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, 2023

ITEM 1. REPORTS TO STOCKHOLDERS.

The Semi-Annual Report to Shareholders is filed herewith.

Goldman Sachs Funds

Semi-Annual Report	February 28, 2023
	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	91
Financial Highlights	99
Access Emerging Markets USD Bond ETF	99
Access High Yield Corporate Bond ETF	100
Access Inflation Protected USD Bond ETF	101
Access Investment Grade Corporate 1-5 Year Bond ETF	102
Access Investment Grade Corporate Bond ETF	103
Access Treasury 0-1 Year ETF	104
Access U.S. Aggregate Bond ETF	105
Access Ultra Short Bond ETF	106
Notes to Financial Statements	107
Other Information	127

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, 2023 (the “Reporting Period”). A fuller review will appear in the Funds’ annual shareholder report covering the 12 months ended August 31, 2023.

Market and Economic Review

• During the Reporting Period, the performance of the global fixed income markets was broadly influenced by central bank monetary policy, inflationary trends and higher interest rates.

• The broad global investment grade bond market, as represented by the Bloomberg Global Aggregate Index (gross, USD, hedged), returned -1.59%.

• The Bloomberg U.S. Aggregate Bond Index, representing the broad U.S. fixed income market, returned -2.13%.

• Inflation eased across most developed economies during the Reporting Period, though it remained at stubbornly high levels.

• In September 2022, when the Reporting Period began, inflationary pressures increased, with U.S. food and energy prices reaching a four-decade high amid ongoing supply and demand imbalances driven by geopolitical turmoil, including the Russia/Ukraine war, and COVID-19 outbreaks in China.

• Inflation moderated during the last months of 2022, as U.S. consumer price data surprised with lower than consensus anticipated levels and Europe benefited from falling energy prices.

• In early 2023, inflation continued to decline, but concerns reemerged in the wake of unexpectedly strong economic data — especially in the U.S. labor market.

• Many central banks around the world tightened monetary policy during the Reporting Period in an effort to contain inflation.

• The People’s Bank of China was a notable exception, as its policymakers engaged in measured and selective easing to address economic growth headwinds from a property market downturn and COVID-19 restrictions in the country. In December, the Chinese government began to unwind its zero-COVID policies and finally lifted its stringent zero-COVID policy in January 2023.

• The U.S. Federal Reserve (the “Fed”) continued its aggressive interest rate hikes but tempered its pace of tightening toward the end of the Reporting Period.

• In September 2022, the Fed raised the targeted federal funds (“fed funds”) rate 75 basis points to a range of 3.00% to 3.25%. (A basis point is 1/100th of a percentage point.)

• In October, Fed officials began to contend that inflation would likely decline in the upcoming months should demand weaken and supply-chain issues soften as policymakers anticipated. However, they also suggested they would end their current tightening cycle with short-term interest rates at a higher level than many market participants had expected.

• In early November, the Fed raised the fed funds rate by another 75 basis points.

• Policymakers stepped down the pace of their rate hikes in mid-December, lifting the fed funds rate by 50 basis points, but emphasized they were not stepping back from their efforts to tame inflation.

• On February 1, 2023, the Fed noted the improving inflation picture when it announced its comparatively smaller interest rate hike of 25 basis points but indicated that ongoing rate hikes would likely be “appropriate.”

• For the Reporting Period overall, U.S. Treasury yields rose across the yield curve, or spectrum of maturities, with shorter-term U.S. Treasury yields rising significantly more than intermediate- and longer-term U.S. Treasury yields.

• The U.S. Treasury yield curve was inverted between two-year and 10-year maturities throughout the Reporting Period. When the yield curve is inverted, two-year yields are higher than 10-year yields. (Historically, an inverted U.S. Treasury yield curve often precedes an economic recession.)

1

MARKET REVIEW

• Most non-government bond sectors outperformed U.S. Treasuries during the Reporting Period, led by U.S. high yield corporate bonds and emerging markets debt, each sector posting positive absolute returns overall. U.S. investment grade corporate bonds and securitized bonds, including mortgage-backed securities, posted negative absolute returns during the Reporting Period but still outperformed U.S. Treasuries. Treasury inflation protected securities underperformed U.S. Treasuries during the Reporting Period, as inflation levels, though persistently high, declined.

Fund Changes and Highlights

No material changes were made to the Funds during the Reporting Period.

2

FUND BASICS

Access Emerging Markets USD Bond ETF

as of February 28, 2023

FUND SNAPSHOT
As of February 28, 2023
Market Price1	$	39.97
Net Asset Value (NAV)1	$	40.04

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, 2022–February 28, 2023	Fund Total Return (based on NAV)2			Fund Total Return (based on Market Price)2			FTSE Goldman Sachs Emerging Markets USD Bond Index
Shares		1.79	%		2.72	%		2.21	%

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

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

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

3

FUND BASICS

TOP TEN HOLDINGS AS OF 2/28/234
Holding	% of Net Assets			Country
Pertamina Persero PT, 3.10%, 08/27/30		1.4	%	Indonesia
Chile Government International Bond, 3.13%, 01/21/26		1.2		Chile
Mexico Government International Bond, 4.88%, 05/19/33		1.2		Mexico
Chile Government International Bond, 3.50%, 01/31/34		1.1		Chile
Turkey Government International Bond, 5.60%, 11/14/24		1.0		Turkey
Turkey Government International Bond, 4.88%, 10/09/26		1.0		Turkey
Hungary Government International Bond, 7.63%, 03/29/41		0.9		Hungary
Romanian Government International Bond, 5.25%, 11/25/27		0.9		Romania
Peruvian Government International Bond, 5.63%, 11/18/50		0.9		Peru
Uruguay Government International Bond, 5.10%, 06/18/50		0.9		Uruguay

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

SECTOR ALLOCATION AS OF 2/28/235
Sector Name	Fund
Government		88.5	%
Energy		6.3
Materials		2.1
Industrials		1.0
Investment Company		0.9
Financials		0.8
Utilities		0.4

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, 2023

FUND SNAPSHOT
As of February 28, 2023
Market Price1	$	42.42
Net Asset Value (NAV)1	$	42.56

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, 2023	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		2.59	%		3.22	%		2.51	%		2.45	%

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 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 2/28/235
Holding	% of Net Assets			Line of Business
TransDigm, Inc., 6.25%, 03/15/26		0.8	%	Aerospace & Defense
Medline Borrower LP, 3.88%, 04/01/29		0.8		Consumer Noncyclical
Bausch Health Cos., Inc., 11.00%, 09/30/28		0.7		Pharmaceuticals
CommScope, Inc., 6.00%, 03/01/26		0.7		Hardware
Nexstar Media, Inc., 5.63%, 07/15/27		0.7		Broadcasting
Mauser Packaging Solutions Holding Co., 7.88%, 08/15/26		0.7		Capital Goods
CCO Holdings LLC / CCO Holdings Capital Corp., 7.38%, 03/01/31		0.7		Communications
Cloud Software Group Holdings, Inc., 6.50%, 03/31/29		0.6		Software
Bombardier, Inc., 7.13%, 06/15/26		0.6		Aerospace & Defense
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC, 10.50%, 02/15/28		0.6		Wirelines

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

SECTOR ALLOCATION AS OF 2/28/236
Sector Name	Fund
Consumer, Cyclical		21.5	%
Consumer, Non-cyclical		16.6
Energy		13.9
Telecommunication Services		12.7
Financials		11.7
Industrials		10.8
Materials		4.2
Utilities		3.9
Information Technology		3.2
Investment Company		1.5

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, 2023

FUND SNAPSHOT
As of February 28, 2023
Market Price1	$	48.78
Net Asset Value (NAV)1	$	48.80

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, 2022–February 28, 2023	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		-4.20	%		-4.16	%		-4.16	%

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 2/28/234
Holding	% of Net Assets5			Line of Business
U.S. Treasury Inflation Indexed Bond, 0.50%, 01/15/28		8.9	%	Government
U.S. Treasury Inflation Indexed Bond, 0.13%, 10/15/25		8.6		Government
U.S. Treasury Inflation Indexed Bond, 0.63%, 01/15/26		8.5		Government
U.S. Treasury Inflation Indexed Bond, 0.13%, 01/15/30		7.2		Government
U.S. Treasury Inflation Indexed Bond, 0.38%, 07/15/25		6.9		Government
U.S. Treasury Inflation Indexed Bond, 2.13%, 02/15/40		6.3		Government
U.S. Treasury Inflation Indexed Bond, 0.13%, 10/15/24		5.4		Government
U.S. Treasury Inflation Indexed Bond, 0.38%, 07/15/27		4.9		Government
U.S. Treasury Inflation Indexed Bond, 0.75%, 02/15/42		4.3		Government
U.S. Treasury Inflation Indexed Bond, 0.13%, 07/15/30		4.1		Government

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

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

SECTOR ALLOCATION AS OF 2/28/236
Sector Name	Fund
Government		99.7	%
Investment Company		0.4

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, 2023

FUND SNAPSHOT
As of February 28, 2023
Market Price1	$	45.76
Net Asset Value (NAV)1	$	45.74

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, 2023	Fund Total Return (based on NAV)2			Fund Total Return (based on Market Price)2			FTSE Goldman Sachs US Investment-Grade Corporate Bond 1-5 Years Index3
Shares		-0.13	%		0.09	%		0.08	%

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.

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 2/28/234
Holding	% of Net Assets			Line of Business
Wells Fargo & Co., Series MTN, 2.16%, 02/11/26		1.0	%	Banks
Sumitomo Mitsui Financial Group, Inc., 3.36%, 07/12/27		1.0		Banks
Citigroup, Inc., 2.01%, 01/25/26		1.0		Banks
Bank of America Corp., Series MTN, 2.55%, 02/04/28		1.0		Banks
JPMorgan Chase & Co., 4.32%, 04/26/28		1.0		Banks
PNC Financial Services Group, Inc. (The), 3.90%, 04/29/24		0.8		Banks
Walgreens Boots Alliance, Inc., 3.80%, 11/18/24		0.8		Consumer Noncyclical
General Motors Co., 6.80%, 10/01/27		0.8		Consumer Cyclical
Air Lease Corp., 3.63%, 04/01/27		0.8		Financial Company
Citigroup, Inc., 4.14%, 05/24/25		0.7		Banks

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

SECTOR ALLOCATION AS OF 2/28/235
Sector Name	Fund
Financials		43.8	%
Consumer, Non-cyclical		10.3
Consumer, Cyclical		9.7
Energy		8.7
Industrials		7.5
Information Technology		7.3
Utilities		6.2
Telecommunication Services		6.0
Materials		0.5

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, 2023

FUND SNAPSHOT
As of February 28, 2023
Market Price1	$	44.45
Net Asset Value (NAV)1	$	44.48

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, 2023	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		-1.27	%		-0.91	%		-1.24	%		-1.13	%

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 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 2/28/235
Holding	% of Net Assets			Line of Business	Country
Oracle Corp., 6.90%, 11/09/52		0.5	%	Software	United States
American Express Co., 3.00%, 10/30/24		0.5		Banks	United States
Cigna Group (The), 4.13%, 11/15/25		0.4		Healthcare	United States
Verizon Communications, Inc., 0.85%, 11/20/25		0.4		Wireless	United States
Oracle Corp., 6.25%, 11/09/32		0.3		Software	United States
NVIDIA Corp., 0.58%, 06/14/24		0.3		Technology	United States
Starbucks Corp., 3.80%, 08/15/25		0.3		Consumer Cyclical	United States
Lloyds Banking Group PLC, 3.75%, 01/11/27		0.3		Banks	United Kingdom
Citigroup, Inc., 1.12%, 01/28/27		0.3		Banks	United States
Bristol-Myers Squibb Co., 0.75%, 11/13/25		0.3		Consumer Noncyclical	United States

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

SECTOR ALLOCATION AS OF 2/28/236
Sector Name	Fund
Financials		37.1	%
Consumer, Non-cyclical		18.4
Telecommunication Services		11.4
Energy		9.3
Information Technology		9.0
Consumer, Cyclical		5.2
Industrials		5.0
Utilities		2.8
Materials		1.4
Investment Company		0.4

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, 2023

FUND SNAPSHOT
As of February 28, 2023
Market Price1	$	99.92
Net Asset Value (NAV)1	$	99.92

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

PERFORMANCE REVIEW
September 1, 2022–February 28, 2023	Fund Total Return (based on NAV)2			Fund Total Return (based on Market Price)2	FTSE US Treasury 0-1 Year Composite Select Index3
Shares		1.56	%	1.52%	1.66%

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 2/28/234
Holding	Maturity Date		% of Net Assets5
U.S. Treasury Bill, 4.79%		05/18/23		7.8	%
U.S. Treasury Bill, 4.61%		04/25/23		7.7
U.S. Treasury Bill, 4.87%		06/13/23		5.0
U.S. Treasury Bill, 4.69%		06/08/23		4.2
U.S. Treasury Bill, 4.73%		05/23/23		3.3
U.S. Treasury Bill, 4.76%		01/25/24		3.0
U.S. Treasury Bill, 5.00%		01/25/24		2.9
U.S. Treasury Note, 4.76%		10/15/23		2.8
U.S. Treasury Bill, 4.68%		06/15/23		2.8
U.S. Treasury Bill, 4.63%		05/11/23		2.8

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 2/28/236
Sector Name	Fund
Government		100.0	%

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, 2023

FUND SNAPSHOT
As of February 28, 2023
Market Price1	$	41.17
Net Asset Value (NAV)1	$	41.30

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, 2023	Fund Total Return (based on NAV)2			Fund Total Return (based on Market Price)2			FTSE Goldman Sachs US Broad Bond Market Index3
Shares		-2.28	%		-2.70	%		-2.04	%

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 2/28/234
Holding	% of Net Assets			Line of Business
U.S. Treasury Note, 0.25%, 05/15/24		7.5	%	U.S. Treasury Notes
U.S. Treasury Note, 0.25%, 10/31/25		5.7		U.S. Treasury Notes
U.S. Treasury Note, 2.50%, 01/31/25		4.4		U.S. Treasury Notes
U.S. Treasury Note, 2.00%, 02/15/25		4.2		U.S. Treasury Notes
U.S. Treasury Bond, 2.75%, 08/15/42		3.0		U.S. Treasury Notes
U.S. Treasury Bond, 2.50%, 02/15/45		2.5		U.S. Treasury Notes
U.S. Treasury Note, 2.75%, 02/15/28		2.3		U.S. Treasury Notes
Federal Home Loan Mortgage Corporation, 2.00%, 03/01/52		2.1		Mortgage-Backed Securities
U.S. Treasury Note, 0.63%, 11/30/27		2.0		U.S. Treasury Notes
Federal Home Loan Mortgage Corporation, 2.00%, 05/01/52		1.9		Mortgage-Backed Securities

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

SECTOR ALLOCATION AS OF 2/28/23⁵

Sector Name	Fund
U.S. Treasury Notes		31.5	%
Mortgage-Backed Securities		29.6
Corporate Obligations		19.9
Investment Company		12.4
U.S. Treasury Bonds		7.7
Foreign Corporate Debt		5.2
U.S. Treasury Obligations		4.5
Sovereign Debt Obligations		2.1

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

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, 2023

FUND SNAPSHOT
As of February 28, 2023
Market Price1	$	49.92
Net Asset Value (NAV)1	$	49.92

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, 2022–February 28, 2023	Fund Total Return (based on NAV)2			Fund Total Return (based on Market Price)2			FTSE Three-Month U.S. Treasury Bill Index3
Shares		1.68	%		1.69	%		1.80	%

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 2/28/234
Holding	% of Net Assets			Line of Business
U.S. Treasury Floating Rate Note, 4.95%, 10/31/24		3.4	%	NOTES
FNMA REMIC, Class BM, Series 2020-6347, 3.68%, 02/01/41		2.0		ARM
Suncor Energy, Inc., 04/18/23		1.6		Energy
FNMA REMIC, Class FC, Series 2005-103, 5.12%, 07/25/35		1.6		CMO
U.S. Treasury Floating Rate Note, 4.84%, 10/31/23		1.5		NOTES
FHLMC REMIC, 3.74%, 01/01/46		1.4		ARM
Capital One Financial Corp., 5.27%, 12/06/24		1.0		Banks
Federal Home Loan Banks, 5.17%, 03/08/24		1.0		AGY GUARANTEE
Thermo Fisher Scientific, Inc., 0.80%, 10/18/23		0.8		Consumer Noncyclical
GS Mortgage Securities Trust, Class A4, Series 2014-GC18, 4.07%, 01/10/47		0.8		CMBS

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

SECTOR ALLOCATION AS OF 2/28/235
Sector Name	Fund
Corporate Obligations		22.0	%
Mortgage-Backed Securities		19.4
Asset- Backed Securities		19.3
Foreign Corporate Debt		15.5
Commercial Papers		8.5
Certificate of Deposits		6.3
U.S. Treasury Notes		5.0
U.S. Government Agency Obligations		2.9
Investment Company		0.2

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, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Sovereign Debt Obligations – 85.0%
Angola – 1.5%
	Angolan Government International Bond (NR/B3)
$	400,000		8.250	%		05/09/28	$	369,933
	200,000		9.375			05/08/48		171,744
	200,000		9.125			11/26/49		169,500
								711,177
Bahamas – 0.4%
	Bahamas Government International Bond (B+/B1)
	200,000		8.950			10/15/32		177,500
Bahrain – 3.3%
	Bahrain Government International Bond (B+/NR)
	350,000		7.000			01/26/26		361,205
	225,000		7.375			05/14/30		233,002
	200,000		5.625			09/30/31		186,171
	225,000		5.625			05/18/34		197,918
	325,000		6.000			09/19/44		258,791
	200,000		7.500			09/20/47		186,120
	200,000		6.250			01/25/51		162,249
								1,585,456
Chile – 3.7%
	Chile Government International Bond (A/A2)
	610,000		3.125			01/21/26		583,384
	400,000		3.240			02/06/28		372,056
	600,000		3.500			01/31/34		517,258
	200,000		4.000			01/31/52		158,916
	225,000		3.250			09/21/71		141,558
								1,773,172
China – 2.4%
	China Government International Bond (NR/NR)
	400,000		1.250			10/26/26		355,761
	400,000		2.750			12/03/39		319,260
	250,000		4.000			10/19/48		231,055
	400,000		2.250			10/21/50		260,313
								1,166,389
Colombia – 5.6%
	Colombia Government International Bond (BB+/Baa2)
	300,000		3.875			04/25/27		266,935
	460,000		3.000			01/30/30		348,014
	500,000		3.125			04/15/31		364,252
	250,000		3.250			04/22/32		178,159
	380,000		7.375			09/18/37		356,448
	300,000		6.125			01/18/41		239,609
	275,000		5.625			02/26/44		199,661
	550,000		5.000			06/15/45		365,218
	400,000		5.200			05/15/49		267,792
	200,000		4.125			05/15/51		118,194
								2,704,282
Costa Rica – 0.9%
	Costa Rica Government International Bond (B+/B2)
	250,000		6.125			02/19/31		242,812
	200,000		7.158			03/12/45		194,500
								437,312
Sovereign Debt Obligations – (continued)
Dominican Republic – 4.2%
	Dominican Republic International Bond (BB/Ba3)
	450,000		5.950			01/25/27		442,687
	225,000		6.000			07/19/28		218,250
	225,000		4.500			01/30/30		194,625
	450,000		4.875			09/23/32		379,125
	175,000		7.450			04/30/44		169,094
	225,000		6.850			01/27/45		202,219
	200,000		6.400			06/05/49		168,000
	300,000		5.875			01/30/60		227,250
								2,001,250
Ecuador – 1.4%
	Ecuador Government International Bond (B-/NR)
	450,000		5.500	(a)		07/31/30		222,750
	850,000		2.500	(a)		07/31/35		303,875
	450,000		1.500	(a)		07/31/40		142,875
								669,500
Egypt – 5.1%
	Egypt Government International Bond (NR/B3)
	300,000		5.750			05/29/24		286,079
	200,000		5.875			06/11/25		179,274
	200,000		3.875			02/16/26		160,818
	200,000		7.500			01/31/27		173,248
	300,000		5.800			09/30/27		235,795
	200,000		6.588			02/21/28		157,464
	350,000		7.625			05/29/32		251,361
	200,000		7.300			09/30/33		137,158
	125,000		6.875			04/30/40		76,249
	450,000		8.500			01/31/47		291,375
	200,000		7.903			02/21/48		122,750
	200,000		8.700			03/01/49		129,249
	200,000		8.875			05/29/50		130,746
	200,000		7.500			02/16/61		118,746
								2,450,312
Guatemala – 1.3%
	Guatemala Government Bond (NR/NR)
	300,000		5.375			04/24/32		288,750
	200,000		3.700			10/07/33		165,500
	200,000		6.125			06/01/50		191,000
								645,250
Hungary – 3.0%
	Hungary Government International Bond (BBB-/Baa2)
	200,000		5.750			11/22/23		200,423
	400,000		5.375			03/25/24		399,941
	200,000		5.250			06/16/29		195,250
	200,000		5.500			06/16/34		192,483
	400,000		7.625			03/29/41		450,728
								1,438,825
Indonesia – 4.5%
	Indonesia Government International Bond (BBB/Baa2)
	330,000		4.125			01/15/25		324,540
	350,000		2.850			02/14/30		309,541
	400,000		4.650			09/20/32		390,129

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, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Sovereign Debt Obligations – (continued)
Indonesia – (continued)
	Indonesia Government International Bond (BBB/Baa2) – (continued)
$	125,000		8.500	%		10/12/35	$	159,006
	325,000		7.750			01/17/38		398,505
	225,000		4.200			10/15/50		191,400
	275,000		3.050			03/12/51		200,677
	200,000		4.300			03/31/52		172,131
								2,145,929
Jamaica – 1.2%
	Jamaica Government International Bond (B+/B2)
	200,000		6.750			04/28/28		210,500
	100,000		8.000			03/15/39		120,500
	200,000		7.875			07/28/45		235,250
								566,250
Jordan – 1.1%
	Jordan Government International Bond (B+/B1)
	200,000		6.125			01/29/26		197,636
	350,000		5.850			07/07/30		317,257
								514,893
Kazakhstan – 1.2%
	Kazakhstan Government International Bond (BBB-/Baa2)
	400,000		4.875			10/14/44		364,216
	225,000		6.500			07/21/45		237,025
								601,241
Kenya – 1.0%
	Republic of Kenya Government International Bond (B/NR)
	350,000		7.000			05/22/27		314,775
	200,000		8.250			02/28/48		154,800
								469,575
Kuwait – 0.4%
	Kuwait International Government Bond (A+/NR)
	200,000		3.500			03/20/27		192,859
Mexico – 3.4%
	Mexico Government International Bond (BBB/Baa2)
	200,000		3.750			01/11/28		187,580
	325,000		4.500			04/22/29		309,644
	600,000		4.875			05/19/33		560,434
	50,000		6.050			01/11/40		50,111
	150,000		5.550			01/21/45		139,204
	Mexico Government International Bond, MTN (BBB/Baa2)
	50,000		8.300			08/15/31		58,755
	175,000		7.500			04/08/33		196,160
	150,000		4.750			03/08/44		125,750
								1,627,638
Mongolia – 0.4%
	Mongolia Government International Bond (B/B3)
	200,000		5.125			04/07/26		183,502
Morocco – 0.5%
	Morocco Government International Bond (BB+/NR)
	350,000		4.000			12/15/50		225,325
Sovereign Debt Obligations – (continued)
Nigeria – 1.9%
	Nigeria Government International Bond (B-/Caa1)
	200,000		6.500			11/28/27		166,748
	275,000		7.875			02/16/32		212,732
	200,000		7.375			09/28/33		147,042
	200,000		7.696			02/23/38		140,528
	200,000		7.625			11/28/47		135,000
	200,000		8.250			09/28/51		140,468
								942,518
Panama – 4.7%
	Panama Government International Bond (BBB/Baa2)
	225,000		3.750			03/16/25		218,250
	260,000		8.875			09/30/27		299,650
	200,000		3.875			03/17/28		188,250
	50,000		9.375			04/01/29		60,187
	410,000		3.160			01/23/30		354,138
	400,000		2.252			09/29/32		299,000
	150,000		6.700			01/26/36		159,187
	250,000		4.500			04/16/50		188,750
	200,000		4.300			04/29/53		144,750
	275,000		4.500			04/01/56		202,813
	245,000		3.870			07/23/60		158,025
								2,273,000
Paraguay – 1.0%
	Paraguay Government International Bond (BB/Ba1)
	100,000		5.000			04/15/26		97,654
	200,000		4.950			04/28/31		189,250
	225,000		5.400			03/30/50		188,156
								475,060
Peru – 4.5%
	Peruvian Government International Bond (BBB/Baa1)
	410,000		2.392			01/23/26		382,219
	200,000		4.125			08/25/27		194,163
	350,000		2.783			01/23/31		290,314
	100,000		1.862			12/01/32		73,145
	200,000		8.750			11/21/33		248,921
	150,000		3.000			01/15/34		118,570
	75,000		6.550			03/14/37		80,534
	450,000		5.625			11/18/50		445,628
	150,000		3.550			03/10/51		107,558
	340,000		2.780			12/01/60		199,189
	60,000		3.600			01/15/72		39,023
								2,179,264
Poland – 0.9%
	Republic of Poland Government International Bond (A-/A2)
	200,000		5.500			11/16/27		204,557
	200,000		5.750			11/16/32		210,034
								414,591
Qatar – 3.4%
	Qatar Government International Bond (AA/Aa3)
	200,000		3.400			04/16/25		193,445
	350,000		3.750			04/16/30		333,300
	200,000		4.625			06/02/46		186,732

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
Sovereign Debt Obligations – (continued)
Qatar – (continued)
	Qatar Government International Bond (AA/Aa3) – (continued)
$	220,000		5.103	%		04/23/48	$	217,283
	350,000		4.817			03/14/49		332,857
	400,000		4.400			04/16/50		359,033
								1,622,650
Romania – 2.2%
	Romanian Government International Bond (BBB-/Baa3)
	170,000		4.875			01/22/24		169,374
	460,000		5.250			11/25/27		447,346
	170,000		3.000			02/14/31		138,395
	180,000		6.125			01/22/44		171,559
	180,000		5.125			06/15/48		150,607
								1,077,281
Saudi Arabia – 3.8%
	Saudi Government International Bond (NR/A1)
	400,000		2.500			02/03/27		367,026
	225,000		4.375			04/16/29		220,050
	225,000		4.500			04/17/30		220,544
	400,000		3.250			10/22/30		361,580
	350,000		4.500			10/26/46		302,733
	200,000		4.625			10/04/47		175,552
	200,000		4.500			04/22/60		171,234
								1,818,719
Senegal – 0.3%
	Senegal Government International Bond (B+/Ba3)
	200,000		6.750			03/13/48		143,000
South Africa – 4.6%
	Republic of South Africa Government International Bond (BB-/Ba2)
	350,000		5.875			09/16/25		348,422
	335,000		4.850			09/27/27		316,693
	350,000		4.300			10/12/28		311,317
	350,000		5.875			06/22/30		324,718
	200,000		5.375			07/24/44		148,656
	600,000		5.750			09/30/49		440,760
	400,000		7.300			04/20/52		347,517
								2,238,083
Trinidad and Tobago – 0.5%
	Trinidad & Tobago Government International Bond (BBB-/Ba2)
	250,000		4.375			01/16/24		246,663
Turkey – 5.6%
	Turkey Government International Bond (NR/B3)
	325,000		6.350			08/10/24		318,116
	525,000		5.600			11/14/24		501,513
	350,000		7.375			02/05/25		345,791
	330,000		4.250			03/13/25		304,854
	525,000		4.875			10/09/26		459,819
	100,000		11.875			01/15/30		114,752
	362,000		6.875			03/17/36		294,979
	500,000		5.750			05/11/47		337,764
								2,677,588
Sovereign Debt Obligations – (continued)
United Arab Emirates – 1.5%
	UAE Government International Bond (NR/Aa2)
	350,000		2.000			10/19/31		290,862
	200,000		2.875			10/19/41		152,344
	375,000		3.250			10/19/61		271,676
								714,882
Uruguay – 3.6%
	Uruguay Government International Bond (BBB/Baa2)
	150,000		4.375			10/27/27		149,813
	408,000		4.375			01/23/31		399,330
	50,000		7.875			01/15/33		61,750
	200,000		7.625			03/21/36		250,000
	200,000		4.125			11/20/45		181,500
	450,000		5.100			06/18/50		443,531
	240,000		4.975			04/20/55		232,800
								1,718,724
	TOTAL SOVEREIGN DEBT OBLIGATIONS
	(Cost $43,714,545)						$	40,829,660
Corporate Obligations – 12.5%
Chile – 2.1%
	Corp. Nacional del Cobre de Chile (A/A3)
$	200,000		3.625	%		08/01/27	$	186,878
	200,000		3.000			09/30/29		173,937
	200,000		3.150			01/14/30		174,688
	400,000		4.500			08/01/47		333,394
	200,000		3.700			01/30/50		146,250
								1,015,147
China – 1.5%
	China Development Bank, Series EMTN (A+/A1)
	200,000		3.000			06/01/26		188,056
	China Development Bank Financial Leasing Co. Ltd.(b) (BBB+/NR)
	(US 5 Year CMT T-Note + 2.750%)
	200,000		2.875			09/28/30		185,857
	Export-Import Bank of China (The) (A+/A1)
	350,000		3.625			07/31/24		342,284
								716,197
India – 2.3%
	Export-Import Bank of India (BBB-/Baa3)
	200,000		3.875			02/01/28		185,131
	250,000		3.250			01/15/30		217,311
	Export-Import Bank of India, GMTN (NR/Baa3)
	275,000		3.875			03/12/24		270,024
	Indian Railway Finance Corp Ltd. (BBB-/Baa3)
	350,000		2.800			02/10/31		284,216
	200,000		3.570			01/21/32		170,015
								1,126,697
Indonesia – 1.8%
	Pertamina Persero PT (NR/Baa2)
	757,000		3.100			08/27/30		650,074
	200,000		6.450			05/30/44		208,750
								858,824

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

GOLDMAN SACHS ACCESS EMERGING MARKETS USD BOND ETF

Schedule of Investments (continued)

February 28, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Mexico – 2.6%
	Petroleos Mexicanos (BBB/B1)
$	100,000		6.875	%		10/16/25	$	99,700
	200,000		4.500			01/23/26		184,898
	180,000		6.500			03/13/27		164,117
	25,000		5.350			02/12/28		21,240
	50,000		6.500			01/23/29		43,844
	100,000		6.840			01/23/30		83,847
	250,000		5.950			01/28/31		192,311
	25,000		6.625			06/15/35		18,464
	25,000		6.500			06/02/41		17,132
	50,000		5.625			01/23/46		29,865
	428,000		6.750			09/21/47		278,103
	75,000		7.690			01/23/50		53,020
	100,000		6.950			01/28/60		64,899
								1,251,440
Peru – 0.3%
	Petroleos del Peru SA (BB/NR)
	200,000		5.625			06/19/47		134,250
Qatar – 0.4%
	QatarEnergy (AA/Aa3)
	300,000		3.300			07/12/51		219,452
Saudi Arabia – 1.1%
	Saudi Arabian Oil Co. (NR/A1)
	375,000		3.500			04/16/29		343,356
	200,000		4.250			04/16/39		174,999
								518,355
South Africa – 0.4%
	Eskom Holdings SOC Ltd. (BB-/Ba2)
	200,000		4.314			07/23/27		178,250
	TOTAL CORPORATE OBLIGATIONS
	(Cost $6,404,224)						$	6,018,612

Shares		Dividend Rate	Value
Investment Company – 0.9%(c)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	423,537	4.475%	$	423,537
	(Cost $423,537)
	TOTAL INVESTMENTS – 98.4%
	(Cost $50,542,306)		$	47,271,809
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.6%			770,259
	NET ASSETS – 100.0%		$	48,042,068

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)	Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on February 28, 2023.
(c)	Represents an affiliated issuer.

Investment Abbreviations:
CMT	—Constant Maturity Treasury Index
GMTN	—Global Medium Term Note
MTN	—Medium Term Note

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

GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF

Schedule of Investments

February 28, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – 91.8%
Advertising – 1.1%
	Clear Channel Outdoor Holdings, Inc. (B/B1)
$	476,000		5.125	%(a)		08/15/27	$	426,615
	346,000		7.500	(a)		06/01/29		281,557
	Lamar Media Corp. (BB/Ba3)
	179,000		3.750			02/15/28		159,310
	476,000		4.000			02/15/30		410,550
	Outfront Media Capital LLC / Outfront Media Capital Corp.(a) (B+/B2)
	365,000		6.250			06/15/25		363,175
								1,641,207
Aerospace – 0.1%
	Triumph Group, Inc.(a) (B/B1)
	194,000		8.875			06/01/24		202,730
Aerospace & Defense – 2.8%
	Howmet Aerospace, Inc. (BB+/Ba1)
	590,000		6.875			05/01/25		602,538
	Spirit AeroSystems, Inc.(a) (BB-/Ba2)
	550,000		9.375			11/30/29		584,375
	TransDigm, Inc. (B+/Ba3)
	289,000		8.000	(a)		12/15/25		295,900
	1,208,000		6.250	(a)		03/15/26		1,195,920
	270,000		6.375			06/15/26		263,250
	46,000		7.500			03/15/27		45,540
	550,000		5.500			11/15/27		507,375
	770,000		4.625			01/15/29		663,162
								4,158,060
Banks – 0.7%
	Freedom Mortgage Corp. (B/B2)
	929,000		8.250	(a)		04/15/25		882,550
	197,000		7.625	(a)		05/01/26		168,189
								1,050,739
Basic Industry – 1.6%
	Chemours Co. (The)(a) (BB/B1)
	417,000		5.750			11/15/28		368,524
	Olin Corp. (BB+/Ba1)
	333,000		5.625			08/01/29		318,847
	170,000		5.000			02/01/30		155,550
	SCIH Salt Holdings, Inc.(a) (CCC+/Caa2)
	367,000		6.625			05/01/29		300,481
	Tronox, Inc.(a) (BB-/B1)
	494,000		4.625			03/15/29		403,845
	Valvoline, Inc.(a) (B+/Ba3)
	287,000		3.625			06/15/31		233,905
	WR Grace Holdings LLC (B/B1)
	520,000		4.875	(a)		06/15/27		481,000
	200,000		5.625	(a)		08/15/29		161,500
								2,423,652
Broadcasting – 4.0%
	CMG Media Corp.(a) (CCC+/Caa1)
	355,000		8.875			12/15/27		238,738
	Diamond Sports Group LLC / Diamond Sports Finance Co. (D/Caa2)
	974,000		5.375	(a)		08/15/26		112,010
	310,000		6.625	(a)		08/15/27		8,912
Corporate Obligations – (continued)
Broadcasting – (continued)
	Gray Escrow II, Inc.(a) (B/B3)
	225,000		5.375	%		11/15/31		167,062
	Gray Television, Inc.(a) (B/B3)
	500,000		4.750			10/15/30		369,375
	Nexstar Media, Inc.(a) (B+/B2)
	1,076,000		5.625			07/15/27		1,000,680
	Scripps Escrow II, Inc.(a) (BB/Ba3)
	538,000		3.875			01/15/29		430,400
	Scripps Escrow, Inc.(a) (B/B3)
	354,000		5.875			07/15/27		284,970
	Sinclair Television Group, Inc.(a) (BB-/Ba2)
	289,000		4.125			12/01/30		225,420
	Sirius XM Radio, Inc. (BB/Ba3)
	500,000		5.000	(a)		08/01/27		460,000
	978,000		4.000	(a)		07/15/28		841,080
	656,000		3.875	(a)		09/01/31		512,500
	TEGNA, Inc. (BB/Ba3)
	126,000		4.625			03/15/28		112,770
	361,000		5.000			09/15/29		323,095
	Univision Communications, Inc. (B+/B1)
	144,000		5.125	(a)		02/15/25		140,760
	254,000		6.625	(a)		06/01/27		243,205
	493,000		4.500	(a)		05/01/29		415,353
								5,886,330
Brokerage – 0.7%
	Coinbase Global, Inc.(a) (BB-/B1)
	428,000		3.375			10/01/28		280,875
	Jefferies Finance LLC / JFIN Co.-Issuer Corp.(a) (BB-/B1)
	470,000		5.000			08/15/28		398,692
	Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp.(a) (BB-/Ba2)
	347,000		4.750			06/15/29		283,672
								963,239
Building Materials – 1.2%
	American Builders & Contractors Supply Co., Inc.(a) (BB+/Ba2)
	484,000		4.000			01/15/28		434,995
	Builders FirstSource, Inc. (BB-/Ba2)
	248,000		5.000	(a)		03/01/30		223,510
	341,000		4.250	(a)		02/01/32		287,292
	Camelot Return Merger Sub, Inc.(a) (B/B2)
	303,000		8.750			08/01/28		288,608
	Standard Industries, Inc. (BB/B1)
	329,000		4.375	(a)		07/15/30		274,727
	387,000		3.375	(a)		01/15/31		298,496
								1,807,628
Capital Goods – 4.3%
	Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC(a) (B+/B3)
	700,000		4.000			09/01/29		561,312
	Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc. (B-/Caa1)
	400,000		5.250	(a)		08/15/27		331,500
	200,000		5.250	(a)		08/15/27		165,500

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, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Capital Goods – (continued)
	ASP Unifrax Holdings, Inc.(a) (CCC+/Caa2)
$	204,000		7.500	%		09/30/29	$	139,740
	Ball Corp. (BB+/Ba1)
	323,000		4.875			03/15/26		314,521
	399,000		3.125			09/15/31		321,195
	Chart Industries, Inc.(a) (NR/Ba3)
	600,000		7.500			01/01/30		610,500
	Clydesdale Acquisition Holdings, Inc. (CCC+/Caa2)
	143,000		6.625	(a)		04/15/29		137,280
	265,000		8.750	(a)		04/15/30		239,825
	Covanta Holding Corp.(a) (B/B2)
	377,000		4.875			12/01/29		319,890
	Crown Americas LLC / Crown Americas Capital Corp V (BB+/Ba2)
	265,000		4.250			09/30/26		247,444
	Crown Americas LLC / Crown Americas Capital Corp. VI (BB+/Ba2)
	148,000		4.750			02/01/26		141,710
	Herc Holdings, Inc.(a) (B+/B1)
	450,000		5.500			07/15/27		424,688
	LABL, Inc. (B-/B2)
	273,000		6.750	(a)		07/15/26		260,715
	152,000		10.500	(a)		07/15/27		142,500
	Mauser Packaging Solutions Holding Co.(a) (B/B2)
	1,000,000		7.875			08/15/26		997,500
	Sealed Air Corp. (BB+/Ba2)
	91,000		5.125	(a)		12/01/24		89,749
	120,000		5.500	(a)		09/15/25		118,500
	167,000		6.875	(a)		07/15/33		170,757
	Sensata Technologies, Inc.(a) (BB+/Ba3)
	500,000		3.750			02/15/31		418,125
	Stericycle, Inc.(a) (BB-/NR)
	306,000		3.875			01/15/29		263,925
								6,416,876
Communications – 4.5%
	AMC Networks, Inc. (BB-/Ba3)
	93,000		5.000			04/01/24		92,942
	429,000		4.750			08/01/25		404,869
	CCO Holdings LLC / CCO Holdings Capital Corp. (BB-/B1)
	300,000		5.125	(a)		05/01/27		279,375
	450,000		4.750	(a)		03/01/30		379,687
	350,000		4.250	(a)		02/01/31		281,750
	1,000,000		7.375	(a)		03/01/31		970,000
	350,000		4.500			05/01/32		278,250
	CSC Holdings LLC (CCC+/Caa1)
	475,000		5.250			06/01/24		463,125
	200,000		5.500	(a)		04/15/27		175,500
	250,000		7.500	(a)		04/01/28		168,125
	400,000		6.500	(a)		02/01/29		340,000
	400,000		5.750	(a)		01/15/30		231,000
	250,000		4.125	(a)		12/01/30		180,000
	400,000		4.625	(a)		12/01/30		217,000
	250,000		3.375	(a)		02/15/31		172,500
	435,000		4.500	(a)		11/15/31		311,025
Corporate Obligations – (continued)
Communications – (continued)
	Directv Financing LLC / Directv Financing Co.-Obligor, Inc.(a) (BB/Ba3)
	870,000		5.875			08/15/27		783,000
	Live Nation Entertainment, Inc.(a) (B/B3)
	482,000		4.750			10/15/27		435,607
	WMG Acquisition Corp. (BB+/Ba3)
	232,000		3.875	(a)		07/15/30		196,620
	333,000		3.000	(a)		02/15/31		265,568
								6,625,943
Consumer Cyclical – 18.8%
	ADT Security Corp. (The) (BB-/Ba3)
	246,000		4.125	(a)		08/01/29		212,482
	256,000		4.875	(a)		07/15/32		220,160
	Allison Transmission, Inc.(a) (NR/Ba2)
	800,000		3.750			01/30/31		668,000
	AMC Entertainment Holdings, Inc.(a)(b) (PIK 12.000%, Cash 10.000%) (CCC-/Caa3)
	730,000		10.000			06/15/26		379,600
	American Axle & Manufacturing, Inc. (B+/B2)
	303,000		6.875			07/01/28		272,700
	126,000		5.000			10/01/29		102,690
	APX Group, Inc.(a) (B/B1)
	200,000		6.750			02/15/27		193,250
	Boyd Gaming Corp. (BB/B1)
	108,000		4.750			12/01/27		101,790
	384,000		4.750	(a)		06/15/31		339,840
	Caesars Entertainment, Inc. (B/Ba3)
	680,000		6.250	(a)		07/01/25		675,750
	491,000		8.125	(a)		07/01/27		496,690
	175,000		4.625	(a)		10/15/29		150,063
	Carnival Corp. (B/B3)
	500,000		10.500	(a)		02/01/26		520,000
	883,000		7.625	(a)		03/01/26		796,907
	550,000		5.750	(a)		03/01/27		453,750
	976,000		6.000	(a)		05/01/29		761,280
	Carnival Holdings Bermuda Ltd.(a) (B+/B2)
	585,000		10.375			05/01/28		625,950
	Cedar Fair LP / Canada’s Wonderland Co. / Magnum Management Corp. / Millennium Op(a) (BB+/Ba2)
	229,000		5.500			05/01/25		226,996
	Churchill Downs, Inc. (B+/B1)
	217,000		5.500	(a)		04/01/27		206,693
	215,000		4.750	(a)		01/15/28		197,262
	Clarios Global LP / Clarios US Finance Co.(a) (CCC+/Caa1)
	500,000		8.500			05/15/27		498,125
	Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc. (B/B2)
	360,000		4.625	(a)		01/15/29		310,950
	244,000		6.750	(a)		01/15/30		203,130
	Ford Motor Co. (BB+/Ba2)
	368,000		4.346			12/08/26		350,431
	293,000		6.625			10/01/28		295,040
	241,000		7.450			07/16/31		250,524
	250,000		3.250			02/12/32		191,048
	250,000		6.100			08/19/32		235,352

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)
	Ford Motor Credit Co. LLC (BB+/Ba2)
$	200,000		3.810	%		01/09/24	$	195,672
	200,000		3.664			09/08/24		192,079
	200,000		4.063			11/01/24		191,706
	410,000		4.687			06/09/25		393,062
	665,000		5.125			06/16/25		642,792
	364,000		4.134			08/04/25		343,349
	200,000		4.542			08/01/26		185,782
	380,000		2.700			08/10/26		332,633
	200,000		4.271			01/09/27		183,042
	205,000		4.950			05/28/27		191,895
	240,000		4.125			08/17/27		214,672
	205,000		5.113			05/03/29		187,863
	200,000		4.000			11/13/30		167,901
	Ford Motor Credit Co. LLC, GMTN (BB+/Ba2)
	200,000		4.389			01/08/26		189,010
	Gap, Inc. (The)(a) (BB/Ba3)
	420,000		3.875			10/01/31		302,400
	Goodyear Tire & Rubber Co. (The) (BB-/B2)
	421,000		4.875			03/15/27		391,530
	296,000		5.250			04/30/31		255,300
	Hilton Domestic Operating Co., Inc. (BB+/Ba2)
	475,000		5.750	(a)		05/01/28		463,125
	145,000		3.750	(a)		05/01/29		126,512
	245,000		4.875			01/15/30		225,094
	357,000		4.000	(a)		05/01/31		305,436
	299,000		3.625	(a)		02/15/32		246,538
	Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc(a) (B/B2)
	501,000		5.000			06/01/29		442,759
	Iron Mountain, Inc. (BB-/Ba3)
	200,000		4.875	(a)		09/15/27		185,500
	484,000		5.250	(a)		03/15/28		447,095
	621,000		5.250	(a)		07/15/30		544,151
	479,000		4.500	(a)		02/15/31		397,271
	Macy’s Retail Holdings LLC (BB+/Ba2)
	200,000		5.875	(a)		04/01/29		182,000
	399,000		6.125	(a)		03/15/32		345,634
	MGM Resorts International (B+/B1)
	311,000		5.750			06/15/25		306,335
	173,000		4.625			09/01/26		161,755
	190,000		5.500			04/15/27		181,450
	160,000		4.750			10/15/28		144,200
	Mohegan Tribal Gaming Authority(a) (B-/B3)
	695,000		8.000			02/01/26		646,350
	NCL Corp Ltd.(a) (B-/Caa1)
	247,000		3.625			12/15/24		232,180
	NCL Corp. Ltd. (B-/Caa1)
	330,000		5.875	(a)		03/15/26		287,100
	327,000		7.750	(a)		02/15/29		285,307
	Nordstrom, Inc. (BB+/Ba1)
	301,000		4.375			04/01/30		238,542
	PetSmart, Inc. / PetSmart Finance Corp. (B-/B3)
	250,000		4.750	(a)		02/15/28		230,000
	250,000		7.750	(a)		02/15/29		244,375
Corporate Obligations – (continued)
Consumer Cyclical – (continued)
	Prime Security Services Borrower LLC / Prime Finance, Inc. (B-/B3)
	258,000		3.375	(a)		08/31/27		224,460
	857,000		6.250	(a)		01/15/28		798,081
	RHP Hotel Properties LP / RHP Finance Corp.(a) (B+/B1)
	365,000		4.500			02/15/29		318,006
	Royal Caribbean Cruises Ltd. (B/B3)
	468,000		11.500	(a)		06/01/25		498,420
	500,000		4.250	(a)		07/01/26		438,750
	386,000		3.700			03/15/28		307,835
	575,000		5.500	(a)		04/01/28		503,125
	Scientific Games International, Inc. (B+/B3)
	145,000		7.000	(a)		05/15/28		142,100
	246,000		7.250	(a)		11/15/29		243,848
	Six Flags Entertainment Corp.(a) (B/B3)
	150,000		5.500			04/15/27		141,750
	Staples, Inc. (B/B3)
	442,000		7.500	(a)		04/15/26		395,038
	176,000		10.750	(a)		04/15/27		134,640
	Taylor Morrison Communities, Inc.(a) (BB/Ba3)
	143,000		5.125			08/01/30		126,555
	Travel + Leisure Co.(a) (BB-/Ba3)
	540,000		6.625			07/31/26		531,900
	Williams Scotsman International, Inc.(a) (B+/B2)
	223,000		6.125			06/15/25		220,213
	Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp. (B+/B2)
	470,000		5.500	(a)		03/01/25		457,663
	100,000		5.250	(a)		05/15/27		94,250
	Yum! Brands, Inc. (BB/Ba3)
	397,000		4.750	(a)		01/15/30		363,255
	334,000		3.625			03/15/31		280,978
	390,000		5.375			04/01/32		363,675
								27,950,392
Consumer Noncyclical – 4.2%
	Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC (BB/Ba3)
	516,000		4.625	(a)		01/15/27		486,975
	420,000		3.500	(a)		03/15/29		357,525
	593,000		4.875	(a)		02/15/30		535,182
	Allied Universal Holdco LLC / Allied Universal Finance Corp. (CCC+/Caa1)
	382,000		6.625	(a)		07/15/26		362,900
	680,000		6.000	(a)		06/01/29		510,000
	Allied Universal Holdco LLC/Allied Universal Finance Corp./ Atlas Luxco 4 Sarl(a) (B/B2)
	200,000		4.625			06/01/28		166,250
	Avantor Funding, Inc.(a) (BB-/B2)
	396,000		4.625			07/15/28		366,300
	Hologic, Inc. (BB+/Ba2)
	104,000		4.625	(a)		02/01/28		97,500
	239,000		3.250	(a)		02/15/29		206,436
	Medline Borrower LP (B+/B1)
	1,349,000		3.875	(a)		04/01/29		1,126,415
	121,000		5.250	(a)		10/01/29		100,430

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, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Consumer Noncyclical – (continued)
	Molina Healthcare, Inc.(a) (BB-/Ba3)
$	370,000		4.375	%		06/15/28	$	334,850
	Organon & Co. / Organon Foreign Debt Co.-Issuer BV (BB/Ba2)
	730,000		4.125	(a)		04/30/28		647,875
	450,000		5.125	(a)		04/30/31		385,875
	RegionalCare Hospital Partners Holdings, Inc. / LifePoint Health, Inc.(a) (CCC+/Caa1)
	393,000		9.750			12/01/26		335,033
	Vector Group Ltd.(a) (B-/Caa1)
	230,000		10.500			11/01/26		231,150
								6,250,696
Consumer Products – 0.2%
	Coty, Inc.(a) (BB/Ba2)
	342,000		5.000			04/15/26		327,038
Distribution & Logistics – 0.4%
	WESCO Distribution, Inc.(a) (BB/Ba3)
	567,000		7.250			06/15/28		576,923
Electric – 3.5%
	Calpine Corp. (BB+/Ba2)
	768,000		5.250	(a)		06/01/26		737,280
	462,000		4.625	(a)		02/01/29		390,967
	268,000		5.000	(a)		02/01/31		221,770
	291,000		3.750	(a)		03/01/31		237,165
	Clearway Energy Operating LLC(a) (BB/Ba2)
	518,000		3.750			02/15/31		421,522
	FirstEnergy Corp. (BB+/Ba1)
	616,000		2.650			03/01/30		512,892
	FirstEnergy Corp., Series B (BB+/Ba1)
	414,000		4.150			07/15/27		387,192
	NRG Energy, Inc. (BB/Ba2)
	258,000		5.250	(a)		06/15/29		230,265
	467,000		3.625	(a)		02/15/31		363,719
	322,000		3.875	(a)		02/15/32		250,355
	PG&E Corp. (BB-/B1)
	570,000		5.250			07/01/30		513,133
	Vistra Operations Co. LLC (BB/Ba2)
	187,000		5.625	(a)		02/15/27		177,650
	403,000		5.000	(a)		07/31/27		374,790
	418,000		4.375	(a)		05/01/29		362,615
								5,181,315
Energy – 11.5%
	Antero Midstream Partners LP / Antero Midstream Finance Corp. (BB/Ba3)
	478,000		5.750	(a)		03/01/27		454,100
	377,000		5.750	(a)		01/15/28		355,322
	Antero Resources Corp.(a) (BB+/Ba2)
	126,000		7.625			02/01/29		127,575
	Apache Corp. (BB+/Ba1)
	159,000		6.000			01/15/37		147,472
	Archrock Partners LP / Archrock Partners Finance Corp.(a) (B+/B2)
	337,000		6.875			04/01/27		326,890
	Ascent Resources Utica Holdings LLC / ARU Finance Corp.(a) (B+/B3)
	159,000		5.875			06/30/29		139,324
Corporate Obligations – (continued)
Energy – (continued)
	Buckeye Partners LP (BB/B1)
	363,000		3.950			12/01/26		322,071
	144,000		4.125			12/01/27		124,951
	152,000		4.500	(a)		03/01/28		134,140
	Callon Petroleum Co.(a) (B+/B3)
	251,000		8.000			08/01/28		247,235
	Comstock Resources, Inc. (B+/B2)
	327,000		6.750	(a)		03/01/29		302,475
	302,000		5.875	(a)		01/15/30		261,230
	CQP Holdco LP / BIP-V Chinook Holdco LLC(a) (BB/B1)
	500,000		5.500			06/15/31		438,750
	CrownRock LP / CrownRock Finance, Inc.(a) (BB-/B1)
	619,000		5.625			10/15/25		603,525
	DT Midstream, Inc.(a) (BB+/Ba2)
	772,000		4.375			06/15/31		647,515
	Endeavor Energy Resources LP / EER Finance, Inc.(a) (BB+/Ba2)
	193,000		5.750			01/30/28		185,763
	EnLink Midstream LLC (BB+/Ba1)
	143,000		5.375			06/01/29		132,431
	EnLink Midstream Partners LP (BB+/Ba1)
	391,000		4.850			07/15/26		369,850
	EQM Midstream Partners LP (BB-/Ba3)
	365,000		6.000	(a)		07/01/25		354,050
	210,000		6.500	(a)		07/01/27		198,712
	275,000		5.500			07/15/28		246,125
	260,000		4.500	(a)		01/15/29		218,400
	296,000		4.750	(a)		01/15/31		241,240
	Hess Midstream Operations LP (BB+/Ba2)
	399,000		5.125	(a)		06/15/28		368,078
	300,000		4.250	(a)		02/15/30		252,750
	100,000		5.500	(a)		10/15/30		90,250
	Hilcorp Energy I LP / Hilcorp Finance Co. (BB+/Ba3)
	371,000		6.250	(a)		11/01/28		346,885
	277,000		5.750	(a)		02/01/29		252,070
	ITT Holdings LLC(a) (B/B2)
	300,000		6.500			08/01/29		247,500
	Moss Creek Resources Holdings, Inc. (B/B3)
	139,000		7.500	(a)		01/15/26		125,795
	325,000		10.500	(a)		05/15/27		312,000
	Nabors Industries Ltd.(a) (CCC/B3)
	209,000		7.250			01/15/26		199,595
	Nabors Industries, Inc. (CCC/Caa1)
	281,000		5.750			02/01/25		269,058
	New Fortress Energy, Inc.(a) (BB/B1)
	618,000		6.500			09/30/26		568,560
	Occidental Petroleum Corp. (BB+/Ba1)
	170,000		6.375			09/01/28		172,125
	83,000		8.875			07/15/30		94,577
	419,000		6.625			09/01/30		432,617
	467,000		6.125			01/01/31		471,086
	271,000		7.500			05/01/31		290,629
	157,000		7.875			09/15/31		170,953
	508,000		6.450			09/15/36		512,718
	363,000		0.000	(c)		10/10/36		184,241
	PBF Holding Co. LLC / PBF Finance Corp. (BB/B1)
	331,000		7.250			06/15/25		331,000
	380,000		6.000			02/15/28		355,300

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)
Energy – (continued)
	Range Resources Corp. (BB/Ba3)
$	199,000		4.875	%		05/15/25	$	194,523
	164,000		8.250			01/15/29		168,920
	SM Energy Co. (BB-/B2)
	90,000		6.750			09/15/26		87,075
	239,000		6.625			01/15/27		227,050
	Southwestern Energy Co. (BB+/Ba2)
	333,000		5.375			03/15/30		304,695
	332,000		4.750			02/01/32		284,690
	Sunoco LP / Sunoco Finance Corp. (BB/Ba3)
	130,000		6.000			04/15/27		128,050
	200,000		4.500			05/15/29		177,000
	Transocean Titan Financing Ltd.(a) (B-/B2)
	100,000		8.375			02/01/28		102,000
	Transocean, Inc. (B-/B2)
	297,000		11.500	(a)		01/30/27		306,281
	620,000		8.750	(a)		02/15/30		633,175
	USA Compression Partners LP / USA Compression Finance Corp. (B+/B3)
	380,000		6.875			04/01/26		367,650
	Venture Global Calcasieu Pass LLC (BB+/Ba2)
	588,000		3.875	(a)		08/15/29		509,355
	440,000		3.875	(a)		11/01/33		360,250
	Weatherford International Ltd.(a) (BB-/Ba3)
	689,000		6.500			09/15/28		676,943
								17,154,590
Financial Company – 4.8%
	Coinbase Global, Inc.(a) (BB-/B1)
	250,000		3.625			10/01/31		150,625
	Curo Group Holdings Corp.(a) (CCC+/Caa1)
	380,000		7.500			08/01/28		161,500
	HUB International Ltd.(a) (CCC+/Caa2)
	500,000		7.000			05/01/26		495,000
	Icahn Enterprises LP / Icahn Enterprises Finance Corp. (BB/Ba3)
	777,000		6.375			12/15/25		767,264
	845,000		5.250			05/15/27		790,075
	LD Holdings Group LLC(a) (CCC+/Caa1)
	289,000		6.125			04/01/28		171,955
	Midcap Financial Issuer Trust(a) (B+/B1)
	500,000		6.500			05/01/28		432,500
	Nationstar Mortgage Holdings, Inc. (B/B1)
	290,000		6.000	(a)		01/15/27		268,250
	529,000		5.500	(a)		08/15/28		451,798
	Navient Corp. (B+/Ba3)
	108,000		5.875			10/25/24		105,502
	336,000		6.750			06/25/25		333,060
	567,000		6.750			06/15/26		545,499
	Navient Corp., MTN (B+/Ba3)
	126,000		6.125			03/25/24		125,370
	237,000		5.625			08/01/33		178,639
	NFP Corp.(a) (CCC+/Caa2)
	655,000		6.875			08/15/28		560,025
	PennyMac Financial Services, Inc.(a) (B+/Ba3)
	638,000		5.375			10/15/25		582,175
	Rocket Mortgage LLC(a) (BB/Ba1)
	244,000		5.250			01/15/28		220,272
Corporate Obligations – (continued)
Financial Company – (continued)
	Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc.(a) (BB/Ba1)
	685,000		3.875			03/01/31		537,475
	United Wholesale Mortgage LLC(a) (NR/Ba3)
	321,000		5.500			04/15/29		266,831
								7,143,815
Food and Beverage – 2.6%
	Aramark Services, Inc.(a) (B+/B1)
	453,000		5.000			02/01/28		418,459
	Darling Ingredients, Inc.(a) (BB+/Ba2)
	564,000		5.250			04/15/27		543,907
	HLF Financing Sarl LLC / Herbalife International, Inc.(a) (B+/B1)
	50,000		4.875			06/01/29		38,750
	Lamb Weston Holdings, Inc.(a) (BB+/Ba3)
	615,000		4.125			01/31/30		544,275
	Performance Food Group, Inc.(a) (BB-/B2)
	668,000		5.500			10/15/27		636,270
	Post Holdings, Inc. (B+/B2)
	462,000		5.750	(a)		03/01/27		452,760
	180,000		5.625	(a)		01/15/28		172,800
	630,000		5.500	(a)		12/15/29		579,600
	430,000		4.500	(a)		09/15/31		363,888
	US Foods, Inc.(a) (B+/B3)
	200,000		4.750			02/15/29		180,750
								3,931,459
Hardware – 1.8%
	CommScope Technologies LLC(a) (CCC+/Caa1)
	620,000		5.000			03/15/27		477,400
	CommScope, Inc. (B/B1)
	1,100,000		6.000	(a)		03/01/26		1,060,837
	250,000		7.125	(a)		07/01/28		197,500
	NCR Corp. (B/B3)
	358,000		5.750	(a)		09/01/27		349,945
	230,000		5.000	(a)		10/01/28		200,100
	250,000		6.125	(a)		09/01/29		243,750
	230,000		5.250	(a)		10/01/30		191,762
								2,721,294
Healthcare – 4.7%
	CHS/Community Health Systems, Inc. (CCC/Caa2)
	466,000		6.000	(a)		01/15/29		407,750
	700,000		6.875	(a)		04/15/29		495,250
	477,000		5.250	(a)		05/15/30		386,370
	473,000		4.750	(a)		02/15/31		367,757
	DaVita, Inc. (B+/B1)
	640,000		4.625	(a)		06/01/30		531,200
	340,000		3.750	(a)		02/15/31		258,400
	Encompass Health Corp. (B+/B1)
	421,000		4.750			02/01/30		378,900
	IQVIA, Inc.(a) (BB/Ba3)
	600,000		5.000			05/15/27		573,000
	Legacy LifePoint Health LLC(a) (B/B1)
	340,000		4.375			02/15/27		287,300
	MPH Acquisition Holdings LLC(a) (B-/B3)
	615,000		5.750			11/01/28		405,900

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, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Healthcare – (continued)
	Service Corp. International (BB/Ba3)
$	115,000		4.625	%		12/15/27	$	107,669
	468,000		5.125			06/01/29		440,505
	Tenet Healthcare Corp. (B-/B3)
	94,000		4.625			07/15/24		93,060
	122,000		4.625			09/01/24		120,322
	397,000		4.875			01/01/26		379,135
	290,000		6.250			02/01/27		283,113
	365,000		5.125			11/01/27		344,925
	397,000		4.625			06/15/28		361,766
	628,000		6.125			10/01/28		580,115
	220,000		4.250			06/01/29		192,500
								6,994,937
Insurance – 1.0%
	Acrisure LLC / Acrisure Finance, Inc. (CCC+/Caa2)
	290,000		7.000	(a)		11/15/25		273,911
	163,000		10.125	(a)		08/01/26		163,408
	Alliant Holdings Intermediate LLC / Alliant Holdings Co.- Issuer(a) (B/B2)
	949,000		4.250			10/15/27		844,610
	AssuredPartners, Inc.(a) (CCC+/Caa2)
	250,000		5.625			01/15/29		213,750
								1,495,679
Metals – 0.4%
	Novelis Corp. (BB/Ba3)
	523,000		4.750	(a)		01/30/30		460,240
	200,000		3.875	(a)		08/15/31		162,750
								622,990
Metals and Mining – 0.3%
	Cleveland-Cliffs, Inc.(a) (BB/Ba2)
	478,000		6.750			03/15/26		482,183
Natural Gas – 2.5%
	AmeriGas Partners LP / AmeriGas Finance Corp. (NR/B1)
	310,000		5.500			05/20/25		296,825
	347,000		5.750			05/20/27		322,710
	Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp. (BB/Ba3)
	69,000		5.625	(a)		05/01/27		63,911
	382,000		6.000	(a)		02/01/29		349,530
	Ferrellgas LP / Ferrellgas Finance Corp.(a) (B/B2)
	416,000		5.375			04/01/26		376,480
	Genesis Energy LP / Genesis Energy Finance Corp. (B/B2)
	641,000		8.000			01/15/27		621,770
	NGL Energy Operating LLC / NGL Energy Finance Corp.(a) (B/B2)
	660,000		7.500			02/01/26		631,950
	NuStar Logistics LP (BB-/Ba3)
	100,000		6.000			06/01/26		96,000
	100,000		5.625			04/28/27		93,500
	Rockies Express Pipeline LLC(a) (BB+/Ba2)
	308,000		4.950			07/15/29		269,115
Corporate Obligations – (continued)
Natural Gas – (continued)
	Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. (BB-/B1)
	153,000		6.000	(a)		03/01/27		142,673
	549,000		5.500	(a)		01/15/28		496,845
								3,761,309
Pharmaceuticals – 1.5%
	Bausch Health Americas, Inc.(a) (CCC-/Ca)
	528,000		9.250			04/01/26		401,280
	Bausch Health Cos., Inc. (CCC+/Caa1)
	715,000		5.500	(a)		11/01/25		622,050
	288,000		5.750	(a)		08/15/27		192,240
	1,361,000		11.000	(a)		09/30/28		1,078,592
								2,294,162
REITs and Real Estate – 2.4%
	Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL(a) (BB+/B1)
	420,000		5.750			05/15/26		387,225
	Diversified Healthcare Trust (B/Caa3)
	318,000		4.375			03/01/31		222,849
	Howard Hughes Corp. (The)(a) (BB-/Ba3)
	378,000		4.375			02/01/31		307,597
	iStar, Inc. (BB/Ba2)
	596,000		4.750			10/01/24		594,660
	Kennedy-Wilson, Inc. (BB-/B1)
	521,000		5.000			03/01/31		401,170
	Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer(a) (B+/B1)
	356,000		4.875			05/15/29		299,040
	Service Properties Trust (B+/B2)
	250,000		7.500			09/15/25		247,922
	321,000		4.950			10/01/29		255,997
	278,000		4.375			02/15/30		214,060
	Starwood Property Trust, Inc. (BB-/Ba3)
	450,000		3.750	(a)		12/31/24		423,729
	220,000		4.750			03/15/25		209,550
								3,563,799
Rental Equipment – 1.5%
	Avis Budget Car Rental LLC / Avis Budget Finance, Inc.(a) (BB-/B2)
	642,000		5.375			03/01/29		582,615
	H&E Equipment Services, Inc.(a) (BB-/B2)
	545,000		3.875			12/15/28		469,381
	United Rentals North America, Inc. (BB+/Ba2)
	178,000		5.500			05/15/27		174,478
	252,000		4.875			01/15/28		240,975
	372,000		5.250			01/15/30		353,400
	441,000		3.875			02/15/31		380,363
								2,201,212
Software – 2.3%
	Cloud Software Group Holdings, Inc.(a) (B/B2)
	1,100,000		6.500			03/31/29		959,750
	Gartner, Inc.(a) (BB+/Ba1)
	662,000		4.500			07/01/28		610,695

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)
Software – (continued)
	MSCI, Inc. (BBB-/Ba1)
$	175,000		3.625	% (a)		09/01/30	$	149,187
	830,000		3.875	(a)		02/15/31		716,913
	465,000		3.250	(a)		08/15/33		369,094
	SS&C Technologies, Inc.(a) (B+/B2)
	704,000		5.500			09/30/27		661,533
								3,467,172
Technology – 1.7%
	Arches Buyer, Inc. (CCC+/Caa1)
	152,000		4.250	(a)		06/01/28		125,400
	287,000		6.125	(a)		12/01/28		236,416
	Imola Merger Corp.(a) (BB-/B1)
	733,000		4.750			05/15/29		619,385
	McAfee Corp.(a) (CCC+/Caa2)
	542,000		7.375			02/15/30		430,212
	Uber Technologies, Inc.(a) (B/B1)
	500,000		4.500			08/15/29		445,625
	Veritas US, Inc. / Veritas Bermuda Ltd.(a) (B-/B3)
	600,000		7.500			09/01/25		462,242
	Verscend Escrow Corp.(a) (CCC+/Caa2)
	215,000		9.750			08/15/26		216,231
								2,535,511
Transportation – 2.2%
	American Airlines, Inc.(a) (B/Ba3)
	563,000		11.750			07/15/25		618,596
	American Airlines, Inc./AAdvantage Loyalty IP Ltd. (NR/Ba2)
	605,000		5.500	(a)		04/20/26		592,900
	873,000		5.750	(a)		04/20/29		831,857
	Fortress Transportation and Infrastructure Investors LLC(a) (B/Ba2)
	255,000		6.500			10/01/25		250,856
	United Airlines, Inc. (BB-/Ba1)
	474,000		4.375	(a)		04/15/26		447,109
	600,000		4.625	(a)		04/15/29		534,574
								3,275,892
Wireless – 0.2%
	SBA Communications Corp. (BB/B1)
	300,000		3.875			02/15/27		271,853
Wirelines – 2.3%
	Consolidated Communications, Inc.(a) (B-/B3)
	562,000		6.500			10/01/28		413,070
	Level 3 Financing, Inc. (B+/B1)
	345,000		4.625	(a)		09/15/27		259,612
	600,000		3.625	(a)		01/15/29		387,750
	Lumen Technologies, Inc. (B/Caa1)
	400,000		5.125	(a)		12/15/26		291,500
	640,000		4.500	(a)		01/15/29		341,600
	Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC(a) (B/B2)
	930,000		10.500			02/15/28		930,000
	Windstream Escrow LLC / Windstream Escrow Finance Corp.(a) (B-/B3)
	352,000		7.750			08/15/28		289,520
Corporate Obligations – (continued)
Wirelines – (continued)
	Zayo Group Holdings, Inc.(a) (B-/B2)
	596,000		4.000			03/01/27		460,410
								3,373,462
	TOTAL CORPORATE OBLIGATIONS
	(Cost $147,710,477)						$	136,754,087
Foreign Corporate Debt – 6.0%
Aerospace & Defense – 1.3%
	Bombardier, Inc. (Canada) (B-/B3)
$	272,000		7.500	%(a)		03/15/25	$	272,340
	947,000		7.125	(a)		06/15/26		932,795
	753,000		7.875	(a)		04/15/27		751,117
								1,956,252
Basic Industry – 0.7%
	Methanex Corp. (Canada) (BB/Ba1)
	200,000		5.125			10/15/27		188,500
	376,000		5.250			12/15/29		345,481
	NOVA Chemicals Corp. (Canada) (BB/Ba3)
	249,000		5.000	(a)		05/01/25		238,106
	323,000		5.250	(a)		06/01/27		292,315
								1,064,402
Capital Goods – 0.7%
	ARD Finance SA(a)(b) (Luxembourg) (PIK 7.250%, Cash 6.500%) (B-/Caa3)
	200,000		6.500			06/30/27		164,250
	GFL Environmental, Inc. (Canada) (B-/B3)
	285,000		4.250	(a)		06/01/25		272,175
	666,000		4.750	(a)		06/15/29		596,902
								1,033,327
Consumer Cyclical – 1.5%
	1011778 BC ULC / New Red Finance, Inc. (Canada) (B+/B2)
	412,000		3.875	(a)		01/15/28		369,770
	262,000		4.375	(a)		01/15/28		235,800
	117,000		3.500	(a)		02/15/29		99,743
	778,000		4.000	(a)		10/15/30		646,712
	Brookfield Residential Properties, Inc. / Brookfield Residential US LLC(a) (Canada) (B+/B1)
	250,000		4.875			02/15/30		189,062
	Garda World Security Corp. (Canada) (B/B2)
	167,000		4.625	(a)		02/15/27		148,630
	135,000		9.500	(a)		11/01/27		129,938
	Mattamy Group Corp. (Canada) (BB/Ba3)
	197,000		5.250	(a)		12/15/27		176,118
	299,000		4.625	(a)		03/01/30		247,422
								2,243,195
Energy – 0.2%
	MEG Energy Corp.(a) (Canada) (BB-/B2)
	300,000		7.125			02/01/27		305,250

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, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Foreign Corporate Debt – (continued)
Mining – 1.0%
	First Quantum Minerals Ltd. (Zambia) (B+/NR)
$	200,000		6.500	(a)		03/01/24	$	198,047
	376,000		7.500	(a)		04/01/25		364,891
	410,000		6.875	(a)		03/01/26		390,270
	Hudbay Minerals, Inc.(a) (Canada) (B/B2)
	501,000		4.500			04/01/26		449,648
								1,402,856
Natural Gas – 0.2%
	Parkland Corp.(a) (Canada) (BB/Ba3)
	416,000		4.625			05/01/30		348,920
Wireless – 0.4%
	Intelsat Jackson Holdings SA(a) (Luxembourg) (B+/B3)
	594,000		6.500			03/15/30		519,008
	TOTAL FOREIGN CORPORATE DEBT
	(Cost $9,272,460)						$	8,873,210

Shares	Dividend Rate	Value
Investment Company – 1.5%(d)
Goldman Sachs Financial Square Government Fund – Institutional Shares
2,193,329	4.475%	$	2,193,329
(Cost $2,193,329)
TOTAL INVESTMENTS – 99.3%
(Cost $159,176,266)		$	147,820,626
OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.7%			1,148,005
NET ASSETS – 100.0%		$	148,968,631

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:
GMTN	—Global Medium Term Note
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, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
U.S. Treasury Inflation Indexed Bonds – 99.7%
	U.S. Treasury Inflation Indexed Bonds
$	2,103,888		0.625	%		01/15/24	$	2,083,539
	1,014,393		0.500			04/15/24		997,235
	6,760,398		0.125			10/15/24		6,579,244
	4,828,117		0.250			01/15/25		4,672,615
	8,655,720		0.375			07/15/25		8,381,048
	10,898,698		0.125			10/15/25		10,446,039
	10,705,950		0.625			01/15/26		10,335,414
	5,092,785		0.125			04/15/26		4,818,046
	6,344,398		0.375			07/15/27		6,006,276
	11,481,316		0.500			01/15/28		10,841,472
	4,625,471		0.750			07/15/28		4,425,859
	2,968,094		3.875			04/15/29		3,346,972
	5,138,969		0.250			07/15/29		4,740,345
	9,655,465		0.125			01/15/30		8,751,640
	5,506,656		0.125			07/15/30		4,974,333
	3,709,690		0.125			07/15/31		3,310,948
	4,507,605		0.125			01/15/32		3,984,605
	7,117,140		2.125			02/15/40		7,676,328
	6,181,284		0.750			02/15/42		5,294,983
	4,154,548		0.875			02/15/47		3,502,359
	3,070,307		1.000			02/15/48		2,656,786
	1,442,492		1.000			02/15/49		1,246,068
	3,619,138		0.250			02/15/50		2,548,355
	TOTAL U.S. TREASURY INFLATION INDEXED BONDS
	(Cost $140,959,922)						$	121,620,509

Shares		Dividend Rate	Value
Investment Company – 0.4%(a)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	483,302	4.475%	$	483,302
	(Cost $483,302)
	TOTAL INVESTMENTS – 100.1%
	(Cost $141,443,224)		$	122,103,811
	LIABILITIES IN EXCESS OF     ASSETS – (0.1)%			(114,560	)
	NET ASSETS – 100.0%		$	121,989,251

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, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – 86.4%
Aerospace & Defense – 1.4%
	General Dynamics Corp.
$	16,000		1.150	%		06/01/26	$	14,175
	L3Harris Technologies, Inc.
	16,000		3.850			12/15/26		15,294
	Northrop Grumman Corp.
	8,000		3.200			02/01/27		7,513
	Raytheon Technologies Corp.
	16,000		3.500			03/15/27		15,121
	Textron, Inc.
	13,000		3.650			03/15/27		12,196
								64,299
Banks – 28.0%
	American Express Co.
	29,000		3.125			05/20/26		27,236
	20,000		5.850			11/05/27		20,580
	Bank of America Corp.
	(SOFR + 0.960%)
	32,000		1.734	(a)		07/22/27		28,223
	(SOFR + 1.580%)
	32,000		4.376	(a)		04/27/28		30,579
	Bank of America Corp., MTN
	27,000		4.200			08/26/24		26,445
	41,000		4.000			01/22/25		20,467
	(SOFR + 1.010%)
	21,000		1.197	(a)		10/24/26		18,730
	(3M USD LIBOR + 1.060%)
	25,000		3.559	(a)		04/23/27		23,464
	(SOFR + 1.050%)
	51,000		2.551	(a)		02/04/28		45,654
	Bank of America Corp.(a), Series N
	(SOFR + 0.910%)
	17,000		1.658			03/11/27		15,159
	Bank of New York Mellon Corp. (The)(a), MTN
	(3M USD LIBOR + 1.069%)
	34,000		3.442			02/07/28		31,991
	Charles Schwab Corp. (The)
	13,000		3.000			03/10/25		12,444
	10,000		3.850			05/21/25		9,724
	Citigroup, Inc.
	(3M USD LIBOR + 0.897%)
	34,000		3.352	(a)		04/24/25		33,160
	(SOFR + 1.372%)
	34,000		4.140	(a)		05/24/25		33,332
	(SOFR + 0.694%)
	50,000		2.014	(a)		01/25/26		46,581
	34,000		4.450			09/29/27		32,494
	(3M USD LIBOR + 1.563%)
	24,000		3.887	(a)		01/10/28		22,569
	Comerica, Inc.
	13,000		3.800			07/22/26		12,322
	Huntington Bancshares, Inc.
	18,000		4.000			05/15/25		17,508
	JPMorgan Chase & Co.
	34,000		3.875			09/10/24		33,131
	(3M U.S. T-Bill MMY + 1.585%)
	28,000		2.005	(a)		03/13/26		26,013
Corporate Obligations – (continued)
Banks – (continued)
	JPMorgan Chase & Co. – (continued)
	(SOFR + 1.850%)
	21,000		2.083	(a)		04/22/26		19,514
	27,000		3.200			06/15/26		25,377
	30,000		2.950			10/01/26		27,928
	(SOFR + 0.800%)
	17,000		1.045	(a)		11/19/26		15,082
	(SOFR + 0.885%)
	25,000		1.578	(a)		04/22/27		22,098
	(SOFR + 1.560%)
	47,000		4.323	(a)		04/26/28		44,856
	KeyCorp, MTN
	15,000		2.250			04/06/27		13,379
	Morgan Stanley
	(SOFR + 1.990%)
	20,000		2.188	(a)		04/28/26		18,674
	(SOFR + 0.879%)
	19,000		1.593	(a)		05/04/27		16,778
	(SOFR + 1.610%)
	34,000		4.210	(a)		04/20/28		32,284
	(3M USD LIBOR + 1.340%)
	34,000		3.591	(a)		07/22/28		31,461
	Morgan Stanley, GMTN
	34,000		3.875			01/27/26		32,777
	27,000		4.350			09/08/26		25,916
	(SOFR + 0.858%)
	21,000		1.512	(a)		07/20/27		18,361
	Morgan Stanley, MTN
	31,000		3.125			07/27/26		28,848
	PNC Financial Services Group, Inc. (The)
	37,000		3.900			04/29/24		36,427
	(SOFR + 1.620%)
	20,000		5.354	(a)		12/02/28		20,078
	Santander Holdings USA, Inc.
	13,000		3.450			06/02/25		12,361
	State Street Corp.
	20,000		3.300			12/16/24		19,362
	(SOFR + 2.600%)
	13,000		2.901	(a)		03/30/26		12,400
	Synchrony Financial
	31,000		4.250			08/15/24		30,271
	Truist Financial Corp., MTN
	30,000		2.850			10/26/24		28,975
	US Bancorp(a), MTN
	(SOFR + 0.730%)
	10,000		2.215			01/27/28		8,997
	US Bancorp, Series X
	21,000		3.150			04/27/27		19,544
	Wells Fargo & Co.
	6,000		3.000			04/22/26		5,602
	(SOFR + 2.000%)
	26,000		2.188	(a)		04/30/26		24,178
	23,000		3.000			10/23/26		21,258
	Wells Fargo & Co., MTN
	(3M USD LIBOR + 0.750%)
	51,000		2.164	(a)		02/11/26		47,716

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)
Banks – (continued)
	Wells Fargo & Co., MTN – (continued)
	(3M USD LIBOR + 1.170%)
$	11,000		3.196	% (a)		06/17/27	$	10,227
	(SOFR + 1.510%)
	16,000		3.526	(a)		03/24/28		14,841
	(SOFR + 2.100%)
	15,000		2.393	(a)		06/02/28		13,248
	(SOFR + 1.980%)
	16,000		4.808	(a)		07/25/28		15,574
								1,282,198
Basic Industry – 0.5%
	Linde, Inc.
	24,000		3.200			01/30/26		23,004
Brokerage – 0.3%
	BlackRock, Inc.
	13,000		3.500			03/18/24		12,760
Building Materials – 0.3%
	Owens Corning
	16,000		4.200			12/01/24		15,659
Capital Goods – 5.0%
	3M Co., MTN
	20,000		3.000			08/07/25		18,999
	Berry Global, Inc.
	20,000		1.650			01/15/27		17,125
	Carrier Global Corp.
	12,000		2.242			02/15/25		11,260
	Caterpillar Financial Services Corp.
	17,000		0.900			03/02/26		15,076
	Caterpillar Financial Services Corp., MTN
	20,000		3.600			08/12/27		19,079
	John Deere Capital Corp., MTN
	17,000		2.350			03/08/27		15,494
	20,000		4.750			01/20/28		19,871
	Johnson Controls International PLC
	24,000		3.900			02/14/26		23,126
	Republic Services, Inc.
	7,000		2.500			08/15/24		6,724
	9,000		2.900			07/01/26		8,373
	Roper Technologies, Inc.
	16,000		1.000			09/15/25		14,413
	16,000		3.850			12/15/25		15,410
	Sonoco Products Co.
	16,000		2.250			02/01/27		14,364
	Westinghouse Air Brake Technologies Corp.
	16,000		4.400			03/15/24		15,761
	16,000		3.200			06/15/25		15,069
								230,144
Communications – 2.1%
	Charter Communications Operating LLC / Charter Communications Operating Capital
	17,000		4.908			07/23/25		16,639
	Netflix, Inc.
	16,000		5.750			03/01/24		16,060
	16,000		5.875			02/15/25		16,160
	16,000		4.375			11/15/26		15,480
Corporate Obligations – (continued)
Communications – (continued)
	TWDC Enterprises 18 Corp., MTN
	8,000		1.850			07/30/26		7,201
	Walt Disney Co. (The)
	24,000		3.350			03/24/25		23,159
								94,699
Consumer Cyclical – 7.8%
	Amazon.com, Inc.
	33,000		1.000			05/12/26		29,231
	15,000		4.550			12/01/27		14,830
	American Honda Finance Corp., MTN
	13,000		1.200			07/08/25		11,866
	13,000		1.300			09/09/26		11,410
	AutoNation, Inc.
	18,000		3.500			11/15/24		17,365
	Booking Holdings, Inc.
	13,000		3.600			06/01/26		12,407
	DR Horton, Inc.
	13,000		2.500			10/15/24		12,412
	10,000		1.300			10/15/26		8,649
	General Motors Co.
	34,000		6.800			10/01/27		35,584
	General Motors Financial Co., Inc.
	21,000		1.250			01/08/26		18,596
	Home Depot, Inc. (The)
	21,000		2.800			09/14/27		19,335
	Las Vegas Sands Corp.
	16,000		3.200			08/08/24		15,399
	10,000		3.500			08/18/26		9,108
	Lennar Corp.
	12,000		4.750			05/30/25		11,755
	Marriott International, Inc., Series EE
	8,000		5.750			05/01/25		8,074
	Ross Stores, Inc.
	13,000		4.600			04/15/25		12,801
	Starbucks Corp.
	16,000		2.000			03/12/27		14,240
	Toll Brothers Finance Corp.
	16,000		4.875			11/15/25		15,780
	Toyota Motor Credit Corp., MTN
	16,000		0.800			01/09/26		14,267
	30,000		3.050			03/22/27		27,961
	Visa, Inc.
	16,000		1.900			04/15/27		14,383
	Walmart, Inc.
	24,000		1.050			09/17/26		21,083
								356,536
Consumer Noncyclical – 4.2%
	AbbVie, Inc.
	25,000		2.600			11/21/24		23,875
	31,000		3.600			05/14/25		29,855
	Becton Dickinson and Co.
	18,000		3.734			12/15/24		17,516
	Equifax, Inc.
	19,000		2.600			12/01/24		18,074

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, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Consumer Noncyclical – (continued)
	Gilead Sciences, Inc.
$	20,000		1.200	%		10/01/27	$	16,916
	Merck & Co., Inc.
	16,000		0.750			02/24/26		14,163
	Philip Morris International, Inc.
	22,000		2.875			05/01/24		21,370
	Utah Acquisition Sub, Inc.
	13,000		3.950			06/15/26		12,162
	Walgreens Boots Alliance, Inc.
	37,000		3.800			11/18/24		36,008
								189,939
Consumer Products – 0.2%
	Procter & Gamble Co. (The)
	8,000		1.900			02/01/27		7,282
Electric – 5.7%
	AEP Transmission Co. LLC
	17,000		3.100			12/01/26		15,745
	AES Corp. (The)
	17,000		1.375			01/15/26		15,071
	CenterPoint Energy, Inc.
	17,000		1.450			06/01/26		15,070
	CMS Energy Corp.
	17,000		3.000			05/15/26		15,856
	Dominion Energy, Inc., Series A
	17,000		1.450			04/15/26		15,087
	DTE Energy Co., Series F
	24,000		1.050			06/01/25		21,718
	Duke Energy Corp.
	16,000		2.650			09/01/26		14,642
	Exelon Corp.
	11,000		3.400			04/15/26		10,359
	NextEra Energy Capital Holdings, Inc.
	13,000		1.875			01/15/27		11,447
	27,000		3.550			05/01/27		25,277
	Pacific Gas and Electric Co.
	7,000		3.450			07/01/25		6,614
	8,000		3.300			03/15/27		7,289
	Sempra Energy
	34,000		3.250			06/15/27		31,250
	Southern California Edison Co.
	15,000		5.850			11/01/27		15,358
	Southern Co. (The)
	16,000		3.250			07/01/26		15,047
	Southern Co. Gas Capital Corp.
	16,000		3.875			11/15/25		15,377
	Southwestern Electric Power Co., Series N
	13,000		1.650			03/15/26		11,613
								262,820
Energy – 7.3%
	Baker Hughes Holdings LLC / Baker Hughes Co.-Obligor, Inc.
	15,000		3.337			12/15/27		13,852
	Chevron Corp.
	25,000		3.326			11/17/25		24,176
Corporate Obligations – (continued)
Energy – (continued)
	Enterprise Products Operating LLC
	16,000		3.750			02/15/25		15,525
	Exxon Mobil Corp.
	10,000		3.176			03/15/24		9,800
	24,000		3.043			03/01/26		22,740
	13,000		2.275			08/16/26		11,954
	Kinder Morgan, Inc.
	16,000		4.300			06/01/25		15,637
	Magellan Midstream Partners LP
	24,000		5.000			03/01/26		23,617
	Marathon Petroleum Corp.
	11,000		4.700			05/01/25		10,838
	MPLX LP
	24,000		4.875			12/01/24		23,690
	12,000		1.750			03/01/26		10,750
	National Fuel Gas Co.
	16,000		5.500			01/15/26		15,824
	Plains All American Pipeline LP / PAA Finance Corp.
	16,000		4.650			10/15/25		15,637
	Sabine Pass Liquefaction LLC
	10,000		5.625			03/01/25		9,976
	31,000		5.000			03/15/27		30,264
	Spectra Energy Partners LP
	17,000		4.750			03/15/24		16,881
	Western Midstream Operating LP
	16,000		3.350			02/01/25		15,240
	16,000		3.950			06/01/25		15,320
	Williams Cos., Inc. (The)
	34,000		4.000			09/15/25		32,721
								334,442
Financial Company – 3.0%
	Air Lease Corp.
	37,000		3.625			04/01/27		34,106
	Ally Financial, Inc.
	15,000		7.100			11/15/27		15,605
	Ares Capital Corp.
	17,000		2.875			06/15/27		14,779
	Bain Capital Specialty Finance, Inc.
	20,000		2.550			10/13/26		17,326
	FS KKR Capital Corp.
	13,000		4.625			07/15/24		12,706
	16,000		3.250			07/15/27		13,696
	GATX Corp.
	16,000		3.250			09/15/26		14,874
	Sixth Street Specialty Lending, Inc.
	16,000		3.875			11/01/24		15,433
								138,525
Food and Beverage – 1.1%
	McCormick & Co., Inc.
	16,000		0.900			02/15/26		14,089
	PepsiCo, Inc.
	26,000		2.250			03/19/25		24,642
	11,000		2.850			02/24/26		10,400
								49,131

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)
Hardware – 0.3%
	Micron Technology, Inc.
$	16,000		4.185	%		02/15/27	$	15,140
Healthcare – 3.5%
	CVS Health Corp.
	25,000		2.625			08/15/24		24,101
	13,000		3.000			08/15/26		12,079
	Evernorth Health, Inc.
	33,000		3.500			06/15/24		32,226
	HCA, Inc.
	24,000		5.000			03/15/24		23,865
	10,000		5.375			02/01/25		9,913
	16,000		4.500			02/15/27		15,330
	McKesson Corp.
	10,000		3.796			03/15/24		9,847
	Quest Diagnostics, Inc.
	16,000		3.450			06/01/26		15,123
	UnitedHealth Group, Inc.
	16,000		3.375			04/15/27		15,152
								157,636
Insurance – 0.3%
	CNA Financial Corp.
	13,000		3.950			05/15/24		12,763
Pharmaceuticals – 0.3%
	Viatris, Inc.
	16,000		2.300			06/22/27		13,838
REITs and Real Estate – 3.5%
	Boston Properties LP
	20,000		3.200			01/15/25		19,101
	Brixmor Operating Partnership LP
	20,000		3.900			03/15/27		18,558
	Equinix, Inc.
	23,000		1.800			07/15/27		19,744
	ERP Operating LP
	16,000		3.375			06/01/25		15,301
	GLP Capital LP / GLP Financing II, Inc.
	9,000		5.375			04/15/26		8,823
	Healthpeak Properties Interim, Inc.
	16,000		3.250			07/15/26		15,007
	Public Storage
	13,000		1.500			11/09/26		11,407
	Simon Property Group LP
	16,000		3.500			09/01/25		15,250
	16,000		3.300			01/15/26		15,191
	Spirit Realty LP
	7,000		3.200			01/15/27		6,302
	Welltower OP LLC
	16,000		4.000			06/01/25		15,453
								160,137
Technology – 6.5%
	Alphabet, Inc.
	16,000		1.998			08/15/26		14,620
	Apple, Inc.
	20,000		1.800			09/11/24		19,047
	25,000		2.450			08/04/26		23,159
Corporate Obligations – (continued)
Technology – (continued)
	Apple, Inc. – (continued)
	17,000		2.050			09/11/26		15,479
	32,000		3.350			02/09/27		30,511
	Broadcom Corp. / Broadcom Cayman Finance Ltd.
	17,000		3.875			01/15/27		16,046
	Fiserv, Inc.
	12,000		3.850			06/01/25		11,581
	24,000		3.200			07/01/26		22,411
	Genpact Luxembourg Sarl
	16,000		3.375			12/01/24		15,240
	Hewlett Packard Enterprise Co.
	15,000		4.900			10/15/25		14,890
	Intuit, Inc.
	16,000		1.350			07/15/27		13,822
	Microchip Technology, Inc.
	16,000		4.250			09/01/25		15,473
	Microsoft Corp.
	31,000		3.300			02/06/27		29,610
	Motorola Solutions, Inc.
	13,000		7.500			05/15/25		13,478
	NetApp, Inc.
	13,000		3.300			09/29/24		12,578
	QUALCOMM, Inc.
	25,000		2.900			05/20/24		24,319
	7,000		3.450			05/20/25		6,759
								299,023
Transportation – 2.9%
	CSX Corp.
	17,000		3.250			06/01/27		15,846
	Delta Air Lines, Inc.
	20,000		2.900			10/28/24		19,000
	Ryder System, Inc., MTN
	5,000		1.750			09/01/26		4,431
	8,000		2.900			12/01/26		7,302
	Southwest Airlines Co.
	16,000		5.250			05/04/25		15,900
	Union Pacific Corp.
	17,000		3.250			08/15/25		16,257
	United Airlines Pass Through Trust, Series A
	21,829		4.150			04/11/24		21,400
	United Airlines Pass Through Trust, Class A, Series 20-1
	15,845		5.875			10/15/27		15,726
	United Airlines Pass-Through Trust, Series A
	16,189		4.300			08/15/25		15,545
								131,407
Wireless – 2.2%
	American Tower Corp.
	13,000		3.375			10/15/26		12,081
	AT&T, Inc.
	7,000		0.900			03/25/24		6,674
	21,000		1.700			03/25/26		18,901
	Crown Castle, Inc.
	33,000		3.200			09/01/24		31,860
	Sprint LLC
	16,000		7.625			03/01/26		16,602

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, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Wireless – (continued)
	T-Mobile USA, Inc.
$	16,000		3.750	%		04/15/27	$	15,050
								101,168
	TOTAL CORPORATE OBLIGATIONS
	(Cost $4,199,602)						$	3,952,550
Foreign Corporate Debt – 11.7%
Banks – 6.7%
	Bank of Montreal, MTN (Canada)
$	30,000		2.650	%		03/08/27	$	27,308
	Bank of Nova Scotia (The) (Canada)
	17,000		1.050			03/02/26		14,985
	17,000		2.700			08/03/26		15,612
	21,000		1.300			09/15/26		18,270
	Canadian Imperial Bank of Commerce (Canada)
	17,000		1.250			06/22/26		14,913
	Mitsubishi UFJ Financial Group, Inc. (Japan)
	20,000		3.287			07/25/27		18,436
	Royal Bank of Canada (Canada)
	21,000		3.625			05/04/27		19,798
	Royal Bank of Canada, GMTN (Canada)
	20,000		4.240			08/03/27		19,206
	Royal Bank of Canada, MTN (Canada)
	23,000		1.150			06/10/25		21,006
	Sumitomo Mitsui Financial Group, Inc. (Japan)
	51,000		3.364			07/12/27		47,353
	Toronto-Dominion Bank (The), MTN (Canada)
	34,000		0.750			01/06/26		29,954
	16,000		1.250			09/10/26		13,918
	Toronto-Dominion Bank (The), GMTN (Canada)
	28,000		3.250			03/11/24		27,397
	Westpac Banking Corp. (Australia)
	23,000		1.150			06/03/26		20,275
								308,431
Brokerage – 0.2%
	Brookfield Finance, Inc. (Canada)
	9,000		4.000			04/01/24		8,857
Consumer Cyclical – 0.6%
	Toyota Motor Corp. (Japan)
	28,000		1.339			03/25/26		25,134
Consumer Noncyclical – 1.7%
	BAT Capital Corp. (United Kingdom)
	20,000		2.789			09/06/24		19,208
	BAT International Finance PLC (United Kingdom)
	17,000		1.668			03/25/26		15,097
	Bayer US Finance II LLC(b) (Germany)
	18,000		3.375			07/15/24		17,476
	GlaxoSmithKline Capital PLC (United Kingdom)
	28,000		3.000			06/01/24		27,231
								79,012
Foreign Corporate Debt – (continued)
Energy – 0.9%
	BP Capital Markets PLC (United Kingdom)
	21,000		3.279			09/19/27		19,551
	Enbridge, Inc. (Canada)
	7,000		3.500			06/10/24		6,822
	Shell International Finance BV (Netherlands)
	16,000		3.250			05/11/25		15,391
								41,764
Oil Company-Integrated – 0.7%
	Ecopetrol SA (Colombia)
	31,000		4.125			01/16/25		29,915
Technology – 0.2%
	NXP BV / NXP Funding LLC (China)
	10,000		4.875			03/01/24		9,929
Wireless – 0.7%
	Rogers Communications, Inc.(b) (Canada)
	34,000		3.200			03/15/27		31,262
	TOTAL FOREIGN CORPORATE DEBT
	(Cost $566,208)						$	534,304
	TOTAL INVESTMENTS – 98.1%
	(Cost $4,765,810)						$	4,486,854
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.9%							87,026
	NET ASSETS – 100.0%						$	4,573,880

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, 2023.
(b)	Exempt from registration under Rule 144A of the Securities Act of 1933.

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

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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Schedule of Investments

February 28, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – 78.5%
Aerospace & Defense – 1.9%
	Boeing Co. (The)
$	300,000		2.196	%		02/04/26	$	272,574
	290,000		2.700			02/01/27		263,026
	290,000		2.950			02/01/30		246,354
	500,000		5.150			05/01/30		482,176
	500,000		3.600			05/01/34		403,860
	300,000		3.250			02/01/35		233,197
	300,000		5.705			05/01/40		286,872
	300,000		3.750			02/01/50		212,353
	500,000		5.930			05/01/60		465,253
	General Dynamics Corp.
	50,000		3.250			04/01/25		48,196
	300,000		3.500			04/01/27		284,733
	384,000		4.250			04/01/50		345,025
	Lockheed Martin Corp.
	781,000		4.070			12/15/42		683,632
	380,000		3.800			03/01/45		313,627
	100,000		4.700			05/15/46		94,138
	168,000		4.090			09/15/52		144,322
	100,000		4.150			06/15/53		86,347
	620,000		5.900			11/15/63		684,823
	Northrop Grumman Corp.
	476,000		2.930			01/15/25		456,120
	290,000		3.200			02/01/27		272,344
	738,000		3.250			01/15/28		681,764
	400,000		4.400			05/01/30		382,583
	406,000		4.030			10/15/47		335,481
	267,000		5.250			05/01/50		264,032
	Raytheon Technologies Corp.
	275,000		3.200			03/15/24		269,425
	1,080,000		3.950			08/16/25		1,049,545
	100,000		3.125			05/04/27		93,368
	300,000		4.125			11/16/28		286,159
	243,000		4.450			11/16/38		220,696
	500,000		4.500			06/01/42		450,158
	100,000		4.150			05/15/45		83,684
	208,000		3.750			11/01/46		164,308
	304,000		4.350			04/15/47		265,757
	292,000		4.625			11/16/48		265,401
	406,000		3.125			07/01/50		286,854
	260,000		2.820			09/01/51		172,276
								11,550,463
Agriculture – 0.1%
	Archer-Daniels-Midland Co.
	162,000		3.250			03/27/30		145,842
	500,000		2.900			03/01/32		430,216
								576,058
Banks – 19.8%
	American Express Co.
	240,000		3.400			02/22/24		235,194
	250,000		2.500			07/30/24		240,621
	2,912,000		3.000			10/30/24		2,801,794
	649,000		4.200			11/06/25		634,859
	470,000		3.125			05/20/26		441,413
	250,000		1.650			11/04/26		221,141
Corporate Obligations – (continued)
Banks – (continued)
	American Express Co. – (continued)
	(SOFR + 2.255%)
	192,000		4.989	%(a)		05/26/33		184,742
	Bank of America Corp.
	(SOFR + 0.690%)
	220,000		0.976	(a)		04/22/25		207,556
	(3M USD LIBOR + 0.810%)
	584,000		3.366	(a)		01/23/26		559,596
	(SOFR + 0.960%)
	774,000		1.734	(a)		07/22/27		682,653
	(3M USD LIBOR + 1.512%)
	548,000		3.705	(a)		04/24/28		510,349
	(SOFR + 1.990%)
	800,000		6.204	(a)		11/10/28		825,105
	(3M USD LIBOR + 1.040%)
	1,148,000		3.419	(a)		12/20/28		1,046,012
	(SOFR + 2.150%)
	759,000		2.592	(a)		04/29/31		625,547
	(SOFR + 1.320%)
	1,130,000		2.687	(a)		04/22/32		917,061
	(SOFR + 1.220%)
	740,000		2.299	(a)		07/21/32		580,375
	(SOFR + 1.210%)
	700,000		2.572	(a)		10/20/32		559,048
	(US 5 Year CMT T-Note + 1.200%)
	406,000		2.482	(a)		09/21/36		304,747
	860,000		6.110			01/29/37		888,267
	(3M USD LIBOR + 1.814%)
	475,000		4.244	(a)		04/24/38		414,023
	370,000		7.750			05/14/38		439,263
	(SOFR + 1.580%)
	519,000		3.311	(a)		04/22/42		389,823
	(SOFR + 1.560%)
	517,000		2.972	(a)		07/21/52		339,817
	Bank of America Corp., GMTN
	220,000		3.500			04/19/26		209,447
	(3M USD LIBOR + 1.370%)
	588,000		3.593	(a)		07/21/28		542,201
	Bank of America Corp., Series L
	110,000		3.950			04/21/25		106,679
	658,000		4.183			11/25/27		628,271
	Bank of America Corp., MTN
	380,000		4.000			04/01/24		374,442
	836,000		4.200			08/26/24		818,807
	340,000		4.000			01/22/25		331,368
	(3M USD LIBOR + 0.970%)
	420,000		3.458	(a)		03/15/25		410,365
	215,000		3.875			08/01/25		208,650
	(3M USD LIBOR + 1.090%)
	820,000		3.093	(a)		10/01/25		788,118
	(3M USD LIBOR + 0.870%)
	1,000,000		2.456	(a)		10/22/25		949,738
	(3M USD LIBOR + 0.640%)
	700,000		2.015	(a)		02/13/26		652,756
	180,000		4.450			03/03/26		175,125
	(SOFR + 1.150%)
	1,718,000		1.319	(a)		06/19/26		1,559,861
	686,000		4.250			10/22/26		660,556

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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Schedule of Investments (continued)

February 28, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Banks – (continued)
	Bank of America Corp., MTN – (continued)
	(3M USD LIBOR + 1.060%)
$	790,000		3.559	%(a)		04/23/27	$	741,481
	760,000		3.248			10/21/27		700,162
	(3M USD LIBOR + 1.575%)
	712,000		3.824	(a)		01/20/28		669,219
	(3M USD LIBOR + 1.070%)
	150,000		3.970	(a)		03/05/29		139,580
	(3M USD LIBOR + 1.310%)
	710,000		4.271	(a)		07/23/29		667,977
	(3M USD LIBOR + 1.210%)
	504,000		3.974	(a)		02/07/30		462,390
	(3M USD LIBOR + 1.180%)
	200,000		3.194	(a)		07/23/30		174,115
	(3M USD LIBOR + 1.190%)
	281,000		2.884	(a)		10/22/30		237,797
	(3M USD LIBOR + 0.990%)
	345,000		2.496	(a)		02/13/31		284,777
	(SOFR + 1.530%)
	830,000		1.898	(a)		07/23/31		648,754
	(SOFR + 1.370%)
	500,000		1.922	(a)		10/24/31		388,631
	(3M USD LIBOR + 1.320%)
	296,000		4.078	(a)		04/23/40		249,901
	(SOFR + 1.930%)
	800,000		2.676	(a)		06/19/41		552,668
	248,000		5.875			02/07/42		259,796
	334,000		5.000			01/21/44		318,178
	(3M USD LIBOR + 1.990%)
	354,000		4.443	(a)		01/20/48		307,196
	(3M USD LIBOR + 1.520%)
	540,000		4.330	(a)		03/15/50		457,777
	(3M USD LIBOR + 3.150%)
	910,000		4.083	(a)		03/20/51		738,318
	Bank of America Corp.(a), Series N
	(SOFR + 1.220%)
	500,000		2.651			03/11/32		406,141
	Bank of New York Mellon Corp. (The), MTN
	100,000		2.100			10/24/24		95,203
	50,000		2.800			05/04/26		46,680
	290,000		3.250			05/16/27		271,946
	636,000		3.400			01/29/28		589,471
	(3M USD LIBOR + 1.069%)
	998,000		3.442	(a)		02/07/28		939,032
	400,000		3.850			04/28/28		380,145
	144,000		3.300			08/23/29		128,623
	Capital One Financial Corp.
	(SOFR + 1.290%)
	300,000		2.636	(a)		03/03/26		281,872
	490,000		3.800			01/31/28		453,328
	Charles Schwab Corp. (The)
	244,000		0.750			03/18/24		232,847
	500,000		2.300			05/13/31		414,418
	300,000		1.950			12/01/31		234,792
	Citigroup, Inc.
	250,000		4.000			08/05/24		245,831
	500,000		3.875			03/26/25		484,361
Corporate Obligations – (continued)
Banks – (continued)
	Citigroup, Inc. – (continued)
	(3M USD LIBOR + 0.897%)
	500,000		3.352	%(a)		04/24/25		487,650
	(SOFR + 0.669%)
	100,000		0.981	(a)		05/01/25		94,308
	100,000		3.700			01/12/26		95,934
	(SOFR + 0.694%)
	1,018,000		2.014	(a)		01/25/26		948,392
	(SOFR + 2.842%)
	640,000		3.106	(a)		04/08/26		608,270
	(SOFR + 0.765%)
	1,977,000		1.122	(a)		01/28/27		1,752,154
	(SOFR + 0.770%)
	275,000		1.462	(a)		06/09/27		240,710
	700,000		4.450			09/29/27		668,984
	(3M USD LIBOR + 1.563%)
	100,000		3.887	(a)		01/10/28		94,038
	(SOFR + 1.280%)
	1,650,000		3.070	(a)		02/24/28		1,499,761
	(SOFR + 1.887%)
	300,000		4.658	(a)		05/24/28		290,058
	(3M USD LIBOR + 1.390%)
	700,000		3.668	(a)		07/24/28		650,657
	(3M USD LIBOR + 1.151%)
	500,000		3.520	(a)		10/27/28		458,204
	(3M USD LIBOR + 1.338%)
	200,000		3.980	(a)		03/20/30		182,763
	(SOFR + 1.422%)
	800,000		2.976	(a)		11/05/30		682,914
	(SOFR + 2.107%)
	1,000,000		2.572	(a)		06/03/31		822,728
	(SOFR + 1.167%)
	800,000		2.561	(a)		05/01/32		644,116
	800,000		6.625			06/15/32		845,312
	(SOFR + 1.939%)
	600,000		3.785	(a)		03/17/33		524,484
	(SOFR + 2.086%)
	500,000		4.910	(a)		05/24/33		477,023
	(SOFR + 2.338%)
	1,000,000		6.270	(a)		11/17/33		1,052,392
	(3M USD LIBOR + 1.168%)
	300,000		3.878	(a)		01/24/39		247,266
	500,000		4.750			05/18/46		432,049
	Fifth Third Bancorp
	572,000		2.550			05/05/27		517,839
	190,000		8.250			03/01/38		235,222
	Fifth Third Bank NA
	560,000		3.850			03/15/26		530,677
	Huntington Bancshares, Inc.
	870,000		2.625			08/06/24		837,153
	328,000		2.550			02/04/30		274,495
	JPMorgan Chase & Co.
	150,000		3.875			02/01/24		147,672
	150,000		3.625			05/13/24		147,160
	325,000		3.875			09/10/24		316,690
	240,000		3.125			01/23/25		230,841

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)
	JPMorgan Chase & Co. – (continued)
	(3M USD LIBOR + 1.155%)
$	204,000		3.220	%(a)		03/01/25	$	199,188
	(3M U.S. T-Bill MMY + 0.580%)
	250,000		0.969	(a)		06/23/25		234,207
	378,000		3.900			07/15/25		367,368
	(SOFR + 1.160%)
	630,000		2.301	(a)		10/15/25		595,657
	(SOFR + 0.915%)
	250,000		2.595	(a)		02/24/26		235,918
	(3M U.S. T-Bill MMY + 1.585%)
	170,000		2.005	(a)		03/13/26		157,937
	760,000		3.300			04/01/26		719,014
	(SOFR + 1.850%)
	840,000		2.083	(a)		04/22/26		780,547
	720,000		3.200			06/15/26		676,713
	290,000		4.125			12/15/26		279,682
	(3M USD LIBOR + 1.245%)
	300,000		3.960	(a)		01/29/27		286,837
	(SOFR + 0.885%)
	600,000		1.578	(a)		04/22/27		530,361
	293,000		4.250			10/01/27		282,139
	184,000		3.625			12/01/27		171,564
	(3M USD LIBOR + 1.337%)
	213,000		3.782	(a)		02/01/28		200,496
	(3M USD LIBOR + 1.380%)
	1,064,000		3.540	(a)		05/01/28		984,477
	(SOFR + 1.890%)
	1,050,000		2.182	(a)		06/01/28		918,347
	(3M USD LIBOR + 0.945%)
	1,492,000		3.509	(a)		01/23/29		1,364,947
	(3M USD LIBOR + 1.120%)
	518,000		4.005	(a)		04/23/29		481,855
	(3M USD LIBOR + 1.330%)
	450,000		4.452	(a)		12/05/29		427,080
	(3M USD LIBOR + 1.160%)
	114,000		3.702	(a)		05/06/30		103,129
	(SOFR + 1.510%)
	692,000		2.739	(a)		10/15/30		583,077
	(3M U.S. T-Bill MMY + 3.790%)
	400,000		4.493	(a)		03/24/31		377,782
	(SOFR + 2.040%)
	1,130,000		2.522	(a)		04/22/31		937,021
	(SOFR + 2.515%)
	422,000		2.956	(a)		05/13/31		354,984
	(3M U.S. T-Bill MMY + 1.105%)
	80,000		1.764	(a)		11/19/31		61,653
	(SOFR + 1.065%)
	752,000		1.953	(a)		02/04/32		584,189
	(SOFR + 1.250%)
	1,104,000		2.580	(a)		04/22/32		898,466
	(SOFR + 1.180%)
	1,067,000		2.545	(a)		11/08/32		855,202
	(SOFR + 1.260%)
	600,000		2.963	(a)		01/25/33		496,665
	582,000		6.400			05/15/38		638,132
Corporate Obligations – (continued)
Banks – (continued)
	JPMorgan Chase & Co. – (continued)
	(3M USD LIBOR + 1.360%)
	485,000		3.882	%(a)		07/24/38		404,519
	147,000		5.500			10/15/40		148,929
	(SOFR + 2.460%)
	80,000		3.109	(a)		04/22/41		59,153
	126,000		5.600			07/15/41		128,794
	370,000		5.400			01/06/42		367,961
	(SOFR + 1.460%)
	100,000		3.157	(a)		04/22/42		73,913
	10,000		5.625			08/16/43		9,984
	480,000		4.850			02/01/44		450,026
	680,000		4.950			06/01/45		628,396
	(3M USD LIBOR + 1.580%)
	534,000		4.260	(a)		02/22/48		456,363
	(3M USD LIBOR + 1.460%)
	304,000		4.032	(a)		07/24/48		249,190
	(3M USD LIBOR + 1.380%)
	706,000		3.964	(a)		11/15/48		573,258
	(3M USD LIBOR + 1.220%)
	140,000		3.897	(a)		01/23/49		111,800
	(SOFR + 2.440%)
	368,000		3.109	(a)		04/22/51		251,881
	(SOFR + 1.580%)
	570,000		3.328	(a)		04/22/52		405,498
	KeyBank NA
	300,000		4.900			08/08/32		282,418
	KeyCorp, MTN
	530,000		2.250			04/06/27		472,740
	516,000		4.100			04/30/28		490,673
	274,000		2.550			10/01/29		232,282
	Morgan Stanley
	(SOFR + 0.525%)
	150,000		0.790	(a)		05/30/25		140,244
	640,000		5.000			11/24/25		632,942
	(SOFR + 0.720%)
	500,000		0.985	(a)		12/10/26		439,558
	328,000		3.625			01/20/27		309,879
	862,000		3.950			04/23/27		815,169
	(SOFR + 1.000%)
	1,500,000		2.475	(a)		01/21/28		1,337,223
	(3M USD LIBOR + 1.340%)
	85,000		3.591	(a)		07/22/28		78,652
	(SOFR + 2.240%)
	300,000		6.296	(a)		10/18/28		308,665
	120,000		7.250			04/01/32		136,256
	(US 5 Year CMT T-Note + 2.430%)
	200,000		5.948	(a)		01/19/38		195,648
	(3M USD LIBOR + 1.455%)
	68,000		3.971	(a)		07/22/38		57,541
	(SOFR + 1.485%)
	290,000		3.217	(a)		04/22/42		217,190
	758,000		6.375			07/24/42		837,690
	528,000		4.300			01/27/45		455,726
	690,000		4.375			01/22/47		605,643
	Morgan Stanley, Series F
	885,000		3.875			04/29/24		869,786

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, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Banks – (continued)
	Morgan Stanley, GMTN
$	125,000		3.700	%		10/23/24	$	121,823
	427,000		4.000			07/23/25		417,020
	610,000		3.875			01/27/26		588,064
	854,000		4.350			09/08/26		819,697
	(3M USD LIBOR + 1.628%)
	960,000		4.431	(a)		01/23/30		904,513
	(SOFR + 1.143%)
	1,613,000		2.699	(a)		01/22/31		1,350,976
	(SOFR + 1.178%)
	350,000		2.239	(a)		07/21/32		272,814
	(SOFR + 4.840%)
	629,000		5.597	(a)		03/24/51		653,551
	Morgan Stanley(a), Series I
	(SOFR + 0.745%)
	770,000		0.864			10/21/25		710,872
	Morgan Stanley, MTN
	(SOFR + 1.152%)
	850,000		2.720	(a)		07/22/25		815,760
	(SOFR + 0.560%)
	576,000		1.164	(a)		10/21/25		534,138
	(SOFR + 0.940%)
	200,000		2.630	(a)		02/18/26		188,772
	950,000		3.125			07/27/26		884,066
	(SOFR + 3.120%)
	380,000		3.622	(a)		04/01/31		336,771
	(SOFR + 1.034%)
	841,000		1.794	(a)		02/13/32		640,814
	(SOFR + 1.020%)
	425,000		1.928	(a)		04/28/32		326,119
	(SOFR + 1.200%)
	1,000,000		2.511	(a)		10/20/32		795,098
	(SOFR + 1.430%)
	500,000		2.802	(a)		01/25/52		323,013
	Northern Trust Corp.
	300,000		6.125			11/02/32		317,138
	PNC Bank NA
	1,150,000		3.100			10/25/27		1,071,282
	260,000		2.700			10/22/29		221,498
	PNC Financial Services Group, Inc. (The)
	600,000		3.900			04/29/24		590,707
	568,000		2.600			07/23/26		524,013
	290,000		3.150			05/19/27		270,780
	(SOFR + 1.620%)
	300,000		5.354	(a)		12/02/28		301,175
	100,000		3.450			04/23/29		91,916
	410,000		2.550			01/22/30		348,873
	(SOFR + 0.979%)
	500,000		2.307	(a)		04/23/32		407,653
	Santander Holdings USA, Inc.
	1,310,000		3.500			06/07/24		1,273,814
	500,000		3.450			06/02/25		475,408
	(SOFR + 1.249%)
	504,000		2.490	(a)		01/06/28		438,514
	State Street Corp.
	40,000		3.550			08/18/25		38,558
	160,000		2.650			05/19/26		149,636
	100,000		2.200			03/03/31		80,356
Corporate Obligations – (continued)
Banks – (continued)
	Synchrony Financial
$	770,000		4.250	%		08/15/24	$	751,901
	392,000		4.500			07/23/25		377,728
	724,000		3.950			12/01/27		657,257
	Truist Bank
	594,000		3.200			04/01/24		580,695
	500,000		1.500			03/10/25		464,660
	550,000		2.250			03/11/30		453,786
	Truist Financial Corp., MTN
	250,000		2.500			08/01/24		239,811
	605,000		2.850			10/26/24		584,330
	280,000		3.700			06/05/25		271,005
	150,000		1.200			08/05/25		136,340
	(SOFR + 0.609%)
	550,000		1.267	(a)		03/02/27		489,201
	750,000		1.950			06/05/30		605,844
	US Bancorp
	80,000		2.400			07/30/24		76,868
	250,000		1.450			05/12/25		230,461
	(US 5 Year CMT T-Note + 0.950%)
	300,000		2.491	(a)		11/03/36		231,586
	US Bancorp, MTN
	290,000		3.600			09/11/24		283,454
	325,000		3.100			04/27/26		305,340
	(SOFR + 0.730%)
	300,000		2.215	(a)		01/27/28		269,894
	755,000		3.900			04/26/28		720,571
	387,000		3.000			07/30/29		340,865
	300,000		1.375			07/22/30		232,378
	US Bancorp, Series V
	100,000		2.375			07/22/26		91,598
	US Bancorp, Series X
	535,000		3.150			04/27/27		497,909
	US Bank NA
	550,000		2.050			01/21/25		518,485
	Wells Fargo & Co.
	926,000		3.000			04/22/26		864,681
	(SOFR + 2.000%)
	600,000		2.188	(a)		04/30/26		557,946
	1,234,000		3.000			10/23/26		1,140,535
	(SOFR + 2.530%)
	1,119,000		3.068	(a)		04/30/41		814,373
	550,000		5.375			11/02/43		520,675
	492,000		3.900			05/01/45		391,042
	Wells Fargo & Co., GMTN
	250,000		4.300			07/22/27		241,449
	404,000		4.900			11/17/45		358,188
	Wells Fargo & Co., MTN
	50,000		3.300			09/09/24		48,585
	460,000		3.000			02/19/25		440,561
	272,000		3.550			09/29/25		259,964
	(SOFR + 1.087%)
	500,000		2.406	(a)		10/30/25		474,740
	(3M USD LIBOR + 0.750%)
	530,000		2.164	(a)		02/11/26		495,872
	(SOFR + 1.320%)
	150,000		3.908	(a)		04/25/26		144,507
	250,000		4.100			06/03/26		239,771

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)
	Wells Fargo & Co., MTN – (continued)
	(SOFR + 1.560%)
$	200,000		4.540	%(a)		08/15/26	$	195,498
	(3M USD LIBOR + 1.170%)
	320,000		3.196	(a)		06/17/27		297,520
	(3M USD LIBOR + 1.310%)
	168,000		3.584	(a)		05/22/28		155,477
	(SOFR + 2.100%)
	955,000		2.393	(a)		06/02/28		843,480
	775,000		4.150			01/24/29		725,279
	(3M U.S. T-Bill MMY + 1.432%)
	1,296,000		2.879	(a)		10/30/30		1,106,003
	(SOFR + 1.262%)
	600,000		2.572	(a)		02/11/31		500,383
	(SOFR + 4.032%)
	200,000		4.478	(a)		04/04/31		188,368
	(SOFR + 1.500%)
	750,000		3.350	(a)		03/02/33		634,499
	(SOFR + 2.100%)
	100,000		4.897	(a)		07/25/33		95,691
	293,000		4.400			06/14/46		239,864
	400,000		4.750			12/07/46		344,147
	(SOFR + 4.502%)
	1,192,000		5.013	(a)		04/04/51		1,099,709
	Wells Fargo Bank NA
	400,000		6.600			01/15/38		436,968
								122,279,881
Basic Industry – 0.8%
	Air Products and Chemicals, Inc.
	300,000		2.700			05/15/40		221,275
	Celanese US Holdings LLC
	390,000		5.900			07/05/24		389,817
	CF Industries, Inc.
	220,000		4.950			06/01/43		184,800
	375,000		5.375			03/15/44		330,985
	Dow Chemical Co. (The)
	440,000		7.375			11/01/29		489,130
	200,000		4.375			11/15/42		168,795
	450,000		5.550			11/30/48		429,858
	200,000		3.600			11/15/50		144,361
	DuPont de Nemours, Inc.
	500,000		4.493			11/15/25		492,171
	400,000		5.319			11/15/38		389,275
	LYB International Finance BV
	753,000		4.875			03/15/44		637,808
	LYB International Finance III LLC
	240,000		4.200			10/15/49		181,032
	350,000		4.200			05/01/50		265,189
	200,000		3.625			04/01/51		137,779
	LyondellBasell Industries NV
	200,000		4.625			02/26/55		159,593
	Sherwin-Williams Co. (The)
	288,000		3.450			06/01/27		270,215
	300,000		4.500			06/01/47		251,007
								5,143,090
Corporate Obligations – (continued)
Broadcasting – 0.1%
	Fox Corp.
	690,000		4.709			01/25/29		657,859
	280,000		5.476			01/25/39		258,330
								916,189
Brokerage – 0.5%
	BlackRock, Inc.
	70,000		3.500			03/18/24		68,710
	200,000		2.400			04/30/30		169,957
	200,000		1.900			01/28/31		161,960
	150,000		2.100			02/25/32		120,045
	CME Group, Inc.
	100,000		5.300			09/15/43		102,311
	Intercontinental Exchange, Inc.
	500,000		2.100			06/15/30		406,812
	830,000		1.850			09/15/32		622,429
	360,000		4.600			03/15/33		343,841
	566,000		3.000			06/15/50		386,466
	392,000		4.950			06/15/52		371,908
	416,000		3.000			09/15/60		264,034
	Jefferies Financial Group, Inc.
	125,000		4.150			01/23/30		113,298
								3,131,771
Building Materials – 0.0%
	Stanley Black & Decker, Inc.
	100,000		2.750			11/15/50		60,291
Capital Goods – 1.5%
	3M Co.
	500,000		2.375			08/26/29		418,987
	Berry Global, Inc.
	900,000		0.950			02/15/24		859,932
	430,000		1.570			01/15/26		383,237
	Carrier Global Corp.
	40,000		2.493			02/15/27		36,060
	565,000		2.722			02/15/30		478,115
	307,000		2.700			02/15/31		254,050
	438,000		3.377			04/05/40		329,248
	250,000		3.577			04/05/50		180,489
	Caterpillar, Inc.
	155,000		3.400			05/15/24		151,935
	40,000		2.600			04/09/30		34,785
	80,000		5.200			05/27/41		81,846
	88,000		3.803			08/15/42		75,208
	246,000		3.250			09/19/49		187,298
	Deere & Co.
	266,000		3.900			06/09/42		235,260
	190,000		3.750			04/15/50		162,658
	Emerson Electric Co.
	180,000		2.800			12/21/51		115,864
	General Electric Co., MTN
	135,000		6.750			03/15/32		150,066
	Honeywell International, Inc.
	112,000		2.300			08/15/24		107,470
	865,000		2.500			11/01/26		799,822
	80,000		2.700			08/15/29		70,205
	290,000		1.750			09/01/31		229,106
	300,000		5.000			02/15/33		303,041

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, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Capital Goods – (continued)
	Illinois Tool Works, Inc.
$	321,000		2.650	%		11/15/26	$	297,589
	290,000		3.900			09/01/42		251,573
	Otis Worldwide Corp.
	904,000		2.565			02/15/30		761,921
	Parker-Hannifin Corp.
	300,000		3.650			06/15/24		293,337
	Regal Rexnord Corp.
	350,000		6.050	(b)		02/15/26		347,210
	350,000		6.050	(b)		04/15/28		342,904
	100,000		6.300	(b)		02/15/30		98,637
	200,000		6.400	(b)		04/15/33		196,705
	Republic Services, Inc.
	390,000		3.950			05/15/28		369,547
	Westinghouse Air Brake Technologies Corp.
	326,000		3.450			11/15/26		302,182
	340,000		4.950			09/15/28		328,559
								9,234,846
Communications – 2.9%
	Charter Communications Operating LLC / Charter Communications Operating Capital
	798,000		4.908			07/23/25		781,056
	261,000		3.750			02/15/28		235,354
	414,000		4.200			03/15/28		380,028
	250,000		2.250			01/15/29		201,218
	128,000		5.050			03/30/29		119,609
	370,000		2.800			04/01/31		290,565
	425,000		6.384			10/23/35		408,087
	490,000		5.375			04/01/38		411,495
	300,000		3.500			06/01/41		196,418
	590,000		6.484			10/23/45		539,679
	502,000		5.375			05/01/47		400,830
	462,000		5.750			04/01/48		385,590
	430,000		5.125			07/01/49		333,442
	350,000		4.800			03/01/50		257,144
	820,000		3.700			04/01/51		501,228
	250,000		3.900			06/01/52		157,983
	354,000		3.850			04/01/61		208,935
	254,000		4.400			12/01/61		166,130
	282,000		3.950			06/30/62		169,716
	Charter Communications Operating LLC / Charter Communications Operating Capital, Series USD
	548,000		4.500			02/01/24		541,593
	Comcast Corp.
	500,000		4.650			02/15/33		482,853
	300,000		7.050			03/15/33		341,731
	300,000		4.000			03/01/48		241,885
	Netflix, Inc.
	400,000		5.875			02/15/25		404,000
	325,000		4.375			11/15/26		314,437
	690,000		5.875			11/15/28		701,213
	227,000		6.375			05/15/29		236,080
	Omnicom Group, Inc.
	125,000		2.600			08/01/31		102,740
	Omnicom Group, Inc. / Omnicom Capital, Inc.
	362,000		3.650			11/01/24		351,667
	850,000		3.600			04/15/26		809,494
Corporate Obligations – (continued)
Communications – (continued)
	Paramount Global
	120,000		7.875			07/30/30		128,835
	251,000		4.950			01/15/31		224,681
	360,000		4.200			05/19/32		296,244
	250,000		6.875			04/30/36		247,660
	441,000		5.850			09/01/43		371,599
	200,000		4.950			05/19/50		147,926
	Time Warner Cable Enterprises LLC
	216,000		8.375			07/15/33		244,553
	Time Warner Cable LLC
	70,000		6.550			05/01/37		67,114
	304,000		7.300			07/01/38		305,359
	322,000		6.750			06/15/39		309,862
	180,000		5.875			11/15/40		160,885
	381,000		5.500			09/01/41		321,076
	TWDC Enterprises 18 Corp., GMTN
	190,000		4.125			06/01/44		163,777
	TWDC Enterprises 18 Corp., MTN
	705,000		1.850			07/30/26		634,548
	202,000		2.950			06/15/27		187,180
	Walt Disney Co. (The)
	632,000		1.750			08/30/24		600,800
	202,000		2.200			01/13/28		179,447
	330,000		2.000			09/01/29		276,044
	498,000		3.800			03/22/30		463,133
	1,180,000		2.650			01/13/31		1,004,375
	75,000		6.400			12/15/35		82,303
	100,000		6.650			11/15/37		113,023
	250,000		4.625			03/23/40		234,551
	300,000		2.750			09/01/49		200,362
	270,000		4.700			03/23/50		253,128
	383,000		3.800			05/13/60		299,680
								18,190,345
Consumer Cyclical – 6.9%
	Amazon.com, Inc.
	250,000		2.730			04/13/24		243,645
	732,000		0.450			05/12/24		692,978
	212,000		2.800			08/22/24		205,274
	379,000		3.800			12/05/24		371,072
	70,000		0.800			06/03/25		63,866
	18,000		5.200			12/03/25		18,137
	200,000		1.200			06/03/27		172,647
	780,000		3.150			08/22/27		728,690
	575,000		1.500			06/03/30		461,208
	600,000		3.600			04/13/32		549,138
	420,000		4.800			12/05/34		418,974
	715,000		3.875			08/22/37		632,608
	400,000		2.875			05/12/41		297,657
	284,000		4.950			12/05/44		279,412
	731,000		4.050			08/22/47		632,655
	444,000		2.500			06/03/50		285,605
	836,000		3.100			05/12/51		600,991
	482,000		4.250			08/22/57		416,536
	400,000		2.700			06/03/60		244,620
	400,000		3.250			05/12/61		278,081
	500,000		4.100			04/13/62		414,689

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)
Consumer Cyclical – (continued)
	American Honda Finance Corp., MTN
$	430,000		2.150	%		09/10/24	$	409,650
	40,000		1.200			07/08/25		36,513
	Aptiv PLC
	300,000		3.100			12/01/51		180,000
	Aptiv PLC / Aptiv Corp.
	216,000		4.150			05/01/52		157,686
	Costco Wholesale Corp.
	232,000		3.000			05/18/27		217,506
	200,000		1.375			06/20/27		174,859
	100,000		1.600			04/20/30		81,713
	876,000		1.750			04/20/32		691,020
	Dollar Tree, Inc.
	236,000		4.200			05/15/28		224,858
	eBay, Inc.
	500,000		3.450			08/01/24		487,167
	100,000		4.000			07/15/42		79,417
	General Motors Co.
	500,000		6.125			10/01/25		505,885
	500,000		5.600			10/15/32		477,893
	300,000		6.600			04/01/36		301,629
	300,000		5.150			04/01/38		260,255
	500,000		6.750			04/01/46		494,091
	200,000		5.400			04/01/48		167,724
	550,000		5.950			04/01/49		496,411
	General Motors Financial Co., Inc.
	100,000		5.250			03/01/26		99,033
	100,000		5.000			04/09/27		97,821
	600,000		2.700			08/20/27		529,491
	200,000		6.000			01/09/28		201,546
	Global Payments, Inc.
	500,000		2.900			11/15/31		397,477
	Home Depot, Inc. (The)
	220,000		3.350			09/15/25		211,478
	556,000		3.000			04/01/26		525,119
	244,000		3.900			12/06/28		233,447
	390,000		2.950			06/15/29		348,622
	400,000		1.375			03/15/31		306,711
	400,000		1.875			09/15/31		316,176
	680,000		5.875			12/16/36		729,555
	460,000		3.300			04/15/40		366,017
	150,000		4.875			02/15/44		143,073
	130,000		4.400			03/15/45		115,087
	300,000		4.250			04/01/46		260,015
	300,000		4.500			12/06/48		269,777
	300,000		3.125			12/15/49		212,829
	300,000		3.350			04/15/50		221,955
	406,000		2.375			03/15/51		243,745
	300,000		3.500			09/15/56		223,161
	Las Vegas Sands Corp.
	116,000		3.200			08/08/24		111,644
	190,000		3.500			08/18/26		173,044
	170,000		3.900			08/08/29		148,442
	Lowe’s Cos., Inc.
	300,000		3.375			09/15/25		286,045
	300,000		3.650			04/05/29		274,032
Corporate Obligations – (continued)
Consumer Cyclical – (continued)
	Lowe’s Cos., Inc. – (continued)
	1,678,000		4.500			04/15/30		1,602,467
	1,026,000		1.700			10/15/30		801,389
	768,000		4.050			05/03/47		599,767
	150,000		5.625			04/15/53		143,319
	150,000		5.800			09/15/62		145,201
	Marriott International, Inc., Series FF
	340,000		4.625			06/15/30		320,442
	Marriott International, Inc., Series GG
	300,000		3.500			10/15/32		254,090
	Marriott International, Inc., Series R
	200,000		3.125			06/15/26		187,127
	Mastercard, Inc.
	90,000		2.000			03/03/25		84,849
	143,000		2.950			11/21/26		133,899
	144,000		3.300			03/26/27		136,092
	132,000		2.950			06/01/29		118,923
	740,000		3.350			03/26/30		677,219
	162,000		3.650			06/01/49		133,611
	400,000		3.850			03/26/50		336,487
	McDonald’s Corp., MTN
	370,000		3.700			01/30/26		357,812
	304,000		3.500			03/01/27		287,505
	350,000		3.800			04/01/28		332,179
	100,000		2.625			09/01/29		86,971
	282,000		2.125			03/01/30		234,338
	150,000		3.600			07/01/30		137,160
	941,000		4.700			12/09/35		888,442
	150,000		4.875			12/09/45		136,971
	500,000		4.450			03/01/47		431,568
	296,000		4.450			09/01/48		257,497
	122,000		4.200			04/01/50		101,213
	NIKE, Inc.
	80,000		2.400			03/27/25		76,311
	115,000		2.375			11/01/26		105,872
	290,000		2.750			03/27/27		268,740
	300,000		2.850			03/27/30		266,549
	250,000		3.250			03/27/40		201,133
	140,000		3.875			11/01/45		119,538
	340,000		3.375			03/27/50		264,027
	Starbucks Corp.
	2,012,000		3.800			08/15/25		1,952,838
	100,000		4.000			11/15/28		95,013
	300,000		3.000			02/14/32		254,607
	358,000		4.450			08/15/49		305,817
	290,000		3.500			11/15/50		210,838
	Target Corp.
	700,000		2.350			02/15/30		592,747
	Toyota Motor Credit Corp., MTN
	20,000		1.800			02/13/25		18,725
	500,000		3.000			04/01/25		478,739
	1,428,000		1.900			01/13/27		1,276,629
	200,000		3.050			03/22/27		186,402
	535,000		2.150			02/13/30		454,507
	487,000		3.375			04/01/30		445,918

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, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Consumer Cyclical – (continued)
	Visa, Inc.
$	536,000		3.150	%		12/14/25	$	511,983
	100,000		1.900			04/15/27		89,894
	55,000		2.750			09/15/27		50,900
	289,000		2.050			04/15/30		244,121
	980,000		4.150			12/14/35		923,080
	300,000		2.700			04/15/40		225,154
	729,000		4.300			12/14/45		659,757
	40,000		3.650			09/15/47		33,214
	200,000		2.000			08/15/50		118,380
	Walmart, Inc.
	150,000		2.850			07/08/24		145,609
	526,000		3.700			06/26/28		503,157
	250,000		1.800			09/22/31		201,433
	515,000		5.250			09/01/35		540,702
	375,000		6.500			08/15/37		437,331
	528,000		4.050			06/29/48		463,726
	400,000		2.650			09/22/51		271,189
								42,419,220
Consumer Noncyclical – 7.3%
	Abbott Laboratories
	363,000		2.950			03/15/25		348,754
	68,000		3.750			11/30/26		65,843
	138,000		4.750			11/30/36		137,089
	540,000		4.900			11/30/46		534,049
	AbbVie, Inc.
	100,000		2.600			11/21/24		95,500
	1,452,000		3.800			03/15/25		1,410,885
	1,732,000		3.600			05/14/25		1,668,033
	330,000		3.200			05/14/26		310,645
	625,000		3.200			11/21/29		553,998
	425,000		4.550			03/15/35		396,626
	1,006,000		4.050			11/21/39		854,059
	300,000		4.850			06/15/44		273,028
	379,000		4.750			03/15/45		341,039
	500,000		4.700			05/14/45		443,870
	304,000		4.450			05/14/46		260,761
	320,000		4.875			11/14/48		294,200
	950,000		4.250			11/21/49		794,460
	Altria Group, Inc.
	80,000		4.000			01/31/24		79,034
	800,000		2.350			05/06/25		750,220
	780,000		4.800			02/14/29		748,042
	370,000		2.450			02/04/32		279,072
	100,000		5.800			02/14/39		92,035
	270,000		3.400			02/04/41		180,204
	220,000		4.250			08/09/42		165,252
	310,000		5.375			01/31/44		270,063
	393,000		3.875			09/16/46		262,548
	360,000		5.950			02/14/49		321,281
	70,000		3.700			02/04/51		44,439
	150,000		4.000			02/04/61		99,182
	Amgen, Inc.
	500,000		2.200			02/21/27		448,765
	300,000		3.150			02/21/40		220,138
Corporate Obligations – (continued)
Consumer Noncyclical – (continued)
	Amgen, Inc. – (continued)
	610,000		4.563			06/15/48		523,546
	712,000		3.375			02/21/50		496,009
	900,000		4.663			06/15/51		775,164
	334,000		2.770			09/01/53		201,912
	480,000		4.400			02/22/62		385,740
	Biogen, Inc.
	372,000		5.200			09/15/45		364,131
	Bristol-Myers Squibb Co.
	1,922,000		0.750			11/13/25		1,728,788
	430,000		4.550			02/20/48		392,695
	810,000		4.250			10/26/49		699,920
	600,000		2.550			11/13/50		381,711
	500,000		3.700			03/15/52		393,217
	Centene Corp.
	1,180,000		4.250			12/15/27		1,098,816
	1,000,000		4.625			12/15/29		920,000
	550,000		3.000			10/15/30		449,625
	698,000		2.500			03/01/31		548,176
	Eli Lilly & Co.
	190,000		3.950			03/15/49		167,983
	300,000		2.250			05/15/50		189,612
	292,000		2.500			09/15/60		178,440
	Gilead Sciences, Inc.
	420,000		3.700			04/01/24		412,681
	500,000		2.950			03/01/27		461,738
	700,000		4.000			09/01/36		618,766
	300,000		4.800			04/01/44		274,947
	300,000		4.750			03/01/46		272,265
	600,000		4.150			03/01/47		500,898
	500,000		2.800			10/01/50		325,277
	Johnson & Johnson
	110,200		2.625			01/15/25		105,885
	100,000		0.550			09/01/25		90,727
	98,000		2.450			03/01/26		91,813
	83,000		2.950			03/03/27		78,144
	212,000		0.950			09/01/27		181,470
	250,000		2.900			01/15/28		232,944
	50,000		1.300			09/01/30		40,223
	190,000		4.375			12/05/33		187,891
	995,000		3.550			03/01/36		879,895
	872,000		3.625			03/03/37		769,356
	250,000		5.950			08/15/37		277,776
	245,000		3.400			01/15/38		208,880
	46,000		2.100			09/01/40		31,576
	208,000		3.700			03/01/46		175,072
	218,000		3.750			03/03/47		186,085
	125,000		2.450			09/01/60		76,665
	Medtronic, Inc.
	580,000		4.375			03/15/35		550,172
	385,000		4.625			03/15/45		360,837
	Merck & Co., Inc.
	1,300,000		2.900			03/07/24		1,270,293
	128,000		2.750			02/10/25		122,786
	102,000		0.750			02/24/26		90,289
	240,000		3.400			03/07/29		222,924

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 Noncyclical – (continued)
	Merck & Co., Inc. – (continued)
$	500,000		2.150	%		12/10/31	$	407,648
	100,000		3.900			03/07/39		87,798
	250,000		4.150			05/18/43		223,147
	540,000		3.700			02/10/45		442,945
	300,000		4.000			03/07/49		257,196
	960,000		2.450			06/24/50		613,841
	Mylan, Inc.
	195,000		4.550			04/15/28		182,371
	300,000		5.200			04/15/48		231,302
	Pfizer, Inc.
	100,000		2.950			03/15/24		97,745
	50,000		3.400			05/15/24		48,994
	92,000		0.800			05/28/25		84,074
	276,000		3.450			03/15/29		258,201
	898,000		2.625			04/01/30		783,995
	400,000		3.900			03/15/39		350,565
	425,000		7.200			03/15/39		517,208
	260,000		2.550			05/28/40		187,434
	100,000		4.300			06/15/43		91,330
	110,000		4.400			05/15/44		101,458
	300,000		4.125			12/15/46		264,302
	352,000		4.200			09/15/48		315,412
	100,000		4.000			03/15/49		86,490
	594,000		2.700			05/28/50		407,183
	Philip Morris International, Inc.
	50,000		3.250			11/10/24		48,415
	1,190,000		3.375			08/11/25		1,141,171
	500,000		5.000			11/17/25		497,378
	394,000		2.750			02/25/26		367,616
	500,000		5.625			11/17/29		506,384
	200,000		2.100			05/01/30		161,492
	274,000		6.375			05/16/38		289,197
	200,000		4.375			11/15/41		165,243
	110,000		3.875			08/21/42		84,009
	241,000		4.125			03/04/43		190,262
	150,000		4.875			11/15/43		131,383
	145,000		4.250			11/10/44		115,563
	Regeneron Pharmaceuticals, Inc.
	346,000		2.800			09/15/50		216,702
	Stryker Corp.
	220,000		4.625			03/15/46		196,530
	Utah Acquisition Sub, Inc.
	640,000		3.950			06/15/26		598,735
	200,000		5.250			06/15/46		156,000
	Viatris, Inc.
	423,000		4.000			06/22/50		272,194
	Walgreens Boots Alliance, Inc.
	574,000		3.800			11/18/24		558,606
	450,000		3.450			06/01/26		422,228
	106,000		4.800			11/18/44		88,482
	50,000		4.100			04/15/50		36,564
	Wyeth LLC
	388,000		6.500			02/01/34		432,305
	300,000		5.950			04/01/37		321,698
Corporate Obligations – (continued)
Consumer Noncyclical – (continued)
	Zoetis, Inc.
	158,000		3.000			09/12/27		145,845
	410,000		4.700			02/01/43		369,860
								45,291,375
Consumer Products – 0.4%
	GSK Consumer Healthcare Capital US LLC
	300,000		3.625			03/24/32		261,610
	Procter & Gamble Co. (The)
	80,000		0.550			10/29/25		71,760
	50,000		2.450			11/03/26		46,195
	214,000		1.900			02/01/27		194,789
	250,000		2.850			08/11/27		232,845
	1,000,000		3.000			03/25/30		907,882
	500,000		1.200			10/29/30		393,663
	300,000		1.950			04/23/31		250,324
	110,000		2.300			02/01/32		92,886
								2,451,954
Electric – 2.7%
	American Electric Power Co., Inc.(a)
	(US 5 Year CMT T-Note + 2.675%)
	300,000		3.875			02/15/62		250,125
	Berkshire Hathaway Energy Co.
	650,000		3.800			07/15/48		501,819
	Consolidated Edison Co. of New York, Inc.
	250,000		4.625			12/01/54		213,577
	134,000		3.600			06/15/61		96,768
	Consolidated Edison Co. of New York, Inc., Series 20B
	400,000		3.950			04/01/50		317,824
	Duke Energy Carolinas LLC
	345,000		3.200			08/15/49		244,125
	Duke Energy Corp.
	372,000		3.750			04/15/24		365,343
	390,000		2.650			09/01/26		356,901
	100,000		2.450			06/01/30		82,086
	504,000		3.750			09/01/46		372,098
	350,000		3.500			06/15/51		245,653
	Duke Energy Florida LLC
	300,000		6.400			06/15/38		330,632
	Entergy Louisiana LLC
	250,000		0.950			10/01/24		232,624
	530,000		4.000			03/15/33		476,170
	242,000		4.200			09/01/48		200,299
	Exelon Corp.
	92,000		4.050			04/15/30		84,492
	288,000		4.700			04/15/50		251,496
	Florida Power & Light Co.
	250,000		3.950			03/01/48		203,166
	342,000		3.150			10/01/49		243,058
	Georgia Power Co.
	100,000		5.125			05/15/52		93,846
	Georgia Power Co., Series A
	436,000		3.250			03/15/51		294,229
	NextEra Energy Capital Holdings, Inc.
	1,000,000		6.051			03/01/25		1,006,519
	1,060,000		2.250			06/01/30		858,683
	500,000		2.440			01/15/32		395,326

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, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Electric – (continued)
	NiSource, Inc.
$	100,000		0.950	%		08/15/25	$	90,269
	192,000		3.600			05/01/30		170,655
	1,246,000		1.700			02/15/31		949,137
	376,000		4.375			05/15/47		312,930
	276,000		3.950			03/30/48		213,846
	Pacific Gas and Electric Co.
	50,000		3.450			07/01/25		47,240
	421,000		2.100			08/01/27		358,649
	650,000		3.300			12/01/27		577,626
	70,000		3.750			07/01/28		62,773
	600,000		4.550			07/01/30		542,543
	512,000		3.300			08/01/40		345,569
	340,000		3.950			12/01/47		231,002
	300,000		4.950			07/01/50		237,463
	400,000		3.500			08/01/50		251,237
	100,000		6.750			01/15/53		99,723
	PacifiCorp
	500,000		2.900			06/15/52		329,351
	Sempra Energy
	548,000		3.250			06/15/27		503,678
	250,000		3.400			02/01/28		229,139
	300,000		6.000			10/15/39		305,108
	240,000		4.000			02/01/48		186,613
	Southern California Edison Co.
	437,000		4.000			04/01/47		342,843
	318,000		3.650			02/01/50		234,347
	Southern California Edison Co., Series 20A
	220,000		2.950			02/01/51		141,510
	Southern California Edison Co., Series C
	200,000		4.125			03/01/48		159,435
	Southern Co. (The)
	970,000		3.250			07/01/26		912,215
	430,000		4.400			07/01/46		355,812
	Southern Co. (The)(a), Series B
	(US 5 Year CMT T-Note + 3.733%)
	300,000		4.000			01/15/51		279,185
	Virginia Electric and Power Co.
	492,000		2.450			12/15/50		291,994
								16,478,751
Energy – 6.8%
	Baker Hughes Holdings LLC
	50,000		5.125			09/15/40		47,052
	Baker Hughes Holdings LLC / Baker Hughes Co.-Obligor, Inc.
	240,000		3.337			12/15/27		221,629
	300,000		4.080			12/15/47		236,601
	BP Capital Markets America, Inc.
	150,000		3.119			05/04/26		141,678
	1,842,000		3.017			01/16/27		1,713,290
	230,000		1.749			08/10/30		184,040
	700,000		2.721			01/12/32		589,653
	804,000		2.772			11/10/50		518,553
	762,000		2.939			06/04/51		505,615
	Cheniere Corpus Christi Holdings LLC
	617,000		5.875			03/31/25		619,314
	1,196,000		5.125			06/30/27		1,179,555
Corporate Obligations – (continued)
Energy – (continued)
	Chevron Corp.
	150,000		2.895			03/03/24		146,581
	200,000		1.554			05/11/25		185,735
	110,000		3.326			11/17/25		106,373
	255,000		1.995			05/11/27		228,298
	830,000		2.236			05/11/30		710,377
	352,000		3.078			05/11/50		255,056
	Chevron USA, Inc.
	174,000		0.687			08/12/25		157,147
	ConocoPhillips
	410,000		6.500			02/01/39		463,722
	ConocoPhillips Co.
	100,000		6.950			04/15/29		110,373
	100,000		3.758			03/15/42		81,494
	300,000		4.300			11/15/44		262,123
	Devon Energy Corp.
	170,000		5.600			07/15/41		157,515
	205,000		4.750			05/15/42		171,071
	100,000		5.000			06/15/45		84,555
	Diamondback Energy, Inc.
	515,000		3.250			12/01/26		477,845
	92,000		3.500			12/01/29		81,385
	1,000,000		6.250			03/15/33		1,018,790
	Energy Transfer LP
	200,000		4.500			04/15/24		197,453
	608,000		4.050			03/15/25		589,720
	668,000		2.900			05/15/25		631,136
	200,000		4.750			01/15/26		195,814
	200,000		5.500			06/01/27		199,037
	100,000		4.000			10/01/27		93,360
	230,000		4.950			06/15/28		222,251
	151,000		5.250			04/15/29		147,363
	100,000		3.750			05/15/30		88,961
	100,000		6.500			02/01/42		99,746
	201,000		5.300			04/15/47		170,993
	283,000		5.400			10/01/47		243,895
	277,000		6.000			06/15/48		254,311
	431,000		6.250			04/15/49		411,074
	480,000		5.000			05/15/50		394,589
	Enterprise Products Operating LLC
	686,000		3.900			02/15/24		675,922
	207,000		3.750			02/15/25		200,850
	326,000		3.125			07/31/29		288,050
	150,000		2.800			01/31/30		128,415
	150,000		5.950			02/01/41		152,313
	207,000		4.850			08/15/42		186,138
	250,000		4.450			02/15/43		214,078
	304,000		4.850			03/15/44		271,996
	176,000		5.100			02/15/45		161,195
	220,000		4.900			05/15/46		193,324
	414,000		4.800			02/01/49		364,317
	368,000		4.200			01/31/50		295,089
	538,000		3.950			01/31/60		399,270
	Enterprise Products Operating LLC(a), Series E
	(3M USD LIBOR + 3.033%)
	164,000		5.250			08/16/77		150,623

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)
	EOG Resources, Inc.
$	916,000		4.150	%		01/15/26	$	893,765
	312,000		4.375			04/15/30		298,918
	236,000		4.950			04/15/50		227,054
	EQT Corp.
	200,000		3.900			10/01/27		182,500
	Exxon Mobil Corp.
	302,000		2.019			08/16/24		289,022
	742,000		2.992			03/19/25		712,237
	310,000		3.043			03/01/26		293,727
	130,000		2.275			08/16/26		119,539
	100,000		3.294			03/19/27		95,220
	700,000		3.482			03/19/30		649,560
	100,000		4.227			03/19/40		90,036
	430,000		3.567			03/06/45		341,502
	100,000		4.114			03/01/46		85,737
	600,000		3.095			08/16/49		432,011
	628,000		4.327			03/19/50		559,070
	260,000		3.452			04/15/51		198,288
	Halliburton Co.
	488,000		2.920			03/01/30		422,824
	725,000		4.850			11/15/35		677,198
	250,000		7.450			09/15/39		284,368
	200,000		5.000			11/15/45		177,112
	Hess Corp.
	290,000		4.300			04/01/27		278,055
	148,000		6.000			01/15/40		145,160
	373,000		5.600			02/15/41		348,130
	Kinder Morgan Energy Partners LP
	388,000		5.500			03/01/44		349,306
	Kinder Morgan, Inc.
	396,000		5.550			06/01/45		359,214
	402,000		5.050			02/15/46		339,735
	100,000		3.600			02/15/51		67,640
	Kinder Morgan, Inc., GMTN
	300,000		7.750			01/15/32		336,009
	Marathon Petroleum Corp.
	250,000		3.625			09/15/24		243,530
	200,000		4.750			09/15/44		167,522
	MPLX LP
	136,000		4.125			03/01/27		129,770
	100,000		4.800			02/15/29		96,392
	914,000		2.650			08/15/30		749,121
	350,000		4.500			04/15/38		298,661
	310,000		5.200			03/01/47		270,118
	520,000		5.500			02/15/49		467,398
	ONEOK, Inc.
	200,000		4.550			07/15/28		187,357
	546,000		3.100			03/15/30		462,881
	1,000,000		6.100			11/15/32		1,006,527
	100,000		5.200			07/15/48		84,787
	Phillips 66
	920,000		0.900			02/15/24		880,997
	390,000		4.650			11/15/34		369,159
	150,000		5.875			05/01/42		155,590
	450,000		4.875			11/15/44		411,737
Corporate Obligations – (continued)
Energy – (continued)
	Plains All American Pipeline LP / PAA Finance Corp.
	766,000		4.650			10/15/25		748,642
	240,000		4.500			12/15/26		230,211
	339,000		3.550			12/15/29		294,277
	Sabine Pass Liquefaction LLC
	600,000		5.750			05/15/24		599,625
	500,000		5.625			03/01/25		498,812
	1,252,000		5.875			06/30/26		1,259,856
	430,000		5.000			03/15/27		419,788
	108,000		4.200			03/15/28		101,250
	Spectra Energy Partners LP
	520,000		4.750			03/15/24		516,365
	Targa Resources Corp.
	400,000		4.950			04/15/52		319,646
	Transcontinental Gas Pipe Line Co. LLC
	144,000		7.850			02/01/26		152,845
	Valero Energy Corp.
	820,000		6.625			06/15/37		872,704
	Western Midstream Operating LP
	550,000		5.500			02/01/50		452,375
	Williams Cos., Inc. (The)
	280,000		4.000			09/15/25		269,469
	318,000		3.750			06/15/27		299,427
	384,000		3.500			11/15/30		336,557
	432,000		6.300			04/15/40		441,355
	200,000		5.100			09/15/45		176,392
	240,000		4.850			03/01/48		204,533
								41,705,316
Financial Company – 0.8%
	Air Lease Corp.
	80,000		1.875			08/15/26		69,792
	Air Lease Corp., MTN
	1,170,000		2.875			01/15/26		1,079,287
	Ally Financial, Inc.
	770,000		3.875			05/21/24		754,638
	469,000		8.000			11/01/31		509,504
	Ares Capital Corp.
	475,000		2.150			07/15/26		409,408
	Blackstone Private Credit Fund
	49,000		2.625			12/15/26		41,748
	500,000		3.250			03/15/27		430,784
	GE Capital International Funding Co. Unlimited
	1,772,000		4.418			11/15/35		1,633,873
								4,929,034
Food and Beverage – 2.5%
	Coca-Cola Co. (The)
	50,000		3.375			03/25/27		47,727
	250,000		1.450			06/01/27		219,362
	240,000		1.000			03/15/28		201,035
	102,000		2.125			09/06/29		87,021
	792,000		3.450			03/25/30		729,076
	330,000		1.650			06/01/30		267,206
	300,000		2.000			03/05/31		246,351
	500,000		1.375			03/15/31		388,634
	360,000		2.500			06/01/40		261,913

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, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Food and Beverage – (continued)
	Coca-Cola Co. (The) – (continued)
$	110,000		2.875	%		05/05/41	$	83,797
	430,000		2.600			06/01/50		287,727
	100,000		3.000			03/05/51		72,544
	250,000		2.500			03/15/51		163,032
	220,000		2.750			06/01/60		146,073
	Keurig Dr Pepper, Inc.
	220,000		0.750			03/15/24		209,319
	1,019,000		3.200			05/01/30		887,441
	100,000		3.800			05/01/50		74,837
	Kraft Heinz Foods Co.
	640,000		3.000			06/01/26		595,422
	250,000		6.875			01/26/39		274,266
	507,000		5.000			06/04/42		459,829
	552,000		4.375			06/01/46		451,093
	410,000		4.875			10/01/49		362,749
	Molson Coors Beverage Co.
	1,000,000		3.000			07/15/26		926,051
	190,000		5.000			05/01/42		170,260
	370,000		4.200			07/15/46		288,865
	Mondelez International, Inc.
	635,000		2.750			04/13/30		545,933
	490,000		2.625			09/04/50		306,287
	PepsiCo, Inc.
	925,000		3.600			03/01/24		913,285
	56,000		2.250			03/19/25		53,074
	112,000		2.750			04/30/25		106,923
	160,000		2.850			02/24/26		151,268
	166,000		2.375			10/06/26		152,894
	68,000		3.000			10/15/27		63,320
	96,000		2.625			07/29/29		84,690
	210,000		2.750			03/19/30		184,785
	210,000		1.625			05/01/30		170,639
	100,000		1.400			02/25/31		78,435
	400,000		1.950			10/21/31		322,118
	290,000		2.625			10/21/41		211,925
	300,000		4.450			04/14/46		283,684
	280,000		3.450			10/06/46		225,025
	200,000		2.875			10/15/49		144,204
	130,000		3.625			03/19/50		106,834
	Sysco Corp.
	604,000		3.300			07/15/26		567,341
	547,000		3.250			07/15/27		505,777
	329,000		5.950			04/01/30		341,145
	270,000		6.600			04/01/50		296,863
	Tyson Foods, Inc.
	120,000		3.950			08/15/24		117,754
	472,000		4.000			03/01/26		455,755
	340,000		3.550			06/02/27		318,265
	110,000		4.550			06/02/47		92,019
	486,000		5.100			09/28/48		440,409
								15,142,281
Hardware – 0.2%
	Micron Technology, Inc.
	543,000		4.185			02/15/27		513,814
	170,000		4.663			02/15/30		156,825
Corporate Obligations – (continued)
Hardware – (continued)
	Micron Technology, Inc. – (continued)
	728,000		2.703			04/15/32		552,896
								1,223,535
Healthcare – 4.4%
	Aetna, Inc.
	450,000		3.500			11/15/24		436,171
	140,000		6.625			06/15/36		151,640
	348,000		3.875			08/15/47		263,250
	Cigna Group (The)
	2,482,000		4.125			11/15/25		2,414,640
	500,000		2.400			03/15/30		417,583
	300,000		4.800			08/15/38		276,791
	130,000		4.800			07/15/46		115,732
	674,000		4.900			12/15/48		605,384
	290,000		3.400			03/15/50		204,493
	472,000		3.400			03/15/51		334,280
	CVS Health Corp.
	350,000		2.625			08/15/24		337,411
	154,000		4.100			03/25/25		151,071
	556,000		3.875			07/20/25		539,607
	100,000		2.875			06/01/26		92,974
	368,000		3.000			08/15/26		341,944
	488,000		3.625			04/01/27		459,176
	825,000		4.300			03/25/28		789,607
	523,000		3.250			08/15/29		463,229
	1,116,000		4.780			03/25/38		1,012,605
	246,000		4.125			04/01/40		202,215
	520,000		2.700			08/21/40		351,237
	176,000		5.300			12/05/43		165,396
	616,000		5.125			07/20/45		553,703
	1,208,000		5.050			03/25/48		1,084,848
	Danaher Corp.
	340,000		2.800			12/10/51		225,502
	Elevance Health, Inc.
	506,000		3.500			08/15/24		492,425
	50,000		3.350			12/01/24		48,374
	552,000		3.650			12/01/27		518,803
	300,000		2.550			03/15/31		248,541
	84,000		4.625			05/15/42		75,962
	309,000		4.650			01/15/43		277,547
	174,000		4.650			08/15/44		154,442
	340,000		4.375			12/01/47		289,714
	318,000		4.550			03/01/48		277,667
	300,000		3.125			05/15/50		208,157
	HCA, Inc.
	476,000		5.000			03/15/24		473,322
	820,000		5.250			04/15/25		812,825
	600,000		5.250			06/15/26		591,150
	350,000		5.375			09/01/26		345,275
	555,000		4.500			02/15/27		531,759
	300,000		5.625			09/01/28		296,625
	404,000		4.125			06/15/29		368,650
	500,000		3.500			09/01/30		430,625
	100,000		5.125			06/15/39		89,500
	315,000		5.500			06/15/47		283,106
	410,000		5.250			06/15/49		355,163

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)
Healthcare – (continued)
	HCA, Inc. – (continued)
$	220,000		3.500	%		07/15/51	$	143,383
	415,000		4.625	(b)		03/15/52		327,433
	Humana, Inc.
	1,000,000		5.875			03/01/33		1,029,701
	MPT Operating Partnership LP / MPT Finance Corp.
	331,000		4.625			08/01/29		248,250
	270,000		3.500			03/15/31		184,735
	UnitedHealth Group, Inc.
	548,000		3.750			07/15/25		532,200
	100,000		3.100			03/15/26		94,536
	100,000		3.450			01/15/27		94,819
	600,000		2.300			05/15/31		495,454
	688,000		4.200			05/15/32		649,820
	500,000		5.350			02/15/33		512,348
	758,000		4.625			07/15/35		729,512
	838,000		4.250			03/15/43		744,180
	631,000		4.450			12/15/48		565,218
	300,000		3.700			08/15/49		236,759
	700,000		3.250			05/15/51		503,092
	511,000		4.750			05/15/52		472,105
	500,000		3.875			08/15/59		388,725
								27,112,391
Insurance – 1.5%
	American International Group, Inc.
	386,000		2.500			06/30/25		363,356
	50,000		3.900			04/01/26		47,975
	204,000		4.800			07/10/45		182,314
	340,000		4.750			04/01/48		303,898
	100,000		4.375			06/30/50		84,392
	American International Group, Inc.(a), Series A-9
	(3M USD LIBOR + 2.868%)
	377,000		5.750			04/01/48		366,205
	Aon Corp. / Aon Global Holdings PLC
	400,000		3.900			02/28/52		309,067
	Berkshire Hathaway Finance Corp.
	130,000		1.450			10/15/30		103,217
	530,000		2.875			03/15/32		455,587
	850,000		3.850			03/15/52		686,530
	Berkshire Hathaway, Inc.
	100,000		4.500			02/11/43		93,405
	Chubb INA Holdings, Inc.
	472,000		4.350			11/03/45		423,256
	Corebridge Financial, Inc.(b)
	444,000		3.650			04/05/27		414,108
	Equitable Holdings, Inc.
	426,000		5.000			04/20/48		377,226
	Everest Reinsurance Holdings, Inc.
	470,000		3.500			10/15/50		332,666
	Marsh & McLennan Cos., Inc.
	175,000		4.375			03/15/29		166,911
	100,000		2.250			11/15/30		81,675
	206,000		4.900			03/15/49		191,430
	MetLife, Inc.
	390,000		3.600			04/10/24		381,925
	796,000		6.400			12/15/36		804,320
Corporate Obligations – (continued)
Insurance – (continued)
	MetLife, Inc. – (continued)
	440,000		4.125			08/13/42		381,772
	250,000		4.875			11/13/43		235,688
	200,000		4.600			05/13/46		179,532
	Prudential Financial, Inc.
	(3M USD LIBOR + 3.031%)
	162,000		5.375	(a)		05/15/45		158,279
	(3M USD LIBOR + 2.380%)
	228,000		4.500	(a)		09/15/47		210,858
	210,000		3.905			12/07/47		167,286
	246,000		3.935			12/07/49		195,893
	(US 5 Year CMT T-Note + 3.035%)
	192,000		3.700	(a)		10/01/50		163,457
	Prudential Financial, Inc., MTN
	300,000		5.700			12/14/36		313,093
	346,000		4.350			02/25/50		295,528
	350,000		3.700			03/13/51		270,392
	Travelers Cos., Inc. (The)
	500,000		3.050			06/08/51		349,972
								9,091,213
Metals and Mining – 0.0%
	Newmont Corp.
	300,000		2.250			10/01/30		241,762
Mining – 0.1%
	Freeport-McMoRan, Inc.
	70,000		5.400			11/14/34		66,588
	430,000		5.450			03/15/43		394,525
								461,113
Pharmaceuticals – 0.1%
	Viatris, Inc.
	610,000		3.850			06/22/40		418,471
REITs and Real Estate – 0.8%
	Boston Properties LP
	726,000		2.550			04/01/32		556,344
	390,000		2.450			10/01/33		285,729
	Equinix, Inc.
	80,000		2.625			11/18/24		76,271
	390,000		3.200			11/18/29		339,805
	300,000		2.150			07/15/30		240,346
	200,000		2.500			05/15/31		160,078
	GLP Capital LP / GLP Financing II, Inc.
	675,000		5.375			04/15/26		661,719
	236,000		5.300			01/15/29		223,902
	150,000		3.250			01/15/32		119,722
	Simon Property Group LP
	500,000		3.300			01/15/26		474,730
	68,000		3.250			11/30/26		63,128
	500,000		2.450			09/13/29		419,356
	300,000		2.650			07/15/30		252,146
	284,000		3.250			09/13/49		195,364
	220,000		3.800			07/15/50		165,286
	Welltower OP LLC
	250,000		3.625			03/15/24		244,911
	300,000		4.250			04/15/28		284,050

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, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
REITs and Real Estate – (continued)
	Welltower OP LLC – (continued)
$	404,000		3.100	%		01/15/30	$	343,752
								5,106,639
Revenue – 0.3%
	Ascension Health
	200,000		3.945			11/15/46		171,129
	Ascension Health, Series B
	440,000		2.532			11/15/29		378,630
	CommonSpirit Health
	300,000		2.760			10/01/24		288,287
	220,000		3.347			10/01/29		191,778
	239,000		4.350			11/01/42		203,375
	200,000		4.187			10/01/49		160,011
	Kaiser Foundation Hospitals
	295,000		4.150			05/01/47		258,689
	Kaiser Foundation Hospitals, Series 2019
	286,000		3.266			11/01/49		210,761
	Kaiser Foundation Hospitals, Series 2021
	125,000		2.810			06/01/41		92,908
	300,000		3.002			06/01/51		209,948
								2,165,516
Software – 1.6%
	Oracle Corp.
	500,000		3.400			07/08/24		487,131
	1,500,000		6.150			11/09/29		1,555,846
	300,000		2.950			04/01/30		256,615
	2,000,000		6.250			11/09/32		2,087,585
	600,000		3.900			05/15/35		501,979
	490,000		4.000			11/15/47		357,004
	2,650,000		6.900			11/09/52		2,865,369
	500,000		3.850			04/01/60		335,284
	500,000		4.100			03/25/61		346,407
	Salesforce, Inc.
	500,000		1.950			07/15/31		401,029
	700,000		2.900			07/15/51		470,546
								9,664,795
Technology – 7.3%
	Activision Blizzard, Inc.
	280,000		2.500			09/15/50		175,019
	Adobe, Inc.
	192,000		3.250			02/01/25		186,008
	82,000		2.150			02/01/27		74,496
	500,000		2.300			02/01/30		427,890
	Alphabet, Inc.
	182,000		1.998			08/15/26		166,306
	50,000		0.800			08/15/27		42,670
	132,000		1.100			08/15/30		103,921
	500,000		1.900			08/15/40		333,231
	823,000		2.050			08/15/50		498,242
	497,000		2.250			08/15/60		287,964
	Analog Devices, Inc.
	75,000		3.500			12/05/26		71,235
	250,000		1.700			10/01/28		210,788
Corporate Obligations – (continued)
Technology – (continued)
	Apple, Inc.
	75,000		3.000			02/09/24		73,489
	448,000		3.450			05/06/24		439,961
	138,000		2.850			05/11/24		134,534
	184,000		2.750			01/13/25		176,727
	112,000		2.500			02/09/25		107,132
	91,000		1.125			05/11/25		84,018
	40,000		3.200			05/13/25		38,652
	50,000		0.550			08/20/25		45,115
	129,000		0.700			02/08/26		114,509
	361,000		3.250			02/23/26		346,890
	144,000		2.450			08/04/26		133,395
	150,000		2.050			09/11/26		136,575
	100,000		3.000			06/20/27		94,040
	692,000		2.900			09/12/27		643,366
	218,000		3.000			11/13/27		203,283
	88,000		1.200			02/08/28		74,752
	330,000		1.400			08/05/28		279,215
	400,000		1.650			05/11/30		326,372
	250,000		1.250			08/20/30		196,495
	850,000		1.650			02/08/31		681,088
	625,000		4.500			02/23/36		613,314
	102,000		2.375			02/08/41		71,975
	617,000		3.850			05/04/43		529,304
	310,000		4.450			05/06/44		294,579
	305,000		3.450			02/09/45		246,890
	350,000		4.375			05/13/45		321,101
	729,000		4.650			02/23/46		695,409
	306,000		3.850			08/04/46		259,160
	208,000		4.250			02/09/47		189,328
	270,000		3.750			09/12/47		226,303
	506,000		3.750			11/13/47		420,886
	898,000		2.950			09/11/49		643,844
	672,000		2.650			05/11/50		450,908
	239,000		2.400			08/20/50		151,802
	680,000		2.650			02/08/51		454,669
	325,000		2.800			02/08/61		207,005
	Applied Materials, Inc.
	130,000		3.300			04/01/27		122,796
	650,000		1.750			06/01/30		529,413
	236,000		4.350			04/01/47		211,982
	Broadcom Corp. / Broadcom Cayman Finance Ltd.
	659,000		3.875			01/15/27		622,006
	598,000		3.500			01/15/28		546,308
	Broadcom, Inc.
	500,000		3.150			11/15/25		471,325
	431,000		3.459			09/15/26		403,384
	605,000		4.750			04/15/29		579,392
	402,000		4.150			11/15/30		362,789
	570,000		2.450	(b)		02/15/31		450,931
	470,000		4.300			11/15/32		416,802
	805,000		3.419	(b)		04/15/33		649,026
	290,000		3.469	(b)		04/15/34		230,045
	600,000		3.137	(b)		11/15/35		442,166
	500,000		3.187	(b)		11/15/36		362,658
	600,000		3.500	(b)		02/15/41		429,349
	360,000		3.750	(b)		02/15/51		252,091

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)
	Fiserv, Inc.
$	400,000		2.750	%		07/01/24	$	385,150
	150,000		3.850			06/01/25		144,763
	500,000		3.200			07/01/26		466,905
	300,000		4.200			10/01/28		282,002
	500,000		3.500			07/01/29		446,760
	400,000		4.400			07/01/49		324,677
	Hewlett Packard Enterprise Co.
	500,000		1.450			04/01/24		478,585
	300,000		4.900			10/15/25		297,808
	300,000		6.350			10/15/45		295,866
	HP, Inc.
	300,000		3.400			06/17/30		256,923
	540,000		2.650			06/17/31		422,835
	368,000		6.000			09/15/41		360,316
	International Business Machines Corp.
	445,000		3.625			02/12/24		437,354
	250,000		3.450			02/19/26		238,488
	1,510,000		3.300			05/15/26		1,428,767
	300,000		1.700			05/15/27		263,153
	1,086,000		1.950			05/15/30		875,033
	540,000		4.150			05/15/39		458,447
	288,000		4.000			06/20/42		234,767
	300,000		4.250			05/15/49		247,310
	300,000		2.950			05/15/50		194,979
	500,000		4.900			07/27/52		448,099
	KLA Corp.
	87,000		4.650			11/01/24		86,720
	130,000		4.100			03/15/29		124,084
	100,000		3.300			03/01/50		72,940
	Lam Research Corp.
	238,000		4.000			03/15/29		225,954
	228,000		1.900			06/15/30		185,496
	220,000		4.875			03/15/49		207,779
	352,000		2.875			06/15/50		233,959
	Leidos, Inc.
	500,000		5.750			03/15/33		493,524
	Microchip Technology, Inc.
	120,000		4.250			09/01/25		116,050
	Microsoft Corp.
	656,000		2.875			02/06/24		642,108
	548,000		2.700			02/12/25		527,511
	154,000		3.125			11/03/25		147,622
	80,000		2.400			08/08/26		74,168
	87,000		3.300			02/06/27		83,098
	960,000		3.500			02/12/35		865,804
	470,000		3.450			08/08/36		412,280
	81,000		4.100			02/06/37		76,009
	300,000		4.450			11/03/45		284,971
	300,000		3.700			08/08/46		256,425
	250,000		4.250			02/06/47		232,216
	1,047,000		2.525			06/01/50		698,867
	1,160,000		2.921			03/17/52		839,120
	632,000		2.675			06/01/60		408,364
	451,000		3.041			03/17/62		316,236
	Motorola Solutions, Inc.
	692,000		4.600			05/23/29		651,146
Corporate Obligations – (continued)
Technology – (continued)
	NVIDIA Corp.
	2,198,000		0.584			06/14/24		2,073,487
	80,000		1.550			06/15/28		68,059
	330,000		2.850			04/01/30		290,443
	400,000		2.000			06/15/31		323,833
	400,000		3.500			04/01/50		310,549
	PayPal Holdings, Inc.
	150,000		1.650			06/01/25		138,889
	1,060,000		4.400			06/01/32		998,504
	QUALCOMM, Inc.
	152,000		2.900			05/20/24		147,860
	135,000		3.450			05/20/25		130,352
	304,000		3.250			05/20/27		286,317
	126,000		2.150			05/20/30		105,643
	320,000		4.650			05/20/35		309,534
	396,000		4.800			05/20/45		378,572
	250,000		4.300			05/20/47		219,669
	470,000		4.500			05/20/52		419,439
	Texas Instruments, Inc.
	232,000		2.250			09/04/29		199,098
	669,000		4.150			05/15/48		593,277
	Western Digital Corp.
	968,000		4.750			02/15/26		915,970
								44,927,251
Transportation – 1.4%
	Burlington Northern Santa Fe LLC
	100,000		4.450			03/15/43		88,831
	100,000		4.050			06/15/48		84,003
	100,000		4.150			12/15/48		84,494
	1,580,000		3.300			09/15/51		1,143,415
	FedEx Corp.
	600,000		5.100			01/15/44		543,163
	750,000		4.750			11/15/45		642,511
	300,000		4.550			04/01/46		248,522
	FedEx Corp. Pass Through Trust, Series 2020-1
	43,316		1.875			02/20/34		35,332
	Norfolk Southern Corp.
	450,000		3.155			05/15/55		296,905
	Southwest Airlines Co.
	270,000		5.250			05/04/25		268,311
	125,000		5.125			06/15/27		123,132
	Union Pacific Corp.
	500,000		2.400			02/05/30		425,640
	1,950,000		2.800			02/14/32		1,649,235
	278,000		3.799			10/01/51		221,175
	95,000		2.950			03/10/52		64,116
	408,000		3.839			03/20/60		311,571
	646,000		3.799			04/06/71		475,407
	United Parcel Service, Inc.
	292,000		3.050			11/15/27		271,074
	792,000		3.400			03/15/29		731,382
	300,000		3.750			11/15/47		245,819
	200,000		4.250			03/15/49		177,799
	448,000		5.300			04/01/50		461,123
								8,592,960

