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)

Copies to:

Caroline Kraus, Esq.	Stephen H. Bier, Esq.
Goldman Sachs & Co. LLC	Dechert LLP
200 West Street	1095 Avenue of the Americas
New York, New York 10282	New York, NY 10036

(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, 2022

ITEM 1. REPORTS TO STOCKHOLDERS.

The Semi-Annual Report to Shareholders is filed herewith.

Goldman Sachs Funds

Semi-Annual Report	February 28, 2022
	Access Fixed Income ETFs
	Access Emerging Markets USD Bond ETF (GEMD)
	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 EMERGING MARKETS USD BOND ETF

∎ 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
Market and Economic Review	1
Fund Basics	3
Schedules of Investments	19
Financial Statements	85
Financial Highlights	93
Access Emerging Markets USD Bond ETF	93
Access High Yield Corporate Bond ETF	94
Access Inflation Protected USD Bond ETF	95
Access Investment Grade Corporate 1-5 Year Bond ETF	96
Access Investment Grade Corporate Bond ETF	97
Access Treasury 0-1 Year ETF	98
Access U.S. Aggregate Bond ETF	99
Access Ultra Short Bond ETF	100
Notes to Financial Statements	101
Other Information	116

NOT FDIC-INSURED May Lose Value No Bank Guarantee

MARKET REVIEW

Goldman Sachs Access Fixed Income ETFs

The following are highlights both of key factors affecting the fixed income market and of any key changes made to the Goldman Sachs Access Fixed Income ETFs (the “Funds”) during the six months ended February 28, 2022 (the “Reporting Period”). Attribution highlights are provided for the Goldman Sachs Access Ultra Short Bond ETF, an actively managed ETF, explaining its performance relative to its benchmark during the Reporting Period. A fuller review will appear in the Funds’ annual shareholder report covering the 12 months ended August 31, 2022.

Market and Economic Review

• Government and non-government bonds broadly recorded negative returns during the Reporting Period, with emerging markets debt and U.S. investment grade corporate bonds among the weakest performing fixed income sectors.

• Inflation rose in both developed and emerging economies, driven by supply-and-demand imbalances, higher energy prices and the effects of economic reopening amid the persistent overhangs of the COVID-19 pandemic. Inflation surged to new multi-decade highs in February 2022, with energy and commodity prices in particular jumping in response to Russia’s invasion of Ukraine.

• Citing inflation and strong labor data, developed markets’ central banks delivered or hinted at sooner than previously consensus expected monetary policy normalization.

• In the U.S., the Federal Reserve (the “Fed”) began scaling back its asset purchase program and then accelerated the pace of its tapering. U.S. policymakers additionally hinted they might raise interest rates in March 2022 in the Fed’s first federal funds rate increase since the end of 2018.

• Government bond yields generally rose during the Reporting Period in anticipation of central bank action, though investors began pricing in less cumulative monetary policy tightening following escalation of the Russia/Ukraine conflict at the end of February 2022.

Fund Changes and Highlights

Goldman Sachs Access Emerging Markets USD Bond ETF

• The Goldman Sachs Access Emerging Markets USD Bond ETF (the “Fund”) launched on February 15, 2022.

• The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the FTSE Goldman Sachs Emerging Markets USD Bond Index (the “Index”).

• The Index employs a transparent process designed to identify an investable universe, then eliminates a subset of issuers with deteriorating fundamentals to potentially offer improved exposure to U.S. dollar-denominated emerging markets bonds.

• Excluding a subset of issuers with deteriorating fundamentals, i.e., worsening Governance, Import Coverage Ratio and Inflation, can help reduce exposure to issuers more likely to underperform and experience higher volatility. This approach can help deliver smoother performance over the course of a market cycle.

• Effective February 17, 2022, Goldman Sachs Asset Management, L.P., the Fund’s investment adviser, implemented a management fee waiver to achieve an effective net management fee rate of 0.00% as an annual percentage rate of average daily net assets of the Fund through at least February 17, 2023.

1

MARKET REVIEW

Goldman Sachs Access Ultra Short Bond ETF

• The Fund underperformed its benchmark, the FTSE Three-Month U.S. Treasury Bill Index, during the Reporting Period, driven primarily by duration and yield curve positioning, as well as by sector allocation positioning, which more than offset the positive contributions from security selection.

• The Fund had a longer duration than the FTSE Three-Month U.S. Treasury Bill Index, and yield curve positioning included longer maturities than the benchmark. As interest rates increased during the Reporting Period, this positioning hurt.

• Sector positioning included allocations to corporate credit and agency mortgage-backed securities, which detracted from relative results, as spreads, or yield differentials of these sectors to duration-equivalent U.S. Treasuries, widened during the Reporting Period.

2

FUND BASICS

Access Emerging Markets USD Bond ETF

as of February 28, 2022

FUND SNAPSHOT
As of February 28, 2022
Market Price1	$	47.14
Net Asset Value (NAV)1	$	46.81

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
February 15, 2022–February 28, 2022	Fund Total Return (based on NAV)2			Fund Total Return (based on Market Price)2			FTSE Goldman Sachs Emerging Markets USD Bond Index
Shares		-5.80	%		-5.12	%		-6.17	%

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 Fund is newly incepted and does not have a substantial track record. 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 2/28/224
Holding	% of Net Assets			Line of Business
Qatar Government International Bond, 9.75%, 06/15/30		1.1	%	Sovereign
Ecuador Government International Bond, 1.00%, 07/31/35		1.0		Sovereign
Indonesia Government International Bond, 8.50%, 10/12/35		1.0		Sovereign
Indonesia Government International Bond, 7.75%, 01/17/38		1.0		Sovereign
Bahrain Government International Bond, 7.38%, 05/14/30		1.0		Sovereign
Qatar Government International Bond, 5.10%, 04/23/48		0.9		Sovereign
Jamaica Government International Bond, 8.00%, 03/15/39		0.9		Sovereign
Qatar Government International Bond, 4.82%, 03/14/49		0.9		Sovereign
Uruguay Government International Bond, 5.10%, 06/18/50		0.9		Sovereign
Saudi Government International Bond, 5.00%, 04/17/49		0.9		Sovereign

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

SECTOR ALLOCATION AS OF 2/28/225
Sector Name	Fund
Government		88.37	%
Energy		8.62
Industrials		0.68
Utilities		0.45
Financials		0.37

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

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

4

FUND BASICS

Access High Yield Corporate Bond ETF

as of February 28, 2022

FUND SNAPSHOT
As of February 28, 2022
Market Price1	$	47.82
Net Asset Value (NAV)1	$	47.80

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, 2021–February 28, 2022	Fund Total Return (based on NAV)2			Fund Total Return (based on Market Price)2			FTSE Goldman Sachs High Yield Corporate Bond Index3			Bloomberg High Yield Very Liquid Index4
Shares		-3.03	%		-2.95	%		-2.85	%		-3.11	%

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.

5

FUND BASICS

TOP TEN HOLDINGS AS OF 2/28/225
Holding	% of Net Assets			Line of Business
TransDigm, Inc., 6.25%, 03/15/26		0.7	%	Aerospace & Defense
Lumen Technologies, Inc., 5.13%, 12/15/26		0.7		Wirelines
Sirius XM Radio, Inc., 4.00%, 07/15/28		0.6		Broadcasting
Carnival Corp., 4.00%, 08/01/28		0.6		Consumer Cyclical
American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.50%, 04/20/26		0.6		Transportation
WESCO Distribution, Inc., 7.25%, 06/15/28		0.5		Distribution & Logistics
Mozart Debt Merger Sub, Inc., 3.88%, 04/01/29		0.5		Consumer Noncyclical
EQT Corp., 3.90%, 10/01/27		0.5		Energy
Howmet Aerospace, Inc., 5.13%, 10/01/24		0.5		Aerospace & Defense
Weatherford International Ltd., 6.50%, 09/15/28		0.4		Energy

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

SECTOR ALLOCATION AS OF 2/28/226
Sector Name	Fund
Consumer, Cyclical		21.77	%
Telecommunication Services		17.34
Consumer, Non-cyclical		15.92
Energy		15.08
Financials		9.17
Industrials		8.69
Utilities		3.25
Information Technology		3.15
Materials		2.79
Investment Company		1.37

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

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

6

FUND BASICS

Access Inflation Protected USD Bond ETF

as of February 28, 2022

FUND SNAPSHOT
As of February 28, 2022
Market Price1	$	57.56
Net Asset Value (NAV)1	$	57.43

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, 2021–February 28, 2022	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		0.13	%		0.34	%		0.24	%

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.

7

FUND BASICS

TOP TEN HOLDINGS AS OF 2/28/224
Holding	% of Net Assets5			Line of Business
U.S. Treasury Inflation Indexed Bond, 0.50%, 01/15/28		8.3	%	Government
U.S. Treasury Inflation Indexed Bond, 0.38%, 07/15/27		7.6		Government
U.S. Treasury Inflation Indexed Bond, 0.13%, 10/15/25		6.9		Government
U.S. Treasury Inflation Indexed Bond, 0.13%, 10/15/24		6.8		Government
U.S. Treasury Inflation Indexed Bond, 2.13%, 02/15/40		6.8		Government
U.S. Treasury Inflation Indexed Bond, 0.13%, 01/15/30		6.5		Government
U.S. Treasury Inflation Indexed Bond, 0.63%, 01/15/24		5.6		Government
U.S. Treasury Inflation Indexed Bond, 0.63%, 01/15/26		5.2		Government
U.S. Treasury Inflation Indexed Bond, 0.25%, 01/15/25		5.1		Government
U.S. Treasury Inflation Indexed Bond, 0.75%, 02/15/42		4.7		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.

SECTOR ALLOCATION AS OF 2/28/226
Sector Name	Fund
Government		99.68	%
Investment Company		0.08

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

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

8

FUND BASICS

Access Investment Grade Corporate 1-5 Year Bond ETF

as of February 28, 2022

FUND SNAPSHOT
As of February 28, 2022
Market Price1	$	48.57
Net Asset Value (NAV)1	$	48.53

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, 2021–February 28, 2022	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		-2.93	%		-2.89	%		-2.86	%

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.

9

FUND BASICS

TOP TEN HOLDINGS AS OF 2/28/224
Holding	% of Net Assets			Line of Business
Cooperatieve Rabobank UA, Series MTN, 3.38%, 05/21/25		1.3	%	Banks
Mitsubishi UFJ Financial Group, Inc., 2.80%, 07/18/24		1.3		Banks
Barclays PLC, 4.34%, 05/16/24		1.3		Banks
Sumitomo Mitsui Financial Group, Inc., 1.47%, 07/08/25		1.2		Banks
Santander UK Group Holdings PLC, 1.53%, 08/21/26		1.2		Banks
HSBC Holdings PLC, 4.30%, 03/08/26		1.2		Banks
Citigroup, Inc., 1.68%, 05/15/24		1.2		Banks
Banco Santander SA, 2.75%, 05/28/25		1.0		Banks
Lloyds Banking Group PLC, 2.44%, 02/05/26		1.0		Banks
Morgan Stanley, 3.74%, 04/24/24		1.0		Banks

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

SECTOR ALLOCATION AS OF 2/28/225
Sector Name	Fund
Financials		44.68	%
Consumer, Non-cyclical		10.13
Energy		8.90
Consumer, Cyclical		7.96
Information Technology		7.54
Telecommunication Services		7.06
Industrials		7.00
Utilities		4.07
Materials		1.08
Investment Company		0.54

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

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

10

FUND BASICS

Access Investment Grade Corporate Bond ETF

as of February 28, 2022

FUND SNAPSHOT
As of February 28, 2022
Market Price1	$	51.24
Net Asset Value (NAV)1	$	51.20

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, 2022-February 28, 2022	Fund Total Return (based on NAV)2			Fund Total Return (based on Market Price)2			FTSE Goldman Sachs Investment Grade Corporate Bond Index3			Bloomberg US Corporate Investment Grade Index4
Shares		-6.26	%		-6.12	%		-6.18	%		-6.08	%

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.

11

FUND BASICS

TOP TEN HOLDINGS AS OF 2/28/225
Holding	% of Net Assets			Line of Business	Country
GE Capital International Funding Co. Unlimited, 4.42%, 11/15/35		0.5	%	Financial Company	United States
Morgan Stanley, Series GMTN, 2.70%, 01/22/31		0.3		Banks	United States
AbbVie, Inc., 3.60%, 05/14/25		0.3		Consumer Noncyclical	United States
Wells Fargo & Co., Series MTN, 2.88%, 10/30/30		0.3		Banks	United States
Toronto-Dominion Bank (The), Series GMTN, 3.50%, 07/19/23		0.3		Banks	Canada
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc., 4.90%, 02/01/46		0.3		Food and Beverage	Belgium
AT&T, Inc., 3.55%, 09/15/55		0.3		Wireless	United States
Wells Fargo & Co., Series MTN, 5.01%, 04/04/51		0.3		Banks	United States
Ares Capital Corp., 4.20%, 06/10/24		0.2		Financial Company	United States
Bank of Montreal, 3.80%, 12/15/32		0.2		Banks	Canada

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

SECTOR ALLOCATION AS OF 2/28/226
Sector Name	Fund
Financials		34.00	%
Consumer, Non-cyclical		16.20
Telecommunication Services		13.97
Information Technology		10.65
Energy		9.17
Industrials		5.83
Consumer, Cyclical		5.57
Utilities		1.86
Materials		1.58
Investment Company		0.19

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

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

12

FUND BASICS

Access Treasury 0-1 Year ETF

as of February 28, 2022

FUND SNAPSHOT
As of February 28, 2022
Market Price1	$	99.97
Net Asset Value (NAV)1	$	99.97

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, 2021–February 28, 2022	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		-0.12	%	-0.11%	-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 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.

13

FUND BASICS

TOP TEN HOLDINGS AS OF 2/28/224
Holding	Maturity Date		% of Net Assets5
U.S. Treasury Bill, 0.20%		04/26/22		8.7	%
U.S. Treasury Bill, 0.05%		03/01/22		6.5
U.S. Treasury Bill, 0.15%		04/12/22		6.4
U.S. Treasury Bill, 0.07%		04/07/22		5.9
U.S. Treasury Note, 1.00%		01/15/23		5.3
U.S. Treasury Bill, 0.10%		05/26/22		4.9
U.S. Treasury Bill, 0.32%		06/16/22		4.6
U.S. Treasury Bill, 0.08%		05/05/22		4.5
U.S. Treasury Bill, 0.33%		05/26/22		4.4
U.S. Treasury Bill, 0.41%		06/16/22		3.9

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.

SECTOR ALLOCATION AS OF 2/28/226
Sector Name	Fund
Government		107.34	%

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

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

14

FUND BASICS

Access U.S. Aggregate Bond ETF

as of February 28, 2022

FUND SNAPSHOT
As of February 28, 2022
Market Price1	$	46.94
Net Asset Value (NAV)1	$	47.00

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, 2021–February 28, 2022	Fund Total Return (based on NAV)2			Fund Total Return (based on Market Price)2			FTSE Goldman Sachs US Broad Bond Market Index3
Shares		-4.39	%		-4.48	%		-4.49	%

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.

15

FUND BASICS

TOP TEN HOLDINGS AS OF 2/28/224
Holding	% of Net Assets
U.S. Treasury Note, 2.00%, 11/15/26		8.9	%
Federal National Mortgage Association, 2.00%		6.8
U.S. Treasury Note, 2.13%, 05/31/26		6.6
U.S. Treasury Note, 2.00%, 02/15/25		3.7
U.S. Treasury Note, 2.75%, 02/15/28		3.4
Federal National Mortgage Association, 2.50%		3.1
U.S. Treasury Note, 2.50%, 01/31/25		3.0
U.S. Treasury Note, 1.50%, 02/15/30		3.0
U.S. Treasury Note, 2.88%, 08/15/28		2.9
Federal National Mortgage Association, 3.00%		2.8

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

SECTOR ALLOCATION AS OF 2/28/22⁵

Sector Name	Fund
Mortgage-Backed Securities		27.31	%
U.S. Treasury Notes		27.16
Investment Company		24.53
Corporate Obligations		21.26
U.S. Treasury Bonds		8.21
U.S. Treasury Obligations		7.57
Foreign Corporate Debt		5.34
Foreign Debt Obligations		2.63

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

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

16

FUND BASICS

Access Ultra Short Bond ETF

as of February 28, 2022

FUND SNAPSHOT
As of February 28, 2022
Market Price1	$	50.36
Net Asset Value (NAV)1	$	50.36

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, 2021–February 28, 2022	Fund Total Return (based on NAV)2			Fund Total Return (based on Market Price)2			FTSE Three-Month U.S. Treasury Bill Index3
Shares		-0.36	%		-0.36	%		0.03	%

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

³  The 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.

17

FUND BASICS

TOP TEN HOLDINGS AS OF 2/28/224
Holding	% of Net Assets
FNMA REMIC, Class AF, Series 2015-66, 0.44%, 09/25/45		2.9	%
FNMA REMIC, Class BM, Series 2020-6347, 2.03%, 02/01/41		2.9
FHLMC REMIC, Class F, Series 2019-4944, 0.64%, 01/25/50		2.7
U.S. Treasury Floating Rate Note, 0.42%, 10/31/23		2.5
FHLMC REMIC, 2.21%, 01/01/46		2.5
U.S. Treasury Floating Rate Note, 0.41%, 04/30/23		1.5
FNMA REMIC, Class AF, Series 2016-67, 0.59%, 09/25/46		1.2
FHLMC REMIC, 2.08%, 10/01/43		1.1
Royal Bank of Canada, Series GMTN, 0.49%, 01/21/25		1.1
U.S. Treasury Bill, 0.68%, 09/01/22		1.1

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

SECTOR ALLOCATION AS OF 2/28/225
Sector Name	Fund
Mortgage-Backed Securities		33.08	%
Corporate Obligations		20.38
Asset-Backed Securities		18.53
Foreign Corporate Debt		17.62
Investment Company		7.66
U.S. Treasury Notes		5.74
Certificate of Deposits		1.20
U.S. Treasury Bill		1.12
Commercial Paper		0.56

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

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

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

18

GOLDMAN SACHS ACCESS EMERGING MARKETS USD BOND ETF

Schedule of Investments

February 28, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Foreign Debt Obligations – 88.0%
Sovereign – 88.0%
	Bahrain Government International Bond (Bahrain)
$	350,000		7.000	%		01/26/26	$	376,334
	425,000		7.375			05/14/30		452,070
	325,000		6.000			09/19/44		272,594
	Brazilian Government International Bond (Brazil)
	350,000		4.250			01/07/25		363,563
	250,000		8.750			02/04/25		296,250
	125,000		10.125			05/15/27		163,281
	250,000		4.625			01/13/28		254,459
	100,000		8.250			01/20/34		125,375
	150,000		7.125			01/20/37		171,937
	200,000		5.625			01/07/41		193,500
	225,000		5.000			01/27/45		198,000
	275,000		4.750			01/14/50		228,594
	Colombia Government International Bond (Colombia)
	275,000		8.125			05/21/24		304,592
	300,000		3.875			04/25/27		288,035
	225,000		3.000			01/30/30		192,361
	250,000		3.125			04/15/31		210,846
	250,000		3.250			04/22/32		208,207
	200,000		7.375			09/18/37		222,691
	300,000		6.125			01/18/41		292,396
	275,000		5.625			02/26/44		248,002
	350,000		5.000			06/15/45		291,797
	325,000		5.200			05/15/49		274,894
	Costa Rica Government International Bond (Costa Rica)
	250,000		6.125			02/19/31		248,125
	200,000		7.158			03/12/45		194,750
	Croatia Government International Bond (Croatia)
	350,000		6.000			01/26/24		373,625
	Dominican Republic International Bond (Dominican Republic)
	250,000		5.950			01/25/27		260,625
	225,000		6.000			07/19/28		233,437
	225,000		4.500			01/30/30		209,250
	175,000		7.450			04/30/44		184,844
	225,000		6.850			01/27/45		222,188
	200,000		6.500			02/15/48		189,500
	200,000		6.400			06/05/49		187,250
	300,000		5.875			01/30/60		255,000
	Ecuador Government International Bond(a) (Ecuador)
	350,000		5.000			07/31/30		308,438
	700,000		1.000			07/31/35		485,625
	350,000		0.500			07/31/40		214,375
	El Salvador Government International Bond (El Salvador)
	150,000		5.875			01/30/25		91,312
	175,000		6.375			01/18/27		97,563
	100,000		8.625			02/28/29		55,500
	100,000		8.250			04/10/32		57,000
	175,000		7.650			06/15/35		91,437
	Ghana Government International Bond (Ghana)
	350,000		8.125			01/18/26		274,750
	350,000		6.375			02/11/27		245,438
	300,000		8.125			03/26/32		202,875
	275,000		8.950			03/26/51		180,812
	Guatemala Government Bond (Guatemala)
	325,000		4.375			06/05/27		327,438
	200,000		6.125			06/01/50		205,000
Foreign Debt Obligations – (continued)
Sovereign – (continued)
	Indonesia Government International Bond (Indonesia)
	350,000		2.850			02/14/30		346,480
	325,000		8.500			10/12/35		475,719
	325,000		7.750			01/17/38		453,362
	300,000		4.200			10/15/50		308,401
	275,000		3.050			03/12/51		246,253
	Iraq International Bond (Iraq)
	262,500		5.800			01/15/28		253,313
	Ivory Coast Government International Bond(a) (Ivory Coast)
	229,931		5.750			12/31/32		224,757
	Jamaica Government International Bond (Jamaica)
	325,000		8.000			03/15/39		429,000
	Jordan Government International Bond (Jordan)
	350,000		5.850			07/07/30		329,707
	Kazakhstan Government International Bond (Kazakhstan)
	350,000		5.125			07/21/25		375,515
	225,000		6.500			07/21/45		269,186
	Kuwait International Government Bond (Kuwait)
	350,000		3.500			03/20/27		370,305
	Mexico Government International Bond (Mexico)
	325,000		4.500			04/22/29		345,511
	150,000		6.050			01/11/40		171,662
	150,000		5.550			01/21/45		164,849
	Mexico Government International Bond, MTN (Mexico)
	150,000		8.300			08/15/31		206,364
	75,000		7.500			04/08/33		99,718
	75,000		6.750			09/27/34		92,301
	150,000		4.750			03/08/44		148,983
	Mexico Government International Bond, GMTN (Mexico)
	100,000		5.750			10/12/10		102,366
	Morocco Government International Bond (Morocco)
	350,000		4.000			12/15/50		278,645
	Nigeria Government International Bond (Nigeria)
	300,000		6.500			11/28/27		286,759
	250,000		6.125	(b)		09/28/28		228,125
	275,000		7.143			02/23/30		258,952
	275,000		7.875			02/16/32		254,612
	200,000		7.696			02/23/38		169,711
	Oman Government International Bond (Oman)
	200,000		4.875			02/01/25		204,165
	200,000		4.750			06/15/26		200,824
	275,000		5.375			03/08/27		280,035
	325,000		5.625			01/17/28		332,324
	325,000		6.500			03/08/47		305,716
	350,000		6.750			01/17/48		336,707
	Pakistan Government International Bond (Pakistan)
	350,000		6.875			12/05/27		326,639
	300,000		7.375			04/08/31		258,083
	Panama Government International Bond (Panama)
	350,000		7.125			01/29/26		404,250
	150,000		8.875			09/30/27		194,625
	150,000		9.375			04/01/29		204,375
	250,000		6.700			01/26/36		305,625
	250,000		4.500			04/16/50		242,188
	200,000		4.300			04/29/53		186,000
	275,000		4.500			04/01/56		263,312
	325,000		3.870			07/23/60		276,656

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

GOLDMAN SACHS ACCESS EMERGING MARKETS USD BOND ETF

Schedule of Investments (continued)

February 28, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Foreign Debt Obligations – (continued)
Sovereign – (continued)
	Paraguay Government International Bond (Paraguay)
$	350,000		5.000	%		04/15/26	$	364,219
	225,000		5.400			03/30/50		218,250
	Pertamina Persero PT (Indonesia)
	250,000		6.000			05/03/42		276,250
	Peruvian Government International Bond (Peru)
	100,000		7.350			07/21/25		114,988
	200,000		2.392			01/23/26		196,093
	375,000		2.783			01/23/31		354,432
	200,000		8.750			11/21/33		291,986
	200,000		3.000			01/15/34		184,246
	125,000		6.550			03/14/37		158,670
	150,000		3.300			03/11/41		134,222
	250,000		3.550			03/10/51		227,547
	250,000		2.780			12/01/60		191,052
	150,000		3.600			01/15/72		125,349
	150,000		3.230			07/28/21		111,339
	Philippine Government International Bond (Philippines)
	325,000		10.625			03/16/25		406,078
	225,000		9.500			02/02/30		323,845
	175,000		7.750			01/14/31		234,281
	175,000		6.375			01/15/32		219,187
	275,000		6.375			10/23/34		351,312
	275,000		3.950			01/20/40		273,237
	300,000		2.650			12/10/45		245,882
	325,000		3.200			07/06/46		289,425
	Qatar Government International Bond (Qatar)
	350,000		3.750			04/16/30		377,615
	350,000		9.750			06/15/30		528,244
	350,000		5.103			04/23/48		438,816
	350,000		4.817			03/14/49		424,111
	Republic of Azerbaijan International Bond (Azerbaidjan)
	275,000		4.750			03/18/24		285,313
	Republic of Kenya Government International Bond (Kenya)
	350,000		7.000			05/22/27		336,295
	325,000		8.000			05/22/32		309,814
	Republic of Poland Government International Bond (Poland)
	350,000		4.000			01/22/24		361,541
	200,000		3.250			04/06/26		207,232
	Republic of South Africa Government International Bond (South Africa)
	350,000		5.875			09/16/25		374,083
	350,000		4.300			10/12/28		336,987
	350,000		5.875			06/22/30		368,009
	275,000		5.375			07/24/44		241,124
	350,000		5.750			09/30/49		302,976
	Romanian Government International Bond (Romania)
	150,000		4.875			01/22/24		155,969
	170,000		3.000			02/14/31		155,230
	250,000		6.125			01/22/44		285,171
	180,000		5.125			06/15/48		183,337
	Russian Foreign Bond – Eurobond (Russia)
	200,000		4.750			05/27/26		81,000
	200,000		4.250			06/23/27		79,000
	250,000		12.750			06/24/28		111,250
	400,000		4.375			03/21/29		134,000
Foreign Debt Obligations – (continued)
Sovereign – (continued)
	Russian Foreign Bond – Eurobond (Russia) – (continued)
	400,000		5.100			03/28/35		128,000
	400,000		5.625			04/04/42		132,000
	200,000		5.250			06/23/47		65,000
	Saudi Government International Bond (Saudi Arabia)
	350,000		4.000			04/17/25		368,951
	325,000		3.625			03/04/28		343,540
	225,000		4.375			04/16/29		248,605
	225,000		4.500			04/17/30		252,219
	350,000		4.500			10/26/46		379,906
	350,000		5.000			04/17/49		407,155
	Senegal Government International Bond (Senegal)
	250,000		6.750			03/13/48		212,813
	Trinidad & Tobago Government International Bond (Trinidad and Tobago)
	250,000		4.375			01/16/24		253,595
	Turkey Government International Bond (Turkey)
	325,000		6.350			08/10/24		322,290
	325,000		5.600			11/14/24		315,832
	350,000		7.375			02/05/25		353,747
	325,000		4.875			10/09/26		290,521
	200,000		11.875			01/15/30		243,986
	150,000		8.000			02/14/34		149,730
	250,000		6.875			03/17/36		219,061
	150,000		7.250			03/05/38		135,426
	225,000		6.750			05/30/40		187,930
	300,000		4.875			04/16/43		206,809
	UAE Government International Bond (United Arab Emirates)
	350,000		2.000			10/19/31		332,985
	Ukraine Government International Bond (Ukraine)
	175,000		7.750			09/01/23		76,125
	225,000		7.750			09/01/24		79,875
	200,000		7.750			09/01/25		69,000
	150,000		7.750			09/01/26		51,750
	175,000		7.750			09/01/27		60,375
	300,000		7.375			09/25/32		95,250
	250,000		7.253			03/15/33		77,500
	Uruguay Government International Bond (Uruguay)
	350,000		4.500			08/14/24		361,884
	75,000		7.875			01/15/33		103,875
	100,000		7.625			03/21/36		141,750
	125,000		4.125			11/20/45		135,156
	350,000		5.100			06/18/50		413,219
	300,000		4.975			04/20/55		352,500
	TOTAL FOREIGN DEBT OBLIGATIONS
	(Cost $44,313,633)						$	41,175,382
Foreign Corporate Debt – 10.5%
Banks – 1.0%
	Export-Import Bank of India (India)
$	250,000		3.250	%		01/15/30	$	240,275
	250,000		2.250			01/13/31		219,798
								460,073

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

GOLDMAN SACHS ACCESS EMERGING MARKETS USD BOND ETF

Principal Amount		Interest Rate			Maturity Date		Value
Foreign Corporate Debt – (continued)
Electric – 0.8%
	Comision Federal de Electricidad, MTN (Mexico)
$	216,667		5.150	%		07/13/47	$	209,625
	Power Sector Assets & Liabilities Management Corp. (Philippines)
	150,000		7.390			12/02/24		170,250
								379,875
Oil Company-Exploration & Production – 0.7%
	Pertamina Persero PT (Indonesia)
	325,000		3.100			08/27/30		312,812
Oil Company-Integrated – 6.1%
	Petrobras Global Finance BV (Brazil)
	150,000		5.299			01/27/25		158,062
	50,000		8.750			05/23/26		58,781
	75,000		7.375			01/17/27		84,094
	100,000		5.999			01/27/28		105,500
	25,000		5.750			02/01/29		25,986
	25,000		5.093			01/15/30		24,813
	125,000		6.900			03/19/49		124,669
	Petroleos Mexicanos (Mexico)
	100,000		4.250			01/15/25		99,898
	100,000		6.875			10/16/25		106,110
	50,000		6.875			08/04/26		52,972
	75,000		6.490			01/23/27		77,347
	100,000		6.500			03/13/27		102,889
	25,000		5.350			02/12/28		24,119
	50,000		6.500			01/23/29		50,187
	100,000		6.840			01/23/30		100,351
	50,000		5.950			01/28/31		47,212
	75,000		6.625			06/15/35		68,119
	25,000		6.500			06/02/41		21,177
	100,000		6.750			09/21/47		83,013
	75,000		6.350			02/12/48		60,531
	175,000		7.690			01/23/50		157,284
	100,000		6.950			01/28/60		83,160
	Qatar Energy (Qatar)
	275,000		1.375			09/12/26		261,426
	300,000		3.300			07/12/51		282,530
	Saudi Arabian Oil Co. (Saudi Arabia)
	300,000		2.875			04/16/24		301,305
	300,000		4.375			04/16/49		321,082
								2,882,617
Oil Refining & Marketing – 0.7%
	Petroleos del Peru SA (Peru)
	325,000		4.750			06/19/32		312,219
Pipelines – 0.5%
	Southern Gas Corridor CJSC (Azerbaidjan)
	225,000		6.875			03/24/26		252,004
Foreign Corporate Debt – (continued)
Transportation – 0.7%
	Indian Railway Finance Corp Ltd. (India)
	350,000		2.800			02/10/31		319,855
	TOTAL FOREIGN CORPORATE DEBT
	(Cost $4,946,237)						$	4,919,455
	TOTAL INVESTMENTS – 98.5%
	(Cost $49,259,870)						$	46,094,837
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.5%							715,464
	NET ASSETS – 100.0%						$	46,810,301

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Step coupon.
(b)	Exempt from registration under Rule 144A of the Securities Act of 1933.

Investment Abbreviations:
GMTN	—Global Medium Term Note
MTN	—Medium Term Note

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

GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF

Schedule of Investments

February 28, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – 92.3%
Advertising – 1.6%
	Clear Channel Outdoor Holdings, Inc.(a)
$	500,000		5.125	%		08/15/27	$	500,000
	275,000		7.500			06/01/29		284,625
	Lamar Media Corp.
	614,000		3.750			02/15/28		592,510
	414,000		4.000			02/15/30		398,475
	Nielsen Finance LLC / Nielsen Finance Co.(a)
	555,000		5.625			10/01/28		534,881
	684,000		5.875			10/01/30		660,060
	Outfront Media Capital LLC / Outfront Media Capital Corp.(a)
	384,000		6.250			06/15/25		399,600
								3,370,151
Aerospace & Defense – 2.5%
	Howmet Aerospace, Inc.
	920,000		5.125			10/01/24		966,602
	600,000		6.875			05/01/25		662,250
	Spirit AeroSystems, Inc.
	550,000		4.600			06/15/28		528,000
	TransDigm, Inc.
	324,000		8.000	(a)		12/15/25		337,770
	1,401,000		6.250	(a)		03/15/26		1,441,279
	340,000		6.375			06/15/26		345,737
	46,000		7.500			03/15/27		47,668
	460,000		5.500			11/15/27		458,850
	200,000		4.625			01/15/29		189,500
	Wolverine Escrow LLC(a)
	333,000		9.000			11/15/26		334,665
								5,312,321
Banks – 0.4%
	Freedom Mortgage Corp.
	353,000		8.250	(a)		04/15/25		352,559
	460,000		7.625	(a)		05/01/26		441,600
								794,159
Basic Industry – 0.9%
	Chemours Co. (The)(a)
	499,000		5.750			11/15/28		491,515
	Olin Corp.
	300,000		5.625			08/01/29		314,250
	230,000		5.000			02/01/30		233,450
	SCIH Salt Holdings, Inc.(a)
	360,000		6.625			05/01/29		341,100
	Tronox, Inc.(a)
	376,000		4.625			03/15/29		354,850
	WR Grace Holdings LLC(a)
	200,000		5.625			08/15/29		192,500
								1,927,665
Broadcasting – 3.8%
	Diamond Sports Group LLC / Diamond Sports Finance Co.(a)
	652,000		5.375			08/15/26		270,580
	550,000		6.625			08/15/27		130,625
	Gray Television, Inc.(a)
	500,000		7.000			05/15/27		527,812
Corporate Obligations – (continued)
Broadcasting – (continued)
	iHeartCommunications, Inc.
	320,000		8.375			05/01/27		334,800
	815,000		4.750	(a)		01/15/28		786,475
	Nexstar Media, Inc.(a)
	544,000		5.625			07/15/27		556,240
	Scripps Escrow, Inc.(a)
	154,000		5.875			07/15/27		153,615
	Sinclair Television Group, Inc.(a)
	600,000		4.125			12/01/30		538,500
	Sirius XM Radio, Inc.(a)
	200,000		5.000			08/01/27		203,000
	1,380,000		4.000			07/15/28		1,326,525
	650,000		3.875			09/01/31		599,625
	TEGNA, Inc.
	330,000		4.625			03/15/28		331,650
	768,000		5.000			09/15/29		772,800
	Terrier Media Buyer, Inc.(a)
	308,000		8.875			12/15/27		318,010
	Univision Communications, Inc.(a)
	227,000		5.125			02/15/25		228,135
	505,000		6.625			06/01/27		526,463
	424,000		4.500			05/01/29		403,595
								8,008,450
Brokerage – 0.6%
	Coinbase Global, Inc.(a)
	200,000		3.375			10/01/28		182,250
	Jefferies Finance LLC / JFIN Co.-Issuer Corp.(a)
	470,000		5.000			08/15/28		456,564
	Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp.(a)
	580,000		4.750			06/15/29		559,700
								1,198,514
Building Materials – 0.8%
	American Builders & Contractors Supply Co., Inc.(a)
	593,000		4.000			01/15/28		581,881
	Builders FirstSource, Inc.(a)
	215,000		4.250			02/01/32		206,938
	Standard Industries, Inc.(a)
	384,000		4.375			07/15/30		363,314
	484,000		3.375			01/15/31		433,190
								1,585,323
Capital Goods – 3.4%
	Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc.(a)
	400,000		5.250			08/15/27		379,321
	200,000		5.250			08/15/27		189,661
	ASP Unifrax Holdings, Inc.(a)
	210,000		7.500			09/30/29		192,675
	Ball Corp.
	100,000		4.000			11/15/23		102,500
	450,000		4.875			03/15/26		473,625
	500,000		3.125			09/15/31		458,125
	Crown Americas LLC / Crown Americas Capital Corp V
	325,000		4.250			09/30/26		333,125

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
Corporate Obligations – (continued)
Capital Goods – (continued)
	Crown Americas LLC / Crown Americas Capital Corp. VI
$	194,000		4.750	%		02/01/26	$	197,485
	Flex Acquisition Co., Inc.(a)
	130,000		6.875			01/15/25		130,177
	243,000		7.875			07/15/26		251,834
	Graham Packaging Co., Inc.(a)
	164,000		7.125			08/15/28		158,670
	Herc Holdings, Inc.(a)
	560,000		5.500			07/15/27		576,800
	LABL, Inc.(a)
	203,000		6.750			07/15/26		204,523
	309,000		10.500			07/15/27		318,656
	Madison IAQ LLC(a)
	490,000		5.875			06/30/29		444,675
	Mauser Packaging Solutions Holding Co.(a)
	458,000		5.500			04/15/24		456,855
	Owens-Brockway Glass Container, Inc.(a)
	133,000		5.875			08/15/23		136,990
	Sealed Air Corp.(a)
	295,000		4.875			12/01/22		298,319
	130,000		5.125			12/01/24		135,362
	200,000		5.500			09/15/25		210,000
	204,000		6.875			07/15/33		235,620
	Sensata Technologies BV(a)
	336,000		4.875			10/15/23		344,400
	314,000		5.000			10/01/25		324,205
	Sensata Technologies, Inc.(a)
	610,000		3.750			02/15/31		570,350
								7,123,953
Communications – 4.9%
	AMC Networks, Inc.
	88,000		5.000			04/01/24		87,945
	424,000		4.750			08/01/25		423,205
	CSC Holdings LLC(a)
	700,000		5.500			04/15/27		701,313
	250,000		5.375			02/01/28		244,375
	250,000		7.500			04/01/28		250,000
	440,000		6.500			02/01/29		444,400
	500,000		5.750			01/15/30		445,000
	200,000		4.125			12/01/30		181,500
	500,000		4.625			12/01/30		415,000
	200,000		3.375			02/15/31		170,000
	500,000		4.500			11/15/31		451,875
	250,000		5.000			11/15/31		208,281
	Directv Financing LLC / Directv Financing Co.-Obligor, Inc.(a)
	762,000		5.875			08/15/27		762,952
	DISH DBS Corp.
	602,000		5.000			03/15/23		607,644
	454,000		5.875			11/15/24		454,568
	486,000		7.750			07/01/26		492,075
	350,000		5.250	(a)		12/01/26		343,000
	110,000		7.375			07/01/28		103,606
	300,000		5.750	(a)		12/01/28		288,000
	561,000		5.125			06/01/29		474,746
Corporate Obligations – (continued)
Communications – (continued)
	IHS Markit Ltd.(a)
	533,000		4.750			02/15/25		564,314
	564,000		4.000			03/01/26		596,430
	Lions Gate Capital Holdings LLC(a)
	200,000		5.500			04/15/29		190,250
	Live Nation Entertainment, Inc.(a)
	690,000		4.750			10/15/27		679,650
	Radiate Holdco LLC / Radiate Finance, Inc.(a)
	326,000		6.500			09/15/28		307,662
	WMG Acquisition Corp.(a)
	409,000		3.000			02/15/31		371,168
								10,258,959
Consumer Cyclical – 18.3%
	ADT Security Corp. (The)(a)
	394,000		4.125			08/01/29		370,360
	356,000		4.875			07/15/32		335,530
	Allison Transmission, Inc.(a)
	484,000		3.750			01/30/31		447,700
	AMC Entertainment Holdings, Inc.(a)(b) (PIK 12.000%, Cash 10.000%)
	443,000		10.000			06/15/26		411,990
	American Axle & Manufacturing, Inc.
	420,000		6.875			07/01/28		433,650
	230,000		5.000			10/01/29		217,637
	Asbury Automotive Group, Inc.(a)
	450,000		4.625			11/15/29		439,875
	Bath & Body Works, Inc.
	472,000		5.250			02/01/28		490,382
	350,000		6.625	(a)		10/01/30		378,906
	368,000		6.875			11/01/35		406,643
	Boyd Gaming Corp.
	108,000		4.750			12/01/27		108,207
	410,000		4.750	(a)		06/15/31		404,875
	Brink’s Co. (The)(a)
	268,000		5.500			07/15/25		275,035
	Caesars Entertainment, Inc.(a)
	550,000		6.250			07/01/25		570,077
	590,000		8.125			07/01/27		634,114
	200,000		4.625			10/15/29		190,250
	Carnival Corp.(a)
	790,000		7.625			03/01/26		810,737
	800,000		5.750			03/01/27		779,000
	1,228,000		4.000			08/01/28		1,174,275
	Cedar Fair LP / Canada’s Wonderland Co. / Magnum Management Corp. / Millennium Op(a)
	284,000		5.500			05/01/25		292,520
	Century Communities, Inc.(a)
	350,000		3.875			08/15/29		324,625
	Churchill Downs, Inc.(a)
	320,000		5.500			04/01/27		325,600
	342,000		4.750			01/15/28		336,870
	Clarios Global LP / Clarios US Finance Co.(a)
	210,000		6.250			05/15/26		217,350
	555,000		8.500			05/15/27		580,669

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

GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF

Schedule of Investments (continued)

February 28, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Consumer Cyclical – (continued)
	Dana Financing Luxembourg Sarl(a)
$	232,000		5.750	%		04/15/25	$	234,755
	Dana, Inc.
	400,000		5.625			06/15/28		411,000
	202,000		4.250			09/01/30		191,269
	Ford Motor Co.
	370,000		9.000			04/22/25		429,329
	175,000		4.346			12/08/26		179,156
	448,000		6.625			10/01/28		507,037
	385,000		7.450			07/16/31		479,065
	Ford Motor Credit Co. LLC
	670,000		3.087			01/09/23		673,068
	500,000		4.375			08/06/23		508,296
	380,000		5.584			03/18/24		397,198
	500,000		5.125			06/16/25		521,168
	200,000		4.134			08/04/25		202,486
	200,000		4.542			08/01/26		206,218
	400,000		4.271			01/09/27		405,613
	825,000		3.815			11/02/27		820,759
	420,000		5.113			05/03/29		448,924
	Gap, Inc. (The)(a)
	450,000		3.625			10/01/29		408,673
	450,000		3.875			10/01/31		403,419
	Goodyear Tire & Rubber Co. (The)
	648,000		4.875			03/15/27		649,620
	590,000		5.250			04/30/31		575,987
	Hanesbrands, Inc.(a)
	583,000		4.625			05/15/24		593,202
	Hilton Domestic Operating Co., Inc.
	250,000		3.750	(a)		05/01/29		241,749
	300,000		4.875			01/15/30		308,625
	250,000		4.000	(a)		05/01/31		245,145
	682,000		3.625	(a)		02/15/32		648,489
	Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc(a)
	200,000		5.000			06/01/29		197,500
	IRB Holding Corp.(a)
	555,000		7.000			06/15/25		582,056
	Iron Mountain, Inc.(a)
	366,000		4.875			09/15/27		366,457
	397,000		5.250			03/15/28		397,993
	640,000		5.250			07/15/30		636,000
	543,000		4.500			02/15/31		510,420
	Lithia Motors, Inc.(a)
	300,000		3.875			06/01/29		294,750
	MGM Resorts International
	268,000		6.000			03/15/23		276,710
	65,000		5.750			06/15/25		67,600
	334,000		4.625			09/01/26		336,505
	229,000		5.500			04/15/27		237,015
	250,000		4.750			10/15/28		250,625
	Michaels Cos., Inc. (The)(a)
	612,000		7.875			05/01/29		535,500
	Mohegan Gaming & Entertainment(a)
	410,000		8.000			02/01/26		414,100
Corporate Obligations – (continued)
Consumer Cyclical – (continued)
	NCL Corp Ltd.(a)
	452,000		3.625			12/15/24		424,880
	Nordstrom, Inc.
	200,000		4.375			04/01/30		182,500
	Peninsula Pacific Entertainment LLC / Peninsula Pacific Entertainment Finance In(a)
	276,000		8.500			11/15/27		304,980
	PetSmart, Inc. / PetSmart Finance Corp.(a)
	250,000		4.750			02/15/28		246,875
	250,000		7.750			02/15/29		262,500
	Picasso Finance Sub, Inc.(a)
	256,000		6.125			06/15/25		265,280
	Premier Entertainment Sub LLC / Premier Entertainment Finance Corp.(a)
	200,000		5.625			09/01/29		182,500
	184,000		5.875			09/01/31		167,440
	Prime Security Services Borrower LLC / Prime Finance, Inc.(a)
	547,000		3.375			08/31/27		508,710
	490,000		6.250			01/15/28		475,300
	QVC, Inc.
	250,000		4.850			04/01/24		253,825
	250,000		4.450			02/15/25		248,852
	150,000		4.750			02/15/27		140,706
	200,000		4.375			09/01/28		182,002
	Royal Caribbean Cruises Ltd.
	380,000		11.500	(a)		06/01/25		418,501
	278,000		3.700			03/15/28		250,547
	572,000		5.500	(a)		04/01/28		562,705
	Scientific Games International, Inc.(a)
	288,000		5.000			10/15/25		291,060
	310,000		8.250			03/15/26		324,531
	145,000		7.000			05/15/28		150,800
	270,000		7.250			11/15/29		287,888
	Six Flags Entertainment Corp.(a)
	150,000		5.500			04/15/27		150,375
	Staples, Inc.(a)
	457,000		7.500			04/15/26		453,573
	368,000		10.750			04/15/27		344,080
	Taylor Morrison Communities, Inc.(a)
	400,000		5.125			08/01/30		399,000
	Tenneco, Inc.
	100,000		5.000			07/15/26		100,000
	470,000		5.125	(a)		04/15/29		468,825
	Toll Brothers Finance Corp.
	283,000		4.375			04/15/23		288,129
	558,000		4.350			02/15/28		581,345
	Travel + Leisure Co.(a)
	566,000		6.625			07/31/26		605,857
	VICI Properties LP / VICI Note Co., Inc.(a)
	250,000		3.500			02/15/25		249,688
	250,000		4.125			08/15/30		248,750
	William Carter Co. (The)(a)
	284,000		5.625			03/15/27		288,083
	Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp.(a)
	568,000		5.250			05/15/27		566,580

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

GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Consumer Cyclical – (continued)
	Yum! Brands, Inc.
$	647,000		4.750	%(a)		01/15/30	$	659,940
	250,000		3.625			03/15/31		234,375
								38,521,340
Consumer Noncyclical – 4.3%
	Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC(a)
	200,000		4.625			01/15/27		201,000
	950,000		3.500			03/15/29		888,250
	415,000		4.875			02/15/30		418,112
	Allied Universal Holdco LLC / Allied Universal Finance Corp.(a)
	724,000		6.625			07/15/26		740,290
	680,000		6.000			06/01/29		637,500
	Allied Universal Holdco LLC/Allied Universal Finance Corp./ Atlas Luxco 4 Sarl(a)
	200,000		4.625			06/01/28		189,500
	Avantor Funding, Inc.(a)
	528,000		4.625			07/15/28		536,580
	Change Healthcare Holdings LLC / Change Healthcare Finance, Inc.(a)
	469,000		5.750			03/01/25		464,625
	Envision Healthcare Corp.(a)
	354,000		8.750			10/15/26		188,505
	Fresh Market, Inc. (The)(a)
	284,000		9.750			05/01/23		285,491
	Hologic, Inc.(a)
	140,000		4.625			02/01/28		145,075
	340,000		3.250			02/15/29		323,000
	Molina Healthcare, Inc.(a)
	625,000		4.375			06/15/28		623,438
	Mozart Debt Merger Sub, Inc.(a)
	1,050,000		3.875			04/01/29		993,563
	600,000		5.250			10/01/29		573,000
	Organon & Co. / Organon Foreign Debt Co.-Issuer BV(a)
	500,000		4.125			04/30/28		491,250
	500,000		5.125			04/30/31		496,250
	RegionalCare Hospital Partners Holdings, Inc. / LifePoint Health, Inc.(a)
	440,000		9.750			12/01/26		459,882
	Vector Group Ltd.(a)
	476,000		5.750			02/01/29		440,300
								9,095,611
Consumer Products – 0.5%
	Mattel, Inc.(a)
	507,000		5.875			12/15/27		539,955
	Newell Brands, Inc.
	107,000		4.350			04/01/23		108,887
	471,000		4.700			04/01/26		487,153
								1,135,995
Distribution & Logistics – 0.6%
	IAA, Inc.(a)
	281,000		5.500			06/15/27		286,620
	WESCO Distribution, Inc.(a)
	934,000		7.250			06/15/28		1,001,715
								1,288,335
Corporate Obligations – (continued)
Electric – 3.3%
	Calpine Corp.(a)
	396,000		4.625			02/01/29		369,389
	492,000		5.000			02/01/31		456,330
	439,000		3.750			03/01/31		401,685
	Clearway Energy Operating LLC(a)
	550,000		3.750			02/15/31		511,500
	FirstEnergy Corp.
	600,000		2.650			03/01/30		567,240
	FirstEnergy Corp., Series B
	600,000		4.400			07/15/27		619,298
	NextEra Energy Operating Partners LP(a)
	315,000		4.250			07/15/24		320,119
	285,000		4.500			09/15/27		288,918
	NRG Energy, Inc.(a)
	621,000		5.250			06/15/29		636,525
	570,000		3.625			02/15/31		525,825
	324,000		3.875			02/15/32		302,130
	Talen Energy Supply LLC(a)
	630,000		7.250			05/15/27		565,425
	TerraForm Power Operating LLC(a)
	8,000		4.250			01/31/23		8,025
	541,000		4.750			01/15/30		534,238
	Vistra Operations Co. LLC(a)
	120,000		5.625			02/15/27		122,475
	320,000		5.000			07/31/27		321,200
	300,000		4.375			05/01/29		291,000
								6,841,322
Energy – 13.3%
	Antero Midstream Partners LP / Antero Midstream Finance Corp.(a)
	711,000		5.750			03/01/27		724,331
	427,000		5.750			01/15/28		433,405
	Antero Resources Corp.
	168,000		5.000			03/01/25		170,100
	372,000		7.625	(a)		02/01/29		404,550
	Apache Corp.
	600,000		4.625			11/15/25		621,000
	Archrock Partners LP / Archrock Partners Finance Corp.(a)
	620,000		6.875			04/01/27		632,400
	Ascent Resources Utica Holdings LLC / ARU Finance Corp.(a)
	428,000		5.875			06/30/29		405,530
	Buckeye Partners LP
	210,000		3.950			12/01/26		203,301
	160,000		4.125			12/01/27		151,370
	340,000		4.500	(a)		03/01/28		324,700
	Callon Petroleum Co.(a)
	276,000		8.000			08/01/28		285,660
	Cheniere Energy Partners LP
	587,000		4.500			10/01/29		595,805
	400,000		4.000			03/01/31		395,000
	Cheniere Energy, Inc.
	756,000		4.625			10/15/28		772,065
	Comstock Resources, Inc.
	250,000		6.750	(a)		03/01/29		255,625
	250,000		5.875	(a)		01/15/30		241,719

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

GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF

Schedule of Investments (continued)

February 28, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Energy – (continued)
	CQP Holdco LP / BIP-V Chinook Holdco LLC(a)
$	500,000		5.500	%		06/15/31	$	498,125
	CrownRock LP / CrownRock Finance, Inc.(a)
	423,000		5.625			10/15/25		427,759
	DCP Midstream Operating LP
	218,000		5.375			07/15/25		229,445
	348,000		5.625			07/15/27		373,665
	DT Midstream, Inc.(a)
	490,000		4.375			06/15/31		476,219
	Endeavor Energy Resources LP / EER Finance, Inc.(a)
	415,000		5.750			01/30/28		430,563
	EnLink Midstream LLC
	403,000		5.375			06/01/29		402,769
	EnLink Midstream Partners LP
	392,000		4.850			07/15/26		399,972
	EQM Midstream Partners LP
	500,000		6.000	(a)		07/01/25		512,500
	220,000		6.500	(a)		07/01/27		229,900
	200,000		5.500			07/15/28		197,250
	200,000		4.500	(a)		01/15/29		188,000
	450,000		4.750	(a)		01/15/31		424,125
	EQT Corp.
	180,000		6.625			02/01/25		194,400
	960,000		3.900			10/01/27		972,000
	Hilcorp Energy I LP / Hilcorp Finance Co.(a)
	590,000		6.250			11/01/28		603,275
	320,000		5.750			02/01/29		322,400
	ITT Holdings LLC(a)
	398,000		6.500			08/01/29		374,319
	Laredo Petroleum, Inc.
	370,000		10.125			01/15/28		394,975
	Moss Creek Resources Holdings, Inc.
	243,000		7.500			01/15/26		215,055
	194,000		10.500			05/15/27		183,815
	Nabors Industries Ltd.(a)
	134,000		7.250			01/15/26		131,320
	Nabors Industries, Inc.
	294,000		5.750			02/01/25		285,180
	New Fortress Energy, Inc.(a)
	670,000		6.500			09/30/26		644,875
	Occidental Petroleum Corp.
	428,000		6.950			07/01/24		465,672
	812,000		3.400			04/15/26		814,210
	170,000		6.375			09/01/28		191,675
	400,000		3.500			08/15/29		399,435
	243,000		8.875			07/15/30		314,381
	370,000		6.625			09/01/30		431,050
	328,000		6.125			01/01/31		375,560
	134,000		7.500			05/01/31		163,318
	180,000		7.875			09/15/31		223,930
	518,000		6.450			09/15/36		611,008
	600,000		3.883	(c)		10/10/36		324,823
	PBF Holding Co. LLC / PBF Finance Corp.
	200,000		9.250	(a)		05/15/25		203,000
	100,000		7.250			06/15/25		84,500
	250,000		6.000			02/15/28		183,750
Corporate Obligations – (continued)
Energy – (continued)
	Range Resources Corp.
	220,000		4.875			05/15/25		224,400
	342,000		8.250			01/15/29		374,490
	SM Energy Co.
	300,000		10.000	(a)		01/15/25		327,375
	100,000		6.750			09/15/26		101,750
	100,000		6.625			01/15/27		101,750
	Southwestern Energy Co.
	370,000		7.750			10/01/27		391,737
	250,000		5.375			03/15/30		258,750
	250,000		4.750			02/01/32		248,594
	Sunoco LP / Sunoco Finance Corp.
	290,000		6.000			04/15/27		298,700
	Targa Resources Partners LP / Targa Resources Partners Finance Corp.
	264,000		5.875			04/15/26		272,415
	154,000		5.375			02/01/27		158,620
	200,000		6.500			07/15/27		211,750
	270,000		5.500			03/01/30		287,550
	500,000		4.000			01/15/32		496,250
	Transocean, Inc.(a)
	591,000		11.500			01/30/27		593,216
	USA Compression Partners LP / USA Compression Finance Corp.
	434,000		6.875			04/01/26		435,085
	Venture Global Calcasieu Pass LLC(a)
	794,000		3.875			08/15/29		780,601
	Weatherford International Ltd.(a)
	900,000		6.500			09/15/28		929,250
	Western Midstream Operating LP
	413,000		4.650			07/01/26		428,488
	592,000		4.550			02/01/30		608,280
								28,043,830
Financial Company – 4.7%
	Coinbase Global, Inc.(a)
	650,000		3.625			10/01/31		572,812
	Curo Group Holdings Corp.(a)
	250,000		7.500			08/01/28		223,125
	HUB International Ltd.(a)
	526,000		7.000			05/01/26		532,575
	Icahn Enterprises LP / Icahn Enterprises Finance Corp.
	570,000		6.375			12/15/25		573,504
	697,000		5.250			05/15/27		695,257
	LD Holdings Group LLC(a)
	460,000		6.125			04/01/28		410,263
	Midcap Financial Issuer Trust(a)
	300,000		6.500			05/01/28		291,563
	Nationstar Mortgage Holdings, Inc.(a)
	400,000		6.000			01/15/27		408,000
	770,000		5.500			08/15/28		768,979
	Navient Corp.
	126,000		5.875			10/25/24		129,386
	279,000		6.750			06/25/25		290,455
	264,000		6.750			06/15/26		274,000

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

GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Financial Company – (continued)
	Navient Corp., MTN
$	178,000		6.125	%		03/25/24	$	183,383
	317,000		5.625			08/01/33		275,869
	NFP Corp.(a)
	580,000		6.875			08/15/28		542,300
	OneMain Finance Corp.
	76,000		5.625			03/15/23		77,948
	440,000		6.125			03/15/24		456,500
	248,000		6.875			03/15/25		264,740
	612,000		7.125			03/15/26		666,315
	340,000		6.625			01/15/28		362,100
	355,000		5.375			11/15/29		356,331
	Rocket Mortgage LLC(a)
	412,000		5.250			01/15/28		415,364
	Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc.(a)
	720,000		3.875			03/01/31		677,650
	United Wholesale Mortgage LLC(a)
	570,000		5.500			04/15/29		525,825
								9,974,244
Food and Beverage – 0.5%
	Aramark Services, Inc.(a)
	680,000		5.000			02/01/28		683,400
	Pilgrim’s Pride Corp.(a)
	300,000		3.500			03/01/32		276,750
	US Foods, Inc.(a)
	200,000		4.750			02/15/29		196,500
								1,156,650
Hardware – 1.2%
	Avaya, Inc.(a)
	480,000		6.125			09/15/28		463,200
	CommScope Technologies LLC(a)
	350,000		6.000			06/15/25		343,252
	100,000		5.000			03/15/27		88,500
	CommScope, Inc.(a)
	350,000		8.250			03/01/27		350,000
	200,000		7.125			07/01/28		188,000
	NCR Corp.(a)
	300,000		5.750			09/01/27		304,500
	500,000		5.000			10/01/28		491,875
	350,000		5.250			10/01/30		340,375
								2,569,702
Healthcare – 4.6%
	Catalent Pharma Solutions, Inc.(a)
	596,000		3.125			02/15/29		552,790
	CHS/Community Health Systems, Inc.(a)
	567,000		8.000			03/15/26		590,389
	285,000		5.625			03/15/27		286,425
	240,000		8.000			12/15/27		253,800
	472,000		6.875			04/01/28		438,960
	530,000		6.875			04/15/29		510,125
	350,000		6.125			04/01/30		326,812
	300,000		4.750			02/15/31		282,750
	DaVita, Inc.(a)
	500,000		4.625			06/01/30		480,000
	580,000		3.750			02/15/31		530,700
Corporate Obligations – (continued)
Healthcare – (continued)
	Encompass Health Corp.
	388,000		4.750			02/01/30		371,510
	IQVIA, Inc.(a)
	600,000		5.000			05/15/27		611,250
	Legacy LifePoint Health LLC(a)
	269,000		4.375			02/15/27		255,550
	Select Medical Corp.(a)
	292,000		6.250			08/15/26		293,825
	Service Corp. International
	125,000		4.625			12/15/27		127,188
	500,000		3.375			08/15/30		461,250
	Tenet Healthcare Corp.
	202,000		4.625			07/15/24		202,631
	332,000		4.625	(a)		09/01/24		334,610
	637,000		4.875	(a)		01/01/26		637,398
	300,000		6.250	(a)		02/01/27		306,887
	663,000		5.125	(a)		11/01/27		667,973
	650,000		4.625	(a)		06/15/28		638,625
	250,000		6.125	(a)		10/01/28		253,750
	200,000		4.250	(a)		06/01/29		193,375
								9,608,573
Insurance – 0.6%
	Acrisure LLC / Acrisure Finance, Inc.(a)
	395,000		7.000			11/15/25		393,418
	Alliant Holdings Intermediate LLC / Alliant Holdings Co.- Issuer(a)
	814,000		4.250			10/15/27		791,615
								1,185,033
Metals – 0.6%
	Alcoa Nederland Holding BV(a)
	200,000		5.500			12/15/27		209,250
	Novelis Corp.(a)
	497,000		4.750			01/30/30		487,060
	575,000		3.875			08/15/31		530,437
								1,226,747
Metals and Mining – 0.1%
	Cleveland-Cliffs, Inc.(a)
	199,000		9.875			10/17/25		221,512
Natural Gas – 1.8%
	AmeriGas Partners LP / AmeriGas Finance Corp.
	376,000		5.500			05/20/25		383,520
	145,000		5.750			05/20/27		146,813
	Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp.(a)
	350,000		5.625			05/01/27		349,125
	362,000		6.000			02/01/29		364,715
	Ferrellgas LP / Ferrellgas Finance Corp.(a)
	359,000		5.375			04/01/26		337,460
	Genesis Energy LP / Genesis Energy Finance Corp.
	384,000		8.000			01/15/27		387,840
	NGL Energy Operating LLC / NGL Energy Finance Corp.(a)
	100,000		7.500			02/01/26		100,530
	NGL Energy Partners LP / NGL Energy Finance Corp.
	100,000		7.500			11/01/23		96,500

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

GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF

Schedule of Investments (continued)

February 28, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Natural Gas – (continued)
	NuStar Logistics LP
$	100,000		6.000	%		06/01/26	$	101,500
	100,000		5.625			04/28/27		100,625
	PBF Logistics LP / PBF Logistics Finance Corp.
	171,000		6.875			05/15/23		169,931
	Rockies Express Pipeline LLC(a)
	184,000		4.950			07/15/29		178,940
	Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.(a)
	383,000		6.000			03/01/27		384,915
	669,000		5.500			01/15/28		643,076
								3,745,490
Pharmaceuticals – 2.5%
	Bausch Health Americas, Inc.(a)
	256,000		9.250			04/01/26		265,631
	777,000		8.500			01/31/27		789,060
	Bausch Health Cos., Inc.(a)
	447,000		6.125			04/15/25		450,386
	472,000		5.500			11/01/25		472,573
	303,000		9.000			12/15/25		315,115
	351,000		5.750			08/15/27		351,342
	379,000		7.000			01/15/28		347,526
	469,000		6.250			02/15/29		397,319
	273,000		7.250			05/30/29		239,158
	594,000		5.250			01/30/30		478,912
	434,000		5.250			02/15/31		346,115
	Endo Dac / Endo Finance LLC / Endo Finco, Inc.(a)
	200,000		9.500			07/31/27		195,000
	200,000		6.000			06/30/28		133,000
	Par Pharmaceutical, Inc.(a)
	500,000		7.500			04/01/27		500,000
								5,281,137
REITs and Real Estate – 1.5%
	Diversified Healthcare Trust
	480,000		4.375			03/01/31		414,388
	Howard Hughes Corp. (The)(a)
	546,000		4.375			02/01/31		518,017
	iStar, Inc.
	354,000		4.750			10/01/24		357,241
	Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer(a)
	570,000		4.875			05/15/29		547,913
	Realogy Group LLC / Realogy Co.-Issuer Corp.(a)
	340,000		4.875			06/01/23		348,500
	200,000		5.250			04/15/30		190,375
	Service Properties Trust
	458,000		4.950			10/01/29		415,778
	314,000		4.375			02/15/30		273,587
								3,065,799
Rental Equipment – 1.5%
	Avis Budget Car Rental LLC / Avis Budget Finance, Inc.(a)
	701,000		5.375			03/01/29		691,361
	H&E Equipment Services, Inc.(a)
	580,000		3.875			12/15/28		540,125
Corporate Obligations – (continued)
Rental Equipment – (continued)
	United Rentals North America, Inc.
$	296,000		5.500	%		05/15/27	$	305,667
	550,000		4.875			01/15/28		561,000
	505,000		5.250			01/15/30		527,725
	500,000		3.875			02/15/31		483,959
								3,109,837
Software – 1.1%
	Clarivate Science Holdings Corp.(a)
	460,000		3.875			07/01/28		436,425
	Gartner, Inc.(a)
	416,000		4.500			07/01/28		423,280
	627,000		3.625			06/15/29		611,325
	MSCI, Inc.(a)
	200,000		3.625			09/01/30		196,750
	SS&C Technologies, Inc.(a)
	600,000		5.500			09/30/27		614,683
								2,282,463
Technology – 2.6%
	Arches Buyer, Inc.(a)
	60,000		4.250			06/01/28		56,400
	282,000		6.125			12/01/28		261,202
	CDK Global, Inc.
	86,000		4.875			06/01/27		87,744
	745,000		5.250	(a)		05/15/29		769,212
	Diebold Nixdorf, Inc.(a)
	834,000		9.375			07/15/25		872,573
	Imola Merger Corp.(a)
	792,000		4.750			05/15/29		767,250
	Rackspace Technology Global, Inc.(a)
	200,000		5.375			12/01/28		180,500
	Seagate HDD Cayman
	530,000		4.750			06/01/23		547,225
	350,000		3.375			07/15/31		319,375
	272,000		5.750			12/01/34		282,880
	Uber Technologies, Inc.(a)
	500,000		7.500			05/15/25		522,500
	100,000		8.000			11/01/26		105,767
	500,000		7.500			09/15/27		536,875
	Verscend Escrow Corp.(a)
	257,000		9.750			08/15/26		267,841
								5,577,344
Transportation – 2.4%
	American Airlines, Inc.(a)
	700,000		11.750			07/15/25		849,700
	American Airlines, Inc./AAdvantage Loyalty IP Ltd.(a)
	1,130,000		5.500			04/20/26		1,161,004
	590,000		5.750			04/20/29		606,203
	Fortress Transportation and Infrastructure Investors LLC(a)
	589,000		6.500			10/01/25		597,099
	United Airlines, Inc.(a)
	376,000					04/15/26		375,157
	681,000		4.625			04/15/29		666,969
	XPO Logistics, Inc.(a)
	688,000		6.250			05/01/25		715,520
								4,971,652

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

GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Wireless – 3.8%
	Ligado Networks LLC(a)(b) (PIK)
$	809,938		15.500	%		11/01/23	$	625,677
	Sprint Capital Corp.
	606,000		6.875			11/15/28		720,382
	480,000		8.750			03/15/32		667,800
	Sprint Corp.
	671,000		7.875			09/15/23		723,002
	319,000		7.125			06/15/24		345,318
	372,000		7.625			02/15/25		412,455
	560,000		7.625			03/01/26		640,076
	T-Mobile USA, Inc.
	115,000		5.375			04/15/27		118,522
	765,000		4.750			02/01/28		789,384
	650,000		3.375	(a)		04/15/29		639,759
	450,000		3.375			04/15/29		442,660
	384,000		2.875			02/15/31		362,113
	704,000		3.500	(a)		04/15/31		694,026
	350,000		3.500			04/15/31		347,453
	Viasat, Inc.(a)
	200,000		5.625			04/15/27		199,500
	330,000		6.500			07/15/28		306,075
								8,034,202
Wirelines – 3.6%
	Consolidated Communications, Inc.(a)
	400,000		6.500			10/01/28		400,000
	Embarq Corp.
	560,000		7.995			06/01/36		553,700
	Frontier Communications Holdings LLC(a)
	270,000		5.875			10/15/27		272,869
	600,000		5.000			05/01/28		583,500
	470,000		6.750			05/01/29		457,075
	Level 3 Financing, Inc.(a)
	770,000		4.625			09/15/27		748,825
	790,000		4.250			07/01/28		730,750
	Lumen Technologies, Inc.(a)
	1,520,000		5.125			12/15/26		1,415,500
	242,000		4.500			01/15/29		202,977
	Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC(a)
	192,000		7.875			02/15/25		199,320
	Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC(a)
	250,000		4.750			04/15/28		237,500
	250,000		6.500			02/15/29		231,875
	Windstream Escrow LLC / Windstream Escrow Finance Corp.(a)
	774,000		7.750			08/15/28		777,870
	Zayo Group Holdings, Inc.(a)
	452,000		4.000			03/01/27		432,225
	384,000		6.125			03/01/28		357,600
								7,601,586
	TOTAL CORPORATE OBLIGATIONS
	(Cost $200,012,672)						$	194,117,899
Foreign Corporate Debt – 4.9%
Aerospace & Defense – 0.7%
	Bombardier, Inc.(a) (Canada)
	350,000		7.500			03/15/25		353,937
	522,000		7.125			06/15/26		522,000
	610,000		7.875			04/15/27		615,338
								1,491,275
Basic Industry – 0.5%
	Methanex Corp. (Canada)
	368,000		5.250			12/15/29		374,336
	NOVA Chemicals Corp.(a) (Canada)
	221,000		5.000			05/01/25		223,575
	452,000		5.250			06/01/27		456,520
								1,054,431
Capital Goods – 0.7%
	ARD Finance SA(a)(b) (Luxembourg) (PIK 7.250%, Cash 6.500%)
	400,000		6.500			06/30/27		383,267
	GFL Environmental, Inc.(a) (Canada)
	500,000		4.250			06/01/25		501,875
	500,000		4.750			06/15/29		478,125
								1,363,267
Communications – 0.3%
	Videotron Ltd.(a) (Canada)
	534,000		5.125			04/15/27		542,678
Consumer Cyclical – 1.6%
	1011778 BC ULC / New Red Finance, Inc.(a) (Canada)
	379,000		3.875			01/15/28		369,525
	477,000		4.375			01/15/28		469,845
	450,000		3.500			02/15/29		423,000
	720,000		4.000			10/15/30		665,100
	Brookfield Residential Properties, Inc. / Brookfield Residential US LLC(a) (Canada)
	383,000		6.250			09/15/27		383,957
	Garda World Security Corp.(a) (Canada)
	194,000		4.625			02/15/27		188,907
	305,000		9.500			11/01/27		315,294
	Mattamy Group Corp.(a) (Canada)
	480,000		5.250			12/15/27		480,460
	60,000		4.625			03/01/30		56,700
								3,352,788
Energy – 0.1%
	MEG Energy Corp.(a) (Canada)
	250,000		7.125			02/01/27		262,187
Food – 0.1%
	NBM US Holdings, Inc.(a) (Brazil)
	200,000		7.000			05/14/26		208,000
Mining – 0.6%
	First Quantum Minerals Ltd.(a) (Zambia)
	200,000		7.250			04/01/23		200,254
	361,000		6.500			03/01/24		363,752
	414,000		7.500			04/01/25		420,836
	250,000		6.875			03/01/26		256,994
								1,241,836

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

GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF

Schedule of Investments (continued)

February 28, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Foreign Corporate Debt – (continued)
Software – 0.3%
	Open Text Holdings, Inc.(a) (Canada)
$	745,000		4.125	%		02/15/30	$	712,406
	TOTAL FOREIGN CORPORATE DEBT
	(Cost $10,394,912)						$	10,228,868

Shares	Dividend Rate	Value
Investment Company– 1.4%(d)
Goldman Sachs Financial Square Government Fund – Institutional Shares
2,889,777	0.026%	$	2,889,777
(Cost $2,889,777)
TOTAL INVESTMENTS – 98.6%
(Cost $213,297,361)		$	207,236,544
OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.4%			3,089,131
NET ASSETS – 100.0%		$	210,325,675

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)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(d)	Represents an affiliated issuer.

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

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

GOLDMAN SACHS ACCESS INFLATION PROTECTED USD BOND ETF

Schedule of Investments

February 28, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
U.S. Treasury Inflation Indexed Bonds – 99.7%
	U.S. Treasury Inflation Indexed Bonds
$	5,447,153		0.625	%		04/15/23	$	5,715,908
	8,522,785		0.375			07/15/23		9,008,779
	10,547,206		0.625			01/15/24		11,208,528
	1,393,960		0.500			04/15/24		1,482,489
	12,729,252		0.125			10/15/24		13,538,363
	9,601,605		0.250			01/15/25		10,234,674
	8,708,188		0.375			07/15/25		9,386,254
	12,898,418		0.125			10/15/25		13,788,199
	9,600,350		0.625			01/15/26		10,432,414
	13,900,269		0.375			07/15/27		15,194,329
	15,066,632		0.500			01/15/28		16,564,065
	7,732,624		0.750			07/15/28		8,693,633
	3,132,401		3.875			04/15/29		4,263,602
	6,104,810		0.250			07/15/29		6,697,045
	11,896,200		0.125			01/15/30		12,929,887
	7,599,908		0.125			07/15/30		8,308,119
	9,310,643		2.125			02/15/40		13,535,491
	7,942,292		0.750			02/15/42		9,413,952
	6,598,344		0.875			02/15/47		8,204,983
	4,362,985		1.000			02/15/48		5,620,787
	936,226		1.000			02/15/49		1,217,913
	3,178,464		0.250			02/15/50		3,484,331
	TOTAL U.S. TREASURY INFLATION INDEXED BONDS
	(Cost $199,893,474)						$	198,923,745

Shares	Dividend Rate	Value
Investment Company – 0.1%(a)
Goldman Sachs Financial Square Government Fund – Institutional Shares
158,958	0.026%	$	158,958
(Cost $158,958)
TOTAL INVESTMENTS – 99.8%
(Cost $200,052,432)		$	199,082,703
OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.2%			470,461
NET ASSETS – 100.0%		$	199,553,164

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.

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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE 1-5 YEAR BOND

Schedule of Investments

February 28, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – 76.2%
Aerospace & Defense – 1.9%
	Boeing Co. (The)
$	83,000		2.750	%		02/01/26	$	82,913
	83,000		2.196			02/04/26		80,577
	L3Harris Technologies, Inc.
	55,000		3.850			06/15/23		56,418
	Northrop Grumman Corp.
	65,000		2.930			01/15/25		66,192
	Raytheon Technologies Corp.
	75,000		3.700			12/15/23		77,298
								363,398
Banks – 20.8%
	American Express Co.
	85,000		3.400			02/27/23		86,324
	55,000		3.700			08/03/23		56,468
	90,000		3.125			05/20/26		92,420
	Bank of America Corp.
	(3M USD LIBOR + 0.780%)
	119,000		3.550	(a)		03/05/24		120,928
	(SOFR + 0.960%)
	100,000		1.734	(a)		07/22/27		95,313
	Bank of America Corp., MTN
	75,000		4.200			08/26/24		78,168
	57,000		4.000			01/22/25		59,141
	(SOFR + 1.150%)
	50,000		1.319	(a)		06/19/26		47,743
	(SOFR + 1.010%)
	179,000		1.197	(a)		10/24/26		169,417
	(3M USD LIBOR + 1.060%)
	96,000		3.559	(a)		04/23/27		98,675
	Capital One Financial Corp.
	50,000		3.300			10/30/24		51,242
	75,000		4.200			10/29/25		78,629
	Charles Schwab Corp. (The)
	50,000		3.850			05/21/25		52,420
	Citigroup, Inc.
	(SOFR + 1.667%)
	225,000		1.678	(a)		05/15/24		224,856
	50,000		4.400			06/10/25		52,452
	(SOFR + 2.842%)
	85,000		3.106	(a)		04/08/26		86,226
	40,000		3.400			05/01/26		41,144
	(SOFR + 0.765%)
	60,000		1.122	(a)		01/28/27		56,437
	(SOFR + 0.770%)
	65,000		1.462	(a)		06/09/27		61,679
	Citizens Financial Group, Inc.
	75,000		4.300			12/03/25		79,149
	Fifth Third Bancorp
	50,000		3.650			01/25/24		51,463
	Huntington Bancshares, Inc.
	96,000		4.000			05/15/25		100,375
	JPMorgan Chase & Co.
	(SOFR + 1.455%)
	168,000		1.514	(a)		06/01/24		167,387
Corporate Obligations – (continued)
Banks – (continued)
	JPMorgan Chase & Co. – (continued)
	(3M USD LIBOR + 0.890%)
	50,000		3.797	%(a)		07/23/24		51,196
	50,000		3.875			09/10/24		51,863
	(3 Mo. U.S. T-Bill MMY + 1.585%)
	87,000		2.005	(a)		03/13/26		85,382
	(SOFR + 1.850%)
	57,000		2.083	(a)		04/22/26		56,261
	75,000		3.200			06/15/26		77,026
	96,000		2.950			10/01/26		97,619
	(SOFR + 0.800%)
	50,000		1.045	(a)		11/19/26		47,184
	(SOFR + 0.885%)
	80,000		1.578	(a)		04/22/27		76,557
	Morgan Stanley
	(3M USD LIBOR + 0.847%)
	192,000		3.737	(a)		04/24/24		195,709
	(SOFR + 1.990%)
	113,000		2.188	(a)		04/28/26		111,609
	(SOFR + 0.879%)
	80,000		1.593	(a)		05/04/27		76,468
	Morgan Stanley, GMTN
	80,000		3.875			01/27/26		83,769
	(SOFR + 0.858%)
	40,000		1.512	(a)		07/20/27		37,822
	Morgan Stanley, MTN
	75,000		3.125			07/27/26		76,253
	PNC Financial Services Group, Inc. (The)
	75,000		3.900			04/29/24		77,878
	State Street Corp.(a)
	(SOFR + 2.600%)
	80,000		2.901			03/30/26		81,619
	Synchrony Financial
	65,000		4.250			08/15/24		67,405
	Truist Bank(a)
	(3M USD LIBOR + 0.735%)
	128,000		3.689			08/02/24		131,204
	Truist Financial Corp., MTN
	96,000		2.850			10/26/24		98,257
	Wells Fargo & Co.
	50,000		4.480			01/16/24		52,238
	8,000		3.000			04/22/26		8,116
	(SOFR + 2.000%)
	141,000		2.188	(a)		04/30/26		139,109
	100,000		3.000			10/23/26		101,386
	Wells Fargo & Co., MTN
	(3M USD LIBOR + 0.750%)
	75,000		2.164	(a)		02/11/26		73,898
	(3M USD LIBOR + 1.170%)
	65,000		3.196	(a)		06/17/27		66,117
								4,030,001
Basic Industry – 0.8%
	Linde, Inc.
	75,000		3.200			01/30/26		77,710
	LYB International Finance BV
	84,000		4.000			07/15/23		86,520
								164,230

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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE 1-5 YEAR BOND

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Broadcasting – 0.7%
	Discovery Communications LLC
$	50,000		3.800	%		03/13/24	$	51,398
	Fox Corp.
	75,000		4.030			01/25/24		77,784
								129,182
Capital Goods – 3.3%
	Carrier Global Corp.
	35,000		2.242			02/15/25		34,907
	Caterpillar Financial Services Corp.
	50,000		0.900			03/02/26		47,662
	John Deere Capital Corp., MTN
	83,000		2.800			03/06/23		84,166
	Johnson Controls International PLC
	75,000		3.900			02/14/26		79,172
	Parker-Hannifin Corp.
	135,000		2.700			06/14/24		136,867
	Republic Services, Inc.
	40,000		2.500			08/15/24		40,398
	105,000		2.900			07/01/26		106,745
	Waste Management, Inc.
	75,000		0.750			11/15/25		71,028
	Westinghouse Air Brake Technologies Corp.
	40,000		4.375			08/15/23		40,873
								641,818
Communications – 3.5%
	Charter Communications Operating LLC / Charter Communications Operating Capital
	50,000		4.908			07/23/25		53,087
	Charter Communications Operating LLC / Charter Communications Operating Capital, Series USD
	75,000		4.500			02/01/24		78,009
	Comcast Corp.
	74,000		3.700			04/15/24		76,742
	90,000		3.150			03/01/26		92,925
	Paramount Global
	57,000		4.750			05/15/25		60,927
	Time Warner Entertainment Co. LP
	40,000		8.375			03/15/23		42,631
	TWDC Enterprises 18 Corp., GMTN
	20,000		3.150			09/17/25		20,566
	TWDC Enterprises 18 Corp., MTN
	100,000		1.850			07/30/26		98,259
	Walt Disney Co. (The)
	85,000		1.750			08/30/24		84,650
	75,000		3.350			03/24/25		77,618
								685,414
Consumer Cyclical – 6.5%
	Amazon.com, Inc.
	105,000		1.000			05/12/26		101,103
	American Honda Finance Corp., MTN
	50,000		1.200			07/08/25		48,247
	40,000		1.300			09/09/26		38,330
	AutoNation, Inc.
	75,000		3.500			11/15/24		77,256
Corporate Obligations – (continued)
Consumer Cyclical – (continued)
	DR Horton, Inc.
	55,000		4.750			02/15/23		56,139
	eBay, Inc.
	40,000		3.450			08/01/24		41,084
	General Motors Co.
	50,000		6.125			10/01/25		55,359
	General Motors Financial Co., Inc.
	50,000		5.100			01/17/24		52,470
	30,000		1.250			01/08/26		28,272
	50,000		5.250			03/01/26		54,099
	100,000		1.500			06/10/26		94,699
	Hyatt Hotels Corp.
	50,000		3.375			07/15/23		50,662
	30,000		5.375			04/23/25		32,501
	Las Vegas Sands Corp.
	30,000		3.500			08/18/26		29,004
	Lennar Corp.
	57,000		4.750			05/30/25		60,382
	Marriott International, Inc., Series EE
	25,000		5.750			05/01/25		27,422
	Marriott International, Inc., Series Z
	70,000		4.150			12/01/23		72,337
	O’Reilly Automotive, Inc.
	75,000		3.550			03/15/26		78,048
	PACCAR Financial Corp., MTN
	40,000		1.900			02/07/23		40,231
	Ross Stores, Inc.
	40,000		4.600			04/15/25		42,541
	Target Corp.
	66,000		3.500			07/01/24		68,662
	Toyota Motor Credit Corp., MTN
	50,000		0.800			01/09/26		47,443
	Walmart, Inc.
	75,000		1.050			09/17/26		71,983
								1,268,274
Consumer Noncyclical – 6.1%
	AbbVie, Inc.
	75,000		2.600			11/21/24		75,702
	96,000		3.600			05/14/25		99,371
	Altria Group, Inc.
	70,000		4.000			01/31/24		72,416
	75,000		3.800			02/14/24		77,238
	Becton Dickinson and Co.
	46,000		3.363			06/06/24		47,214
	75,000		3.734			12/15/24		77,423
	Equifax, Inc.
	60,000		2.600			12/01/24		60,520
	Gilead Sciences, Inc.
	80,000		3.700			04/01/24		82,603
	50,000		3.650			03/01/26		52,138
	Johnson & Johnson
	100,000		0.550			09/01/25		95,163
	50,000		2.450			03/01/26		50,817
	Laboratory Corp of America Holdings
	75,000		3.600			02/01/25		77,081

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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE 1-5 YEAR BOND

Schedule of Investments (continued)

February 28, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Consumer Noncyclical – (continued)
	Merck & Co., Inc.
$	50,000		0.750	%		02/24/26	$	47,634
	Philip Morris International, Inc.
	68,000		2.875			05/01/24		69,288
	Utah Acquisition Sub, Inc.
	70,000		3.950			06/15/26		72,380
	Walgreens Boots Alliance, Inc.
	119,000		3.800			11/18/24		123,351
								1,180,339
Electric – 4.1%
	AES Corp. (The)
	50,000		1.375			01/15/26		47,420
	CenterPoint Energy, Inc.
	50,000		1.450			06/01/26		47,827
	CMS Energy Corp.
	50,000		3.000			05/15/26		50,841
	Dominion Energy, Inc., Series A
	50,000		1.450			04/15/26		48,058
	DTE Energy Co., Series F
	75,000		1.050			06/01/25		71,693
	Duke Energy Carolinas LLC
	83,000		2.500			03/15/23		83,654
	Exelon Corp.
	128,000		3.400			04/15/26		132,420
	Georgia Power Co., Series A
	40,000		2.100			07/30/23		40,178
	National Rural Utilities Cooperative Finance Corp.
	65,000		2.700			02/15/23		65,615
	NextEra Energy Capital Holdings, Inc.
	75,000		1.875			01/15/27		72,583
	Pacific Gas and Electric Co.
	40,000		3.450			07/01/25		40,253
	Southern Co. (The)
	50,000		3.250			07/01/26		51,206
	Southwestern Electric Power Co., Series N
	40,000		1.650			03/15/26		38,604
								790,352
Energy – 7.8%
	Chevron Corp.
	75,000		3.326			11/17/25		78,290
	ConocoPhillips Co.
	50,000		4.950			03/15/26		54,747
	Energy Transfer LP
	40,000		7.600			02/01/24		43,400
	5,000		4.750			01/15/26		5,303
	Enterprise Products Operating LLC
	50,000		3.750			02/15/25		51,921
	Exxon Mobil Corp.
	50,000		3.176			03/15/24		51,394
	75,000		3.043			03/01/26		77,568
	40,000		2.275			08/16/26		40,206
	Kinder Morgan Energy Partners LP
	75,000		4.150			02/01/24		77,104
	Kinder Morgan, Inc.
	50,000		4.300			06/01/25		52,438
Corporate Obligations – (continued)
Energy – (continued)
	Magellan Midstream Partners LP
	75,000		5.000			03/01/26		81,889
	Marathon Petroleum Corp.
	35,000		4.700			05/01/25		37,188
	MPLX LP
	75,000		4.875			12/01/24		79,594
	76,000		1.750			03/01/26		73,055
	ONEOK, Inc.
	90,000		7.500			09/01/23		95,921
	Phillips 66
	40,000		0.900			02/15/24		39,299
	Pioneer Natural Resources Co.
	75,000		0.550			05/15/23		73,958
	Plains All American Pipeline LP / PAA Finance Corp.
	50,000		4.650			10/15/25		52,969
	Sabine Pass Liquefaction LLC
	140,000		5.625			04/15/23		144,637
	50,000		5.625			03/01/25		53,844
	Spectra Energy Partners LP
	135,000		4.750			03/15/24		140,995
	Valero Energy Corp.
	50,000		2.850			04/15/25		50,550
	Williams Cos., Inc. (The)
	50,000		4.000			09/15/25		52,205
								1,508,475
Financial Company – 1.5%
	Aircastle Ltd.
	90,000		5.000			04/01/23		92,650
	Ally Financial, Inc.
	132,000		3.050			06/05/23		133,760
	BGC Partners, Inc.
	65,000		5.375			07/24/23		67,583
								293,993
Food and Beverage – 0.9%
	Constellation Brands, Inc.
	55,000		4.250			05/01/23		56,522
	PepsiCo, Inc.
	65,000		2.850			02/24/26		66,839
	Tyson Foods, Inc.
	50,000		3.950			08/15/24		51,864
								175,225
Healthcare – 2.0%
	CVS Health Corp.
	75,000		2.625			08/15/24		75,895
	50,000		3.875			07/20/25		52,355
	75,000		3.000			08/15/26		76,269
	HCA, Inc.
	75,000		5.000			03/15/24		78,703
	60,000		5.375			02/01/25		63,675
	Quest Diagnostics, Inc.
	50,000		3.450			06/01/26		51,780
								398,677

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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE 1-5 YEAR BOND

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Insurance – 0.7%
	CNA Financial Corp.
$	40,000		3.950	%		05/15/24	$	41,293
	Prudential Financial, Inc.(a)
	(3M USD LIBOR + 3.920%)
	30,000		5.625			06/15/43		30,797
	Voya Financial, Inc.(a)
	(3M USD LIBOR + 3.580%)
	60,000		5.650			05/15/53		60,918
								133,008
Metals – 0.1%
	Nucor Corp.
	20,000		4.000			08/01/23		20,529
REITs and Real Estate – 2.2%
	AvalonBay Communities, Inc., GMTN
	70,000		2.850			03/15/23		70,889
	ERP Operating LP
	60,000		3.000			04/15/23		60,772
	GLP Capital LP / GLP Financing II, Inc.
	38,000		5.375			04/15/26		40,515
	Healthpeak Properties, Inc.
	50,000		3.250			07/15/26		51,674
	Kimco Realty Corp.
	10,000		3.250			08/15/26		10,220
	Public Storage
	40,000		1.500			11/09/26		38,679
	Simon Property Group LP
	50,000		3.500			09/01/25		51,618
	50,000		3.300			01/15/26		51,265
	Welltower, Inc.
	50,000		4.000			06/01/25		52,344
								427,976
Revenue – 0.4%
	CommonSpirit Health
	70,000		4.200			08/01/23		72,385
Software – 0.9%
	Oracle Corp.
	50,000		2.500			04/01/25		49,826
	141,000		1.650			03/25/26		134,898
								184,724
Technology – 7.6%
	Alphabet, Inc.
	50,000		1.998			08/15/26		50,085
	Apple, Inc.
	113,000		0.700			02/08/26		107,997
	75,000		2.450			08/04/26		76,143
	50,000		2.050			09/11/26		49,945
	Broadcom Corp. / Broadcom Cayman Finance Ltd.
	100,000		2.650			01/15/23		100,863
	Broadcom, Inc.
	50,000		4.700			04/15/25		53,129
	Dell International LLC / EMC Corp.
	18,000		5.450			06/15/23		18,770
	75,000		4.000			07/15/24		78,179
	50,000		4.900			10/01/26		54,265
Corporate Obligations – (continued)
Technology – (continued)
	Fiserv, Inc.
	40,000		3.800			10/01/23		41,179
	57,000		3.850			06/01/25		59,304
	75,000		3.200			07/01/26		76,798
	Flex Ltd.
	90,000		5.000			02/15/23		92,291
	Hewlett Packard Enterprise Co.
	75,000		4.900			10/15/25		80,502
	HP, Inc.
	60,000		2.200			06/17/25		59,636
	Intel Corp.
	75,000		3.400			03/25/25		77,751
	Leidos, Inc.
	40,000		3.625			05/15/25		41,300
	QUALCOMM, Inc.
	80,000		2.900			05/20/24		81,710
	80,000		3.450			05/20/25		83,163
	SYNNEX Corp.(b)
	50,000		1.250			08/09/24		48,596
	40,000		1.750			08/09/26		37,985
	VMware, Inc.
	90,000		1.000			08/15/24		87,435
	20,000		1.400			08/15/26		18,993
								1,476,019
Transportation – 1.4%
	Ryder System, Inc., MTN
	65,000		3.400			03/01/23		66,056
	Southwest Airlines Co.
	50,000		5.250			05/04/25		54,001
	Union Pacific Corp.
	105,000		3.250			08/15/25		108,213
	United Airlines Pass Through Trust, Class A, Series 20-1
	43,754		5.875			10/15/27		46,160
								274,430
Wireless – 3.0%
	American Tower Corp.
	126,000		5.000			02/15/24		132,768
	40,000		3.375			10/15/26		41,028
	AT&T, Inc.
	50,000		3.400			05/15/25		51,778
	132,000		1.700			03/25/26		128,563
	Crown Castle International Corp.
	102,000		3.200			09/01/24		104,240
	T-Mobile USA, Inc.
	75,000		1.500			02/15/26		71,981
	Verizon Communications, Inc.
	50,000		1.450			03/20/26		48,335
								578,693
	TOTAL CORPORATE OBLIGATIONS
	(Cost $15,239,195)						$	14,797,142

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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE 1-5 YEAR BOND

Schedule of Investments (continued)

February 28, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Foreign Corporate Debt – 22.2%
Banks – 17.2%
	Banco Santander SA (Spain)
$	200,000		2.746	%		05/28/25	$	200,120
	Bank of Montreal(a) (Canada)
	(5 Year USD Swap + 1.280%)
	35,000		4.338			10/05/28		36,094
	Bank of Montreal, Series E (Canada)
	60,000		3.300			02/05/24		61,390
	Bank of Nova Scotia (The) (Canada)
	50,000		1.050			03/02/26		47,173
	100,000		2.700			08/03/26		100,922
	Barclays PLC (United Kingdom)
	(3M USD LIBOR + 1.356%)
	240,000		4.338	(a)		05/16/24		246,953
	(US 1 Year CMT T-Note + 1.050%)
	200,000		2.279	(a)		11/24/27		193,874
	Canadian Imperial Bank of Commerce (Canada)
	100,000		1.250			06/22/26		94,707
	Cooperatieve Rabobank UA, MTN (Netherlands)
	250,000		3.375			05/21/25		259,321
	Deutsche Bank AG(a) (Germany)
	(SOFR + 2.581%)
	150,000		3.961			11/26/25		153,670
	HSBC Holdings PLC (United Kingdom)
	225,000		4.300			03/08/26		237,698
	Lloyds Banking Group PLC(a) (United Kingdom)
	(US 1 Year CMT T-Note + 1.000%)
	200,000		2.438			02/05/26		198,596
	Mitsubishi UFJ Financial Group, Inc. (Japan)
	250,000		2.801			07/18/24		253,000
	NatWest Group PLC (United Kingdom)
	158,000		6.000			12/19/23		167,712
	Royal Bank of Canada, MTN (Canada)
	132,000		1.150			06/10/25		126,691
	Santander UK Group Holdings PLC(a) (United Kingdom)
	(US 1 Year CMT T-Note + 1.250%)
	250,000		1.532			08/21/26		238,630
	Sumitomo Mitsui Financial Group, Inc. (Japan)
	250,000		1.474			07/08/25		241,445
	75,000		2.632			07/14/26		75,129
	Toronto-Dominion Bank (The), MTN (Canada)
	90,000		0.750			01/06/26		84,813
	100,000		1.250			09/10/26		94,703
	Toronto-Dominion Bank (The), GMTN (Canada)
	90,000		3.250			03/11/24		92,416
	Westpac Banking Corp. (Australia)
	143,000		1.150			06/03/26		137,297
								3,342,354
Brokerage – 0.1%
	Brookfield Finance, Inc. (Canada)
	25,000		4.000			04/01/24		25,866
Consumer Cyclical – 1.0%
	Toyota Motor Corp. (Japan)
	96,000		3.419			07/20/23		98,461
	100,000		1.339			03/25/26		96,691
								195,152
Foreign Corporate Debt – (continued)
Consumer Noncyclical – 1.4%
	BAT International Finance PLC (United Kingdom)
	100,000		1.668			03/25/26		94,799
	Bayer US Finance II LLC(b) (Germany)
	75,000		3.375			07/15/24		76,410
	GlaxoSmithKline Capital PLC (United Kingdom)
	90,000		3.000			06/01/24		92,047
								263,256
Energy – 1.2%
	Enbridge, Inc. (Canada)
	40,000		3.500			06/10/24		40,979
	Equinor ASA (Norway)
	90,000		7.750			06/15/23		96,717
	Shell International Finance BV (Netherlands)
	50,000		3.250			05/11/25		51,801
	Suncor Energy, Inc. (Canada)
	30,000		3.100			05/15/25		30,670
								220,167
Financial Company – 0.7%
	AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Ireland)
	150,000		1.750			01/30/26		142,219
Metals – 0.1%
	ArcelorMittal SA (Luxembourg)
	25,000		3.600			07/16/24		25,594
Technology – 0.2%
	NXP BV / NXP Funding LLC(b) (China)
	30,000		4.875			03/01/24		31,484
Wireless – 0.3%
	Vodafone Group PLC (United Kingdom)
	60,000		4.125			05/30/25		63,139
	TOTAL FOREIGN CORPORATE DEBT
	(Cost $4,452,482)						$	4,309,231

Shares	Dividend Rate	Value
Investment Company – 0.5%(c)
Goldman Sachs Financial Square Government Fund – Institutional Shares
104,765	0.026%	$	104,765
(Cost $104,765)
TOTAL INVESTMENTS – 98.9%
(Cost $19,796,442)		$	19,211,138
OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.1%			202,411
NET ASSETS – 100.0%		$	19,413,549

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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE 1-5 YEAR BOND

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, 2022.
(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

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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Schedule of Investments

February 28, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – 80.2%
Aerospace & Defense – 2.4%
	Boeing Co. (The)
$	800,000		4.508	%		05/01/23	$	822,102
	1,000,000		1.433			02/04/24		984,251
	1,000,000		4.875			05/01/25		1,063,258
	1,000,000		2.196			02/04/26		970,806
	100,000		3.200			03/01/29		98,933
	1,000,000		5.150			05/01/30		1,104,495
	500,000		3.625			02/01/31		503,231
	150,000		3.600			05/01/34		145,219
	500,000		5.705			05/01/40		582,201
	1,300,000		5.805			05/01/50		1,549,803
	474,000		3.950			08/01/59		428,734
	1,000,000		5.930			05/01/60		1,190,563
	General Dynamics Corp.
	400,000		3.375			05/15/23		408,275
	300,000		3.500			04/01/27		316,538
	350,000		3.750			05/15/28		371,858
	84,000		4.250			04/01/50		97,123
	Northrop Grumman Corp.
	700,000		2.930			01/15/25		712,839
	290,000		3.200			02/01/27		298,096
	810,000		3.250			01/15/28		830,598
	300,000		4.400			05/01/30		331,090
	406,000		4.030			10/15/47		430,033
	267,000		5.250			05/01/50		336,606
	Raytheon Technologies Corp.
	1,100,000		3.950			08/16/25		1,158,497
	100,000		3.125			05/04/27		103,098
	300,000		4.125			11/16/28		324,576
	243,000		4.450			11/16/38		269,115
	500,000		4.500			06/01/42		560,186
	100,000		4.150			05/15/45		106,419
	296,000		3.750			11/01/46		300,311
	304,000		4.350			04/15/47		336,655
	292,000		4.625			11/16/48		337,395
	592,000		3.125			07/01/50		545,996
	260,000		2.820			09/01/51		224,408
								17,843,308
Agriculture – 0.1%
	Archer-Daniels-Midland Co.
	492,000		3.250			03/27/30		510,634
Banks – 19.8%
	American Express Co.
	240,000		3.400			02/22/24		246,835
	1,200,000		3.000			10/30/24		1,226,282
	857,000		4.200			11/06/25		911,860
	320,000		3.125			05/20/26		328,607
	305,000		4.050			12/03/42		333,168
	Bank of America Corp.
	100,000		4.100			07/24/23		103,261
	(3M USD LIBOR + 0.780%)
	693,000		3.550	(a)		03/05/24		704,225
	(3M USD LIBOR + 0.810%)
	824,000		3.366	(a)		01/23/26		839,854
Corporate Obligations – (continued)
Banks – (continued)
	Bank of America Corp. – (continued)
	(SOFR + 0.960%)
	1,000,000		1.734	%(a)		07/22/27		953,133
	(3M USD LIBOR + 1.512%)
	604,000		3.705	(a)		04/24/28		626,768
	(3M USD LIBOR + 1.040%)
	1,398,000		3.419	(a)		12/20/28		1,429,561
	(SOFR + 2.150%)
	1,000,000		2.592	(a)		04/29/31		960,364
	(SOFR + 1.320%)
	1,300,000		2.687	(a)		04/22/32		1,252,601
	(SOFR + 1.220%)
	290,000		2.299	(a)		07/21/32		268,934
	(US 5 Year CMT T-Note + 1.200%)
	784,000		2.482	(a)		09/21/36		715,466
	460,000		6.110			01/29/37		578,082
	(3M USD LIBOR + 1.814%)
	990,000		4.244	(a)		04/24/38		1,079,592
	370,000		7.750			05/14/38		536,413
	(SOFR + 1.580%)
	700,000		3.311	(a)		04/22/42		669,750
	(SOFR + 1.560%)
	900,000		2.972	(a)		07/21/52		802,561
	Bank of America Corp., GMTN
	550,000		3.500			04/19/26		570,844
	(3M USD LIBOR + 1.370%)
	540,000		3.593	(a)		07/21/28		557,094
	Bank of America Corp., Series L
	275,000		3.950			04/21/25		284,899
	408,000		4.183			11/25/27		428,406
	Bank of America Corp., MTN
	740,000		4.000			04/01/24		767,801
	(SOFR + 1.460%)
	119,000		1.486	(a)		05/19/24		118,250
	(3M USD LIBOR + 0.940%)
	200,000		3.864	(a)		07/23/24		204,668
	1,296,000		4.200			08/26/24		1,350,744
	(SOFR + 0.740%)
	710,000		0.810	(a)		10/24/24		693,191
	720,000		4.000			01/22/25		747,041
	530,000		3.875			08/01/25		554,074
	(3M USD LIBOR + 1.090%)
	850,000		3.093	(a)		10/01/25		859,429
	(3M USD LIBOR + 0.870%)
	800,000		2.456	(a)		10/22/25		797,015
	(3M USD LIBOR + 0.640%)
	70,000		2.015	(a)		02/13/26		68,799
	200,000		4.450			03/03/26		212,564
	(SOFR + 1.150%)
	70,000		1.319	(a)		06/19/26		66,840
	558,000		4.250			10/22/26		591,759
	(3M USD LIBOR + 1.060%)
	570,000		3.559	(a)		04/23/27		585,886
	780,000		3.248			10/21/27		797,922
	(3M USD LIBOR + 1.575%)
	482,000		3.824	(a)		01/20/28		502,320

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)
Banks – (continued)
	Bank of America Corp., MTN – (continued)
	(3M USD LIBOR + 1.070%)
$	150,000		3.970	%(a)		03/05/29	$	156,802
	(3M USD LIBOR + 1.310%)
	1,030,000		4.271	(a)		07/23/29		1,099,153
	(3M USD LIBOR + 1.210%)
	570,000		3.974	(a)		02/07/30		599,863
	(3M USD LIBOR + 1.180%)
	300,000		3.194	(a)		07/23/30		301,122
	(3M USD LIBOR + 1.190%)
	317,000		2.884	(a)		10/22/30		311,417
	(3M USD LIBOR + 0.990%)
	425,000		2.496	(a)		02/13/31		404,913
	(SOFR + 1.530%)
	750,000		1.898	(a)		07/23/31		680,134
	(SOFR + 1.370%)
	500,000		1.922	(a)		10/24/31		454,217
	(3M USD LIBOR + 1.320%)
	360,000		4.078	(a)		04/23/40		381,460
	(SOFR + 1.930%)
	900,000		2.676	(a)		06/19/41		792,337
	248,000		5.875			02/07/42		320,901
	364,000		5.000			01/21/44		430,499
	(3M USD LIBOR + 1.990%)
	470,000		4.443	(a)		01/20/48		528,600
	(3M USD LIBOR + 1.520%)
	718,000		4.330	(a)		03/15/50		796,539
	(3M USD LIBOR + 3.150%)
	990,000		4.083	(a)		03/20/51		1,063,595
	Bank of America Corp.(a), Series N
	(SOFR + 1.220%)
	500,000		2.651			03/11/32		478,583
	Bank of New York Mellon Corp. (The), MTN
	300,000		0.350			12/07/23		294,450
	250,000		2.100			10/24/24		250,819
	125,000		2.800			05/04/26		127,775
	1,050,000		3.400			01/29/28		1,101,902
	(3M USD LIBOR + 1.069%)
	750,000		3.442	(a)		02/07/28		783,744
	400,000		3.850			04/28/28		429,137
	500,000		3.300			08/23/29		515,630
	Capital One Bank USA NA
	250,000		3.375			02/15/23		253,786
	Capital One Financial Corp.
	180,000		2.600			05/11/23		181,850
	255,000		3.900			01/29/24		263,231
	339,000		3.300			10/30/24		347,421
	605,000		3.200			02/05/25		618,287
	50,000		4.250			04/30/25		52,602
	300,000		4.200			10/29/25		314,515
	510,000		3.750			07/28/26		527,060
	650,000		3.750			03/09/27		678,518
	100,000		3.650			05/11/27		103,815
	100,000		3.800			01/31/28		104,195
	(SOFR + 1.337%)
	300,000		2.359	(a)		07/29/32		269,119
Corporate Obligations – (continued)
Banks – (continued)
	Charles Schwab Corp. (The)
	300,000		0.750	%		03/18/24		293,785
	500,000		2.300			05/13/31		479,552
	300,000		1.950			12/01/31		277,761
	Citibank NA
	1,130,000		3.650			01/23/24		1,168,238
	Citigroup, Inc.
	(3M USD LIBOR + 1.023%)
	644,000		4.044	(a)		06/01/24		661,099
	440,000		4.000			08/05/24		456,005
	785,000		3.875			03/26/25		811,719
	340,000		3.300			04/27/25		347,108
	270,000		4.400			06/10/25		283,240
	799,000		5.500			09/13/25		872,551
	225,000		3.700			01/12/26		235,344
	390,000		4.600			03/09/26		416,855
	(SOFR + 2.842%)
	990,000		3.106	(a)		04/08/26		1,004,282
	800,000		3.400			05/01/26		822,888
	880,000		3.200			10/21/26		897,504
	586,000		4.300			11/20/26		623,917
	817,000		4.450			09/29/27		871,235
	240,000		4.125			07/25/28		251,980
	(3M USD LIBOR + 1.192%)
	300,000		4.075	(a)		04/23/29		316,630
	(3M USD LIBOR + 1.338%)
	575,000		3.980	(a)		03/20/30		605,699
	(SOFR + 1.422%)
	1,160,000		2.976	(a)		11/05/30		1,146,617
	(SOFR + 1.146%)
	500,000		2.666	(a)		01/29/31		481,985
	(SOFR + 2.107%)
	1,150,000		2.572	(a)		06/03/31		1,099,276
	(SOFR + 1.167%)
	500,000		2.561	(a)		05/01/32		474,423
	240,000		6.625			06/15/32		301,699
	360,000		8.125			07/15/39		559,079
	480,000		6.675			09/13/43		663,352
	150,000		5.300			05/06/44		176,784
	371,000		4.650			07/30/45		423,337
	790,000		4.750			05/18/46		882,080
	(3M USD LIBOR + 1.839%)
	180,000		4.281	(a)		04/24/48		198,423
	596,000		4.650			07/23/48		692,242
	Discover Bank
	815,000		3.350			02/06/23		826,548
	700,000		2.450			09/12/24		700,933
	Discover Financial Services
	175,000		4.100			02/09/27		183,252
	Fifth Third Bancorp
	900,000		3.650			01/25/24		926,331
	650,000		2.550			05/05/27		650,684
	190,000		8.250			03/01/38		288,220
	Fifth Third Bank NA
	560,000		3.850			03/15/26		585,923

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, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Banks – (continued)
	Huntington Bancshares, Inc.
$	1,040,000		2.625	%		08/06/24	$	1,049,308
	400,000		2.550			02/04/30		389,032
	JPMorgan Chase & Co.
	160,000		3.375			05/01/23		162,981
	650,000		2.700			05/18/23		657,396
	150,000		3.875			02/01/24		155,702
	340,000		3.625			05/13/24		351,099
	(3M USD LIBOR + 0.890%)
	450,000		3.797	(a)		07/23/24		460,765
	515,000		3.875			09/10/24		534,184
	(3 Mo. U.S. T-Bill MMY + 0.600%)
	200,000		0.653	(a)		09/16/24		196,160
	(3M USD LIBOR + 1.000%)
	550,000		4.023	(a)		12/05/24		567,657
	620,000		3.125			01/23/25		632,983
	(3M USD LIBOR + 1.155%)
	340,000		3.220	(a)		03/01/25		345,343
	600,000		3.900			07/15/25		627,410
	(SOFR + 1.160%)
	300,000		2.301	(a)		10/15/25		298,767
	(3 Mo. U.S. T-Bill MMY + 1.585%)
	170,000		2.005	(a)		03/13/26		166,838
	1,290,000		3.300			04/01/26		1,329,014
	(SOFR + 1.850%)
	1,240,000		2.083	(a)		04/22/26		1,223,916
	1,250,000		3.200			06/15/26		1,283,774
	460,000		4.125			12/15/26		488,989
	(3M USD LIBOR + 1.245%)
	300,000		3.960	(a)		01/29/27		313,771
	(SOFR + 0.885%)
	600,000		1.578	(a)		04/22/27		574,176
	463,000		4.250			10/01/27		495,588
	264,000		3.625			12/01/27		273,418
	(3M USD LIBOR + 1.337%)
	415,000		3.782	(a)		02/01/28		433,227
	(3M USD LIBOR + 1.380%)
	1,650,000		3.540	(a)		05/01/28		1,705,966
	(SOFR + 1.890%)
	550,000		2.182	(a)		06/01/28		533,101
	(3M USD LIBOR + 0.945%)
	200,000		3.509	(a)		01/23/29		205,617
	(3M USD LIBOR + 1.120%)
	518,000		4.005	(a)		04/23/29		548,118
	(3M USD LIBOR + 1.330%)
	450,000		4.452	(a)		12/05/29		487,411
	(3M USD LIBOR + 1.160%)
	1,136,000		3.702	(a)		05/06/30		1,182,903
	(SOFR + 1.510%)
	840,000		2.739	(a)		10/15/30		821,764
	(SOFR + 3.790%)
	400,000		4.493	(a)		03/24/31		440,183
	(SOFR + 2.040%)
	500,000		2.522	(a)		04/22/31		481,195
	(SOFR + 2.515%)
	600,000		2.956	(a)		05/13/31		583,913
Corporate Obligations – (continued)
Banks – (continued)
	JPMorgan Chase & Co. – (continued)
	(3 Mo. U.S. T-Bill MMY + 1.105%)
	250,000		1.764	%(a)		11/19/31		225,264
	(SOFR + 1.065%)
	600,000		1.953	(a)		02/04/32		546,404
	(SOFR + 1.250%)
	950,000		2.580	(a)		04/22/32		914,663
	(SOFR + 1.180%)
	500,000		2.545	(a)		11/08/32		477,111
	(SOFR + 1.260%)
	600,000		2.963	(a)		01/25/33		593,751
	650,000		6.400			05/15/38		873,607
	(3M USD LIBOR + 1.360%)
	485,000		3.882	(a)		07/24/38		512,493
	147,000		5.500			10/15/40		183,277
	(SOFR + 2.460%)
	250,000		3.109	(a)		04/22/41		236,541
	126,000		5.600			07/15/41		159,298
	450,000		5.400			01/06/42		556,760
	(SOFR + 1.460%)
	100,000		3.157	(a)		04/22/42		95,080
	10,000		5.625			08/16/43		12,663
	650,000		4.850			02/01/44		770,050
	230,000		4.950			06/01/45		271,748
	(3M USD LIBOR + 1.580%)
	910,000		4.260	(a)		02/22/48		999,586
	(3M USD LIBOR + 1.460%)
	304,000		4.032	(a)		07/24/48		324,403
	(3M USD LIBOR + 1.380%)
	1,130,000		3.964	(a)		11/15/48		1,193,802
	(3M USD LIBOR + 1.220%)
	140,000		3.897	(a)		01/23/49		146,623
	(SOFR + 2.440%)
	652,000		3.109	(a)		04/22/51		604,788
	(SOFR + 1.580%)
	650,000		3.328	(a)		04/22/52		625,008
	KeyCorp, MTN
	500,000		2.250			04/06/27		493,930
	500,000		4.100			04/30/28		535,973
	240,000		2.550			10/01/29		233,530
	Morgan Stanley
	(3M USD LIBOR + 0.847%)
	1,210,000		3.737	(a)		04/24/24		1,233,373
	1,290,000		5.000			11/24/25		1,387,254
	(SOFR + 0.720%)
	500,000		0.985	(a)		12/10/26		469,078
	360,000		3.625			01/20/27		375,054
	586,000		3.950			04/23/27		615,485
	(3M USD LIBOR + 1.340%)
	85,000		3.591	(a)		07/22/28		87,936
	290,000		7.250			04/01/32		388,087
	(3M USD LIBOR + 1.455%)
	100,000		3.971	(a)		07/22/38		105,804
	(SOFR + 1.485%)
	290,000		3.217	(a)		04/22/42		276,870
	758,000		6.375			07/24/42		1,032,830
	660,000		4.300			01/27/45		717,145
	670,000		4.375			01/22/47		743,721

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)
Banks – (continued)
	Morgan Stanley, Series F
$	1,055,000		3.875	%		04/29/24	$	1,089,351
	Morgan Stanley, GMTN
	125,000		3.700			10/23/24		129,242
	655,000		4.000			07/23/25		686,274
	800,000		3.875			01/27/26		837,690
	804,000		4.350			09/08/26		853,387
	(3M USD LIBOR + 1.628%)
	990,000		4.431	(a)		01/23/30		1,066,494
	(SOFR + 1.143%)
	2,160,000		2.699	(a)		01/22/31		2,098,499
	(SOFR + 4.840%)
	685,000		5.597	(a)		03/24/51		915,458
	Morgan Stanley(a), Series I
	(SOFR + 0.745%)
	850,000		0.864			10/21/25		815,490
	Morgan Stanley, MTN
	1,144,000		4.100			05/22/23		1,174,588
	(SOFR + 1.152%)
	500,000		2.720	(a)		07/22/25		502,593
	1,140,000		3.125			07/27/26		1,159,047
	(SOFR + 3.120%)
	380,000		3.622	(a)		04/01/31		393,584
	(SOFR + 1.034%)
	201,000		1.794	(a)		02/13/32		179,595
	(SOFR + 1.020%)
	175,000		1.928	(a)		04/28/32		157,644
	(SOFR + 1.430%)
	500,000		2.802	(a)		01/25/52		435,718
	PNC Bank NA
	250,000		3.500			06/08/23		255,683
	860,000		3.100			10/25/27		890,012
	260,000		2.700			10/22/29		256,288
	PNC Financial Services Group, Inc. (The)
	100,000		3.900			04/29/24		103,838
	900,000		2.600			07/23/26		912,604
	290,000		3.150			05/19/27		300,657
	100,000		3.450			04/23/29		104,986
	410,000		2.550			01/22/30		402,662
	(SOFR + 0.979%)
	500,000		2.307	(a)		04/23/32		478,888
	Santander Holdings USA, Inc.
	70,000		3.400			01/18/23		71,002
	1,500,000		3.500			06/07/24		1,529,620
	600,000		3.450			06/02/25		614,069
	State Street Corp.
	200,000		3.100			05/15/23		203,529
	690,000		3.700			11/20/23		713,902
	40,000		3.550			08/18/25		41,896
	50,000		2.200			03/03/31		47,112
	Synchrony Financial
	760,000		4.250			08/15/24		788,123
	448,000		4.500			07/23/25		469,185
	224,000		3.950			12/01/27		230,845
	Truist Bank
	764,000		3.200			04/01/24		783,633
	500,000		1.500			03/10/25		491,283
	300,000		2.250			03/11/30		283,919
Corporate Obligations – (continued)
Banks – (continued)
	Truist Financial Corp., MTN
	1,140,000		3.750			12/06/23		1,176,243
	605,000		2.850			10/26/24		619,224
	300,000		3.700			06/05/25		313,510
	(SOFR + 0.609%)
	300,000		1.267	(a)		03/02/27		287,023
	500,000		1.950			06/05/30		468,128
	US Bancorp, MTN
	650,000		3.700			01/30/24		673,219
	310,000		3.600			09/11/24		321,961
	455,000		3.100			04/27/26		468,376
	705,000		3.900			04/26/28		755,701
	800,000		3.000			07/30/29		806,740
	US Bancorp, Series V
	50,000		2.375			07/22/26		50,329
	US Bancorp, Series X
	775,000		3.150			04/27/27		803,122
	US Bank NA
	300,000		2.050			01/21/25		300,334
	Wells Fargo & Co.
	220,000		4.125			08/15/23		226,969
	350,000		3.000			04/22/26		355,085
	(SOFR + 2.000%)
	600,000		2.188	(a)		04/30/26		591,954
	1,300,000		3.000			10/23/26		1,318,021
	(SOFR + 2.530%)
	1,545,000		3.068	(a)		04/30/41		1,437,632
	500,000		5.375			11/02/43		597,887
	92,000		3.900			05/01/45		95,468
	Wells Fargo & Co., GMTN
	500,000		4.900			11/17/45		566,171
	Wells Fargo & Co., MTN
	1,200,000		3.750			01/24/24		1,234,929
	(SOFR + 1.600%)
	1,300,000		1.654	(a)		06/02/24		1,295,631
	500,000		3.000			02/19/25		509,179
	300,000		3.550			09/29/25		310,509
	(SOFR + 1.087%)
	500,000		2.406	(a)		10/30/25		498,694
	(3M USD LIBOR + 0.750%)
	700,000		2.164	(a)		02/11/26		689,718
	(3M USD LIBOR + 1.310%)
	200,000		3.584	(a)		05/22/28		206,732
	(SOFR + 2.100%)
	125,000		2.393	(a)		06/02/28		122,532
	900,000		4.150			01/24/29		959,227
	(SOFR + 1.432%)
	2,100,000		2.879	(a)		10/30/30		2,066,011
	(SOFR + 1.262%)
	700,000		2.572	(a)		02/11/31		673,906
	(SOFR + 4.032%)
	200,000		4.478	(a)		04/04/31		218,184
	389,000		4.400			06/14/46		417,896
	100,000		4.750			12/07/46		112,222
	(SOFR + 4.502%)
	1,530,000		5.013	(a)		04/04/51		1,882,530

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, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Banks – (continued)
	Wells Fargo Bank NA
$	400,000		6.600	%		01/15/38	$	542,188
								149,765,668
Basic Industry – 0.9%
	Air Products and Chemicals, Inc.
	500,000		2.800			05/15/50		449,836
	CF Industries, Inc.
	300,000		4.950			06/01/43		324,750
	395,000		5.375			03/15/44		446,863
	Dow Chemical Co. (The)
	500,000		7.375			11/01/29		647,060
	200,000		4.375			11/15/42		213,997
	150,000		5.550			11/30/48		188,198
	200,000		3.600			11/15/50		190,687
	DuPont de Nemours, Inc.
	390,000		4.205			11/15/23		403,850
	670,000		4.493			11/15/25		714,386
	330,000		5.319			11/15/38		393,200
	584,000		5.419			11/15/48		734,622
	LYB International Finance BV
	220,000		4.875			03/15/44		242,929
	LYB International Finance III LLC
	688,000		4.200			10/15/49		698,114
	LyondellBasell Industries NV
	200,000		4.625			02/26/55		211,026
	Weyerhaeuser Co.
	487,000		7.375			03/15/32		659,365
								6,518,883
Broadcasting – 0.5%
	Discovery Communications LLC
	158,000		2.950			03/20/23		159,544
	355,000		3.950			03/20/28		366,927
	320,000		4.125			05/15/29		334,280
	643,000		5.200			09/20/47		701,034
	365,000		4.000			09/15/55		334,724
	Fox Corp.
	990,000		4.030			01/25/24		1,026,752
	690,000		4.709			01/25/29		753,525
	280,000		5.476			01/25/39		326,342
								4,003,128
Brokerage – 0.2%
	Intercontinental Exchange, Inc.
	40,000		0.700			06/15/23		39,554
	750,000		1.850			09/15/32		670,039
	200,000		3.000			06/15/50		178,058
	700,000		3.000			09/15/60		595,947
	Jefferies Group LLC / Jefferies Group Capital Finance, Inc.
	125,000		4.150			01/23/30		132,136
								1,615,734
Building Materials – 0.1%
	Stanley Black & Decker, Inc.
	300,000		2.750			11/15/50		256,821
Corporate Obligations – (continued)
Building Materials – (continued)
	Stanley Black & Decker, Inc. – (continued)
	(US 5 Year CMT T-Note + 2.657%)
	467,000		4.000	%(a)		03/15/60		457,415
								714,236
Capital Goods – 1.7%
	3M Co.
	140,000		2.000			02/14/25		139,680
	350,000		2.875			10/15/27		359,555
	394,000		3.250			08/26/49		374,882
	3M Co., MTN
	310,000		4.000			09/14/48		333,768
	Berry Global, Inc.
	270,000		0.950			02/15/24		262,821
	100,000		1.570			01/15/26		95,250
	Carrier Global Corp.
	40,000		2.493			02/15/27		39,980
	1,080,000		2.722			02/15/30		1,052,124
	450,000		2.700			02/15/31		436,338
	571,000		3.377			04/05/40		538,917
	250,000		3.577			04/05/50		239,025
	Caterpillar Financial Services Corp.
	350,000		0.650			07/07/23		346,711
	Caterpillar, Inc.
	380,000		3.400			05/15/24		391,957
	40,000		2.600			04/09/30		39,991
	80,000		5.200			05/27/41		100,447
	580,000		3.803			08/15/42		615,948
	900,000		3.250			09/19/49		887,451
	Deere & Co.
	620,000		3.900			06/09/42		675,787
	General Electric Co., MTN
	135,000		6.750			03/15/32		174,144
	Honeywell International, Inc.
	300,000		2.300			08/15/24		303,116
	865,000		2.500			11/01/26		875,429
	250,000		2.700			08/15/29		251,785
	Illinois Tool Works, Inc.
	1,215,000		2.650			11/15/26		1,237,436
	290,000		3.900			09/01/42		309,358
	John Deere Capital Corp., MTN
	190,000		2.800			03/06/23		192,669
	Otis Worldwide Corp.
	500,000		2.565			02/15/30		483,106
	Republic Services, Inc.
	420,000		3.950			05/15/28		446,895
	Westinghouse Air Brake Technologies Corp.
	800,000		3.450			11/15/26		816,970
	700,000		4.950			09/15/28		762,320
								12,783,860
Communications – 4.9%
	Charter Communications Operating LLC / Charter Communications Operating Capital
	1,110,000		4.908			07/23/25		1,178,530
	525,000		3.750			02/15/28		537,824
	940,000		4.200			03/15/28		985,144
	250,000		5.050			03/30/29		273,220

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)
Communications – (continued)
	Charter Communications Operating LLC / Charter Communications Operating Capital – (continued)
$	593,000		6.384	%		10/23/35	$	707,456
	130,000		5.375			04/01/38		138,107
	884,000		6.484			10/23/45		1,059,207
	534,000		5.375			05/01/47		566,271
	495,000		5.750			04/01/48		549,455
	625,000		5.125			07/01/49		638,286
	350,000		4.800			03/01/50		344,006
	320,000		3.700			04/01/51		270,753
	40,000		3.900			06/01/52		34,794
	500,000		3.850			04/01/61		416,355
	254,000		4.400			12/01/61		229,304
	282,000		3.950			06/30/62		235,670
	Charter Communications Operating LLC / Charter Communications Operating Capital, Series USD
	298,000		4.500			02/01/24		309,957
	Comcast Corp.
	1,236,000		3.700			04/15/24		1,281,802
	240,000		3.375			02/15/25		248,001
	92,000		3.375			08/15/25		95,238
	184,000		3.150			03/01/26		189,979
	92,000		3.300			02/01/27		95,581
	105,000		3.150			02/15/28		107,934
	92,000		3.550			05/01/28		96,570
	874,000		4.150			10/15/28		947,225
	100,000		2.650			02/01/30		98,735
	500,000		3.400			04/01/30		520,454
	890,000		4.250			10/15/30		980,130
	400,000		1.950			01/15/31		372,873
	595,000		4.250			01/15/33		656,605
	240,000		7.050			03/15/33		323,936
	360,000		4.200			08/15/34		395,463
	430,000		3.200			07/15/36		426,068
	130,000		3.900			03/01/38		136,904
	594,000		4.600			10/15/38		671,276
	531,000		3.250			11/01/39		512,722
	92,000		3.750			04/01/40		94,847
	403,000		3.400			07/15/46		387,080
	276,000		4.000			08/15/47		289,077
	480,000		3.969			11/01/47		498,662
	420,000		4.000			03/01/48		438,667
	816,000		4.700			10/15/48		938,769
	475,000		3.999			11/01/49		493,502
	300,000		2.800			01/15/51		258,167
	400,000		2.887	(b)		11/01/51		346,704
	184,000		2.450			08/15/52		149,147
	513,000		4.049			11/01/52		541,633
	450,000		2.937	(b)		11/01/56		380,712
	521,000		4.950			10/15/58		639,128
	400,000		2.987	(b)		11/01/63		333,905
	Netflix, Inc.
	400,000		5.875			02/15/25		433,750
	75,000		4.375			11/15/26		78,984
	75,000		6.375			05/15/29		87,141
Corporate Obligations – (continued)
Communications – (continued)
	Omnicom Group, Inc.
	125,000		2.600			08/01/31		120,315
	Omnicom Group, Inc. / Omnicom Capital, Inc.
	532,000		3.650			11/01/24		550,671
	350,000		3.600			04/15/26		364,935
	Paramount Global
	300,000		7.875			07/30/30		394,417
	860,000		4.950			01/15/31		949,623
	740,000		4.200			05/19/32		774,151
	150,000		6.875			04/30/36		189,563
	100,000		5.850			09/01/43		120,108
	200,000		4.950			05/19/50		218,672
	Time Warner Cable LLC
	70,000		6.550			05/01/37		84,525
	498,000		7.300			07/01/38		626,025
	592,000		6.750			06/15/39		718,534
	180,000		5.875			11/15/40		201,377
	511,000		5.500			09/01/41		544,816
	Time Warner Entertainment Co. LP
	1,005,000		8.375			03/15/23		1,071,094
	442,000		8.375			07/15/33		599,045
	TWDC Enterprises 18 Corp., GMTN
	190,000		4.125			06/01/44		204,989
	TWDC Enterprises 18 Corp., MTN
	705,000		1.850			07/30/26		692,727
	290,000		2.950			06/15/27		296,839
	Walt Disney Co. (The)
	680,000		1.750			08/30/24		677,201
	440,000		2.200			01/13/28		431,528
	800,000		2.000			09/01/29		763,112
	498,000		3.800			03/22/30		534,289
	1,200,000		2.650			01/13/31		1,187,389
	75,000		6.400			12/15/35		100,646
	420,000		4.625			03/23/40		480,467
	270,000		4.700			03/23/50		319,951
	975,000		3.800			05/13/60		1,008,393
								37,247,112
Consumer Cyclical – 7.4%
	Amazon.com, Inc.
	800,000		0.450			05/12/24		780,220
	230,000		2.800			08/22/24		235,382
	228,000		3.800			12/05/24		238,849
	100,000		0.800			06/03/25		96,516
	18,000		5.200			12/03/25		19,842
	200,000		1.200			06/03/27		190,192
	30,000		3.150			08/22/27		31,382
	575,000		1.500			06/03/30		532,746
	420,000		4.800			12/05/34		505,415
	1,075,000		3.875			08/22/37		1,181,990
	400,000		2.875			05/12/41		381,467
	494,000		4.950			12/05/44		616,685
	1,145,000		4.050			08/22/47		1,286,350
	444,000		2.500			06/03/50		383,310
	520,000		3.100			05/12/51		501,621
	530,000		4.250			08/22/57		615,375
	300,000		2.700			06/03/60		257,173
	400,000		3.250			05/12/61		384,341

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, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Consumer Cyclical – (continued)
	American Honda Finance Corp., MTN
$	470,000		0.875	%		07/07/23	$	465,515
	990,000		0.650			09/08/23		975,405
	450,000		2.150			09/10/24		450,911
	40,000		1.200			07/08/25		38,598
	Costco Wholesale Corp.
	400,000		3.000			05/18/27		413,958
	200,000		1.375			06/20/27		191,663
	940,000		1.750			04/20/32		865,104
	Dollar Tree, Inc.
	665,000		4.000			05/15/25		692,220
	290,000		4.200			05/15/28		309,823
	eBay, Inc.
	50,000		3.450			08/01/24		51,355
	220,000		3.600			06/05/27		230,676
	248,000		2.700			03/11/30		240,453
	100,000		4.000			07/15/42		100,897
	Expedia Group, Inc.
	150,000		2.950			03/15/31		143,825
	General Motors Co.
	600,000		4.875			10/02/23		626,301
	100,000		5.400			10/02/23		105,204
	907,000		5.000			10/01/28		988,917
	548,000		6.600			04/01/36		681,045
	180,000		6.250			10/02/43		218,849
	95,000		6.750			04/01/46		121,563
	314,000		5.400			04/01/48		352,289
	200,000		5.950			04/01/49		239,377
	General Motors Financial Co., Inc.
	200,000		3.700			05/09/23		203,655
	410,000		5.100			01/17/24		430,252
	1,000,000		1.050			03/08/24		976,567
	1,450,000		3.950			04/13/24		1,494,060
	850,000		4.000			01/15/25		881,686
	790,000		5.250			03/01/26		854,767
	900,000		2.350			01/08/31		819,839
	Global Payments, Inc.
	661,000		3.200			08/15/29		655,109
	400,000		2.900			11/15/31		380,514
	Home Depot, Inc. (The)
	300,000		3.350			09/15/25		312,255
	300,000		3.000			04/01/26		311,085
	600,000		3.900			12/06/28		647,107
	600,000		2.950			06/15/29		612,707
	400,000		1.375			03/15/31		358,505
	400,000		1.875			09/15/31		372,208
	700,000		5.875			12/16/36		922,496
	300,000		4.250			04/01/46		334,418
	300,000		4.500			12/06/48		348,468
	300,000		3.125			12/15/49		282,816
	300,000		3.350			04/15/50		294,233
	600,000		2.375			03/15/51		493,455
	300,000		3.500			09/15/56		299,443
	Lowe’s Cos., Inc.
	300,000		3.375			09/15/25		311,086
	300,000		3.650			04/05/29		314,171
Corporate Obligations – (continued)
Consumer Cyclical – (continued)
	Lowe’s Cos., Inc. – (continued)
	500,000		4.500			04/15/30		552,804
	1,500,000		1.700			10/15/30		1,350,643
	600,000		4.050			05/03/47		616,586
	Marriott International, Inc., Series FF
	500,000		4.625			06/15/30		540,411
	Marriott International, Inc., Series GG
	300,000		3.500			10/15/32		298,922
	Marriott International, Inc., Series R
	200,000		3.125			06/15/26		203,249
	Mastercard, Inc.
	210,000		2.000			03/03/25		210,436
	543,000		2.950			11/21/26		563,461
	200,000		3.300			03/26/27		210,263
	300,000		2.950			06/01/29		308,565
	880,000		3.350			03/26/30		922,387
	162,000		3.650			06/01/49		170,816
	300,000		3.850			03/26/50		326,882
	McDonald’s Corp., MTN
	336,000		3.350			04/01/23		342,025
	370,000		3.700			01/30/26		388,546
	690,000		3.500			03/01/27		723,030
	350,000		3.800			04/01/28		372,044
	100,000		2.625			09/01/29		98,424
	282,000		2.125			03/01/30		267,342
	150,000		3.600			07/01/30		157,653
	859,000		4.700			12/09/35		975,189
	320,000		4.875			12/09/45		366,398
	296,000		4.450			09/01/48		324,261
	122,000		4.200			04/01/50		130,715
	NIKE, Inc.
	200,000		2.400			03/27/25		202,509
	280,000		2.375			11/01/26		283,163
	300,000		2.850			03/27/30		304,596
	250,000		3.250			03/27/40		249,909
	140,000		3.875			11/01/45		151,360
	414,000		3.375			03/27/50		420,969
	Starbucks Corp.
	100,000		3.850			10/01/23		102,876
	100,000		4.000			11/15/28		107,019
	600,000		3.550			08/15/29		622,988
	500,000		4.450			08/15/49		538,904
	Target Corp.
	450,000		3.500			07/01/24		468,152
	265,000		2.350			02/15/30		261,102
	629,000		4.000			07/01/42		699,202
	Toyota Motor Credit Corp., GMTN
	460,000		3.450			09/20/23		472,670
	Toyota Motor Credit Corp., MTN
	660,000		0.500			08/14/23		649,903
	50,000		1.800			02/13/25		49,623
	955,000		2.150			02/13/30		918,951
	1,082,000		3.375			04/01/30		1,131,414
	Visa, Inc.
	1,200,000		3.150			12/14/25		1,244,235
	290,000		2.750			09/15/27		297,714

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
Corporate Obligations �� (continued)
Consumer Cyclical – (continued)
	Visa, Inc. – (continued)
$	209,000		2.050	%		04/15/30	$	202,425
	870,000		4.150			12/14/35		976,051
	300,000		2.700			04/15/40		282,189
	889,000		4.300			12/14/45		1,031,409
	40,000		3.650			09/15/47		42,568
	Walmart, Inc.
	207,000		2.550			04/11/23		209,464
	510,000		3.400			06/26/23		522,686
	1,276,000		3.700			06/26/28		1,375,903
	680,000		5.250			09/01/35		859,116
	395,000		6.500			08/15/37		569,194
	672,000		4.050			06/29/48		770,486
								56,093,508
Consumer Noncyclical – 7.2%
	Abbott Laboratories
	334,000		3.400			11/30/23		343,496
	415,000		2.950			03/15/25		424,826
	124,000		3.750			11/30/26		132,285
	156,000		4.750			11/30/36		185,687
	540,000		4.900			11/30/46		665,565
	AbbVie, Inc.
	1,500,000		2.600			11/21/24		1,514,048
	1,500,000		3.800			03/15/25		1,574,582
	2,000,000		3.600			05/14/25		2,070,225
	500,000		3.200			05/14/26		513,772
	125,000		3.200			11/21/29		126,108
	125,000		4.550			03/15/35		143,059
	1,200,000		4.050			11/21/39		1,263,427
	300,000		4.850			06/15/44		354,047
	250,000		4.750			03/15/45		287,483
	500,000		4.700			05/14/45		554,920
	900,000		4.450			05/14/46		974,061
	400,000		4.875			11/14/48		460,391
	1,050,000		4.250			11/21/49		1,119,229
	Altria Group, Inc.
	250,000		4.000			01/31/24		258,629
	800,000		2.350			05/06/25		797,744
	800,000		4.800			02/14/29		866,155
	70,000		2.450			02/04/32		62,438
	100,000		5.800			02/14/39		109,748
	500,000		3.400			02/04/41		413,018
	100,000		4.250			08/09/42		91,486
	310,000		5.375			01/31/44		323,052
	614,000		3.875			09/16/46		525,526
	520,000		5.950			02/14/49		581,044
	70,000		3.700			02/04/51		56,978
	150,000		4.000			02/04/61		125,068
	Amgen, Inc.
	500,000		3.375			02/21/50		460,799
	900,000		4.663			06/15/51		1,006,634
	Baxter International, Inc.(b)
	350,000		2.539			02/01/32		336,044
	Becton Dickinson and Co.
	182,000		3.363			06/06/24		186,805
	326,000		3.734			12/15/24		336,531
Corporate Obligations – (continued)
Consumer Noncyclical – (continued)
	Becton Dickinson and Co. – (continued)
	350,000		3.700			06/06/27		367,735
	200,000		2.823			05/20/30		196,813
	300,000		4.685			12/15/44		334,894
	420,000		4.669			06/06/47		470,198
	Boston Scientific Corp.
	700,000		3.750			03/01/26		731,796
	500,000		2.650			06/01/30		485,700
	210,000		4.550			03/01/39		231,041
	90,000		4.700			03/01/49		102,611
	Bristol-Myers Squibb Co.
	600,000		4.550			02/20/48		704,455
	1,000,000		4.250			10/26/49		1,128,774
	600,000		2.550			11/13/50		505,732
	Eli Lilly & Co.
	190,000		3.950			03/15/49		214,263
	300,000		2.250			05/15/50		249,056
	92,000		2.500			09/15/60		76,169
	Gilead Sciences, Inc.
	1,000,000		3.500			02/01/25		1,034,098
	300,000		4.800			04/01/44		341,821
	600,000		4.500			02/01/45		654,106
	500,000		4.750			03/01/46		566,714
	300,000		4.150			03/01/47		314,956
	400,000		2.800			10/01/50		337,402
	Johnson & Johnson
	148,200		2.625			01/15/25		150,775
	40,000		0.550			09/01/25		38,065
	166,000		2.450			03/01/26		168,711
	115,000		2.950			03/03/27		119,348
	300,000		0.950			09/01/27		281,958
	360,000		4.375			12/05/33		417,823
	1,093,000		3.550			03/01/36		1,177,383
	540,000		3.625			03/03/37		581,006
	250,000		5.950			08/15/37		335,642
	245,000		3.400			01/15/38		253,887
	46,000		2.100			09/01/40		39,547
	158,000		3.700			03/01/46		170,123
	795,000		3.750			03/03/47		867,555
	125,000		2.450			09/01/60		104,376
	Medtronic, Inc.
	300,000		4.375			03/15/35		343,969
	800,000		4.625			03/15/45		938,157
	Merck & Co., Inc.
	500,000		2.750			02/10/25		510,935
	400,000		0.750			02/24/26		381,067
	600,000		3.400			03/07/29		630,888
	500,000		2.150			12/10/31		478,749
	250,000		4.150			05/18/43		277,404
	900,000		3.700			02/10/45		936,212
	300,000		4.000			03/07/49		330,820
	Mylan, Inc.
	480,000		4.550			04/15/28		512,810
	240,000		5.200			04/15/48		261,961
	Pfizer, Inc.
	40,000		3.000			06/15/23		41,127
	675,000		3.200			09/15/23		691,201

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, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Consumer Noncyclical – (continued)
	Pfizer, Inc. – (continued)
$	100,000		2.950	%		03/15/24	$	102,400
	92,000		0.800			05/28/25		88,689
	300,000		3.450			03/15/29		316,089
	1,500,000		2.625			04/01/30		1,504,348
	400,000		3.900			03/15/39		435,545
	100,000		7.200			03/15/39		149,581
	260,000		2.550			05/28/40		237,810
	100,000		4.300			06/15/43		112,717
	280,000		4.400			05/15/44		323,036
	300,000		4.125			12/15/46		337,972
	100,000		4.200			09/15/48		114,571
	100,000		4.000			03/15/49		110,883
	730,000		2.700			05/28/50		658,376
	Philip Morris International, Inc.
	50,000		3.250			11/10/24		51,503
	375,000		3.375			08/11/25		387,660
	525,000		2.750			02/25/26		532,200
	390,000		6.375			05/16/38		503,559
	200,000		4.375			11/15/41		207,720
	110,000		3.875			08/21/42		107,674
	615,000		4.125			03/04/43		615,045
	150,000		4.875			11/15/43		165,561
	145,000		4.250			11/10/44		149,934
	Regeneron Pharmaceuticals, Inc.
	484,000		2.800			09/15/50		401,833
	Shire Acquisitions Investments Ireland DAC
	1,050,000		2.875			09/23/23		1,063,871
	800,000		3.200			09/23/26		817,625
	Thermo Fisher Scientific, Inc.
	416,000		4.100			08/15/47		462,564
	Utah Acquisition Sub, Inc.
	1,150,000		3.950			06/15/26		1,189,107
	Viatris, Inc.
	480,000		4.000			06/22/50		429,971
	Walgreens Boots Alliance, Inc.
	474,000		3.800			11/18/24		491,332
	450,000		3.450			06/01/26		466,680
	550,000		4.800			11/18/44		596,998
	Wyeth LLC
	578,000		6.500			02/01/34		766,942
	100,000		5.950			04/01/37		131,362
	Zoetis, Inc.
	214,000		3.000			09/12/27		217,914
	790,000		4.700			02/01/43		905,417
								54,489,232
Consumer Products – 0.1%
	Procter & Gamble Co. (The)
	400,000		1.900			02/01/27		399,531
Electric – 1.9%
	Berkshire Hathaway Energy Co.
	600,000		6.125			04/01/36		766,000
	Consolidated Edison Co. of New York, Inc.
	150,000		4.625			12/01/54		166,305
	500,000		3.600			06/15/61		469,931
Corporate Obligations – (continued)
Electric – (continued)
	Consolidated Edison Co. of New York, Inc., Series 20B
	450,000		3.950			04/01/50		461,561
	Constellation Energy Generation LLC
	200,000		3.250			06/01/25		204,325
	210,000		6.250			10/01/39		244,811
	120,000		5.600			06/15/42		131,791
	Duke Energy Carolinas LLC
	275,000		3.200			08/15/49		258,190
	Duke Energy Corp.
	500,000		3.750			04/15/24		514,738
	390,000		2.650			09/01/26		390,600
	100,000		2.450			06/01/30		94,900
	552,000		3.750			09/01/46		529,594
	400,000		3.500			06/15/51		369,865
	Exelon Corp.
	92,000		4.050			04/15/30		97,842
	392,000		4.700			04/15/50		446,401
	Florida Power & Light Co.
	300,000		3.150			10/01/49		287,288
	Georgia Power Co., Series A
	436,000		3.250			03/15/51		389,288
	NextEra Energy Capital Holdings, Inc.
	500,000		2.250			06/01/30		464,178
	500,000		2.440			01/15/32		467,771
	NiSource, Inc.
	100,000		0.950			08/15/25		94,609
	192,000		3.600			05/01/30		194,891
	500,000		1.700			02/15/31		438,433
	290,000		4.375			05/15/47		304,951
	100,000		3.950			03/30/48		98,083
	Pacific Gas and Electric Co.
	50,000		3.450			07/01/25		50,316
	600,000		2.100			08/01/27		556,782
	650,000		3.300			12/01/27		639,600
	70,000		3.750			07/01/28		69,930
	600,000		4.550			07/01/30		614,956
	900,000		3.300			08/01/40		751,487
	200,000		3.950			12/01/47		173,886
	400,000		3.500			08/01/50		327,747
	Southern California Edison Co.
	500,000		4.000			04/01/47		492,399
	200,000		3.650			02/01/50		188,744
	Southern California Edison Co., Series C
	200,000		4.125			03/01/48		201,101
	Southern Co. (The)
	240,000		2.950			07/01/23		242,866
	1,050,000		3.250			07/01/26		1,075,323
	430,000		4.400			07/01/46		450,190
	Virginia Electric and Power Co.
	500,000		2.450			12/15/50		407,674
								14,129,347
Energy – 6.5%
	Baker Hughes Holdings LLC
	50,000		5.125			09/15/40		57,259

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
Corporate Obligations – (continued)
Energy – (continued)
	Baker Hughes Holdings LLC / Baker Hughes Co.-Obligor, Inc.
$	330,000		3.337	%		12/15/27	$	340,505
	200,000		4.080			12/15/47		202,614
	BP Capital Markets America, Inc.
	700,000		2.721			01/12/32		670,758
	Cheniere Corpus Christi Holdings LLC
	500,000		7.000			06/30/24		540,937
	535,000		5.875			03/31/25		577,466
	1,274,000		5.125			06/30/27		1,386,908
	Chevron Corp.
	100,000		2.566			05/16/23		101,252
	1,000,000		3.191			06/24/23		1,019,575
	400,000		1.554			05/11/25		393,823
	425,000		1.995			05/11/27		418,943
	500,000		2.236			05/11/30		486,032
	400,000		3.078			05/11/50		383,754
	ConocoPhillips
	425,000		4.300	(b)		08/15/28		467,899
	600,000		6.500			02/01/39		835,241
	ConocoPhillips Co.
	500,000		4.950			03/15/26		547,466
	100,000		6.950			04/15/29		128,222
	300,000		4.300			11/15/44		330,403
	Devon Energy Corp.
	100,000		5.600			07/15/41		116,750
	205,000		4.750			05/15/42		220,631
	100,000		5.000			06/15/45		111,750
	Diamondback Energy, Inc.
	125,000		3.250			12/01/26		127,344
	100,000		3.500			12/01/29		100,982
	Energy Transfer LP
	100,000		4.250			03/15/23		101,789
	100,000		4.500			04/15/24		104,227
	600,000		4.050			03/15/25		618,813
	740,000		2.900			05/15/25		743,878
	200,000		4.750			01/15/26		212,103
	200,000		5.500			06/01/27		221,090
	100,000		4.000			10/01/27		103,048
	250,000		4.950			06/15/28		269,869
	151,000		5.250			04/15/29		165,682
	100,000		3.750			05/15/30		100,672
	100,000		6.500			02/01/42		117,250
	201,000		5.300			04/15/47		208,507
	828,000		5.400			10/01/47		877,677
	412,000		6.000			06/15/48		461,481
	201,000		6.250			04/15/49		234,402
	400,000		5.000			05/15/50		414,570
	Enterprise Products Operating LLC
	492,000		3.350			03/15/23		498,445
	157,000		3.900			02/15/24		162,458
	207,000		3.750			02/15/25		214,952
	478,000		3.125			07/31/29		483,494
	150,000		5.950			02/01/41		182,819
	207,000		4.850			08/15/42		224,662
	250,000		4.450			02/15/43		256,952
	304,000		4.850			03/15/44		331,643
Corporate Obligations – (continued)
Energy – (continued)
	Enterprise Products Operating LLC – (continued)
	710,000		5.100			02/15/45		796,155
	250,000		4.900			05/15/46		276,128
	414,000		4.800			02/01/49		453,138
	368,000		4.200			01/31/50		370,677
	128,000		3.950			01/31/60		119,726
	Enterprise Products Operating LLC(a), Series E
	(3M USD LIBOR + 3.033%)
	164,000		5.250			08/16/77		156,210
	EOG Resources, Inc.
	690,000		4.375			04/15/30		762,778
	340,000		4.950			04/15/50		415,223
	Exxon Mobil Corp.
	200,000		2.726			03/01/23		202,394
	800,000		1.571			04/15/23		802,609
	600,000		2.019			08/16/24		602,002
	1,000,000		2.992			03/19/25		1,027,101
	500,000		3.043			03/01/26		517,120
	100,000		3.294			03/19/27		104,915
	700,000		3.482			03/19/30		737,753
	600,000		3.567			03/06/45		604,291
	100,000		4.114			03/01/46		109,371
	600,000		3.095			08/16/49		560,634
	820,000		4.327			03/19/50		922,395
	100,000		3.452			04/15/51		98,760
	Halliburton Co.
	350,000		2.920			03/01/30		344,484
	1,320,000		4.850			11/15/35		1,478,400
	250,000		7.450			09/15/39		340,937
	200,000		5.000			11/15/45		222,000
	Hess Corp.
	290,000		4.300			04/01/27		306,782
	148,000		6.000			01/15/40		176,860
	273,000		5.600			02/15/41		315,656
	Kinder Morgan Energy Partners LP
	600,000		5.500			03/01/44		671,472
	Kinder Morgan, Inc.
	800,000		5.300			12/01/34		895,192
	60,000		5.550			06/01/45		68,818
	500,000		5.050			02/15/46		541,130
	100,000		3.600			02/15/51		88,805
	Kinder Morgan, Inc., GMTN
	300,000		7.750			01/15/32		398,494
	Marathon Petroleum Corp.
	1,400,000		4.700			05/01/25		1,487,500
	100,000		6.500			03/01/41		126,875
	100,000		4.750			09/15/44		106,250
	MPLX LP
	750,000		4.500			07/15/23		770,110
	200,000		4.125			03/01/27		210,567
	100,000		4.800			02/15/29		109,095
	1,440,000		2.650			08/15/30		1,359,000
	350,000		4.500			04/15/38		361,076
	249,000		5.200			03/01/47		271,756
	200,000		5.500			02/15/49		227,585

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, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Energy – (continued)
	ONEOK, Inc.
$	280,000		4.550	%		07/15/28	$	295,845
	718,000		3.100			03/15/30		694,904
	100,000		5.200			07/15/48		108,984
	Phillips 66
	1,000,000		0.900			02/15/24		982,479
	390,000		4.650			11/15/34		436,594
	150,000		5.875			05/01/42		190,625
	200,000		4.875			11/15/44		227,562
	Plains All American Pipeline LP / PAA Finance Corp.
	914,000		4.650			10/15/25		968,273
	240,000		4.500			12/15/26		255,937
	414,000		3.550			12/15/29		410,180
	Sabine Pass Liquefaction LLC
	100,000		5.625			04/15/23		103,312
	600,000		5.750			05/15/24		638,625
	500,000		5.625			03/01/25		538,437
	486,000		5.000			03/15/27		528,525
	140,000		4.200			03/15/28		147,525
	932,000		4.500			05/15/30		998,988
	Schlumberger Investment SA
	500,000		3.650			12/01/23		513,881
	Spectra Energy Partners LP
	400,000		4.750			03/15/24		417,763
	Transcontinental Gas Pipe Line Co. LLC
	200,000		7.850			02/01/26		236,912
	Valero Energy Corp.
	390,000		3.400			09/15/26		401,659
	610,000		4.350			06/01/28		651,443
	257,000		4.000			04/01/29		268,376
	250,000		6.625			06/15/37		319,188
	Williams Cos., Inc. (The)
	100,000		4.000			09/15/25		104,411
	100,000		3.750			06/15/27		104,310
	320,000		3.500			11/15/30		325,115
	526,000		6.300			04/15/40		646,830
	200,000		5.100			09/15/45		221,982
	280,000		4.850			03/01/48		301,651
								49,435,537
Financial Company – 1.0%
	Ally Financial, Inc.
	680,000		3.050			06/05/23		689,064
	789,000		1.450			10/02/23		779,691
	270,000		3.875			05/21/24		278,714
	532,000		8.000			11/01/31		701,843
	Ares Capital Corp.
	1,780,000		4.200			06/10/24		1,830,860
	70,000		2.150			07/15/26		66,204
	Blackstone Private Credit Fund(b)
	53,000		2.625			12/15/26		49,334
	GE Capital International Funding Co. Unlimited
	3,000,000		4.418			11/15/35		3,378,568
								7,774,278
Corporate Obligations – (continued)
Food and Beverage – 2.3%
	Coca-Cola Co. (The)
	50,000		3.375			03/25/27		52,752
	50,000		1.450			06/01/27		48,064
	520,000		1.000			03/15/28		480,448
	1,000,000		2.125			09/06/29		976,003
	500,000		3.450			03/25/30		529,543
	500,000		1.650			06/01/30		463,155
	300,000		2.000			03/05/31		284,514
	380,000		2.500			06/01/40		344,186
	300,000		2.875			05/05/41		284,323
	430,000		2.600			06/01/50		377,614
	100,000		3.000			03/05/51		94,974
	220,000		2.750			06/01/60		191,080
	Constellation Brands, Inc.
	40,000		3.150			08/01/29		40,050
	Keurig Dr Pepper, Inc.
	266,000		4.057			05/25/23		273,033
	300,000		0.750			03/15/24		293,025
	510,000		4.597			05/25/28		557,156
	1,100,000		3.200			05/01/30		1,111,645
	Kraft Heinz Foods Co.
	890,000		3.000			06/01/26		893,347
	250,000		6.875			01/26/39		330,889
	552,000		4.375			06/01/46		568,465
	490,000		4.875			10/01/49		544,448
	Molson Coors Beverage Co.
	1,270,000		3.000			07/15/26		1,292,100
	190,000		5.000			05/01/42		207,941
	150,000		4.200			07/15/46		149,521
	PepsiCo, Inc.
	50,000		2.750			03/01/23		50,790
	640,000		2.250			03/19/25		645,358
	120,000		2.750			04/30/25		122,529
	216,000		2.850			02/24/26		222,112
	222,000		2.375			10/06/26		224,718
	100,000		3.000			10/15/27		103,871
	96,000		2.625			07/29/29		97,028
	210,000		2.750			03/19/30		212,719
	400,000		1.625			05/01/30		372,285
	100,000		1.400			02/25/31		90,929
	400,000		1.950			10/21/31		379,743
	300,000		4.450			04/14/46		356,073
	300,000		3.450			10/06/46		310,769
	200,000		2.875			10/15/49		189,365
	300,000		3.625			03/19/50		319,809
	Sysco Corp.
	604,000		3.300			07/15/26		622,407
	635,000		3.250			07/15/27		654,365
	365,000		5.950			04/01/30		435,565
	270,000		6.600			04/01/50		376,331
	Tyson Foods, Inc.
	120,000		3.950			08/15/24		124,474
	342,000		4.000			03/01/26		358,282
	500,000		3.550			06/02/27		519,583
	110,000		4.550			06/02/47		122,546
	300,000		5.100			09/28/48		361,127
								17,661,054

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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Hardware – 0.2%
	Micron Technology, Inc.
$	733,000		4.185	%		02/15/27	$	773,315
	400,000		4.663			02/15/30		432,500
								1,205,815
Healthcare – 2.9%
	Aetna, Inc.
	200,000		2.800			06/15/23		202,675
	250,000		3.500			11/15/24		257,121
	410,000		6.625			06/15/36		546,305
	268,000		3.875			08/15/47		268,879
	Anthem, Inc.
	306,000		3.500			08/15/24		314,546
	50,000		3.350			12/01/24		51,460
	552,000		3.650			12/01/27		579,155
	84,000		4.625			05/15/42		94,438
	668,000		4.650			01/15/43		749,851
	614,000		4.650			08/15/44		689,221
	405,000		4.375			12/01/47		447,164
	318,000		4.550			03/01/48		358,228
	300,000		3.125			05/15/50		273,900
	Cigna Corp.
	800,000		4.900			12/15/48		907,735
	600,000		3.400			03/15/51		545,867
	CVS Health Corp.
	520,000		2.625			08/15/24		526,209
	154,000		4.100			03/25/25		161,398
	400,000		3.875			07/20/25		418,837
	100,000		2.875			06/01/26		101,324
	400,000		3.000			08/15/26		406,771
	530,000		3.625			04/01/27		554,006
	725,000		4.300			03/25/28		782,236
	730,000		3.250			08/15/29		743,919
	1,320,000		4.780			03/25/38		1,474,195
	350,000		4.125			04/01/40		362,855
	350,000		2.700			08/21/40		304,409
	240,000		5.300			12/05/43		286,963
	728,000		5.125			07/20/45		843,441
	1,500,000		5.050			03/25/48		1,748,636
	HCA, Inc.
	470,000		4.750			05/01/23		483,806
	516,000		5.000			03/15/24		541,477
	520,000		5.250			04/15/25		558,350
	600,000		5.250			06/15/26		649,500
	555,000		4.500			02/15/27		585,872
	404,000		4.125			06/15/29		422,180
	500,000		3.500			09/01/30		496,250
	415,000		5.125			06/15/39		460,650
	345,000		5.500			06/15/47		404,513
	410,000		5.250			06/15/49		464,325
	UnitedHealth Group, Inc.
	700,000		3.750			07/15/25		734,138
	600,000		2.300			05/15/31		579,526
	700,000		3.250			05/15/51		679,873
								22,062,204
Corporate Obligations – (continued)
Insurance – 1.4%
	American International Group, Inc.
	600,000		2.500			06/30/25		603,587
	100,000		3.900			04/01/26		105,242
	200,000		4.200			04/01/28		216,569
	500,000		3.875			01/15/35		524,691
	100,000		4.500			07/16/44		111,318
	300,000		4.800			07/10/45		345,119
	40,000		4.750			04/01/48		46,123
	100,000		4.375			06/30/50		111,168
	500,000		4.375			01/15/55		542,280
	American International Group, Inc.(a), Series A-9
	(3M USD LIBOR + 2.868%)
	100,000		5.750			04/01/48		103,136
	Chubb INA Holdings, Inc.
	955,000		4.350			11/03/45		1,081,197
	Equitable Holdings, Inc.
	500,000		5.000			04/20/48		562,268
	Marsh & McLennan Cos., Inc.
	175,000		4.375			03/15/29		190,965
	100,000		2.250			11/15/30		94,388
	496,000		4.900			03/15/49		593,102
	MetLife, Inc.
	500,000		3.600			04/10/24		517,947
	300,000		6.400			12/15/36		338,915
	750,000		5.875			02/06/41		980,543
	500,000		4.125			08/13/42		540,348
	200,000		4.600			05/13/46		235,733
	Prudential Financial, Inc.
	(3M USD LIBOR + 3.920%)
	500,000		5.625	(a)		06/15/43		513,284
	(3M USD LIBOR + 3.031%)
	100,000		5.375	(a)		05/15/45		102,378
	(3M USD LIBOR + 2.380%)
	530,000		4.500	(a)		09/15/47		514,190
	210,000		3.905			12/07/47		221,700
	46,000	��	3.935			12/07/49		48,357
	Prudential Financial, Inc., MTN
	300,000		5.700			12/14/36		381,484
	480,000		4.350			02/25/50		539,744
	350,000		3.700			03/13/51		354,666
	Travelers Cos., Inc. (The)
	400,000		3.050			06/08/51		373,772
								10,894,214
REITs and Real Estate – 0.4%
	Alexandria Real Estate Equities, Inc.
	200,000		3.375			08/15/31		205,612
	300,000		1.875			02/01/33		265,683
	Equinix, Inc.
	500,000		3.200			11/18/29		493,594
	GLP Capital LP / GLP Financing II, Inc.
	917,000		5.375			04/15/26		977,688
	368,000		5.300			01/15/29		402,776
	Simon Property Group LP
	100,000		3.250			11/30/26		103,019
	500,000		3.250			09/13/49		457,402
	100,000		3.800			07/15/50		100,789

