Goldman Sachs ETF Trust (GPRF) NPORT-P Goldman Sachs MarketBeta U.S. Equity ETF (Nov 2023 report)

GOLDMAN

SACHS

MARKETBETA

®

EMERGING

MARKETS

EQUITY

ETF

Schedule

of

Investments

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

97.2%

Australia

–

0.0%

2,920

Yancoal

Australia

Ltd.

(Energy)

(a)

$

9,347

Brazil

–

4.6%

57,341

Ambev

SA

(Consumer

Staples)

159,156

7,397

Atacadao

SA

(Consumer

Staples)

17,007

73,361

B3

SA

–

Brasil

Bolsa

Balcao

(Financials)

197,821

19,288

Banco

Bradesco

SA

(Financials)

55,843

19,425

Banco

BTG

Pactual

SA

(Financials)

139,969

11,175

Banco

do

Brasil

SA

(Financials)

122,959

4,936

Banco

Santander

Brasil

SA

(Financials)

31,024

8,924

BB

Seguridade

Participacoes

SA

(Financials)

56,632

7,132

Caixa

Seguridade

Participacoes

SA

(Financials)

16,528

13,195

CCR

SA

(Industrials)

36,223

15,344

Centrais

Eletricas

Brasileiras

SA

(Utilities)

127,113

4,526

Cia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo

(Utilities)

61,995

3,860

Cia

Energetica

de

Minas

Gerais

(Utilities)

12,162

9,732

Cia

Paranaense

de

Energia

(Utilities)

17,344

8,297

Cia

Siderurgica

Nacional

SA

(Materials)

27,622

15,438

Cosan

SA

(Energy)

55,558

2,597

CPFL

Energia

SA

(Utilities)

19,508

5,839

CSN

Mineracao

SA

(Materials)

8,476

3,955

Energisa

SA

(Utilities)

42,322

7,940

Eneva

SA

(Utilities)*

20,428

2,419

Engie

Brasil

Energia

SA

(Utilities)

21,334

12,965

Equatorial

Energia

SA

(Utilities)

89,531

62,993

Hapvida

Participacoes

e

Investimentos

SA

(Health

Care)*

(a)

55,812

5,245

Hypera

SA

(Health

Care)

35,922

6,194

Itau

Unibanco

Holding

SA

(Financials)

33,606

11,261

Klabin

SA

(Materials)

51,530

11,088

Localiza

Rent

a

Car

SA

(Industrials)

134,974

12,608

Lojas

Renner

SA

(Consumer

Discretionary)

41,846

39,750

Magazine

Luiza

SA

(Consumer

Discretionary)*

16,280

3,766

Multiplan

Empreendimentos

Imobiliarios

SA

(Real

Estate)

20,761

11,222

Natura

&

Co.

Holding

SA

(Consumer

Staples)*

37,518

2,697

Neoenergia

SA

(Utilities)

10,592

29,920

NU

Holdings

Ltd.,

Class

A

(Financials)*

243,549

Shares

Description

Value

a

Common

Stocks

–

(continued)

Brazil

–

(continued)

2,779

Pagseguro

Digital

Ltd.,

Class

A

(Financials)*

$

28,012

48,147

Petroleo

Brasileiro

SA

(Energy)

368,015

2,604

Porto

Seguro

SA

(Financials)

14,783

9,372

PRIO

SA

(Energy)*

87,274

16,642

Raia

Drogasil

SA

(Consumer

Staples)

94,745

12,828

Rede

D’Or

Sao

Luiz

SA

(Health

Care)

(a)

69,182

16,156

Rumo

SA

(Industrials)

75,011

17,586

Sendas

Distribuidora

SA

(Consumer

Staples)

46,102

3,181

StoneCo

Ltd.,

Class

A

(Financials)*

49,624

9,156

Suzano

SA

(Materials)

99,835

5,380

Telefonica

Brasil

SA

(Communication

Services)

57,549

10,404

TIM

SA

(Communication

Services)

36,366

6,905

TOTVS

SA

(Information

Technology)

46,633

9,691

Ultrapar

Participacoes

SA

(Energy)

49,612

51,055

Vale

SA

(Materials)

764,440

14,938

Vibra

Energia

SA

(Consumer

Discretionary)

70,719

19,294

WEG

SA

(Industrials)

133,745

5,118

XP,

Inc.,

Class

A

(Financials)

119,198

4,229,790

Chile

–

0.4%

569,488

Banco

de

Chile

(Financials)

64,273

1,163

Banco

de

Credito

e

Inversiones

SA

(Financials)

31,377

804,896

Banco

Santander

Chile

(Financials)

39,681

17,323

Cencosud

SA

(Consumer

Staples)

32,325

1,746

Cia

Cervecerias

Unidas

SA

(Consumer

Staples)

10,740

199,745

Cia

Sud

Americana

de

Vapores

SA

(Industrials)

11,642

15,570

Empresas

CMPC

SA

(Materials)

30,256

5,470

Empresas

Copec

SA

(Energy)

40,670

254,792

Enel

Americas

SA

(Utilities)*

29,801

342,102

Enel

Chile

SA

(Utilities)

21,677

15,610

Falabella

SA

(Consumer

Discretionary)*

36,609

5,821,468

Latam

Airlines

Group

SA

(Industrials)*

56,998

406,049

China

–

26.3%

5,765

360

Security

Technology,

Inc.,

Class

A

(Information

Technology)*

7,007

GOLDMAN

SACHS

MARKETBETA

®

EMERGING

MARKETS

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

1,268

37

Interactive

Entertainment

Network

Technology

Group

Co.

Ltd.,

Class

A

(Communication

Services)

$

3,933

700

Accelink

Technologies

Co.

Ltd.,

Class

A

(Information

Technology)

2,680

578

Advanced

Micro-Fabrication

Equipment

Inc

China,

Class

A

(Information

Technology)

13,752

724

AECC

Aero-Engine

Control

Co.

Ltd.,

Class

A

(Industrials)

2,079

1,962

AECC

Aviation

Power

Co.

Ltd.,

Class

A

(Industrials)

9,880

72,244

Agricultural

Bank

of

China

Ltd.,

Class

A

(Financials)

37,027

368,036

Agricultural

Bank

of

China

Ltd.,

Class

H

(Financials)

136,182

7,602

Aier

Eye

Hospital

Group

Co.

Ltd.,

Class

A

(Health

Care)

18,161

450

AIMA

Technology

Group

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

1,810

5,484

Air

China

Ltd.,

Class

A

(Industrials)*

6,197

23,471

Air

China

Ltd.,

Class

H

(Industrials)*

15,807

2,245

Airtac

International

Group

(Industrials)

77,971

1,300

Aisino

Corp.,

Class

A

(Information

Technology)

2,015

6,141

Akeso,

Inc.

(Health

Care)*

(a)

39,196

206,704

Alibaba

Group

Holding

Ltd.

(Consumer

Discretionary)*

1,925,370

11,364

Aluminum

Corp.

of

China

Ltd.,

Class

A

(Materials)

8,816

49,081

Aluminum

Corp.

of

China

Ltd.,

Class

H

(Materials)

24,257

578

Amlogic

Shanghai

Co.

Ltd.,

Class

A

(Information

Technology)

4,952

5,054

Angang

Steel

Co.

Ltd.,

Class

A

(Materials)

1,812

19,246

Angang

Steel

Co.

Ltd.,

Class

H

(Materials)

3,943

731

Angel

Yeast

Co.

Ltd.,

Class

A

(Consumer

Staples)

3,737

3,373

Anhui

Conch

Cement

Co.

Ltd.,

Class

A

(Materials)

10,864

15,390

Anhui

Conch

Cement

Co.

Ltd.,

Class

H

(Materials)

36,020

995

Anhui

Gujing

Distillery

Co.

Ltd.,

Class

A

(Consumer

Staples)

36,027

1,700

Anhui

Jianghuai

Automobile

Group

Corp.

Ltd.,

Class

A

(Consumer

Discretionary)*

4,199

305

Anhui

Kouzi

Distillery

Co.

Ltd.,

Class

A

(Consumer

Staples)

2,017

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

562

Anhui

Yingjia

Distillery

Co.

Ltd.,

Class

A

(Consumer

Staples)

$

5,916

181

Anjoy

Foods

Group

Co.

Ltd.,

Class

A

(Consumer

Staples)

2,897

300

Anker

Innovations

Technology

Co.

Ltd.,

Class

A

(Information

Technology)

3,713

16,649

ANTA

Sports

Products

Ltd.

(Consumer

Discretionary)

173,625

843

Apeloa

Pharmaceutical

Co.

Ltd.,

Class

A

(Health

Care)

1,969

700

Asia

-

Potash

International

Investment

Guangzhou

Co.

Ltd.,

Class

A

(Materials)*

2,660

174

Asymchem

Laboratories

Tianjin

Co.

Ltd.,

Class

A

(Health

Care)

3,509

311

Asymchem

Laboratories

Tianjin

Co.

Ltd.,

Class

H

(Health

Care)

(a)

4,269

300

Autobio

Diagnostics

Co.

Ltd.,

Class

A

(Health

Care)

2,157

939

Autohome,

Inc.

ADR

(Communication

Services)

25,644

1,439

Avary

Holding

Shenzhen

Co.

Ltd.,

Class

A

(Information

Technology)

4,343

7,430

AVIC

Industry-Finance

Holdings

Co.

Ltd.,

Class

A

(Financials)

3,402

31,134

AviChina

Industry

&

Technology

Co.

Ltd.,

Class

H

(Industrials)

14,111

300

AVICOPTER

PLC,

Class

A

(Industrials)

1,572

4,100

BAIC

BluePark

New

Energy

Technology

Co.

Ltd.,

Class

A

(Consumer

Discretionary)*

3,720

3,675

Baidu,

Inc.

ADR

(Communication

Services)*

436,076

18,123

Bank

of

Beijing

Co.

Ltd.,

Class

A

(Financials)

11,497

3,100

Bank

of

Changsha

Co.

Ltd.,

Class

A

(Financials)

2,948

3,095

Bank

of

Chengdu

Co.

Ltd.,

Class

A

(Financials)

4,902

33,811

Bank

of

China

Ltd.,

Class

A

(Financials)

18,892

1,087,912

Bank

of

China

Ltd.,

Class

H

(Financials)

399,768

32,003

Bank

of

Communications

Co.

Ltd.,

Class

A

(Financials)

26,172

94,618

Bank

of

Communications

Co.

Ltd.,

Class

H

(Financials)

55,848

2,700

Bank

of

Guiyang

Co.

Ltd.,

Class

A

(Financials)

1,925

4,910

Bank

of

Hangzhou

Co.

Ltd.,

Class

A

(Financials)

6,835

GOLDMAN

SACHS

MARKETBETA

®

EMERGING

MARKETS

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

12,062

Bank

of

Jiangsu

Co.

Ltd.,

Class

A

(Financials)

$

11,182

8,284

Bank

of

Nanjing

Co.

Ltd.,

Class

A

(Financials)

8,376

5,352

Bank

of

Ningbo

Co.

Ltd.,

Class

A

(Financials)

17,178

11,954

Bank

of

Shanghai

Co.

Ltd.,

Class

A

(Financials)

9,860

2,700

Bank

of

Suzhou

Co.

Ltd.,

Class

A

(Financials)

2,454

6,036

Bank

of

Zhengzhou

Co.

Ltd.,

Class

A

(Financials)*

1,741

16,547

Baoshan

Iron

&

Steel

Co.

Ltd.,

Class

A

(Materials)

14,413

7,027

BBMG

Corp.,

Class

A

(Materials)

1,988

633

BeiGene

Ltd.

ADR

(Health

Care)*

118,333

5,500

Beijing

Capital

Eco-

Environment

Protection

Group

Co.

Ltd.,

Class

A

(Utilities)

2,080

300

Beijing

Compass

Technology

Development

Co.

Ltd.,

Class

A

(Financials)*

2,433

3,654

Beijing

Dabeinong

Technology

Group

Co.

Ltd.,

Class

A

(Consumer

Staples)

3,725

181

Beijing

Easpring

Material

Technology

Co.

Ltd.,

Class

A

(Industrials)

1,038

700

Beijing

E-Hualu

Information

Technology

Co.

Ltd.,

Class

A

(Information

Technology)*

3,317

2,249

Beijing

Enlight

Media

Co.

Ltd.,

Class

A

(Communication

Services)

2,504

6,510

Beijing

Enterprises

Holdings

Ltd.

(Utilities)

21,588

53,079

Beijing

Enterprises

Water

Group

Ltd.

(Utilities)

10,670

578

Beijing

Kingsoft

Office

Software,

Inc.,

Class

A

(Information

Technology)

24,424

1,011

Beijing

New

Building

Materials

PLC,

Class

A

(Industrials)

3,307

2,100

Beijing

Oriental

Yuhong

Waterproof

Technology

Co.

Ltd.,

Class

A

(Materials)

6,331

2,530

Beijing

Originwater

Technology

Co.

Ltd.,

Class

A

(Industrials)

1,800

1,443

Beijing

Shiji

Information

Technology

Co.

Ltd.,

Class

A

(Information

Technology)*

2,156

1,968

Beijing

Shougang

Co.

Ltd.,

Class

A

(Materials)*

1,009

1,300

Beijing

Tiantan

Biological

Products

Corp.

Ltd.,

Class

A

(Health

Care)

5,831

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

1,124

Beijing

Tongrentang

Co.

Ltd.,

Class

A

(Health

Care)

$

8,366

571

Beijing

United

Information

Technology

Co.

Ltd.,

Class

A

(Industrials)

2,719

590

Beijing

Wantai

Biological

Pharmacy

Enterprise

Co.

Ltd.,

Class

A

(Health

Care)

4,034

2,100

Beijing

Yanjing

Brewery

Co.

Ltd.,

Class

A

(Consumer

Staples)

2,926

32,000

Beijing-Shanghai

High

Speed

Railway

Co.

Ltd.,

Class

A

(Industrials)

22,630

6,200

Beiqi

Foton

Motor

Co.

Ltd.,

Class

A

(Consumer

Discretionary)*

2,648

181

Bethel

Automotive

Safety

Systems

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

1,978

181

Betta

Pharmaceuticals

Co.

Ltd.,

Class

A

(Health

Care)

1,445

434

BGI

Genomics

Co.

Ltd.,

Class

A

(Health

Care)

3,118

3,271

Bilibili,

Inc.,

Class

Z

(Communication

Services)*

37,651

578

Bloomage

Biotechnology

Corp.

Ltd.,

Class

A

(Health

Care)

5,764

2,100

Bluefocus

Intelligent

Communications

Group

Co.

Ltd.,

Class

A

(Communication

Services)*

2,164

2,869

BOC

Aviation

Ltd.

(Industrials)

(a)

20,644

46,667

BOC

Hong

Kong

Holdings

Ltd.

(Financials)

124,879

1,968

BOC

International

China

Co.

Ltd.,

Class

A

(Financials)

2,968

31,137

BOE

Technology

Group

Co.

Ltd.,

Class

A

(Information

Technology)

16,874

1,000

BTG

Hotels

Group

Co.

Ltd.,

Class

A

(Consumer

Discretionary)*

2,421

1,295

BYD

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

36,115

12,971

BYD

Co.

Ltd.,

Class

H

(Consumer

Discretionary)

348,759

849

By-health

Co.

Ltd.,

Class

A

(Consumer

Staples)

2,176

7,223

C&D

International

Investment

Group

Ltd.

(Real

Estate)

14,760

2,100

Caida

Securities

Co.

Ltd.,

Class

A

(Financials)

2,279

3,657

Caitong

Securities

Co.

Ltd.,

Class

A

(Financials)

4,128

2,291

CALB

Group

Co.

Ltd.

(Consumer

Discretionary)*

(a)

5,456

GOLDMAN

SACHS

MARKETBETA

®

EMERGING

MARKETS

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

710

Canmax

Technologies

Co.

Ltd.,

Class

A

(Materials)

$

2,396

712

Cathay

Biotech,

Inc.,

Class

A

(Materials)

5,420

3,100

CECEP

Solar

Energy

Co.

Ltd.,

Class

A

(Utilities)

2,418

4,497

CECEP

Wind-Power

Corp.,

Class

A

(Utilities)

1,940

562

CETC

Cyberspace

Security

Technology

Co.

Ltd.,

Class

A

(Information

Technology)

1,802

12,086

CGN

Power

Co.

Ltd.,

Class

A

(Utilities)

5,128

135,497

CGN

Power

Co.

Ltd.,

Class

H

(Utilities)

(a)

32,615

181

Changchun

High

&

New

Technology

Industry

Group,

Inc.,

Class

A

(Health

Care)

4,078

4,488

Changjiang

Securities

Co.

Ltd.,

Class

A

(Financials)

3,494

181

Changzhou

Xingyu

Automotive

Lighting

Systems

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

3,654

1,421

Chaozhou

Three-Circle

Group

Co.

Ltd.,

Class

A

(Information

Technology)

5,834

843

Chengxin

Lithium

Group

Co.

Ltd.,

Class

A

(Materials)

2,568

1,300

Chifeng

Jilong

Gold

Mining

Co.

Ltd.,

Class

A

(Materials)*

2,532

700

China

Automotive

Engineering

Research

Institute

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

2,110

2,249

China

Baoan

Group

Co.

Ltd.,

Class

A

(Industrials)

3,682

116,877

China

Cinda

Asset

Management

Co.

Ltd.,

Class

H

(Financials)

11,373

4,801

China

CITIC

Bank

Corp.

Ltd.,

Class

A

(Financials)

3,624

137,021

China

CITIC

Bank

Corp.

Ltd.,

Class

H

(Financials)

61,929

2,805

China

Coal

Energy

Co.

Ltd.,

Class

A

(Energy)

3,665

28,848

China

Coal

Energy

Co.

Ltd.,

Class

H

(Energy)

24,452

31,098

China

Communications

Services

Corp.

Ltd.,

Class

H

(Industrials)

13,259

7,888

China

Construction

Bank

Corp.,

Class

A

(Financials)

7,069

1,225,156

China

Construction

Bank

Corp.,

Class

H

(Financials)

709,026

3,368

China

CSSC

Holdings

Ltd.,

Class

A

(Industrials)

13,036

6,591

China

Eastern

Airlines

Corp.

Ltd.,

Class

A

(Industrials)*

3,877

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

27,146

China

Eastern

Airlines

Corp.

Ltd.,

Class

H

(Industrials)*

$

8,759

25,657

China

Energy

Engineering

Corp.

Ltd.,

Class

A

(Industrials)

7,653

80,851

China

Energy

Engineering

Corp.

Ltd.,

Class

H

(Industrials)

7,764

34,651

China

Everbright

Bank

Co.

Ltd.,

Class

A

(Financials)

14,023

100,551

China

Everbright

Bank

Co.

Ltd.,

Class

H

(Financials)

28,709

48,363

China

Everbright

Environment

Group

Ltd.

(Industrials)

15,914

43,974

China

Feihe

Ltd.

(Consumer

Staples)

(a)

25,787

1,300

China

Film

Co.

Ltd.,

Class

A

(Communication

Services)*

2,239

5,200

China

First

Heavy

Industries

Co.

Ltd.,

Class

A

(Industrials)*

2,112

2,805

China

Galaxy

Securities

Co.

Ltd.,

Class

A

(Financials)

4,914

46,163

China

Galaxy

Securities

Co.

Ltd.,

Class

H

(Financials)

24,706

1,968

China

Great

Wall

Securities

Co.

Ltd.,

Class

A

(Financials)

2,285

2,537

China

Greatwall

Technology

Group

Co.

Ltd.,

Class

A

(Information

Technology)

3,965

31,490

China

Hongqiao

Group

Ltd.

(Materials)

25,683

1,305

China

International

Capital

Corp.

Ltd.,

Class

A

(Financials)

7,420

19,647

China

International

Capital

Corp.

Ltd.,

Class

H

(Financials)

(a)

31,092

2,274

China

International

Marine

Containers

Group

Co.

Ltd.,

Class

A

(Industrials)

2,509

91,745

China

Jinmao

Holdings

Group

Ltd.

(Real

Estate)

10,455

3,362

China

Jushi

Co.

Ltd.,

Class

A

(Materials)

5,212

13,372

China

Lesso

Group

Holdings

Ltd.

(Industrials)

7,396

1,574

China

Life

Insurance

Co.

Ltd.,

Class

A

(Financials)

6,621

96,817

China

Life

Insurance

Co.

Ltd.,

Class

H

(Financials)

131,150

4,761

China

Literature

Ltd.

(Communication

Services)*

(a)

16,245

43,469

China

Longyuan

Power

Group

Corp.

Ltd.,

Class

H

(Utilities)

32,559

16,371

China

Medical

System

Holdings

Ltd.

(Health

Care)

31,483

15,998

China

Merchants

Bank

Co.

Ltd.,

Class

A

(Financials)

64,498

49,222

China

Merchants

Bank

Co.

Ltd.,

Class

H

(Financials)

172,050

GOLDMAN

SACHS

MARKETBETA

®

EMERGING

MARKETS

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

6,746

China

Merchants

Energy

Shipping

Co.

Ltd.,

Class

A

(Energy)

$

5,678

2,968

China

Merchants

Expressway

Network

&

Technology

Holdings

Co.

Ltd.,

Class

A

(Industrials)

4,094

16,606

China

Merchants

Port

Holdings

Co.

Ltd.

(Industrials)

21,262

6,179

China

Merchants

Securities

Co.

Ltd.,

Class

A

(Financials)

12,175

6,063

China

Merchants

Securities

Co.

Ltd.,

Class

H

(Financials)

(a)

4,960

5,341

China

Merchants

Shekou

Industrial

Zone

Holdings

Co.

Ltd.,

Class

A

(Real

Estate)

7,793

29,332

China

Minsheng

Banking

Corp.

Ltd.,

Class

A

(Financials)

15,814

91,393

China

Minsheng

Banking

Corp.

Ltd.,

Class

H

(Financials)

30,541

57,020

China

National

Building

Material

Co.

Ltd.,

Class

H

(Materials)

25,406

5,059

China

National

Chemical

Engineering

Co.

Ltd.,

Class

A

(Industrials)

4,690

700

China

National

Medicines

Corp.

Ltd.,

Class

A

(Health

Care)

2,995

15,559

China

National

Nuclear

Power

Co.

Ltd.,

Class

A

(Utilities)

15,317

460

China

National

Software

&

Service

Co.

Ltd.,

Class

A

(Information

Technology)

2,216

2,972

China

Northern

Rare

Earth

Group

High-Tech

Co.

Ltd.,

Class

A

(Materials)

8,257

843

China

Oilfield

Services

Ltd.,

Class

A

(Energy)

1,761

24,947

China

Oilfield

Services

Ltd.,

Class

H

(Energy)

26,831

49,080

China

Overseas

Land

&

Investment

Ltd.

(Real

Estate)

90,741

16,871

China

Overseas

Property

Holdings

Ltd.

(Real

Estate)

13,738

5,472

China

Pacific

Insurance

Group

Co.

Ltd.,

Class

A

(Financials)

18,460

33,421

China

Pacific

Insurance

Group

Co.

Ltd.,

Class

H

(Financials)

70,605

25,238

China

Petroleum

&

Chemical

Corp.,

Class

A

(Energy)

19,332

312,402

China

Petroleum

&

Chemical

Corp.,

Class

H

(Energy)

160,795

4,100

China

Petroleum

Engineering

Corp.,

Class

A

(Energy)

1,826

63,985

China

Power

International

Development

Ltd.

(Utilities)

23,512

3,855

China

Railway

Construction

Heavy

Industry

Corp.

Ltd.,

Class

A

(Industrials)

2,224

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

16,986

China

Railway

Group

Ltd.,

Class

A

(Industrials)

$

13,416

55,094

China

Railway

Group

Ltd.,

Class

H

(Industrials)

24,195

5,245

China

Railway

Signal

&

Communication

Corp.

Ltd.,

Class

A

(Information

Technology)

3,195

22,339

China

Railway

Signal

&

Communication

Corp.

Ltd.,

Class

H

(Information

Technology)

(a)

6,779

843

China

Rare

Earth

Resources

And

Technology

Co.

Ltd.,

Class

A

(Materials)

3,302

20,284

China

Resources

Beer

Holdings

Co.

Ltd.

(Consumer

Staples)

91,417

30,281

China

Resources

Cement

Holdings

Ltd.

(Materials)

6,979

11,615

China

Resources

Gas

Group

Ltd.

(Utilities)

36,435

37,513

China

Resources

Land

Ltd.

(Real

Estate)

137,366

851

China

Resources

Microelectronics

Ltd.,

Class

A

(Information

Technology)

5,596

7,939

China

Resources

Mixc

Lifestyle

Services

Ltd.

(Real

Estate)

(a)

30,037

21,497

China

Resources

Pharmaceutical

Group

Ltd.

(Health

Care)

(a)

13,432

23,195

China

Resources

Power

Holdings

Co.

Ltd.

(Utilities)

44,725

843

China

Resources

Sanjiu

Medical

&

Pharmaceutical

Co.

Ltd.,

Class

A

(Health

Care)

5,735

83,680

China

Ruyi

Holdings

Ltd.

(Communication

Services)*

18,964

5,468

China

Shenhua

Energy

Co.

Ltd.,

Class

A

(Energy)

24,112

43,929

China

Shenhua

Energy

Co.

Ltd.,

Class

H

(Energy)

143,706

1,300

China

South

Publishing

&

Media

Group

Co.

Ltd.,

Class

A

(Communication

Services)

1,966

8,989

China

Southern

Airlines

Co.

Ltd.,

Class

A

(Industrials)*

7,742

22,796

China

Southern

Airlines

Co.

Ltd.,

Class

H

(Industrials)*

10,945

2,100

China

Southern

Power

Grid

Energy

Efficiency

&

Clean

Energy

Co.

Ltd.,

Class

A

(Industrials)

1,582

1,000

China

Southern

Power

Grid

Energy

Storage

Co.

Ltd.,

Class

A

(Utilities)

1,344

34,773

China

State

Construction

Engineering

Corp.

Ltd.,

Class

A

(Industrials)

24,201

GOLDMAN

SACHS

MARKETBETA

®

EMERGING

MARKETS

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

24,318

China

State

Construction

International

Holdings

Ltd.

(Industrials)

$

28,209

1,305

China

Suntien

Green

Energy

Corp.

Ltd.,

Class

A

(Energy)

1,433

23,826

China

Suntien

Green

Energy

Corp.

Ltd.,

Class

H

(Energy)

7,932

19,296

China

Taiping

Insurance

Holdings

Co.

Ltd.

(Financials)

17,492

23,711

China

Three

Gorges

Renewables

Group

Co.

Ltd.,

Class

A

(Utilities)

15,274

1,304

China

Tourism

Group

Duty

Free

Corp.

Ltd.,

Class

A

(Consumer

Discretionary)

16,279

1,170

China

Tourism

Group

Duty

Free

Corp.

Ltd.,

Class

H

(Consumer

Discretionary)

(a)

12,733

573,836

China

Tower

Corp.

Ltd.,

Class

H

(Communication

Services)

(a)

59,512

26,241

China

United

Network

Communications

Ltd.,

Class

A

(Communication

Services)

16,132

8,161

China

Vanke

Co.

Ltd.,

Class

A

(Real

Estate)

13,074

29,168

China

Vanke

Co.

Ltd.,

Class

H

(Real

Estate)

29,466

4,100

China

XD

Electric

Co.

Ltd.,

Class

A

(Industrials)

2,647

18,127

China

Yangtze

Power

Co.

Ltd.,

Class

A

(Utilities)

57,953

562

China

Zhenhua

Group

Science

&

Technology

Co.

Ltd.,

Class

A

(Information

Technology)

5,086

15,176

China

Zheshang

Bank

Co.

Ltd.,

Class

A

(Financials)

5,377

33,071

China

Zheshang

Bank

Co.

Ltd.,

Class

H

(Financials)

9,019

1,834

Chindata

Group

Holdings

Ltd.

ADR

(Information

Technology)*

(b)

15,442

447

Chongqing

Brewery

Co.

Ltd.,

Class

A

(Consumer

Staples)

4,460

18,097

Chongqing

Changan

Automobile

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

51,648

7,870

Chongqing

Rural

Commercial

Bank

Co.

Ltd.,

Class

A

(Financials)

4,485

32,122

Chongqing

Rural

Commercial

Bank

Co.

Ltd.,

Class

H

(Financials)

11,886

300

Chongqing

Taiji

Industry

Group

Co.

Ltd.,

Class

A

(Health

Care)*

2,167

1,822

Chongqing

Zhifei

Biological

Products

Co.

Ltd.,

Class

A

(Health

Care)

16,641

84,129

CITIC

Ltd.

(Industrials)

79,279

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

1,305

Citic

Pacific

Special

Steel

Group

Co.

Ltd.,

Class

A

(Materials)

$

2,606

9,287

CITIC

Securities

Co.

Ltd.,

Class

A

(Financials)

27,896

25,616

CITIC

Securities

Co.

Ltd.,

Class

H

(Financials)

53,198

14,198

CMOC

Group

Ltd.,

Class

A

(Materials)

10,359

49,488

CMOC

Group

Ltd.,

Class

H

(Materials)

28,260

562

CNGR

Advanced

Material

Co.

Ltd.,

Class

A

(Materials)

3,870

4,800

CNOOC

Energy

Technology

&

Services

Ltd.,

Class

A

(Energy)

1,949

3,092

CNPC

Capital

Co.

Ltd.,

Class

A

(Financials)

2,490

3,309

Contemporary

Amperex

Technology

Co.

Ltd.,

Class

A

(Industrials)

77,385

8,151

COSCO

SHIPPING

Development

Co.

Ltd.,

Class

A

(Industrials)

2,660

3,092

COSCO

SHIPPING

Energy

Transportation

Co.

Ltd.,

Class

A

(Energy)

5,707

17,854

COSCO

SHIPPING

Energy

Transportation

Co.

Ltd.,

Class

H

(Energy)

17,328

10,533

COSCO

SHIPPING

Holdings

Co.

Ltd.,

Class

A

(Industrials)

14,765

41,010

COSCO

SHIPPING

Holdings

Co.

Ltd.,

Class

H

(Industrials)

37,805

179,728

Country

Garden

Holdings

Co.

Ltd.

(Real

Estate)*

(b)

20,250

29,561

Country

Garden

Services

Holdings

Co.

Ltd.

(Real

Estate)

27,932

19,800

CRRC

Corp.

Ltd.,

Class

A

(Industrials)

14,418

59,585

CRRC

Corp.

Ltd.,

Class

H

(Industrials)

24,031

2,392

CSC

Financial

Co.

Ltd.,

Class

A

(Financials)

8,635

12,520

CSC

Financial

Co.

Ltd.,

Class

H

(Financials)

(a)

11,750

700

CSPC

Innovation

Pharmaceutical

Co.

Ltd.,

Class

A

(Health

Care)

4,146

1,000

CSSC

Science

&

Technology

Co.

Ltd.,

Class

A

(Industrials)

2,575

12,368

Daqin

Railway

Co.

Ltd.,

Class

A

(Industrials)

12,574

718

DaShenLin

Pharmaceutical

Group

Co.

Ltd.,

Class

A

(Consumer

Staples)

2,614

5,054

Datang

International

Power

Generation

Co.

Ltd.,

Class

A

(Utilities)

1,769

GOLDMAN

SACHS

MARKETBETA

®

EMERGING

MARKETS

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

38,636

Datang

International

Power

Generation

Co.

Ltd.,

Class

H

(Utilities)

$

5,837

2,530

DHC

Software

Co.

Ltd.,

Class

A

(Information

Technology)

2,260

726

Do-Fluoride

New

Materials

Co.

Ltd.,

Class

A

(Materials)

1,524

458

Dong-E-E-Jiao

Co.

Ltd.,

Class

A

(Health

Care)

3,232

2,103

Dongfang

Electric

Corp.

Ltd.,

Class

A

(Industrials)

4,291

4,672

Dongfang

Electric

Corp.

Ltd.,

Class

H

(Industrials)

4,187

36,566

Dongfeng

Motor

Group

Co.

Ltd.,

Class

H

(Consumer

Discretionary)

18,353

2,565

Dongxing

Securities

Co.

Ltd.,

Class

A

(Financials)

3,100

5,929

East

Buy

Holding

Ltd.

(Consumer

Discretionary)*

(a)

22,053

12,381

East

Money

Information

Co.

Ltd.,

Class

A

(Financials)

25,383

181

Eastroc

Beverage

Group

Co.

Ltd.,

Class

A

(Consumer

Staples)

4,997

4,500

Easyhome

New

Retail

Group

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

2,250

562

Ecovacs

Robotics

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

3,363

300

Empyrean

Technology

Co.

Ltd.,

Class

A

(Information

Technology)

4,130

10,090

ENN

Energy

Holdings

Ltd.

(Utilities)

70,020

1,830

ENN

Natural

Gas

Co.

Ltd.,

Class

A

(Utilities)

4,108

440

Eoptolink

Technology,

Inc.

Ltd.,

Class

A

(Information

Technology)

2,853

1,700

Eve

Energy

Co.

Ltd.,

Class

A

(Industrials)

10,044

3,247

Everbright

Securities

Co.

Ltd.,

Class

A

(Financials)

7,389

7,986

Everdisplay

Optronics

Shanghai

Co.

Ltd.,

Class

A

(Information

Technology)*

3,008

3,820

Fangda

Carbon

New

Material

Co.

Ltd.,

Class

A

(Industrials)*

3,092

17,503

Far

East

Horizon

Ltd.

(Financials)

12,841

945

Farasis

Energy

Gan

Zhou

Co.

Ltd.,

Class

A

(Industrials)*

2,480

1,983

FAW

Jiefang

Group

Co.

Ltd.,

Class

A

(Industrials)*

2,746

1,000

Fiberhome

Telecommunication

Technologies

Co.

Ltd.,

Class

A

(Information

Technology)

2,495

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

3,654

First

Capital

Securities

Co.

Ltd.,

Class

A

(Financials)

$

3,126

979

Flat

Glass

Group

Co.

Ltd.,

Class

A

(Information

Technology)

3,470

5,875

Flat

Glass

Group

Co.

Ltd.,

Class

H

(Information

Technology)

9,658

11,940

Focus

Media

Information

Technology

Co.

Ltd.,

Class

A

(Communication

Services)

10,935

3,392

Foshan

Haitian

Flavouring

&

Food

Co.

Ltd.,

Class

A

(Consumer

Staples)

18,102

6,600

Founder

Securities

Co.

Ltd.,

Class

A

(Financials)

8,022

8,294

Foxconn

Industrial

Internet

Co.

Ltd.,

Class

A

(Information

Technology)

17,538

1,700

Fujian

Funeng

Co.

Ltd.,

Class

A

(Utilities)

2,033

300

Fujian

Kuncai

Material

Technology

Co.

Ltd.,

Class

A

(Materials)*

2,333

864

Fujian

Sunner

Development

Co.

