltd. (Consumer Discretionary)		34,027
	1,248	Toyota Boshoku Corp. (Consumer Discretionary)		19,351
	2,960	Toyota Industries Corp. (Consumer Discretionary)		252,825
	43,383	Toyota Motor Corp. (Consumer Discretionary)		3,205,879
	4,311	Toyota Tsusho Corp. (Industrials)		180,468
	2,535	Trend Micro, Inc. (Information Technology)		121,825
	722	Tsuruha Holdings, Inc. (Consumer Staples)		92,910
	7,738	Unicharm Corp. (Consumer Staples)		306,208
	54	United Urban Investment Corp. REIT (Real Estate)		74,102
	3,990	USS Co. Ltd. (Consumer Discretionary)		75,800
	1,805	Welcia Holdings Co. Ltd. (Consumer Staples)		57,687
	3,339	West Japan Railway Co. (Industrials)		204,151
	379	Workman Co. Ltd. (Consumer Discretionary)		28,459
	2,454	Yakult Honsha Co. Ltd. (Consumer Staples)		121,387
Common Stocks – (continued)
Japan – (continued)
	12,692	Yamada Holdings Co. Ltd. (Consumer Discretionary)		60,637
	3,181	Yamaha Corp. (Consumer Discretionary)		177,054
	5,629	Yamaha Motor Co. Ltd. (Consumer Discretionary)		122,523
	6,158	Yamato Holdings Co. Ltd. (Industrials)		161,955
	2,530	Yamazaki Baking Co. Ltd. (Consumer Staples)		42,578
	4,796	Yaskawa Electric Corp. (Industrials)		239,485
	4,931	Yokogawa Electric Corp. (Information Technology)		93,307
	2,570	Yokohama Rubber Co. Ltd. (The) (Consumer Discretionary)		44,385
	50,022	Z Holdings Corp. (Communication Services)		304,480
	2,128	ZOZO, Inc. (Consumer Discretionary)		66,512
				80,880,961
Jordan – 0.0%
	2,734	Hikma Pharmaceuticals PLC (Health Care)		85,469
Luxembourg – 0.2%
	13,307	ArcelorMittal (Materials)*		312,671
	2,440	Eurofins Scientific SE (Health Care)*		218,098
				530,769
Macau – 0.2%
	38,037	Galaxy Entertainment Group Ltd. (Consumer Discretionary)		347,647
	15,785	MGM China Holdings Ltd. (Consumer Discretionary)		28,162
	46,857	Sands China Ltd. (Consumer Discretionary)*		219,264
	37,194	SJM Holdings Ltd. (Consumer Discretionary)		51,783
	27,903	Wynn Macau Ltd. (Consumer Discretionary)*		52,660
				699,516
Mexico – 0.0%
	3,550	Fresnillo PLC (Materials)		45,166
Netherlands – 4.8%
	8,497	ABN AMRO Bank NV (Financials)*(a)		98,186
	461	Adyen NV (Information Technology)*(a)		1,072,120
	3,332	Akzo Nobel NV (Materials)		346,037
	7,960	ASML Holding NV (Information Technology)		4,496,141
	2,001	EXOR NV (Financials)		161,516
	1,643	HAL Trust (Financials)		264,839
	1,948	Heineken Holding NV (Consumer Staples)		168,351
	3,628	Heineken NV (Consumer Staples)		359,780
	75,150	ING Groep NV (Financials)		824,511
	1,418	JDE Peet’s NV (Consumer Staples)*		57,917
	20,552	Koninklijke Ahold Delhaize NV (Consumer Staples)		544,821

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

GOLDMAN SACHS MARKETBETA INTERNATIONAL EQUITY ETF

Shares			Description	Value
Common Stocks – (continued)
Netherlands – (continued)
	3,271		Koninklijke DSM NV (Materials)	$	542,150
	66,375		Koninklijke KPN NV (Communication Services)		218,173
	17,364		Koninklijke Philips NV (Health Care)*		947,491
	5,378		NN Group NV (Financials)		249,363
	5,366		NXP Semiconductors NV (Information Technology)		979,563
	2,291		Randstad NV (Industrials)*		153,890
	79,001		Royal Dutch Shell PLC, Class A (Energy)		1,595,801
	71,402		Royal Dutch Shell PLC, Class B (Energy)		1,385,202
	5,084		Wolters Kluwer NV (Industrials)		405,309
					14,871,161
New Zealand – 0.5%
	13,163		a2 Milk Co. Ltd. (The) (Consumer Staples)*		92,741
	23,234		Auckland International Airport Ltd. (Industrials)*		127,545
	8,600		Chorus Ltd. (Communication Services)		49,337
	13,812		Contact Energy Ltd. (Utilities)		68,692
	2,356		EBOS Group Ltd. (Health Care)		48,736
	11,054		Fisher & Paykel Healthcare Corp. Ltd. (Health Care)		235,093
	14,684		Fletcher Building Ltd. (Materials)		68,972
	9,886		Genesis Energy Ltd. (Utilities)		25,122
	25,686		Goodman Property Trust REIT (Real Estate)		41,088
	13,290		Infratil Ltd. (Utilities)		71,121
	1,559		Mainfreight Ltd. (Industrials)		74,588
	11,708		Mercury NZ Ltd. (Utilities)		51,503
	22,003		Meridian Energy Ltd. (Utilities)		91,191
	7,349		Ryman Healthcare Ltd. (Health Care)		78,282
	35,617		Spark New Zealand Ltd. (Communication Services)		118,868
	2,427		Xero Ltd. (Information Technology)*		222,528
					1,465,407
Norway – 0.7%
	429		Aker ASA, Class A (Financials)		34,621
	2,070		Aker BP ASA (Energy)		54,154
	1,642		Austevoll Seafood ASA (Consumer Staples)		18,971
	16,998		DNB ASA (Financials)(b)		332,874
	3,506		Entra ASA (Real Estate)(a)		73,442
	20,410		Equinor ASA (Energy)		386,894
	3,563		Gjensidige Forsikring ASA (Financials)		82,331
	1,702		Kongsberg Gruppen ASA (Industrials)		34,981
	5,429		Leroy Seafood Group ASA (Consumer Staples)		43,939
	8,098		Mowi ASA (Consumer Staples)		196,902
	26,914		NEL ASA (Industrials)*		78,817
	25,707		Norsk Hydro ASA (Materials)		143,281
	14,399		Orkla ASA (Consumer Staples)		133,523
	1,007		Salmar ASA (Consumer Staples)		66,697
	2,178		Scatec ASA (Utilities)(a)		63,479
Common Stocks – (continued)
Norway – (continued)
	1,399		Schibsted ASA, Class A (Communication Services)*		56,970
	1,853		Schibsted ASA, Class B (Communication Services)*		64,076
	3,438		SpareBank 1 SR-Bank ASA (Financials)*		39,881
	8,711		Storebrand ASA (Financials)*		74,952
	12,300		Telenor ASA (Communication Services)		200,168
	2,230		TGS NOPEC Geophysical Co. ASA (Energy)		35,203
	2,243		TOMRA Systems ASA (Industrials)		96,575
					2,312,731
Poland – 0.3%
	5,960		Allegro.eu SA (Consumer Discretionary)*(a)		102,918
	3,082		Bank Pekao SA (Financials)*		56,100
	1,321		CD Projekt SA (Communication Services)*		83,910
	3,816		Cyfrowy Polsat SA (Communication Services)		29,300
	924		Dino Polska SA (Consumer Staples)*(a)		61,074
	2,628	��	KGHM Polska Miedz SA (Materials)*		133,594
	250		mBank SA (Financials)*		14,873
	15,351		PGE Polska Grupa Energetyczna SA (Utilities)*		27,390
	5,973		Polski Koncern Naftowy ORLEN SA (Energy)		94,354
	31,305		Polskie Gornictwo Naftowe i Gazownictwo SA (Energy)		47,065
	16,995		Powszechna Kasa Oszczednosci Bank Polski SA (Financials)*		137,519
	10,949		Powszechny Zaklad Ubezpieczen SA (Financials)*		86,039
	642		Santander Bank Polska SA (Financials)*		36,264
					910,400
Portugal – 0.2%
	51,017		EDP – Energias de Portugal SA (Utilities)		293,893
	9,454		Galp Energia SGPS SA (Energy)		106,536
	4,707		Jeronimo Martins SGPS SA (Consumer Staples)		73,417
	3,939		NOS SGPS SA (Communication Services)		13,263
					487,109
Russia – 0.0%
	11,086		Evraz PLC (Materials)		88,501
Singapore – 1.1%
	63,562		Ascendas Real Estate Investment Trust REIT (Real Estate)		140,537
	86,148		CapitaLand Integrated Commercial Trust REIT (Real Estate)		136,054
	49,464		CapitaLand Ltd. (Real Estate)		118,294
	10,975		City Developments Ltd. (Real Estate)		60,748
	41,620		ComfortDelGro Corp. Ltd. (Industrials)		50,393

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

GOLDMAN SACHS MARKETBETA INTERNATIONAL EQUITY ETF

Schedule of Investments (continued)