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, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Water – 0.1%
	American Water Capital Corp.
$	426,000		4.450	%		06/01/32	$	405,842
Wireless – 5.7%
	American Tower Corp.
	500,000		5.000			02/15/24		496,941
	250,000		4.000			06/01/25		241,747
	556,000		3.375			10/15/26		516,682
	200,000		2.750			01/15/27		180,653
	521,000		3.800			08/15/29		470,134
	80,000		2.900			01/15/30		67,895
	300,000		1.875			10/15/30		231,040
	251,000		3.100			06/15/50		155,878
	AT&T, Inc.
	611,000		3.800			02/15/27		580,635
	346,000		4.250			03/01/27		335,547
	339,000		2.300			06/01/27		302,199
	75,000		1.650			02/01/28		63,820
	300,000		4.100			02/15/28		287,398
	1,232,000		4.350			03/01/29		1,168,849
	459,000		4.300			02/15/30		430,133
	565,000		2.750			06/01/31		467,891
	620,000		2.250			02/01/32		483,373
	630,000		2.550			12/01/33		481,777
	435,000		4.500			05/15/35		390,822
	140,000		4.850			03/01/39		126,632
	330,000		4.350			06/15/45		270,099
	435,000		4.750			05/15/46		373,908
	429,000		4.500			03/09/48		353,425
	329,000		4.550			03/09/49		276,834
	538,000		3.650			06/01/51		385,670
	130,000		3.300			02/01/52		89,643
	1,260,000		3.500			09/15/53		863,329
	1,678,000		3.550			09/15/55		1,134,966
	530,000		3.800			12/01/57		371,333
	1,439,000		3.650			09/15/59		972,301
	92,000		3.850			06/01/60		64,925
	Crown Castle, Inc.
	530,000		4.450			02/15/26		515,947
	572,000		3.700			06/15/26		542,783
	736,000		1.050			07/15/26		638,082
	98,000		3.650			09/01/27		91,240
	200,000		3.800			02/15/28		185,949
	220,000		3.300			07/01/30		192,426
	180,000		2.250			01/15/31		144,256
	301,000		2.100			04/01/31		236,097
	300,000		2.900			04/01/41		203,683
	100,000		3.250			01/15/51		65,849
	Sprint Capital Corp.
	200,000		8.750			03/15/32		237,885
	T-Mobile USA, Inc.
	500,000		2.250			02/15/26		454,850
	800,000		3.750			04/15/27		752,503
	300,000		4.950			03/15/28		294,581
	100,000		2.625			02/15/29		85,282
	700,000		3.375			04/15/29		620,050
	900,000		3.875			04/15/30		815,970
Corporate Obligations – (continued)
Wireless – (continued)
	T-Mobile USA, Inc. – (continued)
	980,000		2.550			02/15/31		803,138
	300,000		2.875			02/15/31		249,374
	600,000		2.250			11/15/31		469,137
	600,000		2.700			03/15/32		485,074
	500,000		5.050			07/15/33		481,700
	700,000		4.375			04/15/40		597,107
	500,000		3.000			02/15/41		346,208
	600,000		4.500			04/15/50		498,409
	400,000		3.300			02/15/51		267,747
	300,000		3.600			11/15/60		199,778
	Verizon Communications, Inc.
	570,000		3.500			11/01/24		554,764
	184,000		3.376			02/15/25		177,745
	2,428,000		0.850			11/20/25		2,172,875
	559,000		4.125			03/16/27		537,365
	710,000		2.100			03/22/28		612,365
	722,000		4.329			09/21/28		692,581
	786,000		4.016			12/03/29		726,159
	471,000		3.150			03/22/30		412,810
	280,000		1.500			09/18/30		216,959
	100,000		1.680			10/30/30		77,351
	1,330,000		2.550			03/21/31		1,087,564
	50,000		2.355			03/15/32		39,272
	220,000		4.272			01/15/36		194,048
	478,000		5.250			03/16/37		466,175
	550,000		2.650			11/20/40		372,617
	510,000		3.400			03/22/41		383,955
	60,000		6.550			09/15/43		65,384
	704,000		4.862			08/21/46		641,940
	455,000		4.522			09/15/48		388,824
	400,000		2.875			11/20/50		251,809
	800,000		3.550			03/22/51		576,442
	364,000		5.012			08/21/54		334,876
	150,000		2.987			10/30/56		91,716
	500,000		3.000			11/20/60		300,527
	555,000		3.700			03/22/61		391,514
								34,879,221
	TOTAL CORPORATE OBLIGATIONS
	(Cost $558,814,981)						$	483,791,574
Foreign Corporate Debt – 20.0%
Banks – 11.0%
	Australia & New Zealand Banking Group Ltd. (Australia)
$	300,000		5.088	%		12/08/25	$	298,621
	Banco Bilbao Vizcaya Argentaria SA (Spain)
	200,000		1.125			09/18/25		178,949
	Banco Santander SA (Spain)
	200,000		2.706			06/27/24		192,787
	1,432,000		2.746			05/28/25		1,340,661
	600,000		1.849			03/25/26		532,308
	600,000		4.250			04/11/27		569,004
	(US 1 Year CMT T-Note + 0.900%)
	600,000		1.722	(a)		09/14/27		517,575
	325,000		3.490			05/28/30		280,607

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
Foreign Corporate Debt – (continued)
Banks – (continued)
	Banco Santander SA (Spain) – (continued)
	(US 1 Year CMT T-Note + 1.600%)
$	336,000		3.225	%(a)		11/22/32	$	263,490
	Bank of Montreal (Canada)
	(5 Year USD Swap + 1.432%)
	553,000		3.803	(a)		12/15/32		495,863
	(US 5 Year CMT T-Note + 1.400%)
	204,000		3.088	(a)		01/10/37		159,821
	Bank of Montreal, MTN (Canada)
	230,000		0.625			07/09/24		215,746
	150,000		1.500			01/10/25		139,784
	75,000		1.250			09/15/26		65,517
	(SOFR + 0.603%)
	40,000		0.949	(a)		01/22/27		35,247
	300,000		2.650			03/08/27		273,079
	Bank of Montreal, Series E (Canada)
	50,000		3.300			02/05/24		49,013
	Bank of Nova Scotia (The) (Canada)
	520,000		3.400			02/11/24		509,804
	320,000		0.700			04/15/24		303,309
	75,000		0.650			07/31/24		70,062
	198,000		1.300			06/11/25		180,811
	710,000		4.500			12/16/25		688,902
	220,000		2.700			08/03/26		202,036
	80,000		1.950			02/02/27		71,316
	770,000		2.450			02/02/32		619,674
	Barclays PLC (United Kingdom)
	1,140,000		3.650			03/16/25		1,093,995
	1,035,000		4.375			01/12/26		1,000,991
	(SOFR + 2.714%)
	200,000		2.852	(a)		05/07/26		187,640
	210,000		5.200			05/12/26		204,612
	600,000		4.836			05/09/28		562,349
	(US 1 Year CMT T-Note + 1.200%)
	424,000		2.667	(a)		03/10/32		330,181
	(US 5 Year CMT T-Note + 2.900%)
	960,000		3.564	(a)		09/23/35		772,521
	(US 1 Year CMT T-Note + 1.700%)
	500,000		3.811	(a)		03/10/42		362,787
	330,000		5.250			08/17/45		307,395
	436,000		4.950			01/10/47		390,377
	Canadian Imperial Bank of Commerce (Canada)
	370,000		3.100			04/02/24		360,857
	110,000		2.250			01/28/25		103,886
	Cooperatieve Rabobank UA (Netherlands)
	1,105,000		3.750			07/21/26		1,036,492
	186,000		5.250			05/24/41		194,123
	485,000		5.250			08/04/45		457,977
	Credit Suisse AG (Switzerland)
	1,210,000		2.950			04/09/25		1,102,272
	950,000		1.250			08/07/26		775,066
	Credit Suisse Group AG (Switzerland)
	660,000		3.750			03/26/25		602,255
	250,000		4.550			04/17/26		223,057
	(SOFR + 3.730%)
	621,000		4.194	(a)(b)		04/01/31		495,598
	300,000		4.875			05/15/45		218,663
Foreign Corporate Debt – (continued)
Banks – (continued)
	Deutsche Bank AG (Germany)
	130,000		3.700			05/30/24		125,680
	(SOFR + 1.131%)
	200,000		1.447	(a)		04/01/25		189,166
	(SOFR + 2.581%)
	800,000		3.961	(a)		11/26/25		768,599
	(SOFR + 1.219%)
	1,694,000		2.311	(a)		11/16/27		1,473,605
	(SOFR + 1.318%)
	1,702,000		2.552	(a)		01/07/28		1,483,820
	(SOFR + 3.043%)
	260,000		3.547	(a)		09/18/31		217,416
	(SOFR + 1.718%)
	400,000		3.035	(a)		05/28/32		315,744
	HSBC Holdings PLC (United Kingdom)
	540,000		4.250			03/14/24		532,166
	(SOFR + 0.708%)
	500,000		0.976	(a)		05/24/25		470,479
	400,000		4.250			08/18/25		387,541
	(SOFR + 1.402%)
	800,000		2.633	(a)		11/07/25		757,557
	750,000		4.300			03/08/26		725,956
	(SOFR + 1.538%)
	250,000		1.645	(a)		04/18/26		229,312
	936,000		3.900			05/25/26		892,654
	(3M USD LIBOR + 1.348%)
	500,000		4.292	(a)		09/12/26		481,076
	(SOFR + 1.100%)
	480,000		2.251	(a)		11/22/27		421,776
	(SOFR + 1.732%)
	250,000		2.013	(a)		09/22/28		211,675
	(3M USD LIBOR + 1.535%)
	960,000		4.583	(a)		06/19/29		904,813
	(3M USD LIBOR + 1.610%)
	800,000		3.973	(a)		05/22/30		719,103
	(SOFR + 2.387%)
	205,000		2.848	(a)		06/04/31		168,304
	(SOFR + 1.947%)
	1,050,000		2.357	(a)		08/18/31		828,188
	(SOFR + 1.187%)
	550,000		2.804	(a)		05/24/32		439,067
	(SOFR + 1.410%)
	400,000		2.871	(a)		11/22/32		317,171
	(SOFR + 4.250%)
	400,000		8.113	(a)		11/03/33		441,569
	746,000		6.500			09/15/37		744,276
	90,000		6.100			01/14/42		95,901
	300,000		5.250			03/14/44		276,197
	ING Groep NV (Netherlands)
	300,000		3.550			04/09/24		293,544
	(SOFR + 1.640%)
	260,000		3.869	(a)		03/28/26		250,488
	200,000		3.950			03/29/27		189,357
	(SOFR + 1.830%)
	500,000		4.017	(a)		03/28/28		468,938
	490,000		4.550			10/02/28		467,387
	330,000		4.050			04/09/29		305,209

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, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Foreign Corporate Debt – (continued)
Banks – (continued)
	Lloyds Banking Group PLC (United Kingdom)
$	940,000		4.450	%		05/08/25	$	915,374
	(US 1 Year CMT T-Note + 3.500%)
	300,000		3.870	(a)		07/09/25		292,306
	400,000		4.582			12/10/25		384,999
	1,880,000		3.750			01/11/27		1,757,738
	940,000		4.375			03/22/28		888,435
	(3M USD LIBOR + 1.205%)
	500,000		3.574	(a)		11/07/28		454,163
	200,000		5.300			12/01/45		181,290
	490,000		4.344			01/09/48		379,947
	Mitsubishi UFJ Financial Group, Inc. (Japan)
	290,000		2.193			02/25/25		271,693
	(US 1 Year CMT T-Note + 1.080%)
	260,000		5.719	(a)		02/20/26		259,653
	(US 1 Year CMT T-Note + 0.830%)
	500,000		2.341	(a)		01/19/28		442,339
	290,000		3.961			03/02/28		273,331
	(US 1 Year CMT T-Note + 1.900%)
	300,000		5.354	(a)		09/13/28		296,555
	(US 1 Year CMT T-Note + 1.380%)
	1,000,000		5.422	(a)		02/22/29		992,592
	(US 1 Year CMT T-Note + 1.100%)
	300,000		2.852	(a)		01/19/33		243,058
	(US 1 Year CMT T-Note + 1.630%)
	1,000,000		5.441	(a)		02/22/34		982,533
	Mizuho Financial Group, Inc. (Japan)
	490,000		2.839			09/13/26		447,831
	(US 1 Year CMT T-Note + 0.670%)
	500,000		1.234	(a)		05/22/27		434,170
	300,000		2.564			09/13/31		233,205
	National Australia Bank Ltd. (Australia)
	940,000		2.500			07/12/26		864,261
	NatWest Group PLC (United Kingdom)
	(3M USD LIBOR + 1.762%)
	665,000		4.269	(a)		03/22/25		652,223
	846,000		4.800			04/05/26		824,315
	(US 1 Year CMT T-Note + 2.550%)
	355,000		3.073	(a)		05/22/28		320,056
	(3M USD LIBOR + 1.754%)
	345,000		4.892	(a)		05/18/29		329,573
	(US 5 Year CMT T-Note + 2.100%)
	208,000		3.754	(a)		11/01/29		195,497
	(3M USD LIBOR + 1.905%)
	470,000		5.076	(a)		01/27/30		451,372
	(3M USD LIBOR + 1.871%)
	370,000		4.445	(a)		05/08/30		342,281
	(US 5 Year CMT T-Note + 2.350%)
	420,000		3.032	(a)		11/28/35		325,010
	Royal Bank of Canada, GMTN (Canada)
	500,000		2.250			11/01/24		475,850
	50,000		0.875			01/20/26		44,228
	350,000		4.650			01/27/26		342,057
	300,000		1.400			11/02/26		261,742
	500,000		4.240			08/03/27		480,141
	250,000		2.300			11/03/31		199,921
	300,000		5.000			02/01/33		293,096
Foreign Corporate Debt – (continued)
Banks – (continued)
	Royal Bank of Canada (Canada)
	130,000		1.200			04/27/26		115,004
	Royal Bank of Canada, MTN (Canada)
	257,000		1.150			06/10/25		234,723
	Santander UK Group Holdings PLC (United Kingdom)
	(SOFR + 0.787%)
	200,000		1.089	(a)		03/15/25		189,644
	(SOFR + 2.749%)
	870,000		6.833	(a)		11/21/26		884,769
	(SOFR + 0.989%)
	1,790,000		1.673	(a)		06/14/27		1,562,220
	Sumitomo Mitsui Financial Group, Inc. (Japan)
	500,000		2.696			07/16/24		481,426
	468,000		3.364			07/12/27		434,530
	200,000		5.520			01/13/28		199,637
	1,000,000		3.040			07/16/29		867,871
	490,000		2.750			01/15/30		413,665
	500,000		2.130			07/08/30		400,531
	500,000		2.222			09/17/31		389,575
	500,000		5.766			01/13/33		504,773
	Toronto-Dominion Bank (The) (Canada)
	50,000		1.950			01/12/27		44,433
	290,000		4.108			06/08/27		277,785
	(5 Year USD Swap + 2.205%)
	550,000		3.625	(a)		09/15/31		512,531
	Toronto-Dominion Bank (The), MTN (Canada)
	830,000		2.650			06/12/24		802,294
	270,000		1.150			06/12/25		246,217
	630,000		0.750			01/06/26		555,033
	375,000		1.250			09/10/26		326,192
	500,000		2.800			03/10/27		457,612
	500,000		2.000			09/10/31		393,420
	697,000		3.200			03/10/32		598,640
	Westpac Banking Corp. (Australia)
	40,000		3.300			02/26/24		39,187
	1,000,000		5.350			10/18/24		1,000,464
	112,000		1.019			11/18/24		104,384
	40,000		2.350			02/19/25		37,902
	200,000		2.850			05/13/26		186,604
	625,000		1.150			06/03/26		550,949
	40,000		3.350			03/08/27		37,590
	350,000		5.457			11/18/27		355,883
	40,000		3.400			01/25/28		37,144
	247,000		2.650			01/16/30		215,868
	(US 5 Year CMT T-Note + 1.350%)
	1,476,000		2.894	(a)		02/04/30		1,369,797
	400,000		2.150			06/03/31		333,626
	(US 5 Year CMT T-Note + 2.000%)
	100,000		4.110	(a)		07/24/34		88,744
	(US 5 Year CMT T-Note + 1.750%)
	300,000		2.668	(a)		11/15/35		231,373
	186,000		4.421			07/24/39		157,949
	100,000		2.963			11/16/40		69,006
	Westpac Banking Corp.(a), GMTN (Australia)
	(5 Year USD Swap + 2.236%)
	146,000		4.322			11/23/31		137,495
								68,010,139

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)
Beverages – 0.0%
	Coca-Cola Femsa SAB de CV (Mexico)
$	280,000		2.750	%		01/22/30	$	241,520
Brokerage – 0.3%
	Brookfield Finance, Inc. (Canada)
	814,000		3.900			01/25/28		756,532
	120,000		4.850			03/29/29		115,193
	125,000		4.350			04/15/30		115,055
	237,000		4.700			09/20/47		201,486
	Nomura Holdings, Inc. (Japan)
	530,000		2.999			01/22/32		425,519
								1,613,785
Consumer Cyclical – 0.0%
	Toyota Motor Corp. (Japan)
	80,000		1.339			03/25/26		71,811
Consumer Noncyclical – 1.3%
	AstraZeneca PLC (United Kingdom)
	250,000		6.450			09/15/37		282,101
	BAT Capital Corp. (United Kingdom)
	150,000		3.222			08/15/24		144,701
	264,000		3.215			09/06/26		244,183
	400,000		4.700			04/02/27		386,570
	900,000		3.557			08/15/27		821,124
	330,000		2.259			03/25/28		277,204
	464,000		2.726			03/25/31		361,567
	444,000		4.390			08/15/37		345,699
	398,000		4.540			08/15/47		288,133
	204,000		4.758			09/06/49		150,760
	360,000		3.984			09/25/50		238,326
	BAT International Finance PLC (United Kingdom)
	292,000		1.668			03/25/26		259,302
	700,000		4.448			03/16/28		651,875
	GlaxoSmithKline Capital, Inc. (United Kingdom)
	910,000		3.875			05/15/28		865,986
	511,000		6.375			05/15/38		577,707
	Novartis Capital Corp. (Switzerland)
	570,000		3.400			05/06/24		558,923
	158,000		1.750			02/14/25		148,349
	115,000		3.000			11/20/25		109,302
	214,000		3.100			05/17/27		201,398
	262,000		2.200			08/14/30		221,714
	220,000		4.400			05/06/44		203,834
	180,000		4.000			11/20/45		157,350
	225,000		2.750			08/14/50		156,864
	Reynolds American, Inc. (United Kingdom)
	468,000		5.850			08/15/45		404,505
								8,057,477
Consumer Products – 0.2%
	Unilever Capital Corp. (United Kingdom)
	100,000		2.900			05/05/27		93,131
	500,000		3.500			03/22/28		469,886
	500,000		2.125			09/06/29		423,800
	132,000		5.900			11/15/32		143,234
								1,130,051
Foreign Corporate Debt – (continued)
Energy – 2.2%
	BP Capital Markets PLC (United Kingdom)
	764,000		3.279			09/19/27		711,291
	168,000		3.723			11/28/28		158,256
	Canadian Natural Resources Ltd. (Canada)
	513,000		3.850			06/01/27		481,523
	Canadian Natural Resources Ltd., GMTN (Canada)
	214,000		4.950			06/01/47		186,244
	Cenovus Energy, Inc. (Canada)
	172,000		6.750			11/15/39		179,710
	322,000		5.400			06/15/47		291,253
	Enbridge, Inc. (Canada)
	708,000		3.125			11/15/29		618,545
	(3M USD LIBOR + 3.641%)
	570,000		6.250	(a)		03/01/78		530,100
	Equinor ASA (Norway)
	70,000		3.700			03/01/24		68,822
	460,000		2.875			04/06/25		439,494
	200,000		1.750			01/22/26		182,616
	300,000		3.125			04/06/30		269,968
	100,000		2.375			05/22/30		85,311
	430,000		3.950			05/15/43		361,667
	114,000		3.250			11/18/49		84,000
	250,000		3.700			04/06/50		199,874
	Shell International Finance BV (Netherlands)
	362,000		2.000			11/07/24		344,469
	682,000		3.250			05/11/25		656,021
	330,000		2.875			05/10/26		309,242
	130,000		2.500			09/12/26		119,536
	352,000		3.875			11/13/28		336,014
	352,000		2.375			11/07/29		302,075
	300,000		2.750			04/06/30		263,705
	328,000		4.125			05/11/35		302,330
	761,000		6.375			12/15/38		844,374
	352,000		4.375			05/11/45		312,036
	450,000		4.000			05/10/46		371,792
	334,000		3.750			09/12/46		265,826
	282,000		3.125			11/07/49		203,042
	300,000		3.000			11/26/51		208,147
	Suncor Energy, Inc. (Canada)
	80,000		6.800			05/15/38		85,125
	384,000		4.000			11/15/47		301,203
	100,000		3.750			03/04/51		73,292
	TotalEnergies Capital International SA (France)
	184,000		3.750			04/10/24		181,274
	280,000		2.829			01/10/30		247,207
	335,000		2.986			06/29/41		251,800
	370,000		3.461			07/12/49		282,910
	220,000		3.386			06/29/60		157,269
	TotalEnergies Capital SA (France)
	344,000		3.883			10/11/28		330,455
	TransCanada PipeLines Ltd. (Canada)
	433,000		2.500			10/12/31		343,098
	400,000		4.625			03/01/34		365,308
	420,000		7.625			01/15/39		487,177
	120,000		4.875			05/15/48		105,589
	150,000		5.100			03/15/49		136,027

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, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Foreign Corporate Debt – (continued)
Energy – (continued)
	Transcanada Trust(a), Series 16-A (Canada)
	(3M USD LIBOR + 4.640%)
$	198,000		5.875	%		08/15/76	$	189,585
								13,224,602
Financial Company – 0.6%
	AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Ireland)
	500,000		3.150			02/15/24		487,081
	500,000		3.500			01/15/25		476,798
	450,000		6.500			07/15/25		451,621
	952,000		2.450			10/29/26		837,271
	300,000		3.000			10/29/28		254,391
	432,000		3.300			01/30/32		345,811
	300,000		3.400			10/29/33		232,640
	480,000		3.850			10/29/41		352,806
								3,438,419
Food and Beverage – 1.5%
	Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc. (Belgium)
	518,000		3.650			02/01/26		496,658
	1,450,000		4.700			02/01/36		1,362,773
	1,466,000		4.900			02/01/46		1,350,284
	Anheuser-Busch InBev Finance, Inc. (Belgium)
	226,000		4.625			02/01/44		201,870
	300,000		4.900			02/01/46		276,137
	Anheuser-Busch InBev Worldwide, Inc. (Belgium)
	536,000		4.000			04/13/28		511,688
	628,000		4.750			01/23/29		617,658
	281,000		4.900			01/23/31		280,758
	429,000		4.375			04/15/38		383,701
	500,000		5.450			01/23/39		499,161
	100,000		4.350			06/01/40		87,946
	356,000		4.950			01/15/42		333,207
	435,000		4.600			04/15/48		384,908
	146,000		4.439			10/06/48		126,055
	632,000		5.550			01/23/49		636,720
	280,000		4.500			06/01/50		247,298
	310,000		4.750			04/15/58		278,739
	382,000		5.800			01/23/59		396,241
	Diageo Capital PLC (United Kingdom)
	200,000		1.375			09/29/25		181,981
	700,000		2.375			10/24/29		591,861
								9,245,644
Forest Products & Paper – 0.1%
	Suzano Austria GmbH (Brazil)
	350,000		3.750			01/15/31		296,418
Insurance – 0.0%
	Manulife Financial Corp. (Canada)
	186,000		5.375			03/04/46		189,873
Internet – 0.5%
	Alibaba Group Holding Ltd. (China)
	760,000		3.600			11/28/24		735,678
	744,000		3.400			12/06/27		684,322
Foreign Corporate Debt – (continued)
Internet – (continued)
	Alibaba Group Holding Ltd. (China) – (continued)
	560,000		2.125			02/09/31		448,307
	400,000		4.000			12/06/37		332,052
	550,000		4.200			12/06/47		430,580
	300,000		3.150			02/09/51		191,698
	200,000		4.400			12/06/57		156,538
								2,979,175
Lodging – 0.2%
	Sands China Ltd. (Macau)
	290,000		5.625			08/08/25		280,575
	500,000		4.300			01/08/26		460,000
	490,000		5.900			08/08/28		460,600
								1,201,175
Metals and Mining – 0.2%
	BHP Billiton Finance USA Ltd. (Australia)
	511,000		4.125			02/24/42		441,951
	274,000		5.000			09/30/43		266,409
	Rio Tinto Finance USA Ltd. (Australia)
	80,000		7.125			07/15/28		87,811
	306,000		5.200			11/02/40		307,278
	Rio Tinto Finance USA PLC (Australia)
	80,000		4.125			08/21/42		69,262
								1,172,711
Mining – 0.2%
	Southern Copper Corp. (Mexico)
	341,000		7.500			07/27/35		389,007
	242,000		6.750			04/16/40		264,960
	166,000		5.250			11/08/42		155,343
	491,000		5.875			04/23/45		497,647
								1,306,957
Oil Company-Exploration & Production – 0.0%
	CNOOC Finance 2015 USA LLC (China)
	200,000		4.375			05/02/28		194,970
Oil Company-Integrated – 0.2%
	Ecopetrol SA (Colombia)
	150,000		4.125			01/16/25		144,750
	200,000		5.375			06/26/26		190,125
	598,000		6.875			04/29/30		531,473
	178,000		7.375			09/18/43		144,847
	400,000		5.875			05/28/45		261,000
								1,272,195
Semiconductors – 0.1%
	TSMC Arizona Corp. (Taiwan)
	260,000		1.750			10/25/26		231,478
	720,000		3.250			10/25/51		541,044
								772,522
Technology – 0.2%
	NXP BV / NXP Funding LLC (China)
	280,000		4.875			03/01/24		278,030
	NXP BV / NXP Funding LLC / NXP USA, Inc. (China)
	226,000		3.400			05/01/30		195,552
	263,000		2.500			05/11/31		207,362

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)
Technology – (continued)
	NXP BV / NXP Funding LLC / NXP USA, Inc. (China) – (continued)
$	289,000		2.650	%		02/15/32	$	226,852
	300,000		5.000			01/15/33		282,620
								1,190,416
Telecommunications – 0.2%
	America Movil SAB de CV (Mexico)
	266,000		2.875			05/07/30		229,212
	640,000		6.125			03/30/40		679,787
	470,000		4.375			04/22/49		403,543
								1,312,542
Wireless – 0.4%
	Rogers Communications, Inc. (Canada)
	594,000		4.300			02/15/48		454,694
	500,000		4.350			05/01/49		390,823
	500,000		3.700			11/15/49		351,359
	Vodafone Group PLC (United Kingdom)
	150,000		4.125			05/30/25		145,949
	419,000		6.150			02/27/37		433,158
	450,000		4.875			06/19/49		391,742
	330,000		4.250			09/17/50		260,068
								2,427,793
Wirelines – 0.6%
	British Telecommunications PLC (United Kingdom)
	500,000		9.625			12/15/30		606,232
	Deutsche Telekom International Finance BV (Germany)
	650,000		8.750			06/15/30		772,428
	Orange SA (France)
	500,000		9.000			03/01/31		611,882
	100,000		5.375			01/13/42		99,025
	Telefonica Emisiones SA (Spain)
	1,380,000		4.665			03/06/38		1,147,371
	300,000		5.213			03/08/47		255,043
								3,491,981
	TOTAL FOREIGN CORPORATE DEBT
	(Cost $138,544,511)						$	122,842,176

Shares	Dividend Rate			Value
Investment Company – 0.4%(c)
Goldman Sachs Financial Square Government Fund – Institutional Shares
2,701,652		4.475	%	$	2,701,652
(Cost $2,701,652)
TOTAL INVESTMENTS – 98.9%
(Cost $700,061,144)				$	609,335,402
OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.1%					6,766,430
NET ASSETS – 100.0%				$	616,101,832

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, 2023.
(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, 2023 (Unaudited)

Principal Amount		Interest Rate(a)				Maturity Date		Value
U.S. Treasury Bills – 81.4%
	U.S. Treasury Bills
$	128,000		1.889	%			04/20/23	$	127,183
	132,000		1.897				04/20/23		131,157
	48,000		1.904				04/20/23		47,694
	224,000		1.911				04/20/23		222,570
	103,671,100		1.929				04/20/23		103,009,245
	64,000		1.936				04/20/23		63,591
	368,000		1.937				04/20/23		365,651
	80,000		1.973				04/20/23		79,489
	208,000		1.994				04/20/23		206,672
	112,000		2.010				04/20/23		111,285
	112,000		2.025				04/20/23		111,285
	112,000		2.032				04/20/23		111,285
	610,000		2.034				04/20/23		606,106
	32,067,000		2.058				04/20/23		31,862,278
	944,000		2.067				04/20/23		937,973
	1,403,000		2.127				04/20/23		1,394,043
	244,000		2.163				04/20/23		242,442
	4,819,000		2.615				04/20/23		4,788,235
	240,000		3.025				04/20/23		238,468
	720,000		3.032				04/20/23		715,403
	4,920,000		3.039				04/20/23		4,888,590
	240,000		3.048				04/20/23		238,468
	1,500,000		3.077				04/20/23		1,490,424
	600,000		3.092				04/20/23		596,169
	1,080,000		3.103				04/20/23		1,073,105
	600,000		3.104				04/20/23		596,169
	4,165,000		3.141				04/20/23		4,138,410
	1,615,000		3.193				04/20/23		1,604,690
	3,416,000		3.203				04/20/23		3,394,192
	660,000		3.206				04/20/23		655,786
	2,700,000		3.208				04/20/23		2,682,763
	5,440,000		3.223				04/20/23		5,405,270
	1,920,000		3.238				04/20/23		1,907,742
	2,040,000		3.239				04/20/23		2,026,976
	420,000		3.268				04/20/23		417,319
	2,340,000		3.346				04/20/23		2,325,061
	2,232,000		3.690				04/20/23		2,217,751
	4,731,000		3.730				04/20/23		4,700,796
	124,000		3.735				04/20/23		123,208
	2,241,000		3.746				04/20/23		2,226,693
	4,588,000		3.755				04/20/23		4,558,709
	2,480,000		3.766				04/20/23		2,464,167
	1,364,000		3.772				04/20/23		1,355,292
	620,000		3.913				04/20/23		616,042
	1,116,000		3.931				04/20/23		1,108,875
	372,000		3.938				04/20/23		369,625
	806,000		4.011				04/20/23		800,854
	1,872,000		4.441				04/20/23		1,860,049
	5,616,000		4.461				04/20/23		5,580,146
	8,320,000		4.472				04/20/23		8,266,884
	132,328,300		4.473				04/20/23		131,483,492
	312,000		4.474				04/20/23		310,008
	65,000,000		4.476				04/20/23		64,585,028
	1,352,000		4.478				04/20/23		1,343,369
	5,652,000		4.480				04/20/23		5,615,917
	1,260,000		4.485				04/20/23		1,251,956
U.S. Treasury Bills – (continued)
	U.S. Treasury Bills – (continued)
	630,000		4.487				04/20/23		625,978
	3,228,000		4.496				04/20/23		3,207,392
	11,150,000		4.504				04/20/23		11,078,816
	728,000		4.506				04/20/23		723,352
	4,056,000		4.509				04/20/23		4,030,106
	520,000		4.510				04/20/23		516,680
	624,000		4.511				04/20/23		620,016
	624,000		4.512				04/20/23		620,016
	525,000		4.514				04/20/23		521,648
	4,620,000		4.515				04/20/23		4,590,505
	2,205,000		4.522				04/20/23		2,190,923
	1,470,000		4.525				04/20/23		1,460,615
	1,785,000		4.537				04/20/23		1,773,604
	3,570,000		4.538				04/20/23		3,547,208
	936,000		4.545				04/20/23		930,024
	13,312,000		4.604				04/20/23		13,227,014
	624,000		4.631				04/20/23		620,016
	104,000		4.636				04/20/23		103,336
	1,664,000		4.646				04/20/23		1,653,377
	728,000		4.651				04/20/23		723,352
	2,184,000		4.653				04/20/23		2,170,057
	2,680,000		4.660				04/20/23		2,662,890
	3,848,000		4.664				04/20/23		3,823,434
	936,000		4.669				04/20/23		930,024
	1,352,000		4.672				04/20/23		1,343,369
	7,488,000		4.674				04/20/23		7,440,195
	1,144,000		4.677				04/20/23		1,136,697
	208,000		4.678				04/20/23		206,672
	728,000		4.683				04/20/23		723,352
	1,768,000		4.687				04/20/23		1,756,713
	5,200,000		4.688				04/20/23		5,166,802
	1,206,000		4.690				04/20/23		1,198,301
	1,976,000		4.694				04/20/23		1,963,385
	1,560,000		4.758				04/20/23		1,550,041
	52,104,000		4.759				04/20/23		51,771,358
	13,200,000		4.556				04/25/23		13,107,015
	880,000		4.573				04/25/23		873,801
	4,329,000		4.587				04/25/23		4,298,505
	555,000		4.590				04/25/23		551,090
	65,934,000		4.603				04/25/23		65,469,541
	11,613,000		4.604				04/25/23		11,531,195
	413,654,300		4.609				04/25/23		410,740,395
	770,000		4.611				04/25/23		764,576
	4,070,000		4.617				04/25/23		4,041,330
	1,110,000		4.619				04/25/23		1,102,181
	1,776,000		4.625				04/25/23		1,763,489
	777,000		4.634		��		04/25/23		771,527
	1,430,000		4.640				04/25/23		1,419,927
	10,251,000		4.646				04/25/23		10,178,789
	770,000		4.650				04/25/23		764,576
	1,870,000		4.655				04/25/23		1,856,827
	5,500,000		4.676				04/25/23		5,461,256
	222,000		4.680				04/25/23		220,436
	2,090,000		4.681				04/25/23		2,075,277
	990,000		4.693				04/25/23		983,026
	1,305,000		4.708				04/25/23		1,295,807

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)
$	1,210,000		4.710	%		04/25/23	$	1,201,476
	55,110,000		4.723			04/25/23		54,721,789
	2,900,000		4.728			04/25/23		2,879,572
	1,650,000		4.736			04/25/23		1,638,377
	572,000		4.567			05/11/23		566,765
	132,000		4.568			05/11/23		130,792
	1,936,000		4.572			05/11/23		1,918,282
	1,364,000		4.577			05/11/23		1,351,517
	3,520,000		4.579			05/11/23		3,487,786
	1,144,000		4.583			05/11/23		1,133,530
	792,000		4.592			05/11/23		784,752
	1,760,000		4.610			05/11/23		1,743,893
	836,000		4.613			05/11/23		828,349
	264,000		4.614			05/11/23		261,584
	792,000		4.615			05/11/23		784,752
	440,000		4.616			05/11/23		435,973
	1,188,000		4.617			05/11/23		1,177,128
	308,000		4.624			05/11/23		305,181
	150,322,000		4.628			05/11/23		148,946,285
	220,000		4.631			05/11/23		217,987
	264,000		4.639			05/11/23		261,584
	836,000		4.645			05/11/23		828,349
	26,136,000		4.658			05/11/23		25,896,809
	44,000		4.664			05/11/23		43,597
	352,000		4.675			05/11/23		348,779
	264,000		4.676			05/11/23		261,584
	704,000		4.677			05/11/23		697,557
	5,280,000		4.678			05/11/23		5,231,679
	924,000		4.688			05/11/23		915,544
	88,000		4.708			05/11/23		87,195
	308,000		4.719			05/11/23		305,181
	1,628,000		4.725			05/11/23		1,613,101
	572,000		4.738			05/11/23		566,765
	2,200,000		4.742			05/11/23		2,179,866
	821,000		4.748			05/11/23		813,486
	1,140,000		4.750			05/11/23		1,129,567
	748,000		4.755			05/11/23		741,154
	3,168,000		4.758			05/11/23		3,139,007
	484,000		4.762			05/11/23		479,571
	396,000		4.769			05/11/23		392,376
	836,000		4.774			05/11/23		828,349
	660,000		4.792			05/11/23		653,960
	22,044,000		4.821			05/11/23		21,842,258
	18,664,000		2.043			05/18/23		18,476,492
	184,000		2.199			05/18/23		182,151
	32,000		2.246			05/18/23		31,679
	632,000		2.623			05/18/23		625,651
	40,000		3.076			05/18/23		39,598
	120,000		3.084			05/18/23		118,794
	280,000		3.137			05/18/23		277,187
	786,000		3.147			05/18/23		778,103
	250,000		3.164			05/18/23		247,488
	110,000		3.167			05/18/23		108,895
	266,000		3.191			05/18/23		263,328
	560,000		3.210			05/18/23		554,374
	450,000		3.211			05/18/23		445,479
U.S. Treasury Bills – (continued)
	U.S. Treasury Bills – (continued)
	272,000		3.220			05/18/23		269,267
	896,000		3.221			05/18/23		886,998
	256,000		3.236			05/18/23		253,428
	56,000		3.239			05/18/23		55,437
	312,000		3.324			05/18/23		308,865
	761,000		3.652			05/18/23		753,355
	90,000		3.664			05/18/23		89,096
	666,000		3.666			05/18/23		659,309
	198,000		3.671			05/18/23		196,011
	18,000		3.676			05/18/23		17,819
	324,000		3.688			05/18/23		320,745
	360,000		3.692			05/18/23		356,383
	54,000		3.722			05/18/23		53,457
	162,000		3.725			05/18/23		160,372
	117,000		3.737			05/18/23		115,825
	90,000		3.853			05/18/23		89,096
	522,000		3.915			05/18/23		516,756
	36,000		4.352			05/18/23		35,638
	180,000		4.368			05/18/23		178,192
	54,000		4.369			05/18/23		53,457
	189,000		4.390			05/18/23		187,101
	54,000		4.517			05/18/23		53,457
	324,000		4.538			05/18/23		320,745
	117,000		4.572			05/18/23		115,825
	108,000		4.574			05/18/23		106,915
	27,000		4.589			05/18/23		26,729
	396,000		4.590			05/18/23		392,022
	279,000		4.591			05/18/23		276,197
	882,000		4.592			05/18/23		873,139
	234,000		4.598			05/18/23		231,649
	171,000		4.606			05/18/23		169,282
	126,000		4.608			05/18/23		124,734
	360,000		4.609			05/18/23		356,383
	414,000		4.615			05/18/23		409,841
	72,000		4.618			05/18/23		71,277
	45,000		4.619			05/18/23		44,548
	272,000		4.620			05/18/23		269,267
	162,000		4.625			05/18/23		160,372
	90,000		4.626			05/18/23		89,096
	243,000		4.627			05/18/23		240,559
	117,000		4.628			05/18/23		115,825
	153,000		4.636			05/18/23		151,463
	90,000		4.638			05/18/23		89,096
	432,000		4.642			05/18/23		427,660
	45,000		4.643			05/18/23		44,548
	5,346,000		4.648			05/18/23		5,292,291
	54,000		4.661			05/18/23		53,457
	1,200,000		4.672			05/18/23		1,187,944
	243,000		4.680			05/18/23		240,559
	9,000		4.683			05/18/23		8,910
	80,000		4.694			05/18/23		79,196
	144,000		4.696			05/18/23		142,553
	388,000		4.721			05/18/23		384,102
	130,000		4.733			05/18/23		128,694
	117,000		4.749			05/18/23		115,825
	70,000		4.751			05/18/23		69,297

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, 2023 (Unaudited)

Principal Amount		Interest Rate(a)			Maturity Date		Value
U.S. Treasury Bills – (continued)
	U.S. Treasury Bills – (continued)
$	500,000		4.753	%		05/18/23	$	494,977
	70,000		4.757			05/18/23		69,297
	260,000		4.765			05/18/23		257,388
	110,000		4.772			05/18/23		108,895
	170,000		4.776			05/18/23		168,292
	720,000		4.779			05/18/23		712,767
	90,000		4.783			05/18/23		89,096
	190,000		4.785			05/18/23		188,091
	419,160,600		4.789			05/18/23		414,949,493
	150,000		4.796			05/18/23		148,493
	5,010,000		4.836			05/18/23		4,959,667
	320,000		4.683			05/23/23		316,565
	4,800,000		4.685			05/23/23		4,748,480
	179,122,900		4.727			05/23/23		177,200,306
	520,000		4.741			05/23/23		514,419
	280,000		4.743			05/23/23		276,995
	1,040,000		4.752			05/23/23		1,028,837
	280,000		4.755			05/23/23		276,995
	2,880,000		4.760			05/23/23		2,849,088
	360,000		4.767			05/23/23		356,136
	2,000,000		4.770			05/23/23		1,978,533
	468,000		4.771			05/23/23		462,977
	600,000		4.774			05/23/23		593,560
	440,000		4.775			05/23/23		435,277
	760,000		4.783			05/23/23		751,843
	680,000		4.790			05/23/23		672,701
	20,040,000		4.814			05/23/23		19,824,903
	225,859,000		4.689			06/08/23		222,964,611
	6,120,000		4.732			06/08/23		6,041,572
	408,000		4.743			06/08/23		402,771
	867,000		4.759			06/08/23		855,889
	1,887,000		4.762			06/08/23		1,862,818
	1,320,000		4.767			06/08/23		1,303,084
	357,000		4.768			06/08/23		352,425
	765,000		4.777			06/08/23		755,197
	357,000		4.785			06/08/23		352,425
	594,000		4.786			06/08/23		586,388
	663,000		4.787			06/08/23		654,504
	561,000		4.790			06/08/23		553,811
	2,550,000		4.801			06/08/23		2,517,322
	459,000		4.804			06/08/23		453,118
	969,000		4.819			06/08/23		956,582
	3,672,000		4.822			06/08/23		3,624,943
	25,551,000		4.868			06/08/23		25,223,563
	271,098,800		4.867			06/13/23		267,381,984
	1,760,000		4.556			06/15/23		1,735,747
	1,677,000		4.564			06/15/23		1,653,891
	25,542,000		4.575			06/15/23		25,190,032
	1,364,000		4.580			06/15/23		1,345,204
	1,936,000		4.581			06/15/23		1,909,322
	132,000		4.583			06/15/23		130,181
	396,000		4.584			06/15/23		390,543
	430,000		4.589			06/15/23		424,075
	215,000		4.602			06/15/23		212,037
	792,000		4.605			06/15/23		781,086
	43,000		4.638			06/15/23		42,407
U.S. Treasury Bills – (continued)
	U.S. Treasury Bills – (continued)
	3,520,000		4.640			06/15/23		3,471,495
	1,144,000		4.641			06/15/23		1,128,236
	572,000		4.642			06/15/23		564,118
	258,000		4.649			06/15/23		254,445
	152,285,500		4.677			06/15/23		150,187,011
	903,000		4.692			06/15/23		890,557
	352,000		4.701			06/15/23		347,149
	308,000		4.708			06/15/23		303,756
	688,000		4.718			06/15/23		678,519
	5,280,000		4.722			06/15/23		5,207,242
	86,000		4.744			06/15/23		84,815
	572,000		4.755			06/15/23		564,118
	1,628,000		4.759			06/15/23		1,605,566
	4,004,000		4.765			06/15/23		3,948,825
	308,000		4.775			06/15/23		303,756
	484,000		4.779			06/15/23		477,331
	396,000		4.792			06/15/23		390,543
	2,200,000		4.794			06/15/23		2,169,684
	1,140,000		4.799			06/15/23		1,124,291
	660,000		4.803			06/15/23		650,905
	748,000		4.805			06/15/23		737,693
	22,044,000		4.808			06/15/23		21,740,234
	513,000		4.811			06/15/23		505,931
	137,392,200		3.340			07/13/23		134,972,444
	495,000		3.411			07/13/23		486,282
	2,576,000		3.466			07/13/23		2,530,631
	1,440,000		3.486			07/13/23		1,414,639
	2,025,000		3.487			07/13/23		1,989,336
	315,000		3.508			07/13/23		309,452
	1,530,000		3.518			07/13/23		1,503,054
	1,755,000		3.577			07/13/23		1,724,091
	2,625,400		3.843			07/13/23		2,579,161
	92,000		3.897			07/13/23		90,380
	460,000		3.968			07/13/23		451,898
	276,000		4.480			07/13/23		271,139
	1,656,000		4.505			07/13/23		1,626,834
	2,068,000		4.507			07/13/23		2,031,578
	1,457,000		4.524			07/13/23		1,431,339
	141,000		4.527			07/13/23		138,517
	552,000		4.532			07/13/23		542,278
	2,116,000		4.534			07/13/23		2,078,733
	644,000		4.544			07/13/23		632,658
	368,000		4.571			07/13/23		361,519
	1,504,000		4.579			07/13/23		1,477,512
	329,000		4.580			07/13/23		323,206
	230,000		4.583			07/13/23		225,949
	470,000		4.588			07/13/23		461,722
	470,000		4.589			07/13/23		461,722
	782,000		4.590			07/13/23		768,227
	2,115,000		4.592			07/13/23		2,077,751
	3,760,000		4.593			07/13/23		3,693,779
	1,880,000		4.594			07/13/23		1,846,889
	976,000		4.595			07/13/23		958,811
	282,000		4.596			07/13/23		277,033
	1,222,000		4.600			07/13/23		1,200,478
	423,000		4.617			07/13/23		415,550

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 Bills – (continued)
	U.S. Treasury Bills – (continued)
$	27,918,000		4.623	%		07/13/23	$	27,426,307
	846,000		4.628			07/13/23		831,100
	235,000		4.643			07/13/23		230,861
	282,000		4.651			07/13/23		277,033
	1,833,000		4.687			07/13/23		1,800,717
	376,000		4.714			07/13/23		369,378
	47,000		4.729			07/13/23		46,172
	987,000		4.741			07/13/23		969,617
	5,640,000		4.774			07/13/23		5,540,668
	329,000		4.780			07/13/23		323,206
	1,739,000		4.791			07/13/23		1,708,373
	282,000		4.806			07/13/23		277,033
	752,000		4.841			07/13/23		738,756
	611,000		4.842			07/13/23		600,239
	94,000		4.853			07/13/23		92,344
	517,000		4.859			07/13/23		507,895
	329,000		4.861			07/13/23		323,206
	2,350,000		4.866			07/13/23		2,308,612
	1,220,000		4.873			07/13/23		1,198,513
	705,000		4.874			07/13/23		692,584
	893,000		4.879			07/13/23		877,272
	799,000		4.881			07/13/23		784,928
	549,000		4.883			07/13/23		539,331
	423,000		4.889			07/13/23		415,550
	3,384,000		4.892			07/13/23		3,324,401
	23,547,000		4.927			07/13/23		23,132,289
	50,203,400		3.442			08/10/23		49,121,132
	198,000		3.485			08/10/23		193,732
	126,000		3.516			08/10/23		123,284
	576,000		3.522			08/10/23		563,583
	702,000		3.560			08/10/23		686,867
	95,220,200		3.778			08/10/23		93,167,476
	129,000		4.514			08/10/23		126,219
	1,892,000		4.527			08/10/23		1,851,213
	774,000		4.538			08/10/23		757,314
	430,000		4.555			08/10/23		420,730
	1,677,000		4.559			08/10/23		1,640,848
	817,000		4.562			08/10/23		799,387
	559,000		4.568			08/10/23		546,949
	1,333,000		4.571			08/10/23		1,304,264
	3,440,000		4.582			08/10/23		3,365,842
	25,542,000		4.586			08/10/23		24,991,374
	1,720,000		4.594			08/10/23		1,682,921
	1,161,000		4.601			08/10/23		1,135,972
	215,000		4.606			08/10/23		210,365
	774,000		4.611			08/10/23		757,314
	387,000		4.615			08/10/23		378,657
	1,118,000		4.616			08/10/23		1,093,899
	430,000		4.617			08/10/23		420,730
	896,000		4.622			08/10/23		876,684
	301,000		4.624			08/10/23		294,511
	258,000		4.637			08/10/23		252,438
	903,000		4.640			08/10/23		883,533
	43,000		4.644			08/10/23		42,073
	946,000		4.661			08/10/23		925,606
	258,000		4.672			08/10/23		252,438
U.S. Treasury Bills – (continued)
	U.S. Treasury Bills – (continued)
	86,000		4.721			08/10/23		84,146
	344,000		4.790			08/10/23		336,584
	301,000		4.893			08/10/23		294,511
	559,000		4.896			08/10/23		546,949
	5,160,000		4.904			08/10/23		5,048,763
	301,000		4.917			08/10/23		294,511
	1,591,000		4.922			08/10/23		1,556,702
	2,881,000		4.927			08/10/23		2,818,892
	473,000		4.947			08/10/23		462,803
	1,487,000		4.950			08/10/23		1,454,944
	495,000		4.964			08/10/23		484,329
	3,913,000		4.975			08/10/23		3,828,645
	645,000		4.981			08/10/23		631,095
	21,543,000		5.005			08/10/23		21,078,583
	680,000		3.996			09/07/23		663,337
	1,258,000		4.017			09/07/23		1,227,173
	34,000		4.018			09/07/23		33,167
	52,806,000		4.031			09/07/23		51,512,021
	374,000		4.049			09/07/23		364,835
	170,000		4.119			09/07/23		165,834
	221,000		4.130			09/07/23		215,585
	85,000		4.418			09/07/23		82,917
	663,000		4.461			09/07/23		646,754
	748,000		4.469			09/07/23		729,671
	51,000		4.481			09/07/23		49,750
	170,000		4.488			09/07/23		165,834
	527,000		4.494			09/07/23		514,086
	102,000		4.507			09/07/23		99,501
	680,000		4.508			09/07/23		663,337
	153,000		4.526			09/07/23		149,251
	221,000		4.534			09/07/23		215,585
	10,098,000		4.536			09/07/23		9,850,555
	102,000		4.538			09/07/23		99,501
	272,000		4.554			09/07/23		265,335
	612,000		4.558			09/07/23		597,003
	357,000		4.560			09/07/23		348,252
	442,000		4.578			09/07/23		431,169
	34,000		4.580			09/07/23		33,167
	1,666,000		4.582			09/07/23		1,625,176
	629,000		4.590			09/07/23		613,587
	238,000		4.606			09/07/23		232,168
	136,000		4.609			09/07/23		132,667
	459,000		4.612			09/07/23		447,752
	204,000		4.614			09/07/23		199,001
	170,000		4.622			09/07/23		165,834
	102,000		4.632			09/07/23		99,501
	782,000		4.634			09/07/23		762,838
	289,000		4.641			09/07/23		281,918
	119,000		4.646			09/07/23		116,084
	85,000		4.647			09/07/23		82,917
	352,000		4.654			09/07/23		343,374
	17,000		4.672			09/07/23		16,583
	102,000		4.690			09/07/23		99,501
	2,040,000		4.704			09/07/23		1,990,011
	629,000		4.705			09/07/23		613,587
	221,000		4.787			09/07/23		215,585

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

GOLDMAN SACHS ACCESS TREASURY 0-1 YEAR ETF

Schedule of Investments (continued)

February 28, 2023 (Unaudited)

Principal Amount		Interest Rate(a)			Maturity Date		Value
U.S. Treasury Bills – (continued)
	U.S. Treasury Bills – (continued)
$	119,000		4.793	%		09/07/23	$	116,084
	187,000		4.805			09/07/23		182,418
	119,000		4.817			09/07/23		116,084
	198,000		4.826			09/07/23		193,148
	850,000		4.844			09/07/23		829,171
	440,000		4.846			09/07/23		429,218
	136,000		4.849			09/07/23		132,667
	1,224,000		4.856			09/07/23		1,194,007
	289,000		4.858			09/07/23		281,918
	153,000		4.863			09/07/23		149,251
	8,517,000		4.881			09/07/23		8,308,296
	323,000		4.898			09/07/23		315,085
	255,000		4.902			09/07/23		248,751
	558,000		4.544			10/05/23		542,197
	720,000		4.568			10/05/23		699,609
	648,000		4.575			10/05/23		629,648
	162,000		4.584			10/05/23		157,412
	108,000		4.587			10/05/23		104,941
	180,000		4.589			10/05/23		174,902
	90,000		4.595			10/05/23		87,451
	1,080,000		4.597			10/05/23		1,049,413
	702,000		4.601			10/05/23		682,118
	234,000		4.605			10/05/23		227,373
	10,692,000		4.620			10/05/23		10,389,186
	1,440,000		4.626			10/05/23		1,399,217
	54,000		4.628			10/05/23		52,471
	324,000		4.630			10/05/23		314,824
	108,000		4.631			10/05/23		104,941
	72,000		4.634			10/05/23		69,961
	18,000		4.635			10/05/23		17,490
	324,000		4.645			10/05/23		314,824
	468,000		4.648			10/05/23		454,746
	216,000		4.652			10/05/23		209,883
	378,000		4.653			10/05/23		367,294
	378,000		4.658			10/05/23		367,294
	56,791,800		4.660			10/05/23		55,183,369
	36,000		4.662			10/05/23		34,980
	342,000		4.668			10/05/23		332,314
	252,000		4.675			10/05/23		244,863
	180,000		4.683			10/05/23		174,902
	468,000		4.690			10/05/23		454,746
	486,000		4.694			10/05/23		472,236
	126,000		4.696			10/05/23		122,431
	108,000		4.713			10/05/23		104,941
	378,000		4.717			10/05/23		367,294
	368,000		4.721			10/05/23		357,578
	90,000		4.724			10/05/23		87,451
	306,000		4.728			10/05/23		297,334
	144,000		4.729			10/05/23		139,922
	828,000		4.731			10/05/23		804,550
	108,000		4.744			10/05/23		104,941
	144,000		4.756			10/05/23		139,922
	2,160,000		4.801			10/05/23		2,098,825
	666,000		4.811			10/05/23		647,138
	460,000		4.837			10/05/23		446,972
	234,000		4.838			10/05/23		227,373
U.S. Treasury Bills – (continued)
	U.S. Treasury Bills – (continued)
$	126,000		4.850	%		10/05/23	$	122,431
	207,000		4.880			10/05/23		201,137
	126,000		4.900			10/05/23		122,431
	198,000		4.905			10/05/23		192,392
	900,000		4.927			10/05/23		874,511
	1,296,000		4.938			10/05/23		1,259,295
	270,000		4.942			10/05/23		262,353
	306,000		4.943			10/05/23		297,334
	9,018,000		4.961			10/05/23		8,762,596
	162,000		4.967			10/05/23		157,412
	342,000		4.988			10/05/23		332,314
	260,000		4.615			11/02/23		251,636
	620,000		4.619			11/02/23		600,054
	360,000		4.647			11/02/23		348,419
	880,000		4.652			11/02/23		851,690
	60,000		4.662			11/02/23		58,070
	2,120,000		4.665			11/02/23		2,051,799
	152,732,800		4.668			11/02/23		147,819,324
	380,000		4.684			11/02/23		367,775
	140,000		4.692			11/02/23		135,496
	1,000,000		4.693			11/02/23		967,830
	180,000		4.709			11/02/23		174,209
	20,476,000		4.711			11/02/23		19,817,279
	360,000		4.728			11/02/23		348,419
	540,000		4.740			11/02/23		522,628
	120,000		4.746			11/02/23		116,140
	120,000		4.762			11/02/23		116,140
	432,000		4.766			11/02/23		418,102
	41,181,100		4.802			11/02/23		39,856,287
	1,998,000		4.837			11/02/23		1,933,724
	6,480,000		4.842			11/02/23		6,271,536
	702,000		4.849			11/02/23		679,416
	378,000		4.880			11/02/23		365,840
	138,092,800		4.891			11/02/23		133,650,299
	378,000		4.914			11/02/23		365,840
	630,000		4.932			11/02/23		609,733
	2,700,000		4.942			11/02/23		2,613,140
	1,400,000		4.948			11/02/23		1,354,961
	594,000		4.952			11/02/23		574,891
	810,000		4.954			11/02/23		783,942
	918,000		4.966			11/02/23		888,468
	486,000		4.980			11/02/23		470,365
	1,026,000		5.007			11/02/23		992,993
	3,888,000		5.022			11/02/23		3,762,921
	27,054,000		5.042			11/02/23		26,183,662
	165,286,300		4.755			01/25/24		158,209,009
	296,000		4.819			01/25/24		283,326
	3,219,000		4.900			01/25/24		3,081,168
	259,000		4.908			01/25/24		247,910
	481,000		4.916			01/25/24		460,404
	691,000		4.948			01/25/24		661,413
	960,000		4.976			01/25/24		918,894
	555,000		5.000			01/25/24		531,236
	159,569,400		5.003			01/25/24		152,736,898
	1,850,000		5.004			01/25/24		1,770,786
	1,036,000		5.014			01/25/24		991,640

62 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)
$	333,000		5.032	%		01/25/24	$	318,741
	2,664,000		5.052			01/25/24		2,549,932
	703,000		5.064			01/25/24		672,899
	18,537,000		5.067			01/25/24		17,743,276
	135,856,600		5.107			02/22/24		129,428,883
	TOTAL U.S. TREASURY BILLS
	(Cost $4,360,874,285)						$	4,357,212,595
U.S. Treasury Notes – 18.6%
	U.S. Treasury Notes
$	2,449,000		2.799	%		05/15/23	$	2,425,419
	93,000		2.867			05/15/23		92,104
	372,000		2.875			05/15/23		368,418
	57,994,200		2.898			05/15/23		57,435,779
	682,000		2.903			05/15/23		675,433
	713,000		2.957			05/15/23		706,135
	1,050,000		2.979			05/15/23		1,039,890
	279,000		3.006			05/15/23		276,313
	465,000		3.020			05/15/23		460,523
	1,020,000		3.062			05/15/23		1,010,178
	992,000		3.063			05/15/23		982,448
	1,380,000		3.093			05/15/23		1,366,712
	2,460,000		3.142			05/15/23		2,436,313
	120,000		3.155			05/15/23		118,844
	120,000		3.180			05/15/23		118,844
	360,000		3.184			05/15/23		356,534
	540,000		3.191			05/15/23		534,800
	330,000		3.225			05/15/23		326,822
	90,000		3.226			05/15/23		89,133
	300,000		3.227			05/15/23		297,111
	300,000		3.239			05/15/23		297,111
	750,000		3.273			05/15/23		742,778
	2,107,000		3.275			05/15/23		2,086,712
	817,000		3.308			05/15/23		809,133
	2,752,000		3.366			05/15/23		2,725,501
	1,736,000		3.376			05/15/23		1,719,284
	330,000		3.390			05/15/23		326,822
	1,350,000		3.394			05/15/23		1,337,001
	1,020,000		3.430			05/15/23		1,010,178
	960,000		3.470			05/15/23		950,756
	210,000		3.504			05/15/23		207,978
	1,170,000		3.572			05/15/23		1,158,734
	558,000		3.765			05/15/23		552,627
	2,294,000		4.086			05/15/23		2,271,911
	1,240,000		4.091			05/15/23		1,228,060
	682,000		4.120			05/15/23		675,433
	310,000		4.157			05/15/23		307,015
	186,000		4.198			05/15/23		184,209
	403,000		4.211			05/15/23		399,120
	558,000		4.216			05/15/23		552,627
	1,333,000		4.309			05/15/23		1,320,165
	465,000		4.313			05/15/23		460,523
	713,000		4.421			05/15/23		706,135
	124,000		4.466			05/15/23		122,806
U.S. Treasury Notes – (continued)
	U.S. Treasury Notes – (continued)
$	403,000		4.488	%		05/15/23	$	399,120
	124,000		4.489			05/15/23		122,806
	496,000		4.496			05/15/23		491,224
	186,000		4.503			05/15/23		184,209
	1,116,000		4.507			05/15/23		1,105,254
	806,000		4.523			05/15/23		798,239
	806,000		4.537			05/15/23		798,239
	558,000		4.541			05/15/23		552,627
	651,000		4.546			05/15/23		644,732
	372,000		4.548			05/15/23		368,418
	434,000		4.549			05/15/23		429,821
	6,380,000		4.554			05/15/23		6,318,568
	1,426,000		4.557			05/15/23		1,412,269
	1,364,000		4.561			05/15/23		1,350,866
	651,000		4.569			05/15/23		644,732
	155,000		4.575			05/15/23		153,507
	961,000		4.585			05/15/23		951,747
	589,000		4.591			05/15/23		583,329
	248,000		4.593			05/15/23		245,612
	527,000		4.603			05/15/23		521,926
	186,000		4.613			05/15/23		184,209
	1,364,000		4.616			05/15/23		1,350,866
	713,000		4.617			05/15/23		706,135
	93,000		4.620			05/15/23		92,104
	558,000		4.621			05/15/23		552,627
	640,000		4.622			05/15/23		633,837
	186,000		4.628			05/15/23		184,209
	310,000		4.629			05/15/23		307,015
	837,000		4.646			05/15/23		828,941
	1,240,000		4.649			05/15/23		1,228,060
	1,209,000		4.669			05/15/23		1,197,359
	651,000		4.677			05/15/23		644,732
	248,000		4.679			05/15/23		245,612
	279,000		4.682			05/15/23		276,313
	310,000		4.693			05/15/23		307,015
	3,782,000		4.701			05/15/23		3,745,583
	31,000		4.712			05/15/23		30,701
	186,000		4.721			05/15/23		184,209
	155,000		4.723			05/15/23		153,507
	217,000		4.750			05/15/23		214,911
	1,147,000		4.755			05/15/23		1,135,956
	217,000		4.762			05/15/23		214,911
	403,000		4.775			05/15/23		399,120
	18,414,000		4.777			05/15/23		18,236,693
	589,000		4.801			05/15/23		583,329
	527,000		4.806			05/15/23		521,926
	279,000		4.814			05/15/23		276,314
	1,550,000		4.815			05/15/23		1,535,075
	341,000		4.846			05/15/23		337,717
	2,232,000		4.850			05/15/23		2,210,508
	360,000		4.852			05/15/23		356,534
	800,000		4.866			05/15/23		792,297
	465,000		4.889			05/15/23		460,523
	15,531,000		4.910			05/15/23		15,381,453
	51,001,000		2.924			07/15/23		50,073,618
	216,000		3.230			07/15/23		212,072

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

GOLDMAN SACHS ACCESS TREASURY 0-1 YEAR ETF

Schedule of Investments (continued)

February 28, 2023 (Unaudited)

Principal Amount		Interest Rate(a)			Maturity Date		Value
U.S. Treasury Notes – (continued)
	U.S. Treasury Notes – (continued)
$	324,000		3.286	%		07/15/23	$	318,108
	180,000		3.299			07/15/23		176,727
	180,000		3.323			07/15/23		176,727
	450,000		3.334			07/15/23		441,817
	1,225,000		3.372			07/15/23		1,202,725
	475,000		3.403			07/15/23		466,363
	1,600,000		3.430			07/15/23		1,570,906
	198,000		3.474			07/15/23		194,400
	1,008,000		3.516			07/15/23		989,671
	576,000		3.539			07/15/23		565,526
	810,000		3.545			07/15/23		795,271
	612,000		3.547			07/15/23		600,872
	126,000		3.589			07/15/23		123,709
	702,000		3.637			07/15/23		689,235
	589,000		4.596			07/15/23		578,290
	247,000		4.614			07/15/23		242,509
	342,000		4.628			07/15/23		335,781
	1,520,000		4.632			07/15/23		1,492,361
	494,000		4.643			07/15/23		485,017
	57,000		4.644			07/15/23		55,964
	108,000		4.648			07/15/23		106,036
	648,000		4.651			07/15/23		636,217
	277,000		4.674			07/15/23		271,963
	342,000		4.675			07/15/23		335,781
	836,000		4.676			07/15/23		820,798
	114,000		4.678			07/15/23		111,927
	252,000		4.684			07/15/23		247,418
	216,000		4.686			07/15/23		212,072
	72,000		4.687			07/15/23		70,691
	133,000		4.691			07/15/23		130,582
	551,000		4.692			07/15/23		540,981
	760,000		4.701			07/15/23		746,180
	513,000		4.702			07/15/23		503,672
	180,000		4.707			07/15/23		176,727
	702,000		4.709			07/15/23		689,235
	114,000		4.715			07/15/23		111,927
	368,000		4.716		��	07/15/23		361,308
	144,000		4.720			07/15/23		141,382
	171,000		4.724			07/15/23		167,891
	306,000		4.728			07/15/23		300,436
	90,000		4.732			07/15/23		88,363
	828,000		4.737			07/15/23		812,944
	378,000		4.739			07/15/23		371,127
	90,000		4.747			07/15/23		88,363
	18,000		4.767			07/15/23		17,673
	288,000		4.768			07/15/23		282,763
	108,000		4.779			07/15/23		106,036
	10,692,000		4.785			07/15/23		10,497,581
	36,000		4.853			07/15/23		35,345
	152,000		4.864			07/15/23		149,236
	2,280,000		4.923			07/15/23		2,238,541
	247,000		4.929			07/15/23		242,509
	703,000		4.956			07/15/23		690,217
	133,000		4.988			07/15/23		130,582
	950,000		4.994			07/15/23		932,726
	133,000		5.001			07/15/23		130,582
U.S. Treasury Notes – (continued)
	U.S. Treasury Notes – (continued)
	209,000		5.015			07/15/23		205,200
	323,000		5.021			07/15/23		317,127
	1,368,000		5.022			07/15/23		1,343,125
	500,000		5.030			07/15/23		490,908
	171,000		5.035			07/15/23		167,891
	9,519,000		5.057			07/15/23		9,345,910
	361,000		5.070			07/15/23		354,436
	225,000		5.072			07/15/23		220,909
	285,000		5.080			07/15/23		279,818
	868,000		4.544			09/15/23		845,351
	91,065,900		4.546			09/15/23		88,689,649
	2,240,000		4.549			09/15/23		2,181,550
	1,092,000		4.580			09/15/23		1,063,506
	1,232,000		4.581			09/15/23		1,199,852
	504,000		4.591			09/15/23		490,849
	84,000		4.604			09/15/23		81,808
	280,000		4.623			09/15/23		272,694
	1,120,000		4.625			09/15/23		1,090,775
	1,044,000		4.629			09/15/23		1,016,758
	252,000		4.642			09/15/23		245,424
	504,000		4.650			09/15/23		490,849
	588,000		4.678			09/15/23		572,657
	168,000		4.679			09/15/23		163,616
	280,000		4.682			09/15/23		272,694
	532,000		4.685			09/15/23		518,118
	174,000		4.689			09/15/23		169,460
	348,000		4.695			09/15/23		338,919
	756,000		4.711			09/15/23		736,273
	28,000		4.717			09/15/23		27,269
	196,000		4.723			09/15/23		190,886
	1,092,000		4.725			09/15/23		1,063,506
	168,000		4.728			09/15/23		163,616
	16,772,000		4.736			09/15/23		16,334,356
	168,000		4.740			09/15/23		163,616
	448,000		4.747			09/15/23		436,310
	406,000		4.753			09/15/23		395,406
	1,334,000		4.757			09/15/23		1,299,191
	56,000		4.766			09/15/23		54,539
	493,000		4.775			09/15/23		480,136
	145,000		4.779			09/15/23		141,216
	232,000		4.785			09/15/23		225,946
	576,000		4.789			09/15/23		560,970
	224,000		4.861			09/15/23		218,155
	3,360,000		4.882			09/15/23		3,272,325
	196,000		4.898			09/15/23		190,886
	1,036,000		4.903			09/15/23		1,008,967
	196,000		4.965			09/15/23		190,886
	364,000		4.970			09/15/23		354,502
	1,400,000		4.988			09/15/23		1,363,469
	476,000		5.014			09/15/23		463,579
	252,000		5.046			09/15/23		245,424
	308,000		5.065			09/15/23		299,963
	2,016,000		5.066			09/15/23		1,963,395
	532,000		5.070			09/15/23		518,118
	720,000		5.072			09/15/23		701,212
	14,028,000		5.091			09/15/23		13,661,957

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

GOLDMAN SACHS ACCESS TREASURY 0-1 YEAR ETF

Principal Amount		Interest Rate(a)			Maturity Date		Value
U.S. Treasury Notes – (continued)
	U.S. Treasury Notes – (continued)
$	324,000		5.097	%		09/15/23	$	315,546
	420,000		5.137			09/15/23		409,041
	2,024,000		4.589			10/15/23		1,962,687
	138,000		4.604			10/15/23		133,820
	598,000		4.609			10/15/23		579,885
	5,106,000		4.614			10/15/23		4,951,324
	1,196,000		4.622			10/15/23		1,159,770
	828,000		4.631			10/15/23		802,917
	828,000		4.664			10/15/23		802,917
	1,840,000		4.695			10/15/23		1,784,261
	874,000		4.697			10/15/23		847,524
	414,000		4.711			10/15/23		401,459
	460,000		4.714			10/15/23		446,065
	460,000		4.715			10/15/23		446,065
	966,000		4.736			10/15/23		936,737
	46,000		4.743			10/15/23		44,606
	276,000		4.750			10/15/23		267,639
	1,012,000		4.751			10/15/23		981,343
	27,324,000		4.756			10/15/23		26,496,275
	155,025,100		4.761			10/15/23		150,328,929
	1,242,000		4.762			10/15/23		1,204,376
	322,000		4.766			10/15/23		312,246
	1,794,000		4.773			10/15/23		1,739,654
	230,000		4.775			10/15/23		223,033
	276,000		4.786			10/15/23		267,639
	92,000		4.807			10/15/23		89,213
	368,000		4.895			10/15/23		356,852
	7,222,000		4.935			10/15/23		7,003,224
	322,000		4.949			10/15/23		312,246
	322,000		5.005			10/15/23		312,246
	598,000		5.012			10/15/23		579,885
	782,000		5.039			10/15/23		758,311
	2,300,000		5.054			10/15/23		2,230,326
	414,000		5.078			10/15/23		401,459
	506,000		5.091			10/15/23		490,672
	3,312,000		5.096			10/15/23		3,211,670
	874,000		5.103			10/15/23		847,524
	23,046,000		5.117			10/15/23		22,347,868
	531,000		5.122			10/15/23		514,914
	1,180,000		5.127			10/15/23		1,144,254
	690,000		5.131			10/15/23		669,098
	37,427,800		4.584			12/15/23		35,997,210
	390,000		4.641			12/15/23		375,093
	160,000		4.673			12/15/23		153,884
	10,000		4.681			12/15/23		9,618
	210,000		4.692			12/15/23		201,973
	60,000		4.695			12/15/23		57,707
	20,000		4.722			12/15/23		19,236
	146,597,800		4.761			12/15/23		140,994,442
	336,000		4.872			12/15/23		323,157
	5,040,000		4.928			12/15/23		4,847,358
	1,554,000		4.943			12/15/23		1,494,602
	294,000		4.954			12/15/23		282,763
	546,000		4.967			12/15/23		525,130
	294,000		4.984			12/15/23		282,763
	2,100,000		5.040			12/15/23		2,019,732
U.S. Treasury Notes – (continued)
	U.S. Treasury Notes – (continued)
	714,000		5.076			12/15/23		686,709
	378,000		5.079			12/15/23		363,552
	462,000		5.089			12/15/23		444,341
	798,000		5.101			12/15/23		767,498
	3,024,000		5.113			12/15/23		2,908,415
	486,000		5.116			12/15/23		467,424
	1,080,000		5.117			12/15/23		1,038,720
	138,758,700		5.118			12/15/23		133,454,973
	21,042,000		5.131			12/15/23		20,237,719
	TOTAL U.S. TREASURY NOTES
	(Cost $1,000,378,076)						$	998,368,865
	TOTAL INVESTMENTS – 100.0%
	(Cost $5,361,252,361)						$	5,355,581,460
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.0%							52,319
	NET ASSETS – 100.0%						$	5,355,633,779

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discounted securities, or, for floating rate securities, the current reset rate, which is based upon current interest rate indices.

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

GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF

Schedule of Investments

February 28, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date			Value
U.S. Treasury Notes – 31.5%
	U.S. Treasury Notes
$	33,757,000		0.250	%		05/15/24		$	31,844,560
	5,766,000		1.500			10/31/24			5,450,627
	19,564,000		2.500			01/31/25			18,742,491
	18,869,000		2.000			02/15/25			17,888,077
	26,873,000		0.250			10/31/25			23,996,448
	9,856,000		0.625			11/30/27			8,351,411
	10,347,000		2.750			02/15/28			9,681,063
	1,803,000		2.875			08/15/28			1,689,816
	1,630,000		2.875			04/30/29			1,519,782
	1,981,000		2.375			05/15/29			1,792,567
	4,928,000		2.750			05/31/29			4,559,365
	2,360,000		3.250			06/30/29			2,246,163
	6,377,000		1.625			08/15/29			5,512,365
	TOTAL U.S. TREASURY NOTES
	(Cost $137,085,886)							$	133,274,735
Mortgage-Backed Securities – 29.6%
	Federal Home Loan Mortgage Corporation
$	265,993		4.500	%		07/01/48		$	260,016
	244,614		2.500			11/01/50			210,391
	1,977,212		2.000			05/01/51			1,612,662
	2,850,879		2.500			05/01/51			2,429,993
	11,021,669		2.000			03/01/52			8,999,967
	7,928,722		2.000			03/01/52			6,465,257
	1,261,029		2.000			03/01/52			1,028,332
	9,928,036		2.000			05/01/52			8,095,387
	210,255		4.500			05/01/52			202,586
	511,417		2.000			07/01/52			416,969
	3,953,717		3.000			08/01/52			3,526,467
	Federal National Mortgage Association
	1,000,000		1.750			07/02/24			956,420
	5,000,000		1.500			TBA-15yr	(a)		4,320,703
	7,000,000		2.000			TBA-15yr	(a)		6,208,672
	2,000,000		2.500			TBA-15yr	(a)		1,822,187
	2,000,000		3.000			TBA-15yr	(a)		1,864,219
	2,703,128		3.500			07/01/45			2,525,827
	70,942		4.500			06/01/48			69,162
	378,654		4.500			07/01/48			369,177
	26,133		5.000			12/01/48			25,989
	49,610		4.500			01/01/49			48,553
	41,224		4.500			08/01/49			40,268
	718,449		4.500			08/01/49			701,732
	196,567		5.000			12/01/49			195,730
	29,878		4.500			01/01/50			29,098
	123,148		4.500			03/01/50			120,278
	109,750		5.000			04/01/50			111,068
	1,622,607		2.500			06/01/50			1,395,765
	55,141		4.500			10/01/50			53,770
	81,811		4.500			10/01/50			79,582
	103,516		2.500			02/01/51			87,928
	554,069		2.500			03/01/51			476,669
	700,088		2.500			09/01/51			599,139
	2,794,827		2.500			10/01/51			2,404,114
	1,259,482		2.500			11/01/51			1,082,859
Mortgage-Backed Securities – (continued)
	Federal National Mortgage Association – (continued)
	1,627,773		2.500			11/01/51			1,400,080
	7,941,092		2.000			02/01/52			6,477,719
	86,391		2.000			10/01/52			70,465
	3,900,000		1.500			TBA-30yr	(a)		3,008,789
	7,000,000		2.500			TBA-30yr	(a)		5,929,219
	8,000,000		3.000			TBA-30yr	(a)		7,037,500
	8,000,000		3.500			TBA-30yr	(a)		7,285,000
	6,000,000		4.000			TBA-30yr	(a)		5,630,156
	1,000,000		4.500			TBA-30yr	(a)		963,203
	1,000,000		5.000			TBA-30yr	(a)		982,813
	1,000,000		5.500			TBA-30yr	(a)		998,125
	Government National Mortgage Association
	57,074		5.000			12/20/48			57,391
	31,163		5.000			05/20/49			31,255
	306,215		3.000			09/20/49			274,033
	113,863		4.500			03/20/50			112,238
	62,218		5.000			05/20/50			62,675
	240,124		4.000			09/20/50			230,549
	802,896		3.000			07/20/51			719,956
	3,626,123		2.000			09/20/51			3,038,166
	2,377,691		4.500			10/20/52			2,304,713
	3,000,000		2.000			TBA-30yr	(a)		2,512,500
	7,000,000		2.500			TBA-30yr	(a)		6,049,531
	4,300,000		3.000			TBA-30yr	(a)		3,835,063
	4,000,000		3.500			TBA-30yr	(a)		3,676,562
	1,900,000		4.000			TBA-30yr	(a)		1,795,797
	1,000,000		5.000			TBA-30yr	(a)		988,281
	1,000,000		5.500			TBA-30yr	(a)		1,003,750
	TOTAL MORTGAGE-BACKED SECURITIES
	(Cost $132,191,044)							$	125,312,465
Corporate Obligations – 19.9%
Aerospace & Defense – 0.3%
	General Dynamics Corp.
$	215,000		3.625	%		04/01/30		$	200,254
	Hexcel Corp.
	40,000		4.200			02/15/27			37,778
	Lockheed Martin Corp.
	335,000		5.250			01/15/33			343,486
	Northrop Grumman Corp.
	40,000		4.030			10/15/47			33,052
	Raytheon Technologies Corp.
	200,000		3.950			08/16/25			194,360
	100,000		2.375			03/15/32			80,599
	30,000		4.450			11/16/38			27,246
	60,000		4.875			10/15/40			56,372
	400,000		2.820			09/01/51			265,041
	Textron, Inc.
	80,000		3.000			06/01/30			69,631
									1,307,819
Banks – 3.9%
	American Express Co.
	80,000		3.625			12/05/24			77,814
	400,000		3.950			08/01/25			387,626

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)
Banks – (continued)
	Bank of America Corp.
	(SOFR + 0.690%)
$	425,000		0.976	%(b)		04/22/25	$	400,960
��	(SOFR + 0.960%)
	300,000		1.734	(b)		07/22/27		264,594
	(3M USD LIBOR + 1.040%)
	200,000		3.419	(b)		12/20/28		182,232
	(SOFR + 2.150%)
	180,000		2.592	(b)		04/29/31		148,351
	(US 5 Year CMT T-Note + 1.200%)
	200,000		2.482	(b)		09/21/36		150,122
	(3M USD LIBOR + 1.814%)
	264,000		4.244	(b)		04/24/38		230,110
	100,000		7.750			05/14/38		118,720
	Bank of America Corp., Series L
	125,000		4.183			11/25/27		119,353
	73,000		4.750			04/21/45		65,301
	Bank of America Corp., MTN
	100,000		3.875			08/01/25		97,046
	(SOFR + 1.010%)
	100,000		1.197	(b)		10/24/26		89,189
	(3M USD LIBOR + 1.060%)
	80,000		3.559	(b)		04/23/27		75,087
	75,000		3.248			10/21/27		69,095
	(3M USD LIBOR + 1.210%)
	300,000		3.974	(b)		02/07/30		275,232
	(3M USD LIBOR + 0.990%)
	200,000		2.496	(b)		02/13/31		165,088
	(SOFR + 1.530%)
	40,000		1.898	(b)		07/23/31		31,265
	(SOFR + 1.930%)
	300,000		2.676	(b)		06/19/41		207,251
	(3M USD LIBOR + 3.150%)
	300,000		4.083	(b)		03/20/51		243,402
	(SOFR + 1.880%)
	60,000		2.831	(b)		10/24/51		38,542
	Bank of America Corp.(b), Series N
	(SOFR + 1.650%)
	100,000		3.483			03/13/52		73,598
	Bank of New York Mellon Corp. (The), MTN
	300,000		2.800			05/04/26		280,083
	155,000		1.650			01/28/31		122,573
	646,000		1.800			07/28/31		504,921
	Charles Schwab Corp. (The)
	300,000		0.900			03/11/26		264,195
	Citigroup, Inc.
	(SOFR + 1.372%)
	800,000		4.140	(b)		05/24/25		784,284
	(SOFR + 0.765%)
	100,000		1.122	(b)		01/28/27		88,627
	(3M USD LIBOR + 1.563%)
	100,000		3.887	(b)		01/10/28		94,038
	(SOFR + 1.887%)
	300,000		4.658	(b)		05/24/28		290,059
	(SOFR + 2.086%)
	700,000		4.910	(b)		05/24/33		667,832
Corporate Obligations – (continued)
Banks – (continued)
	Comerica, Inc.
	25,000		4.000			02/01/29		23,338
	Fifth Third Bancorp
	40,000		8.250			03/01/38		49,520
	JPMorgan Chase & Co.
	40,000		3.875			02/01/24		39,379
	(SOFR + 0.540%)
	300,000		0.824	(b)		06/01/25		280,921
	(SOFR + 0.490%)
	300,000		0.768	(b)		08/09/25		278,436
	(3M U.S. T-Bill MMY + 1.585%)
	165,000		2.005	(b)		03/13/26		153,292
	40,000		7.625			10/15/26		43,424
	(SOFR + 0.800%)
	100,000		1.045	(b)		11/19/26		88,718
	300,000		8.000			04/29/27		335,792
	80,000		4.250			10/01/27		77,034
	(3M USD LIBOR + 1.337%)
	400,000		3.782	(b)		02/01/28		376,519
	(3M USD LIBOR + 1.380%)
	50,000		3.540	(b)		05/01/28		46,263
	(3M USD LIBOR + 1.330%)
	40,000		4.452	(b)		12/05/29		37,963
	(SOFR + 1.510%)
	90,000		2.739	(b)		10/15/30		75,834
	(3M U.S. T-Bill MMY + 3.790%)
	342,000		4.493	(b)		03/24/31		323,003
	(3M U.S. T-Bill MMY + 1.105%)
	25,000		1.764	(b)		11/19/31		19,267
	(SOFR + 1.180%)
	300,000		2.545	(b)		11/08/32		240,451
	(3M USD LIBOR + 1.360%)
	152,000		3.882	(b)		07/24/38		126,777
	15,000		5.400			01/06/42		14,917
	40,000		4.850			02/01/44		37,502
	(3M USD LIBOR + 1.380%)
	40,000		3.964	(b)		11/15/48		32,479
	(SOFR + 2.440%)
	660,000		3.109	(b)		04/22/51		451,744
	KeyCorp, MTN
	120,000		4.100			04/30/28		114,110
	80,000		2.550			10/01/29		67,819
	Manufacturers & Traders Trust Co.
	280,000		3.400			08/17/27		258,009
	Morgan Stanley
	(SOFR + 0.525%)
	40,000		0.790	(b)		05/30/25		37,398
	(SOFR + 1.295%)
	500,000		5.050	(b)		01/28/27		495,367
	(SOFR + 1.360%)
	100,000		2.484	(b)		09/16/36		74,688
	(SOFR + 1.485%)
	300,000		3.217	(b)		04/22/42		224,680
	80,000		4.300			01/27/45		69,049
	75,000		4.375			01/22/47		65,831

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, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Banks – (continued)
	Morgan Stanley, GMTN
$	340,000		3.700	%		10/23/24	$	331,358
	120,000		4.350			09/08/26		115,180
	(SOFR + 1.143%)
	250,000		2.699	(b)		01/22/31		209,389
	(SOFR + 1.178%)
	200,000		2.239	(b)		07/21/32		155,893
	Morgan Stanley, MTN
	100,000		6.250			08/09/26		103,206
	(SOFR + 1.430%)
	300,000		2.802	(b)		01/25/52		193,808
	Northern Trust Corp.
	315,000		3.950			10/30/25		304,813
	56,000		3.650			08/03/28		52,973
	135,000		3.150			05/03/29		122,981
	PNC Bank NA
	300,000		2.700			10/22/29		255,574
	PNC Financial Services Group, Inc. (The)
	80,000		3.900			04/29/24		78,761
	290,000		3.450			04/23/29		266,557
	State Street Corp.
	(SOFR + 0.560%)
	40,000		1.684	(b)		11/18/27		35,644
	(3M USD LIBOR + 1.030%)
	50,000		4.141	(b)		12/03/29		47,451
	100,000		2.200			03/03/31		80,356
	(SOFR + 1.490%)
	40,000		3.031	(b)		11/01/34		34,697
	Truist Bank
	40,000		3.200			04/01/24		39,104
	Truist Financial Corp., MTN
	80,000		3.875			03/19/29		74,368
	US Bancorp
	15,000		2.400			07/30/24		14,413
	US Bancorp, MTN
	80,000		3.900			04/26/28		76,352
	80,000		3.000			07/30/29		70,463
	40,000		1.375			07/22/30		30,984
	US Bancorp, Series V
	300,000		2.375			07/22/26		274,793
	US Bancorp, Series X
	150,000		3.150			04/27/27		139,601
	US Bank NA
	300,000		2.050			01/21/25		282,810
	Wells Fargo & Co.
	(SOFR + 2.000%)
	300,000		2.188	(b)		04/30/26		278,973
	400,000		3.000			10/23/26		369,703
	128,000		5.606			01/15/44		124,853
	60,000		3.900			05/01/45		47,688
	Wells Fargo & Co., MTN
	(3M USD LIBOR + 1.310%)
	50,000		3.584	(b)		05/22/28		46,273
	25,000		4.150			01/24/29		23,396
	(SOFR + 1.262%)
	400,000		2.572	(b)		02/11/31		333,589
Corporate Obligations – (continued)
Banks – (continued)
	Wells Fargo & Co., MTN – (continued)
	(SOFR + 4.032%)
	340,000		4.478	%(b)		04/04/31		320,226
	290,000		4.750			12/07/46		249,506
	Wells Fargo Bank NA
	300,000		6.600			01/15/38		327,726
								16,679,576
Basic Industry – 0.3%
	CF Industries, Inc.
	272,000		5.150			03/15/34		252,798
	100,000		5.375			03/15/44		88,263
	Dow Chemical Co. (The)
	60,000		3.600			11/15/50		43,308
	FMC Corp.
	302,000		4.500			10/01/49		248,795
	Huntsman International LLC
	70,000		4.500			05/01/29		63,932
	Linde, Inc.
	85,000		1.100			08/10/30		65,631
	LYB International Finance III LLC
	40,000		2.250			10/01/30		32,060
	180,000		3.625			04/01/51		124,002
	Mosaic Co. (The)
	80,000		4.875			11/15/41		70,221
	Sherwin-Williams Co. (The)
	200,000		3.450			06/01/27		187,649
	Westlake Corp.
	40,000		3.600			08/15/26		37,645
	235,000		5.000			08/15/46		198,841
								1,413,145
Broadcasting – 0.0%
	Fox Corp.
	40,000		4.709			01/25/29		38,137
	40,000		5.576			01/25/49		36,374
								74,511
Brokerage – 0.3%
	Affiliated Managers Group, Inc.
	130,000		3.300			06/15/30		110,098
	CME Group, Inc.
	125,000		3.000			03/15/25		120,139
	Eaton Vance Corp.
	50,000		3.500			04/06/27		46,761
	Intercontinental Exchange, Inc.
	185,000		2.100			06/15/30		150,521
	482,000		4.600			03/15/33		460,365
	Jefferies Financial Group, Inc.
	40,000		4.850			01/15/27		39,285
	40,000		4.150			01/23/30		36,255
	200,000		6.250			01/15/36		207,462
	20,000		6.500			01/20/43		20,526
	Morgan Stanley Domestic Holdings, Inc.
	80,000		4.500			06/20/28		77,438
								1,268,850

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)
Capital Goods – 0.8%
	3M Co.
$	250,000		3.050	%		04/15/30	$	218,490
	Caterpillar Financial Services Corp., MTN
	400,000		3.400			05/13/25		386,447
	Caterpillar, Inc.
	50,000		3.803			08/15/42		42,732
	230,000		3.250			04/09/50		174,577
	CNH Industrial Capital LLC
	50,000		1.450			07/15/26		44,209
	Cummins, Inc.
	411,000		2.600			09/01/50		259,049
	Deere & Co.
	25,000		3.900			06/09/42		22,111
	40,000		2.875			09/07/49		29,014
	25,000		3.750			04/15/50		21,402
	Emerson Electric Co.
	45,000		1.950			10/15/30		36,322
	15,000		6.000			08/15/32		15,529
	Fortive Corp.
	15,000		4.300			06/15/46		11,777
	Honeywell International, Inc.
	100,000		2.700			08/15/29		87,756
	188,000		1.950			06/01/30		155,441
	Illinois Tool Works, Inc.
	115,000		3.900			09/01/42		99,762
	John Deere Capital Corp., MTN
	300,000		4.750			01/20/28		298,067
	35,000		2.800			07/18/29		31,034
	80,000		2.450			01/09/30		68,902
	Leggett & Platt, Inc.
	80,000		4.400			03/15/29		75,260
	100,000		3.500			11/15/51		70,884
	Otis Worldwide Corp.
	60,000		2.293			04/05/27		53,974
	Trane Technologies Luxembourg Finance SA
	50,000		3.800			03/21/29		46,095
	Waste Management, Inc.
	50,000		0.750			11/15/25		44,647
	50,000		2.500			11/15/50		31,342
	Westinghouse Air Brake Technologies Corp.
	110,000		4.400			03/15/24		108,355
	133,000		3.450			11/15/26		123,283
	415,000		4.950			09/15/28		401,035
	WW Grainger, Inc.
	100,000		1.850			02/15/25		93,814
	60,000		4.600			06/15/45		55,258
	100,000		3.750			05/15/46		79,725
	Xylem, Inc.
	15,000		3.250			11/01/26		14,042
								3,200,335
Communications – 0.8%
	Charter Communications Operating LLC / Charter Communications Operating Capital
	190,000		4.908			07/23/25		185,966
	140,000		3.750			02/15/28		126,244
	82,000		4.200			03/15/28		75,271
Corporate Obligations – (continued)
Communications – (continued)
	Charter Communications Operating LLC / Charter Communications Operating Capital – (continued)
	90,000		5.050			03/30/29		84,100
	40,000		2.800			04/01/31		31,412
	130,000		6.384			10/23/35		124,827
	300,000		5.375			04/01/38		251,936
	40,000		6.484			10/23/45		36,588
	60,000		5.750			04/01/48		50,077
	40,000		5.125			07/01/49		31,018
	40,000		6.834			10/23/55		37,722
	100,000		3.850			04/01/61		59,021
	60,000		4.400			12/01/61		39,243
	Charter Communications Operating LLC / Charter Communications Operating Capital, Series USD
	60,000		4.500			02/01/24		59,298
	Omnicom Group, Inc.
	511,000		2.450			04/30/30		426,948
	80,000		4.200			06/01/30		74,893
	Paramount Global
	250,000		4.750			05/15/25		245,005
	80,000		4.000			01/15/26		76,373
	150,000		7.875			07/30/30		161,043
	100,000		4.950			01/15/31		89,515
	11,000		6.875			04/30/36		10,897
	135,000		4.850			07/01/42		102,316
	15,000		4.900			08/15/44		11,123
	Time Warner Cable Enterprises LLC
	115,000		8.375			07/15/33		130,202
	Time Warner Cable LLC
	115,000		6.750			06/15/39		110,665
	15,000		5.875			11/15/40		13,407
	15,000		5.500			09/01/41		12,641
	TWDC Enterprises 18 Corp.
	15,000		4.375			08/16/41		13,423
	TWDC Enterprises 18 Corp., GMTN
	15,000		4.125			06/01/44		12,930
	Walt Disney Co. (The)
	400,000		1.750			08/30/24		380,253
	80,000		2.000			09/01/29		66,920
	80,000		3.800			03/22/30		74,399
	90,000		3.500			05/13/40		73,060
	15,000		4.750			09/15/44		13,989
	50,000		3.600			01/13/51		38,717
								3,331,442
Consumer Cyclical – 1.7%
	Amazon.com, Inc.
	40,000		3.800			12/05/24		39,163
	500,000		3.300			04/13/27		472,488
	250,000		3.150			08/22/27		233,555
	100,000		2.100			05/12/31		82,183
	80,000		4.050			08/22/47		69,237
	15,000		2.500			06/03/50		9,649
	200,000		3.950			04/13/52		168,065
	75,000		4.250			08/22/57		64,814
	50,000		2.700			06/03/60		30,577

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, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Consumer Cyclical – (continued)
	Costco Wholesale Corp.
$	40,000		3.000	%		05/18/27	$	37,501
	DR Horton, Inc.
	80,000		2.500			10/15/24		76,382
	90,000		2.600			10/15/25		83,545
	100,000		1.400			10/15/27		83,676
	General Motors Co.
	400,000		5.600			10/15/32		382,315
	General Motors Financial Co., Inc.
	500,000		6.050			10/10/25		503,803
	Home Depot, Inc. (The)
	250,000		2.800			09/14/27		230,178
	300,000		4.500			09/15/32		289,445
	237,000		3.125			12/15/49		168,135
	Las Vegas Sands Corp.
	473,000		3.900			08/08/29		413,018
	Lowe’s Cos., Inc.
	175,000		4.500			04/15/30		167,123
	200,000		2.800			09/15/41		135,641
	100,000		4.050			05/03/47		78,095
	Marriott International, Inc., Series EE
	50,000		5.750			05/01/25		50,459
	Mastercard, Inc.
	60,000		2.000			03/03/25		56,566
	15,000		3.300			03/26/27		14,176
	100,000		3.950			02/26/48		86,552
	50,000		3.850			03/26/50		42,061
	McDonald’s Corp., MTN
	200,000		3.500			07/01/27		188,865
	45,000		4.700			12/09/35		42,487
	60,000		4.450			09/01/48		52,195
	MDC Holdings, Inc.
	434,000		2.500			01/15/31		319,804
	40,000		6.000			01/15/43		34,100
	NIKE, Inc.
	20,000		3.375			03/27/50		15,531
	O’Reilly Automotive, Inc.
	80,000		4.200			04/01/30		75,003
	PulteGroup, Inc.
	264,000		6.375			05/15/33		265,814
	Starbucks Corp.
	250,000		3.800			08/15/25		242,649
	30,000		3.750			12/01/47		23,034
	Tapestry, Inc.
	33,000		4.125			07/15/27		31,009
	Target Corp.
	300,000		1.950			01/15/27		270,263
	Toyota Motor Credit Corp.
	100,000		0.625			09/13/24		93,401
	40,000		3.650			01/08/29		37,511
	Toyota Motor Credit Corp., MTN
	300,000		0.800			01/09/26		267,510
	100,000		1.150			08/13/27		85,139
	80,000		3.375			04/01/30		73,251
	Visa, Inc.
	40,000		1.900			04/15/27		35,958
	135,000		0.750			08/15/27		114,782
Corporate Obligations – (continued)
Consumer Cyclical – (continued)
	Visa, Inc. – (continued)
	405,000		2.750			09/15/27		374,812
	40,000		4.300			12/14/45		36,200
	Walmart, Inc.
	100,000		3.300			04/22/24		98,083
	340,000		2.850			07/08/24		330,047
	200,000		2.650			09/22/51		135,594
	Western Union Co. (The)
	50,000		1.350			03/15/26		43,996
								7,355,440
Consumer Noncyclical – 1.5%
	Abbott Laboratories
	60,000		3.875			09/15/25		58,388
	150,000		4.750			11/30/36		149,010
	100,000		6.000			04/01/39		110,139
	40,000		4.750			04/15/43		38,769
	AbbVie, Inc.
	600,000		2.950			11/21/26		555,135
	100,000		4.625			10/01/42		89,335
	200,000		4.400			11/06/42		173,797
	200,000		4.700			05/14/45		177,548
	Agilent Technologies, Inc.
	100,000		2.750			09/15/29		86,522
	Altria Group, Inc.
	115,000		3.400			05/06/30		99,042
	40,000		4.500			05/02/43		30,665
	40,000		5.375			01/31/44		34,847
	75,000		3.875			09/16/46		50,104
	55,000		4.450			05/06/50		38,934
	Amgen, Inc.
	200,000		3.625			05/22/24		195,723
	200,000		2.600			08/19/26		184,004
	200,000		2.200			02/21/27		179,506
	200,000		4.663			06/15/51		172,259
	Bristol-Myers Squibb Co.
	300,000		0.750			11/13/25		269,842
	300,000		3.200			06/15/26		284,219
	Centene Corp.
	400,000		4.250			12/15/27		372,480
	Elevance Health, Inc.
	300,000		5.500			10/15/32		305,265
	Eli Lilly & Co.
	15,000		3.100			05/15/27		14,054
	102,000		3.375			03/15/29		94,663
	Equifax, Inc.
	40,000		3.250			06/01/26		37,542
	100,000		2.350			09/15/31		79,100
	Gilead Sciences, Inc.
	479,000		2.800			10/01/50		311,616
	Johnson & Johnson
	76,000		0.550			09/01/25		68,953
	15,000		0.950			09/01/27		12,840
	90,000		2.900			01/15/28		83,860
	170,000		6.950			09/01/29		195,290
	40,000		1.300			09/01/30		32,178
	25,000		3.625			03/03/37		22,057

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)
Consumer Noncyclical – (continued)
	Johnson & Johnson – (continued)
$	40,000		2.100	%		09/01/40	$	27,457
	25,000		4.500			12/05/43		24,000
	35,000		3.700			03/01/46		29,459
	Kroger Co. (The)
	25,000		3.875			10/15/46		19,253
	Laboratory Corp of America Holdings
	15,000		4.700			02/01/45		12,848
	Merck & Co., Inc.
	100,000		3.600			09/15/42		82,019
	250,000		3.700			02/10/45		205,067
	Mylan, Inc.
	210,000		5.400			11/29/43		170,496
	135,000		5.200			04/15/48		104,086
	Pfizer, Inc.
	290,000		0.800			05/28/25		265,017
	245,000		4.000			12/15/36		223,436
	10,000		4.100			09/15/38		9,022
	40,000		2.700			05/28/50		27,420
	Philip Morris International, Inc.
	40,000		3.250			11/10/24		38,732
	300,000		5.125			11/17/27		298,551
	15,000		4.375			11/15/41		12,393
	15,000		4.875			11/15/43		13,138
	10,000		4.250			11/10/44		7,970
	Utah Acquisition Sub, Inc.
	75,000		5.250			06/15/46		58,500
	Viatris, Inc.
	15,000		4.000			06/22/50		9,652
	Walgreens Boots Alliance, Inc.
	40,000		4.800			11/18/44		33,389
	15,000		4.650			06/01/46		12,118
	Wyeth LLC
	10,000		6.500			02/01/34		11,142
								6,302,851
Consumer Products – 0.3%
	Clorox Co. (The)
	747,000		4.600			05/01/32		715,947
	Colgate-Palmolive Co., MTN
	40,000		4.000			08/15/45		36,403
	15,000		3.700			08/01/47		13,114
	GSK Consumer Healthcare Capital US LLC
	250,000		4.000			03/24/52		195,891
	Procter & Gamble Co. (The)
	40,000		0.550			10/29/25		35,880
	40,000		1.000			04/23/26		35,668
	300,000		2.450			11/03/26		277,174
	15,000		2.850			08/11/27		13,971
								1,324,048
Electric – 2.2%
	AEP Texas, Inc., Series G
	100,000		4.150			05/01/49		82,192
	AEP Transmission Co. LLC
	100,000		3.750			12/01/47		81,104
Corporate Obligations – (continued)
Electric – (continued)
	AEP Transmission Co. LLC, Series M
	110,000		3.650			04/01/50		85,148
	Alabama Power Co., Series 20-A
	15,000		1.450			09/15/30		11,628
	Alabama Power Co., Series A
	100,000		4.300			07/15/48		83,776
	American Electric Power Co., Inc.
	300,000		2.300			03/01/30		245,053
	40,000		3.250			03/01/50		26,857
	American Electric Power Co., Inc., Series J
	36,000		4.300			12/01/28		34,280
	Berkshire Hathaway Energy Co.
	300,000		4.050			04/15/25		293,111
	Black Hills Corp.
	20,000		2.500			06/15/30		16,260
	Cleco Corporate Holdings LLC
	80,000		3.375			09/15/29		67,468
	Cleco Power LLC
	15,000		6.000			12/01/40		14,713
	Commonwealth Edison Co.
	300,000		3.650			06/15/46		229,300
	Commonwealth Edison Co., Series 123
	40,000		3.750			08/15/47		32,059
	Consolidated Edison Co. of New York, Inc.
	170,000		3.850			06/15/46		130,851
	40,000		4.625			12/01/54		34,173
	100,000		4.500			05/15/58		83,792
	Consolidated Edison Co. of New York, Inc., Series 08-B
	10,000		6.750			04/01/38		11,004
	Consolidated Edison Co. of New York, Inc., Series 12-A
	40,000		4.200			03/15/42		33,205
	Consolidated Edison Co. of New York, Inc., Series A
	15,000		4.125			05/15/49		12,215
	Dominion Energy, Inc.
	80,000		4.250			06/01/28		76,341
	Dominion Energy, Inc., Series C
	300,000		3.375			04/01/30		262,734
	DTE Electric Co.
	15,000		3.700			03/15/45		11,823
	DTE Electric Co., Series A
	40,000		4.000			04/01/43		33,152
	DTE Energy Co.(c), Series C
	60,000		2.529			10/01/24		57,124
	Duke Energy Carolinas LLC
	350,000		3.700			12/01/47		269,486
	50,000		3.950			03/15/48		39,941
	Duke Energy Corp.
	300,000		3.750			09/01/46		221,487
	Duke Energy Florida LLC
	25,000		3.400			10/01/46		17,906
	Duke Energy Indiana LLC
	50,000		6.350			08/15/38		54,672
	40,000		6.450			04/01/39		42,876
	Duke Energy Progress LLC
	100,000		3.450			03/15/29		90,996
	15,000		4.100			05/15/42		12,516

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, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Electric – (continued)
	Edison International
$	485,000		5.750	%		06/15/27	$	487,562
	Entergy Corp.
	50,000		2.800			06/15/30		41,963
	Entergy Louisiana LLC
	250,000		0.950			10/01/24		232,624
	230,000		4.200			04/01/50		190,471
	Entergy Texas, Inc.
	85,000		1.750			03/15/31		66,140
	Evergy Kansas Central, Inc.
	40,000		4.250			12/01/45		32,709
	Evergy Metro, Inc.
	200,000		4.200			03/15/48		164,433
	Evergy Metro, Inc., Series 2019
	15,000		4.125			04/01/49		12,156
	Eversource Energy
	60,000		3.450			01/15/50		43,204
	Exelon Corp.
	100,000		4.450			04/15/46		82,856
	Florida Power & Light Co.
	15,000		3.125			12/01/25		14,222
	80,000		4.950			06/01/35		77,582
	300,000		5.690			03/01/40		309,891
	15,000		4.125			02/01/42		12,770
	140,000		4.050			10/01/44		116,293
	Georgia Power Co., Series B
	400,000		2.650			09/15/29		337,928
	15,000		3.700			01/30/50		11,008
	Interstate Power and Light Co.
	200,000		2.300			06/01/30		162,818
	40,000		3.500			09/30/49		28,942
	National Rural Utilities Cooperative Finance Corp.
	40,000		2.400			03/15/30		33,618
	100,000		2.750			04/15/32		82,742
	300,000		4.023			11/01/32		272,914
	Nevada Power Co., Series GG
	250,000		5.900			05/01/53		270,423
	NiSource, Inc.
	100,000		1.700			02/15/31		76,175
	Northern States Power Co.
	200,000		4.500			06/01/52		181,101
	NSTAR Electric Co.
	15,000		3.200			05/15/27		13,912
	100,000		3.950			04/01/30		94,042
	Ohio Power Co., Series D
	15,000		6.600			03/01/33		16,163
	Pacific Gas and Electric Co.
	100,000		3.450			07/01/25		94,481
	200,000		2.100			08/01/27		170,379
	210,000		4.300			03/15/45		151,662
	150,000		4.000			12/01/46		102,667
	PPL Capital Funding, Inc.
	25,000		5.000			03/15/44		21,119
	Public Service Electric and Gas Co., MTN
	100,000		1.900			08/15/31		79,311
	300,000		3.800			03/01/46		240,326
	100,000		3.000			03/01/51		68,846
Corporate Obligations – (continued)
Electric – (continued)
	Public Service Enterprise Group, Inc.
	40,000		2.450			11/15/31		31,896
	Puget Sound Energy, Inc.
	205,000		4.223			06/15/48		172,067
	Sempra Energy
	400,000		3.800			02/01/38		327,419
	100,000		4.000			02/01/48		77,755
	Southern California Edison Co.
	40,000		2.850			08/01/29		34,353
	Southern Co. (The)
	110,000		5.113			08/01/27		108,408
	250,000		4.400			07/01/46		206,867
	Southern Co. (The)(b), Series 21-A
	(US 5 Year CMT T-Note + 2.915%)
	100,000		3.750			09/15/51		85,655
	Southern Co. Gas Capital Corp.
	15,000		3.950			10/01/46		11,150
	100,000		4.400			05/30/47		81,079
	Southwestern Electric Power Co., Series L
	100,000		3.850			02/01/48		74,667
	Tucson Electric Power Co.
	300,000		4.850			12/01/48		263,380
	Union Electric Co.
	100,000		3.500			03/15/29		91,291
	Virginia Electric and Power Co., Series A
	100,000		3.500			03/15/27		94,268
	Virginia Electric and Power Co., Series B
	100,000		6.000			01/15/36		103,093
	Virginia Electric and Power Co., Series C
	150,000		4.000			11/15/46		119,009
	Xcel Energy, Inc.
	400,000		1.750			03/15/27		349,555
								9,426,608
Energy – 1.7%
	Baker Hughes Holdings LLC / Baker Hughes Co.-Obligor, Inc.
	185,000		4.080			12/15/47		145,904
	Boardwalk Pipelines LP
	100,000		4.800			05/03/29		94,871
	BP Capital Markets America, Inc.
	300,000		4.234			11/06/28		289,661
	Cheniere Corpus Christi Holdings LLC
	80,000		5.875			03/31/25		80,300
	40,000		5.125			06/30/27		39,450
	300,000		2.742			12/31/39		238,089
	Chevron Corp.
	40,000		2.895			03/03/24		39,088
	300,000		3.326			11/17/25		290,107
	Chevron USA, Inc.
	40,000		3.900			11/15/24		39,428
	200,000		2.343			08/12/50		124,787
	ConocoPhillips Co.
	250,000		3.758			03/15/42		203,736
	Devon Energy Corp.
	9,000		4.500			01/15/30		8,385
	Energy Transfer LP
	100,000		4.250			04/01/24		98,468

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
Corporate Obligations – (continued)
Energy – (continued)
	Energy Transfer LP – (continued)
$	140,000		3.750	%			05/15/30	$	124,545
	75,000		6.125				12/15/45		70,430
	225,000		5.300				04/15/47		191,411
	55,000		6.250				04/15/49		52,457
	Enterprise Products Operating LLC
	100,000		2.800				01/31/30		85,610
	160,000		4.850				08/15/42		143,875
	60,000		4.200				01/31/50		48,112
	15,000		3.950				01/31/60		11,132
	Enterprise Products Operating LLC, Series D
	80,000		6.875				03/01/33		89,305
	EOG Resources, Inc.
	60,000		3.900				04/01/35		53,471
	Exxon Mobil Corp.
	75,000		2.709				03/06/25		71,604
	200,000		2.275				08/16/26		183,905
	200,000		4.227				03/19/40		180,073
	Halliburton Co.
	50,000		5.000				11/15/45		44,278
	Hess Corp.
	120,000		4.300				04/01/27		115,057
	55,000		6.000				01/15/40		53,945
	75,000		5.600				02/15/41		69,999
	100,000		5.800				04/01/47		94,542
	Kinder Morgan Energy Partners LP
	300,000		7.300				08/15/33		323,719
	Kinder Morgan, Inc.
	40,000		4.300				06/01/25		39,093
	56,000		2.000				02/15/31		43,299
	200,000		5.200				03/01/48		173,194
	Magellan Midstream Partners LP
	300,000		4.200				10/03/47		230,813
	Marathon Oil Corp.
	300,000		6.800				03/15/32		310,687
	MPLX LP
	100,000		4.875				12/01/24		98,710
	200,000		1.750				03/01/26		179,165
	476,000		2.650				08/15/30		390,133
	140,000		4.700				04/15/48		112,711
	100,000		5.500				02/15/49		89,885
	NOV, Inc.
	15,000		3.950				12/01/42		10,991
	ONEOK Partners LP
	15,000		6.650				10/01/36		15,111
	ONEOK, Inc.
	80,000		2.200				09/15/25		73,401
	100,000		3.400				09/01/29		86,835
	25,000		6.350				01/15/31		25,513
	140,000		5.200				07/15/48		118,702
	Ovintiv, Inc.
	40,000		7.375				11/01/31		42,826
	65,000		6.500				08/15/34		65,217
	Phillips 66 Co.(d)
	250,000		3.550				10/01/26		232,918
Corporate Obligations – (continued)
Energy – (continued)
	Plains All American Pipeline LP / PAA Finance Corp.
	90,000		3.600				11/01/24		87,092
	50,000		4.650				10/15/25		48,867
	40,000		4.500				12/15/26		38,369
	92,000		3.550				12/15/29		79,863
	35,000		6.700				05/15/36		35,334
	40,000		6.650				01/15/37		39,587
	15,000		4.700				06/15/44		11,515
	Sabine Pass Liquefaction LLC
	120,000		5.750				05/15/24		119,925
	110,000		5.625				03/01/25		109,739
	120,000		4.200				03/15/28		112,500
	15,000		4.500				05/15/30		14,062
	Spectra Energy Partners LP
	125,000		3.375				10/15/26		116,141
	Transcontinental Gas Pipe Line Co. LLC
	50,000		5.400				08/15/41		47,981
	40,000		3.950				05/15/50		31,130
	Valero Energy Corp.
	200,000		3.400				09/15/26		187,434
	15,000		4.900				03/15/45		13,422
	Williams Cos., Inc. (The)
	200,000		3.750				06/15/27		188,319
	15,000		6.300				04/15/40		15,325
									7,335,553
Financial Company – 0.2%
	Air Lease Corp.
	300,000		2.200		��		01/15/27		264,292
	Aircastle Ltd.
	15,000		4.250				06/15/26		14,322
	GE Capital Funding LLC
	300,000		4.550				05/15/32		286,212
	GE Capital International Funding Co. Unlimited
	200,000		4.418				11/15/35		184,410
	Lazard Group LLC
	110,000		4.500				09/19/28		103,906
									853,142
Food and Beverage – 0.6%
	Coca-Cola Co. (The)
	155,000		1.750				09/06/24		148,724
	593,000		3.000				03/05/51		430,188
	Constellation Brands, Inc.
	40,000		3.150				08/01/29		35,093
	291,000		4.750				05/09/32		276,604
	Hershey Co. (The)
	40,000		3.375				08/15/46		30,578
	100,000		3.125				11/15/49		73,759
	J M Smucker Co. (The)
	40,000		2.125				03/15/32		31,560
	15,000		4.375				03/15/45		12,780
	100,000		3.550				03/15/50		72,600
	Kellogg Co.
	100,000		4.500				04/01/46		87,615
	Keurig Dr Pepper, Inc.
	39,000		4.417				05/25/25		38,262
	100,000		4.420				12/15/46		84,700

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, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Food and Beverage – (continued)
	Kraft Heinz Foods Co.
$	159,000		3.000	%		06/01/26	$	147,925
	40,000		3.875			05/15/27		38,088
	80,000		3.750			04/01/30		73,076
	22,000		5.000			07/15/35		21,123
	285,000		5.200			07/15/45		262,872
	110,000		4.375			06/01/46		89,892
	40,000		4.875			10/01/49		35,390
	Molson Coors Beverage Co.
	120,000		4.200			07/15/46		93,686
	PepsiCo, Inc.
	300,000		3.500			07/17/25		290,569
	146,000		2.750			03/19/30		128,470
	Sysco Corp.
	80,000		2.400			02/15/30		66,966
	Tyson Foods, Inc.
	40,000		3.550			06/02/27		37,443
								2,607,963
Hardware – 0.1%
	Micron Technology, Inc.
	370,000		3.366			11/01/41		247,902
	Xilinx, Inc.
	40,000		2.950			06/01/24		38,789
								286,691
Healthcare – 0.9%
	Aetna, Inc.
	40,000		4.750			03/15/44		35,079
	Cigna Group (The)
	400,000		4.375			10/15/28		384,662
	CVS Health Corp.
	200,000		3.250			08/15/29		177,143
	76,000		1.750			08/21/30		59,466
	280,000		4.780			03/25/38		254,058
	70,000		5.050			03/25/48		62,864
	100,000		4.250			04/01/50		80,180
	Elevance Health, Inc.
	150,000		2.550			03/15/31		124,270
	15,000		4.650			08/15/44		13,314
	40,000		4.850			08/15/54		34,360
	Evernorth Health, Inc.
	120,000		4.500			02/25/26		117,357
	HCA, Inc.
	80,000		5.375			02/01/25		79,300
	40,000		5.250			04/15/25		39,650
	70,000		5.875			02/15/26		70,017
	46,000		5.250			06/15/26		45,321
	90,000		5.375			09/01/26		88,785
	40,000		4.500			02/15/27		38,325
	25,000		5.625			09/01/28		24,719
	785,000		5.875			02/01/29		785,981
	75,000		4.125			06/15/29		68,438
	40,000		5.500			06/15/47		35,950
	Humana, Inc.
	100,000		2.150			02/03/32		77,332
Corporate Obligations – (continued)
Healthcare – (continued)
	McKesson Corp.
	200,000		3.950			02/16/28		189,221
	Quest Diagnostics, Inc.
	100,000		2.800			06/30/31		83,818
	UnitedHealth Group, Inc.
	250,000		4.625			07/15/35		240,604
	250,000		4.750			07/15/45		234,590
	450,000		3.750			10/15/47		358,626
	25,000		2.900			05/15/50		17,078
								3,820,508
Insurance – 0.7%
	American International Group, Inc.
	50,000		3.900			04/01/26		47,975
	AON Global Ltd.
	100,000		4.600			06/14/44		86,930
	Arch Capital Group Ltd.
	90,000		3.635			06/30/50		64,486
	Arch Capital Group US, Inc.
	40,000		5.144			11/01/43		36,806
	Assurant, Inc.
	100,000		2.650			01/15/32		76,699
	AXIS Specialty Finance LLC
	40,000		3.900			07/15/29		36,593
	Berkshire Hathaway Finance Corp.
	150,000		4.250			01/15/49		134,311
	Berkshire Hathaway, Inc.
	350,000		3.125			03/15/26		334,437
	Brighthouse Financial, Inc.
	40,000		5.625			05/15/30		39,587
	Chubb INA Holdings, Inc.
	150,000		3.350			05/03/26		143,026
	100,000		1.375			09/15/30		77,781
	CNO Financial Group, Inc.
	200,000		5.250			05/30/29		189,250
	Fidelity National Financial, Inc.
	230,000		3.400			06/15/30		198,107
	Hartford Financial Services Group, Inc. (The)
	30,000		3.600			08/19/49		22,427
	Marsh & McLennan Cos., Inc.
	80,000		3.500			06/03/24		78,074
	100,000		2.375			12/15/31		80,887
	100,000		4.350			01/30/47		88,055
	MetLife, Inc.
	15,000		4.125			08/13/42		13,015
	80,000		4.600			05/13/46		71,813
	PartnerRe Finance B LLC
	150,000		3.700			07/02/29		136,207
	(US 5 Year CMT T-Note + 3.815%)
	300,000		4.500	(b)		10/01/50		268,896
	Prudential Financial, Inc.
	40,000		3.935			12/07/49		31,852
	Prudential Financial, Inc., MTN
	15,000		6.625			06/21/40		16,413
	15,000		4.350			02/25/50		12,812
	60,000		3.700			03/13/51		46,353

74 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)
Insurance – (continued)
	Reinsurance Group of America, Inc.
$	430,000		3.900	%		05/15/29	$	394,421
	Travelers Cos., Inc. (The)
	150,000		3.750			05/15/46		120,690
	Voya Financial, Inc.(b)
	(3M USD LIBOR + 2.084%)
	40,000		4.700			01/23/48		34,301
	W R Berkley Corp.
	40,000		4.750			08/01/44		35,974
	Willis North America, Inc.
	200,000		5.050			09/15/48		174,594
								3,092,772
Metals – 0.2%
	Nucor Corp.
	500,000		3.950			05/23/25		486,600
	Steel Dynamics, Inc.
	80,000		3.450			04/15/30		71,100
	145,000		3.250			01/15/31		125,063
								682,763
REITs and Real Estate – 0.8%
	Alexandria Real Estate Equities, Inc.
	100,000		3.375			08/15/31		87,886
	CBRE Services, Inc.
	129,000		2.500			04/01/31		104,927
	Corporate Office Properties LP
	490,000		2.750			04/15/31		370,585
	Digital Realty Trust LP
	40,000		3.700			08/15/27		37,057
	Equinix, Inc.
	95,000		3.000			07/15/50		60,720
	GLP Capital LP / GLP Financing II, Inc.
	50,000		3.350			09/01/24		48,012
	90,000		5.250			06/01/25		88,246
	40,000		5.750			06/01/28		39,454
	255,000		4.000			01/15/30		225,976
	72,000		4.000			01/15/31		62,274
	Healthcare Realty Holdings LP
	410,000		2.000			03/15/31		313,404
	Life Storage LP
	140,000		2.400			10/15/31		111,236
	Mid-America Apartments LP
	100,000		2.875			09/15/51		65,283
	Prologis LP
	80,000		4.000			09/15/28		76,458
	200,000		2.250			04/15/30		167,114
	40,000		1.250			10/15/30		30,618
	120,000		2.125			10/15/50		67,557
	Public Storage
	60,000		3.094			09/15/27		55,488
	Realty Income Corp.
	200,000		5.625			10/13/32		203,962
	Sabra Health Care LP
	85,000		5.125			08/15/26		80,458
	100,000		3.200			12/01/31		74,214
Corporate Obligations – (continued)
REITs and Real Estate – (continued)
	Simon Property Group LP
	100,000		3.750			02/01/24		98,399
	200,000		2.450			09/13/29		167,742
	100,000		2.200			02/01/31		79,848
	10,000		6.750			02/01/40		11,118
	UDR, Inc., MTN
	100,000		1.900			03/15/33		72,459
	Welltower OP LLC
	200,000		4.000			06/01/25		193,160
	200,000		4.250			04/15/28		189,367
								3,183,022
Revenue – 0.1%
	California Institute of Technology
	15,000		3.650			09/01/19		10,181
	Hackensack Meridian Health, Inc., Series 2020
	15,000		2.675			09/01/41		10,813
	Stanford Health Care
	100,000		3.027			08/15/51		70,787
	University of Chicago (The), Series 20B
	40,000		2.761			04/01/45		31,255
	Yale University, Series 2020
	190,000		1.482			04/15/30		154,319
	80,000		2.402			04/15/50		52,139
								329,494
Technology – 1.4%
	Adobe, Inc.
	40,000		2.300			02/01/30		34,231
	Alphabet, Inc.
	15,000		1.998			08/15/26		13,707
	100,000		2.250			08/15/60		57,940
	Apple, Inc.
	90,000		3.450			05/06/24		88,385
	400,000		1.800			09/11/24		380,947
	40,000		2.500			02/09/25		38,262
	50,000		3.200			05/13/25		48,315
	40,000		2.450			08/04/26		37,054
	15,000		3.350			02/09/27		14,302
	15,000		3.200			05/11/27		14,181
	60,000		2.900			09/12/27		55,783
	40,000		1.650			02/08/31		32,051
	45,000		4.500			02/23/36		44,159
	80,000		3.850			05/04/43		68,629
	80,000		4.450			05/06/44		76,020
	300,000		4.650			02/23/46		286,177
	50,000		3.750			11/13/47		41,590
	300,000		2.650			02/08/51		200,589
	160,000		2.550			08/20/60		99,474
	Applied Materials, Inc.
	125,000		3.900			10/01/25		121,584
	256,000		3.300			04/01/27		241,815
	Broadcom, Inc.
	300,000		4.110			09/15/28		282,603
	90,000		3.469	(d)		04/15/34		71,393
	60,000		3.187	(d)		11/15/36		43,519
	160,000		3.500	(d)		02/15/41		114,493

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

GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF

Schedule of Investments (continued)

February 28, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Technology – (continued)
	Corning, Inc.
$	125,000		5.350	%		11/15/48	$	121,158
	45,000		4.375			11/15/57		36,667
	Fiserv, Inc.
	235,000		4.400			07/01/49		190,748
	Hewlett Packard Enterprise Co.
	100,000		6.350			10/15/45		98,622
	HP, Inc.
	15,000		6.000			09/15/41		14,687
	International Business Machines Corp.
	15,000		5.875			11/29/32		15,711
	150,000		4.150			05/15/39		127,347
	250,000		4.000			06/20/42		203,791
	Jabil, Inc.
	80,000		3.600			01/15/30		70,333
	KLA Corp.
	60,000		3.300			03/01/50		43,764
	Kyndryl Holdings, Inc.
	323,000		2.700			10/15/28		263,983
	100,000		3.150			10/15/31		75,072
	100,000		4.100			10/15/41		67,299
	Lam Research Corp.
	40,000		3.125			06/15/60		26,282
	Leidos, Inc.
	100,000		4.375			05/15/30		92,000
	Microsoft Corp.
	100,000		2.875			02/06/24		97,882
	65,000		3.300			02/06/27		62,085
	15,000		3.500			02/12/35		13,528
	203,000		4.200			11/03/35		194,146
	220,000		4.250			02/06/47		204,350
	200,000		4.000			02/12/55		177,485
	20,000		2.675			06/01/60		12,923
	Motorola Solutions, Inc.
	624,000		2.750			05/24/31		499,010
	QUALCOMM, Inc.
	250,000		4.300			05/20/47		219,669
	VeriSign, Inc.
	350,000		2.700			06/15/31		283,500
	Western Digital Corp.
	50,000		4.750			02/15/26		47,312
								5,766,557
Transportation – 0.3%
	Burlington Northern Santa Fe LLC
	100,000		4.150			12/15/48		84,494
	200,000		4.450			01/15/53		177,877
	CSX Corp.
	250,000		4.100			11/15/32		230,931
	100,000		4.500			11/15/52		86,619
	FedEx Corp.
	40,000		3.900			02/01/35		34,271
	300,000		4.750			11/15/45		257,005
	40,000		4.400			01/15/47		32,792
	40,000		4.950			10/17/48		35,449
	Norfolk Southern Corp.
	120,000		3.050			05/15/50		79,687
Corporate Obligations – (continued)
Transportation – (continued)
	Southwest Airlines Co.
$	40,000		5.250	%		05/04/25	$	39,750
	Union Pacific Corp.
	40,000		3.700			03/01/29		37,481
	70,000		4.050			03/01/46		57,729
	10,000		4.500			09/10/48		8,786
	80,000		3.799			10/01/51		63,647
	60,000		3.839			03/20/60		45,819
	15,000		3.750			02/05/70		10,925
	Union Pacific Railroad Co. Pass-Through Trust, Series 2015-1
	75,966		2.695			05/12/27		68,414
	United Parcel Service, Inc.
	40,000		3.625			10/01/42		33,135
	15,000		4.250			03/15/49		13,335
	15,000		5.300			04/01/50		15,440
								1,413,586
Water – 0.1%
	American Water Capital Corp.
	105,000		3.750			09/01/47		82,101
	40,000		4.200			09/01/48		34,150
	Essential Utilities, Inc.
	100,000		3.351			04/15/50		69,263
								185,514
Wireless – 0.7%
	American Tower Corp.
	200,000		3.375			10/15/26		185,857
	40,000		3.950			03/15/29		36,564
	100,000		3.700			10/15/49		69,965
	20,000		3.100			06/15/50		12,421
	AT&T, Inc.
	50,000		0.900			03/25/24		47,669
	320,000		2.750			06/01/31		265,000
	395,000		2.250			02/01/32		307,955
	250,000		4.500			05/15/35		224,611
	400,000		3.500			06/01/41		301,171
	140,000		3.650			06/01/51		100,360
	300,000		3.500			09/15/53		205,554
	310,000		3.550			09/15/55		209,678
	Crown Castle, Inc.
	40,000		3.300			07/01/30		34,986
	140,000		4.150			07/01/50		108,050
	T-Mobile USA, Inc.
	400,000		3.750			04/15/27		376,252
	400,000		4.500			04/15/50		332,272
								2,818,365
	TOTAL CORPORATE OBLIGATIONS
	(Cost $95,909,576)						$	84,060,555
U.S. Treasury Bonds – 7.7%(e)
	U.S. Treasury Bonds
$	2,930,000		4.375	%		02/15/38	$	3,069,881
	7,889,000		3.875			08/15/40		7,740,930

76 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
U.S. Treasury Bonds – (continued)
	U.S. Treasury Bonds – (continued)
$	13,791,000		2.500	%		02/15/45	$	10,545,408
	5,673,000		2.500			05/15/46		4,315,029
	9,746,000		2.250			02/15/52		6,957,040
	TOTAL U.S. TREASURY BONDS
	(Cost $39,787,180)						$	32,628,288
Foreign Corporate Debt – 5.2%
Banks – 2.1%
	Banco Bilbao Vizcaya Argentaria SA (Spain)
$	200,000		1.125	%		09/18/25	$	178,949
	Banco Santander SA (Spain)
	680,000		3.892			05/24/24		665,213
	200,000		1.849			03/25/26		177,436
	200,000		3.800			02/23/28		183,468
	Bank of Montreal(b) (Canada)
	(5 Year USD Swap + 1.432%)
	110,000		3.803			12/15/32		98,635
	Bank of Montreal, MTN (Canada)
	200,000		2.500			06/28/24		192,330
	Bank of Nova Scotia (The) (Canada)
	200,000		3.400			02/11/24		196,078
	Barclays PLC (United Kingdom)
	200,000		4.375			09/11/24		195,301
	200,000		5.200			05/12/26		194,868
	(US 1 Year CMT T-Note + 3.050%)
	300,000		7.325	(b)		11/02/26		310,389
	Credit Suisse Group AG (Switzerland)
	400,000		3.750			03/26/25		365,003
	Deutsche Bank AG(b) (Germany)
	(SOFR + 1.318%)
	500,000		2.552			01/07/28		435,905
	Export-Import Bank of Korea (South Korea)
	340,000		2.625			05/26/26		314,183
	HSBC Holdings PLC (United Kingdom)
	(3M USD LIBOR + 1.211%)
	350,000		3.803	(b)		03/11/25		342,728
	200,000		4.300			03/08/26		193,588
	(3M USD LIBOR + 1.348%)
	400,000		4.292	(b)		09/12/26		384,861
	(SOFR + 4.250%)
	250,000		8.113	(b)		11/03/33		275,980
	200,000		6.500			09/15/37		199,538
	ING Groep NV (Netherlands)
	354,000		4.550			10/02/28		337,663
	Korea Development Bank (The) (South Korea)
	300,000		0.800			07/19/26		259,339
	Landwirtschaftliche Rentenbank (Germany)
	15,000		3.125			11/14/23		14,796
	70,000		0.875			03/30/26		62,622
	Lloyds Banking Group PLC (United Kingdom)
	300,000		4.375			03/22/28		283,543
	Mizuho Financial Group, Inc. (Japan)
	(US 1 Year CMT T-Note + 0.750%)
	200,000		1.554	(b)		07/09/27		174,626
	400,000		3.170			09/11/27		368,790
Foreign Corporate Debt – (continued)
Banks – (continued)
	NatWest Group PLC(b) (United Kingdom)
	(US 5 Year CMT T-Note + 2.350%)
	300,000		3.032			11/28/35		232,150
	Royal Bank of Canada (Canada)
	285,000		3.875			05/04/32		257,687
	Santander UK Group Holdings PLC(b) (United Kingdom)
	(SOFR + 1.475%)
	340,000		2.896			03/15/32		272,021
	Sumitomo Mitsui Financial Group, Inc. (Japan)
	400,000		3.364			07/12/27		371,393
	400,000		2.930			09/17/41		277,276
	Svensk Exportkredit AB, GMTN (Sweden)
	200,000		0.625			05/14/25		181,920
	Toronto-Dominion Bank (The)(b) (Canada)
	(5 Year USD Swap + 2.205%)
	375,000		3.625			09/15/31		349,453
	Westpac Banking Corp. (Australia)
	200,000		2.850			05/13/26		186,604
	75,000		3.350			03/08/27		70,482
	40,000		2.150			06/03/31		33,363
	(US 5 Year CMT T-Note + 2.000%)
	10,000		4.110	(b)		07/24/34		8,874
	(US 5 Year CMT T-Note + 1.530%)
	100,000		3.020	(b)		11/18/36		76,799
								8,723,854
Basic Industry – 0.0%
	Nutrien Ltd. (Canada)
	100,000		2.950			05/13/30		85,700
Brokerage – 0.1%
	Brookfield Finance, Inc. (Canada)
	50,000		4.350			04/15/30		46,022
	15,000		3.500			03/30/51		10,121
	Nomura Holdings, Inc. (Japan)
	300,000		5.709			01/09/26		299,576
								355,719
Capital Goods – 0.0%
	ABB Finance USA, Inc. (Switzerland)
	127,000		4.375			05/08/42		111,795
	Johnson Controls International PLC
	100,000		4.500			02/15/47		84,804
								196,599
Communications – 0.0%
	RELX Capital, Inc. (United Kingdom)
	100,000		3.000			05/22/30		86,071
Consumer Cyclical – 0.1%
	Honda Motor Co. Ltd. (Japan)
	400,000		2.534			03/10/27		366,796
Consumer Noncyclical – 0.5%
	Ahold Finance USA LLC (Netherlands)
	360,000		6.875			05/01/29		375,566
	BAT Capital Corp. (United Kingdom)
	400,000		2.789			09/06/24		384,165
	100,000		3.462			09/06/29		85,920

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

GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF

Schedule of Investments (continued)

February 28, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Foreign Corporate Debt – (continued)
Consumer Noncyclical – (continued)
	BAT Capital Corp. (United Kingdom) – (continued)
$	80,000		3.984	%		09/25/50	$	52,962
	140,000		5.650			03/16/52		118,374
	BAT International Finance PLC (United Kingdom)
	50,000		1.668			03/25/26		44,401
	Bayer US Finance II LLC (Germany)
	100,000		3.375	(d)		07/15/24		97,089
	15,000		4.200	(d)		07/15/34		13,096
	170,000		4.700	(d)		07/15/64		137,835
	GlaxoSmithKline Capital, Inc. (United Kingdom)
	200,000		6.375			05/15/38		226,108
	Novartis Capital Corp. (Switzerland)
	250,000		2.000			02/14/27		226,326
	85,000		2.200			08/14/30		71,930
	Reynolds American, Inc. (United Kingdom)
	250,000		5.850			08/15/45		216,082
	Takeda Pharmaceutical Co., Ltd. (Japan)
	250,000		2.050			03/31/30		203,800
								2,253,654
Electric – 0.0%
	Emera US Finance LP (Canada)
	50,000		4.750			06/15/46		39,604
Energy – 0.6%
	BP Capital Markets PLC (United Kingdom)
	300,000		3.279			09/19/27		279,303
	Canadian Natural Resources Ltd. (Canada)
	85,000		6.250			03/15/38		85,799
	Canadian Natural Resources Ltd., GMTN (Canada)
	100,000		4.950			06/01/47		87,030
	Cenovus Energy, Inc. (Canada)
	100,000		2.650			01/15/32		78,937
	50,000		5.250			06/15/37		46,423
	Enbridge, Inc. (Canada)
	110,000		3.125			11/15/29		96,102
	15,000		5.500			12/01/46		14,084
	(3M USD LIBOR + 3.641%)
	15,000		6.250	(b)		03/01/78		13,950
	Equinor ASA (Norway)
	140,000		1.750			01/22/26		127,832
	40,000		3.625			09/10/28		37,811
	210,000		3.125			04/06/30		188,977
	510,000		3.700			04/06/50		407,742
	Shell International Finance BV (Netherlands)
	40,000		2.000			11/07/24		38,063
	55,000		3.250			05/11/25		52,905
	75,000		4.375			05/11/45		66,485
	462,000		4.000			05/10/46		381,706
	TotalEnergies Capital International SA (France)
	250,000		2.434			01/10/25		238,573
	185,000		3.455			02/19/29		171,314
	100,000		3.127			05/29/50		71,439
	TransCanada PipeLines Ltd. (Canada)
	300,000		2.500			10/12/31		237,712
								2,722,187
Foreign Corporate Debt – (continued)
Financial Company – 0.1%
	AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Ireland)
	455,000		3.300			01/30/32		364,222
Food and Beverage – 0.3%
	Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc. (Belgium)
	80,000		4.900			02/01/46		73,685
	Anheuser-Busch InBev Finance, Inc. (Belgium)
	55,000		4.700			02/01/36		51,691
	100,000		4.900			02/01/46		92,046
	Anheuser-Busch InBev Worldwide, Inc. (Belgium)
	300,000		3.500			06/01/30		273,452
	46,000		4.375			04/15/38		41,143
	40,000		4.600			04/15/48		35,394
	40,000		5.550			01/23/49		40,299
	500,000		4.500			06/01/50		441,603
	90,000		4.750			04/15/58		80,924
								1,130,237
Forest Products & Paper – 0.0%
	Suzano Austria GmbH (Brazil)
	200,000		5.000			01/15/30		183,728
Insurance – 0.1%
	Fairfax Financial Holdings Ltd. (Canada)
	400,000		3.375			03/03/31		327,635
Internet – 0.2%
	Alibaba Group Holding Ltd. (China)
	400,000		3.600			11/28/24		387,199
	240,000		3.400			12/06/27		220,749
	JD.com, Inc. (China)
	200,000		3.875			04/29/26		191,163
								799,111
Metals – 0.0%
	ArcelorMittal SA (Luxembourg)
	15,000		4.550			03/11/26		14,588
	15,000		4.250			07/16/29		13,985
	10,000		7.000			10/15/39		10,293
	15,000		6.750			03/01/41		14,782
								53,648
Mining – 0.1%
	Southern Copper Corp. (Mexico)
	55,000		3.875			04/23/25		53,292
	100,000		5.875			04/23/45		101,354
	Teck Resources Ltd. (Canada)
	40,000		6.250			07/15/41		40,383
	Vale Overseas Ltd. (Brazil)
	230,000		6.250			08/10/26		234,600
	115,000		3.750			07/08/30		100,050
								529,679
Oil Company-Integrated – 0.3%
	Ecopetrol SA (Colombia)
	200,000		8.875			01/13/33		199,000

78 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)
Oil Company-Integrated – (continued)
	Petroleos Mexicanos (Mexico)
$	225,000		6.875	%		08/04/26	$	215,415
	100,000		5.350			02/12/28		84,959
	250,000		5.950			01/28/31		192,311
	Saudi Arabian Oil Co. (Saudi Arabia)
	200,000		2.875	(d)		04/16/24		194,186
	300,000		2.250	(d)		11/24/30		247,106
								1,132,977
Pharmaceuticals – 0.1%
	Astrazeneca Finance LLC (United Kingdom)
	350,000		2.250			05/28/31		291,899
Technology – 0.2%
	NXP BV / NXP Funding LLC (China)
	40,000		5.350			03/01/26		39,625
	NXP BV / NXP Funding LLC / NXP USA, Inc. (China)
	120,000		3.400			05/01/30		103,833
	244,000		2.500			05/11/31		192,382
	375,000		5.000			01/15/33		353,275
								689,115
Telecommunications – 0.1%
	America Movil SAB de CV (Mexico)
	280,000		3.625			04/22/29		255,355
	200,000		2.875			05/07/30		172,340
								427,695
Transportation – 0.1%
	Canadian National Railway Co. (Canada)
	40,000		4.450			01/20/49		35,901
	Canadian Pacific Railway Co. (Canada)
	250,000		2.450			12/02/31		207,385
								243,286
Wireless – 0.1%
	Rogers Communications, Inc.(d) (Canada)
	170,000		4.500			03/15/42		140,149
	TELUS Corp. (Canada)
	285,000		3.400			05/13/32		243,021
	Vodafone Group PLC (United Kingdom)
	250,000		4.125			05/30/25		243,248
								626,418
Wirelines – 0.1%
	Bell Telephone Co of Canada or Bell Canada/The (Canada)
	80,000		4.300			07/29/49		65,629
	British Telecommunications PLC (United Kingdom)
	100,000		9.625			12/15/30		121,246
	Deutsche Telekom International Finance BV (Germany)
	15,000		8.750			06/15/30		17,825
	Orange SA (France)
	140,000		9.000			03/01/31		171,327
								376,027
	TOTAL FOREIGN CORPORATE DEBT
	(Cost $24,414,835)						$	22,005,861
Sovereign Debt Obligations – 2.1%
Sovereign – 2.1%
	Abu Dhabi Government International Bond (United Arab Emirates)
$	340,000		2.125	%(d)		09/30/24	$	324,322
	200,000		2.500	(d)		04/16/25		190,099
	200,000		1.625	(d)		06/02/28		174,642
	200,000		2.700	(d)		09/02/70		120,625
	Chile Government International Bond (Chile)
	400,000		2.750			01/31/27		368,334
	200,000		2.450			01/31/31		168,186
	Colombia Government International Bond (Colombia)
	200,000		3.875			04/25/27		177,957
	200,000		4.500			03/15/29		172,175
	100,000		6.125			01/18/41		79,869
	Hungary Government International Bond(d) (Hungary)
	300,000		6.125			05/22/28		304,974
	Indonesia Government International Bond (Indonesia)
	200,000		3.850			10/15/30		187,408
	200,000		4.650			09/20/32		195,065
	300,000		4.850			01/11/33		295,425
	200,000		5.650			01/11/53		204,876
	Malaysia Sovereign Sukuk BHD(d) (Malaysia)
	300,000		3.043			04/22/25		288,477
	Mexico Government International Bond (Mexico)
	400,000		4.150			03/28/27		388,431
	250,000		3.250			04/16/30		218,215
	400,000		4.750			04/27/32		375,131
	250,000		3.500			02/12/34		204,838
	Panama Government International Bond (Panama)
	250,000		6.700			01/26/36		265,312
	Perusahaan Penerbit SBSN Indonesia III (Indonesia)
	400,000		4.550	(d)		03/29/26		397,000
	200,000		2.800	(d)		06/23/30		175,500
	Peruvian Government International Bond (Peru)
	200,000		2.783			01/23/31		165,894
	350,000		1.862			12/01/32		256,009
	100,000		8.750			11/21/33		124,461
	100,000		3.300			03/11/41		73,709
	Philippine Government International Bond (Philippines)
	200,000		3.750			01/14/29		187,713
	400,000		2.457			05/05/30		338,259
	220,000		5.609			04/13/33		227,388
	250,000		6.375			10/23/34		272,935
	Province of Alberta Canada (Canada)
	50,000		3.300			03/15/28		47,285
	Province of Ontario Canada (Canada)
	30,000		1.050			05/21/27		25,990
	30,000		1.600			02/25/31		24,403
	Province of Quebec Canada (Canada)
	90,000		0.600			07/23/25		81,634
	25,000		2.750			04/12/27		23,315
	Qatar Government International Bond (Qatar)
	280,000		3.400	(d)		04/16/25		270,497
	200,000		4.817	(d)		03/14/49		190,707
	Republic of Poland Government International Bond (Poland)
	30,000		3.250			04/06/26		28,536
	Romanian Government International Bond(d) (Romania)
	16,000		3.000			02/14/31		13,020

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

GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF

Schedule of Investments (continued)

February 28, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Sovereign Debt Obligations – (continued)
Sovereign – (continued)
	Saudi Government International Bond (Saudi Arabia)
$	300,000		2.900	% (d)		10/22/25	$	285,334
	500,000		4.875	(d)		07/18/33		492,280
	300,000		5.000	(d)		01/18/53		275,936
	Uruguay Government International Bond (Uruguay)
	15,000		4.375			01/23/31		14,681
	250,000		5.100			06/18/50		246,406
								8,943,253
	TOTAL SOVEREIGN DEBT OBLIGATIONS
	(Cost $9,773,687)						$	8,943,253
U.S. Treasury Obligations – 4.5%(e)
	U.S. Treasury Bonds
$	15,586,000		2.750	%		08/15/42	$	12,706,365
	940,000		2.375			11/15/49		693,903
	8,551,000		2.000			02/15/50		5,787,014
	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $21,510,576)						$	19,187,282

Shares	Dividend Rate			Value
Investment Company – 12.4%(f)
Goldman Sachs Financial Square Government Fund – Institutional Shares
52,598,766		4.475	%	$	52,598,766
(Cost $52,598,766)
TOTAL INVESTMENTS – 112.9%
(Cost $513,271,550)				$	478,011,205
LIABILITIES IN EXCESS OF     ASSETS – (12.9)%					(54,733,728	)
NET ASSETS – 100.0%				$	423,277,477

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 $65,912,070 which represents approximately 15.6% of the Fund’s net assets as of February 28, 2023.
(b)	Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on February 28, 2023.
(c)	Step coupon.
(d)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(e)	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.
(f)	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

ADDITIONAL INVESTMENT INFORMATION

FORWARD SALES CONTRACTS — At February 28, 2023, the Fund had the following forward sales contracts:

Description	Interest Rate			Maturity Date(a)	Settlement Date		Principal Amount			Value
Federal National Mortgage Association		2.000	%	TBA-30yr		03/15/53	$	(16,000,000	)	$	(8,143,750	)
Federal National Mortgage Association		2.000		TBA-30yr		04/15/53		(6,000,000	)		(4,891,875	)
Total (Proceed Receivable $(18,165,742))										$	(13,035,625	)

(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.

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

GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF

Schedule of Investments

February 28, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – 22.0%
Banks – 7.5%
	American Express Co.
	(SOFR + 0.930%)
$	1,854,000		5.506	%(a)		03/04/25	$	1,864,857
	(SOFR + 0.760%)
	2,800,000		5.343	(a)		02/13/26		2,807,802
	Bank of America Corp.(a)
	(SOFR + 0.690%)
	1,133,000		5.238			04/22/25		1,131,048
	Bank of America Corp.(a)
	(SOFR + 1.100%)
	737,000		5.653			04/25/25		739,655
	Bank of America Corp.(a), Series 2025
	(SOFR + 0.660%)
	2,735,000		5.235			02/04/25		2,731,089
	Bank of America Corp.(a), MTN
	(SOFR + 0.670%)
	1,608,000		1.843			02/04/25		1,549,906
	Capital One Financial Corp.(a)
	(SOFR + 0.690%)
	5,409,000		5.266			12/06/24		5,369,420
	Charles Schwab Corp. (The)(a)
	(SOFRINDX + 0.500%)
	1,000,000		4.942			03/18/24		1,000,608
	Citigroup, Inc.(a)
	(SOFR + 1.667%)
	1,676,000		1.678			05/15/24		1,662,112
	Fifth Third Bancorp
	1,000,000		1.625			05/05/23		993,775
	Huntington National Bank (The)(a)
	(SOFRINDX + 1.190%)
	1,600,000		5.765			05/16/25		1,608,184
	JPMorgan Chase & Co.
	(SOFR + 0.580%)
	1,910,000		0.697	(a)		03/16/24		1,905,349
	(3M USD LIBOR + 0.730%)
	1,627,000		3.559	(a)		04/23/24		1,621,642
	(SOFR + 0.420%)
	1,780,000		0.563	(a)		02/16/25		1,688,068
	(SOFR + 0.970%)
	1,000,000		5.381	(a)		06/14/25		1,002,947
	KeyBank NA
	(SOFRINDX + 0.340%)
	1,124,000		4.820	(a)		01/03/24		1,122,833
	(SOFRINDX + 0.320%)
	601,000		4.731	(a)		06/14/24		599,433
	Morgan Stanley
	(SOFR + 0.616%)
	2,049,000		0.731	(a)		04/05/24		2,038,603
	(SOFR + 0.625%)
	1,764,000		5.176	(a)		01/24/25		1,759,196
	National Securities Clearing Corp.(b)
	2,550,000		5.050			11/21/24		2,535,821
	Wells Fargo & Co.
	462,000		4.125			08/15/23		459,610
	Wells Fargo & Co., MTN
	941,000		3.750			01/24/24		927,252
Corporate Obligations – (continued)
Banks – (continued)
	Wells Fargo & Co., MTN – (continued)
	(SOFR + 1.600%)
	3,000,000		1.654	%(a)		06/02/24		2,970,268
								40,089,478
Basic Industry – 0.6%
	Ecolab, Inc.
	272,000		0.900			12/15/23		262,397
	Sherwin-Williams Co. (The)
	3,107,000		4.050			08/08/24		3,047,167
								3,309,564
Broadcasting – 0.1%
	Fox Corp.
	705,000		4.030			01/25/24		695,657
Capital Goods – 0.2%
	Carlisle Cos., Inc.
	1,117,000		0.550			09/01/23		1,089,045
Consumer Cyclical – 1.5%
	General Motors Financial Co., Inc.
	300,000		3.700			05/09/23		299,013
	1,914,000		1.700			08/18/23		1,881,058
	(SOFRINDX + 1.300%)
	3,000,000		5.799	(a)		04/07/25		3,000,015
	Starbucks Corp.(a)
	(SOFRINDX + 0.420%)
	479,000		4.995			02/14/24		478,214
	Toyota Motor Credit Corp.(a), MTN
	(SOFR + 0.750%)
	2,546,000		5.300			12/11/23		2,554,180
								8,212,480
Consumer Noncyclical – 3.5%
	AbbVie, Inc.
	2,000,000		3.750			11/14/23		1,976,500
	Baxter International, Inc.(a)
	(SOFRINDX + 0.440%)
	1,356,000		5.271			11/29/24		1,343,961
	GE HealthCare Technologies, Inc.(b)
	3,067,000		5.550			11/15/24		3,060,129
	GSK Consumer Healthcare Capital US LLC(a)
	(SOFR + 0.890%)
	2,100,000		5.349			03/24/24		2,094,845
	PerkinElmer, Inc.
	1,505,000		0.550			09/15/23		1,465,133
	Philip Morris International, Inc.
	3,078,000		5.125			11/15/24		3,069,029
	Thermo Fisher Scientific, Inc.
	(SOFRINDX + 0.350%)
	1,070,000		4.871	(a)		04/18/23		1,070,041
	4,600,000		0.797			10/18/23		4,469,638
								18,549,276
Consumer Products – 0.2%
	GSK Consumer Healthcare Capital US LLC
	1,183,000		3.024			03/24/24		1,150,373

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, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Electric – 2.6%
	American Electric Power Co., Inc.(a), Series A
	(3M USD LIBOR + 0.480%)
$	625,000		5.294	%		11/01/23	$	624,289
	Atmos Energy Corp.
	423,000		0.625			03/09/23		422,539
	(3M USD LIBOR + 0.380%)
	747,000		5.103	(a)		03/09/23		746,979
	CenterPoint Energy, Inc.(a)
	(SOFRINDX + 0.650%)
	2,131,000		5.226			05/13/24		2,115,526
	Duke Energy Corp.(a)
	(SOFR + 0.250%)
	850,000		4.631			06/10/23		849,092
	Eversource Energy
	1,002,000		4.200			06/27/24		984,753
	Florida Power & Light Co.(a)
	(SOFRINDX + 0.380%)
	1,250,000		4.892			01/12/24		1,249,693
	National Rural Utilities Cooperative Finance Corp.(a), MTN
	(SOFR + 0.400%)
	1,884,000		4.975			08/07/23		1,883,881
	NextEra Energy Capital Holdings, Inc.
	(SOFRINDX + 0.540%)
	500,000		4.846	(a)		03/01/23		500,000
	41,000		6.051			03/01/25		41,273
	OGE Energy Corp.
	226,000		0.703			05/26/23		223,534
	Oklahoma Gas and Electric Co.
	522,000		0.553			05/26/23		516,276
	PPL Electric Utilities Corp.(a)
	(SOFR + 0.330%)
	620,000		4.789			06/24/24		616,145
	Southern Co. (The)
	1,500,000		2.950			07/01/23		1,486,977
	Southern Co. (The)(a), Series 2021
	(SOFRINDX + 0.370%)
	1,636,000		4.945			05/10/23		1,635,043
								13,896,000
Energy – 0.9%
	Baker Hughes Holdings LLC / Baker Hughes Co.-Obligor, Inc.
	373,000		1.231			12/15/23		361,450
	ConocoPhillips Co.
	2,206,000		2.125			03/08/24		2,137,071
	MPLX LP
	704,000		4.500			07/15/23		700,771
	Pioneer Natural Resources Co.
	1,436,000		0.550			05/15/23		1,422,180
								4,621,472
Financial Company – 0.1%
	Air Lease Corp.
	500,000		3.875			07/03/23		496,987
Food and Beverage – 0.3%
	Kellogg Co.
	1,542,000		2.650			12/01/23		1,519,904
Corporate Obligations – (continued)
Healthcare – 0.2%
	AmerisourceBergen Corp.
	831,000		0.737			03/15/23		829,588
Insurance – 2.1%
	Athene Global Funding(a)(b)
	(3M USD LIBOR + 0.730%)
	624,000		5.542			01/08/24		617,437
	Corebridge Global Funding(a)(b)
	(SOFR + 0.380%)
	1,390,000		4.803			12/15/23		1,388,790
	Jackson National Life Global Funding(a)(b)
	(SOFR + 1.150%)
	2,813,000		5.613			06/28/24		2,828,992
	MassMutual Global Funding II
	(SOFR + 0.360%)
	986,000		4.872	(a)(b)		04/12/24		980,330
	(SOFR + 0.270%)
	1,466,000		4.807	(a)(b)		10/21/24		1,454,968
	Metropolitan Life Global Funding I(b)
	710,000		3.600			01/11/24		699,031
	Pacific Life Global Funding II(a)(b)
	(SOFR + 0.400%)
	750,000		4.953			01/27/25		740,796
	Protective Life Global Funding
	626,000		0.502	(b)		04/12/23		622,727
	(SOFR + 0.980%)
	1,691,000		5.443	(a)(b)		03/28/25		1,691,119
								11,024,190
REITs and Real Estate – 0.3%
	Public Storage(a) (SOFR + 0.470%)
	1,385,000		5.007			04/23/24		1,385,497
Software – 0.5%
	Oracle Corp.
	2,600,000		2.400			09/15/23		2,557,235
Technology – 0.4%
	Fidelity National Information Services, Inc.
	800,000		0.375			03/01/23		800,000
	Hewlett Packard Enterprise Co.
	1,000,000		2.250			04/01/23		997,267
	Take-Two Interactive Software, Inc.
	571,000		3.300			03/28/24		557,920
								2,355,187
Transportation – 0.2%
	Ryder System, Inc., MTN
	1,000,000		3.750			06/09/23		995,148
Wireless – 0.8%
	AT&T, Inc.(a)
	(SOFRINDX + 0.640%)
	2,154,000		5.100			03/25/24		2,155,490
	Verizon Communications, Inc.(a)
	(SOFRINDX + 0.500%)
	2,116,000		4.953			03/22/24		2,113,278
								4,268,768
	TOTAL CORPORATE OBLIGATIONS
	(Cost $117,472,400)						$	117,045,849

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
Mortgage-Backed Securities – 19.4%
	FHLMC REMIC(a) (12M USD LIBOR + 1.803%)
$	3,754,287		3.783	%		10/01/43	$	3,799,009
	FHLMC REMIC(a) (12M USD LIBOR + 1.618%)
	7,564,086		3.740			01/01/46		7,625,504
	FHLMC REMIC(a) (12M USD LIBOR + 1.778%)
	697,929		3.788			10/01/44		702,038
	FHLMC REMIC Series 2003-2682, Class FB(a) (1M USD LIBOR + 0.900%)
	164,037		5.488			10/15/33		165,262
	FHLMC REMIC Series 2003-2711, Class FA(a) (1M USD LIBOR + 1.000%)
	170,377		5.588			11/15/33		173,504
	FHLMC REMIC Series 2005-3033, Class FG(a) (1M USD LIBOR + 0.350%)
	493,503		4.938			09/15/35		488,420
	FHLMC REMIC Series 2007-3298, Class FC(a) (1M USD LIBOR + 0.420%)
	138,466		5.008			04/15/37		136,633
	FHLMC REMIC Series 2007-3314, Class FC(a) (1M USD LIBOR + 0.400%)
	23,054		4.988			12/15/36		22,829
	FHLMC REMIC Series 2007-3316, Class FB(a) (1M USD LIBOR + 0.300%)
	563,101		4.888			08/15/35		556,795
	FHLMC REMIC Series 2007-3371, Class FA(a) (1M USD LIBOR + 0.600%)
	108,791		5.188			09/15/37		108,469
	FHLMC REMIC Series 2009-3593, Class CF(a) (1M USD LIBOR + 0.600%)
	1,253,376		5.188			02/15/36		1,254,164
	FHLMC REMIC Series 2011-3895, Class FM(a) (1M USD LIBOR + 0.350%)
	55,689		4.938			12/15/40		55,642
	FHLMC REMIC Series 2012-4040, Class FW(a) (1M USD LIBOR + 0.370%)
	367,938		4.958			05/15/32		364,615
	FHLMC REMIC Series 2012-4057, Class FE(a) (1M USD LIBOR + 0.450%)
	737,266		5.038			06/15/42		728,091
	FHLMC REMIC Series 2012-4068, Class UF(a) (1M USD LIBOR + 0.500%)
	190,383		5.088			06/15/42		187,493
	FHLMC REMIC Series 2012-4098, Class MF(a) (1M USD LIBOR + 0.300%)
	177,457		4.888			11/15/41		176,270
	FHLMC REMIC Series 2012-4107, Class MF(a) (1M USD LIBOR + 0.400%)
	1,609,045		4.988			09/15/42		1,579,274
	FHLMC REMIC Series 2012-4126, Class GF(a) (1M USD LIBOR + 0.400%)
	2,037,611		4.988			11/15/42		1,997,900
	FHLMC REMIC Series 2013-4203, Class QF(a) (1M USD LIBOR + 0.250%)
	1,072,305		4.838			05/15/43		1,053,696
	FHLMC REMIC Series 2013-4215, Class NF(a) (1M USD LIBOR + 0.350%)
	733,459		4.938			06/15/43		718,950
Mortgage-Backed Securities – (continued)
	FHLMC REMIC Series 2013-4240, Class FA(a) (1M USD LIBOR + 0.500%)
	2,536,841		5.088			08/15/43		2,498,836
	FHLMC REMIC Series 2013-4248, Class FL(a) (1M USD LIBOR + 0.450%)
	80,026		5.038			05/15/41		79,366
	FHLMC REMIC Series 2013-4263, Class FB(a) (1M USD LIBOR + 0.400%)
	58,315		4.988			11/15/43		57,377
	FHLMC REMIC Series 2013-4272, Class FD(a) (1M USD LIBOR + 0.350%)
	64,562		4.938			11/15/43		63,562
	FHLMC REMIC Series 2017-4678, Class AF(a) (1M USD LIBOR + 0.400%)
	1,871,157		3.606			12/15/42		1,843,741
	FHLMC REMIC Series 2017-4719, Class AF(a) (1M USD LIBOR + 0.350%)
	3,112,665		4.938			09/15/47		3,056,927
	FHLMC REMIC Series 2018-4787, Class ZS
	797,488		5.000			07/01/48		797,514
	FHLMC REMIC Series 2018-4818, Class FC(a) (1M USD LIBOR + 0.300%)
	208,881		4.888			04/15/48		203,099
	FHLMC REMIC Series 2018-4852, Class BF(a) (1M USD LIBOR + 0.400%)
	1,376,041		4.988			12/15/48		1,351,218
	FHLMC REMIC Series 2019-4897, Class F(a) (1M USD LIBOR + 0.400%)
	1,155,248		4.988			07/15/49		1,138,688
	FHLMC REMIC Series 2019-4903, Class F(a) (1M USD LIBOR + 0.450%)
	174,869		5.038			09/15/48		171,285
	FHLMC REMIC Series 2019-4906, Class NF(a) (1M USD LIBOR + 0.400%)
	1,606,617		3.684			03/15/38		1,562,122
	FHLMC REMIC Series 2019-4942, Class FA(a) (1M USD LIBOR + 0.500%)
	1,110,155		5.117			01/25/50		1,086,562
	FHLMC REMIC Series 2020-5002, Class FJ(a) (1M USD LIBOR + 0.400%)
	190,084		5.017			07/25/50		186,103
	FHLMC REMIC Series 2020-5031, Class FA(a) (SOFR + 0.300%)
	2,469,972		4.701			08/15/43		2,408,364
	FHLMC STRIPS Series 2006-239, Class F22(a) (1M USD LIBOR + 0.350%)
	165,960		4.938			08/15/36		164,233
	FHLMC STRIPS Series 2006-239, Class F30(a) (1M USD LIBOR + 0.300%)
	414,899		4.888			08/15/36		410,696
	FNMA REMIC Series 2002-53, Class FY(a) (1M USD LIBOR + 0.500%)
	201,606		5.117			08/25/32		201,502
	FNMA REMIC Series 2004-54, Class FL(a) (1M USD LIBOR + 0.400%)
	111,554		5.017			07/25/34		111,428
	FNMA REMIC Series 2004-54, Class FN(a) (1M USD LIBOR + 0.450%)
	269,281		5.067			07/25/34		268,663

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, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Mortgage-Backed Securities – (continued)
	FNMA REMIC Series 2005-103, Class FC(a) (1M USD LIBOR + 0.500%)
$	8,271,014		5.117	%		07/25/35	$	8,264,855
	FNMA REMIC Series 2005-120, Class FE(a) (1M USD LIBOR + 0.520%)
	413,934		5.137			01/25/36		412,129
	FNMA REMIC Series 2005-87, Class FE(a) (1M USD LIBOR + 0.450%)
	424,450		5.067			10/25/35		421,445
	FNMA REMIC Series 2006-110, Class AF(a) (1M USD LIBOR + 0.330%)
	2,331,803		4.947			11/25/36		2,305,904
	FNMA REMIC Series 2006-16, Class FC(a) (1M USD LIBOR + 0.300%)
	105,141		4.917			03/25/36		104,170
	FNMA REMIC Series 2006-36, Class FB(a) (1M USD LIBOR + 0.300%)
	43,655		4.917			05/25/36		43,101
	FNMA REMIC Series 2006-42, Class PF(a) (1M USD LIBOR + 0.410%)
	92,552		5.027			06/25/36		91,911
	FNMA REMIC Series 2006-44, Class FP(a) (1M USD LIBOR + 0.400%)
	935,482		5.017			06/25/36		928,160
	FNMA REMIC Series 2006-61, Class FD(a) (1M USD LIBOR + 0.360%)
	192,615		4.977			07/25/36		190,684
	FNMA REMIC Series 2006-79, Class DF(a) (1M USD LIBOR + 0.350%)
	393,982		4.967			08/25/36		390,873
	FNMA REMIC Series 2006-88, Class AF(a) (1M USD LIBOR + 0.460%)
	344,098		5.077			09/25/36		341,602
	FNMA REMIC Series 2007-35, Class PF(a) (1M USD LIBOR + 0.250%)
	62,663		4.867			04/25/37		61,714
	FNMA REMIC Series 2007-67, Class FB(a) (1M USD LIBOR + 0.320%)
	143,094		4.937			07/25/37		141,067
	FNMA REMIC Series 2008-1, Class CF(a) (1M USD LIBOR + 0.700%)
	44,593		5.317			02/25/38		44,523
	FNMA REMIC Series 2009-110, Class FG(a) (1M USD LIBOR + 0.750%)
	206,234		5.367			01/25/40		206,756
	FNMA REMIC Series 2010-113, Class FA(a) (1M USD LIBOR + 0.400%)
	141,668		5.017			10/25/40		140,632
	FNMA REMIC Series 2010-116, Class FE(a) (1M USD LIBOR + 0.400%)
	175,134		5.017			10/25/40		173,735
	FNMA REMIC Series 2010-141, Class FB(a) (1M USD LIBOR + 0.470%)
	106,586		5.087			12/25/40		105,137
	FNMA REMIC Series 2010-15, Class FJ(a) (1M USD LIBOR + 0.930%)
	341,798		5.547			06/25/36		343,362
Mortgage-Backed Securities – (continued)
	FNMA REMIC Series 2010-39, Class FE(a) (1M USD LIBOR + 0.770%)
	532,482		5.387			06/25/37		534,015
	FNMA REMIC Series 2010-39, Class FG(a) (1M USD LIBOR + 0.920%)
	233,383		5.537			03/25/36		235,750
	FNMA REMIC Series 2010-46, Class WF(a) (1M USD LIBOR + 0.750%)
	1,644,830		5.367			05/25/40		1,638,359
	FNMA REMIC Series 2010-49, Class FB(a) (1M USD LIBOR + 0.750%)
	158,868		5.367			05/25/40		158,904
	FNMA REMIC Series 2010-59, Class FN(a) (1M USD LIBOR + 0.730%)
	1,837,221		5.347			06/25/40		1,834,819
	FNMA REMIC Series 2011-5, Class PF(a) (1M USD LIBOR + 0.600%)
	19,396		5.217			11/25/40		19,412
	FNMA REMIC Series 2011-53, Class FT(a) (1M USD LIBOR + 0.580%)
	154,286		5.197			06/25/41		153,482
	FNMA REMIC Series 2011-87, Class FJ(a) (1M USD LIBOR + 0.550%)
	142,308		5.167			09/25/41		140,807
	FNMA REMIC Series 2012-101, Class FC(a) (1M USD LIBOR + 0.500%)
	118,813		5.117			09/25/42		117,161
	FNMA REMIC Series 2012-14, Class BF(a) (1M USD LIBOR + 0.600%)
	751,989		5.217			03/25/42		743,693
	FNMA REMIC Series 2012-37, Class BF(a) (1M USD LIBOR + 0.500%)
	158,763		5.117			12/25/35		157,994
	FNMA REMIC Series 2013-10, Class KF(a) (1M USD LIBOR + 0.300%)
	102,376		4.917			02/25/43		100,754
	FNMA REMIC Series 2013-130, Class FB(a) (1M USD LIBOR + 0.450%)
	96,522		5.067			01/25/44		95,189
	FNMA REMIC Series 2013-19, Class DF(a) (1M USD LIBOR + 0.300%)
	575,547		4.917			09/25/41		571,801
	FNMA REMIC Series 2013-2, Class QF(a) (1M USD LIBOR + 0.500%)
	76,807		5.117			02/25/43		75,669
	FNMA REMIC Series 2014-17, Class FE(a) (1M USD LIBOR + 0.550%)
	812,767		5.167			04/25/44		805,302
	FNMA REMIC Series 2014-28, Class FD(a) (1M USD LIBOR + 0.450%)
	1,704,241		5.067			05/25/44		1,680,039
	FNMA REMIC Series 2014-47, Class AF(a) (1M USD LIBOR + 0.350%)
	355,685		3.668			08/25/44		350,584
	FNMA REMIC Series 2015-27, Class KF(a) (1M USD LIBOR + 0.300%)
	94,166		4.917			05/25/45		93,237

84 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 2015-87, Class BF(a) (1M USD LIBOR + 0.300%)
$	390,696		4.917	%		12/25/45	$	381,760
	FNMA REMIC Series 2016-49, Class EF(a) (1M USD LIBOR + 0.400%)
	902,675		5.017			08/25/46		893,805
	FNMA REMIC Series 2017-16, Class FA(a) (1M USD LIBOR + 0.450%)
	740,946		5.067			03/25/47		727,471
	FNMA REMIC Series 2017-91, Class GF(a) (1M USD LIBOR + 0.350%)
	1,785,993		4.967			11/25/47		1,743,292
	FNMA REMIC Series 2018-15, Class JF(a) (1M USD LIBOR + 0.300%)
	939,477		4.917			03/25/48		914,491
	FNMA REMIC Series 2018-3385, Class MA
	892,776		4.500			06/01/48		873,603
	FNMA REMIC Series 2018-4, Class FM(a) (1M USD LIBOR + 0.300%)
	2,346,497		4.917			02/25/48		2,284,736
	FNMA REMIC Series 2019-41, Class FM(a) (1M USD LIBOR + 0.450%)
	1,144,601		5.067			08/25/49		1,122,364
	FNMA REMIC Series 2019-6, Class KF(a) (1M USD LIBOR + 0.450%)
	1,882,800		5.067			03/25/49		1,856,540
	FNMA REMIC Series 2020-6347, Class BM(a) (12M USD LIBOR + 1.733%)
	10,490,943		3.681			02/01/41		10,649,625
	GNMA Series 2004-59, Class FP(a) (1M USD LIBOR + 0.300%)
	412,496		4.890			08/16/34		408,883
	GNMA Series 2005-4, Class FA(a) (1M USD LIBOR + 0.370%)
	364,379		4.960			01/16/35		360,629
	GNMA Series 2007-26, Class FL(a) (1M USD LIBOR + 0.200%)
	2,425,931		4.798			05/20/37		2,382,865
	GNMA Series 2007-59, Class FA(a) (1M USD LIBOR + 0.500%)
	118,441		5.098			10/20/37		116,944
	GNMA Series 2013-99, Class PF(a) (1M USD LIBOR + 0.300%)
	1,624,629		4.898			07/20/43		1,594,037
	GNMA Series 2018-164, Class AF(a) (1M USD LIBOR + 0.400%)
	2,637,613		4.998			12/20/48		2,595,274
	GNMA Series 2019-110, Class F(a) (1M USD LIBOR + 0.450%)
	1,803,479		5.048			09/20/49		1,764,338
	GNMA Series 2019-56, Class FB(a) (1M USD LIBOR + 0.450%)
	2,000,693		5.048			05/20/49		1,976,291
	GNMA Series 2019-58, Class FA(a) (1M USD LIBOR + 0.400%)
	859,295		4.998			05/20/49		845,319
	JP Morgan Chase Commercial Mortgage Securities Trust Series 2016-JP2, Class ASB
	463,091		2.713			08/15/49		440,210
	JPMBB Commercial Mortgage Securities Trust Series 2015-C31, Class ASB
	373,212		3.540			08/15/48		357,351
	Morgan Stanley Bank of America Merrill Lynch Trust Series 2014-C14, Class A5
	2,308,223		4.064			02/15/47		2,267,170
Mortgage-Backed Securities – (continued)
	Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C23, Class A4
	550,000		3.719			07/15/50		520,175
	Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C24, Class A3
	2,053,239		3.479			05/15/48		1,942,902
	Wells Fargo Commercial Mortgage Trust Series 2013-LC12, Class A4(a)
	700,000		4.218			07/15/46		690,425
	TOTAL MORTGAGE-BACKED SECURITIES
	(Cost $105,992,054)						$	103,485,075
Asset- Backed Securities – 19.3%
	Access to Loans for Learning Student Loan Corp., Series 2010-I, Class A3(a) (3M USD LIBOR + 0.800%)
$	500,561		5.585	%		04/25/37	$	501,863
	Access to Loans for Learning Student Loan Corp., Series 2012-1, Class A(a) (1M USD LIBOR + 0.700%)
	16,711		5.317			07/25/36		16,609
	Ally Auto Receivables Trust, Series 2022-1, Class A3
	3,170,000		3.310			11/15/26		3,091,798
	Anchorage Capital CLO Ltd., Series 2014-4RA, Class A(a)(b) (3M USD LIBOR + 1.050%) (Cayman Islands)
	978,170		5.852			01/28/31		972,742
	Atlas Senior Loan Fund III Ltd., Series 2013-1A, Class AR(a)(b) (3M USD LIBOR + 0.830%) (Cayman Islands)
	61,242		5.707			11/17/27		60,829
	BA Credit Card Trust, Series 2021-A1, Class A1
	500,000		0.440			09/15/26		474,035
	Barclays Dryrock Issuance Trust, Series 2021-1, Class A
	2,400,000		0.630			07/15/27		2,241,159
	Barings CLO Ltd., Series 2018-3A, Class A1(a)(b) (3M USD LIBOR + 0.950%) (Cayman Islands)
	248,380		5.758			07/20/29		246,908
	BBCMS Mortgage Trust, Series 2018-C2, Class ASB
	576,000		4.236			12/15/51		552,359
	BlueMountain CLO Ltd., Series 2017-2A, Class A1R(a)(b) (3M USD LIBOR + 1.180%) (Cayman Islands)
	961,670		5.995			10/22/30		956,562
	Brazos Higher Education Authority, Inc., Series 2011-1, Class A2(a) (3M USD LIBOR + 0.800%)
	9,403		5.758			02/25/30		9,399
	BSPDF Issuer Ltd., Series 2021-FL1, Class A(a)(b) (1M USD LIBOR + 1.200%) (Cayman Islands)
	1,150,000		5.788			10/15/36		1,129,432
	BX, Series 2021-MFM1, Class A(a)(b) (1M U.S. T-Bill MMY + 0.810%)
	90,425		5.377			01/15/34		89,012
	BX Trust, Series 2021-ARIA, Class A(a)(b) (1M USD LIBOR + 0.899%)
	1,300,000		5.487			10/15/36		1,266,784
	BXHPP Trust, Series 2021-FILM, Class A(a)(b) (1M USD LIBOR + 0.650%)
	1,850,000		5.238			08/15/36		1,751,923
	CARDS II Trust, Series 2021-1A, Class A(b) (Canada)
	1,125,000		0.602			04/15/27		1,067,024