Ltd.,

Class

A

(Consumer

Staples)

2,196

10,320

Full

Truck

Alliance

Co.

Ltd.

ADR

(Industrials)*

77,297

1,574

Fuyao

Glass

Industry

Group

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

8,301

7,896

Fuyao

Glass

Industry

Group

Co.

Ltd.,

Class

H

(Consumer

Discretionary)

(a)

37,052

1,433

GalaxyCore,

Inc.,

Class

A

(Information

Technology)

4,120

300

Gan

&

Lee

Pharmaceuticals

Co.

Ltd.,

Class

A

(Health

Care)*

2,239

1,122

Ganfeng

Lithium

Group

Co.

Ltd.,

Class

A

(Materials)

6,128

5,339

Ganfeng

Lithium

Group

Co.

Ltd.,

Class

H

(Materials)

(a)

17,090

15,178

GD

Power

Development

Co.

Ltd.,

Class

A

(Utilities)

8,396

1,475

GDS

Holdings

Ltd.

ADR

(Information

Technology)*

15,119

3,935

GEM

Co.

Ltd.,

Class

A

(Materials)

3,108

3,524

Gemdale

Corp.,

Class

A

(Real

Estate)

2,527

15,119

Genscript

Biotech

Corp.

(Health

Care)*

42,006

5,052

GF

Securities

Co.

Ltd.,

Class

A

(Financials)

10,195

13,411

GF

Securities

Co.

Ltd.,

Class

H

(Financials)

16,776

5,206

Giant

Biogene

Holding

Co.

Ltd.

(Consumer

Staples)*

(a)

23,896

GOLDMAN

SACHS

MARKETBETA

®

EMERGING

MARKETS

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

1,700

Giant

Network

Group

Co.

Ltd.,

Class

A

(Communication

Services)

$

2,878

448

GigaDevice

Semiconductor,

Inc.,

Class

A

(Information

Technology)

5,903

322

Ginlong

Technologies

Co.

Ltd.,

Class

A

(Industrials)

3,005

1,000

Glodon

Co.

Ltd.,

Class

A

(Information

Technology)

2,743

2,690

GoerTek,

Inc.,

Class

A

(Information

Technology)

6,781

10,672

Goldwind

Science

&

Technology

Co.

Ltd.

(Industrials)

4,892

2,561

Goldwind

Science

&

Technology

Co.

Ltd.,

Class

A

(Industrials)

3,120

148

Gongniu

Group

Co.

Ltd.,

Class

A

(Industrials)

2,026

1,124

Gotion

High-tech

Co.

Ltd.,

Class

A

(Industrials)*

3,486

1,855

Great

Wall

Motor

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

6,988

30,650

Great

Wall

Motor

Co.

Ltd.,

Class

H

(Consumer

Discretionary)

44,188

4,497

Gree

Electric

Appliances

Inc

of

Zhuhai,

Class

A

(Consumer

Discretionary)

20,750

8,000

Greenland

Holdings

Corp.

Ltd.,

Class

A

(Real

Estate)*

2,767

13,734

Greentown

China

Holdings

Ltd.

(Real

Estate)

14,613

2,100

GRG

Banking

Equipment

Co.

Ltd.,

Class

A

(Information

Technology)

3,588

1,700

Guangdong

Electric

Power

Development

Co.

Ltd.,

Class

A

(Utilities)*

1,217

1,268

Guangdong

Haid

Group

Co.

Ltd.,

Class

A

(Consumer

Staples)

7,848

38,629

Guangdong

Investment

Ltd.

(Utilities)

26,807

181

Guangdong

Kinlong

Hardware

Products

Co.

Ltd.,

Class

A

(Industrials)

1,140

5,622

Guanghui

Energy

Co.

Ltd.,

Class

A

(Energy)

5,716

1,997

Guangzhou

Automobile

Group

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

2,774

38,903

Guangzhou

Automobile

Group

Co.

Ltd.,

Class

H

(Consumer

Discretionary)

18,031

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

1,700

Guangzhou

Baiyun

International

Airport

Co.

Ltd.,

Class

A

(Industrials)*

$

2,626

1,116

Guangzhou

Baiyunshan

Pharmaceutical

Holdings

Co.

Ltd.,

Class

A

(Health

Care)

4,712

3,012

Guangzhou

Baiyunshan

Pharmaceutical

Holdings

Co.

Ltd.,

Class

H

(Health

Care)

8,311

181

Guangzhou

Great

Power

Energy

&

Technology

Co.

Ltd.,

Class

A

(Industrials)

697

1,700

Guangzhou

Haige

Communications

Group,

Inc.

Co.,

Class

A

(Information

Technology)

3,014

447

Guangzhou

Kingmed

Diagnostics

Group

Co.

Ltd.,

Class

A

(Health

Care)

4,131

458

Guangzhou

Shiyuan

Electronic

Technology

Co.

Ltd.,

Class

A

(Information

Technology)

2,904

1,686

Guangzhou

Tinci

Materials

Technology

Co.

Ltd.,

Class

A

(Materials)

5,714

2,285

Guangzhou

Yuexiu

Capital

Holdings

Group

Co.

Ltd.,

Class

A

(Financials)

2,032

1,700

Guolian

Securities

Co.

Ltd.,

Class

A

(Financials)*

2,773

5,434

Guolian

Securities

Co.

Ltd.,

Class

H

(Financials)*

2,533

3,962

Guosen

Securities

Co.

Ltd.,

Class

A

(Financials)

5,271

6,042

Guotai

Junan

Securities

Co.

Ltd.,

Class

A

(Financials)

12,776

11,400

Guotai

Junan

Securities

Co.

Ltd.,

Class

H

(Financials)

(a)

13,166

3,936

Guoyuan

Securities

Co.

Ltd.,

Class

A

(Financials)

3,798

2,470

H

World

Group

Ltd.

ADR

(Consumer

Discretionary)*

90,353

22,341

Haidilao

International

Holding

Ltd.

(Consumer

Discretionary)

(a)

44,451

5,055

Haier

Smart

Home

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

15,658

30,198

Haier

Smart

Home

Co.

Ltd.,

Class

H

(Consumer

Discretionary)

87,575

33,800

Hainan

Airlines

Holding

Co.

Ltd.,

Class

A

(Industrials)*

6,863

9,000

Hainan

Airport

Infrastructure

Co.

Ltd.,

Class

A

(Real

Estate)*

5,130

300

Hainan

Drinda

New

Energy

Technology

Co.

Ltd.,

Class

A

(Information

Technology)

3,578

GOLDMAN

SACHS

MARKETBETA

®

EMERGING

MARKETS

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

700

Haisco

Pharmaceutical

Group

Co.

Ltd.,

Class

A

(Health

Care)*

$

2,378

8,349

Haitian

International

Holdings

Ltd.

(Industrials)

21,273

7,726

Haitong

Securities

Co.

Ltd.,

Class

A

(Financials)

10,516

34,818

Haitong

Securities

Co.

Ltd.,

Class

H

(Financials)

19,526

705

Han’s

Laser

Technology

Industry

Group

Co.

Ltd.,

Class

A

(Industrials)

2,160

1,000

Hang

Zhou

Great

Star

Industrial

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

3,054

700

Hangcha

Group

Co.

Ltd.,

Class

A

(Industrials)

2,184

700

Hangjin

Technology

Co.

Ltd.,

Class

A

(Materials)

3,358

2,530

Hangzhou

Binjiang

Real

Estate

Group

Co.

Ltd.,

Class

A

(Real

Estate)

2,735

562

Hangzhou

Chang

Chuan

Technology

Co.

Ltd.,

Class

A

(Information

Technology)

3,172

1,566

Hangzhou

First

Applied

Material

Co.

Ltd.,

Class

A

(Information

Technology)

5,094

562

Hangzhou

Lion

Electronics

Co.

Ltd.,

Class

A

(Information

Technology)

2,529

843

Hangzhou

Oxygen

Plant

Group

Co.

Ltd.,

Class

A

(Materials)

3,717

711

Hangzhou

Robam

Appliances

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

2,313

843

Hangzhou

Silan

Microelectronics

Co.

Ltd.,

Class

A

(Information

Technology)

2,852

574

Hangzhou

Tigermed

Consulting

Co.

Ltd.,

Class

A

(Health

Care)

4,992

1,702

Hangzhou

Tigermed

Consulting

Co.

Ltd.,

Class

H

(Health

Care)

(a)

8,978

14,764

Hansoh

Pharmaceutical

Group

Co.

Ltd.

(Health

Care)

(a)

29,905

562

Haohua

Chemical

Science

&

Technology

Co.

Ltd.,

Class

A

(Materials)

2,335

700

Hebei

Hengshui

Laobaigan

Liquor

Co.

Ltd.,

Class

A

(Consumer

Staples)

2,258

300

Hebei

Sinopack

Electronic

Technology

Co.

Ltd.,

Class

A

(Information

Technology)*

4,059

1,000

Hebei

Yangyuan

Zhihui

Beverage

Co.

Ltd.,

Class

A

(Consumer

Staples)

3,155

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

700

Hefei

Meiya

Optoelectronic

Technology,

Inc.,

Class

A

(Industrials)

$

1,939

1,300

Heilongjiang

Agriculture

Co.

Ltd.,

Class

A

(Consumer

Staples)

2,297

1,968

Henan

Shenhuo

Coal

&

Power

Co.

Ltd.,

Class

A

(Materials)

4,346

2,530

Henan

Shuanghui

Investment

&

Development

Co.

Ltd.,

Class

A

(Consumer

Staples)

9,247

7,588

Hengan

International

Group

Co.

Ltd.

(Consumer

Staples)

27,689

1,305

Hengdian

Group

DMEGC

Magnetics

Co.

Ltd.,

Class

A

(Information

Technology)

2,473

5,059

Hengli

Petrochemical

Co.

Ltd.,

Class

A

(Materials)*

9,939

1,968

Hengtong

Optic-electric

Co.

Ltd.,

Class

A

(Information

Technology)

3,431

3,652

Hengyi

Petrochemical

Co.

Ltd.,

Class

A

(Materials)*

3,508

8,299

Hesteel

Co.

Ltd.,

Class

A

(Materials)

2,522

512

Hisense

Home

Appliances

Group

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

616

4,354

Hisense

Home

Appliances

Group

Co.

Ltd.,

Class

H

(Consumer

Discretionary)

10,726

1,000

Hisense

Visual

Technology

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

3,277

424

Hithink

RoyalFlush

Information

Network

Co.

Ltd.,

Class

A

(Financials)

8,341

2,700

HLA

Group

Corp.

Ltd.,

Class

A

(Consumer

Discretionary)

2,866

446

Hongfa

Technology

Co.

Ltd.,

Class

A

(Industrials)

1,817

1,700

Hongta

Securities

Co.

Ltd.,

Class

A

(Financials)

1,862

562

Hoshine

Silicon

Industry

Co.

Ltd.,

Class

A

(Materials)

3,908

459

Hoyuan

Green

Energy

Co.

Ltd.,

Class

A

(Information

Technology)

2,128

10,454

Hua

Hong

Semiconductor

Ltd.

(Information

Technology)*

(a)

24,173

3,800

Huaan

Securities

Co.

Ltd.,

Class

A

(Financials)

2,592

5,495

Huadian

Power

International

Corp.

Ltd.,

Class

A

(Utilities)

3,940

24,222

Huadian

Power

International

Corp.

Ltd.,

Class

H

(Utilities)

9,924

1,421

Huadong

Medicine

Co.

Ltd.,

Class

A

(Health

Care)

8,117

GOLDMAN

SACHS

MARKETBETA

®

EMERGING

MARKETS

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

4,073

Huafon

Chemical

Co.

Ltd.,

Class

A

(Materials)

$

3,913

700

Huagong

Tech

Co.

Ltd.,

Class

A

(Information

Technology)

2,901

1,968

Huaibei

Mining

Holdings

Co.

Ltd.,

Class

A

(Materials)

4,365

1,302

Hualan

Biological

Engineering,

Inc.,

Class

A

(Health

Care)

4,407

300

Huali

Industrial

Group

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

2,008

4,211

Huaneng

Lancang

River

Hydropower,

Inc.,

Class

A

(Utilities)

4,918

6,065

Huaneng

Power

International,

Inc.,

Class

A

(Utilities)*

6,548

52,812

Huaneng

Power

International,

Inc.,

Class

H

(Utilities)*

27,453

6,465

Huatai

Securities

Co.

Ltd.,

Class

A

(Financials)

12,973

17,542

Huatai

Securities

Co.

Ltd.,

Class

H

(Financials)

(a)

21,966

2,413

Huaxi

Securities

Co.

Ltd.,

Class

A

(Financials)

2,683

10,548

Huaxia

Bank

Co.

Ltd.,

Class

A

(Financials)

8,567

300

Huaxia

Eye

Hospital

Group

Co.

Ltd.,

Class

A

(Health

Care)

1,644

1,124

Huaxin

Cement

Co.

Ltd.,

Class

A

(Materials)

2,097

2,531

Huayu

Automotive

Systems

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

6,167

3,373

Hubei

Energy

Group

Co.

Ltd.,

Class

A

(Utilities)

1,965

300

Hubei

Feilihua

Quartz

Glass

Co.

Ltd.,

Class

A

(Materials)

1,746

700

Hubei

Jumpcan

Pharmaceutical

Co.

Ltd.,

Class

A

(Health

Care)

3,130

843

Hubei

Xingfa

Chemicals

Group

Co.

Ltd.,

Class

A

(Materials)

2,221

562

Huizhou

Desay

Sv

Automotive

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

10,218

1,124

Humanwell

Healthcare

Group

Co.

Ltd.,

Class

A

(Health

Care)

4,190

1,527

Hunan

Changyuan

Lico

Co.

Ltd.,

Class

A

(Materials)

1,595

6,184

Hunan

Valin

Steel

Co.

Ltd.,

Class

A

(Materials)

4,789

1,554

Hundsun

Technologies,

Inc.,

Class

A

(Information

Technology)

6,535

4,579

Hygeia

Healthcare

Holdings

Co.

Ltd.

(Health

Care)

(a)

28,200

1,124

IEIT

Systems

Co.

Ltd.,

Class

A

(Information

Technology)

5,545

1,966

Iflytek

Co.

Ltd.,

Class

A

(Information

Technology)

12,320

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

700

IKD

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

$

2,262

181

Imeik

Technology

Development

Co.

Ltd.,

Class

A

(Health

Care)

7,719

49,358

Industrial

&

Commercial

Bank

of

China

Ltd.,

Class

A

(Financials)

33,246

899,162

Industrial

&

Commercial

Bank

of

China

Ltd.,

Class

H

(Financials)

430,568

16,411

Industrial

Bank

Co.

Ltd.,

Class

A

(Financials)

33,553

5,603

Industrial

Securities

Co.

Ltd.,

Class

A

(Financials)

4,771

181

Ingenic

Semiconductor

Co.

Ltd.,

Class

A

(Information

Technology)

1,725

37,721

Inner

Mongolia

BaoTou

Steel

Union

Co.

Ltd.,

Class

A

(Materials)*

8,082

1,700

Inner

Mongolia

Dian

Tou

Energy

Corp.

Ltd.,

Class

A

(Energy)

3,473

1,011

Inner

Mongolia

ERDOS

Resources

Co.

Ltd.,

Class

A

(Materials)

1,293

6,900

Inner

Mongolia

Junzheng

Energy

&

Chemical

Industry

Group

Co.

Ltd.,

Class

A

(Materials)

3,749

5,200

Inner

Mongolia

MengDian

HuaNeng

Thermal

Power

Corp.

Ltd.,

Class

A

(Utilities)

2,774

5,187

Inner

Mongolia

Yili

Industrial

Group

Co.

Ltd.,

Class

A

(Consumer

Staples)

19,794

2,558

Inner

Mongolia

Yitai

Coal

Co.

Ltd.,

Class

H

(Energy)*

(c)

5,732

3,092

Inner

Mongolia

Yuan

Xing

Energy

Co.

Ltd.,

Class

A

(Materials)

2,749

16,109

Innovent

Biologics,

Inc.

(Health

Care)*

(a)

94,464

6,107

iQIYI,

Inc.

ADR

(Communication

Services)*

27,420

450

Isoftstone

Information

Technology

Group

Co.

Ltd.,

Class

A

(Information

Technology)*

2,523

2,700

JA

Solar

Technology

Co.

Ltd.,

Class

A

(Information

Technology)

7,524

574

Jafron

Biomedical

Co.

Ltd.,

Class

A

(Health

Care)

1,925

711

Jason

Furniture

Hangzhou

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

3,732

1,305

JCET

Group

Co.

Ltd.,

Class

A

(Information

Technology)

5,581

GOLDMAN

SACHS

MARKETBETA

®

EMERGING

MARKETS

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

13,053

JD

Health

International,

Inc.

(Consumer

Staples)*

(a)

$

62,254

23,735

JD

Logistics,

Inc.

(Industrials)*

(a)

29,143

31,854

JD.com,

Inc.,

Class

A

(Consumer

Discretionary)

435,172

5,073

Jiangsu

Eastern

Shenghong

Co.

Ltd.,

Class

A

(Materials)

7,189

843

Jiangsu

Expressway

Co.

Ltd.,

Class

A

(Industrials)

1,203

16,828

Jiangsu

Expressway

Co.

Ltd.,

Class

H

(Industrials)

15,147

1,118

Jiangsu

Hengli

Hydraulic

Co.

Ltd.,

Class

A

(Industrials)

8,814

4,941

Jiangsu

Hengrui

Pharmaceuticals

Co.

Ltd.,

Class

A

(Health

Care)

33,226

864

Jiangsu

King's

Luck

Brewery

JSC

Ltd.,

Class

A

(Consumer

Staples)

6,513

700

Jiangsu

Nhwa

Pharmaceutical

Co.

Ltd.,

Class

A

(Health

Care)

2,523

300

Jiangsu

Pacific

Quartz

Co.

Ltd.,

Class

A

(Information

Technology)

3,607

1,700

Jiangsu

Phoenix

Publishing

&

Media

Corp.

Ltd.,

Class

A

(Communication

Services)

2,395

300

Jiangsu

Xinquan

Automotive

Trim

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

2,146

1,273

Jiangsu

Yanghe

Brewery

Joint-Stock

Co.

Ltd.,

Class

A

(Consumer

Staples)

20,791

305

Jiangsu

Yangnong

Chemical

Co.

Ltd.,

Class

A

(Materials)

2,762

300

Jiangsu

Yoke

Technology

Co.

Ltd.,

Class

A

(Materials)

2,587

711

Jiangsu

Yuyue

Medical

Equipment

&

Supply

Co.

Ltd.,

Class

A

(Health

Care)

3,400

2,530

Jiangsu

Zhongtian

Technology

Co.

Ltd.,

Class

A

(Industrials)

4,599

1,555

Jiangxi

Copper

Co.

Ltd.,

Class

A

(Materials)

3,856

14,714

Jiangxi

Copper

Co.

Ltd.,

Class

H

(Materials)

20,874

1,305

Jiangxi

Special

Electric

Motor

Co.

Ltd.,

Class

A

(Industrials)*

1,897

2,100

Jinduicheng

Molybdenum

Co.

Ltd.,

Class

A

(Materials)

2,791

5,110

Jinko

Solar

Co.

Ltd.,

Class

A

(Information

Technology)

6,354

181

JiuGui

Liquor

Co.

Ltd.,

Class

A

(Consumer

Staples)

1,810

2,400

Jizhong

Energy

Resources

Co.

Ltd.,

Class

A

(Energy)

2,349

1,000

JL

Mag

Rare-Earth

Co.

Ltd.,

Class

A

(Industrials)

2,771

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

1,300

Joincare

Pharmaceutical

Group

Industry

Co.

Ltd.,

Class

A

(Health

Care)

$

2,303

459

Joinn

Laboratories

China

Co.

Ltd.,

Class

A

(Health

Care)

1,710

1,208

Joinn

Laboratories

China

Co.

Ltd.,

Class

H

(Health

Care)

(a)

2,110

3,513

Jointown

Pharmaceutical

Group

Co.

Ltd.,

Class

A

(Health

Care)

3,695

562

Jonjee

Hi-Tech

Industrial

And

Commercial

Holding

Co.

Ltd.,

Class

A

(Consumer

Staples)*

2,573

562

Juewei

Food

Co.

Ltd.,

Class

A

(Consumer

Staples)

2,492

1,686

Juneyao

Airlines

Co.

Ltd.,

Class

A

(Industrials)*

3,213

3,595

Kanzhun

Ltd.

ADR

(Communication

Services)*

59,425

11,577

KE

Holdings,

Inc.

ADR

(Real

Estate)

184,422

300

Keboda

Technology

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

3,159

1,686

Keda

Industrial

Group

Co.

Ltd.,

Class

A

(Industrials)

2,359

36,071

Kingdee

International

Software

Group

Co.

Ltd.

(Information

Technology)*

50,156

2,100

Kingfa

Sci

&

Tech

Co.

Ltd.,

Class

A

(Materials)

2,226

1,700

Kingnet

Network

Co.

Ltd.,

Class

A

(Communication

Services)

2,781

12,515

Kingsoft

Corp.

Ltd.

(Communication

Services)

40,059

26,429

Kuaishou

Technology

(Communication

Services)*

(a)

195,249

1,842

Kuang-Chi

Technologies

Co.

Ltd.,

Class

A

(Industrials)

3,598

47,783

Kunlun

Energy

Co.

Ltd.

(Utilities)

44,172

1,000

Kunlun

Tech

Co.

Ltd.,

Class

A

(Communication

Services)*

4,530

736

Kweichow

Moutai

Co.

Ltd.,

Class

A

(Consumer

Staples)

184,644

1,300

Lao

Feng

Xiang

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

11,715

1,983

LB

Group

Co.

Ltd.,

Class

A

(Materials)

4,793

91,487

Lenovo

Group

Ltd.

(Information

Technology)

113,037

4,098

Lens

Technology

Co.

Ltd.,

Class

A

(Information

Technology)

7,495

1,686

Lepu

Medical

Technology

Beijing

Co.

Ltd.,

Class

A

(Health

Care)

4,054

562

Levima

Advanced

Materials

Corp.,

Class

A

(Materials)

1,476

GOLDMAN

SACHS

MARKETBETA

®

EMERGING

MARKETS

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

12,928

Li

Auto,

Inc.,

Class

A

(Consumer

Discretionary)*

$

241,335

30,691

Li

Ning

Co.

Ltd.

(Consumer

Discretionary)

85,468

11,659

Liaoning

Port

Co.

Ltd.,

Class

A

(Industrials)

2,449

5,622

Lingyi

iTech

Guangdong

Co.,

Class

A

(Information

Technology)

5,267

305

Livzon

Pharmaceutical

Group,

Inc.,

Class

A

(Health

Care)

1,496

1,887

Livzon

Pharmaceutical

Group,

Inc.,

Class

H

(Health

Care)

5,641

26,291

Longfor

Group

Holdings

Ltd.

(Real

Estate)

(a)

46,588

6,064

LONGi

Green

Energy

Technology

Co.

Ltd.,

Class

A

(Information

Technology)

18,028

700

Longshine

Technology

Group

Co.

Ltd.,

Class

A

(Information

Technology)

1,669

9,112

Lufax

Holding

Ltd.

ADR

(Financials)

7,735

1,686

Luxi

Chemical

Group

Co.

Ltd.,

Class

A

(Materials)

2,347

5,787

Luxshare

Precision

Industry

Co.

Ltd.,

Class

A

(Information

Technology)

25,795

1,119

Luzhou

Laojiao

Co.

Ltd.,

Class

A

(Consumer

Staples)

32,515

1,406

Mango

Excellent

Media

Co.

Ltd.,

Class

A

(Communication

Services)

5,082

430

Maxscend

Microelectronics

Co.

Ltd.,

Class

A

(Information

Technology)

8,340

2,400

Meihua

Holdings

Group

Co.

Ltd.,

Class

A

(Consumer

Staples)

3,210

3,373

Meinian

Onehealth

Healthcare

Holdings

Co.

Ltd.,

Class

A

(Health

Care)*

2,924

59,313

Meituan,

Class

B

(Consumer

Discretionary)*

(a)

688,035

15,574

Metallurgical

Corp.

of

China

Ltd.,

Class

A

(Industrials)

6,761

39,566

Metallurgical

Corp.

of

China

Ltd.,

Class

H

(Industrials)

7,497

10,183

Microport

Scientific

Corp.

(Health

Care)*

16,323

1,686

Ming

Yang

Smart

Energy

Group

Ltd.,

Class

A

(Industrials)

3,180

6,153

MINISO

Group

Holding

Ltd.

(Consumer

Discretionary)

41,320

3,400

Minmetals

Capital

Co.

Ltd.,

Class

A

(Financials)

2,304

9,246

Minth

Group

Ltd.

(Consumer

Discretionary)

20,030

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

851

Montage

Technology

Co.

Ltd.,

Class

A

(Information

Technology)

$

7,029

4,228

Muyuan

Foods

Co.

Ltd.,

Class

A

(Consumer

Staples)

23,138

4,800

Nanjing

Iron

&

Steel

Co.

Ltd.,

Class

A

(Materials)

2,494

1,116

Nanjing

King-Friend

Biochemical

Pharmaceutical

Co.

Ltd.,

Class

A

(Health

Care)

2,444

2,700

Nanjing

Securities

Co.

Ltd.,

Class

A

(Financials)

3,074

6,600

NARI

Technology

Co.

Ltd.,

Class

A

(Industrials)

20,343

2,158

National

Silicon

Industry

Group

Co.

Ltd.,

Class

A

(Information

Technology)*

5,337

305

NAURA

Technology

Group

Co.

Ltd.,

Class

A

(Information

Technology)

10,018

1,968

NavInfo

Co.

Ltd.,

Class

A

(Information

Technology)*

2,701

23,066

NetEase,

Inc.

(Communication

Services)

520,663

1,302

New

China

Life

Insurance

Co.

Ltd.,

Class

A

(Financials)

5,698

12,154

New

China

Life

Insurance

Co.

Ltd.,

Class

H

(Financials)

24,120

3,935

New

Hope

Liuhe

Co.

Ltd.,

Class

A

(Consumer

Staples)*

5,510

1,970

New

Oriental

Education

&

Technology

Group,

Inc.

ADR

(Consumer

Discretionary)*

160,319

1,145

Ninestar

Corp.,

Class

A

(Information

Technology)

4,432

445

Ningbo

Deye

Technology

Co.

Ltd.,

Class

A

(Industrials)

3,929

1,000

Ningbo

Joyson

Electronic

Corp.,

Class

A

(Consumer

Discretionary)

2,753

562

Ningbo

Orient

Wires

&

Cables

Co.

Ltd.,

Class

A

(Industrials)

3,227

578

Ningbo

Ronbay

New

Energy

Technology

Co.

Ltd.,

Class

A

(Industrials)

3,158

1,000

Ningbo

Sanxing

Medical

Electric

Co.

Ltd.,

Class

A

(Industrials)

2,731

1,686

Ningbo

Shanshan

Co.

Ltd.,

Class

A

(Materials)

3,154

979

Ningbo

Tuopu

Group

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

10,103

4,488

Ningbo

Zhoushan

Port

Co.

Ltd.,

Class

A

(Industrials)

2,269

5,076

Ningxia

Baofeng

Energy

Group

Co.

Ltd.,

Class

A

(Materials)

10,428

17,363

NIO,

Inc.

ADR

(Consumer

Discretionary)*

126,229

GOLDMAN

SACHS

MARKETBETA

®

EMERGING

MARKETS

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

23,460

Nongfu

Spring

Co.

Ltd.,

Class

H

(Consumer

Staples)

(a)

$

133,966

1,000

North

Industries

Group

Red

Arrow

Co.

Ltd.,

Class

A

(Industrials)

2,081

4,786

Offcn

Education

Technology

Co.

Ltd.,

Class

A

(Consumer

Discretionary)*

3,271

3,400

Offshore

Oil

Engineering

Co.

Ltd.,

Class

A

(Energy)

3,061

2,530

OFILM

Group

Co.

Ltd.,

Class

A

(Information

Technology)*

3,593

1,569

Onewo,

Inc.,

Class

H

(Real

Estate)

4,851

174

Oppein

Home

Group,

Inc.,

Class

A

(Consumer

Discretionary)

1,925

5,073

Orient

Securities

Co.

Ltd.,

Class

A

(Financials)

6,188

12,024

Orient

Securities

Co.

Ltd.,

Class

H

(Financials)

(a)

5,327

2,700

Oriental

Pearl

Group

Co.

Ltd.,

Class

A

(Communication

Services)

3,051

562

Ovctek

China,

Inc.,

Class

A

(Health

Care)

1,919

5,200

Pacific

Securities

Co.

Ltd.

(The),

Class

A

(Financials)*

2,767

7,589

Pangang

Group

Vanadium

Titanium

&

Resources

Co.

Ltd.,

Class

A

(Materials)*

3,603

8,390

PDD

Holdings,

Inc.

ADR

(Consumer

Discretionary)*

1,237,022

700

People.cn

Co.

Ltd.,

Class

A

(Communication

Services)

3,329

6,465

People’s

Insurance

Co.

Group

of

China

Ltd.

(The),

Class

A

(Financials)

4,572

115,796

People's

Insurance

Co.

Group

of

China

Ltd.

(The),

Class

H

(Financials)

37,510

1,686

Perfect

World

Co.

Ltd.,

Class

A

(Communication

Services)

2,977

19,518

PetroChina

Co.

Ltd.,

Class

A

(Energy)

19,625

274,491

PetroChina

Co.

Ltd.,

Class

H

(Energy)

180,293

1,000

Pharmaron

Beijing

Co.

Ltd.,

Class

A

(Health

Care)

4,677

3,727

Pharmaron

Beijing

Co.

Ltd.,

Class

H

(Health

Care)

(a)

9,019

89,772

PICC

Property

&

Casualty

Co.

Ltd.,

Class

H

(Financials)

104,251

16,132

Ping

An

Bank

Co.

Ltd.,

Class

A

(Financials)

21,868

8,295

Ping

An

Insurance

Group

Co.

of

China

Ltd.,

Class

A

(Financials)

47,393

80,492

Ping

An

Insurance

Group

Co.

of

China

Ltd.,

Class

H

(Financials)

371,012

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

1,968

Pingdingshan

Tianan

Coal

Mining

Co.

Ltd.,

Class

A

(Energy)

$

3,235

9,838

Poly

Developments

and

Holdings

Group

Co.

Ltd.,

Class

A

(Real

Estate)

14,135

2,015

Poly

Property

Services

Co.

Ltd.,

Class

H

(Real

Estate)

7,753

9,151

Pop

Mart

International

Group

Ltd.

(Consumer

Discretionary)

(a)

27,475

20,372

Postal

Savings

Bank

of

China

Co.

Ltd.,

Class

A

(Financials)

12,524

148,241

Postal

Savings

Bank

of

China

Co.

Ltd.,

Class

H

(Financials)

(a)

65,861

12,765

Power

Construction

Corp.

of

China

Ltd.,

Class

A

(Industrials)

8,920

712

Qi

An

Xin

Technology

Group,

Inc.,

Class

A

(Information

Technology)*

4,487

700

Qingdao

Sentury

Tire

Co.

Ltd.,

Class

A

(Consumer

Discretionary)*

2,695

4,497

Qinghai

Salt

Lake

Industry

Co.

Ltd.,

Class

A

(Materials)*

9,981

1,000

Range

Intelligent

Computing

Technology

Group

Co.

Ltd.,

Class

A

(Industrials)

3,781

578

Raytron

Technology

Co.

Ltd.,

Class

A

(Information

Technology)

4,072

732

Red

Star

Macalline

Group

Corp.

Ltd.,

Class

A

(Real

Estate)

436

1,925

Remegen

Co.

Ltd.,

Class

H

(Health

Care)*

(a)

11,128

1,000

Risen

Energy

Co.

Ltd.,

Class

A

(Information

Technology)

2,260

181

Rockchip

Electronics

Co.

Ltd.,

Class

A

(Information

Technology)

1,668

7,029

Rongsheng

Petrochemical

Co.

Ltd.,

Class

A

(Materials)

10,581

6,186

SAIC

Motor

Corp.

Ltd.,

Class

A

(Consumer

Discretionary)

12,890

2,400

Sailun

Group

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

3,586

3,800

Sanan

Optoelectronics

Co.

Ltd.,

Class

A

(Information

Technology)

7,386

153

Sangfor

Technologies,

Inc.,

Class

A

(Information

Technology)*

1,808

14,176

Sany

Heavy

Equipment

International

Holdings

Co.

Ltd.

(Industrials)

14,738

6,910

Sany

Heavy

Industry

Co.

Ltd.,

Class

A

(Industrials)

13,208

2,134

Satellite

Chemical

Co.

Ltd.,

Class

A

(Materials)*

4,769

GOLDMAN

SACHS

MARKETBETA

®

EMERGING

MARKETS

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

4,800

SDIC

Capital

Co.

Ltd.,

Class

A

(Financials)

$

4,638

5,500

SDIC

Power

Holdings

Co.

Ltd.,

Class

A

(Utilities)

9,550

4,100

Sealand

Securities

Co.

Ltd.,

Class

A

(Financials)

2,090

1,714

Seazen

Holdings

Co.

Ltd.,

Class

A

(Real

Estate)*

3,077

235,776

SenseTime

Group,

Inc.,

Class

B

(Information

Technology)*

(a)

41,055

1,000

Seres

Group

Co.

Ltd.,

Class

A

(Consumer

Discretionary)*

10,599

3,671

SF

Holding

Co.

Ltd.,

Class

A

(Industrials)

21,725

453

SG

Micro

Corp.,

Class

A

(Information

Technology)

5,688

7,039

Shaanxi

Coal

Industry

Co.

Ltd.,

Class

A

(Energy)

19,202

1,700

Shaanxi

Energy

Investment

Co.

Ltd.,

Class

A

(Utilities)

2,054

2,952

Shan

Xi

Hua

Yang

Group

New

Energy

Co.

Ltd.,

Class

A

(Energy)

3,675

3,092

Shandong

Gold

Mining

Co.

Ltd.,

Class

A

(Materials)

10,045

10,407

Shandong

Gold

Mining

Co.

Ltd.,

Class

H

(Materials)

(a)

20,547

700

Shandong

Himile

Mechanical

Science

&

Technology

Co.

Ltd.,

Class

A

(Industrials)

2,914

1,700

Shandong

Hi-speed

Co.

Ltd.,

Class

A

(Industrials)

1,612

44,286

Shandong

Hi-Speed

Holdings

Group

Ltd.

(Financials)*

34,191

1,703

Shandong

Hualu

Hengsheng

Chemical

Co.

Ltd.,

Class

A

(Materials)

7,119

1,124

Shandong

Linglong

Tyre

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

3,134

10,400

Shandong

Nanshan

Aluminum

Co.

Ltd.,

Class

A

(Materials)

4,194

700

Shandong

Sinocera

Functional

Material

Co.