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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Schedule of Investments (continued)

February 28, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
REITs and Real Estate – (continued)
	Welltower, Inc.
$	300,000		4.250	%		04/15/28	$	321,918
	50,000		3.100			01/15/30		49,985
								3,378,466
Revenue – 0.4%
	Ascension Health
	200,000		3.945			11/15/46		230,167
	Ascension Health, Series B
	300,000		2.532			11/15/29		301,194
	CommonSpirit Health
	100,000		2.760			10/01/24		100,913
	220,000		3.347			10/01/29		225,600
	633,000		4.350			11/01/42		670,644
	200,000		4.187			10/01/49		218,262
	Kaiser Foundation Hospitals
	580,000		4.150			05/01/47		650,955
	Kaiser Foundation Hospitals, Series 2019
	430,000		3.266			11/01/49		420,406
	Kaiser Foundation Hospitals, Series 2021
	125,000		2.810			06/01/41		117,584
								2,935,725
Software – 1.6%
	Oracle Corp.
	660,000		3.400			07/08/24		675,760
	40,000		2.950			11/15/24		40,565
	900,000		2.500			04/01/25		896,868
	230,000		2.950			05/15/25		231,794
	823,000		2.650			07/15/26		817,843
	40,000		2.800			04/01/27		39,764
	80,000		3.250			11/15/27		80,955
	512,000		2.300			03/25/28		487,655
	900,000		2.950			04/01/30		871,029
	444,000		4.300			07/08/34		457,926
	866,000		3.850			07/15/36		837,685
	245,000		3.800			11/15/37		233,836
	796,000		6.500			04/15/38		986,054
	840,000		3.600			04/01/40		762,933
	418,000		5.375			07/15/40		460,658
	340,000		3.650			03/25/41		308,164
	354,000		4.125			05/15/45		330,355
	300,000		4.000			07/15/46		275,638
	540,000		4.000			11/15/47		496,408
	850,000		3.600			04/01/50		739,772
	600,000		3.950			03/25/51		549,128
	250,000		4.375			05/15/55		238,362
	1,095,000		3.850			04/01/60		945,349
	537,000		4.100			03/25/61		486,042
								12,250,543
Technology – 9.2%
	Activision Blizzard, Inc.
	800,000		3.400			09/15/26		838,108
	Adobe, Inc.
	208,000		3.250			02/01/25		214,824
	180,000		2.150			02/01/27		179,448
	500,000		2.300			02/01/30		486,166
Corporate Obligations – (continued)
Technology – (continued)
	Alphabet, Inc.
	274,000		1.998			08/15/26		274,466
	300,000		1.100			08/15/30		271,509
	400,000		1.900			08/15/40		336,504
	957,000		2.050			08/15/50		776,825
	549,000		2.250			08/15/60		441,269
	Apple, Inc.
	1,420,000		2.400			05/03/23		1,437,741
	180,000		3.000			02/09/24		184,487
	489,000		3.450			05/06/24		506,676
	495,000		2.850			05/11/24		505,984
	500,000		2.750			01/13/25		511,863
	300,000		2.500			02/09/25		305,424
	300,000		1.125			05/11/25		292,941
	40,000		3.200			05/13/25		41,456
	1,521,000		3.250			02/23/26		1,586,569
	214,000		2.450			08/04/26		217,261
	210,000		3.000			06/20/27		218,072
	1,620,000		2.900			09/12/27		1,672,892
	830,000		3.000			11/13/27		863,590
	500,000		1.200			02/08/28		470,253
	500,000		1.400			08/05/28		472,875
	400,000		1.650			05/11/30		374,121
	600,000		1.650			02/08/31		555,200
	985,000		4.500			02/23/36		1,157,552
	150,000		2.375			02/08/41		133,259
	637,000		3.850			05/04/43		689,830
	310,000		4.450			05/06/44		362,494
	305,000		3.450			02/09/45		310,353
	380,000		4.375			05/13/45		441,330
	888,000		4.650			02/23/46		1,080,716
	156,000		3.850			08/04/46		168,626
	296,000		4.250			02/09/47		340,541
	550,000		3.750			11/13/47		591,072
	977,000		2.950			09/11/49		919,388
	995,000		2.650			05/11/50		885,349
	239,000		2.400			08/20/50		203,707
	125,000		2.800			02/08/61		109,876
	Applied Materials, Inc.
	300,000		3.300			04/01/27		313,665
	150,000		1.750			06/01/30		140,766
	200,000		4.350			04/01/47		230,910
	Broadcom Corp. / Broadcom Cayman Finance Ltd.
	100,000		3.625			01/15/24		102,696
	1,019,000		3.875			01/15/27		1,061,153
	210,000		3.500			01/15/28		214,595
	Broadcom, Inc.
	500,000		3.150			11/15/25		509,145
	310,000		4.250			04/15/26		329,019
	431,000		3.459			09/15/26		444,181
	470,000		4.750			04/15/29		510,864
	986,000		5.000			04/15/30		1,089,122
	760,000		4.150			11/15/30		798,393
	600,000		2.450	(b)		02/15/31		553,563
	640,000		4.300			11/15/32		675,916
	425,000		3.419	(b)		04/15/33		415,800

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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Technology – (continued)
	Broadcom, Inc. – (continued)
$	290,000		3.469	%(b)		04/15/34	$	281,667
	600,000		3.137	(b)		11/15/35		557,500
	600,000		3.500	(b)		02/15/41		553,566
	170,000		3.750	(b)		02/15/51		158,386
	Cisco Systems, Inc.
	400,000		5.900			02/15/39		532,165
	400,000		5.500			01/15/40		515,066
	Dell International LLC / EMC Corp.
	149,000		5.450			06/15/23		155,372
	648,000		6.020			06/15/26		724,626
	1,426,000		4.900			10/01/26		1,547,653
	350,000		5.300			10/01/29		391,143
	460,000		8.100			07/15/36		638,181
	400,000		8.350			07/15/46		611,112
	Fiserv, Inc.
	100,000		3.800			10/01/23		102,947
	400,000		2.750			07/01/24		404,174
	500,000		3.200			07/01/26		511,990
	500,000		3.500			07/01/29		507,181
	400,000		4.400			07/01/49		427,377
	Hewlett Packard Enterprise Co.
	300,000		2.250			04/01/23		301,838
	300,000		4.450			10/02/23		311,141
	300,000		4.900			10/15/25		322,006
	300,000		6.350			10/15/45		357,974
	HP, Inc.
	300,000		3.400			06/17/30		303,095
	368,000		6.000			09/15/41		441,883
	Intel Corp.
	300,000		2.875			05/11/24		306,635
	503,000		3.700			07/29/25		526,853
	120,000		2.600			05/19/26		122,415
	880,000		3.150			05/11/27		912,297
	946,000		2.450			11/15/29		925,776
	354,000		4.600			03/25/40		403,630
	300,000		4.800			10/01/41		353,458
	290,000		4.100			05/19/46		312,017
	320,000		4.100			05/11/47		343,492
	295,000		3.734			12/08/47		298,255
	670,000		3.250			11/15/49		627,460
	525,000		4.750			03/25/50		613,542
	460,000		3.050			08/12/51		418,185
	50,000		3.100			02/15/60		43,712
	100,000		4.950			03/25/60		123,056
	International Business Machines Corp.
	300,000		3.375			08/01/23		307,466
	445,000		3.625			02/12/24		459,736
	250,000		3.450			02/19/26		260,802
	1,260,000		3.300			05/15/26		1,309,170
	300,000		1.700			05/15/27		289,049
	1,150,000		1.950			05/15/30		1,079,651
	540,000		4.150			05/15/39		577,589
	427,000		4.000			06/20/42		448,855
	300,000		2.950			05/15/50		269,985
Corporate Obligations – (continued)
Technology – (continued)
	KLA Corp.
	300,000		4.650			11/01/24		317,113
	300,000		4.100			03/15/29		324,338
	Lam Research Corp.
	640,000		4.000			03/15/29		693,004
	280,000		1.900			06/15/30		261,979
	220,000		4.875			03/15/49		266,512
	500,000		2.875			06/15/50		447,815
	Microsoft Corp.
	870,000		2.000			08/08/23		877,108
	522,000		2.875			02/06/24		534,582
	1,066,000		2.700			02/12/25		1,093,167
	256,000		3.125			11/03/25		265,768
	176,000		2.400			08/08/26		178,844
	205,000		3.300			02/06/27		216,873
	660,000		3.500			02/12/35		712,493
	400,000		3.450			08/08/36		429,031
	113,000		4.100			02/06/37		129,319
	200,000		4.450			11/03/45		242,008
	300,000		3.700			08/08/46		327,250
	250,000		4.250			02/06/47		297,212
	1,251,000		2.525			06/01/50		1,116,393
	1,700,000		2.921			03/17/52		1,617,638
	1,196,000		2.675			06/01/60		1,052,653
	100,000		3.041			03/17/62		95,634
	NVIDIA Corp.
	400,000		0.584			06/14/24		389,159
	500,000		2.850			04/01/30		506,428
	400,000		2.000			06/15/31		376,572
	400,000		3.500			04/01/50		411,402
	PayPal Holdings, Inc.
	400,000		2.400			10/01/24		402,931
	400,000		1.650			06/01/25		391,813
	200,000		2.850			10/01/29		199,304
	QUALCOMM, Inc.
	216,000		2.900			05/20/24		220,617
	330,000		3.450			05/20/25		343,048
	320,000		3.250			05/20/27		333,643
	126,000		2.150			05/20/30		121,221
	200,000		4.650			05/20/35		232,831
	736,000		4.800			05/20/45		879,647
	250,000		4.300			05/20/47		283,022
	Texas Instruments, Inc.
	300,000		2.250			09/04/29		295,745
	552,000		4.150			05/15/48		627,256
	VMware, Inc.
	75,000		4.500			05/15/25		79,399
	50,000		3.900			08/21/27		52,255
	400,000		2.200			08/15/31		367,182
	Western Digital Corp.
	1,000,000		4.750			02/15/26		1,038,750
								69,860,493
Transportation – 1.2%
	CSX Corp.
	696,000		3.250			06/01/27		720,180
	120,000		3.800			03/01/28		127,028

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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Schedule of Investments (continued)

February 28, 2022 (Unaudited)

Principal Amount			Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Transportation – (continued)
$	46,000			4.100	%		03/15/44	$	49,096
	490,000			3.800			11/01/46		502,461
	FedEx Corp.
	540,000			3.100			08/05/29		548,143
	92,000			5.100			01/15/44		106,686
	250,000			4.750			11/15/45		277,469
	234,000			4.550			04/01/46		255,448
	260,000			4.400			01/15/47		276,915
	584,000			4.950			10/17/48		672,189
	160,000			5.250			05/15/50		192,625
	FedEx Corp. Pass Through Trust, Series 2020-1
	45,990	��		1.875			02/20/34		43,290
	Southwest Airlines Co.
	270,000			4.750			05/04/23		279,175
	170,000			5.250			05/04/25		183,604
	125,000			5.125			06/15/27		138,690
	Union Pacific Corp.
	414,000			3.950			09/10/28		445,044
	500,000			2.400			02/05/30		489,590
	310,000			3.799			10/01/51		323,294
	95,000			2.950			03/10/52		86,539
	408,000			3.839			03/20/60		421,367
	950,000			3.799			04/06/71		956,924
	United Parcel Service, Inc.
	92,000			3.050			11/15/27		96,067
	792,000			3.400			03/15/29		836,593
	330,000			3.750			11/15/47		357,041
	734,000			5.300			04/01/50		989,950
									9,375,408
Wireless – 5.9%
	American Tower Corp.
	250,000			4.000			06/01/25		260,606
	1,050,000			3.375			10/15/26		1,076,981
	200,000			2.750			01/15/27		199,634
	715,000			3.800			08/15/29		737,968
	80,000			2.900			01/15/30		77,325
	251,000			3.100			06/15/50		210,829
	AT&T, Inc.
	880,000			4.125			02/17/26		939,850
	915,000			3.800			02/15/27		967,288
	900,000			4.250			03/01/27		969,360
	339,000			2.300			06/01/27		335,090
	75,000			1.650			02/01/28		70,778
	660,000			4.100			02/15/28		708,020
	715,000			4.350			03/01/29		777,991
	497,000			4.300			02/15/30		542,022
	595,000			2.750			06/01/31		578,606
	1,000,000			2.250			02/01/32		921,703
	500,000			2.550			12/01/33		465,118
	435,000			4.500			05/15/35		478,801
	551,000			5.250			03/01/37		649,123
	140,000			4.850			03/01/39		155,996
	90,000			5.350			09/01/40		106,737
	450,000			4.300			12/15/42		466,964
	330,000			4.350			06/15/45		340,722
Corporate Obligations – (continued)
Wireless – (continued)
	AT&T, Inc. – (continued)
	435,000			4.750			05/15/46		477,823
	250,000			5.650			02/15/47		312,108
	545,000			4.500			03/09/48		586,022
	317,000			4.550			03/09/49		343,838
	335,000			5.150			02/15/50		388,543
	770,000			3.650			06/01/51		729,387
	100,000			3.300			02/01/52		89,286
	1,350,000			3.500			09/15/53		1,236,372
	2,072,000			3.550			09/15/55		1,882,765
	300,000			3.800			12/01/57		283,706
	1,702,000			3.650			09/15/59		1,562,718
	92,000			3.850			06/01/60		85,593
	CC Holdings GS V LLC / Crown Castle GS III Corp.
	450,000			3.849			04/15/23		462,289
	Crown Castle International Corp.
	60,000			3.150			07/15/23		61,036
	510,000			4.450			02/15/26		542,815
	200,000			3.700			06/15/26		207,682
	130,000			3.650			09/01/27		134,724
	300,000			3.300			07/01/30		298,290
	390,000			2.250			01/15/31		357,158
	690,000			2.100			04/01/31		621,524
	100,000			3.250			01/15/51		85,712
	T-Mobile USA, Inc.
	500,000			3.500			04/15/25		514,790
	700,000			3.750			04/15/27		728,398
	1,300,000			3.875			04/15/30		1,338,704
	800,000			2.550			02/15/31		749,440
	750,000			2.250			11/15/31		676,534
	500,000			3.000			02/15/41		436,323
	590,000			4.500			04/15/50		617,733
	820,000			3.300			02/15/51		714,697
	Verizon Communications, Inc.
	650,000			3.500			11/01/24		672,389
	184,000			3.376			02/15/25		190,690
	450,000			4.125			03/16/27		481,840
	1,070,000			2.100			03/22/28		1,031,195
	722,000			4.329			09/21/28		786,895
	860,000			4.016			12/03/29		915,730
	471,000			3.150			03/22/30		476,328
	300,000			1.500			09/18/30		266,368
	1,350,000			2.550			03/21/31		1,288,269
	50,000			2.355	(b)		03/15/32		46,645
	485,000			4.500			08/10/33		534,857
	750,000			4.400			11/01/34		823,603
	220,000			4.272			01/15/36		238,355
	510,000			5.250			03/16/37		613,365
	1,070,000			2.650			11/20/40		930,262
	510,000			3.400			03/22/41		493,158
	450,000			3.850			11/01/42		452,477
	60,000			6.550			09/15/43		85,961
	204,000			4.125			08/15/46		211,999
	700,000			4.862			08/21/46		827,419
	815,000			4.522			09/15/48		910,417
	400,000			2.875			11/20/50		336,257

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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Wireless – (continued)
	Verizon Communications, Inc. – (continued)
$	800,000		3.550	%		03/22/51	$	773,590
	394,000		5.012			08/21/54		476,749
	469,000		4.672			03/15/55		557,496
	850,000		2.987			10/30/56		727,658
	500,000		3.000			11/20/60		406,159
	725,000		3.700			03/22/61		691,808
								44,811,461
	TOTAL CORPORATE OBLIGATIONS
	(Cost $635,866,459)						$	607,759,379
Foreign Corporate Debt – 18.6%
Banks – 9.2%
	Banco Bilbao Vizcaya Argentaria SA (Spain)
$	1,000,000		0.875	%		09/18/23	$	983,403
	200,000		1.125			09/18/25		189,904
	Banco Santander SA (Spain)
	200,000		2.706			06/27/24		200,875
	1,600,000		2.746			05/28/25		1,600,959
	400,000		1.849			03/25/26		384,500
	600,000		4.250			04/11/27		633,429
	600,000		3.490			05/28/30		599,685
	400,000		2.958			03/25/31		383,675
	Bank of Montreal (Canada)
	(5 Year USD Swap + 1.280%)
	100,000		4.338	(a)		10/05/28		103,125
	(5 Year USD Swap + 1.432%)
	1,750,000		3.803	(a)		12/15/32		1,798,125
	Bank of Montreal, MTN (Canada)
	250,000		0.625			07/09/24		241,481
	(SOFR + 0.603%)
	40,000		0.949	(a)		01/22/27		37,635
	Bank of Montreal, Series E (Canada)
	50,000		3.300			02/05/24		51,158
	Bank of Nova Scotia (The) (Canada)
	800,000		3.400			02/11/24		820,892
	400,000		0.700			04/15/24		386,292
	400,000		1.300			06/11/25		385,898
	300,000		4.500			12/16/25		318,635
	Barclays PLC (United Kingdom)
	(3M USD LIBOR + 1.356%)
	1,100,000		4.338	(a)		05/16/24		1,131,867
	890,000		3.650			03/16/25		914,156
	1,035,000		4.375			01/12/26		1,093,442
	(SOFR + 2.714%)
	200,000		2.852	(a)		05/07/26		199,962
	210,000		5.200			05/12/26		226,309
	350,000		4.836			05/09/28		371,525
	(US 5 Year CMT T-Note + 2.900%)
	200,000		3.564	(a)		09/23/35		190,835
	(US 1 Year CMT T-Note + 1.700%)
	500,000		3.811	(a)		03/10/42		467,197
	330,000		5.250			08/17/45		386,184
	800,000		4.950			01/10/47		902,086
Foreign Corporate Debt – (continued)
Banks – (continued)
	Canadian Imperial Bank of Commerce (Canada)
	1,160,000		3.500			09/13/23		1,191,940
	450,000		3.100			04/02/24		459,103
	300,000		2.250			01/28/25		299,109
	Cooperatieve Rabobank UA (Netherlands)
	815,000		3.750			07/21/26		842,654
	468,000		5.250			05/24/41		602,831
	745,000		5.250			08/04/45		892,045
	Credit Suisse Group AG (Switzerland)
	600,000		3.750			03/26/25		616,341
	Deutsche Bank AG (Germany)
	130,000		3.700			05/30/24		132,949
	(SOFR + 2.581%)
	800,000		3.961	(a)		11/26/25		819,574
	(SOFR + 1.718%)
	700,000		3.035	(a)		05/28/32		656,707
	HSBC Holdings PLC (United Kingdom)
	540,000		4.250			03/14/24		558,920
	(3M USD LIBOR + 0.987%)
	800,000		3.950	(a)		05/18/24		817,622
	400,000		4.250			08/18/25		415,546
	(SOFR + 1.402%)
	550,000		2.633	(a)		11/07/25		550,502
	750,000		4.300			03/08/26		792,326
	1,390,000		3.900			05/25/26		1,445,149
	(3M USD LIBOR + 1.348%)
	500,000		4.292	(a)		09/12/26		522,102
	(3M USD LIBOR + 1.535%)
	700,000		4.583	(a)		06/19/29		748,270
	1,080,000		4.950			03/31/30		1,191,662
	(3M USD LIBOR + 1.610%)
	800,000		3.973	(a)		05/22/30		826,870
	(SOFR + 2.387%)
	1,155,000		2.848	(a)		06/04/31		1,103,888
	(SOFR + 1.947%)
	1,050,000		2.357	(a)		08/18/31		964,594
	(SOFR + 1.187%)
	300,000		2.804	(a)		05/24/32		284,542
	(SOFR + 1.410%)
	400,000		2.871	(a)		11/22/32		379,187
	250,000		6.500			05/02/36		315,341
	546,000		6.500			09/15/37		698,924
	405,000		6.800			06/01/38		528,519
	130,000		6.100			01/14/42		171,383
	ING Groep NV (Netherlands)
	590,000		4.100			10/02/23		609,262
	300,000		3.550			04/09/24		307,926
	200,000		3.950			03/29/27		210,476
	490,000		4.550			10/02/28		533,424
	330,000		4.050			04/09/29		349,803
	Lloyds Banking Group PLC (United Kingdom)
	700,000		4.050			08/16/23		721,587
	(US 1 Year CMT T-Note + 3.500%)
	300,000		3.870	(a)		07/09/25		308,875
	400,000		4.582			12/10/25		419,893
	1,000,000		4.375			03/22/28		1,067,880

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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Schedule of Investments (continued)

February 28, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Foreign Corporate Debt – (continued)
Banks – (continued)
	Lloyds Banking Group PLC (United Kingdom) – (continued)
	(3M USD LIBOR + 1.205%)
$	500,000		3.574	%(a)		11/07/28	$	513,907
	200,000		5.300			12/01/45		229,642
	490,000		4.344			01/09/48		503,270
	Mitsubishi UFJ Financial Group, Inc. (Japan)
	290,000		3.761			07/26/23		298,404
	690,000		3.407			03/07/24		707,781
	600,000		2.193			02/25/25		595,208
	850,000		3.850			03/01/26		889,742
	830,000		3.677			02/22/27		867,705
	150,000		3.287			07/25/27		153,541
	524,000		3.961			03/02/28		552,976
	100,000		3.741			03/07/29		104,369
	500,000		3.195			07/18/29		502,390
	640,000		2.559			02/25/30		614,387
	200,000		2.048			07/17/30		183,092
	(US 1 Year CMT T-Note + 0.950%)
	1,000,000		2.309	(a)		07/20/32		926,930
	700,000		3.751			07/18/39		729,192
	National Australia Bank Ltd. (Australia)
	940,000		2.500			07/12/26		951,236
	NatWest Group PLC (United Kingdom)
	(3M USD LIBOR + 1.550%)
	490,000		4.519	(a)		06/25/24		504,671
	(3M USD LIBOR + 1.762%)
	885,000		4.269	(a)		03/22/25		914,531
	(US 1 Year CMT T-Note + 2.550%)
	355,000		3.073	(a)		05/22/28		357,314
	(3M USD LIBOR + 1.754%)
	345,000		4.892	(a)		05/18/29		376,403
	(US 5 Year CMT T-Note + 2.100%)
	600,000		3.754	(a)		11/01/29		608,907
	(3M USD LIBOR + 1.905%)
	500,000		5.076	(a)		01/27/30		552,013
	(3M USD LIBOR + 1.871%)
	370,000		4.445	(a)		05/08/30		395,108
	(US 5 Year CMT T-Note + 2.350%)
	420,000		3.032	(a)		11/28/35		390,971
	Royal Bank of Canada, GMTN (Canada)
	370,000		1.600			04/17/23		369,769
	1,100,000		3.700			10/05/23		1,133,674
	500,000		2.250			11/01/24		499,882
	500,000		4.650			01/27/26		537,079
	Royal Bank of Canada, MTN (Canada)
	100,000		0.500			10/26/23		97,932
	500,000		1.150			06/10/25		479,889
	Royal Bank of Canada (Canada)
	300,000		1.200			04/27/26		285,210
	Santander UK Group Holdings PLC(a) (United Kingdom)
	(3M USD LIBOR + 1.570%)
	200,000		4.796			11/15/24		208,396
	Santander UK PLC (United Kingdom)
	1,100,000		4.000			03/13/24		1,141,023
	Sumitomo Mitsui Financial Group, Inc. (Japan)
	300,000		2.696			07/16/24		302,931
	300,000		0.948			01/12/26		282,160
Foreign Corporate Debt – (continued)
Banks – (continued)
	Sumitomo Mitsui Financial Group, Inc. (Japan) – (continued)
	400,000		3.784			03/09/26		418,190
	50,000		2.632			07/14/26		50,086
	300,000		1.402			09/17/26		285,619
	910,000		3.010			10/19/26		922,351
	100,000		3.446			01/11/27		103,389
	150,000		3.364			07/12/27		154,669
	500,000		3.040			07/16/29		497,418
	1,000,000		2.750			01/15/30		973,869
	1,240,000		2.130			07/08/30		1,158,464
	1,000,000		2.222			09/17/31		923,490
	Toronto-Dominion Bank (The), MTN (Canada)
	800,000		2.650			06/12/24		808,624
	290,000		1.150			06/12/25		279,116
	300,000		0.750			01/06/26		282,709
	Toronto-Dominion Bank (The)(a) (Canada)
	(5 Year USD Swap + 2.205%)
	50,000		3.625			09/15/31		51,625
	Toronto-Dominion Bank (The), GMTN (Canada)
	1,885,000		3.500			07/19/23		1,930,846
	Westpac Banking Corp. (Australia)
	100,000		3.300			02/26/24		102,931
	300,000		1.019			11/18/24		293,935
	100,000		2.350			02/19/25		100,746
	500,000		2.850			05/13/26		512,765
	290,000		1.150			06/03/26		278,435
	100,000		3.350			03/08/27		104,351
	100,000		3.400			01/25/28		104,664
	300,000		2.650			01/16/30		300,274
	(US 5 Year CMT T-Note + 1.350%)
	195,000		2.894	(a)		02/04/30		193,529
	400,000		2.150			06/03/31		379,341
	(US 5 Year CMT T-Note + 2.000%)
	100,000		4.110	(a)		07/24/34		103,832
	(US 5 Year CMT T-Note + 1.750%)
	300,000		2.668	(a)		11/15/35		274,672
	600,000		4.421			07/24/39		645,499
	100,000		2.963			11/16/40		88,292
	Westpac Banking Corp.(a), GMTN (Australia)
	(5 Year USD Swap + 2.236%)
	400,000		4.322			11/23/31		417,330
								69,863,656
Beverages – 0.1%
	Coca-Cola Femsa SAB de CV (Mexico)
	700,000		2.750			01/22/30		670,565
Brokerage – 0.1%
	Brookfield Finance, Inc. (Canada)
	120,000		4.850			03/29/29		131,270
	125,000		4.350			04/15/30		134,676
	309,000		4.700			09/20/47		336,437
								602,383
Consumer Noncyclical – 1.3%
	BAT Capital Corp. (United Kingdom)
	300,000		3.215			09/06/26		299,482

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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Principal Amount		Interest Rate			Maturity Date		Value
Foreign Corporate Debt – (continued)
Consumer Noncyclical – (continued)
	BAT Capital Corp. (United Kingdom) – (continued)
$	300,000		2.259	%		03/25/28	$	279,910
	300,000		2.726			03/25/31		275,376
	1,500,000		4.540			08/15/47		1,372,869
	400,000		4.758			09/06/49		379,553
	BAT International Finance PLC (United Kingdom)
	300,000		1.668			03/25/26		284,399
	GlaxoSmithKline Capital, Inc. (United Kingdom)
	600,000		6.375			05/15/38		829,953
	Novartis Capital Corp. (Switzerland)
	70,000		3.400			05/06/24		72,421
	200,000		1.750			02/14/25		198,914
	489,000		3.000			11/20/25		503,531
	702,000		3.100			05/17/27		728,585
	700,000		2.200			08/14/30		679,705
	220,000		4.400			05/06/44		256,450
	300,000		4.000			11/20/45		332,621
	225,000		2.750			08/14/50		206,546
	Reynolds American, Inc. (United Kingdom)
	575,000		4.450			06/12/25		601,138
	300,000		5.850			08/15/45		324,880
	Takeda Pharmaceutical Co., Ltd. (Japan)
	500,000		5.000			11/26/28		563,562
	750,000		2.050			03/31/30		691,810
	750,000		3.175			07/09/50		674,602
								9,556,307
Consumer Products – 0.1%
	Unilever Capital Corp. (United Kingdom)
	100,000		2.900			05/05/27		102,145
	500,000		3.500			03/22/28		526,198
	500,000		2.125			09/06/29		482,424
								1,110,767
Energy – 2.3%
	BP Capital Markets PLC (United Kingdom)
	600,000		3.279			09/19/27		618,906
	Canadian Natural Resources Ltd. (Canada)
	800,000		3.850			06/01/27		835,327
	Canadian Natural Resources Ltd., GMTN (Canada)
	210,000		4.950			06/01/47		235,548
	Cenovus Energy, Inc. (Canada)
	100,000		4.400			04/15/29		106,471
	777,000		6.750			11/15/39		969,086
	102,000		5.400			06/15/47		115,546
	Enbridge, Inc. (Canada)
	320,000		4.000			10/01/23		329,237
	782,000		3.125			11/15/29		785,301
	(3M USD LIBOR + 3.641%)
	300,000		6.250	(a)		03/01/78		313,500
	Equinor ASA (Norway)
	500,000		2.875			04/06/25		509,498
	200,000		1.750			01/22/26		196,106
	300,000		3.125			04/06/30		308,398
	100,000		2.375			05/22/30		97,350
	140,000		3.950			05/15/43		148,117
	752,000		3.250			11/18/49		720,938
	250,000		3.700			04/06/50		258,422
Foreign Corporate Debt – (continued)
Energy – (continued)
	Shell International Finance BV (Netherlands)
	700,000		2.000			11/07/24		702,966
	500,000		3.250			05/11/25		518,012
	500,000		2.875			05/10/26		514,417
	800,000		3.875			11/13/28		857,942
	400,000		2.375			11/07/29		390,714
	500,000		4.125			05/11/35		547,463
	936,000		6.375			12/15/38		1,274,488
	492,000		4.375			05/11/45		546,496
	674,000		4.000			05/10/46		712,884
	379,000		3.750			09/12/46		388,791
	282,000		3.125			11/07/49		261,937
	Suncor Energy, Inc. (Canada)
	434,000		4.000			11/15/47		435,880
	100,000		3.750			03/04/51		96,759
	TotalEnergies Capital International SA (France)
	300,000		3.750			04/10/24		311,191
	500,000		2.829			01/10/30		499,715
	500,000		2.986			06/29/41		461,741
	400,000		3.461			07/12/49		389,000
	450,000		3.127			05/29/50		418,479
	300,000		3.386			06/29/60		279,147
	TotalEnergies Capital SA (France)
	244,000		3.883			10/11/28		259,174
	TransCanada PipeLines Ltd. (Canada)
	600,000		4.625			03/01/34		656,488
	500,000		7.625			01/15/39		714,582
								17,786,017
Financial Company – 0.6%
	AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Ireland)
	500,000		3.150			02/15/24		505,433
	500,000		3.500			01/15/25		507,452
	300,000		6.500			07/15/25		330,778
	1,000,000		2.450			10/29/26		961,048
	300,000		3.000			10/29/28		289,732
	1,000,000		3.300			01/30/32		950,009
	300,000		3.400			10/29/33		283,700
	500,000		3.850			10/29/41		465,832
								4,293,984
Food and Beverage – 1.7%
	Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc. (Belgium)
	785,000		3.650			02/01/26		820,541
	950,000		4.700			02/01/36		1,051,531
	1,685,000		4.900			02/01/46		1,919,748
	Anheuser-Busch InBev Finance, Inc. (Belgium)
	100,000		4.000			01/17/43		101,324
	535,000		4.625			02/01/44		579,265
	300,000		4.900			02/01/46		342,448
	Anheuser-Busch InBev Worldwide, Inc. (Belgium)
	790,000		4.000			04/13/28		842,046
	1,100,000		4.750			01/23/29		1,222,951
	317,000		4.900			01/23/31		363,014
	620,000		4.375			04/15/38		664,069

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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Schedule of Investments (continued)

February 28, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Foreign Corporate Debt – (continued)
Food and Beverage – (continued)
	Anheuser-Busch InBev Worldwide, Inc. (Belgium) – (continued)
$	500,000		5.450	%		01/23/39	$	594,490
	100,000		4.350			06/01/40		106,657
	790,000		4.950			01/15/42		903,067
	605,000		4.600			04/15/48		664,040
	210,000		4.439			10/06/48		225,328
	836,000		5.550			01/23/49		1,032,415
	150,000		4.500			06/01/50		165,254
	310,000		4.750			04/15/58		343,438
	434,000		5.800			01/23/59		559,274
	Diageo Capital PLC (United Kingdom)
	400,000		2.625			04/29/23		404,096
								12,904,996
Forest Products & Paper – 0.1%
	Suzano Austria GmbH (Brazil)
	564,000		3.125			01/15/32		503,273
Internet – 0.4%
	Alibaba Group Holding Ltd. (China)
	500,000		3.600			11/28/24		513,232
	840,000		3.400			12/06/27		853,144
	600,000		2.125			02/09/31		539,171
	400,000		4.000			12/06/37		391,993
	550,000		4.200			12/06/47		532,110
	300,000		3.150			02/09/51		243,257
	200,000		4.400			12/06/57		197,563
								3,270,470
Lodging – 0.1%
	Sands China Ltd. (Macau)
	280,000		5.125			08/08/25		277,200
	500,000		5.400			08/08/28		491,250
								768,450
Media – 0.1%
	Grupo Televisa SAB (Mexico)
	200,000		5.000			05/13/45		218,068
	200,000		6.125			01/31/46		250,062
	200,000		5.250			05/24/49		228,572
								696,702
Metals and Mining – 0.2%
	BHP Billiton Finance USA Ltd. (Australia)
	150,000		4.125			02/24/42		162,552
	650,000		5.000			09/30/43		784,159
	Rio Tinto Finance USA Ltd. (Australia)
	80,000		7.125			07/15/28		100,192
	525,000		5.200			11/02/40		642,635
	Rio Tinto Finance USA PLC (Australia)
	80,000		4.125			08/21/42		87,688
								1,777,226
Mining – 0.5%
	Southern Copper Corp. (Peru)
	341,000		7.500			07/27/35		455,105
	331,000		6.750			04/16/40		433,293
	386,000		5.250			11/08/42		449,796
	291,000		5.875			04/23/45		365,431
Foreign Corporate Debt – (continued)
Mining – (continued)
	Vale Overseas Ltd. (Brazil)
	930,000		6.250			08/10/26		1,043,925
	350,000		6.875			11/21/36		427,219
	552,000		6.875			11/10/39		685,860
								3,860,629
Oil Company-Exploration & Production – 0.1%
	CNOOC Finance 2013 Ltd. (China)
	300,000		3.000			05/09/23		304,154
	CNOOC Finance 2015 USA LLC (China)
	200,000		4.375			05/02/28		217,847
								522,001
Oil Company-Integrated – 0.2%
	Ecopetrol SA (Colombia)
	250,000		5.875			09/18/23		260,938
	150,000		4.125			01/16/25		148,875
	200,000		5.375			06/26/26		205,125
	300,000		6.875			04/29/30		313,125
	468,000		7.375			09/18/43		461,565
	400,000		5.875			05/28/45		345,000
								1,734,628
Semiconductors – 0.0%
	TSMC Arizona Corp. (Taiwan)
	400,000		3.250			10/25/51		382,866
Technology – 0.2%
	NXP BV / NXP Funding LLC(b) (China)
	170,000		4.875			03/01/24		178,408
	NXP BV / NXP Funding LLC / NXP USA, Inc.(b) (China)
	500,000		3.400			05/01/30		505,079
	500,000		2.500			05/11/31		467,878
								1,151,365
Telecommunications – 0.2%
	America Movil SAB de CV (Mexico)
	266,000		2.875			05/07/30		259,460
	640,000		6.125			03/30/40		802,146
	470,000		4.375			04/22/49		517,391
								1,578,997
Transportation – 0.1%
	Canadian Pacific Railway Co. (Canada)
	350,000		2.450			12/02/31		336,501
	350,000		3.100			12/02/51		316,990
								653,491
Wireless – 0.6%
	Rogers Communications, Inc. (Canada)
	70,000		4.100			10/01/23		71,820
	200,000		4.300			02/15/48		200,130
	500,000		4.350			05/01/49		499,540
	Vodafone Group PLC (United Kingdom)
	1,000,000		3.750			01/16/24		1,035,580
	50,000		4.125			05/30/25		52,616
	300,000		5.000			05/30/38		340,506
	700,000		5.250			05/30/48		800,538

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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Principal Amount		Interest Rate			Maturity Date		Value
Foreign Corporate Debt – (continued)
Wireless – (continued)
	Vodafone Group PLC (United Kingdom) – (continued)
$	450,000		4.875	%		06/19/49	$	497,442
	700,000		4.250			09/17/50		711,516
								4,209,688
Wirelines – 0.4%
	British Telecommunications PLC (United Kingdom)
	300,000		9.625			12/15/30		420,220
	Deutsche Telekom International Finance BV (Germany)
	650,000		8.750			06/15/30		898,270
	Telefonica Emisiones SA (Spain)
	200,000		4.103			03/08/27		211,859
	100,000		7.045			06/20/36		129,317
	450,000		4.665			03/06/38		466,039
	600,000		5.213			03/08/47		654,000
	415,000		4.895			03/06/48		435,681
								3,215,386
	TOTAL FOREIGN CORPORATE DEBT
	(Cost $148,177,653)						$	141,113,847

Shares	Dividend Rate	Value
Investment Company – 0.2%(c)
Goldman Sachs Financial Square Government Fund – Institutional Shares
1,444,342	0.026%	$	1,444,342
(Cost $1,444,342)
TOTAL INVESTMENTS – 99.0%
(Cost $785,488,454)		$	750,317,568
OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.0%			7,401,578
NET ASSETS – 100.0%		$	757,719,146

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, 2022.
(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

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

GOLDMAN SACHS ACCESS TREASURY 0-1 YEAR ETF

Schedule of Investments

February 28, 2022 (Unaudited)

Principal Amount		Interest Rate(a)	Maturity Date		Value
U.S. Treasury Bills – 84.4%
	U.S. Treasury Bills
$	2,960,000	0.011%		03/01/22	$	2,960,000
	800,000	0.029		03/01/22		800,000
	2,000,000	0.035		03/01/22		2,000,000
	900,000	0.036		03/01/22		900,000
	2,560,000	0.037		03/01/22		2,560,000
	960,000	0.038		03/01/22		960,000
	320,000	0.039		03/01/22		320,000
	320,000	0.040		03/01/22		320,000
	3,120,000	0.041		03/01/22		3,120,000
	7,280,000	0.046		03/01/22		7,280,000
	7,040,000	0.047		03/01/22		7,040,000
	240,000	0.052		03/01/22		240,000
	139,871,700	0.054		03/01/22		139,871,700
	126,951,800	0.068		04/07/22		126,938,624
	2,590,000	0.076		04/07/22		2,589,731
	700,000	0.086		04/07/22		699,927
	280,000	0.095		04/07/22		279,971
	2,450,000	0.098		04/07/22		2,449,746
	5,307,000	0.102		04/07/22		5,306,449
	1,400,000	0.116		04/07/22		1,399,855
	2,800,000	0.117		04/07/22		2,799,709
	700,000	0.122		04/07/22		699,927
	700,000	0.127		04/07/22		699,927
	2,870,000	0.132		04/07/22		2,869,702
	700,000	0.138		04/07/22		699,927
	792,000	0.142		04/07/22		791,918
	1,056,000	0.144		04/07/22		1,055,890
	770,000	0.152		04/07/22		769,920
	1,750,000	0.184		04/07/22		1,749,818
	840,000	0.187		04/07/22		839,913
	276,000	0.123		04/12/22		275,950
	2,553,000	0.137		04/12/22		2,552,540
	137,922,600	0.145		04/12/22		137,897,751
	1,311,000	0.152		04/12/22		1,310,764
	5,185,000	0.157		04/12/22		5,184,066
	759,000	0.171		04/12/22		758,863
	1,725,000	0.218		04/12/22		1,724,689
	828,000	0.222		04/12/22		827,851
	61,645,800	0.024		04/21/22		61,629,190
	4,000,000	0.036		04/21/22		3,998,922
	300,000	0.038		04/21/22		299,919
	750,000	0.040		04/21/22		749,798
	300,000	0.041		04/21/22		299,919
	6,480,000	0.046		04/21/22		6,478,254
	1,655,000	0.047		04/21/22		1,654,554
	3,322,100	0.048		04/21/22		3,321,205
	600,000	0.050		04/21/22		599,838
	1,300,000	0.051		04/21/22		1,299,650
	3,800,000	0.052		04/21/22		3,798,976
	1,500,000	0.056		04/21/22		1,499,596
	459,000	0.057		04/21/22		458,876
	350,000	0.064		04/21/22		349,906
	300,000	0.070		04/21/22		299,919
	700,000	0.076		04/21/22		699,811
	500,000	0.085		04/21/22		499,865
	2,050,000	0.132		04/21/22		2,049,448
U.S. Treasury Bills – (continued)
	U.S. Treasury Bills – (continued)
	200,000	0.133		04/21/22		199,946
	2,000,000	0.162		04/21/22		1,999,461
	1,000,000	0.166		04/21/22		999,731
	500,000	0.167		04/21/22		499,865
	867,000	0.171		04/21/22		866,766
	756,000	0.173		04/21/22		755,796
	4,869,000	0.174		04/21/22		4,867,688
	1,887,000	0.178		04/21/22		1,886,492
	3,843,000	0.193		04/21/22		3,841,965
	510,000	0.194		04/21/22		509,863
	561,000	0.222		04/21/22		560,849
	1,275,000	0.229		04/21/22		1,274,657
	612,000	0.233		04/21/22		611,835
	204,000	0.243		04/21/22		203,945
	187,050,600	0.198		04/26/22		186,998,150
	770,000	0.077		05/05/22		769,666
	385,000	0.080		05/05/22		384,833
	97,186,300	0.084		05/05/22		97,144,130
	1,430,000	0.090		05/05/22		1,429,380
	550,000	0.132		05/05/22		549,761
	2,145,000	0.146		05/05/22		2,144,069
	4,290,000	0.183		05/05/22		4,288,139
	2,200,000	0.184		05/05/22		2,199,045
	550,000	0.188		05/05/22		549,761
	807,000	0.198		05/05/22		806,650
	560,000	0.227		05/05/22		559,757
	4,209,000	0.244		05/05/22		4,207,174
	2,072,000	0.269		05/05/22		2,071,101
	224,000	0.290		05/05/22		223,903
	616,000	0.294		05/05/22		615,733
	1,400,000	0.330		05/05/22		1,399,393
	672,000	0.334		05/05/22		671,708
	427,000	0.089		05/26/22		426,684
	840,000	0.092		05/26/22		839,377
	106,030,000	0.097		05/26/22		105,951,412
	1,586,000	0.117		05/26/22		1,584,825
	600,000	0.118		05/26/22		599,555
	2,100,000	0.171		05/26/22		2,098,444
	240,000	0.176		05/26/22	��	239,822
	4,680,000	0.219		05/26/22		4,676,531
	600,000	0.227		05/26/22		599,555
	2,400,000	0.232		05/26/22		2,398,221
	1,200,000	0.233		05/26/22		1,199,111
	288,000	0.255		05/26/22		287,787
	4,575,000	0.315		05/26/22		4,571,609
	93,870,000	0.326		05/26/22		93,800,425
	244,000	0.345		05/26/22		243,819
	2,257,000	0.355		05/26/22		2,255,327
	671,000	0.412		05/26/22		670,503
	1,525,000	0.447		05/26/22		1,523,870
	732,000	0.451		05/26/22		731,457
	300,000	0.051		06/16/22		299,635
	1,340,000	0.052		06/16/22		1,338,371
	600,000	0.055		06/16/22		599,271
	2,360,000	0.056		06/16/22		2,357,131
	660,000	0.061		06/16/22		659,198

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

GOLDMAN SACHS ACCESS TREASURY 0-1 YEAR ETF

Principal Amount		Interest Rate(a)	Maturity Date		Value
U.S. Treasury Bills – (continued)
	U.S. Treasury Bills – (continued)
$	1,520,000	0.062 %		06/16/22	$	1,518,152
	28,295,900	0.067		06/16/22		28,261,506
	180,000	0.077		06/16/22		179,781
	120,000	0.085		06/16/22		119,854
	8,932,000	0.094		06/16/22		8,921,143
	175,000	0.111		06/16/22		174,787
	225,000	0.117		06/16/22		224,727
	650,000	0.122		06/16/22		649,210
	250,000	0.147		06/16/22		249,696
	875,000	0.194		06/16/22		873,936
	100,000	0.208		06/16/22		99,878
	1,950,000	0.258		06/16/22		1,947,630
	250,000	0.259		06/16/22		249,696
	1,000,000	0.268		06/16/22		998,785
	500,000	0.269		06/16/22		499,392
	99,686,200	0.316		06/16/22		99,565,030
	84,814,400	0.406		06/16/22		84,711,307
	5,551,000	0.415		06/16/22		5,544,253
	296,000	0.452		06/16/22		295,640
	2,738,000	0.461		06/16/22		2,734,672
	814,000	0.481		06/16/22		813,011
	1,850,000	0.519		06/16/22		1,847,751
	888,000	0.523		06/16/22		886,921
	4,240,000	0.051		07/14/22		4,231,410
	318,000	0.052		07/14/22		317,356
	795,000	0.055		07/14/22		793,389
	69,705,300	0.059		07/14/22		69,564,085
	2,070,000	0.066		07/14/22		2,065,806
	15,589,300	0.067		07/14/22		15,557,718
	265,000	0.071		07/14/22		264,463
	159,000	0.076		07/14/22		158,678
	477,000	0.086		07/14/22		476,034
	318,000	0.096		07/14/22		317,356
	8,872,200	0.114		07/14/22		8,854,226
	522,000	0.131		07/14/22		520,943
	1,508,000	0.178		07/14/22		1,504,945
	406,000	0.179		07/14/22		405,178
	580,000	0.202		07/14/22		578,825
	232,000	0.273		07/14/22		231,530
	2,030,000	0.274		07/14/22		2,025,887
	2,320,000	0.330		07/14/22		2,315,300
	5,104,000	0.334		07/14/22		5,093,660
	1,160,000	0.335		07/14/22		1,157,650
	348,000	0.400		07/14/22		347,295
	83,747,000	0.414		07/14/22		83,577,339
	7,381,000	0.549		07/14/22		7,366,047
	392,000	0.558		07/14/22		391,206
	3,626,000	0.590		07/14/22		3,618,654
	1,078,000	0.619		07/14/22		1,075,816
	2,450,000	0.646		07/14/22		2,445,037
	1,176,000	0.651		07/14/22		1,173,618
	45,000	0.086		08/11/22		44,876
	26,548,400	0.096		08/11/22		26,475,094
	135,000	0.158		08/11/22		134,627
	105,000	0.186		08/11/22		104,710
	390,000	0.197		08/11/22		388,923
U.S. Treasury Bills – (continued)
	U.S. Treasury Bills – (continued)
	150,000	0.223		08/11/22		149,586
	525,000	0.290		08/11/22		523,550
	60,000	0.300		08/11/22		59,834
	1,170,000	0.362		08/11/22		1,166,769
	750,000	0.371		08/11/22		747,929
	300,000	0.386		08/11/22		299,172
	84,000	0.432		08/11/22		83,768
	1,098,000	0.620		08/11/22		1,094,968
	60,000	0.630		08/11/22		59,834
	63,020,000	0.641		08/11/22		62,845,987
	555,000	0.682		08/11/22		553,468
	165,000	0.701		08/11/22		164,544
	375,000	0.739		08/11/22		373,965
	180,000	0.743		08/11/22		179,503
	45,000	0.107		10/06/22		44,808
	26,557,400	0.125		10/06/22		26,444,354
	135,000	0.202		10/06/22		134,425
	105,000	0.236		10/06/22		104,553
	390,000	0.259		10/06/22		388,340
	150,000	0.285		10/06/22		149,362
	525,000	0.335		10/06/22		522,765
	60,000	0.340		10/06/22		59,745
	750,000	0.436		10/06/22		746,808
	1,170,000	0.437		10/06/22		1,165,020
	300,000	0.446		10/06/22		298,723
	84,000	0.505		10/06/22		83,642
	60,000	0.688		10/06/22		59,745
	1,098,000	0.712		10/06/22		1,093,326
	555,000	0.770		10/06/22		552,638
	165,000	0.784		10/06/22		164,298
	375,000	0.832		10/06/22		373,404
	180,000	0.835		10/06/22		179,234
	15,955,000	0.210		11/03/22		15,875,083
	90,000	0.220		11/03/22		89,549
	63,000	0.236		11/03/22		62,684
	29,316,300	0.260		11/03/22		29,169,458
	250,000	0.296		11/03/22		248,748
	875,000	0.365		11/03/22		870,617
	100,000	0.366		11/03/22		99,499
	1,000,000	0.463		11/03/22		994,991
	250,000	0.464		11/03/22		248,748
	1,950,000	0.469		11/03/22		1,940,233
	425,000	0.483		11/03/22		422,871
	75,000	0.484		11/03/22		74,624
	126,000	0.550		11/03/22		125,369
	100,000	0.708		11/03/22		99,499
	1,891,000	0.744		11/03/22		1,881,528
	925,000	0.760		11/03/22		920,367
	275,000	0.795		11/03/22		273,623
	625,000	0.856		11/03/22		621,869
	300,000	0.859		11/03/22		298,497
	60,036,300	0.738		12/29/22		59,593,701
	2,257,000	0.895		12/29/22		2,240,361
	120,000	0.961		12/29/22		119,115
	1,110,000	0.992		12/29/22		1,101,817
	330,000	1.013		12/29/22		327,567

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

GOLDMAN SACHS ACCESS TREASURY 0-1 YEAR ETF

Schedule of Investments (continued)

February 28, 2022 (Unaudited)

Principal Amount		Interest Rate(a)	Maturity Date		Value
U.S. Treasury Bills – (continued)
	U.S. Treasury Bills – (continued)
$	750,000	1.043 %		12/29/22	$	744,471
	360,000	1.046		12/29/22		357,346
	TOTAL U.S. TREASURY BILLS
	(Cost $1,823,008,251)				$	1,822,190,667
U.S. Treasury Notes – 22.9%
	U.S. Treasury Notes
$	39,276,900	0.089%		05/31/22	$	39,412,681
	198,000	0.138		05/31/22		198,684
	220,000	0.178		05/31/22		220,761
	572,000	0.191		05/31/22		573,977
	770,000	0.197		05/31/22		772,662
	154,000	0.208		05/31/22		154,532
	88,000	0.216		05/31/22		88,304
	880,000	0.250		05/31/22		883,042
	1,716,000	0.263		05/31/22		1,721,932
	220,000	0.267		05/31/22		220,761
	440,000	0.294		05/31/22		441,521
	126,000	0.317		05/31/22		126,436
	1,647,000	0.373		05/31/22		1,652,694
	88,000	0.472		05/31/22		88,304
	506,000	0.490		05/31/22		507,749
	814,000	0.495		05/31/22		816,814
	550,000	0.502		05/31/22		551,901
	26,166,100	0.090		06/15/22		26,264,734
	135,000	0.164		06/15/22		135,509
	390,000	0.187		06/15/22		391,470
	105,000	0.202		06/15/22		105,396
	150,000	0.215		06/15/22		150,565
	525,000	0.230		06/15/22		526,979
	60,000	0.242		06/15/22		60,226
	600,000	0.291		06/15/22		602,262
	1,170,000	0.292		06/15/22		1,174,410
	150,000	0.296		06/15/22		150,565
	300,000	0.321		06/15/22		301,131
	84,000	0.341		06/15/22		84,317
	1,098,000	0.453		06/15/22		1,102,139
	60,000	0.484		06/15/22		60,226
	345,000	0.499		06/15/22		346,301
	555,000	0.505		06/15/22		557,092
	375,000	0.509		06/15/22		376,414
	28,129,300	0.078		08/15/22		28,244,674
	96,000	0.127		08/15/22		96,394
	18,930,900	0.144		08/15/22		19,008,546
	243,000	0.191		08/15/22		243,997
	702,000	0.250		08/15/22		704,879
	270,000	0.253		08/15/22		271,107
	189,000	0.289		08/15/22		189,775
	945,000	0.327		08/15/22		948,876
	108,000	0.343		08/15/22		108,443
	2,106,000	0.360		08/15/22		2,114,638
	270,000	0.371		08/15/22		271,107
	540,000	0.388		08/15/22		542,215
	1,080,000	0.393		08/15/22		1,084,430
U.S. Treasury Notes – (continued)
	U.S. Treasury Notes – (continued)
	147,000	0.434		08/15/22		147,603
	2,013,000	0.608		08/15/22		2,021,256
	108,000	0.663		08/15/22		108,443
	999,000	0.667		08/15/22		1,003,097
	297,000	0.700		08/15/22		298,218
	324,000	0.763		08/15/22		325,329
	675,000	0.767		08/15/22		677,769
	70,860,300	0.120		09/30/22		70,600,110
	360,000	0.233		09/30/22		358,678
	280,000	0.277		09/30/22		278,972
	1,040,000	0.281		09/30/22		1,036,181
	400,000	0.329		09/30/22		398,531
	160,000	0.376		09/30/22		159,413
	1,400,000	0.380		09/30/22		1,394,859
	3,120,000	0.435		09/30/22		3,108,544
	400,000	0.441		09/30/22		398,531
	1,600,000	0.463		09/30/22		1,594,125
	800,000	0.464		09/30/22		797,063
	183,000	0.514		09/30/22		182,328
	3,050,000	0.758		09/30/22		3,038,801
	164,000	0.807		09/30/22		163,398
	1,517,000	0.819		09/30/22		1,511,430
	451,000	0.852		09/30/22		449,344
	1,025,000	0.874		09/30/22		1,021,236
	492,000	0.878		09/30/22		490,193
	78,422,200	0.207		10/31/22		79,028,747
	396,000	0.266		10/31/22		399,063
	1,144,000	0.307		10/31/22		1,152,848
	308,000	0.331		10/31/22		310,382
	440,000	0.357		10/31/22		443,403
	1,540,000	0.425		10/31/22		1,551,911
	176,000	0.429		10/31/22		177,361
	440,000	0.479		10/31/22		443,403
	3,432,000	0.490		10/31/22		3,458,544
	1,760,000	0.492		10/31/22		1,773,613
	880,000	0.525		10/31/22		886,806
	204,000	0.596		10/31/22		205,578
	3,355,000	0.833		10/31/22		3,380,949
	180,000	0.861		10/31/22		181,392
	1,665,000	0.876		10/31/22		1,677,878
	495,000	0.936		10/31/22		498,829
	540,000	0.961		10/31/22		544,177
	1,125,000	0.965		10/31/22		1,133,701
	26,880,200	0.357		12/15/22		27,029,826
	150,000	0.410		12/15/22		150,835
	60,000	0.455		12/15/22		60,334
	525,000	0.462		12/15/22		527,922
	150,000	0.539		12/15/22		150,835
	600,000	0.551		12/15/22		603,340
	1,170,000	0.553		12/15/22		1,176,513
	300,000	0.563		12/15/22		301,670
	30,000	0.667		12/15/22		30,167
	54,000	0.668		12/15/22		54,301
	1,098,000	0.917		12/15/22		1,104,112
	60,000	0.943		12/15/22		60,334
	555,000	1.005		12/15/22		558,089

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

GOLDMAN SACHS ACCESS TREASURY 0-1 YEAR ETF

Principal Amount		Interest Rate(a)	Maturity Date		Value
U.S. Treasury Notes – (continued)
	U.S. Treasury Notes – (continued)
$	165,000	1.023 %		12/15/22	$	165,918
	180,000	1.061		12/15/22		181,002
	375,000	1.063		12/15/22		377,087
	9,871,000	0.770		01/15/23		9,912,065
	114,755,100	1.001		01/15/23		115,232,499
	366,000	1.022		01/15/23		367,523
	20,000	1.038		01/15/23		20,083
	185,000	1.080		01/15/23		185,770
	55,000	1.109		01/15/23		55,229
	60,000	1.144		01/15/23		60,250
	125,000	1.145		01/15/23		125,520
	12,547,900	1.047		02/15/23		12,586,622
	TOTAL U.S. TREASURY NOTES
	(Cost $495,521,572)				$	494,541,455
	TOTAL INVESTMENTS – 107.3%
	(Cost $2,318,529,823)				$	2,316,732,122
	LIABILITIES IN EXCESS OF     ASSETS – (7.3)%					(158,431,529	)
	NET ASSETS – 100.0%				$	2,158,300,593

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. 61

GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF

Schedule of Investments

February 28, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date			Value
Mortgage-Backed Securities – 27.3%
	Federal Home Loan Mortgage Corporation
$	397,209		4.500	%		07/01/48		$	422,274
	Federal National Mortgage Association
	2,900,000		1.500			TBA-30yr	(a)		2,689,297
	1,400,000		1.500			TBA-15yr	(a)		1,362,047
	18,400,000		2.000			TBA-30yr	(a)		17,646,750
	2,600,000		2.000			TBA-15yr	(a)		2,580,297
	8,300,000		2.500			TBA-30yr	(a)		8,187,820
	2,000,000		2.500			TBA-15yr	(a)		2,023,594
	7,200,000		3.000			TBA-30yr	(a)		7,271,438
	1,000,000		3.000			TBA-15yr	(a)		1,025,078
	5,200,000		3.500			TBA-30yr	(a)		5,355,594
	3,700,000		4.000			TBA-30yr	(a)		3,862,453
	700,000		4.500			TBA-30yr	(a)		738,773
	400,000		5.000			TBA-30yr	(a)		431,625
	1,000,000		1.750			07/02/24			1,004,196
	93,338		4.500			06/01/48			98,486
	40,567		5.000			12/01/48			43,966
	61,076		4.500			08/01/49			64,963
	215,693		5.000			12/01/49			233,473
	42,988		4.500			01/01/50			45,359
	182,331		4.500			03/01/50			193,539
	111,956		5.000			04/01/50			123,109
	118,773		4.500			10/01/50			127,362
	Government National Mortgage Association
	5,000,000		2.000			TBA-30yr	(a)		4,889,062
	1,000,000		2.500			TBA-30yr	(a)		999,297
	1,000,000		2.500			TBA-30yr	(a)		997,422
	1,300,000		3.000			TBA-30yr	(a)		1,321,430
	1,000,000		3.000			TBA-30yr	(a)		1,014,063
	2,000,000		3.500			TBA-30yr	(a)		2,063,906
	1,000,000		3.500			TBA-30yr	(a)		1,028,594
	900,000		4.000			TBA-30yr	(a)		935,016
	400,000		4.500			TBA-30yr	(a)		418,000
	79,557		5.000			12/20/48			85,411
	43,530		5.000			05/20/49			46,733
	381,144		3.000			09/20/49			388,614
	150,635		4.500			03/20/50			157,559
	81,152		5.000			05/20/50			87,101
	297,693		4.000			09/20/50			310,155
	948,612		3.000			07/20/51			965,316
	TOTAL MORTGAGE-BACKED SECURITIES
	(Cost $71,353,077)							$	71,239,172
U.S. Treasury Notes – 27.2%
	U.S. Treasury Notes
$	7,572,000		2.500	%		01/31/25		$	7,757,931
	9,578,000		2.000			02/15/25			9,675,514
	22,875,000		2.000			11/15/26			23,136,229
	8,402,000		2.750			02/15/28			8,858,061
	7,079,000		2.875			08/15/28			7,535,824
	2,008,000		2.375			05/15/29			2,083,959
	7,906,000		1.500			02/15/30			7,729,557
	3,688,000		0.875			11/15/30			3,409,227
	700,000		1.250			08/15/31			664,899
	TOTAL U.S. TREASURY NOTES
	(Cost $73,566,773)							$	70,851,201
Corporate Obligations – 21.3%
Aerospace & Defense – 0.6%
	Boeing Co. (The)
	100,000		4.875			05/01/25			106,326
	200,000		3.200			03/01/29			197,866
	200,000		5.150			05/01/30			220,899
	50,000		3.625			02/01/31			50,323
	150,000		3.900			05/01/49			139,919
	100,000		5.805			05/01/50			119,216
	General Dynamics Corp.
	90,000		3.375			05/15/23			91,862
	15,000		3.625			04/01/30			15,952
	Hexcel Corp.
	40,000		4.200			02/15/27			41,166
	Northrop Grumman Corp.
	100,000		7.875	(b)		03/01/26			118,316
	40,000		4.030			10/15/47			42,368
	Raytheon Technologies Corp.
	200,000		3.950			08/16/25			210,636
	30,000		4.450			11/16/38			33,224
	60,000		4.875			10/15/40			69,485
	Textron, Inc.
	80,000		3.000			06/01/30			79,118
									1,536,676
Banks – 3.8%
	American Express Co.
	80,000		3.625			12/05/24			82,889
	Bank of America Corp.
	40,000		4.100			07/24/23			41,304
	(3M USD LIBOR + 0.780%)
	100,000		3.550	(c)		03/05/24			101,620
	(3M USD LIBOR + 1.040%)
	200,000		3.419	(c)		12/20/28			204,515
	(SOFR + 2.150%)
	180,000		2.592	(c)		04/29/31			172,866
	100,000		7.750			05/14/38			144,976
	Bank of America Corp., Series L
	73,000		4.750			04/21/45			84,269
	Bank of America Corp., MTN
	40,000		4.125			01/22/24			41,585
	(SOFR + 0.410%)
	300,000		0.523	(c)		06/14/24			294,374
	(3M USD LIBOR + 1.060%)
	80,000		3.559	(c)		04/23/27			82,230
	(3M USD LIBOR + 0.990%)
	200,000		2.496	(c)		02/13/31			190,547
	(SOFR + 1.530%)
	40,000		1.898	(c)		07/23/31			36,274
	(3M USD LIBOR + 3.150%)
	300,000		4.083	(c)		03/20/51			322,301
	(SOFR + 1.880%)
	60,000		2.831	(c)		10/24/51			52,451
	Bank of America Corp.(c), Series N
	(SOFR + 1.650%)
	100,000		3.483			03/13/52			98,322
	Bank of New York Mellon Corp. (The), MTN
	200,000		1.650			01/28/31			184,475

62 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)
	Capital One Financial Corp.
$	25,000		3.900	%		01/29/24	$	25,807
	120,000		4.200			10/29/25		125,806
	Charles Schwab Corp. (The)
	300,000		0.900			03/11/26		284,023
	Citigroup, Inc.
	50,000		3.875			10/25/23		51,622
	(SOFR + 0.686%)
	250,000		0.776	(c)		10/30/24		244,003
	200,000		3.400			05/01/26		205,722
	(3M USD LIBOR + 1.563%)
	40,000		3.887	(c)		01/10/28		41,825
	40,000		4.125			07/25/28		41,997
	(3M USD LIBOR + 1.338%)
	40,000		3.980	(c)		03/20/30		42,136
	(SOFR + 1.146%)
	200,000		2.666	(c)		01/29/31		192,794
	(SOFR + 2.107%)
	240,000		2.572	(c)		06/03/31		229,414
	25,000		6.625			06/15/32		31,427
	40,000		6.000			10/31/33		48,774
	80,000		5.875			01/30/42		103,379
	15,000		4.750			05/18/46		16,748
	60,000		4.650			07/23/48		69,689
	Citizens Financial Group, Inc.
	40,000		2.638			09/30/32		37,152
	Comerica, Inc.
	25,000		4.000			02/01/29		26,835
	Fifth Third Bancorp
	25,000		4.300			01/16/24		25,958
	JPMorgan Chase & Co.
	40,000		3.875			02/01/24		41,520
	(3M USD LIBOR + 0.730%)
	80,000		3.559	(c)		04/23/24		81,407
	(SOFR + 1.455%)
	50,000		1.514	(c)		06/01/24		49,818
	(3 Mo. U.S. T-Bill MMY + 1.585%)
	40,000		2.005	(c)		03/13/26		39,256
	80,000		4.250			10/01/27		85,631
	(3M USD LIBOR + 1.337%)
	400,000		3.782	(c)		02/01/28		417,569
	(3M USD LIBOR + 1.380%)
	50,000		3.540	(c)		05/01/28		51,696
	(3M USD LIBOR + 1.330%)
	40,000		4.452	(c)		12/05/29		43,325
	(SOFR + 1.510%)
	90,000		2.739	(c)		10/15/30		88,046
	(SOFR + 3.790%)
	360,000		4.493	(c)		03/24/31		396,165
	(3 Mo. U.S. T-Bill MMY + 1.105%)
	25,000		1.764	(c)		11/19/31		22,526
	(3M USD LIBOR + 1.360%)
	152,000		3.882	(c)		07/24/38		160,616
	15,000		5.400			01/06/42		18,559
	40,000		4.850			02/01/44		47,388
Corporate Obligations – (continued)
Banks – (continued)
	JPMorgan Chase & Co. – (continued)
	(3M USD LIBOR + 1.380%)
	40,000		3.964	%(c)		11/15/48		42,259
	(SOFR + 2.440%)
	60,000		3.109	(c)		04/22/51		55,655
	KeyCorp, MTN
	120,000		4.100			04/30/28		128,634
	80,000		2.550			10/01/29		77,843
	Manufacturers & Traders Trust Co.
	280,000		3.400			08/17/27		289,612
	Morgan Stanley
	(SOFR + 0.525%)
	40,000		0.790	(c)		05/30/25		38,506
	(SOFR + 1.485%)
	300,000		3.217	(c)		04/22/42		286,418
	80,000		4.300			01/27/45		86,927
	75,000		4.375			01/22/47		83,252
	Morgan Stanley, GMTN
	340,000		3.700			10/23/24		351,538
	120,000		4.350			09/08/26		127,371
	(SOFR + 1.143%)
	250,000		2.699	(c)		01/22/31		242,882
	Northern Trust Corp.
	15,000		3.950			10/30/25		15,887
	56,000		3.650			08/03/28		60,000
	150,000		3.150			05/03/29		156,581
	PNC Financial Services Group, Inc. (The)
	80,000		3.900			04/29/24		83,071
	290,000		3.450			04/23/29		304,460
	State Street Corp.(c)
	(3M USD LIBOR + 1.030%)
	50,000		4.141			12/03/29		54,429
	Truist Bank
	40,000		3.200			04/01/24		41,028
	Truist Financial Corp., MTN
	80,000		3.875			03/19/29		84,967
	US Bancorp
	15,000		2.400			07/30/24		15,137
	US Bancorp, MTN
	80,000		3.900			04/26/28		85,753
	80,000		3.000			07/30/29		80,674
	40,000		1.375			07/22/30		35,815
	US Bancorp, Series X
	150,000		3.150			04/27/27		155,443
	Wells Fargo & Co.
	(SOFR + 2.530%)
	150,000		3.068	(c)		04/30/41		139,576
	128,000		5.606			01/15/44		157,369
	60,000		3.900			05/01/45		62,262
	Wells Fargo & Co., MTN
	(3M USD LIBOR + 1.310%)
	50,000		3.584	(c)		05/22/28		51,683
	25,000		4.150			01/24/29		26,645
	(SOFR + 1.262%)
	400,000		2.572	(c)		02/11/31		385,089
	(SOFR + 4.032%)
	340,000		4.478	(c)		04/04/31		370,913

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

GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF

Schedule of Investments (continued)

February 28, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Banks – (continued)
	Wells Fargo & Co., MTN – (continued)
	(SOFR + 4.502%)
$	140,000		5.013	%(c)		04/04/51	$	172,258
								9,873,568
Basic Industry – 0.4%
	Albemarle Corp.
	80,000		4.150			12/01/24		83,649
	Dow Chemical Co. (The)
	60,000		3.600			11/15/50		57,206
	DuPont de Nemours, Inc.
	54,000		4.205			11/15/23		55,918
	150,000		4.493			11/15/25		159,937
	15,000		5.419			11/15/48		18,869
	Georgia-Pacific LLC
	10,000		8.000			01/15/24		11,133
	Huntsman International LLC
	70,000		4.500			05/01/29		74,257
	International Paper Co.
	15,000		4.400			08/15/47		16,443
	15,000		4.350			08/15/48		16,411
	Linde, Inc.
	100,000		1.100			08/10/30		89,024
	LYB International Finance III LLC
	40,000		2.250			10/01/30		37,586
	80,000		3.625			04/01/51		74,732
	Mosaic Co. (The)
	80,000		4.875			11/15/41		87,246
	Sherwin-Williams Co. (The)
	200,000		3.450			06/01/27		207,753
	Westlake Corp.
	40,000		3.600			08/15/26		41,685
								1,031,849
Broadcasting – 0.1%
	Discovery Communications LLC
	80,000		4.125			05/15/29		83,570
	40,000		3.625			05/15/30		40,136
	Fox Corp.
	40,000		4.030			01/25/24		41,485
	40,000		4.709			01/25/29		43,682
	40,000		5.576			01/25/49		48,041
								256,914
Brokerage – 0.2%
	Affiliated Managers Group, Inc.
	130,000		3.300			06/15/30		132,231
	Intercontinental Exchange, Inc.
	300,000		0.700			06/15/23		296,659
	Jefferies Group LLC
	20,000		6.500			01/20/43		25,254
	Jefferies Group LLC / Jefferies Group Capital Finance, Inc.
	40,000		4.850			01/15/27		43,593
	40,000		4.150			01/23/30		42,283
	Morgan Stanley Domestic Holdings, Inc.
	80,000		4.500			06/20/28		86,574
								626,594
Corporate Obligations – (continued)
Building Materials – 0.0%
	Mohawk Industries, Inc.
	120,000		3.850	%		02/01/23		121,698
Capital Goods – 0.8%
	3M Co.
	220,000		3.250			08/26/49		209,325
	Caterpillar, Inc.
	50,000		3.803			08/15/42		53,099
	CNH Industrial Capital LLC
	50,000		1.450			07/15/26		47,907
	Cummins, Inc.
	60,000		0.750			09/01/25		57,082
	Deere & Co.
	25,000		3.900			06/09/42		27,249
	40,000		2.875			09/07/49		37,018
	25,000		3.750			04/15/50		26,901
	Emerson Electric Co.
	60,000		1.950			10/15/30		56,463
	15,000		6.000			08/15/32		18,880
	Fortive Corp.
	15,000		4.300			06/15/46		16,109
	Honeywell International, Inc.
	100,000		2.700			08/15/29		100,714
	188,000		1.950			06/01/30		177,241
	Illinois Tool Works, Inc.
	15,000		3.900			09/01/42		16,001
	John Deere Capital Corp., MTN
	50,000		2.800			07/18/29		50,877
	80,000		2.450			01/09/30		79,139
	Leggett & Platt, Inc.
	80,000		4.400			03/15/29		86,583
	Lennox International, Inc.
	80,000		1.700			08/01/27		76,366
	Otis Worldwide Corp.
	60,000		2.293			04/05/27		59,104
	Parker-Hannifin Corp.
	40,000		4.000			06/14/49		42,044
	Parker-Hannifin Corp., MTN
	15,000		4.200			11/21/34		16,147
	Republic Services, Inc.
	22,000		4.750			05/15/23		22,651
	Trane Technologies Luxembourg Finance SA
	50,000		3.800			03/21/29		52,442
	Waste Management, Inc.
	50,000		0.750			11/15/25		47,352
	50,000		2.500			11/15/50		42,087
	Westinghouse Air Brake Technologies Corp.
	110,000		4.400			03/15/24		114,141
	133,000		3.450			11/15/26		135,821
	115,000		4.950			09/15/28		125,239
	WW Grainger, Inc.
	100,000		1.850			02/15/25		99,091
	60,000		4.600			06/15/45		69,744
	Xylem, Inc.
	15,000		3.250			11/01/26		15,410
								1,978,227

64 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 – 0.9%
	Charter Communications Operating LLC / Charter Communications Operating Capital
$	90,000		4.908	%		07/23/25	$	95,557
	40,000		3.750			02/15/28		40,977
	82,000		4.200			03/15/28		85,938
	90,000		5.050			03/30/29		98,359
	40,000		2.800			04/01/31		37,365
	40,000		6.484			10/23/45		47,928
	40,000		5.375			05/01/47		42,417
	60,000		5.750			04/01/48		66,601
	40,000		5.125			07/01/49		40,850
	40,000		6.834			10/23/55		50,117
	60,000		4.400			12/01/61		54,166
	Comcast Corp.
	40,000		3.150			03/01/26		41,300
	75,000		3.300			04/01/27		78,036
	50,000		3.150			02/15/28		51,397
	232,000		2.650			02/01/30		229,065
	80,000		4.400			08/15/35		89,344
	60,000		4.000			08/15/47		62,843
	25,000		3.969			11/01/47		25,972
	75,000		4.000			03/01/48		78,333
	40,000		3.999			11/01/49		41,558
	80,000		2.800			01/15/51		68,844
	15,000		2.450			08/15/52		12,159
	160,000		2.987	(b)		11/01/63		133,562
	NBCUniversal Media LLC
	50,000		6.400			04/30/40		68,402
	Omnicom Group, Inc.
	80,000		4.200			06/01/30		86,767
	Paramount Global
	80,000		3.875			04/01/24		83,200
	80,000		4.000			01/15/26		83,520
	11,000		6.875			04/30/36		13,901
	15,000		4.900			08/15/44		16,040
	Time Warner Cable LLC
	15,000		6.750			06/15/39		18,206
	15,000		5.875			11/15/40		16,781
	15,000		5.500			09/01/41		15,993
	Time Warner Entertainment Co. LP
	40,000		8.375			03/15/23		42,630
	15,000		8.375			07/15/33		20,330
	TWDC Enterprises 18 Corp.
	15,000		4.375			08/16/41		16,607
	TWDC Enterprises 18 Corp., GMTN
	15,000		4.125			06/01/44		16,183
	Walt Disney Co. (The)
	80,000		2.000			09/01/29		76,311
	80,000		3.800			03/22/30		85,830
	90,000		3.500			05/13/40		90,118
	15,000		4.750			09/15/44		17,472
	50,000		3.600			01/13/51		50,769
								2,391,748
Corporate Obligations – (continued)
Consumer Cyclical – 1.8%
	Amazon.com, Inc.
	40,000		0.400	%		06/03/23		39,566
	40,000		3.800			12/05/24		41,903
	250,000		3.150			08/22/27		261,515
	100,000		2.100			05/12/31		96,184
	80,000		4.050			08/22/47		89,876
	15,000		2.500			06/03/50		12,950
	75,000		4.250			08/22/57		87,081
	50,000		2.700			06/03/60		42,862
	Amazon.Com, Inc.
	25,000		0.250			05/12/23		24,692
	Costco Wholesale Corp.
	40,000		3.000			05/18/27		41,396
	CyrusOne LP / CyrusOne Finance Corp.
	50,000		2.900			11/15/24		51,085
	30,000		3.450			11/15/29		31,925
	55,000		2.150			11/01/30		53,543
	DR Horton, Inc.
	80,000		2.500			10/15/24		80,487
	90,000		2.600			10/15/25		90,169
	100,000		1.400			10/15/27		92,711
	eBay, Inc.
	15,000		4.000			07/15/42		15,135
	General Motors Co.
	100,000		5.400			10/02/23		105,204
	15,000		6.750			04/01/46		19,194
	40,000		5.950			04/01/49		47,875
	General Motors Financial Co., Inc.
	90,000		3.700			05/09/23		91,645
	100,000		4.250			05/15/23		102,953
	50,000		1.700			08/18/23		49,807
	25,000		1.050			03/08/24		24,414
	80,000		2.900			02/26/25		80,635
	80,000		3.850			01/05/28		82,600
	Global Payments, Inc.
	120,000		4.800			04/01/26		128,802
	Home Depot, Inc. (The)
	250,000		2.800			09/14/27		255,539
	237,000		3.125			12/15/49		223,425
	Lowe’s Cos., Inc.
	250,000		4.500			04/15/30		276,402
	Marriott International, Inc., Series EE
	50,000		5.750			05/01/25		54,844
	Mastercard, Inc.
	60,000		2.000			03/03/25		60,125
	15,000		3.300			03/26/27		15,770
	50,000		3.850			03/26/50		54,480
	McDonald’s Corp., MTN
	45,000		4.700			12/09/35		51,087
	60,000		4.450			09/01/48		65,728
	MDC Holdings, Inc.
	40,000		6.000			01/15/43		43,050
	NIKE, Inc.
	100,000		2.250			05/01/23		100,786
	20,000		3.375			03/27/50		20,337

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

GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF

Schedule of Investments (continued)

February 28, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Consumer Cyclical – (continued)
	O’Reilly Automotive, Inc.
$	80,000		4.200	%		04/01/30	$	85,779
	Starbucks Corp.
	250,000		3.800			08/15/25		262,009
	30,000		3.750			12/01/47		29,203
	Tapestry, Inc.
	33,000		4.125			07/15/27		34,526
	Target Corp.
	120,000		3.500			07/01/24		124,840
	172,000		4.000			07/01/42		191,197
	15,000		3.900			11/15/47		16,574
	Toyota Motor Credit Corp.
	100,000		0.625			09/13/24		96,621
	40,000		3.650			01/08/29		42,799
	Toyota Motor Credit Corp., MTN
	80,000		3.375			04/01/30		83,654
	Visa, Inc.
	40,000		1.900			04/15/27		39,471
	50,000		0.750			08/15/27		46,368
	15,000		2.750			09/15/27		15,399
	40,000		4.300			12/14/45		46,407
	Walmart, Inc.
	105,000		2.550			04/11/23		106,250
	100,000		3.300			04/22/24		103,105
	40,000		2.850			07/08/24		40,994
	200,000		2.650			09/22/51		182,794
								4,655,772
Consumer Noncyclical – 1.3%
	Abbott Laboratories
	60,000		3.875			09/15/25		63,422
	150,000		4.750			11/30/36		178,545
	100,000		6.000			04/01/39		134,149
	40,000		4.750			04/15/43		47,362
	AbbVie, Inc.
	200,000		2.950			11/21/26		203,009
	100,000		4.625			10/01/42		113,939
	200,000		4.400			11/06/42		216,144
	200,000		4.700			05/14/45		221,968
	Agilent Technologies, Inc.
	100,000		2.750			09/15/29		98,509
	Altria Group, Inc.
	115,000		3.400			05/06/30		113,667
	40,000		4.500			05/02/43		37,422
	40,000		5.375			01/31/44		41,684
	75,000		3.875			09/16/46		64,193
	55,000		4.450			05/06/50		50,741
	Becton Dickinson and Co.
	80,000		3.794			05/20/50		79,618
	Eli Lilly & Co.
	15,000		3.100			05/15/27		15,581
	102,000		3.375			03/15/29		107,532
	Equifax, Inc.
	40,000		3.250			06/01/26		40,906
	Gilead Sciences, Inc.
	300,000		1.650			10/01/30		272,950
Corporate Obligations – (continued)
Consumer Noncyclical – (continued)
	Johnson & Johnson
	76,000		0.550			09/01/25		72,324
	15,000		0.950			09/01/27		14,098
	90,000		2.900			01/15/28		92,927
	40,000		1.300			09/01/30		36,647
	25,000		3.625			03/03/37		26,898
	25,000		4.500			12/05/43		29,443
	35,000		3.700			03/01/46		37,686
	Kroger Co. (The)
	25,000		3.875			10/15/46		25,202
	Laboratory Corp. of America Holdings
	15,000		4.700			02/01/45		16,582
	Merck & Co., Inc.
	250,000		3.700			02/10/45		260,059
	Mylan, Inc.
	40,000		5.400			11/29/43		44,087
	Pfizer, Inc.
	40,000		0.800			05/28/25		38,560
	260,000		4.000			12/15/36		286,922
	10,000		4.100			09/15/38		11,126
	40,000		2.700			05/28/50		36,075
	Philip Morris International, Inc.
	40,000		3.250			11/10/24		41,203
	15,000		4.375			11/15/41		15,579
	15,000		4.875			11/15/43		16,556
	10,000		4.250			11/10/44		10,340
	Utah Acquisition Sub, Inc.
	75,000		5.250			06/15/46		79,786
	Viatris, Inc.
	15,000		4.000			06/22/50		13,437
	Walgreens Boots Alliance, Inc.
	40,000		4.800			11/18/44		43,418
	15,000		4.650			06/01/46		16,163
	Wyeth LLC
	10,000		6.500			02/01/34		13,269
								3,379,728
Consumer Products – 0.1%
	Colgate-Palmolive Co., MTN
	40,000		4.000			08/15/45		45,201
	15,000		3.700			08/01/47		16,491
	Procter & Gamble Co. (The)
	40,000		0.550			10/29/25		38,075
	40,000		1.000			04/23/26		38,439
	15,000		2.850			08/11/27		15,544
	Whirlpool Corp., MTN
	15,000		5.150			03/01/43		17,523
								171,273
Distributors – 0.0%
	PACCAR Financial Corp., MTN
	76,000		2.650			04/06/23		77,271
Electric – 1.8%
	Alabama Power Co., Series 20-A
	15,000		1.450			09/15/30		13,411

66 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)
	American Electric Power Co., Inc.
$	300,000		2.300	%		03/01/30	$	281,348
	40,000		3.250			03/01/50		35,405
	American Electric Power Co., Inc., Series J
	36,000		4.300			12/01/28		38,665
	Black Hills Corp.
	20,000		2.500			06/15/30		18,783
	Cleco Corporate Holdings LLC
	80,000		3.375			09/15/29		79,097
	Cleco Power LLC
	15,000		6.000			12/01/40		19,146
	Commonwealth Edison Co., Series 123
	40,000		3.750			08/15/47		41,248
	Consolidated Edison Co. of New York, Inc.
	170,000		3.850			06/15/46		168,676
	40,000		4.625			12/01/54		44,348
	Consolidated Edison Co. of New York, Inc., Series 08-B
	10,000		6.750			04/01/38		13,512
	Consolidated Edison Co. of New York, Inc., Series 12-A
	40,000		4.200			03/15/42		41,687
	Consolidated Edison Co. of New York, Inc., Series A
	15,000		4.125			05/15/49		15,662
	Constellation Energy Generation LLC
	220,000		6.250			10/01/39		256,468
	Consumers Energy Co.
	15,000		4.350			04/15/49		17,022
	Dominion Energy, Inc.
	80,000		4.250			06/01/28		85,125
	Dominion Energy, Inc., Series C
	300,000		3.375			04/01/30		303,902
	DTE Electric Co.
	15,000		3.700			03/15/45		15,226
	DTE Electric Co., Series A
	40,000		4.000			04/01/43		42,310
	DTE Energy Co., Series C
	60,000		2.529			10/01/24		60,214
	Duke Energy Carolinas LLC
	50,000		3.950			03/15/48		52,161
	Duke Energy Corp.
	300,000		3.750			09/01/46		287,823
	Duke Energy Florida LLC
	25,000		3.400			10/01/46		23,964
	Duke Energy Indiana LLC
	50,000		6.350			08/15/38		65,012
	40,000		6.450			04/01/39		52,831
	Duke Energy Progress LLC
	15,000		4.100			05/15/42		15,712
	Edison International
	315,000		5.750			06/15/27		350,379
	Entergy Corp.
	50,000		2.800			06/15/30		48,140
	Entergy Louisiana LLC
	250,000		0.950			10/01/24		242,709
	Evergy Kansas Central, Inc.
	40,000		4.250			12/01/45		42,977
Corporate Obligations – (continued)
Electric – (continued)
	Evergy Metro, Inc., Series 2019
	15,000		4.125			04/01/49		16,098
	Eversource Energy
	60,000		3.450			01/15/50		56,249
	Florida Power & Light Co.
	15,000		3.125			12/01/25		15,454
	80,000		4.950			06/01/35		93,162
	15,000		4.125			02/01/42		16,210
	140,000		4.050			10/01/44		150,507
	Georgia Power Co., Series B
	400,000		2.650			09/15/29		388,328
	15,000		3.700			01/30/50		14,257
	Interstate Power and Light Co.
	40,000		3.500			09/30/49		38,837
	Kentucky Utilities Co.
	25,000		4.375			10/01/45		27,414
	40,000		3.300			06/01/50		37,567
	National Rural Utilities Cooperative Finance Corp.
	40,000		2.400			03/15/30		39,507
	NSTAR Electric Co.
	15,000		3.200			05/15/27		15,438
	Ohio Power Co., Series D
	15,000		6.600			03/01/33		19,491
	Pacific Gas and Electric Co.
	200,000		2.100			08/01/27		185,594
	150,000		4.000			12/01/46		130,368
	PPL Capital Funding, Inc.
	25,000		5.000			03/15/44		29,604
	PPL Electric Utilities Corp.
	40,000		4.125			06/15/44		42,824
	Public Service Co. of Colorado, Series 36
	60,000		2.700			01/15/51		51,319
	Public Service Electric and Gas Co., MTN
	100,000		3.000			03/01/51		91,790
	Public Service Enterprise Group, Inc.
	40,000		2.450			11/15/31		37,974
	Puget Sound Energy, Inc.
	55,000		4.223			06/15/48		59,455
	Southern California Edison Co.
	40,000		2.850			08/01/29		39,630
	Southern Co. (The)
	250,000		4.400			07/01/46		261,739
	Southern Co. Gas Capital Corp.
	15,000		3.950			10/01/46		14,838
	Xcel Energy, Inc.
	40,000		3.500			12/01/49		38,209
								4,684,826
Energy – 1.9%
	Baker Hughes Holdings LLC / Baker Hughes Co.-Obligor, Inc.
	200,000		4.080			12/15/47		202,614
	Cheniere Corpus Christi Holdings LLC
	80,000		5.875			03/31/25		86,350
	40,000		5.125			06/30/27		43,545
	Chevron Corp.
	40,000		2.895			03/03/24		40,859

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

GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF

Schedule of Investments (continued)

February 28, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Energy – (continued)
	Chevron USA, Inc.
$	200,000		2.343	%		08/12/50	$	164,902
	ConocoPhillips(b)
	300,000		3.750			10/01/27		318,187
	Devon Energy Corp.
	9,000		4.500			01/15/30		9,405
	Energy Transfer LP
	50,000		3.600			02/01/23		50,517
	100,000		4.250			04/01/24		103,125
	40,000		3.750			05/15/30		40,269
	75,000		6.125			12/15/45		84,187
	15,000		5.300			04/15/47		15,560
	55,000		6.250			04/15/49		64,140
	Energy Transfer LP / Regency Energy Finance Corp.
	120,000		4.500			11/01/23		123,675
	Enterprise Products Operating LLC
	160,000		4.850			08/15/42		173,652
	60,000		4.200			01/31/50		60,437
	15,000		3.950			01/31/60		14,030
	Enterprise Products Operating LLC, Series D
	80,000		6.875			03/01/33		103,564
	EOG Resources, Inc.
	60,000		3.900			04/01/35		64,630
	Exxon Mobil Corp.
	25,000		1.571			04/15/23		25,082
	200,000		2.275			08/16/26		201,032
	200,000		4.227			03/19/40		220,527
	Halliburton Co.
	50,000		5.000			11/15/45		55,500
	Hess Corp.
	120,000		4.300			04/01/27		126,944
	15,000		6.000			01/15/40		17,925
	Kinder Morgan Energy Partners LP
	50,000		3.450			02/15/23		50,463
	Kinder Morgan, Inc.
	40,000		4.300			06/01/25		41,951
	56,000		2.000			02/15/31		50,300
	200,000		5.200			03/01/48		223,383
	Magellan Midstream Partners LP
	15,000		4.200			10/03/47		14,783
	MPLX LP
	100,000		4.875			12/01/24		106,125
	200,000		1.750			03/01/26		192,250
	100,000		2.650			08/15/30		94,375
	40,000		4.700			04/15/48		41,355
	NOV, Inc.
	15,000		3.950			12/01/42		13,481
	ONEOK Partners LP
	15,000		6.650			10/01/36		18,087
	ONEOK, Inc.
	80,000		2.200			09/15/25		78,816
	25,000		6.350			01/15/31		29,614
	40,000		5.200			07/15/48		43,594
	Ovintiv, Inc.
	40,000		7.375			11/01/31		49,840
	25,000		6.500			08/15/34		30,466
Corporate Obligations – (continued)
Energy – (continued)
	Plains All American Pipeline LP / PAA Finance Corp.
	100,000		3.850			10/15/23		102,413
	90,000		3.600			11/01/24		92,163
	50,000		4.650			10/15/25		52,969
	40,000		4.500			12/15/26		42,656
	92,000		3.550			12/15/29		91,151
	35,000		6.700			05/15/36		40,730
	40,000		6.650			01/15/37		47,335
	15,000		4.700			06/15/44		14,269
	Sabine Pass Liquefaction LLC
	120,000		5.750			05/15/24		127,725
	110,000		5.625			03/01/25		118,456
	40,000		4.200			03/15/28		42,150
	15,000		4.500			05/15/30		16,078
	Schlumberger Investment SA
	50,000		3.650			12/01/23		51,388
	Transcontinental Gas Pipe Line Co. LLC
	50,000		5.400			08/15/41		58,243
	40,000		3.950			05/15/50		39,974
	Valero Energy Corp.
	200,000		3.400			09/15/26		205,979
	15,000		4.900			03/15/45		16,274
	Williams Cos., Inc. (The)
	200,000		3.750			06/15/27		208,620
	15,000		6.300			04/15/40		18,446
								4,876,560
Financial Company – 0.7%
	Air Lease Corp., GMTN
	40,000		3.750			06/01/26		41,080
	Air Lease Corp., MTN
	250,000		0.700			02/15/24		241,791
	125,000		3.000			02/01/30		119,803
	Aircastle Ltd.
	80,000		5.000			04/01/23		82,356
	15,000		4.250			06/15/26		15,480
	Ally Financial, Inc.
	205,000		5.125			09/30/24		217,532
	100,000		5.750			11/20/25		106,679
	80,000		8.000			11/01/31		105,540
	60,000		8.000			11/01/31		78,534
	Ares Capital Corp.
	80,000		4.200			06/10/24		82,286
	80,000		3.250			07/15/25		79,325
	40,000		3.875			01/15/26		40,580
	GE Capital Funding LLC
	300,000		4.550			05/15/32		334,071
	GE Capital International Funding Co. Unlimited
	200,000		4.418			11/15/35		225,238
	Lazard Group LLC
	50,000		4.500			09/19/28		53,760
								1,824,055
Food and Beverage – 0.6%
	Campbell Soup Co.
	40,000		4.800			03/15/48		45,455

68 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)
Food and Beverage – (continued)
	Coca-Cola Co. (The)
$	155,000		1.750	%		09/06/24	$	154,936
	150,000		3.000			03/05/51		142,461
	Constellation Brands, Inc.
	40,000		3.150			08/01/29		40,050
	Hershey Co. (The)
	40,000		3.375			08/15/46		40,790
	J M Smucker Co. (The)
	40,000		2.125			03/15/32		36,685
	15,000		4.375			03/15/45		16,181
	Kellogg Co.
	60,000		2.650			12/01/23		60,857
	Keurig Dr Pepper, Inc.
	160,000		4.417			05/25/25		169,218
	Kraft Heinz Foods Co.
	159,000		3.000			06/01/26		159,598
	40,000		3.875			05/15/27		41,566
	80,000		3.750			04/01/30		82,408
	22,000		5.000			07/15/35		24,768
	40,000		4.875			10/01/49		44,445
	Molson Coors Beverage Co.
	120,000		4.200			07/15/46		119,617
	PepsiCo, Inc.
	40,000		3.500			07/17/25		41,783
	146,000		2.750			03/19/30		147,890
	Sysco Corp.
	80,000		2.400			02/15/30		76,530
	Tyson Foods, Inc.
	40,000		3.550			06/02/27		41,567
								1,486,805
Healthcare – 0.9%
	Aetna, Inc.
	40,000		4.750			03/15/44		45,439
	Anthem, Inc.
	150,000		2.550			03/15/31		144,738
	15,000		4.650			08/15/44		16,838
	40,000		4.850			08/15/54		48,388
	CVS Health Corp.
	200,000		3.250			08/15/29		203,813
	76,000		1.750			08/21/30		68,802
	70,000		5.050			03/25/48		81,603
	100,000		4.250			04/01/50		107,245
	Evernorth Health, Inc.
	120,000		4.500			02/25/26		128,443
	HCA, Inc.
	80,000		5.375			02/01/25		84,900
	40,000		5.250			04/15/25		42,950
	70,000		5.875			02/15/26		75,600
	46,000		5.250			06/15/26		49,795
	90,000		5.375			09/01/26		96,750
	40,000		4.500			02/15/27		42,225
	25,000		5.625			09/01/28		27,719
	25,000		5.875			02/01/29		27,906
	75,000		4.125			06/15/29		78,375
	40,000		5.500			06/15/47		46,900
Corporate Obligations – (continued)
Healthcare – (continued)
	McKesson Corp.
	200,000		3.950			02/16/28		212,471
	Quest Diagnostics, Inc.
	100,000		2.800			06/30/31		97,055
	UnitedHealth Group, Inc.
	250,000		4.625			07/15/35		288,636
	250,000		4.750			07/15/45		295,890
	25,000		2.900			05/15/50		22,937
								2,335,418
Insurance – 0.5%
	Aflac, Inc.
	15,000		3.625			11/15/24		15,646
	American International Group, Inc.
	100,000		3.900			04/01/26		105,242
	40,000		4.375			01/15/55		43,382
	Arch Capital Group Ltd.
	90,000		3.635			06/30/50		85,818
	AXIS Specialty Finance LLC
	40,000		3.900			07/15/29		41,943
	Brighthouse Financial, Inc.
	40,000		5.625			05/15/30		45,669
	Chubb INA Holdings, Inc.
	150,000		3.350			05/03/26		155,781
	CNO Financial Group, Inc.
	200,000		5.250			05/30/29		216,250
	Hartford Financial Services Group, Inc. (The)
	30,000		3.600			08/19/49		29,367
	Marsh & McLennan Cos., Inc.
	80,000		3.500			06/03/24		82,491
	MetLife, Inc.
	15,000		4.125			08/13/42		16,211
	80,000		4.600			05/13/46		94,293
	Prudential Financial, Inc.
	40,000		3.935			12/07/49		42,050
	Prudential Financial, Inc., MTN
	15,000		6.625			06/21/40		20,486
	15,000		4.350			02/25/50		16,867
	60,000		3.700			03/13/51		60,800
	Travelers Cos., Inc. (The)
	40,000		3.750			05/15/46		41,568
	Voya Financial, Inc.(c)
	(3M USD LIBOR + 2.084%)
	40,000		4.700			01/23/48		39,160
	W R Berkley Corp.
	40,000		4.750			08/01/44		45,956
								1,198,980
Metals – 0.1%
	Steel Dynamics, Inc.
	80,000		3.450			04/15/30		81,200
	145,000		3.250			01/15/31		144,456
								225,656
Metals and Mining – 0.0%
	Reliance Steel & Aluminum Co.
	80,000		4.500			04/15/23		81,680

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

GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF

Schedule of Investments (continued)

February 28, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Other – 0.0%
	Yale University, Series 2020
$	80,000		2.402	%		04/15/50	$	69,840
REITs and Real Estate – 0.7%
	CBRE Services, Inc.
	129,000		2.500			04/01/31		121,571
	Duke Realty LP
	80,000		4.000			09/15/28		85,899
	Equinix, Inc.
	95,000		3.000			07/15/50		80,310
	GLP Capital LP / GLP Financing II, Inc.
	50,000		3.350			09/01/24		50,759
	90,000		5.250			06/01/25		95,473
	40,000		5.750			06/01/28		44,310
	45,000		4.000			01/15/30		45,461
	72,000		4.000			01/15/31		72,903
	Mid-America Apartments LP
	100,000		2.875			09/15/51		88,037
	Omega Healthcare Investors, Inc.
	40,000		3.625			10/01/29		39,684
	Prologis LP
	200,000		2.250			04/15/30		192,284
	40,000		1.250			10/15/30		35,225
	120,000		2.125			10/15/50		92,563
	Sabra Health Care LP
	85,000		5.125			08/15/26		90,091
	Simon Property Group LP
	100,000		3.750			02/01/24		102,754
	200,000		2.450			09/13/29		193,236
	Welltower, Inc.
	200,000		4.000			06/01/25		209,375
	200,000		4.250			04/15/28		214,612
								1,854,547
Revenue – 0.0%
	California Institute of Technology
	15,000		3.650			09/01/19		14,385
	Hackensack Meridian Health, Inc., Series 2020
	15,000		2.675			09/01/41		13,790
	University of Chicago (The), Series 20B
	40,000		2.761			04/01/45		38,101
								66,276
Software �� 0.4%
	Oracle Corp.
	100,000		2.625			02/15/23		100,671
	300,000		2.950			11/15/24		304,238
	40,000		2.800			04/01/27		39,764
	100,000		2.950			04/01/30		96,781
	110,000		2.875			03/25/31		104,929
	160,000		6.125			07/08/39		191,133
	20,000		5.375			07/15/40		22,041
	100,000		3.600			04/01/50		87,032
	50,000		4.375			05/15/55		47,672
	55,000		3.850			04/01/60		47,483
								1,041,744
Corporate Obligations – (continued)
Technology – 2.0%
	Adobe, Inc.
	40,000		2.300			02/01/30		38,893
	Alphabet, Inc.
	15,000		1.998			08/15/26		15,025
	100,000		2.250			08/15/60		80,377
	Apple, Inc.
	45,000		2.400			05/03/23		45,562
	90,000		3.450			05/06/24		93,253
	400,000		1.800			09/11/24		399,953
	40,000		2.500			02/09/25		40,723
	50,000		3.200			05/13/25		51,820
	40,000		2.450			08/04/26		40,610
	15,000		3.350			02/09/27		15,811
	15,000		3.200			05/11/27		15,714
	40,000		1.650			02/08/31		37,013
	160,000		4.500			02/23/36		188,029
	80,000		3.850			05/04/43		86,635
	80,000		4.450			05/06/44		93,547
	50,000		3.750			11/13/47		53,734
	160,000		2.550			08/20/60		133,675
	Applied Materials, Inc.
	256,000		3.300			04/01/27		267,661
	Automatic Data Processing, Inc.
	100,000		3.375			09/15/25		104,260
	Broadcom Corp. / Broadcom Cayman Finance Ltd.
	160,000		3.625			01/15/24		164,314
	Broadcom, Inc.(b)
	90,000		3.469			04/15/34		87,414
	60,000		3.187			11/15/36		55,813
	160,000		3.500			02/15/41		147,618
	Corning, Inc.
	45,000		4.375			11/15/57		47,436
	Dell International LLC / EMC Corp.
	26,000		5.450			06/15/23		27,112
	100,000		6.020			06/15/26		111,825
	Fiserv, Inc.
	250,000		4.400			07/01/49		267,111
	Flex Ltd.
	160,000		4.875			06/15/29		173,424
	HP, Inc.
	15,000		6.000			09/15/41		18,012
	Intel Corp.
	120,000		2.875			05/11/24		122,654
	200,000		3.700			07/29/25		209,484
	80,000		3.734			12/08/47		80,883
	International Business Machines Corp.
	15,000		5.875			11/29/32		18,823
	150,000		4.150			05/15/39		160,442
	250,000		4.000			06/20/42		262,795
	Jabil, Inc.
	80,000		3.600			01/15/30		81,038
	KLA Corp.
	60,000		3.300			03/01/50		56,707
	Kyndryl Holdings, Inc.(b)
	341,000		2.700			10/15/28		316,127

70 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)
Technology – (continued)
	Lam Research Corp.
$	40,000		3.125	%		06/15/60	$	36,142
	Microsoft Corp.
	40,000		2.000			08/08/23		40,327
	65,000		3.300			02/06/27		68,764
	15,000		3.500			02/12/35		16,193
	220,000		4.250			02/06/47		261,547
	200,000		4.000			02/12/55		228,504
	20,000		2.675			06/01/60		17,603
	QUALCOMM, Inc.
	160,000		4.300			05/20/47		181,134
	VMware, Inc.
	80,000		4.700			05/15/30		87,932
	Western Digital Corp.
	50,000		4.750			02/15/26		51,938
	Xilinx, Inc.
	40,000		2.950			06/01/24		40,755
								5,242,166
Transportation – 0.3%
	CSX Corp.
	15,000		3.250			06/01/27		15,521
	80,000		4.100			03/15/44		85,385
	40,000		4.300			03/01/48		44,274
	Delta Air Lines, Inc.
	50,000		4.375			04/19/28		49,905
	FedEx Corp.
	40,000		3.900			02/01/35		42,133
	40,000		4.400			01/15/47		42,602
	40,000		4.950			10/17/48		46,041
	Norfolk Southern Corp.
	120,000		3.050			05/15/50		109,287
	Southwest Airlines Co.
	40,000		5.250			05/04/25		43,201
	Union Pacific Corp.
	40,000		3.700			03/01/29		42,492
	80,000		3.799			10/01/51		83,430
	60,000		3.839			03/20/60		61,966
	15,000		3.750			02/05/70		14,942
	Union Pacific Railroad Co. Pass-Through Trust, Series 2015-1
	79,399		2.695			05/12/27		80,400
	United Parcel Service, Inc.
	40,000		3.625			10/01/42		42,141
	15,000		4.250			03/15/49		17,357
	15,000		5.300			04/01/50		20,231
								841,308
Water – 0.1%
	American Water Capital Corp.
	105,000		3.750			09/01/47		104,928
	40,000		4.200			09/01/48		42,474
								147,402
Wireless – 1.3%
	American Tower Corp.
	200,000		3.375			10/15/26		205,139
	40,000		3.950			03/15/29		41,606
	20,000		3.100			06/15/50		16,799
Corporate Obligations – (continued)
Wireless – (continued)
	AT&T, Inc.
	50,000		0.900			03/25/24		49,090
	320,000		2.750			06/01/31		311,183
	250,000		4.500			05/15/35		275,173
	400,000		3.500			06/01/41		378,622
	300,000		3.500			09/15/53		274,750
	CC Holdings GS V LLC / Crown Castle GS III Corp.
	50,000		3.849			04/15/23		51,365
	Crown Castle International Corp.
	40,000		3.300			07/01/30		39,772
	40,000		4.150			07/01/50		40,127
	T-Mobile USA, Inc.
	200,000		3.750			04/15/27		208,114
	200,000		3.875			04/15/30		205,955
	60,000		3.600			11/15/60		53,139
	Verizon Communications, Inc.
	300,000		0.850			11/20/25		285,375
	75,000		4.329			09/21/28		81,741
	322,000		3.150			03/22/30		325,642
	106,000		2.355	(b)		03/15/32		98,886
	21,000		4.500			08/10/33		23,159
	100,000		4.272			01/15/36		108,343
	15,000		3.400			03/22/41		14,505
	100,000		3.850			11/01/42		100,551
	80,000		5.500			03/16/47		102,841
	40,000		4.000			03/22/50		40,399
	45,000		2.875			11/20/50		37,829
								3,370,105
	TOTAL CORPORATE OBLIGATIONS
	(Cost $59,224,829)						$	55,448,686
U.S. Treasury Bonds – 8.2%
	U.S. Treasury Bonds
$	4,980,000		4.375	%		02/15/38	$	6,605,232
	5,203,000		3.875			08/15/40		6,533,832
	6,965,000		2.500			02/15/45		7,188,948
	1,044,000		2.500			05/15/46		1,080,872
	TOTAL U.S. TREASURY BONDS
	(Cost $23,163,444)						$	21,408,884
Foreign Corporate Debt – 5.3%
Banks – 2.2%
	Banco Bilbao Vizcaya Argentaria SA (Spain)
$	200,000		0.875	%		09/18/23	$	196,680
	200,000		1.125			09/18/25		189,904
	Banco Santander SA (Spain)
	200,000		1.849			03/25/26		192,250
	Bank of Montreal, MTN (Canada)
	200,000		2.500			06/28/24		201,891
	Bank of Nova Scotia (The) (Canada)
	200,000		3.400			02/11/24		205,223

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

GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF

Schedule of Investments (continued)

February 28, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Foreign Corporate Debt – (continued)
Banks – (continued)
	Barclays PLC (United Kingdom)
$	200,000		4.375	%		09/11/24	$	207,479
	200,000		5.200			05/12/26		215,533
	Canadian Imperial Bank of Commerce (Canada)
	130,000		3.500			09/13/23		133,579
	Deutsche Bank AG(c) (Germany)
	(SOFR + 2.159%)
	200,000		2.222			09/18/24		199,386
	Export-Import Bank of Korea (South Korea)
	400,000		2.625			05/26/26		408,363
	HSBC Holdings PLC (United Kingdom)
	(3M USD LIBOR + 1.211%)
	350,000		3.803	(c)		03/11/25		358,593
	200,000		4.300			03/08/26		211,287
	200,000		6.500			09/15/37		256,016
	ING Groep NV (Netherlands)
	354,000		4.550			10/02/28		385,371
	Korea Development Bank (The) (South Korea)
	300,000		0.800			07/19/26		284,415
	Lloyds Banking Group PLC (United Kingdom)
	300,000		4.375			03/22/28		320,364
	Mitsubishi UFJ Financial Group, Inc. (Japan)
	200,000		3.850			03/01/26		209,351
	50,000		3.961			03/02/28		52,765
	100,000		3.741			03/07/29		104,369
	NatWest Group PLC (United Kingdom)
	100,000		6.000			12/19/23		106,147
	Royal Bank of Canada, GMTN (Canada)
	130,000		1.600			04/17/23		129,919
	Sumitomo Mitsui Financial Group, Inc. (Japan)
	200,000		3.936			10/16/23		206,415
	120,000		3.010			10/19/26		121,629
	75,000		2.930			09/17/41		67,597
	Svensk Exportkredit AB, GMTN (Sweden)
	200,000		0.625			05/14/25		192,687
	Toronto-Dominion Bank (The)(c) (Canada)
	(5 Year USD Swap + 2.205%)
	185,000		3.625			09/15/31		191,013
	Toronto-Dominion Bank (The), GMTN (Canada)
	130,000		3.500			07/19/23		133,162
	Westpac Banking Corp. (Australia)
	200,000		2.850			05/13/26		205,106
	75,000		3.350			03/08/27		78,263
	40,000		2.150			06/03/31		37,934
								5,802,691
Basic Industry – 0.0%
	Syngenta Finance NV (Switzerland)
	20,000		3.125			03/28/22		20,038
Brokerage – 0.0%
	Brookfield Finance, Inc. (Canada)
	50,000		4.350			04/15/30		53,870
	15,000		3.500			03/30/51		13,705
								67,575
Foreign Corporate Debt – (continued)
Capital Goods – 0.0%
	CNH Industrial NV (United Kingdom)
	80,000		4.500			08/15/23		82,662
Consumer Noncyclical – 0.3%
	Bayer US Finance II LLC(b) (Germany)
	100,000		3.375			07/15/24		101,880
	15,000		4.200			07/15/34		16,303
	170,000		4.700			07/15/64		179,064
	GlaxoSmithKline Capital, Inc. (United Kingdom)
	200,000		6.375			05/15/38		276,651
	Reynolds American, Inc. (United Kingdom)
	250,000		5.850			08/15/45		270,733
								844,631
Energy – 0.5%
	Cenovus Energy, Inc. (Canada)
	50,000		5.250			06/15/37		55,583
	Enbridge, Inc. (Canada)
	110,000		3.125			11/15/29		110,465
	15,000		5.500			12/01/46		18,869
	(3M USD LIBOR + 3.641%)
	15,000		6.250	(c)		03/01/78		15,675
	Equinor ASA (Norway)
	100,000		2.650			01/15/24		101,402
	40,000		1.750			01/22/26		39,221
	40,000		3.625			09/10/28		42,362
	300,000		3.125			04/06/30		308,398
	Shell International Finance BV (Netherlands)
	25,000		0.375			09/15/23		24,557
	40,000		2.000			11/07/24		40,170
	55,000		3.250			05/11/25		56,981
	75,000		4.375			05/11/45		83,307
	312,000		4.000			05/10/46		330,000
	TotalEnergies Capital International SA (France)
	100,000		3.127			05/29/50		92,995
								1,319,985
Financial Company – 0.1%
	AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Ireland)
	250,000		3.150			02/15/24		252,717
Food and Beverage – 0.3%
	Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc. (Belgium)
	80,000		4.900			02/01/46		91,145
	Anheuser-Busch InBev Finance, Inc. (Belgium)
	55,000		4.700			02/01/36		60,878
	100,000		4.900			02/01/46		114,150
	Anheuser-Busch InBev Worldwide, Inc. (Belgium)
	300,000		3.500			06/01/30		313,234
	46,000		4.375			04/15/38		49,270
	40,000		4.600			04/15/48		43,903
	40,000		5.550			01/23/49		49,398
	90,000		4.750			04/15/58		99,708
								821,686

72 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
Foreign Corporate Debt – (continued)
Forest Products & Paper – 0.1%
	Suzano Austria GmbH (Brazil)
$	200,000		5.000	%		01/15/30	$	206,404
Internet – 0.4%
	Alibaba Group Holding Ltd. (China)
	400,000		3.600			11/28/24		410,586
	240,000		3.400			12/06/27		243,755
	JD.com, Inc. (China)
	200,000		3.875			04/29/26		209,287
	Tencent Music Entertainment Group (China)
	300,000		2.000			09/03/30		269,414
								1,133,042
Metals – 0.0%
	ArcelorMittal SA (Luxembourg)
	15,000		4.550			03/11/26		15,731
	15,000		4.250			07/16/29		15,338
	10,000		7.000			10/15/39		12,238
	15,000		6.750			03/01/41		18,206
								61,513
Mining – 0.2%
	Southern Copper Corp. (Peru)
	55,000		3.875			04/23/25		56,734
	Vale Overseas Ltd. (Brazil)
	230,000		6.250			08/10/26		258,175
	115,000		3.750			07/08/30		113,678
								428,587
Oil Company-Exploration & Production – 0.1%
	CNOOC Finance 2013 Ltd. (China)
	200,000		3.000			05/09/23		202,769
Oil Company-Integrated – 0.4%
	Petroleos Mexicanos (Mexico)
	225,000		6.875			08/04/26		238,376
	100,000		5.350			02/12/28		96,475
	250,000		5.950			01/28/31		236,062
	Saudi Arabian Oil Co.(b) (Saudi Arabia)
	200,000		2.875			04/16/24		200,870
	300,000		2.250			11/24/30		279,562
								1,051,345
Technology – 0.2%
	NXP BV / NXP Funding LLC(b) (China)
	40,000		5.350			03/01/26		43,998
	NXP BV / NXP Funding LLC / NXP USA, Inc.(b) (China)
	120,000		3.400			05/01/30		121,219
	265,000		2.500			05/11/31		247,975
								413,192
Telecommunications – 0.2%
	America Movil SAB de CV (Mexico)
	280,000		3.625			04/22/29		288,071
	200,000		2.875			05/07/30		195,083
								483,154
Foreign Corporate Debt – (continued)
Transportation – 0.0%
	Canadian National Railway Co. (Canada)
	40,000		4.450			01/20/49		46,106
Wireless – 0.1%
	Vodafone Group PLC (United Kingdom)
	250,000		4.125			05/30/25		263,079
	50,000		5.250			05/30/48		57,181
								320,260
Wirelines – 0.2%
	Bell Telephone Co of Canada or Bell Canada/The (Canada)
	80,000		4.300			07/29/49		86,363
	Deutsche Telekom International Finance BV (Germany)
	15,000		8.750			06/15/30		20,729
	Orange SA (France)
	40,000		9.000			03/01/31		57,316
	Telefonica Emisiones SA (Spain)
	200,000		4.895			03/06/48		209,967
								374,375
	TOTAL FOREIGN CORPORATE DEBT
	(Cost $14,584,209)						$	13,932,732
Foreign Debt Obligations – 2.6%
Sovereign – 2.6%
	Abu Dhabi Government International Bond(b) (United Arab Emirates)
$	200,000		0.750	%		09/02/23	$	197,089
	400,000		2.125			09/30/24		401,689
	200,000		2.500			04/16/25		202,247
	200,000		1.625			06/02/28		191,467
	200,000		2.700			09/02/70		166,425
	China Government International Bond(b) (China)
	400,000		0.400			10/21/23		392,621
	600,000		0.550			10/21/25		570,126
	Colombia Government International Bond (Colombia)
	200,000		4.000			02/26/24		203,011
	200,000		3.875			04/25/27		192,024
	100,000		6.125			01/18/41		97,465
	Hungary Government International Bond (Hungary)
	16,000		5.375			02/21/23		16,510
	Indonesia Government International Bond (Indonesia)
	200,000		3.850			10/15/30		212,136
	300,000		5.250			01/17/42		337,891
	Landwirtschaftliche Rentenbank (Germany)
	15,000		3.125			11/14/23		15,395
	Malaysia Sovereign Sukuk BHD(b) (Malaysia)
	300,000		3.043			04/22/25		308,677
	Mexico Government International Bond (Mexico)
	250,000		3.600			01/30/25		259,981
	250,000		3.250			04/16/30		243,139
	Panama Government International Bond (Panama)
	200,000		6.700			01/26/36		244,500
	Perusahaan Penerbit SBSN Indonesia III(b) (Indonesia)
	400,000		4.550			03/29/26		428,000
	200,000		2.800			06/23/30		198,000

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

GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF

Schedule of Investments (continued)

February 28, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Foreign Debt Obligations – (continued)
Sovereign – (continued)
	Philippine Government International Bond (Philippines)
$	200,000		3.750	%		01/14/29	$	209,407
	Province of Alberta Canada (Canada)
	15,000		2.200			07/26/22		15,078
	50,000		3.300			03/15/28		53,283
	Province of British Columbia Canada (Canada)
	15,000		2.000			10/23/22		15,097
	Province of Ontario Canada (Canada)
	30,000		1.050			05/21/27		28,627
	30,000		1.600			02/25/31		28,571
	Province of Quebec Canada (Canada)
	90,000		0.600			07/23/25		86,445
	25,000		2.750			04/12/27		25,935
	Qatar Government International Bond(b) (Qatar)
	280,000		3.400			04/16/25		290,546
	200,000		4.817			03/14/49		244,192
	Republic of Poland Government International Bond (Poland)
	30,000		3.250			04/06/26		31,085
	Romanian Government International Bond(b) (Romania)
	16,000		3.000			02/14/31		14,662
	Russian Foreign Bond – Eurobond(b) (Russia)
	200,000		5.250			06/23/47		70,000
	Saudi Government International Bond (Saudi Arabia)
	300,000		2.900	(b)		10/22/25		307,557
	500,000		4.625			10/04/47		552,140
	Uruguay Government International Bond (Uruguay)
	15,000		4.375			01/23/31		16,406
	TOTAL FOREIGN DEBT OBLIGATIONS
	(Cost $7,441,980)						$	6,867,424
U.S. Treasury Obligations – 7.6%
	U.S. Treasury Bond
$	2,677,000		2.000	%		02/15/50	$	2,563,599
	U.S. Treasury Note
	16,919,000		2.125			05/31/26		17,178,040
	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $20,654,771)						$	19,741,639

Shares	Dividend Rate	Value
Investment Company – 24.5%(d)
Goldman Sachs Financial Square Government Fund – Institutional Shares
63,982,916	0.026%	$	63,982,916
(Cost $63,982,916)
TOTAL INVESTMENTS – 124.0%
(Cost $333,971,999)		$	323,472,654
LIABILITIES IN EXCESS OF     ASSETS – (24.0)%			(62,637,931	)
NET ASSETS – 100.0%		$	260,834,723

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 $66,841,556 which represents approximately 25.6% of the Fund’s net assets as of February 28, 2022.
(b)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(c)	Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on February 28, 2022.
(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
REIT	—Real Estate Investment Trust
SOFR	—Secured Overnight Financing Rate

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

GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF

Schedule of Investments

February 28, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Mortgage-Backed Securities – 33.1%
	FHLMC REMIC(a) (12M USD LIBOR + 1.803%)
$	4,821,621		2.078	%		10/01/43	$	5,057,740
	FHLMC REMIC(a) (12M USD LIBOR + 1.616%)
	10,576,842		2.210			01/01/46		10,890,384
	FHLMC REMIC(a) (12M USD LIBOR + 1.781%)
	849,544		2.041			10/01/44		889,279
	FHLMC REMIC Series 2003-2682, Class FB(a) (1M USD LIBOR + 0.900%)
	195,252		1.091			10/15/33		199,449
	FHLMC REMIC Series 2003-2711, Class FA(a) (1M USD LIBOR + 1.000%)
	209,289		1.191			11/15/33		215,105
	FHLMC REMIC Series 2005-3033, Class FG(a) (1M USD LIBOR + 0.350%)
	588,570		0.541			09/15/35		592,316
	FHLMC REMIC Series 2007-3298, Class FC(a) (1M USD LIBOR + 0.420%)
	222,124		0.611			04/15/37		223,444
	FHLMC REMIC Series 2007-3314, Class FC(a) (1M USD LIBOR + 0.400%)
	28,155		0.591			12/15/36		28,336
	FHLMC REMIC Series 2007-3316, Class FB(a) (1M USD LIBOR + 0.300%)
	697,889		0.491			08/15/35		701,228
	FHLMC REMIC Series 2007-3371, Class FA(a) (1M USD LIBOR + 0.600%)
	131,416		0.791			09/15/37		133,547
	FHLMC REMIC Series 2009-3593, Class CF(a) (1M USD LIBOR + 0.600%)
	1,500,961		0.791			02/15/36		1,525,582
	FHLMC REMIC Series 2011-3895, Class FM(a) (1M USD LIBOR + 0.350%)
	112,827		0.541			12/15/40		113,054
	FHLMC REMIC Series 2012-4040, Class FW(a) (1M USD LIBOR + 0.370%)
	459,322		0.561			05/15/32		460,916
	FHLMC REMIC Series 2012-4057, Class FE(a) (1M USD LIBOR + 0.450%)
	941,689		0.641			06/15/42		951,522
	FHLMC REMIC Series 2012-4068, Class UF(a) (1M USD LIBOR + 0.500%)
	236,137		0.691			06/15/42		238,217
	FHLMC REMIC Series 2012-4098, Class MF(a) (1M USD LIBOR + 0.300%)
	236,215		0.491			11/15/41		236,559
	FHLMC REMIC Series 2012-4107, Class MF(a) (1M USD LIBOR + 0.400%)
	1,983,235		0.591			09/15/42		1,996,315
	FHLMC REMIC Series 2012-4126, Class GF(a) (1M USD LIBOR + 0.400%)
	2,344,331		0.591			11/15/42		2,353,656
	FHLMC REMIC Series 2013-4203, Class QF(a) (1M USD LIBOR + 0.250%)
	1,284,577		0.441			05/15/43		1,283,977
	FHLMC REMIC Series 2013-4215, Class NF(a) (1M USD LIBOR + 0.350%)
	847,928		0.541			06/15/43		850,382
Mortgage-Backed Securities – (continued)
	FHLMC REMIC Series 2013-4240, Class FA(a) (1M USD LIBOR + 0.500%)
$	2,927,386		0.691	%		08/15/43	$	2,953,819
	FHLMC REMIC Series 2013-4248, Class FL(a) (1M USD LIBOR + 0.450%)
	97,217		0.641			05/15/41		98,153
	FHLMC REMIC Series 2013-4263, Class FB(a) (1M USD LIBOR + 0.400%)
	73,443		0.591			11/15/43		74,041
	FHLMC REMIC Series 2013-4272, Class FD(a) (1M USD LIBOR + 0.350%)
	84,685		0.541			11/15/43		85,186
	FHLMC REMIC Series 2017-4678, Class AF(a) (1M USD LIBOR + 0.400%)
	2,367,763		0.502			12/15/42		2,361,439
	FHLMC REMIC Series 2017-4719, Class AF(a) (1M USD LIBOR + 0.350%)
	3,876,074		0.541			09/15/47		3,898,627
	FHLMC REMIC Series 2018-4787, Class ZS
	1,111,164		5.000			07/01/48		1,204,254
	FHLMC REMIC Series 2018-4818, Class FC(a) (1M USD LIBOR + 0.300%)
	258,597		0.491			04/15/48		258,534
	FHLMC REMIC Series 2018-4852, Class BF(a) (1M USD LIBOR + 0.400%)
	1,712,833		0.591			12/15/48		1,723,499
	FHLMC REMIC Series 2019-4897, Class F(a) (1M USD LIBOR + 0.400%)
	1,404,557		0.591			07/15/49		1,416,238
	FHLMC REMIC Series 2019-4903, Class F(a) (1M USD LIBOR + 0.450%)
	216,115		0.641			09/15/48		218,378
	FHLMC REMIC Series 2019-4906, Class NF(a) (1M USD LIBOR + 0.400%)
	2,135,908		0.502			03/15/38		2,149,428
	FHLMC REMIC Series 2019-4942, Class FA(a) (1M USD LIBOR + 0.500%)
	1,405,314		0.687			01/25/50		1,413,521
	FHLMC REMIC Series 2019-4944, Class F(a) (1M USD LIBOR + 0.450%)
	11,994,584		0.637			01/25/50		12,099,376
	FHLMC REMIC Series 2020-5002, Class FJ(a) (1M USD LIBOR + 0.400%)
	225,603		0.587			07/25/50		226,627
	FHLMC REMIC Series 2020-5031, Class FA(a) (SOFR + 0.300%)
	2,860,019		0.348			08/15/43		2,862,114
	FHLMC STRIPS Series 2006-239, Class F22(a) (1M USD LIBOR + 0.350%)
	204,681		0.541			08/15/36		206,268
	FHLMC STRIPS Series 2006-239, Class F30(a) (1M USD LIBOR + 0.300%)
	511,702		0.491			08/15/36		515,355
	FNMA REMIC Series 2002-53, Class FY(a) (1M USD LIBOR + 0.500%)
	234,887		0.687			08/25/32		237,759

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

GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF

Schedule of Investments (continued)

February 28, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Mortgage-Backed Securities – (continued)
	FNMA REMIC Series 2004-54, Class FL(a) (1M USD LIBOR + 0.400%)
$	141,953		0.587	%		07/25/34	$	142,883
	FNMA REMIC Series 2004-54, Class FN(a) (1M USD LIBOR + 0.450%)
	347,113		0.637			07/25/34		350,183
	FNMA REMIC Series 2005-120, Class FE(a) (1M USD LIBOR + 0.520%)
	504,604		0.707			01/25/36		511,300
	FNMA REMIC Series 2005-87, Class FE(a) (1M USD LIBOR + 0.450%)
	533,464		0.637			10/25/35		538,262
	FNMA REMIC Series 2006-110, Class AF(a) (1M USD LIBOR + 0.330%)
	2,808,865		0.517			11/25/36		2,824,384
	FNMA REMIC Series 2006-16, Class FC(a) (1M USD LIBOR + 0.300%)
	139,543		0.487			03/25/36		139,880
	FNMA REMIC Series 2006-36, Class FB(a) (1M USD LIBOR + 0.300%)
	55,915		0.487			05/25/36		56,130
	FNMA REMIC Series 2006-42, Class PF(a) (1M USD LIBOR + 0.410%)
	115,314		0.597			06/25/36		116,257
	FNMA REMIC Series 2006-44, Class FP(a) (1M USD LIBOR + 0.400%)
	1,138,138		0.587			06/25/36		1,147,473
	FNMA REMIC Series 2006-61, Class FD(a) (1M USD LIBOR + 0.360%)
	214,794		0.547			07/25/36		216,081
	FNMA REMIC Series 2006-79, Class DF(a) (1M USD LIBOR + 0.350%)
	475,756		0.537			08/25/36		478,736
	FNMA REMIC Series 2006-88, Class AF(a) (1M USD LIBOR + 0.460%)
	414,501		0.647			09/25/36		419,053
	FNMA REMIC Series 2007-35, Class PF(a) (1M USD LIBOR + 0.250%)
	77,533		0.437			04/25/37		77,762
	FNMA REMIC Series 2007-67, Class FB(a) (1M USD LIBOR + 0.320%)
	216,669		0.507			07/25/37		217,591
	FNMA REMIC Series 2008-1, Class CF(a) (1M USD LIBOR + 0.700%)
	58,745		0.887			02/25/38		59,561
	FNMA REMIC Series 2009-110, Class FG(a) (1M USD LIBOR + 0.750%)
	263,108		0.937			01/25/40		267,625
	FNMA REMIC Series 2010-113, Class FA(a) (1M USD LIBOR + 0.400%)
	175,588		0.587			10/25/40		176,929
	FNMA REMIC Series 2010-116, Class FE(a) (1M USD LIBOR + 0.400%)
	212,660		0.587			10/25/40		214,387
	FNMA REMIC Series 2010-141, Class FB(a) (1M USD LIBOR + 0.470%)
	133,965		0.657			12/25/40		134,991
Mortgage-Backed Securities – (continued)
	FNMA REMIC Series 2010-15, Class FJ(a) (1M USD LIBOR + 0.930%)
	417,426		1.117			06/25/36		426,196
	FNMA REMIC Series 2010-39, Class FE(a) (1M USD LIBOR + 0.770%)
	647,616		0.957			06/25/37		660,838
	FNMA REMIC Series 2010-39, Class FG(a) (1M USD LIBOR + 0.920%)
	280,504		1.107			03/25/36		287,675
	FNMA REMIC Series 2010-46, Class WF(a) (1M USD LIBOR + 0.750%)
	1,988,396		0.937			05/25/40		2,032,006
	FNMA REMIC Series 2010-49, Class FB(a) (1M USD LIBOR + 0.750%)
	193,962		0.937			05/25/40		198,088
	FNMA REMIC Series 2010-59, Class FN(a) (1M USD LIBOR + 0.730%)
	2,386,666		0.917			06/25/40		2,429,877
	FNMA REMIC Series 2011-5, Class PF(a) (1M USD LIBOR + 0.600%)
	104,337		0.787			11/25/40		104,588
	FNMA REMIC Series 2011-53, Class FT(a) (1M USD LIBOR + 0.580%)
	191,886		0.767			06/25/41		194,721
	FNMA REMIC Series 2011-87, Class FJ(a) (1M USD LIBOR + 0.550%)
	177,551		0.737			09/25/41		180,270
	FNMA REMIC Series 2012-101, Class FC(a) (1M USD LIBOR + 0.500%)
	145,637		0.687			09/25/42		146,917
	FNMA REMIC Series 2012-14, Class BF(a) (1M USD LIBOR + 0.600%)
	855,767		0.787			03/25/42		873,531
	FNMA REMIC Series 2012-37, Class BF(a) (1M USD LIBOR + 0.500%)
	189,384		0.687			12/25/35		191,342
	FNMA REMIC Series 2013-10, Class KF(a) (1M USD LIBOR + 0.300%)
	122,132		0.487			02/25/43		122,375
	FNMA REMIC Series 2013-130, Class FB(a) (1M USD LIBOR + 0.450%)
	119,689		0.637			01/25/44		121,015
	FNMA REMIC Series 2013-19, Class DF(a) (1M USD LIBOR + 0.300%)
	808,656		0.487			09/25/41		809,663
	FNMA REMIC Series 2013-2, Class QF(a) (1M USD LIBOR + 0.500%)
	95,113		0.687			02/25/43		96,116
	FNMA REMIC Series 2014-17, Class FE(a) (1M USD LIBOR + 0.550%)
	993,859		0.737			04/25/44		1,006,556
	FNMA REMIC Series 2014-28, Class FD(a) (1M USD LIBOR + 0.450%)
	2,481,498		0.637			05/25/44		2,506,605
	FNMA REMIC Series 2014-47, Class AF(a) (1M USD LIBOR + 0.350%)
	444,677		0.452			08/25/44		443,646

76 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 2015-27, Class KF(a) (1M USD LIBOR + 0.300%)
$	122,427		0.487	%		05/25/45	$	122,806
	FNMA REMIC Series 2015-66, Class AF(a) (1M USD LIBOR + 0.250%)
	13,031,000		0.437			09/25/45		13,051,609
	FNMA REMIC Series 2015-87, Class BF(a) (1M USD LIBOR + 0.300%)
	482,797		0.487			12/25/45		484,777
	FNMA REMIC Series 2016-49, Class EF(a) (1M USD LIBOR + 0.400%)
	1,111,284		0.587			08/25/46		1,118,596
	FNMA REMIC Series 2016-67, Class AF(a) (1M USD LIBOR + 0.400%)
	5,154,368		0.587			09/25/46		5,185,849
	FNMA REMIC Series 2017-16, Class FA(a) (1M USD LIBOR + 0.450%)
	871,463		0.637			03/25/47		877,383
	FNMA REMIC Series 2017-91, Class GF(a) (1M USD LIBOR + 0.350%)
	2,006,299		0.537			11/25/47		2,017,616
	FNMA REMIC Series 2018-15, Class JF(a) (1M USD LIBOR + 0.300%)
	1,139,905		0.487			03/25/48		1,144,367
	FNMA REMIC Series 2018-3385, Class MA
	1,182,611		4.500			06/01/48		1,249,879
	FNMA REMIC Series 2018-4, Class FM(a) (1M USD LIBOR + 0.300%)
	3,014,972		0.487			02/25/48		3,027,764
	FNMA REMIC Series 2019-41, Class FM(a) (1M USD LIBOR + 0.450%)
	1,469,409		0.637			08/25/49		1,477,919
	FNMA REMIC Series 2019-6, Class KF(a) (1M USD LIBOR + 0.450%)
	2,401,620		0.637			03/25/49		2,423,811
	FNMA REMIC Series 2020-6347, Class BM(a) (12M USD LIBOR + 1.734%)
	12,239,734		2.034			02/01/41		12,848,560
	GNMA Series 2004-59, Class FP(a) (1M USD LIBOR + 0.300%)
	491,667		0.426			08/16/34		493,621
	GNMA Series 2005-4, Class FA(a) (1M USD LIBOR + 0.370%)
	463,367		0.496			01/16/35		464,935
	GNMA Series 2007-26, Class FL(a) (1M USD LIBOR + 0.200%)
	2,955,421		0.362			05/20/37		2,957,554
	GNMA Series 2007-59, Class FA(a) (1M USD LIBOR + 0.500%)
	141,430		0.662			10/20/37		143,398
	GNMA Series 2013-99, Class PF(a) (1M USD LIBOR + 0.300%)
	1,917,467		0.462			07/20/43		1,927,287
	GNMA Series 2018-164, Class AF(a) (1M USD LIBOR + 0.400%)
	3,328,516		0.562			12/20/48		3,355,527
	GNMA Series 2019-110, Class F(a) (1M USD LIBOR + 0.450%)
	2,221,438		0.612			09/20/49		2,230,280
	GNMA Series 2019-56, Class FB(a) (1M USD LIBOR + 0.450%)
	2,442,603		0.612			05/20/49		2,462,319
	GNMA Series 2019-58, Class FA(a) (1M USD LIBOR + 0.400%)
	1,156,734		0.562			05/20/49		1,165,089
Mortgage-Backed Securities – (continued)
	JP Morgan Chase Commercial Mortgage Securities Trust Series 2016-JP2, Class ASB
	557,921		2.713			08/15/49		562,006
	JPMBB Commercial Mortgage Securities Trust Series 2015-C31, Class ASB
	516,927		3.540			08/15/48		527,655
	Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C7, Class A3
	154,366		2.655			02/15/46		154,299
	Wells Fargo Commercial Mortgage Trust Series 2013-LC12, Class A4(a)
	700,000		4.218			07/15/46		710,049
	WFRBS Commercial Mortgage Trust Series 2012-C10, Class A3
	537,000		2.875			12/15/45		537,992
	TOTAL MORTGAGE-BACKED SECURITIES
	(Cost $146,755,693)						$	146,588,064
Corporate Obligations – 20.4%
Banks – 4.8%
	Bank of America Corp.(a)
	(3M USD LIBOR + 0.790%)
$	1,622,000		3.004	%		12/20/23	$	1,636,697
	Bank of America Corp.(a), Series 2025
	(SOFR + 0.660%)
	2,735,000		0.710			02/04/25		2,736,734
	Bank of America Corp.(a), GMTN
	(3M USD LIBOR + 0.930%)
	1,100,000		2.816			07/21/23		1,105,448
	Bank of America Corp.(a), MTN
	(3M Bloomberg Short Term Bank Yield + 0.430%)
	2,000,000		0.909			05/28/24		2,000,660
	Capital One Financial Corp.(a)
	(SOFR + 0.690%)
	2,000,000		0.740			12/06/24		2,000,142
	Charles Schwab Corp. (The)(a)
	(SOFR + 0.500%)
	1,000,000		0.549			03/18/24		1,000,484
	Citigroup, Inc.(a)
	(3M USD LIBOR + 0.950%)
	1,173,000		2.876			07/24/23		1,179,720
	Discover Bank
	2,000,000		3.350			02/06/23		2,026,369
	Fifth Third Bancorp
	600,000		2.600			06/15/22		602,033
	JPMorgan Chase & Co.
	(3M USD LIBOR + 0.695%)
	2,807,000		3.207	(a)		04/01/23		2,811,180
	(SOFR + 0.580%)
	980,000		0.629	(a)		03/16/24		980,841
	Morgan Stanley(a)
	(SOFR + 0.625%)
	1,764,000		0.675			01/24/25		1,765,025
	MUFG Union Bank NA
	300,000		3.150			04/01/22		300,000
	500,000		2.100			12/09/22		503,215

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

GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF

Schedule of Investments (continued)

February 28, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Banks – (continued)
	Wells Fargo & Co.
$	462,000		4.125	%		08/15/23	$	476,398
								21,124,946
Basic Industry – 0.1%
	Ecolab, Inc.
	272,000		0.900			12/15/23		267,465
Brokerage – 0.2%
	Intercontinental Exchange, Inc.
	1,000,000		0.700			06/15/23		988,626
Capital Goods – 0.3%
	Carlisle Cos., Inc.
	1,117,000		0.550			09/01/23		1,094,678
	Roper Technologies, Inc.
	450,000		3.125			11/15/22		453,706
								1,548,384
Consumer Cyclical – 1.1%
	7-Eleven, Inc.(b)
	1,245,000		0.625			02/10/23		1,235,694
	General Motors Financial Co., Inc.
	(3M USD LIBOR + 1.310%)
	900,000		1.528	(a)		06/30/22		902,071
	300,000		3.700			05/09/23		305,428
	NVR, Inc.
	2,027,000		3.950			09/15/22		2,043,400
	Ralph Lauren Corp.
	78,000		1.700			06/15/22		78,188
	Starbucks Corp.(a)
	(SOFRINDX + 0.420%)
	479,000		0.470			02/14/24		479,310
								5,044,091
Consumer Noncyclical – 2.2%
	AbbVie, Inc.
	700,000		3.250			10/01/22		704,889
	1,500,000		3.200			11/06/22		1,514,330
	Baxter International, Inc.(a)(b)
	(SOFR + 0.440%)
	1,356,000		0.490			11/29/24		1,352,306
	Biogen, Inc.
	1,079,000		3.625			09/15/22		1,091,514
	PerkinElmer, Inc.
	1,505,000		0.550			09/15/23		1,475,721
	Thermo Fisher Scientific, Inc.
	(SOFR + 0.350%)
	1,070,000		0.399	(a)		04/18/23		1,069,054
	2,600,000		0.797			10/18/23		2,563,729
								9,771,543
Electric – 3.5%
	American Electric Power Co., Inc.(a), Series A
	(3M USD LIBOR + 0.480%)
	625,000		0.797			11/01/23		624,817
	Atmos Energy Corp.
	423,000		0.625			03/09/23		418,450
Corporate Obligations – (continued)
Electric – (continued)
	Atmos Energy Corp. – (continued)
	(3M USD LIBOR + 0.380%)
	747,000		1.023	%(a)		03/09/23		747,009
	CenterPoint Energy Resources Corp.
	900,000		0.700			03/02/23		890,459
	(3M USD LIBOR + 0.500%)
	720,000		1.004	(a)		03/02/23		719,746
	CenterPoint Energy, Inc.(a)
	(SOFR + 0.650%)
	881,000		0.700			05/13/24		880,963
	DTE Energy Co., Series H
	1,119,000		0.550			11/01/22		1,112,697
	Duke Energy Corp.(a)
	(SOFR + 0.250%)
	850,000		0.299			06/10/23		847,959
	Entergy Corp.
	580,000		4.000			07/15/22		583,023
	Florida Power & Light Co.(a)
	(SOFRINDX + 0.380%)
	1,250,000		0.429			01/12/24		1,249,966
	National Rural Utilities Cooperative Finance Corp.(a), MTN
	(SOFR + 0.400%)
	1,884,000		0.450			08/07/23		1,886,553
	NextEra Energy Capital Holdings, Inc.
	(3M USD LIBOR + 0.270%)
	1,245,000		0.750	(a)		02/22/23		1,243,249
	(SOFR + 0.540%)
	500,000		0.590	(a)		03/01/23		500,975
	OGE Energy Corp.
	226,000		0.703			05/26/23		222,933
	Oklahoma Gas and Electric Co.
	522,000		0.553			05/26/23		514,815
	PPL Electric Utilities Corp.(a)
	(SOFR + 0.330%)
	620,000		0.379			06/24/24		617,725
	Southern Co. (The)
	1,500,000		2.950			07/01/23		1,518,987
	Southern Co. (The)(a), Series 2021
	(SOFR + 0.370%)
	900,000		0.420			05/10/23		898,806
								15,479,132
Energy – 1.2%
	Baker Hughes Holdings LLC / Baker Hughes Co.-Obligor, Inc.
	373,000		1.231			12/15/23		369,067
	ConocoPhillips Co.
	2,206,000		2.125			03/08/24		2,206,785
	Kinder Morgan Energy Partners LP
	649,000		3.450			02/15/23		656,145
	MPLX LP
	500,000		3.500			12/01/22		506,513
	Pioneer Natural Resources Co.
	1,436,000		0.550			05/15/23		1,417,719
								5,156,229
Financial Company – 0.4%
	Air Lease Corp.
	350,000		2.625			07/01/22		351,307

78 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)
Financial Company – (continued)
	Air Lease Corp. – (continued)
$	1,037,000		2.250	%		01/15/23	$	1,043,657
	500,000		3.875			07/03/23		510,325
								1,905,289
Food and Beverage – 0.6%
	Keurig Dr Pepper, Inc.
	1,380,000		4.057			05/25/23		1,415,663
	Mondelez International, Inc.
	1,117,000		0.625			07/01/22		1,115,853
								2,531,516
Healthcare – 0.9%
	AmerisourceBergen Corp.
	1,879,000		0.737			03/15/23		1,863,016
	Cigna Corp.
	2,250,000		3.050			11/30/22		2,277,322
								4,140,338
Insurance – 2.6%
	AIG Global Funding(a)(b)
	(SOFR + 0.380%)
	1,390,000		0.429			12/15/23		1,390,572
	Athene Global Funding(a)(b)
	(3M USD LIBOR + 0.730%)
	1,500,000		0.961			01/08/24		1,503,186
	Equitable Financial Life Global Funding(b)
	1,126,000		0.500			04/06/23		1,112,012
	Jackson National Life Global Funding(a)(b)
	(SOFR + 0.600%)
	1,300,000		0.649			01/06/23		1,302,767
	Markel Corp.
	600,000		4.900			07/01/22		607,367
	MassMutual Global Funding II(a)(b)
	(SOFR + 0.360%)
	986,000		0.409			04/12/24		987,430
	Principal Life Global Funding II
	(SOFR + 0.450%)
	353,000		0.499	(a)(b)		04/12/24		353,436
	(SOFR + 0.380%)
	1,563,000		0.430	(a)(b)		08/23/24		1,561,916
	Protective Life Global Funding
	2,000,000		0.327	(b)		12/09/22		1,986,945
	626,000		0.502	(b)		04/12/23		618,488
								11,424,119
REITs and Real Estate – 0.3%
	Public Storage(a) (SOFR + 0.470%)
	1,385,000		0.520			04/23/24		1,384,948
Software – 0.1%
	Oracle Corp.
	634,000		2.500			10/15/22		638,935
Technology – 0.5%
	Fidelity National Information Services, Inc.
	800,000		0.375			03/01/23		789,689
Corporate Obligations – (continued)
Technology – (continued)
	Hewlett Packard Enterprise Co.
	400,000		4.400			10/15/22		405,786
	1,000,000		2.250			04/01/23		1,006,060
								2,201,535
Transportation – 0.6%
	Penske Truck Leasing Co. LP / PTL Finance Corp.(b)
	1,390,000		4.250			01/17/23		1,418,961
	Ryder System, Inc., MTN
	1,000,000		3.750			06/09/23		1,022,119
								2,441,080
Wireless – 1.0%
	AT&T, Inc.(a)
	(SOFR + 0.640%)
	2,154,000		0.690			03/25/24		2,154,382
	Verizon Communications, Inc.(a)
	(SOFR + 0.500%)
	2,116,000		0.549			03/22/24		2,121,635
								4,276,017
	TOTAL CORPORATE OBLIGATIONS
	(Cost $90,744,991)						$	90,324,193
Asset- Backed Securities – 18.5%
	Access to Loans for Learning Student Loan Corp., Series 2010-I, Class A3(a) (3M USD LIBOR + 0.800%)
$	738,864		0.924	%		04/25/37	$	741,621
	Access to Loans for Learning Student Loan Corp., Series 2012-1, Class A(a) (1M USD LIBOR + 0.700%)
	22,765		0.887			07/25/36		22,550
	American Express Credit Account Master Trust, Series 2019-3, Class A
	1,070,000		2.000			04/15/25		1,076,218
	Anchorage Capital CLO Ltd., Series 2014-4RA, Class A(a)(b) (3M USD LIBOR + 1.050%) (Cayman Islands)
	1,000,000		1.328			01/28/31		999,915
	Atlas Senior Loan Fund III Ltd., Series 2013-1A, Class AR(a)(b) (3M USD LIBOR + 0.830%) (Cayman Islands)
	106,648		1.299			11/17/27		106,307
	Atrium XII, Series 2017-12A, Class AR(a)(b) (3M USD LIBOR + 0.830%) (Cayman Islands)
	236,907		1.089			04/22/27		235,468
	BA Credit Card Trust, Series 2021-A1, Class A1
	500,000		0.440			09/15/26		487,660
	Barclays Dryrock Issuance Trust, Series 2021-1, Class A
	2,400,000		0.630			07/15/27		2,330,806
	Barings CLO Ltd., Series 2018-3A, Class A1(a)(b) (3M USD LIBOR + 0.950%) (Cayman Islands)
	389,958		1.204			07/20/29		389,930
	BlueMountain CLO Ltd., Series 2017-2A, Class A1R(a)(b) (3M USD LIBOR + 1.180%) (Cayman Islands)
	980,386		1.439			10/22/30		979,750

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

GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF

Schedule of Investments (continued)

February 28, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Asset- Backed Securities – (continued)
	Brazos Higher Education Authority, Inc., Series 2010-1, Class A1(a) (3M USD LIBOR + 0.900%)
$	24,522		1.398	%		05/25/29	$	24,522
	Brazos Higher Education Authority, Inc., Series 2011-1, Class A2(a) (3M USD LIBOR + 0.800%)
	587,148		1.298			02/25/30		586,125
	Brazos Higher Education Authority, Inc., Series 2011-2, Class A2(a) (3M USD LIBOR + 0.850%)
	26,227		1.108			07/25/29		26,246
	BSPDF Issuer Ltd., Series 2021-FL1, Class A(a)(b) (1M USD LIBOR + 1.200%) (Cayman Islands)
	1,150,000		1.391			10/15/36		1,141,467
	BX, Series 2021-MFM1, Class A(a)(b) (1M USD LIBOR + 0.700%)
	100,000		0.891			01/15/34		97,530
	BX Trust, Series 2021-ARIA, Class A(a)(b) (1M USD LIBOR + 0.899%)
	1,300,000		1.090			10/15/36		1,275,025
	BXHPP Trust, Series 2021-FILM, Class A(a)(b) (1M USD LIBOR + 0.650%)
	1,850,000		0.841			08/15/36		1,806,187
	CARDS II Trust, Series 2021-1A, Class A(b) (Canada)
	1,125,000		0.602			04/15/27		1,097,395
	Carlyle US CLO Ltd., Series 2017-2A, Class A1R(a)(b) (3M USD LIBOR + 1.050%) (Cayman Islands)
	2,000,000		1.304			07/20/31		1,989,502
	Chase Issuance Trust, Series 2020-A1, Class A1
	400,000		1.530			01/15/25		401,218
	CIFC Funding Ltd., Series 2017-3A, Class A1(a)(b) (3M USD LIBOR + 1.220%) (Cayman Islands)
	2,350,000		1.474			07/20/30		2,347,584
	CIFC Funding Ltd., Series 2021-2A, Class AR(a)(b) (3M USD LIBOR + 0.950%) (Cayman Islands)
	500,000		1.204			04/20/30		496,917
	CIM Retail Portfolio Trust, Series 2021-RETL, Class A(a)(b) (1M USD LIBOR + 1.400%)
	633,467		1.592			08/15/36		620,260
	Citigroup Commercial Mortgage Trust, Series 2014-GC19, Class A4
	500,000		4.023			03/10/47		513,124
	Citigroup Commercial Mortgage Trust, Series 2014-GC21, Class A5
	600,000		3.855			05/10/47		613,180
	COMM Mortgage Trust, Series 2013-CR12, Class A4
	800,000		4.046			10/10/46		815,661
	COMM Mortgage Trust, Series 2013-CR7, Class A4
	427,573		3.213			03/10/46		430,000
	COMM Mortgage Trust, Series 2013-CR8, Class A5(a)
	700,000		3.612			06/10/46		707,275
	COMM Mortgage Trust, Series 2013-CR9, Class A4(a)
	322,746		4.255			07/10/45		328,826
	COMM Mortgage Trust, Series 2015-CR24, Class ASB
	371,241		3.445			08/10/48		377,911
	DBJPM Mortgage Trust, Series 2016-C3, Class ASB
	329,184		2.756			08/10/49		329,932
	Discover Card Execution Note Trust, Series 2017-A7, Class A7(a) (1M USD LIBOR + 0.360%)
	150,000		0.551			04/15/25		150,255
Asset- Backed Securities – (continued)
	Dryden 80 CLO Ltd., Series 2022-80A, Class AR(a)(b) (3M U.S. T-Bill MMY + 1.250%) (Cayman Islands)
	4,000,000		1.497			01/17/33		3,999,040
	Dryden XXVI Senior Loan Fund, Series 2013-26A, Class AR(a)(b) (3M USD LIBOR + 0.900%) (Cayman Islands)
	239,735		1.141			04/15/29		239,108
	Edsouth Indenture No 10 LLC, Series 2015-2, Class A(a)(b) (1M USD LIBOR + 1.000%)
	115,324		1.187			12/25/56		115,807
	Edsouth Indenture No 2 LLC, Series 2012-1, Class A1(a)(b) (1M USD LIBOR + 1.150%)
	150,444		1.337			09/25/40		150,444
	Edsouth Indenture No 3 LLC, Series 2012-2, Class A(a)(b) (1M USD LIBOR + 0.730%)
	38,358		0.917			04/25/39		38,224
	Educational Funding of the South, Inc., Series 2011-1, Class A2(a) (3M USD LIBOR + 0.650%)
	956,060		0.908			04/25/35		953,348
	EFS Volunteer LLC, Series 2010-1, Class A2(a)(b) (3M USD LIBOR + 0.850%)
	660,170		1.108			10/25/35		659,314
	Extended Stay America Trust, Series 2021-ESH, Class A(a)(b) (1M USD LIBOR + 1.080%)
	1,441,131		1.272			07/15/38		1,426,725
	Flatiron CLO 19 Ltd., Series 2021-1A, Class AR(a)(b) (3M USD LIBOR + 1.080%) (Cayman Islands)
	1,000,000		1.539			11/16/34		991,391
	Ford Credit Auto Owner Trust, Series 2018-2, Class A(b)
	1,500,000		3.470			01/15/30		1,538,548
	Ford Credit Floorplan Master Owner Trust A, Series 2018-2, Class A
	1,000,000		3.170			03/15/25		1,015,393
	GCO Education Loan Funding Trust, Series 2006-1, Class A10L(a) (3M USD LIBOR + 0.190%)
	131,196		0.688			02/27/28		130,740
	GMF Floorplan Owner Revolving Trust, Series 2020-2, Class A(b)
	1,000,000		0.690			10/15/25		988,707
	Goal Capital Funding Trust, Series 2010-1, Class A(a)(b) (3M USD LIBOR + 0.700%)
	304,065		1.198			08/25/48		303,322
	Great Wolf Trust, Series 2019-WOLF, Class A(a)(b) (1M USD LIBOR + 1.034%)
	3,250,000		1.225			12/15/36		3,238,675
	HalseyPoint CLO 3 Ltd., Series 2020-3A, Class A1A(a)(b) (3M USD LIBOR + 1.450%) (Cayman Islands)
	500,000		1.749			11/30/32		498,072
	Hayfin US Ltd., Series 2018-8A, Class A(a)(b) (3M USD LIBOR + 1.120%) (Cayman Islands)
	3,000,000		1.374			04/20/31		2,987,508
	Higher Education Funding I, Series 2014-1, Class A(a)(b) (3M USD LIBOR + 1.050%)
	973,404		1.548			05/25/34		972,705
	Honda Auto Receivables Owner Trust, Series 2019-4, Class A3
	562,308		1.830			01/18/24		564,485
	ICG US CLO Ltd., Series 2018-1A, Class A1R(a)(b) (3M USD LIBOR + 1.140%) (Cayman Islands)
	800,230		1.388			10/19/28		800,117

80 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)
	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2013-C10, Class ASB
$	440,765		2.702	%		12/15/47	$	442,570
	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2013-C13, Class A4(a)
	821,089		3.994			01/15/46		836,124
	JPMBB Commercial Mortgage Securities Trust, Series 2014-C18, Class ASB
	342,132		3.566			02/15/47		345,130
	KKR Industrial Portfolio Trust, Series 2021-KDIP, Class A(a)(b) (1M USD LIBOR + 0.550%)
	869,217		0.741			12/15/37		850,196
	KnowledgeWorks Foundation, Series 2010-1, Class A(a) (3M USD LIBOR + 0.950%)
	281,240		1.448			02/25/42		278,992
	LCM XV LP, Series 2021-15A, Class AR2(a)(b) (3M USD LIBOR + 1.000%) (Cayman Islands)
	2,300,000		1.254			07/20/30		2,287,893
	LCM XX LP, Series 2018-20A, Class AR(a)(b) (3M USD LIBOR + 1.040%) (Cayman Islands)
	862,463		1.294			10/20/27		859,287
	Madison Park Funding Ltd., Series 2021-37A, Class AR(a)(b) (3M USD LIBOR + 1.070%) (Cayman Islands)
	1,500,000		1.311			07/15/33		1,487,601
	Marathon CLO Ltd., Series 2021-1A, Class AANR(a)(b) (3M USD LIBOR + 1.320%) (Cayman Islands)
	2,200,000		1.561			04/15/32		2,196,016
	Master Credit Card Trust, Series 2021-1A, Class A(b) (Canada)
	1,400,000		0.530			11/21/25		1,358,333
	Mercedes-Benz Auto Lease Trust 2021-B, Series 2021-B, Class A3
	850,000		0.400			11/15/24		835,211
	Navient Student Loan Trust, Series 2016-6A, Class A2(a)(b) (1M USD LIBOR + 0.750%)
	359,779		0.937			03/25/66		359,442
	Nelnet Student Loan Trust, Series 2014-2A, Class A2(a)(b) (1M USD LIBOR + 0.600%)
	347,926		0.787			03/25/30		347,718
	Nelnet Student Loan Trust, Series 2014-4A, Class A1(a)(b) (1M USD LIBOR + 0.540%)
	418,947		0.727			11/27/39		420,224
	Nelnet Student Loan Trust, Series 2016-1A, Class A(a)(b) (1M USD LIBOR + 0.800%)
	500,721		0.987			09/25/65		501,794
	Nissan Auto Lease Trust, Series 2020-A, Class A3
	42,760		1.840			01/17/23		42,812
	Northstar Education Finance, Inc., Series 2012-1, Class A(a)(b) (1M USD LIBOR + 0.700%)
	111,409		0.887			12/26/31		111,580
	NorthStar Student Loan Trust III, Series 2016-1, Class A(a)(b) (1M USD LIBOR + 1.250%)
	1,476,269		1.358			05/27/36		1,479,462
	ONE PARK Mortgage Trust, Series 2021-PARK, Class A(a)(b) (1M USD LIBOR + 0.700%)
	908,000		0.891			03/15/36		894,732
	OZLM Ltd., Series 2017-11A, Class A1R(a)(b) (3M USD LIBOR + 1.250%) (Cayman Islands)
	247,297		1.549			10/30/30		247,022
Asset- Backed Securities – (continued)
	Pennsylvania Higher Education Assistance Agency, Series 2009-1, Class A1(a) (3M USD LIBOR + 0.900%)
	73,428		1.158			07/25/29		73,512
	Regata Funding Ltd., Series 2021-1A, Class AR(a)(b) (3M USD LIBOR + 1.100%) (Cayman Islands)
	2,000,000		1.341			10/15/32		1,988,270
	Rhode Island Student Loan Authority, Series 2012-1, Class A1(a) (1M USD LIBOR + 0.900%)
	921,677		1.131			07/01/31		920,592
	Rhode Island Student Loan Authority, Series 2014-1, Class A1(a) (1M USD LIBOR + 0.700%)
	151,571		0.931			10/02/28		150,682
	Shackleton 2015-VIII CLO Ltd., Series 2017-8A, Class A2R(a)(b) (3M USD LIBOR + 0.920%) (Cayman Islands)
	269,913		1.174			10/20/27		269,684
	SLC Student Loan Trust, Series 2003-14, Class A6(a) (3M USD LIBOR + 0.300%)
	128,819		0.558			07/25/25		128,576
	SLC Student Loan Trust, Series 2005-3, Class A3(a) (3M USD LIBOR + 0.120%)
	588,701		0.323			06/15/29		586,760
	SLC Student Loan Trust, Series 2005-5, Class A4(a) (3M USD LIBOR + 0.140%)
	658,577		0.398			10/25/28		654,917
	SLC Student Loan Trust, Series 2007-1, Class A4(a) (3M USD LIBOR + 0.060%)
	1,622,367		0.566			05/15/29		1,587,778
	SLC Student Loan Trust, Series 2010-1, Class A(a) (3M USD LIBOR + 0.875%)
	360,233		1.373			11/25/42		357,447
	SLM Student Loan Trust, Series 2003-11, Class A6(a)(b) (3M USD LIBOR + 0.550%)
	76,750		0.753			12/15/25		76,721
	SLM Student Loan Trust, Series 2004-1, Class A4(a) (3M USD LIBOR + 0.260%)
	147,396		0.518			10/27/25		146,788
	SLM Student Loan Trust, Series 2005-7, Class A4(a) (3M USD LIBOR + 0.150%)
	206,578		0.408			10/25/29		204,540
	SLM Student Loan Trust, Series 2018-10, Class A7B(a)(b) (3M USD LIBOR + 0.600%)
	135,071		0.858			10/25/29		134,677
	SOUND POINT CLO XXII Ltd., Series 2019-1A, Class AR(a)(b) (3M USD LIBOR + 1.080%) (Cayman Islands)
	600,000		1.334			01/20/32		596,967
	South Carolina Student Loan Corp., Series 2014-1, Class A1(a) (1M USD LIBOR + 0.750%)
	212,020		0.981			05/01/30		211,041
	STWD Trust, Series 2021-FLWR, Class A(a)(b) (1M USD LIBOR + 0.577%)
	1,350,000		0.768			07/15/36		1,316,264
	TCW CLO 2019-2 Ltd., Series 2022-2A, Class A1R(a)(b) (3M U.S. T-Bill MMY + 1.280%) (Cayman Islands)
	3,500,000		1.521			10/20/32		3,491,481
	TCW CLO AMR Ltd., Series 2021-1A, Class ASNR(a)(b) (3M USD LIBOR + 1.220%) (Cayman Islands)
	1,100,000		1.679			08/16/34		1,100,000

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

GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF

Schedule of Investments (continued)

February 28, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Asset- Backed Securities – (continued)
	Tralee CLO II Ltd., Series 2017-1A, Class AR(a)(b) (3M USD LIBOR + 1.320%) (Cayman Islands)
$	468,336		1.574	%		07/20/29	$	468,132
	Trimaran Cavu Ltd., Series 2021-1A, Class A(a)(b) (3M USD LIBOR + 1.210%) (Cayman Islands)
	1,000,000		1.469			04/23/32		994,791
	Trysail CLO Ltd., Series 2021-1A, Class A1(a)(b) (3M USD LIBOR + 1.320%) (Cayman Islands)
	3,000,000		1.574			07/20/32		2,994,510
	UBS-Barclays Commercial Mortgage Trust, Series 2013-C5, Class AAB
	120,183		2.687			03/10/46		120,693
	Utah State Board of Regents, Series 2016-1, Class A(a) (1M USD LIBOR + 0.750%)
	157,021		0.937			09/25/56		156,070
	Voya CLO 2019-2 Ltd., Series 2019-2A, Class A(a)(b) (3M USD LIBOR + 1.270%) (Cayman Islands)
	700,000		1.524			07/20/32		697,746
	Voya CLO Ltd., Series 2015-1A, Class A1R(a)(b) (3M USD LIBOR + 0.900%) (Cayman Islands)
	232,246		1.141			01/18/29		230,792
	Wells Fargo Commercial Mortgage Trust 2015-C31, Series 2015-C31, Class ASB
	104,871		3.487			11/15/48		107,028
	Zais CLO Ltd., Series 2021-15A, Class A1R(a)(b) (3M USD LIBOR + 1.350%) (Cayman Islands)
	1,000,000		1.628			07/28/32		999,274
	TOTAL ASSET- BACKED SECURITIES
	(Cost $82,889,370)						$	82,105,912
Foreign Corporate Debt – 17.6%
Banks – 14.1%
	ANZ New Zealand Int’l Ltd/London(a)(b) (New Zealand)
	(SOFR + 0.600%)
$	500,000		0.650	%		02/18/25	$	500,443
	Banco Santander SA(a) (Spain)
	(3M USD LIBOR + 1.090%)
	800,000		1.554			02/23/23		805,369
	Bank of Montreal,(a) MTN (Canada)
	(SOFR + 0.680%)
	1,450,000		0.729			03/10/23		1,454,877
	(SOFR + 0.465%)
	3,000,000		0.515			01/10/25		3,002,313
	Bank of Nova Scotia (The)(a) (Canada)
	(SOFR + 0.550%)
	1,200,000		0.599			09/15/23		1,201,829
	Bank of Nova Scotia (The)(a), Series FRN (Canada)
	(SOFRINDX + 0.445%)
	425,000		0.494			04/15/24		425,067
	Banque Federative du Credit Mutuel SA(b) (France)
	1,253,000		2.125			11/21/22		1,260,155
	210,000		0.650			02/27/24		203,790
	BPCE SA(a)(b) (France)
	(SOFR + 0.570%)
	1,100,000		0.619			01/14/25		1,098,389
Foreign Corporate Debt – (continued)
Banks – (continued)
	BPCE SA(a), MTN (France)
	(3M USD LIBOR + 0.880%)
	250,000		1.403			05/31/22		250,378
	Canadian Imperial Bank of Commerce(a) (Canada)
	(SOFR + 0.800%)
	1,395,000		0.849			03/17/23		1,401,100
	Cooperatieve Rabobank UA(a) (Netherlands)
	(SOFRINDX + 0.380%)
	1,185,000		0.429			01/10/25		1,184,477
	Deutsche Bank AG, Series E (Germany)
	(SOFR + 0.500%)
	2,665,000		0.550	(a)		11/08/23		2,659,439
	512,000		0.962			11/08/23		502,852
	DNB Bank ASA(a)(b) (Norway)
	(3M USD LIBOR + 0.620%)
	850,000		1.124			12/02/22		852,991
	Federation des Caisses Desjardins du Quebec(a)(b) (Canada)
	(SOFR + 0.430%)
	1,895,000		0.480			05/21/24		1,894,321
	HSBC Holdings PLC(a) (United Kingdom)
	(3M USD LIBOR + 1.055%)
	1,373,000		3.262			03/13/23		1,373,872
	(3M USD LIBOR + 0.923%)
	1,000,000		3.033			11/22/23		1,008,355
	(SOFR + 0.580%)
	1,713,000		0.630			11/22/24		1,713,374
	ING Groep NV (Netherlands)
	(3M USD LIBOR + 1.150%)
	200,000		1.370	(a)		03/29/22		200,132
	750,000		3.150			03/29/22		751,358
	Intesa Sanpaolo SpA(b) (Italy)
	800,000		3.125			07/14/22		804,250
	500,000		3.375			01/12/23		506,341
	Lloyds Banking Group PLC (United Kingdom)
	1,367,000		4.050			08/16/23		1,408,106
	Macquarie Bank Ltd.(b) (Australia)
	400,000		2.100			10/17/22		403,170
	Mizuho Bank Ltd.(b) (Japan)
	1,175,000		2.950			10/17/22		1,185,340
	National Australia Bank Ltd.(a)(b) (Australia)
	(SOFR + 0.380%)
	2,300,000		0.429			01/12/25		2,300,404
	National Bank of Canada(a) (Canada)
	(SOFR + 0.490%)
	655,000		0.540			08/06/24		654,380
	National Bank of Canada(a), MTN (Canada)
	(SOFR + 0.300%)
	2,000,000		0.350			05/16/23		1,997,061
	Nationwide Building Society(b) (United Kingdom)
	3,000,000		2.000			01/27/23		3,013,446
	NatWest Group PLC (United Kingdom)
	(3M USD LIBOR + 1.480%)
	546,000		3.498	(a)		05/15/23		547,921
	325,000		3.875			09/12/23		332,853
	NatWest Markets PLC(b) (United Kingdom)
	1,500,000		3.625			09/29/22		1,521,299
	1,000,000		2.375			05/21/23		1,006,784

82 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)
	Royal Bank of Canada,(a) GMTN (Canada)
	(SOFRINDX + 0.340%)
$	819,000		0.390	%		10/07/24	$	816,956
	(SOFRINDX + 0.440%)
	5,000,000		0.489			01/21/25		4,997,211
	Societe Generale SA(b) (France)
	1,133,000		4.250			09/14/23		1,168,062
	Standard Chartered PLC(a)(b) (United Kingdom)
	(SOFR + 1.250%)
	1,750,000		1.299			10/14/23		1,757,880
	Sumitomo Mitsui Financial Group, Inc. (Japan)
	530,000		2.784			07/12/22		533,675
	(3M USD LIBOR + 0.740%)
	1,020,000		0.981	(a)		01/17/23		1,024,969
	Sumitomo Mitsui Trust Bank Ltd.(a)(b) (Japan)
	(SOFR + 0.440%)
	1,854,000		0.489			09/16/24		1,851,104
	Swedbank AB(b) (Sweden)
	700,000		1.300			06/02/23		697,252
	Toronto-Dominion Bank (The)(a), MTN (Canada)
	(SOFR + 0.410%)
	4,000,000		0.459			01/10/25		3,994,182
	UBS AG/London(a)(b) (Switzerland)
	(SOFR + 0.450%)
	1,471,000		0.500			08/09/24		1,469,831
	(SOFR + 0.470%)
	3,500,000		0.519			01/13/25		3,492,666
	Westpac Banking Corp.(a) (Australia)
	(SOFR + 0.300%)
	1,186,000		0.350			11/18/24		1,183,713
								62,413,737
Brokerage – 0.2%
	Daiwa Securities Group, Inc.(b) (Japan)
	894,000		3.129			04/19/22		896,743
Capital Goods – 0.2%
	Siemens Financieringsmaatschappij NV(a)(b) (Germany) (SOFR + 0.430%)
	620,000		0.479			03/11/24		620,930
Consumer Cyclical – 0.8%
	BMW US Capital LLC(a)(b) (Germany)
	(SOFR + 0.530%)
	710,000		0.580			04/01/24		712,800
	Daimler Finance North America LLC(b) (Germany)
	1,000,000		1.750			03/10/23		1,001,822
	Volkswagen Group of America Finance LLC(b) (Germany)
	1,993,000		0.750			11/23/22		1,984,439
								3,699,061
Consumer Noncyclical – 0.3%
	BAT Capital Corp. (United Kingdom)
	700,000		2.764			08/15/22		704,526
	BAT International Finance PLC(b) (United Kingdom)
	430,000		3.250			06/07/22		432,333
								1,136,859
Foreign Corporate Debt – (continued)
Energy – 0.3%
	Enbridge, Inc. (Canada)
	(SOFR + 0.400%)
	401,000		0.450	(a)		02/17/23		400,639
	726,000		0.550			10/04/23		711,134
	(SOFRINDX + 0.630%)
	344,000		0.680	(a)		02/16/24		344,635
								1,456,408
Food and Beverage – 1.0%
	Coca-Cola Europacific Partners PLC(b) (United Kingdom)
	1,917,000		0.500			05/05/23		1,887,039
	Danone SA(b) (France)
	1,216,000		3.000			06/15/22		1,223,477
	Heineken NV(b) (Netherlands)
	298,000		2.750			04/01/23		301,478
	Suntory Holdings Ltd.(b) (Japan)
	1,000,000		2.550			06/28/22		1,002,753
								4,414,747
Hardware – 0.2%
	Panasonic Corp.(b) (Japan)
	1,000,000		2.536			07/19/22		1,004,562
Metals and Mining – 0.1%
	Glencore Finance Canada Ltd.(b) (Switzerland)
	366,000		4.250			10/25/22		372,516
Mining – 0.2%
	Anglo American Capital PLC(b) (South Africa)
	1,040,000		4.125			09/27/22		1,055,697
Wireless – 0.2%
	NTT Finance Corp.(b) (Japan)
	1,007,000		0.373			03/03/23		995,844
	TOTAL FOREIGN CORPORATE DEBT
	(Cost $78,314,909)						$	78,067,104
U.S. Treasury Notes – 5.7%
	U.S. Treasury Floating Rate Notes(c) (3M USD T-Bill + 0.069%)
$	6,698,000		0.414	%		04/30/23	$	6,705,762
	11,200,000		0.415			10/31/23		11,218,392
	U.S. Treasury Notes
	3,750,000		1.500			01/15/23		3,765,234
	3,750,000		1.500			02/28/23		3,764,837
	TOTAL U.S. TREASURY NOTES
	(Cost $25,434,829)						$	25,454,225
Certificate of Deposits – 1.2%
	Credit Suisse AG (Switzerland)
$	2,000,000		0.590	%(c)		03/17/23	$	1,976,197
	Lloyds Bank Corporate Markets PLC (SOFR + 0.540%) (United Kingdom)
	1,395,000		0.590	(c)		01/31/24		1,389,411

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

GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF

Schedule of Investments (continued)

February 28, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Certificate of Deposits – (continued)
	Standard Chartered Bank (SOFR + 0.420%) (United Kingdom)
$	1,972,000		0.470	%(c)		07/28/23	$	1,966,343
	TOTAL CERTIFICATE OF DEPOSITS
	(Cost $5,366,113)						$	5,331,951
U.S. Treasury Bill – 1.1%
	U.S. Treasury Bill
$	5,000,000		0.677	%(c)		09/01/22	$	4,983,000
	TOTAL U.S. TREASURY BILL
	(Cost $4,983,190)						$	4,983,000

Shares		Dividend Rate					Value
Investment Company – 7.7%(d)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	33,928,590		0.026%				$	33,928,590
	(Cost $33,928,590)
Principal Amount		Interest Rate			Maturity Date		Value
Short-Term Investments – 0.6%
Commercial Paper – 0.6%
	Entergy Corp.
$	2,500,000		0.777	%		05/17/22	$	2,497,175
	TOTAL SHORT-TERM INVESTMENTS
	(Cost $2,496,012)						$	2,497,175
	TOTAL INVESTMENTS – 105.9%
	(Cost $470,913,697)						$	469,280,214
	LIABILITIES IN EXCESS OF     ASSETS – (5.9)%							(26,116,628	)
	NET ASSETS – 100.0%						$	443,163,586

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, 2022.
(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:
CLO	—Collateralized Loan Obligation
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
SOFRINDX	—Secured Overnight Financing Rate Index

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

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Statements of Assets and Liabilities

February 28, 2022 (Unaudited)

	Access Emerging Markets USD Bond ETF			Access High Yield Corporate Bond ETF			Access Inflation Protected USD Bond ETF			Access Investment Grade Corporate 1-5 Year Bond ETF
Assets:
Investments in unaffiliated issuers, at value (cost $49,259,870, $210,407,584, $199,893,474 and $19,691,677, respectively)	$	46,094,837		$	204,346,767		$	198,923,745		$	19,106,373
Investments in affiliated issuers, at value (cost $—, $2,889,777, $158,958 and $104,765, respectively)		—			2,889,777			158,958			104,765
Cash		42,259			175,430			59,047			55,940
Receivables:
Dividends and interest		673,205			2,948,750			142,297			149,653
Investments sold		—			—			2,849,837			—
Fund shares sold		—			14,340,320			1,434,618			—
Total assets		46,810,301			224,701,044			203,568,502			19,416,731
Liabilities:
Payables:
Management fees		—			50,915			18,498			2,076
Investments purchased		—			14,306,600			3,994,130			—
Fund shares redeemed		—			10,835			—			—
Accrued expenses		—			7,019			2,710			1,106
Total liabilities		—			14,375,369			4,015,338			3,182
Net Assets:
Paid-in capital		49,890,846			216,085,700			199,842,912			20,120,879
Total distributable loss		(3,080,545	)		(5,760,025	)		(289,748	)		(707,330	)
NET ASSETS	$	46,810,301		$	210,325,675		$	199,553,164		$	19,413,549
SHARES ISSUED AND OUTSTANDING
Shares outstanding no par value (unlimited shares authorized):		1,000,000			4,400,000			3,475,000			400,000
Net asset value per share:		$46.81			$47.80			$57.43			$48.53

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

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Statements of Assets and Liabilities (continued)

February 28, 2022 (Unaudited)

	Access Investment Grade Corporate Bond ETF			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 $784,044,112, $2,318,529,823, $269,989,083 and $436,985,107, respectively)	$	748,873,226		$	2,316,732,122		$	259,489,738		$	435,351,624
Investments in affiliated issuers, at value (cost $1,444,342, $—, $63,982,916 and $33,928,590, respectively)		1,444,342			—			63,982,916			33,928,590
Cash		55,513			2,874,735			3,892,161			546,242
Receivables:
Investments sold		12,041,551			388,038,713			3,020,234			10,586,753
Dividends and interest		7,267,968			1,404,968			1,082,037			778,776
Reimbursement from investment adviser		—			31,491			—			13,089
Fund shares sold		—			60,939,425			—			1,258,987
Total assets		769,682,600			2,770,021,454			331,467,086			482,464,061
Liabilities:
Payables:
Investments purchased		11,853,785			611,405,757			70,605,598			34,193,962
Management fees		81,272			220,434			20,301			62,951
Fund shares redeemed		—			—			—			5,035,740
Accrued expenses		28,397			94,670			6,464			7,822
Total liabilities		11,963,454			611,720,861			70,632,363			39,300,475
Net Assets:
Paid-in capital		792,007,783			2,161,399,372			274,036,987			445,166,832
Total distributable loss		(34,288,637	)		(3,098,779	)		(13,202,264	)		(2,003,246	)
NET ASSETS	$	757,719,146		$	2,158,300,593		$	260,834,723		$	443,163,586
SHARES ISSUED AND OUTSTANDING
Shares outstanding no par value (unlimited shares authorized):		14,800,000			21,590,000			5,550,000			8,800,000
Net asset value per share:		$51.20			$99.97			$47.00			$50.36

86 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, 2022 (Unaudited)

	Access Emerging Markets USD Bond ETF*			Access High Yield Corporate Bond ETF			Access Inflation Protected USD Bond ETF			Access Investment Grade Corporate 1-5 Year Bond ETF
Investment income:
Interest	$	84,488		$	4,658,233		$	3,044,454		$	130,404
Dividends from affiliated Underlying Funds		—			192			27			19
Total investment income		84,488			4,658,425			3,044,481			130,423
Expenses:
Management fees		8,438			332,729			103,275			13,282
Trustee fees		—			4,477			4,219			3,124
Total expenses		8,438			337,206			107,494			16,406
Less — expense reductions		(8,438	)		(1,174	)		(164	)		(114	)
Net expenses		—			336,032			107,330			16,292
NET INVESTMENT INCOME		84,488			4,322,393			2,937,151			114,131
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		—			312,153			19,990			(66,223	)
In-kind redemptions		—			1,198,124			492,897			(29,326	)
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		(3,165,033	)		(11,970,192	)		(3,943,923	)		(682,120	)
Net realized and unrealized loss		(3,165,033	)		(10,459,915	)		(3,431,036	)		(777,669	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(3,080,545	)	$	(6,137,522	)	$	(493,885	)	$	(663,538	)

* For the period February 15, 2022 (commencement of operations) through February 28, 2022.