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

GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF

Schedule of Investments (continued)

February 28, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Asset- Backed Securities – (continued)
	Carlyle US CLO Ltd., Series 2017-2A, Class A1R(a)(b) (3M USD LIBOR + 1.050%) (Cayman Islands)
$	2,000,000		5.858	%		07/20/31	$	1,985,090
	CIFC Funding Ltd., Series 2017-3A, Class A1(a)(b) (3M USD LIBOR + 1.220%) (Cayman Islands)
	2,250,712		6.028			07/20/30		2,239,339
	CIFC Funding Ltd., Series 2021-2A, Class AR(a)(b) (3M USD LIBOR + 0.950%) (Cayman Islands)
	490,892		5.758			04/20/30		487,570
	Citigroup Commercial Mortgage Trust, Series 2014-GC19, Class A4
	2,400,000		4.023			03/11/47		2,351,722
	Citigroup Commercial Mortgage Trust, Series 2014-GC21, Class A5
	600,000		3.855			05/10/47		586,946
	Citigroup Commercial Mortgage Trust, Series 2015-GC29, Class AAB
	159,907		2.984			04/10/48		156,093
	Citigroup Commercial Mortgage Trust, Series 2015-GC33, Class A4
	3,000,000		3.778			09/10/58		2,865,700
	COMM Mortgage Trust, Series 2013-CR12, Class A4
	800,000		4.046			10/10/46		783,853
	COMM Mortgage Trust, Series 2013-CR7, Class A4
	34,951		3.213			03/10/46		34,909
	COMM Mortgage Trust, Series 2013-CR8, Class A5(a)
	224,504		3.612			06/10/46		222,500
	COMM Mortgage Trust, Series 2013-CR9, Class A4(a)
	137,407		4.267			07/10/45		136,751
	COMM Mortgage Trust, Series 2015-CR24, Class ASB
	246,090		3.445			08/10/48		236,312
	COMM Mortgage Trust, Series 2015-CR26, Class ASB
	505,856		3.373			10/10/48		491,590
	DBJPM Mortgage Trust, Series 2016-C3, Class ASB
	249,632		2.756			08/10/49		237,315
	Discover Card Execution Note Trust, Series 2017-A5, Class A5(a) (1M USD LIBOR + 0.600%)
	2,000,000		5.188			12/15/26		2,003,043
	Dryden XXVI Senior Loan Fund, Series 2013-26A, Class AR(a)(b) (3M USD LIBOR + 0.900%) (Cayman Islands)
	218,887		5.692			04/15/29		217,487
	Edsouth Indenture No 10 LLC, Series 2015-2, Class A(a)(b) (1M USD LIBOR + 1.000%)
	61,888		5.617			12/25/56		62,003
	Edsouth Indenture No 3 LLC, Series 2012-2, Class A(a)(b) (1M USD LIBOR + 0.730%)
	22,357		5.347			04/25/39		22,315
	Educational Funding of the South, Inc., Series 2011-1, Class A2(a) (3M USD LIBOR + 0.650%)
	400,623		5.468			04/25/35		397,573
	EFS Volunteer LLC, Series 2010-1, Class A2(a)(b) (3M USD LIBOR + 0.850%)
	274,247		5.668			10/25/35		274,062
	Extended Stay America Trust, Series 2021-ESH, Class A(a)(b) (1M USD LIBOR + 1.080%)
	1,415,479		5.668			07/15/38		1,394,247
Asset- Backed Securities – (continued)
	Flatiron CLO 19 Ltd., Series 2021-1A, Class AR(a)(b) (3M USD LIBOR + 1.080%) (Cayman Islands)
	1,000,000		5.952			11/16/34		988,161
	Ford Credit Auto Owner Trust, Series 2018-2, Class A(b)
	1,500,000		3.470			01/15/30		1,489,925
	Ford Credit Floorplan Master Owner Trust, Series 2018-2, Class A
	1,000,000		3.170			03/15/25		999,359
	GM Financial Consumer Automobile Receivables Trust, Series 2019-4, Class A4
	3,230,000		1.760			01/16/25		3,204,952
	GMF Floorplan Owner Revolving Trust, Series 2020-2, Class A(b)
	1,000,000		0.690			10/15/25		970,839
	Goal Capital Funding Trust, Series 2010-1, Class A(a)(b) (3M USD LIBOR + 0.700%)
	153,254		5.658			08/25/48		148,884
	Great Wolf Trust, Series 2019-WOLF, Class A(a)(b) (1M U.S. T-Bill MMY + 1.150%)
	3,250,000		5.711			12/15/36		3,223,023
	GS Mortgage Securities Trust, Series 2014-GC18, Class A4
	4,500,000		4.074			01/10/47		4,417,615
	HalseyPoint CLO 3 Ltd., Series 2020-3A, Class A1A(a)(b) (3M USD LIBOR + 1.450%) (Cayman Islands)
	500,000		6.252			11/30/32		496,752
	Hayfin US Ltd., Series 2018-8A, Class A(a)(b) (3M USD LIBOR + 1.120%) (Cayman Islands)
	3,000,000		5.928			04/20/31		2,968,995
	Higher Education Funding I, Series 2014-1, Class A(a)(b) (3M USD LIBOR + 1.050%)
	79,039		6.008			05/25/34		78,971
	Honda Auto Receivables Owner Trust, Series 2019-4, Class A3
	42,091		1.830			01/18/24		42,004
	Hyundai Auto Receivables Trust 2020-C, Series 2020-C, Class A4
	4,000,000		0.490			11/16/26		3,722,921
	Hyundai Auto Receivables Trust 2022-C, Series 2022-C, Class A3
	3,625,000		5.390			06/15/27		3,637,198
	ICG US CLO Ltd., Series 2018-1A, Class A1R(a)(b) (3M USD LIBOR + 1.140%) (Cayman Islands)
	623,588		5.938			10/19/28		619,762
	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2013-C13, Class A4(a)
	452,994		3.994			01/15/46		450,490
	JPMBB Commercial Mortgage Securities Trust, Series 2013-C12, Class A5
	2,244,250		3.664			07/15/45		2,214,238
	JPMBB Commercial Mortgage Securities Trust, Series 2014-C18, Class ASB
	112,030		3.566			02/15/47		110,940
	KKR Industrial Portfolio Trust, Series 2021-KDIP, Class A(a)(b) (1M U.S. T-Bill MMY + 0.660%)
	409,014		5.227			12/15/37		401,474
	KnowledgeWorks Foundation, Series 2010-1, Class A(a) (3M USD LIBOR + 0.950%)
	152,881		5.908			02/25/42		151,250

86 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)
	LCM XV LP, Series 2021-15A, Class AR2(a)(b) (3M USD LIBOR + 1.000%) (Cayman Islands)
$	2,115,726		5.808	%		07/20/30	$	2,094,603
	LCM XX LP, Series 2018-20A, Class AR(a)(b) (3M USD LIBOR + 1.040%) (Cayman Islands)
	462,373		5.848			10/20/27		461,390
	Madison Park Funding Ltd., Series 2021-37A, Class AR(a)(b) (3M USD LIBOR + 1.070%) (Cayman Islands)
	1,500,000		5.862			07/15/33		1,483,194
	Madison Park Funding XLI Ltd., Series 2017-12A, Class AR(a)(b) (3M USD LIBOR + 0.830%) (Cayman Islands)
	156,171		5.645			04/22/27		155,336
	Marathon CLO Ltd., Series 2021-1A, Class AANR(a)(b) (3M USD LIBOR + 1.320%) (Cayman Islands)
	2,200,000		6.112			04/15/32		2,173,162
	Master Credit Card Trust, Series 2021-1A, Class A(b) (Canada)
	1,400,000		0.530			11/21/25		1,320,237
	Mercedes-Benz Auto Lease Trust 2021-B, Series 2021-B, Class A3
	831,912		0.400			11/15/24		812,609
	Mercedes-Benz Auto Receivables Trust 2022-1, Series 2022-1, Class A2
	1,000,000		5.260			10/15/25		999,754
	Morgan Stanley Capital I Trust, Series 2016-BNK2, Class ASB
	531,590		2.860			11/15/49		506,123
	Navient Student Loan Trust, Series 2016-6A, Class A2(a)(b) (1M USD LIBOR + 0.750%)
	15,494		5.367			03/25/66		15,492
	Nelnet Student Loan Trust, Series 2014-2A, Class A2(a)(b) (1M USD LIBOR + 0.600%)
	94,824		5.217			03/25/30		94,646
	Nelnet Student Loan Trust, Series 2014-4A, Class A1(a)(b) (1M USD LIBOR + 0.540%)
	41,184		5.157			11/27/39		41,165
	Nelnet Student Loan Trust, Series 2016-1A, Class A(a)(b) (1M USD LIBOR + 0.800%)
	371,154		5.417			09/25/65		369,313
	Northstar Education Finance, Inc., Series 2012-1, Class A(a)(b) (1M USD LIBOR + 0.700%)
	52,480		5.317			12/26/31		52,184
	NorthStar Student Loan Trust III, Series 2016-1, Class A(a)(b) (1M USD LIBOR + 1.250%)
	482,743		5.867			05/27/36		483,128
	ONE PARK Mortgage Trust, Series 2021-PARK, Class A(a)(b) (1M U.S. T-Bill MMY + 0.810%)
	908,000		5.377			03/15/36		869,602
	OZLM Ltd., Series 2017-11A, Class A1R(a)(b) (3M USD LIBOR + 1.250%) (Cayman Islands)
	230,662		6.052			10/30/30		228,537
	Pennsylvania Higher Education Assistance Agency, Series 2009-1, Class A1(a) (3M USD LIBOR + 0.900%)
	4,470		5.718			07/25/29		4,470
	Regata Funding Ltd., Series 2021-1A, Class AR(a)(b) (3M USD LIBOR + 1.100%) (Cayman Islands)
	2,000,000		5.892			10/15/32		1,976,384
	Rhode Island Student Loan Authority, Series 2012-1, Class A1(a) (1M USD LIBOR + 0.900%)
	646,364		5.562			07/01/31		645,810
Asset- Backed Securities – (continued)
	Rhode Island Student Loan Authority, Series 2014-1, Class A1(a) (1M USD LIBOR + 0.700%)
	81,888		5.362			10/02/28		79,903
	Shackleton 2015-VIII CLO Ltd., Series 2017-8A, Class A2R(a)(b) (3M USD LIBOR + 0.920%) (Cayman Islands)
	185,943		5.728			10/20/27		185,282
	SLC Student Loan Trust, Series 2005-5, Class A4(a) (3M USD LIBOR + 0.140%)
	129,896		4.958			10/25/28		129,516
	SLC Student Loan Trust, Series 2007-1, Class A4(a) (3M USD LIBOR + 0.060%)
	943,874		4.924			05/15/29		929,469
	SLC Student Loan Trust, Series 2010-1, Class A(a) (3M USD LIBOR + 0.875%)
	217,839		5.833			11/25/42		215,480
	SLM Student Loan Trust, Series 2005-7, Class A4(a) (3M USD LIBOR + 0.150%)
	70,223		4.968			10/25/29		69,490
	SLM Student Loan Trust, Series 2018-10, Class A7B(a)(b) (3M USD LIBOR + 0.600%)
	69,082		5.418			10/25/29		68,902
	SOUND POINT CLO XXII Ltd., Series 2019-1A, Class AR(a)(b) (3M USD LIBOR + 1.080%) (Cayman Islands)
	600,000		5.888			01/20/32		590,972
	State of Illinois
	567,273		4.950			06/01/23		566,470
	Stratus CLO 2021-2 Ltd., Series 2021-2A, Class A(a)(b) (3M USD LIBOR + 0.900%) (Cayman Islands)
	3,841,294		5.708			12/28/29		3,808,670
	STWD Trust, Series 2021-FLWR, Class A(a)(b) (1M USD LIBOR + 0.577%)
	1,350,000		5.165			07/15/36		1,316,670
	Sycamore Tree CLO 2023-2 Ltd., Series 2023-2A, Class A(a)(b) (3M U.S. T-Bill MMY + 2.330%) (Cayman Islands)
	2,200,000		7.011			04/20/35		2,189,374
	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		5.919			10/20/32		3,464,188
	TCW CLO AMR Ltd., Series 2021-1A, Class ASNR(a)(b) (3M USD LIBOR + 1.220%) (Cayman Islands)
	1,100,000		6.092			08/16/34		1,080,259
	TCW CLO Ltd., Series 2022-1A, Class A1(a)(b) (3M U.S. T-Bill MMY + 1.340%) (Cayman Islands)
	3,500,000		5.994			04/22/33		3,433,010
	Toyota Auto Receivables 2022-D Owner Trust, Series 2022-D, Class A3
	1,825,000		5.300			09/15/27		1,836,860
	Tralee CLO II Ltd., Series 2017-1A, Class AR(a)(b) (3M USD LIBOR + 1.320%) (Cayman Islands)
	287,080		6.128			07/20/29		285,085
	Trimaran Cavu Ltd., Series 2021-1A, Class A(a)(b) (3M USD LIBOR + 1.210%) (Cayman Islands)
	1,000,000		6.025			04/23/32		986,530
	Trysail CLO Ltd., Series 2021-1A, Class A1(a)(b) (3M USD LIBOR + 1.320%) (Cayman Islands)
	3,000,000		6.128			07/20/32		2,956,260

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

GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF

Schedule of Investments (continued)

February 28, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Asset- Backed Securities – (continued)
	Voya CLO 2019-2 Ltd., Series 2019-2A, Class A(a)(b) (3M USD LIBOR + 1.270%) (Cayman Islands)
$	700,000		6.078	%		07/20/32	$	694,685
	Voya CLO Ltd., Series 2015-1A, Class A1R(a)(b) (3M USD LIBOR + 0.900%) (Cayman Islands)
	161,748		5.695			01/18/29		160,817
	Wells Fargo Commercial Mortgage Trust, Series 2015-C31, Class ASB
	76,765		3.487			11/15/48		74,162
	Zais CLO Ltd., Series 2021-15A, Class A1R(a)(b) (3M USD LIBOR + 1.350%) (Cayman Islands)
	1,000,000		6.152			07/28/32		978,080
	TOTAL ASSET- BACKED SECURITIES
	(Cost $104,459,330)						$	102,839,884
Foreign Corporate Debt – 15.5%
Banks – 12.8%
	ANZ New Zealand Int’l Ltd/London(a)(b) (New Zealand)
	(SOFR + 0.600%)
$	500,000		5.175	%		02/18/25	$	499,993
	Australia & New Zealand Banking Group Ltd.(b) (Australia)
	572,000		4.829			02/03/25		565,891
	Banco Santander SA (Spain)
	200,000		3.892			05/24/24		195,778
	(SOFR + 1.240%)
	1,600,000		5.815	(a)		05/24/24		1,604,232
	(US 1 Year CMT T-Note + 0.450%)
	1,000,000		0.701	(a)		06/30/24		981,376
	Bank of Montreal(a), MTN (Canada)
	(SOFRINDX + 0.465%)
	3,000,000		4.966			01/10/25		2,991,481
	Bank of Nova Scotia (The) (Canada)
	(SOFRINDX + 0.550%)
	551,000		4.973	(a)		09/15/23		550,514
	1,620,000		5.250			12/06/24		1,616,042
	Bank of Nova Scotia (The)(a), Series FRN (Canada)
	(SOFRINDX + 0.445%)
	425,000		4.963			04/15/24		424,984
	Bank of Nova Scotia (The)(a), MTN (Canada)
	(SOFRINDX + 0.960%)
	1,400,000		5.344			03/11/24		1,406,750
	Banque Federative du Credit Mutuel SA(b) (France)
	1,298,000		0.650			02/27/24		1,236,711
	Barclays PLC(a) (United Kingdom)
	(3M USD LIBOR + 1.356%)
	1,161,000		4.338			05/16/24		1,156,346
	BNP Paribas SA(b) (France)
	1,970,000		3.800			01/10/24		1,938,461
	BPCE SA(a)(b) (France)
	(SOFR + 0.570%)
	1,100,000		5.087			01/14/25		1,091,549
	Canadian Imperial Bank of Commerce(a) (Canada)
	(SOFR + 0.940%)
	2,433,000		5.440			04/07/25		2,443,571
	Credit Suisse AG (Switzerland)
	396,000		7.950			01/09/25		399,616
Foreign Corporate Debt – (continued)
Banks – (continued)
	Credit Suisse AG(a), Series FRN (Switzerland)
	(SOFRINDX + 1.260%)
	3,000,000		5.836			02/21/25		2,863,011
	Deutsche Bank AG, Series E (Germany)
	298,000		0.962			11/08/23		288,584
	(SOFR + 0.500%)
	3,125,000		5.075	(a)		11/08/23		3,114,356
	Federation des Caisses Desjardins du Quebec(a)(b) (Canada)
	(SOFR + 0.430%)
	1,895,000		5.005			05/21/24		1,889,564
	HSBC Holdings PLC(a), Series .. (United Kingdom)
	(SOFR + 0.580%)
	1,713,000		5.155			11/22/24		1,689,372
	ING Groep NV (Netherlands)
	1,402,000		3.550			04/09/24		1,371,462
	Lloyds Banking Group PLC (United Kingdom)
	1,367,000		4.050			08/16/23		1,358,842
	(US 1 Year CMT T-Note + 0.550%)
	1,192,000		0.695	(a)		05/11/24		1,177,653
	Macquarie Group Ltd.(a)(b) (Australia)
	(3M USD LIBOR + 1.330%)
	1,863,000		4.150			03/27/24		1,860,535
	Mitsubishi UFJ Financial Group, Inc. (Japan)
	(SOFR + 1.385%)
	1,529,000		5.744	(a)		09/12/25		1,540,484
	(SOFR + 0.940%)
	2,400,000		5.515	(a)		02/20/26		2,403,323
	Mizuho Financial Group, Inc. (Japan)
	(SOFR + 1.252%)
	1,358,000		1.241	(a)		07/10/24		1,335,940
	(SOFR + 0.872%)
	1,259,000		0.849	(a)		09/08/24		1,225,560
	National Australia Bank Ltd.(a)(b) (Australia)
	(SOFR + 0.380%)
	2,300,000		4.892			01/12/25		2,293,445
	National Bank of Canada(a) (Canada)
	(SOFR + 0.490%)
	655,000		5.066			08/06/24		653,739
	NatWest Group PLC (United Kingdom)
	325,000		3.875			09/12/23		322,424
	NatWest Markets PLC(b) (United Kingdom)
	1,000,000		2.375			05/21/23		992,466
	Nordea Bank Abp(b) (Finland)
	800,000		3.750			08/30/23		793,548
	Royal Bank of Canada, GMTN (Canada)
	(SOFRINDX + 0.340%)
	819,000		4.839	(a)		10/07/24		816,575
	(SOFRINDX + 0.440%)
	2,000,000		4.977	(a)		01/21/25		1,993,278
	Societe Generale SA(b) (France)
	1,133,000		4.250			09/14/23		1,123,945
	Sumitomo Mitsui Trust Bank Ltd.(a)(b) (Japan)
	(SOFR + 0.440%)
	1,854,000		4.851			09/16/24		1,847,172
	Swedbank AB(b) (Sweden)
	700,000		1.300			06/02/23		692,877

88 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)
	Toronto-Dominion Bank (The), MTN (Canada)
	(SOFR + 0.910%)
$	781,000		5.274	%(a)		03/08/24	$	784,355
	(SOFR + 0.410%)
	4,000,000		4.911	(a)		01/10/25		3,984,039
	Toronto-Dominion Bank (The)(a) (Canada)
	(SOFR + 0.355%)
	1,000,000		4.931			03/04/24		998,609
	Toronto-Dominion Bank (The), GMTN (Canada)
	859,000		3.250			03/11/24		840,407
	UBS AG/London (Switzerland)
	(SOFR + 0.360%)
	702,000		4.935	(a)(b)		02/09/24		700,786
	(SOFR + 0.450%)
	769,000		5.025	(a)(b)		08/09/24		766,033
	(SOFR + 0.470%)
	3,500,000		4.984	(a)(b)		01/13/25		3,484,574
	Westpac Banking Corp. (Australia)
	2,567,000		5.350			10/18/24		2,572,571
	(SOFR + 0.300%)
	1,186,000		4.875	(a)		11/18/24		1,183,718
								68,066,542
Capital Goods – 0.1%
	Siemens Financieringsmaatschappij NV(a) (b) (Germany) (SOFR + 0.430%)
	620,000		4.814			03/11/24		619,934
Consumer Cyclical – 0.7%
	BMW US Capital LLC (Germany)
	(SOFRINDX + 0.530%)
	710,000		5.010	(a)(b)		04/01/24		707,082
	(SOFRINDX + 0.840%)
	1,231,000		5.320	(a)(b)		04/01/25		1,226,654
	Mercedes-Benz Finance North America LLC(b) (Germany)
	1,000,000		1.750			03/10/23		999,131
	Volkswagen Group of America Finance LLC(a)(b) (Germany)
	(SOFR + 0.950%)
	1,000,000		5.289			06/07/24		998,386
								3,931,253
Energy – 0.8%
	Enbridge, Inc. (Canada)
	726,000		0.550			10/04/23		705,151
	(SOFRINDX + 0.630%)
	344,000		5.205	(a)		02/16/24		341,819
	TransCanada PipeLines Ltd. (Canada)
	3,000,000		3.750			10/16/23		2,968,565
								4,015,535
Food and Beverage – 1.0%
	Coca-Cola Europacific Partners PLC(b) (United Kingdom)
	1,917,000		0.500			05/05/23		1,900,058
	Danone SA(b) (France)
	3,000,000		2.589			11/02/23		2,938,951
	Heineken NV(b) (Netherlands)
	298,000		2.750			04/01/23		297,186
								5,136,195
Foreign Corporate Debt – (continued)
Wireless – 0.1%
	NTT Finance Corp.(b) (Japan)
	762,000		0.373			03/03/23		762,000
	TOTAL FOREIGN CORPORATE DEBT
	(Cost $82,939,549)						$	82,531,459
Certificate of Deposits – 6.3%(c)
	Banco Santander SA (SOFR + 0.490%)
$	2,000,000		5.040	%		02/09/24	$	2,000,800
	Barclays Bank PLC (SOFR + 0.700%)
	2,300,000		5.250			10/04/23		2,306,118
	BNP Paribas
	2,403,000		5.430			02/16/24		2,401,750
	Commonwealth Bank of Australia (SOFR + 0.400%)
	2,579,000		5.530			11/22/23		2,581,889
	1,123,000		4.950			01/29/24		1,123,685
	Cooperatieve Rabobank UA (SOFR + 0.670%)
	1,175,000		5.220			11/07/23		1,178,466
	Credit Industriel et Commercial (SOFR + 0.560%)
	2,084,000		5.110			05/30/23		2,084,090
	Landesbank Baden-Wuerttemberg/New York
	2,437,000		5.220			01/17/24		2,431,955
	Lloyds Bank Corporate Markets PLC (SOFR + 0.540%)
	1,395,000		5.090			01/31/24		1,389,200
	National Bank of Kuwait
	1,356,700		4.880			03/20/23		1,356,809
	Nordea Bank Abp (SOFR + 0.610%)
	3,990,000		5.160			01/04/24		4,002,808
	Skandinaviska Enskilda Banken AB (SOFR + 0.680%)
	2,000,000		5.230			08/18/23		2,004,874
	Standard Chartered Bank (SOFR + 0.420%)
	1,972,000		4.970			07/28/23		1,970,476
	Sumitomo Mitsui Banking Corp. (SOFR + 0.950%)
	1,278,000		5.500			10/25/23		1,283,749
	Sumitomo Mitsui Banking Corp. New York Branch
	2,000,000		5.000			10/06/23		1,996,060
	Svenska Handelsbanken (SOFR + 0.570%)
	2,436,000		5.120			01/09/24		2,442,236
	Toronto Dominion Bank
	814,000		4.070			07/18/23		810,996
	TOTAL CERTIFICATE OF DEPOSITS
	(Cost $33,342,125)						$	33,365,961
U.S. Treasury Notes – 5.0%(c)
	U.S. Treasury Floating Rate Notes (3M USD T-Bill + 0.160%)
$	7,829,600		4.843	%		10/31/23	$	7,827,344
	700,000		4.793			01/31/24		699,785
	18,264,000		4.948			10/31/24		18,271,858
	TOTAL U.S. TREASURY NOTES
	(Cost $26,761,452)						$	26,798,987

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

GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF

Schedule of Investments (continued)

February 28, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
U.S. Government Agency Obligations – 2.9%(c)
	Federal Farm Credit Banks Funding Corp.
$	2,095,000		5.070	%		01/11/24	$	2,090,095
	Federal Home Loan Bank Discount Notes
	660,000		4.881			07/26/23		646,077
	Federal Home Loan Banks
	1,460,000		4.660			11/14/23		1,453,145
	600,000		4.660			11/15/23		597,523
	600,000		4.670			11/17/23		597,342
	600,000		4.680			11/29/23		597,448
	2,550,000		5.000			02/21/24		2,538,649
	1,885,000		5.000			02/21/24		1,876,458
	5,230,000		5.165			03/08/24		5,209,346
	TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
	(Cost $15,662,143)						$	15,606,083

Shares		Dividend Rate			Value
Investment Company – 0.2%(d)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	967,623		4.475	%	$	967,623
	(Cost $967,623)

Principal Amount		Interest Rate			Maturity Date		Value
Short-Term Investments – 8.5%
Commercial Paper – 8.5%
	American Electric Power Co., Inc.
$	1,269,000		5.358	%		07/20/23	$	1,242,795
	Bank of Nova Scotia
	1,214,000		5.599			10/10/23		1,174,424
	3,951,000		5.581			02/09/24		3,746,180
	BASF SE
	1,290,000		5.787			12/18/23		1,233,756
	BAT International Finance PLC
	2,196,000		5.174			05/08/23		2,174,984
	BofA Securities, Inc.
	964,000		5.440			02/08/24		962,563
	Citigroup Global Markets, Inc.(a) (SOFR + 0.650%)
	1,093,000		5.200			09/21/23		1,094,366
	DNB Bank ASA
	2,731,000		5.450			11/22/23		2,626,157
	EIDP, Inc.
	2,228,000		4.901			05/01/23		2,208,706
	Entergy Corp.
	1,337,000		4.991			04/24/23		1,327,026
	Federation des Caisses Desjardins du Quebec
	2,365,000		5.452			02/14/24		2,246,183
	HP, Inc.
	2,090,000		5.309			04/24/23		2,074,283
	Lloyds Bank Corporate Markets PLC
	2,718,000		5.520			02/14/24		2,716,614
	Macquarie Bank Ltd.
	1,500,000		5.366			08/01/23		1,467,810
Short-Term Investments – (continued)
Commercial Paper – (continued)
	MetLife Short Term Funding LLC
	2,514,000		4.332	%		09/01/23		2,449,089
	Nordea Bank Abp(a) (SOFR + 0.450%)
	1,238,000		5.000			01/18/24		1,240,414
	Royal Bank Of Canada
	722,000		4.139			07/14/23		708,751
	Societe Generale SA
	2,716,000		5.536			11/15/23		2,614,286
	1,355,000		5.413			02/09/24		1,285,678
	Suncor Energy, Inc.
	8,368,000		5.121			04/18/23		8,311,934
	Thunder Bay Funding LLC
	1,324,000		5.254			05/17/23		1,310,389
	Westpac Banking Corp.
	1,279,000		5.395			02/20/24		1,277,133
	TOTAL SHORT-TERM INVESTMENTS
	(Cost $45,509,596)						$	45,493,521
	TOTAL INVESTMENTS – 99.1%
	(Cost $533,106,272)						$	528,134,442
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.9%							4,779,379
	NET ASSETS – 100.0%						$	532,913,821

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, 2023.
(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
CMT	—Constant Maturity Treasury Index
FHLMC	—Federal Home Loan Mortgage Corp.
FNMA	—Federal National Mortgage Association
GNMA	—Government National Mortgage Association
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

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

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Statements of Assets and Liabilities

February 28, 2023 (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 $50,118,769, $156,982,937, $140,959,922 and $4,765,810, respectively)	$	46,848,272		$	145,627,297		$	121,620,509		$	4,486,854
Investments in affiliated issuers, at value (cost $423,537, $2,193,329, $483,302 and $—, respectively)		423,537			2,193,329			483,302			—
Cash		72,163			205,683			36,271			23,250
Foreign currency, at value (cost $81, $—, $— and $—, respectively)		84			—			—			—
Receivables:
Dividends and interest		702,034			2,298,777			102,168			42,291
Reimbursement from investment adviser		103,728			—			—			2,621
Investments sold		—			—			6,212,991			298,642
Fund shares sold		—			10,643,430			—			—
Total assets		48,149,818			160,968,516			128,455,241			4,853,658
Liabilities:
Payables:
Management fees		107,750			36,182			11,247			—
Investments purchased		—			11,948,347			6,454,743			279,778
Fund shares redeemed		—			15,356			—			—
Total liabilities		107,750			11,999,885			6,465,990			279,778
Net Assets:
Paid-in capital		56,108,890			167,242,564			149,540,714			5,787,042
Total distributable loss		(8,066,822	)		(18,273,933	)		(27,551,463	)		(1,213,162	)
NET ASSETS	$	48,042,068		$	148,968,631		$	121,989,251		$	4,573,880
SHARES ISSUED AND OUTSTANDING
Shares outstanding no par value (unlimited shares authorized):		1,200,000			3,500,000			2,500,000			100,000
Net asset value per share:	$	40.04		$	42.56		$	48.80		$	45.74

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

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Statements of Assets and Liabilities (continued)

February 28, 2023 (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 $697,359,492, $5,361,252,361, $460,672,784 and $532,138,649, respectively)	$	606,633,750		$	5,355,581,460	$	425,412,439		$	527,166,819
Investments in affiliated issuers, at value (cost $2,701,652, $—, $52,598,766 and $967,623, respectively)		2,701,652			—		52,598,766			967,623
Cash		—			366,996		2,103,367			779,350
Receivables:
Fund shares sold		35,609,318			8,991,938		—			—
Dividends and interest		6,681,135			374,391		1,848,761			2,348,938
Investments sold		54,140			1,230,663,763		34,453,045			10,244,301
Collateral on certain derivative contracts		—			—		4,810,000			—
Reimbursement from investment adviser		—			73,625		—			14,358
Total assets		651,679,995			6,596,052,173		521,226,378			541,521,389
Liabilities:
Payables:
Investments purchased		35,511,092			1,239,903,017		84,874,066			4,784,985
Management fees		62,931			515,377		39,210			78,434
Due to custodian		4,140			—		—			—
Fund shares redeemed		—			—		—			3,744,149
Forward sales contracts, at value (proceeds receivable $—, $—, $18,165,742 and $—)		—			—		13,035,625			—
Total liabilities		35,578,163			1,240,418,394		97,948,901			8,607,568
Net Assets:
Paid-in capital		733,376,321			5,354,377,378		481,320,459			538,607,947
Total distributable earnings (loss)		(117,274,489	)		1,256,401		(58,042,982	)		(5,694,126	)
NET ASSETS	$	616,101,832		$	5,355,633,779	$	423,277,477		$	532,913,821
SHARES ISSUED AND OUTSTANDING
Shares outstanding no par value (unlimited shares authorized):		13,850,000			53,600,000		10,250,000			10,675,000
Net asset value per share:		$44.48			$99.92		$41.30			$49.92

92 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, 2023 (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	$	1,279,424		$	3,793,708		$	(516,510	)	$	81,364
Dividends from Affiliated Underlying Funds		4,486			46,914			6,131			456
Total investment income (loss)		1,283,910			3,840,622			(510,379	)		81,820
Expenses:
Management fees		91,553			209,163			74,470			—
Trustee fees		1,403			8,355			8,783			4,596
Total expenses		92,956			217,518			83,253			4,596
Less — expense reductions		(88,514	)		(2,118	)		(294	)		(25	)
Net expenses		4,442			215,400			82,959			4,571
NET INVESTMENT INCOME (LOSS)		1,279,468			3,625,222			(593,338	)		77,249
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		(536,996	)		(447,498	)		(2,378,427	)		(42,621	)
In-kind redemptions		—			(4,788,193	)		(3,592,851	)		(734,943	)
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		930,211			4,963,533			(213,193	)		671,429
Foreign currency translations		4			—			—			—
Net realized and unrealized gain (loss)		393,219			(272,158	)		(6,184,471	)		(106,135	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	1,672,687		$	3,353,064		$	(6,777,809	)	$	(28,886	)

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

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Statements of Operations (continued)

For the Six Months Ended February 28, 2023 (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	$	9,696,653		$	76,015,950		$	5,350,409		$	9,510,313
Dividends from Affiliated Underlying Funds		29,794			—			1,369,420			262,920
Total investment income		9,726,447			76,015,950			6,719,829			9,773,233
Expenses:
Management fees		374,462			2,857,031			280,203			501,939
Trustee fees		17,660			77,626			14,289			15,878
Total expenses		392,122			2,934,657			294,492			517,817
Less — expense reductions		(1,341	)		(419,237	)		(63,519	)		(114,863	)
Net expenses		390,781			2,515,420			230,973			402,954
NET INVESTMENT INCOME		9,335,666			73,500,530			6,488,856			9,370,279
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		(1,965,232	)		(3,639,028	)		(17,300,380	)		(967,669	)
In-kind redemptions		(20,029,441	)		(1,050,303	)		(283,693	)		—
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		99,168			(595,575	)		(3,927,326	)		560,395
Forward Sales Contracts		—			—			5,130,117			—
Net realized and unrealized loss		(21,895,505	)		(5,284,906	)		(16,381,282	)		(407,274	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(12,559,839	)	$	68,215,624		$	(9,892,426	)	$	8,963,005

94 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 Six Months Ended February 28, 2023 (Unaudited)			For the Period February 15, 2022* to August 31, 2022			For the Six Months Ended February 28, 2023 (Unaudited)			For the Fiscal Year Ended August 31, 2022
From operations:
Net investment income	$	1,279,468		$	1,656,363		$	3,625,222		$	8,411,692
Net realized loss		(536,996	)		(7,031,328	)		(5,235,691	)		(7,310,869	)
Net change in unrealized gain (loss)		930,215			(4,200,708	)		4,963,533			(22,228,548	)
Net increase (decrease) in net assets resulting from operations		1,672,687			(9,575,673	)		3,353,064			(21,127,725	)
Distributions to shareholders:
From distributable earnings		(1,249,935	)		(1,465,872	)		(3,787,458	)		(8,962,167	)
From share transactions:
Proceeds from sales of shares		15,157,070			80,817,061			48,882,862			114,021,025
Cost of shares redeemed		—			(37,313,270	)		(33,989,191	)		(181,256,065	)
Net increase (decrease) in net assets resulting from share transactions		15,157,070			43,503,791			14,893,671			(67,235,040	)
TOTAL INCREASE (DECREASE)		15,579,822			32,462,246			14,459,277			(97,324,932	)
Net assets:
Beginning of period	$	32,462,246		$	—		$	134,509,354		$	231,834,286
End of period	$	48,042,068		$	32,462,246		$	148,968,631		$	134,509,354

* Commencement of operations.

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

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, 2023 (Unaudited)			For the Fiscal Year Ended August 31, 2022			For the Six Months Ended February 28, 2023 (Unaudited)			For the Fiscal Year Ended August 31, 2022
From operations:
Net investment income (loss)	$	(593,338	)	$	11,658,250		$	77,249		$	266,263
Net realized loss		(5,971,278	)		(883,447	)		(777,564	)		(568,392	)
Net change in unrealized gain (loss)		(213,193	)		(22,100,414	)		671,429			(1,047,201	)
Net decrease in net assets resulting from operations		(6,777,809	)		(11,325,611	)		(28,886	)		(1,349,330	)
Distributions to shareholders:
From distributable earnings		(2,307,172	)		(10,540,936	)		(99,914	)		(290,343	)
From share transactions:
Proceeds from sales of shares		9,689,154			93,221,061			—			9,666,322
Cost of shares redeemed		(43,986,966	)		(52,293,928	)		(11,559,764	)		(21,931,891	)
Net increase (decrease) in net assets resulting from share transactions		(34,297,812	)		40,927,133			(11,559,764	)		(12,265,569	)
TOTAL INCREASE (DECREASE)		(43,382,793	)		19,060,586			(11,688,564	)		(13,905,242	)
Net assets:
Beginning of period	$	165,372,044		$	146,311,458		$	16,262,444		$	30,167,686
End of period	$	121,989,251		$	165,372,044		$	4,573,880		$	16,262,444

96 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, 2023 (Unaudited)			For the Fiscal Year Ended August 31, 2022			For the Six Months Ended February 28, 2023 (Unaudited)			For the Fiscal Year Ended August 31, 2022
From operations:
Net investment income	$	9,335,666		$	18,155,167		$	73,500,530		$	11,318,812
Net realized loss		(21,994,673	)		(23,226,589	)		(4,689,331	)		(4,211,303	)
Net change in unrealized gain (loss)		99,168			(114,811,678	)		(595,575	)		(5,114,563	)
Net increase (decrease) in net assets resulting from operations		(12,559,839	)		(119,883,100	)		68,215,624			1,992,946
Distributions to shareholders:
From distributable earnings		(9,434,478	)		(18,399,303	)		(61,803,081	)		(6,806,393	)
From share transactions:
Proceeds from sales of shares		133,196,042			311,310,364			3,328,440,177			2,207,541,510
Cost of shares redeemed		(129,629,510	)		(314,616,517	)		(1,066,280,417	)		(973,326,888	)
Net increase (decrease) in net assets resulting from share transactions		3,566,532			(3,306,153	)		2,262,159,760			1,234,214,622
TOTAL INCREASE (DECREASE)		(18,427,785	)		(141,588,556	)		2,268,572,303			1,229,401,175
Net assets:
Beginning of period	$	634,529,617		$	776,118,173		$	3,087,061,476		$	1,857,660,301
End of period	$	616,101,832		$	634,529,617		$	5,355,633,779		$	3,087,061,476

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

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, 2023 (Unaudited)			For the Fiscal Year Ended August 31, 2022			For the Six Months Ended February 28, 2023 (Unaudited)			For the Fiscal Year Ended August 31, 2022
From operations:
Net investment income	$	6,488,856		$	4,477,355		$	9,370,279		$	4,094,472
Net realized loss		(17,584,073	)		(11,130,499	)		(967,669	)		(195,941	)
Net change in unrealized gain (loss)		1,202,791			(30,653,086	)		560,395			(6,100,886	)
Net increase (decrease) in net assets resulting from operations		(9,892,426	)		(37,306,230	)		8,963,005			(2,202,355	)
Distributions to shareholders:
From distributable earnings		(6,163,593	)		(3,918,777	)		(8,930,647	)		(4,021,476	)
From share transactions:
Proceeds from sales of shares		14,522,579			254,499,846			99,373,908			290,217,807
Cost of shares redeemed		(8,293,691	)		—			(69,689,003	)		(111,670,925	)
Net increase in net assets resulting from share transactions		6,228,888			254,499,846			29,684,905			178,546,882
TOTAL INCREASE (DECREASE)		(9,827,131	)		213,274,839			29,717,263			172,323,051
Net assets:
Beginning of period	$	433,104,608		$	219,829,769		$	503,196,558		$	330,873,507
End of period	$	423,277,477		$	433,104,608		$	532,913,821		$	503,196,558

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

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

	Access Emerging Markets USD Bond ETF
	For the Six Months Ended February 28, 2023 (Unaudited)			For the Period February 15, 2022* to August 31, 2022
Per Share Operating Performance:
Net asset value, beginning of period	$	40.58		$	49.68
Net investment income(a)		1.22			1.33
Net realized and unrealized loss		(0.52	)		(9.29	)
Total gain (loss) from investment operations		0.70			(7.96	)
Distributions to shareholders from net investment income		(1.24	)		(1.14	)
Net asset value, end of period	$	40.04		$	40.58
Market price, end of period	$	39.97		$	40.13
Total Return at Net Asset Value(b)		1.79	%		(16.11	)%
Net assets, end of period (in 000’s)	$	48,042		$	32,462
Ratio of net expenses to average net assets		0.02	%(c)		0.00	%(c)
Ratio of total expenses to average net assets		0.45	%(c)		0.45	%(c)
Ratio of net investment income to average net assets		6.19	%(c)		5.67	%(c)
Portfolio turnover rate(d)		3	%		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. 99

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

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, 2023 (Unaudited)			For the Fiscal Year Ended August 31,												For the Period September 5, 2017* to August 31, 2018
				2022			2021			2020			2019
Per Share Operating Performance:
Net asset value, beginning of period	$	42.70		$	50.40		$	49.29		$	49.42		$	48.86		$	49.92
Net investment income(a)		1.19			2.21			2.24			2.49			2.75			2.41
Net realized and unrealized gain (loss)		(0.12	)		(7.63	)		1.15			(0.15	)		0.61			(1.21	)
Total gain (loss) from investment operations		1.07			(5.42	)		3.39			2.34			3.36			1.20
Distributions to shareholders from net investment income		(1.21	)		(2.28	)		(2.28	)		(2.47	)		(2.80	)		(2.26	)
Net asset value, end of period	$	42.56		$	42.70		$	50.40		$	49.29		$	49.42		$	48.86
Market price, end of period	$	42.42		$	42.28		$	50.38		$	49.23		$	49.24		$	48.82
Total Return at Net Asset Value(b)		2.59	%		(11.07	)%		7.05	%		4.94	%		7.20	%		2.58	%
Net assets, end of period (in 000’s)	$	148,969		$	134,509		$	231,834		$	150,347		$	76,602		$	46,413
Ratio of net expenses to average net assets		0.34	%(c)		0.34	%		0.34	%		0.34	%		0.34	%		0.34	%(c)
Ratio of net investment income to average net assets		5.67	%(c)		4.69	%		4.49	%		5.15	%		5.67	%		4.93	%(c)
Portfolio turnover rate(d)		6	%		15	%		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.

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

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Access Inflation Protected USD Bond ETF
	For the Six Months Ended February 28, 2023 (Unaudited)			For the Fiscal Year Ended August 31,									For the Period October 2, 2018* to August 31, 2019
				2022			2021			2020
Per Share Operating Performance:
Net asset value, beginning of period	$	51.68		$	58.52		$	56.96		$	53.11		$	50.00
Net investment income (loss)(a)		(0.21	)		3.70			2.85			0.33			1.27
Net realized and unrealized gain (loss)		(1.94	)		(7.14	)		0.30			4.18			2.98
Total gain (loss) from investment operations		(2.15	)		(3.44	)		3.15			4.51			4.25
Distributions to shareholders from net investment income		(0.73	)		(3.40	)		(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		(0.73	)		(3.40	)		(1.59	)		(0.66	)		(1.14	)
Net asset value, end of period	$	48.80		$	51.68		$	58.52		$	56.96		$	53.11
Market price, end of period	$	48.78		$	51.64		$	58.54		$	57.00		$	53.08
Total Return at Net Asset Value(b)		(4.20	)%		(6.08	)%		5.62	%		8.57	%		8.61	%
Net assets, end of period (in 000’s)	$	121,989		$	165,372		$	146,311		$	31,330		$	7,966
Ratio of net expenses to average net assets		0.12	%(c)		0.12	%		0.12	%		0.12	%		0.12	%(c)
Ratio of net investment income (loss) to average net assets		(0.86	)%(c)		6.63	%		4.96	%		0.61	%		2.74	%(c)
Portfolio turnover rate(d)		12	%		18	%		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. 101

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Access Investment Grade Corporate 1-5 Year Bond ETF
	For the Six Months Ended February 28, 2023 (Unaudited)			For the Fiscal Year Ended August 31,						For the Period July 7, 2020* to August 31, 2020
				2022			2021
Per Share Operating Performance:
Net asset value, beginning of period	$	46.46		$	50.28		$	50.21		$	49.89
Net investment income(a)		0.53			0.62			0.41			0.06
Net realized and unrealized gain (loss)		(0.59	)		(3.77	)		0.14			0.29
Total gain (loss) from investment operations		(0.06	)		(3.15	)		0.55			0.35
Distributions to shareholders from net investment income		(0.66	)		(0.67	)		(0.48	)		(0.03	)
Net asset value, end of period	$	45.74		$	46.46		$	50.28		$	50.21
Market price, end of period	$	45.76		$	46.38		$	50.30		$	50.28
Total Return at Net Asset Value(b)		(0.13	)%		(6.30	)%		1.10	%		0.70	%
Net assets, end of period (in 000’s)	$	4,574		$	16,262		$	30,168		$	27,617
Ratio of net expenses to average net assets		0.14	%(c)		0.14	%		0.14	%		0.14	%(c)
Ratio of net investment income to average net assets		2.35	%(c)		1.27	%		0.82	%		0.73	%(c)
Portfolio turnover rate(d)		17	%		45	%		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.

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

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Access Investment Grade Corporate Bond ETF
	For the Six Months Ended February 28, 2023 (Unaudited)			For the Fiscal Year Ended August 31,
				2022			2021			2020			2019			2018
Per Share Operating Performance:
Net asset value, beginning of period	$	45.81		$	55.24		$	55.39		$	52.87		$	48.31		$	50.28
Net investment income(a)		0.74			1.27			1.26			1.59			1.74			1.55
Net realized and unrealized gain (loss)		(1.33	)		(9.43	)		(0.14	)		2.54			4.52			(2.09	)
Total gain (loss) from investment operations		(0.59	)		(8.16	)		1.12			4.13			6.26			(0.54	)
Distributions to shareholders from net investment income		(0.74	)		(1.27	)		(1.27	)		(1.61	)		(1.70	)		(1.43	)
Net asset value, end of period	$	44.48		$	45.81		$	55.24		$	55.39		$	52.87		$	48.31
Market price, end of period	$	44.45		$	45.61		$	55.19		$	55.47		$	52.90		$	48.28
Total Return at Net Asset Value(b)		(1.27	)%		(14.96	)%		2.07	%		7.95	%		13.35	%		(1.04	)%
Net assets, end of period (in 000’s)	$	616,102		$	634,530		$	776,118		$	642,578		$	526,049		$	258,462
Ratio of net expenses to average net assets		0.14	%(c)		0.14	%		0.14	%		0.14	%		0.14	%		0.14	%
Ratio of net investment income to average net assets		3.33	%(c)		2.50	%		2.30	%		3.00	%		3.54	%		3.18	%
Portfolio turnover rate(d)		4	%		12	%		11	%		9	%		13	%		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. 103

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Access Treasury 0-1 Year ETF
	For the Six Months Ended February 28, 2023 (Unaudited)			For the Fiscal Year Ended August 31,
				2022			2021			2020			2019			2018
Per Share Operating Performance:
Net asset value, beginning of period	$	99.84		$	100.09		$	100.44		$	100.38		$	100.16		$	100.10
Net investment income (loss)(a)		1.73			0.52			(0.02	)		1.13			2.23			1.48
Net realized and unrealized gain (loss)		(0.18	)		(0.51	)		(0.01	)		0.29			0.15			(0.13	)
Total gain (loss) from investment operations		1.55			0.01			(0.03	)		1.42			2.38			1.35
Distributions to shareholders from net investment income		(1.47	)		(0.26	)		(0.27	)		(1.36	)		(2.16	)		(1.29	)
Distributions to shareholders from return of capital		—			—			(0.05	)		—			—			—
Total distributions to shareholders		(1.47	)		(0.26	)		(0.32	)		(1.36	)		(2.16	)		(1.29	)
Net asset value, end of period	$	99.92		$	99.84		$	100.09		$	100.44		$	100.38		$	100.16
Market price, end of period	$	99.92		$	99.88		$	100.08		$	100.45		$	100.40		$	100.18
Total Return at Net Asset Value(b)		1.56	%		0.01	%		(0.03	)%		1.42	%		2.40	%		1.37	%
Net assets, end of period (in 000’s)	$	5,355,634		$	3,087,061		$	1,857,660		$	3,045,396		$	3,174,026		$	1,642,627
Ratio of net expenses to average net assets		0.12	%(c)		0.12	%		0.12	%		0.12	%		0.12	%		0.12	%
Ratio of total expenses to average net assets		0.14	%(c)		0.14	%		0.14	%		0.14	%		0.14	%		0.14	%
Ratio of net investment income (loss) to average net assets		3.50	%(c)		0.52	%		(0.02	)%		1.13	%		2.22	%		1.48	%
Portfolio turnover rate(d)		—	%		—	%		—	%		—	%		—	%		—	%

(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.

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

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Access U.S. Aggregate Bond ETF
	For the Six Months Ended February 28, 2023 (Unaudited)			For the Fiscal Year Ended August 31, 2022			For the Period September 8, 2020* to August 31, 2021
Per Share Operating Performance:
Net asset value, beginning of period	$	42.88		$	49.40		$	50.03
Net investment income(a)		0.64			0.67			0.37
Net realized and unrealized loss		(1.62	)		(6.62	)		(0.63	)
Total loss from investment operations		(0.98	)		(5.95	)		(0.26	)
Distributions to shareholders from net investment income		(0.60	)		(0.57	)		(0.37	)
Net asset value, end of period	$	41.30		$	42.88		$	49.40
Market price, end of period	$	41.17		$	42.93		$	49.38
Total Return at Net Asset Value(b)		(2.28	)%		(12.12	)%		(0.52	)%
Net assets, end of period (in 000’s)	$	423,277		$	433,105		$	219,827
Ratio of net expenses to average net assets		0.11	%(c)		0.10	%		0.11	%(c)
Ratio of total expenses to average net assets		0.14	%(c)		0.14	%		0.14	%(c)
Ratio of net investment income to average net assets		3.08	%(c)		1.48	%		0.77	%(c)
Portfolio turnover rate(d)		282	%		522	%		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. 105

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

		Access Ultra Short Bond ETF
		For the Six Months Ended February 28, 2023 (Unaudited)			For the Fiscal Year Ended August 31,									For the Period April 15, 2019* to August 31, 2019
					2022			2021			2020
\	Per Share Operating Performance:
	Net asset value, beginning of period	$	49.95		$	50.71		$	50.77		$	50.49		$	50.00
	Net investment income(a)		0.89			0.49			0.28			0.73			0.52
	Net realized and unrealized gain (loss)		(0.06	)		(0.79	)		0.02			0.42			0.34
	Total gain (loss) from investment operations		0.83			(0.30	)		0.30			1.15			0.86
	Distributions to shareholders from net investment income		(0.86	)		(0.46	)		(0.36	)		(0.87	)		(0.37	)
	Net asset value, end of period	$	49.92		$	49.95		$	50.71		$	50.77		$	50.49
	Market price, end of period	$	49.92		$	49.95		$	50.71		$	50.78		$	50.51
	Total Return at Net Asset Value(b)		1.68	%		(0.58	)%		0.59	%		2.28	%		1.75	%
	Net assets, end of period (in 000’s)	$	532,914		$	503,197		$	330,874		$	149,765		$	15,148
	Ratio of net expenses to average net assets		0.16	%(c)		0.15	%		0.16	%		0.16	%		0.16	%(c)
	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		3.62	%(c)		0.98	%		0.55	%		1.45	%		2.72	%(c)
	Portfolio turnover rate(d)		27	%		37	%		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.

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

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Notes to Financial Statements

February 28, 2023 (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

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. 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

107

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Notes to Financial Statements (continued)

February 28, 2023 (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. For treasury inflation indexed securities, adjustments to principal due to inflation/deflation are reflected as increases/decreases to interest income with a corresponding adjustment to cost. During the six months ended February 28, 2023, the Access Inflation Protected USD Bond ETF recorded net negative interest income primarily as a result of premium amortization exceeding accrued interest income. For derivative contracts, unrealized gains and losses are recorded daily and become realized gains and losses upon disposition or termination 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 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. With respect to a Fund’s investments that do not have readily available market quotations, the Trustees have designated the Adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Act (the “Valuation Designee”). GSAM has 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.

108

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

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:

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. 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.

i.  Commercial Paper — Commercial paper normally represents short-term unsecured promissory notes issued in bearer form by banks or bank holding companies, corporations, finance companies and other issuers. Commercial paper consists of direct U.S. dollar-denominated obligations of domestic or foreign issuers. Asset-backed commercial paper is issued by a special purpose entity that is organized to issue the commercial paper and to purchase trade receivables or other financial assets.

ii.  Mortgage-Backed and Asset-Backed Securities — Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by residential and/or commercial real estate property. Asset-backed securities include securities whose principal and interest payments are collateralized by pools of other assets or receivables. The value of certain mortgage-backed and asset-backed securities (including adjustable rate mortgage loans) may be particularly sensitive to changes in prevailing interest rates. The value of these securities may also fluctuate in response to the market’s perception of the creditworthiness of the issuers.

Asset-backed securities may present credit risks that are not presented by mortgage-backed securities because they generally do not have the benefit of a security interest in collateral that is comparable to mortgage assets. Some asset-backed securities may only have a subordinated claim on collateral.

Stripped mortgage-backed securities are usually structured with two different classes: one that receives substantially all interest payments (interest-only, or “IO” and/or high coupon rate with relatively low principal amount, or “IOette”), and the other that receives substantially all principal payments (principal-only, or “PO”) from a pool of mortgage loans. Little to no principal will be received at the maturity of an IO; as a result, periodic adjustments are recorded to reduce the cost of the security until maturity. These adjustments are included in interest income.

iii.  Treasury Inflation Protected Securities — TIPS are treasury securities in which the principal amount is adjusted daily to keep pace with inflation, as measured by the U.S. Consumer Pricing Index for Urban Consumers. The repayment of the original bond principal upon maturity is guaranteed by the full faith and credit of the U.S. Government.

iv.  When-Issued Securities and Forward Commitments — When-issued securities, including TBA (“To Be Announced”) securities, are securities that are authorized but not yet issued in the market and purchased in order to secure what is considered to be an advantageous price or yield to a Fund. A forward commitment involves entering into a contract to purchase or sell securities, typically on an extended settlement basis, for a fixed price at a future date. The purchase of securities on a when-issued or forward commitment basis involves a risk of loss if the value of the security to be purchased declines before the settlement date. Conversely, the sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. Although a Fund will generally purchase securities on a when-issued or forward commitment basis with the intention of acquiring the securities for its portfolio, the Fund may dispose of when-issued securities or forward commitments prior to settlement, which may result in a realized gain or loss. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statement(s) of Assets and Liabilities as receivables/payables for collateral on other investments. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

Money Market Funds — Investments in the Goldman Sachs Financial Square Government Fund (“Underlying Money Market 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 Money Market Fund’s accounting policies and investment holdings, please see the Underlying Money Market 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

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Notes to Financial Statements (continued)

February 28, 2023 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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 either due to broker/receivable for collateral on certain derivative 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.

i.  Forward Contracts — A forward contract is a contract between two parties to buy or sell an asset at a specified price on a future date. A forward contract settlement can occur on a cash or delivery basis. Forward contracts are marked-to-market daily using independent vendor prices, and the change in value, if any, is recorded as an unrealized gain or loss. Cash and certain investments may be used to collateralize forward contracts.

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 the Valuation Procedures. 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, 2023:

ACCESS EMERGING MARKETS USD BOND ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Fixed Income
Sovereign Debt Obligations	$	—	$	40,829,660	$	—
Corporate Obligations		—		6,018,612		—
Investment Company		423,537		—		—
Total	$	423,537	$	46,848,272	$	—
ACCESS HIGH YIELD CORPORATE BOND ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Fixed Income
Corporate Obligations		—		136,754,087		—
Foreign Corporate Debt		—		8,873,210		—
Investment Company		2,193,329		—		—
Total	$	2,193,329	$	145,627,297	$	—
ACCESS INFLATION PROTECTED USD BOND ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Fixed Income
U.S. Treasury Inflation Indexed Bonds	$	121,620,509	$	—	$	—
Investment Company		483,302		—		—
Total	$	122,103,811	$	—	$	—

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GOLDMAN SACHS ACCESS FIXED INCOME ETFS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

ACCESS INVESTMENT GRADE CORPORATE 1-5 YEAR BOND ETF
Investment Type	Level 1		Level 2			Level 3
Assets
Fixed Income
Corporate Obligations	$	—	$	3,952,550		$	—
Foreign Corporate Debt		—		534,304			—
Total	$	—	$	4,486,854		$	—
ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Investment Type	Level 1		Level 2			Level 3
Assets
Fixed Income
Corporate Obligations	$	—	$	483,791,574		$	—
Foreign Corporate Debt		—		122,842,176			—
Investment Company		2,701,652		—			—
Total	$	2,701,652	$	606,633,750		$	—
ACCESS TREASURY 0-1 YEAR ETF
Investment Type	Level 1		Level 2			Level 3
Assets
Fixed Income
U.S. Treasury Bills	$	4,357,212,595	$	—		$	—
U.S. Treasury Notes		998,368,865		—			—
Total	$	5,355,581,460	$	—		$	—
ACCESS U.S. AGGREGATE BOND ETF
Investment Type	Level 1		Level 2			Level 3
Assets
Fixed Income
U.S. Treasury Notes		133,274,735		—			—
Mortgage-Backed Securities		—		125,312,465			—
Corporate Obligations		—		84,060,555			—
U.S. Treasury Bonds		32,628,288		—			—
Foreign Corporate Debt		—		22,005,861			—
U.S. Treasury Obligations		19,187,282		—			—
Sovereign Debt Obligations		202,627		8,740,626			—
Investment Company		52,598,766		—			—
Total	$	237,891,698	$	240,119,507		$	—
Liabilities
Forward Sales Contracts		—		(13,035,625	)		—

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Notes to Financial Statements (continued)

February 28, 2023 (Unaudited)

4. AGREEMENTS AND AFFILIATED TRANSACTIONS

ACCESS ULTRA SHORT BOND ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Fixed Income
Corporate Obligations	$	—	$	117,045,849	$	—
Mortgage-Backed Securities		—		103,485,075		—
Asset- Backed Securities		—		102,839,884		—
Foreign Corporate Debt		—		82,531,459		—
Commercial Paper		—		45,493,521		—
Certificate of Deposits		—		33,365,961		—
U.S. Treasury Notes		26,798,987		—		—
U.S. Government Agency Obligations		—		15,606,083		—
Investment Company		967,623		—		—
Total	$	27,766,610	$	500,367,832	$	—

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

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, 2023, 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	%		0.02	%
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	%		0.11	%
Access Ultra Short Bond ETF		0.20	%		0.16	%

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

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4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

GSAM has agreed to waive a portion of its management fee in order to achieve an effective net management fee rate of 0.39%, 0.12%, 0.10% and 0.16% as an annual percentage rate of average daily net assets of the Access Emerging Markets USD Bond ETF, Access Treasury 0-1 Year ETF, Access U.S. Aggregate Bond ETF and Access Ultra Short Bond ETF, respectively. These arrangements will remain in effect through at least December 29, 2023 for Access Treasury 0-1 Year ETF, Access U.S. Aggregate Bond ETF and Access Ultra Short Bond ETF and through at least February 17, 2025 for Access Emerging Markets USD Bond ETF and prior to such dates the Investment Adviser may not terminate the arrangements without the approval of the Board of Trustees. Prior to February 17, 2023, GSAM agreed to waive 100% of its management fee of the Access Emerging Markets USD Bond ETF. For the six months ended February 28, 2023, GSAM waived $88,514, $419,237 and $103,563 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 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 U.S. Aggregate Bond ETF and Access Ultra Short Bond ETF invest in Institutional Shares of the Goldman Sachs Financial Square Government Fund, which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Funds invest. For the six months ended February 28, 2023, the management fee waived by GSAM for each Fund was as follows:

Fund	Management Fee Waived
Access Emerging Markets USD Bond ETF	$	—
Access High Yield Corporate Bond ETF		2,118
Access Inflation Protected USD Bond ETF		294
Access Investment Grade Corporate 1-5 Year Bond  ETF		25
Access Investment Grade Corporate Bond ETF		1.341
Access U.S. Aggregate Bond ETF		63,519
Access Ultra Short Bond ETF		11,300

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, 2023:

Fund	Beginning value as of August 31, 2022		Purchases at Cost		Proceeds from Sales			Ending value as of February 28, 2023		Shares as of February 28, 2023		Dividend Income
Access Emerging Markets USD Bond ETF	$	483,412	$	1,593,441	$	(1,653,316	)	$	423,537	$	423,537	$	4,486
Access High Yield Corporate Bond ETF		3,157,357		9,219,326		(10,183,354	)		2,193,329		2,193,329		46,914
Access Inflation Protected USD Bond ETF		350,717		2,669,364		(2,536,779	)		483,302		483,302		6,131
Access Investment Grade Corporate 1-5 Year Bond ETF		155,769		239,961		(395,730	)		—		—		456
Access Investment Grade Corporate Bond ETF		1,956,966		18,475,672		(17,730,986	)		2,701,652		2,701,652		29,794
Access U.S. Aggregate Bond ETF		99,745,844		30,264,257		(77,411,335	)		52,598,766		52,598,766		1,369,420
Access Ultra Short Bond ETF		4,270,757		214,127,343		(217,430,477	)		967,623		967,623		262,920

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Notes to Financial Statements (continued)

February 28, 2023 (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:

	Access Emerging Markets USD Bond ETF
	For the Six Months Ended February 28, 2023 (Unaudited)				For the Period February 15, 2022* to August 31, 2022
	Shares		Dollars		Shares			Dollars
Fund Share Activity
Shares Sold		400,000	$	15,125,410		1,700,000		$	80,549,718
Shares Redeemed		—		—		(900,000	)		(37,275,101	)
NET INCREASE IN SHARES		400,000	$	15,125,410		800,000		$	43,274,617

* Commencement of operations.

	Access High Yield Corporate Bond ETF
	For the Six Months Ended February 28, 2023 (Unaudited)						For the Fiscal Year Ended August 31, 2022
	Shares			Dollars			Shares			Dollars
Fund Share Activity
Shares Sold		1,150,000		$	48,868,928			2,450,000		$	114,019,983
Shares Redeemed		(800,000	)		(33,932,379	)		(3,900,000	)		(181,106,517	)
NET INCREASE/DECREASE IN SHARES		350,000		$	14,936,549			1,500,000		$	73,493,353

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5. CREATION AND REDEMPTION OF CREATION UNITS (continued)

	Access Inflation Protected USD Bond ETF
	For the Six Months Ended February 28, 2023 (Unaudited)						For the Fiscal Year Ended August 31, 2022
	Shares			Dollars			Shares			Dollars
Fund Share Activity
Shares Sold		200,000		$	9,689,154			1,625,000		$	93,221,061
Shares Redeemed		(900,000	)		(43,986,967	)		(925,000	)		(52,293,928	)
NET INCREASE IN SHARES		(700,000	)	$	(34,297,813	)		400,000		$	21,535,812

	Access Investment Grade Corporate 1-5 Year Bond ETF
	For the Six Months Ended February 28, 2023 (Unaudited)						For the Fiscal Year Ended August 31, 2022
	Shares			Dollars			Shares			Dollars
Fund Share Activity
Shares Sold		—		$	—			200,000		$	9,653,124
Shares Redeemed		(250,000	)		(11,557,166	)		(450,000	)		(21,925,146	)
NET INCREASE/DECREASE IN SHARES		(250,000	)	$	(11,557,166	)		550,000		$	27,483,763

	Access Investment Grade Corporate Bond ETF
	For the Six Months Ended February 28, 2023 (Unaudited)						For the Fiscal Year Ended August 31, 2022
	Shares			Dollars			Shares			Dollars
Fund Share Activity
Shares Sold		2,950,000		$	133,196,042			6,200,000		$	311,310,364
Shares Redeemed		(2,950,000	)		(129,629,510	)		(6,400,000	)		(314,616,517	)
NET INCREASE IN SHARES		—		$	3,566,532			(200,000	)	$	(3,306,153	)

	Access Treasury 0-1 Year ETF
	For the Six Months Ended February 28, 2023 (Unaudited)						For the Fiscal Year Ended August 31, 2022
	Shares			Dollars			Shares			Dollars
Fund Share Activity
Shares Sold		33,370,000		$	3,328,440,177			22,100,000		$	2,207,541,510
Shares Redeemed		(10,690,000	)		(1,066,280,417	)		(9,740,000	)		(973,326,888	)
NET INCREASE/DECREASE IN SHARES		22,680,000		$	2,262,159,760			12,360,000		$	1,234,214,622

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GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Notes to Financial Statements (continued)

February 28, 2023 (Unaudited)

5. CREATION AND REDEMPTION OF CREATION UNITS (continued)

	Access U.S. Aggregate Bond ETF
	For the Six Months Ended February 28, 2023 (Unaudited)						For the Fiscal Year Ended August 31, 2022
	Shares			Dollars			Shares		Dollars
Fund Share Activity
Shares Sold		350,000		$	14,522,579			5,650,000	$	254,499,846
Shares Redeemed		(200,000	)		(8,293,691	)		—		—
NET INCREASE IN SHARES		150,000		$	6,228,888			5,650,000	$	254,499,846

	Access Ultra Short Bond ETF
	For the Six Months Ended February 28, 2023 (Unaudited)						For the Fiscal Year Ended August 31, 2022
	Shares			Dollars			Shares			Dollars
Fund Share Activity
Shares Sold		2,000,000		$	99,373,908			5,775,000		$	290,217,807
Shares Redeemed		(1,400,000	)		(69,689,003	)		(2,225,000	)		(111,670,925	)
NET INCREASE IN SHARES		600,000		$	29,684,905			3,550,000		$	178,546,882

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, 2023, were as follows (with the exception of the Access Treasury 0-1 Year ETF which only owns short term securities):

Fund	Purchases of U.S. Government and Agency Obligations		Purchases (Excluding U.S. Government and Agency Obligations)		Sales and Maturities of U.S. Government and Agency Obligations		Sales and Maturities Excluding U.S. Government and Agency Obligations)
Access Emerging Markets USD Bond ETF	$	—	$	—	$	16,050,218	$	1,075,806
Access High Yield Corporate Bond ETF		—		—		57,841,457		8,037,197
Access Inflation Protected USD Bond ETF		16,601,305		16,690,163		—		—
Access Investment Grade Corporate 1-5 Year Bond ETF		—		—		1,242,850		1,236,338
Access Investment Grade Corporate Bond ETF		—		—		142,439,976		21,894,636
Access U.S. Aggregate Bond ETF		95,661,328		1,075,974,148		97,381,838		1,050,904,891
Access Ultra Short Bond ETF		18,863,718		104,802,425		7,709,472		125,490,452

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6. PORTFOLIO SECURITIES TRANSACTIONS (continued)

The purchases and sales from in-kind creation and redemption transactions for the six months ended February 28, 2023, were as follows (with the exception of the Access Treasury 0-1 Year ETF which only owns short term securities):

Fund	Purchases		Sales
Access Emerging Markets USD Bond ETF	$	—	$	—
Access High Yield Corporate Bond ETF		—		33,131,773
Access Inflation Protected USD Bond ETF		9,653,059		43,883,568
Access Investment Grade Corporate 1-5 Year Bond  ETF		—		11,278,974
Access Investment Grade Corporate Bond ETF		—		116,152,858
Access U.S. Aggregate Bond ETF		—		4,443,919
Access Ultra Short Bond ETF		—		—

7. TAX INFORMATION

As of the Funds’ most recent fiscal year end, August 31, 2022, 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	$	(4,458,678	)	$	(1,218,762	)	$	—		$	—		$	(510,596	)	$	(5,318	)	$	(544,294	)	$	(375,573	)
Perpetual Long-Term		—						—			—			(52,401	)		—			(93,028	)		(9,825	)
Timing differences (Post October Capital Loss Deferral)	$	—		$	(591,528	)	$	(916,813	)	$	(146,090	)	$	(4,518,995	)	$	(3,698,392	)	$	(10,786,231	)	$	(925,114	)

As of February 28, 2023, 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	$	50,564,036		$	159,470,702		$	141,946,334		$	4,770,817		$	700,985,911		$	5,361,295,633		$	513,383,836		$	533,135,223
Gross unrealized gain		767,784			971,924			51,356			1,129			335,870			53,119			875,573			396,232
Gross unrealized loss		(4,060,012	)		(12,622,000	)		(19,893,879	)		(285,091	)		(91,986,379	)		(5,767,292	)		(36,248,204	)		(5,397,013	)
Net unrealized gains (losses) on securities	$	(3,292,227	)	$	(11,650,076	)	$	(19,842,523	)	$	(283,963	)	$	(91,650,509	)	$	(5,714,173	)	$	(35,372,631	)	$	(5,000,781	)

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

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

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Notes to Financial Statements (continued)

February 28, 2023 (Unaudited)

8. OTHER RISKS

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

Floating and Variable Rate Obligations Risk — Floating rate and variable rate obligations are debt instruments issued by companies or other entities with interest rates that reset periodically (typically, daily, monthly, quarterly, or semiannually) in response to changes in the market rate of interest on which the interest rate is based. Such market rates are generally the Secured Overnight Financing Rate, London Interbank Offered Rate (“LIBOR”), the Prime Rate of a designated U.S. bank, the Federal Funds Rate, or another base lending rate used by commercial lenders. 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.

At the end of 2021, certain LIBORs were discontinued, but the most widely used LIBORs may continue to be provided on a representative basis until June, 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 from problems in 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 a Fund’s liquidity and performance. Foreign risk also involves the risk of negative foreign currency exchange 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. A Fund may face a heightened level of interest rate risk in connection with the type and extent of certain monetary policy changes made by the Federal Reserve, such as target interest rate changes. 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. A wide variety of market factors can cause interest rates to rise, including central bank monetary policy, rising inflation and changes in general economic conditions. 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. A sudden or unpredictable increase in interest rates may cause volatility in the market and may decrease the liquidity of the Fund’s investments, which would make it harder for the Fund to sell its investments at an advantageous time.

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

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8. OTHER RISKS (continued)

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

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

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

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Notes to Financial Statements (continued)

February 28, 2023 (Unaudited)

9. INDEMNIFICATIONS

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.

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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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 2, 2023, 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, 2022 through December 31, 2022 (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; (4) the impact of local holidays in non-U.S. jurisdictions; and (5) the impact of geopolitical, market and economic developments and events on liquidity and liquidity risk. 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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Statement Regarding Basis for Approval of Management Agreement for 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 and Goldman Sachs Access Ultra Short Bond ETF (Unaudited)

Background

The 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 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, 2023 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 19-20, 2022 (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 four meetings over the course of the year since the Management Agreement was last approved in 2021. At those Committee meetings, regularly scheduled Board or other committee meetings, and/or the Annual Meeting, matters relevant to the renewal of the Management Agreement were considered by the Board, or the Independent Trustees, as applicable. With respect to each Fund, such matters included:

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

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

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

(iii) trends in employee headcount;

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

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

(b) information on the investment performance of the Fund, including comparisons to the performance of similar exchange-traded funds (“ETFs”), as provided by a third-party fund data provider engaged as part of the contract review process (the “Outside Data Provider”), benchmark performance indices and (except for the Goldman Sachs Access Emerging Markets USD Bond ETF) a composite of accounts with comparable investment strategies managed by the Investment Adviser; and information on general investment outlooks in the markets in which the Fund invests, to the extent that a Fund had been existence for at least one year;

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

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

(e) with respect to the extensive investment performance and expense comparison data (except for the Goldman Sachs Access Emerging Markets USD Bond ETF, which commenced operations in 2022) provided by the Outside Data Provider, its processes in producing that data for the Fund;

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GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Statement Regarding Basis for Approval of Management Agreement for 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 and Goldman Sachs Access Ultra Short Bond ETF (Unaudited) (continued)

(f) the undertakings of the Investment Adviser to implement fee waivers (except for the Goldman Sachs Access Emerging Markets USD 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);

(g) information relating to the profitability of the Management Agreement and the transfer agency and distribution and service arrangements of the Fund (except for the Goldman Sachs Access Emerging Markets USD Bond ETF, which commenced operations in 2022) 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.

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 transition in the leadership and changes in personnel of various of the Investment Adviser’s portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted the Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the market, regulatory and control environment in which the Funds and their service providers operate, including developments associated with the COVID-19 pandemic, geopolitical events, and economic sanctions, 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

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GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Statement Regarding Basis for Approval of Management Agreement for 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 and Goldman Sachs Access Ultra Short Bond ETF (Unaudited) (continued)

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. 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 (except the Goldman Sachs Access Emerging Markets USD Bond ETF) to its peers using rankings and/or ratings compiled by the Outside Data Provider as of March 31, 2022, and updated performance information prepared by the Investment Adviser for each Fund using the peer group identified by the Outside Data Provider as of June 30, 2022. 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 respective index (except for the Goldman Sachs Access Ultra Short Bond ETF), a comparable market capitalization-weighted reference index, and/or a composite of accounts with comparable investment strategies managed by the Investment Adviser, 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 the Goldman Sachs Access Ultra Short Bond ETF’s performance was assessed. The Trustees also considered the Investment Adviser’s periodic reports with respect to the Goldman Sachs Access Ultra Short Bond ETF’s risk profile, and how the Investment Adviser’s approach to risk monitoring and management influences portfolio management.

The Trustees noted that Goldman Sachs Access Emerging Markets USD Bond ETF had launched in 2022 and did not yet have a meaningful performance history.

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 particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Funds (except for the Goldman Sachs Access Emerging Markets USD Bond ETF). The analyses provided a comparison of each Fund’s management fee to those of a relevant peer group and category universe; an expense analysis which compared each Fund’s overall net and gross expenses to a peer group and a category universe; and data comparing each Fund’s net expenses to the peer and category medians. The Trustees also considered information previously provided regarding fees and expenses of comparable ETFs advised by other, unaffiliated investment management firms. The comparisons of the Funds’ fee rates and expense ratios were prepared by the Investment Adviser and certain third-party providers of mutual fund and ETF data. In particular, the Trustees referred to an analysis comparing each Fund’s management fee rate and net expense ratio to those of relevant peer funds. The Trustees concluded that the comparisons provided by the Outside Data Provider and the Investment Adviser were useful in evaluating the reasonableness of the management fees and total expenses paid by the Funds.

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Statement Regarding Basis for Approval of Management Agreement for 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 and Goldman Sachs Access Ultra Short Bond ETF (Unaudited) (continued)

In addition, the Trustees considered the Investment Adviser’s undertakings to implement management fee waivers for the Goldman Sachs Access Emerging Markets USD Bond ETF, Goldman Sachs Access Treasury 0-1 Year ETF, Goldman Sachs Access Ultra Short Bond ETF and Goldman Sachs Access U.S. Aggregate 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 for the Goldman Sachs Access Ultra Short Bond ETF).

The Trustees reviewed each Fund’s (except for the Goldman Sachs Access Emerging Markets USD Bond ETF) 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. Profitability data for the Funds was provided for 2021 and 2020 (except for the Goldman Sachs Access Emerging Markets USD Bond ETF and 2021 only for the Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF and Goldman Sachs Access U.S. Aggregate Bond ETF). The Trustees considered this information in relation to the Investment Adviser’s overall profitability.

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 information provided by the Investment Adviser relating to 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) 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; (e) the investment of cash in money market funds managed by the Investment Adviser that will result in increased assets under management for those money market 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) trading efficiencies resulting from aggregation of orders of the Funds with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing and pricing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (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. They considered the competitive nature of the ETF

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GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Statement Regarding Basis for Approval of Management Agreement for 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 and Goldman Sachs Access Ultra Short Bond ETF (Unaudited) (continued)

marketplace, noting that many of the Funds’ shareholders invested in the Funds in part because of the Funds’ relationship with the Investment Adviser and have a general expectation that the relationship will continue.

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, 2023.

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GOLDMAN SACHS ACCESS FIXED INCOME ETFS

Fund Expenses — Six Month Period Ended 2/28/2023 (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.

This example is based on an investment of $1,000 invested at the beginning of the period from September 1, 2022 and held for the entire six months ended February 28, 2023, 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 9/1/22		Ending Account Value 2/28/23			Expenses Paid**		Beginning Account Value 9/1/22		Ending Account Value 2/28/23			Expenses Paid**		Beginning Account Value 9/1/22		Ending Account Value 2/28/23			Expenses Paid**		Beginning Account Value 9/1/22		Ending Account Value 2/28/23			Expenses Paid**
Actual based on NAV	$	1,000	$	1,017.93		$	0.10	$	1,000	$	1,025.86		$	1.69	$	1,000	$	958.01		$	0.58	$	1,000	$	998.71		$	0.69
Hypothetical 5% return		1,000		1,024.79	+		0.10		1,000		1,023.12	+		1.69		1,000		1,024.20	+		0.60		1,000		1,024.10	+		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 9/1/22		Ending Account Value 2/28/23			Expenses Paid**		Beginning Account Value 9/1/22		Ending Account Value 2/28/23			Expenses Paid**		Beginning Account Value 9/1/22		Ending Account Value 2/28/23			Expenses Paid**		Beginning Account Value 9/1/22		Ending Account Value 2/28/23			Expenses Paid**
Actual based on NAV	$	1,000	$	987.25		$	0.69	$	1,000	$	1,015.62		$	0.60	$	1,000	$	977.19		$	0.54	$	1,000	$	1,016.82		$	0.78
Hypothetical 5% return		1,000		1,024.10	+		0.70		1,000		1,024.20	+		0.60		1,000		1,024.25	+		0.55		1,000		1,024.02	+		0.78

+ 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 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, 2023. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratio for the period is as follows:

Fund
Access Emerging Markets USD Bond ETF	0.02	%
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	0.11
Access Ultra Short Bond ETF	0.16

127

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 $2.30 trillion in assets under supervision as of December 31, 2022, 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 Defensive 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 Community Municipal Bond ETF

Goldman Sachs MarketBeta^® Emerging Markets Equity ETF

Goldman Sachs MarketBeta^® International Equity ETF

Goldman Sachs MarketBeta^® U.S. Equity ETF

Goldman Sachs MarketBeta^® U.S. 1000 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 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 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 Access 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, 2023 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.

© 2023 Goldman Sachs. All rights reserved. 313753-OTU-1778986 04/2023 ACFIETFSAR-23

Goldman Sachs Funds

Semi-Annual Report	February 28, 2023
	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® World Low Vol Plus Equity ETF (GLOV)

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

∎ ACTIVEBETA^® WORLD LOW VOL PLUS EQUITY ETF

TABLE OF CONTENTS
Market and Economic Review	1
Fund Basics	5
Schedules of Investments	22
Financial Statements	85
Financial Highlights	93
ActiveBeta® Emerging Markets Equity ETF	93
ActiveBeta® Europe Equity ETF	94
ActiveBeta® International Equity ETF	95
ActiveBeta® Japan Equity ETF	96
ActiveBeta® Paris-Aligned Climate U.S. Large Cap Equity ETF	97
ActiveBeta® U.S. Large Cap Equity ETF	98
ActiveBeta® U.S. Small Cap Equity ETF	99
ActiveBeta® World Low Vol Plus Equity ETF	100
Notes to Financial Statements	101
Other Information	126

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, 2023 (the “Reporting Period”). A fuller review will appear in the Funds’ annual shareholder report covering the 12 months ended August 31, 2023.

Market and Economic Review

U.S. Equities

• Overall, U.S. equities rose during the Reporting Period. The Standard & Poor’s 500^® Index (the “S&P 500 Index”) ended the Reporting Period with a return of 1.26%. The Russell 3000^® Index generated a return of 1.51%.

• The market posted muted returns during the Reporting Period amid a backdrop of ongoing Federal Reserve (“Fed”) interest rate hikes to combat inflation, persistent recession worries, supply-chain disruptions, geopolitical tensions given the Russia/Ukraine war, and elevated concerns around China’s zero-COVID policy.

• As the Reporting Period began in September 2022, the S&P 500 Index decreased primarily based on the noticeable tightening of financial conditions guided by expectations for a more aggressive global interest rate hiking cycle. Indeed, the Fed increased its “raise and hold” messaging as the end of September approached, a policy that received support on the back of higher than consensus expected August core inflation data and a still-tight labor market that showed only moderate signs of cooling off.

• During the fourth quarter of 2022, the S&P 500 Index solidly increased, breaking its streak of three consecutive quarterly losses, attributable primarily to gains in October and November.

• Investors continued to witness a variety of contradictory macroeconomic developments, highlighted by a noticeably hawkish Fed, consumer resilience, and economic data supporting the themes of slowing economic growth. (Hawkish tends to suggest higher interest rates; opposite of dovish.)

• There was a dovish tilt surrounding consensus expectations for a reduction in the pace of monetary policy tightening, which was realized when the Fed announced a 50 basis point interest rate hike in December, following four successive 75 basis point increases. (A basis point is 1/100th of a percentage point.)

• Positive inflation developments further supported market aspirations for a peak in the Fed tightening cycle, with October and November inflation data coming in lower than anticipated by most.

• Despite the smaller interest rate hike, the Fed maintained its hawkish tone with its relentless higher-for-longer messaging that continued to be a headwind for the U.S. equities market.

• Although the third quarter 2022 corporate earnings season provided disappointing results, companies emphasized a strong demand environment even against a backdrop of heightened macroeconomic uncertainty. Companies also focused on cost-cutting measures, as headlines of layoffs remained in the spotlight, especially within the information technology sector.

• On the geopolitical front, the most constructive takeaways came from China’s zero-COVID pivot and pro-growth focus as well as Europe’s warmer than anticipated weather that helped settle concerns about an energy crisis there.

• The S&P 500 Index rose in January 2023, rebounding from December 2022’s losses, gaining on a combination of heightened optimism around disinflationary signals, a cooling job market, positive reports about China’s economic reopening, better than consensus forecasted economic circumstances in Europe, improvements in supply-chain conditions and elevated hopes for the termination of the Fed’s tightening cycle. Collectively, these themes provided a strong case for the Fed’s soft landing scenario and the avoidance of a deep recession resulting from interest rate hikes. (A soft landing, in economics, is a cyclical downturn that avoids recession. It typically describes attempts by central banks to raise interest rates just enough to stop an economy from overheating and experiencing high inflation, without causing a significant increase in unemployment, or a hard landing.)

1

MARKET REVIEW

• However, the S&P 500 Index then fell again in February 2023, giving back a portion of the prior month’s gains.

• U.S. equities depreciated as the market’s modified Fed interest rate hike expectations and resilient economic data prompted a reduction in the progress of disinflation and heightened traction around several bearish themes. (Bearish refers to an expected downward movement in the prices of securities.)

• Early in February, the Fed raised the targeted federal funds rate by another 25 basis points as expected, and its accompanying statement seemed dovish. Still, Fed Chair Powell’s subsequent statement that further rate hikes will be necessary if economic data continues to come in stronger than expected shifted the Fed narrative more hawkish.

• During the Reporting Period overall, value stocks meaningfully outperformed growth stocks within the large-cap and small-cap segments of the U.S. equity market, though growth stocks outpaced value stocks within the mid-cap segment.

• The best performing sectors within the S&P 500 Index during the Reporting Period were materials, industrials, energy and financials, while the weakest performing sectors were utilities, consumer discretionary, real estate and communication services.

International Equities

• Representing the developed international equity markets, the MSCI EAFE Index (net) returned 12.58% for the Reporting Period, significantly outperforming the U.S. equity market.

• As the Reporting Period began in September 2022, international equity markets declined, weighed down by heightened inflationary pressures, aggressive global interest rate hikes, recession concerns and the rampant spread of COVID-19.

• Europe additionally battled an energy crisis and subsequent mobile network blackouts, which, in turn, put upward pressure on power costs and inflation and supported the need to keep interest rates high. The European Central Bank raised interest rates during the month, increasing concerns around slowing economic growth and leading to the depreciation of the euro against the U.S. dollar.

• International equities then rallied across the major regions in the fourth quarter of 2022 overall. Markets remained volatile and under pressure from macroeconomic headwinds, including inflationary pressures and interest rate hikes. However, investors began to focus on improving inflationary indicators across the globe, and increased confidence the U.S. Fed could pull off a soft economic landing allowed both U.S. and international equities to rally.

• In Europe, equities benefited from resilient third quarter 2022 corporate earnings reports as well as from optimism that the pace of interest rate increases could soon slow. Economic activity showed signs of a rebound in December following the inflation peak in October. Thus, although Europe remained in a recession, optimism that the recession would not be as deep as initially feared grew during the last weeks of the calendar year.

• In Japan, the yen continued to weaken against the U.S. dollar, especially in the first half of October, and Bank of Japan Governor Kuroda remained downbeat on the sustainability of inflation numbers into 2023, citing the negative output gap in particular, and kept its interest rates low.

• Asia ex-Japan equities were flat in October, pressured by sharp sell-offs in China and Hong Kong following confirmation that Chinese Premier Xi Jinping would remain as leader for a historic third five-year term. But increasing indications that China was prepared to stray from some of its more restrictive COVID-19 procedures resulted in stronger Asia ex-Japan equities in November, even as fears of an economic slowdown within China persisted. Indeed, in December, China began to relax its zero-COVID policies in an ongoing effort to boost its economy through increased domestic spending and international travel. Investors responded positively to this news despite the near-term surge in COVID-19 cases in China caused by the re-opening.

• The MSCI EAFE Index posted solid positive returns in January 2023, with international equity markets performing well on the back of expectations around peaking inflation in the U.S. and Europe, slowing central bank interest rate hikes, and receding concerns about recession.

• China finally lifted its stringent zero-COVID policy, increasing global hopes around the resolution of supply-chain disruptions and economic recovery driven by stronger domestic consumption and improved international tourism.

2

MARKET REVIEW

• In contrast to the U.S. and Europe, Japan’s inflation rate rose in January. However, the Bank of Japan reiterated its commitment to keep its monetary policy accommodative.

• The MSCI EAFE Index then fell in February 2023, with market sentiment governed by dampening expectations around potential peaking of interest rate hikes and ongoing geopolitical tensions between Russia and Ukraine, as the war there marked a one-year milestone. Also weighing on investor sentiment was a re-escalation in U.S./China tensions. Inflation levels were relatively stable across Europe, but Japan saw its highest level of inflation in the last 40 years.

• All sectors in the MSCI EAFE Index posted positive total returns during the Reporting Period. The best performing sectors within the MSCI EAFE Index during the Reporting Period were financials, materials, consumer discretionary and industrials, each posting a double-digit positive total return. The weakest performing sectors were real estate, communication services, consumer staples and health care.

• The best performing countries within the MSCI EAFE Index were Austria, Italy, Spain and Germany. The weakest performing countries during the Reporting Period were Israel and Norway, the only two MSCI EAFE Index constituents to post a negative absolute total return during the Reporting Period. Portugal and Hong Kong each generated a modestly positive total return but still significantly lagged the MSCI EAFE Index during the Reporting Period.

Emerging Markets Equities

• Representing the emerging markets equity markets, the MSCI Emerging Markets Index (net) returned -2.29% 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 2022, emerging markets equities as a whole posted double-digit negative returns, as central bank interest rate hikes and recession concerns triggered large outflows.

• Inflation remained top of mind for investors, as central banks in Europe, Asia and South America announced plans to raise interest rates during the following 12 months in an effort to get ahead of rising consumer prices.

• The Chinese equity market fell especially significantly. An overleveraged housing market and falling home prices, coupled with the yuan falling to its lowest levels since January 2008, triggered monetary outflows from the Chinese economy. Most impactfully, China’s zero-COVID policy weakened domestic levels of supply and demand, contributing to falling export levels.

• Elsewhere in Asia, India’s equity market fell but outperformed the MSCI Emerging Markets Index, while South Korea’s equity market underperformed the MSCI Emerging Markets Index given the lack of global demand, especially from China, for Korean goods, which caused high levels of volatility in the Korean exports market.

• In Latin America, the Brazilian equity market fell but outpaced the MSCI Emerging Markets Index, as Brazil’s central bank paused its cycle of interest rate hikes, becoming the first notable economy in the world to do so.

• Emerging markets equities then rallied in the fourth quarter of 2022 overall, attributable primarily to a strong November 2022.

• In October 2022, emerging markets equities as a whole fell, as economies struggled to deal with high inflation, major transitions of political power, and contractionary central bank policy. The MSCI China Index was particularly weak, as lockdowns continued to place several cities under COVID-19 restrictions and the closely-watched China’s 20^th Party Congress offered no signal to investors this strategy would change in the near future. South Korea’s and Brazil’s equity markets rose, driven by stronger exports.

• November 2022 was a strong month for emerging markets equities, as softer U.S. inflation and expectations of a recovery in Chinese demand brightened the outlook for the emerging markets universe. The slowing frequency of interest rate hikes from central banks and strong consumer activity across a number of emerging markets also strengthened returns for several country constituents of the MSCI Emerging Markets Index. The MSCI China Index rallied strongly. The MSCI India Index was also strong, but the MSCI Brazil Index fell as political friction in the country’s new presidential administration hampered the speed of financial reforms, creating uncertainty amongst investors.

• The MSCI Emerging Markets Index fell modestly in December 2022, as inflation concerns dominated. Still, the MSCI China Index rose, as China loosened its COVID-19 restrictions.

3

MARKET REVIEW

• The MSCI Emerging Markets Index rose in January 2023, as softer U.S. inflation and positive news around China’s full reopening post COVID-19 brightened the outlook for the emerging markets. The slowing frequency of interest rate hikes from central banks and strong consumer activity across several emerging markets also contributed positively to strengthened returns for several countries in the MSCI Emerging Markets Index, including China and Brazil. India’s equity market fell, as Indian officials hinted at an upcoming economic slowdown and as a U.S.-based short-selling firm published a report on a conglomerate that sparked a broad-based sell-off.

• The MSCI Emerging Markets then fell in February 2023, reversing much of the gains from the prior month’s rally. A re-escalation in geopolitical tensions and stronger than consensus expected U.S. economic data challenged the path of the U.S. Fed’s interest rate policy, dampening hopes to a quick end to the interest rate hiking cycle. Following this, the U.S. dollar also strengthened, an additional headwind for emerging markets equities.

• The best performing sectors within the MSCI Emerging Markets Index were materials, information technology, communication services and consumer staples, the only sectors in the MSCI Emerging Markets Index to post a positive total return during the Reporting Period. The weakest performing sectors were utilities, energy, consumer discretionary and health care.

• The best performing countries within the MSCI Emerging Markets Index during the Reporting Period were Turkey, Greece, Mexico and Poland. The weakest performing countries were Qatar, Saudi Arabia, India and United Arab Emirates, each led down by weakness in the energy sector.

Fund Changes and Highlights

No material changes were made to the Funds during the Reporting Period.

4

FUND BASICS

ActiveBeta^® Emerging Markets Equity ETF

as of February 28, 2023

FUND SNAPSHOT
As of February 28, 2023
Market Price1	$	28.93
Net Asset Value (NAV)1	$	29.10

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

PERFORMANCE REVIEW
September 1, 2022—February 28, 2023	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		-0.10	%		0.58	%		0.04	%		-2.29	%

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.

5

FUND BASICS

TOP TEN HOLDINGS AS OF 2/28/235
Holding	% of Net Assets			Line of Business	Country
Taiwan Semiconductor Manufacturing Co. Ltd.		5.7	%	Information Technology	Taiwan
Tencent Holdings Ltd.		3.5		Communication Services	China
Samsung Electronics Co. Ltd.		3.1		Information Technology	South Korea
Alibaba Group Holding Ltd.		2.1		Consumer Discretionary	China
Vale SA		0.9		Materials	Brazil
Infosys Ltd.		0.9		Information Technology	India
Meituan, Class B		0.9		Consumer Discretionary	China
Reliance Industries Ltd.		0.8		Energy	India
China Construction Bank Corp., Class H		0.8		Financials	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, 2023

⁶  Country and sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by MSCI. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Underlying sector allocation of exchange-traded funds held by the Fund are not reflected in the chart above. Investments in the securities lending vehicle represented 0.5% of the Fund’s net assets as of February 28, 2023. 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.

6

FUND BASICS

ActiveBeta^® Europe Equity ETF

as of February 28, 2023

FUND SNAPSHOT
As of February 28, 2023
Market Price1	$	32.08
Net Asset Value (NAV)1	$	32.31

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, 2023	Fund Total Return (based on NAV)2			Fund Total Return (based on Market Price)2			GS ActiveBeta® Europe Equity Index3			MSCI Europe Index4
Shares		18.06	%		18.12	%		17.99	%		17.69	%

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

7

FUND BASICS

TOP TEN HOLDINGS AS OF 2/28/235
Holding	% of Net Assets			Line of Business	Country
Nestle SA		2.6	%	Consumer Staples	United States
Novo Nordisk A/S, Class B		2.4		Health Care	Denmark
ASML Holding NV		2.2		Information Technology	Netherlands
LVMH Moet Hennessy Louis Vuitton SE		2.1		Consumer Discretionary	France
Roche Holding AG		2.0		Health Care	United States
Shell PLC		1.7		Energy	Netherlands
AstraZeneca PLC		1.7		Health Care	United Kingdom
Novartis AG		1.6		Health Care	Switzerland
TotalEnergies SE		1.3		Energy	France
L’Oreal SA		1.0		Consumer Staples	France

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

FUND VS BENCHMARK⁶

February 28, 2023

⁶  Country and sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by MSCI. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Underlying sector allocation of exchange-traded funds held by the Fund are not reflected in the chart above. Investments in the securities lending vehicle represented 0.7% of the Fund’s net assets as of February 28, 2023. 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.

8

FUND BASICS

ActiveBeta^® International Equity ETF

as of February 28, 2023

FUND SNAPSHOT
As of February 28, 2023
Market Price1	$	30.24
Net Asset Value (NAV)1	$	30.35

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, 2023	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		10.85	%		10.94	%		10.88	%		11.41	%

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.

9

FUND BASICS

TOP TEN HOLDINGS AS OF 2/28/235
Holding	% of Net Assets			Line of Business	Country
Nestle SA		1.4	%	Consumer Staples	United States
Novo Nordisk A/S, Class B		1.4		Health Care	Denmark
LVMH Moet Hennessy Louis Vuitton SE		1.3		Consumer Discretionary	France
Shell PLC		1.2		Energy	Netherlands
Roche Holding AG		1.2		Health Care	United States
ASML Holding NV		1.0		Information Technology	Netherlands
Novartis AG		0.9		Health Care	Switzerland
AstraZeneca PLC		0.9		Health Care	United Kingdom
BHP Group Ltd.		0.8		Materials	Australia
TotalEnergies SE		0.7		Energy	France

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

FUND VS BENCHMARK⁶

February 28, 2023

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 1.6% of the Fund’s net assets as of February 28, 2023. 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.

10

FUND BASICS

ActiveBeta^® Japan Equity ETF

as of February 28, 2023

FUND SNAPSHOT
As of February 28, 2023
Market Price1	$	30.83
Net Asset Value (NAV)1	$	30.87

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, 2023	Fund Total Return (based on NAV)2			Fund Total Return (based on Market Price)2			GS ActiveBeta® Japan Equity Index3			MSCI Japan Index4
Shares		3.55	%		4.69	%		3.61	%		3.67	%

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

11

FUND BASICS

TOP TEN HOLDINGS AS OF 2/28/235
Holding	% of Net Assets			Line of Business
Toyota Motor Corp.		3.6	%	Consumer Discretionary
Sony Group Corp.		2.4		Consumer Discretionary
Keyence Corp.		2.0		Information Technology
Honda Motor Co. Ltd.		2.0		Consumer Discretionary
Mitsubishi UFJ Financial Group, Inc.		1.9		Financials
Mitsubishi Corp.		1.8		Industrials
Takeda Pharmaceutical Co. Ltd.		1.7		Health Care
Mitsui & Co. Ltd.		1.6		Industrials
Sumitomo Mitsui Financial Group, Inc.		1.6		Financials
Daiichi Sankyo Co. Ltd.		1.5		Health Care

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

FUND VS BENCHMARK⁶

February 28, 2023

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 2.1% of the Fund’s net assets as of February 28, 2023. 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.

12

FUND BASICS

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

as of February 28, 2023

FUND SNAPSHOT
As of February 28, 2023
Market Price1	$	33.31
Net Asset Value (NAV)1	$	33.27

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, 2022—February 28, 2023	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	Solactive US Large Cap Index4
Shares	3.12%	3.09%	3.18%	0.83%

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

³  The Goldman Sachs ActiveBeta^® 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.

⁴  Solactive US Large Cap Index intends to track the performance of the large cap segment in the United States. Constituents are selected and weighted based on free-float market capitalization. The index is calculated as a total return index in USD and reconstituted semi-annually with quarterly IPO reviews

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.

13

FUND BASICS

TOP TEN HOLDINGS AS OF 2/28/234
Holding	% of Net Assets			Line of Business
Apple, Inc.		7.2	%	Information Technology
Microsoft Corp.		5.5		Information Technology
Alphabet, Inc., Class A		1.6		Communication Services
Alphabet, Inc., Class C		1.6		Communication Services
NVIDIA Corp.		1.5		Information Technology
Johnson & Johnson		1.3		Health Care
Meta Platforms, Inc., Class A		1.2		Communication Services
UnitedHealth Group, Inc.		1.2		Health Care
Berkshire Hathaway, Inc., Class B		1.2		Financials
JPMorgan Chase & Co.		1.1		Financials

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

FUND VS BENCHMARK⁵

February 28, 2023

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.

14

FUND BASICS

ActiveBeta^® U.S. Large Cap Equity ETF

as of February 28, 2023

FUND SNAPSHOT
As of February 28, 2023
Market Price1	$	78.83
Net Asset Value (NAV)1	$	78.95

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, 2023	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		1.62	%		1.50	%		1.65	%		1.26	%

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

15

FUND BASICS

TOP TEN HOLDINGS AS OF 2/28/235
Holding	% of Net Assets			Line of Business
Apple, Inc.		6.0	%	Information Technology
Microsoft Corp.		4.8		Information Technology
Amazon.com, Inc.		2.1		Consumer Discretionary
Alphabet, Inc., Class A		1.4		Communication Services
Alphabet, Inc., Class C		1.3		Communication Services
NVIDIA Corp.		1.3		Information Technology
Meta Platforms, Inc., Class A		1.1		Communication Services
Johnson & Johnson		1.1		Health Care
UnitedHealth Group, Inc.		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, 2023

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.

16

FUND BASICS

ActiveBeta^® U.S. Small Cap Equity ETF

as of February 28, 2023

FUND SNAPSHOT
As of February 28, 2023
Market Price1	$	58.61
Net Asset Value (NAV)1	$	58.66

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, 2023	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		5.77	%		5.59	%		5.92	%		3.63	%

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.

17

FUND BASICS

TOP TEN HOLDINGS AS OF 2/28/235
Holding	% of Net Assets			Line of Business
Atkore, Inc.		0.5	%	Industrials
EMCOR Group, Inc.		0.4		Industrials
Applied Industrial Technologies, Inc.		0.4		Industrials
Mr Cooper Group, Inc.		0.3		Financials
Encore Wire Corp.		0.3		Industrials
Veritiv Corp.		0.3		Industrials
Axcelis Technologies, Inc.		0.3		Information Technology
Comfort Systems USA, Inc.		0.3		Industrials
Murphy USA, Inc.		0.3		Consumer Discretionary
Commercial Metals Co.		0.3		Materials

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

FUND VS BENCHMARK⁶

February 28, 2023

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 0.5% of the Fund’s net assets as of February 28, 2023. 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.

18

FUND BASICS

ActiveBeta^® World Low Vol Plus Equity ETF

as of February 28, 2023

FUND SNAPSHOT
As of February 28, 2023
Market Price1	$	38.68
Net Asset Value (NAV)1	$	38.71

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, 2022—February 28, 2023	Fund Total Return (based on NAV)2			Fund Total Return (based on Market Price)2			GS ActiveBeta World Low Vol Plus Equity Index3
Shares		2.93	%		2.83	%		2.85	%

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^® World Low Vol Plus Equity Index (the “Index”) is designed to deliver exposure is designed to deliver exposure to large and mid-capitalization equity securities of developed market issuers, including the United States. The Index seeks to capture common sources of active equity returns, including low volatility (i.e., a relatively low degree of fluctuation in a company’s share price over time), value (i.e., how attractively a stock is priced relative to its “fundamentals,” such as book value and free cash flow), momentum (i.e., whether a company’s share price is trending up or down), and quality (i.e., profitability). The Index seeks to provide exposure to these factors with an emphasis on the low volatility factor. 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.

19

FUND BASICS

TOP TEN HOLDINGS AS OF 2/28/234
Holding	% of Net Assets			Line of Business	Country
Apple, Inc.		2.8	%	Information Technology	United States
Microsoft Corp.		2.1		Information Technology	United States
O’Reilly Automotive, Inc.		1.3		Consumer Discretionary	United States
AutoZone, Inc.		1.1		Consumer Discretionary	United States
Walmart, Inc.		1.0		Consumer Staples	United States
Hershey Co. (The)		0.9		Consumer Staples	United States
UnitedHealth Group, Inc.		0.9		Health Care	United States
PepsiCo, Inc.		0.9		Consumer Staples	United States
Johnson & Johnson		0.9		Health Care	United States
Nippon Telegraph & Telephone Corp.		0.9		Communication Services	Japan

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

FUND VS BENCHMARK⁵

February 28, 2023

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 Investments in the securities lending vehicle represented 0.3% of the Fund’s net assets as of February 28, 2023. 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^® World Low Vol Plus 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.

20

FUND BASICS

Industry Terms

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

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

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

21

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

Schedule of Investments

February 28, 2023 (Unaudited)

Shares		Description	Value
Common Stocks – 97.7%
Brazil – 3.9%
	678,542	Ambev SA (Consumer Staples)	$	1,740,318
	183,749	Atacadao SA (Consumer Staples)		473,389
	615,001	B3 SA – Brasil Bolsa Balcao (Financials)		1,242,795
	409,458	Banco Bradesco SA (Financials)		912,922
	93,474	Banco do Brasil SA (Financials)		721,551
	65,940	Banco Santander Brasil SA (Financials)		357,822
	556,755	BB Seguridade Participacoes SA (Financials)		3,648,283
	193,022	CCR SA (Industrials)		406,327
	123,380	Centrais Eletricas Brasileiras SA (Utilities)		811,079
	64,804	Cia Siderurgica Nacional SA (Materials)		206,923
	95,605	CPFL Energia SA (Utilities)		554,691
	71,144	Energisa SA (Utilities)		527,240
	78,040	Engie Brasil Energia SA (Utilities)		587,165
	279,787	Equatorial Energia SA (Utilities)		1,362,841
	73,287	Hypera SA (Health Care)		584,673
	86,094	Klabin SA (Materials)		320,913
	135,686	Lojas Renner SA (Consumer Discretionary)		484,714
	174,181	Natura & Co. Holding SA (Consumer Staples)		511,129
	77,267	Petro Rio SA (Energy)*		498,764
	501,355	Petroleo Brasileiro SA (Energy)		2,760,924
	544,005	Raia Drogasil SA (Consumer Staples)		2,363,291
	137,779	Suzano SA (Materials)		1,259,902
	204,966	Telefonica Brasil SA (Communication Services)		1,528,794
	277,938	TIM SA (Communication Services)		652,694
	513,402	Vale SA (Materials)		8,390,342
	135,997	Vibra Energia SA (Consumer Discretionary)		385,273
	240,621	WEG SA (Industrials)		1,804,876
				35,099,635
Chile – 0.5%
	825,771	Cencosud SA (Consumer Staples)		1,552,639
	188,064	Cia Cervecerias Unidas SA (Consumer Staples)		1,428,943
	235,192	Empresas CMPC SA (Materials)		388,612
	83,328	Empresas Copec SA (Energy)		598,672
	6,138,692	Enel Americas SA (Utilities)		760,012
				4,728,878
China – 32.9%
	57,978	360 DigiTech, Inc. ADR (Financials)		1,180,432
	374,059	37 Interactive Entertainment Network Technology Group Co. Ltd., Class A (Communication Services)		1,182,168
	1,161,783	3SBio, Inc. (Health Care)(a)		1,151,496
	2,760,100	Agricultural Bank of China Ltd., Class A (Financials)		1,163,326
	4,330,400	Agricultural Bank of China Ltd., Class H (Financials)		1,500,565
Common Stocks – (continued)
China – (continued)
	98,214	Aier Eye Hospital Group Co. Ltd., Class A (Health Care)		441,502
	461,548	Air China Ltd., Class H (Industrials)*		425,122
	20,108	Airtac International Group (Industrials)		709,434
	83,800	Akeso, Inc., Class B (Health Care)*(a)		427,034
	1,732,900	Alibaba Group Holding Ltd. (Consumer Discretionary)*		19,096,229
	624,200	Alibaba Health Information Technology Ltd. (Consumer Discretionary)*		445,318
	885,962	Aluminum Corp. of China Ltd., Class H (Materials)		451,474
	28,846	Amlogic Shanghai Co. Ltd., Class A (Information Technology)*		330,341
	64,201	Anhui Conch Cement Co. Ltd., Class A (Materials)		283,339
	68,102	Anhui Conch Cement Co. Ltd., Class H (Materials)		249,868
	173,307	ANTA Sports Products Ltd. (Consumer Discretionary)		2,282,941
	16,249	Autohome, Inc. ADR (Communication Services)		495,594
	964,257	AVIC Industry-Finance Holdings Co. Ltd., Class A (Financials)		603,380
	165,036	Baidu, Inc., Class A (Communication Services)*		2,834,175
	1,851,272	Bank of Beijing Co. Ltd., Class A (Financials)		1,153,100
	378,098	Bank of Changsha Co. Ltd., Class A (Financials)		437,834
	2,969,426	Bank of China Ltd., Class A (Financials)		1,379,698
	9,179,971	Bank of China Ltd., Class H (Financials)		3,368,153
	1,964,072	Bank of Communications Co. Ltd., Class A (Financials)		1,384,403
	2,422,490	Bank of Communications Co. Ltd., Class H (Financials)		1,431,983
	196,712	Bank of Hangzhou Co. Ltd., Class A (Financials)		343,242
	1,338,880	Bank of Jiangsu Co. Ltd., Class A (Financials)		1,384,776
	618,156	Bank of Nanjing Co. Ltd., Class A (Financials)		881,213
	1,013,392	Bank of Shanghai Co. Ltd., Class A (Financials)		871,741
	348,700	Bank of Suzhou Co. Ltd., Class A (Financials)		376,203
	463,500	Baoshan Iron & Steel Co. Ltd., Class A (Materials)		438,717
	1,411,100	BBMG Corp., Class A (Materials)		529,794
	38,100	BeiGene Ltd. (Health Care)*		647,984
	496,800	Beijing Capital International Airport Co. Ltd., Class H (Industrials)*		363,288
	309,301	Beijing Enterprises Holdings Ltd. (Utilities)		1,012,681

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)
	1,237,833	Beijing Enterprises Water Group Ltd. (Utilities)	$	310,661
	46,962	Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A (Health Care)		856,594
	190,100	Beijing Yanjing Brewery Co. Ltd., Class A (Consumer Staples)		368,895
	31,111	BGI Genomics Co. Ltd., Class A (Health Care)		249,140
	19,370	Bloomage Biotechnology Corp. Ltd., Class A (Health Care)		353,312
	44,952	BOC Aviation Ltd. (Industrials)(a)		324,706
	1,502,280	BOE Technology Group Co. Ltd., Class A (Information Technology)		901,148
	2,064,139	Bosideng International Holdings Ltd. (Consumer Discretionary)		1,143,895
	22,339	BYD Co. Ltd., Class A (Consumer Discretionary)		838,070
	57,343	BYD Co. Ltd., Class H (Consumer Discretionary)		1,542,881
	116,600	BYD Electronic International Co. Ltd. (Information Technology)		339,424
	169,537	By-health Co. Ltd., Class A (Consumer Staples)		559,945
	138,200	C&D International Investment Group Ltd. (Real Estate)		445,437
	368,920	Caitong Securities Co. Ltd., Class A (Financials)		409,162
	3,650,597	CGN Power Co. Ltd., Class H (Utilities)(a)		818,530
	12,521	Changchun High & New Technology Industry Group, Inc., Class A (Health Care)		355,347
	408,778	Changjiang Securities Co. Ltd., Class A (Financials)		332,823
	53,783	Chengxin Lithium Group Co. Ltd., Class A (Materials)		293,993
	3,823,379	China Cinda Asset Management Co. Ltd., Class H (Financials)		496,827
	2,742,178	China CITIC Bank Corp. Ltd., Class H (Financials)		1,268,120
	1,175,761	China Communications Services Corp. Ltd., Class H (Industrials)		456,853
	1,183,183	China Construction Bank Corp., Class A (Financials)		959,931
	11,356,448	China Construction Bank Corp., Class H (Financials)		6,944,512
	1,276,598	China Everbright Bank Co. Ltd., Class A (Financials)		547,242
	2,515,188	China Everbright Bank Co. Ltd., Class H (Financials)		724,164
	1,564,840	China Feihe Ltd. (Consumer Staples)(a)		1,251,952
	296,492	China Galaxy Securities Co. Ltd., Class A (Financials)		410,296
	1,074,083	China Galaxy Securities Co. Ltd., Class H (Financials)		535,023
Common Stocks – (continued)
China – (continued)
	480,607	China Hongqiao Group Ltd. (Materials)		513,701
	595,447	China Life Insurance Co. Ltd., Class H (Financials)		1,008,911
	1,194,297	China Medical System Holdings Ltd. (Health Care)		1,795,363
	543,998	China Mengniu Dairy Co. Ltd. (Consumer Staples)*		2,390,972
	203,402	China Merchants Bank Co. Ltd., Class A (Financials)		1,091,665
	393,978	China Merchants Bank Co. Ltd., Class H (Financials)		2,133,138
	297,878	China Merchants Port Holdings Co. Ltd. (Industrials)		417,435
	176,306	China Merchants Securities Co. Ltd., Class A (Financials)		354,555
	275,263	China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A (Real Estate)		587,216
	1,745,981	China Minsheng Banking Corp. Ltd., Class A (Financials)		856,452
	2,963,107	China Minsheng Banking Corp. Ltd., Class H (Financials)		1,022,998
	905,752	China National Building Material Co. Ltd., Class H (Materials)		801,959
	395,175	China National Nuclear Power Co. Ltd., Class A (Utilities)		344,486
	32,700	China National Software & Service Co. Ltd., Class A (Information Technology)		335,951
	58,560	China Northern Rare Earth Group High-Tech Co. Ltd., Class A (Materials)		244,713
	290,347	China Oilfield Services Ltd., Class H (Energy)		310,710
	92,458	China Overseas Land & Investment Ltd. (Real Estate)		229,216
	125,314	China Pacific Insurance Group Co. Ltd., Class A (Financials)		497,889
	173,220	China Pacific Insurance Group Co. Ltd., Class H (Financials)		459,007
	1,768,860	China Petroleum & Chemical Corp., Class A (Energy)		1,185,737
	3,905,136	China Petroleum & Chemical Corp., Class H (Energy)		1,994,980
	584,772	China Railway Group Ltd., Class A (Industrials)		508,080
	924,621	China Railway Group Ltd., Class H (Industrials)		481,776
	586,295	China Railway Signal & Communication Corp. Ltd., Class A (Information Technology)		430,969
	171,198	China Resources Beer Holdings Co. Ltd. (Consumer Staples)		1,263,892
	476,211	China Resources Cement Holdings Ltd. (Materials)		256,018

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, 2023 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
China – (continued)
	189,272	China Resources Land Ltd. (Real Estate)	$	839,119
	461,300	China Resources Pharmaceutical Group Ltd. (Health Care)(a)		379,054
	167,068	China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A (Health Care)		1,223,985
	160,657	China Shenhua Energy Co. Ltd., Class A (Energy)		647,093
	744,812	China Shenhua Energy Co. Ltd., Class H (Energy)		2,239,323
	962,971	China State Construction Engineering Corp. Ltd., Class A (Industrials)		778,500
	299,000	China Taiping Insurance Holdings Co. Ltd. (Financials)		353,109
	11,540,770	China Tower Corp. Ltd., Class H (Communication Services)(a)		1,249,717
	1,525,931	China Traditional Chinese Medicine Holdings Co. Ltd. (Health Care)		791,202
	1,759,939	China United Network Communications Ltd., Class A (Communication Services)		1,336,720
	245,911	China Yangtze Power Co. Ltd., Class A (Utilities)		748,519
	2,004,659	China Zheshang Bank Co. Ltd., Class A (Financials)*		842,039
	62,514	Chongqing Brewery Co. Ltd., Class A (Consumer Staples)		1,236,036
	747,283	Chongqing Rural Commercial Bank Co. Ltd., Class A (Financials)		389,137
	47,406	Chongqing Zhifei Biological Products Co. Ltd., Class A (Health Care)		611,422
	223,522	Chow Tai Fook Jewellery Group Ltd. (Consumer Discretionary)		432,834
	1,377,506	CITIC Ltd. (Industrials)		1,519,740
	141,352	CITIC Securities Co. Ltd., Class A (Financials)		419,886
	212,778	CITIC Securities Co. Ltd., Class H (Financials)		450,522
	149,744	COSCO SHIPPING Energy Transportation Co. Ltd., Class A (Energy)*		311,908
	263,148	COSCO SHIPPING Holdings Co. Ltd., Class A (Industrials)		408,064
	485,535	COSCO SHIPPING Holdings Co. Ltd., Class H (Industrials)		503,504
	1,461,109	Country Garden Holdings Co. Ltd. (Real Estate)(b)		446,737
	727,235	CRRC Corp. Ltd., Class A (Industrials)		596,291
	2,017,416	CRRC Corp. Ltd., Class H (Industrials)		922,673
	2,210,722	CSPC Pharmaceutical Group Ltd. (Health Care)		2,374,213
Common Stocks – (continued)
China – (continued)
	237,486	Daan Gene Co. Ltd., Class A (Health Care)		547,963
	1,315,244	Dali Foods Group Co. Ltd. (Consumer Staples)(a)		531,158
	415,014	Daqin Railway Co. Ltd., Class A (Industrials)		405,361
	12,920	Daqo New Energy Corp. ADR (Information Technology)*		570,806
	439,391	DHC Software Co. Ltd., Class A (Information Technology)		415,897
	110,668	Dong-E-E-Jiao Co. Ltd., Class A (Health Care)		761,433
	865,045	Dongfeng Motor Group Co. Ltd., Class H (Consumer Discretionary)		441,917
	325,400	Dongxing Securities Co. Ltd., Class A (Financials)		402,087
	288,831	Dongyue Group Ltd. (Materials)		326,749
	62,927	Ecovacs Robotics Co. Ltd., Class A (Consumer Discretionary)		818,394
	34,516	ENN Energy Holdings Ltd. (Utilities)		490,290
	177,882	ENN Natural Gas Co. Ltd., Class A (Utilities)		494,110
	456,181	Far East Horizon Ltd. (Financials)		403,325
	222,431	FAW Jiefang Group Co. Ltd., Class A (Consumer Discretionary)		272,931
	558,887	Focus Media Information Technology Co. Ltd., Class A (Communication Services)		525,788
	255,612	Foxconn Industrial Internet Co. Ltd., Class A (Information Technology)		352,989
	63,007	Fuyao Glass Industry Group Co. Ltd., Class A (Consumer Discretionary)		335,985
	11,267	G-bits Network Technology Xiamen Co. Ltd., Class A (Communication Services)		572,126
	1,167,181	GD Power Development Co. Ltd., Class A (Utilities)*		659,842
	346,008	Geely Automobile Holdings Ltd. (Consumer Discretionary)		448,737
	121,354	GF Securities Co. Ltd., Class A (Financials)		285,069
	76,287	Gree Electric Appliances Inc of Zhuhai, Class A (Consumer Discretionary)		389,792
	229,328	Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A (Health Care)		1,041,455
	279,439	Guangzhou Haige Communications Group Inc Co., Class A (Information Technology)		383,079
	76,960	Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A (Health Care)		933,036
	102,176	Guangzhou Tinci Materials Technology Co. Ltd., Class A (Materials)		661,262
	253,727	Guosen Securities Co. Ltd., Class A (Financials)		352,576

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)
	183,011	Guotai Junan Securities Co. Ltd., Class A (Financials)	$	376,200
	387,655	Guoyuan Securities Co. Ltd., Class A (Financials)		393,137
	7,300	H World Group Ltd. ADR (Consumer Discretionary)		345,801
	647,923	Haidilao International Holding Ltd. (Consumer Discretionary)*(a)		1,791,188
	219,933	Haier Smart Home Co. Ltd., Class A (Consumer Discretionary)		832,377
	437,086	Haier Smart Home Co. Ltd., Class H (Consumer Discretionary)		1,545,211
	136,051	Haitian International Holdings Ltd. (Industrials)		355,315
	276,410	Haitong Securities Co. Ltd., Class A (Financials)		363,818
	522,893	Haitong Securities Co. Ltd., Class H (Financials)		336,405
	223,164	Hangzhou Binjiang Real Estate Group Co. Ltd., Class A (Real Estate)		330,330
	74,866	Hangzhou Robam Appliances Co. Ltd., Class A (Consumer Discretionary)		331,591
	131,215	Hansoh Pharmaceutical Group Co. Ltd. (Health Care)(a)		235,701
	209,472	Heilongjiang Agriculture Co. Ltd., Class A (Consumer Staples)		429,087
	76,032	Hengan International Group Co. Ltd. (Consumer Staples)		349,673
	1,238,586	Hesteel Co. Ltd., Class A (Materials)		448,989
	49,739	Hithink RoyalFlush Information Network Co. Ltd., Class A (Financials)		847,860
	612,592	Huadian Power International Corp. Ltd., Class A (Utilities)		505,816
	114,796	Huadong Medicine Co. Ltd., Class A (Health Care)		793,467
	192,693	Huatai Securities Co. Ltd., Class A (Financials)		349,257
	335,603	Huatai Securities Co. Ltd., Class H (Financials)(a)		377,524
	312,182	Huaxi Securities Co. Ltd., Class A (Financials)		371,383
	1,350,726	Huaxia Bank Co. Ltd., Class A (Financials)		1,014,254
	174,518	Huayu Automotive Systems Co. Ltd., Class A (Consumer Discretionary)		474,472
	92,944	Hubei Xingfa Chemicals Group Co. Ltd., Class A (Materials)		469,286
	66,200	Hygeia Healthcare Holdings Co. Ltd. (Health Care)*(a)		481,140
	1,855,838	Industrial & Commercial Bank of China Ltd., Class A (Financials)		1,147,936
	6,311,684	Industrial & Commercial Bank of China Ltd., Class H (Financials)		3,152,023
	422,216	Industrial Bank Co. Ltd., Class A (Financials)		1,027,040
Common Stocks – (continued)
China – (continued)
	102,548	Inner Mongolia Yili Industrial Group Co. Ltd., Class A (Consumer Staples)		449,331
	252,362	Inner Mongolia Yuan Xing Energy Co. Ltd., Class A (Materials)		343,056
	91,600	Innovent Biologics, Inc. (Health Care)*(a)		444,609
	50,400	iQIYI, Inc. ADR (Communication Services)*		389,592
	96,975	Jafron Biomedical Co. Ltd., Class A (Health Care)		452,114
	53,800	JD Health International, Inc. (Consumer Discretionary)*(a)		375,253
	209,242	JD.com, Inc., Class A (Consumer Discretionary)		4,630,274
	417,090	Jiangsu Expressway Co. Ltd., Class H (Industrials)		398,519
	252,424	Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A (Health Care)		1,579,534
	187,089	Jiangxi Copper Co. Ltd., Class A (Materials)		528,027
	322,905	Jiangxi Copper Co. Ltd., Class H (Materials)		508,454
	25,179	JiuGui Liquor Co. Ltd., Class A (Consumer Staples)		550,507
	433,796	Jiumaojiu International Holdings Ltd. (Consumer Discretionary)(a)(b)		1,045,598
	220,974	Joincare Pharmaceutical Group Industry Co. Ltd., Class A (Health Care)		419,271
	317,061	Jointown Pharmaceutical Group Co. Ltd., Class A (Health Care)		659,964
	15,756	JOYY, Inc. ADR (Communication Services)		494,738
	298,731	Kingboard Holdings Ltd. (Information Technology)		1,065,605
	77,800	Koolearn Technology Holding Ltd. (Consumer Discretionary)*(a)		441,556
	210,853	Kuaishou Technology (Communication Services)*(a)		1,410,253
	9,747	Kweichow Moutai Co. Ltd., Class A (Consumer Staples)		2,543,050
	2,240,099	Lenovo Group Ltd. (Information Technology)		2,009,083
	261,269	Li Ning Co. Ltd. (Consumer Discretionary)		2,221,760
	1,526,161	Liaoning Port Co. Ltd., Class A (Industrials)		355,651
	263,840	Longfor Group Holdings Ltd. (Real Estate)(a)		752,916
	15,557	Luzhou Laojiao Co. Ltd., Class A (Consumer Staples)		559,467
	439,015	Meituan, Class B (Consumer Discretionary)*(a)		7,611,942
	1,106,824	Metallurgical Corp. of China Ltd., Class A (Industrials)		542,928
	22,900	MINISO Group Holding Ltd. ADR (Consumer Discretionary)		409,910

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, 2023 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
China – (continued)
	42,542	Muyuan Foods Co. Ltd., Class A (Consumer Staples)	$	303,168
	201,186	NetEase, Inc. (Communication Services)		3,103,844
	76,179	New China Life Insurance Co. Ltd., Class A (Financials)		341,571
	165,930	New China Life Insurance Co. Ltd., Class H (Financials)		401,640
	257,208	New Oriental Education & Technology Group, Inc. (Consumer Discretionary)*		979,746
	35,954	Ningbo Orient Wires & Cables Co. Ltd., Class A (Industrials)		284,458
	320,002	Nongfu Spring Co. Ltd., Class H (Consumer Staples)(a)		1,793,756
	711,792	Offshore Oil Engineering Co. Ltd., Class A (Energy)		698,307
	48,926	PDD Holdings, Inc. ADR (Consumer Discretionary)*		4,292,278
	513,703	People’s Insurance Co. Group of China Ltd. (The), Class A (Financials)		385,737
	2,324,074	People’s Insurance Co. Group of China Ltd. (The), Class H (Financials)		734,277
	2,642,746	PetroChina Co. Ltd., Class A (Energy)		1,988,228
	4,454,617	PetroChina Co. Ltd., Class H (Energy)		2,281,363
	1,782,718	PICC Property & Casualty Co. Ltd., Class H (Financials)		1,564,804
	201,259	Ping An Bank Co. Ltd., Class A (Financials)		398,945
	119,996	Ping An Insurance Group Co. of China Ltd., Class A (Financials)		831,999
	592,563	Ping An Insurance Group Co. of China Ltd., Class H (Financials)		4,023,646
	1,358,654	Postal Savings Bank of China Co. Ltd., Class A (Financials)		883,398
	1,695,867	Postal Savings Bank of China Co. Ltd., Class H (Financials)(a)		1,017,585
	217,008	Power Construction Corp. of China Ltd., Class A (Industrials)		224,135
	23,787	Proya Cosmetics Co. Ltd., Class A (Consumer Staples)		624,470
	159,542	Qinghai Salt Lake Industry Co. Ltd., Class A (Materials)*		569,162
	197,785	SAIC Motor Corp. Ltd., Class A (Consumer Discretionary)		427,623
	32,540	Sangfor Technologies, Inc., Class A (Information Technology)		668,522
	750,456	Sealand Securities Co. Ltd., Class A (Financials)		376,756
	172,603	Seazen Holdings Co. Ltd., Class A (Real Estate)*		485,157
	21,186	SG Micro Corp., Class A (Information Technology)		478,747
	127,717	Shaanxi Coal Industry Co. Ltd., Class A (Energy)		367,441
	188,019	Shandong Buchang Pharmaceuticals Co. Ltd., Class A (Health Care)		553,641
Common Stocks – (continued)
China – (continued)
	172,914	Shandong Gold Mining Co. Ltd., Class A (Materials)		472,101
	215,100	Shandong Weigao Group Medical Polymer Co. Ltd., Class H (Health Care)		346,922
	609,374	Shanghai Electric Group Co. Ltd., Class A (Industrials)*		367,288
	93,000	Shanghai Fudan Microelectronics Group Co. Ltd., Class H (Information Technology)		381,502
	659,592	Shanghai International Port Group Co. Ltd., Class A (Industrials)		504,773
	177,301	Shanghai Lingang Holdings Corp. Ltd., Class A (Real Estate)		311,667
	985,444	Shanghai Pudong Development Bank Co. Ltd., Class A (Financials)		1,017,807
	427,365	Shanghai RAAS Blood Products Co. Ltd., Class A (Health Care)		381,153
	470,872	Shanghai Rural Commercial Bank Co. Ltd., Class A (Financials)		401,667
	314,660	Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A (Consumer Discretionary)		354,868
	458,483	Shanxi Securities Co. Ltd., Class A (Financials)		382,525
	794,276	Shanxi Taigang Stainless Steel Co. Ltd., Class A (Materials)		546,145
	27,103	Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A (Consumer Staples)		1,101,984
	157,556	Shengyi Technology Co. Ltd., Class A (Information Technology)		410,905
	672,285	Shenwan Hongyuan Group Co. Ltd., Class A (Financials)		408,108
	310,692	Shenzhen International Holdings Ltd. (Industrials)		269,943
	51,200	Shenzhen Kstar Science And Technology Co. Ltd., Class A (Industrials)		369,728
	14,789	Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A (Health Care)		668,044
	674,229	Shenzhen Overseas Chinese Town Co. Ltd., Class A (Consumer Discretionary)		515,004
	70,400	Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A (Health Care)		375,712
	204,455	Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A (Health Care)		882,912
	459,262	Shimao Group Holdings Ltd. (Real Estate)*(b)(c)		129,304
	168,298	Sichuan Chuantou Energy Co. Ltd., Class A (Utilities)		314,241
	199,161	Sichuan Kelun Pharmaceutical Co. Ltd., Class A (Health Care)		827,104
	145,769	Sichuan Road and Bridge Group Co. Ltd., Class A (Industrials)		266,514

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)
China – (continued)
	74,840	Sichuan Swellfun Co. Ltd., Class A (Consumer Staples)	$	891,401
	61,145	Silergy Corp. (Information Technology)		1,167,935
	241,396	Sinopharm Group Co. Ltd., Class H (Health Care)		645,814
	174,904	Smoore International Holdings Ltd. (Consumer Staples)(a)(b)		215,914
	361,736	SooChow Securities Co. Ltd., Class A (Financials)		366,331
	593,479	Southwest Securities Co. Ltd., Class A (Financials)		348,317
	237,920	Sunac China Holdings Ltd. (Real Estate)*(c)		69,410
	34,269	Sunny Optical Technology Group Co. Ltd. (Information Technology)		388,552
	73,867	Suzhou TA&A Ultra Clean Technology Co. Ltd., Class A (Materials)		610,980
	102,991	TAL Education Group ADR (Consumer Discretionary)*		724,027
	297,911	Tangshan Jidong Cement Co. Ltd., Class A (Materials)		386,975
	62,305	TBEA Co. Ltd., Class A (Industrials)		193,233
	590,731	TCL Technology Group Corp., Class A (Consumer Discretionary)		377,296
	721,403	Tencent Holdings Ltd. (Communication Services)		31,578,326
	130,535	Tencent Music Entertainment Group ADR (Communication Services)*		984,234
	260,754	Tianma Microelectronics Co. Ltd., Class A (Information Technology)		358,965
	1,070,549	Tingyi Cayman Islands Holding Corp. (Consumer Staples)		1,729,354
	72,127	Tongwei Co. Ltd., Class A (Information Technology)		434,731
	1,597,975	Topsports International Holdings Ltd. (Consumer Discretionary)(a)		1,394,500
	25,902	Trip.com Group Ltd. ADR (Consumer Discretionary)*		920,816
	54,260	Tsingtao Brewery Co. Ltd., Class H (Consumer Staples)		535,031
	1,272,952	Uni-President China Holdings Ltd. (Consumer Staples)		1,115,728
	176,289	Vipshop Holdings Ltd. ADR (Consumer Discretionary)*		2,624,943
	1,732,209	Want Want China Holdings Ltd. (Consumer Staples)		1,090,147
	370,736	Western Securities Co. Ltd., Class A (Financials)		353,580
	883,025	Wuchan Zhongda Group Co. Ltd., Class A (Consumer Discretionary)		621,142
	27,557	Wuliangye Yibin Co. Ltd., Class A (Consumer Staples)		810,334
	151,954	Wuxi Biologics Cayman, Inc. (Health Care)*(a)		1,058,906
Common Stocks – (continued)
China – (continued)
	495,925	XCMG Construction Machinery Co. Ltd., Class A (Industrials)		506,505
	391,785	Xiamen C & D, Inc., Class A (Industrials)		743,928
	540,380	Xiaomi Corp., Class B (Information Technology)*(a)		816,473
	266,579	Yadea Group Holdings Ltd. (Consumer Discretionary)(a)		571,229
	238,802	Yankuang Energy Group Co. Ltd., Class H (Energy)		719,494
	214,410	Yihai International Holding Ltd. (Consumer Staples)*		622,785
	22,155	YongXing Special Materials Technology Co. Ltd., Class A (Materials)		292,693
	430,812	Youngor Group Co. Ltd., Class A (Real Estate)		407,777
	24,154	Youngy Co. Ltd., Class A (Materials)*		345,717
	131,260	YTO Express Group Co. Ltd., Class A (Industrials)		342,703
	521,618	Yuexiu Property Co. Ltd. (Real Estate)		768,190
	58,957	Yum China Holdings, Inc. (Consumer Discretionary)		3,462,545
	47,692	Yunnan Baiyao Group Co. Ltd., Class A (Health Care)		390,361
	28,522	Yunnan Botanee Bio-Technology Group Co. Ltd., Class A (Consumer Staples)		568,249
	8,581	Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A (Health Care)		381,088
	581,561	Zhejiang Expressway Co. Ltd., Class H (Industrials)		468,983
	64,462	Zhejiang Supor Co. Ltd., Class A (Consumer Discretionary)		527,903
	269,381	Zhejiang Weixing New Building Materials Co. Ltd., Class A (Industrials)		995,110
	47,323	Zhejiang Wolwo Bio-Pharmaceutical Co. Ltd., Class A (Health Care)		358,886
	152,394	Zhongsheng Group Holdings Ltd. (Consumer Discretionary)		760,077
	347,330	Zhongtai Securities Co. Ltd., Class A (Financials)		348,244
	398,400	Zijin Mining Group Co. Ltd., Class H (Materials)		600,937
	440,911	Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A (Industrials)		425,581
				295,874,672
Czech Republic – 0.3%
	21,813	CEZ AS (Utilities)		1,020,032
	19,062	Komercni banka AS (Financials)		644,258
	154,800	Moneta Money Bank AS (Financials)(a)		591,952
				2,256,242

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, 2023 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Egypt – 0.4%
	1,382,359	Commercial International Bank Egypt SAE (Financials)	$	2,396,901
	2,578,615	Eastern Co. SAE (Consumer Staples)		1,559,124
				3,956,025
Greece – 0.7%
	574,739	Eurobank Ergasias Services and Holdings SA (Financials)*		885,010
	176,398	Hellenic Telecommunications Organization SA (Communication Services)		2,716,259
	19,000	JUMBO SA (Consumer Discretionary)		380,020
	14,400	Motor Oil Hellas Corinth Refineries SA (Energy)		383,002
	15,700	Mytilineos SA (Industrials)		424,904
	87,972	OPAP SA (Consumer Discretionary)		1,369,561
				6,158,756
Hong Kong – 0.3%
	245,427	Kingboard Laminates Holdings Ltd. (Information Technology)		305,787
	49,037	Orient Overseas International Ltd. (Industrials)		787,141
	2,378,190	Sino Biopharmaceutical Ltd. (Health Care)		1,227,042
				2,319,970
Hungary – 0.2%
	130,198	MOL Hungarian Oil & Gas PLC (Energy)		992,016
	16,226	OTP Bank Nyrt (Financials)		493,477
	15,698	Richter Gedeon Nyrt (Health Care)		329,778
				1,815,271
India – 12.6%
	19,742	ACC Ltd. (Materials)		413,551
	20,166	Adani Enterprises Ltd. (Industrials)		332,699
	214,183	Adani Power Ltd. (Utilities)*		379,048
	20,600	Adani Total Gas Ltd. (Utilities)		169,089
	17,596	Adani Transmission Ltd. (Utilities)*		136,843
	52,291	Asian Paints Ltd. (Materials)		1,789,346
	160,710	Aurobindo Pharma Ltd. (Health Care)		899,610
	20,517	Avenue Supermarts Ltd. (Consumer Staples)*(a)		848,043
	162,447	Axis Bank Ltd. (Financials)		1,658,711
	12,786	Bajaj Finance Ltd. (Financials)		945,345
	19,881	Bajaj Finserv Ltd. (Financials)		321,035
	194,400	Bank of Baroda (Financials)		373,903
	65,466	Berger Paints India Ltd. (Materials)		458,996
	299,364	Bharat Electronics Ltd. (Industrials)		342,575
	120,392	Bharat Petroleum Corp. Ltd. (Energy)		462,170
	161,847	Bharti Airtel Ltd. (Communication Services)		1,453,182
	49,573	Britannia Industries Ltd. (Consumer Staples)		2,675,566
	97,100	CG Power & Industrial Solutions Ltd. (Industrials)*		358,542
Common Stocks – (continued)
India – (continued)
	37,642	Cholamandalam Investment and Finance Co. Ltd. (Financials)		344,466
	166,585	Cipla Ltd. (Health Care)		1,826,505
	131,608	Coal India Ltd. (Energy)		342,920
	96,884	Colgate-Palmolive India Ltd. (Consumer Staples)		1,726,901
	195,230	Dabur India Ltd. (Consumer Staples)		1,257,804
	30,256	Divi’s Laboratories Ltd. (Health Care)		1,034,159
	31,013	Dr. Reddy’s Laboratories Ltd. (Health Care)		1,619,387
	11,789	Eicher Motors Ltd. (Consumer Discretionary)		442,924
	368,312	GAIL India Ltd. (Utilities)		457,341
	43,278	Grasim Industries Ltd. (Materials)		826,401
	85,109	Havells India Ltd. (Industrials)		1,232,404
	274,207	HCL Technologies Ltd. (Information Technology)		3,574,385
	102,760	HDFC Life Insurance Co. Ltd. (Financials)(a)		607,604
	203,969	Hindalco Industries Ltd. (Materials)		984,963
	83,621	Hindustan Unilever Ltd. (Consumer Staples)		2,489,032
	159,759	Housing Development Finance Corp. Ltd. (Financials)		5,042,890
	407,427	ICICI Bank Ltd. (Financials)		4,213,131
	44,107	ICICI Lombard General Insurance Co. Ltd. (Financials)(a)		587,889
	144,234	Indian Hotels Co. Ltd. (Consumer Discretionary)		542,181
	879,585	Indian Oil Corp. Ltd. (Energy)		809,175
	455,949	Infosys Ltd. (Information Technology)		8,204,517
	452,334	ITC Ltd. (Consumer Staples)		2,061,200
	146,791	Jindal Steel & Power Ltd. (Materials)		975,203
	97,312	JSW Steel Ltd. (Materials)		785,394
	160,965	Jubilant Foodworks Ltd. (Consumer Discretionary)		858,396
	23,876	Kotak Mahindra Bank Ltd. (Financials)		499,441
	69,563	Larsen & Toubro Ltd. (Industrials)		1,774,806
	41,677	LTIMindtree Ltd. (Information Technology)(a)		2,380,632
	52,130	Lupin Ltd. (Health Care)		415,722
	131,122	Mahindra & Mahindra Ltd. (Consumer Discretionary)		2,013,760
	322,909	Marico Ltd. (Consumer Staples)*		1,921,419
	5,946	Maruti Suzuki India Ltd. (Consumer Discretionary)		620,321
	31,515	Mphasis Ltd. (Information Technology)		775,947
	300	MRF Ltd. (Consumer Discretionary)		309,396
	57,008	Muthoot Finance Ltd. (Financials)		670,711
	9,703	Nestle India Ltd. (Consumer Staples)		2,191,369
	620,888	NTPC Ltd. (Utilities)		1,280,569
	358,952	Oil & Natural Gas Corp. Ltd. (Energy)		660,219
	4,365	Page Industries Ltd. (Consumer Discretionary)		2,004,869

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)
India – (continued)
	8,794	PI Industries Ltd. (Materials)	$	329,724
	48,458	Pidilite Industries Ltd. (Materials)		1,348,682
	646,140	Power Grid Corp. of India Ltd. (Utilities)		1,737,135
	265,166	Reliance Industries Ltd. (Energy)		7,449,860
	91,270	SBI Life Insurance Co. Ltd. (Financials)(a)		1,237,653
	35,295	Siemens Ltd. (Industrials)		1,386,140
	14,350	SRF Ltd. (Materials)		376,432
	207,963	State Bank of India (Financials)		1,315,185
	77,851	Sun Pharmaceutical Industries Ltd. (Health Care)		900,865
	159,424	Tata Consultancy Services Ltd. (Information Technology)		6,388,820
	109,937	Tata Consumer Products Ltd. (Consumer Staples)		951,256
	7,420	Tata Elxsi Ltd. (Information Technology)		550,144
	343,931	Tata Motors Ltd. (Consumer Discretionary)*		1,750,286
	153,481	Tata Power Co. Ltd. (The) (Utilities)		376,056
	1,953,288	Tata Steel Ltd. (Materials)		2,456,156
	230,277	Tech Mahindra Ltd. (Information Technology)		3,064,835
	23,438	Titan Co. Ltd. (Consumer Discretionary)		672,739
	67,187	Torrent Pharmaceuticals Ltd. (Health Care)		1,186,475
	12,100	Tube Investments of India Ltd. (Consumer Discretionary)		405,707
	27,400	TVS Motor Co. Ltd. (Consumer Discretionary)		358,064
	16,623	UltraTech Cement Ltd. (Materials)		1,460,121
	45,900	Varun Beverages Ltd. (Consumer Staples)		722,224
	361,172	Vedanta Ltd. (Materials)		1,172,414
	270,678	Wipro Ltd. (Information Technology)		1,267,317
				113,248,897
Indonesia – 1.9%
	1,812,377	Adaro Energy Indonesia Tbk PT (Energy)		355,345
	4,940,377	Aneka Tambang Tbk (Materials)		644,679
	3,915,667	Astra International Tbk PT (Consumer Discretionary)		1,566,267
	3,891,085	Bank Central Asia Tbk PT (Financials)		2,232,590
	1,467,694	Bank Mandiri Persero Tbk PT (Financials)		962,422
	1,378,872	Bank Negara Indonesia Persero Tbk PT (Financials)		793,416
	2,394,801	Bank Rakyat Indonesia Persero Tbk PT (Financials)		733,359
	2,147,783	Indofood CBP Sukses Makmur Tbk PT (Consumer Staples)		1,425,987
Common Stocks – (continued)
Indonesia – (continued)
	2,981,401	Indofood Sukses Makmur Tbk PT (Consumer Staples)		1,265,874
	11,587,707	Kalbe Farma Tbk PT (Health Care)		1,603,283
	998,006	Merdeka Copper Gold Tbk PT (Materials)*		297,111
	6,683,914	Sumber Alfaria Trijaya Tbk PT (Consumer Staples)		1,271,039
	10,297,367	Telkom Indonesia Persero Tbk PT (Communication Services)		2,619,920
	3,985,255	Unilever Indonesia Tbk PT (Consumer Staples)		1,092,352
				16,863,644
Kuwait – 0.7%
	317,063	Agility Public Warehousing Co. KSC (Industrials)		622,969
	297,383	Boubyan Bank KSCP (Financials)		741,277
	710,057	Kuwait Finance House KSCP (Financials)		1,982,792
	849,825	National Bank of Kuwait SAKP (Financials)		2,962,896
				6,309,934
Luxembourg – 0.1%
	41,204	Reinet Investments SCA (Financials)		814,821
Mexico – 2.6%
	820,056	Alfa SAB de CV, Class A (Industrials)		534,323
	3,439,340	America Movil SAB de CV, Series L (Communication Services)		3,562,274
	51,904	Arca Continental SAB de CV (Consumer Staples)		437,382
	2,577,170	Cemex SAB de CV, Series CPO (Materials)*		1,288,233
	105,547	Coca-Cola Femsa SAB de CV (Consumer Staples)		762,242
	335,387	Fomento Economico Mexicano SAB de CV (Consumer Staples)		3,090,502
	132,838	Gruma SAB de CV, Class B (Consumer Staples)		1,944,255
	717,384	Grupo Bimbo SAB de CV, Series A (Consumer Staples)		3,399,989
	76,300	Grupo Carso SAB de CV, Series A1 (Industrials)		363,992
	324,560	Grupo Financiero Banorte SAB de CV, Class O (Financials)		2,735,337
	250,030	Grupo Mexico SAB de CV, Series B (Materials)		1,120,053
	219,559	Orbia Advance Corp. SAB de CV (Materials)		457,809
	41,700	Promotora y Operadora de Infraestructura SAB de CV (Industrials)		406,077
	921,898	Wal-Mart de Mexico SAB de CV (Consumer Staples)		3,622,694
				23,725,162

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, 2023 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Philippines – 0.1%
	436,250	Bank of the Philippine Islands (Financials)	$	865,407
	38,740	Manila Electric Co. (Utilities)		222,431
				1,087,838
Poland – 0.8%
	23,938	Bank Pekao SA (Financials)		483,820
	14,912	CD Projekt SA (Communication Services)(b)		444,964
	22,913	Dino Polska SA (Consumer Staples)*(a)		1,918,927
	13,238	KGHM Polska Miedz SA (Materials)		380,095
	509	LPP SA (Consumer Discretionary)		1,080,611
	403,801	PGE Polska Grupa Energetyczna SA (Utilities)*		607,918
	103,549	Powszechna Kasa Oszczednosci Bank Polski SA (Financials)		725,317
	187,066	Powszechny Zaklad Ubezpieczen SA (Financials)		1,543,882
				7,185,534
Qatar – 1.1%
	520,985	Commercial Bank PSQC (The) (Financials)		879,813
	93,431	Industries Qatar QSC (Industrials)		357,125
	572,302	Masraf Al Rayan QSC (Financials)		424,306
	666,116	Ooredoo QPSC (Communication Services)		1,682,781
	455,205	Qatar International Islamic Bank QSC (Financials)		1,311,210
	330,752	Qatar Islamic Bank (Financials)		1,689,294
	704,266	Qatar National Bank QPSC (Financials)		3,258,566
				9,603,095
Romania – 0.1%
	118,358	NEPI Rockcastle NV (Real Estate)		710,358
Russia – 0.0%
	1,256,908	Gazprom PJSC (Energy)(c)		—
	35,708,229	Inter RAO UES PJSC (Utilities)(c)		—
	62,206	LUKOIL PJSC (Energy)(c)		—
	11,906	MMC Norilsk Nickel PJSC (Materials)(c)		—
	824,628	Moscow Exchange MICEX-RTS PJSC (Financials)*(c)		—
	5,200	Novatek PJSC GDR (Energy)*(c)		—
	839,494	Novolipetsk Steel PJSC (Materials)*(c)		—
	127,440	PhosAgro PJSC GDR (Materials)*(c)		—
	820	PhosAgro PJSC (Materials)*(c)		—
	73,809	Polymetal International PLC (Materials)*(c)		—
	11,287	Polyus PJSC (Materials)*(c)		—
	90,086	Rosneft Oil Co. PJSC (Energy)(c)		—
	1,661,273	Sberbank of Russia PJSC (Financials)*(c)		—
Common Stocks – (continued)
Russia – (continued)
	152,107	Severstal PAO (Materials)*(c)		—
	3,362,523	Surgutneftegas PJSC (Energy)(c)		—
	277,377	Tatneft PJSC (Energy)(c)		—
	29,482	TCS Group Holding PLC GDR (Financials)*(c)		—
	799,132,583	VTB Bank PJSC (Financials)*(c)		—
	69,395	X5 Retail Group NV GDR (Consumer Staples)*(c)		—
	41,484	Yandex NV, Class A (Communication Services)*(c)		—
				—
Saudi Arabia – 3.7%
	11,800	ACWA Power Co. (Utilities)		438,336
	48,587	Advanced Petrochemical Co. (Materials)		625,359
	203,059	Al Rajhi Bank (Financials)*		3,803,991
	73,442	Alinma Bank (Financials)		576,357
	29,414	Almarai Co. JSC (Consumer Staples)		411,505
	81,597	Arab National Bank (Financials)		500,543
	41,200	Bank AlBilad (Financials)*		391,398
	57,370	Bank Al-Jazira (Financials)		277,016
	64,690	Banque Saudi Fransi (Financials)		563,698
	30,685	Bupa Arabia for Cooperative Insurance Co. (Financials)		1,264,147
	131,486	Dar Al Arkan Real Estate Development Co. (Real Estate)*		503,148
	11,187	Dr Sulaiman Al Habib Medical Services Group Co. (Health Care)		691,017
	4,800	Elm Co. (Information Technology)		484,777
	190,405	Etihad Etisalat Co. (Communication Services)		1,983,888
	8,996	Jarir Marketing Co. (Consumer Discretionary)		354,312
	174,514	Mobile Telecommunications Co Saudi Arabia (Communication Services)*		482,714
	19,792	Nahdi Medical Co. (Consumer Staples)		984,154
	150,426	Rabigh Refining & Petrochemical Co. (Energy)*		407,266
	77,952	Riyad Bank (Financials)		541,124
	29,570	SABIC Agri-Nutrients Co. (Materials)		1,052,737
	165,181	Sahara International Petrochemical Co. (Materials)		1,558,208
	64,185	Saudi Arabian Mining Co. (Materials)*		1,087,809
	426,712	Saudi Arabian Oil Co. (Energy)(a)		3,615,962
	90,969	Saudi Basic Industries Corp. (Materials)		2,145,352
	72,673	Saudi British Bank (The) (Financials)		641,976
	246,211	Saudi Electricity Co. (Utilities)		1,456,540
	86,404	Saudi Investment Bank (The) (Financials)		364,252

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)
Saudi Arabia – (continued)
	294,979	Saudi Kayan Petrochemical Co. (Materials)*	$	998,290
	211,963	Saudi National Bank (The) (Financials)		2,668,848
	207,193	Saudi Telecom Co. (Communication Services)		1,940,718
	106,537	Savola Group (The) (Consumer Staples)		772,203
				33,587,645
South Africa – 3.8%
	150,967	Absa Group Ltd. (Financials)		1,632,109
	51,035	African Rainbow Minerals Ltd. (Materials)		707,268
	4,192	Anglo American Platinum Ltd. (Materials)		232,302
	113,898	Aspen Pharmacare Holdings Ltd. (Health Care)		880,408
	85,860	Bid Corp. Ltd. (Consumer Staples)		1,881,261
	43,617	Bidvest Group Ltd. (The) (Industrials)		556,801
	7,201	Capitec Bank Holdings Ltd. (Financials)		688,279
	89,461	Clicks Group Ltd. (Consumer Staples)		1,303,688
	29,076	Discovery Ltd. (Financials)*		237,202
	549,421	FirstRand Ltd. (Financials)		1,961,977
	126,611	Gold Fields Ltd. (Materials)		1,150,423
	189,558	Impala Platinum Holdings Ltd. (Materials)		1,771,118
	52,896	Kumba Iron Ore Ltd. (Materials)(b)		1,380,476
	136,678	Mr Price Group Ltd. (Consumer Discretionary)		1,133,780
	269,169	MTN Group Ltd. (Communication Services)		2,123,438
	330,836	MultiChoice Group (Communication Services)		2,541,253
	7,910	Naspers Ltd., Class N (Consumer Discretionary)		1,403,515
	138,730	Nedbank Group Ltd. (Financials)		1,742,641
	614,690	Old Mutual Ltd. (Financials)		398,826
	285,100	OUTsurance Group Ltd. (Financials)		554,630
	301,116	Pepkor Holdings Ltd. (Consumer Discretionary)(a)		307,575
	93,513	Remgro Ltd. (Financials)		712,087
	260,186	Sanlam Ltd. (Financials)		848,045
	41,540	Sasol Ltd. (Materials)		611,777
	217,942	Shoprite Holdings Ltd. (Consumer Staples)		2,642,196
	511,658	Sibanye Stillwater Ltd. (Materials)		1,034,396
	192,478	Standard Bank Group Ltd. (Financials)		1,924,963
	152,376	Vodacom Group Ltd. (Communication Services)		1,051,825
	213,264	Woolworths Holdings Ltd. (Consumer Discretionary)		894,591
				34,308,850
Common Stocks – (continued)
South Korea – 11.9%
	15,052	Amorepacific Corp. (Consumer Staples)		1,574,303
	9,876	BGF retail Co. Ltd. (Consumer Staples)		1,348,644
	4,337	Celltrion, Inc. (Health Care)		475,898
	93,374	Cheil Worldwide, Inc. (Communication Services)		1,411,283
	3,363	CJ CheilJedang Corp. (Consumer Staples)		815,812
	12,710	CJ Corp. (Industrials)		834,687
	33,227	Coway Co. Ltd. (Consumer Discretionary)		1,340,882
	9,060	DB Insurance Co. Ltd. (Financials)		527,202
	15,280	Doosan Bobcat, Inc. (Industrials)		437,644
	29,232	Doosan Enerbility Co. Ltd. (Industrials)*		359,201
	7,382	Ecopro BM Co. Ltd. (Industrials)		927,736
	5,945	E-MART, Inc. (Consumer Staples)		503,185
	12,191	F&F Co. Ltd. (Consumer Discretionary)		1,279,675
	43,844	GS Holdings Corp. (Industrials)		1,346,880
	52,730	Hana Financial Group, Inc. (Financials)		1,809,138
	37,201	Hankook Tire & Technology Co. Ltd. (Consumer Discretionary)		1,045,817
	6,127	Hanmi Pharm Co. Ltd. (Health Care)*		1,199,239
	18,917	Hanwha Solutions Corp. (Materials)*		594,708
	7,372	HD Hyundai Co. Ltd. (Energy)		330,925
	70,274	HMM Co. Ltd. (Industrials)*		1,197,566
	25,960	Hotel Shilla Co. Ltd. (Consumer Discretionary)		1,573,393
	18,800	Hyundai Engineering & Construction Co. Ltd. (Industrials)		517,151
	6,633	Hyundai Mobis Co. Ltd. (Consumer Discretionary)		1,065,190
	11,407	Hyundai Motor Co. (Consumer Discretionary)		1,519,784
	20,171	Hyundai Steel Co. (Materials)		533,524
	159,870	Industrial Bank of Korea (Financials)		1,254,072
	14,776	Kakao Corp. (Communication Services)		696,786
	37,590	Kangwon Land, Inc. (Consumer Discretionary)*		573,828
	51,086	KB Financial Group, Inc. (Financials)		1,980,511
	37,132	Kia Corp. (Consumer Discretionary)		2,113,009
	15,454	Korea Aerospace Industries Ltd. (Industrials)*		526,715
	44,300	Korea Electric Power Corp. (Utilities)(b)		604,281
	5,834	Korea Investment Holdings Co. Ltd. (Financials)*		273,348
	1,143	Korea Zinc Co. Ltd. (Materials)		504,449
	23,964	Korean Air Lines Co. Ltd. (Industrials)(b)		412,002
	19,638	KT&G Corp. (Consumer Staples)		1,316,373
	6,021	Kumho Petrochemical Co. Ltd. (Materials)*		715,740

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, 2023 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
South Korea – (continued)
	3,880	L&F Co. Ltd. (Information Technology)	$	768,230
	2,344	LG Chem Ltd. (Materials)		1,204,549
	5,579	LG Corp. (Industrials)		346,988
	23,117	LG Display Co. Ltd. (Information Technology)		267,114
	30,979	LG Electronics, Inc. (Consumer Discretionary)		2,603,336
	1,900	LG Energy Solution Ltd. (Industrials)*		750,954
	3,294	LG H&H Co. Ltd. (Consumer Staples)		1,662,869
	2,516	LG Innotek Co. Ltd. (Information Technology)		526,682
	212,787	LG Uplus Corp. (Communication Services)		1,780,126
	1,652	Lotte Chemical Corp. (Materials)(b)		222,472
	15,963	Lotte Shopping Co. Ltd. (Consumer Discretionary)		1,049,523
	221,592	Meritz Securities Co. Ltd. (Financials)		1,175,572
	71,065	Mirae Asset Securities Co. Ltd. (Financials)		383,990
	8,171	NAVER Corp. (Communication Services)		1,287,477
	3,789	NCSoft Corp. (Communication Services)		1,244,149
	87,204	NH Investment & Securities Co. Ltd. (Financials)*		626,063
	19,193	Orion Corp. (Consumer Staples)		1,813,055
	10,483	Pearl Abyss Corp. (Communication Services)*		355,309
	3,500	POSCO Chemical Co. Ltd. (Materials)		584,546
	8,143	POSCO Holdings, Inc. (Materials)		1,956,905
	24,771	S-1 Corp. (Industrials)		1,055,798
	1,118	Samsung Biologics Co. Ltd. (Health Care)*(a)		653,100
	13,824	Samsung C&T Corp. (Industrials)		1,150,215
	13,171	Samsung Electro-Mechanics Co. Ltd. (Information Technology)		1,433,307
	608,739	Samsung Electronics Co. Ltd. (Information Technology)		27,878,015
	24,460	Samsung Engineering Co. Ltd. (Industrials)*		485,226
	10,104	Samsung Fire & Marine Insurance Co. Ltd. (Financials)		1,637,867
	121,850	Samsung Heavy Industries Co. Ltd. (Industrials)*		506,461
	6,741	Samsung Life Insurance Co. Ltd. (Financials)		346,920
	3,498	Samsung SDI Co. Ltd. (Information Technology)		1,839,870
	10,940	Samsung SDS Co. Ltd. (Information Technology)		1,035,921
	43,968	Samsung Securities Co. Ltd. (Financials)		1,113,114
	46,744	SD Biosensor, Inc. (Health Care)		812,478
	63,617	Shinhan Financial Group Co. Ltd. (Financials)		1,867,765
Common Stocks – (continued)
South Korea – (continued)
	18,445	SK Biopharmaceuticals Co. Ltd. (Health Care)*		929,742
	71,378	SK Hynix, Inc. (Information Technology)		4,822,364
	24,401	SK Square Co. Ltd. (Information Technology)*		707,182
	2,247	SK, Inc. (Industrials)		303,279
	136,239	Woori Financial Group, Inc. (Financials)		1,256,086
	23,170	Yuhan Corp. (Health Care)		922,773
				106,907,973
Taiwan – 14.8%
	153,955	Accton Technology Corp. (Information Technology)		1,429,930
	563,450	Acer, Inc. (Information Technology)		468,779
	165,427	Advantech Co. Ltd. (Information Technology)		1,938,248
	456,548	ASE Technology Holding Co. Ltd. (Information Technology)		1,588,280
	439,288	Asia Cement Corp. (Materials)		645,174
	111,506	Asustek Computer, Inc. (Information Technology)		1,017,367
	1,048,278	AUO Corp. (Information Technology)		639,918
	191,766	Catcher Technology Co. Ltd. (Information Technology)		1,161,188
	1,179,838	Cathay Financial Holding Co. Ltd. (Financials)		1,682,468
	230,027	Chailease Holding Co. Ltd. (Financials)		1,702,394
	345,913	Cheng Shin Rubber Industry Co. Ltd. (Consumer Discretionary)		388,832
	3,522,028	China Development Financial Holding Corp. (Financials)		1,525,813
	1,004,024	China Steel Corp. (Materials)		1,034,686
	398,718	Chunghwa Telecom Co. Ltd. (Communication Services)		1,511,411
	1,402,461	Compal Electronics, Inc. (Information Technology)		1,111,585
	2,669,990	CTBC Financial Holding Co. Ltd. (Financials)		1,993,543
	250,656	Delta Electronics, Inc. (Information Technology)		2,356,880
	57,940	E Ink Holdings, Inc. (Information Technology)		369,856
	12,212	eMemory Technology, Inc. (Information Technology)		749,485
	1,219,861	E.Sun Financial Holding Co. Ltd. (Financials)		998,885
	349,235	Evergreen Marine Corp. Taiwan Ltd. (Industrials)		1,799,501
	816,446	Far Eastern New Century Corp. (Industrials)		869,514
	246,555	Feng TAY Enterprise Co. Ltd. (Consumer Discretionary)		1,496,995
	996,141	First Financial Holding Co. Ltd. (Financials)		876,174

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

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

Shares		Description	Value
Common Stocks – (continued)
Taiwan – (continued)
	338,941	Formosa Plastics Corp. (Materials)	$	1,011,166
	1,333,906	Fubon Financial Holding Co. Ltd. (Financials)		2,626,704
	30,281	Globalwafers Co. Ltd. (Information Technology)		508,832
	1,168,882	Hon Hai Precision Industry Co. Ltd. (Information Technology)		3,874,599
	861,743	Hua Nan Financial Holdings Co. Ltd. (Financials)		646,247
	872,725	Innolux Corp. (Information Technology)		421,046
	808,297	Inventec Corp. (Information Technology)		705,647
	9,304	Largan Precision Co. Ltd. (Information Technology)		673,307
	536,962	Lite-On Technology Corp. (Information Technology)		1,224,794
	205,817	MediaTek, Inc. (Information Technology)		4,883,759
	1,198,409	Mega Financial Holding Co. Ltd. (Financials)		1,309,737
	374,760	Micro-Star International Co. Ltd. (Information Technology)		1,685,033
	427,317	Nan Ya Plastics Corp. (Materials)		1,060,246
	49,653	Nan Ya Printed Circuit Board Corp. (Information Technology)		382,955
	492,385	Nanya Technology Corp. (Information Technology)		943,740
	123,466	Nien Made Enterprise Co. Ltd. (Consumer Discretionary)		1,320,990
	197,711	Novatek Microelectronics Corp. (Information Technology)		2,644,193
	516,478	Pegatron Corp. (Information Technology)		1,152,645
	778,132	Pou Chen Corp. (Consumer Discretionary)		858,079
	340,166	President Chain Store Corp. (Consumer Staples)		2,980,827
	334,533	Quanta Computer, Inc. (Information Technology)		879,440
	195,047	Realtek Semiconductor Corp. (Information Technology)		2,432,526
	1,924,087	SinoPac Financial Holdings Co. Ltd. (Financials)		1,086,145
	601,624	Synnex Technology International Corp. (Information Technology)		1,234,070
	2,021,180	Taishin Financial Holding Co. Ltd. (Financials)		1,091,203
	973,292	Taiwan Business Bank (Financials)		459,981
	580,002	Taiwan Cement Corp. (Materials)		745,240
	636,864	Taiwan Cooperative Financial Holding Co. Ltd. (Financials)		557,030
	177,907	Taiwan Mobile Co. Ltd. (Communication Services)		564,033
	3,065,060	Taiwan Semiconductor Manufacturing Co. Ltd. (Information Technology)		51,403,720
Common Stocks – (continued)
Taiwan – (continued)
	94,343	Unimicron Technology Corp. (Information Technology)		396,328
	1,406,982	Uni-President Enterprises Corp. (Consumer Staples)		3,116,930
	1,992,741	United Microelectronics Corp. (Information Technology)*		3,266,789
	245,695	Vanguard International Semiconductor Corp. (Information Technology)		745,886
	249,442	Wan Hai Lines Ltd. (Industrials)		651,654
	1,330,307	Winbond Electronics Corp. (Information Technology)		1,006,370
	525,161	WPG Holdings Ltd. (Information Technology)		849,716
	442,384	Yang Ming Marine Transport Corp. (Industrials)		937,922
	2,437,368	Yuanta Financial Holding Co. Ltd. (Financials)		1,819,857
				133,516,292
Thailand – 1.8%
	279,616	Advanced Info Service PCL NVDR (Communication Services)		1,598,201
	427,500	Airports of Thailand PCL NVDR (Industrials)*		880,009
	2,451,900	Asset World Corp. PCL NVDR (Consumer Discretionary)		409,329
	1,623,600	Bangkok Dusit Medical Services PCL NVDR (Health Care)		1,286,338
	333,300	Berli Jucker PCL NVDR (Consumer Staples)		363,090
	180,100	Bumrungrad Hospital PCL NVDR (Health Care)		1,075,262
	316,100	Central Pattana PCL NVDR (Real Estate)		628,332
	710,600	Charoen Pokphand Foods PCL NVDR (Consumer Staples)		446,371
	848,577	CP ALL PCL NVDR (Consumer Staples)		1,488,679
	51,800	Delta Electronics Thailand PCL NVDR (Information Technology)		1,336,727
	128,900	Electricity Generating PCL NVDR (Utilities)		623,688
	419,400	Gulf Energy Development PCL NVDR (Utilities)		623,026
	299,800	Indorama Ventures PCL NVDR (Materials)		311,750
	271,500	Intouch Holdings PCL NVDR (Communication Services)		543,519
	1,165,500	Krung Thai Bank PCL NVDR (Financials)		570,527
	294,400	Krungthai Card PCL NVDR (Financials)		489,400
	196,000	Muangthai Capital PCL NVDR (Financials)		194,107
	184,800	PTT Exploration & Production PCL NVDR (Energy)		784,353

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

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

Schedule of Investments (continued)

February 28, 2023 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Thailand – (continued)
	347,900	PTT Global Chemical PCL NVDR (Materials)	$	465,130
	716,600	PTT PCL NVDR (Energy)		643,782
	510,200	Ratch Group PCL NVDR (Utilities)		588,283
	56,000	Siam Cement PCL (The) NVDR (Materials)		518,148
	240,800	Thai Oil PCL NVDR (Energy)		344,085
	770,800	Thai Union Group PCL NVDR (Consumer Staples)		346,782
				16,558,918
Turkey – 0.8%
	290,142	BIM Birlesik Magazalar AS (Consumer Staples)		2,094,727
	270,328	Eregli Demir ve Celik Fabrikalari TAS (Materials)		631,467
	463,054	KOC Holding AS (Industrials)		1,902,105
	49,203	Sasa Polyester Sanayi AS (Materials)*		286,685
	110,585	Turk Hava Yollari AO (Industrials)*		841,147
	11,900	Turkiye Petrol Rafinerileri AS (Energy)*		373,849
	463,242	Turkiye Sise ve Cam Fabrikalari AS (Industrials)		1,158,166
				7,288,146
United Arab Emirates – 1.5%
	625,120	Abu Dhabi Commercial Bank PJSC (Financials)		1,426,278
	437,996	Abu Dhabi Islamic Bank PJSC (Financials)		1,244,994
	1,173,874	Abu Dhabi National Oil Co. for Distribution PJSC (Consumer Discretionary)		1,380,709
	841,429	Aldar Properties PJSC (Real Estate)		1,076,743
	1,074,494	Dubai Islamic Bank PJSC (Financials)		1,679,240
	955,080	Emaar Properties PJSC (Real Estate)		1,456,212
	492,356	Emirates NBD Bank PJSC (Financials)		1,823,119
	258,710	Emirates Telecommunications Group Co. PJSC (Communication Services)		1,796,181
	419,134	First Abu Dhabi Bank PJSC (Financials)		1,606,765
				13,490,241
United States – 0.2%
	470,100	JBS SA (Consumer Staples)		1,727,971
	10,200	Parade Technologies Ltd. (Information Technology)		322,040
				2,050,011
	TOTAL COMMON STOCKS
	(Cost $846,139,993)		$	879,466,808

Shares	Description	Rate			Value
Preferred Stocks – 1.9%
Brazil – 1.1%
723,230	Banco Bradesco SA (Financials)		7.83	%	$	1,811,989
39,428	Centrais Eletricas Brasileiras SA, Class B (Utilities)		4.58			271,654
245,604	Cia Energetica de Minas Gerais (Utilities)		13.12			493,024
99,856	Gerdau SA (Materials)		12.13			547,604
602,969	Itau Unibanco Holding SA (Financials)		4.13			2,937,059
757,395	Itausa SA (Financials)		6.04			1,193,970
643,846	Petroleo Brasileiro SA (Energy)		42.48			3,112,738
						10,368,038
Chile – 0.1%
12,283	Sociedad Quimica y Minera de Chile SA, Class B (Materials)		9.59			1,091,878
Colombia – 0.1%
76,277	Bancolombia SA (Financials)		10.16			485,519
Russia – 0.0%
3,212,489	Surgutneftegas PJSC (Energy)(c)		17.05
South Korea – 0.6%
9,120	Hyundai Motor Co. (Consumer Discretionary)		7.63			648,548
8,863	Hyundai Motor Co. (Consumer Discretionary)		7.67			617,547
107,400	Samsung Electronics Co. Ltd. (Information Technology)		2.69			4,334,147
						5,600,242
TOTAL PREFERRED STOCKS
(Cost $16,729,118)					$	17,545,677
Units	Description	Expiration Month			Value
Right – 0.0%
Taiwan – 0.0%
101,322	SinoPac Financial Holdings Co. Ltd.*
(Cost $0)			03/23		$	—

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

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

Shares		Description	Value
Exchange-Traded Fund – 0.6%
United States – 0.6%
	257,264	iShares MSCI Malaysia ETF(b)
	(Cost $7,732,868)		$	5,592,919
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $870,601,979)		$	902,605,404

Shares	Dividend Rate	Value
Securities Lending Reinvestment Vehicle – 0.5%(d)
Goldman Sachs Financial Square Government Fund – Institutional Shares
4,335,015	4.475%	$	4,335,015
(Cost $4,335,015)
TOTAL INVESTMENTS – 100.7%
(Cost $874,936,994)		$	906,940,419
LIABILITIES IN EXCESS OF     OTHER ASSETS – (0.7)%			(6,333,042	)
NET ASSETS – 100.0%		$	900,607,377

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

Sector Name	% of Market Value
Financials		21.1	%
Information Technology		19.7
Consumer Discretionary		12.1
Consumer Staples		11.1
Communication Services		9.2
Materials		7.5
Industrials		5.3
Health Care		5.2
Energy		4.2
Utilities		2.4
Real Estate		1.1
Exchange-Traded Fund		0.6
Securities Lending Reinvestment Vehicle		0.5
TOTAL INVESTMENTS		100.0	%

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

GOLDMAN SACHS ACTIVEBETA^® EUROPE EQUITY ETF

Schedule of Investments

February 28, 2023 (Unaudited)

