Goldman Sachs ETF Trust (GPRF) NPORT-P Goldman Sachs Defensive Equity ETF (May 2023 report)

GOLDMAN SACHS BLOOMBERG CLEAN ENERGY EQUITY ETF

Schedule of Investments

May 31, 2023 (Unaudited)

Shares		Description	Value
	Common Stocks – 98.5%
	Belgium – 0.9%
	167	Elia Group SA/NV (Utilities)	$     20,136
	2,103	Umicore SA (Materials)	58,292
			78,428
	Brazil – 0.3%
	3,521	Centrais Eletricas Brasileiras SA (Utilities)	24,267
	849	Cosan SA (Energy)	2,486
	290	Energisa SA (Utilities)	2,494
			29,247
	Canada – 3.6%
	3,963	Algonquin Power & Utilities Corp. (Utilities)	33,353
	586	Atco Ltd., Class I (Utilities)	17,990
	2,472	Ballard Power Systems, Inc. (Industrials)*	10,348
	1,061	Boralex, Inc., Class A (Utilities)	29,278
	83	Capital Power Corp. (Utilities)	2,777
	2,758	Fortis, Inc. (Utilities)	115,855
	1,808	Hydro One Ltd. (Utilities)(a)	51,461
	2,559	Northland Power, Inc. (Utilities)	56,064
	124	SNC-Lavalin Group, Inc. (Industrials)	2,892
	88	WSP Global, Inc. (Industrials)	10,891
			330,909
	China – 18.6%
	1,500	Beijing Easpring Material Technology Co. Ltd., Class A (Industrials)*	10,323
	7,100	Beijing Jingyuntong Technology Co. Ltd., Class A (Information Technology)	6,008
	3,000	BYD Co. Ltd., Class A (Consumer Discretionary)	106,792
	11,400	CECEP Solar Energy Co. Ltd., Class A (Utilities)	11,183
	18,900	CECEP Wind-Power Corp., Class A (Utilities)*	10,212
	7,500	China Baoan Group Co. Ltd., Class A (Industrials)	12,725
	23,040	China Datang Corp Renewable Power Co. Ltd., Class H (Utilities)	8,300
	34,800	China Longyuan Power Group Corp. Ltd., Class H (Utilities)	39,031
	55,100	China National Nuclear Power Co. Ltd., Class A (Utilities)	54,437

Shares		Description	Value
	Common Stocks – (continued)
	China – (continued)
	10,166	China Suntien Green Energy Corp. Ltd., Class H (Energy)	$       3,844
	83,600	China Three Gorges Renewables Group Co. Ltd., Class A (Utilities)	63,705
	12,780	Contemporary Amperex Technology Co. Ltd., Class A (Industrials)	396,665
	1,900	Dajin Heavy Industry Co. Ltd., Class A (Industrials)	8,847
	388	Daqo New Energy Corp. ADR (Information Technology)*	13,949
	6,000	Eve Energy Co. Ltd., Class A (Industrials)	53,889
	300	Ganfeng Lithium Group Co. Ltd., Class A (Materials)	2,610
	17,100	GCL System Integration Technology Co. Ltd., Class A (Information Technology)*	7,007
	210,801	GCL Technology Holdings Ltd. (Information Technology)*	45,778
	15,000	GEM Co. Ltd., Class A (Materials)	14,041
	1,150	Ginlong Technologies Co. Ltd., Class A (Industrials)*	16,108
	312	GoodWe Technologies Co. Ltd., Class A (Industrials)	10,212
	5,200	Gotion High-tech Co. Ltd., Class A (Industrials)	19,418
	1,300	Guangzhou Great Power Energy & Technology Co. Ltd., Class A (Industrials)	8,554
	5,600	Guangzhou Tinci Materials Technology Co. Ltd., Class A (Materials)	32,135
	5,432	Hangzhou First Applied Material Co. Ltd., Class A (Information Technology)	23,357
	2,700	Hengdian Group DMEGC Magnetics Co. Ltd., Class A (Information Technology)	6,866
	1,220	Hoyuan Green Energy Co. Ltd., Class A (Industrials)	13,222
	9,604	JA Solar Technology Co. Ltd., Class A (Information Technology)	48,520
	4,600	Jilin Electric Power Co. Ltd., Class A (Utilities)*	3,647
	261	JinkoSolar Holding Co. Ltd. ADR (Information Technology)*	10,939
	22,160	LONGi Green Energy Technology Co. Ltd., Class A (Information Technology)	89,625

GOLDMAN SACHS BLOOMBERG CLEAN ENERGY EQUITY ETF

Schedule of Investments (continued)

May 31, 2023 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	China – (continued)
	920	Luoyang Xinqianglian Slewing Bearing Co. Ltd., Class A (Industrials)	$       4,714
	6,600	Ming Yang Smart Energy Group Ltd., Class A (Industrials)	16,274
	1,300	Ningbo Ronbay New Energy Technology Co. Ltd., Class A (Industrials)	10,501
	184	NXP Semiconductors NV (Information Technology)	32,954
	2,600	Risen Energy Co. Ltd., Class A (Information Technology)*	8,538
	435	Shanghai Putailai New Energy Technology Co. Ltd., Class A (Materials)	2,168
	1,200	Shenzhen Capchem Technology Co. Ltd., Class A (Materials)	7,918
	800	Shenzhen Dynanonic Co. Ltd., Class A (Materials)	12,345
	1,700	Shenzhen Kstar Science And Technology Co. Ltd., Class A (Industrials)	9,240
	600	Shenzhen SC New Energy Technology Corp., Class A (Information Technology)	8,052
	3,696	Shenzhen Senior Technology Material Co. Ltd., Class A (Materials)	8,392
	700	Sineng Electric Co. Ltd., Class A (Industrials)*	4,645
	4,300	Sungrow Power Supply Co. Ltd., Class A (Industrials)	66,463
	768	Suzhou Maxwell Technologies Co. Ltd., Class A (Industrials)	17,029
	6,300	TBEA Co. Ltd., Class A (Industrials)	19,778
	9,400	TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A (Information Technology)	49,006
	6,924	Tianneng Power International Ltd. (Consumer Discretionary)(b)	7,960
	5,300	Titan Wind Energy Suzhou Co. Ltd., Class A (Industrials)	11,573
	13,200	Tongwei Co. Ltd., Class A (Information Technology)	63,205
	6,329	Trina Solar Co. Ltd., Class A (Information Technology)	34,906
	480	Wuhan DR Laser Technology Corp. Ltd., Class A (Information Technology)	6,739

Shares		Description	Value
	Common Stocks – (continued)
	China – (continued)
	451	Wuxi Autowell Technology Co. Ltd., Class A (Information Technology)	$     11,132
	2,300	Xiamen Tungsten Co. Ltd., Class A (Materials)*	5,829
	4,633	Xinjiang Daqo New Energy Co. Ltd., Class A (Information Technology)	27,762
	10,100	Xinjiang Goldwind Science & Technology Co. Ltd., Class A (Industrials)	15,421
	1,933	Xinte Energy Co. Ltd., Class H (Industrials)*(b)	4,119
	1,123	Xinyi Glass Holdings Ltd. (Industrials)	1,661
	24,345	Xinyi Solar Holdings Ltd. (Information Technology)	24,039
	3,500	Zhejiang Chint Electrics Co. Ltd., Class A (Industrials)	12,844
	3,800	Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A (Information Technology)	36,769
			1,693,925
	Czech Republic – 0.5%
	931	CEZ AS (Utilities)	41,698
	Denmark – 5.0%
	1,861	Orsted AS (Utilities)(a)	162,516
	10,209	Vestas Wind Systems A/S (Industrials)*	289,878
			452,394
	Finland – 1.2%
	307	Fortum OYJ (Utilities)	4,068
	2,753	Neste OYJ (Energy)	103,810
			107,878
	France – 0.9%
	1,231	Engie SA (Utilities)	18,428
	620	Neoen SA (Utilities)(a)	18,534
	400	Vinci SA (Industrials)	45,339
			82,301
	Germany – 4.0%
	635	BASF SE (Materials)	30,068
	1,086	Encavis AG (Utilities)*	17,517
	12,870	E.ON SE (Utilities)	155,181

GOLDMAN SACHS BLOOMBERG CLEAN ENERGY EQUITY ETF

Schedule of Investments (continued)

May 31, 2023 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Germany – (continued)
	871	Infineon Technologies AG (Information Technology)	$     32,249
	1,604	Nordex SE (Industrials)*(b)	19,298
	444	RWE AG (Utilities)	18,517
	2,533	Siemens Energy AG (Industrials)*	64,108
	108	SMA Solar Technology AG (Information Technology)*	11,572
	204	VERBIO Vereinigte BioEnergie AG (Energy)	7,247
	84	Wacker Chemie AG (Materials)	11,122
			366,879
	Greece – 0.1%
	552	Terna Energy SA (Utilities)	11,852
	India – 1.0%
	4,692	Adani Green Energy Ltd. (Utilities)*	55,449
	24,337	NHPC Ltd. (Utilities)	12,781
	2,100	Power Grid Corp. of India Ltd. (Utilities)	5,936
	69,853	Suzlon Energy Ltd. (Industrials)*	9,921
	1,029	Tata Power Co. Ltd. (The) (Utilities)	2,656
			86,743
	Israel – 0.2%
	1,042	Enlight Renewable Energy Ltd. (Utilities)*	19,382
	Italy – 4.0%
	42,038	Enel SpA (Utilities)	262,536
	1,726	Eni SpA (Energy)	22,909
	462	ERG SpA (Utilities)	12,639
	8,183	Terna - Rete Elettrica Nazionale (Utilities)	68,326
			366,410
	Japan – 2.3%
	305	Denso Corp. (Consumer Discretionary)	18,798
	650	Hitachi Ltd. (Industrials)	37,433
	234	Kyocera Corp. (Information Technology)	13,275
	1,173	Marubeni Corp. (Industrials)	16,724
	350	NIDEC Corp. (Industrials)	17,385
	1,528	Panasonic Holdings Corp. (Consumer Discretionary)	15,973
	814	Renesas Electronics Corp. (Information Technology)*	13,342
	382	RENOVA, Inc. (Utilities)*	4,408

Shares		Description	Value
	Common Stocks – (continued)
	Japan – (continued)
	61	Rohm Co. Ltd. (Information Technology)	$       5,156
	3,543	SUMCO Corp. (Information Technology)	50,489
	298	Toshiba Corp. (Industrials)	9,596
	222	West Holdings Corp. (Utilities)	4,508
			207,087
	Norway – 0.1%
	9,921	NEL ASA (Industrials)*	12,527
	Portugal – 0.1%
	1,969	EDP – Energias de Portugal SA (Utilities)	9,576
	Singapore – 0.2%
	463	STMicroelectronics NV (Information Technology)	20,038
	South Korea – 6.2%
	204	CS Wind Corp. (Industrials)	12,142
	280	Doosan Enerbility Co. Ltd. (Industrials)*	3,392
	194	Ecopro Co. Ltd. (Materials)	82,292
	578	Hanwha Galleria Corp. (Consumer Discretionary)*	720
	513	Hanwha Solutions Corp. (Materials)*	17,297
	240	L&F Co. Ltd. (Information Technology)	48,823
	244	LG Chem Ltd. (Materials)	127,400
	56	OCI Co. Ltd. (Materials)*	6,097
	124	OCI Holdings Co. Ltd. (Materials)	8,053
	484	Samsung SDI Co. Ltd. (Information Technology)	261,829
			568,045
	Spain – 3.2%
	138	Acciona SA (Utilities)	22,260
	225	Endesa SA (Utilities)	4,853
	20,843	Iberdrola SA (Utilities)	253,316
	847	Solaria Energia y Medio Ambiente SA (Utilities)*	11,463
			291,892
	Switzerland – 0.9%
	1,136	ABB Ltd. (Industrials)	41,332
	114	BKW AG (Utilities)	20,365

GOLDMAN SACHS BLOOMBERG CLEAN ENERGY EQUITY ETF

Schedule of Investments (continued)

May 31, 2023 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Switzerland – (continued)
	37,299	Meyer Burger Technology AG (Information Technology)*	$     23,420
			85,117
	Taiwan – 0.4%
	1,313	Delta Electronics, Inc. (Information Technology)	13,524
	5,263	Sino-American Silicon Products, Inc. (Information Technology)	27,234
			40,758
	Thailand – 0.3%
	15,295	Energy Absolute PCL NVDR (Utilities)	28,568
	United Kingdom – 4.8%
	4,168	Drax Group PLC (Utilities)	28,588
	19,040	National Grid PLC (Utilities)(b)	260,996
	6,280	SSE PLC (Utilities)	146,445
			436,029
	United States – 39.7%
	3,804	AES Corp. (The) (Utilities)	75,091
	178	Alliant Energy Corp. (Utilities)	9,160
	365	American Electric Power Co., Inc. (Utilities)	30,339
	388	Archer-Daniels-Midland Co. (Consumer Staples)	27,412
	1,487	Array Technologies, Inc. (Industrials)*	32,967
	411	Avangrid, Inc. (Utilities)	15,425
	52	Avista Corp. (Utilities)	2,150
	1,723	Bloom Energy Corp., Class A (Industrials)*	23,640
	1,328	Brookfield Renewable Corp., Class A (Utilities)	44,511
	105	Bunge Ltd. (Consumer Staples)	9,727
	473	Clearway Energy, Inc., Class C (Utilities)	13,589
	252	Consolidated Edison, Inc. (Utilities)	23,512
	591	Dominion Energy, Inc. (Utilities)	29,715
	120	DTE Energy Co. (Utilities)	12,912
	546	Duke Energy Corp. (Utilities)	48,752
	3,975	Edison International (Utilities)	268,392
	33	EMCOR Group, Inc. (Industrials)	5,440
	412	Emerson Electric Co. (Industrials)	32,004
	1,215	Enovix Corp. (Industrials)*(b)	16,123

Shares		Description	Value
	Common Stocks – (continued)
	United States – (continued)
	1,386	Enphase Energy, Inc. (Information Technology)*	$   240,998
	316	Enviva, Inc. (Energy)	2,774
	697	Exelon Corp. (Utilities)	27,636
	1,053	First Solar, Inc. (Information Technology)*	213,717
	402	Fluence Energy, Inc. (Industrials)*	9,970
	4,220	FuelCell Energy, Inc. (Industrials)*	8,946
	363	Generac Holdings, Inc. (Industrials)*	39,538
	2,851	General Electric Co. (Industrials)	289,462
	595	Green Plains, Inc. (Energy)*	17,255
	911	Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT (Financials)	21,436
	466	Itron, Inc. (Information Technology)*	31,562
	43	MasTec, Inc. (Industrials)*	4,358
	6,283	NextEra Energy, Inc. (Utilities)	461,549
	41	NorthWestern Corp. (Utilities)	2,320
	306	ON Semiconductor Corp. (Information Technology)*	25,582
	495	Ormat Technologies, Inc. (Utilities)	42,125
	5,976	Plug Power, Inc. (Industrials)*(b)	49,720
	354	Public Service Enterprise Group, Inc. (Utilities)	21,152
	100	Quanta Services, Inc. (Industrials)	17,758
	2,394	QuantumScape Corp. (Consumer Discretionary)*(b)	15,537
	4,226	REC Silicon ASA (Information Technology)*	6,377
	1,464	Schneider Electric SE (Industrials)	251,815
	1,526	Sempra Energy (Utilities)	219,027
	577	SolarEdge Technologies, Inc. (Information Technology)*	164,347
	1,030	Sunnova Energy International, Inc. (Utilities)*(b)	18,190
	884	SunPower Corp. (Industrials)*	9,370
	2,155	Sunrun, Inc. (Industrials)*	38,014
	2,257	Tesla, Inc. (Consumer Discretionary)*	460,270
	542	Texas Instruments, Inc. (Information Technology)	94,243
	46	Timken Co. (The) (Industrials)	3,291
	15	Valmont Industries, Inc. (Industrials)	3,934
	1,284	Wolfspeed, Inc. (Information Technology)*	61,683