February 28, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Singapore – (continued)
	34,337	DBS Group Holdings Ltd. (Financials)	$	687,928
	51,916	Frasers Logistics & Commercial Trust REIT (Real Estate)		53,880
	109,408	Genting Singapore Ltd. (Consumer Discretionary)		70,350
	1,831	Jardine Cycle & Carriage Ltd. (Consumer Discretionary)		28,972
	27,593	Keppel Corp. Ltd. (Industrials)		105,417
	24,903	Keppel DC REIT (Real Estate)		51,128
	42,999	Mapletree Commercial Trust REIT (Real Estate)		65,968
	32,712	Mapletree Industrial Trust REIT (Real Estate)		65,439
	53,602	Mapletree Logistics Trust REIT (Real Estate)		74,576
	72,086	Oversea-Chinese Banking Corp. Ltd. (Financials)		595,792
	12,872	SATS Ltd. (Industrials)*		42,594
	24,982	Singapore Airlines Ltd. (Industrials)*		93,563
	15,756	Singapore Exchange Ltd. (Financials)		118,374
	26,441	Singapore Technologies Engineering Ltd. (Industrials)		74,767
	148,996	Singapore Telecommunications Ltd. (Communication Services)		263,323
	34,587	Suntec Real Estate Investment Trust REIT (Real Estate)		37,716
	27,474	United Overseas Bank Ltd. (Financials)		509,933
	10,255	UOL Group Ltd. (Real Estate)		56,994
	5,198	Venture Corp. Ltd. (Information Technology)		75,056
				3,577,796
South Africa – 0.3%
	22,369	Anglo American PLC (Materials)		867,075
Spain – 2.4%
	4,435	ACS Actividades de Construccion y Servicios SA (Industrials)		136,410
	1,305	Aena SME SA (Industrials)*(a)		223,187
	8,661	Amadeus IT Group SA (Information Technology)*		604,482
	127,999	Banco Bilbao Vizcaya Argentaria SA (Financials)		715,146
	330,721	Banco Santander SA (Financials)*		1,163,141
	68,293	CaixaBank SA (Financials)		199,526
	7,143	Cellnex Telecom SA (Communication Services)*(a)		390,591
	2,931	EDP Renovaveis SA (Utilities)		64,393
	6,099	Endesa SA (Utilities)		152,131
	7,826	Ferrovial SA (Industrials)		196,063
	5,626	Grifols SA (Health Care)		142,176
	120,427	Iberdrola SA (Utilities)		1,523,867
	21,362	Industria de Diseno Textil SA (Consumer Discretionary)		708,126
	18,470	Mapfre SA (Financials)		35,243
	9,247	Naturgy Energy Group SA (Utilities)		232,449
	8,122	Red Electrica Corp. SA (Utilities)		136,688
	26,096	Repsol SA (Energy)		329,899
Common Stocks – (continued)
Spain – (continued)
	4,290	Siemens Gamesa Renewable Energy SA (Industrials)		160,382
	90,561	Telefonica SA (Communication Services)		387,588
				7,501,488
Sweden – 3.8%
	3,297	AAK AB (Consumer Staples)		71,022
	5,714	Alfa Laval AB (Industrials)*		177,744
	18,067	Assa Abloy AB, Class B (Industrials)		455,326
	12,466	Atlas Copco AB, Class A (Industrials)		715,451
	7,516	Atlas Copco AB, Class B (Industrials)		366,311
	2,017	Axfood AB (Consumer Staples)		48,311
	5,173	Boliden AB (Materials)		205,994
	4,471	Castellum AB (Real Estate)		104,854
	4,812	Electrolux AB, Series B (Consumer Discretionary)		114,255
	6,929	Elekta AB, Class B (Health Care)		93,912
	4,307	Embracer Group AB (Communication Services)*		116,903
	11,997	Epiroc AB, Class A (Industrials)		255,933
	7,020	Epiroc AB, Class B (Industrials)		138,894
	6,861	EQT AB (Financials)		192,351
	11,708	Essity AB, Class B (Consumer Staples)		353,745
	3,139	Evolution Gaming Group AB (Consumer Discretionary)(a)		392,931
	5,135	Fabege AB (Real Estate)		71,797
	1,904	Fastighets AB Balder, Class B (Real Estate)*		91,754
	3,552	Getinge AB, Class B (Health Care)		90,363
	14,302	H & M Hennes & Mauritz AB, Class B (Consumer Discretionary)*		338,817
	5,383	Hexagon AB, Class B (Information Technology)		450,885
	1,695	Holmen AB, Class B (Materials)		74,942
	7,669	Husqvarna AB, Class B (Consumer Discretionary)		94,309
	1,660	ICA Gruppen AB (Consumer Staples)		79,225
	2,387	Industrivarden AB, Class A (Financials)*		85,249
	3,010	Industrivarden AB, Class C (Financials)*		99,938
	4,865	Indutrade AB (Industrials)*		111,662
	2,013	Investment AB Latour, Class B (Industrials)		46,083
	2,215	Investor AB, Class A (Financials)		164,145
	8,766	Investor AB, Class B (Financials)		652,016
	4,642	Kinnevik AB, Class B (Financials)*		216,845
	1,407	L E Lundbergforetagen AB, Class B (Financials)*		70,383
	869	Lifco AB, Class B (Industrials)		83,071
	3,355	Lundin Energy AB (Energy)		109,076
	8,131	Nibe Industrier AB, Class B (Industrials)		256,801
	1,464	Saab AB, Class B (Industrials)*		38,935
	1,415	Sagax AB, Class B (Real Estate)		29,917
	20,578	Sandvik AB (Industrials)*		555,354
	5,934	Securitas AB, Class B (Industrials)		91,446
	725	Sinch AB (Information Technology)*(a)		136,367
	29,390	Skandinaviska Enskilda Banken AB, Class A (Financials)*		340,010

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

GOLDMAN SACHS MARKETBETA INTERNATIONAL EQUITY ETF

Shares		Description	Value
Common Stocks – (continued)
Sweden – (continued)
	7,142	Skanska AB, Class B (Industrials)	$	174,127
	8,165	SKF AB, Class B (Industrials)		223,660
	3,877	SSAB AB, Class A (Materials)*		16,842
	10,521	SSAB AB, Class B (Materials)*		41,582
	10,907	Svenska Cellulosa AB SCA, Class B (Materials)*		188,598
	28,106	Svenska Handelsbanken AB, Class A (Financials)*		297,853
	3,768	Sweco AB, Class B (Industrials)		54,456
	20,728	Swedbank AB, Class A (Financials)		365,253
	3,039	Swedish Match AB (Consumer Staples)		219,674
	3,233	Swedish Orphan Biovitrum AB (Health Care)*		52,997
	8,622	Tele2 AB, Class B (Communication Services)		109,365
	56,764	Telefonaktiebolaget LM Ericsson, Class B (Information Technology)		712,245
	39,726	Telia Co. AB (Communication Services)		161,314
	4,661	Trelleborg AB, Class B (Industrials)*		119,242
	3,452	Volvo AB, Class A (Industrials)*		89,176
	28,198	Volvo AB, Class B (Industrials)*		726,090
	2,942	Wallenstam AB, Class B (Real Estate)		41,468
				11,777,269
Switzerland – 8.2%
	34,639	ABB Ltd. (Industrials)		999,415
	9,424	Alcon, Inc. (Health Care)*		651,029
	8,664	Cie Financiere Richemont SA (Consumer Discretionary)		838,168
	44,418	Credit Suisse Group AG (Financials)		643,970
	689	Geberit AG (Industrials)		408,088
	153	Givaudan SA (Materials)		579,179
	1,067	Kuehne + Nagel International AG (Industrials)		254,227
	9,927	LafargeHolcim Ltd. (Materials)*		550,026
	1,430	Lonza Group AG (Health Care)		906,367
	53,951	Nestle SA (Consumer Staples)		5,661,488
	45,036	Novartis AG (Health Care)		3,889,721
	422	Partners Group Holding AG (Financials)		508,330
	512	Roche Holding AG (Health Care)		171,817
	13,531	Roche Holding AG (Health Care)		4,453,288
	371	Schindler Holding AG (Industrials)		99,256
	775	Schindler Holding AG Participation Certificates (Industrials)		212,476
	103	SGS SA (Industrials)		295,245
	2,580	Sika AG (Materials)		684,542
	12,368	STMicroelectronics NV (Information Technology)*		480,243
	557	Swatch Group AG (The) – Bearer (Consumer Discretionary)		166,860
	979	Swatch Group AG (The) – Registered (Consumer Discretionary)		56,449
	5,287	Swiss Re AG (Financials)		498,974
	489	Swisscom AG (Communication Services)		246,580
	68,380	UBS Group AG (Financials)		1,065,015
	2,893	Zurich Insurance Group AG (Financials)		1,187,175
				25,507,928
Common Stocks – (continued)
United Kingdom – 11.9%
	18,743	3i Group PLC (Financials)		290,085
	4,999	Admiral Group PLC (Financials)		215,824
	8,632	Ashtead Group PLC (Industrials)		468,254
	1,326	ASOS PLC (Consumer Discretionary)*		103,817
	6,929	Associated British Foods PLC (Consumer Staples)*		229,399
	24,291	AstraZeneca PLC (Health Care)		2,358,610
	18,200	Auto Trader Group PLC (Communication Services)*(a)		140,001
	12,281	Avast PLC (Information Technology)(a)		79,326
	2,134	AVEVA Group PLC (Information Technology)		101,291
	75,683	Aviva PLC (Financials)		382,935
	61,984	BAE Systems PLC (Industrials)		419,347
	334,217	Barclays PLC (Financials)		745,761
	19,584	Barratt Developments PLC (Consumer Discretionary)*		181,915
	2,296	Berkeley Group Holdings PLC (Consumer Discretionary)		130,103
	391,786	BP PLC (Energy)		1,598,079
	44,176	British American Tobacco PLC (Consumer Staples)		1,535,107
	16,174	British Land Co. PLC (The) REIT (Real Estate)		110,713
	167,867	BT Group PLC (Communication Services)*		289,966
	6,486	Bunzl PLC (Industrials)		202,853
	7,788	Burberry Group PLC (Consumer Discretionary)*		197,679
	51,507	CK Hutchison Holdings Ltd. (Industrials)		389,090
	7,084	Clarivate PLC (Industrials)*		161,161
	19,173	CNH Industrial NV (Industrials)*		284,852
	2,704	Coca-Cola European Partners PLC (Consumer Staples)		137,769
	34,343	Compass Group PLC (Consumer Discretionary)*		698,618
	30,556	ConvaTec Group PLC (Health Care)(a)		80,485
	2,683	Croda International PLC (Materials)		231,368
	1,836	DCC PLC (Industrials)		148,111
	45,042	Diageo PLC (Consumer Staples)		1,771,123
	26,289	Direct Line Insurance Group PLC (Financials)		117,835
	26,392	DS Smith PLC (Materials)*		146,635
	6,269	easyJet PLC (Industrials)*		86,385
	11,171	Entain PLC (Consumer Discretionary)*		220,685
	17,640	Experian PLC (Industrials)		560,579
	3,799	Farfetch Ltd., Class A (Consumer Discretionary)*		250,278
	96,884	GlaxoSmithKline PLC (Health Care)		1,612,981
	7,281	Halma PLC (Information Technology)		230,771
	6,378	Hargreaves Lansdown PLC (Financials)		134,693
	360,364	HSBC Holdings PLC (Financials)*		2,147,303
	18,225	Imperial Brands PLC (Consumer Staples)		339,654
	28,887	Informa PLC (Communication Services)*		222,451

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

GOLDMAN SACHS MARKETBETA INTERNATIONAL EQUITY ETF

Schedule of Investments (continued)