Shares		Description	Value
Common Stocks – 98.7%
Australia – 1.5%
	68	Flutter Entertainment PLC (Consumer Discretionary)*	$	10,987
	10,461	Glencore PLC (Materials)		62,734
	1,400	Rio Tinto PLC (Materials)		96,813
				170,534
Austria – 0.6%
	395	Erste Group Bank AG (Financials)		15,574
	292	Mondi PLC (Materials)		4,937
	687	OMV AG (Energy)		33,594
	402	voestalpine AG (Materials)		14,930
				69,035
Belgium – 1.2%
	403	Ageas SA/NV (Financials)		18,262
	642	Anheuser-Busch InBev SA/NV (Consumer Staples)		38,965
	44	D’ieteren Group (Consumer Discretionary)		8,563
	96	Elia Group SA/NV (Utilities)		12,706
	119	Groupe Bruxelles Lambert NV (Financials)		10,035
	87	KBC Group NV (Financials)		6,523
	133	Solvay SA (Materials)		15,268
	255	UCB SA (Health Care)		22,007
				132,329
Brazil – 0.1%
	247	Yara International ASA (Materials)		11,795
Chile – 0.0%
	133	Antofagasta PLC (Materials)		2,528
China – 0.2%
	274	Prosus NV (Consumer Discretionary)*		19,736
Denmark – 4.7%
	19	AP Moller – Maersk A/S, Class A (Industrials)		43,642
	20	AP Moller – Maersk A/S, Class B (Industrials)		46,766
	145	Carlsberg AS, Class B (Consumer Staples)		20,574
	89	Chr Hansen Holding A/S (Materials)		6,187
	80	Coloplast A/S, Class B (Health Care)		9,277
	1,207	Danske Bank A/S (Financials)		28,111
	82	Demant A/S (Health Care)*		2,464
	64	DSV A/S (Industrials)		11,682
	46	Genmab A/S (Health Care)*		17,357
	1,917	Novo Nordisk A/S, Class B (Health Care)		272,117
	171	Novozymes A/S, Class B (Materials)		8,265
	36	Orsted AS (Utilities)(a)		3,156
	304	Pandora A/S (Consumer Discretionary)		28,910
	33	ROCKWOOL A/S, Class B (Industrials)		7,535
	750	Tryg A/S (Financials)		16,666
	134	Vestas Wind Systems A/S (Industrials)		3,830
				526,539
Common Stocks – (continued)
Finland – 1.7%
	266	Elisa OYJ (Communication Services)		15,154
	111	Kesko OYJ, Class B (Consumer Staples)		2,421
	147	Kone OYJ, Class B (Industrials)		7,662
	783	Metso Outotec OYJ (Industrials)		8,370
	174	Neste OYJ (Energy)		8,431
	5,718	Nokia OYJ (Information Technology)		26,557
	2,435	Nordea Bank Abp (Financials)		30,970
	899	Orion OYJ, Class B (Health Care)		42,474
	498	Sampo OYJ, Class A (Financials)		24,315
	533	Stora Enso OYJ, Class R (Materials)		7,572
	385	UPM-Kymmene OYJ (Materials)		14,009
				187,935
France – 17.6%
	74	Aeroports de Paris (Industrials)*		10,787
	380	Air Liquide SA (Materials)		60,674
	311	Airbus SE (Industrials)		40,904
	250	Alstom SA (Industrials)		7,378
	75	Amundi SA (Financials)(a)		4,963
	151	Arkema SA (Materials)		15,399
	2,175	AXA SA (Financials)		68,852
	262	BioMerieux (Health Care)		25,768
	926	BNP Paribas SA (Financials)		64,961
	3,340	Bollore SE (Communication Services)		18,738
	416	Bouygues SA (Industrials)		14,135
	615	Bureau Veritas SA (Industrials)		17,649
	202	Capgemini SE (Information Technology)		38,099
	2,476	Carrefour SA (Consumer Staples)		49,129
	1,005	Cie de Saint-Gobain (Industrials)		60,037
	536	Cie Generale des Etablissements Michelin (Consumer Discretionary)		16,902
	63	Covivio SA REIT (Real Estate)		4,055
	2,931	Credit Agricole SA (Financials)		35,938
	726	Danone SA (Consumer Staples)		40,991
	118	Dassault Aviation SA (Industrials)		20,360
	583	Dassault Systemes (Information Technology)		22,616
	335	Edenred (Information Technology)		18,943
	646	Eiffage SA (Industrials)		71,249
	2,285	Engie SA (Utilities)		33,528
	238	EssilorLuxottica SA (Health Care)		41,494
	312	Eurazeo SE (Financials)		21,110
	64	Gecina SA REIT (Real Estate)		7,405
	836	Getlink SE (Industrials)		14,119
	41	Hermes International (Consumer Discretionary)		74,591
	524	Ipsen SA (Health Care)		60,071
	63	Kering (Consumer Discretionary)		37,080
	135	Klepierre SA REIT (Real Estate)*		3,389
	1,555	La Francaise des Jeux SAEM (Consumer Discretionary)(a)		61,659
	292	Legrand SA (Industrials)		27,127
	294	L’Oreal SA (Consumer Staples)		116,951
	280	LVMH Moet Hennessy Louis Vuitton SE (Consumer Discretionary)		234,286
	1,326	Orange SA (Communication Services)		15,176

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

GOLDMAN SACHS ACTIVEBETA^® EUROPE EQUITY ETF

Shares		Description	Value
Common Stocks – (continued)
France – (continued)
	146	Pernod Ricard SA (Consumer Staples)	$	30,610
	304	Publicis Groupe SA (Communication Services)		24,257
	77	Remy Cointreau SA (Consumer Staples)		13,588
	320	Renault SA (Consumer Discretionary)*		14,413
	233	Safran SA (Industrials)		33,101
	46	Sartorius Stedim Biotech (Health Care)		15,059
	164	SEB SA (Consumer Discretionary)		19,027
	891	Societe Generale SA (Financials)		25,815
	144	Sodexo SA (Consumer Discretionary)		13,399
	162	Thales SA (Industrials)		22,712
	2,341	TotalEnergies SE (Energy)		145,408
	114	Valeo (Consumer Discretionary)		2,386
	589	Veolia Environnement SA (Utilities)		17,683
	466	Vinci SA (Industrials)		53,294
	1,102	Vivendi SE (Communication Services)		11,392
	602	Wendel SE (Financials)		68,630
	188	Worldline SA (Information Technology)*(a)		7,879
				1,995,166
Germany – 13.1%
	280	adidas AG (Consumer Discretionary)		42,065
	270	Allianz SE (Financials)		63,609
	463	BASF SE (Materials)		23,802
	954	Bayer AG (Health Care)		56,950
	405	Bayerische Motoren Werke AG (Consumer Discretionary)		41,984
	94	Bechtle AG (Information Technology)		3,981
	189	Beiersdorf AG (Consumer Staples)		22,649
	252	Brenntag SE (Industrials)		19,081
	82	Carl Zeiss Meditec AG (Health Care)		10,983
	3,224	Commerzbank AG (Financials)*		39,405
	76	Covestro AG (Materials)(a)		3,357
	388	Daimler Truck Holding AG (Industrials)*		12,350
	3,924	Deutsche Bank AG (Financials)		49,105
	141	Deutsche Boerse AG (Financials)		24,673
	5,095	Deutsche Lufthansa AG (Industrials)*		53,071
	1,700	Deutsche Post AG (Industrials)		72,330
	2,581	Deutsche Telekom AG (Communication Services)		58,124
	2,537	E.ON SE (Utilities)		27,833
	262	Evonik Industries AG (Materials)		5,621
	723	Fresenius Medical Care AG & Co. KGaA (Health Care)		28,308
	1,062	Fresenius SE & Co. KGaA (Health Care)		29,316
	311	GEA Group AG (Industrials)		13,727
	77	Hannover Rueck SE (Financials)		15,001
	440	HeidelbergCement AG (Materials)		30,386
	1,897	HelloFresh SE (Consumer Staples)*		42,790
	142	Henkel AG & Co. KGaA (Consumer Staples)		9,856
	686	Infineon Technologies AG (Information Technology)		24,382
	249	Knorr-Bremse AG (Industrials)		17,011
	800	Mercedes-Benz Group AG (Consumer Discretionary)		61,636
Common Stocks – (continued)
Germany – (continued)
	183	Merck KGaA (Health Care)		34,807
	38	MTU Aero Engines AG (Industrials)		9,208
	98	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Financials)		33,891
	663	Nemetschek SE (Information Technology)		37,743
	484	Puma SE (Consumer Discretionary)		31,002
	48	Rational AG (Industrials)		31,968
	48	Rheinmetall AG (Industrials)		12,248
	958	RWE AG (Utilities)		40,882
	951	SAP SE (Information Technology)		108,398
	83	Scout24 SE (Communication Services)(a)		4,570
	581	Siemens AG (Industrials)		89,157
	2,287	Siemens Energy AG (Industrials)*(b)		46,009
	145	Siemens Healthineers AG (Health Care)(a)		7,593
	89	Symrise AG (Materials)		9,136
	3,619	Telefonica Deutschland Holding AG (Communication Services)		11,019
	311	United Internet AG (Communication Services)		6,834
	99	Volkswagen AG (Consumer Discretionary)		17,722
	118	Vonovia SE (Real Estate)		2,985
	1,195	Zalando SE (Consumer Discretionary)*(a)		47,650
				1,486,208
Hong Kong – 0.1%
	945	Prudential PLC (Financials)		14,524
Ireland – 1.0%
	358	AerCap Holdings NV (Industrials)*		22,353
	2,765	AIB Group PLC (Financials)		11,864
	1,199	Bank of Ireland Group PLC (Financials)		13,262
	604	CRH PLC (Materials)		28,517
	106	Kerry Group PLC, Class A (Consumer Staples)		10,187
	177	Kingspan Group PLC (Industrials)		11,559
	294	Smurfit Kappa Group PLC (Materials)		11,028
				108,770
Italy – 3.7%
	1,332	Assicurazioni Generali SpA (Financials)		26,430
	451	Coca-Cola HBC AG (Consumer Staples)*		11,613
	1,036	Davide Campari-Milano NV (Consumer Staples)		11,641
	83	DiaSorin SpA (Health Care)		10,048
	5,209	Enel SpA (Utilities)		29,372
	4,120	Eni SpA (Energy)		58,400
	169	Ferrari NV (Consumer Discretionary)		43,964
	951	FinecoBank Banca Fineco SpA (Financials)		16,490
	641	Infrastrutture Wireless Italiane SpA (Communication Services)(a)		7,083
	5,664	Intesa Sanpaolo SpA (Financials)		15,386
	713	Mediobanca Banca di Credito Finanziario SpA (Financials)		7,637
	719	Moncler SpA (Consumer Discretionary)		44,072
	589	Nexi SpA (Information Technology)*(a)		4,780
	2,646	Poste Italiane SpA (Financials)(a)		28,622
	430	Prysmian SpA (Industrials)		16,585

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

GOLDMAN SACHS ACTIVEBETA^® EUROPE EQUITY ETF

Schedule of Investments (continued)

February 28, 2023 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Italy – (continued)
	389	Recordati Industria Chimica e Farmaceutica SpA (Health Care)	$	16,559
	2,750	Snam SpA (Utilities)		13,549
	1,592	Terna – Rete Elettrica Nazionale (Utilities)		12,034
	1,940	UniCredit SpA (Financials)		39,806
				414,071
Jordan – 0.1%
	733	Hikma Pharmaceuticals PLC (Health Care)		15,370
Luxembourg – 0.8%
	2,473	ArcelorMittal (Materials)		74,600
	174	Eurofins Scientific SE (Health Care)		12,179
				86,779
Netherlands – 8.4%
	884	ABN AMRO Bank NV (Financials)(a)		15,661
	8	Adyen NV (Information Technology)*(a)		11,413
	3,767	Aegon NV (Financials)		19,707
	190	Akzo Nobel NV (Materials)		13,952
	27	Argenx SE (Health Care)*		9,798
	55	ASM International NV (Information Technology)		18,840
	397	ASML Holding NV (Information Technology)		245,875
	94	Euronext NV (Financials)(a)		6,892
	156	EXOR NV (Financials)*		12,898
	283	Heineken Holding NV (Consumer Staples)		24,295
	196	Heineken NV (Consumer Staples)		20,058
	61	IMCD NV (Industrials)		9,697
	2,045	ING Groep NV (Financials)		28,770
	514	JDE Peet’s NV (Consumer Staples)		15,176
	2,709	Koninklijke Ahold Delhaize NV (Consumer Staples)		86,230
	74	Koninklijke DSM NV (Materials)		9,158
	5,347	Koninklijke KPN NV (Communication Services)		18,378
	895	Koninklijke Philips NV (Health Care)		14,664
	1,049	NN Group NV (Financials)		42,607
	657	OCI NV (Materials)		21,878
	664	Randstad NV (Industrials)		40,912
	6,343	Shell PLC (Energy)		194,014
	472	Universal Music Group NV (Communication Services)		11,187
	499	Wolters Kluwer NV (Industrials)		57,920
				949,980
Norway – 1.2%
	314	Aker BP ASA (Energy)		8,507
	825	DNB Bank ASA (Financials)		16,553
	1,703	Equinor ASA (Energy)		52,695
	919	Gjensidige Forsikring ASA (Financials)		16,379
	204	Kongsberg Gruppen ASA (Industrials)		8,521
	330	Mowi ASA (Consumer Staples)		5,730
	1,208	Norsk Hydro ASA (Materials)		8,834
	1,438	Orkla ASA (Consumer Staples)		9,718
	702	Telenor ASA (Communication Services)		7,908
				134,845
Common Stocks – (continued)
Portugal – 0.6%
	1,510	EDP – Energias de Portugal SA (Utilities)		7,648
	344	Galp Energia SGPS SA (Energy)		4,217
	2,658	Jeronimo Martins SGPS SA (Consumer Staples)		54,742
				66,607
Singapore – 0.3%
	747	STMicroelectronics NV (Information Technology)		35,985
South Africa – 0.2%
	747	Anglo American PLC (Materials)		26,086
Spain – 4.2%
	61	Acciona SA (Utilities)		11,521
	589	ACS Actividades de Construccion y Servicios SA (Industrials)		17,902
	17	Aena SME SA (Industrials)*(a)		2,639
	284	Amadeus IT Group SA (Information Technology)*		17,890
	6,209	Banco Bilbao Vizcaya Argentaria SA (Financials)		48,549
	17,966	Banco Santander SA (Financials)		70,925
	4,376	CaixaBank SA (Financials)		18,804
	119	Cellnex Telecom SA (Communication Services)*(a)		4,488
	101	Corp ACCIONA Energias Renovables SA (Utilities)		3,922
	512	Enagas SA (Utilities)		9,209
	368	Endesa SA (Utilities)		7,247
	428	Ferrovial SA (Industrials)		11,919
	465	Grifols SA (Health Care)*		5,688
	5,272	Iberdrola SA (Utilities)		60,746
	2,233	Industria de Diseno Textil SA (Consumer Discretionary)		68,888
	579	Naturgy Energy Group SA (Utilities)		16,002
	1,039	Red Electrica Corp. SA (Utilities)		17,310
	3,665	Repsol SA (Energy)		58,321
	5,762	Telefonica SA (Communication Services)		23,520
				475,490
Sweden – 3.4%
	129	Alfa Laval AB (Industrials)		4,267
	567	Assa Abloy AB, Class B (Industrials)		13,870
	1,580	Atlas Copco AB, Class A (Industrials)		18,890
	829	Atlas Copco AB, Class B (Industrials)		8,793
	80	Boliden AB (Materials)		3,300
	230	Electrolux AB, Class B (Consumer Discretionary)		2,801
	238	Epiroc AB, Class A (Industrials)		4,599
	178	Epiroc AB, Class B (Industrials)		2,943
	324	Essity AB, Class B (Consumer Staples)		8,792
	48	Evolution AB (Consumer Discretionary)(a)		5,830
	241	Getinge AB, Class B (Health Care)		5,211
	3,577	H & M Hennes & Mauritz AB, Class B (Consumer Discretionary)		45,290

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

GOLDMAN SACHS ACTIVEBETA^® EUROPE EQUITY ETF

Shares		Description	Value
Common Stocks – (continued)
Sweden – (continued)
	1,570	Hexagon AB, Class B (Information Technology)	$	17,486
	178	Holmen AB, Class B (Materials)		7,220
	901	Husqvarna AB, Class B (Industrials)		8,028
	297	Industrivarden AB, Class A (Financials)		8,208
	304	Industrivarden AB, Class C (Financials)		8,384
	501	Investor AB, Class A (Financials)		10,329
	1,180	Investor AB, Class B (Financials)		22,924
	137	L E Lundbergforetagen AB, Class B (Financials)		6,394
	346	Lifco AB, Class B (Industrials)		6,954
	743	Nibe Industrier AB, Class B (Industrials)		7,723
	225	Sandvik AB (Industrials)		4,656
	1,443	Skandinaviska Enskilda Banken AB, Class A (Financials)		18,133
	488	Skanska AB, Class B (Industrials)		8,919
	417	Svenska Cellulosa AB SCA, Class B (Materials)		5,850
	1,498	Svenska Handelsbanken AB, Class A (Financials)		15,959
	888	Swedbank AB, Class A (Financials)		18,205
	443	Swedish Orphan Biovitrum AB (Health Care)*		10,242
	1,156	Tele2 AB, Class B (Communication Services)		10,679
	4,479	Telefonaktiebolaget LM Ericsson, Class B (Information Technology)		24,953
	3,116	Telia Co. AB (Communication Services)		8,082
	500	Volvo AB, Class A (Industrials)		10,462
	1,028	Volvo AB, Class B (Industrials)		20,681
				385,057
Switzerland – 8.1%
	1,157	ABB Ltd. (Industrials)		38,614
	155	Adecco Group AG (Industrials)		5,534
	213	Alcon, Inc. (Health Care)		14,581
	86	Baloise Holding AG (Financials)		14,360
	149	Banque Cantonale Vaudoise (Financials)		13,346
	7	Barry Callebaut AG (Consumer Staples)		13,996
	63	BKW AG (Utilities)		9,236
	2	Chocoladefabriken Lindt & Spruengli AG (Consumer Staples)		22,022
	400	Cie Financiere Richemont SA, Class A (Consumer Discretionary)		60,496
	217	Clariant AG (Materials)*		3,531
	18	EMS-Chemie Holding AG (Materials)		13,693
	48	Geberit AG (Industrials)		26,068
	3	Givaudan SA (Materials)		9,094
	161	Julius Baer Group Ltd. (Financials)		10,712
	193	Kuehne + Nagel International AG (Industrials)		49,627
	515	Logitech International SA (Information Technology)		28,287
	23	Lonza Group AG (Health Care)		13,762
	2,131	Novartis AG (Health Care)		180,257
	45	Partners Group Holding AG (Financials)		42,904
Common Stocks – (continued)
Switzerland – (continued)
	35	Schindler Holding AG (Industrials)		7,562
	47	Schindler Holding AG Participation Certificates (Industrials)		10,601
	20	SGS SA (Industrials)		46,050
	159	SIG Group AG (Materials)*		3,864
	28	Sika AG (Materials)		7,884
	39	Sonova Holding AG (Health Care)		9,620
	206	Straumann Holding AG (Health Care)		27,441
	68	Swatch Group AG (The) – Bearer (Consumer Discretionary)		23,739
	350	Swatch Group AG (The) – Registered (Consumer Discretionary)		22,462
	37	Swiss Life Holding AG (Financials)		22,352
	116	Swiss Prime Site AG (Real Estate)		9,839
	26	Swisscom AG (Communication Services)		16,101
	3,275	UBS Group AG (Financials)		71,458
	30	VAT Group AG (Industrials)(a)		9,103
	114	Zurich Insurance Group AG (Financials)		54,297
				912,493
United Kingdom – 17.4%
	1,529	3i Group PLC (Financials)		30,117
	1,873	abrdn PLC (Financials)		5,093
	904	Admiral Group PLC (Financials)		24,088
	285	Ashtead Group PLC (Industrials)		19,011
	903	Associated British Foods PLC (Consumer Staples)		21,941
	1,465	AstraZeneca PLC (Health Care)		192,968
	6,952	Auto Trader Group PLC (Communication Services)(a)		50,111
	3,709	Aviva PLC (Financials)		20,045
	3,093	BAE Systems PLC (Industrials)		33,626
	17,445	Barclays PLC (Financials)		36,884
	3,061	Barratt Developments PLC (Consumer Discretionary)		17,384
	286	Berkeley Group Holdings PLC (Consumer Discretionary)		14,528
	15,738	BP PLC (Energy)		104,888
	1,995	British American Tobacco PLC (Consumer Staples)		75,923
	925	British Land Co. PLC (The) REIT (Real Estate)		5,002
	2,695	BT Group PLC (Communication Services)		4,547
	545	Bunzl PLC (Industrials)		19,557
	2,184	Burberry Group PLC (Consumer Discretionary)		65,202
	1,768	CNH Industrial NV (Industrials)		29,109
	348	Coca-Cola Europacific Partners PLC (Consumer Staples)		19,140
	1,700	Compass Group PLC (Consumer Discretionary)		39,516
	118	Croda International PLC (Materials)		9,374
	222	DCC PLC (Industrials)		12,422
	1,978	Diageo PLC (Consumer Staples)		84,508
	368	Entain PLC (Consumer Discretionary)		6,057
	493	Experian PLC (Industrials)		16,742

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

GOLDMAN SACHS ACTIVEBETA^® EUROPE EQUITY ETF

Schedule of Investments (continued)

February 28, 2023 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
United Kingdom – (continued)
	268	Halma PLC (Information Technology)	$	7,021
	3,251	Hargreaves Lansdown PLC (Financials)		32,652
	12,448	HSBC Holdings PLC (Financials)		95,786
	1,528	Imperial Brands PLC (Consumer Staples)		37,090
	1,659	Informa PLC (Communication Services)		13,425
	182	InterContinental Hotels Group PLC (Consumer Discretionary)		12,352
	125	Intertek Group PLC (Industrials)		6,317
	16,691	J Sainsbury PLC (Consumer Staples)		54,195
	27,493	JD Sports Fashion PLC (Consumer Discretionary)		60,278
	7,227	Kingfisher PLC (Consumer Discretionary)		25,128
	826	Land Securities Group PLC REIT (Real Estate)		6,878
	4,495	Legal & General Group PLC (Financials)		13,926
	57,340	Lloyds Banking Group PLC (Financials)		36,528
	187	London Stock Exchange Group PLC (Financials)		16,825
	1,609	M&G PLC (Financials)		4,174
	3,049	Melrose Industries PLC (Industrials)		5,531
	2,664	National Grid PLC (Utilities)		33,800
	4,313	NatWest Group PLC (Financials)		15,263
	405	Next PLC (Consumer Discretionary)		33,547
	613	Pearson PLC (Consumer Discretionary)		6,816
	178	Persimmon PLC (Consumer Discretionary)		3,130
	1,659	Phoenix Group Holdings PLC (Financials)		12,722
	477	Reckitt Benckiser Group PLC (Consumer Staples)		33,274
	1,783	RELX PLC (Industrials)		54,029
	1,822	Rentokil Initial PLC (Industrials)		11,302
	2,077	Rolls-Royce Holdings PLC (Industrials)*		3,645
	4,286	Sage Group PLC (The) (Information Technology)		38,844
	1,010	Schroders PLC (Financials)		6,082
	391	Segro PLC REIT (Real Estate)		3,898
	321	Severn Trent PLC (Utilities)		10,691
	1,101	Smith & Nephew PLC (Health Care)		15,808
	706	Smiths Group PLC (Industrials)		15,073
	53	Spirax-Sarco Engineering PLC (Industrials)		7,498
	878	SSE PLC (Utilities)		18,554
	1,451	St James’s Place PLC (Financials)		22,511
	2,014	Standard Chartered PLC (Financials)		19,121
	3,245	Taylor Wimpey PLC (Consumer Discretionary)		4,840
	15,783	Tesco PLC (Consumer Staples)		48,725
	1,968	Unilever PLC (Consumer Staples)		98,543
	1,136	United Utilities Group PLC (Utilities)		14,000
	38,558	Vodafone Group PLC (Communication Services)		46,578
	658	WPP PLC (Communication Services)		8,157
				1,972,340
United States – 8.5%
	4,509	GSK PLC (Health Care)		77,810
	4,442	Haleon PLC (Consumer Staples)*		17,314
Common Stocks – (continued)
United States – (continued)
	649	Holcim AG (Materials)*		40,259
	2,588	Nestle SA (Consumer Staples)		292,916
	391	QIAGEN NV (Health Care)*		18,062
	797	Roche Holding AG (Health Care)		231,128
	88	Roche Holding AG (Health Care)(b)		27,341
	1,172	Sanofi (Health Care)		110,482
	503	Schneider Electric SE (Industrials)		81,146
	2,081	Stellantis NV (Consumer Discretionary)		36,533
	225	Swiss Re AG (Financials)		23,574
	536	Tenaris SA (Energy)		8,913
				965,478
	TOTAL COMMON STOCKS
	(Cost $10,714,375)		$	11,165,680

Shares		Description	Rate			Value
Preferred Stocks – 0.6%
Germany – 0.6%
	276	Bayerische Motoren Werke AG (Consumer Discretionary)		6.24	%	$	26,270
	144	Henkel AG & Co. KGaA (Consumer Staples)		2.68			10,510
	11	Sartorius AG (Health Care)		0.31			4,696
	192	Volkswagen AG (Consumer Discretionary)		19.27			26,299
	TOTAL PREFERRED STOCKS
	(Cost $82,209)					$	67,775
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $10,796,584)					$	11,233,455

Shares	Dividend Rate	Value
Securities Lending Reinvestment Vehicle – 0.7%(c)
Goldman Sachs Financial Square Government Fund – Institutional Shares
74,219	4.475%	$	74,219
(Cost $74,219)
TOTAL INVESTMENTS – 100.0%
(Cost $10,870,803)		$	11,307,674
OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.0%			412
NET ASSETS – 100.0%		$	11,308,086

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

GOLDMAN SACHS ACTIVEBETA^® EUROPE 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)	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:
CVA	—Dutch Certification
PLC	—Public Limited Company
REIT	—Real Estate Investment Trust

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At February 28, 2023, the Fund had the following futures contracts:

Description	Number of Contracts		Expiration Date		Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
MSCI Europe Index		2		03/17/23	$	61,689	$	1,589

Sector Name	% of Market Value
Financials		16.7	%
Industrials		15.3
Health Care		15.0
Consumer Discretionary		13.1
Consumer Staples		13.1
Information Technology		6.5
Materials		6.1
Energy		6.0
Utilities		3.6
Communication Services		3.5
Real Estate		0.4
Securities Lending Reinvestment Vehicle		0.7
TOTAL INVESTMENTS		100.0	%

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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Schedule of Investments

February 28, 2023 (Unaudited)

Shares			Description	Value
Common Stocks – 99.4%
Australia – 7.1%
	44,835		Ampol Ltd. (Energy)	$	996,529
	417,825		ANZ Group Holdings Ltd. (Financials)		6,945,393
	287,406		APA Group (Utilities)		2,079,606
	84,869		Aristocrat Leisure Ltd. (Consumer Discretionary)		2,091,236
	32,038		ASX Ltd. (Financials)		1,469,993
	516,231		Aurizon Holdings Ltd. (Industrials)		1,152,279
	796,041		BHP Group Ltd. (Materials)		24,263,831
	689,771		BlueScope Steel Ltd. (Materials)		8,865,706
	182,974		Brambles Ltd. (Industrials)		1,588,011
	31,893		Cochlear Ltd. (Health Care)		4,779,297
	635,329		Coles Group Ltd. (Consumer Staples)		7,788,935
	259,106		Commonwealth Bank of Australia (Financials)		17,593,381
	221,198		Dexus REIT (Real Estate)		1,257,460
	253,921		Endeavour Group Ltd. (Consumer Staples)		1,169,512
	11,237		Flutter Entertainment PLC (Consumer Discretionary)*		1,815,531
	236,798		Fortescue Metals Group Ltd. (Materials)		3,417,254
	1,883,687		Glencore PLC (Materials)		11,296,387
	57,851		Goodman Group REIT (Real Estate)		774,775
	390,977		GPT Group (The) REIT (Real Estate)		1,241,817
	83,148		IDP Education Ltd. (Consumer Discretionary)		1,609,234
	110,064		IGO Ltd. (Materials)		974,531
	213,329		Insurance Australia Group Ltd. (Financials)		668,942
	1,665,301		Lottery Corp. Ltd. (The) (Consumer Discretionary)*		5,828,350
	50,940		Macquarie Group Ltd. (Financials)		6,510,277
	850,518		Medibank Pvt Ltd. (Financials)		1,915,647
	32,811		Mineral Resources Ltd. (Materials)		1,826,731
	422,722		National Australia Bank Ltd. (Financials)		8,551,880
	45,370		Newcrest Mining Ltd. (Materials)		689,617
	126,813		Northern Star Resources Ltd. (Materials)		886,805
	65,550		Orica Ltd. (Materials)		716,099
	365,352		Origin Energy Ltd. (Utilities)		1,973,465
	518,970		Pilbara Minerals Ltd. (Materials)*		1,459,365
	140,471		Qantas Airways Ltd. (Industrials)*		608,145
	199,099		QBE Insurance Group Ltd. (Financials)		2,024,678
	27,254		REA Group Ltd. (Communication Services)		2,258,196
	108,966		Rio Tinto Ltd. (Materials)		8,577,466
	204,487		Rio Tinto PLC (Materials)		14,140,753
	464,165		Santos Ltd. (Energy)		2,191,068
	93,267		Sonic Healthcare Ltd. (Health Care)		2,025,836
	1,423,220		South32 Ltd. (Materials)		4,165,309
	293,140		Stockland REIT (Real Estate)		759,087
Common Stocks – (continued)
Australia – (continued)
	368,949		Suncorp Group Ltd. (Financials)		3,197,091
	891,789		Telstra Group Ltd. (Communication Services)		2,501,733
	365,619		Transurban Group (Industrials)		3,496,154
	266,272		Treasury Wine Estates Ltd. (Consumer Staples)		2,515,644
	692,329		Vicinity Ltd. REIT (Real Estate)		952,419
	65,535		Washington H Soul Pattinson & Co. Ltd. (Energy)		1,288,684
	259,535		Wesfarmers Ltd. (Consumer Discretionary)		8,442,843
	448,045		Westpac Banking Corp. (Financials)		6,807,197
	20,786		WiseTech Global Ltd. (Information Technology)		883,074
	227,555		Woodside Energy Group Ltd. (Energy)		5,510,453
	406,725		Woolworths Group Ltd. (Consumer Staples)		10,126,236
					216,669,942
Austria – 0.3%
	37,968		Erste Group Bank AG (Financials)		1,497,056
	49,613		Mondi PLC (Materials)		838,793
	109,629		OMV AG (Energy)		5,360,823
	16,607		voestalpine AG (Materials)		616,763
					8,313,435
Belgium – 0.8%
	82,726		Ageas SA/NV (Financials)		3,748,744
	97,766		Anheuser-Busch InBev SA/NV (Consumer Staples)		5,933,657
	8,309		D’ieteren Group (Consumer Discretionary)		1,616,947
	15,005		Elia Group SA/NV (Utilities)		1,985,919
	21,839		Groupe Bruxelles Lambert NV (Financials)		1,841,705
	16,603		KBC Group NV (Financials)		1,244,849
	32,595	��	Solvay SA (Materials)		3,741,879
	44,216		UCB SA (Health Care)		3,815,997
					23,929,697
Brazil – 0.0%
	25,588		Yara International ASA (Materials)		1,221,956
Canada – 11.3%
	20,252		Agnico Eagle Mines Ltd. (Materials)		934,467
	178,935		Alimentation Couche-Tard, Inc. (Consumer Staples)		8,412,817
	60,832		AltaGas Ltd. (Utilities)		1,046,447
	552,617		ARC Resources Ltd. (Energy)		6,031,723
	89,078		Bank of Montreal (Financials)		8,461,249
	154,051		Bank of Nova Scotia (The) (Financials)		7,630,981
	29,991		BCE, Inc. (Communication Services)		1,329,874
	71,999		Brookfield Asset Management Ltd., Class A (Financials)		2,427,907
	98,425		Brookfield Corp. (Financials)		3,282,159

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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Shares		Description	Value
Common Stocks – (continued)
Canada – (continued)
	36,222	Cameco Corp. (Energy)	$	992,384
	30,405	Canadian Apartment Properties REIT (Real Estate)		1,103,687
	128,348	Canadian Imperial Bank of Commerce (Financials)		5,882,636
	43,461	Canadian National Railway Co. (Industrials)		4,961,089
	145,981	Canadian Natural Resources Ltd. (Energy)		8,268,093
	73,764	Canadian Pacific Railway Ltd. (Industrials)		5,614,722
	8,042	Canadian Tire Corp. Ltd., Class A (Consumer Discretionary)		1,004,711
	52,926	Canadian Utilities Ltd., Class A (Utilities)		1,391,327
	30,675	CCL Industries, Inc., Class B (Materials)		1,478,718
	609,133	Cenovus Energy, Inc. (Energy)		11,256,959
	59,816	CGI, Inc. (Information Technology)*		5,375,070
	8,521	Constellation Software, Inc. (Information Technology)		14,684,072
	145,890	Dollarama, Inc. (Consumer Discretionary)		8,446,179
	146,092	Element Fleet Management Corp. (Financials)		2,091,397
	39,003	Emera, Inc. (Utilities)		1,548,432
	467,799	Empire Co. Ltd., Class A (Consumer Staples)		12,435,011
	182,067	Enbridge, Inc. (Energy)		6,845,650
	8,115	Fairfax Financial Holdings Ltd. (Financials)		5,686,192
	22,857	FirstService Corp. (Real Estate)		3,140,498
	44,730	Fortis, Inc. (Utilities)		1,774,153
	6,237	Franco-Nevada Corp. (Materials)		797,898
	91,933	George Weston Ltd. (Consumer Staples)		11,543,535
	125,940	Great-West Lifeco, Inc. (Financials)(a)		3,443,936
	95,873	Hydro One Ltd. (Utilities)(b)		2,493,564
	124,197	iA Financial Corp., Inc. (Financials)		8,356,124
	57,069	IGM Financial, Inc. (Financials)		1,740,427
	165,661	Imperial Oil Ltd. (Energy)		8,212,171
	29,584	Intact Financial Corp. (Financials)		4,259,253
	46,581	Keyera Corp. (Energy)(a)		1,030,191
	158,772	Loblaw Cos. Ltd. (Consumer Staples)		13,599,033
	25,431	Lumine Group, Inc. (Information Technology)*		260,917
	462,956	Manulife Financial Corp. (Financials)(a)		9,174,448
	65,960	Metro, Inc. (Consumer Staples)		3,433,534
	72,747	National Bank of Canada (Financials)		5,355,103
	64,798	Northland Power, Inc. (Utilities)		1,577,769
	89,519	Nutrien Ltd. (Materials)		6,990,826
	24,353	Onex Corp. (Financials)		1,305,075
	36,157	Open Text Corp. (Information Technology)		1,247,416
	83,504	Pembina Pipeline Corp. (Energy)		2,747,790
Common Stocks – (continued)
Canada – (continued)
	250,425	Power Corp. of Canada (Financials)		6,699,092
	50,167	Quebecor, Inc., Class B (Communication Services)		1,189,460
	42,558	Restaurant Brands International, Inc. (Consumer Discretionary)		2,752,383
	43,044	RioCan Real Estate Investment Trust REIT (Real Estate)		683,228
	23,002	Ritchie Bros Auctioneers, Inc. (Industrials)		1,410,413
	36,812	Rogers Communications, Inc., Class B (Communication Services)		1,762,390
	217,806	Royal Bank of Canada (Financials)		22,163,754
	124,119	Saputo, Inc. (Consumer Staples)		3,331,234
	66,925	Shaw Communications, Inc., Class B (Communication Services)		1,943,182
	96,698	Sun Life Financial, Inc. (Financials)(a)		4,683,438
	281,689	Suncor Energy, Inc. (Energy)		9,488,602
	45,535	TC Energy Corp. (Energy)		1,816,450
	182,352	Teck Resources Ltd., Class B (Materials)		7,295,687
	77,960	TELUS Corp. (Communication Services)		1,553,531
	27,604	Thomson Reuters Corp. (Industrials)		3,350,719
	17,482	TMX Group Ltd. (Financials)		1,747,237
	29,654	Toromont Industries Ltd. (Industrials)		2,451,255
	252,834	Toronto-Dominion Bank (The) (Financials)		16,871,695
	40,135	Tourmaline Oil Corp. (Energy)		1,762,880
	154,688	West Fraser Timber Co. Ltd. (Materials)		11,646,054
	85,514	WSP Global, Inc. (Industrials)		10,766,429
				346,476,727
Chile – 0.1%
	30,374	Antofagasta PLC (Materials)		577,325
	265,402	Lundin Mining Corp. (Materials)		1,655,046
				2,232,371
China – 0.6%
	1,473,529	BOC Hong Kong Holdings Ltd. (Financials)		4,984,037
	45,845	Prosus NV (Consumer Discretionary)*		3,302,178
	3,459,526	SITC International Holdings Co. Ltd. (Industrials)		7,228,005
	238,336	Wilmar International Ltd. (Consumer Staples)		697,578
	613,384	Xinyi Glass Holdings Ltd. (Industrials)		1,145,577
				17,357,375
Denmark – 2.8%
	3,387	AP Moller – Maersk A/S, Class A (Industrials)		7,779,772

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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Schedule of Investments (continued)

February 28, 2023 (Unaudited)

Shares			Description	Value
Common Stocks – (continued)
Denmark – (continued)
	3,408		AP Moller – Maersk A/S, Class B (Industrials)	$	7,968,835
	23,625		Carlsberg AS, Class B (Consumer Staples)		3,352,205
	14,382		Chr Hansen Holding A/S (Materials)		999,854
	23,330		Coloplast A/S, Class B (Health Care)		2,705,323
	177,764		Danske Bank A/S (Financials)		4,140,143
	54,622		Demant A/S (Health Care)*		1,641,462
	9,766		DSV A/S (Industrials)		1,782,594
	7,516		Genmab A/S (Health Care)*		2,835,903
	303,367		Novo Nordisk A/S, Class B (Health Care)		43,062,725
	29,711		Novozymes A/S, Class B (Materials)		1,436,018
	53,542		Pandora A/S (Consumer Discretionary)		5,091,754
	4,673	��	ROCKWOOL A/S, Class B (Industrials)		1,067,039
	134,642		Tryg A/S (Financials)		2,991,938
					86,855,565
Finland – 1.0%
	31,510		Elisa OYJ (Communication Services)		1,795,127
	23,875		Kone OYJ, Class B (Industrials)		1,244,451
	142,159		Metso Outotec OYJ (Industrials)		1,519,658
	29,632		Neste OYJ (Energy)		1,435,797
	776,025		Nokia OYJ (Information Technology)		3,604,219
	371,254		Nordea Bank Abp (Financials)		4,721,931
	172,219		Orion OYJ, Class B (Health Care)		8,136,538
	103,320		Sampo OYJ, Class A (Financials)		5,044,645
	125,589		Stora Enso OYJ, Class R (Materials)		1,784,042
	60,290		UPM-Kymmene OYJ (Materials)		2,193,698
					31,480,106
France – 10.9%
	13,117		Aeroports de Paris (Industrials)*		1,912,010
	47,867		Air Liquide SA (Materials)		7,642,874
	44,426		Airbus SE (Industrials)		5,843,053
	88,860		Alstom SA (Industrials)		2,622,590
	30,049		Arkema SA (Materials)		3,064,329
	337,885		AXA SA (Financials)		10,696,067
	42,286		BioMerieux (Health Care)		4,158,863
	147,083		BNP Paribas SA (Financials)		10,318,182
	1,351,488		Bollore SE (Communication Services)		7,581,912
	64,721		Bouygues SA (Industrials)		2,199,118
	74,091		Bureau Veritas SA (Industrials)		2,126,200
	41,219		Capgemini SE (Information Technology)		7,774,316
	462,730		Carrefour SA (Consumer Staples)		9,181,472
	167,752		Cie de Saint-Gobain (Industrials)		10,021,168
	69,239		Cie Generale des Etablissements Michelin (Consumer Discretionary)		2,183,381
	357,990		Credit Agricole SA (Financials)		4,389,497
Common Stocks – (continued)
France – (continued)
	96,488		Danone SA (Consumer Staples)		5,447,813
	16,101		Dassault Aviation SA (Industrials)		2,778,122
	105,931		Dassault Systemes (Information Technology)		4,109,393
	61,324		Edenred (Information Technology)		3,467,620
	105,503		Eiffage SA (Industrials)		11,636,142
	362,855		Engie SA (Utilities)		5,324,202
	39,816		EssilorLuxottica SA (Health Care)		6,941,771
	34,961		Eurazeo SE (Financials)		2,365,459
	8,116		Gecina SA REIT (Real Estate)		939,026
	161,251		Getlink SE (Industrials)		2,723,283
	7,303		Hermes International (Consumer Discretionary)		13,286,265
	114,744		Ipsen SA (Health Care)		13,154,264
	10,361		Kering (Consumer Discretionary)		6,098,254
	39,862		Klepierre SA REIT (Real Estate)*		1,000,618
	216,291		La Francaise des Jeux SAEM (Consumer Discretionary)(b)		8,576,395
	35,918		Legrand SA (Industrials)		3,336,776
	48,865		L’Oreal SA (Consumer Staples)		19,438,191
	46,366		LVMH Moet Hennessy Louis Vuitton SE (Consumer Discretionary)		38,796,050
	237,096		Orange SA (Communication Services)		2,713,545
	14,690		Pernod Ricard SA (Consumer Staples)		3,079,919
	52,833		Publicis Groupe SA (Communication Services)		4,215,654
	17,122		Remy Cointreau SA (Consumer Staples)		3,021,473
	63,138		Renault SA (Consumer Discretionary)*		2,843,701
	29,932		Safran SA (Industrials)		4,252,279
	12,071		Sartorius Stedim Biotech (Health Care)		3,951,762
	29,259		SEB SA (Consumer Discretionary)		3,394,593
	213,973		Societe Generale SA (Financials)		6,199,413
	24,801		Sodexo SA (Consumer Discretionary)		2,307,691
	23,204		Thales SA (Industrials)		3,253,158
	364,607		TotalEnergies SE (Energy)		22,647,022
	26,218		Unibail-Rodamco-Westfield REIT (Real Estate)*		1,666,584
	88,938		Veolia Environnement SA (Utilities)		2,670,165
	81,918		Vinci SA (Industrials)		9,368,501
	362,428		Vivendi SE (Communication Services)		3,746,693
	83,343		Wendel SE (Financials)		9,501,419
	65,422		Worldline SA (Information Technology)*(b)		2,741,900
					332,710,148
Germany – 7.3%
	43,810		adidas AG (Consumer Discretionary)		6,581,598
	44,316		Allianz SE (Financials)		10,440,415
	50,532		BASF SE (Materials)		2,597,737
	157,267		Bayer AG (Health Care)		9,388,144
	59,835		Bayerische Motoren Werke AG (Consumer Discretionary)		6,202,731
	21,631		Bechtle AG (Information Technology)		915,982

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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Shares		Description	Value
Common Stocks – (continued)
Germany – (continued)
	38,629	Beiersdorf AG (Consumer Staples)	$	4,629,166
	39,155	Brenntag SE (Industrials)		2,964,806
	10,290	Carl Zeiss Meditec AG (Health Care)		1,378,255
	419,252	Commerzbank AG (Financials)*		5,124,210
	16,281	Covestro AG (Materials)(b)		719,129
	30,223	Daimler Truck Holding AG (Industrials)*		962,026
	488,930	Deutsche Bank AG (Financials)		6,118,424
	28,993	Deutsche Boerse AG (Financials)		5,073,270
	472,915	Deutsche Lufthansa AG (Industrials)*		4,925,994
	297,224	Deutsche Post AG (Industrials)		12,646,073
	401,386	Deutsche Telekom AG (Communication Services)		9,039,104
	510,069	E.ON SE (Utilities)		5,595,905
	47,640	Evonik Industries AG (Materials)		1,022,065
	66,736	Fresenius Medical Care AG & Co. KGaA (Health Care)		2,612,960
	179,167	Fresenius SE & Co. KGaA (Health Care)		4,945,874
	45,160	GEA Group AG (Industrials)		1,993,273
	12,737	Hannover Rueck SE (Financials)		2,481,345
	92,734	HeidelbergCement AG (Materials)		6,404,191
	253,613	HelloFresh SE (Consumer Staples)*		5,720,709
	26,800	Henkel AG & Co. KGaA (Consumer Staples)		1,860,181
	46,888	Infineon Technologies AG (Information Technology)		1,666,525
	36,962	Knorr-Bremse AG (Industrials)		2,525,149
	129,991	Mercedes-Benz Group AG (Consumer Discretionary)		10,015,203
	31,553	Merck KGaA (Health Care)		6,001,405
	5,948	MTU Aero Engines AG (Industrials)		1,441,345
	16,234	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Financials)		5,614,191
	90,900	Nemetschek SE (Information Technology)		5,174,725
	84,962	Puma SE (Consumer Discretionary)		5,442,175
	6,178	Rational AG (Industrials)		4,114,513
	10,811	Rheinmetall AG (Industrials)		2,758,496
	158,988	RWE AG (Utilities)		6,784,740
	136,525	SAP SE (Information Technology)		15,561,474
	11,404	Scout24 SE (Communication Services)(b)		627,918
	71,357	Siemens AG (Industrials)		10,950,047
	381,960	Siemens Energy AG (Industrials)*(a)		7,684,155
	24,613	Siemens Healthineers AG (Health Care)(b)		1,288,922
	14,616	Symrise AG (Materials)		1,500,427
	675,074	Telefonica Deutschland Holding AG (Communication Services)		2,055,396
	50,284	United Internet AG (Communication Services)		1,104,919
	17,879	Volkswagen AG (Consumer Discretionary)		3,200,564
Common Stocks – (continued)
Germany – (continued)
	163,346	Zalando SE (Consumer Discretionary)*(b)		6,513,392
				224,369,248
Hong Kong – 1.9%
	1,006,383	AIA Group Ltd. (Financials)		10,673,468
	719,675	CK Asset Holdings Ltd. (Real Estate)		4,510,862
	121,542	CK Infrastructure Holdings Ltd. (Utilities)		641,039
	144,298	CLP Holdings Ltd. (Utilities)		1,021,180
	76,097	Hang Seng Bank Ltd. (Financials)		1,237,019
	1,245,300	HKT Trust & HKT Ltd. (Communication Services)		1,618,200
	966,116	Hong Kong & China Gas Co. Ltd. (Utilities)		908,330
	165,882	Hong Kong Exchanges & Clearing Ltd. (Financials)		6,648,382
	174,045	Hongkong Land Holdings Ltd. (Real Estate)		795,386
	48,417	Jardine Matheson Holdings Ltd. (Industrials)		2,397,610
	136,105	Link REIT (Real Estate)		894,709
	212,909	MTR Corp. Ltd. (Industrials)		1,072,750
	1,663,358	New World Development Co. Ltd. (Real Estate)		4,524,198
	257,890	Power Assets Holdings Ltd. (Utilities)		1,379,881
	161,861	Prudential PLC (Financials)		2,487,675
	207,453	Sun Hung Kai Properties Ltd. (Real Estate)		2,833,169
	167,771	Swire Pacific Ltd., Class A (Real Estate)		1,367,902
	393,864	Techtronic Industries Co. Ltd. (Industrials)		3,916,311
	12,290,146	WH Group Ltd. (Consumer Staples)(b)		7,139,699
	221,029	Wharf Real Estate Investment Co. Ltd. (Real Estate)		1,210,809
				57,278,579
Ireland – 0.7%
	77,817	AerCap Holdings NV (Industrials)*		4,858,893
	483,600	AIB Group PLC (Financials)		2,075,024
	208,961	Bank of Ireland Group PLC (Financials)		2,311,322
	94,108	CRH PLC (Materials)		4,443,166
	16,320	Kerry Group PLC, Class A (Consumer Staples)		1,568,394
	24,807	Kingspan Group PLC (Industrials)		1,620,036
	80,917	Smurfit Kappa Group PLC (Materials)		3,035,189
				19,912,024
Israel – 0.7%
	11,482	Azrieli Group Ltd. (Real Estate)		644,350
	199,980	Bank Hapoalim BM (Financials)		1,674,073

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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Schedule of Investments (continued)

February 28, 2023 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Israel – (continued)
	239,064	Bank Leumi Le-Israel BM (Financials)	$	1,860,550
	1,137,322	Bezeq The Israeli Telecommunication Corp. Ltd. (Communication Services)		1,574,753
	27,984	Check Point Software Technologies Ltd. (Information Technology)*		3,462,180
	208,668	ICL Group Ltd. (Materials)(a)		1,517,170
	287,773	Israel Discount Bank Ltd., Class A (Financials)		1,365,996
	26,208	Mizrahi Tefahot Bank Ltd. (Financials)		779,855
	662,134	Teva Pharmaceutical Industries Ltd. ADR (Health Care)*		6,561,748
	20,805	Tower Semiconductor Ltd. (Information Technology)*		850,881
				20,291,556
Italy – 2.2%
	228,861	Assicurazioni Generali SpA (Financials)		4,541,052
	100,179	Coca-Cola HBC AG (Consumer Staples)*		2,579,662
	147,087	Davide Campari-Milano NV (Consumer Staples)		1,652,670
	16,313	DiaSorin SpA (Health Care)		1,974,789
	393,102	Enel SpA (Utilities)		2,216,577
	708,479	Eni SpA (Energy)		10,042,441
	29,679	Ferrari NV (Consumer Discretionary)		7,720,718
	195,192	FinecoBank Banca Fineco SpA (Financials)		3,384,470
	90,316	Infrastrutture Wireless Italiane SpA (Communication Services)(b)		998,029
	863,683	Intesa Sanpaolo SpA (Financials)		2,346,171
	57,773	Mediobanca Banca di Credito Finanziario SpA (Financials)		618,810
	114,535	Moncler SpA (Consumer Discretionary)		7,020,644
	156,612	Nexi SpA (Information Technology)*(b)		1,270,898
	377,694	Poste Italiane SpA (Financials)(b)		4,085,556
	80,288	Prysmian SpA (Industrials)		3,096,740
	85,793	Recordati Industria Chimica e Farmaceutica SpA (Health Care)		3,652,078
	326,700	Snam SpA (Utilities)		1,609,679
	228,217	Terna – Rete Elettrica Nazionale (Utilities)		1,725,149
	263,149	UniCredit SpA (Financials)		5,399,439
				65,935,572
Japan – 18.3%
	61,190	Advantest Corp. (Information Technology)		4,856,028
	76,301	Aeon Co. Ltd. (Consumer Staples)(a)		1,422,784
	68,048	Ajinomoto Co., Inc. (Consumer Staples)		2,007,245
Common Stocks – (continued)
Japan – (continued)
	42,159	ANA Holdings, Inc. (Industrials)*(a)		855,313
	94,073	Asahi Group Holdings Ltd. (Consumer Staples)		3,326,033
	43,948	Asahi Intecc Co. Ltd. (Health Care)		748,518
	92,143	Asahi Kasei Corp. (Materials)		642,495
	534,512	Astellas Pharma, Inc. (Health Care)		7,530,217
	40,501	Azbil Corp. (Information Technology)		1,052,553
	62,953	Bandai Namco Holdings, Inc. (Consumer Discretionary)		3,888,607
	99,034	BayCurrent Consulting, Inc. (Industrials)		3,889,674
	82,191	Bridgestone Corp. (Consumer Discretionary)		3,152,722
	224,466	Brother Industries Ltd. (Information Technology)		3,300,704
	140,236	Canon, Inc. (Information Technology)		3,027,302
	101,995	Capcom Co. Ltd. (Communication Services)		3,208,520
	10,323	Central Japan Railway Co. (Industrials)		1,160,262
	96,847	Chiba Bank Ltd. (The) (Financials)		708,853
	137,642	Chubu Electric Power Co., Inc. (Utilities)		1,426,792
	108,418	Chugai Pharmaceutical Co. Ltd. (Health Care)		2,701,396
	248,158	Concordia Financial Group Ltd. (Financials)		1,065,759
	417,765	CyberAgent, Inc. (Communication Services)		3,576,067
	88,294	Dai-ichi Life Holdings, Inc. (Financials)		1,882,037
	168,015	Daiichi Sankyo Co. Ltd. (Health Care)		5,282,885
	16,989	Daikin Industries Ltd. (Industrials)		2,911,634
	27,214	Daito Trust Construction Co. Ltd. (Real Estate)		2,563,268
	42,559	Daiwa House Industry Co. Ltd. (Real Estate)		981,999
	530	Daiwa House REIT Investment Corp. REIT (Real Estate)		1,093,734
	245,979	Daiwa Securities Group, Inc. (Financials)		1,175,585
	13,603	Denso Corp. (Consumer Discretionary)		722,917
	72,420	Dentsu Group, Inc. (Communication Services)		2,323,352
	4,852	Disco Corp. (Information Technology)		1,520,981
	28,505	East Japan Railway Co. (Industrials)		1,445,182
	61,818	Eisai Co. Ltd. (Health Care)		3,336,534
	460,878	ENEOS Holdings, Inc. (Energy)		1,591,241
	4,412	FANUC Corp. (Industrials)		750,476
	23,539	Fast Retailing Co. Ltd. (Consumer Discretionary)		4,648,527
	54,206	FUJIFILM Holdings Corp. (Information Technology)		2,528,539
	42,756	Fujitsu Ltd. (Information Technology)		5,499,285
	1,199	GLP J REIT (Real Estate)		1,259,604

46 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)
	138,875	Hakuhodo DY Holdings, Inc. (Communication Services)	$	1,547,643
	25,373	Hamamatsu Photonics KK (Information Technology)		1,244,295
	64,720	Hankyu Hanshin Holdings, Inc. (Industrials)		1,841,133
	9,045	Hikari Tsushin, Inc. (Consumer Discretionary)		1,312,775
	6,295	Hirose Electric Co. Ltd. (Information Technology)		769,458
	113,669	Hitachi Ltd. (Industrials)		5,749,583
	457,520	Honda Motor Co. Ltd. (Consumer Discretionary)		11,896,897
	19,923	Hoshizaki Corp. (Industrials)		705,711
	92,829	Hoya Corp. (Health Care)		9,179,654
	68,023	Ibiden Co. Ltd. (Information Technology)		2,334,600
	49,126	Idemitsu Kosan Co. Ltd. (Energy)		1,094,574
	700,709	Inpex Corp. (Energy)		7,371,552
	173,640	Isuzu Motors Ltd. (Consumer Discretionary)		2,076,567
	313,797	ITOCHU Corp. (Industrials)		9,373,711
	42,804	Itochu Techno-Solutions Corp. (Information Technology)		952,143
	167,264	Japan Airlines Co. Ltd. (Industrials)*		3,148,441
	47,485	Japan Exchange Group, Inc. (Financials)		708,362
	1,706	Japan Metropolitan Fund Invest REIT (Real Estate)		1,281,238
	177,673	Japan Post Bank Co. Ltd. (Financials)(a)		1,533,924
	712,733	Japan Post Holdings Co. Ltd. (Financials)		6,331,218
	248,597	Japan Post Insurance Co. Ltd. (Financials)		4,310,730
	271	Japan Real Estate Investment Corp. REIT (Real Estate)		1,122,079
	189,184	Japan Tobacco, Inc. (Consumer Staples)		3,846,457
	52,753	JFE Holdings, Inc. (Materials)		652,950
	75,512	Kajima Corp. (Industrials)		901,942
	145,079	Kansai Electric Power Co., Inc. (The) (Utilities)		1,365,424
	80,037	Kao Corp. (Consumer Staples)		2,990,774
	279,262	KDDI Corp. (Communication Services)		8,171,922
	32,820	Keisei Electric Railway Co. Ltd. (Industrials)		948,109
	14,637	Keyence Corp. (Information Technology)		6,328,032
	43,755	Kikkoman Corp. (Consumer Staples)		2,046,172
	60,299	Kintetsu Group Holdings Co. Ltd. (Industrials)		1,826,035
	125,740	Kirin Holdings Co. Ltd. (Consumer Staples)		1,882,200
	17,809	Kobayashi Pharmaceutical Co. Ltd. (Consumer Staples)		1,072,083
Common Stocks – (continued)
Japan – (continued)
	36,237	Koei Tecmo Holdings Co. Ltd. (Communication Services)		607,076
	76,997	Komatsu Ltd. (Industrials)		1,842,750
	49,232	Kose Corp. (Consumer Staples)		5,562,386
	14,021	Kurita Water Industries Ltd. (Industrials)		634,066
	36,697	Kyocera Corp. (Information Technology)		1,807,169
	42,068	Kyowa Kirin Co. Ltd. (Health Care)		900,255
	58,811	M3, Inc. (Health Care)		1,404,055
	680,493	Marubeni Corp. (Industrials)		8,692,566
	48,362	MatsukiyoCocokara & Co. (Consumer Staples)		2,247,414
	627,609	Mazda Motor Corp. (Consumer Discretionary)		5,653,388
	33,346	McDonald’s Holdings Co. Japan Ltd. (Consumer Discretionary)		1,319,494
	30,184	MEIJI Holdings Co. Ltd. (Consumer Staples)		1,382,727
	146,129	MISUMI Group, Inc. (Industrials)		3,475,814
	154,073	Mitsubishi Chemical Group Corp. (Materials)		896,964
	276,394	Mitsubishi Corp. (Industrials)		9,392,709
	165,399	Mitsubishi Electric Corp. (Industrials)		1,861,445
	98,841	Mitsubishi Estate Co. Ltd. (Real Estate)		1,230,297
	404,658	Mitsubishi HC Capital, Inc. (Financials)		2,112,189
	124,765	Mitsubishi Heavy Industries Ltd. (Industrials)		4,593,448
	1,108,906	Mitsubishi UFJ Financial Group, Inc. (Financials)		7,856,735
	306,560	Mitsui & Co. Ltd. (Industrials)		8,606,141
	56,158	Mitsui Fudosan Co. Ltd. (Real Estate)		1,069,853
	111,130	Mitsui OSK Lines Ltd. (Industrials)(a)		2,904,400
	373,623	Mizuho Financial Group, Inc. (Financials)		5,821,788
	323,750	MonotaRO Co. Ltd. (Industrials)		4,401,755
	89,384	MS&AD Insurance Group Holdings, Inc. (Financials)		2,921,393
	52,719	Murata Manufacturing Co. Ltd. (Information Technology)		2,833,044
	135,274	NEC Corp. (Information Technology)		4,841,323
	70,483	Nexon Co. Ltd. (Communication Services)		1,527,481
	62,216	NGK Insulators Ltd. (Industrials)		825,801
	111,051	Nintendo Co. Ltd. (Communication Services)		4,177,406
	221	Nippon Building Fund, Inc. REIT (Real Estate)		932,900
	558	Nippon Prologis REIT, Inc. REIT (Real Estate)		1,190,433

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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Schedule of Investments (continued)

February 28, 2023 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Japan – (continued)
	97,959	Nippon Steel Corp. (Materials)	$	2,184,058
	442,259	Nippon Telegraph & Telephone Corp. (Communication Services)		12,815,008
	185,171	Nippon Yusen KK (Industrials)(a)		4,801,409
	22,750	Nissan Chemical Corp. (Materials)		998,752
	70,641	Nisshin Seifun Group, Inc. (Consumer Staples)		816,275
	18,464	Nissin Foods Holdings Co. Ltd. (Consumer Staples)		1,537,142
	33,782	Nitori Holdings Co. Ltd. (Consumer Discretionary)		3,819,277
	19,737	Nitto Denko Corp. (Materials)		1,188,147
	187,274	Nomura Holdings, Inc. (Financials)		771,698
	38,580	Nomura Real Estate Holdings, Inc. (Real Estate)		859,599
	998	Nomura Real Estate Master Fund, Inc. REIT (Real Estate)		1,106,325
	63,336	Nomura Research Institute Ltd. (Information Technology)		1,413,511
	129,193	NTT Data Corp. (Information Technology)		1,792,569
	161,714	Obayashi Corp. (Industrials)		1,195,507
	5,539	Obic Co. Ltd. (Information Technology)		810,833
	207,551	Oji Holdings Corp. (Materials)		842,607
	277,090	Olympus Corp. (Health Care)		4,666,479
	52,051	Omron Corp. (Information Technology)		2,794,090
	116,952	Ono Pharmaceutical Co. Ltd. (Health Care)		2,386,863
	38,317	Oracle Corp. Japan (Information Technology)		2,610,445
	17,171	Oriental Land Co. Ltd. (Consumer Discretionary)		2,742,393
	144,257	ORIX Corp. (Financials)		2,585,644
	80,554	Osaka Gas Co. Ltd. (Utilities)		1,308,710
	23,033	Otsuka Corp. (Information Technology)		776,137
	119,279	Otsuka Holdings Co. Ltd. (Health Care)		3,620,008
	51,627	Pan Pacific International Holdings Corp. (Consumer Discretionary)		943,738
	324,477	Panasonic Holdings Corp. (Consumer Discretionary)		2,827,546
	246,686	Persol Holdings Co. Ltd. (Industrials)		4,938,610
	278,272	Recruit Holdings Co. Ltd. (Industrials)		7,566,857
	309,127	Renesas Electronics Corp. (Information Technology)*		4,003,230
	469,820	Resona Holdings, Inc. (Financials)		2,586,485
	717,681	Ricoh Co. Ltd. (Information Technology)		5,574,324
	7,995	Rohm Co. Ltd. (Information Technology)		615,113
	53,225	SBI Holdings, Inc. (Financials)		1,147,611
	36,068	Secom Co. Ltd. (Industrials)		2,097,910
	170,756	Seiko Epson Corp. (Information Technology)		2,352,964
Common Stocks – (continued)
Japan – (continued)
	85,833	Sekisui Chemical Co. Ltd. (Consumer Discretionary)		1,149,985
	103,302	Sekisui House Ltd. (Consumer Discretionary)		1,956,227
	156,392	Seven & i Holdings Co. Ltd. (Consumer Staples)(a)		6,992,088
	58,851	Shimadzu Corp. (Information Technology)		1,700,097
	9,291	Shimano, Inc. (Consumer Discretionary)		1,447,040
	23,675	Shin-Etsu Chemical Co. Ltd. (Materials)		3,328,387
	24,816	Shionogi & Co. Ltd. (Health Care)		1,103,844
	152,836	Shiseido Co. Ltd. (Consumer Staples)		7,036,190
	228,938	Shizuoka Financial Group, Inc. (Financials)		1,828,613
	369,356	SoftBank Corp. (Communication Services)		4,169,033
	141,834	SoftBank Group Corp. (Communication Services)		5,744,582
	63,154	Sompo Holdings, Inc. (Financials)		2,707,163
	64,276	Sony Group Corp. (Consumer Discretionary)		5,393,493
	45,841	Square Enix Holdings Co. Ltd. (Communication Services)		2,042,762
	332,010	Subaru Corp. (Consumer Discretionary)		5,331,805
	72,737	SUMCO Corp. (Information Technology)		1,003,361
	562,073	Sumitomo Chemical Co. Ltd. (Materials)		1,968,277
	273,869	Sumitomo Corp. (Industrials)		4,670,541
	86,408	Sumitomo Electric Industries Ltd. (Consumer Discretionary)		1,062,854
	177,204	Sumitomo Mitsui Financial Group, Inc. (Financials)		7,769,058
	65,260	Sumitomo Mitsui Trust Holdings, Inc. (Financials)		2,417,037
	76,133	Suntory Beverage & Food Ltd. (Consumer Staples)		2,671,627
	56,105	Sysmex Corp. (Health Care)		3,361,399
	41,066	T&D Holdings, Inc. (Financials)		621,349
	118,930	Taisei Corp. (Industrials)		3,876,586
	405,621	Takeda Pharmaceutical Co. Ltd. (Health Care)		12,542,493
	53,541	Terumo Corp. (Health Care)		1,439,002
	52,157	TIS, Inc. (Information Technology)		1,294,209
	84,105	Tobu Railway Co. Ltd. (Industrials)		1,877,027
	29,194	Toho Co. Ltd. (Communication Services)		1,015,891
	222,519	Tokio Marine Holdings, Inc. (Financials)		4,721,882
	215,401	Tokyo Electric Power Co. Holdings, Inc. (Utilities)*		714,762
	24,510	Tokyo Electron Ltd. (Information Technology)		8,404,817

48 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)
	101,420	Tokyo Gas Co. Ltd. (Utilities)	$	1,956,699
	51,379	Tokyu Corp. (Industrials)		618,592
	132,173	TOPPAN, Inc. (Industrials)		2,389,914
	210,202	Toray Industries, Inc. (Materials)		1,202,433
	32,202	Toshiba Corp. (Industrials)		996,923
	62,449	Tosoh Corp. (Materials)		849,066
	26,453	TOTO Ltd. (Industrials)		882,641
	689,739	Toyota Motor Corp. (Consumer Discretionary)		9,430,965
	15,016	Toyota Tsusho Corp. (Industrials)		612,920
	43,951	Trend Micro, Inc. (Information Technology)		2,068,244
	58,059	Unicharm Corp. (Consumer Staples)		2,149,481
	133,596	USS Co. Ltd. (Consumer Discretionary)		2,166,528
	232,893	Welcia Holdings Co. Ltd. (Consumer Staples)		5,093,332
	34,281	West Japan Railway Co. (Industrials)		1,329,815
	38,653	Yakult Honsha Co. Ltd. (Consumer Staples)		2,636,173
	37,176	Yamaha Motor Co. Ltd. (Consumer Discretionary)		951,131
	62,817	Yamato Holdings Co. Ltd. (Industrials)		1,061,131
	102,947	Yokogawa Electric Corp. (Information Technology)		1,537,233
	277,977	ZOZO, Inc. (Consumer Discretionary)		6,173,185
				561,078,438
Jordan – 0.1%
	134,528	Hikma Pharmaceuticals PLC (Health Care)		2,820,845
Luxembourg – 0.5%
	437,777	ArcelorMittal (Materials)		13,205,953
	35,396	Eurofins Scientific SE (Health Care)		2,477,474
				15,683,427
Macau – 0.0%
	93,005	Galaxy Entertainment Group Ltd. (Consumer Discretionary)		618,493
	174,693	Sands China Ltd. (Consumer Discretionary)*		605,344
				1,223,837
Netherlands – 4.9%
	124,830	ABN AMRO Bank NV (Financials)(b)		2,211,446
	499	Adyen NV (Information Technology)*(b)		711,866
	745,397	Aegon NV (Financials)		3,899,506
	21,791	Akzo Nobel NV (Materials)		1,600,093
	4,543	Argenx SE (Health Care)*		1,648,670
	8,147	ASM International NV (Information Technology)		2,790,687
	51,034	ASML Holding NV (Information Technology)		31,607,004
	14,190	Euronext NV (Financials)(b)		1,040,453
Common Stocks – (continued)
Netherlands – (continued)
	22,763	EXOR NV (Financials)*		1,881,968
	55,181	Heineken Holding NV (Consumer Staples)		4,737,152
	30,527	Heineken NV (Consumer Staples)		3,124,081
	7,039	IMCD NV (Industrials)		1,118,983
	382,848	ING Groep NV (Financials)		5,386,135
	98,380	JDE Peet’s NV (Consumer Staples)		2,904,604
	484,157	Koninklijke Ahold Delhaize NV (Consumer Staples)		15,411,164
	13,655	Koninklijke DSM NV (Materials)		1,689,948
	958,729	Koninklijke KPN NV (Communication Services)		3,295,230
	152,779	Koninklijke Philips NV (Health Care)		2,503,243
	164,404	NN Group NV (Financials)		6,677,625
	52,332	OCI NV (Materials)		1,742,641
	105,707	Randstad NV (Industrials)		6,513,145
	1,160,730	Shell PLC (Energy)		35,503,335
	66,709	Universal Music Group NV (Communication Services)		1,581,149
	99,845	Wolters Kluwer NV (Industrials)		11,589,187
				151,169,315
New Zealand – 0.2%
	114,684	Auckland International Airport Ltd. (Industrials)*		620,999
	185,267	Fisher & Paykel Healthcare Corp. Ltd. (Health Care)		2,982,041
	520,684	Spark New Zealand Ltd. (Communication Services)		1,612,949
	33,643	Xero Ltd. (Information Technology)*		1,762,793
				6,978,782
Norway – 0.8%
	52,340	Aker BP ASA (Energy)(a)		1,417,951
	147,921	DNB Bank ASA (Financials)		2,967,985
	257,518	Equinor ASA (Energy)		7,968,297
	243,246	Gjensidige Forsikring ASA (Financials)		4,335,219
	40,172	Kongsberg Gruppen ASA (Industrials)		1,678,080
	59,966	Mowi ASA (Consumer Staples)		1,041,206
	266,265	Norsk Hydro ASA (Materials)		1,947,085
	177,819	Orkla ASA (Consumer Staples)		1,201,667
	93,739	Telenor ASA (Communication Services)		1,055,935
				23,613,425
Portugal – 0.3%
	239,087	EDP – Energias de Portugal SA (Utilities)		1,210,964
	77,421	Galp Energia SGPS SA (Energy)		949,134
	407,563	Jeronimo Martins SGPS SA (Consumer Staples)		8,393,727
				10,553,825

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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Schedule of Investments (continued)

February 28, 2023 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Singapore – 1.6%
	558,793	CapitaLand Integrated Commercial Trust REIT (Real Estate)	$	805,303
	147,478	City Developments Ltd. (Real Estate)		844,672
	379,715	DBS Group Holdings Ltd. (Financials)		9,638,496
	2,178,901	Genting Singapore Ltd. (Consumer Discretionary)		1,650,989
	56,227	Jardine Cycle & Carriage Ltd. (Industrials)		1,240,950
	380,585	Keppel Corp. Ltd. (Industrials)		1,549,312
	700,371	Mapletree Logistics Trust REIT (Real Estate)		879,268
	867,434	Oversea-Chinese Banking Corp. Ltd. (Financials)		8,164,312
	7,258,439	Sembcorp Marine Ltd. (Industrials)*		684,784
	382,207	Singapore Airlines Ltd. (Industrials)		1,615,539
	1,311,177	Singapore Exchange Ltd. (Financials)		8,483,714
	1,002,320	Singapore Telecommunications Ltd. (Communication Services)		1,764,661
	128,275	STMicroelectronics NV (Information Technology)		6,179,422
	245,207	United Overseas Bank Ltd. (Financials)		5,450,056
	51,943	Venture Corp. Ltd. (Information Technology)		662,527
				49,614,005
South Africa – 0.2%
	137,687	Anglo American PLC (Materials)		4,808,196
Spain – 2.5%
	8,978	Acciona SA (Utilities)		1,695,721
	89,818	ACS Actividades de Construccion y Servicios SA (Industrials)		2,729,923
	45,077	Amadeus IT Group SA (Information Technology)*		2,839,568
	886,358	Banco Bilbao Vizcaya Argentaria SA (Financials)		6,930,495
	2,530,316	Banco Santander SA (Financials)		9,988,962
	796,066	CaixaBank SA (Financials)		3,420,814
	21,374	Cellnex Telecom SA (Communication Services)*(b)		806,043
	22,753	Corp ACCIONA Energias Renovables SA (Utilities)		883,625
	96,871	Enagas SA (Utilities)		1,742,330
	72,155	Endesa SA (Utilities)		1,420,984
	76,059	Ferrovial SA (Industrials)		2,118,148
	731,288	Iberdrola SA (Utilities)		8,426,147
	383,190	Industria de Diseno Textil SA (Consumer Discretionary)		11,821,396
	78,293	Naturgy Energy Group SA (Utilities)		2,163,756
	131,461	Red Electrica Corp. SA (Utilities)		2,190,201
	754,354	Repsol SA (Energy)		12,003,892
	918,819	Telefonica SA (Communication Services)		3,750,496
				74,932,501
Common Stocks – (continued)
Sweden – 2.0%
	18,778	Alfa Laval AB (Industrials)		621,216
	77,559	Assa Abloy AB, Class B (Industrials)		1,897,215
	344,600	Atlas Copco AB, Class A (Industrials)		4,119,894
	185,838	Atlas Copco AB, Class B (Industrials)		1,971,252
	30,818	Boliden AB (Materials)		1,271,155
	71,526	Epiroc AB, Class A (Industrials)		1,382,016
	53,143	Epiroc AB, Class B (Industrials)		878,531
	50,906	Essity AB, Class B (Consumer Staples)		1,381,432
	8,964	Evolution AB (Consumer Discretionary)(b)		1,088,718
	32,534	Getinge AB, Class B (Health Care)		703,490
	555,096	H & M Hennes & Mauritz AB, Class B (Consumer Discretionary)		7,028,257
	84,794	Hexagon AB, Class B (Information Technology)		944,405
	29,793	Holmen AB, Class B (Materials)		1,208,450
	197,363	Husqvarna AB, Class B (Industrials)		1,758,527
	49,278	Industrivarden AB, Class A (Financials)		1,361,824
	59,379	Industrivarden AB, Class C (Financials)		1,637,554
	69,771	Investor AB, Class A (Financials)		1,438,426
	181,041	Investor AB, Class B (Financials)		3,517,146
	22,903	L E Lundbergforetagen AB, Class B (Financials)		1,068,877
	35,424	Lifco AB, Class B (Industrials)		711,972
	154,492	Nibe Industrier AB, Class B (Industrials)		1,605,866
	56,873	Sandvik AB (Industrials)		1,176,878
	185,082	Skandinaviska Enskilda Banken AB, Class A (Financials)		2,325,815
	80,926	Svenska Cellulosa AB SCA, Class B (Materials)		1,135,289
	249,511	Svenska Handelsbanken AB, Class A (Financials)		2,658,139
	159,881	Swedbank AB, Class A (Financials)		3,277,771
	57,795	Swedish Orphan Biovitrum AB (Health Care)*		1,336,169
	184,395	Tele2 AB, Class B (Communication Services)		1,703,451
	478,025	Telefonaktiebolaget LM Ericsson, Class B (Information Technology)		2,663,181
	599,103	Telia Co. AB (Communication Services)		1,553,970
	80,906	Volvo AB, Class A (Industrials)		1,692,815
	157,489	Volvo AB, Class B (Industrials)		3,168,325
				60,288,026
Switzerland – 4.6%
	152,749	ABB Ltd. (Industrials)		5,097,881
	26,557	Adecco Group AG (Industrials)		948,090
	32,684	Alcon, Inc. (Health Care)		2,237,402
	17,065	Baloise Holding AG (Financials)		2,849,477
	25,718	Banque Cantonale Vaudoise (Financials)		2,303,575

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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Shares		Description	Value
Common Stocks – (continued)
Switzerland – (continued)
	989	Barry Callebaut AG (Consumer Staples)	$	1,977,472
	10,628	BKW AG (Utilities)		1,558,055
	366	Chocoladefabriken Lindt & Spruengli AG (Consumer Staples)		4,030,003
	55,142	Cie Financiere Richemont SA, Class A (Consumer Discretionary)		8,339,694
	41,474	Clariant AG (Materials)*		674,824
	3,369	EMS-Chemie Holding AG (Materials)		2,562,920
	6,527	Geberit AG (Industrials)		3,544,671
	559	Givaudan SA (Materials)		1,694,445
	22,178	Julius Baer Group Ltd. (Financials)		1,475,615
	34,388	Kuehne + Nagel International AG (Industrials)		8,842,367
	66,267	Logitech International SA (Information Technology)		3,639,824
	2,750	Lonza Group AG (Health Care)		1,645,452
	324,582	Novartis AG (Health Care)		27,455,707
	8,003	Partners Group Holding AG (Financials)		7,630,281
	7,159	Schindler Holding AG (Industrials)		1,546,757
	6,192	Schindler Holding AG Participation Certificates (Industrials)		1,396,627
	2,761	SGS SA (Industrials)		6,357,149
	4,998	Sika AG (Materials)		1,407,279
	6,127	Sonova Holding AG (Health Care)		1,511,403
	42,645	Straumann Holding AG (Health Care)		5,680,692
	13,869	Swatch Group AG (The) – Bearer (Consumer Discretionary)		4,841,757
	62,512	Swatch Group AG (The) – Registered (Consumer Discretionary)		4,011,840
	6,168	Swiss Life Holding AG (Financials)		3,726,137
	19,916	Swiss Prime Site AG (Real Estate)		1,689,327
	4,311	Swisscom AG (Communication Services)		2,669,623
	419,933	UBS Group AG (Financials)		9,162,582
	5,339	VAT Group AG (Industrials)(b)		1,620,071
	15,830	Zurich Insurance Group AG (Financials)		7,539,623
				141,668,622
United Kingdom – 10.4%
	274,256	3i Group PLC (Financials)		5,402,096
	744,368	abrdn PLC (Financials)		2,024,026
	246,053	Admiral Group PLC (Financials)		6,556,429
	23,457	Ashtead Group PLC (Industrials)		1,564,742
	164,825	Associated British Foods PLC (Consumer Staples)		4,004,876
	205,858	AstraZeneca PLC (Health Care)		27,115,354
	1,187,479	Auto Trader Group PLC (Communication Services)(b)		8,559,599
	687,745	Aviva PLC (Financials)		3,716,809
	510,058	BAE Systems PLC (Industrials)		5,545,166
Common Stocks – (continued)
United Kingdom – (continued)
	2,176,109	Barclays PLC (Financials)		4,600,902
	1,026,960	Barratt Developments PLC (Consumer Discretionary)		5,832,270
	59,043	Berkeley Group Holdings PLC (Consumer Discretionary)		2,999,318
	2,602,695	BP PLC (Energy)		17,345,996
	342,199	British American Tobacco PLC (Consumer Staples)		13,022,994
	81,818	Bunzl PLC (Industrials)		2,935,930
	381,115	Burberry Group PLC (Consumer Discretionary)		11,378,048
	892,444	CK Hutchison Holdings Ltd. (Industrials)		5,320,897
	341,480	CNH Industrial NV (Industrials)		5,622,219
	73,264	Coca-Cola Europacific Partners PLC (Consumer Staples)		4,029,520
	303,122	Compass Group PLC (Consumer Discretionary)		7,045,914
	15,423	Croda International PLC (Materials)		1,225,247
	42,569	DCC PLC (Industrials)		2,382,001
	233,536	Diageo PLC (Consumer Staples)		9,977,555
	85,858	Entain PLC (Consumer Discretionary)		1,413,119
	55,083	Experian PLC (Industrials)		1,870,549
	43,503	Halma PLC (Information Technology)		1,139,712
	462,418	Hargreaves Lansdown PLC (Financials)		4,644,320
	1,773,092	HSBC Holdings PLC (Financials)		13,643,751
	263,191	Imperial Brands PLC (Consumer Staples)		6,388,576
	288,554	Informa PLC (Communication Services)		2,334,975
	30,450	InterContinental Hotels Group PLC (Consumer Discretionary)		2,066,612
	27,375	Intertek Group PLC (Industrials)		1,383,328
	3,103,757	J Sainsbury PLC (Consumer Staples)		10,077,786
	3,974,874	JD Sports Fashion PLC (Consumer Discretionary)		8,714,861
	1,374,405	Kingfisher PLC (Consumer Discretionary)		4,778,788
	150,402	Land Securities Group PLC REIT (Real Estate)		1,252,375
	1,127,169	Legal & General Group PLC (Financials)		3,492,030
	12,145,861	Lloyds Banking Group PLC (Financials)		7,737,449
	32,077	London Stock Exchange Group PLC (Financials)		2,886,145
	235,618	National Grid PLC (Utilities)		2,989,430
	785,806	NatWest Group PLC (Financials)		2,780,755
	73,058	Next PLC (Consumer Discretionary)		6,051,590
	98,309	Pearson PLC (Consumer Discretionary)		1,093,059

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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Schedule of Investments (continued)

February 28, 2023 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
United Kingdom – (continued)
	239,885	Phoenix Group Holdings PLC (Financials)	$	1,839,500
	74,421	Reckitt Benckiser Group PLC (Consumer Staples)		5,191,435
	287,148	RELX PLC (Industrials)		8,701,323
	254,296	Rentokil Initial PLC (Industrials)		1,577,492
	799,932	Sage Group PLC (The) (Information Technology)		7,249,725
	212,422	Schroders PLC (Financials)		1,279,157
	92,803	Segro PLC REIT (Real Estate)		925,106
	55,288	Severn Trent PLC (Utilities)		1,841,366
	226,461	Smith & Nephew PLC (Health Care)		3,251,597
	117,604	Smiths Group PLC (Industrials)		2,510,824
	9,004	Spirax-Sarco Engineering PLC (Industrials)		1,273,746
	152,511	SSE PLC (Utilities)		3,222,847
	276,217	St James’s Place PLC (Financials)		4,285,363
	318,667	Standard Chartered PLC (Financials)		3,025,398
	1,085,357	Taylor Wimpey PLC (Consumer Discretionary)		1,618,833
	2,324,178	Tesco PLC (Consumer Staples)		7,175,104
	218,035	Unilever PLC (Consumer Staples)		10,917,555
	144,077	United Utilities Group PLC (Utilities)		1,775,665
	4,765,341	Vodafone Group PLC (Communication Services)		5,756,468
	79,232	WPP PLC (Communication Services)		982,244
				319,347,866
United States – 5.2%
	36,990	BRP, Inc. (Consumer Discretionary)		3,212,257
	130,165	Computershare Ltd. (Information Technology)		2,176,865
	40,491	CSL Ltd. (Health Care)		8,090,505
	689,640	GSK PLC (Health Care)		11,900,846
	592,715	Haleon PLC (Consumer Staples)*		2,310,218
	95,867	Holcim AG (Materials)*		5,946,874
	91,180	James Hardie Industries PLC CDI (Materials)		1,907,949
	380,480	Nestle SA (Consumer Staples)		43,063,557
	58,784	QIAGEN NV (Health Care)*		2,715,550
	121,268	Roche Holding AG (Health Care)		35,167,397
	13,782	Roche Holding AG (Health Care)(a)		4,282,015
	173,902	Sanofi (Health Care)		16,393,374
	66,289	Schneider Electric SE (Industrials)		10,693,963
	303,462	Stellantis NV (Consumer Discretionary)		5,327,435
	38,700	Swiss Re AG (Financials)		4,054,777
	144,093	Tenaris SA (Energy)		2,396,072
				159,639,654
Zambia – 0.1%
	78,961	First Quantum Minerals Ltd. (Materials)		1,728,912
	TOTAL COMMON STOCKS
	(Cost $2,812,030,966)		$	3,040,183,977

Shares		Description	Rate			Value
Preferred Stocks – 0.4%
Germany – 0.4%
	45,006	Bayerische Motoren Werke AG (Consumer Discretionary)		7.17	%	$	4,283,668
	28,551	Henkel AG & Co. KGaA (Consumer Staples)		2.70			2,083,756
	3,358	Sartorius AG (Health Care)		0.33			1,433,723
	26,583	Volkswagen AG (Consumer Discretionary)		5.43			3,641,186
	TOTAL PREFERRED STOCKS
	(Cost $12,425,539)					$	11,442,333

Units		Description	Expiration Month		Value
Right – 0.0%
Hong Kong – 0.0%
	27,221	Link REIT*
	(Cost $0)			03/23	$	25,662
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $2,824,456,505)				$	3,051,651,972

Shares	Dividend Rate	Value
Securities Lending Reinvestment Vehicle – 1.6%(c)
Goldman Sachs Financial Square Government Fund – Institutional Shares
49,602,357	4.475%	$	49,602,357
(Cost $49,602,357)
TOTAL INVESTMENTS – 101.4%
(Cost $2,874,058,862)		$	3,101,254,329
LIABILITIES IN EXCESS OF     OTHER ASSETS – (1.4)%			(42,370,773	)
NET ASSETS – 100.0%		$	3,058,883,556

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
CVA	—Dutch Certification
PLC	—Public Limited Company
REIT	—Real Estate Investment Trust

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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At February 28, 2023, 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		39		03/17/23	$	3,990,870	$	(31,024	)

Sector Name	% of Market Value
Financials		19.5	%
Industrials		14.6
Consumer Staples		11.9
Consumer Discretionary		11.7
Health Care		11.6
Information Technology		7.1
Materials		7.0
Energy		6.3
Communication Services		4.4
Utilities		2.7
Real Estate		1.6
Securities Lending Reinvestment Vehicle		1.6
TOTAL INVESTMENTS		100.0	%

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

GOLDMAN SACHS ACTIVEBETA^® JAPAN EQUITY ETF

Schedule of Investments

February 28, 2023 (Unaudited)

Shares		Description	Value
Common Stocks – 99.8%
Communication Services – 8.6%
	1,722	Capcom Co. Ltd.	$	54,170
	3,612	CyberAgent, Inc.		30,919
	1,386	Dentsu Group, Inc.		44,465
	4,718	Hakuhodo DY Holdings, Inc.		52,578
	6,038	KDDI Corp.		176,687
	891	Koei Tecmo Holdings Co. Ltd.		14,927
	342	Konami Group Corp.		15,089
	1,273	Nexon Co. Ltd.		27,588
	3,477	Nintendo Co. Ltd.		130,794
	6,319	Nippon Telegraph & Telephone Corp.		183,101
	10,315	SoftBank Corp.		116,429
	3,951	SoftBank Group Corp.		160,024
	687	Square Enix Holdings Co. Ltd.		30,614
	357	Toho Co. Ltd.		12,423
	5,979	Z Holdings Corp.		16,184
				1,065,992
Consumer Discretionary – 17.3%
	444	Aisin Corp.		12,158
	957	Bandai Namco Holdings, Inc.		59,114
	2,143	Bridgestone Corp.		82,202
	913	Denso Corp.		48,520
	507	Fast Retailing Co. Ltd.		100,123
	189	Hikari Tsushin, Inc.		27,431
	9,281	Honda Motor Co. Ltd.		241,334
	734	Iida Group Holdings Co. Ltd.		12,194
	2,232	Isuzu Motors Ltd.		26,693
	309	Koito Manufacturing Co. Ltd.		5,188
	13,581	Mazda Motor Corp.		122,335
	533	McDonald’s Holdings Co. Japan Ltd.		21,091
	2,665	Nissan Motor Co. Ltd.		10,322
	349	Nitori Holdings Co. Ltd.		39,457
	180	Open House Group Co. Ltd.		6,475
	461	Oriental Land Co. Ltd.		73,627
	1,824	Pan Pacific International Holdings Corp.		33,343
	11,299	Panasonic Holdings Corp.		98,461
	1,415	Rakuten Group, Inc.		6,981
	1,962	Sekisui Chemical Co. Ltd.		26,287
	2,037	Sekisui House Ltd.		38,575
	1,199	Sharp Corp.		8,274
	190	Shimano, Inc.		29,592
	3,534	Sony Group Corp.		296,543
	5,793	Subaru Corp.		93,031
	2,440	Sumitomo Electric Industries Ltd.		30,013
	696	Suzuki Motor Corp.		24,439
	32,218	Toyota Motor Corp.		440,524
	2,314	USS Co. Ltd.		37,526
	411	Yamaha Corp.		15,599
	1,377	Yamaha Motor Co. Ltd.		35,230
	1,325	ZOZO, Inc.		29,425
				2,132,107
Consumer Staples – 8.1%
	3,340	Aeon Co. Ltd.		62,281
	2,264	Ajinomoto Co., Inc.		66,782
	2,040	Asahi Group Holdings Ltd.		72,126
Common Stocks – (continued)
Consumer Staples – (continued)
	4,875	Japan Tobacco, Inc.		99,118
	1,513	Kao Corp.		56,537
	594	Kikkoman Corp.		27,778
	3,634	Kirin Holdings Co. Ltd.		54,397
	321	Kobayashi Pharmaceutical Co. Ltd.		19,324
	308	Kobe Bussan Co. Ltd.		8,423
	300	Kose Corp.		33,895
	874	MatsukiyoCocokara & Co.		40,615
	508	MEIJI Holdings Co. Ltd.		23,271
	1,269	Nisshin Seifun Group, Inc.		14,664
	414	Nissin Foods Holdings Co. Ltd.		34,466
	3,493	Seven & i Holdings Co. Ltd.(a)		156,168
	1,220	Shiseido Co. Ltd.		56,166
	1,160	Suntory Beverage & Food Ltd.		40,706
	1,107	Unicharm Corp.		40,984
	1,403	Welcia Holdings Co. Ltd.		30,683
	882	Yakult Honsha Co. Ltd.		60,153
				998,537
Energy – 1.4%
	9,480	ENEOS Holdings, Inc.		32,731
	720	Idemitsu Kosan Co. Ltd.		16,042
	12,055	Inpex Corp.		126,820
				175,593
Financials – 13.1%
	4,400	Chiba Bank Ltd. (The)		32,205
	5,915	Concordia Financial Group Ltd.		25,403
	5,215	Dai-ichi Life Holdings, Inc.		111,161
	3,870	Daiwa Securities Group, Inc.		18,495
	2,077	Japan Exchange Group, Inc.		30,984
	3,337	Japan Post Bank Co. Ltd.(a)		28,810
	15,607	Japan Post Holdings Co. Ltd.		138,637
	5,852	Japan Post Insurance Co. Ltd.		101,475
	11,453	Mitsubishi HC Capital, Inc.		59,781
	33,264	Mitsubishi UFJ Financial Group, Inc.		235,679
	10,903	Mizuho Financial Group, Inc.		169,890
	1,410	MS&AD Insurance Group Holdings, Inc.		46,084
	4,414	Nomura Holdings, Inc.		18,189
	3,145	ORIX Corp.		56,371
	8,955	Resona Holdings, Inc.		49,300
	703	SBI Holdings, Inc.		15,158
	4,457	Shizuoka Financial Group, Inc.		35,600
	1,050	Sompo Holdings, Inc.		45,009
	4,556	Sumitomo Mitsui Financial Group, Inc.		199,746
	1,286	Sumitomo Mitsui Trust Holdings, Inc.		47,630
	1,442	T&D Holdings, Inc.		21,818
	6,073	Tokio Marine Holdings, Inc.		128,870
				1,616,295
Health Care – 9.6%
	1,197	Asahi Intecc Co. Ltd.		20,387
	8,743	Astellas Pharma, Inc.		123,172
	2,260	Chugai Pharmaceutical Co. Ltd.		56,311
	5,835	Daiichi Sankyo Co. Ltd.		183,470
	1,184	Eisai Co. Ltd.		63,905

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

GOLDMAN SACHS ACTIVEBETA^® JAPAN EQUITY ETF

Shares		Description	Value
Common Stocks – (continued)
Health Care – (continued)
	1,240	Hoya Corp.	$	122,621
	1,289	Kyowa Kirin Co. Ltd.		27,585
	1,250	M3, Inc.		29,842
	414	Nippon Shinyaku Co. Ltd.		18,540
	4,659	Olympus Corp.		78,462
	2,927	Ono Pharmaceutical Co. Ltd.		59,737
	2,243	Otsuka Holdings Co. Ltd.		68,073
	917	Shionogi & Co. Ltd.		40,789
	681	Sysmex Corp.		40,800
	6,863	Takeda Pharmaceutical Co. Ltd.		212,216
	1,691	Terumo Corp.		45,448
				1,191,358
Industrials – 21.5%
	431	AGC, Inc.		15,947
	933	ANA Holdings, Inc.*(a)		18,929
	570	BayCurrent Consulting, Inc.		22,387
	216	Central Japan Railway Co.		24,278
	727	Dai Nippon Printing Co. Ltd.		19,481
	99	Daifuku Co. Ltd.		5,400
	611	Daikin Industries Ltd.		104,715
	497	East Japan Railway Co.		25,198
	357	FANUC Corp.		60,725
	377	Fuji Electric Co. Ltd.		14,558
	1,201	Hankyu Hanshin Holdings, Inc.		34,166
	148	Hitachi Construction Machinery Co. Ltd.		3,308
	3,563	Hitachi Ltd.		180,223
	522	Hoshizaki Corp.		18,490
	5,367	ITOCHU Corp.		160,322
	2,039	Japan Airlines Co. Ltd.*		38,380
	1,240	Kajima Corp.		14,811
	235	Keio Corp.		8,186
	577	Keisei Electric Railway Co. Ltd.		16,669
	1,094	Kintetsu Group Holdings Co. Ltd.		33,130
	2,470	Komatsu Ltd.		59,114
	1,792	Kubota Corp.		27,042
	401	Kurita Water Industries Ltd.		18,134
	963	Lixil Corp.		15,348
	282	Makita Corp.		7,039
	11,770	Marubeni Corp.		150,349
	544	MINEBEA MITSUMI, Inc.		9,433
	1,347	MISUMI Group, Inc.		32,040
	6,612	Mitsubishi Corp.		224,696
	4,797	Mitsubishi Electric Corp.		53,987
	3,021	Mitsubishi Heavy Industries Ltd.		111,224
	7,130	Mitsui & Co. Ltd.		200,162
	2,282	Mitsui OSK Lines Ltd.		59,640
	1,936	MonotaRO Co. Ltd.		26,322
	1,498	NGK Insulators Ltd.		19,883
	659	Nidec Corp.		33,362
	1,121	Nihon M&A Center Holdings, Inc.		9,357
	826	NIPPON EXPRESS HOLDINGS, Inc.		46,086
	2,621	Nippon Yusen KK(a)		67,962
	4,212	Obayashi Corp.		31,138
	800	Odakyu Electric Railway Co. Ltd.		9,696
	2,291	Persol Holdings Co. Ltd.		45,865
Common Stocks – (continued)
Industrials – (continued)
	4,854	Recruit Holdings Co. Ltd.		131,991
	836	Secom Co. Ltd.		48,626
	694	SG Holdings Co. Ltd.		10,001
	1,940	Shimizu Corp.		10,468
	116	SMC Corp.		58,845
	4,426	Sumitomo Corp.		75,481
	1,141	Taisei Corp.		37,192
	836	Tobu Railway Co. Ltd.		18,658
	1,280	Tokyu Corp.		15,411
	1,737	TOPPAN, Inc.		31,408
	1,026	Toshiba Corp.		31,763
	658	TOTO Ltd.		21,955
	177	Toyota Industries Corp.		10,382
	485	Toyota Tsusho Corp.		19,797
	472	West Japan Railway Co.		18,310
	729	Yamato Holdings Co. Ltd.		12,315
	571	Yaskawa Electric Corp.		22,469
				2,652,254
Information Technology – 13.9%
	809	Advantest Corp.		64,202
	629	Azbil Corp.		16,347
	2,868	Brother Industries Ltd.		42,173
	4,551	Canon, Inc.		98,243
	129	Disco Corp.		40,438
	1,150	FUJIFILM Holdings Corp.		53,644
	766	Fujitsu Ltd.		98,523
	37	GMO Payment Gateway, Inc.		3,040
	801	Hamamatsu Photonics KK		39,281
	202	Hirose Electric Co. Ltd.		24,691
	541	Ibiden Co. Ltd.		18,568
	833	Itochu Techno-Solutions Corp.		18,530
	569	Keyence Corp.		245,997
	939	Kyocera Corp.		46,242
	125	Lasertec Corp.		20,326
	1,850	Murata Manufacturing Co. Ltd.		99,416
	1,614	NEC Corp.		57,764
	1,341	Nomura Research Institute Ltd.		29,928
	2,399	NTT Data Corp.		33,286
	152	Obic Co. Ltd.		22,251
	686	Omron Corp.		36,824
	382	Oracle Corp. Japan		26,025
	659	Otsuka Corp.		22,206
	5,107	Renesas Electronics Corp.*		66,136
	6,460	Ricoh Co. Ltd.		50,176
	264	Rohm Co. Ltd.		20,311
	1,032	SCSK Corp.		14,963
	3,180	Seiko Epson Corp.		43,819
	1,131	Shimadzu Corp.		32,673
	1,616	SUMCO Corp.		22,292
	624	TDK Corp.		20,889
	1,594	TIS, Inc.		39,553
	499	Tokyo Electron Ltd.		171,114
	956	Trend Micro, Inc.		44,987
	2,289	Yokogawa Electric Corp.		34,180
				1,719,038

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

GOLDMAN SACHS ACTIVEBETA^® JAPAN EQUITY ETF

Schedule of Investments (continued)

February 28, 2023 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Materials – 3.7%
	2,666	Asahi Kasei Corp.	$	18,589
	374	JFE Holdings, Inc.		4,629
	177	JSR Corp.		4,022
	3,022	Mitsubishi Chemical Group Corp.		17,593
	302	Mitsui Chemicals, Inc.		7,283
	516	Nippon Sanso Holdings Corp.		9,197
	2,560	Nippon Steel Corp.		57,077
	832	Nissan Chemical Corp.		36,526
	487	Nitto Denko Corp.		29,317
	5,267	Oji Holdings Corp.		21,383
	1,107	Shin-Etsu Chemical Co. Ltd.		155,629
	9,965	Sumitomo Chemical Co. Ltd.		34,896
	316	Sumitomo Metal Mining Co. Ltd.		11,738
	5,444	Toray Industries, Inc.		31,142
	1,489	Tosoh Corp.		20,245
				459,266
Real Estate – 1.9%
	431	Daito Trust Construction Co. Ltd.		40,596
	1,207	Daiwa House Industry Co. Ltd.		27,850
	6	Daiwa House REIT Investment Corp. REIT		12,382
	10	GLP J REIT		10,505
	1,045	Hulic Co. Ltd.		8,316
	16	Japan Metropolitan Fund Invest REIT		12,016
	3	Japan Real Estate Investment Corp. REIT		12,422
	1,399	Mitsubishi Estate Co. Ltd.		17,414
	1,307	Mitsui Fudosan Co. Ltd.		24,899
	3	Nippon Building Fund, Inc. REIT		12,664
	5	Nippon Prologis REIT, Inc. REIT		10,667
	753	Nomura Real Estate Holdings, Inc.		16,778
	12	Nomura Real Estate Master Fund, Inc. REIT		13,302
	516	Sumitomo Realty & Development Co. Ltd.		12,179
				231,990
Utilities – 0.7%
	1,482	Chubu Electric Power Co., Inc.		15,362
	1,495	Kansai Electric Power Co., Inc. (The)		14,070
	839	Osaka Gas Co. Ltd.		13,631
	1,091	Tokyo Electric Power Co. Holdings, Inc.*		3,620
	1,931	Tokyo Gas Co. Ltd.		37,255
				83,938
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $11,988,381)		$	12,326,368

Shares	Dividend Rate	Value
Securities Lending Reinvestment Vehicle – 2.1%(b)
Goldman Sachs Financial Square Government Fund – Institutional Shares
262,939	4.475%	$	262,939
(Cost $262,939)
TOTAL INVESTMENTS – 101.9%
(Cost $12,251,320)		$	12,589,307
LIABILITIES IN EXCESS OF     OTHER ASSETS – (1.9)%			(239,611	)
NET ASSETS – 100.0%		$	12,349,696

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

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

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

Schedule of Investments

February 28, 2023 (Unaudited)

Shares		Description	Value
Common Stocks – 99.7%
Communication Services – 7.0%
	128	Activision Blizzard, Inc.	$	9,760
	1,447	Alphabet, Inc., Class A*		130,317
	1,426	Alphabet, Inc., Class C*		128,768
	1,648	AT&T, Inc.		31,164
	28	Charter Communications, Inc., Class A*		10,293
	1,294	Comcast Corp., Class A		48,098
	71	Electronic Arts, Inc.		7,877
	11	Live Nation Entertainment, Inc.*		793
	131	Match Group, Inc.*		5,426
	564	Meta Platforms, Inc., Class A*		98,666
	23	Netflix, Inc.*		7,409
	95	Omnicom Group, Inc.		8,604
	337	Pinterest, Inc., Class A*		8,462
	151	T-Mobile US, Inc.*		21,469
	605	Verizon Communications, Inc.		23,480
	101	Walt Disney Co. (The)*		10,060
	2,143	Warner Bros Discovery, Inc.*		33,474
				584,120
Consumer Discretionary – 9.5%
	86	Advance Auto Parts, Inc.		12,467
	23	AutoZone, Inc.*		57,190
	94	Best Buy Co., Inc.		7,812
	8	Booking Holdings, Inc.*		20,192
	39	Darden Restaurants, Inc.		5,577
	137	Dollar General Corp.		29,633
	111	Dollar Tree, Inc.*		16,126
	42	Domino’s Pizza, Inc.		12,348
	20	DoorDash, Inc., Class A*		1,093
	40	D.R. Horton, Inc.		3,699
	397	eBay, Inc.		18,222
	160	Etsy, Inc.*		19,426
	43	Expedia Group, Inc.*		4,686
	65	Ford Motor Co.		785
	112	Garmin Ltd.		10,991
	263	Genuine Parts Co.		46,514
	208	Home Depot, Inc. (The)		61,680
	297	Lennar Corp., Class A		28,732
	248	LKQ Corp.		14,208
	156	Lowe’s Cos., Inc.		32,097
	5	Marriott International, Inc., Class A		846
	94	McDonald’s Corp.		24,808
	601	MGM Resorts International		25,849
	272	NIKE, Inc., Class B		32,311
	3	NVR, Inc.*		15,521
	76	O’Reilly Automotive, Inc.*		63,088
	44	Pool Corp.		15,702
	130	Rivian Automotive, Inc., Class A*		2,509
	165	Ross Stores, Inc.		18,239
	79	Starbucks Corp.		8,065
	751	Stellantis NV		13,157
	129	Target Corp.		21,736
	512	TJX Cos., Inc. (The)		39,219
	124	Tractor Supply Co.		28,924
	111	Ulta Beauty, Inc.*		57,587
	213	VF Corp.		5,287
	113	Yum! Brands, Inc.		14,369
				790,695
Common Stocks – (continued)
Consumer Staples – 8.3%
	369	Archer-Daniels-Midland Co.		29,373
	190	Brown-Forman Corp., Class B		12,325
	221	Church & Dwight Co., Inc.		18,515
	126	Clorox Co. (The)		19,586
	730	Coca-Cola Co. (The)		43,442
	366	Colgate-Palmolive Co.		26,828
	353	Conagra Brands, Inc.		12,853
	67	Constellation Brands, Inc., Class A		14,988
	99	Darling Ingredients, Inc.*		6,264
	118	Estee Lauder Cos., Inc. (The), Class A		28,680
	310	General Mills, Inc.		24,648
	170	Hershey Co. (The)		40,514
	235	Hormel Foods Corp.		10,429
	93	J M Smucker Co. (The)		13,754
	246	Kellogg Co.		16,221
	606	Keurig Dr Pepper, Inc.		20,937
	105	Kimberly-Clark Corp.		13,130
	577	Kraft Heinz Co. (The)		22,468
	120	Lamb Weston Holdings, Inc.		12,077
	107	McCormick & Co., Inc.		7,952
	368	Mondelez International, Inc., Class A		23,986
	260	Monster Beverage Corp.*		26,458
	343	PepsiCo, Inc.		59,521
	478	Procter & Gamble Co. (The)		65,754
	290	Sysco Corp.		21,625
	76	Tyson Foods, Inc., Class A		4,502
	539	Walgreens Boots Alliance, Inc.		19,151
	528	Walmart, Inc.		75,045
				691,026
Financials – 12.1%
	354	Aflac, Inc.		24,125
	110	Allstate Corp. (The)		14,166
	149	American Express Co.		25,924
	568	American International Group, Inc.		34,710
	61	Ameriprise Financial, Inc.		20,915
	76	Aon PLC, Class A		23,108
	173	Apollo Global Management, Inc.		12,266
	261	Arch Capital Group Ltd.*		18,270
	1,313	Bank of America Corp.		45,036
	272	Bank of New York Mellon Corp. (The)		13,839
	321	Berkshire Hathaway, Inc., Class B*		97,963
	8	BlackRock, Inc.		5,515
	160	Blackstone, Inc.		14,528
	105	Brown & Brown, Inc.		5,887
	333	Capital One Financial Corp.		36,324
	39	Cboe Global Markets, Inc.		4,921
	189	Charles Schwab Corp. (The)		14,727
	102	Chubb Ltd.		21,524
	37	Cincinnati Financial Corp.		4,466
	738	Citigroup, Inc.		37,409
	122	Citizens Financial Group, Inc.		5,095
	46	CME Group, Inc.		8,527
	183	Discover Financial Services		20,496
	9	FactSet Research Systems, Inc.		3,731
	88	Fifth Third Bancorp		3,194

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

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

Schedule of Investments (continued)

February 28, 2023 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Financials – (continued)
	322	First Horizon Corp.	$	7,976
	10	First Republic Bank		1,230
	182	Hartford Financial Services Group, Inc. (The)		14,247
	264	Huntington Bancshares, Inc.		4,044
	70	Intercontinental Exchange, Inc.		7,126
	659	JPMorgan Chase & Co.		94,468
	462	KeyCorp		8,450
	32	LPL Financial Holdings, Inc.		7,986
	38	M&T Bank Corp.		5,901
	5	Markel Corp.*		6,649
	164	Marsh & McLennan Cos., Inc.		26,591
	308	MetLife, Inc.		22,093
	54	Moody’s Corp.		15,668
	176	Morgan Stanley		16,984
	136	Nasdaq, Inc.		7,624
	27	Northern Trust Corp.		2,572
	39	PNC Financial Services Group, Inc. (The)		6,159
	353	Principal Financial Group, Inc.		31,615
	138	Progressive Corp. (The)		19,806
	89	Prudential Financial, Inc.		8,900
	121	Raymond James Financial, Inc.		13,124
	258	Regions Financial Corp.		6,017
	21	S&P Global, Inc.		7,165
	189	State Street Corp.		16,760
	14	SVB Financial Group*		4,034
	954	Synchrony Financial		34,067
	59	T. Rowe Price Group, Inc.		6,624
	84	Travelers Cos., Inc. (The)		15,550
	115	Truist Financial Corp.		5,399
	123	US Bancorp		5,871
	199	W R Berkley Corp.		13,172
	748	Wells Fargo & Co.		34,984
	50	Willis Towers Watson PLC		11,718
				1,007,240
Health Care – 19.5%
	377	Abbott Laboratories		38,348
	440	AbbVie, Inc.		67,716
	122	Agilent Technologies, Inc.		17,320
	53	Align Technology, Inc.*		16,404
	4	Alnylam Pharmaceuticals, Inc.*		766
	105	AmerisourceBergen Corp.		16,334
	98	Amgen, Inc.		22,703
	462	Avantor, Inc.*		11,259
	141	Baxter International, Inc.		5,633
	81	Becton Dickinson and Co.		18,999
	50	Biogen, Inc.*		13,493
	21	BioMarin Pharmaceutical, Inc.*		2,091
	72	Bio-Techne Corp.		5,230
	367	Boston Scientific Corp.*		17,146
	747	Bristol-Myers Squibb Co.		51,513
	118	Cardinal Health, Inc.		8,934
	16	Catalent, Inc.*		1,092
	417	Centene Corp.*		28,523
	21	Charles River Laboratories International, Inc.*		4,606
Common Stocks – (continued)
Health Care – (continued)
	155	Cigna Group (The)		45,276
	19	Cooper Cos., Inc. (The)		6,212
	712	CVS Health Corp.		59,481
	144	Danaher Corp.		35,644
	86	Dexcom, Inc.*		9,547
	309	Edwards Lifesciences Corp.*		24,856
	87	Elevance Health, Inc.		40,861
	242	Eli Lilly & Co.		75,315
	433	Gilead Sciences, Inc.		34,870
	27	HCA Healthcare, Inc.		6,573
	268	Hologic, Inc.*		21,344
	15	Horizon Therapeutics PLC*		1,642
	68	Humana, Inc.		33,661
	62	IDEXX Laboratories, Inc.*		29,341
	10	Illumina, Inc.*		1,992
	214	Incyte Corp.*		16,474
	19	Insulet Corp.*		5,251
	50	Intuitive Surgical, Inc.*		11,470
	70	IQVIA Holdings, Inc.*		14,593
	703	Johnson & Johnson		107,742
	79	Laboratory Corp. of America Holdings		18,909
	36	McKesson Corp.		12,593
	164	Medtronic PLC		13,579
	697	Merck & Co., Inc.		74,049
	24	Mettler-Toledo International, Inc.*		34,409
	206	Moderna, Inc.*		28,595
	25	Molina Healthcare, Inc.*		6,883
	111	PerkinElmer, Inc.		13,827
	1,688	Pfizer, Inc.		68,482
	161	Quest Diagnostics, Inc.		22,276
	46	Regeneron Pharmaceuticals, Inc.*		34,979
	80	ResMed, Inc.		17,040
	407	Royalty Pharma PLC, Class A		14,591
	31	STERIS PLC		5,829
	73	Stryker Corp.		19,190
	90	Thermo Fisher Scientific, Inc.		48,758
	206	UnitedHealth Group, Inc.		98,044
	103	Vertex Pharmaceuticals, Inc.*		29,900
	5,050	Viatris, Inc.		57,570
	85	Waters Corp.*		26,426
	36	West Pharmaceutical Services, Inc.		11,413
	113	Zimmer Biomet Holdings, Inc.		13,997
	133	Zoetis, Inc.		22,211
				1,623,805
Industrials – 6.2%
	68	3M Co.		7,326
	64	AMETEK, Inc.		9,060
	70	Carlisle Cos., Inc.		18,075
	281	Carrier Global Corp.		12,653
	32	Caterpillar, Inc.		7,666
	58	C.H. Robinson Worldwide, Inc.		5,798
	45	Cintas Corp.		19,731
	27	CoStar Group, Inc.*		1,908
	523	CSX Corp.		15,946
	35	Deere & Co.		14,673

58 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)
Industrials – (continued)
	16	Dover Corp.	$	2,398
	150	Expeditors International of Washington, Inc.		15,684
	604	Fastenal Co.		31,142
	51	FedEx Corp.		10,364
	146	General Electric Co.		12,368
	281	Howmet Aerospace, Inc.		11,853
	8	Hubbell, Inc.		2,012
	54	IDEX Corp.		12,149
	61	Illinois Tool Works, Inc.		14,223
	29	J.B. Hunt Transport Services, Inc.		5,243
	275	Masco Corp.		14,418
	50	Norfolk Southern Corp.		11,241
	55	Old Dominion Freight Line, Inc.		18,659
	297	Otis Worldwide Corp.		25,132
	87	PACCAR, Inc.		6,281
	69	Parker-Hannifin Corp.		24,278
	135	Republic Services, Inc.		17,406
	16	Rockwell Automation, Inc.		4,719
	246	Southwest Airlines Co.		8,261
	114	Uber Technologies, Inc.*		3,792
	84	Union Pacific Corp.		17,411
	581	United Airlines Holdings, Inc.*		30,189
	124	United Parcel Service, Inc., Class B		22,629
	28	United Rentals, Inc.		13,119
	15	Verisk Analytics, Inc.		2,567
	131	Waste Management, Inc.		19,619
	96	Westinghouse Air Brake Technologies Corp.		10,016
	45	W.W. Grainger, Inc.		30,079
	70	Xylem, Inc.		7,185
				517,273
Information Technology – 30.6%
	185	Accenture PLC, Class A		49,127
	95	Adobe, Inc.*		30,775
	354	Advanced Micro Devices, Inc.*		27,817
	168	Akamai Technologies, Inc.*		12,197
	237	Amphenol Corp., Class A		18,372
	108	Analog Devices, Inc.		19,815
	4,083	Apple, Inc.		601,875
	363	Applied Materials, Inc.		42,162
	151	Arista Networks, Inc.*		20,944
	77	Atlassian Corp., Class A*		12,653
	33	Autodesk, Inc.*		6,557
	100	Automatic Data Processing, Inc.		21,982
	80	Broadcom, Inc.		47,543
	15	Broadridge Financial Solutions, Inc.		2,112
	118	Cadence Design Systems, Inc.*		22,767
	39	CDW Corp.		7,894
	1,185	Cisco Systems, Inc.		57,378
	363	Cognizant Technology Solutions Corp., Class A		22,735
	197	Corning, Inc.		6,688
	58	Enphase Energy, Inc.*		12,211
	10	Entegris, Inc.		852
	6	EPAM Systems, Inc.*		1,846
	347	Fidelity National Information Services, Inc.		21,989
Common Stocks – (continued)
Information Technology – (continued)
	49	First Solar, Inc.*		8,288
	259	Fiserv, Inc.*		29,808
	46	FleetCor Technologies, Inc.*		9,880
	272	Fortinet, Inc.*		16,168
	82	Gartner, Inc.*		26,880
	110	Gen Digital, Inc.		2,146
	133	Global Payments, Inc.		14,923
	80	GoDaddy, Inc., Class A*		6,057
	2,897	Hewlett Packard Enterprise Co.		45,222
	156	HP, Inc.		4,605
	24	HubSpot, Inc.*		9,285
	695	Intel Corp.		17,326
	260	International Business Machines Corp.		33,618
	67	Intuit, Inc.		27,281
	64	Jack Henry & Associates, Inc.		10,511
	164	Keysight Technologies, Inc.*		26,233
	64	KLA Corp.		24,280
	60	Lam Research Corp.		29,161
	156	Marvell Technology, Inc.		7,043
	128	Mastercard, Inc., Class A		45,477
	251	Microchip Technology, Inc.		20,339
	260	Micron Technology, Inc.		15,033
	1,844	Microsoft Corp.		459,930
	29	Monolithic Power Systems, Inc.		14,044
	113	Motorola Solutions, Inc.		29,698
	326	NetApp, Inc.		21,043
	536	NVIDIA Corp.		124,438
	370	ON Semiconductor Corp.*		28,642
	171	Oracle Corp.		14,945
	54	Palo Alto Networks, Inc.*		10,172
	103	Paychex, Inc.		11,371
	196	PayPal Holdings, Inc.*		14,426
	12	PTC, Inc.*		1,504
	377	QUALCOMM, Inc.		46,571
	16	Roper Technologies, Inc.		6,883
	147	Salesforce, Inc.*		24,051
	131	Seagate Technology Holdings PLC		8,457
	22	ServiceNow, Inc.*		9,508
	159	Skyworks Solutions, Inc.		17,740
	23	Splunk, Inc.*		2,357
	487	SS&C Technologies Holdings, Inc.		28,587
	33	Synopsys, Inc.*		12,004
	10	Teledyne Technologies, Inc.*		4,301
	248	Teradyne, Inc.		25,083
	235	Texas Instruments, Inc.		40,291
	119	Trimble, Inc.*		6,195
	89	VeriSign, Inc.*		17,518
	239	Visa, Inc., Class A		52,566
	52	VMware, Inc., Class A*		5,727
	45	Western Digital Corp.*		1,732
	23	Zebra Technologies Corp., Class A*		6,906
	54	Zoom Video Communications, Inc., Class A*		4,028
				2,548,573
Materials – 2.6%
	40	Air Products and Chemicals, Inc.		11,439
	31	Avery Dennison Corp.		5,648

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

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

Schedule of Investments (continued)

February 28, 2023 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Materials – (continued)
	356	Corteva, Inc.	$	22,175
	139	Dow, Inc.		7,951
	81	DuPont de Nemours, Inc.		5,915
	31	Ecolab, Inc.		4,941
	85	FMC Corp.		10,978
	229	Freeport-McMoRan, Inc.		9,382
	37	International Flavors & Fragrances, Inc.		3,448
	58	Linde PLC (United Kingdom)		20,206
	5	Martin Marietta Materials, Inc.		1,799
	287	Mosaic Co. (The)		15,266
	185	Nucor Corp.		30,976
	50	Packaging Corp. of America		6,836
	20	PPG Industries, Inc.		2,641
	73	RPM International, Inc.		6,470
	61	Sherwin-Williams Co. (The)		13,502
	226	Steel Dynamics, Inc.		28,501
	26	Vulcan Materials Co.		4,704
				212,778
Real Estate – 3.4%
	41	Alexandria Real Estate Equities, Inc. REIT		6,141
	47	American Tower Corp. REIT		9,307
	45	AvalonBay Communities, Inc. REIT		7,763
	165	Boston Properties, Inc. REIT		10,804
	135	Camden Property Trust REIT		15,493
	38	CBRE Group, Inc., Class A*		3,235
	47	Crown Castle, Inc. REIT		6,145
	36	Digital Realty Trust, Inc. REIT		3,752
	10	Equinix, Inc. REIT		6,883
	120	Equity Residential REIT		7,502
	37	Essex Property Trust, Inc. REIT		8,438
	28	Extra Space Storage, Inc. REIT		4,610
	264	Healthpeak Properties, Inc. REIT		6,352
	1,144	Host Hotels & Resorts, Inc. REIT		19,219
	176	Invitation Homes, Inc. REIT		5,502
	247	Iron Mountain, Inc. REIT		13,029
	504	Kimco Realty Corp. REIT		10,387
	58	Mid-America Apartment Communities, Inc. REIT		9,286
	63	Prologis, Inc. REIT		7,774
	24	Public Storage REIT		7,175
	198	Realty Income Corp. REIT		12,662
	17	SBA Communications Corp. REIT		4,409
	55	Simon Property Group, Inc. REIT		6,715
	109	Sun Communities, Inc. REIT		15,602
	180	UDR, Inc. REIT		7,711
	193	Ventas, Inc. REIT		9,390
	550	VICI Properties, Inc. REIT		18,442
	101	Welltower, Inc. REIT		7,486
	366	Weyerhaeuser Co. REIT		11,438
	191	W.P. Carey, Inc. REIT		15,502
				278,154
Common Stocks – (continued)
Utilities – 0.5%
	21	American Water Works Co., Inc.		2,948
	237	Edison International		15,692
	285	NextEra Energy, Inc.		20,243
				38,883
	TOTAL INVESTMENTS – 99.7%
	(Cost $8,967,350)		$	8,292,547
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.3%			24,139
	NET ASSETS – 100.0%		$	8,316,686

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

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

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

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

Schedule of Investments

February 28, 2023 (Unaudited)

Shares		Description	Value
Common Stocks – 99.7%
Communication Services – 6.4%
	149,069	Activision Blizzard, Inc.	$	11,366,511
	1,628,173	Alphabet, Inc., Class A*		146,633,260
	1,536,987	Alphabet, Inc., Class C*		138,789,926
	1,663,713	AT&T, Inc.		31,460,813
	34,143	Charter Communications, Inc., Class A*		12,551,308
	1,453,325	Comcast Corp., Class A		54,020,090
	168,756	Electronic Arts, Inc.		18,721,791
	40,063	Liberty Broadband Corp., Class C*		3,472,260
	155,673	Match Group, Inc.*		6,447,976
	685,336	Meta Platforms, Inc., Class A*		119,892,680
	38,356	Netflix, Inc.*		12,355,618
	132,599	Omnicom Group, Inc.		12,009,492
	384,854	Pinterest, Inc., Class A*		9,663,684
	162,213	T-Mobile US, Inc.*		23,063,444
	721,070	Verizon Communications, Inc.		27,984,727
	129,812	Walt Disney Co. (The)*		12,930,573
	2,120,430	Warner Bros Discovery, Inc.*		33,121,117
				674,485,270
Consumer Discretionary – 12.3%
	85,813	Advance Auto Parts, Inc.		12,439,453
	2,320,658	Amazon.com, Inc.*		218,675,603
	27,029	AutoZone, Inc.*		67,208,690
	337,611	Best Buy Co., Inc.		28,058,850
	7,817	Booking Holdings, Inc.*		19,730,108
	2,355	Chipotle Mexican Grill, Inc.*		3,511,493
	80,625	Darden Restaurants, Inc.		11,528,569
	157,599	Dollar General Corp.		34,088,664
	155,918	Dollar Tree, Inc.*		22,651,767
	80,644	Domino’s Pizza, Inc.		23,710,142
	71,653	D.R. Horton, Inc.		6,626,469
	405,298	eBay, Inc.		18,603,178
	106,131	Etsy, Inc.*		12,885,365
	61,186	Expedia Group, Inc.*		6,667,438
	664,901	Ford Motor Co.		8,025,355
	114,166	Garmin Ltd.		11,203,110
	189,630	Genuine Parts Co.		33,537,962
	28,430	Hilton Worldwide Holdings, Inc.		4,108,419
	346,021	Home Depot, Inc. (The)		102,609,067
	377,499	Lennar Corp., Class A		36,519,253
	290,779	LKQ Corp.		16,658,729
	325,660	Lowe’s Cos., Inc.		67,004,545
	36,961	Marriott International, Inc., Class A		6,255,280
	160,423	McDonald’s Corp.		42,337,234
	604,180	MGM Resorts International		25,985,782
	357,732	NIKE, Inc., Class B		42,494,984
	1,576	NVR, Inc.*		8,153,625
	70,685	O’Reilly Automotive, Inc.*		58,675,619
	53,308	Pool Corp.		19,023,493
	93,889	Ross Stores, Inc.		10,378,490
	165,968	Starbucks Corp.		16,943,673
	2,622,343	Stellantis NV		45,943,449
	192,967	Target Corp.		32,514,940
	491,964	Tesla, Inc.*		101,201,914
	357,804	TJX Cos., Inc. (The)		27,407,786
Common Stocks – (continued)
Consumer Discretionary – (continued)
	158,470	Tractor Supply Co.		36,964,712
	66,686	Ulta Beauty, Inc.*		34,596,697
	184,686	VF Corp.		4,583,907
	237,772	Yum! Brands, Inc.		30,235,088
				1,309,748,902
Consumer Staples – 8.9%
	506,616	Altria Group, Inc.		23,522,181
	535,764	Archer-Daniels-Midland Co.		42,646,814
	228,607	Brown-Forman Corp., Class B		14,829,736
	67,216	Bunge Ltd.		6,419,128
	162,064	Church & Dwight Co., Inc.		13,577,722
	150,582	Clorox Co. (The)		23,406,466
	698,597	Coca-Cola Co. (The)		41,573,507
	400,727	Colgate-Palmolive Co.		29,373,289
	395,330	Conagra Brands, Inc.		14,393,965
	54,412	Constellation Brands, Inc., Class A		12,171,964
	156,349	Costco Wholesale Corp.		75,701,059
	55,634	Darling Ingredients, Inc.*		3,519,963
	129,970	Estee Lauder Cos., Inc. (The), Class A		31,589,208
	243,218	General Mills, Inc.		19,338,263
	162,547	Hershey Co. (The)		38,738,201
	210,448	Hormel Foods Corp.		9,339,682
	81,733	J M Smucker Co. (The)		12,087,493
	179,072	Kellogg Co.		11,808,008
	367,273	Keurig Dr Pepper, Inc.		12,689,282
	164,192	Kimberly-Clark Corp.		20,532,210
	561,799	Kraft Heinz Co. (The)		21,876,453
	1,370,370	Kroger Co. (The)		59,117,762
	131,434	Lamb Weston Holdings, Inc.		13,227,518
	124,236	McCormick & Co., Inc.		9,233,220
	245,901	Mondelez International, Inc., Class A		16,027,827
	232,629	Monster Beverage Corp.*		23,672,327
	396,595	PepsiCo, Inc.		68,821,130
	512,265	Philip Morris International, Inc.		49,843,385
	541,734	Procter & Gamble Co. (The)		74,520,929
	279,722	Sysco Corp.		20,858,870
	336,919	Tyson Foods, Inc., Class A		19,959,082
	780,835	Walgreens Boots Alliance, Inc.		27,743,068
	608,659	Walmart, Inc.		86,508,704
				948,668,416
Energy – 4.6%
	244,948	APA Corp.		9,401,104
	95,626	Cheniere Energy, Inc.		15,045,795
	104,265	Chesapeake Energy Corp.		8,425,655
	325,177	Chevron Corp.		52,278,706
	213,080	ConocoPhillips		22,021,818
	249,045	Coterra Energy, Inc.		6,218,654
	275,359	Devon Energy Corp.		14,847,357
	76,127	Diamondback Energy, Inc.		10,701,934
	126,809	EOG Resources, Inc.		14,331,953
	340,102	EQT Corp.		11,284,584
	917,592	Exxon Mobil Corp.		100,852,537

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, 2023 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Energy – (continued)
	211,520	Halliburton Co.	$	7,663,370
	65,756	Hess Corp.		8,857,333
	902,215	Kinder Morgan, Inc.		15,391,788
	359,700	Marathon Oil Corp.		9,046,455
	288,624	Marathon Petroleum Corp.		35,673,926
	353,844	Occidental Petroleum Corp.		20,721,105
	133,148	ONEOK, Inc.		8,714,537
	204,281	Ovintiv, Inc.		8,737,098
	216,001	Phillips 66		22,153,062
	55,525	Pioneer Natural Resources Co.		11,127,765
	155,223	Schlumberger NV		8,259,416
	131,373	Targa Resources Corp.		9,734,739
	4,569	Texas Pacific Land Corp.		8,133,688
	287,464	Valero Energy Corp.		37,867,633
	440,770	Williams Cos., Inc. (The)		13,267,177
				490,759,189
Financials – 9.8%
	239,648	Aflac, Inc.		16,332,011
	137,076	Allstate Corp. (The)		17,652,647
	114,285	American Express Co.		19,884,447
	508,389	American International Group, Inc.		31,067,652
	58,616	Ameriprise Financial, Inc.		20,097,668
	87,782	Aon PLC, Class A		26,690,117
	196,988	Apollo Global Management, Inc.		13,966,449
	267,385	Arch Capital Group Ltd.*		18,716,950
	123,946	Arthur J Gallagher & Co.		23,221,283
	1,305,595	Bank of America Corp.		44,781,909
	352,545	Bank of New York Mellon Corp. (The)		17,937,490
	321,226	Berkshire Hathaway, Inc., Class B*		98,031,751
	15,393	BlackRock, Inc.		10,612,396
	91,103	Blackstone, Inc.		8,272,152
	96,631	Brown & Brown, Inc.		5,418,100
	275,714	Capital One Financial Corp.		30,074,883
	46,305	Cboe Global Markets, Inc.		5,842,302
	251,942	Charles Schwab Corp. (The)		19,631,321
	106,721	Chubb Ltd.		22,520,265
	51,158	Cincinnati Financial Corp.		6,174,771
	700,950	Citigroup, Inc.		35,531,156
	279,497	Citizens Financial Group, Inc.		11,671,795
	57,515	CME Group, Inc.		10,660,980
	101,314	Discover Financial Services		11,347,168
	29,639	FactSet Research Systems, Inc.		12,286,847
	266,409	First Horizon Corp.		6,598,951
	186,578	Hartford Financial Services Group, Inc. (The)		14,605,326
	168,478	Huntington Bancshares, Inc.		2,581,083
	94,249	Intercontinental Exchange, Inc.		9,594,548
	637,586	JPMorgan Chase & Co.		91,397,953
	289,026	KeyCorp		5,286,286
	42,970	LPL Financial Holdings, Inc.		10,723,593
	29,447	M&T Bank Corp.		4,572,825
	8,612	Markel Corp.*		11,452,754
	174,071	Marsh & McLennan Cos., Inc.		28,223,872
	309,633	MetLife, Inc.		22,209,975
Common Stocks – (continued)
Financials – (continued)
	104,258	Moody’s Corp.		30,250,459
	147,104	Morgan Stanley		14,195,536
	7,248	MSCI, Inc.		3,784,543
	153,595	Nasdaq, Inc.		8,610,536
	29,993	Northern Trust Corp.		2,857,433
	45,160	PNC Financial Services Group, Inc. (The)		7,131,667
	336,649	Principal Financial Group, Inc.		30,150,284
	207,722	Progressive Corp. (The)		29,812,261
	92,722	Prudential Financial, Inc.		9,272,200
	116,061	Raymond James Financial, Inc.		12,587,976
	194,105	Regions Financial Corp.		4,526,529
	29,101	S&P Global, Inc.		9,929,261
	123,659	State Street Corp.		10,966,080
	23,671	SVB Financial Group*		6,819,852
	828,346	Synchrony Financial		29,580,236
	87,615	Travelers Cos., Inc. (The)		16,219,289
	88,668	Truist Financial Corp.		4,162,963
	151,408	US Bancorp		7,226,704
	195,433	W R Berkley Corp.		12,935,710
	755,125	Wells Fargo & Co.		35,317,196
	49,437	Willis Towers Watson PLC		11,586,055
				1,043,594,446
Health Care – 15.4%
	339,534	Abbott Laboratories		34,537,398
	490,573	AbbVie, Inc.		75,499,185
	127,513	Agilent Technologies, Inc.		18,103,021
	39,269	Align Technology, Inc.*		12,153,755
	25,474	Alnylam Pharmaceuticals, Inc.*		4,876,997
	99,956	AmerisourceBergen Corp.		15,549,155
	169,111	Amgen, Inc.		39,176,254
	164,700	Avantor, Inc.*		4,013,739
	140,027	Baxter International, Inc.		5,594,079
	41,136	Becton Dickinson and Co.		9,648,449
	76,677	Biogen, Inc.*		20,692,055
	18,463	BioMarin Pharmaceutical, Inc.*		1,838,730
	250,975	Boston Scientific Corp.*		11,725,552
	732,378	Bristol-Myers Squibb Co.		50,504,787
	208,362	Cardinal Health, Inc.		15,775,087
	482,237	Centene Corp.*		32,985,011
	20,738	Charles River Laboratories International, Inc.*		4,548,673
	185,785	Cigna Group (The)		54,267,798
	14,479	Cooper Cos., Inc. (The)		4,734,199
	715,640	CVS Health Corp.		59,784,566
	134,621	Danaher Corp.		33,322,736
	87,596	Dexcom, Inc.*		9,724,032
	322,123	Edwards Lifesciences Corp.*		25,911,574
	83,245	Elevance Health, Inc.		39,097,679
	261,722	Eli Lilly & Co.		81,453,121
	62,809	GE HealthCare Technologies, Inc.*		4,773,484
	409,509	Gilead Sciences, Inc.		32,977,760
	20,608	HCA Healthcare, Inc.		5,017,018
	165,873	Hologic, Inc.*		13,210,126
	32,157	Horizon Therapeutics PLC*		3,520,870

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

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

Shares		Description	Value
Common Stocks – (continued)
Health Care – (continued)
	61,946	Humana, Inc.	$	30,664,509
	70,016	IDEXX Laboratories, Inc.*		33,134,372
	210,942	Incyte Corp.*		16,238,315
	31,816	Insulet Corp.*		8,792,670
	52,624	Intuitive Surgical, Inc.*		12,071,419
	60,000	IQVIA Holdings, Inc.*		12,508,200
	743,707	Johnson & Johnson		113,980,535
	77,539	Laboratory Corp. of America Holdings		18,559,735
	58,928	McKesson Corp.		20,613,604
	128,133	Medtronic PLC		10,609,412
	690,697	Merck & Co., Inc.		73,379,649
	25,510	Mettler-Toledo International, Inc.*		36,573,942
	178,060	Moderna, Inc.*		24,716,509
	25,610	Molina Healthcare, Inc.*		7,051,201
	93,673	PerkinElmer, Inc.		11,668,846
	1,197,243	Pfizer, Inc.		48,572,148
	107,010	Quest Diagnostics, Inc.		14,805,904
	45,206	Regeneron Pharmaceuticals, Inc.*		34,375,547
	60,034	ResMed, Inc.		12,787,242
	172,805	Royalty Pharma PLC, Class A		6,195,059
	92,469	Seagen, Inc.*		16,615,755
	27,783	STERIS PLC		5,224,037
	67,956	Stryker Corp.		17,864,273
	92,111	Thermo Fisher Scientific, Inc.		49,902,055
	238,756	UnitedHealth Group, Inc.		113,633,531
	37,670	Veeva Systems, Inc., Class A*		6,240,412
	104,594	Vertex Pharmaceuticals, Inc.*		30,362,592
	4,961,790	Viatris, Inc.		56,564,406
	56,609	Waters Corp.*		17,599,172
	49,566	West Pharmaceutical Services, Inc.		15,713,909
	56,396	Zimmer Biomet Holdings, Inc.		6,985,773
	151,122	Zoetis, Inc.		25,237,374
				1,634,258,997
Industrials – 8.4%
	147,413	3M Co.		15,882,277
	108,909	AMETEK, Inc.		15,417,158
	10,153	Boeing Co. (The)*		2,046,337
	126,973	Booz Allen Hamilton Holding Corp.		12,028,152
	37,012	Carlisle Cos., Inc.		9,557,239
	332,303	Carrier Global Corp.		14,963,604
	67,007	Caterpillar, Inc.		16,051,527
	72,796	C.H. Robinson Worldwide, Inc.		7,276,688
	65,060	Cintas Corp.		28,526,858
	124,003	Copart, Inc.*		8,737,251
	27,440	CoStar Group, Inc.*		1,938,910
	237,752	CSX Corp.		7,249,059
	76,096	Cummins, Inc.		18,497,416
	40,627	Deere & Co.		17,032,463
	74,125	Dover Corp.		11,111,338
	57,379	Eaton Corp. PLC		10,037,308
	135,050	Emerson Electric Co.		11,169,986
	114,588	Expeditors International of Washington, Inc.		11,981,321
Common Stocks – (continued)
Industrials – (continued)
	688,231	Fastenal Co.		35,485,190
	61,832	FedEx Corp.		12,565,499
	140,346	Fortive Corp.		9,355,464
	103,809	General Dynamics Corp.		23,659,109
	188,426	General Electric Co.		15,961,566
	128,720	Honeywell International, Inc.		24,647,306
	263,435	Howmet Aerospace, Inc.		11,111,688
	50,297	Hubbell, Inc.		12,651,707
	42,476	IDEX Corp.		9,556,250
	106,110	Illinois Tool Works, Inc.		24,740,608
	57,048	Jacobs Solutions, Inc.		6,817,236
	18,109	J.B. Hunt Transport Services, Inc.		3,273,926
	128,192	Johnson Controls International PLC		8,040,202
	76,793	L3Harris Technologies, Inc.		16,217,914
	141,485	Leidos Holdings, Inc.		13,733,949
	64,420	Lockheed Martin Corp.		30,551,829
	226,525	Masco Corp.		11,876,706
	30,642	Norfolk Southern Corp.		6,888,934
	48,817	Northrop Grumman Corp.		22,656,458
	49,474	Old Dominion Freight Line, Inc.		16,784,549
	105,781	Otis Worldwide Corp.		8,951,188
	132,869	PACCAR, Inc.		9,593,142
	59,095	Parker-Hannifin Corp.		20,792,576
	61,539	Quanta Services, Inc.		9,932,395
	256,089	Raytheon Technologies Corp.		25,119,770
	139,046	Republic Services, Inc.		17,927,201
	24,793	Rockwell Automation, Inc.		7,312,200
	525,832	Textron, Inc.		38,138,595
	47,430	Trane Technologies PLC		8,773,127
	4,608	TransDigm Group, Inc.		3,427,753
	75,794	Union Pacific Corp.		15,710,580
	716,280	United Airlines Holdings, Inc.*		37,217,909
	142,648	United Parcel Service, Inc., Class B		26,031,834
	13,015	United Rentals, Inc.		6,097,918
	42,849	Verisk Analytics, Inc.		7,331,892
	139,553	Waste Management, Inc.		20,899,457
	308,850	Westinghouse Air Brake Technologies Corp.		32,222,321
	74,506	W.W. Grainger, Inc.		49,802,046
	75,592	Xylem, Inc.		7,759,519
				889,122,405
Information Technology – 26.6%
	269,048	Accenture PLC, Class A		71,445,696
	148,186	Adobe, Inc.*		48,004,855
	335,660	Advanced Micro Devices, Inc.*		26,376,163
	127,273	Akamai Technologies, Inc.*		9,240,020
	172,083	Amphenol Corp., Class A		13,339,874
	91,322	Analog Devices, Inc.		16,754,847
	14,719	ANSYS, Inc.*		4,468,836
	4,342,500	Apple, Inc.		640,127,925
	326,985	Applied Materials, Inc.		37,979,308
	104,792	Arista Networks, Inc.*		14,534,650
	87,772	Atlassian Corp., Class A*		14,423,573
	107,923	Autodesk, Inc.*		21,443,221

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

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

Schedule of Investments (continued)

February 28, 2023 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Information Technology – (continued)
	108,326	Automatic Data Processing, Inc.	$	23,812,221
	100,831	Broadcom, Inc.		59,922,855
	61,422	Broadridge Financial Solutions, Inc.		8,646,989
	248,505	Cadence Design Systems, Inc.*		47,946,555
	48,546	CDW Corp.		9,826,681
	1,057,767	Cisco Systems, Inc.		51,217,078
	327,695	Cognizant Technology Solutions Corp., Class A		20,523,538
	160,630	Corning, Inc.		5,453,389
	26,594	Crowdstrike Holdings, Inc., Class A*		3,209,630
	50,224	Datadog, Inc., Class A*		3,843,141
	46,844	Enphase Energy, Inc.*		9,862,067
	26,263	EPAM Systems, Inc.*		8,079,812
	240,304	Fidelity National Information Services, Inc.		15,228,065
	52,725	First Solar, Inc.*		8,917,907
	237,812	Fiserv, Inc.*		27,369,783
	28,155	FleetCor Technologies, Inc.*		6,047,412
	563,401	Fortinet, Inc.*		33,488,555
	72,756	Gartner, Inc.*		23,850,144
	97,479	Gen Digital, Inc.		1,901,815
	113,200	Global Payments, Inc.		12,701,040
	44,234	GoDaddy, Inc., Class A*		3,348,956
	2,479,295	Hewlett Packard Enterprise Co.		38,701,795
	418,295	HP, Inc.		12,348,068
	29,348	HubSpot, Inc.*		11,353,567
	706,561	Intel Corp.		17,614,566
	316,442	International Business Machines Corp.		40,915,951
	73,021	Intuit, Inc.		29,732,691
	71,133	Jack Henry & Associates, Inc.		11,682,884
	86,209	Keysight Technologies, Inc.*		13,789,992
	48,023	KLA Corp.		18,218,966
	70,392	Lam Research Corp.		34,211,216
	182,129	Mastercard, Inc., Class A		64,708,612
	160,093	Microchip Technology, Inc.		12,972,336
	327,824	Micron Technology, Inc.		18,954,784
	2,024,766	Microsoft Corp.		505,017,136
	17,660	Monolithic Power Systems, Inc.		8,552,561
	96,203	Motorola Solutions, Inc.		25,283,110
	192,822	NetApp, Inc.		12,446,660
	592,192	NVIDIA Corp.		137,483,295
	291,835	ON Semiconductor Corp.*		22,590,947
	209,826	Oracle Corp.		18,338,792
	116,701	Palo Alto Networks, Inc.*		21,982,967
	155,151	Paychex, Inc.		17,128,670
	175,149	PayPal Holdings, Inc.*		12,890,966
	256,236	QUALCOMM, Inc.		31,652,833
	23,849	Roper Technologies, Inc.		10,259,840
	206,415	Salesforce, Inc.*		33,771,558
	146,621	Seagate Technology Holdings PLC		9,465,852
	55,813	ServiceNow, Inc.*		24,120,704
	137,986	Skyworks Solutions, Inc.		15,395,098
	41,942	Splunk, Inc.*		4,299,055
Common Stocks – (continued)
Information Technology – (continued)
	512,850	SS&C Technologies Holdings, Inc.		30,104,295
	107,037	Synopsys, Inc.*		38,935,779
	23,873	Teledyne Technologies, Inc.*		10,267,061
	145,782	Teradyne, Inc.		14,744,392
	283,238	Texas Instruments, Inc.		48,561,155
	89,654	Trimble, Inc.*		4,667,387
	9,100	Tyler Technologies, Inc.*		2,923,375
	111,250	VeriSign, Inc.*		21,897,338
	344,492	Visa, Inc., Class A		75,767,571
	103,032	VMware, Inc., Class A*		11,346,914
	214,908	Western Digital Corp.*		8,269,660
	36,046	Workday, Inc., Class A*		6,685,452
	21,527	Zebra Technologies Corp., Class A*		6,463,482
	56,888	Zoom Video Communications, Inc., Class A*		4,243,276
				2,824,099,210
Materials – 2.1%
	41,208	Air Products and Chemicals, Inc.		11,784,664
	23,289	Albemarle Corp.		5,922,625
	40,221	Avery Dennison Corp.		7,327,864
	84,598	CF Industries Holdings, Inc.		7,266,122
	213,920	Corteva, Inc.		13,325,077
	249,713	Dow, Inc.		14,283,583
	46,297	DuPont de Nemours, Inc.		3,381,070
	30,385	Ecolab, Inc.		4,842,457
	42,246	FMC Corp.		5,456,071
	155,979	International Paper Co.		5,676,076
	54,086	Linde PLC (United Kingdom)		18,841,940
	36,031	LyondellBasell Industries NV, Class A		3,458,616
	10,059	Martin Marietta Materials, Inc.		3,619,932
	218,146	Mosaic Co. (The)		11,603,186
	41,648	Newmont Corp.		1,816,269
	272,265	Nucor Corp.		45,588,052
	19,665	Packaging Corp. of America		2,688,599
	44,048	PPG Industries, Inc.		5,816,979
	70,108	RPM International, Inc.		6,213,672
	85,499	Sherwin-Williams Co. (The)		18,925,204
	160,149	Steel Dynamics, Inc.		20,196,390
				218,034,448
Real Estate – 2.3%
	42,149	Alexandria Real Estate Equities, Inc. REIT		6,313,077
	41,271	American Tower Corp. REIT		8,172,071
	41,539	AvalonBay Communities, Inc. REIT		7,166,308
	47,531	Boston Properties, Inc. REIT		3,112,330
	99,576	Camden Property Trust REIT		11,427,342
	411,752	CBRE Group, Inc., Class A*		35,056,565
	48,827	Crown Castle, Inc. REIT		6,384,130
	32,016	Digital Realty Trust, Inc. REIT		3,337,028
	8,304	Equinix, Inc. REIT		5,715,394
	127,583	Equity Residential REIT		7,976,489
	32,276	Essex Property Trust, Inc. REIT		7,360,865
	22,225	Extra Space Storage, Inc. REIT		3,659,346

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

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

Shares		Description	Value
Common Stocks – (continued)
Real Estate – (continued)
	149,944	Healthpeak Properties, Inc. REIT	$	3,607,653
	811,746	Host Hotels & Resorts, Inc. REIT		13,637,333
	163,978	Invitation Homes, Inc. REIT		5,125,952
	95,021	Iron Mountain, Inc. REIT		5,012,358
	48,203	Mid-America Apartment Communities, Inc. REIT		7,717,300
	48,358	Prologis, Inc. REIT		5,967,377
	23,709	Public Storage REIT		7,087,806
	160,858	Realty Income Corp. REIT		10,286,869
	17,097	SBA Communications Corp. REIT		4,434,107
	33,417	Simon Property Group, Inc. REIT		4,079,881
	94,917	Sun Communities, Inc. REIT		13,586,419
	164,474	UDR, Inc. REIT		7,046,066
	145,680	Ventas, Inc. REIT		7,087,332
	423,573	VICI Properties, Inc. REIT		14,202,403
	94,556	Welltower, Inc. REIT		7,008,491
	436,749	Weyerhaeuser Co. REIT		13,648,406
	129,724	W.P. Carey, Inc. REIT		10,528,400
				245,745,098
Utilities – 2.9%
	432,954	AES Corp. (The)		10,685,305
	189,468	Alliant Energy Corp.		9,714,024
	132,666	Ameren Corp.		10,972,805
	157,701	American Electric Power Co., Inc.		13,872,957
	44,456	American Water Works Co., Inc.		6,240,733
	94,817	Atmos Energy Corp.		10,696,306
	405,217	CenterPoint Energy, Inc.		11,273,137
	126,367	CMS Energy Corp.		7,451,862
	182,040	Consolidated Edison, Inc.		16,265,274
	134,901	Constellation Energy Corp.		10,102,736
	163,132	Dominion Energy, Inc.		9,073,402
	90,868	DTE Energy Co.		9,969,128
	152,439	Duke Energy Corp.		14,368,900
	204,838	Edison International		13,562,324
	83,498	Entergy Corp.		8,589,439
	194,189	Evergy, Inc.		11,420,255
	92,644	Eversource Energy		6,981,652
	452,161	Exelon Corp.		18,262,783
	283,256	FirstEnergy Corp.		11,199,942
	282,582	NextEra Energy, Inc.		20,071,800
	527,994	PG&E Corp.*		8,247,266
	237,115	PPL Corp.		6,418,703
	168,154	Public Service Enterprise Group, Inc.		10,161,546
	108,046	Sempra Energy		16,202,578
	255,797	Southern Co. (The)		16,130,559
	89,022	WEC Energy Group, Inc.		7,892,691
	167,963	Xcel Energy, Inc.		10,845,371
				306,673,478
	TOTAL INVESTMENTS – 99.7%
	(Cost $8,753,442,443)		$	10,585,189,859
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.3%			30,043,574
	NET ASSETS – 100.0%		$	10,615,233,433

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

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

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

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

Schedule of Investments

February 28, 2023 (Unaudited)

Shares		Description	Value
Common Stocks – 99.0%
Communication Services – 2.3%
	4,857	Advantage Solutions, Inc.*	$	10,685
	5,273	AMC Networks, Inc., Class A*		117,904
	10,515	Arena Group Holdings, Inc. (The)*		82,648
	4,718	Bumble, Inc., Class A*		114,081
	21,951	Cargurus, Inc.*		374,265
	26,293	Cars.com, Inc.*		504,826
	10,367	Cinemark Holdings, Inc.*		141,095
	7,675	Cogent Communications Holdings, Inc.		496,879
	15,382	Consolidated Communications Holdings, Inc.*		46,607
	30,935	DHI Group, Inc.*		131,164
	13,435	EchoStar Corp., Class A*		268,163
	18,058	EverQuote, Inc., Class A*		246,492
	18,292	EW Scripps Co. (The), Class A*		230,845
	84,874	Gannett Co., Inc.*		257,168
	59,549	Globalstar, Inc.*		76,223
	14,970	Gogo, Inc.*		246,406
	18,965	Gray Television, Inc.		221,890
	13,521	IDT Corp., Class B*		411,174
	13,186	iHeartMedia, Inc., Class A*		95,730
	10,513	Iridium Communications, Inc.*		645,183
	12,565	John Wiley & Sons, Inc., Class A		559,017
	5,302	Liberty Latin America Ltd., Class A (Puerto Rico)*		46,764
	35,232	Liberty Latin America Ltd., Class C (Puerto Rico)*		309,337
	4,715	Liberty Media Corp.-Liberty Braves, Class A*		161,489
	4,388	Liberty Media Corp.-Liberty Braves, Class C*		146,866
	14,759	Magnite, Inc.*		164,268
	8,969	Marcus Corp. (The)		144,311
	20,522	Ooma, Inc.*		268,633
	28,365	Playstudios, Inc.*		105,518
	11,933	QuinStreet, Inc.*		202,503
	12,080	Scholastic Corp.		550,969
	7,466	Shutterstock, Inc.		561,593
	7,543	Sinclair Broadcast Group, Inc., Class A		122,725
	25,618	Stagwell, Inc.*		175,739
	39,504	TEGNA, Inc.		687,370
	14,199	Telephone and Data Systems, Inc.		180,185
	9,747	Thryv Holdings, Inc.*		232,368
	86,353	TrueCar, Inc.*		201,202
	9,382	United States Cellular Corp.*		226,388
	21,294	Yelp, Inc.*		639,246
	6,281	Ziff Davis, Inc.*		496,073
	7,777	ZipRecruiter, Inc., Class A*		132,676
				11,034,668
Consumer Discretionary – 11.4%
	20,058	1-800-Flowers.com, Inc., Class A*		198,574
	19,555	2U, Inc.*		175,213
	15,185	Aaron’s Co., Inc. (The)		217,905
	17,386	Abercrombie & Fitch Co., Class A*		511,322
	12,708	Academy Sports & Outdoors, Inc.		751,678
	9,798	Acushnet Holdings Corp.		472,851
Common Stocks – (continued)
Consumer Discretionary – (continued)
	13,194	Adient PLC*		563,648
	11,850	Adtalem Global Education, Inc.*		463,572
	34,885	American Axle & Manufacturing Holdings, Inc.*		306,988
	17,802	American Eagle Outfitters, Inc.		255,815
	14,319	American Public Education, Inc.*		158,082
	4,374	Asbury Automotive Group, Inc.*		993,335
	7,485	Bally’s Corp.*		147,829
	89,176	Beachbody Co., Inc. (The)*		57,563
	9,345	Beazer Homes USA, Inc.*		139,334
	10,872	Big 5 Sporting Goods Corp.(a)		96,000
	11,016	Big Lots, Inc.		158,080
	4,406	BJ’s Restaurants, Inc.*		140,992
	14,011	Bloomin’ Brands, Inc.		365,687
	7,840	Bluegreen Vacations Holding Corp.		260,053
	4,717	Boot Barn Holdings, Inc.*		365,332
	7,129	Brinker International, Inc.*		270,902
	10,025	Buckle, Inc. (The)		408,920
	15,297	Caleres, Inc.		399,405
	5,450	Camping World Holdings, Inc., Class A		124,423
	20,864	CarParts.com, Inc.*		130,817
	7,823	Carriage Services, Inc.		265,356
	1,292	Cavco Industries, Inc.*		368,220
	3,398	Century Communities, Inc.		203,234
	5,270	Cheesecake Factory, Inc. (The)		197,309
	6,095	Chegg, Inc.*		96,850
	32,739	Chico’s FAS, Inc.*		188,249
	4,396	Children’s Place, Inc. (The)*		184,061
	4,587	Chuy’s Holdings, Inc.*		163,985
	6,751	Citi Trends, Inc.*		189,298
	8,298	Conn’s, Inc.*		71,114
	11,124	Container Store Group, Inc. (The)*		48,389
	1,816	Cracker Barrel Old Country Store, Inc.		197,871
	10,472	Crocs, Inc.*		1,274,547
	24,663	Dana, Inc.		390,662
	5,195	Dave & Buster’s Entertainment, Inc.*		207,904
	17,131	Denny’s Corp.*		199,919
	12,030	Designer Brands, Inc., Class A		117,774
	20,875	Destination XL Group, Inc.*		124,832
	2,607	Dillard’s, Inc., Class A		929,161
	1,843	Dine Brands Global, Inc.		141,303
	8,156	Dorman Products, Inc.*		758,753
	7,056	Duluth Holdings, Inc., Class B*		42,407
	1,352	Duolingo, Inc.*		122,748
	11,841	El Pollo Loco Holdings, Inc.		141,737
	19,185	Ethan Allen Interiors, Inc.		566,917
	12,468	Everi Holdings, Inc.*		236,767
	5,668	Foot Locker, Inc.		247,805
	40,080	Fossil Group, Inc.*		173,546
	5,739	Fox Factory Holding Corp.*		674,332
	4,376	Franchise Group, Inc.		121,697
	20,371	Frontdoor, Inc.*		575,481
	11,850	Funko, Inc., Class A*		128,098
	9,223	Genesco, Inc.*		414,758
	8,413	Gentherm, Inc.*		534,310
	10,860	G-III Apparel Group Ltd.*		180,439

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

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

Shares		Description	Value
Common Stocks – (continued)
Consumer Discretionary – (continued)
	5,136	Golden Entertainment, Inc.*	$	211,141
	44,819	Goodyear Tire & Rubber Co. (The)*		509,144
	38,307	GoPro, Inc., Class A*		198,813
	817	Graham Holdings Co., Class B		511,981
	6,513	Green Brick Partners, Inc.*		203,206
	3,907	Group 1 Automotive, Inc.		863,720
	8,561	Guess?, Inc.(a)		180,123
	14,069	Haverty Furniture Cos., Inc.		530,964
	3,272	Helen of Troy Ltd.*		368,722
	6,121	Hibbett, Inc.		440,284
	10,672	Hilton Grand Vacations, Inc.*		509,481
	2,129	Hovnanian Enterprises, Inc., Class A*		145,006
	20,633	Inspired Entertainment, Inc.*		326,208
	4,241	Installed Building Products, Inc.		489,327
	15,631	International Game Technology PLC		415,159
	6,594	iRobot Corp.*		270,947
	3,611	Jack in the Box, Inc.		283,102
	3,876	Johnson Outdoors, Inc., Class A		251,397
	8,350	KB Home		294,505
	10,605	Kontoor Brands, Inc.		553,051
	5,919	Lands’ End, Inc.*		44,984
	23,237	Laureate Education, Inc.		275,591
	15,113	La-Z-Boy, Inc.		489,359
	6,468	LCI Industries		729,655
	1,102	LGI Homes, Inc.*		114,950
	4,920	Lifetime Brands, Inc.		38,966
	9,392	Light & Wonder, Inc.*		588,033
	18,447	Luminar Technologies, Inc.*(a)		165,101
	6,391	M/I Homes, Inc.*		369,655
	5,421	Malibu Boats, Inc., Class A*		323,959
	2,011	Marine Products Corp.		25,741
	8,380	MarineMax, Inc.*		281,400
	14,535	MasterCraft Boat Holdings, Inc.*		490,847
	6,611	MDC Holdings, Inc.		244,607
	6,066	Meritage Homes Corp.*		662,589
	14,128	Modine Manufacturing Co.*		344,864
	3,748	Monarch Casino & Resort, Inc.		275,928
	4,058	Monro, Inc.		204,686
	8,829	Movado Group, Inc.		305,660
	5,604	Murphy USA, Inc.		1,429,524
	9,516	National Vision Holdings, Inc.*		355,518
	9,377	ODP Corp. (The)*		424,591
	3,940	OneWater Marine, Inc., Class A*		109,611
	7,554	Overstock.com, Inc.*		146,321
	6,472	Oxford Industries, Inc.		761,172
	7,770	Papa John’s International, Inc.		652,292
	7,500	Patrick Industries, Inc.		546,375
	63,286	Perdoceo Education Corp.*		872,398
	8,050	PetMed Express, Inc.		151,179
	3,354	RCI Hospitality Holdings, Inc.		280,965
	8,135	Red Rock Resorts, Inc., Class A		355,255
	5,531	Revolve Group, Inc.*		149,779
	26,591	Rush Street Interactive, Inc.*		111,416
	24,432	Sally Beauty Holdings, Inc.*		393,111
	4,765	SeaWorld Entertainment, Inc.*		307,819
	14,448	Shoe Carnival, Inc.		380,705
Common Stocks – (continued)
Consumer Discretionary – (continued)
	8,809	Signet Jewelers Ltd.		630,901
	7,589	Skyline Champion Corp.*		519,163
	9,343	Sleep Number Corp.*		372,412
	22,346	Smith & Wesson Brands, Inc.		244,465
	4,931	Sonic Automotive, Inc., Class A		280,525
	24,003	Sonos, Inc.*		466,378
	18,280	Sportsman’s Warehouse Holdings, Inc.*		164,337
	10,327	Standard Motor Products, Inc.		402,443
	17,429	Steven Madden Ltd.		632,673
	33,358	Stitch Fix, Inc., Class A*		155,448
	14,783	Stoneridge, Inc.*		351,983
	4,107	Strategic Education, Inc.		350,122
	20,796	Stride, Inc.*		883,206
	7,179	Sturm Ruger & Co., Inc.		418,320
	21,527	Taylor Morrison Home Corp.*		771,312
	8,960	Texas Roadhouse, Inc.		909,798
	11,848	Topgolf Callaway Brands Corp.*		274,637
	3,957	TravelCenters of America, Inc.*		333,773
	22,744	Tri Pointe Homes, Inc.*		542,217
	26,814	Tupperware Brands Corp.*		109,937
	10,446	Udemy, Inc.*		98,610
	339	Unifi, Inc.*		3,509
	4,734	Universal Technical Institute, Inc.*		34,369
	21,520	Upbound Group, Inc.		577,812
	7,923	Urban Outfitters, Inc.*		213,525
	13,442	Vista Outdoor, Inc.*		383,904
	2,461	Visteon Corp.*		411,085
	6,342	Wingstop, Inc.		1,080,360
	2,275	Winmark Corp.		664,300
	10,768	Winnebago Industries, Inc.		684,414
	13,839	Wolverine World Wide, Inc.		231,803
	42,452	WW International, Inc.*		155,374
	2,270	Xometry, Inc., Class A*		69,031
	8,079	XPEL, Inc.*		539,758
	11,987	Zumiez, Inc.*		278,818
				53,815,762
Consumer Staples – 3.6%
	854	Alico, Inc.		21,982
	3,745	Andersons, Inc. (The)		170,884
	10,973	B&G Foods, Inc.(a)		139,028
	9,230	Beauty Health Co. (The)*		116,390
	9,676	BellRing Brands, Inc.*		298,795
	7,757	Cal-Maine Foods, Inc.		440,598
	5,726	Celsius Holdings, Inc.*		519,921
	5,220	Central Garden & Pet Co.*		211,410
	8,599	Central Garden & Pet Co., Class A*		330,460
	3,974	Chefs’ Warehouse, Inc. (The)*		129,354
	2,263	Coca-Cola Consolidated, Inc.		1,260,152
	11,447	Edgewell Personal Care Co.		488,787
	6,710	elf Beauty, Inc.*		501,572
	4,713	Energizer Holdings, Inc.		170,752
	8,532	Fresh Del Monte Produce, Inc.		266,881
	10,429	Hain Celestial Group, Inc. (The)*		185,949
	21,010	Herbalife Nutrition Ltd.*		406,543
	33,993	Hostess Brands, Inc.*		839,627

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, 2023 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Consumer Staples – (continued)
	8,835	Ingles Markets, Inc., Class A	$	789,849
	3,893	Inter Parfums, Inc.		468,756
	1,753	J & J Snack Foods Corp.		247,541
	4,489	John B. Sanfilippo & Son, Inc.		402,978
	3,483	Lancaster Colony Corp.		668,666
	592	Lifecore Biomedical, Inc.*		3,428
	2,742	Medifast, Inc.		307,460
	1,938	MGP Ingredients, Inc.		196,591
	11,697	National Beverage Corp.*		545,665
	10,539	Nu Skin Enterprises, Inc., Class A		419,874
	2,523	PriceSmart, Inc.		175,904
	33,048	Primo Water Corp.		511,583
	10,214	Simply Good Foods Co. (The)*		391,094
	17,910	SpartanNash Co.		479,272
	23,838	Sprouts Farmers Market, Inc.*		722,053
	2,640	Tootsie Roll Industries, Inc.		116,239
	10,793	TreeHouse Foods, Inc.*		526,590
	5,326	Turning Point Brands, Inc.		127,291
	17,064	United Natural Foods, Inc.*		695,017
	6,665	Universal Corp.		337,182
	5,465	USANA Health Sciences, Inc.*		332,163
	7,530	Utz Brands, Inc.		123,492
	35,740	Vector Group Ltd.		474,270
	7,888	Village Super Market, Inc., Class A		176,139
	14,115	Vital Farms, Inc.*		228,098
	2,995	WD-40 Co.		519,423
	5,725	Weis Markets, Inc.		437,619
				16,923,322
Energy – 6.1%
	38,824	Alto Ingredients, Inc.*		113,366
	33,234	Amplify Energy Corp.*		278,501
	5,338	Arch Resources, Inc.		839,934
	34,269	Archrock, Inc.		379,358
	8,938	Ardmore Shipping Corp. (Ireland)		162,225
	21,163	Berry Corp.		199,567
	6,876	Bristow Group, Inc.*		187,302
	8,187	Cactus, Inc., Class A		376,193
	12,483	California Resources Corp.		526,783
	10,234	Callon Petroleum Co.*		396,670
	3,144	Centrus Energy Corp., Class A*		140,883
	23,509	ChampionX Corp.		718,670
	6,851	Chord Energy Corp.		922,282
	13,248	Civitas Resources, Inc.		929,612
	15,824	Clean Energy Fuels Corp.*		88,614
	24,653	CNX Resources Corp.*		378,424
	55,041	Comstock Resources, Inc.		668,198
	12,492	CONSOL Energy, Inc.		683,687
	5,631	CVR Energy, Inc.		178,672
	14,140	Delek US Holdings, Inc.		355,904
	4,816	Denbury, Inc.*		401,510
	33,378	DHT Holdings, Inc.		386,183
	17,100	Diamond Offshore Drilling, Inc.*		203,148
	12,990	Dorian LPG Ltd.		285,130
	5,338	Dril-Quip, Inc.*		182,826
	5,166	Empire Petroleum Corp.*		67,158
Common Stocks – (continued)
Energy – (continued)
	19,445	Energy Fuels, Inc.*(a)		130,476
	56,096	Equitrans Midstream Corp.		338,259
	5,932	Expro Group Holdings NV*		134,834
	3,527	FLEX LNG Ltd. (Norway)(a)		122,352
	7,199	Frontline PLC (Norway)		135,917
	8,613	Golar LNG Ltd. (Cameroon)*		196,635
	4,323	Green Plains, Inc.*		149,878
	2,390	Gulfport Energy Corp.*		158,027
	51,298	Helix Energy Solutions Group, Inc.*		424,747
	7,942	Helmerich & Payne, Inc.		334,199
	6,099	International Seaways, Inc.		313,733
	58,037	Kosmos Energy Ltd. (Ghana)*		456,751
	11,355	Liberty Energy, Inc.		173,164
	56,127	Magnolia Oil & Gas Corp., Class A		1,226,375
	21,634	Matador Resources Co.		1,163,693
	21,176	Murphy Oil Corp.		826,287
	3,003	Nabors Industries Ltd.*		451,381
	3,777	NACCO Industries, Inc., Class A		141,222
	11,172	National Energy Services Reunited Corp.*		72,171
	25,729	NexTier Oilfield Solutions, Inc.*		234,906
	6,900	Noble Corp. PLC*		287,661
	9,016	Northern Oil and Gas, Inc.		279,857
	19,821	Oceaneering International, Inc.*		414,061
	25,971	Oil States International, Inc.*		237,115
	9,062	Par Pacific Holdings, Inc.*		251,742
	13,108	Patterson-UTI Energy, Inc.		179,580
	18,360	PBF Energy, Inc., Class A		802,516
	15,496	Peabody Energy Corp.*		423,041
	46,764	Permian Resources Corp.		505,519
	40,125	ProPetro Holding Corp.*		353,501
	9,135	Ranger Oil Corp., Class A		379,102
	6,896	REX American Resources Corp.*		227,637
	56,016	Ring Energy, Inc.*		117,634
	57,162	RPC, Inc.		501,311
	20,860	SandRidge Energy, Inc.*		304,347
	6,973	Scorpio Tankers, Inc. (Monaco)		420,890
	20,985	SFL Corp. Ltd. (Norway)		216,565
	10,516	SilverBow Resources, Inc.*		258,904
	10,309	Sitio Royalties Corp., Class A		242,365
	37,213	SM Energy Co.		1,098,156
	16,206	Solaris Oilfield Infrastructure, Inc., Class A		144,720
	31,018	Talos Energy, Inc.*		552,431
	3,385	Teekay Tankers Ltd., Class A (Canada)*		152,833
	41,549	Tellurian, Inc.*		61,908
	45,765	TETRA Technologies, Inc.*		162,923
	3,935	Tidewater, Inc.*		192,185
	43,389	Uranium Energy Corp.*		160,539
	19,360	US Silica Holdings, Inc.*		235,030
	64,866	VAALCO Energy, Inc.		304,221
	6,807	Valaris Ltd.*		457,771
	8,365	Vital Energy, Inc.*		429,877
	85,856	W&T Offshore, Inc.*		481,652
	6,528	Weatherford International PLC*		434,895
	14,284	World Fuel Services Corp.		392,096
				28,900,392

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)
Financials – 19.4%
	3,691	1st Source Corp.	$	183,886
	2,022	ACNB Corp.		74,895
	11,015	A-Mark Precious Metals, Inc.		322,850
	5,787	Ambac Financial Group, Inc.*		95,775
	4,850	Amerant Bancorp, Inc.		137,740
	22,865	American Equity Investment Life Holding Co.		952,327
	4,221	American National Bankshares, Inc.		142,037
	13,766	Ameris Bancorp		658,978
	6,578	AMERISAFE, Inc.		358,764
	28,416	Apollo Commercial Real Estate Finance, Inc. REIT		326,500
	26,815	Arbor Realty Trust, Inc. REIT		404,370
	14,961	Ares Commercial Real Estate Corp. REIT		169,209
	4,747	Argo Group International Holdings Ltd.		137,900
	19,975	ARMOUR Residential REIT, Inc. REIT		108,464
	8,378	Arrow Financial Corp.		255,361
	17,932	Artisan Partners Asset Management, Inc., Class A		591,218
	22,891	Associated Banc-Corp.		529,927
	12,118	Atlantic Union Bankshares Corp.		453,940
	2,767	Atlanticus Holdings Corp.*		88,682
	7,511	Avantax, Inc.*		214,740
	20,001	Axos Financial, Inc.*		947,847
	2,042	B. Riley Financial, Inc.(a)		81,231
	8,293	Banc of California, Inc.		145,542
	6,504	BancFirst Corp.		586,986
	10,963	Banco Latinoamericano de Comercio Exterior SA, Class E (Panama)		200,623
	14,380	Bancorp, Inc. (The)*		497,404
	2,421	Bank First Corp.		197,384
	3,831	Bank of Marin Bancorp		111,099
	20,262	Bank of NT Butterfield & Son Ltd. (The) (Bermuda)		732,471
	15,266	BankUnited, Inc.		540,722
	5,249	Bankwell Financial Group, Inc.		158,415
	5,677	Banner Corp.		357,537
	2,609	BayCom Corp.		53,563
	11,918	BCB Bancorp, Inc.		206,777
	6,318	Berkshire Hills Bancorp, Inc.		183,601
	29,547	BGC Partners, Inc., Class A		143,598
	20,190	Blackstone Mortgage Trust, Inc., Class A REIT		427,422
	7,193	Blue Ridge Bankshares, Inc.		88,042
	7,915	Bread Financial Holdings, Inc.		325,069
	12,614	Brightsphere Investment Group, Inc.		316,233
	32,284	Broadmark Realty Capital, Inc. REIT		164,648
	23,044	Brookline Bancorp, Inc.		298,650
	4,249	BRP Group, Inc., Class A*		122,116
	5,450	Byline Bancorp, Inc.		134,343
	30,993	Cadence Bank		823,174
	1,626	Cambridge Bancorp		129,316
	8,513	Camden National Corp.		350,310
	5,917	Cannae Holdings, Inc.*		133,606
	8,373	Capital City Bank Group, Inc.		298,665
	15,629	Capitol Federal Financial, Inc.		131,127
Common Stocks – (continued)
Financials – (continued)
	16,605	Cathay General Bancorp		712,687
	9,042	Central Pacific Financial Corp.		202,812
	21,989	Chimera Investment Corp. REIT		142,709
	150	Citizens & Northern Corp.		3,375
	6,194	City Holding Co.		608,251
	10,444	Civista Bancshares, Inc.		222,771
	7,603	Claros Mortgage Trust, Inc.		105,986
	7,116	CNB Financial Corp.		169,645
	31,097	CNO Financial Group, Inc.		796,705
	8,760	Cohen & Steers, Inc.		633,874
	4,147	Colony Bankcorp, Inc.		52,128
	11,044	Columbia Banking System, Inc.		328,338
	6,682	Columbia Financial, Inc.*		140,990
	8,201	Community Bank System, Inc.		500,671
	5,153	Community Trust Bancorp, Inc.		220,291
	6,776	ConnectOne Bancorp, Inc.		164,318
	9,164	Consumer Portfolio Services, Inc.*		101,354
	12,707	Cowen, Inc., Class A		495,446
	644	Crawford & Co., Class A		3,555
	14,638	Curo Group Holdings Corp.		42,743
	15,826	Customers Bancorp, Inc.*		487,441
	17,942	CVB Financial Corp.		429,352
	1,779	Diamond Hill Investment Group, Inc.		310,613
	10,661	Dime Community Bancshares, Inc.		326,653
	11,687	Donnelley Financial Solutions, Inc.*		494,477
	19,481	Dynex Capital, Inc. REIT		257,734
	8,816	Eagle Bancorp, Inc.		386,229
	15,028	Eastern Bankshares, Inc.		235,639
	16,996	Ellington Financial, Inc. REIT		218,739
	10,786	Employers Holdings, Inc.		479,006
	9,898	Enact Holdings, Inc.		240,027
	11,931	Encore Capital Group, Inc.*		616,594
	17,051	Enova International, Inc.*		831,236
	878	Enstar Group Ltd.*		214,680
	5,983	Enterprise Financial Services Corp.		325,834
	3,720	Esquire Financial Holdings, Inc.		171,083
	23,350	Essent Group Ltd.		1,002,883
	18,654	EZCORP, Inc., Class A*		164,528
	3,601	Farmers & Merchants Bancorp, Inc.		93,266
	11,779	Farmers National Banc Corp.		167,851
	8,907	FB Financial Corp.		335,705
	8,024	Federal Agricultural Mortgage Corp., Class C		1,138,285
	23,988	Federated Hermes, Inc.		943,928
	10,122	Financial Institutions, Inc.		252,645
	43,084	First BanCorp. (Puerto Rico)		625,149
	5,953	First Bancorp, Inc. (The)		174,304
	4,190	First Bancshares, Inc. (The)		131,189
	8,024	First BankCorp		332,916
	9,602	First Busey Corp.		231,792
	7,472	First Business Financial Services, Inc.		264,658
	21,802	First Commonwealth Financial Corp.		349,050
	19,385	First Financial Bancorp		477,646
	24,877	First Financial Bankshares, Inc.		912,488
	4,099	First Financial Corp.		180,151
	11,045	First Foundation, Inc.		166,448