GOLDMAN SACHS BLOOMBERG CLEAN ENERGY EQUITY ETF

Schedule of Investments (continued)

May 31, 2023 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	United States – (continued)
	388	Xcel Energy, Inc. (Utilities)	$     25,333
			3,620,150
	TOTAL COMMON STOCKS (Cost $9,555,162)		$8,987,833

Shares		Description	Rate		Value
	Preferred Stock – 0.1%
	Brazil – 0.1%
	1,414	Centrais Eletricas Brasileiras SA, Class B (Utilities)
	(Cost $11,810)			3.79%	$     10,877
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $9,566,972)				$8,998,710

Shares		Dividend Rate	Value
	Securities Lending Reinvestment Vehicle – 4.8%(c)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	439,614	5.003%	$   439,614
	(Cost $439,614)
	TOTAL INVESTMENTS – 103.4% (Cost $10,006,586)		$9,438,324
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (3.4)%		(316,375)
	NET ASSETS – 100.0%		$9,121,949

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

GOLDMAN SACHS BLOOMBERG CLEAN ENERGY EQUITY ETF

Schedule of Investments (continued)

May 31, 2023 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

Sector Name	% of Market Value
Utilities		38.5%
Industrials		23.1
Information Technology		20.3
Consumer Discretionary		6.6
Materials		4.5
Energy		1.7
Consumer Staples		0.4
Financials		0.2
Securities Lending Reinvestment Vehicle		4.7
TOTAL INVESTMENTS		100.0%

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

Schedule of Investments

May 31, 2023 (Unaudited)

Shares		Description	Value
	Common Stocks – 99.7%
	Communication Services – 4.4%
	11,844	Activision Blizzard, Inc.*	$       949,889
	8,470	Alphabet, Inc., Class A*	1,040,709
	52,267	AT&T, Inc.	822,160
	2,487	Charter Communications, Inc., Class A*	811,135
	21,815	Comcast Corp., Class A	858,420
	7,130	Electronic Arts, Inc.	912,640
	25,233	Interpublic Group of Cos., Inc. (The)	938,415
	3,717	Meta Platforms, Inc., Class A*	983,964
	2,800	Netflix, Inc.*	1,106,644
	9,936	Omnicom Group, Inc.	876,256
	38,993	Paramount Global, Class B	593,084
	42,325	Pinterest, Inc., Class A*	1,013,261
	26,084	ROBLOX Corp., Class A*	1,091,876
	109,279	Snap, Inc., Class A*	1,114,646
	6,437	Spotify Technology SA*	958,469
	7,277	Take-Two Interactive Software, Inc.*	1,002,261
	6,400	T-Mobile US, Inc.*	878,400
	14,175	Trade Desk, Inc. (The), Class A*	993,384
	23,635	Verizon Communications, Inc.	842,115
	8,817	Walt Disney Co. (The)*	775,543
	69,914	Warner Bros Discovery, Inc.*	788,630
			19,351,901
	Consumer Discretionary – 8.2%
	7,506	Airbnb, Inc., Class A*	823,934
	8,537	Amazon.com, Inc.*	1,029,391
	331	AutoZone, Inc.*	790,044
	12,173	Best Buy Co., Inc.	884,612
	334	Booking Holdings, Inc.*	837,929
	4,803	Burlington Stores, Inc.*	722,659
	437	Chipotle Mexican Grill, Inc.*	907,426
	5,938	Darden Restaurants, Inc.	941,292
	1,845	Deckers Outdoor Corp.*	876,375
	2,838	Domino’s Pizza, Inc.	822,594
	14,307	DoorDash, Inc., Class A*	934,104
	8,131	D.R. Horton, Inc.	868,716
	19,738	eBay, Inc.	839,655
	8,929	Etsy, Inc.*	723,695
	9,700	Expedia Group, Inc.*	928,387
	75,317	Ford Motor Co.	903,804
	9,092	Garmin Ltd.	937,840
	27,125	General Motors Co.	879,121
	5,192	Genuine Parts Co.	773,245

Shares		Description	Value
	Common Stocks – (continued)
	Consumer Discretionary – (continued)
	6,100	Hilton Worldwide Holdings, Inc.	$       830,332
	3,022	Home Depot, Inc. (The)	856,586
	14,364	Las Vegas Sands Corp.*	791,887
	7,848	Lennar Corp., Class A	840,678
	15,519	LKQ Corp.	818,627
	4,289	Lowe’s Cos., Inc.	862,647
	5,009	Marriott International, Inc., Class A	840,460
	3,032	McDonald’s Corp.	864,454
	20,013	MGM Resorts International	786,311
	7,075	NIKE, Inc., Class B	744,714
	153	NVR, Inc.*	849,796
	964	O’Reilly Automotive, Inc.*	870,791
	2,534	Pool Corp.	801,327
	13,424	PulteGroup, Inc.	887,058
	8,545	Ross Stores, Inc.	885,433
	13,183	Royal Caribbean Cruises Ltd.*	1,067,427
	8,596	Starbucks Corp.	839,313
	56,129	Stellantis NV	858,774
	5,465	Tesla, Inc.*	1,114,477
	11,438	TJX Cos., Inc. (The)	878,324
	3,674	Tractor Supply Co.	770,034
	1,703	Ulta Beauty, Inc.*	697,940
	6,530	Yum! Brands, Inc.	840,346
			36,022,559
	Consumer Staples – 6.7%
	18,973	Altria Group, Inc.	842,781
	11,824	Archer-Daniels-Midland Co.	835,366
	13,787	Brown-Forman Corp., Class B	851,623
	9,812	Bunge Ltd.	908,984
	9,149	Church & Dwight Co., Inc.	845,825
	5,041	Clorox Co. (The)	797,385
	14,004	Coca-Cola Co. (The)	835,479
	11,019	Colgate-Palmolive Co.	819,593
	23,256	Conagra Brands, Inc.	810,937
	3,908	Constellation Brands, Inc., Class A	949,527
	1,812	Costco Wholesale Corp.	926,947
	4,105	Dollar General Corp.	825,475
	5,831	Dollar Tree, Inc.*	786,485
	4,350	Estee Lauder Cos., Inc. (The), Class A	800,531
	9,997	General Mills, Inc.	841,348
	3,242	Hershey Co. (The)	841,947
	21,926	Hormel Foods Corp.	838,670

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

Schedule of Investments (continued)

May 31, 2023 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Consumer Staples – (continued)
	5,621	J M Smucker Co. (The)	$       823,982
	12,472	Kellogg Co.	832,755
	27,167	Keurig Dr Pepper, Inc.	845,437
	6,101	Kimberly-Clark Corp.	819,242
	21,804	Kraft Heinz Co. (The)	833,349
	18,171	Kroger Co. (The)	823,691
	7,941	Lamb Weston Holdings, Inc.	883,039
	10,081	McCormick & Co., Inc.	864,244
	11,591	Mondelez International, Inc., Class A	850,895
	15,453	Monster Beverage Corp.*	905,855
	4,647	PepsiCo, Inc.	847,380
	9,239	Philip Morris International, Inc.	831,602
	5,701	Procter & Gamble Co. (The)	812,393
	11,898	Sysco Corp.	832,265
	5,740	Target Corp.	751,538
	14,622	Tyson Foods, Inc., Class A	740,458
	27,712	Walgreens Boots Alliance, Inc.	841,613
	5,939	Walmart, Inc.	872,261
			29,370,902
	Energy – 4.9%
	26,190	APA Corp.	832,318
	32,540	Baker Hughes Co.	886,715
	6,086	Cheniere Energy, Inc.	850,640
	5,664	Chevron Corp.	853,112
	9,292	ConocoPhillips	922,696
	37,044	Coterra Energy, Inc.	861,273
	18,078	Devon Energy Corp.	833,396
	6,830	Diamondback Energy, Inc.	868,435
	8,089	EOG Resources, Inc.	867,869
	27,765	EQT Corp.	965,389
	8,201	Exxon Mobil Corp.	837,978
	30,245	Halliburton Co.	866,519
	6,618	Hess Corp.	838,302
	53,675	Kinder Morgan, Inc.	864,704
	40,038	Marathon Oil Corp.	887,242
	8,019	Marathon Petroleum Corp.	841,273
	15,044	Occidental Petroleum Corp.	867,437
	14,121	ONEOK, Inc.	800,096
	9,494	Phillips 66	869,745
	4,302	Pioneer Natural Resources Co.	857,991
	19,631	Schlumberger NV	840,796
	12,489	Targa Resources Corp.	849,876

Shares		Description	Value
	Common Stocks – (continued)
	Energy – (continued)
	631	Texas Pacific Land Corp.	$       822,635
	8,269	Valero Energy Corp.	885,114
	30,608	Williams Cos., Inc. (The)	877,225
			21,548,776
	Financials – 14.3%
	13,073	Aflac, Inc.	839,417
	8,029	Allstate Corp. (The)	870,745
	5,814	American Express Co.	921,868
	17,289	American International Group, Inc.	913,378
	3,039	Ameriprise Financial, Inc.	907,050
	2,789	Aon PLC, Class A	859,821
	14,642	Apollo Global Management, Inc.	978,818
	11,860	Arch Capital Group Ltd.*	826,642
	10,868	Ares Management Corp., Class A	946,494
	4,243	Arthur J Gallagher & Co.	850,000
	31,644	Bank of America Corp.	879,387
	21,603	Bank of New York Mellon Corp. (The)	868,441
	2,748	Berkshire Hathaway, Inc., Class B*	882,328
	1,369	BlackRock, Inc.	900,186
	10,639	Blackstone, Inc.	911,124
	15,133	Block, Inc.*	913,882
	13,758	Brown & Brown, Inc.	857,536
	9,995	Capital One Financial Corp.	1,041,579
	6,467	Cboe Global Markets, Inc.	856,360
	18,186	Charles Schwab Corp. (The)	958,220
	4,488	Chubb Ltd.	833,870
	8,537	Cincinnati Financial Corp.	823,821
	19,364	Citigroup, Inc.	858,213
	32,958	Citizens Financial Group, Inc.	849,657
	4,879	CME Group, Inc.	872,121
	9,258	Discover Financial Services	951,167
	2,364	Everest Re Group Ltd.	803,807
	2,268	FactSet Research Systems, Inc.	872,931
	16,896	Fidelity National Information Services, Inc.	922,015
	36,249	Fifth Third Bancorp	879,763
	7,452	Fiserv, Inc.*	836,040
	4,291	FleetCor Technologies, Inc.*	972,126
	8,525	Global Payments, Inc.	832,807
	2,695	Goldman Sachs Group, Inc. (The)(a)	872,911
	12,809	Hartford Financial Services Group, Inc. (The)	877,673
	86,424	Huntington Bancshares, Inc.	891,031
	8,425	Intercontinental Exchange, Inc.	892,629

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

Schedule of Investments (continued)

May 31, 2023 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Financials – (continued)
	5,814	Jack Henry & Associates, Inc.	$       888,902
	6,515	JPMorgan Chase & Co.	884,151
	90,617	KeyCorp	846,363
	17,524	KKR & Co., Inc.	902,311
	4,618	LPL Financial Holdings, Inc.	899,494
	7,458	M&T Bank Corp.	888,695
	665	Markel Group, Inc.*	874,295
	2,962	MarketAxess Holdings, Inc.	806,878
	4,989	Marsh & McLennan Cos., Inc.	863,995
	2,370	Mastercard, Inc., Class A	865,097
	14,960	MetLife, Inc.	741,268
	2,928	Moody’s Corp.	927,825
	10,315	Morgan Stanley	843,354
	1,904	MSCI, Inc.	895,889
	16,468	Nasdaq, Inc.	911,504
	11,979	Northern Trust Corp.	861,530
	12,374	PayPal Holdings, Inc.*	767,064
	7,537	PNC Financial Services Group, Inc. (The)	873,011
	12,510	Principal Financial Group, Inc.	818,905
	7,337	Progressive Corp. (The)	938,476
	10,724	Prudential Financial, Inc.	843,872
	10,347	Raymond James Financial, Inc.	934,851
	52,978	Regions Financial Corp.	914,930
	2,520	S&P Global, Inc.	925,924
	12,784	State Street Corp.	869,568
	32,018	Synchrony Financial	991,277
	8,361	T. Rowe Price Group, Inc.	895,965
	4,966	Travelers Cos., Inc. (The)	840,446
	30,360	Truist Financial Corp.	925,069
	29,069	US Bancorp	869,163
	3,943	Visa, Inc., Class A	871,521
	15,364	W R Berkley Corp.	855,468
	22,819	Wells Fargo & Co.	908,424
	3,972	Willis Towers Watson PLC	869,272
			62,640,615
	Health Care – 12.8%
	8,004	Abbott Laboratories	816,408
	5,957	AbbVie, Inc.	821,828
	6,593	Agilent Technologies, Inc.	762,612
	2,949	Align Technology, Inc.*	833,564
	4,504	Alnylam Pharmaceuticals, Inc.*	833,285
	5,344	AmerisourceBergen Corp.	909,282

Shares		Description	Value
	Common Stocks – (continued)
	Health Care – (continued)
	3,848	Amgen, Inc.	$       849,061
	43,749	Avantor, Inc.*	872,355
	19,055	Baxter International, Inc.	775,920
	3,391	Becton Dickinson & Co.	819,808
	2,873	Biogen, Inc.*	851,586
	9,574	BioMarin Pharmaceutical, Inc.*	832,364
	10,676	Bio-Techne Corp.	873,190
	16,925	Boston Scientific Corp.*	871,299
	13,320	Bristol-Myers Squibb Co.	858,341
	10,878	Cardinal Health, Inc.	895,259
	12,982	Centene Corp.*	810,207
	4,644	Charles River Laboratories International, Inc.*	898,057
	3,617	Cigna Group (The)	894,882
	2,340	Cooper Cos., Inc. (The)	869,380
	12,688	CVS Health Corp.	863,165
	3,619	Danaher Corp.	830,995
	7,545	Dexcom, Inc.*	884,727
	10,137	Edwards Lifesciences Corp.*	853,840
	1,938	Elevance Health, Inc.	867,875
	2,096	Eli Lilly & Co.	900,148
	13,981	Exact Sciences Corp.*	1,140,570
	11,412	GE HealthCare Technologies, Inc.	907,368
	11,184	Gilead Sciences, Inc.	860,497
	3,205	HCA Healthcare, Inc.	846,729
	10,570	Hologic, Inc.*	833,867
	8,078	Horizon Therapeutics PLC*	808,042
	1,686	Humana, Inc.	846,153
	1,875	IDEXX Laboratories, Inc.*	871,444
	4,534	Illumina, Inc.*	891,611
	13,091	Incyte Corp.*	805,751
	2,789	Insulet Corp.*	764,883
	2,937	Intuitive Surgical, Inc.*	904,126
	4,788	IQVIA Holdings, Inc.*	942,805
	5,459	Johnson & Johnson	846,473
	3,942	Laboratory Corp. of America Holdings	837,793
	2,497	McKesson Corp.	975,927
	9,825	Medtronic PLC	813,117
	7,506	Merck & Co., Inc.	828,737
	598	Mettler-Toledo International, Inc.*	790,478
	6,835	Moderna, Inc.*	872,898
	3,003	Molina Healthcare, Inc.*	822,522
	23,131	Pfizer, Inc.	879,441
	6,525	Quest Diagnostics, Inc.	865,541

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

Schedule of Investments (continued)