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

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Statements of Operations (continued)

For the Six Months Ended February 28, 2022 (Unaudited)

	Access Investment Grade Corporate Bond ETF			Access Treasury 0-1 Year ETF			Access U.S. Aggregate Bond ETF			Access Ultra Short Bond ETF
Investment income:
Interest	$	9,229,163		$	724,555		$	1,280,646		$	1,092,295
Dividends from affiliated Underlying Funds		267			—			7,493			2,580
Total investment income		9,229,430			724,555			1,288,139			1,094,875
Expenses:
Management fees		533,095			1,292,403			165,090			345,172
Trustee fees		9,023			17,034			4,754			5,482
Total expenses		542,118			1,309,437			169,844			350,654
Less — expense reductions		(1,639	)		(187,062	)		(45,871	)		(85,926	)
Net expenses		540,479			1,122,375			123,973			264,728
NET INVESTMENT INCOME (LOSS)		8,688,951			(397,820	)		1,164,166			830,147
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		(426,735	)		(39,774	)		(2,590,960	)		(6,296	)
In-kind redemptions		850,351			(17,231	)		—			—
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		(59,157,654	)		(1,836,938	)		(9,819,412	)		(2,202,144	)
Net realized and unrealized loss		(58,734,038	)		(1,893,943	)		(12,410,372	)		(2,208,440	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(50,045,087	)	$	(2,291,763	)	$	(11,246,206	)	$	(1,378,293	)

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

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Statements of Changes in Net Assets

	Access Emerging Markets USD Bond ETF			Access High Yield Corporate Bond ETF
	For the Period February 15, 2022* to February 28, 2022 (Unaudited)			For the Six Months Ended February 28, 2022 (Unaudited)			For the Fiscal Year Ended August 31, 2021
From operations:
Net investment income	$	84,488		$	4,322,393		$	8,132,934
Net realized gain		—			1,510,277			2,218,432
Net change in unrealized gain (loss)		(3,165,033	)		(11,970,192	)		2,202,441
Net increase (decrease) in net assets resulting from operations		(3,080,545	)		(6,137,522	)		12,553,807
Distributions to shareholders:
From distributable earnings		—			(4,624,900	)		(8,366,688	)
From share transactions:
Proceeds from sales of shares		49,890,846			58,956,135			139,703,025
Cost of shares redeemed		—			(69,702,324	)		(62,403,184	)
Net increase (decrease) in net assets resulting from share transactions		49,890,846			(10,746,189	)		77,299,841
TOTAL INCREASE (DECREASE)		46,810,301			(21,508,611	)		81,486,960
Net assets:
Beginning of period	$	—		$	231,834,286		$	150,347,326
End of period	$	46,810,301		$	210,325,675		$	231,834,286

* Commencement of operations.

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

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Statements of Changes in Net Assets (continued)

��	Access Inflation Protected USD Bond ETF						Access Investment Grade Corporate 1-5 Year Bond ETF
	For the Six Months Ended February 28, 2022 (Unaudited)			For the Fiscal Year Ended August 31, 2021			For the Six Months Ended February 28, 2022 (Unaudited)			For the Fiscal Year Ended August 31, 2021
From operations:
Net investment income	$	2,937,151		$	3,362,212		$	114,131		$	227,413
Net realized gain (loss)		512,887			589,140			(95,549	)		62,974
Net change in unrealized gain (loss)		(3,943,923	)		1,158,564			(682,120	)		10,754
Net increase (decrease) in net assets resulting from operations		(493,885	)		5,109,916			(663,538	)		301,141
Distributions to shareholders:
From distributable earnings		(3,570,783	)		(2,396,273	)		(139,964	)		(264,880	)
From share transactions:
Proceeds from sales of shares		75,765,889			122,145,094			4,979,700			5,036,236
Cost of shares redeemed		(18,459,515	)		(9,877,024	)		(14,930,335	)		(2,522,177	)
Net increase (decrease) in net assets resulting from share transactions		57,306,374			112,268,070			(9,950,635	)		2,514,059
TOTAL INCREASE (DECREASE)		53,241,706			114,981,713			(10,754,137	)		2,550,320
Net assets:
Beginning of period	$	146,311,458		$	31,329,745		$	30,167,686		$	27,617,366
End of period	$	199,553,164		$	146,311,458		$	19,413,549		$	30,167,686

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

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Statements of Changes in Net Assets (continued)

	Access Investment Grade Corporate Bond ETF						Access Treasury 0-1 Year ETF
	For the Six Months Ended February 28, 2022 (Unaudited)			For the Fiscal Year Ended August 31, 2021			For the Six Months Ended February 28, 2022 (Unaudited)			For the Fiscal Year Ended August 31, 2021
From operations:
Net investment income (loss)	$	8,688,951		$	16,836,103		$	(397,820	)	$	(388,830	)
Net realized gain (loss)		423,616			16,915,546			(57,005	)		831,348
Net change in unrealized loss		(59,157,654	)		(19,284,757	)		(1,836,938	)		(973,717	)
Net increase (decrease) in net assets resulting from operations		(50,045,087	)		14,466,892			(2,291,763	)		(531,199	)
Distributions to shareholders:
From distributable earnings		(8,914,802	)		(17,024,132	)		—			(9,603,476	)
From share transactions:
Proceeds from sales of shares		103,043,139			567,153,110			680,143,030			382,587,046
Cost of shares redeemed		(62,482,277	)		(431,055,691	)		(377,210,975	)		(1,560,188,346	)
Net increase (decrease) in net assets resulting from share transactions		40,560,862			136,097,419			302,932,055			(1,177,601,300	)
TOTAL INCREASE (DECREASE)		(18,399,027	)		133,540,179			300,640,292			(1,187,735,975	)
Net assets:
Beginning of period	$	776,118,173		$	642,577,994		$	1,857,660,301		$	3,045,396,276
End of period	$	757,719,146		$	776,118,173		$	2,158,300,593		$	1,857,660,301

The accompanying notes are an integral part of these financial statements. 91

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Statements of Changes in Net Assets (continued)

	Access U.S. Aggregate Bond ETF						Access Ultra Short Bond ETF
	For the Six Months Ended February 28, 2022 (Unaudited)			For the Period September 8, 2020* to August 31, 2021			For the Six Months Ended February 28, 2022 (Unaudited)			For the Fiscal Year Ended August 31, 2021
From operations:
Net investment income	$	1,164,166		$	1,213,438		$	830,147		$	1,296,998
Net realized gain (loss)		(2,590,960	)		31,006			(6,296	)		188,583
Net change in unrealized loss		(9,819,412	)		(679,933	)		(2,202,144	)		(199,281	)
Net increase (decrease) in net assets resulting from operations		(11,246,206	)		564,511			(1,378,293	)		1,286,300
Distributions to shareholders:
From distributable earnings		(1,194,102	)		(1,271,774	)		(1,122,300	)		(1,622,329	)
From share transactions:
Proceeds from sales of shares		53,445,262			235,354,179			150,147,607			209,360,754
Cost of shares redeemed		—			(14,817,147	)		(35,356,935	)		(27,915,904	)
Net increase in net assets resulting from share transactions		53,445,262			220,537,032			114,790,672			181,444,850
TOTAL INCREASE		41,004,954			219,829,769			112,290,079			181,108,821
Net assets:
Beginning of period	$	219,829,769		$	—		$	330,873,507		$	149,764,686
End of period	$	260,834,723		$	219,829,769		$	443,163,586		$	330,873,507

* Commencement of operations.

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

GOLDMAN SACHS ACCESS EMERGING MARKETS USD BOND ETF

Financial Highlights

Selected Data for a Share Outstanding Throughout The Period

	Access Emerging Markets USD Bond ETF
	For the Period February 15, 2022* to February 28, 2022 (Unaudited)
Per Share Operating Performance:
Net asset value, beginning of period	$	49.68
Net investment income(a)		0.08
Net realized and unrealized loss		(2.95	)
Total loss from investment operations		(2.87	)
Net asset value, end of period	$	46.81
Market price, end of period	$	47.14
Total Return at Net Asset Value(b)		(5.80	)%
Net assets, end of period (in 000’s)	$	46,810
Ratio of net expenses to average net assets		0.00	%(c)
Ratio of total expenses to average net assets		0.45	%(c)
Ratio of net investment income to average net assets		4.49	%(c)
Portfolio turnover rate(d)		0	%

 * 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. 93

GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Access High Yield Corporate Bond ETF
	For the Six Months Ended February 28, 2022 (Unaudited)			For the Fiscal Year Ended August 31,									For the Period September 5, 2017* to August 31, 2018
				2021			2020			2019
Per Share Operating Performance:
Net asset value, beginning of period	$	50.40		$	49.29		$	49.42		$	48.86		$	49.92
Net investment income(a)		1.07			2.24			2.49			2.75			2.41
Net realized and unrealized gain (loss)		(2.57	)		1.15			(0.15	)		0.61			(1.21	)
Total gain (loss) from investment operations		(1.50	)		3.39			2.34			3.36			1.20
Distributions to shareholders from net investment income		(1.10	)		(2.28	)		(2.47	)		(2.80	)		(2.26	)
Net asset value, end of period	$	47.80		$	50.40		$	49.29		$	49.42		$	48.86
Market price, end of period	$	47.82		$	50.38		$	49.23		$	49.24		$	48.82
Total Return at Net Asset Value(b)		(3.03	)%		7.05	%		4.94	%		7.20	%		2.58	%
Net assets, end of period (in 000’s)	$	210,326		$	231,834		$	150,347		$	76,602		$	46,413
Ratio of total expenses to average net assets		0.34	%(c)		0.34	%		0.34	%		0.34	%		0.34	%(c)
Ratio of net investment income to average net assets		4.36	%(c)		4.49	%		5.15	%		5.67	%		4.93	%(c)
Portfolio turnover rate(d)		6	%		22	%		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.

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

GOLDMAN SACHS ACCESS INFLATION PROTECTED USD BOND ETF

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, 2022 (Unaudited)			For the Fiscal Year Ended August 31,						For the Period October 2, 2018* to August 31, 2019
				2021			2020
Per Share Operating Performance:
Net asset value, beginning of period	$	58.52		$	56.96		$	53.11		$	50.00
Net investment income(a)		0.94			2.85			0.33			1.27
Net realized and unrealized gain (loss)		(0.85	)		0.30			4.18			2.98
Total gain from investment operations		0.09			3.15			4.51			4.25
Distributions to shareholders from net investment income		(1.18	)		(1.59	)		(0.61	)		(1.14	)
Distributions to shareholders from net realized gains		—			—			(0.04	)		—
Distributions to shareholders from return of capital		—			—			(0.01	)		—
Total distributions to shareholders		(1.18	)		(1.59	)		(0.66	)		(1.14	)
Net asset value, end of period	$	57.43		$	58.52		$	56.96		$	53.11
Market price, end of period	$	57.56		$	58.54		$	57.00		$	53.08
Total Return at Net Asset Value(b)		0.13	%		5.62	%		8.57	%		8.61	%
Net assets, end of period (in 000’s)	$	199,553		$	146,311		$	31,330		$	7,966
Ratio of total expenses to average net assets		0.12	%(c)		0.12	%		0.12	%		0.12	%(c)
Ratio of net investment income to average net assets		3.28	%(c)		4.96	%		0.61	%		2.74	%(c)
Portfolio turnover rate(d)		5	%		56	%		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. 95

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

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, 2022 (Unaudited)			For the Fiscal Year Ended August 31, 2021			For the Period July 7, 2020* to August 31, 2020
Per Share Operating Performance:
Net asset value, beginning of period	$	50.28		$	50.21		$	49.89
Net investment income(a)		0.24			0.41			0.06
Net realized and unrealized gain (loss)		(1.71	)		0.14			0.29
Total gain (loss) from investment operations		(1.47	)		0.55			0.35
Distributions to shareholders from net investment income		(0.28	)		(0.48	)		(0.03	)
Net asset value, end of period	$	48.53		$	50.28		$	50.21
Market price, end of period	$	48.57		$	50.30		$	50.28
Total Return at Net Asset Value(b)		(2.93	)%		1.10	%		0.70	%
Net assets, end of period (in 000’s)	$	19,414		$	30,168		$	27,617
Ratio of total expenses to average net assets		0.14	%(c)		0.14	%		0.14	%(c)
Ratio of net investment income to average net assets		0.97	%(c)		0.82	%		0.73	%(c)
Portfolio turnover rate(d)		32	%		32	%		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.

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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

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,��2022 (Unaudited)			For the Fiscal Year Ended August 31,												For the Period June 6, 2017* to August 31, 2017
				2021			2020			2019			2018
Per Share Operating Performance:
Net asset value, beginning of period	$	55.24		$	55.39		$	52.87		$	48.31		$	50.28		$	49.90
Net investment income(a)		0.60			1.26			1.59			1.74			1.55			0.32
Net realized and unrealized gain (loss)		(4.03	)		(0.14	)		2.54			4.52			(2.09	)		0.27
Total gain (loss) from investment operations		(3.43	)		1.12			4.13			6.26			(0.54	)		0.59
Distributions to shareholders from net investment income		(0.61	)		(1.27	)		(1.61	)		(1.70	)		(1.43	)		(0.21	)
Net asset value, end of period	$	51.20		$	55.24		$	55.39		$	52.87		$	48.31		$	50.28
Market price, end of period	$	51.24		$	55.19		$	55.47		$	52.90		$	48.28		$	50.24
Total Return at Net Asset Value(b)		(6.26	)%		2.07	%		7.95	%		13.35	%		(1.04	)%		1.19	%
Net assets, end of period (in 000’s)	$	757,719		$	776,118		$	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	%		0.14	%		0.13	%(c)
Ratio of total expenses to average net assets		0.14	%(c)		0.14	%		0.14	%		0.14	%		0.14	%		0.14	%(c)
Ratio of net investment income to average net assets		2.24	%(c)		2.30	%		3.00	%		3.54	%		3.18	%		2.65	%(c)
Portfolio turnover rate(d)		6	%		11	%		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. 97

GOLDMAN SACHS ACCESS TREASURY 0-1 YEAR ETF

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, 2022 (Unaudited)			For the Fiscal Year Ended August 31,												For the Period September 6, 2016* to August 31, 2017
				2021			2020			2019			2018
Per Share Operating Performance:
Net asset value, beginning of period	$	100.09		$	100.44		$	100.38		$	100.16		$	100.10		$	100.00
Net investment income (loss)(a)		(0.02	)		(0.02	)		1.13			2.23			1.48			0.82
Net realized and unrealized gain (loss)		(0.10	)		(0.01	)		0.29			0.15			(0.13	)		(0.29	)
Total gain (loss) from investment operations		(0.12	)		(0.03	)		1.42			2.38			1.35			0.53
Distributions to shareholders from net investment income		—			(0.27	)		(1.36	)		(2.16	)		(1.29	)		(0.43	)
Distributions to shareholders from return of capital		—			(0.05	)		—			—			—			—
Total distributions to shareholders		—			(0.32	)		(1.36	)		(2.16	)		(1.29	)		(0.43	)
Net asset value, end of period	$	99.97		$	100.09		$	100.44		$	100.38		$	100.16		$	100.10
Market price, end of period	$	99.97		$	100.08		$	100.45		$	100.40		$	100.18		$	100.10
Total Return at Net Asset Value(b)		(0.12	)%		(0.03	)%		1.42	%		2.40	%		1.37	%		0.53	%
Net assets, end of period (in 000’s)	$	2,158,301		$	1,857,660		$	3,045,396		$	3,174,026		$	1,642,627		$	815,829
Ratio of net expenses to average net assets		0.12	%(c)		0.12	%		0.12	%		0.12	%		0.12	%		0.13	%(c)
Ratio of total expenses to average net assets		0.14	%(c)		0.14	%		0.14	%		0.14	%		0.14	%		0.14	%(c)
Ratio of net investment income (loss) to average net assets		(0.04	)%(c)		(0.02	)%		1.13	%		2.22	%		1.48	%		0.83	%(c)
Portfolio turnover rate(d)		—	%		—	%		—	%		—	%		—	%		—	%

 * Commencement of operations.

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

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

(c) Annualized.

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

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

GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Access U.S. Aggregate Bond ETF
	For the Six Months Ended February 28, 2022 (Unaudited)			For the Period September 8, 2020* to August 31, 2021
Per Share Operating Performance:
Net asset value, beginning of period	$	49.40		$	50.03
Net investment income(a)		0.23			0.37
Net realized and unrealized loss		(2.39	)		(0.63	)
Total loss from investment operations		(2.16	)		(0.26	)
Distributions to shareholders from net investment income		(0.24	)		(0.37	)
Net asset value, end of period	$	47.00		$	49.40
Market price, end of period	$	46.94		$	49.38
Total Return at Net Asset Value(b)		(4.39	)%		(0.52	)%
Net assets, end of period (in 000’s)	$	260,835		$	219,827
Ratio of net expenses to average net assets		0.10	%(c)		0.11	%(c)
Ratio of total expenses to average net assets		0.14	%(c)		0.14	%(c)
Ratio of net investment income to average net assets		0.96	%(c)		0.77	%(c)
Portfolio turnover rate(d)		284	%		525	%

 * 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. 99

GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Access Ultra Short Bond ETF
	For the Six Months Ended February 28, 2022 (Unaudited)			For the Fiscal Year Ended August 31,						For the Period April 15, 2019* to August 31, 2019
				2021			2020
Per Share Operating Performance:
Net asset value, beginning of period	$	50.71		$	50.77		$	50.49		$	50.00
Net investment income(a)		0.12			0.28			0.73			0.52
Net realized and unrealized gain (loss)		(0.30	)		0.02			0.42			0.34
Total gain (loss) from investment operations		(0.18	)		0.30			1.15			0.86
Distributions to shareholders from net investment income		(0.17	)		(0.36	)		(0.87	)		(0.37	)
Net asset value, end of period	$	50.36		$	50.71		$	50.77		$	50.49
Market price, end of period	$	50.36		$	50.71		$	50.78		$	50.51
Total Return at Net Asset Value(b)		(0.36	)%		0.59	%		2.28	%		1.75	%
Net assets, end of period (in 000’s)	$	443,164		$	330,874		$	149,765		$	15,148
Ratio of net expenses to average net assets		0.15	%(c)		0.16	%		0.16	%		0.16	%(c)
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		0.47	%(c)		0.55	%		1.45	%		2.72	%(c)
Portfolio turnover rate(d)		19	%		51	%		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.

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

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Notes to Financial Statements

February 28, 2022 (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 Emerging Markets USD Bond ETF (“Access Emerging Markets USD Bond ETF”)*	Diversified
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 February 15, 2022.

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 Emerging Markets USD Bond ETF, 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.

101

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Notes to Financial Statements (continued)

February 28, 2022 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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.

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

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

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

Debt Securities — Debt securities for which market quotations are readily available are valued daily on the basis of quotations supplied by dealers or an independent pricing service approved by the Trustees. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from securities dealers to determine current value. With the exception of treasury securities of G7 countries, which are generally classified as Level 1, these investments are generally classified as Level 2 of the fair value hierarchy.

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

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

C.  Fair Value Hierarchy — The following is a summary of the Funds’ investments classified in the fair value hierarchy as of February 28, 2022:

ACCESS EMERGING MARKETS USD BOND ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Fixed Income
Foreign Debt Obligations	$	—	$	41,175,382	$	—
Foreign Corporate Debt		—		4,919,455		—
Total	$	—	$	46,094,837	$	—
ACCESS HIGH YIELD CORPORATE BOND ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Fixed Income
Corporate Obligations	$	—	$	194,117,899	$	—
Foreign Corporate Debt		—		10,228,868		—
Investment Company		2,889,777		—		—
Total	$	2,889,777	$	204,346,767	$	—

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Notes to Financial Statements (continued)

February 28, 2022 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

ACCESS INFLATION PROTECTED USD BOND ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Fixed Income
U.S. Treasury Inflation Indexed Bonds	$	198,923,745	$	—	$	—
Investment Company		158,958		—		—
Total	$	199,082,703	$	—	$	—
ACCESS INVESTMENT GRADE CORPORATE 1-5 YEAR BOND ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Fixed Income
Corporate Obligations	$	—	$	14,797,142	$	—
Foreign Corporate Debt		—		4,309,231		—
Investment Company		104,765		—		—
Total	$	104,765	$	19,106,373	$	—
ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Fixed Income
Corporate Obligations	$	—	$	607,759,379	$	—
Foreign Corporate Debt		—		141,113,847		—
Investment Company		1,444,342		—		—
Total	$	1,444,342	$	748,873,226	$	—
ACCESS TREASURY 0-1 YEAR ETF
Investment Type	Level 1		Level 2		Level 3
Assets(a)
Fixed Income
U.S. Treasury Bills	$	1,822,190,667	$	—	$	—
U.S. Treasury Notes		494,541,455		—		—
Total	$	2,316,732,122	$	—	$	—

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

ACCESS U.S. AGGREGATE BOND ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Fixed Income
Mortgage-Backed Securities	$	—	$	71,239,172	$	—
U.S. Treasury Notes		70,851,201		—		—
Corporate Obligations		—		55,448,686		—
U.S. Treasury Bonds		21,408,884		—		—
U.S. Treasury Obligations		19,741,639		—		—
Foreign Corporate Debt		—		13,932,732		—
Foreign Debt Obligations		253,036		6,614,388		—
Investment Company		63,982,916		—		—
Total	$	176,237,676	$	147,234,978	$	—
ACCESS ULTRA SHORT BOND ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Fixed Income
Mortgage-Backed Securities	$	—	$	146,588,064	$	—
Corporate Obligations		—		90,324,193		—
Asset- Backed Securities		—		82,105,912		—
Foreign Corporate Debt		—		78,067,104		—
U.S. Treasury Notes		25,454,225		—		—
U.S. Treasury Bill		4,983,000		—		—
Commercial Paper		—		2,497,175		—
Certificate of Deposit		—		5,331,951		—
Investment Company		33,928,590		—		—
Total	$	64,365,815	$	404,914,399	$	—

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.

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Notes to Financial Statements (continued)

February 28, 2022 (Unaudited)

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the six months ended February 28, 2022, 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 Emerging Markets USD Bond ETF		0.45	%		0.00	%
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	%		0.14	%
Access Ultra Short Bond ETF		0.20	%		0.15	%

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

GSAM has agreed to waive a portion of its management fee in order to achieve an effective net management fee rate of 0.12% and 0.16% as an annual percentage rate of average daily net assets of the Access Treasury 0-1 Year ETF and the Access Ultra Short Bond ETF, respectively. These arrangements will remain in effect through at least December 29, 2022 and prior to such dates GSAM may not terminate the arrangements without the approval of the Board of Trustees. GSAM has agreed to waive its management fee in order to achieve an effective net management fee rate of 0.00% as an annual percentage rate of average daily net assets of the Access Emerging Markets USD Bond ETF through at least February 17, 2023, after which a portion of its management fee will be waived in order to achieve an effective net management fee rate of 0.39% as an annual percentage rate of average daily net assets of the Fund until February 17, 2025, and prior to such dates GSAM may not terminate the arrangements without the approval of the Board of Trustees. For the six months ended February 28, 2022, GSAM waived $8,438, $187,062 and $70,131 of the Funds’ management fees for the Access Emerging Markets USD Bond ETF, 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 six months ended February 28, 2022, the management fee waived by GSAM for each Fund was as follows:

Fund	Management Fee Waived
Access High Yield Corporate Bond ETF	$	1,174
Access Inflation Protected USD Bond ETF		164
Access Investment Grade Corporate 1-5 Year Bond  ETF		114
Access Investment Grade Corporate Bond ETF		1,639
Access U.S. Aggregate Bond ETF		45,871
Access Ultra Short Bond ETF		15,795

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4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

B.  Other Transactions with Affiliates — The following table provides information about the Funds’ investments in the Goldman Sachs Financial Square Government Fund for the six months ended February 28, 2022:

Fund	Beginning value as of August 31, 2021		Purchases at Cost		Proceeds from Sales			Ending value as of February 28, 2022		Shares as of February 28, 2022		Dividend Income
Access High Yield Corporate Bond ETF	$	2,073,969	$	17,582,069	$	(16,766,261	)	$	2,889,777	$	2,889,777	$	192
Access Inflation Protected USD Bond ETF		809,851		2,433,009		(3,083,902	)		158,958		158,958		27
Access Investment Grade Corporate 1-5 Year Bond ETF		302,503		1,697,999		(1,895,737	)		104,765		104,765		19
Access Investment Grade Corporate Bond ETF		2,549,254		21,699,069		(22,803,981	)		1,444,342		1,444,342		267
Access U.S. Aggregate Bond ETF		51,438,327		43,354,823		(30,810,234	)		63,982,916		63,982,916		7,493
Access Ultra Short Bond ETF		25,760,750		177,993,580		(169,825,740	)		33,928,590		33,928,590		2,580

5. CREATION AND REDEMPTION OF CREATION UNITS

The Trust issues and redeems shares of the Funds only in Creation Units on a continuous basis through the Distributor, without an initial sales load, at NAV next determined after receipt, on any Business Day (as defined in the Statement of Additional Information), of an order in proper form. Shares of the Funds may only be purchased or redeemed by certain financial institutions (each an “Authorized Participant”). An Authorized Participant is either (1) a “Participating Party” or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation; or (2) a Depository Trust Company participant; which, in either case, must have executed an agreement with the Distributor. Retail investors will typically not qualify as an Authorized Participant or have the resources to buy and sell whole Creation Units. Therefore, they will be unable to purchase or redeem the shares directly from the Funds. Rather, most retail investors will purchase shares in the secondary market at market prices with the assistance of a broker and may be subject to customary brokerage commissions or fees. Fixed creation and redemption transaction fees are imposed in connection with creations and redemptions.

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

Share activity is as follows:

	Access Emerging Markets USD Bond ETF
	For the Period February 15, 2022* through February 28, 2022 (Unaudited)
	Shares		Dollars
Fund Share Activity
Shares Sold		1,000,000	$	49,677,414
Shares Redeemed		—		—
NET INCREASE IN SHARES		1,000,000	$	49,677,414

* Commencement of operations.

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Notes to Financial Statements (continued)

February 28, 2022 (Unaudited)

5. CREATION AND REDEMPTION OF CREATION UNITS (continued)

	Access High Yield Corporate Bond ETF
	For the Six Months Ended February 28, 2022 (Unaudited)						For the Fiscal Year Ended August 31, 2021
	Shares			Dollars			Shares			Dollars
Fund Share Activity
Shares Sold		1,200,000		$	58,956,135			2,800,000		$	139,660,429
Shares Redeemed		(1,400,000	)		(69,623,728	)		(1,250,000	)		(62,218,811	)
NET INCREASE/DECREASE IN SHARES		(200,000	)	$	(10,667,593	)		1,500,000		$	73,493,353

	Access Inflation Protected USD Bond ETF
	For the Six Months Ended February 28, 2022 (Unaudited)						For the Fiscal Year Ended August 31, 2021
	Shares			Dollars			Shares			Dollars
Fund Share Activity
Shares Sold		1,300,000		$	75,765,889			2,125,000		$	122,145,094
Shares Redeemed		(325,000	)		(18,458,640	)		(175,000	)		(9,875,297	)
NET INCREASE IN SHARES		975,000		$	57,307,249			400,000		$	21,535,812

	Access Investment Grade Corporate 1-5 Year Bond ETF
	For the Six Months Ended February 28, 2022 (Unaudited)							For the Fiscal Year Ended August 31, 2021
	Shares			Dollars				Shares			Dollars
Fund Share Activity
Shares Sold		100,000		$	4,975,911		��		100,000		$	5,036,236
Shares Redeemed		(300,000	)		(14,923,590	)			(50,000	)		(2,519,551	)
NET INCREASE/DECREASE IN SHARES		(200,000	)	$	(9,947,679	)			550,000		$	27,483,763

	Access Investment Grade Corporate Bond ETF
	For the Six Months Ended February 28, 2022 (Unaudited)						For the Fiscal Year Ended August 31, 2021
	Shares			Dollars			Shares			Dollars
Fund Share Activity
Shares Sold		1,900,000		$	103,043,139			10,300,000		$	567,048,496
Shares Redeemed		(1,150,000	)		(62,482,277	)		(7,850,000	)		(430,357,739	)
NET INCREASE IN SHARES		750,000		$	40,560,862			2,450,000		$	136,690,757

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5. CREATION AND REDEMPTION OF CREATION UNITS (continued)

	Access Treasury 0-1 Year ETF
	For the Six Months Ended February 28, 2022 (Unaudited)						For the Fiscal Year Ended August 31, 2021
	Shares			Dollars			Shares			Dollars
Fund Share Activity
Shares Sold		6,800,000		$	382,587,046			3,820,000		$	382,587,046
Shares Redeemed		(3,770,000	)		(1,560,188,346	)		(15,580,000	)		(1,560,188,346	)
NET INCREASE/DECREASE IN SHARES		3,030,000		$	(1,177,601,300	)		(11,760,000	)	$	(1,177,601,300	)

	Access U.S. Aggregate Bond ETF
	For the Six Months Ended February 28, 2022 (Unaudited)				For the Period September 8, 2020* through August 31, 2021
	Shares		Dollars		Shares			Dollars
Fund Share Activity
Shares Sold		1,100,000	$	53,445,262		4,750,000		$	235,376,922
Shares Redeemed		—		—		(300,000	)		(14,751,161	)
NET INCREASE IN SHARES		1,100,000	$	53,445,262		4,450,000		$	220,625,761

* Commencement of operations.

	Access Ultra Short Bond ETF
	For the Six Months Ended February 28, 2022 (Unaudited)						For the Fiscal Year Ended August 31, 2021
	Shares			Dollars			Shares			Dollars
Fund Share Activity
Shares Sold		2,975,000		$	150,147,607			4,125,000		$	209,360,754
Shares Redeemed		(700,000	)		(35,356,935	)		(550,000	)		(27,915,904	)
NET INCREASE IN SHARES		2,275,000		$	114,790,672			3,575,000		$	181,444,850

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Notes to Financial Statements (continued)

February 28, 2022 (Unaudited)

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended February 28, 2022, were as follows (with the exception of the Access Treasury 0-1 Year ETF which only invests in short term securities):

Fund	Purchases		Sales
Access Emerging Markets USD Bond ETF	$	49,267,477	$	—
Access High Yield Corporate Bond ETF		70,665,093		12,687,868
Access Inflation Protected USD Bond ETF		8,653,627		10,570,356
Access Investment Grade Corporate 1-5 Year Bond  ETF		7,737,820		7,634,440
Access Investment Grade Corporate Bond ETF		154,268,133		47,141,706
Access U.S. Aggregate Bond ETF		742,488,358		688,202,883
Access Ultra Short Bond ETF		179,981,294		63,551,505

The purchases and sales from in-kind creation and redemption transactions for the six months ended February 28, 2022, were as follows:

Fund	Purchases		Sales
Access Emerging Markets USD Bond ETF	$	—	$	—
Access High Yield Corporate Bond ETF		—		68,856,827
Access Inflation Protected USD Bond ETF		75,654,552		18,479,237
Access Investment Grade Corporate 1-5 Year Bond  ETF		—		9,601,508
Access Investment Grade Corporate Bond ETF		—		62,080,132
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, 2021, the Funds’ capital loss carryforwards and certain timing differences on a tax basis were as follows:

	Access Emerging Markets USD Bond ETF		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
Capital loss carryforwards:
Perpetual Short-Term	$	—	$	(1,330,910	)	$	—	$	—	$	(373,495	)	$	—		$	(223,794	)	$	(287,255	)
Timing differences (Qualified Late Year Loss Deferral)		—		—			—		—		—			(846,253	)		—			—

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7. TAX INFORMATION (continued)

As of February 28, 2022, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

	Access Emerging Markets USD Bond ETF			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	$	49,260,000		$	213,710,503		$	200,214,972		$	19,823,401		$	786,013,226		$	2,318,529,823		$	334,009,092		$	471,018,053
Gross unrealized gain		20,740			1,355,863			614,792			1,428			3,520,662			4,289			142,664			455,380
Gross unrealized loss		(3,185,903	)		(7,829,822	)		(1,747,061	)		(613,691	)		(39,216,321	)		(1,801,990	)		(10,679,102	)		(2,193,220	)
Net unrealized gains (losses) on securities	$	(3,165,163	)	$	(6,473,959	)	$	(1,132,269	)	$	(612,263	)	$	(35,695,659	)	$	(1,797,701	)	$	(10,536,438	)	$	(1,737,840	)

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.

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.

On March 5, 2021, the United Kingdom’s Financial Conduct Authority (“FCA”) and ICE Benchmark Authority formally announced that certain LIBOR benchmarks will cease publication after December 31, 2021 while others will cease publication after June 30, 2023. 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 a 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 U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation; less public information; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; and less economic, political and social stability in the countries in which a Fund invests. The imposition of sanctions, 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. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is

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Notes to Financial Statements (continued)

February 28, 2022 (Unaudited)

8. OTHER RISKS (continued)

impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent the Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact the Fund’s liquidity and performance. 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, or economically tied to, emerging markets, these risks may be more pronounced.

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

Index Risk (each Fund except the Access Ultra Short Bond ETF) — FTSE Fixed Income LLC (the “Index Provider”) constructs each Fund’s Index in accordance with a rules-based methodology. A Fund will be negatively affected by general declines in the securities and asset classes represented in its Index. In addition, because the Funds are not “actively” managed, unless a specific security is removed from an Index, a Fund generally would not sell a security because the security’s issuer was in financial trouble. Market disruptions and regulatory restrictions could have an adverse effect on a Fund’s ability to adjust its exposure to the required levels in order to track the Index. A Fund also does not attempt to take defensive positions under any market conditions, including declining markets. Therefore, a Fund’s performance could be lower than funds that may actively shift their portfolio assets to take advantage of market opportunities or to lessen the impact of a market decline or a decline in the value of one or more issuers. When the Index is rebalanced and a Fund in turn rebalances its portfolio to attempt to increase the correlation between the Fund’s portfolio and the Index, any transaction costs and market exposure arising from such portfolio rebalancing may be borne directly by the Fund and its shareholders. The Index Provider may utilize third party data in constructing each Index, but it does not guarantee the accuracy or availability of any such third party data. The FTSE Goldman Sachs Investment Grade Corporate Bond 1-5 Years Index 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 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, a Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund.

Liquidity Risk — A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors’ interests because of unusual market conditions, an unusually high volume of redemption requests, or other 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

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8. OTHER RISKS (continued)

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 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. 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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Voting Results of Special Meeting of Shareholders (Unaudited)

A Special Meeting (the “Meeting”) of the Goldman Sachs ETF Trust (“the Trust”) was held on December 3, 2021 to consider and act upon the proposal below. Each Fund has amortized its respective share of the proxy, shareholder meeting and other related costs and GSAM has agreed to reimburse the Fund in an amount equal to the portion of the increase in the Fund’s total expense ratio that exceeds a specified percentage.

At the Meeting, Cheryl K. Beebe, Lawrence Hughes, John F. Killian, Steven D. Krichmar and Linda A. Lang were elected to the Trust’s Board of Trustees. In electing trustees, the Trust’s shareholders voted as follows:

Proposal 1. Election of Trustees	For		Against/Withheld		Abstain
Cheryl K. Beebe		264,924,160		15,294,512		0
Lawrence Hughes		279,548,931		669,741		0
John F. Killian		264,883,857		15,334,814		0
Steven D. Krichmar		279,552,751		665,920		0
Linda A. Lang		279,620,511		598,160		0

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Liquidity Risk Management Program

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

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

At a meeting of the Board of Trustees on February 3-4, 2022, GSAM provided a written report to the Board addressing the operation, and the adequacy and effectiveness of the implementation, of the Program, including, as applicable, the operation of any Highly Liquid Investment Minimum and any material changes to the Program, for the period from January 1, 2021 through December 31, 2021 (the “Reporting Period”). Among other things, the annual report discussed: (1) the results of stress tests designed to assess liquidity under a hypothetical stressed scenario involving elevated redemptions; (2) an assessment of the methodologies used to classify investments into one of four liquidity categories; (3) the efficiency of the arbitrage function during the Reporting Period; and (4) the impact of local holidays in non-U.S. jurisdictions. The report concluded that the Program continues to be reasonably designed to assess and manage liquidity risk and was adequately and effectively implemented during the Reporting Period.

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

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Fund Expenses — Six Month Period Ended 2/28/2022 (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.

Except with respect to the Goldman Sachs Access Emerging Markets USD Bond ETF, which commenced operations on February 15, 2022, the example is based on an investment of $1,000 invested at the beginning of the period from September 1, 2021 and held for the entire six months ended February 28, 2022, 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 Emerging Markets USD Bond ETF							Access High Yield Corporate Bond ETF							Access Inflation Protected USD Bond ETF							Access Investment Grade Corporate 1-5 Year Bond ETF
	Beginning Account Value 2/15/22		Ending Account Value 2/28/22			Expenses Paid**		Beginning Account Value 9/1/21		Ending Account Value 2/28/22			Expenses Paid*		Beginning Account Value 9/1/21		Ending Account Value 2/28/22			Expenses Paid*		Beginning Account Value 9/1/21		Ending Account Value 2/28/22			Expenses Paid*
Actual based on NAV	$	1,000	$	942.00		$	0.00	$	1,000	$	969.71		$	1.66	$	1,000	$	1,001.29		$	0.59	$	1,000	$	970.71		$	0.68
Hypothetical 5% return	$	1,000	$	1,001.92	+	$	0.00	$	1,000	$	1,023.11	+	$	1.70	$	1,000	$	1,024.20	+	$	0.60	$	1,000	$	1,024.11	+	$	0.70
	Access Investment Grade Corporate Bond ETF							Access Treasury 0-1 Year ETF							Access U.S. Aggregate Bond ETF							Access Ultra Short Bond ETF
	Beginning Account Value 9/1/21		Ending Account Value 2/28/22			Expenses Paid*		Beginning Account Value 9/1/21		Ending Account Value 2/28/22			Expenses Paid*		Beginning Account Value 9/1/21		Ending Account Value 2/28/22			Expenses Paid*		Beginning Account Value 9/1/21		Ending Account Value 2/28/22			Expenses Paid*
	$	1,000	$	937.35		$	0.67	$	1,000	$	998.80		$	0.59	$	1,000	$	956.10		$	0.50	$	1,000	$	996.42		$	0.75
	$	1,000	$	1,024.10	+	$	0.70	$	1,000	$	1,024.20	+	$	0.60	$	1,000	$	1,024.29	+	$	0.51	$	1,000	$	1,024.05	+	$	0.76

+   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, 2022. 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 February 15, 2022. Expenses are calculated using the Fund’s annualized expense ratio, multiplied by the ending value for the period, multiplied by 14/365, which represents a period of 14 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 Emerging Markets USD Bond ETF	0.00%
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	0.15

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

Background

The Goldman Sachs Access Emerging Markets USD Bond ETF (the “Fund”) is an investment portfolio of Goldman Sachs ETF Trust (the “Trust”) that commenced investment operations on February 15, 2022. At a meeting held on June 5-6, 2018 (the “Organizational 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 Management Agreement was most recently approved for continuation until September 30, 2022 by the Board of Trustees, including the Independent Trustees, at a meeting held on September 13, 2021 (the “Annual Meeting,” and together with the Organizational Meeting, the “Meetings”).

At the Meetings, 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 Meetings, 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 Meetings, the Trustees relied upon information included in a presentation made by the Investment Adviser at the Meetings 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 capabilities. 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 unitary 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 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

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

be rendered by the Investment Adviser to the Fund, which would include both advisory and non-advisory services directed to the needs and operations of the Fund as an ETF. In addition, the Trustees considered the Investment Adviser’s undertaking to implement a fee waiver for the Fund. The Trustees noted that a license fee would be payable by the Investment Adviser to FTSE Fixed Income LLC for the use of its index and certain trademarks. The Trustees also considered information provided regarding fees and expenses of comparable ETFs advised by other, unaffiliated investment management firms. The comparisons of the Fund’s fee rate and projected expense ratio were prepared by the Investment Adviser and a third-party provider of mutual fund and ETF data. In particular, the Trustees referred to an analysis comparing the Fund’s management fee 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. The Trustees further noted the Investment Adviser’s assertion that future economies of scale (among several factors) had been taken into consideration in determining the Fund’s unitary management fee rate.

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) trading efficiencies resulting from aggregation of orders of the Fund with those for other funds or accounts managed by the Investment Adviser; (b) the Investment Adviser’s ability to leverage the infrastructure designed to service the Fund on behalf of its other clients; (c) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (d) 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 (e) 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 advantages received from the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (c) 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; (d) the Fund’s access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; and (e) 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 and continued until September 30, 2022.

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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, Goldman Sachs Access U.S. Aggregate Bond 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, Goldman Sachs Access U.S. Aggregate Bond 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, 2022 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 13, 2021 (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 one meeting over the course of the year since the Management Agreement was last approved in 2020. At this Committee meeting, regularly scheduled Board or other committee meetings, and/or the Annual Meeting, matters relevant to the renewal of the Management Agreement were considered by the Board, or the Independent Trustees, as applicable. With respect to each Fund, such matters included:

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

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

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

(iii) trends in employee headcount;

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

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

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

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

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

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

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

(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;

119

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, Goldman Sachs Access U.S. Aggregate Bond 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 capabilities. 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 data, rankings and/or ratings compiled by the Outside Data Provider as of March 31, 2021, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside

120

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, Goldman Sachs Access U.S. Aggregate Bond ETF and Goldman Sachs Access Ultra Short Bond ETF (Unaudited) (continued)

Data Provider as of June 30, 2021. 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 for the Goldman Sachs Access Ultra Short Bond ETF), a comparable market capitalization-weighted reference index, and/or a composite of separate accounts with comparable investment strategies, 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 its 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 unitary management fee rate payable by each Fund, noting that the Management Agreement provides for a unitary fee structure, pursuant to which each Fund pays a single 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 non-advisory 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 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 each 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 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.

121

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, Goldman Sachs Access U.S. Aggregate Bond 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) trading efficiencies resulting from aggregation of orders of the Funds with those for other funds or accounts managed by the Investment Adviser; (b) the Investment Adviser’s ability to leverage the infrastructure designed to service the Funds on behalf of its other clients; (c) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (d) 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 (e) 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 advantages received from the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (c) 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 (d) the Funds’ access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; (e) 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 with respect to each Fund should be approved and continued until September 30, 2022.

122

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 $2.21 trillion in assets under supervision as of December 31, 2021, Goldman Sachs Asset Management 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. Goldman Sachs Asset Management 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 ActiveBeta^® Paris-Aligned Climate U.S. Large Cap Equity ETF

Goldman Sachs ActiveBeta^® World Low Vol Plus Equity ETF

Goldman Sachs Bloomberg Clean Energy 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 Emerging Markets USD Bond 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 Future Planet Equity ETF

Goldman Sachs Future Tech Leaders Equity ETF

Goldman Sachs Future Health Care Equity ETF

Goldman Sachs Future Consumer Equity ETF

Goldman Sachs Future Real Estate and Infrastructure Equity ETF

Goldman Sachs Physical Gold ETF

Equity

INDEX DISCLAIMERS

The Goldman Sachs Access Emerging Markets USD Bond ETF, 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 Emerging Markets USD Bond Index, 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 Cheryl K. Beebe, Chair Lawrence Hughes John F. Killian Steven D. Krichmar Linda A. Lang Michael Latham James A. McNamara Lawrence W. Stranghoener	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, 2022 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.

© 2022 Goldman Sachs. All rights reserved. 275073-OTU-1591034 04/2022 ACFIETFSAR-22

Goldman Sachs Funds

Semi-Annual Report	February 28, 2022
	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® Paris-Aligned Climate U.S. Large Cap Equity ETF (GPAL)
	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^® PARIS-ALIGNED CLIMATE U.S. LARGE CAP EQUITY ETF

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

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

TABLE OF CONTENTS
Market and Economic Review	1
Fund Basics	4
Schedules of Investments	19
Financial Statements	76
Financial Highlights	84
ActiveBeta® Emerging Markets Equity ETF	84
ActiveBeta® Europe Equity ETF	85
ActiveBeta® International Equity ETF	86
ActiveBeta® Japan Equity ETF	87
ActiveBeta® Paris-Aligned Climate U.S. Large Cap Equity ETF	88
ActiveBeta® U.S. Large Cap Equity ETF	89
ActiveBeta® U.S. Small Cap Equity ETF	90
Notes to Financial Statements	91
Other Information	108

NOT FDIC-INSURED May Lose Value No Bank Guarantee

MARKET REVIEW

Goldman Sachs ActiveBeta^® Equity ETFs

The following are highlights both of key factors affecting the U.S., international and emerging markets equity markets and of any key changes made to the Goldman Sachs ActiveBeta^® Equity ETFs (the “Funds”) during the six months ended February 28, 2022 (the “Reporting Period”). A fuller review will appear in the Funds’ annual shareholder report covering the 12 months ended August 31, 2022.

Market and Economic Review

U.S. Equities

• Overall, U.S. equities struggled during the Reporting Period. The Standard & Poor’s 500 Index (the “S&P 500 Index”) ended the Reporting Period with a return of -2.62%. The Russell 3000^® Index generated a return of -4.24%.

• Persistent supply-chain disruptions and inflationary pressures remained the common themes during the Reporting Period, while the biggest headlines were the COVID-19 variants and the start of the yet ongoing Russia/Ukraine war.

• As the Reporting Period began in September 2021, the S&P 500 Index saw its first decline since January 2021 and its worst month since September 2020. Focus centered around U.S. Federal Reserve (“Fed”) tapering, complex legislative negotiations, persistent supply-chain disruptions, spread of the COVID-19 Delta variant, global risk events, rising energy costs and the rapid uptick in U.S. Treasury yields.

• During the fourth quarter of 2021, the S&P 500 Index increased in October, fell in November and increased in December.

• The third quarter corporate earnings season propelled the U.S. equity market rally in October, with retail earnings upside surprises and hints of easing supply-chain constraints supporting the market’s upward trajectory into early November.

• Later in November, a $1 trillion infrastructure bill was signed into law, and Fed Chair Powell was appointed for a second term, bringing clarity to the Fed’s leadership. However, renewed concerns around COVID-19 developments pressured U.S. equities, with the emergence of the more contagious Omicron variant triggering a sell-off. Persistently high inflation also weighed on market sentiment.

• In December, the S&P 500 Index rebounded despite record COVID-19 case counts in many population centers in the U.S., as studies showed the variant was generally accompanied by milder symptoms than previous variants. Positive seasonality and the so-called “Santa Rally” also lifted the S&P 500 Index towards the end of the month. (A Santa rally refers a sustained increase in the stock market that occurs in the last week of December through the first two trading days in January.) The Fed walked back its use of “transitory” in describing the inflationary environment and announced it would double its pace of asset purchase tapering and indicated potential interest rate hikes in 2022.

• The S&P 500 Index fell in January and February 2022, suffering its biggest pullback since March 2020 amid reverberations surrounding the Fed’s hawkish policy pivot, the velocity and magnitude of the accompanying U.S. Treasury yield increase, the long-standing valuation concerns around some of the riskier pockets of the market, the remaining inflation overhang and the ramping of geopolitical tensions caused by the Russia/Ukraine war. (Hawkish tends to suggest higher interest rates; opposite of dovish.)

• During the Reporting Period overall, the U.S. equity market saw a sharp reversal of the growth/value dynamic amid a backdrop of rising U.S. Treasury yields and expectations of multiple interest rate hikes by the Fed. Value stocks meaningfully outperformed growth stocks during the Reporting Period.

• The best performing sectors within the S&P 500 Index during the Reporting Period were energy, consumer staples and financials, while the weakest performing sectors were communication services, information technology and consumer discretionary.

International Equities

• Representing the developed international equity markets, the MSCI EAFE Index (net) returned -6.78% for the Reporting Period, underperforming the U.S. equity market.

1

MARKET REVIEW

• As the Reporting Period began, international equity markets receded in September 2021, due primarily to the U.S. Fed’s announcements around tapering of its monthly asset purchase plans and increases in interest rates.

• The decline was further aggravated by halts in global manufacturing activities due to supply-chain disruptions and semiconductor shortages as well as power cuts and energy crises around the world.

• Regulations imposed by the Chinese government on certain key sectors led to increased investor pessimism, worsened by Evergrande Group’s debt crisis and spread of the COVID-19 Delta variant.

• During the fourth quarter of 2021, the MSCI EAFE Index increased in October, fell in November and rose in December.

• Many of the concerns that dominated the international equity markets in September ebbed somewhat in October, supported in Europe and the U.K. particularly by favorable third calendar quarter corporate earnings reports.

• In November, international equity markets suffered over fears of the new COVID-19 Omicron variant’s potential impact. Travel restrictions were re-imposed to curtail the variant’s spread, and lockdown measures were reimposed in Europe. Japan’s equity market fell due to both inflation and supply-chain issues as well as concerns about the Omicron variant.

��

• In December, the initial scare of the Omicron variant dissipated among studies showing its symptoms were less severe than prior variants. Also, value stocks outperformed growth stocks, which benefited international equities given their relatively high value/cyclical exposures.

• The MSCI EAFE Index fell in January and February 2022.

• The price pressure in January was mostly from the continued reverberation surrounding the U.S. Fed’s hawkish policy pivot, the velocity and magnitude of the accompanying government bond yield increase and the long-standing valuation concerns around some of the riskier pockets of the markets.

• The price pressure in February was mostly from the Russia/Ukraine crisis, as the situation deteriorated sharply and Russia launched a full-scale invasion.

• The best performing sector within the MSCI EAFE Index during the Reporting Period was energy, the only sector to post a positive total return for the Reporting Period. The weakest performing sectors were information technology, industrials and communication services.

• The best performing countries within the MSCI EAFE Index were Norway and the U.K., the only two country constituents to post a positive total return for the Reporting Period. The weakest performing countries during the Reporting Period were the Netherlands, Finland and Ireland.

Emerging Markets Equities

• Representing the emerging markets equity markets, the MSCI Emerging Markets Index (net) returned -9.81% during the Reporting Period, underperforming both the U.S. equity market and the developed international equity markets overall.

• As the Reporting Period began in September 2021, emerging markets equities as a whole posted negative returns, mainly due to a steep sell-off in China as well as on broader concerns around rising inflation and, as a direct result, a looming tightening of monetary policy across the globe.

• During the fourth quarter of 2021, the MSCI Emerging Markets Index rose in October, fell sharply in November and increased in December.

• Emerging markets equities rose slightly in October as COVID-19 vaccination rates increased and the global spread of the Delta variant slowed in most regions. The markets also expected strong corporate earnings to continue. However, rising input costs, especially energy prices, material shortages and a slowdown in economic growth in China muted investor optimism.

• In November, the Omicron variant of COVID-19 spread across regions, dampening investor sentiment and leading to mixed outlooks for the global economic recovery.

2

MARKET REVIEW

• In December, global economic data was encouraging despite market participants closely monitoring the implications of the spread of the Omicron variant, inflation remaining top of mind for investors, and China’s heightened regulations, mainly in the technology sector, weighing on sentiment.

• The MSCI Emerging Markets Index fell in January and February 2022.

• In January, both growing tensions between Russian and Ukraine and rising global borrowing costs worried investors. COVID-19 cases surged and hospitalizations rose, furthering dampening investor sentiment around an economic recovery across emerging markets.

• In February, the Russia/Ukraine situation deteriorated sharply, with Russia launching a full-scale invasion, triggering a sell-off in emerging markets equities.

• The best performing sector within the MSCI Emerging Markets Index during the Reporting Period was financials, the only sector to post a positive, albeit modest, total return for the Reporting Period. The weakest performing sectors were health care, consumer discretionary and communication services.

• The best performing countries within the MSCI Emerging Markets Index during the Reporting Period were Peru, United Arab Emirates and Qatar, while the weakest performing countries were Russia, Hungary and Poland.

• It is worth noting that effective March 9, 2022, after the close of the Reporting Period, MSCI Inc. removed Russian securities from the MSCI Emerging Markets Index after deeming the Russian equity market “uninvestable” amidst Russia’s invasion of Ukraine. MSCI Inc. announced the MSCI Russia Indexes would be reclassified to “standalone markets” instead of “emerging markets” across all of MSCI’s indexes “at a price that is effectively zero.”

Fund Changes and Highlights

Goldman Sachs ActiveBeta^® Paris-Aligned Climate U.S. Large Cap Equity ETF

• The Fund launched on December 13, 2021.

• The Fund tracks the ActiveBeta^® Paris-Aligned U.S. Large Cap Equity Index, which uses the patented ActiveBeta^® Portfolio Construction Methodology and seeks to align with the goals of the Paris Climate Agreement to combat climate change and its effects.

• The Fund’s approach combines Goldman Sachs’ well-established track record of managing diversified, multi-factor ETFs, with its ability to reflect many investors’ growing desire to reduce carbon emissions and more deliberately manage the transition to a low-carbon economy through Goldman Sachs’ rules-based and transparent approach.

3

FUND BASICS

ActiveBeta^® Emerging Markets Equity ETF

as of February 28, 2022

FUND SNAPSHOT
As of February 28, 2022
Market Price1	$	35.28
Net Asset Value (NAV)1	$	35.09

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, 2021–February 28, 2022	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		-8.60	%		-7.73	%		-8.10	%		-9.81	%

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.

4

FUND BASICS

TOP TEN HOLDINGS AS OF 2/28/225
Holding	% of Net Assets			Line of Business	Country
Taiwan Semiconductor Manufacturing Co. Ltd.		6.3	%	Information Technology	Taiwan
Tencent Holdings Ltd.		3.5		Communication Services	China
Samsung Electronics Co. Ltd.		3.4		Information Technology	South Korea
Alibaba Group Holding Ltd.		2.1		Consumer Discretionary	China
Infosys Ltd.		1.1		Information Technology	India
Vale SA		1.0		Materials	Brazil
MediaTek, Inc.		0.8		Information Technology	Taiwan
China Construction Bank Corp., Class H		0.8		Financials	China
Meituan, Class B		0.7		Consumer Discretionary	China
Tata Consultancy Services Ltd.		0.7		Information Technology	India

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

FUND VS BENCHMARK⁶

February 28, 2022

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 1.0% of the Fund’s net assets as of February 28, 2022. 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.

5

FUND BASICS

ActiveBeta^® Europe Equity ETF

as of February 28, 2022

FUND SNAPSHOT
As of February 28, 2022
Market Price1	$	33.99
Net Asset Value (NAV)1	$	34.27

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, 2021–February 28, 2022	Fund Total Return (based on NAV)2			Fund Total Return (based on Market Price)2			GS ActiveBeta® Europe Equity Index3			MSCI Europe Index4
Shares		-8.93	%		-9.81	%		-8.79	%		-6.70	%

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.

6

FUND BASICS

TOP TEN HOLDINGS AS OF 2/28/225
Holding	% of Net Assets			Line of Business	Country
Nestle SA		3.2	%	Consumer Staples	Switzerland
Roche Holding AG-Genusschein		2.5		Health Care	Switzerland
ASML Holding NV		2.2		Information Technology	Netherlands
LVMH Moet Hennessy Louis Vuitton SE		1.7		Consumer Discretionary	France
Novo Nordisk A/S, Class B		1.7		Health Care	Denmark
Novartis AG		1.6		Health Care	Switzerland
Shell PLC		1.4		Energy	Netherlands
AstraZeneca PLC		1.3		Health Care	United Kingdom
L’Oreal SA		1.1		Consumer Staples	France
Sanofi		1.0		Health Care	France

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

FUND VS BENCHMARK⁶

February 28, 2022

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 .03% of the Fund’s net assets as of February 28, 2022. 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.

7

FUND BASICS

ActiveBeta^® International Equity ETF

as of February 28, 2022

FUND SNAPSHOT
As of February 28, 2022
Market Price1	$	32.69
Net Asset Value (NAV)1	$	32.84

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, 2021–February 28, 2022	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		-7.13	%		-7.53	%		-7.06	%		-5.73	%

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.

8

FUND BASICS

TOP TEN HOLDINGS AS OF 2/28/225
Holding	% of Net Assets			Line of Business	Country
Nestle SA		1.8	%	Consumer Staples	Switzerland
Roche Holding AG-Genusschein		1.4		Health Care	Switzerland
ASML Holding NV		1.1		Information Technology	Netherlands
LVMH Moet Hennessy Louis Vuitton SE		1.0		Consumer Discretionary	France
Shell PLC		1.0		Energy	Netherlands
Novo Nordisk A/S, Class B		1.0		Health Care	Denmark
Novartis AG		0.9		Health Care	Switzerland
BHP Group Ltd.		0.8		Materials	Australia
Royal Bank of Canada		0.7		Financials	Canada
L’Oreal SA		0.7		Consumer Staples	France

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

FUND VS BENCHMARK⁶

February 28, 2022

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, 2022. 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.

9

FUND BASICS

ActiveBeta^® Japan Equity ETF

as of February 28, 2022

FUND SNAPSHOT
As of February 28, 2022
Market Price1	$	34.91
Net Asset Value (NAV)1	$	34.65

¹ The Market Price is the price at which the Fund’s shares are trading on the NYSE Arca, Inc. The Market Price of the Fund’s shares will fluctuate and, at the time of sale, shares may be worth more or less than the original investment or the Fund’s then current net asset value (“NAV”). The NAV is the market value of one share of the Fund. This amount is derived by dividing the total value of all the securities in the Fund’s portfolio, plus other assets, less any liabilities, by the number of Fund shares outstanding. Fund shares are not individually redeemable and are issued and redeemed by the Fund at their NAV only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Information regarding how often shares of 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, 2021-February 28, 2022	Fund Total Return (based on NAV)2			Fund Total Return (based on Market Price)2			GS ActiveBeta® Japan Equity Index3			MSCI Japan Index4
Shares		-7.57	%		-6.52	%		-7.63	%		-7.37	%

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

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

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

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

10

FUND BASICS

TOP TEN HOLDINGS AS OF 2/28/225
Holding	% of Net Assets			Line of Business
Toyota Motor Corp.		4.4	%	Consumer Discretionary
Sony Group Corp.		2.9		Consumer Discretionary
Tokyo Electron Ltd.		1.9		Information Technology
Keyence Corp.		1.9		Information Technology
Honda Motor Co. Ltd.		1.8		Consumer Discretionary
Mitsubishi UFJ Financial Group, Inc.		1.5		Financials
KDDI Corp.		1.4		Communication Services
Mitsui & Co. Ltd.		1.3		Industrials
Nippon Telegraph & Telephone Corp.		1.3		Communication Services
Marubeni Corp.		1.3		Industrials

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

FUND VS BENCHMARK⁶

February 28, 2022

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, 2022. 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.

11

FUND BASICS

ActiveBeta^® Paris-Aligned Climate U.S. Large Cap Equity ETF

as of February 28, 2022

FUND SNAPSHOT
As of February 28, 2022
Market Price1	$	36.60
Net Asset Value (NAV)1	$	36.63

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
December 13, 2021–February 28, 2022	Fund Total Return (based on NAV)2			Fund Total Return (based on Market Price)2			GS ActiveBeta® Paris-Aligned U.S. Large Cap Equity Index3
Shares		-7.60	%		-7.68	%		-7.57	%

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^® Paris-Aligned 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 degree of fluctuation in a company’s share price over time). The Index aims to meet the minimum requirements to be an “EU Paris-Aligned Benchmark.” An “EU Paris-Aligned Benchmark” is an index whose constituent companies are aligned with the goals of the Paris Climate Agreement, an international treaty that seeks to combat climate change and its effects. The Index is reconstituted and rebalanced quarterly. It is not possible to invest directly in an unmanaged index.

The Fund is newly incepted and does not have a substantial track record. 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.

12

FUND BASICS

TOP TEN HOLDINGS AS OF 2/28/224
Holding	% of Net Assets			Line of Business
Apple, Inc.		6.6	%	Information Technology
Microsoft Corp.		5.9		Information Technology
Amazon.com, Inc.		3.4		Consumer Discretionary
Alphabet, Inc., Class A		2.1		Communication Services
Alphabet, Inc., Class C		2.0		Communication Services
Berkshire Hathaway, Inc., Class B		1.4		Financials
Meta Platforms, Inc., Class A		1.3		Communication Services
NVIDIA Corp.		1.3		Information Technology
Johnson & Johnson		1.2		Health Care
JPMorgan Chase & Co.		1.0		Financials

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

FUND VS BENCHMARK⁵

February 28, 2022

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 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.

⁶  The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Goldman Sachs ActiveBeta^® Paris-Aligned 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.

13

FUND BASICS

ActiveBeta^® U.S. Large Cap Equity ETF

as of February 28, 2022

FUND SNAPSHOT
As of February 28, 2022
Market Price1	$	86.46
Net Asset Value (NAV)1	$	86.44

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

PERFORMANCE REVIEW
September 1, 2021–February 28, 2022	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		-4.38	%		-4.32	%		-4.34	%		-2.62	%

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.

14

FUND BASICS

TOP TEN HOLDINGS AS OF 2/28/225
Holding	% of Net Assets			Line of Business
Apple, Inc.		6.0	%	Information Technology
Microsoft Corp.		5.3		Information Technology
Amazon.com, Inc.		3.1		Consumer Discretionary
Alphabet, Inc., Class A		1.9		Communication Services
Alphabet, Inc., Class C		1.8		Communication Services
Meta Platforms, Inc., Class A		1.2		Communication Services
NVIDIA Corp.		1.2		Information Technology
Berkshire Hathaway, Inc., Class B		1.1		Financials
Johnson & Johnson		1.1		Health Care
Home Depot, Inc. (The)		1.0		Consumer Discretionary

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

FUND VS BENCHMARK⁶

February 28, 2022

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.

15

FUND BASICS

ActiveBeta^® U.S. Small Cap Equity ETF

as of February 28, 2022

FUND SNAPSHOT
As of February 28, 2022
Market Price1	$	61.94
Net Asset Value (NAV)1	$	61.81

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, 2021–February 28, 2022	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		-4.22	%		-3.97	%		-4.15	%		-9.46	%

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.

16

FUND BASICS

TOP TEN HOLDINGS AS OF 2/28/225
Holding	% of Net Assets			Line of Business
Synaptics, Inc.		0.4	%	Information Technology
Lattice Semiconductor Corp.		0.4		Information Technology
Mr Cooper Group, Inc.		0.3		Financials
BJ’s Wholesale Club Holdings, Inc.		0.3		Consumer Staples
Vonage Holdings Corp.		0.3		Information Technology
Tenet Healthcare Corp.		0.3		Health Care
Atkore, Inc.		0.3		Industrials
Ovintiv, Inc.		0.3		Energy
Boise Cascade Co.		0.3		Industrials
Corcept Therapeutics, Inc.		0.3		Health Care

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

FUND VS BENCHMARK⁶

February 28, 2022

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 0.6% of the Fund’s net assets as of February 28, 2022. 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.

17

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.

18

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

Schedule of Investments

February 28, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – 97.3%
Brazil – 3.5%
	788,902	Ambev SA (Consumer Staples)	$	2,327,641
	213,592	Atacadao SA (Consumer Staples)		789,822
	714,962	B3 SA – Brasil Bolsa Balcao (Financials)		2,023,438
	432,801	Banco Bradesco SA (Financials)		1,433,233
	681,288	BB Seguridade Participacoes SA (Financials)		3,046,931
	333,139	Cia Siderurgica Nacional SA (Materials)		1,623,113
	117,870	Energisa SA (Utilities)		1,008,772
	134,038	Engie Brasil Energia SA (Utilities)		1,037,346
	370,714	Equatorial Energia SA (Utilities)		1,840,006
	150,103	Hapvida Participacoes e Investimentos SA (Health Care)(a)		353,427
	167,199	Klabin SA (Materials)		752,959
	157,771	Lojas Renner SA (Consumer Discretionary)		775,426
	495,737	Magazine Luiza SA (Consumer Discretionary)		578,329
	202,538	Natura & Co. Holding SA (Consumer Staples)*		910,137
	582,908	Petroleo Brasileiro SA (Energy)		4,115,217
	632,504	Raia Drogasil SA (Consumer Staples)		2,868,042
	160,215	Suzano SA (Materials)		1,712,646
	238,310	Telefonica Brasil SA (Communication Services)		2,320,790
	199,400	TIM SA (Communication Services)		526,784
	674,298	Vale SA (Materials)		12,078,386
	279,720	WEG SA (Industrials)		1,596,321
				43,718,766
Chile – 0.4%
	955,979	Cencosud SA (Consumer Staples)		1,768,104
	278,670	Cia Cervecerias Unidas SA (Consumer Staples)		2,221,541
	96,489	Empresas COPEC SA (Energy)		752,682
	7,107,260	Enel Americas SA (Utilities)		836,096
				5,578,423
China – 31.9%
	67,117	360 DigiTech, Inc. ADR (Financials)		1,258,444
	1,344,992	3SBio, Inc. (Health Care)*(a)		1,067,222
	3,195,584	Agricultural Bank of China Ltd., Class A (Financials)		1,509,166
	5,013,706	Agricultural Bank of China Ltd., Class H (Financials)		1,899,301
	87,527	Aier Eye Hospital Group Co. Ltd., Class A (Health Care)		502,968
	23,438	Airtac International Group (Industrials)		769,144
	2,006,362	Alibaba Group Holding Ltd. (Consumer Discretionary)*		26,755,944
	74,286	Anhui Conch Cement Co. Ltd., Class A (Materials)		474,441
Common Stocks – (continued)
China – (continued)
	165,211	Anhui Conch Cement Co. Ltd., Class H (Materials)		885,924
	200,676	ANTA Sports Products Ltd. (Consumer Discretionary)		3,053,659
	18,812	Autohome, Inc. ADR (Communication Services)*		575,459
	1,116,462	AVIC Industry-Finance Holdings Co. Ltd., Class A (Financials)		688,278
	26,238	Baidu, Inc. ADR (Communication Services)*		3,999,721
	2,143,341	Bank of Beijing Co. Ltd., Class A (Financials)		1,531,928
	437,800	Bank of Changsha Co. Ltd., Class A (Financials)		550,893
	3,437,975	Bank of China Ltd., Class A (Financials)		1,689,021
	10,628,403	Bank of China Ltd., Class H (Financials)		4,135,089
	2,273,886	Bank of Communications Co. Ltd., Class A (Financials)		1,722,532
	2,804,619	Bank of Communications Co. Ltd., Class H (Financials)		1,923,897
	1,550,188	Bank of Jiangsu Co. Ltd., Class A (Financials)		1,633,716
	715,695	Bank of Nanjing Co. Ltd., Class A (Financials)		1,107,002
	1,173,293	Bank of Shanghai Co. Ltd., Class A (Financials)		1,299,733
	1,678,437	BBMG Corp., Class A (Materials)		766,070
	630,012	Beijing Enterprises Holdings Ltd. (Utilities)		2,148,767
	1,433,115	Beijing Enterprises Water Group Ltd. (Utilities)		564,904
	475,268	Beijing Originwater Technology Co. Ltd., Class A (Industrials)		503,136
	37,546	Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A (Health Care)		1,498,270
	38,206	Beijing Yuanliu Hongyuan Electronic Technology Co. Ltd., Class A (Information Technology)		971,740
	770,822	Beijing-Shanghai High Speed Railway Co. Ltd., Class A (Industrials)		630,339
	83,344	BGI Genomics Co. Ltd., Class A (Health Care)		1,128,644
	2,389,760	Bosideng International Holdings Ltd. (Consumer Discretionary)		1,357,940
	25,827	BYD Co. Ltd., Class A (Consumer Discretionary)		1,021,620
	66,396	BYD Co. Ltd., Class H (Consumer Discretionary)		2,017,279
	196,276	By-health Co. Ltd., Class A (Consumer Staples)		770,484
	149,346	C&S Paper Co. Ltd., Class A (Consumer Staples)		346,975

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, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
China – (continued)
	4,226,600	CGN Power Co. Ltd., Class H (Utilities)(a)	$	1,195,437
	14,451	Changchun High & New Technology Industry Group, Inc., Class A (Health Care)		416,926
	473,288	Changjiang Securities Co. Ltd., Class A (Financials)		517,542
	62,300	Chengxin Lithium Group Co. Ltd., Class A (Materials)*		579,262
	2,938,027	China Bohai Bank Co. Ltd., Class H (Financials)(a)		488,813
	4,426,624	China Cinda Asset Management Co. Ltd., Class H (Financials)		798,794
	3,174,819	China CITIC Bank Corp. Ltd., Class H (Financials)		1,491,174
	1,361,208	China Communications Services Corp. Ltd., Class H (Industrials)		747,352
	251,838	China Conch Venture Holdings Ltd. (Industrials)		1,211,860
	1,369,830	China Construction Bank Corp., Class A (Financials)		1,309,045
	13,148,183	China Construction Bank Corp., Class H (Financials)		9,860,675
	958,583	China Everbright Bank Co. Ltd., Class A (Financials)		507,396
	2,912,061	China Everbright Bank Co. Ltd., Class H (Financials)		1,080,791
	1,384,512	China Feihe Ltd. (Consumer Staples)(a)		1,651,414
	343,260	China Galaxy Securities Co. Ltd., Class A (Financials)		549,978
	1,243,605	China Galaxy Securities Co. Ltd., Class H (Financials)		711,432
	556,376	China Hongqiao Group Ltd. (Materials)		773,288
	1,547,575	China Jinmao Holdings Group Ltd. (Real Estate)		514,954
	730,084	China Life Insurance Co. Ltd., Class H (Financials)		1,210,936
	516,880	China Longyuan Power Group Corp. Ltd., Class H (Utilities)		1,058,408
	1,382,734	China Medical System Holdings Ltd. (Health Care)		2,452,704
	629,840	China Mengniu Dairy Co. Ltd. (Consumer Staples)*		4,090,812
	235,460	China Merchants Bank Co. Ltd., Class A (Financials)		1,858,306
	609,745	China Merchants Bank Co. Ltd., Class H (Financials)		5,134,728
	344,887	China Merchants Port Holdings Co. Ltd. (Industrials)		648,840
	204,100	China Merchants Securities Co. Ltd., Class A (Financials)		512,352
	318,721	China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A (Real Estate)		684,417
Common Stocks – (continued)
China – (continued)
	2,021,455	China Minsheng Banking Corp. Ltd., Class A (Financials)		1,252,597
	3,430,586	China Minsheng Banking Corp. Ltd., Class H (Financials)		1,334,705
	1,048,659	China National Building Material Co. Ltd., Class H (Materials)		1,344,762
	570,900	China National Chemical Engineering Co. Ltd., Class A (Industrials)		941,849
	701,800	China National Nuclear Power Co. Ltd., Class A (Utilities)		823,030
	67,900	China Northern Rare Earth Group High-Tech Co. Ltd., Class A (Materials)		529,534
	238,148	China Overseas Land & Investment Ltd. (Real Estate)		726,907
	2,048,023	China Petroleum & Chemical Corp., Class A (Energy)		1,405,379
	3,389,913	China Petroleum & Chemical Corp., Class H (Energy)		1,674,631
	2,297,075	China Power International Development Ltd. (Utilities)		1,296,454
	677,009	China Railway Group Ltd., Class A (Industrials)		666,280
	1,070,497	China Railway Group Ltd., Class H (Industrials)		628,842
	678,800	China Railway Signal & Communication Corp. Ltd., Class A (Information Technology)		521,740
	198,276	China Resources Beer Holdings Co. Ltd. (Consumer Staples)		1,569,470
	551,257	China Resources Cement Holdings Ltd. (Materials)		471,274
	94,098	China Resources Gas Group Ltd. (Utilities)		431,731
	151,872	China Resources Land Ltd. (Real Estate)		738,592
	439,302	China Resources Power Holdings Co. Ltd. (Utilities)		976,014
	196,991	China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A (Health Care)		1,117,947
	186,062	China Shenhua Energy Co. Ltd., Class A (Energy)		744,248
	862,256	China Shenhua Energy Co. Ltd., Class H (Energy)		2,372,564
	1,114,900	China State Construction Engineering Corp. Ltd., Class A (Industrials)		899,341
	777,600	China Suntien Green Energy Corp. Ltd., Class H (Energy)		515,501
	62,906	China Tourism Group Duty Free Corp. Ltd., Class A (Consumer Discretionary)		2,018,774
	13,361,633	China Tower Corp. Ltd., Class H (Communication Services)(a)		1,556,124

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)
China – (continued)
	1,766,600	China Traditional Chinese Medicine Holdings Co. Ltd. (Health Care)	$	1,006,101
	1,502,900	China United Network Communications Ltd., Class A (Communication Services)		909,838
	139,074	China Vanke Co. Ltd., Class A (Real Estate)		423,173
	167,983	China Vanke Co. Ltd., Class H (Real Estate)		398,153
	391,718	China Yangtze Power Co. Ltd., Class A (Utilities)		1,438,989
	2,320,990	China Zheshang Bank Co. Ltd., Class A (Financials)		1,261,647
	72,327	Chongqing Brewery Co. Ltd., Class A (Consumer Staples)*		1,533,653
	865,190	Chongqing Rural Commercial Bank Co. Ltd., Class A (Financials)		536,116
	54,853	Chongqing Zhifei Biological Products Co. Ltd., Class A (Health Care)		1,123,835
	1,254,995	CITIC Ltd. (Industrials)		1,463,200
	163,622	CITIC Securities Co. Ltd., Class A (Financials)		604,961
	246,367	CITIC Securities Co. Ltd., Class H (Financials)		597,181
	11,704	Contemporary Amperex Technology Co. Ltd., Class A (Industrials)		989,294
	304,675	COSCO SHIPPING Holdings Co. Ltd., Class A (Industrials)*		845,944
	562,169	COSCO SHIPPING Holdings Co. Ltd., Class H (Industrials)*		1,129,561
	448,229	Country Garden Holdings Co. Ltd. (Real Estate)		347,629
	565,100	CRRC Corp. Ltd., Class A (Industrials)		518,531
	1,141,900	CRRC Corp. Ltd., Class H (Industrials)		507,108
	2,559,553	CSPC Pharmaceutical Group Ltd. (Health Care)		3,030,045
	282,520	Daan Gene Co. Ltd., Class A (Health Care)		831,442
	1,522,731	Dali Foods Group Co. Ltd. (Consumer Staples)(a)		800,955
	480,500	Daqin Railway Co. Ltd., Class A (Industrials)		518,574
	11,699	Daqo New Energy Corp. ADR (Information Technology)*		561,084
	508,690	DHC Software Co. Ltd., Class A (Information Technology)		663,474
	66,600	Do-Fluoride New Materials Co. Ltd., Class A (Materials)		474,433
	131,609	Dong-E-E-Jiao Co. Ltd., Class A (Health Care)		791,323
	1,001,516	Dongfeng Motor Group Co. Ltd., Class H (Consumer Discretionary)		860,050
	334,400	Dongyue Group Ltd. (Materials)		481,890
Common Stocks – (continued)
China – (continued)
	72,898	Ecovacs Robotics Co. Ltd., Class A (Consumer Discretionary)		1,565,054
	143,477	ENN Energy Holdings Ltd. (Utilities)		2,082,278
	528,237	Far East Horizon Ltd. (Financials)		450,242
	586,300	FAW Jiefang Group Co. Ltd., Class A (Consumer Discretionary)		863,190
	190,300	Fiberhome Telecommunication Technologies Co. Ltd., Class A (Information Technology)		518,726
	647,046	Focus Media Information Technology Co. Ltd., Class A (Communication Services)		784,454
	372,502	Fosun International Ltd. (Industrials)		403,790
	295,952	Foxconn Industrial Internet Co. Ltd., Class A (Information Technology)		523,896
	72,996	Fuyao Glass Industry Group Co. Ltd., Class A (Consumer Discretionary)		509,005
	30,338	Ganfeng Lithium Co. Ltd., Class H (Materials)(a)		510,571
	13,092	G-bits Network Technology Xiamen Co. Ltd., Class A (Communication Services)		725,683
	1,351,300	GD Power Development Co. Ltd., Class A (Utilities)		603,909
	115,700	Genscript Biotech Corp. (Health Care)*		456,806
	140,534	GF Securities Co. Ltd., Class A (Financials)		414,475
	267,834	Giant Network Group Co. Ltd., Class A (Communication Services)		405,359
	134,139	Great Wall Motor Co. Ltd., Class A (Consumer Discretionary)		776,135
	456,337	Great Wall Motor Co. Ltd., Class H (Consumer Discretionary)		949,619
	88,100	Gree Electric Appliances Inc of Zhuhai, Class A (Consumer Discretionary)		513,381
	822,692	Greenland Holdings Corp. Ltd., Class A (Real Estate)		563,238
	396,295	Guangdong Investment Ltd. (Utilities)		532,539
	35,963	Guangdong Kinlong Hardware Products Co. Ltd., Class A (Industrials)		604,133
	265,488	Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A (Health Care)		1,253,389
	323,524	Guangzhou Haige Communications Group, Inc. Co., Class A (Information Technology)		510,665
	89,138	Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A (Health Care)		1,189,448

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

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

Schedule of Investments (continued)

February 28, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
China – (continued)
	853,052	Guangzhou R&F Properties Co. Ltd., Class H (Real Estate)	$	362,457
	59,150	Guangzhou Tinci Materials Technology Co. Ltd., Class A (Materials)		995,426
	293,770	Guosen Securities Co. Ltd., Class A (Financials)		481,857
	211,851	Guotai Junan Securities Co. Ltd., Class A (Financials)		560,348
	448,786	Guoyuan Securities Co. Ltd., Class A (Financials)		503,551
	662,451	Haidilao International Holding Ltd. (Consumer Discretionary)(a)(b)		1,519,270
	506,048	Haier Smart Home Co. Ltd., Class H (Consumer Discretionary)		1,764,824
	157,516	Haitian International Holdings Ltd. (Industrials)		420,314
	320,085	Haitong Securities Co. Ltd., Class A (Financials)		570,167
	605,330	Haitong Securities Co. Ltd., Class H (Financials)		520,601
	50,110	Hangzhou First Applied Material Co. Ltd., Class A (Information Technology)		942,163
	86,669	Hangzhou Robam Appliances Co. Ltd., Class A (Consumer Discretionary)		456,970
	53,700	Hangzhou Silan Microelectronics Co. Ltd., Class A (Information Technology)		485,002
	151,975	Hansoh Pharmaceutical Group Co. Ltd. (Health Care)(a)		325,201
	242,492	Heilongjiang Agriculture Co. Ltd., Class A (Consumer Staples)		564,918
	102,183	Hello Group, Inc. ADR (Communication Services)		973,804
	88,042	Hengan International Group Co. Ltd. (Consumer Staples)		467,044
	1,434,086	Hesteel Co. Ltd., Class A (Materials)		584,089
	57,597	Hithink RoyalFlush Information Network Co. Ltd., Class A (Financials)		985,356
	27,200	Hoshine Silicon Industry Co. Ltd., Class A (Materials)		644,437
	1,046,686	Huadian Power International Corp. Ltd., Class A (Utilities)		713,273
	132,902	Huadong Medicine Co. Ltd., Class A (Health Care)		798,044
	223,054	Huatai Securities Co. Ltd., Class A (Financials)		559,933
	388,600	Huatai Securities Co. Ltd., Class H (Financials)(a)		635,590
	361,412	Huaxi Securities Co. Ltd., Class A (Financials)		509,184
	1,563,833	Huaxia Bank Co. Ltd., Class A (Financials)		1,395,306
Common Stocks – (continued)
China – (continued)
	202,128	Huayu Automotive Systems Co. Ltd., Class A (Consumer Discretionary)		812,356
	107,600	Hubei Xingfa Chemicals Group Co. Ltd., Class A (Materials)		699,144
	2,148,680	Industrial & Commercial Bank of China Ltd., Class A (Financials)		1,586,822
	7,307,426	Industrial & Commercial Bank of China Ltd., Class H (Financials)		4,367,416
	488,865	Industrial Bank Co. Ltd., Class A (Financials)		1,709,865
	118,743	Inner Mongolia Yili Industrial Group Co. Ltd., Class A (Consumer Staples)		743,696
	487,500	Inner Mongolia Yuan Xing Energy Co. Ltd., Class A (Materials)*		694,552
	108,296	Intco Medical Technology Co. Ltd., Class A (Health Care)		879,240
	112,220	Jafron Biomedical Co. Ltd., Class A (Health Care)		813,639
	186,786	JD.com, Inc., Class A (Consumer Discretionary)*		6,674,258
	228,941	Jiangsu Eastern Shenghong Co. Ltd., Class A (Materials)		690,814
	482,904	Jiangsu Expressway Co. Ltd., Class H (Industrials)		516,667
	292,325	Jiangsu Hengrui Medicine Co. Ltd., Class A (Health Care)		1,856,797
	29,149	JiuGui Liquor Co. Ltd., Class A (Consumer Staples)		789,425
	368,015	Jiumaojiu International Holdings Ltd. (Consumer Discretionary)(a)		821,401
	255,856	Joincare Pharmaceutical Group Industry Co. Ltd., Class A (Health Care)		497,520
	377,120	Jointown Pharmaceutical Group Co. Ltd., Class A (Health Care)		796,076
	18,230	JOYY, Inc. ADR (Communication Services)		843,867
	427,103	Kingboard Holdings Ltd. (Information Technology)		1,992,386
	109,376	Kingdee International Software Group Co. Ltd. (Information Technology)*		268,481
	99,608	Kuaishou Technology (Communication Services)*(a)		1,141,571
	2,107,446	Kunlun Energy Co. Ltd. (Utilities)		2,060,597
	11,192	Kweichow Moutai Co. Ltd., Class A (Consumer Staples)		3,175,619
	2,593,629	Lenovo Group Ltd. (Information Technology)		2,884,502
	504,179	Li Ning Co. Ltd. (Consumer Discretionary)		5,010,366
	305,572	Longfor Group Holdings Ltd. (Real Estate)(a)		1,634,681

22 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)
	18,011	Luzhou Laojiao Co. Ltd., Class A (Consumer Staples)	$	618,254
	427,439	Meituan, Class B (Consumer Discretionary)*(a)		9,419,993
	1,281,505	Metallurgical Corp. of China Ltd., Class A (Industrials)		826,581
	95,900	Mianyang Fulin Precision Co. Ltd., Class A (Consumer Discretionary)*		404,117
	138,500	NetEase, Inc. (Communication Services)		2,703,105
	88,300	New China Life Insurance Co. Ltd., Class A (Financials)		533,158
	192,067	New China Life Insurance Co. Ltd., Class H (Financials)		549,381
	316,236	Nongfu Spring Co. Ltd., Class H (Consumer Staples)(a)		1,981,104
	111,400	North Industries Group Red Arrow Co. Ltd., Class A (Industrials)*		398,816
	414,768	Northeast Securities Co. Ltd., Class A (Financials)		542,288
	824,062	Offshore Oil Engineering Co. Ltd., Class A (Energy)		641,227
	594,804	People’s Insurance Co. Group of China Ltd. (The), Class A (Financials)		436,441
	1,611,655	People’s Insurance Co. Group of China Ltd. (The), Class H (Financials)		517,713
	3,059,693	PetroChina Co. Ltd., Class A (Energy)		2,797,849
	5,157,429	PetroChina Co. Ltd., Class H (Energy)		2,752,407
	2,064,043	PICC Property & Casualty Co. Ltd., Class H (Financials)		2,179,295
	44,201	Pinduoduo, Inc. ADR (Consumer Discretionary)*		2,292,264
	138,991	Ping An Insurance Group Co. of China Ltd., Class A (Financials)		1,118,096
	825,467	Ping An Insurance Group Co. of China Ltd., Class H (Financials)		6,380,870
	1,573,020	Postal Savings Bank of China Co. Ltd., Class A (Financials)		1,391,038
	1,963,526	Postal Savings Bank of China Co. Ltd., Class H (Financials)(a)		1,610,786
	938,743	Power Construction Corp. of China Ltd., Class A (Industrials)		1,138,096
	20,558	Proya Cosmetics Co. Ltd., Class A (Consumer Staples)		605,826
	902,234	Qingdao Rural Commercial Bank Corp., Class A (Financials)		523,324
	572,714	RiseSun Real Estate Development Co. Ltd., Class A (Real Estate)		356,698
	228,915	SAIC Motor Corp. Ltd., Class A (Consumer Discretionary)		656,997
	398,494	Sailun Group Co. Ltd., Class A (Consumer Discretionary)		762,254
Common Stocks – (continued)
China – (continued)
	37,667	Sangfor Technologies, Inc., Class A (Information Technology)		868,550
	121,156	Satellite Chemical Co. Ltd., Class A (Materials)		865,565
	407,528	SDIC Capital Co. Ltd., Class A (Financials)		477,925
	225,879	SDIC Power Holdings Co. Ltd., Class A (Utilities)		358,686
	868,900	Sealand Securities Co. Ltd., Class A (Financials)		538,415
	10,400	SG Micro Corp., Class A (Information Technology)		573,566
	229,802	Shandong Buchang Pharmaceuticals Co. Ltd., Class A (Health Care)		757,509
	200,244	Shandong Gold Mining Co. Ltd., Class A (Materials)		658,806
	42,703	Shanghai Bairun Investment Holding Group Co. Ltd., Class A (Consumer Staples)		305,350
	763,627	Shanghai International Port Group Co. Ltd., Class A (Industrials)		688,595
	205,270	Shanghai Lingang Holdings Corp. Ltd., Class A (Real Estate)		459,336
	165,494	Shanghai Pharmaceuticals Holding Co. Ltd., Class A (Health Care)		489,925
	744,820	Shanghai Pharmaceuticals Holding Co. Ltd., Class H (Health Care)		1,342,138
	1,140,990	Shanghai Pudong Development Bank Co. Ltd., Class A (Financials)		1,517,101
	494,719	Shanghai RAAS Blood Products Co. Ltd., Class A (Health Care)		523,728
	530,824	Shanxi Securities Co. Ltd., Class A (Financials)		496,333
	919,648	Shanxi Taigang Stainless Steel Co. Ltd., Class A (Materials)		1,065,393
	31,313	Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A (Consumer Staples)		1,450,174
	778,260	Shenwan Hongyuan Group Co. Ltd., Class A (Financials)		564,886
	359,771	Shenzhen International Holdings Ltd. (Industrials)		370,191
	17,102	Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A (Health Care)		886,567
	1,439,235	Shenzhen Overseas Chinese Town Co. Ltd., Class A (Consumer Discretionary)		1,573,807
	49,463	Shenzhou International Group Holdings Ltd. (Consumer Discretionary)		831,167
	236,745	Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A (Health Care)		904,208
	465,100	Shimao Group Holdings Ltd. (Real Estate)(b)		277,975

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

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

Schedule of Investments (continued)

February 28, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
China – (continued)
	194,827	Sichuan Chuantou Energy Co. Ltd., Class A (Utilities)	$	371,437
	230,500	Sichuan Kelun Pharmaceutical Co. Ltd., Class A (Health Care)		634,514
	325,000	Sichuan Road & Bridge Co. Ltd., Class A (Industrials)		641,759
	86,666	Sichuan Swellfun Co. Ltd., Class A (Consumer Staples)		1,367,977
	17,819	Silergy Corp. (Information Technology)		2,313,578
	279,523	Sinopharm Group Co. Ltd., Class H (Health Care)		675,403
	881,568	Sinotrans Ltd., Class A (Industrials)		599,354
	243,098	Sinotruk Hong Kong Ltd. (Industrials)		362,141
	202,461	Smoore International Holdings Ltd. (Consumer Staples)(a)(b)		746,238
	687,214	Southwest Securities Co. Ltd., Class A (Financials)		511,871
	2,081,991	Sun Art Retail Group Ltd. (Consumer Staples)		748,736
	240,944	Sunac China Holdings Ltd. (Real Estate)		197,351
	56,675	Sungrow Power Supply Co. Ltd., Class A (Industrials)		1,087,693
	1,006,852	Suning.com Co. Ltd., Class A (Consumer Discretionary)*		572,837
	39,679	Sunny Optical Technology Group Co. Ltd. (Information Technology)		948,087
	12,151	Suzhou Maxwell Technologies Co. Ltd., Class A (Industrials)		1,053,536
	187,100	TBEA Co. Ltd., Class A (Industrials)		598,364
	808,913	Tencent Holdings Ltd. (Communication Services)		43,604,714
	151,109	Tencent Music Entertainment Group ADR (Communication Services)*		814,478
	798,592	Tianfeng Securities Co. Ltd., Class A (Financials)		445,490
	1,239,467	Tingyi Cayman Islands Holding Corp. (Consumer Staples)		2,741,082
	180,100	Titan Wind Energy Suzhou Co. Ltd., Class A (Industrials)		590,248
	1,346,809	Topsports International Holdings Ltd. (Consumer Discretionary)(a)		1,394,433
	12,545	Trip.com Group Ltd. ADR (Consumer Discretionary)*		323,912
	1,473,742	Uni-President China Holdings Ltd. (Consumer Staples)		1,527,741
	204,152	Vipshop Holdings Ltd. ADR (Consumer Discretionary)*		1,769,998
	2,005,545	Want Want China Holdings Ltd. (Consumer Staples)		2,132,930
	255,209	Weichai Power Co. Ltd., Class H (Industrials)		431,135
Common Stocks – (continued)
China – (continued)
	266,065	Wens Foodstuffs Group Co. Ltd., Class A (Consumer Staples)		821,808
	429,300	Western Securities Co. Ltd., Class A (Financials)		517,065
	55,700	Westone Information Industry, Inc., Class A (Information Technology)		402,964
	236,739	Wharf Holdings Ltd. (The) (Real Estate)		854,402
	433,003	Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd., Class A (Communication Services)		1,429,390
	31,838	Wuliangye Yibin Co. Ltd., Class A (Consumer Staples)		958,672
	124,280	Wuxi Biologics Cayman, Inc. (Health Care)*(a)		1,021,922
	453,659	Xiamen C & D, Inc., Class A (Industrials)		717,515
	13,400	Xiamen Faratronic Co. Ltd., Class A (Information Technology)		452,075
	1,083,836	Xiaomi Corp., Class B (Information Technology)*(a)		2,033,484
	308,674	Yadea Group Holdings Ltd. (Consumer Discretionary)(a)		455,879
	248,277	Yihai International Holding Ltd. (Consumer Staples)*		1,035,851
	650,486	Yonghui Superstores Co. Ltd., Class A (Consumer Staples)		376,272
	25,600	YongXing Special Materials Technology Co. Ltd., Class A (Materials)		600,403
	498,758	Youngor Group Co. Ltd., Class A (Real Estate)		535,118
	28,000	Youngy Co. Ltd., Class A (Materials)*		590,174
	830,281	Yuexiu Property Co. Ltd. (Real Estate)		830,950
	84,015	Yum China Holdings, Inc. (Consumer Discretionary)		4,370,460
	16,100	Yunnan Energy New Material Co. Ltd., Class A (Materials)		663,391
	9,920	Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A (Health Care)		568,018
	673,370	Zhejiang Expressway Co. Ltd., Class H (Industrials)		606,694
	48,200	Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A (Information Technology)		496,513
	376,386	Zhejiang Semir Garment Co. Ltd., Class A (Consumer Discretionary)		421,719
	74,582	Zhejiang Supor Co. Ltd., Class A (Consumer Discretionary)		597,720
	320,480	Zhejiang Weixing New Building Materials Co. Ltd., Class A (Industrials)		1,175,771

24 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)
	54,738	Zhejiang Wolwo Bio-Pharmaceutical Co. Ltd., Class A (Health Care)	$	394,530
	70,100	Zhejiang Yongtai Technology Co. Ltd., Class A (Materials)*		413,268
	233,461	Zhongsheng Group Holdings Ltd. (Consumer Discretionary)		1,625,386
	13,146	ZTO Express Cayman, Inc. ADR (Industrials)		387,018
				403,979,975
Colombia – 0.1%
	1,072,500	Ecopetrol SA (Energy)		897,324
Czech Republic – 0.2%
	39,498	CEZ AS (Utilities)		1,505,258
	22,065	Komercni Banka AS (Financials)		869,429
				2,374,687
Egypt – 0.4%
	880,972	Commercial International Bank Egypt SAE (Financials)*		2,681,048
	3,012,200	Eastern Co. SAE (Consumer Staples)		2,080,355
				4,761,403
Greece – 0.4%
	665,400	Eurobank Ergasias Services and Holdings SA (Financials)*		729,590
	204,292	Hellenic Telecommunications Organization SA (Communication Services)		4,084,403
	40,000	OPAP SA (Consumer Discretionary)		581,818
				5,395,811
Hong Kong – 0.2%
	23,466	Jinmao Property Services Co. Ltd. (Real Estate)*		5,964
	284,146	Kingboard Laminates Holdings Ltd. (Information Technology)		471,292
	2,753,372	Sino Biopharmaceutical Ltd. (Health Care)		1,754,840
				2,232,096
Hungary – 0.2%
	111,031	MOL Hungarian Oil & Gas PLC (Energy)		871,874
	18,784	OTP Bank Nyrt (Financials)*		726,120
	18,181	Richter Gedeon Nyrt (Health Care)		383,927
				1,981,921
India – 11.6%
	22,900	ACC Ltd. (Materials)		634,945
	23,400	Adani Enterprises Ltd. (Industrials)		510,702
	20,100	Adani Green Energy Ltd. (Utilities)*		491,753
	23,900	Adani Total Gas Ltd. (Utilities)		503,867
	20,400	Adani Transmission Ltd. (Utilities)*		577,879
	79,334	Asian Paints Ltd. (Materials)		3,342,615
Common Stocks – (continued)
India – (continued)
	186,016	Aurobindo Pharma Ltd. (Health Care)		1,543,601
	29,633	Avenue Supermarts Ltd. (Consumer Staples)*(a)		1,706,992
	56,028	Axis Bank Ltd. (Financials)*		552,045
	10,361	Bajaj Finance Ltd. (Financials)		962,883
	2,300	Bajaj Finserv Ltd. (Financials)		488,787
	167,766	Berger Paints India Ltd. (Materials)		1,537,331
	123,600	Bharti Airtel Ltd. (Communication Services)*		1,126,134
	174,880	Biocon Ltd. (Health Care)*		809,674
	57,396	Britannia Industries Ltd. (Consumer Staples)		2,610,862
	192,884	Cipla Ltd. (Health Care)		2,368,059
	131,892	Colgate-Palmolive India Ltd. (Consumer Staples)		2,538,852
	225,989	Dabur India Ltd. (Consumer Staples)		1,689,650
	51,078	Divi’s Laboratories Ltd. (Health Care)		2,891,240
	44,098	Dr. Reddy’s Laboratories Ltd. (Health Care)		2,378,152
	37,766	Grasim Industries Ltd. (Materials)		801,207
	140,924	Havells India Ltd. (Industrials)		2,217,639
	317,490	HCL Technologies Ltd. (Information Technology)		4,748,603
	48,183	HDFC Asset Management Co. Ltd. (Financials)(a)		1,334,077
	119,021	HDFC Life Insurance Co. Ltd. (Financials)(a)		826,461
	193,021	Hindalco Industries Ltd. (Materials)		1,469,801
	96,833	Hindustan Unilever Ltd. (Consumer Staples)		2,791,479
	193,942	Housing Development Finance Corp. Ltd. (Financials)		6,086,146
	412,959	ICICI Bank Ltd. (Financials)		4,070,535
	50,991	ICICI Lombard General Insurance Co. Ltd. (Financials)(a)		855,270
	1,584,051	Indian Oil Corp. Ltd. (Energy)		2,417,676
	605,399	Infosys Ltd. (Information Technology)		13,784,432
	523,699	ITC Ltd. (Consumer Staples)		1,500,255
	60,848	JSW Steel Ltd. (Materials)		506,707
	47,674	Jubilant Foodworks Ltd. (Consumer Discretionary)		1,841,537
	49,543	Larsen & Toubro Infotech Ltd. (Information Technology)(a)		3,846,400
	64,546	Larsen & Toubro Ltd. (Industrials)		1,556,308
	140,929	Lupin Ltd. (Health Care)		1,395,028
	126,672	Mahindra & Mahindra Ltd. (Consumer Discretionary)		1,329,554
	433,518	Marico Ltd. (Consumer Staples)		2,961,369
	33,900	Mindtree Ltd. (Information Technology)		1,746,212
	27,200	Mphasis Ltd. (Information Technology)		1,122,222
	66,096	Muthoot Finance Ltd. (Financials)		1,191,917

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

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

Schedule of Investments (continued)

February 28, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
India – (continued)
	12,702	Nestle India Ltd. (Consumer Staples)	$	2,973,589
	542,400	NTPC Ltd. (Utilities)		961,019
	6,197	Page Industries Ltd. (Consumer Discretionary)		3,475,386
	10,199	PI Industries Ltd. (Materials)		334,115
	87,620	Pidilite Industries Ltd. (Materials)		2,794,339
	825,450	Power Grid Corp. of India Ltd. (Utilities)		2,291,289
	273,733	Reliance Industries Ltd. (Energy)		8,572,105
	105,693	SBI Life Insurance Co. Ltd. (Financials)(a)		1,487,115
	51,398	Siemens Ltd. (Industrials)		1,601,304
	16,700	SRF Ltd. (Materials)		528,312
	81,000	State Bank of India (Financials)		519,449
	46,800	Sun Pharmaceutical Industries Ltd. (Health Care)		524,165
	195,010	Tata Consultancy Services Ltd. (Information Technology)		9,198,773
	180,730	Tata Consumer Products Ltd. (Consumer Staples)		1,723,648
	533,006	Tata Motors Ltd. (Consumer Discretionary)*		3,211,936
	177,700	Tata Power Co. Ltd. (The) (Utilities)		526,042
	157,495	Tata Steel Ltd. (Materials)		2,551,671
	300,897	Tech Mahindra Ltd. (Information Technology)		5,630,774
	16,700	Titan Co. Ltd. (Consumer Discretionary)		564,417
	38,897	Torrent Pharmaceuticals Ltd. (Health Care)		1,419,594
	23,620	UltraTech Cement Ltd. (Materials)		2,058,911
	276,768	Vedanta Ltd. (Materials)		1,396,926
	436,376	Wipro Ltd. (Information Technology)		3,218,923
				147,230,660
Indonesia – 1.3%
	7,030,501	Aneka Tambang Tbk (Materials)		1,086,358
	4,552,401	Astra International Tbk PT (Consumer Discretionary)		1,837,818
	4,523,722	Bank Central Asia Tbk PT (Financials)		2,534,695
	243,702	Gudang Garam Tbk PT (Consumer Staples)		532,626
	2,922,010	Indofood CBP Sukses Makmur Tbk PT (Consumer Staples)		1,728,759
	3,466,195	Indofood Sukses Makmur Tbk PT (Consumer Staples)		1,495,817
	13,471,806	Kalbe Farma Tbk PT (Health Care)		1,542,502
	2,891,771	Merdeka Copper Gold Tbk PT (Materials)*		778,949
	11,971,695	Telkom Indonesia Persero Tbk PT (Communication Services)		3,616,423
Common Stocks – (continued)
Indonesia – (continued)
	4,633,317	Unilever Indonesia Tbk PT (Consumer Staples)	$	1,186,790
				16,340,737
Kuwait – 0.6%
	293,900	Boubyan Bank KSCP (Financials)*		798,810
	1,012,527	Kuwait Finance House KSCP (Financials)		3,156,623
	940,670	National Bank of Kuwait SAKP (Financials)		3,277,434
				7,232,867
Luxembourg – 0.1%
	47,725	Reinet Investments SCA (Financials)		978,992
Mexico – 2.4%
	949,500	Alfa SAB de CV, Class A (Industrials)		712,851
	6,769,557	America Movil SAB de CV, Series L (Communication Services)		6,132,607
	301,054	Becle SAB de CV (Consumer Staples)		756,742
	3,450,354	Cemex SAB de CV, Series CPO (Materials)*		1,776,470
	388,271	Fomento Economico Mexicano SAB de CV (Consumer Staples)		3,136,002
	210,289	Gruma SAB de CV, Class B (Consumer Staples)		2,858,778
	1,320,432	Grupo Bimbo SAB de CV, Series A (Consumer Staples)		4,075,842
	375,809	Grupo Financiero Banorte SAB de CV, Class O (Financials)		2,548,126
	565,810	Grupo Mexico SAB de CV, Series B (Materials)		2,909,564
	1,318,138	Wal-Mart de Mexico SAB de CV (Consumer Staples)		5,025,472
				29,932,454
Philippines – 0.4%
	377,700	Bank of the Philippine Islands (Financials)		736,688
	32,669	Globe Telecom, Inc. (Communication Services)		1,636,317
	177,700	International Container Terminal Services, Inc. (Industrials)		729,932
	173,700	Manila Electric Co. (Utilities)		1,246,764
	27,220	PLDT, Inc. (Communication Services)		955,116
				5,304,817
Poland – 0.9%
	27,700	Bank Polska Kasa Opieki SA (Financials)		765,417
	17,232	CD Projekt SA (Communication Services)(b)		693,646
	45,627	Dino Polska SA (Consumer Staples)*(a)		3,219,575

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

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

Shares		Description	Value
Common Stocks – (continued)
Poland – (continued)
	25,727	KGHM Polska Miedz SA (Materials)	$	1,017,765
	601	LPP SA (Consumer Discretionary)		1,243,374
	833,249	PGE Polska Grupa Energetyczna SA (Utilities)*		1,624,870
	402,279	Polskie Gornictwo Naftowe i Gazownictwo SA (Energy)		535,410
	119,836	Powszechna Kasa Oszczednosci Bank Polski SA (Financials)*		1,155,249
	216,649	Powszechny Zaklad Ubezpieczen SA (Financials)		1,633,348
				11,888,654
Qatar – 1.1%
	603,200	Commercial Bank PSQC (The) (Financials)		1,143,115
	108,100	Industries Qatar QSC (Industrials)		543,321
	1,311,371	Masraf Al Rayan QSC (Financials)		1,800,839
	771,294	Ooredoo QPSC (Communication Services)		1,625,840
	639,440	Qatar International Islamic Bank QSC (Financials)		1,800,126
	382,910	Qatar Islamic Bank (Financials)		2,217,954
	815,399	Qatar National Bank QPSC (Financials)		4,882,092
				14,013,287
Romania – 0.1%
	137,065	NEPI Rockcastle PLC (Real Estate)		867,494
Russia – 1.1%
	1,256,908	Gazprom PJSC (Energy)(c)		1,866,951
	35,708,229	Inter RAO UES PJSC (Utilities)(c)		550,456
	62,206	LUKOIL PJSC (Energy)(c)		1,982,921
	11,906	MMC Norilsk Nickel PJSC (Materials)(c)		1,287,968
	824,628	Moscow Exchange MICEX-RTS PJSC (Financials)(c)		505,340
	5,200	Novatek PJSC GDR (Energy)		199,472
	839,494	Novolipetsk Steel PJSC (Materials)(c)		896,092
	128,261	PhosAgro PJSC GDR (Materials)		781,109
	73,809	Polymetal International PLC (Materials)(c)		416,712
	11,287	Polyus PJSC (Materials)(c)		771,276
	90,086	Rosneft Oil Co. PJSC (Energy)(c)		188,592
	1,661,273	Sberbank of Russia PJSC (Financials)(c)		671,113
	152,107	Severstal PAO (Materials)(c)		1,325,792
	3,362,523	Surgutneftegas PJSC (Energy)(c)		339,170
	277,377	Tatneft PJSC (Energy)(c)		792,595
	29,482	TCS Group Holding PLC GDR (Financials)(c)		593,788
	799,132,583	VTB Bank PJSC (Financials)(c)		103,494
Common Stocks – (continued)
Russia – (continued)
	69,395	X5 Retail Group NV GDR (Consumer Staples)(c)		541,380
	41,484	Yandex NV, Class A (Communication Services)*(c)		415,315
				14,229,536
Saudi Arabia – 3.6%
	69,307	Abdullah Al Othaim Markets Co. (Consumer Staples)		2,057,947
	46,824	Advanced Petrochemical Co. (Materials)		936,056
	186,769	Al Rajhi Bank (Financials)		7,985,113
	85,000	Alinma Bank (Financials)		804,302
	47,600	Banque Saudi Fransi (Financials)		673,711
	37,265	Bupa Arabia for Cooperative Insurance Co. (Financials)		1,609,119
	220,458	Etihad Etisalat Co. (Communication Services)		2,050,799
	90,200	Riyad Bank (Financials)		853,506
	34,200	SABIC Agri-Nutrients Co. (Materials)		1,451,246
	261,269	Sahara International Petrochemical Co. (Materials)		3,245,232
	25,300	Saudi Arabian Mining Co. (Materials)*		720,217
	406,888	Saudi Arabian Oil Co. (Energy)(a)		4,506,276
	114,351	Saudi Basic Industries Corp. (Materials)		3,797,781
	65,400	Saudi British Bank (The) (Financials)		674,622
	285,062	Saudi Electricity Co. (Utilities)		2,097,106
	66,259	Saudi Industrial Investment Group (Materials)		622,552
	443,217	Saudi Kayan Petrochemical Co. (Materials)*		2,402,920
	304,895	Saudi National Bank (The) (Financials)		5,542,511
	95,950	Saudi Telecom Co. (Communication Services)		2,915,558
	123,347	Savola Group (The) (Consumer Staples)		1,114,552
				46,061,126
South Africa – 4.2%
	174,762	Absa Group Ltd. (Financials)		1,997,732
	59,108	African Rainbow Minerals Ltd. (Materials)		1,046,712
	169,268	Aspen Pharmacare Holdings Ltd. (Health Care)		2,201,771
	99,453	Bid Corp. Ltd. (Consumer Staples)		2,010,621
	50,527	Bidvest Group Ltd. (The) (Industrials)		688,070
	8,426	Capitec Bank Holdings Ltd. (Financials)		1,131,110
	103,549	Clicks Group Ltd. (Consumer Staples)(b)		2,003,299
	636,180	FirstRand Ltd. (Financials)		2,722,163
	198,733	Gold Fields Ltd. (Materials)		2,762,906
	219,457	Impala Platinum Holdings Ltd. (Materials)		4,174,263

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

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

Schedule of Investments (continued)

February 28, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
South Africa – (continued)
	61,285	Kumba Iron Ore Ltd. (Materials)	$	2,397,303
	158,304	Mr Price Group Ltd. (Consumer Discretionary)		2,147,464
	311,605	MTN Group Ltd. (Communication Services)*		3,863,680
	383,057	MultiChoice Group (Communication Services)		3,123,950
	5,464	Naspers Ltd., Class N (Consumer Discretionary)		681,903
	160,614	Nedbank Group Ltd. (Financials)		2,272,035
	711,600	Old Mutual Ltd. (Financials)		580,240
	308,774	Rand Merchant Investment Holdings Ltd. (Financials)		966,736
	108,320	Remgro Ltd. (Financials)		979,489
	301,193	Sanlam Ltd. (Financials)		1,260,323
	48,100	Sasol Ltd. (Materials)*		1,091,304
	252,375	Shoprite Holdings Ltd. (Consumer Staples)		3,740,099
	592,387	Sibanye Stillwater Ltd. (Materials)		2,736,040
	161,848	SPAR Group Ltd. (The) (Consumer Staples)		1,718,558
	222,833	Standard Bank Group Ltd. (Financials)		2,345,352
	117,957	Tiger Brands Ltd. (Consumer Staples)(b)		1,246,859
	176,380	Vodacom Group Ltd. (Communication Services)		1,689,436
				53,579,418
South Korea – 12.6%
	17,407	Amorepacific Corp. (Consumer Staples)		2,663,857
	45,248	AMOREPACIFIC Group (Consumer Staples)		1,836,489
	11,456	BGF retail Co. Ltd. (Consumer Staples)		1,614,997
	4,775	Celltrion, Inc. (Health Care)		633,437
	108,146	Cheil Worldwide, Inc. (Communication Services)		2,023,774
	5,870	CJ CheilJedang Corp. (Consumer Staples)		1,847,877
	7,386	CJ Corp. (Industrials)		516,624
	13,946	CJ ENM Co. Ltd. (Communication Services)		1,507,864
	9,635	CJ Logistics Corp. (Industrials)*		993,671
	33,722	Coway Co. Ltd. (Consumer Discretionary)		2,022,170
	10,500	DB Insurance Co. Ltd. (Financials)		539,693
	19,600	Doosan Bobcat, Inc. (Industrials)		621,899
	33,900	Doosan Heavy Industries & Construction Co. Ltd. (Industrials)*		586,451
	2,800	Ecopro BM Co. Ltd. (Industrials)		873,756
	17,583	E-MART, Inc. (Consumer Staples)		1,901,102
	18,367	GS Engineering & Construction Corp. (Industrials)		654,573
	50,797	GS Holdings Corp. (Energy)		1,689,924
	61,087	Hana Financial Group, Inc. (Financials)		2,474,269
Common Stocks – (continued)
South Korea – (continued)
	43,028	Hankook Tire & Technology Co. Ltd. (Consumer Discretionary)		1,259,688
	37,970	Hanwha Solutions Corp. (Materials)*		1,068,977
	19,291	HMM Co. Ltd. (Industrials)*		462,881
	30,068	Hotel Shilla Co. Ltd. (Consumer Discretionary)(b)		2,013,119
	21,683	Hyundai Engineering & Construction Co. Ltd. (Industrials)		780,866
	7,753	Hyundai Mobis Co. Ltd. (Consumer Discretionary)		1,444,398
	10,015	Hyundai Motor Co. (Consumer Discretionary)		1,457,666
	23,295	Hyundai Steel Co. (Materials)		769,170
	185,138	Industrial Bank of Korea (Financials)		1,655,286
	21,976	Kakao Corp. (Communication Services)		1,719,916
	13,300	KakaoBank Corp. (Financials)*		530,960
	43,585	Kangwon Land, Inc. (Consumer Discretionary)*		960,621
	59,166	KB Financial Group, Inc. (Financials)		2,937,755
	58,245	Kia Corp. (Consumer Discretionary)		3,575,066
	51,219	Korea Electric Power Corp. (Utilities)(b)		988,299
	6,831	Korea Investment Holdings Co. Ltd. (Financials)*		449,965
	6,731	Korea Shipbuilding & Offshore Engineering Co. Ltd. (Industrials)*		493,762
	2,389	Korea Zinc Co. Ltd. (Materials)		1,092,818
	27,724	Korean Air Lines Co. Ltd. (Industrials)*		675,605
	22,792	KT&G Corp. (Consumer Staples)		1,512,706
	7,040	Kumho Petrochemical Co. Ltd. (Materials)*		939,760
	3,300	L&F Co. Ltd. (Information Technology)		535,202
	4,234	LG Chem Ltd. (Materials)		1,989,612
	30,800	LG Display Co. Ltd. (Information Technology)		479,029
	35,850	LG Electronics, Inc. (Consumer Discretionary)		3,682,351
	3,330	LG Household & Health Care Ltd. (Consumer Staples)		2,631,097
	2,000	LG Innotek Co. Ltd. (Information Technology)		543,935
	201,065	LG Uplus Corp. (Communication Services)(b)		2,199,031
	2,872	Lotte Chemical Corp. (Materials)		525,504
	18,468	Lotte Shopping Co. Ltd. (Consumer Discretionary)		1,310,201
	16,700	Meritz Financial Group, Inc. (Financials)		511,827
	18,500	Meritz Fire & Marine Insurance Co. Ltd. (Financials)		632,387
	441,851	Meritz Securities Co. Ltd. (Financials)		2,153,488
	9,469	NAVER Corp. (Communication Services)		2,504,381

28 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)
	4,436	NCSoft Corp. (Communication Services)	$	1,636,267
	100,922	NH Investment & Securities Co. Ltd. (Financials)		969,476
	22,146	Orion Corp. (Consumer Staples)		1,685,332
	21,623	Pearl Abyss Corp. (Communication Services)*		1,710,273
	12,349	POSCO (Materials)		2,927,155
	28,675	S-1 Corp. (Industrials)		1,664,669
	1,223	Samsung Biologics Co. Ltd. (Health Care)*(a)		792,379
	15,977	Samsung C&T Corp. (Industrials)		1,461,696
	15,209	Samsung Electro-Mechanics Co. Ltd. (Information Technology)		2,099,800
	722,505	Samsung Electronics Co. Ltd. (Information Technology)		43,325,663
	28,300	Samsung Engineering Co. Ltd. (Industrials)*		546,064
	11,617	Samsung Fire & Marine Insurance Co. Ltd. (Financials)		1,840,594
	141,000	Samsung Heavy Industries Co. Ltd. (Industrials)*		682,513
	5,029	Samsung SDI Co. Ltd. (Information Technology)		2,292,088
	12,697	Samsung SDS Co. Ltd. (Information Technology)		1,478,421
	50,844	Samsung Securities Co. Ltd. (Financials)		1,788,748
	24,100	SD Biosensor, Inc. (Health Care)		1,094,407
	51,963	Seegene, Inc. (Health Care)(b)		2,217,076
	73,628	Shinhan Financial Group Co. Ltd. (Financials)		2,391,295
	86,340	SK Hynix, Inc. (Information Technology)		8,868,458
	28,256	SK Square Co. Ltd. (Information Technology)*		1,311,336
	43,711	SK Telecom Co. Ltd. (Communication Services)(b)		1,984,963
	157,789	Woori Financial Group, Inc. (Financials)		1,876,644
	25,517	Yuhan Corp. (Health Care)		1,233,033
				159,368,106
Taiwan – 16.5%
	179,626	Accton Technology Corp. (Information Technology)		1,614,616
	1,612,095	Acer, Inc. (Information Technology)		1,656,085
	193,160	Advantech Co. Ltd. (Information Technology)		2,525,170
	532,864	ASE Technology Holding Co. Ltd. (Information Technology)		1,887,405
	771,571	Asia Cement Corp. (Materials)		1,241,229
	234,009	Asustek Computer, Inc. (Information Technology)		3,100,922
	888,900	AU Optronics Corp. (Information Technology)		651,575
Common Stocks – (continued)
Taiwan – (continued)
	223,805	Catcher Technology Co. Ltd. (Information Technology)	$	1,141,577
	1,570,192	Cathay Financial Holding Co. Ltd. (Financials)		3,489,316
	373,902	Chailease Holding Co. Ltd. (Financials)		3,347,580
	405,117	Cheng Shin Rubber Industry Co. Ltd. (Consumer Discretionary)		514,434
	5,611,643	China Development Financial Holding Corp. (Financials)		3,793,138
	2,489,669	China Steel Corp. (Materials)		3,197,007
	465,371	Chunghwa Telecom Co. Ltd. (Communication Services)		2,066,656
	1,636,722	Compal Electronics, Inc. (Information Technology)		1,482,887
	3,116,081	CTBC Financial Holding Co. Ltd. (Financials)		3,017,714
	375,876	Delta Electronics, Inc. (Information Technology)		3,304,920
	14,200	eMemory Technology, Inc. (Information Technology)		934,510
	947,535	E.Sun Financial Holding Co. Ltd. (Financials)		995,360
	1,018,980	Evergreen Marine Corp. Taiwan Ltd. (Industrials)		5,215,753
	651,600	Far Eastern New Century Corp. (Industrials)		686,812
	287,741	Feng TAY Enterprise Co. Ltd. (Consumer Discretionary)		2,124,572
	1,139,800	First Financial Holding Co. Ltd. (Financials)		1,044,867
	395,600	Formosa Plastics Corp. (Materials)		1,481,648
	636,568	Foxconn Technology Co. Ltd. (Information Technology)		1,448,655
	1,482,632	Fubon Financial Holding Co. Ltd. (Financials)		3,971,666
	35,461	Globalwafers Co. Ltd. (Information Technology)		870,240
	1,364,274	Hon Hai Precision Industry Co. Ltd. (Information Technology)		5,012,314
	972,700	Hua Nan Financial Holdings Co. Ltd. (Financials)		766,780
	1,012,600	Innolux Corp. (Information Technology)		604,996
	943,347	Inventec Corp. (Information Technology)		863,094
	10,783	Largan Precision Co. Ltd. (Information Technology)		776,945
	887,419	Lite-On Technology Corp. (Information Technology)		2,165,131
	258,035	MediaTek, Inc. (Information Technology)		9,986,373
	1,364,577	Mega Financial Holding Co. Ltd. (Financials)		1,830,144
	437,315	Micro-Star International Co. Ltd. (Information Technology)		2,425,628

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

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

Schedule of Investments (continued)

February 28, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Taiwan – (continued)
	498,756	Nan Ya Plastics Corp. (Materials)	$	1,560,225
	58,128	Nan Ya Printed Circuit Board Corp. (Information Technology)		1,086,466
	574,623	Nanya Technology Corp. (Information Technology)		1,580,290
	144,138	Nien Made Enterprise Co. Ltd. (Consumer Discretionary)		1,856,031
	230,750	Novatek Microelectronics Corp. (Information Technology)		3,757,352
	602,731	Pegatron Corp. (Information Technology)		1,485,597
	1,982,931	Pou Chen Corp. (Consumer Discretionary)		2,270,451
	397,035	President Chain Store Corp. (Consumer Staples)		3,703,394
	390,429	Quanta Computer, Inc. (Information Technology)		1,293,770
	227,646	Realtek Semiconductor Corp. (Information Technology)		3,702,749
	2,223,268	SinoPac Financial Holdings Co. Ltd. (Financials)		1,356,086
	702,209	Synnex Technology International Corp. (Information Technology)		1,800,921
	2,897,052	Taishin Financial Holding Co. Ltd. (Financials)		2,015,071
	615,488	Taiwan Cement Corp. (Materials)		1,039,535
	724,000	Taiwan Cooperative Financial Holding Co. Ltd. (Financials)		683,068
	208,304	Taiwan Mobile Co. Ltd. (Communication Services)		769,020
	3,723,127	Taiwan Semiconductor Manufacturing Co. Ltd. (Information Technology)		80,212,902
	110,455	Unimicron Technology Corp. (Information Technology)		1,000,734
	1,642,124	Uni-President Enterprises Corp. (Consumer Staples)		3,930,320
	2,325,640	United Microelectronics Corp. (Information Technology)		4,321,949
	286,741	Vanguard International Semiconductor Corp. (Information Technology)		1,283,610
	1,552,662	Winbond Electronics Corp. (Information Technology)		1,827,638
	818,391	WPG Holdings Ltd. (Information Technology)		1,625,981
	367,954	Yang Ming Marine Transport Corp. (Industrials)*		1,515,915
	2,761,724	Yuanta Financial Holding Co. Ltd. (Financials)		2,447,970
				209,364,764
Tanzania – 0.1%
	33,185	AngloGold Ashanti Ltd. (Materials)		780,591
Common Stocks – (continued)
Thailand – 1.3%
	385,216	Advanced Info Service PCL NVDR (Communication Services)		2,699,754
	1,879,800	Bangkok Dusit Medical Services PCL NVDR (Health Care)		1,363,466
	1,561,700	Charoen Pokphand Foods PCL NVDR (Consumer Staples)		1,206,822
	982,377	CP ALL PCL NVDR (Consumer Staples)		2,044,427
	60,000	Delta Electronics Thailand PCL NVDR (Information Technology)		741,852
	106,000	Electricity Generating PCL NVDR (Utilities)		582,311
	648,600	Intouch Holdings PCL NVDR (Communication Services)		1,503,640
	471,000	Krungthai Card PCL NVDR (Financials)		911,729
	677,900	Muangthai Capital PCL NVDR (Financials)		1,068,458
	1,098,500	PTT PCL NVDR (Energy)		1,327,949
	95,500	Siam Cement PCL (The) NVDR (Materials)		1,145,708
	888,500	Sri Trang Gloves Thailand PCL NVDR (Health Care)		700,195
	2,445,000	Thai Union Group PCL NVDR (Consumer Staples)		1,526,488
				16,822,799
Turkey – 0.4%
	335,945	BIM Birlesik Magazalar AS (Consumer Staples)		1,771,876
	570,500	Eregli Demir ve Celik Fabrikalari TAS (Materials)		1,279,335
	536,025	KOC Holding AS (Industrials)		1,223,684
	844,300	Turkiye Sise ve Cam Fabrikalari AS (Industrials)		754,163
				5,029,058
United Arab Emirates – 1.4%
	726,700	Abu Dhabi Commercial Bank PJSC (Financials)		2,128,828
	401,100	Abu Dhabi Islamic Bank PJSC (Financials)		966,427
	1,364,763	Abu Dhabi National Oil Co. for Distribution PJSC (Consumer Discretionary)		1,530,832
	978,291	Aldar Properties PJSC (Real Estate)		1,118,641
	856,300	Dubai Islamic Bank PJSC (Financials)		1,419,765
	1,110,479	Emaar Properties PJSC (Real Estate)		1,535,844
	572,368	Emirates NBD Bank PJSC (Financials)		2,228,356
	407,642	Emirates Telecommunications Group Co. PJSC (Communication Services)		3,882,146
	481,664	First Abu Dhabi Bank PJSC (Financials)		2,711,864
				17,522,703

30 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 States – 0.3%
	546,534	JBS SA (Consumer Staples)	$	3,807,501
	TOTAL COMMON STOCKS
	(Cost $1,007,703,366)		$	1,231,275,970

Shares	Description		Rate			Value
Preferred Stocks – 2.1%
Brazil – 1.1%
764,361		Banco Bradesco SA (Financials)		4.89	%	$	3,019,343
99,200		Braskem SA, Class A (Materials)		15.73			919,079
219,586		Cia Energetica de Minas Gerais (Utilities)		8.39			545,587
655,287		Itau Unibanco Holding SA (Financials)		2.93			3,239,738
800,526		Itausa SA (Financials)		4.86			1,557,014
692,957		Petroleo Brasileiro SA (Energy)		16.47			4,573,352
							13,854,113
Colombia – 0.1%
88,298		Bancolombia SA (Financials)		0.71			787,889
Russia – 0.0%
3,212,489		Surgutneftegas PJSC (Energy)(c)		22.52			460,729
South Korea – 0.9%
7,200		Hyundai Motor Co. (Consumer Discretionary)		5.70			528,166
6,900		Hyundai Motor Co. (Consumer Discretionary)		5.73			502,141
5,629		LG Household & Health Care Ltd. (Consumer Staples)		2.28			2,457,874
135,485		Samsung Electronics Co. Ltd. (Information Technology)		2.19			7,448,379
							10,936,560
TOTAL PREFERRED STOCKS
(Cost $19,930,302)						$	26,039,291
Units	Description		Expiration Month			Value
Right – 0.0%
South Korea – 0.0%
81		Samsung Biologics Co. Ltd.*
(Cost $0)				04/22		$	9,432

Shares		Description	Value
Exchange-Traded Fund – 0.5%
United States – 0.5%
	257,264	iShares MSCI Malaysia ETF(b)
	(Cost $7,732,868)		$	6,670,855
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $1,035,366,536)		$	1,263,995,548

Shares		Dividend Rate	Value
Securities Lending Reinvestment Vehicle – 1.0%(d)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	12,466,770	0.026%	$	12,466,770
	(Cost $12,466,770)
	TOTAL INVESTMENTS – 100.9%
	(Cost $1,047,833,306)		$	1,276,462,318
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (0.9)%			(11,384,995	)
	NET ASSETS – 100.0%		$	1,265,077,323

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

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

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

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

Schedule of Investments (continued)

February 28, 2022 (Unaudited)

The below table represents the sector breakdown of investments as a percentage of total market value of the Fund:
Sector Name	% of Market Value
Information Technology		22.1%
Financials		19.9%
Consumer Staples		11.2%
Consumer Discretionary		10.5%
Communication Services		9.8%
Materials		8.9%
Health Care		4.7%
Industrials		4.6%
Energy		3.9%
Utilities		2.8%
Real Estate		1.1%
Exchange-Traded Fund		0.5%
TOTAL INVESTMENTS		100.0%

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

GOLDMAN SACHS ACTIVEBETA^® EUROPE EQUITY ETF

Schedule of Investments

February 28, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – 98.7%
Australia – 1.4%
	17,075	Glencore PLC (Materials)*	$	101,298
	2,356	Rio Tinto PLC (Materials)		183,063
				284,361
Austria – 1.0%
	409	Erste Group Bank AG (Financials)		14,696
	758	Mondi PLC (Materials)		15,983
	970	OMV AG (Energy)		46,173
	2,007	Raiffeisen Bank International AG (Financials)		33,070
	226	Verbund AG (Utilities)		27,415
	1,839	voestalpine AG (Materials)		60,810
				198,147
Belgium – 1.1%
	221	Ageas SA/NV (Financials)		10,669
	674	Anheuser-Busch InBev SA/NV (Consumer Staples)		41,743
	156	Elia Group SA/NV (Utilities)		22,533
	238	Etablissements Franz Colruyt NV (Consumer Staples)		9,538
	206	Groupe Bruxelles Lambert SA (Financials)		21,504
	151	KBC Group NV (Financials)		10,943
	211	Proximus SADP (Communication Services)		4,209
	120	Sofina SA (Financials)		46,797
	114	Solvay SA (Materials)		12,769
	441	UCB SA (Health Care)		48,394
				229,099
Brazil – 0.1%
	427	Yara International ASA (Materials)		21,754
Chile – 0.0%
	488	Antofagasta PLC (Materials)		9,959
China – 0.1%
	253	Prosus NV (Consumer Discretionary)*		15,749
Denmark – 4.5%
	33	AP Moller – Maersk A/S, Class A (Industrials)		99,161
	34	AP Moller – Maersk A/S, Class B (Industrials)		107,916
	247	Carlsberg AS, Class B (Consumer Staples)		36,260
	155	Chr Hansen Holding A/S (Materials)		11,342
	462	Coloplast A/S, Class B (Health Care)		69,636
	2,184	Danske Bank A/S (Financials)		37,167
	311	Demant A/S (Health Care)*		13,144
	276	DSV A/S (Industrials)		51,136
	41	Genmab A/S (Health Care)*		13,806
	3,439	Novo Nordisk A/S, Class B (Health Care)		354,205
	382	Novozymes A/S, Class B (Materials)		25,103
	62	Orsted AS (Utilities)(a)		8,063
	519	Pandora A/S (Consumer Discretionary)		53,730
	40	ROCKWOOL International A/S, Class B (Industrials)		13,777
Common Stocks – (continued)
Denmark – (continued)
	839	Tryg A/S (Financials)		19,079
	231	Vestas Wind Systems A/S (Industrials)		7,587
				921,112
Finland – 1.8%
	460	Elisa OYJ (Communication Services)		25,601
	2,590	Fortum OYJ (Utilities)		54,807
	1,037	Kesko OYJ, Class B (Consumer Staples)		30,680
	255	Kone OYJ, Class B (Industrials)		15,002
	9,787	Nokia OYJ (Information Technology)*		53,178
	4,167	Nordea Bank Abp (Financials)		46,658
	1,918	Orion OYJ, Class B (Health Care)		90,459
	672	Sampo OYJ, Class A (Financials)		31,973
	266	Stora Enso OYJ, Class R (Materials)		5,130
	429	UPM-Kymmene OYJ (Materials)		14,937
	615	Wartsila OYJ Abp (Industrials)		6,956
				375,381
France – 17.0%
	591	Air Liquide SA (Materials)		98,709
	420	Airbus SE (Industrials)*		54,203
	131	Amundi SA (Financials)(a)		9,182
	197	Arkema SA (Materials)		26,309
	2,286	AXA SA (Financials)		62,329
	449	BioMerieux (Health Care)		49,484
	1,616	BNP Paribas SA (Financials)		95,310
	5,783	Bollore SA (Communication Services)		29,476
	720	Bouygues SA (Industrials)		25,895
	1,065	Bureau Veritas SA (Industrials)		30,695
	787	Capgemini SE (Information Technology)		166,449
	4,228	Carrefour SA (Consumer Staples)		85,005
	1,717	Cie de Saint-Gobain (Industrials)		107,902
	232	Cie Generale des Etablissements Michelin (Consumer Discretionary)		32,312
	1,852	CNP Assurances (Financials)		45,285
	109	Covivio REIT (Real Estate)		8,991
	3,464	Credit Agricole SA (Financials)		44,612
	1,250	Danone SA (Consumer Staples)		76,251
	50	Dassault Aviation SA (Industrials)		7,542
	1,008	Dassault Systemes SE (Information Technology)		49,239
	280	Edenred (Information Technology)		12,860
	1,103	Eiffage SA (Industrials)		113,135
	3,933	Engie SA (Utilities)		63,030
	410	EssilorLuxottica SA (Consumer Discretionary)		72,171
	331	Eurazeo SE (Financials)		25,746
	110	Gecina SA REIT (Real Estate)		14,023
	608	Getlink SE (Industrials)		9,998
	104	Hermes International (Consumer Discretionary)		145,082
	1,061	Ipsen SA (Health Care)		124,236
	108	Kering (Consumer Discretionary)		77,284
	2,655	La Francaise des Jeux SAEM (Consumer Discretionary)(a)		110,606
	565	Legrand SA (Industrials)		53,827

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

GOLDMAN SACHS ACTIVEBETA^® EUROPE EQUITY ETF

Schedule of Investments (continued)

February 28, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
France – (continued)
	578	L’Oreal SA (Consumer Staples)	$	230,470
	478	LVMH Moet Hennessy Louis Vuitton SE (Consumer Discretionary)		354,294
	2,995	Orange SA (Communication Services)		36,378
	292	Pernod Ricard SA (Consumer Staples)		64,168
	554	Publicis Groupe SA (Communication Services)		37,111
	133	Remy Cointreau SA (Consumer Staples)		25,799
	849	Renault SA (Consumer Discretionary)*		27,216
	189	Safran SA (Industrials)		24,349
	2,002	Sanofi (Health Care)		210,181
	79	Sartorius Stedim Biotech (Health Care)		30,471
	227	SEB SA (Consumer Discretionary)		33,324
	2,426	Societe Generale SA (Financials)		69,866
	91	Teleperformance (Industrials)		33,924
	222	Thales SA (Industrials)		25,658
	3,631	TotalEnergies SE (Energy)		185,932
	382	Ubisoft Entertainment SA (Communication Services)*		20,745
	1,475	Veolia Environnement SA (Utilities)		51,706
	659	Vinci SA (Industrials)		69,963
	1,473	Vivendi SE (Communication Services)		18,712
	120	Wendel SE (Financials)		12,272
	222	Worldline SA (Information Technology)*(a)		11,446
				3,501,163
Germany – 12.9%
	482	adidas AG (Consumer Discretionary)		114,800
	476	Allianz SE (Financials)		108,693
	761	Aroundtown SA (Real Estate)		4,727
	793	BASF SE (Materials)		52,774
	1,166	Bayer AG (Health Care)		67,460
	697	Bayerische Motoren Werke AG (Consumer Discretionary)		67,765
	259	Bechtle AG (Information Technology)		13,396
	468	Beiersdorf AG (Consumer Staples)		47,530
	603	Brenntag SE (Industrials)		50,716
	216	Carl Zeiss Meditec AG (Health Care)		34,172
	411	Commerzbank AG (Financials)*		3,478
	63	Continental AG (Consumer Discretionary)*		5,435
	472	Covestro AG (Materials)(a)		25,028
	748	Daimler Truck Holding AG (Industrials)*		22,835
	2,970	Deutsche Bank AG (Financials)*		37,562
	208	Deutsche Boerse AG (Financials)		35,675
	3,010	Deutsche Post AG (Industrials)		152,679
	3,545	Deutsche Telekom AG (Communication Services)		63,827
	3,771	E.ON SE (Utilities)		51,327
	452	Evonik Industries AG (Materials)		13,652
	929	Fresenius Medical Care AG & Co. KGaA (Health Care)		59,811
	1,817	Fresenius SE & Co. KGaA (Health Care)		63,807
	539	GEA Group AG (Industrials)		23,653
	134	Hannover Rueck SE (Financials)		24,804
	1,156	HeidelbergCement AG (Materials)		75,490
	1,552	HelloFresh SE (Consumer Staples)*		85,208
Common Stocks – (continued)
Germany – (continued)
	202	Henkel AG & Co. KGaA (Consumer Staples)		15,564
	1,174	Infineon Technologies AG (Information Technology)		40,542
	218	KION Group AG (Industrials)		17,669
	433	Knorr-Bremse AG (Industrials)		38,421
	121	LEG Immobilien SE (Real Estate)		15,670
	1,496	Mercedes-Benz Group AG (Consumer Discretionary)		117,907
	418	Merck KGaA (Health Care)		83,359
	133	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Financials)		36,921
	1,010	Nemetschek SE (Information Technology)		90,119
	834	Puma SE (Consumer Discretionary)		76,795
	66	Rational AG (Industrials)		48,778
	1,648	RWE AG (Utilities)		76,799
	1,623	SAP SE (Information Technology)		184,702
	144	Scout24 SE (Communication Services)(a)		8,443
	993	Siemens AG (Industrials)		141,269
	3,299	Siemens Energy AG (Industrials)		79,408
	507	Siemens Healthineers AG (Health Care)(a)		32,733
	238	Symrise AG (Materials)		28,470
	3,114	Telefonica Deutschland Holding AG (Communication Services)		8,552
	1,433	Uniper SE (Utilities)		45,872
	323	United Internet AG (Communication Services)		11,014
	171	Volkswagen AG (Consumer Discretionary)		45,174
	512	Vonovia SE (Real Estate)		27,316
	1,054	Zalando SE (Consumer Discretionary)*(a)		70,534
				2,648,335
Ireland – 0.7%
	1,031	CRH PLC (Materials)		47,027
	31	Flutter Entertainment PLC (Consumer Discretionary)*		4,466
	239	Kerry Group PLC, Class A (Consumer Staples)		28,509
	306	Kingspan Group PLC (Industrials)		29,847
	509	Smurfit Kappa Group PLC (Materials)		25,492
				135,341
Italy – 3.1%
	2,052	Assicurazioni Generali SpA (Financials)		40,864
	789	Atlantia SpA (Industrials)*		14,543
	1,794	Davide Campari-Milano NV (Consumer Staples)		19,643
	257	DiaSorin SpA (Health Care)		38,580
	9,791	Enel SpA (Utilities)		72,571
	5,812	Eni SpA (Energy)		90,296
	291	Ferrari NV (Consumer Discretionary)		63,001
	1,646	FinecoBank Banca Fineco SpA (Financials)		27,593
	905	Infrastrutture Wireless Italiane SpA (Communication Services)(a)		9,262
	15,355	Intesa Sanpaolo SpA (Financials)		39,555

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

GOLDMAN SACHS ACTIVEBETA^® EUROPE EQUITY ETF

Shares		Description	Value
Common Stocks – (continued)
Italy – (continued)
	1,007	Mediobanca Banca di Credito Finanziario SpA (Financials)	$	10,548
	851	Moncler SpA (Consumer Discretionary)		51,788
	2,803	Poste Italiane SpA (Financials)(a)		32,349
	633	Prysmian SpA (Industrials)		20,988
	674	Recordati Industria Chimica e Farmaceutica SpA (Health Care)		33,128
	4,353	Snam SpA (Utilities)		24,275
	2,758	Terna – Rete Elettrica Nazionale (Utilities)		22,744
	1,489	UniCredit SpA (Financials)		19,046
				630,774
Jordan – 0.1%
	1,163	Hikma Pharmaceuticals PLC (Health Care)		32,504
Luxembourg – 0.8%
	4,357	ArcelorMittal (Materials)		135,582
	301	Eurofins Scientific SE (Health Care)		30,610
				166,192
Netherlands – 8.0%
	624	ABN AMRO Bank NV (Financials)(a)		8,314
	14	Adyen NV (Information Technology)*(a)		29,317
	8,369	Aegon NV (Financials)		41,501
	329	Akzo Nobel NV (Materials)		31,410
	95	ASM International NV (Information Technology)		30,752
	678	ASML Holding NV (Information Technology)		456,080
	119	Euronext NV (Financials)(a)		10,807
	780	EXOR NV (Financials)		59,399
	390	Heineken Holding NV (Consumer Staples)		31,868
	300	Heineken NV (Consumer Staples)(b)		30,455
	165	IMCD NV (Industrials)		26,817
	3,897	ING Groep NV (Financials)		45,951
	761	JDE Peet’s NV (Consumer Staples)		25,023
	5,244	Koninklijke Ahold Delhaize NV (Consumer Staples)		161,859
	302	Koninklijke DSM NV (Materials)		56,749
	4,874	Koninklijke KPN NV (Communication Services)		16,697
	1,750	Koninklijke Philips NV (Health Care)		59,636
	1,154	NN Group NV (Financials)		55,450
	1,143	Randstad NV (Industrials)		77,928
	10,832	Shell PLC (Energy)		286,608
	818	Universal Music Group NV (Communication Services)		18,679
	851	Wolters Kluwer NV (Industrials)		86,810
				1,648,110
Norway – 0.9%
	215	Aker BP ASA (Energy)		6,687
	1,133	DNB Bank ASA (Financials)		25,395
	881	Equinor ASA (Energy)		27,897
	1,820	Gjensidige Forsikring ASA (Financials)		45,098
	571	Mowi ASA (Consumer Staples)		14,701
Common Stocks – (continued)
Norway – (continued)
	1,827	Norsk Hydro ASA (Materials)		17,361
	2,492	Orkla ASA (Consumer Staples)		23,390
	1,215	Telenor ASA (Communication Services)		18,024
				178,553
Poland – 0.1%
	2,503	InPost SA (Industrials)*		15,513
Portugal – 0.5%
	1,691	EDP – Energias de Portugal SA (Utilities)		8,288
	4,539	Jeronimo Martins SGPS SA (Consumer Staples)		99,033
				107,321
Russia – 0.1%
	780	Coca-Cola HBC AG (Consumer Staples)*		19,927
	3,296	Raspadskaya OJSC (Materials)(c)		8,039
				27,966
Singapore – 0.3%
	1,279	STMicroelectronics NV (Information Technology)		54,504
South Africa – 0.3%
	1,279	Anglo American PLC (Materials)		65,606
Spain – 3.7%
	2,523	ACS Actividades de Construccion y Servicios SA (Industrials)(b)		61,834
	32	Aena SME SA (Industrials)*(a)		5,258
	375	Amadeus IT Group SA (Information Technology)*		25,247
	10,293	Banco Bilbao Vizcaya Argentaria SA (Financials)		61,158
	20,433	Banco Santander SA (Financials)		68,495
	13,672	CaixaBank SA (Financials)		45,148
	206	Cellnex Telecom SA (Communication Services)*(a)		9,403
	886	Enagas SA (Utilities)		18,833
	913	Endesa SA (Utilities)		20,166
	593	Ferrovial SA (Industrials)		16,265
	1,080	Grifols SA (Health Care)		20,640
	9,002	Iberdrola SA (Utilities)		102,931
	2,984	Industria de Diseno Textil SA (Consumer Discretionary)		79,099
	1,077	Naturgy Energy Group SA (Utilities)		29,069
	1,799	Red Electrica Corp. SA (Utilities)(b)		36,018
	8,018	Repsol SA (Energy)		104,702
	11,304	Telefonica SA (Communication Services)		54,291
				758,557
Sweden – 4.6%
	224	Alfa Laval AB (Industrials)		7,357
	981	Assa Abloy AB, Class B (Industrials)		26,151
	684	Atlas Copco AB, Class A (Industrials)		35,830
	359	Atlas Copco AB, Class B (Industrials)		16,459