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, 2023 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Financials – (continued)
	4,875	First Guaranty Bancshares, Inc.	$	99,986
	4,967	First Internet Bancorp		134,159
	10,414	First Interstate BancSystem, Inc., Class A		370,114
	13,394	First Merchants Corp.		548,083
	4,624	First Mid Bancshares, Inc.		143,298
	9,003	First of Long Island Corp. (The)		153,231
	2,334	First Western Financial, Inc.*		60,381
	5,428	FirstCash Holdings, Inc.		479,021
	12,788	Flushing Financial Corp.		248,854
	4,545	Focus Financial Partners, Inc., Class A*		235,704
	31,098	Fulton Financial Corp.		534,886
	4,811	FVCBankcorp, Inc.*		65,189
	108,581	Genworth Financial, Inc., Class A*		676,460
	10,038	German American Bancorp, Inc.		394,493
	18,347	Glacier Bancorp, Inc.		869,281
	4,241	Granite Point Mortgage Trust, Inc. REIT		25,404
	6,364	Great Southern Bancorp, Inc.		370,321
	4,908	Green Dot Corp., Class A*		92,908
	3,155	Greene County Bancorp, Inc.		177,627
	8,272	Hamilton Lane, Inc., Class A		643,562
	12,896	Hancock Whitney Corp.		633,452
	11,670	Hanmi Financial Corp.		275,645
	4,819	Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT		151,365
	14,807	HarborOne Bancorp, Inc.		202,412
	8,189	Heartland Financial USA, Inc.		404,864
	18,075	Heritage Commerce Corp.		218,888
	6,240	Heritage Financial Corp.		173,909
	13,285	Hilltop Holdings, Inc.		440,663
	1,230	Hingham Institution For Savings (The)		350,181
	3,741	Home Bancorp, Inc.		147,957
	28,670	Home BancShares, Inc.		690,947
	9,188	HomeStreet, Inc.		231,813
	5,900	HomeTrust Bancshares, Inc.		172,693
	26,763	Hope Bancorp, Inc.		342,834
	11,140	Horace Mann Educators Corp.		411,734
	12,852	Horizon Bancorp, Inc.		195,607
	10,101	Houlihan Lokey, Inc.		966,666
	13,218	Independent Bank Corp.		291,457
	7,136	Independent Bank Corp.		568,596
	6,363	Independent Bank Group, Inc.		374,526
	10,553	International Bancshares Corp.		512,137
	1,189	Investors Title Co.		194,223
	17,932	Jackson Financial, Inc., Class A		813,754
	11,341	Kearny Financial Corp.		113,864
	4,327	Kinsale Capital Group, Inc.		1,379,015
	12,918	KKR Real Estate Finance Trust, Inc. REIT		187,311
	14,546	Ladder Capital Corp. REIT		164,370
	11,930	Lakeland Bancorp, Inc.		229,653
	8,874	Lakeland Financial Corp.		635,556
	18,383	LendingClub Corp.*		172,800
	9,452	Live Oak Bancshares, Inc.		326,661
	20,172	Macatawa Bank Corp.		220,077
	32,585	MBIA, Inc.*		449,347
Common Stocks – (continued)
Financials – (continued)
	7,102	Mercantile Bank Corp.		245,658
	1,827	Metropolitan Bank Holding Corp.*		101,965
	10,230	MFA Financial, Inc. REIT		109,563
	5,532	Midland States Bancorp, Inc.		144,053
	4,558	MidWestOne Financial Group, Inc.		136,922
	13,121	Moelis & Co., Class A		561,972
	32,705	Mr Cooper Group, Inc.*		1,518,493
	5,513	National Bank Holdings Corp., Class A		223,221
	804	National Western Life Group, Inc., Class A		216,911
	45,826	Navient Corp.		827,159
	8,656	NBT Bancorp, Inc.		351,347
	5,145	Nelnet, Inc., Class A		482,961
	38,898	New York Mortgage Trust, Inc. REIT		103,858
	7,305	Nexpoint Real Estate Finance, Inc. REIT		131,855
	4,448	Nicolet Bankshares, Inc.*		331,198
	19,377	NMI Holdings, Inc., Class A*		452,259
	6,261	Northeast Bank		275,985
	16,755	Northwest Bancshares, Inc.		231,554
	8,397	OceanFirst Financial Corp.		199,177
	16,681	OFG Bancorp (Puerto Rico)		507,436
	42,275	Old National Bancorp		746,999
	15,909	Old Second Bancorp, Inc.		263,771
	18,557	Open Lending Corp., Class A*		131,384
	1,872	Oportun Financial Corp.*		11,307
	7,233	Oppenheimer Holdings, Inc., Class A		318,903
	3,211	Origin Bancorp, Inc.		121,729
	12,309	Pacific Premier Bancorp, Inc.		399,058
	1,990	Palomar Holdings, Inc.*		119,400
	4,231	Park National Corp.		540,595
	9,417	Parke Bancorp, Inc.		192,201
	11,320	Pathward Financial, Inc.		577,433
	10,842	PCB Bancorp		197,975
	7,455	Peapack-Gladstone Financial Corp.		276,953
	14,388	PennyMac Financial Services, Inc.		870,042
	11,417	PennyMac Mortgage Investment Trust REIT		148,764
	13,815	Peoples Bancorp, Inc.		429,785
	3,900	Peoples Financial Services Corp.		193,245
	3,651	Piper Sandler Cos.		551,265
	6,649	PJT Partners, Inc., Class A		524,473
	9,032	PRA Group, Inc.*		384,402
	7,923	Preferred Bank		557,779
	7,559	Premier Financial Corp.		187,614
	9,147	Primis Financial Corp.		107,111
	9,453	ProAssurance Corp.		188,020
	13,477	PROG Holdings, Inc.*		333,151
	15,346	Provident Financial Services, Inc.		358,329
	6,354	QCR Holdings, Inc.		339,875
	45,193	Radian Group, Inc.		964,871
	20,783	Ready Capital Corp. REIT		234,017
	13,702	Redwood Trust, Inc. REIT		104,272
	6,468	Regional Management Corp.		203,871
	9,930	Renasant Corp.		357,281
	5,856	Republic Bancorp, Inc., Class A		260,592
	6,310	RLI Corp.		870,212

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

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

Shares		Description	Value
Common Stocks – (continued)
Financials – (continued)
	8,023	S&T Bancorp, Inc.	$	298,937
	4,828	Safety Insurance Group, Inc.		389,571
	11,023	Sandy Spring Bancorp, Inc.		363,208
	8,407	Seacoast Banking Corp. of Florida		256,498
	11,991	Selective Insurance Group, Inc.		1,217,446
	13,933	ServisFirst Bancshares, Inc.		1,030,345
	6,898	Shore Bancshares, Inc.		117,680
	6,932	Sierra Bancorp		140,096
	4,257	Silvergate Capital Corp., Class A*(a)		59,215
	16,071	Simmons First National Corp., Class A		357,258
	24,185	SiriusPoint Ltd. (Bermuda)*		171,714
	5,945	Southern First Bancshares, Inc.*		239,286
	6,385	Southern Missouri Bancorp, Inc.		295,498
	6,393	Southside Bancshares, Inc.		244,149
	9,688	SouthState Corp.		781,628
	8,063	Stellar Bancorp, Inc.		235,843
	6,766	StepStone Group, Inc., Class A		193,508
	10,052	Stewart Information Services Corp.		427,109
	6,933	Stock Yards Bancorp, Inc.		405,789
	6,130	StoneX Group, Inc.*		618,088
	6,454	Texas Capital Bancshares, Inc.*		427,448
	3,596	Tompkins Financial Corp.		268,945
	13,376	Towne Bank		405,694
	14,011	TPG RE Finance Trust, Inc. REIT		118,953
	8,760	TriCo Bancshares		442,468
	6,629	Triumph Financial, Inc.*		403,375
	5,583	TrustCo Bank Corp.		209,139
	12,361	Trustmark Corp.		363,413
	20,762	Two Harbors Investment Corp. REIT		344,026
	8,412	UMB Financial Corp.		762,632
	17,220	United Bankshares, Inc.		702,059
	17,466	United Community Banks, Inc.		578,299
	2,077	United Fire Group, Inc.		59,278
	6,559	Unity Bancorp, Inc.		173,223
	12,432	Universal Insurance Holdings, Inc.		240,311
	6,633	Univest Financial Corp.		187,051
	67,487	Valley National Bancorp		781,499
	9,771	Veritex Holdings, Inc.		260,495
	2,387	Virtus Investment Partners, Inc.		502,296
	9,593	Walker & Dunlop, Inc.		836,797
	14,317	Washington Federal, Inc.		502,097
	6,559	Washington Trust Bancorp, Inc.		275,478
	16,163	Waterstone Financial, Inc.		260,224
	11,230	WesBanco, Inc.		405,965
	12,525	West BanCorp, Inc.		263,777
	5,822	Westamerica BanCorp		320,909
	1,498	World Acceptance Corp.*		139,853
	12,108	WSFS Financial Corp.		604,310
				91,584,997
Health Care – 11.5%
	52,399	AbCellera Biologics, Inc. (Canada)*		440,152
	36,224	ACADIA Pharmaceuticals, Inc.*		749,475
	14,719	AdaptHealth Corp.*		235,357
	3,504	Addus HomeCare Corp.*		380,675
	24,799	ADMA Biologics, Inc.*		88,036
Common Stocks – (continued)
Health Care – (continued)
	22,720	Alector, Inc.*		194,029
	49,703	Alkermes PLC*		1,329,058
	15,535	Amicus Therapeutics, Inc.*		204,907
	12,876	AMN Healthcare Services, Inc.*		1,158,969
	88,782	Amneal Pharmaceuticals, Inc.*		182,891
	23,081	Amphastar Pharmaceuticals, Inc.*		735,361
	15,122	AngioDynamics, Inc.*		187,210
	3,406	ANI Pharmaceuticals, Inc.*		142,507
	12,089	Anika Therapeutics, Inc.*		383,221
	5,775	Apellis Pharmaceuticals, Inc.*		378,147
	15,904	Arcus Biosciences, Inc.*		289,612
	5,918	Arrowhead Pharmaceuticals, Inc.*		191,151
	5,582	Arvinas, Inc.*		171,088
	25,012	Atea Pharmaceuticals, Inc.*		88,542
	6,965	AtriCure, Inc.*		268,152
	231	Atrion Corp.		131,208
	12,275	Avanos Medical, Inc.*		344,559
	3,083	Axonics, Inc.*		185,257
	1,494	Axsome Therapeutics, Inc.*		101,876
	3,505	Beam Therapeutics, Inc.*		141,041
	18,913	BioCryst Pharmaceuticals, Inc.*		167,380
	15,570	Cardiovascular Systems, Inc.*		306,885
	11,333	CareDx, Inc.*		190,621
	71,337	Catalyst Pharmaceuticals, Inc.*		1,088,603
	4,016	Celldex Therapeutics, Inc.*		171,845
	3,569	Cerevel Therapeutics Holdings, Inc.*		95,257
	24,027	Cerus Corp.*		68,717
	3,980	Chinook Therapeutics, Inc.*		86,844
	29,059	Coherus Biosciences, Inc.*		196,729
	31,649	Collegium Pharmaceutical, Inc.*		839,648
	13,289	Computer Programs and Systems, Inc.*		398,803
	3,216	CONMED Corp.		309,347
	58,147	Corcept Therapeutics, Inc.*		1,211,202
	3,094	CorVel Corp.*		557,786
	27,280	Cross Country Healthcare, Inc.*		721,556
	5,284	CryoPort, Inc.*		114,451
	6,865	Cue Health, Inc.*(a)		14,760
	6,834	Cutera, Inc.*		221,627
	6,325	Cytokinetics, Inc.*		274,252
	7,484	Deciphera Pharmaceuticals, Inc.*		108,518
	3,037	Denali Therapeutics, Inc.*		82,455
	57,563	Dynavax Technologies Corp.*		592,899
	9,663	Eagle Pharmaceuticals, Inc.*		270,564
	13,428	Embecta Corp.		429,025
	35,753	Emergent BioSolutions, Inc.*		442,622
	612	Enanta Pharmaceuticals, Inc.*		29,682
	9,519	Ensign Group, Inc. (The)		851,760
	11,422	Evolent Health, Inc., Class A*		399,884
	34,660	Figs, Inc., Class A*		319,219
	10,034	Fulgent Genetics, Inc.*		329,015
	38,031	Geron Corp.*		105,726
	2,902	Glaukos Corp.*		137,061
	4,090	Haemonetics Corp.*		318,079
	19,327	Halozyme Therapeutics, Inc.*		927,503
	15,966	Harmony Biosciences Holdings, Inc.*		702,983
	8,619	HealthEquity, Inc.*		561,700

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, 2023 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Health Care – (continued)
	9,176	HealthStream, Inc.*	$	235,364
	7,262	Inari Medical, Inc.*		408,560
	273	Innovage Holding Corp.*		2,072
	45,474	Innoviva, Inc.*		548,871
	1,592	Inogen, Inc.*		24,947
	1,309	Inotiv, Inc.*		9,817
	6,893	Insmed, Inc.*		140,479
	4,434	Inspire Medical Systems, Inc.*		1,152,530
	6,578	Integer Holdings Corp.*		493,218
	3,853	Intellia Therapeutics, Inc.*		154,775
	5,662	Intra-Cellular Therapies, Inc.*		277,608
	1,981	iRadimed Corp.		75,199
	6,320	iRhythm Technologies, Inc.*		743,738
	60,909	Ironwood Pharmaceuticals, Inc.*		686,444
	21,921	iTeos Therapeutics, Inc.*		388,221
	9,485	IVERIC bio, Inc.*		197,098
	10,468	Joint Corp. (The)*		164,348
	2,067	Karuna Therapeutics, Inc.*		412,201
	68,634	Karyopharm Therapeutics, Inc.*		207,275
	1,262	Krystal Biotech, Inc.*		103,370
	10,317	Lantheus Holdings, Inc.*		763,045
	8,941	LeMaitre Vascular, Inc.		448,034
	5,684	Ligand Pharmaceuticals, Inc.*		410,044
	6,674	LivaNova PLC*		315,814
	23,984	MannKind Corp.*		126,636
	6,563	Medpace Holdings, Inc.*		1,272,434
	7,696	Merit Medical Systems, Inc.*		543,184
	867	Mesa Laboratories, Inc.		153,043
	87,577	MiMedx Group, Inc.*		421,245
	3,879	ModivCare, Inc.*		380,879
	131,907	Multiplan Corp.*		133,226
	36,399	Myriad Genetics, Inc.*		688,669
	5,144	National HealthCare Corp.		286,624
	8,066	National Research Corp.		364,261
	8,264	Neogen Corp.*		146,190
	11,746	NeoGenomics, Inc.*		197,920
	6,082	Nevro Corp.*		191,218
	35,905	NextGen Healthcare, Inc.*		650,240
	11,667	NuVasive, Inc.*		504,364
	1,368	OmniAb, Inc. 12.5 Earnout*(b)		—
	1,368	OmniAb, Inc. 15.00 Earnout*(b)		—
	6,554	Omnicell, Inc.*		356,800
	137,245	OPKO Health, Inc.*		156,459
	22,291	Option Care Health, Inc.*		683,665
	65,199	Organogenesis Holdings, Inc.*		159,738
	16,462	Orthofix Medical, Inc.*		339,117
	19,585	Owens & Minor, Inc.*		300,238
	9,518	Pacific Biosciences of California, Inc.*		86,423
	10,324	Pacira BioSciences, Inc.*		439,493
	20,646	Patterson Cos., Inc.		547,532
	17,242	Pediatrix Medical Group, Inc.*		271,389
	11,407	PetIQ, Inc.*		106,313
	19,001	Phibro Animal Health Corp., Class A		298,506
	16,239	Prestige Consumer Healthcare, Inc.*		978,400
	2,103	PROCEPT BioRobotics Corp.*		78,757
	5,718	Progyny, Inc.*		214,768
Common Stocks – (continued)
Health Care – (continued)
	3,350	Prometheus Biosciences, Inc.*		410,006
	3,314	Prothena Corp. PLC (Ireland)*		184,789
	11,587	PTC Therapeutics, Inc.*		506,004
	45,824	Radius Health, Inc.*(b)		3,666
	9,324	RadNet, Inc.*		219,907
	2,528	Reata Pharmaceuticals, Inc., Class A*		78,798
	17,999	REGENXBIO, Inc.*		400,478
	5,355	Revance Therapeutics, Inc.*		185,818
	3,803	REVOLUTION Medicines, Inc.*		101,768
	2,217	Sage Therapeutics, Inc.*		92,316
	14,699	Select Medical Holdings Corp.		399,666
	5,185	Shockwave Medical, Inc.*		986,394
	8,208	SI-BONE, Inc.*		162,313
	45,270	SIGA Technologies, Inc.		310,100
	6,531	Silk Road Medical, Inc.*		346,078
	9,203	STAAR Surgical Co.*		509,754
	32,907	Supernus Pharmaceuticals, Inc.*		1,236,974
	6,371	Surgery Partners, Inc.*		213,110
	6,498	Surmodics, Inc.*		141,916
	7,886	Syndax Pharmaceuticals, Inc.*		199,910
	18,069	Tactile Systems Technology, Inc.*		261,097
	1,521	TransMedics Group, Inc.*		121,786
	18,449	Travere Therapeutics, Inc.*		408,830
	5,630	UFP Technologies, Inc.*		662,764
	2,588	US Physical Therapy, Inc.		262,242
	51,718	Vanda Pharmaceuticals, Inc.*		333,064
	14,076	Varex Imaging Corp.*		249,004
	4,229	Vaxcyte, Inc.*		173,262
	7,977	Veracyte, Inc.*		196,314
	36,677	Veradigm, Inc.*		609,205
	23,026	Vericel Corp.*		700,221
	36,101	Vir Biotechnology, Inc.*		823,103
	10,981	Xencor, Inc.*		352,820
	9,396	Zimvie, Inc.*		106,926
	20,939	Zynex, Inc.*		270,532
				54,009,227
Industrials – 17.7%
	5,837	AAON, Inc.		530,934
	8,870	AAR Corp.*		482,439
	12,128	ABM Industries, Inc.		587,116
	27,160	ACCO Brands Corp.		153,997
	14,645	ACV Auctions, Inc., Class A*		179,255
	7,118	Aerojet Rocketdyne Holdings, Inc.*		401,028
	1,533	AeroVironment, Inc.*		131,439
	7,339	Air Transport Services Group, Inc.*		153,605
	3,052	Alamo Group, Inc.		556,654
	4,178	Albany International Corp., Class A		421,644
	31,506	Alight, Inc., Class A*		302,458
	1,737	Allegiant Travel Co.*		178,129
	10,466	Allied Motion Technologies, Inc.		451,713
	11,608	Altra Industrial Motion Corp.		714,240
	3,644	Ameresco, Inc., Class A*		160,154
	4,072	American Woodmark Corp.*		207,591
	25,393	API Group Corp.*		596,482
	10,081	Apogee Enterprises, Inc.		461,307

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)
Industrials – (continued)
	12,366	Applied Industrial Technologies, Inc.	$	1,766,607
	6,914	ArcBest Corp.		665,127
	9,246	Arcosa, Inc.		560,308
	3,243	Argan, Inc.		126,023
	6,712	Array Technologies, Inc.*		125,783
	11,911	ASGN, Inc.*		1,057,697
	7,010	Astec Industries, Inc.		315,660
	14,619	Atkore, Inc.*		2,134,666
	6,354	Atlas Air Worldwide Holdings, Inc.*		640,547
	2,766	Atlas Technical Consultants, Inc.*		33,828
	4,964	AZZ, Inc.		201,787
	21,875	Babcock & Wilcox Enterprises, Inc.*		141,969
	7,112	Barnes Group, Inc.		299,700
	2,529	Barrett Business Services, Inc.		242,733
	11,883	Beacon Roofing Supply, Inc.*		772,395
	8,472	Bloom Energy Corp., Class A*		183,758
	5,993	Blue Bird Corp.*		121,718
	8,467	BlueLinx Holdings, Inc.*		714,530
	18,082	Boise Cascade Co.		1,249,647
	13,785	Brady Corp., Class A		760,381
	3,003	BrightView Holdings, Inc.*		18,979
	4,953	Brink’s Co. (The)		323,183
	10,644	Caesarstone Ltd.		61,948
	5,207	Casella Waste Systems, Inc., Class A*		405,209
	12,262	CBIZ, Inc.*		614,204
	3,828	Chart Industries, Inc.*		511,038
	9,142	Cimpress PLC (Ireland)*		321,067
	5,452	CIRCOR International, Inc.*		159,580
	8,102	Columbus McKinnon Corp.		300,746
	9,832	Comfort Systems USA, Inc.		1,429,966
	33,700	CoreCivic, Inc.*		327,227
	14,415	Costamare, Inc. (Monaco)		151,358
	3,888	Covenant Logistics Group, Inc.		134,719
	3,793	CRA International, Inc.		472,115
	4,235	CSW Industrials, Inc.		599,507
	4,335	Daseke, Inc.*		35,330
	16,151	Deluxe Corp.		297,824
	4,397	Distribution Solutions Group, Inc.*		195,271
	3,275	Douglas Dynamics, Inc.		122,125
	2,514	Ducommun, Inc.*		135,253
	14,187	DXP Enterprises, Inc.*		410,146
	3,933	Dycom Industries, Inc.*		331,198
	5,085	Eagle Bulk Shipping, Inc.		331,898
	12,204	EMCOR Group, Inc.		2,040,753
	7,750	Encore Wire Corp.		1,495,827
	22,110	Energy Recovery, Inc.*		487,968
	9,797	Enerpac Tool Group Corp.		263,833
	3,887	EnerSys		352,512
	7,178	Ennis, Inc.		156,121
	4,833	EnPro Industries, Inc.		519,547
	3,385	ESCO Technologies, Inc.		315,448
	15,312	Evoqua Water Technologies Corp.*		743,551
	4,385	Exponent, Inc.		451,216
	8,539	Federal Signal Corp.		450,603
	10,148	First Advantage Corp.*		147,247
	18,867	Fluor Corp.*		691,853
Common Stocks – (continued)
Industrials – (continued)
	5,969	Forrester Research, Inc.*		196,320
	10,167	Forward Air Corp.		1,049,336
	11,689	Franklin Covey Co.*		547,863
	11,518	Franklin Electric Co., Inc.		1,100,775
	3,436	GATX Corp.		374,833
	12,276	Genco Shipping & Trading Ltd.		233,858
	48,706	GEO Group, Inc. (The)*		426,665
	5,647	Gibraltar Industries, Inc.*		301,606
	12,019	Global Industrial Co.		338,094
	22,947	GMS, Inc.*		1,393,112
	11,778	Golden Ocean Group Ltd. (Norway)(a)		122,256
	3,838	Gorman-Rupp Co. (The)		106,927
	77,217	GrafTech International Ltd.		436,276
	4,680	Granite Construction, Inc.		202,176
	16,354	Great Lakes Dredge & Dock Corp.*		93,790
	3,371	Greenbrier Cos., Inc. (The)		108,243
	8,768	Griffon Corp.		319,769
	6,877	H&E Equipment Services, Inc.		381,673
	8,461	Hawaiian Holdings, Inc.*		94,763
	7,255	Heartland Express, Inc.		117,023
	5,227	Heidrick & Struggles International, Inc.		179,443
	3,318	Helios Technologies, Inc.		224,761
	3,500	Herc Holdings, Inc.		502,565
	6,666	Heritage-Crystal Clean, Inc.*		239,843
	13,849	Hillenbrand, Inc.		652,842
	16,745	HNI Corp.		523,281
	11,784	Hub Group, Inc., Class A*		1,080,946
	37,598	Hudson Technologies, Inc.*		380,868
	5,809	Huron Consulting Group, Inc.*		407,734
	5,076	ICF International, Inc.		505,011
	8,091	IES Holdings, Inc.*		340,307
	8,764	Insperity, Inc.		1,087,525
	6,765	Insteel Industries, Inc.		201,259
	22,725	Interface, Inc.		200,434
	11,398	JELD-WEN Holding, Inc.*		149,884
	34,220	Joby Aviation, Inc.*(a)		160,834
	4,948	John Bean Technologies Corp.		548,684
	4,279	Kadant, Inc.		918,530
	5,192	Kaman Corp.		134,992
	16,297	Kelly Services, Inc., Class A		272,649
	10,145	Kennametal, Inc.		287,408
	16,392	Kforce, Inc.		1,024,336
	31,324	Kimball International, Inc., Class B		216,449
	10,219	Korn Ferry		571,140
	23,950	Legalzoom.com, Inc.*		195,671
	16,483	Li-Cycle Holdings Corp. (Canada) *(a)		99,887
	1,993	Lindsay Corp.		299,927
	11,417	Manitowoc Co., Inc. (The)*		215,895
	7,550	Marten Transport Ltd.		166,628
	4,768	Masonite International Corp.*		423,398
	11,737	Matson, Inc.		780,628
	6,904	Matthews International Corp., Class A		263,457
	7,597	Maxar Technologies, Inc.		391,246
	2,500	McGrath RentCorp		257,100
	2,731	Miller Industries, Inc.		75,949
	12,930	MillerKnoll, Inc.		308,639

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, 2023 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Industrials – (continued)
	5,622	Moog, Inc., Class A	$	554,442
	27,474	MRC Global, Inc.*		307,709
	17,073	Mueller Industries, Inc.		1,262,890
	20,752	Mueller Water Products, Inc., Class A		287,830
	5,516	MYR Group, Inc.*		665,285
	734	National Presto Industries, Inc.		50,374
	5,378	Northwest Pipe Co.*		207,053
	64,389	NOW, Inc.*		827,399
	6,786	NV5 Global, Inc.*		714,023
	2,889	Omega Flex, Inc.		336,222
	3,707	PAM Transportation Services, Inc.*		107,503
	10,560	Parsons Corp.*		475,517
	20,455	PGT Innovations, Inc.*		432,623
	5,296	Powell Industries, Inc.		234,878
	2,331	Preformed Line Products Co.		207,844
	12,083	Primoris Services Corp.		332,283
	6,479	Proto Labs, Inc.*		203,700
	14,814	Quanex Building Products Corp.		384,423
	35,305	Radiant Logistics, Inc.*		200,532
	2,687	RBC Bearings, Inc.*		617,499
	2,969	Red Violet, Inc.*		60,479
	26,261	Resideo Technologies, Inc.*		481,627
	28,761	Resources Connection, Inc.		519,424
	15,489	REV Group, Inc.		181,066
	13,452	Rush Enterprises, Inc., Class A		762,459
	6,194	Rush Enterprises, Inc., Class B		371,516
	44,763	Safe Bulkers, Inc. (Greece)		167,861
	3,588	Saia, Inc.*		971,882
	5,439	Shoals Technologies Group, Inc., Class A*		133,473
	13,270	Shyft Group, Inc. (The)		344,091
	11,030	Simpson Manufacturing Co., Inc.		1,189,696
	7,293	SP Plus Corp.*		248,108
	6,281	Spirit Airlines, Inc.		115,068
	6,430	SPX Technologies, Inc.*		452,929
	2,334	Standex International Corp.		269,997
	32,287	Steelcase, Inc., Class A		254,099
	8,428	Stem, Inc.*		68,772
	7,895	Sterling Infrastructure, Inc.*		303,642
	5,390	SunPower Corp.*		80,958
	7,643	Tennant Co.		541,277
	12,018	Terex Corp.		711,586
	9,261	Textainer Group Holdings Ltd. (China)		304,872
	14,825	Titan International, Inc.*		183,978
	14,133	Titan Machinery, Inc.*		647,150
	6,634	Transcat, Inc.*		596,994
	6,164	TriNet Group, Inc.*		510,811
	5,978	Trinity Industries, Inc.		166,846
	8,130	Triton International Ltd. (Bermuda)		560,482
	24,790	TrueBlue, Inc.*		463,573
	16,682	Tutor Perini Corp.*		135,291
	16,060	UFP Industries, Inc.		1,373,612
	2,783	UniFirst Corp.		545,830
	17,390	Upwork, Inc.*		197,203
	6,695	V2X, Inc.*		310,447
	9,701	Veritiv Corp.		1,469,119
Common Stocks – (continued)
Industrials – (continued)
	7,056	Vicor Corp.*		331,632
	24,712	View, Inc.*		15,692
	11,928	Wabash National Corp.		326,827
	7,496	Watts Water Technologies, Inc., Class A		1,313,524
	9,056	Werner Enterprises, Inc.		420,651
	8,054	Willdan Group, Inc.*		145,455
	9,991	Zurn Elkay Water Solutions Corp.		229,793
				83,716,748
Information Technology – 12.7%
	52,101	8x8, Inc.*		277,177
	44,304	A10 Networks, Inc.		674,307
	18,812	ACI Worldwide, Inc.*		486,290
	33,035	Adeia, Inc.		325,725
	10,751	ADTRAN Holdings, Inc.		187,605
	6,765	Advanced Energy Industries, Inc.		629,686
	10,551	Agilysys, Inc.*		843,130
	9,747	Alarm.com Holdings, Inc.*		495,440
	10,055	Alpha & Omega Semiconductor Ltd.*		268,569
	9,629	Altair Engineering, Inc., Class A*		616,834
	5,231	Ambarella, Inc.*		493,336
	11,759	American Software, Inc., Class A		159,217
	30,039	Amkor Technology, Inc.		773,805
	5,057	Appfolio, Inc., Class A*		667,827
	8,413	Appian Corp., Class A*		348,719
	9,795	Asana, Inc., Class A*		144,868
	25,357	Avid Technology, Inc.*		736,874
	11,338	Axcelis Technologies, Inc.*		1,457,387
	7,810	Badger Meter, Inc.		949,852
	6,782	Belden, Inc.		572,265
	10,812	Benchmark Electronics, Inc.		257,217
	7,710	Blackbaud, Inc.*		429,370
	2,331	Blackline, Inc.*		159,347
	31,006	Box, Inc., Class A*		1,034,050
	36,860	Brightcove, Inc.*		197,938
	13,660	Calix, Inc.*		698,709
	8,343	Cambium Networks Corp.*		167,444
	32,953	Casa Systems, Inc.*		119,290
	4,652	Cass Information Systems, Inc.		224,924
	8,272	Cerence, Inc.*		226,487
	5,544	CEVA, Inc.*		174,969
	3,050	Clear Secure, Inc., Class A		93,757
	6,306	Clearfield, Inc.*		395,323
	12,981	Cohu, Inc.*		482,893
	12,215	CommScope Holding Co., Inc.*		88,437
	12,718	CommVault Systems, Inc.*		748,836
	9,151	Comtech Telecommunications Corp.		146,324
	84,148	Conduent, Inc.*		334,909
	3,065	Consensus Cloud Solutions, Inc.*		125,788
	6,623	Corsair Gaming, Inc.*		115,902
	7,655	Couchbase, Inc.*		124,470
	6,242	Credo Technology Group Holding Ltd.*		66,228
	11,783	CSG Systems International, Inc.		662,205
	6,452	CTS Corp.		279,436
	23,849	Cvent Holding Corp.*		173,144
	11,448	Digi International, Inc.*		382,020

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)
Information Technology – (continued)
	12,570	Digital Turbine, Inc.*	$	135,002
	13,072	Diodes, Inc.*		1,198,572
	10,287	Domo, Inc., Class B*		158,111
	13,990	Ebix, Inc.		243,146
	27,431	Edgio, Inc.*		33,740
	18,595	eGain Corp.*		145,227
	5,933	Envestnet, Inc.*		370,872
	8,275	ePlus, Inc.*		448,257
	13,051	EVERTEC, Inc. (Puerto Rico)		480,407
	5,886	Evo Payments, Inc., Class A*		199,241
	6,562	ExlService Holdings, Inc.*		1,079,515
	58,295	Extreme Networks, Inc.*		1,091,282
	6,135	Fabrinet (Thailand)*		747,672
	5,426	FARO Technologies, Inc.*		147,587
	18,897	FormFactor, Inc.*		568,800
	10,947	Grid Dynamics Holdings, Inc.*		127,533
	21,327	Hackett Group, Inc. (The)		397,535
	24,553	Harmonic, Inc.*		323,854
	6,470	I3 Verticals, Inc., Class A*		159,227
	13,736	Identiv, Inc.*		96,427
	6,333	Impinj, Inc.*		839,882
	18,205	Infinera Corp.*		128,709
	33,109	Information Services Group, Inc.		174,484
	46,744	Inseego Corp.*		41,859
	8,156	Insight Enterprises, Inc.*		1,092,252
	2,440	InterDigital, Inc.(a)		178,096
	11,962	International Money Express, Inc.*		305,629
	4,702	Itron, Inc.*		262,231
	9,771	Kimball Electronics, Inc.*		244,373
	22,549	Knowles Corp.*		382,882
	15,780	Kulicke & Soffa Industries, Inc. (Singapore)		841,074
	11,505	LiveRamp Holdings, Inc.*		271,863
	6,177	MACOM Technology Solutions Holdings, Inc.*		423,372
	11,295	Maximus, Inc.		927,094
	16,514	MaxLinear, Inc.*		564,944
	9,539	Methode Electronics, Inc.		464,835
	20,164	Mitek Systems, Inc.*		187,525
	10,934	Model N, Inc.*		363,009
	17,996	Momentive Global, Inc.*		124,172
	19,312	MoneyGram International, Inc.*		209,535
	21,516	Napco Security Technologies, Inc.*		679,906
	9,450	NETGEAR, Inc.*		171,045
	17,527	NetScout Systems, Inc.*		498,468
	5,696	Novanta, Inc.*		893,759
	14,357	OneSpan, Inc.*		194,107
	12,346	Onto Innovation, Inc.*		1,018,175
	3,767	OSI Systems, Inc.*		348,636
	14,964	Paysafe Ltd.*		298,382
	10,466	PC Connection, Inc.		458,411
	4,356	PDF Solutions, Inc.*		163,089
	8,427	Perficient, Inc.*		596,632
	26,220	Photronics, Inc.*		461,996
	5,542	Plexus Corp.*		531,422
	10,640	Power Integrations, Inc.		875,140
Common Stocks – (continued)
Information Technology – (continued)
	12,240	Progress Software Corp.		703,066
	5,429	PROS Holdings, Inc.*		141,643
	6,733	Qualys, Inc.*		795,504
	55,355	Rackspace Technology, Inc.*		130,084
	23,669	Rambus, Inc.*		1,046,880
	7,980	Rapid7, Inc.*		377,454
	9,615	Remitly Global, Inc.*		140,667
	27,454	Repay Holdings Corp.*		232,810
	43,336	Ribbon Communications, Inc.*		193,279
	3,727	Rimini Street, Inc.*		15,952
	924	Rogers Corp.*		136,013
	14,033	Sabre Corp.*		71,007
	14,299	Sanmina Corp.*		864,518
	8,988	Sapiens International Corp. NV (Israel)		185,333
	8,674	ScanSource, Inc.*		270,455
	6,751	SecureWorks Corp., Class A*		51,105
	11,356	Semtech Corp.*		349,878
	5,135	ShotSpotter, Inc.*		175,103
	3,631	Silicon Laboratories, Inc.*		648,242
	1,937	SiTime Corp.*		240,479
	24,004	SMART Global Holdings, Inc.*		400,867
	6,394	Sprout Social, Inc., Class A*		389,906
	7,859	SPS Commerce, Inc.*		1,183,880
	10,116	Squarespace, Inc., Class A*		236,816
	39,457	StoneCo Ltd., Class A (Brazil)*		335,779
	5,857	Super Micro Computer, Inc.*		573,810
	8,673	Synaptics, Inc.*		1,020,032
	12,771	Tenable Holdings, Inc.*		564,861
	4,889	TTEC Holdings, Inc.		196,831
	29,768	TTM Technologies, Inc.*		395,617
	12,231	Turtle Beach Corp.*		98,949
	11,887	Ultra Clean Holdings, Inc.*		378,720
	30,933	Unisys Corp.*		154,046
	20,106	Upland Software, Inc.*		116,414
	14,417	Varonis Systems, Inc.*		390,412
	10,292	Veeco Instruments, Inc.*		218,911
	12,767	Verint Systems, Inc.*		477,230
	13,883	Veritone, Inc.*		98,430
	20,572	Verra Mobility Corp.*		354,456
	37,875	Viavi Solutions, Inc.*		414,352
	27,058	Vishay Intertechnology, Inc.		574,441
	7,794	Vishay Precision Group, Inc.*		339,818
	7,587	Workiva, Inc.*		676,760
	23,816	Xerox Holdings Corp.		392,726
	8,835	Xperi, Inc.*		103,281
	35,820	Yext, Inc.*		262,919
	29,005	Zeta Global Holdings Corp., Class A*		307,743
	23,515	Zuora, Inc., Class A*		199,172
				60,013,976
Materials – 4.6%
	8,939	AdvanSix, Inc.		367,840
	6,310	Alpha Metallurgical Resources, Inc.		1,058,439
	18,766	American Vanguard Corp.		391,646
	7,728	Arconic Corp.*		204,328
	9,212	ATI, Inc.*		374,468

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

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

Schedule of Investments (continued)

February 28, 2023 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Materials – (continued)
	15,268	Avient Corp.	$	666,143
	3,432	Balchem Corp.		446,160
	8,763	Cabot Corp.		696,921
	8,436	Carpenter Technology Corp.		407,712
	5,057	Chase Corp.		495,283
	5,917	Clearwater Paper Corp.*		228,337
	26,956	Commercial Metals Co.		1,394,973
	2,934	Compass Minerals International, Inc.		113,047
	17,839	Constellium SE*		285,246
	5,530	Greif, Inc., Class A		392,907
	2,840	Hawkins, Inc.		115,503
	8,579	HB Fuller Co.		598,471
	37,972	Hecla Mining Co.		195,556
	7,118	Ingevity Corp.*		587,662
	6,956	Innospec, Inc.		761,404
	3,819	Intrepid Potash, Inc.*		120,948
	2,688	Kaiser Aluminum Corp.		213,212
	4,937	Koppers Holdings, Inc.		177,189
	11,351	Livent Corp.*		266,181
	8,126	LSB Industries, Inc.*		110,432
	4,129	Materion Corp.		461,127
	6,384	Mativ Holdings, Inc.		165,409
	6,121	Minerals Technologies, Inc.		371,851
	31,746	Myers Industries, Inc.		820,317
	20,572	Novagold Resources, Inc. (Canada)*		114,997
	25,717	O-I Glass, Inc.*		571,432
	8,845	Olympic Steel, Inc.		464,363
	23,767	Orion Engineered Carbons SA (Germany)		606,059
	9,451	Pactiv Evergreen, Inc.		102,165
	10,900	Perimeter Solutions SA*		93,304
	1,760	Piedmont Lithium, Inc.*		114,224
	1,157	Quaker Chemical Corp.		226,517
	20,887	Ramaco Resources, Inc.		207,826
	36,781	Rayonier Advanced Materials, Inc.*		301,604
	15,501	Resolute Forest Products, Inc.*		339,782
	18,262	Ryerson Holding Corp.		656,154
	14,167	Schnitzer Steel Industries, Inc., Class A		463,119
	7,988	Sensient Technologies Corp.		602,215
	3,803	Stepan Co.		395,854
	15,219	Summit Materials, Inc., Class A*		449,569
	38,630	SunCoke Energy, Inc.		367,371
	4,392	Sylvamo Corp.		216,657
	19,955	TimkenSteel Corp.*		364,977
	11,329	Tredegar Corp.		131,643
	9,448	TriMas Corp.		283,346
	6,554	Trinseo PLC		151,922
	22,390	Tronox Holdings PLC		349,284
	1,890	United States Lime & Minerals, Inc.		304,857
	23,287	Warrior Met Coal, Inc.		891,193
	6,814	Worthington Industries, Inc.		411,838
				21,670,984
Real Estate – 6.2%
	15,181	Acadia Realty Trust REIT		221,187
	8,407	Agree Realty Corp. REIT		595,047
	24,281	Alexander & Baldwin, Inc. REIT		453,326
Common Stocks – (continued)
Real Estate – (continued)
	536	Alexander’s, Inc. REIT		117,336
	8,166	American Assets Trust, Inc. REIT		206,028
	67,824	Anywhere Real Estate, Inc.*		392,701
	58,911	Apartment Investment and Management Co., Class A REIT		441,832
	38,876	Apple Hospitality REIT, Inc. REIT		641,843
	10,787	Armada Hoffler Properties, Inc. REIT		138,289
	26,718	Braemar Hotels & Resorts, Inc. REIT		124,506
	27,485	Brandywine Realty Trust REIT		161,887
	21,633	Broadstone Net Lease, Inc. REIT		383,986
	8,878	BRT Apartments Corp. REIT		187,947
	16,633	CareTrust REIT, Inc. REIT		327,171
	6,270	CBL & Associates Properties, Inc. REIT		160,199
	2,584	Centerspace REIT		161,784
	16,341	Chatham Lodging Trust REIT		199,524
	14,645	City Office REIT, Inc. REIT		123,897
	6,000	Community Healthcare Trust, Inc. REIT		232,440
	255,763	Compass, Inc., Class A*		923,304
	17,362	Corporate Office Properties Trust REIT		441,516
	11,107	CTO Realty Growth, Inc. REIT		195,261
	65,127	Cushman & Wakefield PLC*		842,743
	31,135	DiamondRock Hospitality Co. REIT		271,497
	13,246	DigitalBridge Group, Inc.		162,528
	53,412	Diversified Healthcare Trust REIT		52,344
	40,616	Douglas Elliman, Inc.		171,400
	14,073	Easterly Government Properties, Inc. REIT		212,502
	10,389	Elme Communities REIT		193,339
	39,329	Empire State Realty Trust, Inc., Class A REIT		286,708
	10,307	Equity Commonwealth REIT		218,818
	11,484	Essential Properties Realty Trust, Inc. REIT		295,828
	63,919	eXp World Holdings, Inc.(a)		772,142
	11,200	Farmland Partners, Inc. REIT		120,064
	11,074	Forestar Group, Inc.*		158,026
	15,276	Four Corners Property Trust, Inc. REIT		414,743
	31,944	Franklin Street Properties Corp. REIT		77,304
	3,740	FRP Holdings, Inc.*		204,391
	8,497	Getty Realty Corp. REIT		291,702
	11,375	Gladstone Commercial Corp. REIT		155,610
	6,150	Gladstone Land Corp. REIT		108,240
	9,554	Global Medical REIT, Inc. REIT		96,113
	22,441	Global Net Lease, Inc. REIT		316,867
	29,264	Hersha Hospitality Trust, Class A REIT		244,647
	22,126	Independence Realty Trust, Inc. REIT		400,259
	32,220	Industrial Logistics Properties Trust REIT		132,102
	2,768	Innovative Industrial Properties, Inc. REIT		244,719
	6,824	InvenTrust Properties Corp. REIT		165,073
	19,414	iStar, Inc. REIT		149,488
	17,821	Kennedy-Wilson Holdings, Inc.		297,789
	36,546	Kite Realty Group Trust REIT		793,779
	7,147	LTC Properties, Inc. REIT		256,006
	38,059	LXP Industrial Trust REIT		396,955

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

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

Shares		Description	Value
Common Stocks – (continued)
Real Estate – (continued)
	27,790	Macerich Co. (The) REIT	$	332,091
	24,438	Marcus & Millichap, Inc.		839,934
	6,798	National Health Investors, Inc. REIT		373,890
	34,613	Necessity Retail REIT, Inc. (The) REIT		237,445
	5,427	NETSTREIT Corp. REIT		109,571
	31,967	Newmark Group, Inc., Class A		256,375
	5,969	NexPoint Residential Trust, Inc. REIT		289,079
	45,122	Offerpad Solutions, Inc.*		25,647
	17,623	Office Properties Income Trust REIT		289,722
	17,264	Orion Office REIT, Inc. REIT		147,780
	16,107	Outfront Media, Inc. REIT		281,067
	42,281	Paramount Group, Inc. REIT		222,821
	21,218	Pebblebrook Hotel Trust REIT		302,781
	9,551	Phillips Edison & Co., Inc. REIT		325,594
	31,259	Physicians Realty Trust REIT		463,571
	27,343	Piedmont Office Realty Trust, Inc., Class A REIT		250,188
	6,435	Plymouth Industrial REIT, Inc. REIT		139,189
	11,374	Postal Realty Trust, Inc., Class A REIT		166,402
	23,958	PotlatchDeltic Corp. REIT		1,105,901
	14,797	RE/MAX Holdings, Inc., Class A		273,597
	55,690	Redfin Corp.*		412,663
	20,069	Retail Opportunity Investments Corp. REIT		285,582
	22,833	RLJ Lodging Trust REIT		258,926
	11,068	RMR Group, Inc. (The), Class A		311,454
	23,998	RPT Realty REIT		257,259
	5,340	Ryman Hospitality Properties, Inc. REIT		495,392
	35,301	Sabra Health Care REIT, Inc. REIT		420,435
	2,515	Saul Centers, Inc. REIT		98,890
	36,379	Service Properties Trust REIT		399,441
	25,516	SITE Centers Corp. REIT		341,149
	5,867	St Joe Co. (The)		251,284
	23,157	STAG Industrial, Inc. REIT		779,001
	35,892	Summit Hotel Properties, Inc. REIT		265,601
	31,258	Sunstone Hotel Investors, Inc. REIT		330,397
	21,821	Tanger Factory Outlet Centers, Inc. REIT		412,199
	10,143	Terreno Realty Corp. REIT		630,996
	10,934	UMH Properties, Inc. REIT		185,987
	43,485	Uniti Group, Inc. REIT		238,733
	2,995	Universal Health Realty Income Trust REIT		158,795
	12,265	Urban Edge Properties REIT		188,881
	2,141	Urstadt Biddle Properties, Inc., Class A REIT		37,039
	19,728	Veris Residential, Inc. REIT*		318,410
	21,618	Whitestone REIT		204,290
	16,308	Xenia Hotels & Resorts, Inc. REIT		228,964
				29,279,150
Utilities – 3.5%
	11,368	ALLETE, Inc.		695,608
	10,897	American States Water Co.		973,102
	13,502	Avista Corp.		555,202
	12,192	Black Hills Corp.		748,711
	22,707	Brookfield Infrastructure Corp., Class A (Canada)(a)		981,170
Common Stocks – (continued)
Utilities – (continued)
	8,888	California Water Service Group		508,749
	4,545	Chesapeake Utilities Corp.		582,169
	27,135	Clearway Energy, Inc., Class A		806,181
	30,650	Clearway Energy, Inc., Class C		962,717
	7,339	MGE Energy, Inc.		519,454
	3,072	Middlesex Water Co.		235,008
	40,745	Montauk Renewables, Inc.*		401,746
	16,483	New Jersey Resources Corp.		841,128
	5,401	Northwest Natural Holding Co.		261,084
	10,751	NorthWestern Corp.		621,193
	11,579	ONE Gas, Inc.		928,173
	10,121	Ormat Technologies, Inc.		855,427
	12,467	Otter Tail Corp.		883,786
	17,451	PNM Resources, Inc.		855,099
	19,338	Portland General Electric Co.		924,356
	18,142	Pure Cycle Corp.*		160,194
	5,276	SJW Group		403,297
	10,488	Southwest Gas Holdings, Inc.		660,849
	9,191	Spire, Inc.		647,046
	6,598	Sunnova Energy International, Inc.*		117,312
	5,126	Unitil Corp.		278,444
	1,934	Via Renewables, Inc.		11,333
	4,884	York Water Co. (The)		212,356
				16,630,894
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $453,347,856)		$	467,580,120

Shares	Dividend Rate	Value
Securities Lending Reinvestment Vehicle – 0.5%(c)
Goldman Sachs Financial Square Government Fund – Institutional Shares
2,262,941	4.475%	$	2,262,941
(Cost $2,262,941)
TOTAL INVESTMENTS – 99.5%
(Cost $455,610,797)		$	469,843,061
OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.5%			2,401,470
NET ASSETS – 100.0%		$	472,244,531

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

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

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

Schedule of Investments (continued)

February 28, 2023 (Unaudited)

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

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At February 28, 2023, 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		40		03/17/23	$	3,798,200	$	(20,015	)

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

GOLDMAN SACHS ACTIVEBETA^® WORLD LOW VOL PLUS EQUITY ETF

Schedule of Investments

February 28, 2023 (Unaudited)

Shares		Description	Value
Common Stocks – 99.7%
Australia – 2.2%
	5,733	ASX Ltd. (Financials)	$	263,046
	49,083	Brambles Ltd. (Industrials)		425,986
	209,059	Coles Group Ltd. (Consumer Staples)		2,562,998
	32,602	EBOS Group Ltd. (Health Care)		896,211
	312,105	Medibank Pvt Ltd. (Financials)		702,963
	53,981	National Australia Bank Ltd. (Financials)		1,092,063
	27,682	Sonic Healthcare Ltd. (Health Care)		601,276
	606,297	Telstra Group Ltd. (Communication Services)		1,700,843
	65,044	Wesfarmers Ltd. (Consumer Discretionary)		2,115,924
	51,808	Westpac Banking Corp. (Financials)		787,125
	80,390	Woolworths Group Ltd. (Consumer Staples)		2,001,470
				13,149,905
Austria – 0.3%
	16,555	ANDRITZ AG (Industrials)		1,026,182
	8,384	Vienna Insurance Group AG Wiener Versicherung Gruppe (Financials)		235,173
	25,158	Wienerberger AG (Materials)		786,529
				2,047,884
Belgium – 0.6%
	5,073	Ackermans & van Haaren NV (Industrials)		862,401
	1,709	Groupe Bruxelles Lambert NV (Financials)		144,122
	13,549	Proximus SADP (Communication Services)		125,295
	12,826	Solvay SA (Materials)		1,472,414
	6,641	UCB SA (Health Care)		573,142
	21,836	Warehouses De Pauw CVA REIT (Real Estate)		670,629
				3,848,003
Canada – 4.4%
	4,392	Atco Ltd., Class I (Utilities)		136,491
	9,030	Bank of Montreal (Financials)		857,732
	20,207	Bank of Nova Scotia (The) (Financials)		1,000,962
	16,093	BCE, Inc. (Communication Services)		713,603
	27,271	Canadian Imperial Bank of Commerce (Financials)		1,249,925
	11,845	Canadian Utilities Ltd., Class A (Utilities)		311,383
	27,455	CGI, Inc. (Information Technology)*		2,467,108
	35,137	Enbridge, Inc. (Energy)		1,321,138
	6,396	George Weston Ltd. (Consumer Staples)		803,112
	62,469	Great-West Lifeco, Inc. (Financials)		1,708,268
	23,427	Hydro One Ltd. (Utilities)(a)		609,314
	8,829	Intact Financial Corp. (Financials)		1,271,124
	28,363	Loblaw Cos. Ltd. (Consumer Staples)		2,429,329
	12,857	Metro, Inc. (Consumer Staples)		669,268
	17,711	National Bank of Canada (Financials)		1,303,754
	24,072	Open Text Corp. (Information Technology)		830,484
Common Stocks – (continued)
Canada – (continued)
	21,831	Pembina Pipeline Corp. (Energy)		718,373
	90,780	Power Corp. of Canada (Financials)		2,428,446
	8,155	Quebecor, Inc., Class B (Communication Services)		193,355
	11,350	RioCan Real Estate Investment Trust REIT (Real Estate)		180,156
	19,024	Royal Bank of Canada (Financials)		1,935,866
	25,650	Sun Life Financial, Inc. (Financials)(b)		1,242,323
	26,157	TELUS Corp. (Communication Services)		521,238
	4,870	Thomson Reuters Corp. (Industrials)		591,146
	17,215	Toronto-Dominion Bank (The) (Financials)		1,148,763
				26,642,661
Denmark – 0.1%
	13,854	Tryg A/S (Financials)		307,856
Finland – 0.5%
	7,201	Elisa OYJ (Communication Services)		410,242
	24,325	Orion OYJ, Class B (Health Care)		1,149,242
	26,871	Sampo OYJ, Class A (Financials)		1,311,988
	8,083	UPM-Kymmene OYJ (Materials)		294,106
				3,165,578
France – 2.4%
	6,902	Air Liquide SA (Materials)		1,102,035
	61,934	AXA SA (Financials)		1,960,579
	15,621	Bouygues SA (Industrials)		530,777
	5,991	Capgemini SE (Information Technology)		1,129,963
	60,012	Cie Generale des Etablissements Michelin (Consumer Discretionary)		1,892,417
	8,559	Dassault Systemes (Information Technology)		332,030
	3,135	Legrand SA (Industrials)		291,241
	2,950	L’Oreal SA (Consumer Staples)		1,173,491
	351,365	Orange SA (Communication Services)		4,021,345
	1,859	Pernod Ricard SA (Consumer Staples)		389,760
	12,571	Thales SA (Industrials)		1,762,431
				14,586,069
Germany – 1.5%
	901	Allianz SE (Financials)		212,267
	8,478	Beiersdorf AG (Consumer Staples)		1,015,974
	5,007	Deutsche Boerse AG (Financials)		876,138
	129,589	Deutsche Telekom AG (Communication Services)		2,918,309
	44,281	E.ON SE (Utilities)		485,801
	40,829	Evonik Industries AG (Materials)		875,942
	1,524	Hannover Rueck SE (Financials)		296,897
	2,539	Henkel AG & Co. KGaA (Consumer Staples)		176,231
	1,186	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Financials)		410,153
	3,700	SAP SE (Information Technology)		421,736

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

GOLDMAN SACHS ACTIVEBETA^® WORLD LOW VOL PLUS EQUITY ETF

Schedule of Investments (continued)

February 28, 2023 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Germany – (continued)
	4,166	Symrise AG (Materials)	$	427,667
	12,264	Talanx AG (Financials)		587,350
				8,704,465
Hong Kong – 0.2%
	95,588	CK Asset Holdings Ltd. (Real Estate)		599,137
	28,978	CLP Holdings Ltd. (Utilities)		205,074
	93,059	Power Assets Holdings Ltd. (Utilities)		497,927
				1,302,138
Ireland – 0.1%
	4,367	Kerry Group PLC, Class A (Consumer Staples)		419,680
Israel – 1.1%
	110,339	Bank Hapoalim BM (Financials)		923,670
	151,993	Bank Leumi Le-Israel BM (Financials)		1,182,908
	13,725	Check Point Software Technologies Ltd. (Information Technology)*		1,698,057
	11,919	First International Bank Of Israel Ltd. (The) (Financials)		422,532
	208,221	Israel Discount Bank Ltd., Class A (Financials)		988,380
	127,690	Mivne Real Estate KD Ltd. (Real Estate)		330,148
	34,364	Mizrahi Tefahot Bank Ltd. (Financials)		1,022,548
	61,008	Shufersal Ltd. (Consumer Staples)		314,977
				6,883,220
Italy – 1.1%
	144,912	Assicurazioni Generali SpA (Financials)		2,875,339
	142,446	Eni SpA (Energy)		2,019,122
	141,664	Hera SpA (Utilities)		379,042
	12,266	Recordati Industria Chimica e Farmaceutica SpA (Health Care)		522,145
	55,511	Snam SpA (Utilities)		273,508
	44,134	Terna – Rete Elettrica Nazionale (Utilities)		333,620
	97,884	UnipolSai Assicurazioni SpA (Financials)		249,757
				6,652,533
Japan – 7.0%
	24,632	Brother Industries Ltd. (Information Technology)		362,206
	73,458	Canon, Inc. (Information Technology)		1,585,752
	16,852	Daiwa House Industry Co. Ltd. (Real Estate)		388,840
	158	Daiwa House REIT Investment Corp. REIT (Real Estate)		326,057
	116,127	Daiwa Securities Group, Inc. (Financials)		554,995
	31,476	FUJIFILM Holdings Corp. (Information Technology)		1,468,256
	2,194	Hirose Electric Co. Ltd. (Information Technology)		268,180
	28,220	Japan Post Bank Co. Ltd. (Financials)(b)		243,635
Common Stocks – (continued)
Japan – (continued)
	282,148	Japan Post Holdings Co. Ltd. (Financials)		2,506,325
	132,052	Japan Tobacco, Inc. (Consumer Staples)		2,684,859
	63,493	KDDI Corp. (Communication Services)		1,857,968
	41,576	Kirin Holdings Co. Ltd. (Consumer Staples)		622,350
	33,056	Kyocera Corp. (Information Technology)		1,627,865
	16,996	Kyushu Railway Co. (Industrials)		371,700
	14,083	McDonald’s Holdings Co. Japan Ltd. (Consumer Discretionary)		557,261
	19,636	MEIJI Holdings Co. Ltd. (Consumer Staples)		899,524
	55,972	Mitsubishi Estate Co. Ltd. (Real Estate)		696,697
	129,020	Mitsubishi HC Capital, Inc. (Financials)		673,444
	159,433	Mizuho Financial Group, Inc. (Financials)		2,484,283
	21,601	MS&AD Insurance Group Holdings, Inc. (Financials)		705,999
	4,294	NH Foods Ltd. (Consumer Staples)		118,529
	7,540	Nichirei Corp. (Consumer Staples)		148,791
	184,383	Nippon Telegraph & Telephone Corp. (Communication Services)		5,342,728
	44,242	Nisshin Seifun Group, Inc. (Consumer Staples)		511,228
	2,382	Nissin Foods Holdings Co. Ltd. (Consumer Staples)		198,303
	25,242	Obayashi Corp. (Industrials)		186,607
	20,085	Ono Pharmaceutical Co. Ltd. (Health Care)		409,913
	13,606	Otsuka Holdings Co. Ltd. (Health Care)		412,930
	13,589	Secom Co. Ltd. (Industrials)		790,410
	96,195	Sekisui House Ltd. (Consumer Discretionary)		1,821,642
	321,018	SoftBank Corp. (Communication Services)		3,623,427
	47,066	Sumitomo Mitsui Financial Group, Inc. (Financials)		2,063,489
	112,088	Takeda Pharmaceutical Co. Ltd. (Health Care)		3,465,952
	33,582	Teijin Ltd. (Materials)		348,849
	5,326	Tobu Railway Co. Ltd. (Industrials)		118,864
	24,731	Trend Micro, Inc. (Information Technology)		1,163,790
	18,967	USS Co. Ltd. (Consumer Discretionary)		307,588
				41,919,236
Netherlands – 1.4%
	4,168	HAL Trust (Financials)		552,521
	135,605	Koninklijke Ahold Delhaize NV (Consumer Staples)		4,316,432
	140,811	Koninklijke KPN NV (Communication Services)		483,979
	28,198	Wolters Kluwer NV (Industrials)		3,272,992
				8,625,924

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

GOLDMAN SACHS ACTIVEBETA^® WORLD LOW VOL PLUS EQUITY ETF

Shares		Description	Value
Common Stocks – (continued)
New Zealand – 0.2%
	174,112	Fletcher Building Ltd. (Industrials)	$	512,388
	16,598	Mainfreight Ltd. (Industrials)		749,138
				1,261,526
Norway – 0.6%
	38,474	DNB Bank ASA (Financials)		771,968
	44,381	Gjensidige Forsikring ASA (Financials)		790,974
	39,678	SpareBank 1 SR-Bank ASA (Financials)		498,537
	98,175	Storebrand ASA (Financials)		816,026
	85,252	Telenor ASA (Communication Services)		960,332
				3,837,837
Singapore – 0.9%
	267,317	Genting Singapore Ltd. (Consumer Discretionary)		202,550
	74,230	Keppel Corp. Ltd. (Industrials)		302,181
	152,697	Oversea-Chinese Banking Corp. Ltd. (Financials)		1,437,188
	1,417,789	Sembcorp Marine Ltd. (Industrials)*		133,759
	34,564	Singapore Airlines Ltd. (Industrials)		146,097
	147,024	Singapore Exchange Ltd. (Financials)		951,290
	243,055	Singapore Telecommunications Ltd. (Communication Services)		427,917
	30,480	United Overseas Bank Ltd. (Financials)		677,459
	105,182	UOL Group Ltd. (Real Estate)		533,665
	22,668	Venture Corp. Ltd. (Information Technology)		289,128
				5,101,234
Spain – 0.5%
	5,915	ACS Actividades de Construccion y Servicios SA (Industrials)		179,780
	38,136	Iberdrola SA (Utilities)		439,416
	44,397	Naturgy Energy Group SA (Utilities)		1,226,984
	57,631	Red Electrica Corp. SA (Utilities)		960,159
				2,806,339
Sweden – 1.0%
	26,556	Axfood AB (Consumer Staples)		638,397
	114,222	Investor AB, Class A (Financials)		2,354,844
	4,442	Investor AB, Class B (Financials)		86,296
	84,358	Svenska Handelsbanken AB, Class A (Financials)		898,699
	47,706	Swedbank AB, Class A (Financials)		978,036
	31,789	Tele2 AB, Class B (Communication Services)		293,669
	368,737	Telia Co. AB (Communication Services)		956,441
				6,206,382
Switzerland – 1.6%
	1,230	Geberit AG (Industrials)		667,986
	30,650	Novartis AG (Health Care)		2,592,619
Common Stocks – (continued)
Switzerland – (continued)
	909	SGS SA (Industrials)		2,092,955
	2,927	Swisscom AG (Communication Services)		1,812,570
	4,541	Zurich Insurance Group AG (Financials)		2,162,819
				9,328,949
United Kingdom – 2.8%
	313,531	BAE Systems PLC (Industrials)		3,408,595
	27,654	British American Tobacco PLC (Consumer Staples)		1,052,422
	22,095	Bunzl PLC (Industrials)		792,850
	413,457	CK Hutchison Holdings Ltd. (Industrials)		2,465,098
	14,673	Diageo PLC (Consumer Staples)		626,887
	7,646	Halma PLC (Information Technology)		200,313
	1,480	Linde PLC (Materials)		515,588
	70,498	National Grid PLC (Utilities)		894,451
	90,394	RELX PLC (Industrials)		2,739,171
	224,927	Sage Group PLC (The) (Information Technology)		2,038,497
	8,688	Severn Trent PLC (Utilities)		289,354
	669,729	Tesco PLC (Consumer Staples)		2,067,559
				17,090,785
United States – 69.2%
	12,675	3M Co. (Industrials)		1,365,605
	8,166	Abbott Laboratories (Health Care)		830,646
	23,623	AbbVie, Inc. (Health Care)		3,635,580
	15,991	Accenture PLC, Class A (Information Technology)		4,246,410
	7,103	Adobe, Inc. (Information Technology)*		2,301,017
	36,432	Aflac, Inc. (Financials)		2,482,841
	3,083	Agilent Technologies, Inc. (Health Care)		437,694
	2,778	Air Products and Chemicals, Inc. (Materials)		794,452
	17,016	Akamai Technologies, Inc. (Information Technology)*		1,235,361
	9,451	Allstate Corp. (The) (Financials)		1,217,100
	30,791	Alphabet, Inc., Class A (Communication Services)*		2,773,037
	29,782	Alphabet, Inc., Class C (Communication Services)*		2,689,315
	15,921	Altria Group, Inc. (Consumer Staples)		739,212
	47,042	Amazon.com, Inc. (Consumer Discretionary)*		4,432,768
	29,332	Amcor PLC (Materials)		326,758
	28,760	Amdocs Ltd. (Information Technology)		2,634,704
	11,613	Ameren Corp. (Utilities)		960,511
	13,337	American Electric Power Co., Inc. (Utilities)		1,173,256
	12,622	AmerisourceBergen Corp. (Health Care)		1,963,478
	6,306	AMETEK, Inc. (Industrials)		892,677
	3,950	Amgen, Inc. (Health Care)		915,057
	30,641	Amphenol Corp., Class A (Information Technology)		2,375,290
	3,928	Analog Devices, Inc. (Information Technology)		720,670

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

GOLDMAN SACHS ACTIVEBETA^® WORLD LOW VOL PLUS EQUITY ETF

Schedule of Investments (continued)

February 28, 2023 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
United States – (continued)
	111,016	Annaly Capital Management, Inc. REIT (Financials)	$	2,295,811
	4,256	Aon PLC, Class A (Financials)		1,294,037
	114,254	Apple, Inc. (Information Technology)		16,842,182
	16,994	Arch Capital Group Ltd. (Financials)*		1,189,580
	43,312	Archer-Daniels-Midland Co. (Consumer Staples)		3,447,635
	9,517	Arthur J Gallagher & Co. (Financials)		1,783,010
	74,430	AT&T, Inc. (Communication Services)		1,407,471
	2,847	Atmos Energy Corp. (Utilities)		321,170
	15,363	Automatic Data Processing, Inc. (Information Technology)		3,377,095
	2,630	AutoZone, Inc. (Consumer Discretionary)*		6,539,600
	42,721	Bank of America Corp. (Financials)		1,465,330
	6,680	Baxter International, Inc. (Health Care)		266,866
	4,610	Becton Dickinson and Co. (Health Care)		1,081,276
	9,805	Berkshire Hathaway, Inc., Class B (Financials)*		2,992,290
	4,894	Boston Scientific Corp. (Health Care)*		228,648
	53,753	Bristol-Myers Squibb Co. (Health Care)		3,706,807
	2,532	Broadcom, Inc. (Information Technology)		1,504,742
	5,690	Broadridge Financial Solutions, Inc. (Information Technology)		801,038
	3,641	Brown-Forman Corp., Class B (Consumer Staples)		236,192
	13,112	Campbell Soup Co. (Consumer Staples)		688,642
	24,700	Cardinal Health, Inc. (Health Care)		1,870,037
	12,076	CDW Corp. (Information Technology)		2,444,424
	21,262	CenterPoint Energy, Inc. (Utilities)		591,509
	25,452	C.H. Robinson Worldwide, Inc. (Industrials)		2,544,182
	18,623	Chevron Corp. (Energy)		2,994,020
	3,899	Chubb Ltd. (Financials)		822,767
	9,603	Church & Dwight Co., Inc. (Consumer Staples)		804,539
	4,618	Cintas Corp. (Industrials)		2,024,854
	101,195	Cisco Systems, Inc. (Information Technology)		4,899,862
	41,537	Citigroup, Inc. (Financials)		2,105,511
	8,618	CMS Energy Corp. (Utilities)		508,203
	52,302	Coca-Cola Co. (The) (Consumer Staples)		3,112,492
	51,723	Cognizant Technology Solutions Corp., Class A (Information Technology)		3,239,412
	66,111	Colgate-Palmolive Co. (Consumer Staples)		4,845,936
	59,097	Comcast Corp., Class A (Communication Services)		2,196,635
	84,024	Computershare Ltd. (Information Technology)		1,405,208
	23,586	Conagra Brands, Inc. (Consumer Staples)		858,766
	21,295	Consolidated Edison, Inc. (Utilities)		1,902,708
	1,226	Constellation Brands, Inc., Class A (Consumer Staples)		274,256
Common Stocks – (continued)
United States – (continued)
	699	Cooper Cos., Inc. (The) (Health Care)		228,552
	17,728	Corning, Inc. (Information Technology)		601,866
	11,454	Corteva, Inc. (Materials)		713,470
	5,706	Costco Wholesale Corp. (Consumer Staples)		2,762,731
	10,580	CSX Corp. (Industrials)		322,584
	2,255	Cummins, Inc. (Industrials)		548,145
	46,984	CVS Health Corp. (Health Care)		3,925,043
	27,549	Dell Technologies, Inc., Class C (Information Technology)		1,119,591
	14,223	Dollar General Corp. (Consumer Discretionary)		3,076,435
	1,647	Dover Corp. (Industrials)		246,885
	37,555	Dow, Inc. (Materials)		2,148,146
	7,377	DTE Energy Co. (Utilities)		809,331
	8,110	Duke Energy Corp. (Utilities)		764,449
	5,217	Edison International (Utilities)		345,418
	4,763	Electronic Arts, Inc. (Communication Services)		528,407
	4,991	Elevance Health, Inc. (Health Care)		2,344,123
	6,286	Eli Lilly & Co. (Health Care)		1,956,329
	6,427	Emerson Electric Co. (Industrials)		531,577
	2,430	Entergy Corp. (Utilities)		249,974
	971	Everest Re Group Ltd. (Financials)		372,835
	8,870	Evergy, Inc. (Utilities)		521,645
	22,983	Exelon Corp. (Utilities)		928,283
	14,891	Expeditors International of Washington, Inc. (Industrials)		1,557,003
	28,226	Exxon Mobil Corp. (Energy)		3,102,320
	13,114	F5, Inc. (Information Technology)*		1,875,040
	73,047	Fastenal Co. (Industrials)		3,766,303
	34,765	Fidelity National Financial, Inc. (Financials)		1,385,733
	33,858	Fidelity National Information Services, Inc. (Information Technology)		2,145,581
	10,588	FirstEnergy Corp. (Utilities)		418,650
	20,772	Fiserv, Inc. (Information Technology)*		2,390,649
	4,796	FleetCor Technologies, Inc. (Information Technology)*		1,030,133
	9,058	Fortive Corp. (Industrials)		603,806
	6,420	Gartner, Inc. (Information Technology)*		2,104,540
	13,837	Gen Digital, Inc. (Information Technology)		269,960
	19,787	General Dynamics Corp. (Industrials)		4,509,655
	23,382	General Mills, Inc. (Consumer Staples)		1,859,103
	30,136	Genuine Parts Co. (Consumer Discretionary)		5,329,853
	54,400	Gilead Sciences, Inc. (Health Care)		4,380,832
	153,851	GSK PLC (Health Care)		2,654,946
	168,388	Haleon PLC (Consumer Staples)*		656,324
	17,813	Hartford Financial Services Group, Inc. (The) (Financials)		1,394,402
	30,753	Henry Schein, Inc. (Health Care)*		2,408,267
	23,814	Hershey Co. (The) (Consumer Staples)		5,675,352
	252,082	Hewlett Packard Enterprise Co. (Information Technology)		3,935,000

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

GOLDMAN SACHS ACTIVEBETA^® WORLD LOW VOL PLUS EQUITY ETF

Shares		Description	Value
Common Stocks – (continued)
United States – (continued)
	12,098	Hologic, Inc. (Health Care)*	$	963,485
	15,476	Home Depot, Inc. (The) (Consumer Discretionary)		4,589,253
	5,948	Honeywell International, Inc. (Industrials)		1,138,923
	7,035	Hormel Foods Corp. (Consumer Staples)		312,213
	9,567	Illinois Tool Works, Inc. (Industrials)		2,230,642
	9,173	Intel Corp. (Information Technology)		228,683
	24,144	International Business Machines Corp. (Information Technology)		3,121,819
	6,387	International Paper Co. (Materials)		232,423
	1,470	Intuit, Inc. (Information Technology)		598,555
	2,343	IQVIA Holdings, Inc. (Health Care)*		488,445
	5,114	J M Smucker Co. (The) (Consumer Staples)		756,309
	36,033	Johnson & Johnson (Health Care)		5,522,418
	15,079	JPMorgan Chase & Co. (Financials)		2,161,575
	13,147	Kellogg Co. (Consumer Staples)		866,913
	30,522	Keurig Dr Pepper, Inc. (Consumer Staples)		1,054,535
	18,704	Keysight Technologies, Inc. (Information Technology)*		2,991,892
	8,812	Kimberly-Clark Corp. (Consumer Staples)		1,101,941
	25,043	Kinder Morgan, Inc. (Energy)		427,234
	42,299	Kraft Heinz Co. (The) (Consumer Staples)		1,647,123
	3,738	L3Harris Technologies, Inc. (Industrials)		789,428
	9,863	Laboratory Corp. of America Holdings (Health Care)		2,360,808
	18,016	Liberty Media Corp.-Liberty SiriusXM, Class A (Communication Services)*		583,538
	35,713	Liberty Media Corp.-Liberty SiriusXM, Class C (Communication Services)*		1,150,673
	4,407	Lockheed Martin Corp. (Industrials)		2,090,064
	31,239	Loews Corp. (Financials)		1,908,391
	22,096	Lowe’s Cos., Inc. (Consumer Discretionary)		4,546,252
	792	Markel Corp. (Financials)*		1,053,249
	30,420	Marsh & McLennan Cos., Inc. (Financials)		4,932,299
	49,407	Masco Corp. (Industrials)		2,590,409
	1,873	Mastercard, Inc., Class A (Information Technology)		665,458
	15,997	McDonald’s Corp. (Consumer Discretionary)		4,221,768
	7,859	McKesson Corp. (Health Care)		2,749,157
	33,065	Merck & Co., Inc. (Health Care)		3,512,826
	20,120	Meta Platforms, Inc., Class A (Communication Services)*		3,519,793
	9,287	MetLife, Inc. (Financials)		666,157
	49,767	Microsoft Corp. (Information Technology)		12,412,885
	30,730	Mondelez International, Inc., Class A (Consumer Staples)		2,002,981
	4,885	Monster Beverage Corp. (Consumer Staples)*		497,098
Common Stocks – (continued)
United States – (continued)
	11,039	Moody’s Corp. (Financials)		3,202,966
	17,343	Motorola Solutions, Inc. (Information Technology)		4,557,914
	12,962	Nasdaq, Inc. (Financials)		726,650
	13,927	Nestle SA (Consumer Staples)		1,576,288
	13,879	NetApp, Inc. (Information Technology)		895,889
	22,588	NiSource, Inc. (Utilities)		619,589
	4,192	Northrop Grumman Corp. (Industrials)		1,945,549
	7,588	NVIDIA Corp. (Information Technology)		1,761,630
	3,108	Omnicom Group, Inc. (Communication Services)		281,492
	3,407	Oracle Corp. (Information Technology)		297,772
	9,179	O’Reilly Automotive, Inc. (Consumer Discretionary)*		7,619,488
	12,534	Otis Worldwide Corp. (Industrials)		1,060,627
	18,057	PACCAR, Inc. (Industrials)		1,303,715
	1,551	Packaging Corp. of America (Materials)		212,053
	32,675	Paychex, Inc. (Information Technology)		3,607,320
	32,125	PepsiCo, Inc. (Consumer Staples)		5,574,651
	30,105	Pfizer, Inc. (Health Care)		1,221,360
	36,954	Philip Morris International, Inc. (Consumer Staples)		3,595,624
	24,629	PPL Corp. (Utilities)		666,707
	25,647	Procter & Gamble Co. (The) (Consumer Staples)		3,528,001
	9,780	Progressive Corp. (The) (Financials)		1,403,626
	16,474	Quest Diagnostics, Inc. (Health Care)		2,279,343
	12,895	Raytheon Technologies Corp. (Industrials)		1,264,871
	11,788	Realty Income Corp. REIT (Real Estate)		753,843
	3,520	Regeneron Pharmaceuticals, Inc. (Health Care)*		2,676,678
	20,474	Republic Services, Inc. (Industrials)		2,639,713
	5,405	Roche Holding AG (Health Care)		1,679,313
	5,959	Roche Holding AG (Health Care)		1,728,094
	1,490	Roper Technologies, Inc. (Information Technology)		640,998
	6,880	Royalty Pharma PLC, Class A (Health Care)		246,648
	4,708	Salesforce, Inc. (Information Technology)*		770,276
	19,414	Sanofi (Health Care)		1,830,117
	5,964	Sempra Energy (Utilities)		894,361
	5,044	Sherwin-Williams Co. (The) (Materials)		1,116,489
	160,059	Sirius XM Holdings, Inc. (Communication Services)(b)		702,659
	2,216	Snap-on, Inc. (Industrials)		551,075
	24,722	Southern Co. (The) (Utilities)		1,558,969
	46,440	SS&C Technologies Holdings, Inc. (Information Technology)		2,726,028
	1,081	Stryker Corp. (Health Care)		284,173
	6,397	TE Connectivity Ltd. (Information Technology)		814,466
	17,480	Texas Instruments, Inc. (Information Technology)		2,996,946

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

GOLDMAN SACHS ACTIVEBETA^® WORLD LOW VOL PLUS EQUITY ETF

Schedule of Investments (continued)

February 28, 2023 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
United States – (continued)
	125	Thermo Fisher Scientific, Inc. (Health Care)	$	67,720
	28,338	TJX Cos., Inc. (The) (Consumer Discretionary)		2,170,691
	4,002	T-Mobile US, Inc. (Communication Services)*		569,004
	9,536	Travelers Cos., Inc. (The) (Financials)		1,765,304
	12,276	Tyson Foods, Inc., Class A (Consumer Staples)		727,230
	803	Union Pacific Corp. (Industrials)		166,446
	2,399	United Parcel Service, Inc., Class B (Industrials)		437,794
	11,791	UnitedHealth Group, Inc. (Health Care)		5,611,809
	21,873	VeriSign, Inc. (Information Technology)*		4,305,263
	93,352	Verizon Communications, Inc. (Communication Services)		3,622,991
	6,858	Vertex Pharmaceuticals, Inc. (Health Care)*		1,990,809
	21,782	VICI Properties, Inc. REIT (Real Estate)		730,350
	4,959	Visa, Inc., Class A (Information Technology)		1,090,682
	10,542	VMware, Inc., Class A (Information Technology)*		1,160,990
	18,140	W R Berkley Corp. (Financials)		1,200,687
	4,570	Walgreens Boots Alliance, Inc. (Consumer Staples)		162,372
	42,245	Walmart, Inc. (Consumer Staples)		6,004,282
	3,337	Waste Connections, Inc. (Industrials)		447,858
	21,612	Waste Management, Inc. (Industrials)		3,236,613
	1,238	WEC Energy Group, Inc. (Utilities)		109,761
	36,760	Williams Cos., Inc. (The) (Energy)		1,106,476
	15,534	W.P. Carey, Inc. REIT (Real Estate)		1,260,739
	7,730	W.W. Grainger, Inc. (Industrials)		5,166,964
	5,288	Xcel Energy, Inc. (Utilities)		341,446
	6,722	Xylem, Inc. (Industrials)		690,013
	37,940	Yum! Brands, Inc. (Consumer Discretionary)		4,824,450
	2,793	Zebra Technologies Corp., Class A (Information Technology)*		838,598
	7,793	Zoetis, Inc. (Health Care)		1,301,431
				418,167,812
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $632,508,926)		$	602,056,016

Shares	Dividend Rate	Value
Securities Lending Reinvestment Vehicle – 0.3%(c)
Goldman Sachs Financial Square Government Fund – Institutional Shares
2,044,942	4.475%	$	2,044,942
(Cost $2,044,942)
TOTAL INVESTMENTS – 100.0%
(Cost $634,553,868)		$	604,100,958
LIABILITIES IN EXCESS OF OTHER     ASSETS – (0.0)%			(167,696	)
NET ASSETS – 100.0%		$	603,933,262

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:
CVA	—Dutch Certification
PLC	—Public Limited Company
REIT	—Real Estate Investment Trust

Sector Name	% of Market Value
Information Technology		20.8	%
Financials		15.4
Consumer Staples		13.5
Health Care		13.2
Industrials		11.8
Consumer Discretionary		9.0
Communication Services		7.7
Utilities		3.4
Energy		1.9
Materials		1.9
Real Estate		1.1
Securities Lending Reinvestment Vehicle		0.3
TOTAL INVESTMENTS		100.0	%

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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Statements of Assets and Liabilities

February 28, 2023 (Unaudited)

	ActiveBeta® Emerging Markets Equity ETF			ActiveBeta® Europe Equity ETF			ActiveBeta® International Equity ETF			ActiveBeta® Japan Equity ETF
Assets:
Investments at value (cost $870,601,979, $10,796,584, $2,824,456,505 and $11,988,381, respectively)(a)	$	902,605,404		$	11,233,455		$	3,051,651,972		$	12,326,368
Investments in securities lending reinvestment vehicle, at value which equals cost		4,335,015			74,219			49,602,357			262,939
Cash		4,541,389			50,690			3,785,599			6,885
Foreign currency, at value (cost $143,160, $—, $592,442 and $—, respectively)		143,331			—			595,040			—
Receivables:
Investments sold		22,093,699			166,170			87,903,660			481,374
Dividends		2,621,335			10,446			4,222,466			21,989
Reimbursement from investment adviser		85,677			—			—			—
Collateral on futures contracts		61,392			6,693			904,356			—
Foreign tax reclaims		42,176			57,597			2,937,577			—
Securities lending income		5,263			20			48,596			229
Fund shares sold		—			—			27,360,394			—
Other assets		457,570			—			—			—
Total assets		936,992,251			11,599,290			3,229,012,017			13,099,784
Liabilities:
Variation margin on futures contracts		13,419			124			218,623			—
Payables:
Investments purchased		28,343,362			213,759			92,403,115			484,672
Upon return of securities loaned		4,335,015			74,219			49,602,357			262,939
Foreign capital gains tax		2,672,733			—			—			—
Management fees		287,200			2,188			592,906			2,421
Fund shares redeemed		—			—			27,311,460			—
Foreign bank overdraft (cost $—, $915, $— and $55, respectively)		—			914			—			56
Accrued expenses		733,145			—			—			—
Total liabilities		36,384,874			291,204			170,128,461			750,088
Net Assets:
Paid-in capital		928,887,103			14,745,607			3,079,140,301			13,637,976
Total distributable loss		(28,279,726	)		(3,437,521	)		(20,256,745	)		(1,288,280	)
NET ASSETS	$	900,607,377		$	11,308,086		$	3,058,883,556		$	12,349,696
SHARES ISSUED AND OUTSTANDING
Shares outstanding no par value (unlimited shares authorized):		30,950,000			350,000			100,800,000			400,000
Net asset value per share:		$29.10			$32.31			$30.35			$30.87

(a) Includes loaned securities having a market value of $3,929,666, $62,901, $47,334,036 and $250,111 for ActiveBeta^® Emerging Markets Equity ETF, ActiveBeta^® Europe Equity ETF, ActiveBeta^® International Equity ETF and ActiveBeta^® Japan Equity ETF, respectively.

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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Statements of Assets and Liabilities (continued)

February 28, 2023 (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		ActiveBeta® World Low Vol Plus Equity ETF
Assets:
Investments at value (cost $8,967,350, $8,753,442,443, $453,347,856 and $632,508,926, respectively)(a)	$	8,292,547		$	10,585,189,859	$	467,580,120	$	602,056,016
Investments in securities lending reinvestment vehicle, at value which equals cost		—			—		2,262,941		2,044,942
Cash		11,795			14,830,443		4,006,978		747,119
Foreign currency, at value (cost $—, $—, $— and $9,728, respectively)		—			—		—		9,611
Receivables:
Dividends		9,628			15,966,668		473,595		971,668
Reimbursement from investment adviser		2,716			—		—		—
Collateral on futures contracts		—			—		255,600		—
Securities lending income		—			4		1,805		3,402
Foreign tax reclaims		—			—		612		263,184
Total assets		8,316,686			10,615,986,974		474,581,651		606,095,942
Liabilities:
Payables:
Upon return of securities loaned		—			—		2,262,941		2,044,942
Management fees		—			753,541		74,179		117,739
Total liabilities		—			753,541		2,337,120		2,162,681
Net Assets:
Paid-in capital		9,450,308			9,064,345,303		469,915,581		651,883,907
Total distributable earnings (loss)		(1,133,622	)		1,550,888,130		2,328,950		(47,950,645	)
NET ASSETS	$	8,316,686		$	10,615,233,433	$	472,244,531	$	603,933,262
SHARES ISSUED AND OUTSTANDING
Shares outstanding no par value (unlimited shares authorized):		250,000			134,452,500		8,050,000		15,600,000
Net asset value per share:		$33.27			$78.95		$58.66		$38.71

(a) Includes loaned securities having a market value of $–, $–, $2,195,968 and $1,911,748 for ActiveBeta^® Paris-Aligned Climate U.S. Large Cap Equity ETF, ActiveBeta^® U.S. Large Cap Equity ETF, ActiveBeta^® U.S. Small Cap Equity ETF and ActiveBeta^® World Low Vol Plus Equity ETF, respectively.

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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Statements of Operations

For the Six Months Ended February 28, 2023 (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 $1,215,756, $9,881, $2,276,845 and $15,895, respectively)	$	9,818,130		$	95,146		$	29,375,803		$	142,215
Non cash dividend income		1,886,450			—			—			—
Securities lending income — unaffiliated issuer		58,510			1,110			350,300			1,312
Total investment income		11,763,090			96,256			29,726,103			143,527
Expenses:
Management fees		1,866,594			7,277			3,406,122			8,772
Custody, accounting and administrative services		490,176			—			—			—
Printing and mailing costs		95,002			—			—			—
Professional fees		55,393			—			—			—
Trustee fees		25,259			6,015			61,037			6,027
Other		18,084			—			—			—
Total expenses		2,550,508			13,292			3,467,159			14,799
Less — expense reductions		(450,589	)		—			—			—
Net expenses		2,099,919			13,292			3,467,159			14,799
NET INVESTMENT INCOME		9,663,171			82,964			26,258,944			128,728
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		(17,114,734	)		(96,177	)		(40,553,175	)		(103,728	)
In-kind redemptions		1,882,421			(177,083	)		12,512,749			—
Futures contracts		(669,255	)		4,046			(347,059	)		3,928
Foreign currency transactions		(378,411	)		(2,112	)		(97,402	)		5,004
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers (including the effects of the net change in foreign capital gains tax liability of $2,672,733, $—, $— and $—, respectively)		1,150,629			1,713,391			293,069,404			395,358
Futures contracts		8,434			2,586			668,352			—
Foreign currency translations		(68,008	)		4,746			516,999			(191	)
Net realized and unrealized gain (loss)		(15,188,924	)		1,449,397			265,769,868			300,371
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(5,525,753	)	$	1,532,361		$	292,028,812		$	429,099

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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Statements of Operations (continued)

For the Six Months Ended February 28, 2023 (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			ActiveBeta® World Low Vol Plus Equity ETF
Investment income:
Dividends — unaffiliated issuers (net of foreign withholding taxes of $—, $—, $41,596 and $228,500, respectively)	$	59,873		$	85,616,439		$	3,797,569		$	5,748,367
Securities lending income — unaffiliated issuer		3			41,485			31,699			4,173
Total investment income		59,876			85,657,924			3,829,268			5,752,540
Expenses:
Trustee fees		5,933			225,914			15,078			17,081
Management fees		1,823			4,599,147			439,362			696,591
Total expenses		7,756			4,825,061			454,440			713,672
NET INVESTMENT INCOME		52,120			80,832,863			3,374,828			5,038,868
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		(244,010	)		(202,250,285	)		(6,067,971	)		(12,640,681	)
In-kind redemptions		—			506,322,653			14,834,745			—
Futures contracts		—			(947,564	)		(467,305	)		—
Foreign currency transactions		—			—			—			7,130
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		545,091			(230,582,047	)		12,172,220			23,889,390
Futures contracts		—			—			(32,108	)		—
Foreign currency translations		—			—			—			8,608
Net realized and unrealized gain		301,081			72,542,757			20,439,581			11,264,447
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	353,201		$	153,375,620		$	23,814,409		$	16,303,315

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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Statements of Changes in Net Assets

	ActiveBeta® Emerging Markets Equity ETF						ActiveBeta® Europe Equity ETF
	For the Six Months Ended February 28, 2023 (Unaudited)			For the Fiscal Year Ended August 31, 2022			For the Six Months Ended February 28, 2023 (Unaudited)			For the Fiscal Year Ended August 31, 2022
From operations:
Net investment income	$	9,663,171		$	40,487,439		$	82,964		$	552,625
Net realized gain (loss)		(16,279,979	)		(13,373,376	)		(271,326	)		72,961
Net change in unrealized gain (loss)		1,091,055			(329,818,743	)		1,720,723			(5,677,140	)
Net increase (decrease) in net assets resulting from operations		(5,525,753	)		(302,704,680	)		1,532,361			(5,051,554	)
Distributions to shareholders:
From distributable earnings		(8,396,567	)		(53,609,786	)		(40,227	)		(658,039	)
From share transactions:
Proceeds from sales of shares		—			46,098,249			—			1,790,294
Cost of shares redeemed		(110,678,002	)		(52,865,514	)		(2,547,510	)		(4,610,459	)
Net decrease in net assets resulting from share transactions		(110,678,002	)		(6,767,265	)		(2,547,510	)		(2,820,165	)
TOTAL DECREASE		(124,600,322	)		(363,081,731	)		(1,055,376	)		(8,529,758	)
Net assets:
Beginning of period	$	1,025,207,699		$	1,388,289,430		$	12,363,462		$	20,893,220
End of period	$	900,607,377		$	1,025,207,699		$	11,308,086		$	12,363,462

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

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, 2023 (Unaudited)			For the Fiscal Year Ended August 31, 2022			For the Six Months Ended February 28, 2023 (Unaudited)			For the Fiscal Year Ended August 31, 2022
From operations:
Net investment income	$	26,258,944		$	89,902,288		$	128,728		$	279,094
Net realized loss		(28,484,887	)		(83,840,464	)		(94,796	)		(665,882	)
Net change in unrealized gain (loss)		294,254,755			(686,189,583	)		395,167			(2,432,140	)
Net increase (decrease) in net assets resulting from operations		292,028,812			(680,127,759	)		429,099			(2,818,928	)
Distributions to shareholders:
From distributable earnings		(25,290,698	)		(93,382,329	)		(138,176	)		(285,200	)
From share transactions:
Proceeds from sales of shares		116,375,843			495,342,351			—			—
Cost of shares redeemed		(44,267,174	)		(95,030,975	)		—			—
Net increase in net assets resulting from share transactions		72,108,669			400,311,376			—			—
TOTAL INCREASE (DECREASE)		338,846,783			(373,198,712	)		290,923			(3,104,128	)
Net assets:
Beginning of period	$	2,720,036,773		$	3,093,235,485		$	12,058,773		$	15,162,901
End of period	$	3,058,883,556		$	2,720,036,773		$	12,349,696		$	12,058,773

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

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 Six Months Ended February 28, 2023 (Unaudited)			For the Period December 13, 2021* to August 31, 2022			For the Six Months Ended February 28, 2023 (Unaudited)			For the Fiscal Year Ended August 31, 2022
From operations:
Net investment income	$	52,120		$	63,472		$	80,832,863		$	177,914,041
Net realized gain (loss)		(244,010	)		(230,839	)		303,124,804			647,304,822
Net change in unrealized gain (loss)		545,091			(1,219,894	)		(230,582,047	)		(2,624,189,006	)
Net increase (decrease) in net assets resulting from operations		353,201			(1,387,261	)		153,375,620			(1,798,970,143	)
Distributions to shareholders:
From distributable earnings		(51,886	)		(47,676	)		(89,009,000	)		(174,777,118	)
From share transactions:
Proceeds from sales of shares		1,515,654			7,934,654			260,988,473			1,516,359,247
Cost of shares redeemed		—			—			(1,326,615,607	)		(1,695,965,517	)
Net increase (decrease) in net assets resulting from share transactions		1,515,654			7,934,654			(1,065,627,134	)		(179,606,270	)
TOTAL INCREASE (DECREASE)		1,816,969			6,499,717			(1,001,260,514	)		(2,153,353,531	)
Net assets:
Beginning of period	$	6,499,717		$	—		$	11,616,493,947		$	13,769,847,478
End of period	$	8,316,686		$	6,499,717		$	10,615,233,433		$	11,616,493,947

* Commencement of operations.

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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Statements of Changes in Net Assets (continued)

	ActiveBeta® U.S. Small Cap Equity ETF						ActiveBeta® World Low Vol Plus Equity ETF
	For the Six Months Ended February 28, 2023 (Unaudited)			For the Fiscal Year Ended August 31, 2022			For the Six Months Ended February 28, 2023 (Unaudited)			For the Period March 15, 2022* to August 31, 2022
From operations:
Net investment income	$	3,374,828		$	5,489,225		$	5,038,868		$	6,264,424
Net realized gain (loss)		8,299,469			3,891,164			(12,633,551	)		(6,378,645	)
Net change in unrealized gain (loss)		12,140,112			(71,373,057	)		23,897,998			(54,360,729	)
Net increase (decrease) in net assets resulting from operations		23,814,409			(61,992,668	)		16,303,315			(54,474,950	)
Distributions to shareholders:
From distributable earnings		(3,206,988	)		(5,603,655	)		(5,381,682	)		(4,397,328	)
From share transactions:
Proceeds from sales of shares		14,733,631			176,204,999			34,899,844			616,984,063
Cost of shares redeemed		(46,366,312	)		(37,882,026	)		—			—
Net increase (decrease) in net assets resulting from share transactions		(31,632,681	)		138,322,973			34,899,844			616,984,063
TOTAL INCREASE (DECREASE)		(11,025,260	)		70,726,650			45,821,477			558,111,785
Net assets:
Beginning of period	$	483,269,791		$	412,543,141		$	558,111,785		$	—
End of period	$	472,244,531		$	483,269,791		$	603,933,262		$	558,111,785

* Commencement of operations.

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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

	ActiveBeta® Emerging Markets Equity ETF
	For the Six Months Ended February 28, 2023 (Unaudited)			For the Fiscal Year Ended August 31,
				2022			2021			2020			2019			2018
Per Share Operating Performance:
Net asset value, beginning of period	$	29.42		$	39.33		$	33.28		$	31.12		$	32.98		$	33.73
Net investment income(a)		0.29			1.13			0.67			0.80	(b)		0.75			0.77
Net realized and unrealized gain (loss)		(0.36	)		(9.55	)		6.07			2.17			(1.79	)		(0.84	)
Total gain (loss) from investment operations		(0.07	)		(8.42	)		6.74			2.97			(1.04	)		(0.07	)
Distributions to shareholders from net investment income		(0.25	)		(1.49	)		(0.69	)		(0.81	)		(0.82	)		(0.68	)
Net asset value, end of period	$	29.10		$	29.42		$	39.33		$	33.28		$	31.12		$	32.98
Market price, end of period	$	28.93		$	29.03		$	39.16		$	33.28		$	31.14		$	32.87
Total Return at Net Asset Value(c)		(0.10	)%		(21.97	)%		20.49	%		9.55	%		(3.21	)%		(0.28	)%
Net assets, end of period (in 000’s)	$	900,607		$	1,025,208		$	1,388,289		$	1,710,477		$	1,699,201		$	1,688,540
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		0.55	%(d)		0.51	%		0.51	%		0.52	%		0.51	%		0.51	%
Ratio of net investment income to average net assets		2.07	%(d)		3.29	%		1.76	%		2.55	%(b)		2.37	%		2.19	%
Portfolio turnover rate(e)		8	%		18	%		46	%		38	%		28	%		28	%

(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.

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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	ActiveBeta® Europe Equity ETF
	For the Six Months Ended February 28, 2023 (Unaudited)			For the Fiscal Year Ended August 31,
				2022			2021			2020			2019			2018
Per Share Operating Performance:
Net asset value, beginning of period	$	27.47		$	37.99		$	29.85		$	28.59		$	30.82		$	30.39
Net investment income(a)		0.23	(b)		1.01			0.84			0.58			0.89			0.95
Net realized and unrealized gain (loss)		4.72			(10.29	)		8.15			1.27			(1.84	)		0.37
Total gain (loss) from investment operations		4.95			(9.28	)		8.99			1.85			(0.95	)		1.32
Distributions to shareholders from net investment income		(0.11	)		(1.24	)		(0.85	)		(0.59	)		(1.28	)		(0.89	)
Net asset value, end of period	$	32.31		$	27.47		$	37.99		$	29.85		$	28.59		$	30.82
Market price, end of period	$	32.08		$	27.26		$	38.05		$	29.81		$	28.62		$	30.73
Total Return at Net Asset Value(c)		18.06	%		(24.81	)%		30.45	%		6.69	%		(3.15	)%		4.40	%
Net assets, end of period (in 000’s)	$	11,308		$	12,363		$	20,893		$	16,416		$	18,584		$	73,963
Ratio of total expenses to average net assets		0.25	%(d)		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%
Ratio of net investment income to average net assets		1.56	%(b)(d)		2.98	%		2.47	%		2.01	%		3.07	%		3.02	%
Portfolio turnover rate(e)		7	%		19	%		19	%		18	%		17	%		23	%

(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 0.15% 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.

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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	ActiveBeta® International Equity ETF
	For the Six Months Ended February 28, 2023 (Unaudited)			For the Fiscal Year Ended August 31,
				2022			2021			2020			2019			2018
Per Share Operating Performance:
Net asset value, beginning of period	$	27.64		$	35.76		$	28.72		$	27.70		$	29.42		$	28.38
Net investment income(a)		0.27			0.96			0.75			0.57			0.86			0.76
Net realized and unrealized gain (loss)		2.70			(8.07	)		6.97			1.05			(1.78	)		1.02
Total gain (loss) from investment operations		2.97			(7.11	)		7.72			1.62			(0.92	)		1.78
Distributions to shareholders from net investment income		(0.26	)		(1.01	)		(0.68	)		(0.60	)		(0.80	)		(0.74	)
Net asset value, end of period	$	30.35		$	27.64		$	35.76		$	28.72		$	27.70		$	29.42
Market price, end of period	$	30.24		$	27.52		$	35.75		$	28.63		$	27.73		$	29.45
Total Return at Net Asset Value(b)		10.85	%		(20.18	)%		27.12	%		5.96	%		(3.09	)%		6.30	%
Net assets, end of period (in 000’s)	$	3,058,884		$	2,720,037		$	3,093,235		$	1,743,562		$	1,545,601		$	1,094,462
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		1.89	%(c)		2.97	%		2.31	%		2.08	%		3.10	%		2.56	%
Portfolio turnover rate(d)		7	%		18	%		21	%		20	%		17	%		16	%

(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. 95

GOLDMAN SACHS ACTIVEBETA^® ETFS

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	ActiveBeta® Japan Equity ETF
	For the Six Months Ended February 28, 2023 (Unaudited)			For the Fiscal Year Ended August 31,
				2022			2021			2020			2019			2018
Per Share Operating Performance:
Net asset value, beginning of period	$	30.15		$	37.91		$	32.60		$	30.59		$	32.99		$	30.71
Net investment income(a)		0.32			0.70			0.60			0.66			0.82			0.54
Net realized and unrealized gain (loss)		0.75			(7.75	)		5.25			2.15			(2.29	)		2.36
Total gain (loss) from investment operations		1.07			(7.05	)		5.85			2.81			(1.47	)		2.90
Distributions to shareholders from net investment income		(0.35	)		(0.71	)		(0.54	)		(0.80	)		(0.93	)		(0.62	)
Net asset value, end of period	$	30.87		$	30.15		$	37.91		$	32.60		$	30.59		$	32.99
Market price, end of period	$	30.83		$	29.78		$	37.75		$	32.51		$	30.52		$	32.90
Total Return at Net Asset Value(b)		3.55	%		(18.76	)%		18.02	%		9.15	%		(4.32	)%		9.42	%
Net assets, end of period (in 000’s)	$	12,350		$	12,059		$	15,163		$	19,561		$	24,468		$	52,778
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		2.17	%(c)		2.03	%		1.64	%		2.09	%		2.64	%		1.62	%
Portfolio turnover rate(d)		8	%		21	%		21	%		18	%		33	%		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.

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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout the Period

	ActiveBeta® Paris-Aligned Climate U.S. Large Cap Equity ETF
	For the Six Months Ended February 28, 2023 (Unaudited)			For the Period December 13, 2021* to August 31, 2022
Per Share Operating Performance:
Net asset value, beginning of period	$	32.50		$	39.67
Net investment income(a)		0.22			0.32
Net realized and unrealized gain (loss)		0.78			(7.25	)
Total gain (loss) from investment operations		1.00			(6.93	)
Distributions to shareholders from net investment income		(0.23	)		(0.24	)
Net asset value, end of period	$	33.27		$	32.50
Market price, end of period	$	33.31		$	32.55
Total Return at Net Asset Value(b)		3.12	%		(17.52	)%
Net assets, end of period (in 000’s)	$	8,317		$	6,500
Ratio of total expenses to average net assets		0.20	%(c)		0.20	%(c)
Ratio of net investment income to average net assets		1.34	%(c)		1.24	%(c)
Portfolio turnover rate(d)		12	%		19	%

 * 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. 97

GOLDMAN SACHS ACTIVEBETA^® ETFS

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	ActiveBeta® U.S. Large Cap Equity ETF
	For the Six Months Ended February 28, 2023 (Unaudited)			For the Fiscal Year Ended August 31,
				2022			2021			2020			2019			2018
Per Share Operating Performance:
Net asset value, beginning of period	$	78.36		$	90.95		$	70.70		$	59.09		$	58.75		$	49.16
Net investment income(a)		0.58			1.17			0.96			1.06			1.03			0.96
Net realized and unrealized gain (loss)		0.65			(12.61	)		20.21			11.62			0.30			9.56
Total gain (loss) from investment operations		1.23			(11.44	)		21.17			12.68			1.33			10.52
Distributions to shareholders from net investment income		(0.64	)		(1.15	)		(0.92	)		(1.07	)		(0.99	)		(0.93	)
Net asset value, end of period	$	78.95		$	78.36		$	90.95		$	70.70		$	59.09		$	58.75
Market price, end of period	$	78.83		$	78.33		$	90.91		$	70.61		$	59.07		$	58.75
Total Return at Net Asset Value(b)		1.62	%		(12.70	)%		30.21	%		21.81	%		2.42	%		21.65	%
Net assets, end of period (in 000’s)	$	10,615,233		$	11,616,494		$	13,769,847		$	10,427,895		$	6,606,050		$	3,980,297
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		1.51	%(c)		1.36	%		1.22	%		1.72	%		1.82	%		1.78	%
Portfolio turnover rate(d)		6	%		12	%		16	%		17	%		16	%		16	%

(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.

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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	ActiveBeta® U.S. Small Cap Equity ETF
	For the Six Months Ended February 28, 2023 (Unaudited)			For the Fiscal Year Ended August 31,
				2022			2021			2020			2019			2018
Per Share Operating Performance:
Net asset value, beginning of period	$	55.87		$	64.97		$	43.57		$	42.84		$	49.49		$	39.65
Net investment income(a)		0.41	(b)		0.74	(c)		0.53	(d)		0.51			0.57			0.56
Net realized and unrealized gain (loss)		2.78			(9.07	)		21.35			0.78			(6.66	)		9.79
Total gain (loss) from investment operations		3.19			(8.33	)		21.88			1.29			(6.09	)		10.35
Distributions to shareholders from net investment income		(0.40	)		(0.77	)		(0.48	)		(0.56	)		(0.56	)		(0.51	)
Net asset value, end of period	$	58.66		$	55.87		$	64.97		$	43.57		$	42.84		$	49.49
Market price, end of period	$	58.61		$	55.92		$	64.94		$	43.63		$	42.84		$	49.55
Total Return at Net Asset Value(e)		5.77	%		(12.95	)%		50.45	%		3.13	%		(12.28	)%		26.28	%
Net assets, end of period (in 000’s)	$	472,245		$	483,270		$	412,543		$	152,484		$	96,399		$	47,014
Ratio of total expenses to average net assets		0.20	%(f)		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%
Ratio of net investment income to average net assets		1.49	%(b)(f)		1.22	%(c)		0.90	%(d)		1.21	%		1.32	%		1.24	%
Portfolio turnover rate(g)		5	%		20	%		25	%		20	%		20	%		27	%

(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 0.12% of average net assets.

(c) Reflects income recognized from non-recurring special dividends which amounted to $0.21 per share and 0.34% of average net assets.

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

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

(f) Annualized.

(g) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions, 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. 99

GOLDMAN SACHS ACTIVEBETA^® ETFS

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	ActiveBeta® World Low Vol Plus Equity  ETF
	For the Six Months Ended February 28, 2023 (Unaudited)			For the Period March 15, 2022* to August 31, 2022
Per Share Operating Performance:
Net asset value, beginning of period	$	37.97		$	40.57
Net investment income(a)		0.33			0.47
Net realized and unrealized gain (loss)		0.77			(2.76	)
Total gain (loss) from investment operations		1.10			(2.29	)
Distributions to shareholders from net investment income		(0.36	)		(0.31	)
Net asset value, end of period	$	38.71		$	37.97
Market price, end of period	$	38.68		$	37.98
Total Return at Net Asset Value(b)		2.93	%		(5.65	)%
Net assets, end of period (in 000’s)	$	603,933		$	558,112
Ratio of total expenses to average net assets		0.25	%(c)		0.25	%(c)
Ratio of net investment income to average net assets		1.76	%(c)		2.54	%(c)
Portfolio turnover rate(d)		15	%		13	%

 * 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 ACTIVEBETA^® ETFS

Notes to Financial Statements

February 28, 2023 (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
Goldman Sachs ActiveBeta® World Low Vol Plus Equity ETF (“ActiveBeta® World Low Vol Plus 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 and ActiveBeta^® World Low Vol Plus Equity ETF, which 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

101

GOLDMAN SACHS ACTIVEBETA^® ETFS

Notes to Financial Statements (continued)

February 28, 2023 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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. 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, unrealized gains and losses are recorded daily and become realized gains and losses upon disposition or termination 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, with the exception of ActiveBeta^® Europe Equity ETF and ActiveBeta^® Japan Equity ETF, which are paid semiannually. 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;

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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. With respect to the Funds’ investments that do not have readily available market quotations, the Trustees have designated the Adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940 (the “Valuation Designee”). GSAM has 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 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 either due to broker/receivable for collateral on certain derivative 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,

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Notes to Financial Statements (continued)

February 28, 2023 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security. Upon entering into a futures contract, a Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.

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 the Valuation Procedures. 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, 2023:

ACTIVEBETA® EMERGING MARKETS EQUITY ETF
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Africa	$	38,264,875		$	—	$	—
Asia		739,304,925			22,753,868		198,714
Europe		18,940,981			—		—
North America		31,368,093			—		—
South America		40,920,391	��		10,853,557		—
Securities Lending Reinvestment Vehicle		4,335,015			—		—
Total	$	873,134,280		$	33,607,425	$	198,714

(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
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Africa	$	26,086		$	—	$	—
Asia		85,615			—		—
Europe		9,887,983			83,436		—
North America		965,478			—		—
Oceania		170,534			—		—
South America		14,323			—		—
Securities Lending Reinvestment Vehicle		74,219			—		—
Total	$	11,224,238		$	83,436	$	—
Derivative Type
Assets(b)
Futures Contracts	$	1,589		$	—	$	—
ACTIVEBETA® INTERNATIONAL EQUITY ETF
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Africa	$	6,537,108		$	—	$	—
Asia		708,979,851			710,446		—
Europe		1,588,551,356			13,653,779		—
North America		503,947,514			2,168,867		—
Oceania		223,648,724			—		—
South America		3,454,327			—		—
Securities Lending Reinvestment Vehicle		49,602,357			—		—
Total	$	3,084,721,237		$	16,533,092	$	—
Derivative Type
Liabilities(b)
Futures Contracts	$	(31,024	)	$	—	$	—
ACTIVEBETA® JAPAN EQUITY ETF
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	12,326,368		$	—	$	—
Securities Lending Reinvestment Vehicle		262,939			—		—
Total	$	12,589,307		$	—	$	—

(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.

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Notes to Financial Statements (continued)

February 28, 2023 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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	$	20,205		$	—	$	—
North America		8,272,342			—		—
Total	$	8,292,547		$	—	$	—
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	$	18,841,940		$	—	$	—
North America		10,566,347,919			—		—
Total	$	10,585,189,859		$	—	$	—
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	$	653,386		$	—	$	—
Asia		2,078,951			—		—
Europe		2,611,338			—		—
North America		461,897,000			—		3,666
South America		335,779			—		—
Securities Lending Reinvestment Vehicle		2,262,941			—		—
Total	$	469,839,395		$	—	$	3,666
Derivative Type
Liabilities(b)
Futures Contracts	$	(20,015	)	$	—	$	—

(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.

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

ACTIVEBETA® WORLD LOW VOL PLUS EQUITY ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	55,072,071	$	133,758	$	—
Europe		87,628,284		—		—
North America		444,810,473		—		—
Oceania		14,411,430		—		—
Securities Lending Reinvestment Vehicle		2,044,942		—		—
Total	$	603,967,200	$	133,758	$	—

(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 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, 2023. 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	$	1,589
Equity	Goldman Sachs ActiveBeta® International Equity ETF		Variation Margin on Futures Contracts		(31,024	)
Equity	Goldman Sachs ActiveBeta® U.S. Small Cap Equity ETF		Variation Margin on Futures Contracts		(20,015	)

(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, 2023 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, 2023. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and

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Notes to Financial Statements (continued)

February 28, 2023 (Unaudited)

4. INVESTMENTS IN DERIVATIVES (continued)

accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in “Net realized gain (loss)” or “Net change in unrealized gain (loss)” on the Statements of Operations:

Risk	Fund	Net Realized Gain (Loss) from Futures Contracts			Net Change in Unrealized Gain (Loss) on Futures Contracts
Equity	Goldman Sachs ActiveBeta® Emerging Markets Equity ETF	$	(669,255	)	$	8,434
Equity	Goldman Sachs ActiveBeta® Europe Equity ETF		4,046			2,586
Equity	Goldman Sachs ActiveBeta® International Equity ETF		(347,059	)		668,352
Equity	Goldman Sachs ActiveBeta® Japan Equity ETF		3,928			—
Equity	Goldman Sachs ActiveBeta® U.S. Large Cap Equity ETF		(947,564	)		—
Equity	Goldman Sachs ActiveBeta® U.S. Small Cap Equity ETF		(467,305	)		(32,108	)

For the six months ended February 28, 2023, the relevant values for each derivative type was as follows:

Fund	Average Number of Contracts(a)
Goldman Sachs ActiveBeta® Emerging Markets Equity ETF		12
Goldman Sachs ActiveBeta® Europe Equity ETF		2
Goldman Sachs ActiveBeta® International Equity ETF		58
Goldman Sachs ActiveBeta® U.S. Small Cap Equity ETF		31

(a) Amount disclosed represents average number of contracts for the months that the Fund held such derivatives during the six months ended February 28, 2023.

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

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

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

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5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the six months ended February 28, 2023, 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	%
ActiveBeta® World Low Vol Plus Equity ETF		0.25	%

For the six months ended February 28, 2023, 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, 2023, these expense reimbursements amounted to $450,589.

6. CREATION AND REDEMPTION OF CREATION UNITS

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

Authorized Participants transacting in Creation Units for cash may also pay a variable charge to compensate the relevant fund for certain transaction costs (e.g. taxes on currency or other financial transactions, and brokerage costs) and market impact

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Notes to Financial Statements (continued)

February 28, 2023 (Unaudited)

6. CREATION AND REDEMPTION OF CREATION UNITS (continued)

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.

	ActiveBeta® Emerging Markets Equity ETF
	For the Six Months Ended February 28, 2023 (Unaudited)						For the Fiscal Year Ended August 31, 2022
	Shares			Dollars			Shares			Dollars
Fund Share Activity
Shares Sold		—		$	—			1,200,000		$	45,853,209
Shares Redeemed		(3,900,000	)		(111,197,329	)		(1,650,000	)		(52,865,514	)
NET DECREASE IN SHARES		(3,900,000	)	$	(111,197,329	)		(450,000	)	$	(7,012,305	)
	ActiveBeta® Europe Equity ETF
	For the Six Months Ended February 28, 2023 (Unaudited)						For the Fiscal Year Ended August 31, 2022
	Shares			Dollars			Shares			Dollars
Fund Share Activity
Shares Sold		—		$	—			50,000		$	1,790,247
Shares Redeemed		(100,000	)		(2,546,984	)		(150,000	)		(4,610,459	)
NET DECREASE IN SHARES		(100,000	)	$	(2,546,984	)		(100,000	)	$	(2,820,212	)
	ActiveBeta® International Equity ETF
	For the Six Months Ended February 28, 2023 (Unaudited)						For the Fiscal Year Ended August 31, 2022
	Shares			Dollars			Shares			Dollars
Fund Share Activity
Shares Sold		3,900,000		$	116,367,915			15,100,000		$	495,288,336
Shares Redeemed		(1,500,000	)		(44,265,384	)		(3,200,000	)		(95,030,974	)
NET INCREASE IN SHARES		2,400,000		$	72,102,531			11,900,000		$	400,257,362
	ActiveBeta® Japan Equity ETF
	For the Six Months Ended February 28, 2023 (Unaudited)						For the Fiscal Year Ended August 31, 2022
	Shares			Dollars			Shares			Dollars
Fund Share Activity
Shares Sold		—		$	—			—		$	—
Shares Redeemed		—			—			—			—
NET DECREASE IN SHARES		—		$	—			—		$	—

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6. CREATION AND REDEMPTION OF CREATION UNITS (continued)

	ActiveBeta® Paris-Aligned Climate U.S. Large Cap Equity ETF
	For the Six Months Ended February 28, 2023 (Unaudited)						For the Fiscal Year Ended August 31, 2022
	Shares			Dollars			Shares			Dollars
Fund Share Activity
Shares Sold		50,000		$	1,515,654			200,001		$	7,934,694
Shares Redeemed		—			—			(1	)		(40	)
NET DECREASE IN SHARES		50,000		$	1,515,654			200,000		$	7,934,654
	ActiveBeta® U.S. Large Cap Equity ETF
	For the Six Months Ended February 28, 2023 (Unaudited)						For the Fiscal Year Ended August 31, 2022
	Shares			Dollars			Shares			Dollars
Fund Share Activity
Shares Sold		3,350,000		$	260,988,473			17,200,000		$	1,516,359,247
Shares Redeemed		(17,150,000	)		(1,326,615,607	)		(20,350,000	)		(1,695,965,517	)
NET INCREASE IN SHARES		(13,800,000	)	$	(1,065,627,134	)		(3,150,000	)	$	(179,606,270	)
	ActiveBeta® U.S. Small Cap Equity ETF
	For the Six Months Ended February 28, 2023 (Unaudited)						For the Fiscal Year Ended August 31, 2022
	Shares			Dollars			Shares			Dollars
Fund Share Activity
Shares Sold		250,000		$	14,733,631			2,950,000		$	176,204,999
Shares Redeemed		(850,000	)		(46,366,312	)		(650,000	)		(37,882,026	)
NET INCREASE IN SHARES		(600,000	)	$	(31,632,681	)		2,300,000		$	138,322,973
	ActiveBeta® World Low Vol Plus Equity ETF
	For the Six Months Ended February 28, 2023 (Unaudited)						For the Fiscal Year Ended August 31, 2022
	Shares			Dollars			Shares			Dollars
Fund Share Activity
Shares Sold		900,000		$	34,901,635			14,700,000		$	616,984,063
Shares Redeemed		—			—			—			—
NET INCREASE IN SHARES		900,000		$	34,901,635			14,700,000		$	616,984,063

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Notes to Financial Statements (continued)

February 28, 2023 (Unaudited)

7. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales of long-term securities for the six months ended February 28, 2023, were as follows:

Fund	Purchases		Sales
ActiveBeta® Emerging Markets Equity  ETF	$	73,200,828	$	153,180,340
ActiveBeta® Europe Equity ETF		737,388		708,061
ActiveBeta® International Equity ETF		242,203,579		200,427,251
ActiveBeta® Japan Equity ETF		1,000,689		1,013,072
ActiveBeta®  Paris-Aligned Climate U.S. Large Cap Equity ETF		936,105		939,264
ActiveBeta® U.S. Large Cap Equity  ETF		626,050,293		612,655,668
ActiveBeta® U.S. Small Cap Equity  ETF		29,837,444		22,256,461
ActiveBeta® World Low Vol Plus Equity ETF		84,919,759		85,294,748

The purchases and sales from in-kind creation and redemption transactions for the six months ended February 28, 2023, were as follows:

Fund	Purchases		Sales
ActiveBeta® Emerging Markets Equity  ETF	$	—	$	21,843,298
ActiveBeta® Europe Equity ETF		—		2,510,871
ActiveBeta® International Equity ETF		81,103,511		44,059,815
ActiveBeta® Japan Equity ETF		—		—
ActiveBeta®  Paris-Aligned Climate U.S. Large Cap Equity ETF		1,521,899		—
ActiveBeta® U.S. Large Cap Equity  ETF		237,766,874		1,324,279,381
ActiveBeta® U.S. Small Cap Equity  ETF		14,587,339		45,976,953
ActiveBeta® World Low Vol Plus Equity ETF		34,441,884		—

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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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, 2023, 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, 2023, 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, 2023:

Fund	Beginning value as of August 31, 2022		Purchases at Cost		Proceeds from Sales			Ending value as of February 28, 2023
ActiveBeta® Emerging Markets Equity ETF	$	10,851,775	$	35,049,086	$	(41,565,846	)	$	4,335,015
ActiveBeta® Europe Equity ETF		61,124		1,019,119		(1,006,024	)		74,219
ActiveBeta® International Equity ETF		59,641,107		293,370,234		(303,408,984	)		49,602,357
ActiveBeta® Japan Equity ETF		862,006		2,042,757		(2,641,824	)		262,939
ActiveBeta®  Paris-Aligned Climate U.S. Large Cap Equity ETF		—		8,239		(8,239	)		—
ActiveBeta® U.S. Large Cap Equity ETF		20,073,500		43,520,114		(63,593,614	)		—
ActiveBeta® U.S. Small Cap Equity ETF		2,801,299		14,435,015		(14,973,373	)		2,262,941
ActiveBeta® World Low Vol Plus Equity ETF		—		7,190,490		(5,145,548	)		2,044,942

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Notes to Financial Statements (continued)

February 28, 2023 (Unaudited)

9. TAX INFORMATION

As of the Funds’ most recent fiscal year ended August 31, 2022, the Funds’ capital loss carryforward and certain timing differences on a tax-basis were as follows:

	ActiveBeta® Emerging Markets Equity ETF			ActiveBeta® Europe Equity ETF			ActiveBeta® International Equity ETF			ActiveBeta® Japan Equity ETF			ActiveBeta® Paris-Aligned Climate U.S. Large Cap Equity ETF			ActiveBeta® U.S. Large Cap Equity ETF			ActiveBeta® U.S. Small Cap Equity ETF			ActiveBeta® World Low Vol Plus Equity ETF
Capital loss carryforwards:
Perpetual Short-Term	$	(18,537,592	)	$	(908,605	)	$	(32,894,979	)	$	(352,828	)	$	—		$	(204,920,817	)	$	(11,445,206	)	$	—
Perpetual Long-Term		—			(2,093,602	)		(70,797,369	)		(447,827	)		—			(218,687,721	)		(2,653,039	)		—
Timing differences (Post-October Capital Loss Deferral/Qualified Late Year Loss Deferral)		(15,871,468	)		(620,899	)		(115,057,817	)		(671,682	)		(230,446	)		(101,511,677	)		—			(5,625,554	)

As of February 28, 2023, 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			ActiveBeta® World Low Vol Plus Equity ETF
Tax Cost	$	889,848,766		$	10,929,922		$	2,885,918,044		$	12,300,559		$	8,967,743		$	8,835,099,042		$	459,966,119		$	635,306,959
Gross unrealized gain		198,999,712			1,561,406			398,563,127			1,502,872			343,255			2,243,999,636			66,010,856			19,987,822
Gross unrealized loss		(181,908,059	)		(1,183,654	)		(183,226,842	)		(1,214,124	)		(1,018,451	)		(493,908,819	)		(58,396,855	)		(51,193,823	)
Net unrealized gains (losses)	$	17,091,653		$	377,752		$	215,336,285		$	288,748		$	(675,196	)	$	1,750,090,817		$	7,614,001		$	(31,206,001	)

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 and other similar instruments (collectively referred to in this paragraph as “derivatives”) may result in loss, including due to adverse market movements. Derivatives, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other assets and instruments, may increase market exposure and be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying assets or instruments may produce disproportionate losses to the Funds. Certain derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not, or lacks the capacity or authority to, fulfill its contractual obligations, liquidity risk, which includes the risk that the Funds will not be able to exit the derivative when it is advantageous to do so, and risks arising from margin requirements, which include the risk that the Funds will be required to pay additional margin or set aside additional collateral to maintain open derivative positions. The use of derivatives is a highly specialized activity that involves

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10. OTHER RISKS (continued)

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 from problems in 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 a Fund’s liquidity and performance. Foreign risk also involves the risk of negative foreign currency exchange 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.

Geographic Risk — If a Fund focuses its investments in securities of issuers located in a particular country or geographic region, the Fund may be subjected, to a greater extent than if its investments were less focused, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that country or region, such as: adverse securities markets; adverse exchange rates; adverse social, political, regulatory, economic, business, environmental or other developments; or natural disasters.

Index Risk — GSAM (the “Index Provider”) constructs each Fund’s index (an “Index”) in accordance with a rules-based methodology. A Fund will be negatively affected by general declines in the securities and asset classes represented in its Index. In addition, because the Funds are not “actively” managed, unless a specific security is removed from an Index, a Fund generally would not sell a security because the security’s issuer was in financial trouble. Market disruptions and regulatory restrictions could have an adverse effect on a Fund’s ability to adjust its exposure to the required levels in order to track the Index. A Fund also does not attempt to take defensive positions under any market conditions, including declining markets. Therefore, a Fund’s performance could be lower than funds that may actively shift their portfolio assets to take advantage of market opportunities or to lessen the impact of a market decline or a decline in the value of one or more issuers. The Index Provider relies on third party data it believes to be reliable in constructing each Index, but it does not guarantee the accuracy or availability of such third party data. Errors in index data, index computation or the construction of an Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the applicable Fund and its shareholders. In addition, neither a Fund, the Investment Adviser, the Calculation Agent nor the Index Provider can guarantee the availability or timeliness of the production of the Index.

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Notes to Financial Statements (continued)

February 28, 2023 (Unaudited)

10. OTHER RISKS (continued)

Investments in Other Investment Companies Risk — As a shareholder of another investment company, including an ETF, a Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund. ETFs are subject to risks that do not apply to conventional mutual funds, including, but not limited to, the following: (i) the market price of the ETF’s shares may trade at a premium or a discount to their NAV; and (ii) an active trading market for an ETF’s shares may not develop or be maintained.

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

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

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

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

11. INDEMNIFICATIONS

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

12. SUBSEQUENT EVENTS

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

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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 2, 2023, 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, 2022 through December 31, 2022 (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; (4) the impact of local holidays in non-U.S. jurisdictions; and (5) the impact of geopolitical, market and economic developments and events on liquidity and liquidity risk. 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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Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs ActiveBeta^® ETFs except Goldman Sachs ActiveBeta^® Emerging Markets Equity ETF (Unaudited)

Background

The Goldman Sachs ActiveBeta^® Europe Equity ETF, Goldman Sachs ActiveBeta^® International Equity ETF, Goldman Sachs ActiveBeta^® Japan Equity ETF, Goldman Sachs ActiveBeta^® Paris-Aligned Climate U.S. Large Cap 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, 2023 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 19-20, 2022 (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 four meetings over the course of the year since the Management Agreement was last approved in 2021. At those Committee meetings, regularly scheduled Board or other committee meetings, and/or the Annual Meeting, matters relevant to the renewal of the Management Agreement were considered by the Board, or the Independent Trustees, as applicable. With respect to each Fund, such matters included:

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

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

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

(iii) trends in employee headcount;

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

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

(b) information on the investment performance of the Fund (except for the Goldman Sachs ActiveBeta^® Paris-Aligned Climate U.S. Large Cap Equity ETF, which commenced operations in 2022), 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”), benchmark performance indices and a composite of accounts with comparable investment strategies managed by the Investment Adviser, 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 (except for the Goldman Sachs ActiveBeta^® Paris-Aligned Climate U.S. Large Cap Equity ETF, which commenced operations in 2022) 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;

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

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

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

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 transition in the leadership and changes in personnel of various of the Investment Adviser’s portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted the Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the market, regulatory and control environment in which the Funds and their service providers operate, including developments associated with the COVID-19 pandemic, geopolitical events, and economic sanctions, 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 (except for the Goldman Sachs ActiveBeta^® Paris-Aligned Climate U.S. Large Cap Equity ETF, which commenced operations in 2022). In this regard, they compared the investment performance of each Fund to its peers using rankings and/or ratings compiled by the Outside Data Provider as of March 31, 2022, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of June 30, 2022. 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 respective proprietary index, a comparable market capitalization-weighted reference index and a composite of accounts with comparable investment strategies

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

managed by the Investment Adviser, as applicable. The Trustees observed that each Fund’s investment performance was consistent with the investment objective of tracking its respective proprietary index.

The Trustees noted that Goldman Sachs ActiveBeta^® Paris-Aligned Climate U.S. Large Cap Equity ETF had launched on December 13, 2021 and did not yet have a meaningful performance history.

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 particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Funds (except for the Goldman Sachs ActiveBeta^® Paris-Aligned Climate U.S. Large Cap Equity ETF). The analyses provided a comparison of each Fund’s management fee to those of a relevant peer group and category universe; an expense analysis which compared each Fund’s overall net and gross expenses to a peer group and a category universe; and data comparing each Fund’s net expenses to the peer and category medians. The Trustees also considered information previously provided regarding fees and expenses of comparable ETFs advised by other, unaffiliated investment management firms. The comparisons of the Funds’ fee rates and expense ratios were prepared by the Investment Adviser and certain third-party providers of mutual fund and ETF data. In particular, the Trustees referred to an analysis comparing each Fund’s management fee rate and net expense ratio to those of relevant peer funds. The Trustees concluded that the comparisons provided by the Outside Data Provider and the Investment Adviser were useful in evaluating the reasonableness of the management fees and total expenses paid by the Funds.

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 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. Profitability data for the Funds was provided for 2021 and 2020 (2021 only for Goldman Sachs ActiveBeta^® Paris-Aligned Climate U.S. Large Cap Equity ETF). The Trustees considered this information in relation to the Investment Adviser’s overall profitability.

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, information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates, and information comparing the contractual management fee rate charged by other advisers to other funds in the 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 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) fees earned by the Investment Adviser for managing the fund in which the Funds’ securities lending cash collateral is invested (except for the Goldman Sachs ActiveBeta^® Paris-Aligned Climate U.S. Large Cap Equity ETF); (c) the Investment Adviser’s ability to leverage the infrastructure designed to service the Funds on behalf of its other clients; (d) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (e) the Investment Adviser’s ability to negotiate better pricing with custodians on behalf of its other

120

GOLDMAN SACHS ACTIVEBETA^® ETFS

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

clients, as a result of the relationship with the Funds; (f) the investment of cash and cash collateral (except for the Goldman Sachs ActiveBeta^® Paris-Aligned Climate U.S. Large Cap Equity ETF) in money market funds managed by the Investment Adviser that will result in increased assets under management for those money market funds; and (g) 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) trading efficiencies resulting from aggregation of orders of the Funds with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing and pricing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (c) the Investment Adviser’s ability to negotiate favorable terms with derivatives counterparties on behalf of the Funds as a result of the size and reputation of the Goldman Sachs organization; (d) 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; (e) 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 (f) the Funds’ access to certain affiliated distribution channels. They considered the competitive nature of the ETF marketplace, noting that many of the Funds’ shareholders invested in the Funds in part because of the Funds’ relationship with the Investment Adviser and have a general expectation that the relationship will continue.

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, 2023.

121

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, 2023 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 19-20, 2022 (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 four meetings over the course of the year since the Management Agreement was last approved in 2021. At those Committee meetings, regularly scheduled Board or other committee meetings, and/or the Annual Meeting, matters relevant to the renewal of the Management Agreement were considered by the Board, or the Independent Trustees, as applicable. With respect to the Fund, such matters included:

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

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

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

(iii) trends in employee headcount;

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

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

(b) information on the investment performance of the Fund, including comparisons to the performance of similar exchange-traded funds (“ETFs”), as provided by a third-party fund data provider engaged as part of the contract review process (the “Outside Data Provider”), benchmark performance indices and a composite of accounts with comparable investment strategies managed by the Investment Adviser, 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

122

GOLDMAN SACHS ACTIVEBETA^® ETFS

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

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

The presentations made at the Board and Committee meetings and at the Annual Meeting encompassed the 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 transition in the leadership and changes in personnel of various of the Investment Adviser’s portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted the Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the market, regulatory and control environment in which the Fund and their service providers operate, including changes associated with the COVID-19 pandemic, geopolitical events, and economic sanctions, 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 rankings and ratings compiled by the Outside Data Provider as of March 31, 2022, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of June 30, 2022. The information on the Fund’s investment performance was provided for the one-, three-, and five-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 accounts with comparable investment strategies managed by the Investment Adviser. The Trustees observed that the Fund’s investment performance was consistent with the investment objective of tracking its proprietary index.

Costs of Services Provided and Profitability

The Trustees considered the contractual terms of the Management Agreement and the fee 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.

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GOLDMAN SACHS ACTIVEBETA^® ETFS

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

In particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Fund. The analyses provided a comparison of the Fund’s management fee to those of a relevant peer group and category universe; an expense analysis which compared the Fund’s overall net and gross expenses to a peer group and a category universe; and data comparing the Fund’s net expenses to the peer and category medians. 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 provided by the Outside Data Provider and the Investment Adviser were useful in evaluating the reasonableness of the management fees and total expenses paid by the Fund.

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

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. Profitability data for the Fund was provided for 2021 and 2020. The Trustees considered this information in relation to the Investment Adviser’s overall profitability.

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, information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates, information comparing the contractual management fee rate charged by other advisers to other funds in the peer group, 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) fees earned by the Investment Adviser for managing the fund in which the Fund’s securities lending cash collateral is invested; (c) the Investment Adviser’s ability to leverage the infrastructure designed to service the Fund on behalf of its other clients; (d) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (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; (f) the investment of cash and cash collateral in money market funds managed by the Investment Adviser that will result in increased assets under management for those money market funds; and (g) 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.

124

GOLDMAN SACHS ACTIVEBETA^® ETFS

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

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) trading efficiencies resulting from aggregation of orders of the Fund with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing and pricing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (c) the Investment Adviser’s ability to negotiate favorable terms with derivatives counterparties on behalf of the Fund as a result of the size and reputation of the Goldman Sachs organization; (d) 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; (e) 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 (f) the Fund’s access to certain affiliated distribution channels. They considered the competitive nature of the ETF marketplace, noting that many of the Fund’s shareholders invested in the Fund in part because of the Fund’s relationship with the Investment Adviser and have a general expectation that the relationship will continue.

Conclusion

In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fee paid by the Fund was reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and the Fund’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit the Fund and its shareholders and that the Management Agreement should be approved and continued with respect to the Fund until September 30, 2023.

125

GOLDMAN SACHS ACTIVEBETA^® ETFS

Fund Expenses — Six Month Period Ended 2/28/2023 (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 and held for the entire six-month period from September 1, 2022 through February 28, 2023, 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 9/1/22		Ending Account Value 2/28/23			Expenses Paid**		Beginning Account Value 9/1/22		Ending Account Value 2/28/23			Expenses Paid**		Beginning Account Value 9/1/22		Ending Account Value 2/28/23			Expenses Paid**		Beginning Account Value 9/1/22		Ending Account Value 2/28/23			Expenses Paid**
Actual based on NAV	$	1,000	$	998.95		$	2.23	$	1,000	$	1,180.65		$	1.35	$	1,000	$	1,108.54		$	1.31	$	1,000	$	1,035.54		$	1.26
Hypothetical 5% return		1,000		1,022.56	+		2.26		1,000		1,023.55	+		1.26		1,000		1,023.55	+		1.25		1,000		1,023.56	+		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							ActiveBeta® World Low Vol Plus Equity ETF
	Beginning Account Value 9/1/22		Ending Account Value 2/28/23			Expenses Paid**		Beginning Account Value 9/1/22		Ending Account Value 2/28/23			Expenses Paid**		Beginning Account Value 9/1/22		Ending Account Value 2/28/23			Expenses Paid**		Beginning Account Value 9/1/22		Ending Account Value 2/28/23			Expenses Paid**
Actual based on NAV	$	1,000	$	1,031.24		$	1.01	$	1,000	$	1,016.17		$	0.45	$	1,000	$	1,057.74		$	1.02	$	1,000	$	1,029.35		$	1.26
Hypothetical 5% return		1,000		1,023.80	+		1.00		1,000		1,024.35	+		0.45		1,000		1,023.80	+		1.00		1,000		1,023.55	+		1.25

⁺  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 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, 2023. 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	%
Goldman Sachs ActiveBeta® World Low Vol Plus Equity ETF	0.25	%

126

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 $2.30 trillion in assets under supervision as of December 31, 2022, 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 Defensive 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 Community Municipal Bond ETF

Goldman Sachs MarketBeta^® Emerging Markets Equity ETF

Goldman Sachs MarketBeta^® International Equity ETF

Goldman Sachs MarketBeta^® U.S. Equity ETF

Goldman Sachs MarketBeta^® U.S. 1000 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, 2023 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.

Neither MSCI nor any other party involved in or related to compiling, computing, or creating the MSCI data makes any express or implied warranties or representations with respect to such data (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability, or fitness for a particular purpose with respect to any of such data. Without limiting any of the foregoing, in no event shall MSCI, any of its affiliates or any third party involved in or related to compiling, computing or creating the data have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. No further distribution or dissemination of the MSCI data is permitted without MSCI’s express written consent.

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.

© 2023 Goldman Sachs. All rights reserved. 314574- OTU- 04/2023 ACTBETASAR-23

Goldman Sachs Funds

Semi-Annual Report	February 28, 2023
	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)
	Defensive Equity ETF (GDEF)

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

∎ DEFENSIVE EQUITY ETF

TABLE OF CONTENTS
Market and Economic Review	1
Fund Basics	4
Schedule of Investments	16
Financial Statements	41
Financial Highlights	50
Bloomberg Clean Energy Equity ETF	50
Equal Weight U.S. Large Cap Equity ETF	51
Hedge Industry VIP ETF	52
Innovate Equity ETF	53
JUST U.S. Large Cap Equity ETF	54
Defensive Equity ETF	55
Notes to Financial Statements	56
Other Information	76

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, 2023 (the “Reporting Period” with the exception of the Defensive Equity Fund for which is being reported for the two months ended February 28, 2023). A fuller review will appear in the Funds’ annual shareholder report covering the 12 months ended August 31, 2023.

Market and Economic Review

• Overall, U.S. equities rose during the Reporting Period. The Standard & Poor’s 500^® Index (the “S&P 500^® Index”) ended the Reporting Period with a return of 1.26%. The Russell 3000^® Index generated a return of 1.51%.

• The market posted muted returns during the Reporting Period amid a backdrop of ongoing Federal Reserve (“Fed”) interest rate hikes to combat inflation, persistent recession worries, supply-chain disruptions, geopolitical tensions given the Russia/Ukraine war, and elevated concerns around China’s zero-COVID policy.

• As the Reporting Period began in September 2022, the S&P 500^® Index decreased primarily based on the noticeable tightening of financial conditions guided by expectations for a more aggressive global interest rate hiking cycle. Indeed, the Fed increased its “raise and hold” messaging as the end of September approached, a policy that received support on the back of higher than consensus expected August core inflation data and a still-tight labor market that showed only moderate signs of cooling off.

• During the fourth quarter of 2022, the S&P 500^® Index solidly increased, breaking its streak of three consecutive quarterly losses, attributable primarily to gains in October and November.

• Investors continued to witness a variety of contradictory macroeconomic developments, highlighted by a noticeably hawkish Fed, consumer resilience, and economic data supporting the themes of slowing economic growth. (Hawkish tends to suggest higher interest rates; opposite of dovish.)

• There was a dovish tilt surrounding consensus expectations for a reduction in the pace of monetary policy tightening, which was realized when the Fed announced a 50 basis point interest rate hike in December, following four successive 75 basis point increases. (A basis point is 1/100th of a percentage point.)

• Positive inflation developments further supported market aspirations for a peak in the Fed tightening cycle, with October and November inflation data coming in lower than anticipated by most.

• Despite the smaller interest rate hike, the Fed maintained its hawkish tone with its relentless higher-for-longer messaging that continued to be a headwind for the U.S. equities market.

• Although the third quarter 2022 corporate earnings season provided disappointing results, companies emphasized a strong demand environment even against a backdrop of heightened macroeconomic uncertainty. Companies also focused on cost-cutting measures, as headlines of layoffs remained in the spotlight, especially within the information technology sector.

• On the geopolitical front, the most constructive takeaways came from China’s zero-COVID pivot and pro-growth focus as well as Europe’s warmer than anticipated weather that helped settle concerns about an energy crisis there.

• The S&P 500^® Index rose in January 2023, rebounding from December 2022’s losses, gaining on a combination of heightened optimism around disinflationary signals, a cooling job market, positive reports about China’s economic reopening, better than consensus forecasted economic circumstances in Europe, improvements in supply-chain conditions and elevated hopes for the termination of the Fed’s tightening cycle. Collectively, these themes provided a strong case for the Fed’s soft landing scenario and the avoidance of a deep recession resulting from interest rate hikes. (A soft landing, in economics, is a cyclical downturn that avoids recession. It typically describes attempts by central banks to raise interest rates just enough to stop an economy from overheating and experiencing high inflation, without causing a significant increase in unemployment, or a hard landing.)

• However, the S&P 500^® Index then fell again in February 2023, giving back a portion of the prior month’s gains.

1

MARKET REVIEW

• U.S. equities depreciated as the market’s modified Fed interest rate hike expectations and resilient economic data prompted a reduction in the progress of disinflation and heightened traction around several bearish themes. (Bearish refers to an expected downward movement in the prices of securities.)

• Early in February, the Fed raised the targeted federal funds rate by another 25 basis points as expected, and its accompanying statement seemed dovish. Still, Fed Chair Powell’s subsequent statement that further rate hikes will be necessary if economic data continues to come in stronger than expected shifted the Fed narrative more hawkish.

• During the Reporting Period overall, value stocks meaningfully outperformed growth stocks within the large-cap and small-cap segments of the U.S. equity market, though growth stocks outpaced value stocks within the mid-cap segment.

• The best performing sectors within the S&P 500^® Index during the Reporting Period were materials, industrials, energy and financials, while the weakest performing sectors were utilities, consumer discretionary, real estate and communication services.

Fund Changes and Highlights

Goldman Sachs Defensive Equity ETF

• The Fund, which seeks long-term growth of capital with lower volatility than equity markets, launched on January 23, 2023. Before the Fund commenced operations, the assets of another investment company advised by the Investment Adviser, Goldman Sachs Defensive Equity Fund (the “predecessor fund”), were transferred to the Fund in a tax-free reorganization on January 20, 2023.

• 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 invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) in a diversified portfolio of equity investments in U.S. issuers with public stock market capitalizations within the range of the market capitalization of the S&P 500^® Index at the time of investment and other instruments with similar economic exposures.

• In addition, the Fund uses an options-based overlay strategy in an effort to provide lower volatility and enhanced downside protection.

• Specifically, the Fund employs a “put spread collar” overlay strategy whereby the Fund simultaneously purchases a near-the-money put while selling (writing) an out-of-the-money call and put on the S&P 500^® Index or other national or regional stock market indices (or ETFs that seek to track such indices).

• The difference between strike prices in the put option spread is designed to provide the Fund with downside protection to the extent of the difference between the strike prices of the near-the-money put option bought and the out-of-the-money put option sold.

• A put option is an option contract that gives the holder the right, but not the obligation, to sell a specified amount of an underlying asset at a specified price within a specified time.

• A call option is an option that gives the holder the right to buy a certain quantity of an underlying security at an agreed-upon price at any time up to an agreed-upon date.

• “Near-the-money” is a term used to describe an options contract with a strike price that is close to the market price of the underlying asset. “Out-of-the-money” is a term used to describe a put option with a strike price that is lower than the market price of the underlying asset.

2

MARKET REVIEW

• As the seller of S&P 500^® Index call and put options, the Fund will receive cash (the “premium”) from the purchaser. If the purchaser exercises the call option, the Fund pays the purchaser the difference between the price of the index and the exercise price of the option. If the purchaser exercises the put option, the Fund pays the purchaser the difference between the exercise price of the option and the price of the index. The premium, the exercise price and the market price of the index determine the gain or loss realized by the Fund as the seller of call and put options.

• During the period from January 1, 2023 through February 28, 2023 (the “Reporting Period”), the Fund underperformed its benchmark, the S&P 500^® Total Return Index.

• The Fund’s relative underperformance was driven by its equity strategy, which aims to pick defensive stocks, and its options-based overlay strategy.

• Within the Fund’s equity strategy, stock selection detracted overall from relative performance.

• In terms of market capitalization, selection among small-cap equities hampered the Fund’s returns.

• On a sector level, stock selection within consumer discretionary detracted most from the Fund’s relative performance. These results were offset somewhat by stock selection in the information technology sector and an underweight versus the benchmark in the energy sector, both of which contributed positively.

• As for the options-based overlay strategy, the Fund was hurt by its short call positions within the put spread collar, which limited the Fund’s upside participation as the S&P 500^® Index appreciated during the Reporting Period.

3

FUND BASICS

Bloomberg Clean Energy Equity ETF

as of February 28, 2023

FUND SNAPSHOT
As of February 28, 2023
Market Price1	$	37.22
Net Asset Value (NAV)1	$	37.16

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, 2022–February 28, 2023	Fund Total Return (based on NAV)2			Fund Total Return (based on Market Price)2			Bloomberg GS Global Clean Energy Index3
Shares		-5.38	%		-5.12	%		-5.10	%

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.

4

FUND BASICS

TOP TEN HOLDINGS AS OF 2/28/234
Holding	% of Net Assets			Line of Business
Contemporary Amperex Technology Co. Ltd., Class A		4.9	%	Industrials
NextEra Energy, Inc.		4.3		Utilities
Vestas Wind Systems A/S		3.4		Industrials
Enphase Energy, Inc.		3.4		Information Technology
Edison International		3.1		Utilities
Samsung SDI Co. Ltd.		3.0		Information Technology
Schneider Electric SE		2.8		Industrials
Enel SpA		2.7		Utilities
Iberdrola SA		2.7		Utilities
National Grid PLC		2.6		Utilities

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

FUND VS BENCHMARK SECTOR ALLOCATION⁵

As of February 28, 2023

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 0.8% of the Fund’s net assets as of February 28, 2023. 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.

5

FUND BASICS

Equal Weight U.S. Large Cap Equity ETF

As of February 28, 2023

FUND SNAPSHOT
As of February 28, 2023
Market Price1	$	60.47
Net Asset Value (NAV)1	$	60.46

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, 2022–February 28, 2023	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		3.57	%		3.57	%		3.64	%		1.26	%

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

6

FUND BASICS

TOP TEN HOLDINGS AS OF 2/28/235
Holding	% of Net Assets			Line of Business
Seagen, Inc.		0.3	%	Health Care
Catalent, Inc.		0.3		Health Care
Palo Alto Networks, Inc.		0.3		Information Technology
Tesla, Inc.		0.3		Consumer Discretionary
West Pharmaceutical Services, Inc.		0.3		Health Care
Meta Platforms, Inc., Class A		0.2		Communication Services
NVIDIA Corp.		0.2		Information Technology
Fortinet, Inc.		0.2		Information Technology
ANSYS, Inc.		0.2		Information Technology
Cloudflare, Inc., Class A		0.2		Information Technology

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

FUND VS. BENCHMARK SECTOR ALLOCATION⁶

February 28, 2023

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). 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.

7

FUND BASICS

Hedge Industry VIP ETF

as of February 28, 2023

FUND SNAPSHOT
As of February 28, 2023
Market Price1	$	75.67
Net Asset Value (NAV)1	$	75.57

¹  The Market Price is the price at which the Fund’s shares are trading on the NYSE Arca, Inc. The Market Price of the Fund’s shares will fluctuate and, at the time of sale, shares may be worth more or less than the original investment or the Fund’s then current net asset value (“NAV”). The NAV is the market value of one share of the Fund. This amount is derived by dividing the total value of all the securities in the Fund’s portfolio, plus other assets, less any liabilities, by the number of Fund shares outstanding. Fund shares are not individually redeemable and are issued and redeemed by the Fund at their NAV only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Information regarding how often shares of 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, 2023	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		0.28	%		0.28	%		0.47	%		1.26	%

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

8

FUND BASICS

TOP TEN HOLDINGS AS OF 2/28/235
Holding	% of Net Assets			Line of Business
Palo Alto Networks, Inc.		2.3	%	Information Technology
MercadoLibre, Inc.		2.3		Consumer Discretionary
API Group Corp.		2.3		Industrials
EQT Corp.		2.2		Energy
Vertiv Holdings Co.		2.2		Industrials
Progressive Corp. (The)		2.2		Financials
Booking Holdings, Inc.		2.1		Consumer Discretionary
NVIDIA Corp.		2.1		Information Technology
First Horizon Corp.		2.1		Financials
Horizon Therapeutics PLC		2.1		Health Care

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

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁶

As of February 28, 2023

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.

9

FUND BASICS

Innovate Equity ETF

as of February 28, 2023

FUND SNAPSHOT
As of February 28, 2023
Market Price1	$	44.48
Net Asset Value (NAV)1	$	44.54

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, 2023	Fund Total Return (based on NAV)2			Fund Total Return (based on Market Price)2			Solactive Innovate Global Equity Index3
Shares		2.18	%		2.17	%		2.07	%

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

10

FUND BASICS

TOP TEN HOLDINGS AS OF 2/28/234
Holding	% of Net Assets			Line of Business
NVIDIA Corp.		2.4	%	Information Technology
Microsoft Corp.		2.1		Information Technology
Apple, Inc.		2.0		Information Technology
Amazon.com, Inc.		1.9		Consumer Discretionary
Alphabet, Inc., Class A		1.8		Communication Services
Meta Platforms, Inc., Class A		1.8		Communication Services
Alibaba Group Holding Ltd. ADR		1.1		Consumer Discretionary
Tesla, Inc.		1.1		Consumer Discretionary
Johnson & Johnson		0.8		Health Care
MercadoLibre, Inc.		0.8		Consumer Discretionary

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

FUND VS BENCHMARK SECTOR ALLOCATION⁵

As of February 28, 2023

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 2.6% of the Fund’s net assets as of February 28, 2023. 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.

11

FUND BASICS

JUST U.S. Large Cap Equity ETF

as of February 28, 2023

FUND SNAPSHOT
As of February 28, 2023
Market Price1	$	56.94
Net Asset Value (NAV)1	$	56.99

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, 2023	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		1.28	%		0.98	%		1.35	%		1.37	%

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 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.

12

FUND BASICS

TOP TEN HOLDINGS AS OF 2/28/235
Holding	% of Net Assets			Line of Business
Apple, Inc.		6.9	%	Information Technology
Microsoft Corp.		5.8		Information Technology
Amazon.com, Inc.		3.2		Consumer Discretionary
NVIDIA Corp.		1.7		Information Technology
Alphabet, Inc., Class A		1.7		Communication Services
JPMorgan Chase & Co.		1.6		Financials
Exxon Mobil Corp.		1.6		Energy
Alphabet, Inc., Class C		1.5		Communication Services
UnitedHealth Group, Inc.		1.3		Health Care
Visa, Inc., Class A		1.3		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, 2023

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, 2023. 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.

13

FUND BASICS

Defensive Equity ETF

As of February 28, 2023

FUND SNAPSHOT
As of February 28, 2023
Market Price1	$	42.05
Net Asset Value (NAV)1	$	42.04

¹  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*
	Fund Total Return (based on NAV)2			Fund Total Return (based on Market Price)2			S&P 500® Index (Total Return, USD)3
January 1, 2023–February 28, 2023		0.27	%		N/A			3.69	%
January 23, 2023–February 28, 2023		-0.65	%		5.13	%		0.14	%

^*  On January 23, 2023, the Goldman Sachs Defensive Equity ETF acquired the assets and liabilities, and assumed the NAV, performance, financial and other historical information, of the Goldman Sachs Defensive Equity Fund (the “Predecessor Fund”), an open-end mutual fund that had operated since September 30, 2020. The Fund’s performance prior to January 23, 2023 is linked to the Predecessor Fund’s Institutional Class Shares. There were no changes to the investment strategy or objective of the Fund. The Fund was listed on the NYSE Arca on January 23, 2023. Market Price performance is from January 23, 2023 through February 28, 2023.

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 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 2/28/234
Holding	% of Net Assets			Line of Business
Apple, Inc.		5.9	%	Information Technology
Alphabet, Inc., Class A		2.6		Communication Services
UnitedHealth Group, Inc.		1.3		Health Care
Exxon Mobil Corp.		1.2		Energy
Johnson & Johnson		1.2		Health Care
Visa, Inc., Class A		1.1		Information Technology
JPMorgan Chase & Co.		1.1		Financials
Procter & Gamble Co. (The)		1.1		Consumer Staples
Berkshire Hathaway, Inc., Class B		1.1		Financials
Meta Platforms, Inc., Class A		1.0		Communication Services

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

FUND SECTOR ALLOCATION⁵

February 28, 2023

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). 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.