Ltd.,

Class

A

(Materials)

2,509

2,100

Shandong

Sun

Paper

Industry

JSC

Ltd.,

Class

A

(Materials)

3,532

33,340

Shandong

Weigao

Group

Medical

Polymer

Co.

Ltd.,

Class

H

(Health

Care)

31,631

1,420

Shanghai

Aiko

Solar

Energy

Co.

Ltd.,

Class

A

(Information

Technology)

3,217

859

Shanghai

Bairun

Investment

Holding

Group

Co.

Ltd.,

Class

A

(Consumer

Staples)

3,101

4,081

Shanghai

Baosight

Software

Co.

Ltd.,

Class

A

(Information

Technology)

24,003

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

6,900

Shanghai

Construction

Group

Co.

Ltd.,

Class

A

(Industrials)

$

2,416

9,430

Shanghai

Electric

Group

Co.

Ltd.,

Class

A

(Industrials)*

5,824

35,718

Shanghai

Electric

Group

Co.

Ltd.,

Class

H

(Industrials)*

7,637

2,100

Shanghai

Electric

Power

Co.

Ltd.,

Class

A

(Utilities)

2,588

1,574

Shanghai

Fosun

Pharmaceutical

Group

Co.

Ltd.,

Class

A

(Health

Care)

6,150

6,512

Shanghai

Fosun

Pharmaceutical

Group

Co.

Ltd.,

Class

H

(Health

Care)

14,408

578

Shanghai

Fudan

Microelectronics

Group

Co.

Ltd.,

Class

A

(Information

Technology)

3,622

3,725

Shanghai

Fudan

Microelectronics

Group

Co.

Ltd.,

Class

H

(Information

Technology)

(b)

7,822

1,968

Shanghai

International

Airport

Co.

Ltd.,

Class

A

(Industrials)*

9,888

6,310

Shanghai

International

Port

Group

Co.

Ltd.,

Class

A

(Industrials)

4,445

843

Shanghai

Jinjiang

International

Hotels

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

4,002

578

Shanghai

Junshi

Biosciences

Co.

Ltd.,

Class

A

(Health

Care)*

3,649

2,156

Shanghai

Junshi

Biosciences

Co.

Ltd.,

Class

H

(Health

Care)*

(a)

6,473

1,977

Shanghai

Lingang

Holdings

Corp.

Ltd.,

Class

A

(Real

Estate)

3,040

5,925

Shanghai

Lujiazui

Finance

&

Trade

Zone

Development

Co.

Ltd.,

Class

A

(Real

Estate)

7,451

711

Shanghai

M&G

Stationery,

Inc.,

Class

A

(Industrials)

3,956

3,228

Shanghai

MicroPort

MedBot

Group

Co.

Ltd.

(Health

Care)*

8,287

300

Shanghai

Moons'

Electric

Co.

Ltd.,

Class

A

(Industrials)

3,150

1,855

Shanghai

Pharmaceuticals

Holding

Co.

Ltd.,

Class

A

(Health

Care)

4,665

9,151

Shanghai

Pharmaceuticals

Holding

Co.

Ltd.,

Class

H

(Health

Care)

13,263

24,261

Shanghai

Pudong

Development

Bank

Co.

Ltd.,

Class

A

(Financials)

23,272

GOLDMAN

SACHS

MARKETBETA

®

EMERGING

MARKETS

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

1,700

Shanghai

Putailai

New

Energy

Technology

Co.

Ltd.,

Class

A

(Materials)

$

5,464

4,084

Shanghai

RAAS

Blood

Products

Co.

Ltd.,

Class

A

(Health

Care)

4,547

7,870

Shanghai

Rural

Commercial

Bank

Co.

Ltd.,

Class

A

(Financials)

6,315

3,809

Shanghai

Yuyuan

Tourist

Mart

Group

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

3,440

1,000

Shanghai

Zhangjiang

High-Tech

Park

Development

Co.

Ltd.,

Class

A

(Real

Estate)

3,186

1,700

Shanghai

Zhonggu

Logistics

Co.

Ltd.,

Class

A

(Industrials)

2,197

1,700

Shanxi

Coal

International

Energy

Group

Co.

Ltd.,

Class

A

(Industrials)

4,352

3,373

Shanxi

Coking

Coal

Energy

Group

Co.

Ltd.,

Class

A

(Energy)

4,596

2,530

Shanxi

Lu’an

Environmental

Energy

Development

Co.

Ltd.,

Class

A

(Energy)

7,748

3,657

Shanxi

Meijin

Energy

Co.

Ltd.,

Class

A

(Materials)*

3,703

2,700

Shanxi

Securities

Co.

Ltd.,

Class

A

(Financials)

2,110

4,640

Shanxi

Taigang

Stainless

Steel

Co.

Ltd.,

Class

A

(Materials)

2,508

1,002

Shanxi

Xinghuacun

Fen

Wine

Factory

Co.

Ltd.,

Class

A

(Consumer

Staples)

33,516

300

Shede

Spirits

Co.

Ltd.,

Class

A

(Consumer

Staples)

4,214

3,800

Shenergy

Co.

Ltd.,

Class

A

(Utilities)

3,188

1,968

Shengyi

Technology

Co.

Ltd.,

Class

A

(Information

Technology)

4,721

562

Shennan

Circuits

Co.

Ltd.,

Class

A

(Information

Technology)

5,752

17,400

Shenwan

Hongyuan

Group

Co.

Ltd.,

Class

A

(Financials)

10,989

446

Shenzhen

Capchem

Technology

Co.

Ltd.,

Class

A

(Materials)

2,788

29

Shenzhen

Dynanonic

Co.

Ltd.,

Class

A

(Materials)

262

3,092

Shenzhen

Energy

Group

Co.

Ltd.,

Class

A

(Utilities)

2,646

1,300

Shenzhen

Fastprint

Circuit

Tech

Co.

Ltd.,

Class

A

(Information

Technology)

2,854

300

Shenzhen

Goodix

Technology

Co.

Ltd.,

Class

A

(Information

Technology)*

3,056

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

562

Shenzhen

Hepalink

Pharmaceutical

Group

Co.

Ltd.,

Class

A

(Health

Care)

$

997

1,997

Shenzhen

Inovance

Technology

Co.

Ltd.,

Class

A

(Industrials)

18,460

1,300

Shenzhen

Kaifa

Technology

Co.

Ltd.,

Class

A

(Information

Technology)

3,113

453

Shenzhen

Kangtai

Biological

Products

Co.

Ltd.,

Class

A

(Health

Care)

2,038

181

Shenzhen

Kedali

Industry

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

2,232

300

Shenzhen

Kstar

Science

And

Technology

Co.

Ltd.,

Class

A

(Industrials)

1,067

300

Shenzhen

Longsys

Electronics

Co.

Ltd.,

Class

A

(Information

Technology)*

3,907

992

Shenzhen

Mindray

Bio-Medical

Electronics

Co.

Ltd.,

Class

A

(Health

Care)

40,407

3,400

Shenzhen

MTC

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

2,742

700

Shenzhen

New

Industries

Biomedical

Engineering

Co.

Ltd.,

Class

A

(Health

Care)

6,887

7,592

Shenzhen

Overseas

Chinese

Town

Co.

Ltd.,

Class

A

(Real

Estate)*

3,668

1,000

Shenzhen

Salubris

Pharmaceuticals

Co.

Ltd.,

Class

A

(Health

Care)

4,697

181

Shenzhen

SC

New

Energy

Technology

Corp.,

Class

A

(Information

Technology)

1,782

1,000

Shenzhen

SED

Industry

Co.

Ltd.,

Class

A

(Information

Technology)

2,728

700

Shenzhen

Sunlord

Electronics

Co.

Ltd.,

Class

A

(Information

Technology)

2,659

578

Shenzhen

Transsion

Holdings

Co.

Ltd.,

Class

A

(Information

Technology)

8,958

700

Shenzhen

YUTO

Packaging

Technology

Co.

Ltd.,

Class

A

(Materials)

2,557

10,415

Shenzhou

International

Group

Holdings

Ltd.

(Consumer

Discretionary)

104,546

1,305

Shijiazhuang

Yiling

Pharmaceutical

Co.

Ltd.,

Class

A

(Health

Care)

4,591

1,300

Shuangliang

Eco-Energy

Systems

Co.

Ltd.,

Class

A

(Industrials)

1,564

GOLDMAN

SACHS

MARKETBETA

®

EMERGING

MARKETS

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

3,400

Sichuan

Changhong

Electric

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

$

2,738

2,425

Sichuan

Chuantou

Energy

Co.

Ltd.,

Class

A

(Utilities)

4,849

6,900

Sichuan

Hebang

Biotechnology

Co.

Ltd.,

Class

A

(Materials)

2,261

716

Sichuan

Kelun

Pharmaceutical

Co.

Ltd.,

Class

A

(Health

Care)

2,876

5,075

Sichuan

Road

and

Bridge

Group

Co.

Ltd.,

Class

A

(Industrials)

5,486

181

Sichuan

Swellfun

Co.

Ltd.,

Class

A

(Consumer

Staples)

1,483

843

Sichuan

Yahua

Industrial

Group

Co.

Ltd.,

Class

A

(Materials)

1,499

700

Sieyuan

Electric

Co.

Ltd.,

Class

A

(Industrials)

4,856

2,700

Sinolink

Securities

Co.

Ltd.,

Class

A

(Financials)

3,615

2,100

Sinoma

International

Engineering

Co.,

Class

A

(Industrials)

2,755

1,124

Sinoma

Science

&

Technology

Co.

Ltd.,

Class

A

(Materials)

2,644

5,500

Sinomach

Heavy

Equipment

Group

Co.

Ltd.,

Class

A

(Industrials)*

2,241

313

Sinomine

Resource

Group

Co.

Ltd.,

Class

A

(Materials)

1,508

5,359

Sinopec

Oilfield

Service

Corp.,

Class

A

(Energy)*

1,403

4,778

Sinopec

Shanghai

Petrochemical

Co.

Ltd.,

Class

A

(Materials)*

1,954

44,774

Sinopec

Shanghai

Petrochemical

Co.

Ltd.,

Class

H

(Materials)*

6,421

17,454

Sinopharm

Group

Co.

Ltd.,

Class

H

(Health

Care)

43,309

3,119

Sinotrans

Ltd.,

Class

A

(Industrials)

2,097

26,250

Sinotrans

Ltd.,

Class

H

(Industrials)

9,579

9,114

Sinotruk

Hong

Kong

Ltd.

(Industrials)

18,904

313

Skshu

Paint

Co.

Ltd.,

Class

A

(Materials)*

2,367

23,465

Smoore

International

Holdings

Ltd.

(Consumer

Staples)

(a)

20,460

2,249

Songcheng

Performance

Development

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

3,310

300

Sonoscape

Medical

Corp.,

Class

A

(Health

Care)

2,183

3,809

SooChow

Securities

Co.

Ltd.,

Class

A

(Financials)

4,091

5,200

Southwest

Securities

Co.

Ltd.,

Class

A

(Financials)

3,000

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

700

Spring

Airlines

Co.

Ltd.,

Class

A

(Industrials)*

$

5,202

181

StarPower

Semiconductor

Ltd.,

Class

A

(Information

Technology)

4,772

3,100

State

Grid

Yingda

Co.

Ltd.,

Class

A

(Industrials)

2,101

1,143

Sungrow

Power

Supply

Co.

Ltd.,

Class

A

(Industrials)

13,317

8,788

Sunny

Optical

Technology

Group

Co.

Ltd.

(Information

Technology)

83,432

450

Sunresin

New

Materials

Co.

Ltd.,

Class

A

(Materials)

3,169

1,129

Sunwoda

Electronic

Co.

Ltd.,

Class

A

(Industrials)

2,405

810

SUPCON

Technology

Co.

Ltd.,

Class

A

(Information

Technology)

4,968

1,124

Suzhou

Dongshan

Precision

Manufacturing

Co.

Ltd.,

Class

A

(Information

Technology)

2,932

29

Suzhou

Maxwell

Technologies

Co.

Ltd.,

Class

A

(Industrials)

439

256

Suzhou

TFC

Optical

Communication

Co.

Ltd.,

Class

A

(Information

Technology)

1,026

5,829

TAL

Education

Group

ADR

(Consumer

Discretionary)*

73,037

1,000

Talkweb

Information

System

Co.

Ltd.,

Class

A

(Communication

Services)*

2,311

1,268

Tangshan

Jidong

Cement

Co.

Ltd.,

Class

A

(Materials)

1,234

4,500

TangShan

Port

Group

Co.

Ltd.,

Class

A

(Industrials)

2,294

1,000

Tasly

Pharmaceutical

Group

Co.

Ltd.,

Class

A

(Health

Care)

2,144

3,963

TBEA

Co.

Ltd.,

Class

A

(Industrials)

7,731

12,628

TCL

Technology

Group

Corp.,

Class

A

(Information

Technology)*

7,392

3,256

TCL

Zhonghuan

Renewable

Energy

Technology

Co.

Ltd.,

Class

A

(Information

Technology)

7,605

79,906

Tencent

Holdings

Ltd.

(Communication

Services)

3,345,488

8,209

Tencent

Music

Entertainment

Group

ADR

(Communication

Services)*

69,859

181

Thunder

Software

Technology

Co.

Ltd.,

Class

A

(Information

Technology)

2,033

3,100

Tian

Di

Science

&

Technology

Co.

Ltd.,

Class

A

(Industrials)

2,236

6,600

Tianfeng

Securities

Co.

Ltd.,

Class

A

(Financials)*

2,948

GOLDMAN

SACHS

MARKETBETA

®

EMERGING

MARKETS

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

1,855

Tianma

Microelectronics

Co.

Ltd.,

Class

A

(Information

Technology)*

$

2,824

1,124

Tianqi

Lithium

Corp.,

Class

A

(Materials)

7,883

1,844

Tianqi

Lithium

Corp.,

Class

H

(Materials)

(b)

9,007

3,935

Tianshan

Aluminum

Group

Co.

Ltd.,

Class

A

(Materials)

3,328

2,400

Tianshui

Huatian

Technology

Co.

Ltd.,

Class

A

(Information

Technology)

3,005

25,393

Tingyi

Cayman

Islands

Holding

Corp.

(Consumer

Staples)

31,959

1,300

Titan

Wind

Energy

Suzhou

Co.

Ltd.,

Class

A

(Industrials)*

2,274

847

Toly

Bread

Co.

Ltd.,

Class

A

(Consumer

Staples)

987

16,150

Tongcheng

Travel

Holdings

Ltd.

(Consumer

Discretionary)*

29,735

1,000

TongFu

Microelectronics

Co.

Ltd.,

Class

A

(Information

Technology)

3,179

1,300

Tonghua

Dongbao

Pharmaceutical

Co.

Ltd.,

Class

A

(Health

Care)

2,177

1,968

Tongkun

Group

Co.

Ltd.,

Class

A

(Materials)*

3,745

9,276

Tongling

Nonferrous

Metals

Group

Co.

Ltd.,

Class

A

(Materials)

3,949

3,661

Tongwei

Co.

Ltd.,

Class

A

(Information

Technology)

12,561

153

Topchoice

Medical

Corp.,

Class

A

(Health

Care)*

1,756

36,795

Topsports

International

Holdings

Ltd.

(Consumer

Discretionary)

(a)

29,915

12,702

TravelSky

Technology

Ltd.,

Class

H

(Consumer

Discretionary)

21,435

1,794

Trina

Solar

Co.

Ltd.,

Class

A

(Information

Technology)

6,773

7,313

Trip.com

Group

Ltd.

ADR

(Consumer

Discretionary)*

257,271

2,700

Tsinghua

Tongfang

Co.

Ltd.,

Class

A

(Information

Technology)*

3,063

458

Tsingtao

Brewery

Co.

Ltd.,

Class

A

(Consumer

Staples)

4,782

8,163

Tsingtao

Brewery

Co.

Ltd.,

Class

H

(Consumer

Staples)

53,930

583

Unigroup

Guoxin

Microelectronics

Co.

Ltd.,

Class

A

(Information

Technology)*

5,915

16,425

Uni-President

China

Holdings

Ltd.

(Consumer

Staples)

10,515

2,249

Unisplendour

Corp.

Ltd.,

Class

A

(Information

Technology)*

6,365

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

843

Universal

Scientific

Industrial

Shanghai

Co.

Ltd.,

Class

A

(Information

Technology)

$

1,760

700

Venustech

Group,

Inc.,

Class

A

(Information

Technology)

2,511

712

Verisilicon

Microelectronics

Shanghai

Co.

Ltd.,

Class

A

(Information

Technology)*

5,324

4,672

Vipshop

Holdings

Ltd.

ADR

(Consumer

Discretionary)*

74,892

1,268

Walvax

Biotechnology

Co.

Ltd.,

Class

A

(Health

Care)

4,393

1,700

Wanda

Film

Holding

Co.

Ltd.,

Class

A

(Communication

Services)*

2,978

1,000

Wangfujing

Group

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

2,431

2,265

Wanhua

Chemical

Group

Co.

Ltd.,

Class

A

(Materials)

25,581

55,726

Want

Want

China

Holdings

Ltd.

(Consumer

Staples)

32,607

942

Weibo

Corp.

ADR

(Communication

Services)

9,524

5,912

Weichai

Power

Co.

Ltd.,

Class

A

(Industrials)

12,336

25,265

Weichai

Power

Co.

Ltd.,

Class

H

(Industrials)

46,452

859

Weihai

Guangwei

Composites

Co.

Ltd.,

Class

A

(Materials)

2,995

5,222

Wens

Foodstuffs

Group

Co.

Ltd.,

Class

A

(Consumer

Staples)

14,084

1,968

Western

Mining

Co.

Ltd.,

Class

A

(Materials)

3,533

3,686

Western

Securities

Co.

Ltd.,

Class

A

(Financials)

3,407

802

Western

Superconducting

Technologies

Co.

Ltd.,

Class

A

(Materials)

5,893

842

Will

Semiconductor

Co.

Ltd.

Shanghai,

Class

A

(Information

Technology)

12,763

864

Wingtech

Technology

Co.

Ltd.,

Class

A

(Information

Technology)*

5,835

440

Winner

Medical

Co.

Ltd.,

Class

A

(Health

Care)

2,388

1,700

Winning

Health

Technology

Group

Co.

Ltd.,

Class

A

(Health

Care)

1,807

17,700

Wintime

Energy

Group

Co.

Ltd.,

Class

A

(Utilities)*

3,520

4,100

Wuchan

Zhongda

Group

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

2,653

3,377

Wuhan

Guide

Infrared

Co.

Ltd.,

Class

A

(Information

Technology)

3,670

GOLDMAN

SACHS

MARKETBETA

®

EMERGING

MARKETS

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

300

Wuhan

Jingce

Electronic

Group

Co.

Ltd.,

Class

A

(Information

Technology)

$

3,492

2,827

Wuliangye

Yibin

Co.

Ltd.,

Class

A

(Consumer

Staples)

59,046

1,686

WUS

Printed

Circuit

Kunshan

Co.

Ltd.,

Class

A

(Information

Technology)

4,880

1,838

WuXi

AppTec

Co.

Ltd.,

Class

A

(Health

Care)

21,260

4,622

WuXi

AppTec

Co.

Ltd.,

Class

H

(Health

Care)

(a)

54,148

47,425

Wuxi

Biologics

Cayman,

Inc.

(Health

Care)*

(a)

264,137

1,305

Wuxi

Lead

Intelligent

Equipment

Co.

Ltd.,

Class

A

(Industrials)

4,781

8,153

XCMG

Construction

Machinery

Co.

Ltd.,

Class

A

(Industrials)

6,314

2,249

Xiamen

C

&

D,

Inc.,

Class

A

(Industrials)

2,982

181

Xiamen

Faratronic

Co.

Ltd.,

Class

A

(Information

Technology)

2,383

1,124

Xiamen

Tungsten

Co.

Ltd.,

Class

A

(Materials)

2,706

1,700

Xiangcai

Co.

Ltd.,

Class

A

(Real

Estate)

1,871

1,000

Xiangtan

Electric

Manufacturing

Co.

Ltd.,

Class

A

(Industrials)*

2,059

206,339

Xiaomi

Corp.,

Class

B

(Information

Technology)*

(a)

412,662

6,600

Xinhu

Zhongbao

Co.

Ltd.,

Class

A

(Real

Estate)

2,153

1,344

Xinjiang

Daqo

New

Energy

Co.

Ltd.,

Class

A

(Information

Technology)

5,795

3,100

Xinjiang

Tianshan

Cement

Co.

Ltd.,

Class

A

(Materials)

3,013

60,079

Xinyi

Solar

Holdings

Ltd.

(Information

Technology)

34,538

14,536

XPeng,

Inc.,

Class

A

(Consumer

Discretionary)*

125,068

15,390

Yadea

Group

Holdings

Ltd.

(Consumer

Discretionary)

(a)

28,887

562

Yangzhou

Yangjie

Electronic

Technology

Co.

Ltd.,

Class

A

(Information

Technology)

2,948

2,689

Yankuang

Energy

Group

Co.

Ltd.,

Class

A

(Energy)

7,738

28,668

Yankuang

Energy

Group

Co.

Ltd.,

Class

H

(Energy)

53,296

562

Yantai

Jereh

Oilfield

Services

Group

Co.

Ltd.,

Class

A

(Energy)

2,333

734

Yealink

Network

Technology

Corp.

Ltd.,

Class

A

(Information

Technology)

3,308

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

847

Yifeng

Pharmacy

Chain

Co.

Ltd.,

Class

A

(Consumer

Staples)

$

4,521

1,424

Yihai

Kerry

Arawana

Holdings

Co.

Ltd.,

Class

A

(Consumer

Staples)

6,961

2,249

Yintai

Gold

Co.

Ltd.,

Class

A

(Materials)

4,661

7,300

Yonghui

Superstores

Co.

Ltd.,

Class

A

(Consumer

Staples)*

3,118

305

YongXing

Special

Materials

Technology

Co.

Ltd.,

Class

A

(Materials)

1,878

2,552

Yonyou

Network

Technology

Co.

Ltd.,

Class

A

(Information

Technology)

5,972

3,800

Youngor

Group

Co.

Ltd.,

Class

A

(Real

Estate)

3,608

3,944

YSB,

Inc.

(Health

Care)*

10,069

2,249

YTO

Express

Group

Co.

Ltd.,

Class

A

(Industrials)

4,141

21,540

Yuexiu

Property

Co.

Ltd.

(Real

Estate)

19,636

2,530

Yunda

Holding

Co.

Ltd.,

Class

A

(Industrials)

3,043

2,530

Yunnan

Aluminium

Co.

Ltd.,

Class

A

(Materials)

4,560

1,163

Yunnan

Baiyao

Group

Co.

Ltd.,

Class

A

(Health

Care)

8,197

181

Yunnan

Botanee

Bio-

Technology

Group

Co.

Ltd.,

Class

A

(Consumer

Staples)

1,811

4,100

Yunnan

Chihong

Zinc&Germanium

Co.

Ltd.,

Class

A

(Materials)

2,894

839

Yunnan

Energy

New

Material

Co.

Ltd.,

Class

A

(Materials)

6,917

1,305

Yunnan

Tin

Co.

Ltd.,

Class

A

(Materials)

2,522

1,305

Yunnan

Yuntianhua

Co.

Ltd.,

Class

A

(Materials)

2,873

1,700

Yutong

Bus

Co.

Ltd.,

Class

A

(Industrials)

3,204

1,165

Zai

Lab

Ltd.

ADR

(Health

Care)*

31,793

1,124

Zangge

Mining

Co.

Ltd.,

Class

A

(Materials)

3,765

305

Zhangzhou

Pientzehuang

Pharmaceutical

Co.

Ltd.,

Class

A

(Health

Care)

10,796

19,070

Zhaojin

Mining

Industry

Co.

Ltd.,

Class

H

(Materials)

24,709

3,654

Zhefu

Holding

Group

Co.

Ltd.,

Class

A

(Industrials)

1,873

4,365

Zhejiang

Century

Huatong

Group

Co.

Ltd.,

Class

A

(Communication

Services)*

3,411

GOLDMAN

SACHS

MARKETBETA

®

EMERGING

MARKETS

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

4,100

Zhejiang

China

Commodities

City

Group

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

$

4,564

1,826

Zhejiang

Chint

Electrics

Co.

Ltd.,

Class

A

(Industrials)

5,608

2,256

Zhejiang

Dahua

Technology

Co.

Ltd.,

Class

A

(Information

Technology)

6,107

181

Zhejiang

Dingli

Machinery

Co.

Ltd.,

Class

A

(Industrials)

1,232

15,656

Zhejiang

Expressway

Co.

Ltd.,

Class

H

(Industrials)

9,922

1,300

Zhejiang

Hailiang

Co.

Ltd.,

Class

A

(Materials)

2,019

1,124

Zhejiang

Huahai

Pharmaceutical

Co.

Ltd.,

Class

A

(Health

Care)

2,463

1,142

Zhejiang

Huayou

Cobalt

Co.

Ltd.,

Class

A

(Materials)

5,133

1,124

Zhejiang

Jingsheng

Mechanical

&

Electrical

Co.

Ltd.,

Class

A

(Information

Technology)

6,795

2,700

Zhejiang

Jinke

Tom

Culture

Industry

Co.

Ltd.,

Class

A

(Communication

Services)*

1,834

562

Zhejiang

Jiuzhou

Pharmaceutical

Co.

Ltd.,

Class

A

(Health

Care)

2,161

2,249

Zhejiang

Juhua

Co.

Ltd.,

Class

A

(Materials)

5,004

8,619

Zhejiang

Leapmotor

Technology

Co.

Ltd.

(Consumer

Discretionary)*

(a)(b)

44,252

2,400

Zhejiang

Longsheng

Group

Co.

Ltd.,

Class

A

(Materials)

2,894

2,270

Zhejiang

NHU

Co.

Ltd.,

Class

A

(Health

Care)

5,410

2,811

Zhejiang

Sanhua

Intelligent

Controls

Co.

Ltd.,

Class

A

(Industrials)

11,384

700

Zhejiang

Shuanghuan

Driveline

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

2,720

181

Zhejiang

Supor

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

1,325

1,116

Zhejiang

Weiming

Environment

Protection

Co.

Ltd.,

Class

A

(Industrials)

2,765

1,305

Zhejiang

Weixing

New

Building

Materials

Co.

Ltd.,

Class

A

(Industrials)

2,734

9,400

Zhejiang

Zheneng

Electric

Power

Co.

Ltd.,

Class

A

(Utilities)*

6,108

1,000

Zhengzhou

Coal

Mining

Machinery

Group

Co.

Ltd.,

Class

A

(Industrials)

1,666

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

3,147

Zhengzhou

Coal

Mining

Machinery

Group

Co.

Ltd.,

Class

H

(Industrials)

$

3,070

3,391

Zheshang

Securities

Co.

Ltd.,

Class

A

(Financials)

4,986

9,150

ZhongAn

Online

P&C

Insurance

Co.

Ltd.,

Class

H

(Financials)*

(a)

23,079

712

Zhongfu

Shenying

Carbon

Fiber

Co.

Ltd.,

Class

A

(Materials)

3,049

562

Zhongji

Innolight

Co.

Ltd.,

Class

A

(Information

Technology)

7,470

3,800

Zhongjin

Gold

Corp.

Ltd.,

Class

A

(Materials)

5,731

9,694

Zhongsheng

Group

Holdings

Ltd.

(Consumer

Discretionary)

23,210

4,778

Zhongtai

Securities

Co.

Ltd.,

Class

A

(Financials)

4,811

859

Zhuhai

CosMX

Battery

Co.

Ltd.,

Class

A

(Industrials)

2,548

1,700

Zhuhai

Huafa

Properties

Co.

Ltd.,

Class

A

(Real

Estate)

1,783

578

Zhuzhou

CRRC

Times

Electric

Co.

Ltd.,

Class

A

(Industrials)

3,115

6,729

Zhuzhou

CRRC

Times

Electric

Co.

Ltd.,

Class

H

(Industrials)

21,280

2,249

Zhuzhou

Kibing

Group

Co.

Ltd.,

Class

A

(Industrials)

2,472

15,867

Zijin

Mining

Group

Co.

Ltd.,

Class

A

(Materials)

27,063

74,385

Zijin

Mining

Group

Co.

Ltd.,

Class

H

(Materials)

117,907

6,557

ZJLD

Group,

Inc.

(Consumer

Staples)*

(a)

9,218

6,339

Zoomlion

Heavy

Industry

Science

and

Technology

Co.

Ltd.,

Class

A

(Industrials)

5,726

18,075

Zoomlion

Heavy

Industry

Science

and

Technology

Co.

Ltd.,

Class

H

(Industrials)

9,627

3,373

ZTE

Corp.,

Class

A

(Information

Technology)

12,106

10,408

ZTE

Corp.,

Class

H

(Information

Technology)

22,707

5,342

ZTO

Express

Cayman,

Inc.

ADR

(Industrials)

119,233

24,238,972

Colombia

–

0.1%

3,136

Bancolombia

SA

(Financials)

24,532

62,586

Ecopetrol

SA

(Energy)

38,895

5,883

Interconexion

Electrica

SA

ESP

(Utilities)

21,994

85,421

Czech

Republic

–

0.1%

2,106

CEZ

AS

(Utilities)

93,331

981

Komercni

banka

AS

(Financials)

30,428

123,759

GOLDMAN

SACHS

MARKETBETA

®

EMERGING

MARKETS

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Egypt

–

0.1%

3,946

Abou

Kir

Fertilizers

&

Chemical

Industries

(Materials)

$

10,133

30,919

Commercial

International

Bank

-

Egypt

(CIB)

(Financials)

77,247

13,421

EFG

Holding

S.A.E.

(Financials)*

8,018

6,685

ElSewedy

Electric

Co.

(Industrials)

5,885

2,554

Ezz

Steel

Co.

SAE

(Materials)*

6,279

498

Misr

Fertilizers

Production

Co.

SAE

(Materials)

8,929

6,863

Telecom

Egypt

Co.

(Communication

Services)

7,993

124,484

Greece

–

0.5%

26,203

Alpha

Services

and

Holdings

SA

(Financials)*

44,601

31,950

Eurobank

Ergasias

Services

and

Holdings

SA

(Financials)*

58,949

2,332

Hellenic

Telecommunications

Organization

SA

(Communication

Services)

34,274

1,388

JUMBO

SA

(Consumer

Discretionary)

36,407

768

Motor

Oil

Hellas

Corinth

Refineries

SA

(Energy)

20,782

1,391

Mytilineos

SA

(Industrials)

55,761

7,090

National

Bank

of

Greece

SA

(Financials)*

48,597

2,552

OPAP

SA

(Consumer

Discretionary)

40,932

8,834

Piraeus

Financial

Holdings

SA

(Financials)*

31,422

2,733

Public

Power

Corp.

SA

(Utilities)*

32,205

938

Star

Bulk

Carriers

Corp.

(Industrials)

19,942

722

Terna

Energy

SA

(Utilities)

12,360

436,232

Hong

Kong

–

0.0%

1,745

Orient

Overseas

International

Ltd.

(Industrials)

20,991

Hungary

–

0.2%

5,836

MOL

Hungarian

Oil

&

Gas

PLC

(Energy)

46,453

2,961

OTP

Bank

Nyrt

(Financials)

123,058

1,840

Richter

Gedeon

Nyrt

(Health

Care)

46,361

215,872

India

–

17.6%

678

ABB

India

Ltd.

(Industrials)

35,933

902

ACC

Ltd.

(Materials)

20,286

3,910

Adani

Energy

Solutions

Ltd.

(Utilities)*

40,915

4,043

Adani

Enterprises

Ltd.

(Industrials)

114,345

Shares

Description

Value

a

Common

Stocks

–

(continued)

India

–

(continued)

4,130

Adani

Green

Energy

Ltd.

(Utilities)*

$

50,950

9,596

Adani

Ports

&

Special

Economic

Zone

Ltd.

(Industrials)

94,989

10,409

Adani

Power

Ltd.

(Utilities)*

53,859

3,673

Adani

Total

Gas

Ltd.

(Utilities)

31,218

2,196

Adani

Wilmar

Ltd.

(Consumer

Staples)*

8,970

6,100

Aditya

Birla

Capital

Ltd.

(Financials)*

12,289

409

Alkem

Laboratories

Ltd.

(Health

Care)

23,166

7,891

Ambuja

Cements

Ltd.

(Materials)

41,563

2,156

APL

Apollo

Tubes

Ltd.

(Materials)

43,631

1,344

Apollo

Hospitals

Enterprise

Ltd.

(Health

Care)

89,106

18,979

Ashok

Leyland

Ltd.

(Industrials)

41,682

5,295

Asian

Paints

Ltd.

(Materials)

198,095

1,572

Astral

Ltd.

(Industrials)

36,752

6,054

AU

Small

Finance

Bank

Ltd.

(Financials)

(a)

53,822

3,726

Aurobindo

Pharma

Ltd.

(Health

Care)

46,536

1,891

Avenue

Supermarts

Ltd.

(Consumer

Staples)*

(a)

89,563

29,654

Axis

Bank

Ltd.

(Financials)

381,993

898

Bajaj

Auto

Ltd.

(Consumer

Discretionary)

65,584

3,456

Bajaj

Finance

Ltd.

(Financials)

295,145

4,978

Bajaj

Finserv

Ltd.

(Financials)

99,896

361

Bajaj

Holdings

&

Investment

Ltd.

(Financials)

31,844

1,074

Balkrishna

Industries

Ltd.

(Consumer

Discretionary)

33,181

10,050

Bandhan

Bank

Ltd.

(Financials)

(a)

27,248

13,459

Bank

of

Baroda

(Financials)

31,810

9,917

Bank

of

India

(Financials)

12,338

3,231

Berger

Paints

India

Ltd.

(Materials)

22,254

46,477

Bharat

Electronics

Ltd.

(Industrials)

81,313

3,411

Bharat

Forge

Ltd.

(Consumer

Discretionary)

45,821

16,687

Bharat

Heavy

Electricals

Ltd.

(Industrials)

34,107

12,703

Bharat

Petroleum

Corp.

Ltd.

(Energy)

66,368

31,312

Bharti

Airtel

Ltd.

(Communication

Services)

380,991

5,921

Biocon

Ltd.

(Health

Care)

16,919

129

Bosch

Ltd.

(Consumer

Discretionary)

33,412

1,572

Britannia

Industries

Ltd.

(Consumer

Staples)

91,474

GOLDMAN

SACHS

MARKETBETA

®

EMERGING

MARKETS

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

India

–

(continued)

5,026

Canara

Bank

(Financials)

$

24,291

8,251

CG

Power

&

Industrial

Solutions

Ltd.

(Industrials)

44,464

5,254

Cholamandalam

Investment

and

Finance

Co.

Ltd.

(Financials)

70,402

7,093

Cipla

Ltd.

(Health

Care)

103,111

27,596

Coal

India

Ltd.