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

GOLDMAN SACHS ACTIVEBETA^® EUROPE EQUITY ETF

Schedule of Investments (continued)

February 28, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Sweden – (continued)
	526	Electrolux AB, Class B (Consumer Discretionary)	$	9,516
	412	Epiroc AB, Class A (Industrials)		7,816
	307	Epiroc AB, Class B (Industrials)		5,012
	1,300	EQT AB (Financials)		44,200
	561	Essity AB, Class B (Consumer Staples)		14,545
	222	Fastighets AB Balder, Class B (Real Estate)*		13,953
	525	Getinge AB, Class B (Health Care)		20,615
	2,597	H & M Hennes & Mauritz AB, Class B (Consumer Discretionary)		44,152
	3,012	Hexagon AB, Class B (Information Technology)		41,088
	1,561	Husqvarna AB, Class B (Industrials)		18,929
	884	Industrivarden AB, Class A (Financials)		24,652
	774	Industrivarden AB, Class C (Financials)		21,232
	710	Investment AB Latour, Class B (Industrials)		19,882
	1,865	Investor AB, Class A (Financials)		41,714
	3,928	Investor AB, Class B (Financials)		80,781
	375	Kinnevik AB, Class B (Financials)*		9,659
	238	L E Lundbergforetagen AB, Class B (Financials)		11,620
	600	Lifco AB, Class B (Industrials)		13,782
	816	Lundin Energy AB (Energy)		30,234
	1,286	Nibe Industrier AB, Class B (Industrials)		11,571
	530	Sagax AB, Class B (Real Estate)		14,600
	389	Sandvik AB (Industrials)		8,527
	2,347	Securitas AB, Class B (Industrials)		28,585
	2,497	Skandinaviska Enskilda Banken AB, Class A (Financials)		29,023
	1,876	Skanska AB, Class B (Industrials)		42,834
	627	Svenska Cellulosa AB SCA, Class B (Materials)		10,330
	1,790	Svenska Handelsbanken AB, Class A (Financials)		17,221
	1,537	Swedbank AB, Class A (Financials)		25,000
	12,716	Swedish Match AB (Consumer Staples)		93,421
	2,002	Tele2 AB, Class B (Communication Services)		26,674
	5,161	Telefonaktiebolaget LM Ericsson, Class B (Information Technology)		48,065
	3,705	Telia Co. AB (Communication Services)		13,863
	376	Volvo AB, Class A (Industrials)		7,398
	748	Volvo AB, Class B (Industrials)		14,565
				950,856
Switzerland – 15.3%
	2,147	ABB Ltd. (Industrials)		72,897
	413	Adecco Group AG (Industrials)		19,600
	320	Alcon, Inc. (Health Care)		24,792
	27	Bachem Holding AG, Class B (Health Care)		16,068
	108	Baloise Holding AG (Financials)		18,140
	12	Barry Callebaut AG (Consumer Staples)		27,729
Common Stocks – (continued)
Switzerland – (continued)
	6	Chocoladefabriken Lindt & Spruengli AG (Consumer Staples)		63,927
	684	Cie Financiere Richemont SA, Class A (Consumer Discretionary)		93,268
	494	Clariant AG (Materials)*		8,930
	1,025	Credit Suisse Group AG (Financials)		8,665
	35	EMS-Chemie Holding AG (Materials)		34,659
	73	Geberit AG (Industrials)		47,852
	14	Givaudan SA (Materials)		58,765
	777	Holcim Ltd. (Materials)*		39,034
	106	Julius Baer Group Ltd. (Financials)		6,216
	464	Kuehne + Nagel International AG (Industrials)		127,146
	882	Logitech International SA (Information Technology)		66,238
	88	Lonza Group AG (Health Care)		61,138
	5,004	Nestle SA (Consumer Staples)		653,310
	3,639	Novartis AG (Health Care)		318,663
	90	Partners Group Holding AG (Financials)		122,279
	151	Roche Holding AG-BR (Health Care)		63,267
	1,361	Roche Holding AG-Genusschein (Health Care)		518,988
	61	Schindler Holding AG (Industrials)		13,763
	82	Schindler Holding AG Participation Certificates (Industrials)		18,904
	35	SGS SA (Industrials)		100,523
	186	Sika AG (Materials)		62,037
	67	Sonova Holding AG (Health Care)		26,071
	44	Straumann Holding AG (Health Care)		69,996
	117	Swatch Group AG (The) – Bearer (Consumer Discretionary)		36,358
	606	Swatch Group AG (The) – Registered (Consumer Discretionary)		36,197
	64	Swiss Life Holding AG (Financials)		39,093
	201	Swiss Prime Site AG (Real Estate)		19,751
	69	Swisscom AG (Communication Services)		41,410
	5,592	UBS Group AG (Financials)		102,917
	51	VAT Group AG (Industrials)(a)		19,367
	85	Vifor Pharma AG (Health Care)		14,930
	152	Zurich Insurance Group AG (Financials)		69,849
				3,142,737
United Kingdom – 18.2%
	1,390	3i Group PLC (Financials)		24,908
	10,100	abrdn PLC (Financials)		28,011
	3,539	Admiral Group PLC (Financials)		141,362
	786	Ashtead Group PLC (Industrials)		51,423
	893	Associated British Foods PLC (Consumer Staples)		23,005
	2,188	AstraZeneca PLC (Health Care)		265,950
	10,505	Auto Trader Group PLC (Communication Services)(a)		93,450
	181	AVEVA Group PLC (Information Technology)		6,047
	15,555	Aviva PLC (Financials)		87,616
	4,416	BAE Systems PLC (Industrials)		42,638

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

GOLDMAN SACHS ACTIVEBETA^® EUROPE EQUITY ETF

Shares		Description	Value
Common Stocks – (continued)
United Kingdom – (continued)
	21,980	Barclays PLC (Financials)	$	53,934
	2,849	Barratt Developments PLC (Consumer Discretionary)		23,356
	175	Berkeley Group Holdings PLC (Consumer Discretionary)		9,148
	20,637	BP PLC (Energy)		100,666
	3,281	British American Tobacco PLC (Consumer Staples)		143,580
	7,189	BT Group PLC (Communication Services)		17,965
	857	Bunzl PLC (Industrials)		34,140
	3,738	Burberry Group PLC (Consumer Discretionary)		97,300
	3,027	CNH Industrial NV (Industrials)		43,604
	603	Coca-Cola Europacific Partners PLC (Consumer Staples)		30,880
	496	Compass Group PLC (Consumer Discretionary)		11,274
	434	Croda International PLC (Materials)		43,581
	279	DCC PLC (Industrials)		21,937
	3,386	Diageo PLC (Consumer Staples)		169,233
	1,189	Entain PLC (Consumer Discretionary)*		26,866
	1,268	Experian PLC (Industrials)		49,900
	8,981	GlaxoSmithKline PLC (Health Care)		186,225
	559	Halma PLC (Information Technology)		18,083
	4,878	Hargreaves Lansdown PLC (Financials)		74,254
	17,987	HSBC Holdings PLC (Financials)		124,194
	2,615	Imperial Brands PLC (Consumer Staples)		57,507
	90	InterContinental Hotels Group PLC (Consumer Discretionary)*		6,323
	216	Intertek Group PLC (Industrials)		15,604
	36,904	J Sainsbury PLC (Consumer Staples)		136,516
	37,644	JD Sports Fashion PLC (Consumer Discretionary)		76,268
	715	Johnson Matthey PLC (Materials)		18,065
	16,887	Kingfisher PLC (Consumer Discretionary)		69,379
	759	Land Securities Group PLC REIT (Real Estate)		8,088
	7,783	Legal & General Group PLC (Financials)		28,948
	134,572	Lloyds Banking Group PLC (Financials)		87,455
	112	London Stock Exchange Group PLC (Financials)		9,879
	2,786	M&G PLC (Financials)		7,693
	15,001	Melrose Industries PLC (Industrials)		29,839
	4,851	National Grid PLC (Utilities)		73,602
	5,966	NatWest Group PLC (Financials)		18,387
	540	Next PLC (Consumer Discretionary)		49,718
	397	Ocado Group PLC (Consumer Staples)*		7,314
	1,614	Pearson PLC (Communication Services)(b)		14,033
	214	Persimmon PLC (Consumer Discretionary)		6,929
	2,429	Phoenix Group Holdings PLC (Financials)		20,161
	975	Prudential PLC (Financials)		14,868
Common Stocks – (continued)
United Kingdom – (continued)
	817	Reckitt Benckiser Group PLC (Consumer Staples)	$	69,291
	3,052	RELX PLC (Industrials)		93,407
	3,154	Rentokil Initial PLC (Industrials)		21,489
	7,548	Sage Group PLC (The) (Information Technology)		71,176
	353	Schroders PLC (Financials)		14,512
	3,212	Segro PLC REIT (Real Estate)		56,091
	967	Severn Trent PLC (Utilities)		37,315
	1,905	Smith & Nephew PLC (Health Care)		34,174
	315	Smiths Group PLC (Industrials)		6,462
	208	Spirax-Sarco Engineering PLC (Industrials)		33,337
	1,226	SSE PLC (Utilities)		28,039
	2,762	St James’s Place PLC (Financials)		52,013
	814	Standard Chartered PLC (Financials)		5,819
	5,620	Taylor Wimpey PLC (Consumer Discretionary)		11,330
	12,801	Tesco PLC (Consumer Staples)		49,767
	3,734	Unilever PLC (Consumer Staples)		187,703
	2,200	United Utilities Group PLC (Utilities)		31,718
	48,927	Vodafone Group PLC (Communication Services)		86,288
	3,018	WPP PLC (Communication Services)		42,822
				3,733,859
United States – 2.1%
	1,120	Ferguson PLC (Industrials)		171,540
	677	QIAGEN NV (Health Care)*		34,066
	860	Schneider Electric SE (Industrials)		135,021
	3,031	Stellantis NV (Consumer Discretionary)		55,731
	388	Swiss Re AG (Financials)		37,140
	473	Tenaris SA (Energy)		6,131
				439,629
	TOTAL COMMON STOCKS
	(Cost $17,795,410)		$	20,293,082

Shares	Description	Rate			Value
Preferred Stocks – 0.8%
Germany – 0.8%
533	Bayerische Motoren Werke AG (Consumer Discretionary)		2.98	%	$	43,643
790	FUCHS PETROLUB SE (Materials)		2.84			31,500
212	Henkel AG & Co. KGaA (Consumer Staples)		2.85			16,868
31	Sartorius AG (Health Care)		0.18			13,726
328	Volkswagen AG (Consumer Discretionary)		3.06			65,592
TOTAL PREFERRED STOCKS
(Cost $180,248)					$	171,329
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
(Cost $17,975,658)					$	20,464,411

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

GOLDMAN SACHS ACTIVEBETA^® EUROPE EQUITY ETF

Schedule of Investments (continued)

February 28, 2022 (Unaudited)

Shares		Dividend Rate	Value
Securities Lending Reinvestment Vehicle – 0.3%(d)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	63,082	0.026%	$	63,082
	(Cost $63,082)
	TOTAL INVESTMENTS – 99.8%
	(Cost $18,038,740)		$	20,527,493
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.2%			34,751
	NET ASSETS – 100.0%		$	20,562,244

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

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

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At February 28, 2022, the Fund had the following futures contracts:

Description	Number of Contracts		Expiration Date		Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
MSCI Europe Index		3		03/18/22	$	94,617	$	(1,347	)

The below table represents the sector breakdown of investments as a percentage of total market value of the Fund:
Sector Name	% of Market Value
Health Care		15.8%
Industrials		15.8%
Financials		14.8%
Consumer Staples		14.4%
Consumer Discretionary		11.7%
Materials		7.2%
Information Technology		7.2%
Utilities		4.4%
Energy		4.3%
Communication Services		3.5%
Real Estate		0.9%
TOTAL INVESTMENTS		100.0%

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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Schedule of Investments

February 28, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – 99.1%
Australia – 6.6%
	42,408	Ampol Ltd. (Energy)	$	906,891
	167,037	APA Group (Utilities)		1,218,165
	80,274	Aristocrat Leisure Ltd. (Consumer Discretionary)		2,171,009
	30,304	ASX Ltd. (Financials)		1,810,445
	377,135	Aurizon Holdings Ltd. (Industrials)		957,838
	354,864	Australia & New Zealand Banking Group Ltd. (Financials)		6,697,760
	752,942	BHP Group Ltd. (Materials)(a)		25,493,741
	516,048	BlueScope Steel Ltd. (Materials)		7,579,279
	215,622	Brambles Ltd. (Industrials)		1,549,015
	30,166	Cochlear Ltd. (Health Care)		4,879,273
	600,929	Coles Group Ltd. (Consumer Staples)		7,578,796
	245,077	Commonwealth Bank of Australia (Financials)		16,620,942
	89,248	Computershare Ltd. (Information Technology)		1,402,763
	44,980	CSL Ltd. (Health Care)		8,485,681
	209,222	Dexus REIT (Real Estate)		1,657,896
	22,766	Domino’s Pizza Enterprises Ltd. (Consumer Discretionary)		1,304,266
	240,173	Endeavour Group Ltd. (Consumer Staples)		1,247,856
	554,680	Fortescue Metals Group Ltd. (Materials)		7,305,441
	1,879,502	Glencore PLC (Materials)*		11,150,240
	199,678	Goodman Group REIT (Real Estate)		3,221,046
	200,389	GPT Group (The) REIT (Real Estate)		718,337
	201,774	Insurance Australia Group Ltd. (Financials)		673,520
	48,182	Macquarie Group Ltd. (Financials)		6,320,661
	804,464	Medibank Pvt Ltd. (Financials)		1,856,355
	347,534	National Australia Bank Ltd. (Financials)		7,298,324
	42,737	Newcrest Mining Ltd. (Materials)		796,081
	62,000	Orica Ltd. (Materials)		656,409
	285,586	Origin Energy Ltd. (Utilities)		1,181,243
	15,382	Ramsay Health Care Ltd. (Health Care)		714,030
	25,778	REA Group Ltd. (Communication Services)		2,463,181
	151,464	Reece Ltd. (Industrials)		2,128,954
	103,066	Rio Tinto Ltd. (Materials)		8,837,918
	183,145	Rio Tinto PLC (Materials)		14,230,509
	228,239	Santos Ltd. (Energy)		1,202,413
	37,433	SEEK Ltd. (Communication Services)		724,444
	88,217	Sonic Healthcare Ltd. (Health Care)		2,243,715
	1,781,188	South32 Ltd. (Materials)		6,217,018
	277,277	Stockland REIT (Real Estate)		837,017
	348,977	Suncorp Group Ltd. (Financials)		2,727,343
	209,174	Tabcorp Holdings Ltd. (Consumer Discretionary)		757,418
Common Stocks – (continued)
Australia – (continued)
	843,516	Telstra Corp. Ltd. (Communication Services)		2,423,906
	171,927	Transurban Group (Industrials)		1,583,190
	257,505	Wesfarmers Ltd. (Consumer Discretionary)		9,004,713
	423,786	Westpac Banking Corp. (Financials)		7,014,540
	51,244	Woodside Petroleum Ltd. (Energy)		1,061,266
	411,652	Woolworths Group Ltd. (Consumer Staples)		10,601,408
				207,512,256
Austria – 0.7%
	35,912	Erste Group Bank AG (Financials)		1,290,361
	75,497	Mondi PLC (Materials)		1,591,900
	93,036	OMV AG (Energy)		4,428,629
	239,022	Raiffeisen Bank International AG (Financials)		3,938,449
	24,246	Verbund AG (Utilities)		2,941,177
	231,259	voestalpine AG (Materials)		7,647,047
				21,837,563
Belgium – 0.7%
	49,512	Ageas SA/NV (Financials)		2,390,200
	82,665	Anheuser-Busch InBev SA/NV (Consumer Staples)		5,119,714
	11,581	Elia Group SA/NV (Utilities)		1,672,801
	22,619	Etablissements Franz Colruyt NV (Consumer Staples)		906,474
	20,656	Groupe Bruxelles Lambert SA (Financials)		2,156,285
	18,696	KBC Group NV (Financials)		1,354,878
	9,396	Sofina SA (Financials)		3,664,207
	12,879	Solvay SA (Materials)		1,442,520
	35,388	UCB SA (Health Care)		3,883,362
				22,590,441
Brazil – 0.0%
	24,203	Yara International ASA (Materials)		1,233,043
Canada – 11.5%
	89,038	Algonquin Power & Utilities Corp. (Utilities)		1,287,466
	169,246	Alimentation Couche-Tard, Inc. (Consumer Staples)		6,638,537
	74,866	AltaGas Ltd. (Utilities)		1,648,014
	73,269	Bank of Montreal (Financials)		8,360,644
	145,710	Bank of Nova Scotia (The) (Financials)		10,551,869
	154,101	Barrick Gold Corp. (Materials)		3,480,895
	36,679	BCE, Inc. (Communication Services)		1,925,116
	100,569	Brookfield Asset Management, Inc., Class A (Financials)		5,492,502
	28,758	Canadian Apartment Properties REIT (Real Estate)		1,196,257
	60,699	Canadian Imperial Bank of Commerce (Financials)		7,677,645

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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Schedule of Investments (continued)

February 28, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Canada – (continued)
	36,778	Canadian National Railway Co. (Industrials)	$	4,559,446
	133,343	Canadian Natural Resources Ltd. (Energy)		7,444,331
	49,933	Canadian Pacific Railway Ltd. (Industrials)		3,513,636
	30,046	Canadian Tire Corp. Ltd., Class A (Consumer Discretionary)		4,426,772
	50,061	Canadian Utilities Ltd., Class A (Utilities)		1,393,269
	29,014	CCL Industries, Inc., Class B (Materials)		1,307,100
	348,863	Cenovus Energy, Inc. (Energy)		5,481,799
	74,247	CGI, Inc. (Information Technology)*		6,083,296
	11,311	Constellation Software, Inc. (Information Technology)		19,050,030
	147,835	Dollarama, Inc. (Consumer Discretionary)		7,634,480
	44,941	Emera, Inc. (Utilities)		2,101,156
	463,730	Empire Co. Ltd., Class A (Consumer Staples)		14,354,113
	159,420	Enbridge, Inc. (Energy)		6,882,831
	19,832	Fairfax Financial Holdings Ltd. (Financials)		9,607,579
	21,619	FirstService Corp. (Real Estate)		3,075,596
	61,540	Fortis, Inc. (Utilities)(a)		2,818,026
	5,900	Franco-Nevada Corp. (Materials)		868,289
	102,505	George Weston Ltd. (Consumer Staples)		11,107,571
	19,159	Gildan Activewear, Inc. (Consumer Discretionary)		751,647
	96,080	Great-West Lifeco, Inc. (Financials)		2,888,422
	79,726	Hydro One Ltd. (Utilities)(b)		1,967,457
	117,473	iA Financial Corp., Inc. (Financials)		6,975,119
	53,980	IGM Financial, Inc. (Financials)		1,916,442
	177,416	Imperial Oil Ltd. (Energy)(a)		7,957,737
	24,170	Intact Financial Corp. (Financials)		3,464,236
	150,835	Ivanhoe Mines Ltd., Class A (Materials)*		1,534,097
	204,764	Loblaw Cos. Ltd. (Consumer Staples)		15,961,696
	80,509	Magna International, Inc. (Consumer Discretionary)		5,977,477
	419,986	Manulife Financial Corp. (Financials)(a)		8,503,363
	62,388	Metro, Inc. (Consumer Staples)		3,254,299
	68,808	National Bank of Canada (Financials)		5,513,429
	61,283	Northland Power, Inc. (Utilities)		1,947,179
	84,672	Nutrien Ltd. (Materials)		7,277,246
	66,528	Onex Corp. (Financials)		4,464,748
	34,199	Open Text Corp. (Information Technology)		1,487,300
	56,653	Parkland Corp. (Energy)		1,481,594
	49,074	Pembina Pipeline Corp. (Energy)		1,667,591
	236,867	Power Corp. of Canada (Financials)		7,300,139
	47,452	Quebecor, Inc., Class B (Communication Services)		1,037,071
Common Stocks – (continued)
Canada – (continued)
	11,194	Restaurant Brands International, Inc. (Consumer Discretionary)		626,179
	40,707	RioCan Real Estate Investment Trust REIT (Real Estate)		806,213
	26,369	Rogers Communications, Inc., Class B (Communication Services)		1,361,537
	206,013	Royal Bank of Canada (Financials)		22,773,748
	117,399	Saputo, Inc. (Consumer Staples)		2,874,926
	42,859	Shaw Communications, Inc., Class B (Communication Services)		1,284,401
	2,055	Shopify, Inc., Class A (Information Technology)*		1,425,660
	91,462	Sun Life Financial, Inc. (Financials)(a)		4,806,920
	155,903	Suncor Energy, Inc. (Energy)		4,764,300
	84,070	TC Energy Corp. (Energy)		4,513,870
	47,170	Teck Resources Ltd., Class B (Materials)		1,697,354
	83,368	TELUS Corp. (Communication Services)		2,104,001
	30,706	Thomson Reuters Corp. (Industrials)		3,102,677
	19,431	TMX Group Ltd. (Financials)		1,961,560
	33,557	Toromont Industries Ltd. (Industrials)		2,842,562
	239,145	Toronto-Dominion Bank (The) (Financials)		19,284,701
	23,622	Tourmaline Oil Corp. (Energy)		931,210
	146,313	West Fraser Timber Co. Ltd. (Materials)		14,594,963
	125,496	WSP Global, Inc. (Industrials)		15,386,828
				360,440,164
Chile – 0.1%
	35,217	Antofagasta PLC (Materials)		718,709
	194,907	Lundin Mining Corp. (Materials)		1,879,381
				2,598,090
China – 0.4%
	1,517,946	BOC Hong Kong Holdings Ltd. (Financials)		5,458,910
	1,209,421	Chow Tai Fook Jewellery Group Ltd. (Consumer Discretionary)*		2,513,662
	26,913	Futu Holdings Ltd. ADR (Financials)*		1,150,531
	18,350	Prosus NV (Consumer Discretionary)*		1,142,247
	403,087	SITC International Holdings Co. Ltd. (Industrials)		1,655,949
	225,432	Wilmar International Ltd. (Consumer Staples)		727,387
				12,648,686
Denmark – 2.7%
	3,377	AP Moller – Maersk A/S, Class A (Industrials)		10,147,496

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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Shares		Description	Value
Common Stocks – (continued)
Denmark – (continued)
	3,447	AP Moller – Maersk A/S, Class B (Industrials)	$	10,940,792
	22,346	Carlsberg AS, Class B (Consumer Staples)		3,280,425
	13,603	Chr Hansen Holding A/S (Materials)		995,389
	50,380	Coloplast A/S, Class B (Health Care)		7,593,648
	168,140	Danske Bank A/S (Financials)		2,861,342
	51,665	Demant A/S (Health Care)*		2,183,605
	26,326	DSV A/S (Industrials)		4,877,578
	3,708	Genmab A/S (Health Care)*		1,248,589
	289,974	Novo Nordisk A/S, Class B (Health Care)		29,866,330
	37,065	Novozymes A/S, Class B (Materials)		2,435,722
	50,643	Pandora A/S (Consumer Discretionary)		5,242,820
	4,420	ROCKWOOL International A/S, Class B (Industrials)		1,522,377
	77,487	Tryg A/S (Financials)		1,762,092
				84,958,205
Finland – 1.0%
	29,804	Elisa OYJ (Communication Services)		1,658,729
	234,757	Fortum OYJ (Utilities)		4,967,716
	78,827	Kesko OYJ, Class B (Consumer Staples)		2,332,105
	22,583	Kone OYJ, Class B (Industrials)		1,328,631
	944,688	Nokia OYJ (Information Technology)*		5,132,945
	351,154	Nordea Bank Abp (Financials)		3,931,889
	162,895	Orion OYJ, Class B (Health Care)		7,682,648
	55,653	Sampo OYJ, Class A (Financials)		2,647,901
	51,610	Stora Enso OYJ, Class R (Materials)		995,317
	33,366	UPM-Kymmene OYJ (Materials)		1,161,778
				31,839,659
France – 10.3%
	41,160	Air Liquide SA (Materials)		6,874,540
	27,636	Airbus SE (Industrials)*		3,566,584
	18,985	Arkema SA (Materials)		2,535,419
	192,488	AXA SA (Financials)		5,248,319
	39,996	BioMerieux (Health Care)		4,407,896
	134,851	BNP Paribas SA (Financials)		7,953,412
	1,388,053	Bollore SA (Communication Services)		7,075,022
	61,217	Bouygues SA (Industrials)		2,201,662
	70,080	Bureau Veritas SA (Industrials)		2,019,798
	69,763	Capgemini SE (Information Technology)		14,754,780
	437,679	Carrefour SA (Consumer Staples)		8,799,663
	158,670	Cie de Saint-Gobain (Industrials)		9,971,310
	16,373	Cie Generale des Etablissements Michelin (Consumer Discretionary)		2,280,380
	233,158	CNP Assurances (Financials)		5,701,197
	8,791	Covivio REIT (Real Estate)		725,151
Common Stocks – (continued)
France – (continued)
	226,615	Credit Agricole SA (Financials)		2,918,488
	91,264	Danone SA (Consumer Staples)		5,567,197
	117,963	Dassault Systemes SE (Information Technology)		5,762,255
	25,728	Edenred (Information Technology)		1,181,627
	99,791	Eiffage SA (Industrials)		10,235,630
	343,210	Engie SA (Utilities)		5,500,223
	37,660	EssilorLuxottica SA (Consumer Discretionary)		6,629,214
	24,431	Eurazeo SE (Financials)		1,900,283
	8,276	Gecina SA REIT (Real Estate)		1,055,051
	54,724	Getlink SE (Industrials)		899,863
	10,769	Hermes International (Consumer Discretionary)		15,022,917
	108,532	Ipsen SA (Health Care)		12,708,408
	9,800	Kering (Consumer Discretionary)		7,012,792
	204,580	La Francaise des Jeux SAEM (Consumer Discretionary)(b)		8,522,702
	39,796	Legrand SA (Industrials)		3,791,360
	54,329	L’Oreal SA (Consumer Staples)		21,662,938
	43,855	LVMH Moet Hennessy Louis Vuitton SE (Consumer Discretionary)		32,505,326
	245,132	Orange SA (Communication Services)		2,977,444
	19,702	Pernod Ricard SA (Consumer Staples)		4,329,597
	94,471	Publicis Groupe SA (Communication Services)		6,328,393
	16,195	Remy Cointreau SA (Consumer Staples)		3,141,453
	85,359	Renault SA (Consumer Discretionary)*		2,736,280
	6,996	Safran SA (Industrials)		901,302
	164,486	Sanofi (Health Care)		17,268,653
	11,417	Sartorius Stedim Biotech (Health Care)		4,403,617
	38,573	SEB SA (Consumer Discretionary)		5,662,605
	202,389	Societe Generale SA (Financials)		5,828,573
	10,338	Teleperformance (Industrials)		3,853,906
	21,947	Thales SA (Industrials)		2,536,576
	270,712	TotalEnergies SE (Energy)		13,862,271
	61,933	Ubisoft Entertainment SA (Communication Services)*		3,363,380
	150,467	Veolia Environnement SA (Utilities)		5,274,634
	71,086	Vinci SA (Industrials)		7,546,839
	145,085	Vivendi SE (Communication Services)		1,843,072
	6,449	Wendel SE (Financials)		659,522
	54,707	Worldline SA (Information Technology)*(b)		2,820,721
				322,330,245
Germany – 7.4%
	41,438	adidas AG (Consumer Discretionary)		9,869,482
	48,304	Allianz SE (Financials)		11,030,057
	47,796	BASF SE (Materials)		3,180,806
	94,669	Bayer AG (Health Care)		5,477,175
	52,919	Bayerische Motoren Werke AG (Consumer Discretionary)		5,145,009

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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Schedule of Investments (continued)

February 28, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Germany – (continued)
	20,460	Bechtle AG (Information Technology)	$	1,058,260
	55,087	Beiersdorf AG (Consumer Staples)		5,594,624
	58,676	Brenntag SE (Industrials)		4,934,960
	9,732	Carl Zeiss Meditec AG (Health Care)		1,539,630
	62,633	Commerzbank AG (Financials)*		530,013
	9,690	Continental AG (Consumer Discretionary)*		835,877
	40,040	Covestro AG (Materials)(b)		2,123,173
	61,477	Daimler Truck Holding AG (Industrials)*		1,876,806
	381,916	Deutsche Bank AG (Financials)*		4,830,182
	27,424	Deutsche Boerse AG (Financials)		4,703,565
	281,132	Deutsche Post AG (Industrials)		14,260,065
	242,746	Deutsche Telekom AG (Communication Services)		4,370,618
	307,760	E.ON SE (Utilities)		4,188,904
	34,454	Evonik Industries AG (Materials)		1,040,609
	85,570	Fresenius Medical Care AG & Co. KGaA (Health Care)		5,509,155
	169,467	Fresenius SE & Co. KGaA (Health Care)		5,951,150
	42,715	GEA Group AG (Industrials)		1,874,481
	12,047	Hannover Rueck SE (Financials)		2,229,941
	96,648	HeidelbergCement AG (Materials)		6,311,393
	120,975	HelloFresh SE (Consumer Staples)*		6,641,774
	25,349	Henkel AG & Co. KGaA (Consumer Staples)		1,953,180
	36,381	Infineon Technologies AG (Information Technology)		1,256,338
	19,843	KION Group AG (Industrials)		1,608,278
	34,960	Knorr-Bremse AG (Industrials)		3,102,100
	10,213	LEG Immobilien SE (Real Estate)		1,322,635
	122,953	Mercedes-Benz Group AG (Consumer Discretionary)		9,690,538
	46,891	Merck KGaA (Health Care)		9,351,202
	12,705	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Financials)		3,526,895
	74,914	Nemetschek SE (Information Technology)		6,684,355
	80,362	Puma SE (Consumer Discretionary)		7,399,731
	4,630	Rational AG (Industrials)		3,421,875
	189,487	RWE AG (Utilities)		8,830,395
	129,134	SAP SE (Information Technology)		14,695,795
	16,008	Scout24 SE (Communication Services)(b)		938,566
	67,494	Siemens AG (Industrials)		9,602,005
	322,246	Siemens Energy AG (Industrials)		7,756,521
	48,887	Siemens Healthineers AG (Health Care)(b)		3,156,221
	22,850	Symrise AG (Materials)		2,733,337
	312,797	Telefonica Deutschland Holding AG (Communication Services)		859,011
	146,789	Uniper SE (Utilities)		4,698,894
	19,048	United Internet AG (Communication Services)		649,544
Common Stocks – (continued)
Germany – (continued)
	16,911	Volkswagen AG (Consumer Discretionary)		4,467,493
	45,693	Vonovia SE (Real Estate)		2,437,814
	98,683	Zalando SE (Consumer Discretionary)*(b)		6,603,895
				231,854,327
Hong Kong – 2.1%
	1,310,310	AIA Group Ltd. (Financials)		13,625,131
	372,043	CK Asset Holdings Ltd. (Real Estate)		2,349,760
	114,965	CK Infrastructure Holdings Ltd. (Utilities)		713,593
	136,486	CLP Holdings Ltd. (Utilities)		1,389,542
	108,066	Hang Seng Bank Ltd. (Financials)		1,994,333
	1,347,068	HK Electric Investments & HK Electric Investments Ltd. (Utilities)		1,329,190
	1,177,860	HKT Trust & HKT Ltd. (Communication Services)		1,588,830
	913,797	Hong Kong & China Gas Co. Ltd. (Utilities)		1,382,326
	225,769	Hong Kong Exchanges & Clearing Ltd. (Financials)		10,910,372
	164,622	Hongkong Land Holdings Ltd. (Real Estate)		887,313
	28,828	Jardine Matheson Holdings Ltd. (Industrials)		1,715,266
	128,927	Link REIT (Real Estate)		1,041,158
	201,384	MTR Corp. Ltd. (Industrials)		1,042,526
	243,926	Power Assets Holdings Ltd. (Utilities)		1,537,473
	98,151	Sun Hung Kai Properties Ltd. (Real Estate)		1,141,831
	1,317,936	Swire Pacific Ltd., Class A (Real Estate)		7,286,540
	372,538	Techtronic Industries Co. Ltd. (Industrials)		6,221,919
	9,289,490	WH Group Ltd. (Consumer Staples)(b)		6,479,353
	731,348	Xinyi Glass Holdings Ltd. (Industrials)		1,942,162
				64,578,618
Ireland – 0.4%
	89,013	CRH PLC (Materials)		4,060,165
	15,437	Kerry Group PLC, Class A (Consumer Staples)		1,841,385
	23,464	Kingspan Group PLC (Industrials)		2,288,649
	76,536	Smurfit Kappa Group PLC (Materials)		3,833,192
				12,023,391
Israel – 0.7%
	10,860	Azrieli Group Ltd. (Real Estate)		928,307
	189,154	Bank Hapoalim BM (Financials)		1,999,853

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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Shares		Description	Value
Common Stocks – (continued)
Israel – (continued)
	226,118	Bank Leumi Le-Israel BM (Financials)	$	2,446,387
	26,469	Check Point Software Technologies Ltd. (Information Technology)*		3,834,829
	5,430	Elbit Systems Ltd. (Industrials)		1,112,951
	264,709	ICL Group Ltd. (Materials)(a)		3,005,945
	272,193	Israel Discount Bank Ltd., Class A (Financials)		1,790,023
	35,836	Mizrahi Tefahot Bank Ltd. (Financials)		1,398,582
	7,249	Nice Ltd. (Information Technology)*		1,641,142
	426,180	Teva Pharmaceutical Industries Ltd. ADR (Health Care)*		3,464,843
				21,622,862
Italy – 1.9%
	180,150	Assicurazioni Generali SpA (Financials)		3,587,569
	80,256	Atlantia SpA (Industrials)*		1,479,256
	139,123	Davide Campari-Milano NV (Consumer Staples)		1,523,252
	26,859	DiaSorin SpA (Health Care)		4,031,959
	521,424	Enel SpA (Utilities)		3,864,795
	567,509	Eni SpA (Energy)		8,816,882
	28,072	Ferrari NV (Consumer Discretionary)		6,077,501
	184,625	FinecoBank Banca Fineco SpA (Financials)		3,095,011
	85,426	Infrastrutture Wireless Italiane SpA (Communication Services)(b)		874,301
	1,413,501	Intesa Sanpaolo SpA (Financials)		3,641,264
	56,596	Mediobanca Banca di Credito Finanziario SpA (Financials)		592,841
	108,334	Moncler SpA (Consumer Discretionary)		6,592,666
	323,229	Poste Italiane SpA (Financials)(b)		3,730,349
	75,941	Prysmian SpA (Industrials)		2,517,966
	81,148	Recordati Industria Chimica e Farmaceutica SpA (Health Care)		3,988,526
	309,009	Snam SpA (Utilities)		1,723,247
	238,939	Terna – Rete Elettrica Nazionale (Utilities)		1,970,420
	140,893	UniCredit SpA (Financials)		1,802,163
				59,909,968
Japan – 19.1%
	57,877	Advantest Corp. (Information Technology)		4,557,798
	114,767	Aeon Co. Ltd. (Consumer Staples)(a)		2,588,299
	33,610	AGC, Inc. (Industrials)		1,485,348
	35,828	Aisin Corp. (Consumer Discretionary)		1,301,847
	64,363	Ajinomoto Co., Inc. (Consumer Staples)		1,865,926
Common Stocks – (continued)
Japan – (continued)
	80,279	Asahi Group Holdings Ltd. (Consumer Staples)		3,236,950
	41,568	Asahi Intecc Co. Ltd. (Health Care)		886,399
	487,656	Astellas Pharma, Inc. (Health Care)		8,123,013
	38,308	Azbil Corp. (Information Technology)		1,440,188
	56,006	Bandai Namco Holdings, Inc. (Consumer Discretionary)		4,070,069
	77,741	Bridgestone Corp. (Consumer Discretionary)		3,189,288
	212,314	Brother Industries Ltd. (Information Technology)		3,845,340
	108,576	Canon, Inc. (Information Technology)		2,543,888
	115,906	Capcom Co. Ltd. (Communication Services)		2,792,613
	5,014	Central Japan Railway Co. (Industrials)		674,338
	172,842	Chubu Electric Power Co., Inc. (Utilities)		1,730,296
	102,547	Chugai Pharmaceutical Co. Ltd. (Health Care)		3,383,361
	16,497	Cosmos Pharmaceutical Corp. (Consumer Staples)		2,273,127
	346,289	CyberAgent, Inc. (Communication Services)		4,467,857
	36,636	Dai Nippon Printing Co. Ltd. (Industrials)		950,134
	56,191	Dai-ichi Life Holdings, Inc. (Financials)		1,174,803
	142,311	Daiichi Sankyo Co. Ltd. (Health Care)		3,451,667
	16,069	Daikin Industries Ltd. (Industrials)		2,958,482
	44,978	Daito Trust Construction Co. Ltd. (Real Estate)		4,967,399
	40,255	Daiwa House Industry Co. Ltd. (Real Estate)		1,142,553
	652	Daiwa House REIT Investment Corp. REIT (Real Estate)		1,763,386
	232,663	Daiwa Securities Group, Inc. (Financials)		1,377,292
	42,253	Denso Corp. (Consumer Discretionary)		2,952,115
	68,500	Dentsu Group, Inc. (Communication Services)		2,720,968
	2,697	Disco Corp. (Information Technology)		752,842
	54,407	Eisai Co. Ltd. (Health Care)		2,701,100
	364,920	ENEOS Holdings, Inc. (Energy)		1,437,818
	4,173	FANUC Corp. (Industrials)		766,484
	7,421	Fast Retailing Co. Ltd. (Consumer Discretionary)		3,983,854
	81,376	FUJIFILM Holdings Corp. (Information Technology)		5,130,910
	55,111	Fujitsu Ltd. (Information Technology)		7,926,318
	1,134	GLP J REIT (Real Estate)		1,689,554
	131,356	Hakuhodo DY Holdings, Inc. (Communication Services)		1,728,984
	18,045	Hamamatsu Photonics KK (Information Technology)		907,146

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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Schedule of Investments (continued)

February 28, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Japan – (continued)
	24,626	Hankyu Hanshin Holdings, Inc. (Industrials)	$	734,450
	393,748	Hino Motors Ltd. (Industrials)		3,681,933
	5,954	Hirose Electric Co. Ltd. (Information Technology)		886,574
	107,515	Hitachi Ltd. (Industrials)		5,274,233
	97,767	Hitachi Metals Ltd. (Materials)*		1,737,608
	309,542	Honda Motor Co. Ltd. (Consumer Discretionary)		9,473,719
	87,802	Hoya Corp. (Health Care)		11,324,495
	15,984	Ibiden Co. Ltd. (Information Technology)		766,066
	46,466	Idemitsu Kosan Co. Ltd. (Energy)		1,242,590
	54,886	Iida Group Holdings Co. Ltd. (Consumer Discretionary)		1,011,704
	514,319	Inpex Corp. (Energy)		5,291,669
	281,213	Isuzu Motors Ltd. (Consumer Discretionary)		3,801,594
	100,252	Ito En Ltd. (Consumer Staples)		5,744,851
	296,807	ITOCHU Corp. (Industrials)		9,645,744
	40,488	Itochu Techno-Solutions Corp. (Information Technology)		1,040,191
	44,914	Japan Exchange Group, Inc. (Financials)		842,320
	891	Japan Metropolitan Fund Invest REIT (Real Estate)		720,227
	94,884	Japan Post Bank Co. Ltd. (Financials)(a)		835,358
	537,935	Japan Post Holdings Co. Ltd. (Financials)*		4,456,208
	167,544	Japan Post Insurance Co. Ltd. (Financials)		2,871,559
	256	Japan Real Estate Investment Corp. REIT (Real Estate)		1,362,518
	178,940	Japan Tobacco, Inc. (Consumer Staples)		3,293,708
	57,682	JSR Corp. (Materials)		1,797,946
	71,425	Kajima Corp. (Industrials)		957,501
	210,031	Kakaku.com, Inc. (Communication Services)		4,566,248
	80,926	Kansai Electric Power Co., Inc. (The) (Utilities)		816,462
	75,704	Kao Corp. (Consumer Staples)		3,536,249
	235,970	KDDI Corp. (Communication Services)		7,695,275
	14,926	Keyence Corp. (Information Technology)		6,969,570
	57,933	Kikkoman Corp. (Consumer Staples)(a)		4,295,618
	118,933	Kirin Holdings Co. Ltd. (Consumer Staples)		1,969,739
	16,844	Kobayashi Pharmaceutical Co. Ltd. (Consumer Staples)		1,436,146
	35,997	Komatsu Ltd. (Industrials)		825,892
	46,566	Kose Corp. (Consumer Staples)		5,308,544
	24,383	Kyocera Corp. (Information Technology)		1,392,800
Common Stocks – (continued)
Japan – (continued)
	39,791	Kyowa Kirin Co. Ltd. (Health Care)		1,020,557
	14,785	Lasertec Corp. (Information Technology)		2,675,228
	87,952	Lawson, Inc. (Consumer Staples)(a)		3,665,462
	215,898	Lion Corp. (Consumer Staples)		2,821,155
	62,931	Lixil Corp. (Industrials)		1,396,038
	55,626	M3, Inc. (Health Care)		2,061,796
	643,649	Marubeni Corp. (Industrials)		6,725,692
	674,077	Mazda Motor Corp. (Consumer Discretionary)*		5,009,854
	31,540	McDonald’s Holdings Co. Japan Ltd. (Consumer Discretionary)(a)		1,352,790
	98,192	Medipal Holdings Corp. (Health Care)		1,787,789
	56,559	MEIJI Holdings Co. Ltd. (Consumer Staples)		3,393,294
	138,217	MISUMI Group, Inc. (Industrials)		4,398,223
	567,509	Mitsubishi Chemical Holdings Corp. (Materials)		4,027,626
	228,548	Mitsubishi Corp. (Industrials)		7,681,435
	156,444	Mitsubishi Electric Corp. (Industrials)		1,876,513
	71,767	Mitsubishi Estate Co. Ltd. (Real Estate)		1,094,809
	143,283	Mitsubishi HC Capital, Inc. (Financials)		745,184
	1,048,866	Mitsubishi UFJ Financial Group, Inc. (Financials)		6,491,267
	278,369	Mitsui & Co. Ltd. (Industrials)		6,925,690
	30,317	Mitsui Fudosan Co. Ltd. (Real Estate)		673,068
	23,748	Mitsui OSK Lines Ltd. (Industrials)		1,925,820
	156,099	Mizuho Financial Group, Inc. (Financials)		2,066,863
	306,221	MonotaRO Co. Ltd. (Industrials)		5,716,303
	84,544	MS&AD Insurance Group Holdings, Inc. (Financials)		2,866,458
	49,865	Murata Manufacturing Co. Ltd. (Information Technology)		3,371,381
	212,029	NEC Corp. (Information Technology)		9,121,803
	12,534	Nidec Corp. (Industrials)		1,075,524
	55,957	Nihon M&A Center Holdings, Inc. (Industrials)		807,957
	10,504	Nintendo Co. Ltd. (Communication Services)		5,291,444
	209	Nippon Building Fund, Inc. REIT (Real Estate)		1,194,027
	12,504	Nippon Express Holdings, Inc. (Industrials)		757,785
	528	Nippon Prologis REIT, Inc. REIT (Real Estate)		1,547,211
	103,512	Nippon Steel Corp. (Materials)		1,894,986
	418,314	Nippon Telegraph & Telephone Corp. (Communication Services)		11,960,130
	91,623	Nippon Yusen KK (Industrials)(a)		8,488,104

44 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)
	21,518	Nissan Chemical Corp. (Materials)	$	1,214,387
	66,816	Nisshin Seifun Group, Inc. (Consumer Staples)		945,605
	17,465	Nissin Foods Holdings Co. Ltd. (Consumer Staples)		1,390,528
	36,197	Nitori Holdings Co. Ltd. (Consumer Discretionary)		5,419,729
	18,668	Nitto Denko Corp. (Materials)		1,353,400
	944	Nomura Real Estate Master Fund, Inc. REIT (Real Estate)		1,244,187
	59,907	Nomura Research Institute Ltd. (Information Technology)		2,067,552
	187,813	NTT Data Corp. (Information Technology)		3,543,457
	116,060	Obayashi Corp. (Industrials)		968,384
	5,239	Obic Co. Ltd. (Information Technology)		832,873
	262,088	Olympus Corp. (Health Care)		5,232,658
	49,233	Omron Corp. (Information Technology)		3,317,109
	69,111	Ono Pharmaceutical Co. Ltd. (Health Care)		1,696,047
	20,418	Open House Group Co. Ltd. (Consumer Discretionary)		921,846
	26,361	Oracle Corp. Japan (Information Technology)		1,867,643
	12,605	Oriental Land Co. Ltd. (Consumer Discretionary)		2,312,513
	136,446	ORIX Corp. (Financials)		2,704,634
	476	Orix JREIT, Inc. REIT (Real Estate)		664,974
	58,292	Osaka Gas Co. Ltd. (Utilities)		1,067,400
	21,787	Otsuka Corp. (Information Technology)		838,944
	43,911	Otsuka Holdings Co. Ltd. (Health Care)		1,510,912
	48,833	Pan Pacific International Holdings Corp. (Consumer Discretionary)		797,100
	185,308	Panasonic Corp. (Consumer Discretionary)		1,914,621
	190,812	Persol Holdings Co. Ltd. (Industrials)		4,231,247
	277,586	Pola Orbis Holdings, Inc. (Consumer Staples)		4,328,582
	190,812	Rakuten Group, Inc. (Consumer Discretionary)		1,613,639
	263,206	Recruit Holdings Co. Ltd. (Industrials)		11,012,717
	292,390	Renesas Electronics Corp. (Information Technology)*		3,401,802
	313,463	Resona Holdings, Inc. (Financials)		1,409,257
	678,824	Ricoh Co. Ltd. (Information Technology)		5,770,078
	10,642	Rinnai Corp. (Consumer Discretionary)		870,394
	203,894	Ryohin Keikaku Co. Ltd. (Consumer Discretionary)(a)		2,990,032
	16,076	Secom Co. Ltd. (Industrials)		1,175,534
Common Stocks – (continued)
Japan – (continued)
	161,512	Seiko Epson Corp. (Information Technology)		2,472,287
	81,185	Sekisui Chemical Co. Ltd. (Consumer Discretionary)		1,325,887
	82,040	Sekisui House Ltd. (Consumer Discretionary)		1,671,073
	113,707	Seven & i Holdings Co. Ltd. (Consumer Staples)		5,519,738
	31,337	SG Holdings Co. Ltd. (Industrials)		661,703
	112,632	Sharp Corp. (Consumer Discretionary)(a)		1,059,088
	55,664	Shimadzu Corp. (Information Technology)		1,983,944
	8,788	Shimano, Inc. (Consumer Discretionary)		2,028,088
	25,169	Shin-Etsu Chemical Co. Ltd. (Materials)		3,861,396
	23,472	Shionogi & Co. Ltd. (Health Care)		1,557,192
	144,561	Shiseido Co. Ltd. (Consumer Staples)		8,241,264
	92,713	Shizuoka Bank Ltd. (The) (Financials)		688,254
	2,197	SMC Corp. (Industrials)		1,298,076
	324,678	SoftBank Corp. (Communication Services)		4,088,955
	134,155	SoftBank Group Corp. (Communication Services)		5,969,563
	17,831	Sohgo Security Services Co. Ltd. (Industrials)		640,941
	59,735	Sompo Holdings, Inc. (Financials)		2,603,601
	114,323	Sony Group Corp. (Consumer Discretionary)		11,722,636
	31,316	Square Enix Holdings Co. Ltd. (Communication Services)		1,511,760
	49,094	Subaru Corp. (Consumer Discretionary)		807,115
	44,303	SUMCO Corp. (Information Technology)		725,850
	948,468	Sumitomo Chemical Co. Ltd. (Materials)		4,529,259
	259,040	Sumitomo Corp. (Industrials)		4,214,812
	434,926	Sumitomo Dainippon Pharma Co. Ltd. (Health Care)		4,769,364
	57,923	Sumitomo Electric Industries Ltd. (Consumer Discretionary)		765,685
	167,609	Sumitomo Mitsui Financial Group, Inc. (Financials)		5,997,106
	44,588	Sumitomo Mitsui Trust Holdings, Inc. (Financials)		1,591,115
	72,011	Suntory Beverage & Food Ltd. (Consumer Staples)		2,876,063
	53,067	Sysmex Corp. (Health Care)		4,203,892
	131,175	Taisei Corp. (Industrials)		4,344,976
	30,124	Taisho Pharmaceutical Holdings Co. Ltd. (Health Care)		1,493,449
	289,300	Takeda Pharmaceutical Co. Ltd. (Health Care)		8,793,916
	50,642	Terumo Corp. (Health Care)		1,630,833

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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Schedule of Investments (continued)

February 28, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Japan – (continued)
	37,479	TIS, Inc. (Information Technology)	$	878,605
	27,602	Toho Co. Ltd. (Communication Services)		1,146,738
	70,158	Tokio Marine Holdings, Inc. (Financials)		4,004,504
	26,554	Tokyo Electron Ltd. (Information Technology)		12,857,969
	81,092	Tokyo Gas Co. Ltd. (Utilities)		1,653,171
	125,016	TOPPAN, Inc. (Industrials)		2,449,847
	114,472	Toray Industries, Inc. (Materials)		655,673
	33,487	Toshiba Corp. (Industrials)		1,330,758
	25,020	TOTO Ltd. (Industrials)		1,050,330
	36,813	Toyo Suisan Kaisha Ltd. (Consumer Staples)		1,546,993
	15,819	Toyota Industries Corp. (Industrials)		1,200,417
	755,253	Toyota Motor Corp. (Consumer Discretionary)		14,023,083
	26,943	Trend Micro, Inc. (Information Technology)		1,497,158
	41,411	Tsuruha Holdings, Inc. (Consumer Staples)		3,304,251
	54,915	Unicharm Corp. (Consumer Staples)		2,059,760
	47,577	USS Co. Ltd. (Consumer Discretionary)		786,513
	158,877	Welcia Holdings Co. Ltd. (Consumer Staples)		4,227,984
	18,343	Yakult Honsha Co. Ltd. (Consumer Staples)		992,202
	158,395	Yamato Holdings Co. Ltd. (Industrials)		3,091,573
	67,102	Yokogawa Electric Corp. (Information Technology)		1,074,914
	262,927	ZOZO, Inc. (Consumer Discretionary)		7,419,255
				599,986,693
Jordan – 0.1%
	93,111	Hikma Pharmaceuticals PLC (Health Care)		2,602,328
Luxembourg – 0.5%
	435,464	ArcelorMittal (Materials)		13,550,886
	33,480	Eurofins Scientific SE (Health Care)		3,404,734
				16,955,620
Netherlands – 4.6%
	67,283	ABN AMRO Bank NV (Financials)(b)		896,439
	472	Adyen NV (Information Technology)*(b)		988,413
	822,129	Aegon NV (Financials)		4,076,880
	20,612	Akzo Nobel NV (Materials)		1,967,870
	7,706	ASM International NV (Information Technology)		2,494,481
	49,829	ASML Holding NV (Information Technology)		33,519,210
	7,847	Euronext NV (Financials)(b)		712,592
	57,839	EXOR NV (Financials)		4,404,613
Common Stocks – (continued)
Netherlands – (continued)
	52,194	Heineken Holding NV (Consumer Staples)		4,264,920
	25,883	Heineken NV (Consumer Staples)(a)		2,627,509
	11,594	IMCD NV (Industrials)		1,884,339
	395,658	ING Groep NV (Financials)		4,665,345
	93,054	JDE Peet’s NV (Consumer Staples)		3,059,773
	457,945	Koninklijke Ahold Delhaize NV (Consumer Staples)		14,134,724
	25,269	Koninklijke DSM NV (Materials)		4,748,334
	404,381	Koninklijke KPN NV (Communication Services)		1,385,313
	178,211	Koninklijke Philips NV (Health Care)		6,073,057
	96,595	NN Group NV (Financials)		4,641,440
	90,471	Randstad NV (Industrials)		6,168,156
	1,146,666	Shell PLC (Energy)		30,340,004
	63,098	Universal Music Group NV (Communication Services)		1,440,822
	94,439	Wolters Kluwer NV (Industrials)		9,633,635
				144,127,869
New Zealand – 0.2%
	175,236	Fisher & Paykel Healthcare Corp. Ltd. (Health Care)		3,262,438
	492,489	Spark New Zealand Ltd. (Communication Services)		1,501,480
	31,822	Xero Ltd. (Information Technology)*		2,164,379
				6,928,297
Norway – 0.5%
	98,201	DNB Bank ASA (Financials)		2,201,067
	67,968	Equinor ASA (Energy)		2,152,200
	230,076	Gjensidige Forsikring ASA (Financials)		5,701,109
	56,810	Mowi ASA (Consumer Staples)		1,462,622
	251,847	Norsk Hydro ASA (Materials)		2,393,129
	128,352	Orkla ASA (Consumer Staples)		1,204,753
	88,663	Telenor ASA (Communication Services)		1,315,277
				16,430,157
Poland – 0.1%
	269,246	InPost SA (Industrials)*		1,668,738
Portugal – 0.3%
	173,147	EDP – Energias de Portugal SA (Utilities)		848,706
	385,496	Jeronimo Martins SGPS SA (Consumer Staples)		8,410,817
				9,259,523
Russia – 0.1%
	94,755	Coca-Cola HBC AG (Consumer Staples)*		2,420,700
	259,846	Raspadskaya OJSC (Materials)(c)		633,770
				3,054,470

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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Shares		Description	Value
Common Stocks – (continued)
Singapore – 1.2%
	359,157	DBS Group Holdings Ltd. (Financials)	$	8,948,167
	662,446	Mapletree Logistics Trust REIT (Real Estate)		854,013
	820,471	Oversea-Chinese Banking Corp. Ltd. (Financials)		7,053,591
	1,240,187	Singapore Exchange Ltd. (Financials)		8,533,166
	799,795	Singapore Telecommunications Ltd. (Communication Services)		1,484,757
	148,222	STMicroelectronics NV (Information Technology)		6,316,366
	231,931	United Overseas Bank Ltd. (Financials)		5,110,359
	77,479	Venture Corp. Ltd. (Information Technology)		1,000,558
				39,300,977
South Africa – 0.2%
	130,232	Anglo American PLC (Materials)		6,680,267
Spain – 2.0%
	279,227	ACS Actividades de Construccion y Servicios SA (Industrials)(a)		6,843,361
	663,922	Banco Bilbao Vizcaya Argentaria SA (Financials)		3,944,846
	1,495,425	Banco Santander SA (Financials)		5,012,951
	1,501,315	CaixaBank SA (Financials)		4,957,657
	20,217	Cellnex Telecom SA (Communication Services)*(b)		922,843
	91,626	Enagas SA (Utilities)		1,947,654
	68,248	Endesa SA (Utilities)		1,507,444
	50,907	Ferrovial SA (Industrials)		1,396,305
	116,800	Grifols SA (Health Care)		2,232,195
	666,911	Iberdrola SA (Utilities)		7,625,581
	292,441	Industria de Diseno Textil SA (Consumer Discretionary)		7,751,889
	74,054	Naturgy Energy Group SA (Utilities)		1,998,755
	124,344	Red Electrica Corp. SA (Utilities)(a)		2,489,497
	713,512	Repsol SA (Energy)		9,317,274
	1,069,904	Telefonica SA (Communication Services)		5,138,541
				63,086,793
Sweden – 2.6%
	35,938	Alfa Laval AB (Industrials)		1,180,392
	73,359	Assa Abloy AB, Class B (Industrials)		1,955,577
	81,485	Atlas Copco AB, Class A (Industrials)		4,268,418
	37,815	Atlas Copco AB, Class B (Industrials)		1,733,652
	38,345	Electrolux AB, Class B (Consumer Discretionary)		693,714
	52,614	Epiroc AB, Class A (Industrials)		998,128
	50,264	Epiroc AB, Class B (Industrials)		820,674
Common Stocks – (continued)
Sweden – (continued)
	118,564	EQT AB (Financials)		4,031,191
	48,149	Essity AB, Class B (Consumer Staples)		1,248,338
	16,940	Fastighets AB Balder, Class B (Real Estate)*		1,064,695
	30,772	Getinge AB, Class B (Health Care)		1,208,292
	194,883	H & M Hennes & Mauritz AB, Class B (Consumer Discretionary)		3,313,230
	211,776	Hexagon AB, Class B (Information Technology)		2,888,915
	186,677	Husqvarna AB, Class B (Industrials)		2,263,692
	63,693	Industrivarden AB, Class A (Financials)		1,776,186
	56,163	Industrivarden AB, Class C (Financials)		1,540,612
	65,067	Investment AB Latour, Class B (Industrials)		1,822,086
	137,183	Investor AB, Class A (Financials)		3,068,311
	320,533	Investor AB, Class B (Financials)		6,591,877
	57,752	Kinnevik AB, Class B (Financials)*		1,487,520
	21,663	L E Lundbergforetagen AB, Class B (Financials)		1,057,650
	33,506	Lifco AB, Class B (Industrials)		769,649
	37,039	Lundin Energy AB (Energy)		1,372,353
	225,305	Nibe Industrier AB, Class B (Industrials)		2,027,177
	30,068	Sagax AB, Class B (Real Estate)		828,302
	53,795	Sandvik AB (Industrials)		1,179,270
	200,515	Securitas AB, Class B (Industrials)		2,442,118
	175,063	Skandinaviska Enskilda Banken AB, Class A (Financials)		2,034,753
	230,097	Skanska AB, Class B (Industrials)		5,253,746
	59,947	Svenska Cellulosa AB SCA, Class B (Materials)		987,663
	180,039	Svenska Handelsbanken AB, Class A (Financials)		1,732,061
	136,776	Swedbank AB, Class A (Financials)		2,224,773
	1,017,033	Swedish Match AB (Consumer Staples)		7,471,877
	150,956	Tele2 AB, Class B (Communication Services)		2,011,264
	452,147	Telefonaktiebolaget LM Ericsson, Class B (Information Technology)		4,210,943
	359,069	Telia Co. AB (Communication Services)		1,343,532
	61,870	Volvo AB, Class B (Industrials)		1,204,728
				82,107,359
Switzerland – 8.5%
	171,609	ABB Ltd. (Industrials)		5,826,607
	25,119	Adecco Group AG (Industrials)		1,192,088
	23,043	Alcon, Inc. (Health Care)		1,785,271
	1,478	Bachem Holding AG, Class B (Health Care)		879,599
	8,091	Baloise Holding AG (Financials)		1,359,009

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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Schedule of Investments (continued)

February 28, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Switzerland – (continued)
	808	Barry Callebaut AG (Consumer Staples)	$	1,867,088
	467	Chocoladefabriken Lindt & Spruengli AG (Consumer Staples)		4,975,666
	49,868	Cie Financiere Richemont SA, Class A (Consumer Discretionary)		6,799,811
	39,229	Clariant AG (Materials)*		709,154
	96,426	Credit Suisse Group AG (Financials)		815,173
	3,187	EMS-Chemie Holding AG (Materials)		3,155,910
	5,216	Geberit AG (Industrials)		3,419,154
	1,278	Givaudan SA (Materials)		5,364,410
	79,327	Holcim Ltd. (Materials)*		3,985,156
	12,148	Julius Baer Group Ltd. (Financials)		712,368
	44,564	Kuehne + Nagel International AG (Industrials)		12,211,444
	62,679	Logitech International SA (Information Technology)		4,707,159
	7,036	Lonza Group AG (Health Care)		4,888,273
	429,406	Nestle SA (Consumer Staples)		56,062,184
	307,008	Novartis AG (Health Care)		26,884,324
	9,213	Partners Group Holding AG (Financials)		12,517,308
	12,327	Roche Holding AG-BR (Health Care)(a)		5,164,858
	114,703	Roche Holding AG-Genusschein (Health Care)		43,739,544
	6,771	Schindler Holding AG (Industrials)		1,527,709
	7,687	Schindler Holding AG Participation Certificates (Industrials)		1,772,086
	2,611	SGS SA (Industrials)		7,499,030
	17,124	Sika AG (Materials)		5,711,422
	4,950	Sonova Holding AG (Health Care)		1,926,154
	4,912	Straumann Holding AG (Health Care)		7,814,120
	13,118	Swatch Group AG (The) – Bearer (Consumer Discretionary)		4,076,453
	59,128	Swatch Group AG (The) – Registered (Consumer Discretionary)		3,531,761
	5,332	Swiss Life Holding AG (Financials)		3,256,911
	18,838	Swiss Prime Site AG (Real Estate)		1,851,050
	5,464	Swisscom AG (Communication Services)		3,279,174
	397,197	UBS Group AG (Financials)		7,310,122
	4,023	VAT Group AG (Industrials)(b)		1,527,727
	9,974	Vifor Pharma AG (Health Care)		1,751,932
	13,740	Zurich Insurance Group AG (Financials)		6,314,005
				268,171,214
Taiwan – 0.0%
	8,238	Sea Ltd. ADR (Communication Services)*		1,199,453
United Kingdom – 11.0%
	166,592	3i Group PLC (Financials)		2,985,175
	1,022,812	abrdn PLC (Financials)		2,836,665
Common Stocks – (continued)
United Kingdom – (continued)
	327,287	Admiral Group PLC (Financials)		13,073,124
	79,035	Ashtead Group PLC (Industrials)		5,170,767
	119,602	Associated British Foods PLC (Consumer Staples)		3,081,140
	171,152	AstraZeneca PLC (Health Care)		20,803,386
	1,123,187	Auto Trader Group PLC (Communication Services)(b)		9,991,654
	1,241,467	Aviva PLC (Financials)		6,992,773
	395,458	BAE Systems PLC (Industrials)		3,818,241
	2,058,283	Barclays PLC (Financials)		5,050,601
	296,579	Barratt Developments PLC (Consumer Discretionary)		2,431,383
	20,802	Berkeley Group Holdings PLC (Consumer Discretionary)		1,087,416
	2,170,648	BP PLC (Energy)		10,588,278
	323,671	British American Tobacco PLC (Consumer Staples)		14,164,230
	575,173	BT Group PLC (Communication Services)		1,437,363
	77,389	Bunzl PLC (Industrials)		3,082,913
	349,531	Burberry Group PLC (Consumer Discretionary)		9,098,278
	1,008,524	CK Hutchison Holdings Ltd. (Industrials)		7,066,651
	322,993	CNH Industrial NV (Industrials)		4,652,729
	69,297	Coca-Cola Europacific Partners PLC (Consumer Staples)		3,548,699
	61,148	Compass Group PLC (Consumer Discretionary)		1,389,849
	45,807	Croda International PLC (Materials)		4,599,784
	40,264	DCC PLC (Industrials)		3,165,821
	214,894	Diageo PLC (Consumer Staples)		10,740,447
	156,917	Entain PLC (Consumer Discretionary)*		3,545,552
	127,735	Experian PLC (Industrials)		5,026,825
	753,062	GlaxoSmithKline PLC (Health Care)		15,615,052
	59,781	Halma PLC (Information Technology)		1,933,892
	408,899	Hargreaves Lansdown PLC (Financials)		6,224,326
	1,413,094	HSBC Holdings PLC (Financials)		9,756,917
	248,941	Imperial Brands PLC (Consumer Staples)		5,474,534
	25,892	Intertek Group PLC (Industrials)		1,870,434
	3,289,921	J Sainsbury PLC (Consumer Staples)		12,170,097
	3,569,701	JD Sports Fashion PLC (Consumer Discretionary)		7,232,369
	89,990	Johnson Matthey PLC (Materials)		2,273,612
	1,299,992	Kingfisher PLC (Consumer Discretionary)		5,340,940
	67,306	Land Securities Group PLC REIT (Real Estate)		717,225
	1,066,144	Legal & General Group PLC (Financials)		3,965,344

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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Shares		Description	Value
Common Stocks – (continued)
United Kingdom – (continued)
	11,488,284	Lloyds Banking Group PLC (Financials)	$	7,465,970
	12,767	London Stock Exchange Group PLC (Financials)		1,126,135
	1,671,069	Melrose Industries PLC (Industrials)		3,323,999
	402,793	National Grid PLC (Utilities)		6,111,383
	617,807	NatWest Group PLC (Financials)		1,904,082
	69,102	Next PLC (Consumer Discretionary)		6,362,285
	42,570	Ocado Group PLC (Consumer Staples)*		784,235
	205,340	Pearson PLC (Communication Services)		1,785,338
	225,784	Phoenix Group Holdings PLC (Financials)		1,874,023
	79,642	Prudential PLC (Financials)		1,214,461
	70,391	Reckitt Benckiser Group PLC (Consumer Staples)		5,970,005
	261,679	RELX PLC (Industrials)		8,008,772
	240,526	Rentokil Initial PLC (Industrials)		1,638,802
	756,624	Sage Group PLC (The) (Information Technology)		7,134,831
	50,417	Schroders PLC (Financials)		2,072,705
	338,621	Segro PLC REIT (Real Estate)		5,913,299
	72,637	Severn Trent PLC (Utilities)		2,802,971
	214,200	Smith & Nephew PLC (Health Care)		3,842,578
	18,012	Spirax-Sarco Engineering PLC (Industrials)		2,886,821
	88,435	SSE PLC (Utilities)		2,022,521
	261,262	St James’s Place PLC (Financials)		4,919,947
	223,605	Standard Chartered PLC (Financials)		1,598,518
	1,026,593	Taylor Wimpey PLC (Consumer Discretionary)		2,069,591
	1,006,298	Tesco PLC (Consumer Staples)		3,912,207
	249,644	Unilever PLC (Consumer Staples)		12,549,276
	136,277	United Utilities Group PLC (Utilities)		1,964,721
	4,507,327	Vodafone Group PLC (Communication Services)		7,949,108
	372,495	WPP PLC (Communication Services)		5,285,336
				346,498,406
United States – 1.5%
	63,810	Bausch Health Cos., Inc. (Health Care)*		1,533,935
	111,503	Ferguson PLC (Industrials)		17,077,892
	61,429	Inmode Ltd. (Health Care)*		2,622,404
	86,243	James Hardie Industries PLC CDI (Materials)		2,794,298
	55,602	QIAGEN NV (Health Care)*		2,797,858
	67,737	Schneider Electric SE (Industrials)		10,634,774
Common Stocks – (continued)
United States – (continued)
	250,535	Stellantis NV (Consumer Discretionary)		4,606,535
	35,680	Swiss Re AG (Financials)		3,415,355
	136,290	Tenaris SA (Energy)		1,766,555
				47,249,606
Zambia – 0.1%
	74,686	First Quantum Minerals Ltd. (Materials)		2,188,732
	TOTAL COMMON STOCKS
	(Cost $2,730,310,768)		$	3,115,474,020

Shares	Description	Rate			Value
Preferred Stocks – 0.6%
Germany – 0.6%
42,569	Bayerische Motoren Werke AG (Consumer Discretionary)		2.98	%	$	3,485,606
107,208	FUCHS PETROLUB SE (Materials)		2.84			4,274,771
27,005	Henkel AG & Co. KGaA (Consumer Staples)		2.85			2,148,721
9,533	Porsche Automobil Holding SE (Consumer Discretionary)		2.70			973,095
5,157	Sartorius AG (Health Care)		0.18			2,283,342
25,144	Volkswagen AG (Consumer Discretionary)		3.06			5,028,162
TOTAL PREFERRED STOCKS
(Cost $18,536,036)					$	18,193,697
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
(Cost $2,748,846,804)					$	3,133,667,717

Shares	Dividend Rate	Value
Securities Lending Reinvestment Vehicle – 1.5%(d)
Goldman Sachs Financial Square Government Fund – Institutional Shares
46,969,960	0.026%	$	46,969,960
(Cost $46,969,960)
TOTAL INVESTMENTS – 101.2%
(Cost $2,795,816,764)		$	3,180,637,677
OTHER ASSETS IN EXCESS OF     LIABILITIES – (1.2)%			(38,259,027	)
NET ASSETS – 100.0%		$	3,142,378,650

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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Schedule of Investments (continued)

February 28, 2022 (Unaudited)

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.
(a)	All or a portion of security is on loan.
(b)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(c)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(d)	Represents an affiliated issuer.

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

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At February 28, 2022, the Fund had the following futures contracts:

Description	Number of Contracts		Expiration Date		Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
E-Mini MSCI EAFE Index Future		62		03/18/22	$	6,879,210	$	(183,830	)

The below table represents the sector breakdown of investments as a percentage of total market value of the Fund:
Sector Name	% of Market Value
Financials		18.2%
Industrials		14.7%
Consumer Staples		13.4%
Health Care		12.1%
Consumer Discretionary		11.2%
Materials		8.2%
Information Technology		8.0%
Communication Services		4.7%
Energy		4.3%
Utilities		3.3%
Real Estate		1.9%
TOTAL INVESTMENTS		100.0%

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

GOLDMAN SACHS ACTIVEBETA^® JAPAN EQUITY ETF

Schedule of Investments

February 28, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – 99.8%
Communication Services – 8.4%
	1,664	Capcom Co. Ltd.	$	40,092
	3,606	CyberAgent, Inc.		46,525
	710	Dentsu Group, Inc.		28,203
	2,371	Hakuhodo DY Holdings, Inc.		31,208
	1,284	Kakaku.com, Inc.		27,915
	6,017	KDDI Corp.		196,222
	181	Koei Tecmo Holdings Co. Ltd.		6,247
	437	Konami Holdings Corp.		24,587
	1,160	Nexon Co. Ltd.		25,058
	346	Nintendo Co. Ltd.		174,299
	6,513	Nippon Telegraph & Telephone Corp.		186,215
	9,711	SoftBank Corp.		122,299
	3,937	SoftBank Group Corp.		175,187
	683	Square Enix Holdings Co. Ltd.		32,971
	418	Toho Co. Ltd.		17,366
	5,939	Z Holdings Corp.		28,753
				1,163,147
Consumer Discretionary – 18.1%
	678	Aisin Corp.		24,636
	676	Bandai Namco Holdings, Inc.		49,126
	1,813	Bridgestone Corp.		74,378
	1,214	Denso Corp.		84,819
	153	Fast Retailing Co. Ltd.		82,136
	88	Hikari Tsushin, Inc.		10,850
	8,120	Honda Motor Co. Ltd.		248,517
	863	Iida Group Holdings Co. Ltd.		15,908
	6,310	Isuzu Motors Ltd.		85,302
	153	Koito Manufacturing Co. Ltd.		7,864
	14,537	Mazda Motor Corp.*		108,041
	530	McDonald’s Holdings Co. Japan Ltd.		22,732
	337	Mercari, Inc.*		10,387
	3,762	Nissan Motor Co. Ltd.*		17,811
	333	Nitori Holdings Co. Ltd.		49,860
	554	Open House Group Co. Ltd.		25,012
	323	Oriental Land Co. Ltd.		59,258
	1,728	Pan Pacific International Holdings Corp.		28,206
	6,183	Panasonic Corp.		63,883
	3,792	Rakuten Group, Inc.		32,068
	179	Rinnai Corp.		14,640
	2,072	Ryohin Keikaku Co. Ltd.(a)		30,385
	1,683	Sekisui Chemical Co. Ltd.		27,486
	2,034	Sekisui House Ltd.		41,431
	4,596	Sharp Corp.(a)		43,217
	236	Shimano, Inc.		54,464
	3,901	Sony Group Corp.		400,007
	332	Stanley Electric Co. Ltd.		7,861
	1,608	Subaru Corp.		26,436
	1,426	Sumitomo Electric Industries Ltd.		18,850
	694	Suzuki Motor Corp.		27,555
	32,670	Toyota Motor Corp.		606,597
	1,001	USS Co. Ltd.		16,548
	408	Yamaha Corp.		18,987
	1,486	Yamaha Motor Co. Ltd.		33,236
	1,317	ZOZO, Inc.		37,163
				2,505,657
Common Stocks – (continued)
Consumer Staples – 8.5%
	2,889	Aeon Co. Ltd.(a)		65,155
	2,167	Ajinomoto Co., Inc.		62,823
	1,421	Asahi Group Holdings Ltd.		57,296
	188	Cosmos Pharmaceutical Corp.		25,905
	635	Ito En Ltd.		36,388
	4,858	Japan Tobacco, Inc.		89,420
	1,610	Kao Corp.		75,206
	641	Kikkoman Corp.		47,529
	2,890	Kirin Holdings Co. Ltd.		47,863
	319	Kobayashi Pharmaceutical Co. Ltd.		27,198
	306	Kobe Bussan Co. Ltd.		10,056
	310	Kose Corp.		35,340
	853	Lawson, Inc.(a)		35,549
	1,808	Lion Corp.		23,625
	662	MEIJI Holdings Co. Ltd.		39,717
	1,481	Nisshin Seifun Group, Inc.		20,960
	430	Nissin Foods Holdings Co. Ltd.		34,236
	1,497	Pola Orbis Holdings, Inc.		23,344
	2,845	Seven & i Holdings Co. Ltd.		138,106
	1,218	Shiseido Co. Ltd.		69,437
	1,094	Suntory Beverage & Food Ltd.		43,694
	760	Toyo Suisan Kaisha Ltd.		31,937
	366	Tsuruha Holdings, Inc.		29,204
	1,241	Unicharm Corp.		46,548
	1,215	Welcia Holdings Co. Ltd.		32,333
	491	Yakult Honsha Co. Ltd.		26,559
				1,175,428
Energy – 1.2%
	6,862	ENEOS Holdings, Inc.		27,037
	1,494	Idemitsu Kosan Co. Ltd.		39,952
	10,374	Inpex Corp.		106,735
				173,724
Financials – 10.5%
	1,434	Chiba Bank Ltd. (The)		9,076
	3,791	Concordia Financial Group Ltd.		15,503
	6,166	Dai-ichi Life Holdings, Inc.		128,915
	6,845	Daiwa Securities Group, Inc.		40,520
	2,070	Japan Exchange Group, Inc.		38,821
	2,348	Japan Post Bank Co. Ltd.(a)		20,672
	15,553	Japan Post Holdings Co. Ltd.*		128,840
	5,760	Japan Post Insurance Co. Ltd.		98,721
	4,981	Mitsubishi HC Capital, Inc.		25,905
	32,737	Mitsubishi UFJ Financial Group, Inc.		202,604
	8,295	Mizuho Financial Group, Inc.		109,832
	1,926	MS&AD Insurance Group Holdings, Inc.		65,301
	4,024	Nomura Holdings, Inc.		18,388
	3,671	ORIX Corp.		72,767
	6,809	Resona Holdings, Inc.		30,612
	1,045	SBI Holdings, Inc.		27,219
	2,790	Shizuoka Bank Ltd. (The)		20,712
	1,784	Sompo Holdings, Inc.		77,757
	3,887	Sumitomo Mitsui Financial Group, Inc.		139,078
	908	Sumitomo Mitsui Trust Holdings, Inc.		32,402
	1,112	T&D Holdings, Inc.		16,259

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

GOLDMAN SACHS ACTIVEBETA^® JAPAN EQUITY ETF

Schedule of Investments (continued)

February 28, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Financials – (continued)
	2,237	Tokio Marine Holdings, Inc.	$	127,684
	66	Tokyo Century Corp.		2,888
				1,450,476
Health Care – 9.2%
	1,189	Asahi Intecc Co. Ltd.		25,354
	8,391	Astellas Pharma, Inc.		139,771
	2,252	Chugai Pharmaceutical Co. Ltd.		74,301
	5,187	Daiichi Sankyo Co. Ltd.		125,807
	862	Eisai Co. Ltd.		42,795
	1,224	Hoya Corp.		157,869
	1,280	Kyowa Kirin Co. Ltd.		32,829
	1,242	M3, Inc.		46,035
	1,804	Medipal Holdings Corp.		32,846
	371	Nippon Shinyaku Co. Ltd.		23,998
	3,747	Olympus Corp.		74,810
	1,869	Ono Pharmaceutical Co. Ltd.		45,867
	1,777	Otsuka Holdings Co. Ltd.		61,144
	2,117	Santen Pharmaceutical Co. Ltd.		23,968
	939	Shionogi & Co. Ltd.		62,296
	2,694	Sumitomo Dainippon Pharma Co. Ltd.		29,542
	699	Sysmex Corp.		55,374
	412	Taisho Pharmaceutical Holdings Co. Ltd.		20,426
	5,085	Takeda Pharmaceutical Co. Ltd.		154,570
	1,571	Terumo Corp.		50,591
				1,280,193
Industrials – 20.2%
	1,276	AGC, Inc.		56,391
	236	ANA Holdings, Inc.*		5,177
	793	Benefit One, Inc.		18,184
	215	Central Japan Railway Co.		28,916
	1,322	Dai Nippon Printing Co. Ltd.		34,285
	98	Daifuku Co. Ltd.		7,028
	667	Daikin Industries Ltd.		122,802
	551	East Japan Railway Co.		32,579
	330	FANUC Corp.		60,613
	517	Fuji Electric Co. Ltd.		26,304
	645	Hankyu Hanshin Holdings, Inc.		19,237
	8,941	Hino Motors Ltd.		83,607
	147	Hitachi Construction Machinery Co. Ltd.		3,578
	3,258	Hitachi Ltd.		159,824
	172	Hoshizaki Corp.		11,917
	4,452	ITOCHU Corp.		144,683
	384	Japan Airlines Co. Ltd.*		7,658
	1,231	Kajima Corp.		16,502
	161	Keio Corp.		6,570
	214	Keisei Electric Railway Co. Ltd.		5,983
	360	Kintetsu Group Holdings Co. Ltd.*		10,799
	1,700	Komatsu Ltd.		39,004
	2,094	Kubota Corp.		37,489
	479	Kurita Water Industries Ltd.		19,547
	1,102	Lixil Corp.		24,446
	440	Makita Corp.		15,568
	17,524	Marubeni Corp.		183,114
	1,180	MINEBEA MITSUMI, Inc.		25,572
Common Stocks – (continued)
Industrials – (continued)
	1,432	MISUMI Group, Inc.		45,568
	4,866	Mitsubishi Corp.		163,545
	4,788	Mitsubishi Electric Corp.		57,431
	380	Mitsubishi Heavy Industries Ltd.		11,204
	7,489	Mitsui & Co. Ltd.		186,323
	543	Mitsui OSK Lines Ltd.		44,034
	474	Miura Co. Ltd.		12,902
	1,924	MonotaRO Co. Ltd.		35,916
	571	NGK Insulators Ltd.		8,825
	836	Nidec Corp.		71,736
	1,179	Nihon M&A Center Holdings, Inc.		17,023
	371	Nippon Express Holdings, Inc.		22,484
	1,191	Nippon Yusen KK		110,336
	1,514	Obayashi Corp.		12,633
	468	Odakyu Electric Railway Co. Ltd.		7,696
	1,926	Persol Holdings Co. Ltd.		42,709
	4,353	Recruit Holdings Co. Ltd.		182,132
	415	Secom Co. Ltd.		30,346
	690	SG Holdings Co. Ltd.		14,570
	1,446	Shimizu Corp.		9,554
	119	SMC Corp.		70,310
	295	Sohgo Security Services Co. Ltd.		10,604
	4,038	Sumitomo Corp.		65,702
	2,772	Taisei Corp.		91,818
	582	Tobu Railway Co. Ltd.		14,275
	1,272	Tokyu Corp.		16,920
	2,928	TOPPAN, Inc.		57,378
	990	Toshiba Corp.		39,342
	654	TOTO Ltd.		27,455
	256	Toyota Industries Corp.		19,426
	439	Toyota Tsusho Corp.		18,162
	316	West Japan Railway Co.		13,587
	2,208	Yamato Holdings Co. Ltd.		43,096
	568	Yaskawa Electric Corp.(a)		22,538
				2,804,957
Information Technology – 15.6%
	905	Advantest Corp.		71,269
	624	Azbil Corp.		23,459
	2,660	Brother Industries Ltd.		48,177
	3,669	Canon, Inc.		85,963
	128	Disco Corp.		35,730
	1,611	FUJIFILM Holdings Corp.		101,577
	917	Fujitsu Ltd.		131,887
	52	GMO Payment Gateway, Inc.		4,953
	546	Hamamatsu Photonics KK		27,448
	201	Hirose Electric Co. Ltd.		29,930
	462	Ibiden Co. Ltd.		22,142
	827	Itochu Techno-Solutions Corp.		21,247
	567	Keyence Corp.		264,756
	894	Kyocera Corp.		51,067
	326	Lasertec Corp.		58,987
	1,844	Murata Manufacturing Co. Ltd.		124,673
	2,586	NEC Corp.		111,254
	1,414	Nomura Research Institute Ltd.		48,801
	3,552	NTT Data Corp.		67,015

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

GOLDMAN SACHS ACTIVEBETA^® JAPAN EQUITY ETF

Shares		Description	Value
Common Stocks – (continued)
Information Technology – (continued)
	128	Obic Co. Ltd.	$	20,349
	707	Omron Corp.		47,635
	295	Oracle Corp. Japan		20,900
	695	Otsuka Corp.		26,762
	5,097	Renesas Electronics Corp.*		59,301
	13,824	Ricoh Co. Ltd.		117,506
	262	Rohm Co. Ltd.		20,541
	616	SCSK Corp.		10,472
	3,976	Seiko Epson Corp.		60,861
	1,089	Shimadzu Corp.		38,814
	1,220	SUMCO Corp.		19,988
	619	TDK Corp.		24,722
	1,311	TIS, Inc.		30,733
	556	Tokyo Electron Ltd.		269,226
	703	Trend Micro, Inc.		39,064
	1,333	Yokogawa Electric Corp.		21,353
				2,158,562
Materials – 4.7%
	2,648	Asahi Kasei Corp.		24,773
	1,937	Hitachi Metals Ltd.*		34,426
	1,781	JFE Holdings, Inc.		26,597
	1,015	JSR Corp.		31,638
	562	Kansai Paint Co. Ltd.		11,218
	12,980	Mitsubishi Chemical Holdings Corp.		92,119
	357	Mitsubishi Gas Chemical Co., Inc.		6,314
	300	Mitsui Chemicals, Inc.		7,653
	999	Nippon Sanso Holdings Corp.		19,447
	4,318	Nippon Steel Corp.		79,049
	517	Nissan Chemical Corp.		29,177
	418	Nitto Denko Corp.		30,304
	1,615	Oji Holdings Corp.		8,231
	846	Shin-Etsu Chemical Co. Ltd.		129,792
	18,521	Sumitomo Chemical Co. Ltd.		88,444
	244	Sumitomo Metal Mining Co. Ltd.		12,173
	3,312	Toray Industries, Inc.		18,971
	443	Tosoh Corp.		6,877
				657,203
Real Estate – 2.9%
	431	Daito Trust Construction Co. Ltd.		47,600
	1,852	Daiwa House Industry Co. Ltd.		52,565
	13	Daiwa House REIT Investment Corp. REIT		35,160
	13	GLP J REIT		19,369
	1,854	Hulic Co. Ltd.		16,854
	19	Japan Metropolitan Fund Invest REIT		15,358
	4	Japan Real Estate Investment Corp. REIT		21,289
	2,490	Mitsubishi Estate Co. Ltd.		37,985
	2,078	Mitsui Fudosan Co. Ltd.		46,134
	4	Nippon Building Fund, Inc. REIT		22,852
	5	Nippon Prologis REIT, Inc. REIT		14,652
	1,090	Nomura Real Estate Holdings, Inc.		27,114
	12	Nomura Real Estate Master Fund, Inc. REIT		15,816
	9	Orix JREIT, Inc. REIT		12,573
Common Stocks – (continued)
Real Estate – (continued)
	512	Sumitomo Realty & Development Co. Ltd.		15,052
				400,373
Utilities – 0.5%
	1,472	Chubu Electric Power Co., Inc.		14,736
	1,060	Kansai Electric Power Co., Inc. (The)		10,694
	986	Osaka Gas Co. Ltd.		18,055
	1,006	Tokyo Gas Co. Ltd.		20,509
				63,994
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $12,559,109)		$	13,833,714

Shares	Dividend Rate	Value
Securities Lending Reinvestment Vehicle – 1.2%(b)
Goldman Sachs Financial Square Government Fund – Institutional Shares
168,842	0.026%	$	168,842
(Cost $168,842)
TOTAL INVESTMENTS – 101.0%
(Cost $12,727,951)		$	14,002,556
LIABILITIES IN EXCESS OF     OTHER ASSETS – (1.0)%			(140,830	)
NET ASSETS – 100.0%		$	13,861,726

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. 53

GOLDMAN SACHS ACTIVEBETA^® PARIS-ALIGNED CLIMATE U.S. LARGE CAP EQUITY ETF

Schedule of Investments

February 28, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – 99.9%
Communication Services – 8.6%
	74	Activision Blizzard, Inc.	$	6,031
	58	Alphabet, Inc., Class A*		156,666
	54	Alphabet, Inc., Class C*		145,682
	148	AMC Entertainment Holdings, Inc., Class A*(a)		2,791
	1,426	AT&T, Inc.		33,782
	22	Charter Communications, Inc., Class A*		13,239
	760	Comcast Corp., Class A		35,538
	48	Electronic Arts, Inc.		6,244
	24	Liberty Broadband Corp., Class C*		3,521
	1,814	Lumen Technologies, Inc.		18,793
	32	Match Group, Inc.*		3,568
	454	Meta Platforms, Inc., Class A*		95,808
	37	Netflix, Inc.*		14,597
	361	Omnicom Group, Inc.		30,284
	248	Paramount Global, Class B		7,591
	250	Pinterest, Inc., Class A*		6,688
	20	ROBLOX Corp., Class A*		1,032
	17	Snap, Inc., Class A*		679
	7	Take-Two Interactive Software, Inc.*		1,134
	51	T-Mobile US, Inc.*		6,284
	379	Verizon Communications, Inc.		20,341
	129	Walt Disney Co. (The)*		19,151
	13	ZoomInfo Technologies, Inc.*		711
				630,155
Consumer Discretionary – 12.6%
	127	Advance Auto Parts, Inc.		25,969
	80	Amazon.com, Inc.*		245,701
	21	AutoZone, Inc.*		39,131
	498	Bath & Body Works, Inc.		26,578
	136	Best Buy Co., Inc.		13,143
	59	Burlington Stores, Inc.*		13,327
	30	Caesars Entertainment, Inc.*		2,526
	17	CarMax, Inc.*		1,859
	5	Carvana Co.*		752
	1	Chipotle Mexican Grill, Inc.*		1,523
	53	Darden Restaurants, Inc.		7,697
	85	Dollar General Corp.		16,859
	166	Dollar Tree, Inc.*		23,585
	48	Domino’s Pizza, Inc.		20,746
	27	DoorDash, Inc., Class A*		2,834
	8	D.R. Horton, Inc.		683
	190	eBay, Inc.		10,372
	69	Etsy, Inc.*		10,687
	63	Expedia Group, Inc.*		12,355
	1,326	Ford Motor Co.		23,285
	114	Garmin Ltd.		12,590
	163	Genuine Parts Co.		19,912
	209	Home Depot, Inc. (The)		66,008
	145	Lennar Corp., Class A		13,033
	142	Lowe’s Cos., Inc.		31,391
	81	McDonald’s Corp.		19,826
	87	MGM Resorts International		3,853
	205	NIKE, Inc., Class B		27,993
	1	NVR, Inc.*		4,958
Common Stocks – (continued)
Consumer Discretionary – (continued)
	57	O’Reilly Automotive, Inc.*		37,007
	12	Peloton Interactive, Inc., Class A*		349
	41	Pool Corp.		18,802
	110	Ross Stores, Inc.		10,053
	109	Starbucks Corp.		10,005
	201	Target Corp.		40,154
	343	TJX Cos., Inc. (The)		22,672
	115	Tractor Supply Co.		23,436
	77	Ulta Beauty, Inc.*		28,836
	137	VF Corp.		7,949
	88	Wayfair, Inc., Class A*		12,397
	129	Yum! Brands, Inc.		15,813
				926,649
Consumer Staples – 7.2%
	410	Archer-Daniels-Midland Co.		32,164
	115	Brown-Forman Corp., Class B		7,501
	125	Church & Dwight Co., Inc.		12,231
	104	Clorox Co. (The)		15,162
	457	Coca-Cola Co. (The)		28,444
	356	Colgate-Palmolive Co.		27,394
	162	Conagra Brands, Inc.		5,665
	33	Constellation Brands, Inc., Class A		7,115
	78	Estee Lauder Cos., Inc. (The), Class A		23,114
	157	General Mills, Inc.		10,587
	141	Hershey Co. (The)		28,519
	129	Kellogg Co.		8,248
	346	Keurig Dr Pepper, Inc.		13,380
	93	Kimberly-Clark Corp.		12,104
	340	Kraft Heinz Co. (The)		13,335
	435	Kroger Co. (The)		20,358
	107	McCormick & Co., Inc.		10,183
	210	Mondelez International, Inc., Class A		13,751
	175	Monster Beverage Corp.*		14,770
	263	PepsiCo, Inc.		43,064
	350	Procter & Gamble Co. (The)		54,561
	155	Sysco Corp.		13,501
	408	Tyson Foods, Inc., Class A		37,805
	613	Walgreens Boots Alliance, Inc.		28,253
	317	Walmart, Inc.		42,846
				524,055
Financials – 13.1%
	262	Aflac, Inc.		16,006
	227	Allstate Corp. (The)		27,776
	639	Ally Financial, Inc.		31,886
	118	American Express Co.		22,956
	223	American International Group, Inc.		13,657
	17	Ameriprise Financial, Inc.		5,096
	85	Aon PLC, Class A		24,832
	229	Apollo Global Management, Inc.		14,945
	112	Arch Capital Group Ltd.*		5,276
	1,060	Bank of America Corp.		46,852
	156	Bank of New York Mellon Corp. (The)		8,291
	325	Berkshire Hathaway, Inc., Class B*		104,471
	8	BlackRock, Inc.		5,951

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

GOLDMAN SACHS ACTIVEBETA^® PARIS-ALIGNED CLIMATE U.S. LARGE CAP EQUITY ETF

Shares		Description	Value
Common Stocks – (continued)
Financials – (continued)
	259	Blackstone, Inc.	$	33,015
	221	Capital One Financial Corp.		33,873
	169	Charles Schwab Corp. (The)		14,274
	35	Chubb Ltd.		7,127
	37	Cincinnati Financial Corp.		4,543
	649	Citigroup, Inc.		38,440
	194	Citizens Financial Group, Inc.		10,169
	35	CME Group, Inc.		8,279
	66	Coinbase Global, Inc., Class A*		12,591
	141	Discover Financial Services		17,405
	22	FactSet Research Systems, Inc.		8,934
	122	Fifth Third Bancorp		5,836
	31	First Republic Bank		5,371
	88	Hartford Financial Services Group, Inc. (The)		6,114
	40	Huntington Bancshares, Inc.		621
	56	Intercontinental Exchange, Inc.		7,175
	532	JPMorgan Chase & Co.		75,438
	375	KeyCorp		9,401
	315	KKR & Co., Inc.		18,938
	12	M&T Bank Corp.		2,187
	7	Markel Corp.*		8,700
	145	Marsh & McLennan Cos., Inc.		22,534
	185	MetLife, Inc.		12,497
	61	Moody’s Corp.		19,644
	233	Morgan Stanley		21,142
	14	MSCI, Inc.		7,024
	74	Nasdaq, Inc.		12,665
	18	Northern Trust Corp.		2,050
	65	PNC Financial Services Group, Inc. (The)		12,951
	16	Principal Financial Group, Inc.		1,130
	98	Progressive Corp. (The)		10,381
	185	Prudential Financial, Inc.		20,657
	100	Raymond James Financial, Inc.		10,965
	270	Regions Financial Corp.		6,531
	84	S&P Global, Inc.		31,559
	27	Signature Bank		9,312
	10	State Street Corp.		853
	3	SVB Financial Group*		1,818
	534	Synchrony Financial		22,845
	72	T. Rowe Price Group, Inc.		10,408
	43	Travelers Cos., Inc. (The)		7,389
	45	Truist Financial Corp.		2,800
	148	US Bancorp		8,368
	847	Wells Fargo & Co.		45,204
	25	Willis Towers Watson PLC		5,558
				962,711
Health Care – 16.7%
	13	10X Genomics, Inc., Class A*		1,059
	240	Abbott Laboratories		28,949
	355	AbbVie, Inc.		52,458
	39	ABIOMED, Inc.*		12,119
	111	Agilent Technologies, Inc.		14,470
	24	Align Technology, Inc.*		12,275
	35	AmerisourceBergen Corp.		4,989
	84	Amgen, Inc.		19,024
Common Stocks – (continued)
Health Care – (continued)
	68	Anthem, Inc.		30,726
	316	Avantor, Inc.*		10,962
	129	Baxter International, Inc.		10,961
	47	Becton Dickinson and Co.		12,750
	30	Biogen, Inc.*		6,330
	8	Bio-Rad Laboratories, Inc., Class A*		5,008
	11	Bio-Techne Corp.		4,614
	190	Boston Scientific Corp.*		8,392
	469	Bristol-Myers Squibb Co.		32,206
	25	Catalent, Inc.*		2,551
	369	Centene Corp.*		30,487
	293	Cerner Corp.		27,322
	29	Charles River Laboratories International, Inc.*		8,444
	125	Cigna Corp.		29,722
	20	Cooper Cos., Inc. (The)		8,180
	613	CVS Health Corp.		63,537
	79	Danaher Corp.		21,678
	12	Dexcom, Inc.*		4,967
	235	Edwards Lifesciences Corp.*		26,407
	70	Elanco Animal Health, Inc.*		1,989
	180	Eli Lilly & Co.		44,991
	339	Gilead Sciences, Inc.		20,476
	48	HCA Healthcare, Inc.		12,015
	210	Hologic, Inc.*		14,946
	2	Horizon Therapeutics PLC*		182
	15	Humana, Inc.		6,515
	43	IDEXX Laboratories, Inc.*		22,891
	6	Illumina, Inc.*		1,960
	5	Insulet Corp.*		1,323
	34	Intuitive Surgical, Inc.*		9,871
	85	IQVIA Holdings, Inc.*		19,560
	553	Johnson & Johnson		91,007
	94	Laboratory Corp. of America Holdings*		25,498
	47	Masimo Corp.*		7,400
	9	McKesson Corp.		2,475
	118	Medtronic PLC		12,389
	474	Merck & Co., Inc.		36,299
	16	Mettler-Toledo International, Inc.*		22,540
	52	Moderna, Inc.*		7,987
	15	Molina Healthcare, Inc.*		4,603
	61	PerkinElmer, Inc.		10,956
	1,127	Pfizer, Inc.		52,901
	140	Quest Diagnostics, Inc.		18,378
	32	Regeneron Pharmaceuticals, Inc.*		19,788
	54	ResMed, Inc.		13,325
	34	Seagen, Inc.*		4,382
	34	STERIS PLC		8,160
	39	Stryker Corp.		10,271
	15	Teleflex, Inc.		5,045
	64	Thermo Fisher Scientific, Inc.		34,816
	151	UnitedHealth Group, Inc.		71,856
	85	Vertex Pharmaceuticals, Inc.*		19,552
	3,108	Viatris, Inc.		34,219
	77	Waters Corp.*		24,388
	38	West Pharmaceutical Services, Inc.		14,709

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

GOLDMAN SACHS ACTIVEBETA^® PARIS-ALIGNED CLIMATE U.S. LARGE CAP EQUITY ETF

Schedule of Investments (continued)

February 28, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Health Care – (continued)
	52	Zimmer Biomet Holdings, Inc.	$	6,614
	85	Zoetis, Inc.		16,460
				1,223,324
Industrials – 4.9%
	97	3M Co.		14,419
	134	Carrier Global Corp.		6,014
	23	Cintas Corp.		8,632
	8	Copart, Inc.*		983
	351	CSX Corp.		11,902
	14	Deere & Co.		5,040
	46	Dover Corp.		7,216
	27	Equifax, Inc.		5,895
	102	Expeditors International of Washington, Inc.		10,543
	433	Fastenal Co.		22,282
	85	FedEx Corp.		18,893
	55	Fortune Brands Home & Security, Inc.		4,780
	5	Generac Holdings, Inc.*		1,577
	75	General Electric Co.		7,163
	32	IDEX Corp.		6,141
	54	Illinois Tool Works, Inc.		11,682
	33	J.B. Hunt Transport Services, Inc.		6,697
	146	Johnson Controls International PLC		9,484
	11	Lyft, Inc., Class A*		428
	272	Masco Corp.		15,243
	31	Norfolk Southern Corp.		7,952
	39	Old Dominion Freight Line, Inc.		12,247
	210	Otis Worldwide Corp.		16,449
	28	Parker-Hannifin Corp.		8,299
	126	Republic Services, Inc.		15,155
	22	Rockwell Automation, Inc.		5,865
	9	Roper Technologies, Inc.		4,034
	242	Southwest Airlines Co.*		10,600
	60	Stanley Black & Decker, Inc.		9,762
	14	TransUnion		1,271
	20	Uber Technologies, Inc.*		721
	57	Union Pacific Corp.		14,019
	56	United Airlines Holdings, Inc.*		2,486
	75	United Parcel Service, Inc., Class B		15,782
	21	United Rentals, Inc.*		6,754
	22	Verisk Analytics, Inc.		3,902
	130	Waste Management, Inc.		18,772
	47	W.W. Grainger, Inc.		22,422
	53	Xylem, Inc.		4,714
				356,220
Information Technology – 30.3%
	156	Accenture PLC, Class A		49,299
	85	Adobe, Inc.*		39,753
	302	Advanced Micro Devices, Inc.*		37,249
	134	Akamai Technologies, Inc.*		14,507
	119	Amphenol Corp., Class A		9,045
	33	Analog Devices, Inc.		5,290
	2,942	Apple, Inc.		485,783
	232	Applied Materials, Inc.		31,134
	58	Arista Networks, Inc.*		7,118
Common Stocks – (continued)
Information Technology – (continued)
	44	Autodesk, Inc.*		9,690
	73	Automatic Data Processing, Inc.		14,924
	50	Broadcom, Inc.		29,372
	29	Broadridge Financial Solutions, Inc.		4,240
	103	Cadence Design Systems, Inc.*		15,597
	18	CDW Corp.		3,104
	963	Cisco Systems, Inc.		53,707
	54	Cognex Corp.		3,648
	301	Cognizant Technology Solutions Corp., Class A		25,925
	207	Corning, Inc.		8,363
	298	Dell Technologies, Inc., Class C*		15,186
	63	DocuSign, Inc.*		7,461
	6	Enphase Energy, Inc.*		1,000
	19	Entegris, Inc.		2,479
	16	EPAM Systems, Inc.*		3,324
	187	Fidelity National Information Services, Inc.		17,808
	205	Fiserv, Inc.*		20,022
	40	FleetCor Technologies, Inc.*		9,368
	59	Fortinet, Inc.*		20,327
	73	Gartner, Inc.*		20,471
	104	Global Payments, Inc.		13,872
	1,897	Hewlett Packard Enterprise Co.		30,200
	360	HP, Inc.		12,370
	11	HubSpot, Inc.*		5,775
	1,055	Intel Corp.		50,323
	391	International Business Machines Corp.		47,901
	65	Intuit, Inc.		30,834
	127	Keysight Technologies, Inc.*		19,986
	30	KLA Corp.		10,455
	32	Lam Research Corp.		17,963
	37	Marvell Technology, Inc.		2,528
	77	Mastercard, Inc., Class A		27,783
	89	Microchip Technology, Inc.		6,259
	224	Micron Technology, Inc.		19,905
	1,440	Microsoft Corp.		430,258
	15	Monolithic Power Systems, Inc.		6,881
	72	Motorola Solutions, Inc.		15,871
	264	NetApp, Inc.		20,692
	46	Nuance Communications, Inc.*		2,554
	388	NVIDIA Corp.		94,614
	207	ON Semiconductor Corp.*		12,960
	352	Oracle Corp.		26,741
	22	Palo Alto Networks, Inc.*		13,074
	105	Paychex, Inc.		12,501
	92	PayPal Holdings, Inc.*		10,298
	88	Qorvo, Inc.*		12,037
	253	QUALCOMM, Inc.		43,513
	32	RingCentral, Inc., Class A*		4,187
	105	salesforce.com, Inc.*		22,106
	127	Seagate Technology Holdings PLC		13,101
	24	ServiceNow, Inc.*		13,918
	43	Skyworks Solutions, Inc.		5,941
	284	SS&C Technologies Holdings, Inc.		21,291
	23	Synopsys, Inc.*		7,185
	62	TE Connectivity Ltd. (Switzerland)		8,831

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

GOLDMAN SACHS ACTIVEBETA^® PARIS-ALIGNED CLIMATE U.S. LARGE CAP EQUITY ETF

Shares		Description	Value
Common Stocks – (continued)
Information Technology – (continued)
	9	Teledyne Technologies, Inc.*	$	3,864
	120	Teradyne, Inc.		14,150
	166	Texas Instruments, Inc.		28,218
	97	Trimble, Inc.*		6,766
	2	Tyler Technologies, Inc.*		857
	93	VeriSign, Inc.*		19,876
	188	Visa, Inc., Class A		40,631
	116	VMware, Inc., Class A		13,609
	222	Western Digital Corp.*		11,309
	15	Workday, Inc., Class A*		3,436
	31	Zebra Technologies Corp., Class A*		12,814
	4	Zendesk, Inc.*		467
	13	Zoom Video Communications, Inc., Class A*		1,724
				2,217,623
Materials – 1.6%
	11	Air Products and Chemicals, Inc.		2,599
	43	Avery Dennison Corp.		7,577
	44	Ball Corp.		3,949
	20	Celanese Corp.		2,786
	188	Corteva, Inc.		9,782
	10	Crown Holdings, Inc.		1,227
	64	Dow, Inc.		3,773
	62	DuPont de Nemours, Inc.		4,797
	31	Ecolab, Inc.		5,464
	131	Freeport-McMoRan, Inc.		6,150
	185	Ginkgo Bioworks Holdings, Inc.*(a)		832
	28	International Flavors & Fragrances, Inc.		3,724
	293	International Paper Co.		12,754
	9	Martin Marietta Materials, Inc.		3,415
	178	Nucor Corp.		23,428
	35	PPG Industries, Inc.		4,671
	73	Sherwin-Williams Co. (The)		19,208
	18	Vulcan Materials Co.		3,266
				119,402
Real Estate – 4.7%
	96	Alexandria Real Estate Equities, Inc. REIT		18,182
	46	American Tower Corp. REIT		10,436
	67	AvalonBay Communities, Inc. REIT		15,986
	55	Boston Properties, Inc. REIT		6,727
	130	Camden Property Trust REIT		21,464
	61	Crown Castle International Corp. REIT		10,162
	105	Digital Realty Trust, Inc. REIT		14,167
	233	Duke Realty Corp. REIT		12,349
	7	Equinix, Inc. REIT		4,968
	161	Equity Residential REIT		13,733
	34	Essex Property Trust, Inc. REIT		10,784
	93	Extra Space Storage, Inc. REIT		17,498
	186	Healthpeak Properties, Inc. REIT		5,777
	388	Invitation Homes, Inc. REIT		14,666
	100	Mid-America Apartment Communities, Inc. REIT		20,461
	225	Orion Office REIT, Inc. REIT*		3,832
	126	Prologis, Inc. REIT		18,377
	59	Public Storage REIT		20,946
Common Stocks – (continued)
Real Estate – (continued)
	122	Realty Income Corp. REIT		8,063
	25	SBA Communications Corp. REIT		7,585
	80	Simon Property Group, Inc. REIT		11,005
	79	Sun Communities, Inc. REIT		14,299
	234	UDR, Inc. REIT		12,840
	158	Ventas, Inc. REIT		8,532
	206	VICI Properties, Inc. REIT		5,760
	73	Welltower, Inc. REIT		6,080
	517	Weyerhaeuser Co. REIT		20,101
	112	W.P. Carey, Inc. REIT		8,669
	26	Zillow Group, Inc., Class C*		1,495
				344,944
Utilities – 0.2%
	10	American Water Works Co., Inc.		1,511
	115	Edison International		7,293
	28	Entergy Corp.		2,946
				11,750
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $7,930,480)		$	7,316,833

Shares	Dividend Rate	Value
Securities Lending Reinvestment Vehicle – 0.0%(b)
Goldman Sachs Financial Square Government Fund – Institutional Shares
3,387	0.026%	$	3,387
(Cost $3,387)
TOTAL INVESTMENTS – 99.9%
(Cost $7,933,867)		$	7,320,220
OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.1%			6,587
NET ASSETS – 100.0%		$	7,326,807

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. 57

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

Schedule of Investments

February 28, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – 99.8%
Communication Services – 8.4%
	286,288	Activision Blizzard, Inc.	$	23,332,472
	93,799	Alphabet, Inc., Class A*		253,364,231
	91,086	Alphabet, Inc., Class C*		245,733,633
	320,177	AMC Entertainment Holdings, Inc., Class A*(a)		6,038,538
	1,916,989	AT&T, Inc.		45,413,469
	56,090	Charter Communications, Inc., Class A*		33,753,840
	1,299,955	Comcast Corp., Class A		60,785,896
	194,453	Electronic Arts, Inc.		25,296,391
	76,910	Liberty Broadband Corp., Class C*		11,282,697
	2,169,373	Lumen Technologies, Inc.		22,474,704
	179,374	Match Group, Inc.*		19,998,407
	789,666	Meta Platforms, Inc., Class A*		166,643,216
	64,723	Netflix, Inc.*		25,534,518
	473,296	Omnicom Group, Inc.		39,704,801
	515,927	Paramount Global, Class B		15,792,526
	396,916	Pinterest, Inc., Class A*		10,617,503
	56,502	ROBLOX Corp., Class A*(a)		2,913,808
	40,778	Roku, Inc.*		5,689,754
	207,914	Snap, Inc., Class A*		8,304,085
	56,497	Take-Two Interactive Software, Inc.*		9,152,514
	122,033	T-Mobile US, Inc.*		15,035,686
	102,140	Twitter, Inc.*		3,631,077
	638,555	Verizon Communications, Inc.		34,271,247
	297,451	Walt Disney Co. (The)*		44,159,576
				1,128,924,589
Consumer Discretionary – 13.5%
	98,879	Advance Auto Parts, Inc.		20,218,778
	133,697	Amazon.com, Inc.*		410,618,248
	34,825	AutoZone, Inc.*		64,892,557
	388,015	Bath & Body Works, Inc.		20,708,361
	389,011	Best Buy Co., Inc.		37,594,023
	4,541	Booking Holdings, Inc.*		9,864,187
	66,185	Burlington Stores, Inc.*		14,950,530
	146,488	Caesars Entertainment, Inc.*		12,332,825
	4,517	Chipotle Mexican Grill, Inc.*		6,880,972
	153,971	Darden Restaurants, Inc.		22,359,669
	181,586	Dollar General Corp.		36,015,767
	253,849	Dollar Tree, Inc.*		36,066,866
	92,922	Domino’s Pizza, Inc.		40,161,818
	82,568	D.R. Horton, Inc.		7,051,307
	466,996	eBay, Inc.		25,493,312
	122,283	Etsy, Inc.*		18,940,414
	70,505	Expedia Group, Inc.*		13,826,736
	3,774,020	Ford Motor Co.		66,271,791
	131,542	Garmin Ltd.		14,527,498
	55,495	General Motors Co.*		2,592,726
	218,501	Genuine Parts Co.		26,692,082
	55,813	Hilton Worldwide Holdings, Inc.*		8,308,323
	419,212	Home Depot, Inc. (The)		132,399,726
	304,614	Lennar Corp., Class A		27,378,706
	375,239	Lowe’s Cos., Inc.		82,950,333
Common Stocks – (continued)
Consumer Discretionary – (continued)
	42,591	Marriott International, Inc., Class A*		7,246,433
	184,839	McDonald’s Corp.		45,243,042
	260,426	MGM Resorts International		11,534,267
	412,195	NIKE, Inc., Class B		56,285,227
	1,541	NVR, Inc.*		7,640,956
	81,443	O’Reilly Automotive, Inc.*		52,876,053
	117,343	Peloton Interactive, Inc., Class A*		3,409,988
	74,745	Pool Corp.		34,276,562
	81,637	Ross Stores, Inc.		7,460,805
	249,032	Starbucks Corp.		22,858,647
	960,461	Stellantis NV		17,557,227
	426,421	Target Corp.		85,186,123
	142,065	Tesla, Inc.*		123,657,638
	412,278	TJX Cos., Inc. (The)		27,251,576
	182,597	Tractor Supply Co.		37,211,443
	73,928	Ulta Beauty, Inc.*		27,686,036
	212,795	VF Corp.		12,346,366
	106,555	Wayfair, Inc., Class A*		15,010,403
	113,985	Whirlpool Corp.		22,941,761
	273,967	Yum! Brands, Inc.		33,582,875
				1,810,360,983
Consumer Staples – 8.3%
	532,150	Altria Group, Inc.		27,293,974
	836,599	Archer-Daniels-Midland Co.		65,631,192
	263,411	Brown-Forman Corp., Class B		17,182,300
	186,734	Church & Dwight Co., Inc.		18,271,922
	198,316	Clorox Co. (The)		28,912,490
	757,175	Coca-Cola Co. (The)		47,126,572
	461,733	Colgate-Palmolive Co.		35,530,354
	371,628	Conagra Brands, Inc.		12,995,831
	38,084	Constellation Brands, Inc., Class A		8,211,672
	180,151	Costco Wholesale Corp.		93,543,407
	167,610	Estee Lauder Cos., Inc. (The), Class A		49,667,871
	213,090	General Mills, Inc.		14,368,659
	187,289	Hershey Co. (The)		37,881,073
	135,368	Kellogg Co.		8,655,430
	392,446	Keurig Dr Pepper, Inc.		15,175,887
	189,188	Kimberly-Clark Corp.		24,622,818
	647,320	Kraft Heinz Co. (The)		25,387,890
	1,578,991	Kroger Co. (The)		73,896,779
	143,148	McCormick & Co., Inc.		13,623,395
	283,331	Mondelez International, Inc., Class A		18,552,514
	268,046	Monster Beverage Corp.*		22,623,082
	456,969	PepsiCo, Inc.		74,824,104
	590,258	Philip Morris International, Inc.		59,657,376
	624,205	Procter & Gamble Co. (The)		97,307,317
	266,321	Sysco Corp.		23,196,559
	586,281	Tyson Foods, Inc., Class A		54,324,798
	990,169	Walgreens Boots Alliance, Inc.		45,636,889
	730,133	Walmart, Inc.		98,684,776
				1,112,786,931

58 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 – 2.5%
	121,524	Cheniere Energy, Inc.	$	16,150,540
	296,511	Chevron Corp.		42,697,584
	245,518	ConocoPhillips		23,289,837
	317,276	Devon Energy Corp.		18,893,786
	102,216	Diamondback Energy, Inc.		14,116,030
	133,215	EOG Resources, Inc.		15,309,068
	630,106	Exxon Mobil Corp.		49,412,912
	38,903	Hess Corp.		3,931,537
	1,039,562	Kinder Morgan, Inc.		18,088,379
	176,047	Marathon Petroleum Corp.		13,708,780
	715,407	Occidental Petroleum Corp.		31,284,748
	153,420	ONEOK, Inc.		10,018,326
	32,899	Phillips 66		2,771,412
	63,983	Pioneer Natural Resources Co.		15,330,327
	144,879	Schlumberger NV		5,685,052
	430,608	Valero Energy Corp.		35,960,074
	507,866	Williams Cos., Inc. (The)		15,886,048
				332,534,440
Financials – 10.1%
	173,394	Aflac, Inc.		10,592,639
	178,244	Allstate Corp. (The)		21,809,936
	707,192	Ally Financial, Inc.		35,288,881
	94,975	American Express Co.		18,476,436
	150,342	American International Group, Inc.		9,206,944
	37,338	Ameriprise Financial, Inc.		11,193,559
	96,626	Aon PLC, Class A		28,228,320
	242,358	Apollo Global Management, Inc.		15,816,283
	150,377	Arch Capital Group Ltd.*		7,084,260
	142,815	Arthur J Gallagher & Co.		22,591,905
	1,504,354	Bank of America Corp.		66,492,447
	470,346	Bank of New York Mellon Corp. (The)		24,998,890
	451,948	Berkshire Hathaway, Inc., Class B*		145,278,685
	21,869	BlackRock, Inc.		16,268,130
	359,596	Blackstone, Inc.		45,837,702
	265,227	Capital One Financial Corp.		40,651,342
	347,938	Charles Schwab Corp. (The)		29,386,843
	67,547	Chubb Ltd.		13,755,271
	58,947	Cincinnati Financial Corp.		7,238,102
	807,666	Citigroup, Inc.		47,838,057
	388,452	Citizens Financial Group, Inc.		20,362,654
	40,701	CME Group, Inc.		9,627,007
	60,512	Coinbase Global, Inc., Class A*		11,543,874
	116,744	Discover Financial Services		14,410,879
	34,151	FactSet Research Systems, Inc.		13,868,380
	432,749	Fifth Third Bancorp		20,702,712
	43,726	First Republic Bank		7,575,967
	214,979	Hartford Financial Services Group, Inc. (The)		14,936,741
	124,866	Intercontinental Exchange, Inc.		15,997,832
	734,643	JPMorgan Chase & Co.		104,172,377
	333,026	KeyCorp		8,348,962
	237,438	KKR & Co., Inc.		14,274,773
	5,027	Markel Corp.*		6,248,109
	25,785	MarketAxess Holdings, Inc.		9,835,173
Common Stocks – (continued)
Financials – (continued)
	200,573	Marsh & McLennan Cos., Inc.		31,171,050
	336,601	MetLife, Inc.		22,737,398
	137,920	Moody’s Corp.		44,414,378
	479,876	Morgan Stanley		43,543,948
	19,617	MSCI, Inc.		9,841,653
	87,384	Nasdaq, Inc.		14,955,772
	34,558	Northern Trust Corp.		3,936,156
	104,892	PNC Financial Services Group, Inc. (The)		20,899,731
	141,046	Principal Financial Group, Inc.		9,963,489
	239,343	Progressive Corp. (The)		25,353,604
	133,066	Prudential Financial, Inc.		14,858,150
	154,135	Raymond James Financial, Inc.		16,900,903
	223,655	Regions Financial Corp.		5,410,214
	136,424	S&P Global, Inc.		51,254,497
	40,565	Signature Bank		13,990,463
	48,346	State Street Corp.		4,125,364
	656,192	Synchrony Financial		28,071,894
	160,419	T. Rowe Price Group, Inc.		23,190,171
	70,614	Travelers Cos., Inc. (The)		12,133,604
	49,941	Truist Financial Corp.		3,107,329
	174,456	US Bancorp		9,863,742
	949,223	Wells Fargo & Co.		50,660,031
	37,198	Willis Towers Watson PLC		8,269,115
				1,358,592,728
Health Care – 14.2%
	55,508	10X Genomics, Inc., Class A*		4,522,237
	391,223	Abbott Laboratories		47,189,318
	565,254	AbbVie, Inc.		83,527,584
	53,494	ABIOMED, Inc.*		16,622,726
	146,922	Agilent Technologies, Inc.		19,152,752
	45,253	Align Technology, Inc.*		23,145,099
	43,922	AmerisourceBergen Corp.		6,260,203
	194,859	Amgen, Inc.		44,131,666
	105,466	Anthem, Inc.		47,654,812
	189,771	Avantor, Inc.*		6,583,156
	181,590	Baxter International, Inc.		15,429,702
	47,395	Becton Dickinson and Co.		12,857,316
	112,543	Biogen, Inc.*		23,747,698
	19,661	Bio-Rad Laboratories, Inc., Class A*		12,307,000
	202,777	Boston Scientific Corp.*		8,956,660
	843,865	Bristol-Myers Squibb Co.		57,948,210
	60,187	Cardinal Health, Inc.		3,250,700
	555,651	Centene Corp.*		45,907,886
	348,538	Cerner Corp.		32,501,168
	34,851	Charles River Laboratories International, Inc.*		10,147,217
	214,069	Cigna Corp.		50,901,327
	21,999	Cooper Cos., Inc. (The)		8,998,031
	824,580	CVS Health Corp.		85,467,717
	155,115	Danaher Corp.		42,565,107
	25,231	Dexcom, Inc.*		10,443,363
	404,756	Edwards Lifesciences Corp.*		45,482,432
	301,564	Eli Lilly & Co.		75,375,922
	471,850	Gilead Sciences, Inc.		28,499,740

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

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

Schedule of Investments (continued)

February 28, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Health Care – (continued)
	63,717	HCA Healthcare, Inc.	$	15,949,002
	191,118	Hologic, Inc.*		13,601,868
	51,905	Humana, Inc.		22,543,380
	90,932	IDEXX Laboratories, Inc.*		48,407,650
	36,662	Insulet Corp.*		9,704,065
	60,641	Intuitive Surgical, Inc.*		17,605,901
	69,131	IQVIA Holdings, Inc.*		15,908,426
	856,934	Johnson & Johnson		141,025,628
	89,346	Laboratory Corp. of America Holdings*		24,235,996
	80,817	Masimo Corp.*		12,724,637
	43,859	McKesson Corp.		12,059,471
	147,637	Medtronic PLC		15,500,409
	704,479	Merck & Co., Inc.		53,949,002
	31,515	Mettler-Toledo International, Inc.*		44,396,441
	87,835	Moderna, Inc.*		13,491,456
	29,512	Molina Healthcare, Inc.*		9,056,347
	107,936	PerkinElmer, Inc.		19,386,385
	1,379,506	Pfizer, Inc.		64,754,012
	123,305	Quest Diagnostics, Inc.		16,186,247
	31,448	Regeneron Pharmaceuticals, Inc.*		19,446,185
	117,043	ResMed, Inc.		28,880,360
	106,542	Seagen, Inc.*		13,730,067
	47,595	STERIS PLC		11,422,800
	78,299	Stryker Corp.		20,620,042
	9,597	Teleflex, Inc.		3,227,567
	133,537	Thermo Fisher Scientific, Inc.		72,644,128
	275,097	UnitedHealth Group, Inc.		130,910,409
	43,405	Veeva Systems, Inc., Class A*		9,941,915
	116,071	Vertex Pharmaceuticals, Inc.*		26,698,651
	4,432,477	Viatris, Inc.		48,801,572
	65,227	Waters Corp.*		20,659,348
	57,106	West Pharmaceutical Services, Inc.		22,104,590
	31,911	Zimmer Biomet Holdings, Inc.		4,058,760
	174,127	Zoetis, Inc.		33,719,694
				1,906,929,160
Industrials – 7.7%
	169,858	3M Co.		25,249,392
	125,492	AMETEK, Inc.		16,287,607
	382,895	Carrier Global Corp.		17,184,328
	117,350	Caterpillar, Inc.		22,012,513
	74,963	Cintas Corp.		28,135,113
	94,459	Copart, Inc.*		11,607,122
	51,741	CoStar Group, Inc.*		3,156,718
	273,942	CSX Corp.		9,289,373
	109,085	Cummins, Inc.		22,266,430
	67,499	Deere & Co.		24,300,990
	85,404	Dover Corp.		13,396,472
	153,028	Eaton Corp. PLC		23,610,690
	238,505	Emerson Electric Co.		22,161,885
	27,863	Equifax, Inc.		6,083,607
	132,027	Expeditors International of Washington, Inc.		13,646,311
	793,001	Fastenal Co.		40,807,832
	129,904	FedEx Corp.		28,873,762
Common Stocks – (continued)
Industrials – (continued)
	161,712	Fortive Corp.		10,470,852
	22,689	Generac Holdings, Inc.*		7,157,699
	114,162	General Dynamics Corp.		26,765,281
	217,111	General Electric Co.		20,736,272
	107,883	Honeywell International, Inc.		20,470,799
	48,946	IDEX Corp.		9,392,737
	122,259	Illinois Tool Works, Inc.		26,449,512
	151,578	Jacobs Engineering Group, Inc.		18,644,094
	91,568	J.B. Hunt Transport Services, Inc.		18,581,894
	378,352	Johnson Controls International PLC		24,577,746
	52,252	L3Harris Technologies, Inc.		13,183,702
	261,985	Leidos Holdings, Inc.		26,680,552
	58,350	Lockheed Martin Corp.		25,312,230
	261,008	Masco Corp.		14,626,888
	46,699	Norfolk Southern Corp.		11,979,228
	62,452	Northrop Grumman Corp.		27,612,527
	57,001	Old Dominion Freight Line, Inc.		17,900,024
	121,882	Otis Worldwide Corp.		9,547,017
	71,737	PACCAR, Inc.		6,586,174
	68,092	Parker-Hannifin Corp.		20,181,788
	203,112	Raytheon Technologies Corp.		20,859,602
	160,219	Republic Services, Inc.		19,271,141
	66,622	Rockwell Automation, Inc.		17,760,093
	27,482	Roper Technologies, Inc.		12,317,982
	605,852	Southwest Airlines Co.*		26,536,318
	39,899	Stanley Black & Decker, Inc.		6,491,567
	553,047	Textron, Inc.		40,444,327
	134,901	Trane Technologies PLC		20,765,311
	28,056	TransUnion		2,546,363
	97,035	Union Pacific Corp.		23,865,758
	180,956	United Parcel Service, Inc., Class B		38,076,762
	19,131	United Rentals, Inc.*		6,152,912
	49,373	Verisk Analytics, Inc.		8,755,808
	170,054	Waste Management, Inc.		24,555,798
	407,048	Westinghouse Air Brake Technologies Corp.		37,782,195
	85,853	W.W. Grainger, Inc.		40,957,032
	80,118	Xylem, Inc.		7,126,496
				1,039,192,626
Information Technology – 28.4%
	310,009	Accenture PLC, Class A		97,969,044
	170,745	Adobe, Inc.*		79,854,022
	676,646	Advanced Micro Devices, Inc.*		83,457,518
	133,271	Akamai Technologies, Inc.*		14,427,918
	198,282	Amphenol Corp., Class A		15,071,415
	73,846	Analog Devices, Inc.		11,836,775
	16,953	ANSYS, Inc.*		5,495,993
	4,846,930	Apple, Inc.		800,325,082
	376,761	Applied Materials, Inc.		50,561,326
	120,747	Arista Networks, Inc.*		14,819,279
	124,352	Autodesk, Inc.*		27,386,041
	124,815	Automatic Data Processing, Inc.		25,517,179
	43,790	Block, Inc.*		5,583,225
	116,176	Broadcom, Inc.		68,246,429

60 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)
	99,874	Broadridge Financial Solutions, Inc.	$	14,602,577
	286,334	Cadence Design Systems, Inc.*		43,359,558
	161,355	CDW Corp.		27,827,283
	1,218,791	Cisco Systems, Inc.		67,971,974
	358,913	Cognizant Technology Solutions Corp., Class A		30,913,177
	185,091	Corning, Inc.		7,477,676
	30,643	Crowdstrike Holdings, Inc., Class A*		5,981,820
	242,665	Dell Technologies, Inc., Class C*		12,366,208
	124,819	DocuSign, Inc.*		14,782,314
	62,582	Entegris, Inc.		8,165,699
	30,264	EPAM Systems, Inc.*		6,287,346
	248,682	Fidelity National Information Services, Inc.		23,681,987
	274,012	Fiserv, Inc.*		26,762,752
	32,435	FleetCor Technologies, Inc.*		7,596,277
	129,838	Fortinet, Inc.*		44,731,788
	83,832	Gartner, Inc.*		23,508,169
	130,434	Global Payments, Inc.		17,397,287
	2,856,723	Hewlett Packard Enterprise Co.		45,479,030
	808,670	HP, Inc.		27,785,901
	29,255	HubSpot, Inc.*		15,358,875
	1,568,401	Intel Corp.		74,812,728
	486,487	International Business Machines Corp.		59,599,522
	118,211	Intuit, Inc.		56,075,752
	99,333	Keysight Technologies, Inc.*		15,632,034
	55,336	KLA Corp.		19,284,596
	81,107	Lam Research Corp.		45,529,414
	209,858	Mastercard, Inc., Class A		75,720,964
	184,461	Microchip Technology, Inc.		12,973,142
	323,931	Micron Technology, Inc.		28,784,509
	2,365,186	Microsoft Corp.		706,693,925
	20,354	Monolithic Power Systems, Inc.		9,336,380
	110,853	Motorola Solutions, Inc.		24,435,327
	222,171	NetApp, Inc.		17,413,763
	149,535	Nuance Communications, Inc.*		8,302,183
	682,336	NVIDIA Corp.		166,387,634
	336,267	ON Semiconductor Corp.*		21,053,677
	582,256	Oracle Corp.		44,233,988
	44,817	Palo Alto Networks, Inc.*		26,632,502
	178,776	Paychex, Inc.		21,285,071
	201,813	PayPal Holdings, Inc.*		22,588,929
	145,292	Qorvo, Inc.*		19,873,040
	295,244	QUALCOMM, Inc.		50,779,016
	75,769	RingCentral, Inc., Class A*		9,913,616
	237,841	salesforce.com, Inc.*		50,072,666
	259,463	Seagate Technology Holdings PLC		26,766,203
	68,380	ServiceNow, Inc.*		39,654,930
	158,989	Skyworks Solutions, Inc.		21,967,510
	34,881	Splunk, Inc.*		4,119,446
	357,415	SS&C Technologies Holdings, Inc.		26,795,403
	123,336	Synopsys, Inc.*		38,528,933
	80,404	TE Connectivity Ltd. (Switzerland)		11,451,942
Common Stocks – (continued)
Information Technology – (continued)
	27,509	Teledyne Technologies, Inc.*		11,811,814
	167,974	Teradyne, Inc.		19,807,494
	326,356	Texas Instruments, Inc.		55,477,256
	103,299	Trimble, Inc.*		7,205,105
	10,480	Tyler Technologies, Inc.*		4,488,165
	128,183	VeriSign, Inc.*		27,395,271
	396,938	Visa, Inc., Class A		85,786,241
	118,715	VMware, Inc., Class A		13,927,644
	516,139	Western Digital Corp.*		26,292,121
	41,529	Workday, Inc., Class A*		9,512,217
	24,804	Zebra Technologies Corp., Class A*		10,252,485
	39,808	Zendesk, Inc.*		4,644,399
	65,546	Zoom Video Communications, Inc., Class A*		8,691,400
				3,814,579,301
Materials – 1.3%
	30,754	Air Products and Chemicals, Inc.		7,267,170
	64,141	Avery Dennison Corp.		11,301,644
	71,114	Ball Corp.		6,381,770
	28,893	Celanese Corp.		4,024,217
	107,507	Corteva, Inc.		5,593,589
	163,424	Dow, Inc.		9,635,479
	53,343	DuPont de Nemours, Inc.		4,127,148
	90,549	Eastman Chemical Co.		10,727,340
	35,007	Ecolab, Inc.		6,170,334
	77,848	Freeport-McMoRan, Inc.		3,654,964
	22,821	International Flavors & Fragrances, Inc.		3,035,193
	379,246	International Paper Co.		16,508,579
	11,595	Martin Marietta Materials, Inc.		4,399,143
	78,280	Newmont Corp.		5,182,136
	313,712	Nucor Corp.		41,290,774
	63,705	PPG Industries, Inc.		8,501,432
	108,733	Sherwin-Williams Co. (The)		28,610,914
				176,411,826
Real Estate – 3.3%
	84,827	Alexandria Real Estate Equities, Inc. REIT		16,066,234
	57,328	American Tower Corp. REIT		13,006,003
	80,358	AvalonBay Communities, Inc. REIT		19,172,615
	54,772	Boston Properties, Inc. REIT		6,699,163
	114,735	Camden Property Trust REIT		18,943,896
	474,438	CBRE Group, Inc., Class A*		45,949,320
	89,781	Crown Castle International Corp. REIT		14,956,617
	125,940	Digital Realty Trust, Inc. REIT		16,991,825
	334,647	Duke Realty Corp. REIT		17,736,291
	11,513	Equinix, Inc. REIT		8,171,122
	202,632	Equity Residential REIT		17,284,510
	37,190	Essex Property Trust, Inc. REIT		11,795,552
	105,906	Extra Space Storage, Inc. REIT		19,926,214
	172,774	Healthpeak Properties, Inc. REIT		5,366,361
	436,339	Invitation Homes, Inc. REIT		16,493,614

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

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

Schedule of Investments (continued)

February 28, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Real Estate – (continued)
	93,554	Mid-America Apartment Communities, Inc. REIT	$	19,142,084
	409,338	Orion Office REIT, Inc. REIT*		6,971,026
	199,444	Prologis, Inc. REIT		29,088,907
	78,936	Public Storage REIT		28,023,859
	142,459	Realty Income Corp. REIT		9,415,115
	35,876	SBA Communications Corp. REIT		10,884,420
	68,499	Simon Property Group, Inc. REIT		9,422,722
	109,364	Sun Communities, Inc. REIT		19,794,884
	287,939	UDR, Inc. REIT		15,799,213
	167,858	Ventas, Inc. REIT		9,064,332
	268,164	VICI Properties, Inc. REIT		7,497,865
	86,477	Welltower, Inc. REIT		7,202,669
	503,237	Weyerhaeuser Co. REIT		19,565,855
	78,238	W.P. Carey, Inc. REIT		6,055,621
				446,487,909
Utilities – 2.1%
	498,863	AES Corp. (The)		10,590,862
	218,306	Alliant Energy Corp.		12,749,070
	152,860	Ameren Corp.		13,138,317
	104,431	American Electric Power Co., Inc.		9,466,670
	51,218	American Water Works Co., Inc.		7,738,528
	321,474	CenterPoint Energy, Inc.		8,792,314
	127,404	CMS Energy Corp.		8,155,130
	197,083	Consolidated Edison, Inc.		16,903,809
	117,142	Constellation Energy Corp.		5,386,189
	158,614	Dominion Energy, Inc.		12,614,571
	76,655	DTE Energy Co.		9,320,481
	175,649	Duke Energy Corp.		17,636,916
	107,601	Edison International		6,824,055
	42,960	Entergy Corp.		4,519,822
	223,750	Evergy, Inc.		13,964,238
	106,743	Eversource Energy		8,731,577
	351,422	Exelon Corp.		14,956,520
	281,362	FirstEnergy Corp.		11,775,000
	325,604	NextEra Energy, Inc.		25,485,025
	273,216	PPL Corp.		7,150,063
	193,756	Public Service Enterprise Group, Inc.		12,561,201
	64,500	Sempra Energy		9,302,190
	253,776	Southern Co. (The)		16,437,072
	102,573	WEC Energy Group, Inc.		9,321,834
	193,529	Xcel Energy, Inc.		13,030,308
				286,551,762
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $9,697,116,968)		$	13,413,352,255

Shares	Dividend Rate	Value
Securities Lending Reinvestment Vehicle – 0.0%(b)
Goldman Sachs Financial Square Government Fund – Institutional Shares
4,006,720	0.026%	$	4,006,720
(Cost $4,006,720)
TOTAL INVESTMENTS – 99.8%
(Cost $9,701,123,688)		$	13,417,358,975
OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.2%			20,283,727
NET ASSETS – 100.0%		$	13,437,642,702

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

62 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, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – 99.2%
Communication Services – 2.6%
	28,481	AMC Entertainment Holdings, Inc., Class A*(a)	$	537,152
	4,580	AMC Networks, Inc., Class A*		189,841
	40,435	Audacy, Inc.*		125,348
	19,057	Cargurus, Inc.*		923,312
	22,823	Cars.com, Inc.*		369,276
	6,664	Cogent Communications Holdings, Inc.		422,498
	28,654	Consolidated Communications Holdings, Inc.*		204,016
	9,264	EchoStar Corp., Class A*		225,486
	11,870	EverQuote, Inc., Class A*		176,626
	15,882	EW Scripps Co. (The), Class A*		353,533
	29,282	Fluent, Inc.*		41,580
	63,430	Gannett Co., Inc.*		314,613
	12,994	Gogo, Inc.*		185,034
	16,467	Gray Television, Inc.		385,822
	698	Hemisphere Media Group, Inc.*		3,734
	13,171	IDT Corp., Class B*		474,946
	7,961	iHeartMedia, Inc., Class A*		170,763
	9,124	Iridium Communications, Inc.*		361,219
	10,906	John Wiley & Sons, Inc., Class A		548,681
	10,411	Liberty Latin America Ltd., Class A (Chile)*		104,630
	24,890	Liberty Latin America Ltd., Class C (Chile)*		251,140
	4,097	Liberty Media Corp.-Liberty Braves, Class A*		105,006
	3,812	Liberty Media Corp.-Liberty Braves, Class C*		94,156
	8,756	Lions Gate Entertainment Corp., Class B*		124,773
	5,503	Magnite, Inc.*		80,234
	7,760	MediaAlpha, Inc., Class A*		111,434
	17,818	Ooma, Inc.*		297,917
	10,363	QuinStreet, Inc.*		116,584
	10,484	Scholastic Corp.		441,167
	5,109	Shenandoah Telecommunications Co.		114,186
	4,773	Sinclair Broadcast Group, Inc., Class A		143,190
	25,618	Stagwell, Inc.*		194,184
	6,878	TechTarget, Inc.*		539,098
	34,293	TEGNA, Inc.		785,996
	12,328	Telephone and Data Systems, Inc.		213,891
	5,303	Thryv Holdings, Inc.*		161,211
	79,910	TrueCar, Inc.*		266,899
	6,170	United States Cellular Corp.*		169,737
	5,701	WideOpenWest, Inc.*		96,860
	18,484	Yelp, Inc.*		626,423
	7,986	Ziff Davis, Inc.*		803,392
				11,855,588
Consumer Discretionary – 11.7%
	17,413	1-800-Flowers.com, Inc., Class A*		269,553
	12,558	2U, Inc.*		131,859
	9,965	Aaron’s Co., Inc. (The)		209,165
	19,176	Abercrombie & Fitch Co., Class A*		730,222
	7,700	Academy Sports & Outdoors, Inc.*		249,249
Common Stocks – (continued)
Consumer Discretionary – (continued)
	8,505	Acushnet Holdings Corp.		372,519
	11,455	Adient PLC*		512,611
	13,892	Adtalem Global Education, Inc.*		288,676
	2,280	America’s Car-Mart, Inc.*		219,290
	21,445	American Axle & Manufacturing Holdings, Inc.*		198,581
	15,455	American Eagle Outfitters, Inc.		325,791
	3,086	American Outdoor Brands, Inc.*		48,234
	12,435	American Public Education, Inc.*		248,203
	5,308	Arko Corp.*		44,322
	3,801	Asbury Automotive Group, Inc.*		737,812
	3,496	Barnes & Noble Education, Inc.*		19,158
	7,177	Bassett Furniture Industries, Inc.		125,956
	17,302	Beazer Homes USA, Inc.*		283,234
	21,205	Bed Bath & Beyond, Inc.*		358,152
	9,435	Big 5 Sporting Goods Corp.(a)		156,244
	9,562	Big Lots, Inc.		332,375
	3,827	BJ’s Restaurants, Inc.*		122,732
	10,260	Bloomin’ Brands, Inc.*		252,499
	5,345	Bluegreen Vacations Holding Corp.*		151,477
	4,098	Boot Barn Holdings, Inc.*		356,608
	6,192	Brinker International, Inc.*		263,408
	8,700	Buckle, Inc. (The)		313,200
	13,278	Caleres, Inc.		275,651
	12,389	Callaway Golf Co.*		306,504
	4,732	Camping World Holdings, Inc., Class A		145,320
	18,115	CarParts.com, Inc.*		151,623
	6,794	Carriage Services, Inc.		334,333
	945	Cavco Industries, Inc.*		257,635
	3,543	Century Casinos, Inc.*		43,579
	4,424	Century Communities, Inc.		281,897
	4,577	Cheesecake Factory, Inc. (The)*		195,850
	28,423	Chico’s FAS, Inc.*		133,588
	3,819	Children’s Place, Inc. (The)*		240,444
	3,984	Chuy’s Holdings, Inc.*		129,878
	5,858	Citi Trends, Inc.*		218,562
	8,128	Clarus Corp.		185,075
	5,686	Conn’s, Inc.*		104,281
	15,810	Container Store Group, Inc. (The)*		139,602
	1,580	Cracker Barrel Old Country Store, Inc.		212,147
	12,017	Crocs, Inc.*		1,006,183
	21,412	Dana, Inc.		398,691
	3,413	Dave & Buster’s Entertainment, Inc.*		147,919
	21,746	Del Taco Restaurants, Inc.		271,390
	6,561	Denny’s Corp.*		103,795
	6,899	Designer Brands, Inc., Class A*		90,032
	3,135	Dillard’s, Inc., Class A		785,976
	1,602	Dine Brands Global, Inc.		134,312
	7,083	Dorman Products, Inc.*		661,694
	8,840	Duluth Holdings, Inc., Class B*		123,141
	10,279	El Pollo Loco Holdings, Inc.*		136,402
	16,656	Ethan Allen Interiors, Inc.		434,055
	10,827	Everi Holdings, Inc.*		253,352
	14,464	Fiesta Restaurant Group, Inc.*		145,652
	1,583	Flexsteel Industries, Inc.		34,177
	34,797	Fossil Group, Inc.*		470,455

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

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

Schedule of Investments (continued)

February 28, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Consumer Discretionary – (continued)
	5,540	Fox Factory Holding Corp.*	$	653,831
	3,802	Franchise Group, Inc.		160,254
	3,899	Full House Resorts, Inc.*		34,311
	16,680	Funko, Inc., Class A*		291,233
	8,008	Genesco, Inc.*		513,713
	9,384	Gentherm, Inc.*		796,139
	9,426	G-III Apparel Group Ltd.*		261,477
	4,459	Golden Entertainment, Inc.*		253,851
	35,496	Goodyear Tire & Rubber Co. (The)*		549,833
	26,596	GoPro, Inc., Class A*		228,726
	711	Graham Holdings Co., Class B		427,403
	5,655	Green Brick Partners, Inc.*		131,139
	3,393	Group 1 Automotive, Inc.		617,288
	5,674	Groupon, Inc.*		123,239
	7,433	Guess?, Inc.		162,783
	13,586	Haverty Furniture Cos., Inc.		385,978
	3,510	Helen of Troy Ltd.*		721,902
	9,803	Hibbett, Inc.		441,919
	5,709	Hilton Grand Vacations, Inc.*		296,069
	38,528	Houghton Mifflin Harcourt Co.*		807,162
	1,846	Hovnanian Enterprises, Inc., Class A*		177,438
	3,683	Installed Building Products, Inc.		356,146
	13,569	International Game Technology PLC		415,483
	5,721	iRobot Corp.*		355,617
	3,135	Jack in the Box, Inc.		270,456
	3,368	Johnson Outdoors, Inc., Class A		277,759
	11,462	KB Home		442,548
	962	Kirkland’s, Inc.*(a)		13,314
	9,208	Kontoor Brands, Inc.		456,164
	7,900	Lands’ End, Inc.*		133,984
	20,171	Laureate Education, Inc., Class A		218,654
	13,119	La-Z-Boy, Inc.		382,812
	6,016	Lazydays Holdings, Inc.*		109,672
	5,617	LCI Industries		699,429
	1,643	LGI Homes, Inc.*		207,232
	6,758	Lifetime Brands, Inc.		88,530
	2,096	Liquidity Services, Inc.*		36,114
	8,885	LL Flooring Holdings, Inc.*		142,693
	3,645	Lovesac Co. (The)*		154,876
	5,547	M/I Homes, Inc.*		273,412
	46,281	Macy’s, Inc.		1,199,604
	4,709	Malibu Boats, Inc., Class A*		328,076
	3,502	Marine Products Corp.		42,339
	7,276	MarineMax, Inc.*		332,950
	12,620	MasterCraft Boat Holdings, Inc.*		361,437
	4,522	MDC Holdings, Inc.		200,505
	5,264	Meritage Homes Corp.*		518,925
	12,262	Modine Manufacturing Co.*		123,846
	3,255	Monarch Casino & Resort, Inc.*		253,565
	2,682	Monro, Inc.		125,196
	6,367	Movado Group, Inc.		250,987
	5,470	Murphy USA, Inc.		988,648
	2,333	Nathan’s Famous, Inc.		135,664
	7,194	National Vision Holdings, Inc.*		263,804
	19,066	Nautilus, Inc.*		92,851
	8,143	ODP Corp. (The)*		358,292
Common Stocks – (continued)
Consumer Discretionary – (continued)
	4,659	ONE Group Hospitality, Inc. (The)*		54,697
	3,420	OneWater Marine, Inc., Class A		173,770
	6,557	Overstock.com, Inc.*		373,093
	5,620	Oxford Industries, Inc.		496,752
	8,191	Papa John’s International, Inc.		874,963
	5,832	Patrick Industries, Inc.		416,055
	54,941	Perdoceo Education Corp.*		575,232
	6,988	PetMed Express, Inc.(a)		188,327
	5,718	Porch Group, Inc.*		46,316
	10,012	Purple Innovation, Inc.*		60,272
	2,915	RCI Hospitality Holdings, Inc.		189,242
	7,530	Red Robin Gourmet Burgers, Inc.*		132,152
	7,059	Red Rock Resorts, Inc., Class A		354,927
	18,681	Rent-A-Center, Inc.		530,727
	4,800	Revolve Group, Inc.*		227,664
	238	Rocky Brands, Inc.		9,173
	8,795	Rush Street Interactive, Inc.*		90,852
	21,209	Sally Beauty Holdings, Inc.*		366,492
	7,384	Scientific Games Corp.*		464,601
	4,138	SeaWorld Entertainment, Inc.*		287,136
	14,468	Shoe Carnival, Inc.		421,887
	6,485	Shutterstock, Inc.		587,087
	7,645	Signet Jewelers Ltd.		538,973
	6,587	Skyline Champion Corp.*		442,910
	8,109	Sleep Number Corp.*		532,761
	16,676	Smith & Wesson Brands, Inc.		293,998
	3,461	Sonic Automotive, Inc., Class A		185,890
	20,838	Sonos, Inc.*		570,753
	15,872	Sportsman’s Warehouse Holdings, Inc.*		181,100
	10,373	Standard Motor Products, Inc.		453,404
	15,133	Steven Madden Ltd.		645,574
	10,675	Stitch Fix, Inc., Class A*		133,971
	15,375	Stoneridge, Inc.*		253,841
	3,566	Strategic Education, Inc.		210,465
	19,594	Stride, Inc.*		657,967
	6,233	Sturm Ruger & Co., Inc.		451,332
	18,692	Taylor Morrison Home Corp.*		551,414
	10,559	Tenneco, Inc., Class A*		203,578
	7,776	Texas Roadhouse, Inc.		738,020
	3,435	TravelCenters of America, Inc.*		145,060
	19,747	Tri Pointe Homes, Inc.*		441,740
	23,275	Tupperware Brands Corp.*		424,303
	5,746	Unifi, Inc.*		107,852
	6,877	Urban Outfitters, Inc.*		189,186
	17,704	Vera Bradley, Inc.*		133,842
	10,442	Vista Outdoor, Inc.*		380,611
	2,134	Visteon Corp.*		256,443
	2,134	Vivint Smart Home, Inc.*		15,343
	3,141	VOXX International Corp.*		33,703
	7,502	Wingstop, Inc.		1,090,416
	1,973	Winmark Corp.		446,332
	5,471	Winnebago Industries, Inc.		350,527
	12,016	Wolverine World Wide, Inc.		276,728
	23,050	WW International, Inc.*		234,880
	5,386	XPEL, Inc.*		391,024
	10,407	Zumiez, Inc.*		463,007
				53,869,962

64 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 – 3.7%
	15,581	22nd Century Group, Inc.*	$	36,460
	3,252	Andersons, Inc. (The)		148,291
	9,527	B&G Foods, Inc.(a)		281,999
	8,014	Beauty Health Co. (The)*		155,311
	8,397	BellRing Brands, Inc., Class A*		214,711
	22,302	BJ’s Wholesale Club Holdings, Inc.*		1,402,127
	3,379	Cal-Maine Foods, Inc.		149,588
	8,130	Celsius Holdings, Inc.*		519,426
	4,528	Central Garden & Pet Co.*		214,356
	6,389	Central Garden & Pet Co., Class A*		281,372
	1,963	Coca-Cola Consolidated, Inc.		975,474
	8,917	Edgewell Personal Care Co.		318,159
	5,824	elf Beauty, Inc.*		153,928
	4,088	Energizer Holdings, Inc.		136,498
	7,409	Fresh Del Monte Produce, Inc.		191,745
	29,509	Hostess Brands, Inc.*		635,624
	8,542	Ingles Markets, Inc., Class A		702,323
	3,381	Inter Parfums, Inc.		314,027
	1,520	J & J Snack Foods Corp.		248,854
	3,896	John B. Sanfilippo & Son, Inc.		309,810
	3,022	Lancaster Colony Corp.		508,331
	6,343	Landec Corp.*		73,071
	3,175	Medifast, Inc.		590,550
	1,681	MGP Ingredients, Inc.		133,824
	10,153	National Beverage Corp.(a)		446,834
	578	Nature’s Sunshine Products, Inc.		10,132
	32,469	NewAge, Inc.*		21,975
	9,146	Nu Skin Enterprises, Inc., Class A		424,283
	20,456	Performance Food Group Co.*		1,146,354
	2,193	PriceSmart, Inc.		159,475
	28,692	Primo Water Corp.		417,182
	16,074	Rite Aid Corp.*		147,238
	3,502	Sanderson Farms, Inc.		625,422
	7,561	Simply Good Foods Co. (The)*		299,642
	15,545	SpartanNash Co.		437,436
	20,694	Sprouts Farmers Market, Inc.*		589,365
	9,370	TreeHouse Foods, Inc.*		367,773
	4,624	Turning Point Brands, Inc.		154,997
	14,812	United Natural Foods, Inc.*		595,887
	6,533	Universal Corp.		353,501
	4,745	USANA Health Sciences, Inc.*		417,607
	6,538	Utz Brands, Inc.		99,705
	31,026	Vector Group Ltd.		347,801
	6,976	Village Super Market, Inc., Class A		158,913
	8,164	Vital Farms, Inc.*		116,337
	2,597	WD-40 Co.		550,278
	4,968	Weis Markets, Inc.		306,377
				16,890,373
Energy – 4.7%
	7,461	Aemetis, Inc.*		95,650
	33,703	Alto Ingredients, Inc.*		196,488
	33,542	Antero Resources Corp.*		769,118
	1,808	Arch Resources, Inc.(a)		215,821
	37,392	Archrock, Inc.		312,223
	4,360	Bristow Group, Inc.*		144,490
Common Stocks – (continued)
Energy – (continued)
	10,160	Cactus, Inc., Class A		514,706
	7,916	California Resources Corp.		326,377
	5,921	Callon Petroleum Co.*		333,708
	40,599	Centennial Resource Development, Inc., Class A*		356,459
	2,727	Centrus Energy Corp., Class A*		123,451
	20,409	ChampionX Corp.*		436,957
	12,026	Chesapeake Energy Corp.		929,008
	8,849	Civitas Resources, Inc.		446,609
	21,404	CNX Resources Corp.*		349,741
	32,721	Comstock Resources, Inc.*		271,584
	10,846	CONSOL Energy, Inc.*		333,406
	5,955	Delek US Holdings, Inc.*		102,605
	4,181	Denbury, Inc.*		303,791
	53,031	DHT Holdings, Inc.		333,565
	7,702	DMC Global, Inc.*		226,439
	14,855	Dorian LPG Ltd.		204,702
	22,082	Energy Fuels, Inc.*		180,410
	30,806	Equitrans Midstream Corp.		197,466
	19,409	Gevo, Inc.*(a)		68,902
	3,751	Green Plains, Inc.*		122,808
	44,532	Helix Energy Solutions Group, Inc.*		180,355
	4,454	Helmerich & Payne, Inc.		161,368
	4,482	International Seaways, Inc.		81,976
	60	Kinetik Holdings, Inc.		4,080
	25,928	Kosmos Energy Ltd. (Ghana)*		126,010
	5,014	Laredo Petroleum, Inc.*		383,872
	9,856	Liberty Oilfield Services, Inc., Class A*		123,003
	48,724	Magnolia Oil & Gas Corp., Class A		1,088,981
	15,711	Matador Resources Co.		779,266
	16,215	Murphy Oil Corp.		562,174
	2,610	Nabors Industries Ltd.*		327,659
	1,304	National Energy Services Reunited Corp.*		11,619
	8,796	Newpark Resources, Inc.*		33,161
	33,713	NexTier Oilfield Solutions, Inc.*		268,355
	5,399	Northern Oil and Gas, Inc.		135,407
	1,371	Oasis Petroleum, Inc.		181,671
	17,210	Oceaneering International, Inc.*		251,954
	22,546	Oil States International, Inc.*		117,916
	27,980	Ovintiv, Inc.		1,282,883
	11,377	Patterson-UTI Energy, Inc.		164,170
	11,833	PBF Energy, Inc., Class A*		196,664
	13,627	PDC Energy, Inc.		879,214
	41,454	ProPetro Holding Corp.*		529,368
	16,370	Range Resources Corp.*		375,692
	9,629	Renewable Energy Group, Inc.*		592,184
	1,558	REX American Resources Corp.*		147,169
	890	Riley Exploration Permian, Inc.		29,815
	49,622	RPC, Inc.*		435,185
	18,215	SFL Corp. Ltd. (Norway)		181,239
	32,306	SM Energy Co.		1,147,186
	20,751	Solaris Oilfield Infrastructure, Inc., Class A		215,810
	37,516	Southwestern Energy Co.*		187,205
	9,983	Talos Energy, Inc.*		156,833

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

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

Schedule of Investments (continued)

February 28, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Energy – (continued)
	8,969	Teekay Corp. (Bermuda)*	$	30,226
	36,068	Tellurian, Inc.*		137,419
	39,731	TETRA Technologies, Inc.*		127,139
	37,667	Uranium Energy Corp.*(a)		150,291
	2,487	Ur-Energy, Inc.*		3,681
	16,808	US Silica Holdings, Inc.*		243,044
	74,538	W&T Offshore, Inc.*		362,255
	14,283	Whiting Petroleum Corp.		1,054,800
	12,398	World Fuel Services Corp.		351,359
				21,696,142
Financials – 18.7%
	3,208	1st Source Corp.		154,914
	3,018	Allegiance Bancshares, Inc.		129,321
	4,153	A-Mark Precious Metals, Inc.		297,770
	17,849	American Equity Investment Life Holding Co.		672,729
	3,667	American National Bankshares, Inc.		141,546
	1,904	American National Group, Inc.		359,913
	11,949	Ameris Bancorp		591,475
	6,644	AMERISAFE, Inc.		312,932
	18,048	Apollo Commercial Real Estate Finance, Inc. REIT		235,526
	20,651	Arbor Realty Trust, Inc. REIT		371,718
	12,987	Ares Commercial Real Estate Corp. REIT		190,260
	4,123	Argo Group International Holdings Ltd.		173,867
	17,339	ARMOUR Residential REIT, Inc. REIT		140,966
	7,058	Arrow Financial Corp.		242,442
	15,571	Artisan Partners Asset Management, Inc., Class A		593,411
	18,009	Associated Banc-Corp.		439,240
	7,294	Atlantic Capital Bancshares, Inc.*		235,888
	9,350	Atlantic Union Bankshares Corp.		379,890
	19,399	Axos Financial, Inc.*		1,061,901
	7,386	B. Riley Financial, Inc.		439,836
	5,647	BancFirst Corp.		441,200
	6,668	Banco Latinoamericano de Comercio Exterior SA, Class E (Panama)		103,021
	12,485	Bancorp, Inc. (The)*		365,810
	2,101	Bank First Corp.		147,973
	3,323	Bank of Marin Bancorp		117,368
	17,589	Bank of NT Butterfield & Son Ltd. (The) (Bermuda)		675,418
	11,163	BankUnited, Inc.		493,405
	4,928	Banner Corp.		303,614
	425	Bar Harbor Bankshares		12,219
	5,486	Berkshire Hills Bancorp, Inc.		170,615
	25,648	BGC Partners, Inc., Class A		117,468
	16,131	Blackstone Mortgage Trust, Inc., Class A REIT		512,643
	6,245	Blue Ridge Bankshares, Inc.		100,232
	26,678	Brightsphere Investment Group, Inc.		636,804
	10,073	Broadmark Realty Capital, Inc. REIT		87,232
	13,174	Brookline Bancorp, Inc.		225,802
	3,691	BRP Group, Inc., Class A*		102,499
	30,720	Cadence Bank		971,366
Common Stocks – (continued)
Financials – (continued)
	1,408	Cambridge Bancorp		124,115
	7,393	Camden National Corp.		351,537
	13,087	Cannae Holdings, Inc.*		351,386
	7,270	Capital City Bank Group, Inc.		204,069
	13,567	Capitol Federal Financial, Inc.		148,152
	14,416	Cathay General Bancorp		677,984
	6,281	Central Pacific Financial Corp.		183,342
	43,529	Chimera Investment Corp. REIT		529,748
	1,852	Citizens & Northern Corp.		45,874
	5,376	City Holding Co.		428,306
	9,067	Civista Bancshares, Inc.		221,144
	6,176	CNB Financial Corp.		161,502
	21,409	CNO Financial Group, Inc.		517,456
	7,604	Cohen & Steers, Inc.		617,901
	9,585	Columbia Banking System, Inc.		351,099
	5,801	Columbia Financial, Inc.*		123,213
	7,121	Community Bank System, Inc.		519,406
	4,473	Community Trust Bancorp, Inc.		189,118
	5,886	ConnectOne Bancorp, Inc.		194,238
	11,031	Cowen, Inc., Class A		327,069
	3,031	Crawford & Co., Class A		23,369
	8,373	Curo Group Holdings Corp.		111,947
	13,737	Customers Bancorp, Inc.*		845,512
	15,579	CVB Financial Corp.		367,353
	1,542	Diamond Hill Investment Group, Inc.		298,963
	6,233	Dime Community Bancshares, Inc.		211,860
	2,383	Donegal Group, Inc., Class A		32,552
	8,752	Donnelley Financial Solutions, Inc.*		280,939
	16,915	Dynex Capital, Inc. REIT		259,984
	7,651	Eagle Bancorp, Inc.		458,448
	13,049	Eastern Bankshares, Inc.		285,251
	12,275	Ellington Financial, Inc. REIT		216,899
	9,365	Employers Holdings, Inc.		363,924
	10,361	Encore Capital Group, Inc.*		683,722
	14,800	Enova International, Inc.*		603,396
	2,770	Enstar Group Ltd.*		789,533
	5,195	Enterprise Financial Services Corp.		256,841
	19,148	Essent Group Ltd.		845,959
	10,228	Farmers National Banc Corp.		176,228
	7,733	FB Financial Corp.		343,655
	7,306	Federal Agricultural Mortgage Corp., Class C		903,752
	20,826	Federated Hermes, Inc.		680,385
	7,357	Financial Institutions, Inc.		234,983
	28,503	First BanCorp. (Puerto Rico)		402,462
	5,170	First Bancorp, Inc. (The)		154,066
	3,634	First Bancshares, Inc. (The)		128,317
	6,967	First BankCorp		312,679
	8,336	First Busey Corp.		228,823
	18,927	First Commonwealth Financial Corp.		305,671
	124	First Community Bankshares, Inc.		3,637
	16,828	First Financial Bancorp		413,632
	21,596	First Financial Bankshares, Inc.		1,034,880
	3,558	First Financial Corp.		165,483
	9,586	First Foundation, Inc.		255,659
	4,312	First Internet Bancorp		210,771