15

GOLDMAN SACHS BLOOMBERG CLEAN ENERGY EQUITY ETF

Schedule of Investments

February 28, 2023 (Unaudited)

Shares		Description	Value
Common Stocks – 98.9%
Belgium – 1.1%
	171	Elia Group SA/NV (Utilities)	$	22,632
	2,301	Umicore SA (Materials)		77,037
				99,669
Brazil – 0.3%
	4,231	Centrais Eletricas Brasileiras SA (Utilities)		27,814
	774	Cosan SA (Energy)		2,221
	264	Energisa SA (Utilities)		1,956
				31,991
Canada – 3.9%
	4,035	Algonquin Power & Utilities Corp. (Utilities)		30,882
	600	Atco Ltd., Class I (Utilities)		18,646
	2,716	Ballard Power Systems, Inc. (Industrials)*		15,560
	1,166	Boralex, Inc., Class A (Utilities)		31,132
	75	Capital Power Corp. (Utilities)		2,340
	2,835	Fortis, Inc. (Utilities)		112,446
	1,852	Hydro One Ltd. (Utilities)(a)		48,169
	1,761	Innergex Renewable Energy, Inc. (Utilities)		18,807
	2,682	Northland Power, Inc. (Utilities)		65,304
	114	SNC-Lavalin Group, Inc. (Industrials)		2,365
	1,219	TransAlta Renewables, Inc. (Utilities)		10,252
	80	WSP Global, Inc. (Industrials)		10,072
				365,975
China – 20.5%
	1,600	Beijing Easpring Material Technology Co. Ltd., Class A (Industrials)		13,752
	7,700	Beijing Jingyuntong Technology Co. Ltd., Class A (Information Technology)		7,698
	3,000	BYD Co. Ltd., Class A (Consumer Discretionary)		112,548
	12,500	CECEP Solar Energy Co. Ltd., Class A (Utilities)		12,767
	18,100	CECEP Wind-Power Corp., Class A (Utilities)		10,311
	8,200	China Baoan Group Co. Ltd., Class A (Industrials)		15,098
	25,332	China Datang Corp Renewable Power Co. Ltd., Class H (Utilities)		8,810
	38,076	China Longyuan Power Group Corp. Ltd., Class H (Utilities)		46,713
	60,200	China National Nuclear Power Co. Ltd., Class A (Utilities)		52,478
	10,467	China Suntien Green Energy Corp. Ltd., Class H (Energy)(b)		4,587
	91,500	China Three Gorges Renewables Group Co. Ltd., Class A (Utilities)		73,577
	7,800	Contemporary Amperex Technology Co. Ltd., Class A (Industrials)		453,187
	426	Daqo New Energy Corp. ADR (Information Technology)*		18,821
	6,100	Eve Energy Co. Ltd., Class A (Industrials)		63,793
	200	Ganfeng Lithium Group Co. Ltd., Class A (Materials)		2,083
Common Stocks – (continued)
China – (continued)
	18,700	GCL System Integration Technology Co. Ltd., Class A (Information Technology)*		8,527
	16,500	GEM Co. Ltd., Class A (Materials)		18,727
	1,150	Ginlong Technologies Co. Ltd., Class A (Industrials)*		26,267
	312	GoodWe Technologies Co. Ltd., Class A (Industrials)		17,436
	5,700	Gotion High-tech Co. Ltd., Class A (Industrials)		24,246
	6,100	Guangzhou Tinci Materials Technology Co. Ltd., Class A (Materials)		39,478
	4,180	Hangzhou First Applied Material Co. Ltd., Class A (Information Technology)		41,303
	2,700	Hengdian Group DMEGC Magnetics Co. Ltd., Class A (Information Technology)		8,451
	7,560	JA Solar Technology Co. Ltd., Class A (Information Technology)		66,468
	14,300	Jiangsu Akcome Science & Technology Co. Ltd., Class A (Information Technology)*		5,842
	4,600	Jilin Electric Power Co. Ltd., Class A (Utilities)*		3,858
	288	JinkoSolar Holding Co. Ltd. ADR (Information Technology)*		15,264
	24,160	LONGi Green Energy Technology Co. Ltd., Class A (Information Technology)		153,752
	820	Luoyang Xinqianglian Slewing Bearing Co. Ltd., Class A (Industrials)		6,591
	7,200	Ming Yang Smart Energy Group Ltd., Class A (Industrials)		26,297
	1,500	Ningbo Ronbay New Energy Technology Co. Ltd., Class A (Industrials)		15,564
	169	NXP Semiconductors NV (Information Technology)		30,163
	2,800	Risen Energy Co. Ltd., Class A (Information Technology)*		12,647
	1,200	Shenzhen Capchem Technology Co. Ltd., Class A (Materials)		8,018
	500	Shenzhen Dynanonic Co. Ltd., Class A (Materials)		16,287
	600	Shenzhen SC New Energy Technology Corp., Class A (Information Technology)		11,143
	4,096	Shenzhen Senior Technology Material Co. Ltd., Class A (Materials)		12,521
	4,700	Sungrow Power Supply Co. Ltd., Class A (Industrials)		80,861
	580	Suzhou Maxwell Technologies Co. Ltd., Class A (Industrials)		30,631
	6,500	TBEA Co. Ltd., Class A (Industrials)		20,159
	10,300	TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A (Information Technology)		64,674
	5,700	Titan Wind Energy Suzhou Co. Ltd., Class A (Industrials)		12,553
	14,300	Tongwei Co. Ltd., Class A (Information Technology)		86,190
	580	Wuhan DR Laser Technology Corp. Ltd., Class A (Information Technology)		11,943

16 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)
	1,220	Wuxi Shangji Automation Co. Ltd., Class A (Industrials)	$	19,492
	2,300	Xiamen Tungsten Co. Ltd., Class A (Materials)		7,563
	11,000	Xinjiang Goldwind Science & Technology Co. Ltd., Class A (Industrials)		17,975
	1,991	Xinte Energy Co. Ltd., Class H (Industrials)		4,388
	25,062	Xinyi Solar Holdings Ltd. (Information Technology)		26,756
	3,600	Zhejiang Chint Electrics Co. Ltd., Class A (Industrials)		15,536
	4,100	Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A (Information Technology)		40,459
				1,904,253
Czech Republic – 0.5%
	959	CEZ AS (Utilities)		44,845
Denmark – 5.4%
	2,036	Orsted AS (Utilities)(a)		178,476
	11,171	Vestas Wind Systems A/S (Industrials)		319,308
				497,784
Finland – 1.5%
	274	Fortum OYJ (Utilities)		4,202
	2,821	Neste OYJ (Energy)		136,689
				140,891
France – 1.9%
	7,387	Electricite de France SA (Utilities)		92,401
	1,122	Engie SA (Utilities)		16,463
	641	Neoen SA (Utilities)(a)		23,221
	369	Vinci SA (Industrials)		42,201
				174,286
Germany – 3.8%
	595	BASF SE (Materials)		30,588
	1,244	Encavis AG (Utilities)		24,466
	12,704	E.ON SE (Utilities)		139,374
	794	Infineon Technologies AG (Information Technology)		28,221
	1,764	Nordex SE (Industrials)*		26,620
	405	RWE AG (Utilities)		17,283
	2,596	Siemens Energy AG (Industrials)*		52,226
	119	SMA Solar Technology AG (Information Technology)*		9,326
	224	VERBIO Vereinigte BioEnergie AG (Energy)		11,298
	86	Wacker Chemie AG (Materials)		13,534
				352,936
India – 0.4%
	5,297	Adani Green Energy Ltd. (Utilities)*		31,096
	75,125	Suzlon Energy Ltd. (Industrials)*		7,452
	933	Tata Power Co. Ltd. (The) (Utilities)		2,286
				40,834
Common Stocks – (continued)
Israel – 0.2%
	1,145	Enlight Renewable Energy Ltd. (Utilities)*		18,728
Italy – 3.8%
	45,060	Enel SpA (Utilities)		254,079
	1,574	Eni SpA (Energy)		22,311
	508	ERG SpA (Utilities)		14,686
	8,385	Terna – Rete Elettrica Nazionale (Utilities)		63,384
				354,460
Japan – 2.1%
	278	Denso Corp. (Consumer Discretionary)		14,774
	595	Hitachi Ltd. (Industrials)		30,096
	214	Kyocera Corp. (Information Technology)		10,539
	1,079	Marubeni Corp. (Industrials)		13,783
	319	Nidec Corp. (Industrials)		16,150
	1,471	Panasonic Holdings Corp. (Consumer Discretionary)		12,818
	741	Renesas Electronics Corp. (Information Technology)*		9,596
	419	RENOVA, Inc. (Utilities)*		6,460
	55	Rohm Co. Ltd. (Information Technology)		4,231
	3,877	SUMCO Corp. (Information Technology)		53,481
	271	Toshiba Corp. (Industrials)		8,390
	261	West Holdings Corp. (Utilities)		6,428
	576	W-Scope Corp. (Materials)*		5,413
				192,159
New Zealand – 0.0%
	458	Infratil Ltd. (Utilities)		2,497
Norway – 0.2%
	10,951	NEL ASA (Industrials)*		16,660
Portugal – 0.1%
	1,795	EDP – Energias de Portugal SA (Utilities)		9,092
Singapore – 0.2%
	424	STMicroelectronics NV (Information Technology)		20,426
South Korea – 5.9%
	224	CS Wind Corp. (Industrials)		11,325
	219	Ecopro Co. Ltd. (Materials)		47,251
	571	Hanwha Solutions Corp. (Materials)*		17,951
	263	L&F Co. Ltd. (Information Technology)		52,073
	250	LG Chem Ltd. (Materials)		128,472
	198	OCI Co. Ltd. (Materials)		13,586
	530	Samsung SDI Co. Ltd. (Information Technology)		278,768
				549,426
Spain – 3.1%
	141	Acciona SA (Utilities)		26,632
	21,586	Iberdrola SA (Utilities)		248,721
	932	Solaria Energia y Medio Ambiente SA (Utilities)*		17,198
				292,551

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

GOLDMAN SACHS BLOOMBERG CLEAN ENERGY EQUITY ETF

Schedule of Investments (continued)

February 28, 2023 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Switzerland – 0.9%
	1,032	ABB Ltd. (Industrials)	$	34,442
	118	BKW AG (Utilities)		17,299
	41,031	Meyer Burger Technology AG (Information Technology)*		30,535
				82,276
Taiwan – 0.6%
	1,199	Delta Electronics, Inc. (Information Technology)		11,274
	5,795	Sino-American Silicon Products, Inc. (Information Technology)		30,240
	15,767	United Renewable Energy Co. Ltd. (Information Technology)*		10,738
				52,252
Thailand – 0.4%
	16,525	Energy Absolute PCL NVDR (Utilities)		36,588
United Kingdom – 4.5%
	4,582	Drax Group PLC (Utilities)		35,308
	5,561	ITM Power PLC (Industrials)*(b)		6,626
	19,005	National Grid PLC (Utilities)		241,128
	6,475	SSE PLC (Utilities)		136,829
				419,891
United States – 37.6%
	3,899	AES Corp. (The) (Utilities)		96,227
	163	Alliant Energy Corp. (Utilities)		8,357
	361	Ameresco, Inc., Class A (Industrials)*		15,866
	332	American Electric Power Co., Inc. (Utilities)		29,206
	351	Archer-Daniels-Midland Co. (Consumer Staples)		27,940
	1,632	Array Technologies, Inc. (Industrials)*		30,584
	424	Avangrid, Inc. (Utilities)		16,549
	1,840	Bloom Energy Corp., Class A (Industrials)*		39,910
	1,452	Brookfield Renewable Corp., Class A (Utilities)		40,527
	95	Bunge Ltd. (Consumer Staples)		9,072
	488	Clearway Energy, Inc., Class C (Utilities)		15,328
	229	Consolidated Edison, Inc. (Utilities)		20,461
	537	Dominion Energy, Inc. (Utilities)		29,868
	110	DTE Energy Co. (Utilities)		12,068
	495	Duke Energy Corp. (Utilities)		46,659
	4,346	Edison International (Utilities)		287,749
	31	EMCOR Group, Inc. (Industrials)		5,184
	380	Emerson Electric Co. (Industrials)		31,430
	1,313	Enovix Corp. (Industrials)*		12,106
	1,499	Enphase Energy, Inc. (Information Technology)*		315,584
	350	Enviva, Inc. (Energy)		15,246
	635	Exelon Corp. (Utilities)		25,648
	1,152	First Solar, Inc. (Information Technology)*		194,849
	4,637	FuelCell Energy, Inc. (Industrials)*		15,488
	899	GE HealthCare Technologies, Inc. (Health Care)*		68,324
	374	Generac Holdings, Inc. (Industrials)*		44,884
Common Stocks – (continued)
United States – (continued)
	2,694	General Electric Co. (Industrials)		228,209
	640	Green Plains, Inc. (Energy)*		22,189
	986	Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT (Financials)		30,970
	512	Itron, Inc. (Information Technology)*		28,554
	40	MasTec, Inc. (Industrials)*		3,909
	5,575	NextEra Energy, Inc. (Utilities)		395,992
	279	ON Semiconductor Corp. (Information Technology)*		21,597
	489	Ormat Technologies, Inc. (Utilities)		41,330
	6,522	Plug Power, Inc. (Industrials)*		96,982
	323	Public Service Enterprise Group, Inc. (Utilities)		19,519
	91	Quanta Services, Inc. (Industrials)		14,687
	2,564	QuantumScape Corp. (Consumer Discretionary)*(b)		24,537
	4,685	REC Silicon ASA (Information Technology)*		7,718
	1,606	Schneider Electric SE (Industrials)		259,085
	1,452	Sempra Energy (Utilities)		217,742
	627	SolarEdge Technologies, Inc. (Information Technology)*		199,336
	1,129	Sunnova Energy International, Inc. (Utilities)*		20,074
	971	SunPower Corp. (Industrials)*		14,584
	2,344	Sunrun, Inc. (Industrials)*		56,350
	516	Tesla, Inc. (Consumer Discretionary)*		106,146
	529	Texas Instruments, Inc. (Information Technology)		90,697
	43	Timken Co. (The) (Industrials)		3,674
	14	Valmont Industries, Inc. (Industrials)		4,443
	1,405	Wolfspeed, Inc. (Information Technology)*		103,942
	354	Xcel Energy, Inc. (Utilities)		22,858
				3,490,238
	TOTAL COMMON STOCKS
	(Cost $9,616,499)		$	9,190,708

Shares	Description		Rate			Value
Preferred Stock – 0.1%
Brazil – 0.1%
1,455		Centrais Eletricas Brasileiras SA, Class B (Utilities)
(Cost $12,184)				4.58	%	$	10,025
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
(Cost $9,628,683)						$	9,200,733

18 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 – 0.8%(c)
Goldman Sachs Financial Square Government Fund – Institutional Shares
74,768	4.475%	$	74,768
(Cost $74,768)
TOTAL INVESTMENTS – 99.8%
(Cost $9,703,451)		$	9,275,501
OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.2%			15,563
NET ASSETS – 100.0%		$	9,291,064

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

Sector Name	% of Market Value
Utilities		39.5	%
Industrials		25.4
Information Technology		22.9
Materials		4.7
Consumer Discretionary		2.9
Energy		2.3
Health Care		0.8
Consumer Staples		0.4
Financials		0.3
Securities Lending Reinvestment Vehicle		0.8
TOTAL INVESTMENTS		100.0	%

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

February 28, 2023 (Unaudited)

Shares		Description	Value
Common Stocks – 99.7%
Communication Services – 4.6%
	13,984	Activision Blizzard, Inc.	$	1,066,280
	10,880	Alphabet, Inc., Class A*		979,853
	52,336	AT&T, Inc.		989,674
	2,738	Charter Communications, Inc., Class A*		1,006,516
	27,129	Comcast Corp., Class A		1,008,385
	9,360	Electronic Arts, Inc.		1,038,398
	11,733	Liberty Broadband Corp., Class C*		1,016,899
	13,333	Live Nation Entertainment, Inc.*		960,776
	21,332	Match Group, Inc.*		883,572
	7,176	Meta Platforms, Inc., Class A*		1,255,370
	2,970	Netflix, Inc.*		956,726
	12,435	Omnicom Group, Inc.		1,126,238
	45,714	Paramount Global, Class B		979,194
	41,287	Pinterest, Inc., Class A*		1,036,717
	28,780	ROBLOX Corp., Class A*		1,054,499
	106,848	Snap, Inc., Class A*		1,084,507
	9,695	Take-Two Interactive Software, Inc.*		1,062,087
	7,092	T-Mobile US, Inc.*		1,008,341
	21,319	Trade Desk, Inc. (The), Class A*		1,193,011
	25,577	Verizon Communications, Inc.		992,643
	9,848	Walt Disney Co. (The)*		980,959
	71,605	Warner Bros Discovery, Inc.*		1,118,470
	38,472	ZoomInfo Technologies, Inc.*		929,868
				23,728,983
Consumer Discretionary – 9.1%
	6,991	Advance Auto Parts, Inc.		1,013,415
	9,611	Airbnb, Inc., Class A*		1,184,844
	10,455	Amazon.com, Inc.*		985,175
	430	AutoZone, Inc.*		1,069,212
	12,249	Best Buy Co., Inc.		1,018,014
	439	Booking Holdings, Inc.*		1,108,036
	652	Chipotle Mexican Grill, Inc.*		972,184
	7,310	Darden Restaurants, Inc.		1,045,257
	4,576	Dollar General Corp.		989,789
	7,075	Dollar Tree, Inc.*		1,027,856
	3,022	Domino’s Pizza, Inc.		888,498
	18,854	DoorDash, Inc., Class A*		1,030,560
	10,936	D.R. Horton, Inc.		1,011,361
	21,749	eBay, Inc.		998,279
	7,867	Etsy, Inc.*		955,132
	9,279	Expedia Group, Inc.*		1,011,133
	78,114	Ford Motor Co.		942,836
	10,737	Garmin Ltd.		1,053,622
	27,331	General Motors Co.		1,058,803
	6,423	Genuine Parts Co.		1,135,972
	7,339	Hilton Worldwide Holdings, Inc.		1,060,559
	3,344	Home Depot, Inc. (The)		991,630
	18,377	Las Vegas Sands Corp.*		1,056,126
	10,461	Lennar Corp., Class A		1,011,997
	18,608	LKQ Corp.		1,066,052
	5,190	Lowe’s Cos., Inc.		1,067,843
	6,149	Marriott International, Inc., Class A		1,040,657
	4,020	McDonald’s Corp.		1,060,918
	25,854	MGM Resorts International		1,111,981
	8,396	NIKE, Inc., Class B		997,361
Common Stocks – (continued)
Consumer Discretionary – (continued)
	205	NVR, Inc.*		1,060,592
	1,333	O’Reilly Automotive, Inc.*		1,106,523
	2,758	Pool Corp.		984,220
	57,908	Rivian Automotive, Inc., Class A*		1,117,624
	9,056	Ross Stores, Inc.		1,001,050
	16,426	Royal Caribbean Cruises Ltd.*		1,160,333
	9,825	Starbucks Corp.		1,003,034
	67,264	Stellantis NV		1,178,465
	6,200	Target Corp.		1,044,700
	6,196	Tesla, Inc.*		1,274,579
	13,053	TJX Cos., Inc. (The)		999,860
	4,734	Tractor Supply Co.		1,104,253
	2,078	Ulta Beauty, Inc.*		1,078,066
	34,724	VF Corp.		861,850
	8,273	Yum! Brands, Inc.		1,051,995
				46,992,246
Consumer Staples – 6.7%
	22,593	Altria Group, Inc.		1,048,993
	12,837	Archer-Daniels-Midland Co.		1,021,825
	15,866	Brown-Forman Corp., Class B		1,029,227
	10,792	Bunge Ltd.		1,030,636
	13,240	Church & Dwight Co., Inc.		1,109,247
	7,466	Clorox Co. (The)		1,160,515
	17,482	Coca-Cola Co. (The)		1,040,354
	14,298	Colgate-Palmolive Co.		1,048,043
	28,764	Conagra Brands, Inc.		1,047,297
	4,593	Constellation Brands, Inc., Class A		1,027,454
	2,103	Costco Wholesale Corp.		1,018,231
	15,833	Darling Ingredients, Inc.*		1,001,754
	3,889	Estee Lauder Cos., Inc. (The), Class A		945,222
	13,737	General Mills, Inc.		1,092,229
	4,729	Hershey Co. (The)		1,127,015
	23,530	Hormel Foods Corp.		1,044,261
	6,942	J M Smucker Co. (The)		1,026,652
	15,591	Kellogg Co.		1,028,071
	30,386	Keurig Dr Pepper, Inc.		1,049,836
	8,246	Kimberly-Clark Corp.		1,031,162
	26,306	Kraft Heinz Co. (The)		1,024,356
	24,071	Kroger Co. (The)		1,038,423
	10,718	Lamb Weston Holdings, Inc.		1,078,660
	14,177	McCormick & Co., Inc.		1,053,635
	16,134	Mondelez International, Inc., Class A		1,051,614
	10,350	Monster Beverage Corp.*		1,053,216
	6,264	PepsiCo, Inc.		1,086,992
	10,191	Philip Morris International, Inc.		991,584
	7,509	Procter & Gamble Co. (The)		1,032,938
	13,748	Sysco Corp.		1,025,188
	16,487	Tyson Foods, Inc., Class A		976,690
	29,151	Walgreens Boots Alliance, Inc.		1,035,735
	7,436	Walmart, Inc.		1,056,879
				34,433,934
Energy – 5.3%
	24,857	APA Corp.		954,012
	33,660	Baker Hughes Co.		1,029,996

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)
Energy – (continued)
	7,008	Cheniere Energy, Inc.	$	1,102,639
	12,641	Chesapeake Energy Corp.		1,021,519
	6,200	Chevron Corp.		996,774
	9,039	ConocoPhillips		934,181
	43,213	Coterra Energy, Inc.		1,079,029
	17,230	Devon Energy Corp.		929,042
	7,440	Diamondback Energy, Inc.		1,045,915
	8,259	EOG Resources, Inc.		933,432
	33,572	EQT Corp.		1,113,919
	9,240	Exxon Mobil Corp.		1,015,568
	26,184	Halliburton Co.		948,646
	7,318	Hess Corp.		985,735
	58,038	Kinder Morgan, Inc.		990,128
	39,600	Marathon Oil Corp.		995,940
	8,587	Marathon Petroleum Corp.		1,061,353
	16,759	Occidental Petroleum Corp.		981,407
	15,662	ONEOK, Inc.		1,025,078
	22,615	Ovintiv, Inc.		967,244
	10,742	Phillips 66		1,101,699
	4,747	Pioneer Natural Resources Co.		951,346
	18,876	Schlumberger NV		1,004,392
	14,401	Targa Resources Corp.		1,067,114
	559	Texas Pacific Land Corp.		995,126
	7,705	Valero Energy Corp.		1,014,980
	33,398	Williams Cos., Inc. (The)		1,005,280
				27,251,494
Financials – 12.6%
	14,561	Aflac, Inc.		992,332
	8,368	Allstate Corp. (The)		1,077,631
	6,139	American Express Co.		1,068,125
	17,416	American International Group, Inc.		1,064,292
	3,049	Ameriprise Financial, Inc.		1,045,411
	3,339	Aon PLC, Class A		1,015,223
	15,070	Apollo Global Management, Inc.		1,068,463
	16,628	Arch Capital Group Ltd.*		1,163,960
	5,417	Arthur J Gallagher & Co.		1,014,875
	29,734	Bank of America Corp.		1,019,876
	21,207	Bank of New York Mellon Corp. (The)		1,079,012
	3,442	Berkshire Hathaway, Inc., Class B*		1,050,430
	1,424	BlackRock, Inc.		981,748
	11,401	Blackstone, Inc.		1,035,211
	18,331	Brown & Brown, Inc.		1,027,819
	9,177	Capital One Financial Corp.		1,001,027
	8,656	Cboe Global Markets, Inc.		1,092,128
	13,761	Charles Schwab Corp. (The)		1,072,257
	4,927	Chubb Ltd.		1,039,696
	9,418	Cincinnati Financial Corp.		1,136,753
	20,631	Citigroup, Inc.		1,045,785
	24,617	Citizens Financial Group, Inc.		1,028,006
	6,036	CME Group, Inc.		1,118,833
	9,181	Discover Financial Services		1,028,272
	2,539	FactSet Research Systems, Inc.		1,052,542
	29,356	Fifth Third Bancorp		1,065,623
	43,123	First Horizon Corp.		1,068,157
	7,565	First Republic Bank		930,571
Common Stocks – (continued)
Financials – (continued)
	2,948	Goldman Sachs Group, Inc. (The)(a)		1,036,664
	14,030	Hartford Financial Services Group, Inc. (The)		1,098,268
	70,466	Huntington Bancshares, Inc.		1,079,539
	9,914	Intercontinental Exchange, Inc.		1,009,245
	7,624	JPMorgan Chase & Co.		1,092,900
	55,009	KeyCorp		1,006,115
	19,353	KKR & Co., Inc.		1,090,542
	4,514	LPL Financial Holdings, Inc.		1,126,514
	6,821	M&T Bank Corp.		1,059,233
	759	Markel Corp.*		1,009,364
	6,097	Marsh & McLennan Cos., Inc.		988,568
	14,654	MetLife, Inc.		1,051,131
	3,320	Moody’s Corp.		963,298
	10,869	Morgan Stanley		1,048,859
	1,995	MSCI, Inc.		1,041,689
	18,019	Nasdaq, Inc.		1,010,145
	10,995	Northern Trust Corp.		1,047,494
	6,485	PNC Financial Services Group, Inc. (The)		1,024,111
	11,721	Principal Financial Group, Inc.		1,049,733
	7,770	Progressive Corp. (The)		1,115,150
	10,224	Prudential Financial, Inc.		1,022,400
	9,596	Raymond James Financial, Inc.		1,040,782
	45,538	Regions Financial Corp.		1,061,946
	2,882	S&P Global, Inc.		983,338
	11,670	State Street Corp.		1,034,896
	3,498	SVB Financial Group*		1,007,809
	30,888	Synchrony Financial		1,103,010
	9,151	T. Rowe Price Group, Inc.		1,027,474
	5,766	Travelers Cos., Inc. (The)		1,067,402
	21,735	Truist Financial Corp.		1,020,458
	21,582	US Bancorp		1,030,109
	15,460	W R Berkley Corp.		1,023,297
	22,647	Wells Fargo & Co.		1,059,200
	4,234	Willis Towers Watson PLC		992,280
				64,807,021
Health Care – 13.0%
	9,624	Abbott Laboratories		978,953
	7,308	AbbVie, Inc.		1,124,701
	6,955	Agilent Technologies, Inc.		987,401
	3,892	Align Technology, Inc.*		1,204,574
	4,792	Alnylam Pharmaceuticals, Inc.*		917,428
	6,420	AmerisourceBergen Corp.		998,695
	4,386	Amgen, Inc.		1,016,061
	44,235	Avantor, Inc.*		1,078,007
	23,429	Baxter International, Inc.		935,989
	4,214	Becton Dickinson and Co.		988,394
	3,693	Biogen, Inc.*		996,593
	9,264	BioMarin Pharmaceutical, Inc.*		922,602
	13,327	Bio-Techne Corp.		968,073
	22,789	Boston Scientific Corp.*		1,064,702
	14,853	Bristol-Myers Squibb Co.		1,024,263
	13,787	Cardinal Health, Inc.		1,043,814
	20,238	Catalent, Inc.*		1,380,636
	14,071	Centene Corp.*		962,456

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, 2023 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Health Care – (continued)
	4,389	Charles River Laboratories International, Inc.*	$	962,683
	3,386	Cigna Group (The)		989,051
	3,054	Cooper Cos., Inc. (The)		998,566
	12,131	CVS Health Corp.		1,013,424
	3,996	Danaher Corp.		989,130
	10,059	Dexcom, Inc.*		1,116,650
	13,532	Edwards Lifesciences Corp.*		1,088,514
	2,134	Elevance Health, Inc.		1,002,276
	3,131	Eli Lilly & Co.		974,430
	15,694	GE Healthcare Technologies, Inc.*		1,192,744
	12,807	Gilead Sciences, Inc.		1,031,348
	4,098	HCA Healthcare, Inc.		997,658
	13,027	Hologic, Inc.*		1,037,470
	9,643	Horizon Therapeutics PLC*		1,055,812
	2,061	Humana, Inc.		1,020,236
	2,213	IDEXX Laboratories, Inc.*		1,047,280
	5,044	Illumina, Inc.*		1,004,765
	12,584	Incyte Corp.*		968,716
	3,697	Insulet Corp.*		1,021,703
	4,334	Intuitive Surgical, Inc.*		994,176
	4,635	IQVIA Holdings, Inc.*		966,259
	6,508	Johnson & Johnson		997,416
	4,243	Laboratory Corp. of America Holdings		1,015,605
	2,841	McKesson Corp.		993,810
	12,608	Medtronic PLC		1,043,942
	9,986	Merck & Co., Inc.		1,060,913
	693	Mettler-Toledo International, Inc.*		993,561
	6,303	Moderna, Inc.*		874,919
	3,433	Molina Healthcare, Inc.*		945,208
	7,565	PerkinElmer, Inc.		942,372
	24,413	Pfizer, Inc.		990,435
	7,233	Quest Diagnostics, Inc.		1,000,758
	1,411	Regeneron Pharmaceuticals, Inc.*		1,072,953
	4,692	ResMed, Inc.		999,396
	27,515	Royalty Pharma PLC, Class A		986,413
	7,787	Seagen, Inc.*		1,399,246
	5,087	STERIS PLC		956,509
	3,935	Stryker Corp.		1,034,433
	1,817	Thermo Fisher Scientific, Inc.		984,378
	2,134	UnitedHealth Group, Inc.		1,015,656
	6,284	Veeva Systems, Inc., Class A*		1,041,007
	3,345	Vertex Pharmaceuticals, Inc.*		971,020
	87,042	Viatris, Inc.		992,279
	3,211	Waters Corp.*		998,268
	3,996	West Pharmaceutical Services, Inc.		1,266,852
	8,397	Zimmer Biomet Holdings, Inc.		1,040,136
	6,439	Zoetis, Inc.		1,075,313
				66,759,031
Industrials – 13.5%
	9,333	3M Co.		1,005,537
	7,365	AMETEK, Inc.		1,042,589
	4,991	Boeing Co. (The)*		1,005,936
	11,261	Booz Allen Hamilton Holding Corp.		1,066,755
	4,228	Carlisle Cos., Inc.		1,091,754
Common Stocks – (continued)
Industrials – (continued)
	23,769	Carrier Global Corp.		1,070,318
	4,296	Caterpillar, Inc.		1,029,107
	10,677	C.H. Robinson Worldwide, Inc.		1,067,273
	2,432	Cintas Corp.		1,066,359
	16,025	Copart, Inc.*		1,129,121
	13,885	CoStar Group, Inc.*		981,114
	34,597	CSX Corp.		1,054,863
	4,295	Cummins, Inc.		1,044,029
	2,523	Deere & Co.		1,057,743
	27,375	Delta Air Lines, Inc.*		1,049,557
	6,914	Dover Corp.		1,036,409
	6,557	Eaton Corp. PLC		1,147,016
	11,811	Emerson Electric Co.		976,888
	4,827	Equifax, Inc.		977,612
	9,748	Expeditors International of Washington, Inc.		1,019,251
	21,014	Fastenal Co.		1,083,482
	5,491	FedEx Corp.		1,115,881
	15,690	Fortive Corp.		1,045,895
	4,632	General Dynamics Corp.		1,055,679
	13,100	General Electric Co.		1,109,701
	5,177	Honeywell International, Inc.		991,292
	26,469	Howmet Aerospace, Inc.		1,116,462
	4,586	Hubbell, Inc.		1,153,562
	4,658	IDEX Corp.		1,047,957
	4,506	Illinois Tool Works, Inc.		1,050,619
	19,120	Ingersoll Rand, Inc.		1,110,298
	8,637	Jacobs Solutions, Inc.		1,032,122
	5,571	J.B. Hunt Transport Services, Inc.		1,007,181
	16,302	Johnson Controls International PLC		1,022,461
	4,979	L3Harris Technologies, Inc.		1,051,515
	10,802	Leidos Holdings, Inc.		1,048,550
	2,309	Lockheed Martin Corp.		1,095,066
	20,010	Masco Corp.		1,049,124
	4,383	Norfolk Southern Corp.		985,386
	2,393	Northrop Grumman Corp.		1,110,615
	2,970	Old Dominion Freight Line, Inc.		1,007,602
	12,845	Otis Worldwide Corp.		1,086,944
	14,628	PACCAR, Inc.		1,056,142
	3,268	Parker-Hannifin Corp.		1,149,846
	63,575	Plug Power, Inc.*		945,360
	7,054	Quanta Services, Inc.		1,138,516
	10,856	Raytheon Technologies Corp.		1,064,865
	8,601	Republic Services, Inc.		1,108,927
	3,800	Rockwell Automation, Inc.		1,120,734
	30,222	Southwest Airlines Co.		1,014,855
	11,994	Stanley Black & Decker, Inc.		1,026,806
	14,603	Textron, Inc.		1,059,156
	6,016	Trane Technologies PLC		1,112,780
	1,487	TransDigm Group, Inc.		1,106,135
	14,771	TransUnion		966,467
	34,366	Uber Technologies, Inc.*		1,143,013
	5,230	Union Pacific Corp.		1,084,074
	21,961	United Airlines Holdings, Inc.*		1,141,094
	5,865	United Parcel Service, Inc., Class B		1,070,304
	2,424	United Rentals, Inc.		1,135,717

22 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)
Industrials – (continued)
	5,899	Verisk Analytics, Inc.	$	1,009,378
	6,976	Waste Management, Inc.		1,044,726
	10,365	Westinghouse Air Brake Technologies Corp.		1,081,380
	1,796	W.W. Grainger, Inc.		1,200,500
	10,361	Xylem, Inc.		1,063,557
				69,140,957
Information Technology – 18.4%
	3,845	Accenture PLC, Class A		1,021,040
	2,900	Adobe, Inc.*		939,455
	13,181	Advanced Micro Devices, Inc.*		1,035,763
	12,061	Akamai Technologies, Inc.*		875,629
	13,311	Amphenol Corp., Class A		1,031,869
	6,159	Analog Devices, Inc.		1,129,992
	4,015	ANSYS, Inc.*		1,218,994
	7,458	Apple, Inc.		1,099,384
	9,273	Applied Materials, Inc.		1,077,059
	8,501	Arista Networks, Inc.*		1,179,089
	6,578	Atlassian Corp., Class A*		1,080,963
	4,975	Autodesk, Inc.*		988,483
	4,793	Automatic Data Processing, Inc.		1,053,597
	9,345	BILL Holdings, Inc.*		790,867
	13,199	Block, Inc.*		1,012,759
	1,801	Broadcom, Inc.		1,070,316
	7,045	Broadridge Financial Solutions, Inc.		991,795
	5,813	Cadence Design Systems, Inc.*		1,121,560
	5,428	CDW Corp.		1,098,736
	22,267	Cisco Systems, Inc.		1,078,168
	20,288	Cloudflare, Inc., Class A*		1,217,483
	15,855	Cognizant Technology Solutions Corp., Class A		992,999
	30,284	Corning, Inc.		1,028,142
	10,073	Crowdstrike Holdings, Inc., Class A*		1,215,710
	13,972	Datadog, Inc., Class A*		1,069,137
	4,868	Enphase Energy, Inc.*		1,024,860
	13,175	Entegris, Inc.		1,122,905
	3,146	EPAM Systems, Inc.*		967,867
	14,058	Fidelity National Information Services, Inc.		890,855
	6,040	First Solar, Inc.*		1,021,606
	10,034	Fiserv, Inc.*		1,154,813
	5,091	FleetCor Technologies, Inc.*		1,093,496
	20,513	Fortinet, Inc.*		1,219,293
	3,144	Gartner, Inc.*		1,030,635
	46,510	Gen Digital, Inc.		907,410
	9,367	Global Payments, Inc.		1,050,977
	12,986	GoDaddy, Inc., Class A*		983,170
	66,635	Hewlett Packard Enterprise Co.		1,040,172
	36,421	HP, Inc.		1,075,148
	3,008	HubSpot, Inc.*		1,163,675
	37,776	Intel Corp.		941,756
	7,984	International Business Machines Corp.		1,032,331
	2,551	Intuit, Inc.		1,038,716
	5,944	Jack Henry & Associates, Inc.		976,242
	5,983	Keysight Technologies, Inc.*		957,041
Common Stocks – (continued)
Information Technology – (continued)
	2,684	KLA Corp.		1,018,256
	2,079	Lam Research Corp.		1,010,415
	24,147	Marvell Technology, Inc.		1,090,237
	2,887	Mastercard, Inc., Class A		1,025,722
	13,494	Microchip Technology, Inc.		1,093,419
	17,375	Micron Technology, Inc.		1,004,622
	4,329	Microsoft Corp.		1,079,739
	4,978	MongoDB, Inc.*		1,042,990
	2,428	Monolithic Power Systems, Inc.		1,175,856
	4,176	Motorola Solutions, Inc.		1,097,495
	16,158	NetApp, Inc.		1,042,999
	5,303	NVIDIA Corp.		1,231,144
	14,288	ON Semiconductor Corp.*		1,106,034
	11,985	Oracle Corp.		1,047,489
	136,734	Palantir Technologies, Inc., Class A*		1,071,995
	6,872	Palo Alto Networks, Inc.*		1,294,479
	9,257	Paychex, Inc.		1,021,973
	3,270	Paycom Software, Inc.*		945,226
	13,248	PayPal Holdings, Inc.*		975,053
	7,882	PTC, Inc.*		987,851
	7,902	QUALCOMM, Inc.		976,134
	2,489	Roper Technologies, Inc.		1,070,768
	6,347	Salesforce, Inc.*		1,038,433
	15,583	Seagate Technology Holdings PLC		1,006,038
	2,335	ServiceNow, Inc.*		1,009,117
	9,652	Skyworks Solutions, Inc.		1,076,874
	6,793	Snowflake, Inc., Class A*		1,048,703
	11,046	Splunk, Inc.*		1,132,215
	17,630	SS&C Technologies Holdings, Inc.		1,034,881
	2,998	Synopsys, Inc.*		1,090,552
	2,487	Teledyne Technologies, Inc.*		1,069,584
	10,241	Teradyne, Inc.		1,035,775
	5,973	Texas Instruments, Inc.		1,024,071
	18,243	Trimble, Inc.*		949,731
	17,747	Twilio, Inc., Class A*		1,192,776
	3,303	Tyler Technologies, Inc.*		1,061,089
	4,907	VeriSign, Inc.*		965,845
	4,661	Visa, Inc., Class A		1,025,140
	8,698	VMware, Inc., Class A*		957,911
	25,461	Western Digital Corp.*		979,739
	13,519	Wolfspeed, Inc.*		1,000,136
	5,977	Workday, Inc., Class A*		1,108,554
	3,331	Zebra Technologies Corp., Class A*		1,000,133
	14,343	Zoom Video Communications, Inc., Class A*		1,069,844
	8,536	Zscaler, Inc.*		1,119,496
				94,518,490
Materials – 5.3%
	3,353	Air Products and Chemicals, Inc.		958,891
	3,802	Albemarle Corp.		966,887
	5,696	Avery Dennison Corp.		1,037,754
	18,513	Ball Corp.		1,040,616
	12,627	CF Industries Holdings, Inc.		1,084,533
	16,617	Corteva, Inc.		1,035,073
	12,178	Crown Holdings, Inc.		1,053,519

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

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

Schedule of Investments (continued)

February 28, 2023 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Materials – (continued)
	17,992	Dow, Inc.	$	1,029,142
	14,526	DuPont de Nemours, Inc.		1,060,834
	6,936	Ecolab, Inc.		1,105,390
	8,099	FMC Corp.		1,045,986
	24,459	Freeport-McMoRan, Inc.		1,002,085
	9,544	International Flavors & Fragrances, Inc.		889,501
	26,218	International Paper Co.		954,073
	3,240	Linde PLC (United Kingdom)		1,128,719
	11,107	LyondellBasell Industries NV, Class A		1,066,161
	2,978	Martin Marietta Materials, Inc.		1,071,693
	21,820	Mosaic Co. (The)		1,160,606
	20,014	Newmont Corp.		872,810
	6,372	Nucor Corp.		1,066,928
	7,549	Packaging Corp. of America		1,032,099
	8,159	PPG Industries, Inc.		1,077,478
	11,956	RPM International, Inc.		1,059,660
	4,487	Sherwin-Williams Co. (The)		993,197
	8,832	Steel Dynamics, Inc.		1,113,803
	5,866	Vulcan Materials Co.		1,061,218
				26,968,656
Real Estate – 5.9%
	6,670	Alexandria Real Estate Equities, Inc. REIT		999,033
	4,813	American Tower Corp. REIT		953,022
	6,050	AvalonBay Communities, Inc. REIT		1,043,746
	14,673	Boston Properties, Inc. REIT		960,788
	8,715	Camden Property Trust REIT		1,000,133
	12,755	CBRE Group, Inc., Class A*		1,085,961
	7,310	Crown Castle, Inc. REIT		955,782
	9,435	Digital Realty Trust, Inc. REIT		983,410
	1,466	Equinix, Inc. REIT		1,009,004
	16,801	Equity Residential REIT		1,050,399
	4,722	Essex Property Trust, Inc. REIT		1,076,899
	6,854	Extra Space Storage, Inc. REIT		1,128,511
	39,309	Healthpeak Properties, Inc. REIT		945,775
	57,287	Host Hotels & Resorts, Inc. REIT		962,422
	32,893	Invitation Homes, Inc. REIT		1,028,235
	19,665	Iron Mountain, Inc. REIT		1,037,329
	47,890	Kimco Realty Corp. REIT		987,013
	6,408	Mid-America Apartment Communities, Inc. REIT		1,025,921
	8,316	Prologis, Inc. REIT		1,026,194
	3,539	Public Storage REIT		1,057,984
	15,852	Realty Income Corp. REIT		1,013,735
	3,622	SBA Communications Corp. REIT		939,366
	8,370	Simon Property Group, Inc. REIT		1,021,893
	6,823	Sun Communities, Inc. REIT		976,644
	25,152	UDR, Inc. REIT		1,077,512
	20,844	Ventas, Inc. REIT		1,014,061
	31,279	VICI Properties, Inc. REIT		1,048,785
	14,384	Welltower, Inc. REIT		1,066,142
	31,326	Weyerhaeuser Co. REIT		978,937
	12,744	W.P. Carey, Inc. REIT		1,034,303
				30,488,939
Common Stocks – (continued)
Utilities – 5.3%
	39,554	AES Corp. (The)		976,193
	19,890	Alliant Energy Corp.		1,019,760
	12,298	Ameren Corp.		1,017,168
	11,394	American Electric Power Co., Inc.		1,002,330
	6,827	American Water Works Co., Inc.		958,374
	9,040	Atmos Energy Corp.		1,019,802
	35,626	CenterPoint Energy, Inc.		991,115
	16,886	CMS Energy Corp.		995,767
	11,187	Consolidated Edison, Inc.		999,558
	12,664	Constellation Energy Corp.		948,407
	16,912	Dominion Energy, Inc.		940,645
	9,184	DTE Energy Co.		1,007,577
	10,438	Duke Energy Corp.		983,886
	15,610	Edison International		1,033,538
	9,775	Entergy Corp.		1,005,554
	17,144	Evergy, Inc.		1,008,239
	13,005	Eversource Energy		980,057
	25,445	Exelon Corp.		1,027,724
	26,118	FirstEnergy Corp.		1,032,706
	14,423	NextEra Energy, Inc.		1,024,466
	67,822	PG&E Corp.*		1,059,380
	36,306	PPL Corp.		982,803
	17,314	Public Service Enterprise Group, Inc.		1,046,285
	6,685	Sempra Energy		1,002,483
	15,583	Southern Co. (The)		982,664
	11,400	WEC Energy Group, Inc.		1,010,724
	15,557	Xcel Energy, Inc.		1,004,515
				27,061,720
	TOTAL INVESTMENTS – 99.7%
	(Cost $504,583,477)		$	512,151,471
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.3%			1,723,028
	NET ASSETS – 100.0%		$	513,874,499

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

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

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

GOLDMAN SACHS HEDGE INDUSTRY VIP ETF

Schedule of Investments

February 28, 2023 (Unaudited)

Shares		Description	Value
Common Stocks – 99.9%
Communication Services – 14.1%
	35,202	Activision Blizzard, Inc.	$	2,684,153
	28,546	Alphabet, Inc., Class A*		2,570,853
	94,868	Frontier Communications Parent, Inc.*		2,595,588
	15,059	Meta Platforms, Inc., Class A*		2,634,421
	7,509	Netflix, Inc.*		2,418,874
	91,558	Shaw Communications, Inc., Class B (Canada)		2,652,435
	18,325	T-Mobile US, Inc.*		2,605,449
				18,161,773
Consumer Discretionary – 8.2%
	25,933	Alibaba Group Holding Ltd. ADR (China)*		2,276,658
	27,109	Amazon.com, Inc.*		2,554,481
	1,094	Booking Holdings, Inc.*		2,761,256
	2,387	MercadoLibre, Inc. (Brazil)*		2,912,140
				10,504,535
Energy – 8.1%
	32,226	Chesapeake Energy Corp.		2,604,183
	206,477	Energy Transfer LP		2,613,999
	86,962	EQT Corp.		2,885,399
	34,256	Valaris Ltd.*		2,303,716
				10,407,297
Financials – 14.5%
	37,717	Apollo Global Management, Inc.		2,674,135
	8,696	Berkshire Hathaway, Inc., Class B*		2,653,845
	33,463	Charles Schwab Corp. (The)		2,607,437
	109,424	First Horizon Corp.		2,710,432
	19,407	Progressive Corp. (The)		2,785,293
	7,408	S&P Global, Inc.		2,527,610
	55,727	Wells Fargo & Co.		2,606,352
				18,565,104
Health Care – 8.2%
	24,672	Horizon Therapeutics PLC*		2,701,337
	5,387	Humana, Inc.		2,666,673
	43,699	Tenet Healthcare Corp.*		2,557,703
	5,484	UnitedHealth Group, Inc.		2,610,055
				10,535,768
Industrials – 14.7%
	123,133	API Group Corp.*		2,892,394
	26,443	Atlas Air Worldwide Holdings, Inc.*		2,665,719
	18,333	Ferguson PLC		2,641,785
	3,577	TransDigm Group, Inc.		2,660,823
	76,718	Uber Technologies, Inc.*		2,551,641
	172,922	Vertiv Holdings Co.		2,809,982
	52,522	WillScot Mobile Mini Holdings Corp.*		2,699,631
				18,921,975
Information Technology – 30.3%
	31,446	Advanced Micro Devices, Inc.*		2,471,027
	17,642	Apple, Inc.		2,600,607
	23,298	Fiserv, Inc.*		2,681,367
Common Stocks – (continued)
Information Technology – (continued)
	109,513	Flex Ltd.*		2,492,516
	7,306	Mastercard, Inc., Class A		2,595,749
	9,930	Microsoft Corp.		2,476,741
	11,766	NVIDIA Corp.		2,731,594
	15,886	Palo Alto Networks, Inc.*		2,992,446
	34,983	PayPal Holdings, Inc.*		2,574,749
	15,902	Salesforce, Inc.*		2,601,726
	5,858	ServiceNow, Inc.*		2,531,652
	27,591	Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Taiwan)		2,402,348
	11,782	Visa, Inc., Class A		2,591,333
	23,055	VMware, Inc., Class A*		2,539,047
	14,260	Workday, Inc., Class A*		2,644,802
				38,927,704
Utilities – 1.8%
	31,406	Constellation Energy Corp.		2,351,995
	TOTAL INVESTMENTS – 99.9%
	(Cost $123,912,081)		$	128,376,151
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.1%			98,055
	NET ASSETS – 100.0%		$	128,474,206

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
LP	—Limited Partnership
PLC	—Public Limited Company

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

GOLDMAN SACHS INNOVATE EQUITY ETF

Schedule of Investments

February 28, 2023 (Unaudited)

Shares		Description	Value
Common Stocks – 99.7%
Communication Services – 12.3%
	13,801	Activision Blizzard, Inc.	$	1,052,326
	3,546	AfreecaTV Co. Ltd. (South Korea)		239,303
	64,923	Alphabet, Inc., Class A*		5,846,965
	14,803	Baidu, Inc. ADR (China)*		2,038,225
	14,973	Bumble, Inc., Class A*		362,047
	23,266	Comcast Corp., Class A		864,797
	6,953	CTS Eventim AG & Co. KGaA (Germany)*		458,642
	8,598	Electronic Arts, Inc.		953,862
	55,194	Gree, Inc. (Japan)		295,389
	23,680	Hello Group, Inc. ADR (China)		208,621
	38,484	HUYA, Inc. ADR (China)*		165,481
	4,498	IDT Corp., Class B*		136,784
	15,574	IMAX Corp.*		287,185
	5,485	Infocom Corp. (Japan)		96,682
	45,643	iQIYI, Inc. ADR (China)*		352,820
	10,416	JOYY, Inc. ADR (China)		327,062
	19,083	Kanzhun Ltd. ADR (China)*		384,522
	109,157	Kuaishou Technology (China)*(a)		730,077
	7,517	Liberty Media Corp.-Liberty Braves, Class C*		251,594
	10,620	Liberty Media Corp.-Liberty Formula One, Class A*		645,271
	17,614	Liberty Media Corp.-Liberty SiriusXM, Class A*		570,518
	8,945	Live Nation Entertainment, Inc.*		644,577
	5,504	Madison Square Garden Entertainment Corp.*		333,157
	1,755	Madison Square Garden Sports Corp.		335,451
	13,949	Match Group, Inc.*		577,768
	32,420	Meta Platforms, Inc., Class A*		5,671,555
	12,020	MIXI, Inc. (Japan)		236,050
	13,801	NetEase, Inc. ADR (China)		1,071,510
	4,283	Netflix, Inc.*		1,379,683
	28,616	Pinterest, Inc., Class A*		718,548
	40,974	Playtika Holding Corp.*		393,350
	69,700	Rightmove PLC (United Kingdom)		473,216
	11,856	ROBLOX Corp., Class A*		434,404
	6,600	Scout24 SE (Germany)(a)		363,404
	24,494	Sea Ltd. ADR (Singapore)*		1,530,630
	51,521	Snap, Inc., Class A*		522,938
	5,592	Spotify Technology SA*		650,350
	7,045	Take-Two Interactive Software, Inc.*		771,780
	29,217	TELUS Corp. (Canada)		582,215
	45,974	Tencent Holdings Ltd. (China)		2,012,442
	10,523	TripAdvisor, Inc.*		226,981
	14,213	Ubisoft Entertainment SA (France)*		314,722
	23,270	Vivid Seats, Inc., Class A*		178,481
	56,763	VK Co. Ltd. GDR (Russia)*(b)		—
	17,159	Walt Disney Co. (The)*		1,709,208
	8,440	Warner Music Group Corp., Class A		266,366
	18,238	Weibo Corp. ADR (China)*		377,162
	5,380	World Wrestling Entertainment, Inc., Class A		451,920
	19,206	Yalla Group Ltd. ADR (United Arab Emirates)*		83,546
Common Stocks – (continued)
Communication Services – (continued)
	3,618	Ziff Davis, Inc.*		285,750
	15,954	ZoomInfo Technologies, Inc.*		385,608
				39,250,945
Consumer Discretionary – 14.5%
	20,273	2U, Inc.*		181,646
	6,113	Academy Sports & Outdoors, Inc.		361,584
	3,253	adidas AG (Germany)		488,700
	7,622	Airbnb, Inc., Class A*		939,640
	39,051	Alibaba Group Holding Ltd. ADR (China)*		3,428,287
	822,215	Alibaba Health Information Technology Ltd. (China)*		586,586
	65,796	Amazon.com, Inc.*		6,199,957
	50,368	ANTA Sports Products Ltd. (China)		663,488
	9,022	Aptiv PLC*		1,049,078
	10,230	Bandai Namco Holdings, Inc. (Japan)		631,907
	16,066	Chegg, Inc.*		255,289
	9,166	Chewy, Inc., Class A*		371,681
	4,009	Columbia Sportswear Co.		349,585
	8,117	Continental AG (Germany)		585,350
	15,131	Coursera, Inc.*		170,526
	4,175	Dick’s Sporting Goods, Inc.		537,030
	2,881	Duolingo, Inc.*		261,566
	14,013	eBay, Inc.		643,197
	4,131	Etsy, Inc.*		501,545
	16,413	Everi Holdings, Inc.*		311,683
	224,528	Faraday Future Intelligent Electric, Inc.*		119,449
	32,786	Farfetch Ltd., Class A (United Kingdom)*		168,192
	94,879	Ford Motor Co.		1,145,190
	25,681	GameStop Corp., Class A*(c)		493,846
	31,224	General Motors Co.		1,209,618
	587	Graham Holdings Co., Class B		367,849
	7,067	Hyundai Motor Co. (South Korea)		941,555
	7,322	iRobot Corp.*		300,861
	243,094	JD Sports Fashion PLC (United Kingdom)		532,980
	13,271	JD.com, Inc. ADR (China)		589,763
	15,162	Just Eat Takeaway.com NV (United Kingdom)*(a)		332,842
	12,856	Kia Corp. (South Korea)		731,575
	74,712	Koolearn Technology Holding Ltd. (China)*(a)(c)		424,029
	12,203	Las Vegas Sands Corp.*		701,306
	61,967	Li Ning Co. Ltd. (China)		526,950
	73,266	Lucid Group, Inc.*(c)		668,919
	2,641	Lululemon Athletica, Inc.*		816,597
	13,454	Macy’s, Inc.		275,269
	43,233	Meituan, Class B (China)*(a)		749,603
	2,047	MercadoLibre, Inc. (Brazil)*		2,497,340
	17,744	MGM Resorts International		763,169
	575,800	Mullen Automotive, Inc.*		133,586
	13,798	New Oriental Education & Technology Group, Inc. ADR (China)*		534,259

26 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)
	317,759	Nexteer Automotive Group Ltd. (China)	$	201,598
	9,914	NIKE, Inc., Class B		1,177,684
	72,168	NIO, Inc. ADR (China)*		677,658
	9,211	Overstock.com, Inc.*		178,417
	28,405	Peloton Interactive, Inc., Class A*		366,993
	4,521	Planet Fitness, Inc., Class A*		366,427
	25,654	Playtech PLC (United Kingdom)*		174,857
	42,757	Rivian Automotive, Inc., Class A*		825,210
	45,198	Sharp Corp. (Japan)		311,905
	7,529	Skechers USA, Inc., Class A*		335,116
	8,774	Sony Group Corp. (Japan)		736,239
	6,162	Stride, Inc.*		261,700
	41,407	TAL Education Group ADR (China)*		291,091
	16,372	Tesla, Inc.*		3,367,884
	104,044	Toyota Motor Corp. (Japan)		1,422,618
	22,626	Udemy, Inc.*		213,589
	5,341	Wayfair, Inc., Class A*		216,257
	9,134	Xometry, Inc., Class A*		277,765
	45,439	XPeng, Inc. ADR (China)*(c)		405,316
	20,993	Yamaha Motor Co. Ltd. (Japan)		537,097
	9,602	Zalando SE (Germany)*(a)		382,878
				46,271,371
Consumer Staples – 0.6%
	14,481	Beyond Meat, Inc.*(c)		258,341
	12,558	Walmart, Inc.		1,784,869
				2,043,210
Energy – 0.8%
	776,432	China Suntien Green Energy Corp. Ltd., Class H (China)		340,267
	6,897	HD Hyundai Co. Ltd. (South Korea)		309,603
	21,672	Oceaneering International, Inc.*		452,728
	24,746	TotalEnergies SE (France)		1,537,061
				2,639,659
Financials – 9.5%
	39,646	3i Group PLC (United Kingdom)		780,918
	2,666	Ameriprise Financial, Inc.		914,091
	6,758	Amundi SA (France)(a)		447,212
	3,896	Antin Infrastructure Partners SA (France)		85,526
	14,589	Apollo Global Management, Inc.		1,034,360
	2,165	BlackRock, Inc.		1,492,616
	13,988	Blackstone, Inc.		1,270,110
	12,664	Carlyle Group, Inc. (The)		435,642
	15,776	Charles Schwab Corp. (The)		1,229,266
	32,027	CI Financial Corp. (Canada)		352,157
	4,228	CME Group, Inc.		783,702
	10,801	CNA Financial Corp.		472,868
	11,773	Coinbase Global, Inc., Class A*(c)		763,244
	150,898	Credit Suisse Group AG (Switzerland)		459,174
	5,525	Discover Financial Services		618,800
	7,858	DWS Group GmbH & Co. KGaA (Germany)(a)		256,669
	5,223	Eurazeo SE (France)		353,388
Common Stocks – (continued)
Financials – (continued)
	2,832	Evercore, Inc., Class A		371,502
	23,664	flatexDEGIRO AG (Germany)*		202,874
	4,294	Goldman Sachs Group, Inc. (The)(d)		1,509,985
	30,669	Hargreaves Lansdown PLC (United Kingdom)		308,026
	8,620	Interactive Brokers Group, Inc., Class A		742,268
	21,830	KKR & Co., Inc.		1,230,120
	163,887	Legal & General Group PLC (United Kingdom)		507,731
	9,763	London Stock Exchange Group PLC (United Kingdom)		878,431
	10,908	Morgan Stanley		1,052,622
	1,985	Morningstar, Inc.		411,550
	2,045	MSCI, Inc.		1,067,797
	7,371	Northern Trust Corp.		702,235
	107,286	NU Holdings Ltd., Class A (Brazil)*		540,721
	5,040	Oppenheimer Holdings, Inc., Class A		222,214
	42,777	Owl Rock Capital Corp.		586,045
	11,941	Plus500 Ltd. (Israel)		259,492
	67,795	Robinhood Markets, Inc., Class A*		682,696
	4,167	S&P Global, Inc.		1,421,780
	88,353	SoFi Technologies, Inc.*		583,130
	5,181	Sprott, Inc. (Canada)		179,696
	7,493	State Street Corp.		664,479
	7,832	Stifel Financial Corp.		523,413
	51,617	TP ICAP Group PLC (United Kingdom)		120,606
	9,039	TPG, Inc.		298,468
	8,926	Tradeweb Markets, Inc., Class A		632,764
	55,602	UBS Group AG (Switzerland)		1,213,188
	25,314	Upstart Holdings, Inc.*(c)		468,562
	1,045	Virtus Investment Partners, Inc.		219,899
	58,336	Waterdrop, Inc. ADR (China)*(c)		175,008
	19,118	WealthNavi, Inc. (Japan)*(c)		179,229
	57,207	WisdomTree, Inc.		341,526
				30,047,800
Health Care – 21.1%
	8,862	10X Genomics, Inc., Class A*		421,122
	429,921	3SBio, Inc. (China)(a)		426,114
	19,973	Abbott Laboratories		2,031,654
	15,825	AbbVie, Inc.		2,435,468
	21,300	AdaptHealth Corp.*		340,587
	34,882	Adaptive Biotechnologies Corp.*		298,241
	7,184	Agilent Technologies, Inc.		1,019,913
	6,468	Amgen, Inc.		1,498,377
	14,408	AstraZeneca PLC (United Kingdom)		1,897,803
	15,439	Baxter International, Inc.		616,788
	3,221	Biogen, Inc.*		869,219
	145,080	Bionano Genomics, Inc.*(c)		194,407
	7,476	BioNTech SE ADR (Germany)		972,254
	7,933	Bio-Techne Corp.		576,253
	37,494	Bluebird Bio, Inc.*		194,969
	17,985	Boston Scientific Corp.*		840,259
	24,983	Bristol-Myers Squibb Co.		1,722,828
	13,197	Bukwang Pharmaceutical Co. Ltd. (South Korea)		82,877

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

GOLDMAN SACHS INNOVATE EQUITY ETF

Schedule of Investments (continued)

February 28, 2023 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Health Care – (continued)
	6,233	Castle Biosciences, Inc.*	$	156,947
	9,402	Celltrion Healthcare Co. Ltd. (South Korea)		387,235
	24,787	Coherus Biosciences, Inc.*		167,808
	4,364	CompuGroup Medical SE & Co KgaA (Germany)		208,261
	11,238	CRISPR Therapeutics AG (Switzerland)*		554,258
	10,834	Cullinan Oncology, Inc.*		122,316
	12,145	Dexcom, Inc.*		1,348,216
	26,791	DocGo, Inc.*		245,138
	24,194	Editas Medicine, Inc.*		218,714
	12,580	Edwards Lifesciences Corp.*		1,011,935
	7,121	Eli Lilly & Co.		2,216,198
	52,167	Erasca, Inc.*		187,801
	12,399	Exact Sciences Corp.*		772,830
	29,530	Exelixis, Inc.*		504,372
	15,036	Exscientia PLC ADR (United Kingdom)*(c)		97,884
	10,587	Fulgent Genetics, Inc.*		347,148
	7,351	Galapagos NV (Belgium)*		271,915
	19,916	Gilead Sciences, Inc.		1,603,835
	5,972	Globus Medical, Inc., Class A*		348,406
	17,260	Guardant Health, Inc.*		533,161
	13,857	Ideaya Biosciences, Inc.*		244,576
	4,887	Illumina, Inc.*		973,490
	5,194	Immunocore Holdings PLC ADR (United Kingdom)*		284,891
	1,040,605	Imugene Ltd. (Australia)*		91,225
	77,811	Innovent Biologics, Inc. (China)*(a)		377,680
	2,951	Insulet Corp.*		815,538
	10,319	Intellia Therapeutics, Inc.*		414,514
	6,085	Intuitive Surgical, Inc.*		1,395,838
	117,396	Invitae Corp.*		252,401
	3,262	iRhythm Technologies, Inc.*		383,872
	17,122	Johnson & Johnson		2,624,118
	36,067	Keymed Biosciences, Inc. (China)*(a)		289,473
	42,512	Koninklijke Philips NV (Netherlands)		696,548
	28,409	Maravai LifeSciences Holdings, Inc., Class A*		419,033
	4,302	Masimo Corp.*		719,768
	21,664	Medtronic PLC		1,793,779
	21,224	Merck & Co., Inc.		2,254,838
	8,640	Moderna, Inc.*		1,199,318
	12,298	MorphoSys AG (Germany)*(c)		223,997
	12,595	Myriad Genetics, Inc.*		238,297
	11,527	NextGen Healthcare, Inc.*		208,754
	10,790	Novo Nordisk A/S ADR (Denmark)		1,521,282
	22,482	Ono Pharmaceutical Co. Ltd. (Japan)		458,833
	27,810	Pacific Biosciences of California, Inc.*		252,515
	52,343	Pfizer, Inc.		2,123,556
	8,570	PHC Holdings Corp. (Japan)		90,598
	27,246	Poseida Therapeutics, Inc.*		155,030
	9,928	PROCEPT BioRobotics Corp.*		371,804
	9,242	QIAGEN NV*		424,670
Common Stocks – (continued)
Health Care – (continued)
	1,647	Regeneron Pharmaceuticals, Inc.*		1,252,412
	17,410	Relay Therapeutics, Inc.*		281,172
	10,846	Repare Therapeutics, Inc. (Canada)*		111,172
	28,241	ResMed, Inc. CDI		598,563
	7,917	Roche Holding AG		2,295,909
	48,506	Sana Biotechnology, Inc.*		178,017
	58,657	Sangamo Therapeutics, Inc.*		178,904
	17,961	Sanofi		1,693,146
	4,042	Sarepta Therapeutics, Inc.*		493,649
	159	Scilex Holding Co. (Singapore)*		1,375
	23,159	Scilex Holding Co.*		179,892
	6,422	Seagen, Inc.*		1,153,969
	154,343	Senseonics Holdings, Inc.*(c)		160,517
	124,460	Shanghai MicroPort MedBot Group Co. Ltd. (China)*(c)		459,818
	92,931	Sharecare, Inc.*		217,459
	24,502	Siemens Healthineers AG (Germany)(a)		1,283,109
	37,470	Smith & Nephew PLC (United Kingdom)		538,006
	5,175	Stryker Corp.		1,360,404
	11,779	Takara Bio, Inc. (Japan)		150,032
	10,384	Tandem Diabetes Care, Inc.*		372,370
	12,151	Teladoc Health, Inc.*		321,880
	3,792	Thermo Fisher Scientific, Inc.		2,054,354
	2,049	UFP Technologies, Inc.*		241,208
	16,738	Veracyte, Inc.*		411,922
	15,025	Veradigm, Inc.*		249,565
	13,454	Verona Pharma PLC ADR (United Kingdom)*(c)		288,454
	5,504	Vertex Pharmaceuticals, Inc.*		1,597,756
	54,879	Well Health Technologies Corp. (Canada)*		181,392
				67,350,173
Industrials – 6.8%
	30,250	3D Systems Corp.*		296,148
	42,406	ABB Ltd. (Switzerland)		1,415,268
	5,193	AeroVironment, Inc.*		445,248
	2,720	Alfen N.V. (Netherlands)*(a)		220,092
	4,152	ASGN, Inc.*		368,698
	137,194	Aurora Innovation, Inc.*		214,023
	17,376	Blink Charging Co.*(c)		157,253
	1,432	CACI International, Inc., Class A*		419,576
	30,368	ChargePoint Holdings, Inc.*(c)		344,980
	3,433	Daihen Corp. (Japan)		107,742
	147,258	Desktop Metal, Inc., Class A*(c)		223,832
	6,128	FANUC Corp. (Japan)		1,042,365
	2,055	FTI Consulting, Inc.*		377,524
	56,394	Full Truck Alliance Co. Ltd. ADR (China)*		394,758
	19,301	General Electric Co.		1,634,988
	8,803	Kaman Corp.		228,878
	18,807	Kawasaki Heavy Industries Ltd. (Japan)		410,616
	17,842	Kratos Defense & Security Solutions, Inc.*		225,701
	4,249	Leidos Holdings, Inc.		412,450

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

GOLDMAN SACHS INNOVATE EQUITY ETF

Shares		Description	Value
Common Stocks – (continued)
Industrials – (continued)
	24,029	Leonardo DRS, Inc.*	$	312,377
	6,100	LIG Nex1 Co. Ltd. (South Korea)		344,357
	3,649	Lockheed Martin Corp.		1,730,575
	23,237	Lyft, Inc., Class A*		232,370
	59,250	Mitsubishi Electric Corp. (Japan)		666,815
	5,325	Moog, Inc., Class A		525,151
	11,219	Nabtesco Corp. (Japan)		289,916
	18,661	Nidec Corp. (Japan)		944,729
	120,506	Nikola Corp.*(c)		267,523
	29,467	Nordex SE (Germany)*		444,684
	8,561	Parsons Corp.*		385,502
	16,717	PNE AG (Germany)		283,654
	9,492	Proto Labs, Inc.*		298,428
	4,782	Rainbow Robotics (South Korea)*		334,641
	7,905	Shibaura Machine Co. Ltd. (Japan)		183,675
	35,434	Siemens Energy AG (Germany)*(c)		712,850
	20,452	SunPower Corp.*		307,189
	12,676	Sunrun, Inc.*		304,731
	8,905	Textron, Inc.		645,880
	4,214	Thales SA (France)		590,795
	86,154	TuSimple Holdings, Inc., Class A*		165,416
	73,257	Velo3D, Inc.*(c)		232,225
	3,959	Verisk Analytics, Inc.		677,424
	33,199	Virgin Galactic Holdings, Inc.*(c)		190,562
	36,877	Wallbox NV (Spain)*		209,093
	575,761	Xinjiang Goldwind Science & Technology Co. Ltd., Class H (China)		518,585
	89,698	Xinte Energy Co. Ltd., Class H (China)		197,691
	15,518	Yaskawa Electric Corp. (Japan)		610,626
				21,547,604
Information Technology – 31.9%
	15,961	ACI Worldwide, Inc.*		412,592
	3,658	Adobe, Inc.*		1,185,009
	15,535	Advanced Micro Devices, Inc.*		1,220,740
	603	Adyen NV (Netherlands)*(a)		860,231
	23,641	Affirm Holdings, Inc.*		321,990
	2,617	Ahnlab, Inc. (South Korea)		149,910
	5,685	Akamai Technologies, Inc.*		412,731
	18,890	Alkami Technology, Inc.*		290,150
	6,342	Alteryx, Inc., Class A*		414,196
	10,389	Ambarella, Inc.*		979,787
	7,341	Amphenol Corp., Class A		569,074
	44,030	Apple, Inc.		6,490,462
	5,801	Arista Networks, Inc.*		804,599
	22,529	Atos SE (France)*(c)		321,109
	3,898	Autodesk, Inc.*		774,494
	29,360	AvidXchange Holdings, Inc.*		292,132
	3,774	Belden, Inc.		318,450
	48,033	BigBear.ai Holdings, Inc.*		141,217
	25,024	BigCommerce Holdings, Inc.Series 1*		238,228
	91,981	BlackBerry Ltd. (Canada)*		356,886
	25,045	Block, Inc.*		1,921,703
	443,915	BrainChip Holdings Ltd. (Australia)*		161,651
	2,655	Broadcom, Inc.		1,577,840
	13,572	C3.ai, Inc., Class A*(c)		306,456
Common Stocks – (continued)
Information Technology – (continued)
	6,277	Canadian Solar, Inc. (Canada)*		249,511
	5,809	CEVA, Inc.*		183,332
	6,751	Ciena Corp.*		325,533
	35,650	Cisco Systems, Inc.		1,726,173
	9,987	Cloudflare, Inc., Class A*		599,320
	8,484	Cognex Corp.		402,311
	4,411	Consensus Cloud Solutions, Inc.*		181,027
	40,788	Converge Technology Solutions Corp. (Canada)*		139,610
	14,731	Corning, Inc.		500,117
	6,714	Crowdstrike Holdings, Inc., Class A*		810,313
	3,185	CyberArk Software Ltd.*		461,092
	23,075	Dassault Systemes (France)		895,151
	8,458	Digi International, Inc.*		282,243
	7,828	Digital Garage, Inc. (Japan)		258,319
	25,185	Dlocal Ltd. (Uruguay)*(c)		376,264
	6,622	DocuSign, Inc.*		406,260
	20,789	EngageSmart, Inc.*		437,401
	4,408	Euronet Worldwide, Inc.*		479,811
	2,217	ExlService Holdings, Inc.*		364,719
	18,833	Extreme Networks, Inc.*		352,554
	748	Fair Isaac Corp.*		506,688
	5,635	FARO Technologies, Inc.*		153,272
	16,374	Fidelity National Information Services, Inc.		1,037,620
	3,988	First Solar, Inc.*		674,530
	3,149	FleetCor Technologies, Inc.*		676,374
	12,978	Flywire Corp.*		320,946
	12,089	ForgeRock, Inc., Class A*		247,099
	18,109	Fortinet, Inc.*		1,076,399
	22,523	Gen Digital, Inc.		439,424
	6,272	Global Payments, Inc.		703,718
	2,138	Globant SA*		352,941
	47,090	Hewlett Packard Enterprise Co.		735,075
	19,807	HP, Inc.		584,703
	29,350	indie Semiconductor, Inc., Class A (China)*		307,001
	23,861	Infineon Technologies AG (Germany)		848,084
	29,527	Infinera Corp.*		208,756
	56,448	Innoviz Technologies Ltd. (Israel)*		268,128
	10,765	Instructure Holdings, Inc.*		277,414
	9,417	Intapp, Inc.*		372,725
	85,260	Intel Corp.		2,125,532
	5,053	InterDigital, Inc.		368,818
	10,562	International Business Machines Corp.		1,365,667
	2,582	IPG Photonics Corp.*		318,206
	4,076	Jack Henry & Associates, Inc.		669,442
	13,067	Juniper Networks, Inc.		402,202
	13,966	Kainos Group PLC (United Kingdom)		235,189
	2,265	Keyence Corp. (Japan)		979,230
	5,017	Keysight Technologies, Inc.*		802,519
	6,389	Kontron AG (Austria)(c)		128,396
	62,504	Learning Technologies Group PLC (United Kingdom)		106,771
	42,387	Marathon Digital Holdings, Inc.*(c)		300,948
	71,343	Marqeta, Inc., Class A*		413,789

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

GOLDMAN SACHS INNOVATE EQUITY ETF

Schedule of Investments (continued)

February 28, 2023 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Information Technology – (continued)
	19,274	Marvell Technology, Inc.	$	870,221
	6,832	Mastercard, Inc., Class A		2,427,341
	17,862	Materialise NV ADR (Belgium)*		153,613
	10,424	Maxeon Solar Technologies Ltd.*		183,462
	10,433	Micron Technology, Inc.		603,236
	26,331	Microsoft Corp.		6,567,478
	1,417	MicroStrategy, Inc., Class A*		371,637
	9,421	nCino, Inc.*		256,722
	15,299	NCR Corp.*		390,583
	6,138	Nemetschek SE (Germany)		349,422
	10,075	NETGEAR, Inc.*		182,358
	9,850	NetScout Systems, Inc.*		280,134
	35,235	NEXTDC Ltd. (Australia)*		244,023
	1,937	Nice Ltd. ADR (Israel)*		401,753
	146,096	Nokia OYJ ADR (Finland)		672,042
	2,089	Novanta, Inc.*		327,785
	11,095	Nuvei Corp. (Canada)*(a)		340,482
	32,240	NVIDIA Corp.		7,484,838
	4,629	NXP Semiconductors NV (China)		826,184
	7,786	Okta, Inc.*		555,064
	11,212	OneSpan, Inc.*		151,586
	10,865	Open Text Corp. (Canada)		373,539
	2,391	OSI Systems, Inc.*		221,287
	34,630	Pagseguro Digital Ltd., Class A (Brazil)*		300,242
	5,926	Palo Alto Networks, Inc.*		1,116,281
	94,371	PAX Global Technology Ltd. (Hong Kong)		82,475
	52,041	Payoneer Global, Inc.*		301,838
	19,833	PayPal Holdings, Inc.*		1,459,709
	28,226	Paysafe Ltd.*		562,826
	3,679	PTC, Inc.*		461,089
	11,520	Q2 Holdings, Inc.*		371,866
	3,252	Qorvo, Inc.*		328,094
	11,810	QUALCOMM, Inc.		1,458,889
	28,396	Repay Holdings Corp.*		240,798
	30,604	Ribbon Communications, Inc.*		136,494
	51,151	Riot Platforms, Inc.*(c)		319,694
	34,356	Sabre Corp.*		173,841
	9,521	Salesforce, Inc.*		1,557,731
	7,085	SAP SE (Germany)		807,567
	29,703	Seiko Epson Corp. (Japan)		409,298
	10,445	Semtech Corp.*		321,810
	28,168	SentinelOne, Inc., Class A*		450,406
	8,246	Shift4 Payments, Inc., Class A*		531,867
	22,842	Shopify, Inc., Class A (Canada)*		939,720
	1,581	Silicon Laboratories, Inc.*		282,256
	6,709	Skyworks Solutions, Inc.		748,523
	6,691	Snowflake, Inc., Class A*		1,032,957
	14,210	Software AG (Germany)		282,557
	96,927	Spirent Communications PLC (United Kingdom)		249,944
	5,973	Splunk, Inc.*		612,233
	4,250	Sprout Social, Inc., Class A*		259,165
	13,847	SS&C Technologies Holdings, Inc.		812,819
	12,970	STMicroelectronics NV (Singapore)		624,807
Common Stocks – (continued)
Information Technology – (continued)
	32,361	StoneCo Ltd., Class A (Brazil)*		275,392
	22,916	Stratasys Ltd.*		296,762
	2,257	Synaptics, Inc.*		265,446
	23,228	Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Taiwan)		2,022,462
	4,158	TD SYNNEX Corp.		401,330
	32,051	TELUS International CDA, Inc. (Philippines)*(c)		683,007
	8,488	Tenable Holdings, Inc.*		375,424
	12,541	Teradyne, Inc.		1,268,397
	20,423	Toast, Inc., Class A*		386,403
	26,464	TomTom NV (Netherlands)*		204,875
	46,680	Tuya, Inc. ADR (China)*		96,628
	123,919	Tyro Payments Ltd. (Australia)*		137,882
	37,100	UiPath, Inc., Class A*		550,564
	41,546	Valens Semiconductor Ltd. (Israel)*		191,527
	12,238	Varonis Systems, Inc.*		331,405
	11,189	Visa, Inc., Class A		2,460,909
	2,469	WEX, Inc.*		476,048
	2,607	Zebra Technologies Corp., Class A*		782,752
	30,915	Zeta Global Holdings Corp., Class A*		328,008
	5,084	Zscaler, Inc.*		666,767
				101,634,878
Real Estate – 0.9%
	4,246	American Tower Corp. REIT		840,750
	6,800	Digital Realty Trust, Inc. REIT		708,764
	1,082	Equinix, Inc. REIT		744,708
	10,793	Zillow Group, Inc., Class A*		446,291
				2,740,513
Utilities – 1.3%
	10,185	Atlantica Sustainable Infrastructure PLC (Spain)		281,106
	13,951	Avangrid, Inc.		544,508
	17,820	Brookfield Renewable Corp., Class A		496,287
	15,914	Brookfield Renewable Partners LP (Canada)		416,947
	12,142	Dominion Energy, Inc.		675,338
	30,538	Innergex Renewable Energy, Inc. (Canada)		326,139
	18,569	NextEra Energy, Inc.		1,318,956
				4,059,281
	TOTAL COMMON STOCKS
	(Cost $342,519,038)		$	317,585,434
Exchange-Traded Fund – 0.1%
	179,400	Greencoat UK Wind PLC/Funds
	(Cost $323,364)		$	337,731

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

GOLDMAN SACHS INNOVATE EQUITY ETF

Units	Description	Expiration Month		Value
Right – 0.0%
Health Care – 0.0%
9,282	AstraZeneca PLC*
(Cost $0)			12/28	$	28,403
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
(Cost $342,842,402)				$	317,951,568

Shares	Dividend Rate			Value
Securities Lending Reinvestment Vehicle – 2.6%(d)
Goldman Sachs Financial Square Government Fund – Institutional Shares
8,390,962		4.475	%	$	8,390,962
(Cost $8,390,962)
TOTAL INVESTMENTS – 102.4%
(Cost $351,233,364)				$	326,342,530
LIABILITIES IN EXCESS OF     OTHER ASSETS – (2.4)%					(7,881,522	)
NET ASSETS – 100.0%				$	318,461,008

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)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(c)	All or a portion of security is on loan.
(d)	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. 31

GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF

Schedule of Investments

February 28, 2023 (Unaudited)

Shares		Description	Value
Common Stocks – 99.7%
Communication Services – 6.6%
	8,005	Activision Blizzard, Inc.	$	610,381
	50,446	Alphabet, Inc., Class A*		4,543,167
	44,735	Alphabet, Inc., Class C*		4,039,570
	69,841	AT&T, Inc.		1,320,693
	1,047	Charter Communications, Inc., Class A*		384,888
	2,854	Electronic Arts, Inc.		316,623
	3,060	Fox Corp., Class A		107,161
	1,467	Fox Corp., Class B		47,311
	3,996	Interpublic Group of Cos., Inc. (The)		142,018
	10,011	Lumen Technologies, Inc.		34,037
	4,513	Netflix, Inc.*		1,453,773
	1,672	New York Times Co. (The), Class A		64,372
	95	Paramount Global, Class A(a)		2,335
	5,938	Paramount Global, Class B		127,192
	1,186	Roku, Inc.*		76,722
	1,682	Take-Two Interactive Software, Inc.*		184,263
	5,812	T-Mobile US, Inc.*		826,350
	1,052	TripAdvisor, Inc.*		22,692
	41,000	Verizon Communications, Inc.		1,591,210
	18,783	Walt Disney Co. (The)*		1,870,975
	2,302	ZoomInfo Technologies, Inc.*		55,639
				17,821,372
Consumer Discretionary – 10.4%
	3,866	Airbnb, Inc., Class A*		476,601
	91,623	Amazon.com, Inc.*		8,633,635
	2,785	Aptiv PLC*		323,840
	2,070	Best Buy Co., Inc.		172,038
	400	Booking Holdings, Inc.*		1,009,600
	2,404	BorgWarner, Inc.		120,873
	702	Brunswick Corp.		61,369
	1,627	CarMax, Inc.*		112,328
	288	Chipotle Mexican Grill, Inc.*		429,431
	1,261	Darden Restaurants, Inc.		180,310
	270	Deckers Outdoor Corp.*		112,415
	548	Dick’s Sporting Goods, Inc.		70,489
	3,644	DraftKings, Inc., Class A*		68,726
	5,591	eBay, Inc.		256,627
	1,288	Etsy, Inc.*		156,376
	1,557	Expedia Group, Inc.*		169,666
	40,621	Ford Motor Co.		490,296
	2,004	Gap, Inc. (The)		26,072
	1,587	Garmin Ltd.		155,732
	14,603	General Motors Co.		565,720
	316	Grand Canyon Education, Inc.*		35,800
	1,598	H&R Block, Inc.		58,806
	1,384	Harley-Davidson, Inc.		65,809
	1,353	Hasbro, Inc.		74,429
	2,743	Hilton Worldwide Holdings, Inc.		396,391
	10,651	Home Depot, Inc. (The)		3,158,448
	488	Hyatt Hotels Corp., Class A*		56,725
	1,194	Kohl’s Corp.		33,480
	3,406	Las Vegas Sands Corp.*		195,743
	605	Lear Corp.		84,488
	278	Lithia Motors, Inc.		70,940
	6,402	Lowe’s Cos., Inc.		1,317,212
Common Stocks – (continued)
Consumer Discretionary – (continued)
	1,150	Lululemon Athletica, Inc.*		355,580
	2,775	Macy’s, Inc.		56,777
	2,734	Marriott International, Inc., Class A		462,702
	385	Marriott Vacations Worldwide Corp.		58,901
	7,618	McDonald’s Corp.		2,010,466
	3,302	MGM Resorts International		142,019
	511	Mohawk Industries, Inc.*		52,556
	12,631	NIKE, Inc., Class B		1,500,437
	1,152	Nordstrom, Inc.		22,441
	3,174	Peloton Interactive, Inc., Class A*		41,008
	567	Polaris, Inc.		64,496
	2,333	PulteGroup, Inc.		127,545
	669	PVH Corp.		53,681
	2,655	QuantumScape Corp.*(a)		25,408
	417	Ralph Lauren Corp.		49,285
	2,268	Royal Caribbean Cruises Ltd.*		160,212
	1,540	Service Corp. International		103,996
	11,820	Starbucks Corp.		1,206,704
	2,493	Tapestry, Inc.		108,470
	4,774	Target Corp.		804,419
	11,964	TJX Cos., Inc. (The)		916,442
	1,137	Tractor Supply Co.		265,217
	414	Vail Resorts, Inc.		96,665
	811	Wayfair, Inc., Class A*		32,837
	549	Whirlpool Corp.		75,751
	683	Williams-Sonoma, Inc.		85,320
	889	YETI Holdings, Inc.*		34,653
				28,054,403
Consumer Staples – 6.5%
	5,498	Archer-Daniels-Midland Co.		437,641
	1,390	Bunge Ltd.		132,745
	1,948	Campbell Soup Co.		102,309
	2,441	Church & Dwight Co., Inc.		204,507
	1,240	Clorox Co. (The)		192,746
	39,284	Coca-Cola Co. (The)		2,337,791
	8,329	Colgate-Palmolive Co.		610,516
	4,564	Costco Wholesale Corp.		2,209,797
	5,993	General Mills, Inc.		476,503
	1,468	Hershey Co. (The)		349,854
	2,881	Hormel Foods Corp.		127,859
	658	Ingredion, Inc.		65,405
	2,564	Kellogg Co.		169,070
	8,621	Keurig Dr Pepper, Inc.		297,856
	3,384	Kimberly-Clark Corp.		423,169
	6,592	Kroger Co. (The)		284,379
	2,519	McCormick & Co., Inc.		187,212
	1,759	Molson Coors Beverage Co., Class B		93,561
	3,681	Monster Beverage Corp.*		374,579
	13,908	PepsiCo, Inc.		2,413,455
	23,749	Procter & Gamble Co. (The)		3,266,912
	5,107	Sysco Corp.		380,829
	2,863	Tyson Foods, Inc., Class A		169,604
	7,212	Walgreens Boots Alliance, Inc.		256,242
	14,652	Walmart, Inc.		2,082,489
				17,647,030

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)
Energy – 4.9%
	3,016	APA Corp.	$	115,754
	8,866	Baker Hughes Co.		271,300
	2,343	Cheniere Energy, Inc.		368,648
	18,223	Chevron Corp.		2,929,712
	11,745	ConocoPhillips		1,213,846
	6,123	Devon Energy Corp.		330,152
	3,468	EQT Corp.		115,068
	38,829	Exxon Mobil Corp.		4,267,695
	8,459	Halliburton Co.		306,469
	18,711	Kinder Morgan, Inc.		319,210
	4,407	Marathon Petroleum Corp.		544,705
	7,476	Occidental Petroleum Corp.		437,794
	4,185	ONEOK, Inc.		273,908
	4,450	Phillips 66		456,392
	2,239	Pioneer Natural Resources Co.		448,718
	2,217	Range Resources Corp.		59,726
	3,623	Valero Energy Corp.		477,258
	254	Vitesse Energy, Inc.*		4,417
	11,467	Williams Cos., Inc. (The)		345,157
				13,285,929
Financials – 11.9%
	2,853	Allstate Corp. (The)		367,409
	3,220	Ally Financial, Inc.		96,761
	5,853	American Express Co.		1,018,363
	8,025	American International Group, Inc.		490,408
	1,147	Ameriprise Financial, Inc.		393,272
	2,214	Aon PLC, Class A		673,167
	3,822	Arch Capital Group Ltd.*		267,540
	574	Assurant, Inc.		73,122
	839	Axis Capital Holdings Ltd.		50,944
	75,871	Bank of America Corp.		2,602,375
	426	Bank of Hawaii Corp.		31,890
	7,929	Bank of New York Mellon Corp. (The)		403,428
	1,622	BlackRock, Inc.		1,118,255
	3,698	Capital One Financial Corp.		403,378
	1,142	Cboe Global Markets, Inc.		144,086
	16,419	Charles Schwab Corp. (The)		1,279,368
	20,910	Citigroup, Inc.		1,059,928
	3,873	CME Group, Inc.		717,899
	1,409	Comerica, Inc.		98,771
	393	Evercore, Inc., Class A		51,554
	419	Everest Re Group Ltd.		160,883
	7,354	Fifth Third Bancorp		266,950
	1,962	First Republic Bank		241,346
	3,765	FNB Corp.		53,727
	3,079	Franklin Resources, Inc.		90,738
	3,544	Goldman Sachs Group, Inc. (The)(b)		1,246,248
	382	Hanover Insurance Group, Inc. (The)		53,281
	3,426	Hartford Financial Services Group, Inc. (The)		268,187
	15,664	Huntington Bancshares, Inc.		239,973
	5,959	Intercontinental Exchange, Inc.		606,626
	2,161	Jefferies Financial Group, Inc.		81,664
	31,510	JPMorgan Chase & Co.		4,516,959
	10,028	KeyCorp		183,412
Common Stocks – (continued)
Financials – (continued)
	894	Lazard Ltd., Class A		33,400
	1,831	Lincoln National Corp.		58,079
	860	LPL Financial Holdings, Inc.		214,622
	401	MarketAxess Holdings, Inc.		136,921
	5,350	Marsh & McLennan Cos., Inc.		867,449
	7,135	MetLife, Inc.		511,794
	3,187	MGIC Investment Corp.		43,853
	1,726	Moody’s Corp.		500,799
	13,318	Morgan Stanley		1,285,187
	267	Morningstar, Inc.		55,357
	838	MSCI, Inc.		437,562
	3,712	Nasdaq, Inc.		208,095
	2,219	Northern Trust Corp.		211,404
	1,239	OneMain Holdings, Inc.		53,389
	808	Pinnacle Financial Partners, Inc.		59,865
	4,349	PNC Financial Services Group, Inc. (The)		686,794
	395	Primerica, Inc.		75,816
	2,614	Principal Financial Group, Inc.		234,110
	6,306	Progressive Corp. (The)		905,037
	3,975	Prudential Financial, Inc.		397,500
	10,087	Regions Financial Corp.		235,229
	721	Reinsurance Group of America, Inc.		104,163
	1,223	Rocket Cos., Inc., Class A(a)		9,613
	3,518	S&P Global, Inc.		1,200,342
	633	SVB Financial Group*		182,374
	4,361	Synchrony Financial		155,731
	1,553	Synovus Financial Corp.		64,931
	1,162	Tradeweb Markets, Inc., Class A		82,374
	2,525	Travelers Cos., Inc. (The)		467,428
	14,360	Truist Financial Corp.		674,202
	2,331	Umpqua Holdings Corp.		41,165
	2,137	Unum Group		95,203
	761	Upstart Holdings, Inc.*(a)		14,086
	14,494	US Bancorp		691,799
	2,222	W R Berkley Corp.		147,074
	40,970	Wells Fargo & Co.		1,916,167
				32,410,826
Health Care – 13.9%
	759	10X Genomics, Inc., Class A*		36,068
	14,160	Abbott Laboratories		1,440,355
	14,593	AbbVie, Inc.		2,245,863
	2,441	Agilent Technologies, Inc.		346,549
	646	Align Technology, Inc.*		199,937
	1,013	Alnylam Pharmaceuticals, Inc.*		193,939
	1,559	AmerisourceBergen Corp.		242,518
	4,409	Amgen, Inc.		1,021,389
	4,153	Baxter International, Inc.		165,912
	2,344	Becton Dickinson and Co.		549,785
	1,182	Biogen, Inc.*		318,974
	1,522	BioMarin Pharmaceutical, Inc.*		151,576
	11,781	Boston Scientific Corp.*		550,408
	17,586	Bristol-Myers Squibb Co.		1,212,731
	4,692	Centene Corp.*		320,933
	2,471	Cigna Group (The)		721,779
	13,187	CVS Health Corp.		1,101,642

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, 2023 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Health Care – (continued)
	5,345	Danaher Corp.	$	1,323,048
	458	DaVita, Inc.*		37,675
	288	Definitive Healthcare Corp.*		3,289
	1,767	DENTSPLY SIRONA, Inc.		67,270
	3,180	Dexcom, Inc.*		353,012
	5,099	Edwards Lifesciences Corp.*		410,164
	1,989	Elevance Health, Inc.		934,174
	6,958	Eli Lilly & Co.		2,165,469
	3,549	GE HealthCare Technologies, Inc.*		269,724
	10,366	Gilead Sciences, Inc.		834,774
	1,780	HCA Healthcare, Inc.		433,341
	2,030	Hologic, Inc.*		161,669
	1,827	Horizon Therapeutics PLC*		200,038
	1,043	Humana, Inc.		516,306
	679	IDEXX Laboratories, Inc.*		321,330
	1,297	Illumina, Inc.*		258,362
	1,505	Incyte Corp.*		115,855
	568	Insulet Corp.*		156,972
	2,908	Intuitive Surgical, Inc.*		667,066
	1,530	IQVIA Holdings, Inc.*		318,959
	21,730	Johnson & Johnson		3,330,340
	731	Laboratory Corp. of America Holdings		174,972
	906	Maravai LifeSciences Holdings, Inc., Class A*		13,363
	11,036	Medtronic PLC		913,781
	20,888	Merck & Co., Inc.		2,219,141
	2,739	Moderna, Inc.*		380,201
	781	Neurocrine Biosciences, Inc.*		80,521
	46,669	Pfizer, Inc.		1,893,361
	857	Regeneron Pharmaceuticals, Inc.*		651,680
	455	Repligen Corp.*		79,338
	1,191	ResMed, Inc.		253,683
	669	Signify Health, Inc., Class A*		19,260
	2,900	Stryker Corp.		762,352
	3,231	Thermo Fisher Scientific, Inc.		1,750,427
	551	Ultragenyx Pharmaceutical, Inc.*		24,514
	7,724	UnitedHealth Group, Inc.		3,676,161
	1,149	Veeva Systems, Inc., Class A*		190,343
	2,111	Vertex Pharmaceuticals, Inc.*		612,802
	574	Waters Corp.*		178,451
	1,730	Zimmer Biomet Holdings, Inc.		214,295
				37,787,841
Industrials – 9.0%
	5,359	3M Co.		577,379
	312	Acuity Brands, Inc.		60,516
	1,279	AECOM		110,454
	850	Allegion PLC		95,803
	6,650	American Airlines Group, Inc.*		106,267
	2,239	AMETEK, Inc.		316,953
	439	Armstrong World Industries, Inc.		34,615
	262	Avis Budget Group, Inc.*		57,551
	1,081	AZEK Co., Inc. (The)*		26,041
	5,327	Boeing Co. (The)*		1,073,657
	1,275	Booz Allen Hamilton Holding Corp.		120,781
	8,119	Carrier Global Corp.		365,599
Common Stocks – (continued)
Industrials – (continued)
	5,060	Caterpillar, Inc.		1,212,123
	1,127	C.H. Robinson Worldwide, Inc.		112,655
	2,383	ChargePoint Holdings, Inc.*(a)		27,071
	840	Cintas Corp.		368,315
	20,417	CSX Corp.		622,514
	1,369	Cummins, Inc.		332,777
	2,681	Deere & Co.		1,123,982
	6,593	Delta Air Lines, Inc.*		252,776
	3,879	Eaton Corp. PLC		678,553
	5,739	Emerson Electric Co.		474,673
	2,333	FedEx Corp.		474,112
	3,439	Fortive Corp.		229,244
	1,254	Fortune Brands Innovations, Inc.		77,685
	328	FTI Consulting, Inc.*		60,257
	10,646	General Electric Co.		901,823
	332	Hertz Global Holdings, Inc.*		6,145
	6,552	Honeywell International, Inc.		1,254,577
	521	Hubbell, Inc.		131,052
	738	IDEX Corp.		166,035
	2,971	Illinois Tool Works, Inc.		692,718
	3,946	Ingersoll Rand, Inc.		229,144
	1,242	Jacobs Solutions, Inc.		148,419
	6,727	Johnson Controls International PLC		421,917
	1,141	KBR, Inc.		62,881
	1,847	L3Harris Technologies, Inc.		390,068
	1,141	Leidos Holdings, Inc.		110,757
	311	Lennox International, Inc.		79,252
	544	Lincoln Electric Holdings, Inc.		91,354
	2,273	Lockheed Martin Corp.		1,077,993
	1,961	MDU Resources Group, Inc.		62,458
	479	Mercury Systems, Inc.*		25,071
	1,422	Northrop Grumman Corp.		659,964
	1,603	nVent Electric PLC		73,482
	637	Oshkosh Corp.		56,814
	4,049	Otis Worldwide Corp.		342,626
	906	Owens Corning		88,598
	14,290	Raytheon Technologies Corp.		1,401,706
	1,116	Rockwell Automation, Inc.		329,142
	525	Schneider National, Inc., Class B		14,731
	457	SiteOne Landscape Supply, Inc.*		67,791
	6,099	Southwest Airlines Co.		204,804
	1,013	Spirit AeroSystems Holdings, Inc., Class A		34,624
	1,435	Stanley Black & Decker, Inc.		122,850
	2,400	Sunrun, Inc.*		57,696
	2,026	Textron, Inc.		146,946
	580	Timken Co. (The)		49,561
	2,233	Trane Technologies PLC		413,038
	1,869	TransUnion		122,289
	19,780	Uber Technologies, Inc.*		657,883
	5,974	Union Pacific Corp.		1,238,291
	3,359	United Airlines Holdings, Inc.*		174,534
	7,148	United Parcel Service, Inc., Class B		1,304,439
	679	United Rentals, Inc.		318,132
	1,509	Verisk Analytics, Inc.		258,205
	4,732	Waste Management, Inc.		708,664

34 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)
	1,974	WillScot Mobile Mini Holdings Corp.*	$	101,464
	572	Woodward, Inc.		56,628
	437	W.W. Grainger, Inc.		292,104
	1,739	Xylem, Inc.		178,508
				24,319,531
Information Technology – 27.8%
	6,159	Accenture PLC, Class A		1,635,522
	3,895	Adobe, Inc.*		1,261,785
	13,544	Advanced Micro Devices, Inc.*		1,064,288
	1,298	Akamai Technologies, Inc.*		94,235
	4,303	Analog Devices, Inc.		789,471
	729	ANSYS, Inc.*		221,332
	126,038	Apple, Inc.		18,579,262
	7,201	Applied Materials, Inc.		836,396
	1,825	Autodesk, Inc.*		362,609
	4,059	Automatic Data Processing, Inc.		892,249
	5,207	Block, Inc.*		399,533
	3,311	Broadcom, Inc.		1,967,694
	1,260	Broadridge Financial Solutions, Inc.		177,383
	2,286	Cadence Design Systems, Inc.*		441,061
	1,146	Ceridian HCM Holding, Inc.*		83,578
	1,436	Ciena Corp.*		69,244
	458	Cirrus Logic, Inc.*		47,059
	40,087	Cisco Systems, Inc.		1,941,013
	2,368	Cloudflare, Inc., Class A*		142,104
	6,326	Corning, Inc.		214,768
	2,116	Dell Technologies, Inc., Class C		85,994
	1,655	DocuSign, Inc.*		101,534
	2,247	Dropbox, Inc., Class A*		45,839
	1,666	Dynatrace, Inc.*		70,855
	647	Elastic NV*		38,186
	499	F5, Inc.*		71,347
	5,760	Fidelity National Information Services, Inc.		365,011
	999	First Solar, Inc.*		168,971
	5,406	Fortinet, Inc.*		321,333
	642	Gartner, Inc.*		210,454
	4,686	Gen Digital, Inc.		91,424
	1,753	Genpact Ltd.		83,671
	1,311	GoDaddy, Inc., Class A*		99,256
	10,770	Hewlett Packard Enterprise Co.		168,120
	8,432	HP, Inc.		248,913
	34,318	Intel Corp.		855,548
	7,547	International Business Machines Corp.		975,827
	2,311	Intuit, Inc.		940,993
	554	Jamf Holding Corp.*		11,756
	3,113	Juniper Networks, Inc.		95,818
	1,741	Keysight Technologies, Inc.*		278,490
	1,147	Lam Research Corp.		557,453
	234	Littelfuse, Inc.		60,543
	7,110	Marvell Technology, Inc.		321,016
	8,274	Mastercard, Inc., Class A		2,939,669
	9,105	Micron Technology, Inc.		526,451
	62,749	Microsoft Corp.		15,650,856
	556	MongoDB, Inc.*		116,493
	1,604	Motorola Solutions, Inc.		421,547
Common Stocks – (continued)
Information Technology – (continued)
	1,821	NetApp, Inc.		117,546
	446	New Relic, Inc.*		32,545
	20,195	NVIDIA Corp.		4,688,471
	1,268	Okta, Inc.*		90,396
	3,635	ON Semiconductor Corp.*		281,385
	12,818	Oracle Corp.		1,120,293
	2,464	Palo Alto Networks, Inc.*		464,144
	11,080	PayPal Holdings, Inc.*		815,488
	347	Pegasystems, Inc.		16,094
	2,356	Pure Storage, Inc., Class A*		67,240
	9,396	QUALCOMM, Inc.		1,160,688
	8,070	Salesforce, Inc.*		1,320,333
	1,679	ServiceNow, Inc.*		725,613
	1,066	Smartsheet, Inc., Class A*		46,925
	1,363	Splunk, Inc.*		139,707
	1,278	Synopsys, Inc.*		464,885
	858	Teradata Corp.*		34,972
	1,312	Teradyne, Inc.		132,696
	7,610	Texas Instruments, Inc.		1,304,734
	714	Thoughtworks Holding, Inc.*		5,255
	2,392	Trimble, Inc.*		124,528
	1,460	Twilio, Inc., Class A*		98,127
	345	Tyler Technologies, Inc.*		110,831
	16,005	Visa, Inc., Class A		3,520,140
	1,750	VMware, Inc., Class A*		192,728
	2,663	Western Digital Corp.*		102,472
	3,801	Western Union Co. (The)		49,261
	1,031	Wolfspeed, Inc.*		76,273
	1,674	Workday, Inc., Class A*		310,477
	502	Zebra Technologies Corp., Class A*		150,726
	2,116	Zoom Video Communications, Inc., Class A*		157,832
	708	Zscaler, Inc.*		92,854
				75,159,613
Materials – 2.8%
	2,103	Air Products and Chemicals, Inc.		601,416
	1,111	Albemarle Corp.		282,538
	635	AptarGroup, Inc.		74,117
	773	Avery Dennison Corp.		140,833
	2,143	Axalta Coating Systems Ltd.*		63,861
	2,996	Ball Corp.		168,405
	1,027	Celanese Corp.		119,368
	1,859	CF Industries Holdings, Inc.		159,670
	4,850	Cleveland-Cliffs, Inc.*		103,451
	7,192	Corteva, Inc.		447,990
	6,686	Dow, Inc.		382,439
	4,872	DuPont de Nemours, Inc.		355,802
	1,135	Eastman Chemical Co.		96,702
	2,355	Ecolab, Inc.		375,316
	13,538	Freeport-McMoRan, Inc.		554,652
	2,420	International Flavors & Fragrances, Inc.		225,544
	3,371	International Paper Co.		122,671
	4,694	Linde PLC (United Kingdom)		1,635,249
	2,439	LyondellBasell Industries NV, Class A		234,120
	604	Martin Marietta Materials, Inc.		217,362
	7,545	Newmont Corp.		329,037

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

GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF

Schedule of Investments (continued)

February 28, 2023 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Materials – (continued)
	2,434	Nucor Corp.	$	407,549
	895	Packaging Corp. of America		122,364
	383	Scotts Miracle-Gro Co. (The)		31,598
	1,954	SSR Mining Inc (Canada)		26,672
	1,286	Vulcan Materials Co.		232,650
	2,461	Westrock Co.		77,275
				7,588,651
Real Estate – 3.2%
	4,466	American Homes 4 Rent, Class A REIT		138,535
	6,737	American Tower Corp. REIT		1,333,993
	2,171	Apartment Income REIT Corp. REIT		82,064
	2,027	AvalonBay Communities, Inc. REIT		349,698
	2,274	Boston Properties, Inc. REIT		148,902
	1,504	Camden Property Trust REIT		172,599
	4,573	CBRE Group, Inc., Class A*		389,345
	6,266	Crown Castle, Inc. REIT		819,280
	4,163	Digital Realty Trust, Inc. REIT		433,910
	1,341	Equinix, Inc. REIT		922,970
	5,373	Equity Residential REIT		335,920
	943	Essex Property Trust, Inc. REIT		215,061
	4,188	Iron Mountain, Inc. REIT		220,917
	1,549	JBG SMITH Properties REIT		26,720
	693	Jones Lang LaSalle, Inc.*		120,901
	8,762	Kimco Realty Corp. REIT		180,585
	13,459	Prologis, Inc. REIT		1,660,841
	1,547	SBA Communications Corp. REIT		401,214
	929	SL Green Realty Corp. REIT		31,632
	4,698	UDR, Inc. REIT		201,262
	10,677	Weyerhaeuser Co. REIT		333,656
	817	Zillow Group, Inc., Class A*		33,783
	2,290	Zillow Group, Inc., Class C*		96,180
				8,649,968
Utilities – 2.7%
	7,687	AES Corp. (The)		189,715
	2,967	Ameren Corp.		245,401
	5,929	American Electric Power Co., Inc.		521,574
	2,097	American Water Works Co., Inc.		294,377
	816	Avangrid, Inc.		31,848
	9,600	Dominion Energy, Inc.		533,952
	2,242	DTE Energy Co.		245,970
	8,882	Duke Energy Corp.		837,217
	4,334	Edison International		286,954
	2,339	Entergy Corp.		240,613
	3,972	Eversource Energy		299,330
	11,449	Exelon Corp.		462,425
	22,910	NextEra Energy, Inc.		1,627,297
	2,640	NRG Energy, Inc.		86,566
	5,739	Public Service Enterprise Group, Inc.		346,808
	3,628	Sempra Energy		544,055
	4,527	Vistra Corp.		99,549
	6,286	Xcel Energy, Inc.		405,887
				7,299,538
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $238,800,283)		$	270,024,702

Shares	Dividend Rate	Value
Securities Lending Reinvestment Vehicle – 0.0%(b)
Goldman Sachs Financial Square Government Fund – Institutional Shares
76,074	4.475%	$	76,074
(Cost $76,074)
TOTAL INVESTMENTS – 99.7%
(Cost $238,876,357)		$	270,100,776
OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.3%			610,337
NET ASSETS – 100.0%		$	270,711,113

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

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

GOLDMAN SACHS DEFENSIVE EQUITY ETF

Schedule of Investments

February 28, 2023 (Unaudited)

Shares		Description	Value
Common Stocks – 89.9%
Communication Services – 6.3%
	1,886	Alphabet, Inc., Class A*	$	169,853
	792	Comcast Corp., Class A		29,439
	146	Electronic Arts, Inc.		16,197
	373	Meta Platforms, Inc., Class A*		65,253
	87	Netflix, Inc.*		28,025
	299	Pinterest, Inc., Class A*		7,508
	909	Sirius XM Holdings, Inc.		3,990
	143	Take-Two Interactive Software, Inc.*		15,666
	144	T-Mobile US, Inc.*		20,474
	367	Walt Disney Co. (The)*		36,557
	746	Warner Bros Discovery, Inc.*		11,652
				404,614
Consumer Discretionary – 8.1%
	102	Airbnb, Inc., Class A*		12,575
	92	Aptiv PLC*		10,698
	8	AutoZone, Inc.*		19,893
	110	Best Buy Co., Inc.		9,142
	15	Chipotle Mexican Grill, Inc.*		22,366
	20	Deckers Outdoor Corp.*		8,327
	111	Dollar General Corp.		24,009
	129	Dollar Tree, Inc.*		18,741
	26	Domino’s Pizza, Inc.		7,644
	117	Garmin Ltd.		11,481
	55	Genuine Parts Co.		9,727
	103	Hilton Worldwide Holdings, Inc.		14,885
	182	Home Depot, Inc. (The)		53,970
	116	Lowe’s Cos., Inc.		23,867
	31	Lululemon Athletica, Inc.*		9,585
	67	Marriott International, Inc., Class A		11,339
	164	McDonald’s Corp.		43,281
	166	MGM Resorts International		7,140
	262	NIKE, Inc., Class B		31,123
	30	O’Reilly Automotive, Inc.*		24,903
	152	Ross Stores, Inc.		16,802
	341	Starbucks Corp.		34,813
	122	Target Corp.		20,557
	380	TJX Cos., Inc. (The)		29,108
	41	Tractor Supply Co.		9,564
	34	Ulta Beauty, Inc.*		17,639
	137	Yum! Brands, Inc.		17,421
				520,600
Consumer Staples – 9.0%
	128	Archer-Daniels-Midland Co.		10,189
	114	BJ’s Wholesale Club Holdings, Inc.*		8,185
	195	Brown-Forman Corp., Class B		12,650
	105	Campbell Soup Co.		5,515
	40	Casey’s General Stores, Inc.		8,318
	53	Clorox Co. (The)		8,238
	902	Coca-Cola Co. (The)		53,678
	269	Colgate-Palmolive Co.		19,718
	517	Conagra Brands, Inc.		18,824
	53	Constellation Brands, Inc., Class A		11,856
	93	Costco Wholesale Corp.		45,029
	73	Estee Lauder Cos., Inc. (The), Class A		17,743
Common Stocks – (continued)
Consumer Staples – (continued)
	189	General Mills, Inc.		15,027
	92	Hershey Co. (The)		21,925
	121	Hormel Foods Corp.		5,370
	42	J M Smucker Co. (The)		6,211
	106	Kellogg Co.		6,990
	524	Keurig Dr Pepper, Inc.		18,104
	115	Kimberly-Clark Corp.		14,381
	276	Kraft Heinz Co. (The)		10,747
	192	Kroger Co. (The)		8,283
	127	Lamb Weston Holdings, Inc.		12,781
	427	Mondelez International, Inc., Class A		27,832
	156	Monster Beverage Corp.*		15,874
	306	PepsiCo, Inc.		53,100
	498	Procter & Gamble Co. (The)		68,505
	210	Sysco Corp.		15,660
	209	Walgreens Boots Alliance, Inc.		7,426
	321	Walmart, Inc.		45,624
				573,783
Energy – 2.8%
	300	ConocoPhillips		31,005
	265	Devon Energy Corp.		14,289
	53	Diamondback Energy, Inc.		7,451
	119	DT Midstream, Inc.		5,974
	714	Exxon Mobil Corp.		78,476
	219	Occidental Petroleum Corp.		12,824
	214	ONEOK, Inc.		14,006
	538	Williams Cos., Inc. (The)		16,194
				180,219
Financials – 8.9%
	214	Aflac, Inc.		14,584
	46	Ameriprise Financial, Inc.		15,772
	70	Aon PLC, Class A		21,284
	74	Arthur J Gallagher & Co.		13,864
	198	Bank of New York Mellon Corp. (The)		10,074
	221	Berkshire Hathaway, Inc., Class B*		67,445
	33	BlackRock, Inc.		22,751
	67	Cboe Global Markets, Inc.		8,453
	111	Chubb Ltd.		23,423
	75	CME Group, Inc.		13,902
	32	FactSet Research Systems, Inc.		13,266
	81	Globe Life, Inc.		9,857
	147	Intercontinental Exchange, Inc.		14,965
	479	JPMorgan Chase & Co.		68,665
	9	Markel Corp.*		11,969
	178	Marsh & McLennan Cos., Inc.		28,861
	59	Moody’s Corp.		17,119
	32	MSCI, Inc.		16,709
	119	Nasdaq, Inc.		6,671
	102	PNC Financial Services Group, Inc. (The)		16,108
	158	Progressive Corp. (The)		22,676
	129	Raymond James Financial, Inc.		13,991
	72	S&P Global, Inc.		24,566
	115	SEI Investments Co.		6,929
	78	Tradeweb Markets, Inc., Class A		5,529

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

GOLDMAN SACHS DEFENSIVE EQUITY ETF

Schedule of Investments (continued)

February 28, 2023 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Financials – (continued)
	87	Travelers Cos., Inc. (The)	$	16,105
	291	US Bancorp		13,889
	88	W R Berkley Corp.		5,825
	695	Wells Fargo & Co.		32,505
	53	Willis Towers Watson PLC		12,421
				570,178
Health Care – 16.5%
	449	Abbott Laboratories		45,672
	328	AbbVie, Inc.		50,479
	128	Agilent Technologies, Inc.		18,172
	47	Alnylam Pharmaceuticals, Inc.*		8,998
	68	AmerisourceBergen Corp.		10,578
	107	Amgen, Inc.		24,788
	117	Becton Dickinson and Co.		27,442
	54	Biogen, Inc.*		14,572
	504	Boston Scientific Corp.*		23,547
	404	Bristol-Myers Squibb Co.		27,860
	178	Cardinal Health, Inc.		13,476
	20	Chemed Corp.		10,432
	310	CVS Health Corp.		25,897
	154	Danaher Corp.		38,120
	127	Dexcom, Inc.*		14,098
	265	Edwards Lifesciences Corp.*		21,317
	71	Elevance Health, Inc.		33,347
	192	Eli Lilly & Co.		59,754
	283	Gilead Sciences, Inc.		22,790
	61	HCA Healthcare, Inc.		14,850
	90	Henry Schein, Inc.*		7,048
	178	Hologic, Inc.*		14,176
	34	Humana, Inc.		16,831
	30	IDEXX Laboratories, Inc.*		14,197
	106	Incyte Corp.*		8,160
	24	Insulet Corp.*		6,633
	72	Intuitive Surgical, Inc.*		16,516
	507	Johnson & Johnson		77,703
	72	McKesson Corp.		25,186
	452	Merck & Co., Inc.		48,021
	10	Mettler-Toledo International, Inc.*		14,337
	104	Moderna, Inc.*		14,436
	33	Molina Healthcare, Inc.*		9,086
	283	QIAGEN NV*		13,004
	89	Quest Diagnostics, Inc.		12,314
	24	Regeneron Pharmaceuticals, Inc.*		18,250
	169	Royalty Pharma PLC, Class A		6,059
	34	STERIS PLC		6,393
	94	Stryker Corp.		24,711
	92	Thermo Fisher Scientific, Inc.		49,842
	181	UnitedHealth Group, Inc.		86,145
	84	Veeva Systems, Inc., Class A*		13,915
	96	Vertex Pharmaceuticals, Inc.*		27,868
	170	Zimmer Biomet Holdings, Inc.		21,058
				1,058,078
Industrials – 11.1%
	85	AMETEK, Inc.		12,033
Common Stocks – (continued)
Industrials – (continued)
	142	Booz Allen Hamilton Holding Corp.		13,452
	99	BWX Technologies, Inc.		6,050
	372	Carrier Global Corp.		16,751
	131	Caterpillar, Inc.		31,381
	53	Cintas Corp.		23,239
	64	Clean Harbors, Inc.*		8,453
	459	CSX Corp.		13,995
	52	Deere & Co.		21,801
	51	Dover Corp.		7,645
	99	Eaton Corp. PLC		17,318
	243	Emerson Electric Co.		20,099
	111	Expeditors International of Washington, Inc.		11,606
	272	Fastenal Co.		14,024
	249	Fortive Corp.		16,598
	95	General Dynamics Corp.		21,651
	189	Honeywell International, Inc.		36,190
	186	Howmet Aerospace, Inc.		7,845
	52	Hubbell, Inc.		13,080
	108	Illinois Tool Works, Inc.		25,181
	192	Ingersoll Rand, Inc.		11,149
	234	Johnson Controls International PLC		14,676
	62	L3Harris Technologies, Inc.		13,094
	55	Lockheed Martin Corp.		26,084
	59	Nordson Corp.		12,959
	62	Norfolk Southern Corp.		13,939
	48	Northrop Grumman Corp.		22,277
	45	Old Dominion Freight Line, Inc.		15,267
	234	Otis Worldwide Corp.		19,801
	397	Raytheon Technologies Corp.		38,942
	144	Republic Services, Inc.		18,566
	58	Rockwell Automation, Inc.		17,106
	172	Rollins, Inc.		6,054
	78	Trane Technologies PLC		14,428
	18	TransDigm Group, Inc.		13,390
	423	Uber Technologies, Inc.*		14,069
	150	Union Pacific Corp.		31,092
	16	Valmont Industries, Inc.		5,077
	67	Verisk Analytics, Inc.		11,464
	185	Waste Management, Inc.		27,706
	21	W.W. Grainger, Inc.		14,037
	128	Xylem, Inc.		13,139
				712,708
Information Technology – 18.1%
	156	Accenture PLC, Class A		41,426
	86	Adobe, Inc.*		27,860
	240	Amphenol Corp., Class A		18,605
	98	Analog Devices, Inc.		17,980
	2,553	Apple, Inc.		376,338
	100	Arista Networks, Inc.*		13,870
	59	Atlassian Corp., Class A*		9,695
	57	Autodesk, Inc.*		11,325
	111	Automatic Data Processing, Inc.		24,400
	72	Broadcom, Inc.		42,789
	41	CDW Corp.		8,299
	116	Ciena Corp.*		5,594

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

GOLDMAN SACHS DEFENSIVE EQUITY ETF

Shares		Description	Value
Common Stocks – (continued)
Information Technology – (continued)
	834	Cisco Systems, Inc.	$	40,382
	135	Dynatrace, Inc.*		5,742
	58	Enphase Energy, Inc.*		12,211
	74	F5, Inc.*		10,581
	9	Fair Isaac Corp.*		6,096
	130	Fiserv, Inc.*		14,962
	190	Fortinet, Inc.*		11,294
	44	Gartner, Inc.*		14,424
	179	International Business Machines Corp.		23,145
	67	Intuit, Inc.		27,281
	85	Jack Henry & Associates, Inc.		13,960
	132	Keysight Technologies, Inc.*		21,115
	34	KLA Corp.		12,899
	177	Mastercard, Inc., Class A		62,886
	231	Micron Technology, Inc.		13,356
	88	Motorola Solutions, Inc.		23,127
	89	NetApp, Inc.		5,745
	174	Paychex, Inc.		19,210
	37	Paycom Software, Inc.*		10,695
	270	PayPal Holdings, Inc.*		19,872
	77	PTC, Inc.*		9,650
	47	Roper Technologies, Inc.		20,219
	208	Salesforce, Inc.*		34,031
	68	Snowflake, Inc., Class A*		10,498
	192	Texas Instruments, Inc.		32,918
	114	Trimble, Inc.*		5,935
	51	VeriSign, Inc.*		10,038
	330	Visa, Inc., Class A		72,580
				1,163,033
Materials – 3.2%
	89	Air Products and Chemicals, Inc.		25,452
	42	AptarGroup, Inc.		4,902
	35	Avery Dennison Corp.		6,377
	318	Corteva, Inc.		19,808
	98	Ecolab, Inc.		15,618
	74	FMC Corp.		9,557
	95	Linde PLC (United Kingdom)		33,095
	21	Martin Marietta Materials, Inc.		7,557
	353	Newmont Corp.		15,394
	91	Packaging Corp. of America		12,442
	114	PPG Industries, Inc.		15,055
	82	RPM International, Inc.		7,268
	92	Sherwin-Williams Co. (The)		20,364
	61	Vulcan Materials Co.		11,036
				203,925
Real Estate – 1.9%
	106	American Tower Corp. REIT		20,989
	62	AvalonBay Communities, Inc. REIT		10,696
	134	Crown Castle, Inc. REIT		17,520
	30	Equinix, Inc. REIT		20,648
	161	Equity Residential REIT		10,066
	412	Healthpeak Properties, Inc. REIT		9,913
	48	Public Storage REIT		14,350
	167	Realty Income Corp. REIT		10,680
Common Stocks – (continued)
Real Estate – (continued)
	116	Regency Centers Corp. REIT		7,296
				122,158
Utilities – 4.0%
	235	Alliant Energy Corp.		12,048
	100	Ameren Corp.		8,271
	235	American Electric Power Co., Inc.		20,673
	114	American Water Works Co., Inc.		16,003
	376	CenterPoint Energy, Inc.		10,460
	186	Consolidated Edison, Inc.		16,619
	113	Constellation Energy Corp.		8,463
	120	DTE Energy Co.		13,165
	249	Duke Energy Corp.		23,471
	103	Entergy Corp.		10,596
	170	Eversource Energy		12,811
	401	Exelon Corp.		16,196
	385	FirstEnergy Corp.		15,223
	273	Public Service Enterprise Group, Inc.		16,497
	86	Sempra Energy		12,897
	388	Southern Co. (The)		24,467
	273	Xcel Energy, Inc.		17,628
				255,488
	TOTAL INVESTMENTS – 89.9%
	(Cost $5,769,062)		$	5,764,784
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 10.1%			649,193
	NET ASSETS – 100.0%		$	6,413,977

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

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

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

GOLDMAN SACHS DEFENSIVE EQUITY ETF

Schedule of Investments (continued)

February 28, 2023 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At February 28, 2023, the Fund had the following futures contracts:

Description	Number of Contracts		Expiration Date		Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
S&P 500 E-Mini Index		3		03/17/23	$	596,325	$	(1,950	)

PURCHASED & WRITTEN OPTIONS CONTRACTS — At February 28, 2023, the Fund had the following purchased option contracts:

EXCHANGE TRADED OPTIONS ON EQUITIES CONTRACTS

Description	Exercise Rate	Expiration Date		Number of Contracts		Notional Amount		Market Value		Premiums Paid (Received) by the Portfolio		Unrealized Appreciation/ (Depreciation)
Purchased Option Contracts:
Puts
S&P 500 Index	3,850.000		03/31/2023		32	$	6,160,000	$	60,000	$	62,437	$	(2,437	)
Total purchased option contract					32	$	6,160,000	$	60,000	$	62,437	$	(2,437	)

EXCHANGE TRADED OPTIONS ON EQUITIES CONTRACTS

Description	Exercise Rate	Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by the Portfolio			Unrealized Appreciation/ (Depreciation)
Written Option Contracts:
Calls
S&P 500 Index	4,100.000		03/31/2023		(32	)	$	(6,560,000	)	$	(71,600	)	$	(82,362	)	$	10,762
Puts
S&P 500 Index	3,610.000		03/31/2023		(32	)		(5,776,000	)		(14,000	)		(15,963	)		1,963
Total written option contracts					(64	)	$	(12,336,000	)	$	(85,600	)	$	(98,325	)	$	12,725

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

GOLDMAN SACHS EQUITY ETFS

Statements of Assets and Liabilities

February 28, 2023 (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 $9,628,683, $503,658,748, $123,912,081 and $341,802,984, respectively)(a)	$	9,200,733		$	511,114,807		$	128,376,151		$	316,441,583
Investments in affiliated issuers, at value (cost $—, $924,729, $— and $1,039,418, respectively)		—			1,036,664			—			1,509,985
Investments in securities lending reinvestment vehicle, at value which equals cost		74,768			—			—			8,390,962
Cash		31,305			996,494			2,732,167			—
Foreign currency, at value (cost $79, $—, $— and $97,220, respectively)		79			—			—			97,016
Receivables:
Investments sold		48,946			—			—			—
Dividends		11,426			763,620			51,267			419,862
Foreign tax reclaims		1,371			—			634			71,753
Securities lending income		516			—			—			107,012
Total assets		9,369,144			513,911,585			131,160,219			327,038,173
Liabilities:
Payables:
Upon return of securities loaned		74,768			—			—			8,390,962
Management fees		3,312			37,086			45,718			129,392
Investments purchased		—			—			2,640,295			—
Due to custodian		—			—			—			56,811
Total liabilities		78,080			37,086			2,686,013			8,577,165
Net Assets:
Paid-in capital		9,767,293			550,455,931			182,097,665			406,912,989
Total distributable loss		(476,229	)		(36,581,432	)		(53,623,459	)		(88,451,981	)
NET ASSETS	$	9,291,064		$	513,874,499		$	128,474,206		$	318,461,008
SHARES ISSUED AND OUTSTANDING
Shares outstanding no par value (unlimited shares authorized):		250,000			8,500,000			1,700,000			7,150,000
Net asset value per share:	$	37.16		$	60.46		$	75.57		$	44.54

(a) Includes loaned securities having a market value of $72,949, $–, $– and $7,823,070 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. 41

GOLDMAN SACHS EQUITY ETFS

Statements of Assets and Liabilities (continued)

February 28, 2023 (Unaudited)

	JUST U.S. Large Cap Equity ETF		Defensive Equity ETF
Assets:
Investments in unaffiliated issuers, at value (cost $237,834,734 and $5,769,062)(a)	$	268,778,454	$	5,764,784
Investments in affiliated issuers, at value (cost $965,549 and $—)		1,246,248		—
Investments in securities lending reinvestment vehicle, at value which equals cost		76,074		—
Purchased options, at value (premiums paid $— and $62,437)		—		60,000
Cash		275,906		431,742
Receivables:
Dividends		452,457		9,437
Securities lending income		829		—
Due from broker		—		316,862
Investments sold		—		1,687,048
Total assets		270,829,968		8,269,873
Liabilities:
Written options, at value (premiums received $— and $98,325)		—		85,600
Payables:
Upon return of securities loaned		76,074		—
Management fees		42,781		2,760
Investments purchased		—		1,688,999
Accrued expenses		—		78,537
Total liabilities		118,855		1,855,896
Net Assets:
Paid-in capital		248,879,580		6,933,059
Total distributable earnings (loss)		21,831,533		(519,082	)
NET ASSETS	$	270,711,113	$	6,413,977
SHARES ISSUED AND OUTSTANDING
Shares outstanding no par value (unlimited shares authorized)(b):		4,750,000		152,572
Net asset value per share:	$	56.99	$	42.04

(a) Includes loaned securities having a market value of $76,139 and $— for JUST U.S. Large Cap Equity ETF and Defensive Equity ETF, respectively.

(b) Goldman Sachs Defensive Equity ETF acquired all of the assets and liabilities of the Goldman Sachs Defensive Equity Fund (“Predecessor Fund”) in a reorganization that occurred as of the close of business on January 23, 2023. Performance and financial history of the Predecessor Fund’s Institutional Class Shares have been adopted by Goldman Sachs Defensive Equity ETF and will be used going forward. As a result, the information prior to January 23, 2023, reflects that of the Predecessor Fund’s Institutional Class Shares. The Predecessor Fund ceased operations as of the date of the reorganization. (See Note 1).

42 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, 2023 (Unaudited)

	Bloomberg Clean Energy Equity ETF			Equal Weight U.S. Large Cap Equity ETF			Hedge Industry VIP ETF
Investment income:
Dividends — unaffiliated issuers (net of foreign withholding taxes of $7,157, $— and $—, respectively)	$	49,628		$	4,873,556		$	402,008
Securities lending income — unaffiliated issuer		978			4,116			11
Dividends — affiliated issuers		—			8,125			—
Non cash dividend income		—			—			76,438
Total investment income		50,606			4,885,797			478,457
Expenses:
Management fees		12,034			236,231			290,987
Trustee fees		5,941			17,586			8,570
Total expenses		17,975			253,817			299,557
NET INVESTMENT INCOME		32,631			4,631,980			178,900
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		(28,679	)		(31,813,717	)		(12,617,157	)
Investments — affiliated issuers		—			(8,802	)		—
In-kind redemptions — unaffiliated issuers		—			26,838,796			4,389,310
In-kind redemptions — affiliated issuers		—			132,992			—
Foreign currency transactions		(1,470	)		—			—
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		(411,207	)		20,234,959			7,595,924
Investments — affiliated issuers		—			(41,535	)		—
Foreign currency translations		(399	)		—			—
Net realized and unrealized gain (loss)		(441,755	)		15,342,693			(631,923	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(409,124	)	$	19,974,673		$	(453,023	)

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

GOLDMAN SACHS EQUITY ETFS

Statements of Operations (continued)

For the Six Months Ended February 28, 2023 (Unaudited)

	Innovate Equity ETF			JUST U.S. Large Cap Equity ETF
Investment income:
Dividends — unaffiliated issuers (net of foreign withholding taxes of $55,585 and $—)	$	1,699,316		$	2,259,577
Securities lending income — unaffiliated issuer		389,321			2,727
Non cash dividend income		252,157			—
Dividends — affiliated issuers		8,895			8,482
Total investment income		2,349,689			2,270,786
Expenses:
Management fees		776,249			252,389
Trustee fees		12,332			11,110
Total expenses		788,581			263,499
NET INVESTMENT INCOME		1,561,108			2,007,287
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		(29,659,779	)		(6,064,371	)
Investments — affiliated issuers		222,390			—
In-kind redemptions — unaffiliated issuers		6,300,952			4,838,549
In-kind redemptions — affiliated issuers		60,057			13,868
Foreign currency transactions		(13,162	)		—
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		27,338,207			2,019,982
Investments — affiliated issuers		(175,885	)		49,538
Foreign currency translations		(443	)		—
Net realized and unrealized gain		4,072,337			857,566
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	5,633,445		$	2,864,853

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

GOLDMAN SACHS EQUITY ETFS

Statements of Operations (continued)

	Defensive Equity ETF
	For the Period January 1, 2023 to February 28, 2023†(a) (Unaudited)			For the Fiscal Year Ended December 31, 2022
Investment income:
Dividends — unaffiliated issuers	$	15,235		$	78,788
Dividends — affiliated issuers		289			3,394
Interest		—			232
Total investment income		15,524			82,414
Expenses:
Registration fees		50,545			75,855
Printing and mailing costs		14,130			36,522
Management fees		3,510			31,475
Professional fees		3,753			141,458
Custody, accounting and administrative services		4,216			41,071
Transfer Agency fees		163			3,099	(b)
Service fees — Class C		159			713
Trustee fees		1			27,444
Distribution and/or Service (12b-1) fees		—			2,954	(c)
Other		3,331			82
Total expenses		79,808			360,673
Less — expense reductions		(74,198	)		(322,522	)
Net expenses		5,610			38,151
NET INVESTMENT INCOME		9,914			44,263
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		(104,804	)		(717,576	)
Futures contracts		(1,473	)		(68,240	)
Written options		(167,388	)		653,925
Purchased options		56,730			(213,568	)
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		184,621			(597,312	)
Futures contracts		14,439			—
Written options		21,302			(26,273	)
Purchased Options		17,220			(26,632	)
Net realized and unrealized gain (loss)		20,647			(925,015	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	30,561		$	(880,752	)

† The Fund changed its fiscal year end from December 31 to August 31 on February 1, 2023.

(a) Goldman Sachs Defensive Equity ETF acquired all of the assets and liabilities of the Goldman Sachs Defensive Equity Fund (“Predecessor Fund”) in a reorganization that occurred as of the close of business on January 23, 2023. Performance and financial history of the Predecessor Fund’s Institutional Class Shares have been adopted by Goldman Sachs Defensive Equity ETF and will be used going forward. As a result, the information prior to January 23, 2023, reflects that of the Predecessor Fund’s Institutional Class Shares. The Predecessor Fund ceased operations as of the date of the reorganization. (See Note 1).

(b) Class specific Transfer Agency fees were $383, $457, $2,097, $69, $13, $68 and $12 for Class A, Class C, Institutional, Investor, Class R6, Class R and Class P, respectively.

(c) Class specific Distribution and/or Service (12b-1) fees were $601, $2,140 and $213 for Class A, Class C and Class R, respectively.

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

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 Six Months Ended February 28, 2023 (Unaudited)			For the Period February 8, 2022* to August 31, 2022			For the Six Months Ended February 28, 2023 (Unaudited)			For the Fiscal Year Ended August 31, 2022
From operations:
Net investment income	$	32,631		$	63,220		$	4,631,980		$	11,259,384
Net realized gain (loss)		(30,149	)		(18,185	)		(4,850,731	)		39,577,340
Net change in unrealized gain (loss)		(411,606	)		(16,978	)		20,193,424			(169,980,290	)
Net increase (decrease) in net assets resulting from operations		(409,124	)		28,057			19,974,673			(119,143,566	)
Distributions to shareholders:
From distributable earnings		(54,746	)		(40,416	)		(5,645,858	)		(11,856,146	)
From share transactions:
Proceeds from sales of shares		1,839,938			7,927,355			40,440,178			169,051,301
Cost of shares redeemed		—			—			(154,304,177	)		(282,145,961	)
Net increase (decrease) in net assets resulting from share transactions		1,839,938			7,927,355			(113,863,999	)		(113,094,660	)
TOTAL INCREASE (DECREASE)		1,376,068			7,914,996			(99,535,184	)		(244,094,372	)
Net assets:
Beginning of period	$	7,914,996		$	—		$	613,409,683		$	857,504,055
End of period	$	9,291,064		$	7,914,996		$	513,874,499		$	613,409,683

* Commencement of operations.

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

GOLDMAN SACHS EQUITY ETFS

	Hedge Industry VIP ETF						Innovate Equity ETF
	For the Six Months Ended February 28, 2023 (Unaudited)			For the Fiscal Year Ended August 31, 2022			For the Six Months Ended February 28, 2023 (Unaudited)			For the Fiscal Year Ended August 31, 2022
From operations:
Net investment income (loss)	$	178,900		$	(89,049	)	$	1,561,108		$	2,584,544
Net realized loss		(8,227,847	)		(23,516,016	)		(23,089,542	)		(19,394,355	)
Net change in unrealized gain (loss)		7,595,924			(35,121,455	)		27,161,879			(133,254,318	)
Net increase (decrease) in net assets resulting from operations		(453,023	)		(58,726,520	)		5,633,445			(150,064,129	)
Distributions to shareholders:
From distributable earnings		(20,653	)		—			(558,596	)		(3,566,370	)
From share transactions:
Proceeds from sales of shares		18,579,842			59,701,538			30,974,126			51,102,318
Cost of shares redeemed		(34,716,302	)		(77,725,146	)		(45,118,266	)		(63,125,867	)
Net decrease in net assets resulting from share transactions		(16,136,460	)		(18,023,608	)		(14,144,140	)		(12,023,549	)
TOTAL DECREASE		(16,610,136	)		(76,750,128	)		(9,069,291	)		(165,654,048	)
Net assets:
Beginning of period	$	145,084,342		$	221,834,470		$	327,530,299		$	493,184,347
End of period	$	128,474,206		$	145,084,342		$	318,461,008		$	327,530,299

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

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, 2023 (Unaudited)			For the Fiscal Year Ended August 31, 2022
From operations:
Net investment income	$	2,007,287		$	3,579,609
Net realized gain (loss)		(1,211,954	)		8,987,322
Net change in unrealized gain (loss)		2,069,520			(49,885,593	)
Net increase (decrease) in net assets resulting from operations		2,864,853			(37,318,662	)
Distributions to shareholders:
From distributable earnings		(2,035,496	)		(3,381,618	)
From share transactions:
Proceeds from sales of shares		15,631,777			73,677,046
Cost of shares redeemed		(15,177,640	)		(27,788,985	)
Net increase in net assets resulting from share transactions		454,137			45,888,061
TOTAL INCREASE		1,283,494			5,187,781
Net assets:
Beginning of period	$	269,427,619		$	264,239,838
End of period	$	270,711,113		$	269,427,619

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

GOLDMAN SACHS EQUITY ETFS

	Defensive Equity ETF(a)
	For the Period January 1, 2023 to February 28, 2023† (Unaudited)			For the Fiscal Year Ended December 31, 2022			For the Fiscal Year Ended December 31, 2021
From operations:
Net investment income	$	9,914		$	44,263		$	30,609
Net realized gain (loss)		(216,935	)		(345,459	)		783,924
Net change in unrealized gain (loss)		237,582			(579,556	)		3,547
Net increase (decrease) in net assets resulting from operations		30,561			(880,752	)		818,080
Distributions to shareholders:
From distributable earnings
Class A Shares		—			(1,254	)		(17,059	)
Class C Shares		—			—			(7,588	)
Institutional Shares		—			(45,517	)		(497,162	)
Investor Shares		—			—			(4,551	)
Class R6 Shares		—			—			(4,623	)
Class R Shares		—			—			(4,340	)
Class P Shares		—			—			(4,623	)
Total distributions to shareholders		—			(46,771	)		(539,946	)
From share transactions:
Proceeds from sales of shares		1,611,638			438,545			1,097,648
Reinvestment of distributions		—			46,771			539,946
Cost of shares redeemed		(796,821	)		(920,363	)		(519,323	)
Net increase (decrease) in net assets resulting from share transactions		814,817			(435,047	)		1,118,271
TOTAL INCREASE (DECREASE)		845,378			(1,362,570	)		1,396,405
Net assets:
Beginning of period	$	5,568,599		$	6,931,169		$	5,534,764
End of period	$	6,413,977		$	5,568,599		$	6,731,169

† The Fund changed its fiscal year end from December 31 to August 31 on February 1, 2023.

(a) Goldman Sachs Defensive Equity ETF acquired all of the assets and liabilities of the Goldman Sachs Defensive Equity Fund (“Predecessor Fund”) in a reorganization that occurred as of the close of business on January 23, 2023. Performance and financial history of the Predecessor Fund’s Institutional Class Shares have been adopted by Goldman Sachs Defensive Equity ETF and will be used going forward. As a result, the information prior to January 23, 2023, reflects that of the Predecessor Fund’s Institutional Class Shares. The Predecessor Fund ceased operations as of the date of the reorganization. (See Note 1).

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

GOLDMAN SACHS EQUITY ETFS

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

	Bloomberg Clean Energy Equity ETF
	For the Six Months Ended February 28, 2023 (Unaudited)			For the Period February 8, 2022* to August 31, 2022
Per Share Operating Performance:
Net asset value, beginning of period	$	39.57		$	39.60
Net investment income(a)		0.15			0.32
Net realized and unrealized loss		(2.29	)		(0.15	)
Total gain (loss) from investment operations		(2.14	)		0.17
Distributions to shareholders from net investment income		(0.27	)		(0.20	)
Net asset value, end of period	$	37.16		$	39.57
Market price, end of period	$	37.22		$	39.52
Total Return at Net Asset Value(b)		(5.38	)%		0.45	%
Net assets, end of period (in 000’s)	$	9,291		$	7,915
Ratio of total expenses to average net assets		0.45	%(c)		0.45	%(c)
Ratio of net investment income to average net assets		0.82	%(c)		1.43	%(c)
Portfolio turnover rate(d)		10	%		19	%

 * 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.

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

GOLDMAN SACHS EQUITY ETFS

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, 2023 (Unaudited)			For the Fiscal Year Ended August 31,												For the Period September 12, 2017* to August 31, 2018
				2022			2021			2020			2019
Per Share Operating Performance:
Net asset value, beginning of period	$	58.98		$	70.00		$	50.86		$	46.30		$	46.33		$	40.58
Net investment income(a)		0.48			0.94			0.85			0.93			0.81			0.77
Net realized and unrealized gain (loss)		1.59			(10.98	)		19.09			4.52			(0.10	)		5.52
Total gain (loss) from investment operations		2.07			(10.04	)		19.94			5.45			0.71			6.29
Distributions to shareholders from net investment income		(0.59	)		(0.98	)		(0.80	)		(0.89	)		(0.74	)		(0.54	)
Net asset value, end of period	$	60.46		$	58.98		$	70.00		$	50.86		$	46.30		$	46.33
Market price, end of period	$	60.47		$	58.99		$	69.99		$	50.95		$	46.32		$	46.35
Total Return at Net Asset Value(b)		3.57	%		(14.48	)%		39.56	%		12.08	%		1.62	%		15.60	%
Net assets, end of period (in 000’s)	$	513,874		$	613,410		$	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	%		0.09	%(c)
Ratio of net investment income to average net assets		1.64	%(c)		1.43	%		1.39	%		1.98	%		1.81	%		1.82	%(c)
Portfolio turnover rate(d)		24	%		47	%		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. 51

GOLDMAN SACHS EQUITY ETFS

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Hedge Industry VIP ETF
	For the Six Months Ended February 28, 2023 (Unaudited)			For the Fiscal Year Ended August 31,
				2022			2021			2020			2019			2018
Per Share Operating Performance:
Net asset value, beginning of period	$	75.37		$	103.18		$	79.37		$	56.86		$	57.98		$	50.46
Net investment income (loss)(a)		0.10			(0.04	)(b)		(0.07	)		0.16	(c)		0.51			0.17
Net realized and unrealized gain (loss)		0.11			(27.77	)		23.88			22.59			(1.11	)		7.52
Total gain (loss) from investment operations		0.21			(27.81	)		23.81			22.75			(0.60	)		7.69
Distributions to shareholders from net investment income		(0.01	)		—			—	(d)		(0.24	)		(0.52	)		(0.17	)
Distributions to shareholders from return of capital		—			—			—			—	(d)		—			—
Total distributions to shareholders		(0.01	)		—			—	(d)		(0.24	)		(0.52	)		(0.17	)
Net asset value, end of period	$	75.57		$	75.37		$	103.18		$	79.37		$	56.86		$	57.98
Market price, end of period	$	75.67		$	75.47		$	103.21		$	79.50		$	57.03		$	57.98
Total Return at Net Asset Value(e)		0.28	%		(26.95	)%		30.00	%		40.07	%		(0.99	)%		15.27	%
Net assets, end of period (in 000’s)	$	128,474		$	145,084		$	221,834		$	115,085		$	79,608		$	110,155
Ratio of total expenses to average net assets		0.45	%(f)		0.45	%		0.45	%		0.45	%		0.45	%		0.45	%
Ratio of net investment income (loss) to average net assets		0.27	%(f)		(0.05	)%(b)		(0.08	)%		0.26	%(c)		0.91	%		0.31	%
Portfolio turnover rate(g)		63	%		117	%		136	%		124	%		103	%		129	%

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

(b) Reflects income recognized from non-recurring special dividends which amounted to $0.05 per share and 0.05% of average net assets.

(c) Reflects income recognized from non-recurring special dividends which amounted to $0.07 per share and 0.11% 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.

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

GOLDMAN SACHS EQUITY ETFS

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Innovate Equity ETF
	For the Six Months Ended February 28, 2023 (Unaudited)			For the Fiscal Year Ended August 31, 2022			For the Period November 6, 2020* to August 31, 2021
Per Share Operating Performance:
Net asset value, beginning of period	$	43.67		$	63.23		$	50.03
Net investment income(a)		0.21			0.33			0.24
Net realized and unrealized gain (loss)		0.73			(19.43	)		13.15
Total gain (loss) from investment operations		0.94			(19.10	)		13.39
Distributions to shareholders from net investment income		(0.07	)		(0.46	)		(0.19	)
Net asset value, end of period	$	44.54		$	43.67		$	63.23
Market price, end of period	$	44.48		$	43.62		$	63.34
Total Return at Net Asset Value(b)		2.18	%		(30.35	)%		26.80	%
Net assets, end of period (in 000’s)	$	318,461		$	327,530		$	493,184
Ratio of total expenses to average net assets		0.50	%(c)		0.50	%		0.50	%(c)
Ratio of net investment income to average net assets		0.99	%(c)		0.62	%		0.50	%(c)
Portfolio turnover rate(d)		24	%		38	%		38	%

 * Commencement of operations.

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

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

(c) Annualized.

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

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

GOLDMAN SACHS EQUITY ETFS

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, 2023 (Unaudited)			For the Fiscal Year Ended August 31,												For the Period June 7, 2018* to August 31, 2018
				2022			2021			2020			2019
Per Share Operating Performance:
Net asset value, beginning of period	$	56.72		$	65.65		$	50.92		$	42.04		$	42.13		$	40.08
Net investment income(a)		0.42			0.82			0.74			0.74			0.72			0.17
Net realized and unrealized gain (loss)		0.28			(8.97	)		14.70			8.90			0.08			1.88
Total gain (loss) from investment operations		0.70			(8.15	)		15.44			9.64			0.80			2.05
Distributions to shareholders from net investment income		(0.43	)		(0.78	)		(0.71	)		(0.76	)		(0.89	)		—
Net asset value, end of period	$	56.99		$	56.72		$	65.65		$	50.92		$	42.04		$	42.13
Market price, end of period	$	56.94		$	56.84		$	65.68		$	50.88		$	42.06		$	42.13
Total Return at Net Asset Value(b)		1.28	%		(12.53	)%		30.61	%		23.29	%		2.06	%		5.11	%
Net assets, end of period (in 000’s)	$	270,711		$	269,428		$	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	%		0.20	%(c)
Ratio of net investment income to average net assets		1.52	%(c)		1.31	%		1.29	%		1.69	%		1.79	%		1.84	%(c)
Portfolio turnover rate(d)		8	%		12	%		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.

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

GOLDMAN SACHS EQUITY ETFS

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Defensive Equity ETF(a)(b)
	For the Period January 1, 2023 to February 28,  2023† (Unaudited)			For the Fiscal Year Ended December 31,						For the Period September 30, 2020* to December 31, 2020
				2022			2021
Per Share Operating Performance:
Net asset value, beginning of period	$	41.72		$	48.24		$	45.86		$	45.00
Net investment income(c)		0.03			0.35			0.27			0.09
Net realized and unrealized gain (loss)		0.29			(6.49	)		6.26			0.86
Total gain (loss) from investment operations		0.32			(6.14	)		6.53			0.95
Distributions to shareholders from net investment income		—			(0.38	)		(0.23	)		(0.09	)
Distributions to shareholders from net realized gains		—			—			(3.92	)		—	(d)
Total distributions to shareholders		—			(0.38	)		(4.15	)		(0.09	)
Net asset value, end of period	$	42.04		$	41.72		$	48.24		$	45.86
Market price, end of period	$	42.05		$	—		$	—		$	—
Total Return at Net Asset Value(e)		(0.27	)%		(12.57	)%		14.24	%		2.11	%
Net assets, end of period (in 000’s)	$	6,414		$	5,031		$	6,283		$	5,201
Ratio of net expenses to average net assets		0.57	%(f)		0.57	%		0.57	%		0.57	%(f)
Ratio of total expenses to average net assets		8.18	%(f)		6.01	%		9.46	%		10.45	%(f)
Ratio of net investment income to average net assets		1.02	%(f)		0.82	%		0.52	%		0.84	%(f)
Portfolio turnover rate(g)		60	%		178	%		305	%		26	%

 * Commencement of operations of Goldman Sachs Defensive Equity Fund, the predecessor fund.

 † The Fund changed its fiscal year end from December 31 to August 31 on February 1, 2023.

(a) Goldman Sachs Defensive Equity ETF acquired all of the assets and liabilities of the Goldman Sachs Defensive Equity Fund (“Predecessor Fund”) in a reorganization that occurred as of the close of business on January 23, 2023. Performance and financial history of the Predecessor Fund’s Institutional Class Shares have been adopted by Goldman Sachs Defensive Equity ETF and will be used going forward. As a result, the information prior to January 23, 2023, reflects that of the Predecessor Fund’s Institutional Class Shares. The Predecessor Fund ceased operations as of the date of the reorganization. (See Note 1).

(b) On January 18, 2023, the Predecessor Fund effected a 4.5 -for-1 reverse share split. All per share data has been adjusted to reflect the reverse share split.

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

(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, 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. 55

GOLDMAN SACHS EQUITY ETFS

Notes to Financial Statements

February 28, 2023 (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
Goldman Sachs Defensive Equity ETF*	Diversified

* The Goldman Sachs Defensive Equity ETF commenced operations on January 23, 2023.

Pursuant to an Agreement and Plan of Reorganization and Liquidation previously approved by the Board of Trustees of Goldman Sachs Trust, the Goldman Sachs Defensive Equity Fund (the “Acquired Fund”) was reorganized into the Goldman Sachs Defensive Equity ETF (the “Acquiring Fund”) (the “Reorganization”) as of the close of business on January 23, 2023 (the “Closing Date”).

Following the Reorganization, the Acquired Fund’s performance (Institutional Class Shares) and financial history were adopted by the Acquiring Fund. In connection with the Reorganization, each shareholder of the Acquired Fund (except as noted below) received shares of the surviving Acquiring Fund equal in value to the number of shares of the Acquired Fund they owned on the Closing Date, including a cash payment in lieu of fractional shares of the Acquiring Fund, which cash payment might have been taxable. Shareholders of the Acquired Fund who held their shares through a fund direct individual retirement account and did not take action prior to the Reorganization had their Acquired Fund shares exchanged for shares of Goldman Sachs Financial Square Government Fund equal in value to their Acquired Fund shares. The Acquiring Fund has the same investment adviser, investment objective and fundamental investment policies and substantially similar investment strategies as the Acquired Fund. Effective as of the close of business on the Closing Date, the Acquired Fund ceased operations in connection with the consummation of its Reorganization.

Costs incurred by the Acquiring Fund and the Acquired Fund associated with the Reorganization (including the legal costs associated with the Reorganization) were borne by the Adviser by waiving fees or reimbursing expenses to offset the costs incurred by the Acquiring Fund or Acquired Fund associated with the Reorganization, including any brokerage fees and expenses incurred by the Acquiring Fund or Acquired Fund related to the disposition and acquisition of assets as part of the Reorganization. Brokerage fees and expenses related to the disposition and acquisition of assets (including any disposition to raise cash to pay redemption proceeds) that were incurred in the ordinary course of business were borne by the Acquiring Fund and the Acquired Fund. The management fee of the Acquiring Fund is slightly higher than the Acquired Fund, but the Acquiring Fund employs a unitary fee structure pursuant to which GSAM bears all operating expenses of the Fund, subject to limited exceptions, and thus is expected to result in a lower net expense ratio than each share class of the Acquired Fund. The Reorganization did not result in the material change to the Acquired Fund’s portfolio holdings. There are no material differences in accounting policies of the Acquired Fund as compared to those of the Acquiring Fund.

The Acquiring Fund did not purchase or sell securities following the Reorganization for purposes of realigning its investment portfolio. Accordingly, the Reorganization of the Acquired Fund did not affect the corresponding Acquiring Fund’s portfolio turnover ratio for the period ended February 28, 2023.

The investment objective of each Fund (except Goldman Sachs Defensive Equity ETF) is to provide investment results that closely correspond, before fees and expenses, to the performance of its respective Index. The Goldman Sachs Defensive Equity ETF seeks long-term growth of capital with lower volatility than equity markets.

56

GOLDMAN SACHS EQUITY ETFS

1. ORGANIZATION (continued)

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 Hedge Industry VIP ETF, Goldman Sachs Innovate Equity ETF, Goldman Sachs JUST U.S. Large Cap Equity ETF and Goldman Sachs Defensive 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 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 with respect to Goldman Sachs Equal Weight U.S. Large Cap Equity ETF, Goldman Sachs JUST U.S. Large Cap Equity ETF and Goldman Sachs Defensive Equity ETF, semi-annually with respect to Goldman Sachs Bloomberg Clean Energy Equity ETF, and annually for Goldman Sachs Hedge Industry VIP ETF and Goldman Sachs Innovate Equity ETF. Capital gains distributions, if any, are declared and paid annually.

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

57

GOLDMAN SACHS EQUITY ETFS

Notes to Financial Statements (continued)

February 28, 2023 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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. With respect to the Funds’ investments that do not have readily available market quotations, the Trustees have designated the Adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940 (the “Valuation Designee”). GSAM has 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 and consistent with applicable regulatory guidance. To the extent these investments are actively traded, they are classified as Level 1 of the fair value

58

GOLDMAN SACHS EQUITY ETFS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

hierarchy, otherwise they are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2.

Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price for long positions or the last ask price for short positions, and are generally classified as Level 2.

Money Market Funds — Investments in the Goldman Sachs Financial Square Government Fund (“Underlying Money Market 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 Money Market Fund’s accounting policies and investment holdings, please see the Underlying Money Market 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 either due to broker/receivable for collateral on certain derivative 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.

ii.  Options — When a Fund writes call or put options, an amount equal to the premium received is recorded as a liability and is subsequently marked-to-market to reflect the current value of the option written. Swaptions are options on swap contracts.

Upon the purchase of a call option or a put option by a Fund, the premium paid is recorded as an investment and subsequently marked-to-market to reflect the current value of the option. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms.

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 the Valuation Procedures. 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.

59

GOLDMAN SACHS EQUITY ETFS

Notes to Financial Statements (continued)

February 28, 2023 (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, 2023:

BLOOMBERG CLEAN ENERGY EQUITY ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	2,760,127	$	54,539	$	—
Europe		2,485,341		—		—
North America		3,856,213		—		—
Oceania		2,497		—		—
South America		31,991		10,025		—
Securities Lending Reinvestment Vehicle		74,768		—		—
Total	$	9,210,937	$	64,564	$	—
EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	1,128,719	$	—	$	—
North America		511,022,752		—		—
Total	$	512,151,471	$	—	$	—
HEDGE INDUSTRY VIP ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia		4,679,006		—		—
North America		120,785,005		—		—
South America		2,912,140		—		—
Total	$	128,376,151	$	—	$	—

(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.

60

GOLDMAN SACHS EQUITY ETFS

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	$	41,875,925	$	—	$	—
Europe		30,537,742		—		—
North America		239,768,572		778,455		—
Oceania		634,781		—		—
South America		3,989,959		—		—
Right		—		28,403		—
Exchange-Traded Fund		337,731		—		—
Securities Lending Reinvestment Vehicle		8,390,962		—		—
Total	$	325,535,672	$	806,858	$	—
JUST U.S. LARGE CAP EQUITY ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	1,635,249	$	—	$	—
North America		268,389,453		—		—
Securities Lending Reinvestment Vehicle		76,074		—		—
Total	$	270,100,776	$	—	$	—
DEFENSIVE EQUITY ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe		33,095		—		—
North America		5,731,689		—		—
Total	$	5,764,784	$	—	$	—
Derivative Type
Assets
Purchased Put Options	$	60,000	$	—	$	—

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

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Notes to Financial Statements (continued)

February 28, 2023 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

DEFENSIVE EQUITY ETF
Derivative Type	Level 1			Level 2		Level 3
Liabilities
Futures Contracts(b)	$	(1,950	)	$	—	$	—
Written Put Options		(85,600	)		—		—
Total	$	(87,550	)	$	—	$	—

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

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

4. INVESTMENTS IN DERIVATIVES

The following tables set forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of February 28, 2023. 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 Fund’s net exposure.

Defensive Equity ETF
Risk	Statement of Assets and Liabilities	Assets		Statement of Assets and Liabilities	Liabilities
Equity	Purchased options, at value	$	60,000	Variation margin on futures contracts, Written Options, at value	$	(87,550)	(a)

(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, 2023 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 period ended February 28, 2023. 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 and Consolidated Statements of Operations:

Defensive Equity ETF
Risk	Statement of Operations	Net Realized Gain (Loss) from Futures Contracts			Net Change in Unrealized Gain (Loss) on Futures Contracts
Equity	Net realized gain (loss) from futures contracts, purchased options and written options/Net change in unrealized gain (loss) on futures contracts, purchased options and written options	$	(112,131	)		$52,961

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4. INVESTMENTS IN DERIVATIVES (continued)

For the fiscal period ended February 28, 2023, the relevant values for each derivative type were as follows:

	Number of Contracts(a)
	Futures contracts	Purchased Options		Written Options
Defensive Equity ETF	4		32		63

(a) Amount disclosed represents average number of contracts for the months that the Fund held such derivatives during the period ended February 28, 2023.

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, 2023, 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%
Goldman Sachs Defensive Equity ETF(1)	0.55%

(1) For the period January 23, 2023 through Feb 28, 2023. Prior to January 23, 2023 the effective management rate and net management rate for the Acquired Fund with GSAM was 0.53% and 0.52%, respectively.

B.   Distribution and/or Service (12b-1) Plans — Prior to January 23, 2023, the Goldman Sachs Trust, on behalf of Class A Shares of the Acquired Fund, had adopted a Distribution and Service Plan subject to Rule 12b-1 under the Act. Under the Distribution and Service Plan, Goldman Sachs, which served as distributor (the “Distributor”), was entitled to a fee accrued daily and paid monthly for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class A Shares of the Acquired Fund, as set forth below.

Prior to January 23, 2023, the Goldman Sachs Trust, on behalf of Class C Shares of the Acquired Fund, had adopted a Distribution Plan subject to Rule 12b-1 under the Act. Under the Distribution Plan, Goldman Sachs as Distributor was entitled to a

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Notes to Financial Statements (continued)

February 28, 2023 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

fee accrued daily and paid monthly for distribution services, which may then be paid by Goldman Sachs to authorized dealers. These fees were equal to an annual percentage rate of the average daily net assets attributable to Class C Shares of the Acquired Fund, as set forth below.

	Distribution and/or Service Plan
	Class A*	Class C
Distribution and/or Service Plan	0.25%	0.75%

* With respect to Class A Shares, the Distributor at its discretion may use compensation for distribution services paid under the Distribution and /or Service Plan to compensate service organizations for personal and account maintenance services and expenses as long as such total compensation does not exceed the maximum cap on “service fees” imposed by the Financial Industry Regulatory Authority.

C.   Distribution Agreement — Prior to January 23, 2023, Goldman Sachs, as Distributor of the shares of the Acquired Fund pursuant to a Distribution Agreement, could retain a portion of the Class A Shares’ front end sales charge and Class C Shares’ CDSC. During the period January 1, 2023 to January 22, 2023, Goldman Sachs did not retain any front end sales charges.

D.   Service Plan — Prior to January 23, 2023, the Goldman Sachs Trust, on behalf of the Acquired Fund, had adopted a Service Plan to allow Class C Shares to compensate service organizations (including Goldman Sachs) for providing varying levels of personal and account maintenance services to their customers who are beneficial owners of such shares. The Service Plan provided for compensation to the service organizations equal to an annual percentage rate of 0.25% of the average daily net assets attributable to Class C Shares of the Funds.

E.   Transfer Agency Agreement — Prior to January 23, 2023, Goldman Sachs also served as the transfer agent of the Acquiree Fund for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services were accrued daily and paid monthly at annual rates as follows: 0.16% of the average daily net assets of Class A and Class C Shares of the Acquired Fund and 0.04% of the average daily net assets of Institutional Shares.

F.   Other Expense Agreements and Affiliated Transactions — Prior to January 23, 2023, GSAM had agreed to reduce or limit certain “Other Expenses” of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), 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 Acquired Fund. Such Other Expense reimbursements, if any, were accrued daily and paid monthly. In addition, the Acquired Fund was not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for the Acquired Fund was 0.004%. These Other Expense limitations remained in place until January 23, 2023. In addition, the Acquired Fund had entered into certain offset arrangements with the transfer agent, which may resulted in a reduction of the Acquired Fund’s expenses and were received irrespective of the application of the “Other Expense” limitations described above.

For the period January 1, 2023 to January 22, 2023, these Other Expense reimbursements were $74,198.

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5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

G.  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, 2023:

Fund	Beginning value as of August 31, 2022		Purchases at Cost		Proceeds from Sales			Realized Gain		Change in Unrealized Depreciation			Ending value as of February 28, 2023		Shares as of February 28, 2023		Dividend Income
Goldman Sachs Equal Weight U.S. Large Cap Equity ETF	$	1,291,758	$	159,054	$	(496,803	)	$	124,190	$	(41,535	)	$	1,036,664		2,948	$	8,125
Goldman Sachs Innovate Equity ETF		1,601,141		475,368		(673,086	)		282,447		(175,885	)		1,509,985		4,294		8,895
Goldman Sachs JUST U.S. Large Cap Equity ETF		1,137,066		75,567		(29,791	)		13,868		49,538			1,246,248		3,544		8,482

The following table provides information about the Funds’ investments in the Underlying Money Market Fund for the period ended February 28, 2023:

Fund	Beginning Value as of December 31, 2022	Purchases at Cost		Proceeds from Sales			Ending Value as of February 28, 2023		Shares as of February 28, 2023		Dividend Income
Goldman Sachs Defensive Equity ETF	$278,504	$	123,864	$	(402,368	)	$	—		—	$	289

6. CREATION AND REDEMPTION OF CREATION UNITS

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

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

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GOLDMAN SACHS EQUITY ETFS

Notes to Financial Statements (continued)

February 28, 2023 (Unaudited)

6. CREATION AND REDEMPTION OF CREATION UNITS (continued)

Share activity is as follows:

	Goldman Sachs Bloomberg Clean Energy Equity ETF
	For the Six Months Ended February 28, 2023 (Unaudited)				For the period February 8, 2022* through August 31, 2022
	Shares		Dollars		Shares		Dollars
Fund Share Activity
Shares Sold		50,000	$	1,839,938		200,000	$	7,927,355
Shares Redeemed		—		—		—		—
NET INCREASE IN SHARES		50,000	$	1,839,938		200,000	$	7,927,355

* Commencement of operations.

	Goldman Sachs Equal Weight U.S. Large Cap Equity ETF
	For the Six Months Ended February 28, 2023 (Unaudited)						For the Fiscal Year Ended August 31, 2022
	Shares			Dollars			Shares			Dollars
Fund Share Activity
Shares Sold		700,000		$	40,440,178			2,500,000		$	169,051,301
Shares Redeemed		(2,600,000	)		(154,304,177	)		(4,350,000	)		(282,145,961	)
NET DECREASE IN SHARES		(1,900,000	)	$	(113,863,999	)		(1,850,000	)	$	(113,094,660	)
	Goldman Sachs Hedge Industry VIP ETF
	For the Six Months Ended February 28, 2023 (Unaudited)						For the Fiscal Year Ended August 31, 2022
	Shares			Dollars			Shares			Dollars
Fund Share Activity
Shares Sold		250,000		$	18,579,842			625,000		$	59,701,538
Shares Redeemed		(475,000	)		(34,716,302	)		(850,000	)		(77,725,146	)
NET DECREASE IN SHARES		(225,000	)	$	(16,136,460	)		(225,000	)	$	(18,023,608	)
	Goldman Sachs Innovate Equity ETF
	For the Six Months Ended February 28, 2023 (Unaudited)						For the Fiscal Year Ended August 31, 2022
	Shares			Dollars			Shares			Dollars
Fund Share Activity
Shares Sold		700,000		$	30,974,126			900,000		$	51,102,318
Shares Redeemed		(1,050,000	)		(45,118,266	)		(1,200,000	)		(63,125,867	)
NET DECREASE IN SHARES		(350,000	)	$	(14,144,140	)		(300,000	)	$	(12,023,549	)

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6. CREATION AND REDEMPTION OF CREATION UNITS (continued)

	Goldman Sachs JUST U.S. Large Cap Equity ETF
	For the Six Months Ended February 28, 2023 (Unaudited)						For the Fiscal Year Ended August 31, 2022
	Shares			Dollars			Shares			Dollars
Fund Share Activity
Shares Sold		275,000		$	15,631,777			1,150,000		$	73,677,046
Shares Redeemed		(275,000	)		(15,177,640	)		(425,000	)		(27,788,985	)
NET INCREASE IN SHARES		—		$	454,137			725,000		$	45,888,061

	Goldman Sachs Defensive Equity ETF(a)
	For the Period January 1, 2023 to February 28, 2023† (Unaudited)						For the Fiscal Year Ended December 31, 2022						For the Fiscal Year Ended December 31, 2021
	Shares			Dollars			Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		—		$	—			5,398		$	51,806			66,277		$	733,989
Reinvestment of distributions		—			—			134			1,254			1,613			17,059
Shares redeemed		(25,524	)*		(240,345	)*		(9,452	)		(94,513	)		(46,157	)		(519,069	)
		(25,524	)		(240,345	)		(3,920	)		(41,453	)		21,733			231,979
Class C Shares
Shares sold		—			—			24,307			241,850			3,747			42,642
Reinvestment of distributions		—			—			—			—			725			7,588
Shares redeemed		(32,815	)*		(306,081	)*		(940	)		(8,516	)		(24	)		(254	)
		(32,815	)		(306,081	)		23,367			233,334			4,448			49,976
Fund Share Activity (formerly Institutional Shares)**
Shares sold		37,964			1,611,638			3,112			144,889			6,431			321,017
Reinvestment of distributions		—			—			1,080			45,517			10,416			497,162
Shares redeemed		(6,007	)		(250,395	)		(13,844	)		(617,012	)		—			—
		31,957			1,361,243			(9,652	)		(426,606	)		16,847			818,179
Investor Shares
Reinvestment of distributions		—			—			—			—			429			4,551
Shares redeemed		—			—			(5,438	)		(50,140	)		—			—
		—			—			(5,438	)		(50,140	)		429			4,551
Class R6 Shares
Reinvestment of distributions		—			—			—			—			436			4,623
Shares redeemed		—			—			(5,446	)		(50,268	)		—			—
		—			—			(5,446	)		(50,268	)		436			4,623

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Notes to Financial Statements (continued)

February 28, 2023 (Unaudited)

6. CREATION AND REDEMPTION OF CREATION UNITS (continued)

	Goldman Sachs Defensive Equity ETF(a)
	For the Period January 1, 2023 to February 28, 2023† (Unaudited)					For the Fiscal Year Ended December 31, 2022						For the Fiscal Year Ended December 31, 2021
	Shares			Dollars		Shares			Dollars			Shares		Dollars
Class R Shares
Reinvestment of distributions		—		$	—		—		$	—			411	$	4,340
Shares redeemed		—			—		(5,414	)		(49,649	)		—		—
		—			—		(5,414	)		(49,649	)		411		4,340
Class P Shares
Reinvestment of distributions		—			—		—			—			436		4,623
Shares redeemed		—			—		(5,446	)		(50,265	)		—		—
		—			—		(5,446	)		(50,265	)		436		4,623
NET INCREASE (DECREASE) IN SHARES		(26,382	)	$	814,817		(11,949	)	$	(435,047	)		44,740	$	1,118,271

† The Fund changed its fiscal year end from December 31 to August 31 on February 1, 2023.

* Class A Shares and Class C Shares were converted to Institutional Shares on January 13, 2023.

** On January 18, 2023, the Goldman Sachs Defensive Equity Fund Institutional Shares effected a 4.5-for-1 reverse share split. Shares outstanding have been adjusted to reflect the reverse share split.

(a) Goldman Sachs Defensive Equity ETF acquired all of the assets and liabilities of the Goldman Sachs Defensive Equity Fund ("Predecessor Fund") in a reorganization that occurred as of the close of business on January 23, 2023. Performance and financial history of the Predecessor Fund’s Institutional Class Shares have been adopted by Goldman Sachs Defensive Equity ETF and will be used going forward. As a result, the information prior to January 23, 2023, reflects that of the Predecessor Fund’s Institutional Class Shares. The Predecessor Fund ceased operations as of the date of the reorganization. (See Note 1).

7. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales of long-term securities for the six months ended February 28, 2023, were as follows:

Fund	Purchases		Sales
Goldman Sachs Bloomberg Clean Energy Equity ETF	$	1,204,851	$	780,829
Goldman Sachs Equal Weight U.S. Large Cap Equity ETF		132,894,221		133,841,558
Goldman Sachs Hedge Industry VIP ETF		86,020,177		85,125,805
Goldman Sachs Innovate Equity ETF		75,879,210		75,217,278
Goldman Sachs JUST U.S. Large Cap Equity ETF		22,625,862		22,206,806
Goldman Sachs Defensive Equity ETF*		3,388,636		3,990,191

* For the two month period ended February 28, 2023 (amounts include the Predecessor Fund).

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7. PORTFOLIO SECURITIES TRANSACTIONS (continued)

The purchases and sales from in-kind creation and redemption transactions for the six months ended February 28, 2023, were as follows:

Fund	Purchases		Sales
Goldman Sachs Bloomberg Clean Energy Equity ETF	$	1,323,134	$	—
Goldman Sachs Equal Weight U.S. Large Cap Equity ETF		40,368,820		154,018,985
Goldman Sachs Hedge Industry VIP ETF		18,589,465		34,971,789
Goldman Sachs Innovate Equity ETF		30,526,890		44,357,038
Goldman Sachs JUST U.S. Large Cap Equity ETF		15,468,186		15,202,901
Goldman Sachs Defensive Equity ETF*		971,349		—

* For the two month period ended February 28, 2023.

The cost of purchases and proceeds from sales and maturities of long-term securities for the fiscal year ended December 31, 2022, were as follows:

Fund	Purchases		Sales
Goldman Sachs Defensive Equity ETF*	$	10,084,536	$	9,959,595

* Amounts reflect the Predecessor Fund for the fiscal year ended December 31, 2022.

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

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Notes to Financial Statements (continued)

February 28, 2023 (Unaudited)

8. SECURITIES LENDING (continued)

certain borrowers provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws. The Funds’ loaned securities were all subject to enforceable Securities Lending Agreements, and the value of the collateral was at least equal to the value of the cash received. The amounts of the Funds’ overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of February 28, 2023, 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, 2023, 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, 2023:

Fund	Beginning value as of August 31, 2022		Purchases at Cost		Proceeds from Sales			Ending value as of February 28, 2023
Goldman Sachs Bloomberg Clean Energy Equity ETF	$	45,842	$	1,827,565	$	(1,798,639	)	$	74,768
Goldman Sachs Equal Weight U.S. Large Cap Equity ETF		—		61,976,184		(61,976,184	)		—
Goldman Sachs Hedge Industry VIP ETF		—		24,937,690		(24,937,690	)		—
Goldman Sachs Innovate Equity ETF		6,943,097		87,487,610		(86,039,745	)		8,390,962
Goldman Sachs JUST U.S. Large Cap Equity ETF		36,658		2,940,820		(2,901,404	)		76,074

9. TAX INFORMATION

As of the Funds’ most recent fiscal year ended August 31, 2022, 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			Goldman Sachs Defensive Equity ETF*
Capital loss carryforwards:
Perpetual Short-Term	$	—	$	—		$	(7,375,244	)	$	(19,248,303	)	$	(4,017,838	)	$	(129,676	)
Perpetual Long-Term		—		—			(893,031	)		(19,747,403	)		(1,357,273	)		—
Timing differences (Qualified Late Year Ordinary Loss Deferral/Post October Capital Loss Deferral)	$	—	$	(26,288,174	)	$	(40,169,979	)	$	(436,128	)	$	(583,625	)	$	(80,196	)

* Amounts reflect the Predecessor Fund as of December 31, 2022.

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9. TAX INFORMATION (continued)

As of February 28, 2023, 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			Goldman Sachs Defensive Equity ETF
Tax Cost	$	9,739,456		$	517,837,333		$	125,491,756		$	353,469,983		$	241,761,876		$	5,937,748
Gross unrealized gain		541,567			49,591,949			10,970,769			560,515,079			46,515,783			163,453
Gross unrealized loss		(1,005,522	)		(55,277,811	)		(8,086,374	)		(587,642,532	)		(18,176,883	)		(336,417	)
Net unrealized gains (losses) on securities	$	(463,955	)	$	(5,685,862	)	$	2,884,395		$	(27,127,453	)	$	28,338,900		$	(172,964	)

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, net mark to market gains (losses) on regulated options, and differences in the tax treatment of partnership investments and passive foreign investment company investments.

GSAM has reviewed the Funds’ tax positions for all open tax years (the current year, and 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.

10. OTHER RISKS

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

Derivatives Risk — The Funds’ use of derivatives and other similar instruments (collectively referred to in this paragraph as “derivatives”) may result in loss, including due to adverse market movements. Derivatives, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other assets and instruments, may increase market exposure and be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying assets or instruments may produce disproportionate losses to the Funds. Certain derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not, or lacks the capacity or authority to, fulfill its contractual obligations, liquidity risk, which includes the risk that the Funds will not be able to exit the derivative when it is advantageous to do so, and risks arising from margin requirements, which include the risk that the Funds will be required to pay additional margin or set aside additional collateral to maintain open derivative positions. 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

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Notes to Financial Statements (continued)

February 28, 2023 (Unaudited)

10. OTHER RISKS (continued)

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 a Fund’s liquidity and performance. Foreign risk also involves the risk of negative foreign currency exchange 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 (each Fund except Goldman Sachs Defensive Equity ETF) — 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.

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10. OTHER RISKS (continued)

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 Goldman Sachs Defensive Equity ETF) 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 (each Fund except Goldman Sachs Defensive Equity 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.

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

Mergers and Reorganizations — Pursuant to an Agreement and Plan of Reorganization (a “Reorganization Agreement”) between the Goldman Sachs Defensive Equity Fund (the “Acquired Fund”), and the Goldman Sachs Defensive Equity ETF (the “Survivor Fund”), as of the close of business on January 23, 2023, all of the assets and liabilities of the Institutional Class Shares of the Acquired Fund were transferred to the Survivor Fund in exchange for shares of the Survivor Fund having an aggregate NAV equal to the NAV of such Acquired Fund as of the time of valuation specified in the applicable Reorganization Agreement, which were then distributed to shareholders of record of such Acquired Fund in a tax-free exchange (the “Reorganization”) as follows:

Acquired Fund/Survivor Fund	Exchanged Shares of Survivor Fund Issued		Value of Exchanged Shares		Acquired Fund’s Shares Outstanding as of January 22, 2023
Goldman Sachs Defensive Equity Fund, Institutional Class/Goldman Sachs Defensive Equity ETF		127,650	$	5,398,399		127,650

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Notes to Financial Statements (continued)

February 28, 2023 (Unaudited)

12. OTHER MATTERS (continued)

The following chart shows Survivor Fund’s and Acquired Fund’s aggregate net assets (immediately before and after the completion of the acquisition) and the Acquired Fund’s unrealized depreciation:

Acquired Fund/Survivor Fund	Survivor Fund’s Aggregate Net Assets before acquisition		Acquired Fund’s Aggregate Net Assets before acquisition		Survivor Fund’s Aggregate Net Assets immediately after acquisition		Acquired Fund’s Unrealized Appreciation (Depreciation)(1)			Acquired Fund’s Capital Loss Carryforward(2)
Goldman Sachs Defensive Equity Fund, Institutional Class/Goldman Sachs Defensive Equity ETF		—	$	5,398,399	$	5,398,399	$	(339,771	)	$	129,676

(1) The Survivor Fund has elected to carry forward the assets of the Acquired Fund at the Acquired Fund’s historical cost basis for purposes of measuring unrealized depreciation and future realized gain or loss of those acquired assets.

(2) Represents Capital Loss Carryforward of Acquired Fund as of December 31, 2022.

Assuming the acquisition had been completed on January 1, 2023, the Survivor Fund’s pro-forma results of operations for the year ended February 28, 2023 are as follows:

Net investment income	$	9,914
Net realized and unrealized gain on investments	$	20,647
Net increase in net assets from operations	$	30,561

Because the combined Survivor Fund has been managed as a single integrated fund since the Reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Fund that have been included in the Survivor Fund’s Statement of Operations since January 23, 2023.

13. SUBSEQUENT EVENTS

On March 10, 2023, Silicon Valley Bank (“SVB”) was closed by the California Department of Financial Protection and Innovation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. Certain Funds have limited exposure to SVB Financial Group, the former parent company of SVB (“SVB Financial”). On March 17, 2023, SVB Financial filed for Chapter 11 bankruptcy relief. As a result, the Funds’ holdings of securities issued by SVB Financial have been valued to reflect the current market environment. Management is continuing to monitor these developments.

Other than the above, 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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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 2, 2023, 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, 2022 through December 31, 2022 (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; and (5) the impact of geopolitical, market and economic developments and events on liquidity and liquidity risk. 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 2/28/2023 (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 Defensive Equity ETF, whose prior fiscal year end was December 31, 2022, the example is based on an investment of $1,000 invested at the beginning of the period from September 1, 2022 and held for the six months ended February 28, 2023, 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
	Beginning Account Value 1/9/22		Ending Account Value 2/28/23			Expenses Paid*		Beginning Account Value 9/1/22		Ending Account Value 2/28/23			Expenses Paid*		Beginning Account Value 9/1/22		Ending Account Value 2/28/23			Expenses Paid*
Actual based on NAV	$	1,000	$	946.21		$	2.17	$	1,000	$	1,035.66		$	0.45	$	1,000	$	1,002.81		$	2.23
Hypothetical 5% return		1,000		1,022.56	+		2.26		1,000		1,024.35	+		0.45		1,000		1,022.56	+		2.26

	Goldman Sachs Innovate Equity ETF							Goldman Sachs JUST US Large Cap Equity ETF							Goldman Sachs Defensive Equity ETF
	Beginning Account Value 9/1/22		Ending Account Value 2/28/23			Expenses Paid*		Beginning Account Value 9/1/22		Ending Account Value 2/28/23			Expenses Paid*		Beginning Account Value 1/1/23		Ending Account Value 2/28/23			Expenses Paid**
Actual based on NAV	$	1,000	$	1,021.80		$	2.51	$	1,000	$	1,012.80		$	1.00	$	1,000	$	1,019.43		$	0.93
Hypothetical 5% return		1,000		1,022.31	+		2.51		1,000		1,023.80	+		1.00		1,000		1,007.16	+		0.92

+ 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, 2023. 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:    

** The Fund’s prior fiscal year end was December 31, 2022. Expenses are calculated using the Fund’s annualized expense ratio, multiplied by the ending value for the period, multiplied by 59/365, which represents a period of 59 days of a 365 day year (to reflect the Fund’s change in fiscal year end).    

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
Goldman Sachs Defensive Equity ETF	0.57

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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)

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, 2023 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 meetings held on September 19-20, 2022 (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 four meetings over the course of the year since the Management Agreement was last approved in 2021. At those Committee meetings, regularly scheduled Board or other committee meetings, and/or the Annual Meeting, matters relevant to the renewal of the Management Agreement were considered by the Board, or the Independent Trustees, as applicable. With respect to each Fund, such matters included:

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

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

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

(iii) trends in employee headcount;

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

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

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

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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)

(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 transition in the leadership and changes in personnel of various of the Investment Adviser’s portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted the Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the market, regulatory and control environment in which the Funds and their service providers operate, including developments associated with the COVID-19 pandemic, geopolitical events, and economic sanctions, 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, 2022, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of June 30, 2022. 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 respective index, a comparable market capitalization-weighted reference index, and/or a composite of accounts with comparable investment strategies managed the Investment Adviser, 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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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)

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 particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Funds. The analyses provided a comparison of each Fund’s management fee to those of a relevant peer group and category universe; an expense analysis which compared each Fund’s overall net and gross expenses to a peer group and a category universe; and data comparing each Fund’s net expenses to the peer and category medians. The Trustees also considered information previously provided regarding fees and expenses of comparable ETFs advised by other, unaffiliated investment management firms. The comparisons of the Funds’ fee rates and expense ratios were prepared by the Investment Adviser and certain third-party providers of mutual fund and ETF data. In particular, the Trustees referred to an analysis comparing each Fund’s management fee rate and net expense ratio to those of relevant peer funds. The Trustees concluded that the comparisons provided by the Outside Data Provider and the Investment Adviser were useful in evaluating the reasonableness of the management fees and total expenses paid by the Funds.

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 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. Profitability data for the Funds was provided for 2021 and 2020. The Trustees considered this information in relation to the Investment Adviser’s overall profitability.

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, information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates, and information comparing the contractual management fee rate charged by other advisers to other funds in the 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 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) fees earned by the Investment Adviser for managing the fund in which certain Funds’ securities lending cash collateral is invested; (c) the Investment Adviser’s ability to

79

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)

leverage the infrastructure designed to service the Funds on behalf of its other clients; (d) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (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; (f) the investment of cash and cash collateral in money market funds managed by the Investment Adviser that will result in increased assets under management for those money market funds; and (g) 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) trading efficiencies resulting from aggregation of orders of the Funds with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing and pricing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (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. They considered the competitive nature of the ETF marketplace, noting that many of the Funds’ shareholders invested in the Funds in part because of the Funds’ relationship with the Investment Adviser and have a general expectation that the relationship will continue.

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, 2023.

80

GOLDMAN SACHS EQUITY ETFS

Statement Regarding Basis for Initial Approval of Management Agreement for the Goldman Sachs Defensive Equity ETF (Unaudited)

Background

The Goldman Sachs Defensive Equity ETF (the “Fund”) is a newly-organized investment portfolio of Goldman Sachs ETF Trust (the “Trust”) that commenced investment operations on January 23, 2023. At a meeting held on September 19-20, 2022 (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 also approved an Agreement and Plan of Reorganization pursuant to which the Goldman Sachs Defensive Equity Fund, a series of Goldman Sachs Trust managed by the Investment Adviser, would be reorganized with and into the Fund, an open-end management investment company operating as an exchange-traded fund (“ETF”).

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 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 developments associated with the COVID-19 pandemic, geopolitical events, and economic sanctions, 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 an actively managed ETF that seeks long-term growth of capital with lower volatility than equity markets. 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 investment strategies similar to those of the Fund. 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 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.

Investment Performance

Because the Fund was anticipated to commence operations by acquiring the assets of the Goldman Sachs Defensive Equity Fund, and the Fund was to be the accounting survivor to the Goldman Sachs Defensive Equity Fund, the Trustees were provided with performance information for the Goldman Sachs Defensive Equity Fund.

81

GOLDMAN SACHS EQUITY ETFS

Statement Regarding Basis for Initial Approval of Management Agreement for the Goldman Sachs Defensive Equity ETF (Unaudited) (continued)

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 management fee to the Investment Adviser and the Investment Adviser then pays all of the Fund’s ordinary operating expenses. In addition, the Trustees considered information on the services to be rendered by the Investment Adviser to the Fund, which would include both advisory and non-advisory services directed to the needs and operations of the Fund as an ETF. The Trustees also considered information provided regarding fees and expenses of comparable ETFs advised by other, unaffiliated investment management firms, as well as the Fund’s peer group and category medians. The comparisons of the Fund’s unitary management fee rate and projected expense ratio were prepared by the Investment Adviser and a third-party provider of mutual fund and ETF data. In particular, the Trustees referred to an analysis comparing the Fund’s unitary management fee rate and projected expense ratio to those of relevant peer funds. The Trustees concluded that the comparisons were useful in evaluating the reasonableness of the management fee and total expenses to be paid by the Fund. The Trustees concluded that the Investment Adviser’s management of the Fund likely would benefit the Fund and its shareholders.

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

Economies of Scale

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

82

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 2.30 trillion in assets under supervision as of December 31, 2022, 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 Community Municipal Bond ETF

Goldman Sachs Defensive 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 Community Municipal Bond ETF

Goldman Sachs MarketBeta^® Emerging Markets Equity ETF

Goldman Sachs MarketBeta^® International Equity ETF

Goldman Sachs MarketBeta^® U.S. Equity ETF

Goldman Sachs MarketBeta^® U.S. 1000 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 with Goldman Sachs’ sponsorship of the GS ETF, and JUST Capital’s only relationship with Goldman Sachs is the licensing of certain trademarks and trade names of JUST Capital or its affiliates. The JUST Parties and any other person or entity involved in or related to compiling, computing, or creating the JUST Index expressly disclaim all representations, warranties, and liabilities relating to or in connection with the GS ETF (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability, and fitness for a particular purpose).

No JUST Party makes any claim, prediction, warranty, or representation whatsoever, expressly or impliedly, either as to (i) the results to be obtained from the use of the JUST Index, the GS ETF, or any of the data included in either of the foregoing, (ii) the level at which the JUST Index or GS ETF is said to stand at any particular time on any particular day or otherwise, (iii) the suitability of the JUST Index for the purpose to which it is being put in connection with the GS ETF, or (iv) the advisability of investing in securities generally or in any index or ETF, including those provided by Goldman Sachs.

No JUST Party has provided, nor will any provide, any financial or investment advice or recommendation in relation to the JUST Index or the GS ETF to Goldman Sachs Asset Management or to its clients. No JUST Party shall be (i) liable (whether in negligence or otherwise) to any person for any error in the JUST Index or (ii) under any obligation to advise any person of any error therein. Without limiting any of the foregoing, in no event shall any JUST Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including without limitation lost profits), or any other damages in connection with the JUST Index or the GS ETF.

Data and information regarding the JUST Index is proprietary to JUST Capital or its licensors, and reproduction of such data and information is prohibited except with the prior written permission of JUST Capital. JUST Index^® and JUST Capital Index^® are trademarks of JUST Capital and have been licensed for use by Goldman Sachs Asset Management L.P. by JUST Capital and/or its agent.

Frank Russell Company (“Russell”) acts solely as calculation agent in respect of the JUST US Large Cap Diversified Index and does not in any way sponsor, support, promote or endorse the JUST US Large Cap Diversified Index or the Goldman Sachs JUST U.S. Large Cap Equity ETF. The JUST US Large Cap Diversified Index was provided on an “as is” basis. Russell, its affiliates and any other person or entity involved in or related to compiling, computing or creating the JUST US Large Cap Diversified Index (collectively, the “Russell Parties”) expressly disclaim all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose).

Russell does not make any claim, prediction, warranty or representation whatsoever, expressly or impliedly, either as to (i) the results to be obtained from the use of the JUST US Large Cap Diversified Index (upon which the Goldman Sachs JUST U.S. Large Cap Equity ETF is based), (ii) the figure at which the JUST US Large Cap Diversified Index is said to stand at any particular time on any particular day or otherwise, or (iii) the suitability of the JUST US Large Cap Diversified Index for the purpose to which it is being put in connection with the Goldman Sachs JUST U.S. Large Cap Equity ETF.

Russell has not provided and will not provide any financial or investment advice or recommendation in relation to the JUST US Large Cap Diversified Index to Goldman Sachs Asset Management or to its clients. The JUST US Large Cap Diversified Index is calculated by Russell or its agent as calculation agent. Russell shall not be (a) liable (whether in negligence or otherwise) to any person for any error in the Index or (b) under any obligation to advise any person of any error therein.

Without limiting any of the foregoing, in no event shall any Russell Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including without limitation lost profits) or any other damages in connection with the JUST US Large Cap Diversified Index or the Goldman Sachs JUST U.S. Large Cap Equity ETF.

TRUSTEES 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, 2023 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.

© 2023 Goldman Sachs. All rights reserved. 314573-OTU-04/2023 EQTYETFSAR-23

Goldman Sachs Funds

Semi-Annual Report	February 28, 2023
	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	5
Schedules of Investments	11
Financial Statements	59
Financial Highlights	63
MarketBeta® Emerging Markets Equity ETF	63
MarketBeta® International Equity ETF	64
MarketBeta® U.S. Equity ETF	65
Notes to Financial Statements	66
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, 2023 (the “Reporting Period”). A fuller review will appear in the Funds’ annual shareholder report covering the 12 months ended August 31, 2023.

Market and Economic Review

U.S. Equities

• Overall, U.S. equities rose during the Reporting Period. The Standard & Poor’s 500^® Index (the “S&P 500 Index”) ended the Reporting Period with a return of 1.26%. The Russell 3000^® Index generated a return of 1.51%.

• The market posted muted returns during the Reporting Period amid a backdrop of ongoing Federal Reserve (“Fed”) interest rate hikes to combat inflation, persistent recession worries, supply-chain disruptions, geopolitical tensions given the Russia/Ukraine war, and elevated concerns around China’s zero-COVID policy.

• As the Reporting Period began in September 2022, the S&P 500 Index decreased primarily based on the noticeable tightening of financial conditions guided by expectations for a more aggressive global interest rate hiking cycle. Indeed, the Fed increased its “raise and hold” messaging as the end of September approached, a policy that received support on the back of higher than consensus expected August core inflation data and a still-tight labor market that showed only moderate signs of cooling off.

• During the fourth quarter of 2022, the S&P 500 Index solidly increased, breaking its streak of three consecutive quarterly losses, attributable primarily to gains in October and November.

• Investors continued to witness a variety of contradictory macroeconomic developments, highlighted by a noticeably hawkish Fed, consumer resilience, and economic data supporting the themes of slowing economic growth. (Hawkish tends to suggest higher interest rates; opposite of dovish.)

• There was a dovish tilt surrounding consensus expectations for a reduction in the pace of monetary policy tightening, which was realized when the Fed announced a 50 basis point interest rate hike in December, following four successive 75 basis point increases. (A basis point is 1/100th of a percentage point.)

• Positive inflation developments further supported market aspirations for a peak in the Fed tightening cycle, with October and November inflation data coming in lower than anticipated by most.

• Despite the smaller interest rate hike, the Fed maintained its hawkish tone with its relentless higher-for-longer messaging that continued to be a headwind for the U.S. equities market.

• Although the third quarter 2022 corporate earnings season provided disappointing results, companies emphasized a strong demand environment even against a backdrop of heightened macroeconomic uncertainty. Companies also focused on cost-cutting measures, as headlines of layoffs remained in the spotlight, especially within the information technology sector.

• On the geopolitical front, the most constructive takeaways came from China’s zero-COVID pivot and pro-growth focus as well as Europe’s warmer than anticipated weather that helped settle concerns about an energy crisis there.

• The S&P 500 Index rose in January 2023, rebounding from December 2022’s losses, gaining on a combination of heightened optimism around disinflationary signals, a cooling job market, positive reports about China’s economic reopening, better than consensus forecasted economic circumstances in Europe, improvements in supply-chain conditions and elevated hopes for the termination of the Fed’s tightening cycle. Collectively, these themes provided a strong case for the Fed’s soft landing scenario and the avoidance of a deep recession resulting from interest rate hikes. (A soft landing, in economics, is a cyclical downturn that avoids recession. It typically describes attempts by central banks to raise interest rates just enough to stop an economy from overheating and experiencing high inflation, without causing a significant increase in unemployment, or a hard landing.)

1

MARKET REVIEW

• However, the S&P 500 Index then fell again in February 2023, giving back a portion of the prior month’s gains.

• U.S. equities depreciated as the market’s modified Fed interest rate hike expectations and resilient economic data prompted a reduction in the progress of disinflation and heightened traction around several bearish themes. (Bearish refers to an expected downward movement in the prices of securities.)

• Early in February, the Fed raised the targeted federal funds rate by another 25 basis points as expected, and its accompanying statement seemed dovish. Still, Fed Chair Powell’s subsequent statement that further rate hikes will be necessary if economic data continues to come in stronger than expected shifted the Fed narrative more hawkish.

• During the Reporting Period overall, value stocks meaningfully outperformed growth stocks within the large-cap and small-cap segments of the U.S. equity market, though growth stocks outpaced value stocks within the mid-cap segment.

• The best performing sectors within the S&P 500 Index during the Reporting Period were materials, industrials, energy and financials, while the weakest performing sectors were utilities, consumer discretionary, real estate and communication services.

International Equities

• Representing the developed international equity markets, the MSCI EAFE Index (net) returned 12.58% for the Reporting Period, significantly outperforming the U.S. equity market.

• As the Reporting Period began in September 2022, international equity markets declined, weighed down by heightened inflationary pressures, aggressive global interest rate hikes, recession concerns and the rampant spread of COVID-19.

• Europe additionally battled an energy crisis and subsequent mobile network blackouts, which, in turn, put upward pressure on power costs and inflation and supported the need to keep interest rates high. The European Central Bank raised interest rates during the month, increasing concerns around slowing economic growth and leading to the depreciation of the euro against the U.S. dollar.

• International equities then rallied across the major regions in the fourth quarter of 2022 overall. Markets remained volatile and under pressure from macroeconomic headwinds, including inflationary pressures and interest rate hikes. However, investors began to focus on improving inflationary indicators across the globe, and increased confidence the U.S. Fed could pull off a soft economic landing allowed both U.S. and international equities to rally.

• In Europe, equities benefited from resilient third quarter 2022 corporate earnings reports as well as from optimism that the pace of interest rate increases could soon slow. Economic activity showed signs of a rebound in December following the inflation peak in October. Thus, although Europe remained in a recession, optimism that the recession would not be as deep as initially feared grew during the last weeks of the calendar year.

• In Japan, the yen continued to weaken against the U.S. dollar, especially in the first half of October, and Bank of Japan Governor Kuroda remained downbeat on the sustainability of inflation numbers into 2023, citing the negative output gap in particular, and kept its interest rates low.

• Asia ex-Japan equities were flat in October, pressured by sharp sell-offs in China and Hong Kong following confirmation that Chinese Premier Xi Jinping would remain as leader for a historic third five-year term. But increasing indications that China was prepared to stray from some of its more restrictive COVID-19 procedures resulted in stronger Asia ex-Japan equities in November, even as fears of an economic slowdown within China persisted. Indeed, in December, China began to relax its zero-COVID policies in an ongoing effort to boost its economy through increased domestic spending and international travel. Investors responded positively to this news despite the near-term surge in COVID-19 cases in China caused by the re-opening.

2

MARKET REVIEW

• The MSCI EAFE Index posted solid positive returns in January 2023, with international equity markets performing well on the back of expectations around peaking inflation in the U.S. and Europe, slowing central bank interest rate hikes, and receding concerns about recession.

• China finally lifted its stringent zero-COVID policy, increasing global hopes around the resolution of supply-chain disruptions and economic recovery driven by stronger domestic consumption and improved international tourism.

• In contrast to the U.S. and Europe, Japan’s inflation rate rose in January. However, the Bank of Japan reiterated its commitment to keep its monetary policy accommodative.

• The MSCI EAFE then fell in February 2023, with market sentiment governed by dampening expectations around potential peaking of interest rate hikes and ongoing geopolitical tensions between Russia and Ukraine, as the war there marked a one-year milestone. Also weighing on investor sentiment was a re-escalation in U.S./China tensions. Inflation levels were relatively stable across Europe, but Japan saw its highest level of inflation in the last 40 years.

• All sectors in the MSCI EAFE Index posted positive total returns during the Reporting Period. The best performing sectors within the MSCI EAFE Index during the Reporting Period were financials, materials, consumer discretionary and industrials, each posting a double-digit positive total return. The weakest performing sectors were real estate, communication services, consumer staples and health care.

• The best performing countries within the MSCI EAFE Index were Austria, Italy, Spain and Germany. The weakest performing countries during the Reporting Period were Israel and Norway, the only two MSCI EAFE Index constituents to post a negative absolute total return during the Reporting Period. Portugal and Hong Kong each generated a modestly positive total return but still significantly lagged the MSCI EAFE Index during the Reporting Period.