May 31, 2023 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Health Care – (continued)
	1,109	Regeneron Pharmaceuticals, Inc.*	$       815,736
	3,764	ResMed, Inc.	793,414
	6,883	Revvity, Inc.	793,748
	25,176	Royalty Pharma PLC, Class A	824,262
	4,478	Seagen, Inc.*	876,345
	4,751	STERIS PLC	950,057
	3,096	Stryker Corp.	853,196
	3,296	Teleflex, Inc.	773,736
	1,618	Thermo Fisher Scientific, Inc.	822,688
	1,822	UnitedHealth Group, Inc.	887,751
	5,035	Veeva Systems, Inc., Class A*	834,300
	2,571	Vertex Pharmaceuticals, Inc.*	831,898
	97,514	Viatris, Inc.	892,253
	3,015	Waters Corp.*	757,428
	2,405	West Pharmaceutical Services, Inc.	804,785
	6,359	Zimmer Biomet Holdings, Inc.	809,755
	5,000	Zoetis, Inc.	815,050
			56,242,613
	Industrials – 14.5%
	8,644	3M Co.	806,572
	6,146	AMETEK, Inc.	891,600
	4,108	Automatic Data Processing, Inc.	858,531
	3,973	Axon Enterprise, Inc.*	766,431
	4,397	Boeing Co. (The)*	904,463
	9,501	Booz Allen Hamilton Holding Corp.	955,611
	5,651	Broadridge Financial Solutions, Inc.	829,115
	8,389	Builders FirstSource, Inc.*	972,705
	4,192	Carlisle Cos., Inc.	890,548
	21,558	Carrier Global Corp.	881,722
	4,115	Caterpillar, Inc.	846,661
	8,519	C.H. Robinson Worldwide, Inc.	805,386
	1,942	Cintas Corp.	916,896
	11,255	Copart, Inc.*	985,825
	11,979	CoStar Group, Inc.*	951,133
	28,698	CSX Corp.	880,168
	3,939	Cummins, Inc.	805,171
	2,319	Deere & Co.	802,328
	26,190	Delta Air Lines, Inc.*	951,483
	6,142	Dover Corp.	818,913
	5,172	Eaton Corp. PLC	909,755
	10,453	Emerson Electric Co.	811,989
	4,419	Equifax, Inc.	921,892

Shares		Description	Value
	Common Stocks – (continued)
	Industrials – (continued)
	7,631	Expeditors International of Washington, Inc.	$       841,776
	16,441	Fastenal Co.	885,348
	3,905	FedEx Corp.	851,212
	13,879	Fortive Corp.	903,662
	4,224	General Dynamics Corp.	862,456
	8,803	General Electric Co.	893,769
	11,271	Graco, Inc.	862,119
	4,508	Honeywell International, Inc.	863,733
	19,923	Howmet Aerospace, Inc.	851,708
	3,242	Hubbell, Inc.	915,735
	4,301	IDEX Corp.	856,587
	3,844	Illinois Tool Works, Inc.	840,798
	15,697	Ingersoll Rand, Inc.	889,392
	7,732	Jacobs Solutions, Inc.	847,427
	5,037	J.B. Hunt Transport Services, Inc.	841,028
	15,062	Johnson Controls International PLC	899,201
	4,743	L3Harris Technologies, Inc.	834,389
	10,870	Leidos Holdings, Inc.	848,512
	1,970	Lockheed Martin Corp.	874,700
	16,561	Masco Corp.	800,227
	4,354	Norfolk Southern Corp.	906,416
	2,005	Northrop Grumman Corp.	873,157
	2,777	Old Dominion Freight Line, Inc.	862,092
	10,393	Otis Worldwide Corp.	826,347
	12,307	PACCAR, Inc.	846,475
	2,748	Parker-Hannifin Corp.	880,569
	8,245	Paychex, Inc.	865,148
	3,006	Paycom Software, Inc.	842,071
	5,267	Quanta Services, Inc.	935,314
	9,120	Raytheon Technologies Corp.	840,317
	6,122	Republic Services, Inc.	867,059
	3,199	Rockwell Automation, Inc.	891,241
	3,394	Snap-on, Inc.	844,631
	29,354	Southwest Airlines Co.	876,804
	16,025	SS&C Technologies Holdings, Inc.	880,734
	10,245	Stanley Black & Decker, Inc.	768,068
	13,270	Textron, Inc.	821,015
	4,988	Trane Technologies PLC	814,191
	1,154	TransDigm Group, Inc.	892,792
	13,477	TransUnion	970,074
	23,505	Uber Technologies, Inc.*	891,545
	4,544	Union Pacific Corp.	874,811
	20,084	United Airlines Holdings, Inc.*	953,287

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

Schedule of Investments (continued)

May 31, 2023 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Industrials – (continued)
	5,067	United Parcel Service, Inc., Class B	$       846,189
	2,504	United Rentals, Inc.	835,810
	4,373	Verisk Analytics, Inc.	958,168
	5,336	Waste Management, Inc.	864,005
	9,129	Westinghouse Air Brake Technologies Corp.	845,619
	1,304	W.W. Grainger, Inc.	846,322
	8,537	Xylem, Inc.	855,407
			63,504,355
	Information Technology – 17.3%
	3,219	Accenture PLC, Class A	984,756
	2,539	Adobe, Inc.*	1,060,769
	10,904	Advanced Micro Devices, Inc.*	1,288,962
	11,359	Akamai Technologies, Inc.*	1,046,391
	11,846	Amphenol Corp., Class A	893,781
	4,893	Analog Devices, Inc.	869,437
	2,886	ANSYS, Inc.*	933,881
	5,282	Apple, Inc.	936,234
	7,940	Applied Materials, Inc.	1,058,402
	6,591	Arista Networks, Inc.*	1,096,347
	6,143	Atlassian Corp., Class A*	1,110,593
	4,600	Autodesk, Inc.*	917,194
	1,455	Broadcom, Inc.	1,175,582
	4,310	Cadence Design Systems, Inc.*	995,222
	5,373	CDW Corp.	922,490
	19,381	Cisco Systems, Inc.	962,654
	21,052	Cloudflare, Inc., Class A*	1,455,956
	15,056	Cognizant Technology Solutions Corp., Class A	940,849
	27,738	Corning, Inc.	854,608
	7,575	Crowdstrike Holdings, Inc., Class A*	1,212,985
	13,501	Datadog, Inc., Class A*	1,281,380
	5,745	Enphase Energy, Inc.*	998,941
	11,963	Entegris, Inc.	1,259,106
	3,277	EPAM Systems, Inc.*	840,944
	1,213	Fair Isaac Corp.*	955,444
	5,109	First Solar, Inc.*	1,036,923
	14,558	Fortinet, Inc.*	994,748
	2,916	Gartner, Inc.*	999,780
	52,853	Gen Digital, Inc.	927,042
	12,208	GoDaddy, Inc., Class A*	895,823
	63,797	Hewlett Packard Enterprise Co.	919,953
	29,755	HP, Inc.	864,680

Shares		Description	Value
	Common Stocks – (continued)
	Information Technology – (continued)
	2,130	HubSpot, Inc.*	$    1,103,319
	29,413	Intel Corp.	924,745
	7,196	International Business Machines Corp.	925,334
	2,069	Intuit, Inc.	867,159
	6,219	Keysight Technologies, Inc.*	1,006,234
	2,365	KLA Corp.	1,047,671
	1,740	Lam Research Corp.	1,073,058
	10,822	Lattice Semiconductor Corp.*	879,937
	22,736	Marvell Technology, Inc.	1,329,829
	11,723	Microchip Technology, Inc.	882,273
	14,639	Micron Technology, Inc.	998,380
	2,928	Microsoft Corp.	961,526
	4,042	MongoDB, Inc.*	1,187,499
	1,931	Monolithic Power Systems, Inc.	946,016
	3,070	Motorola Solutions, Inc.	865,494
	14,299	NetApp, Inc.	948,739
	3,216	NVIDIA Corp.	1,216,741
	11,327	ON Semiconductor Corp.*	946,937
	9,451	Oracle Corp.	1,001,239
	119,791	Palantir Technologies, Inc., Class A*	1,762,126
	4,986	Palo Alto Networks, Inc.*	1,063,963
	7,174	PTC, Inc.*	964,186
	7,836	QUALCOMM, Inc.	888,681
	1,952	Roper Technologies, Inc.	886,637
	4,620	Salesforce, Inc.*	1,032,016
	15,892	Seagate Technology Holdings PLC	955,109
	2,016	ServiceNow, Inc.*	1,098,276
	8,428	Skyworks Solutions, Inc.	872,382
	6,104	Snowflake, Inc., Class A*	1,009,357
	10,763	Splunk, Inc.*	1,068,658
	2,436	Synopsys, Inc.*	1,108,283
	2,163	Teledyne Technologies, Inc.*	840,650
	9,707	Teradyne, Inc.	972,544
	5,450	Texas Instruments, Inc.	947,646
	18,695	Trimble, Inc.*	872,496
	17,694	Twilio, Inc., Class A*	1,231,856
	2,349	Tyler Technologies, Inc.*	932,459
	3,991	VeriSign, Inc.*	891,270
	7,257	VMware, Inc., Class A*	989,056
	26,883	Western Digital Corp.*	1,041,179
	4,872	Workday, Inc., Class A*	1,032,815
	3,455	Zebra Technologies Corp., Class A*	907,179

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

Schedule of Investments (continued)

May 31, 2023 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Information Technology – (continued)
	14,619	Zoom Video Communications, Inc., Class A*	$       981,373
			76,154,184
	Materials – 5.1%
	3,030	Air Products and Chemicals, Inc.	815,494
	5,085	Albemarle Corp.	984,100
	5,181	Avery Dennison Corp.	834,815
	17,006	Ball Corp.	870,027
	8,775	Celanese Corp.	912,775
	12,027	CF Industries Holdings, Inc.	739,781
	14,723	Corteva, Inc.	787,533
	16,681	Dow, Inc.	813,699
	13,693	DuPont de Nemours, Inc.	920,033
	5,069	Ecolab, Inc.	836,638
	7,683	FMC Corp.	799,647
	24,369	Freeport-McMoRan, Inc.	836,831
	9,421	International Flavors & Fragrances, Inc.	728,149
	27,458	International Paper Co.	808,364
	2,429	Linde PLC	859,040
	9,842	LyondellBasell Industries NV, Class A	841,885
	2,404	Martin Marietta Materials, Inc.	956,888
	20,667	Mosaic Co. (The)	660,517
	18,646	Newmont Corp.	756,095
	6,063	Nucor Corp.	800,680
	6,618	Packaging Corp. of America	820,831
	6,372	PPG Industries, Inc.	836,580
	3,599	Reliance Steel & Aluminum Co.	844,613
	10,810	RPM International, Inc.	862,530
	3,824	Sherwin-Williams Co. (The)	871,031
	8,617	Steel Dynamics, Inc.	791,902
	4,962	Vulcan Materials Co.	970,071
			22,560,549
	Real Estate – 6.1%
	7,407	Alexandria Real Estate Equities, Inc. REIT	840,398
	4,573	American Tower Corp. REIT	843,444
	5,005	AvalonBay Communities, Inc. REIT	870,770
	8,141	Camden Property Trust REIT	850,490
	11,817	CBRE Group, Inc., Class A*	885,330
	7,544	Crown Castle, Inc. REIT	854,056
	9,417	Digital Realty Trust, Inc. REIT	964,866
	1,268	Equinix, Inc. REIT	945,357
	13,206	Equity LifeStyle Properties, Inc. REIT	834,223

Shares		Description	Value
	Common Stocks – (continued)
	Real Estate – (continued)
	14,296	Equity Residential REIT	$       869,197
	4,113	Essex Property Trust, Inc. REIT	888,655
	6,036	Extra Space Storage, Inc. REIT	870,814
	17,853	Gaming and Leisure Properties, Inc. REIT	859,443
	41,695	Healthpeak Properties, Inc. REIT	832,232
	54,791	Host Hotels & Resorts, Inc. REIT	909,531
	26,431	Invitation Homes, Inc. REIT	895,482
	16,159	Iron Mountain, Inc. REIT	863,214
	48,116	Kimco Realty Corp. REIT	884,372
	5,924	Mid-America Apartment Communities, Inc. REIT	871,183
	7,198	Prologis, Inc. REIT	896,511
	3,146	Public Storage REIT	891,262
	14,548	Realty Income Corp. REIT	864,733
	3,648	SBA Communications Corp. REIT	809,053
	8,128	Simon Property Group, Inc. REIT	854,659
	6,622	Sun Communities, Inc. REIT	838,544
	22,152	UDR, Inc. REIT	878,770
	18,705	Ventas, Inc. REIT	806,934
	27,654	VICI Properties, Inc. REIT	855,338
	11,403	Welltower, Inc. REIT	850,778
	30,024	Weyerhaeuser Co. REIT	860,488
	12,352	W.P. Carey, Inc. REIT	856,735
			26,896,862
	Utilities – 5.4%
	39,790	AES Corp. (The)	785,455
	16,315	Alliant Energy Corp.	839,570
	10,018	Ameren Corp.	812,159
	9,801	American Electric Power Co., Inc.	814,659
	6,044	American Water Works Co., Inc.	873,056
	7,865	Atmos Energy Corp.	906,677
	29,625	CenterPoint Energy, Inc.	835,721
	14,522	CMS Energy Corp.	841,985
	9,072	Consolidated Edison, Inc.	846,418
	11,666	Constellation Energy Corp.	980,177
	15,908	Dominion Energy, Inc.	799,854
	7,971	DTE Energy Co.	857,680
	9,148	Duke Energy Corp.	816,825
	12,333	Edison International	832,724
	8,395	Entergy Corp.	824,389
	14,437	Evergy, Inc.	835,180
	11,672	Eversource Energy	808,052

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

Schedule of Investments (continued)

May 31, 2023 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Utilities – (continued)
	21,021	Exelon Corp.	$       833,483
	23,022	FirstEnergy Corp.	860,793
	11,769	NextEra Energy, Inc.	864,551
	31,779	NiSource, Inc.	854,537
	51,874	PG&E Corp.*	878,746
	31,279	PPL Corp.	819,510
	14,180	Public Service Enterprise Group, Inc.	847,255
	5,843	Sempra Energy	838,646
	12,140	Southern Co. (The)	846,765
	9,458	WEC Energy Group, Inc.	826,156
	12,961	Xcel Energy, Inc.	846,224
			23,627,247
	TOTAL INVESTMENTS – 99.7%
	(Cost $438,789,094)		$437,920,563
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.3%		1,220,961
	NET ASSETS – 100.0%		$439,141,524

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

GOLDMAN SACHS HEDGE INDUSTRY VIP ETF

Schedule of Investments

May 31, 2023 (Unaudited)

Shares		Description	Value
	Common Stocks – 100.0%
	Communication Services – 16.3%
	31,221	Activision Blizzard, Inc.*	$    2,503,924
	20,990	Alphabet, Inc., Class A*	2,579,041
	32,274	GCI Liberty Inc., Class A*	—
	41,485	IAC, Inc.*	2,316,522
	10,238	Meta Platforms, Inc., Class A*	2,710,203
	7,281	Netflix, Inc.*	2,877,670
	16,957	Spotify Technology SA*	2,524,897
	19,553	Take-Two Interactive Software, Inc.*	2,693,035
	16,910	T-Mobile US, Inc.*	2,320,898
			20,526,190
	Consumer Discretionary – 5.7%
	27,683	Alibaba Group Holding Ltd. ADR (China)*	2,202,183
	21,992	Amazon.com, Inc.*	2,651,795
	1,886	MercadoLibre, Inc. (Brazil)*	2,336,754
			7,190,732
	Consumer Staples – 1.9%
	16,102	Walmart, Inc.	2,364,901
	Energy – 7.5%
	29,820	Chesapeake Energy Corp.	2,243,955
	195,485	Energy Transfer LP	2,424,014
	69,593	EQT Corp.	2,419,748
	40,827	Valaris Ltd.*	2,356,943
			9,444,660
	Financials – 17.2%
	38,707	Apollo Global Management, Inc.	2,587,563
	7,559	Berkshire Hathaway, Inc., Class B*	2,427,044
	1,932	First Citizens BancShares, Inc., Class A	2,409,590
	20,427	Fiserv, Inc.*	2,291,705
	18,084	JPMorgan Chase & Co.	2,454,180
	6,378	Mastercard, Inc., Class A	2,328,098
	39,285	PayPal Holdings, Inc.*	2,435,277
	6,765	S&P Global, Inc.	2,485,664
	10,504	Visa, Inc., Class A	2,321,699
			21,740,820