(Energy)

113,222

1,753

Colgate-Palmolive

India

Ltd.

(Consumer

Staples)

46,166

3,548

Container

Corp.

Of

India

Ltd.

(Industrials)

33,015

1,795

Cummins

India

Ltd.

(Industrials)

41,092

7,812

Dabur

India

Ltd.

(Consumer

Staples)

50,402

1,073

Dalmia

Bharat

Ltd.

(Materials)

28,532

985

Deepak

Nitrite

Ltd.

(Materials)

25,939

4,035

Delhivery

Ltd.

(Industrials)*

18,926

1,664

Divi's

Laboratories

Ltd.

(Health

Care)

75,598

8,214

DLF

Ltd.

(Real

Estate)

61,644

1,613

Dr.

Reddy's

Laboratories

Ltd.

(Health

Care)

111,954

1,839

Eicher

Motors

Ltd.

(Consumer

Discretionary)

85,934

8,037

Embassy

Office

Parks

REIT

(Real

Estate)

31,049

13,547

FSN

E-Commerce

Ventures

Ltd.

(Consumer

Discretionary)*

28,558

35,668

GAIL

India

Ltd.

(Utilities)

56,414

3,234

General

Insurance

Corp.

of

India

(Financials)

(a)

12,392

810

Gland

Pharma

Ltd.

(Health

Care)*

(a)

17,237

4,891

Godrej

Consumer

Products

Ltd.

(Consumer

Staples)

59,130

1,525

Godrej

Properties

Ltd.

(Real

Estate)*

34,319

4,123

Grasim

Industries

Ltd.

(Materials)

99,150

492

Gujarat

Fluorochemicals

Ltd.

(Materials)

16,821

2,377

Gujarat

Gas

Ltd.

(Utilities)

12,346

2,912

Havells

India

Ltd.

(Industrials)

45,487

13,775

HCL

Technologies

Ltd.

(Information

Technology)

221,490

1,035

HDFC

Asset

Management

Co.

Ltd.

(Financials)

(a)

36,855

36,293

HDFC

Bank

Ltd.

(Financials)

678,391

12,883

HDFC

Life

Insurance

Co.

Ltd.

(Financials)

(a)

106,710

1,744

Hero

MotoCorp

Ltd.

(Consumer

Discretionary)

79,867

19,289

Hindalco

Industries

Ltd.

(Materials)

119,270

2,198

Hindustan

Aeronautics

Ltd.

(Industrials)

62,724

8,569

Hindustan

Petroleum

Corp.

Ltd.

(Energy)*

35,697

Shares

Description

Value

a

Common

Stocks

–

(continued)

India

–

(continued)

11,627

Hindustan

Unilever

Ltd.

(Consumer

Staples)

$

354,908

40

Honeywell

Automation

India

Ltd.

(Information

Technology)

17,581

67,348

ICICI

Bank

Ltd.

(Financials)

755,057

3,137

ICICI

Lombard

General

Insurance

Co.

Ltd.

(Financials)

(a)

55,673

5,073

ICICI

Prudential

Life

Insurance

Co.

Ltd.

(Financials)

(a)

34,224

37,600

IDFC

First

Bank

Ltd.

(Financials)*

38,414

3,144

Indian

Bank

(Financials)

14,963

11,257

Indian

Hotels

Co.

Ltd.

(Consumer

Discretionary)

56,924

49,578

Indian

Oil

Corp.

Ltd.

(Energy)

66,436

3,988

Indian

Railway

Catering

&

Tourism

Corp.

Ltd.

(Industrials)

33,750

23,194

Indian

Railway

Finance

Corp.

Ltd.

(Financials)

(a)

20,762

4,623

Indraprastha

Gas

Ltd.

(Utilities)

21,570

11,039

Indus

Towers

Ltd.

(Communication

Services)*

24,409

7,454

IndusInd

Bank

Ltd.

(Financials)

131,045

904

Info

Edge

India

Ltd.

(Communication

Services)

49,984

46,703

Infosys

Ltd.

(Information

Technology)

814,928

1,396

InterGlobe

Aviation

Ltd.

(Industrials)*

(a)

45,287

38,808

ITC

Ltd.

(Consumer

Staples)

202,803

3,950

Jindal

Stainless

Ltd.

(Materials)

23,744

5,028

Jindal

Steel

&

Power

Ltd.

(Materials)

40,444

44,104

Jio

Financial

Services

Ltd.

(Financials)*

121,322

4,895

JSW

Energy

Ltd.

(Utilities)

23,969

12,338

JSW

Steel

Ltd.

(Materials)

118,522

5,161

Jubilant

Foodworks

Ltd.

(Consumer

Discretionary)

34,709

14,220

Kotak

Mahindra

Bank

Ltd.

(Financials)

299,333

320

L&T

Technology

Services

Ltd.

(Industrials)

(a)

18,299

8,970

Larsen

&

Toubro

Ltd.

(Industrials)

334,432

3,054

Life

Insurance

Corp.

of

India

(Financials)

24,884

270

Linde

India

Ltd.

(Materials)

18,592

1,207

LTIMindtree

Ltd.

(Information

Technology)

(a)

80,135

3,183

Lupin

Ltd.

(Health

Care)

48,890

3,050

Macrotech

Developers

Ltd.

(Real

Estate)

(a)

32,247

7,495

Mahindra

&

Mahindra

Financial

Services

Ltd.

(Financials)

24,653

11,530

Mahindra

&

Mahindra

Ltd.

(Consumer

Discretionary)

227,818

447

Mankind

Pharma

Ltd.

(Health

Care)*

10,171

GOLDMAN

SACHS

MARKETBETA

®

EMERGING

MARKETS

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

India

–

(continued)

6,907

Marico

Ltd.

(Consumer

Staples)

$

44,613

1,708

Maruti

Suzuki

India

Ltd.

(Consumer

Discretionary)

217,278

2,919

Max

Financial

Services

Ltd.

(Financials)*

35,675

9,642

Max

Healthcare

Institute

Ltd.

(Health

Care)

73,511

402

Mazagon

Dock

Shipbuilders

Ltd.

(Industrials)

9,703

1,121

Mphasis

Ltd.

(Information

Technology)

31,652

40

MRF

Ltd.

(Consumer

Discretionary)

53,569

1,477

Muthoot

Finance

Ltd.

(Financials)

26,246

454

Nestle

India

Ltd.

(Consumer

Staples)

131,943

36,471

NHPC

Ltd.

(Utilities)

23,791

15,205

NMDC

Ltd.

(Materials)

33,093

61,554

NTPC

Ltd.

(Utilities)

192,869

1,619

Oberoi

Realty

Ltd.

(Real

Estate)

27,196

50,382

Oil

&

Natural

Gas

Corp.

Ltd.

(Energy)

117,778

2,651

One

97

Communications

Ltd.

(Financials)*

27,842

313

Oracle

Financial

Services

Software

Ltd.

(Information

Technology)

15,054

84

Page

Industries

Ltd.

(Consumer

Discretionary)

37,530

947

Patanjali

Foods

Ltd.

(Consumer

Staples)

15,900

3,136

PB

Fintech

Ltd.

(Financials)*

31,327

668

Persistent

Systems

Ltd.

(Information

Technology)

51,265

9,600

Petronet

LNG

Ltd.

(Energy)

23,346

1,074

PI

Industries

Ltd.

(Materials)

48,564

2,018

Pidilite

Industries

Ltd.

(Materials)

61,763

583

Polycab

India

Ltd.

(Industrials)

36,828

19,203

Power

Finance

Corp.

Ltd.

(Financials)

77,117

58,868

Power

Grid

Corp.

of

India

Ltd.

(Utilities)

147,499

132

Procter

&

Gamble

Hygiene

&

Health

Care

Ltd.

(Consumer

Staples)

27,288

28,087

Punjab

National

Bank

(Financials)

26,136

7,360

Rail

Vikas

Nigam

Ltd.

(Industrials)

14,492

16,506

REC

Ltd.

(Financials)

69,018

44,553

Reliance

Industries

Ltd.

(Energy)

1,270,150

27,104

Samvardhana

Motherson

International

Ltd.

(Consumer

Discretionary)

29,917

3,863

SBI

Cards

&

Payment

Services

Ltd.

(Financials)

34,239

Shares

Description

Value

a

Common

Stocks

–

(continued)

India

–

(continued)

5,883

SBI

Life

Insurance

Co.

Ltd.

(Financials)

(a)

$

101,249

543

Schaeffler

India

Ltd.

(Industrials)

18,480

134

Shree

Cement

Ltd.

(Materials)

42,970

3,146

Shriram

Finance

Ltd.

(Financials)

75,721

1,170

Siemens

Ltd.

(Industrials)

51,315

320

Solar

Industries

India

Ltd.

(Materials)

24,132

3,636

Sona

Blw

Precision

Forgings

Ltd.

(Consumer

Discretionary)

(a)

24,329

1,969

SRF

Ltd.

(Materials)

55,896

23,235

State

Bank

of

India

(Financials)

157,350

19,115

Steel

Authority

of

India

Ltd.

(Materials)

21,156

14,038

Sun

Pharmaceutical

Industries

Ltd.

(Health

Care)

206,352

763

Supreme

Industries

Ltd.

(Materials)

40,542

128,541

Suzlon

Energy

Ltd.

(Industrials)*

62,811

1,487

Tata

Communications

Ltd.

(Communication

Services)

30,412

13,188

Tata

Consultancy

Services

Ltd.

(Information

Technology)

551,534

7,813

Tata

Consumer

Products

Ltd.

(Consumer

Staples)

88,137

453

Tata

Elxsi

Ltd.

(Information

Technology)

44,830

22,439

Tata

Motors

Ltd.

(Consumer

Discretionary)

190,073

6,147

Tata

Motors

Ltd.,

Class

A

(Consumer

Discretionary)

35,219

22,436

Tata

Power

Co.

Ltd.

(The)

(Utilities)

72,075

105,029

Tata

Steel

Ltd.

(Materials)

161,082

8,079

Tech

Mahindra

Ltd.

(Information

Technology)

118,283

490

Thermax

Ltd.

(Industrials)

14,895

4,844

Titan

Co.

Ltd.

(Consumer

Discretionary)

202,755

1,252

Torrent

Pharmaceuticals

Ltd.

(Health

Care)

31,926

2,372

Trent

Ltd.

(Consumer

Discretionary)

79,272

1,347

Tube

Investments

of

India

Ltd.

(Consumer

Discretionary)

54,373

3,057

TVS

Motor

Co.

Ltd.

(Consumer

Discretionary)

68,348

1,485

UltraTech

Cement

Ltd.

(Materials)

160,329

19,291

Union

Bank

of

India

Ltd.

(Financials)

24,948

985

United

Breweries

Ltd.

(Consumer

Staples)

19,451

3,944

United

Spirits

Ltd.

(Consumer

Staples)

49,604

6,868

UPL

Ltd.

(Materials)

46,997

GOLDMAN

SACHS

MARKETBETA

®

EMERGING

MARKETS

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

India

–

(continued)

6,146

Varun

Beverages

Ltd.

(Consumer

Staples)

$

81,437

496

Vedant

Fashions

Ltd.

(Consumer

Discretionary)

8,151

14,802

Vedanta

Ltd.

(Materials)

41,419

105,388

Vodafone

Idea

Ltd.

(Communication

Services)*

16,492

3,051

Voltas

Ltd.

(Industrials)

30,291

18,259

Wipro

Ltd.

(Information

Technology)

90,437

545

WNS

Holdings

Ltd.

ADR

(Industrials)*

32,417

167,803

Yes

Bank

Ltd.

(Financials)*

38,936

50,074

Zomato

Ltd.

(Consumer

Discretionary)*

71,184

3,359

Zydus

Lifesciences

Ltd.

(Health

Care)

25,680

16,216,331

Indonesia

–

2.0%

145,549

Adaro

Energy

Indonesia

Tbk

PT

(Energy)

24,587

88,481

Adaro

Minerals

Indonesia

Tbk

PT

(Materials)*

7,559

171,029

Amman

Mineral

Internasional

PT

(Materials)*

79,395

114,896

Aneka

Tambang

Tbk

(Materials)

12,890

267,003

Astra

International

Tbk

PT

(Industrials)

92,960

680,975

Bank

Central

Asia

Tbk

PT

(Financials)

394,052

472,796

Bank

Mandiri

Persero

Tbk

PT

(Financials)

178,327

197,812

Bank

Negara

Indonesia

Persero

Tbk

PT

(Financials)

67,277

914,288

Bank

Rakyat

Indonesia

Persero

Tbk

PT

(Financials)

310,952

355,026

Barito

Pacific

Tbk

PT

(Materials)

23,920

90,852

Chandra

Asri

Petrochemical

Tbk

PT

(Materials)

17,280

99,738

Charoen

Pokphand

Indonesia

Tbk

PT

(Consumer

Staples)

33,439

299,162

Dayamitra

Telekomunikasi

PT

(Communication

Services)

13,888

203,103

Elang

Mahkota

Teknologi

Tbk

PT

(Communication

Services)

8,446

9,972,881

GoTo

Gojek

Tokopedia

Tbk

PT

(Consumer

Discretionary)*

62,371

6,287

Gudang

Garam

Tbk

PT

(Consumer

Staples)

8,563

34,991

Indah

Kiat

Pulp

&

Paper

Tbk

PT

(Materials)

19,797

21,538

Indocement

Tunggal

Prakarsa

Tbk

PT

(Materials)

14,164

31,272

Indofood

CBP

Sukses

Makmur

Tbk

PT

(Consumer

Staples)

23,288

60,387

Indofood

Sukses

Makmur

Tbk

PT

(Consumer

Staples)

25,015

Shares

Description

Value

a

Common

Stocks

–

(continued)

Indonesia

–

(continued)

17,992

Indosat

Tbk

PT

(Communication

Services)

$

11,049

251,063

Kalbe

Farma

Tbk

PT

(Health

Care)

26,142

45,001

Mayora

Indah

Tbk

PT

(Consumer

Staples)

7,399

137,510

Merdeka

Battery

Materials

Tbk

PT

(Materials)*

5,630

163,857

Merdeka

Copper

Gold

Tbk

PT

(Materials)*

26,728

20,998

Pantai

Indah

Kapuk

Dua

Tbk

PT

(Materials)*

6,363

264,979

Sarana

Menara

Nusantara

Tbk

PT

(Communication

Services)

17,084

44,142

Semen

Indonesia

Persero

Tbk

PT

(Materials)

18,499

250,039

Sumber

Alfaria

Trijaya

Tbk

PT

(Consumer

Staples)

46,268

617,449

Telkom

Indonesia

Persero

Tbk

PT

(Communication

Services)

149,685

64,342

Tower

Bersama

Infrastructure

Tbk

PT

(Communication

Services)

8,504

104,045

Trimegah

Bangun

Persada

Tbk

PT

(Materials)

6,809

78,294

Unilever

Indonesia

Tbk

PT

(Consumer

Staples)

18,425

18,669

United

Tractors

Tbk

PT

(Energy)

26,360

27,860

Vale

Indonesia

Tbk

PT

(Materials)

8,083

1,801,198

Kuwait

–

0.8%

20,101

Agility

Public

Warehousing

Co.

KSC

(Industrials)*

35,156

17,139

Boubyan

Bank

KSCP

(Financials)

32,363

27,685

Gulf

Bank

KSCP

(Financials)

22,686

134,371

Kuwait

Finance

House

KSCP

(Financials)

304,212

8,620

Mabanee

Co

KPSC

(Real

Estate)

23,396

27,732

Mobile

Telecommunications

Co.

KSCP

(Communication

Services)

43,922

97,093

National

Bank

of

Kuwait

SAKP

(Financials)

278,307

740,042

Luxembourg

–

0.1%

1,793

Reinet

Investments

SCA

(Financials)

41,867

Mexico

–

2.7%

62,682

Alfa

SAB

de

CV,

Class

A

(Industrials)

45,718

418,958

America

Movil

SAB

de

CV,

Series

B

(Communication

Services)

378,887

GOLDMAN

SACHS

MARKETBETA

®

EMERGING

MARKETS

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Mexico

–

(continued)

6,153

Arca

Continental

SAB

de

CV

(Consumer

Staples)

$

62,818

23,327

Becle

SAB

de

CV

(Consumer

Staples)

39,560

196,651

Cemex

SAB

de

CV,

Series

CPO

(Materials)*

136,636

6,907

Coca-Cola

Femsa

SAB

de

CV

(Consumer

Staples)

58,042

2,828

El

Puerto

de

Liverpool

SAB

de

CV

(Consumer

Discretionary)

16,468

37,962

Fibra

Uno

Administracion

SA

de

CV

REIT

(Real

Estate)

61,079

28,127

Fomento

Economico

Mexicano

SAB

de

CV

(Consumer

Staples)

357,637

2,338

Gruma

SAB

de

CV,

Class

B

(Consumer

Staples)

43,321

5,071

Grupo

Aeroportuario

del

Pacifico

SAB

de

CV,

Class

B

(Industrials)

77,229

2,418

Grupo

Aeroportuario

del

Sureste

SAB

de

CV,

Class

B

(Industrials)

57,079

17,718

Grupo

Bimbo

SAB

de

CV,

Series

A

(Consumer

Staples)

89,388

6,550

Grupo

Carso

SAB

de

CV,

Series

A1

(Industrials)

60,167

5,878

Grupo

Comercial

Chedraui

SA

de

CV

(Consumer

Staples)

34,551

679

Grupo

Elektra

SAB

DE

CV

(Financials)

46,331

37,510

Grupo

Financiero

Banorte

SAB

de

CV,

Class

O

(Financials)

348,746

25,891

Grupo

Financiero

Inbursa

SAB

de

CV,

Class

O

(Financials)*

63,269

40,921

Grupo

Mexico

SAB

de

CV,

Series

B

(Materials)

187,533

2,472

Industrias

Penoles

SAB

de

CV

(Materials)*

36,251

21,445

Kimberly-Clark

de

Mexico

SAB

de

CV,

Class

A

(Consumer

Staples)

43,380

12,073

Orbia

Advance

Corp.

SAB

de

CV

(Materials)

25,777

64,826

Wal-Mart

de

Mexico

SAB

de

CV

(Consumer

Staples)

254,095

2,523,962

Philippines

–

0.6%

129,152

ACEN

Corp.

(Utilities)

11,172

3,165

Ayala

Corp.

(Industrials)

37,873

76,736

Ayala

Land,

Inc.

(Real

Estate)

43,146

26,478

Bank

of

the

Philippine

Islands

(Financials)

49,291

27,380

BDO

Unibank,

Inc.

(Financials)

65,872

10,773

International

Container

Terminal

Services,

Inc.

(Industrials)

41,896

40,512

JG

Summit

Holdings,

Inc.

(Industrials)

28,108

Shares

Description

Value

a

Common

Stocks

–

(continued)

Philippines

–

(continued)

6,237

Jollibee

Foods

Corp.

(Consumer

Discretionary)

$

25,470

3,997

Manila

Electric

Co.

(Utilities)

25,931

24,705

Metropolitan

Bank

&

Trust

Co.

(Financials)

22,239

1,144

PLDT,

Inc.

(Communication

Services)

26,554

6,304

SM

Investments

Corp.

(Industrials)

93,043

148,387

SM

Prime

Holdings,

Inc.

(Real

Estate)

86,374

12,127

Universal

Robina

Corp.

(Consumer

Staples)

24,695

581,664

Qatar

–

0.9%

44,549

Commercial

Bank

PSQC

(The)

(Financials)

65,215

23,375

Dukhan

Bank

(Financials)

24,794

26,286

Industries

Qatar

QSC

(Industrials)

90,243

91,306

Masraf

Al

Rayan

QSC

(Financials)

62,342

59,402

Mesaieed

Petrochemical

Holding

Co.

(Materials)

27,392

9,243

Ooredoo

QPSC

(Communication

Services)

26,122

6,421

Qatar

Electricity

&

Water

Co.

QSC

(Utilities)

29,768

7,757

Qatar

Fuel

QSC

(Energy)

33,917

46,708

Qatar

Gas

Transport

Co.

Ltd.

(Energy)

41,564

14,676

Qatar

International

Islamic

Bank

QSC

(Financials)

40,429

21,710

Qatar

Islamic

Bank

(Financials)

113,290

57,748

Qatar

National

Bank

QPSC

(Financials)

249,009

804,085

Russia

–

0.0%

12,708

Alrosa

PJSC

(Materials)

(c)

—

801

Gazprom

Neft

PJSC

(Energy)

(c)

—

49,291

Gazprom

PJSC

(Energy)*

(c)

—

1,413

LUKOIL

PJSC

(Energy)

(c)

—

263

MMC

Norilsk

Nickel

PJSC

(Materials)*

(c)

—

4,560

Mobile

TeleSystems

PJSC

(Communication

Services)

(c)

—

3,099

Novatek

PJSC

(Energy)

(c)

—

5,287

Novolipetsk

Steel

PJSC

(Materials)*

(c)

—

780

PIK

Group

PJSC

(Consumer

Discretionary)*

(c)

—

1,389

Polymetal

International

PLC

(Materials)*

(c)

—

128

Polyus

PJSC

(Materials)*

(c)

—

5,078

Rosneft

Oil

Co.

PJSC

(Energy)

(c)

—

44,370

Sberbank

of

Russia

PJSC

(Financials)

(c)

—

GOLDMAN

SACHS

MARKETBETA

®

EMERGING

MARKETS

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Russia

–

(continued)

969

Severstal

PAO

(Materials)*

(c)

$

—

146,300

Surgutneftegas

PJSC

(Energy)

(c)

—

6,047

Tatneft

PJSC

(Energy)

(c)

—

6,503

United

Co

RUSAL

International

PJSC

(Materials)*

(c)

—

1,289

Yandex

NV,

Class

A

(Communication

Services)*

(c)

—

—

Saudi

Arabia

–

3.9%

1,744

ACWA

Power

Co.

(Utilities)

106,458

1,752

Advanced

Petrochemical

Co.

(Materials)

17,466

25,488

Al

Rajhi

Bank

(Financials)

519,068

12,744

Alinma

Bank

(Financials)

121,614

3,237

Almarai

Co.

JSC

(Consumer

Staples)

48,147

8,796

Arab

National

Bank

(Financials)

56,272

319

Arabian

Internet

&

Co.mmunications

Services

Co.

(Information

Technology)

26,479

6,504

Bank

AlBilad

(Financials)

66,314

7,675

Banque

Saudi

Fransi

(Financials)

76,515

985

Bupa

Arabia

for

Cooperative

Insurance

Co.

(Financials)

52,355

946

Co.

for

Cooperative

Insurance

(The)

(Financials)

31,067

1,083

Dr

Sulaiman

Al

Habib

Medical

Services

Group

Co.

(Health

Care)

81,409

356

Elm

Co.

(Information

Technology)

70,659

5,020

Etihad

Etisalat

Co.

(Communication

Services)

61,822

8,028

Jarir

Marketing

Co.

(Consumer

Discretionary)

31,200

1,218

Mouwasat

Medical

Services

Co.

(Health

Care)

36,558

500

Nahdi

Medical

Co.

(Consumer

Staples)

18,099

5,783

Rabigh

Refining

&

Petrochemical

Co.

(Energy)*

16,803

19,116

Riyad

Bank

(Financials)

136,051

3,046

SABIC

Agri-Nutrients

Co.

(Materials)

111,723

4,669

Sahara

International

Petrochemical

Co.

(Materials)

40,262

15,751

Saudi

Arabian

Mining

Co.

(Materials)*

167,314

56,982

Saudi

Arabian

Oil

Co.

(Energy)

(a)

504,279

670

Saudi

Aramco

Base

Oil

Co.

(Materials)

24,503

13,016

Saudi

Awwal

Bank

(Financials)

120,567

11,710

Saudi

Basic

Industries

Corp.

(Materials)

247,216

10,180

Saudi

Electricity

Co.

(Utilities)

49,007

4,804

Saudi

Industrial

Investment

Group

(Materials)

28,838

Shares

Description

Value

a

Common

Stocks

–

(continued)

Saudi

Arabia

–

(continued)

10,051

Saudi

Kayan

Petrochemical

Co.

(Materials)*

$

30,328

38,232

Saudi

National

Bank

(The)

(Financials)

356,180

627

Saudi

Tadawul

Group

Holding

Co.

(Financials)

30,552

23,419

Saudi

Telecom

Co.

(Communication

Services)

240,027

3,586

Savola

Group

(The)

(Consumer

Staples)

35,846

3,683

Yanbu

National

Petrochemical

Co.

(Materials)

36,963

3,597,961

South

Africa

–

2.7%

10,142

Absa

Group

Ltd.

(Financials)

92,996

1,396

African

Rainbow

Minerals

Ltd.

(Materials)

13,387

723

Anglo

American

Platinum

Ltd.

(Materials)

30,432

4,757

Aspen

Pharmacare

Holdings

Ltd.

(Health

Care)

46,473

4,350

Bid

Corp.

Ltd.

(Consumer

Staples)

94,867

4,402

Bidvest

Group

Ltd.

(The)

(Industrials)

54,768

1,259

Capitec

Bank

Holdings

Ltd.

(Financials)

130,266

3,233

Clicks

Group

Ltd.

(Consumer

Staples)

50,353

7,041

Discovery

Ltd.

(Financials)

49,432

3,186

Exxaro

Resources

Ltd.

(Energy)

31,566

65,100

FirstRand

Ltd.

(Financials)

231,646

11,442

Gold

Fields

Ltd.

(Materials)

171,968

11,536

Impala

Platinum

Holdings

Ltd.

(Materials)

46,649

2,787

Investec

Ltd.

(Financials)

17,715

759

Kumba

Iron

Ore

Ltd.

(Materials)

23,722

21,889

MTN

Group

Ltd.

(Communication

Services)

118,905

4,216

MultiChoice

Group

(Communication

Services)*

15,053

2,417

Naspers

Ltd.,

Class

N

(Consumer

Discretionary)*

443,038

5,658

Nedbank

Group

Ltd.

(Financials)

63,835

4,398

Northam

Platinum

Holdings

Ltd.

(Materials)

28,235

65,279

Old

Mutual

Ltd.

(Financials)

39,615

11,172

OUTsurance

Group

Ltd.

(Financials)

24,467

21,176

Pepkor

Holdings

Ltd.

(Consumer

Discretionary)

(a)

20,807

6,691

Remgro

Ltd.

(Financials)

51,272

21,399

Sanlam

Ltd.

(Financials)

76,686

7,676

Sasol

Ltd.

(Materials)

84,861

6,278

Shoprite

Holdings

Ltd.

(Consumer

Staples)

85,192

GOLDMAN

SACHS

MARKETBETA

®

EMERGING

MARKETS

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

South

Africa

–

(continued)

37,463

Sibanye

Stillwater

Ltd.

(Materials)

$

41,120

17,583

Standard

Bank

Group

Ltd.

(Financials)

185,777

7,846

Vodacom

Group

Ltd.

(Communication

Services)

(b)

40,162

11,984

Woolworths

Holdings

Ltd.

(Consumer

Discretionary)

42,687

2,447,952

South

Korea

–

12.3%

491

Alteogen,

Inc.

(Health

Care)*

30,446

398

Amorepacific

Corp.

(Consumer

Staples)

39,888

353

AMOREPACIFIC

Group

(Consumer

Staples)

7,579

93

BGF

retail

Co.

Ltd.

(Consumer

Staples)

9,782

3,809

BNK

Financial

Group,

Inc.

(Financials)

21,168

1,301

Celltrion

Healthcare

Co.

Ltd.

(Health

Care)

75,127

264

Celltrion

Pharm,

Inc.

(Health

Care)*

16,391

1,431

Celltrion,

Inc.

(Health

Care)

180,684

902

Cheil

Worldwide,

Inc.

(Communication

Services)

13,682

49

Chunbo

Co.

Ltd.

(Materials)

4,094

94

CJ

CheilJedang

Corp.

(Consumer

Staples)

22,514

179

CJ

Corp.

(Industrials)

12,764

133

CJ

ENM

Co.

Ltd.

(Communication

Services)*

7,897

93

CJ

Logistics

Corp.

(Industrials)

8,153

274

CosmoAM&T

Co.

Ltd.

(Information

Technology)*

34,979

717

Coway

Co.

Ltd.

(Consumer

Discretionary)

27,787

313

CS

Wind

Corp.

(Industrials)

12,979

2,558

Daewoo

Engineering

&

Construction

Co.

Ltd.

(Industrials)*

9,200

488

DB

HiTek

Co.

Ltd.

(Information

Technology)

23,414

582

DB

Insurance

Co.

Ltd.

(Financials)

37,758

354

DL

E&C

Co.

Ltd.

(Industrials)

10,509

409

Dongsuh

Cos.,

Inc.

(Consumer

Staples)

5,811

634

Doosan

Bobcat,

Inc.

(Industrials)

22,409

88

Doosan

Co.

Ltd.

(Industrials)

6,282

5,650

Doosan

Enerbility

Co.

Ltd.

(Industrials)*

69,193

545

Doosan

Fuel

Cell

Co.

Ltd.

(Industrials)*

10,265

587

Ecopro

BM

Co.

Ltd.

(Industrials)

124,666

264

Ecopro

Co.

Ltd.

(Materials)

153,061

Shares

Description

Value

a

Common

Stocks

–

(continued)

South

Korea

–

(continued)

227

E-MART,

Inc.

(Consumer

Staples)

$

13,337

220

F&F

Co.

Ltd.

(Consumer

Discretionary)

14,648

540

Fila

Holdings

Corp.

(Consumer

Discretionary)

16,010

51

Green

Cross

Corp.

(Health

Care)

4,530

767

GS

Engineering

&

Construction

Corp.

(Industrials)

9,637

585

GS

Holdings

Corp.

(Industrials)

18,727

543

GS

Retail

Co.

Ltd.

(Consumer

Staples)

10,038

3,764

Hana

Financial

Group,

Inc.

(Financials)

121,513

313

Hanjin

Kal

Corp.

(Industrials)

13,077

897

Hankook

Tire

&

Technology

Co.

Ltd.

(Consumer

Discretionary)

31,530

88

Hanmi

Pharm

Co.

Ltd.

(Health

Care)

20,974

266

Hanmi

Science

Co.

Ltd.

(Health

Care)

7,381

542

Hanmi

Semiconductor

Co.

Ltd.

(Information

Technology)

26,719

2,111

Hanon

Systems

(Consumer

Discretionary)

11,863

131

Hansol

Chemical

Co.

Ltd.

(Materials)

20,409

91

Hanssem

Co.

Ltd.

(Consumer

Discretionary)

3,632

446

Hanwha

Aerospace

Co.

Ltd.

(Industrials)

43,523

448

Hanwha

Corp.

(Industrials)

8,889

3,637

Hanwha

Life

Insurance

Co.

Ltd.

(Financials)*

7,795

2,559

Hanwha

Ocean

Co.

Ltd.

(Industrials)*

54,149

1,348

Hanwha

Solutions

Corp.

(Materials)*

34,898

720

Hanwha

Systems

Co.

Ltd.

(Industrials)

8,985

540

HD

Hyundai

Co.

Ltd.

(Energy)

25,239

265

HD

Hyundai

Heavy

Industries

Co.

Ltd.

(Industrials)*

25,716

1,620

HD

Hyundai

Infracore

Co.

Ltd.

(Industrials)

9,807

587

HD

Korea

Shipbuilding

&

Offshore

Engineering

Co.

Ltd.

(Industrials)*

50,822

356

Hite

Jinro

Co.

Ltd.

(Consumer

Staples)

6,098

409

HL

Mando

Co.

Ltd.

(Consumer

Discretionary)

11,302

1,525

HLB,

Inc.

(Health

Care)*

37,707

3,146

HMM

Co.

Ltd.

(Industrials)

37,772

365

Hotel

Shilla

Co.

Ltd.

(Consumer

Discretionary)

18,559

87

Hugel,

Inc.

(Health

Care)*

10,277

GOLDMAN

SACHS

MARKETBETA

®

EMERGING

MARKETS

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

South

Korea

–

(continued)

229

HYBE

Co.

Ltd.

(Communication

Services)*

$

38,251

40

Hyosung

Advanced

Materials

Corp.

(Materials)

12,231

41

Hyosung

TNC

Corp.

(Materials)

12,124

89

Hyundai

Autoever

Corp.

(Information

Technology)

12,762

177

Hyundai

Department

Store

Co.

Ltd.

(Consumer

Discretionary)

6,969

270

Hyundai

Elevator

Co.

Ltd.

(Industrials)

9,271

947

Hyundai

Engineering

&

Construction

Co.

Ltd.

(Industrials)

26,315

231

Hyundai

Glovis

Co.

Ltd.

(Industrials)

31,101

767

Hyundai

Marine

&

Fire

Insurance

Co.

Ltd.

(Financials)

18,549

310

Hyundai

Mipo

Dockyard

Co.

Ltd.

(Industrials)*

19,487

809

Hyundai

Mobis

Co.

Ltd.

(Consumer

Discretionary)

143,596

1,753

Hyundai

Motor

Co.

(Consumer

Discretionary)

250,419

902

Hyundai

Rotem

Co.

Ltd.

(Industrials)*

18,562

1,083

Hyundai

Steel

Co.

(Materials)

29,548

3,316

Industrial

Bank

of

Korea

(Financials)

30,406

359

JYP

Entertainment

Corp.

(Communication

Services)

26,713

3,910

Kakao

Corp.

(Communication

Services)

153,048

491

Kakao

Games

Corp.

(Communication

Services)*

10,028

2,869

KakaoBank

Corp.

(Financials)

58,263

276

Kakaopay

Corp.

(Financials)*

9,862

1,575

Kangwon

Land,

Inc.

(Consumer

Discretionary)

18,922

4,849

KB

Financial

Group,

Inc.

(Financials)

196,944

47

KCC

Corp.

(Materials)

7,596

177

KEPCO

Engineering

&

Construction

Co.,

Inc.

(Industrials)

8,396

226

KEPCO

Plant

Service

&

Engineering

Co.

Ltd.

(Industrials)

6,096

3,226

Kia

Corp.

(Consumer

Discretionary)

214,792

177

KIWOOM

Securities

Co.

Ltd.

(Financials)

12,663

938

Korea

Aerospace

Industries

Ltd.

(Industrials)

33,699

3,450

Korea

Electric

Power

Corp.

(Utilities)*

50,407

365

Korea

Gas

Corp.

(Utilities)*

7,030

536

Korea

Investment

Holdings

Co.

Ltd.

(Financials)

24,886

Shares

Description

Value

a

Common

Stocks

–

(continued)

South

Korea

–

(continued)

130

Korea

Zinc

Co.

Ltd.

(Materials)

$

49,525

2,474

Korean

Air

Lines

Co.

Ltd.

(Industrials)

43,050

398

Krafton,

Inc.

(Communication

Services)*

65,709

847

KT

Corp.

(Communication

Services)

22,026

1,475

KT&G

Corp.

(Consumer

Staples)

100,837

399

Kum

Yang

Co.