February 28, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
United Kingdom – (continued)
	3,381	InterContinental Hotels Group PLC (Consumer Discretionary)*	$	236,443
	3,100	Intertek Group PLC (Industrials)		232,135
	69,816	ITV PLC (Communication Services)*		107,224
	42,833	J Sainsbury PLC (Consumer Staples)		135,460
	8,363	JD Sports Fashion PLC (Consumer Discretionary)*		97,093
	3,727	Johnson Matthey PLC (Materials)		159,188
	40,650	Kingfisher PLC (Consumer Discretionary)*		150,834
	14,272	Land Securities Group PLC REIT (Real Estate)		132,692
	114,899	Legal & General Group PLC (Financials)		416,541
	2,773	Liberty Global PLC, Class A (Communication Services)*		68,285
	6,953	Liberty Global PLC, Class C (Communication Services)*		168,958
	1,363,213	Lloyds Banking Group PLC (Financials)*		743,305
	6,768	London Stock Exchange Group PLC (Financials)		910,088
	50,083	M&G PLC (Financials)		128,769
	92,388	Melrose Industries PLC (Industrials)*		214,289
	9,350	Mondi PLC (Materials)		225,431
	67,798	National Grid PLC (Utilities)		764,374
	89,319	Natwest Group PLC (Financials)*		230,023
	2,352	Next PLC (Consumer Discretionary)*		248,598
	9,940	Ocado Group PLC (Consumer Discretionary)*		305,737
	14,481	Pearson PLC (Communication Services)		152,047
	6,098	Persimmon PLC (Consumer Discretionary)		220,814
	13,885	Phoenix Group Holdings PLC (Financials)		137,830
	50,194	Prudential PLC (Financials)		988,433
	13,705	Reckitt Benckiser Group PLC (Consumer Staples)		1,149,658
	37,199	RELX PLC (Industrials)		880,235
	35,681	Rentokil Initial PLC (Industrials)*		232,816
	16,788	Rightmove PLC (Communication Services)*		132,613
	159,744	Rolls-Royce Holdings PLC (Industrials)*		240,535
	19,938	RSA Insurance Group PLC (Financials)		188,270
	21,062	Sage Group PLC (The) (Information Technology)		164,490
	2,266	Schroders PLC (Financials)		110,978
	22,909	Segro PLC REIT (Real Estate)		291,401
	4,591	Severn Trent PLC (Utilities)		140,569
	16,886	Smith & Nephew PLC (Health Care)		327,093
	7,629	Smiths Group PLC (Industrials)		156,152
	1,416	Spirax-Sarco Engineering PLC (Industrials)		212,027
	20,068	SSE PLC (Utilities)		371,616
Common Stocks – (continued)
United Kingdom – (continued)
	10,295	St James’s Place PLC (Financials)		168,979
	60,764	Standard Chartered PLC (Financials)*		392,573
	42,128	Standard Life Aberdeen PLC (Financials)		183,059
	68,311	Taylor Wimpey PLC (Consumer Discretionary)*		150,517
	148,946	Tesco PLC (Consumer Staples)		468,127
	8,617	THG PLC (Consumer Discretionary)*		85,296
	49,708	Unilever PLC (Consumer Staples)		2,594,315
	13,130	United Utilities Group PLC (Utilities)		157,724
	516,626	Vodafone Group PLC (Communication Services)		881,345
	4,992	Weir Group PLC (The) (Industrials)*		138,330
	3,887	Whitbread PLC (Consumer Discretionary)*		184,498
	46,337	Wm Morrison Supermarkets PLC (Consumer Staples)		110,683
	23,578	WPP PLC (Communication Services)		281,450
				37,323,832
United States – 0.5%
	2,992	Carnival PLC (Consumer Discretionary)*		65,905
	746	CyberArk Software Ltd. (Information Technology)*		109,535
	4,331	Ferguson PLC (Industrials)		510,572
	7,687	James Hardie Industries PLC CDI (Materials)		217,281
	39,931	Stellantis NV (Consumer Discretionary)		651,123
	8,977	Tenaris SA (Energy)		94,209
				1,648,625
	TOTAL COMMON STOCKS
	(Cost $265,041,544)		$	309,967,496

Shares		Description	Rate			Value
Preferred Stocks – 0.6%
Germany – 0.6%
	1,096	Bayerische Motoren Werke AG (Consumer Discretionary)		4.44	%	$	74,565
	3,362	Henkel AG & Co. KGaA (Consumer Staples)		2.23			332,911
	2,950	Porsche Automobil Holding SE (Consumer Discretionary)		3.23			237,688
	656	Sartorius AG (Health Care)		0.08			338,726
	3,527	Volkswagen AG (Consumer Discretionary)		2.77			740,711
							1,724,601

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

GOLDMAN SACHS MARKETBETA INTERNATIONAL EQUITY ETF

Shares		Description	Rate			Value
Preferred Stocks – (continued)
Spain – 0.0%
	5,036	Grifols SA, Class B (Health Care)		2.37	%	$	79,587
	TOTAL PREFERRED STOCKS
	(Cost $1,454,478)					$	1,804,188
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $266,496,022)					$	311,771,684

Shares		Dividend Rate	Value
Securities Lending Reinvestment Vehicle – 0.1%(c)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	369,641	0.036%	$	369,641
	(Cost $369,641)
	TOTAL INVESTMENTS – 99.8%
	(Cost $266,865,663)		$	312,141,325
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.2%			598,200
	NET ASSETS – 100.0%		$	312,739,525

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
REIT	—Real Estate Investment Trust
SDR	—Swedish Depositary Receipt

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

GOLDMAN SACHS MARKETBETA U.S. EQUITY ETF

Schedule of Investments

February 28, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – 99.8%
Communication Services – 11.7%
	7,755	Activision Blizzard, Inc.	$	741,456
	3,014	Alphabet, Inc., Class A*		6,094,037
	2,891	Alphabet, Inc., Class C*		5,888,562
	3,225	Altice USA, Inc., Class A*		108,392
	72,099	AT&T, Inc.		2,010,841
	1,337	Charter Communications, Inc., Class A*		820,143
	45,937	Comcast Corp., Class A		2,421,799
	1,581	Discovery, Inc., Class A*		83,840
	3,123	Discovery, Inc., Class C*		140,535
	2,500	DISH Network Corp., Class A*		78,775
	2,919	Electronic Arts, Inc.		391,058
	24,195	Facebook, Inc., Class A*		6,233,116
	3,368	Fox Corp., Class A		112,188
	1,584	Fox Corp., Class B		50,577
	759	IAC/InterActiveCorp*		185,826
	250	Liberty Broadband Corp., Class A*		36,340
	2,041	Liberty Broadband Corp., Class C*		305,150
	839	Liberty Media Corp.-Liberty SiriusXM, Class A*		37,260
	1,658	Liberty Media Corp.-Liberty SiriusXM, Class C*		73,151
	11,032	Lumen Technologies, Inc.		135,583
	2,524	Match Group, Inc.*		385,793
	4,395	Netflix, Inc.*		2,368,246
	2,155	Omnicom Group, Inc.		148,113
	5,145	Pinterest, Inc., Class A*		414,584
	1,106	Roku, Inc.*		437,401
	663	Sea Ltd. ADR (Taiwan)*		156,263
	10,424	Sirius XM Holdings, Inc.		60,980
	10,953	Snap, Inc., Class A*		719,174
	1,306	Spotify Technology SA*		401,438
	1,145	Take-Two Interactive Software, Inc.*		211,207
	5,912	T-Mobile US, Inc.*		709,263
	7,840	Twitter, Inc.*		604,150
	41,899	Verizon Communications, Inc.		2,317,015
	111	ViacomCBS, Inc., Class A		7,133
	5,476	ViacomCBS, Inc., Class B		353,147
	18,325	Walt Disney Co. (The)*		3,464,158
	425	Zillow Group, Inc., Class A*		72,174
	1,489	Zillow Group, Inc., Class C*		240,220
				39,019,088
Consumer Discretionary – 12.4%
	677	Advance Auto Parts, Inc.		108,557
	4,326	Amazon.com, Inc.*		13,380,015
	2,724	Aptiv PLC*		408,164
	233	AutoZone, Inc.*		270,261
	2,346	Best Buy Co., Inc.		235,421
	408	Booking Holdings, Inc.*		950,032
	1,640	CarMax, Inc.*		195,997
	8,145	Carnival Corp.*		217,879
	711	Carvana Co.*		201,569
	730	Chewy, Inc., Class A*		74,139
	276	Chipotle Mexican Grill, Inc.*		397,992
	1,307	Darden Restaurants, Inc.		179,490
	2,482	Dollar General Corp.		469,073
	2,356	Dollar Tree, Inc.*		231,359
Common Stocks – (continued)
Consumer Discretionary – (continued)
	394	Domino’s Pizza, Inc.		136,525
	3,436	D.R. Horton, Inc.		264,125
	2,874	DraftKings, Inc., Class A*		176,837
	6,716	eBay, Inc.		378,917
	1,370	Expedia Group, Inc.		220,570
	39,485	Ford Motor Co.*		461,975
	1,516	Garmin Ltd.		188,014
	12,655	General Motors Co.		649,581
	1,460	Genuine Parts Co.		153,811
	1,288	Hasbro, Inc.		120,699
	2,761	Hilton Worldwide Holdings, Inc.*		341,481
	10,897	Home Depot, Inc. (The)		2,815,131
	3,720	Las Vegas Sands Corp.		232,872
	2,744	Lennar Corp., Class A		227,670
	154	Lennar Corp., Class B		10,189
	2,624	LKQ Corp.*		103,359
	7,418	Lowe’s Cos., Inc.		1,185,026
	1,221	Lululemon Athletica, Inc.*		380,561
	2,648	Marriott International, Inc., Class A*		392,089
	7,543	McDonald’s Corp.		1,554,914
	484	MercadoLibre, Inc. (Argentina)*		792,845
	4,377	MGM Resorts International		165,407
	597	Mohawk Industries, Inc.*		104,469
	3,813	Newell Brands, Inc.		88,347
	12,707	NIKE, Inc., Class B		1,712,650
	31	NVR, Inc.*		139,526
	727	O’Reilly Automotive, Inc.*		325,209
	2,477	Peloton Interactive, Inc., Class A*		298,404
	2,628	PulteGroup, Inc.		118,549
	3,535	Ross Stores, Inc.		412,322
	1,897	Royal Caribbean Cruises Ltd.		176,933
	11,859	Starbucks Corp.		1,281,128
	5,053	Target Corp.		926,922
	7,680	Tesla, Inc.*		5,187,840
	11,118	TJX Cos., Inc. (The)		733,677
	1,167	Tractor Supply Co.		185,506
	539	Ulta Beauty, Inc.*		173,736
	400	Vail Resorts, Inc.		123,672
	3,256	VF Corp.		257,647
	703	Wayfair, Inc., Class A*		203,153
	631	Whirlpool Corp.		119,941
	988	Wynn Resorts Ltd.*		130,149
	4,067	Yum China Holdings, Inc. (China)		243,369
	3,046	Yum! Brands, Inc.		315,352
				41,531,047
Consumer Staples – 5.9%
	18,792	Altria Group, Inc.		819,331
	5,615	Archer-Daniels-Midland Co.		317,697
	389	Brown-Forman Corp., Class A		25,904
	3,053	Brown-Forman Corp., Class B		218,534
	2,042	Campbell Soup Co.		92,870
	2,512	Church & Dwight Co., Inc.		197,820
	1,271	Clorox Co. (The)		230,115
	39,083	Coca-Cola Co. (The)		1,914,676
	8,660	Colgate-Palmolive Co.		651,232
	4,813	Conagra Brands, Inc.		163,305