Shares		Description	Value
	Common Stocks – (continued)
	Health Care – 11.3%
	5,628	Eli Lilly & Co.	$    2,417,001
	21,786	Horizon Therapeutics PLC*	2,179,254
	4,680	Humana, Inc.	2,348,752
	65,023	IVERIC bio, Inc.*	2,454,618
	34,400	Tenet Healthcare Corp.*	2,449,280
	5,023	UnitedHealth Group, Inc.	2,447,406
			14,296,311
	Industrials – 5.7%
	42,237	AerCap Holdings NV (Ireland)*	2,410,888
	3,026	TransDigm Group, Inc.	2,341,065
	64,119	Uber Technologies, Inc.*	2,432,033
			7,183,986
	Information Technology – 32.4%
	25,108	Advanced Micro Devices, Inc.*	2,968,017
	14,212	Apple, Inc.	2,519,077
	3,822	Broadcom, Inc.	3,088,023
	27,633	Datadog, Inc., Class A*	2,622,648
	103,623	Flex Ltd.*	2,630,988
	34,103	GoDaddy, Inc., Class A*	2,502,478
	7,903	Microsoft Corp.	2,595,266
	32,131	New Relic, Inc.*	2,263,629
	8,446	NVIDIA Corp.	3,195,460
	12,671	Palo Alto Networks, Inc.*	2,703,865
	12,027	Salesforce, Inc.*	2,686,591
	5,280	ServiceNow, Inc.*	2,876,438
	28,549	Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Taiwan)	2,814,646
	19,695	VMware, Inc., Class A*	2,684,232
	13,186	Workday, Inc., Class A*	2,795,300
			40,946,658

GOLDMAN SACHS HEDGE INDUSTRY VIP ETF

Schedule of Investments (continued)

May 31, 2023 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Utilities – 2.0%
	30,466	Constellation Energy Corp.	$    2,559,753
	TOTAL INVESTMENTS – 100.0% (Cost $115,820,567)		$126,254,011
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.0%		12,074
	NET ASSETS – 100.0%		$126,266,085

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

GOLDMAN SACHS INNOVATE EQUITY ETF

Schedule of Investments

May 31, 2023 (Unaudited)

Shares		Description	Value
	Common Stocks – 99.4%
	Communication Services – 12.1%
	12,917	Activision Blizzard, Inc.*	$    1,035,943
	3,835	AfreecaTV Co. Ltd. (South Korea)	217,285
	60,293	Alphabet, Inc., Class A*	7,408,201
	14,992	Baidu, Inc. ADR (China)*	1,841,767
	16,971	Bilibili, Inc. ADR (China)*	265,766
	18,499	Bumble, Inc., Class A*	283,035
	6,686	CTS Eventim AG & Co. KGaA (Germany)	448,348
	7,864	Electronic Arts, Inc.	1,006,592
	25,752	Gree, Inc. (Japan)	124,046
	34,288	Hello Group, Inc. ADR (China)	276,704
	4,864	IDT Corp., Class B*	147,817
	5,245	Infocom Corp. (Japan)	82,327
	5,427	Iridium Communications, Inc.	325,837
	12,141	JOYY, Inc. ADR (China)	301,097
	126,115	Kuaishou Technology (China)*(a)	853,843
	8,305	Liberty Media Corp.-Liberty Braves, Class C*	304,627
	5,807	Liberty Media Corp.-Liberty Formula One, Class A*	366,712
	22,511	Liberty Media Corp.-Liberty SiriusXM, Class A*	629,858
	8,543	Live Nation Entertainment, Inc.*	682,927
	7,805	Madison Square Garden Entertainment Corp.*	273,877
	1,492	Madison Square Garden Sports Corp.	263,562
	16,898	Match Group, Inc.*	582,981
	26,712	Meta Platforms, Inc., Class A*	7,071,201
	11,608	MIXI, Inc. (Japan)	226,652
	13,595	NetEase, Inc. ADR (China)	1,156,663
	4,258	Netflix, Inc.*	1,682,889
	33,674	Pinterest, Inc., Class A*	806,156
	68,548	Rightmove PLC (United Kingdom)	444,842
	30,484	Rumble, Inc.*(b)	300,877
	5,908	Scout24 SE (Germany)(a)	377,911
	24,189	Sea Ltd. ADR (Singapore)*	1,388,691
	61,984	Snap, Inc., Class A*	632,237
	4,716	Spotify Technology SA*	702,212
	3,685	Take-Two Interactive Software, Inc.*	507,535
	28,117	TELUS Corp. (Canada)	532,016
	47,200	Tencent Holdings Ltd. (China)	1,872,746
	73,622	Tencent Music Entertainment Group ADR (China)*	510,937
	9,621	Ubisoft Entertainment SA (France)*	272,117
	12,945	Vivid Seats, Inc., Class A*(b)	94,628

Shares		Description	Value
	Common Stocks – (continued)
	Communication Services – (continued)
	56,763	VK Co. Ltd. GDR (Russia)*(c)	$                —
	17,334	Walt Disney Co. (The)*	1,524,699
	21,887	Weibo Corp. ADR (China)*	305,761
	4,401	World Wrestling Entertainment, Inc., Class A	445,909
	4,312	Ziff Davis, Inc.*	254,580
	15,474	ZoomInfo Technologies, Inc.*	382,672
			39,217,083
	Consumer Discretionary – 14.6%
	5,908	Academy Sports & Outdoors, Inc.	289,256
	2,811	adidas AG (Germany)	454,016
	7,317	Airbnb, Inc., Class A*	803,187
	43,679	Alibaba Group Holding Ltd. ADR (China)*	3,474,665
	60,245	Amazon.com, Inc.*	7,264,342
	55,566	ANTA Sports Products Ltd. (China)	567,496
	9,590	Aptiv PLC*	844,687
	12,516	Atour Lifestyle Holdings Ltd. ADR (China)*	202,259
	28,291	Bandai Namco Holdings, Inc. (Japan)	662,347
	25,731	Chegg, Inc.*	231,064
	11,250	Chewy, Inc., Class A*	331,763
	3,505	Columbia Sportswear Co.	258,774
	8,641	Continental AG (Germany)	573,734
	19,170	Coursera, Inc.*	242,692
	3,873	Dick’s Sporting Goods, Inc.	493,846
	2,938	Duolingo, Inc.*	439,437
	123,519	East Buy Holding Ltd. (China)*(a)(b)	458,369
	14,509	eBay, Inc.	617,213
	7,154	Etsy, Inc.*	579,832
	19,059	Everi Holdings, Inc.*	264,920
	36,348	Fisker, Inc.*(b)	228,265
	95,467	Ford Motor Co.	1,145,604
	76,874	Fosun Tourism Group (China)*(a)	68,741
	25,261	GameStop Corp., Class A*(b)	607,527
	33,130	General Motors Co.	1,073,743
	608	Graham Holdings Co., Class B	343,368
	6,304	Hyundai Motor Co. (South Korea)	949,934
	7,578	iRobot Corp.*	268,640
	235,912	JD Sports Fashion PLC (United Kingdom)	444,432
	21,454	JD.com, Inc. ADR (China)	699,400
	15,038	Just Eat Takeaway.com NV (United Kingdom)*(a)	225,538
	11,392	Kia Corp. (South Korea)	737,294
	11,655	Las Vegas Sands Corp.*	642,540

GOLDMAN SACHS INNOVATE EQUITY ETF

Schedule of Investments (continued)

May 31, 2023 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Consumer Discretionary – (continued)
	23,692	Li Auto, Inc. ADR (China)*	$       688,253
	74,926	Li Ning Co. Ltd. (China)	401,992
	90,161	Lucid Group, Inc.*(b)	699,649
	2,255	Lululemon Athletica, Inc.*	748,502
	8,089	MakeMyTrip Ltd. (India)*	210,880
	51,181	Meituan, Class B (China)*(a)	720,486
	1,861	MercadoLibre, Inc. (Brazil)*	2,305,779
	15,709	MGM Resorts International	617,207
	13,674	New Oriental Education & Technology Group, Inc. ADR (China)*	515,100
	181,707	Nexteer Automotive Group Ltd. (China)	81,241
	9,984	NIKE, Inc., Class B	1,050,916
	85,828	NIO, Inc. ADR (China)*	646,285
	9,075	Overstock.com, Inc.*	169,975
	14,023	PDD Holdings, Inc. ADR (China)*	915,982
	38,265	Pearson PLC (United Kingdom)	378,552
	44,526	Peloton Interactive, Inc., Class A*	324,149
	16,549	Penn Entertainment, Inc.*	414,387
	4,195	Planet Fitness, Inc., Class A*	268,228
	29,698	Playtech PLC (United Kingdom)*	221,214
	86,312	Polestar Automotive Holding UK PLC, Class A ADR (Hong Kong)*(b)	294,324
	111,308	Rakuten Group, Inc. (Japan)(b)	458,887
	50,747	Rivian Automotive, Inc., Class A*	747,503
	405,905	Sa Sa International Holdings Ltd. (Hong Kong)*	69,481
	54,102	Sabre Corp.*	167,716
	46,250	Sharp Corp. (Japan)*	264,825
	11,045	Skechers USA, Inc., Class A*	567,382
	6,229	Stride, Inc.*	251,714
	47,576	TAL Education Group ADR (China)*	258,338
	16,252	Tesla, Inc.*	3,314,270
	106,498	Toyota Motor Corp. (Japan)	1,454,757
	28,868	Udemy, Inc.*	288,680
	6,168	Wayfair, Inc., Class A*	248,694
	48,494	XPeng, Inc. ADR (China)*(b)	382,133
	7,576	Xponential Fitness, Inc., Class A*	200,688
	18,880	Yamaha Motor Co. Ltd. (Japan)	464,855
	11,616	Zalando SE (Germany)*(a)	334,859
			47,636,808

Shares		Description	Value
	Common Stocks – (continued)
	Consumer Staples – 0.8%
	842,798	Alibaba Health Information Technology Ltd. (China)*	$       499,548
	18,142	Beyond Meat, Inc.*(b)	184,141
	212,549	Hong Kong Technology Venture Co. Ltd. (Hong Kong)	115,394
	12,682	Walmart, Inc.	1,862,605
			2,661,688
	Energy – 0.9%
	522,567	China Suntien Green Energy Corp. Ltd., Class H (China)	197,592
	26,637	Enbridge, Inc. (Canada)	936,498
	6,992	HD Hyundai Co. Ltd. (South Korea)	300,805
	22,057	Oceaneering International, Inc.*	337,693
	21,719	TotalEnergies SE (France)	1,229,048
			3,001,636
	Financials – 14.5%
	33,784	3i Group PLC (United Kingdom)	818,805
	511	Adyen NV (Netherlands)*(a)	831,766
	35,456	Affirm Holdings, Inc.*	526,876
	3,014	Ameriprise Financial, Inc.	899,589
	16,683	Apollo Global Management, Inc.	1,115,259
	34,965	AvidXchange Holdings, Inc.*	338,811
	2,337	BlackRock, Inc.	1,536,694
	15,203	Blackstone, Inc.	1,301,985
	34,937	Block, Inc.*	2,109,845
	16,589	Carlyle Group, Inc. (The)	454,704
	24,143	Charles Schwab Corp. (The)	1,272,095
	33,339	CI Financial Corp. (Canada)	321,544
	3,963	CME Group, Inc.	708,386
	13,364	Coinbase Global, Inc., Class A*(b)	831,241
	33,792	Corebridge Financial, Inc.	561,623
	415,147	Credit Suisse Group AG (Switzerland)*	342,145
	6,336	Discover Financial Services	650,961
	4,935	DWS Group GmbH & Co. KGaA (Germany)(a)	158,573
	4,883	Eurazeo SE (France)	332,649
	4,360	Euronet Worldwide, Inc.*	485,704
	3,459	Evercore, Inc., Class A	373,399
	16,916	Fidelity National Information Services, Inc.	923,106
	2,571	FleetCor Technologies, Inc.*	582,460
	7,121	Global Payments, Inc.	695,650
	4,128	GMO Payment Gateway, Inc. (Japan)	325,595

GOLDMAN SACHS INNOVATE EQUITY ETF

Schedule of Investments (continued)

May 31, 2023 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Financials – (continued)
	5,022	Goldman Sachs Group, Inc. (The)(d)	$    1,626,626
	32,529	Hargreaves Lansdown PLC (United Kingdom)	323,419
	8,896	Interactive Brokers Group, Inc., Class A	687,038
	3,457	Jack Henry & Associates, Inc.	528,541
	6,055	Kaspi.KZ JSC GDR (Kazakhstan)	484,400
	22,294	KKR & Co., Inc.	1,147,918
	10,211	Lazard Ltd., Class A	292,954
	170,279	Legal & General Group PLC (United Kingdom)	481,391
	7,719	London Stock Exchange Group PLC (United Kingdom)	817,973
	85,000	Marqeta, Inc., Class A*	407,150
	6,175	Mastercard, Inc., Class A	2,253,998
	12,992	Morgan Stanley	1,062,226
	2,456	Morningstar, Inc.	502,743
	2,238	MSCI, Inc.	1,053,046
	8,331	Northern Trust Corp.	599,166
	167,479	NU Holdings Ltd., Class A (Brazil)*	1,128,808
	10,298	Nuvei Corp. (Canada)*(a)	322,660
	41,829	Owl Rock Capital Corp.(b)	561,763
	30,279	Pagseguro Digital Ltd., Class A (Brazil)*	301,276
	49,303	Payoneer Global, Inc.*	204,607
	20,326	PayPal Holdings, Inc.*	1,260,009
	32,535	Paysafe Ltd.*	314,288
	12,544	Plus500 Ltd. (Israel)	224,188
	34,453	Repay Holdings Corp.*	218,087
	54,867	Robinhood Markets, Inc., Class A*	489,414
	24,400	Rocket Cos., Inc., Class A*(b)	195,688
	3,995	S&P Global, Inc.	1,467,883
	8,380	Shift4 Payments, Inc., Class A*	525,594
	106,803	SoFi Technologies, Inc.*(b)	741,213
	2,502	Sprott, Inc. (Canada)	84,670
	8,916	State Street Corp.	606,466
	8,343	Stifel Financial Corp.	463,621
	29,677	StoneCo Ltd., Class A (Brazil)*	371,853
	107,728	SY Holdings Group Ltd. (China)	79,266
	18,612	Synchrony Financial	576,228
	46,388	TP ICAP Group PLC (United Kingdom)	87,102
	10,360	TPG, Inc.	267,288
	8,416	Tradeweb Markets, Inc., Class A	563,451
	81,312	Tyro Payments Ltd. (Australia)*	62,093
	57,276	UBS Group AG (Switzerland)	1,080,171
	14,112	Upstart Holdings, Inc.*(b)	384,411