Ltd.

(Materials)*

39,679

220

Kumho

Petrochemical

Co.

Ltd.

(Materials)

21,827

319

L&F

Co.

Ltd.

(Information

Technology)

43,592

132

LEENO

Industrial,

Inc.

(Information

Technology)

20,442

623

LG

Chem

Ltd.

(Materials)

241,928

1,164

LG

Corp.

(Industrials)

75,877

2,923

LG

Display

Co.

Ltd.

(Information

Technology)*

28,366

1,394

LG

Electronics,

Inc.

(Consumer

Discretionary)

110,967

535

LG

Energy

Solution

Ltd.

(Industrials)*

188,472

131

LG

H&H

Co.

Ltd.

(Consumer

Staples)

33,863

181

LG

Innotek

Co.

Ltd.

(Information

Technology)

33,390

2,963

LG

Uplus

Corp.

(Communication

Services)

24,115

229

Lotte

Chemical

Corp.

(Materials)

27,370

406

Lotte

Corp.

(Industrials)

8,811

267

Lotte

Energy

Materials

Corp.

(Information

Technology)

9,313

135

Lotte

Shopping

Co.

Ltd.

(Consumer

Discretionary)

8,005

228

LS

Corp.

(Industrials)

14,968

1,393

Meritz

Financial

Group,

Inc.

(Financials)*

59,924

3,404

Mirae

Asset

Securities

Co.

Ltd.

(Financials)

18,918

1,755

NAVER

Corp.

(Communication

Services)

282,944

180

NCSoft

Corp.

(Communication

Services)

36,554

274

Netmarble

Corp.

(Communication

Services)*

(a)

12,615

1,754

NH

Investment

&

Securities

Co.

Ltd.

(Financials)

13,949

44

NongShim

Co.

Ltd.

(Consumer

Staples)

13,829

174

OCI

Holdings

Co.

Ltd.

(Materials)

13,325

308

Orion

Corp.

(Consumer

Staples)

28,099

2,825

Pan

Ocean

Co.

Ltd.

(Industrials)

9,908

401

Pearl

Abyss

Corp.

(Communication

Services)*

11,749

GOLDMAN

SACHS

MARKETBETA

®

EMERGING

MARKETS

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

South

Korea

–

(continued)

670

Posco

DX

Co.

Ltd.

(Information

Technology)

$

29,757

362

POSCO

Future

M

Co.

Ltd.

(Industrials)

91,051

938

POSCO

Holdings,

Inc.

(Materials)

351,164

674

Posco

International

Corp.

(Industrials)

29,882

227

S-1

Corp.

(Industrials)

10,592

226

Samsung

Biologics

Co.

Ltd.

(Health

Care)*

(a)

127,001

1,075

Samsung

C&T

Corp.

(Industrials)

99,405

316

Samsung

Card

Co.

Ltd.

(Financials)

8,083

721

Samsung

Electro-Mechanics

Co.

Ltd.

(Information

Technology)

81,424

63,217

Samsung

Electronics

Co.

Ltd.

(Information

Technology)

3,567,180

2,060

Samsung

Engineering

Co.

Ltd.

(Industrials)*

40,317

404

Samsung

Fire

&

Marine

Insurance

Co.

Ltd.

(Financials)

81,417

8,566

Samsung

Heavy

Industries

Co.

Ltd.

(Industrials)*

52,983

1,027

Samsung

Life

Insurance

Co.

Ltd.

(Financials)

55,722

671

Samsung

SDI

Co.

Ltd.

(Information

Technology)

245,485

491

Samsung

SDS

Co.

Ltd.

(Information

Technology)

64,089

811

Samsung

Securities

Co.

Ltd.

(Financials)

24,641

491

SD

Biosensor,

Inc.

(Health

Care)

4,323

5,873

Shinhan

Financial

Group

Co.

Ltd.

(Financials)

167,976

91

Shinsegae,

Inc.

(Consumer

Discretionary)

11,998

362

SK

Biopharmaceuticals

Co.

Ltd.

(Health

Care)*

24,159

314

SK

Bioscience

Co.

Ltd.

(Health

Care)*

16,550

133

SK

Chemicals

Co.

Ltd.

(Materials)

6,629

6,998

SK

Hynix,

Inc.

(Information

Technology)

726,297

359

SK

IE

Technology

Co.

Ltd.

(Materials)*

(a)

19,757

724

SK

Innovation

Co.

Ltd.

(Energy)*

80,304

1,307

SK

Networks

Co.

Ltd.

(Industrials)

5,744

1,340

SK

Square

Co.

Ltd.

(Industrials)*

52,971

1,392

SK

Telecom

Co.

Ltd.

(Communication

Services)

56,321

453

SK,

Inc.

(Industrials)

57,444

Shares

Description

Value

a

Common

Stocks

–

(continued)

South

Korea

–

(continued)

226

SKC

Co.

Ltd.

(Materials)

$

16,992

540

S-Oil

Corp.

(Energy)

28,546

49

Soulbrain

Co.

Ltd.

(Materials)

10,520

1,161

SSANGYONG

C&E

Co.

Ltd.

(Materials)

5,426

174

Studio

Dragon

Corp.

(Communication

Services)*

7,296

227

Wemade

Co.

Ltd.

(Communication

Services)

9,431

409

WONIK

IPS

Co.

Ltd.

(Information

Technology)

10,779

8,295

Woori

Financial

Group,

Inc.

(Financials)

83,712

712

Yuhan

Corp.

(Health

Care)

33,830

11,344,125

Taiwan

–

16.1%

6,683

Accton

Technology

Corp.

(Information

Technology)

114,022

39,569

Acer,

Inc.

(Information

Technology)

44,585

5,696

Advantech

Co.

Ltd.

(Information

Technology)

64,454

938

Alchip

Technologies

Ltd.

(Information

Technology)

93,380

47,956

ASE

Technology

Holding

Co.

Ltd.

(Information

Technology)

196,491

33,967

Asia

Cement

Corp.

(Materials)

45,340

3,861

Asia

Vital

Components

Co.

Ltd.

(Information

Technology)

38,066

357

ASMedia

Technology,

Inc.

(Information

Technology)

16,456

402

ASPEED

Technology,

Inc.

(Information

Technology)

37,897

9,285

Asustek

Computer,

Inc.

(Information

Technology)

116,954

77,353

AUO

Corp.

(Information

Technology)*

40,484

8,747

Catcher

Technology

Co.

Ltd.

(Information

Technology)

54,459

134,999

Cathay

Financial

Holding

Co.

Ltd.

(Financials)*

200,943

19,654

Chailease

Holding

Co.

Ltd.

(Financials)

117,018

77,794

Chang

Hwa

Commercial

Bank

Ltd.

(Financials)

44,326

28,619

Cheng

Shin

Rubber

Industry

Co.

Ltd.

(Consumer

Discretionary)

43,102

7,803

Chicony

Electronics

Co.

Ltd.

(Information

Technology)

39,839

37,819

China

Airlines

Ltd.

(Industrials)

25,544

212,929

China

Development

Financial

Holding

Corp.

(Financials)*

86,562

158,379

China

Steel

Corp.

(Materials)

132,827

5,387

Chroma

ATE,

Inc.

(Information

Technology)

37,074

49,445

Chunghwa

Telecom

Co.

Ltd.

(Communication

Services)

189,138

GOLDMAN

SACHS

MARKETBETA

®

EMERGING

MARKETS

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Taiwan

–

(continued)

52,679

Compal

Electronics,

Inc.

(Information

Technology)

$

52,106

236,535

CTBC

Financial

Holding

Co.

Ltd.

(Financials)

207,082

24,991

Delta

Electronics,

Inc.

(Information

Technology)

253,190

11,930

E

Ink

Holdings,

Inc.

(Information

Technology)

69,884

195,613

E.Sun

Financial

Holding

Co.

Ltd.

(Financials)

160,297

2,967

Eclat

Textile

Co.

Ltd.

(Consumer

Discretionary)

56,320

3,811

Elite

Material

Co.

Ltd.

(Information

Technology)

46,357

805

eMemory

Technology,

Inc.

(Information

Technology)

64,807

35,179

Eva

Airways

Corp.

(Industrials)

35,247

13,095

Evergreen

Marine

Corp.

Taiwan

Ltd.

(Industrials)

46,947

38,901

Far

Eastern

New

Century

Corp.

(Industrials)

38,104

21,179

Far

EasTone

Telecommunications

Co.

Ltd.

(Communication

Services)

56,202

8,298

Feng

TAY

Enterprise

Co.

Ltd.

(Consumer

Discretionary)

48,741

140,793

First

Financial

Holding

Co.

Ltd.

(Financials)

124,839

57,703

Formosa

Chemicals

&

Fibre

Corp.

(Materials)

118,583

18,347

Formosa

Petrochemical

Corp.

(Energy)

49,920

70,443

Formosa

Plastics

Corp.

(Materials)

182,196

1,301

Formosa

Sumco

Technology

Corp.

(Information

Technology)

6,830

12,514

Foxconn

Technology

Co.

Ltd.

(Information

Technology)

21,351

109,565

Fubon

Financial

Holding

Co.

Ltd.

(Financials)

225,864

4,257

Giant

Manufacturing

Co.

Ltd.

(Consumer

Discretionary)

25,891

7,003

Gigabyte

Technology

Co.

Ltd.

(Information

Technology)

56,042

1,167

Global

Unichip

Corp.

(Information

Technology)

61,637

2,736

Globalwafers

Co.

Ltd.

(Information

Technology)

51,147

4,213

Gold

Circuit

Electronics

Ltd.

(Information

Technology)

30,748

23,329

Highwealth

Construction

Corp.

(Real

Estate)

30,580

3,684

Hiwin

Technologies

Corp.

(Industrials)

26,946

155,325

Hon

Hai

Precision

Industry

Co.

Ltd.

(Information

Technology)

504,657

4,221

Hotai

Motor

Co.

Ltd.

(Consumer

Discretionary)

95,932

Shares

Description

Value

a

Common

Stocks

–

(continued)

Taiwan

–

(continued)

131,237

Hua

Nan

Financial

Holdings

Co.

Ltd.

(Financials)

$

93,471

114,048

Innolux

Corp.

(Information

Technology)*

45,999

41,495

Inventec

Corp.

(Information

Technology)

56,318

1,257

Largan

Precision

Co.

Ltd.

(Information

Technology)

96,166

28,940

Lite-On

Technology

Corp.

(Information

Technology)

101,901

1,166

Lotes

Co.

Ltd.

(Information

Technology)

34,562

24,047

Macronix

International

Co.

Ltd.

(Information

Technology)

22,169

19,564

MediaTek,

Inc.

(Information

Technology)

591,805

140,256

Mega

Financial

Holding

Co.

Ltd.

(Financials)

177,340

2,918

Merida

Industry

Co.

Ltd.

(Consumer

Discretionary)

17,514

9,517

Micro-Star

International

Co.

Ltd.

(Information

Technology)

55,902

1,027

momo.com,

Inc.

(Consumer

Discretionary)

17,029

72,948

Nan

Ya

Plastics

Corp.

(Materials)

159,019

2,825

Nan

Ya

Printed

Circuit

Board

Corp.

(Information

Technology)

22,426

15,388

Nanya

Technology

Corp.

(Information

Technology)

36,943

2,507

Nien

Made

Enterprise

Co.

Ltd.

(Consumer

Discretionary)

27,365

7,491

Novatek

Microelectronics

Corp.

(Information

Technology)

122,532

4,131

Oneness

Biotech

Co.

Ltd.

(Health

Care)

27,108

25,618

Pegatron

Corp.

(Information

Technology)

66,587

3,320

PharmaEssentia

Corp.

(Health

Care)*

38,737

2,193

Phison

Electronics

Corp.

(Information

Technology)

33,941

3,503

Polaris

Group

(Health

Care)*

8,107

31,052

Pou

Chen

Corp.

(Consumer

Discretionary)

30,714

39,129

Powerchip

Semiconductor

Manufacturing

Corp.

(Information

Technology)

37,701

8,797

Powertech

Technology,

Inc.

(Information

Technology)

31,538

7,359

President

Chain

Store

Corp.

(Consumer

Staples)

63,484

30,732

Quanta

Computer,

Inc.

(Information

Technology)

199,699

5,918

Realtek

Semiconductor

Corp.

(Information

Technology)

85,152

21,983

Ruentex

Development

Co.

Ltd.

(Real

Estate)*

25,192

GOLDMAN

SACHS

MARKETBETA

®

EMERGING

MARKETS

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Taiwan

–

(continued)

9,021

Ruentex

Industries

Ltd.

(Consumer

Discretionary)*

$

18,192

60,082

Shanghai

Commercial

&

Savings

Bank

Ltd.

(The)

(Financials)

86,738

177,093

Shin

Kong

Financial

Holding

Co.

Ltd.

(Financials)*

51,076

6,955

Sino-American

Silicon

Products,

Inc.

(Information

Technology)

40,741

140,246

SinoPac

Financial

Holdings

Co.

Ltd.

(Financials)

84,848

16,693

Synnex

Technology

International

Corp.

(Information

Technology)

36,816

24,630

TA

Chen

Stainless

Pipe

(Materials)

30,472

169,413

Taishin

Financial

Holding

Co.

Ltd.

(Financials)

99,240

81,651

Taiwan

Business

Bank

(Financials)

35,284

82,332

Taiwan

Cement

Corp.

(Materials)

92,110

138,368

Taiwan

Cooperative

Financial

Holding

Co.

Ltd.

(Financials)

119,367

8,745

Taiwan

Fertilizer

Co.

Ltd.

(Materials)

17,831

27,858

Taiwan

High

Speed

Rail

Corp.

(Industrials)

26,841

22,796

Taiwan

Mobile

Co.

Ltd.

(Communication

Services)

71,803

311,461

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

(Information

Technology)

5,752,657

27,283

Tatung

Co.

Ltd.

(Industrials)*

35,239

23,013

Teco

Electric

and

Machinery

Co.

Ltd.

(Industrials)

34,402

6,282

Tripod

Technology

Corp.

(Information

Technology)

38,810

17,232

Unimicron

Technology

Corp.

(Information

Technology)

97,633

61,562

Uni-President

Enterprises

Corp.

(Consumer

Staples)

143,855

150,122

United

Microelectronics

Corp.

(Information

Technology)

234,986

12,333

Vanguard

International

Semiconductor

Corp.

(Information

Technology)

31,504

1,299

VisEra

Technologies

Co.

Ltd.

(Information

Technology)

12,745

940

Voltronic

Power

Technology

Corp.

(Industrials)

48,444

36,381

Walsin

Lihwa

Corp.

(Industrials)

45,302

5,064

Walsin

Technology

Corp.

(Information

Technology)

22,127

18,536

Wan

Hai

Lines

Ltd.

(Industrials)

27,709

4,623

Win

Semiconductors

Corp.

(Information

Technology)

25,453

Shares

Description

Value

a

Common

Stocks

–

(continued)

Taiwan

–

(continued)

37,514

Winbond

Electronics

Corp.

(Information

Technology)

$

34,044

35,084

Wistron

Corp.

(Information

Technology)

102,759

1,218

Wiwynn

Corp.

(Information

Technology)

68,620

20,589

WPG

Holdings

Ltd.

(Information

Technology)

51,143

6,455

WT

Microelectronics

Co.

Ltd.

(Information

Technology)

24,485

5,154

Yageo

Corp.

(Information

Technology)

99,153

23,785

Yang

Ming

Marine

Transport

Corp.

(Industrials)

31,977

143,798

Yuanta

Financial

Holding

Co.

Ltd.

(Financials)

119,678

4,714

Yulon

Finance

Corp.

(Financials)

28,595

7,582

Yulon

Motor

Co.

Ltd.

(Consumer

Discretionary)

18,664

8,431

Zhen

Ding

Technology

Holding

Ltd.

(Information

Technology)

27,932

14,823,104

Thailand

–

1.8%

13,688

Advanced

Info

Service

PCL,

NVDR

(Communication

Services)

84,827

57,854

Airports

of

Thailand

PCL,

NVDR

(Industrials)*

97,856

111,837

Asset

World

Corp.

PCL,

NVDR

(Consumer

Discretionary)

11,763

13,478

B

Grimm

Power

PCL,

NVDR

(Utilities)

9,674

13,483

Bangkok

Bank

PCL,

NVDR

(Financials)

57,876

89,564

Bangkok

Dusit

Medical

Services

PCL,

NVDR

(Health

Care)

66,834

102,660

Bangkok

Expressway

&

Metro

PCL,

NVDR

(Industrials)

22,763

4,203

Bangkok

Life

Assurance

PCL,

NVDR

(Financials)

2,354

54,340

Banpu

PCL,

NVDR

(Energy)

11,508

13,469

Berli

Jucker

PCL,

NVDR

(Consumer

Staples)

10,051

107,415

BTS

Group

Holdings

PCL,

NVDR

(Industrials)

22,138

5,126

Bumrungrad

Hospital

PCL,

NVDR

(Health

Care)

32,495

4,616

Carabao

Group

PCL,

NVDR

(Consumer

Staples)

10,727

22,211

Central

Pattana

PCL,

NVDR

(Real

Estate)

42,777

8,685

Central

Plaza

Hotel

PCL,

NVDR

(Consumer

Discretionary)*

10,431

40,460

Central

Retail

Corp.

PCL,

NVDR

(Consumer

Discretionary)

43,419

GOLDMAN

SACHS

MARKETBETA

®

EMERGING

MARKETS

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Thailand

–

(continued)

49,977

Charoen

Pokphand

Foods

PCL,

NVDR

(Consumer

Staples)

$

28,272

9,651

Com7

PCL,

NVDR

(Consumer

Discretionary)

6,283

71,417

CP

ALL

PCL,

NVDR

(Consumer

Staples)

105,570

18,231

CP

Axtra

PCL,

NVDR

(Consumer

Staples)

13,993

4,685

Delta

Electronics

Thailand

PCL,

NVDR

(Information

Technology)

10,355

4,052

Electricity

Generating

PCL,

NVDR

(Utilities)

14,859

22,018

Energy

Absolute

PCL,

NVDR

(Utilities)

27,853

8,951

Global

Power

Synergy

PCL,

NVDR

(Utilities)

11,578

62,825

Gulf

Energy

Development

PCL,

NVDR

(Utilities)

82,153

62,750

Home

Product

Center

PCL,

NVDR

(Consumer

Discretionary)

21,049

22,563

Indorama

Ventures

PCL,

NVDR

(Materials)

15,714

13,053

Intouch

Holdings

PCL,

NVDR

(Communication

Services)

25,882

140,656

IRPC

PCL,

NVDR

(Energy)

7,917

8,850

JMT

Network

Services

PCL,

NVDR

(Financials)

6,541

18,394

Kasikornbank

PCL,

NVDR

(Financials)

66,930

8,922

KCE

Electronics

PCL,

NVDR

(Information

Technology)

13,315

62,375

Krung

Thai

Bank

PCL,

NVDR

(Financials)

32,271

13,118

Krungthai

Card

PCL,

NVDR

(Financials)

17,434

67,905

Land

&

Houses

PCL,

NVDR

(Real

Estate)

14,864

40,903

Minor

International

PCL,

NVDR

(Consumer

Discretionary)

31,685

9,120

Muangthai

Capital

PCL,

NVDR

(Financials)

11,343

17,818

Ngern

Tid

Lor

PCL,

NVDR

(Financials)

11,599

22,317

Osotspa

PCL,

NVDR

(Consumer

Staples)

14,528

18,027

PTT

Exploration

&

Production

PCL,

NVDR

(Energy)

77,637

26,686

PTT

Global

Chemical

PCL,

NVDR

(Materials)

29,207

36,519

PTT

Oil

&

Retail

Business

PCL,

NVDR

(Consumer

Discretionary)

20,659

125,962

PTT

PCL,

NVDR

(Energy)

124,431

9,170

Ratch

Group

PCL,

NVDR

(Utilities)

8,472

Shares

Description

Value

a

Common

Stocks

–

(continued)

Thailand

–

(continued)

13,681

SCB

X

PCL,

NVDR

(Financials)

$

38,600

14,042

SCG

Packaging

PCL,

NVDR

(Materials)

15,368

4,712

Siam

Cement

PCL

(The),

NVDR

(Materials)

38,443

22,315

Siam

Global

House

PCL,

NVDR

(Consumer

Discretionary)

10,657

9,605

Srisawad

Corp.

PCL,

NVDR

(Financials)

12,082

112,622

Thai

Beverage

PCL

(Consumer

Staples)

42,193

31,856

Thai

Life

Insurance

PCL,

NVDR

(Financials)

8,829

13,877

Thai

Oil

PCL,

NVDR

(Energy)

20,316

35,871

Thai

Union

Group

PCL,

NVDR

(Consumer

Staples)

14,990

5,089

Tisco

Financial

Group

PCL,

NVDR

(Financials)

14,069

529,550

TMBThanachart

Bank

PCL,

NVDR

(Financials)

23,183

8,601

TOA

Paint

Thailand

PCL,

NVDR

(Materials)

5,183

134,263

True

Corp.

PCL,

NVDR

(Communication

Services)

21,374

107,279

WHA

Corp.

PCL,

NVDR

(Real

Estate)

15,248

1,670,422

Turkey

–

1.1%

1,173

AG

Anadolu

Grubu

Holding

AS

(Industrials)

7,741

8,708

Ahlatci

Dogal

Gaz

Dagitim

Enerji

VE

Yatirim

AS

(Utilities)*

3,709

35,396

Akbank

TAS

(Financials)

41,270

499

Akcansa

Cimento

AS

(Materials)

2,542

4,043

Akfen

Yenilenebilir

Enerji

AS

(Utilities)*

2,480

1,749

Aksa

Akrilik

Kimya

Sanayii

AS

(Consumer

Discretionary)

5,231

2,606

Aksa

Enerji

Uretim

AS

(Utilities)

3,109

1,795

Alarko

Holding

AS

(Industrials)

6,271

941

Alfa

Solar

Enerji

Sanayi

VE

Ticaret

AS

(Information

Technology)

3,369

2,247

Anadolu

Anonim

Turk

Sigorta

Sirketi

(Financials)*

5,125

2,691

Anadolu

Efes

Biracilik

Ve

Malt

Sanayii

AS

(Consumer

Staples)

10,344

42

Anadolu

Isuzu

Otomotiv

Sanayi

Ve

Ticaret

AS,

Class

C

(Industrials)

339

1,296

Arcelik

AS

(Consumer

Discretionary)

6,104

16,202

Aselsan

Elektronik

Sanayi

Ve

Ticaret

AS

(Industrials)

27,426

GOLDMAN

SACHS

MARKETBETA

®

EMERGING

MARKETS

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Turkey

–

(continued)

2,823

Astor

Transformator

Enerji

Turizm

Insaat

Ve

Petrol

Sanayi

Ticaret

AS

(Industrials)

$

10,734

1,929

Aydem

Yenilenebilir

Enerji

AS

(Utilities)*

1,464

989

Aygaz

AS

(Utilities)

4,604

1,077

Baskent

Dogalgaz

Dagitim

Gayrimenkul

Yatirim

Ortakligi

AS

(Utilities)

682

5,603

Bera

Holding

AS

(Industrials)

2,711

5,345

BIM

Birlesik

Magazalar

AS

(Consumer

Staples)

57,059

358

Borusan

Birlesik

Boru

Fabrikalari

Sanayi

ve

Ticaret

AS

(Materials)*

8,357

47

Borusan

Yatirim

ve

Pazarlama

AS

(Financials)

3,743

668

Brisa

Bridgestone

Sabanci

Sanayi

ve

Ticaret

AS

(Consumer

Discretionary)

2,049

2,742

Can2

Termik

AS

(Utilities)*

1,817

42

Celebi

Hava

Servisi

AS

(Industrials)

1,350

5,118

Cimsa

Cimento

Sanayi

VE

Ticaret

AS

(Materials)

6,113

946

Coca-Cola

Icecek

AS

(Consumer

Staples)

13,287

398

CW

Enerji

Muhendislik

Ticaret

VE

Sanayi

AS

(Industrials)*

4,138

535

Deva

Holding

AS

(Health

Care)

1,516

12,924

Dogan

Sirketler

Grubu

Holding

AS

(Consumer

Discretionary)

5,913

623

Dogu

Aras

Enerji

Yatirimlari

AS

(Utilities)

1,332

987

Dogus

Otomotiv

Servis

ve

Ticaret

AS

(Consumer

Discretionary)

8,388

231

Eczacibasi

Yatirim

Holding

Ortakligi

AS

(Industrials)

2,670

4

EGE

Endustri

VE

Ticaret

AS

(Consumer

Discretionary)

1,594

2,016

EIS

Eczacibasi

Ilac

ve

Sinai

ve

Finansal

Yatirimlar

Sanayi

ve

Ticaret

AS

(Consumer

Staples)

3,367

26,517

Emlak

Konut

Gayrimenkul

Yatirim

Ortakligi

AS

REIT

(Real

Estate)

6,774

3,237

Enerjisa

Enerji

AS

(Utilities)

(a)

5,336

497

Enerya

Enerji

AS

(Utilities)*

2,412

6,950

Enka

Insaat

ve

Sanayi

AS

(Industrials)

8,469

21,668

Eregli

Demir

ve

Celik

Fabrikalari

TAS

(Materials)*

30,761

806

Europower

Enerji

VE

Otomasyon

Teknolojileri

Sanayi

Ticaret

AS

(Industrials)*

4,766

808

Ford

Otomotiv

Sanayi

AS

(Consumer

Discretionary)

23,552

Shares

Description

Value

a

Common

Stocks

–

(continued)

Turkey

–

(continued)

1,206

GEN

Ilac

VE

Saglik

Urunleri

Sanayi

VE

Ticaret

AS

(Health

Care)

$

2,320

1,744

Girisim

Elektrik

Taahhut

Ticaret

Ve

Sanayi

AS

(Industrials)*

4,969

1,028

Gubre

Fabrikalari

TAS

(Materials)*

13,539

13,410

Haci

Omer

Sabanci

Holding

AS

(Financials)

28,329

13,187

Hektas

Ticaret

TAS

(Materials)*

10,192

492

Investco

Holding

AS

(Financials)*

5,875

6,372

Is

Gayrimenkul

Yatirim

Ortakligi

AS

REIT

(Real

Estate)*

4,594

7,625

Is

Yatirim

Menkul

Degerler

AS

(Financials)

8,176

1,795

Izdemir

Enerji

Elektrik

Uretim

AS

(Utilities)*

2,159

7,628

Izmir

Demir

Celik

Sanayi

AS

(Materials)*

1,523

309

Jantsa

Jant

Sanayi

Ve

Ticaret

AS

(Industrials)

1,544

1,432

Kaleseramik

Canakkale

Kalebodur

Seramik

Sanayi

AS

(Industrials)*

3,710

3,057

Kardemir

Karabuk

Demir

Celik

Sanayi

ve

Ticaret

AS,

Class

A

(Materials)

2,456

543

Kardemir

Karabuk

Demir

Celik

Sanayi

ve

Ticaret

AS,

Class

B

(Materials)

379

10,273

Kardemir

Karabuk

Demir

Celik

Sanayi

ve

Ticaret

AS,

Class

D

(Materials)

8,795

1,387

Kayseri

Seker

Fabrikasi

AS

(Consumer

Staples)

1,945

3,090

Kiler

Holding

AS

(Industrials)*

3,701

854

Kimteks

Poliuretan

Sanayi

VE

Ticaret

AS

(Materials)

2,020

8,707

KOC

Holding

AS

(Industrials)

42,702

2,058

Kocaer

Celik

Sanayi

Ve

Ticaret

AS

(Materials)

2,174

939

Kontrolmatik

Enerji

Ve

Muhendislik

AS

(Industrials)

8,291

3

Konya

Cimento

Sanayii

AS

(Materials)*

968

892

Kordsa

Teknik

Tekstil

AS

(Consumer

Discretionary)

2,592

13,237

Koza

Altin

Isletmeleri

AS

(Materials)

10,662

2,556

Koza

Anadolu

Metal

Madencilik

Isletmeleri

AS

(Materials)*

4,890

1,032

Logo

Yazilim

Sanayi

Ve

Ticaret

AS

(Information

Technology)

2,826

3,541

Margun

Enerji

Uretim

Sanayi

VE

Ticaret

AS

(Utilities)

1,878

GOLDMAN

SACHS

MARKETBETA

®

EMERGING

MARKETS

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Turkey

–

(continued)

1,882

Mavi

Giyim

Sanayi

Ve

Ticaret

AS,

Class

B

(Consumer

Discretionary)

(a)

$

6,614

3,137

MIA

Teknoloji

AS

(Information

Technology)*

4,260

1,212

Migros

Ticaret

AS

(Consumer

Staples)

15,112

1,035

MLP

Saglik

Hizmetleri

AS

(Health

Care)*

(a)

5,381

353

Nuh

Cimento

Sanayi

AS

(Materials)

3,967

15,299

ODAS

Elektrik

Uretim

ve

Sanayi

Ticaret

AS

(Utilities)*

5,796

443

Otokar

Otomotiv

Ve

Savunma

Sanayi

A.S.

(Industrials)*

6,783

3,416

Oyak

Cimento

Fabrikalari

AS

(Materials)*

7,720

581

Pegasus

Hava

Tasimaciligi

AS

(Industrials)*

14,197

2,110

Penta

Teknoloji

Urunleri

Dagitim

Ticaret

AS

(Information

Technology)*

1,536

14,047

Petkim

Petrokimya

Holding

AS

(Materials)*

10,516

1

Politeknik

Metal

Sanayi

ve

Ticaret

AS

(Materials)

580

8,619

Qua

Granite

Hayal

(Industrials)*

1,736

5,469

Sarkuysan

Elektrolitik

Bakir

Sanayi

ve

Ticaret

AS

(Industrials)

5,690

17,460

Sasa

Polyester

Sanayi

AS

(Materials)*

30,184

174

SDT

Uzay

VE

Savunma

Teknolojileri

AS

(Industrials)

1,882

1,617

Selcuk

Ecza

Deposu

Ticaret

ve

Sanayi

A.S.

(Health

Care)

3,110

2,070

Smart

Gunes

Enerjisi

Teknolojileri

ArGE

Uretim

Sanayi

ve

Ticaret

AS

(Information

Technology)*

4,714

3,586

Sok

Marketler

Ticaret

AS

(Consumer

Staples)

7,277

2,384

TAV

Havalimanlari

Holding

AS

(Industrials)*

9,585

2,515

Tekfen

Holding

AS

(Industrials)

3,931

1,700

Tofas

Turk

Otomobil

Fabrikasi

AS

(Consumer

Discretionary)

14,053

2,473

Torunlar

Gayrimenkul

Yatirim

Ortakligi

AS

REIT

(Real

Estate)

2,892

9,059

Turk

Hava

Yollari

AO

(Industrials)*

78,809

6,911

Turk

Telekomunikasyon

AS

(Communication

Services)*

5,725

355

Turk

Traktor

ve

Ziraat

Makineleri

AS

(Industrials)

8,496

16,373

Turkcell

Iletisim

Hizmetleri

AS

(Communication

Services)*

32,829

Shares

Description

Value

a

Common

Stocks

–

(continued)

Turkey

–

(continued)

8,527

Turkiye

Halk

Bankasi

AS

(Financials)*

$

3,836

42,445

Turkiye

Is

Bankasi

AS,

Class

C

(Financials)

31,541

11,660

Turkiye

Petrol

Rafinerileri

AS

(Energy)

61,792

2,830

Turkiye

Sigorta

AS

(Financials)

3,739

14,091

Turkiye

Sinai

Kalkinma

Bankasi

AS

(Financials)*

3,477

19,478

Turkiye

Sise

ve

Cam

Fabrikalari

AS

(Industrials)

33,255

1,931

Ulker

Biskuvi

Sanayi

AS

(Consumer

Staples)*

5,732

364

Verusa

Holding

AS

(Financials)

3,381

3,505

Vestel

Beyaz

Esya

Sanayi

ve

Ticaret

AS

(Consumer

Discretionary)

2,011

1,252

Vestel

Elektronik

Sanayi

ve

Ticaret

AS

(Consumer

Discretionary)*

2,593

42,624

Yapi

ve

Kredi

Bankasi

AS

(Financials)

28,365

2,246

Yayla

Agro

Gida

Sanayi

VE

Nakliyat

AS

(Consumer

Staples)

1,113

443

YEO

Teknoloji

Enerji

VE

Endustri

AS

(Industrials)*

3,309

11,571

Ziraat

Gayrimenkul

Yatirim

Ortakligi

AS

(Real

Estate)

2,041

18,886

Zorlu

Enerji

Elektrik

Uretim

AS

(Utilities)*

3,332

1,016,119

United

Arab

Emirates

–

2.2%

38,669

Abu

Dhabi

Commercial

Bank

PJSC

(Financials)

88,453

19,206

Abu

Dhabi

Islamic

Bank

PJSC

(Financials)

53,346

39,794

Abu

Dhabi

National

Energy

Co.

PJSC

(Utilities)

35,218

38,140

Abu

Dhabi

National

Oil

Co.

for

Distribution

PJSC

(Consumer

Discretionary)

39,467

24,407

ADNOC

Drilling

Co.

PJSC

(Energy)

25,522

99,866

Adnoc

Gas

PLC

(Energy)

89,199

47,516

Aldar

Properties

PJSC

(Real

Estate)

74,012

18,345

Alpha

Dhabi

Holding

PJSC

(Industrials)*

98,013

39,118

Borouge

PLC

(Materials)

26,844

119,029

Dubai

Electricity

&

Water

Authority

PJSC

(Utilities)

82,005

37,686

Dubai

Islamic

Bank

PJSC

(Financials)

56,648

80,804

Emaar

Properties

PJSC

(Real

Estate)

167,010

31,985

Emirates

NBD

Bank

PJSC

(Financials)

153,295

GOLDMAN

SACHS

MARKETBETA

®

EMERGING

MARKETS

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

United

Arab

Emirates

–

(continued)

45,266

Emirates

Telecommunications

Group

Co.

PJSC

(Communication

Services)

$

238,148

57,478

First

Abu

Dhabi

Bank

PJSC

(Financials)

214,745

4,664

International

Holding

Co.

PJSC

(Industrials)*

507,392

48,632

Multiply

Group

PJSC

(Industrials)*

46,483

1,995,800

United

States

–

0.1%

9,018

JBS

SA

(Consumer

Staples)

42,437

988

Parade

Technologies

Ltd.