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

GOLDMAN SACHS MARKETBETA U.S. EQUITY ETF

Shares		Description	Value
Common Stocks – (continued)
Consumer Staples – (continued)
	1,602	Constellation Brands, Inc., Class A	$	343,052
	4,482	Costco Wholesale Corp.		1,483,542
	2,113	Estee Lauder Cos., Inc. (The), Class A		604,022
	6,174	General Mills, Inc.		339,632
	1,491	Hershey Co. (The)		217,164
	2,857	Hormel Foods Corp.		132,479
	1,109	J M Smucker Co. (The)		124,208
	2,606	Kellogg Co.		150,392
	7,000	Keurig Dr Pepper, Inc.		213,640
	3,428	Kimberly-Clark Corp.		439,915
	6,371	Kraft Heinz Co. (The)		231,777
	7,395	Kroger Co. (The)		238,193
	2,493	McCormick & Co., Inc.		210,110
	1,878	Molson Coors Beverage Co., Class B		83,477
	14,334	Mondelez International, Inc., Class A		761,995
	3,743	Monster Beverage Corp.*		328,411
	13,970	PepsiCo, Inc.		1,804,784
	15,736	Philip Morris International, Inc.		1,322,139
	24,998	Procter & Gamble Co. (The)		3,088,003
	4,936	Sysco Corp.		393,054
	2,936	Tyson Foods, Inc., Class A		198,679
	7,249	Walgreens Boots Alliance, Inc.		347,445
	14,483	Walmart, Inc.		1,881,631
				19,569,228
Energy – 2.6%
	6,545	Baker Hughes Co.		160,222
	2,349	Cheniere Energy, Inc.*		158,299
	19,484	Chevron Corp.		1,948,400
	13,689	ConocoPhillips		711,965
	5,894	EOG Resources, Inc.		380,517
	42,745	Exxon Mobil Corp.		2,324,046
	8,314	Halliburton Co.		181,495
	2,844	Hess Corp.		186,367
	19,663	Kinder Morgan, Inc.		289,046
	6,553	Marathon Petroleum Corp.		357,925
	9,410	Occidental Petroleum Corp.		250,400
	4,480	ONEOK, Inc.		198,419
	4,410	Phillips 66		366,250
	1,646	Pioneer Natural Resources Co.		244,546
	14,072	Schlumberger NV		392,749
	4,121	Valero Energy Corp.		317,235
	12,275	Williams Cos., Inc. (The)		280,361
				8,748,242
Financials – 10.6%
	6,541	Aflac, Inc.		313,249
	137	Alleghany Corp.		88,561
	3,004	Allstate Corp. (The)		320,226
	3,766	Ally Financial, Inc.		156,289
	6,125	American Express Co.		828,468
	8,712	American International Group, Inc.		382,892
	1,183	Ameriprise Financial, Inc.		261,727
	14,104	Annaly Capital Management, Inc. REIT		117,204
	2,264	Aon PLC, Class A		515,535
	2,087	Apollo Global Management, Inc.		103,223
	3,991	Arch Capital Group Ltd.*		142,958
Common Stocks – (continued)
Financials – (continued)
	1,923	Arthur J Gallagher & Co.		230,375
	77,276	Bank of America Corp.		2,682,250
	8,216	Bank of New York Mellon Corp. (The)		346,387
	13,445	Berkshire Hathaway, Inc., Class B*		3,233,657
	1,421	BlackRock, Inc.		986,885
	6,786	Blackstone Group, Inc. (The), Class A		469,795
	4,577	Capital One Financial Corp.		550,110
	1,094	Cboe Global Markets, Inc.		108,262
	16,277	Charles Schwab Corp. (The)		1,004,616
	3,946	Chubb Ltd.		641,541
	1,583	Cincinnati Financial Corp.		154,928
	21,048	Citigroup, Inc.		1,386,642
	4,300	Citizens Financial Group, Inc.		186,792
	3,597	CME Group, Inc.		718,321
	3,091	Discover Financial Services		290,770
	395	Everest Re Group Ltd.		95,515
	2,818	Fidelity National Financial, Inc.		107,873
	7,179	Fifth Third Bancorp		249,040
	1,748	First Republic Bank		287,983
	2,989	Franklin Resources, Inc.		78,222
	976	Globe Life, Inc.		91,158
	3,476	Goldman Sachs Group, Inc. (The)(a)		1,110,512
	3,620	Hartford Financial Services Group, Inc. (The)		183,498
	10,213	Huntington Bancshares, Inc.		156,667
	783	Interactive Brokers Group, Inc., Class A		56,681
	5,631	Intercontinental Exchange, Inc.		621,156
	30,612	JPMorgan Chase & Co.		4,505,168
	9,837	KeyCorp		198,117
	5,481	KKR & Co., Inc.		249,714
	2,377	Loews Corp.		113,644
	1,262	M&T Bank Corp.		190,486
	135	Markel Corp.*		146,988
	5,129	Marsh & McLennan Cos., Inc.		590,963
	7,054	MetLife, Inc.		406,310
	1,643	Moody’s Corp.		451,644
	14,432	Morgan Stanley		1,109,388
	805	MSCI, Inc.		333,689
	1,151	Nasdaq, Inc.		159,172
	2,011	Northern Trust Corp.		191,306
	4,235	PNC Financial Services Group, Inc. (The)		713,005
	2,768	Principal Financial Group, Inc.		156,614
	5,909	Progressive Corp. (The)		507,879
	4,005	Prudential Financial, Inc.		347,314
	1,239	Raymond James Financial, Inc.		144,641
	9,685	Regions Financial Corp.		199,802
	1,142	Rocket Cos., Inc., Class A *(b)		24,953
	2,428	S&P Global, Inc.		799,686
	1,331	SEI Investments Co.		74,536
	3,381	State Street Corp.		246,035
	519	SVB Financial Group*		262,282
	5,684	Synchrony Financial		219,857
	2,258	T. Rowe Price Group, Inc.		366,112
	2,550	Travelers Cos., Inc. (The)		371,025
	13,583	Truist Financial Corp.		773,688
	13,739	US Bancorp		686,950
	1,380	W R Berkley Corp.		95,675

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

GOLDMAN SACHS MARKETBETA U.S. EQUITY ETF

Schedule of Investments (continued)