Shares		Description	Value
	Common Stocks – (continued)
	Financials – (continued)
	12,700	Virtu Financial, Inc., Class A	$       223,393
	1,211	Virtus Investment Partners, Inc.	231,035
	10,505	Visa, Inc., Class A	2,321,920
	39,637	Waterdrop, Inc. ADR (China)*(b)	99,092
	2,720	WEX, Inc.*	451,112
	49,976	WisdomTree, Inc.	339,837
			47,016,541
	Health Care – 20.1%
	8,490	10X Genomics, Inc., Class A*	445,385
	375,685	3SBio, Inc. (China)(a)	380,088
	17,776	Abbott Laboratories	1,813,152
	13,805	AbbVie, Inc.	1,904,538
	28,606	AdaptHealth Corp.*	299,791
	31,596	Adaptive Biotechnologies Corp.*	219,908
	7,268	Agilent Technologies, Inc.	840,690
	5,635	Amgen, Inc.	1,243,363
	11,222	AstraZeneca PLC (United Kingdom)	1,621,738
	14,748	Baxter International, Inc.	600,539
	8,400	Beam Therapeutics, Inc.*	267,960
	2,523	Biogen, Inc.*	747,842
	8,551	BioNTech SE ADR (Germany)	898,539
	7,674	Bio-Techne Corp.	627,656
	15,136	Boston Scientific Corp.*	779,201
	23,187	Bristol-Myers Squibb Co.	1,494,170
	6,492	Castle Biosciences, Inc.*	158,600
	8,378	Celltrion Healthcare Co. Ltd. (South Korea)	467,110
	25,629	Chugai Pharmaceutical Co. Ltd. (Japan)	688,809
	27,973	Coherus Biosciences, Inc.*	114,410
	3,465	CompuGroup Medical SE & Co KgaA (Germany)	183,594
	9,882	CRISPR Therapeutics AG (Switzerland)*	632,843
	4,034	Danaher Corp.	926,287
	9,995	Dexcom, Inc.*	1,172,014
	26,126	DocGo, Inc.*	233,828
	25,856	Editas Medicine, Inc.*	237,358
	10,190	Edwards Lifesciences Corp.*	858,304
	5,318	Eli Lilly & Co.	2,283,868
	99,794	EQRx, Inc.*	175,637
	11,040	Exact Sciences Corp.*	900,643
	23,738	Exelixis, Inc.*	457,669
	24,946	Exscientia PLC ADR (United Kingdom)*(b)	192,334
	6,347	Fulgent Genetics, Inc.*	252,420

GOLDMAN SACHS INNOVATE EQUITY ETF

Schedule of Investments (continued)

May 31, 2023 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Health Care – (continued)
	7,715	Galapagos NV (Belgium)*	$       318,142
	18,758	Gilead Sciences, Inc.	1,443,241
	6,300	Globus Medical, Inc., Class A*	341,019
	18,552	Guardant Health, Inc.*	543,945
	17,058	Ideaya Biosciences, Inc.*	389,605
	4,642	Illumina, Inc.*	912,849
	4,745	Immunocore Holdings PLC ADR (United Kingdom)*	261,829
	2,592	Insulet Corp.*	710,856
	9,932	Intellia Therapeutics, Inc.*	370,066
	4,755	Intuitive Surgical, Inc.*	1,463,779
	2,822	iRhythm Technologies, Inc.*	322,470
	15,216	Johnson & Johnson	2,359,393
	38,024	Keymed Biosciences, Inc. (China)*(a)	197,934
	33,643	Koninklijke Philips NV (Netherlands)*	632,906
	22,703	M3, Inc. (Japan)	505,035
	49,822	MannKind Corp.*	231,174
	28,561	Maravai LifeSciences Holdings, Inc., Class A*	366,723
	3,529	Masimo Corp.*	571,133
	18,624	Medtronic PLC	1,541,322
	17,256	Merck & Co., Inc.	1,905,235
	9,396	Mezzion Pharma Co. Ltd. (South Korea)*	176,982
	9,044	Moderna, Inc.*	1,155,009
	8,162	MorphoSys AG (Germany)*(b)	207,096
	14,757	Myriad Genetics, Inc.*	325,539
	12,416	NextGen Healthcare, Inc.*	193,317
	16,376	Novartis AG (Switzerland)	1,561,376
	10,752	Novo Nordisk A/S ADR (Denmark)	1,725,266
	21,982	Ono Pharmaceutical Co. Ltd. (Japan)	410,407
	28,073	Pacific Biosciences of California, Inc.*	347,544
	13,537	Pediatrix Medical Group, Inc.*	180,042
	51,163	Pfizer, Inc.	1,945,217
	8,169	PHC Holdings Corp. (Japan)	85,716
	10,714	PROCEPT BioRobotics Corp.*	358,383
	10,819	QIAGEN NV*	488,586
	1,464	Regeneron Pharmaceuticals, Inc.*	1,076,860
	8,694	REGENXBIO, Inc.*	149,798
	25,663	Relay Therapeutics, Inc.*	285,886
	24,779	ResMed, Inc. CDI	520,360
	6,798	Roche Holding AG	2,143,175
	18,017	Rocket Pharmaceuticals, Inc.*	377,096
	56,112	Sana Biotechnology, Inc.*(b)	337,794
	13,581	Sanofi(b)	1,373,740

Shares		Description	Value
	Common Stocks – (continued)
	Health Care – (continued)
	4,545	Sarepta Therapeutics, Inc.*	$       561,762
	159	Scilex Holding Co. (Singapore)*(b)	946
	23,159	Scilex Holding Co.*	121,031
	4,563	Seagen, Inc.*	892,979
	59,140	Shanghai MicroPort MedBot Group Co. Ltd. (China)*(b)	137,646
	64,379	Sharecare, Inc.*	95,925
	20,676	Siemens Healthineers AG (Germany)(a)	1,166,058
	29,824	Smith & Nephew PLC (United Kingdom)	444,306
	4,850	Stryker Corp.	1,336,563
	10,103	Takara Bio, Inc. (Japan)	117,651
	11,055	Tandem Diabetes Care, Inc.*	287,319
	15,412	Teladoc Health, Inc.*	356,788
	2,741	Thermo Fisher Scientific, Inc.	1,393,689
	1,832	UFP Technologies, Inc.*	283,282
	8,795	uniQure NV (Netherlands)*	169,656
	16,397	Veracyte, Inc.*	424,354
	16,526	Veradigm, Inc.*	194,676
	13,323	Verona Pharma PLC ADR (United Kingdom)*	286,711
	4,419	Vertex Pharmaceuticals, Inc.*	1,429,856
	12,523	Verve Therapeutics, Inc.*	193,856
	105,390	Well Health Technologies Corp. (Canada)*	376,808
	218,157	Yidu Tech, Inc. (China)*(a)	138,225
			65,344,220
	Industrials – 7.3%
	32,916	3D Systems Corp.*	269,911
	37,708	ABB Ltd. (Switzerland)	1,371,950
	4,403	AeroVironment, Inc.*	411,284
	3,091	Alfen N.V. (Netherlands)*(a)(b)	220,061
	5,950	ASGN, Inc.*	389,309
	88,966	Aurora Innovation, Inc.*	125,442
	1,061	CACI International, Inc., Class A*	317,472
	38,388	ChargePoint Holdings, Inc.*(b)	371,212
	4,196	Daihen Corp. (Japan)	151,064
	151,686	Desktop Metal, Inc., Class A*(b)	282,136
	1,070	Energiekontor AG (Germany)	78,482
	2,208	ExlService Holdings, Inc.*	333,276
	29,207	FANUC Corp. (Japan)	1,003,007
	59,895	Full Truck Alliance Co. Ltd. ADR (China)*	347,990
	15,455	General Electric Co.	1,569,146
	308,871	Grab Holdings Ltd., Class A (Singapore)*	920,436
	9,430	Johnson Controls International PLC	562,971

GOLDMAN SACHS INNOVATE EQUITY ETF

Schedule of Investments (continued)

May 31, 2023 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Industrials – (continued)
	6,103	Kaman Corp.	$       126,820
	17,051	Kawasaki Heavy Industries Ltd. (Japan)	357,459
	10,638	Korea Aerospace Industries Ltd. (South Korea)	412,776
	4,703	Leidos Holdings, Inc.	367,116
	2,146	LG Energy Solution Ltd. (South Korea)*	968,509
	5,849	LIG Nex1 Co. Ltd. (South Korea)	349,023
	3,373	Lockheed Martin Corp.	1,497,646
	30,424	Lyft, Inc., Class A*	274,424
	13,608	Meitec Corp. (Japan)	225,867
	52,208	Mitsubishi Electric Corp. (Japan)	679,715
	4,991	Moog, Inc., Class A	485,175
	11,650	Nabtesco Corp. (Japan)	259,324
	18,280	NIDEC Corp. (Japan)	908,014
	244,894	Nikola Corp.*(b)	152,814
	32,910	Nordex SE (Germany)*	395,938
	7,229	Parsons Corp.*	323,064
	10,151	PNE AG (Germany)	153,456
	8,950	Proto Labs, Inc.*	275,302
	3,915	Rainbow Robotics (South Korea)*	306,475
	6,297	Shibaura Machine Co. Ltd. (Japan)	195,831
	31,831	Siemens Energy AG (Germany)*	805,618
	13,822	SS&C Technologies Holdings, Inc.	759,657
	24,780	SunPower Corp.*	262,668
	15,475	Sunrun, Inc.*	272,979
	32,562	TELUS International CDA, Inc. (Philippines)*(b)	507,967
	6,211	Textron, Inc.	384,275
	3,775	Thales SA (France)	524,396
	21,592	Uber Technologies, Inc.*	818,985
	3,180	Verisk Analytics, Inc.	696,770
	394,447	Xinjiang Goldwind Science & Technology Co. Ltd., Class H (China)	286,202
	72,510	Xinte Energy Co. Ltd., Class H (China)*(b)	154,500
	17,231	Xometry, Inc., Class A*	315,327
	13,532	Yaskawa Electric Corp. (Japan)	571,440
			23,800,681
	Information Technology – 26.8%
	16,785	ACI Worldwide, Inc.*	382,866
	3,503	Adobe, Inc.*	1,463,518
	14,600	Advanced Micro Devices, Inc.*	1,725,866
	4,748	Akamai Technologies, Inc.*	437,386

Shares		Description	Value
	Common Stocks – (continued)
	Information Technology – (continued)
	15,644	Alkami Technology, Inc.*	$       234,660
	6,425	Alteryx, Inc., Class A*	250,190
	12,090	Ambarella, Inc.*	874,349
	7,116	Amphenol Corp., Class A	536,902
	36,672	Apple, Inc.	6,500,112
	5,578	Arista Networks, Inc.*	927,845
	20,967	Atos SE (France)*	304,335
	3,727	Autodesk, Inc.*	743,127
	3,905	Belden, Inc.	341,648
	33,553	BigCommerce Holdings, Inc.Series 1*	267,417
	82,729	BlackBerry Ltd. (Canada)*	442,600
	402,260	BrainChip Holdings Ltd. (Australia)*(b)	118,447
	2,330	Broadcom, Inc.	1,882,547
	15,831	C3.ai, Inc., Class A*(b)	633,398
	6,545	Canadian Solar, Inc. (Canada)*	273,581
	5,956	CEVA, Inc.*	149,019
	6,621	Ciena Corp.*	309,466
	102,959	Cipher Mining, Inc.*(b)	261,516
	33,764	Cisco Systems, Inc.	1,677,058
	11,300	Cloudflare, Inc., Class A*	781,508
	8,209	Cognex Corp.	451,167
	9,475	Coherent Corp.*	350,196
	4,781	Consensus Cloud Solutions, Inc.*	174,267
	47,481	Converge Technology Solutions Corp. (Canada)*	131,339
	15,641	Corning, Inc.	481,899
	6,578	Crowdstrike Holdings, Inc., Class A*	1,053,335
	3,115	CyberArk Software Ltd.*	481,984
	21,087	Dassault Systemes (France)	924,188
	8,448	Digi International, Inc.*	303,706
	4,776	Digital Garage, Inc. (Japan)	130,924
	6,786	DocuSign, Inc.*	382,730
	27,188	EngageSmart, Inc.*	516,028
	5,351	Envestnet, Inc.*	280,018
	20,093	Extreme Networks, Inc.*	413,916
	672	Fair Isaac Corp.*	529,314
	3,054	First Solar, Inc.*	619,840
	11,049	ForgeRock, Inc., Class A*	222,416
	15,070	Fortinet, Inc.*	1,029,733
	26,462	Gen Digital, Inc.	464,143
	2,340	Globant SA*	430,115
	12,035	GMO internet group, Inc. (Japan)	220,431
	27,442	Hewlett Packard Enterprise Co.	395,714

GOLDMAN SACHS INNOVATE EQUITY ETF

Schedule of Investments (continued)

May 31, 2023 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Information Technology – (continued)
	18,154	HP, Inc.	$       527,555
	1,086	HubSpot, Inc.*	562,537
	29,887	indie Semiconductor, Inc., Class A (China)*	283,927
	25,545	Infineon Technologies AG (Germany)	945,821
	33,389	Infinera Corp.*	163,606
	8,504	Instructure Holdings, Inc.*	208,858
	7,251	Intapp, Inc.*	306,500
	77,303	Intel Corp.	2,430,406
	4,072	InterDigital, Inc.	338,139
	10,781	International Business Machines Corp.	1,386,329
	14,131	Juniper Networks, Inc.	429,158
	9,443	Kainos Group PLC (United Kingdom)	150,041
	2,214	Keyence Corp. (Japan)	1,074,396
	5,095	Keysight Technologies, Inc.*	824,371
	6,582	Kontron AG (Austria)(b)	134,307
	131,609	Learning Technologies Group PLC (United Kingdom)	163,116
	34,208	Marathon Digital Holdings, Inc.*(b)	334,896
	19,147	Marvell Technology, Inc.	1,119,908
	7,656	Maxeon Solar Technologies Ltd.*	212,760
	9,652	Micron Technology, Inc.	658,266
	20,490	Microsoft Corp.	6,728,711
	1,356	MicroStrategy, Inc., Class A*	409,010
	81,292	Nano Dimension Ltd. ADR (Israel)*	195,914
	12,343	nCino, Inc.*	339,309
	19,424	NCR Corp.*	460,349
	5,114	Nemetschek SE (Germany)	399,307
	9,979	NetScout Systems, Inc.*	304,559
	35,832	NEXTDC Ltd. (Australia)*	294,728
	1,977	Nice Ltd. ADR (Israel)*	407,143
	169,610	Nokia OYJ ADR (Finland)	680,136
	1,993	Novanta, Inc.*	330,041
	22,194	NVIDIA Corp.	8,396,878
	4,611	NXP Semiconductors NV (China)	825,830
	7,344	Okta, Inc.*	667,570
	12,132	OneSpan, Inc.*	183,678
	8,250	Open Text Corp. (Canada)	343,365
	1,920	OSI Systems, Inc.*	228,499
	4,912	Palo Alto Networks, Inc.*	1,048,172
	3,984	PTC, Inc.*	535,450
	14,930	Q2 Holdings, Inc.*	434,762
	3,358	Qorvo, Inc.*	326,599
	12,704	QUALCOMM, Inc.	1,440,761

Shares		Description	Value
	Common Stocks – (continued)
	Information Technology – (continued)
	13,788	Qualtrics International, Inc., Class A*	$       249,287
	34,052	Riot Platforms, Inc.*(b)	408,624
	7,928	Salesforce, Inc.*	1,770,957
	26,828	Seiko Epson Corp. (Japan)	406,889
	14,687	Semtech Corp.*	319,295
	25,627	SentinelOne, Inc., Class A*	547,905
	2,772	ServiceNow, Inc.*	1,510,130
	21,436	Shopify, Inc., Class A (Canada)*	1,225,925
	2,716	Silicon Laboratories, Inc.*	382,060
	6,368	Skyworks Solutions, Inc.	659,152
	6,572	Snowflake, Inc., Class A*	1,086,746
	9,982	Software AG (Germany)	351,606
	103,376	Spirent Communications PLC (United Kingdom)	229,983
	6,332	Splunk, Inc.*	628,704
	5,660	Sprout Social, Inc., Class A*	245,135
	15,101	STMicroelectronics NV (Singapore)	653,546
	21,710	Stratasys Ltd.*	315,881
	2,839	Synaptics, Inc.*	244,268
	23,376	Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Taiwan)	2,304,640
	5,666	TD SYNNEX Corp.	506,427
	8,378	Tenable Holdings, Inc.*	343,414
	12,300	Teradyne, Inc.	1,232,337
	29,717	TomTom NV (Netherlands)*	226,205
	38,257	UiPath, Inc., Class A*	684,418
	163,272	Yangtze Optical Fibre and Cable Joint Stock Ltd. Co., Class H (China)(a)	268,635
	2,677	Zebra Technologies Corp., Class A*	702,900
	30,204	Zeta Global Holdings Corp., Class A*	272,440
	6,101	Zscaler, Inc.*	826,563
			87,346,504
	Real Estate – 1.0%
	4,952	American Tower Corp. REIT	913,347
	7,609	Crown Castle, Inc. REIT	861,415
	7,136	Digital Realty Trust, Inc. REIT	731,155
	1,057	Equinix, Inc. REIT	788,046
			3,293,963
	Utilities – 1.3%
	9,824	Atlantica Sustainable Infrastructure PLC (Spain)	237,446