(Information

Technology)

33,998

76,435

TOTAL

COMMON

STOCKS

(Cost

$85,772,547)

89,571,984

Shares

Description

Rate

Value

a

Preferred

Stocks

–

2.3%

Brazil

–

1.5%

67,563

Banco

Bradesco

SA

(Financials)

6.20

%

222,870

2,653

Braskem

SA

(Materials)*

0.00

10,290

3,359

Centrais

Eletricas

Brasileiras

SA,

Class

B

(Utilities)

3.33

30,558

19,073

Cia

Energetica

de

Minas

Gerais

(Utilities)

9.98

42,808

13,456

Cia

Paranaense

de

Energia

(Utilities)

3.54

25,808

15,168

Gerdau

SA

(Materials)

14.87

67,195

62,994

Itau

Unibanco

Holding

SA

(Financials)

4.73

403,463

70,345

Itausa

SA

(Financials)

6.73

139,058

59,406

Petroleo

Brasileiro

SA

(Energy)

8.81

432,514

16,108

Raizen

SA

(Energy)

6.21

11,920

1,386,484

Shares

Description

Rate

Value

a

Preferred

Stocks

–

(continued)

Chile

–

0.1%

1,834

Sociedad

Quimica

y

Minera

de

Chile

SA,

Class

B

(Industrials)

14.40

%

$

93,585

Colombia

–

0.1%

6,008

Bancolombia

SA

(Financials)

12.35

41,190

Russia

–

0.0%

4,252

Sberbank

of

Russia

PJSC

(Financials)

(c)

9.04

—

31,665

Surgutneftegas

PJSC

(Energy)

(c)

1.37

—

640

Tatneft

PJSC

(Energy)

(c)

13.03

—

—

South

Korea

–

0.6%

452

Hyundai

Motor

Co.

(Consumer

Discretionary)

8.36

38,398

273

Hyundai

Motor

Co.

(Consumer

Discretionary)

8.40

22,874

95

LG

Chem

Ltd.

(Materials)

3.28

22,753

265

LG

Electronics,

Inc.

(Consumer

Discretionary)

1.60

9,613

10,682

Samsung

Electronics

Co.

Ltd.

(Information

Technology)

2.50

479,392

44

Samsung

Fire

&

Marine

Insurance

Co.

Ltd.

(Financials)

7.31

6,436

5

Samsung

SDI

Co.

Ltd.

(Information

Technology)

0.45

961

580,427

TOTAL

PREFERRED

STOCKS

(Cost

$1,968,878)

2,101,686

GOLDMAN

SACHS

MARKETBETA

®

EMERGING

MARKETS

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

Exchange-Traded

Fund

–

0.3%

United

States

–

0.3%

12,873

iShares

MSCI

Malaysia

ETF

(Cost

$302,162)

$

273,423

Units

Description

Expiration

Month

Value

A

Rights

–

0.0%

China

–

0.0%

1,705

Zhejiang

Expressway

Co.

Ltd.*

03/24

192

Taiwan

–

0.0%

8

Wistron

Corp.

12/23

—

182

WT

Microelectronics

Co.

Ltd.

01/24

—

—

Thailand

–

0.0%

194

Siam

Cement

PCL

(The),

NVDR*

12/23

—

TOTAL

RIGHTS

(Cost

$0)

192

TOTAL

INVESTMENTS

BEFORE

SECURITIES

LENDING

REINVESTMENT

VEHICLE

(Cost

$88,043,587)

91,947,285

Shares

Dividend

Rate

a

Securities

Lending

Reinvestment

Vehicle

–

0.0%

(d)

a

a

a

a

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

29,482

5.259%

29,482

(Cost

$29,482)

TOTAL

INVESTMENTS

–

99.8%

(Cost

$88,073,069)

$

91,976,767

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

–

0.2%

187,818

NET

ASSETS

–

100.0%

$

92,164,585

  a

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

NVDR

—

Non-Voting

Depository

Receipt

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

Sector

Name

%

of

Market

Value

Financials

21.9

%

Information

Technology

21.3

Consumer

Discretionary

12.3

Communication

Services

9.0

Materials

8.1

Industrials

7.9

Consumer

Staples

5.7

Energy

5.4

Health

Care

3.6

Utilities

2.8

Real

Estate

1.7

Exchange-Traded

Fund

0.3

Securities

Lending

Reinvestment

Vehicle

0.0

TOTAL

INVESTMENTS

100.0%

GOLDMAN

SACHS

MARKETBETA

®

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

99.1%

Australia

–

7.9%

27,614

AGL

Energy

Ltd.

(Utilities)

$

172,658

26,428

Allkem

Ltd.

(Materials)*

150,699

10,969

Ampol

Ltd.

(Energy)

248,955

138,155

ANZ

Group

Holdings

Ltd.

(Financials)

2,232,382

59,037

APA

Group

(Utilities)

333,903

27,213

Aristocrat

Leisure

Ltd.

(Consumer

Discretionary)

732,389

8,821

ASX

Ltd.

(Financials)

339,696

54,486

Atlas

Arteria

Ltd.

(Industrials)

209,536

84,514

Aurizon

Holdings

Ltd.

(Industrials)

197,811

233,272

BHP

Group

Ltd.

(Materials)

7,161,269

20,901

BlueScope

Steel

Ltd.

(Materials)

287,978

63,882

Brambles

Ltd.

(Industrials)

565,042

15,504

CAR

Group

Ltd.

(Communication

Services)

285,576

21,401

Charter

Hall

Group

REIT

(Real

Estate)

147,575

3,017

Cochlear

Ltd.

(Health

Care)

546,195

59,621

Coles

Group

Ltd.

(Consumer

Staples)

606,021

76,921

Commonwealth

Bank

of

Australia

(Financials)

5,337,920

24,224

Computershare

Ltd.

(Industrials)

379,217

48,840

Dexus

REIT

(Real

Estate)

227,979

2,693

Domino’s

Pizza

Enterprises

Ltd.

(Consumer

Discretionary)

96,065

6,992

EBOS

Group

Ltd.

(Health

Care)

159,789

62,106

Endeavour

Group

Ltd.

(Consumer

Staples)

203,014

82,133

Evolution

Mining

Ltd.

(Materials)

222,734

8,122

Flutter

Entertainment

PLC

(Consumer

Discretionary)*

1,269,470

72,597

Fortescue

Ltd.

(Materials)

1,202,905

428,120

Glencore

PLC

(Materials)

2,394,463

84,573

Goodman

Group

REIT

(Real

Estate)

1,275,732

88,075

GPT

Group

(The)

REIT

(Real

Estate)

240,600

12,807

IDP

Education

Ltd.

(Consumer

Discretionary)

192,422

30,409

IGO

Ltd.

(Materials)

172,996

112,193

Insurance

Australia

Group

Ltd.

(Financials)

441,874

31,670

Lendlease

Corp.

Ltd.

(Real

Estate)

139,222

102,424

Lottery

Corp.

Ltd.

(The)

(Consumer

Discretionary)

312,396

42,595

Lynas

Rare

Earths

Ltd.

(Materials)*

186,966

16,682

Macquarie

Group

Ltd.

(Financials)

1,869,863

126,694

Medibank

Pvt

Ltd.

(Financials)

290,655

7,719

Mineral

Resources

Ltd.

(Materials)

313,073

Shares

Description

Value

a

Common

Stocks

–

(continued)

Australia

–

(continued)

181,078

Mirvac

Group

REIT

(Real

Estate)

$

247,331

143,772

National

Australia

Bank

Ltd.

(Financials)

2,707,317

51,740

Northern

Star

Resources

Ltd.

(Materials)

436,718

20,881

Orica

Ltd.

(Materials)

216,261

78,626

Origin

Energy

Ltd.

(Utilities)

(a)

429,576

126,285

Pilbara

Minerals

Ltd.

(Materials)

(a)

304,789

2,245

Pro

Medicus

Ltd.

(Health

Care)

131,603

78,998

Qantas

Airways

Ltd.

(Industrials)*

277,612

68,599

QBE

Insurance

Group

Ltd.

(Financials)

699,098

8,339

Ramsay

Health

Care

Ltd.

(Health

Care)

271,814

2,317

REA

Group

Ltd.

(Communication

Services)

238,509

13,557

Reece

Ltd.

(Industrials)

173,847

17,046

Rio

Tinto

Ltd.

(Materials)

1,413,246

49,162

Rio

Tinto

PLC

(Materials)

3,360,158

149,317

Santos

Ltd.

(Energy)

684,122

238,688

Scentre

Group

REIT

(Real

Estate)

419,395

15,759

SEEK

Ltd.

(Communication

Services)

249,522

7,097

Seven

Group

Holdings

Ltd.

(Industrials)

151,240

20,704

Sonic

Healthcare

Ltd.

(Health

Care)

400,440

208,006

South32

Ltd.

(Materials)

424,789

109,792

Stockland

REIT

(Real

Estate)

300,654

58,134

Suncorp

Group

Ltd.

(Financials)

538,484

530,864

Telstra

Group

Ltd.

(Communication

Services)

1,344,600

18,027

TPG

Telecom

Ltd.

(Communication

Services)

56,417

141,593

Transurban

Group

(Industrials)

1,216,727

32,752

Treasury

Wine

Estates

Ltd.

(Consumer

Staples)

232,364

176,662

Vicinity

Ltd.

REIT

(Real

Estate)

221,972

10,649

Washington

H

Soul

Pattinson

&

Co.

Ltd.

(Financials)

236,538

51,744

Wesfarmers

Ltd.

(Consumer

Discretionary)

1,806,705

160,708

Westpac

Banking

Corp.

(Financials)

2,277,133

36,616

Whitehaven

Coal

Ltd.

(Energy)

173,347

7,869

WiseTech

Global

Ltd.

(Information

Technology)

348,532

87,271

Woodside

Energy

Group

Ltd.

(Energy)

1,793,817

55,612

Woolworths

Group

Ltd.

(Consumer

Staples)

1,286,887

17,122

Worley

Ltd.

(Industrials)

192,543

56,411,147

Austria

–

0.3%

3,269

ANDRITZ

AG

(Industrials)

177,484

GOLDMAN

SACHS

MARKETBETA

®

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Austria

–

(continued)

3,597

BAWAG

Group

AG

(Financials)*

(b)

$

187,600

1,564

CA

Immobilien

Anlagen

AG

(Real

Estate)

51,194

15,051

Erste

Group

Bank

AG

(Financials)

609,426

1,638

EVN

AG

(Utilities)

48,255

22,343

Mondi

PLC

(Materials)

397,972

6,514

OMV

AG

(Energy)

278,256

6,848

Raiffeisen

Bank

International

AG

(Financials)

114,319

6,281

Telekom

Austria

AG

(Communication

Services)*

49,823

1,495

Verbund

AG

(Utilities)

142,730

1,629

Vienna

Insurance

Group

AG

Wiener

Versicherung

Gruppe

(Financials)

46,657

5,147

voestalpine

AG

(Materials)

145,002

4,915

Wienerberger

AG

(Materials)

140,397

2,389,115

Belgium

–

0.8%

1,012

Ackermans

&

van

Haaren

NV

(Industrials)

167,506

6,977

Ageas

SA/NV

(Financials)

300,546

39,297

Anheuser-Busch

InBev

SA/NV

(Consumer

Staples)

2,470,142

5,263

Azelis

Group

NV

(Industrials)

117,835

2,328

Colruyt

Group

N.V.

(Consumer

Staples)

100,409

962

D’ieteren

Group

(Consumer

Discretionary)

164,373

1,284

Elia

Group

SA/NV

(Utilities)

139,327

4,197

Groupe

Bruxelles

Lambert

NV

(Financials)

332,919

11,493

KBC

Group

NV

(Financials)

659,605

6,518

Proximus

SADP

(Communication

Services)

62,627

689

Sofina

SA

(Financials)

153,511

3,214

Solvay

SA

(Materials)

372,247

5,536

UCB

SA

(Health

Care)

409,776

9,297

Umicore

SA

(Materials)

248,831

7,489

Warehouses

De

Pauw

CVA

REIT

(Real

Estate)

210,655

5,910,309

Bermuda

–

0.1%

7,617

Liberty

Global

Ltd.,

Class

A

(Communication

Services)*

121,872

10,134

Liberty

Global

Ltd.,

Class

C

(Communication

Services)*

170,657

292,529

Brazil

–

0.0%

7,078

Yara

International

ASA

(Materials)

240,534

Chile

–

0.1%

15,070

Antofagasta

PLC

(Materials)

268,712

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

1.0%

231,724

Alibaba

Health

Information

Technology

Ltd.

(Consumer

Staples)*

$

131,730

77,896

Budweiser

Brewing

Co.

APAC

Ltd.

(Consumer

Staples)

(b)

137,834

34,596

BYD

Electronic

International

Co.

Ltd.

(Information

Technology)

157,913

124,109

China

Gas

Holdings

Ltd.

(Utilities)

113,775

136,850

China

Mengniu

Dairy

Co.

Ltd.

(Consumer

Staples)*

429,282

80,366

Chow

Tai

Fook

Jewellery

Group

Ltd.

(Consumer

Discretionary)

116,686

384,112

CSPC

Pharmaceutical

Group

Ltd.

(Health

Care)

346,720

127,370

ESR

Group

Ltd.

(Real

Estate)

(b)

163,732

95,995

Fosun

International

Ltd.

(Industrials)

54,694

264,961

Geely

Automobile

Holdings

Ltd.

(Consumer

Discretionary)

288,698

11,947

NXP

Semiconductors

NV

(Information

Technology)

2,438,144

68,664

Prosus

NV

(Consumer

Discretionary)*

2,277,547

43,998

Wharf

Holdings

Ltd.

(The)

(Real

Estate)

114,357

96,019

Wilmar

International

Ltd.

(Consumer

Staples)

261,164

72,668

Xinyi

Glass

Holdings

Ltd.

(Industrials)

83,644

122,065

Yangzijiang

Shipbuilding

Holdings

Ltd.

(Industrials)

132,620

7,248,540

Denmark

–

3.2%

123

AP

Moller

–

Maersk

A/S,

Class

A

(Industrials)

190,985

151

AP

Moller

–

Maersk

A/S,

Class

B

(Industrials)

238,660

4,190

Carlsberg

AS,

Class

B

(Consumer

Staples)

519,983

4,725

Chr

Hansen

Holding

A/S

(Materials)

378,656

5,677

Coloplast

A/S,

Class

B

(Health

Care)

671,289

30,823

Danske

Bank

A/S

(Financials)

799,314

3,893

Demant

A/S

(Health

Care)*

165,447

8,141

DSV

A/S

(Industrials)

1,227,735

2,975

Genmab

A/S

(Health

Care)*

940,851

146,050

Novo

Nordisk

A/S,

Class

B

(Health

Care)

14,865,439

9,429

Novozymes

A/S,

Class

B

(Materials)

489,999

8,679

Orsted

AS

(Utilities)

(b)

409,490

4,075

Pandora

A/S

(Consumer

Discretionary)

551,154

14,666

Tryg

A/S

(Financials)

317,009

GOLDMAN

SACHS

MARKETBETA

®

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Denmark

–

(continued)

46,306

Vestas

Wind

Systems

A/S

(Industrials)*

$

1,284,586

23,050,597

Faroe

Islands

–

0.0%

2,279

Bakkafrost

P/F

(Consumer

Staples)

110,474

Finland

–

1.1%

6,460

Elisa

OYJ

(Communication

Services)

289,553

19,836

Fortum

OYJ

(Utilities)

278,871

4,795

Huhtamaki

OYJ

(Materials)

186,044

12,401

Kesko

OYJ,

Class

B

(Consumer

Staples)

237,532

15,255

Kone

OYJ,

Class

B

(Industrials)

678,939

32,042

Metso

Corp.

(Industrials)

315,698

19,756

Neste

OYJ

(Energy)

751,865

243,098

Nokia

OYJ

(Information

Technology)

853,556

146,595

Nordea

Bank

Abp

(Financials)

1,648,763

4,890

Orion

OYJ,

Class

B

(Health

Care)

194,425

20,341

Sampo

OYJ,

Class

A

(Financials)

891,092

26,244

Stora

Enso

OYJ,

Class

R

(Materials)

341,041

24,291

UPM-Kymmene

OYJ

(Materials)

850,245

22,324

Wartsila

OYJ

Abp

(Industrials)

308,369

7,825,993

France

–

9.0%

9,053

Adevinta

ASA

(Communication

Services)*

93,900

1,259

Aeroports

de

Paris

SA

(Industrials)

155,365

23,455

Air

Liquide

SA

(Materials)

4,447,848

26,943

Airbus

SE

(Industrials)

4,003,942

81,877

AXA

SA

(Financials)

2,554,564

1,935

BioMerieux

(Health

Care)

208,510

49,357

BNP

Paribas

SA

(Financials)

3,111,113

36,564

Bollore

SE

(Communication

Services)

209,249

8,948

Bouygues

SA

(Industrials)

340,832

7,277

Capgemini

SE

(Information

Technology)

1,492,708

25,732

Carrefour

SA

(Consumer

Staples)

488,385

21,404

Cie

de

Saint-Gobain

SA

(Industrials)

1,396,797

30,892

Cie

Generale

des

Etablissements

Michelin

(Consumer

Discretionary)

1,038,490

51,009

Credit

Agricole

SA

(Financials)

669,096

29,012

Danone

SA

(Consumer

Staples)

1,866,696

31,239

Dassault

Systemes

(Information

Technology)

1,464,457

80,544

Engie

SA

(Utilities)

1,398,899

Shares

Description

Value

a

Common

Stocks

–

(continued)

France

–

(continued)

13,202

EssilorLuxottica

SA

(Health

Care)

$

2,522,552

1,496

Hermes

International

SCA

(Consumer

Discretionary)

3,108,199

3,289

Kering

(Consumer

Discretionary)

1,412,843

11,798

Legrand

SA

(Industrials)

1,138,213

10,313

L'Oreal

SA

(Consumer

Staples)

4,850,398

11,963

LVMH

Moet

Hennessy

Louis

Vuitton

SE

(Consumer

Discretionary)

9,172,226

86,164

Orange

SA

(Communication

Services)

(a)

1,062,729

8,926

Pernod

Ricard

SA

(Consumer

Staples)

1,544,144

16,310

Safran

SA

(Industrials)

2,865,487

1,120

Sartorius

Stedim

Biotech

(Health

Care)

252,228

34,379

Societe

Generale

SA

(Financials)

865,565

3,737

Sodexo

SA

(Consumer

Discretionary)

401,220

4,473

Thales

SA

(Industrials)

668,383

103,216

TotalEnergies

SE

(Energy)

7,011,660

22,315

Vinci

SA

(Industrials)

2,734,270

64,550,968

Germany

–

7.3%

7,633

adidas

AG

(Consumer

Discretionary)

1,600,213

18,501

Allianz

SE

(Financials)

4,654,995

41,143

BASF

SE

(Materials)

1,916,178

45,215

Bayer

AG

(Health

Care)

1,547,117

13,994

Bayerische

Motoren

Werke

AG

(Consumer

Discretionary)

1,459,550

4,499

Beiersdorf

AG

(Consumer

Staples)

631,770

4,287

BioNTech

SE

ADR

(Health

Care)*

441,280

1,681

Carl

Zeiss

Meditec

AG

(Health

Care)

150,986

4,978

Continental

AG

(Consumer

Discretionary)

385,745

19,784

Daimler

Truck

Holding

AG

(Industrials)

643,920

89,674

Deutsche

Bank

AG

(Financials)

1,117,958

8,459

Deutsche

Boerse

AG

(Financials)

1,608,722

43,505

Deutsche

Post

AG

(Industrials)

2,043,036

148,587

Deutsche

Telekom

AG

(Communication

Services)

3,562,660

101,854

E.ON

SE

(Utilities)

1,326,372

9,239

Evonik

Industries

AG

(Materials)

172,884

9,166

Fresenius

Medical

Care

AG

&

Co.

KGaA

(Health

Care)

376,339

18,940

Fresenius

SE

&

Co.

KGaA

(Health

Care)

601,158

2,768

Hannover

Rueck

SE

(Financials)

661,416

GOLDMAN

SACHS

MARKETBETA

®

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Germany

–

(continued)

290

Hapag-Lloyd

AG

(Industrials)

(a)

(b)

$

36,325

6,055

Heidelberg

Materials

AG

(Materials)

494,175

4,434

Henkel

AG

&

Co.

KGaA

(Consumer

Staples)

310,015

59,945

Infineon

Technologies

AG

(Information

Technology)

2,325,184

3,045

Knorr-Bremse

AG

(Industrials)

191,038

36,180

Mercedes-Benz

Group

AG

(Consumer

Discretionary)

2,351,981

5,953

Merck

KGaA

(Health

Care)

1,040,226

2,476

MTU

Aero

Engines

AG

(Industrials)

507,219

6,272

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen

(Financials)

2,674,393

4,627

Puma

SE

(Consumer

Discretionary)

298,771

34,233

RWE

AG

(Utilities)

1,470,534

47,113

SAP

SE

(Information

Technology)

7,478,401

34,060

Siemens

AG

(Industrials)

5,723,083

23,051

Siemens

Energy

AG

(Industrials)*

273,642

12,400

Siemens

Healthineers

AG

(Health

Care)

(b)

716,259

6,114

Symrise

AG

(Materials)

688,446

2,065

Talanx

AG

(Financials)

150,058

1,309

Volkswagen

AG

(Consumer

Discretionary)

169,962

32,029

Vonovia

SE

(Real

Estate)

891,844

52,693,855

Guatemala

–

0.0%

5,943

Millicom

International

Cellular

SA

SDR

(Communication

Services)*

100,413

Hong

Kong

–

2.0%

532,820

AIA

Group

Ltd.

(Financials)

4,598,039

27,736

Cathay

Pacific

Airways

Ltd.

(Industrials)*

27,984

87,315

CK

Asset

Holdings

Ltd.

(Real

Estate)

414,199

27,946

CK

Infrastructure

Holdings

Ltd.

(Utilities)

138,472

87,279

CLP

Holdings

Ltd.

(Utilities)

678,873

13,959

DFI

Retail

Group

Holdings

Ltd.

(Consumer

Staples)

30,989

3,266

Futu

Holdings

Ltd.

ADR

(Financials)*

176,103

80,068

Hang

Lung

Properties

Ltd.

(Real

Estate)

107,027

33,170

Hang

Seng

Bank

Ltd.

(Financials)

367,362

60,575

Henderson

Land

Development

Co.

Ltd.

(Real

Estate)

164,810

Shares

Description

Value

a

Common

Stocks

–

(continued)

Hong

Kong

–

(continued)

104,117

HK

Electric

Investments

&

HK

Electric

Investments

Ltd.

(Utilities)

$

59,855

166,166

HKT

Trust

&

HKT

Ltd.

(Communication

Services)

177,223

421,191

Hong

Kong

&

China

Gas

Co.

Ltd.

(Utilities)

289,591

54,913

Hong

Kong

Exchanges

&

Clearing

Ltd.

(Financials)

1,948,950

47,543

Hongkong

Land

Holdings

Ltd.

(Real

Estate)

153,088

9,083

Jardine

Matheson

Holdings

Ltd.

(Industrials)

350,695

117,320

Link

REIT

(Real

Estate)

579,818

72,046

MTR

Corp.

Ltd.

(Industrials)

258,286

63,020

New

World

Development

Co.

Ltd.

(Real

Estate)

93,760

11,194

Polestar

Automotive

Holding

UK

PLC,

Class

A,

ADR

(Consumer

Discretionary)*

(a)

24,739

62,759

Power

Assets

Holdings

Ltd.

(Utilities)

327,443

126,652

Prudential

PLC

(Financials)

1,383,693

451,225

Sino

Biopharmaceutical

Ltd.

(Health

Care)

221,849

155,015

Sino

Land

Co.

Ltd.

(Real

Estate)

156,200

67,006

Sun

Hung

Kai

Properties

Ltd.

(Real

Estate)

657,594

18,848

Swire

Pacific

Ltd.,

Class

A

(Real

Estate)

122,350

35,170

Swire

Pacific

Ltd.,

Class

B

(Real

Estate)

37,600

48,423

Swire

Properties

Ltd.

(Real

Estate)

94,114

62,773

Techtronic

Industries

Co.

Ltd.

(Industrials)

637,351

349,430

WH

Group

Ltd.

(Consumer

Staples)

(b)

224,593

71,231

Wharf

Real

Estate

Investment

Co.

Ltd.

(Real

Estate)

224,811

14,727,461

Ireland

–

0.5%

8,316

AerCap

Holdings

NV

(Industrials)*

567,318

56,684

AIB

Group

PLC

(Financials)

263,101

48,575

Bank

of

Ireland

Group

PLC

(Financials)

455,272

7,223

Kerry

Group

PLC,

Class

A

(Consumer

Staples)

584,929

7,055

Kingspan

Group

PLC

(Industrials)

560,393

8,609

Ryanair

Holdings

PLC

ADR

(Industrials)*

1,017,756

11,901

Smurfit

Kappa

Group

PLC

(Materials)

451,884

3,900,653

GOLDMAN

SACHS

MARKETBETA

®

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Israel

–

0.8%

2,655

Airport

City

Ltd.

(Real

Estate)*

$

41,678

9,934

Amot

Investments

Ltd.

(Real

Estate)

50,682

1,773

Ashtrom

Group

Ltd.

(Industrials)

25,233

1,681

Azrieli

Group

Ltd.

(Real

Estate)

97,634

57,198

Bank

Hapoalim

BM

(Financials)

483,958

67,437

Bank

Leumi

Le-Israel

BM

(Financials)

506,126

92,118

Bezeq

The

Israeli

Telecommunication

Corp.

Ltd.

(Communication

Services)

119,424

562

Big

Shopping

Centers

Ltd.

(Real

Estate)*

50,388

1,138

Camtek

Ltd.

(Information

Technology)*

73,339

4,212

Check

Point

Software

Technologies

Ltd.

(Information

Technology)*

614,952

427

Delek

Group

Ltd.

(Energy)

55,254

1,137

Elbit

Systems

Ltd.

(Industrials)

226,753

11,946

Energix-Renewable

Energies

Ltd.

(Utilities)

37,852

5,333

Enlight

Renewable

Energy

Ltd.

(Utilities)*

92,270

303

Fattal

Holdings

1998

Ltd.

(Consumer

Discretionary)*

31,162

2,383

First

International

Bank

Of

Israel

Ltd.

(The)

(Financials)

95,535

3,125

Global-e

Online

Ltd.

(Consumer

Discretionary)*

107,031

5,066

Harel

Insurance

Investments

&

Financial

Services

Ltd.

(Financials)

37,844

32,092

ICL

Group

Ltd.

(Materials)

161,490

169

Israel

Corp.

Ltd.

(Materials)*

42,399

56,938

Israel

Discount

Bank

Ltd.,

Class

A

(Financials)

274,744

1,151

Melisron

Ltd.

(Real

Estate)

80,172

26,958

Mivne

Real

Estate

KD

Ltd.

(Real

Estate)

71,136

6,928

Mizrahi

Tefahot

Bank

Ltd.

(Financials)

247,422

2,914

Nice

Ltd.

(Information

Technology)*

560,719

1,314

Nova

Ltd.

(Information

Technology)*

167,033

4,689

OPC

Energy

Ltd.

(Utilities)*

28,720

7,530

Phoenix

Holdings

Ltd.

(The)

(Financials)

71,982

3,615

Plus500

Ltd.

(Financials)

65,946

6,533

Shapir

Engineering

and

Industry

Ltd.

(Industrials)

39,102

2,313

Strauss

Group

Ltd.

(Consumer

Staples)*

44,371

51,299

Teva

Pharmaceutical

Industries

Ltd.

(Health

Care)*

499,339

Shares

Description

Value

a

Common

Stocks

–

(continued)

Israel

–

(continued)

5,056

Tower

Semiconductor

Ltd.

(Information

Technology)*

$

138,887

2,523

Wix.com

Ltd.

(Information

Technology)*

256,084

5,496,661

Italy

–

2.4%

71,567

A2A

SpA

(Utilities)

154,065

6,027

Amplifon

SpA

(Health

Care)

187,615

47,251

Assicurazioni

Generali

SpA

(Financials)

979,814

9,342

Banca

Mediolanum

SpA

(Financials)

83,236

63,341

Banco

BPM

SpA

(Financials)

350,671

22,548

Davide

Campari-Milano

NV

(Consumer

Staples)

246,513

1,030

DiaSorin

SpA

(Health

Care)

97,706

353,450

Enel

SpA

(Utilities)

2,501,322

97,634

Eni

SpA

(Energy)

1,615,824

6,007

Ferrari

NV

(Consumer

Discretionary)

2,166,832

28,075

FinecoBank

Banca

Fineco

SpA

(Financials)

378,773

32,169

Hera

SpA

(Utilities)

101,789

14,326

Infrastrutture

Wireless

Italiane

SpA

(Communication

Services)

(b)

176,944

3,319

Interpump

Group

SpA

(Industrials)

154,632

714,028

Intesa

Sanpaolo

SpA

(Financials)

2,057,930

18,428

Leonardo

SpA

(Industrials)

282,903

27,840

Mediobanca

Banca

di

Credito

Finanziario

SpA

(Financials)

(a)

327,304

8,930

Moncler

SpA

(Consumer

Discretionary)

495,751

22,361

Nexi

SpA

(Financials)*

(b)

174,446

11,597

Pirelli

&

C

SpA

(Consumer

Discretionary)

(b)

57,675

20,977

Poste

Italiane

SpA

(Financials)

(b)

226,042

23,578

PRADA

SpA

(Consumer

Discretionary)

129,659

11,758

Prysmian

SpA

(Industrials)

453,254

4,489

Recordati

Industria

Chimica

e

Farmaceutica

SpA

(Health

Care)

216,342

94,245

Snam

SpA

(Utilities)

475,387

1,572

Stevanato

Group

SpA

(Health

Care)

41,485

495,753

Telecom

Italia

SpA

(Communication

Services)*

144,208

277,447

Telecom

Italia

SpA-RSP

(Communication

Services)*

82,250

64,576

Terna

-

Rete

Elettrica

Nazionale

(Utilities)

521,114

78,940

UniCredit

SpA

(Financials)

2,151,994

19,251

UnipolSai

Assicurazioni

SpA

(Financials)

47,681

17,081,161

GOLDMAN

SACHS

MARKETBETA

®

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Japan

–

24.8%

4,212

ABC-Mart,

Inc.

(Consumer

Discretionary)

$

69,533

17,473

Acom

Co.

Ltd.

(Financials)

41,190

33,755

Advantest

Corp.

(Information

Technology)

1,068,808

36,029

Aeon

Co.

Ltd.

(Consumer

Staples)

745,999

4,164

Aeon

Mall

Co.

Ltd.

(Real

Estate)

48,432

9,365

AGC,

Inc.

(Industrials)

340,177

9,307

Air

Water,

Inc.

(Materials)

122,228

6,703

Aisin

Corp.

(Consumer

Discretionary)

247,154

24,081

Ajinomoto

Co.,

Inc.

(Consumer

Staples)

900,136

8,634

Alfresa

Holdings

Corp.

(Health

Care)

138,853

15,536

Amada

Co.

Ltd.

(Industrials)

155,796

20,558

ANA

Holdings,

Inc.

(Industrials)*

424,412

21,903

Asahi

Group

Holdings

Ltd.

(Consumer

Staples)

808,204

9,811

Asahi

Intecc

Co.

Ltd.

(Health

Care)

190,234

62,479

Asahi

Kasei

Corp.

(Materials)

433,826

7,771

Asics

Corp.

(Consumer

Discretionary)

278,071

82,201

Astellas

Pharma,

Inc.

(Health

Care)

999,468

6,012

Azbil

Corp.

(Information

Technology)

194,063

26,676

Bandai

Namco

Holdings,

Inc.

(Consumer

Discretionary)

531,048

5,950

BayCurrent

Consulting,

Inc.

(Industrials)

200,272

25,231

Bridgestone

Corp.

(Consumer

Discretionary)

1,040,746

11,570

Brother

Industries

Ltd.

(Information

Technology)

195,344

3,579

Calbee,

Inc.

(Consumer

Staples)

67,036

46,051

Canon,

Inc.

(Information

Technology)

1,185,891

7,695

Capcom

Co.

Ltd.

(Communication

Services)

259,372

42,865

Central

Japan

Railway

Co.

(Industrials)

1,029,328

33,637

Chiba

Bank

Ltd.

(The)

(Financials)

251,763

33,315

Chubu

Electric

Power

Co.,

Inc.

(Utilities)

411,719

29,430

Chugai

Pharmaceutical

Co.

Ltd.

(Health

Care)

1,038,764

6,453

Coca-Cola

Bottlers

Japan

Holdings,

Inc.

(Consumer

Staples)

88,413

51,602

Concordia

Financial

Group

Ltd.

(Financials)

242,207

871

Cosmos

Pharmaceutical

Corp.

(Consumer

Staples)

92,205

Shares

Description

Value

a

Common

Stocks

–

(continued)

Japan

–

(continued)

19,017

CyberAgent,

Inc.

(Communication

Services)

$

115,078

10,924

Dai

Nippon

Printing

Co.

Ltd.

(Industrials)

306,878

15,741

Daifuku

Co.

Ltd.

(Industrials)

296,325

44,414

Dai-ichi

Life

Holdings,

Inc.

(Financials)

925,623

88,191

Daiichi

Sankyo

Co.

Ltd.

(Health

Care)

2,386,201

12,521

Daikin

Industries

Ltd.

(Industrials)

1,876,435

2,763

Daito

Trust

Construction

Co.

Ltd.

(Real

Estate)

304,643

28,520

Daiwa

House

Industry

Co.

Ltd.

(Real

Estate)

810,062

107

Daiwa

House

REIT

Investment

Corp.

REIT

(Real

Estate)

190,933

65,835

Daiwa

Securities

Group,

Inc.

(Financials)

425,466

81,971

Denso

Corp.

(Consumer

Discretionary)

1,283,058

9,159

Dentsu

Group,

Inc.

(Communication

Services)

246,888

4,094

Disco

Corp.

(Information

Technology)

888,670

16,767

East

Japan

Railway

Co.

(Industrials)

906,769

4,241

Ebara

Corp.

(Industrials)

240,142

13,006

Eisai

Co.

Ltd.

(Health

Care)

674,955

7,724

Electric

Power

Development

Co.

Ltd.

(Utilities)

120,039

128,018

ENEOS

Holdings,

Inc.

(Energy)

506,062

43,286

FANUC

Corp.

(Industrials)

1,204,577

7,683

Fast

Retailing

Co.

Ltd.

(Consumer

Discretionary)

1,948,359

6,266

Fuji

Electric

Co.

Ltd.

(Industrials)

262,830

14,071

FUJIFILM

Holdings

Corp.

(Information

Technology)

824,263

8,752

Fujitsu

Ltd.

(Information

Technology)

1,250,328

8,414

Fukuoka

Financial

Group,

Inc.

(Financials)

195,389

228

GLP

J

REIT

(Real

Estate)

215,454

2,012

GMO

Payment

Gateway,

Inc.

(Financials)

118,500

10,061

Hakuhodo

DY

Holdings,

Inc.

(Communication

Services)

75,916

6,427

Hamamatsu

Photonics

KK

(Information

Technology)

254,585

10,868

Hankyu

Hanshin

Holdings,

Inc.

(Industrials)

328,683

11,718

Haseko

Corp.