February 28, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Financials – (continued)
	40,481	Wells Fargo & Co.	$	1,464,198
	1,289	Willis Towers Watson PLC		284,405
				35,645,214
Health Care – 13.0%
	17,823	Abbott Laboratories		2,134,839
	17,643	AbbVie, Inc.		1,900,857
	455	ABIOMED, Inc.*		147,670
	3,100	Agilent Technologies, Inc.		378,417
	2,119	Alexion Pharmaceuticals, Inc.*		323,677
	735	Align Technology, Inc.*		416,826
	1,492	AmerisourceBergen Corp.		151,020
	5,889	Amgen, Inc.		1,324,554
	2,516	Anthem, Inc.		762,826
	5,163	Baxter International, Inc.		401,113
	2,933	Becton Dickinson and Co.		707,293
	1,538	Biogen, Inc.*		419,689
	1,833	BioMarin Pharmaceutical, Inc.*		141,929
	14,461	Boston Scientific Corp.*		560,798
	22,557	Bristol-Myers Squibb Co.		1,383,421
	2,968	Cardinal Health, Inc.		152,911
	5,749	Centene Corp.*		336,546
	3,106	Cerner Corp.		214,749
	3,648	Cigna Corp.		765,715
	496	Cooper Cos., Inc. (The)		191,520
	13,220	CVS Health Corp.		900,679
	6,387	Danaher Corp.		1,403,032
	736	DaVita, Inc.*		75,168
	2,211	DENTSPLY SIRONA, Inc.		117,338
	970	DexCom, Inc.*		385,847
	6,265	Edwards Lifesciences Corp.*		520,622
	4,769	Elanco Animal Health, Inc.*		156,709
	8,549	Eli Lilly and Co.		1,751,605
	12,690	Gilead Sciences, Inc.		779,166
	2,676	HCA Healthcare, Inc.*		460,352
	1,420	Henry Schein, Inc.*		87,827
	2,566	Hologic, Inc.*		184,983
	1,343	Humana, Inc.		509,870
	859	IDEXX Laboratories, Inc.*		446,826
	1,478	Illumina, Inc.*		649,448
	1,872	Incyte Corp.*		147,252
	1,174	Intuitive Surgical, Inc.*		865,003
	1,896	IQVIA Holdings, Inc.*		365,530
	540	Jazz Pharmaceuticals PLC*		90,742
	26,646	Johnson & Johnson		4,222,325
	985	Laboratory Corp. of America Holdings*		236,311
	1,627	McKesson Corp.		275,809
	13,611	Medtronic PLC		1,592,079
	25,388	Merck & Co., Inc.		1,843,677
	239	Mettler-Toledo International, Inc.*		266,736
	3,284	Moderna, Inc.*		508,396
	56,227	Pfizer, Inc.		1,883,042
	1,361	Quest Diagnostics, Inc.		157,318
	1,030	Regeneron Pharmaceuticals, Inc.*		464,087
	1,461	ResMed, Inc.		281,652
	2,911	Royalty Pharma PLC, Class A		135,565
	1,336	Seagen, Inc.*		201,883
Common Stocks – (continued)
Health Care – (continued)
	3,372	Stryker Corp.		818,351
	474	Teleflex, Inc.		188,709
	4,008	Thermo Fisher Scientific, Inc.		1,803,921
	9,556	UnitedHealth Group, Inc.		3,174,694
	757	Universal Health Services, Inc., Class B*		94,875
	917	Varian Medical Systems, Inc.*		160,723
	1,375	Veeva Systems, Inc., Class A*		385,151
	2,632	Vertex Pharmaceuticals, Inc.*		559,432
	12,292	Viatris, Inc.*		182,536
	625	Waters Corp.*		171,175
	745	West Pharmaceutical Services, Inc.		209,084
	2,102	Zimmer Biomet Holdings, Inc.		342,752
	4,806	Zoetis, Inc.		746,083
				43,620,735
Industrials – 8.2%
	5,816	3M Co.		1,018,149
	1,362	A O Smith Corp.		80,862
	2,312	AMETEK, Inc.		272,747
	5,704	Boeing Co. (The)*		1,209,305
	8,777	Carrier Global Corp.		320,624
	5,498	Caterpillar, Inc.		1,186,908
	1,368	C.H. Robinson Worldwide, Inc.		124,283
	906	Cintas Corp.		293,852
	2,154	Copart, Inc.*		235,131
	392	CoStar Group, Inc.*		322,914
	7,705	CSX Corp.		705,393
	1,482	Cummins, Inc.		375,242
	3,165	Deere & Co.		1,104,965
	6,436	Delta Air Lines, Inc.*		308,542
	1,460	Dover Corp.		179,960
	4,028	Eaton Corp. PLC		524,405
	6,017	Emerson Electric Co.		516,860
	1,231	Equifax, Inc.		199,274
	1,711	Expeditors International of Washington, Inc.		157,138
	5,792	Fastenal Co.		268,575
	2,484	FedEx Corp.		632,178
	3,283	Fortive Corp.		216,087
	1,396	Fortune Brands Home & Security, Inc.		116,063
	2,532	General Dynamics Corp.		413,906
	88,153	General Electric Co.		1,105,439
	7,091	Honeywell International, Inc.		1,434,864
	3,687	IHS Markit Ltd.		332,420
	2,895	Illinois Tool Works, Inc.		585,311
	3,760	Ingersoll Rand, Inc.*		174,238
	854	J.B. Hunt Transport Services, Inc.		125,427
	7,303	Johnson Controls International PLC		407,434
	952	Kansas City Southern		202,148
	2,033	L3Harris Technologies, Inc.		369,823
	2,402	Lockheed Martin Corp.		793,260
	2,491	Lyft, Inc., Class A*		138,749
	2,637	Masco Corp.		140,341
	2,562	Norfolk Southern Corp.		645,778
	1,513	Northrop Grumman Corp.		441,282
	1,053	Old Dominion Freight Line, Inc.		226,153
	4,388	Otis Worldwide Corp.		279,559

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

GOLDMAN SACHS MARKETBETA U.S. EQUITY ETF

Shares		Description	Value
Common Stocks – (continued)
Industrials – (continued)
	3,437	PACCAR, Inc.	$	312,733
	1,292	Parker-Hannifin Corp.		370,752
	15,362	Raytheon Technologies Corp.		1,105,910
	2,124	Republic Services, Inc.		189,227
	1,168	Rockwell Automation, Inc.		284,151
	2,259	Rollins, Inc.		74,931
	1,051	Roper Technologies, Inc.		396,879
	536	Snap-on, Inc.		108,867
	5,950	Southwest Airlines Co.		345,873
	1,620	Stanley Black & Decker, Inc.		283,241
	2,302	Textron, Inc.		115,883
	2,416	Trane Technologies PLC		370,228
	518	TransDigm Group, Inc.*		298,715
	1,912	TransUnion		161,009
	12,278	Uber Technologies, Inc.*		635,386
	6,808	Union Pacific Corp.		1,402,176
	2,989	United Airlines Holdings, Inc.*		157,461
	7,248	United Parcel Service, Inc., Class B		1,143,952
	731	United Rentals, Inc.*		217,385
	1,632	Verisk Analytics, Inc.		267,403
	4,274	Waste Management, Inc.		473,944
	1,803	Westinghouse Air Brake Technologies Corp.		130,591
	463	W.W. Grainger, Inc.		172,565
	1,809	Xylem, Inc.		180,104
				27,384,955
Information Technology – 28.3%
	6,684	Accenture PLC, Class A		1,677,016
	4,853	Adobe, Inc.*		2,230,779
	12,102	Advanced Micro Devices, Inc.*		1,022,740
	1,616	Akamai Technologies, Inc.*		152,712
	1,335	Amdocs Ltd.		101,206
	3,014	Amphenol Corp., Class A		378,800
	3,736	Analog Devices, Inc.		582,144
	863	ANSYS, Inc.*		294,274
	170,219	Apple, Inc.		20,640,756
	9,196	Applied Materials, Inc.		1,086,875
	549	Arista Networks, Inc.*		153,632
	1,333	Atlassian Corp. PLC, Class A*		316,854
	2,228	Autodesk, Inc.*		614,928
	4,020	Automatic Data Processing, Inc.		699,560
	4,020	Broadcom, Inc.		1,888,877
	1,158	Broadridge Financial Solutions, Inc.		165,003
	2,782	Cadence Design Systems, Inc.*		392,512
	1,426	CDW Corp.		223,725
	39,506	Cisco Systems Inc/Delaware		1,772,634
	1,238	Citrix Systems, Inc.		165,372
	5,402	Cognizant Technology Solutions Corp., Class A		396,939
	7,709	Corning, Inc.		294,792
	730	Coupa Software, Inc.*		252,770
	1,838	Crowdstrike Holdings, Inc., Class A*		397,008
	1,768	Datadog, Inc., Class A*		168,685
	2,486	Dell Technologies, Inc., Class C*		201,540
	1,818	DocuSign, Inc.*		412,068
	3,021	Dropbox, Inc., Class A*		68,108
Common Stocks – (continued)
Information Technology – (continued)
	622	F5 Networks, Inc.*		118,168
	6,269	Fidelity National Information Services, Inc.		865,122
	5,888	Fiserv, Inc.*		679,299
	832	FleetCor Technologies, Inc.*		230,722
	1,394	Fortinet, Inc.*		235,377
	879	Gartner, Inc.*		157,376
	3,012	Global Payments, Inc.		596,346
	13,065	Hewlett Packard Enterprise Co.		190,226
	13,040	HP, Inc.		377,769
	41,491	Intel Corp.		2,521,823
	9,019	International Business Machines Corp.		1,072,630
	2,591	Intuit, Inc.		1,010,853
	1,873	Keysight Technologies, Inc.*		265,067
	1,550	KLA Corp.		482,406
	1,461	Lam Research Corp.		828,665
	1,423	Leidos Holdings, Inc.		125,864
	6,746	Marvell Technology Group Ltd.		325,697
	8,839	Mastercard, Inc., Class A		3,127,680
	2,682	Maxim Integrated Products, Inc.		249,882
	2,590	Microchip Technology, Inc.		395,312
	11,292	Micron Technology, Inc.*		1,033,557
	75,477	Microsoft Corp.		17,539,345
	1,717	Motorola Solutions, Inc.		301,299
	2,255	NetApp, Inc.		141,163
	5,729	NortonLifeLock, Inc.		111,773
	6,015	NVIDIA Corp.		3,299,709
	1,222	Okta, Inc.*		319,492
	18,222	Oracle Corp.		1,175,501
	932	Palo Alto Networks, Inc.*		333,945
	3,263	Paychex, Inc.		297,161
	496	Paycom Software, Inc.*		185,623
	11,853	PayPal Holdings, Inc.*		3,080,002
	1,147	Qorvo, Inc.*		200,415
	11,441	QUALCOMM, Inc.		1,558,150
	786	RingCentral, Inc., Class A*		297,234
	8,937	salesforce.com, Inc.*		1,934,861
	2,280	Seagate Technology PLC		166,964
	1,975	ServiceNow, Inc.*		1,053,584
	1,670	Skyworks Solutions, Inc.		296,959
	370	Snowflake, Inc., Class A*		96,030
	1,629	Splunk, Inc.*		232,963
	3,866	Square, Inc., Class A*		889,296
	2,268	SS&C Technologies Holdings, Inc.		150,323
	1,536	Synopsys, Inc.*		376,643
	3,349	TE Connectivity Ltd.		435,470
	9,286	Texas Instruments, Inc.		1,599,699
	415	Trade Desk, Inc. (The), Class A*		334,237
	2,524	Trimble, Inc.*		187,129
	1,391	Twilio, Inc., Class A*		546,496
	331	Unity Software, Inc. *(b)		35,626
	1,010	VeriSign, Inc.*		195,970
	17,066	Visa, Inc., Class A		3,624,648
	805	VMware, Inc., Class A*		111,259
	1,364	Vontier Corp.*		42,830
	3,001	Western Digital Corp.		205,659
	4,134	Western Union Co. (The)		95,991

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

GOLDMAN SACHS MARKETBETA U.S. EQUITY ETF

Schedule of Investments (continued)