GOLDMAN SACHS INNOVATE EQUITY ETF

Schedule of Investments (continued)

May 31, 2023 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Utilities – (continued)
	13,010	Avangrid, Inc.	$       488,265
	445,266	Beijing Jingneng Clean Energy Co. Ltd., Class H (China)	104,658
	13,268	Brookfield Renewable Corp., Class A(b)	445,540
	9,541	Brookfield Renewable Partners LP (Canada)	288,413
	12,836	Dominion Energy, Inc.	645,394
	29,099	Innergex Renewable Energy, Inc. (Canada)	300,987
	19,550	NextEra Energy, Inc.	1,436,143
	45,311	ReNew Energy Global PLC, Class A (India)*(b)	247,851
			4,194,697
	TOTAL COMMON STOCKS
	(Cost $330,396,409)		$323,513,821
	Exchange-Traded Funds – 0.2%
	157,822	Greencoat UK Wind PLC/Funds	$       291,451
	214,529	Renewables Infrastructure Group Ltd. (The)	319,065
	TOTAL EXCHANGE-TRADED FUNDS
	(Cost $606,674)		$       610,516

Units		Description	Expiration Month	Value
	Rights – 0.0%
	Health Care – 0.0%
	9,282	AstraZeneca PLC(c)	12/28	$         28,403
	Information Technology – 0.0%
	4,312	NEXTDC Ltd.*	06/23	0
	TOTAL RIGHTS (Cost $0)			$         28,403
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $331,003,083)			$324,152,740

Shares		Dividend Rate	Value
	Securities Lending Reinvestment Vehicle – 3.4%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	10,948,095	5.003%	$  10,948,095
	(Cost $10,948,095)
	TOTAL INVESTMENTS – 103.0%
	(Cost $341,951,178)		$335,100,835
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (3.0)%		(9,723,874)
	NET ASSETS – 100.0%		$325,376,961

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
LP	— Limited Partnership
PLC	— Public Limited Company
REIT	— Real Estate Investment Trust

GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF

Schedule of Investments

May 31, 2023 (Unaudited)

Shares		Description	Value
	Common Stocks – 99.7%
	Communication Services – 7.3%
	7,669	Activision Blizzard, Inc.*	$       615,054
	48,453	Alphabet, Inc., Class A*	5,953,420
	42,130	Alphabet, Inc., Class C*	5,197,578
	67,077	AT&T, Inc.	1,055,121
	988	Charter Communications, Inc., Class A*	322,236
	2,703	Electronic Arts, Inc.	345,984
	2,932	Fox Corp., Class A	91,479
	1,403	Fox Corp., Class B	40,982
	3,828	Interpublic Group of Cos., Inc. (The)	142,363
	9,582	Lumen Technologies, Inc.	18,972
	4,333	Netflix, Inc.*	1,712,532
	1,600	New York Times Co. (The), Class A	56,672
	87	Paramount Global, Class A(a)	1,529
	5,690	Paramount Global, Class B	86,545
	1,138	Roku, Inc.*	66,232
	1,610	Take-Two Interactive Software, Inc.*	221,745
	5,496	T-Mobile US, Inc.*	754,326
	1,004	TripAdvisor, Inc.*	15,622
	39,382	Verizon Communications, Inc.	1,403,181
	18,041	Walt Disney Co. (The)*	1,586,886
	2,206	ZoomInfo Technologies, Inc.*	54,554
			19,743,013
	Consumer Discretionary – 10.2%
	3,706	Airbnb, Inc., Class A*	406,808
	87,998	Amazon.com, Inc.*	10,610,799
	2,665	Aptiv PLC*	234,733
	1,982	Best Buy Co., Inc.	144,032
	384	Booking Holdings, Inc.*	963,368
	2,300	BorgWarner, Inc.	101,959
	670	Brunswick Corp.	50,585
	1,555	CarMax, Inc.*	112,287
	273	Chipotle Mexican Grill, Inc.*	566,882
	1,205	Darden Restaurants, Inc.	191,017
	262	Deckers Outdoor Corp.*	124,450
	524	Dick’s Sporting Goods, Inc.	66,815
	3,492	DraftKings, Inc., Class A*	81,503
	5,359	eBay, Inc.	227,972
	1,232	Etsy, Inc.*	99,854
	1,459	Expedia Group, Inc.*	139,641
	38,909	Ford Motor Co.	466,908
	1,916	Gap, Inc. (The)	15,366
	1,523	Garmin Ltd.	157,097

Shares		Description	Value
	Common Stocks – (continued)
	Consumer Discretionary – (continued)
	13,765	General Motors Co.	$       446,124
	300	Grand Canyon Education, Inc.*	31,428
	1,534	H&R Block, Inc.	45,790
	1,328	Harley-Davidson, Inc.	41,314
	1,297	Hasbro, Inc.	76,977
	2,598	Hilton Worldwide Holdings, Inc.	353,640
	10,094	Home Depot, Inc. (The)	2,861,144
	464	Hyatt Hotels Corp., Class A	49,871
	1,146	Kohl’s Corp.	20,995
	3,262	Las Vegas Sands Corp.*	179,834
	581	Lear Corp.	71,265
	265	Lithia Motors, Inc.	61,819
	5,989	Lowe’s Cos., Inc.	1,204,568
	1,102	Lululemon Athletica, Inc.*	365,787
	2,655	Macy’s, Inc.	36,081
	2,622	Marriott International, Inc., Class A	439,945
	369	Marriott Vacations Worldwide Corp.	45,468
	7,319	McDonald’s Corp.	2,086,720
	3,166	MGM Resorts International	124,392
	487	Mohawk Industries, Inc.*	44,823
	11,914	NIKE, Inc., Class B	1,254,068
	1,104	Nordstrom, Inc.(a)	16,891
	3,038	Peloton Interactive, Inc., Class A*	22,117
	543	Polaris, Inc.	58,487
	2,237	PulteGroup, Inc.	147,821
	637	PVH Corp.	54,795
	2,543	QuantumScape Corp.*(a)	16,504
	401	Ralph Lauren Corp.	42,630
	2,172	Royal Caribbean Cruises Ltd.*	175,867
	1,476	Service Corp. International	93,888
	11,356	Starbucks Corp.	1,108,800
	2,389	Tapestry, Inc.	95,608
	11,460	TJX Cos., Inc. (The)	880,013
	1,089	Tractor Supply Co.	228,243
	398	Vail Resorts, Inc.	96,794
	779	Wayfair, Inc., Class A*	31,409
	525	Whirlpool Corp.	67,877
	651	Williams-Sonoma, Inc.	73,895
	849	YETI Holdings, Inc.*	31,048
			27,846,816
	Consumer Staples – 6.6%
	5,266	Archer-Daniels-Midland Co.	372,043

GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF

Schedule of Investments (continued)

May 31, 2023 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Consumer Staples – (continued)
	1,334	Bunge Ltd.	$       123,582
	1,868	Campbell Soup Co.	94,427
	2,337	Church & Dwight Co., Inc.	216,056
	1,184	Clorox Co. (The)	187,285
	37,733	Coca-Cola Co. (The)	2,251,151
	7,977	Colgate-Palmolive Co.	593,329
	4,384	Costco Wholesale Corp.	2,242,679
	5,698	General Mills, Inc.	479,544
	1,404	Hershey Co. (The)	364,619
	2,761	Hormel Foods Corp.	105,608
	629	Ingredion, Inc.	65,793
	2,452	Kellogg Co.	163,720
	8,261	Keurig Dr Pepper, Inc.	257,082
	3,240	Kimberly-Clark Corp.	435,067
	6,312	Kroger Co. (The)	286,123
	2,415	McCormick & Co., Inc.	207,038
	1,687	Molson Coors Beverage Co., Class B	104,341
	7,052	Monster Beverage Corp.*	413,388
	13,362	PepsiCo, Inc.	2,436,561
	22,813	Procter & Gamble Co. (The)	3,250,853
	4,891	Sysco Corp.	342,125
	4,574	Target Corp.	598,874
	2,684	Tyson Foods, Inc., Class A	135,918
	6,908	Walgreens Boots Alliance, Inc.	209,796
	14,076	Walmart, Inc.	2,067,342
			18,004,344
	Energy – 4.3%
	2,888	APA Corp.	91,781
	8,490	Baker Hughes Co.	231,353
	2,247	Cheniere Energy, Inc.	314,063
	17,504	Chevron Corp.	2,636,453
	11,078	ConocoPhillips	1,100,045
	5,867	Devon Energy Corp.	270,469
	3,324	EQT Corp.	115,575
	37,294	Exxon Mobil Corp.	3,810,701
	8,099	Halliburton Co.	232,036
	17,919	Kinder Morgan, Inc.	288,675
	4,097	Marathon Petroleum Corp.	429,816
	7,164	Occidental Petroleum Corp.	413,076
	4,009	ONEOK, Inc.	227,150
	4,216	Phillips 66	386,228
	2,143	Pioneer Natural Resources Co.	427,400

Shares		Description	Value
	Common Stocks – (continued)
	Energy – (continued)
	2,121	Range Resources Corp.	$         58,052
	3,471	Valero Energy Corp.	371,536
	246	Vitesse Energy, Inc.	5,680
	10,987	Williams Cos., Inc. (The)	314,887
			11,724,976
	Financials – 12.7%
	2,733	Allstate Corp. (The)	296,394
	3,084	Ally Financial, Inc.	82,250
	5,552	American Express Co.	880,325
	7,689	American International Group, Inc.	406,210
	1,099	Ameriprise Financial, Inc.	328,019
	2,118	Aon PLC, Class A	652,958
	3,662	Arch Capital Group Ltd.*	255,241
	550	Assurant, Inc.	65,995
	807	Axis Capital Holdings Ltd.	41,883
	72,876	Bank of America Corp.	2,025,224
	410	Bank of Hawaii Corp.	16,052
	7,593	Bank of New York Mellon Corp. (The)	305,239
	1,543	BlackRock, Inc.	1,014,600
	4,991	Block, Inc.*	301,407
	3,541	Capital One Financial Corp.	369,008
	1,094	Cboe Global Markets, Inc.	144,868
	15,731	Charles Schwab Corp. (The)	828,866
	20,030	Citigroup, Inc.	887,730
	3,713	CME Group, Inc.	663,699
	2,144	Columbia Banking System, Inc.	42,944
	1,353	Comerica, Inc.	48,843
	377	Evercore, Inc., Class A	40,697
	403	Everest Re Group Ltd.	137,028
	5,520	Fidelity National Information Services, Inc.	301,226
	7,042	Fifth Third Bancorp	170,909
	3,605	FNB Corp.	39,619
	2,951	Franklin Resources, Inc.	70,854
	3,392	Goldman Sachs Group, Inc. (The)(b)	1,098,669
	366	Hanover Insurance Group, Inc. (The)	40,794
	3,282	Hartford Financial Services Group, Inc. (The)	224,883
	15,001	Huntington Bancshares, Inc.	154,660
	5,711	Intercontinental Exchange, Inc.	605,080
	2,073	Jefferies Financial Group, Inc.	62,335
	30,266	JPMorgan Chase & Co.	4,107,399
	9,604	KeyCorp	89,701
	854	Lazard Ltd., Class A	24,501

GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF

Schedule of Investments (continued)

May 31, 2023 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Financials – (continued)
	1,751	Lincoln National Corp.	$         36,631
	820	LPL Financial Holdings, Inc.	159,720
	385	MarketAxess Holdings, Inc.	104,878
	5,126	Marsh & McLennan Cos., Inc.	887,721
	7,943	Mastercard, Inc., Class A	2,899,354
	6,831	MetLife, Inc.	338,476
	3,051	MGIC Investment Corp.	46,131
	1,654	Moody’s Corp.	524,120
	12,794	Morgan Stanley	1,046,037
	259	Morningstar, Inc.	53,017
	806	MSCI, Inc.	379,247
	3,552	Nasdaq, Inc.	196,603
	2,123	Northern Trust Corp.	152,686
	1,183	OneMain Holdings, Inc.	44,788
	10,616	PayPal Holdings, Inc.*	658,086
	776	Pinnacle Financial Partners, Inc.	37,752
	4,165	PNC Financial Services Group, Inc. (The)	482,432
	379	Primerica, Inc.	68,986
	2,502	Principal Financial Group, Inc.	163,781
	6,042	Progressive Corp. (The)	772,832
	3,807	Prudential Financial, Inc.	299,573
	9,663	Regions Financial Corp.	166,880
	689	Reinsurance Group of America, Inc.	96,460
	1,170	Rocket Cos., Inc., Class A*(a)	9,383
	3,341	S&P Global, Inc.	1,227,584
	4,065	Synchrony Financial	125,852
	1,489	Synovus Financial Corp.	40,337
	1,114	Tradeweb Markets, Inc., Class A	74,582
	2,421	Travelers Cos., Inc. (The)	409,730
	13,752	Truist Financial Corp.	419,023
	2,049	Unum Group	89,029
	729	Upstart Holdings, Inc.*(a)	19,858
	14,344	US Bancorp	428,886
	15,182	Visa, Inc., Class A	3,355,678
	2,126	W R Berkley Corp.	118,376
	39,798	Wells Fargo & Co.	1,584,358
	3,641	Western Union Co. (The)	41,471
			34,386,448
	Health Care – 13.4%
	727	10X Genomics, Inc., Class A*	38,138
	13,597	Abbott Laboratories	1,386,894
	14,016	AbbVie, Inc.	1,933,647

Shares		Description	Value
	Common Stocks – (continued)
	Health Care – (continued)
	2,337	Agilent Technologies, Inc.	$       270,321
	622	Align Technology, Inc.*	175,815
	973	Alnylam Pharmaceuticals, Inc.*	180,015
	1,571	AmerisourceBergen Corp.	267,306
	4,225	Amgen, Inc.	932,246
	3,977	Baxter International, Inc.	161,943
	2,248	Becton Dickinson & Co.	543,477
	1,134	Biogen, Inc.*	336,129
	1,458	BioMarin Pharmaceutical, Inc.*	126,759
	11,285	Boston Scientific Corp.*	580,952
	16,888	Bristol-Myers Squibb Co.	1,088,263
	4,340	Centene Corp.*	270,859
	2,322	Cigna Group (The)	574,486
	12,405	CVS Health Corp.	843,912
	5,135	Danaher Corp.	1,179,099
	442	DaVita, Inc.*	41,402
	272	Definitive Healthcare Corp.*	2,649
	1,695	DENTSPLY SIRONA, Inc.	61,223
	3,044	Dexcom, Inc.*	356,939
	4,883	Edwards Lifesciences Corp.*	411,295
	1,908	Elevance Health, Inc.	854,441
	6,680	Eli Lilly & Co.	2,868,793
	2,884	GE HealthCare Technologies, Inc.	229,307
	9,926	Gilead Sciences, Inc.	763,706
	1,708	HCA Healthcare, Inc.	451,237
	1,942	Hologic, Inc.*	153,204
	1,747	Horizon Therapeutics PLC*	174,752
	998	Humana, Inc.	500,866
	647	IDEXX Laboratories, Inc.*	300,706
	1,241	Illumina, Inc.*	244,043
	1,441	Incyte Corp.*	88,694
	544	Insulet Corp.*	149,192
	2,788	Intuitive Surgical, Inc.*	858,258
	1,466	IQVIA Holdings, Inc.*	288,670
	20,869	Johnson & Johnson	3,235,947
	699	Laboratory Corp. of America Holdings	148,558
	866	Maravai LifeSciences Holdings, Inc., Class A*	11,119
	10,572	Medtronic PLC	874,939
	20,064	Merck & Co., Inc.	2,215,266
	2,627	Moderna, Inc.*	335,494
	749	Neurocrine Biosciences, Inc.*	67,058
	44,826	Pfizer, Inc.	1,704,285
	817	Regeneron Pharmaceuticals, Inc.*	600,953

GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF

Schedule of Investments (continued)

May 31, 2023 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Health Care – (continued)
	439	Repligen Corp.*	$         73,717
	1,143	ResMed, Inc.	240,933
	2,780	Stryker Corp.	766,112
	3,103	Thermo Fisher Scientific, Inc.	1,577,751
	527	Ultragenyx Pharmaceutical, Inc.*	26,013
	7,416	UnitedHealth Group, Inc.	3,613,372
	1,101	Veeva Systems, Inc., Class A*	182,436
	2,023	Vertex Pharmaceuticals, Inc.*	654,582
	550	Waters Corp.*	138,171
	1,658	Zimmer Biomet Holdings, Inc.	211,130
			36,367,474
	Industrials – 8.6%
	5,135	3M Co.	479,147
	296	Acuity Brands, Inc.	44,604
	1,223	AECOM	95,455
	811	Allegion PLC	84,944
	6,370	American Airlines Group, Inc.*	94,149
	2,143	AMETEK, Inc.	310,885
	423	Armstrong World Industries, Inc.	26,412
	3,891	Automatic Data Processing, Inc.	813,180
	254	Avis Budget Group, Inc.*	42,619
	1,033	AZEK Co., Inc. (The)*	24,017
	5,177	Boeing Co. (The)*	1,064,909
	1,219	Booz Allen Hamilton Holding Corp.	122,607
	1,204	Broadridge Financial Solutions, Inc.	176,651
	7,775	Carrier Global Corp.	317,998
	4,844	Caterpillar, Inc.	996,653
	1,098	Ceridian HCM Holding, Inc.*	67,911
	1,079	C.H. Robinson Worldwide, Inc.	102,009
	2,279	ChargePoint Holdings, Inc.*(a)	22,038
	808	Cintas Corp.	381,489
	19,554	CSX Corp.	599,721
	1,313	Cummins, Inc.	268,390
	2,535	Deere & Co.	877,059
	6,313	Delta Air Lines, Inc.*	229,351
	3,719	Eaton Corp. PLC	654,172
	5,304	Emerson Electric Co.	412,015
	2,183	FedEx Corp.	475,850
	3,295	Fortive Corp.	214,537
	1,198	Fortune Brands Innovations, Inc.	72,419
	312	FTI Consulting, Inc.*	58,659
	10,117	General Electric Co.	1,027,179

Shares		Description	Value
	Common Stocks – (continued)
	Industrials – (continued)
	1,681	Genpact Ltd.	$         61,827
	316	Hertz Global Holdings, Inc.*	4,955
	6,290	Honeywell International, Inc.	1,205,164
	497	Hubbell, Inc.	140,383
	706	IDEX Corp.	140,607
	2,843	Illinois Tool Works, Inc.	621,849
	3,778	Ingersoll Rand, Inc.	214,062
	1,186	Jacobs Solutions, Inc.	129,986
	6,447	Johnson Controls International PLC	384,886
	1,093	KBR, Inc.	64,509
	1,767	L3Harris Technologies, Inc.	310,851
	1,093	Leidos Holdings, Inc.	85,320
	295	Lennox International, Inc.	81,275
	520	Lincoln Electric Holdings, Inc.	88,223
	2,124	Lockheed Martin Corp.	943,077
	1,881	MDU Resources Group, Inc.	54,888
	455	Mercury Systems, Inc.*	18,468
	1,349	Northrop Grumman Corp.	587,476
	1,539	nVent Electric PLC	66,762
	613	Oshkosh Corp.	45,258
	3,881	Otis Worldwide Corp.	308,578
	866	Owens Corning	92,082
	13,729	Raytheon Technologies Corp.	1,264,990
	1,068	Rockwell Automation, Inc.	297,545
	501	Schneider National, Inc., Class B	12,986
	441	SiteOne Landscape Supply, Inc.*	60,810
	5,843	Southwest Airlines Co.	174,530
	973	Spirit AeroSystems Holdings, Inc., Class A	25,872
	1,371	Stanley Black & Decker, Inc.	102,784
	2,296	Sunrun, Inc.*	40,501
	1,938	Textron, Inc.	119,904
	556	Timken Co. (The)	39,782
	2,137	Trane Technologies PLC	348,823
	1,789	TransUnion	128,772
	18,948	Uber Technologies, Inc.*	718,698
	5,735	Union Pacific Corp.	1,104,102
	3,215	United Airlines Holdings, Inc.*	152,600
	6,862	United Parcel Service, Inc., Class B	1,145,954
	647	United Rentals, Inc.	215,962
	1,445	Verisk Analytics, Inc.	316,614
	4,532	Waste Management, Inc.	733,821
	1,894	WillScot Mobile Mini Holdings Corp.*	81,594
	548	Woodward, Inc.	57,765

GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF

Schedule of Investments (continued)

May 31, 2023 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Industrials – (continued)
	421	W.W. Grainger, Inc.	$       273,237
	1,667	Xylem, Inc.	167,033
			23,392,194
	Information Technology – 28.7%
	5,913	Accenture PLC, Class A	1,808,905
	3,685	Adobe, Inc.*	1,539,556
	13,006	Advanced Micro Devices, Inc.*	1,537,439
	1,242	Akamai Technologies, Inc.*	114,413
	4,075	Analog Devices, Inc.	724,087
	697	ANSYS, Inc.*	225,542
	121,058	Apple, Inc.	21,457,531
	6,780	Applied Materials, Inc.	903,774
	1,745	Autodesk, Inc.*	347,936
	3,180	Broadcom, Inc.	2,569,313
	2,190	Cadence Design Systems, Inc.*	505,693
	1,372	Ciena Corp.*	64,127
	442	Cirrus Logic, Inc.*	34,335
	38,499	Cisco Systems, Inc.	1,912,245
	2,267	Cloudflare, Inc., Class A*	156,786
	5,917	Corning, Inc.	182,303
	1,904	Dell Technologies, Inc., Class C	85,318
	1,583	DocuSign, Inc.*	89,281
	2,151	Dropbox, Inc., Class A*	49,516
	1,738	Dynatrace, Inc.*	88,621
	623	Elastic NV*	45,367
	475	F5, Inc.*	70,101
	959	First Solar, Inc.*	194,639
	5,182	Fortinet, Inc.*	354,086
	618	Gartner, Inc.*	211,887
	4,486	Gen Digital, Inc.	78,684
	1,255	GoDaddy, Inc., Class A*	92,092
	10,314	Hewlett Packard Enterprise Co.	148,728
	7,910	HP, Inc.	229,865
	33,350	Intel Corp.	1,048,524
	7,227	International Business Machines Corp.	929,320
	2,215	Intuit, Inc.	928,351
	530	Jamf Holding Corp.*	9,741
	2,985	Juniper Networks, Inc.	90,654
	1,669	Keysight Technologies, Inc.*	270,044
	1,085	Lam Research Corp.	669,120
	226	Littelfuse, Inc.	57,865
	6,814	Marvell Technology, Inc.	398,551

Shares		Description	Value
	Common Stocks – (continued)
	Information Technology – (continued)
	8,721	Micron Technology, Inc.	$       594,772
	60,270	Microsoft Corp.	19,792,065
	532	MongoDB, Inc.*	156,296
	1,540	Motorola Solutions, Inc.	434,157
	1,741	NetApp, Inc.	115,515
	430	New Relic, Inc.*	30,294
	19,054	NVIDIA Corp.	7,208,890
	1,212	Okta, Inc.*	110,171
	3,483	ON Semiconductor Corp.*	291,179
	12,277	Oracle Corp.	1,300,625
	2,396	Palo Alto Networks, Inc.*	511,282
	331	Pegasystems, Inc.	16,007
	2,260	Pure Storage, Inc., Class A*	65,065
	9,022	QUALCOMM, Inc.	1,023,185
	7,748	Salesforce, Inc.*	1,730,748
	1,633	ServiceNow, Inc.*	889,626
	1,018	Smartsheet, Inc., Class A*	50,472
	1,307	Splunk, Inc.*	129,772
	1,222	Synopsys, Inc.*	555,961
	818	Teradata Corp.*	38,331
	1,256	Teradyne, Inc.	125,839
	7,311	Texas Instruments, Inc.	1,271,237
	677	Thoughtworks Holding, Inc.*	5,578
	2,288	Trimble, Inc.*	106,781
	1,396	Twilio, Inc., Class A*	97,190
	329	Tyler Technologies, Inc.*	130,600
	1,678	VMware, Inc., Class A*	228,695
	2,551	Western Digital Corp.*	98,800
	991	Wolfspeed, Inc.*	47,608
	1,602	Workday, Inc., Class A*	339,608
	478	Zebra Technologies Corp., Class A*	125,508
	1,976	Zoom Video Communications, Inc., Class A*	132,649
	676	Zscaler, Inc.*	91,584
			78,070,430
	Materials – 2.5%
	2,015	Air Products and Chemicals, Inc.	542,317
	1,063	Albemarle Corp.	205,722
	611	AptarGroup, Inc.	68,731
	741	Avery Dennison Corp.	119,397
	2,055	Axalta Coating Systems Ltd.*	59,615
	2,868	Ball Corp.	146,727
	987	Celanese Corp.	102,668

GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF

Schedule of Investments (continued)

May 31, 2023 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Materials – (continued)
	1,779	CF Industries Holdings, Inc.	$       109,426
	4,642	Cleveland-Cliffs, Inc.*	64,431
	6,888	Corteva, Inc.	368,439
	6,406	Dow, Inc.	312,485
	4,275	DuPont de Nemours, Inc.	287,237
	1,087	Eastman Chemical Co.	83,797
	2,259	Ecolab, Inc.	372,848
	12,970	Freeport-McMoRan, Inc.	445,390
	2,316	International Flavors & Fragrances, Inc.	179,004
	3,227	International Paper Co.	95,003
	4,506	Linde PLC	1,593,592
	2,335	LyondellBasell Industries NV, Class A	199,736
	580	Martin Marietta Materials, Inc.	230,863
	7,225	Newmont Corp.	292,974
	2,330	Nucor Corp.	307,700
	855	Packaging Corp. of America	106,046
	367	Scotts Miracle-Gro Co. (The)	23,194
	1,874	SSR Mining, Inc. (Canada)	27,679
	1,230	Vulcan Materials Co.	240,465
	2,357	Westrock Co.	66,020
			6,651,506
	Real Estate – 2.9%
	4,274	American Homes 4 Rent, Class A REIT	146,513
	6,468	American Tower Corp. REIT	1,192,958
	2,083	Apartment Income REIT Corp. REIT	72,259
	1,939	AvalonBay Communities, Inc. REIT	337,347
	2,178	Boston Properties, Inc. REIT	106,003
	1,440	Camden Property Trust REIT	150,437
	4,381	CBRE Group, Inc., Class A*	328,224
	6,002	Crown Castle, Inc. REIT	679,486
	3,987	Digital Realty Trust, Inc. REIT	408,508
	1,285	Equinix, Inc. REIT	958,032
	5,149	Equity Residential REIT	313,059
	903	Essex Property Trust, Inc. REIT	195,102
	4,012	Iron Mountain, Inc. REIT	214,321
	1,485	JBG SMITH Properties REIT	21,028
	661	Jones Lang LaSalle, Inc.*	92,765
	8,394	Kimco Realty Corp. REIT	154,282
	12,837	Prologis, Inc. REIT	1,598,848
	1,483	SBA Communications Corp. REIT	328,900
	889	SL Green Realty Corp. REIT	20,563
	4,498	UDR, Inc. REIT	178,436

Shares		Description	Value
	Common Stocks – (continued)
	Real Estate – (continued)
	10,229	Weyerhaeuser Co. REIT	$       293,163
	785	Zillow Group, Inc., Class A*	35,160
	2,194	Zillow Group, Inc., Class C*	100,068
			7,925,462
	Utilities – 2.5%
	7,362	AES Corp. (The)	145,326
	2,839	Ameren Corp.	230,158
	5,681	American Electric Power Co., Inc.	472,205
	2,134	American Water Works Co., Inc.	308,256
	784	Avangrid, Inc.	29,423
	9,192	Dominion Energy, Inc.	462,174
	2,146	DTE Energy Co.	230,910
	8,506	Duke Energy Corp.	759,501
	4,150	Edison International	280,208
	2,243	Entergy Corp.	220,263
	3,804	Eversource Energy	263,351
	10,969	Exelon Corp.	434,921
	22,003	NextEra Energy, Inc.	1,616,340
	2,348	NRG Energy, Inc.	79,339
	5,499	Public Service Enterprise Group, Inc.	328,565
	3,476	Sempra Energy	498,910
	4,335	Vistra Corp.	103,910
	6,022	Xcel Energy, Inc.	393,176
			6,856,936
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $230,816,464)		$270,969,599

GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF

Schedule of Investments (continued)

May 31, 2023 (Unaudited)

Shares		Dividend Rate	Value
	Securities Lending Reinvestment Vehicle – 0.0%(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	88,914	5.003%	$         88,914
	(Cost $88,914)
	TOTAL INVESTMENTS – 99.7% (Cost $230,905,378)		$271,058,513
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.3%		827,541
	NET ASSETS – 100.0%		$271,886,054

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

GOLDMAN SACHS DEFENSIVE EQUITY ETF

Schedule of Investments

May 31, 2023 (Unaudited)

Shares		Description	Value
	Common Stocks – 90.0%
	Communication Services – 5.1%
	1,829	Alphabet, Inc., Class A*	$   224,729
	156	Electronic Arts, Inc.	19,968
	358	Fox Corp., Class A	11,169
	202	New York Times Co. (The), Class A	7,155
	115	Omnicom Group, Inc.	10,142
	464	Pinterest, Inc., Class A*	11,108
	127	T-Mobile US, Inc.*	17,431
	446	Walt Disney Co. (The)*	39,230
			340,932
	Consumer Discretionary – 7.9%
	113	Airbnb, Inc., Class A*	12,404
	143	Aptiv PLC*	12,596
	10	AutoZone, Inc.*	23,868
	11	Booking Holdings, Inc.*	27,597
	13	Chipotle Mexican Grill, Inc.*	26,994
	17	Deckers Outdoor Corp.*	8,075
	36	Domino’s Pizza, Inc.	10,435
	88	Genuine Parts Co.	13,106
	135	Hilton Worldwide Holdings, Inc.	18,376
	189	Home Depot, Inc. (The)	53,572
	148	Las Vegas Sands Corp.*	8,159
	143	LKQ Corp.	7,543
	153	Lowe’s Cos., Inc.	30,773
	117	Marriott International, Inc., Class A	19,631
	162	McDonald’s Corp.	46,188
	14	MercadoLibre, Inc. (Brazil)*	17,346
	278	NIKE, Inc., Class B	29,262
	26	O’Reilly Automotive, Inc.*	23,486
	172	Ross Stores, Inc.	17,823
	300	Starbucks Corp.	29,292
	416	TJX Cos., Inc. (The)	31,945
	70	Tractor Supply Co.	14,671
	32	Ulta Beauty, Inc.*	13,115
	41	Vail Resorts, Inc.	9,971
	139	Yum! Brands, Inc.	17,888
			524,116
	Consumer Staples – 8.5%
	97	Church & Dwight Co., Inc.	8,968
	99	Clorox Co. (The)	15,660