Emerging Markets Equities

• Representing the emerging markets equity markets, the MSCI Emerging Markets Index (net) returned -2.29% 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 2022, emerging markets equities as a whole posted double-digit negative returns, as central bank interest rate hikes and recession concerns triggered large outflows.

• Inflation remained top of mind for investors, as central banks in Europe, Asia and South America announced plans to raise interest rates during the following 12 months in an effort to get ahead of rising consumer prices.

• The Chinese equity market fell especially significantly. An overleveraged housing market and falling home prices, coupled with the yuan falling to its lowest levels since January 2008, triggered monetary outflows from the Chinese economy. Most impactfully, China’s zero-COVID policy weakened domestic levels of supply and demand, contributing to falling export levels.

• Elsewhere in Asia, India’s equity market fell but outperformed the MSCI Emerging Markets Index, while South Korea’s equity market underperformed the MSCI Emerging Markets Index given the lack of global demand, especially from China, for Korean goods, which caused high levels of volatility in the Korean exports market.

• In Latin America, the Brazilian equity market fell but outpaced the MSCI Emerging Markets Index, as Brazil’s central bank paused its cycle of interest rate hikes, becoming the first notable economy in the world to do so.

• Emerging markets equities then rallied in the fourth quarter of 2022 overall, attributable primarily to a strong November 2022.

• In October 2022, emerging markets equities as a whole fell, as economies struggled to deal with high inflation, major transitions of political power, and contractionary central bank policy. The MSCI China Index was particularly weak, as lockdowns continued to place several cities under COVID-19 restrictions and the closely-watched China’s 20^th Party Congress offered no signal to investors this strategy would change in the near future. South Korea’s and Brazil’s equity markets rose, driven by stronger exports.

3

MARKET REVIEW

• November 2022 was a strong month for emerging markets equities, as softer U.S. inflation and expectations of a recovery in Chinese demand brightened the outlook for the emerging markets universe. The slowing frequency of interest rate hikes from central banks and strong consumer activity across a number of emerging markets also strengthened returns for several country constituents of the MSCI Emerging Markets Index. The MSCI China Index rallied strongly. The MSCI India Index was also strong, but the MSCI Brazil Index fell as political friction in the country’s new presidential administration hampered the speed of financial reforms, creating uncertainty amongst investors.

• The MSCI Emerging Markets Index fell modestly in December 2022, as inflation concerns dominated. Still, the MSCI China Index rose, as China loosened its COVID-19 restrictions.

• The MSCI Emerging Markets Index rose in January 2023, as softer U.S. inflation and positive news around China’s full reopening post COVID-19 brightened the outlook for the emerging markets. The slowing frequency of interest rate hikes from central banks and strong consumer activity across several emerging markets also contributed positively to strengthened returns for several countries in the MSCI Emerging Markets Index, including China and Brazil. India’s equity market fell, as Indian officials hinted at an upcoming economic slowdown and as a U.S.-based short-selling firm published a report on a conglomerate that sparked a broad-based sell-off.

• The MSCI Emerging Markets then fell in February 2023, reversing much of the gains from the prior month’s rally. A re-escalation in geopolitical tensions and stronger than consensus expected U.S. economic data challenged the path of the U.S. Fed’s interest rate policy, dampening hopes to a quick end to the interest rate hiking cycle. Following this, the U.S. dollar also strengthened, an additional headwind for emerging markets equities.

• The best performing sectors within the MSCI Emerging Markets Index were materials, information technology, communication services and consumer staples, the only sectors in the MSCI Emerging Markets Index to post a positive total return during the Reporting Period. The weakest performing sectors were utilities, energy, consumer discretionary and health care.

• The best performing countries within the MSCI Emerging Markets Index during the Reporting Period were Turkey, Greece, Mexico and Poland. The weakest performing countries were Qatar, Saudi Arabia, India and United Arab Emirates, each led down by weakness in the energy sector.

Fund Changes and Highlights

No material changes were made to the Funds during the Reporting Period.

4

FUND BASICS

MarketBeta^® Emerging Markets Equity ETF

as of February 28, 2023

FUND SNAPSHOT
As of February 28, 2023
Market Price1	$	39.81
Net Asset Value (NAV)1	$	39.85

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

PERFORMANCE REVIEW
September 1, 2022–February 28, 2023	Fund Total Return (based on NAV)2			Fund Total Return (based on Market Price)2			Solactive GBS Emerging Markets Large & Mid Cap  Index3
Shares		-2.76	%		-2.69	%		-2.79	%

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.

5

FUND BASICS

TOP TEN HOLDINGS AS OF 2/28/234
Holding	% of Net Assets			Line of Business	Country
Taiwan Semiconductor Manufacturing Co. Ltd.		6.2	%	Information Technology	Taiwan
Tencent Holdings Ltd.		4.1		Communication Services	China
Samsung Electronics Co. Ltd.		3.3		Information Technology	South Korea
Alibaba Group Holding Ltd. ADR		2.5		Consumer Discretionary	China
Saudi Arabian Oil Co.		1.7		Energy	Saudi Arabia
Meituan, Class B		1.3		Consumer Discretionary	China
Reliance Industries Ltd.		1.2		Energy	India
International Holding Co. PJSC		1.0		Industrials	United Arab Emirates
Vale SA		0.9		Materials	Brazil
Infosys Ltd.		0.9		Information Technology	India

FUND VS BENCHMARK⁵

February 28, 2023

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 0.4% of the Fund’s net assets as of February 28, 2023. Figures above may not sum to 100% due to rounding.

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

6

FUND BASICS

MarketBeta^® International Equity ETF

as of February 28, 2023

FUND SNAPSHOT
As of February 28, 2023
Market Price1	$	49.43
Net Asset Value (NAV)1	$	49.56

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, 2022–February 28, 2023	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		11.82	%		12.28	%		11.95	%

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.

7

FUND BASICS

TOP TEN HOLDINGS AS OF 2/28/234
Holding	% of Net Assets			Line of Business	Country
Nestle SA		2.0	%	Consumer Staples	United States
ASML Holding NV		1.6		Information Technology	Netherlands
Novo Nordisk A/S, Class B		1.5		Health Care	Denmark
LVMH Moet Hennessy Louis Vuitton SE		1.4		Consumer Discretionary	France
Shell PLC		1.4		Energy	Netherlands
Roche Holding AG		1.4		Health Care	United States
AstraZeneca PLC		1.3		Health Care	United Kingdom
Novartis AG		1.2		Health Care	Switzerland
BHP Group Ltd.		1.0		Materials	Australia
HSBC Holdings PLC		1.0		Financials	United Kingdom

FUND VS BENCHMARK⁵

February 28, 2023

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 0.8% of the Fund’s net assets as of February 28, 2023. 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.

8

FUND BASICS

MarketBeta^® U.S. Equity ETF

as of February 28, 2023

FUND SNAPSHOT
As of February 28, 2023
Market Price1	$	54.00
Net Asset Value (NAV)1	$	54.01

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

PERFORMANCE REVIEW
September 1, 2022–February 28, 2023	Fund Total Return (based on NAV)2			Fund Total Return (based on Market Price)2			Solactive GBS United States Large & Mid Cap Index3
Shares		1.00	%		0.96	%		1.02	%

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

9

FUND BASICS

TOP TEN HOLDINGS AS OF 2/28/234
Holding	% of Net Assets			Line of Business	Country
Apple, Inc.		7.0	%	Information Technology	United States
Microsoft Corp.		5.4		Information Technology	United States
Amazon.com, Inc.		2.5		Consumer Discretionary	United States
Tesla, Inc.		1.6		Consumer Discretionary	United States
NVIDIA Corp.		1.6		Information Technology	United States
Alphabet, Inc., Class A		1.6		Communication Services	United States
Alphabet, Inc., Class C		1.4		Communication Services	United States
Exxon Mobil Corp.		1.3		Energy	United States
UnitedHealth Group, Inc.		1.3		Health Care	United States
JPMorgan Chase & Co.		1.2		Financials	United States

FUND VS BENCHMARK⁵

February 28, 2023

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 0.0% of the Fund’s net assets as of February 28, 2023. 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.

10

GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF

Schedule of Investments

February 28, 2023 (Unaudited)

Shares		Description	Value
Common Stocks – 96.8%
Australia – 0.1%
	1,786	AngloGold Ashanti Ltd. (Materials)	$	30,170
	1,471	Yancoal Australia Ltd. (Energy)(a)		5,725
				35,895
Brazil – 4.0%
	21,456	Ambev SA (Consumer Staples)		55,030
	3,138	Americanas SA (Consumer Discretionary)*		601
	2,611	Atacadao SA (Consumer Staples)		6,727
	28,792	B3 SA – Brasil Bolsa Balcao (Financials)		58,183
	7,383	Banco Bradesco SA (Financials)		16,461
	6,395	Banco BTG Pactual SA (Financials)		24,744
	4,216	Banco do Brasil SA (Financials)		32,544
	1,747	Banco Santander Brasil SA (Financials)		9,480
	3,311	BB Seguridade Participacoes SA (Financials)		21,696
	3,156	BRF SA (Consumer Staples)*		3,724
	2,521	Caixa Seguridade Participacoes SA (Financials)		4,090
	5,434	CCR SA (Industrials)		11,439
	3,441	Centrais Eletricas Brasileiras SA (Utilities)		22,620
	1,656	Cia de Saneamento Basico do Estado de Sao Paulo (Utilities)		16,415
	1,366	Cia Energetica de Minas Gerais (Utilities)		4,056
	2,931	Cia Siderurgica Nacional SA (Materials)		9,359
	5,857	Cosan SA (Energy)		16,806
	914	CPFL Energia SA (Utilities)		5,303
	2,071	CSN Mineracao SA (Materials)		1,849
	359	Diagnosticos da America SA (Health Care)		635
	1,291	Energisa SA (Utilities)		9,567
	6,385	Eneva SA (Utilities)*		13,979
	852	Engie Brasil Energia SA (Utilities)		6,410
	4,663	Equatorial Energia SA (Utilities)		22,713
	22,280	Hapvida Participacoes e Investimentos SA (Health Care)*(a)		19,162
	1,961	Hypera SA (Health Care)		15,645
	2,193	Itau Unibanco Holding SA (Financials)		9,124
	3,982	Klabin SA (Materials)		14,843
	3,983	Localiza Rent a Car SA (Industrials)		42,335
	4,834	Lojas Renner SA (Consumer Discretionary)		17,268
	14,058	Magazine Luiza SA (Consumer Discretionary)*		9,667
	1,329	Multiplan Empreendimentos Imobiliarios SA (Real Estate)		6,407
	4,257	Natura & Co. Holding SA (Consumer Staples)		12,492
	958	Neoenergia SA (Utilities)		2,582
	9,740	NU Holdings Ltd., Class A (Financials)*		49,090
	980	Pagseguro Digital Ltd., Class A (Information Technology)*		8,497
	3,313	Petro Rio SA (Energy)*		21,386
	17,944	Petroleo Brasileiro SA (Energy)		98,816
	923	Porto Seguro SA (Financials)		4,680
Common Stocks – (continued)
Brazil – (continued)
	5,620	Raia Drogasil SA (Consumer Staples)		24,415
	5,351	Rede D’Or Sao Luiz SA (Health Care)(a)		26,188
	5,968	Rumo SA (Industrials)		20,531
	3,896	Sendas Distribuidora SA (Consumer Staples)		13,537
	1,320	StoneCo Ltd., Class A (Information Technology)*		11,233
	3,832	Suzano SA (Materials)		35,041
	2,055	Telefonica Brasil SA (Communication Services)		15,328
	3,939	TIM SA (Communication Services)		9,250
	2,438	TOTVS SA (Information Technology)		12,744
	3,602	Ultrapar Participacoes SA (Energy)		9,093
	18,502	Vale SA (Materials)		302,371
	5,515	Vibra Energia SA (Consumer Discretionary)		15,624
	7,342	WEG SA (Industrials)		55,072
	1,594	XP, Inc., Class A (Financials)*		19,797
				1,276,649
Chile – 0.4%
	212,110	Banco de Chile (Financials)		21,916
	332	Banco de Credito e Inversiones SA (Financials)		10,331
	303,360	Banco Santander Chile (Financials)		12,789
	6,313	Cencosud SA (Consumer Staples)		11,870
	614	Cia Cervecerias Unidas SA (Consumer Staples)		4,665
	83,878	Cia Sud Americana de Vapores SA (Industrials)		8,062
	5,175	Empresas CMPC SA (Materials)		8,551
	1,932	Empresas Copec SA (Energy)		13,880
	96,751	Enel Americas SA (Utilities)		11,978
	120,992	Enel Chile SA (Utilities)		5,421
	3,995	Falabella SA (Consumer Discretionary)		8,746
	2,290	Quinenco SA (Industrials)		8,072
				126,281
China – 30.0%
	2,300	360 Security Technology, Inc., Class A (Information Technology)		3,570
	700	37 Interactive Entertainment Network Technology Group Co. Ltd., Class A (Communication Services)		2,212
	200	Advanced Micro-Fabrication Equipment Inc China, Class A (Information Technology)*		3,029
	400	AECC Aero-Engine Control Co. Ltd., Class A (Industrials)		1,457
	816	AECC Aviation Power Co. Ltd., Class A (Industrials)		5,388
	25,954	Agricultural Bank of China Ltd., Class A (Financials)		10,939
	149,766	Agricultural Bank of China Ltd., Class H (Financials)		51,897
	2,089	Aier Eye Hospital Group Co. Ltd., Class A (Health Care)		9,391

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, 2023 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
China – (continued)
	1,953	Air China Ltd., Class A (Industrials)*	$	3,121
	8,307	Air China Ltd., Class H (Industrials)*		7,651
	626	Airtac International Group (Industrials)		22,086
	9,065	Alibaba Group Holding Ltd. ADR (Consumer Discretionary)*		795,816
	4,025	Aluminum Corp. of China Ltd., Class A (Materials)		3,202
	17,357	Aluminum Corp. of China Ltd., Class H (Materials)		8,845
	200	Amlogic Shanghai Co. Ltd., Class A (Information Technology)*		2,290
	1,793	Angang Steel Co. Ltd., Class A (Materials)		782
	7,799	Angang Steel Co. Ltd., Class H (Materials)		2,553
	162	Angel Yeast Co. Ltd., Class A (Consumer Staples)		942
	1,200	Anhui Conch Cement Co. Ltd., Class A (Materials)		5,296
	5,802	Anhui Conch Cement Co. Ltd., Class H (Materials)		21,288
	364	Anhui Gujing Distillery Co. Ltd., Class A (Consumer Staples)		14,338
	130	Anhui Kouzi Distillery Co. Ltd., Class A (Consumer Staples)		1,288
	200	Anhui Yingjia Distillery Co. Ltd., Class A (Consumer Staples)		2,018
	100	Anjoy Foods Group Co. Ltd., Class A (Consumer Staples)		2,352
	5,954	ANTA Sports Products Ltd. (Consumer Discretionary)		78,431
	300	Apeloa Pharmaceutical Co. Ltd., Class A (Health Care)		1,035
	91	Asymchem Laboratories Tianjin Co. Ltd., Class A (Health Care)		1,875
	107	Asymchem Laboratories Tianjin Co. Ltd., Class H (Health Care)(a)		1,438
	349	Autohome, Inc. ADR (Communication Services)		10,645
	541	Avary Holding Shenzhen Co. Ltd., Class A (Information Technology)		2,213
	2,627	AVIC Industry-Finance Holdings Co. Ltd., Class A (Financials)		1,644
	1,387	Baidu, Inc. ADR (Communication Services)*		190,976
	6,442	Bank of Beijing Co. Ltd., Class A (Financials)		4,013
	1,104	Bank of Chengdu Co. Ltd., Class A (Financials)		2,282
	11,977	Bank of China Ltd., Class A (Financials)		5,565
	404,801	Bank of China Ltd., Class H (Financials)		148,522
	11,844	Bank of Communications Co. Ltd., Class A (Financials)		8,348
	35,636	Bank of Communications Co. Ltd., Class H (Financials)		21,065
Common Stocks – (continued)
China – (continued)
	1,739	Bank of Hangzhou Co. Ltd., Class A (Financials)		3,034
	4,270	Bank of Jiangsu Co. Ltd., Class A (Financials)		4,416
	2,940	Bank of Nanjing Co. Ltd., Class A (Financials)		4,191
	1,914	Bank of Ningbo Co. Ltd., Class A (Financials)		8,133
	4,260	Bank of Shanghai Co. Ltd., Class A (Financials)		3,665
	1,948	Bank of Zhengzhou Co. Ltd., Class A (Financials)*		673
	6,595	Baoshan Iron & Steel Co. Ltd., Class A (Materials)		6,242
	2,500	BBMG Corp., Class A (Materials)		939
	333	BeiGene Ltd. ADR (Health Care)*		74,802
	1,300	Beijing Dabeinong Technology Group Co. Ltd., Class A (Consumer Staples)*		1,541
	100	Beijing Easpring Material Technology Co. Ltd., Class A (Industrials)		860
	800	Beijing Enlight Media Co. Ltd., Class A (Communication Services)		875
	2,426	Beijing Enterprises Holdings Ltd. (Utilities)		7,943
	20,271	Beijing Enterprises Water Group Ltd. (Utilities)		5,087
	200	Beijing Kingsoft Office Software, Inc., Class A (Information Technology)		8,372
	383	Beijing New Building Materials PLC, Class A (Industrials)		1,658
	900	Beijing Originwater Technology Co. Ltd., Class A (Industrials)		650
	420	Beijing Shiji Information Technology Co. Ltd., Class A (Information Technology)		1,004
	700	Beijing Shougang Co. Ltd., Class A (Materials)		416
	400	Beijing Tongrentang Co. Ltd., Class A (Health Care)		2,817
	145	Beijing United Information Technology Co. Ltd., Class A (Industrials)		1,685
	45	Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A (Health Care)		821
	100	Bethel Automotive Safety Systems Co. Ltd., Class A (Consumer Discretionary)		1,054
	100	Betta Pharmaceuticals Co. Ltd., Class A (Health Care)		839
	165	BGI Genomics Co. Ltd., Class A (Health Care)		1,321
	1,023	Bilibili, Inc. ADR (Communication Services)*		19,744
	200	Bloomage Biotechnology Corp. Ltd., Class A (Health Care)		3,648
	6,189	Blue Moon Group Holdings Ltd. (Consumer Staples)(a)		3,722
	1,013	BOC Aviation Ltd. (Industrials)(a)		7,317

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)
	17,484	BOC Hong Kong Holdings Ltd. (Financials)	$	59,138
	700	BOC International China Co. Ltd., Class A (Financials)		1,144
	11,022	BOE Technology Group Co. Ltd., Class A (Information Technology)		6,612
	487	BYD Co. Ltd., Class A (Consumer Discretionary)		18,270
	4,559	BYD Co. Ltd., Class H (Consumer Discretionary)		122,665
	554	By-health Co. Ltd., Class A (Consumer Staples)		1,830
	1,304	Caitong Securities Co. Ltd., Class A (Financials)		1,446
	421	CanSino Biologics, Inc., Class H (Health Care)(a)		3,197
	1,600	CECEP Wind-Power Corp., Class A (Utilities)		911
	200	CETC Cyberspace Security Technology Co. Ltd., Class A (Information Technology)		902
	4,300	CGN Power Co. Ltd., Class A (Utilities)		1,689
	50,045	CGN Power Co. Ltd., Class H (Utilities)(a)		11,221
	100	Changchun High & New Technology Industry Group, Inc., Class A (Health Care)		2,838
	1,588	Changjiang Securities Co. Ltd., Class A (Financials)		1,293
	100	Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A (Consumer Discretionary)		2,172
	519	Chaozhou Three-Circle Group Co. Ltd., Class A (Information Technology)		2,379
	300	Chengxin Lithium Group Co. Ltd., Class A (Materials)		1,640
	800	China Baoan Group Co. Ltd., Class A (Industrials)		1,473
	12,635	China Bohai Bank Co. Ltd., Class H (Financials)(a)		2,543
	44,304	China Cinda Asset Management Co. Ltd., Class H (Financials)		5,757
	1,728	China CITIC Bank Corp. Ltd., Class A (Financials)		1,223
	46,780	China CITIC Bank Corp. Ltd., Class H (Financials)		21,633
	1,239	China Coal Energy Co. Ltd., Class A (Energy)		1,563
	10,202	China Coal Energy Co. Ltd., Class H (Energy)		7,889
	6,992	China Conch Venture Holdings Ltd. (Industrials)		14,074
	2,822	China Construction Bank Corp., Class A (Financials)		2,290
	453,613	China Construction Bank Corp., Class H (Financials)		277,386
Common Stocks – (continued)
China – (continued)
	700	China CSSC Holdings Ltd., Class A (Industrials)		2,406
	2,332	China Eastern Airlines Corp. Ltd., Class A (Industrials)*		1,822
	10,452	China Eastern Airlines Corp. Ltd., Class H (Industrials)*		4,234
	3,400	China Energy Engineering Corp. Ltd., Class A (Industrials)		1,164
	37,290	China Energy Engineering Corp. Ltd., Class H (Industrials)		4,371
	12,273	China Everbright Bank Co. Ltd., Class A (Financials)		5,261
	35,568	China Everbright Bank Co. Ltd., Class H (Financials)		10,241
	17,102	China Everbright Environment Group Ltd. (Industrials)		6,928
	14,770	China Evergrande Group (Real Estate)*(b)		—
	11,416	China Feihe Ltd. (Consumer Staples)(a)		9,133
	1,239	China Galaxy Securities Co. Ltd., Class A (Financials)		1,715
	17,854	China Galaxy Securities Co. Ltd., Class H (Financials)		8,893
	700	China Great Wall Securities Co. Ltd., Class A (Financials)		876
	909	China Greatwall Technology Group Co. Ltd., Class A (Information Technology)		1,703
	15,516	China Hongqiao Group Ltd. (Materials)		16,584
	500	China International Capital Corp. Ltd., Class A (Financials)		3,014
	7,509	China International Capital Corp. Ltd., Class H (Financials)(a)		16,148
	831	China International Marine Containers Group Co. Ltd., Class A (Industrials)		909
	32,443	China Jinmao Holdings Group Ltd. (Real Estate)		6,282
	1,187	China Jushi Co. Ltd., Class A (Materials)		2,587
	4,731	China Lesso Group Holdings Ltd. (Industrials)		4,984
	584	China Life Insurance Co. Ltd., Class A (Financials)		3,005
	36,255	China Life Insurance Co. Ltd., Class H (Financials)		61,430
	1,829	China Literature Ltd. (Communication Services)*(a)		7,817
	1,500	China Longyuan Power Group Corp. Ltd., Class A (Utilities)		3,957
	16,273	China Longyuan Power Group Corp. Ltd., Class H (Utilities)		19,964
	6,041	China Merchants Bank Co. Ltd., Class A (Financials)		32,422
	20,039	China Merchants Bank Co. Ltd., Class H (Financials)		108,498
	2,400	China Merchants Energy Shipping Co. Ltd., Class A (Energy)		2,430
	700	China Merchants Expressway Network & Technology Holdings Co. Ltd., Class A (Industrials)		834

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, 2023 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
China – (continued)
	6,336	China Merchants Port Holdings Co. Ltd. (Industrials)	$	8,879
	2,194	China Merchants Securities Co. Ltd., Class A (Financials)		4,412
	1,900	China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A (Real Estate)		4,053
	10,400	China Minsheng Banking Corp. Ltd., Class A (Financials)		5,102
	35,151	China Minsheng Banking Corp. Ltd., Class H (Financials)		12,136
	19,103	China National Building Material Co. Ltd., Class H (Materials)		16,914
	1,800	China National Chemical Engineering Co. Ltd., Class A (Industrials)		2,336
	5,500	China National Nuclear Power Co. Ltd., Class A (Utilities)		4,795
	1,076	China Northern Rare Earth Group High-Tech Co. Ltd., Class A (Materials)		4,496
	300	China Oilfield Services Ltd., Class A (Energy)		684
	8,824	China Oilfield Services Ltd., Class H (Energy)		9,443
	23,410	China Overseas Land & Investment Ltd. (Real Estate)		58,037
	1,939	China Pacific Insurance Group Co. Ltd., Class A (Financials)		7,704
	12,638	China Pacific Insurance Group Co. Ltd., Class H (Financials)		33,489
	10,283	China Petroleum & Chemical Corp., Class A (Energy)		6,893
	118,064	China Petroleum & Chemical Corp., Class H (Energy)		60,314
	24,256	China Power International Development Ltd. (Utilities)		9,610
	6,026	China Railway Group Ltd., Class A (Industrials)		5,236
	19,484	China Railway Group Ltd., Class H (Industrials)		10,152
	1,851	China Railway Signal & Communication Corp. Ltd., Class A (Information Technology)		1,361
	300	China Rare Earth Resources And Technology Co. Ltd., Class A (Materials)*		1,741
	6,982	China Resources Beer Holdings Co. Ltd. (Consumer Staples)		51,546
	10,707	China Resources Cement Holdings Ltd. (Materials)		5,756
	4,340	China Resources Gas Group Ltd. (Utilities)		18,301
	14,041	China Resources Land Ltd. (Real Estate)		62,249
	300	China Resources Microelectronics Ltd., Class A (Information Technology)		2,339
	2,670	China Resources Mixc Lifestyle Services Ltd. (Real Estate)(a)		14,626
	7,608	China Resources Pharmaceutical Group Ltd. (Health Care)(a)		6,252
Common Stocks – (continued)
China – (continued)
	8,657	China Resources Power Holdings Co. Ltd. (Utilities)		17,668
	300	China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A (Health Care)		2,198
	1,934	China Shenhua Energy Co. Ltd., Class A (Energy)		7,790
	16,456	China Shenhua Energy Co. Ltd., Class H (Energy)		49,476
	2,207	China Southern Airlines Co. Ltd., Class A (Industrials)*		2,508
	10,200	China Southern Airlines Co. Ltd., Class H (Industrials)*		7,433
	12,300	China State Construction Engineering Corp. Ltd., Class A (Industrials)		9,944
	8,601	China State Construction International Holdings Ltd. (Industrials)		9,785
	500	China Suntien Green Energy Corp. Ltd., Class A (Energy)		720
	9,174	China Suntien Green Energy Corp. Ltd., Class H (Energy)(c)		4,020
	6,828	China Taiping Insurance Holdings Co. Ltd. (Financials)		8,064
	8,400	China Three Gorges Renewables Group Co. Ltd., Class A (Utilities)		6,755
	622	China Tourism Group Duty Free Corp. Ltd., Class A (Consumer Discretionary)		17,678
	375	China Tourism Group Duty Free Corp. Ltd., Class H (Consumer Discretionary)*(a)		9,464
	227,351	China Tower Corp. Ltd., Class H (Communication Services)(a)		24,619
	9,300	China United Network Communications Ltd., Class A (Communication Services)		7,064
	2,912	China Vanke Co. Ltd., Class A (Real Estate)		7,180
	9,289	China Vanke Co. Ltd., Class H (Real Estate)		16,212
	6,693	China Yangtze Power Co. Ltd., Class A (Utilities)		20,373
	200	China Zhenhua Group Science & Technology Co. Ltd., Class A (Information Technology)		2,992
	5,397	China Zheshang Bank Co. Ltd., Class A (Financials)*		2,267
	181	Chongqing Brewery Co. Ltd., Class A (Consumer Staples)		3,579
	4,313	Chongqing Changan Automobile Co. Ltd., Class A (Consumer Discretionary)		8,326
	1,752	Chongqing Hongjiu Fruit Co. Ltd., Class H (Consumer Staples)*		6,607
	2,800	Chongqing Rural Commercial Bank Co. Ltd., Class A (Financials)		1,458
	11,359	Chongqing Rural Commercial Bank Co. Ltd., Class H (Financials)		3,922
	430	Chongqing Zhifei Biological Products Co. Ltd., Class A (Health Care)		5,546

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)
	31,202	CITIC Ltd. (Industrials)	$	34,424
	500	Citic Pacific Special Steel Group Co. Ltd., Class A (Materials)		1,468
	3,560	CITIC Securities Co. Ltd., Class A (Financials)		10,575
	11,119	CITIC Securities Co. Ltd., Class H (Financials)		23,543
	5,548	CMOC Group Ltd., Class A (Materials)		4,709
	18,364	CMOC Group Ltd., Class H (Materials)		10,317
	200	CNGR Advanced Material Co. Ltd., Class A (Materials)		2,026
	1,100	CNPC Capital Co. Ltd., Class A (Industrials)		934
	726	Contemporary Amperex Technology Co. Ltd., Class A (Industrials)		42,181
	2,900	COSCO SHIPPING Development Co. Ltd., Class A (Industrials)		1,047
	1,100	COSCO SHIPPING Energy Transportation Co. Ltd., Class A (Energy)*		2,291
	6,312	COSCO SHIPPING Energy Transportation Co. Ltd., Class H (Energy)*		6,047
	3,741	COSCO SHIPPING Holdings Co. Ltd., Class A (Industrials)		5,801
	15,357	COSCO SHIPPING Holdings Co. Ltd., Class H (Industrials)		15,925
	63,561	Country Garden Holdings Co. Ltd. (Real Estate)(c)		19,434
	10,450	Country Garden Services Holdings Co. Ltd. (Real Estate)		19,357
	7,400	CRRC Corp. Ltd., Class A (Industrials)		6,068
	22,110	CRRC Corp. Ltd., Class H (Industrials)		10,112
	1,100	CSC Financial Co. Ltd., Class A (Financials)		4,238
	4,430	CSC Financial Co. Ltd., Class H (Financials)(a)		4,351
	10,008	Dali Foods Group Co. Ltd. (Consumer Staples)(a)		4,042
	4,400	Daqin Railway Co. Ltd., Class A (Industrials)		4,298
	224	DaShenLin Pharmaceutical Group Co. Ltd., Class A (Consumer Staples)		1,244
	1,793	Datang International Power Generation Co. Ltd., Class A (Utilities)*		766
	15,662	Datang International Power Generation Co. Ltd., Class H (Utilities)*		2,674
	900	DHC Software Co. Ltd., Class A (Information Technology)		852
	200	Do-Fluoride New Materials Co. Ltd., Class A (Materials)		1,050
	195	Dong-E-E-Jiao Co. Ltd., Class A (Health Care)		1,342
	744	Dongfang Electric Corp. Ltd., Class A (Industrials)		2,112
	1,657	Dongfang Electric Corp. Ltd., Class H (Industrials)		2,651
Common Stocks – (continued)
China – (continued)
	14,005	Dongfeng Motor Group Co. Ltd., Class H (Consumer Discretionary)		7,155
	944	Dongxing Securities Co. Ltd., Class A (Financials)		1,166
	3,291	East Money Information Co. Ltd., Class A (Financials)		9,904
	100	Eastroc Beverage Group Co. Ltd., Class A (Consumer Staples)		2,949
	200	Ecovacs Robotics Co. Ltd., Class A (Consumer Discretionary)		2,601
	3,731	ENN Energy Holdings Ltd. (Utilities)		52,998
	900	ENN Natural Gas Co. Ltd., Class A (Utilities)		2,500
	493	Eve Energy Co. Ltd., Class A (Industrials)		5,156
	1,168	Everbright Securities Co. Ltd., Class A (Financials)		2,628
	12,467	Evergrande Property Services Group Ltd. (Real Estate)*(a)(b)		—
	1,381	Fangda Carbon New Material Co. Ltd., Class A (Industrials)*		1,329
	719	FAW Jiefang Group Co. Ltd., Class A (Consumer Discretionary)		882
	1,300	First Capital Securities Co. Ltd., Class A (Financials)		1,120
	344	Flat Glass Group Co. Ltd., Class A (Information Technology)		1,710
	2,076	Flat Glass Group Co. Ltd., Class H (Information Technology)		5,488
	4,243	Focus Media Information Technology Co. Ltd., Class A (Communication Services)		3,992
	1,020	Foshan Haitian Flavouring & Food Co. Ltd., Class A (Consumer Staples)		12,058
	2,952	Foxconn Industrial Internet Co. Ltd., Class A (Information Technology)		4,077
	325	Fujian Sunner Development Co. Ltd., Class A (Consumer Staples)		1,161
	4,489	Full Truck Alliance Co. Ltd. ADR (Industrials)*		31,423
	584	Fuyao Glass Industry Group Co. Ltd., Class A (Consumer Discretionary)		3,114
	2,956	Fuyao Glass Industry Group Co. Ltd., Class H (Consumer Discretionary)(a)		13,237
	520	Ganfeng Lithium Group Co. Ltd., Class A (Materials)		5,416
	1,702	Ganfeng Lithium Group Co. Ltd., Class H (Materials)(a)		11,861
	5,400	GD Power Development Co. Ltd., Class A (Utilities)*		3,053
	875	GDS Holdings Ltd. ADR (Information Technology)*		16,844
	1,400	GEM Co. Ltd., Class A (Materials)		1,589
	1,263	Gemdale Corp., Class A (Real Estate)		1,757
	6,202	Genscript Biotech Corp. (Health Care)*		16,948
	1,791	GF Securities Co. Ltd., Class A (Financials)		4,207

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, 2023 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
China – (continued)
	6,097	GF Securities Co. Ltd., Class H (Financials)	$	8,653
	182	GigaDevice Semiconductor, Inc., Class A (Information Technology)		2,746
	150	Ginlong Technologies Co. Ltd., Class A (Industrials)*		3,426
	974	GoerTek, Inc., Class A (Information Technology)		3,019
	400	Gotion High-tech Co. Ltd., Class A (Industrials)		1,701
	684	Great Wall Motor Co. Ltd., Class A (Consumer Discretionary)		3,394
	12,508	Great Wall Motor Co. Ltd., Class H (Consumer Discretionary)		16,572
	1,600	Gree Electric Appliances Inc of Zhuhai, Class A (Consumer Discretionary)		8,175
	4,099	Greentown China Holdings Ltd. (Real Estate)		5,598
	454	Guangdong Haid Group Co. Ltd., Class A (Consumer Staples)		4,148
	13,661	Guangdong Investment Ltd. (Utilities)		13,801
	100	Guangdong Kinlong Hardware Products Co. Ltd., Class A (Industrials)		1,383
	2,000	Guanghui Energy Co. Ltd., Class A (Energy)		3,104
	736	Guangzhou Automobile Group Co. Ltd., Class A (Consumer Discretionary)		1,214
	13,763	Guangzhou Automobile Group Co. Ltd., Class H (Consumer Discretionary)		8,767
	390	Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A (Health Care)		1,771
	1,071	Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class H (Health Care)		3,152
	100	Guangzhou Great Power Energy & Technology Co. Ltd., Class A (Industrials)		965
	181	Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A (Health Care)		2,194
	195	Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A (Information Technology)		1,928
	600	Guangzhou Tinci Materials Technology Co. Ltd., Class A (Materials)		3,883
	845	Guangzhou Yuexiu Capital Holdings Group Co. Ltd., Class A (Financials)		799
	1,433	Guosen Securities Co. Ltd., Class A (Financials)		1,991
	2,148	Guotai Junan Securities Co. Ltd., Class A (Financials)		4,415
	4,036	Guotai Junan Securities Co. Ltd., Class H (Financials)(a)		4,782
	1,401	Guoyuan Securities Co. Ltd., Class A (Financials)		1,421
	820	H World Group Ltd. ADR (Consumer Discretionary)		38,843
	7,099	Haidilao International Holding Ltd. (Consumer Discretionary)*(a)		19,625
Common Stocks – (continued)
China – (continued)
	1,795	Haier Smart Home Co. Ltd., Class A (Consumer Discretionary)		6,794
	11,160	Haier Smart Home Co. Ltd., Class H (Consumer Discretionary)		39,453
	2,992	Haitong Securities Co. Ltd., Class A (Financials)		3,938
	13,998	Haitong Securities Co. Ltd., Class H (Financials)		9,006
	253	Han’s Laser Technology Industry Group Co. Ltd., Class A (Industrials)		1,068
	900	Hangzhou Binjiang Real Estate Group Co. Ltd., Class A (Real Estate)		1,332
	200	Hangzhou Chang Chuan Technology Co. Ltd., Class A (Information Technology)		1,274
	411	Hangzhou First Applied Material Co. Ltd., Class A (Information Technology)		4,061
	200	Hangzhou Lion Electronics Co. Ltd., Class A (Information Technology)		1,283
	300	Hangzhou Oxygen Plant Group Co. Ltd., Class A (Materials)		1,683
	260	Hangzhou Robam Appliances Co. Ltd., Class A (Consumer Discretionary)		1,152
	300	Hangzhou Silan Microelectronics Co. Ltd., Class A (Information Technology)		1,455
	215	Hangzhou Tigermed Consulting Co. Ltd., Class A (Health Care)		3,571
	600	Hangzhou Tigermed Consulting Co. Ltd., Class H (Health Care)(a)		6,883
	5,224	Hansoh Pharmaceutical Group Co. Ltd. (Health Care)(a)		9,384
	200	Haohua Chemical Science & Technology Co. Ltd., Class A (Materials)		1,321
	700	Henan Shenhuo Coal & Power Co. Ltd., Class A (Materials)		1,883
	900	Henan Shuanghui Investment & Development Co. Ltd., Class A (Consumer Staples)		3,428
	2,972	Hengan International Group Co. Ltd. (Consumer Staples)		13,668
	500	Hengdian Group DMEGC Magnetics Co. Ltd., Class A (Information Technology)		1,565
	1,799	Hengli Petrochemical Co. Ltd., Class A (Materials)		4,568
	700	Hengtong Optic-electric Co. Ltd., Class A (Information Technology)		1,483
	1,297	Hengyi Petrochemical Co. Ltd., Class A (Materials)		1,515
	3,946	Hesteel Co. Ltd., Class A (Materials)		1,430
	30	Hithink RoyalFlush Information Network Co. Ltd., Class A (Financials)		511
	180	Hongfa Technology Co. Ltd., Class A (Industrials)		908
	200	Hoshine Silicon Industry Co. Ltd., Class A (Materials)		2,819
	3,697	Hua Hong Semiconductor Ltd. (Information Technology)*(a)		14,153

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)
	1,967	Huadian Power International Corp. Ltd., Class A (Utilities)	$	1,624
	8,562	Huadian Power International Corp. Ltd., Class H (Utilities)		3,425
	519	Huadong Medicine Co. Ltd., Class A (Health Care)		3,587
	1,200	Huafon Chemical Co. Ltd., Class A (Materials)		1,409
	700	Huaibei Mining Holdings Co. Ltd., Class A (Materials)		1,462
	619	Hualan Biological Engineering, Inc., Class A (Health Care)		1,976
	1,493	Huaneng Lancang River Hydropower, Inc., Class A (Utilities)		1,525
	2,177	Huaneng Power International, Inc., Class A (Utilities)*		2,559
	18,682	Huaneng Power International, Inc., Class H (Utilities)*		9,187
	2,300	Huatai Securities Co. Ltd., Class A (Financials)		4,169
	6,204	Huatai Securities Co. Ltd., Class H (Financials)(a)		6,979
	879	Huaxi Securities Co. Ltd., Class A (Financials)		1,046
	3,759	Huaxia Bank Co. Ltd., Class A (Financials)		2,823
	400	Huaxin Cement Co. Ltd., Class A (Materials)		1,004
	901	Huayu Automotive Systems Co. Ltd., Class A (Consumer Discretionary)		2,450
	1,200	Hubei Energy Group Co. Ltd., Class A (Utilities)		766
	300	Hubei Xingfa Chemicals Group Co. Ltd., Class A (Materials)		1,515
	200	Huizhou Desay Sv Automotive Co. Ltd., Class A (Consumer Discretionary)		3,282
	400	Humanwell Healthcare Group Co. Ltd., Class A (Health Care)		1,535
	2,200	Hunan Valin Steel Co. Ltd., Class A (Materials)		1,779
	560	Hundsun Technologies, Inc., Class A (Information Technology)		3,577
	698	Iflytek Co. Ltd., Class A (Information Technology)		4,854
	100	Imeik Technology Development Co. Ltd., Class A (Health Care)		8,465
	18,818	Industrial & Commercial Bank of China Ltd., Class A (Financials)		11,640
	380,668	Industrial & Commercial Bank of China Ltd., Class H (Financials)		190,104
	6,180	Industrial Bank Co. Ltd., Class A (Financials)		15,033
	1,977	Industrial Securities Co. Ltd., Class A (Financials)		1,829
	100	Ingenic Semiconductor Co. Ltd., Class A (Information Technology)		1,089
Common Stocks – (continued)
China – (continued)
	13,346	Inner Mongolia BaoTou Steel Union Co. Ltd., Class A (Materials)		3,936
	1,420	Inner Mongolia ERDOS Resources Co. Ltd., Class A (Materials)		3,419
	2,467	Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A (Materials)		1,569
	1,834	Inner Mongolia Yili Industrial Group Co. Ltd., Class A (Consumer Staples)		8,036
	6,324	Inner Mongolia Yitai Coal Co. Ltd., Class H (Energy)		8,040
	1,100	Inner Mongolia Yuan Xing Energy Co. Ltd., Class A (Materials)		1,495
	4,140	Innovent Biologics, Inc. (Health Care)*(a)		20,095
	400	Inspur Electronic Information Industry Co. Ltd., Class A (Information Technology)		2,244
	1,464	iQIYI, Inc. ADR (Communication Services)*		11,317
	706	JA Solar Technology Co. Ltd., Class A (Information Technology)		6,207
	215	Jafron Biomedical Co. Ltd., Class A (Health Care)		1,002
	260	Jason Furniture Hangzhou Co. Ltd., Class A (Consumer Discretionary)		1,762
	500	JCET Group Co. Ltd., Class A (Information Technology)		2,024
	2,303	JD Health International, Inc. (Consumer Discretionary)*(a)		16,063
	6,759	JD Logistics, Inc. (Industrials)*(a)		12,055
	5,783	JD.com, Inc. ADR (Consumer Discretionary)		256,997
	1,200	Jiangsu Eastern Shenghong Co. Ltd., Class A (Materials)		2,681
	300	Jiangsu Expressway Co. Ltd., Class A (Industrials)		357
	5,954	Jiangsu Expressway Co. Ltd., Class H (Industrials)		5,689
	392	Jiangsu Hengli Hydraulic Co. Ltd., Class A (Industrials)		3,887
	1,900	Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A (Health Care)		11,889
	325	Jiangsu King’s Luck Brewery JSC Ltd., Class A (Consumer Staples)		2,997
	460	Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A (Consumer Staples)		11,250
	100	Jiangsu Yangnong Chemical Co. Ltd., Class A (Materials)		1,544
	260	Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A (Health Care)		1,180
	900	Jiangsu Zhongtian Technology Co. Ltd., Class A (Industrials)		2,079
	684	Jiangxi Copper Co. Ltd., Class A (Materials)		1,930
	5,472	Jiangxi Copper Co. Ltd., Class H (Materials)		8,616

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, 2023 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
China – (continued)
	500	Jiangxi Special Electric Motor Co. Ltd., Class A (Industrials)*	$	1,287
	100	JiuGui Liquor Co. Ltd., Class A (Consumer Staples)		2,186
	140	Joinn Laboratories China Co. Ltd., Class A (Health Care)		1,183
	303	Joinn Laboratories China Co. Ltd., Class H (Health Care)(a)		1,312
	600	Jointown Pharmaceutical Group Co. Ltd., Class A (Health Care)		1,249
	200	Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A (Consumer Staples)		1,096
	200	Juewei Food Co. Ltd., Class A (Consumer Staples)		1,508
	600	Juneyao Airlines Co. Ltd., Class A (Industrials)*		1,552
	1,132	Kanzhun Ltd. ADR (Communication Services)*		22,810
	2,946	KE Holdings, Inc. ADR (Real Estate)*		53,765
	600	Keda Industrial Group Co. Ltd., Class A (Industrials)		1,415
	13,567	Kingdee International Software Group Co. Ltd. (Information Technology)*		25,269
	4,127	Kingsoft Corp. Ltd. (Communication Services)		13,591
	4,577	Kuaishou Technology (Communication Services)*(a)		30,612
	668	Kuang-Chi Technologies Co. Ltd., Class A (Industrials)		1,683
	17,896	Kunlun Energy Co. Ltd. (Utilities)		14,318
	414	Kweichow Moutai Co. Ltd., Class A (Consumer Staples)		108,015
	719	LB Group Co. Ltd., Class A (Materials)		2,266
	34,222	Lenovo Group Ltd. (Information Technology)		30,693
	1,478	Lens Technology Co. Ltd., Class A (Information Technology)		2,711
	600	Lepu Medical Technology Beijing Co. Ltd., Class A (Health Care)		2,027
	200	Levima Advanced Materials Corp., Class A (Materials)		993
	2,704	Li Auto, Inc. ADR (Consumer Discretionary)*		63,841
	11,527	Li Ning Co. Ltd. (Consumer Discretionary)		98,022
	5,500	Liaoning Port Co. Ltd., Class A (Industrials)		1,282
	2,000	Lingyi iTech Guangdong Co., Class A (Information Technology)*		1,649
	130	Livzon Pharmaceutical Group, Inc., Class A (Health Care)		670
	10,005	Longfor Group Holdings Ltd. (Real Estate)(a)		28,551
	2,175	LONGi Green Energy Technology Co. Ltd., Class A (Information Technology)		13,842
Common Stocks – (continued)
China – (continued)
	11,234	Lufax Holding Ltd. ADR (Financials)		24,265
	600	Luxi Chemical Group Co. Ltd., Class A (Materials)		1,252
	2,080	Luxshare Precision Industry Co. Ltd., Class A (Information Technology)		8,958
	393	Luzhou Laojiao Co. Ltd., Class A (Consumer Staples)		14,133
	254	Mango Excellent Media Co. Ltd., Class A (Communication Services)		1,225
	160	Maxscend Microelectronics Co. Ltd., Class A (Information Technology)		2,700
	1,200	Meinian Onehealth Healthcare Holdings Co. Ltd., Class A (Health Care)*		1,134
	23,899	Meituan, Class B (Consumer Discretionary)*(a)		414,377
	5,518	Metallurgical Corp. of China Ltd., Class A (Industrials)		2,707
	13,988	Metallurgical Corp. of China Ltd., Class H (Industrials)		3,047
	3,224	Microport Scientific Corp. (Health Care)*		9,118
	600	Ming Yang Smart Energy Group Ltd., Class A (Industrials)		2,191
	300	Montage Technology Co. Ltd., Class A (Information Technology)		2,493
	1,514	Muyuan Foods Co. Ltd., Class A (Consumer Staples)		10,789
	390	Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd., Class A (Health Care)		969
	1,954	NARI Technology Co. Ltd., Class A (Industrials)		7,378
	130	NAURA Technology Group Co. Ltd., Class A (Information Technology)		4,362
	700	NavInfo Co. Ltd., Class A (Information Technology)		1,313
	1,886	NetEase, Inc. ADR (Communication Services)		146,429
	619	New China Life Insurance Co. Ltd., Class A (Financials)		2,775
	4,674	New China Life Insurance Co. Ltd., Class H (Financials)		11,314
	1,400	New Hope Liuhe Co. Ltd., Class A (Consumer Staples)*		2,658
	800	New Oriental Education & Technology Group, Inc. ADR (Consumer Discretionary)*		30,976
	425	Ninestar Corp., Class A (Information Technology)		3,300
	100	Ningbo Deye Technology Co. Ltd., Class A (Industrials)		4,760
	200	Ningbo Orient Wires & Cables Co. Ltd., Class A (Industrials)		1,582
	200	Ningbo Ronbay New Energy Technology Co. Ltd., Class A (Industrials)		2,075
	600	Ningbo Shanshan Co. Ltd., Class A (Materials)		1,542

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)
	344	Ningbo Tuopu Group Co. Ltd., Class A (Consumer Discretionary)	$	3,315
	5,288	Ningbo Zhoushan Port Co. Ltd., Class A (Industrials)		2,769
	1,450	Ningxia Baofeng Energy Group Co. Ltd., Class A (Materials)		3,296
	7,499	NIO, Inc. ADR (Consumer Discretionary)*		70,416
	8,614	Nongfu Spring Co. Ltd., Class H (Consumer Staples)(a)		48,285
	600	Offcn Education Technology Co. Ltd., Class A (Consumer Discretionary)*		493
	900	OFILM Group Co. Ltd., Class A (Information Technology)*		667
	554	Onewo, Inc., Class H (Real Estate)*		2,777
	91	Oppein Home Group, Inc., Class A (Consumer Discretionary)		1,854
	1,817	Orient Securities Co. Ltd., Class A (Financials)		2,666
	4,477	Orient Securities Co. Ltd., Class H (Financials)(a)		2,475
	200	Ovctek China, Inc., Class A (Health Care)		991
	2,700	Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A (Materials)*		2,171
	2,485	PDD Holdings, Inc. ADR (Consumer Discretionary)*		218,009
	2,300	People’s Insurance Co. Group of China Ltd. (The), Class A (Financials)		1,727
	42,797	People’s Insurance Co. Group of China Ltd. (The), Class H (Financials)		13,521
	600	Perfect World Co. Ltd., Class A (Communication Services)		1,229
	12,972	PetroChina Co. Ltd., Class A (Energy)		9,759
	102,799	PetroChina Co. Ltd., Class H (Energy)		52,647
	247	Pharmaron Beijing Co. Ltd., Class A (Health Care)		2,124
	880	Pharmaron Beijing Co. Ltd., Class H (Health Care)(a)		4,922
	33,837	PICC Property & Casualty Co. Ltd., Class H (Financials)		29,701
	5,713	Ping An Bank Co. Ltd., Class A (Financials)		11,325
	3,200	Ping An Insurance Group Co. of China Ltd., Class A (Financials)		22,187
	30,557	Ping An Insurance Group Co. of China Ltd., Class H (Financials)		207,489
	700	Pingdingshan Tianan Coal Mining Co. Ltd., Class A (Energy)		1,209
	3,500	Poly Developments and Holdings Group Co. Ltd., Class A (Real Estate)		7,597
	709	Poly Property Services Co. Ltd., Class H (Real Estate)		4,295
	1,000	Pop Mart International Group Ltd. (Consumer Discretionary)(a)(c)		2,777
	8,106	Postal Savings Bank of China Co. Ltd., Class A (Financials)		5,271
Common Stocks – (continued)
China – (continued)
	62,816	Postal Savings Bank of China Co. Ltd., Class H (Financials)(a)		37,692
	4,520	Power Construction Corp. of China Ltd., Class A (Industrials)		4,668
	1,600	Qinghai Salt Lake Industry Co. Ltd., Class A (Materials)*		5,708
	200	Raytron Technology Co. Ltd., Class A (Information Technology)		1,331
	286	Red Star Macalline Group Corp. Ltd., Class A (Real Estate)		236
	532	Remegen Co. Ltd., Class H (Health Care)*(a)		3,484
	100	Rockchip Electronics Co. Ltd., Class A (Information Technology)		1,213
	2,872	Rongsheng Petrochemical Co. Ltd., Class A (Materials)		5,590
	2,203	SAIC Motor Corp. Ltd., Class A (Consumer Discretionary)		4,763
	65	Sangfor Technologies, Inc., Class A (Information Technology)		1,335
	2,479	Sany Heavy Industry Co. Ltd., Class A (Industrials)		6,679
	782	Satellite Chemical Co. Ltd., Class A (Materials)		1,958
	634	Seazen Holdings Co. Ltd., Class A (Real Estate)*		1,782
	1,444	SF Holding Co. Ltd., Class A (Industrials)		11,202
	50	SG Micro Corp., Class A (Information Technology)		1,130
	2,762	Shaanxi Coal Industry Co. Ltd., Class A (Energy)		7,946
	700	Shan Xi Hua Yang Group New Energy Co. Ltd., Class A (Energy)		1,602
	1,100	Shandong Gold Mining Co. Ltd., Class A (Materials)		3,003
	3,718	Shandong Gold Mining Co. Ltd., Class H (Materials)(a)		6,366
	620	Shandong Hualu Hengsheng Chemical Co. Ltd., Class A (Materials)		3,222
	400	Shandong Linglong Tyre Co. Ltd., Class A (Consumer Discretionary)		1,296
	3,700	Shandong Nanshan Aluminum Co. Ltd., Class A (Materials)		1,921
	11,796	Shandong Weigao Group Medical Polymer Co. Ltd., Class H (Health Care)		19,025
	196	Shanghai Bairun Investment Holding Group Co. Ltd., Class A (Consumer Staples)		1,185
	1,419	Shanghai Baosight Software Co. Ltd., Class A (Information Technology)		10,102
	3,367	Shanghai Electric Group Co. Ltd., Class A (Industrials)*		2,029
	14,027	Shanghai Electric Group Co. Ltd., Class H (Industrials)*		3,252
	584	Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A (Health Care)		2,831

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, 2023 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
China – (continued)
	2,309	Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H (Health Care)	$	6,751
	200	Shanghai Fudan Microelectronics Group Co. Ltd., Class A (Information Technology)		2,071
	1,319	Shanghai Fudan Microelectronics Group Co. Ltd., Class H (Information Technology)		5,411
	700	Shanghai International Airport Co. Ltd., Class A (Industrials)*		5,905
	2,232	Shanghai International Port Group Co. Ltd., Class A (Industrials)		1,708
	300	Shanghai Jinjiang International Hotels Co. Ltd., Class A (Consumer Discretionary)		2,676
	200	Shanghai Junshi Biosciences Co. Ltd., Class A (Health Care)*		1,519
	765	Shanghai Junshi Biosciences Co. Ltd., Class H (Health Care)*(a)		3,050
	712	Shanghai Lingang Holdings Corp. Ltd., Class A (Real Estate)		1,252
	3,484	Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class A (Real Estate)		5,122
	260	Shanghai M&G Stationery, Inc., Class A (Industrials)		2,026
	1,139	Shanghai MicroPort MedBot Group Co. Ltd. (Health Care)*		4,208
	684	Shanghai Pharmaceuticals Holding Co. Ltd., Class A (Health Care)		1,944
	3,403	Shanghai Pharmaceuticals Holding Co. Ltd., Class H (Health Care)		6,000
	8,585	Shanghai Pudong Development Bank Co. Ltd., Class A (Financials)		8,867
	426	Shanghai Putailai New Energy Technology Co. Ltd., Class A (Materials)		3,082
	2,200	Shanghai RAAS Blood Products Co. Ltd., Class A (Health Care)		1,962
	2,800	Shanghai Rural Commercial Bank Co. Ltd., Class A (Financials)		2,388
	1,368	Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A (Consumer Discretionary)		1,543
	1,200	Shanxi Coking Coal Energy Group Co. Ltd., Class A (Energy)		2,249
	900	Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A (Energy)		2,887
	1,304	Shanxi Meijin Energy Co. Ltd., Class A (Materials)		1,765
	1,653	Shanxi Taigang Stainless Steel Co. Ltd., Class A (Materials)		1,137
	373	Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A (Consumer Staples)		15,166
	700	Shengyi Technology Co. Ltd., Class A (Information Technology)		1,826
	200	Shennan Circuits Co. Ltd., Class A (Information Technology)		2,298
Common Stocks – (continued)
China – (continued)
	6,167	Shenwan Hongyuan Group Co. Ltd., Class A (Financials)		3,744
	180	Shenzhen Capchem Technology Co. Ltd., Class A (Materials)		1,203
	100	Shenzhen Dynanonic Co. Ltd., Class A (Materials)		3,257
	1,100	Shenzhen Energy Group Co. Ltd., Class A (Utilities)		986
	200	Shenzhen Hepalink Pharmaceutical Group Co. Ltd., Class A (Health Care)		396
	736	Shenzhen Inovance Technology Co. Ltd., Class A (Industrials)		7,761
	312	Shenzhen Kangtai Biological Products Co. Ltd., Class A (Health Care)		1,558
	100	Shenzhen Kedali Industry Co. Ltd., Class A (Consumer Discretionary)		1,764
	360	Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A (Health Care)		16,262
	2,703	Shenzhen Overseas Chinese Town Co. Ltd., Class A (Consumer Discretionary)		2,065
	100	Shenzhen SC New Energy Technology Corp., Class A (Information Technology)		1,857
	200	Shenzhen Transsion Holdings Co. Ltd., Class A (Information Technology)		2,321
	3,885	Shenzhou International Group Holdings Ltd. (Consumer Discretionary)		42,416
	500	Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A (Health Care)		2,159
	894	Sichuan Chuantou Energy Co. Ltd., Class A (Utilities)		1,669
	390	Sichuan Kelun Pharmaceutical Co. Ltd., Class A (Health Care)		1,620
	1,300	Sichuan Road and Bridge Group Co. Ltd., Class A (Industrials)		2,377
	100	Sichuan Swellfun Co. Ltd., Class A (Consumer Staples)		1,191
	300	Sichuan Yahua Industrial Group Co. Ltd., Class A (Materials)		1,057
	400	Sinoma Science & Technology Co. Ltd., Class A (Materials)		1,326
	100	Sinomine Resource Group Co. Ltd., Class A (Materials)		1,079
	1,923	Sinopec Oilfield Service Corp., Class A (Energy)*		592
	1,700	Sinopec Shanghai Petrochemical Co. Ltd., Class A (Materials)		800
	17,575	Sinopec Shanghai Petrochemical Co. Ltd., Class H (Materials)		3,023
	6,580	Sinopharm Group Co. Ltd., Class H (Health Care)		17,604
	1,134	Sinotrans Ltd., Class A (Industrials)		641
	9,287	Sinotrans Ltd., Class H (Industrials)		2,840
	3,229	Sinotruk Hong Kong Ltd. (Industrials)		5,084
	100	Skshu Paint Co. Ltd., Class A (Materials)*		1,761

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)
	5,424	Smoore International Holdings Ltd. (Consumer Staples)(a)	$	6,696
	800	Songcheng Performance Development Co. Ltd., Class A (Consumer Discretionary)		1,807
	1,368	SooChow Securities Co. Ltd., Class A (Financials)		1,385
	100	StarPower Semiconductor Ltd., Class A (Information Technology)		4,244
	11,569	Sunac China Holdings Ltd. (Real Estate)*(b)		3,375
	300	Sungrow Power Supply Co. Ltd., Class A (Industrials)		5,161
	3,288	Sunny Optical Technology Group Co. Ltd. (Information Technology)		37,280
	406	Sunwoda Electronic Co. Ltd., Class A (Industrials)		1,263
	400	Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A (Information Technology)		1,680
	100	Suzhou Maxwell Technologies Co. Ltd., Class A (Industrials)		5,281
	200	Suzhou TA&A Ultra Clean Technology Co. Ltd., Class A (Materials)		1,654
	700	Tangshan Jidong Cement Co. Ltd., Class A (Materials)		909
	1,104	TBEA Co. Ltd., Class A (Industrials)		3,424
	4,069	TCL Technology Group Corp., Class A (Consumer Discretionary)		2,599
	944	TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A (Information Technology)		5,927
	30,023	Tencent Holdings Ltd. (Communication Services)		1,314,211
	4,197	Tencent Music Entertainment Group ADR (Communication Services)*		31,645
	100	Thunder Software Technology Co. Ltd., Class A (Information Technology)		1,375
	684	Tianma Microelectronics Co. Ltd., Class A (Information Technology)		942
	400	Tianqi Lithium Corp., Class A (Materials)*		4,718
	508	Tianqi Lithium Corp., Class H (Materials)*		3,611
	1,400	Tianshan Aluminum Group Co. Ltd., Class A (Materials)		1,672
	8,980	Tingyi Cayman Islands Holding Corp. (Consumer Staples)		14,506
	254	Toly Bread Co. Ltd., Class A (Consumer Staples)		644
	5,364	Tongcheng Travel Holdings Ltd. (Consumer Discretionary)*		10,633
	700	Tongkun Group Co. Ltd., Class A (Materials)		1,646
	3,300	Tongling Nonferrous Metals Group Co. Ltd., Class A (Materials)		1,605
Common Stocks – (continued)
China – (continued)
	1,309	Tongwei Co. Ltd., Class A (Information Technology)		7,890
	65	Topchoice Medical Corp., Class A (Health Care)*		1,366
	11,844	Topsports International Holdings Ltd. (Consumer Discretionary)(a)		10,336
	4,716	TravelSky Technology Ltd., Class H (Information Technology)		9,300
	387	Trina Solar Co. Ltd., Class A (Information Technology)		3,435
	3,127	Trip.com Group Ltd. ADR (Consumer Discretionary)*		111,165
	195	Tsingtao Brewery Co. Ltd., Class A (Consumer Staples)		3,127
	3,191	Tsingtao Brewery Co. Ltd., Class H (Consumer Staples)		31,465
	226	Unigroup Guoxin Microelectronics Co. Ltd., Class A (Information Technology)		3,605
	5,813	Uni-President China Holdings Ltd. (Consumer Staples)		5,095
	800	Unisplendour Corp. Ltd., Class A (Information Technology)		2,923
	300	Universal Scientific Industrial Shanghai Co. Ltd., Class A (Information Technology)		684
	2,724	Vipshop Holdings Ltd. ADR (Consumer Discretionary)*		40,560
	454	Walvax Biotechnology Co. Ltd., Class A (Health Care)		2,499
	943	Wanhua Chemical Group Co. Ltd., Class A (Materials)		14,143
	20,958	Want Want China Holdings Ltd. (Consumer Staples)		13,190
	383	Weibo Corp. ADR (Communication Services)*		7,920
	2,112	Weichai Power Co. Ltd., Class A (Industrials)		3,779
	9,467	Weichai Power Co. Ltd., Class H (Industrials)		14,039
	200	Weihai Guangwei Composites Co. Ltd., Class A (Materials)		1,918
	2,000	Wens Foodstuffs Group Co. Ltd., Class A (Consumer Staples)		5,694
	700	Western Mining Co. Ltd., Class A (Materials)		1,156
	1,339	Western Securities Co. Ltd., Class A (Financials)		1,277
	200	Western Superconducting Technologies Co. Ltd., Class A (Materials)		2,610
	298	Will Semiconductor Co. Ltd. Shanghai, Class A (Information Technology)		3,684
	325	Wingtech Technology Co. Ltd., Class A (Information Technology)		2,518
	928	Wuhan Guide Infrared Co. Ltd., Class A (Information Technology)		1,593
	1,143	Wuliangye Yibin Co. Ltd., Class A (Consumer Staples)		33,611

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, 2023 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
China – (continued)
	600	WUS Printed Circuit Kunshan Co. Ltd., Class A (Information Technology)	$	1,415
	787	WuXi AppTec Co. Ltd., Class A (Health Care)		9,360
	1,695	WuXi AppTec Co. Ltd., Class H (Health Care)(a)		18,042
	17,424	Wuxi Biologics Cayman, Inc. (Health Care)*(a)		121,421
	500	Wuxi Lead Intelligent Equipment Co. Ltd., Class A (Industrials)		3,129
	140	Wuxi Shangji Automation Co. Ltd., Class A (Industrials)		2,237
	2,902	XCMG Construction Machinery Co. Ltd., Class A (Industrials)		2,964
	800	Xiamen C & D, Inc., Class A (Industrials)		1,519
	100	Xiamen Faratronic Co. Ltd., Class A (Information Technology)		2,192
	400	Xiamen Tungsten Co. Ltd., Class A (Materials)		1,315
	72,252	Xiaomi Corp., Class B (Information Technology)*(a)		109,167
	939	Xinjiang Goldwind Science & Technology Co. Ltd., Class A (Industrials)		1,534
	3,769	Xinjiang Goldwind Science & Technology Co. Ltd., Class H (Industrials)		3,395
	20,518	Xinyi Solar Holdings Ltd. (Information Technology)		21,905
	3,245	XPeng, Inc. ADR (Consumer Discretionary)*(c)		28,945
	5,444	Yadea Group Holdings Ltd. (Consumer Discretionary)(a)		11,665
	200	Yangzhou Yangjie Electronic Technology Co. Ltd., Class A (Information Technology)		1,575
	649	Yankuang Energy Group Co. Ltd., Class A (Energy)		3,333
	6,619	Yankuang Energy Group Co. Ltd., Class H (Energy)		19,943
	200	Yantai Jereh Oilfield Services Group Co. Ltd., Class A (Energy)		890
	295	Yealink Network Technology Corp. Ltd., Class A (Information Technology)		2,828
	218	Yifeng Pharmacy Chain Co. Ltd., Class A (Consumer Staples)		1,897
	400	Yihai Kerry Arawana Holdings Co. Ltd., Class A (Consumer Staples)		2,647
	800	Yintai Gold Co. Ltd., Class A (Materials)		1,335
	100	YongXing Special Materials Technology Co. Ltd., Class A (Materials)		1,321
	928	Yonyou Network Technology Co. Ltd., Class A (Information Technology)		3,108
	800	YTO Express Group Co. Ltd., Class A (Industrials)		2,089
	900	Yunda Holding Co. Ltd., Class A (Industrials)		1,652
Common Stocks – (continued)
China – (continued)
	900	Yunnan Aluminium Co. Ltd., Class A (Materials)		1,727
	201	Yunnan Baiyao Group Co. Ltd., Class A (Health Care)		1,645
	100	Yunnan Botanee Bio-Technology Group Co. Ltd., Class A (Consumer Staples)		1,992
	295	Yunnan Energy New Material Co. Ltd., Class A (Materials)		5,332
	500	Yunnan Tin Co. Ltd., Class A (Materials)		1,114
	500	Yunnan Yuntianhua Co. Ltd., Class A (Materials)*		1,745
	387	Zai Lab Ltd. ADR (Health Care)*		14,377
	400	Zangge Mining Co. Ltd., Class A (Materials)		1,606
	130	Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A (Health Care)		5,773
	1,300	Zhefu Holding Group Co. Ltd., Class A (Industrials)		782
	2,300	Zhejiang Century Huatong Group Co. Ltd., Class A (Communication Services)*		1,456
	649	Zhejiang Chint Electrics Co. Ltd., Class A (Industrials)		2,801
	809	Zhejiang Dahua Technology Co. Ltd., Class A (Information Technology)		1,687
	100	Zhejiang Dingli Machinery Co. Ltd., Class A (Industrials)		842
	6,986	Zhejiang Expressway Co. Ltd., Class H (Industrials)		5,634
	400	Zhejiang Huahai Pharmaceutical Co. Ltd., Class A (Health Care)		1,193
	422	Zhejiang Huayou Cobalt Co. Ltd., Class A (Materials)		3,588
	400	Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A (Information Technology)		3,947
	200	Zhejiang Jiuzhou Pharmaceutical Co. Ltd., Class A (Health Care)		1,133
	800	Zhejiang Juhua Co. Ltd., Class A (Materials)		2,168
	950	Zhejiang NHU Co. Ltd., Class A (Health Care)		2,592
	1,000	Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A (Industrials)		3,675
	200	Zhejiang Supcon Technology Co. Ltd., Class A (Information Technology)		2,819
	100	Zhejiang Supor Co. Ltd., Class A (Consumer Discretionary)		819
	390	Zhejiang Weiming Environment Protection Co. Ltd., Class A (Industrials)		1,100
	500	Zhejiang Weixing New Building Materials Co. Ltd., Class A (Industrials)		1,847
	200	Zhejiang Yongtai Technology Co. Ltd., Class A (Materials)		669
	1,222	Zheshang Securities Co. Ltd., Class A (Financials)		1,814
	4,671	ZhongAn Online P&C Insurance Co. Ltd., Class H (Financials)*(a)		13,419

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

GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF

Shares		Description	Value
Common Stocks – (continued)
China – (continued)
	200	Zhongji Innolight Co. Ltd., Class A (Information Technology)	$	1,021
	3,431	Zhongsheng Group Holdings Ltd. (Consumer Discretionary)		17,112
	1,700	Zhongtai Securities Co. Ltd., Class A (Financials)		1,704
	2,684	Zhuzhou CRRC Times Electric Co. Ltd. (Industrials)		12,224
	200	Zhuzhou CRRC Times Electric Co. Ltd., Class A (Industrials)		1,489
	800	Zhuzhou Kibing Group Co. Ltd., Class A (Industrials)		1,260
	6,002	Zijin Mining Group Co. Ltd., Class A (Materials)		9,851
	28,038	Zijin Mining Group Co. Ltd., Class H (Materials)		42,292
	2,268	Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A (Industrials)		2,189
	7,682	Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H (Industrials)		4,433
	1,200	ZTE Corp., Class A (Information Technology)		5,565
	3,680	ZTE Corp., Class H (Information Technology)		10,924
	2,305	ZTO Express Cayman, Inc. ADR (Industrials)		55,458
				9,555,957
Colombia – 0.1%
	1,105	Bancolombia SA (Financials)		8,193
	19,969	Ecopetrol SA (Energy)		11,127
	2,085	Interconexion Electrica SA ESP (Utilities)		7,411
				26,731
Czech Republic – 0.2%
	785	CEZ AS (Utilities)		36,709
	364	Komercni banka AS (Financials)		12,302
	1,725	Moneta Money Bank AS (Financials)(a)		6,596
				55,607
Egypt – 0.1%
	1,394	Abou Kir Fertilizers & Chemical Industries (Materials)		1,898
	12,315	Commercial International Bank Egypt SAE (Financials)		21,353
	4,720	Eastern Co. SAE (Consumer Staples)		2,854
	3,802	Egyptian Financial Group-Hermes Holding Co. (Financials)*		2,563
	3,439	ElSewedy Electric Co. (Industrials)*		1,550
				30,218
Greece – 0.4%
	9,269	Alpha Services and Holdings SA (Financials)*		14,548
Common Stocks – (continued)
Greece – (continued)
	12,103	Eurobank Ergasias Services and Holdings SA (Financials)*		18,637
	921	Hellenic Telecommunications Organization SA (Communication Services)		14,182
	535	JUMBO SA (Consumer Discretionary)		10,701
	316	Motor Oil Hellas Corinth Refineries SA (Energy)		8,405
	470	Mytilineos SA (Industrials)		12,720
	2,657	National Bank of Greece SA (Financials)*		14,934
	898	OPAP SA (Consumer Discretionary)		13,980
	3,120	Piraeus Financial Holdings SA (Financials)*		7,944
	1,040	Public Power Corp. SA (Utilities)*		9,154
	328	Star Bulk Carriers Corp. (Industrials)		8,039
	259	Terna Energy SA (Utilities)		5,411
				138,655
Hong Kong – 0.0%
	486	Orient Overseas International Ltd. (Industrials)		7,801
	709	Super Hi International Holding Ltd. (Consumer Discretionary)*		1,581
				9,382
Hungary – 0.2%
	2,360	MOL Hungarian Oil & Gas PLC (Energy)		17,982
	1,079	OTP Bank Nyrt (Financials)		32,815
	676	Richter Gedeon Nyrt (Health Care)		14,201
				64,998
India – 14.5%
	926	Aarti Industries Ltd. (Materials)		5,927
	1,034	Aarti Pharmalabs Ltd. (Health Care)*		3,785
	244	ABB India Ltd. (Industrials)		9,496
	400	ACC Ltd. (Materials)		8,379
	1,491	Adani Enterprises Ltd. (Industrials)		24,599
	1,531	Adani Green Energy Ltd. (Utilities)*		8,988
	3,745	Adani Ports & Special Economic Zone Ltd. (Industrials)		26,839
	3,836	Adani Power Ltd. (Utilities)*		6,789
	1,054	Adani Total Gas Ltd. (Utilities)		8,651
	1,389	Adani Transmission Ltd. (Utilities)*		10,802
	774	Adani Wilmar Ltd. (Consumer Staples)*		3,386
	149	Alkem Laboratories Ltd. (Health Care)		5,723
	2,911	Ambuja Cements Ltd. (Materials)		12,046
	588	Apollo Hospitals Enterprise Ltd. (Health Care)		31,308
	9,300	Ashok Leyland Ltd. (Industrials)		16,369
	3,204	Asian Paints Ltd. (Materials)		109,638
	418	Astral Ltd. (Industrials)		9,549
	1,988	AU Small Finance Bank Ltd. (Financials)(a)		14,258
	1,060	Aurobindo Pharma Ltd. (Health Care)		5,934

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, 2023 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
India – (continued)
	954	Avenue Supermarts Ltd. (Consumer Staples)*(a)	$	39,432
	11,077	Axis Bank Ltd. (Financials)		113,105
	341	Bajaj Auto Ltd. (Consumer Discretionary)		15,102
	1,198	Bajaj Finance Ltd. (Financials)		88,575
	1,870	Bajaj Finserv Ltd. (Financials)		30,196
	130	Bajaj Holdings & Investment Ltd. (Financials)		9,835
	378	Balkrishna Industries Ltd. (Consumer Discretionary)		9,211
	4,019	Bandhan Bank Ltd. (Financials)*(a)		11,226
	5,039	Bank of Baroda (Financials)		9,692
	1,353	Berger Paints India Ltd. (Materials)		9,486
	16,936	Bharat Electronics Ltd. (Industrials)		19,381
	1,151	Bharat Forge Ltd. (Consumer Discretionary)		11,361
	3,854	Bharat Petroleum Corp. Ltd. (Energy)		14,795
	10,148	Bharti Airtel Ltd. (Communication Services)		91,116
	1,917	Biocon Ltd. (Health Care)		5,314
	33	Bosch Ltd. (Consumer Discretionary)		7,184
	482	Britannia Industries Ltd. (Consumer Staples)		26,015
	1,779	Canara Bank (Financials)		6,016
	2,914	CG Power & Industrial Solutions Ltd. (Industrials)*		10,760
	2,095	Cholamandalam Investment and Finance Co. Ltd. (Financials)		19,172
	2,247	Cipla Ltd. (Health Care)		24,637
	6,865	Coal India Ltd. (Energy)		17,888
	581	Colgate-Palmolive India Ltd. (Consumer Staples)		10,356
	1,258	Container Corp. Of India Ltd. (Industrials)		8,986
	569	Cummins India Ltd. (Industrials)		10,807
	3,192	Dabur India Ltd. (Consumer Staples)		20,565
	448	Dalmia Bharat Ltd. (Materials)		9,938
	437	Deepak Nitrite Ltd. (Materials)		9,511
	1,305	Delhivery Ltd. (Industrials)*		5,456
	551	Divi’s Laboratories Ltd. (Health Care)		18,833
	3,018	DLF Ltd. (Real Estate)		12,838
	434	Dr. Reddy’s Laboratories Ltd. (Health Care)		22,662
	634	Eicher Motors Ltd. (Consumer Discretionary)		23,820
	4,647	Embassy Office Parks REIT (Real Estate)		17,145
	3,780	FSN E-Commerce Ventures Ltd. (Consumer Discretionary)*		6,399
	11,064	GAIL India Ltd. (Utilities)		13,738
	288	Gland Pharma Ltd. (Health Care)*(a)		4,592
	1,788	Godrej Consumer Products Ltd. (Consumer Staples)*		19,970
	444	Godrej Properties Ltd. (Real Estate)*		5,910
	1,583	Grasim Industries Ltd. (Materials)		30,228
	173	Gujarat Fluorochemicals Ltd. (Materials)		6,582
	840	Gujarat Gas Ltd. (Utilities)		5,130
	1,078	Havells India Ltd. (Industrials)		15,610
Common Stocks – (continued)
India – (continued)
	4,695	HCL Technologies Ltd. (Information Technology)	$	61,201
	290	HDFC Asset Management Co. Ltd. (Financials)(a)		6,349
	4,788	HDFC Life Insurance Co. Ltd. (Financials)(a)		28,311
	631	Hero MotoCorp Ltd. (Consumer Discretionary)		18,465
	5,791	Hindalco Industries Ltd. (Materials)		27,965
	324	Hindustan Aeronautics Ltd. (Industrials)		10,089
	2,807	Hindustan Petroleum Corp. Ltd. (Energy)		7,309
	3,828	Hindustan Unilever Ltd. (Consumer Staples)		113,943
	10	Honeywell Automation India Ltd. (Information Technology)		4,172
	8,016	Housing Development Finance Corp. Ltd. (Financials)		253,030
	25,246	ICICI Bank Ltd. (Financials)		261,064
	1,106	ICICI Lombard General Insurance Co. Ltd. (Financials)(a)		14,742
	1,797	ICICI Prudential Life Insurance Co. Ltd. (Financials)(a)		8,889
	16,407	IDFC First Bank Ltd. (Financials)*		10,946
	4,113	Indian Hotels Co. Ltd. (Consumer Discretionary)		15,461
	12,954	Indian Oil Corp. Ltd. (Energy)		11,917
	1,111	Indian Railway Catering & Tourism Corp. Ltd. (Industrials)		8,188
	1,427	Indraprastha Gas Ltd. (Utilities)		7,572
	4,551	Indus Towers Ltd. (Communication Services)		9,408
	2,795	IndusInd Bank Ltd. (Financials)		36,437
	325	Info Edge India Ltd. (Communication Services)		13,727
	15,707	Infosys Ltd. (Information Technology)		282,638
	524	InterGlobe Aviation Ltd. (Industrials)*(a)		11,767
	14,507	ITC Ltd. (Consumer Staples)		66,106
	1,962	Jindal Steel & Power Ltd. (Materials)		13,034
	2,635	JSW Energy Ltd. (Utilities)		7,479
	4,350	JSW Steel Ltd. (Materials)		35,108
	1,826	Jubilant Foodworks Ltd. (Consumer Discretionary)		9,738
	568	Kansai Nerolac Paints Ltd. (Materials)		2,767
	5,321	Kotak Mahindra Bank Ltd. (Financials)		111,305
	119	L&T Technology Services Ltd. (Industrials)(a)		5,304
	3,355	Larsen & Toubro Ltd. (Industrials)		85,598
	1,590	Laurus Labs Ltd. (Health Care)(a)		6,046
	1,083	Life Insurance Corp. of India (Financials)		7,577
	96	Linde India Ltd. (Materials)		4,322
	447	LTIMindtree Ltd. (Information Technology)(a)		25,533
	944	Lupin Ltd. (Health Care)		7,528
	539	Macrotech Developers Ltd. (Real Estate)*(a)		5,348
	5,139	Mahindra & Mahindra Ltd. (Consumer Discretionary)		78,924

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)
India – (continued)
	2,358	Marico Ltd. (Consumer Staples)*	$	14,031
	594	Maruti Suzuki India Ltd. (Consumer Discretionary)		61,969
	1,377	Max Financial Services Ltd. (Financials)*		11,534
	3,598	Max Healthcare Institute Ltd. (Health Care)*		18,545
	394	Mphasis Ltd. (Information Technology)		9,701
	15	MRF Ltd. (Consumer Discretionary)		15,470
	519	Muthoot Finance Ltd. (Financials)		6,106
	161	Nestle India Ltd. (Consumer Staples)		36,361
	12,613	NHPC Ltd. (Utilities)		5,973
	3,559	NMDC Ltd. (Materials)		4,783
	19,101	NTPC Ltd. (Utilities)		39,395
	576	Oberoi Realty Ltd. (Real Estate)		5,974
	13,097	Oil & Natural Gas Corp. Ltd. (Energy)		24,089
	465	One 97 Communications Ltd. (Information Technology)*		3,359
	95	Oracle Financial Services Software Ltd. (Information Technology)		3,642
	29	Page Industries Ltd. (Consumer Discretionary)		13,320
	339	Patanjali Foods Ltd. (Consumer Staples)		3,788
	833	PB Fintech Ltd. (Financials)*		5,625
	206	Persistent Systems Ltd. (Information Technology)		11,944
	3,394	Petronet LNG Ltd. (Energy)		9,137
	351	PI Industries Ltd. (Materials)		13,160
	681	Pidilite Industries Ltd. (Materials)		18,954
	571	Piramal Enterprises Ltd. (Financials)		5,323
	221	Polycab India Ltd. (Industrials)		8,238
	5,596	Power Finance Corp. Ltd. (Financials)		9,843
	14,650	Power Grid Corp. of India Ltd. (Utilities)		39,386
	9,935	Punjab National Bank (Financials)		5,811
	5,007	REC Ltd. (Financials)		6,923
	14,125	Reliance Industries Ltd. (Energy)		396,843
	9,445	Samvardhana Motherson International Ltd. (Consumer Discretionary)		9,100
	1,252	SBI Cards & Payment Services Ltd. (Financials)		11,366
	1,930	SBI Life Insurance Co. Ltd. (Financials)(a)		26,171
	196	Schaeffler India Ltd. (Industrials)		7,070
	48	Shree Cement Ltd. (Materials)		15,148
	1,272	Shriram Finance Ltd. (Financials)		18,516
	381	Siemens Ltd. (Industrials)		14,963
	118	Solar Industries India Ltd. (Materials)		5,595
	1,186	Sona Blw Precision Forgings Ltd. (Consumer Discretionary)(a)		6,429
	664	SRF Ltd. (Materials)		17,418
	8,697	State Bank of India (Financials)		55,001
	5,649	Steel Authority of India Ltd. (Materials)		5,655
	4,772	Sun Pharmaceutical Industries Ltd. (Health Care)		55,220
	486	Tata Communications Ltd. (Communication Services)		7,105
	4,240	Tata Consultancy Services Ltd. (Information Technology)		169,915
Common Stocks – (continued)
India – (continued)
	2,836	Tata Consumer Products Ltd. (Consumer Staples)	$	24,539
	172	Tata Elxsi Ltd. (Information Technology)		12,753
	7,755	Tata Motors Ltd. (Consumer Discretionary)*		39,466
	2,174	Tata Motors Ltd., Class A (Consumer Discretionary)*		5,782
	7,020	Tata Power Co. Ltd. (The) (Utilities)		17,200
	33,718	Tata Steel Ltd. (Materials)		42,399
	2,471	Tata Teleservices Maharashtra Ltd. (Communication Services)*		1,675
	2,605	Tech Mahindra Ltd. (Information Technology)		34,671
	1,789	Titan Co. Ltd. (Consumer Discretionary)		51,350
	474	Torrent Pharmaceuticals Ltd. (Health Care)		8,370
	889	Trent Ltd. (Consumer Discretionary)		13,745
	473	Tube Investments of India Ltd. (Consumer Discretionary)		15,859
	1,034	TVS Motor Co. Ltd. (Consumer Discretionary)		13,512
	529	UltraTech Cement Ltd. (Materials)		46,466
	346	United Breweries Ltd. (Consumer Staples)		6,056
	1,553	United Spirits Ltd. (Consumer Staples)*		13,913
	2,191	UPL Ltd. (Materials)		18,399
	1,027	Varun Beverages Ltd. (Consumer Staples)		16,160
	178	Vedant Fashions Ltd. (Consumer Discretionary)		2,592
	4,111	Vedanta Ltd. (Materials)		13,345
	1,040	Voltas Ltd. (Industrials)		11,222
	6,196	Wipro Ltd. (Information Technology)		29,010
	199	WNS Holdings Ltd. ADR (Information Technology)*		17,297
	91,338	Yes Bank Ltd. (Financials)*		19,280
	20,661	Zomato Ltd. (Consumer Discretionary)*		13,371
	881	Zydus Lifesciences Ltd. (Health Care)		4,964
				4,613,643
Indonesia – 2.1%
	67,632	Adaro Energy Indonesia Tbk PT (Energy)		13,260
	45,220	Adaro Minerals Indonesia Tbk PT (Materials)*		3,855
	40,631	Aneka Tambang Tbk (Materials)		5,302
	92,927	Astra International Tbk PT (Consumer Discretionary)		37,171
	76,157	Avia Avian Tbk PT (Materials)		3,121
	254,473	Bank Central Asia Tbk PT (Financials)		146,009
	30,588	Bank Jago Tbk PT (Financials)*		5,035
	85,704	Bank Mandiri Persero Tbk PT (Financials)		56,199
	36,056	Bank Negara Indonesia Persero Tbk PT (Financials)		20,747
	345,569	Bank Rakyat Indonesia Persero Tbk PT (Financials)		105,823
	125,565	Barito Pacific Tbk PT (Materials)		7,699
	253,952	Bukalapak.com PT Tbk (Consumer Discretionary)*		4,363

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, 2023 (Unaudited)

Shares			Description	Value
Common Stocks – (continued)
Indonesia – (continued)
	96,028		Chandra Asri Petrochemical Tbk PT (Materials)	$	14,546
	35,276		Charoen Pokphand Indonesia Tbk PT (Consumer Staples)		12,433
	90,519		Dayamitra Telekomunikasi PT (Communication Services)		4,096
	109,146		Elang Mahkota Teknologi Tbk PT (Communication Services)		6,799
	3,814,832		GoTo Gojek Tokopedia Tbk PT (Consumer Discretionary)*		29,518
	2,229		Gudang Garam Tbk PT (Consumer Staples)		3,654
	12,372		Indah Kiat Pulp & Paper Tbk PT (Materials)		6,429
	7,619		Indocement Tunggal Prakarsa Tbk PT (Materials)		5,558
	11,061		Indofood CBP Sukses Makmur Tbk PT (Consumer Staples)		7,344
	21,355		Indofood Sukses Makmur Tbk PT (Consumer Staples)		9,067
	6,364		Indosat Tbk PT (Communication Services)		2,848
	112,650		Kalbe Farma Tbk PT (Health Care)		15,586
	61,040		Merdeka Copper Gold Tbk PT (Materials)*		18,172
	93,717		Sarana Menara Nusantara Tbk PT (Communication Services)		6,453
	18,220		Semen Indonesia Persero Tbk PT (Materials)		8,632
	91,798		Sumber Alfaria Trijaya Tbk PT (Consumer Staples)		17,457
	229,591		Telkom Indonesia Persero Tbk PT (Communication Services)		58,414
	22,760	��	Tower Bersama Infrastructure Tbk PT (Communication Services)		3,119
	27,693		Unilever Indonesia Tbk PT (Consumer Staples)		7,591
	7,308		United Tractors Tbk PT (Energy)		13,370
	9,852		Vale Indonesia Tbk PT (Materials)*		4,409
					664,079
Kuwait – 0.9%
	7,088		Agility Public Warehousing Co. KSC (Industrials)		13,927
	5,719		Boubyan Bank KSCP (Financials)		14,256
	9,328		Gulf Bank KSCP (Financials)		9,209
	37,600		Kuwait Finance House KSCP (Financials)		104,996
	2,881		Mabanee Co KPSC (Real Estate)		7,378
	11,279		Mobile Telecommunications Co. KSCP (Communication Services)		20,544
	34,736		National Bank of Kuwait SAKP (Financials)		121,106
					291,416
Common Stocks – (continued)
Luxembourg – 0.0%
	721		Reinet Investments SCA (Financials)	$	14,258
Mexico – 2.4%
	23,472		Alfa SAB de CV, Class A (Industrials)		15,294
	62,028		America Movil SAB de CV, Series L (Communication Services)		64,245
	2,051		Arca Continental SAB de CV (Consumer Staples)		17,283
	8,560		Becle SAB de CV (Consumer Staples)		20,703
	74,021		Cemex SAB de CV, Series CPO (Materials)*		37,000
	2,441		Coca-Cola Femsa SAB de CV (Consumer Staples)		17,628
	1,002		El Puerto de Liverpool SAB de CV (Consumer Discretionary)		6,084
	13,838		Fibra Uno Administracion SA de CV REIT (Real Estate)		19,679
	10,527		Fomento Economico Mexicano SAB de CV (Consumer Staples)		97,004
	883		Gruma SAB de CV, Class B (Consumer Staples)		12,924
	1,797		Grupo Aeroportuario del Pacifico SAB de CV, Class B (Industrials)		34,123
	552		Grupo Aeroportuario del Sureste SAB de CV, Class B (Industrials)		15,809
	6,267		Grupo Bimbo SAB de CV, Series A (Consumer Staples)		29,702
	2,396		Grupo Carso SAB de CV, Series A1 (Industrials)		11,430
	234		Grupo Elektra SAB DE CV (Financials)(c)		12,314
	14,045		Grupo Financiero Banorte SAB de CV, Class O (Financials)		118,369
	8,060		Grupo Financiero Inbursa SAB de CV, Class O (Financials)*		16,701
	15,294		Grupo Mexico SAB de CV, Series B (Materials)		68,512
	11,306		Grupo Televisa SAB, Series CPO (Communication Services)		11,297
	608		Industrias Penoles SAB de CV (Materials)*		7,263
	7,851		Kimberly-Clark de Mexico SAB de CV, Class A (Consumer Staples)		15,728
	5,962		Operadora De Sites Mexicanos SAB de CV, Class A-1 (Communication Services)		6,081
	4,562		Orbia Advance Corp. SAB de CV (Materials)		9,512
	25,082		Wal-Mart de Mexico SAB de CV (Consumer Staples)		98,562
					763,247
Pakistan – 0.0%
	1,099		Lucky Cement Ltd. (Materials)*		1,749
	1,825		TRG Pakistan (Industrials)*		769
					2,518
Peru – 0.1%
	247		Credicorp Ltd. (Financials)		31,473

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)
Peru – (continued)
	196	InRetail Peru Corp. (Consumer Staples)(a)	$	6,664
	165	Intercorp Financial Services, Inc. (Financials)		3,932
				42,069
Philippines – 0.8%
	8,654	Aboitiz Equity Ventures, Inc. (Industrials)		8,443
	34,944	ACEN Corp. (Utilities)		4,003
	1,207	Ayala Corp. (Industrials)		13,629
	29,026	Ayala Land, Inc. (Real Estate)		14,946
	8,854	Bank of the Philippine Islands (Financials)		17,564
	10,325	BDO Unibank, Inc. (Financials)		23,019
	15,467	Emperador, Inc. (Consumer Staples)*		5,812
	194	Globe Telecom, Inc. (Communication Services)		6,221
	4,002	International Container Terminal Services, Inc. (Industrials)		14,446
	14,412	JG Summit Holdings, Inc. (Industrials)		12,837
	2,167	Jollibee Foods Corp. (Consumer Discretionary)		9,396
	1,222	Manila Electric Co. (Utilities)		7,016
	8,765	Metropolitan Bank & Trust Co. (Financials)		9,216
	35,145	Monde Nissin Corp. (Consumer Staples)(a)		7,658
	424	PLDT, Inc. (Communication Services)		9,844
	2,363	SM Investments Corp. (Industrials)		36,374
	52,535	SM Prime Holdings, Inc. (Real Estate)		32,318
	4,297	Universal Robina Corp. (Consumer Staples)		10,597
				243,339
Qatar – 1.0%
	19,719	Commercial Bank PSQC (The) (Financials)		33,300
	9,728	Industries Qatar QSC (Industrials)		37,184
	32,296	Masraf Al Rayan QSC (Financials)		23,944
	21,009	Mesaieed Petrochemical Holding Co. (Materials)		12,121
	4,769	Ooredoo QPSC (Communication Services)		12,048
	1,937	Qatar Electricity & Water Co. QSC (Utilities)		9,276
	3,889	Qatar Fuel QSC (Energy)		17,353
	13,134	Qatar Gas Transport Co. Ltd. (Energy)		13,164
	6,930	Qatar International Islamic Bank QSC (Financials)		19,962
	10,755	Qatar Islamic Bank (Financials)		54,930
	21,632	Qatar National Bank QPSC (Financials)		100,089
				333,371
Russia – 0.0%(b)
	12,708	Alrosa PJSC (Materials)*		—
	801	Gazprom Neft PJSC (Energy)		—
Common Stocks – (continued)
Russia – (continued)
	49,291	Gazprom PJSC (Energy)	$	—
	1,413	LUKOIL PJSC (Energy)		—
	263	MMC Norilsk Nickel PJSC (Materials)		—
	4,560	Mobile TeleSystems PJSC (Communication Services)		—
	3,099	Novatek PJSC (Energy)		—
	5,287	Novolipetsk Steel PJSC (Materials)*		—
	780	PIK Group PJSC (Consumer Discretionary)*		—
	1,389	Polymetal International PLC (Materials)*		—
	128	Polyus PJSC (Materials)*		—
	5,078	Rosneft Oil Co. PJSC (Energy)		—
	44,370	Sberbank of Russia PJSC (Financials)*		—
	969	Severstal PAO (Materials)*		—
	146,300	Surgutneftegas PJSC (Energy)		—
	6,047	Tatneft PJSC (Energy)		—
	6,503	United Co RUSAL International PJSC (Materials)		—
	1,289	Yandex NV, Class A (Communication Services)*		—
				��
Saudi Arabia – 4.9%
	651	ACWA Power Co. (Utilities)		24,183
	621	Advanced Petrochemical Co. (Materials)		7,993
	9,550	Al Rajhi Bank (Financials)*		178,904
	4,741	Alinma Bank (Financials)		37,206
	1,245	Almarai Co. JSC (Consumer Staples)		17,418
	3,594	Arab National Bank (Financials)		22,047
	117	Arabian Internet & Co.mmunications Services Co. (Information Technology)		7,720
	2,371	Bank AlBilad (Financials)*		22,524
	2,857	Banque Saudi Fransi (Financials)		24,895
	346	Bupa Arabia for Cooperative Insurance Co. (Financials)		14,254
	410	Dr Sulaiman Al Habib Medical Services Group Co. (Health Care)		25,326
	1,825	Etihad Etisalat Co. (Communication Services)		19,015
	284	Jarir Marketing Co. (Consumer Discretionary)		11,186
	231	Mouwasat Medical Services Co. (Health Care)		11,117
	2,041	Rabigh Refining & Petrochemical Co. (Energy)*		5,526
	7,112	Riyad Bank (Financials)		49,370
	1,128	SABIC Agri-Nutrients Co. (Materials)		40,159
	1,738	Sahara International Petrochemical Co. (Materials)		16,395
	3,935	Saudi Arabian Mining Co. (Materials)*		66,690
	62,528	Saudi Arabian Oil Co. (Energy)(a)		529,863
	4,378	Saudi Basic Industries Corp. (Materials)		103,248
	4,893	Saudi British Bank (The) (Financials)		43,224
	3,786	Saudi Electricity Co. (Utilities)		22,397
	1,826	Saudi Industrial Investment Group (Materials)		10,870

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, 2023 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Saudi Arabia – (continued)
	3,556	Saudi Kayan Petrochemical Co. (Materials)*	$	12,035
	10,691	Saudi National Bank (The) (Financials)		134,611
	8,770	Saudi Telecom Co. (Communication Services)		82,146
	1,266	Savola Group (The) (Consumer Staples)		9,176
	1,361	Yanbu National Petrochemical Co. (Materials)		15,232
				1,564,730
South Africa – 2.8%
	3,536	Absa Group Ltd. (Financials)		38,228
	396	African Rainbow Minerals Ltd. (Materials)		5,488
	204	Anglo American Platinum Ltd. (Materials)		11,305
	1,754	Aspen Pharmacare Holdings Ltd. (Health Care)		13,558
	1,638	Bid Corp. Ltd. (Consumer Staples)		35,890
	1,615	Bidvest Group Ltd. (The) (Industrials)		20,617
	304	Capitec Bank Holdings Ltd. (Financials)		29,057
	1,195	Clicks Group Ltd. (Consumer Staples)(c)		17,414
	1,744	Discovery Ltd. (Financials)*		14,227
	1,405	Exxaro Resources Ltd. (Energy)		15,394
	18,167	FirstRand Ltd. (Financials)		64,874
	3,766	Gold Fields Ltd. (Materials)		34,219
	796	Grindrod Ltd. (Industrials)		445
	4,135	Impala Platinum Holdings Ltd. (Materials)		38,635
	821	Investec Ltd. (Financials)		5,252
	238	Kumba Iron Ore Ltd. (Materials)		6,211
	6,703	MTN Group Ltd. (Communication Services)		52,879
	1,655	MultiChoice Group (Communication Services)		12,713
	1,068	Naspers Ltd., Class N (Consumer Discretionary)		189,501
	1,989	Nedbank Group Ltd. (Financials)		24,985
	1,557	Northam Platinum Holdings Ltd. (Materials)*		12,829
	24,028	Old Mutual Ltd. (Financials)		15,590
	3,028	OUTsurance Group Ltd. (Financials)		5,891
	6,726	Pepkor Holdings Ltd. (Consumer Discretionary)(a)		6,870
	2,595	Remgro Ltd. (Financials)		19,760
	8,200	Sanlam Ltd. (Financials)		26,727
	2,015	Sasol Ltd. (Materials)		29,676
	2,071	Shoprite Holdings Ltd. (Consumer Staples)		25,108
	13,460	Sibanye Stillwater Ltd. (Materials)		27,211
	5,135	Standard Bank Group Ltd. (Financials)		51,355
	4,084	Vodacom Group Ltd. (Communication Services)		28,191
	4,962	Woolworths Holdings Ltd. (Consumer Discretionary)		20,814
				900,914
Common Stocks – (continued)
South Korea – 10.7%
	172	Alteogen, Inc. (Health Care)*		4,894
	130	Amorepacific Corp. (Consumer Staples)		13,597
	163	AMOREPACIFIC Group (Consumer Staples)		4,927
	29	BGF retail Co. Ltd. (Consumer Staples)		3,960
	1,409	BNK Financial Group, Inc. (Financials)		7,134
	437	Celltrion Healthcare Co. Ltd. (Health Care)		17,998
	89	Celltrion Pharm, Inc. (Health Care)*		3,854
	461	Celltrion, Inc. (Health Care)		50,585
	270	Cheil Worldwide, Inc. (Communication Services)		4,081
	32	Chong Kun Dang Pharmaceutical Corp. (Health Care)		1,913
	21	Chunbo Co. Ltd. (Materials)		3,999
	29	CJ CheilJedang Corp. (Consumer Staples)		7,035
	63	CJ Corp. (Industrials)		4,137
	46	CJ ENM Co. Ltd. (Communication Services)*		3,222
	36	CJ Logistics Corp. (Industrials)		2,223
	236	Coway Co. Ltd. (Consumer Discretionary)		9,524
	98	CS Wind Corp. (Industrials)		4,955
	905	Daewoo Engineering & Construction Co. Ltd. (Industrials)*		2,944
	212	Daewoo Shipbuilding & Marine Engineering Co. Ltd. (Industrials)*		4,125
	154	DB HiTek Co. Ltd. (Information Technology)		5,272
	188	DB Insurance Co. Ltd. (Financials)		10,940
	121	DL E&C Co. Ltd. (Industrials)		3,018
	237	Dongsuh Cos., Inc. (Consumer Staples)		3,462
	216	Doosan Bobcat, Inc. (Industrials)		6,187
	30	Doosan Co. Ltd. (Industrials)		2,290
	1,918	Doosan Enerbility Co. Ltd. (Industrials)*		23,568
	198	Doosan Fuel Cell Co. Ltd. (Industrials)*		5,147
	90	Douzone Bizon Co. Ltd. (Information Technology)		2,340
	229	Ecopro BM Co. Ltd. (Industrials)		28,780
	92	Ecopro Co. Ltd. (Materials)		19,850
	83	E-MART, Inc. (Consumer Staples)		7,025
	74	F&F Co. Ltd. (Consumer Discretionary)		7,768
	193	Fila Holdings Corp. (Consumer Discretionary)		5,688
	23	Green Cross Corp. (Health Care)		2,082
	275	GS Engineering & Construction Corp. (Industrials)		4,624
	344	GS Holdings Corp. (Industrials)		10,568
	159	GS Retail Co. Ltd. (Consumer Staples)		3,467
	1,249	Hana Financial Group, Inc. (Financials)		42,852
	110	Hanjin Kal Corp. (Industrials)		3,724
	317	Hankook Tire & Technology Co. Ltd. (Consumer Discretionary)		8,912
	25	Hanmi Pharm Co. Ltd. (Health Care)*		4,893
	144	Hanmi Science Co. Ltd. (Health Care)*		3,542

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)
	650	Hanon Systems (Consumer Discretionary)	$	4,436
	38	Hansol Chemical Co. Ltd. (Materials)		5,873
	33	Hanssem Co. Ltd. (Consumer Discretionary)		1,118
	131	Hanwha Aerospace Co. Ltd. (Industrials)		8,910
	158	Hanwha Corp. (Industrials)		3,218
	1,672	Hanwha Life Insurance Co. Ltd. (Financials)*		3,759
	465	Hanwha Solutions Corp. (Materials)*		14,619
	257	Hanwha Systems Co. Ltd. (Industrials)		2,402
	193	HD Hyundai Co. Ltd. (Energy)		8,664
	123	Hite Jinro Co. Ltd. (Consumer Staples)*		2,222
	116	HL Mando Co. Ltd. (Consumer Discretionary)		4,160
	529	HLB, Inc. (Health Care)*		12,913
	1,207	HMM Co. Ltd. (Industrials)*		20,569
	155	Hotel Shilla Co. Ltd. (Consumer Discretionary)		9,394
	36	Hugel, Inc. (Health Care)*		3,512
	59	HYBE Co. Ltd. (Communication Services)*		8,253
	11	Hyosung Advanced Materials Corp. (Materials)		3,417
	8	Hyosung TNC Corp. (Materials)		2,766
	24	Hyundai Autoever Corp. (Information Technology)		2,060
	60	Hyundai Department Store Co. Ltd. (Consumer Discretionary)		2,462
	454	Hyundai Doosan Infracore Co. Ltd. (Industrials)		2,930
	117	Hyundai Elevator Co. Ltd. (Industrials)*		2,454
	299	Hyundai Engineering & Construction Co. Ltd. (Industrials)		8,225
	72	Hyundai Glovis Co. Ltd. (Industrials)		8,630
	45	Hyundai Heavy Industries Co. Ltd. (Industrials)		3,618
	233	Hyundai Marine & Fire Insurance Co. Ltd. (Financials)		6,198
	89	Hyundai Mipo Dockyard Co. Ltd. (Industrials)		4,722
	260	Hyundai Mobis Co. Ltd. (Consumer Discretionary)		41,753
	560	Hyundai Motor Co. (Consumer Discretionary)		74,610
	323	Hyundai Rotem Co. Ltd. (Industrials)*		6,090
	359	Hyundai Steel Co. (Materials)		9,496
	92	Iljin Materials Co. Ltd. (Information Technology)*		4,422
	1,366	Industrial Bank of Korea (Financials)		10,715
	1,324	Kakao Corp. (Communication Services)		62,435
	172	Kakao Games Corp. (Communication Services)*		6,389
	752	KakaoBank Corp. (Financials)*		15,145
	103	Kakaopay Corp. (Information Technology)*		4,880
Common Stocks – (continued)
South Korea – (continued)
	561	Kangwon Land, Inc. (Consumer Discretionary)*		8,564
	1,510	KB Financial Group, Inc. (Financials)		58,540
	18	KCC Corp. (Materials)		3,339
	49	KEPCO Engineering & Construction Co., Inc. (Industrials)*		2,340
	81	KEPCO Plant Service & Engineering Co. Ltd. (Industrials)*		1,983
	1,060	Kia Corp. (Consumer Discretionary)		60,320
	61	KIWOOM Securities Co. Ltd. (Financials)*		4,757
	128	KMW Co. Ltd. (Information Technology)*		2,438
	293	Korea Aerospace Industries Ltd. (Industrials)*		9,986
	1,259	Korea Electric Power Corp. (Utilities)(c)		17,174
	135	Korea Gas Corp. (Utilities)*		2,862
	171	Korea Investment Holdings Co. Ltd. (Financials)*		8,012
	189	Korea Shipbuilding & Offshore Engineering Co. Ltd. (Industrials)		11,612
	48	Korea Zinc Co. Ltd. (Materials)		21,184
	880	Korean Air Lines Co. Ltd. (Industrials)		15,129
	129	Krafton, Inc. (Communication Services)*		16,553
	316	KT Corp. (Communication Services)		7,272
	466	KT&G Corp. (Consumer Staples)		31,237
	74	Kumho Petrochemical Co. Ltd. (Materials)*		8,797
	110	L&F Co. Ltd. (Information Technology)		21,780
	45	LEENO Industrial, Inc. (Information Technology)		5,519
	204	LG Chem Ltd. (Materials)		104,833
	488	LG Corp. (Industrials)		30,351
	972	LG Display Co. Ltd. (Information Technology)		11,231
	462	LG Electronics, Inc. (Consumer Discretionary)		38,824
	110	LG Energy Solution Ltd. (Industrials)*		43,476
	40	LG H&H Co. Ltd. (Consumer Staples)		20,193
	57	LG Innotek Co. Ltd. (Information Technology)		11,932
	1,049	LG Uplus Corp. (Communication Services)		8,776
	78	Lotte Chemical Corp. (Materials)		10,504
	145	Lotte Corp. (Industrials)		3,359
	48	Lotte Shopping Co. Ltd. (Consumer Discretionary)		3,156
	84	LS Corp. (Industrials)		4,279
	225	Meritz Financial Group, Inc. (Financials)		7,652
	901	Meritz Securities Co. Ltd. (Financials)		4,780
	1,000	Mirae Asset Securities Co. Ltd. (Financials)		5,403
	627	NAVER Corp. (Communication Services)		98,794
	60	NCSoft Corp. (Communication Services)		19,701
	82	Netmarble Corp. (Communication Services)*(a)		3,830

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, 2023 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
South Korea – (continued)
	725	NH Investment & Securities Co. Ltd. (Financials)*	$	5,205
	12	NongShim Co. Ltd. (Consumer Staples)		3,319
	84	OCI Co. Ltd. (Materials)		5,764
	96	Orion Corp. (Consumer Staples)		9,069
	998	Pan Ocean Co. Ltd. (Industrials)		4,774
	119	Pearl Abyss Corp. (Communication Services)*		4,033
	121	POSCO Chemical Co. Ltd. (Materials)		20,209
	288	POSCO Holdings, Inc. (Materials)		69,211
	174	Posco International Corp. (Industrials)		2,972
	83	S-1 Corp. (Industrials)		3,538
	85	Samsung Biologics Co. Ltd. (Health Care)*(a)		49,654
	357	Samsung C&T Corp. (Industrials)		29,704
	114	Samsung Card Co. Ltd. (Financials)		2,645
	238	Samsung Electro-Mechanics Co. Ltd. (Information Technology)		25,900
	23,116	Samsung Electronics Co. Ltd. (Information Technology)		1,058,628
	687	Samsung Engineering Co. Ltd. (Industrials)*		13,628
	138	Samsung Fire & Marine Insurance Co. Ltd. (Financials)		22,370
	3,027	Samsung Heavy Industries Co. Ltd. (Industrials)*		12,581
	323	Samsung Life Insurance Co. Ltd. (Financials)		16,623
	226	Samsung SDI Co. Ltd. (Information Technology)		118,871
	154	Samsung SDS Co. Ltd. (Information Technology)		14,582
	257	Samsung Securities Co. Ltd. (Financials)		6,506
	172	SD Biosensor, Inc. (Health Care)		2,990
	196	Seegene, Inc. (Health Care)		3,614
	190	Shin Poong Pharmaceutical Co. Ltd. (Health Care)*		2,784
	2,148	Shinhan Financial Group Co. Ltd. (Financials)		63,064
	28	Shinsegae, Inc. (Consumer Discretionary)		4,317
	114	SK Biopharmaceuticals Co. Ltd. (Health Care)*		5,746
	84	SK Bioscience Co. Ltd. (Health Care)*		4,425
	46	SK Chemicals Co. Ltd. (Materials)		2,722
	2,331	SK Hynix, Inc. (Information Technology)		157,485
	91	SK IE Technology Co. Ltd. (Materials)*(a)		4,498
	218	SK Innovation Co. Ltd. (Energy)*		24,746
	468	SK Networks Co. Ltd. (Industrials)		1,455
	420	SK Square Co. Ltd. (Information Technology)*		12,172
	261	SK Telecom Co. Ltd. (Communication Services)		8,905
	152	SK, Inc. (Industrials)		20,516
	81	SKC Co. Ltd. (Materials)		5,999
	164	S-Oil Corp. (Energy)		10,002
Common Stocks – (continued)
South Korea – (continued)
	63	Solus Advanced Materials Co. Ltd. (Information Technology)		2,340
	21	Soulbrain Co. Ltd. (Materials)		3,714
	406	SSANGYONG C&E Co. Ltd. (Materials)		1,780
	57	Studio Dragon Corp. (Communication Services)*		3,291
	83	Wemade Co. Ltd. (Communication Services)		3,349
	149	WONIK IPS Co. Ltd. (Information Technology)		3,496
	2,592	Woori Financial Group, Inc. (Financials)		23,898
	203	Yuhan Corp. (Health Care)		8,085
				3,404,196
Taiwan – 15.2%
	2,270	Accton Technology Corp. (Information Technology)		21,084
	13,992	Acer, Inc. (Information Technology)		11,641
	1,949	Advantech Co. Ltd. (Information Technology)		22,836
	17,480	ASE Technology Holding Co. Ltd. (Information Technology)		60,811
	10,734	Asia Cement Corp. (Materials)		15,765
	139	ASMedia Technology, Inc. (Information Technology)		4,521
	128	ASPEED Technology, Inc. (Information Technology)		11,742
	3,089	Asustek Computer, Inc. (Information Technology)		28,184
	30,651	AUO Corp. (Information Technology)		18,711
	3,021	Catcher Technology Co. Ltd. (Information Technology)		18,293
	40,564	Cathay Financial Holding Co. Ltd. (Financials)		57,845
	7,094	Chailease Holding Co. Ltd. (Financials)		52,502
	29,658	Chang Hwa Commercial Bank Ltd. (Financials)		16,985
	7,242	Cheng Shin Rubber Industry Co. Ltd. (Consumer Discretionary)		8,141
	2,955	Chicony Electronics Co. Ltd. (Information Technology)		8,922
	13,373	China Airlines Ltd. (Industrials)		8,910
	78,787	China Development Financial Holding Corp. (Financials)		34,132
	54,860	China Steel Corp. (Materials)		56,535
	1,790	Chroma ATE, Inc. (Information Technology)		10,839
	18,520	Chunghwa Telecom Co. Ltd. (Communication Services)		70,203
	20,097	Compal Electronics, Inc. (Information Technology)		15,929
	88,291	CTBC Financial Holding Co. Ltd. (Financials)		65,922
	9,010	Delta Electronics, Inc. (Information Technology)		84,720
	3,962	E Ink Holdings, Inc. (Information Technology)		25,291

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)
	913	Eclat Textile Co. Ltd. (Consumer Discretionary)	$	14,398
	308	eMemory Technology, Inc. (Information Technology)		18,903
	61,585	E.Sun Financial Holding Co. Ltd. (Financials)		50,429
	12,446	Eva Airways Corp. (Industrials)		11,560
	4,930	Evergreen Marine Corp. Taiwan Ltd. (Industrials)		25,403
	14,589	Far Eastern New Century Corp. (Industrials)		15,537
	7,779	Far EasTone Telecommunications Co. Ltd. (Communication Services)		17,616
	2,040	Feng TAY Enterprise Co. Ltd. (Consumer Discretionary)		12,386
	50,348	First Financial Holding Co. Ltd. (Financials)		44,284
	16,020	Formosa Chemicals & Fibre Corp. (Materials)		37,435
	5,532	Formosa Petrochemical Corp. (Energy)		15,451
	22,691	Formosa Plastics Corp. (Materials)		67,694
	313	Formosa Sumco Technology Corp. (Information Technology)		1,551
	3,646	Formosa Taffeta Co. Ltd. (Consumer Discretionary)		3,315
	4,423	Foxconn Technology Co. Ltd. (Information Technology)		8,056
	34,254	Fubon Financial Holding Co. Ltd. (Financials)		67,452
	1,337	Giant Manufacturing Co. Ltd. (Consumer Discretionary)		8,930
	986	Globalwafers Co. Ltd. (Information Technology)		16,568
	6,608	Highwealth Construction Corp. (Real Estate)		9,195
	1,350	Hiwin Technologies Corp. (Industrials)		11,121
	55,617	Hon Hai Precision Industry Co. Ltd. (Information Technology)		184,359
	1,351	Hotai Motor Co. Ltd. (Consumer Discretionary)		27,357
	47,233	Hua Nan Financial Holdings Co. Ltd. (Financials)		35,421
	42,459	Innolux Corp. (Information Technology)		20,484
	12,262	Inventec Corp. (Information Technology)		10,705
	426	Largan Precision Co. Ltd. (Information Technology)		30,828
	9,986	Lite-On Technology Corp. (Information Technology)		22,778
	333	Lotes Co. Ltd. (Information Technology)		9,410
	8,504	Macronix International Co. Ltd. (Information Technology)		9,615
	7,092	MediaTek, Inc. (Information Technology)		168,284
	50,208	Mega Financial Holding Co. Ltd. (Financials)		54,872
	1,002	Merida Industry Co. Ltd. (Consumer Discretionary)		5,919
Common Stocks – (continued)
Taiwan – (continued)
	3,244	Micro-Star International Co. Ltd. (Information Technology)		14,586
	327	momo.com, Inc. (Consumer Discretionary)		8,521
	22,972	Nan Ya Plastics Corp. (Materials)		56,997
	834	Nan Ya Printed Circuit Board Corp. (Information Technology)		6,432
	5,441	Nanya Technology Corp. (Information Technology)		10,429
	680	Nien Made Enterprise Co. Ltd. (Consumer Discretionary)		7,275
	2,605	Novatek Microelectronics Corp. (Information Technology)		34,839
	1,198	Oneness Biotech Co. Ltd. (Health Care)*		10,301
	7,956	Pegatron Corp. (Information Technology)		17,756
	1,069	PharmaEssentia Corp. (Health Care)*		17,682
	803	Phison Electronics Corp. (Information Technology)		9,250
	1,390	Polaris Group/Tw (Health Care)*		4,521
	10,986	Pou Chen Corp. (Consumer Discretionary)		12,115
	14,131	Powerchip Semiconductor Manufacturing Corp. (Information Technology)		15,444
	3,114	Powertech Technology, Inc. (Information Technology)		9,004
	2,571	President Chain Store Corp. (Consumer Staples)		22,529
	12,750	Quanta Computer, Inc. (Information Technology)		33,518
	2,117	Realtek Semiconductor Corp. (Information Technology)		26,402
	8,638	Ruentex Development Co. Ltd. (Real Estate)		12,601
	3,438	Ruentex Industries Ltd. (Consumer Discretionary)		7,628
	21,122	Shanghai Commercial & Savings Bank Ltd. (The) (Financials)		33,032
	64,149	Shin Kong Financial Holding Co. Ltd. (Financials)		18,717
	160	Silicon Motion Technology Corp. ADR (Information Technology)		10,755
	2,461	Sino-American Silicon Products, Inc. (Information Technology)		12,842
	48,417	SinoPac Financial Holdings Co. Ltd. (Financials)		27,331
	2,564	Standard Foods Corp. (Consumer Staples)		3,522
	6,140	Synnex Technology International Corp. (Information Technology)		12,595
	7,991	TA Chen Stainless Pipe (Materials)		11,408
	52,694	Taishin Financial Holding Co. Ltd. (Financials)		28,449
	28,197	Taiwan Business Bank (Financials)		13,326
	30,183	Taiwan Cement Corp. (Materials)		38,782
	45,490	Taiwan Cooperative Financial Holding Co. Ltd. (Financials)		39,788

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, 2023 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Taiwan – (continued)
	3,645	Taiwan Fertilizer Co. Ltd. (Materials)	$	6,879
	10,626	Taiwan High Speed Rail Corp. (Industrials)		10,253
	8,402	Taiwan Mobile Co. Ltd. (Communication Services)		26,638
	118,698	Taiwan Semiconductor Manufacturing Co. Ltd. (Information Technology)		1,990,669
	9,811	Tatung Co. Ltd. (Industrials)*		10,787
	7,665	Teco Electric and Machinery Co. Ltd. (Industrials)		7,736
	2,223	Tripod Technology Corp. (Information Technology)		7,661
	5,640	Unimicron Technology Corp. (Information Technology)		23,693
	22,922	Uni-President Enterprises Corp. (Consumer Staples)		50,780
	57,577	United Microelectronics Corp. (Information Technology)*		94,388
	4,357	Vanguard International Semiconductor Corp. (Information Technology)		13,227
	1,483	VisEra Technologies Co. Ltd. (Information Technology)		11,340
	309	Voltronic Power Technology Corp. (Industrials)		16,277
	14,268	Walsin Lihwa Corp. (Industrials)		26,504
	1,518	Walsin Technology Corp. (Information Technology)		5,007
	3,430	Wan Hai Lines Ltd. (Industrials)		8,961
	1,571	Win Semiconductors Corp. (Information Technology)		8,765
	13,273	Winbond Electronics Corp. (Information Technology)		10,041
	12,927	Wistron Corp. (Information Technology)		14,064
	387	Wiwynn Corp. (Information Technology)		12,307
	7,512	WPG Holdings Ltd. (Information Technology)		12,154
	1,578	Yageo Corp. (Information Technology)		27,863
	8,562	Yang Ming Marine Transport Corp. (Industrials)		18,153
	57,010	Yuanta Financial Holding Co. Ltd. (Financials)		42,566
	2,383	Yulon Motor Co. Ltd. (Consumer Discretionary)		6,358
	2,978	Zhen Ding Technology Holding Ltd. (Information Technology)		10,947
				4,830,175
Thailand – 2.3%
	4,900	Advanced Info Service PCL NVDR (Communication Services)		28,007
	19,730	Airports of Thailand PCL NVDR (Industrials)*		40,614
	39,237	Asset World Corp. PCL NVDR (Consumer Discretionary)		6,550
	4,264	B Grimm Power PCL NVDR (Utilities)		4,705
	4,783	Bangkok Bank PCL NVDR (Financials)		22,128
Common Stocks – (continued)
Thailand – (continued)
	8,481	Bangkok Commercial Asset Management PCL NVDR (Financials)		3,552
	28,766	Bangkok Dusit Medical Services PCL NVDR (Health Care)		22,791
	41,225	Bangkok Expressway & Metro PCL NVDR (Industrials)		10,790
	2,450	Bangkok Life Assurance PCL NVDR (Financials)		2,201
	19,640	Banpu PCL NVDR (Energy)		6,057
	4,769	Berli Jucker PCL NVDR (Consumer Staples)		5,195
	6,604	Beyond Securities PCL NVDR (Financials)*		2,018
	37,715	BTS Group Holdings PCL NVDR (Industrials)		8,591
	2,527	Bumrungrad Hospital PCL NVDR (Health Care)		15,087
	1,716	Carabao Group PCL NVDR (Consumer Staples)		4,904
	8,066	Central Pattana PCL NVDR (Real Estate)		16,033
	15,515	Central Retail Corp. PCL NVDR (Consumer Discretionary)		19,645
	17,397	Charoen Pokphand Foods PCL NVDR (Consumer Staples)		10,928
	3,951	Com7 PCL NVDR (Consumer Discretionary)		3,410
	22,582	CP ALL PCL NVDR (Consumer Staples)		39,616
	1,052	Electricity Generating PCL NVDR (Utilities)		5,090
	7,122	Energy Absolute PCL NVDR (Utilities)		15,769
	176	Fabrinet (Information Technology)*		21,449
	3,151	Global Power Synergy PCL NVDR (Utilities)		6,063
	20,546	Gulf Energy Development PCL NVDR (Utilities)		30,521
	24,011	Home Product Center PCL NVDR (Consumer Discretionary)		9,512
	9,794	Indorama Ventures PCL NVDR (Materials)		10,184
	4,901	Intouch Holdings PCL NVDR (Communication Services)		9,811
	49,747	IRPC PCL NVDR (Energy)		4,026
	1,022	Jasmine Technology Solution PCL NVDR (Information Technology)*		1,193
	2,800	Jay Mart PCL NVDR (Information Technology)		2,238
	3,490	JMT Network Services PCL NVDR (Financials)		4,592
	7,834	Kasikornbank PCL NVDR (Financials)		30,368
	3,122	KCE Electronics PCL NVDR (Information Technology)		4,108
	21,675	Krung Thai Bank PCL NVDR (Financials)		10,610
	5,107	Krungthai Card PCL NVDR (Financials)		8,490
	28,543	Land & Houses PCL NVDR (Real Estate)		7,915

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)
Thailand – (continued)
	14,903	Minor International PCL NVDR (Consumer Discretionary)*	$	14,127
	3,320	Muangthai Capital PCL NVDR (Financials)		3,288
	5,461	Ngern Tid Lor PCL NVDR (Financials)		3,863
	7,268	Osotspa PCL NVDR (Consumer Staples)		6,632
	49,626	PSG Corp. PCL NVDR (Industrials)*		1,657
	6,277	PTT Exploration & Production PCL NVDR (Energy)		26,642
	9,947	PTT Global Chemical PCL NVDR (Materials)		13,299
	13,419	PTT Oil & Retail Business PCL NVDR (Consumer Discretionary)		8,315
	49,016	PTT PCL NVDR (Energy)		44,035
	1,325	Ramkhamhaeng Hospital PCL NVDR (Health Care)		2,099
	3,370	Ratch Group PCL NVDR (Utilities)		3,886
	5,081	SCB X PCL NVDR (Financials)		14,952
	5,775	SCG Packaging PCL NVDR (Materials)		8,497
	1,978	Siam Cement PCL (The) NVDR (Materials)		18,302
	6,235	Siam Global House PCL NVDR (Consumer Discretionary)		3,264
	7,781	Siam Makro PCL NVDR (Consumer Staples)		8,862
	3,905	Srisawad Corp. PCL NVDR (Financials)		5,967
	15,917	STARK Corp. PCL NVDR (Industrials)*		1,072
	35,867	Thai Beverage PCL (Consumer Staples)		17,052
	19,198	Thai Life Insurance PCL NVDR (Financials)*		7,388
	5,992	Thai Oil PCL NVDR (Energy)		8,562
	12,671	Thai Union Group PCL NVDR (Consumer Staples)		5,701
	1,702	Thonburi Healthcare Group PCL NVDR (Health Care)		3,359
	2,289	Tisco Financial Group PCL NVDR (Financials)		6,671
	200,954	TMBThanachart Bank PCL NVDR (Financials)		7,961
	2,701	TOA Paint Thailand PCL NVDR (Materials)		2,484
	1,883	Total Access Communication PCL NVDR (Communication Services)		2,784
	96,273	True Corp. PCL NVDR (Communication Services)		13,893
	28,561	VGI PCL NVDR (Communication Services)		3,524
				722,899
Turkey – 1.1%
	612	AG Anadolu Grubu Holding AS (Industrials)		2,867
	15,111	Akbank TAS (Financials)		14,007
	618	Aksa Akrilik Kimya Sanayii AS (Consumer Discretionary)		2,998
	925	Aksa Enerji Uretim AS (Utilities)		1,770
Common Stocks – (continued)
Turkey – (continued)
	635	Alarko Holding AS (Industrials)		2,654
	951	Anadolu Efes Biracilik Ve Malt Sanayii AS (Consumer Staples)		2,806
	12	Anadolu Isuzu Otomotiv Sanayi Ve Ticaret AS, Class C (Industrials)		109
	872	Arcelik AS (Consumer Discretionary)		5,515
	2,867	Aselsan Elektronik Sanayi Ve Ticaret AS (Industrials)		8,383
	682	Aydem Yenilenebilir Enerji AS (Utilities)*		601
	352	Aygaz AS (Utilities)		1,443
	381	Baskent Dogalgaz Dagitim Gayrimenkul Yatirim Ortakligi AS (Utilities)		327
	3,092	Bera Holding AS (Industrials)		1,936
	2,200	BIM Birlesik Magazalar AS (Consumer Staples)		15,883
	126	Borusan Mannesmann Boru Sanayi ve Ticaret AS (Materials)*		550
	32	Borusan Yatirim ve Pazarlama AS (Financials)		1,453
	232	Brisa Bridgestone Sabanci Sanayi ve Ticaret AS (Consumer Discretionary)		721
	390	Can2 Termik AS (Utilities)*		1,375
	12	Celebi Hava Servisi AS (Industrials)		334
	259	Cimsa Cimento Sanayi VE Ticaret AS (Materials)		1,708
	338	Coca-Cola Icecek AS (Consumer Staples)		3,420
	186	Deva Holding AS (Health Care)		481
	4,573	Dogan Sirketler Grubu Holding AS (Consumer Discretionary)		2,270
	58	Dogu Aras Enerji Yatirimlari AS (Utilities)		473
	170	Dogus Otomotiv Servis ve Ticaret AS (Consumer Discretionary)		1,520
	87	Eczacibasi Yatirim Holding Ortakligi AS (Industrials)		597
	6	EGE Endustri VE Ticaret AS (Consumer Discretionary)		1,766
	710	EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret AS (Consumer Staples)		1,045
	9,379	Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT (Real Estate)		4,168
	1,151	Enerjisa Enerji AS (Utilities)(a)		1,959
	8,745	Enka Insaat ve Sanayi AS (Industrials)		15,156
	8,232	Eregli Demir ve Celik Fabrikalari TAS (Materials)		19,229
	158	Fenerbahce Futbol AS (Communication Services)*		446
	308	Ford Otomotiv Sanayi AS (Consumer Discretionary)		8,991
	422	GEN Ilac VE Saglik Urunleri Sanayi VE Ticaret AS (Health Care)		1,168
	153	Girisim Elektrik Taahhut Ticaret Ve Sanayi AS (Industrials)*		2,031
	249	Gubre Fabrikalari TAS (Materials)*		3,056

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, 2023 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Turkey – (continued)
	6,445	Haci Omer Sabanci Holding AS (Financials)	$	14,878
	5,076	Hektas Ticaret TAS (Materials)*		9,561
	2,254	Is Gayrimenkul Yatirim Ortakligi AS REIT (Real Estate)*		1,239
	638	Is Yatirim Menkul Degerler AS (Financials)		1,690
	2,699	Izmir Demir Celik Sanayi AS (Materials)*		885
	105	Jantsa Jant Sanayi Ve Ticaret AS (Industrials)		597
	1,087	Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class A (Materials)		1,179
	196	Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class B (Materials)		210
	3,632	Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D (Materials)		4,336
	85	Kartonsan Karton Sanayi ve Ticaret AS (Materials)		366
	435	Kiler Holding AS (Industrials)*		477
	156	Kizilbuk Gayrimenkul Yatirim Ortakligi AS (Real Estate)*		187
	2,403	KOC Holding AS (Industrials)		9,871
	329	Kontrolmatik Enerji Ve Muhendislik AS (Industrials)		2,806
	4	Konya Cimento Sanayii AS (Materials)*		750
	311	Kordsa Teknik Tekstil AS (Consumer Discretionary)		1,348
	4,683	Koza Altin Isletmeleri AS (Materials)		6,067
	903	Koza Anadolu Metal Madencilik Isletmeleri AS (Materials)*		2,183
	365	Logo Yazilim Sanayi Ve Ticaret AS (Information Technology)		1,048
	468	Migros Ticaret AS (Consumer Staples)*		3,585
	369	MLP Saglik Hizmetleri AS (Health Care)*(a)		1,514
	5,410	ODAS Elektrik Uretim ve Sanayi Ticaret AS (Utilities)*		2,155
	41	Otokar Otomotiv Ve Savunma Sanayi A.S. (Industrials)		2,065
	1,489	Oyak Cimento Fabrikalari AS (Materials)*		3,999
	439	Oyak Yatirim Menkul Degerler AS (Financials)		902
	204	Pegasus Hava Tasimaciligi AS (Industrials)*		5,488
	747	Penta Teknoloji Urunleri Dagitim Ticaret AS (Information Technology)*		1,551
	4,972	Petkim Petrokimya Holding AS (Materials)*		4,429
	277	Qua Granite Hayal (Industrials)*		1,096
	1,544	Sarkuysan Elektrolitik Bakir Sanayi ve Ticaret AS (Industrials)		2,736
	2,175	Sasa Polyester Sanayi AS (Materials)*		12,673
	573	Selcuk Ecza Deposu Ticaret ve Sanayi A.S. (Health Care)		1,189
Common Stocks – (continued)
Turkey – (continued)
	2,934	Sinpas Gayrimenkul Yatirim Ortakligi AS REIT (Real Estate)*		482
	372	Smart Gunes Enerjisi Teknolojileri ArGE Uretim Sanayi ve Ticaret AS (Information Technology)*		1,545
	1,266	Sok Marketler Ticaret AS (Consumer Staples)*		1,713
	849	TAV Havalimanlari Holding AS (Industrials)*		3,371
	892	Tekfen Holding AS (Industrials)		1,701
	597	Tofas Turk Otomobil Fabrikasi AS (Consumer Discretionary)		5,420
	879	Torunlar Gayrimenkul Yatirim Ortakligi AS REIT (Real Estate)*		721
	3,421	Turk Hava Yollari AO (Industrials)*		26,021
	150	Turk Prysmian Kablo ve Sistemleri AS (Industrials)		239
	2,446	Turk Telekomunikasyon AS (Communication Services)		2,332
	65	Turk Traktor ve Ziraat Makineleri AS (Industrials)		1,949
	5,788	Turkcell Iletisim Hizmetleri AS (Communication Services)		9,786
	3,018	Turkiye Halk Bankasi AS (Financials)*		1,842
	16,855	Turkiye Is Bankasi AS, Class C (Financials)		10,142
	721	Turkiye Petrol Rafinerileri AS (Energy)*		22,651
	1,004	Turkiye Sigorta AS (Financials)		527
	4,986	Turkiye Sinai Kalkinma Bankasi AS (Financials)*		1,048
	6,403	Turkiye Sise ve Cam Fabrikalari AS (Industrials)		16,008
	5,551	Turkiye Vakiflar Bankasi TAO, Class D (Financials)*		2,837
	880	Ulker Biskuvi Sanayi AS (Consumer Staples)*		1,435
	133	Verusa Holding AS (Financials)		772
	1,245	Vestel Beyaz Esya Sanayi ve Ticaret AS (Consumer Discretionary)		814
	439	Vestel Elektronik Sanayi ve Ticaret AS (Consumer Discretionary)*		1,302
	12,869	Yapi ve Kredi Bankasi AS (Financials)		6,823
	346	Yayla Agro Gida Sanayi VE Nakliyat AS (Consumer Staples)*		588
	4,361	Ziraat Gayrimenkul Yatirim Ortakligi AS (Real Estate)		1,162
	2,751	Zorlu Enerji Elektrik Uretim AS (Utilities)*		755
				362,262
United Arab Emirates – 2.5%
	13,556	Abu Dhabi Commercial Bank PJSC (Financials)		30,929
	7,669	Abu Dhabi National Energy Co. PJSC (Utilities)		7,037

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

GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF

Shares		Description	Value
Common Stocks – (continued)
United Arab Emirates – (continued)
	14,099	Abu Dhabi National Oil Co. for Distribution PJSC (Consumer Discretionary)	$	16,583
	8,632	ADNOC Drilling Co. PJSC (Energy)		7,779
	17,376	Aldar Properties PJSC (Real Estate)		22,235
	6,753	Alpha Dhabi Holding PJSC (Industrials)*		39,494
	14,841	Borouge PLC (Materials)		10,304
	43,850	Dubai Electricity & Water Authority PJSC (Utilities)		28,415
	14,205	Dubai Islamic Bank PJSC (Financials)		22,200
	33,581	Emaar Properties PJSC (Real Estate)		51,201
	11,976	Emirates NBD Bank PJSC (Financials)		44,345
	16,949	Emirates Telecommunications Group Co. PJSC (Communication Services)		117,674
	21,531	First Abu Dhabi Bank PJSC (Financials)		82,540
	2,817	International Holding Co. PJSC (Industrials)*		303,034
				783,770
United States – 0.0%
	3,399	JBS SA (Consumer Staples)		12,494
	TOTAL COMMON STOCKS
	(Cost $28,885,534)		$	30,869,753

Shares	Description	Rate			Value
Preferred Stocks – 2.1%
Brazil – 1.2%
1,182	Alpargatas SA (Consumer Discretionary)*		2.09	%	$	2,135
25,279	Banco Bradesco SA (Financials)		7.83			63,334
1,237	Bradespar SA (Materials)		11.30			6,554
943	Braskem SA, Class A (Materials)		8.06			3,634
1,183	Centrais Eletricas Brasileiras SA, Class B (Utilities)		4.58			8,151
6,989	Cia Energetica de Minas Gerais (Utilities)		13.12			14,030
5,325	Gerdau SA (Materials)		12.13			29,202
23,485	Itau Unibanco Holding SA (Financials)		4.13			114,395
25,168	Itausa SA (Financials)		6.04			39,675
22,244	Petroleo Brasileiro SA (Energy)		42.48			107,541
4,737	Raizen SA (Energy)		5.12			2,794
2,397	Usinas Siderurgicas de Minas Gerais SA Usiminas (Materials)		8.82			3,136
						394,581
Chile – 0.2%
696	Sociedad Quimica y Minera de Chile SA, Class B (Materials)		9.59			61,870
Preferred Stocks – (continued)
Colombia – 0.1%
2,217	Bancolombia SA (Financials)		10.16	%		14,112
Russia – 0.0%(b)
4,252	Sberbank of Russia PJSC (Financials)*		0.00			—
31,665	Surgutneftegas PJSC (Energy)		17.05			—
640	Tatneft PJSC (Energy)		11.81			—
						—
South Korea – 0.6%
174	Hyundai Motor Co. (Consumer Discretionary)		7.63			12,373
109	Hyundai Motor Co. (Consumer Discretionary)		7.67			7,595
38	LG Chem Ltd. (Materials)		3.32			8,443
90	LG Electronics, Inc. (Consumer Discretionary)		1.59			3,231
4,009	Samsung Electronics Co. Ltd. (Information Technology)		2.69			161,784
						193,426
TOTAL PREFERRED STOCKS
(Cost $674,411)					$	663,989

Units	Description	Expiration Month		Value
Right – 0.0%
Taiwan – 0.0%
2,549	SinoPac Financial Holdings Co. Ltd.*		3/23	$	—
(Cost $0)

Shares		Description	Value
Exchange-Traded Fund – 0.9%
United States – 0.9%
	12,873	iShares MSCI Malaysia ETF
	(Cost $302,162)		$	279,859
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $29,862,107)		$	31,813,601

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

GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF

Schedule of Investments (continued)

February 28, 2023 (Unaudited)

Shares	Dividend Rate	Value
Securities Lending Reinvestment Vehicle – 0.4%(d)
Goldman Sachs Financial Square Government Fund – Institutional Shares
134,788	4.475%	$	134,788
(Cost $134,788)
TOTAL INVESTMENTS – 100.2%
(Cost $29,996,895)		$	31,948,389
LIABILITIES IN EXCESS OF OTHER     ASSETS – (0.2)%			(69,271	)
NET ASSETS – 100.0%		$	31,879,118

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)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(c)	All or a portion of security is on loan.
(d)	Represents an affiliated issuer.

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

Sector Name	% of Market Value
Financials	21.5%
Information Technology	19.3
Consumer Discretionary	12.8
Communication Services	9.3
Materials	8.6
Industrials	7.5
Consumer Staples	5.9
Energy	5.8
Health Care	3.6
Utilities	2.6
Real Estate	1.8
Exchange-Traded Fund	0.9
Securities Lending Reinvestment Vehicle	0.4
TOTAL INVESTMENTS	100.0%

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

GOLDMAN SACHS MARKETBETA^® INTERNATIONAL EQUITY ETF

Schedule of Investments

February 28, 2023 (Unaudited)

Shares		Description	Value
Common Stocks – 99.1%
Australia – 8.4%
	14,509	AGL Energy Ltd. (Utilities)	$	67,511
	14,381	Allkem Ltd. (Materials)*		110,070
	63,187	Alumina Ltd. (Materials)		64,128
	73,129	AMP Ltd. (Financials)*		51,041
	5,833	Ampol Ltd. (Energy)		129,648
	70,210	ANZ Group Holdings Ltd. (Financials)		1,167,082
	28,941	APA Group (Utilities)		209,411
	15,005	Aristocrat Leisure Ltd. (Consumer Discretionary)		369,735
	4,693	ASX Ltd. (Financials)		215,328
	34,748	Atlas Arteria Ltd. (Industrials)		160,277
	45,053	Aurizon Holdings Ltd. (Industrials)		100,563
	124,237	BHP Group Ltd. (Materials)		3,786,822
	11,355	BlueScope Steel Ltd. (Materials)		145,947
	34,055	Brambles Ltd. (Industrials)		295,560
	8,142	carsales.com Ltd. (Communication Services)		124,581
	10,649	Charter Hall Group REIT (Real Estate)		95,581
	1,608	Cochlear Ltd. (Health Care)		240,965
	31,833	Coles Group Ltd. (Consumer Staples)		390,263
	41,275	Commonwealth Bank of Australia (Financials)		2,802,586
	26,190	Dexus REIT (Real Estate)		148,884
	1,538	Domino’s Pizza Enterprises Ltd. (Consumer Discretionary)		51,816
	3,866	EBOS Group Ltd. (Health Care)		106,274
	33,291	Endeavour Group Ltd. (Consumer Staples)		153,332
	44,201	Evolution Mining Ltd. (Materials)		81,075
	4,277	Flutter Entertainment PLC (Consumer Discretionary)*		691,023
	43,938	Fortescue Metals Group Ltd. (Materials)		634,073
	248,798	Glencore PLC (Materials)		1,492,030
	40,515	Goodman Group REIT (Real Estate)		542,601
	46,867	GPT Group (The) REIT (Real Estate)		148,858
	5,098	IDP Education Ltd. (Consumer Discretionary)		98,666
	18,119	IGO Ltd. (Materials)		160,430
	60,084	Insurance Australia Group Ltd. (Financials)		188,407
	16,884	Lendlease Corp. Ltd. (Real Estate)		86,987
	53,664	Lottery Corp. Ltd. (The) (Consumer Discretionary)*		187,817
	22,034	Lynas Rare Earths Ltd. (Materials)*		121,841
	9,003	Macquarie Group Ltd. (Financials)		1,150,609
	67,499	Medibank Pvt Ltd. (Financials)		152,030
	3,992	Mineral Resources Ltd. (Materials)		222,252
	96,357	Mirvac Group REIT (Real Estate)		147,501
	77,305	National Australia Bank Ltd. (Financials)		1,563,919
	21,847	Newcrest Mining Ltd. (Materials)		332,071
	28,021	Northern Star Resources Ltd. (Materials)		195,951
Common Stocks – (continued)
Australia – (continued)
	11,101	Orica Ltd. (Materials)		121,273
	41,867	Origin Energy Ltd. (Utilities)		226,146
	7,458	OZ Minerals Ltd. (Materials)		141,072
	61,982	Pilbara Minerals Ltd. (Materials)*		174,296
	44,215	Qantas Airways Ltd. (Industrials)*		191,421
	36,263	QBE Insurance Group Ltd. (Financials)		368,766
	4,551	Ramsay Health Care Ltd. (Health Care)		207,309
	1,230	REA Group Ltd. (Communication Services)		101,915
	8,324	Reece Ltd. (Industrials)		92,844
	9,106	Rio Tinto Ltd. (Materials)		716,796
	26,176	Rio Tinto PLC (Materials)		1,810,131
	81,233	Santos Ltd. (Energy)		383,456
	127,157	Scentre Group REIT (Real Estate)		255,530
	8,301	SEEK Ltd. (Communication Services)		135,354
	4,377	Seven Group Holdings Ltd. (Industrials)		72,256
	11,255	Sonic Healthcare Ltd. (Health Care)		244,468
	108,250	South32 Ltd. (Materials)		316,813
	52,933	Stockland REIT (Real Estate)		137,070
	30,929	Suncorp Group Ltd. (Financials)		268,012
	282,727	Telstra Group Ltd. (Communication Services)		793,133
	10,487	TPG Telecom Ltd. (Communication Services)		35,855
	75,299	Transurban Group (Industrials)		720,031
	17,682	Treasury Wine Estates Ltd. (Consumer Staples)		167,053
	93,704	Vicinity Ltd. REIT (Real Estate)		128,906
	5,424	Washington H Soul Pattinson & Co. Ltd. (Energy)		106,658
	27,780	Wesfarmers Ltd. (Consumer Discretionary)		903,702
	85,909	Westpac Banking Corp. (Financials)		1,305,225
	19,876	Whitehaven Coal Ltd. (Energy)		96,906
	4,284	WiseTech Global Ltd. (Information Technology)		182,002
	46,578	Woodside Energy Group Ltd. (Energy)		1,127,929
	29,812	Woolworths Group Ltd. (Consumer Staples)		742,230
				31,460,104
Austria – 0.4%
	6,405	ams-OSRAM AG (Information Technology)*		50,147
	1,767	ANDRITZ AG (Industrials)		109,530
	2,023	BAWAG Group AG (Financials)*(a)		126,471
	930	CA Immobilien Anlagen AG (Real Estate)		26,629
	8,534	Erste Group Bank AG (Financials)		336,491
	867	EVN AG (Utilities)		19,079
	344	Mayr Melnhof Karton AG (Materials)		58,005
	11,903	Mondi PLC (Materials)		201,241
	3,493	OMV AG (Energy)		170,806

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

GOLDMAN SACHS MARKETBETA^® INTERNATIONAL EQUITY ETF

Schedule of Investments (continued)

February 28, 2023 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Austria – (continued)
	3,325	Raiffeisen Bank International AG (Financials)*	$	55,713
	793	Verbund AG (Utilities)		69,044
	880	Vienna Insurance Group AG Wiener Versicherung Gruppe (Financials)		24,684
	2,725	voestalpine AG (Materials)		101,203
	2,593	Wienerberger AG (Materials)		81,066
				1,430,109
Belgium – 0.9%
	542	Ackermans & van Haaren NV (Industrials)		92,139
	4,219	Ageas SA/NV (Financials)		191,185
	17,937	Anheuser-Busch InBev SA/NV (Consumer Staples)		1,088,640
	1,711	Azelis Group NV (Industrials)		43,476
	540	D’ieteren Group (Consumer Discretionary)		105,085
	704	Elia Group SA/NV (Utilities)		93,175
	1,237	Etablissements Franz Colruyt NV (Consumer Staples)		33,570
	2,457	Groupe Bruxelles Lambert NV (Financials)		207,201
	6,876	KBC Group NV (Financials)		515,544
	3,482	Proximus SADP (Communication Services)		32,200
	370	Sofina SA (Financials)		92,760
	1,738	Solvay SA (Materials)		199,521
	2,965	UCB SA (Health Care)		255,890
	4,951	Umicore SA (Materials)		165,759
	3,916	Warehouses De Pauw CVA REIT (Real Estate)		120,269
				3,236,414
Brazil – 0.0%
	3,985	Yara International ASA (Materials)		190,304
Chile – 0.0%
	8,485	Antofagasta PLC (Materials)		161,276
China – 1.1%
	99,990	Alibaba Health Information Technology Ltd. (Consumer Discretionary)*		71,335
	40,897	Budweiser Brewing Co. APAC Ltd. (Consumer Staples)(a)		122,438
	15,687	BYD Electronic International Co. Ltd. (Information Technology)		45,665
	78,117	China Evergrande New Energy Vehicle Group Ltd. (Health Care)*(b)		—
	52,491	China Gas Holdings Ltd. (Utilities)		73,292
	73,649	China Mengniu Dairy Co. Ltd. (Consumer Staples)*		323,701
	42,845	Chow Tai Fook Jewellery Group Ltd. (Consumer Discretionary)		82,966
	205,483	CSPC Pharmaceutical Group Ltd. (Health Care)		220,679
Common Stocks – (continued)
China – (continued)
	57,877	ESR Group Ltd. (Real Estate)(a)		98,360
	52,145	Fosun International Ltd. (Industrials)		42,649
	146,450	Geely Automobile Holdings Ltd. (Consumer Discretionary)		189,931
	6,347	NXP Semiconductors NV (Information Technology)		1,132,813
	19,397	Prosus NV (Consumer Discretionary)*		1,397,150
	28,068	Shimao Group Holdings Ltd. (Real Estate)*(b)		7,902
	23,504	Wharf Holdings Ltd. (The) (Real Estate)		52,042
	44,188	Wilmar International Ltd. (Consumer Staples)		129,332
	38,765	Xinyi Glass Holdings Ltd. (Industrials)		72,399
	72,356	Yangzijiang Shipbuilding Holdings Ltd. (Industrials)		69,338
				4,131,992
Denmark – 2.8%
	66	AP Moller – Maersk A/S, Class A (Industrials)		151,599
	111	AP Moller – Maersk A/S, Class B (Industrials)		259,548
	2,255	Carlsberg AS, Class B (Consumer Staples)		319,967
	2,523	Chr Hansen Holding A/S (Materials)		175,402
	2,999	Coloplast A/S, Class B (Health Care)		347,761
	16,607	Danske Bank A/S (Financials)		386,779
	2,211	Demant A/S (Health Care)*		66,443
	4,287	DSV A/S (Industrials)		782,509
	1,588	Genmab A/S (Health Care)*		599,177
	39,507	Novo Nordisk A/S, Class B (Health Care)		5,607,990
	4,971	Novozymes A/S, Class B (Materials)		240,263
	4,383	Orsted AS (Utilities)(a)		384,215
	2,196	Pandora A/S (Consumer Discretionary)		208,836
	8,315	Tryg A/S (Financials)		184,771
	24,036	Vestas Wind Systems A/S (Industrials)		687,036
				10,402,296
Faroe Islands – 0.0%
	1,217	Bakkafrost P/F (Consumer Staples)		80,219
Finland – 1.3%
	3,608	Elisa OYJ (Communication Services)		205,548
	10,609	Fortum OYJ (Utilities)		162,687
	2,331	Huhtamaki OYJ (Materials)		82,541
	5,916	Kesko OYJ, Class B (Consumer Staples)		129,055
	8,669	Kone OYJ, Class B (Industrials)		451,859
	16,982	Metso Outotec OYJ (Industrials)		181,535
	11,615	Neste OYJ (Energy)		562,796
	127,948	Nokia OYJ (Information Technology)		594,250
	79,995	Nordea Bank Abp (Financials)		1,015,811

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

GOLDMAN SACHS MARKETBETA^® INTERNATIONAL EQUITY ETF

Shares		Description	Value
Common Stocks – (continued)
Finland – (continued)
	2,509	Orion OYJ, Class B (Health Care)	$	118,538
	11,687	Sampo OYJ, Class A (Financials)		570,623
	14,182	Stora Enso OYJ, Class R (Materials)		201,461
	12,947	UPM-Kymmene OYJ (Materials)		471,087
	13,499	Wartsila OYJ Abp (Industrials)		131,075
				4,878,866
France – 9.4%
	11,332	Adevinta ASA (Communication Services)*		85,100
	689	Aeroports de Paris (Industrials)*		100,433
	12,786	Air Liquide SA (Materials)		2,041,527
	14,324	Airbus SE (Industrials)		1,883,939
	56,008	AXA SA (Financials)		1,772,986
	1,158	BioMerieux (Health Care)		113,890
	27,577	BNP Paribas SA (Financials)		1,934,585
	19,279	Bollore SE (Communication Services)		108,156
	6,837	Bouygues SA (Industrials)		232,311
	4,008	Capgemini SE (Information Technology)		755,949
	14,303	Carrefour SA (Consumer Staples)		283,800
	10,346	Cie de Saint-Gobain (Industrials)		618,049
	17,520	Cie Generale des Etablissements Michelin (Consumer Discretionary)		552,475
	35,085	Credit Agricole SA (Financials)		430,195
	15,840	Danone SA (Consumer Staples)		894,343
	16,621	Dassault Systemes (Information Technology)		644,780
	42,509	Engie SA (Utilities)		623,738
	7,462	EssilorLuxottica SA (Health Care)		1,300,972
	834	Hermes International (Consumer Discretionary)		1,517,287
	1,740	Kering (Consumer Discretionary)		1,024,125
	5,920	L’Oreal SA (Consumer Staples)		2,354,939
	6,415	Legrand SA (Industrials)		595,952
	6,316	LVMH Moet Hennessy Louis Vuitton SE (Consumer Discretionary)		5,284,818
	50,231	Orange SA (Communication Services)		574,890
	4,908	Pernod Ricard SA (Consumer Staples)		1,029,016
	9,287	Safran SA (Industrials)		1,319,354
	592	Sartorius Stedim Biotech (Health Care)		193,807
	20,278	Societe Generale SA (Financials)		587,512
	2,039	Sodexo SA (Consumer Discretionary)		189,726
	1,422	Teleperformance (Industrials)		370,976
	2,603	Thales SA (Industrials)		364,936
	60,395	TotalEnergies SE (Energy)		3,751,346
	13,841	Vinci SA (Industrials)		1,582,917
	5,381	Worldline SA (Information Technology)*(a)		225,523
				35,344,352
Germany – 7.2%
	3,696	adidas AG (Consumer Discretionary)		555,252
	9,591	Allianz SE (Financials)		2,259,545
	22,533	BASF SE (Materials)		1,158,371
Common Stocks – (continued)
Germany – (continued)
	23,267	Bayer AG (Health Care)		1,388,937
	7,872	Bayerische Motoren Werke AG (Consumer Discretionary)		816,042
	2,401	Beiersdorf AG (Consumer Staples)		287,728
	2,208	BioNTech SE ADR (Health Care)		285,907
	900	Carl Zeiss Meditec AG (Health Care)		120,547
	2,650	Continental AG (Consumer Discretionary)		191,102
	4,598	Covestro AG (Materials)(a)		203,093
	9,527	Daimler Truck Holding AG (Industrials)*		303,253
	45,579	Deutsche Bank AG (Financials)		570,371
	4,498	Deutsche Boerse AG (Financials)		787,072
	24,157	Deutsche Post AG (Industrials)		1,027,815
	79,555	Deutsche Telekom AG (Communication Services)		1,791,557
	52,292	E.ON SE (Utilities)		573,689
	4,679	Evonik Industries AG (Materials)		100,383
	4,883	Fresenius Medical Care AG & Co. KGaA (Health Care)		191,187
	9,759	Fresenius SE & Co. KGaA (Health Care)		269,395
	1,472	Hannover Rueck SE (Financials)		286,766
	595	Hapag-Lloyd AG (Industrials)(a)(c)		170,622
	3,549	HeidelbergCement AG (Materials)		245,093
	2,473	Henkel AG & Co. KGaA (Consumer Staples)		171,650
	30,073	Infineon Technologies AG (Information Technology)		1,068,875
	1,621	Knorr-Bremse AG (Industrials)		110,743
	20,273	Mercedes-Benz Group AG (Consumer Discretionary)		1,561,941
	3,171	Merck KGaA (Health Care)		603,127
	1,275	MTU Aero Engines AG (Industrials)		308,964
	3,436	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Financials)		1,188,269
	2,468	Puma SE (Consumer Discretionary)		158,086
	15,335	RWE AG (Utilities)		654,414
	25,433	SAP SE (Information Technology)		2,898,919
	19,602	Siemens AG (Industrials)		3,008,014
	10,686	Siemens Energy AG (Industrials)*(c)		214,978
	6,799	Siemens Healthineers AG (Health Care)(a)		356,047
	3,156	Symrise AG (Materials)		323,984
	1,317	Talanx AG (Financials)		63,074
	19,251	Telefonica Deutschland Holding AG (Communication Services)		58,613
	1,903	Vantage Towers AG (Communication Services)		68,616
	702	Volkswagen AG (Consumer Discretionary)		125,667
	18,542	Vonovia SE (Real Estate)		468,982
	5,729	Zalando SE (Consumer Discretionary)*(a)		228,443
				27,225,133

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

GOLDMAN SACHS MARKETBETA^® INTERNATIONAL EQUITY ETF

Schedule of Investments (continued)

February 28, 2023 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Guatemala – 0.0%
	3,896	Millicom International Cellular SA SDR (Communication Services)*	$	77,183
Hong Kong – 2.6%
	288,688	AIA Group Ltd. (Financials)		3,061,759
	23,722	Cathay Pacific Airways Ltd. (Industrials)*		23,331
	39,063	CK Asset Holdings Ltd. (Real Estate)		244,844
	14,896	CK Infrastructure Holdings Ltd. (Utilities)		78,565
	46,333	CLP Holdings Ltd. (Utilities)		327,893
	1,943	Futu Holdings Ltd. ADR (Financials)*		95,615
	42,798	Hang Lung Properties Ltd. (Real Estate)		82,548
	17,748	Hang Seng Bank Ltd. (Financials)		288,508
	32,220	Henderson Land Development Co. Ltd. (Real Estate)		113,085
	55,766	HK Electric Investments & HK Electric Investments Ltd. (Utilities)(c)		35,664
	83,538	HKT Trust & HKT Ltd. (Communication Services)		108,553
	266,172	Hong Kong & China Gas Co. Ltd. (Utilities)		250,251
	31,078	Hong Kong Exchanges & Clearing Ltd. (Financials)		1,245,575
	27,061	Hongkong Land Holdings Ltd. (Real Estate)		123,669
	4,829	Jardine Matheson Holdings Ltd. (Industrials)		239,132
	52,164	Link REIT (Real Estate)		342,909
	38,365	MTR Corp. Ltd. (Industrials)		193,303
	33,558	New World Development Co. Ltd. (Real Estate)		91,275
	33,445	Power Assets Holdings Ltd. (Utilities)		178,953
	67,385	Prudential PLC (Financials)		1,035,654
	240,486	Sino Biopharmaceutical Ltd. (Health Care)		124,080
	82,901	Sino Land Co. Ltd. (Real Estate)		106,247
	35,645	Sun Hung Kai Properties Ltd. (Real Estate)		486,801
	10,363	Swire Pacific Ltd., Class A (Real Estate)		84,494
	19,037	Swire Pacific Ltd., Class B (Real Estate)		24,058
	25,810	Swire Properties Ltd. (Real Estate)		67,899
	33,780	Techtronic Industries Co. Ltd. (Industrials)		335,885
	185,308	WH Group Ltd. (Consumer Staples)(a)		107,651
	36,138	Wharf Real Estate Investment Co. Ltd. (Real Estate)		197,966
				9,696,167
Ireland – 0.6%
	3,147	AerCap Holdings NV (Industrials)*		196,499
	18,269	CRH PLC (Materials)		862,543
	3,833	Kerry Group PLC, Class A (Consumer Staples)		368,361
Common Stocks – (continued)
Ireland – (continued)
	3,751	Kingspan Group PLC (Industrials)		244,962
	4,816	Ryanair Holdings PLC ADR (Industrials)*		446,780
	6,280	Smurfit Kappa Group PLC (Materials)		235,562
				2,354,707
Israel – 0.8%
	1,594	Airport City Ltd. (Real Estate)*		21,067
	3,741	Alony Hetz Properties & Investments Ltd. (Real Estate)		32,576
	5,270	Amot Investments Ltd. (Real Estate)		26,112
	941	Ashtrom Group Ltd. (Industrials)		14,425
	897	Azrieli Group Ltd. (Real Estate)		50,338
	29,023	Bank Hapoalim BM (Financials)		242,957
	36,728	Bank Leumi Le-Israel BM (Financials)		285,841
	49,720	Bezeq The Israeli Telecommunication Corp. Ltd. (Communication Services)		68,843
	327	Big Shopping Centers Ltd. (Real Estate)*(c)		28,367
	2,464	Check Point Software Technologies Ltd. (Information Technology)*		304,846
	232	Delek Group Ltd. (Energy)*		21,828
	608	Elbit Systems Ltd. (Industrials)		103,092
	227	Elco Ltd. (Industrials)		8,377
	6,331	Energix-Renewable Energies Ltd. (Utilities)		17,418
	2,452	Enlight Renewable Energy Ltd. (Utilities)*		40,119
	160	Fattal Holdings 1998 Ltd. (Consumer Discretionary)*		13,324
	1,271	First International Bank Of Israel Ltd. (The) (Financials)		45,057
	192	Fox Wizel Ltd. (Consumer Discretionary)		15,269
	700	Gav-Yam Lands Corp. Ltd. (Real Estate)		5,003
	1,970	Global-e Online Ltd. (Consumer Discretionary)*		55,751
	2,719	Harel Insurance Investments & Financial Services Ltd. (Financials)		22,888
	17,703	ICL Group Ltd. (Materials)		128,714
	96	Israel Corp. Ltd. (Materials)		32,771
	28,967	Israel Discount Bank Ltd., Class A (Financials)		137,500
	1,594	JFrog Ltd. (Information Technology)*		36,662
	1,219	Kornit Digital Ltd. (Industrials)*		24,990
	794	Matrix IT Ltd. (Information Technology)		14,532
	1,175	Maytronics Ltd. (Consumer Discretionary)		14,153
	564	Melisron Ltd. (Real Estate)		33,750
	15,532	Mivne Real Estate KD Ltd. (Real Estate)		40,159
	3,686	Mizrahi Tefahot Bank Ltd. (Financials)		109,682

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

GOLDMAN SACHS MARKETBETA^® INTERNATIONAL EQUITY ETF

Shares		Description	Value
Common Stocks – (continued)
Israel – (continued)
	1,137	Mobileye Global, Inc., Class A (Consumer Discretionary)*(c)	$	44,923
	1,559	Nice Ltd. (Information Technology)*		322,640
	657	Nova Ltd. (Information Technology)*		59,981
	2,590	OPC Energy Ltd. (Utilities)*		20,965
	4,003	Phoenix Holdings Ltd. (The) (Financials)		38,233
	2,218	Plus500 Ltd. (Financials)		48,200
	3,480	Shapir Engineering and Industry Ltd. (Industrials)		22,959
	6,401	Shikun & Binui Ltd. (Industrials)*		14,603
	6,506	Shufersal Ltd. (Consumer Staples)		33,590
	1,222	Strauss Group Ltd. (Consumer Staples)		27,832
	27,087	Teva Pharmaceutical Industries Ltd. (Health Care)*		269,313
	2,681	Tower Semiconductor Ltd. (Information Technology)*		109,647
	1,363	Wix.com Ltd. (Information Technology)*		123,392
	1,978	ZIM Integrated Shipping Services Ltd. (Industrials)(c)		46,800
				3,179,489
Italy – 2.2%
	37,817	A2A SpA (Utilities)		55,966
	3,044	Amplifon SpA (Health Care)		88,387
	27,372	Assicurazioni Generali SpA (Financials)		543,114
	4,681	Banca Mediolanum SpA (Financials)		45,552
	13,024	Davide Campari-Milano NV (Consumer Staples)		146,338
	552	DiaSorin SpA (Health Care)		66,823
	190,586	Enel SpA (Utilities)		1,074,654
	59,609	Eni SpA (Energy)		844,937
	3,285	Ferrari NV (Consumer Discretionary)		854,562
	14,968	FinecoBank Banca Fineco SpA (Financials)		259,533
	20,851	Hera SpA (Utilities)		55,790
	8,395	Infrastrutture Wireless Italiane SpA (Communication Services)(a)		92,768
	1,757	Interpump Group SpA (Industrials)		96,798
	413,108	Intesa Sanpaolo SpA (Financials)		1,122,196
	9,684	Leonardo SpA (Industrials)		109,015
	15,213	Mediobanca Banca di Credito Finanziario SpA (Financials)		162,947
	4,821	Moncler SpA (Consumer Discretionary)		295,512
	15,269	Nexi SpA (Information Technology)*(a)		123,907
	9,624	Pirelli & C SpA (Consumer Discretionary)(a)		49,215
	11,324	Poste Italiane SpA (Financials)(a)		122,493
	12,570	PRADA SpA (Consumer Discretionary)		85,033
	6,274	Prysmian SpA (Industrials)		241,991
Common Stocks – (continued)
Italy – (continued)
	2,391	Recordati Industria Chimica e Farmaceutica SpA (Health Care)		101,781
	50,287	Snam SpA (Utilities)		247,768
	811	Stevanato Group SpA (Health Care)		17,639
	247,015	Telecom Italia SpA (Communication Services)*		80,998
	147,878	Telecom Italia SpA-RSP (Communication Services)*		47,675
	34,516	Terna – Rete Elettrica Nazionale (Utilities)		260,915
	44,783	UniCredit SpA (Financials)		918,883
	10,437	UnipolSai Assicurazioni SpA (Financials)		26,631
				8,239,821
Japan – 22.5%
	758	ABC-Mart, Inc. (Consumer Discretionary)		37,339
	9,307	Acom Co. Ltd. (Financials)		22,889
	4,492	Advantest Corp. (Information Technology)		356,484
	18,031	Aeon Co. Ltd. (Consumer Staples)		336,224
	2,257	Aeon Mall Co. Ltd. (Real Estate)		29,460
	4,767	AGC, Inc. (Industrials)		176,381
	4,837	Air Water, Inc. (Materials)		58,130
	3,797	Aisin Corp. (Consumer Discretionary)		103,974
	12,866	Ajinomoto Co., Inc. (Consumer Staples)		379,515
	4,336	Alfresa Holdings Corp. (Health Care)		52,396
	8,280	Amada Co. Ltd. (Industrials)		75,314
	10,689	ANA Holdings, Inc. (Industrials)*(c)		216,856
	11,856	Asahi Group Holdings Ltd. (Consumer Staples)		419,179
	5,371	Asahi Intecc Co. Ltd. (Health Care)		91,478
	32,511	Asahi Kasei Corp. (Materials)		226,693
	44,458	Astellas Pharma, Inc. (Health Care)		626,325
	3,139	Azbil Corp. (Information Technology)		81,577
	4,601	Bandai Namco Holdings, Inc. (Consumer Discretionary)		284,204
	3,230	BayCurrent Consulting, Inc. (Industrials)		126,862
	1,823	Benefit One, Inc. (Industrials)		27,944
	13,796	Bridgestone Corp. (Consumer Discretionary)		529,194
	5,981	Brother Industries Ltd. (Information Technology)		87,949
	1,933	Calbee, Inc. (Consumer Staples)		38,329
	24,301	Canon, Inc. (Information Technology)		524,590
	4,002	Capcom Co. Ltd. (Communication Services)		125,893
	5,210	Casio Computer Co. Ltd. (Consumer Discretionary)		51,062
	4,175	Central Japan Railway Co. (Industrials)		469,253
	16,281	Chiba Bank Ltd. (The) (Financials)		119,166
	17,871	Chubu Electric Power Co., Inc. (Utilities)		185,250

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

GOLDMAN SACHS MARKETBETA^® INTERNATIONAL EQUITY ETF

Schedule of Investments (continued)

February 28, 2023 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Japan – (continued)
	15,631	Chugai Pharmaceutical Co. Ltd. (Health Care)	$	389,470
	7,661	Chugoku Electric Power Co., Inc. (The) (Utilities)		37,738
	2,966	Coca-Cola Bottlers Japan Holdings, Inc. (Consumer Staples)		31,224
	26,305	Concordia Financial Group Ltd. (Financials)		112,972
	456	Cosmos Pharmaceutical Corp. (Consumer Staples)		41,779
	10,103	CyberAgent, Inc. (Communication Services)		86,482
	5,695	Dai Nippon Printing Co. Ltd. (Industrials)		152,603
	2,823	Daifuku Co. Ltd. (Industrials)		153,984
	23,867	Dai-ichi Life Holdings, Inc. (Financials)		508,739
	46,386	Daiichi Sankyo Co. Ltd. (Health Care)		1,458,512
	6,512	Daikin Industries Ltd. (Industrials)		1,116,049
	1,462	Daito Trust Construction Co. Ltd. (Real Estate)		137,705
	14,973	Daiwa House Industry Co. Ltd. (Real Estate)		345,484
	53	Daiwa House REIT Investment Corp. REIT (Real Estate)		109,373
	33,634	Daiwa Securities Group, Inc. (Financials)		160,744
	10,526	Denso Corp. (Consumer Discretionary)		559,393
	4,339	Dentsu Group, Inc. (Communication Services)		139,202
	699	Disco Corp. (Information Technology)		219,119
	8,366	East Japan Railway Co. (Industrials)		424,150
	2,243	Ebara Corp. (Industrials)		95,342
	6,809	Eisai Co. Ltd. (Health Care)		367,506
	4,051	Electric Power Development Co. Ltd. (Utilities)		64,654
	71,071	ENEOS Holdings, Inc. (Energy)		245,382
	4,644	FANUC Corp. (Industrials)		789,939
	4,095	Fast Retailing Co. Ltd. (Consumer Discretionary)		808,688
	2,634	Food & Life Cos. Ltd. (Consumer Discretionary)		66,713
	3,200	Fuji Electric Co. Ltd. (Industrials)		123,569
	9,168	FUJIFILM Holdings Corp. (Information Technology)		427,658
	4,588	Fujitsu Ltd. (Information Technology)		590,109
	4,166	Fukuoka Financial Group, Inc. (Financials)		92,975
	112	GLP J REIT (Real Estate)		117,661
	1,070	GMO Payment Gateway, Inc. (Information Technology)		87,900
	5,376	Hakuhodo DY Holdings, Inc. (Communication Services)		59,911
	3,454	Hamamatsu Photonics KK (Information Technology)		169,385
Common Stocks – (continued)
Japan – (continued)
	5,635	Hankyu Hanshin Holdings, Inc. (Industrials)		160,303
	1,283	Harmonic Drive Systems, Inc. (Industrials)		45,541
	6,104	Haseko Corp. (Consumer Discretionary)		70,040
	540	Hikari Tsushin, Inc. (Consumer Discretionary)		78,375
	6,598	Hino Motors Ltd. (Industrials)*		26,835
	736	Hirose Electric Co. Ltd. (Information Technology)		89,964
	1,599	Hisamitsu Pharmaceutical Co., Inc. (Health Care)		44,842
	2,515	Hitachi Construction Machinery Co. Ltd. (Industrials)		56,221
	22,049	Hitachi Ltd. (Industrials)		1,115,278
	38,640	Honda Motor Co. Ltd. (Consumer Discretionary)		1,004,756
	2,589	Hoshizaki Corp. (Industrials)		91,707
	8,527	Hoya Corp. (Health Care)		843,216
	11,654	Hulic Co. Ltd. (Real Estate)		92,743
	2,885	Ibiden Co. Ltd. (Information Technology)		99,015
	5,132	Idemitsu Kosan Co. Ltd. (Energy)		114,346
	3,504	IHI Corp. (Industrials)		90,934
	3,564	Iida Group Holdings Co. Ltd. (Consumer Discretionary)		59,210
	22,307	Inpex Corp. (Energy)		234,673
	8,237	Isetan Mitsukoshi Holdings Ltd. (Consumer Discretionary)		84,115
	14,494	Isuzu Motors Ltd. (Consumer Discretionary)		173,334
	1,358	Ito En Ltd. (Consumer Staples)		45,760
	35,548	ITOCHU Corp. (Industrials)		1,061,886
	2,085	Itochu Techno-Solutions Corp. (Information Technology)		46,379
	6,022	J Front Retailing Co. Ltd. (Consumer Discretionary)(c)		55,881
	10,359	Japan Airlines Co. Ltd. (Industrials)*		194,989
	12,837	Japan Exchange Group, Inc. (Financials)		191,497
	171	Japan Metropolitan Fund Invest REIT (Real Estate)		128,424
	9,791	Japan Post Bank Co. Ltd. (Financials)(c)		84,530
	52,331	Japan Post Holdings Co. Ltd. (Financials)		464,857
	4,707	Japan Post Insurance Co. Ltd. (Financials)		81,620
	27,018	Japan Tobacco, Inc. (Consumer Staples)		549,325
	12,166	JFE Holdings, Inc. (Materials)		150,585
	5,507	JGC Holdings Corp. (Industrials)		70,912
	4,834	JSR Corp. (Materials)		109,835
	5,431	JTEKT Corp. (Consumer Discretionary)		40,549
	10,309	Kajima Corp. (Industrials)		123,134