February 28, 2021 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Information Technology – (continued)
	1,791	Workday, Inc., Class A*	$	439,117
	2,483	Xilinx, Inc.		323,535
	1,907	Zoom Video Communications, Inc., Class A*		712,474
	760	Zscaler, Inc.*		155,823
				94,726,548
Materials – 2.4%
	2,236	Air Products and Chemicals, Inc.		571,566
	1,082	Albemarle Corp.		170,101
	15,852	Amcor PLC		173,421
	3,286	Ball Corp.		280,592
	1,168	Celanese Corp.		162,247
	7,566	Corteva, Inc.		341,605
	7,503	Dow, Inc.		445,003
	7,418	DuPont de Nemours, Inc.		521,634
	1,367	Eastman Chemical Co.		149,358
	2,557	Ecolab, Inc.		535,334
	1,298	FMC Corp.		131,994
	14,624	Freeport-McMoRan, Inc.*		495,900
	1,087	International Flavors & Fragrances, Inc.		147,299
	3,977	International Paper Co.		197,458
	5,287	Linde PLC (United Kingdom)		1,291,455
	2,616	LyondellBasell Industries NV, Class A		269,683
	627	Martin Marietta Materials, Inc.		211,217
	8,100	Newmont Corp.		440,478
	3,033	Nucor Corp.		181,434
	954	Packaging Corp. of America		125,947
	2,389	PPG Industries, Inc.		322,085
	839	Sherwin-Williams Co. (The)		570,805
	855	Southern Copper Corp. (Peru)		60,987
	1,346	Vulcan Materials Co.		224,769
	2,628	Westrock Co.		114,555
				8,136,927
Real Estate – 2.3%
	1,395	Alexandria Real Estate Equities, Inc. REIT		222,768
	4,491	American Tower Corp. REIT		970,640
	1,406	AvalonBay Communities, Inc. REIT		247,104
	1,434	Boston Properties, Inc. REIT		142,152
	3,257	CBRE Group, Inc., Class A*		246,783
	4,356	Crown Castle International Corp. REIT		678,447
	2,838	Digital Realty Trust, Inc. REIT		382,364
	3,762	Duke Realty Corp. REIT		147,658
	896	Equinix, Inc. REIT		580,913
	3,723	Equity Residential REIT		243,521
	655	Essex Property Trust, Inc. REIT		166,887
	1,295	Extra Space Storage, Inc. REIT		162,781
	5,436	Healthpeak Properties, Inc. REIT		158,133
	7,059	Host Hotels & Resorts, Inc. REIT		117,109
	5,657	Invitation Homes, Inc. REIT		164,845
	2,889	Iron Mountain, Inc. REIT		100,508
	1,148	Mid-America Apartment Communities, Inc. REIT		154,670
	7,440	Prologis, Inc. REIT		737,081
	1,504	Public Storage REIT		351,846
	3,545	Realty Income Corp. REIT		213,622
	1,116	SBA Communications Corp. REIT		284,725
Common Stocks – (continued)
Real Estate – (continued)
	3,301	Simon Property Group, Inc. REIT		372,749
	2,962	UDR, Inc. REIT		121,946
	3,775	Ventas, Inc. REIT		199,698
	4,227	Welltower, Inc. REIT		287,013
	7,541	Weyerhaeuser Co. REIT		255,414
	1,756	W.P. Carey, Inc. REIT		120,356
				7,831,733
Utilities – 2.4%
	2,525	Alliant Energy Corp.		116,554
	2,487	Ameren Corp.		174,761
	5,025	American Electric Power Co., Inc.		376,121
	1,839	American Water Works Co., Inc.		260,917
	1,265	Atmos Energy Corp.		107,032
	582	Avangrid, Inc.		26,632
	5,501	CenterPoint Energy, Inc.		106,939
	2,887	CMS Energy Corp.		156,216
	3,467	Consolidated Edison, Inc.		227,609
	8,250	Dominion Energy, Inc.		563,640
	1,927	DTE Energy Co.		226,846
	7,442	Duke Energy Corp.		636,961
	3,823	Edison International		206,404
	2,021	Entergy Corp.		175,443
	2,285	Evergy, Inc.		122,545
	3,470	Eversource Energy		275,796
	9,841	Exelon Corp.		379,863
	5,488	FirstEnergy Corp.		181,872
	19,791	NextEra Energy, Inc.		1,454,243
	3,868	NiSource, Inc.		83,549
	15,240	PG&E Corp.*		160,172
	1,136	Pinnacle West Capital Corp.		79,440
	7,783	PPL Corp.		203,837
	5,119	Public Service Enterprise Group, Inc.		275,556
	2,922	Sempra Energy		338,894
	10,682	Southern Co. (The)		605,883
	3,183	WEC Energy Group, Inc.		256,677
	5,302	Xcel Energy, Inc.		310,644
				8,091,046
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $286,102,758)		$	334,304,763

Shares		Dividend Rate	Value
Securities Lending Reinvestment Vehicle – 0.0%(a)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	28,031	0.036%	$	28,031
	(Cost $28,031)
	TOTAL INVESTMENTS – 99.8%
	(Cost $286,130,789)		$	334,332,794
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.2%			529,445
	NET ASSETS – 100.0%		$	334,862,239

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

GOLDMAN SACHS MARKETBETA U.S. EQUITY ETF

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

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

GOLDMAN SACHS MARKETBETA ETFS

Statements of Assets and Liabilities

February 28, 2021 (Unaudited)

	MarketBeta Emerging Markets Equity ETF		MarketBeta International Equity ETF		MarketBeta U.S. Equity ETF
Assets:
Investments in unaffiliated issuers, at value (cost $31,386,173, $266,496,022 and $285,306,489, respectively)(a)	$	45,382,711	$	311,771,684	$	333,194,251
Investments in affiliated issuers, at value (cost $—, $— and $796,269, respectively)		—		—		1,110,512
Investments in securities lending reinvestment vehicle, at value which equals cost		296,421		369,641		28,031
Cash		255,615		235,847		176,456
Foreign currency, at value (cost $895, $160,309 and $—, respectively)		890		160,159		—
Receivables:
Dividends		96,432		495,147		397,133
Reimbursement from investment adviser		3,289		12,196		4,700
Securities lending income		377		3,454		339
Investments sold		3		27,577		—
Foreign tax reclaims		—		94,442		—
Total assets		46,035,738		313,170,147		334,911,422
Liabilities:
Payables:
Upon return of securities loaned		296,421		369,641		28,031
Foreign capital gains tax		239,982		—		—
Management fees		16,443		60,981		21,152
Total liabilities		552,846		430,622		49,183
Net Assets:
Paid-in capital		31,195,581		266,117,556		286,194,715
Total distributable earnings		14,287,311		46,621,969		48,667,524
NET ASSETS	$	45,482,892	$	312,739,525	$	334,862,239
SHARES ISSUED AND OUTSTANDING
Shares outstanding no par value (unlimited shares authorized):		800,000		5,900,000		6,300,000
Net asset value per share:	$	56.85	$	53.01	$	53.15

(a) Includes loaned securities having a market value of $272,487, $340,111 and $29,569, respectively.

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

GOLDMAN SACHS MARKETBETA ETFS

Statements of Operations

For the Six Months Ended February 28, 2021 (Unaudited)

	MarketBeta Emerging Markets Equity ETF			MarketBeta International Equity ETF			MarketBeta U.S. Equity ETF
Investment income:
Dividends — unaffiliated issuer (net of foreign withholding taxes of $40,888, $216,069 and $—, respectively)	$	260,435		$	2,327,421		$	2,050,193
Dividends — affiliated issuers		—			—			3,650
Non-cash dividend income		—			318,790			—
Securities lending income — unaffiliated issuer		1,670			15,178			1,312
Total investment income		262,105			2,661,389			2,055,155
Expenses:
Management fees		91,922			365,584			116,741
Trustee fees		2,201			3,774			3,584
Total expenses		94,123			369,358			120,325
Less — expense reductions		(18,816	)		(73,872	)		(26,739	)
Net expenses		75,307			295,486			93,586
NET INVESTMENT INCOME		186,798			2,365,903			1,961,569
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		668,827			(15,754	)		(104,351	)
Investments — affiliated issuers		—			—			(74	)
In-kind redemptions		—			1,104,489			—
Futures		(45,211	)		—			—
Foreign currency transactions		2,283			8,177			—
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers (including the effects of the foreign capital gains tax liability of $240,242, $— and $—, respectively)		7,189,921			37,155,894			23,134,039
Investments — affiliated issuers		—			—			342,565
Futures		22,144			—			—
Foreign currency translations		(1,739	)		(12,760	)		—
Net realized and unrealized gain		7,836,225			38,240,046			23,372,179
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	8,023,023		$	40,605,949		$	25,333,748

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

GOLDMAN SACHS MARKETBETA ETFS

Statements of Changes in Net Assets

	MarketBeta Emerging Markets Equity ETF						MarketBeta International Equity ETF
	For the Six Months Ended February 28, 2021 (Unaudited)			For the Period May 12, 2020* to August 31, 2020			For the Six Months Ended February 28, 2021 (Unaudited)			For the Period May 12, 2020* to August 31, 2020
From operations:
Net investment income	$	186,798		$	429,114		$	2,365,903		$	1,124,606
Net realized gain		625,899			675,905			1,096,912			2,955,456
Net change in unrealized gain		7,210,326			6,544,095			37,143,134			8,131,134
Net increase in net assets resulting from operations		8,023,023			7,649,114			40,605,949			12,211,196
Distributions to shareholders:
From distributable earnings		(1,057,392	)		—			(3,222,300	)		—
From share transactions:
Proceeds from sales of shares		—			39,611,628			—			295,853,235
Cost of shares redeemed		—			(8,743,481	)		(5,367,420	)		(27,341,135	)
Net increase (decrease) in net assets resulting from share transactions		—			30,868,147			(5,367,420	)		268,512,100
TOTAL INCREASE		6,965,631			38,517,261			32,016,229			280,723,296
Net assets:
Beginning of period	$	38,517,261		$	—		$	280,723,296		$	—
End of period	$	45,482,892		$	38,517,261		$	312,739,525		$	280,723,296

* Commencement of operations.

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

GOLDMAN SACHS MARKETBETA ETFS

Statements of Changes in Net Assets (continued)

	MarketBeta U.S. Equity ETF
	For the Six Months Ended February 28, 2021 (Unaudited)			For the Period May 12, 2020* to August 31, 2020
From operations:
Net investment income	$	1,961,569		$	828,149
Net realized loss		(104,425	)		(27,673	)
Net change in unrealized gain		23,476,604			24,725,401
Net increase in net assets resulting from operations		25,333,748			25,525,877
Distributions to shareholders:
From distributable earnings		(2,192,101	)		—
From share transactions:
Proceeds from sales of shares		54,057,516			232,137,239
Cost of shares redeemed		—			(40	)
Net increase in net assets resulting from share transactions		54,057,516			232,137,199
TOTAL INCREASE		77,199,163			257,663,076
Net assets:
Beginning of period	$	257,663,076		$	—
End of period	$	334,862,239		$	257,663,076

* Commencement of operations.