Shares		Description	Value
	Common Stocks – (continued)
	Consumer Staples – (continued)
	918	Coca-Cola Co. (The)	$     54,768
	344	Colgate-Palmolive Co.	25,587
	89	Constellation Brands, Inc., Class A	21,624
	89	Costco Wholesale Corp.	45,529
	82	Dollar General Corp.	16,489
	139	Dollar Tree, Inc.*	18,748
	62	Estee Lauder Cos., Inc. (The), Class A	11,410
	184	General Mills, Inc.	15,485
	50	Hershey Co. (The)	12,985
	547	Keurig Dr Pepper, Inc.	17,023
	172	Kimberly-Clark Corp.	23,096
	256	Kraft Heinz Co. (The)	9,784
	124	Lamb Weston Holdings, Inc.	13,789
	150	McCormick & Co., Inc.	12,859
	297	Mondelez International, Inc., Class A	21,803
	295	PepsiCo, Inc.	53,793
	493	Procter & Gamble Co. (The)	70,253
	175	Reynolds Consumer Products, Inc.	4,802
	269	Sysco Corp.	18,817
	156	Target Corp.	20,425
	360	Walmart, Inc.	52,873
			566,570
	Energy – 0.9%
	71	Diamondback Energy, Inc.	9,027
	611	Kinder Morgan, Inc.	9,843
	192	Occidental Petroleum Corp.	11,071
	195	ONEOK, Inc.	11,049
	592	Williams Cos., Inc. (The)	16,967
			57,957
	Financials – 8.7%
	214	Aflac, Inc.	13,741
	126	American Express Co.	19,979
	91	Aon PLC, Class A	28,054
	85	Arthur J Gallagher & Co.	17,028
	35	BlackRock, Inc.	23,014
	115	Chubb Ltd.	21,367
	106	CME Group, Inc.	18,948
	39	FactSet Research Systems, Inc.	15,011
	222	Fiserv, Inc.*	24,906

GOLDMAN SACHS DEFENSIVE EQUITY ETF

Schedule of Investments (continued)

May 31, 2023 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Financials – (continued)
	107	Global Payments, Inc.	$     10,453
	192	Intercontinental Exchange, Inc.	20,342
	536	JPMorgan Chase & Co.	72,741
	148	Marsh & McLennan Cos., Inc.	25,631
	175	Mastercard, Inc., Class A	63,879
	63	Moody’s Corp.	19,963
	40	MSCI, Inc.	18,821
	226	Nasdaq, Inc.	12,509
	292	PayPal Holdings, Inc.*	18,101
	101	Travelers Cos., Inc. (The)	17,093
	335	Visa, Inc., Class A	74,045
	714	Wells Fargo & Co.	28,424
	88	Willis Towers Watson PLC	19,259
			583,309
	Health Care – 16.2%
	438	Abbott Laboratories	44,676
	355	AbbVie, Inc.	48,976
	118	Agilent Technologies, Inc.	13,649
	46	Alnylam Pharmaceuticals, Inc.*	8,510
	61	AmerisourceBergen Corp.	10,379
	132	Amgen, Inc.	29,126
	113	Becton Dickinson & Co.	27,319
	482	Boston Scientific Corp.*	24,813
	450	Bristol-Myers Squibb Co.	28,998
	96	Bruker Corp.	6,633
	69	Cigna Group (The)	17,071
	24	Cooper Cos., Inc. (The)	8,917
	306	CVS Health Corp.	20,817
	145	Danaher Corp.	33,295
	226	DENTSPLY SIRONA, Inc.	8,163
	123	Dexcom, Inc.*	14,423
	186	Edwards Lifesciences Corp.*	15,667
	71	Elevance Health, Inc.	31,795
	165	Eli Lilly & Co.	70,861
	282	Gilead Sciences, Inc.	21,697
	62	HCA Healthcare, Inc.	16,380
	154	Henry Schein, Inc.*	11,381
	237	Hologic, Inc.*	18,697
	48	Humana, Inc.	24,090
	31	IDEXX Laboratories, Inc.*	14,408

Shares		Description	Value
	Common Stocks – (continued)
	Health Care – (continued)
	87	Intuitive Surgical, Inc.*	$     26,782
	58	IQVIA Holdings, Inc.*	11,421
	452	Johnson & Johnson	70,087
	42	McKesson Corp.	16,415
	458	Merck & Co., Inc.	50,568
	10	Mettler-Toledo International, Inc.*	13,219
	108	Moderna, Inc.*	13,793
	45	Molina Healthcare, Inc.*	12,325
	117	Quest Diagnostics, Inc.	15,520
	35	Regeneron Pharmaceuticals, Inc.*	25,745
	109	Stryker Corp.	30,038
	89	Thermo Fisher Scientific, Inc.	45,253
	175	UnitedHealth Group, Inc.	85,267
	105	Veeva Systems, Inc., Class A*	17,398
	89	Vertex Pharmaceuticals, Inc.*	28,798
	162	Zimmer Biomet Holdings, Inc.	20,629
	161	Zoetis, Inc.	26,245
			1,080,244
	Industrials – 12.7%
	113	AMETEK, Inc.	16,393
	127	Automatic Data Processing, Inc.	26,542
	162	Boeing Co. (The)*	33,323
	89	Booz Allen Hamilton Holding Corp.	8,952
	28	CACI International, Inc., Class A*	8,378
	397	Carrier Global Corp.	16,237
	130	Caterpillar, Inc.	26,748
	66	C.H. Robinson Worldwide, Inc.	6,240
	44	Cintas Corp.	20,774
	137	Copart, Inc.*	12,000
	155	CoStar Group, Inc.*	12,307
	108	Eaton Corp. PLC	18,997
	68	EMCOR Group, Inc.	11,209
	201	Emerson Electric Co.	15,614
	56	Equifax, Inc.	11,683
	122	Expeditors International of Washington, Inc.	13,458
	348	Fastenal Co.	18,740
	74	FedEx Corp.	16,131
	181	Fortive Corp.	11,785
	66	General Dynamics Corp.	13,476
	291	General Electric Co.	29,545

GOLDMAN SACHS DEFENSIVE EQUITY ETF

Schedule of Investments (continued)

May 31, 2023 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Industrials – (continued)
	101	Graco, Inc.	$       7,725
	191	Honeywell International, Inc.	36,596
	244	Howmet Aerospace, Inc.	10,431
	32	Hubbell, Inc.	9,039
	40	IDEX Corp.	7,966
	91	Illinois Tool Works, Inc.	19,904
	311	Ingersoll Rand, Inc.	17,621
	47	J.B. Hunt Transport Services, Inc.	7,848
	300	Johnson Controls International PLC	17,910
	58	L3Harris Technologies, Inc.	10,203
	73	Lockheed Martin Corp.	32,413
	40	MSA Safety, Inc.	5,502
	39	Nordson Corp.	8,499
	43	Northrop Grumman Corp.	18,726
	36	Old Dominion Freight Line, Inc.	11,176
	275	Otis Worldwide Corp.	21,865
	41	Parker-Hannifin Corp.	13,138
	221	Paychex, Inc.	23,190
	45	Paycom Software, Inc.	12,606
	416	Raytheon Technologies Corp.	38,330
	44	Rockwell Automation, Inc.	12,258
	170	Rollins, Inc.	6,684
	49	Tetra Tech, Inc.	6,736
	154	Union Pacific Corp.	29,648
	202	United Parcel Service, Inc., Class B	33,734
	57	Verisk Analytics, Inc.	12,489
	153	Waste Management, Inc.	24,774
	143	Westinghouse Air Brake Technologies Corp.	13,246
	28	W.W. Grainger, Inc.	18,173
	119	Xylem, Inc.	11,924
			848,886
	Information Technology – 24.4%
	139	Accenture PLC, Class A	42,523
	87	Akamai Technologies, Inc.*	8,014
	138	Amdocs Ltd.	12,995
	230	Amphenol Corp., Class A	17,354
	152	Analog Devices, Inc.	27,009
	53	ANSYS, Inc.*	17,150
	2,443	Apple, Inc.	433,022
	76	Arista Networks, Inc.*	12,642

Shares		Description	Value
	Common Stocks – (continued)
	Information Technology – (continued)
	74	Cadence Design Systems, Inc.*	$     17,087
	926	Cisco Systems, Inc.	45,994
	454	Corning, Inc.	13,988
	189	Dynatrace, Inc.*	9,637
	347	Fortinet, Inc.*	23,711
	53	Gartner, Inc.*	18,172
	92	GoDaddy, Inc., Class A*	6,751
	835	Intel Corp.	26,252
	199	International Business Machines Corp.	25,589
	71	Intuit, Inc.	29,758
	222	Juniper Networks, Inc.	6,742
	95	Keysight Technologies, Inc.*	15,371
	43	KLA Corp.	19,049
	1,168	Microsoft Corp.	383,560
	92	Motorola Solutions, Inc.	25,937
	400	NVIDIA Corp.	151,336
	733	Palantir Technologies, Inc., Class A*	10,782
	142	PTC, Inc.*	19,085
	48	Qualys, Inc.*	6,060
	56	Roper Technologies, Inc.	25,436
	209	Salesforce, Inc.*	46,686
	35	Synopsys, Inc.*	15,924
	135	TE Connectivity Ltd.	16,535
	26	Teledyne Technologies, Inc.*	10,105
	234	Texas Instruments, Inc.	40,688
	25	Tyler Technologies, Inc.*	9,924
	49	VeriSign, Inc.*	10,943
	83	Workday, Inc., Class A*	17,595
	46	Zebra Technologies Corp., Class A*	12,078
			1,631,484
	Materials – 1.7%
	76	Air Products and Chemicals, Inc.	20,455
	55	Avery Dennison Corp.	8,862
	245	Dow, Inc.	11,951
	109	Ecolab, Inc.	17,990
	69	FMC Corp.	7,182
	108	International Flavors & Fragrances, Inc.	8,347
	96	Linde PLC	33,951
	91	RPM International, Inc.	7,261
			115,999

GOLDMAN SACHS DEFENSIVE EQUITY ETF

Schedule of Investments (continued)

May 31, 2023 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Real Estate – 1.4%
	31	Equinix, Inc. REIT	$     23,112
	230	Equity Residential REIT	13,984
	114	Extra Space Storage, Inc. REIT	16,447
	185	Prologis, Inc. REIT	23,041
	70	Public Storage REIT	19,831
			96,415
	Utilities – 2.5%
	156	Ameren Corp.	12,647
	238	American Electric Power Co., Inc.	19,783
	78	Atmos Energy Corp.	8,992
	162	Consolidated Edison, Inc.	15,115
	112	Constellation Energy Corp.	9,410
	221	Duke Energy Corp.	19,733
	137	Evergy, Inc.	7,925
	357	Exelon Corp.	14,155
	336	FirstEnergy Corp.	12,563
	95	Pinnacle West Capital Corp.	7,342
	123	Sempra Energy	17,654
	322	Xcel Energy, Inc.	21,023
			166,342
	TOTAL INVESTMENTS – 90.0% (Cost $5,841,772)		$6,012,254
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 10.0%		665,996
	NET ASSETS – 100.0%		$6,678,250

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

GOLDMAN SACHS DEFENSIVE EQUITY ETF

Schedule of Investments (continued)

May 31, 2023 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At May 31, 2023, the Portfolio 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	06/16/23	$	628,575	$	44,402

PURCHASED & WRITTEN OPTIONS CONTRACTS — At May 31, 2023, the Portfolio 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		4,110.000		06/30/2023		31		$6,370,500	$	53,863	$	49,249	$	4,614
Total purchased option contract						31		$6,370,500	$	53,863	$	49,249	$	4,614

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		4,310.000		06/30/2023		(31)	$	(6,680,500	)	$	(42,238	)	$	(62,352	)	$	20,114
Puts
S&P 500 Index		3,850.000		06/30/2023		(31)		(5,967,500	)		(15,887	)		(15,463	)		(424	)
Total written option contracts						(62)	$	(12,648,000	)	$	(58,125	)	$	(77,815	)	$	19,690

GOLDMAN SACHS EQUITY ETF

Schedule of Investments (continued)

May 31, 2023 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS

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

Investments and Fair Value Measurements — The fair value of a financial instrument is 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). GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

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

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

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

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

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.

GOLDMAN SACHS EQUITY ETF

Schedule of Investments (continued)

May 31, 2023 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

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 the Funds’ investments may be determined under Valuation Procedures approved by the Trustees. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund’s NAV. Significant events which

GOLDMAN SACHS EQUITY ETF

Schedule of Investments (continued)

May 31, 2023 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

could affect a large number of securities in a particular market may include, but are not limited to: significant fluctuations in U.S. or foreign markets; market dislocations; market disruptions; or unscheduled market closings. Significant events which could also affect a single issuer may include, but are not limited to: corporate actions such as reorganizations, mergers and buy-outs; ratings downgrades; and bankruptcies. At May 31, 2020 the Funds did not hold Level 3 securities.

C. Fair Value Hierarchy — The following is a summary of the Funds’ investments and classified in the fair value hierarchy as of May 31, 2023:

BLOOMBERG CLEAN ENERGY EQUITY ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	2,635,978	$	28,568	$	—
Europe		2,342,981		—		—
North America		3,951,059		—		—
South America		29,247		10,877		—
Securities Lending Reinvestment Vehicle		439,614		—		—
Total	$	9,398,879	$	39,445	$	—
EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
North America	$	437,920,563	$	—	$	—
Total	$	437,920,563	$	—	$	—
HEDGE INDUSTRY VIP ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	5,016,829	$	—	$	—
Europe		2,410,888		—		—
North America		116,489,540		—		—
South America		2,336,754		—		—
Total	$	126,254,011	$	—	$	—

GOLDMAN SACHS EQUITY ETF

Schedule of Investments (continued)

May 31, 2023 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

INNOVATE EQUITY ETF
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	45,951,021		$	484,400	$	—
Europe		29,277,391			—		—
North America		243,218,025			—		—
Oceania		475,268			—		—
South America		4,107,716			—		—
Rights		—			28,403		—
Exchange-Traded Funds		610,516			—		—
Securities Lending Reinvestment Vehicle		10,948,095			—		—
Total	$	334,588,032		$	512,803	$	—
JUST U.S. LARGE CAP EQUITY ETF
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
North America	$	270,969,599		$	—	$	—
Securities Lending Reinvestment Vehicle		88,914			—		—
Total	$	271,058,513		$	—	$	—
DEFENSIVE EQUITY ETF
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
North America	$	5,994,908		$	—	$	—
South America		17,346			—		—
Total	$	6,012,254		$	—	$	—
Derivative Type
Assets
Futures(b)	$	44,402		$	—	$	—
Purchased Put Options		53,863			—		—
Total	$	98,265		$	—	$	—
Liabilities
Written Put Options	$	(58,125	)	$	—	$	—
Total	$	(58,125	)	$	—	$	—

(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.

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

GOLDMAN SACHS EQUITY ETF

Schedule of Investments (continued)

May 31, 2023 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

D. 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 May 31, 2023, are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities, where applicable.

GOLDMAN SACHS EQUITY ETF

Schedule of Investments (continued)

May 31, 2023 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

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 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.

GOLDMAN SACHS EQUITY ETF

Schedule of Investments (continued)

May 31, 2023 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

Foreign Custody Risk — A Fund invests in foreign securities, and as such the Fund may hold such securities and cash with foreign banks, agents, and securities depositories appointed by the Fund’s custodian (each a “Foreign Custodian”). Some foreign custodians may be recently organized or new to the foreign custody business. In some countries, Foreign Custodians may be subject to little or no regulatory oversight over, or independent evaluation of, their operations. Further, the laws of certain countries may place limitations on a Fund’s ability to recover its assets if a Foreign Custodian enters bankruptcy. Investments in emerging markets may be subject to even greater custody risks than investments in more developed markets. Custody services in emerging market countries are very often undeveloped and may be considerably less well regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries.

Index Risk (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.

GOLDMAN SACHS EQUITY ETF

Schedule of Investments (continued)

May 31, 2023 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

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

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