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

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

Shares		Description	Value
Common Stocks – (continued)
Financials – (continued)
	14,259	First Interstate BancSystem, Inc., Class A	$	578,915
	11,627	First Merchants Corp.		508,565
	4,014	First Mid Bancshares, Inc.		160,841
	7,820	First of Long Island Corp. (The)		170,241
	4,633	FirstCash Holdings, Inc.		333,761
	16,307	Flagstar Bancorp, Inc.		743,273
	11,105	Flushing Financial Corp.		260,856
	3,949	Focus Financial Partners, Inc., Class A*		197,608
	5,889	FS Bancorp, Inc.		188,566
	26,995	Fulton Financial Corp.		486,450
	72,766	Genworth Financial, Inc., Class A*		295,430
	8,718	German American Bancorp, Inc.		346,802
	17,757	Glacier Bancorp, Inc.		983,738
	1,462	Goosehead Insurance, Inc., Class A		127,165
	11,138	Great Ajax Corp. REIT		126,862
	5,524	Great Southern Bancorp, Inc.		339,284
	3,772	Green Dot Corp., Class A*		108,068
	12,030	Greenhill & Co., Inc.		212,690
	7,179	Hamilton Lane, Inc., Class A		560,680
	10,442	Hancock Whitney Corp.		581,411
	8,380	Hanmi Financial Corp.		218,886
	4,183	Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT		198,023
	12,852	HarborOne Bancorp, Inc.		190,081
	2,108	HCI Group, Inc.		131,244
	7,111	Heartland Financial USA, Inc.		352,848
	15,689	Heritage Commerce Corp.		186,542
	5,414	Heritage Financial Corp.		141,955
	19,298	Hilltop Holdings, Inc.		596,694
	1,067	Hingham Institution For Savings (The)		383,949
	3,249	Home Bancorp, Inc.		127,393
	24,888	Home BancShares, Inc.		582,628
	7,979	HomeStreet, Inc.		410,599
	5,119	HomeTrust Bancshares, Inc.		153,980
	23,233	Hope Bancorp, Inc.		394,032
	9,671	Horace Mann Educators Corp.		402,217
	11,158	Horizon Bancorp, Inc.		224,053
	8,770	Houlihan Lokey, Inc.		902,082
	11,474	Independent Bank Corp.		273,081
	7,117	Independent Bank Corp.		612,133
	5,523	Independent Bank Group, Inc.		426,099
	9,164	International Bancshares Corp.		394,144
	47,266	Invesco Mortgage Capital, Inc. REIT		103,040
	29,449	Investors Bancorp, Inc.		492,976
	1,033	Investors Title Co.		197,871
	9,845	Kearny Financial Corp.		130,052
	3,755	Kinsale Capital Group, Inc.		787,649
	6,961	KKR Real Estate Finance Trust, Inc. REIT		149,453
	10,360	Lakeland Bancorp, Inc.		186,894
	7,706	Lakeland Financial Corp.		618,098
	5,185	LendingClub Corp.*		96,337
	7,000	Live Oak Bancshares, Inc.		447,650
	17,515	Macatawa Bank Corp.		160,788
	24,929	Maiden Holdings Ltd.*		60,827
	19,093	MBIA, Inc.*		291,168
Common Stocks – (continued)
Financials – (continued)
	6,162	Mercantile Bank Corp.		227,193
	9,827	Meta Financial Group, Inc.		544,318
	76,061	MFA Financial, Inc. REIT		308,808
	4,801	Midland States Bancorp, Inc.		140,957
	3,960	MidWestOne Financial Group, Inc.		119,552
	10,431	Moelis & Co., Class A		502,879
	30,552	Mr Cooper Group, Inc.*		1,552,958
	4,785	National Bank Holdings Corp., Class A		212,358
	700	National Western Life Group, Inc., Class A		149,345
	39,781	Navient Corp.		700,543
	7,513	NBT Bancorp, Inc.		288,274
	4,467	Nelnet, Inc., Class A		359,817
	64,301	New York Mortgage Trust, Inc. REIT		225,697
	183	NI Holdings, Inc.*		3,281
	3,862	Nicolet Bankshares, Inc.*		367,894
	14,897	NMI Holdings, Inc., Class A*		344,717
	4,253	Northrim BanCorp, Inc.		190,492
	14,548	Northwest Bancshares, Inc.		204,836
	7,290	OceanFirst Financial Corp.		163,150
	2,633	Ocwen Financial Corp.*		75,383
	11,411	OFG Bancorp (Puerto Rico)		321,562
	36,700	Old National Bancorp		670,876
	13,812	Old Second Bancorp, Inc.		196,545
	9,911	Open Lending Corp., Class A*		206,446
	6,278	Oppenheimer Holdings, Inc., Class A		271,147
	1,247	Origin Bancorp, Inc.		57,586
	9,475	Pacific Premier Bancorp, Inc.		366,777
	3,675	Park National Corp.		492,670
	5,145	PCSB Financial Corp.		95,851
	6,469	Peapack-Gladstone Financial Corp.		244,011
	14,641	PennyMac Financial Services, Inc.		845,518
	17,317	PennyMac Mortgage Investment Trust REIT		270,145
	11,996	Peoples Bancorp, Inc.		375,235
	3,387	Peoples Financial Services Corp.		161,865
	2,467	Piper Sandler Cos.		365,141
	5,774	PJT Partners, Inc., Class A		368,497
	6,845	PRA Group, Inc.*		305,492
	6,877	Preferred Bank		539,707
	6,561	Premier Financial Corp.		201,226
	7,939	Primis Financial Corp.		113,528
	8,205	ProAssurance Corp.		197,741
	8,467	PROG Holdings, Inc.*		259,429
	13,321	Provident Financial Services, Inc.		316,107
	13,840	Pzena Investment Management, Inc., Class A		127,743
	4,723	QCR Holdings, Inc.		263,827
	35,245	Radian Group, Inc.		842,356
	12,080	Ready Capital Corp. REIT		179,388
	27,509	Redwood Trust, Inc. REIT		285,819
	5,617	Regional Management Corp.		288,321
	7,427	Renasant Corp.		271,160
	5,083	Republic Bancorp, Inc., Class A		233,208
	5,479	RLI Corp.		556,119
	6,966	S&T Bancorp, Inc.		216,573

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

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

Schedule of Investments (continued)

February 28, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Financials – (continued)
	4,191	Safety Insurance Group, Inc.	$	349,697
	9,567	Sandy Spring Bancorp, Inc.		450,510
	7,299	Seacoast Banking Corp. of Florida		267,508
	10,861	Selective Insurance Group, Inc.		903,527
	14,013	ServisFirst Bancshares, Inc.		1,224,456
	6,015	Sierra Bancorp		161,443
	1,576	Silvergate Capital Corp., Class A*		201,854
	13,954	Simmons First National Corp., Class A		397,968
	20,996	SiriusPoint Ltd. (Bermuda)*		155,160
	1,357	SmartFinancial, Inc.		35,404
	5,164	Southern First Bancshares, Inc.*		294,658
	5,541	Southern Missouri Bancorp, Inc.		296,887
	5,548	Southside Bancshares, Inc.		231,296
	5,785	SouthState Corp.		520,650
	8,496	StepStone Group, Inc., Class A		293,367
	8,729	Stewart Information Services Corp.		592,525
	8,581	Stock Yards Bancorp, Inc.		458,826
	5,323	StoneX Group, Inc.*		401,620
	857	Summit Financial Group, Inc.		23,370
	5,605	Texas Capital Bancshares, Inc.*		373,293
	3,122	Tompkins Financial Corp.		246,950
	11,612	Towne Bank		362,062
	2,068	TPG RE Finance Trust, Inc. REIT		24,485
	7,604	TriCo Bancshares		330,014
	10,061	TriState Capital Holdings, Inc.*		334,025
	5,757	Triumph Bancorp, Inc.*		577,542
	2,360	Trupanion, Inc.*		211,527
	4,850	TrustCo Bank Corp.		165,725
	10,730	Trustmark Corp.		337,888
	44,482	Two Harbors Investment Corp. REIT		225,079
	7,302	UMB Financial Corp.		743,782
	14,946	United Bankshares, Inc.		547,323
	15,163	United Community Banks, Inc.		586,202
	10,791	Universal Insurance Holdings, Inc.		124,744
	5,760	Univest Financial Corp.		166,925
	58,587	Valley National Bancorp		818,460
	8,482	Veritex Holdings, Inc.		344,624
	2,072	Virtus Investment Partners, Inc.		498,565
	8,765	Walker & Dunlop, Inc.		1,212,638
	12,427	Washington Federal, Inc.		442,153
	5,693	Washington Trust Bancorp, Inc.		308,959
	14,030	Waterstone Financial, Inc.		274,146
	9,747	WesBanco, Inc.		356,155
	10,873	West BanCorp, Inc.		314,230
	4,376	Westamerica BanCorp		259,584
	2,013	World Acceptance Corp.*		395,494
	12,604	WSFS Financial Corp.		640,661
				85,919,129
Health Care – 13.3%
	24,758	ACADIA Pharmaceuticals, Inc.*		629,101
	26,815	Accuray, Inc.*		93,048
	10,627	AdaptHealth Corp.*		185,229
	3,038	Addus HomeCare Corp.*		258,351
	123,670	Akebia Therapeutics, Inc.*		267,127
	10,818	Alector, Inc.*		171,357
Common Stocks – (continued)
Health Care – (continued)
	43,149	Alkermes PLC*		1,072,684
	1,632	Allakos, Inc.*		9,123
	31,841	Allscripts Healthcare Solutions, Inc.*		619,626
	14,826	Alphatec Holdings, Inc.*		163,382
	11,178	AMN Healthcare Services, Inc.*		1,186,433
	77,077	Amneal Pharmaceuticals, Inc.*		349,159
	20,040	Amphastar Pharmaceuticals, Inc.*		555,308
	14,286	Ampio Pharmaceuticals, Inc.*		7,142
	6,886	Anavex Life Sciences Corp.*		75,471
	13,127	AngioDynamics, Inc.*		308,878
	8,014	ANI Pharmaceuticals, Inc.*		300,124
	7,228	Anika Therapeutics, Inc.*		234,910
	97,885	Antares Pharma, Inc.*		342,597
	3,130	Apellis Pharmaceuticals, Inc.*		133,119
	2,773	Apollo Medical Holdings, Inc.*		133,437
	2,043	Apyx Medical Corp.*		20,675
	2,869	Arcus Biosciences, Inc.*		106,727
	1,670	Arena Pharmaceuticals, Inc.*		158,600
	9,802	Arrowhead Pharmaceuticals, Inc.*		431,288
	2,433	Artivion, Inc.*		47,565
	4,972	Arvinas, Inc.*		322,235
	47,484	Atea Pharmaceuticals, Inc.*		301,049
	6,049	AtriCure, Inc.*		420,103
	198	Atrion Corp.		141,661
	6,237	Avanos Medical, Inc.*		220,727
	11,343	Avid Bioservices, Inc.*		232,305
	2,677	Axonics, Inc.*		151,946
	2,343	Beam Therapeutics, Inc.*		183,574
	16,417	BioCryst Pharmaceuticals, Inc.*		272,686
	75,408	BioDelivery Sciences International, Inc.*		420,777
	3,040	Biohaven Pharmaceutical Holding Co. Ltd.*		360,878
	3,398	BioLife Solutions, Inc.*		79,853
	4,247	Blueprint Medicines Corp.*		257,156
	2,795	Bridgebio Pharma, Inc.*		21,801
	36,033	Brookdale Senior Living, Inc.*		247,907
	12,769	Cara Therapeutics, Inc.*		132,415
	13,518	Cardiovascular Systems, Inc.*		284,689
	8,033	CareDx, Inc.*		308,307
	2,961	Cassava Sciences, Inc.*(a)		125,872
	79,556	Catalyst Pharmaceuticals, Inc.*		620,537
	2,486	Celcuity, Inc.*		25,109
	3,484	Celldex Therapeutics, Inc.*		104,172
	20,857	Cerus Corp.*		122,431
	25,419	ChromaDex Corp.*		69,394
	25,225	Coherus Biosciences, Inc.*		297,403
	28,840	Collegium Pharmaceutical, Inc.*		561,515
	26,769	Community Health Systems, Inc.*		281,342
	11,554	Computer Programs and Systems, Inc.*		355,632
	4,183	CONMED Corp.		611,387
	55,431	Corcept Therapeutics, Inc.*		1,235,557
	3,056	CorVel Corp.*		486,087
	14,297	Covetrus, Inc.*		253,343
	29,421	Cross Country Healthcare, Inc.*		656,971
	2,429	CryoPort, Inc.*		83,388
	12,350	Cutera, Inc.*		473,746

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

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

Shares		Description	Value
Common Stocks – (continued)
Health Care – (continued)
	5,492	Cytokinetics, Inc.*	$	193,977
	24,445	CytomX Therapeutics, Inc.*		93,624
	21,356	CytoSorbents Corp.*		82,648
	9,177	Denali Therapeutics, Inc.*		298,803
	105,384	Durect Corp.*		69,891
	20,353	Dynavax Technologies Corp.*		249,528
	8,963	Eagle Pharmaceuticals, Inc.*		424,757
	17,132	Emergent BioSolutions, Inc.*		708,922
	3,833	Enanta Pharmaceuticals, Inc.*		269,920
	149,329	Endo International PLC*		464,413
	8,267	Ensign Group, Inc. (The)		694,759
	9,918	Evolent Health, Inc., Class A*		264,315
	2,413	Fate Therapeutics, Inc.*		83,369
	45,978	Fluidigm Corp.*		169,199
	8,714	Fulgent Genetics, Inc.*		542,882
	2,333	Haemonetics Corp.*		134,637
	16,780	Halozyme Therapeutics, Inc.*		595,187
	10,006	Hanger, Inc.*		181,309
	13,860	Harmony Biosciences Holdings, Inc.*		553,846
	31,553	Harvard Bioscience, Inc.*		170,386
	3,878	Health Catalyst, Inc.*		105,171
	6,858	HealthEquity, Inc.*		368,343
	7,970	HealthStream, Inc.*		163,305
	1,490	Heska Corp.*		211,580
	17,364	iCAD, Inc.*		83,868
	6,443	Ideaya Biosciences, Inc.*		85,048
	5,694	Inari Medical, Inc.*		500,958
	9,847	Infinity Pharmaceuticals, Inc.*		10,832
	12,543	InfuSystem Holdings, Inc.*		144,119
	13,514	Innovage Holding Corp.*(a)		66,624
	36,347	Innoviva, Inc.*		698,226
	3,515	Inogen, Inc.*		122,638
	8,523	Inotiv, Inc.*		225,263
	3,624	Inspire Medical Systems, Inc.*		884,473
	5,708	Integer Holdings Corp.*		478,730
	4,724	Intellia Therapeutics, Inc.*		466,967
	20,020	Intersect ENT, Inc.*		544,544
	3,246	Intra-Cellular Therapies, Inc.*		180,088
	7,150	Invitae Corp.*		77,148
	5,487	iRhythm Technologies, Inc.*		709,304
	68,206	Ironwood Pharmaceuticals, Inc.*		733,897
	6,523	IVERIC bio, Inc.*		104,629
	9,088	Joint Corp. (The)*		372,608
	1,033	Karuna Therapeutics, Inc.*		108,465
	59,582	Karyopharm Therapeutics, Inc.*		615,482
	13,866	KemPharm, Inc.*(a)		82,225
	2,072	Kymera Therapeutics, Inc.*		82,383
	11,654	Lantheus Holdings, Inc.*		557,294
	9,094	LeMaitre Vascular, Inc.		431,692
	5,642	LHC Group, Inc.*		768,271
	2,133	Ligand Pharmaceuticals, Inc.*		215,902
	15,827	Lineage Cell Therapeutics, Inc.*		22,316
	5,795	LivaNova PLC*		456,762
	25,519	MannKind Corp.*		66,860
	12,780	MEDNAX, Inc.*		299,947
	6,212	Medpace Holdings, Inc.*		950,250
Common Stocks – (continued)
Health Care – (continued)
	52,924	MEI Pharma, Inc.*		114,316
	21,528	Meridian Bioscience, Inc.*		544,658
	6,682	Merit Medical Systems, Inc.*		434,530
	752	Mesa Laboratories, Inc.		192,008
	65,162	MiMedx Group, Inc.*		329,068
	3,371	ModivCare, Inc.*		397,778
	58,196	Multiplan Corp.*		218,817
	31,597	Myriad Genetics, Inc.*		770,335
	4,466	National HealthCare Corp.		290,379
	7,002	National Research Corp.		278,540
	13,856	Natus Medical, Inc.*		385,474
	11,498	Neogen Corp.*		410,479
	10,195	NeoGenomics, Inc.*		218,275
	5,277	Nevro Corp.*		378,361
	31,168	NextGen Healthcare, Inc.*		608,711
	10,129	NuVasive, Inc.*		548,181
	6,984	Omnicell, Inc.*		902,891
	119,148	OPKO Health, Inc.*		372,933
	3,224	OptimizeRx Corp.*		146,015
	16,857	Option Care Health, Inc.*		433,225
	7,306	Oramed Pharmaceuticals, Inc. (Israel)*(a)		75,252
	31,251	Organogenesis Holdings, Inc.*		232,507
	12,120	Ortho Clinical Diagnostics Holdings PLC*		214,403
	13,673	Orthofix Medical, Inc.*		464,609
	22,078	Owens & Minor, Inc.		974,744
	17,907	Pacific Biosciences of California, Inc.*		213,451
	13,453	Pacira BioSciences, Inc.*		897,181
	17,920	Patterson Cos., Inc.		535,808
	1,224	Pennant Group, Inc. (The)*		19,890
	16,754	Phibro Animal Health Corp., Class A		356,860
	3,318	Phreesia, Inc.*		102,161
	1,547	Portage Biotech, Inc. (Canada)*		12,299
	15,280	Prestige Consumer Healthcare, Inc.*		909,618
	4,962	Progyny, Inc.*		195,304
	3,309	Protagonist Therapeutics, Inc.*		80,342
	4,193	Prothena Corp. PLC (Ireland)*		145,078
	6,385	PTC Therapeutics, Inc.*		224,241
	15,936	Puma Biotechnology, Inc.*		36,653
	12,075	R1 RCM, Inc.*		328,319
	38,359	Radius Health, Inc.*		319,147
	16,078	RadNet, Inc.*		396,644
	8,294	Retractable Technologies, Inc.*		39,314
	1,647	Rubius Therapeutics, Inc.*		8,219
	10,839	SeaSpine Holdings Corp.*		137,330
	18,815	Select Medical Holdings Corp.		435,567
	15,362	Seres Therapeutics, Inc.*		122,896
	5,042	Sharps Compliance Corp.*		31,059
	3,367	Shockwave Medical, Inc.*		596,733
	4,743	SI-BONE, Inc.*		104,631
	4,597	Silk Road Medical, Inc.*		170,687
	10,225	STAAR Surgical Co.*		811,047
	29,346	Stereotaxis, Inc.*		135,579
	28,569	Supernus Pharmaceuticals, Inc.*		912,780
	27,260	Surface Oncology, Inc.*		98,136

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

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

Schedule of Investments (continued)

February 28, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Health Care – (continued)
	5,530	Surgery Partners, Inc.*	$	289,053
	5,642	Surmodics, Inc.*		253,213
	6,791	Sutro Biopharma, Inc.*		60,576
	9,606	Tactile Systems Technology, Inc.*		195,578
	15,274	Tenet Healthcare Corp.*		1,313,411
	33,247	Tivity Health, Inc.*		906,978
	16,019	Travere Therapeutics, Inc.*		436,678
	2,083	Twist Bioscience Corp.*		116,523
	2,246	US Physical Therapy, Inc.		206,565
	403	Utah Medical Products, Inc.		36,274
	44,901	Vanda Pharmaceuticals, Inc.*		510,075
	6,036	Vapotherm, Inc.*		91,687
	8,591	Varex Imaging Corp.*		203,091
	16,459	Vaxart, Inc.*(a)		83,612
	6,929	Veracyte, Inc.*		192,626
	22,336	Vericel Corp.*		920,467
	16,288	VistaGen Therapeutics, Inc.*		22,803
	5,154	Xencor, Inc.*		161,372
	358	XOMA Corp.*		7,851
	15,818	Zynex, Inc.(a)		99,495
				61,248,391
Industrials – 16.4%
	10,118	AAON, Inc.		592,510
	6,778	AAR Corp.*		304,603
	10,531	ABM Industries, Inc.		472,105
	23,576	ACCO Brands Corp.		202,754
	3,641	Aerojet Rocketdyne Holdings, Inc.		141,089
	5,076	Air Transport Services Group, Inc.*		159,945
	2,651	Alamo Group, Inc.		368,781
	3,624	Albany International Corp., Class A		318,260
	1,199	Allegiant Travel Co.*		208,734
	9,086	Allied Motion Technologies, Inc.		316,375
	10,079	Altra Industrial Motion Corp.		428,055
	4,017	Ameresco, Inc., Class A*		258,092
	2,831	American Woodmark Corp.*		151,685
	22,044	API Group Corp.*		475,489
	8,753	Apogee Enterprises, Inc.		394,498
	11,441	Applied Industrial Technologies, Inc.		1,156,685
	7,290	ArcBest Corp.		675,637
	7,348	Arcosa, Inc.		387,019
	2,816	Argan, Inc.		109,514
	10,337	ASGN, Inc.*		1,145,236
	6,086	Astec Industries, Inc.		303,083
	12,689	Atkore, Inc.*		1,290,598
	5,515	Atlas Air Worldwide Holdings, Inc.*		432,155
	9,480	Atlas Technical Consultants, Inc.*		108,830
	4,709	Avis Budget Group, Inc.*		863,819
	4,310	AZZ, Inc.		212,181
	18,994	Babcock & Wilcox Enterprises, Inc.*		133,148
	6,171	Barnes Group, Inc.		286,643
	2,197	Barrett Business Services, Inc.		132,150
	10,314	Beacon Roofing Supply, Inc.*		615,643
	10,816	Blue Bird Corp.*		230,489
	7,348	BlueLinx Holdings, Inc.*		656,764
	15,697	Boise Cascade Co.		1,254,818
Common Stocks – (continued)
Industrials – (continued)
	11,964	Brady Corp., Class A		551,301
	7,834	BrightView Holdings, Inc.*		105,837
	4,301	Brink’s Co. (The)		301,328
	140	Byrna Technologies, Inc.*		1,401
	10,643	Caesarstone Ltd.		127,610
	4,518	Casella Waste Systems, Inc., Class A*		340,657
	12,126	CBIZ, Inc.*		471,823
	3,802	Chart Industries, Inc.*		549,009
	5,810	Cimpress PLC (Ireland)*		365,972
	7,032	Columbus McKinnon Corp.		320,940
	11,480	Comfort Systems USA, Inc.		987,050
	2,989	Commercial Vehicle Group, Inc.*		23,882
	29,254	CoreCivic, Inc.*		266,504
	18,606	Cornerstone Building Brands, Inc.*		410,820
	16,116	Costamare, Inc. (Monaco)		217,566
	3,888	CRA International, Inc.		345,371
	3,678	CSW Industrials, Inc.		442,574
	14,019	Deluxe Corp.		436,131
	2,843	Douglas Dynamics, Inc.		104,452
	2,185	Ducommun, Inc.*		110,364
	13,181	DXP Enterprises, Inc.*		378,427
	3,415	Dycom Industries, Inc.*		297,310
	3,062	Eagle Bulk Shipping, Inc.		161,459
	10,593	EMCOR Group, Inc.		1,223,915
	4,979	Encore Wire Corp.		579,655
	19,195	Energy Recovery, Inc.*		364,705
	6,852	Enerpac Tool Group Corp.		118,197
	6,509	EnerSys		473,400
	6,232	Ennis, Inc.		117,037
	3,759	EnPro Industries, Inc.		415,144
	2,940	ESCO Technologies, Inc.		204,536
	13,291	Evoqua Water Technologies Corp.*		566,994
	3,810	Exponent, Inc.		361,036
	7,414	Federal Signal Corp.		267,720
	5,899	Fluor Corp.*		127,772
	5,183	Forrester Research, Inc.*		269,153
	8,824	Forward Air Corp.		910,460
	10,218	Franklin Covey Co.*		471,050
	9,998	Franklin Electric Co., Inc.		845,431
	25,234	FuelCell Energy, Inc.*		151,404
	2,578	GATX Corp.		274,892
	10,660	Genco Shipping & Trading Ltd.		205,525
	58,770	GEO Group, Inc. (The) REIT*		350,269
	4,902	Gibraltar Industries, Inc.*		236,865
	10,433	Global Industrial Co.		331,561
	19,923	GMS, Inc.*		1,080,823
	3,329	Gorman-Rupp Co. (The)		124,039
	43,239	GrafTech International Ltd.		435,849
	6,555	Granite Construction, Inc.		198,420
	14,195	Great Lakes Dredge & Dock Corp.*		200,291
	4,879	Greenbrier Cos., Inc. (The)		216,774
	7,611	Griffon Corp.		175,434
	7,334	H&E Equipment Services, Inc.		306,268
	7,343	Hawaiian Holdings, Inc.*		140,839
	10,158	Healthcare Services Group, Inc.		160,700
	6,296	Heartland Express, Inc.		90,411

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

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

Shares		Description	Value
Common Stocks – (continued)
Industrials – (continued)
	4,533	Heidrick & Struggles International, Inc.	$	193,786
	2,878	Helios Technologies, Inc.		225,664
	3,035	Herc Holdings, Inc.		482,929
	5,788	Heritage-Crystal Clean, Inc.*		162,296
	12,024	Hillenbrand, Inc.		573,665
	14,539	HNI Corp.		591,592
	10,232	Hub Group, Inc., Class A*		863,581
	5,044	Huron Consulting Group, Inc.*		248,821
	3,548	Hydrofarm Holdings Group, Inc.*		71,847
	1,230	Hyster-Yale Materials Handling, Inc.		47,084
	5,483	ICF International, Inc.		485,903
	7,023	IES Holdings, Inc.*		295,247
	7,608	Insperity, Inc.		684,340
	3,478	Insteel Industries, Inc.		129,069
	19,732	Interface, Inc.		257,503
	9,894	JELD-WEN Holding, Inc.*		228,354
	5,129	John Bean Technologies Corp.		581,475
	3,715	Kadant, Inc.		733,155
	4,505	Kaman Corp.		195,562
	12,905	KAR Auction Services, Inc.*		238,226
	23,064	KBR, Inc.		1,144,897
	14,148	Kelly Services, Inc., Class A		300,221
	8,806	Kennametal, Inc.		279,238
	15,520	Kforce, Inc.		1,166,794
	27,196	Kimball International, Inc., Class B		252,107
	8,875	Korn Ferry		588,057
	5,799	Kratos Defense & Security Solutions, Inc.*		121,315
	3,820	Lawson Products, Inc.*		162,388
	1,733	Lindsay Corp.		227,387
	7,095	Manitowoc Co., Inc. (The)*		117,280
	4,679	ManTech International Corp., Class A		390,088
	6,554	Marten Transport Ltd.		113,056
	4,140	Masonite International Corp.*		390,526
	14,408	Matrix Service Co.*		99,992
	9,810	Matson, Inc.		1,086,654
	5,992	Matthews International Corp., Class A		198,815
	3,512	Maxar Technologies, Inc.		113,929
	2,173	McGrath RentCorp		176,621
	10,184	Meritor, Inc.*		362,652
	17,909	Mesa Air Group, Inc.*		77,904
	1,733	Miller Industries, Inc.		53,688
	16,607	MillerKnoll, Inc.		645,680
	11,081	Mistras Group, Inc.*		73,910
	1,449	Montrose Environmental Group, Inc.*		63,915
	3,849	Moog, Inc., Class A		319,890
	23,849	MRC Global, Inc.*		240,875
	11,878	Mueller Industries, Inc.		677,640
	14,430	Mueller Water Products, Inc., Class A		183,117
	4,787	MYR Group, Inc.*		429,633
	491	National Presto Industries, Inc.		39,034
	4,667	Northwest Pipe Co.*		133,009
	55,896	NOW, Inc.*		522,069
	5,894	NV5 Global, Inc.*		632,131
	2,509	Omega Flex, Inc.		364,432
	1,075	PAM Transportation Services, Inc.*		72,530
Common Stocks – (continued)
Industrials – (continued)
	2,707	Park-Ohio Holdings Corp.		43,014
	9,170	Parsons Corp.*		317,832
	17,755	PGT Innovations, Inc.*		381,910
	22,310	Pitney Bowes, Inc.		111,104
	4,599	Powell Industries, Inc.		97,223
	2,415	Preformed Line Products Co.		134,636
	10,486	Primoris Services Corp.		276,516
	4,125	Proto Labs, Inc.*		231,949
	12,858	Quanex Building Products Corp.		293,934
	32,161	Radiant Logistics, Inc.*		221,911
	1,990	RBC Bearings, Inc.*		385,761
	18,643	Resideo Technologies, Inc.*		479,871
	24,971	Resources Connection, Inc.		414,519
	9,868	REV Group, Inc.		133,415
	11,675	Rush Enterprises, Inc., Class A		606,399
	5,377	Rush Enterprises, Inc., Class B		263,527
	38,860	Safe Bulkers, Inc. (Greece)*		162,435
	3,116	Saia, Inc.*		895,009
	11,517	Shyft Group, Inc. (The)		465,402
	9,573	Simpson Manufacturing Co., Inc.		1,134,496
	5,960	SkyWest, Inc.*		167,536
	6,335	SP Plus Corp.*		189,100
	4,340	Spirit Airlines, Inc.*		108,847
	6,899	SPX Corp.*		349,779
	8,278	SPX FLOW, Inc.		710,997
	2,029	Standex International Corp.		214,932
	28,027	Steelcase, Inc., Class A		341,089
	5,936	Stem, Inc.*		56,511
	6,853	Sterling Construction Co., Inc.*		202,369
	4,861	Team, Inc.*		4,591
	6,639	Tennant Co.		523,020
	10,433	Terex Corp.		430,674
	6,993	Tetra Tech, Inc.		1,110,279
	8,040	Textainer Group Holdings Ltd. (China)		285,500
	4,065	Titan International, Inc.*		45,528
	12,267	Titan Machinery, Inc.*		347,524
	5,796	Transcat, Inc.*		454,754
	5,351	TriNet Group, Inc.*		467,196
	3,638	Trinity Industries, Inc.		104,993
	7,055	Triton International Ltd. (Bermuda)		463,372
	21,524	TrueBlue, Inc.*		585,453
	14,480	Tutor Perini Corp.*		141,904
	13,426	UFP Industries, Inc.		1,151,280
	2,415	UniFirst Corp.		437,719
	15,094	Upwork, Inc.*		381,576
	3,978	US Ecology, Inc.*		188,716
	5,812	Vectrus, Inc.*		266,422
	9,735	Veritiv Corp.*		1,043,300
	6,124	Vicor Corp.*		457,891
	10,359	Wabash National Corp.		176,517
	6,510	Watts Water Technologies, Inc., Class A		937,115
	6,040	Welbilt, Inc.*		142,786
	7,863	Werner Enterprises, Inc.		341,726
	7,092	WESCO International, Inc.*		863,309
	6,992	Willdan Group, Inc.*		225,842
	24,200	WillScot Mobile Mini Holdings Corp.*		859,826

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

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

Schedule of Investments (continued)

February 28, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Industrials – (continued)
	13,731	Zurn Water Solutions Corp.	$	446,532
				75,490,685
Information Technology – 14.1%
	18,124	3D Systems Corp.*		322,970
	21,017	8x8, Inc.*		272,380
	44,771	A10 Networks, Inc.		637,539
	16,333	ACI Worldwide, Inc.*		547,482
	15,138	ADTRAN, Inc.		311,691
	5,870	Advanced Energy Industries, Inc.		503,940
	9,163	Agilysys, Inc.*		385,121
	8,463	Alarm.com Holdings, Inc.*		557,119
	8,732	Alpha & Omega Semiconductor Ltd.*		469,520
	8,358	Altair Engineering, Inc., Class A*		555,138
	4,544	Ambarella, Inc.*		634,842
	10,212	American Software, Inc., Class A		224,358
	33,305	Amkor Technology, Inc.		755,024
	4,389	Appfolio, Inc., Class A*		496,571
	7,303	Appian Corp.*		445,191
	7,176	Asana, Inc., Class A*		393,173
	23,757	Avaya Holdings Corp.*		327,134
	1,213	Aviat Networks, Inc.*		34,328
	22,014	Avid Technology, Inc.*		692,560
	9,842	Axcelis Technologies, Inc.*		681,263
	2,019	AXT, Inc.*		15,042
	6,784	Badger Meter, Inc.		674,397
	5,891	Belden, Inc.		331,958
	9,386	Benchmark Electronics, Inc.		245,350
	17,397	Benefitfocus, Inc.*		175,362
	3,356	BigCommerce Holdings, Inc.Series 1*		86,920
	6,693	Blackbaud, Inc.*		418,246
	4,048	Blackline, Inc.*		304,855
	6,351	Bottomline Technologies DE, Inc.*		359,721
	26,918	Box, Inc., Class A*		689,370
	26,173	Brightcove, Inc.*		195,774
	14,490	Calix, Inc.*		787,387
	7,245	Cambium Networks Corp.*		201,483
	10,146	Casa Systems, Inc.*		42,207
	4,038	Cass Information Systems, Inc.		159,824
	4,299	Cerence, Inc.*		155,237
	4,811	CEVA, Inc.*		196,144
	22,460	ChannelAdvisor Corp.*		403,157
	9,339	Clearfield, Inc.*		598,723
	3,204	CMC Materials, Inc.		594,118
	9,673	Cohu, Inc.*		301,604
	10,309	CommVault Systems, Inc.*		648,539
	4,538	Comtech Telecommunications Corp.		93,392
	62,967	Conduent, Inc.*		306,649
	2,662	Consensus Cloud Solutions, Inc.*		148,167
	4,077	CoreCard Corp.*		131,361
	5,752	Corsair Gaming, Inc. *(a)		132,756
	3,719	Couchbase, Inc.*		78,359
	10,231	CSG Systems International, Inc.		631,457
	5,604	CTS Corp.		212,616
	29,059	Daktronics, Inc.*		133,962
	15,333	Diebold Nixdorf, Inc.*		133,397
Common Stocks – (continued)
Information Technology – (continued)
	12,532	Digi International, Inc.*		251,643
	8,490	Digital Turbine, Inc.*		411,595
	2,206	DigitalOcean Holdings, Inc.*		130,860
	11,347	Diodes, Inc.*		1,016,578
	7,505	Domo, Inc., Class B*		333,973
	9,648	Ebix, Inc.		284,713
	16,139	eGain Corp.*		190,279
	791	EMCORE Corp.*		3,069
	5,153	Envestnet, Inc.*		385,547
	7,182	ePlus, Inc.*		336,836
	11,329	EVERTEC, Inc. (Puerto Rico)		457,238
	5,695	ExlService Holdings, Inc.*		687,899
	62,967	Extreme Networks, Inc.*		723,491
	6,206	Fabrinet (Thailand)*		621,407
	4,713	FARO Technologies, Inc.*		257,990
	16,404	FormFactor, Inc.*		664,198
	3,367	Grid Dynamics Holdings, Inc.*		40,909
	18,512	Hackett Group, Inc. (The)		383,569
	21,314	Harmonic, Inc.*		198,433
	5,619	I3 Verticals, Inc., Class A*		148,342
	8,325	Ichor Holdings Ltd.*		293,290
	11,924	Identiv, Inc.*		249,927
	10,088	II-VI, Inc.*		700,712
	8,019	Impinj, Inc.*		551,306
	15,803	Infinera Corp.*		145,862
	20,565	Inseego Corp.*(a)		96,861
	7,084	Insight Enterprises, Inc.*		736,736
	3,789	InterDigital, Inc.		244,087
	19,603	Iteris, Inc.*		64,494
	4,079	Itron, Inc.*		194,446
	10,982	Kimball Electronics, Inc.*		189,330
	14,723	Knowles Corp.*		320,667
	12,023	Kulicke & Soffa Industries, Inc. (Singapore)		628,082
	12,416	KVH Industries, Inc.*		107,026
	26,466	Lattice Semiconductor Corp.*		1,657,301
	42,662	Limelight Networks, Inc.*		166,808
	9,939	LivePerson, Inc.*		201,563
	4,623	LiveRamp Holdings, Inc.*		199,529
	24,965	Luna Innovations, Inc.*		170,511
	5,362	MACOM Technology Solutions Holdings, Inc.*		322,256
	6,302	Marathon Digital Holdings, Inc.*(a)		159,756
	12,847	Maximus, Inc.		1,013,114
	11,337	MaxLinear, Inc.*		695,525
	33,590	Meta Materials, Inc.*(a)		72,219
	8,284	Methode Electronics, Inc.		378,082
	948	MicroStrategy, Inc., Class A*		419,964
	8,880	Mimecast Ltd.*		706,226
	17,508	Mitek Systems, Inc.*		260,169
	9,494	Model N, Inc.*		233,457
	15,623	Momentive Global, Inc.*		245,594
	22,118	MoneyGram International, Inc.*		237,547
	20,103	Napco Security Technologies, Inc.*		409,900
	35,632	NeoPhotonics Corp.*		545,526
	8,203	NETGEAR, Inc.*		218,282

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

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

Shares		Description	Value
Common Stocks – (continued)
Information Technology – (continued)
	15,214	NetScout Systems, Inc.*	$	473,612
	4,943	Novanta, Inc.*		675,362
	12,465	OneSpan, Inc.*		171,768
	10,718	Onto Innovation, Inc.*		923,999
	3,270	OSI Systems, Inc.*		263,791
	3,338	PagerDuty, Inc.*		112,891
	9,086	PC Connection, Inc.		443,306
	8,558	Perficient, Inc.*		872,060
	22,763	Photronics, Inc.*		419,294
	4,401	Ping Identity Holding Corp.*		92,597
	6,996	Plantronics, Inc.*		197,077
	5,296	Plexus Corp.*		431,465
	9,236	Power Integrations, Inc.		831,240
	10,623	Progress Software Corp.		468,262
	4,716	PROS Holdings, Inc.*		149,875
	4,114	Q2 Holdings, Inc.*		267,616
	5,843	Qualys, Inc.*		732,186
	37,930	Quantum Corp.*		98,618
	23,425	Rackspace Technology, Inc.*		260,720
	20,547	Rambus, Inc.*		554,769
	6,931	Rapid7, Inc.*		717,081
	8,065	Repay Holdings Corp.*		139,283
	37,623	Ribbon Communications, Inc.*		114,374
	5,392	Riot Blockchain, Inc.*(a)		92,904
	1,461	Rogers Corp.*		398,853
	6,678	Sailpoint Technologies Holdings, Inc.*		276,269
	12,411	Sanmina Corp.*		493,710
	7,799	Sapiens International Corp. NV (Israel)		210,495
	7,533	ScanSource, Inc.*		237,892
	7,482	SecureWorks Corp., Class A*		114,998
	9,857	Semtech Corp.*		683,879
	4,458	ShotSpotter, Inc.*		114,481
	5,742	Silicon Laboratories, Inc.*		882,603
	1,679	SiTime Corp.*		339,393
	20,838	SMART Global Holdings, Inc.*		572,003
	27,662	Smith Micro Software, Inc.*		115,074
	4,804	Sprout Social, Inc., Class A*		312,788
	6,824	SPS Commerce, Inc.*		886,096
	5,117	SunPower Corp.*		91,748
	7,048	Super Micro Computer, Inc.*		276,916
	7,532	Synaptics, Inc.*		1,720,535
	9,370	Tenable Holdings, Inc.*		518,723
	5,319	TTEC Holdings, Inc.		422,861
	25,846	TTM Technologies, Inc.*		324,884
	1,618	Tucows, Inc., Class A*(a)		108,697
	10,616	Turtle Beach Corp.*		252,342
	13,683	Ultra Clean Holdings, Inc.*		626,818
	6,278	Unisys Corp.*		134,161
	9,914	Upland Software, Inc.*		186,978
	16,695	Varonis Systems, Inc.*		727,902
	8,935	Veeco Instruments, Inc.*		255,273
	11,080	Verint Systems, Inc.*		556,548
	12,702	Verra Mobility Corp.*		213,394
	32,881	Viavi Solutions, Inc.*		539,248
	21,443	Vishay Intertechnology, Inc.		411,491
	6,763	Vishay Precision Group, Inc.*		212,426
Common Stocks – (continued)
Information Technology – (continued)
	67,271	Vonage Holdings Corp.*		1,366,947
	6,585	Workiva, Inc.*		693,401
	28,681	Xperi Holding Corp.		496,755
	23,578	Yext, Inc.*		174,949
	17,104	Zuora, Inc., Class A*		259,639
				64,914,922
Materials – 3.9%
	7,759	AdvanSix, Inc.		310,826
	12,595	American Vanguard Corp.		189,807
	60,087	Amyris, Inc.*(a)		273,997
	4,965	Arconic Corp.*		152,425
	12,844	Aspen Aerogels, Inc.*		380,182
	14,522	Avient Corp.		760,808
	3,711	Balchem Corp.		513,380
	7,607	Cabot Corp.		556,528
	7,322	Carpenter Technology Corp.		281,092
	4,389	Chase Corp.		403,042
	4,129	Clearwater Paper Corp.*		119,039
	23,400	Commercial Metals Co.		902,070
	2,547	Compass Minerals International, Inc.		149,305
	15,486	Constellium SE*		300,893
	10,484	Ferro Corp.*		227,817
	7,700	Forterra, Inc.*		181,412
	13,983	GCP Applied Technologies, Inc.*		441,583
	9,507	Glatfelter Corp.		130,626
	4,064	Greif, Inc., Class A		233,639
	7,448	HB Fuller Co.		509,220
	32,964	Hecla Mining Co.		189,873
	6,183	Ingevity Corp.*		421,866
	6,042	Innospec, Inc.		577,011
	3,313	Intrepid Potash, Inc.*		188,477
	2,335	Kaiser Aluminum Corp.		225,327
	4,287	Koppers Holdings, Inc.*		122,737
	8,670	Kraton Corp.*		400,120
	9,853	Livent Corp.*		232,038
	6,510	Materion Corp.		543,910
	5,316	Minerals Technologies, Inc.		372,067
	6,242	MP Materials Corp.*		284,760
	27,559	Myers Industries, Inc.		458,031
	2,149	Neenah, Inc.		83,704
	17,859	Novagold Resources, Inc. (Canada)*		124,656
	18,637	O-I Glass, Inc.*		238,181
	7,682	Olympic Steel, Inc.		205,647
	20,636	Orion Engineered Carbons SA (Germany)		320,683
	1,006	Quaker Chemical Corp.		186,724
	4,275	Ranpak Holdings Corp.*		103,455
	9,500	Rayonier Advanced Materials, Inc.*		55,765
	13,460	Ryerson Holding Corp.		351,575
	12,301	Schnitzer Steel Industries, Inc., Class A		598,444
	5,540	Schweitzer-Mauduit International, Inc.		172,959
	6,938	Sensient Technologies Corp.		569,818
	4,578	Stepan Co.		474,372
	12,989	Summit Materials, Inc., Class A*		405,517
	27,607	SunCoke Energy, Inc.		218,923
	17,320	TimkenSteel Corp.*		312,280

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

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

Schedule of Investments (continued)

February 28, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Materials – (continued)
	6,254	Tredegar Corp.	$	71,984
	8,202	TriMas Corp.		266,647
	5,688	Trinseo PLC		295,548
	19,441	Tronox Holdings PLC, Class A		394,652
	5,672	UFP Technologies, Inc.*		392,162
	1,692	United States Lime & Minerals, Inc.		198,861
	7,452	Verso Corp., Class A		197,552
	11,769	Warrior Met Coal, Inc.		370,723
	5,917	Worthington Industries, Inc.		337,387
				17,982,127
Real Estate – 7.0%
	8,700	Acadia Realty Trust REIT		186,528
	6,748	Agree Realty Corp. REIT		432,884
	21,082	Alexander & Baldwin, Inc. REIT		472,869
	464	Alexander’s, Inc. REIT		117,587
	7,092	American Assets Trust, Inc. REIT		259,284
	58,424	Apartment Investment and Management Co., Class A REIT*		417,147
	26,396	Apple Hospitality REIT, Inc. REIT		466,945
	23,859	Brandywine Realty Trust REIT		318,040
	16,687	Broadstone Net Lease, Inc. REIT		361,440
	7,709	BRT Apartments Corp. REIT		169,675
	14,439	CareTrust REIT, Inc. REIT		252,682
	2,243	Centerspace REIT		210,820
	14,184	Chatham Lodging Trust REIT*		195,030
	5,209	Community Healthcare Trust, Inc. REIT		217,215
	32,242	CorePoint Lodging, Inc. REIT*		514,905
	15,071	Corporate Office Properties Trust REIT		395,011
	3,217	CTO Realty Growth, Inc. REIT		201,674
	41,693	Cushman & Wakefield PLC*		913,911
	45,996	DigitalBridge Group, Inc. REIT*		333,471
	78,256	Diversified Healthcare Trust REIT		225,377
	15,513	Douglas Elliman, Inc.*		116,968
	10,124	Easterly Government Properties, Inc. REIT		210,782
	5,083	EastGroup Properties, Inc. REIT		969,633
	29,415	Empire State Realty Trust, Inc., Class A REIT		278,266
	5,859	Equity Commonwealth REIT*		155,674
	9,970	Essential Properties Realty Trust, Inc. REIT		252,042
	35,358	eXp World Holdings, Inc.(a)		945,473
	9,721	Farmland Partners, Inc. REIT		113,444
	9,616	Forestar Group, Inc.*		176,069
	13,261	Four Corners Property Trust, Inc. REIT		349,825
	27,730	Franklin Street Properties Corp. REIT		160,279
	3,248	FRP Holdings, Inc.*		188,157
	7,380	Getty Realty Corp. REIT		203,319
	9,872	Gladstone Commercial Corp. REIT		209,188
	5,340	Gladstone Land Corp. REIT		159,613
	8,297	Global Medical REIT, Inc. REIT		130,263
	13,628	Global Net Lease, Inc. REIT		193,654
	18,573	Healthcare Realty Trust, Inc. REIT		484,384
	26,462	Hersha Hospitality Trust REIT*		244,244
	19,208	Independence Realty Trust, Inc. REIT		485,386
Common Stocks – (continued)
Real Estate – (continued)
	11,413	Industrial Logistics Properties Trust REIT		255,309
	2,402	Innovative Industrial Properties, Inc. REIT		452,681
	16,853	iStar, Inc. REIT		423,347
	15,472	Kennedy-Wilson Holdings, Inc.		342,550
	31,725	Kite Realty Group Trust REIT		695,729
	6,206	LTC Properties, Inc. REIT		209,949
	33,040	LXP Industrial Trust REIT		510,798
	21,037	Macerich Co. (The) REIT		321,866
	19,457	Marcus & Millichap, Inc.*		967,597
	5,904	National Health Investors, Inc. REIT		314,742
	15,502	National Storage Affiliates Trust REIT		903,302
	24,549	Necessity Retail REIT, Inc. (The) REIT		172,825
	514	NETSTREIT Corp. REIT		11,380
	27,750	Newmark Group, Inc., Class A		490,620
	6,104	NexPoint Residential Trust, Inc. REIT		518,657
	13,525	Office Properties Income Trust REIT		338,801
	12,360	Outfront Media, Inc. REIT		330,012
	36,709	Paramount Group, Inc. REIT		410,774
	9,783	Pebblebrook Hotel Trust REIT		220,215
	27,135	Physicians Realty Trust REIT		441,215
	23,736	Piedmont Office Realty Trust, Inc., Class A REIT		404,461
	5,590	Plymouth Industrial REIT, Inc. REIT		145,787
	9,872	Postal Realty Trust, Inc., Class A REIT		172,266
	19,978	PotlatchDeltic Corp. REIT		1,096,792
	17,127	Preferred Apartment Communities, Inc. REIT		432,628
	3,444	PS Business Parks, Inc. REIT		548,595
	12,844	RE/MAX Holdings, Inc., Class A		380,696
	58,879	Realogy Holdings Corp.*		1,070,420
	18,313	Redfin Corp.*		396,110
	17,422	Retail Opportunity Investments Corp. REIT		316,384
	6,208	Retail Value, Inc. REIT		19,245
	8,230	RLJ Lodging Trust REIT		115,138
	9,612	RMR Group, Inc. (The), Class A		280,094
	20,834	RPT Realty REIT		269,800
	3,743	Ryman Hospitality Properties, Inc. REIT*		329,796
	30,647	Sabra Health Care REIT, Inc. REIT		411,589
	1,496	Safehold, Inc. REIT		91,795
	16,908	Service Properties Trust REIT		145,916
	22,153	SITE Centers Corp. REIT		344,479
	5,092	St Joe Co. (The)		275,121
	19,003	STAG Industrial, Inc. REIT		740,357
	10,674	Summit Hotel Properties, Inc. REIT*		105,566
	16,183	Sunstone Hotel Investors, Inc. REIT*		171,216
	18,942	Tanger Factory Outlet Centers, Inc. REIT		315,953
	8,804	Terreno Realty Corp. REIT		605,627
	9,494	UMH Properties, Inc. REIT		218,932
	37,754	Uniti Group, Inc. REIT		489,669
	2,597	Universal Health Realty Income Trust REIT		148,315
	10,651	Urban Edge Properties REIT		194,061
	20,786	Veris Residential, Inc. REIT*		351,283

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

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

Shares		Description	Value
Common Stocks – (continued)
Real Estate – (continued)
	9,022	Washington Real Estate Investment Trust REIT	$	210,754
	18,767	Whitestone REIT		221,075
	8,409	Xenia Hotels & Resorts, Inc. REIT*		155,903
				32,197,350
Utilities – 3.1%
	9,867	ALLETE, Inc.		621,029
	9,463	American States Water Co.		796,406
	1,056	Artesian Resources Corp., Class A		49,083
	11,724	Avista Corp.		523,242
	10,584	Black Hills Corp.		740,774
	10,790	Brookfield Infrastructure Corp., Class A (Canada)		760,048
	7,717	California Water Service Group		439,329
	3,949	Chesapeake Utilities Corp.		525,020
	25,245	Clearway Energy, Inc., Class A		772,245
	29,392	Clearway Energy, Inc., Class C		981,693
	6,373	MGE Energy, Inc.		458,983
	2,668	Middlesex Water Co.		266,773
	14,308	New Jersey Resources Corp.		624,115
	4,687	Northwest Natural Holding Co.		243,771
	9,335	NorthWestern Corp.		564,581
	9,056	ONE Gas, Inc.		752,463
	8,786	Ormat Technologies, Inc.		626,881
	8,368	Otter Tail Corp.		517,644
	15,152	PNM Resources, Inc.		684,416
	16,790	Portland General Electric Co.		852,428
	15,771	Pure Cycle Corp.*		186,886
	4,582	SJW Group		298,838
	12,421	South Jersey Industries, Inc.		421,444
	9,104	Southwest Gas Holdings, Inc.		645,838
	7,982	Spire, Inc.		535,672
	5,724	Sunnova Energy International, Inc.*		115,339
	4,451	Unitil Corp.		224,731
	9,821	Via Renewables, Inc.		109,504
Common Stocks – (continued)
Utilities – (continued)
	4,237	York Water Co. (The)		190,114
				14,529,290
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $404,443,467)		$	456,593,959

Shares	Dividend Rate	Value
Securities Lending Reinvestment Vehicle – 0.6%(b)
Goldman Sachs Financial Square Government Fund – Institutional Shares
2,945,025	0.026%	$	2,945,025
(Cost $2,945,025)
TOTAL INVESTMENTS – 99.8%
(Cost $407,388,492)		$	459,538,984
OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.2%			929,141
NET ASSETS – 100.0%		$	460,468,125

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

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At February 28, 2022, the Fund had the following futures contracts:

Description	Number of Contracts		Expiration Date		Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
E-Mini Russell 2000 Index		27		03/18/22	$	2,752,750	$	7,325

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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Statements of Assets and Liabilities

February 28, 2022 (Unaudited)

	ActiveBeta® Emerging Markets Equity ETF		ActiveBeta® Europe Equity ETF			ActiveBeta® International Equity ETF		ActiveBeta® Japan Equity ETF
Assets:
Investments at value (cost $1,035,366,536, $17,975,658, $2,748,846,804 and $12,559,109, respectively)(a)	$	1,263,995,548	$	20,464,411		$	3,133,667,717	$	13,833,714
Investments in securities lending reinvestment vehicle, at value which equals cost		12,466,770		63,082			46,969,960		168,842
Cash		12,599,425		158,762			10,613,451		—
Foreign currency, at value (cost $813,102, $—, $226,836 and $—, respectively)		812,738		—			225,092		—
Variation margin on futures contracts		—		7,064			—		—
Receivables:
Investments sold		40,435,246		728,603			105,548,819		549,552
Dividends		2,931,741		15,793			5,135,004		23,810
Reimbursement from investment adviser		57,352		—			—		—
Foreign tax reclaims		35,418		65,370			3,097,140		—
Securities lending income		9,202		17			14,739		39
Due from broker		—		7,157			318,609		—
Other assets		2,242		—			—		—
Total assets		1,333,345,682		21,510,259			3,305,590,531		14,575,957
Liabilities:
Variation margin on futures contracts		—		—			124,922		—
Payables:
Investments purchased		49,028,144		879,599			115,409,816		520,411
Upon return of securities loaned		12,466,770		63,082			46,969,960		168,842
Foreign capital gains tax		5,445,236		—			—		—
Management fees		404,484		3,982			615,472		2,706
Foreign bank overdraft (cost $—, $631, $— and $63, respectively)		—		605			—		63
Due to custodian		—		—			—		21,520
Accrued expenses		923,725		747			91,711		689
Total liabilities		68,268,359		948,015			163,211,881		714,231
Net Assets:
Paid-in capital		1,075,242,085		21,335,969			2,899,796,482		13,637,976
Total distributable earnings (loss)		189,835,238		(773,725	)		242,582,168		223,750
NET ASSETS	$	1,265,077,323	$	20,562,244		$	3,142,378,650	$	13,861,726
SHARES ISSUED AND OUTSTANDING
Shares outstanding no par value (unlimited shares authorized):		36,050,000		600,000			95,700,000		400,000
Net asset value per share:	$	35.09	$	34.27		$	32.84	$	34.65

(a) Includes loaned securities having a market value of $11,897,981, $59,536, $45,024,963 and $161,852 for ActiveBeta® Emerging Markets Equity ETF, ActiveBeta® Europe Equity ETF, ActiveBeta® International Equity ETF and ActiveBeta® Japan Equity ETF, respectively.

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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Statements of Assets and Liabilities (continued)

February 28, 2022 (Unaudited)

	ActiveBeta® Paris-Aligned Climate U.S. Large Cap Equity ETF			ActiveBeta® U.S. Large Cap Equity ETF		ActiveBeta® U.S. Small Cap Equity ETF
Assets:
Investments at value (cost $7,930,480, $9,697,116,968 and $404,443,467, respectively)(a)	$	7,316,833		$	13,413,352,255	$	456,593,959
Investments in securities lending reinvestment vehicle, at value which equals cost		3,387			4,006,720		2,945,025
Cash		2,488			8,094,852		3,489,393
Variation margin on futures contracts		—			—		7,425
Receivables:
Dividends		8,622			17,402,999		290,117
Securities lending income		9			2,618		4,293
Collateral on futures contracts		—			—		163,350
Foreign tax reclaims		—			—		613
Total assets		7,331,339			13,442,859,444		463,494,175
Liabilities:
Payables:
Upon return of securities loaned		3,387			4,006,720		2,945,025
Management fees		1,145			939,340		69,860
Accrued expenses		—			270,682		11,165
Total liabilities		4,532			5,216,742		3,026,050
Net Assets:
Paid-in capital		7,934,654			9,916,796,673		418,777,437
Total distributable earnings (loss)		(607,847	)		3,520,846,029		41,690,688
NET ASSETS	$	7,326,807		$	13,437,642,702	$	460,468,125
SHARES ISSUED AND OUTSTANDING
Shares outstanding no par value (unlimited shares authorized):		200,000			155,452,500		7,450,000
Net asset value per share:	$	36.63		$	86.44	$	61.81

(a) Includes loaned securities having a market value of $3,502, $4,068,777 and $2,884,254 for ActiveBeta^® Paris-Aligned Climate U.S. Large Equity ETF, ActiveBeta^® U.S. Large Cap Equity ETF and ActiveBeta^® U.S. Small Cap Equity ETF, respectively.

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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Statements of Operations

For the Six Months Ended February 28, 2022 (Unaudited)

	ActiveBeta® Emerging Markets Equity ETF			ActiveBeta® Europe Equity ETF			ActiveBeta® International Equity ETF			ActiveBeta® Japan Equity ETF
Investment income:
Dividends — unaffiliated issuers (net of foreign withholding taxes of $1,816,874, $24,221, $2,538,189 and $16,663, respectively)	$	13,349,347		$	97,895		$	25,819,229		$	142,375
Non cash dividend income		4,903,877			51,426			4,367,018			—
Securities lending income — unaffiliated issuer		94,314			3,054			416,926			825
Total investment income		18,347,538			152,375			30,603,173			143,200
Expenses:
Management fees		2,669,691			22,175			3,908,129			15,493
Custody, accounting and administrative services		597,151			—			—			—
Printing and mailing costs		102,153			—			—			—
Professional fees		81,598			—			—			—
Trustee fees		10,352			3,076			27,654			3,036
Other		32,747			—			—			—
Total expenses		3,493,692			25,251			3,935,783			18,529
Less — expense reductions		(490,290	)		—			—			—
Net expenses		3,003,402			25,251			3,935,783			18,529
NET INVESTMENT INCOME		15,344,136			127,124			26,667,390			124,671
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		(1,297,394	)		(144,692	)		(26,850,362	)		(161,154	)
In-kind redemptions		429,045			—			—			—
Futures contracts		9,691			(5,398	)		(265,996	)		3,471
Foreign currency transactions		(194,942	)		(1,591	)		(409,275	)		(2,308	)
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers (including the effects of the foreign capital gains tax liability of $5,445,236, $—, $— and $—, respectively)		(134,768,721	)		(1,897,251	)		(234,129,554	)		(1,099,958	)
Futures contracts		—			(3,287	)		(183,830	)		—
Foreign currency translations		(31,751	)		(3,782	)		(14,107	)		23
Net realized and unrealized loss		(135,854,072	)		(2,056,001	)		(261,853,124	)		(1,259,926	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(120,509,936	)	$	(1,928,877	)	$	(235,185,734	)	$	(1,135,255	)

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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Statements of Operations (continued)

For the Six Months Ended February 28, 2022 (Unaudited)

	ActiveBeta® Paris-Aligned Climate U.S. Large Cap Equity ETF*			ActiveBeta® U.S. Large Cap Equity ETF			ActiveBeta® U.S. Small Cap Equity ETF
Investment income:
Dividends — unaffiliated issuers (net of foreign withholding taxes of $42, $— and $2,847, respectively)	$	22,167		$	91,468,612		$	3,015,672
Securities lending income — unaffiliated issuer		9			117,793			33,619
Total investment income		22,176			91,586,405			3,049,291
Expenses:
Management fees		3,295			6,135,258			441,504
Trustee fees		—			113,399			6,498
Total expenses		3,295			6,248,657			448,002
NET INVESTMENT INCOME		18,881			85,337,748			2,601,289
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		(9,349	)		(26,480,555	)		(1,024,328	)
In-kind redemptions		—			291,591,527			—
Futures contracts		—			1,250,148			(269,162	)
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		(613,647	)		(969,784,510	)		(21,244,046	)
Futures contracts		—			(498,672	)		(43,331	)
Net realized and unrealized loss		(622,996	)		(703,922,062	)		(22,623,001	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(604,115	)	$	(618,584,314	)	$	(20,021,712	)

* For the period December 13, 2021 (commencement of operations) through February 28, 2022.

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

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, 2022 (Unaudited)			For the Fiscal Year Ended August 31, 2021			For the Six Months Ended February 28, 2022 (Unaudited)			For the Fiscal Year Ended August 31, 2021
From operations:
Net investment income	$	15,344,136		$	28,374,315		$	127,124		$	460,405
Net realized gain (loss)		(1,053,600	)		299,505,967			(151,681	)		279,554
Net change in unrealized gain (loss)		(134,800,472	)		(6,490,407	)		(1,904,320	)		4,206,895
Net increase (decrease) in net assets resulting from operations		(120,509,936	)		321,389,875			(1,928,877	)		4,946,854
Distributions to shareholders:
From distributable earnings		(32,670,988	)		(31,408,924	)		(192,346	)		(469,425	)
From share transactions:
Proceeds from sales of shares		40,814,371			267,346,093			1,790,247			—
Cost of shares redeemed		(10,845,554	)		(879,514,184	)		—			—
Net increase (decrease) in net assets resulting from share transactions		29,968,817			(612,168,091	)		1,790,247			—
TOTAL INCREASE (DECREASE)		(123,212,107	)		(322,187,140	)		(330,976	)		4,477,429
Net assets:
Beginning of period	$	1,388,289,430		$	1,710,476,570		$	20,893,220		$	16,415,791
End of period	$	1,265,077,323		$	1,388,289,430		$	20,562,244		$	20,893,220

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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Statements of Changes in Net Assets (continued)

	ActiveBeta® International Equity ETF						ActiveBeta® Japan Equity ETF
	For the Six Months Ended February 28, 2022 (Unaudited)			For the Fiscal Year Ended August 31, 2021			For the Six Months Ended February 28, 2022 (Unaudited)			For the Fiscal Year Ended August 31, 2021
From operations:
Net investment income	$	26,667,390		$	52,804,228		$	124,671		$	348,150
Net realized gain (loss)		(27,525,633	)		6,273,922			(159,991	)		1,910,900
Net change in unrealized gain (loss)		(234,327,491	)		477,457,409			(1,099,935	)		1,170,747
Net increase (decrease) in net assets resulting from operations		(235,185,734	)		536,535,559			(1,135,255	)		3,429,797
Distributions to shareholders:
From distributable earnings		(35,530,667	)		(47,566,749	)		(165,920	)		(325,392	)
From share transactions:
Proceeds from sales of shares		319,859,566			860,704,407			—			—
Cost of shares redeemed		—			—			—			(7,502,475	)
Net increase (decrease) in net assets resulting from share transactions		319,859,566			860,704,407			—			(7,502,475	)
TOTAL INCREASE (DECREASE)		49,143,165			1,349,673,217			(1,301,175	)		(4,398,070	)
Net assets:
Beginning of period	$	3,093,235,485		$	1,743,562,268		$	15,162,901		$	19,560,971
End of period	$	3,142,378,650		$	3,093,235,485		$	13,861,726		$	15,162,901

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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Statements of Changes in Net Assets (continued)

	ActiveBeta® Paris-Aligned  Climate U.S. Large Cap Equity ETF			ActiveBeta® U.S. Large Cap Equity ETF
	For the Period December 13, 2021* to February 28, 2022 (Unaudited)			For the Six Months Ended February 28, 2022 (Unaudited)			For the Fiscal Year Ended August 31, 2021
From operations:
Net investment income	$	18,881		$	85,337,748		$	145,156,213
Net realized gain (loss)		(9,349	)		266,361,120			746,188,521
Net change in unrealized gain (loss)		(613,647	)		(970,283,182	)		2,324,876,490
Net increase (decrease) in net assets resulting from operations		(604,115	)		(618,584,314	)		3,216,221,224
Distributions to shareholders:
From distributable earnings		(3,732	)		(86,606,054	)		(138,466,225	)
From share transactions:
Proceeds from sales of shares		7,934,654			946,548,496			1,810,335,563
Cost of shares redeemed		—			(573,562,904	)		(1,546,137,807	)
Net increase in net assets resulting from share transactions		7,934,654			372,985,592			264,197,756
TOTAL INCREASE (DECREASE)		7,326,807			(332,204,776	)		3,341,952,755
Net assets:
Beginning of period	$	—		$	13,769,847,478		$	10,427,894,723
End of period	$	7,326,807		$	13,437,642,702		$	13,769,847,478

* Commencement of operations.

82 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. Small Cap Equity ETF
	For the Six Months Ended February 28, 2022 (Unaudited)			For the Fiscal Year Ended August 31, 2021
From operations:
Net investment income	$	2,601,289		$	2,761,059
Net realized gain (loss)		(1,335,624	)		30,941,317
Net change in unrealized gain (loss)		(21,287,377	)		64,943,544
Net increase (decrease) in net assets resulting from operations		(20,021,712	)		98,645,920
Distributions to shareholders:
From distributable earnings		(3,147,447	)		(2,434,684	)
From share transactions:
Proceeds from sales of shares		71,094,143			224,466,695
Cost of shares redeemed		—			(60,618,621	)
Net increase in net assets resulting from share transactions		71,094,143			163,848,074
TOTAL INCREASE		47,924,984			260,059,310
Net assets:
Beginning of period	$	412,543,141		$	152,483,831
End of period	$	460,468,125		$	412,543,141

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

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

	ActiveBeta® Emerging Markets Equity ETF
	For the Six Months Ended February 28, 2022 (Unaudited)			For the Fiscal Year Ended August 31,
				2021			2020			2019			2018			2017
Per Share Operating Performance:
Net asset value, beginning of period	$	39.33		$	33.28		$	31.12		$	32.98		$	33.73		$	28.03
Net investment income(a)		0.43			0.67			0.80	(b)		0.75			0.77			0.63
Net realized and unrealized gain (loss)		(3.77	)		6.07			2.17			(1.79	)		(0.84	)		5.58
Total gain (loss) from investment operations		(3.34	)		6.74			2.97			(1.04	)		(0.07	)		6.21
Distributions to shareholders from net investment income		(0.90	)		(0.69	)		(0.81	)		(0.82	)		(0.68	)		(0.51	)
Net asset value, end of period	$	35.09		$	39.33		$	33.28		$	31.12		$	32.98		$	33.73
Market price, end of period	$	35.28		$	39.16		$	33.28		$	31.14		$	32.87		$	33.74
Total Return at Net Asset Value(c)		(8.60	)%		20.49	%		9.55	%		(3.21	)%		(0.28	)%		22.49	%
Net assets, end of period (in 000’s)	$	1,265,077		$	1,388,289		$	1,710,477		$	1,699,201		$	1,688,540		$	1,490,683
Ratio of net expenses to average net assets		0.45	%(d)		0.45	%		0.45	%		0.45	%		0.45	%		0.45	%
Ratio of total expenses to average net assets		0.52	%(d)		0.51	%		0.52	%		0.51	%		0.51	%		0.53	%
Ratio of net investment income to average net assets		2.30	%(d)		1.76	%		2.55	%(b)		2.37	%		2.19	%		2.13	%
Portfolio turnover rate(e)		9	%		46	%		38	%		28	%		28	%		27	%

(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, short-term transactions and certain derivatives. 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 ACTIVEBETA^® EUROPE EQUITY ETF

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	ActiveBeta® Europe Equity ETF
	For the Six Months Ended February 28, 2022 (Unaudited)			For the Fiscal Year Ended August 31,
				2021			2020			2019			2018			2017
Per Share Operating Performance:
Net asset value, beginning of period	$	37.99		$	29.85		$	28.59		$	30.82		$	30.39		$	26.12
Net investment income(a)		0.23			0.84			0.58			0.89			0.95			0.75
Net realized and unrealized gain (loss)		(3.60	)		8.15			1.27			(1.84	)		0.37			4.26
Total gain (loss) from investment operations		(3.37	)		8.99			1.85			(0.95	)		1.32			5.01
Distributions to shareholders from net investment income		(0.35	)		(0.85	)		(0.59	)		(1.28	)		(0.89	)		(0.74	)
Net asset value, end of period	$	34.27		$	37.99		$	29.85		$	28.59		$	30.82		$	30.39
Market price, end of period	$	33.99		$	38.05		$	29.81		$	28.62		$	30.73		$	30.54
Total Return at Net Asset Value(b)		(8.93	)%		30.45	%		6.69	%		(3.15	)%		4.40	%		19.46	%
Net assets, end of period (in 000’s)	$	20,562		$	20,893		$	16,416		$	18,584		$	73,963		$	44,062
Ratio of total expenses to average net assets		0.25	%(c)		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%
Ratio of net investment income to average net assets		1.26	%(c)		2.47	%		2.01	%		3.07	%		3.02	%		2.71	%
Portfolio turnover rate(d)		9	%		19	%		18	%		17	%		23	%		17	%

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

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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	ActiveBeta® International Equity ETF
	For the Six Months Ended February 28, 2022 (Unaudited)			For the Fiscal Year Ended August 31,
				2021			2020			2019			2018			2017
Per Share Operating Performance:
Net asset value, beginning of period	$	35.76		$	28.72		$	27.70		$	29.42		$	28.38		$	24.67
Net investment income(a)		0.29			0.75			0.57			0.86			0.76			0.69
Net realized and unrealized gain (loss)		(2.81	)		6.97			1.05			(1.78	)		1.02			3.61
Total gain (loss) from investment operations		(2.52	)		7.72			1.62			(0.92	)		1.78			4.30
Distributions to shareholders from net investment income		(0.40	)		(0.68	)		(0.60	)		(0.80	)		(0.74	)		(0.59	)
Net asset value, end of period	$	32.84		$	35.76		$	28.72		$	27.70		$	29.42		$	28.38
Market price, end of period	$	32.69		$	35.75		$	28.63		$	27.73		$	29.45		$	28.53
Total Return at Net Asset Value(b)		(7.13	)%		27.12	%		5.96	%		(3.09	)%		6.30	%		17.66	%
Net assets, end of period (in 000’s)	$	3,142,379		$	3,093,235		$	1,743,562		$	1,545,601		$	1,094,462		$	593,129
Ratio of total expenses to average net assets		0.25	%(c)		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%
Ratio of net investment income to average net assets		1.69	%(c)		2.31	%		2.08	%		3.10	%		2.56	%		2.64	%
Portfolio turnover rate(d)		8	%		21	%		20	%		17	%		16	%		23	%

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

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

GOLDMAN SACHS ACTIVEBETA^® JAPAN EQUITY ETF

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	ActiveBeta® Japan Equity ETF
	For the Six Months Ended February 28, 2022 (Unaudited)			For the Fiscal Year Ended August 31,
				2021			2020			2019			2018			2017
Per Share Operating Performance:
Net asset value, beginning of period	$	37.91		$	32.60		$	30.59		$	32.99		$	30.71		$	27.33
Net investment income(a)		0.31			0.60			0.66			0.82			0.54			0.48
Net realized and unrealized gain (loss)		(3.16	)		5.25			2.15			(2.29	)		2.36			3.50
Total gain (loss) from investment operations		(2.85	)		5.85			2.81			(1.47	)		2.90			3.98
Distributions to shareholders from net investment income		(0.41	)		(0.54	)		(0.80	)		(0.93	)		(0.62	)		(0.60	)
Net asset value, end of period	$	34.65		$	37.91		$	32.60		$	30.59		$	32.99		$	30.71
Market price, end of period	$	34.91		$	37.75		$	32.51		$	30.52		$	32.90		$	30.79
Total Return at Net Asset Value(b)		(7.57	)%		18.02	%		9.15	%		(4.32	)%		9.42	%		14.74	%
Net assets, end of period (in 000’s)	$	13,862		$	15,163		$	19,561		$	24,468		$	52,778		$	42,992
Ratio of total expenses to average net assets		0.25	%(c)		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%
Ratio of net investment income to average net assets		1.68	%(c)		1.64	%		2.09	%		2.64	%		1.62	%		1.68	%
Portfolio turnover rate(d)		11	%		21	%		18	%		33	%		23	%		22	%

(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. 87

GOLDMAN SACHS ACTIVEBETA^® PARIS-ALIGNED CLIMATE U.S. LARGE CAP EQUITY ETF

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout The Period

	ActiveBeta® Paris-Aligned  Climate U.S. Large Cap Equity ETF
	For the Period December 13, 2021* to February 28, 2022 (Unaudited)
Per Share Operating Performance:
Net asset value, beginning of period	$	39.67
Net investment income(a)		0.09
Net realized and unrealized loss		(3.11	)
Total loss from investment operations		(3.02	)
Distributions to shareholders from net investment income		(0.02	)
Net asset value, end of period	$	36.63
Market price, end of period	$	36.60
Total Return at Net Asset Value(b)		(7.60	)%
Net assets, end of period (in 000’s)	$	7,327
Ratio of total expenses to average net assets		0.20	%(c)
Ratio of net investment income to average net assets		1.15	%(c)
Portfolio turnover rate(d)		6	%

* 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.

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

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

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, 2022 (Unaudited)			For the Fiscal Year Ended August 31,
				2021			2020			2019			2018			2017
Per Share Operating Performance:
Net asset value, beginning of period	$	90.95		$	70.70		$	59.09		$	58.75		$	49.16		$	43.83
Net investment income(a)		0.55			0.96			1.06			1.03			0.96			0.97
Net realized and unrealized gain (loss)		(4.50	)		20.21			11.62			0.30			9.56			5.17
Total gain (loss) from investment operations		(3.95	)		21.17			12.68			1.33			10.52			6.14
Distributions to shareholders from net investment income		(0.56	)		(0.92	)		(1.07	)		(0.99	)		(0.93	)		(0.81	)
Net asset value, end of period	$	86.44		$	90.95		$	70.70		$	59.09		$	58.75		$	49.16
Market price, end of period	$	86.46		$	90.91		$	70.61		$	59.07		$	58.75		$	49.15
Total Return at Net Asset Value(b)		(4.38	)%		30.21	%		21.81	%		2.42	%		21.65	%		14.15	%
Net assets, end of period (in 000’s)	$	13,437,643		$	13,769,847		$	10,427,895		$	6,606,050		$	3,980,297		$	2,396,490
Ratio of total expenses to average net assets		0.09	%(c)		0.09	%		0.09	%		0.09	%		0.09	%		0.09	%
Ratio of net investment income to average net assets		1.23	%(c)		1.22	%		1.72	%		1.82	%		1.78	%		2.08	%
Portfolio turnover rate(d)		6	%		16	%		17	%		16	%		16	%		20	%

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

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

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

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, 2022 (Unaudited)			For the Fiscal Year Ended August 31,												For the Period June 28, 2017* to August 31, 2017
				2021			2020			2019			2018
Per Share Operating Performance:
Net asset value, beginning of period	$	64.97		$	43.57		$	42.84		$	49.49		$	39.65		$	40.36
Net investment income(a)		0.37	(b)		0.53	(c)		0.51			0.57			0.56			0.07
Net realized and unrealized gain (loss)		(3.08	)		21.35			0.78			(6.66	)		9.79			(0.78	)
Total gain (loss) from investment operations		(2.71	)		21.88			1.29			(6.09	)		10.35			(0.71	)
Distributions to shareholders from net investment income		(0.45	)		(0.48	)		(0.56	)		(0.56	)		(0.51	)		—
Net asset value, end of period	$	61.81		$	64.97		$	43.57		$	42.84		$	49.49		$	39.65
Market price, end of period	$	61.94		$	64.94		$	43.63		$	42.84		$	49.55		$	38.95
Total Return at Net Asset Value(d)		(4.22	)%		50.45	%		3.13	%		(12.28	)%		26.28	%		(1.76	)%
Net assets, end of period (in 000’s)	$	460,468		$	412,543		$	152,484		$	96,399		$	47,014		$	11,896
Ratio of total expenses to average net assets		0.20	%(e)		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%(e)
Ratio of net investment income to average net assets		1.16	%(b)(e)		0.90	%(c)		1.21	%		1.32	%		1.24	%		0.96	%(e)
Portfolio turnover rate(f)		8	%		25	%		20	%		20	%		27	%		0	%(g)

 * Commencement of operations.

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

(b) Reflects income recognized from non-recurring special dividends which amounted to $0.15 per share and 0.24% of average net assets.

(c) Reflects income recognized from non-recurring special dividends which amounted to $0.09 per share and 0.16% of average net assets.

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

(e) Annualized.

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

(g) Less than 0.5%

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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Notes to Financial Statements

February 28, 2022 (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® Paris-Aligned Climate U.S. Large Cap Equity ETF (“ActiveBeta® Paris-Aligned Climate U.S. Large Cap 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”) except for ActiveBeta^® Paris-Aligned Climate U.S. Large Cap Equity ETF, which is 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

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Notes to Financial Statements (continued)

February 28, 2022 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

recover a portion of amounts previously withheld. These reclaims if any, are recorded when the amount is known and there are no significant uncertainties on collectability. Such amounts recovered if any, are reflected as other income in the Statements of Operations. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments. Distributions received from the Funds’ investments in U.S. real estate investment trusts (“REITs”) may be characterized as ordinary income, net capital gain and/or a return of capital. A return of capital is recorded by the Funds as a reduction to the cost basis of the REIT.

For derivative contracts, realized gains and losses are recorded upon settlement of the contract.

C.  Expenses — Expenses incurred directly by a Fund are charged to the Fund, and certain expenses incurred by the Trust are allocated across the applicable Funds on a straight-line and/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;

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, including investments for which market quotations are not readily available. The Trustees have delegated to 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. Underlying Funds are generally classified as Level 1 of the fair value hierarchy. To the extent that underlying ETFs 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

93

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Notes to Financial Statements (continued)

February 28, 2022 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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.

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, 2022:

ACTIVEBETA® EMERGING MARKETS EQUITY ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Africa	$	59,121,412	$	—	$	—
Asia		1,033,674,232		28,755,336		13,709,684
Europe		23,487,559		—		—
North America		40,410,810		—		—
South America		50,194,513		14,642,002		—
Securities Lending Reinvestment Vehicle		12,466,770		—		—
Total	$	1,219,355,296	$	43,397,338	$	13,709,684
ACTIVEBETA® EUROPE EQUITY ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Africa	$	65,606	$	—	$	—
Asia		122,684		—		8,039
Europe		19,332,736		179,643		—
North America		439,629		—		—
Oceania		284,361		—		—
South America		31,713		—		—
Securities Lending Reinvestment Vehicle		63,082		—		—
Total	$	20,339,811	$	179,643	$	8,039

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

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

ACTIVEBETA® EUROPE EQUITY ETF (continued)
Derivative Type	Level 1			Level 2		Level 3
Liabilities(b)
Futures Contracts	$	(1,347	)	$	—	$	—
ACTIVEBETA® INTERNATIONAL EQUITY ETF
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Africa	$	8,868,999		$	—	$	—
Asia		744,360,317			—		633,770
Europe		1,734,753,040			19,090,136		—
North America		404,895,472			2,794,298		—
Oceania		214,440,553			—		—
South America		3,831,132			—		—
Securities Lending Reinvestment Vehicle		46,969,960			—		—
Total	$	3,158,119,473		$	21,884,434	$	633,770
Derivative Type
Liabilities(b)
Futures Contracts	$	(183,830	)	$	—	$	—
ACTIVEBETA® JAPAN EQUITY ETF
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	13,833,714		$	—	$	—
Securities Lending Reinvestment Vehicle		168,842			—		—
Total	$	14,002,556		$	—	$	—
ACTIVEBETA® PARIS-ALIGNED CLIMATE U.S. LARGE CAP EQUITY ETF
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	8,830		$	—	$	—
North America		7,308,003			—		—
Securities Lending Reinvestment Vehicle		3,387			—		—
Total	$	7,320,220		$	—	$	—

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

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

95

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Notes to Financial Statements (continued)

February 28, 2022 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

ACTIVEBETA® U.S. LARGE CAP EQUITY ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	19,721,057	$	—	$	—
North America		13,393,631,198		—		—
Securities Lending Reinvestment Vehicle		4,006,720		—		—
Total	$	13,417,358,975	$	—	$	—
ACTIVEBETA® U.S. SMALL CAP EQUITY ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Africa	$	126,010	$	—	$	—
Asia		1,820,735		—		—
Europe		1,392,973		—		—
North America		452,898,470		—		—
South America		355,771		—		—
Securities Lending Reinvestment Vehicle		2,945,025		—		—
Total	$	459,538,984	$	—	$	—
Derivative Type
Assets(b)
Futures Contracts	$	7,325	$	—	$	—

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

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

The following is a reconciliation of Level 3 investments for the six months ended February 28, 2022:

ACTIVEBETA® EMERGING MARKETS EQUITY ETF
	Common Stock and/or Other Equity Investments
Beginning Balance as of August 31, 2021	$	—
Realized gain (loss)		—
Net change in unrealized gain (loss) relating to instruments still held at reporting date		—
Purchases		—
Sales		—
Transfers in (out) of Level 3		13,709,684
Ending Balance as of February 28, 2022	$	13,709,684

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

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4. INVESTMENTS IN DERIVATIVES

The following tables set forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of February 28, 2022. These instruments were used as part of the Funds’ investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds’ net exposure.

Risk	Fund	Statement of Assets and Liabilities		Assets (Liabilities)(a)
Equity	Goldman Sachs ActiveBeta® Europe Equity ETF		Variation Margin on Futures Contracts	$	(1,347	)
Equity	Goldman Sachs ActiveBeta® International Equity ETF		Variation Margin on Futures Contracts		(183,830	)
Equity	Goldman Sachs ActiveBeta® U.S. Small Cap Equity ETF		Variation Margin on Futures Contracts		7,325

(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, 2022 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, 2022. 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
Equity	Goldman Sachs ActiveBeta® Emerging Markets Equity ETF	$	9,691		$	—
Equity	Goldman Sachs ActiveBeta® Europe Equity ETF		(5,398	)		(3,287	)
Equity	Goldman Sachs ActiveBeta® International Equity ETF		(265,996	)		(183,830	)
Equity	Goldman Sachs ActiveBeta® Japan Equity ETF		3,471			—
Equity	Goldman Sachs ActiveBeta® U.S. Large Cap Equity ETF		1,250,148			(498,672	)
Equity	Goldman Sachs ActiveBeta® U.S. Small Cap Equity ETF		(269,162	)		(43,331	)

For the six months ended February 28, 2022, the relevant value for each derivative type was as follows:

Fund	Average Number of Contracts(a)
Goldman Sachs ActiveBeta® Emerging Markets Equity ETF		0
Goldman Sachs ActiveBeta® Europe Equity ETF		3
Goldman Sachs ActiveBeta® International Equity ETF		58
Goldman Sachs ActiveBeta® Japan Equity ETF		6
Goldman Sachs ActiveBeta® U.S. Large Cap Equity ETF		61
Goldman Sachs ActiveBeta® U.S. Small Cap Equity ETF		44

(a) Amount disclosed represents average number of contracts for the months that the Fund held such derivatives during the six months ended February 28, 2022.

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Notes to Financial Statements (continued)

February 28, 2022 (Unaudited)

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.

For the six months ended February 28, 2022, 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®  Paris-Aligned Climate U.S. Large Cap Equity ETF		0.20	%
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, 2022, 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, 2022, these expense reimbursements amounted to $490,290.

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

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6. CREATION AND REDEMPTION OF CREATION UNITS (continued)

Information), of an order in proper form. Shares of the Funds may only be purchased or redeemed by certain financial institutions (each an “Authorized Participant”). An Authorized Participant is either (1) a “Participating Party” or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation; or (2) a Depository Trust Company participant; which, in either case, must have executed an agreement with the Distributor. Retail investors will typically not qualify as an Authorized Participant or have the resources to buy and sell whole Creation Units. Therefore, they will be unable to purchase or redeem the shares directly from the Funds. Rather, most retail investors will purchase shares in the secondary market at market prices with the assistance of a broker and may be subject to customary brokerage commissions or fees. Fixed creation and redemption transaction fees are imposed in connection with creations and redemptions.

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

Share activity is as follows:

	ActiveBeta® Emerging Markets Equity ETF
	For the Six Months Ended February 28, 2022 (Unaudited)						For the Fiscal Year Ended August 31, 2021
	Shares			Dollars			Shares			Dollars
Fund Share Activity
Shares Sold		1,050,000		$	40,703,786			6,800,000		$	265,763,520
Shares Redeemed		(300,000	)		(10,845,555	)		(22,900,000	)		(879,193,841	)
NET INCREASE (DECREASE) IN SHARES		750,000		$	29,858,231			(16,100,000	)	$	(613,430,321	)
	ActiveBeta® Europe Equity ETF
	For the Six Months Ended February 28, 2022 (Unaudited)						For the Fiscal Year Ended August 31, 2021
	Shares			Dollars			Shares			Dollars
Fund Share Activity
Shares Sold		50,000		$	1,790,247			—		$	—
Shares Redeemed		—			—			—			—
NET INCREASE IN SHARES		50,000		$	1,790,247			—		$	—
	ActiveBeta® International Equity ETF
	For the Six Months Ended February 28, 2022 (Unaudited)						For the Fiscal Year Ended August 31, 2021
	Shares			Dollars			Shares			Dollars
Fund Share Activity
Shares Sold		9,200,000		$	319,824,121			25,800,000		$	860,606,084
Shares Redeemed		—			—			—			—
NET INCREASE IN SHARES		9,200,000		$	319,824,121			25,800,000		$	860,606,084

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Notes to Financial Statements (continued)

February 28, 2022 (Unaudited)

6. CREATION AND REDEMPTION OF CREATION UNITS (continued)

	ActiveBeta® Japan Equity ETF
	For the Six Months Ended February 28, 2022 (Unaudited)						For the Fiscal Year Ended August 31, 2021
	Shares			Dollars			Shares			Dollars
Fund Share Activity
Shares Sold		—		$	—			—		$	—
Shares Redeemed		—			—			(200,000	)		(7,502,453	)
NET DECREASE IN SHARES		—		$	—			(200,000	)	$	(7,502,453	)
	ActiveBeta® Paris-Aligned Climate U.S. Large Cap Equity ETF
	For the Period December 13, 2021* to February 28, 2022 (Unaudited)
	Shares			Dollars
Fund Share Activity
Shares Sold		200,000		$	7,934,654
Shares Redeemed		—			—
NET INCREASE IN SHARES		200,000		$	7,934,654
	ActiveBeta® U.S. Large Cap Equity ETF
	For the Six Months Ended February 28, 2022 (Unaudited)						For the Fiscal Year Ended August 31, 2021
	Shares			Dollars			Shares			Dollars
Fund Share Activity
Shares Sold		10,400,000		$	946,547,835			22,700,000		$	1,810,334,871
Shares Redeemed		(6,350,000	)		(573,562,904	)		(18,800,000	)		(1,546,137,808	)
NET INCREASE IN SHARES		4,050,000		$	372,984,931	��		3,900,000		$	264,197,063
	ActiveBeta® U.S. Small Cap Equity ETF
	For the Six Months Ended February 28, 2022 (Unaudited)						For the Fiscal Year Ended August 31, 2021
	Shares			Dollars			Shares			Dollars
Fund Share Activity
Shares Sold		1,100,000		$	71,094,143			3,800,000		$	224,465,356
Shares Redeemed		—			—			(950,000	)		(60,618,621	)
NET INCREASE IN SHARES		1,100,000		$	71,094,143			2,850,000		$	163,846,735

* Commencement of operations

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7. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales of long-term securities for the six months ended February 28, 2022, were as follows:

Fund	Purchases		Sales
ActiveBeta® Emerging Markets Equity  ETF	$	130,504,039	$	118,074,965
ActiveBeta® Europe Equity ETF		1,760,869		1,786,807
ActiveBeta® International Equity ETF		268,587,377		256,158,562
ActiveBeta® Japan Equity ETF		1,556,671		1,597,309
ActiveBeta®  Paris-Aligned Climate U.S. Large Cap Equity ETF		8,380,349		440,476
ActiveBeta® U.S. Large Cap Equity  ETF		817,065,639		774,915,638
ActiveBeta® U.S. Small Cap Equity ETF		34,225,267		33,218,038

The purchases and sales from in-kind creation and redemption transactions for the six months ended February 28, 2022, were as follows:

Fund	Purchases		Sales
ActiveBeta® Emerging Markets Equity  ETF	$	3,199,262	$	1,920,470
ActiveBeta® Europe Equity ETF		1,764,893		—
ActiveBeta® International Equity ETF		299,716,699		—
ActiveBeta® Japan Equity ETF		—		—
ActiveBeta®  Paris-Aligned Climate U.S. Large Cap Equity ETF		—		—
ActiveBeta® U.S. Large Cap Equity  ETF		912,596,705		571,601,318
ActiveBeta® U.S. Small Cap Equity ETF		70,513,205		—

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.

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Notes to Financial Statements (continued)

February 28, 2022 (Unaudited)

8. SECURITIES LENDING (continued)

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, 2022, 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, 2022, 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, 2022:

Fund	Beginning value as of August 31, 2021*		Purchases at Cost		Proceeds from Sales			Ending value as of February 28, 2022
ActiveBeta® Emerging Markets Equity  ETF	$	8,722,462	$	67,387,646	$	(63,643,338	)	$	12,466,770
ActiveBeta® Europe Equity ETF		184,641		1,236,570		(1,358,129	)		63,082
ActiveBeta® International Equity ETF		37,762,053		220,582,728		(211,374,821	)		46,969,960
ActiveBeta® Japan Equity ETF		82,494		2,252,732		(2,166,384	)		168,842
ActiveBeta®  Paris-Aligned Climate U.S. Large Cap Equity ETF*		3,623		7,502		(7,738	)		3,387
ActiveBeta® U.S. Large Cap Equity ETF		9,566,002		130,501,467		(136,060,749	)		4,006,720
ActiveBeta® U.S. Small Cap Equity ETF		5,108,816		18,974,727		(21,138,518	)		2,945,025

* Beginning value is as of December 13, 2021 (commencement of operations) for ActiveBeta Paris-Aligned Climate U.S. Large Cap Equity ETF.

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9. TAX INFORMATION

As of the Funds’ most recent fiscal year ended August 31, 2021, the Funds’ capital loss carryforward 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® Paris-Aligned Climate U.S.  Large Cap Equity ETF		ActiveBeta® U.S. Large Cap Equity ETF			ActiveBeta® U.S. Small Cap Equity ETF
Capital loss carryforwards:
Perpetual Short-Term	$	(18,538,046	)	$	(912,925	)	$	(32,881,357	)	$	(352,828	)	$	—	$	(205,544,786	)	$	(583,066	)
Perpetual Long-Term	$	—			(2,111,682	)		(70,851,919	)		(447,827	)	$	—		(219,683,202	)		(3,381,690	)

As of February 28, 2022, 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® Paris-Aligned Climate U.S.  Large Cap Equity ETF*			ActiveBeta® U.S. Large Cap Equity ETF			ActiveBeta® U.S. Small Cap Equity ETF
Tax Cost	$	1,066,463,186		$	18,178,113		$	2,812,388,196		$	12,798,239		$	7,933,867		$	9,764,209,709		$	412,489,672
Gross unrealized gain	$	341,581,099		$	3,502,196		$	475,535,632		$	2,190,474		$	122,452		$	3,887,235,111		$	75,324,980
Gross unrealized loss		(131,581,967	)		(1,152,816	)		(107,286,151	)		(986,157	)		(736,099	)		(234,085,845	)		(28,275,668	)
Net unrealized gain/(loss)	$	209,999,132		$	2,349,380		$	368,249,481		$	1,204,317		$	(613,647	)	$	3,653,149,266		$	47,049,312

* Commenced operations on December 13, 2021

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, 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.

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; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; and less economic, political and social stability in the countries in which a Fund invests. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations of assets and property, trade

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Notes to Financial Statements (continued)

February 28, 2022 (Unaudited)

10. OTHER RISKS (continued)

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. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent the Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact the Fund’s liquidity and performance. 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, or economically tied to, emerging markets, these risks may be more pronounced.

Foreign Custody Risk — A 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 — 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’ Indices 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 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

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10. OTHER RISKS (continued)

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

In late February 2022, Russia began an invasion of Ukraine. Following such invasion, the United States, the European Union, and other countries and entities imposed wide-ranging sanctions on Russia and related entities. The ActiveBeta Emerging Markets Equity ETF, the ActiveBeta Europe Equity ETF and the ActiveBeta International Equity ETF have limited market value in Russian and Ukrainian securities, which are being valued to reflect the limited liquidity and transferability in the current environment. With the closure of local Russian markets and imposition of sanctions in late February and early March, there are currently limited portfolio management actions possible as many of these assets are either sanctioned and/or cannot be transferred or settled. These sanctions and current environment could impair the ability of these Funds to buy, sell, hold, receive, deliver or otherwise transact in certain securities and other instruments. The full impact of the sanctions and the conflict on these Funds, the financial markets and the global economy is not yet known. Management is continuing to monitor these developments and evaluate other impacts they may have on these Funds.

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.

105

GOLDMAN SACHS ACTIVEBETA^® ETFS

Voting Results of Special Meeting of Shareholders (Unaudited)

A Special Meeting (the “Meeting”) of the Goldman Sachs ETF Trust (“the Trust”) was held on December 3, 2021 to consider and act upon the proposal below. Each Fund has amortized its respective share of the proxy, shareholder meeting and other related costs and GSAM has agreed to reimburse the Fund in an amount equal to the portion of the increase in the Fund’s total expense ratio that exceeds a specified percentage.

At the Meeting, Cheryl K. Beebe, Lawrence Hughes, John F. Killian, Steven D. Krichmar and Linda A. Lang were elected to the Trust’s Board of Trustees. In electing trustees, the Trust’s shareholders voted as follows:

Proposal 1. Election of Trustees	For		Against/Withheld		Abstain
Cheryl K. Beebe		264,924,160		15,294,512		0
Lawrence Hughes		279,548,931		669,741		0
John F. Killian		264,883,857		15,334,814		0
Steven D. Krichmar		279,552,751		665,920		0
Linda A. Lang		279,620,511		598,160		0

106

GOLDMAN SACHS ACTIVEBETA^® ETFS

Liquidity Risk Management Program

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

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

At a meeting of the Board of Trustees on February 3-4, 2022, GSAM provided a written report to the Board addressing the operation, and the adequacy and effectiveness of the implementation, of the Program, including, as applicable, the operation of any Highly Liquid Investment Minimum and any material changes to the Program, for the period from January 1, 2021 through December 31, 2021 (the “Reporting Period”). Among other things, the annual report discussed: (1) the results of stress tests designed to assess liquidity under a hypothetical stressed scenario involving elevated redemptions; (2) an assessment of the methodologies used to classify investments into one of four liquidity categories; (3) the efficiency of the arbitrage function during the Reporting Period; and (4) the impact of local holidays in non-U.S. jurisdictions. The report concluded that the Program continues to be reasonably designed to assess and manage liquidity risk and was adequately and effectively implemented during the Reporting Period.

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

107

GOLDMAN SACHS ACTIVEBETA^® ETFS

Fund Expenses — Six Months ended 2/28/2022 (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 Goldman Sachs ActiveBeta^® Paris-Aligned Climate U.S. Large Cap Equity ETF, which commenced operations on December 13, 2021, the example is based on an investment of $1,000 invested at the beginning of the period from September 1, 2021 and held for the six months ended February 28, 2022, 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							ActiveBeta® Japan Equity ETF
	Beginning Account Value 9/1/21		Ending Account Value 2/28/22			Expenses Paid**		Beginning Account Value 9/1/21		Ending Account Value 2/28/22			Expenses Paid**		Beginning Account Value 9/1/21		Ending Account Value 2/28/22			Expenses Paid**		Beginning Account Value 9/1/21		Ending Account Value 2/28/22			Expenses Paid**
Actual based on NAV	$	1,000	$	914.01		$	2.14	$	1,000	$	910.66		$	1.18	$	1,000	$	928.75		$	1.20	$	1,000	$	924.27		$	1.19
Hypothetical 5% return		1,000		1,022.56	+		2.26		1,000		1,023.55	+		1.25		1,000		1,023.55	+		1.25		1,000		1,023.55	+		1.25

	ActiveBeta® Paris-Aligned Climate U.S. Large Cap Equity ETF							ActiveBeta® U.S. Large Cap Equity ETF							ActiveBeta® U.S. Small Cap Equity ETF
	Beginning Account Value 12/13/21		Ending Account Value 2/28/22			Expenses Paid*		Beginning Account Value 9/1/21		Ending Account Value 2/28/22			Expenses Paid**		Beginning Account Value 9/1/21		Ending Account Value 2/28/22			Expenses Paid**
Actual based on NAV	$	1,000	$	924.00		$	0.41	$	1,000	$	956.20		$	0.44	$	1,000	$	957.84		$	0.97
Hypothetical 5% return		1,000		1,010.26	+		0.43		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.

* The Fund commenced operations on December 13, 2021. Expenses are calculated using the Fund’s annualized expense ratio, multiplied by the ending value for the period, multiplied by 78/365, which represents a period of 78 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, 2022. 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® Paris-Aligned Climate U.S. Large Cap Equity ETF	0.20
Goldman Sachs ActiveBeta® U.S. Large Cap Equity ETF	0.09
Goldman Sachs ActiveBeta® U.S. Small Cap Equity ETF	0.20

108

GOLDMAN SACHS ACTIVEBETA^® ETFS

Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs ActiveBeta^® ETFs except Goldman Sachs ActiveBeta^® Emerging Markets Equity ETF and Goldman Sachs ActiveBeta^® Paris-Aligned Climate U.S. Large Cap 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, 2022 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 13, 2021 (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 one meeting over the course of the year since the Management Agreement was last approved in 2020. At this Committee meeting, 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

109

GOLDMAN SACHS ACTIVEBETA^® ETFS

Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs ActiveBeta^® ETFs except Goldman Sachs ActiveBeta^® Emerging Markets Equity ETF and Goldman Sachs ActiveBeta^® Paris-Aligned Climate 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 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 capabilities. 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 data, rankings and ratings compiled by the Outside Data Provider as of March 31, 2021, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of June 30, 2021. The information on each Fund’s investment performance was provided for the one-, three-, and five-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 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.

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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 and Goldman Sachs ActiveBeta^® Paris-Aligned Climate U.S. Large Cap Equity ETF (Unaudited) (continued)

Unitary Fee Structure and Profitability

The Trustees considered the unitary management fee rate payable by each Fund, noting that the Management Agreement provides for a unitary fee structure, pursuant to which each Fund pays a single 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 non-advisory services that were directed to the needs and operations of the Funds as ETFs.

In addition, the Trustees noted that no license fees would be payable to the Investment Adviser by the Funds for use of the indices 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 each 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 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.

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) trading efficiencies resulting from aggregation of orders of the Funds with those for other funds or accounts managed by the Investment Adviser; (b) the Investment Adviser’s ability to leverage the infrastructure designed to service the Funds on behalf of its other clients; (c) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (d) fees earned by the Investment Adviser for managing the fund in which the Funds’ securities lending cash collateral is invested; (e) 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 (f) 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 advantages received from the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (c) 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; (d) the Funds’ access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; and (e) the Funds’ access to certain affiliated distribution channels.

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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 and Goldman Sachs ActiveBeta^® Paris-Aligned Climate U.S. Large Cap 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, 2022.

112

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, 2022 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 13, 2021 (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 one meeting over the course of the year since the Management Agreement was last approved in 2020. At this Committee meeting, 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 an expense limitation;

(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.

113

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 capabilities. 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 data, rankings and ratings compiled by the Outside Data Provider as of March 31, 2021, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of June 30, 2021. 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 composite of separate accounts with comparable investment strategies. 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 non-advisory services that were directed to the needs and operations of the Fund as an ETF.

The Trustees noted that no license fees would be payable to the Investment Adviser by the Fund for use of the index created by the Investment Adviser. The Trustees reviewed the Fund’s total operating expense ratio (both gross and net of expense

114

GOLDMAN SACHS ACTIVEBETA^® ETFS

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

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, the costs of the services provided by the Investment Adviser and its affiliates, and the Investment Adviser’s undertaking to limit certain expenses of the Fund that exceed a specified level. The Trustees recognized that if the assets of the Fund increase over time, the Fund and its shareholders could realize economies of scale as certain Fund expenses, such as certain fixed fees, become a smaller percentage of overall assets. They further noted the Investment Adviser’s assertion that future economies of scale (among several factors) had been taken into consideration in determining the Fund’s management fee rate.

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) trading efficiencies resulting from aggregation of orders of the Fund with those for other funds or accounts managed by the Investment Adviser; (b) the Investment Adviser’s ability to leverage the infrastructure designed to service the Fund on behalf of its other clients; (c) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (d) fees earned by the Investment Adviser for managing the fund in which the Fund’s securities lending cash collateral is invested; (e) 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 (f) 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 advantages received from the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (c) 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; (d) the Fund’s access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; and (e) 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

115

GOLDMAN SACHS ACTIVEBETA^® ETFS

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

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, 2022.

116

GOLDMAN SACHS ACTIVEBETA^® ETFS

Statement Regarding Basis for Initial Approval of Management Agreement for the Goldman Sachs ActiveBeta^® Paris-Aligned Climate U.S. Large Cap Equity ETF (Unaudited)

Background

The Goldman Sachs ActiveBeta^® Paris-Aligned Climate U.S. Large Cap Equity ETF (the “Fund”) is a newly-organized investment portfolio of Goldman Sachs ETF Trust (the “Trust”) that commenced investment operations on December 13, 2021. At a meeting held on September 13-14, 2021 (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 a proprietary index created by 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 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 capabilities. 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 unitary 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 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 non-advisory services directed to the needs and operations of the Fund as an ETF. The Trustees noted that no license fees would be payable to the Investment Adviser

117

GOLDMAN SACHS ACTIVEBETA^® ETFS

Statement Regarding Basis for Initial Approval of Management Agreement for the Goldman Sachs ActiveBeta^® Paris-Aligned Climate U.S. Large Cap Equity ETF (Unaudited) (continued)

by the Fund for use of the index created by the Investment Adviser. The Trustees also considered information provided regarding fees and expenses of comparable ETFs advised by other, unaffiliated investment management firms. The comparisons of the Fund’s fee rate and projected expense ratio were prepared by the Investment Adviser and a third-party provider of mutual fund and ETF data. In particular, the Trustees referred to an analysis comparing the Fund’s management fee 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. The Trustees further noted the Investment Adviser’s assertion that future economies of scale (among several factors) had been taken into consideration in determining the Fund’s unitary management fee rate.

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) trading efficiencies resulting from aggregation of orders of the Fund with those for other funds or accounts managed by the Investment Adviser; (b) the Investment Adviser’s ability to leverage the infrastructure designed to service the Fund on behalf of its other clients; (c) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (d) fees earned by the Investment Adviser for managing the fund in which the Fund’s securities lending cash collateral is invested; (e) 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 (f) 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 advantages received from the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (c) 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; (d) the Fund’s access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; and (e) 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.

118

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 $2.21 trillion in assets under supervision as of December 31, 2021, Goldman Sachs Asset Management 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. Goldman Sachs Asset Management 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 ActiveBeta^® Paris-Aligned Climate U.S. Large Cap Value ETF

Goldman Sachs ActiveBeta^® World Low Vol Plus Equity ETF

Goldman Sachs Bloomberg Clean Energy 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 Emerging Markets USD Bond 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^® Emerging Markets Equity ETF

Goldman Sachs MarketBeta^® International Equity ETF

Goldman Sachs MarketBeta^® U.S. Equity ETF

Goldman Sachs Future Planet Equity ETF

Goldman Sachs Future Tech Leaders Equity ETF

Goldman Sachs Future Health Care Equity ETF

Goldman Sachs Future Consumer Equity ETF

Goldman Sachs Future Real Estate and Infrastructure Equity ETF

INDEX DISCLAIMERS

The MSCI Emerging Markets Index, MSCI Europe Index, MSCI World ex USA Index and MSCI Japan Index (the “MSCI Indices”) were used by GSAM as the reference universe for selection of the companies included in the Goldman Sachs ActiveBeta^® Emerging Markets Equity Index, Goldman Sachs ActiveBeta^® Europe Equity Index, Goldman Sachs ActiveBeta^® International Equity Index and Goldman Sachs ActiveBeta^® Japan Equity Index (the “ActiveBeta^® Indices”), respectively. MSCI Inc. does not in any way sponsor, support, promote or endorse the ActiveBeta^® Indices or the Goldman Sachs ActiveBeta^® Emerging Markets Equity ETF, Goldman Sachs ActiveBeta^® Europe Equity ETF, Goldman Sachs ActiveBeta^® International Equity ETF or Goldman Sachs ActiveBeta^® Japan Equity ETF (the “ActiveBeta^® ETFs” or the “Funds”). MSCI Inc. was not and is not involved in any way in the creation, calculation, maintenance or review of the ActiveBeta^® Indices. The MSCI Indices were provided on an “as is” basis. MSCI Inc., its affiliates and any other person or entity involved in or related to compiling, computing or creating the MSCI Indices (collectively, the “MSCI Parties”) expressly disclaim all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose). Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including without limitation lost profits) or any other damages in connection with the MSCI Indices, the ActiveBeta^® ETFs or the ActiveBeta^® Indices.

The Russell 2000^® Index was used by Goldman Sachs Asset Management or its affiliate as the starting universe for selection of the companies included in the Goldman Sachs ActiveBeta^® U.S. Small Cap Equity Index. Frank Russell Company (“RUSSELL”) does not in any way sponsor, support, promote or endorse the Goldman Sachs ActiveBeta^® U.S. Small Cap Equity Index or the Goldman Sachs ActiveBeta^® U.S. Small Cap Equity ETF. In no event shall any Russell Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including without limitation lost profits) or any other damages in connection with the Russell 2000^® Index or the Goldman Sachs ActiveBeta^® U.S. Small Cap Equity Index.

The ActiveBeta^® Indices are trademarks of Goldman Sachs Asset Management, L.P. and have been licensed for use by Goldman Sachs ETF Trust.

GOLDMAN SACHS ASSET MANAGEMENT, L.P., THE GOLDMAN SACHS GROUP, INC., AND GOLDMAN SACHS & CO. LLC (COLLECTIVELY, “GOLDMAN SACHS”) DOES NOT GUARANTEE NOR MAKE ANY REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, TO THE OWNERS OR SHAREHOLDERS OF THE FUNDS OR ANY MEMBER OF THE PUBLIC REGARDING THE ADVISABILITY OF INVESTING IN SECURITIES GENERALLY OR IN A FUND PARTICULARLY OR THE ABILITY OF THE ACTIVEBETA^® INDICES TO TRACK GENERAL MARKET PERFORMANCE. GOLDMAN SACHS, IN ITS CAPACITY AS THE INDEX PROVIDER OF THE ACTIVEBETA^® INDICES, LICENSES CERTAIN TRADEMARKS AND TRADE NAMES TO THE FUNDS. GOLDMAN SACHS HAS NO OBLIGATION TO TAKE THE NEEDS OF THE FUNDS OR THE SHAREHOLDERS OF THE FUNDS INTO CONSIDERATION IN DETERMINING, COMPOSING OR CALCULATING THE ACTIVEBETA^® INDICES. GOLDMAN SACHS OR ANY OF ITS AFFILIATES MAY HOLD LONG OR SHORT POSITIONS IN SECURITIES HELD BY A FUND OR IN RELATED DERIVATIVES.

GOLDMAN SACHS DOES NOT GUARANTEE THE ADEQUACY, TIMELINESS, ACCURACY AND/OR THE COMPLETENESS OF THE ACTIVEBETA^® INDICES OR ANY DATA RELATED THERETO. GOLDMAN SACHS HEREBY EXPRESSLY DISCLAIMS ANY AND ALL LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN OR IN THE CALCULATION THEREOF. GOLDMAN SACHS MAKES NO WARRANTY, EXPRESS OR IMPLIED, AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE MARKS, THE ACTIVEBETA^® INDICES OR ANY DATA INCLUDED THEREIN AS TO THE RESULTS TO BE OBTAINED BY A FUND, THE SHAREHOLDERS, OR ANY OTHER PERSON OR ENTITY FROM USE OF THE ACTIVEBETA^® INDICES OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, GOLDMAN SACHS HEREBY EXPRESSLY DISCLAIMS ANY AND ALL LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.

TRUSTEES Cheryl K. Beebe, Chair Lawrence Hughes John F. Killian Steven D. Krichmar Linda A. Lang Michael Latham Lawrence W. Stranghoener 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, 2022 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.

© 2022 Goldman Sachs. All rights reserved. 275111-OTU-1591028 ACTBETASAR 22

Goldman Sachs Funds

Semi-Annual Report	February 28, 2022
	Goldman Sachs Equity ETFs
	Bloomberg Clean Energy Equity ETF (GCLN)
	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

∎ BLOOMBERG CLEAN ENERGY EQUITY ETF

∎ 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
Market and Economic Review	1
Fund Basics	3
Schedule of Investments	14
Financial Statements	35
Financial Highlights	42
Notes to Financial Statements	47
Other Information	61

NOT FDIC-INSURED May Lose Value No Bank Guarantee

MARKET REVIEW

Goldman Sachs Equity ETFs

The following are highlights both of key factors affecting the U.S. equity market and of any key changes made to the Goldman Sachs Equity ETFs (the “Funds”) during the six months ended February 28, 2022 (the “Reporting Period”). A fuller review will appear in the Funds’ annual shareholder report covering the 12 months ended August 31, 2022.

Market and Economic Review

• Overall, U.S. equities struggled during the Reporting Period. The Standard & Poor’s 500 Index (the “S&P 500 Index”) ended the Reporting Period with a return of -2.62%. The Russell 3000^® Index generated a return of -4.24%.

• Persistent supply-chain disruptions and inflationary pressures remained the common themes during the Reporting Period, while the biggest headlines were the COVID-19 variants and the start of the yet ongoing Russia/Ukraine war.

• As the Reporting Period began in September 2021, the S&P 500 Index saw its first decline since January 2021 and its worst month since September 2020. Focus centered around U.S. Federal Reserve (“Fed”) tapering, complex legislative negotiations, persistent supply-chain disruptions, spread of the COVID-19 Delta variant, global risk events, rising energy costs and the rapid uptick in U.S. Treasury yields.

• During the fourth quarter of 2021, the S&P 500 Index increased in October, fell in November and increased in December.

• The third quarter corporate earnings season propelled the U.S. equity market rally in October, with retail earnings upside surprises and hints of easing supply-chain constraints supporting the market’s upward trajectory into early November.

• Later in November, a $1 trillion infrastructure bill was signed into law, and Fed Chair Powell was appointed for a second term, bringing clarity to the Fed’s leadership. However, renewed concerns around COVID-19 developments pressured U.S. equities, with the emergence of the more contagious Omicron variant triggering a sell-off. Persistently high inflation also weighed on market sentiment.

• In December, the S&P 500 Index rebounded despite record COVID-19 case counts in many population centers in the U.S., as studies showed the variant was generally accompanied by milder symptoms than previous variants. Positive seasonality and the so-called “Santa Rally” also lifted the S&P 500 Index towards the end of the month. (A Santa rally refers a sustained increase in the stock market that occurs in the last week of December through the first two trading days in January.) The Fed walked back its use of “transitory” in describing the inflationary environment and announced it would double its pace of asset purchase tapering and indicated potential interest rate hikes in 2022.

• The S&P 500 Index fell in January and February 2022, suffering its biggest pullback since March 2020 amid reverberations surrounding the Fed’s hawkish policy pivot, the velocity and magnitude of the accompanying U.S. Treasury yield increase, the long-standing valuation concerns around some of the riskier pockets of the market, the remaining inflation overhang and the ramping of geopolitical tensions caused by the Russia/Ukraine war. (Hawkish suggests higher interest rates; opposite of dovish.)

• During the Reporting Period overall, the U.S. equity market saw a sharp reversal of the growth/value dynamic amid a backdrop of rising U.S. Treasury yields and expectations of multiple interest rate hikes by the Fed. Value stocks meaningfully outperformed growth stocks during the Reporting Period.

• The best performing sectors within the S&P 500 Index during the Reporting Period were energy, consumer staples and financials, while the weakest performing sectors were communication services, information technology and consumer discretionary.

1

MARKET REVIEW

Fund Changes and Highlights

Goldman Sachs Bloomberg Clean Energy Equity ETF

• The Fund launched on February 8, 2022.

• The Fund offers access to the $100 trillion+, multi-decade clean energy investment opportunity by seeking to track the Bloomberg Goldman Sachs Global Clean Energy Index (the “Index”), an equity index designed by Goldman Sachs Asset Management and Bloomberg energy sector specialists.

• Compared to other clean energy ETFs, the Fund offers three key potential advantages:

1. Captures the full universe of clean energy companies, which may result in a more diverse portfolio and lower volatility

2. Drives capital to companies with what the advisor believes to be companies with the greatest potential exposure to clean energy growth through an impact-weighted portfolio construction process

3. Systematically evolves alongside the energy transition using forward looking datasets and analyst insights which seek to capture new clean energy businesses and potential alpha, or value- adding, opportunities

• Ultimately, the Fund is designed for investors interested in owning “clean energy enablers,” companies that are seizing the secular growth opportunity to combat climate change and provide clean, affordable and reliable energy.

• The Fund seeks to track the Index, which focuses capital in companies with the greatest exposure to the clean energy transition. These clean energy exposures are measured using proprietary asset-level datasets and insights from the 200+ global analysts at BloombergNEF (BNEF), a premier energy transition research and advisory service provider for governments, corporations and financiers.

2

FUND BASICS

Bloomberg Clean Energy Equity ETF

as of February 28, 2022

	FUND SNAPSHOT
��	As of February 28, 2022
	Market Price1	$	41.75
	Net Asset Value (NAV)1	$	41.75

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
February 8, 2022*–February 28, 2022	Fund Total Return (based on NAV)2			Fund Total Return (based on Market Price)2			Bloomberg GS Global Clean Energy Index3
Shares		5.43	%		5.43	%		5.51	%

^*  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 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  “Bloomberg^®” and the Bloomberg Goldman Sachs Global Clean Energy Index (the “Index”) are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited (“BISL”), the administrator of the index (collectively, “Bloomberg”) and have been licensed for use for certain purposes by Goldman Sachs. “Goldman Sachs^®” is a trademark of Goldman Sachs and has been licensed by Bloomberg for use in the name of the Index. Bloomberg is not affiliated with Goldman Sachs, and Bloomberg does not approve, endorse, review, or recommend Goldman Sachs Bloomberg Clean Energy ETF (“Fund”). Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or information relating to the Fund.

The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund is newly incepted and does not have a track record. 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 2/28/224
Holding	% of Net Assets			Line of Business	Country
NextEra Energy, Inc.		5.2	%	Utilities	United States
Contemporary Amperex Technology Co. Ltd., Class A		4.9		Industrials	China
LONGi Green Energy Technology Co. Ltd., Class A		4.1		Information Technology	China
National Grid PLC		3.2		Utilities	United Kingdom
Vestas Wind Systems A/S		3.0		Industrials	Denmark
Iberdrola SA		2.9		Utilities	Spain
Enel SpA		2.8		Utilities	Italy
General Electric Co.		2.7		Industrials	United States
Sempra Energy		2.6		Utilities	United States
Schneider Electric SE		2.5		Industrials	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, 2022

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). Investments in the securities lending vehicle represented 0.1% of the Fund’s net assets as of February 28, 2022. 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 Bloomberg Goldman Sachs Global Clean Energy 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

Equal Weight U.S. Large Cap Equity ETF

As of February 28, 2022

FUND SNAPSHOT
As of February 28, 2022
Market Price1	$	65.77
Net Asset Value (NAV)1	$	65.84

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, 2021–February 28, 2022	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		-5.19	%		-5.28	%		-5.25	%		-2.62	%

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.

5

FUND BASICS

TOP TEN HOLDINGS AS OF 2/28/225
Holding	% of Net Assets			Line of Business
Advanced Micro Devices, Inc.		0.4	%	Information Technology
S&P Global, Inc.		0.4		Financials
Upstart Holdings, Inc.		0.3		Financials
Snap, Inc., Class A		0.3		Communication Services
Bill.com Holdings, Inc.		0.3		Information Technology
Trade Desk, Inc. (The), Class A		0.3		Information Technology
Northrop Grumman Corp.		0.2		Industrials
Freeport-McMoRan, Inc.		0.2		Materials
L3Harris Technologies, Inc.		0.2		Industrials
Nucor Corp.		0.2		Materials

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

FUND VS. BENCHMARK SECTOR ALLOCATION⁶

February 28, 2022

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). Investments in the securities lending vehicle represented 0.3% of the Fund’s net assets as of February 28, 2022. 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.

6

FUND BASICS

Hedge Industry VIP ETF

as of February 28, 2022

FUND SNAPSHOT
As of February 28, 2022
Market Price1	$	91.06
Net Asset Value (NAV)1	$	91.11

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, 2021– February 28, 2022	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		-11.70	%		-11.77	%		-11.50	%		-2.62	%

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.

7

FUND BASICS

TOP TEN HOLDINGS AS OF 2/28/225
Holding	% of Net Assets			Line of Business	Country
Palo Alto Networks, Inc.		2.3	%	Information Technology	United States
Cheniere Energy, Inc.		2.3		Energy	United States
Sea Ltd. ADR		2.3		Communication Services	Taiwan
Builders FirstSource, Inc.		2.2		Industrials	United States
TransDigm Group, Inc.		2.1		Industrials	United States
Uber Technologies, Inc.		2.1		Industrials	United States
GoDaddy, Inc., Class A		2.1		Information Technology	United States
Caesars Entertainment, Inc.		2.1		Consumer Discretionary	United States
Crown Holdings, Inc.		2.1		Materials	United States
Berkshire Hathaway, Inc., Class B		2.1		Financials	United States

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

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁶

As of February 28, 2022

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.

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.

8

FUND BASICS

Innovate Equity ETF

as of February 28, 2022

FUND SNAPSHOT
As of February 28, 2022
Market Price1	$	53.36
Net Asset Value (NAV)1	$	53.40

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

PERFORMANCE REVIEW
September 1, 2021–February 28, 2022	Fund Total Return (based on NAV)2			Fund Total Return (based on Market Price)2			Solactive Innovate Global Equity Index3
Shares		-15.20	%		-15.41	%		-15.18	%

²  Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return 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 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.

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 2/28/224
Holding	% of Net Assets			Line of Business	Country
NVIDIA Corp.		2.1	%	Information Technology	United States
Microsoft Corp.		2.0		Information Technology	United States
Amazon.com, Inc.		2.0		Consumer Discretionary	United States
Apple, Inc.		2.0		Information Technology	United States
Tesla, Inc.		1.9		Consumer Discretionary	United States
Alphabet, Inc., Class A		1.9		Communication Services	United States
Meta Platforms, Inc., Class A		1.8		Communication Services	United States
Alibaba Group Holding Ltd. ADR		1.1		Consumer Discretionary	China
Intel Corp.		1.0		Information Technology	United States
Johnson & Johnson		0.8		Health Care	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, 2022

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). Investments in the securities lending vehicle represented 3.2% of the Fund’s net assets as of February 28, 2022. 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.

10

FUND BASICS

JUST U.S. Large Cap Equity ETF

as of February 28, 2022

FUND SNAPSHOT
As of February 28, 2022
Market Price1	$	62.97
Net Asset Value (NAV)1	$	63.01

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

PERFORMANCE REVIEW
September 1, 2021– February 28, 2022	Fund Total Return (based on NAV)2			Fund Total Return (based on Market Price)2			JUST US Large Cap Diversified Index3			Russell 1000® Index4
Shares		-3.48	%		-3.58	%		-3.38	%		-3.88	%

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.

11

FUND BASICS

TOP TEN HOLDINGS AS OF 2/28/225
Holding	% of Net Assets			Line of Business
Apple, Inc.		7.2	%	Information Technology
Microsoft Corp.		6.3		Information Technology
Amazon.com, Inc.		4.6		Consumer Discretionary
Alphabet, Inc., Class A		2.3		Communication Services
Alphabet, Inc., Class C		2.1		Communication Services
NVIDIA Corp.		1.6		Information Technology
Procter & Gamble Co. (The)		1.4		Consumer Staples
JPMorgan Chase & Co.		1.4		Financials
UnitedHealth Group, Inc.		1.2		Health Care
Visa, Inc., Class A		1.2		Information Technology

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

FUND VS BENCHMARK SECTOR ALLOCATION⁶

As of February 28, 2022

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 0.0% of the Fund’s net assets as of February 28, 2022. 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.

12

PORTFOLIO RESULTS

Index Definition and Industry Terms

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

Russell 3000^® Index is a market capitalization weighted equity index maintained by the FTSE Russell that provides exposure to the entire U.S. stock market. The index tracks the performance of the 3,000 largest U.S.-traded stocks which represent about 98% of all U.S incorporated equity securities. It is not possible to invest directly in an index. It is not possible to invest directly in an unmanaged index.

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.

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.

13

GOLDMAN SACHS BLOOMBERG CLEAN ENERGY EQUITY ETF

Schedule of Investments

February 28, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – 99.8%
Austria – 0.1%
	40	Verbund AG (Utilities)	$	4,852
Belgium – 1.0%
	136	Elia Group SA/NV (Utilities)		19,644
	1,488	Umicore SA (Materials)		61,321
				80,965
Brazil – 0.1%
	764	Cosan SA (Energy)		3,131
	2,436	Omega Energia SA (Utilities)*		5,121
				8,252
Canada – 4.1%
	2,936	Algonquin Power & Utilities Corp. (Utilities)		42,454
	484	Atco Ltd., Class I (Utilities)		15,886
	1,936	Ballard Power Systems, Inc. (Industrials)*		22,133
	784	Boralex, Inc., Class A (Utilities)		22,877
	72	Capital Power Corp. (Utilities)		2,211
	2,236	Fortis, Inc. (Utilities)		102,390
	1,492	Hydro One Ltd. (Utilities)(a)		36,819
	1,120	Innergex Renewable Energy, Inc. (Utilities)		16,274
	1,740	Northland Power, Inc. (Utilities)		55,286
	108	SNC-Lavalin Group, Inc. (Industrials)		2,430
	824	TransAlta Renewables, Inc. (Utilities)		11,337
	76	WSP Global, Inc. (Industrials)		9,318
				339,415
China – 27.3%
	2,800	Beijing Easpring Material Technology Co. Ltd., Class A (Materials)		37,900
	9,596	Beijing Jingneng Clean Energy Co. Ltd., Class H (Utilities)		2,923
	8,400	Beijing Jingyuntong Technology Co. Ltd., Class A (Information Technology)*		11,608
	3,200	BYD Co. Ltd., Class A (Consumer Discretionary)		126,580
	13,200	CECEP Solar Energy Co. Ltd., Class A (Utilities)		20,982
	16,000	CECEP Wind-Power Corp., Class A (Utilities)		14,326
	12,800	China Baoan Group Co. Ltd., Class A (Industrials)		27,913
	17,060	China Datang Corp Renewable Power Co. Ltd., Class H (Utilities)		6,441
	27,412	China Everbright Environment Group Ltd. (Industrials)		19,646
	24,632	China Longyuan Power Group Corp. Ltd., Class H (Utilities)		50,439
	30,100	China National Nuclear Power Co. Ltd., Class A (Utilities)		35,300
	8,236	China Suntien Green Energy Corp. Ltd., Class H (Energy)		5,460
	4,800	Contemporary Amperex Technology Co. Ltd., Class A (Industrials)		405,726
	292	Daqo New Energy Corp. ADR (Information Technology)*		14,004
Common Stocks – (continued)
China – (continued)
	9,200	Eve Energy Co. Ltd., Class A (Industrials)		130,491
	22,000	GCL System Integration Technology Co. Ltd., Class A (Information Technology)*		12,796
	28,400	GEM Co. Ltd., Class A (Materials)		43,028
	400	Ginlong Technologies Co. Ltd., Class A (Industrials)		16,038
	6,800	Gotion High-tech Co. Ltd., Class A (Industrials)*		46,425
	3,600	Guangzhou Tinci Materials Technology Co. Ltd., Class A (Materials)		60,584
	2,400	Hangzhou First Applied Material Co. Ltd., Class A (Information Technology)		45,125
	2,800	Hengdian Group DMEGC Magnetics Co. Ltd., Class A (Information Technology)		7,539
	2,400	JA Solar Technology Co. Ltd., Class A (Information Technology)		36,118
	6,400	Jilin Electric Power Co. Ltd., Class A (Utilities)*		8,986
	28,000	LONGi Green Energy Technology Co. Ltd., Class A (Information Technology)		344,653
	400	Luoyang Xinqianglian Slewing Bearing Co. Ltd., Class A (Industrials)		9,591
	5,200	Ming Yang Smart Energy Group Ltd., Class A (Industrials)		21,179
	168	NXP Semiconductors NV (Information Technology)		31,940
	4,000	Risen Energy Co. Ltd., Class A (Information Technology)		16,964
	1,200	Shenzhen Capchem Technology Co. Ltd., Class A (Materials)		18,257
	800	Shenzhen SC New Energy Technology Corp., Class A (Information Technology)		11,142
	4,000	Shenzhen Senior Technology Material Co. Ltd., Class A (Materials)		24,063
	7,200	Sungrow Power Supply Co. Ltd., Class A (Industrials)		138,181
	400	Suzhou Maxwell Technologies Co. Ltd., Class A (Industrials)		34,681
	14,000	TBEA Co. Ltd., Class A (Industrials)		44,773
	13,200	Tianjin Zhonghuan Semiconductor Co. Ltd., Class A (Information Technology)		100,370
	5,600	Titan Wind Energy Suzhou Co. Ltd., Class A (Industrials)		18,353
	13,600	Tongwei Co. Ltd., Class A (Consumer Staples)		92,463
	400	Wuhan DR Laser Technology Corp. Ltd., Class A (Information Technology)		14,184
	800	Wuxi Shangji Automation Co. Ltd., Class A (Industrials)		20,044
	2,800	Xiamen Tungsten Co. Ltd., Class A (Materials)		9,762
	15,200	Xinjiang Goldwind Science & Technology Co. Ltd., Class A (Industrials)		36,013
	19,904	Xinyi Solar Holdings Ltd. (Information Technology)		35,968
	3,600	Zhejiang Chint Electrics Co. Ltd., Class A (Industrials)		28,480

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

GOLDMAN SACHS BLOOMBERG CLEAN ENERGY EQUITY ETF

Shares		Description	Value
Common Stocks – (continued)
China – (continued)
	4,000	Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A (Information Technology)	$	41,204
				2,278,643
Czech Republic – 0.3%
	756	CEZ AS (Utilities)		28,811
Denmark – 5.2%
	1,396	Orsted AS (Utilities)(a)		181,536
	7,588	Vestas Wind Systems A/S (Industrials)		249,208
				430,744
Finland – 1.2%
	264	Fortum OYJ (Utilities)		5,586
	2,188	Neste OYJ (Energy)		86,457
	356	Stora Enso OYJ, Class R (Materials)		6,866
				98,909
France – 0.9%
	4,344	Electricite de France SA (Utilities)		39,668
	1,096	Engie SA (Utilities)		17,564
	448	Neoen SA (Utilities)*(a)		17,340
				74,572
Germany – 3.8%
	576	BASF SE (Materials)		38,332
	868	Encavis AG (Utilities)		14,985
	10,200	E.ON SE (Utilities)		138,832
	760	Infineon Technologies AG (Information Technology)		26,245
	896	Nordex SE (Industrials)*		16,012
	396	RWE AG (Utilities)		18,454
	2,112	Siemens Energy AG (Industrials)		50,836
	108	SMA Solar Technology AG (Information Technology)		4,311
	72	Wacker Chemie AG (Materials)		11,221
				319,228
Hong Kong – 0.1%
	43,100	Concord New Energy Group Ltd. (Utilities)		4,027
	1,056	Xinyi Glass Holdings Ltd. (Industrials)		2,804
				6,831
Italy – 4.0%
	1,004	A2A SpA (Utilities)		1,801
	31,032	Enel SpA (Utilities)		230,009
	1,568	Eni SpA (Energy)		24,361
	452	ERG SpA (Utilities)		14,347
	896	Falck Renewables SpA (Utilities)		8,856
	560	Hera SpA (Utilities)		2,180
	6,932	Terna – Rete Elettrica Nazionale (Utilities)		57,165
				338,719
Japan – 2.1%
	280	Denso Corp. (Consumer Discretionary)		19,563
	204	eRex Co. Ltd. (Utilities)		3,280
	596	Hitachi Ltd. (Industrials)		29,237
	204	Kyocera Corp. (Information Technology)		11,653
Common Stocks – (continued)
Japan – (continued)
	316	Nidec Corp. (Industrials)		27,115
	1,344	Panasonic Corp. (Consumer Discretionary)		13,886
	728	Renesas Electronics Corp. (Information Technology)*		8,470
	288	RENOVA, Inc. (Utilities)*		3,558
	56	Rohm Co. Ltd. (Information Technology)		4,391
	2,824	SUMCO Corp. (Information Technology)		46,268
	172	West Holdings Corp. (Utilities)		6,392
				173,813
New Zealand – 0.3%
	3,728	Contact Energy Ltd. (Utilities)		20,486
	720	Meridian Energy Ltd. (Utilities)		2,434
				22,920
Norway – 0.2%
	10,960	NEL ASA (Industrials)*(b)		19,960
Portugal – 0.1%
	1,756	EDP – Energias de Portugal SA (Utilities)		8,607
Singapore – 0.2%
	412	STMicroelectronics NV (Information Technology)		17,557
South Africa – 0.1%
	844	Scatec ASA (Utilities)(a)		12,170
South Korea – 3.9%
	168	CS Wind Corp. (Industrials)		8,328
	28	Doosan Co. Ltd. (Industrials)*		2,643
	196	Doosan Fuel Cell Co. Ltd. (Industrials)*		6,325
	128	Ecopro Co. Ltd. (Materials)		9,209
	168	L&F Co. Ltd. (Information Technology)		27,247
	204	LG Chem Ltd. (Materials)		95,862
	132	OCI Co. Ltd. (Materials)		11,527
	364	Samsung SDI Co. Ltd. (Information Technology)		165,902
				327,043
Spain – 3.8%
	116	Acciona SA (Utilities)		19,948
	21,284	Iberdrola SA (Utilities)		243,365
	1,836	Siemens Gamesa Renewable Energy SA (Industrials)*		42,749
	584	Solaria Energia y Medio Ambiente SA (Utilities)*		10,899
				316,961
Sweden – 0.1%
	320	PowerCell Sweden AB (Industrials)*		6,060
Switzerland – 0.7%
	1,056	ABB Ltd. (Industrials)		35,854
	92	BKW AG (Utilities)		11,612
	21,340	Meyer Burger Technology AG (Information Technology)*		8,137
				55,603

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

GOLDMAN SACHS BLOOMBERG CLEAN ENERGY EQUITY ETF

Schedule of Investments (continued)

February 28, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Taiwan – 0.6%
	1,148	Delta Electronics, Inc. (Information Technology)	$	10,094
	4,180	Sino-American Silicon Products, Inc. (Information Technology)		27,136
	2,852	TSEC Corp. (Information Technology)*		3,876
	10,168	United Renewable Energy Co. Ltd./Taiwan (Information Technology)*		7,453
				48,559
Thailand – 0.6%
	18,172	Energy Absolute PCL NVDR (Utilities)		52,834
United Kingdom – 5.2%
	788	Ceres Power Holdings PLC (Industrials)*		7,528
	3,088	Drax Group PLC (Utilities)		29,252
	3,532	ITM Power PLC (Industrials)*(b)		15,743
	17,364	National Grid PLC (Utilities)		263,456
	5,140	SSE PLC (Utilities)		117,552
				433,531
United States – 33.8%
	3,132	AES Corp. (The) (Utilities)		66,492
	32	ALLETE, Inc. (Utilities)		2,014
	156	Alliant Energy Corp. (Utilities)		9,110
	224	Ameresco, Inc., Class A (Industrials)*		14,392
	312	American Electric Power Co., Inc. (Utilities)		28,283
	348	Archer-Daniels-Midland Co. (Consumer Staples)		27,301
	1,024	Array Technologies, Inc. (Industrials)*		11,510
	340	Avangrid, Inc. (Utilities)		15,256
	1,040	Bloom Energy Corp., Class A (Industrials)*		23,088
	976	Brookfield Renewable Corp., Class A (Utilities)		36,551
	84	Bunge Ltd. (Consumer Staples)		8,782
	388	Clearway Energy, Inc., Class C (Utilities)		12,959
	220	Consolidated Edison, Inc. (Utilities)		18,869
	220	Constellation Energy Corp. (Utilities)		10,116
	508	Dominion Energy, Inc. (Utilities)		40,401
	108	DTE Energy Co. (Utilities)		13,132
	484	Duke Energy Corp. (Utilities)		48,598
	2,956	Edison International (Utilities)		187,470
	32	EMCOR Group, Inc. (Industrials)		3,697
	368	Emerson Electric Co. (Industrials)		34,195
	964	Enphase Energy, Inc. (Information Technology)*		160,699
	608	Exelon Corp. (Utilities)		25,876
	748	First Solar, Inc. (Information Technology)*		56,317
	2,712	FuelCell Energy, Inc. (Industrials)*(b)		16,272
	296	Generac Holdings, Inc. (Industrials)*		93,379
	2,332	General Electric Co. (Industrials)		222,729
	1,508	Gevo, Inc. (Energy)*		5,353
	408	Green Plains, Inc. (Energy)*		13,358
	592	Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT (Financials)		28,025
	352	Itron, Inc. (Information Technology)*		16,780
Common Stocks – (continued)
United States – (continued)
	36	MasTec, Inc. (Industrials)*		2,835
	5,496	NextEra Energy, Inc. (Utilities)		430,172
	244	ON Semiconductor Corp. (Information Technology)*		15,277
	348	Ormat Technologies, Inc. (Utilities)		24,830
	4,452	Plug Power, Inc. (Industrials)*		112,591
	316	Public Service Enterprise Group, Inc. (Utilities)		20,486
	88	Quanta Services, Inc. (Industrials)		9,587
	1,512	QuantumScape Corp. (Consumer Discretionary)*(b)		24,404
	400	Renewable Energy Group, Inc. (Energy)*		24,600
	1,332	Schneider Electric SE (Industrials)		209,125
	1,504	Sempra Energy (Utilities)		216,907
	388	SolarEdge Technologies, Inc. (Information Technology)*		123,935
	684	Sunnova Energy International, Inc. (Utilities)*		13,783
	664	SunPower Corp. (Information Technology)*		11,906
	1,644	Sunrun, Inc. (Industrials)*		44,848
	88	Tesla, Inc. (Consumer Discretionary)*		76,598
	512	Texas Instruments, Inc. (Information Technology)		87,035
	44	Timken Co. (The) (Industrials)		2,885
	288	TPI Composites, Inc. (Industrials)*		3,894
	12	Valmont Industries, Inc. (Industrials)		2,597
	908	Wolfspeed, Inc. (Information Technology)*		93,270
	336	Xcel Energy, Inc. (Utilities)		22,623
				2,825,192
	TOTAL COMMON STOCKS
	(Cost $7,908,982)		$	8,330,751

Shares	Description			Rate			Value
Preferred Stock – 0.1%
South Korea – 0.1%
36		LG Chem Ltd. (Materials	)
(Cost $9,086)					4.42	%	$	8,099
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
(Cost $7,918,068)							$	8,338,850

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

GOLDMAN SACHS BLOOMBERG CLEAN ENERGY EQUITY ETF

Shares	Dividend Rate	Value
Securities Lending Reinvestment Vehicle – 0.7%(c)
Goldman Sachs Financial Square Government Fund – Institutional Shares
58,314	0.026%	$	58,314
(Cost $58,314)
TOTAL INVESTMENTS – 100.6%
(Cost $7,976,382)		$	8,397,164
LIABILITIES IN EXCESS OF     OTHER ASSETS – (0.6)%			(47,356	)
NET ASSETS – 100.0%		$	8,349,808

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 below table represents the sector breakdown of investments as a percentage of total market value of the Fund:
Sector Name	% of Market Value
Utilities		40.0%
Industrials		28.2%
Information Technology		19.7%
Materials		5.2%
Consumer Discretionary		3.1%
Energy		2.0%
Consumer Staples		1.5%
Financials		0.3%
TOTAL INVESTMENTS		100.0%

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

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

Schedule of Investments

February 28, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – 99.7%
Communication Services – 4.8%
	20,967	Activision Blizzard, Inc.	$	1,708,811
	567	Alphabet, Inc., Class A*		1,531,546
	103,277	AMC Entertainment Holdings, Inc., Class A*(a)		1,947,804
	68,477	AT&T, Inc.		1,622,220
	2,799	Charter Communications, Inc., Class A*		1,684,382
	33,396	Comcast Corp., Class A		1,561,597
	12,616	Electronic Arts, Inc.		1,641,215
	11,029	Liberty Broadband Corp., Class C*		1,617,954
	132,543	Lumen Technologies, Inc.		1,373,145
	14,228	Match Group, Inc.*		1,586,280
	5,211	Meta Platforms, Inc., Class A*		1,099,677
	3,844	Netflix, Inc.*		1,516,535
	21,659	Omnicom Group, Inc.		1,816,974
	50,492	Paramount Global, Class B		1,545,560
	60,066	Pinterest, Inc., Class A*		1,606,766
	25,439	ROBLOX Corp., Class A*		1,311,889
	10,491	Roku, Inc.*		1,463,809
	51,664	Snap, Inc., Class A*		2,063,460
	10,056	Take-Two Interactive Software, Inc.*		1,629,072
	15,150	T-Mobile US, Inc.*		1,866,632
	45,440	Twitter, Inc.*		1,615,392
	30,848	Verizon Communications, Inc.		1,655,612
	11,691	Walt Disney Co. (The)*		1,735,646
	31,553	ZoomInfo Technologies, Inc.*		1,725,634
				38,927,612
Consumer Discretionary – 10.4%
	7,084	Advance Auto Parts, Inc.		1,448,536
	10,924	Airbnb, Inc., Class A*		1,654,877
	557	Amazon.com, Inc.*		1,710,692
	815	AutoZone, Inc.*		1,518,663
	28,416	Bath & Body Works, Inc.		1,516,562
	17,031	Best Buy Co., Inc.		1,645,876
	672	Booking Holdings, Inc.*		1,459,752
	7,172	Burlington Stores, Inc.*		1,620,083
	21,173	Caesars Entertainment, Inc.*		1,782,555
	15,170	CarMax, Inc.*		1,658,536
	80,373	Carnival Corp.*		1,633,983
	10,666	Carvana Co.*		1,604,913
	1,106	Chipotle Mexican Grill, Inc.*		1,684,825
	11,756	Darden Restaurants, Inc.		1,707,206
	7,977	Dollar General Corp.		1,582,158
	12,514	Dollar Tree, Inc.*		1,777,989
	3,639	Domino’s Pizza, Inc.		1,572,812
	15,582	DoorDash, Inc., Class A*		1,635,331
	18,496	D.R. Horton, Inc.		1,579,558
	75,655	DraftKings, Inc., Class A*		1,791,510
	28,742	eBay, Inc.		1,569,026
	11,736	Etsy, Inc.*		1,817,789
	8,926	Expedia Group, Inc.*		1,750,478
	81,698	Ford Motor Co.		1,434,617
	13,028	Garmin Ltd.		1,438,812
	31,702	General Motors Co.*		1,481,117
	12,375	Genuine Parts Co.		1,511,730
	11,553	Hilton Worldwide Holdings, Inc.*		1,719,780
	4,490	Home Depot, Inc. (The)		1,418,077
Common Stocks – (continued)
Consumer Discretionary – (continued)
	36,988	Las Vegas Sands Corp.*		1,585,306
	17,187	Lennar Corp., Class A		1,544,768
	6,968	Lowe’s Cos., Inc.		1,540,346
	10,334	Marriott International, Inc., Class A*		1,758,227
	6,345	McDonald’s Corp.		1,553,066
	38,130	MGM Resorts International		1,688,778
	11,222	NIKE, Inc., Class B		1,532,364
	306	NVR, Inc.*		1,517,283
	2,507	O’Reilly Automotive, Inc.*		1,627,645
	63,756	Peloton Interactive, Inc., Class A*		1,852,749
	3,484	Pool Corp.		1,597,693
	17,041	Ross Stores, Inc.		1,557,377
	20,633	Royal Caribbean Cruises Ltd.*		1,665,496
	16,954	Starbucks Corp.		1,556,208
	83,951	Stellantis NV		1,534,624
	7,657	Target Corp.		1,529,639
	1,838	Tesla, Inc.*		1,599,850
	23,154	TJX Cos., Inc. (The)		1,530,479
	7,444	Tractor Supply Co.		1,517,013
	4,488	Ulta Beauty, Inc.*		1,680,756
	25,760	VF Corp.		1,494,595
	10,944	Wayfair, Inc., Class A*		1,541,681
	8,013	Whirlpool Corp.		1,612,776
	13,270	Yum! Brands, Inc.		1,626,637
				84,973,199
Consumer Staples – 5.6%
	32,865	Altria Group, Inc.		1,685,646
	21,959	Archer-Daniels-Midland Co.		1,722,684
	24,511	Brown-Forman Corp., Class B		1,598,853
	16,149	Church & Dwight Co., Inc.		1,580,180
	9,972	Clorox Co. (The)		1,453,818
	27,288	Coca-Cola Co. (The)		1,698,405
	20,115	Colgate-Palmolive Co.		1,547,849
	47,043	Conagra Brands, Inc.		1,645,094
	6,989	Constellation Brands, Inc., Class A		1,506,968
	3,233	Costco Wholesale Corp.		1,678,735
	5,289	Estee Lauder Cos., Inc. (The), Class A		1,567,289
	24,158	General Mills, Inc.		1,628,974
	8,370	Hershey Co. (The)		1,692,916
	26,183	Kellogg Co.		1,674,141
	43,228	Keurig Dr Pepper, Inc.		1,671,627
	12,180	Kimberly-Clark Corp.		1,585,227
	45,957	Kraft Heinz Co. (The)		1,802,434
	38,102	Kroger Co. (The)		1,783,174
	16,355	McCormick & Co., Inc.		1,556,505
	24,482	Mondelez International, Inc., Class A		1,603,081
	18,981	Monster Beverage Corp.*		1,601,996
	9,492	PepsiCo, Inc.		1,554,220
	16,041	Philip Morris International, Inc.		1,621,264
	10,261	Procter & Gamble Co. (The)		1,599,587
	20,830	Sysco Corp.		1,814,293
	18,347	Tyson Foods, Inc., Class A		1,700,033
	33,122	Walgreens Boots Alliance, Inc.		1,526,593
	11,818	Walmart, Inc.		1,597,321
				45,698,907

18 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)
Energy – 4.3%
	62,029	Baker Hughes Co.	$	1,822,412
	14,465	Cheniere Energy, Inc.		1,922,398
	12,416	Chevron Corp.		1,787,904
	18,356	ConocoPhillips		1,741,250
	73,902	Coterra Energy, Inc.		1,724,134
	32,010	Devon Energy Corp.		1,906,195
	12,885	Diamondback Energy, Inc.		1,779,419
	14,966	EOG Resources, Inc.		1,719,893
	20,859	Exxon Mobil Corp.		1,635,763
	53,356	Halliburton Co.		1,789,027
	18,099	Hess Corp.		1,829,085
	95,547	Kinder Morgan, Inc.		1,662,518
	21,500	Marathon Petroleum Corp.		1,674,205
	42,808	Occidental Petroleum Corp.		1,871,994
	26,801	ONEOK, Inc.		1,750,105
	19,372	Phillips 66		1,631,897
	7,569	Pioneer Natural Resources Co.		1,813,532
	42,692	Schlumberger NV		1,675,234
	19,302	Valero Energy Corp.		1,611,910
	54,893	Williams Cos., Inc. (The)		1,717,053
				35,065,928
Financials – 12.7%
	26,236	Aflac, Inc.		1,602,757
	13,960	Allstate Corp. (The)		1,708,146
	34,443	Ally Financial, Inc.		1,718,706
	9,119	American Express Co.		1,774,010
	28,000	American International Group, Inc.		1,714,720
	5,366	Ameriprise Financial, Inc.		1,608,673
	5,961	Aon PLC, Class A		1,741,447
	23,568	Apollo Global Management, Inc.		1,538,048
	34,983	Arch Capital Group Ltd.*		1,648,049
	10,558	Arthur J Gallagher & Co.		1,670,170
	35,765	Bank of America Corp.		1,580,813
	27,394	Bank of New York Mellon Corp. (The)		1,455,991
	5,254	Berkshire Hathaway, Inc., Class B*		1,688,898
	2,034	BlackRock, Inc.		1,513,072
	12,322	Blackstone, Inc.		1,570,685
	11,238	Capital One Financial Corp.		1,722,448
	18,563	Charles Schwab Corp. (The)		1,567,831
	8,013	Chubb Ltd.		1,631,767
	13,870	Cincinnati Financial Corp.		1,703,097
	25,283	Citigroup, Inc.		1,497,512
	31,645	Citizens Financial Group, Inc.		1,658,831
	7,038	CME Group, Inc.		1,664,698
	8,970	Coinbase Global, Inc., Class A*		1,711,207
	14,323	Discover Financial Services		1,768,031
	3,896	FactSet Research Systems, Inc.		1,582,127
	36,207	Fifth Third Bancorp		1,732,143
	9,421	First Republic Bank		1,632,283
	4,608	Goldman Sachs Group, Inc. (The)(b)		1,572,664
	22,756	Hartford Financial Services Group, Inc. (The)		1,581,087
	107,284	Huntington Bancshares, Inc.		1,665,048
	12,964	Intercontinental Exchange, Inc.		1,660,948
	11,195	JPMorgan Chase & Co.		1,587,451
	65,193	KeyCorp		1,634,389
	23,074	KKR & Co., Inc.		1,387,209
Common Stocks – (continued)
Financials – (continued)
	9,672	M&T Bank Corp.		1,762,529
	1,300	Markel Corp.*		1,615,783
	4,749	MarketAxess Holdings, Inc.		1,811,411
	10,754	Marsh & McLennan Cos., Inc.		1,671,279
	24,389	MetLife, Inc.		1,647,477
	4,833	Moody’s Corp.		1,556,371
	16,163	Morgan Stanley		1,466,631
	3,054	MSCI, Inc.		1,532,161
	9,132	Nasdaq, Inc.		1,562,942
	13,941	Northern Trust Corp.		1,587,880
	7,989	PNC Financial Services Group, Inc. (The)		1,591,808
	22,496	Principal Financial Group, Inc.		1,589,117
	15,159	Progressive Corp. (The)		1,605,793
	14,591	Prudential Financial, Inc.		1,629,231
	15,271	Raymond James Financial, Inc.		1,674,465
	70,934	Regions Financial Corp.		1,715,894
	7,930	S&P Global, Inc.		2,979,301
	5,297	Signature Bank		1,826,882
	17,225	State Street Corp.		1,469,809
	2,761	SVB Financial Group*		1,673,166
	39,349	Synchrony Financial		1,683,350
	10,591	T. Rowe Price Group, Inc.		1,531,035
	9,734	Travelers Cos., Inc. (The)		1,672,593
	26,105	Truist Financial Corp.		1,624,253
	15,674	Upstart Holdings, Inc.*		2,476,335
	28,085	US Bancorp		1,587,926
	30,029	Wells Fargo & Co.		1,602,648
	7,017	Willis Towers Watson PLC		1,559,879
				103,202,905
Health Care – 14.3%
	17,113	10X Genomics, Inc., Class A*		1,394,196
	12,824	Abbott Laboratories		1,546,831
	12,118	AbbVie, Inc.		1,790,677
	5,524	ABIOMED, Inc.*		1,716,528
	11,540	Agilent Technologies, Inc.		1,504,354
	3,316	Align Technology, Inc.*		1,696,001
	11,472	Alnylam Pharmaceuticals, Inc.*		1,810,855
	12,173	AmerisourceBergen Corp.		1,735,018
	7,273	Amgen, Inc.		1,647,189
	3,763	Anthem, Inc.		1,700,312
	43,638	Avantor, Inc.*		1,513,802
	19,542	Baxter International, Inc.		1,660,484
	6,528	Becton Dickinson and Co.		1,770,916
	7,426	Biogen, Inc.*		1,566,960
	18,721	BioMarin Pharmaceutical, Inc.*		1,462,485
	2,681	Bio-Rad Laboratories, Inc., Class A*		1,678,199
	3,991	Bio-Techne Corp.		1,673,865
	40,153	Boston Scientific Corp.*		1,773,558
	25,815	Bristol-Myers Squibb Co.		1,772,716
	32,299	Cardinal Health, Inc.		1,744,469
	15,642	Catalent, Inc.*		1,596,110
	21,253	Centene Corp.*		1,755,923
	18,101	Cerner Corp.		1,687,918
	4,859	Charles River Laboratories International, Inc.*		1,414,747
	7,271	Cigna Corp.		1,728,898
	4,202	Cooper Cos., Inc. (The)		1,718,702

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

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

Schedule of Investments (continued)

February 28, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Health Care – (continued)
	15,415	CVS Health Corp.	$	1,597,765
	5,684	Danaher Corp.		1,559,747
	3,858	Dexcom, Inc.*		1,596,865
	14,868	Edwards Lifesciences Corp.*		1,670,717
	65,274	Elanco Animal Health, Inc.*		1,854,434
	6,663	Eli Lilly & Co.		1,665,417
	22,310	Exact Sciences Corp.*		1,741,519
	25,633	Gilead Sciences, Inc.		1,548,233
	6,902	HCA Healthcare, Inc.		1,727,640
	23,054	Hologic, Inc.*		1,640,753
	17,830	Horizon Therapeutics PLC*		1,625,561
	4,201	Humana, Inc.		1,824,578
	3,071	IDEXX Laboratories, Inc.*		1,634,847
	4,704	Illumina, Inc.*		1,536,326
	6,646	Insulet Corp.*		1,759,130
	5,691	Intuitive Surgical, Inc.*		1,652,268
	6,553	IQVIA Holdings, Inc.*		1,507,976
	9,709	Johnson & Johnson		1,597,810
	6,054	Laboratory Corp. of America Holdings*		1,642,208
	7,447	Masimo Corp.*		1,172,530
	6,460	McKesson Corp.		1,776,242
	16,274	Medtronic PLC		1,708,607
	20,239	Merck & Co., Inc.		1,549,903
	1,094	Mettler-Toledo International, Inc.*		1,541,162
	10,019	Moderna, Inc.*		1,538,918
	5,659	Molina Healthcare, Inc.*		1,736,577
	9,051	PerkinElmer, Inc.		1,625,650
	31,250	Pfizer, Inc.		1,466,875
	12,270	Quest Diagnostics, Inc.		1,610,683
	2,727	Regeneron Pharmaceuticals, Inc.*		1,686,268
	7,027	ResMed, Inc.		1,733,912
	12,021	Seagen, Inc.*		1,549,146
	7,348	STERIS PLC		1,763,520
	6,601	Stryker Corp.		1,738,373
	21,878	Teladoc Health, Inc.*		1,660,759
	5,430	Teleflex, Inc.		1,826,163
	2,766	Thermo Fisher Scientific, Inc.		1,504,704
	3,505	UnitedHealth Group, Inc.		1,667,924
	7,083	Veeva Systems, Inc., Class A*		1,622,361
	6,603	Vertex Pharmaceuticals, Inc.*		1,518,822
	111,526	Viatris, Inc.		1,227,901
	5,056	Waters Corp.*		1,601,387
	4,093	West Pharmaceutical Services, Inc.		1,584,319
	13,669	Zimmer Biomet Holdings, Inc.		1,738,560
	8,197	Zoetis, Inc.		1,587,349
				116,184,122
Industrials – 12.7%
	9,967	3M Co.		1,481,595
	11,957	AMETEK, Inc.		1,551,899
	8,124	Boeing Co. (The)*		1,668,182
	34,757	Carrier Global Corp.		1,559,894
	8,207	Caterpillar, Inc.		1,539,469
	4,248	Cintas Corp.		1,594,359
	12,740	Copart, Inc.*		1,565,491
	23,507	CoStar Group, Inc.*		1,434,162
	47,277	CSX Corp.		1,603,163
	7,419	Cummins, Inc.		1,514,366
Common Stocks – (continued)
Industrials – (continued)
	4,506	Deere & Co.		1,622,250
	41,628	Delta Air Lines, Inc.*		1,661,790
	9,743	Dover Corp.		1,528,287
	10,335	Eaton Corp. PLC		1,594,587
	17,161	Emerson Electric Co.		1,594,600
	6,783	Equifax, Inc.		1,481,000
	14,427	Expeditors International of Washington, Inc.		1,491,175
	29,211	Fastenal Co.		1,503,198
	6,613	FedEx Corp.		1,469,872
	23,260	Fortive Corp.		1,506,085
	17,730	Fortune Brands Home & Security, Inc.		1,540,737
	5,903	Generac Holdings, Inc.*		1,862,219
	7,811	General Dynamics Corp.		1,831,289
	17,147	General Electric Co.		1,637,710
	8,038	Honeywell International, Inc.		1,525,211
	7,939	IDEX Corp.		1,523,494
	7,062	Illinois Tool Works, Inc.		1,527,793
	29,186	Ingersoll Rand, Inc.		1,474,477
	12,742	Jacobs Engineering Group, Inc.		1,567,266
	8,656	J.B. Hunt Transport Services, Inc.		1,756,562
	23,010	Johnson Controls International PLC		1,494,730
	7,881	L3Harris Technologies, Inc.		1,988,455
	18,480	Leidos Holdings, Inc.		1,882,003
	4,304	Lockheed Martin Corp.		1,867,075
	43,346	Lyft, Inc., Class A*		1,687,893
	26,131	Masco Corp.		1,464,381
	5,987	Norfolk Southern Corp.		1,535,785
	4,506	Northrop Grumman Corp.		1,992,283
	5,170	Old Dominion Freight Line, Inc.		1,623,535
	19,825	Otis Worldwide Corp.		1,552,892
	17,439	PACCAR, Inc.		1,601,075
	5,203	Parker-Hannifin Corp.		1,542,117
	75,787	Plug Power, Inc.*		1,916,653
	16,145	Quanta Services, Inc.		1,758,836
	18,228	Raytheon Technologies Corp.		1,872,016
	13,028	Republic Services, Inc.		1,567,008
	5,628	Rockwell Automation, Inc.		1,500,312
	3,639	Roper Technologies, Inc.		1,631,073
	37,827	Southwest Airlines Co.*		1,656,823
	9,739	Stanley Black & Decker, Inc.		1,584,535
	23,981	Textron, Inc.		1,753,731
	9,936	Trane Technologies PLC		1,529,448
	2,679	TransDigm Group, Inc.*		1,785,795
	15,958	TransUnion		1,448,348
	44,486	Uber Technologies, Inc.*		1,602,831
	6,618	Union Pacific Corp.		1,627,697
	38,200	United Airlines Holdings, Inc.*		1,696,080
	7,195	United Parcel Service, Inc., Class B		1,513,972
	5,058	United Rentals, Inc.*		1,626,754
	8,328	Verisk Analytics, Inc.		1,476,888
	11,275	Waste Management, Inc.		1,628,110
	18,467	Westinghouse Air Brake Technologies Corp.		1,714,107
	3,324	W.W. Grainger, Inc.		1,585,747
	16,014	Xylem, Inc.		1,424,445
				103,345,615