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

GOLDMAN SACHS MARKETBETA EMERGING MARKETS EQUITY ETF

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

	MarketBeta Emerging Markets Equity ETF
	For the Six Months Ended February 28, 2021 (Unaudited)			For the Period May 12, 2020* to August 31, 2020
Per Share Operating Performance:
Net asset value, beginning of period	$	48.15		$	39.60
Net investment income(a)		0.23			0.49
Net realized and unrealized gain		9.79			8.06
Total gain from investment operations		10.02			8.55
Distributions to shareholders from net investment income		(1.32	)		—
Net asset value, end of period	$	56.85		$	48.15
Market price, end of period	$	57.18		$	48.36
Total Return at Net Asset Value(b)		21.41	%		21.54	%
Net assets, end of period (in 000’s)	$	45,483		$	38,517
Ratio of net expenses to average net assets		0.36	%(c)		0.36	%(c)
Ratio of total expenses to average net assets		0.45	%(c)		0.45	%(c)
Ratio of net investment income to average net assets		0.89	%(c)		3.60	%(c)
Portfolio turnover rate(d)		10	%		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 and short-term transactions. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS MARKETBETA INTERNATIONAL EQUITY ETF

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	MarketBeta International Equity ETF
	For the Six Months Ended February 28, 2021 (Unaudited)			For the Period May 12, 2020* to August 31, 2020
Per Share Operating Performance:
Net asset value, beginning of period	$	46.79		$	40.14
Net investment income(a)		0.40			0.30
Net realized and unrealized gain		6.36			6.35
Total gain from investment operations		6.76			6.65
Distributions to shareholders from net investment income		(0.54	)		—
Net asset value, end of period	$	53.01		$	46.79
Market price, end of period	$	53.27		$	46.82
Total Return at Net Asset Value(b)		14.55	%		16.57	%
Net assets, end of period (in 000’s)	$	312,740		$	280,723
Ratio of net expenses to average net assets		0.20	%(c)		0.20	%(c)
Ratio of total expenses to average net assets		0.25	%(c)		0.25	%(c)
Ratio of net investment income to average net assets		1.60	%(c)		2.15	%(c)
Portfolio turnover rate(d)		3	%		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 and short-term transactions. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS MARKETBETA U.S. EQUITY ETF

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	MarketBeta U.S. Equity ETF
	For the Six Months Ended February 28, 2021 (Unaudited)			For the Period May 12, 2020* to August 31, 2020
Per Share Operating Performance:
Net asset value, beginning of period	$	48.62		$	39.20
Net investment income(a)		0.36			0.22
Net realized and unrealized gain		4.58			9.20
Total gain from investment operations		4.94			9.42
Distributions to shareholders from net investment income		(0.41	)		—
Net asset value, end of period	$	53.15		$	48.62
Market price, end of period	$	53.33		$	48.69
Total Return at Net Asset Value(b)		10.25	%		24.03	%
Net assets, end of period (in 000’s)	$	334,862		$	257,663
Ratio of net expenses to average net assets		0.07	%(c)		0.07	%(c)
Ratio of total expenses to average net assets		0.09	%(c)		0.09	%(c)
Ratio of net investment income to average net assets		1.46	%(c)		1.62	%(c)
Portfolio turnover rate(d)		2	%		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 and short-term transactions. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS MARKETBETA ETFS

Notes to Financial Statements

February 28, 2021 (Unaudited)

1. ORGANIZATION

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

Fund	Diversification Classification
Goldman Sachs 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

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 Cboe BZX Exchange, Inc. Market prices for the Funds’ shares may be different from their net asset value (“NAV”). The Funds issue and redeem shares at their respective NAV only in blocks of a specified number of shares, or multiples thereof, referred to as “Creation Units”. Creation Units are issued and redeemed generally for a designated portfolio of securities (including any portion of such securities for which cash may be substituted) and a specified amount of cash. Shares generally trade in the secondary market in quantities less than a Creation Unit at market prices that change throughout the day. Only those that have entered into an authorized participant agreement with ALPS Distributors, Inc. (the “Distributor”) may do business directly with the Funds.

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

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

55

GOLDMAN SACHS MARKETBETA ETFS

Notes to Financial Statements (continued)

February 28, 2021 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

C.  Expenses — Expenses incurred directly by a Fund are charged to the Fund, and certain expenses incurred by the Trust are allocated across the applicable Funds on a straight-line and/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’

56

GOLDMAN SACHS MARKETBETA ETFS

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.

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

57

GOLDMAN SACHS MARKETBETA ETFS

Notes to Financial Statements (continued)

February 28, 2021 (Unaudited)

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 February 28, 2021:

MARKETBETA EMERGING MARKETS EQUITY ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Africa	$	1,550,131	$	—	$	—
Asia		38,657,626		977,578		—
Europe		229,866		—		—
North America		1,265,053		—		—
South America		2,207,707		494,750		—
Securities Lending Reinvestment Vehicle		296,421		—		—
Total	$	44,206,804	$	1,472,328	$	—
MARKETBETA INTERNATIONAL EQUITY ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Africa	$	867,075	$	—	$	—
Asia		100,032,672		—		—
Europe		179,064,562		1,822,787		—
North America		1,476,510		217,281		—
Oceania		27,896,720		—		—
South America		320,776		73,301		—
Securities Lending Reinvestment Vehicle		369,641		—		—
Total	$	310,027,956	$	2,113,369	$	—

58

GOLDMAN SACHS MARKETBETA ETFS

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	$	399,632	$	—	$	—
Europe		1,291,455		—		—
North America		331,759,844		—		—
South America		853,832		—		—
Securities Lending Reinvestment Vehicle		28,031		—		—
Total	$	334,332,794	$	—	$	—

(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 Funds’ gains (losses) related to these derivatives and their indicative volumes for the six months ended February 28, 2021. 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	$	(45,211	)	$22,144		4

(a) Average number of contracts is based on the month end balances for the six months ended February 28, 2021.

There were no outstanding derivative contracts at February 28, 2021.

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

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

The Funds operate under a unitary management fee structure. Under the unitary fee structure, GSAM is responsible for paying substantially all the expenses of 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.

59

GOLDMAN SACHS MARKETBETA ETFS

Notes to Financial Statements (continued)

February 28, 2021 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the six months ended February 28, 2021, 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 December 29, 2021 and prior to such date, the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees. For the six months ended February 28, 2021, GSAM waived $18,816, $73,872 and $26,739 of the Funds’ management fees for the MarketBeta Emerging Markets Equity ETF, MarketBeta International Equity ETF and MarketBeta U.S. Equity ETF, respectively.

B.  Other Transactions with Affiliates — The Funds may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is solely due to having a common investment adviser, common officers, or common trustees. The following table provides information about the MarketBeta U.S. Equity ETF’s investment in The Goldman Sachs Group, Inc. for the six months ended February 28, 2021:

Beginning value as of August 31, 2020	Purchases at Cost		Proceeds from Sales			Realized Loss			Change in Unrealized Appreciation		Ending value as of February 28, 2021		Shares as of February 28, 2021		Dividend Income
$599,654	$	171,033	$	(2,666	)	$	(74	)	$	342,565	$	1,110,512		3,476	$	3,650

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 Six Months Ended February 28, 2021 (Unaudited)						For the Period May 12, 2020* through August 31, 2020
	Shares			Dollars			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 Six Months Ended February 28, 2021 (Unaudited)						For the Period May 12, 2020* through August 31, 2020
	Shares			Dollars			Shares			Dollars
Fund Share Activity
Shares Sold		—		$	—			6,600,001		$	295,827,537
Shares Redeemed		(100,000	)		(5,367,420	)		(600,001	)		(27,341,135	)
NET INCREASE (DECREASE) IN SHARES		(100,000	)	$	(5,367,420	)		6,000,000		$	268,486,402
	MarketBeta U.S. Equity ETF
	For the Six Months Ended February 28, 2021 (Unaudited)						For the Period May 12, 2020* through August 31, 2020
	Shares			Dollars			Shares			Dollars
Fund Share Activity
Shares Sold		1,000,000		$	54,057,516			5,300,001		$	232,137,239
Shares Redeemed		—			—			(1	)		(40	)
NET INCREASE IN SHARES		1,000,000		$	54,057,516			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 six months ended February 28, 2021, were as follows:

Fund	Purchases		Sales
MarketBeta Emerging Markets Equity ETF	$	5,165,935	$	4,192,835
MarketBeta International Equity ETF		8,240,730		9,219,307
MarketBeta U.S. Equity ETF		5,097,647		5,144,625

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Notes to Financial Statements (continued)

February 28, 2021 (Unaudited)

7. PORTFOLIO SECURITIES TRANSACTIONS (continued)

The purchases and sales from in-kind creation and redemption transactions for the six months ended February 28, 2021, were as follows:

Fund	Purchases		Sales
MarketBeta International Equity ETF	$	—	$	5,347,141
MarketBeta U.S. Equity ETF		54,057,679		—

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 February 28, 2021, are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities, where applicable.

Each of the Funds and BNYM received compensation relating to the lending of the Funds’ securities. The amounts earned, if any, by the Funds for the six months ended February 28, 2021, are reported under Investment Income on the Statements of Operations.

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8. SECURITIES LENDING (continued)

The following table provides information about the Funds’ investment in the Government Money Market Fund for the six months ended February 28, 2021:

Fund	Beginning value as of August 31, 2020		Purchases at Cost		Proceeds from Sales			Ending value as of February 28, 2021
MarketBeta Emerging Markets Equity ETF	$	212,078	$	2,155,208	$	(2,070,865	)	$	296,421
MarketBeta International Equity ETF		292,150		13,286,721		(13,209,230	)		369,641
MarketBeta U.S. Equity ETF		278,029		1,616,618		(1,866,616	)		28,031

9. TAX INFORMATION

As of the Funds’ most recent fiscal year ended August 31, 2020, the Funds’ capital loss carryforward on a tax-basis were as follows:

	MarketBeta Emerging Markets Equity ETF		MarketBeta International Equity ETF			MarketBeta U.S. Equity ETF
Capital loss carryforwards:
Perpetual Short-Term	$	—	$	(46,560	)	$	—

As of February 28, 2021, 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	$	31,810,641		$	267,140,320		$	286,194,950
Gross unrealized gain		14,280,091			51,174,397			51,560,963
Gross unrealized loss		(411,600	)		(6,173,392	)		(3,423,119	)
Net unrealized gains (losses)	$	13,868,491		$	45,001,005		$	48,137,844

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.

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.