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)
	3,064	Kakaku.com, Inc. (Communication Services)	$	45,708
	18,049	Kansai Electric Power Co., Inc. (The) (Utilities)		169,870
	4,829	Kansai Paint Co. Ltd. (Materials)		64,734
	11,272	Kao Corp. (Consumer Staples)		421,205
	3,766	Kawasaki Heavy Industries Ltd. (Industrials)		82,224
	4,191	Kawasaki Kisen Kaisha Ltd. (Industrials)		100,456
	36,128	KDDI Corp. (Communication Services)		1,057,198
	2,407	Keihan Holdings Co. Ltd. (Industrials)		59,196
	5,836	Keikyu Corp. (Industrials)		54,369
	2,635	Keio Corp. (Industrials)		91,789
	3,577	Keisei Electric Railway Co. Ltd. (Industrials)		103,333
	2,499	Kewpie Corp. (Consumer Staples)		40,380
	4,592	Keyence Corp. (Information Technology)		1,985,265
	3,439	Kikkoman Corp. (Consumer Staples)		160,822
	4,468	Kintetsu Group Holdings Co. Ltd. (Industrials)		135,304
	18,409	Kirin Holdings Co. Ltd. (Consumer Staples)		275,564
	1,154	Kobayashi Pharmaceutical Co. Ltd. (Consumer Staples)		69,470
	3,315	Kobe Bussan Co. Ltd. (Consumer Staples)		90,654
	2,766	Koei Tecmo Holdings Co. Ltd. (Communication Services)		46,339
	6,031	Koito Manufacturing Co. Ltd. (Consumer Discretionary)		101,258
	22,778	Komatsu Ltd. (Industrials)		545,140
	2,339	Konami Group Corp. (Communication Services)		103,200
	801	Kose Corp. (Consumer Staples)		90,499
	28,567	Kubota Corp. (Industrials)		431,079
	7,778	Kuraray Co. Ltd. (Materials)		69,720
	2,703	Kurita Water Industries Ltd. (Industrials)		122,237
	8,100	Kyocera Corp. (Information Technology)		398,890
	6,054	Kyowa Kirin Co. Ltd. (Health Care)		129,556
	10,723	Kyushu Electric Power Co., Inc. (Utilities)		56,994
	3,340	Kyushu Railway Co. (Industrials)		73,045
	1,883	Lasertec Corp. (Information Technology)		306,196
	1,094	Lawson, Inc. (Consumer Staples)		43,048
	6,180	Lion Corp. (Consumer Staples)		66,602
	6,830	Lixil Corp. (Industrials)		108,857
	10,017	M3, Inc. (Health Care)		239,146
	5,975	Makita Corp. (Industrials)		149,139
	40,713	Marubeni Corp. (Industrials)		520,065
	4,292	Marui Group Co. Ltd. (Financials)		65,350
Common Stocks – (continued)
Japan – (continued)
	2,980	MatsukiyoCocokara & Co. (Consumer Staples)		138,483
	14,302	Mazda Motor Corp. (Consumer Discretionary)		128,830
	2,087	McDonald’s Holdings Co. Japan Ltd. (Consumer Discretionary)		82,582
	24,719	Mebuki Financial Group, Inc. (Financials)		66,418
	4,276	Medipal Holdings Corp. (Health Care)		56,034
	3,223	MEIJI Holdings Co. Ltd. (Consumer Staples)		147,645
	2,520	Mercari, Inc. (Consumer Discretionary)*		44,733
	9,449	MINEBEA MITSUMI, Inc. (Industrials)		163,848
	6,966	MISUMI Group, Inc. (Industrials)		165,693
	32,574	Mitsubishi Chemical Group Corp. (Materials)		189,635
	32,966	Mitsubishi Corp. (Industrials)		1,120,285
	48,045	Mitsubishi Electric Corp. (Industrials)		540,711
	28,556	Mitsubishi Estate Co. Ltd. (Real Estate)		355,443
	4,641	Mitsubishi Gas Chemical Co., Inc. (Materials)		65,723
	18,336	Mitsubishi HC Capital, Inc. (Financials)		95,708
	7,594	Mitsubishi Heavy Industries Ltd. (Industrials)		279,587
	3,076	Mitsubishi Materials Corp. (Materials)		47,874
	15,800	Mitsubishi Motors Corp. (Consumer Discretionary)*		62,288
	264,963	Mitsubishi UFJ Financial Group, Inc. (Financials)		1,877,295
	35,837	Mitsui & Co. Ltd. (Industrials)		1,006,062
	4,158	Mitsui Chemicals, Inc. (Materials)		100,276
	21,439	Mitsui Fudosan Co. Ltd. (Real Estate)		408,429
	8,613	Mitsui OSK Lines Ltd. (Industrials)(c)		225,102
	2,281	Miura Co. Ltd. (Industrials)		55,009
	58,241	Mizuho Financial Group, Inc. (Financials)		907,510
	5,967	MonotaRO Co. Ltd. (Industrials)		81,128
	9,589	MS&AD Insurance Group Holdings, Inc. (Financials)		313,403
	15,031	Murata Manufacturing Co. Ltd. (Information Technology)		807,745
	2,622	Nabtesco Corp. (Industrials)		67,756
	4,732	Nagoya Railroad Co. Ltd. (Industrials)		71,806
	6,010	NEC Corp. (Information Technology)		215,092
	10,882	Nexon Co. Ltd. (Communication Services)		235,831
	7,359	NGK Insulators Ltd. (Industrials)		97,677
	4,682	NGK Spark Plug Co. Ltd. (Consumer Discretionary)(c)		94,145
	2,487	NH Foods Ltd. (Consumer Staples)		68,650
	2,921	Nichirei Corp. (Consumer Staples)		57,642
	12,091	Nidec Corp. (Industrials)		612,117

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

GOLDMAN SACHS MARKETBETA^® INTERNATIONAL EQUITY ETF

Schedule of Investments (continued)

February 28, 2023 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Japan – (continued)
	7,214	Nihon M&A Center Holdings, Inc. (Industrials)	$	60,216
	8,244	Nikon Corp. (Consumer Discretionary)		81,705
	28,049	Nintendo Co. Ltd. (Communication Services)		1,055,119
	41	Nippon Building Fund, Inc. REIT (Real Estate)		173,072
	1,990	NIPPON EXPRESS HOLDINGS, Inc. (Industrials)		111,030
	22,068	Nippon Paint Holdings Co. Ltd. (Materials)		192,628
	58	Nippon Prologis REIT, Inc. REIT (Real Estate)		123,737
	4,354	Nippon Sanso Holdings Corp. (Materials)		77,609
	1,543	Nippon Shinyaku Co. Ltd. (Health Care)		69,099
	21,060	Nippon Steel Corp. (Materials)		469,546
	52,369	Nippon Telegraph & Telephone Corp. (Communication Services)		1,517,457
	3,565	Nippon Television Holdings, Inc. (Communication Services)		29,339
	11,916	Nippon Yusen KK (Industrials)(c)		308,977
	3,156	Nissan Chemical Corp. (Materials)		138,552
	54,175	Nissan Motor Co. Ltd. (Consumer Discretionary)		209,835
	5,808	Nisshin Seifun Group, Inc. (Consumer Staples)		67,113
	1,597	Nissin Foods Holdings Co. Ltd. (Consumer Staples)		132,951
	1,997	Nitori Holdings Co. Ltd. (Consumer Discretionary)		225,774
	3,581	Nitto Denko Corp. (Materials)		215,572
	71,796	Nomura Holdings, Inc. (Financials)		295,849
	2,660	Nomura Real Estate Holdings, Inc. (Real Estate)		59,267
	110	Nomura Real Estate Master Fund, Inc. REIT (Real Estate)		121,940
	7,894	Nomura Research Institute Ltd. (Information Technology)		176,176
	11,516	NSK Ltd. (Industrials)		63,745
	14,688	NTT Data Corp. (Information Technology)		203,798
	16,106	Obayashi Corp. (Industrials)		119,067
	673	OBIC Business Consultants Co. Ltd. (Information Technology)		23,419
	1,534	Obic Co. Ltd. (Information Technology)		224,556
	8,349	Odakyu Electric Railway Co. Ltd. (Industrials)		101,194
	21,376	Oji Holdings Corp. (Materials)		86,781
	29,773	Olympus Corp. (Health Care)		501,408
	4,601	Omron Corp. (Information Technology)		246,981
Common Stocks – (continued)
Japan – (continued)
	9,752	Ono Pharmaceutical Co. Ltd. (Health Care)		199,028
	1,803	Open House Group Co. Ltd. (Consumer Discretionary)		64,859
	814	Oracle Corp. Japan (Information Technology)		55,456
	4,876	Oriental Land Co. Ltd. (Consumer Discretionary)		778,750
	27,485	ORIX Corp. (Financials)		492,638
	68	Orix JREIT, Inc. REIT (Real Estate)		91,056
	9,701	Osaka Gas Co. Ltd. (Utilities)		157,606
	2,647	Otsuka Corp. (Information Technology)		89,195
	9,914	Otsuka Holdings Co. Ltd. (Health Care)		300,881
	9,360	Pan Pacific International Holdings Corp. (Consumer Discretionary)		171,100
	52,793	Panasonic Holdings Corp. (Consumer Discretionary)		460,047
	3,117	Park24 Co. Ltd. (Industrials)*		45,629
	4,397	Persol Holdings Co. Ltd. (Industrials)		88,027
	2,022	Pola Orbis Holdings, Inc. (Consumer Staples)		25,770
	2,050	Rakus Co. Ltd. (Information Technology)		25,509
	22,070	Rakuten Group, Inc. (Consumer Discretionary)		108,880
	33,990	Recruit Holdings Co. Ltd. (Industrials)		924,266
	28,098	Renesas Electronics Corp. (Information Technology)*		363,872
	56,663	Resona Holdings, Inc. (Financials)		311,945
	4,371	Resonac Holdings Corp. (Materials)		71,783
	13,642	Ricoh Co. Ltd. (Information Technology)		105,959
	833	Rinnai Corp. (Consumer Discretionary)		58,401
	2,094	Rohm Co. Ltd. (Information Technology)		161,106
	5,958	Ryohin Keikaku Co. Ltd. (Consumer Discretionary)		59,967
	8,938	Santen Pharmaceutical Co. Ltd. (Health Care)		68,242
	6,556	SBI Holdings, Inc. (Financials)		141,357
	1,791	SBI Shinsei Bank Ltd. (Financials)		32,582
	1,072	SCREEN Holdings Co. Ltd. (Information Technology)		85,546
	3,512	SCSK Corp. (Information Technology)		50,921
	5,086	Secom Co. Ltd. (Industrials)		295,829
	3,795	Sega Sammy Holdings, Inc. (Consumer Discretionary)		64,859
	5,467	Seibu Holdings, Inc. (Industrials)		55,025
	7,011	Seiko Epson Corp. (Information Technology)		96,609
	9,503	Sekisui Chemical Co. Ltd. (Consumer Discretionary)		127,321

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)
	14,479	Sekisui House Ltd. (Consumer Discretionary)	$	274,188
	18,141	Seven & i Holdings Co. Ltd. (Consumer Staples)(c)		811,061
	14,845	Seven Bank Ltd. (Financials)		29,861
	9,901	SG Holdings Co. Ltd. (Industrials)		142,684
	6,587	Sharp Corp. (Consumer Discretionary)(c)		45,456
	6,929	Shimadzu Corp. (Information Technology)		200,166
	563	Shimamura Co. Ltd. (Consumer Discretionary)		52,574
	1,949	Shimano, Inc. (Consumer Discretionary)		303,550
	13,374	Shimizu Corp. (Industrials)		72,165
	9,473	Shin-Etsu Chemical Co. Ltd. (Materials)		1,331,777
	1,628	Shinko Electric Industries Co. Ltd. (Information Technology)		44,640
	7,173	Shionogi & Co. Ltd. (Health Care)		319,063
	9,730	Shiseido Co. Ltd. (Consumer Staples)		447,945
	13,155	Shizuoka Financial Group, Inc. (Financials)		105,074
	1,505	SMC Corp. (Industrials)		763,466
	68,405	SoftBank Corp. (Communication Services)		772,108
	25,809	SoftBank Group Corp. (Communication Services)		1,045,320
	1,792	Sohgo Security Services Co. Ltd. (Industrials)		47,032
	5,599	Sojitz Corp. (Industrials)		107,446
	7,543	Sompo Holdings, Inc. (Financials)		323,339
	30,259	Sony Group Corp. (Consumer Discretionary)		2,539,077
	2,158	Square Enix Holdings Co. Ltd. (Communication Services)		96,165
	3,403	Stanley Electric Co. Ltd. (Consumer Discretionary)		70,950
	14,897	Subaru Corp. (Consumer Discretionary)		239,233
	834	Sugi Holdings Co. Ltd. (Consumer Staples)		34,899
	8,343	SUMCO Corp. (Information Technology)		115,086
	38,755	Sumitomo Chemical Co. Ltd. (Materials)		135,713
	28,912	Sumitomo Corp. (Industrials)		493,063
	18,176	Sumitomo Electric Industries Ltd. (Consumer Discretionary)		223,572
	2,813	Sumitomo Heavy Industries Ltd. (Industrials)		66,187
	6,069	Sumitomo Metal Mining Co. Ltd. (Materials)		225,446
	29,535	Sumitomo Mitsui Financial Group, Inc. (Financials)		1,294,887
Common Stocks – (continued)
Japan – (continued)
	7,495	Sumitomo Mitsui Trust Holdings, Inc. (Financials)		277,593
	4,189	Sumitomo Pharma Co. Ltd. (Health Care)		26,232
	7,463	Sumitomo Realty & Development Co. Ltd. (Real Estate)		176,145
	4,345	Sumitomo Rubber Industries Ltd. (Consumer Discretionary)		39,107
	1,655	Sundrug Co. Ltd. (Consumer Staples)		44,772
	3,053	Suntory Beverage & Food Ltd. (Consumer Staples)		107,135
	1,446	Suzuken Co. Ltd. (Health Care)		36,518
	10,192	Suzuki Motor Corp. (Consumer Discretionary)		357,878
	3,735	Sysmex Corp. (Health Care)		223,774
	12,516	T&D Holdings, Inc. (Financials)		189,373
	4,225	Taisei Corp. (Industrials)		137,716
	989	Taisho Pharmaceutical Holdings Co. Ltd. (Health Care)		38,989
	3,000	Taiyo Yuden Co. Ltd. (Information Technology)		90,849
	37,627	Takeda Pharmaceutical Co. Ltd. (Health Care)		1,163,491
	2,199	TBS Holdings, Inc. (Communication Services)		28,881
	9,276	TDK Corp. (Information Technology)		310,528
	4,432	Teijin Ltd. (Materials)		46,040
	17,240	Terumo Corp. (Health Care)		463,353
	2,839	THK Co. Ltd. (Industrials)		63,568
	5,396	TIS, Inc. (Information Technology)		133,895
	4,795	Tobu Railway Co. Ltd. (Industrials)		107,013
	142	Toei Animation Co. Ltd. (Communication Services)		14,219
	2,589	Toho Co. Ltd. (Communication Services)		90,092
	2,187	Toho Gas Co. Ltd. (Utilities)		41,054
	11,362	Tohoku Electric Power Co., Inc. (Utilities)		54,135
	45,168	Tokio Marine Holdings, Inc. (Financials)		958,471
	933	Tokyo Century Corp. (Financials)		31,199
	36,422	Tokyo Electric Power Co. Holdings, Inc. (Utilities)*		120,859
	3,662	Tokyo Electron Ltd. (Information Technology)		1,255,750
	10,054	Tokyo Gas Co. Ltd. (Utilities)		193,972
	13,465	Tokyu Corp. (Industrials)		162,116
	14,324	Tokyu Fudosan Holdings Corp. (Real Estate)		69,194
	6,475	TOPPAN, Inc. (Industrials)		117,079
	36,717	Toray Industries, Inc. (Materials)		210,035
	10,279	Toshiba Corp. (Industrials)		318,222
	7,038	Tosoh Corp. (Materials)		95,690
	3,741	TOTO Ltd. (Industrials)		124,824
	2,151	Toyo Suisan Kaisha Ltd. (Consumer Staples)		87,010

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

GOLDMAN SACHS MARKETBETA^® INTERNATIONAL EQUITY ETF

Schedule of Investments (continued)

February 28, 2023 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Japan – (continued)
	1,784	Toyota Boshoku Corp. (Consumer Discretionary)	$	27,739
	3,793	Toyota Industries Corp. (Industrials)		222,487
	265,055	Toyota Motor Corp. (Consumer Discretionary)		3,624,160
	5,424	Toyota Tsusho Corp. (Industrials)		221,396
	3,239	Trend Micro, Inc. (Information Technology)		152,421
	912	Tsuruha Holdings, Inc. (Consumer Staples)		64,208
	9,716	Unicharm Corp. (Consumer Staples)		359,709
	75	United Urban Investment Corp. REIT (Real Estate)		82,810
	4,899	USS Co. Ltd. (Consumer Discretionary)		79,447
	2,259	Welcia Holdings Co. Ltd. (Consumer Staples)		49,404
	5,434	West Japan Railway Co. (Industrials)		210,794
	507	Workman Co. Ltd. (Consumer Discretionary)		21,402
	3,107	Yakult Honsha Co. Ltd. (Consumer Staples)		211,901
	15,045	Yamada Holdings Co. Ltd. (Consumer Discretionary)		52,906
	4,005	Yamaha Corp. (Consumer Discretionary)		152,009
	7,435	Yamaha Motor Co. Ltd. (Consumer Discretionary)		190,221
	7,554	Yamato Holdings Co. Ltd. (Industrials)		127,605
	3,160	Yamazaki Baking Co. Ltd. (Consumer Staples)		36,677
	6,113	Yaskawa Electric Corp. (Industrials)		240,544
	6,280	Yokogawa Electric Corp. (Information Technology)		93,775
	3,241	Yokohama Rubber Co. Ltd. (The) (Consumer Discretionary)		61,482
	64,279	Z Holdings Corp. (Communication Services)		173,987
	2,868	ZOZO, Inc. (Consumer Discretionary)		63,691
				84,870,003
Jordan – 0.0%
	3,231	Hikma Pharmaceuticals PLC (Health Care)		67,749
Luxembourg – 0.1%
	11,435	ArcelorMittal (Materials)		344,948
	3,162	Eurofins Scientific SE (Health Care)		221,318
				566,266
Macau – 0.1%
	52,778	Galaxy Entertainment Group Ltd. (Consumer Discretionary)		350,979
	59,743	Sands China Ltd. (Consumer Discretionary)*		207,021
				558,000
Common Stocks – (continued)
Mexico – 0.0%
	4,521	Fresnillo PLC (Materials)		41,784
Netherlands – 5.2%
	648	Adyen NV (Information Technology)*(a)		924,427
	4,275	Akzo Nobel NV (Materials)		313,909
	1,350	Argenx SE ADR (Health Care)*		494,127
	1,105	ASM International NV (Information Technology)		378,509
	9,887	ASML Holding NV (Information Technology)		6,123,338
	2,517	EXOR NV (Financials)*		208,097
	2,171	HAL Trust (Financials)		287,793
	2,291	Heineken Holding NV (Consumer Staples)		196,677
	5,835	Heineken NV (Consumer Staples)		597,144
	91,398	ING Groep NV (Financials)		1,285,842
	2,341	JDE Peet’s NV (Consumer Staples)		69,116
	22,834	Koninklijke Ahold Delhaize NV (Consumer Staples)		726,827
	4,214	Koninklijke DSM NV (Materials)		521,526
	76,772	Koninklijke KPN NV (Communication Services)		263,872
	21,476	Koninklijke Philips NV (Health Care)		351,879
	6,419	NN Group NV (Financials)		260,722
	171,546	Shell PLC (Energy)		5,247,090
	23,116	Universal Music Group NV (Communication Services)		547,900
	6,125	Wolters Kluwer NV (Industrials)		710,940
				19,509,735
New Zealand – 0.4%
	17,858	a2 Milk Co. Ltd. (The) (Consumer Staples)*		79,992
	29,588	Auckland International Airport Ltd. (Industrials)*		160,215
	10,860	Chorus Ltd. (Communication Services)		55,845
	19,182	Contact Energy Ltd. (Utilities)		91,033
	14,144	Fisher & Paykel Healthcare Corp. Ltd. (Health Care)		227,661
	17,915	Fletcher Building Ltd. (Industrials)		52,721
	17,245	Infratil Ltd. (Utilities)		94,020
	2,024	Mainfreight Ltd. (Industrials)		91,352
	15,975	Mercury NZ Ltd. (Utilities)		62,056
	29,032	Meridian Energy Ltd. (Utilities)		95,510
	9,137	Ryman Healthcare Ltd. (Health Care)		29,776
	45,452	Spark New Zealand Ltd. (Communication Services)		140,799
	3,314	Xero Ltd. (Information Technology)*		173,644
				1,354,624
Norway – 0.8%
	526	Aker ASA, Class A (Industrials)		37,341
	9,977	Aker BP ASA (Energy)(c)		270,288
	20,653	AutoStore Holdings Ltd. (Industrials)*(a)(c)		43,176

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

GOLDMAN SACHS MARKETBETA^® INTERNATIONAL EQUITY ETF

Shares		Description	Value
Common Stocks – (continued)
Norway – (continued)
	21,645	DNB Bank ASA (Financials)	$	434,300
	1,656	Entra ASA (Real Estate)(a)		18,614
	23,035	Equinor ASA (Energy)		712,765
	4,574	Gjensidige Forsikring ASA (Financials)		81,519
	1,824	Kongsberg Gruppen ASA (Industrials)		76,193
	6,853	Leroy Seafood Group ASA (Consumer Staples)		34,243
	10,418	Mowi ASA (Consumer Staples)		180,891
	38,179	NEL ASA (Industrials)*		58,081
	4,036	Nordic Semiconductor ASA (Information Technology)*		58,259
	32,711	Norsk Hydro ASA (Materials)		239,202
	17,928	Orkla ASA (Consumer Staples)		121,154
	1,520	Salmar ASA (Consumer Staples)		63,465
	1,800	Schibsted ASA, Class A (Communication Services)		36,777
	2,273	Schibsted ASA, Class B (Communication Services)		43,366
	4,168	SpareBank 1 SR-Bank ASA (Financials)		52,369
	11,027	Storebrand ASA (Financials)		91,656
	14,305	Telenor ASA (Communication Services)		161,140
	5,708	TOMRA Systems ASA (Industrials)		91,612
	9,393	Var Energi ASA (Energy)(c)		26,877
				2,933,288
Poland – 0.3%
	10,295	Allegro.eu SA (Consumer Discretionary)*(a)		67,414
	4,327	Bank Pekao SA (Financials)		87,455
	1,685	CD Projekt SA (Communication Services)		50,279
	4,489	Cyfrowy Polsat SA (Communication Services)		17,452
	1,174	Dino Polska SA (Consumer Staples)*(a)		98,321
	5,093	InPost SA (Industrials)*		42,334
	3,347	KGHM Polska Miedz SA (Materials)		96,100
	320	mBank SA (Financials)*		23,655
	28,722	PGE Polska Grupa Energetyczna SA (Utilities)*		43,241
	18,326	Polski Koncern Naftowy ORLEN SA (Energy)		275,317
	21,640	Powszechna Kasa Oszczednosci Bank Polski SA (Financials)		151,579
	13,943	Powszechny Zaklad Ubezpieczen SA (Financials)		115,073
	817	Santander Bank Polska SA (Financials)		55,018
				1,123,238
Portugal – 0.2%
	187,197	Banco Comercial Portugues SA, Class R (Financials)		45,303
Common Stocks – (continued)
Portugal – (continued)
	68,009	EDP – Energias de Portugal SA (Utilities)		344,462
	10,827	Galp Energia SGPS SA (Energy)		132,732
	6,772	Jeronimo Martins SGPS SA (Consumer Staples)		139,469
	5,240	Navigator Co SA (The) (Materials)		18,494
				680,460
Russia – 0.0%
	12,172	Evraz PLC (Materials)*(b)		—
Singapore – 1.8%
	75,291	CapitaLand Ascendas REIT REIT (Real Estate)		154,928
	128,660	CapitaLand Integrated Commercial Trust REIT (Real Estate)		185,418
	60,321	Capitaland Investment Ltd. (Real Estate)		166,693
	12,638	City Developments Ltd. (Real Estate)		72,383
	44,642	DBS Group Holdings Ltd. (Financials)		1,133,170
	68,661	Frasers Logistics & Commercial Trust REIT (Real Estate)		64,777
	139,689	Genting Singapore Ltd. (Consumer Discretionary)		105,845
	65,556	Grab Holdings Ltd., Class A (Industrials)*		210,435
	2,231	Jardine Cycle & Carriage Ltd. (Industrials)		49,239
	34,892	Keppel Corp. Ltd. (Industrials)		142,041
	33,662	Keppel DC REIT (Real Estate)		49,512
	49,462	Mapletree Industrial Trust REIT (Real Estate)		86,714
	80,013	Mapletree Logistics Trust REIT (Real Estate)		100,451
	76,553	Mapletree Pan Asia Commercial Trust REIT (Real Estate)		97,813
	30,271	Olam Group Ltd. (Consumer Staples)		34,630
	94,344	Oversea-Chinese Banking Corp. Ltd. (Financials)		887,968
	16,519	SATS Ltd. (Industrials)*		34,728
	8,611	Sea Ltd. ADR (Communication Services)*		538,101
	666,437	Sembcorp Marine Ltd. (Industrials)*		62,874
	32,358	Singapore Airlines Ltd. (Industrials)		136,773
	19,962	Singapore Exchange Ltd. (Financials)		129,160
	36,183	Singapore Technologies Engineering Ltd. (Industrials)		95,958
	194,341	Singapore Telecommunications Ltd. (Communication Services)		342,152
	16,011	STMicroelectronics NV (Information Technology)		771,302
	40,245	Suntec Real Estate Investment Trust REIT (Real Estate)		42,453
	35,253	United Overseas Bank Ltd. (Financials)		783,545
	12,677	UOL Group Ltd. (Real Estate)		64,320

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

GOLDMAN SACHS MARKETBETA^® INTERNATIONAL EQUITY ETF

Schedule of Investments (continued)

February 28, 2023 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Singapore – (continued)
	6,650	Venture Corp. Ltd. (Information Technology)	$	84,820
				6,628,203
South Africa – 0.3%
	30,377	Anglo American PLC (Materials)		1,060,801
South Korea – 0.0%
	4,129	Delivery Hero SE (Consumer Discretionary)*(a)		167,227
Spain – 2.5%
	5,426	ACS Actividades de Construccion y Servicios SA (Industrials)		164,917
	1,733	Aena SME SA (Industrials)*(a)		269,061
	11,041	Amadeus IT Group SA (Information Technology)*		695,514
	146,754	Banco Bilbao Vizcaya Argentaria SA (Financials)		1,147,480
	408,387	Banco Santander SA (Financials)		1,612,195
	94,300	CaixaBank SA (Financials)		405,221
	14,250	Cellnex Telecom SA (Communication Services)*(a)		537,387
	1,391	Corp ACCIONA Energias Renovables SA (Utilities)		54,020
	5,897	EDP Renovaveis SA (Utilities)		121,386
	7,765	Endesa SA (Utilities)		152,920
	10,041	Ferrovial SA (Industrials)		279,629
	7,170	Grifols SA (Health Care)*		87,710
	151,934	Iberdrola SA (Utilities)		1,750,635
	27,103	Industria de Diseno Textil SA (Consumer Discretionary)		836,126
	23,518	Mapfre SA (Financials)		50,580
	4,575	Naturgy Energy Group SA (Utilities)		126,438
	9,908	Red Electrica Corp. SA (Utilities)		165,072
	31,357	Repsol SA (Energy)		498,978
	126,228	Telefonica SA (Communication Services)		515,246
				9,470,515
Sweden – 3.4%
	4,423	AAK AB (Consumer Staples)		76,066
	5,500	AddTech AB, Class B (Industrials)		99,150
	7,150	Alfa Laval AB (Industrials)		236,537
	23,853	Assa Abloy AB, Class B (Industrials)		583,482
	63,246	Atlas Copco AB, Class A (Industrials)		756,143
	37,033	Atlas Copco AB, Class B (Industrials)		392,823
	2,638	Avanza Bank Holding AB (Financials)		70,247
	2,737	Axfood AB (Consumer Staples)		65,797
	5,603	Beijer Ref AB (Industrials)(c)		87,468
	6,502	Boliden AB (Materials)		268,189
	5,990	Castellum AB (Real Estate)(c)		76,881
	5,656	Electrolux AB, Class B (Consumer Discretionary)		68,890
	8,843	Elekta AB, Class B (Health Care)(c)		69,380
	21,185	Embracer Group AB (Communication Services)*(c)		102,872
Common Stocks – (continued)
Sweden – (continued)
	15,304	Epiroc AB, Class A (Industrials)		295,702
	9,250	Epiroc AB, Class B (Industrials)		152,916
	13,247	EQT AB (Financials)		298,510
	14,795	Essity AB, Class B (Consumer Staples)		401,491
	4,386	Evolution AB (Consumer Discretionary)(a)		532,699
	6,360	Fabege AB (Real Estate)		54,131
	15,318	Fastighets AB Balder, Class B (Real Estate)*		76,409
	4,837	Getinge AB, Class B (Health Care)		104,592
	17,625	H & M Hennes & Mauritz AB, Class B (Consumer Discretionary)		223,156
	49,164	Hexagon AB, Class B (Information Technology)		547,571
	2,218	Holmen AB, Class B (Materials)		89,966
	9,593	Husqvarna AB, Class B (Industrials)		85,475
	3,322	Industrivarden AB, Class A (Financials)		91,805
	3,689	Industrivarden AB, Class C (Financials)		101,735
	6,544	Indutrade AB (Industrials)		139,934
	3,308	Investment AB Latour, Class B (Industrials)		68,897
	13,331	Investor AB, Class A (Financials)		274,837
	41,366	Investor AB, Class B (Financials)		803,632
	5,929	Kinnevik AB, Class B (Financials)*		88,776
	1,781	L E Lundbergforetagen AB, Class B (Financials)		83,119
	4,786	Lifco AB, Class B (Industrials)		96,192
	39,327	Nibe Industrier AB, Class B (Industrials)		408,784
	1,925	Saab AB, Class B (Industrials)		111,565
	3,991	Sagax AB, Class B (Real Estate)		98,774
	2,484	Sagax AB, Class D (Real Estate)		6,526
	26,474	Samhallsbyggnadsbolaget i Norden AB (Real Estate)(c)		43,562
	3,646	Samhallsbyggnadsbolaget i Norden AB, Class D (Real Estate)(c)		6,695
	25,794	Sandvik AB (Industrials)		533,758
	12,437	Securitas AB, Class B (Industrials)		107,786
	35,918	Skandinaviska Enskilda Banken AB, Class A (Financials)		451,360
	8,209	Skanska AB, Class B (Industrials)		150,033
	8,974	SKF AB, Class B (Industrials)		171,544
	6,209	SSAB AB, Class A (Materials)		45,392
	14,980	SSAB AB, Class B (Materials)		103,050
	14,699	Svenska Cellulosa AB SCA, Class B (Materials)		206,208
	35,078	Svenska Handelsbanken AB, Class A (Financials)		373,700
	852	Svenska Handelsbanken AB, Class B (Financials)		10,719
	5,051	Sweco AB, Class B (Industrials)		59,574
	26,783	Swedbank AB, Class A (Financials)		549,087

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

GOLDMAN SACHS MARKETBETA^® INTERNATIONAL EQUITY ETF

Shares		Description	Value
Common Stocks – (continued)
Sweden – (continued)
	4,113	Swedish Orphan Biovitrum AB (Health Care)*	$	95,089
	12,140	Tele2 AB, Class B (Communication Services)		112,150
	71,730	Telefonaktiebolaget LM Ericsson, Class B (Information Technology)		399,623
	53,623	Telia Co. AB (Communication Services)		139,089
	2,545	Thule Group AB (Consumer Discretionary)(a)		56,910
	5,822	Trelleborg AB, Class B (Industrials)		150,957
	1,883	Vitrolife AB (Health Care)		38,062
	4,658	Volvo AB, Class A (Industrials)		97,460
	35,918	Volvo AB, Class B (Industrials)		722,589
	11,764	Volvo Car AB, Class B (Consumer Discretionary)*		55,793
	8,772	Wallenstam AB, Class B (Real Estate)		36,708
				12,908,017
Switzerland – 4.8%
	39,248	ABB Ltd. (Industrials)		1,309,872
	12,257	Alcon, Inc. (Health Care)		839,060
	11,102	Cie Financiere Richemont SA, Class A (Consumer Discretionary)		1,679,070
	82,805	Credit Suisse Group AG (Financials)		251,971
	832	Geberit AG (Industrials)		451,841
	195	Givaudan SA (Materials)		591,086
	1,249	Kuehne + Nagel International AG (Industrials)		321,162
	1,819	Lonza Group AG (Health Care)		1,088,392
	55,373	Novartis AG (Health Care)		4,683,885
	547	Partners Group Holding AG (Financials)		521,525
	482	Schindler Holding AG (Industrials)		104,140
	998	Schindler Holding AG Participation Certificates (Industrials)		225,102
	149	SGS SA (Industrials)		343,070
	3,762	Sika AG (Materials)		1,059,260
	2,533	Straumann Holding AG (Health Care)		337,418
	691	Swatch Group AG (The) – Bearer (Consumer Discretionary)		241,232
	1,248	Swatch Group AG (The) – Registered (Consumer Discretionary)		80,093
	623	Swisscom AG (Communication Services)		385,798
	78,860	UBS Group AG (Financials)		1,720,658
	3,685	Zurich Insurance Group AG (Financials)		1,755,118
				17,989,753
United Kingdom – 11.9%
	23,464	3i Group PLC (Financials)		462,177
	49,101	abrdn PLC (Financials)		133,512
	6,004	Admiral Group PLC (Financials)		159,985
	8,276	Allfunds Group PLC (Financials)		72,583
	10,749	Ashtead Group PLC (Industrials)		717,032
Common Stocks – (continued)
United Kingdom – (continued)
	8,731	Associated British Foods PLC (Consumer Staples)		212,144
	36,735	AstraZeneca PLC (Health Care)		4,838,688
	22,578	Auto Trader Group PLC (Communication Services)(a)		162,747
	68,882	Aviva PLC (Financials)		372,262
	22,863	B&M European Value Retail SA (Consumer Discretionary)		136,126
	75,439	BAE Systems PLC (Industrials)		820,145
	388,836	Barclays PLC (Financials)		822,108
	24,385	Barratt Developments PLC (Consumer Discretionary)		138,486
	2,593	Berkeley Group Holdings PLC (Consumer Discretionary)		131,721
	404,602	BP PLC (Energy)		2,696,522
	54,829	British American Tobacco PLC (Consumer Staples)		2,086,615
	22,009	British Land Co. PLC (The) REIT (Real Estate)		119,024
	170,305	BT Group PLC (Communication Services)		287,311
	8,279	Bunzl PLC (Industrials)		297,081
	9,302	Burberry Group PLC (Consumer Discretionary)		277,708
	64,945	CK Hutchison Holdings Ltd. (Industrials)		387,213
	23,446	CNH Industrial NV (Industrials)		386,021
	3,730	Coca-Cola Europacific Partners PLC (Consumer Staples)		205,150
	43,008	Compass Group PLC (Consumer Discretionary)		999,699
	40,087	ConvaTec Group PLC (Health Care)(a)		108,904
	3,419	Croda International PLC (Materials)		271,615
	2,418	DCC PLC (Industrials)		135,302
	55,632	Diageo PLC (Consumer Staples)		2,376,813
	33,467	DS Smith PLC (Materials)		136,663
	755	Endava PLC ADR (Information Technology)*		60,053
	14,431	Entain PLC (Consumer Discretionary)		237,517
	22,575	Experian PLC (Industrials)		766,618
	8,044	Farfetch Ltd., Class A (Consumer Discretionary)*		41,266
	9,282	Halma PLC (Information Technology)		243,174
	8,666	Hargreaves Lansdown PLC (Financials)		87,037
	489,830	HSBC Holdings PLC (Financials)		3,769,189
	22,989	Imperial Brands PLC (Consumer Staples)		558,024
	34,759	Informa PLC (Communication Services)		281,269
	4,129	InterContinental Hotels Group PLC (Consumer Discretionary)		280,231
	6,987	Intermediate Capital Group PLC (Financials)		118,593
	3,947	Intertek Group PLC (Industrials)		199,452
	49,299	J Sainsbury PLC (Consumer Staples)		160,072

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

GOLDMAN SACHS MARKETBETA^® INTERNATIONAL EQUITY ETF

Schedule of Investments (continued)

February 28, 2023 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
United Kingdom – (continued)
	61,254	JD Sports Fashion PLC (Consumer Discretionary)	$	134,299
	4,497	Johnson Matthey PLC (Materials)		118,794
	47,608	Kingfisher PLC (Consumer Discretionary)		165,532
	18,244	Land Securities Group PLC REIT (Real Estate)		151,915
	146,524	Legal & General Group PLC (Financials)		453,939
	3,845	Liberty Global PLC, Class A (Communication Services)*		78,784
	6,186	Liberty Global PLC, Class C (Communication Services)*		131,453
	1,649,832	Lloyds Banking Group PLC (Financials)		1,051,016
	8,883	London Stock Exchange Group PLC (Financials)		799,253
	54,322	M&G PLC (Financials)		140,934
	98,554	Melrose Industries PLC (Industrials)		178,793
	89,768	National Grid PLC (Utilities)		1,138,942
	128,186	NatWest Group PLC (Financials)		453,616
	3,039	Next PLC (Consumer Discretionary)		251,729
	14,305	Ocado Group PLC (Consumer Staples)*		95,043
	17,533	Pearson PLC (Consumer Discretionary)		194,943
	7,784	Persimmon PLC (Consumer Discretionary)		136,879
	20,923	Phoenix Group Holdings PLC (Financials)		160,443
	17,557	Reckitt Benckiser Group PLC (Consumer Staples)		1,224,735
	46,934	RELX PLC (Industrials)		1,422,221
	61,776	Rentokil Initial PLC (Industrials)		383,219
	20,195	Rightmove PLC (Communication Services)		137,110
	205,279	Rolls-Royce Holdings PLC (Industrials)*		360,206
	25,087	Sage Group PLC (The) (Information Technology)		227,362
	22,824	Schroders PLC (Financials)		137,441
	29,610	Segro PLC REIT (Real Estate)		295,167
	6,157	Severn Trent PLC (Utilities)		205,059
	21,405	Smith & Nephew PLC (Health Care)		307,340
	8,671	Smiths Group PLC (Industrials)		185,124
	1,808	Spirax-Sarco Engineering PLC (Industrials)		255,768
	26,499	SSE PLC (Utilities)		559,974
	13,321	St James’s Place PLC (Financials)		206,668
	70,940	Standard Chartered PLC (Financials)		673,499
	84,244	Taylor Wimpey PLC (Consumer Discretionary)		125,652
	180,290	Tesco PLC (Consumer Staples)		556,584
	60,962	Unilever PLC (Consumer Staples)		3,052,519
	16,723	United Utilities Group PLC (Utilities)		206,101
Common Stocks – (continued)
United Kingdom – (continued)
	669,519	Vodafone Group PLC (Communication Services)		808,770
	6,364	Weir Group PLC (The) (Industrials)		146,310
	4,950	Whitbread PLC (Consumer Discretionary)		185,115
	12,669	Wise PLC, Class A (Information Technology)*		89,848
	26,235	WPP PLC (Communication Services)		325,237
				44,667,188
United States – 7.1%
	3,537	Carnival PLC (Consumer Discretionary)*		33,375
	12,821	Computershare Ltd. (Information Technology)		214,417
	11,742	CSL Ltd. (Health Care)		2,346,169
	999	CyberArk Software Ltd. (Information Technology)*		144,625
	5,089	Ferguson PLC (Industrials)		735,931
	750	Fiverr International Ltd. (Industrials)*		29,708
	100,435	GSK PLC (Health Care)		1,733,167
	124,689	Haleon PLC (Consumer Staples)*		485,999
	13,363	Holcim AG (Materials)*		828,941
	1,986	ICON PLC (Health Care)*		448,101
	10,937	James Hardie Industries PLC CDI (Materials)		228,858
	21,792	JS Global Lifestyle Co. Ltd. (Consumer Discretionary)(a)		20,683
	66,893	Nestle SA (Consumer Staples)		7,571,096
	647	Roche Holding AG (Health Care)		201,020
	17,230	Roche Holding AG (Health Care)		4,996,654
	28,185	Sanofi (Health Care)		2,656,940
	13,557	Schneider Electric SE (Industrials)		2,187,060
	53,037	Stellantis NV (Consumer Discretionary)		931,092
	7,073	Swiss Re AG (Financials)		741,071
	11,432	Tenaris SA (Energy)		190,099
				26,725,006
	TOTAL COMMON STOCKS
	(Cost $359,964,243)		$	373,410,289

Shares		Description	Rate			Value
Preferred Stocks – 0.5%
Germany – 0.5%
	1,457	Bayerische Motoren Werke AG (Consumer Discretionary)		6.24	%	$	138,677
	1,872	Dr. Ing hc F Porsche AG (Consumer Discretionary)*		0.00			226,518
	4,227	Henkel AG & Co. KGaA (Consumer Staples)		2.68			308,502

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

GOLDMAN SACHS MARKETBETA^® INTERNATIONAL EQUITY ETF

Shares		Description	Rate			Value
Preferred Stocks – (continued)
Germany – (continued)
	3,757	Porsche Automobil Holding SE (Consumer Discretionary)		4.46	%	$	214,196
	662	Sartorius AG (Health Care)		0.31			282,646
	4,491	Volkswagen AG (Consumer Discretionary)		19.27			615,151
							1,785,690
Spain – 0.0%
	6,414	Grifols SA, Class B (Health Care)*		0.00			54,518
	TOTAL PREFERRED STOCKS
	(Cost $2,044,026)					$	1,840,208

Units		Description	Expiration Month		Value
Rights – 0.0%
Hong Kong – 0.0%
	10,432	Link REIT*		03/23	$	9,835
Sweden – 0.0%
	5,603	Beijer Ref AB*		03/23		9,456
	TOTAL RIGHTS
	(Cost $0)				$	19,291
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $362,008,269)				$	375,269,788

Shares	Dividend Rate	Value
Securities Lending Reinvestment Vehicle – 0.8%(d)
Goldman Sachs Financial Square Government Fund – Institutional Shares
2,841,624	4.475%	$	2,841,624
(Cost $2,841,624)
TOTAL INVESTMENTS – 100.4%
(Cost $364,849,893)		$	378,111,412
LIABILITIES IN EXCESS OF OTHER     ASSETS – (0.4)%			(1,431,473	)
NET ASSETS – 100.0%		$	376,679,939

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)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(c)	All or a portion of security is on loan.
(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

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At February 28, 2023, 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		5		03/17/23	$	511,650	$	10,565

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

GOLDMAN SACHS MARKETBETA^® INTERNATIONAL EQUITY ETF

Schedule of Investments (continued)

February 28, 2023 (Unaudited)

Sector Name	% of Market Value
Financials	18.5%
Industrials	15.9
Health Care	12.7
Consumer Discretionary	11.5
Consumer Staples	9.8
Information Technology	8.1
Materials	7.7
Energy	4.7
Communication Services	4.6
Utilities	3.2
Real Estate	2.5
Securities Lending Reinvestment Vehicle	0.8
TOTAL INVESTMENTS	100.0%

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

GOLDMAN SACHS MARKETBETA^® U.S. EQUITY ETF

Schedule of Investments

February 28, 2023 (Unaudited)

Shares		Description	Value
Common Stocks – 99.8%
Communication Services – 7.8%
	16,587	Activision Blizzard, Inc.	$	1,264,759
	137,935	Alphabet, Inc., Class A*		12,422,426
	121,777	Alphabet, Inc., Class C*		10,996,463
	164,920	AT&T, Inc.		3,118,637
	2,266	Charter Communications, Inc., Class A*		833,004
	99,279	Comcast Corp., Class A		3,690,200
	5,779	DISH Network Corp., Class A*		65,938
	6,360	Electronic Arts, Inc.		705,578
	6,964	Fox Corp., Class A		243,879
	3,157	Fox Corp., Class B		101,813
	370	Liberty Broadband Corp., Class A*		32,090
	2,771	Liberty Broadband Corp., Class C*		240,163
	1,753	Liberty Media Corp.-Liberty SiriusXM, Class A*		56,780
	3,475	Liberty Media Corp.-Liberty SiriusXM, Class C*		111,965
	3,583	Live Nation Entertainment, Inc.*		258,191
	23,714	Lumen Technologies, Inc.		80,628
	6,439	Match Group, Inc.*		266,703
	51,972	Meta Platforms, Inc., Class A*		9,091,982
	10,148	Netflix, Inc.*		3,268,975
	4,671	Omnicom Group, Inc.		423,053
	211	Paramount Global, Class A(a)		5,186
	13,417	Paramount Global, Class B		287,392
	13,396	Pinterest, Inc., Class A*		336,374
	7,946	ROBLOX Corp., Class A*		291,142
	2,811	Roku, Inc.*		181,844
	15,575	Sirius XM Holdings, Inc.(a)		68,374
	23,152	Snap, Inc., Class A*		234,993
	2,754	Spotify Technology SA*		320,290
	3,827	Take-Two Interactive Software, Inc.*		419,248
	14,362	T-Mobile US, Inc.*		2,041,989
	10,226	Trade Desk, Inc. (The), Class A*		572,247
	97,256	Verizon Communications, Inc.		3,774,505
	42,220	Walt Disney Co. (The)*		4,205,534
	51,190	Warner Bros Discovery, Inc.*		799,588
	2,728	Warner Music Group Corp., Class A		86,096
	6,776	ZoomInfo Technologies, Inc.*		163,776
				61,061,805
Consumer Discretionary – 10.9%
	1,365	Advance Auto Parts, Inc.		197,870
	8,646	Airbnb, Inc., Class A*		1,065,879
	206,090	Amazon.com, Inc.*		19,419,861
	6,240	Aptiv PLC*		725,587
	438	AutoZone, Inc.*		1,089,105
	4,558	Best Buy Co., Inc.		378,815
	896	Booking Holdings, Inc.*		2,261,504
	1,503	Burlington Stores, Inc.*		322,018
	4,748	Caesars Entertainment, Inc.*		241,008
	3,646	CarMax, Inc.*		251,720
	22,878	Carnival Corp.*		242,964
	2,084	Chewy, Inc., Class A*		84,506
	637	Chipotle Mexican Grill, Inc.*		949,818
	20,903	Coupang, Inc. (South Korea)*		324,206
	2,824	Darden Restaurants, Inc.		403,804
Common Stocks – (continued)
Consumer Discretionary – (continued)
	5,167	Dollar General Corp.		1,117,622
	4,791	Dollar Tree, Inc.*		696,036
	815	Domino’s Pizza, Inc.		239,618
	6,080	DoorDash, Inc., Class A*		332,333
	7,353	D.R. Horton, Inc.		680,005
	12,543	eBay, Inc.		575,724
	2,891	Etsy, Inc.*		350,996
	3,470	Expedia Group, Inc.*		378,126
	91,326	Ford Motor Co.		1,102,305
	3,550	Garmin Ltd.		348,362
	31,693	General Motors Co.		1,227,787
	3,213	Genuine Parts Co.		568,251
	3,004	Hasbro, Inc.		165,250
	6,147	Hilton Worldwide Holdings, Inc.		888,303
	23,592	Home Depot, Inc. (The)		6,995,972
	7,647	Las Vegas Sands Corp.*		439,473
	5,787	Lennar Corp., Class A		559,834
	337	Lennar Corp., Class B		27,519
	6,009	LKQ Corp.		344,256
	13,937	Lowe’s Cos., Inc.		2,867,538
	11,871	Lucid Group, Inc.*(a)		108,382
	2,826	Lululemon Athletica, Inc.*		873,799
	6,442	Marriott International, Inc., Class A		1,090,244
	16,959	McDonald’s Corp.		4,475,650
	1,114	MercadoLibre, Inc. (Brazil)*		1,359,080
	7,102	MGM Resorts International		305,457
	28,762	NIKE, Inc., Class B		3,416,638
	69	NVR, Inc.*		356,980
	1,435	O’Reilly Automotive, Inc.*		1,191,194
	5,243	PulteGroup, Inc.		286,635
	11,981	Rivian Automotive, Inc., Class A*		231,233
	7,819	Ross Stores, Inc.		864,312
	5,067	Royal Caribbean Cruises Ltd.*		357,933
	26,031	Starbucks Corp.		2,657,505
	10,632	Target Corp.		1,791,492
	62,223	Tesla, Inc.*		12,799,893
	24,944	TJX Cos., Inc. (The)		1,910,710
	2,551	Tractor Supply Co.		595,046
	1,160	Ulta Beauty, Inc.*		601,808
	924	Vail Resorts, Inc.		215,745
	8,068	VF Corp.		200,248
	1,254	Whirlpool Corp.		173,027
	9,346	Yum China Holdings, Inc. (China)		548,891
	6,519	Yum! Brands, Inc.		828,956
				85,104,833
Consumer Staples – 6.6%
	41,464	Altria Group, Inc.		1,925,174
	12,644	Archer-Daniels-Midland Co.		1,006,462
	1,130	Brown-Forman Corp., Class A		73,360
	7,067	Brown-Forman Corp., Class B		458,436
	4,594	Campbell Soup Co.		241,277
	5,639	Church & Dwight Co., Inc.		472,435
	2,850	Clorox Co. (The)		443,004
	89,824	Coca-Cola Co. (The)		5,345,426
	19,306	Colgate-Palmolive Co.		1,415,130

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, 2023 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Consumer Staples – (continued)
	11,048	Conagra Brands, Inc.	$	402,258
	3,825	Constellation Brands, Inc., Class A		855,652
	10,256	Costco Wholesale Corp.		4,965,750
	4,921	Estee Lauder Cos., Inc. (The), Class A		1,196,049
	13,619	General Mills, Inc.		1,082,847
	3,396	Hershey Co. (The)		809,335
	6,604	Hormel Foods Corp.		293,086
	2,346	J M Smucker Co. (The)		346,950
	6,042	Kellogg Co.		398,409
	20,349	Keurig Dr Pepper, Inc.		703,058
	7,805	Kimberly-Clark Corp.		976,015
	18,036	Kraft Heinz Co. (The)		702,322
	15,288	Kroger Co. (The)		659,524
	5,757	McCormick & Co., Inc.		427,860
	4,073	Molson Coors Beverage Co., Class B		216,643
	31,536	Mondelez International, Inc., Class A		2,055,516
	8,568	Monster Beverage Corp.*		871,880
	31,857	PepsiCo, Inc.		5,528,145
	35,850	Philip Morris International, Inc.		3,488,205
	54,831	Procter & Gamble Co. (The)		7,542,552
	11,628	Sysco Corp.		867,100
	6,562	Tyson Foods, Inc., Class A		388,733
	16,484	Walgreens Boots Alliance, Inc.		585,677
	32,499	Walmart, Inc.		4,619,083
				51,363,353
Energy – 4.7%
	23,070	Baker Hughes Co.		705,942
	5,713	Cheniere Energy, Inc.		898,884
	43,903	Chevron Corp.		7,058,285
	28,818	ConocoPhillips		2,978,340
	17,688	Coterra Energy, Inc.		441,669
	15,022	Devon Energy Corp.		809,986
	4,055	Diamondback Energy, Inc.		570,052
	13,561	EOG Resources, Inc.		1,532,664
	95,013	Exxon Mobil Corp.		10,442,879
	19,403	Halliburton Co.		702,971
	6,434	Hess Corp.		866,660
	45,504	Kinder Morgan, Inc.		776,298
	10,814	Marathon Petroleum Corp.		1,336,611
	20,993	Occidental Petroleum Corp.		1,229,350
	10,285	ONEOK, Inc.		673,153
	10,914	Phillips 66		1,119,340
	5,230	Pioneer Natural Resources Co.		1,048,144
	32,787	Schlumberger NV		1,744,596
	8,895	Valero Energy Corp.		1,171,738
	28,134	Williams Cos., Inc. (The)		846,834
				36,954,396
Financials – 11.3%
	13,073	Aflac, Inc.		890,925
	6,022	Allstate Corp. (The)		775,513
	6,174	Ally Financial, Inc.		185,529
	12,671	American Express Co.		2,204,627
	17,172	American International Group, Inc.		1,049,381
	2,453	Ameriprise Financial, Inc.		841,060
Common Stocks – (continued)
Financials – (continued)
	10,802	Annaly Capital Management, Inc. REIT		223,385
	4,555	Aon PLC, Class A		1,384,948
	8,961	Apollo Global Management, Inc.		635,335
	8,277	Arch Capital Group Ltd.*		579,390
	4,829	Arthur J Gallagher & Co.		904,713
	161,878	Bank of America Corp.		5,552,415
	17,118	Bank of New York Mellon Corp. (The)		870,964
	30,029	Berkshire Hathaway, Inc., Class B*		9,164,250
	3,219	BlackRock, Inc.		2,219,275
	16,086	Blackstone, Inc.		1,460,609
	8,717	Capital One Financial Corp.		950,850
	2,446	Cboe Global Markets, Inc.		308,612
	35,222	Charles Schwab Corp. (The)		2,744,498
	8,927	Chubb Ltd.		1,883,776
	3,553	Cincinnati Financial Corp.		428,847
	44,774	Citigroup, Inc.		2,269,594
	11,319	Citizens Financial Group, Inc.		472,681
	8,285	CME Group, Inc.		1,535,708
	3,334	Coinbase Global, Inc., Class A*		216,143
	6,242	Discover Financial Services		699,104
	894	Everest Re Group Ltd.		343,269
	413	F & G Annuities & Life, Inc.		8,413
	5,965	Fidelity National Financial, Inc.		237,765
	15,790	Fifth Third Bancorp		573,177
	4,131	First Republic Bank		508,154
	6,681	Franklin Resources, Inc.		196,889
	2,055	Globe Life, Inc.		250,073
	7,806	Goldman Sachs Group, Inc. (The)(b)		2,744,980
	7,335	Hartford Financial Services Group, Inc. (The)		574,184
	32,858	Huntington Bancshares, Inc.		503,385
	2,288	Interactive Brokers Group, Inc., Class A		197,020
	12,811	Intercontinental Exchange, Inc.		1,304,160
	67,173	JPMorgan Chase & Co.		9,629,250
	21,521	KeyCorp		393,619
	14,978	KKR & Co., Inc.		844,010
	4,590	Loews Corp.		280,403
	3,935	M&T Bank Corp.		611,066
	293	Markel Corp.*		389,649
	11,452	Marsh & McLennan Cos., Inc.		1,856,827
	13,530	MetLife, Inc.		970,507
	3,645	Moody’s Corp.		1,057,597
	29,963	Morgan Stanley		2,891,429
	1,795	MSCI, Inc.		937,259
	7,886	Nasdaq, Inc.		442,089
	4,612	Northern Trust Corp.		439,385
	9,281	PNC Financial Services Group, Inc. (The)		1,465,656
	5,631	Principal Financial Group, Inc.		504,312
	13,512	Progressive Corp. (The)		1,939,242
	8,507	Prudential Financial, Inc.		850,700
	4,495	Raymond James Financial, Inc.		487,528
	21,531	Regions Financial Corp.		502,103
	14,358	Robinhood Markets, Inc., Class A*		144,585
	2,621	Rocket Cos., Inc., Class A(a)		20,601
	7,533	S&P Global, Inc.		2,570,260

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)
Financials – (continued)
	7,985	State Street Corp.	$	708,110
	1,354	SVB Financial Group*		390,101
	10,377	Synchrony Financial		370,563
	5,079	T. Rowe Price Group, Inc.		570,270
	5,405	Travelers Cos., Inc. (The)		1,000,574
	30,534	Truist Financial Corp.		1,433,571
	31,022	US Bancorp		1,480,680
	4,633	W R Berkley Corp.		306,658
	88,170	Wells Fargo & Co.		4,123,711
	2,486	Willis Towers Watson PLC		582,619
				88,088,535
Health Care – 14.4%
	40,093	Abbott Laboratories		4,078,260
	40,917	AbbVie, Inc.		6,297,126
	6,834	Agilent Technologies, Inc.		970,223
	1,694	Align Technology, Inc.*		524,293
	2,836	Alnylam Pharmaceuticals, Inc.*		542,952
	3,960	AmerisourceBergen Corp.		616,018
	12,335	Amgen, Inc.		2,857,526
	14,939	Avantor, Inc.*		364,063
	11,651	Baxter International, Inc.		465,458
	6,574	Becton Dickinson and Co.		1,541,932
	3,313	Biogen, Inc.*		894,046
	4,275	BioMarin Pharmaceutical, Inc.*		425,747
	33,096	Boston Scientific Corp.*		1,546,245
	49,212	Bristol-Myers Squibb Co.		3,393,660
	6,038	Cardinal Health, Inc.		457,137
	3,945	Catalent, Inc.*		269,128
	12,989	Centene Corp.*		888,448
	7,056	Cigna Group (The)		2,061,058
	1,137	Cooper Cos., Inc. (The)		371,765
	30,347	CVS Health Corp.		2,535,188
	15,340	Danaher Corp.		3,797,110
	1,182	DaVita, Inc.*		97,231
	8,888	Dexcom, Inc.*		986,657
	14,198	Edwards Lifesciences Corp.*		1,142,087
	5,516	Elevance Health, Inc.		2,590,700
	20,351	Eli Lilly & Co.		6,333,638
	8,384	GE HealthCare Technologies, Inc.*		637,184
	29,036	Gilead Sciences, Inc.		2,338,269
	4,874	HCA Healthcare, Inc.		1,186,575
	3,094	Henry Schein, Inc.*		242,291
	5,622	Hologic, Inc.*		447,736
	5,209	Horizon Therapeutics PLC*		570,333
	2,896	Humana, Inc.		1,433,578
	1,899	IDEXX Laboratories, Inc.*		898,683
	3,634	Illumina, Inc.*		723,893
	4,261	Incyte Corp.*		328,012
	8,148	Intuitive Surgical, Inc.*		1,869,070
	4,197	IQVIA Holdings, Inc.*		874,949
	1,415	Jazz Pharmaceuticals PLC*		198,666
	60,508	Johnson & Johnson		9,273,456
	2,048	Laboratory Corp. of America Holdings		490,209
	3,207	McKesson Corp.		1,121,841
	30,780	Medtronic PLC		2,548,584
Common Stocks – (continued)
Health Care – (continued)
	58,481	Merck & Co., Inc.		6,213,021
	509	Mettler-Toledo International, Inc.*		729,758
	7,740	Moderna, Inc.*		1,074,389
	129,907	Pfizer, Inc.		5,270,327
	2,617	Quest Diagnostics, Inc.		362,088
	2,414	Regeneron Pharmaceuticals, Inc.*		1,835,654
	3,361	ResMed, Inc.		715,893
	8,642	Royalty Pharma PLC, Class A		309,816
	3,176	Seagen, Inc.*		570,695
	2,305	STERIS PLC		433,409
	7,704	Stryker Corp.		2,025,228
	1,084	Teleflex, Inc.		258,241
	9,071	Thermo Fisher Scientific, Inc.		4,914,305
	21,569	UnitedHealth Group, Inc.		10,265,550
	3,239	Veeva Systems, Inc., Class A*		536,573
	5,934	Vertex Pharmaceuticals, Inc.*		1,722,581
	28,012	Viatris, Inc.		319,337
	1,371	Waters Corp.*		426,230
	1,706	West Pharmaceutical Services, Inc.		540,853
	4,855	Zimmer Biomet Holdings, Inc.		601,389
	10,788	Zoetis, Inc.		1,801,596
				112,157,958
Industrials – 8.2%
	12,792	3M Co.		1,378,210
	2,916	A O Smith Corp.		191,377
	5,289	AMETEK, Inc.		748,711
	13,788	Boeing Co. (The)*		2,778,971
	19,335	Carrier Global Corp.		870,655
	12,039	Caterpillar, Inc.		2,883,942
	2,669	C.H. Robinson Worldwide, Inc.		266,793
	1,990	Cintas Corp.		872,555
	9,918	Copart, Inc.*		698,822
	9,320	CoStar Group, Inc.*		658,551
	48,561	CSX Corp.		1,480,625
	3,253	Cummins, Inc.		790,739
	6,347	Deere & Co.		2,660,916
	14,803	Delta Air Lines, Inc.*		567,547
	3,235	Dover Corp.		484,927
	9,174	Eaton Corp. PLC		1,604,808
	13,655	Emerson Electric Co.		1,129,405
	2,824	Equifax, Inc.		571,945
	3,666	Expeditors International of Washington, Inc.		383,317
	13,243	Fastenal Co.		682,809
	5,382	FedEx Corp.		1,093,730
	8,063	Fortive Corp.		537,480
	1,444	Generac Holdings, Inc.*		173,294
	5,573	General Dynamics Corp.		1,270,142
	25,061	General Electric Co.		2,122,917
	15,530	Honeywell International, Inc.		2,973,684
	6,243	Illinois Tool Works, Inc.		1,455,618
	9,364	Ingersoll Rand, Inc.		543,768
	1,900	J.B. Hunt Transport Services, Inc.		343,501
	15,847	Johnson Controls International PLC		993,924
	4,392	L3Harris Technologies, Inc.		927,547

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, 2023 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Industrials – (continued)
	3,132	Leidos Holdings, Inc.	$	304,023
	6,066	Lockheed Martin Corp.		2,876,861
	5,201	Masco Corp.		272,688
	5,357	Norfolk Southern Corp.		1,204,361
	3,207	Northrop Grumman Corp.		1,488,401
	2,311	Old Dominion Freight Line, Inc.		784,030
	9,646	Otis Worldwide Corp.		816,245
	11,013	PACCAR, Inc.		795,139
	2,959	Parker-Hannifin Corp.		1,041,124
	34,028	Raytheon Technologies Corp.		3,337,807
	4,769	Republic Services, Inc.		614,867
	2,652	Rockwell Automation, Inc.		782,154
	5,974	Rollins, Inc.		210,285
	1,210	Snap-on, Inc.		300,903
	13,697	Southwest Airlines Co.		459,945
	3,520	Stanley Black & Decker, Inc.		301,347
	4,809	Textron, Inc.		348,797
	5,307	Trane Technologies PLC		981,636
	1,203	TransDigm Group, Inc.		894,876
	4,445	TransUnion		290,836
	44,318	Uber Technologies, Inc.*		1,474,017
	14,207	Union Pacific Corp.		2,944,827
	7,545	United Airlines Holdings, Inc.*		392,038
	16,897	United Parcel Service, Inc., Class B		3,083,534
	1,596	United Rentals, Inc.		747,774
	3,588	Verisk Analytics, Inc.		613,943
	9,491	Waste Management, Inc.		1,421,372
	4,033	Westinghouse Air Brake Technologies Corp.		420,763
	1,042	W.W. Grainger, Inc.		696,504
	4,159	Xylem, Inc.		426,921
				64,469,248
Information Technology – 28.0%
	15,237	Accenture PLC, Class A		4,046,185
	10,742	Adobe, Inc.*		3,479,871
	37,150	Advanced Micro Devices, Inc.*		2,919,247
	3,579	Akamai Technologies, Inc.*		259,835
	2,799	Amdocs Ltd.		256,416
	13,704	Amphenol Corp., Class A		1,062,334
	11,755	Analog Devices, Inc.		2,156,690
	2,007	ANSYS, Inc.*		609,345
	368,128	Apple, Inc.		54,265,748
	19,451	Applied Materials, Inc.		2,259,234
	2,708	AppLovin Corp., Class A*		36,558
	5,454	Arista Networks, Inc.*		756,470
	3,405	Atlassian Corp., Class A*		559,544
	4,988	Autodesk, Inc.*		991,066
	9,593	Automatic Data Processing, Inc.		2,108,733
	2,325	BILL Holdings, Inc.*		196,765
	12,369	Block, Inc.*		949,073
	9,460	Broadcom, Inc.		5,621,983
	2,703	Broadridge Financial Solutions, Inc.		380,528
	6,287	Cadence Design Systems, Inc.*		1,213,014
	3,129	CDW Corp.		633,372
	86,949	Cisco Systems, Inc.		4,210,071
Common Stocks – (continued)
Information Technology – (continued)
	6,126	Cloudflare, Inc., Class A*		367,621
	11,890	Cognizant Technology Solutions Corp., Class A		744,671
	17,683	Corning, Inc.		600,338
	4,957	Crowdstrike Holdings, Inc., Class A*		598,260
	6,181	Datadog, Inc., Class A*		472,970
	5,394	Dell Technologies, Inc., Class C		219,212
	4,580	DocuSign, Inc.*		280,983
	3,081	Enphase Energy, Inc.*		648,643
	1,290	EPAM Systems, Inc.*		396,869
	1,390	F5, Inc.*		198,742
	13,613	Fidelity National Information Services, Inc.		862,656
	13,569	Fiserv, Inc.*		1,561,656
	1,656	FleetCor Technologies, Inc.*		355,692
	15,290	Fortinet, Inc.*		908,838
	1,778	Gartner, Inc.*		582,846
	13,203	Gen Digital, Inc.		257,591
	6,203	Global Payments, Inc.		695,977
	1,733	GLOBALFOUNDRIES, Inc.*(a)		113,234
	29,570	Hewlett Packard Enterprise Co.		461,588
	22,706	HP, Inc.		670,281
	1,070	HubSpot, Inc.*		413,940
	95,548	Intel Corp.		2,382,012
	20,919	International Business Machines Corp.		2,704,827
	6,326	Intuit, Inc.		2,575,821
	4,110	Keysight Technologies, Inc.*		657,436
	3,270	KLA Corp.		1,240,573
	3,149	Lam Research Corp.		1,530,446
	19,672	Marvell Technology, Inc.		888,191
	19,585	Mastercard, Inc., Class A		6,958,355
	12,483	Microchip Technology, Inc.		1,011,497
	25,200	Micron Technology, Inc.		1,457,064
	170,061	Microsoft Corp.		42,416,615
	1,545	MongoDB, Inc.*		323,708
	3,858	Motorola Solutions, Inc.		1,013,921
	4,978	NetApp, Inc.		321,330
	54,612	NVIDIA Corp.		12,678,722
	3,448	Okta, Inc.*		245,808
	9,964	ON Semiconductor Corp.*		771,313
	35,756	Oracle Corp.		3,125,074
	39,765	Palantir Technologies, Inc., Class A*		311,758
	6,871	Palo Alto Networks, Inc.*		1,294,290
	7,458	Paychex, Inc.		823,363
	1,179	Paycom Software, Inc.*		340,802
	26,334	PayPal Holdings, Inc.*		1,938,182
	2,332	Qorvo, Inc.*		235,275
	25,924	QUALCOMM, Inc.		3,202,392
	2,445	Roper Technologies, Inc.		1,051,839
	22,437	Salesforce, Inc.*		3,670,918
	4,442	Seagate Technology Holdings PLC		286,776
	4,677	ServiceNow, Inc.*		2,021,259
	3,695	Skyworks Solutions, Inc.		412,251
	6,310	Snowflake, Inc., Class A*		974,138
	3,766	Splunk, Inc.*		386,015
	5,086	SS&C Technologies Holdings, Inc.		298,548

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)
Information Technology – (continued)
	3,509	Synopsys, Inc.*	$	1,276,434
	7,333	TE Connectivity Ltd.		933,638
	3,594	Teradyne, Inc.		363,497
	20,996	Texas Instruments, Inc.		3,599,764
	5,683	Trimble, Inc.*		295,857
	3,999	Twilio, Inc., Class A*		268,773
	6,992	Unity Software, Inc.*		212,836
	2,128	VeriSign, Inc.*		418,854
	37,494	Visa, Inc., Class A		8,246,430
	5,255	VMware, Inc., Class A*		578,733
	7,301	Western Digital Corp.*		280,942
	4,623	Workday, Inc., Class A*		857,428
	1,189	Zebra Technologies Corp., Class A*		356,997
	4,972	Zoom Video Communications, Inc., Class A*		370,861
	1,989	Zscaler, Inc.*		260,857
				218,257,110
Materials – 2.6%
	5,122	Air Products and Chemicals, Inc.		1,464,790
	2,708	Albemarle Corp.		688,671
	34,404	Amcor PLC		383,261
	7,214	Ball Corp.		405,499
	2,277	Celanese Corp.		264,656
	16,392	Corteva, Inc.		1,021,058
	16,267	Dow, Inc.		930,472
	10,541	DuPont de Nemours, Inc.		769,809
	2,765	Eastman Chemical Co.		235,578
	5,843	Ecolab, Inc.		931,199
	2,902	FMC Corp.		374,793
	32,943	Freeport-McMoRan, Inc.		1,349,675
	5,900	International Flavors & Fragrances, Inc.		549,880
	8,205	International Paper Co.		298,580
	11,346	Linde PLC (United Kingdom)		3,952,606
	5,963	LyondellBasell Industries NV, Class A		572,388
	1,429	Martin Marietta Materials, Inc.		514,254
	7,862	Mosaic Co. (The)		418,180
	18,359	Newmont Corp.		800,636
	5,903	Nucor Corp.		988,398
	2,108	Packaging Corp. of America		288,206
	5,434	PPG Industries, Inc.		717,614
	5,501	Sherwin-Williams Co. (The)		1,217,646
	1,974	Southern Copper Corp. (Mexico)		145,464
	3,000	Vulcan Materials Co.		542,730
	5,815	Westrock Co.		182,591
				20,008,634
Real Estate – 2.6%
	3,767	Alexandria Real Estate Equities, Inc. REIT		564,221
	10,756	American Tower Corp. REIT		2,129,795
	3,171	AvalonBay Communities, Inc. REIT		547,061
	3,306	Boston Properties, Inc. REIT		216,477
	7,022	CBRE Group, Inc., Class A*		597,853
	9,984	Crown Castle, Inc. REIT		1,305,408
	6,652	Digital Realty Trust, Inc. REIT		693,338
Common Stocks – (continued)
Real Estate – (continued)
	2,137	Equinix, Inc. REIT		1,470,833
	8,484	Equity Residential REIT		530,420
	1,489	Essex Property Trust, Inc. REIT		339,581
	3,054	Extra Space Storage, Inc. REIT		502,841
	12,409	Healthpeak Properties, Inc. REIT		298,560
	16,372	Host Hotels & Resorts, Inc. REIT		275,050
	14,126	Invitation Homes, Inc. REIT		441,579
	6,676	Iron Mountain, Inc. REIT		352,159
	2,657	Mid-America Apartment Communities, Inc. REIT		425,386
	21,323	Prologis, Inc. REIT		2,631,258
	3,525	Public Storage REIT		1,053,799
	14,483	Realty Income Corp. REIT		926,188
	2,475	SBA Communications Corp. REIT		641,891
	7,514	Simon Property Group, Inc. REIT		917,384
	7,496	UDR, Inc. REIT		321,129
	9,212	Ventas, Inc. REIT		448,164
	22,270	VICI Properties, Inc. REIT		746,713
	10,938	Welltower, Inc. REIT		810,725
	16,997	Weyerhaeuser Co. REIT		531,156
	4,748	W.P. Carey, Inc. REIT		385,348
				20,104,317
Utilities – 2.7%
	5,804	Alliant Energy Corp.		297,571
	5,952	Ameren Corp.		492,290
	11,890	American Electric Power Co., Inc.		1,045,963
	4,202	American Water Works Co., Inc.		589,877
	3,252	Atmos Energy Corp.		366,858
	1,639	Avangrid, Inc.		63,970
	14,532	CenterPoint Energy, Inc.		404,280
	6,694	CMS Energy Corp.		394,745
	8,208	Consolidated Edison, Inc.		733,385
	7,570	Constellation Energy Corp.		566,917
	19,268	Dominion Energy, Inc.		1,071,686
	4,726	DTE Energy Co.		518,490
	17,810	Duke Energy Corp.		1,678,771
	8,839	Edison International		585,230
	4,694	Entergy Corp.		482,872
	5,242	Evergy, Inc.		308,282
	7,987	Eversource Energy		601,900
	22,776	Exelon Corp.		919,923
	12,567	FirstEnergy Corp.		496,899
	45,923	NextEra Energy, Inc.		3,261,911
	9,366	NiSource, Inc.		256,909
	40,216	PG&E Corp.*		628,174
	16,566	PPL Corp.		448,442
	11,535	Public Service Enterprise Group, Inc.		697,060
	7,278	Sempra Energy		1,091,409
	24,962	Southern Co. (The)		1,574,104
	7,296	WEC Energy Group, Inc.		646,863
	12,649	Xcel Energy, Inc.		816,746
				21,041,527
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $769,126,462)		$	778,611,716

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

GOLDMAN SACHS MARKETBETA^® U.S. EQUITY ETF

Schedule of Investments (continued)

February 28, 2023 (Unaudited)

Shares	Dividend Rate			Value
Securities Lending Reinvestment Vehicle – 0.0%(b)
Goldman Sachs Financial Square Government Fund – Institutional Shares
303,839		4.475	%	$	303,839
(Cost $303,839)
TOTAL INVESTMENTS – 99.8%
(Cost $769,430,301)				$	778,915,555
OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.2%					1,600,653
NET ASSETS – 100.0%				$	780,516,208

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

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

GOLDMAN SACHS MARKETBETA ETFS

Statements of Assets and Liabilities

February 28, 2023 (Unaudited)

	MarketBeta® Emerging Markets Equity ETF		MarketBeta® International Equity ETF		MarketBeta® U.S. Equity ETF
Assets:
Investments in unaffiliated issuers, at value (cost $29,862,107, $362,008,269 and $766,752,064, respectively)(a)		$31,813,601		$375,269,788		$775,866,736
Investments in affiliated issuers, at value (cost $—, $— and $2,374,398, respectively)		—		—		2,744,980
Investments in securities lending reinvestment vehicle, at value which equals cost		134,788		2,841,624		303,839
Cash		125,475		520,892		715,884
Foreign currency, at value (cost $5,871, $56,867 and $—, respectively)		5,845		56,641		—
Receivables:
Dividends		60,279		567,793		1,229,465
Securities lending income		426		3,078		2,310
Collateral on futures contracts		—		14,160		—
Foreign tax reclaims		—		306,282		—
Total assets		32,140,414		379,580,258		780,863,214
Liabilities:
Payables:
Upon return of securities loaned		134,788		2,841,624		303,839
Foreign capital gains tax		117,297		—		—
Management fees		9,211		58,695		43,167
Total liabilities		261,296		2,900,319		347,006
Net Assets:
Paid-in capital		30,703,760		362,448,833		744,611,157
Total distributable earnings		1,175,358		14,231,106		35,905,051
NET ASSETS		$31,879,118		$376,679,939		$780,516,208
SHARES ISSUED AND OUTSTANDING
Shares outstanding no par value (unlimited shares authorized):		800,000		7,600,000		14,450,000
Net asset value per share:		$39.85		$49.56		$54.01

(a) Includes loaned securities having a market value of $90,483, $2,684,847 and $298,367, respectively.

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

GOLDMAN SACHS MARKETBETA ETFS

Statements of Operations

For the Six Months Ended February 28, 2023 (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 $31,890, $314,285 and $—, respectively)	$	255,873		$	3,231,541		$	6,275,345
Securities lending income — unaffiliated issuer		2,187			22,144			14,544
Dividends — affiliated issuers		—			—			21,150
Total investment income		258,060			3,253,685			6,311,039
Expenses:
Management fees		63,933			402,768			312,332
Trustee fees		6,430			12,668			20,872
Total expenses		70,363			415,436			333,204
Less — expense reductions		(14,072	)		(83,087	)		(74,045	)
Net expenses		56,291			332,349			259,159
NET INVESTMENT INCOME		201,769			2,921,336			6,051,880
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		(244,614	)		(1,878,792	)		(3,157,835	)
Investments — affiliated issuers		—			—			(1,852	)
In-kind redemptions — unaffiliated issuers		—			6,121,330			30,799,155
In-kind redemptions — affiliated issuers		—			—			156,099
Futures contracts		13,008			98,558			(108,715	)
Foreign currency transactions		(559	)		(22,640	)		—
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers (including the effects of the net change in foreign capital gains tax liability of $(149,454), $— and $—, respectively)		(891,096	)		29,918,690			(13,670,332	)
Investments — affiliated issuers		—			—			37,066
Futures contracts		—			19,211			—
Foreign currency translations		(726	)		40,611			—
Net realized and unrealized gain (loss)		(1,123,987	)		34,296,968			14,053,586
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(922,218	)	$	37,218,304		$	20,105,466

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

GOLDMAN SACHS MARKETBETA ETFS

Statements of Changes in Net Assets

	MarketBeta® Emerging Markets Equity ETF						MarketBeta® International Equity ETF
	For the Six Months Ended February 28, 2023 (Unaudited)			For the Fiscal Year Ended August 31, 2022			For the Six Months Ended February 28, 2023 (Unaudited)			For the Fiscal Year Ended August 31, 2022
From operations:
Net investment income	$	201,769		$	950,088		$	2,921,336		$	11,504,193
Net realized gain (loss)		(232,165	)		(127,326	)		4,318,456			(2,402,327	)
Net change in unrealized gain (loss)		(891,822	)		(8,206,380	)		29,978,512			(88,828,407	)
Net increase (decrease) in net assets resulting from operations		(922,218	)		(7,383,618	)		37,218,304			(79,726,541	)
Distributions to shareholders:
From distributable earnings		(179,944	)		(2,556,833	)		(2,164,068	)		(12,795,314	)
From share transactions:
Proceeds from sales of shares		—			6,730,275			42,993,682			106,009,495
Cost of shares redeemed		—			—			(58,418,272	)		(13,629,357	)
Net increase (decrease) in net assets resulting from share transactions		—			6,730,275			(15,424,590	)		92,380,138
TOTAL INCREASE (DECREASE)		(1,102,162	)		(3,210,176	)		19,629,646			(141,717	)
Net assets:
Beginning of period	$	32,981,280		$	36,191,456		$	357,050,293		$	357,192,010
End of period	$	31,879,118		$	32,981,280		$	376,679,939		$	357,050,293

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

GOLDMAN SACHS MARKETBETA ETFS

Statements of Changes in Net Assets (continued)

	MarketBeta® U.S. Equity ETF
	For the Six Months Ended February 28, 2023 (Unaudited)			For the Fiscal Year Ended August 31, 2022
From operations:
Net investment income	$	6,051,880		$	7,408,353
Net realized gain		27,686,852			7,403,369
Net change in unrealized loss		(13,633,266	)		(89,478,740	)
Net increase (decrease) in net assets resulting from operations		20,105,466			(74,667,018	)
Distributions to shareholders:
From distributable earnings		(6,036,015	)		(6,429,882	)
From share transactions:
Proceeds from sales of shares		201,332,632			367,338,844
Cost of shares redeemed		(120,121,636	)		(29,867,204	)
Net increase in net assets resulting from share transactions		81,210,996			337,471,640
TOTAL INCREASE		95,280,447			256,374,740
Net assets:
Beginning of period	$	685,235,761		$	428,861,021
End of period	$	780,516,208		$	685,235,761

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

GOLDMAN SACHS MARKETBETA ETFS

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

	MarketBeta® Emerging Markets Equity ETF
	For the Six Months Ended February 28, 2023 (Unaudited)			For the Fiscal Year Ended August 31,						For the Period May 12, 2020* to August 31, 2020
				2022			2021
Per Share Operating Performance:
Net asset value, beginning of period	$	41.23		$	55.68		$	48.15		$	39.60
Net investment income(a)		0.25			1.35	(b)		0.89			0.49
Net realized and unrealized gain (loss)		(1.41	)		(11.93	)		8.14			8.06
Total gain (loss) from investment operations		(1.16	)		(10.58	)		9.03			8.55
Distributions to shareholders from net investment income		(0.22	)		(3.87	)		(1.50	)		—
Net asset value, end of period	$	39.85		$	41.23		$	55.68		$	48.15
Market price, end of period	$	39.81		$	41.16		$	55.72		$	48.36
Total Return at Net Asset Value(c)		(2.76	)%		(20.01	)%		19.35	%		21.54	%
Net assets, end of period (in 000’s)	$	31,879		$	32,981		$	36,191		$	38,517
Ratio of net expenses to average net assets		0.36	%(d)		0.36	%		0.36	%		0.36	%(d)
Ratio of total expenses to average net assets		0.45	%(d)		0.45	%		0.45	%		0.45	%(d)
Ratio of net investment income to average net assets		1.29	%(d)		2.87	%(b)		1.63	%		3.60	%(d)
Portfolio turnover rate(e)		3	%		18	%		21	%		23	%

 * Commencement of operations.

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

(b) Reflects income recognized from non-recurring special dividends which amounted to $0.32 per share and 0.67% 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.

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

GOLDMAN SACHS MARKETBETA ETFS

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	MarketBeta® International Equity ETF
	For the Six Months Ended February 28, 2023 (Unaudited)			For the Fiscal Year Ended August 31,						For the Period May 12, 2020* to August 31, 2020
				2022			2021
Per Share Operating Performance:
Net asset value, beginning of period	$	44.63		$	57.61		$	46.79		$	40.14
Net investment income(a)		0.40	(b)		1.63			1.28			0.30
Net realized and unrealized gain (loss)		4.84			(12.83	)		10.84			6.35
Total gain (loss) from investment operations		5.24			(11.20	)		12.12			6.65
Distributions to shareholders from net investment income		(0.31	)		(1.78	)		(1.30	)		—
Net asset value, end of period	$	49.56		$	44.63		$	57.61		$	46.79
Market price, end of period	$	49.43		$	44.33		$	57.80		$	46.82
Total Return at Net Asset Value(c)		11.82	%		(19.80	)%		26.20	%		16.57	%
Net assets, end of period (in 000’s)	$	376,680		$	357,050		$	357,192		$	280,723
Ratio of net expenses to average net assets		0.20	%(d)		0.20	%		0.20	%		0.20	%(d)
Ratio of total expenses to average net assets		0.25	%(d)		0.25	%		0.25	%		0.25	%(d)
Ratio of net investment income to average net assets		1.76	%(b)(d)		3.15	%		2.41	%		2.15	%(d)
Portfolio turnover rate(e)		2	%		7	%		5	%		1	%

 * Commencement of operations.

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

(b) Reflects income recognized from non-recurring special dividends which amounted to $0.05 per share and 0.10% of average net assets.

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

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions, 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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	MarketBeta® U.S. Equity ETF
	For the Six Months Ended February 28, 2023 (Unaudited)			For the Fiscal Year Ended August 31,						For the Period May 12, 2020* to August 31, 2020
				2022			2021
Per Share Operating Performance:
Net asset value, beginning of period	$	53.96		$	63.07		$	48.62		$	39.20
Net investment income(a)		0.43			0.82			0.74			0.22
Net realized and unrealized gain (loss)		0.08			(9.20	)		14.46			9.20
Total gain (loss) from investment operations		0.51			(8.38	)		15.20			9.42
Distributions to shareholders from net investment income		(0.46	)		(0.73	)		(0.75	)		—
Net asset value, end of period	$	54.01		$	53.96		$	63.07		$	48.62
Market price, end of period	$	54.00		$	53.97		$	63.09		$	48.69
Total Return at Net Asset Value(b)		1.00	%		(13.41	)%		31.60	%		24.03	%
Net assets, end of period (in 000’s)	$	780,516		$	685,236		$	428,861		$	257,663
Ratio of net expenses to average net assets		0.07	%(c)		0.07	%		0.07	%		0.07	%(c)
Ratio of total expenses to average net assets		0.09	%(c)		0.09	%		0.09	%		0.09	%(c)
Ratio of net investment income to average net assets		1.63	%(c)		1.40	%		1.36	%		1.62	%(c)
Portfolio turnover rate(d)		1	%		3	%		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.

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

GOLDMAN SACHS MARKETBETA ETFS

Notes to Financial Statements

February 28, 2023 (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, unrealized gains and losses are recorded daily and become realized gains and losses upon disposition or termination of the contract.

66

GOLDMAN SACHS MARKETBETA ETFS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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

67

GOLDMAN SACHS MARKETBETA ETFS

Notes to Financial Statements (continued)

February 28, 2023 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

that do not have readily available market quotations, the Trustees have designated the Adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940 (the “Valuation Designee”). GSAM has 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 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 either due to broker/receivable for collateral on certain derivative 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

68

GOLDMAN SACHS MARKETBETA ETFS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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 the Valuation Procedures. 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, 2023:

MARKETBETA® EMERGING MARKETS EQUITY ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Africa	$	931,132	$	—	$	—
Asia		26,686,733		885,055		3,375
Europe		273,518		—		—
North America		1,055,600		—		—
Oceania		35,895		—		—
South America		1,533,600		408,693		—
Securities Lending Reinvestment Vehicle		134,788		—		—
Total	$	30,651,266	$	1,293,748	$	3,375
MARKETBETA® INTERNATIONAL EQUITY ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Africa	$	1,060,801	$	—	$	—
Asia		109,228,054		72,709		7,902
Europe		203,321,414		1,568,628		—
North America		26,537,931		228,858		—
Oceania		32,814,728		—		—
South America		351,580		77,183		—
Securities Lending Reinvestment Vehicle		2,841,624		—		—
Total	$	376,156,132	$	1,947,378	$	7,902
Derivative Type
Assets(b)
Futures Contracts	$	10,565	$	—	$	—

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Notes to Financial Statements (continued)

February 28, 2023 (Unaudited)

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	$	873,096	$	—	$	—
Europe		3,952,606		—		—
North America		772,426,934		—		—
South America		1,359,080		—		—
Securities Lending Reinvestment Vehicle		303,839		—		—
Total	$	778,915,555	$	—	$	—

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

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

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

4. INVESTMENTS IN DERIVATIVES

The following table sets forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of February 28, 2023. 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 table 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.

Fund	Risk	Statement of Assets and Liabilities	Assets(a)	Statement of Assets and Liabilities	Liabilities(a)
MarketBeta® International Equity ETF	Equity	Variation Margin on Futures Contracts	$10,565	Variation Margin on Futures Contracts	$	—

(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, 2023 is reported within the Statements of Assets and Liabilities.

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, 2023. 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	$	13,008		$	—
Equity	MarketBeta® International Equity ETF		98,558			19,211
Equity	MarketBeta® U.S. Equity ETF		(108,715	)		—

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4. INVESTMENTS IN DERIVATIVES (continued)

For the six months ended February 28, 2023, the relevant values for each derivative type was as follows:

Fund	Number of Contracts(a)
MarketBeta® Emerging Markets Equity ETF		3
MarketBeta® International Equity ETF		16
MarketBeta® U.S. Equity ETF		—

(a) Amount disclosed represents average number of contracts for the months that the Fund held such derivatives during the six months ended February 28, 2023.

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 the Fund, excluding payments under the Fund’s 12b-1 plan (if any), interest expenses, taxes, acquired fund fees and expenses, brokerage fees, costs of holding shareholder meetings, litigation, indemnification and extraordinary expenses. As the 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, 2023, contractual and effective net unitary management fees with GSAM were at the following rates:

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, 2023 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, 2023, GSAM waived $14,072, $83,087 and $74,045 of the Funds’ management fees for the MarketBeta^® Emerging Markets Equity ETF, MarketBeta^® International Equity ETF and MarketBeta^® U.S. Equity ETF, respectively.

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Notes to Financial Statements (continued)

February 28, 2023 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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, 2023:

Fund	Beginning value as of August 31, 2022		Purchases at Cost		Proceeds from Sales			Realized Gain		Change in Unrealized Depreciation		Ending value as of February 28, 2023		Shares as of February 28, 2023		Dividend Income
MarketBeta U.S. Equity ETF	$	2,296,421	$	692,465	$	(435,219	)	$	154,247	$	37,066	$	2,744,980		7,806	$	21,150

6. CREATION AND REDEMPTION OF CREATION UNITS

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

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

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

	MarketBeta Emerging Markets Equity ETF
	For the Six Months Ended February 28, 2023 (Unaudited)						For the Fiscal Year Ended August 31, 2022
	Shares			Dollars			Shares			Dollars
Fund Share Activity
Shares Sold		—		$	—			150,000		$	6,730,275
Shares Redeemed		—			—			—			—
NET DECREASE		—		$	—			150,000		$	6,730,275
	MarketBeta International Equity ETF
	For the Six Months Ended February 28, 2023 (Unaudited)						For the Fiscal Year Ended August 31, 2022
	Shares			Dollars			Shares			Dollars
Fund Share Activity
Shares Sold		900,000		$	42,988,135			2,100,000		$	106,009,495
Shares Redeemed		(1,300,000	)		(58,394,140	)		(300,000	)		(13,629,357	)
NET DECREASE		(400,000	)	$	(15,406,005	)		1,800,000		$	92,380,138

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6. CREATION AND REDEMPTION OF CREATION UNITS (continued)

	MarketBeta U.S. Equity ETF
	For the Six Months Ended February 28, 2023 (Unaudited)						For the Fiscal Year Ended August 31, 2022
	Shares			Dollars			Shares			Dollars
Fund Share Activity
Shares Sold		4,000,000		$	201,332,632			6,400,000		$	367,338,844
Shares Redeemed		(2,250,000	)		(120,121,636	)		(500,000	)		(29,867,204	)
NET INCREASE IN SHARES		1,750,000		$	81,210,996			5,900,000		$	337,471,640

* Commencement of operations

7. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales of long-term securities for the six months ended February 28, 2023, were as follows:

Fund	Purchases		Sales
MarketBeta Emerging Markets Equity ETF	$	1,074,786	$	864,857
MarketBeta International Equity ETF		8,471,368		5,877,839
MarketBeta U.S. Equity ETF		8,990,304		249,392,585

The purchases and sales from in-kind creation and redemption transactions for the six months ended February 28, 2023, were as follows:

Fund	Purchases		Sales
MarketBeta Emerging Markets Equity ETF	$	—	$	—
MarketBeta International Equity ETF		41,305,084		58,178,841
MarketBeta U.S. Equity ETF		201,331,318		120,114,356

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, 2023 (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, 2023, 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, 2023, 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, 2023:

Fund	Beginning value as of August 31, 2022		Purchases at Cost		Proceeds from Sales			Ending value as of February 28, 2023
MarketBeta Emerging Markets Equity ETF	$	140,256	$	5,682,772	$	(5,688,240	)	$	134,788
MarketBeta International Equity ETF		6,986,472		70,622,459		(74,767,307	)		2,841,624
MarketBeta U.S. Equity ETF		1,947,872		14,316,558		(15,960,591	)		303,839

9. TAX INFORMATION

As of the Funds’ most recent fiscal year end, August 31, 2022, the Funds’ capital loss carryforwards and certain timing differences, 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	$	(83,301	)	$	(131,672	)	$	—
Perpetual Long-Term		(76,526	)		(337,264	)		(92,195	)
Timing differences (Late Year Ordinary Loss Deferral and Post-October Capital Loss Deferral)	$	(50,687	)	$	(3,065,272	)	$	(765,016	)

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9. TAX INFORMATION (continued)

As of February 28, 2023, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

	MarketBeta Emerging Markets Equity ETF			MarketBeta International Equity ETF			MarketBeta U.S. Equity ETF
Tax Cost	$	30,381,818		$	366,596,291		$	771,877,686
Gross unrealized gain		5,878,473			1,852,668,694			58,347,290
Gross unrealized loss		(4,311,902	)		(1,841,153,573	)		(51,309,421	)
Net unrealized gains (losses)	$	1,566,571		$	11,515,121		$	7,037,869

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 future contracts, 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.

10. OTHER RISKS

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

Derivatives Risk — The Funds’ use of derivatives and other similar instruments (collectively referred to in this paragraph as “derivatives”) may result in loss, including due to adverse market movements. Derivatives, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other assets and instruments, may increase market exposure and be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying assets or instruments may produce disproportionate losses to the Funds. Certain derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not, or lacks the capacity or authority to, fulfill its contractual obligations, liquidity risk, which includes the risk that the Funds will not be able to exit the derivative when it is advantageous to do so, and risks arising from margin requirements, which include the risk that the Funds will be required to pay additional margin or set aside additional collateral to maintain open derivative positions. 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 from problems in 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

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Notes to Financial Statements (continued)

February 28, 2023 (Unaudited)

10. OTHER RISKS (continued)

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 exchange 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.

Geographic Risk — If the Fund focuses its investments in securities of issuers located in a particular country or geographic region, the Fund may be subjected, to a greater extent than if its investments were less focused, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that country or region, such as: adverse securities markets; adverse exchange rates; adverse social, political, regulatory, economic, business, environmental or other developments; or natural disasters.

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 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.

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10. OTHER RISKS (continued)

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

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

11. INDEMNIFICATIONS

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

12. SUBSEQUENT EVENTS

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

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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 2, 2023, 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, 2022 through December 31, 2022 (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; (4) the impact of local holidays in non-U.S. jurisdictions; and (5) the impact of geopolitical, market and economic developments and events on liquidity and liquidity risk. 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 2/28/23 (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 and held for the entire six-month period from September 1, 2022 through February 28, 2023, 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 8/1/2022		Ending Account Value 2/28/23			Expenses Paid*		Beginning Account Value 8/1/22		Ending Account Value 2/28/23			Expenses Paid*		Beginning Account Value 8/1/22		Ending Account Value 2/28/23			Expenses Paid*
Actual based on NAV	$	1,000	$	972.43		$	1.76	$	1,000	$	1,118.20		$	1.05	$	1,000	$	1,009.96		$	0.35
Hypothetical 5% return	$	1,000	$	1,023.01	+	$	1.81	$	1,000	$	1,023.80	+	$	1.00	$	1,000	$	1,024.45	+	$	0.35

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

* Expenses for the Fund are calculated using the Fund’s annualized net expense ratio, which represents the ongoing expenses as a percentage of net assets for the six months ended February 28, 2023. 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

79

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, 2023 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 19-20, 2022 (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 four meetings over the course of the year since the Management Agreement was last approved in 2021. At those Committee meetings, regularly scheduled Board or other committee meetings, and/or the Annual Meeting, matters relevant to the renewal of the Management Agreement were considered by the Board, or the Independent Trustees, as applicable. With respect to each Fund, such matters included:

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

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

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

(iii) trends in employee headcount;

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

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

(b) information on the investment performance of the Fund, including comparisons to the performance of similar exchange-traded funds (“ETFs”), as provided by a third-party fund data provider engaged as part of the contract review process (the “Outside Data Provider”), benchmark performance index and a composite of accounts with comparable investment strategies managed by the Investment Adviser; 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) 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;

80

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 transition in the leadership and changes in personnel of various of the Investment Adviser’s portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted the Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the market, regulatory and control environment in which the Funds and their service providers operate, including developments associated with the COVID-19 pandemic, geopolitical events, and economic sanctions, 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 rankings compiled by the Outside Data Provider as of March 31, 2022, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of June 30, 2022. 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 accounts with comparable investment strategies managed by the Investment Adviser. The

81

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)

Trustees observed that each Fund’s investment performance was consistent with the investment objective of tracking its respective index.

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 particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Funds. The analyses provided a comparison of each Fund’s management fee to those of a relevant peer group and category universe; an expense analysis which compared each Fund’s overall net and gross expenses to a peer group and a category universe; and data comparing each Fund’s net expenses to the peer and category medians. The Trustees also considered information previously provided regarding fees and expenses of comparable ETFs advised by other, unaffiliated investment management firms. The comparisons of the Funds’ fee rates and expense ratios were prepared by the Investment Adviser and certain third-party providers of mutual fund and ETF data. In particular, the Trustees referred to an analysis comparing each Fund’s management fee rate and net expense ratio to those of relevant peer funds. The Trustees concluded that the comparisons provided by the Outside Data Provider and the Investment Adviser were useful in evaluating the reasonableness of the management fees and total expenses paid by the Funds.

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 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. Profitability data for each Fund was provided for 2021 and 2020. The Trustees considered this information in relation to the Investment Adviser’s overall profitability.

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, information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates, and information comparing the contractual management fee rate charged by other advisers to other funds in the 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 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) fees earned by the Investment Adviser for managing the fund in which certain Funds’ securities lending cash collateral is invested; (c) the Investment Adviser’s ability to leverage the infrastructure designed to service the Funds on behalf of its other clients; (d) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (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; (f) the investment of cash and cash collateral in money market funds managed by the Investment Adviser that will result in increased assets under management for those money

82

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)

market funds; and (g) 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) trading efficiencies resulting from aggregation of orders of the Funds with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing and pricing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (c) the Investment Adviser’s ability to negotiate favorable terms with derivatives counterparties on behalf of the Funds as a result of the size and reputation of the Goldman Sachs organization; (d) 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; (e) 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 (f) the Funds’ access to certain affiliated distribution channels. They considered the competitive nature of the ETF marketplace, noting that many of the Funds’ shareholders invested in the Funds in part because of the Funds’ relationship with the Investment Adviser and have a general expectation that the relationship will continue.

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, 2023.

83

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 $2.30 trillion in assets under supervision as of December 31, 2022, 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 Defensive 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 Community Municipal Bond ETF

Goldman Sachs MarketBeta^® Emerging Markets Equity ETF

Goldman Sachs MarketBeta^® International Equity ETF

Goldman Sachs MarketBeta^® U.S. Equity ETF

Goldman Sachs MarketBeta^® U.S. 1000 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 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, 2023 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.

© 2023 Goldman Sachs. All rights reserved. 313754-OTU-1780690 MCEQWGETFSAR-23

Goldman Sachs Funds

Semi-Annual Report	February 28, 2023
	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	23
Financial Highlights	30
Goldman Sachs Future Consumer Equity ETF	30
Goldman Sachs Future Health Care Equity ETF	31
Goldman Sachs Future Planet Equity ETF	32
Goldman Sachs Future Real Estate and Infrastructure Equity ETF	33
Goldman Sachs Future Tech Leaders Equity ETF	34
Notes to Financial Statements	35
Other Information	47

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, 2023 (the “Reporting Period”). Attribution highlights are provided for those Funds that materially outperformed or underperformed their respective benchmark 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, 2023.

Market and Economic Review

U.S. Equities

• Overall, U.S. equities rose during the Reporting Period. The Standard & Poor’s 500^® Index (the “S&P 500 Index”) ended the Reporting Period with a return of 1.26%. The Russell 3000^® Index generated a return of 1.51%.

• The market posted muted returns during the Reporting Period amid a backdrop of ongoing Federal Reserve (“Fed”) interest rate hikes to combat inflation, persistent recession worries, supply-chain disruptions, geopolitical tensions given the Russia/Ukraine war, and elevated concerns around China’s zero-COVID policy.

• As the Reporting Period began in September 2022, the S&P 500 Index decreased primarily based on the noticeable tightening of financial conditions guided by expectations for a more aggressive global interest rate hiking cycle. Indeed, the Fed increased its “raise and hold” messaging as the end of September approached, a policy that received support on the back of higher than consensus expected August core inflation data and a still-tight labor market that showed only moderate signs of cooling off.

• During the fourth quarter of 2022, the S&P 500 Index solidly increased, breaking its streak of three consecutive quarterly losses, attributable primarily to gains in October and November.

• Investors continued to witness a variety of contradictory macroeconomic developments, highlighted by a noticeably hawkish Fed, consumer resilience, and economic data supporting the themes of slowing economic growth. (Hawkish tends to suggest higher interest rates; opposite of dovish.)

• There was a dovish tilt surrounding consensus expectations for a reduction in the pace of monetary policy tightening, which was realized when the Fed announced a 50 basis point interest rate hike in December, following four successive 75 basis point increases. (A basis point is 1/100th of a percentage point.)

• Positive inflation developments further supported market aspirations for a peak in the Fed tightening cycle, with October and November inflation data coming in lower than anticipated by most.

• Despite the smaller interest rate hike, the Fed maintained its hawkish tone with its relentless higher-for-longer messaging that continued to be a headwind for the U.S. equities market.

• Although the third quarter 2022 corporate earnings season provided disappointing results, companies emphasized a strong demand environment even against a backdrop of heightened macroeconomic uncertainty. Companies also focused on cost-cutting measures, as headlines of layoffs remained in the spotlight, especially within the information technology sector.

• On the geopolitical front, the most constructive takeaways came from China’s zero-COVID pivot and pro-growth focus as well as Europe’s warmer than anticipated weather that helped settle concerns about an energy crisis there.

• The S&P 500 Index rose in January 2023, rebounding from December 2022’s losses, gaining on a combination of heightened optimism around disinflationary signals, a cooling job market, positive reports about China’s economic reopening, better than consensus forecasted economic circumstances in Europe, improvements in supply-chain conditions and elevated hopes for the termination of the Fed’s tightening cycle. Collectively, these themes provided a strong case for the Fed’s soft landing scenario and the avoidance of a deep recession resulting from interest rate hikes. (A soft landing, in economics, is a cyclical downturn that avoids recession. It typically describes attempts by central banks to raise interest rates just enough to stop an economy from overheating and experiencing high inflation, without causing a significant increase in unemployment, or a hard landing.)

1

MARKET REVIEW

• However, the S&P 500 Index then fell again in February 2023, giving back a portion of the prior month’s gains.

• U.S. equities depreciated as the market’s modified Fed interest rate hike expectations and resilient economic data prompted a reduction in the progress of disinflation and heightened traction around several bearish themes. (Bearish refers to an expected downward movement in the prices of securities.)

• Early in February, the Fed raised the targeted federal funds rate by another 25 basis points as expected, and its accompanying statement seemed dovish. Still, Fed Chair Powell’s subsequent statement that further rate hikes will be necessary if economic data continues to come in stronger than expected shifted the Fed narrative more hawkish.

• During the Reporting Period overall, value stocks meaningfully outperformed growth stocks within the large-cap and small-cap segments of the U.S. equity market, though growth stocks outpaced value stocks within the mid-cap segment.

• The best performing sectors within the S&P 500 Index during the Reporting Period were materials, industrials, energy and financials, while the weakest performing sectors were utilities, consumer discretionary, real estate and communication services.

International Equities

• Representing the developed international equity markets, the MSCI EAFE Index (net) returned 12.58% for the Reporting Period, significantly outperforming the U.S. equity market.

• As the Reporting Period began in September 2022, international equity markets declined, weighed down by heightened inflationary pressures, aggressive global interest rate hikes, recession concerns and the rampant spread of COVID-19.

• Europe additionally battled an energy crisis and subsequent mobile network blackouts, which, in turn, put upward pressure on power costs and inflation and supported the need to keep interest rates high. The European Central Bank raised interest rates during the month, increasing concerns around slowing economic growth and leading to the depreciation of the euro against the U.S. dollar.

• International equities then rallied across the major regions in the fourth quarter of 2022 overall. Markets remained volatile and under pressure from macroeconomic headwinds, including inflationary pressures and interest rate hikes. However, investors began to focus on improving inflationary indicators across the globe, and increased confidence the U.S. Fed could pull off a soft economic landing allowed both U.S. and international equities to rally.

• In Europe, equities benefited from resilient third quarter 2022 corporate earnings reports as well as from optimism that the pace of interest rate increases could soon slow. Economic activity showed signs of a rebound in December following the inflation peak in October. Thus, although Europe remained in a recession, optimism that the recession would not be as deep as initially feared grew during the last weeks of the calendar year.

• In Japan, the yen continued to weaken against the U.S. dollar, especially in the first half of October. Bank of Japan Governor Kuroda remained downbeat on the sustainability of inflation numbers into 2023, citing the negative output gap in particular, and kept its interest rates low.

• Asia ex-Japan equities were flat in October, pressured by sharp sell-offs in China and Hong Kong following confirmation that Chinese Premier Xi Jinping would remain as leader for a historic third five-year term. But increasing indications that China was prepared to stray from some of its more restrictive COVID-19 procedures resulted in stronger Asia ex-Japan equities in November, even as fears of an economic slowdown within China persisted. Indeed, in December, China began to relax its zero-COVID policies in an ongoing effort to boost its economy through increased domestic spending and international travel. Investors responded positively to this news despite the near-term surge in COVID-19 cases in China caused by the re-opening.

2

MARKET REVIEW

• The MSCI EAFE Index posted solid positive returns in January 2023, with international equity markets performing well on the back of expectations around peaking inflation in the U.S. and Europe, slowing central bank interest rate hikes, and receding concerns about recession.

• China finally lifted its stringent zero-COVID policy, increasing global hopes around the resolution of supply-chain disruptions and economic recovery driven by stronger domestic consumption and improved international tourism.

• In contrast to the U.S. and Europe, Japan’s inflation rate rose in January. However, the Bank of Japan reiterated its commitment to keep its monetary policy accommodative.

• The MSCI EAFE Index then fell in February 2023, with market sentiment governed by dampening expectations around potential peaking of interest rate hikes and ongoing geopolitical tensions between Russia and Ukraine, as the war there marked a one-year milestone. Also weighing on investor sentiment was a re-escalation in U.S./China tensions. Inflation levels were relatively stable across Europe, but Japan saw its highest level of inflation in the last 40 years.

• All sectors in the MSCI EAFE Index posted positive total returns during the Reporting Period. The best performing sectors within the MSCI EAFE Index during the Reporting Period were financials, materials, consumer discretionary and industrials, each posting a double-digit positive total return. The weakest performing sectors were real estate, communication services, consumer staples and health care.

• The best performing countries within the MSCI EAFE Index were Austria, Italy, Spain and Germany. The weakest performing countries during the Reporting Period were Israel and Norway, the only two MSCI EAFE Index constituents to post a negative absolute total return during the Reporting Period. Portugal and Hong Kong each generated a modestly positive total return but still significantly lagged the MSCI EAFE Index during the Reporting Period.

Emerging Markets Equities

• Representing the emerging markets equity markets, the MSCI Emerging Markets Index (net) returned -2.29% 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 2022, emerging markets equities as a whole posted double-digit negative returns, as central bank interest rate hikes and recession concerns triggered large outflows.

• Inflation remained top of mind for investors, as central banks in Europe, Asia and South America announced plans to raise interest rates during the following 12 months in an effort to get ahead of rising consumer prices.

• The Chinese equity market fell especially significantly. An overleveraged housing market and falling home prices, coupled with the yuan falling to its lowest levels since January 2008, triggered monetary outflows from the Chinese economy. Most impactfully, China’s zero-COVID policy weakened domestic levels of supply and demand, contributing to falling export levels.

• Elsewhere in Asia, India’s equity market fell but outperformed the MSCI Emerging Markets Index, while South Korea’s equity market underperformed the MSCI Emerging Markets Index amid the lack of global demand, especially from China, for Korean goods, which caused high levels of volatility in the Korean exports market.

• In Latin America, the Brazilian equity market fell but outpaced the MSCI Emerging Markets Index, as Brazil’s central bank paused its cycle of interest rate hikes, becoming the first notable economy in the world to do so.

• Emerging markets equities then rallied in the fourth quarter of 2022 overall, attributable primarily to a strong November 2022.

• In October 2022, emerging markets equities as a whole fell, as economies struggled to deal with high inflation, major transitions of political power, and contractionary central bank policy. The MSCI China Index was particularly weak, as lockdowns continued to place several cities under COVID-19 restrictions and the closely watched China’s 20th Party Congress offered no signal to investors this strategy would change in the near future. South Korea’s and Brazil’s equity markets rose, driven by stronger exports.

3

MARKET REVIEW

• November 2022 was a strong month for emerging markets equities, as softer U.S. inflation and expectations of a recovery in Chinese demand brightened the outlook for the emerging markets universe. The slowing frequency of interest rate hikes from central banks and strong consumer activity across a number of emerging markets also strengthened returns for several country constituents of the MSCI Emerging Markets Index. The MSCI China Index rallied strongly. The MSCI India Index was also strong, but the MSCI Brazil Index fell as political friction in the country’s new presidential administration hampered the speed of financial reforms, creating uncertainty amongst investors.

• The MSCI Emerging Markets Index fell modestly in December 2022, as inflation concerns dominated. Still, the MSCI China Index rose, as China loosened its COVID-19 restrictions.

• The MSCI Emerging Markets Index rose in January 2023, as softer U.S. inflation and positive news around China’s full reopening post COVID-19 brightened the outlook for the emerging markets. The slowing frequency of interest rate hikes from central banks and strong consumer activity across several emerging markets also contributed positively to strengthened returns for several countries in the MSCI Emerging Markets Index, including China and Brazil. India’s equity market fell, as Indian officials hinted at an upcoming economic slowdown and as a U.S.-based short-selling firm published a report on a conglomerate that sparked a broad-based sell-off.

• The MSCI Emerging Markets then fell in February 2023, reversing much of the gains from the prior month’s rally. A re-escalation in geopolitical tensions and stronger than consensus expected U.S. economic data challenged the path of the U.S. Fed’s interest rate policy, dampening hopes to a quick end to the interest rate hiking cycle. Following this, the U.S. dollar also strengthened, an additional headwind for emerging markets equities.

• The best performing sectors within the MSCI Emerging Markets Index were materials, information technology, communication services and consumer staples, the only sectors in the MSCI Emerging Markets Index to post a positive total return during the Reporting Period. The weakest performing sectors were utilities, energy, consumer discretionary and health care.

• The best performing countries within the MSCI Emerging Markets Index during the Reporting Period were Turkey, Greece, Mexico and Poland. The weakest performing countries were Qatar, Saudi Arabia, India and United Arab Emirates, each led down by weakness in the energy sector.

Fund Changes and Highlights

Goldman Sachs Future Consumer Equity ETF

• The Fund underperformed its benchmark, the MSCI All Country World Index Growth Index, during the Reporting Period.

• From a theme perspective, e-commerce and sustainable living detracted from the Fund’s performance, while luxury and financial technology contributed positively.

• In terms of sectors, the Fund was hurt by its overweight positions versus the benchmark in communication services and utilities. On the positive side, the Fund benefited from stock selection in the consumer discretionary and information technology sectors.

• From a country perspective, stock selection in the U.S., along with an overweight and stock selection in China, detracted from the Fund’s relative returns. Exposure to Italy and France bolstered relative performance.

• Among individual stocks, the Fund was hampered by its overweight positions versus the benchmark in U.S.-based e-commerce retailing behemoth Amazon.com and U.S.-based wireless communications and broadcast towers real estate investment trust American Tower. These results were offset somewhat by overweight positions in French luxury goods company LVMH Moet Hennessy Louis Vuitton and Italian apparel manufacturer Moncler, each of which contributed positively to the Fund’s performance.

• Effective January 3, 2023, Laura Destribats no longer served as a portfolio manager for the Fund. As of February 2, 2023, Jennifer Sullivan became a portfolio manager for the Fund, joining Alexis Deladerrière, Raj Garigipati and Nathan Lin. Mr. Deladerrière, Mr. Garigipati and Mr. Lin have been portfolio managers for the Fund since 2021.

4

MARKET REVIEW

Goldman Sachs Future Health Care Equity ETF

• Effective January 18, 2023, Anant Padmanabhan no longer served as a portfolio manager for the Fund. Jenny Chang and Raj Garigipati continued to serve as portfolio managers for the Fund. Ms. Chang and Mr. Garigipati have been portfolio managers for the Fund since 2021.

Goldman Sachs Future Real Estate and Infrastructure Equity ETF

• The Fund posted negative absolute returns but outperformed its benchmark, which is comprised 50% of FTSE Global Core Infrastructure 50/50 Index and 50% of FTSE EPRA Nareit Developed Index, during the Reporting Period.

• From a theme perspective, environmental responsibility and new age consumer added significantly to the Fund’s returns, while other themes detracted modestly.

• In terms of sectors, the Fund benefited from stock selection in utilities and industrials. Stock selection in real estate hindered relative performance.

• Regarding countries, the Fund’s exposure to France contributed most positively. Its exposure to the U.S. and Italy was also advantageous. On the other hand, exposure to Australia detracted slightly from the Fund’s relative performance.

• Among individual stocks, the Fund’s out-of-benchmark investments in infrastructure and construction firm VINCI and environmental management services provider Veolia Environnement, both France-based companies, added to relative performance. The Fund was hurt by its overweight positions in American Tower and SBA Communications, both of which operate wireless communications infrastructure in the U.S.

Goldman Sachs Future Tech Leaders Equity ETF

• The Fund underperformed its benchmark, the MSCI All Country World Index (Net, USD, Unhedged), during the Reporting Period.

• On the sector level, the Fund was hampered by its overweight positions versus the benchmark in the information technology services, interactive media and services, and entertainment industries. Adding to relative performance was stock selection within the Internet and direct marketing retail industry and an overweight allocation to the semiconductors and semiconductor equipment industry.

• From a country perspective, the Fund’s exposure to the U.S. detracted from relative returns, offset somewhat by exposure to Taiwan and Germany, which added value.

• Among individual stocks, the Fund’s overweight position in U.S.-based Bill.com Holdings, which provides cloud-based software solutions to small and mid-sized businesses, and its out-of-benchmark exposure to Atlassian, an Australian software company, hurt relative performance. The Fund benefited from its overweight position in German semiconductor manufacturer Infineon Technologies and its avoidance of China-based information security provider Venustech Group.

5

FUND BASICS

Goldman Sachs Future Consumer Equity ETF

as of February 28, 2023

FUND SNAPSHOT
February 28, 2023
Market Price1	$	25.06
Net Asset Value (NAV)1	$	25.06

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

PERFORMANCE REVIEW
September 01, 2022–February 28, 2023	Fund Total Return (based on NAV)2			Fund Total Return (based on Market Price)2			MSCI ACWI Growth Index3
Shares		-1.46	%		-0.95	%		0.65	%

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 2/28/234
Holding	% of Net Assets			Line of Business	Country
Amazon.com, Inc.		5.7	%	Consumer Discretionary	United States
Mastercard, Inc., Class A		5.3		Information Technology	United States
LVMH Moet Hennessy Louis Vuitton SE		4.8		Consumer Discretionary	France
NVIDIA Corp.		4.5		Information Technology	United States
Alphabet, Inc., Class C		4.5		Communication Services	United States
Taiwan Semiconductor Manufacturing Co. Ltd.		4.0		Information Technology	Taiwan
Moncler SpA		3.7		Consumer Discretionary	Italy
NextEra Energy, Inc.		3.7		Utilities	United States
NIKE, Inc., Class B		3.5		Consumer Discretionary	United States
American Tower Corp. REIT		3.5		Real Estate	United States

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

FUND VS BENCHMARK⁵

February 28, 2023

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). Investments in the securities lending vehicle represented 0.6% of the Fund’s net assets as of February 28, 2023. 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

Goldman Sachs Future Health Care Equity ETF

as of February 28, 2023

FUND SNAPSHOT
February 28, 2023
Market Price1	$	31.19
Net Asset Value (NAV)1	$	31.13

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

PERFORMANCE REVIEW
September 01, 2022–February 28, 2023	Fund Total Return (based on NAV)2			Fund Total Return (based on Market Price)2			MSCI ACWI Health Care Index3
Shares		3.97	%		3.94	%		3.25	%

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 2/28/234
Holding	% of Net Assets			Line of Business	Country
AstraZeneca PLC		5.1	%	Health Care	United Kingdom
Eli Lilly & Co.		4.9		Health Care	United States
Boston Scientific Corp.		4.5		Health Care	United States
Gilead Sciences, Inc.		4.3		Health Care	United States
Intuitive Surgical, Inc.		3.9		Health Care	United States
Insulet Corp.		3.6		Health Care	United States
Dexcom, Inc.		3.4		Health Care	United States
CSL Ltd.		3.3		Health Care	United States
Seagen, Inc.		3.3		Health Care	United States
Mettler-Toledo International, 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, 2023

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. 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

FUND BASICS

Goldman Sachs Future Planet Equity ETF

as of February 28, 2023

FUND SNAPSHOT
February 28, 2023
Market Price1	$	31.04
Net Asset Value (NAV)1	$	31.10

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

PERFORMANCE REVIEW
September 01, 2022–February 28, 2023	Fund Total Return (based on NAV)2			Fund Total Return (based on Market Price)2			MSCI All Country World Index3
Shares		3.28	%		3.35	%		3.32	%

²  Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculation assumes all management fees 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 24 Emerging Markets (EM) countries. With 2,882 constituents, the index covers approximately 85% of the global investable equity opportunity set as of February 28, 2023. 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 2/28/234
Holding	% of Net Assets			Line of Business	Country
Iberdrola SA		4.1	%	Utilities	Spain
Schneider Electric SE		3.9		Industrials	United States
Enel SpA		3.6		Utilities	Italy
Ecolab, Inc.		3.6		Materials	United States
Danaher Corp.		3.4		Health Care	United States
Infineon Technologies AG		3.3		Information Technology	Germany
NextEra Energy, Inc.		3.3		Utilities	United States
Neste OYJ		3.3		Energy	Finland
Koninklijke DSM NV		3.0		Materials	Netherlands
Ball Corp.		3.0		Materials	United States

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

FUND VS BENCHMARK⁵

February 28, 2023

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 0.9% of the Fund’s net assets as of February 28, 2023. 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.

11

FUND BASICS

Goldman Sachs Future Real Estate and Infrastructure Equity ETF

as of February 28, 2023

FUND SNAPSHOT
February 28, 2023
Market Price1	$	33.05
Net Asset Value (NAV)1	$	33.02

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 01, 2022–February 28, 2023	Fund Total Return (based on NAV)2			Fund Total Return (based on Market Price)2			Future Real Estate and Infrastructure Composite Index3
Shares		-2.66	%		-2.58	%		-3.85	%

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 2/28/234
Holding	% of Net Assets			Line of Business	Country
Prologis, Inc. REIT		5.9	%	Real Estate	United States
Transurban Group		4.8		Industrials	Australia
National Grid PLC		4.4		Utilities	United Kingdom
NextEra Energy, Inc.		4.0		Utilities	United States
American Tower Corp. REIT		3.6		Real Estate	United States
Vinci SA		3.3		Industrials	France
Equinix, Inc. REIT		3.0		Real Estate	United States
Digital Realty Trust, Inc. REIT		2.9		Real Estate	United States
Alexandria Real Estate Equities, Inc. REIT		2.6		Real Estate	United States
Xcel Energy, Inc.		2.6		Utilities	United States

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

FUND VS BENCHMARK⁵

February 28, 2023

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.

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, 2023

FUND SNAPSHOT
February 28, 2023
Market Price1	$	23.19
Net Asset Value (NAV)1	$	23.20

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 01, 2022–February 28, 2023	Fund Total Return (based on NAV)2			Fund Total Return (based on Market Price)2			MSCI All Country World Index3
Shares		-3.79	%		-3.67	%		3.32	%

²  Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculation assumes all management fees and operating expenses incurred by the Fund. Market Price returns are based upon the last trade 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, 2023. 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 2/28/234
Holding	% of Net Assets			Line of Business	Country
Cadence Design Systems, Inc.		3.4	%	Information Technology	United States
KLA Corp.		3.1		Information Technology	United States
HubSpot, Inc.		3.0		Information Technology	United States
United Microelectronics Corp.		2.9		Information Technology	Taiwan
Marvell Technology, Inc.		2.8		Information Technology	United States
MercadoLibre, Inc.		2.8		Consumer Discretionary	Brazil
Motorola Solutions, Inc.		2.8		Information Technology	United States
Palo Alto Networks, Inc.		2.4		Information Technology	United States
Infineon Technologies AG		2.3		Information Technology	Germany
Kingdee International Software Group Co. Ltd.		2.3		Information Technology	China

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

FUND VS BENCHMARK⁵

February 28, 2023

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.

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, 2023 (Unaudited)

Shares		Description	Value
Common Stocks – 98.6%
Communication Services – 26.5%
	49,782	Alphabet, Inc., Class C*	$	4,495,315
	55,397	Bumble, Inc., Class A*		1,339,500
	32,431	CTS Eventim AG & Co. KGaA (Germany)*		2,139,250
	17,276	Electronic Arts, Inc.		1,916,599
	30,082	Live Nation Entertainment, Inc.*		2,167,709
	18,583	Meta Platforms, Inc., Class A*		3,250,910
	79,465	NetEase, Inc. (China)		1,225,965
	13,506	Sea Ltd. ADR (Singapore)*		843,990
	65,543	Snap, Inc., Class A*		665,261
	57,988	Tencent Holdings Ltd. (China)		2,538,337
	21,500	T-Mobile US, Inc.*		3,056,870
	27,960	Walt Disney Co. (The)*		2,785,096
				26,424,802
Consumer Discretionary – 26.8%
	60,674	Amazon.com, Inc.*		5,717,311
	16,083	Basic-Fit NV (Netherlands)*(a) (b)		566,943
	10,457	Etsy, Inc.*		1,269,585
	106,910	Farfetch Ltd., Class A (United Kingdom)*		548,448
	5,755	LVMH Moet Hennessy Louis Vuitton SE (France)		4,815,409
	96,438	Meituan, Class B (China)*(b)		1,672,108
	1,463	MercadoLibre, Inc. (Brazil)*		1,784,860
	59,728	Moncler SpA (Italy)		3,661,143
	29,551	NIKE, Inc., Class B		3,510,363
	6,081	Ulta Beauty, Inc.*		3,154,823
				26,700,993
Consumer Staples – 6.1%
	605,622	Budweiser Brewing Co. APAC Ltd. (China)(b)		1,813,124
	251,110	Davide Campari-Milano NV (Italy)		2,821,472
	54,740	Proya Cosmetics Co. Ltd., Class A (China)		1,437,066
				6,071,662
Health Care – 2.2%
	17,484	Guardant Health, Inc.*		540,081
	8,411	Illumina, Inc.*		1,675,471
				2,215,552
Industrials – 2.6%
	75,919	Experian PLC (United Kingdom)		2,578,113
Information Technology – 20.4%
	1,023	Adyen NV (Netherlands)*(b)		1,459,397
	14,195	Apple, Inc.		2,092,485
	486,038	Locaweb Servicos de Internet SA (Brazil)*(b)		455,250
	14,757	Mastercard, Inc., Class A		5,243,014
	107,521	MediaTek, Inc. (Taiwan)		2,551,328
	19,398	NVIDIA Corp.		4,503,440
	236,560	Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)		3,967,317
				20,272,231
Common Stocks – (continued)
Materials – 4.3%
	42,698	Ball Corp.		2,400,055
	15,175	Koninklijke DSM NV (Netherlands)		1,878,064
				4,278,119
Real Estate – 3.5%
	17,484	American Tower Corp. REIT		3,462,007
Utilities – 6.2%
	122,961	EDP Renovaveis SA (Spain)		2,531,068
	51,317	NextEra Energy, Inc.		3,645,046
				6,176,114
	TOTAL COMMON STOCKS
	(Cost $115,320,974)		$	98,179,593
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $115,320,974)		$	98,179,593

Shares	Dividend Rate			Value
Securities Lending Reinvestment Vehicle – 0.6%(c)
Goldman Sachs Financial Square Government Fund – Institutional Shares
575,036		4.475	%	$	575,036
(Cost $575,036)
TOTAL INVESTMENTS – 99.2%
(Cost $115,896,010)				$	98,754,629
OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.8%					852,653
NET ASSETS – 100.0%				$	99,607,282

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

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

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

GOLDMAN SACHS FUTURE HEALTH CARE EQUITY ETF

Schedule of Investments

February 28, 2023 (Unaudited)

Shares		Description	Value
Common Stocks – 99.3%
Denmark – 1.8%
	49,317	Genmab A/S ADR (Health Care)*	$	1,852,347
France – 0.8%
	2,336	Sartorius Stedim Biotech (Health Care)		764,752
Italy – 0.5%
	25,394	Stevanato Group SpA (Health Care)		552,319
Japan – 5.5%
	96,260	Chugai Pharmaceutical Co. Ltd. (Health Care)		2,398,462
	18,335	Hoya Corp. (Health Care)		1,813,108
	68,760	Kyowa Kirin Co. Ltd. (Health Care)		1,471,463
				5,683,033
Netherlands – 1.0%
	2,780	Argenx SE ADR (Health Care)*		1,017,536
Switzerland – 0.9%
	1,558	Lonza Group AG (Health Care)		932,223
United Kingdom – 5.3%
	39,972	AstraZeneca PLC (Health Care)		5,265,061
	94,247	Oxford Nanopore Technologies PLC (Health Care)*		238,469
				5,503,530
United States – 83.5%
	65,231	2seventy bio, Inc. (Health Care)*		879,966
	23,177	Agios Pharmaceuticals, Inc. (Health Care)*		586,610
	14,484	Alexandria Real Estate Equities, Inc. REIT (Real Estate)		2,169,414
	3,941	Align Technology, Inc. (Health Care)*		1,219,740
	46,024	Allogene Therapeutics, Inc. (Health Care)*		292,252
	5,777	Alnylam Pharmaceuticals, Inc. (Health Care)*		1,106,007
	10,517	Axonics, Inc. (Health Care)*		631,967
	12,796	Beam Therapeutics, Inc. (Health Care)*		514,911
	9,855	Biogen, Inc. (Health Care)*		2,659,470
	27,776	BioMarin Pharmaceutical, Inc. (Health Care)*		2,766,212
	99,655	Boston Scientific Corp. (Health Care)*		4,655,882
	38,092	Bristol-Myers Squibb Co. (Health Care)		2,626,824
	20,446	Catalent, Inc. (Health Care)*		1,394,826
	7,884	Cooper Cos., Inc. (The) (Health Care)		2,577,832
	17,052	CSL Ltd. (Health Care)		3,407,160
	6,280	Cytokinetics, Inc. (Health Care)*		272,301
	6,418	Danaher Corp. (Health Care)		1,588,648
	31,404	Dexcom, Inc. (Health Care)*		3,486,158
	39,235	Edwards Lifesciences Corp. (Health Care)*		3,156,063
	16,320	Eli Lilly & Co. (Health Care)		5,079,110
	28,312	Exelixis, Inc. (Health Care)*		483,569
	55,329	Gilead Sciences, Inc. (Health Care)		4,455,644
	54,265	Halozyme Therapeutics, Inc. (Health Care)*		2,604,177
Common Stocks – (continued)
United States – (continued)
	3,118	IDEXX Laboratories, Inc. (Health Care)*		1,475,562
	10,938	Illumina, Inc. (Health Care)*		2,178,850
	9,718	Inari Medical, Inc. (Health Care)*		546,735
	13,430	Insulet Corp. (Health Care)*		3,711,515
	17,556	Intuitive Surgical, Inc. (Health Care)*		4,027,171
	3,575	iRhythm Technologies, Inc. (Health Care)*		420,706
	2,246	Mettler-Toledo International, Inc. (Health Care)*		3,220,113
	29,643	Neurocrine Biosciences, Inc. (Health Care)*		3,056,193
	12,652	Novanta, Inc. (Information Technology)*		1,985,225
	7,838	Sage Therapeutics, Inc. (Health Care)*		326,374
	11,878	Sarepta Therapeutics, Inc. (Health Care)*		1,450,660
	18,915	Seagen, Inc. (Health Care)*		3,398,836
	5,089	Shockwave Medical, Inc. (Health Care)*		968,131
	14,118	Ultragenyx Pharmaceutical, Inc. (Health Care)*		628,110
	16,915	Veeva Systems, Inc., Class A (Health Care)*		2,802,139
	3,219	Waters Corp. (Health Care)*		1,000,755
	5,881	West Pharmaceutical Services, Inc. (Health Care)		1,864,453
	20,458	Zimmer Biomet Holdings, Inc. (Health Care)		2,534,132
	13,478	Zoetis, Inc. (Health Care)		2,250,826
				86,461,229
	TOTAL INVESTMENTS – 99.3%
	(Cost $110,610,673)		$	102,766,969
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.7%			755,826
	NET ASSETS – 100.0%		$	103,522,795

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

Sector	% of Market Value
Health Care		96.0	%
Real Estate		2.1
Information Technology		1.9
TOTAL INVESTMENTS		100.0	%

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

GOLDMAN SACHS FUTURE PLANET EQUITY ETF

Schedule of Investments

February 28, 2023 (Unaudited)

Shares		Description	Value
Common Stocks – 98.9%
Australia – 0.0%
	688,618	Carbon Revolution Ltd. (Consumer Discretionary)*(a)	$	51,081
Belgium – 1.3%
	61,599	Umicore SA (Materials)		2,062,334
China – 3.1%
	48,614	Contemporary Amperex Technology Co. Ltd., Class A (Industrials)		2,824,517
	2,004,421	Xinyi Solar Holdings Ltd. (Information Technology)		2,139,888
				4,964,405
Denmark – 5.8%
	59,756	Chr Hansen Holding A/S (Materials)		4,154,311
	56,280	Novozymes A/S, Class B (Materials)		2,720,173
	27,842	Orsted AS (Utilities)(b)		2,440,638
				9,315,122
Finland – 3.2%
	108,645	Neste OYJ (Energy)		5,264,314
France – 1.2%
	44,660	Imerys SA (Materials)		1,992,044
Germany – 3.3%
	149,735	Infineon Technologies AG (Information Technology)		5,321,982
Ireland – 1.1%
	28,276	Kingspan Group PLC (Industrials)		1,846,582
Italy – 3.6%
	1,033,418	Enel SpA (Utilities)		5,827,115
Japan – 10.4%
	27,089	Daikin Industries Ltd. (Industrials)		4,642,607
	56,885	Horiba Ltd. (Information Technology)		3,031,862
	8,129	Keyence Corp. (Information Technology)		3,514,421
	81,257	Kurita Water Industries Ltd. (Industrials)		3,674,655
	37,927	Nidec Corp. (Industrials)		1,920,086
				16,783,631
Netherlands – 5.8%
	91,229	Aalberts NV (Industrials)		4,454,296
	39,550	Koninklijke DSM NV (Materials)		4,894,724
	11,111	Pryme NV (Industrials)*(b)		9,622
				9,358,642
Norway – 1.1%
	1,084,307	Aker Carbon Capture ASA (Industrials)*		1,643,771
	161,321	Circa Group AS (Materials)*		94,174
				1,737,945
Spain – 4.1%
	573,542	Iberdrola SA (Utilities)		6,608,545
Common Stocks – (continued)
Sweden – 0.4%
	68,360	Re:NewCell AB, Class A (Materials)*(a)		605,031
Switzerland – 4.8%
	110,355	ABB Ltd. (Industrials)		3,683,013
	14,577	Sika AG (Materials)		4,104,423
				7,787,436
Taiwan – 2.2%
	379,213	Delta Electronics, Inc. (Information Technology)		3,565,681
United Kingdom – 2.4%
	941,946	DS Smith PLC (Materials)		3,846,458
United States – 45.1%
	10,592	Albemarle Corp. (Materials)		2,693,652
	36,965	Aptiv PLC (Consumer Discretionary)*		4,298,290
	84,804	Ball Corp. (Materials)		4,766,833
	105,013	Bloom Energy Corp., Class A (Industrials)*		2,277,732
	21,943	Danaher Corp. (Health Care)		5,431,551
	58,721	Danimer Scientific, Inc. (Materials)*(a)		151,500
	30,473	Darling Ingredients, Inc. (Consumer Staples)*		1,928,027
	32,143	DocuSign, Inc. (Information Technology)*		1,971,973
	36,163	Ecolab, Inc. (Materials)		5,763,297
	77,014	Energy Recovery, Inc. (Industrials)*		1,699,699
	43,413	Itron, Inc. (Information Technology)*		2,421,143
	74,304	NextEra Energy, Inc. (Utilities)		5,277,813
	118,821	Nuvve Holding Corp. (Industrials)*		123,574
	425,922	Oatly Group AB ADR (Consumer Staples)*(a)		937,028
	38,808	Schneider Electric SE (Industrials)		6,260,636
	127,774	Shoals Technologies Group, Inc., Class A (Industrials)*		3,135,574
	16,912	Smart Wires Technology Ltd. SDR (Industrials)*		95
	11,215	SolarEdge Technologies, Inc. (Information Technology)*		3,565,473
	86,156	Tattooed Chef, Inc. (Consumer Staples)*(a)		108,557
	21,556	Trane Technologies PLC (Industrials)		3,987,213
	22,161	Waste Connections, Inc. (Industrials)		2,967,801
	18,904	Waste Management, Inc. (Industrials)		2,831,063
	126,875	Westrock Co. (Materials)		3,983,875
	27,437	Wolfspeed, Inc. (Information Technology)*		2,029,789
	42,794	Xylem, Inc. (Industrials)		4,392,804
				73,004,992
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $192,719,571)		$	159,943,340

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

GOLDMAN SACHS FUTURE PLANET EQUITY ETF

Schedule of Investments (continued)

February 28, 2023 (Unaudited)

Shares	Dividend Rate			Value
Securities Lending Reinvestment Vehicle – 0.9%(c)
Goldman Sachs Financial Square Government Fund – Institutional Shares
1,450,409		4.475	%	$	1,450,409
(Cost $1,450,409)
TOTAL INVESTMENTS – 99.8%
(Cost $194,169,980)				$	161,393,749
OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.2%					345,172
NET ASSETS – 100.0%				$	161,738,921

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

Investment Abbreviations:
ADR	—American Depositary Receipt
PLC	—Public Limited Company
SDR	—Swedish Depositary Receipt

Sector Name	% of Market Value
Industrials		32.4	%
Materials		25.9
Information Technology		17.1
Utilities		12.5
Health Care		3.4
Energy		3.3
Consumer Discretionary		2.7
Consumer Staples		1.8
Securities Lending Reinvestment Vehicle		0.9
TOTAL INVESTMENTS		100.0	%

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

GOLDMAN SACHS FUTURE REAL ESTATE AND INFRASTRUCTURE EQUITY ETF

Schedule of Investments

February 28, 2023 (Unaudited)

Shares		Description	Value
Common Stocks – 97.3%
Communication Services – 2.4%
	15,306	Cellnex Telecom SA (Spain)*(a)	$	577,211
Energy – 1.7%
	2,579	Cheniere Energy, Inc.		405,780
Health Care – 1.3%
	46,140	Chartwell Retirement Residences (Canada)		312,130
Industrials – 14.1%
	142,577	Airports of Thailand PCL NVDR (Thailand)*		293,495
	81,794	Enav SpA (Italy)(a)		362,410
	14,696	Ferrovial SA (Spain)		409,265
	1,632	Norfolk Southern Corp.		366,906
	120,673	Transurban Group (Australia)		1,153,910
	6,877	Vinci SA (France)		786,484
				3,372,470
Materials – 2.7%
	933	Linde PLC (United Kingdom)		325,029
	862	Martin Marietta Materials, Inc.		310,208
				635,237
Real Estate – 50.3%
	4,215	Alexandria Real Estate Equities, Inc. REIT		631,323
	10,906	American Homes 4 Rent, Class A REIT		338,304
	4,303	American Tower Corp. REIT		852,037
	2,845	AvalonBay Communities, Inc. REIT		490,819
	27,121	Big Yellow Group PLC REIT (United Kingdom)		398,605
	25,847	CTP NV (Netherlands)(a)		357,436
	6,607	Digital Realty Trust, Inc. REIT		688,648
	1,052	Equinix, Inc. REIT		724,060
	8,223	Equity LifeStyle Properties, Inc. REIT		563,358
	6,252	Equity Residential REIT		390,875
	2,658	Extra Space Storage, Inc. REIT		437,640
	18,140	Goodman Group REIT (Australia)		242,942
	45	Hoshino Resorts REIT, Inc. REIT (Japan)		249,422
	59,286	Ingenia Communities Group REIT (Australia)		158,319
	17,246	Invitation Homes, Inc. REIT		539,110
	185	Nippon Prologis REIT, Inc. REIT (Japan)		394,677
	11,399	Prologis, Inc. REIT		1,406,637
	839	Public Storage REIT		250,819
	1,644	SBA Communications Corp. REIT		426,371
	39,530	Segro PLC REIT (United Kingdom)		394,054
	5,875	Terreno Realty Corp. REIT		365,484
	32,305	UNITE Group PLC (The) REIT (United Kingdom)		384,452
	7,502	Ventas, Inc. REIT		364,972
	18,794	Vonovia SE (Germany)		475,355
	6,872	Welltower, Inc. REIT		509,353
				12,035,072
Common Stocks – (continued)
Utilities – 24.8%
	9,330	AES Corp. (The)		230,265
	2,881	American Water Works Co., Inc.		404,435
	9,077	CMS Energy Corp.		535,271
	40,598	Enel SpA (Italy)		228,919
	21,488	Engie SA (France)		315,295
	5,900	Eversource Energy		444,624
	83,438	National Grid PLC (United Kingdom)		1,058,629
	13,476	NextEra Energy, Inc.		957,200
	2,460	Orsted AS (Denmark)(a)		215,644
	15,296	Veolia Environnement SA (France)		459,228
	5,384	WEC Energy Group, Inc.		477,346
	9,620	Xcel Energy, Inc.		621,163
				5,948,019
	TOTAL INVESTMENTS – 97.3%
	(Cost $25,877,838)		$	23,285,919
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 2.7%			650,804	��
	NET ASSETS – 100.0%		$	23,936,723

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.
(a)	Exempt from registration under Rule 144A of the Securities Act of 1933.

Investment Abbreviations:
NVDR	—Non-Voting Depository Receipt
PLC	—Public Limited Company
REIT	—Real Estate Investment Trust

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

GOLDMAN SACHS FUTURE TECH LEADERS EQUITY ETF

Schedule of Investments

February 28, 2023 (Unaudited)

Shares		Description	Value
Common Stocks – 98.6%
Communication Services – 11.3%
	114,706	Cellnex Telecom SA (Spain)*(a)	$	4,325,723
	30,506	Electronic Arts, Inc.		3,384,336
	352,656	Kuaishou Technology (China)*(a)		2,358,678
	40,880	Match Group, Inc.*		1,693,250
	14,572	NAVER Corp. (South Korea)		2,296,060
	295,013	NetEase, Inc. (China)		4,551,382
	39,608	Sea Ltd. ADR (Singapore)*		2,475,104
	342,926	Snap, Inc., Class A*		3,480,699
	50,176	Trade Desk, Inc. (The), Class A*		2,807,849
	71,449	Yandex NV, Class A (Russia)*(b)		—
				27,373,081
Consumer Discretionary – 4.0%
	23,183	Etsy, Inc.*		2,814,648
	5,535	MercadoLibre, Inc. (Brazil)*		6,752,700
				9,567,348
Health Care – 1.9%
	46,428	Hoya Corp. (Japan)		4,591,162
Industrials – 1.4%
	69,248	Nidec Corp. (Japan)		3,505,739
Information Technology – 78.2%
	3,264	Adyen NV (Netherlands)*(a)		4,656,374
	149,409	AppLovin Corp., Class A*		2,017,022
	7,521	ASM International NV (Netherlands)		2,576,256
	20,264	Aspen Technology, Inc.*		4,296,171
	20,879	Atlassian Corp., Class A*		3,431,046
	26,046	BILL Holdings, Inc.*		2,204,273
	42,062	Cadence Design Systems, Inc.*		8,115,442
	12,763	CDW Corp.		2,583,486
	56,292	Datadog, Inc., Class A*		4,307,464
	486,686	Delta Electronics, Inc. (Taiwan)		4,576,233
	119,041	Dynatrace, Inc.*		5,062,814
	53,551	Entegris, Inc.		4,564,152
	50,860	Fidelity National Information Services, Inc.		3,222,998
	79,748	Hamamatsu Photonics KK (Japan)		3,910,852
	18,788	HubSpot, Inc.*		7,268,326
	157,868	Infineon Technologies AG (Germany)		5,611,051
	30,043	Jack Henry & Associates, Inc.		4,934,262
	14,496	Keysight Technologies, Inc.*		2,318,780
	2,991,697	Kingdee International Software Group Co. Ltd. (China)*		5,572,152
	19,537	KLA Corp.		7,411,947
	429,734	Luxshare Precision Industry Co. Ltd., Class A (China)		1,850,804
	150,150	Marvell Technology, Inc.		6,779,273
	209,653	MediaTek, Inc. (Taiwan)		4,974,782
	50,752	Micron Technology, Inc.		2,934,481
	38,012	MKS Instruments, Inc.		3,684,503
	25,334	Motorola Solutions, Inc.		6,658,029
	33,108	ON Semiconductor Corp.*		2,562,890
	30,313	Palo Alto Networks, Inc.*		5,710,060
	57,899	Procore Technologies, Inc.*		3,878,654
	162,036	Qualtrics International, Inc., Class A*		2,741,649
	57,050	RingCentral, Inc., Class A*		1,884,932
Common Stocks – (continued)
Information Technology – (continued)
	218,922	Sangfor Technologies, Inc., Class A (China)		4,497,668
	9,792	ServiceNow, Inc.*		4,231,809
	284,868	Silergy Corp. (China)		5,441,283
	22,143	Snowflake, Inc., Class A*		3,418,436
	8,993	Tokyo Electron Ltd. (Japan)		3,083,824
	194,055	UiPath, Inc., Class A*		2,879,776
	531,610	Unimicron Technology Corp. (Taiwan)		2,233,252
	4,204,232	United Microelectronics Corp. (Taiwan)*		6,892,184
	1,100,669	Vanguard International Semiconductor Corp. (Taiwan)		3,341,436
	1,252,200	Venustech Group, Inc., Class A (China)		5,340,813
	397,047	Viavi Solutions, Inc.*		4,343,694
	21,662	Wolfspeed, Inc.*		1,602,555
	26,339	Workday, Inc., Class A*		4,885,094
	31,935	Zscaler, Inc.*		4,188,275
				188,681,257
Real Estate – 1.8%
	16,324	SBA Communications Corp. REIT		4,233,629
	TOTAL INVESTMENTS – 98.6%
	(Cost $307,346,177)		$	237,952,216
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.4%			3,322,779
	NET ASSETS – 100.0%		$	241,274,995

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)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.

Investment Abbreviations:
ADR	—American Depositary Receipt
REIT	—Real Estate Investment Trust

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

GOLDMAN SACHS FUTURE ETFS

Statements of Assets and Liabilities

February 28, 2023 (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 $115,320,974, $110,610,673, $192,719,571 and $25,877,838, respectively)(a)	$	98,179,593		$	102,766,969		$	159,943,340		$	23,285,919
Investments in securities lending reinvestment vehicle, at value which equals cost		575,036			—			1,450,409			—
Cash		1,067,855			575,108			1,663,539			361,709
Foreign currency, at value (cost $368,715, $100,652, $609 and $280,088, respectively)		375,063			104,300			657			278,997
Receivables:
Dividends		35,813			135,932			137,624			20,127
Foreign tax reclaims		7,873			1,743			85,764			4,253
Securities lending income		657			—			4,494			—
Investments sold		—			—			907			—
Total assets		100,241,890			103,584,052			163,286,734			23,951,005
Liabilities:
Payables:
Upon return of securities loaned		575,036			—			1,450,409			—
Management fees		59,572			61,257			96,762			14,282
Foreign bank overdraft (cost $0, $0, $639 and $0, respectively)		—			—			642			—
Total liabilities		634,608			61,257			1,547,813			14,282
Net Assets:
Paid-in capital		122,103,095			117,394,743			199,114,636			27,902,274
Total distributable loss		(22,495,813	)		(13,871,948	)		(37,375,715	)		(3,965,551	)
NET ASSETS	$	99,607,282		$	103,522,795		$	161,738,921		$	23,936,723
SHARES ISSUED AND OUTSTANDING
Shares outstanding no par value (unlimited shares authorized):		3,975,000			3,325,000			5,200,000			725,000
Net asset value per share:		$25.06			$31.13			$31.10			$33.02

(a) Includes loaned securities having a market value of $542,866, $–, $1,369,696 and $– for Future Consumer Equity ETF, Future Health Care Equity ETF, Future Planet Equity ETF and Future Real Estate and Infrastructure Equity ETF, respectively.

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

GOLDMAN SACHS FUTURE ETFS

Statements of Assets and Liabilities (continued)

February 28, 2023 (Unaudited)

	Future Tech Leaders Equity ETF
Assets:
Investments at value (cost $307,346,177)	$	237,952,216
Cash		3,392,675
Receivables:
Dividends		47,087
Foreign tax reclaims		27,478
Total assets		241,419,456
Liabilities:
Payables:
Management fees		144,259
Foreign bank overdraft (cost $207)		202
Total liabilities		144,461
Net Assets:
Paid-in capital		382,783,572
Total distributable loss		(141,508,577	)
NET ASSETS	$	241,274,995
SHARES ISSUED AND OUTSTANDING
Shares outstanding no par value (unlimited shares authorized):		10,400,000
Net asset value per share:		$23.20

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

GOLDMAN SACHS FUTURE ETFS

Statements of Operations

For the Six Months Ended February 28, 2023 (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 $12,993, $6,094, $119,560 and $12,613, respectively)	$	225,637		$	336,690		$	1,074,417		$	246,892
Non cash dividend income		97,550			—			—			—
Securities lending income — unaffiliated issuer		3,800			36			38,279			220
Total investment income		326,987			336,726			1,112,696			247,112
Expenses:
Management fees		321,156			381,195			604,603			78,493
Trustee fees		7,513			7,882			9,152			6,252
Total expenses		328,669			389,077			613,755			84,745
NET INVESTMENT INCOME (LOSS)		(1,682	)		(52,351	)		498,941			162,367
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		(1,904,982	)		(3,978,400	)		(3,582,470	)		(849,708	)
In-kind redemptions		—			1,237,202			1,106,880			3,714
Foreign currency transactions		(5,396	)		(4,421	)		3,649			2,691
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		1,276,247			6,838,759			7,099,829			48,317
Foreign currency translations		8,762			3,339			2,617			2,407
Net realized and unrealized gain (loss)		(625,369	)		4,096,479			4,630,505			(792,579	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(627,051	)	$	4,044,128		$	5,129,446		$	(630,212	)

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

GOLDMAN SACHS FUTURE ETFS

Statements of Operations (continued)

For the Six Months Ended February 28, 2023 (Unaudited)

	Future Tech Leaders Equity ETF
Investment income:
Dividends — unaffiliated issuers (net of foreign withholding taxes of $24,670)	$	441,789
Securities lending income — unaffiliated issuer		366
Total investment income		442,155
Expenses:
Management fees		828,563
Trustee fees		10,367
Total expenses		838,930
NET INVESTMENT LOSS		(396,775	)
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		(37,339,116	)
In-kind redemptions		520,385
Foreign currency transactions		(15,949	)
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		29,650,778
Foreign currency translations		756
Net realized and unrealized loss		(7,183,146	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(7,579,921	)

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

GOLDMAN SACHS FUTURE ETFS

Statements of Changes in Net Assets

	Future Consumer Equity ETF						Future Health Care Equity ETF
	For the Six Months Ended February 28, 2023 (Unaudited)			For the Period November 9, 2021* to August 31, 2022			For the Six Months Ended February 28, 2023 (Unaudited)			For the Period November 9, 2021* to August 31, 2022
From operations:
Net investment income (loss)	$	(1,682	)	$	198,811		$	(52,351	)	$	(162,050	)
Net realized loss		(1,910,378	)		(4,106,857	)		(2,745,619	)		(2,416,068	)
Net change in unrealized gain (loss)		1,285,009			(18,419,972	)		6,842,098			(14,682,986	)
Net increase (decrease) in net assets resulting from operations		(627,051	)		(22,328,018	)		4,044,128			(17,261,104	)
Distributions to shareholders:
From distributable earnings		—			(202,678	)		(102	)		—
From return of capital		—			(74,347	)		—			—
Total distributions to shareholders		—			(277,025	)		(102	)		—
From share transactions:
Proceeds from sales of shares		11,233,800			120,508,199			7,942,928			129,642,436
Cost of shares redeemed		—			(8,902,623	)		(10,245,168	)		(10,600,323	)
Net increase (decrease) in net assets resulting from share transactions		11,233,800			111,605,576			(2,302,240	)		119,042,113
TOTAL INCREASE		10,606,749			89,000,533			1,741,786			101,781,009
Net assets:
Beginning of period	$	89,000,533		$	—		$	101,781,009		$	—
End of period	$	99,607,282		$	89,000,533		$	103,522,795		$	101,781,009

* Commencement of operations.

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

GOLDMAN SACHS FUTURE 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, 2023 (Unaudited)			For the Fiscal Year Ended August 31, 2022			For the Six Months Ended February 28, 2023 (Unaudited)			For the Period November 9, 2021* to August 31, 2022
From operations:
Net investment income	$	498,941		$	1,061,992		$	162,367		$	276,661
Net realized loss		(2,471,941	)		(2,878,218	)		(843,303	)		(547,285	)
Net change in unrealized gain (loss)		7,102,446			(42,812,576	)		50,724			(2,643,761	)
Net increase (decrease) in net assets resulting from operations		5,129,446			(44,628,802	)		(630,212	)		(2,914,385	)
Distributions to shareholders:
From distributable earnings		(617,909	)		(755,496	)		(209,691	)		(211,263	)
From share transactions:
Proceeds from sales of shares		6,046,721			191,443,464			1,628,238			27,100,977
Cost of shares redeemed		(22,643,478	)		(32,339,953	)		(826,941	)		—
Net increase (decrease) in net assets resulting from share transactions		(16,596,757	)		159,103,511			801,297			27,100,977
TOTAL INCREASE (DECREASE)		(12,085,220	)		113,719,213			(38,606	)		23,975,329
Net assets:
Beginning of period	$	173,824,141		$	60,104,928		$	23,975,329		$	—
End of period	$	161,738,921		$	173,824,141		$	23,936,723		$	23,975,329

* Commencement of operations.

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

GOLDMAN SACHS FUTURE ETFS

Statements of Changes in Net Assets (continued)

	Future Tech Leaders Equity ETF
	For the Six Months Ended February 28, 2023 (Unaudited)			For the Period September 14, 2021* to August 31, 2022
From operations:
Net investment income (loss)	$	(396,775	)	$	74,214
Net realized loss		(36,834,680	)		(38,383,334	)
Net change in unrealized gain (loss)		29,651,534			(99,046,678	)
Net decrease in net assets resulting from operations		(7,579,921	)		(137,355,798	)
Distributions to shareholders:
From distributable earnings		(48,204	)		(9,965	)
From share transactions:
Proceeds from sales of shares		14,092,872			422,677,334
Cost of shares redeemed		(7,597,184	)		(42,904,139	)
Net increase in net assets resulting from share transactions		6,495,688			379,773,195
TOTAL INCREASE (DECREASE)		(1,132,437	)		242,407,432
Net assets:
Beginning of period	$	242,407,432		$	—
End of period	$	241,274,995		$	242,407,432

* Commencement of operations.

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

GOLDMAN SACHS FUTURE ETFS

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

	Future Consumer Equity ETF
	For the Six Months Ended February 28, 2023 (Unaudited)			For the Period November 9, 2021* to August 31, 2022
Per Share Operating Performance:
Net asset value, beginning of period	$	25.43		$	40.03
Net investment income(a)		0.00	(b)		0.10
Net realized and unrealized loss		(0.37	)		(14.62	)
Total loss from investment operations		(0.37	)		(14.52	)
Distributions to shareholders from net investment income		—			(0.06	)
Distributions to shareholders from return of capital		—			(0.02	)
Total distributions to shareholders		—			(0.08	)
Net asset value, end of period	$	25.06		$	25.43
Market price, end of period	$	25.06		$	25.30
Total Return at Net Asset Value(c)		(1.46	)%		(36.28	)%
Net assets, end of period (in 000’s)	$	99,607		$	89,001
Ratio of total expenses to average net assets		0.75	%(d)		0.75	%(d)
Ratio of net investment income to average net assets		—	%(d)		0.46	%(d)
Portfolio turnover rate(e)		7	%		24	%

 * Commencement of operations.

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

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

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

(d) Annualized.

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

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

GOLDMAN SACHS FUTURE ETFS

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Future Health Care Equity ETF
	For the Six Months Ended February 28, 2023 (Unaudited)			For the Period November 9, 2021* to August 31, 2022
Per Share Operating Performance:
Net asset value, beginning of period	$	29.94		$	39.68
Net investment loss(a)		(0.02	)		(0.08	)
Net realized and unrealized gain (loss)		1.21			(9.66	)
Total gain (loss) from investment operations		1.19			(9.74	)
Distributions to shareholders from net investment income		0.00	(b)		—
Net asset value, end of period	$	31.13		$	29.94
Market price, end of period	$	31.19		$	30.00
Total Return at Net Asset Value(c)		3.97	%		(24.55	)%
Net assets, end of period (in 000’s)	$	103,523		$	101,781
Ratio of total expenses to average net assets		0.75	%(d)		0.75	%(d)
Ratio of net investment loss to average net assets		(0.10	)%(d)		(0.33	)%(d)
Portfolio turnover rate(e)		14	%		24	%

 * Commencement of operations.

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

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

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

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions, 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. 31

GOLDMAN SACHS FUTURE ETFS

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Future Planet Equity ETF
	For the Six Months Ended February 28, 2023 (Unaudited)			For the Fiscal Year Ended August 31, 2022			For the Period July 13, 2021* to August 31, 2021
Per Share Operating Performance:
Net asset value, beginning of period	$	30.23		$	42.18		$	39.89
Net investment income(a)		0.09			0.27			0.02
Net realized and unrealized gain (loss)		0.89			(12.05	)		2.27
Total gain (loss) from investment operations		0.98			(11.78	)		2.29
Distributions to shareholders from net investment income		(0.11	)		(0.17	)		—
Net asset value, end of period	$	31.10		$	30.23		$	42.18
Market price, end of period	$	31.04		$	30.15		$	42.25
Total Return at Net Asset Value(b)		3.28	%		(27.97	)%		5.74	%
Net assets, end of period (in 000’s)	$	161,739		$	173,824		$	60,104
Ratio of total expenses to average net assets		0.75	%(c)		0.75	%		0.75	%(c)
Ratio of net investment income to average net assets		0.61	%(c)		0.81	%		0.42	%(c)
Portfolio turnover rate(d)		7	%		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, short-term transactions and certain derivatives. 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 ETFS

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Future Real Estate and Infrastructure Equity ETF
	For the Six Months Ended February 28, 2023 (Unaudited)			For the Period November 9, 2021* to August 31, 2022
Per Share Operating Performance:
Net asset value, beginning of period	$	34.25		$	40.05
Net investment income(a)		0.23			0.56
Net realized and unrealized loss		(1.16	)		(5.95	)
Total loss from investment operations		(0.93	)		(5.39	)
Distributions to shareholders from net investment income		(0.30	)		(0.41	)
Net asset value, end of period	$	33.02		$	34.25
Market price, end of period	$	33.05		$	34.25
Total Return at Net Asset Value(b)		(2.66	)%		(13.52	)%
Net assets, end of period (in 000’s)	$	23,937		$	23,975
Ratio of total expenses to average net assets		0.75	%(c)		0.75	%(c)
Ratio of net investment income to average net assets		1.44	%(c)		1.85	%(c)
Portfolio turnover rate(d)		16	%		40	%

 * 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. 33

GOLDMAN SACHS FUTURE ETFS

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Future Tech Leaders Equity ETF
	For the Six Months Ended February 28, 2023 (Unaudited)			For the Period September 14, 2021* to August 31, 2022
Per Share Operating Performance:
Net asset value, beginning of period	$	24.12		$	40.22
Net investment income (loss)(a)		(0.04	)		0.01
Net realized and unrealized loss		(0.88	)		(16.11	)
Total loss from investment operations		(0.92	)		(16.10	)
Distributions to shareholders from net investment income		0.00	(b)		0.00	(b)
Net asset value, end of period	$	23.20		$	24.12
Market price, end of period	$	23.19		$	24.08
Total Return at Net Asset Value(c)		(3.79	)%		(40.03	)%
Net assets, end of period (in 000’s)	$	241,275		$	242,407
Ratio of total expenses to average net assets		0.75	%(d)		0.75	%(d)
Ratio of net investment income (loss) to average net assets		(0.35	)%(d)		0.03	%(d)
Portfolio turnover rate(e)		22	%		55	%

 * Commencement of operations.

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

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

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

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions, short-term transactions and certain derivatives. 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 ETFS

Notes to Financial Statements

February 28, 2023 (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

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 a management agreement (the “Agreement”) with the Trust. Each Fund is an exchange-traded fund (“ETF”). Shares of the Funds are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”). Market prices for the Funds’ shares may be different from their net asset value (“NAV”). The Funds issue and redeem shares at their respective NAV only in blocks of a specified number of shares, or multiples thereof, referred to as “Creation Units”. Creation Units are issued and redeemed 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.

35

GOLDMAN SACHS FUTURE ETFS

Notes to Financial Statements (continued)

February 28, 2023 (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 Goldman Sachs Future Consumer Equity ETF, Goldman Sachs Future Health Care Equity ETF, Goldman Sachs Future Planet Equity ETF and Goldman Sachs Future Tech Leaders Equity ETF, income distributions, if any, are declared and paid annually. For Goldman Sachs Future Real Estate and Infrastructure Equity ETF income distributions, if any, are declared and paid semi-annually. 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. With respect to the Funds’ investments

36

GOLDMAN SACHS FUTURE ETFS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

that do not have readily available market quotations, the Trustees have designated the Adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940 (“Valuation Designee”). GSAM has 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 and consistent with applicable regulatory guidance. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2.

Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price for long positions or the last ask price for short positions, and are generally classified as Level 2.

Money Market Funds — Investments in the Goldman Sachs Financial Square Government Fund (“Underlying Money Market 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 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. 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.

37

GOLDMAN SACHS FUTURE ETFS

Notes to Financial Statements (continued)

February 28, 2023 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

C.  Fair Value Hierarchy — The following is a summary of the Funds’ investments classified in the fair value hierarchy as of February 28, 2023:

FUTURE CONSUMER EQUITY ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	16,049,234	$	—	$	—
Europe		22,999,308		—		—
North America		56,890,940		—		—
South America		2,240,111		—		—
Securities Lending Reinvestment Vehicle		575,036		—		—
Total	$	98,754,629	$	—	$	—
FUTURE HEALTH CARE EQUITY ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	5,683,033	$	—	$	—
Europe		10,622,707		—		—
North America		86,461,229		—		—
Total	$	102,766,969	$	—	$	—
FUTURE PLANET EQUITY ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	25,313,717	$	—	$	—
Europe		61,573,550		—		—
North America		73,004,897		95		—
Oceania		51,081		—		—
Securities Lending Reinvestment Vehicle		1,450,409		—		—
Total	$	161,393,654	$	95	$	—
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	$	644,099	$	293,495	$	—
Europe		6,748,019		—		—
North America		14,045,136		—		—
Oceania		1,555,170		—		—
Total	$	22,992,424	$	293,495	$	—

(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.

38

GOLDMAN SACHS FUTURE 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	$	71,493,408	$	—	$	—
Europe		17,169,405		—		—
North America		142,536,703		—		—
South America		6,752,700		—		—
Total	$	237,952,216	$	—	$	—

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

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

4. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

Trustees.

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

The Funds operate under a unitary management fee structure. Under the unitary fee structure, GSAM is responsible for paying substantially all the expenses of each Fund, excluding payments under a Fund’s 12b-1 plan (if any), interest expenses, taxes, acquired fund fees and expenses, brokerage fees, costs of holding shareholder meetings 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, 2023, 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	%

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

39

GOLDMAN SACHS FUTURE ETFS

Notes to Financial Statements (continued)

February 28, 2023 (Unaudited)

5. CREATION AND REDEMPTION OF CREATION UNITS (continued)

(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 Six Months Ended to February 28, 2023 (Unaudited)						For the Period November 9, 2021* to August 31, 2022
	Shares			Dollars			Shares			Dollars
Fund Share Activity
Shares Sold		475,000		$	11,234,739			3,800,001		$	120,483,990
Shares Redeemed		—			—			(300,001	)		(8,899,985	)
NET INCREASE IN SHARES		475,000		$	11,234,739			3,500,000		$	111,584,005
	Goldman Sachs Future Health Care Equity ETF
	For the Six Months Ended to February 28, 2023 (Unaudited)						For the Period November 9, 2021* to August 31, 2022
	Shares			Dollars			Shares			Dollars
Fund Share Activity
Shares Sold		250,000		$	7,942,928			3,725,001		$	129,641,934
Shares Redeemed		(325,000	)		(10,245,168	)		(325,001	)		(10,600,323	)
NET INCREASE IN SHARES		(75,000	)	$	(2,302,240	)		3,400,000		$	119,041,611
	Goldman Sachs Future Planet Equity ETF
	For the Six Months Ended to February 28, 2023 (Unaudited)						For the Fiscal Year Ended August 31, 2022
	Shares			Dollars			Shares			Dollars
Fund Share Activity
Shares Sold		200,000		$	6,013,542			5,375,000		$	191,424,437
Shares Redeemed		(750,000	)		(22,638,478	)		(1,050,000	)		(32,343,100	)
NET INCREASE IN SHARES		(550,000	)	$	(16,624,936	)		4,325,000		$	159,081,337

* Commencement of operations

40

GOLDMAN SACHS FUTURE ETFS

5. CREATION AND REDEMPTION OF CREATION UNITS (continued)

	Goldman Sachs Future Real Estate and Infrastructure Equity ETF
	For the Six Months Ended to February 28, 2023 (Unaudited)						For the Period November 9, 2021* to August 31, 2022
	Shares			Dollars			Shares			Dollars
Fund Share Activity
Shares Sold		50,000		$	1,628,238			700,001		$	27,101,017
Shares Redeemed		(25,000	)		(826,941	)		(1	)		(40	)
NET INCREASE IN SHARES		25,000		$	801,297			700,000		$	27,100,977
	Goldman Sachs Future Tech Leaders Equity ETF
	For the Six Months Ended to February 28, 2023 (Unaudited)						For the Period September 14, 2021* to August 31, 2022
	Shares			Dollars			Shares			Dollars
Fund Share Activity
Shares Sold		675,000		$	14,090,210			11,700,000		$	422,462,591
Shares Redeemed		(325,000	)		(7,562,890	)		(1,650,000	)		(42,748,691	)
NET INCREASE IN SHARES		350,000		$	6,527,320			10,050,000		$	379,713,900

* Commencement of operations

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales of long-term securities for the six months ended February 28, 2023, were as follows:

Fund	Purchases		Sales
Goldman Sachs Future Consumer Equity ETF	$	8,296,332	$	5,793,440
Goldman Sachs Future Health Care Equity ETF		15,152,632		14,016,349
Goldman Sachs Future Planet Equity ETF		11,269,674		10,567,937
Goldman Sachs Future Real Estate and Infrastructure Equity ETF		3,539,399		3,716,890
Goldman Sachs Future Tech Leaders Equity ETF		50,063,972		48,566,299

41

GOLDMAN SACHS FUTURE ETFS

Notes to Financial Statements (continued)

February 28, 2023 (Unaudited)

6. PORTFOLIO SECURITIES TRANSACTIONS (continued)

The purchases and sales from in-kind creation and redemption transactions for the six months ended February 28, 2023, were as follows:

Fund	Purchases		Sales
Goldman Sachs Future Consumer Equity ETF	$	9,380,931	$	—
Goldman Sachs Future Health Care Equity ETF		7,864,244		10,076,416
Goldman Sachs Future Planet Equity ETF		5,593,703		21,322,457
Goldman Sachs Future Real Estate and Infrastructure Equity ETF		1,603,791		808,867
Goldman Sachs Future Tech Leaders Equity ETF		11,107,762		6,294,791

7. SECURITIES LENDING

The Funds may lend their securities through a securities lending agent, the Bank of New York Mellon (“BNYM”), to certain qualified borrowers. In accordance with the Funds’ securities lending procedures, the Funds receive cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Funds, at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Statements of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

The Funds invest the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”), an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net assets of the Government Money Market Fund.

In the event of a default by a borrower with respect to any loan, BNYM may exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If BNYM is unable to purchase replacement securities, BNYM will indemnify the Funds by paying the Funds an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Funds’ 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, 2023, are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities, where applicable.

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7. SECURITIES LENDING (continued)

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, 2023, 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, 2023:

Fund	Beginning value as of August 31, 2022		Purchases at Cost		Proceeds from Sales			Ending value as of February 28, 2023
Goldman Sachs Future Consumer Equity ETF	$	—	$	1,350,850	$	(775,814	)	$	575,036
Goldman Sachs Future Health Care Equity ETF		—		316,373		(316,373	)		—
Goldman Sachs Future Planet Equity ETF		1,990,428		7,802,519		(8,342,538	)		1,450,409
Goldman Sachs Future Real Estate and Infrastructure Equity ETF		—		1,089,645		(1,089,645	)		—
Goldman Sachs Future Tech Leaders Equity ETF		706,501		4,848,214		(5,554,715	)		—

8. TAX INFORMATION

As of the Funds’ most recent fiscal year end, August 31, 2022, the Funds’ capital loss carryforwards 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
Capital loss carryforwards:
Perpetual Short-Term	$	—		$	—		$	—		$	—		$	(567,945	)
Timing differences
(Late Year Ordinary Loss Deferral/Post October Capital Loss Deferral)	$	(3,085,569	)	$	(2,799,158	)	$	(1,262,304	)	$	(247,446	)	$	(25,265,983	)

As of February 28, 2023, 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	$	116,259,231		$	111,044,503		$	195,288,256		$	26,173,811		$	316,394,261
Gross unrealized gain		2,868,461			3,754,088			159,943,340			341,913			8,396,989
Gross unrealized loss		(20,373,063	)		(12,031,622	)		(193,837,847	)		(3,229,805	)		(86,839,034	)
Net unrealized gains (losses)	$	(17,504,602	)	$	(8,277,534	)	$	(33,894,507	)	$	(2,887,892	)	$	(78,442,045	)

The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales and differences in the tax treatment of partnership investments, and passive foreign investment company investments.

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Notes to Financial Statements (continued)

February 28, 2023 (Unaudited)

8. TAX INFORMATION (continued)

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.

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 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 from problems in 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 a Fund’s liquidity and performance. Foreign risk also involves the risk of negative foreign currency exchange 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.

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9. OTHER RISKS (continued)

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 Future Planet Equity ETF) 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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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 2, 2023, 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, 2022 through December 31, 2022 (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; (4) the impact of local holidays in non-U.S. jurisdictions; and (5) the impact of geopolitical, market and economic developments and events on liquidity and liquidity risk. 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 2/28/2023 (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, 2022 and held for the six months ended February 28, 2023, 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 9/1/22		Ending Account Value 2/28/23			Expenses Paid*		Beginning Account Value 9/1/22		Ending Account Value 2/28/23			Expenses Paid*		Beginning Account Value 9/1/22		Ending Account Value 2/28/23			Expenses Paid***		Beginning Account Value 9/1/22		Ending Account Value 2/28/23			Expenses Paid*		Beginning Account Value 9/1/22		Ending Account Value 2/28/23			Expenses Paid**
Actual based on NAV	$	1,000	$	985.45		$	3.69	$	1,000	$	1,039.75		$	3.79	$	1,000	$	1,032.82		$	3.77	$	1,000	$	973.36		$	3.67	$	1,000	$	962.08		$	3.65
Hypothetical 5% return		1,000		1,021.08	+		3.76		1,000		1,021.07	+		3.76		1,000		1,021.08	+		3.75		1,000		1,021.08	+		3.76		1,000		1,021.08	+		3.76

+ 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, 2023. 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 ETFS

Statement Regarding Basis for Initial Approval of Management Agreement for the Future Thematic Equity ETFs (Unaudited)

Background

The 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 and Goldman Sachs Future Tech Leaders 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, 2023 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 meetings held on September 19-20, 2022 (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 four meetings over the course of the year since the Management Agreement was last approved in 2021. At those Committee meetings, regularly scheduled Board or other committee meetings, and/or the Annual Meeting, matters relevant to the renewal of the Management Agreement were considered by the Board, or the Independent Trustees, as applicable. With respect to each Fund, such matters included:

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

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

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

(iii) trends in employee headcount;

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

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

(b) information on 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 expense comparison data provided by the Outside Data Provider, its processes in producing that data for the Fund;

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

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

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

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

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

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

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

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

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Statement Regarding Basis for Initial Approval of Management Agreement for the Future Thematic Equity ETFs (Unaudited) (continued)

Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Investment Adviser and its affiliates, their services, and the 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. 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 transition in the leadership and changes in personnel of various of the Investment Adviser’s portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted the Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the market, regulatory and control environment in which the Funds and their service providers operate, including developments associated with the COVID-19 pandemic, geopolitical events, and economic sanctions, 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 actively-managed ETFs that seek long-term growth of capital, except for the Goldman Sachs Future Planet Equity ETF, which seeks long-term capital appreciation. 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 fundamental equity 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 noted that the 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 and Goldman Sachs Future Tech Leaders Equity ETF launched on November 9, 2021, November 9, 2021, July 13, 2021, November 9, 2021, and September 14, 2021, respectively, and did not yet have a meaningful performance history.

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 particular, the Trustees reviewed analyses prepared by a third-party fund data provider engaged as part of the contract review process (the “Outside Data Provider”) regarding the expense rankings of the Funds. The analyses provided a comparison of each Fund’s management fee to those of a relevant peer group and category universe; an expense analysis which compared each Fund’s overall net and gross expenses to a peer group and a category universe; and data comparing each Fund’s net expenses to the peer and category medians. The Trustees concluded that the comparisons provided by the Outside Data Provider were useful in evaluating the reasonableness of the management fees and total expenses paid by the Funds.

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Statement Regarding Basis for Initial Approval of Management Agreement for the Future Thematic Equity ETFs (Unaudited) (continued)

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. Profitability data for the Funds was provided for 2021. The Trustees considered this information in relation to the Investment Adviser’s overall profitability.

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) fees earned by the Investment Adviser for managing the fund in which certain Funds’ securities lending cash collateral is invested; (c) the Investment Adviser’s ability to leverage the infrastructure designed to service the Funds on behalf of its other clients; (d) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (e) the investment of cash and cash collateral in money market funds managed by the Investment Adviser that will result in increased assets under management for those money market funds; (f) 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; (g) the investment of cash and cash collateral in money market funds managed by the Investment Adviser that will result in increased assets under management for those money market funds; and (h) 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) trading efficiencies resulting from aggregation of orders of the Funds with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing and pricing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (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 Investment Adviser’s ability to negotiate favorable terms with derivatives counterparties on behalf of the Funds as a result of the size and reputation of the Goldman Sachs organization; (e) 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 (f) the Funds’ access to certain affiliated distribution channels. They considered the competitive nature of the ETF marketplace, noting that many of the Funds’ shareholders invested in the Funds in part because of the Funds’ relationship with the Investment Adviser and have a general expectation that the relationship will continue.

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, 2023.

50

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 $2.30 trillion in assets under supervision as of December 31, 2022, 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 Community Municipal Bond ETF

Goldman Sachs Defensive 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^® Emerging Markets Equity ETF

Goldman Sachs MarketBeta^® International Equity ETF

Goldman Sachs MarketBeta^® U.S. Equity ETF

Goldman Sachs MarketBeta^® U.S. 1000 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

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, 2023 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.

© 2023 Goldman Sachs. All rights reserved. 313717-OTU-1781861 FTRETFSAR-23

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 3, 2022.
(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 3, 2023

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 3, 2023
By:	/s/ Joseph F. DiMaria
	Joseph F. DiMaria
	Principal Financial Officer
	Goldman Sachs ETF Trust
Date:	May 3, 2023