20 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)
Information Technology – 19.7%
	4,677	Accenture PLC, Class A	$	1,478,026
	3,119	Adobe, Inc.*		1,458,694
	27,419	Advanced Micro Devices, Inc.*		3,381,859
	27,235	Affirm Holdings, Inc.*		1,139,512
	14,467	Akamai Technologies, Inc.*		1,566,197
	20,847	Amphenol Corp., Class A		1,584,580
	9,983	Analog Devices, Inc.		1,600,175
	4,927	ANSYS, Inc.*		1,597,284
	9,546	Apple, Inc.		1,576,236
	12,045	Applied Materials, Inc.		1,616,439
	13,245	Arista Networks, Inc.*		1,625,559
	6,711	Autodesk, Inc.*		1,477,964
	8,036	Automatic Data Processing, Inc.		1,642,880
	8,646	Bill.com Holdings, Inc.*		2,056,711
	14,703	Block, Inc.*		1,874,633
	2,784	Broadcom, Inc.		1,635,433
	10,754	Broadridge Financial Solutions, Inc.		1,572,342
	10,963	Cadence Design Systems, Inc.*		1,660,127
	8,610	CDW Corp.		1,484,881
	21,544	Ceridian HCM Holding, Inc.*		1,570,773
	29,917	Cisco Systems, Inc.		1,668,471
	16,895	Cloudflare, Inc., Class A*		1,966,916
	24,970	Cognex Corp.		1,686,973
	19,032	Cognizant Technology Solutions Corp., Class A		1,639,226
	38,915	Corning, Inc.		1,572,166
	12,706	Coupa Software, Inc.*		1,537,553
	9,401	Crowdstrike Holdings, Inc., Class A*		1,835,169
	11,703	Datadog, Inc., Class A*		1,885,470
	28,005	Dell Technologies, Inc., Class C*		1,427,135
	13,660	DocuSign, Inc.*		1,617,754
	11,850	Enphase Energy, Inc.*		1,975,395
	12,623	Entegris, Inc.		1,647,049
	3,465	EPAM Systems, Inc.*		719,854
	13,852	Fidelity National Information Services, Inc.		1,319,126
	15,441	Fiserv, Inc.*		1,508,122
	6,846	FleetCor Technologies, Inc.*		1,603,333
	5,433	Fortinet, Inc.*		1,871,777
	5,581	Gartner, Inc.*		1,565,024
	11,026	Global Payments, Inc.		1,470,648
	97,860	Hewlett Packard Enterprise Co.		1,557,931
	43,790	HP, Inc.		1,504,624
	3,488	HubSpot, Inc.*		1,831,200
	33,954	Intel Corp.		1,619,606
	12,199	International Business Machines Corp.		1,494,500
	2,979	Intuit, Inc.		1,413,148
	9,688	Keysight Technologies, Inc.*		1,524,601
	4,286	KLA Corp.		1,493,671
	101,292	Kyndryl Holdings, Inc.*		1,606,491
	2,777	Lam Research Corp.		1,558,869
	22,920	Marvell Technology, Inc.		1,566,124
	4,196	Mastercard, Inc., Class A		1,514,001
	21,196	Microchip Technology, Inc.		1,490,715
	20,040	Micron Technology, Inc.		1,780,754
	5,339	Microsoft Corp.		1,595,240
	4,173	MongoDB, Inc.*		1,594,044
Common Stocks – (continued)
Information Technology – (continued)
	4,030	Monolithic Power Systems, Inc.		1,848,561
	7,052	Motorola Solutions, Inc.		1,554,472
	19,043	NetApp, Inc.		1,492,590
	30,035	Nuance Communications, Inc.*		1,667,543
	6,674	NVIDIA Corp.		1,627,455
	8,770	Okta, Inc.*		1,603,507
	27,837	ON Semiconductor Corp.*		1,742,875
	20,173	Oracle Corp.		1,532,543
	125,063	Palantir Technologies, Inc., Class A*		1,481,997
	3,262	Palo Alto Networks, Inc.*		1,938,444
	13,920	Paychex, Inc.		1,657,315
	5,083	Paycom Software, Inc.*		1,724,204
	12,696	PayPal Holdings, Inc.*		1,421,063
	14,433	PTC, Inc.*		1,606,104
	11,787	Qorvo, Inc.*		1,612,226
	8,999	QUALCOMM, Inc.		1,547,738
	9,913	RingCentral, Inc., Class A*		1,297,017
	7,309	salesforce.com, Inc.*		1,538,764
	15,309	Seagate Technology Holdings PLC		1,579,276
	2,869	ServiceNow, Inc.*		1,663,791
	11,321	Skyworks Solutions, Inc.		1,564,223
	6,153	Snowflake, Inc., Class A*		1,634,606
	13,764	Splunk, Inc.*		1,625,528
	20,561	SS&C Technologies Holdings, Inc.		1,541,458
	5,318	Synopsys, Inc.*		1,661,290
	11,277	TE Connectivity Ltd. (Switzerland)		1,606,183
	3,898	Teledyne Technologies, Inc.*		1,673,723
	14,348	Teradyne, Inc.		1,691,916
	8,960	Texas Instruments, Inc.		1,523,110
	23,563	Trade Desk, Inc. (The), Class A*		2,010,395
	22,805	Trimble, Inc.*		1,590,649
	8,258	Twilio, Inc., Class A*		1,443,498
	3,537	Tyler Technologies, Inc.*		1,514,756
	47,362	UiPath, Inc., Class A*		1,643,935
	16,496	Unity Software, Inc.*		1,755,999
	7,530	VeriSign, Inc.*		1,609,312
	7,082	Visa, Inc., Class A		1,530,562
	12,915	VMware, Inc., Class A		1,515,188
	31,810	Western Digital Corp.*		1,620,401
	6,804	Workday, Inc., Class A*		1,558,456
	3,227	Zebra Technologies Corp., Class A*		1,333,848
	16,716	Zendesk, Inc.*		1,950,256
	11,222	Zoom Video Communications, Inc., Class A*		1,488,037
	6,494	Zscaler, Inc.*		1,553,040
				160,040,839
Materials – 4.3%
	5,810	Air Products and Chemicals, Inc.		1,372,903
	7,450	Albemarle Corp.		1,459,380
	8,313	Avery Dennison Corp.		1,464,751
	17,294	Ball Corp.		1,551,964
	10,517	Celanese Corp.		1,464,808
	34,667	Corteva, Inc.		1,803,724
	14,253	Crown Holdings, Inc.		1,748,415
	26,771	Dow, Inc.		1,578,418
	21,139	DuPont de Nemours, Inc.		1,635,524
	13,741	Eastman Chemical Co.		1,627,896

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

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

Schedule of Investments (continued)

February 28, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Materials – (continued)
	8,595	Ecolab, Inc.	$	1,514,955
	42,361	Freeport-McMoRan, Inc.		1,988,849
	278,764	Ginkgo Bioworks Holdings, Inc.*(a)		1,254,438
	12,421	International Flavors & Fragrances, Inc.		1,651,993
	34,667	International Paper Co.		1,509,055
	16,626	LyondellBasell Industries NV, Class A		1,616,546
	4,275	Martin Marietta Materials, Inc.		1,621,935
	26,778	Newmont Corp.		1,772,704
	15,102	Nucor Corp.		1,987,725
	10,514	PPG Industries, Inc.		1,403,093
	5,645	Sherwin-Williams Co. (The)		1,485,369
	8,703	Vulcan Materials Co.		1,579,159
				35,093,604
Real Estate – 5.9%
	8,412	Alexandria Real Estate Equities, Inc. REIT		1,593,233
	6,555	American Tower Corp. REIT		1,487,133
	6,603	AvalonBay Communities, Inc. REIT		1,575,410
	14,269	Boston Properties, Inc. REIT		1,745,241
	10,125	Camden Property Trust REIT		1,671,739
	16,066	CBRE Group, Inc., Class A*		1,555,992
	9,002	Crown Castle International Corp. REIT		1,499,643
	11,111	Digital Realty Trust, Inc. REIT		1,499,096
	28,347	Duke Realty Corp. REIT		1,502,391
	2,309	Equinix, Inc. REIT		1,638,766
	17,982	Equity Residential REIT		1,533,865
	4,905	Essex Property Trust, Inc. REIT		1,555,719
	8,100	Extra Space Storage, Inc. REIT		1,524,015
	47,156	Healthpeak Properties, Inc. REIT		1,464,665
	38,851	Invitation Homes, Inc. REIT		1,468,568
	7,882	Mid-America Apartment Communities, Inc. REIT		1,612,736
	98,555	Orion Office REIT, Inc. REIT*		1,678,392
	10,537	Prologis, Inc. REIT		1,536,821
	4,529	Public Storage REIT		1,607,886
	23,860	Realty Income Corp. REIT		1,576,907
	5,116	SBA Communications Corp. REIT		1,552,143
	11,219	Simon Property Group, Inc. REIT		1,543,286
	8,663	Sun Communities, Inc. REIT		1,568,003
	28,747	UDR, Inc. REIT		1,577,348
	31,346	Ventas, Inc. REIT		1,692,684
	57,774	VICI Properties, Inc. REIT		1,615,361
	19,337	Welltower, Inc. REIT		1,610,579
	40,148	Weyerhaeuser Co. REIT		1,560,954
	21,268	W.P. Carey, Inc. REIT		1,646,143
	33,738	Zillow Group, Inc., Class C*		1,940,610
				47,635,329
Utilities – 5.0%
	75,473	AES Corp. (The)		1,602,292
	27,776	Alliant Energy Corp.		1,622,119
	18,779	Ameren Corp.		1,614,055
	18,512	American Electric Power Co., Inc.		1,678,113
	10,367	American Water Works Co., Inc.		1,566,350
	58,484	CenterPoint Energy, Inc.		1,599,537
	25,977	CMS Energy Corp.		1,662,788
	19,125	Consolidated Edison, Inc.		1,640,351
	20,520	Dominion Energy, Inc.		1,631,956
	13,876	DTE Energy Co.		1,687,183
	15,861	Duke Energy Corp.		1,592,603
	26,842	Edison International		1,702,320
	14,901	Entergy Corp.		1,567,734
	25,252	Evergy, Inc.		1,575,977
	18,704	Eversource Energy		1,529,987
	39,339	Exelon Corp.		1,674,268
	39,592	FirstEnergy Corp.		1,656,925
	21,427	NextEra Energy, Inc.		1,677,091
	135,695	PG&E Corp.*		1,542,852
	55,998	PPL Corp.		1,465,468
	24,701	Public Service Enterprise Group, Inc.		1,601,366
	12,023	Sempra Energy		1,733,957
	24,236	Southern Co. (The)		1,569,766
	17,255	WEC Energy Group, Inc.		1,568,134
	23,885	Xcel Energy, Inc.		1,608,177
				40,371,369
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $756,249,706)		$	810,539,429
Shares		Dividend Rate	Value
Securities Lending Reinvestment Vehicle – 0.3%(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	2,439,078	0.026%	$	2,439,078
	(Cost $2,439,078)
	TOTAL INVESTMENTS – 100.0%
	(Cost $758,688,784)		$	812,978,507
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.0%			116,882
	NET ASSETS – 100.0%		$	813,095,389

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

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

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

GOLDMAN SACHS HEDGE INDUSTRY VIP ETF

Schedule of Investments

February 28, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – 100.2%
Communication Services – 18.2%
	1,408	Alphabet, Inc., Class A*	$	3,803,205
	6,277	Charter Communications, Inc., Class A*		3,777,373
	136,865	Frontier Communications Parent, Inc.*		3,770,631
	25,099	Liberty Broadband Corp., Class C*		3,682,023
	17,528	Meta Platforms, Inc., Class A*		3,698,934
	9,622	Netflix, Inc.*		3,796,071
	29,541	Sea Ltd. ADR (Taiwan)*		4,301,170
	30,402	T-Mobile US, Inc.*		3,745,830
	25,295	Walt Disney Co. (The)*		3,755,296
				34,330,533
Consumer Discretionary – 15.5%
	31,298	Alibaba Group Holding Ltd. ADR (China)*		3,292,237
	1,230	Amazon.com, Inc.*		3,777,650
	69,340	Bath & Body Works, Inc.		3,700,676
	1,499	Booking Holdings, Inc.*		3,256,203
	46,975	Caesars Entertainment, Inc.*		3,954,825
	19,353	Expedia Group, Inc.*		3,795,317
	78,839	General Motors Co.*		3,683,358
	4,357	Tesla, Inc.*		3,792,463
				29,252,729
Energy – 2.3%
	32,644	Cheniere Energy, Inc.		4,338,388
Financials – 11.7%
	12,141	Berkshire Hathaway, Inc., Class B*		3,902,725
	43,490	Charles Schwab Corp. (The)		3,673,165
	57,415	Citigroup, Inc.		3,400,690
	10,045	S&P Global, Inc.		3,773,907
	65,960	Wells Fargo & Co.		3,520,285
	17,435	Willis Towers Watson PLC		3,875,801
				22,146,573
Health Care – 3.9%
	39,546	Horizon Therapeutics PLC*		3,605,409
	8,043	UnitedHealth Group, Inc.		3,827,422
				7,432,831
Industrials – 10.3%
	55,478	Builders FirstSource, Inc.*		4,128,673
	186,866	Hertz Global Holdings, Inc.*		3,797,117
	6,050	TransDigm Group, Inc.*		4,032,870
	110,315	Uber Technologies, Inc.*		3,974,649
	100,021	WillScot Mobile Mini Holdings Corp.*		3,553,746
				19,487,055
Information Technology – 32.2%
	22,595	Apple, Inc.		3,730,887
	14,596	Coherent, Inc.*		3,858,015
	38,981	Fiserv, Inc.*		3,807,274
	47,478	GoDaddy, Inc., Class A*		3,960,140
	10,198	Mastercard, Inc., Class A		3,679,642
	42,464	Micron Technology, Inc.		3,773,351
	12,935	Microsoft Corp.		3,864,849
Common Stocks – (continued)
Information Technology – (continued)
	69,064	Nuance Communications, Inc.*		3,834,433
	15,724	NVIDIA Corp.		3,834,297
	7,324	Palo Alto Networks, Inc.*		4,352,287
	18,487	salesforce.com, Inc.*		3,892,068
	6,584	ServiceNow, Inc.*		3,818,193
	4,503	Shopify, Inc., Class A (Canada)*		3,126,253
	16,934	Visa, Inc., Class A		3,659,776
	16,378	Workday, Inc., Class A*		3,751,381
	32,785	Zendesk, Inc.*		3,825,026
				60,767,872
Materials – 2.1%
	32,239	Crown Holdings, Inc.		3,954,758
Real Estate – 2.0%
	42,506	CyrusOne, Inc. REIT		3,840,417
Utilities – 2.0%
	338,281	PG&E Corp.*		3,846,255
	TOTAL INVESTMENTS – 100.2%
	(Cost $181,994,845)		$	189,397,411
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (0.2)%			(335,960	)
	NET ASSETS – 100.0%		$	189,061,451

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

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

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

GOLDMAN SACHS INNOVATE EQUITY ETF

Schedule of Investments

February 28, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – 99.4%
Communication Services – 12.4%
	15,725	Activision Blizzard, Inc.	$	1,281,588
	2,911	AfreecaTV Co. Ltd. (South Korea)		337,016
	2,992	Alphabet, Inc., Class A*		8,081,811
	98,545	AMC Entertainment Holdings, Inc., Class A*(a)		1,858,559
	16,731	Baidu, Inc. ADR (China)*		2,550,474
	21,082	Bilibili, Inc. ADR (China)*		666,402
	16,054	Bumble, Inc., Class A*		411,464
	34,179	Comcast Corp., Class A		1,598,210
	7,975	CTS Eventim AG & Co. KGaA (Germany)*		561,099
	9,447	Electronic Arts, Inc.		1,228,960
	54,673	Gree, Inc. (Japan)(a)		447,637
	46,221	Hello Group, Inc. ADR (China)		440,486
	45,788	HUYA, Inc. ADR (China)*		240,387
	7,748	IDT Corp., Class B*		279,393
	108,425	iQIYI, Inc. ADR (China)*		448,880
	11,762	JOYY, Inc. ADR (China)		544,463
	103,004	Kuaishou Technology (China)*(b)		1,180,492
	8,449	Live Nation Entertainment, Inc.*		1,020,808
	5,426	Madison Square Garden Entertainment Corp.*		425,181
	2,201	Madison Square Garden Sports Corp.*		380,773
	36,163	Meta Platforms, Inc., Class A*		7,631,478
	16,307	NetEase, Inc. ADR (China)		1,554,709
	4,643	Netflix, Inc.*		1,831,756
	70,748	Rightmove PLC (United Kingdom)		638,473
	17,121	ROBLOX Corp., Class A*		882,930
	7,582	Scout24 SE (Germany)(b)		444,541
	10,039	Sea Ltd. ADR (Taiwan)*		1,461,678
	26,392	Snap, Inc., Class A*		1,054,096
	16,634	Sohu.com Ltd. ADR (China)*		305,068
	5,393	Spotify Technology SA*		842,333
	33,410	TELUS Corp. (Canada)		843,185
	50,392	Tencent Holdings Ltd. (China)		2,716,397
	105,409	Tencent Music Entertainment Group ADR (China)*		568,155
	13,021	TripAdvisor, Inc.*		331,254
	71,749	Turkcell Iletisim Hizmetleri AS ADR (Turkey)		253,991
	21,351	Twitter, Inc.*		759,028
	8,371	Ubisoft Entertainment SA (France)*		454,602
	56,763	VK Co. Ltd. GDR (Russia)*		41,664
	33,657	VTEX, Class A (Brazil)*		269,929
	17,586	Walt Disney Co. (The)*		2,610,818
	14,150	Warner Music Group Corp., Class A		512,513
	18,127	Weibo Corp. ADR (China)*		497,224
	10,219	World Wrestling Entertainment, Inc., Class A		605,578
	45,220	Yalla Group Ltd. ADR (United Arab Emirates)*(a)		274,938
	86,306	Zynga, Inc., Class A*		783,658
				52,154,079
Consumer Discretionary – 16.5%
	20,191	2U, Inc.*		212,005
	3,505	adidas AG (Germany)		834,802
Common Stocks – (continued)
Consumer Discretionary – (continued)
	6,702	Airbnb, Inc., Class A*		1,015,286
	43,583	Alibaba Group Holding Ltd. ADR (China)*		4,584,496
	1,026,701	Alibaba Health Information Technology Ltd. (China)*		714,803
	2,720	Amazon.com, Inc.*		8,353,827
	62,141	ANTA Sports Products Ltd. (China)		945,591
	10,149	Aptiv PLC*		1,313,687
	109,948	Arrival SA (Luxembourg)*(a)		383,719
	7,748	Bandai Namco Holdings, Inc. (Japan)		563,063
	19,374	Baozun, Inc. ADR (China)*		204,008
	410	Booking Holdings, Inc.*		890,622
	13,485	BorgWarner, Inc.		553,020
	69,512	Canoo, Inc.*(a)		398,999
	14,385	Chegg, Inc.*		449,819
	9,297	Chewy, Inc., Class A*		438,261
	4,625	Columbia Sportswear Co.		428,830
	8,166	Continental AG (Germany)*		704,414
	15,860	Dana, Inc.		295,313
	6,480	Dick’s Sporting Goods, Inc.		680,400
	13,772	eBay, Inc.		751,813
	5,102	Etsy, Inc.*		790,249
	20,488	Everi Holdings, Inc.*		479,419
	3,394	Expedia Group, Inc.*		665,597
	20,314	Farfetch Ltd., Class A (United Kingdom)*		386,982
	97,949	Ford Motor Co.		1,719,984
	14,925	GameStop Corp., Class A*(a)		1,840,849
	34,540	General Motors Co.*		1,613,709
	749	Graham Holdings Co., Class B		450,246
	7,915	Hyundai Motor Co. (South Korea)		1,152,015
	7,060	iRobot Corp.*		438,850
	229,957	JD Sports Fashion PLC (United Kingdom)		465,903
	17,488	JD.com, Inc. ADR (China)*		1,252,665
	2,563	JD.com, Inc., Class A (China)*		91,581
	25,543	Jumia Technologies AG ADR (Germany)*		240,360
	12,047	Just Eat Takeaway.com NV (United Kingdom)*(b)		490,100
	505,618	Koolearn Technology Holding Ltd. (China)*(a)(b)		315,781
	16,383	Las Vegas Sands Corp.*		702,175
	25,685	Li Auto, Inc. ADR (China)*		782,108
	67,148	Li Ning Co. Ltd. (China)		667,295
	2,952	Lululemon Athletica, Inc.*		944,463
	32,702	Luminar Technologies, Inc.*(a)		458,809
	2,355	MercadoLibre, Inc. (Brazil)*		2,653,261
	20,010	MGM Resorts International		886,243
	244,430	New Oriental Education & Technology Group, Inc. ADR (China)*		369,089
	326,925	Nexteer Automotive Group Ltd. (China)		326,352
	11,556	NIKE, Inc., Class B		1,577,972
	52,807	NIO, Inc. ADR (China)*		1,206,112
	13,522	Overstock.com, Inc.*		769,402

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

GOLDMAN SACHS INNOVATE EQUITY ETF

Shares		Description	Value
Common Stocks – (continued)
Consumer Discretionary – (continued)
	24,828	Peloton Interactive, Inc., Class A*	$	721,502
	16,991	Pinduoduo, Inc. ADR (China)*		881,153
	6,046	Planet Fitness, Inc., Class A*		511,673
	52,220	Playtech PLC (United Kingdom)*		467,342
	73,889	Qurate Retail, Inc.Series A		407,128
	36,933	Sharp Corp. (Japan)(a)		347,284
	10,636	Shoe Carnival, Inc.		310,146
	8,989	Skechers USA, Inc., Class A*		413,314
	15,390	Sony Group Corp. (Japan)		1,578,085
	9,766	Stride, Inc.*		327,942
	103,091	TAL Education Group ADR (China)*		292,778
	9,287	Tesla, Inc.*		8,083,683
	54,125	TI Fluid Systems PLC (China)(b)		159,406
	123,063	Toyota Motor Corp. (Japan)		2,284,960
	110,631	TUI AG (Germany)*(a)		357,442
	35,548	Under Armour, Inc., Class A*		635,954
	16,192	Veoneer, Inc. (Sweden)*		574,006
	30,144	XPeng, Inc. ADR (China)*		1,096,337
	27,238	Yamaha Motor Co. Ltd. (Japan)		609,204
	7,803	Zalando SE (Germany)*(b)		522,179
				69,035,867
Consumer Staples – 0.6%
	8,049	Beyond Meat, Inc.*(a)		376,532
	15,835	Walmart, Inc.		2,140,259
				2,516,791
Energy – 0.8%
	1,068,507	China Suntien Green Energy Corp. Ltd., Class H (China)		708,354
	11,960	Hyundai Heavy Industries Holdings Co. Ltd. (South Korea)		511,285
	35,515	NOV, Inc.		609,082
	31,328	TotalEnergies SE (France)		1,604,204
				3,432,925
Financials – 7.3%
	43,879	3i Group PLC (United Kingdom)		786,271
	2,851	Ameriprise Financial, Inc.		854,701
	18,168	Apollo Global Management, Inc.		1,185,644
	7,304	Ares Management Corp., Class A		592,281
	4,260	B. Riley Financial, Inc.		253,683
	2,313	BlackRock, Inc.		1,720,618
	12,173	Blackstone, Inc.		1,551,692
	12,928	Carlyle Group, Inc. (The)		605,935
	14,381	Charles Schwab Corp. (The)		1,214,619
	27,193	CI Financial Corp. (Canada)		444,873
	6,763	Coinbase Global, Inc., Class A*		1,290,178
	8,407	Discover Financial Services		1,037,760
	12,856	DWS Group GmbH & Co. KGaA (Germany)(b)		472,184
	5,460	Eurazeo SE (France)		424,688
	3,934	Evercore, Inc., Class A		499,657
	16,656	flatexDEGIRO AG (Germany)*		347,595
	18,313	Galaxy Digital Holdings Ltd.*(a)		238,667
	5,450	Goldman Sachs Group, Inc. (The)(c)		1,860,030
Common Stocks – (continued)
Financials – (continued)
	13,942	Green Dot Corp., Class A*		399,438
	25,873	Hargreaves Lansdown PLC (United Kingdom)		393,843
	8,639	Interactive Brokers Group, Inc., Class A		571,729
	13,038	Intercontinental Exchange, Inc.		1,670,429
	25,364	Invesco Ltd.		538,731
	18,721	KKR & Co., Inc.		1,125,507
	12,175	Lazard Ltd., Class A		421,012
	50,584	Monex Group, Inc. (Japan)		227,502
	12,128	Morgan Stanley		1,100,495
	2,296	Morningstar, Inc.		644,372
	2,389	MSCI, Inc.		1,198,537
	5,862	Oppenheimer Holdings, Inc., Class A		253,180
	38,458	Owl Rock Capital Corp.		578,793
	25,117	Plus500 Ltd. (Israel)		470,294
	59,953	Robinhood Markets, Inc., Class A*(a)		720,036
	4,438	S&P Global, Inc.		1,667,357
	129,380	TP ICAP Group PLC (United Kingdom)		208,141
	8,526	Tradeweb Markets, Inc., Class A		720,276
	47,462	Up Fintech Holding Ltd. ADR (China)*(a)		214,054
	5,057	Upstart Holdings, Inc.*		798,955
	16,429	WealthNavi, Inc. (Japan)*		243,921
	68,161	WisdomTree Investments, Inc.		383,746
	18,693	XP, Inc., Class A (Brazil)*		604,532
	123,278	Zip Co. Ltd. (Australia)*(a)		197,699
				30,733,655
Health Care – 19.7%
	6,946	10X Genomics, Inc., Class A*		565,891
	618,320	3SBio, Inc. (China)*(b)		490,623
	21,063	Abbott Laboratories		2,540,619
	17,014	AbbVie, Inc.		2,514,159
	2,627	ABIOMED, Inc.*		816,314
	27,935	AdaptHealth Corp.*		486,907
	27,331	Adaptive Biotechnologies Corp.*		394,386
	8,764	Agilent Technologies, Inc.		1,142,475
	18,616	Allscripts Healthcare Solutions, Inc.*		362,267
	8,357	Amgen, Inc.		1,892,693
	20,348	AstraZeneca PLC (United Kingdom)		2,473,283
	153,893	Bionano Genomics, Inc.*(a)		329,331
	8,937	BioNTech SE ADR (Germany)*		1,347,789
	2,692	Bio-Techne Corp.		1,129,052
	24,208	Boston Scientific Corp.*		1,069,267
	31,847	Bristol-Myers Squibb Co.		2,186,933
	26,077	Burning Rock Biotech Ltd. ADR (China)*		219,829
	10,585	Castle Biosciences, Inc.*		458,225
	10,443	Cerner Corp.		973,810
	7,389	CompuGroup Medical SE & Co. KgaA (Germany)		418,701
	12,175	CRISPR Therapeutics AG (Switzerland)*		747,180
	17,627	Cullinan Oncology, Inc.*		252,771
	26,211	CureVac NV (Germany)*(a)		440,869
	3,327	Dexcom, Inc.*		1,377,079

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

GOLDMAN SACHS INNOVATE EQUITY ETF

Schedule of Investments (continued)

February 28, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Health Care – (continued)
	23,021	Editas Medicine, Inc.*	$	394,119
	10,963	Edwards Lifesciences Corp.*		1,231,912
	10,601	Eli Lilly & Co.		2,649,720
	13,027	Exact Sciences Corp.*		1,016,888
	27,405	Exelixis, Inc.*		562,625
	7,627	Galapagos NV (Belgium)*		503,205
	6,436	Globus Medical, Inc., Class A*		452,579
	12,365	Guardant Health, Inc.*		819,429
	9,593	Horizon Therapeutics PLC*		874,594
	4,741	Illumina, Inc.*		1,548,411
	17,823	I-Mab ADR (China)*		440,585
	1,513,646	Imugene Ltd. (Australia)*		258,119
	4,077	Insulet Corp.*		1,079,141
	7,873	Intellia Therapeutics, Inc.*		778,246
	6,608	Intuitive Surgical, Inc.*		1,918,501
	32,326	Invitae Corp.*		348,798
	14,227	Ionis Pharmaceuticals, Inc.*		474,897
	3,580	iRhythm Technologies, Inc.*		462,787
	20,376	Johnson & Johnson		3,353,278
	34,791	Koninklijke Philips NV (Netherlands)		1,185,604
	19,985	Maravai LifeSciences Holdings, Inc., Class A*		780,814
	4,313	Masimo Corp.*		679,082
	23,404	Medtronic PLC		2,457,186
	31,219	Merck & Co., Inc.		2,390,751
	208,327	Mesoblast Ltd. (Australia)*(a)		167,046
	1,944	Mezzion Pharma Co. Ltd. (South Korea)*		263,867
	11,245	Moderna, Inc.*		1,727,232
	11,903	Myriad Genetics, Inc.*		290,195
	15,185	NextGen Healthcare, Inc.*		296,563
	19,745	Novartis AG (Switzerland)		1,729,046
	18,321	Nurix Therapeutics, Inc.*		296,251
	6,370	NuVasive, Inc.*		344,744
	30,415	Ono Pharmaceutical Co. Ltd. (Japan)		746,412
	7,252	OptimizeRx Corp.*		328,443
	39,966	Pacific Biosciences of California, Inc.*		476,395
	57,993	Pfizer, Inc.		2,722,191
	19,760	PMV Pharmaceuticals, Inc.*		312,998
	16,352	Pulmonx Corp.*		429,404
	12,205	QIAGEN NV*		606,466
	2,771	Regeneron Pharmaceuticals, Inc.*		1,713,476
	18,332	Relay Therapeutics, Inc.*		441,985
	22,393	Repare Therapeutics, Inc. (Canada)*		359,855
	34,226	ResMed, Inc. CDI		829,526
	8,239	Roche Holding AG (Switzerland)		3,141,767
	48,471	Sana Biotechnology, Inc.*		313,123
	56,319	Sangamo Therapeutics, Inc.*		329,466
	20,185	Sanofi (France)		2,119,133
	6,490	Sarepta Therapeutics, Inc.*		497,199
	6,516	Seegene, Inc. (South Korea)		278,015
	136,280	Senseonics Holdings, Inc.*(a)		245,304
	110,406	Sharecare, Inc.*		336,738
	10,765	SI-BONE, Inc.*		237,476
	50,640	Smith & Nephew PLC (United Kingdom)		908,441
	113,248	Sorrento Therapeutics, Inc.*(a)		286,517
Common Stocks – (continued)
Health Care – (continued)
	6,953	Stryker Corp.		1,831,073
	23,146	Takara Bio, Inc. (Japan)		480,504
	6,694	Tandem Diabetes Care, Inc.*		753,945
	9,000	Teladoc Health, Inc.*		683,190
	17,634	Tenaya Therapeutics, Inc.*(a)		205,612
	29,509	Theravance Biopharma, Inc.*(a)		297,156
	2,631	Thermo Fisher Scientific, Inc.		1,431,264
	10,305	Ultragenyx Pharmaceutical, Inc.*		693,733
	7,169	Vertex Pharmaceuticals, Inc.*		1,649,013
	49,255	Vicarious Surgical, Inc.*(a)		303,903
	58,608	Well Health Technologies Corp. (Canada)*		209,323
				82,605,714
Industrials – 6.3%
	49,989	ABB Ltd. (Switzerland)		1,697,267
	8,635	AeroVironment, Inc.*		613,517
	3,980	Alfen Beheer BV (Netherlands)*(b)		388,025
	3,610	ASGN, Inc.*		399,952
	9,016	Barnes Group, Inc.		418,793
	17,741	Blink Charging Co.*(a)		436,074
	5,960	Booz Allen Hamilton Holding Corp.		480,912
	1,860	CACI International, Inc., Class A*		520,409
	7,546	Daihen Corp. (Japan)		282,054
	101,597	Desktop Metal, Inc., Class A*(a)		422,643
	15,759	EHang Holdings Ltd. ADR (China)*(a)		234,179
	1,709	Energiekontor AG (Germany)		131,489
	7,045	FANUC Corp. (Japan)		1,294,005
	20,403	General Electric Co.		1,948,691
	568,208	Ideanomics, Inc.*(a)		596,618
	22,680	Kawasaki Heavy Industries Ltd. (Japan)		418,647
	29,948	Kratos Defense & Security Solutions, Inc.*		626,512
	5,833	Leidos Holdings, Inc.		594,033
	9,030	LIG Nex1 Co. Ltd. (South Korea)		511,451
	17,413	Lyft, Inc., Class A*		678,062
	62,565	Mitsubishi Electric Corp. (Japan)		750,454
	7,441	Moog, Inc., Class A		618,421
	12,440	Nabtesco Corp. (Japan)		341,310
	16,568	Nidec Corp. (Japan)		1,421,676
	65,707	Nikola Corp.*(a)		519,085
	35,401	Nordex SE (Germany)*(a)		632,620
	12,545	Parsons Corp.*		434,810
	9,318	Proto Labs, Inc.*		523,951
	8,376	Shibaura Machine Co. Ltd. (Japan)		222,536
	9,967	Siemens AG (Germany)		1,417,951
	43,907	Siemens Energy AG (Germany)		1,056,850
	18,625	Sunrun, Inc.*		508,090
	10,532	Textron, Inc.		770,205
	6,389	Thales SA (France)		738,424
	27,216	Uber Technologies, Inc.*		980,592
	4,531	Verisk Analytics, Inc.		803,528
	39,709	Virgin Galactic Holdings, Inc.*(a)		384,383
	453,907	Xinjiang Goldwind Science & Technology Co. Ltd., Class H (China)(a)		740,082
	154,862	Xinte Energy Co. Ltd., Class H (China)		327,415
	18,464	Yaskawa Electric Corp. (Japan) (a)		732,628
				26,618,344

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

GOLDMAN SACHS INNOVATE EQUITY ETF

Shares		Description	Value
Common Stocks – (continued)
Information Technology – 33.8%
	28,162	3D Systems Corp.*	$	501,847
	17,487	ACI Worldwide, Inc.*		586,164
	3,615	Adobe, Inc.*		1,690,663
	14,213	Advanced Micro Devices, Inc.*		1,753,031
	678	Adyen NV (Netherlands)*(b)		1,419,796
	12,517	Affirm Holdings, Inc.*		523,711
	32,436	Agora, Inc. ADR (China)*		391,827
	4,576	Akamai Technologies, Inc.*		495,398
	29,392	Alkami Technology, Inc.*		463,218
	6,994	Alliance Data Systems Corp.		471,745
	7,820	Altair Engineering, Inc., Class A*		519,404
	5,530	Ambarella, Inc.*		772,596
	8,871	Amphenol Corp., Class A		674,285
	49,735	Apple, Inc.		8,212,243
	7,480	Arista Networks, Inc.*		918,020
	2,987	Atlassian Corp. PLC, Class A*		913,186
	14,055	Atos SE (France)		504,223
	5,096	Autodesk, Inc.*		1,122,292
	68,396	Avast PLC (b)		576,869
	5,482	Azenta, Inc.		479,785
	6,949	Belden, Inc.		391,576
	24,457	Bentley Systems, Inc., Class B		938,904
	16,438	BigCommerce Holdings, Inc. Series 1*		425,744
	55,627	Bitfarms Ltd. (Canada)*		210,956
	79,031	BlackBerry Ltd. (Canada)*		542,943
	23,200	Block, Inc.*		2,958,000
	287,578	BrainChip Holdings Ltd. (Australia)*		250,417
	2,570	Broadcom, Inc.		1,509,721
	15,760	C3.ai, Inc., Class A*		353,339
	50,600	Canaan, Inc. ADR (China)*(a)		266,662
	12,427	Canadian Solar, Inc. (Canada)*		393,439
	23,733	Cantaloupe, Inc.*		184,405
	9,389	CEVA, Inc.*		382,790
	7,282	Ciena Corp.*		498,234
	39,767	Cisco Systems, Inc.		2,217,806
	10,861	Cognex Corp.		733,769
	35,838	Converge Technology Solutions Corp. (Canada)*		267,015
	16,032	Corning, Inc.		647,693
	6,663	Crowdstrike Holdings, Inc., Class A*		1,300,684
	3,973	CyberArk Software Ltd.*		675,966
	24,908	Dassault Systemes SE (France)		1,216,706
	13,050	Digi International, Inc.*		262,044
	9,279	Digital Garage, Inc. (Japan)		321,049
	14,183	Dlocal Ltd. (Uruguay)*		463,075
	6,186	DocuSign, Inc.*		732,608
	15,417	Edenred (France)		708,067
	4,918	Envestnet, Inc.*		367,965
	4,999	Euronet Worldwide, Inc.*		641,022
	8,536	EVERTEC, Inc. (Puerto Rico)		344,513
	30,614	Extreme Networks, Inc.*		351,755
	1,089	Fair Isaac Corp.*		513,126
	4,727	FARO Technologies, Inc.*		258,756
	9,146	Fidelity National Information Services, Inc.		870,974
	6,448	First Solar, Inc.*		485,470
	14,838	Fiserv, Inc.*		1,449,227
Common Stocks – (continued)
Information Technology – (continued)
	3,902	FleetCor Technologies, Inc.*		913,848
	4,038	Fortinet, Inc.*		1,391,172
	7,763	Global Payments, Inc.		1,035,429
	4,240	Guidewire Software, Inc.*		373,756
	56,309	Hewlett Packard Enterprise Co.		896,439
	155,658	Hive Blockchain Technologies Ltd. (Canada)*(a)		319,084
	25,538	HP, Inc.		877,486
	48,421	Hut 8 Mining Corp. (Canada)*		296,249
	39,736	indie Semiconductor, Inc., Class A (China)*		311,928
	32,559	Infineon Technologies AG (Germany)		1,124,353
	33,373	Infinera Corp.*		308,033
	19,806	Infocom Corp. (Japan)		346,164
	84,680	Innoviz Technologies Ltd. (Israel)*(a)		338,720
	83,253	Intel Corp.		3,971,168
	6,548	InterDigital, Inc.		421,822
	20,566	International Business Machines Corp.		2,519,541
	2,225	Intuit, Inc.		1,055,473
	2,530	IPG Photonics Corp.*		329,786
	3,763	Jack Henry & Associates, Inc.		665,298
	19,821	Juniper Networks, Inc.		669,752
	16,745	Kainos Group PLC (United Kingdom)		338,587
	2,848	Keyence Corp. (Japan)		1,329,850
	6,271	Keysight Technologies, Inc.*		986,867
	112,814	Learning Technologies Group PLC (United Kingdom)		267,014
	20,014	Marathon Digital Holdings, Inc.*(a)		507,355
	16,083	Marvell Technology, Inc.		1,098,951
	7,786	Mastercard, Inc., Class A		2,809,345
	18,284	Materialise NV ADR (Belgium)*		378,296
	6,886	MaxLinear, Inc.*		422,456
	18,096	McAfee Corp., Class A		470,315
	17,547	Micron Technology, Inc.		1,559,226
	28,025	Microsoft Corp.		8,373,590
	1,060	MicroStrategy, Inc., Class A*		469,580
	5,498	Mimecast Ltd.*		437,256
	6,481	Nemetschek SE (Germany)		578,281
	10,996	NETGEAR, Inc.*		292,604
	11,523	NetScout Systems, Inc.*		358,711
	594,683	Newborn Town, Inc. (China)*		332,591
	2,631	Nice Ltd. ADR (Israel)*		595,264
	194,024	Nokia OYJ ADR (Finland)*		1,038,028
	3,395	Northern Data AG (Germany)*(a)		200,959
	21,504	NortonLifeLock, Inc.		623,186
	2,910	Novanta, Inc.*		397,593
	35,255	NVIDIA Corp.		8,596,932
	3,626	NXP Semiconductors NV (China)		689,375
	5,005	Okta, Inc.*		915,114
	13,429	OneSpan, Inc.*		185,052
	10,759	Open Text Corp. (Canada)		468,017
	15,880	Oracle Corp.		1,206,404
	4,984	OSI Systems, Inc.*		402,059
	29,031	Pagseguro Digital Ltd., Class A (Brazil)*		462,754
	2,167	Palo Alto Networks, Inc.*		1,287,740
	214,917	PAX Global Technology Ltd. (Hong Kong)		160,080

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

GOLDMAN SACHS INNOVATE EQUITY ETF

Schedule of Investments (continued)

February 28, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Information Technology – (continued)
	17,580	PayPal Holdings, Inc.*	$	1,967,729
	153,571	Paysafe Ltd.*		489,891
	18,616	Ping Identity Holding Corp.*		391,681
	4,150	PTC, Inc.*		461,812
	8,697	Q2 Holdings, Inc.*		565,740
	3,673	Qorvo, Inc.*		502,393
	11,726	QUALCOMM, Inc.		2,016,755
	956,365	Razer, Inc.*(b)		309,662
	23,396	Repay Holdings Corp.*		404,049
	28,647	Riot Blockchain, Inc.*(a)		493,588
	11,091	S&T AG (Austria)(a)		175,400
	34,224	Sabre Corp.*		374,068
	8,565	salesforce.com, Inc.*		1,803,189
	10,487	SAP SE (Germany)		1,193,449
	32,238	Seiko Epson Corp. (Japan)		493,472
	7,896	Semtech Corp.*		547,824
	11,906	SentinelOne, Inc., Class A*		494,099
	2,127	ServiceNow, Inc.*		1,233,490
	8,488	Shift4 Payments, Inc., Class A*		446,893
	2,021	Shopify, Inc., Class A (Canada)*		1,403,099
	10,538	Sierra Wireless, Inc. (Canada)*		199,063
	3,597	Silicon Laboratories, Inc.*		552,895
	6,822	Skyworks Solutions, Inc.		942,596
	12,188	Software AG (Germany)		463,803
	23,484	SolarWinds Corp.		318,208
	7,865	Splunk, Inc.*		928,857
	5,640	Sprout Social, Inc., Class A*		367,220
	12,746	SS&C Technologies Holdings, Inc.		955,568
	26,695	STMicroelectronics NV (Singapore)		1,137,587
	31,951	StoneCo Ltd., Class A (Brazil)*		359,129
	19,623	Stratasys Ltd.*		492,145
	21,003	SunPower Corp.*		376,584
	2,701	Synaptics, Inc.*		616,989
	22,121	Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Taiwan)		2,367,168
	11,498	TaskUS, Inc., Class A (Philippines)*		330,223
	24,857	Telos Corp.*		283,867
	56,601	TELUS International CDA, Inc. (Philippines)*		1,389,555
	7,708	Tenable Holdings, Inc.*		426,715
	14,340	Teradyne, Inc.		1,690,973
	34,277	TomTom NV (Netherlands)*		287,017
	736,613	Truly International Holdings Ltd. (Hong Kong)		254,534
	71,921	Tuya, Inc. ADR (China)*		388,373
	173,162	Tyro Payments Ltd. (Australia)*		192,880
	25,270	UiPath, Inc., Class A*		877,122
	106,951	Velodyne Lidar, Inc.*(a)		394,649
	16,055	Veritone, Inc.*		270,366
	7,745	Viasat, Inc.*		353,482
	13,172	Visa, Inc., Class A		2,846,733
	7,489	VMware, Inc., Class A		878,609
	6,338	Yokowo Co. Ltd. (Japan)		150,010
	27,332	Zeta Global Holdings Corp., Class A*(a)		355,589
Common Stocks – (continued)
Information Technology – (continued)
	3,322	Zscaler, Inc.*		794,456
				141,542,904
Materials – 0.0%
	2,591	UFP Technologies, Inc.*		179,142
Real Estate – 0.6%
	6,273	Digital Realty Trust, Inc. REIT		846,353
	1,325	Equinix, Inc. REIT		940,392
	11,453	Zillow Group, Inc., Class A*		655,914
				2,442,659
Utilities – 1.4%
	10,794	Atlantica Sustainable Infrastructure PLC (Spain)		364,298
	20,543	Avangrid, Inc.		921,764
	826,174	Beijing Jingneng Clean Energy Co. Ltd., Class H (China)		251,647
	21,084	Brookfield Renewable Corp., Class A(a)		787,909
	26,021	Brookfield Renewable Partners LP (Canada)		934,692
	12,272	Dominion Energy, Inc.		975,992
	1,645,228	Huaneng Power International, Inc., Class H (China)		962,245
	32,186	Innergex Renewable Energy, Inc. (Canada)		467,685
				5,666,232
	TOTAL COMMON STOCKS
	(Cost $419,374,638)		$	416,928,312
Closed-End-Fund – 0.1%
	188,631	Greencoat UK Wind PLC/Funds
	(Cost $337,953)		$	374,076
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $419,712,591)		$	417,302,388
Shares		Dividend Rate	Value
Securities Lending Reinvestment Vehicle – 3.2%(c)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	13,362,374	0.026%	$	13,362,374
	(Cost $13,362,374)
	TOTAL INVESTMENTS – 102.7%
	(Cost $433,074,965)		$	430,664,762
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (2.7)%			(11,452,928	)
	NET ASSETS – 100.0%		$	419,211,834

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

GOLDMAN SACHS INNOVATE 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)	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
GDR	—Global Depositary Receipt
LP	—Limited Partnership
PLC	—Public Limited Company
REIT	—Real Estate Investment Trust

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

GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF

Schedule of Investments

February 28, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – 99.8%
Communication Services – 8.4%
	2,344	Alphabet, Inc., Class A*	$	6,331,472
	2,186	Alphabet, Inc., Class C*		5,897,435
	65,555	AT&T, Inc.		1,552,998
	1,149	Charter Communications, Inc., Class A*		691,445
	2,735	Electronic Arts, Inc.		355,796
	3,069	Fox Corp., Class A		128,376
	1,445	Fox Corp., Class B		55,286
	3,773	Interpublic Group of Cos., Inc. (The)		138,846
	214	Liberty Broadband Corp., Class A*		30,989
	1,291	Liberty Broadband Corp., Class C*		189,390
	229	Liberty Media Corp.-Liberty Formula One, Class A*		12,861
	1,910	Liberty Media Corp.-Liberty Formula One, Class C*		115,994
	894	Liberty Media Corp.-Liberty SiriusXM, Class A*		45,022
	1,540	Liberty Media Corp.-Liberty SiriusXM, Class C*		77,493
	9,349	Lumen Technologies, Inc.		96,856
	4,166	Netflix, Inc.*		1,643,570
	77	Paramount Global, Class A		2,622
	5,616	Paramount Global, Class B		171,906
	4,380	Pinterest, Inc., Class A*		117,165
	5,407	T-Mobile US, Inc.*		666,196
	6,080	Twitter, Inc.*		216,144
	38,028	Verizon Communications, Inc.		2,040,963
	17,503	Walt Disney Co. (The)*		2,598,495
	9,615	Zynga, Inc., Class A*		87,304
				23,264,624
Consumer Discretionary – 11.3%
	604	Advance Auto Parts, Inc.		123,506
	4,186	Amazon.com, Inc.*		12,856,294
	2,601	Aptiv PLC*		336,673
	2,209	Aramark		81,645
	2,364	Best Buy Co., Inc.		228,457
	394	Booking Holdings, Inc.*		855,866
	2,306	BorgWarner, Inc.		94,569
	692	Brunswick Corp.		66,100
	1,963	Caesars Entertainment, Inc.*		165,265
	1,571	CarMax, Inc.*		171,757
	8,206	Carnival Corp.*		166,828
	1,376	Chegg, Inc.*		43,028
	273	Chipotle Mexican Grill, Inc.*		415,875
	1,252	Darden Restaurants, Inc.		181,815
	263	Deckers Outdoor Corp.*		75,912
	603	Dick’s Sporting Goods, Inc.		63,315
	6,030	eBay, Inc.		329,178
	1,220	Etsy, Inc.*		188,966
	1,397	Expedia Group, Inc.*		273,966
	37,717	Ford Motor Co.		662,311
	1,938	Gap, Inc. (The)		28,198
	1,457	Garmin Ltd.		160,911
	13,252	General Motors Co.*		619,133
	381	Grand Canyon Education, Inc.*		33,082
Common Stocks – (continued)
Consumer Discretionary – (continued)
	1,473	Harley-Davidson, Inc.		60,835
	1,232	Hasbro, Inc.		119,566
	2,639	Hilton Worldwide Holdings, Inc.*		392,842
	10,252	Home Depot, Inc. (The)		3,237,889
	1,438	Kohl’s Corp.		79,982
	3,185	Las Vegas Sands Corp.*		136,509
	577	Lear Corp.		90,785
	6,681	Lowe’s Cos., Inc.		1,476,902
	1,097	Lululemon Athletica, Inc.*		350,974
	400	Marriott Vacations Worldwide Corp.		64,268
	3,357	Mattel, Inc.*		83,858
	3,756	MGM Resorts International		166,353
	11,946	NIKE, Inc., Class B		1,631,226
	1,064	Nordstrom, Inc.*(a)		22,067
	3,555	Norwegian Cruise Line Holdings Ltd.*		69,287
	532	Petco Health & Wellness Co., Inc., Class A*		9,321
	2,430	PulteGroup, Inc.		120,674
	684	PVH Corp.		66,957
	3,488	Qurate Retail, Inc.Series A		19,219
	462	Ralph Lauren Corp.		61,002
	3,373	Ross Stores, Inc.		308,258
	2,111	Royal Caribbean Cruises Ltd.*		170,400
	1,546	Service Corp. International		94,074
	11,363	Starbucks Corp.		1,043,010
	2,686	Tapestry, Inc.		109,857
	4,703	Target Corp.		939,518
	1,820	Tempur Sealy International, Inc.		60,078
	513	Thor Industries, Inc.		46,427
	11,626	TJX Cos., Inc. (The)		768,479
	1,093	Tractor Supply Co.		222,742
	818	Travel + Leisure Co.		45,849
	1,813	Under Armour, Inc., Class A*		32,435
	1,967	Under Armour, Inc., Class C*		30,744
	3,121	VF Corp.		181,080
	571	Whirlpool Corp.		114,925
	712	Williams-Sonoma, Inc.		103,140
	883	Wyndham Hotels & Resorts, Inc.		76,300
	1,019	Wynn Resorts Ltd.*		88,164
	2,827	Yum! Brands, Inc.		346,534
				31,265,180
Consumer Staples – 5.9%
	5,889	Archer-Daniels-Midland Co.		461,992
	1,452	Bunge Ltd.		151,807
	2,065	Campbell Soup Co.		92,863
	1,298	Clorox Co. (The)		189,235
	8,839	Colgate-Palmolive Co.		680,161
	4,955	Conagra Brands, Inc.		173,276
	4,262	Costco Wholesale Corp.		2,213,044
	6,461	General Mills, Inc.		435,665
	963	Hain Celestial Group, Inc. (The)*		35,015
	1,549	Hershey Co. (The)		313,301
	2,992	Hormel Foods Corp.		142,539
	709	Ingredion, Inc.		62,917

30 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)
Consumer Staples – (continued)
	2,662	Kellogg Co.	$	170,208
	7,394	Keurig Dr Pepper, Inc.		285,926
	3,567	Kimberly-Clark Corp.		464,245
	7,821	Kroger Co. (The)		366,023
	2,640	McCormick & Co., Inc.		251,249
	1,889	Molson Coors Beverage Co., Class B		98,568
	14,766	Mondelez International, Inc., Class A		966,878
	14,631	PepsiCo, Inc.		2,395,680
	25,487	Procter & Gamble Co. (The)		3,973,168
	5,412	Sysco Corp.		471,385
	2,335	US Foods Holding Corp.*		91,275
	13,833	Walmart, Inc.		1,869,668
				16,356,088
Energy – 3.7%
	6,711	Baker Hughes Co.		197,169
	2,132	Cheniere Energy, Inc.		283,343
	17,634	Chevron Corp.		2,539,296
	12,025	ConocoPhillips		1,140,692
	6,140	Devon Energy Corp.		365,637
	2,772	EQT Corp.		64,144
	38,601	Exxon Mobil Corp.		3,027,090
	2,524	Hess Corp.		255,075
	17,730	Kinder Morgan, Inc.		308,502
	5,602	Marathon Petroleum Corp.		436,228
	7,698	Occidental Petroleum Corp.		336,634
	4,040	ONEOK, Inc.		263,812
	3,990	Phillips 66		336,118
	3,718	Valero Energy Corp.		310,490
	11,072	Williams Cos., Inc. (The)		346,332
				10,210,562
Financials – 11.4%
	380	Affiliated Managers Group, Inc.		52,577
	6,152	Aflac, Inc.		375,826
	126	Alleghany Corp.*		83,402
	2,690	Allstate Corp. (The)		329,148
	3,260	Ally Financial, Inc.		162,674
	5,659	American Express Co.		1,100,902
	1,053	Ameriprise Financial, Inc.		315,679
	2,059	Aon PLC, Class A		601,516
	3,499	Arch Capital Group Ltd.*		164,838
	534	Assurant, Inc.		90,625
	636	Assured Guaranty Ltd.		39,413
	728	Axis Capital Holdings Ltd.		39,763
	67,841	Bank of America Corp.		2,998,572
	7,119	Bank of New York Mellon Corp. (The)		378,375
	1,137	Bank OZK		53,462
	1,348	BlackRock, Inc.		1,002,764
	746	Brighthouse Financial, Inc.*		38,986
	3,807	Capital One Financial Corp.		583,499
	1,002	Cboe Global Markets, Inc.		117,525
	14,169	Charles Schwab Corp. (The)		1,196,714
	18,687	Citigroup, Inc.		1,106,831
	3,999	Citizens Financial Group, Inc.		209,628
	1,233	Comerica, Inc.		117,739
Common Stocks – (continued)
Financials – (continued)
	1,051	Commerce Bancshares, Inc.		75,441
	2,758	Discover Financial Services		340,447
	3,408	Equitable Holdings, Inc.		111,305
	357	FactSet Research Systems, Inc.		144,974
	6,411	Fifth Third Bancorp		306,702
	1,003	First American Financial Corp.		67,241
	1,678	First Republic Bank		290,730
	3,089	Goldman Sachs Group, Inc. (The)(b)		1,054,245
	336	Hanover Insurance Group, Inc. (The)		46,875
	3,198	Hartford Financial Services Group, Inc. (The)		222,197
	13,513	Huntington Bancshares, Inc.		209,722
	5,238	Intercontinental Exchange, Inc.		671,092
	3,138	Invesco Ltd.		66,651
	1,590	Janus Henderson Group PLC		53,376
	2,060	Jefferies Financial Group, Inc.		73,212
	27,657	JPMorgan Chase & Co.		3,921,763
	8,734	KeyCorp		218,961
	939	Lazard Ltd., Class A		32,471
	1,694	Lincoln National Corp.		114,209
	748	LPL Financial Holdings, Inc.		135,351
	4,783	Marsh & McLennan Cos., Inc.		743,326
	6,703	MetLife, Inc.		452,788
	3,048	MGIC Investment Corp.		46,269
	1,530	Moody’s Corp.		492,706
	12,613	Morgan Stanley		1,144,504
	219	Morningstar, Inc.		61,462
	753	MSCI, Inc.		377,773
	1,094	Nasdaq, Inc.		187,238
	1,090	PacWest Bancorp		53,868
	3,997	PNC Financial Services Group, Inc. (The)		796,402
	2,464	Principal Financial Group, Inc.		174,057
	5,584	Progressive Corp. (The)		591,513
	3,560	Prudential Financial, Inc.		397,510
	9,044	Regions Financial Corp.		218,774
	640	Reinsurance Group of America, Inc.		70,950
	3,221	S&P Global, Inc.		1,210,130
	532	SVB Financial Group*		322,392
	4,913	Synchrony Financial		210,178
	2,120	T. Rowe Price Group, Inc.		306,467
	2,313	Travelers Cos., Inc. (The)		397,443
	12,650	Truist Financial Corp.		787,083
	2,033	Umpqua Holdings Corp.		43,404
	1,917	Unum Group		53,523
	12,642	US Bancorp		714,779
	1,038	Voya Financial, Inc.		69,909
	848	Webster Financial Corp.		51,058
	37,675	Wells Fargo & Co.		2,010,715
	1,170	Willis Towers Watson PLC		260,091
				31,563,735
Health Care – 13.3%
	641	10X Genomics, Inc., Class A*		52,222
	13,155	Abbott Laboratories		1,586,756
	13,379	AbbVie, Inc.		1,977,015
	2,302	Agilent Technologies, Inc.		300,089

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

GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF

Schedule of Investments (continued)

February 28, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Health Care – (continued)
	594	Align Technology, Inc.*	$	303,807
	897	Alnylam Pharmaceuticals, Inc.*		141,591
	1,571	AmerisourceBergen Corp.		223,915
	4,299	Amgen, Inc.		973,638
	1,857	Anthem, Inc.		839,085
	3,807	Baxter International, Inc.		323,481
	2,160	Becton Dickinson and Co.		585,965
	1,105	Biogen, Inc.*		233,166
	1,381	BioMarin Pharmaceutical, Inc.*		107,884
	10,740	Boston Scientific Corp.*		474,386
	16,916	Bristol-Myers Squibb Co.		1,161,622
	2,133	Cardinal Health, Inc.		115,203
	1,285	Catalent, Inc.*		131,121
	4,379	Centene Corp.*		361,793
	2,238	Cerner Corp.		208,693
	1,948	Change Healthcare, Inc.*		41,726
	2,464	Cigna Corp.		585,890
	13,937	CVS Health Corp.		1,444,570
	4,800	Danaher Corp.		1,317,168
	1,642	DENTSPLY SIRONA, Inc.		88,898
	4,680	Edwards Lifesciences Corp.*		525,892
	6,417	Eli Lilly & Co.		1,603,929
	2,339	Exelixis, Inc.*		48,020
	9,506	Gilead Sciences, Inc.		574,162
	1,855	HCA Healthcare, Inc.		464,325
	1,050	Henry Schein, Inc.*		90,699
	1,899	Hologic, Inc.*		135,152
	1,649	Horizon Therapeutics PLC*		150,339
	979	Humana, Inc.		425,199
	642	IDEXX Laboratories, Inc.*		341,769
	1,103	Illumina, Inc.*		360,240
	2,682	Intuitive Surgical, Inc.*		778,665
	1,442	IQVIA Holdings, Inc.*		331,833
	19,951	Johnson & Johnson		3,283,336
	729	Laboratory Corp. of America Holdings*		197,749
	10,168	Medtronic PLC		1,067,538
	19,185	Merck & Co., Inc.		1,469,187
	203	Mettler-Toledo International, Inc.*		285,974
	2,564	Moderna, Inc.*		393,830
	42,275	Pfizer, Inc.		1,984,388
	921	Quest Diagnostics, Inc.		120,900
	757	Regeneron Pharmaceuticals, Inc.*		468,099
	1,088	ResMed, Inc.		268,464
	388	Sage Therapeutics, Inc.*		14,112
	1,011	Seagen, Inc.*		130,288
	2,640	Stryker Corp.		695,244
	1,137	Teladoc Health, Inc.*		86,310
	2,976	Thermo Fisher Scientific, Inc.		1,618,944
	7,122	UnitedHealth Group, Inc.		3,389,146
	1,037	Veeva Systems, Inc., Class A*		237,525
	1,927	Vertex Pharmaceuticals, Inc.*		443,249
	544	Waters Corp.*		172,301
	555	West Pharmaceutical Services, Inc.		214,829
	1,580	Zimmer Biomet Holdings, Inc.		200,960
	3,593	Zoetis, Inc.		695,784
				36,848,065
Common Stocks – (continued)
Industrials – 7.9%
	5,211	3M Co.		774,615
	1,227	AECOM		89,154
	1,176	Alaska Air Group, Inc.*		66,021
	6,149	American Airlines Group, Inc.*		106,070
	4,821	Boeing Co. (The)*		989,944
	1,199	Booz Allen Hamilton Holding Corp.		96,747
	7,822	Carrier Global Corp.		351,051
	4,875	Caterpillar, Inc.		914,452
	1,163	C.H. Robinson Worldwide, Inc.		112,439
	620	Clean Harbors, Inc.*		59,167
	19,904	CSX Corp.		674,945
	1,290	Cummins, Inc.		263,315
	2,510	Deere & Co.		903,650
	6,156	Delta Air Lines, Inc.*		245,747
	1,289	Dover Corp.		202,193
	3,583	Eaton Corp. PLC		552,821
	5,374	Emerson Electric Co.		499,352
	2,210	FedEx Corp.		491,217
	1,218	Fortune Brands Home & Security, Inc.		105,844
	303	FTI Consulting, Inc.*		44,238
	2,241	General Dynamics Corp.		525,402
	9,835	General Electric Co.		939,341
	6,260	Honeywell International, Inc.		1,187,835
	354	Huntington Ingalls Industries, Inc.		72,358
	684	IDEX Corp.		131,260
	2,832	Illinois Tool Works, Inc.		612,675
	3,650	Ingersoll Rand, Inc.		184,398
	1,165	Jacobs Engineering Group, Inc.		143,295
	6,472	Johnson Controls International PLC		420,421
	1,761	L3Harris Technologies, Inc.		444,318
	1,098	Leidos Holdings, Inc.		111,820
	298	Lennox International, Inc.		79,545
	517	Lincoln Electric Holdings, Inc.		65,897
	2,232	Lockheed Martin Corp.		968,242
	2,799	Lyft, Inc., Class A*		108,993
	1,811	MDU Resources Group, Inc.		48,480
	3,444	Nielsen Holdings PLC		59,994
	1,341	Northrop Grumman Corp.		592,910
	1,500	nVent Electric PLC		50,895
	612	Oshkosh Corp.		67,956
	3,830	Otis Worldwide Corp.		300,004
	901	Owens Corning		83,964
	1,272	Quanta Services, Inc.		138,572
	13,484	Raytheon Technologies Corp.		1,384,807
	2,564	Republic Services, Inc.		308,398
	1,045	Rockwell Automation, Inc.		278,576
	467	Schneider National, Inc., Class B		12,198
	5,689	Southwest Airlines Co.*		249,178
	1,451	Stanley Black & Decker, Inc.		236,078
	1,981	Textron, Inc.		144,870
	598	Timken Co. (The)		39,205
	2,147	Trane Technologies PLC		330,488
	1,723	TransUnion		156,379
	15,553	Uber Technologies, Inc.*		560,375
	3,115	United Airlines Holdings, Inc.*		138,306
	6,518	United Parcel Service, Inc., Class B		1,371,518

32 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)
Industrials – (continued)
	652	United Rentals, Inc.*	$	209,696
	1,428	Verisk Analytics, Inc.		253,241
	5,149	Waste Management, Inc.		743,516
	1,612	Westinghouse Air Brake Technologies Corp.		149,626
	412	W.W. Grainger, Inc.		196,549
	1,610	Xylem, Inc.		143,209
				21,787,770
Information Technology – 29.8%
	5,730	Accenture PLC, Class A		1,810,795
	3,723	Adobe, Inc.*		1,741,173
	12,742	Advanced Micro Devices, Inc.*		1,571,598
	1,252	Akamai Technologies, Inc.*		135,541
	450	Alliance Data Systems Corp.		30,352
	4,185	Analog Devices, Inc.		670,814
	679	ANSYS, Inc.*		220,125
	120,384	Apple, Inc.		19,877,806
	7,025	Applied Materials, Inc.		942,755
	1,718	Autodesk, Inc.*		378,355
	3,831	Automatic Data Processing, Inc.		783,210
	3,564	Block, Inc.*		454,410
	3,115	Broadcom, Inc.		1,829,876
	1,087	Broadridge Financial Solutions, Inc.		158,930
	2,140	Cadence Design Systems, Inc.*		324,060
	1,055	CDW Corp.		181,945
	1,413	Ciena Corp.*		96,677
	38,780	Cisco Systems, Inc.		2,162,761
	962	Citrix Systems, Inc.		98,605
	4,104	Cognizant Technology Solutions Corp., Class A		353,477
	5,931	Corning, Inc.		239,612
	2,112	Dell Technologies, Inc., Class C*		107,627
	1,505	DocuSign, Inc.*		178,237
	501	Dolby Laboratories, Inc., Class A		37,625
	2,313	Dropbox, Inc., Class A*		52,482
	1,955	DXC Technology Co.*		66,529
	570	Elastic NV*		49,390
	471	F5, Inc.*		94,600
	5,478	Fidelity National Information Services, Inc.		521,670
	1,044	Fortinet, Inc.*		359,679
	626	Gartner, Inc.*		175,543
	1,305	GoDaddy, Inc., Class A*		108,850
	10,131	Hewlett Packard Enterprise Co.		161,286
	8,986	HP, Inc.		308,759
	351	HubSpot, Inc.*		184,275
	31,523	Intel Corp.		1,503,647
	6,971	International Business Machines Corp.		854,017
	2,061	Intuit, Inc.		977,677
	1,136	Jabil, Inc.		65,672
	2,974	Juniper Networks, Inc.		100,491
	1,666	Keysight Technologies, Inc.*		262,178
	1,184	KLA Corp.		412,624
	1,095	Lam Research Corp.		614,678
	6,381	Marvell Technology, Inc.		436,014
Common Stocks – (continued)
Information Technology – (continued)
	7,882	Mastercard, Inc., Class A	$	2,843,983
	637	McAfee Corp., Class A		16,556
	8,739	Micron Technology, Inc.		776,548
	58,777	Microsoft Corp.		17,561,980
	498	MKS Instruments, Inc.		74,999
	496	MongoDB, Inc.*		189,467
	1,525	Motorola Solutions, Inc.		336,156
	1,033	National Instruments Corp.		41,475
	1,734	NetApp, Inc.		135,911
	400	New Relic, Inc.*		26,496
	4,280	NortonLifeLock, Inc.		124,034
	2,221	Nuance Communications, Inc.*		123,310
	1,639	Nutanix, Inc., Class A*		43,761
	18,658	NVIDIA Corp.		4,549,753
	2,067	NXP Semiconductors NV (China)		392,978
	984	Okta, Inc.*		179,915
	3,300	ON Semiconductor Corp.*		206,613
	12,870	Oracle Corp.		977,734
	741	Palo Alto Networks, Inc.*		440,339
	10,582	PayPal Holdings, Inc.*		1,184,443
	8,798	QUALCOMM, Inc.		1,513,168
	638	RingCentral, Inc., Class A*		83,476
	7,341	salesforce.com, Inc.*		1,545,501
	1,538	ServiceNow, Inc.*		891,917
	1,257	Splunk, Inc.*		148,452
	1,184	Synopsys, Inc.*		369,870
	840	Teradata Corp.*		41,992
	7,204	Texas Instruments, Inc.		1,224,608
	1,296	Twilio, Inc., Class A*		226,541
	337	Universal Display Corp.		52,205
	756	VeriSign, Inc.*		161,572
	15,247	Visa, Inc., Class A		3,295,182
	1,736	VMware, Inc., Class A		203,668
	2,432	Western Digital Corp.*		123,886
	3,605	Western Union Co. (The)		65,539
	1,477	Workday, Inc., Class A*		338,307
	480	Zebra Technologies Corp., Class A*		198,403
	925	Zendesk, Inc.*		107,920
	1,698	Zoom Video Communications, Inc., Class A*		225,155
				82,740,240
Materials – 2.5%
	2,070	Air Products and Chemicals, Inc.		489,141
	1,086	Albemarle Corp.		212,737
	1,746	Alcoa Corp.		131,544
	589	AptarGroup, Inc.		71,787
	772	Avery Dennison Corp.		136,026
	2,853	Ball Corp.		256,028
	1,215	Berry Global Group, Inc.*		73,690
	1,019	Celanese Corp.		141,926
	1,998	CF Industries Holdings, Inc.		162,218
	1,517	Chemours Co. (The)		41,869
	7,723	Corteva, Inc.		401,828
	6,996	Dow, Inc.		412,484
	4,715	DuPont de Nemours, Inc.		364,800

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

GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF

Schedule of Investments (continued)

February 28, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Materials – (continued)
	1,252	Eastman Chemical Co.	$	148,324
	2,338	Ecolab, Inc.		412,096
	1,186	FMC Corp.		139,058
	13,692	Freeport-McMoRan, Inc.		642,839
	2,536	Graphic Packaging Holding Co.		52,191
	3,620	International Paper Co.		157,579
	2,458	LyondellBasell Industries NV, Class A		238,991
	559	Martin Marietta Materials, Inc.		212,085
	7,503	Newmont Corp.		496,699
	2,673	Nucor Corp.		351,820
	850	Packaging Corp. of America		125,112
	383	Scotts Miracle-Gro Co. (The)		53,643
	1,334	Sealed Air Corp.		89,551
	2,163	Sherwin-Williams Co. (The)		569,150
	882	Sonoco Products Co.		51,791
	1,191	Vulcan Materials Co.		216,107
	2,370	Westrock Co.		107,290
				6,960,404
Real Estate – 3.2%
	5,829	American Tower Corp. REIT		1,322,425
	3,443	Americold Realty Trust REIT		91,997
	1,798	AvalonBay Communities, Inc. REIT		428,985
	2,012	Boston Properties, Inc. REIT		246,088
	1,274	Camden Property Trust REIT		210,350
	4,306	CBRE Group, Inc., Class A*		417,036
	5,566	Crown Castle International Corp. REIT		927,240
	3,624	Digital Realty Trust, Inc. REIT		488,950
	2,145	Douglas Emmett, Inc. REIT		67,997
	1,156	Equinix, Inc. REIT		820,448
	4,756	Equity Residential REIT		405,687
	837	Essex Property Trust, Inc. REIT		265,471
	535	Howard Hughes Corp. (The)*		51,135
	653	Jones Lang LaSalle, Inc.*		160,782
	7,497	Kimco Realty Corp. REIT		176,404
	9,519	Prologis, Inc. REIT		1,388,346
	1,398	SBA Communications Corp. REIT		424,139
	3,971	UDR, Inc. REIT		217,889
	5,141	Ventas, Inc. REIT		277,614
	9,669	Weyerhaeuser Co. REIT		375,931
	764	Zillow Group, Inc., Class A*		43,754
	2,182	Zillow Group, Inc., Class C*		125,509
				8,934,177
Utilities – 2.4%
	8,053	AES Corp. (The)		170,965
	3,049	Alliant Energy Corp.		178,062
	3,105	Ameren Corp.		266,875
	6,107	American Electric Power Co., Inc.		553,600
	696	Avangrid, Inc.		31,229
	4,319	Consolidated Edison, Inc.		370,441
	3,969	Constellation Energy Corp.		182,495
	9,830	Dominion Energy, Inc.		781,780
	2,368	DTE Energy Co.		287,925
	9,388	Duke Energy Corp.		942,649
	4,548	Edison International		288,434
Common Stocks – (continued)
Utilities – (continued)
	2,444	Entergy Corp.		257,133
	4,187	Eversource Energy		342,497
	11,910	Exelon Corp.		506,890
	611	IDACORP, Inc.		63,513
	2,966	NRG Energy, Inc.		112,233
	9,168	PPL Corp.		239,927
	6,150	Public Service Enterprise Group, Inc.		398,704
	3,900	Sempra Energy		562,458
	5,837	Vistra Corp.		133,200
				6,671,010
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $217,896,133)		$	276,601,855
Shares		Dividend Rate	Value
Securities Lending Reinvestment Vehicle – 0.0%(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	22,188	0.026%	$	22,188
	(Cost $22,188)
	TOTAL INVESTMENTS – 99.8%
	(Cost $217,918,321)		$	276,624,043
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.2%			615,601
	NET ASSETS – 100.0%		$	277,239,644

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

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

GOLDMAN SACHS EQUITY ETFS

Statements of Assets and Liabilities

February 28, 2022 (Unaudited)

	Bloomberg Clean Energy Equity ETF		Equal Weight U.S. Large Cap Equity ETF		Hedge Industry VIP ETF			Innovate Equity ETF
Assets:
Investments in unaffiliated issuers, at value (cost $7,918,068, $754,948,362, $181,994,845 and $418,591,235, respectively)(a)	$	8,338,850	$	808,966,765	$	189,397,411		$	415,442,358
Investments in affiliated issuers, at value (cost $—, $1,301,344, $— and $1,121,356, respectively)		—		1,572,664		—			1,860,030
Investments in securities lending reinvestment vehicle, at value which equals cost		58,314		2,439,078		—			13,362,374
Cash		7,384		1,653,442		—			1,468,544
Foreign currency, at value (cost $43, $—, $— and $110,880, respectively)		43		—		—			109,528
Receivables:
Dividends		5,463		1,011,702		58,793			435,644
Securities lending income		61		21,660		—			37,884
Foreign tax reclaims		53		—		—			30,954
Investments sold		—		19,688,924		—			—
Fund shares sold		—		9,962		—			—
Total assets		8,410,168		835,364,197		189,456,204			432,747,316
Liabilities:
Payables:
Upon return of securities loaned		58,314		2,439,078		—			13,362,374
Management fees		2,046		58,734		67,185			164,435
Fund shares redeemed		—		19,751,224		—			—
Due to custodian		—		—		320,602			—
Accrued expenses		—		19,772		6,966			8,673
Total liabilities		60,360		22,268,808		394,753			13,535,482
Net Assets:
Paid-in capital		7,927,355		717,213,617		193,036,487			419,258,557
Total distributable earnings (loss)		422,453		95,881,772		(3,975,036	)		(46,723	)
NET ASSETS	$	8,349,808	$	813,095,389	$	189,061,451		$	419,211,834
SHARES ISSUED AND OUTSTANDING
Shares outstanding no par value (unlimited shares authorized):		200,000		12,350,000		2,075,000			7,850,000
Net asset value per share:		$41.75		$65.84		$91.11			$53.40

(a) Includes loaned securities having a market value of $64,145, $2,492,826, $— and $13,302,752 for Bloomberg Clean Energy Equity ETF, Equal Weight U.S. Large Cap Equity ETF, Hedge Industry VIP ETF and Innovate Equity ETF, respectively.

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

GOLDMAN SACHS EQUITY ETFS

Statements of Assets and Liabilities (continued)

February 28, 2022 (Unaudited)

	JUST U.S. Large Cap Equity ETF
Assets:
Investments in unaffiliated issuers, at value (cost $217,101,391)(a)	$	275,547,610
Investments in affiliated issuers, at value (cost $794,742)		1,054,245
Investments in securities lending reinvestment vehicle, at value which equals cost		22,188
Cash		328,733
Receivables:
Dividends		359,820
Securities lending income		3
Total assets		277,312,599
Liabilities:
Payables:
Management fees		43,062
Upon return of securities loaned		22,188
Accrued expenses		7,705
Total liabilities		72,955
Net Assets:
Paid-in capital		216,959,416
Total distributable earnings		60,280,228
NET ASSETS	$	277,239,644
SHARES ISSUED AND OUTSTANDING
Shares outstanding no par value (unlimited shares authorized):		4,400,000
Net asset value per share:		$63.01

(a) Includes loaned securities having a market value of $21,404 for JUST U.S. Large Cap Equity ETF.

36 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, 2022 (Unaudited)

	Bloomberg Clean Energy Equity ETF*			Equal Weight U.S. Large Cap Equity ETF			Hedge Industry VIP ETF			Innovate Equity ETF
Investment income:
Dividends — unaffiliated issuers (net of foreign withholding taxes of $301, $—, $1,585 and $61,335, respectively)	$	5,726		$	6,061,689		$	273,177		$	1,949,484
Securities lending income — unaffiliated issuer		61			86,491			—			267,797
Dividends — affiliated issuers		—			9,018			—			11,254
Total investment income		5,787			6,157,198			273,177			2,228,535
Expenses:
Management fees		2,046			383,884			476,911			1,163,653
Trustee fees		—			9,953			4,687			6,776
Total expenses		2,046			393,837			481,598			1,170,429
NET INVESTMENT INCOME (LOSS)		3,741			5,763,361			(208,421	)		1,058,106
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		—			(1,457,433	)		(16,761,248	)		(8,987,965	)
Investments — affiliated issuers		—			3,162			—			(8,500	)
In-kind redemptions — unaffiliated issuers		—			52,697,504			14,869,753			15,232,877
In-kind redemptions — affiliated issuers		—			91,304			—			10,814
Foreign currency transactions		(2,074	)		—			2			(17,050	)
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		420,782			(102,655,649	)		(24,587,035	)		(83,196,743	)
Investments — affiliated issuers		—			(409,488	)		—			(407,467	)
Foreign currency translations		4			—			—			(3,152	)
Net realized and unrealized gain (loss)		418,712			(51,730,600	)		(26,478,528	)		(77,377,186	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	422,453		$	(45,967,239	)	$	(26,686,949	)	$	(76,319,080	)

* For the period February 8, 2022 (commencement of operations) through February 28, 2022.

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

GOLDMAN SACHS EQUITY ETFS

Statements of Operations (continued)

For the Six Months Ended February 28, 2022 (Unaudited)

	JUST U.S. Large Cap Equity ETF
Investment income:
Dividends — unaffiliated issuers	$	1,926,095
Dividends — affiliated issuers		5,970
Securities lending income — unaffiliated issuer		760
Total investment income		1,932,825
Expenses:
Management fees		270,270
Trustee fees		5,066
Total expenses		275,336
NET INVESTMENT INCOME		1,657,489
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		(1,126,963	)
Investments — affiliated issuers		(4,339	)
In-kind redemptions — unaffiliated issuers		9,445,218
In-kind redemptions — affiliated issuers		23,192
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		(20,099,077	)
Investments — affiliated issuers		(235,693	)
Net realized and unrealized loss		(11,997,662	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(10,340,173	)

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

GOLDMAN SACHS EQUITY ETFS

Statements of Changes in Net Assets

	Bloomberg Clean Energy Equity ETF			Equal Weight U.S. Large Cap Equity ETF
	For the Period February 8, 2022* to February 28, 2022 (Unaudited)			For the Six Months Ended February 28, 2022 (Unaudited)			For the Fiscal Year Ended August 31, 2021
From operations:
Net investment income	$	3,741		$	5,763,361		$	8,378,230
Net realized gain (loss)		(2,074	)		51,334,537			71,351,452
Net change in unrealized gain (loss)		420,786			(103,065,137	)		115,136,803
Net increase (decrease) in net assets resulting from operations		422,453			(45,967,239	)		194,866,485
Distributions to shareholders:
From distributable earnings		—			(7,178,710	)		(7,590,615	)
From share transactions:
Proceeds from sales of shares		7,927,355			155,093,987			557,025,332
Cost of shares redeemed		—			(146,356,704	)		(207,230,194	)
Net increase in net assets resulting from share transactions		7,927,355			8,737,283			349,795,138
TOTAL INCREASE (DECREASE)		8,349,808			(44,408,666	)		537,071,008
Net assets:
Beginning of period	$	—		$	857,504,055		$	320,433,047
End of period	$	8,349,808		$	813,095,389		$	857,504,055

* Commencement of operations.

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

GOLDMAN SACHS EQUITY ETFS

Statements of Changes in Net Assets (continued)

	Hedge Industry VIP ETF						Innovate Equity ETF
	For the Six Months Ended February 28, 2022 (Unaudited)			For the Fiscal Year Ended August 31, 2021			For the Six Months Ended February 28, 2022 (Unaudited)			For the Period November 6, 2020* to August 31, 2021
From operations:
Net investment income (loss)	$	(208,421	)	$	(139,131	)	$	1,058,106		$	1,721,075
Net realized gain (loss)		(1,891,493	)		39,540,926			6,230,176			31,265,366
Net change in unrealized gain (loss)		(24,587,035	)		4,820,604			(83,607,362	)		81,193,907
Net increase (decrease) in net assets resulting from operations		(26,686,949	)		44,222,399			(76,319,080	)		114,180,348
Distributions to shareholders:
From distributable earnings		—			(935	)		(1,983,367	)		(1,407,971	)
From share transactions:
Proceeds from sales of shares		47,838,743			171,549,598			38,166,984			471,161,712
Cost of shares redeemed		(53,924,813	)		(109,021,786	)		(33,837,050	)		(90,749,742	)
Net increase (decrease) in net assets resulting from share transactions		(6,086,070	)		62,527,812			4,329,934			380,411,970
TOTAL INCREASE (DECREASE)		(32,773,019	)		106,749,276			(73,972,513	)		493,184,347
Net assets:
Beginning of period	$	221,834,470		$	115,085,194		$	493,184,347		$	—
End of period	$	189,061,451		$	221,834,470		$	419,211,834		$	493,184,347

* Commencement of operations.

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

GOLDMAN SACHS EQUITY ETFS

Statements of Changes in Net Assets (continued)

	JUST U.S. Large Cap Equity ETF
	For the Six Months Ended February 28, 2022 (Unaudited)			For the Fiscal Year Ended August 31, 2021
From operations:
Net investment income	$	1,657,489		$	2,632,119
Net realized gain		8,337,108			4,160,554
Net change in unrealized gain (loss)		(20,334,770	)		50,126,210
Net increase (decrease) in net assets resulting from operations		(10,340,173	)		56,918,883
Distributions to shareholders:
From distributable earnings		(1,580,702	)		(2,492,618	)
From share transactions:
Proceeds from sales of shares		49,682,749			72,087,463
Cost of shares redeemed		(24,762,068	)		(15,027,884	)
Net increase in net assets resulting from share transactions		24,920,681			57,059,579
TOTAL INCREASE		12,999,806			111,485,844
Net assets:
Beginning of period	$	264,239,838		$	152,753,994
End of period	$	277,239,644		$	264,239,838

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

GOLDMAN SACHS BLOOMBERG CLEAN ENERGY EQUITY ETF

Financial Highlights

Selected Data for a Share Outstanding Throughout The Period

	Bloomberg Clean Energy Equity ETF
	For the Period February 8, 2022* to February 28, 2022 (Unaudited)
Per Share Operating Performance:
Net asset value, beginning of period	$	39.60
Net investment income(a)		0.02
Net realized and unrealized gain		2.13
Total gain from investment operations		2.15
Net asset value, end of period	$	41.75
Market price, end of period	$	41.75
Total Return at Net Asset Value(b)		5.43	%
Net assets, end of period (in 000’s)	$	8,350
Ratio of total expenses to average net assets		0.45	%(c)
Ratio of net investment income to average net assets		0.82	%(c)
Portfolio turnover rate(d)		—	%

 * Commencement of operations.

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

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

(c) Annualized.

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

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

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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Equal Weight U.S. Large Cap Equity ETF
	For the Six Months Ended February 28, 2022 (Unaudited)			For the Fiscal Year Ended August 31,									For the Period September 12, 2017* to August 31, 2018
				2021			2020			2019
Per Share Operating Performance:
Net asset value, beginning of period	$	70.00		$	50.86		$	46.30		$	46.33		$	40.58
Net investment income(a)		0.45			0.85			0.93			0.81			0.77
Net realized and unrealized gain (loss)		(4.05	)		19.09			4.52			(0.10	)		5.52
Total gain (loss) from investment operations		(3.60	)		19.94			5.45			0.71			6.29
Distributions to shareholders from net investment income		(0.56	)		(0.80	)		(0.89	)		(0.74	)		(0.54	)
Net asset value, end of period	$	65.84		$	70.00		$	50.86		$	46.30		$	46.33
Market price, end of period	$	65.77		$	69.99		$	50.95		$	46.32		$	46.35
Total Return at Net Asset Value(b)		(5.19	)%		39.56	%		12.08	%		1.62	%		15.60	%
Net assets, end of period (in 000’s)	$	813,095		$	857,504		$	320,433		$	168,989		$	76,438
Ratio of total expenses to average net assets		0.09	%(c)		0.09	%		0.09	%		0.09	%		0.09	%(c)
Ratio of net investment income to average net assets		1.32	%(c)		1.39	%		1.98	%		1.81	%		1.82	%(c)
Portfolio turnover rate(d)		21	%		43	%		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.

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

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, 2022 (Unaudited)			For the Fiscal Year Ended August 31,												For the Period November 1, 2016* to August 31, 2017
				2021			2020			2019			2018
Per Share Operating Performance:
Net asset value, beginning of period	$	103.18		$	79.37		$	56.86		$	57.98		$	50.46		$	40.00
Net investment income (loss)(a)		(0.10	)		(0.07	)		0.16	(b)		0.51			0.17			0.32	(c)
Net realized and unrealized gain (loss)		(11.97	)		23.88			22.59			(1.11	)		7.52			10.31
Total gain (loss) from investment operations		(12.07	)		23.81			22.75			(0.60	)		7.69			10.63
Distributions to shareholders from net investment income		—			—	(d)		(0.24	)		(0.52	)		(0.17	)		(0.17	)
Distributions to shareholders from return of capital		—			—			—	(d)		—			—			—
Total distributions to shareholders		—			—	(d)		(0.24	)		(0.52	)		(0.17	)		(0.17	)
Net asset value, end of period	$	91.11		$	103.18		$	79.37		$	56.86		$	57.98		$	50.46
Market price, end of period	$	91.06		$	103.21		$	79.50		$	57.03		$	57.98		$	50.48
Total Return at Net Asset Value(e)		(11.70	)%		30.00	%		40.07	%		(0.99	)%		15.27	%		26.61	%
Net assets, end of period (in 000’s)	$	189,061		$	221,834		$	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	%		0.45	%(f)
Ratio of net investment income (loss) to average net assets		(0.19	)%(f)		(0.08	)%		0.26	%(b)		0.91	%		0.31	%		0.84	%(c)(f)
Portfolio turnover rate(g)		54	%		136	%		124	%		103	%		129	%		116	%

 * Commencement of operations.

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

(b) Reflects income recognized from non-recurring special dividends which amounted to $0.07 per share and 0.11% of average net assets.

(c) Reflects income recognized from non-recurring special dividends which amounted to $0.11 per share and 0.24% of average net assets.

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

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

(f) Annualized.

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

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

GOLDMAN SACHS INNOVATE EQUITY ETF

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Innovate Equity ETF
	For the Six Months Ended February 28, 2022 (Unaudited)			For the Period November 6, 2020* to August 31, 2021
Per Share Operating Performance:
Net asset value, beginning of period	$	63.23		$	50.03
Net investment income(a)		0.13	(b)		0.24
Net realized and unrealized gain (loss)		(9.71	)		13.15
Total gain (loss) from investment operations		(9.58	)		13.39
Distributions to shareholders from net investment income		(0.25	)		(0.19	)
Net asset value, end of period	$	53.40		$	63.23
Market price, end of period	$	53.36		$	63.34
Total Return at Net Asset Value(c)		(15.20	)%		26.80	%
Net assets, end of period (in 000’s)	$	419,212		$	493,184
Ratio of total expenses to average net assets		0.50	%(d)		0.50	%(d)
Ratio of net investment income to average net assets		0.45	%(b)(d)		0.50	%(d)
Portfolio turnover rate(e)		17	%		38	%

 * Commencement of operations.

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

(b) Reflects income recognized from non-recurring special dividends which amounted to $0.04 per share and 0.06% 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. 45

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, 2022 (Unaudited)			For the Fiscal Year Ended August 31,									For the Period June 7, 2018* to August 31, 2018
				2021			2020			2019
Per Share Operating Performance:
Net asset value, beginning of period	$	65.65		$	50.92		$	42.04		$	42.13		$	40.08
Net investment income(a)		0.39			0.74			0.74			0.72			0.17
Net realized and unrealized gain (loss)		(2.65	)		14.70			8.90			0.08			1.88
Total gain (loss) from investment operations		(2.26	)		15.44			9.64			0.80			2.05
Distributions to shareholders from net investment income		(0.38	)		(0.71	)		(0.76	)		(0.89	)		—
Net asset value, end of period	$	63.01		$	65.65		$	50.92		$	42.04		$	42.13
Market price, end of period	$	62.97		$	65.68		$	50.88		$	42.06		$	42.13
Total Return at Net Asset Value(b)		(3.48	)%		30.61	%		23.29	%		2.06	%		5.11	%
Net assets, end of period (in 000’s)	$	277,240		$	264,240		$	152,754		$	129,275		$	272,805
Ratio of total expenses to average net assets		0.20	%(c)		0.20	%		0.20	%		0.20	%		0.20	%(c)
Ratio of net investment income to average net assets		1.20	%(c)		1.29	%		1.69	%		1.79	%		1.84	%(c)
Portfolio turnover rate(d)		11	%		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.

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

GOLDMAN SACHS EQUITY ETFS

Notes to Financial Statements

February 28, 2022 (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 Bloomberg Clean Energy Equity ETF*	Diversified
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 Bloomberg Clean Energy Equity ETF commenced operations on February 8, 2022.

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 Bloomberg Clean Energy Equity ETF and Goldman Sachs Equal Weight U.S. Large Cap Equity ETF are listed and 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

47

GOLDMAN SACHS EQUITY ETFS

Notes to Financial Statements (continued)

February 28, 2022 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

recover a portion of amounts previously withheld. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments. Distributions received from the Funds’ investments in U.S. real estate investment trusts (“REITs”) may be characterized as ordinary income, net capital gain and/or a return of capital. A return of capital is recorded by the Funds as a reduction to the cost basis of the REIT.

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;

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

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

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

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Notes to Financial Statements (continued)

February 28, 2022 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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, 2022:

BLOOMBERG CLEAN ENERGY EQUITY ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Africa	$	12,170	$	—	$	—
Asia		2,852,446		60,933		—
Europe		2,217,522		—		—
North America		3,164,607		—		—
Oceania		22,920		—		—
South America		8,252		—		—
Securities Lending Reinvestment Vehicle		58,314		—		—
Total	$	8,336,231	$	60,933	$	—
EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments
Europe	$	1,606,183	$	—	$	—
North America		808,933,246		—		—
Securities Lending Reinvestment Vehicle		2,439,078		—		—
Total	$	812,978,507	$	—	$	—
HEDGE INDUSTRY VIP ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments
Asia	$	7,593,407	$	—	$	—
North America		181,804,004		—		—
Total	$	189,397,411	$	—	$	—

(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 Fund utilizes fair value model prices provided by an independent third-party fair value service for certain international equity securities resulting in a Level 2 classification.

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

INNOVATE EQUITY ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	60,292,569	$	41,664	$	—
Europe		43,098,811		—		—
North America		306,786,901		829,526		—
Oceania		868,462		197,699		—
South America		4,812,680		—		—
Closed-End-Fund		374,076		—		—
Securities Lending Reinvestment Vehicle		13,362,374		—		—
Total	$	429,595,873	$	1,068,889	$	—
JUST U.S. LARGE CAP EQUITY ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments
Asia	$	392,978	$	—	$	—
North America		276,208,877		—		—
Securities Lending Reinvestment Vehicle		22,188		—		—
Total	$	276,624,043	$	—	$	—

(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 Fund utilizes fair value model prices provided 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.

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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Notes to Financial Statements (continued)

February 28, 2022 (Unaudited)

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the six months ended February 28, 2022, contractual and effective net unitary management fee rates with GSAM for each Fund were at the following rates:

Fund	Unitary Management Fee
Goldman Sachs Bloomberg Clean Energy Equity ETF	0.45%
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, 2022:

Fund	Beginning value as of August 31, 2021		Purchases at Cost		Proceeds from Sales			Realized Gain		Change in Unrealized Depreciation			Ending value as of February 28, 2022		Shares as of February 28, 2022		Dividend Income
Goldman Sachs Equal Weight U.S. Large Cap Equity ETF	$	1,819,030	$	472,691	$	(404,035	)	$	94,466	$	(409,488	)	$	1,572,664		4,608	$	9,018
Goldman Sachs Innovate Equity ETF		2,261,900		167,062		(163,779	)		2,314		(407,467	)		1,860,030		5,450		11,254
Goldman Sachs JUST U.S. Large Cap Equity ETF		1,173,128		209,586		(111,629	)		18,853		(235,693	)		1,054,245		3,089		5,970

5. CREATION AND REDEMPTION OF CREATION UNITS

The Trust issues and redeems shares of the Funds only in Creation Units on a continuous basis through the Distributor, without an initial sales load, at NAV next determined after receipt, on any Business Day (as defined in the Statement of Additional Information), of an order in proper form. Shares of the Funds may only be purchased or redeemed by certain financial institutions (each an “Authorized Participant”). An Authorized Participant is either (1) a “Participating Party” or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation; or (2) a Depository Trust Company participant; which, in either case, must have executed an agreement with the Distributor. Retail investors will typically not qualify as an Authorized Participant or have the resources to buy and sell whole Creation Units. Therefore, they will be unable to purchase or redeem the shares directly from the Funds. Rather, most retail investors will purchase shares in the secondary market at market prices with the assistance of a broker and may be subject to customary brokerage commissions or fees. Fixed creation and redemption transaction fees are imposed in connection with creations and redemptions.

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

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5. CREATION AND REDEMPTION OF CREATION UNITS (continued)

Share activity is as follows:

							Goldman Sachs Bloomberg Clean Energy Equity ETF
							For the period February 8, 2022* through February 28, 2022 Unaudited
							Shares			Dollars
Fund Share Activity
Shares Sold								200,000		$	7,927,355
Shares Redeemed								—			—
NET INCREASE IN SHARES								200,000		$	7,927,355
	Goldman Sachs Equal Weight U.S. Large Cap Equity ETF
	For the Six Months Ended February 28, 2022 Unaudited						For the Fiscal Year Ended August 31, 2021
	Shares			Dollars			Shares			Dollars
Fund Share Activity
Shares Sold		2,250,000		$	155,093,987			9,300,000		$	557,024,513
Shares Redeemed		(2,150,000	)		(146,356,704	)		(3,350,000	)		(207,230,194	)
NET INCREASE IN SHARES		100,000		$	8,737,283			5,950,000		$	349,794,319
	Goldman Sachs Hedge Industry VIP ETF
	For the Six Months Ended February 28, 2022 Unaudited						For the Fiscal Year Ended August 31, 2021
	Shares			Dollars			Shares			Dollars
Fund Share Activity
Shares Sold		475,000		$	47,838,743			1,850,000		$	171,549,598
Shares Redeemed		(550,000	)		(53,924,813	)		(1,150,000	)		(109,021,786	)
NET INCREASE (DECREASE) IN SHARES		(75,000	)	$	(6,086,070	)		700,000		$	62,527,812
	Goldman Sachs Innovate Equity ETF
	For the Six Months Ended February 28, 2022 Unaudited						For the period November 6, 2020* through August 31, 2021
	Shares			Dollars			Shares			Dollars
Fund Share Activity
Shares Sold		600,000		$	38,160,791			9,350,000		$	471,141,230
Shares Redeemed		(550,000	)		(33,837,050	)		(1,550,000	)		(90,747,684	)
NET INCREASE IN SHARES		50,000		$	4,323,741			7,800,000		$	380,393,546

* Commencement of operations

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Notes to Financial Statements (continued)

February 28, 2022 (Unaudited)

5. CREATION AND REDEMPTION OF CREATION UNITS (continued)

	Goldman Sachs JUST U.S. Large Cap Equity ETF
	For the Six Months Ended February 28, 2022 Unaudited						For the Fiscal Year Ended August 31, 2021
	Shares			Dollars			Shares			Dollars
Fund Share Activity
Shares Sold		750,000		$	49,682,749			1,300,000		$	72,087,463
Shares Redeemed		(375,000	)		(24,762,068	)		(275,000	)		(15,027,884	)
NET INCREASE IN SHARES		375,000		$	24,920,681			1,025,000		$	57,059,579

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales of long-term securities for the six months ended February 28, 2022, were as follows:

Fund	Purchases		Sales
Goldman Sachs Bloomberg Clean Energy Equity ETF*	$	2,410,868	$	—
Goldman Sachs Equal Weight U.S. Large Cap Equity ETF		179,136,855		180,323,104
Goldman Sachs Hedge Industry VIP ETF		115,219,749		118,934,101
Goldman Sachs Innovate Equity ETF		81,848,773		81,082,285
Goldman Sachs JUST U.S. Large Cap Equity ETF		30,264,151		29,828,937

* Commenced operations on February 8, 2022.

The purchases and sales from in-kind creation and redemption transactions for the six months ended February 28, 2022, were as follows:

Fund	Purchases		Sales
Goldman Sachs Bloomberg Clean Energy Equity ETF*	$	5,507,200	$	—
Goldman Sachs Equal Weight U.S. Large Cap Equity ETF		154,863,329		145,693,543
Goldman Sachs Hedge Industry VIP ETF		47,248,906		53,603,554
Goldman Sachs Innovate Equity ETF		36,372,038		34,525,467
Goldman Sachs JUST U.S. Large Cap Equity ETF		49,569,263		24,705,573

* Commenced operations on February 8, 2022.

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

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7. SECURITIES LENDING (continued)

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, 2022, 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, 2022, 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, 2022:

Fund	Beginning value as of August 31, 2021		Purchases at Cost		Proceeds from Sales			Ending value as of February 28, 2022
Goldman Sachs Bloomberg Clean Energy Equity  ETF*	$	—	$	107,999	$	(49,685	)	$	58,314
Goldman Sachs Equal Weight U.S. Large Cap Equity ETF		10,902,108		37,161,179		(45,624,209	)		2,439,078
Goldman Sachs Innovate Equity ETF		13,009,276		44,066,888		(43,713,790	)		13,362,374
Goldman Sachs JUST U.S. Large Cap Equity ETF		185,290		530,088		(693,190	)		22,188

* Commenced operations on February 8, 2022.

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Notes to Financial Statements (continued)

February 28, 2022 (Unaudited)

8. TAX INFORMATION

As of the Funds’ most recent fiscal year ended August 31, 2021, the Funds’ capital loss carryforward and certain timing differences on a tax-basis were as follows:

	Goldman Sachs Bloomberg Clean Energy 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
Capital loss carryforwards:
Perpetual Short-Term	$	—	$	—	$	(7,410,259	)	$	(221,190	)	$	(4,021,812	)
Perpetual Long-Term		—		—		(893,031	)		(470,331	)		(1,377,563	)
Timing differences (Qualified Late Year Loss Deferral)		—		—		(72,888	)		—			—

* Commenced operations on February 8, 2022.

** The capital loss carryforwards of the Goldman Sachs Innovate Equity ETF were acquired in a tax-free reorganization on November 6, 2020.

As of February 28, 2022, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

	Goldman Sachs Bloomberg Clean Energy 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
Tax Cost	$	7,976,382		$	768,805,041		$	182,896,355		$	436,638,008		$	219,852,115
Gross unrealized gain		534,014			90,507,851			18,842,315			50,750,728			62,925,138
Gross unrealized loss		(113,232	)		(46,334,385	)		(12,341,259	)		(56,723,974	)		(6,153,210	)
Net unrealized gain (loss)	$	420,782		$	44,173,466		$	6,501,056		$	(5,973,246)		$	56,771,928

The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales, and differences in the tax treatment of underlying fund investments, partnership investments, passive foreign investment company investments, and real estate trust 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 year remains subject to examination and adjustment by tax authorities.

9. OTHER RISKS

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

Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation; less public information; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; 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, or economically tied to, emerging markets, these risks may be more pronounced.

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9. OTHER RISKS (continued)

Foreign Custody Risk — A 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 — 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 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, a Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund. ETFs are subject to risks that do not apply to conventional mutual funds, including, but not limited to, the following: (i) the market price of the ETF’s shares may trade at a premium or a discount to their NAV; and (ii) an active trading market for an ETF’s shares may not develop or be maintained.

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

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

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Notes to Financial Statements (continued)

February 28, 2022 (Unaudited)

9. OTHER RISKS (continued)

market for Shares will be closely related to, but not identical to, the same forces influencing the prices of the securities of a Fund’s Index trading individually or in the aggregate at any point in time.

Sector Risk — To the extent a Fund focuses its investments in securities of issuers in one or more sectors (such as the financial services or telecommunications sectors), the Fund may be subjected, to a greater extent than if its investments were diversified across different sectors, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that sector, such as: adverse economic, business, political, environmental or other developments.

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

10. INDEMNIFICATIONS

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

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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Voting Results of Special Meeting of Shareholders (Unaudited)

A Special Meeting (the “Meeting”) of the Goldman Sachs ETF Trust (“the Trust”) was held on December 3, 2021 to consider and act upon the proposal below. Each Fund has amortized its respective share of the proxy, shareholder meeting and other related costs and GSAM has agreed to reimburse the Fund in an amount equal to the portion of the increase in the Fund’s total expense ratio that exceeds a specified percentage.

At the Meeting, Cheryl K. Beebe, Lawrence Hughes, John F. Killian, Steven D. Krichmar and Linda A. Lang were elected to the Trust’s Board of Trustees. In electing trustees, the Trust’s shareholders voted as follows:

Proposal 1. Election of Trustees	For		Against/Withheld		Abstain
Cheryl K. Beebe		264,924,160		15,294,512		0
Lawrence Hughes		279,548,931		669,741		0
John F. Killian		264,883,857		15,334,814		0
Steven D. Krichmar		279,552,751		665,920		0
Linda A. Lang		279,620,511		598,160		0

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GOLDMAN SACHS EQUITY ETFS

Liquidity Risk Management Program

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

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

At a meeting of the Board of Trustees on February 3-4, 2022, GSAM provided a written report to the Board addressing the operation, and the adequacy and effectiveness of the implementation, of the Program, including, as applicable, the operation of any Highly Liquid Investment Minimum and any material changes to the Program, for the period from January 1, 2021 through December 31, 2021 (the “Reporting Period”). Among other things, the annual report discussed: (1) the results of stress tests designed to assess liquidity under a hypothetical stressed scenario involving elevated redemptions; (2) an assessment of the methodologies used to classify investments into one of four liquidity categories; (3) the efficiency of the arbitrage function during the Reporting Period; and (4) the impact of local holidays in non-U.S. jurisdictions. The report concluded that the Program continues to be reasonably designed to assess and manage liquidity risk and was adequately and effectively implemented during the Reporting Period.

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

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Fund Expenses — Six Months Ended  2/28/2022 (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 Goldman Sachs Bloomberg Clean Energy Equity ETF, which commenced operations on February 8, 2022, the example is based on an investment of $1,000 invested at the beginning of the period from September 1, 2021 and held for the six months ended February 28, 2022, 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.

	Goldman Sachs Bloomberg Clean Energy 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 US Large Cap Equity ETF
	Beginning Account Value 9/1/2021		Ending Account Value 2/28/22			Expenses Paid*		Beginning Account Value 9/1/21		Ending Account Value 2/28/22			Expenses Paid**		Beginning Account Value 9/1/21		Ending Account Value 2/28/22			Expenses Paid**		Beginning Account Value 9/1/21		Ending Account Value 2/28/22			Expenses Paid**		Beginning Account Value 9/1/21		Ending Account Value 2/28/22			Expenses Paid**
Actual based on NAV	$	1,000	$	1,054.30		$	0.27	$	1,000	$	948.08		$	0.43	$	1,000	$	883.02		$	2.10	$	1,000	$	848.00		$	2.29	$	1,000	$	965.23		$	0.97
Hypothetical 5% return	$	1,000	$	1,002.62	+	$	0.26	$	1,000	$	1,024.35	+	$	0.45	$	1,000	$	1,022.56	+	$	2.26	$	1,000	$	1,022.31	+	$	2.51	$	1,000	$	1,023.80	+	$	1.00

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

* The Fund commenced operations on February 8, 2022. Expenses are calculated using the Fund’s annualized expense ratio, multiplied by the ending value for the period, multiplied by 21/365, which represents a period of 21 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, 2022. 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 Bloomberg Clean Energy Equity ETF	0.45	%
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 US Large Cap Equity ETF	0.20

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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, Goldman Sachs Innovate Equity 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, Goldman Sachs Innovate Equity 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, 2022 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 13, 2021 (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 one meeting over the course of the year since the Management Agreement was last approved in 2020. At this Committee meeting, regularly scheduled Board or other committee meetings, and/or the Annual Meeting, matters relevant to the renewal of the Management Agreement were considered by the Board, or the Independent Trustees, as applicable. With respect to each Fund, such matters included:

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

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

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

(iii) trends in employee headcount;

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

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

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

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

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

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

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

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

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

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

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

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

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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, Goldman Sachs Innovate Equity 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 capabilities. 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 data, rankings and/or ratings compiled by the Outside Data Provider as of March 31, 2021, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of June 30, 2021. 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/or 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.

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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, Goldman Sachs Innovate Equity 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 unitary management fee rate payable by each Fund, noting that the Management Agreement provides for a unitary fee structure, pursuant to which each Fund pays a single 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 non-advisory 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 for the use of the underlying indices of the Goldman Sachs Equal Weight U.S. Large Cap Equity ETF and Goldman Sachs Innovative Equity ETF, to Frank Russell Company for the use of the underlying index of the Goldman Sachs JUST U.S. Large Cap Equity ETF, 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 each 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 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.

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) trading efficiencies resulting from aggregation of orders of the Funds with those for other funds or accounts managed by the Investment Adviser; (b) the Investment Adviser’s ability to leverage the infrastructure designed to service the Funds on behalf of its other clients; (c) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (d) fees earned by the Investment Adviser for managing the fund in which the Funds’ securities lending cash collateral is invested; (e) 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 (f) 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.

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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, Goldman Sachs Innovate Equity 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 advantages received from the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (c) 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; (d) the Funds’ access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; and (e) 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, 2022.

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Statement Regarding Basis for Initial Approval of Management Agreement for the Goldman Sachs Bloomberg Clean Energy Equity ETF (Unaudited)

Background

The Goldman Sachs Bloomberg Clean Energy Equity ETF (the “Fund”) is a newly-organized investment portfolio of Goldman Sachs ETF Trust (the “Trust”) that commenced investment operations on February 8, 2022. At a meeting held on December 1, 2021 (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. 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 capabilities. 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 unitary 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 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 non-advisory services directed to the

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Statement Regarding Basis for Initial Approval of Management Agreement for the Goldman Sachs Bloomberg Clean Energy Equity ETF (Unaudited) (continued)

needs and operations of the Fund as an ETF. The Trustees noted that a license fee would be payable by the Investment Adviser to Bloomberg Professional Services 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 fee rate and projected expense ratio were prepared by the Investment Adviser and a third-party provider of mutual fund and ETF data. In particular, the Trustees referred to an analysis comparing the Fund’s management fee 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. The Trustees further noted the Investment Adviser’s assertion that future economies of scale (among several factors) had been taken into consideration in determining the Fund’s unitary management fee rate.

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) trading efficiencies resulting from aggregation of orders of the Funds with those for other funds or accounts managed by the Investment Adviser; (b) the Investment Adviser’s ability to leverage the infrastructure designed to service the Fund on behalf of its other clients; (c) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (d) fees earned by the Investment Adviser for managing the fund in which the Fund’s securities lending cash collateral is invested; (e) 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 (f) 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 advantages received from the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (c) 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; (d) the Funds’ access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; and (e) 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.

67

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 $2.21 trillion in assets under supervision as of December 31, 2021, 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 ActiveBeta^® Paris-Aligned Climate U.S. Large Cap Equity ETF

Goldman Sachs ActiveBeta^® World Low Vol Plus Equity ETF

Goldman Sachs Bloomberg Clean Energy 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 Access Emerging Markets USD Bond 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^® Emerging Markets Equity ETF

Goldman Sachs MarketBeta^® International Equity ETF

Goldman Sachs MarketBeta^® U.S. Equity ETF

Goldman Sachs Future Planet Equity ETF

Goldman Sachs Future Tech Leaders Equity ETF

Goldman Sachs Future Health Care Equity ETF

Goldman Sachs Future Consumer Equity ETF

Goldman Sachs Future Real Estate and Infrastructure Equity ETF

INDEX DISCLAIMERS

“Bloomberg^®” and the Bloomberg Goldman Sachs Global Clean Energy Index are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited (“BISL”), the administrator of the index (collectively, “Bloomberg”), and have been licensed for use for certain purposes by GSAM. The Fund is not sponsored, endorsed, sold or promoted by Bloomberg. Bloomberg does not make any representation or warranty, express or implied, to the owners of or counterparties to the Fund or any member of the public regarding the advisability of investing in securities generally or in the Fund particularly. The only relationship of Bloomberg to GSAM. is the licensing of certain trademarks, trade names and service marks and of the Index, which is determined, composed and calculated by BISL without regard to GSAM or the Fund. Bloomberg has no obligation to take the needs of GSAM or the owners of the Fund into consideration in determining, composing or calculating the Index. Bloomberg is not responsible for and has not participated in the determination of the timing of, prices at, or quantities of the Fund to be issued. Bloomberg shall not have any obligation or liability, including, without limitation, to Fund customers, in connection with the administration, marketing or trading of the Fund.

BLOOMBERG DOES NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE INDEX OR ANY DATA RELATED THERETO AND SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS OR INTERRUPTIONS THEREIN. BLOOMBERG DOES NOT MAKE ANY WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY GSAM, OWNERS OF THE FUND OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE INDEX OR ANY DATA RELATED THERETO. BLOOMBERG DOES NOT MAKE ANY EXPRESS OR IMPLIED WARRANTIES AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE INDEX OR ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, TO THE MAXIMUM EXTENT ALLOWED BY LAW, BLOOMBERG, ITS LICENSORS, AND ITS AND THEIR RESPECTIVE EMPLOYEES, CONTRACTORS, AGENTS, SUPPLIERS, AND VENDORS SHALL HAVE NO LIABILITY OR RESPONSIBILITY WHATSOEVER FOR ANY INJURY OR DAMAGES—WHETHER DIRECT, INDIRECT, CONSEQUENTIAL, INCIDENTAL, PUNITIVE OR OTHERWISE—ARISING IN CONNECTION WITH THE FUND OR THE INDEX OR ANY DATA OR VALUES RELATING THERETO—WHETHER ARISING FROM THEIR NEGLIGENCE OR OTHERWISE, EVEN IF NOTIFIED OF THE POSSIBILITY THEREOF.

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.

FUNDS PROFILE

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.

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 Cheryl K. Beebe, Chair Lawrence Hughes John F. Killian Steven D. Krichmar Linda A. Lang Michael Latham Lawrence W. Stranghoener 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, 2022 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.

©2022 Goldman Sachs. All rights reserved. 275869-OTU-1591849 EQTYETFSAR-22

Goldman Sachs Funds

Semi-Annual Report	February 28, 2022
	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
Market and Economic Review	1
Fund Basics	4
Schedules of Investments	10
Financial Statements	58
Financial Highlights	62
MarketBeta® Emerging Markets Equity ETF	62
MarketBeta® International Equity ETF	63
MarketBeta® U.S. Equity ETF	64
Notes to Financial Statements	65
Other Information	79

NOT FDIC-INSURED May Lose Value No Bank Guarantee

MARKET REVIEW

Goldman Sachs MarketBeta Equity ETFs

The following are highlights both of key factors affecting the U.S., international and emerging markets equity markets and of any key changes made to the Goldman Sachs MarketBeta Equity ETFs (the “Funds”) during the six months ended February 28, 2022 (the “Reporting Period”). A fuller review will appear in the Funds’ annual shareholder report covering the 12 months ended August 31, 2022.

Market and Economic Review

U.S. Equities

• Overall, U.S. equities struggled during the Reporting Period. The Standard & Poor’s 500 Index (the “S&P 500 Index”) ended the Reporting Period with a return of -2.62%. The Russell 3000^® Index generated a return of -4.24%.

• Persistent supply-chain disruptions and inflationary pressures remained the common themes during the Reporting Period, while the biggest headlines were the COVID-19 variants and the start of the yet ongoing Russia/Ukraine war.

• As the Reporting Period began in September 2021, the S&P 500 Index saw its first decline since January 2021 and its worst month since September 2020. Focus centered around U.S. Federal Reserve (“Fed”) tapering, complex legislative negotiations, persistent supply-chain disruptions, spread of the COVID-19 Delta variant, global risk events, rising energy costs and the rapid uptick in U.S. Treasury yields.

• During the fourth quarter of 2021, the S&P 500 Index increased in October, fell in November and increased in December.

• The third quarter corporate earnings season propelled the U.S. equity market rally in October, with retail earnings upside surprises and hints of easing supply-chain constraints supporting the market’s upward trajectory into early November.

• Later in November, a $1 trillion infrastructure bill was signed into law, and Fed Chair Powell was appointed for a second term, bringing clarity to the Fed’s leadership. However, renewed concerns around COVID-19 developments pressured U.S. equities, with the emergence of the more contagious Omicron variant triggering a sell-off. Persistently high inflation also weighed on market sentiment.

• In December, the S&P 500 Index rebounded despite record COVID-19 case counts in many population centers in the U.S., as studies showed the variant was generally accompanied by milder symptoms than previous variants. Positive seasonality and the so-called “Santa Rally” also lifted the S&P 500 Index towards the end of the month. (A Santa rally refers a sustained increase in the stock market that occurs in the last week of December through the first two trading days in January.) The Fed walked back its use of “transitory” in describing the inflationary environment and announced it would double its pace of asset purchase tapering and indicated potential interest rate hikes in 2022.

• The S&P 500 Index fell in January and February 2022, suffering its biggest pullback since March 2020 amid reverberations surrounding the Fed’s hawkish policy pivot, the velocity and magnitude of the accompanying U.S. Treasury yield increase, the long-standing valuation concerns around some of the riskier pockets of the market, the remaining inflation overhang and the ramping of geopolitical tensions caused by the Russia/Ukraine war.

• During the Reporting Period overall, the U.S. equity market saw a sharp reversal of the growth/value dynamic amid a backdrop of rising U.S. Treasury yields and expectations of multiple interest rate hikes by the Fed. Value stocks meaningfully outperformed growth stocks during the Reporting Period.

• The best performing sectors within the S&P 500 Index during the Reporting Period were energy, consumer staples and financials, while the weakest performing sectors were communication services, information technology and consumer discretionary.

International Equities

• Representing the developed international equity markets, the MSCI EAFE Index (net) returned -6.78% for the Reporting Period, underperforming the U.S. equity market.

1

MARKET REVIEW

• As the Reporting Period began, international equity markets receded in September 2021, due primarily to the U.S. Fed’s announcements around tapering of its monthly asset purchase plans and increases in interest rates.

• The decline was further aggravated by halts in global manufacturing activities due to supply-chain disruptions and semiconductor shortages as well as power cuts and energy crises around the world.

• Regulations imposed by the Chinese government on certain key sectors led to increased investor pessimism, worsened by Evergrande Group’s debt crisis and spread of the COVID-19 Delta variant.

• During the fourth quarter of 2021, the MSCI EAFE Index increased in October, fell in November and rose in December.

• Many of the concerns that dominated the international equity markets in September ebbed somewhat in October, supported in Europe and the U.K. particularly by favorable third calendar quarter corporate earnings reports.

• In November, international equity markets suffered over fears of the new COVID-19 Omicron variant’s potential impact. Travel restrictions were re-imposed to curtail the variant’s spread, and lockdown measures were reimposed in Europe. Japan’s equity market fell due to both inflation and supply-chain issues as well as concerns about the Omicron variant.

• In December, the initial scare of the Omicron variant dissipated among studies showing its symptoms were less severe than prior variants. Also, value stocks outperformed growth stocks, which benefited international equities given their relatively high value/cyclical exposures.

• The MSCI EAFE Index fell in January and February 2022.

• The price pressure in January was mostly from the continued reverberation surrounding the U.S. Fed’s hawkish policy pivot, the velocity and magnitude of the accompanying government bond yield increase and the long-standing valuation concerns around some of the riskier pockets of the markets.

• The price pressure in February was mostly from the Russia/Ukraine crisis, as the situation deteriorated sharply and Russia launched a full-scale invasion.

• The best performing sector within the MSCI EAFE Index during the Reporting Period was energy, the only sector to post a positive total return for the Reporting Period. The weakest performing sectors were information technology, industrials and communication services.

• The best performing countries within the MSCI EAFE Index were Norway and the U.K., the only two country constituents to post a positive total return for the Reporting Period. The weakest performing countries during the Reporting Period were the Netherlands, Finland and Ireland.

Emerging Markets Equities

• Representing the emerging markets equity markets, the MSCI Emerging Markets Index (net) returned -9.81% during the Reporting Period, underperforming both the U.S. equity market and the developed international equity markets overall.

• As the Reporting Period began in September 2021, emerging markets equities as a whole posted negative returns, mainly due to a steep sell-off in China as well as on broader concerns around rising inflation and, as a direct result, a looming tightening of monetary policy across the globe.

• During the fourth quarter of 2021, the MSCI Emerging Markets Index rose in October, fell sharply in November and increased in December.

• Emerging markets equities rose slightly in October as COVID-19 vaccination rates increased and the global spread of the Delta variant slowed in most regions. The markets also expected strong corporate earnings to continue. However, rising input costs, especially energy prices, material shortages and a slowdown in economic growth in China muted investor optimism.

• In November, the Omicron variant of COVID-19 spread across regions, dampening investor sentiment and leading to mixed outlooks for the global economic recovery.

2

MARKET REVIEW

• In December, global economic data was encouraging despite market participants closely monitoring the implications of the spread of the Omicron variant, inflation remaining top of mind for investors, and China’s heightened regulations, mainly in the technology sector, weighing on sentiment.

• The MSCI Emerging Markets Index fell in January and February 2022.

• In January, both growing tensions between Russian and Ukraine and rising global borrowing costs worried investors. COVID-19 cases surged and hospitalizations rose, furthering dampening investor sentiment around an economic recovery across emerging markets.

• In February, the Russia/Ukraine situation deteriorated sharply, with Russia launching a full-scale invasion, triggering a sell-off in emerging markets equities.

• In large part due to the impact of sanctions imposed upon Russia, the Russian equity market, as measured by the MSCI Russia Index, declined by 52.75% from its peak at the end of October 2021 through the end of February 2022.

• In Asia, China’s equity market, as measured by the MSCI China Index, returned -3.90% in February over worries about the worsening Ukraine crisis and the domestic property market.

• India’s equity market also fell in February, as data showed the country’s economic growth missed consensus estimates and because rising crude oil prices remained a threat to the country’s economic recovery.

• The best performing sector within the MSCI Emerging Markets Index during the Reporting Period was financials, the only sector to post a positive, albeit modest, total return for the Reporting Period. The weakest performing sectors were health care, consumer discretionary and communication services.

• The best performing countries within the MSCI Emerging Markets Index during the Reporting Period were Peru, United Arab Emirates and Qatar, while the weakest performing countries were Russia, Hungary and Poland.

• It is worth noting that effective March 9, 2022, after the close of the Reporting Period, MSCI Inc. removed Russian securities from the MSCI Emerging Markets Index after deeming the Russian equity market “uninvestable” amidst Russia’s invasion of Ukraine. MSCI Inc. announced the MSCI Russia Indexes would be reclassified to “standalone markets” instead of “emerging markets” across all of MSCI’s indexes “at a price that is effectively zero.”

Fund Changes and Highlights

No material changes were made to the Funds during the Reporting Period.

3

FUND BASICS

MarketBeta^® Emerging Markets Equity ETF

as of February 28, 2022

FUND SNAPSHOT
As of February 28, 2022
Market Price1	$	48.37
Net Asset Value (NAV)1	$	47.87

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, 2021–February 28, 2022	Fund Total Return (based on NAV)2			Fund Total Return (based on Market Price)2			Solactive GBS Emerging Markets Large & Mid Cap  Index3
Shares		-9.13	%		-8.25	%		-8.83	%

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 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.

4

FUND BASICS

TOP TEN HOLDINGS AS OF 2/28/224
Holding	% of Net Assets			Line of Business
Taiwan Semiconductor Manufacturing Co. Ltd.		6.9	%	Information Technology
Tencent Holdings Ltd.		4.3		Communication Services
Samsung Electronics Co. Ltd.		3.7		Information Technology
Alibaba Group Holding Ltd. ADR		2.6		Consumer Discretionary
Reliance Industries Ltd.		1.3		Energy
Meituan, Class B		1.2		Consumer Discretionary
iShares MSCI Malaysia ETF		1.1		Exchange-Traded Fund
Infosys Ltd.		1.0		Information Technology
Vale SA		0.9		Materials
China Construction Bank Corp., Class H		0.9		Financials

FUND VS BENCHMARK⁵

February 28, 2022

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 0.3% of the Fund’s net assets as of February 28, 2022. 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.

5

FUND BASICS

MarketBeta^® International Equity ETF

as of February 28, 2022

FUND SNAPSHOT
As of February 28, 2022
Market Price1	$	52.68
Net Asset Value (NAV)1	$	52.72

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, 2021–February 28, 2022	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		-7.04	%		-7.43	%		-7.03	%

²  Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return 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.

6

FUND BASICS

TOP TEN HOLDINGS AS OF 2/28/224
Holding	% of Net Assets			Line of Business
Nestle SA		2.2	%	Consumer Staples
ASML Holding NV		1.6		Information Technology
Roche Holding AG-Genusschein		1.6		Health Care
Novartis AG		1.2		Health Care
Toyota Motor Corp.		1.2		Consumer Discretionary
Shell PLC		1.2		Energy
LVMH Moet Hennessy Louis Vuitton SE		1.2		Consumer Discretionary
AstraZeneca PLC		1.1		Health Care
BHP Group Ltd.		1.0		Materials
Novo Nordisk A/S, Class B		1.0		Health Care

FUND VS BENCHMARK⁵

February 28, 2022

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). Investments in the securities lending vehicle represented 0.6% of the Fund’s net assets as of February 28, 2022. 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.

7

FUND BASICS

MarketBeta^® U.S. Equity ETF

as of February 28, 2022

FUND SNAPSHOT
As of February 28, 2022
Market Price1	$	60.01
Net Asset Value (NAV)1	$	60.08

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, 2021–February 28, 2022	Fund Total Return (based on NAV)2			Fund Total Return (based on Market Price)2			Solactive GBS United States Large & Mid Cap Index3
Shares		-4.14	%		-4.28	%		-4.11	%

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.

8

FUND BASICS

TOP TEN HOLDINGS AS OF 2/28/224
Holding	% of Net Assets			Line of Business
Apple, Inc.		7.1	%	Information Technology
Microsoft Corp.		5.8		Information Technology
Amazon.com, Inc.		3.5		Consumer Discretionary
Alphabet, Inc., Class A		2.1		Communication Services
Alphabet, Inc., Class C		1.9		Communication Services
Tesla, Inc.		1.9		Consumer Discretionary
NVIDIA Corp.		1.5		Information Technology
Meta Platforms, Inc., Class A		1.3		Communication Services
UnitedHealth Group, Inc.		1.2		Health Care
Johnson & Johnson		1.1		Health Care

FUND VS BENCHMARK⁵

February 28, 2022

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, 2022. 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.

9

GOLDMAN SACHS MARKETBETA^® EMERGING MARKETS EQUITY ETF

Schedule of Investments

February 28, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – 96.2%
Argentina – 0.1%
	99	Banco Macro SA ADR (Financials)*(a)	$	1,429
	124	Corp America Airports SA (Industrials)*		684
	259	Despegar.com Corp. (Consumer Discretionary)*		2,981
	270	Grupo Financiero Galicia SA ADR (Financials)(a)		2,557
	235	Pampa Energia SA ADR (Utilities)*		4,923
	286	Telecom Argentina SA ADR (Communication Services)*(a)		1,436
	792	YPF SA ADR (Energy)*		3,326
				17,336
Brazil – 3.9%
	527	Adecoagro SA (Consumer Staples)*		5,038
	18,095	Ambev SA (Consumer Staples)		53,389
	2,766	Americanas SA (Consumer Discretionary)		16,376
	1,840	Atacadao SA (Consumer Staples)		6,804
	24,967	B3 SA – Brasil Bolsa Balcao (Financials)		70,660
	5,737	Banco Bradesco SA (Financials)		18,998
	6,110	Banco BTG Pactual SA (Financials)		30,469
	3,534	Banco do Brasil SA (Financials)		24,154
	1,706	Banco Inter SA (Financials)		6,686
	1,416	Banco Santander Brasil SA (Financials)		8,504
	2,870	BB Seguridade Participacoes SA (Financials)		12,836
	130	Bradespar SA (Materials)		665
	2,094	BRF SA (Consumer Staples)*		6,792
	2,244	Caixa Seguridade Participacoes SA (Financials)		3,624
	4,587	CCR SA (Industrials)		10,471
	1,729	Centrais Eletricas Brasileiras SA (Utilities)		11,669
	1,398	Cia de Saneamento Basico do Estado de Sao Paulo (Utilities)		11,237
	1,021	Cia Energetica de Minas Gerais (Utilities)		3,375
	2,693	Cia Siderurgica Nacional SA (Materials)		13,121
	4,909	Cosan SA (Energy)		20,115
	772	CPFL Energia SA (Utilities)		4,535
	2,534	CSN Mineracao SA (Materials)		3,050
	291	Diagnosticos da America SA (Health Care)		1,417
	1,056	Energisa SA (Utilities)		9,038
	4,013	Eneva SA (Utilities)*		10,493
	778	Engie Brasil Energia SA (Utilities)		6,021
	3,539	Equatorial Energia SA (Utilities)		17,565
	385	Getnet Adquirencia e Servicos para Meios de Pagamento SA (Information Technology)		244
	17,083	Hapvida Participacoes e Investimentos SA (Health Care)(b)		40,223
	1,656	Hypera SA (Health Care)		10,768
	1,852	Itau Unibanco Holding SA (Financials)		7,848
	3,439	Klabin SA (Materials)		15,487
	2,443	Localiza Rent a Car SA (Industrials)		27,277
	4,052	Lojas Renner SA (Consumer Discretionary)		19,915
Common Stocks – (continued)
Brazil – (continued)
	12,005	Magazine Luiza SA (Consumer Discretionary)		14,005
	1,163	Multiplan Empreendimentos Imobiliarios SA (Real Estate)		4,987
	3,572	Natura & Co. Holding SA (Consumer Staples)*		16,051
	1,079	Neoenergia SA (Utilities)		3,370
	829	Pagseguro Digital Ltd., Class A (Information Technology)*		13,214
	2,854	Petro Rio SA (Energy)*		14,304
	15,146	Petroleo Brasileiro SA (Energy)		106,928
	748	Porto Seguro SA (Financials)		3,046
	4,711	Raia Drogasil SA (Consumer Staples)		21,362
	3,221	Rede D’Or Sao Luiz SA (Health Care)(b)		31,887
	5,172	Rumo SA (Industrials)*		15,561
	3,265	Sendas Distribuidora SA (Consumer Staples)		8,531
	855	StoneCo Ltd., Class A (Information Technology)*		9,610
	3,234	Suzano SA (Materials)		34,570
	1,787	Telefonica Brasil SA (Communication Services)		17,403
	3,324	TIM SA (Communication Services)		8,781
	2,114	TOTVS SA (Information Technology)		13,562
	3,250	Ultrapar Participacoes SA (Energy)		9,343
	376	Usinas Siderurgicas de Minas Gerais SA Usiminas (Materials)		996
	16,016	Vale SA (Materials)		286,887
	6,414	Via SA (Consumer Discretionary)*		4,719
	3,096	Vibra Energia SA (Consumer Discretionary)		14,177
	6,197	WEG SA (Industrials)		35,365
	296	XP, Inc., Class A (Financials)*		9,573
				1,207,096
Chile – 0.4%
	177,809	Banco de Chile (Financials)		18,967
	255	Banco de Credito e Inversiones SA (Financials)		9,167
	263,033	Banco Santander Chile (Financials)		12,973
	5,503	Cencosud SA (Consumer Staples)		10,178
	2,098	Cencosud Shopping SA (Real Estate)		2,265
	559	Cia Cervecerias Unidas SA (Consumer Staples)		4,456
	73,209	Cia Sud Americana de Vapores SA (Industrials)		7,166
	34,455	Colbun SA (Utilities)		2,523
	591	Empresa Nacional de Telecomunicaciones SA (Communication Services)		2,208
	4,367	Empresas CMPC SA (Materials)		7,255
	1,675	Empresas COPEC SA (Energy)		13,066
	83,891	Enel Americas SA (Utilities)		9,869
	107,696	Enel Chile SA (Utilities)		3,550
	3,401	Falabella SA (Consumer Discretionary)		11,254
				114,897

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 – 31.0%
	1,900	360 Security Technology, Inc., Class A (Information Technology)*	$	3,150
	130	51job, Inc. ADR (Industrials)*		6,734
	2,777	AAC Technologies Holdings, Inc. (Information Technology)		7,606
	200	Advanced Micro-Fabrication Equipment, Inc., Class A (Information Technology)*		4,060
	616	AECC Aviation Power Co. Ltd., Class A (Industrials)		4,932
	4,387	Agile Group Holdings Ltd. (Real Estate)		1,999
	22,554	Agricultural Bank of China Ltd., Class A (Financials)		10,651
	115,960	Agricultural Bank of China Ltd., Class H (Financials)		43,928
	1,308	Aier Eye Hospital Group Co. Ltd., Class A (Health Care)		7,516
	1,753	Air China Ltd., Class A (Industrials)*		2,745
	7,251	Air China Ltd., Class H (Industrials)*		5,568
	524	Airtac International Group (Industrials)		17,196
	7,708	Alibaba Group Holding Ltd. ADR (Consumer Discretionary)*		810,805
	2,416	A-Living Smart City Services Co. Ltd. (Real Estate)(b)		4,335
	3,325	Aluminum Corp. of China Ltd., Class A (Materials)*		3,415
	15,434	Aluminum Corp. of China Ltd., Class H (Materials)*		10,686
	1,493	Angang Steel Co. Ltd., Class A (Materials)		909
	6,320	Angang Steel Co. Ltd., Class H (Materials)		3,138
	162	Angel Yeast Co. Ltd., Class A (Consumer Staples)		1,281
	83	Angelalign Technology, Inc. (Health Care)*(b)		1,991
	1,000	Anhui Conch Cement Co. Ltd., Class A (Materials)		6,387
	4,849	Anhui Conch Cement Co. Ltd., Class H (Materials)		26,002
	264	Anhui Gujing Distillery Co. Ltd., Class A (Consumer Staples)		9,246
	130	Anhui Kouzi Distillery Co. Ltd., Class A (Consumer Staples)		1,557
	100	Anhui Yingjia Distillery Co. Ltd., Class A (Consumer Staples)		1,173
	100	Anjoy Foods Group Co. Ltd., Class A (Consumer Staples)		1,957
	4,976	ANTA Sports Products Ltd. (Consumer Discretionary)		75,719
	300	Apeloa Pharmaceutical Co. Ltd., Class A (Health Care)		1,348
	65	Asymchem Laboratories Tianjin Co. Ltd., Class A (Health Care)		3,507
	100	Autobio Diagnostics Co. Ltd., Class A (Health Care)		819
	303	Autohome, Inc. ADR (Communication Services)*		9,269
Common Stocks – (continued)
China – (continued)
	341	Avary Holding Shenzhen Co. Ltd., Class A (Information Technology)		1,870
	1,056	AVIC Electromechanical Systems Co. Ltd., Class A (Industrials)		2,084
	2,727	AVIC Industry-Finance Holdings Co. Ltd., Class A (Financials)		1,681
	1,143	Baidu, Inc. ADR (Communication Services)*		174,239
	5,242	Bank of Beijing Co. Ltd., Class A (Financials)		3,747
	1,104	Bank of Chengdu Co. Ltd., Class A (Financials)		2,525
	9,777	Bank of China Ltd., Class A (Financials)		4,803
	342,765	Bank of China Ltd., Class H (Financials)		133,356
	9,644	Bank of Communications Co. Ltd., Class A (Financials)		7,306
	29,784	Bank of Communications Co. Ltd., Class H (Financials)		20,431
	1,639	Bank of Hangzhou Co. Ltd., Class A (Financials)		3,720
	3,870	Bank of Jiangsu Co. Ltd., Class A (Financials)		4,079
	2,440	Bank of Nanjing Co. Ltd., Class A (Financials)		3,774
	1,614	Bank of Ningbo Co. Ltd., Class A (Financials)		9,745
	3,460	Bank of Shanghai Co. Ltd., Class A (Financials)		3,833
	1,648	Bank of Zhengzhou Co. Ltd., Class A (Financials)*		804
	3,995	Baoshan Iron & Steel Co. Ltd., Class A (Materials)		4,571
	2,100	BBMG Corp., Class A (Materials)		958
	9,354	BBMG Corp., Class H (Materials)		1,496
	249	BeiGene Ltd. ADR (Health Care)*		52,419
	1,100	Beijing Dabeinong Technology Group Co. Ltd., Class A (Consumer Staples)		1,443
	700	Beijing Enlight Media Co. Ltd., Class A (Communication Services)		1,046
	1,966	Beijing Enterprises Holdings Ltd. (Utilities)		6,705
	16,427	Beijing Enterprises Water Group Ltd. (Utilities)		6,475
	383	Beijing New Building Materials PLC, Class A (Industrials)		1,812
	800	Beijing Originwater Technology Co. Ltd., Class A (Industrials)		847
	300	Beijing Shiji Information Technology Co. Ltd., Class A (Information Technology)		1,138
	600	Beijing Shougang Co. Ltd., Class A (Materials)		571
	200	Beijing Shunxin Agriculture Co. Ltd., Class A (Consumer Staples)		862
	390	Beijing Tiantan Biological Products Corp. Ltd., Class A (Health Care)		1,689
	100	Beijing United Information Technology Co. Ltd., Class A (Industrials)		1,870

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, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
China – (continued)
	100	Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A (Health Care)	$	3,990
	12,100	Beijing-Shanghai High Speed Railway Co. Ltd., Class A (Industrials)		9,895
	100	Betta Pharmaceuticals Co. Ltd., Class A (Health Care)		955
	65	BGI Genomics Co. Ltd., Class A (Health Care)		880
	970	Bilibili, Inc. ADR (Communication Services)*		30,662
	5,498	Blue Moon Group Holdings Ltd. (Consumer Staples)(a)(b)		4,292
	14,709	BOC Hong Kong Holdings Ltd. (Financials)		52,897
	600	BOC International China Co. Ltd., Class A (Financials)		1,114
	11,822	BOE Technology Group Co. Ltd., Class A (Information Technology)		8,806
	14,036	Brilliance China Automotive Holdings Ltd. (Consumer Discretionary)*(c)		6,457
	487	BYD Co. Ltd., Class A (Consumer Discretionary)		19,264
	3,572	BYD Co. Ltd., Class H (Consumer Discretionary)		108,526
	454	By-health Co. Ltd., Class A (Consumer Staples)		1,782
	1,104	Caitong Securities Co. Ltd., Class A (Financials)		1,641
	341	CanSino Biologics, Inc., Class H (Health Care)*(b)		6,140
	1,300	CECEP Wind-Power Corp., Class A (Utilities)		1,164
	3,500	CGN Power Co. Ltd., Class A (Utilities)		1,631
	45,175	CGN Power Co. Ltd., Class H (Utilities)(b)		12,777
	100	Changchun High & New Technology Industry Group, Inc., Class A (Health Care)		2,885
	1,688	Changjiang Securities Co. Ltd., Class A (Financials)		1,846
	100	Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A (Consumer Discretionary)		2,445
	519	Chaozhou Three-Circle Group Co. Ltd., Class A (Information Technology)		2,866
	200	Chengxin Lithium Group Co. Ltd., Class A (Materials)*		1,860
	700	China Baoan Group Co. Ltd., Class A (Industrials)		1,526
	10,239	China Bohai Bank Co. Ltd., Class H (Financials)(b)		1,704
	35,902	China Cinda Asset Management Co. Ltd., Class H (Financials)		6,479
	1,428	China CITIC Bank Corp. Ltd., Class A (Financials)		1,041
Common Stocks – (continued)
China – (continued)
	39,097	China CITIC Bank Corp. Ltd., Class H (Financials)		18,363
	1,039	China Coal Energy Co. Ltd., Class A (Energy)		1,121
	8,904	China Coal Energy Co. Ltd., Class H (Energy)		5,550
	6,573	China Conch Venture Holdings Ltd. (Industrials)		31,630
	2,322	China Construction Bank Corp., Class A (Financials)		2,219
	380,239	China Construction Bank Corp., Class H (Financials)		285,166
	700	China CSSC Holdings Ltd., Class A (Industrials)		2,431
	2,532	China Eastern Airlines Corp. Ltd., Class A (Industrials)*		2,167
	8,470	China Eastern Airlines Corp. Ltd., Class H (Industrials)*		3,285
	8,000	China Energy Engineering Corp. Ltd. (Industrials)*		3,423
	32,548	China Energy Engineering Corp. Ltd., Class H (Industrials)		5,332
	9,973	China Everbright Bank Co. Ltd., Class A (Financials)		5,279
	29,923	China Everbright Bank Co. Ltd., Class H (Financials)		11,106
	14,828	China Everbright Environment Group Ltd. (Industrials)		10,627
	14,770	China Evergrande Group (Real Estate)		3,024
	9,251	China Feihe Ltd. (Consumer Staples)(b)		11,034
	1,039	China Galaxy Securities Co. Ltd., Class A (Financials)		1,665
	15,020	China Galaxy Securities Co. Ltd., Class H (Financials)		8,593
	600	China Great Wall Securities Co. Ltd., Class A (Financials)		1,018
	909	China Greatwall Technology Group Co. Ltd., Class A (Information Technology)		1,913
	11,420	China Hongqiao Group Ltd. (Materials)		15,872
	300	China International Capital Corp. Ltd., Class A (Financials)		2,013
	6,085	China International Capital Corp. Ltd., Class H (Financials)(b)		14,796
	454	China International Marine Containers Group Co. Ltd., Class A (Industrials)		1,081
	1,314	China International Marine Containers Group Co. Ltd., Class H (Industrials)		2,176
	26,290	China Jinmao Holdings Group Ltd. (Real Estate)		8,748
	987	China Jushi Co. Ltd., Class A (Materials)		2,667
	4,211	China Lesso Group Holdings Ltd. (Industrials)		6,456
	584	China Life Insurance Co. Ltd., Class A (Financials)		2,664
	30,501	China Life Insurance Co. Ltd., Class H (Financials)		50,590

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)
	1,482	China Literature Ltd. (Communication Services)*(b)	$	7,994
	13,012	China Longyuan Power Group Corp. Ltd., Class H (Utilities)		26,644
	2,303	China Meidong Auto Holdings Ltd. (Consumer Discretionary)		10,802
	12,439	China Mengniu Dairy Co. Ltd. (Consumer Staples)*		80,791
	5,041	China Merchants Bank Co. Ltd., Class A (Financials)		39,785
	16,859	China Merchants Bank Co. Ltd., Class H (Financials)		141,971
	5,514	China Merchants Port Holdings Co. Ltd. (Industrials)		10,374
	1,794	China Merchants Securities Co. Ltd., Class A (Financials)		4,503
	1,775	China Merchants Securities Co. Ltd., Class H (Financials)(b)		2,238
	1,600	China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A (Real Estate)		3,436
	300	China Minmetals Rare Earth Co. Ltd., Class A (Materials)		1,790
	9,200	China Minsheng Banking Corp. Ltd., Class A (Financials)		5,701
	30,478	China Minsheng Banking Corp. Ltd., Class H (Financials)		11,858
	4,548	China Molybdenum Co. Ltd., Class A (Materials)		4,332
	14,881	China Molybdenum Co. Ltd., Class H (Materials)		8,913
	17,509	China National Building Material Co. Ltd., Class H (Materials)		22,453
	1,500	China National Chemical Engineering Co. Ltd., Class A (Industrials)		2,475
	3,300	China National Nuclear Power Co. Ltd., Class A (Utilities)		3,870
	876	China Northern Rare Earth Group High-Tech Co. Ltd., Class A (Materials)		6,832
	300	China Oilfield Services Ltd., Class A (Energy)		817
	7,424	China Oilfield Services Ltd., Class H (Energy)		8,399
	19,694	China Overseas Land & Investment Ltd. (Real Estate)		60,113
	1,639	China Pacific Insurance Group Co. Ltd., Class A (Financials)		6,868
	10,562	China Pacific Insurance Group Co. Ltd., Class H (Financials)		29,400
	8,383	China Petroleum & Chemical Corp., Class A (Energy)		5,753
	102,311	China Petroleum & Chemical Corp., Class H (Energy)		50,542
	5,426	China Railway Group Ltd., Class A (Industrials)		5,340
	16,392	China Railway Group Ltd., Class H (Industrials)		9,629
Common Stocks – (continued)
China – (continued)
	1,500	China Railway Signal & Communication Corp. Ltd., Class A (Information Technology)		1,153
	7,356	China Railway Signal & Communication Corp. Ltd., Class H (Information Technology)(b)		2,674
	27,520	China Reinsurance Group Corp., Class H (Financials)		2,642
	5,836	China Resources Beer Holdings Co. Ltd. (Consumer Staples)		46,195
	9,468	China Resources Cement Holdings Ltd. (Materials)		8,094
	3,651	China Resources Gas Group Ltd. (Utilities)		16,751
	11,812	China Resources Land Ltd. (Real Estate)		57,445
	1,883	China Resources Mixc Lifestyle Services Ltd. (Real Estate)(b)		9,688
	7,283	China Resources Power Holdings Co. Ltd. (Utilities)		16,181
	1,634	China Shenhua Energy Co. Ltd., Class A (Energy)		6,536
	13,844	China Shenhua Energy Co. Ltd., Class H (Energy)		38,093
	1,007	China Southern Airlines Co. Ltd., Class A (Industrials)*		1,106
	7,341	China Southern Airlines Co. Ltd., Class H (Industrials)*		4,632
	10,300	China State Construction Engineering Corp. Ltd., Class A (Industrials)		8,309
	7,236	China State Construction International Holdings Ltd. (Industrials)		10,168
	7,434	China Suntien Green Energy Corp. Ltd., Class H (Energy)		4,928
	5,960	China Taiping Insurance Holdings Co. Ltd. (Financials)		7,040
	522	China Tourism Group Duty Free Corp. Ltd., Class A (Consumer Discretionary)		16,752
	177,853	China Tower Corp. Ltd., Class H (Communication Services)(b)		20,713
	400	China TransInfo Technology Co. Ltd., Class A (Information Technology)		881
	7,600	China United Network Communications Ltd., Class A (Communication Services)		4,601
	2,412	China Vanke Co. Ltd., Class A (Real Estate)		7,339
	7,793	China Vanke Co. Ltd., Class H (Real Estate)		18,471
	5,593	China Yangtze Power Co. Ltd., Class A (Utilities)		20,546
	100	China Zhenhua Group Science & Technology Co. Ltd., Class A (Information Technology)		1,857
	4,397	China Zheshang Bank Co. Ltd., Class A (Financials)		2,390
	81	Chongqing Brewery Co. Ltd., Class A (Consumer Staples)*		1,718

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, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
China – (continued)
	2,718	Chongqing Changan Automobile Co. Ltd., Class A (Consumer Discretionary)	$	5,574
	2,300	Chongqing Rural Commercial Bank Co. Ltd., Class A (Financials)		1,425
	10,111	Chongqing Rural Commercial Bank Co. Ltd., Class H (Financials)		3,727
	430	Chongqing Zhifei Biological Products Co. Ltd., Class A (Health Care)		8,810
	16,560	CIFI Holdings Group Co. Ltd. (Real Estate)		11,529
	26,078	CITIC Ltd. (Industrials)		30,404
	200	Citic Pacific Special Steel Group Co. Ltd., Class A (Materials)		729
	3,060	CITIC Securities Co. Ltd., Class A (Financials)		11,314
	9,010	CITIC Securities Co. Ltd., Class H (Financials)		21,840
	900	CNPC Capital Co. Ltd., Class A (Industrials)		803
	526	Contemporary Amperex Technology Co. Ltd., Class A (Industrials)		44,461
	900	COSCO SHIPPING Energy Transportation Co. Ltd., Class A (Energy)		910
	5,621	COSCO SHIPPING Energy Transportation Co. Ltd., Class H (Energy)		2,676
	3,141	COSCO SHIPPING Holdings Co. Ltd., Class A (Industrials)*		8,721
	13,053	COSCO SHIPPING Holdings Co. Ltd., Class H (Industrials)*		26,227
	36,355	Country Garden Holdings Co. Ltd. (Real Estate)		28,196
	7,785	Country Garden Services Holdings Co. Ltd. (Real Estate)		46,528
	6,000	CRRC Corp. Ltd., Class A (Industrials)		5,506
	17,917	CRRC Corp. Ltd., Class H (Industrials)		7,957
	600	CSC Financial Co. Ltd., Class A (Financials)		2,444
	4,071	CSC Financial Co. Ltd., Class H (Financials)(b)		4,324
	934	Dada Nexus Ltd. ADR (Consumer Discretionary)*		7,762
	8,909	Dali Foods Group Co. Ltd. (Consumer Staples)(b)		4,686
	187	DaShenLin Pharmaceutical Group Co. Ltd., Class A (Consumer Staples)		1,055
	1,493	Datang International Power Generation Co. Ltd., Class A (Utilities)		672
	12,692	Datang International Power Generation Co. Ltd., Class H (Utilities)		2,501
	800	DHC Software Co. Ltd., Class A (Information Technology)		1,043
	1,348	DiDi Global, Inc. ADR (Industrials)*(a)		5,527
	200	Do-Fluoride New Materials Co. Ltd., Class A (Materials)		1,425
	195	Dong-E-E-Jiao Co. Ltd., Class A (Health Care)		1,172
Common Stocks – (continued)
China – (continued)
	644	Dongfang Electric Corp. Ltd., Class A (Industrials)		1,660
	1,643	Dongfang Electric Corp. Ltd., Class H (Industrials)		2,059
	12,143	Dongfeng Motor Group Co. Ltd., Class H (Consumer Discretionary)		10,428
	844	Dongxing Securities Co. Ltd., Class A (Financials)		1,376
	2,576	East Money Information Co. Ltd., Class A (Financials)		10,916
	100	Ecovacs Robotics Co. Ltd., Class A (Consumer Discretionary)		2,147
	3,118	ENN Energy Holdings Ltd. (Utilities)		45,251
	500	ENN Natural Gas Co. Ltd., Class A (Utilities)		1,415
	493	Eve Energy Co. Ltd., Class A (Industrials)		6,993
	1,168	Everbright Securities Co. Ltd., Class A (Financials)		2,466
	1,234	Everbright Securities Co. Ltd., Class H (Financials)(b)		916
	12,467	Evergrande Property Services Group Ltd. (Real Estate)*(b)		3,750
	1,181	Fangda Carbon New Material Co. Ltd., Class A (Industrials)		1,926
	619	FAW Jiefang Group Co. Ltd., Class A (Consumer Discretionary)		911
	1,100	First Capital Securities Co. Ltd., Class A (Financials)		1,109
	344	Flat Glass Group Co. Ltd., Class A (Information Technology)		2,671
	1,682	Flat Glass Group Co. Ltd., Class H (Information Technology)		6,931
	3,943	Focus Media Information Technology Co. Ltd., Class A (Communication Services)		4,780
	737	Foshan Haitian Flavouring & Food Co. Ltd., Class A (Consumer Staples)		11,563
	1,947	Founder Securities Co. Ltd., Class A (Financials)		2,215
	2,452	Foxconn Industrial Internet Co. Ltd., Class A (Information Technology)		4,341
	325	Fujian Sunner Development Co. Ltd., Class A (Consumer Staples)*		1,015
	3,833	Full Truck Alliance Co. Ltd. ADR (Industrials)*		35,340
	484	Fuyao Glass Industry Group Co. Ltd., Class A (Consumer Discretionary)		3,375
	2,463	Fuyao Glass Industry Group Co. Ltd., Class H (Consumer Discretionary)(b)		12,041
	300	Ganfeng Lithium Co. Ltd., Class A (Materials)		7,199
	985	Ganfeng Lithium Co. Ltd., Class H (Materials)(b)		16,577
	4,400	GD Power Development Co. Ltd., Class A (Utilities)		1,966

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)
	734	GDS Holdings Ltd. ADR (Information Technology)*(a)	$	32,678
	1,200	GEM Co. Ltd., Class A (Materials)		1,818
	1,063	Gemdale Corp., Class A (Real Estate)		2,141
	5,284	Genscript Biotech Corp. (Health Care)*		20,862
	1,491	GF Securities Co. Ltd., Class A (Financials)		4,397
	5,414	GF Securities Co. Ltd., Class H (Financials)		8,121
	400	Giant Network Group Co. Ltd., Class A (Communication Services)		605
	182	Gigadevice Semiconductor Beijing, Inc., Class A (Information Technology)		4,422
	100	Ginlong Technologies Co. Ltd., Class A (Industrials)		4,010
	874	GoerTek, Inc., Class A (Information Technology)		6,064
	100	Gongniu Group Co. Ltd., Class A (Industrials)		2,351
	400	Gotion High-tech Co. Ltd., Class A (Industrials)*		2,731
	584	Great Wall Motor Co. Ltd., Class A (Consumer Discretionary)		3,379
	12,549	Great Wall Motor Co. Ltd., Class H (Consumer Discretionary)		26,114
	1,500	Gree Electric Appliances Inc of Zhuhai, Class A (Consumer Discretionary)		8,741
	1,800	Greenland Holdings Corp. Ltd., Class A (Real Estate)		1,232
	454	Guangdong Haid Group Co. Ltd., Class A (Consumer Staples)		4,740
	11,492	Guangdong Investment Ltd. (Utilities)		15,443
	100	Guangdong Kinlong Hardware Products Co. Ltd., Class A (Industrials)		1,680
	1,700	Guanghui Energy Co. Ltd., Class A (Energy)*		1,916
	636	Guangzhou Automobile Group Co. Ltd., Class A (Consumer Discretionary)		1,289
	11,934	Guangzhou Automobile Group Co. Ltd., Class H (Consumer Discretionary)		11,760
	390	Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A (Health Care)		1,841
	1,063	Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class H (Health Care)		2,836
	81	Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A (Health Care)		1,081
	195	Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A (Information Technology)		2,659
	200	Guangzhou Tinci Materials Technology Co. Ltd., Class A (Materials)		3,366
	526	Guangzhou Yuexiu Financial Holdings Group Co. Ltd., Class A (Financials)		743
	1,233	Guosen Securities Co. Ltd., Class A (Financials)		2,022
	1,948	Guotai Junan Securities Co. Ltd., Class A (Financials)		5,152
Common Stocks – (continued)
China – (continued)
	3,523	Guotai Junan Securities Co. Ltd., Class H (Financials)(b)		5,194
	1,201	Guoyuan Securities Co. Ltd., Class A (Financials)		1,348
	4,849	Haidilao International Holding Ltd. (Consumer Discretionary)(b)		11,121
	1,695	Haier Smart Home Co. Ltd., Class A (Consumer Discretionary)		6,847
	9,198	Haier Smart Home Co. Ltd., Class H (Consumer Discretionary)		32,078
	2,492	Haitong Securities Co. Ltd., Class A (Financials)		4,439
	12,800	Haitong Securities Co. Ltd., Class H (Financials)		11,008
	253	Han’s Laser Technology Industry Group Co. Ltd., Class A (Industrials)		1,952
	194	Hangzhou First Applied Material Co. Ltd., Class A (Information Technology)		3,648
	260	Hangzhou Robam Appliances Co. Ltd., Class A (Consumer Discretionary)		1,371
	300	Hangzhou Silan Microelectronics Co. Ltd., Class A (Information Technology)		2,710
	215	Hangzhou Tigermed Consulting Co. Ltd., Class A (Health Care)		3,468
	546	Hangzhou Tigermed Consulting Co. Ltd., Class H (Health Care)(b)		6,114
	4,395	Hansoh Pharmaceutical Group Co. Ltd. (Health Care)(b)		9,405
	600	Henan Shuanghui Investment & Development Co. Ltd., Class A (Consumer Staples)		2,739
	2,408	Hengan International Group Co. Ltd. (Consumer Staples)		12,774
	1,499	Hengli Petrochemical Co. Ltd., Class A (Materials)		5,913
	1,097	Hengyi Petrochemical Co. Ltd., Class A (Materials)		1,744
	3,246	Hesteel Co. Ltd., Class A (Materials)		1,322
	130	Hithink RoyalFlush Information Network Co. Ltd., Class A (Financials)		2,224
	200	Hongfa Technology Co. Ltd., Class A (Industrials)		1,990
	500	Hongta Securities Co. Ltd., Class A (Financials)		776
	100	Hoshine Silicon Industry Co. Ltd., Class A (Materials)		2,369
	3,094	Hua Hong Semiconductor Ltd. (Information Technology)*(b)		16,037
	1,667	Huadian Power International Corp. Ltd., Class A (Utilities)		1,136
	6,938	Huadian Power International Corp. Ltd., Class H (Utilities)		2,619
	419	Huadong Medicine Co. Ltd., Class A (Health Care)		2,516
	1,000	Huafon Chemical Co. Ltd., Class A (Materials)		1,523