(Consumer

Discretionary)

144,142

877

Hikari

Tsushin,

Inc.

(Industrials)

136,383

1,354

Hirose

Electric

Co.

Ltd.

(Information

Technology)

151,579

3,301

Hisamitsu

Pharmaceutical

Co.,

Inc.

(Health

Care)

103,115

GOLDMAN

SACHS

MARKETBETA

®

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Japan

–

(continued)

4,753

Hitachi

Construction

Machinery

Co.

Ltd.

(Industrials)

$

123,298

42,172

Hitachi

Ltd.

(Industrials)

2,933,940

234,176

Honda

Motor

Co.

Ltd.

(Consumer

Discretionary)

2,390,311

4,984

Hoshizaki

Corp.

(Industrials)

158,756

15,939

Hoya

Corp.

(Health

Care)

1,796,756

23,355

Hulic

Co.

Ltd.

(Real

Estate)

231,915

5,730

Ibiden

Co.

Ltd.

(Information

Technology)

274,068

10,903

Idemitsu

Kosan

Co.

Ltd.

(Energy)

299,135

6,737

IHI

Corp.

(Industrials)

130,151

7,361

Iida

Group

Holdings

Co.

Ltd.

(Consumer

Discretionary)

110,040

42,933

Inpex

Corp.

(Energy)

606,960

15,598

Isetan

Mitsukoshi

Holdings

Ltd.

(Consumer

Discretionary)

176,306

27,782

Isuzu

Motors

Ltd.

(Consumer

Discretionary)

367,489

2,551

Ito

En

Ltd.

(Consumer

Staples)

77,564

57,185

ITOCHU

Corp.

(Industrials)

2,219,552

3,913

Itochu

Techno-Solutions

Corp.

(Information

Technology)

(a)

114,212

11,468

J

Front

Retailing

Co.

Ltd.

(Consumer

Discretionary)

105,073

19,766

Japan

Airlines

Co.

Ltd.

(Industrials)

375,839

24,326

Japan

Exchange

Group,

Inc.

(Financials)

496,771

316

Japan

Metropolitan

Fund

Invest

REIT

(Real

Estate)

210,546

17,731

Japan

Post

Bank

Co.

Ltd.

(Financials)

175,049

97,213

Japan

Post

Holdings

Co.

Ltd.

(Financials)

857,810

8,397

Japan

Post

Insurance

Co.

Ltd.

(Financials)

157,051

51,005

Japan

Tobacco,

Inc.

(Consumer

Staples)

1,311,395

24,387

JFE

Holdings,

Inc.

(Materials)

359,615

10,353

JGC

Holdings

Corp.

(Industrials)

116,356

9,256

JSR

Corp.

(Materials)

254,761

10,307

JTEKT

Corp.

(Consumer

Discretionary)

94,505

20,360

Kajima

Corp.

(Industrials)

321,785

33,739

Kansai

Electric

Power

Co.,

Inc.

(The)

(Utilities)

449,823

8,974

Kansai

Paint

Co.

Ltd.

(Materials)

136,703

20,791

Kao

Corp.

(Consumer

Staples)

801,066

7,200

Kawasaki

Heavy

Industries

Ltd.

(Industrials)

163,788

5,816

Kawasaki

Kisen

Kaisha

Ltd.

(Industrials)

204,141

70,895

KDDI

Corp.

(Communication

Services)

2,217,941

Shares

Description

Value

a

Common

Stocks

–

(continued)

Japan

–

(continued)

4,928

Keihan

Holdings

Co.

Ltd.

(Industrials)

$

123,071

11,966

Keikyu

Corp.

(Industrials)

102,148

5,052

Keio

Corp.

(Industrials)

145,681

7,266

Keisei

Electric

Railway

Co.

Ltd.

(Industrials)

292,930

4,742

Kewpie

Corp.

(Consumer

Staples)

82,757

8,468

Keyence

Corp.

(Information

Technology)

3,628,693

7,080

Kikkoman

Corp.

(Consumer

Staples)

434,134

8,692

Kintetsu

Group

Holdings

Co.

Ltd.

(Industrials)

243,765

37,536

Kirin

Holdings

Co.

Ltd.

(Consumer

Staples)

529,899

2,336

Kobayashi

Pharmaceutical

Co.

Ltd.

(Consumer

Staples)

107,766

6,510

Kobe

Bussan

Co.

Ltd.

(Consumer

Staples)

171,915

5,197

Koei

Tecmo

Holdings

Co.

Ltd.

(Communication

Services)

63,646

11,025

Koito

Manufacturing

Co.

Ltd.

(Consumer

Discretionary)

166,790

41,253

Komatsu

Ltd.

(Industrials)

1,052,568

4,410

Konami

Group

Corp.

(Communication

Services)

218,211

1,540

Kose

Corp.

(Consumer

Staples)

109,014

48,921

Kubota

Corp.

(Industrials)

701,211

14,927

Kuraray

Co.

Ltd.

(Materials)

151,910

5,172

Kurita

Water

Industries

Ltd.

(Industrials)

183,251

15,317

Kyocera

Corp.

(Information

Technology)

848,556

11,445

Kyowa

Kirin

Co.

Ltd.

(Health

Care)

188,666

21,257

Kyushu

Electric

Power

Co.,

Inc.

(Utilities)*

142,437

6,459

Kyushu

Railway

Co.

(Industrials)

135,048

3,610

Lasertec

Corp.

(Information

Technology)

806,808

2,060

Lawson,

Inc.

(Consumer

Staples)

102,014

11,727

Lion

Corp.

(Consumer

Staples)

102,646

12,810

Lixil

Corp.

(Industrials)

156,448

120,299

LY

Corp.

(Communication

Services)

350,396

18,818

M3,

Inc.

(Health

Care)

311,289

11,221

Makita

Corp.

(Industrials)

297,840

77,172

Marubeni

Corp.

(Industrials)

1,204,287

8,185

Marui

Group

Co.

Ltd.

(Financials)

130,912

16,346

MatsukiyoCocokara

&

Co.

(Consumer

Staples)

282,339

26,481

Mazda

Motor

Corp.

(Consumer

Discretionary)

282,749

3,923

McDonald's

Holdings

Co.

Japan

Ltd.

(Consumer

Discretionary)

167,444

GOLDMAN

SACHS

MARKETBETA

®

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Japan

–

(continued)

48,686

Mebuki

Financial

Group,

Inc.

(Financials)

$

146,550

8,452

Medipal

Holdings

Corp.

(Health

Care)

133,782

12,191

MEIJI

Holdings

Co.

Ltd.

(Consumer

Staples)

282,273

5,020

Mercari,

Inc.

(Consumer

Discretionary)*

96,081

17,824

MINEBEA

MITSUMI,

Inc.

(Industrials)

339,155

13,099

MISUMI

Group,

Inc.

(Industrials)

212,653

65,559

Mitsubishi

Chemical

Group

Corp.

(Materials)

429,492

56,503

Mitsubishi

Corp.

(Industrials)

2,631,851

90,177

Mitsubishi

Electric

Corp.

(Industrials)

1,225,458

52,163

Mitsubishi

Estate

Co.

Ltd.

(Real

Estate)

704,457

8,340

Mitsubishi

Gas

Chemical

Co.,

Inc.

(Materials)

131,868

38,311

Mitsubishi

HC

Capital,

Inc.

(Financials)

249,921

14,886

Mitsubishi

Heavy

Industries

Ltd.

(Industrials)

832,533

29,840

Mitsubishi

Motors

Corp.

(Consumer

Discretionary)

97,169

526,233

Mitsubishi

UFJ

Financial

Group,

Inc.

(Financials)

4,467,294

68,799

Mitsui

&

Co.

Ltd.

(Industrials)

2,509,312

8,184

Mitsui

Chemicals,

Inc.

(Materials)

239,594

41,822

Mitsui

Fudosan

Co.

Ltd.

(Real

Estate)

982,217

16,624

Mitsui

OSK

Lines

Ltd.

(Industrials)

456,658

4,637

Miura

Co.

Ltd.

(Industrials)

89,895

116,122

Mizuho

Financial

Group,

Inc.

(Financials)

1,973,135

11,353

MonotaRO

Co.

Ltd.

(Industrials)

114,655

19,569

MS&AD

Insurance

Group

Holdings,

Inc.

(Financials)

732,406

85,124

Murata

Manufacturing

Co.

Ltd.

(Information

Technology)

1,660,331

9,050

Nagoya

Railroad

Co.

Ltd.

(Industrials)

132,504

11,691

NEC

Corp.

(Information

Technology)

651,631

20,507

Nexon

Co.

Ltd.

(Communication

Services)

443,612

13,301

NGK

Insulators

Ltd.

(Industrials)

162,309

4,463

NH

Foods

Ltd.

(Consumer

Staples)

132,651

5,839

Nichirei

Corp.

(Consumer

Staples)

127,337

22,067

NIDEC

Corp.

(Industrials)

836,497

Shares

Description

Value

a

Common

Stocks

–

(continued)

Japan

–

(continued)

14,976

Nikon

Corp.

(Consumer

Discretionary)

$

144,305

52,972

Nintendo

Co.

Ltd.

(Communication

Services)

2,476,697

83

Nippon

Building

Fund,

Inc.

REIT

(Real

Estate)

348,652

3,799

NIPPON

EXPRESS

HOLDINGS,

Inc.

(Industrials)

207,405

40,923

Nippon

Paint

Holdings

Co.

Ltd.

(Materials)

305,743

109

Nippon

Prologis

REIT,

Inc.

REIT

(Real

Estate)

206,741

8,594

Nippon

Sanso

Holdings

Corp.

(Materials)

225,728

2,800

Nippon

Shinyaku

Co.

Ltd.

(Health

Care)

100,969

39,287

Nippon

Steel

Corp.

(Materials)

918,694

2,466,951

Nippon

Telegraph

&

Telephone

Corp.

(Communication

Services)

2,888,553

7,441

Nippon

Television

Holdings,

Inc.

(Communication

Services)

72,530

22,739

Nippon

Yusen

KK

(Industrials)

611,254

6,007

Nissan

Chemical

Corp.

(Materials)

219,135

101,190

Nissan

Motor

Co.

Ltd.

(Consumer

Discretionary)

398,983

11,754

Nisshin

Seifun

Group,

Inc.

(Consumer

Staples)

162,871

2,797

Nissin

Foods

Holdings

Co.

Ltd.

(Consumer

Staples)

277,458

8,834

Niterra

Co.

Ltd.

(Consumer

Discretionary)

205,142

3,766

Nitori

Holdings

Co.

Ltd.

(Consumer

Discretionary)

434,592

6,812

Nitto

Denko

Corp.

(Materials)

484,514

138,728

Nomura

Holdings,

Inc.

(Financials)

569,889

4,749

Nomura

Real

Estate

Holdings,

Inc.

(Real

Estate)

115,774

190

Nomura

Real

Estate

Master

Fund,

Inc.

REIT

(Real

Estate)

218,230

17,866

Nomura

Research

Institute

Ltd.

(Information

Technology)

501,773

22,342

NSK

Ltd.

(Industrials)

117,139

28,563

NTT

Data

Group

Corp.

(Information

Technology)

347,196

31,813

Obayashi

Corp.

(Industrials)

268,453

1,316

OBIC

Business

Consultants

Co.

Ltd.

(Information

Technology)

60,167

2,986

Obic

Co.

Ltd.

(Information

Technology)

458,398

14,612

Odakyu

Electric

Railway

Co.

Ltd.

(Industrials)

205,538

42,728

Oji

Holdings

Corp.

(Materials)

158,733

57,708

Olympus

Corp.

(Health

Care)

845,507

8,622

Omron

Corp.

(Information

Technology)

361,537

GOLDMAN

SACHS

MARKETBETA

®

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Japan

–

(continued)

20,235

Ono

Pharmaceutical

Co.

Ltd.

(Health

Care)

$

372,438

3,449

Open

House

Group

Co.

Ltd.

(Consumer

Discretionary)

96,307

1,532

Oracle

Corp.

Japan

(Information

Technology)

118,500

50,685

Oriental

Land

Co.

Ltd.

(Consumer

Discretionary)

1,722,813

52,898

ORIX

Corp.

(Financials)

965,571

129

Orix

JREIT,

Inc.

REIT

(Real

Estate)

152,180

18,897

Osaka

Gas

Co.

Ltd.

(Utilities)

368,136

5,051

Otsuka

Corp.

(Information

Technology)

206,195

20,373

Otsuka

Holdings

Co.

Ltd.

(Health

Care)

783,996

17,579

Pan

Pacific

International

Holdings

Corp.

(Consumer

Discretionary)

380,986

102,225

Panasonic

Holdings

Corp.

(Consumer

Discretionary)

1,057,965

84,716

Persol

Holdings

Co.

Ltd.

(Industrials)

146,012

3,797

Pola

Orbis

Holdings,

Inc.

(Consumer

Staples)

40,029

4,003

Rakus

Co.

Ltd.

(Information

Technology)

72,162

65,332

Rakuten

Group,

Inc.

(Consumer

Discretionary)

258,836

66,251

Recruit

Holdings

Co.

Ltd.

(Industrials)

2,467,019

55,518

Renesas

Electronics

Corp.

(Information

Technology)*

977,719

109,223

Resona

Holdings,

Inc.

(Financials)

567,781

8,133

Resonac

Holdings

Corp.

(Materials)

151,839

26,041

Ricoh

Co.

Ltd.

(Information

Technology)

212,612

5,013

Rinnai

Corp.

(Consumer

Discretionary)

101,898

16,161

Rohm

Co.

Ltd.

(Information

Technology)

308,878

9,059

Rohto

Pharmaceutical

Co.

Ltd.

(Consumer

Staples)

189,348

11,846

Ryohin

Keikaku

Co.

Ltd.

(Consumer

Discretionary)

187,223

16,765

Santen

Pharmaceutical

Co.

Ltd.

(Health

Care)

158,651

11,114

SBI

Holdings,

Inc.

(Financials)

241,097

4,293

SCREEN

Holdings

Co.

Ltd.

(Information

Technology)

312,751

6,590

SCSK

Corp.

(Information

Technology)

121,427

9,567

Secom

Co.

Ltd.

(Industrials)

666,231

7,119

Sega

Sammy

Holdings,

Inc.

(Consumer

Discretionary)

103,413

10,269

Seibu

Holdings,

Inc.

(Industrials)

123,956

Shares

Description

Value

a

Common

Stocks

–

(continued)

Japan

–

(continued)

12,660

Seiko

Epson

Corp.

(Information

Technology)

$

188,228

17,354

Sekisui

Chemical

Co.

Ltd.

(Consumer

Discretionary)

246,573

27,480

Sekisui

House

Ltd.

(Consumer

Discretionary)

563,039

35,118

Seven

&

i

Holdings

Co.

Ltd.

(Consumer

Staples)

1,305,330

27,876

Seven

Bank

Ltd.

(Financials)

56,625

20,832

SG

Holdings

Co.

Ltd.

(Industrials)

301,203

12,754

Sharp

Corp.

(Consumer

Discretionary)*

(a)

79,853

12,607

Shimadzu

Corp.

(Information

Technology)

327,039

1,089

Shimamura

Co.

Ltd.

(Consumer

Discretionary)

121,949

3,613

Shimano,

Inc.

(Consumer

Discretionary)

556,119

24,952

Shimizu

Corp.

(Industrials)

163,989

90,200

Shin-Etsu

Chemical

Co.

Ltd.

(Materials)

3,180,048

2,931

Shinko

Electric

Industries

Co.

Ltd.

(Information

Technology)

109,421

13,504

Shionogi

&

Co.

Ltd.

(Health

Care)

637,406

18,014

Shiseido

Co.

Ltd.

(Consumer

Staples)

483,265

25,238

Shizuoka

Financial

Group,

Inc.

(Financials)

204,178

2,600

SMC

Corp.

(Industrials)

1,309,365

128,655

SoftBank

Corp.

(Communication

Services)

1,565,164

44,889

SoftBank

Group

Corp.

(Communication

Services)

1,827,928

16,296

Sohgo

Security

Services

Co.

Ltd.

(Industrials)

94,446

10,287

Sojitz

Corp.

(Industrials)

229,141

14,971

Sompo

Holdings,

Inc.

(Financials)

684,270

56,693

Sony

Group

Corp.

(Consumer

Discretionary)

4,916,321

4,053

Square

Enix

Holdings

Co.

Ltd.

(Communication

Services)

140,697

6,862

Stanley

Electric

Co.

Ltd.

(Consumer

Discretionary)

126,996

28,234

Subaru

Corp.

(Consumer

Discretionary)

500,567

1,565

Sugi

Holdings

Co.

Ltd.

(Consumer

Staples)

67,899

15,659

SUMCO

Corp.

(Information

Technology)

234,776

65,873

Sumitomo

Chemical

Co.

Ltd.

(Materials)

168,208

54,170

Sumitomo

Corp.

(Industrials)

1,135,908

33,565

Sumitomo

Electric

Industries

Ltd.

(Consumer

Discretionary)

416,398

5,277

Sumitomo

Heavy

Industries

Ltd.

(Industrials)

125,968

GOLDMAN

SACHS

MARKETBETA

®

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Japan

–

(continued)

11,801

Sumitomo

Metal

Mining

Co.

Ltd.

(Materials)

$

342,611

60,156

Sumitomo

Mitsui

Financial

Group,

Inc.

(Financials)

2,953,375

15,309

Sumitomo

Mitsui

Trust

Holdings,

Inc.

(Financials)

575,660

19,571

Sumitomo

Realty

&

Development

Co.

Ltd.

(Real

Estate)

552,571

8,059

Sumitomo

Rubber

Industries

Ltd.

(Consumer

Discretionary)

93,191

3,116

Sundrug

Co.

Ltd.

(Consumer

Staples)

94,322

5,757

Suntory

Beverage

&

Food

Ltd.

(Consumer

Staples)

181,003

18,267

Suzuki

Motor

Corp.

(Consumer

Discretionary)

743,975

7,299

Sysmex

Corp.

(Health

Care)

403,917

24,854

T&D

Holdings,

Inc.

(Financials)

367,594

7,677

Taisei

Corp.

(Industrials)

261,257

2,239

Taisho

Pharmaceutical

Holdings

Co.

Ltd.

(Health

Care)

131,597

5,638

Taiyo

Yuden

Co.

Ltd.

(Information

Technology)

146,218

70,284

Takeda

Pharmaceutical

Co.

Ltd.

(Health

Care)

1,980,132

6,187

TBS

Holdings,

Inc.

(Communication

Services)

114,943

17,455

TDK

Corp.

(Information

Technology)

811,147

33,049

Terumo

Corp.

(Health

Care)

1,054,724

5,634

THK

Co.

Ltd.

(Industrials)

112,558

10,847

TIS,

Inc.

(Information

Technology)

229,435

9,610

Tobu

Railway

Co.

Ltd.

(Industrials)

237,593

428

Toei

Animation

Co.

Ltd.

(Communication

Services)

44,498

4,964

Toho

Co.

Ltd.

(Communication

Services)

172,289

21,225

Tohoku

Electric

Power

Co.,

Inc.

(Utilities)

135,949

87,528

Tokio

Marine

Holdings,

Inc.

(Financials)

2,159,855

1,894

Tokyo

Century

Corp.

(Financials)

75,486

68,588

Tokyo

Electric

Power

Co.

Holdings,

Inc.

(Utilities)*

292,706

20,810

Tokyo

Electron

Ltd.

(Information

Technology)

3,381,880

18,999

Tokyo

Gas

Co.

Ltd.

(Utilities)

440,421

25,347

Tokyu

Corp.

(Industrials)

297,560

27,352

Tokyu

Fudosan

Holdings

Corp.

(Real

Estate)

169,106

11,967

TOPPAN

Holdings,

Inc.

(Industrials)

280,405

69,598

Toray

Industries,

Inc.

(Materials)

361,137

19,172

Toshiba

Corp.

(Industrials)*

596,552

Shares

Description

Value

a

Common

Stocks

–

(continued)

Japan

–

(continued)

13,793

Tosoh

Corp.

(Materials)

$

183,521

7,021

TOTO

Ltd.

(Industrials)

180,328

4,199

Toyo

Suisan

Kaisha

Ltd.

(Consumer

Staples)

223,534

3,346

Toyota

Boshoku

Corp.

(Consumer

Discretionary)

57,715

7,648

Toyota

Industries

Corp.

(Industrials)

657,790

524,008

Toyota

Motor

Corp.

(Consumer

Discretionary)

9,905,235

10,724

Toyota

Tsusho

Corp.

(Industrials)

594,105

6,094

Trend

Micro,

Inc.

(Information

Technology)

(a)

309,739

1,730

Tsuruha

Holdings,

Inc.

(Consumer

Staples)

145,576

19,011

Unicharm

Corp.

(Consumer

Staples)

612,503

142

United

Urban

Investment

Corp.

REIT

(Real

Estate)

139,277

9,119

USS

Co.

Ltd.

(Consumer

Discretionary)

178,451

4,224

Welcia

Holdings

Co.

Ltd.

(Consumer

Staples)

73,831

10,934

West

Japan

Railway

Co.

(Industrials)

432,449

964

Workman

Co.

Ltd.

(Consumer

Discretionary)

30,126

12,223

Yakult

Honsha

Co.

Ltd.

(Consumer

Staples)

273,092

29,868

Yamada

Holdings

Co.

Ltd.

(Consumer

Discretionary)

86,572

7,453

Yamaha

Corp.

(Consumer

Discretionary)

174,484

14,073

Yamaha

Motor

Co.

Ltd.

(Consumer

Discretionary)

359,548

14,185

Yamato

Holdings

Co.

Ltd.

(Industrials)

252,209

6,100

Yamazaki

Baking

Co.

Ltd.

(Consumer

Staples)

133,483

12,042

Yaskawa

Electric

Corp.

(Industrials)

462,098

11,018

Yokogawa

Electric

Corp.

(Information

Technology)

208,756

6,040

Yokohama

Rubber

Co.

Ltd.

(The)

(Consumer

Discretionary)

134,377

3,932

Zensho

Holdings

Co.

Ltd.

(Consumer

Discretionary)

218,470

5,391

ZOZO,

Inc.

(Consumer

Discretionary)

113,957

178,181,492

Jordan

–

0.0%

7,257

Hikma

Pharmaceuticals

PLC

(Health

Care)

158,338

Luxembourg

–

0.1%

21,100

ArcelorMittal

(Materials)

531,583

GOLDMAN

SACHS

MARKETBETA

®

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Luxembourg

–

(continued)

5,970

Eurofins

Scientific

SE

(Health

Care)

$

347,580

879,163

Macau

–

0.2%

85,566

Galaxy

Entertainment

Group

Ltd.

(Consumer

Discretionary)

442,603

111,608

Sands

China

Ltd.

(Consumer

Discretionary)*

273,793

716,396

Mexico

–

0.0%

8,484

Fresnillo

PLC

(Materials)

62,595

Netherlands

–

5.1%

1,384

Adyen

NV

(Financials)*

(b)

1,617,299

7,847

Akzo

Nobel

NV

(Materials)

603,269

2,567

Argenx

SE

ADR

(Health

Care)*

1,156,716

2,114

ASM

International

NV

(Information

Technology)

1,085,710

18,158

ASML

Holding

NV

(Information

Technology)

12,343,000

4,582

EXOR

NV

(Financials)

446,448

4,163

HAL

Trust

(Financials)

528,718

5,108

Heineken

Holding

NV

(Consumer

Staples)

397,379

13,230

Heineken

NV

(Consumer

Staples)

1,211,118

161,804

ING

Groep

NV

(Financials)

2,273,539

4,245

JDE

Peet’s

NV

(Consumer

Staples)

114,033

44,174

Koninklijke

Ahold

Delhaize

NV

(Consumer

Staples)

1,280,146

152,319

Koninklijke

KPN

NV

(Communication

Services)

523,017

36,311

Koninklijke

Philips

NV

(Health

Care)*

743,647

308,028

Shell

PLC

(Energy)

9,982,678

35,381

Universal

Music

Group

NV

(Communication

Services)

935,766

11,422

Wolters

Kluwer

NV

(Industrials)

1,574,020

36,816,503

New

Zealand

–

0.3%

31,091

a2

Milk

Co.

Ltd.

(The)

(Consumer

Staples)*

79,694

55,532

Auckland

International

Airport

Ltd.

(Industrials)

271,651

35,685

Contact

Energy

Ltd.

(Utilities)

171,698

25,245

Fisher

&

Paykel

Healthcare

Corp.

Ltd.

(Health

Care)

367,361

37,128

Infratil

Ltd.

(Industrials)

223,588

3,806

Mainfreight

Ltd.

(Industrials)

158,678

30,011

Mercury

NZ

Ltd.

(Utilities)

115,481

58,211

Meridian

Energy

Ltd.

(Utilities)

187,500

27,598

Ryman

Healthcare

Ltd.

(Health

Care)

92,048

84,070

Spark

New

Zealand

Ltd.

(Communication

Services)

269,236

Shares

Description

Value

a

Common

Stocks

–

(continued)

New

Zealand

–

(continued)

5,848

Xero

Ltd.

(Information

Technology)*

$

399,578

2,336,513

Norway

–

0.7%

1,012

Aker

ASA,

Class

A

(Industrials)

63,515

14,116

Aker

BP

ASA

(Energy)

406,109

33,922

AutoStore

Holdings

Ltd.

(Industrials)*

(b)

56,475

40,894

DNB

Bank

ASA

(Financials)

781,929

40,300

Equinor

ASA

(Energy)

1,301,483

6,576

Frontline

PLC

(Energy)

129,887

8,338

Gjensidige

Forsikring

ASA

(Financials)

140,864

3,854

Kongsberg

Gruppen

ASA

(Industrials)

166,048

12,357

Leroy

Seafood

Group

ASA

(Consumer

Staples)

48,448

20,375

Mowi

ASA

(Consumer

Staples)

363,502

7,580

Nordic

Semiconductor

ASA

(Information

Technology)*

69,339

60,140

Norsk

Hydro

ASA

(Materials)

350,279

36,591

Orkla

ASA

(Consumer

Staples)

270,355

2,983

Salmar

ASA

(Consumer

Staples)

164,056

3,161

Schibsted

ASA,

Class

A

(Communication

Services)

78,037

4,382

Schibsted

ASA,

Class

B

(Communication

Services)

101,635

3,321

Seadrill

Ltd.

(Energy)*

148,044

7,826

SpareBank

1

SR-Bank

ASA

(Financials)

86,255

20,002

Storebrand

ASA

(Financials)

173,135

29,626

Telenor

ASA

(Communication

Services)

319,656

10,736

TOMRA

Systems

ASA

(Industrials)

105,878

17,943

Var

Energi

ASA

(Energy)

57,647

4,661

Wallenius

Wilhelmsen

ASA

(Industrials)

40,777

5,423,353

Poland

–

0.4%

21,755

Allegro.eu

SA

(Consumer

Discretionary)*

(b)

157,782

8,115

Bank

Pekao

SA

(Financials)

285,838

582

Budimex

SA

(Industrials)

80,950

3,186

CD

Projekt

SA

(Communication

Services)

(a)

86,911

11,172

Cyfrowy

Polsat

SA

(Communication

Services)*

35,922

2,207

Dino

Polska

SA

(Consumer

Staples)*

(b)

246,571

7,979

InPost

SA

(Industrials)*

94,285

6,278

KGHM

Polska

Miedz

SA

(Materials)

181,405

596

mBank

SA

(Financials)*

84,271

26,772

ORLEN

SA

(Energy)

396,120

40,426

PGE

Polska

Grupa

Energetyczna

SA

(Utilities)*

85,183

GOLDMAN

SACHS

MARKETBETA

®

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Poland

–

(continued)

39,474

Powszechna

Kasa

Oszczednosci

Bank

Polski

SA

(Financials)*

$

470,196

26,151

Powszechny

Zaklad

Ubezpieczen

SA

(Financials)

298,850

1,533

Santander

Bank

Polska

SA

(Financials)*

190,864

2,695,148

Portugal

–

0.2%

337,108

Banco

Comercial

Portugues

SA,

Class

R

(Financials)*

113,362

129,082

EDP

–

Energias

de

Portugal

SA

(Utilities)

617,871

21,924

Galp

Energia

SGPS

SA

(Energy)

326,645

12,655

Jeronimo

Martins

SGPS

SA

(Consumer

Staples)

313,439

9,822

Navigator

Co

SA

(The)

(Materials)

40,402

1,411,719

Russia

–

–%

12,172

Evraz

PLC

(Materials)*

—

Singapore

–

1.6%

163,392

CapitaLand

Ascendas

REIT

REIT

(Real

Estate)

347,695

209,122

CapitaLand

Integrated

Commercial

Trust

REIT

(Real

Estate)

285,181

110,479

CapitaLand

Investment

Ltd.

(Real

Estate)

250,825

20,308

City

Developments

Ltd.

(Real

Estate)

95,256

84,134

DBS

Group

Holdings

Ltd.

(Financials)

2,000,909

128,539

Frasers

Logistics

&

Commercial

Trust

REIT

(Real

Estate)

106,907

260,969

Genting

Singapore

Ltd.

(Consumer

Discretionary)

178,920

85,282

Grab

Holdings

Ltd.,

Class

A

(Industrials)*

259,257

10,483

Hafnia

Ltd.

(Energy)

64,480

4,357

Jardine

Cycle

&

Carriage

Ltd.

(Industrials)

93,108

11,671

Keppel

REIT

(Real

Estate)

7,564

63,834

Keppel

Corp.

Ltd.

(Industrials)

319,026

61,918

Keppel

DC

REIT

(Real

Estate)

85,366

94,575

Mapletree

Industrial

Trust

REIT

(Real

Estate)

161,570

151,542

Mapletree

Logistics

Trust

REIT

(Real

Estate)

182,813

105,638

Mapletree

Pan

Asia

Commercial

Trust

REIT

(Real

Estate)

108,440

41,189

Olam

Group

Ltd.

(Consumer

Staples)

31,480

147,788

Oversea-Chinese

Banking

Corp.

Ltd.

(Financials)

1,388,627

39,989

SATS

Ltd.

(Industrials)*

79,403

Shares

Description

Value

a

Common

Stocks

–

(continued)

Singapore

–

(continued)

16,745

Sea

Ltd.

ADR

(Communication

Services)*

$

606,504

2,970,911

Seatrium

Ltd.

(Industrials)*

233,737

41,266

Sembcorp

Industries

Ltd.

(Utilities)

158,929

60,946

Singapore

Airlines

Ltd.

(Industrials)

289,523

37,652

Singapore

Exchange

Ltd.

(Financials)

266,041

69,877

Singapore

Technologies

Engineering

Ltd.

(Industrials)

194,248

328,764

Singapore

Telecommunications

Ltd.

(Communication

Services)

569,043

29,947

STMicroelectronics

NV

(Information

Technology)

1,419,900

61,550

United

Overseas

Bank

Ltd.

(Financials)

1,255,351

24,173

UOL

Group

Ltd.

(Real

Estate)

106,864

12,437

Venture

Corp.

Ltd.

(Information

Technology)

116,766

11,263,733

South

Africa

–

0.2%

53,143

Anglo

American

PLC

(Materials)

1,441,061

South

Korea

–

0.1%

9,198

Delivery

Hero

SE

(Consumer

Discretionary)*

(b)

292,096

Spain

–

2.6%

9,383

ACS

Actividades

de

Construccion

y

Servicios

SA

(Industrials)

375,215

3,378

Aena

SME

SA

(Industrials)

(b)

582,162

20,675

Amadeus

IT

Group

SA

(Consumer

Discretionary)

1,417,125

273,977

Banco

Bilbao

Vizcaya

Argentaria

SA

(Financials)

2,542,753

731,896

Banco

Santander

SA

(Financials)

3,035,372

173,767

CaixaBank

SA

(Financials)

783,226

26,205

Cellnex

Telecom

SA

(Communication

Services)*

(b)

1,001,874

2,628

Corp

ACCIONA

Energias

Renovables

SA

(Utilities)

78,108

13,564

EDP

Renovaveis

SA

(Utilities)

247,895

14,550

Endesa

SA

(Utilities)

304,572

13,574

Grifols

SA

(Health

Care)*

192,019

266,044

Iberdrola

SA

(Utilities)

3,293,235

51,035

Industria

de

Diseno

Textil

SA

(Consumer

Discretionary)

2,106,537

5,744

Naturgy

Energy

Group

SA

(Utilities)

171,849

18,584

Redeia

Corp.

SA

(Utilities)

311,860

58,762

Repsol

SA

(Energy)

900,178

237,748

Telefonica

SA

(Communication

Services)

1,025,695

18,369,675

GOLDMAN

SACHS

MARKETBETA

®

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Sweden

–

3.3%

8,079

AAK

AB

(Consumer

Staples)

$

164,219

10,994

AddTech

AB,

Class

B

(Industrials)

204,691

12,976

Alfa

Laval

AB

(Industrials)

484,672

44,684

Assa

Abloy

AB,

Class

B

(Industrials)

1,145,793

116,507

Atlas

Copco

AB,

Class

A

(Industrials)

1,800,053

69,220

Atlas

Copco

AB,

Class

B

(Industrials)

914,557

5,451

Avanza

Bank

Holding

AB

(Financials)

107,003

4,990

Axfood

AB

(Consumer

Staples)

124,573

17,191

Beijer

Ref

AB

(Industrials)

190,467

12,373

Boliden

AB

(Materials)

330,495

18,702

Castellum

AB

(Real

Estate)

228,714

9,618

Electrolux

AB,

Class

B

(Consumer

Discretionary)*

94,768

15,934

Elekta

AB,

Class

B

(Health

Care)

124,384

37,402

Embracer

Group

AB

(Communication

Services)*

(a)

82,254

28,586

Epiroc

AB,

Class

A

(Industrials)

533,591

17,345

Epiroc

AB,

Class

B

(Industrials)

273,280

20,565

EQT

AB

(Financials)

(a)

485,725

27,736

Essity

AB,

Class

B

(Consumer

Staples)

694,800

8,225

Evolution

AB

(Consumer

Discretionary)

(b)

853,516

10,211

Fabege

AB

(Real

Estate)

91,500

30,248

Fastighets

AB

Balder,

Class

B

(Real

Estate)*

178,564

10,013

Getinge

AB,

Class

B

(Health

Care)

213,086

28,193

H

&

M

Hennes

&

Mauritz

AB,

Class

B

(Consumer

Discretionary)

451,729

88,772

Hexagon

AB,

Class

B

(Information

Technology)

888,665

4,172

Holmen

AB,

Class

B

(Materials)

175,140

17,662

Husqvarna

AB,

Class

B

(Industrials)

135,041

7,142

Industrivarden

AB,

Class

A

(Financials)

214,965

5,947

Industrivarden

AB,

Class

C

(Financials)

179,224

12,289

Indutrade

AB

(Industrials)

269,731

6,196

Investment

AB

Latour,

Class

B

(Industrials)

138,893

22,071

Investor

AB,

Class

A

(Financials)

453,895

83,477

Investor

AB,

Class

B

(Financials)

1,735,046

10,944

Kinnevik

AB,

Class

B

(Financials)*

102,288

2,073

L

E

Lundbergforetagen

AB,

Class

B

(Financials)

100,931

10,358

Lifco

AB,

Class

B

(Industrials)

225,074

Shares

Description

Value

a

Common

Stocks

–

(continued)

Sweden

–

(continued)

67,882

Nibe

Industrier

AB,

Class

B

(Industrials)

$

401,377

3,534

Saab

AB,

Class

B

(Industrials)

181,846

9,351

Sagax

AB,

Class

B

(Real

Estate)

212,295

48,162

Sandvik

AB

(Industrials)

951,396

23,113

Securitas

AB,

Class

B

(Industrials)

208,305

72,973

Skandinaviska

Enskilda

Banken

AB,

Class

A

(Financials)

884,407

15,237

Skanska

AB,

Class

B

(Industrials)

245,011

17,159

SKF

AB,

Class

B

(Industrials)

322,749

10,140

SSAB

AB,

Class

A

(Materials)

76,871

29,184

SSAB

AB,

Class

B

(Materials)

216,063

27,492

Svenska

Cellulosa

AB

SCA,

Class

B

(Materials)

408,883

67,396

Svenska

Handelsbanken

AB,

Class

A

(Financials)

639,303

1,629

Svenska

Handelsbanken

AB,

Class

B

(Financials)

(a)

18,903

8,327

Sweco

AB,

Class

B

(Industrials)

99,887

45,861

Swedbank

AB,

Class

A

(Financials)

841,826

10,700

Swedish

Orphan

Biovitrum

AB

(Health

Care)*

254,868

25,428

Tele2

AB,

Class

B

(Communication

Services)

199,612

133,931

Telefonaktiebolaget

LM

Ericsson,

Class

B

(Information

Technology)

664,105

103,746

Telia

Co.