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

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Notes to Financial Statements (continued)

February 28, 2021 (Unaudited)

10. OTHER RISKS (continued)

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 U.S. 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 U.S. or other governments, or problems with 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 — The Fund invests in foreign securities and as such, 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.

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

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10. OTHER RISKS (continued)

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.

11. INDEMNIFICATIONS

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

12. OTHER MATTERS

On October 22, 2020, Goldman Sachs announced a settlement of matters involving 1Malaysia Development Bhd. (1MDB), a Malaysian sovereign wealth fund, with the United States Department of Justice as well as criminal and civil authorities in the UK, Singapore and Hong Kong. Further information regarding the 1MDB settlement can be found at https://www.goldmansachs.com/media-relations/press-releases/current/goldman-sachs-2020-10-22.html. The 1MDB settlement will not materially adversely affect GSAM’s ability to serve as investment manager.

13. SUBSEQUENT EVENTS

Subsequent events after the Statements of Assets and Liabilities date have been evaluated, and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.

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Fund Expenses — For the Six Months ended  2/28/2021 (Unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the period from September 1, 2020 and held for the six months ended February 28, 2021, which represents a period of 181 days of a 365 day year (or less where indicated).

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

Hypothetical Example for Comparison Purposes — The second line in the table below provides information about hypothetical account values and hypothetical expenses based on 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 9/1/2020		Ending Account Value 2/28/21			Expenses Paid*		Beginning Account Value 9/1/20		Ending Account Value 2/28/21			Expenses Paid*		Beginning Account Value 9/1/20		Ending Account Value 2/28/21			Expenses Paid*
Actual based on NAV	$	1,000	$	1,214.10		$	1.98	$	1,000	$	1,145.50		$	1.06	$	1,000	$	1,102.50		$	0.36
Hypothetical 5% return	$	1,000	$	1,023.01	+	$	1.81	$	1,000	$	1,023.80	+	$	1.00	$	1,000	$	1,024.45	+	$	0.35

+ 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
MarketBeta Emerging Markets Equity ETF	0.36	%
MarketBeta International Equity ETF	0.20
MarketBeta U.S. Equity ETF	0.07

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Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs MarketBeta Emerging Markets Equity ETF, Goldman Sachs MarketBeta International Equity ETF and Goldman Sachs MarketBeta U.S. Equity ETF (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 investment portfolios of Goldman Sachs ETF Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Funds at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Funds.

The Management Agreement was most recently approved for continuation until September 30, 2021 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on September 22-23, 2020 (the ��Annual Meeting”).

The review process undertaken by the Trustees spans the course of the year and culminates with the Annual Meeting. To assist the Trustees in their deliberations, the Trustees have established a Contract Review Committee (the “Committee”), comprised of the Independent Trustees. The Committee held two meetings over the course of the year since the Management Agreement was last approved in 2019. At those Committee meetings, regularly scheduled Board or other committee meetings, and/or the Annual Meeting, matters relevant to the renewal of the Management Agreement were considered by the Board, or the Independent Trustees, as applicable. With respect to each Fund, such matters included:

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

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

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

(iii) trends in employee headcount;

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

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

(b) information on the general investment outlooks in the markets in which the Fund invests;

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

(d) fee and expense information for the Fund, including the relative management fee and expense levels of the Fund as compared to those of comparable funds managed by other advisers, as provided by a third-party fund data provider engaged as part of the contract review process (the “Outside Data Provider”);

(e) with respect to the expense comparison data provided by the Outside Data Provider, its processes in producing that data for the Fund;

(f) the undertakings of the Investment Adviser and its affiliates to implement fee waivers;

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

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

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

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

(k) the nature and quality of the services provided to the Fund by its unaffiliated service providers, and the Investment Adviser’s general oversight and evaluation (including reports on due diligence) of those service providers as part of the administrative services provided under the Management Agreement; and

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

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Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs MarketBeta Emerging Markets Equity ETF, Goldman Sachs MarketBeta International Equity ETF and Goldman Sachs MarketBeta U.S. Equity ETF (Unaudited) (continued)

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

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

As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Funds by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees noted the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted the significant resources that the Investment Adviser devotes to risk management and the control environment in which the Funds operate, the Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the market, regulatory and control environment in which the Funds and their service providers operate, including changes associated with the COVID-19 pandemic, 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 fee to the Investment Adviser, and the Investment Adviser pays each Fund’s ordinary operating expenses, excluding payments under each Fund’s 12b-1 plan (if any), interest expenses, taxes, acquired fund fees and expenses, brokerage fees, costs of holding shareholder meetings, litigation, indemnification and extraordinary expenses. The Trustees also considered information about each Fund’s structure, investment objective, strategies and other characteristics. In particular, they noted that the Funds are passively-managed ETFs that seek to track indices developed and maintained by a third-party service provider. The Trustees noted the experience and capabilities of the key personnel of the Investment Adviser who provide services to the Funds. In particular, the Trustees considered the Investment Adviser’s extensive experience in managing quantitative investment strategies. They also considered information regarding the Investment Adviser’s business continuity planning and remote operations in the current environment. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Funds and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Funds and the Investment Adviser and its affiliates.

Investment Performance

The Trustees also considered the investment performance of the Funds. In this regard, they compared updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of June 30, 2020. As part of this review, the Trustees reviewed the investment performance of each Fund in light of its investment objective and policies and market conditions. The Trustees observed that each Fund’s investment performance was consistent with the investment objective of tracking its index.

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

Unitary Fee Structure and Profitability

The Trustees considered the contractual fee rate payable by each Fund, noting that the Management Agreement provides for a unitary fee structure, pursuant to which each Fund pays a single fee to the Investment Adviser and the Investment Adviser then pays all of the Fund’s ordinary operating expenses. In addition, the Trustees considered information on the services rendered by the

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Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs MarketBeta Emerging Markets Equity ETF, Goldman Sachs MarketBeta International Equity ETF and Goldman Sachs MarketBeta U.S. Equity ETF (Unaudited) (continued)

Investment Adviser to the Funds, which included both advisory and administrative services that were directed to the needs and operations of the Funds as ETFs.

In addition, the Trustees considered the Investment Adviser’s undertakings to implement a management 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 previously provided regarding fees and expenses of comparable ETFs advised by other, unaffiliated investment management firms. The comparisons of the Funds’ fee rates and expense ratios were prepared by the Investment Adviser and certain third-party providers of mutual fund and ETF data. In particular, the Trustees referred to an analysis comparing each Fund’s management fee rate and net expense ratio to those of relevant peer funds. The Trustees concluded that the comparisons were useful in evaluating the reasonableness of the management fees and total expenses paid by the Funds.

Economies of Scale

The Trustees noted that the Funds, similar to many other ETFs, do not have management fee breakpoints. They considered information previously provided regarding each Fund’s fee structure, the amount of assets in each Fund, each Fund’s recent creation and redemption activity, and the costs of the services provided by the Investment Adviser and its affiliates. The Trustees further noted the Investment Adviser’s assertion that future economies of scale (among several factors) had been taken into consideration in determining each Fund’s unitary management fee rate, and that significant economies of scale are unlikely to be realized in the competitive environment in which the Funds operate.

Other Benefits to the Investment Adviser and Its Affiliates

The Trustees also considered the other benefits derived (or expected to be derived) by the Investment Adviser and its affiliates from their relationships with the Funds as stated above, 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. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.

Other Benefits to the Funds and Their Shareholders

The Trustees also noted that the Funds receive certain other potential benefits as a result of their relationship with the Investment Adviser, including: (a) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (b) the Investment Adviser’s ability to hire and retain qualified personnel to provide services to the Funds because of the reputation of the Goldman Sachs organization; and (c) the Funds’ access to certain affiliated distribution channels.

Conclusion

In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the unitary fee paid by each Fund was reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and each Fund’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit each Fund and its shareholders and that the Management Agreement should be approved and continued with respect to each Fund until September 30, 2021.

69

FUNDS PROFILE

Goldman Sachs ETFs

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

Today, the Asset Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $1.95 trillion in assets under supervision as of December 31, 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 Innovate Equity ETF

Goldman Sachs Access High Yield Corporate Bond ETF

Goldman Sachs Access Inflation Protected USD Bond ETF

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

Goldman Sachs Access Investment Grade Corporate Bond ETF

Goldman Sachs Access Treasury 0-1 Year ETF

Goldman Sachs Access Ultra Short Bond ETF

Goldman Sachs Access U.S. Aggregate Bond ETF

Goldman Sachs MarketBeta^TM Emerging Markets Equity ETF

Goldman Sachs MarketBeta^TM International Equity ETF

Goldman Sachs MarketBeta^TM U.S. Equity ETF

Goldman Sachs Physical Gold ETF

INDEX DISCLAIMERS

The Goldman Sachs MarketBeta International Equity ETF, Goldman Sachs MarketBeta Emerging Markets 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 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 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 the Fund voted proxies relating to portfolio securities for the most recent 12-month period ended June 30, are available (i) without charge, upon request by calling 1-800-621-2550; and (ii) on the Securities and Exchange Commission (“SEC’’) web site at http://www.sec.gov.

The 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 February 28, 2021 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.

© 2021 Goldman Sachs. All rights reserved. 236971-OTU-04/2021 MCEQWGETFSAR-21

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) Not applicable.

(c) During the period covered by this report, no amendments were made to the provisions of the Code of Ethics.

(d) 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.

(e) Not applicable.

(f) A copy of the Code of Ethics is available as provided in Item 13(a)(1) of this report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The registrant’s board of trustees has determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its audit committee. Caroline Dorsa is the “audit committee financial expert” and is “independent” (as each term is defined in Item 3 of Form N-CSR).

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

The information required by this Item is only required in an annual report on this Form N-CSR.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

The Registrant has a separately-designated standing Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended. The members of the Audit Committee are Michael Latham, Linda A. Lang, Lawrence W. Stranghoener, and Caroline Dorsa, each a Trustee of the Registrant.

ITEM 6. SCHEDULE OF INVESTMENTS.

Schedule of Investments is included as part of the Report to Shareholders filed under Item 1.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES 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:	April 29, 2021

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ James A. McNamara
	James A. McNamara
	President/Chief Executive Officer
	Goldman Sachs ETF Trust
Date:	April 29, 2021
By:	/s/ Joseph F. DiMaria
	Joseph F. DiMaria
	Principal Financial Officer
	Goldman Sachs ETF Trust
Date:	April 29, 2021