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, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
China – (continued)
	519	Hualan Biological Engineering, Inc., Class A (Health Care)	$	2,114
	1,493	Huaneng Lancang River Hydropower, Inc., Class A (Utilities)		1,458
	2,077	Huaneng Power International, Inc., Class A (Utilities)		2,887
	16,617	Huaneng Power International, Inc., Class H (Utilities)		9,719
	1,900	Huatai Securities Co. Ltd., Class A (Financials)		4,770
	5,977	Huatai Securities Co. Ltd., Class H (Financials)(b)		9,776
	779	Huaxi Securities Co. Ltd., Class A (Financials)		1,098
	3,059	Huaxia Bank Co. Ltd., Class A (Financials)		2,729
	1,200	Huaxin Cement Co. Ltd., Class A (Materials)		3,906
	901	Huayu Automotive Systems Co. Ltd., Class A (Consumer Discretionary)		3,621
	598	Huazhu Group Ltd. ADR (Consumer Discretionary)*		24,733
	1,000	Hubei Energy Group Co. Ltd., Class A (Utilities)		740
	300	Hubei Xingfa Chemicals Group Co. Ltd., Class A (Materials)		1,949
	100	Huizhou Desay Sv Automotive Co. Ltd., Class A (Consumer Discretionary)		2,094
	400	Humanwell Healthcare Group Co. Ltd., Class A (Health Care)		1,183
	1,800	Hunan Valin Steel Co. Ltd., Class A (Materials)		1,663
	354	Hundsun Technologies, Inc., Class A (Information Technology)		2,931
	598	Iflytek Co. Ltd., Class A (Information Technology)		4,643
	100	Imeik Technology Development Co. Ltd., Class A (Health Care)		7,686
	16,318	Industrial & Commercial Bank of China Ltd., Class A (Financials)		12,051
	320,253	Industrial & Commercial Bank of China Ltd., Class H (Financials)		191,405
	5,080	Industrial Bank Co. Ltd., Class A (Financials)		17,768
	1,677	Industrial Securities Co. Ltd., Class A (Financials)		2,174
	100	Ingenic Semiconductor Co. Ltd., Class A (Information Technology)		1,764
	12,246	Inner Mongolia BaoTou Steel Union Co. Ltd., Class A (Materials)*		5,201
	700	Inner Mongolia ERDOS Resources Co. Ltd., Class A (Materials)		2,854
	2,467	Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A (Materials)		1,935
Common Stocks – (continued)
China – (continued)
	1,534	Inner Mongolia Yili Industrial Group Co. Ltd., Class A (Consumer Staples)		9,608
	3,531	Innovent Biologics, Inc. (Health Care)*(b)		15,794
	400	Inspur Electronic Information Industry Co. Ltd., Class A (Information Technology)		2,087
	150	Intco Medical Technology Co. Ltd., Class A (Health Care)		1,218
	1,186	iQIYI, Inc. ADR (Communication Services)*		4,910
	262	JA Solar Technology Co. Ltd., Class A (Information Technology)		3,943
	215	Jafron Biomedical Co. Ltd., Class A (Health Care)		1,559
	200	Jason Furniture Hangzhou Co. Ltd., Class A (Consumer Discretionary)		2,231
	500	JCET Group Co. Ltd., Class A (Information Technology)		2,218
	1,977	JD Health International, Inc. (Consumer Discretionary)*(b)		14,650
	6,438	JD Logistics, Inc. (Industrials)*(b)		20,351
	3,802	JD.com, Inc. ADR (Consumer Discretionary)*		272,337
	1,186	JD.com, Inc., Class A (Consumer Discretionary)*		42,378
	700	Jiangsu Eastern Shenghong Co. Ltd., Class A (Materials)		2,112
	300	Jiangsu Expressway Co. Ltd., Class A (Industrials)		421
	5,300	Jiangsu Expressway Co. Ltd., Class H (Industrials)		5,671
	192	Jiangsu Hengli Hydraulic Co. Ltd., Class A (Industrials)		2,038
	1,600	Jiangsu Hengrui Medicine Co. Ltd., Class A (Health Care)		10,163
	325	Jiangsu King’s Luck Brewery JSC Ltd., Class A (Consumer Staples)		2,686
	360	Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A (Consumer Staples)		9,397
	260	Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A (Health Care)		1,209
	800	Jiangsu Zhongtian Technology Co. Ltd., Class A (Industrials)		2,372
	584	Jiangxi Copper Co. Ltd., Class A (Materials)		2,051
	4,434	Jiangxi Copper Co. Ltd., Class H (Materials)		7,967
	800	Jiangxi Zhengbang Technology Co. Ltd., Class A (Consumer Staples)		874
	1,400	Jinke Properties Group Co. Ltd., Class A (Real Estate)		998
	100	JiuGui Liquor Co. Ltd., Class A (Consumer Staples)		2,708
	100	Joinn Laboratories China Co. Ltd., Class A (Health Care)		1,822

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)
	176	Joinn Laboratories China Co. Ltd., Class H (Health Care)(b)		$	1,466
	500	Jointown Pharmaceutical Group Co. Ltd., Class A (Health Care)			1,055
	200	Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A (Consumer Staples)			1,091
	200	Juewei Food Co. Ltd., Class A (Consumer Staples)			1,674
	204	Kanzhun Ltd. ADR (Communication Services)*			6,589
	3,650	KE Holdings, Inc. ADR (Real Estate)*			70,846
	11,354	Kingdee International Software Group Co. Ltd. (Information Technology)*			27,870
	700	Kingfa Sci & Tech Co. Ltd., Class A (Materials)			1,191
	463	Kingsoft Cloud Holdings Ltd. ADR (Information Technology)*			3,121
	3,469	Kingsoft Corp. Ltd. (Communication Services)			12,875
	3,143	Kuaishou Technology (Communication Services)*(b)			36,021
	568	Kuang-Chi Technologies Co. Ltd., Class A (Industrials)*			1,826
	15,056	Kunlun Energy Co. Ltd. (Utilities)			14,721
	314	Kweichow Moutai Co. Ltd., Class A (Consumer Staples)			89,094
	619	LB Group Co. Ltd., Class A (Materials)			2,595
	4,533	Legend Holdings Corp., Class H (Information Technology)(b)			6,370
	27,732	Lenovo Group Ltd. (Information Technology)			30,842
	1,278	Lens Technology Co. Ltd., Class A (Information Technology)			2,945
	500	Lepu Medical Technology Beijing Co. Ltd., Class A (Health Care)			1,701
	2,439	Li Auto, Inc. ADR (Consumer Discretionary)*			74,268
	9,592	Li Ning Co. Ltd. (Consumer Discretionary)			95,322
	1,700	Lingyi iTech Guangdong Co., Class A (Information Technology)*			1,614
	130	Livzon Pharmaceutical Group, Inc., Class A (Health Care)			789
	648	Livzon Pharmaceutical Group, Inc., Class H (Health Care)			2,426
	5,425	Logan Group Co. Ltd. (Real Estate)			1,805
	8,357	Longfor Group Holdings Ltd. (Real Estate)(b)			44,706
	1,354	LONGi Green Energy Technology Co. Ltd., Class A (Information Technology)			16,666
	10,123	Lufax Holding Ltd. ADR (Financials)*			65,496
	1,780	Luxshare Precision Industry Co. Ltd., Class A (Information Technology)			12,251
	393	Luzhou Laojiao Co. Ltd., Class A (Consumer Staples)			13,490
Common Stocks – (continued)
China – (continued)
	454	Mango Excellent Media Co. Ltd., Class A (Communication Services)			2,456
	100	Maxscend Microelectronics Co. Ltd., Class A (Information Technology)			4,273
	1,000	Meinian Onehealth Healthcare Holdings Co. Ltd., Class A (Health Care)*			1,138
	16,538	Meituan, Class B (Consumer Discretionary)*(b)			364,468
	4,518	Metallurgical Corp. of China Ltd., Class A (Industrials)			2,914
	12,853	Metallurgical Corp. of China Ltd., Class H (Industrials)			3,898
	2,990	Microport Scientific Corp. (Health Care)			8,265
	500	Ming Yang Smart Energy Group Ltd., Class A (Industrials)			2,036
	1,468	Ming Yuan Cloud Group Holdings Ltd. (Information Technology)*(a)			2,882
	922	MINISO Group Holding Ltd. ADR (Consumer Discretionary)			8,049
	300	Montage Technology Co. Ltd., Class A (Information Technology)			3,675
	1,314	Muyuan Foods Co. Ltd., Class A (Consumer Staples)			11,886
	300	Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd., Class A (Health Care)			1,656
	900	Nanjing Securities Co. Ltd., Class A (Financials)			1,262
	1,412	NARI Technology Co. Ltd., Class A (Industrials)			7,910
	600	National Silicon Industry Group Co. Ltd., Class A (Information Technology)*			2,310
	130	NAURA Technology Group Co. Ltd., Class A (Information Technology)			6,246
	600	NavInfo Co. Ltd., Class A (Information Technology)*			1,627
	1,685	NetEase, Inc. ADR (Communication Services)			160,648
	419	New China Life Insurance Co. Ltd., Class A (Financials)			2,530
	3,939	New China Life Insurance Co. Ltd., Class H (Financials)			11,267
	1,200	New Hope Liuhe Co. Ltd., Class A (Consumer Staples)*			2,923
	6,663	New Oriental Education & Technology Group, Inc. ADR (Consumer Discretionary)*			10,061
	325	Ninestar Corp., Class A (Information Technology)	��		2,570
	244	Ningbo Tuopu Group Co. Ltd., Class A (Consumer Discretionary)			2,327
	1,588	Ningbo Zhoushan Port Co. Ltd., Class A (Industrials)			1,054
	1,250	Ningxia Baofeng Energy Group Co. Ltd., Class A (Materials)			3,467
	5,372	NIO, Inc. ADR (Consumer Discretionary)*			122,696

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, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
China – (continued)
	7,245	Nongfu Spring Co. Ltd., Class H (Consumer Staples)(b)	$	45,387
	500	Offcn Education Technology Co. Ltd., Class A (Consumer Discretionary)*		555
	800	OFILM Group Co. Ltd., Class A (Information Technology)*		1,013
	91	Oppein Home Group, Inc., Class A (Consumer Discretionary)		1,826
	1,517	Orient Securities Co. Ltd., Class A (Financials)		2,947
	3,628	Orient Securities Co. Ltd., Class H (Financials)(b)		2,637
	200	Ovctek China, Inc., Class A (Health Care)		1,299
	2,200	Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A (Materials)*		1,464
	1,900	People’s Insurance Co. Group of China Ltd. (The), Class A (Financials)		1,394
	37,109	People’s Insurance Co. Group of China Ltd. (The), Class H (Financials)		11,921
	500	Perfect World Co. Ltd., Class A (Communication Services)		1,046
	5,672	PetroChina Co. Ltd., Class A (Energy)		5,187
	86,483	PetroChina Co. Ltd., Class H (Energy)		46,154
	100	PharmaBlock Sciences Nanjing, Inc., Class A (Health Care)		1,466
	165	Pharmaron Beijing Co. Ltd., Class A (Health Care)		3,170
	524	Pharmaron Beijing Co. Ltd., Class H (Health Care)(b)		6,331
	28,280	PICC Property & Casualty Co. Ltd., Class H (Financials)		29,859
	1,607	Pinduoduo, Inc. ADR (Consumer Discretionary)*		83,339
	4,913	Ping An Bank Co. Ltd., Class A (Financials)		12,263
	1,588	Ping An Healthcare and Technology Co. Ltd. (Consumer Discretionary)*(b)		4,898
	2,700	Ping An Insurance Group Co. of China Ltd., Class A (Financials)		21,720
	25,444	Ping An Insurance Group Co. of China Ltd., Class H (Financials)		196,682
	3,100	Poly Developments and Holdings Group Co. Ltd., Class A (Real Estate)		7,772
	631	Poly Property Services Co. Ltd., Class H (Real Estate)		4,462
	810	Pop Mart International Group Ltd. (Consumer Discretionary)*(b)		4,058
	6,606	Postal Savings Bank of China Co. Ltd., Class A (Financials)		5,842
	52,500	Postal Savings Bank of China Co. Ltd., Class H (Financials)(b)		43,069
	3,720	Power Construction Corp. of China Ltd., Class A (Industrials)		4,510
	286	Red Star Macalline Group Corp. Ltd., Class A (Real Estate)*		383
Common Stocks – (continued)
China – (continued)
	431	Remegen Co. Ltd., Class H (Health Care)*(b)		3,709
	1,100	RiseSun Real Estate Development Co. Ltd., Class A (Real Estate)		685
	1,778	RLX Technology, Inc. ADR (Consumer Staples)*(a)		5,476
	1,972	Rongsheng Petrochemical Co. Ltd., Class A (Materials)		5,885
	1,803	SAIC Motor Corp. Ltd., Class A (Consumer Discretionary)		5,175
	65	Sangfor Technologies, Inc., Class A (Information Technology)		1,499
	2,079	Sany Heavy Industry Co. Ltd., Class A (Industrials)		6,461
	400	Satellite Chemical Co. Ltd., Class A (Materials)		2,858
	1,481	SDIC Capital Co. Ltd., Class A (Financials)		1,737
	1,806	SDIC Power Holdings Co. Ltd., Class A (Utilities)		2,868
	8,027	Seazen Group Ltd. (Real Estate)*		4,232
	534	Seazen Holdings Co. Ltd., Class A (Real Estate)		2,555
	1,144	SF Holding Co. Ltd., Class A (Industrials)		10,950
	100	SG Micro Corp., Class A (Information Technology)		5,515
	1,862	Shaanxi Coal Industry Co. Ltd., Class A (Energy)		4,199
	900	Shandong Gold Mining Co. Ltd., Class A (Materials)		2,961
	3,310	Shandong Gold Mining Co. Ltd., Class H (Materials)(b)		6,270
	520	Shandong Hualu Hengsheng Chemical Co. Ltd., Class A (Materials)		2,898
	400	Shandong Linglong Tyre Co. Ltd., Class A (Consumer Discretionary)		1,772
	3,000	Shandong Nanshan Aluminum Co. Ltd., Class A (Materials)		2,311
	9,924	Shandong Weigao Group Medical Polymer Co. Ltd., Class H (Health Care)		13,666
	140	Shanghai Bairun Investment Holding Group Co. Ltd., Class A (Consumer Staples)		1,001
	1,146	Shanghai Baosight Software Co. Ltd., Class A (Information Technology)		9,756
	2,767	Shanghai Electric Group Co. Ltd., Class A (Industrials)		1,934
	11,367	Shanghai Electric Group Co. Ltd., Class H (Industrials)		3,186
	484	Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A (Health Care)		3,252
	2,016	Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H (Health Care)		8,076
	500	Shanghai International Airport Co. Ltd., Class A (Industrials)*		4,148

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

GOLDMAN SACHS MARKETBETA^® EMERGING MARKETS EQUITY ETF

Shares		Description	Value
Common Stocks – (continued)
China – (continued)
	2,532	Shanghai International Port Group Co. Ltd., Class A (Industrials)	$	2,283
	200	Shanghai Jinjiang International Hotels Co. Ltd., Class A (Consumer Discretionary)		1,781
	200	Shanghai Junshi Biosciences Co. Ltd., Class A (Health Care)*		2,282
	620	Shanghai Junshi Biosciences Co. Ltd., Class H (Health Care)*(b)		4,198
	612	Shanghai Lingang Holdings Corp. Ltd., Class A (Real Estate)		1,369
	2,884	Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class A (Real Estate)		5,073
	260	Shanghai M&G Stationery, Inc., Class A (Industrials)		2,237
	923	Shanghai MicroPort MedBot Group Co. Ltd. (Health Care)*		5,735
	584	Shanghai Pharmaceuticals Holding Co. Ltd., Class A (Health Care)		1,729
	3,013	Shanghai Pharmaceuticals Holding Co. Ltd., Class H (Health Care)		5,429
	7,485	Shanghai Pudong Development Bank Co. Ltd., Class A (Financials)		9,952
	113	Shanghai Putailai New Energy Technology Co. Ltd., Class A (Materials)		2,605
	1,800	Shanghai RAAS Blood Products Co. Ltd., Class A (Health Care)		1,906
	1,168	Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A (Consumer Discretionary)		1,938
	1,000	Shanxi Coking Coal Energy Group Co. Ltd., Class A (Energy)		1,677
	800	Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A (Energy)		1,765
	1,104	Shanxi Meijin Energy Co. Ltd., Class A (Materials)*		2,504
	1,753	Shanxi Taigang Stainless Steel Co. Ltd., Class A (Materials)		2,031
	273	Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A (Consumer Staples)		12,643
	600	Shengyi Technology Co. Ltd., Class A (Information Technology)		1,848
	100	Shennan Circuits Co. Ltd., Class A (Information Technology)		1,855
	5,767	Shenwan Hongyuan Group Co. Ltd., Class A (Financials)		4,186
	3,457	Shenwan Hongyuan Group Co. Ltd., Class H (Financials)(b)		832
	100	Shenzhen Capchem Technology Co. Ltd., Class A (Materials)		1,521
	900	Shenzhen Energy Group Co. Ltd., Class A (Utilities)		1,031
	100	Shenzhen Goodix Technology Co. Ltd., Class A (Information Technology)		1,441
	200	Shenzhen Hepalink Pharmaceutical Group Co. Ltd., Class A (Health Care)		506
Common Stocks – (continued)
China – (continued)
	636	Shenzhen Inovance Technology Co. Ltd., Class A (Industrials)		6,416
	195	Shenzhen Kangtai Biological Products Co. Ltd., Class A (Health Care)		2,609
	260	Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A (Health Care)		13,478
	2,203	Shenzhen Overseas Chinese Town Co. Ltd., Class A (Consumer Discretionary)		2,409
	100	Shenzhen SC New Energy Technology Corp., Class A (Information Technology)		1,393
	200	Shenzhen Sunway Communication Co. Ltd., Class A (Information Technology)		672
	200	Shenzhen Transsion Holdings Co. Ltd., Class A (Information Technology)		4,292
	3,247	Shenzhou International Group Holdings Ltd. (Consumer Discretionary)		54,562
	794	Sichuan Chuantou Energy Co. Ltd., Class A (Utilities)		1,514
	390	Sichuan Kelun Pharmaceutical Co. Ltd., Class A (Health Care)		1,074
	1,100	Sichuan Road & Bridge Co. Ltd., Class A (Industrials)		2,172
	100	Sichuan Swellfun Co. Ltd., Class A (Consumer Staples)		1,578
	909	Sinolink Securities Co. Ltd., Class A (Financials)		1,461
	400	Sinoma Science & Technology Co. Ltd., Class A (Materials)		1,888
	1,623	Sinopec Oilfield Service Corp., Class A (Energy)*		576
	11,990	Sinopec Oilfield Service Corp., Class H (Energy)*		1,120
	1,400	Sinopec Shanghai Petrochemical Co. Ltd., Class A (Materials)		901
	14,242	Sinopec Shanghai Petrochemical Co. Ltd., Class H (Materials)		3,208
	5,705	Sinopharm Group Co. Ltd., Class H (Health Care)		13,785
	934	Sinotrans Ltd., Class A (Industrials)		635
	9,388	Sinotrans Ltd., Class H (Industrials)		2,932
	2,874	Sinotruk Hong Kong Ltd. (Industrials)		4,281
	4,395	Smoore International Holdings Ltd. (Consumer Staples)(b)		16,199
	700	Songcheng Performance Development Co. Ltd., Class A (Consumer Discretionary)		1,719
	1,168	SooChow Securities Co. Ltd., Class A (Financials)		1,449
	11,569	Sunac China Holdings Ltd. (Real Estate)		9,476
	3,127	Sunac Services Holdings Ltd. (Real Estate)(b)		2,653
	400	Sungrow Power Supply Co. Ltd., Class A (Industrials)		7,677
	2,200	Suning.com Co. Ltd., Class A (Consumer Discretionary)*		1,252

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, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
China – (continued)
	2,748	Sunny Optical Technology Group Co. Ltd. (Information Technology)	$	65,661
	406	Sunwoda Electronic Co. Ltd., Class A (Industrials)		2,363
	400	Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A (Information Technology)		1,405
	100	Suzhou TA&A Ultra Clean Technology Co. Ltd., Class A (Consumer Discretionary)		1,423
	904	TBEA Co. Ltd., Class A (Industrials)		2,891
	3,769	TCL Technology Group Corp., Class A (Consumer Discretionary)		3,321
	24,586	Tencent Holdings Ltd. (Communication Services)		1,325,316
	3,268	Tencent Music Entertainment Group ADR (Communication Services)*		17,615
	100	Thunder Software Technology Co. Ltd., Class A (Information Technology)		2,210
	2,200	Tianfeng Securities Co. Ltd., Class A (Financials)		1,227
	844	Tianjin Zhonghuan Semiconductor Co. Ltd., Class A (Information Technology)		6,418
	584	Tianma Microelectronics Co. Ltd., Class A (Information Technology)		1,082
	7,547	Tingyi Cayman Islands Holding Corp. (Consumer Staples)		16,690
	182	Toly Bread Co. Ltd., Class A (Consumer Staples)		717
	4,347	Tongcheng Travel Holdings Ltd. (Consumer Discretionary)*		8,067
	600	Tongkun Group Co. Ltd., Class A (Materials)		2,081
	2,700	Tongling Nonferrous Metals Group Co. Ltd., Class A (Materials)		1,690
	1,109	Tongwei Co. Ltd., Class A (Consumer Staples)		7,540
	65	Topchoice Medical Corp., Class A (Health Care)*		1,661
	9,598	Topsports International Holdings Ltd. (Consumer Discretionary)(b)		9,937
	3,822	TravelSky Technology Ltd., Class H (Information Technology)		7,200
	2,550	Trip.com Group Ltd. ADR (Consumer Discretionary)*		65,841
	195	Tsingtao Brewery Co. Ltd., Class A (Consumer Staples)		2,898
	2,225	Tsingtao Brewery Co. Ltd., Class H (Consumer Staples)		21,342
	868	Tuya, Inc. ADR (Information Technology)*		4,687
	162	Unigroup Guoxin Microelectronics Co. Ltd., Class A (Information Technology)		5,682
	5,402	Uni-President China Holdings Ltd. (Consumer Staples)		5,600
	700	Unisplendour Corp. Ltd., Class A (Information Technology)		2,439
Common Stocks – (continued)
China – (continued)
	300	Universal Scientific Industrial Shanghai Co. Ltd., Class A (Information Technology)		665
	2,349	Vipshop Holdings Ltd. ADR (Consumer Discretionary)*		20,366
	354	Walvax Biotechnology Co. Ltd., Class A (Health Care)		2,623
	743	Wanhua Chemical Group Co. Ltd., Class A (Materials)		11,163
	17,632	Want Want China Holdings Ltd. (Consumer Staples)		18,752
	362	Weibo Corp. ADR (Communication Services)*		9,930
	1,712	Weichai Power Co. Ltd., Class A (Industrials)		4,113
	7,965	Weichai Power Co. Ltd., Class H (Industrials)		13,456
	1,700	Wens Foodstuffs Group Co. Ltd., Class A (Consumer Staples)		5,251
	1,139	Western Securities Co. Ltd., Class A (Financials)		1,372
	195	Will Semiconductor Co. Ltd., Class A (Information Technology)		7,596
	325	Wingtech Technology Co. Ltd., Class A (Information Technology)		6,011
	500	Winning Health Technology Group Co. Ltd., Class A (Health Care)		905
	563	Wuhan Guide Infrared Co. Ltd., Class A (Information Technology)		1,997
	600	Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd., Class A (Communication Services)		1,981
	943	Wuliangye Yibin Co. Ltd., Class A (Consumer Staples)		28,395
	500	WUS Printed Circuit Kunshan Co. Ltd., Class A (Information Technology)		1,332
	587	WuXi AppTec Co. Ltd., Class A (Health Care)		9,668
	1,416	WuXi AppTec Co. Ltd., Class H (Health Care)(b)		20,079
	14,723	Wuxi Biologics Cayman, Inc. (Health Care)*(b)		121,063
	395	Wuxi Lead Intelligent Equipment Co. Ltd., Class A (Industrials)		4,209
	100	Wuxi Shangji Automation Co. Ltd., Class A (Industrials)		2,506
	2,402	XCMG Construction Machinery Co. Ltd., Class A (Industrials)		2,105
	100	Xiamen Faratronic Co. Ltd., Class A (Information Technology)		3,374
	60,689	Xiaomi Corp., Class B (Information Technology)*(b)		113,864
	839	Xinjiang Goldwind Science & Technology Co. Ltd., Class A (Industrials)		1,988

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

GOLDMAN SACHS MARKETBETA^® EMERGING MARKETS EQUITY ETF

Shares		Description	Value
Common Stocks – (continued)
China – (continued)
	3,290	Xinjiang Goldwind Science & Technology Co. Ltd., Class H (Industrials)	$	5,364
	17,136	Xinyi Solar Holdings Ltd. (Information Technology)		30,966
	2,283	XPeng, Inc. ADR (Consumer Discretionary)*		83,033
	649	Yankuang Energy Group Co. Ltd., Class A (Energy)		3,260
	5,532	Yankuang Energy Group Co. Ltd., Class H (Energy)(a)		13,565
	200	Yantai Jereh Oilfield Services Group Co. Ltd., Class A (Energy)		1,415
	195	Yealink Network Technology Corp. Ltd., Class A (Information Technology)		2,362
	218	Yifeng Pharmacy Chain Co. Ltd., Class A (Consumer Staples)		1,707
	1,859	Yihai International Holding Ltd. (Consumer Staples)*		7,756
	300	Yihai Kerry Arawana Holdings Co. Ltd., Class A (Consumer Staples)		2,541
	2,300	Yonghui Superstores Co. Ltd., Class A (Consumer Staples)		1,330
	828	Yonyou Network Technology Co. Ltd., Class A (Information Technology)		4,114
	700	YTO Express Group Co. Ltd., Class A (Industrials)		1,929
	800	Yunda Holding Co. Ltd., Class A (Industrials)		2,458
	800	Yunnan Aluminium Co. Ltd., Class A (Materials)*		1,827
	287	Yunnan Baiyao Group Co. Ltd., Class A (Health Care)		4,105
	195	Yunnan Energy New Material Co. Ltd., Class A (Materials)		8,035
	310	Zai Lab Ltd. ADR (Health Care)*		16,957
	130	Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A (Health Care)		7,444
	1,100	Zhefu Holding Group Co. Ltd., Class A (Industrials)		1,077
	1,900	Zhejiang Century Huatong Group Co. Ltd., Class A (Communication Services)*		1,960
	549	Zhejiang Chint Electrics Co. Ltd., Class A (Industrials)		4,343
	709	Zhejiang Dahua Technology Co. Ltd., Class A (Information Technology)		2,101
	100	Zhejiang Dingli Machinery Co. Ltd., Class A (Industrials)		912
	6,098	Zhejiang Expressway Co. Ltd., Class H (Industrials)		5,494
	400	Zhejiang Huahai Pharmaceutical Co. Ltd., Class A (Health Care)		1,468
	325	Zhejiang Huayou Cobalt Co. Ltd., Class A (Materials)		6,342
	300	Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A (Information Technology)		3,090
Common Stocks – (continued)
China – (continued)
	200	Zhejiang Jiuzhou Pharmaceutical Co. Ltd., Class A (Health Care)		1,517
	700	Zhejiang Juhua Co. Ltd., Class A (Materials)		1,622
	974	Zhejiang Longsheng Group Co. Ltd., Class A (Materials)		1,899
	692	Zhejiang NHU Co. Ltd., Class A (Health Care)		3,723
	426	Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A (Industrials)		1,357
	454	Zhejiang Semir Garment Co. Ltd., Class A (Consumer Discretionary)		509
	100	Zhejiang Supor Co. Ltd., Class A (Consumer Discretionary)		801
	200	Zhejiang Yongtai Technology Co. Ltd., Class A (Materials)*		1,179
	1,022	Zheshang Securities Co. Ltd., Class A (Financials)		1,871
	3,581	ZhongAn Online P&C Insurance Co. Ltd., Class H (Financials)*(b)		11,732
	200	Zhongji Innolight Co. Ltd., Class A (Information Technology)		1,219
	2,443	Zhongsheng Group Holdings Ltd. (Consumer Discretionary)		17,008
	1,400	Zhongtai Securities Co. Ltd., Class A (Financials)		1,899
	2,328	Zhuzhou CRRC Times Electric Co. Ltd., Class H (Industrials)		12,067
	700	Zhuzhou Kibing Group Co. Ltd., Class A (Industrials)		1,743
	5,302	Zijin Mining Group Co. Ltd., Class A (Materials)		9,428
	23,433	Zijin Mining Group Co. Ltd., Class H (Materials)		34,728
	1,868	Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A (Industrials)		2,084
	7,059	Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H (Industrials)		4,680
	1,000	ZTE Corp., Class A (Information Technology)		4,605
	3,096	ZTE Corp., Class H (Information Technology)		7,608
	1,916	ZTO Express Cayman, Inc. ADR (Industrials)		56,407
				9,635,133
Colombia – 0.1%
	932	Bancolombia SA (Financials)		9,330
	17,315	Ecopetrol SA (Energy)		14,487
	1,808	Interconexion Electrica SA ESP (Utilities)		11,265
				35,082

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, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Czech Republic – 0.1%
	658	CEZ AS (Utilities)	$	25,076
	315	Komercni Banka AS (Financials)		12,412
	1,398	Moneta Money Bank AS (Financials)(b)		5,540
				43,028
Egypt – 0.1%
	8,047	Commercial International Bank Egypt SAE (Financials)*		24,489
	1,546	E-Finance for Digital & Financial Investments (Information Technology)*		1,785
	2,960	Fawry for Banking & Payment Technology Services SAE (Information Technology)*		1,822
				28,096
Greece – 0.3%
	8,598	Alpha Services and Holdings SA (Financials)*		11,705
	10,494	Eurobank Ergasias Services and Holdings SA (Financials)*		11,506
	891	Hellenic Telecommunications Organization SA (Communication Services)		17,814
	451	JUMBO SA (Consumer Discretionary)		6,479
	275	Motor Oil Hellas Corinth Refineries SA (Energy)		4,414
	415	Mytilineos SA (Industrials)		6,684
	2,241	National Bank of Greece SA (Financials)*		8,306
	793	OPAP SA (Consumer Discretionary)		11,535
	2,723	Piraeus Financial Holdings SA (Financials)*		4,331
	878	Public Power Corp. SA (Utilities)*		8,353
	278	Star Bulk Carriers Corp. (Industrials)		8,362
	248	Terna Energy SA (Utilities)		3,599
				103,088
Hong Kong – 0.1%
	397	Jinmao Property Services Co. Ltd. (Real Estate)*		101
	652	Orient Overseas International Ltd. (Industrials)		18,357
				18,458
Hungary – 0.2%
	2,008	MOL Hungarian Oil & Gas PLC (Energy)		15,768
	905	OTP Bank Nyrt (Financials)*		34,984
	570	Richter Gedeon Nyrt (Health Care)		12,036
				62,788
India – 13.5%
	811	Aarti Industries Ltd. (Materials)		9,969
	198	ABB India Ltd. (Industrials)		5,675
	346	ACC Ltd. (Materials)		9,593
	1,103	Adani Enterprises Ltd. (Industrials)		24,073
	1,844	Adani Green Energy Ltd. (Utilities)*		45,114
Common Stocks – (continued)
India – (continued)
	2,870	Adani Ports & Special Economic Zone Ltd. (Industrials)		26,949
	3,624	Adani Power Ltd. (Utilities)*		5,952
	977	Adani Total Gas Ltd. (Utilities)		20,597
	1,149	Adani Transmission Ltd. (Utilities)*		32,548
	105	Alkem Laboratories Ltd. (Health Care)		4,568
	2,359	Ambuja Cements Ltd. (Materials)		9,839
	490	Apollo Hospitals Enterprise Ltd. (Health Care)		31,234
	7,915	Ashok Leyland Ltd. (Industrials)		12,464
	2,573	Asian Paints Ltd. (Materials)		108,409
	316	Astral Ltd. (Industrials)		8,144
	652	AU Small Finance Bank Ltd. (Financials)*(b)		10,415
	1,043	Aurobindo Pharma Ltd. (Health Care)		8,655
	942	Avenue Supermarts Ltd. (Consumer Staples)*(b)		54,263
	9,333	Axis Bank Ltd. (Financials)*		91,958
	295	Bajaj Auto Ltd. (Consumer Discretionary)		13,822
	1,002	Bajaj Finance Ltd. (Financials)		93,119
	157	Bajaj Finserv Ltd. (Financials)		33,365
	114	Bajaj Holdings & Investment Ltd. (Financials)		7,871
	341	Balkrishna Industries Ltd. (Consumer Discretionary)		8,248
	3,165	Bandhan Bank Ltd. (Financials)(b)		12,866
	4,401	Bank of Baroda (Financials)*		6,224
	1,161	Berger Paints India Ltd. (Materials)		10,639
	4,792	Bharat Electronics Ltd. (Industrials)		13,384
	1,636	Bharat Forge Ltd. (Consumer Discretionary)		14,735
	3,526	Bharat Petroleum Corp. Ltd. (Energy)		16,369
	9,629	Bharti Airtel Ltd. (Communication Services)*		87,731
	1,806	Biocon Ltd. (Health Care)*		8,362
	29	Bosch Ltd. (Consumer Discretionary)		6,061
	488	Britannia Industries Ltd. (Consumer Staples)		22,198
	810	Cadila Healthcare Ltd. (Health Care)		3,874
	1,764	Cholamandalam Investment and Finance Co. Ltd. (Financials)		16,176
	1,915	Cipla Ltd. (Health Care)		23,511
	5,710	Coal India Ltd. (Energy)		12,849
	511	Colgate-Palmolive India Ltd. (Consumer Staples)		9,836
	1,094	Container Corp. Of India Ltd. (Industrials)		8,700
	2,843	Dabur India Ltd. (Consumer Staples)		21,256
	388	Dalmia Bharat Ltd. (Materials)		8,069
	423	Deepak Nitrite Ltd. (Materials)		11,223
	505	Divi’s Laboratories Ltd. (Health Care)		28,585
	2,547	DLF Ltd. (Real Estate)		11,857
	446	Dr. Reddy’s Laboratories Ltd. (Health Care)		24,052
	516	Eicher Motors Ltd. (Consumer Discretionary)		17,736

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)
India – (continued)
	3,896	Embassy Office Parks REIT (Real Estate)	$	19,334
	458	FSN E-Commerce Ventures Ltd. (Consumer Discretionary)*		7,849
	6,259	GAIL India Ltd. (Utilities)		12,032
	191	Gland Pharma Ltd. (Health Care)*(b)		8,272
	1,557	Godrej Consumer Products Ltd. (Consumer Staples)*		15,869
	390	Godrej Properties Ltd. (Real Estate)*		7,775
	1,312	Grasim Industries Ltd. (Materials)		27,834
	717	Gujarat Gas Ltd. (Utilities)		5,553
	935	Havells India Ltd. (Industrials)		14,714
	4,135	HCL Technologies Ltd. (Information Technology)		61,846
	173	HDFC Asset Management Co. Ltd. (Financials)(b)		4,790
	3,717	HDFC Life Insurance Co. Ltd. (Financials)(b)		25,810
	607	Hero MotoCorp Ltd. (Consumer Discretionary)		20,426
	5,176	Hindalco Industries Ltd. (Materials)		39,414
	155	Hindustan Aeronautics Ltd. (Industrials)		2,855
	2,423	Hindustan Petroleum Corp. Ltd. (Energy)		8,787
	3,335	Hindustan Unilever Ltd. (Consumer Staples)		96,141
	9	Honeywell Automation India Ltd. (Information Technology)		4,891
	6,576	Housing Development Finance Corp. Ltd. (Financials)		206,363
	21,124	ICICI Bank Ltd. (Financials)		208,219
	896	ICICI Lombard General Insurance Co. Ltd. (Financials)(b)		15,029
	1,618	ICICI Prudential Life Insurance Co. Ltd. (Financials)(b)		10,289
	14,924	IDFC First Bank Ltd. (Financials)*		8,339
	6,484	Indian Oil Corp. Ltd. (Energy)		9,896
	992	Indian Railway Catering & Tourism Corp. Ltd. (Industrials)		10,656
	1,266	Indraprastha Gas Ltd. (Utilities)		5,828
	2,803	Indus Towers Ltd. (Communication Services)*		8,002
	283	Info Edge India Ltd. (Communication Services)		16,730
	13,453	Infosys Ltd. (Information Technology)		306,314
	408	InterGlobe Aviation Ltd. (Industrials)*(b)		10,152
	12,160	ITC Ltd. (Consumer Staples)		34,835
	1,676	Jindal Steel & Power Ltd. (Materials)*		9,450
	2,767	JSW Energy Ltd. (Utilities)		12,493
	3,994	JSW Steel Ltd. (Materials)		33,260
	296	Jubilant Foodworks Ltd. (Consumer Discretionary)		11,434
	521	Kansai Nerolac Paints Ltd. (Materials)		3,144
	4,485	Kotak Mahindra Bank Ltd. (Financials)		109,688
	113	L&T Technology Services Ltd. (Industrials)(b)		6,797
	188	Larsen & Toubro Infotech Ltd. (Information Technology)(b)		14,596
Common Stocks – (continued)
India – (continued)
	2,830	Larsen & Toubro Ltd. (Industrials)		68,236
	1,343	Laurus Labs Ltd. (Health Care)(b)		9,653
	834	Lupin Ltd. (Health Care)		8,256
	219	Macrotech Developers Ltd. (Real Estate)*(b)		3,277
	4,255	Mahindra & Mahindra Ltd. (Consumer Discretionary)		44,661
	1,911	Marico Ltd. (Consumer Staples)		13,054
	471	Maruti Suzuki India Ltd. (Consumer Discretionary)		51,972
	1,116	Max Financial Services Ltd. (Financials)*		12,290
	233	Mindtree Ltd. (Information Technology)		12,002
	5,103	Motherson Sumi Systems Ltd. (Consumer Discretionary)		10,189
	5,103	Motherson Sumi Wiring India Ltd. (Consumer Discretionary)*(c)		2,357
	338	Mphasis Ltd. (Information Technology)		13,945
	12	MRF Ltd. (Consumer Discretionary)		10,470
	451	Muthoot Finance Ltd. (Financials)		8,133
	148	Nestle India Ltd. (Consumer Staples)		34,647
	7,797	NHPC Ltd. (Utilities)		2,835
	3,180	NMDC Ltd. (Materials)		6,042
	15,099	NTPC Ltd. (Utilities)		26,752
	9,668	Oil & Natural Gas Corp. Ltd. (Energy)		20,613
	377	One 97 Communications Ltd. (Information Technology)*		3,993
	77	Oracle Financial Services Software Ltd. (Information Technology)		3,464
	24	Page Industries Ltd. (Consumer Discretionary)		13,460
	675	PB Fintech Ltd. (Financials)*		5,931
	2,933	Petronet LNG Ltd. (Energy)		8,381
	324	PI Industries Ltd. (Materials)		10,614
	573	Pidilite Industries Ltd. (Materials)		18,274
	463	Piramal Enterprises Ltd. (Financials)		12,721
	156	Polycab India Ltd. (Industrials)		4,917
	4,535	Power Finance Corp. Ltd. (Financials)		6,612
	12,398	Power Grid Corp. of India Ltd. (Utilities)		34,414
	9,039	Punjab National Bank (Financials)*		4,187
	3,547	REC Ltd. (Financials)		5,769
	13,077	Reliance Industries Ltd. (Energy)		409,514
	989	SBI Cards & Payment Services Ltd. (Financials)*		10,311
	1,640	SBI Life Insurance Co. Ltd. (Financials)(b)		23,075
	39	Shree Cement Ltd. (Materials)		12,637
	735	Shriram Transport Finance Co. Ltd. (Financials)		10,966
	276	Siemens Ltd. (Industrials)		8,599
	729	Sona Blw Precision Forgings Ltd. (Consumer Discretionary)(b)		6,154
	531	SRF Ltd. (Materials)		16,798
	7,338	State Bank of India (Financials)		47,058
	4,578	Steel Authority of India Ltd. (Materials)		5,854
	3,786	Sun Pharmaceutical Industries Ltd. (Health Care)		42,404

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, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
India – (continued)
	423	Tata Communications Ltd. (Communication Services)	$	6,643
	3,666	Tata Consultancy Services Ltd. (Information Technology)		172,928
	2,561	Tata Consumer Products Ltd. (Consumer Staples)		24,425
	141	Tata Elxsi Ltd. (Information Technology)		12,036
	6,624	Tata Motors Ltd. (Consumer Discretionary)*		39,917
	1,762	Tata Motors Ltd., Class A (Consumer Discretionary)*		5,070
	6,021	Tata Power Co. Ltd. (The) (Utilities)		17,824
	2,737	Tata Steel Ltd. (Materials)		44,344
	2,341	Tech Mahindra Ltd. (Information Technology)		43,808
	1,490	Titan Co. Ltd. (Consumer Discretionary)		50,358
	192	Torrent Pharmaceuticals Ltd. (Health Care)		7,007
	771	Trent Ltd. (Consumer Discretionary)		11,339
	447	UltraTech Cement Ltd. (Materials)		38,964
	280	United Breweries Ltd. (Consumer Staples)		5,578
	1,238	United Spirits Ltd. (Consumer Staples)*		14,543
	1,939	UPL Ltd. (Materials)		17,125
	639	Varun Beverages Ltd. (Consumer Staples)		8,018
	3,018	Vedanta Ltd. (Materials)		15,233
	940	Voltas Ltd. (Industrials)		15,758
	5,165	Wipro Ltd. (Information Technology)		38,100
	60,543	Yes Bank Ltd. (Financials)*		10,647
	3,271	Zomato Ltd. (Consumer Discretionary)*		3,471
				4,197,470
Indonesia – 1.8%
	57,471	Adaro Energy Tbk PT (Energy)		9,801
	36,424	Aneka Tambang Tbk (Materials)		5,628
	75,049	Astra International Tbk PT (Consumer Discretionary)		30,297
	68,674	Avia Avian Tbk PT (Materials)*		3,896
	15,718	Bank Aladin Syariah Tbk PT (Financials)*		2,462
	227,465	Bank Central Asia Tbk PT (Financials)		127,451
	25,994	Bank Jago Tbk PT (Financials)*		29,265
	72,810	Bank Mandiri Persero Tbk PT (Financials)		39,023
	30,649	Bank Negara Indonesia Persero Tbk PT (Financials)		17,066
	267,837	Bank Rakyat Indonesia Persero Tbk PT (Financials)		84,823
	112,249	Barito Pacific Tbk PT (Materials)		6,954
	99,285	Bukalapak.com PT Tbk (Consumer Discretionary)*		2,336
	20,484	Chandra Asri Petrochemical Tbk PT (Materials)		12,868
	31,008	Charoen Pokphand Indonesia Tbk PT (Consumer Staples)		12,518
Common Stocks – (continued)
Indonesia – (continued)
	96,592	Dayamitra Telekomunikasi PT (Communication Services)*		5,210
	75,252	Elang Mahkota Teknologi Tbk PT (Communication Services)*		10,842
	1,984	Gudang Garam Tbk PT (Consumer Staples)		4,336
	11,449	Indah Kiat Pulp & Paper Tbk PT (Materials)		6,435
	7,416	Indocement Tunggal Prakarsa Tbk PT (Materials)		5,652
	9,846	Indofood CBP Sukses Makmur Tbk PT (Consumer Staples)		5,825
	18,019	Indofood Sukses Makmur Tbk PT (Consumer Staples)		7,776
	84,052	Kalbe Farma Tbk PT (Health Care)		9,624
	45,655	Merdeka Copper Gold Tbk PT (Materials)*		12,298
	99,953	Sarana Menara Nusantara Tbk PT (Communication Services)		7,201
	13,011	Semen Indonesia Persero Tbk PT (Materials)		6,520
	57,539	Sumber Alfaria Trijaya Tbk PT (Consumer Staples)		4,365
	195,112	Telkom Indonesia Persero Tbk PT (Communication Services)		58,940
	38,277	Tower Bersama Infrastructure Tbk PT (Communication Services)		7,833
	24,832	Unilever Indonesia Tbk PT (Consumer Staples)		6,361
	6,408	United Tractors Tbk PT (Energy)		11,106
				554,712
Kuwait – 0.7%
	4,596	Agility Public Warehousing Co. KSC (Industrials)		15,421
	4,104	Boubyan Bank KSCP (Financials)*		11,154
	17,757	Kuwait Finance House KSCP (Financials)		55,359
	2,372	Mabanee Co KPSC (Real Estate)		6,643
	9,585	Mobile Telecommunications Co. KSCP (Communication Services)		19,626
	27,673	National Bank of Kuwait SAKP (Financials)		96,417
				204,620
Luxembourg – 0.0%
	644	Reinet Investments SCA (Financials)		13,211
Mexico – 2.1%
	20,169	Alfa SAB de CV, Class A (Industrials)		15,142
	117,383	America Movil SAB de CV, Series L (Communication Services)		106,338
	1,876	Arca Continental SAB de CV (Consumer Staples)		12,406
	1,832	Becle SAB de CV (Consumer Staples)		4,605
	60,471	Cemex SAB de CV, Series CPO (Materials)*		31,135

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)
Mexico – (continued)
	2,053	Coca-Cola Femsa SAB de CV (Consumer Staples)	$	11,302
	812	El Puerto de Liverpool SAB de CV (Consumer Discretionary)		3,953
	12,605	Fibra Uno Administracion SA de CV REIT (Real Estate)		14,238
	8,885	Fomento Economico Mexicano SAB de CV (Consumer Staples)		71,763
	766	Gruma SAB de CV, Class B (Consumer Staples)		10,413
	1,533	Grupo Aeroportuario del Pacifico SAB de CV, Class B (Industrials)*		22,351
	493	Grupo Aeroportuario del Sureste SAB de CV, Class B (Industrials)		10,687
	5,460	Grupo Bimbo SAB de CV, Series A (Consumer Staples)		16,854
	1,768	Grupo Carso SAB de CV, Series A1 (Industrials)		5,397
	245	Grupo Elektra SAB DE CV (Financials)		16,112
	11,855	Grupo Financiero Banorte SAB de CV, Class O (Financials)		80,381
	7,334	Grupo Financiero Inbursa SAB de CV, Class O (Financials)*		11,981
	12,910	Grupo Mexico SAB de CV, Series B (Materials)		66,387
	10,491	Grupo Televisa SAB, Series CPO (Communication Services)		22,540
	555	Industrias Penoles SAB de CV (Materials)		6,943
	6,807	Kimberly-Clark de Mexico SAB de CV, Class A (Consumer Staples)		9,575
	3,851	Orbia Advance Corp. SAB de CV (Materials)		9,861
	5,438	Telesites SAB de CV (Communication Services)		6,044
	21,171	Wal-Mart de Mexico SAB de CV (Consumer Staples)		80,716
				647,124
Pakistan – 0.0%
	3,635	Cnergyico Pk Ltd. (Energy)*		113
	1,352	DG Khan Cement Co. Ltd. (Materials)		547
	2,983	Habib Bank Ltd. (Financials)		1,954
	4,801	Hub Power Co. Ltd. (The) (Utilities)		1,947
	854	Lucky Cement Ltd. (Materials)*		3,125
	2,201	Maple Leaf Cement Factory Ltd. (Materials)*		415
	2,739	Oil & Gas Development Co. Ltd. (Energy)		1,356
	2,909	Pakistan Petroleum Ltd. (Energy)		1,282
	1,825	TRG Pakistan (Industrials)		712
	2,156	United Bank Ltd. (Financials)		1,803
				13,254
Common Stocks – (continued)
Peru – 0.2%
	267	Credicorp Ltd. (Financials)		40,384
	159	InRetail Peru Corp. (Consumer Staples)(b)		5,627
	147	Intercorp Financial Services, Inc. (Financials)(a)		4,748
				50,759
Philippines – 0.8%
	9,259	Aboitiz Equity Ventures, Inc. (Industrials)		10,817
	25,267	AC Energy Corp. (Utilities)		4,189
	1,019	Ayala Corp. (Industrials)		16,894
	25,025	Ayala Land, Inc. (Real Estate)		19,036
	7,677	Bank of the Philippine Islands (Financials)		14,974
	7,212	BDO Unibank, Inc. (Financials)		18,174
	8,047	Converge Information and Communications Technology Solutions, Inc. (Communication Services)*		4,081
	9,932	Emperador, Inc. (Consumer Staples)		3,743
	125	Globe Telecom, Inc. (Communication Services)		6,261
	3,468	International Container Terminal Services, Inc. (Industrials)		14,245
	12,334	JG Summit Holdings, Inc. (Industrials)		14,506
	1,825	Jollibee Foods Corp. (Consumer Discretionary)		8,579
	1,194	Manila Electric Co. (Utilities)		8,570
	7,396	Metropolitan Bank & Trust Co. (Financials)		8,237
	23,814	Monde Nissin Corp. (Consumer Staples)*(b)		7,673
	368	PLDT, Inc. (Communication Services)		12,913
	1,981	SM Investments Corp. (Industrials)		34,466
	43,901	SM Prime Holdings, Inc. (Real Estate)		34,079
	3,749	Universal Robina Corp. (Consumer Staples)		8,775
				250,212
Qatar – 1.0%
	8,153	Commercial Bank PSQC (The) (Financials)		15,451
	12,187	Industries Qatar QSC (Industrials)		61,253
	18,735	Masraf Al Rayan QSC (Financials)		25,728
	18,462	Mesaieed Petrochemical Holding Co. (Materials)		13,539
	4,199	Ooredoo QPSC (Communication Services)		8,851
	1,724	Qatar Electricity & Water Co. QSC (Utilities)		8,499
	2,072	Qatar Fuel QSC (Energy)		10,585
	11,545	Qatar Gas Transport Co. Ltd. (Energy)		11,938
	3,049	Qatar International Islamic Bank QSC (Financials)		8,583
	4,760	Qatar Islamic Bank (Financials)		27,572
	18,254	Qatar National Bank QPSC (Financials)		109,293
				301,292

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, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Russia – 0.9%
	12,708	Alrosa PJSC (Materials)(c)	$	6,740
	801	Gazprom Neft PJSC (Energy)(c)		2,002
	49,291	Gazprom PJSC (Energy)(c)		73,214
	1,413	LUKOIL PJSC (Energy)(c)		45,042
	263	MMC Norilsk Nickel PJSC (Materials)(c)		28,451
	4,560	Mobile TeleSystems PJSC (Communication Services)(c)		6,100
	3,099	Novatek PJSC (Energy)(c)		22,388
	5,287	Novolipetsk Steel PJSC (Materials)(c)		5,643
	780	PIK Group PJSC (Consumer Discretionary)(c)		2,422
	1,389	Polymetal International PLC (Materials)(c)		7,842
	128	Polyus PJSC (Materials)(c)		8,747
	5,078	Rosneft Oil Co. PJSC (Energy)(c)		10,631
	44,370	Sberbank of Russia PJSC (Financials)(c)		17,924
	969	Severstal PAO (Materials)(c)		8,446
	146,300	Surgutneftegas PJSC (Energy)(c)		14,757
	6,047	Tatneft PJSC (Energy)(c)		17,279
	6,503	United Co RUSAL International PJSC (Materials)*(c)		2,102
	1,289	Yandex NV, Class A (Communication Services)*(c)		12,905
				292,635
Saudi Arabia – 4.0%
	1,342	ACWA Power Co. (Utilities)*		35,770
	436	Advanced Petrochemical Co. (Materials)		8,716
	5,036	Al Rajhi Bank (Financials)		215,309
	4,029	Alinma Bank (Financials)		38,124
	1,193	Almarai Co. JSC (Consumer Staples)		15,931
	2,880	Arab National Bank (Financials)		21,494
	684	Arabian Centres Co. Ltd. (Real Estate)		4,139
	99	Arabian Internet & Co.mmunications Services Co. (Information Technology)*		5,378
	1,511	Bank AlBilad (Financials)*		23,722
	2,428	Banque Saudi Fransi (Financials)		34,365
	109	BinDawood Holding Co. (Consumer Staples)		2,609
	244	Bupa Arabia for Cooperative Insurance Co. (Financials)		10,536
	2,176	Dar Al Arkan Real Estate Development Co. (Real Estate)*		6,345
	360	Dr Sulaiman Al Habib Medical Services Group Co. (Health Care)		16,428
	1,604	Etihad Etisalat Co. (Communication Services)		14,921
	250	Jarir Marketing Co. (Consumer Discretionary)		13,914
	178	Mouwasat Medical Services Co. (Health Care)		9,840
	1,348	National Industrialization Co. (Materials)*		8,106
	538	National Petrochemical Co. (Materials)		6,453
	899	Rabigh Refining & Petrochemical Co. (Energy)*		5,871
	6,044	Riyad Bank (Financials)		57,191
Common Stocks – (continued)
Saudi Arabia – (continued)
	763	SABIC Agri-Nutrients Co. (Materials)		32,377
	1,477	Sahara International Petrochemical Co. (Materials)		18,346
	1,660	Saudi Arabian Mining Co. (Materials)*		47,255
	14,470	Saudi Arabian Oil Co. (Energy)(b)		160,255
	2,752	Saudi Basic Industries Corp. (Materials)		91,398
	4,139	Saudi British Bank (The) (Financials)		42,695
	3,217	Saudi Electricity Co. (Utilities)		23,666
	907	Saudi Industrial Investment Group (Materials)		8,522
	3,022	Saudi Kayan Petrochemical Co. (Materials)*		16,384
	9,021	Saudi National Bank (The) (Financials)		163,988
	2,454	Saudi Telecom Co. (Communication Services)		74,568
	1,113	Savola Group (The) (Consumer Staples)		10,057
	877	Yanbu National Petrochemical Co. (Materials)		16,036
				1,260,709
Singapore – 0.0%
	852	BOC Aviation Ltd. (Industrials)(b)		7,387
South Africa – 3.0%
	2,455	Absa Group Ltd. (Financials)		28,063
	357	African Rainbow Minerals Ltd. (Materials)		6,322
	171	Anglo American Platinum Ltd. (Materials)		26,559
	1,522	Aspen Pharmacare Holdings Ltd. (Health Care)		19,798
	1,373	Bid Corp. Ltd. (Consumer Staples)		27,758
	1,354	Bidvest Group Ltd. (The) (Industrials)		18,439
	253	Capitec Bank Holdings Ltd. (Financials)		33,963
	1,002	Clicks Group Ltd. (Consumer Staples)(a)		19,385
	1,452	Discovery Ltd. (Financials)*		14,828
	1,186	Exxaro Resources Ltd. (Energy)		15,201
	15,330	FirstRand Ltd. (Financials)		65,596
	2,860	Gold Fields Ltd. (Materials)		39,761
	2,020	Harmony Gold Mining Co. Ltd. (Materials)		8,783
	3,348	Impala Platinum Holdings Ltd. (Materials)		63,682
	821	Investec Ltd. (Financials)		4,593
	193	Kumba Iron Ore Ltd. (Materials)		7,550
	6,886	MTN Group Ltd. (Communication Services)*		85,381
	1,435	MultiChoice Group (Communication Services)		11,703
	901	Naspers Ltd., Class N (Consumer Discretionary)		112,444
	1,656	Nedbank Group Ltd. (Financials)		23,426
	1,437	Northam Platinum Holdings Ltd. (Materials)*		23,088
	19,358	Old Mutual Ltd. (Financials)		15,784
	3,401	Pepkor Holdings Ltd. (Consumer Discretionary)(b)		4,831

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

GOLDMAN SACHS MARKETBETA^® EMERGING MARKETS EQUITY ETF

Shares		Description	Value
Common Stocks – (continued)
South Africa – (continued)
	2,454	Rand Merchant Investment Holdings Ltd. (Financials)	$	7,683
	2,176	Remgro Ltd. (Financials)		19,677
	6,874	Sanlam Ltd. (Financials)		28,764
	1,812	Sasol Ltd. (Materials)*		41,111
	1,736	Shoprite Holdings Ltd. (Consumer Staples)		25,727
	10,907	Sibanye Stillwater Ltd. (Materials)		50,376
	5,321	Standard Bank Group Ltd. (Financials)		56,004
	2,440	Vodacom Group Ltd. (Communication Services)		23,371
	4,271	Woolworths Holdings Ltd. (Consumer Discretionary)		13,958
				943,609
South Korea – 11.2%
	117	Alteogen, Inc. (Health Care)*		5,196
	105	Amorepacific Corp. (Consumer Staples)		16,069
	132	AMOREPACIFIC Group (Consumer Staples)		5,358
	35	BGF retail Co. Ltd. (Consumer Staples)		4,934
	1,142	BNK Financial Group, Inc. (Financials)		7,484
	171	Bukwang Pharmaceutical Co. Ltd. (Health Care)		1,764
	393	Celltrion Healthcare Co. Ltd. (Health Care)		20,756
	75	Celltrion Pharm, Inc. (Health Care)*		5,483
	355	Celltrion, Inc. (Health Care)		47,093
	219	Cheil Worldwide, Inc. (Communication Services)		4,098
	25	Chong Kun Dang Pharmaceutical Corp. (Health Care)		1,998
	25	CJ CheilJedang Corp. (Consumer Staples)		7,870
	51	CJ Corp. (Industrials)		3,567
	45	CJ ENM Co. Ltd. (Communication Services)		4,865
	29	CJ Logistics Corp. (Industrials)*		2,991
	203	Coway Co. Ltd. (Consumer Discretionary)		12,173
	90	CS Wind Corp. (Industrials)		4,461
	733	Daewoo Engineering & Construction Co. Ltd. (Industrials)*		3,822
	172	Daewoo Shipbuilding & Marine Engineering Co. Ltd. (Industrials)*		3,791
	165	DB Insurance Co. Ltd. (Financials)		8,481
	61	DL E&C Co. Ltd. (Industrials)		6,519
	207	Dongsuh Cos., Inc. (Consumer Staples)		4,726
	175	Doosan Bobcat, Inc. (Industrials)		5,553
	24	Doosan Co. Ltd. (Industrials)*		2,266
	102	Doosan Fuel Cell Co. Ltd. (Industrials)*		3,292
	1,195	Doosan Heavy Industries & Construction Co. Ltd. (Industrials)*		20,673
	87	Douzone Bizon Co. Ltd. (Information Technology)		3,495
	44	Ecopro BM Co. Ltd. (Industrials)		13,730
Common Stocks – (continued)
South Korea – (continued)
	67	E-MART, Inc. (Consumer Staples)		7,244
	14	F&F Co. Ltd. (Consumer Discretionary)		10,363
	174	Fila Holdings Corp. (Consumer Discretionary)		5,094
	83	Genexine, Inc. (Health Care)*		3,207
	19	Green Cross Corp. (Health Care)		2,876
	223	GS Engineering & Construction Corp. (Industrials)		7,947
	279	GS Holdings Corp. (Energy)		9,282
	155	GS Retail Co. Ltd. (Consumer Staples)		3,423
	1,061	Hana Financial Group, Inc. (Financials)		42,975
	62	Hanjin Kal Corp. (Industrials)*		2,718
	278	Hankook Tire & Technology Co. Ltd. (Consumer Discretionary)		8,139
	23	Hanmi Pharm Co. Ltd. (Health Care)*		5,069
	115	Hanmi Science Co. Ltd. (Health Care)*		4,347
	583	Hanon Systems (Consumer Discretionary)		5,600
	33	Hansol Chemical Co. Ltd. (Materials)		5,887
	43	Hanssem Co. Ltd. (Consumer Discretionary)		2,611
	115	Hanwha Aerospace Co. Ltd. (Industrials)		4,974
	128	Hanwha Corp. (Industrials)		3,231
	1,675	Hanwha Life Insurance Co. Ltd. (Financials)*		4,117
	424	Hanwha Solutions Corp. (Materials)*		11,937
	208	Hanwha Systems Co. Ltd. (Industrials)		2,716
	147	HDC Hyundai Development Co.-Engineering & Construction, Class E (Industrials)		1,962
	151	Helixmith Co. Ltd. (Health Care)*		2,524
	114	Hite Jinro Co. Ltd. (Consumer Staples)*		3,375
	385	HLB, Inc. (Consumer Discretionary)*		9,958
	1,088	HMM Co. Ltd. (Industrials)*		26,106
	132	Hotel Shilla Co. Ltd. (Consumer Discretionary)		8,838
	29	Hugel, Inc. (Health Care)		3,541
	53	HYBE Co. Ltd. (Communication Services)*		12,717
	9	Hyosung Advanced Materials Corp. (Materials)		3,473
	9	Hyosung TNC Corp. (Materials)		3,608
	24	Hyundai Autoever Corp. (Information Technology)		2,146
	59	Hyundai Department Store Co. Ltd. (Consumer Discretionary)		3,818
	368	Hyundai Doosan Infracore Co. Ltd. (Industrials)*		2,069
	95	Hyundai Elevator Co. Ltd. (Industrials)*		2,983
	254	Hyundai Engineering & Construction Co. Ltd. (Industrials)		9,147
	63	Hyundai Glovis Co. Ltd. (Industrials)		9,222
	74	Hyundai Heavy Industries Co. Ltd. (Industrials)*		6,739
	167	Hyundai Heavy Industries Holdings Co. Ltd. (Energy)		7,139

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

GOLDMAN SACHS MARKETBETA^® EMERGING MARKETS EQUITY ETF

Schedule of Investments (continued)

February 28, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
South Korea – (continued)
	205	Hyundai Marine & Fire Insurance Co. Ltd. (Financials)	$	4,910
	79	Hyundai Mipo Dockyard Co. Ltd. (Industrials)		5,243
	220	Hyundai Mobis Co. Ltd. (Consumer Discretionary)		40,986
	471	Hyundai Motor Co. (Consumer Discretionary)		68,553
	309	Hyundai Steel Co. (Materials)		10,203
	80	Iljin Materials Co. Ltd. (Information Technology)		6,048
	950	Industrial Bank of Korea (Financials)		8,494
	1,092	Kakao Corp. (Communication Services)		85,464
	139	Kakao Games Corp. (Communication Services)*		8,497
	45	Kakao Pay Corp. (Information Technology)*		5,595
	815	KakaoBank Corp. (Financials)*		32,536
	487	Kangwon Land, Inc. (Consumer Discretionary)*		10,734
	1,298	KB Financial Group, Inc. (Financials)		64,449
	15	KCC Corp. (Materials)		4,136
	76	KEPCO Plant Service & Engineering Co. Ltd. (Industrials)*		2,339
	886	Kia Corp. (Consumer Discretionary)		54,382
	54	KIWOOM Securities Co. Ltd. (Financials)*		4,559
	104	KMW Co. Ltd. (Information Technology)		2,686
	47	Kolmar BNH Co. Ltd. (Consumer Staples)*		1,394
	305	Korea Aerospace Industries Ltd. (Industrials)*		9,411
	1,053	Korea Electric Power Corp. (Utilities)		20,318
	118	Korea Gas Corp. (Utilities)		4,029
	151	Korea Investment Holdings Co. Ltd. (Financials)*		9,947
	163	Korea Shipbuilding & Offshore Engineering Co. Ltd. (Industrials)*		11,957
	37	Korea Zinc Co. Ltd. (Materials)		16,925
	713	Korean Air Lines Co. Ltd. (Industrials)*		17,375
	81	Krafton, Inc. (Communication Services)*		19,874
	262	KT Corp. (Communication Services)		6,973
	404	KT&G Corp. (Consumer Staples)		26,813
	66	Kumho Petrochemical Co. Ltd. (Materials)*		8,810
	89	L&F Co. Ltd. (Information Technology)		14,434
	39	LEENO Industrial, Inc. (Information Technology)		5,842
	165	LG Chem Ltd. (Materials)		77,536
	408	LG Corp. (Industrials)		25,518
	847	LG Display Co. Ltd. (Information Technology)		13,173
	383	LG Electronics, Inc. (Consumer Discretionary)		39,340
	34	LG Household & Health Care Ltd. (Consumer Staples)		26,864
Common Stocks – (continued)
South Korea – (continued)
	49	LG Innotek Co. Ltd. (Information Technology)		13,326
	910	LG Uplus Corp. (Communication Services)		9,953
	51	Lotte Chemical Corp. (Materials)		9,332
	133	Lotte Corp. (Industrials)		3,213
	45	Lotte Shopping Co. Ltd. (Consumer Discretionary)		3,193
	79	LS Corp. (Industrials)		3,200
	177	LX Holdings Corp. (Industrials)*		1,437
	109	Mando Corp. (Consumer Discretionary)		4,111
	59	MedPacto, Inc. (Health Care)*		1,705
	22	Medytox, Inc. (Health Care)*		2,229
	144	Meritz Financial Group, Inc. (Financials)		4,413
	152	Meritz Fire & Marine Insurance Co. Ltd. (Financials)		5,196
	1,039	Meritz Securities Co. Ltd. (Financials)		5,064
	1,043	Mirae Asset Securities Co. Ltd. (Financials)		7,625
	508	NAVER Corp. (Communication Services)		134,357
	58	NCSoft Corp. (Communication Services)		21,394
	75	Netmarble Corp. (Communication Services)(b)		6,394
	465	NH Investment & Securities Co. Ltd. (Financials)		4,467
	13	NongShim Co. Ltd. (Consumer Staples)		3,319
	75	OCI Co. Ltd. (Materials)		6,550
	82	Orion Corp. (Consumer Staples)		6,240
	926	Pan Ocean Co. Ltd. (Industrials)		5,060
	117	Pearl Abyss Corp. (Communication Services)*		9,254
	270	POSCO (Materials)		64,000
	115	POSCO Chemical Co. Ltd. (Materials)		10,856
	185	Posco International Corp. (Industrials)		3,177
	73	S-1 Corp. (Industrials)		4,238
	54	Samsung Biologics Co. Ltd. (Health Care)*(b)		34,986
	289	Samsung C&T Corp. (Industrials)		26,440
	111	Samsung Card Co. Ltd. (Financials)		2,968
	193	Samsung Electro-Mechanics Co. Ltd. (Information Technology)		26,646
	19,378	Samsung Electronics Co. Ltd. (Information Technology)		1,162,019
	595	Samsung Engineering Co. Ltd. (Industrials)*		11,481
	116	Samsung Fire & Marine Insurance Co. Ltd. (Financials)		18,379
	262	Samsung Life Insurance Co. Ltd. (Financials)		13,031
	185	Samsung SDI Co. Ltd. (Information Technology)		84,318
	119	Samsung SDS Co. Ltd. (Information Technology)		13,856
	208	Samsung Securities Co. Ltd. (Financials)		7,318
	157	SD Biosensor, Inc. (Health Care)		7,130

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

GOLDMAN SACHS MARKETBETA^® EMERGING MARKETS EQUITY ETF

Shares		Description	Value
Common Stocks – (continued)
South Korea – (continued)
	159	Seegene, Inc. (Health Care)	$	6,784
	154	Shin Poong Pharmaceutical Co. Ltd. (Health Care)*		4,444
	1,800	Shinhan Financial Group Co. Ltd. (Financials)		58,461
	26	Shinsegae, Inc. (Consumer Discretionary)		5,655
	92	SK Biopharmaceuticals Co. Ltd. (Health Care)*		6,473
	68	SK Bioscience Co. Ltd. (Health Care)*		8,257
	42	SK Chemicals Co. Ltd. (Materials)		4,366
	1,930	SK Hynix, Inc. (Information Technology)		198,241
	99	SK IE Technology Co. Ltd. (Materials)*(b)		10,169
	171	SK Innovation Co. Ltd. (Energy)*		28,505
	525	SK Networks Co. Ltd. (Industrials)		1,926
	403	SK Square Co. Ltd. (Information Technology)*		18,703
	219	SK Telecom Co. Ltd. (Communication Services)		9,945
	129	SK, Inc. (Industrials)		24,408
	70	SKC Co. Ltd. (Materials)		8,005
	133	S-Oil Corp. (Energy)		9,347
	51	Solus Advanced Materials Co. Ltd. (Information Technology)		2,672
	17	Soulbrain Co. Ltd./New (Materials)		3,214
	459	SSANGYONG C&E Co. Ltd. (Materials)		2,894
	52	Studio Dragon Corp. (Communication Services)*		3,689
	67	Wemade Co. Ltd. (Communication Services)		6,080
	121	WONIK IPS Co. Ltd. (Information Technology)		3,608
	2,004	Woori Financial Group, Inc. (Financials)		23,834
	162	Yuhan Corp. (Health Care)		7,828
				3,501,360
Taiwan – 16.1%
	1,908	Accton Technology Corp. (Information Technology)		17,151
	12,248	Acer, Inc. (Information Technology)		12,582
	1,651	Advantech Co. Ltd. (Information Technology)		21,583
	13,528	ASE Technology Holding Co. Ltd. (Information Technology)		47,916
	9,030	Asia Cement Corp. (Materials)		14,527
	113	ASMedia Technology, Inc. (Information Technology)		6,852
	2,581	Asustek Computer, Inc. (Information Technology)		34,202
	33,195	AU Optronics Corp. (Information Technology)		24,332
	2,735	Catcher Technology Co. Ltd. (Information Technology)		13,951
	30,664	Cathay Financial Holding Co. Ltd. (Financials)		68,142
	5,291	Chailease Holding Co. Ltd. (Financials)		47,371
Common Stocks – (continued)
Taiwan – (continued)
	21,192	Chang Hwa Commercial Bank Ltd. (Financials)		13,380
	6,604	Cheng Shin Rubber Industry Co. Ltd. (Consumer Discretionary)		8,386
	2,395	Chicony Electronics Co. Ltd. (Information Technology)		7,654
	11,528	China Airlines Ltd. (Industrials)*		11,472
	67,145	China Development Financial Holding Corp. (Financials)		45,386
	46,809	China Steel Corp. (Materials)		60,108
	1,551	Chroma ATE, Inc. (Information Technology)		10,428
	15,581	Chunghwa Telecom Co. Ltd. (Communication Services)		69,193
	16,951	Compal Electronics, Inc. (Information Technology)		15,358
	74,299	CTBC Financial Holding Co. Ltd. (Financials)		71,954
	7,580	Delta Electronics, Inc. (Information Technology)		66,648
	740	Eclat Textile Co. Ltd. (Consumer Discretionary)		15,283
	259	eMemory Technology, Inc. (Information Technology)		17,045
	48,233	E.Sun Financial Holding Co. Ltd. (Financials)		50,667
	9,230	Eva Airways Corp. (Industrials)*		10,618
	10,301	Evergreen Marine Corp. Taiwan Ltd. (Industrials)		52,727
	12,741	Far Eastern New Century Corp. (Industrials)		13,430
	6,545	Far EasTone Telecommunications Co. Ltd. (Communication Services)		16,179
	1,717	Feng TAY Enterprise Co. Ltd. (Consumer Discretionary)		12,678
	41,253	First Financial Holding Co. Ltd. (Financials)		37,817
	13,389	Formosa Chemicals & Fibre Corp. (Materials)		37,729
	4,654	Formosa Petrochemical Corp. (Energy)		16,235
	19,090	Formosa Plastics Corp. (Materials)		71,498
	254	Formosa Sumco Technology Corp. (Information Technology)		2,328
	3,350	Formosa Taffeta Co. Ltd. (Consumer Discretionary)		3,406
	3,858	Foxconn Technology Co. Ltd. (Information Technology)		8,780
	28,896	Fubon Financial Holding Co. Ltd. (Financials)		77,406
	1,159	Giant Manufacturing Co. Ltd. (Consumer Discretionary)		11,968
	830	Globalwafers Co. Ltd. (Information Technology)		20,369
	4,287	Highwealth Construction Corp. (Real Estate)		7,485
	1,094	Hiwin Technologies Corp. (Industrials)		10,321

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

GOLDMAN SACHS MARKETBETA^® EMERGING MARKETS EQUITY ETF

Schedule of Investments (continued)

February 28, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Taiwan – (continued)
	48,429	Hon Hai Precision Industry Co. Ltd. (Information Technology)	$	177,927
	1,129	Hotai Motor Co. Ltd. (Consumer Discretionary)		25,371
	39,136	Hua Nan Financial Holdings Co. Ltd. (Financials)		30,851
	38,106	Innolux Corp. (Information Technology)		22,767
	10,632	Inventec Corp. (Information Technology)		9,727
	362	Largan Precision Co. Ltd. (Information Technology)		26,083
	8,411	Lite-On Technology Corp. (Information Technology)		20,521
	7,378	Macronix International Co. Ltd. (Information Technology)		11,448
	5,965	MediaTek, Inc. (Information Technology)		230,855
	40,942	Mega Financial Holding Co. Ltd. (Financials)		54,911
	812	Merida Industry Co. Ltd. (Consumer Discretionary)		8,197
	2,729	Micro-Star International Co. Ltd. (Information Technology)		15,137
	256	momo.com, Inc. (Consumer Discretionary)		8,976
	19,330	Nan Ya Plastics Corp. (Materials)		60,469
	874	Nan Ya Printed Circuit Board Corp. (Information Technology)		16,336
	4,724	Nanya Technology Corp. (Information Technology)		12,992
	551	Nien Made Enterprise Co. Ltd. (Consumer Discretionary)		7,095
	2,177	Novatek Microelectronics Corp. (Information Technology)		35,449
	939	Oneness Biotech Co. Ltd. (Health Care)*		8,290
	6,695	Pegatron Corp. (Information Technology)		16,502
	651	Phison Electronics Corp. (Information Technology)		11,843
	9,530	Pou Chen Corp. (Consumer Discretionary)		10,912
	10,202	Powerchip Semiconductor Manufacturing Corp. (Information Technology)		19,396
	2,702	Powertech Technology, Inc. (Information Technology)		9,079
	2,149	President Chain Store Corp. (Consumer Staples)		20,045
	10,656	Quanta Computer, Inc. (Information Technology)		35,311
	1,769	Realtek Semiconductor Corp. (Information Technology)		28,773
	4,995	Ruentex Development Co. Ltd. (Real Estate)		12,757
	1,995	Ruentex Industries Ltd. (Consumer Discretionary)		8,184
	16,222	Shanghai Commercial & Savings Bank Ltd. (The) (Financials)		26,501
	47,480	Shin Kong Financial Holding Co. Ltd. (Financials)		19,053
Common Stocks – (continued)
Taiwan – (continued)
	149	Silicon Motion Technology Corp. ADR (Information Technology)		10,808
	2,076	Sino-American Silicon Products, Inc. (Information Technology)		13,477
	40,750	SinoPac Financial Holdings Co. Ltd. (Financials)		24,856
	2,295	Standard Foods Corp. (Consumer Staples)		4,159
	5,323	Synnex Technology International Corp. (Information Technology)		13,652
	41,962	Taishin Financial Holding Co. Ltd. (Financials)		29,187
	22,909	Taiwan Business Bank (Financials)		9,070
	21,428	Taiwan Cement Corp. (Materials)		36,191
	36,930	Taiwan Cooperative Financial Holding Co. Ltd. (Financials)		34,842
	2,954	Taiwan Fertilizer Co. Ltd. (Materials)		7,207
	8,611	Taiwan High Speed Rail Corp. (Industrials)		9,076
	6,953	Taiwan Mobile Co. Ltd. (Communication Services)		25,669
	99,498	Taiwan Semiconductor Manufacturing Co. Ltd. (Information Technology)		2,143,634
	8,507	Tatung Co. Ltd. (Industrials)*		9,483
	6,909	Teco Electric and Machinery Co. Ltd. (Industrials)		7,406
	1,940	Tripod Technology Corp. (Information Technology)		8,823
	4,714	Unimicron Technology Corp. (Information Technology)		42,709
	18,994	Uni-President Enterprises Corp. (Consumer Staples)		45,461
	46,266	United Microelectronics Corp. (Information Technology)		85,980
	3,667	Vanguard International Semiconductor Corp. (Information Technology)		16,415
	1,202	VisEra Technologies Co. Ltd. (Information Technology)		21,995
	267	Voltronic Power Technology Corp. (Industrials)		13,714
	11,177	Walsin Lihwa Corp. (Industrials)		11,123
	1,230	Walsin Technology Corp. (Information Technology)*		6,406
	2,352	Wan Hai Lines Ltd. (Industrials)		15,688
	1,273	Win Semiconductors Corp. (Information Technology)		13,713
	11,513	Winbond Electronics Corp. (Information Technology)		13,552
	11,211	Wistron Corp. (Information Technology)		11,757
	337	Wiwynn Corp. (Information Technology)		11,864
	6,510	WPG Holdings Ltd. (Information Technology)		12,934
	1,462	Yageo Corp. (Information Technology)		23,545
	7,156	Yang Ming Marine Transport Corp. (Industrials)*		29,482

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

GOLDMAN SACHS MARKETBETA^® EMERGING MARKETS EQUITY ETF

Shares		Description	Value
Common Stocks – (continued)
Taiwan – (continued)
	46,277	Yuanta Financial Holding Co. Ltd. (Financials)	$	41,020
	2,195	Yulon Motor Co. Ltd. (Consumer Discretionary)		3,198
	2,413	Zhen Ding Technology Holding Ltd. (Information Technology)		7,919
				5,000,318
Tanzania – 0.1%
	1,494	AngloGold Ashanti Ltd. (Materials)		35,142
Thailand – 2.2%
	4,108	Advanced Info Service PCL NVDR (Communication Services)		28,791
	16,938	Airports of Thailand PCL NVDR (Industrials)*		33,306
	35,817	Asset World Corp. PCL NVDR (Consumer Discretionary)*		5,262
	3,464	B Grimm Power PCL NVDR (Utilities)		3,657
	4,153	Bangkok Bank PCL NVDR (Financials)		17,794
	7,452	Bangkok Commercial Asset Management PCL NVDR (Financials)		4,995
	22,467	Bangkok Dusit Medical Services PCL NVDR (Health Care)		16,296
	34,370	Bangkok Expressway & Metro PCL NVDR (Industrials)		9,362
	13,843	Banpu PCL NVDR (Energy)		4,618
	3,200	Banpu Power PCL NVDR (Utilities)		1,636
	3,869	Berli Jucker PCL NVDR (Consumer Staples)		3,967
	33,050	BTS Group Holdings PCL NVDR (Industrials)		9,609
	1,996	Bumrungrad Hospital PCL NVDR (Health Care)		9,377
	1,506	Carabao Group PCL NVDR (Consumer Staples)		4,909
	6,807	Central Pattana PCL NVDR (Real Estate)		11,510
	13,283	Central Retail Corp. PCL NVDR (Consumer Discretionary)		15,549
	14,916	Charoen Pokphand Foods PCL NVDR (Consumer Staples)		11,527
	1,823	Com7 PCL NVDR (Consumer Discretionary)		4,603
	21,307	CP ALL PCL NVDR (Consumer Staples)		44,342
	3,581	Dohome PCL NVDR (Consumer Discretionary)		2,586
	992	Electricity Generating PCL NVDR (Utilities)		5,450
	8,507	Energy Absolute PCL NVDR (Utilities)		24,733
	150	Fabrinet (Information Technology)*		15,020
	2,699	Global Power Synergy PCL NVDR (Utilities)		6,195
	18,428	Gulf Energy Development PCL NVDR (Utilities)		28,481
	2,313	Hana Microelectronics PCL NVDR (Information Technology)		3,610
Common Stocks – (continued)
Thailand – (continued)
	20,549	Home Product Center PCL NVDR (Consumer Discretionary)		9,559
	8,492	Indorama Ventures PCL NVDR (Materials)		11,695
	7,222	Intouch Holdings PCL NVDR (Communication Services)		16,743
	43,451	IRPC PCL NVDR (Energy)		5,053
	6,496	Kasikornbank PCL NVDR (Financials)		32,505
	2,826	KCE Electronics PCL NVDR (Information Technology)		5,233
	1,785	Kerry Express Thailand PCL NVDR (Industrials)		1,224
	17,575	Krung Thai Bank PCL NVDR (Financials)		7,530
	4,288	Krungthai Card PCL NVDR (Financials)		8,300
	24,330	Land & Houses PCL NVDR (Real Estate)		7,148
	12,824	Minor International PCL NVDR (Consumer Discretionary)*		12,068
	3,048	Muangthai Capital PCL NVDR (Financials)		4,804
	4,526	Ngern Tid Lor PCL NVDR (Financials)*		5,194
	5,868	Osotspa PCL NVDR (Consumer Staples)		6,330
	5,139	PTT Exploration & Production PCL NVDR (Energy)		21,468
	8,764	PTT Global Chemical PCL NVDR (Materials)		14,216
	11,866	PTT Oil & Retail Business PCL NVDR (Consumer Discretionary)		9,351
	41,543	PTT PCL NVDR (Energy)		50,220
	1,862	Ratch Group PCL NVDR (Utilities)		2,621
	4,675	SCG Packaging PCL NVDR (Materials)		8,763
	1,726	Siam Cement PCL (The) NVDR (Materials)		20,707
	7,575	Siam Commercial Bank PCL (The) NVDR (Financials)		29,095
	6,086	Siam Global House PCL NVDR (Consumer Discretionary)		3,669
	3,187	Sri Trang Agro-Industry PCL NVDR (Consumer Discretionary)		2,609
	4,005	Sri Trang Gloves Thailand PCL NVDR (Health Care)		3,156
	2,629	Srisawad Corp. PCL NVDR (Financials)		4,647
	25,237	STARK Corp. PCL NVDR (Industrials)*		3,615
	24,196	Thai Beverage PCL (Consumer Staples)		11,853
	4,217	Thai Oil PCL NVDR (Energy)		6,937
	11,637	Thai Union Group PCL NVDR (Consumer Staples)		7,265
	2,051	Tisco Financial Group PCL NVDR (Financials)		6,136
	174,989	TMBThanachart Bank PCL NVDR (Financials)		7,337
	2,201	TOA Paint Thailand PCL NVDR (Materials)		1,953
	2,585	Total Access Communication PCL NVDR (Communication Services)		3,718

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

GOLDMAN SACHS MARKETBETA^® EMERGING MARKETS EQUITY ETF

Schedule of Investments (continued)

February 28, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Thailand – (continued)
	81,318	True Corp. PCL NVDR (Communication Services)	$	12,443
	17,838	VGI PCL NVDR (Communication Services)		3,166
				695,516
Turkey – 0.5%
	279	AG Anadolu Grubu Holding AS (Industrials)		651
	13,362	Akbank TAS (Financials)		6,778
	125	Akcansa Cimento AS (Materials)		149
	603	Aksa Akrilik Kimya Sanayii AS (Consumer Discretionary)		1,564
	1,222	Aksa Enerji Uretim AS (Utilities)*		1,137
	7	Alarko Carrier Sanayii VE Ticaret AS (Industrials)		140
	637	Alarko Holding AS (Industrials)		837
	929	Anadolu Efes Biracilik Ve Malt Sanayii AS (Consumer Staples)		1,619
	870	Arcelik AS (Consumer Discretionary)		3,474
	2,502	Aselsan Elektronik Sanayi Ve Ticaret AS (Industrials)		4,015
	553	Aydem Yenilenebilir Enerji AS (Utilities)*		315
	390	Aygaz AS (Utilities)		704
	309	Baskent Dogalgaz Dagitim Gayrimenkul Yatirim Ortakligi AS (Utilities)		251
	1,529	Bera Holding AS (Industrials)*		902
	1,925	BIM Birlesik Magazalar AS (Consumer Staples)		10,153
	470	Biotrend Cevre VE Enerji Yatirimlari AS (Utilities)*		162
	126	Borusan Mannesmann Boru Sanayi ve Ticaret AS (Materials)*		217
	26	Borusan Yatirim ve Pazarlama AS (Financials)		647
	188	Brisa Bridgestone Sabanci Sanayi ve Ticaret AS (Consumer Discretionary)		356
	316	Can2 Termik AS (Utilities)*		420
	10	Celebi Hava Servisi AS (Industrials)*		136
	210	Cimsa Cimento Sanayi VE Ticaret AS (Materials)*		489
	316	Coca-Cola Icecek AS (Consumer Staples)		2,478
	151	Deva Holding AS (Health Care)		306
	1,216	D-MARKET Elektronik Hizmetler ve Ticaret AS ADR (Consumer Discretionary)*		2,165
	4,537	Dogan Sirketler Grubu Holding AS (Consumer Discretionary)		832
	138	Dogus Otomotiv Servis ve Ticaret AS (Consumer Discretionary)		468
	87	Eczacibasi Yatirim Holding Ortakligi AS (Industrials)		256
	5	EGE Endustri VE Ticaret AS (Consumer Discretionary)		641
Common Stocks – (continued)
Turkey – (continued)
	575	EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret AS (Consumer Staples)		307
	9,169	Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT (Real Estate)		1,317
	1,220	Enerjisa Enerji AS (Utilities)(b)		1,165
	6,886	Enka Insaat ve Sanayi AS (Industrials)		6,086
	5,291	Eregli Demir ve Celik Fabrikalari TAS (Materials)		11,865
	158	Fenerbahce Futbol AS (Communication Services)*		273
	281	Ford Otomotiv Sanayi AS (Consumer Discretionary)		5,466
	342	GEN Ilac VE Saglik Urunleri Sanayi VE Ticaret AS (Health Care)*		321
	260	Gubre Fabrikalari TAS (Materials)*		1,428
	5,438	Haci Omer Sabanci Holding AS (Financials)		6,097
	1,506	Hektas Ticaret TAS (Materials)*		1,403
	517	Is Yatirim Menkul Degerler AS (Financials)		654
	2,699	Izmir Demir Celik Sanayi AS (Materials)*		397
	85	Jantsa Jant Sanayi Ve Ticaret AS (Industrials)		354
	881	Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class A (Materials)*		646
	3,579	Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D (Materials)*		3,029
	69	Kartonsan Karton Sanayi ve Ticaret AS (Materials)		222
	572	Kerevitas Gida Sanayi ve Ticaret AS (Consumer Staples)*		154
	2,758	KOC Holding AS (Industrials)		6,296
	4	Konya Cimento Sanayii AS (Materials)*		252
	252	Kordsa Teknik Tekstil AS (Consumer Discretionary)*		581
	218	Koza Altin Isletmeleri AS (Materials)*		1,801
	896	Koza Anadolu Metal Madencilik Isletmeleri AS (Materials)*		1,268
	296	Logo Yazilim Sanayi Ve Ticaret AS (Information Technology)		880
	379	Migros Ticaret AS (Consumer Staples)*		984
	299	MLP Saglik Hizmetleri AS (Health Care)*(b)		639
	252	Nuh Cimento Sanayi AS (Materials)		764
	315	Nurol Gayrimenkul Yatirim Ortakligi AS REIT (Real Estate)*		113
	33	Otokar Otomotiv Ve Savunma Sanayi A.S. (Industrials)		961
	1,207	Oyak Cimento Fabrikalari AS (Materials)*		632
	185	Pegasus Hava Tasimaciligi AS (Industrials)*		1,248
	67	Penta Teknoloji Urunleri Dagitim Ticaret AS (Information Technology)*		1,450

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

GOLDMAN SACHS MARKETBETA^® EMERGING MARKETS EQUITY ETF

Shares		Description	Value
Common Stocks – (continued)
Turkey – (continued)
	4,029	Petkim Petrokimya Holding AS (Materials)*	$	2,253
	1,059	Sarkuysan Elektrolitik Bakir Sanayi ve Ticaret AS (Industrials)		1,299
	762	Sasa Polyester Sanayi AS (Materials)*		2,554
	464	Selcuk Ecza Deposu Ticaret ve Sanayi A.S. (Health Care)		350
	50	Servet Gayrimenkul Yatirim Ortakligi AS (Real Estate)*		321
	1,384	Sinpas Gayrimenkul Yatirim Ortakligi AS REIT (Real Estate)*		603
	1,357	Sok Marketler Ticaret AS (Consumer Staples)		1,106
	892	TAV Havalimanlari Holding AS (Industrials)*		2,168
	847	Tekfen Holding AS (Industrials)*		1,131
	584	Tofas Turk Otomobil Fabrikasi AS (Consumer Discretionary)		3,384
	712	Torunlar Gayrimenkul Yatirim Ortakligi AS REIT (Real Estate)*		274
	2,986	Turk Hava Yollari AO (Industrials)*		5,520
	150	Turk Prysmian Kablo ve Sistemleri AS (Industrials)		389
	1,982	Turk Telekomunikasyon AS (Communication Services)		1,238
	64	Turk Traktor ve Ziraat Makineleri AS (Industrials)		983
	4,880	Turkcell Iletisim Hizmetleri AS (Communication Services)		7,225
	8,957	Turkiye Garanti Bankasi AS (Financials)		7,161
	2,599	Turkiye Halk Bankasi AS (Financials)*		821
	6,361	Turkiye Is Bankasi AS, Class C (Financials)		3,653
	522	Turkiye Petrol Rafinerileri AS (Energy)*		7,265
	814	Turkiye Sigorta AS (Financials)		255
	5,566	Turkiye Sinai Kalkinma Bankasi AS (Financials)		518
	5,403	Turkiye Sise ve Cam Fabrikalari AS (Industrials)		4,826
	4,498	Turkiye Vakiflar Bankasi TAO, Class D (Financials)*		1,084
	713	Ulker Biskuvi Sanayi AS (Consumer Staples)		764
	439	Vakif Finansal Kiralama AS (Financials)*		93
	108	Verusa Holding AS (Financials)		373
	1,009	Vestel Beyaz Esya Sanayi ve Ticaret AS (Consumer Discretionary)		514
	356	Vestel Elektronik Sanayi ve Ticaret AS (Consumer Discretionary)		578
	10,428	Yapi ve Kredi Bankasi AS (Financials)		2,694
	4,715	Zorlu Enerji Elektrik Uretim AS (Utilities)*		514
				163,226
Common Stocks – (continued)
United Arab Emirates – 1.7%
	11,364	Abu Dhabi Commercial Bank PJSC (Financials)		33,290
	12,225	Abu Dhabi National Oil Co. for Distribution PJSC (Consumer Discretionary)		13,713
	15,011	Aldar Properties PJSC (Real Estate)		17,165
	5,493	Alpha Dhabi Holding PJSC (Industrials)*		40,707
	11,908	Dubai Islamic Bank PJSC (Financials)		19,744
	16,479	Emaar Properties PJSC (Real Estate)		22,791
	10,106	Emirates NBD Bank PJSC (Financials)		39,345
	14,302	Emirates Telecommunications Group Co. PJSC (Communication Services)		136,204
	17,958	First Abu Dhabi Bank PJSC (Financials)		101,107
	1,967	International Holding Co. PJSC (Consumer Staples)*		100,785
				524,851
United States – 0.1%
	3,375	JBS SA (Consumer Staples)		23,512
	TOTAL COMMON STOCKS
	(Cost $22,766,102)		$	29,945,921

Shares	Description	Rate			Value
Preferred Stocks – 2.3%
Brazil – 1.3%
828	Alpargatas SA, Class Preference (Consumer Discretionary)		1.70	%	$	4,136
19,447	Banco Bradesco SA (Financials)		4.89			76,819
1,118	Bradespar SA (Materials)		32.62			6,537
764	Braskem SA, Class A (Materials)		15.73			7,078
1,088	Centrais Eletricas Brasileiras SA, Class B (Utilities)		6.10			7,267
4,662	Cia Energetica de Minas Gerais (Utilities)		8.39			11,583
4,660	Gerdau SA (Materials)		10.77			23,030
19,835	Itau Unibanco Holding SA (Financials)		2.93			98,064
19,310	Itausa SA (Financials)		4.86			37,558
18,776	Petroleo Brasileiro SA (Energy)		16.47			123,917
4,136	Raizen SA (Energy)		0.61			4,584
2,093	Usinas Siderurgicas de Minas Gerais SA Usiminas (Materials)		8.88			5,976
						406,549
Chile – 0.1%
1,625	Embotelladora Andina SA, Class B (Consumer Staples)		7.47			3,555

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

GOLDMAN SACHS MARKETBETA^® EMERGING MARKETS EQUITY ETF

Schedule of Investments (continued)

February 28, 2022 (Unaudited)

Shares	Description	Rate			Value
Preferred Stocks – (continued)
Chile – (continued)
586	Sociedad Quimica y Minera de Chile SA, Class B (Materials)		2.81	%	$	39,077
						42,632
Colombia – 0.1%
1,859	Bancolombia SA (Financials)		0.71			16,588
15,282	Grupo Aval Acciones y Valores SA (Financials)		5.09			4,154
						20,742
Russia – 0.0%
4,252	Sberbank of Russia PJSC (Financials)(c)		14.27			3,182
31,665	Surgutneftegas PJSC (Energy)(c)		22.52			4,541
640	Tatneft PJSC (Energy)(c)		12.41			1,369
						9,092
South Korea – 0.8%
50	Amorepacific Corp. (Consumer Staples)		1.25			3,190
151	Hyundai Motor Co. (Consumer Discretionary)		5.70			11,077
11	Hyundai Motor Co. (Consumer Discretionary)		5.89			773
92	Hyundai Motor Co. (Consumer Discretionary)		5.73			6,695
28	Korea Investment Holdings Co. Ltd. (Financials)*		5.28			1,507
13	Kumho Petrochemical Co. Ltd. (Materials)*		3.97			898
31	LG Chem Ltd. (Materials)		4.42			6,974
73	LG Electronics, Inc. (Consumer Discretionary)		1.48			3,619
676	Mirae Asset Securities Co. Ltd. (Financials)		6.62			2,516
84	NH Investment & Securities Co. Ltd. (Financials)		9.87			747
14	Samsung Electro-Mechanics Co. Ltd. (Information Technology)		2.32			1,063
3,373	Samsung Electronics Co. Ltd. (Information Technology)		2.19			185,433
13	Samsung Fire & Marine Insurance Co. Ltd. (Financials)		7.65			1,676
7	Samsung SDI Co. Ltd. (Information Technology)		0.36			1,694
6	Shin Poong Pharmaceutical Co. Ltd. (Health Care)*		0.17			272
9	SK Chemicals Co. Ltd. (Materials)		4.57			487
6	SK Innovation Co. Ltd. (Energy)		0.04			609
15	S-Oil Corp. (Energy)		7.30			636
						229,866
Preferred Stocks – (continued)
Taiwan – 0.0%
7,491	China Development Financial Holding Corp. (Financials)*		0.00			2,490
TOTAL PREFERRED STOCKS
(Cost $569,477)					$	711,371
Units	Description	Expiration Month			Value
Rights – 0.0%
South Korea – 0.0%
3	Samsung Biologics Co. Ltd.*		04/22		$	349
Thailand – 0.0%
5,351	VGI PCL*		04/22			—
TOTAL RIGHTS
(Cost $0)					$	349

Shares		Description	Value
Exchange-Traded Fund – 1.1%
United States – 1.1%
	12,873	iShares MSCI Malaysia ETF
	(Cost $302,161)		$	333,797
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $23,637,740)		$	30,991,438
Shares		Dividend Rate	Value
Securities Lending Reinvestment Vehicle – 0.3%(d)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	104,541	0.026%	$	104,541
	(Cost $104,541)
	TOTAL INVESTMENTS – 99.9%
	(Cost $23,742,282)		$	31,095,979
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.1%			22,580
	NET ASSETS – 100.0%		$	31,118,559

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.
(a)	All or a portion of security is on loan.
(b)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(c)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(d)	Represents an affiliated issuer.

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

GOLDMAN SACHS MARKETBETA^® EMERGING MARKETS EQUITY ETF

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

The below table represents the sector breakdown of investments as a percentage of total market value of the Fund:

Sector Name	Percent of  Market Value
Financials	21.6%
Information Technology	21.3%
Consumer Discretionary	13.1%
Communication Services	10.4%
Materials	8.3%
Consumer Staples	6.3%
Energy	5.4%
Industrials	5.3%
Health Care	2.8%
Utilities	2.5%
Real Estate	1.9%
Exchange-Traded Fund	1.1%
TOTAL INVESTMENTS	100.0%

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

GOLDMAN SACHS MARKETBETA^® INTERNATIONAL EQUITY ETF

Schedule of Investments

February 28, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – 99.1%
Australia – 8.4%
	14,940	AGL Energy Ltd. (Utilities)	$	81,526
	58,780	Alumina Ltd. (Materials)		84,241
	72,935	AMP Ltd. (Financials)*		50,014
	5,416	Ampol Ltd. (Energy)		115,821
	26,922	APA Group (Utilities)		196,336
	14,309	Aristocrat Leisure Ltd. (Consumer Discretionary)		386,987
	4,340	ASX Ltd. (Financials)		259,284
	41,955	Aurizon Holdings Ltd. (Industrials)		106,556
	64,106	Australia & New Zealand Banking Group Ltd. (Financials)		1,209,947
	114,824	BHP Group Ltd. (Materials)		3,887,807
	11,161	BlueScope Steel Ltd. (Materials)		163,923
	7,630	Boral Ltd. (Materials)		20,098
	32,600	Brambles Ltd. (Industrials)		234,196
	5,739	carsales.com Ltd. (Communication Services)		85,372
	10,017	Charter Hall Group REIT (Real Estate)		121,898
	1,518	CIMIC Group Ltd. (Industrials)		24,333
	1,492	Cochlear Ltd. (Health Care)		241,327
	28,839	Coles Group Ltd. (Consumer Staples)		363,712
	38,577	Commonwealth Bank of Australia (Financials)		2,616,264
	12,567	Computershare Ltd. (Information Technology)		197,523
	9,890	Crown Resorts Ltd. (Consumer Discretionary)*		88,847
	10,872	CSL Ltd. (Health Care)		2,051,052
	24,330	Dexus REIT (Real Estate)		192,793
	1,346	Domino’s Pizza Enterprises Ltd. (Consumer Discretionary)		77,112
	3,238	EBOS Group Ltd. (Health Care)		85,396
	30,511	Endeavour Group Ltd. (Consumer Staples)		158,525
	40,624	Evolution Mining Ltd. (Materials)		125,875
	40,767	Fortescue Metals Group Ltd. (Materials)		536,924
	252,341	Glencore PLC (Materials)*		1,497,026
	41,306	Goodman Group REIT (Real Estate)		666,316
	43,566	GPT Group (The) REIT (Real Estate)		156,172
	4,755	IDP Education Ltd. (Consumer Discretionary)		90,609
	16,852	IGO Ltd. (Materials)		133,659
	56,156	Insurance Australia Group Ltd. (Financials)		187,448
	15,122	Lendlease Corp. Ltd. (Real Estate)		115,878
	8,382	Macquarie Group Ltd. (Financials)		1,099,576
	3,349	Magellan Financial Group Ltd. (Financials)(a)		44,716
	62,633	Medibank Pvt Ltd. (Financials)		144,530
	3,735	Mineral Resources Ltd. (Materials)		122,641
	89,566	Mirvac Group REIT (Real Estate)		168,333
	74,452	National Australia Bank Ltd. (Financials)		1,563,516
Common Stocks – (continued)
Australia – (continued)
	18,620	Newcrest Mining Ltd. (Materials)		346,843
	26,180	Northern Star Resources Ltd. (Materials)		195,865
	9,236	Orica Ltd. (Materials)		97,784
	39,759	Origin Energy Ltd. (Utilities)		164,451
	7,064	OZ Minerals Ltd. (Materials)		130,713
	42,820	Qantas Airways Ltd. (Industrials)*		157,537
	33,536	QBE Insurance Group Ltd. (Financials)		279,614
	4,221	Ramsay Health Care Ltd. (Health Care)		195,938
	1,143	REA Group Ltd. (Communication Services)		109,218
	6,782	Reece Ltd. (Industrials)		95,327
	8,397	Rio Tinto Ltd. (Materials)		720,043
	24,306	Rio Tinto PLC (Materials)		1,888,595
	77,235	Santos Ltd. (Energy)		406,891
	118,278	Scentre Group REIT (Real Estate)		263,493
	7,412	SEEK Ltd. (Communication Services)		143,445
	4,080	Seven Group Holdings Ltd. (Industrials)		65,697
	10,833	Sonic Healthcare Ltd. (Health Care)		275,527
	102,005	South32 Ltd. (Materials)		356,036
	49,706	Stockland REIT (Real Estate)		150,048
	28,749	Suncorp Group Ltd. (Financials)		224,681
	58,286	Sydney Airport (Industrials)*		368,815
	50,456	Tabcorp Holdings Ltd. (Consumer Discretionary)		182,701
	267,381	Telstra Corp. Ltd. (Communication Services)		768,339
	9,483	TPG Telecom Ltd. (Communication Services)		38,467
	69,923	Transurban Group (Industrials)		643,886
	16,468	Treasury Wine Estates Ltd. (Consumer Staples)		138,859
	87,309	Vicinity Centres REIT (Real Estate)		114,040
	5,254	Washington H Soul Pattinson & Co. Ltd. (Energy)		96,000
	25,828	Wesfarmers Ltd. (Consumer Discretionary)		903,182
	83,479	Westpac Banking Corp. (Financials)		1,381,751
	3,599	WiseTech Global Ltd. (Information Technology)		113,814
	22,065	Woodside Petroleum Ltd. (Energy)		456,967
	27,623	Woolworths Group Ltd. (Consumer Staples)		711,384
				31,940,060
Austria – 0.4%
	5,955	ams-OSRAM AG (Information Technology)*		93,078
	1,644	ANDRITZ AG (Industrials)		73,862
	2,003	BAWAG Group AG (Financials)*(b)		108,079
	928	CA Immobilien Anlagen AG (Real Estate)		31,947

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

GOLDMAN SACHS MARKETBETA^® INTERNATIONAL EQUITY ETF

Shares		Description	Value
Common Stocks – (continued)
Austria – (continued)
	7,363	Erste Group Bank AG (Financials)	$	264,561
	806	EVN AG (Utilities)		22,497
	319	Mayr Melnhof Karton AG (Materials)		60,410
	11,072	Mondi PLC (Materials)		233,460
	3,256	OMV AG (Energy)		154,990
	3,092	Raiffeisen Bank International AG (Financials)		50,948
	1,506	Verbund AG (Utilities)		182,686
	832	Vienna Insurance Group AG Wiener Versicherung Gruppe (Financials)		21,867
	2,537	voestalpine AG (Materials)		83,891
	2,557	Wienerberger AG (Materials)		76,913
				1,459,189
Belgium – 0.9%
	504	Ackermans & van Haaren NV (Industrials)		94,538
	3,954	Ageas SA/NV (Financials)		190,880
	16,200	Anheuser-Busch InBev SA/NV (Consumer Staples)		1,003,319
	1,427	Azelis Group NV (Industrials)*		28,783
	502	D’ieteren Group (Consumer Discretionary)		81,476
	656	Elia Group SA/NV (Utilities)		94,755
	1,194	Etablissements Franz Colruyt NV (Consumer Staples)		47,850
	2,292	Groupe Bruxelles Lambert SA (Financials)		239,262
	6,395	KBC Group NV (Financials)		463,439
	3,236	Proximus SADP (Communication Services)		64,552
	342	Sofina SA (Financials)		133,372
	1,674	Solvay SA (Materials)		187,497
	1,002	Telenet Group Holding NV (Communication Services)		35,001
	2,666	UCB SA (Health Care)		292,558
	4,401	Umicore SA (Materials)		181,366
	3,205	Warehouses De Pauw CVA REIT (Real Estate)		126,787
				3,265,435
Brazil – 0.1%
	3,705	Yara International ASA (Materials)		188,754
Chile – 0.0%
	7,893	Antofagasta PLC (Materials)		161,081
China – 1.0%
	93,001	Alibaba Health Information Technology Ltd. (Consumer Discretionary)*		64,749
	38,908	Budweiser Brewing Co. APAC Ltd. (Consumer Staples)(b)		120,752
	14,696	BYD Electronic International Co. Ltd. (Information Technology)		41,190
	78,117	China Evergrande New Energy Vehicle Group Ltd. (Health Care)*		33,991
Common Stocks – (continued)
China – (continued)
	50,951	China Gas Holdings Ltd. (Utilities)		80,596
	40,153	Chow Tai Fook Jewellery Group Ltd. (Consumer Discretionary)*		83,454
	193,741	CSPC Pharmaceutical Group Ltd. (Health Care)		229,354
	39,555	ESR Cayman Ltd. (Real Estate)*(b)		122,254
	52,315	Fosun International Ltd. (Industrials)		56,709
	1,768	Futu Holdings Ltd. ADR (Financials)*		75,582
	131,993	Geely Automobile Holdings Ltd. (Consumer Discretionary)		243,590
	1,131	JOYY, Inc. ADR (Communication Services)		52,354
	6,040	NXP Semiconductors NV (Information Technology)		1,148,325
	19,641	Prosus NV (Consumer Discretionary)*		1,222,609
	28,068	Shimao Group Holdings Ltd. (Real Estate)		16,775
	45,140	Sun Art Retail Group Ltd. (Consumer Staples)		16,233
	31,174	Wharf Holdings Ltd. (The) (Real Estate)		112,508
	42,514	Wilmar International Ltd. (Consumer Staples)		137,177
	63,883	Yangzijiang Shipbuilding Holdings Ltd. (Industrials)		64,944
				3,923,146
Colombia – 0.0%
	2,291	Millicom International Cellular SA SDR (Communication Services)*(a)		53,596
Denmark – 2.4%
	3,959	Ambu A/S, Class B (Health Care)		73,411
	66	AP Moller – Maersk A/S, Class A (Industrials)		198,322
	119	AP Moller – Maersk A/S, Class B (Industrials)		377,707
	2,174	Carlsberg AS, Class B (Consumer Staples)		319,146
	2,343	Chr Hansen Holding A/S (Materials)		171,447
	2,799	Coloplast A/S, Class B (Health Care)		421,886
	15,448	Danske Bank A/S (Financials)		262,888
	2,251	Demant A/S (Health Care)*		95,138
	4,375	DSV A/S (Industrials)		810,583
	1,478	Genmab A/S (Health Care)*		497,684
	2,904	GN Store Nord AS (Health Care)		153,695
	37,284	Novo Nordisk A/S, Class B (Health Care)		3,840,125
	4,647	Novozymes A/S, Class B (Materials)		305,377
	4,077	Orsted AS (Utilities)(b)		530,175
	2,184	Pandora A/S (Consumer Discretionary)		226,099
	8,207	Tryg A/S (Financials)		186,631
	22,915	Vestas Wind Systems A/S (Industrials)		752,582
				9,222,896

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

GOLDMAN SACHS MARKETBETA^® INTERNATIONAL EQUITY ETF

Schedule of Investments (continued)

February 28, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Faroe Islands – 0.0%
	1,133	Bakkafrost P/F (Consumer Staples)	$	77,177
Finland – 1.2%
	3,280	Elisa OYJ (Communication Services)		182,547
	9,586	Fortum OYJ (Utilities)		202,850
	2,061	Huhtamaki OYJ (Materials)		75,675
	1,795	Kesko OYJ, Class A (Consumer Staples)		48,589
	6,069	Kesko OYJ, Class B (Consumer Staples)		179,552
	8,274	Kone OYJ, Class B (Industrials)		486,786
	15,723	Metso Outotec OYJ (Industrials)		134,040
	10,548	Neste OYJ (Energy)		416,796
	120,259	Nokia OYJ (Information Technology)*		653,425
	77,316	Nordea Bank Abp (Financials)		863,898
	2,276	Orion OYJ, Class B (Health Care)		107,344
	9,480	Sampo OYJ, Class A (Financials)		451,047
	13,220	Stora Enso OYJ, Class R (Materials)		254,952
	12,026	UPM-Kymmene OYJ (Materials)		418,736
	12,546	Wartsila OYJ Abp (Industrials)		141,903
				4,618,140
France – 9.3%
	9,280	Adevinta ASA (Communication Services)*		99,684
	753	Aeroports de Paris (Industrials)*		107,413
	10,799	Air Liquide SA (Materials)		1,803,648
	13,274	Airbus SE (Industrials)*		1,713,086
	8,118	Alstom SA (Industrials)		208,805
	1,406	Amundi SA (Financials)(b)		98,543
	51,457	AXA SA (Financials)		1,403,011
	934	BioMerieux (Health Care)		102,935
	25,653	BNP Paribas SA (Financials)		1,512,995
	20,513	Bollore SA (Communication Services)		104,556
	6,782	Bouygues SA (Industrials)		243,914
	3,699	Capgemini SE (Information Technology)		782,334
	13,573	Carrefour SA (Consumer Staples)		272,889
	10,330	Cie de Saint-Gobain (Industrials)		649,169
	3,714	Cie Generale des Etablissements Michelin (Consumer Discretionary)		517,274
	33,736	Credit Agricole SA (Financials)		434,473
	15,001	Danone SA (Consumer Staples)		915,076
	15,418	Dassault Systemes SE (Information Technology)		753,138
	14,693	Electricite de France SA (Utilities)		134,171
	39,884	Engie SA (Utilities)		639,174
	6,809	EssilorLuxottica SA (Consumer Discretionary)		1,198,575
	773	Hermes International (Consumer Discretionary)		1,078,347
	1,655	Kering (Consumer Discretionary)		1,184,303
	6,000	L’Oreal SA (Consumer Staples)		2,392,417
	5,993	Legrand SA (Industrials)		570,952
	5,969	LVMH Moet Hennessy Louis Vuitton SE (Consumer Discretionary)		4,424,223
Common Stocks – (continued)
France – (continued)
	45,695	Orange SA (Communication Services)		555,025
	4,202	Pernod Ricard SA (Consumer Staples)		923,407
	8,641	Safran SA (Industrials)		1,113,230
	24,708	Sanofi (Health Care)		2,593,983
	552	Sartorius Stedim Biotech (Health Care)		212,910
	18,947	Societe Generale SA (Financials)		545,652
	1,792	Sodexo SA (Consumer Discretionary)		151,159
	1,313	Teleperformance (Industrials)		489,474
	2,408	Thales SA (Industrials)		278,310
	60,248	TotalEnergies SE (Energy)		3,085,102
	12,903	Vinci SA (Industrials)		1,369,846
	16,329	Vivendi SE (Communication Services)		207,434
	5,185	Worldline SA (Information Technology)*(b)		267,341
				35,137,978
Germany – 7.1%
	3,918	adidas AG (Consumer Discretionary)		933,168
	9,040	Allianz SE (Financials)		2,064,254
	20,959	BASF SE (Materials)		1,394,814
	22,418	Bayer AG (Health Care)		1,297,017
	7,323	Bayerische Motoren Werke AG (Consumer Discretionary)		711,973
	2,233	Beiersdorf AG (Consumer Staples)		226,783
	1,832	BioNTech SE ADR (Health Care)*		276,967
	838	Carl Zeiss Meditec AG (Health Care)		132,574
	2,464	Continental AG (Consumer Discretionary)*		212,549
	4,273	Covestro AG (Materials)(b)		226,581
	8,907	Daimler Truck Holding AG (Industrials)*		271,918
	43,296	Deutsche Bank AG (Financials)*		547,575
	4,184	Deutsche Boerse AG (Financials)		717,609
	22,460	Deutsche Post AG (Industrials)		1,139,255
	73,997	Deutsche Telekom AG (Communication Services)		1,332,309
	48,640	E.ON SE (Utilities)		662,036
	4,042	Evonik Industries AG (Materials)		122,080
	4,533	Fresenius Medical Care AG & Co. KGaA (Health Care)		291,843
	8,970	Fresenius SE & Co. KGaA (Health Care)		314,998
	1,370	Hannover Rueck SE (Financials)		253,592
	554	Hapag-Lloyd AG (Industrials)(b)		167,511
	3,395	HeidelbergCement AG (Materials)		221,703
	2,300	Henkel AG & Co. KGaA (Consumer Staples)		177,219
	27,418	Infineon Technologies AG (Information Technology)		946,820
	1,509	Knorr-Bremse AG (Industrials)		133,898
	19,118	Mercedes-Benz Group AG (Consumer Discretionary)		1,506,785
	2,949	Merck KGaA (Health Care)		588,102
	1,184	MTU Aero Engines AG (Industrials)		287,518

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

GOLDMAN SACHS MARKETBETA^® INTERNATIONAL EQUITY ETF

Shares		Description	Value
Common Stocks – (continued)
Germany – (continued)
	3,195	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Financials)	$	886,929
	2,295	Puma SE (Consumer Discretionary)		211,324
	14,264	RWE AG (Utilities)		664,725
	23,808	SAP SE (Information Technology)		2,709,414
	58	Sartorius AG (Health Care)		23,387
	18,423	Siemens AG (Industrials)		2,620,940
	9,939	Siemens Energy AG (Industrials)		239,234
	6,324	Siemens Healthineers AG (Health Care)(b)		408,287
	2,936	Symrise AG (Materials)		351,207
	1,216	Talanx AG (Financials)		53,485
	17,906	Telefonica Deutschland Holding AG (Communication Services)		49,174
	653	Volkswagen AG (Consumer Discretionary)		172,507
	17,314	Vonovia SE (Real Estate)		923,737
	5,116	Zalando SE (Consumer Discretionary)*(b)		342,364
				26,816,165
Hong Kong – 2.5%
	277,875	AIA Group Ltd. (Financials)		2,889,456
	7,026	ASM Pacific Technology Ltd. (Information Technology)		76,791
	30,119	Bank of East Asia Ltd. (The) (Financials)		50,727
	22,226	Cathay Pacific Airways Ltd. (Industrials)*		19,798
	44,985	CK Asset Holdings Ltd. (Real Estate)		284,118
	13,959	CK Infrastructure Holdings Ltd. (Utilities)		86,644
	43,420	CLP Holdings Ltd. (Utilities)		442,052
	7,062	Dairy Farm International Holdings Ltd. (Consumer Staples)		18,714
	42,023	Hang Lung Properties Ltd. (Real Estate)		88,094
	16,636	Hang Seng Bank Ltd. (Financials)		307,013
	30,188	Henderson Land Development Co. Ltd. (Real Estate)		125,563
	52,040	HK Electric Investments & HK Electric Investments Ltd. (Utilities)		51,349
	78,285	HKT Trust & HKT Ltd. (Communication Services)		105,600
	249,480	Hong Kong & China Gas Co. Ltd. (Utilities)		377,395
	29,124	Hong Kong Exchanges & Clearing Ltd. (Financials)		1,407,428
	27,148	Hongkong Land Holdings Ltd. (Real Estate)		146,328
	5,783	Jardine Matheson Holdings Ltd. (Industrials)		344,088
	48,007	Link REIT (Real Estate)		387,683
	10,390	Melco Resorts & Entertainment Ltd. ADR (Consumer Discretionary)*		104,108
Common Stocks – (continued)
Hong Kong – (continued)
	35,712	MTR Corp. Ltd. (Industrials)		184,874
	31,475	New World Development Co. Ltd. (Real Estate)		125,881
	31,414	Power Assets Holdings Ltd. (Utilities)		198,003
	226,406	Sino Biopharmaceutical Ltd. (Health Care)		144,298
	72,987	Sino Land Co. Ltd. (Real Estate)		91,821
	32,903	Sun Hung Kai Properties Ltd. (Real Estate)		382,774
	10,618	Swire Pacific Ltd., Class A (Real Estate)		58,704
	24,182	Swire Properties Ltd. (Real Estate)		62,825
	31,457	Techtronic Industries Co. Ltd. (Industrials)		525,377
	173,630	WH Group Ltd. (Consumer Staples)(b)		121,106
	33,865	Wharf Real Estate Investment Co. Ltd. (Real Estate)		151,909
	38,580	Xinyi Glass Holdings Ltd. (Industrials)		102,453
				9,462,974
Ireland – 0.9%
	2,939	AerCap Holdings NV (Industrials)*		159,970
	17,887	AIB Group PLC (Financials)*		47,153
	17,583	CRH PLC (Materials)		802,016
	3,959	Flutter Entertainment PLC (Consumer Discretionary)*		570,296
	1,841	ICON PLC (Health Care)*		438,176
	3,561	Kerry Group PLC, Class A (Consumer Staples)		424,770
	3,472	Kingspan Group PLC (Industrials)		338,655
	4,092	Ryanair Holdings PLC ADR (Industrials)*		408,013
	5,874	Smurfit Kappa Group PLC (Materials)		294,191
				3,483,240
Israel – 1.0%
	823	AFI Properties Ltd. (Real Estate)		47,935
	1,489	Airport City Ltd. (Real Estate)*		33,715
	3,353	Alony Hetz Properties & Investments Ltd. (Real Estate)		58,787
	4,724	Amot Investments Ltd. (Real Estate)		36,328
	873	Ashtrom Group Ltd. (Industrials)		24,182
	835	Azrieli Group Ltd. (Real Estate)		71,375
	25,866	Bank Hapoalim BM (Financials)		273,471
	31,878	Bank Leumi Le-Israel BM (Financials)		344,891
	46,245	Bezeq The Israeli Telecommunication Corp. Ltd. (Communication Services)*		76,030
	248	Big Shopping Centers Ltd. (Real Estate)		36,657
	2,255	Check Point Software Technologies Ltd. (Information Technology)*		326,704
	477	Elbit Systems Ltd. (Industrials)		97,768
	4,970	Energix-Renewable Energies Ltd. (Utilities)		20,218

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

GOLDMAN SACHS MARKETBETA^® INTERNATIONAL EQUITY ETF

Schedule of Investments (continued)

February 28, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Israel – (continued)
	20,738	Enlight Renewable Energy Ltd. (Utilities)*	$	50,049
	1,182	First International Bank Of Israel Ltd. (The) (Financials)		50,777
	1,112	Gav-Yam Lands Corp. Ltd. (Real Estate)		13,599
	901	Global-e Online Ltd. (Consumer Discretionary)*		35,265
	2,590	Harel Insurance Investments & Financial Services Ltd. (Financials)		31,415
	15,464	ICL Group Ltd. (Materials)		175,604
	83	Israel Corp. Ltd. (The) (Materials)*		43,558
	25,465	Israel Discount Bank Ltd., Class A (Financials)		167,466
	1,157	JFrog Ltd. (Information Technology)*		28,659
	1,131	Kornit Digital Ltd. (Industrials)*		107,253
	735	Matrix IT Ltd. (Information Technology)		19,850
	1,089	Maytronics Ltd. (Consumer Discretionary)		23,432
	524	Melisron Ltd. (Real Estate)*		41,718
	14,828	Mivne Real Estate KD Ltd. (Real Estate)		58,055
	3,412	Mizrahi Tefahot Bank Ltd. (Financials)		133,161
	5,678	Nano Dimension Ltd. ADR (Information Technology)*		20,100
	1,440	Nice Ltd. (Information Technology)*		326,010
	603	Nova Ltd. (Information Technology)*		65,446
	2,089	OPC Energy Ltd. (Utilities)*		23,787
	3,253	Phoenix Holdings Ltd. (The) (Financials)		40,390
	2,186	Plus500 Ltd. (Financials)		40,931
	694	Sapiens International Corp. NV (Information Technology)		19,009
	3,237	Shapir Engineering and Industry Ltd. (Industrials)		31,911
	5,233	Shikun & Binui Ltd. (Industrials)*		31,622
	6,050	Shufersal Ltd. (Consumer Staples)		54,112
	1,134	Strauss Group Ltd. (Consumer Staples)		37,252
	3,866	Taboola.com Ltd. (Communication Services)*		25,554
	25,042	Teva Pharmaceutical Industries Ltd. (Health Care)*		203,120
	2,486	Tower Semiconductor Ltd. (Information Technology)*		116,178
	411	WalkMe Ltd. (Information Technology)* (a)		6,280
	1,240	Wix.com Ltd. (Information Technology)*		113,559
	1,699	ZIM Integrated Shipping Services Ltd. (Industrials)		118,573
				3,701,756
Common Stocks – (continued)
Italy – 2.1%
	35,746	A2A SpA (Utilities)		64,119
	2,830	Amplifon SpA (Health Care)		122,219
	28,020	Assicurazioni Generali SpA (Financials)		558,000
	12,111	Atlantia SpA (Industrials)*		223,227
	4,855	Banca Mediolanum SpA (Financials)		40,146
	2,422	Buzzi Unicem SpA (Materials)		46,532
	12,157	Davide Campari-Milano NV (Consumer Staples)		133,107
	264	DiaSorin SpA (Health Care)		39,631
	177,284	Enel SpA (Utilities)		1,314,029
	55,716	Eni SpA (Energy)		865,610
	2,728	Ferrari NV (Consumer Discretionary)		590,604
	13,917	FinecoBank Banca Fineco SpA (Financials)		233,301
	19,393	Hera SpA (Utilities)		75,475
	8,020	Infrastrutture Wireless Italiane SpA (Communication Services)(b)		82,082
	1,675	Interpump Group SpA (Industrials)		91,171
	391,380	Intesa Sanpaolo SpA (Financials)		1,008,219
	4,491	Iveco Group NV (Industrials)*		37,555
	9,007	Leonardo SpA (Industrials)*		80,933
	14,730	Mediobanca Banca di Credito Finanziario SpA (Financials)		154,296
	4,735	Moncler SpA (Consumer Discretionary)		288,148
	19,356	Nexi SpA (Information Technology)*(b)		266,758
	8,742	Pirelli & C SpA (Consumer Discretionary)(b)		48,535
	10,532	Poste Italiane SpA (Financials)(b)		121,549
	11,778	PRADA SpA (Consumer Discretionary)		73,483
	5,778	Prysmian SpA (Industrials)		191,580
	2,224	Recordati Industria Chimica e Farmaceutica SpA (Health Care)		109,312
	43,496	Snam SpA (Utilities)		242,564
	678	Stevanato Group SpA (Health Care)*		10,882
	227,944	Telecom Italia SpA (Communication Services)		96,753
	137,544	Telecom Italia SpA-RSP (Communication Services)		57,578
	32,175	Terna – Rete Elettrica Nazionale (Utilities)		265,332
	46,346	UniCredit SpA (Financials)		592,812
	9,708	UnipolSai Assicurazioni SpA (Financials)		26,497
				8,152,039
Japan – 23.7%
	706	ABC-Mart, Inc. (Consumer Discretionary)(a)		30,526
	8,611	Acom Co. Ltd. (Financials)		23,925
	4,393	Advantest Corp. (Information Technology)		345,948
	15,849	Aeon Co. Ltd. (Consumer Staples)(a)		357,437

40 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)
	2,385	AEON Financial Service Co. Ltd. (Financials)(a)	$	24,601
	2,101	Aeon Mall Co. Ltd. (Real Estate)		29,424
	4,352	AGC, Inc. (Industrials)		192,331
	4,292	Air Water, Inc. (Materials)		62,307
	3,518	Aisin Corp. (Consumer Discretionary)		127,830
	12,213	Ajinomoto Co., Inc. (Consumer Staples)		354,063
	4,227	Alfresa Holdings Corp. (Health Care)		64,813
	7,700	Amada Co. Ltd. (Industrials)		67,724
	9,930	ANA Holdings, Inc. (Industrials)*		217,826
	10,021	Asahi Group Holdings Ltd. (Consumer Staples)		404,059
	4,961	Asahi Intecc Co. Ltd. (Health Care)		105,789
	30,211	Asahi Kasei Corp. (Materials)		282,634
	41,952	Astellas Pharma, Inc. (Health Care)		698,805
	3,001	Azbil Corp. (Information Technology)		112,822
	4,031	Bandai Namco Holdings, Inc. (Consumer Discretionary)		292,941
	306	BayCurrent Consulting, Inc. (Industrials)		120,487
	1,697	Benefit One, Inc. (Industrials)		38,913
	1,568	Benesse Holdings, Inc. (Consumer Discretionary)		31,830
	13,054	Bridgestone Corp. (Consumer Discretionary)		535,534
	5,665	Brother Industries Ltd. (Information Technology)		102,602
	1,871	Calbee, Inc. (Consumer Staples)		41,944
	23,301	Canon, Inc. (Information Technology)		545,932
	3,732	Capcom Co. Ltd. (Communication Services)		89,918
	4,992	Casio Computer Co. Ltd. (Consumer Discretionary)		58,296
	3,855	Central Japan Railway Co. (Industrials)		518,463
	15,427	Chiba Bank Ltd. (The) (Financials)		97,645
	16,605	Chubu Electric Power Co., Inc. (Utilities)		166,230
	14,396	Chugai Pharmaceutical Co. Ltd. (Health Care)		474,971
	7,120	Chugoku Electric Power Co., Inc. (The) (Utilities)		55,761
	2,754	Coca-Cola Bottlers Japan Holdings, Inc. (Consumer Staples)		35,102
	24,730	Concordia Financial Group Ltd. (Financials)		101,132
	426	Cosmos Pharmaceutical Corp. (Consumer Staples)		58,699
	9,396	CyberAgent, Inc. (Communication Services)		121,228
	5,315	Dai Nippon Printing Co. Ltd. (Industrials)		137,842
	5,900	Daicel Corp. (Materials)		45,233
	2,609	Daifuku Co. Ltd. (Industrials)		187,110
	22,699	Dai-ichi Life Holdings, Inc. (Financials)		474,575
Common Stocks – (continued)
Japan – (continued)
	42,958	Daiichi Sankyo Co. Ltd. (Health Care)		1,041,920
	5,990	Daikin Industries Ltd. (Industrials)		1,102,826
	1,375	Daito Trust Construction Co. Ltd. (Real Estate)		151,856
	13,762	Daiwa House Industry Co. Ltd. (Real Estate)		390,605
	49	Daiwa House REIT Investment Corp. REIT (Real Estate)		132,524
	31,726	Daiwa Securities Group, Inc. (Financials)		187,808
	9,847	Denso Corp. (Consumer Discretionary)		687,986
	4,845	Dentsu Group, Inc. (Communication Services)		192,454
	1,842	DIC Corp. (Materials)		41,886
	642	Disco Corp. (Information Technology)		179,208
	7,342	East Japan Railway Co. (Industrials)		434,113
	2,082	Ebara Corp. (Industrials)		107,738
	6,227	Eisai Co. Ltd. (Health Care)		309,147
	3,772	Electric Power Development Co. Ltd. (Utilities)		59,769
	71,177	ENEOS Holdings, Inc. (Energy)		280,444
	1,125	Ezaki Glico Co. Ltd. (Consumer Staples)		38,387
	4,343	FANUC Corp. (Industrials)		797,709
	1,244	Fast Retailing Co. Ltd. (Consumer Discretionary)		667,823
	2,488	Food & Life Cos. Ltd. (Consumer Discretionary)		82,087
	2,960	Fuji Electric Co. Ltd. (Industrials)		150,602
	3,703	Fuji Media Holdings, Inc. (Communication Services)		40,060
	8,670	FUJIFILM Holdings Corp. (Information Technology)		546,660
	4,317	Fujitsu Ltd. (Information Technology)		620,891
	4,000	Fukuoka Financial Group, Inc. (Financials)		79,219
	98	GLP J REIT (Real Estate)		146,011
	996	GMO Payment Gateway, Inc. (Information Technology)		94,865
	4,993	Hakuhodo DY Holdings, Inc. (Communication Services)		65,721
	3,209	Hamamatsu Photonics KK (Information Technology)		161,321
	5,258	Hankyu Hanshin Holdings, Inc. (Industrials)		156,816
	977	Harmonic Drive Systems, Inc. (Industrials)		39,530
	5,783	Haseko Corp. (Consumer Discretionary)		73,609
	443	Hikari Tsushin, Inc. (Consumer Discretionary)		54,618
	6,083	Hino Motors Ltd. (Industrials)		56,882
	705	Hirose Electric Co. Ltd. (Information Technology)		104,977

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

GOLDMAN SACHS MARKETBETA^® INTERNATIONAL EQUITY ETF

Schedule of Investments (continued)

February 28, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Japan – (continued)
	1,521	Hisamitsu Pharmaceutical Co., Inc. (Health Care)	$	48,334
	2,337	Hitachi Construction Machinery Co. Ltd. (Industrials)		56,875
	21,535	Hitachi Ltd. (Industrials)		1,056,416
	4,506	Hitachi Metals Ltd. (Materials)*		80,085
	36,069	Honda Motor Co. Ltd. (Consumer Discretionary)		1,103,913
	1,254	Hoshizaki Corp. (Industrials)		86,884
	8,408	Hoya Corp. (Health Care)		1,084,444
	9,585	Hulic Co. Ltd. (Real Estate)		87,133
	2,677	Ibiden Co. Ltd. (Information Technology)		128,301
	4,741	Idemitsu Kosan Co. Ltd. (Energy)		126,783
	3,071	IHI Corp. (Industrials)		70,872
	3,401	Iida Group Holdings Co. Ltd. (Consumer Discretionary)		62,690
	22,784	Inpex Corp. (Energy)		234,418
	7,611	Isetan Mitsukoshi Holdings Ltd. (Consumer Discretionary)		61,126
	13,412	Isuzu Motors Ltd. (Consumer Discretionary)		181,311
	1,261	Ito En Ltd. (Consumer Staples)		72,260
	33,513	ITOCHU Corp. (Industrials)		1,089,118
	2,100	Itochu Techno-Solutions Corp. (Information Technology)		53,952
	917	Izumi Co. Ltd. (Consumer Discretionary)		25,597
	5,573	J Front Retailing Co. Ltd. (Consumer Discretionary)(a)		46,549
	9,637	Japan Airlines Co. Ltd. (Industrials)*		192,196
	11,980	Japan Exchange Group, Inc. (Financials)		224,674
	159	Japan Metropolitan Fund Invest REIT (Real Estate)		128,525
	9,141	Japan Post Bank Co. Ltd. (Financials)(a)		80,477
	54,572	Japan Post Holdings Co. Ltd. (Financials)*		452,070
	4,493	Japan Post Insurance Co. Ltd. (Financials)		77,006
	24,740	Japan Tobacco, Inc. (Consumer Staples)		455,384
	11,036	JFE Holdings, Inc. (Materials)		164,809
	5,120	JGC Holdings Corp. (Industrials)		51,211
	4,634	JSR Corp. (Materials)		144,442
	5,170	JTEKT Corp. (Consumer Discretionary)		44,484
	9,954	Kajima Corp. (Industrials)		133,440
	2,894	Kakaku.com, Inc. (Communication Services)		62,918
	16,795	Kansai Electric Power Co., Inc. (The) (Utilities)		169,445
	4,988	Kansai Paint Co. Ltd. (Materials)		99,565
	10,668	Kao Corp. (Consumer Staples)		498,319
	3,458	Kawasaki Heavy Industries Ltd. (Industrials)		63,831
Common Stocks – (continued)
Japan – (continued)
	34,822	KDDI Corp. (Communication Services)		1,135,589
	2,290	Keihan Holdings Co. Ltd. (Industrials)		60,841
	5,173	Keikyu Corp. (Industrials)		54,077
	2,463	Keio Corp. (Industrials)		100,509
	3,415	Keisei Electric Railway Co. Ltd. (Industrials)		95,475
	2,311	Kewpie Corp. (Consumer Staples)		49,260
	4,270	Keyence Corp. (Information Technology)		1,993,841
	3,201	Kikkoman Corp. (Consumer Staples)		237,348
	3,866	Kintetsu Group Holdings Co. Ltd. (Industrials)*		115,972
	17,756	Kirin Holdings Co. Ltd. (Consumer Staples)		294,071
	1,113	Kobayashi Pharmaceutical Co. Ltd. (Consumer Staples)		94,896
	2,727	Kobe Bussan Co. Ltd. (Consumer Staples)		89,618
	1,277	Koei Tecmo Holdings Co. Ltd. (Communication Services)		44,073
	2,801	Koito Manufacturing Co. Ltd. (Consumer Discretionary)		143,972
	21,435	Komatsu Ltd. (Industrials)		491,791
	2,132	Konami Holdings Corp. (Communication Services)		119,951
	740	Kose Corp. (Consumer Staples)		84,360
	26,767	Kubota Corp. (Industrials)		479,215
	7,556	Kuraray Co. Ltd. (Materials)		70,722
	2,498	Kurita Water Industries Ltd. (Industrials)		101,937
	7,367	Kyocera Corp. (Information Technology)		420,816
	5,620	Kyowa Kirin Co. Ltd. (Health Care)		144,141
	10,176	Kyushu Electric Power Co., Inc. (Utilities)		76,690
	3,108	Kyushu Railway Co. (Industrials)		68,542
	1,750	Lasertec Corp. (Information Technology)		316,649
	1,018	Lawson, Inc. (Consumer Staples)(a)		42,426
	5,764	Lion Corp. (Consumer Staples)		75,319
	6,446	Lixil Corp. (Industrials)		142,996
	9,300	M3, Inc. (Health Care)		344,708
	5,528	Makita Corp. (Industrials)		195,586
	38,375	Marubeni Corp. (Industrials)		400,993
	4,254	Marui Group Co. Ltd. (Financials)		83,289
	13,262	Mazda Motor Corp. (Consumer Discretionary)*		98,565
	1,940	McDonald’s Holdings Co. Japan Ltd. (Consumer Discretionary)		83,209
	23,288	Mebuki Financial Group, Inc. (Financials)		54,795
	3,962	Medipal Holdings Corp. (Health Care)		72,136
	2,896	MEIJI Holdings Co. Ltd. (Consumer Staples)		173,747
	2,277	Mercari, Inc. (Consumer Discretionary)*		70,183

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

GOLDMAN SACHS MARKETBETA^® INTERNATIONAL EQUITY ETF

Shares		Description	Value
Common Stocks – (continued)
Japan – (continued)
	8,607	MINEBEA MITSUMI, Inc. (Industrials)	$	186,525
	6,473	MISUMI Group, Inc. (Industrials)		205,978
	31,983	Mitsubishi Chemical Holdings Corp. (Materials)		226,984
	30,751	Mitsubishi Corp. (Industrials)		1,033,533
	44,663	Mitsubishi Electric Corp. (Industrials)		535,723
	26,612	Mitsubishi Estate Co. Ltd. (Real Estate)		405,967
	4,364	Mitsubishi Gas Chemical Co., Inc. (Materials)		77,182
	15,546	Mitsubishi HC Capital, Inc. (Financials)		80,851
	7,042	Mitsubishi Heavy Industries Ltd. (Industrials)		207,637
	2,735	Mitsubishi Materials Corp. (Materials)		49,226
	15,013	Mitsubishi Motors Corp. (Consumer Discretionary)*		39,105
	260,444	Mitsubishi UFJ Financial Group, Inc. (Financials)		1,611,847
	35,253	Mitsui & Co. Ltd. (Industrials)		877,078
	4,017	Mitsui Chemicals, Inc. (Materials)		102,470
	20,184	Mitsui Fudosan Co. Ltd. (Real Estate)		448,105
	2,629	Mitsui OSK Lines Ltd. (Industrials)		213,196
	2,203	Miura Co. Ltd. (Industrials)		59,964
	53,687	Mizuho Financial Group, Inc. (Financials)		710,855
	5,535	MonotaRO Co. Ltd. (Industrials)		103,323
	10,556	MS&AD Insurance Group Holdings, Inc. (Financials)		357,900
	14,211	Murata Manufacturing Co. Ltd. (Information Technology)		960,808
	2,438	Nabtesco Corp. (Industrials)		66,890
	4,399	Nagoya Railroad Co. Ltd. (Industrials)*		80,513
	5,700	NEC Corp. (Information Technology)		245,222
	10,537	Nexon Co. Ltd. (Communication Services)		227,619
	6,850	NGK Insulators Ltd. (Industrials)		105,865
	4,397	NGK Spark Plug Co. Ltd. (Consumer Discretionary)		78,949
	2,304	NH Foods Ltd. (Consumer Staples)(a)		86,419
	2,774	Nichirei Corp. (Consumer Staples)		61,008
	11,484	Nidec Corp. (Industrials)		985,425
	6,804	Nihon M&A Center Holdings, Inc. (Industrials)		98,242
	7,343	Nikon Corp. (Consumer Discretionary)		76,060
	2,631	Nintendo Co. Ltd. (Communication Services)		1,325,380
	63	Nippon Building Fund, Inc. REIT (Real Estate)		359,922
	1,774	Nippon Express Holdings, Inc. (Industrials)		107,510
	20,184	Nippon Paint Holdings Co. Ltd. (Materials)		178,576
Common Stocks – (continued)
Japan – (continued)
	49	Nippon Prologis REIT, Inc. REIT (Real Estate)		143,586
	4,021	Nippon Sanso Holdings Corp. (Materials)		78,273
	1,428	Nippon Shinyaku Co. Ltd. (Health Care)		92,369
	19,569	Nippon Steel Corp. (Materials)		358,248
	49,431	Nippon Telegraph & Telephone Corp. (Communication Services)		1,413,295
	3,189	Nippon Television Holdings, Inc. (Communication Services)		36,465
	3,682	Nippon Yusen KK (Industrials)(a)		341,106
	2,892	Nissan Chemical Corp. (Materials)		163,213
	50,312	Nissan Motor Co. Ltd. (Consumer Discretionary)*		238,204
	5,429	Nisshin Seifun Group, Inc. (Consumer Staples)		76,833
	1,501	Nissin Foods Holdings Co. Ltd. (Consumer Staples)		119,507
	1,856	Nitori Holdings Co. Ltd. (Consumer Discretionary)		277,896
	3,325	Nitto Denko Corp. (Materials)		241,057
	68,859	Nomura Holdings, Inc. (Financials)		314,656
	2,547	Nomura Real Estate Holdings, Inc. (Real Estate)		63,357
	93	Nomura Real Estate Master Fund, Inc. REIT (Real Estate)		122,573
	8,098	Nomura Research Institute Ltd. (Information Technology)		279,484
	10,375	NSK Ltd. (Industrials)		67,020
	14,317	NTT Data Corp. (Information Technology)		270,118
	14,566	Obayashi Corp. (Industrials)		121,536
	634	OBIC Business Consultants Co. Ltd. (Information Technology)		23,010
	1,428	Obic Co. Ltd. (Information Technology)		227,017
	7,741	Odakyu Electric Railway Co. Ltd. (Industrials)		127,297
	20,191	Oji Holdings Corp. (Materials)		102,905
	28,854	Olympus Corp. (Health Care)		576,078
	4,383	Omron Corp. (Information Technology)		295,308
	9,174	Ono Pharmaceutical Co. Ltd. (Health Care)		225,138
	1,766	Open House Group Co. Ltd. (Consumer Discretionary)		79,733
	753	Oracle Corp. Japan (Information Technology)		53,349
	4,659	Oriental Land Co. Ltd. (Consumer Discretionary)		854,740
	27,183	ORIX Corp. (Financials)		538,822
	63	Orix JREIT, Inc. REIT (Real Estate)		88,011
	9,141	Osaka Gas Co. Ltd. (Utilities)		167,383
	2,487	Otsuka Corp. (Information Technology)		95,766

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

GOLDMAN SACHS MARKETBETA^® INTERNATIONAL EQUITY ETF

Schedule of Investments (continued)

February 28, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Japan – (continued)
	9,102	Otsuka Holdings Co. Ltd. (Health Care)	$	313,186
	8,703	Pan Pacific International Holdings Corp. (Consumer Discretionary)		142,059
	49,807	Panasonic Corp. (Consumer Discretionary)		514,611
	2,475	Park24 Co. Ltd. (Industrials)*		36,789
	2,216	PeptiDream, Inc. (Health Care)*		39,135
	4,009	Persol Holdings Co. Ltd. (Industrials)		88,899
	2,617	Pigeon Corp. (Consumer Staples)		48,125
	1,876	Pola Orbis Holdings, Inc. (Consumer Staples)		29,254
	1,888	Rakus Co. Ltd. (Information Technology)		30,769
	19,961	Rakuten Group, Inc. (Consumer Discretionary)		168,804
	31,590	Recruit Holdings Co. Ltd. (Industrials)		1,321,747
	25,773	Renesas Electronics Corp. (Information Technology)*		299,855
	53,661	Resona Holdings, Inc. (Financials)		241,247
	14,058	Ricoh Co. Ltd. (Information Technology)		119,495
	789	Rinnai Corp. (Consumer Discretionary)		64,531
	1,941	Rohm Co. Ltd. (Information Technology)		152,179
	5,520	Ryohin Keikaku Co. Ltd. (Consumer Discretionary)(a)		80,949
	8,586	Santen Pharmaceutical Co. Ltd. (Health Care)		97,210
	4,990	SBI Holdings, Inc. (Financials)		129,976
	980	SCREEN Holdings Co. Ltd. (Information Technology)(a)		94,618
	3,267	SCSK Corp. (Information Technology)		55,540
	4,784	Secom Co. Ltd. (Industrials)		349,823
	3,890	Sega Sammy Holdings, Inc. (Consumer Discretionary)		70,555
	5,080	Seibu Holdings, Inc. (Industrials)*		52,884
	6,682	Seiko Epson Corp. (Information Technology)		102,282
	9,137	Sekisui Chemical Co. Ltd. (Consumer Discretionary)		149,222
	13,533	Sekisui House Ltd. (Consumer Discretionary)		275,654
	17,070	Seven & i Holdings Co. Ltd. (Consumer Staples)(a)		828,638
	13,735	Seven Bank Ltd. (Financials)		29,336
	9,183	SG Holdings Co. Ltd. (Industrials)		193,905
	6,489	Sharp Corp. (Consumer Discretionary)(a)		61,017
	6,422	Shimadzu Corp. (Information Technology)		228,889
	533	Shimamura Co. Ltd. (Consumer Discretionary)		48,082
	1,825	Shimano, Inc. (Consumer Discretionary)		421,172
Common Stocks – (continued)
Japan – (continued)
	12,674	Shimizu Corp. (Industrials)		83,741
	9,254	Shin-Etsu Chemical Co. Ltd. (Materials)		1,419,737
	1,411	Shinsei Bank Ltd. (Financials)		26,536
	6,764	Shionogi & Co. Ltd. (Health Care)		448,741
	9,038	Shiseido Co. Ltd. (Consumer Staples)		515,246
	11,503	Shizuoka Bank Ltd. (The) (Financials)		85,392
	4,054	Showa Denko KK (Materials)		74,093
	1,418	SMC Corp. (Industrials)		837,811
	63,125	SoftBank Corp. (Communication Services)		794,989
	26,150	SoftBank Group Corp. (Communication Services)		1,163,610
	1,664	Sohgo Security Services Co. Ltd. (Industrials)		59,813
	5,141	Sojitz Corp. (Industrials)		84,809
	7,245	Sompo Holdings, Inc. (Financials)		315,779
	28,239	Sony Group Corp. (Consumer Discretionary)		2,895,616
	2,032	Square Enix Holdings Co. Ltd. (Communication Services)		98,094
	3,329	Stanley Electric Co. Ltd. (Consumer Discretionary)		78,821
	13,838	Subaru Corp. (Consumer Discretionary)		227,499
	810	Sugi Holdings Co. Ltd. (Consumer Staples)		45,713
	7,635	SUMCO Corp. (Information Technology)		125,090
	35,930	Sumitomo Chemical Co. Ltd. (Materials)		171,578
	26,667	Sumitomo Corp. (Industrials)		433,896
	3,800	Sumitomo Dainippon Pharma Co. Ltd. (Health Care)		41,670
	16,900	Sumitomo Electric Industries Ltd. (Consumer Discretionary)		223,401
	2,606	Sumitomo Heavy Industries Ltd. (Industrials)		63,015
	5,504	Sumitomo Metal Mining Co. Ltd. (Materials)		274,591
	26,736	Sumitomo Mitsui Financial Group, Inc. (Financials)		956,623
	7,177	Sumitomo Mitsui Trust Holdings, Inc. (Financials)		256,110
	7,065	Sumitomo Realty & Development Co. Ltd. (Real Estate)		207,702
	4,039	Sumitomo Rubber Industries Ltd. (Consumer Discretionary)		38,961
	1,539	Sundrug Co. Ltd. (Consumer Staples)		41,690
	2,839	Suntory Beverage & Food Ltd. (Consumer Staples)		113,387
	1,400	Suzuken Co. Ltd. (Health Care)		45,097
	9,363	Suzuki Motor Corp. (Consumer Discretionary)		371,756
	3,471	Sysmex Corp. (Health Care)		274,968
	12,118	T&D Holdings, Inc. (Financials)		177,180

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

GOLDMAN SACHS MARKETBETA^® INTERNATIONAL EQUITY ETF

Shares		Description	Value
Common Stocks – (continued)
Japan – (continued)
	2,606	Taiheiyo Cement Corp. (Materials)	$	49,937
	4,167	Taisei Corp. (Industrials)		138,026
	905	Taisho Pharmaceutical Holdings Co. Ltd. (Health Care)		44,867
	2,805	Taiyo Yuden Co. Ltd. (Information Technology)		124,207
	35,071	Takeda Pharmaceutical Co. Ltd. (Health Care)		1,066,061
	2,067	TBS Holdings, Inc. (Communication Services)		33,381
	8,625	TDK Corp. (Information Technology)		344,476
	4,118	Teijin Ltd. (Materials)		49,448
	16,293	Terumo Corp. (Health Care)		524,686
	2,717	THK Co. Ltd. (Industrials)		61,806
	5,269	TIS, Inc. (Information Technology)		123,519
	4,347	Tobu Railway Co. Ltd. (Industrials)		106,623
	133	Toei Animation Co. Ltd. (Communication Services)		11,675
	2,463	Toho Co. Ltd. (Communication Services)		102,327
	2,119	Toho Gas Co. Ltd. (Utilities)		56,574
	10,674	Tohoku Electric Power Co., Inc. (Utilities)		69,229
	14,094	Tokio Marine Holdings, Inc. (Financials)		804,462
	854	Tokyo Century Corp. (Financials)		37,371
	33,876	Tokyo Electric Power Co. Holdings, Inc. (Utilities)*		106,474
	3,393	Tokyo Electron Ltd. (Information Technology)		1,642,957
	9,463	Tokyo Gas Co. Ltd. (Utilities)		192,916
	12,355	Tokyu Corp. (Industrials)		164,340
	13,562	Tokyu Fudosan Holdings Corp. (Real Estate)		75,243
	6,211	TOPPAN, Inc. (Industrials)		121,712
	34,073	Toray Industries, Inc. (Materials)		195,164
	9,157	Toshiba Corp. (Industrials)		363,895
	6,488	Tosoh Corp. (Materials)		100,721
	3,534	TOTO Ltd. (Industrials)		148,356
	1,990	Toyo Suisan Kaisha Ltd. (Consumer Staples)		83,626
	1,524	Toyoda Gosei Co. Ltd. (Consumer Discretionary)		28,846
	1,655	Toyota Boshoku Corp. (Consumer Discretionary)		30,118
	3,523	Toyota Industries Corp. (Industrials)		267,341
	249,957	Toyota Motor Corp. (Consumer Discretionary)		4,641,051
	5,039	Toyota Tsusho Corp. (Industrials)		208,473
	3,020	Trend Micro, Inc. (Information Technology)		167,814
	872	Tsuruha Holdings, Inc. (Consumer Staples)		69,578
	9,097	Unicharm Corp. (Consumer Staples)		341,212
	65	United Urban Investment Corp. REIT (Real Estate)		74,213
Common Stocks – (continued)
Japan – (continued)
	4,568	USS Co. Ltd. (Consumer Discretionary)		75,515
	2,096	Welcia Holdings Co. Ltd. (Consumer Staples)		55,778
	5,010	West Japan Railway Co. (Industrials)		215,407
	450	Workman Co. Ltd. (Consumer Discretionary)		19,692
	2,981	Yakult Honsha Co. Ltd. (Consumer Staples)		161,247
	16,015	Yamada Holdings Co. Ltd. (Consumer Discretionary)		55,481
	3,723	Yamaha Corp. (Consumer Discretionary)		173,261
	7,063	Yamaha Motor Co. Ltd. (Consumer Discretionary)		157,971
	7,254	Yamato Holdings Co. Ltd. (Industrials)		141,584
	2,994	Yamazaki Baking Co. Ltd. (Consumer Staples)		40,475
	5,682	Yaskawa Electric Corp. (Industrials)(a)		225,455
	5,833	Yokogawa Electric Corp. (Information Technology)		93,439
	3,016	Yokohama Rubber Co. Ltd. (The) (Consumer Discretionary)		42,081
	59,727	Z Holdings Corp. (Communication Services)		289,158
	2,554	ZOZO, Inc. (Consumer Discretionary)		72,069
				90,031,229
Jordan – 0.0%
	3,261	Hikma Pharmaceuticals PLC (Health Care)		91,141
Luxembourg – 0.2%
	13,875	ArcelorMittal (Materials)		431,766
	2,930	Eurofins Scientific SE (Health Care)		297,965
				729,731
Macau – 0.1%
	49,385	Galaxy Entertainment Group Ltd. (Consumer Discretionary)*		274,617
	55,982	Sands China Ltd. (Consumer Discretionary)*		146,516
	33,440	Wynn Macau Ltd. (Consumer Discretionary)*		28,503
				449,636
Mexico – 0.0%
	4,204	Fresnillo PLC (Materials)		40,534
Netherlands – 5.0%
	10,064	ABN AMRO Bank NV (Financials)(b)		134,087
	607	Adyen NV (Information Technology)*(b)		1,271,116
	3,825	Akzo Nobel NV (Materials)		365,181
	1,025	ASM International NV (Information Technology)		331,799

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

GOLDMAN SACHS MARKETBETA^® INTERNATIONAL EQUITY ETF

Schedule of Investments (continued)

February 28, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Netherlands – (continued)
	9,132	ASML Holding NV (Information Technology)	$	6,142,957
	2,428	EXOR NV (Financials)		184,899
	1,976	HAL Trust (Financials)		305,396
	2,290	Heineken Holding NV (Consumer Staples)		187,122
	5,427	Heineken NV (Consumer Staples)		550,921
	86,322	ING Groep NV (Financials)		1,017,854
	2,177	JDE Peet’s NV (Consumer Staples)		71,583
	23,124	Koninklijke Ahold Delhaize NV (Consumer Staples)		713,735
	3,935	Koninklijke DSM NV (Materials)		739,432
	74,849	Koninklijke KPN NV (Communication Services)		256,415
	19,913	Koninklijke Philips NV (Health Care)		678,593
	5,809	NN Group NV (Financials)		279,125
	2,668	Randstad NV (Industrials)		181,900
	175,194	Shell PLC (Energy)		4,635,514
	21,505	Universal Music Group NV (Communication Services)		491,060
	5,897	Wolters Kluwer NV (Industrials)		601,547
				19,140,236
New Zealand – 0.4%
	16,855	a2 Milk Co. Ltd. (The) (Consumer Staples)*		67,870
	27,518	Auckland International Airport Ltd. (Industrials)*		132,594
	10,273	Chorus Ltd. (Communication Services)		50,786
	17,747	Contact Energy Ltd. (Utilities)		97,524
	13,109	Fisher & Paykel Healthcare Corp. Ltd. (Health Care)		244,055
	17,268	Fletcher Building Ltd. (Industrials)		78,414
	11,714	Genesis Energy Ltd. (Utilities)		21,840
	23,033	Goodman Property Trust REIT (Real Estate)		37,566
	15,736	Infratil Ltd. (Utilities)		84,662
	1,871	Mainfreight Ltd. (Industrials)		100,524
	13,867	Mercury NZ Ltd. (Utilities)		53,679
	26,335	Meridian Energy Ltd. (Utilities)		89,022
	8,699	Ryman Healthcare Ltd. (Health Care)		58,871
	42,191	Spark New Zealand Ltd. (Communication Services)		128,630
	2,972	Xero Ltd. (Information Technology)*		202,141
				1,448,178
Norway – 0.9%
	503	Aker ASA, Class A (Industrials)		41,728
	2,873	Aker BP ASA (Energy)		89,356
	1,968	Austevoll Seafood ASA (Consumer Staples)		27,885
	13,498	AutoStore Holdings Ltd. (Industrials)*		45,412
	20,134	DNB Bank ASA (Financials)		451,281
	1,360	Entra ASA (Real Estate)(b)		28,844
	23,861	Equinor ASA (Energy)		755,556
Common Stocks – (continued)
Norway – (continued)
	4,247	Gjensidige Forsikring ASA (Financials)		105,237
	8,307	Kahoot! ASA (Communication Services)*		26,091
	1,982	Kongsberg Gruppen ASA (Industrials)		69,916
	6,431	Leroy Seafood Group ASA (Consumer Staples)		56,166
	10,335	Mowi ASA (Consumer Staples)		266,083
	33,088	NEL ASA (Industrials)*(a)		60,260
	3,775	Nordic Semiconductor ASA (Information Technology)*		100,453
	30,502	Norsk Hydro ASA (Materials)		289,840
	16,961	Orkla ASA (Consumer Staples)		159,201
	1,289	Salmar ASA (Consumer Staples)		95,162
	1,597	Schibsted ASA, Class A (Communication Services)		45,983
	2,104	Schibsted ASA, Class B (Communication Services)		54,600
	3,936	SpareBank 1 SR-Bank ASA (Financials)		58,546
	10,398	Storebrand ASA (Financials)		103,062
	14,628	Telenor ASA (Communication Services)		217,000
	2,657	TOMRA Systems ASA (Industrials)		125,453
				3,273,115
Poland – 0.3%
	8,807	Allegro.eu SA (Consumer Discretionary)*(b)		66,029
	4,025	Bank Polska Kasa Opieki SA (Financials)		111,220
	1,567	CD Projekt SA (Communication Services)(a)		63,077
	5,752	Cyfrowy Polsat SA (Communication Services)		37,425
	1,092	Dino Polska SA (Consumer Staples)*(b)		77,055
	4,761	InPost SA (Industrials)*		29,508
	3,112	KGHM Polska Miedz SA (Materials)		123,111
	297	mBank SA (Financials)*		29,320
	18,183	PGE Polska Grupa Energetyczna SA (Utilities)*		35,458
	7,074	Polski Koncern Naftowy ORLEN SA (Energy)		120,157
	37,080	Polskie Gornictwo Naftowe i Gazownictwo SA (Energy)		49,351
	20,130	Powszechna Kasa Oszczednosci Bank Polski SA (Financials)*		194,058
	12,968	Powszechny Zaklad Ubezpieczen SA (Financials)		97,768
	761	Santander Bank Polska SA (Financials)		57,246
				1,090,783

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

GOLDMAN SACHS MARKETBETA^® INTERNATIONAL EQUITY ETF

Shares		Description	Value
Common Stocks – (continued)
Portugal – 0.2%
	167,227	Banco Comercial Portugues SA, Class R (Financials)*	$	31,011
	62,756	EDP – Energias de Portugal SA (Utilities)		307,608
	11,198	Galp Energia SGPS SA (Energy)		123,990
	6,300	Jeronimo Martins SGPS SA (Consumer Staples)		137,454
				600,063
Russia – 0.0%
	12,172	Evraz PLC (Materials)		23,640
	5,180	Raspadskaya OJSC (Materials)(c)		12,634
				36,274
Saudi Arabia – 0.0%
	3,508	Delivery Hero SE (Consumer Discretionary)*(b)		188,380
Singapore – 1.4%
	79,110	Ascendas Real Estate Investment Trust REIT (Real Estate)		161,431
	103,002	CapitaLand Integrated Commercial Trust REIT (Real Estate)		160,105
	112,758	Capitaland Investment Ltd. (Real Estate)*		306,514
	13,106	City Developments Ltd. (Real Estate)		68,743
	49,787	ComfortDelGro Corp. Ltd. (Industrials)		51,714
	41,352	DBS Group Holdings Ltd. (Financials)		1,030,259
	60,643	Frasers Logistics & Commercial Trust REIT (Real Estate)		62,544
	130,656	Genting Singapore Ltd. (Consumer Discretionary)		74,113
	2,181	Jardine Cycle & Carriage Ltd. (Industrials)		35,090
	33,036	Keppel Corp. Ltd. (Industrials)		145,777
	31,401	Keppel DC REIT (Real Estate)		50,660
	46,415	Mapletree Commercial Trust REIT (Real Estate)		61,889
	47,795	Mapletree Industrial Trust REIT (Real Estate)		90,136
	67,725	Mapletree Logistics Trust REIT (Real Estate)		87,310
	29,924	Olam International Ltd. (Consumer Staples)		37,916
	87,529	Oversea-Chinese Banking Corp. Ltd. (Financials)		752,487
	15,409	SATS Ltd. (Industrials)*		45,065
	29,909	Singapore Airlines Ltd. (Industrials)*(a)		112,149
	18,772	Singapore Exchange Ltd. (Financials)		129,162
	35,175	Singapore Technologies Engineering Ltd. (Industrials)		98,986
	181,211	Singapore Telecommunications Ltd. (Communication Services)		336,404
	14,948	STMicroelectronics NV (Information Technology)		637,333
Common Stocks – (continued)
Singapore – (continued)
	31,450	Suntec Real Estate Investment Trust REIT (Real Estate)		37,533
	32,832	United Overseas Bank Ltd. (Financials)		723,419
	12,251	UOL Group Ltd. (Real Estate)		62,995
	6,213	Venture Corp. Ltd. (Information Technology)		80,234
				5,439,968
South Africa – 0.4%
	25,985	Anglo American PLC (Materials)		1,332,904
	2,602	Scatec ASA (Utilities)(b)		37,519
				1,370,423
Spain – 2.3%
	5,137	ACS Actividades de Construccion y Servicios SA (Industrials)		125,899
	1,576	Aena SME SA (Industrials)*(b)		258,975
	10,264	Amadeus IT Group SA (Information Technology)*		691,020
	148,442	Banco Bilbao Vizcaya Argentaria SA (Financials)		882,002
	388,169	Banco Santander SA (Financials)		1,301,217
	99,001	CaixaBank SA (Financials)		326,922
	12,821	Cellnex Telecom SA (Communication Services)*(b)		585,238
	5,485	EDP Renovaveis SA (Utilities)		133,812
	7,223	Endesa SA (Utilities)		159,540
	10,627	Ferrovial SA (Industrials)		291,483
	6,723	Grifols SA (Health Care)		128,485
	139,497	Iberdrola SA (Utilities)		1,595,034
	25,303	Industria de Diseno Textil SA (Consumer Discretionary)		670,720
	21,876	Mapfre SA (Financials)		43,282
	7,864	Naturgy Energy Group SA (Utilities)		212,253
	9,213	Red Electrica Corp. SA (Utilities)		184,454
	32,122	Repsol SA (Energy)		419,460
	5,118	Siemens Gamesa Renewable Energy SA (Industrials)*		119,167
	116,094	Telefonica SA (Communication Services)		557,577
				8,686,540
Sweden – 3.6%
	3,980	AAK AB (Consumer Staples)		72,931
	5,185	AddTech AB, Class B (Industrials)		86,250
	6,706	Alfa Laval AB (Industrials)		220,260
	22,190	Assa Abloy AB, Class B (Industrials)		591,533
	14,406	Atlas Copco AB, Class A (Industrials)		754,628
	8,504	Atlas Copco AB, Class B (Industrials)		389,871
	2,473	Avanza Bank Holding AB (Financials)		70,562
	2,373	Axfood AB (Consumer Staples)		62,555
	5,201	Beijer Ref AB (Industrials)		79,187
	6,127	Boliden AB (Materials)		274,924
	5,961	Castellum AB (Real Estate)		133,643
	5,852	Electrolux AB, Class B (Consumer Discretionary)		105,871

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

GOLDMAN SACHS MARKETBETA^® INTERNATIONAL EQUITY ETF

Schedule of Investments (continued)

February 28, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Sweden – (continued)
	7,558	Elekta AB, Class B (Health Care)(a)	$	65,905
	15,723	Embracer Group AB (Communication Services)*		136,603
	14,166	Epiroc AB, Class A (Industrials)		268,740
	8,502	Epiroc AB, Class B (Industrials)		138,814
	7,539	EQT AB (Financials)		256,327
	13,769	Essity AB, Class B (Consumer Staples)		356,983
	4,111	Evolution AB (Consumer Discretionary)(b)		479,476
	5,949	Fabege AB (Real Estate)		89,504
	2,049	Fastighets AB Balder, Class B (Real Estate)*		128,782
	4,465	Getinge AB, Class B (Health Care)		175,323
	16,083	H & M Hennes & Mauritz AB, Class B (Consumer Discretionary)		273,429
	47,861	Hexagon AB, Class B (Information Technology)		652,890
	2,064	Holmen AB, Class B (Materials)		102,257
	9,370	Husqvarna AB, Class B (Industrials)		113,623
	2,682	Industrivarden AB, Class A (Financials)		74,792
	3,633	Industrivarden AB, Class C (Financials)		99,657
	6,087	Indutrade AB (Industrials)		136,403
	3,087	Investment AB Latour, Class B (Industrials)		86,446
	12,399	Investor AB, Class A (Financials)		277,323
	38,489	Investor AB, Class B (Financials)		791,540
	5,502	Kinnevik AB, Class B (Financials)*		141,715
	1,666	L E Lundbergforetagen AB, Class B (Financials)		81,339
	4,481	Lifco AB, Class B (Industrials)		102,931
	4,206	Lundin Energy AB (Energy)		155,839
	36,602	Nibe Industrier AB, Class B (Industrials)		329,326
	1,749	Saab AB, Class B (Industrials)		53,017
	3,326	Sagax AB, Class B (Real Estate)		91,623
	24,398	Samhallsbyggnadsbolaget i Norden AB (Real Estate)		114,232
	4,407	Samhallsbyggnadsbolaget i Norden AB, Class D (Real Estate)		13,354
	24,349	Sandvik AB (Industrials)		533,768
	7,098	Securitas AB, Class B (Industrials)		86,448
	12,524	Sinch AB (Information Technology)*(b)		107,695
	33,228	Skandinaviska Enskilda Banken AB, Class A (Financials)		386,208
	7,703	Skanska AB, Class B (Industrials)		175,881
	8,295	SKF AB, Class B (Industrials)		154,506
	5,083	SSAB AB, Class A (Materials)*		32,292
	13,934	SSAB AB, Class B (Materials)*		76,504
	31,001	Storskogen Group AB, Class B (Industrials)*		85,269
	13,672	Svenska Cellulosa AB SCA, Class B (Materials)		225,254
Common Stocks – (continued)
Sweden – (continued)
	33,291	Svenska Handelsbanken AB, Class A (Financials)		320,275
	793	Svenska Handelsbanken AB, Class B (Financials)		8,536
	4,607	Sweco AB, Class B (Industrials)		65,018
	24,781	Swedbank AB, Class A (Financials)		403,083
	35,044	Swedish Match AB (Consumer Staples)		257,459
	4,057	Swedish Orphan Biovitrum AB (Health Care)*		83,584
	11,234	Tele2 AB, Class B (Communication Services)		149,676
	66,857	Telefonaktiebolaget LM Ericsson, Class B (Information Technology)		622,654
	49,663	Telia Co. AB (Communication Services)		185,825
	2,359	Thule Group AB (Consumer Discretionary)(b)		93,828
	5,522	Trelleborg AB, Class B (Industrials)		112,333
	1,926	Vitrolife AB (Health Care)		64,648
	4,333	Volvo AB, Class A (Industrials)		85,253
	33,595	Volvo AB, Class B (Industrials)		654,160
	10,942	Volvo Car AB, Class B (Consumer Discretionary)*		77,026
	3,615	Wallenstam AB, Class B (Real Estate)		53,393
				13,730,984
Switzerland – 8.8%
	39,348	ABB Ltd. (Industrials)		1,335,975
	11,400	Alcon, Inc. (Health Care)		883,222
	10,263	Cie Financiere Richemont SA, Class A (Consumer Discretionary)		1,399,424
	55,664	Credit Suisse Group AG (Financials)		470,576
	789	Geberit AG (Industrials)		517,199
	182	Givaudan SA (Materials)		763,946
	12,896	Holcim Ltd. (Materials)*		647,857
	1,282	Kuehne + Nagel International AG (Industrials)		351,294
	1,695	Lonza Group AG (Health Care)		1,177,604
	63,734	Nestle SA (Consumer Staples)		8,320,953
	53,345	Novartis AG (Health Care)		4,671,358
	499	Partners Group Holding AG (Financials)		677,970
	16,028	Roche Holding AG (Health Care)		6,111,936
	600	Roche Holding AG (Health Care)		251,393
	448	Schindler Holding AG (Industrials)		101,080
	929	Schindler Holding AG Participation Certificates (Industrials)		214,163
	138	SGS SA (Industrials)		396,349
	3,255	Sika AG (Materials)		1,085,650
	229	Straumann Holding AG (Health Care)		364,298
	642	Swatch Group AG (The) – Bearer (Consumer Discretionary)		199,503
	1,162	Swatch Group AG (The) – Registered (Consumer Discretionary)		69,407
	579	Swisscom AG (Communication Services)		347,482

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

GOLDMAN SACHS MARKETBETA^® INTERNATIONAL EQUITY ETF

Shares		Description	Value
Common Stocks – (continued)
Switzerland – (continued)
	76,987	UBS Group AG (Financials)	$	1,416,890
	3,428	Zurich Insurance Group AG (Financials)		1,575,285
				33,350,814
Taiwan – 0.3%
	7,201	Sea Ltd. ADR (Communication Services)*		1,048,466
United Kingdom – 12.8%
	21,822	3i Group PLC (Financials)		391,030
	49,741	abrdn PLC (Financials)		137,952
	5,448	Admiral Group PLC (Financials)		217,614
	8,762	Allfunds Group PLC (Financials)*		100,521
	10,155	Ashtead Group PLC (Industrials)		664,378
	1,591	ASOS PLC (Consumer Discretionary)*		41,702
	8,206	Associated British Foods PLC (Consumer Staples)		211,400
	34,166	AstraZeneca PLC (Health Care)		4,152,849
	21,438	Auto Trader Group PLC (Communication Services)(b)		190,708
	2,538	AVEVA Group PLC (Information Technology)		84,794
	84,995	Aviva PLC (Financials)		478,749
	19,425	B&M European Value Retail SA (Consumer Discretionary)		157,788
	72,183	BAE Systems PLC (Industrials)		696,944
	381,816	Barclays PLC (Financials)		936,898
	23,288	Barratt Developments PLC (Consumer Discretionary)		190,917
	2,441	Berkeley Group Holdings PLC (Consumer Discretionary)		127,602
	413,673	BP PLC (Energy)		2,017,870
	52,350	British American Tobacco PLC (Consumer Staples)		2,290,899
	19,267	British Land Co. PLC (The) REIT (Real Estate)		136,910
	158,090	BT Group PLC (Communication Services)		395,069
	7,696	Bunzl PLC (Industrials)		306,582
	9,165	Burberry Group PLC (Consumer Discretionary)		238,565
	61,043	CK Hutchison Holdings Ltd. (Industrials)		427,724
	22,474	CNH Industrial NV (Industrials)		323,739
	3,450	Coca-Cola Europacific Partners PLC (Consumer Staples)		176,675
	40,688	Compass Group PLC (Consumer Discretionary)		924,808
	36,720	ConvaTec Group PLC (Health Care)(b)		88,808
	3,177	Croda International PLC (Materials)		319,024
	5,845	Darktrace PLC (Information Technology)*		34,695
	2,175	DCC PLC (Industrials)		171,013
	53,049	Diageo PLC (Consumer Staples)		2,651,400
Common Stocks – (continued)
United Kingdom – (continued)
	30,367	Direct Line Insurance Group PLC (Financials)		120,646
	31,043	DS Smith PLC (Materials)		143,533
	14,644	easyJet PLC (Industrials)*		118,402
	626	Endava PLC ADR (Information Technology)*		83,371
	13,267	Entain PLC (Consumer Discretionary)*		299,769
	21,034	Experian PLC (Industrials)		827,762
	6,803	Farfetch Ltd., Class A (Consumer Discretionary)*		129,597
	114,794	GlaxoSmithKline PLC (Health Care)		2,380,301
	8,621	Halma PLC (Information Technology)		278,886
	8,021	Hargreaves Lansdown PLC (Financials)		122,097
	463,171	HSBC Holdings PLC (Financials)		3,198,033
	21,586	Imperial Brands PLC (Consumer Staples)		474,704
	34,238	Informa PLC (Communication Services)*		273,061
	4,034	InterContinental Hotels Group PLC (Consumer Discretionary)*		283,405
	6,587	Intermediate Capital Group PLC (Financials)		151,485
	3,678	Intertek Group PLC (Industrials)		265,698
	82,693	ITV PLC (Communication Services)*		122,770
	45,558	J Sainsbury PLC (Consumer Staples)		168,528
	56,184	JD Sports Fashion PLC (Consumer Discretionary)		113,831
	4,394	Johnson Matthey PLC (Materials)		111,015
	4,423	Just Eat Takeaway.com NV (Consumer Discretionary)*(b)		179,938
	47,342	Kingfisher PLC (Consumer Discretionary)		194,502
	16,905	Land Securities Group PLC REIT (Real Estate)		180,143
	136,219	Legal & General Group PLC (Financials)		506,644
	3,457	Liberty Global PLC, Class A (Communication Services)*		89,121
	7,540	Liberty Global PLC, Class C (Communication Services)*		195,060
	1,619,349	Lloyds Banking Group PLC (Financials)		1,052,377
	8,172	London Stock Exchange Group PLC (Financials)		720,825
	59,301	M&G PLC (Financials)		163,749
	17,803	Meggitt PLC (Industrials)*		180,348
	98,448	Melrose Industries PLC (Industrials)		195,827
	82,508	National Grid PLC (Utilities)		1,251,854
	119,720	NatWest Group PLC (Financials)		368,977
	2,789	Next PLC (Consumer Discretionary)		256,786
	11,609	Ocado Group PLC (Consumer Staples)*		213,864
	17,230	Pearson PLC (Communication Services)		149,807

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

GOLDMAN SACHS MARKETBETA^® INTERNATIONAL EQUITY ETF

Schedule of Investments (continued)

February 28, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
United Kingdom – (continued)
	7,225	Persimmon PLC (Consumer Discretionary)	$	233,920
	15,966	Phoenix Group Holdings PLC (Financials)		132,519
	62,582	Prudential PLC (Financials)		954,313
	16,269	Reckitt Benckiser Group PLC (Consumer Staples)		1,379,807
	44,121	RELX PLC (Industrials)		1,350,338
	42,376	Rentokil Initial PLC (Industrials)		288,725
	19,229	Rightmove PLC (Communication Services)		173,534
	189,186	Rolls-Royce Holdings PLC (Industrials)*		262,725
	23,233	Sage Group PLC (The) (Information Technology)		219,083
	2,683	Schroders PLC (Financials)		110,301
	27,379	Segro PLC REIT (Real Estate)		478,116
	5,697	Severn Trent PLC (Utilities)		219,840
	20,063	Smith & Nephew PLC (Health Care)		359,914
	8,955	Smiths Group PLC (Industrials)		183,715
	1,677	Spirax-Sarco Engineering PLC (Industrials)		268,776
	24,309	SSE PLC (Utilities)		555,950
	12,280	St James’s Place PLC (Financials)		231,250
	70,203	Standard Chartered PLC (Financials)		501,871
	80,973	Taylor Wimpey PLC (Consumer Discretionary)		163,240
	174,915	Tesco PLC (Consumer Staples)		680,021
	17,352	THG PLC (Consumer Discretionary)*		24,912
	57,348	Unilever PLC (Consumer Staples)		2,882,809
	15,552	United Utilities Group PLC (Utilities)		224,215
	619,500	Vodafone Group PLC (Communication Services)		1,092,548
	5,911	Weir Group PLC (The) (Industrials)		125,509
	4,604	Whitbread PLC (Consumer Discretionary)*		180,628
	10,132	Wise PLC, Class A (Information Technology)*		72,867
	26,270	WPP PLC (Communication Services)		372,745
				48,576,534
United States – 1.4%
	14,225	Avast PLC (Information Technology)(b)		119,977
	3,382	Carnival PLC (Consumer Discretionary)*		63,929
	908	CyberArk Software Ltd. (Information Technology)*		154,487
	5,026	Ferguson PLC (Industrials)		769,786
	610	Fiverr International Ltd. (Consumer Discretionary)*		48,135
	9,576	James Hardie Industries PLC CDI (Materials)		310,265
	17,891	JS Global Lifestyle Co. Ltd. (Consumer Discretionary)(b)		20,562
	12,676	Schneider Electric SE (Industrials)		1,990,144
Common Stocks – (continued)
United States – (continued)
	48,254	Stellantis NV (Consumer Discretionary)		887,236
	6,572	Swiss Re AG (Financials)		629,084
	10,633	Tenaris SA (Energy)		137,822
				5,131,427
	TOTAL COMMON STOCKS
	(Cost $335,728,232)		$	376,118,082

Shares	Description	Rate			Value
Preferred Stocks – 0.5%
Germany – 0.5%
1,298	Bayerische Motoren Werke AG (Consumer Discretionary)		2.98	%	$	106,282
3,969	Henkel AG & Co. KGaA (Consumer Staples)		2.85			315,803
3,495	Porsche Automobil Holding SE (Consumer Discretionary)		2.70			356,757
778	Sartorius AG (Health Care)		0.18			344,472
4,178	Volkswagen AG (Consumer Discretionary)		3.06			835,494
						1,958,808
Spain – 0.0%
5,966	Grifols SA, Class B (Health Care)		3.45			74,917
TOTAL PREFERRED STOCKS
(Cost $1,802,701)					$	2,033,725
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
(Cost $337,530,933)					$	378,151,807

Shares		Dividend Rate	Value
Securities Lending Reinvestment Vehicle – 0.6%(d)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	2,279,615	0.026%	$	2,279,615
	(Cost $2,279,615)
	TOTAL INVESTMENTS – 100.2%
	(Cost $339,810,548)		$	380,431,422
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (0.2)%			(855,387	)
	NET ASSETS – 100.0%		$	379,576,035

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

GOLDMAN SACHS MARKETBETA^® INTERNATIONAL 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)	All or a portion of security is on loan.
(b)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(c)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(d)	Represents an affiliated issuer.

Investment Abbreviations:
ADR	—American Depositary Receipt
CVA	—Dutch Certification
PLC	—Public Limited Company
REIT	—Real Estate Investment Trust
SDR	—Swedish Depositary Receipt

The below table represents the sector breakdown of investments as a percentage of total market value of the Fund:

Sector Name	Percent of  Market Value
Financials	17.1%
Industrials	16.1%
Health Care	12.4%
Consumer Discretionary	12.1%
Consumer Staples	10.1%
Information Technology	8.7%
Materials	8.1%
Communication Services	5.1%
Energy	3.9%
Utilities	3.5%
Real Estate	3.0%
TOTAL INVESTMENTS	100.0%

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

GOLDMAN SACHS MARKETBETA^® U.S. EQUITY ETF

Schedule of Investments

February 28, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – 99.8%
Communication Services – 9.7%
	9,575	Activision Blizzard, Inc.	$	780,363
	3,691	Alphabet, Inc., Class A*		9,969,908
	3,381	Alphabet, Inc., Class C*		9,121,329
	2,633	Altice USA, Inc., Class A*		30,437
	88,214	AT&T, Inc.		2,089,790
	1,461	Charter Communications, Inc., Class A*		879,201
	56,237	Comcast Corp., Class A		2,629,642
	2,019	Discovery, Inc., Class A *(a)		56,633
	3,902	Discovery, Inc., Class C*		109,139
	3,094	DISH Network Corp., Class A*		98,884
	3,488	Electronic Arts, Inc.		453,754
	3,955	Fox Corp., Class A		165,438
	1,829	Fox Corp., Class B		69,978
	961	IAC/InterActiveCorp*		110,284
	284	Liberty Broadband Corp., Class A*		41,126
	1,737	Liberty Broadband Corp., Class C*		254,818
	918	Liberty Media Corp.-Liberty SiriusXM, Class A*		46,230
	1,973	Liberty Media Corp.-Liberty SiriusXM, Class C*		99,281
	1,869	Live Nation Entertainment, Inc.*		225,813
	12,585	Lumen Technologies, Inc.		130,381
	3,305	Match Group, Inc.*		368,474
	29,241	Meta Platforms, Inc., Class A*		6,170,728
	5,419	Netflix, Inc.*		2,137,904
	2,616	Omnicom Group, Inc.		219,456
	117	Paramount Global, Class A		3,984
	7,101	Paramount Global, Class B		217,362
	6,929	Pinterest, Inc., Class A*		185,351
	3,462	ROBLOX Corp., Class A*		178,535
	1,454	Roku, Inc.*		202,877
	9,153	Sirius XM Holdings, Inc.(a)		56,382
	15,179	Snap, Inc., Class A*		606,249
	1,432	Spotify Technology SA*		223,664
	1,412	Take-Two Interactive Software, Inc.*		228,744
	7,306	T-Mobile US, Inc.*		900,172
	9,664	Twitter, Inc.*		343,555
	52,111	Verizon Communications, Inc.		2,796,797
	22,547	Walt Disney Co. (The)*		3,347,328
	1,288	Warner Music Group Corp., Class A		46,651
	3,220	ZoomInfo Technologies, Inc.*		176,102
				45,772,744
Consumer Discretionary – 12.0%
	771	Advance Auto Parts, Inc.		157,654
	4,085	Airbnb, Inc., Class A*		618,837
	5,426	Amazon.com, Inc.*		16,664,657
	3,333	Aptiv PLC*		431,424
	259	AutoZone, Inc.*		482,618
	2,663	Best Buy Co., Inc.		257,352
	505	Booking Holdings, Inc.*		1,096,986
	820	Burlington Stores, Inc.*		185,230
	2,536	Caesars Entertainment, Inc.*		213,506
	2,005	CarMax, Inc.*		219,207
	10,608	Carnival Corp.*		215,661
	1,048	Carvana Co.*		157,693
	1,047	Chewy, Inc., Class A*		49,356
Common Stocks – (continued)
Consumer Discretionary – (continued)
	329	Chipotle Mexican Grill, Inc.*		501,182
	8,660	Coupang, Inc. (South Korea)*		229,663
	1,578	Darden Restaurants, Inc.		229,157
	2,865	Dollar General Corp.		568,244
	2,760	Dollar Tree, Inc.*		392,141
	450	Domino’s Pizza, Inc.		194,494
	2,392	DoorDash, Inc., Class A*		251,040
	4,103	D.R. Horton, Inc.		350,396
	3,888	DraftKings, Inc., Class A*		92,068
	7,470	eBay, Inc.		407,787
	1,564	Etsy, Inc.*		242,248
	1,798	Expedia Group, Inc.*		352,606
	48,618	Ford Motor Co.		853,732
	1,893	Garmin Ltd.		209,063
	16,409	General Motors Co.*		766,628
	1,746	Genuine Parts Co.		213,291
	1,599	Hasbro, Inc.		155,183
	3,403	Hilton Worldwide Holdings, Inc.*		506,571
	12,960	Home Depot, Inc. (The)		4,093,157
	5,080	Las Vegas Sands Corp.*		217,729
	3,318	Lennar Corp., Class A		298,222
	192	Lennar Corp., Class B		14,496
	3,133	LKQ Corp.		147,094
	8,334	Lowe’s Cos., Inc.		1,842,314
	6,684	Lucid Group, Inc. *(a)		193,702
	1,471	Lululemon Athletica, Inc.*		470,632
	3,420	Marriott International, Inc., Class A*		581,879
	9,271	McDonald’s Corp.		2,269,263
	600	MercadoLibre, Inc. (Brazil)*		675,990
	4,816	MGM Resorts International		213,301
	677	Mohawk Industries, Inc.*		95,308
	4,709	Newell Brands, Inc.		111,839
	15,661	NIKE, Inc., Class B		2,138,510
	38	NVR, Inc.*		188,421
	822	O’Reilly Automotive, Inc.*		533,675
	3,576	Peloton Interactive, Inc., Class A*		103,919
	3,031	PulteGroup, Inc.		150,519
	2,257	Rivian Automotive, Inc., Class A *(a)		152,483
	4,298	Ross Stores, Inc.		392,794
	2,682	Royal Caribbean Cruises Ltd.*		216,491
	14,536	Starbucks Corp.		1,334,259
	5,933	Target Corp.		1,185,235
	10,047	Tesla, Inc.*		8,745,210
	13,702	TJX Cos., Inc. (The)		905,702
	1,405	Tractor Supply Co.		286,325
	657	Ulta Beauty, Inc.*		246,047
	495	Vail Resorts, Inc.		128,972
	4,374	VF Corp.		253,779
	927	Wayfair, Inc., Class A*		130,586
	753	Whirlpool Corp.		151,556
	1,300	Wynn Resorts Ltd.*		112,476
	5,082	Yum China Holdings, Inc. (China)		264,366
	3,630	Yum! Brands, Inc.		444,965
				56,556,891

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

GOLDMAN SACHS MARKETBETA^® U.S. EQUITY ETF

Shares		Description	Value
Common Stocks – (continued)
Consumer Staples – 6.1%
	22,772	Altria Group, Inc.	$	1,167,976
	6,906	Archer-Daniels-Midland Co.		541,776
	468	Brown-Forman Corp., Class A		28,567
	3,749	Brown-Forman Corp., Class B		244,547
	2,500	Campbell Soup Co.		112,425
	3,021	Church & Dwight Co., Inc.		295,605
	1,520	Clorox Co. (The)		221,601
	48,068	Coca-Cola Co. (The)		2,991,752
	10,428	Colgate-Palmolive Co.		802,434
	5,824	Conagra Brands, Inc.		203,665
	1,890	Constellation Brands, Inc., Class A		407,522
	5,491	Costco Wholesale Corp.		2,851,202
	2,669	Estee Lauder Cos., Inc. (The), Class A		790,905
	7,473	General Mills, Inc.		503,904
	1,792	Hershey Co. (The)		362,450
	3,483	Hormel Foods Corp.		165,930
	1,268	J M Smucker Co. (The)		170,863
	3,184	Kellogg Co.		203,585
	9,767	Keurig Dr Pepper, Inc.		377,690
	4,172	Kimberly-Clark Corp.		542,986
	8,574	Kraft Heinz Co. (The)		336,272
	8,283	Kroger Co. (The)		387,644
	3,069	McCormick & Co., Inc.		292,077
	2,302	Molson Coors Beverage Co., Class B		120,118
	17,236	Mondelez International, Inc., Class A		1,128,613
	4,654	Monster Beverage Corp.*		392,797
	17,132	PepsiCo, Inc.		2,805,194
	19,283	Philip Morris International, Inc.		1,948,933
	30,012	Procter & Gamble Co. (The)		4,678,571
	6,337	Sysco Corp.		551,953
	3,587	Tyson Foods, Inc., Class A		332,371
	8,842	Walgreens Boots Alliance, Inc.		407,528
	18,062	Walmart, Inc.		2,441,260
				28,810,716
Energy – 3.5%
	10,179	Baker Hughes Co.		299,059
	2,764	Cheniere Energy, Inc.		367,336
	23,565	Chevron Corp.		3,393,360
	16,348	ConocoPhillips		1,550,771
	8,330	Devon Energy Corp.		496,051
	7,239	EOG Resources, Inc.		831,906
	52,362	Exxon Mobil Corp.		4,106,228
	10,290	Halliburton Co.		345,024
	3,547	Hess Corp.		358,460
	24,630	Kinder Morgan, Inc.		428,562
	7,573	Marathon Petroleum Corp.		589,710
	10,983	Occidental Petroleum Corp.		480,287
	5,498	ONEOK, Inc.		359,019
	5,427	Phillips 66		457,170
	2,695	Pioneer Natural Resources Co.		645,722
	17,379	Schlumberger NV		681,952
	5,118	Valero Energy Corp.		427,404
	15,045	Williams Cos., Inc. (The)		470,608
				16,288,629
Common Stocks – (continued)
Financials – 11.1%
	7,498	Aflac, Inc.		458,053
	164	Alleghany Corp.*		108,555
	3,484	Allstate Corp. (The)		426,302
	4,244	Ally Financial, Inc.		211,776
	7,119	American Express Co.		1,384,930
	10,296	American International Group, Inc.		630,527
	1,386	Ameriprise Financial, Inc.		415,509
	17,945	Annaly Capital Management, Inc. REIT		124,897
	2,615	Aon PLC, Class A		763,946
	6,323	Apollo Global Management, Inc.		412,639
	4,631	Arch Capital Group Ltd.*		218,166
	2,545	Arthur J Gallagher & Co.		402,594
	88,665	Bank of America Corp.		3,918,993
	9,262	Bank of New York Mellon Corp. (The)		492,275
	16,151	Berkshire Hathaway, Inc., Class B*		5,191,739
	1,739	BlackRock, Inc.		1,293,625
	8,447	Blackstone, Inc.		1,076,739
	5,217	Capital One Financial Corp.		799,610
	1,313	Cboe Global Markets, Inc.		154,002
	18,795	Charles Schwab Corp. (The)		1,587,426
	4,576	Chubb Ltd.		931,857
	1,917	Cincinnati Financial Corp.		235,388
	24,572	Citigroup, Inc.		1,455,400
	5,267	Citizens Financial Group, Inc.		276,096
	4,375	CME Group, Inc.		1,034,819
	1,523	Coinbase Global, Inc., Class A*		290,543
	3,589	Discover Financial Services		443,026
	479	Everest Re Group Ltd.		142,847
	3,355	Fidelity National Financial, Inc.		159,832
	8,430	Fifth Third Bancorp		403,291
	2,205	First Republic Bank		382,038
	3,612	Franklin Resources, Inc.		107,385
	1,141	Globe Life, Inc.		115,195
	4,132	Goldman Sachs Group, Inc. (The)(b)		1,410,210
	4,209	Hartford Financial Services Group, Inc. (The)		292,441
	17,662	Huntington Bancshares, Inc.		274,114
	1,121	Interactive Brokers Group, Inc., Class A		74,188
	6,923	Intercontinental Exchange, Inc.		886,975
	36,344	JPMorgan Chase & Co.		5,153,579
	11,492	KeyCorp		288,105
	7,025	KKR & Co., Inc.		422,343
	2,648	Loews Corp.		162,428
	1,575	M&T Bank Corp.		287,012
	165	Markel Corp.*		205,080
	6,223	Marsh & McLennan Cos., Inc.		967,116
	8,008	MetLife, Inc.		540,940
	1,989	Moody’s Corp.		640,518
	17,417	Morgan Stanley		1,580,419
	988	MSCI, Inc.		495,670
	1,447	Nasdaq, Inc.		247,654
	2,465	Northern Trust Corp.		280,764
	5,211	PNC Financial Services Group, Inc. (The)		1,038,292
	3,271	Principal Financial Group, Inc.		231,063
	7,231	Progressive Corp. (The)		765,980

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

GOLDMAN SACHS MARKETBETA^® U.S. EQUITY ETF

Schedule of Investments (continued)

February 28, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Financials – (continued)
	4,687	Prudential Financial, Inc.	$	523,350
	2,692	Raymond James Financial, Inc.		295,178
	11,763	Regions Financial Corp.		284,547
	4,664	Robinhood Markets, Inc., Class A *(a)		56,015
	1,667	Rocket Cos., Inc., Class A(a)		21,521
	4,236	S&P Global, Inc.		1,591,465
	1,557	SEI Investments Co.		91,209
	4,260	State Street Corp.		363,506
	724	SVB Financial Group*		438,744
	6,763	Synchrony Financial		289,321
	2,735	T. Rowe Price Group, Inc.		395,372
	3,035	Travelers Cos., Inc. (The)		521,504
	16,479	Truist Financial Corp.		1,025,323
	730	Upstart Holdings, Inc.*		115,333
	16,501	US Bancorp		932,967
	1,641	W R Berkley Corp.		148,182
	49,425	Wells Fargo & Co.		2,637,812
	1,531	Willis Towers Watson PLC		340,341
				52,366,601
Health Care – 13.2%
	1,029	10X Genomics, Inc., Class A*		83,833
	21,785	Abbott Laboratories		2,627,707
	21,748	AbbVie, Inc.		3,213,702
	546	ABIOMED, Inc.*		169,664
	3,737	Agilent Technologies, Inc.		487,155
	915	Align Technology, Inc.*		467,986
	1,473	Alnylam Pharmaceuticals, Inc.*		232,513
	1,871	AmerisourceBergen Corp.		266,674
	6,984	Amgen, Inc.		1,581,736
	3,006	Anthem, Inc.		1,358,261
	6,583	Avantor, Inc.*		228,364
	6,209	Baxter International, Inc.		527,579
	3,511	Becton Dickinson and Co.		952,464
	1,817	Biogen, Inc.*		383,405
	2,257	BioMarin Pharmaceutical, Inc.*		176,317
	17,646	Boston Scientific Corp.*		779,424
	27,265	Bristol-Myers Squibb Co.		1,872,288
	3,479	Cardinal Health, Inc.		187,901
	2,053	Catalent, Inc.*		209,488
	7,075	Centene Corp.*		584,537
	3,620	Cerner Corp.		337,565
	4,098	Cigna Corp.		974,422
	611	Cooper Cos., Inc. (The)		249,911
	16,331	CVS Health Corp.		1,692,708
	7,966	Danaher Corp.		2,185,950
	772	DaVita, Inc.*		87,058
	2,697	DENTSPLY SIRONA, Inc.		146,016
	1,199	Dexcom, Inc.*		496,278
	7,685	Edwards Lifesciences Corp.*		863,563
	5,507	Elanco Animal Health, Inc.*		156,454
	10,519	Eli Lilly & Co.		2,629,224
	2,130	Exact Sciences Corp.*		166,268
	15,561	Gilead Sciences, Inc.		939,884
	2,972	HCA Healthcare, Inc.		743,921
	1,698	Henry Schein, Inc.*		146,673
Common Stocks – (continued)
Health Care – (continued)
	3,086	Hologic, Inc.*		219,631
	2,791	Horizon Therapeutics PLC*		254,455
	1,574	Humana, Inc.		683,620
	1,046	IDEXX Laboratories, Inc.*		556,838
	1,930	Illumina, Inc.*		630,338
	2,295	Incyte Corp.*		156,749
	4,394	Intuitive Surgical, Inc.*		1,275,710
	2,327	IQVIA Holdings, Inc.*		535,489
	744	Jazz Pharmaceuticals PLC*		102,240
	32,665	Johnson & Johnson		5,375,679
	1,187	Laboratory Corp. of America Holdings*		321,986
	1,893	McKesson Corp.		520,499
	16,668	Medtronic PLC		1,749,973
	31,223	Merck & Co., Inc.		2,391,057
	284	Mettler-Toledo International, Inc.*		400,082
	4,348	Moderna, Inc.*		667,853
	3,128	Organon & Co.		116,768
	69,655	Pfizer, Inc.		3,269,606
	1,517	Quest Diagnostics, Inc.		199,137
	1,270	Regeneron Pharmaceuticals, Inc.*		785,317
	1,787	ResMed, Inc.		440,942
	4,081	Royalty Pharma PLC, Class A		160,220
	1,672	Seagen, Inc.*		215,471
	4,097	Stryker Corp.		1,078,945
	1,785	Teladoc Health, Inc.*		135,499
	583	Teleflex, Inc.		196,069
	4,881	Thermo Fisher Scientific, Inc.		2,655,264
	11,630	UnitedHealth Group, Inc.		5,534,368
	876	Universal Health Services, Inc., Class B		126,083
	1,714	Veeva Systems, Inc., Class A*		392,592
	3,149	Vertex Pharmaceuticals, Inc.*		724,333
	14,979	Viatris, Inc.		164,919
	756	Waters Corp.*		239,448
	915	West Pharmaceutical Services, Inc.		354,178
	2,596	Zimmer Biomet Holdings, Inc.		330,185
	5,861	Zoetis, Inc.		1,134,983
				62,303,419
Industrials – 7.6%
	7,148	3M Co.		1,062,550
	1,634	A O Smith Corp.		112,060
	2,855	AMETEK, Inc.		370,550
	7,291	Boeing Co. (The)*		1,497,134
	10,718	Carrier Global Corp.		481,024
	6,706	Caterpillar, Inc.		1,257,912
	1,585	C.H. Robinson Worldwide, Inc.		153,238
	1,084	Cintas Corp.		406,847
	2,632	Copart, Inc.*		323,420
	4,851	CoStar Group, Inc.*		295,960
	27,465	CSX Corp.		931,338
	1,765	Cummins, Inc.		360,272
	3,442	Deere & Co.		1,239,189
	7,915	Delta Air Lines, Inc.*		315,967
	1,774	Dover Corp.		278,270
	4,927	Eaton Corp. PLC		760,187
	7,338	Emerson Electric Co.		681,847

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

GOLDMAN SACHS MARKETBETA^® U.S. EQUITY ETF

Shares		Description	Value
Common Stocks – (continued)
Industrials – (continued)
	1,512	Equifax, Inc.	$	330,130
	2,088	Expeditors International of Washington, Inc.		215,816
	7,111	Fastenal Co.		365,932
	3,034	FedEx Corp.		674,367
	4,337	Fortive Corp.		280,821
	1,678	Fortune Brands Home & Security, Inc.		145,818
	771	Generac Holdings, Inc.*		243,227
	3,026	General Dynamics Corp.		709,446
	13,446	General Electric Co.		1,284,227
	8,513	Honeywell International, Inc.		1,615,342
	3,447	Illinois Tool Works, Inc.		745,724
	5,034	Ingersoll Rand, Inc.		254,318
	1,040	J.B. Hunt Transport Services, Inc.		211,047
	8,720	Johnson Controls International PLC		566,451
	2,423	L3Harris Technologies, Inc.		611,347
	1,725	Leidos Holdings, Inc.		175,674
	2,913	Lockheed Martin Corp.		1,263,659
	3,426	Lyft, Inc., Class A*		133,408
	3,010	Masco Corp.		168,680
	3,014	Norfolk Southern Corp.		773,151
	1,757	Northrop Grumman Corp.		776,840
	1,311	Old Dominion Freight Line, Inc.		411,693
	5,276	Otis Worldwide Corp.		413,269
	3,937	PACCAR, Inc.		361,456
	1,585	Parker-Hannifin Corp.		469,778
	18,555	Raytheon Technologies Corp.		1,905,599
	2,574	Republic Services, Inc.		309,601
	1,435	Rockwell Automation, Inc.		382,542
	2,835	Rollins, Inc.		92,506
	1,300	Roper Technologies, Inc.		582,686
	652	Snap-on, Inc.		137,037
	7,322	Southwest Airlines Co.*		320,704
	2,019	Stanley Black & Decker, Inc.		328,491
	2,718	Textron, Inc.		198,767
	2,937	Trane Technologies PLC		452,092
	647	TransDigm Group, Inc.*		431,284
	2,349	TransUnion		213,195
	18,514	Uber Technologies, Inc.*		667,059
	7,960	Union Pacific Corp.		1,957,762
	4,013	United Airlines Holdings, Inc.*		178,177
	9,052	United Parcel Service, Inc., Class B		1,904,722
	897	United Rentals, Inc.*		288,493
	1,987	Verisk Analytics, Inc.		352,375
	5,184	Waste Management, Inc.		748,570
	2,195	Westinghouse Air Brake Technologies Corp.		203,740
	528	W.W. Grainger, Inc.		251,888
	2,225	Xylem, Inc.		197,914
				35,834,590
Information Technology – 29.2%
	8,161	Accenture PLC, Class A		2,579,039
	5,895	Adobe, Inc.*		2,756,974
	20,204	Advanced Micro Devices, Inc.*		2,491,961
	2,201	Affirm Holdings, Inc.*		92,090
Common Stocks – (continued)
Information Technology – (continued)
	1,983	Akamai Technologies, Inc.*		214,680
	1,549	Amdocs Ltd.		121,906
	7,377	Amphenol Corp., Class A		560,726
	6,492	Analog Devices, Inc.		1,040,603
	1,074	ANSYS, Inc.*		348,180
	203,493	Apple, Inc.		33,600,764
	10,967	Applied Materials, Inc.		1,471,771
	1,506	AppLovin Corp., Class A*		87,468
	2,852	Arista Networks, Inc.*		350,026
	1,733	Atlassian Corp. PLC, Class A*		529,813
	2,722	Autodesk, Inc.*		599,466
	5,221	Automatic Data Processing, Inc.		1,067,381
	1,199	Bill.com Holdings, Inc.*		285,218
	4,920	Block, Inc.*		627,300
	4,926	Broadcom, Inc.		2,893,729
	1,433	Broadridge Financial Solutions, Inc.		209,519
	3,397	Cadence Design Systems, Inc.*		514,408
	1,671	CDW Corp.		288,181
	48,171	Cisco Systems, Inc.		2,686,497
	1,532	Citrix Systems, Inc.		157,030
	3,005	Cloudflare, Inc., Class A*		349,842
	6,496	Cognizant Technology Solutions Corp., Class A		559,500
	9,573	Corning, Inc.		386,749
	923	Coupa Software, Inc.*		111,692
	2,521	Crowdstrike Holdings, Inc., Class A*		492,124
	2,968	Datadog, Inc., Class A*		478,174
	3,491	Dell Technologies, Inc., Class C*		177,901
	2,380	DocuSign, Inc.*		281,863
	3,650	Dropbox, Inc., Class A*		82,819
	1,527	Enphase Energy, Inc.*		254,551
	677	EPAM Systems, Inc.*		140,647
	758	F5, Inc.*		152,244
	7,409	Fidelity National Information Services, Inc.		705,559
	7,506	Fiserv, Inc.*		733,111
	979	FleetCor Technologies, Inc.*		229,282
	1,727	Fortinet, Inc.*		594,986
	987	Gartner, Inc.*		276,775
	3,574	Global Payments, Inc.		476,700
	679	GLOBALFOUNDRIES, Inc. *(a)		41,270
	16,004	Hewlett Packard Enterprise Co.		254,784
	13,408	HP, Inc.		460,699
	561	HubSpot, Inc.*		294,525
	50,465	Intel Corp.		2,407,181
	11,118	International Business Machines Corp.		1,362,066
	3,421	Intuit, Inc.		1,622,820
	2,251	Keysight Technologies, Inc.*		354,240
	1,874	KLA Corp.		653,089
	2,204	Kyndryl Holdings, Inc.*		34,955
	1,742	Lam Research Corp.		977,872
	10,434	Marvell Technology, Inc.		712,955
	10,682	Mastercard, Inc., Class A		3,854,279
	6,753	Microchip Technology, Inc.		474,939
	13,879	Micron Technology, Inc.		1,233,288
	91,827	Microsoft Corp.		27,436,989

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

GOLDMAN SACHS MARKETBETA^® U.S. EQUITY ETF

Schedule of Investments (continued)

February 28, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Information Technology – (continued)
	776	MongoDB, Inc.*	$	296,424
	2,084	Motorola Solutions, Inc.		459,376
	2,757	NetApp, Inc.		216,094
	6,979	NortonLifeLock, Inc.		202,251
	29,779	NVIDIA Corp.		7,261,609
	1,836	Okta, Inc.*		335,694
	18,938	Oracle Corp.		1,438,720
	20,719	Palantir Technologies, Inc., Class A*		245,520
	1,199	Palo Alto Networks, Inc.*		712,506
	4,005	Paychex, Inc.		476,835
	629	Paycom Software, Inc.*		213,363
	14,532	PayPal Holdings, Inc.*		1,626,567
	1,364	Qorvo, Inc.*		186,568
	13,891	QUALCOMM, Inc.		2,389,113
	1,038	Qualtrics International, Inc., Class A*		31,483
	998	RingCentral, Inc., Class A*		130,578
	11,817	salesforce.com, Inc.*		2,487,833
	2,554	Seagate Technology Holdings PLC		263,471
	2,467	ServiceNow, Inc.*		1,430,663
	2,045	Skyworks Solutions, Inc.		282,558
	3,355	Snowflake, Inc., Class A*		891,289
	1,954	Splunk, Inc.*		230,767
	2,765	SS&C Technologies Holdings, Inc.		207,292
	1,892	Synopsys, Inc.*		591,042
	4,044	TE Connectivity Ltd. (Switzerland)		575,987
	2,018	Teradyne, Inc.		237,963
	11,447	Texas Instruments, Inc.		1,945,876
	5,359	Trade Desk, Inc. (The), Class A*		457,230
	3,105	Trimble, Inc.*		216,574
	2,054	Twilio, Inc., Class A*		359,039
	3,271	UiPath, Inc., Class A*		113,536
	2,177	Unity Software, Inc.*		231,742
	1,207	VeriSign, Inc.*		257,960
	20,563	Visa, Inc., Class A		4,444,076
	2,567	VMware, Inc., Class A		301,160
	3,771	Western Digital Corp.*		192,095
	4,950	Western Union Co. (The)		89,991
	2,361	Workday, Inc., Class A*		540,787
	657	Zebra Technologies Corp., Class A*		271,564
	2,544	Zoom Video Communications, Inc., Class A*		337,334
	1,006	Zscaler, Inc.*		240,585
				137,656,315
Materials – 2.3%
	2,749	Air Products and Chemicals, Inc.		649,589
	1,444	Albemarle Corp.		282,865
	18,983	Amcor PLC		220,772
	3,986	Ball Corp.		357,704
	1,344	Celanese Corp.		187,192
	8,977	Corteva, Inc.		467,073
	9,171	Dow, Inc.		540,722
	6,421	DuPont de Nemours, Inc.		496,793
	1,666	Eastman Chemical Co.		197,371
	3,154	Ecolab, Inc.		555,924
	1,564	FMC Corp.		183,379
Common Stocks – (continued)
Materials – (continued)
	18,130	Freeport-McMoRan, Inc.		851,204
	3,154	International Flavors & Fragrances, Inc.		419,482
	4,796	International Paper Co.		208,770
	6,321	Linde PLC (United Kingdom)		1,853,570
	3,248	LyondellBasell Industries NV, Class A		315,803
	771	Martin Marietta Materials, Inc.		292,517
	9,884	Newmont Corp.		654,321
	3,517	Nucor Corp.		462,908
	1,157	Packaging Corp. of America		170,299
	2,945	PPG Industries, Inc.		393,010
	2,970	Sherwin-Williams Co. (The)		781,496
	1,057	Southern Copper Corp. (Peru)		73,345
	1,606	Vulcan Materials Co.		291,409
	3,225	Westrock Co.		145,996
				11,053,514
Real Estate – 2.6%
	1,969	Alexandria Real Estate Equities, Inc. REIT		372,929
	5,635	American Tower Corp. REIT		1,278,412
	1,708	AvalonBay Communities, Inc. REIT		407,512
	1,764	Boston Properties, Inc. REIT		215,755
	3,988	CBRE Group, Inc., Class A*		386,238
	5,339	Crown Castle International Corp. REIT		889,424
	3,513	Digital Realty Trust, Inc. REIT		473,974
	4,719	Duke Realty Corp. REIT		250,107
	1,113	Equinix, Inc. REIT		789,929
	4,509	Equity Residential REIT		384,618
	803	Essex Property Trust, Inc. REIT		254,687
	1,632	Extra Space Storage, Inc. REIT		307,061
	6,679	Healthpeak Properties, Inc. REIT		207,450
	8,761	Host Hotels & Resorts, Inc. REIT*		160,063
	7,386	Invitation Homes, Inc. REIT		279,191
	3,567	Iron Mountain, Inc. REIT		175,425
	1,419	Mid-America Apartment Communities, Inc. REIT		290,342
	699	Orion Office REIT, Inc. REIT*		11,904
	9,147	Prologis, Inc. REIT		1,334,090
	1,881	Public Storage REIT		667,793
	7,014	Realty Income Corp. REIT		463,555
	1,341	SBA Communications Corp. REIT		406,846
	4,050	Simon Property Group, Inc. REIT		557,118
	3,807	UDR, Inc. REIT		208,890
	4,924	Ventas, Inc. REIT		265,896
	5,389	Welltower, Inc. REIT		448,850
	9,271	Weyerhaeuser Co. REIT		360,456
	2,283	W.P. Carey, Inc. REIT		176,704
	536	Zillow Group, Inc., Class A*		30,697
	2,127	Zillow Group, Inc., Class C*		122,345
				12,178,261
Utilities – 2.5%
	3,106	Alliant Energy Corp.		181,390
	3,149	Ameren Corp.		270,657
	6,249	American Electric Power Co., Inc.		566,472
	2,243	American Water Works Co., Inc.		338,895

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

GOLDMAN SACHS MARKETBETA^® U.S. EQUITY ETF

Shares		Description	Value
Common Stocks – (continued)
Utilities – (continued)
	1,629	Atmos Energy Corp.	$	178,880
	886	Avangrid, Inc.		39,755
	7,779	CenterPoint Energy, Inc.		212,756
	3,580	CMS Energy Corp.		229,156
	4,384	Consolidated Edison, Inc.		376,016
	3,982	Constellation Energy Corp.		183,092
	10,027	Dominion Energy, Inc.		797,447
	2,387	DTE Energy Co.		290,235
	9,537	Duke Energy Corp.		957,610
	4,712	Edison International		298,835
	2,488	Entergy Corp.		261,762
	2,780	Evergy, Inc.		173,500
	4,231	Eversource Energy		346,096
	11,960	Exelon Corp.		509,018
	6,745	FirstEnergy Corp.		282,278
	24,303	NextEra Energy, Inc.		1,902,196
	4,851	NiSource, Inc.		140,339
	18,659	PG&E Corp.*		212,153
	1,397	Pinnacle West Capital Corp.		98,950
	9,180	PPL Corp.		240,241
	6,268	Public Service Enterprise Group, Inc.		406,354
	3,909	Sempra Energy		563,756
	13,127	Southern Co. (The)		850,236
	3,910	WEC Energy Group, Inc.		355,341
	6,674	Xcel Energy, Inc.		449,360
				11,712,776
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $383,892,594)		$	470,534,456
Shares		Dividend Rate	Value
Securities Lending Reinvestment Vehicle – 0.1%(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	505,989	0.026%	$	505,989
	(Cost $505,989)
	TOTAL INVESTMENTS – 99.9%
	(Cost $384,398,583)		$	471,040,445
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.1%			608,569
	NET ASSETS – 100.0%		$	471,649,014

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. 57

GOLDMAN SACHS MARKETBETA ETFS

Statements of Assets and Liabilities

February 28, 2022 (Unaudited)

	MarketBeta® Emerging Markets Equity ETF		MarketBeta® International Equity ETF		MarketBeta® U.S. Equity ETF
Assets:
Investments in unaffiliated issuers, at value (cost $23,637,741, $337,530,933 and $382,826,720, respectively)(a)	$	30,991,438	$	378,151,807	$	469,124,246
Investments in affiliated issuers, at value (cost $–, $– and $1,065,874, respectively)		—		—		1,410,210
Investments in securities lending reinvestment vehicle, at value which equals cost		104,541		2,279,615		505,989
Cash		240,521		545,768		586,295
Foreign currency, at value (cost $5,090, $29,723 and $–, respectively)		5,114		29,717		—
Receivables:
Dividends		56,614		721,077		560,375
Reimbursement from investment adviser		2,240		14,894		6,842
Securities lending income		96		777		1,163
Foreign tax reclaims		—		190,362		—
Fund shares sold		—		—		30,041,323
Total assets		31,400,564		381,934,017		502,236,443
Liabilities:
Payables:
Foreign capital gains tax		164,778		—		—
Upon return of securities loaned		104,541		2,279,615		505,989
Management fees		11,200		74,469		30,791
Investments purchased		1		15		30,042,212
Accrued expenses		1,485		3,883		8,437
Total liabilities		282,005		2,357,982		30,587,429
Net Assets:
Paid-in capital		23,973,485		340,365,603		380,932,778
Total distributable earnings		7,145,074		39,210,432		90,716,236
NET ASSETS	$	31,118,559	$	379,576,035	$	471,649,014
SHARES ISSUED AND OUTSTANDING
Shares outstanding no par value (unlimited shares authorized):		650,000		7,200,000		7,850,000
Net asset value per share:	$	47.87	$	52.72	$	60.08

(a) Includes loaned securities having a market value of $77,209, $2,193,117 and $521,704 for MarketBeta^® Emerging Markets Equity ETF, MarketBeta^® International Equity ETF and MarketBeta^® U.S. Equity ETF, respectively.

58 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, 2022 (Unaudited)

	MarketBeta® Emerging Markets Equity ETF			MarketBeta® International Equity ETF			MarketBeta® U.S. Equity ETF
Investment income:
Dividends — unaffiliated issuers (net of foreign withholding taxes of $36,450, $315,511 and $–, respectively)	$	269,947		$	3,237,274		$	2,880,365
Non cash dividend income		86,661			804,891			—
Securities lending income — unaffiliated issuer		1,345			51,853			4,981
Dividends — affiliated issuers		—			—			7,634
Total investment income		357,953			4,094,018			2,892,980
Expenses:
Expenses:
Management fees		72,123			449,379			192,239
Trustee fees		3,187			5,665			6,450
Total expenses		75,310			455,044			198,689
Less — expense reductions		(15,062	)		(91,009	)		(44,153	)
Net expenses		60,248			364,035			154,536
NET INVESTMENT INCOME		297,705			3,729,983			2,738,444
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		121,952			(510,563	)		189,492
Investments — affiliated issuers		—			—			(1,234	)
In-kind redemptions — unaffiliated issuers		—			—			3,513,371
In-kind redemptions — affiliated issuers		—			—			15,258
Futures contracts		95,079			49,852			23,933
Foreign currency transactions		4,574			(39,613	)		—
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers (including the effects of the foreign capital gains tax liability of $164,777, $– and $–, respectively)		(3,545,429	)		(31,464,560	)		(25,629,770	)
Investments — affiliated issuers		—			—			(289,077	)
Futures contracts		(162,991	)		(14,480	)		(36,551	)
Foreign currency translations		(1,095	)		(7,540	)		—
Net realized and unrealized loss		(3,487,910	)		(31,986,904	)		(22,214,578	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(3,190,205	)	$	(28,256,921	)	$	(19,476,134	)

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

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, 2022 (Unaudited)			For the Fiscal Year Ended August 31, 2021			For the Six Months Ended February 28, 2022 (Unaudited)			For the Fiscal Year Ended August 31, 2021
From operations:
Net investment income	$	297,705		$	644,973		$	3,729,983		$	7,646,163
Net realized gain (loss)		221,605			2,184,194			(500,324	)		1,076,706
Net change in unrealized gain (loss)		(3,709,515	)		4,354,283			(31,486,580	)		63,965,742
Net increase (decrease) in net assets resulting from operations		(3,190,205	)		7,183,450			(28,256,921	)		72,688,611
Distributions to shareholders:
From distributable earnings		(1,882,692	)		(1,171,922	)		(5,630,984	)		(7,742,172	)
From share transactions:
Proceeds from sales of shares		—			—			56,271,930			16,893,577
Cost of shares redeemed		—			(8,337,333	)		—			(5,371,302	)
Net increase (decrease) in net assets resulting from share transactions		—			(8,337,333	)		56,271,930			11,522,275
TOTAL INCREASE (DECREASE)		(5,072,897	)		(2,325,805	)		22,384,025			76,468,714
Net assets:
Beginning of period	$	36,191,456		$	38,517,261		$	357,192,010		$	280,723,296
End of period	$	31,118,559		$	36,191,456		$	379,576,035		$	357,192,010

60 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, 2022 (Unaudited)			For the Fiscal Year Ended August 31, 2021
From operations:
Net investment income	$	2,738,444		$	4,469,540
Net realized gain		3,740,820			518,027
Net change in unrealized gain (loss)		(25,955,398	)		87,871,859
Net increase (decrease) in net assets resulting from operations		(19,476,134	)		92,859,426
Distributions to shareholders:
From distributable earnings		(2,818,708	)		(4,409,032	)
From share transactions:
Proceeds from sales of shares		74,463,733			85,652,201
Cost of shares redeemed		(9,380,898	)		(2,904,650	)
Net increase in net assets resulting from share transactions		65,082,835			82,747,551
TOTAL INCREASE		42,787,993			171,197,945
Net assets:
Beginning of period	$	428,861,021		$	257,663,076
End of period	$	471,649,014		$	428,861,021

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

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, 2022 (Unaudited)			For the Fiscal Year Ended August 31, 2021			For the Period May 12, 2020* to August 31, 2020
Per Share Operating Performance:
Net asset value, beginning of period	$	55.68		$	48.15		$	39.60
Net investment income(a)		0.46			0.89			0.49
Net realized and unrealized gain (loss)		(5.37	)		8.14			8.06
Total gain (loss) from investment operations		(4.91	)		9.03			8.55
Distributions to shareholders from net investment income		(2.90	)		(1.50	)		—
Net asset value, end of period	$	47.87		$	55.68		$	48.15
Market price, end of period	$	48.37		$	55.72		$	48.36
Total Return at Net Asset Value(b)		(9.13	)%		19.35	%		21.54	%
Net assets, end of period (in 000’s)	$	31,119		$	36,191		$	38,517
Ratio of net expenses to average net assets		0.36	%(c)		0.36	%		0.36	%(c)
Ratio of total expenses to average net assets		0.45	%(c)		0.45	%		0.45	%(c)
Ratio of net investment income to average net assets		1.78	%(c)		1.63	%		3.60	%(c)
Portfolio turnover rate(d)		12	%		21	%		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, short-term transactions and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS MARKETBETA^® 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, 2022 (Unaudited)			For the Fiscal Year Ended August 31, 2021			For the Period May 12, 2020* to August 31, 2020
Per Share Operating Performance:
Net asset value, beginning of period	$	57.61		$	46.79		$	40.14
Net investment income(a)		0.57			1.28			0.30
Net realized and unrealized gain (loss)		(4.57	)		10.84			6.35
Total gain (loss) from investment operations		(4.00	)		12.12			6.65
Distributions to shareholders from net investment income		(0.89	)		(1.30	)		—
Net asset value, end of period	$	52.72		$	57.61		$	46.79
Market price, end of period	$	52.68		$	57.80		$	46.82
Total Return at Net Asset Value(b)		(7.04	)%		26.20	%		16.57	%
Net assets, end of period (in 000’s)	$	379,576		$	357,192		$	280,723
Ratio of net expenses to average net assets		0.20	%(c)		0.20	%		0.20	%(c)
Ratio of total expenses to average net assets		0.25	%(c)		0.25	%		0.25	%(c)
Ratio of net investment income to average net assets		2.05	%(c)		2.41	%		2.15	%(c)
Portfolio turnover rate(d)		4	%		5	%		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, short-term transactions and certain derivatives. 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. 63

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, 2022 (Unaudited)			For the Fiscal Year Ended August 31, 2021			For the Period May 12, 2020* to August 31, 2020
Per Share Operating Performance:
Net asset value, beginning of period	$	63.07		$	48.62		$	39.20
Net investment income(a)		0.39			0.74			0.22
Net realized and unrealized gain (loss)		(2.98	)		14.46			9.20
Total gain (loss) from investment operations		(2.59	)		15.20			9.42
Distributions to shareholders from net investment income		(0.40	)		(0.75	)		—
Net asset value, end of period	$	60.08		$	63.07		$	48.62
Market price, end of period	$	60.01		$	63.09		$	48.69
Total Return at Net Asset Value(b)		(4.14	)%		31.60	%		24.03	%
Net assets, end of period (in 000’s)	$	471,649		$	428,861		$	257,663
Ratio of net expenses to average net assets		0.07	%(c)		0.07	%		0.07	%(c)
Ratio of total expenses to average net assets		0.09	%(c)		0.09	%		0.09	%(c)
Ratio of net investment income to average net assets		1.24	%(c)		1.36	%		1.62	%(c)
Portfolio turnover rate(d)		2	%		4	%		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, short-term transactions and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

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

GOLDMAN SACHS MARKETBETA ETFS

Notes to Financial Statements

February 28, 2022 (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.

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.

65

GOLDMAN SACHS MARKETBETA ETFS

Notes to Financial Statements (continued)

February 28, 2022 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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’ 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.

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

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.

i.  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 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. Underlying funds are generally classified as Level 1 of the fair value hierarchy. To the extent that underlying ETFs 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.

67

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Notes to Financial Statements (continued)

February 28, 2022 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

B.  Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of 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, 2022:

MARKETBETA® EMERGING MARKETS EQUITY ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Africa	$	1,006,848	$	—	$	—
Asia		25,662,005		890,404		310,541
Europe		222,114		—		—
North America		1,004,433		—		—
South America		1,474,377		420,716		—
Securities Lending Reinvestment Vehicle		104,541		—		—
Total	$	29,474,318	$	1,311,120	$	310,541
MARKETBETA® INTERNATIONAL EQUITY ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Africa	$	1,370,423	$	—	$	—
Asia		114,360,336		—		12,634
Europe		221,351,889		2,092,895		—
North America		4,861,696		310,265		—
Oceania		33,019,423		368,815		—
South America		349,835		53,596		—
Securities Lending Reinvestment Vehicle		2,279,615		—		—
Total	$	377,593,217	$	2,825,571	$	12,634

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

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

MARKETBETA® U.S. EQUITY ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	494,029	$	—	$	—
Europe		2,429,557		—		—
North America		466,861,535		—		—
South America		749,335		—		—
Securities Lending Reinvestment Vehicle		505,989		—		—
Total	$	471,040,445	$	—	$	—

(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, 2022. 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
Equity	MarketBeta® Emerging Markets Equity ETF	$	95,079	$	(162,991	)
Equity	MarketBeta® International Equity ETF		49,852		(14,480	)
Equity	MarketBeta® U.S. Equity ETF		23,933		(36,551	)

For the six months ended February 28, 2022, the relevant values for each derivative type was as follows:

Fund	Number of Contracts(a)
MarketBeta® Emerging Markets Equity ETF	7
MarketBeta® International Equity ETF	2
MarketBeta® U.S. Equity ETF	1

(a) Amount disclosed represents average number of contracts for the months that the Fund held such derivatives during the six months ended February 28, 2022.

There were no outstanding derivative contracts at February 28, 2022.

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GOLDMAN SACHS MARKETBETA ETFS

Notes to Financial Statements (continued)

February 28, 2022 (Unaudited)

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.

For the six months ended February 28, 2022, 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, 2022 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, 2022, GSAM waived $15,062, $91,009 and $44,153 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 following table provides information about the MarketBeta^® U.S. Equity ETF’s investment in shares of The Goldman Sachs Group, Inc. of which the MarketBeta^® U.S. Equity ETF is an affiliate as of and for the six months ended February 28, 2022:

Fund	Beginning value as of August 31, 2021		Purchases at Cost		Proceeds from Sales			Realized Gain		Change in Unrealized Depreciation			Ending value as of February 28, 2022		Shares as of February 28, 2022		Dividend Income
MarketBeta U.S. Equity ETF	$	1,515,100	$	235,079	$	(64,916	)	$	14,024	$	(289,077	)	$	1,410,210		4,132	$	7,634

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.

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6. CREATION AND REDEMPTION OF CREATION UNITS (continued)

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

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

	MarketBeta Emerging Markets Equity ETF
	For the Six Months Ended February 28, 2022 (Unaudited)						For the Fiscal Year Ended August 31, 2021
	Shares			Dollars			Shares			Dollars
Fund Share Activity
Shares Sold		—		$	—			—		$	—
Shares Redeemed		—			—			(150,000	)		(8,323,242	)
NET DECREASE IN SHARES		—		$	—			(150,000	)	$	(8,323,242	)
	MarketBeta International Equity ETF
	For the Six Months Ended February 28, 2022 (Unaudited)						For the Fiscal Year Ended August 31, 2021
	Shares			Dollars			Shares			Dollars
Fund Share Activity
Shares Sold		1,000,000		$	56,254,335			300,000		$	16,893,287
Shares Redeemed		—			—			(100,000	)		(5,367,710	)
NET INCREASE IN SHARES		1,000,000		$	56,254,335			200,000		$	11,525,577
	MarketBeta U.S. Equity ETF
	For the Six Months Ended February 28, 2022 (Unaudited)						For the Fiscal Year Ended August 31, 2021
	Shares			Dollars			Shares			Dollars
Fund Share Activity
Shares Sold		1,200,000		$	74,463,733			1,550,000		$	85,652,200
Shares Redeemed		(150,000	)		(9,380,898	)		(50,000	)		(2,904,650	)
NET INCREASE IN SHARES		1,050,000		$	65,082,835			1,500,000		$	82,747,550

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GOLDMAN SACHS MARKETBETA ETFS

Notes to Financial Statements (continued)

February 28, 2022 (Unaudited)

7. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales of long-term securities for the six months ended February 28, 2022, were as follows:

Fund	Purchases		Sales
MarketBeta Emerging Markets Equity ETF	$	5,191,224	$	3,968,781
MarketBeta International Equity ETF		16,914,717		16,146,081
MarketBeta U.S. Equity ETF		8,980,605		8,076,690

The purchases and sales from in-kind creation and redemption transactions for the six months ended February 28, 2022, were as follows:

Fund	Purchases		Sales
MarketBeta Emerging Markets Equity ETF	$	—	$	—
MarketBeta International Equity ETF		54,491,076		—
MarketBeta U.S. Equity ETF		74,464,259		9,380,545

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

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8. SECURITIES LENDING (continued)

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, 2022, 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, 2022, 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, 2022:

Fund	Beginning value as of August 31, 2021		Purchases at Cost		Proceeds from Sales			Ending value as of February 28, 2022
MarketBeta Emerging Markets Equity ETF	$	568,867	$	2,091,469	$	(2,555,795	)	$	104,541
MarketBeta International Equity ETF		1,129,562		26,395,142		(25,245,089	)		2,279,615
MarketBeta U.S. Equity ETF		530,905		3,040,492		(3,065,408	)		505,989

9. TAX INFORMATION

As of the Funds’ most recent fiscal year ended August 31, 2021, 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	$	—	$	—		$	—
Perpetual Long-Term		—		(44,653	)		(84,374	)

As of February 28, 2022, 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	$	24,264,251		$	341,313,130		$	384,830,169
Gross unrealized gain		8,631,081			54,163,403			97,308,079
Gross unrealized loss		(1,799,353	)		(15,045,111	)		(11,097,803	)
Net unrealized gain	$	6,831,728		$	39,118,292		$	86,210,276

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 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, 2022 (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; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; and less economic, political and social stability in the countries in which a Fund invests. The imposition of sanctions, 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. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent a Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact the Fund’s liquidity and performance. 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, or economically tied to, emerging markets, these risks may be more pronounced.

Foreign Custody Risk — A 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.

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.

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

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10. OTHER RISKS (continued)

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 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

In late February 2022, Russia began an invasion of Ukraine. Following such invasion, the United States, the European Union, and other countries and entities imposed wide-ranging sanctions on Russia and related entities. The MarketBeta Emerging Markets Equity ETF and the MarketBeta International Equity ETF have limited market value in Russian and Ukrainian securities, which are being valued to reflect the limited liquidity and transferability in the current environment. With the closure of local Russian markets and imposition of sanctions in late February and early March, there are currently limited portfolio management actions possible as

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Notes to Financial Statements (continued)

February 28, 2022

12. OTHER MATTERS (continued)

many of these assets are either sanctioned and/or cannot be transferred or settled. These sanctions and current environment could impair the ability of these funds to buy, sell, hold, receive, deliver or otherwise transact in certain securities and other instruments. The full impact of the sanctions and the conflict on these Funds, the financial markets and the global economy is not yet known. Management is continuing to monitor these developments and evaluate other impacts they may have on these Funds.

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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GOLDMAN SACHS MARKETBETA ETFS

Voting Results of Special Meeting of Shareholders (Unaudited)

A Special Meeting (the “Meeting”) of the Goldman Sachs ETF Trust (“the Trust”) was held on December 3, 2021 to consider and act upon the proposal below. Each Fund has amortized its respective share of the proxy, shareholder meeting and other related costs and GSAM has agreed to reimburse the Fund in an amount equal to the portion of the increase in the Fund’s total expense ratio that exceeds a specified percentage.

At the Meeting, Cheryl K. Beebe, Lawrence Hughes, John F. Killian, Steven D. Krichmar and Linda A. Lang were elected to the Trust’s Board of Trustees. In electing trustees, the Trust’s shareholders voted as follows:

Proposal 1. Election of Trustees	For		Against/Withheld		Abstain
Cheryl K. Beebe		264,924,160		15,294,512		0
Lawrence Hughes		279,548,931		669,741		0
John F. Killian		264,883,857		15,334,814		0
Steven D. Krichmar		279,552,751		665,920		0
Linda A. Lang		279,620,511		598,160		0

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GOLDMAN SACHS MARKETBETA ETFS

Liquidity Risk Management Program

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

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

At a meeting of the Board of Trustees on February 3-4, 2022, GSAM provided a written report to the Board addressing the operation, and the adequacy and effectiveness of the implementation, of the Program, including, as applicable, the operation of any Highly Liquid Investment Minimum and any material changes to the Program, for the period from January 1, 2021 through December 31, 2021 (the “Reporting Period”). Among other things, the annual report discussed: (1) the results of stress tests designed to assess liquidity under a hypothetical stressed scenario involving elevated redemptions; (2) an assessment of the methodologies used to classify investments into one of four liquidity categories; (3) the efficiency of the arbitrage function during the Reporting Period; and (4) the impact of local holidays in non-U.S. jurisdictions. The report concluded that the Program continues to be reasonably designed to assess and manage liquidity risk and was adequately and effectively implemented during the Reporting Period.

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

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GOLDMAN SACHS MARKETBETA ETFS

Fund Expenses — Six Months ended 2/28/2022 (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, 2021 and held for the six months ended February 28, 2022, 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 9/1/21		Ending Account Value 2/28/22			Expenses Paid*		Beginning Account Value 9/1/21		Ending Account Value 2/28/22			Expenses Paid*		Beginning Account Value 9/1/21		Ending Account Value 2/28/22			Expenses Paid*
Actual based on NAV	$	1,000	$	908.74		$	1.70	$	1,000	$	929.56		$	0.96	$	1,000	$	958.59		$	0.34
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 each Fund is 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, 2022. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratio for the period is as follows:

Fund
MarketBeta Emerging Markets Equity ETF	0.36	%
MarketBeta International Equity ETF	0.20
MarketBeta U.S. Equity ETF	0.07

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GOLDMAN SACHS MARKETBETA ETFS

Statement Regarding Basis for 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, 2022 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 13, 2021 (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 one meeting over the course of the year since the Management Agreement was last approved in 2020. At this Committee meeting, 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 a third-party fund data provider engaged as part of the contract review process (the “Outside Data Provider”);

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

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

(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;

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GOLDMAN SACHS MARKETBETA ETFS

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)

(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. 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 capabilities. 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 data compiled by the Outside Data Provider as of March 31, 2021, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of June 30, 2021. The information on each Fund’s investment performance was provided for the one-year period ending on the applicable dates. As part of this review, they reviewed the investment performance of 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 and a composite of separate accounts with comparable investment strategies. The Trustees observed that 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 performance of each passively-managed Fund was consistent with the investment objective of tracking its respective index.

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

Unitary Fee Structure and Profitability

The Trustees considered the unitary management fee rate payable by each Fund, noting that the Management Agreement provides for a unitary fee structure, pursuant to which each Fund pays a single 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 non-advisory 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 each 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 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.

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) trading efficiencies resulting from aggregation of orders of the Funds with those for other funds or accounts managed by the Investment Adviser; (b) the Investment Adviser’s ability to leverage the infrastructure designed to service the Funds on behalf of its other clients; (c) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (d) fees earned by the Investment Adviser for managing the fund in which the Funds’ securities lending cash collateral is invested (e) 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 (f) 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.

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GOLDMAN SACHS MARKETBETA ETFS

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)

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 advantages received from the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (c) 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; (d) the Funds’ access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; and (e) 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 with respect to each Fund should be approved and continued with respect to each Fund until September 30, 2022.

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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 $2.21 trillion in assets under supervision as of December 31, 2021, Goldman Sachs Asset Management 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. Goldman Sachs Asset Management 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 ActiveBeta^® Paris-Aligned Climate U.S. Large Cap Equity ETF

Goldman Sachs ActiveBeta^® World Low Vol Plus Equity ETF

Goldman Sachs Bloomberg Clean Energy 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 Emerging Markets USD Bond 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 Future Planet Equity ETF

Goldman Sachs Future Tech Leaders Equity ETF

Goldman Sachs Future Health Care Equity ETF

Goldman Sachs Future Consumer Equity ETF

Goldman Sachs Future Real Estate and Infrastructure 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.

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 Cheryl K. Beebe, Chair Lawrence Hughes John F. Killian Steven D. Krichmar Linda A. Lang Michael Latham James A. McNamara Lawrence W. Stranghoener	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, 2022 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.

© 2022 Goldman Sachs. All rights reserved. 275088-OTU-1591614 04/2022 MCEQWGETFSAR-22

Goldman Sachs Funds

Semi-Annual Report	February 28, 2022
	Goldman Sachs Future Thematic Equity ETFs
	Goldman Sachs Future Consumer Equity ETF (GBUY)
	Goldman Sachs Future Health Care Equity ETF (GDOC)
	Goldman Sachs Future Planet Equity ETF (GSFP)
	Goldman Sachs Future Real Estate and Infrastructure Equity ETF (GREI)
	Goldman Sachs Future Tech Leaders Equity ETF (GTEK)

Goldman Sachs Future Thematic Equity ETFs

∎ GOLDMAN SACHS FUTURE CONSUMER EQUITY ETF

∎ GOLDMAN SACHS FUTURE HEALTH CARE EQUITY ETF

∎ GOLDMAN SACHS FUTURE PLANET EQUITY ETF

∎ GOLDMAN SACHS FUTURE REAL ESTATE AND INFRASTRUCTURE EQUITY ETF

∎ GOLDMAN SACHS FUTURE TECH LEADERS EQUITY ETF

TABLE OF CONTENTS
Market and Economic Review	1
Fund Basics	6
Schedules of Investments	17
Financial Statements	25
Financial Highlights	32
Goldman Sachs Future Consumer Equity ETF	32
Goldman Sachs Future Health Care Equity ETF	33
Goldman Sachs Future Planet Equity ETF	34
Goldman Sachs Future Real Estate and Infrastructure Equity ETF	35
Goldman Sachs Future Tech Leaders Equity ETF	36
Notes to Financial Statements	37
Other Information	50

NOT FDIC-INSURED May Lose Value No Bank Guarantee

MARKET REVIEW

Goldman Sachs Future Thematic Equity ETFs

The following are highlights both of key factors affecting the U.S., international and emerging markets equity markets and of any key changes made to the Goldman Sachs Future Thematic Equity ETFs (the “Funds”) during the six months ended February 28, 2022 (the “Reporting Period”). Attribution highlights are provided for those Funds that materially outperformed or underperformed their respective benchmarks during the Reporting Period. A fuller review of the markets and these changes will appear in the Funds’ annual shareholder report covering the 12 months ended August 31, 2022.

Market and Economic Review

U.S. Equities

• Overall, U.S. equities struggled during the Reporting Period. The Standard & Poor’s 500^® Index (the “S&P 500^® Index”) ended the Reporting Period with a return of -2.62%. The Russell 3000^® Index generated a return of -4.24%.

• Persistent supply-chain disruptions and inflationary pressures remained the common themes during the Reporting Period, while the biggest headlines were the COVID-19 variants and the start of the yet ongoing Russia/Ukraine war.

• As the Reporting Period began in September 2021, the S&P 500^® Index saw its first decline since January 2021 and its worst month since September 2020. Focus centered around U.S. Federal Reserve (“Fed”) tapering, complex legislative negotiations, persistent supply-chain disruptions, spread of the COVID-19 Delta variant, global risk events, rising energy costs and the rapid uptick in U.S. Treasury yields.

• During the fourth quarter of 2021, the S&P 500^® Index increased in October, fell in November and increased in December.

• The third quarter corporate earnings season propelled the U.S. equity market rally in October, with retail earnings upside surprises and hints of easing supply-chain constraints supporting the market’s upward trajectory into early November.

• Later in November, a $1 trillion infrastructure bill was signed into law, and Fed Chair Powell was appointed for a second term, bringing clarity to the Fed’s leadership. However, renewed concerns around COVID-19 developments pressured U.S. equities, with the emergence of the more contagious Omicron variant triggering a sell-off. Persistently high inflation also weighed on market sentiment.

• In December, the S&P 500^® Index rebounded despite record COVID-19 case counts in many population centers in the U.S., as studies showed the variant was generally accompanied by milder symptoms than previous variants. Positive seasonality and the so-called “Santa Rally” also lifted the S&P 500^® Index towards the end of the month. (A Santa rally refers a sustained increase in the stock market that occurs in the last week of December through the first two trading days in January.) The Fed walked back its use of “transitory” in describing the inflationary environment and announced it would double its pace of asset purchase tapering and indicated potential interest rate hikes in 2022.

• The S&P 500^® Index fell in January and February 2022, suffering its biggest pullback since March 2020 amid reverberations surrounding the Fed’s hawkish policy pivot, the velocity and magnitude of the accompanying U.S. Treasury yield increase, the long-standing valuation concerns around some of the riskier pockets of the market, the remaining inflation overhang and the ramping of geopolitical tensions caused by the Russia/Ukraine war.

• During the Reporting Period overall, the U.S. equity market saw a sharp reversal of the growth/value dynamic amid a backdrop of rising U.S. Treasury yields and expectations of multiple interest rate hikes by the Fed. Value stocks meaningfully outperformed growth stocks during the Reporting Period.

• The best performing sectors within the S&P 500^® Index during the Reporting Period were energy, consumer staples and financials, while the weakest performing sectors were communication services, information technology and consumer discretionary.

1

MARKET REVIEW

International Equities

• Representing the developed international equity markets, the MSCI EAFE Index (net) returned -6.78% for the Reporting Period, underperforming the U.S. equity market.

• As the Reporting Period began, international equity markets receded in September 2021, due primarily to the U.S. Fed’s announcements around tapering of its monthly asset purchase plans and increases in interest rates.

• The decline was further aggravated by halts in global manufacturing activities due to supply-chain disruptions and semiconductor shortages as well as power cuts and energy crises around the world.

• Regulations imposed by the Chinese government on certain key sectors, primarily technology, led to increased investor pessimism, worsened by the debt crisis at Chinese property developer Evergrande Group and spread of the COVID-19 Delta variant.

• During the fourth quarter of 2021, the MSCI EAFE Index increased in October, fell in November and rose in December.

• Many of the concerns that dominated the international equity markets in September ebbed somewhat in October, supported in Europe and the U.K. particularly by favorable third calendar quarter corporate earnings reports.

• In November, international equity markets suffered over fears of the new COVID-19 Omicron variant’s potential impact. Travel restrictions were re-imposed to curtail the variant’s spread, and lockdown measures were reimposed in Europe. Japan’s equity market fell due to both inflation and supply-chain issues as well as concerns about the Omicron variant.

• In December, the initial scare of the Omicron variant dissipated among studies showing its symptoms were less severe than prior variants. Also, value stocks outperformed growth stocks, which benefited international equities given their relatively high value/cyclical exposures.

• The MSCI EAFE Index fell in January and February 2022.

• The price pressure in January was mostly from the continued reverberation surrounding the U.S. Fed’s hawkish policy pivot, the velocity and magnitude of the accompanying government bond yield increase and the long-standing valuation concerns around some of the riskier pockets of the markets.

• The price pressure in February was mostly from the Russia/Ukraine crisis, as the situation deteriorated sharply and Russia launched a full-scale invasion.

• The best performing sector within the MSCI EAFE Index during the Reporting Period was energy, the only sector to post a positive total return for the Reporting Period. The weakest performing sectors were information technology, industrials and communication services.

• The best performing countries within the MSCI EAFE Index were Norway and the U.K., the only two country constituents to post a positive total return for the Reporting Period. The weakest performing countries during the Reporting Period were the Netherlands, Finland and Ireland.

Emerging Markets Equities

• Representing the emerging markets equity markets, the MSCI Emerging Markets Index (net) returned -9.81% during the Reporting Period, underperforming both the U.S. equity market and the developed international equity markets overall.

• As the Reporting Period began in September 2021, emerging markets equities as a whole posted negative returns, mainly due to a steep sell-off in China as well as on broader concerns around rising inflation and, as a direct result, a looming tightening of monetary policy across the globe.

2

MARKET REVIEW

• During the fourth quarter of 2021, the MSCI Emerging Markets Index rose in October, fell sharply in November and increased in December.

• Emerging markets equities rose slightly in October as COVID-19 vaccination rates increased and the global spread of the Delta variant slowed in most regions. The markets also expected strong corporate earnings to continue. However, rising input costs, especially energy prices, material shortages and a slowdown in economic growth in China muted investor optimism.

• In November, the Omicron variant of COVID-19 spread across regions, dampening investor sentiment and leading to mixed outlooks for the global economic recovery.

• In December, global economic data was encouraging despite market participants closely monitoring the implications of the spread of the Omicron variant, inflation remaining top of mind for investors, and China’s heightened regulations, mainly in the technology sector, weighing on sentiment.

• The MSCI Emerging Markets Index fell in January and February 2022.

• In January, both growing tensions between Russian and Ukraine and rising global borrowing costs worried investors. COVID-19 cases surged and hospitalizations rose, furthering dampening investor sentiment around an economic recovery across emerging markets.

• In February, the Russia/Ukraine situation deteriorated sharply, with Russia launching a full-scale invasion, triggering a sell-off in emerging markets equities.

• The best performing sector within the MSCI Emerging Markets Index during the Reporting Period was financials, the only sector to post a positive, albeit modest, total return for the Reporting Period. The weakest performing sectors were health care, consumer discretionary and communication services.

• The best performing countries within the MSCI Emerging Markets Index during the Reporting Period were Peru, United Arab Emirates and Qatar, while the weakest performing countries were Russia, Hungary and Poland.

• It is worth noting that effective March 9, 2022, after the close of the Reporting Period, MSCI Inc. removed Russian securities from the MSCI Emerging Markets Index after deeming the Russian equity market “uninvestable” amidst Russia’s invasion of Ukraine. MSCI Inc. announced the MSCI Russia Indexes would be reclassified to “standalone markets” instead of “emerging markets” across all of MSCI’s indexes “at a price that is effectively zero.”

Fund Changes and Highlights

Goldman Sachs Future Consumer Equity ETF

• The Fund, which seeks long-term growth of capital, launched on November 9, 2021.

• The Fund is an actively managed ETF; it is not an index fund and does not seek to replicate the performance of a specified index.

• The Fund intends to invest in companies Goldman Sachs Asset Management, L.P. (“Investment Adviser”) believes are aligned with the key themes associated with the different and evolving priorities and spending habits of younger consumers, which include, but are not limited to, the increased adoption of technology and their different lifestyle preferences and values (the “Key Themes”).

• At the end of the Reporting Period, the Key Themes were:

• Technology-Enabled Consumption — Companies that, in the Investment Adviser’s view, provide or help create products, services or technologies in areas including but not limited to the connected world, social media, e-commerce, entertainment and gaming, fintech, mobility and the digital workforce.

• Lifestyle and Values — Companies that, in the Investment Adviser’s view, provide or help create products, services or technologies in areas including but not limited to sustainable living, experiences, education, health & wellness, childcare and luxury.

3

MARKET REVIEW

Goldman Sachs Future Health Care Equity ETF

• The Fund, which seeks long-term growth of capital, launched on November 9, 2021.

• The Fund is an actively managed ETF; it is not an index fund and does not seek to replicate the performance of a specified index.

• The Fund intends to invest in companies the Investment Adviser believes are aligned with the key themes associated with innovation in health care (the “Key Themes”).

• At the end of the Reporting Period, the Key Themes were:

• Genomics — Companies that, in the Investment Adviser’s view, provide, invest in or help create products, services or technologies in areas including but not limited to sequencing, diagnostic testing and the genomics supply chain.

• Precision Medicine — Companies that, in the Investment Adviser’s view, provide, invest in or help create products, services or technologies in areas including but not limited to targeted oncology, gene/cell therapy and rare diseases.

• Technology-Enabled Procedures — Companies that, in the Investment Adviser’s view, provide, invest in or help create products, services or technologies in areas including but not limited to robotic surgery and minimally invasive procedures.

• Digital Healthcare — Companies that, in the Investment Adviser’s view, provide, invest in or help create products, services or technologies in areas including but not limited to connected devices, digital transformation and online health.

Goldman Sachs Future Planet Equity ETF

• The Fund underperformed its benchmark index, the MSCI All Country World Index, during the Reporting Period, as concerns around inflation and monetary policy tightening led investors to shift out of growth-oriented stocks and into more cyclical, value-oriented stocks. In this environment, the Fund was hampered by its deliberate overweight in the stocks of higher growth, more innovative and high quality companies.

• From a theme perspective, the Fund’s overweight in Sustainable Consumption contributed positively to its performance, while stock selection in Clean Energy detracted from relative returns.

• In sector terms, the Fund benefited from stock selection in communication services and consumer discretionary. Overweight positions in the industrials and materials sectors hurt relative performance.

• From a country perspective, stock selection in China supported the Fund’s relative returns, while overweights in the U.S. and Japan detracted from relative results.

Goldman Sachs Future Real Estate and Infrastructure Equity ETF

• The Fund, which seeks long-term growth of capital, launched on November 9, 2021.

• The Fund is an actively managed ETF; it is not an index fund and does not seek to replicate the performance of a specified index.

• The Fund generally intends to invest in real estate and infrastructure companies the Investment Adviser believes are aligned with key themes associated with secular growth drivers for real estate and infrastructure assets (the “Real Estate Key Themes”).

• At the end of the Reporting Period, the Real Estate Key Themes were:

• Innovation — Real estate and infrastructure companies that, in the Investment Adviser’s view, facilitate innovation-driven demand drivers including but not limited to towers, digital storage, cold storage, logistics, life-science office and studio office.

• Demographic Shifts — Real estate and infrastructure companies that, in the Investment Adviser’s view, facilitate demographic-driven demand drivers in areas including but not limited to select multi-family, single family rental, self-storage and health care.

4

MARKET REVIEW

• Experiences Over Things — Real estate and infrastructure companies that, in the Investment Adviser’s view, facilitate experience-driven demand drivers in areas including but not limited to leisure hotels, airports, toll roads, rails and ports.

• Environmental Sustainability — Real estate and infrastructure companies that, in the Investment Adviser’s view, facilitate environmental sustainability-driven demand drivers in areas including but not limited to utilities enabling energy transition, alternative energy producers, energy storage and grid services.

• Social Sustainability — Real estate and infrastructure companies that, in the Investment Adviser’s view, facilitate social sustainability-driven demand drivers in areas including but not limited to affordable housing, health care, education and waste management.

Goldman Sachs Future Tech Leaders Equity ETF

• The Fund, which seeks long-term growth of capital, launched on September 14, 2021.

• The Fund is an actively managed ETF; it is not an index fund and does not seek to replicate the performance of a specified index.

• The Fund intends to invest in technology companies the Investment Adviser believes are driving technological innovation or benefiting from the enablement of technology and have the potential to grow their business over many years.

• The Investment Adviser seeks to:

• Identify companies at various growth stages that are developing differentiated technology to either disrupt existing markets, serve existing markets more efficiently or apply proven business models to new geographies.

• Invest in companies that use technology to drive long-term compounding revenue growth, as well as more mature technology companies that are evolving their business models to exploit new growth opportunities.

5

FUND BASICS

Goldman Sachs Future Consumer Equity ETF

as of February 28, 2022

FUND SNAPSHOT
As of February 28, 2022
Market Price1	$	32.00
Net Asset Value (NAV)1	$	32.05

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 09, 2021–February 28, 2022	Fund Total Return (based on NAV)2			Fund Total Return (based on Market Price)2			MSCI ACWI Growth Index3
Shares		-19.94	%		-20.06	%		-12.88	%

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 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 MSCI ACWI Growth Index captures large and mid cap securities exhibiting overall growth style characteristics across 23 Developed Markets (DM) countries and 27 Emerging Markets (EM) countries. The growth investment style characteristics for index construction are defined using five variables: long-term forward EPS growth rate, short-term forward EPS growth rate current internal growth rate and long-term historical EPS growth trend and long-term historical sales per share growth trend.

The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund is newly incepted and does not have a track record. 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.

6

FUND BASICS

TOP TEN HOLDINGS AS OF 2/28/224
Holding	% of Net Assets			Line of Business	Country
Amazon.com, Inc.		7.0	%	Consumer Discretionary	United States
Alphabet, Inc., Class C		6.7		Communication Services	United States
LVMH Moet Hennessy Louis Vuitton SE		3.9		Consumer Discretionary	France
Taiwan Semiconductor Manufacturing Co. Ltd.		3.7		Information Technology	Taiwan
NVIDIA Corp.		3.7		Information Technology	United States
Mastercard, Inc., Class A		3.3		Information Technology	United States
MediaTek, Inc.		3.2		Information Technology	Taiwan
Ulta Beauty, Inc.		3.1		Consumer Discretionary	United States
Walt Disney Co. (The)		3.1		Communication Services	United States
NIKE, Inc., Class B		2.9		Consumer Discretionary	United States

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

FUND VS BENCHMARK⁵

February 28, 2022

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 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). Figures above may not sum to 100% due to rounding.

⁶  The Fund seeks long-term growth of capital.

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

7

FUND BASICS

Goldman Sachs Future Health Care Equity ETF

as of February 28, 2022

FUND SNAPSHOT
As of February 28, 2022
Market Price1	$	32.98
Net Asset Value (NAV)1	$	32.90

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 09, 2021–February 28, 2022	Fund Total Return (based on NAV)2			Fund Total Return (based on Market Price)2			MSCI ACWI Health Care Index3
Shares		-17.09	%		-16.90	%		-5.44	%

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 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 MSCI ACWI Health Care Index includes large and mid cap securities across 23 Developed Markets (DM) and 27 Emerging Markets (EM) countries*. All securities in the index are classified in the Health Care as per the Global Industry Classification Standard (GICS^®).

* DM countries include: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the UK and the US. EM countries include: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates.

The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund is newly incepted and does not have a track record. 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.

8

FUND BASICS

TOP TEN HOLDINGS AS OF 2/28/224
Holding	% of Net Assets			Line of Business	Country
Eli Lilly & Co.		5.3	%	Health Care	United States
AstraZeneca PLC		4.1		Health Care	United Kingdom
Boston Scientific Corp.		4.0		Health Care	United States
West Pharmaceutical Services, Inc.		3.8		Health Care	United States
Edwards Lifesciences Corp.		3.7		Health Care	United States
PerkinElmer, Inc.		3.7		Health Care	United States
Intuitive Surgical, Inc.		3.6		Health Care	United States
Insulet Corp.		3.5		Health Care	United States
Neurocrine Biosciences, Inc.		3.4		Health Care	United States
Catalent, Inc.		3.1		Health Care	United States

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

FUND VS BENCHMARK⁵

February 28, 2022

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 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 0.3% of the Fund’s net assets as of February 28, 2022. Figures above may not sum to 100% due to rounding.

⁶  The Fund seeks to long-term growth of capital.

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

9

FUND BASICS

Goldman Sachs Future Planet Equity ETF

as of February 28, 2022

FUND SNAPSHOT
As of February 28, 2022
Market Price1	$	34.30
Net Asset Value (NAV)1	$	34.47

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, 2021–February 28, 2022	Fund Total Return (based on NAV)2			Fund Total Return (based on Market Price)2			MSCI All Country World Index3
Shares		-18.21	%		-18.75	%		-5.26	%

²  Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculation 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 MSCI ACWI captures large and mid cap representation across 23 Developed Markets (DM) and 25 Emerging Markets (EM) countries. With 2,975 constituents, the index covers approximately 85% of the global investable equity opportunity set as of February 28, 2022. It is not possible to invest directly into an index.

The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund is newly incepted and does not have a track record. 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.

10

FUND BASICS

TOP TEN HOLDINGS AS OF 2/28/224
Holding	% of Net Assets			Line of Business
Enel SpA		4.3	%	Utilities
Iberdrola SA		3.6		Utilities
Ecolab, Inc.		3.6		Materials
Danaher Corp.		3.4		Health Care
NextEra Energy, Inc.		3.3		Utilities
Koninklijke DSM NV		3.1		Materials
Delta Electronics, Inc.		3.0		Information Technology
Schneider Electric SE		2.9		Industrials
Infineon Technologies AG		2.9		Information Technology
Daikin Industries Ltd.		2.8		Industrials

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

FUND VS BENCHMARK⁵

February 28, 2022

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 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, 2022. 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 MSCI ACWI Index (Net, USD, Unhedged).

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

11

FUND BASICS

Goldman Sachs Future Real Estate and Infrastructure Equity ETF

as of February 28, 2022

FUND SNAPSHOT
As of February 28, 2022
Market Price1	$	37.75
Net Asset Value (NAV)1	$	37.78

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

PERFORMANCE REVIEW
November 09, 2021–February 28, 2022	Fund Total Return (based on NAV)2			Fund Total Return (based on Market Price)2			Future Real Estate and Infrastructure Composite Index3
Shares		-5.42	%		-5.49	%		-2.94	%

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 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  Future Real Estate and Infrastructure Composite Index consist of the FTSE Global Core Infrastructure 50/50 Index and the FTSE EPRA/NAREIT Developed Index. The FTSE Global Core Infrastructure 50/50 Index give participants an industry-defined interpretation of infrastructure and adjust the exposure to certain infrastructure sub-sectors. The constituent weights for these indexes are adjusted as part of the semi-annual review according to three broad industry sectors – 50% Utilities, 30% Transportation including capping of 7.5% for railroads/railways and a 20% mix of other sectors including pipelines, satellites and telecommunication towers. Company weights within each group are adjusted in proportion to their investable market capitalisation. It is not possible to invest directly in an unmanaged index. The FTSE EPRA/NAREIT Developed Index is designed to track the performance of listed real estate companies and REITS worldwide. By making the index constituents free-float adjusted, liquidity, size and revenue screened, the series is suitable for use as the basis for investment products, such as derivatives and Exchange Traded Funds (ETFs). 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 is newly incepted and does not have a track record. 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.

12

FUND BASICS

TOP TEN HOLDINGS AS OF 2/28/224
Holding	% of Net Assets			Line of Business
National Grid PLC		4.6	%	Utilities
American Tower Corp. REIT		4.6		Real Estate
NextEra Energy, Inc.		4.2		Utilities
Alexandria Real Estate Equities, Inc. REIT		3.8		Real Estate
Vonovia SE		3.7		Real Estate
SBA Communications Corp. REIT		3.7		Real Estate
Transurban Group		3.5		Industrials
Equinix, Inc. REIT		3.5		Real Estate
Vinci SA		3.2		Industrials
AES Corp. (The)		2.7		Utilities

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

FUND VS BENCHMARK⁵

February 28, 2022

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). Figures above may not sum to 100% due to rounding.

⁶  The Fund seeks long-term growth of capital.

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

13

FUND BASICS

Goldman Sachs Future Tech Leaders Equity ETF

as of February 28, 2022

FUND SNAPSHOT
As of February 28, 2022
Market Price1	$	32.37
Net Asset Value (NAV)1	$	32.32

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 14, 2021–February 28, 2022	Fund Total Return (based on NAV)2			Fund Total Return (based on Market Price)2			MSCI All Country World Index3
Shares		-19.64	%		-19.52	%		-4.55	%

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 MSCI ACWI captures large and mid cap representation across 23 Developed Markets (DM) and 25 Emerging Markets (EM) countries. With 2,975 constituents, the index covers approximately 85% of the global investable equity opportunity set as of February 28, 2022. It is not possible to invest directly into an index.

The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund is newly incepted and does not have a track record. 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.

14

FUND BASICS

TOP TEN HOLDINGS AS OF 2/28/224
Holding	% of Net Assets			Line of Business
Marvell Technology, Inc.		2.9	%	Information Technology
Palo Alto Networks, Inc.		2.8		Information Technology
ON Semiconductor Corp.		2.7		Information Technology
Workday, Inc., Class A		2.5		Information Technology
Bill.com Holdings, Inc.		2.5		Information Technology
MediaTek, Inc.		2.4		Information Technology
Kingdee International Software Group Co. Ltd.		2.4		Information Technology
Silergy Corp.		2.3		Information Technology
Tokyo Electron Ltd.		2.2		Information Technology
MercadoLibre, Inc.		2.2		Consumer Discretionary

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

FUND VS BENCHMARK⁵

February 28, 2022

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 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 0.5% of the Fund’s net assets as of February 28, 2022. Figures above may not sum to 100% due to rounding.

⁶  The Fund seeks long-term growth of capital.

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.

15

PORTFOLIO RESULTS

Index Definition

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.

Russell 3000 Index is a market capitalization weighted equity index maintained by the FTSE Russell that provides exposure to the entire U.S. stock market. The index tracks the performance of the 3,000 largest U.S.-traded stocks which represent about 98% of all U.S incorporated equity securities. It is not possible to invest directly in an index. It is not possible to invest directly in an unmanaged index.

MSCI EAFE Index is an equity index which captures large and mid cap representation across 21 Developed Markets countries around the world, excluding the US and Canada. With 825 constituents, the index covers approximately 85% of the free float adjusted market capitalization in each country. The Developed Markets countries in the MSCI EAFE Index include Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the UK.

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 MSCI Russia Index is designed to measure the performance of the large and mid cap segments of the Russian market. With 25 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in Russia

16

GOLDMAN SACHS FUTURE CONSUMER EQUITY ETF

Schedule of Investments

February 28, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – 97.8%
Communication Services – 33.2%
	460	Alphabet, Inc., Class C*	$	1,240,997
	1,224	Baidu, Inc. ADR (China)*		186,587
	3,582	Bilibili, Inc., Class Z (China)*		108,647
	8,921	Bumble, Inc., Class A*		228,645
	4,773	CTS Eventim AG & Co. KGaA (Germany)*		335,815
	2,281	Electronic Arts, Inc.		296,735
	3,998	Live Nation Entertainment, Inc.*		483,038
	3,508	Match Group, Inc.*		391,107
	1,316	Meta Platforms, Inc., Class A*		277,715
	1,059	NAVER Corp. (South Korea)		280,087
	22,230	NetEase, Inc. (China)		433,863
	1,176	Sea Ltd. ADR (Taiwan)*		171,226
	8,540	Snap, Inc., Class A*		341,088
	7,719	Tencent Holdings Ltd. (China)		416,095
	2,983	T-Mobile US, Inc.*		367,535
	3,813	Walt Disney Co. (The)*		566,078
				6,125,258
Consumer Discretionary – 26.1%
	422	Amazon.com, Inc.*		1,296,072
	1,211	Etsy, Inc.*		187,572
	14,202	Farfetch Ltd., Class A (United Kingdom)*		270,548
	411	JD.com, Inc., Class A (China)*		14,686
	966	LVMH Moet Hennessy Louis Vuitton SE (France)		715,999
	9,880	Meituan, Class B (China)*(a)		217,737
	449	MercadoLibre, Inc. (Brazil)*		505,866
	7,960	Moncler SpA (Italy)		484,406
	3,925	NIKE, Inc., Class B		535,959
	1,532	Ulta Beauty, Inc.*		573,734
				4,802,579
Consumer Staples – 2.9%
	32,937	Davide Campari-Milano NV (Italy)		360,626
	9,152	Ocado Group PLC (United Kingdom)*		168,600
				529,226
Health Care – 2.9%
	2,427	Guardant Health, Inc.*		160,838
	1,167	Illumina, Inc.*		381,142
				541,980
Industrials – 2.2%
	10,112	Experian PLC (United Kingdom)		397,943
Information Technology – 17.9%
	67,311	Locaweb Servicos de Internet SA (Brazil)*(a)		130,527
	1,674	Mastercard, Inc., Class A		604,013
	15,433	MediaTek, Inc. (Taiwan)		597,282
	2,773	NVIDIA Corp.		676,196
	2,433	PayPal Holdings, Inc.*		272,326
	13,894	Sunny Optical Technology Group Co. Ltd. (China)		331,982
	31,543	Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)		679,578
				3,291,904
Common Stocks – (continued)
Materials – 4.8%
	5,721	Ball Corp.		513,402
	1,992	Koninklijke DSM NV (Netherlands)		374,320
				887,722
Real Estate – 2.8%
	2,322	American Tower Corp. REIT		526,792
Utilities – 5.0%
	16,253	EDP Renovaveis SA (Spain)		396,507
	6,761	NextEra Energy, Inc.		529,183
				925,690
	TOTAL INVESTMENTS – 97.8%
	(Cost $20,525,803)		$	18,029,094
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 2.2%			398,064
	NET ASSETS – 100.0%		$	18,427,158

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.

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. 17

GOLDMAN SACHS FUTURE HEALTH CARE EQUITY ETF

Schedule of Investments

February 28, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – 99.1%
Australia – 2.4%
	2,935	CSL Ltd. (Health Care)	$	553,701
China – 0.5%
	14,433	Wuxi Biologics Cayman, Inc. (Health Care)*(a)		118,679
Denmark – 3.0%
	20,426	Genmab A/S ADR (Health Care)*		683,454
France – 1.1%
	645	Sartorius Stedim Biotech (Health Care)		248,781
Italy – 0.4%
	5,358	Stevanato Group SpA (Health Care)*		85,996
Japan – 4.5%
	9,622	Chugai Pharmaceutical Co. Ltd. (Health Care)		317,461
	3,848	Hoya Corp. (Health Care)		496,306
	8,659	Kyowa Kirin Co. Ltd. (Health Care)		222,086
				1,035,853
Netherlands – 2.1%
	1,449	Argenx SE ADR (Health Care)*		416,892
	4,491	Pharvaris NV (Health Care)*		76,796
				493,688
Sweden – 0.2%
	2,247	Olink Holding AB ADR (Health Care)*(b)		38,401
Switzerland – 1.2%
	419	Lonza Group AG (Health Care)		291,101
United Kingdom – 4.6%
	7,712	AstraZeneca PLC (Health Care)		937,387
	19,881	Oxford Nanopore Technologies PLC (Health Care)*		122,573
				1,059,960
United States – 79.1%
	2,383	908 Devices, Inc. (Information Technology)*(b)		39,629
	8,612	Agios Pharmaceuticals, Inc. (Health Care)*		268,092
	3,041	Alexandria Real Estate Equities, Inc. REIT (Real Estate)		575,965
	731	Align Technology, Inc. (Health Care)*		373,877
	7,260	Allogene Therapeutics, Inc. (Health Care)*		66,429
	2,780	Alnylam Pharmaceuticals, Inc. (Health Care)*		438,823
	2,089	Arena Pharmaceuticals, Inc. (Health Care)*		198,392
	3,030	Axonics, Inc. (Health Care)*		171,983
	4,465	Beam Therapeutics, Inc. (Health Care)*		349,833
	1,896	Biogen, Inc. (Health Care)*		400,075
	20,916	Boston Scientific Corp. (Health Care)*		923,860
	5,090	Bristol-Myers Squibb Co. (Health Care)		349,530
	6,901	Catalent, Inc. (Health Care)*		704,178
	5,176	Certara, Inc. (Health Care)*		131,160
Common Stocks – (continued)
United States – (continued)
	990	Cooper Cos., Inc. (The) (Health Care)		404,930
	1,649	Danaher Corp. (Health Care)		452,502
	1,009	Dexcom, Inc. (Health Care)*		417,635
	7,640	Edwards Lifesciences Corp. (Health Care)*		858,507
	4,897	Eli Lilly & Co. (Health Care)		1,224,005
	8,191	Exelixis, Inc. (Health Care)*		168,161
	4,522	Guardant Health, Inc. (Health Care)*		299,673
	11,268	Halozyme Therapeutics, Inc. (Health Care)*		399,676
	771	IDEXX Laboratories, Inc. (Health Care)*		410,442
	1,588	Illumina, Inc. (Health Care)*		518,641
	3,047	Insulet Corp. (Health Care)*		806,510
	2,886	Intuitive Surgical, Inc. (Health Care)*		837,892
	10,206	MaxCyte, Inc. (Health Care)*		71,034
	279	Mettler-Toledo International, Inc. (Health Care)*		393,039
	8,601	Neurocrine Biosciences, Inc. (Health Care)*		772,972
	3,579	Novanta, Inc. (Information Technology)*		488,999
	9,427	Pacific Biosciences of California, Inc. (Health Care)*		112,370
	4,766	PerkinElmer, Inc. (Health Care)		856,021
	3,936	Quanterix Corp. (Health Care)*		132,801
	10,291	Rapid Micro Biosystems, Inc., Class A (Health Care)*		71,934
	677	Repligen Corp. (Health Care)*		133,166
	4,751	Seagen, Inc. (Health Care)*		612,261
	1,544	Shockwave Medical, Inc. (Health Care)*		273,643
	13,181	Sonendo, Inc. (Health Care)*		63,269
	2,126	Tandem Diabetes Care, Inc. (Health Care)*		239,451
	2,951	Turning Point Therapeutics, Inc. (Health Care)*		93,429
	2,098	Twist Bioscience Corp. (Health Care)*		117,362
	2,936	Ultragenyx Pharmaceutical, Inc. (Health Care)*		197,652
	2,780	Veeva Systems, Inc., Class A (Health Care)*		636,759
	2,279	West Pharmaceutical Services, Inc. (Health Care)		882,155
	2,184	Zimmer Biomet Holdings, Inc. (Health Care)		277,783
				18,216,500
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $25,197,181)		$	22,826,114

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

GOLDMAN SACHS FUTURE HEALTH CARE EQUITY ETF

Shares	Dividend Rate			Value
Securities Lending Reinvestment Vehicle – 0.3%(c)
Goldman Sachs Financial Square Government Fund – Institutional Shares
60,488		0.026	%	$	60,488
(Cost $60,488)
TOTAL INVESTMENTS – 99.4%
(Cost $25,257,669)				$	22,886,602
OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.6%					139,912
NET ASSETS – 100.0%				$	23,026,514

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

The below table represents the sector breakdown of investments as a percentage of total market value of the Fund:

Sector Name	% of Market Value
Health Care		95.2%
Real Estate		2.5%
Information Technology		2.3%
TOTAL INVESTMENTS		100.0%

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

GOLDMAN SACHS FUTURE PLANET EQUITY ETF

Schedule of Investments

February 28, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – 99.6%
Australia – 0.2%
	313,693	Carbon Revolution Ltd. (Consumer Discretionary)*	$	202,592
Belgium – 1.4%
	39,204	Umicore SA (Materials)		1,615,606
China – 4.3%
	31,000	Contemporary Amperex Technology Co. Ltd., Class A (Industrials)		2,620,311
	1,275,777	Xinyi Solar Holdings Ltd. (Information Technology)		2,305,434
				4,925,745
Denmark – 5.8%
	27,222	Chr Hansen Holding A/S (Materials)		1,991,949
	35,825	Novozymes A/S, Class B (Materials)		2,354,235
	17,723	Orsted AS (Utilities)(a)		2,304,709
				6,650,893
Finland – 1.8%
	51,824	Neste OYJ (Energy)		2,047,784
France – 1.1%
	28,429	Imerys SA (Materials)		1,219,782
Germany – 2.9%
	95,304	Infineon Technologies AG (Information Technology)		3,291,114
Ireland – 1.0%
	11,896	Kingspan Group PLC (Industrials)		1,160,321
Italy – 4.3%
	657,749	Enel SpA (Utilities)		4,875,236
Japan – 10.4%
	17,240	Daikin Industries Ltd. (Industrials)		3,174,076
	36,204	Horiba Ltd. (Information Technology)		2,071,494
	5,172	Keyence Corp. (Information Technology)		2,415,022
	51,721	Kurita Water Industries Ltd. (Industrials)		2,110,603
	24,136	Nidec Corp. (Industrials)		2,071,075
				11,842,270
Netherlands – 5.1%
	40,894	Aalberts NV (Industrials)		2,283,288
	18,844	Koninklijke DSM NV (Materials)		3,541,003
	13,237	Pryme BV (Industrials)*(a)		17,913
				5,842,204
Norway – 1.7%
	690,143	Aker Carbon Capture ASA (Industrials)*		1,334,193
	1,692,074	Aker Offshore Wind AS (Industrials)*(b)		469,505
	102,682	Circa Group AS (Materials)*		77,067
				1,880,765
Common Stocks – (continued)
Spain – 3.6%
	355,269	Iberdrola SA (Utilities)		4,062,210
Sweden – 0.5%
	43,514	Re:NewCell AB (Materials)*(b)		627,477
Switzerland – 4.2%
	70,237	ABB Ltd. (Industrials)		2,384,743
	7,017	Sika AG (Materials)		2,340,402
				4,725,145
Taiwan – 3.0%
	383,358	Delta Electronics, Inc. (Information Technology)		3,370,706
United Kingdom – 2.4%
	599,528	DS Smith PLC (Materials)		2,772,021
United States – 45.9%
	11,499	Albemarle Corp. (Materials)		2,252,539
	23,533	Aptiv PLC (Consumer Discretionary)*		3,046,112
	25,102	Ball Corp. (Materials)		2,252,653
	66,840	Bloom Energy Corp., Class A (Industrials)*		1,483,848
	13,965	Danaher Corp. (Health Care)		3,832,136
	37,377	Danimer Scientific, Inc. (Materials)*(b)		148,760
	19,395	Darling Ingredients, Inc. (Consumer Staples)*		1,405,750
	20,464	DocuSign, Inc. (Information Technology)*		2,423,552
	22,998	Ecolab, Inc. (Materials)		4,053,627
	27,636	Itron, Inc. (Information Technology)*		1,317,408
	47,290	NextEra Energy, Inc. (Utilities)		3,701,388
	75,633	Nuvve Holding Corp. (Industrials)*(b)		561,197
	267,224	Oatly Group AB ADR (Consumer Staples)*		1,803,762
	21,326	Schneider Electric SE (Industrials)		3,348,203
	134,819	Shoals Technologies Group, Inc., Class A (Industrials)*		2,131,488
	210,289	Smart Wires Technology Ltd. SDR (Industrials)*		240,631
	9,896	SolarEdge Technologies, Inc. (Information Technology)*		3,160,980
	54,841	Tattooed Chef, Inc. (Consumer Staples)*(b)		665,770
	13,723	Trane Technologies PLC (Industrials)		2,112,381
	18,395	Waste Connections, Inc. (Industrials)		2,271,599
	15,706	Waste Management, Inc. (Industrials)		2,267,946
	50,135	Westrock Co. (Materials)		2,269,611
	23,723	Wolfspeed, Inc. (Information Technology)*		2,436,827
	33,463	Xylem, Inc. (Industrials)		2,976,534
				52,164,702
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $129,750,093)		$	113,276,573

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

GOLDMAN SACHS FUTURE PLANET EQUITY ETF

Shares	Dividend Rate			Value
Securities Lending Reinvestment Vehicle – 1.2%(c)
Goldman Sachs Financial Square Government Fund – Institutional Shares
1,320,584		0.026	%	$	1,320,584
(Cost $1,320,584)
TOTAL INVESTMENTS – 100.8%
(Cost $131,070,677)				$	114,597,157
LIABILITIES IN EXCESS OF     OTHER ASSETS – (0.8)%					(855,135	)
NET ASSETS – 100.0%				$	113,742,022

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
SDR	—Swedish Depositary Receipt

The below table represents the sector breakdown of investments as a percentage of total market value of the Fund:

Sector Name	% of Market Value
Industrials		30.8%
Materials		24.4%
Information Technology		20.1%
Utilities		13.2%
Consumer Staples		3.4%
Health Care		3.4%
Consumer Discretionary		2.9%
Energy		1.8%
TOTAL INVESTMENTS		100.0%

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

GOLDMAN SACHS FUTURE REAL ESTATE AND INFRASTRUCTURE EQUITY ETF

Schedule of Investments

February 28, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – 98.9%
Communication Services – 2.1%
	8,856	Cellnex Telecom SA (Spain)*(a)	$	404,249
Energy – 1.0%
	1,471	Cheniere Energy, Inc.		195,496
Health Care – 1.0%
	19,588	Chartwell Retirement Residences (Canada)		187,950
Industrials – 10.2%
	59,369	Enav SpA (Italy)*(a)		273,801
	71,452	Transurban Group (Australia)		657,966
	1,562	Union Pacific Corp.		384,174
	5,684	Vinci SA (France)		603,441
				1,919,382
Information Technology – 0.9%
	22,815	NEXTDC Ltd. (Australia)*		175,987
Materials – 3.0%
	952	Linde PLC (United Kingdom)		279,165
	736	Martin Marietta Materials, Inc.		279,238
				558,403
Real Estate – 55.1%
	3,809	Alexandria Real Estate Equities, Inc. REIT		721,425
	3,806	American Tower Corp. REIT		863,467
	6,697	Americold Realty Trust REIT		178,944
	1,559	AvalonBay Communities, Inc. REIT		371,962
	9,086	Big Yellow Group PLC REIT (United Kingdom)		172,505
	9,878	CTP NV (Netherlands)(a)		169,198
	37,025	DigitalBridge Group, Inc. REIT*		268,431
	5,245	Duke Realty Corp. REIT		277,985
	921	Equinix, Inc. REIT		653,661
	3,677	Equity LifeStyle Properties, Inc. REIT		274,378
	2,716	Equity Residential REIT		231,675
	178	GLP J REIT (Japan)		265,203
	28,083	Goodman Group REIT (Australia)		453,013
	8,759	Healthpeak Properties, Inc. REIT		272,055
	82,978	Ingenia Communities Group REIT (Australia)		308,893
	12,084	Invitation Homes, Inc. REIT		456,775
	2,014	Prologis, Inc. REIT		293,742
	1,218	Public Storage REIT		432,414
	5,158	Ryman Hospitality Properties, Inc. REIT*		454,471
	2,282	SBA Communications Corp. REIT		692,336
	22,016	Segro PLC REIT (United Kingdom)		384,463
	10,380	Summit Industrial Income REIT (Canada)		176,199
	2,627	Terreno Realty Corp. REIT		180,711
	26,158	UNITE Group PLC (The) REIT (United Kingdom)		374,841
	5,467	Ventas, Inc. REIT		295,218
	13,167	Vonovia SE (Germany)		702,486
	5,807	Welltower, Inc. REIT		483,665
				10,410,116
Utilities – 25.6%
	23,587	AES Corp. (The)		500,752
	1,582	American Water Works Co., Inc.		239,024
Common Stocks – (continued)
Utilities – (continued)
	4,874	CMS Energy Corp.		311,985
	11,278	EDP Renovaveis SA (Spain)		275,137
	38,942	Enel SpA (Italy)		288,638
	26,482	Engie SA (France)		424,396
	3,493	Eversource Energy		285,727
	57,168	National Grid PLC (United Kingdom)		867,382
	10,234	NextEra Energy, Inc.		801,015
	2,369	Orsted AS (Denmark)(a)		308,066
	7,124	Veolia Environnement SA (France)		249,733
	3,102	WEC Energy Group, Inc.		281,910
				4,833,765
	TOTAL INVESTMENTS – 98.9%
	(Cost $19,416,367)		$	18,685,348
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.1%			203,972
	NET ASSETS – 100.0%		$	18,889,320

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.

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

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

GOLDMAN SACHS FUTURE TECH LEADERS EQUITY ETF

Schedule of Investments

February 28, 2022 (Unaudited)

Shares		Description	Value
Common Stocks – 98.0%
Communication Services – 11.0%
	157,616	Baidu, Inc., Class A (China)*	$	2,973,316
	43,344	Bilibili, Inc., Class Z (China)*		1,314,682
	64,429	Cellnex Telecom SA (Spain)*(a)		2,940,982
	38,464	Match Group, Inc.*		4,288,351
	15,275	NAVER Corp. (South Korea)		4,039,963
	227,461	NetEase, Inc. (China)		4,439,357
	10,004	Sea Ltd. ADR (Taiwan)*		1,456,582
	83,455	Snap, Inc., Class A*		3,333,193
	82,051	Twitter, Inc.*		2,916,913
	71,449	Yandex NV, Class A (Russia)*		1,064,590
				28,767,929
Consumer Discretionary – 6.2%
	31,993	Aptiv PLC*		4,141,174
	21,110	Etsy, Inc.*		3,269,728
	15,544	Expedia Group, Inc.*		3,048,334
	5,153	MercadoLibre, Inc. (Brazil)*		5,805,627
				16,264,863
Health Care – 1.1%
	22,227	Hoya Corp. (Japan)		2,866,786
Industrials – 1.7%
	53,410	Nidec Corp. (Japan)		4,583,035
Information Technology – 76.3%
	1,872	Adyen NV (Netherlands)*(a)		3,920,146
	27,258	Affirm Holdings, Inc.*		1,140,475
	75,068	AppLovin Corp., Class A*		4,359,949
	74,280	ASMedia Technology, Inc. (Taiwan)		4,504,227
	14,384	Atlassian Corp. PLC, Class A*		4,397,477
	27,068	Bill.com Holdings, Inc.*		6,438,936
	32,827	Cadence Design Systems, Inc.*		4,970,993
	63,257	Cognizant Technology Solutions Corp., Class A		5,448,325
	20,067	Datadog, Inc., Class A*		3,232,994
	384,412	Delta Electronics, Inc. (Taiwan)		3,379,974
	73,045	Dlocal Ltd. (Uruguay)*		2,384,919
	21,746	DocuSign, Inc.*		2,575,379
	67,564	Dynatrace, Inc.*		3,001,193
	32,188	Entegris, Inc.		4,199,890
	6,739	EPAM Systems, Inc.*		1,400,027
	40,194	Fidelity National Information Services, Inc.		3,827,675
	9,696	HubSpot, Inc.*		5,090,400
	136,476	Infineon Technologies AG (Germany)		4,712,898
	2,519,963	Kingdee International Software Group Co. Ltd. (China)*		6,185,660
	467,938	Luxshare Precision Industry Co. Ltd., Class A (China)		3,220,689
	109,620	Marvell Technology, Inc.		7,490,335
	160,591	MediaTek, Inc. (Taiwan)		6,215,132
	35,613	MKS Instruments, Inc.		5,363,318
	14,238	Motorola Solutions, Inc.		3,138,482
	21,431	NXP Semiconductors NV (China)		4,074,462
	15,761	Okta, Inc.*		2,881,741
	110,868	ON Semiconductor Corp.*		6,941,446
Common Stocks – (continued)
Information Technology – (continued)
	12,191	Palo Alto Networks, Inc.*		7,244,502
	12,621	Paylocity Holding Corp.*		2,681,205
	59,665	Procore Technologies, Inc.*		3,889,561
	134,506	Qualtrics International, Inc., Class A*		4,079,567
	16,548	RingCentral, Inc., Class A*		2,165,140
	95,848	Sangfor Technologies, Inc., Class A (China)		2,210,124
	45,717	Silergy Corp. (China)		5,935,790
	16,166	Snowflake, Inc., Class A*		4,294,660
	34,426	Splunk, Inc.*		4,065,711
	83,986	TDK Corp. (Japan)		3,354,336
	12,129	Tokyo Electron Ltd. (Japan)		5,873,100
	120,554	UiPath, Inc., Class A*		4,184,429
	406,140	Unimicron Technology Corp. (Taiwan)		3,679,670
	2,382,895	United Microelectronics Corp. (Taiwan)		4,428,351
	843,410	Vanguard International Semiconductor Corp. (Taiwan)		3,775,565
	692,274	Venustech Group, Inc., Class A (China)		2,650,609
	306,140	Viavi Solutions, Inc.*		5,020,696
	3,206,969	Weimob, Inc. (China)*(a)(b)		2,101,396
	38,268	Wolfspeed, Inc.*		3,930,889
	28,806	Workday, Inc., Class A*		6,598,014
	12,571	Zscaler, Inc.*		3,006,355
				199,666,812
Real Estate – 1.7%
	14,485	SBA Communications Corp. REIT		4,394,604
	TOTAL COMMON STOCKS
	(Cost $306,444,467)		$	256,544,029
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $306,444,467)		$	256,544,029

Shares	Dividend Rate			Value
Securities Lending Reinvestment Vehicle – 0.5%(c)
Goldman Sachs Financial Square Government Fund – Institutional Shares
1,376,389		0.026	%	$	1,376,389
(Cost $1,376,389)
TOTAL INVESTMENTS – 98.5%
(Cost $307,820,856)				$	257,920,418
OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.5%					3,879,841
NET ASSETS – 100.0%				$	261,800,259

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

GOLDMAN SACHS FUTURE TECH LEADERS EQUITY ETF

Schedule of Investments (continued)

February 28, 2022 (Unaudited)

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

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

GOLDMAN SACHS FUTURE THEMATIC EQUITY ETFS

Statements of Assets and Liabilities

February 28, 2022 (Unaudited)

	Future Consumer Equity ETF			Future Health Care Equity ETF			Future Planet Equity ETF			Future Real Estate and Infrastructure Equity ETF
Assets:
Investments at value (cost $20,525,803, $25,197,181, $129,750,093 and $19,416,367, respectively)(a)	$	18,029,094		$	22,826,114		$	113,276,573		$	18,685,348
Investments in securities lending reinvestment vehicle, at value which equals cost		—			60,488			1,320,584			—
Cash		401,993			137,580			347,959			169,100
Foreign currency, at value (cost $2,138, $—, $— and $24,399, respectively)		2,123			—			—			24,354
Receivables:
Dividends		4,214			22,533			58,475			19,907
Investments sold		—			245,910			4,732,325			104,575
Securities lending income		—			11			9,044			—
Foreign tax reclaims		—			—			7,082			368
Total assets		18,437,424			23,292,636			119,752,042			19,003,652
Liabilities:
Payables:
Management fees		10,266			12,987			61,994			10,300
Upon return of securities loaned		—			60,488			1,320,584			—
Investments purchased		—			192,638			4,622,127			104,032
Foreign bank overdraft (cost $—, $9, $3,660 and $—, respectively)		—			9			3,630			—
Accrued expenses		—			—			1,685			—
Total liabilities		10,266			266,122			6,010,020			114,332
Net Assets:
Paid-in capital		21,475,043			25,711,602			131,301,793			19,674,518
Total distributable loss		(3,047,885	)		(2,685,088	)		(17,559,771	)		(785,198	)
NET ASSETS	$	18,427,158		$	23,026,514		$	113,742,022		$	18,889,320
SHARES ISSUED AND OUTSTANDING
Shares outstanding no par value (unlimited shares authorized):		575,000			700,000			3,300,000			500,000
Net asset value per share:		$32.05			$32.90			$34.47			$37.78

(a) Includes loaned securities having a market value of $59,658 and $1,332,693 for Future Health Care Equity ETF and Future Planet Equity ETF, respectively.

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

GOLDMAN SACHS FUTURE THEMATIC EQUITY ETFS

Statements of Assets and Liabilities (continued)

February 28, 2022 (Unaudited)

		Future Tech Leaders Equity ETF
	Assets:
	Investments at value (cost $306,444,467)(a)	$	256,544,029
	Investments in securities lending reinvestment vehicle, at value which equals cost		1,376,389
��	Cash		5,059,974
	Receivables:
	Fund shares sold		1,616,051
	Dividends		29,505
	Foreign tax reclaims		4,679
	Securities lending income		376
	Total assets		264,631,003
	Liabilities:
	Payables:
	Upon return of securities loaned		1,376,389
	Investments purchased		1,305,734
	Management fees		148,621
	Total liabilities		2,830,744
	Net Assets:
	Paid-in capital		317,568,893
	Total distributable loss		(55,768,634	)
	NET ASSETS	$	261,800,259
	SHARES ISSUED AND OUTSTANDING
	Shares outstanding no par value (unlimited shares authorized):		8,100,000
	Net asset value per share:		$32.32

(a) Includes loaned securities having a market value of $1,307,089.

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

GOLDMAN SACHS FUTURE THEMATIC EQUITY ETFS

Statements of Operations

For the Six Months Ended February 28, 2022 (Unaudited)

	Future Consumer Equity ETF*			Future Health Care Equity ETF*			Future Planet Equity ETF			Future Real Estate and Infrastructure Equity ETF*
Investment income:
Dividends — unaffiliated issuers (net of foreign withholding taxes of $1,101, $453, $45,969 and $5,129, respectively)	$	11,244		$	26,962		$	422,003		$	75,742
Securities lending income — unaffiliated issuer		—			1,699			46,205			—
Non cash dividend income		15,016			—			—			—
Total investment income		26,260			28,661			468,208			75,742
Expenses:
Management fees		28,459			35,886			337,479			27,313
Trustee fees		1,272			1,265			3,492			1,278
Total expenses		29,731			37,151			340,971			28,591
NET INVESTMENT INCOME (LOSS)		(3,471	)		(8,490	)		127,237			47,151
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		(544,513	)		(305,263	)		(1,186,112	)		(74,194	)
Foreign currency transactions		(3,175	)		(244	)		(7,677	)		(574	)
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		(2,496,709	)		(2,371,067	)		(19,406,010	)		(731,019	)
Foreign currency translations		(17	)		(24	)		(2,412	)		(52	)
Net realized and unrealized loss		(3,044,414	)		(2,676,598	)		(20,602,211	)		(805,839	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(3,047,885	)	$	(2,685,088	)	$	(20,474,974	)	$	(758,688	)

* For the period November 9, 2021 (commencement of operations) through February 28, 2022.

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

GOLDMAN SACHS FUTURE THEMATIC EQUITY ETFS

Statements of Operations (continued)

For the Period Ended February 28, 2022

	Future Tech Leaders Equity ETF*
Investment income:
Dividends — unaffiliated issuers (net of foreign withholding taxes of $20,978)	$	226,259
Securities lending income — unaffiliated issuer		3,007
Total investment income		229,266
Expenses:
Management fees		793,626
Trustee fees		3,875
Total expenses		797,501
NET INVESTMENT LOSS		(568,235	)
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		(5,345,211	)
In-kind redemptions		92,254
Foreign currency transactions		(46,911	)
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		(49,900,438	)
Foreign currency translations		(93	)
Net realized and unrealized loss		(55,200,399	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(55,768,634	)

* For the period September 14, 2021 (commencement of operations) through February 28, 2022.

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

GOLDMAN SACHS FUTURE THEMATIC EQUITY ETFS

Statements of Changes in Net Assets

	Future Consumer Equity ETF			Future Health Care Equity ETF
	For the Period November 9, 2021* to February 28, 2022 (Unaudited)			For the Period November 9, 2021* to February 28, 2022 (Unaudited)
From operations:
Net investment loss	$	(3,471	)	$	(8,490	)
Net realized loss		(547,688	)		(305,507	)
Net change in unrealized loss		(2,496,726	)		(2,371,091	)
Net decrease in net assets resulting from operations		(3,047,885	)		(2,685,088	)
From share transactions:
Proceeds from sales of shares		21,475,043			25,711,602
Net increase in net assets resulting from share transactions		21,475,043			25,711,602
TOTAL INCREASE		18,427,158			23,026,514
Net assets:
Beginning of period	$	—		$	—
End of period	$	18,427,158		$	23,026,514

* Commencement of operations.

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

GOLDMAN SACHS FUTURE THEMATIC EQUITY ETFS

Statements of Changes in Net Assets (continued)

	Future Planet Equity ETF					Future Real Estate and Infrastructure Equity ETF
	For the Six Months Ended February 28, 2022 (Unaudited)			For the Period July 13, 2021* to August 31, 2021		For the Period November 9, 2021* to February 28, 2022 (Unaudited)
From operations:
Net investment income	$	127,237		$	24,822	$	47,151
Net realized gain (loss)		(1,193,789	)		37,501		(74,768	)
Net change in unrealized gain (loss)		(19,408,422	)		2,932,519		(731,071	)
Net increase (decrease) in net assets resulting from operations		(20,474,974	)		2,994,842		(758,688	)
Distributions to shareholders:
From distributable earnings		(79,639	)		—		(26,510	)
From share transactions:
Proceeds from sales of shares		74,191,707			57,110,086		19,674,518
Net increase in net assets resulting from share transactions		74,191,707			57,110,086		19,674,518
TOTAL INCREASE		53,637,094			60,104,928		18,889,320
Net assets:
Beginning of period	$	60,104,928		$	—	$	—
End of period	$	113,742,022		$	60,104,928	$	18,889,320

* Commencement of operations.

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

GOLDMAN SACHS FUTURE THEMATIC EQUITY ETFS

Statements of Changes in Net Assets (continued)

	Future Tech Leaders Equity ETF
	For the Period September 14, 2021* to February 28, 2022 (Unaudited)
From operations:
Net investment loss	$	(568,235	)
Net realized loss		(5,299,868	)
Net change in unrealized loss		(49,900,531	)
Net decrease in net assets resulting from operations		(55,768,634	)
From share transactions:
Proceeds from sales of shares		319,392,187
Cost of shares redeemed		(1,823,294	)
Net increase in net assets resulting from share transactions		317,568,893
TOTAL INCREASE		261,800,259
Net assets:
Beginning of period	$	—
End of period	$	261,800,259

* Commencement of operations.

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

GOLDMAN SACHS FUTURE CONSUMER EQUITY ETF

Financial Highlights

Selected Data for a Share Outstanding Throughout the Period

	Future Consumer Equity ETF
	For the Period November 9, 2021* to February 28, 2022 (Unaudited)
Per Share Operating Performance:
Net asset value, beginning of period	$	40.03
Net investment loss(a)		(0.01	)
Net realized and unrealized loss		(7.97	)
Total loss from investment operations		(7.98	)
Net asset value, end of period	$	32.05
Market price, end of period	$	32.00
Total Return at Net Asset Value(b)		(19.94	)%
Net assets, end of period (in 000’s)	$	18,427
Ratio of total expenses to average net assets		0.75	%(c)
Ratio of net investment loss to average net assets		(0.09	)%(c)
Portfolio turnover rate(d)		15	%

 * 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 FUTURE HEALTH CARE EQUITY ETF

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout the Period

	Future Health Care Equity ETF
	For the Period November 9, 2021* to February 28, 2022 (Unaudited)
Per Share Operating Performance:
Net asset value, beginning of period	$	39.68
Net investment loss(a)		(0.02	)
Net realized and unrealized loss		(6.76	)
Total loss from investment operations		(6.78	)
Net asset value, end of period	$	32.90
Market price, end of period	$	32.98
Total Return at Net Asset Value(b)		(17.09	)%
Net assets, end of period (in 000’s)	$	23,027
Ratio of total expenses to average net assets		0.75	%(c)
Ratio of net investment loss to average net assets		(0.17	)%(c)
Portfolio turnover rate(d)		9	%

 * 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 FUTURE PLANET EQUITY ETF

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Future Planet Equity ETF
	For the Six Months Ended February 28, 2022 (Unaudited)			For the Period July 13, 2021* to August 31, 2021
Per Share Operating Performance:
Net asset value, beginning of period	$	42.18		$	39.89
Net investment income(a)		0.05			0.02
Net realized and unrealized gain (loss)		(7.73	)		2.27
Total gain (loss) from investment operations		(7.68	)		2.29
Distributions to shareholders from net investment income		(0.03	)		—
Net asset value, end of period	$	34.47		$	42.18
Market price, end of period	$	34.30		$	42.25
Total Return at Net Asset Value(b)		(18.21	)%		5.74	%
Net assets, end of period (in 000’s)	$	113,742		$	60,104
Ratio of total expenses to average net assets		0.75	%(c)		0.75	%(c)
Ratio of net investment income to average net assets		0.28	%(c)		0.42	%(c)
Portfolio turnover rate(d)		15	%		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.

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

GOLDMAN SACHS FUTURE REAL ESTATE AND INFRASTRUCTURE EQUITY ETF

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout the Period

	Future Real Estate and Infrastructure Equity ETF
	For the Period November 9, 2021* to February 28, 2022 (Unaudited)
Per Share Operating Performance:
Net asset value, beginning of period	$	40.05
Net investment income(a)		0.15
Net realized and unrealized loss		(2.31	)
Total loss from investment operations		(2.16	)
Distributions to shareholders from net investment income		(0.11	)
Net asset value, end of period	$	37.78
Market price, end of period	$	37.75
Total Return at Net Asset Value(b)		(5.42	)%
Net assets, end of period (in 000’s)	$	18,889
Ratio of total expenses to average net assets		0.75	%(c)
Ratio of net investment income to average net assets		1.24	%(c)
Portfolio turnover rate(d)		15	%

 * 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. 35

GOLDMAN SACHS FUTURE TECH LEADERS EQUITY ETF

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout the Period

	Future Tech Leaders Equity ETF
	For the Period September 14, 2021* to February 28, 2022 (Unaudited)
Per Share Operating Performance:
Net asset value, beginning of period	$	40.22
Net investment loss(a)		(0.09	)
Net realized and unrealized loss		(7.81	)
Total loss from investment operations		(7.90	)
Net asset value, end of period	$	32.32
Market price, end of period	$	32.37
Total Return at Net Asset Value(b)		(19.64	)%
Net assets, end of period (in 000’s)	$	261,800
Ratio of total expenses to average net assets		0.75	%(c)
Ratio of net investment loss to average net assets		(0.53	)%(c)
Portfolio turnover rate(d)		26	%

 * 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.

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

GOLDMAN SACHS FUTURE THEMATIC EQUITY ETFS

Notes to Financial Statements

February 28, 2022 (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 Future Consumer Equity ETF*	Non-Diversified
Goldman Sachs Future Health Care Equity ETF*	Non-Diversified
Goldman Sachs Future Planet Equity ETF	Non-Diversified
Goldman Sachs Future Real Estate and Infrastructure Equity ETF*	Non-Diversified
Goldman Sachs Future Tech Leaders Equity ETF**	Non-Diversified

* Commenced operations on November 9, 2021

** Commenced operations on September 14, 2021

The investment objective of each Fund (except the Goldman Sachs Future Planet Equity ETF) is to seek long-term growth of capital. The investment objective of the Goldman Sachs Future Planet Equity ETF is to seek long-term capital appreciation.

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 torecover 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.

37

GOLDMAN SACHS FUTURE THEMATIC EQUITY ETFS

Notes to Financial Statements (continued)

February 28, 2022 (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’

38

GOLDMAN SACHS FUTURE THEMATIC EQUITY 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.

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. Underlying Funds are generally classified as Level 1 of the fair value hierarchy. To the extent that underlying ETFs 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, 2022:

FUTURE CONSUMER EQUITY ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	3,437,770	$	—	$	—
Europe		3,504,764		—		—
North America		10,450,167		—		—
South America		636,393		—		—
Total	$	18,029,094	$	—	$	—

39

GOLDMAN SACHS FUTURE THEMATIC EQUITY ETFS

Notes to Financial Statements (continued)

February 28, 2022 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

FUTURE HEALTH CARE EQUITY ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	1,154,532	$	—	$	—
Europe		2,901,381		—		—
North America		18,216,500		—		—
Oceania		553,701		—		—
Securities Lending Reinvestment Vehicle		60,488		—		—
Total	$	22,886,602	$	—	$	—
FUTURE PLANET EQUITY ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	20,138,721	$	—	$	—
Europe		40,770,558		—		—
North America		51,924,071		240,631		—
Oceania		202,592		—		—
Securities Lending Reinvestment Vehicle		1,320,584		—		—
Total	$	114,356,526	$	240,631	$	—
FUTURE REAL ESTATE AND INFRASTRUCTURE EQUITY ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	265,203	$	—	$	—
Europe		5,777,501		—		—
North America		11,046,785		—		—
Oceania		1,595,859		—		—
Total	$	18,685,348	$	—	$	—

(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.

40

GOLDMAN SACHS FUTURE THEMATIC EQUITY ETFS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

FUTURE TECH LEADERS EQUITY ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	84,327,396	$	—	$	—
Europe		11,574,026		—		—
North America		152,452,061		—		—
South America		8,190,546		—		—
Securities Lending Reinvestment Vehicle		1,376,389		—		—
Total	$	257,920,418	$	—	$	—

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

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

4. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

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

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

For the six months ended February 28, 2022, contractual and effective net unitary management fee rates with GSAM for each Fund were at the following rates:

Fund	Unitary Management Fee
Future Consumer Equity ETF		0.75	%
Future Health Care Equity ETF		0.75	%
Future Planet Equity ETF		0.75	%
Future Real Estate and Infrastructure Equity ETF		0.75	%
Future Tech Leaders Equity ETF		0.75	%

41

GOLDMAN SACHS FUTURE THEMATIC EQUITY ETFS

Notes to Financial Statements (continued)

February 28, 2022 (Unaudited)

5. CREATION AND REDEMPTION OF CREATION UNITS

The Trust issues and redeems shares of the Funds only in Creation Units on a continuous basis through the Distributor, without an initial sales load, at NAV next determined after receipt, on any Business Day (as defined in the Statement of Additional Information), of an order in proper form. Shares of the Funds may only be purchased or redeemed by certain financial institutions (each an “Authorized Participant”). An Authorized Participant is either (1) a “Participating Party” or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation; or (2) a Depository Trust Company participant; which, in either case, must have executed an agreement with the Distributor. Retail investors will typically not qualify as an Authorized Participant or have the resources to buy and sell whole Creation Units. Therefore, they will be unable to purchase or redeem the shares directly from the Funds. Rather, most retail investors will purchase shares in the secondary market at market prices with the assistance of a broker and may be subject to customary brokerage commissions or fees. Fixed creation and redemption transaction fees are imposed in connection with creations and redemptions.

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

Share activity is as follows:

	Goldman Sachs Future Consumer Equity ETF
	For the Period November 9, 2021* to February 28, 2022 (Unaudited)
	Shares		Dollars
Fund Share Activity
Shares Sold		575,000	$	21,469,384
Shares Redeemed		—		—
NET INCREASE IN SHARES		575,000	$	21,469,384

* Commencement of operations

	Goldman Sachs Future Health Care Equity ETF
	For the Period November 9, 2021* to February 28, 2022 (Unaudited)
	Shares		Dollars
Fund Share Activity
Shares Sold		700,000	$	25,711,140
Shares Redeemed		—		—
NET INCREASE IN SHARES		700,000	$	25,711,140

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5. CREATION AND REDEMPTION OF CREATION UNITS (continued)

	Goldman Sachs Future Planet Equity ETF
	For the Six Months Ended February 28, 2022 (Unaudited)				For the Period July 13, 2021* to August 31, 2021
	Shares		Dollars		Shares		Dollars
Fund Share Activity
Shares Sold		1,875,000	$	74,177,707		1,425,000	$	57,104,470
Shares Redeemed		—		—		—		—
NET INCREASE IN SHARES		1,875,000	$	74,177,707		1,425,000	$	57,104,470

	Goldman Sachs Future Real Estate and Infrastructure Equity ETF
	For the Period November 9, 2021* to February 28, 2022 (Unaudited)
	Shares		Dollars
Fund Share Activity
Shares Sold		500,000	$	19,674,558
Shares Redeemed		—		—
NET INCREASE IN SHARES		500,000	$	19,674,558

	Goldman Sachs Future Tech Leaders Equity ETF
	For the Period September 14, 2021* to February 28, 2022 (Unaudited)
	Shares			Dollars
Fund Share Activity
Shares Sold		8,150,000		$	319,307,230
Shares Redeemed		(50,000	)		(1,823,294	)
NET INCREASE IN SHARES		8,100,000		$	317,483,936

* Commencement of operations

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GOLDMAN SACHS FUTURE THEMATIC EQUITY ETFS

Notes to Financial Statements (continued)

February 28, 2022 (Unaudited)

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales of long-term securities for the six months ended February 28, 2022, were as follows:

Fund	Purchases		Sales
Goldman Sachs Future Consumer Equity ETF*	$	4,639,915	$	1,795,802
Goldman Sachs Future Health Care Equity ETF*		1,280,967		1,269,548
Goldman Sachs Future Planet Equity ETF		18,824,901		13,935,098
Goldman Sachs Future Real Estate and Infrastructure Equity ETF*		1,828,895		1,941,549
Goldman Sachs Future Tech Leaders Equity ETF**		110,160,030		54,233,989

* Commenced operations on November 9, 2021    

** Commenced operations on September 14, 2021    

The purchases and sales from in-kind creation and redemption transactions for the six months ended February 28, 2022, were as follows:

Fund	Purchases		Sales
Goldman Sachs Future Consumer Equity ETF*	$	18,226,491	$	—
Goldman Sachs Future Health Care Equity ETF*		25,491,024		—
Goldman Sachs Future Planet Equity ETF		68,906,173		—
Goldman Sachs Future Real Estate and Infrastructure Equity ETF*		19,628,925		—
Goldman Sachs Future Tech Leaders Equity ETF**		257,289,795		1,518,413

* Commenced operations on November 9, 2021    

** Commenced operations on September 14, 2021    

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.

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7. SECURITIES LENDING (continued)

In the event of a default by a borrower with respect to any loan, BNYM may exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If BNYM is unable to purchase replacement securities, BNYM will indemnify the Funds by paying the Funds an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Funds’ master netting agreements with certain borrowers provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws. The Funds’ loaned securities were all subject to enforceable Securities Lending Agreements, and the value of the collateral was at least equal to the value of the cash received. The amounts of the Funds’ overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of August 31, 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, 2022, 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, 2022:

Fund	Beginning value as of August 31, 2021		Purchases at Cost		Proceeds from Sales			Ending value as of February 28, 2022
Goldman Sachs Future Health Care Equity ETF*	$	—	$	671,385	$	(610,897	)	$	60,488
Goldman Sachs Future Planet Equity ETF		1,099,446		10,784,590		(10,563,452	)		1,320,584
Goldman Sachs Future Tech Leaders Equity ETF**		—		11,652,321		(10,275,932	)		1,376,389

* Commenced operations on November 9, 2021    

** Commenced operations on September 14, 2021    

8. TAX INFORMATION

As of the Funds’ most recent fiscal year end, August 31, 2021, the Funds had no capital loss carryforwards.

As of February 28, 2022, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

	Goldman Sachs Future Consumer Equity ETF*			Goldman Sachs Future Health Care Equity ETF*			Goldman Sachs Future Planet Equity ETF			Goldman Sachs Future Real Estate and Infrastructure Equity  ETF*			Goldman Sachs Future Tech Leaders Equity ETF**
Tax Cost	$	20,525,803		$	25,257,669		$	131,076,078		$	19,416,367		$	307,820,856
Gross unrealized gain		83,816			227,190			938,255			222,091			6,659,862
Gross unrealized loss		(2,580,524	)		(2,598,257	)		(17,417,176	)		(953,110	)		(56,560,300	)
Net unrealized losses	$	(2,496,708	)	$	(2,371,067	)	$	(16,478,921	)	$	(731,019	)	$	(49,900,438	)

* Commenced operations on November 9, 2021    

** Commenced operations on September 14, 2021    

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GOLDMAN SACHS FUTURE THEMATIC EQUITY ETFS

Notes to Financial Statements (continued)

February 28, 2022 (Unaudited)

8. TAX INFORMATION (continued)

The difference between GAAP-basis and tax basis unrealized gains (losses) is attributable primarily to wash sales and differences in the tax treatment of passive foreign investment company investments.

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

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, less stringent investor protections, less stringent accounting, corporate governance, financial reporting and disclosure standards, 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, or economically tied to, 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.

Investments in Other Investment Companies Risk — As a shareholder of another investment company, including an ETF, a Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund. ETFs are subject to risks that do not apply to conventional mutual funds, including, but not limited to, the following: (i) the market price of the ETF’s shares may trade at a premium or a discount to their NAV; and (ii) an active trading market for an ETF’s shares may not develop or be maintained.

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

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

Market Trading Risk — Each Fund faces numerous market trading risks, including disruptions to creations and redemptions, the existence of extreme market volatility or potential lack of an active trading market for Shares. If a shareholder purchases Shares at a time when the market price is at a premium to the NAV or sells Shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses. The Investment Adviser cannot predict whether Shares will trade below, at or above

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GOLDMAN SACHS FUTURE THEMATIC EQUITY ETFS

9. OTHER RISKS (continued)

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 trading individually or in the aggregate at any point in time.

Non-Diversification Risk — The Funds are non-diversified, meaning that they are permitted to invest a larger percentage of their assets in one or more issuers or in fewer issuers than diversified mutual funds. Thus, a Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments.

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.

10. INDEMNIFICATIONS

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

11. 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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GOLDMAN SACHS FUTURE THEMATIC EQUITY ETFS

Voting Results of Special Meeting of Shareholders (Unaudited)

A Special Meeting (the “Meeting”) of the Goldman Sachs ETF Trust (“the Trust”) was held on December 3, 2021 to consider and act upon the proposal below. Each Fund has amortized its respective share of the proxy, shareholder meeting and other related costs and GSAM has agreed to reimburse the Fund in an amount equal to the portion of the increase in the Fund’s total expense ratio that exceeds a specified percentage.

At the Meeting, Cheryl K. Beebe, Lawrence Hughes, John F. Killian, Steven D. Krichmar and Linda A. Lang were elected to the Trust’s Board of Trustees. In electing trustees, the Trust’s shareholders voted as follows:

Proposal 1. Election of Trustees	For		Against/Withheld		Abstain
Cheryl K. Beebe		264,924,160		15,294,512		0
Lawrence Hughes		279,548,931		669,741		0
John F. Killian		264,883,857		15,334,814		0
Steven D. Krichmar		279,552,751		665,920		0
Linda A. Lang		279,620,511		598,160		0

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GOLDMAN SACHS FUTURE THEMATIC EQUITY ETFS

Liquidity Risk Management Program

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

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

At a meeting of the Board of Trustees on February 3-4, 2022, GSAM provided a written report to the Board addressing the operation, and the adequacy and effectiveness of the implementation, of the Program, including, as applicable, the operation of any Highly Liquid Investment Minimum and any material changes to the Program, for the period from January 1, 2021 through December 31, 2021 (the “Reporting Period”). Among other things, the annual report discussed: (1) the results of stress tests designed to assess liquidity under a hypothetical stressed scenario involving elevated redemptions; (2) an assessment of the methodologies used to classify investments into one of four liquidity categories; (3) the efficiency of the arbitrage function during the Reporting Period; and (4) the impact of local holidays in non-U.S. jurisdictions. The report concluded that the Program continues to be reasonably designed to assess and manage liquidity risk and was adequately and effectively implemented during the Reporting Period.

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

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GOLDMAN SACHS FUTURE THEMATIC EQUITY ETFS

Fund Expenses — Six Months Ended 2/28/2022 (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 Goldman Sachs Future Consumer Equity ETF, Goldman Sachs Future Health Care Equity ETF, and Goldman Sachs Future Real Estate and Infrastructure Equity ETF, which all commenced operations on November 9, 2021 and Goldman Sachs Future Tech Leaders Equity ETF, which commenced operations on September 14, 2021, the example is based on an investment of $1,000 invested at the beginning of the period from September 1, 2021 and held for the six months ended February 28, 2022, 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.

	Goldman Sachs Future Consumer Equity ETF							Goldman Sachs Future Health Care Equity ETF							Goldman Sachs Future Planet Equity ETF							Goldman Sachs Future Real Estate and Infrastructure Equity ETF							Goldman Sachs Future Tech Leaders Equity ETF
	Beginning Account Value 11/9/21		Ending Account Value 2/28/22			Expenses Paid*		Beginning Account Value 11/9/21		Ending Account Value 2/28/22			Expenses Paid*		Beginning Account Value 9/1/21		Ending Account Value 2/28/22			Expenses Paid***		Beginning Account Value 11/9/21		Ending Account Value 2/28/22			Expenses Paid*		Beginning Account Value 9/14/21		Ending Account Value 2/28/22			Expenses Paid**
Actual based on NAV	$	1,000	$	800.60		$	2.07	$	1,000	$	829.10		$	2.11	$	1,000	$	817.91		$	3.38	$	1,000	$	945.80		$	2.24	$	1,000	$	803.60		$	3.11
Hypothetical 5% return	$	1,000	$	1,013.04	+	$	2.32	$	1,000	$	1,013.04	+	$	2.32	$	1,000	$	1,021.07	+	$	3.76	$	1,000	$	1,013.04	+	$	2.32	$	1,000	$	1,019.56	+	$	3.49

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

* The Fund commenced operations on November 9, 2021. Expenses are calculated using the Fund’s annualized expense ratio, multiplied by the ending value for the period, multiplied by 112/365, which represents a period of 112 days of a 365 day year (to reflect the Fund’s commencement of operation).

** The Fund commenced operations on September 14, 2021. Expenses are calculated using the Fund’s annualized expense ratio, multiplied by the ending value for the period, multiplied by 168/365, which represents a period of 168 days of a 365 day year (to reflect the Fund’s commencement of operation).

*** Expenses for each Fund is 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, 2022. 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 Future Consumer Equity ETF	0.75	%
Goldman Sachs Future Health Care Equity ETF	0.75
Goldman Sachs Future Planet Equity ETF	0.75
Goldman Sachs Future Real Estate and Infrastructure Equity ETF	0.75
Goldman Sachs Future Tech Leaders Equity ETF	0.75

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GOLDMAN SACHS FUTURE THEMATIC EQUITY ETFS

Statement Regarding Basis for Initial Approval of Management Agreement for Goldman Sachs Future Consumer Equity ETF, Goldman Sachs Future Health Care Equity ETF, Goldman Sachs Future Real Estate and Infrastructure Equity ETF and Goldman Sachs Future Tech Leaders Equity ETF. (Unaudited)

Background

The Goldman Sachs Future Consumer Equity ETF, Goldman Sachs Future Health Care Equity ETF, Goldman Sachs Future Real Estate and Infrastructure Equity ETF and Goldman Sachs Future Tech Leaders Equity ETF (each, a “Fund” and together, the “Funds”) are newly- organized investment portfolios of Goldman Sachs ETF Trust (the “Trust”) that commenced investment operations on September 14, 2021 (with respect to Goldman Sachs Future Tech Leaders Equity ETF) and November 9, 2021 (with respect to all other Funds). At meetings held on March 17, 2021 (with respect to Goldman Sachs Future Tech Leaders Equity ETF) and June 9, 2021 (with respect to all other Funds) (the “Meetings”) in connection with the Funds’ organizations, the Board of Trustees, including all of the Trustees present who are not parties to the Funds’ investment management agreement (the “Management Agreement”) or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”) approved the Management Agreement with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Funds.

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

In connection with the Meetings, 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 Meetings, the Trustees relied upon information included in presentations made by the Investment Adviser at the Meetings and information received at prior Board meetings, as well as on their knowledge of the Investment Adviser resulting from their meetings and other interactions over time.

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

As part of their review, the Trustees considered the nature, extent, and quality of the services to be provided to the Funds by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that would be provided by the Investment Adviser and its affiliates. The Trustees noted the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted the significant resources that the Investment Adviser devotes to risk management and the control environment in which the Funds 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 Funds and their 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, each 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 each Fund’s structure, investment objective, strategies and other characteristics. In particular, they noted that each Fund would operate as an actively-managed ETF that seeks long-term growth of capital. The Trustees noted the experience and capabilities of the key personnel of the Investment Adviser who would provide services to the Funds. In particular, the Trustees considered the Investment Adviser’s extensive experience in managing fundamental equity 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 each Fund. They also considered that although the Funds were new (and therefore had no performance data to evaluate), the Investment Adviser has committed substantial financial and operational resources to ETFs and has extensive experience managing other types of registered investment companies. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Funds and the Investment Adviser and its affiliates.

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Statement Regarding Basis for Initial Approval of Management Agreement for Goldman Sachs Future Consumer Equity ETF, Goldman Sachs Future Health Care Equity ETF, Goldman Sachs Future Real Estate and Infrastructure Equity ETF and Goldman Sachs Future Tech Leaders Equity ETF. (Unaudited) (continued)

Unitary Fee Structure and Profitability

The Trustees considered the unitary management fee rate payable by each Fund, noting that the Management Agreement provides for a unitary fee structure, pursuant to which each Fund pays a single fee to the Investment Adviser and the Investment Adviser then pays all of the Fund’s ordinary operating expenses. In addition, the Trustees considered information on the services to be rendered by the Investment Adviser to the Funds, which would include both advisory and non-advisory services directed to the needs and operations of the Funds as ETFs. The Trustees also considered information provided regarding fees and expenses of comparable ETFs advised by other, unaffiliated investment management firms. The comparisons of each Fund’s fee rate and projected expense ratio were prepared by the Investment Adviser and a third-party provider of mutual fund and ETF data. In particular, the Trustees referred to an analysis comparing each Fund’s 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 Funds. The Trustees concluded that the Investment Adviser’s management of the Funds likely would benefit the Funds and their shareholders.

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

Economies of Scale

The Trustees noted that the Funds, similar to many other ETFs, would not have management fee breakpoints. The Trustees considered each 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 Funds’ peer groups. 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.

Other Benefits to the Investment Adviser and Its Affiliates

The Trustees also considered the other benefits expected to be derived by the Investment Adviser and its affiliates from their relationships with the Funds as stated above, including: (a) trading efficiencies resulting from aggregation of orders of the Funds with those for other funds or accounts managed by the Investment Adviser; (b) the Investment Adviser’s ability to leverage the infrastructure designed to service the Funds on behalf of its other clients; (c) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (d) fees earned by the Investment Adviser for managing the fund in which the Funds’ securities lending cash collateral is invested; (e) 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 (f) the possibility that the working relationship between the Investment Adviser and the Funds’ third party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs & Co. LLC (“Goldman Sachs”).

Other Benefits to the Fund and Its 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 advantages received from the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (c) 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; (d) the Funds’ access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; and (e) the Funds’ access to certain affiliated distribution channels.

Conclusion

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

52

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 $2.21 trillion in assets under supervision as of December 31, 2021, Goldman Sachs Asset Management 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. Goldman Sachs Asset Management 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 ActiveBeta^® Paris-Aligned Climate U.S. Large Cap Equity ETF

Goldman Sachs ActiveBeta^® World Low Vol Plus Equity ETF

Goldman Sachs Bloomberg Clean Energy 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 Emerging Markets USD Bond 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^® Emerging Markets Equity ETF

Goldman Sachs MarketBeta^® International Equity ETF

Goldman Sachs MarketBeta^® U.S. Equity ETF

Goldman Sachs Future Planet Equity ETF

Goldman Sachs Future Tech Leaders Equity ETF

Goldman Sachs Future Health Care Equity ETF

Goldman Sachs Future Consumer Equity ETF

Goldman Sachs Future Real Estate and Infrastructure Equity ETF

Goldman Sachs Physical Gold ETF

TRUSTEES Cheryl K. Beebe, Chair Lawrence Hughes John F. Killian Steven D. Krichmar Linda A. Lang Michael Latham Lawrence W. Stranghoener 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, 2022 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.

© 2022 Goldman Sachs. All rights reserved. 275104-OTU-1593231 FTRETFSAR-22

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. Michael Latham 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, Cheryl K. Beebe, Lawrence Hughes, John F. Killian, Steven D. Krichmar, Linda A. Lang, and Lawrence W. Stranghoener, 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 November 4, 2021.
(a)(2)	Exhibit 99.CERT	Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 filed herewith.
(a)(3)	Not applicable to open-end investment companies.
(a)(4)	There was no change in the registrant’s independent public accountant for the period covered by this report.
(b)	Exhibit 99.906CERT	Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Goldman Sachs ETF Trust
By:	/s/ James A. McNamara
	James A. McNamara
	President/Chief Executive Officer
	Goldman Sachs ETF Trust
Date:	May 4, 2022

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ James A. McNamara
	James A. McNamara
	President/Chief Executive Officer
	Goldman Sachs ETF Trust
Date:	May 4, 2022
By:	/s/ Joseph F. DiMaria
	Joseph F. DiMaria
	Principal Financial Officer
	Goldman Sachs ETF Trust
Date:	May 4, 2022