AB

(Communication

Services)

246,523

4,863

Thule

Group

AB

(Consumer

Discretionary)

(b)

119,175

9,632

Trelleborg

AB,

Class

B

(Industrials)

299,287

8,748

Volvo

AB,

Class

A

(Industrials)

206,870

68,698

Volvo

AB,

Class

B

(Industrials)

1,594,716

21,853

Volvo

Car

AB,

Class

B

(Consumer

Discretionary)*

71,259

23,756,864

Switzerland

–

5.0%

74,405

ABB

Ltd.

(Industrials)

2,970,039

22,621

Alcon,

Inc.

(Health

Care)

1,714,883

23,184

Cie

Financiere

Richemont

SA

(Consumer

Discretionary)

2,911,498

12,098

DSM-Firmenich

AG

(Materials)

1,146,695

1,521

Geberit

AG

(Industrials)

856,049

423

Givaudan

SA

(Materials)

1,591,692

2,358

Kuehne

+

Nagel

International

AG

(Industrials)

686,615

3,404

Lonza

Group

AG

(Health

Care)

1,324,724

92,013

Novartis

AG

(Health

Care)

9,007,126

990

Partners

Group

Holding

AG

(Financials)

1,312,144

918

Schindler

Holding

AG

(Industrials)

197,842

GOLDMAN

SACHS

MARKETBETA

®

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Switzerland

–

(continued)

1,864

Schindler

Holding

AG

Participation

Certificates

(Industrials)

$

419,617

6,828

SGS

SA

(Industrials)

583,429

6,704

Sika

AG

(Materials)

1,828,749

4,900

Straumann

Holding

AG

(Health

Care)

677,621

1,290

Swatch

Group

AG

(The)

–

Bearer

(Consumer

Discretionary)

340,469

2,421

Swatch

Group

AG

(The)

–

Registered

(Consumer

Discretionary)

122,226

1,162

Swisscom

AG

(Communication

Services)

682,060

144,208

UBS

Group

AG

(Financials)

4,084,691

6,676

Zurich

Insurance

Group

AG

(Financials)

3,361,992

35,820,161

United

Kingdom

–

11.0%

43,399

3i

Group

PLC

(Financials)

1,226,283

8,785

Admiral

Group

PLC

(Financials)

300,389

13,671

Allfunds

Group

PLC

(Financials)

86,366

20,130

Ashtead

Group

PLC

(Industrials)

1,213,784

15,917

Associated

British

Foods

PLC

(Consumer

Staples)

479,170

68,946

AstraZeneca

PLC

(Health

Care)

8,838,201

41,947

Auto

Trader

Group

PLC

(Communication

Services)

(b)

384,889

125,930

Aviva

PLC

(Financials)

665,584

42,888

B&M

European

Value

Retail

SA

(Consumer

Discretionary)

311,431

140,316

BAE

Systems

PLC

(Industrials)

1,865,148

699,669

Barclays

PLC

(Financials)

1,249,257

44,772

Barratt

Developments

PLC

(Consumer

Discretionary)

291,218

4,822

Berkeley

Group

Holdings

PLC

(Consumer

Discretionary)

283,001

718,443

BP

PLC

(Energy)

4,357,480

94,355

British

American

Tobacco

PLC

(Consumer

Staples)

3,000,554

290,061

BT

Group

PLC

(Communication

Services)

451,293

15,463

Bunzl

PLC

(Industrials)

587,654

17,032

Burberry

Group

PLC

(Consumer

Discretionary)

315,555

257,212

Centrica

PLC

(Utilities)

485,333

122,220

CK

Hutchison

Holdings

Ltd.

(Industrials)

612,641

44,045

CNH

Industrial

NV

(Industrials)

468,080

9,338

Coca-Cola

Europacific

Partners

PLC

(Consumer

Staples)

566,256

79,763

Compass

Group

PLC

(Consumer

Discretionary)

2,022,550

75,924

ConvaTec

Group

PLC

(Health

Care)

(b)

216,069

Shares

Description

Value

a

Common

Stocks

–

(continued)

United

Kingdom

–

(continued)

6,415

Croda

International

PLC

(Materials)

$

364,149

4,553

DCC

PLC

(Industrials)

307,906

103,366

Diageo

PLC

(Consumer

Staples)

3,616,214

61,403

DS

Smith

PLC

(Materials)

225,893

29,377

Entain

PLC

(Consumer

Discretionary)

298,560

17,359

Halma

PLC

(Information

Technology)

468,301

16,272

Hargreaves

Lansdown

PLC

(Financials)

147,987

911,918

HSBC

Holdings

PLC

(Financials)

6,950,904

39,750

Imperial

Brands

PLC

(Consumer

Staples)

929,187

64,429

Informa

PLC

(Communication

Services)

606,020

7,375

InterContinental

Hotels

Group

PLC

(Consumer

Discretionary)

571,014

13,301

Intermediate

Capital

Group

PLC

(Financials)

263,353

85,177

International

Consolidated

Airlines

Group

SA

ADR

(Industrials)*

324,950

7,404

Intertek

Group

PLC

(Industrials)

373,518

80,832

J

Sainsbury

PLC

(Consumer

Staples)

292,560

114,945

JD

Sports

Fashion

PLC

(Consumer

Discretionary)

228,531

87,279

Kingfisher

PLC

(Consumer

Discretionary)

242,417

31,579

Land

Securities

Group

PLC

REIT

(Real

Estate)

249,539

273,217

Legal

&

General

Group

PLC

(Financials)

793,101

2,959,400

Lloyds

Banking

Group

PLC

(Financials)

1,628,584

16,564

London

Stock

Exchange

Group

PLC

(Financials)

1,867,518

102,586

M&G

PLC

(Financials)

271,686

61,562

Melrose

Industries

PLC

(Industrials)

404,168

169,407

National

Grid

PLC

(Utilities)

2,203,586

252,132

NatWest

Group

PLC

(Financials)

663,589

5,499

Next

PLC

(Consumer

Discretionary)

552,044

27,125

Ocado

Group

PLC

(Consumer

Staples)*

206,034

32,918

Pearson

PLC

(Consumer

Discretionary)

390,555

14,691

Persimmon

PLC

(Consumer

Discretionary)

232,755

34,428

Phoenix

Group

Holdings

PLC

(Financials)

202,754

32,914

Reckitt

Benckiser

Group

PLC

(Consumer

Staples)

2,249,212

GOLDMAN

SACHS

MARKETBETA

®

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

United

Kingdom

–

(continued)

86,897

RELX

PLC

(Industrials)

$

3,344,223

115,357

Rentokil

Initial

PLC

(Industrials)

626,058

37,436

Rightmove

PLC

(Communication

Services)

258,098

387,371

Rolls-Royce

Holdings

PLC

(Industrials)*

1,318,176

46,957

Sage

Group

PLC

(The)

(Information

Technology)

672,029

40,495

Schroders

PLC

(Financials)

205,879

53,509

Segro

PLC

REIT

(Real

Estate)

550,182

12,141

Severn

Trent

PLC

(Utilities)

399,771

40,193

Smith

&

Nephew

PLC

(Health

Care)

520,781

16,105

Smiths

Group

PLC

(Industrials)

335,997

3,377

Spirax-Sarco

Engineering

PLC

(Industrials)

395,363

50,164

SSE

PLC

(Utilities)

1,163,732

25,194

St

James's

Place

PLC

(Financials)

206,867

108,210

Standard

Chartered

PLC

(Financials)

894,809

162,412

Taylor

Wimpey

PLC

(Consumer

Discretionary)

266,362

328,371

Tesco

PLC

(Consumer

Staples)

1,188,075

114,715

Unilever

PLC

(Consumer

Staples)

5,474,202

31,386

United

Utilities

Group

PLC

(Utilities)

433,489

1,121,175

Vodafone

Group

PLC

(Communication

Services)

1,012,424

11,946

Weir

Group

PLC

(The)

(Industrials)

283,255

8,934

Whitbread

PLC

(Consumer

Discretionary)

349,592

26,964

Wise

PLC,

Class

A

(Financials)*

266,527

49,391

WPP

PLC

(Communication

Services)

441,938

79,012,604

United

States

–

7.0%

22,073

CSL

Ltd.

(Health

Care)

3,837,869

1,850

CyberArk

Software

Ltd.

(Information

Technology)*

368,650

42,292

Experian

PLC

(Industrials)

1,554,255

21,679

Ferrovial

SE

(Industrials)

751,250

188,369

GSK

PLC

(Health

Care)

3,384,785

233,986

Haleon

PLC

(Consumer

Staples)

977,657

23,583

Holcim

AG

(Materials)*

1,743,875

3,747

ICON

PLC

(Health

Care)*

1,000,224

3,308

Inmode

Ltd.

(Health

Care)*

78,565

20,254

James

Hardie

Industries

PLC

CDI

(Materials)*

654,281

1,213

Monday.com

Ltd.

(Information

Technology)*

218,146

122,718

Nestle

SA

(Consumer

Staples)

14,021,084

1,312

Roche

Holding

AG

(Health

Care)

376,905

Shares

Description

Value

a

Common

Stocks

–

(continued)

United

States

–

(continued)

32,332

Roche

Holding

AG

(Health

Care)

$

8,776,917

50,891

Sanofi

SA

(Health

Care)

4,745,353

24,784

Schneider

Electric

SE

(Industrials)

4,559,793

100,288

Stellantis

NV

(Consumer

Discretionary)

2,177,762

13,286

Swiss

Re

AG

(Financials)

1,577,574

21,203

Tenaris

SA

(Energy)

364,370

51,169,315

TOTAL

COMMON

STOCKS

(Cost

$671,549,967)

712,105,851

Shares

Description

Rate

Value

a

Preferred

Stocks

–

0.4%

Germany

–

0.4%

2,698

Bayerische

Motoren

Werke

AG

(Consumer

Discretionary)

9.76

%

256,404

5,249

Dr.

Ing

hc

F

Porsche

AG

(Consumer

Discretionary)

(b)

1.20

481,427

7,580

Henkel

AG

&

Co.

KGaA

(Consumer

Staples)

2.56

597,133

7,056

Porsche

Automobil

Holding

SE

(Consumer

Discretionary)

5.71

345,369

1,130

Sartorius

AG

(Health

Care)

0.49

364,335

8,419

Volkswagen

AG

(Consumer

Discretionary)

26.14

977,571

3,022,239

Spain

–

0.0%

12,028

Grifols

SA,

Class

B

(Health

Care)*

0.00

117,523

TOTAL

PREFERRED

STOCKS

(Cost

$3,582,361)

3,139,762

Shares

Dividend

Rate

Value

aa

a

Investment

Company

–

0.2%

(c)

Goldman

Sachs

Financial

Square

Treasury

Obligations

Fund

–

Institutional

Shares

1,199,197

5.260%

1,199,197

(Cost

$1,199,197)

TOTAL

INVESTMENTS

BEFORE

SECURITIES

LENDING

REINVESTMENT

VEHICLE

(Cost

$676,331,525)

716,444,810

GOLDMAN

SACHS

MARKETBETA

®

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Additional

Investment

Information 

Shares

Dividend

Rate

Value

a

Securities

Lending

Reinvestment

Vehicle

–

0.4%

(c)

a

a

a

a

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

3,083,718

5.259%

$

3,083,718

(Cost

$3,083,718)

TOTAL

INVESTMENTS

–

100.1%

(Cost

$679,415,243)

$

719,528,528

LIABILITIES

IN

EXCESS

OF

OTHER

ASSETS

–

(0.1)%

(927,085)

NET

ASSETS

–

100.0%

$

718,601,443

  a

The

percentage

shown

for

each

investment

category

reflects

the

value

of

investments

in

that

category

as

a

percentage

of

net

assets.

*

Non-income

producing

security.

(a)

All

or

a

portion

of

security

is

on

loan.

(b)

Exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933.

(c)

Represents

an

affiliated

issuer.

Investment

Abbreviations:

ADR

—

American

Depositary

Receipt

CVA

—

Dutch

Certification

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

SDR

—

Swedish

Depositary

Receipt

Sector

Name

%

of

Market

Value

Financials

18.5

%

Industrials

16.4

Health

Care

12.7

Consumer

Discretionary

12.0

Consumer

Staples

9.5

Information

Technology

8.5

Materials

7.2

Energy

4.5

Communication

Services

4.4

Utilities

3.4

Real

Estate

2.3

Investment

Company

0.2

Securities

Lending

Reinvestment

Vehicle

0.4

TOTAL

INVESTMENTS

100.0%

FUTURES

CONTRACTS

—

At

November

30,

2023,

the

Portfolio

had

the

following

futures

contracts:

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Unrealized

Appreciation/

(Depreciation)

Long

position

contracts:

E-Mini

MSCI

EAFE

Index

Future

19

12/15/23

$

2,020,270

$

94,211

GOLDMAN

SACHS

MARKETBETA

®

 RUSSELL

1000

GROWTH

EQUITY

ETF

Schedule

of

Investments

November

30,

2023

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

100.0%

Communication

Services

–

9.4%

1,364

Alphabet,

Inc.,

Class

A

*

$

180,771

1,168

Alphabet,

Inc.,

Class

C

*

156,418

40

Charter

Communications,

Inc.,

Class

A

*

16,005

44

Iridium

Communications,

Inc.

1,676

8

Liberty

Broadband

Corp.,

Class

C

*

665

12

Live

Nation

Entertainment,

Inc.

*

1,011

96

Match

Group,

Inc.

*

3,108

852

Meta

Platforms,

Inc.,

Class

A

*

278,732

168

Netflix,

Inc.

*

79,627

4

Nexstar

Media

Group,

Inc.

568

228

Pinterest,

Inc.,

Class

A

*

7,768

8

Playtika

Holding

Corp.

*

69

176

ROBLOX

Corp.,

Class

A

*

6,919

4

Roku,

Inc.

*

417

52

Spotify

Technology

SA

*

9,626

20

TKO

Group

Holdings,

Inc.

1,547

168

Trade

Desk,

Inc.

(The),

Class

A

*

11,837

64

ZoomInfo

Technologies,

Inc.

*

920

757,684

Consumer

Discretionary

–

15.2%

156

Airbnb,

Inc.,

Class

A

*

19,709

2,360

Amazon.com,

Inc.

*

344,772

4

AutoZone,

Inc.

*

10,440

12

Best

Buy

Co.,

Inc.

851

16

Booking

Holdings,

Inc.

*

50,011

4

Bright

Horizons

Family

Solutions,

Inc.

*

350

4

Brunswick

Corp.

316

24

Burlington

Stores,

Inc.

*

4,070

32

Caesars

Entertainment,

Inc.

*

1,431

4

CarMax,

Inc.

*

256

4

Cava

Group,

Inc.

*

136

12

Chipotle

Mexican

Grill,

Inc.

*

26,427

12

Choice

Hotels

International,

Inc.

1,323

28

Churchill

Downs,

Inc.

3,242

420

Coupang,

Inc.

(South

Korea)

*

6,418

24

Crocs,

Inc.

*

2,535

20

Darden

Restaurants,

Inc.

3,129

12

Deckers

Outdoor

Corp.

*

7,968

12

Domino's

Pizza,

Inc.

4,715

92

DoorDash,

Inc.,

Class

A

*

8,646

160

DraftKings,

Inc.,

Class

A

*

6,118

12

eBay,

Inc.

492

28

Etsy,

Inc.

*

2,123

40

Expedia

Group,

Inc.

*

5,447

20

Five

Below,

Inc.

*

3,769

40

Floor

&

Decor

Holdings,

Inc.,

Class

A

*

3,668

4

Grand

Canyon

Education,

Inc.

*

547

36

H&R

Block,

Inc.

1,635

44

Hilton

Worldwide

Holdings,

Inc.

7,371

392

Home

Depot,

Inc.

(The)

122,888

120

Las

Vegas

Sands

Corp.

5,534

164

Lowe’s

Cos.,

Inc.

32,608

44

Lululemon

Athletica,

Inc.

*

19,659

96

Marriott

International,

Inc.,

Class

A

19,459

116

McDonald's

Corp.

32,693

8

Murphy

USA,

Inc.

2,956

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Consumer

Discretionary

–

(continued)

244

NIKE,

Inc.,

Class

B

$

26,906

40

Norwegian

Cruise

Line

Holdings

Ltd.

*

611

8

Ollie's

Bargain

Outlet

Holdings,

Inc.

*

586

20

O'Reilly

Automotive,

Inc.

*

19,648

120

Peloton

Interactive,

Inc.,

Class

A

*

679

16

Planet

Fitness,

Inc.,

Class

A

*

1,087

16

Pool

Corp.

5,557

120

Ross

Stores,

Inc.

15,646

28

Royal

Caribbean

Cruises

Ltd.

*

3,009

20

Service

Corp.

International

1,225

4

Skechers

USA,

Inc.,

Class

A

*

236

436

Starbucks

Corp.

43,295

4

Tapestry,

Inc.

127

12

Tempur

Sealy

International,

Inc.

484

1,064

Tesla,

Inc.

*

255,445

24

Texas

Roadhouse,

Inc.

2,701

444

TJX

Cos.,

Inc.

(The)

39,121

44

Tractor

Supply

Co.

8,932

12

Travel

+

Leisure

Co.

428

20

Ulta

Beauty,

Inc.

*

8,520

16

Valvoline,

Inc.

548

12

Victoria's

Secret

&

Co.

*

323

12

Wayfair,

Inc.,

Class

A

*

670

68

Wendy's

Co.

(The)

1,275

4

Williams-Sonoma,

Inc.

750

12

Wingstop,

Inc.

2,884

4

Wyndham

Hotels

&

Resorts,

Inc.

309

4

Wynn

Resorts

Ltd.

338

32

YETI

Holdings,

Inc.

*

1,365

96

Yum!

Brands,

Inc.

12,053

1,218,470

Consumer

Staples

–

4.5%

12

Albertsons

Cos.,

Inc.,

Class

A

261

16

BJ's

Wholesale

Club

Holdings,

Inc.

*

1,033

4

Boston

Beer

Co.,

Inc.

(The),

Class

A

*

1,419

16

Brown-Forman

Corp.,

Class

A

964

56

Brown-Forman

Corp.,

Class

B

3,289

4

Casey's

General

Stores,

Inc.

1,102

56

Celsius

Holdings,

Inc.

*

2,773

84

Church

&

Dwight

Co.,

Inc.

8,117

48

Clorox

Co.

(The)

6,881

744

Coca-Cola

Co.

(The)

43,479

8

Constellation

Brands,

Inc.,

Class

A

1,924

172

Costco

Wholesale

Corp.

101,951

84

Dollar

General

Corp.

11,014

28

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

3,575

4

Freshpet,

Inc.

*

284

44

Hershey

Co.

(The)

8,269

228

Kenvue,

Inc.

4,660

124

Kimberly-Clark

Corp.

15,343

52

Lamb

Weston

Holdings,

Inc.

5,202

288

Monster

Beverage

Corp.

*

15,883

368

PepsiCo,

Inc.

61,931

28

Performance

Food

Group

Co.

*

1,821

GOLDMAN

SACHS

MARKETBETA

®

 RUSSELL

1000

GROWTH

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Consumer

Staples

–

(continued)

172

Procter &

Gamble

Co.

(The)

$

26,405

196

Sysco

Corp.

14,145

176

Target

Corp.

23,551

365,276

Energy

–

0.6%

44

Antero

Midstream

Corp.

586

104

APA

Corp.

3,744

92

Cheniere

Energy,

Inc.

16,758

68

Halliburton

Co.

2,518

60

Hess

Corp.

8,434

24

New

Fortress

Energy,

Inc.

923

8

ONEOK,

Inc.

551

44

Ovintiv,

Inc.

1,951

88

Targa

Resources

Corp.

7,959

4

Texas

Pacific

Land

Corp.

6,688

50,112

Financials

–

7.1%

76

American

Express

Co.

12,979

40

Ameriprise

Financial,

Inc.

14,140

200

Apollo

Global

Management,

Inc.

18,400

20

Arch

Capital

Group

Ltd.

*

1,674

60

Ares

Management

Corp.,

Class

A

6,735

4

Arthur

J

Gallagher

&

Co.

996

276

Blackstone,

Inc.

31,014

76

Block,

Inc.

*

4,821

24

Blue

Owl

Capital,

Inc.

324

4

Brighthouse

Financial,

Inc.

*

208

36

Brown

&

Brown,

Inc.

2,691

136

Equitable

Holdings,

Inc.

4,174

8

Euronet

Worldwide,

Inc.

*

698

4

Everest

Group

Ltd.

1,642

16

FactSet

Research

Systems,

Inc.

7,255

64

Fiserv,

Inc.

*

8,359

24

FleetCor

Technologies,

Inc.

*

5,772

8

Jack

Henry

&

Associates,

Inc.

1,270

8

Kinsale

Capital

Group,

Inc.

2,801

60

KKR

&

Co.,

Inc.

4,550

8

Lincoln

National

Corp.

190

32

LPL

Financial

Holdings,

Inc.

7,114

16

MarketAxess

Holdings,

Inc.

3,842

152

Marsh

&

McLennan

Cos.,

Inc.

30,312

324

Mastercard,

Inc.,

Class

A

134,081

56

Moody's

Corp.

20,438

8

Morningstar,

Inc.

2,267

16

MSCI,

Inc.

8,334

608

NU

Holdings

Ltd.,

Class

A

(Brazil)

*

4,949

392

PayPal

Holdings,

Inc.

*

22,583

8

Primerica,

Inc.

1,676

168

Progressive

Corp.

(The)

27,557

4

RenaissanceRe

Holdings

Ltd.

(Bermuda)

857

4

RLI

Corp.

542

16

Rocket

Cos.,

Inc.,

Class

A

*

150

36

Ryan

Specialty

Holdings,

Inc.

*

1,651

12

S&P

Global,

Inc.

4,990

20

Shift4

Payments,

Inc.,

Class

A

*

1,316

36

SLM

Corp.

541

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Financials

–

(continued)

136

Toast,

Inc.,

Class

A

*

$

2,022

8

TPG,

Inc.

280

16

Tradeweb

Markets,

Inc.,

Class

A

1,550

12

UWM

Holdings

Corp.

65

624

Visa,

Inc.,

Class

A

160,168

20

Western

Union

Co.

(The)

233

8

WEX,

Inc.

*

1,413

4

Willis

Towers

Watson

PLC

985

12

XP,

Inc.,

Class

A

(Brazil)

280

570,889

Health

Care

–

11.7%

36

10X

Genomics,

Inc.,

Class

A

*

1,567

44

Abbott

Laboratories

4,589

680

AbbVie,

Inc.

96,825

92

Agilent

Technologies,

Inc.

11,758

100

agilon

health,

Inc.

*

1,062

28

Align

Technology,

Inc.

*

5,986

40

Alnylam

Pharmaceuticals,

Inc.

*

6,730

140

Amgen,

Inc.

37,750

40

Apellis

Pharmaceuticals,

Inc.

*

2,155

8

BioMarin

Pharmaceutical,

Inc.

*

729

56

Bio-Techne

Corp.

3,522

40

Bruker

Corp.

2,604

52

Cardinal

Health,

Inc.

5,568

64

Cencora,

Inc.

13,016

16

Certara,

Inc.

*

231

4

Chemed

Corp.

2,268

8

Cigna

Group

(The)

2,103

20

DaVita,

Inc.

*

2,029

148

Dexcom,

Inc.

*

17,097

20

Doximity,

Inc.,

Class

A

*

465

232

Edwards

Lifesciences

Corp.

*

15,709

12

Elevance

Health,

Inc.

5,754

328

Eli

Lilly

&

Co.

193,861

4

Encompass

Health

Corp.

261

24

Exact

Sciences

Corp.

*

1,536

92

Exelixis,

Inc.

*

2,006

12

GE

HealthCare

Technologies,

Inc.

821

12

Globus

Medical,

Inc.,

Class

A

*

539

16

HCA

Healthcare,

Inc.

4,008

20

Humana,

Inc.

9,697

4

ICON

PLC

*

1,068

32

IDEXX

Laboratories,

Inc.

*

14,906

20

Illumina,

Inc.

*

2,039

52

Incyte

Corp.

*

2,826

12

Inspire

Medical

Systems,

Inc.

*

1,744

28

Insulet

Corp.

*

5,294

136

Intuitive

Surgical,

Inc.

*

42,274

48

Ionis

Pharmaceuticals,

Inc.

*

2,375

64

IQVIA

Holdings,

Inc.

*

13,702

12

Jazz

Pharmaceuticals

PLC

*

1,419

12

Karuna

Therapeutics,

Inc.

*

2,294

24

Maravai

LifeSciences

Holdings,

Inc.,

Class

A

*

122

16

Masimo

Corp.

*

1,500

20

McKesson

Corp.

9,411

8

Medpace

Holdings,

Inc.

*

2,166

180

Merck &

Co.,

Inc.

18,446

8

Mettler-Toledo

International,

Inc.

*

8,735

GOLDMAN

SACHS

MARKETBETA

®

 RUSSELL

1000

GROWTH

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Health

Care

–

(continued)

12

Molina

Healthcare,

Inc.

*

$

4,387

40

Natera,

Inc.

*

2,238

36

Neurocrine

Biosciences,

Inc.

*

4,197

40

Novocure

Ltd.

*

491

12

Penumbra,

Inc.

*

2,665

4

Regeneron

Pharmaceuticals,

Inc.

*

3,295

8

Repligen

Corp.

*

1,258

56

ResMed,

Inc.

8,833

128

Roivant

Sciences

Ltd.

*

1,224

36

Sarepta

Therapeutics,

Inc.

*

2,926

52

Seagen,

Inc.

*

11,087

12

Shockwave

Medical,

Inc.

*

2,095

28

Sotera

Health

Co.

*

382

36

Stryker

Corp.

10,668

4

Tandem

Diabetes

Care,

Inc.

*

81

92

Thermo

Fisher

Scientific,

Inc.

45,610

28

Ultragenyx

Pharmaceutical,

Inc.

*

1,088

300

UnitedHealth

Group,

Inc.

165,891

56

Veeva

Systems,

Inc.,

Class

A

*

9,761

92

Vertex

Pharmaceuticals,

Inc.

*

32,642

24

Waters

Corp.

*

6,735

28

West

Pharmaceutical

Services,

Inc.

9,821

180

Zoetis,

Inc.

31,801

941,743

Industrials

–

6.3%

4

A

O

Smith

Corp.

301

28

Advanced

Drainage

Systems,

Inc.

3,391

32

Allegion

PLC

3,395

4

Allison

Transmission

Holdings,

Inc.

214

92

American

Airlines

Group,

Inc.

*

1,144

4

Armstrong

World

Industries,

Inc.

339

136

Automatic

Data

Processing,

Inc.

31,269

4

Avis

Budget

Group,

Inc.

*

731

28

Axon

Enterprise,

Inc.

*

6,436

28

Boeing

Co.

(The)

*

6,486

52

Booz

Allen

Hamilton

Holding

Corp.

6,507

36

Broadridge

Financial

Solutions,

Inc.

6,978

8

BWX

Technologies,

Inc.

624

36

C.H.

Robinson

Worldwide,

Inc.

2,954

148

Caterpillar,

Inc.

37,107

4

Ceridian

HCM

Holding,

Inc.

*

276

116

ChargePoint

Holdings,

Inc.

*

216

28

Cintas

Corp.

15,491

332

Copart,

Inc.

*

16,673

84

CSX

Corp.

2,713

96

Deere

&

Co.

34,983

12

Delta

Air

Lines,

Inc.

443

20

Donaldson

Co.,

Inc.

1,217

8

EMCOR

Group,

Inc.

1,700

32

Equifax,

Inc.

6,967

8

Expeditors

International

of

Washington,

Inc.

963

164

Fastenal

Co.

9,835

4

Ferguson

PLC

685

4

FTI

Consulting,

Inc.

*

882

16

Genpact

Ltd.

543

28

Graco,

Inc.

2,262

16

HEICO

Corp.

2,736

28

HEICO

Corp.,

Class

A

3,848

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Industrials

–

(continued)

32

Honeywell

International,

Inc.

$

6,269

8

Hubbell,

Inc.

2,400

4

IDEX

Corp.

807

96

Illinois

Tool

Works,

Inc.

23,252

8

J.B.

Hunt

Transport

Services,

Inc.

1,482

20

KBR,

Inc.

1,033

12

Landstar

System,

Inc.

2,072

20

Lincoln

Electric

Holdings,

Inc.

3,961

88

Lockheed

Martin

Corp.

39,404

128

Lyft,

Inc.,

Class

A

*

1,502

4

MSA

Safety,

Inc.

697

4

Northrop

Grumman

Corp.

1,901

36

Old

Dominion

Freight

Line,

Inc.

14,006

8

Otis

Worldwide

Corp.

686

124

Paychex,

Inc.

15,124

20

Paycom

Software,

Inc.

3,633

8

Paycor

HCM,

Inc.

*

170

16

Paylocity

Holding

Corp.

*

2,507

16

Quanta

Services,

Inc.

3,013

52

RB

Global,

Inc.

(Canada)

3,311

44

Rockwell

Automation,

Inc.

12,119

100

Rollins,

Inc.

4,074

4

SiteOne

Landscape

Supply,

Inc.

*

563

4

Spirit

AeroSystems

Holdings,

Inc.,

Class

A

*

110

4

Tetra

Tech,

Inc.

633

40

Toro

Co.

(The)

3,320

24

Trane

Technologies

PLC

5,410

4

TransDigm

Group,

Inc.

3,852

40

Trex

Co.,

Inc.

*

2,811

748

Uber

Technologies,

Inc.

*

42,172

16

U-Haul

Holding

Co.

866

100

Union

Pacific

Corp.

22,527

76

United

Parcel

Service,

Inc.,

Class

B

11,522

4

United

Rentals,

Inc.

1,904

56

Verisk

Analytics,

Inc.

13,520

8

Vertiv

Holdings

Co.,

Class

A

*

349

16

W.W.

Grainger,

Inc.

12,579

140

Waste

Management,

Inc.

23,939

4

Watsco,

Inc.

1,529

20

WillScot

Mobile

Mini

Holdings

Corp.

*

834

12

Xylem,

Inc.

1,262

503,434

Information

Technology

–

43.2%

244

Accenture

PLC,

Class

A

81,286

176

Adobe,

Inc.

*

107,538

352

Advanced

Micro

Devices,

Inc.

*

42,648

28

Allegro

MicroSystems,

Inc.

(Japan)

*

762

24

Alteryx,

Inc.,

Class

A

*

961

112

Amphenol

Corp.,

Class

A

10,191

28

ANSYS,

Inc.

*

8,214

5,008

Apple,

Inc.

951,270

276

Applied

Materials,

Inc.

41,339

20

AppLovin

Corp.,

Class

A

*

750

96

Arista

Networks,

Inc.

*

21,092

56

Atlassian

Corp.,

Class

A

*

10,693

84

Autodesk,

Inc.

*

18,348

GOLDMAN

SACHS

MARKETBETA

®

 RUSSELL

1000

GROWTH

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Information

Technology

–

(continued)

68

Bentley

Systems,

Inc.,

Class

B

$

3,540

168

Broadcom,

Inc.

155,523

104

Cadence

Design

Systems,

Inc.

*

28,420

48

CDW

Corp.

10,122

112

Cloudflare,

Inc.,

Class

A

*

8,641

72

Confluent,

Inc.,

Class

A

*

1,528

80

Crowdstrike

Holdings,

Inc.,

Class

A

*

18,959

104

Datadog,

Inc.,

Class

A

*

12,123

76

DocuSign,

Inc.

*

3,276

52

DoubleVerify

Holdings,

Inc.

*

1,726

88

Dropbox,

Inc.,

Class

A

*

2,480

92

Dynatrace,

Inc.

*

4,927

28

Elastic

NV

*

2,250

52

Enphase

Energy,

Inc.

*

5,253

4

Entegris,

Inc.

418

20

EPAM

Systems,

Inc.

*

5,164

8

Fair

Isaac

Corp.

*

8,701

28

Five9,

Inc.

*

2,134

252

Fortinet,

Inc.

*

13,245

28

Gartner,

Inc.

*

12,175

32

Gen

Digital,

Inc.

707

32

Gitlab,

Inc.,

Class

A

*

1,547

16

Globant

SA

*

3,533

36

GoDaddy,

Inc.,

Class

A

*

3,602

24

HashiCorp,

Inc.,

Class

A

*

514

68

HP,

Inc.

1,995

16

HubSpot,

Inc.

*

7,903

104

Intuit,

Inc.

59,432

32

Jabil,

Inc.

3,690

16

Keysight

Technologies,

Inc.

*

2,174

52

KLA

Corp.

28,320

48

Lam

Research

Corp.

34,364

52

Lattice

Semiconductor

Corp.

*

3,045

24

Manhattan

Associates,

Inc.

*

5,353

148

Microchip

Technology,

Inc.

12,349

2,504

Microsoft

Corp.

948,791

24

MongoDB,

Inc.

*

9,978

16

Monolithic

Power

Systems,

Inc.

8,779

60

Motorola

Solutions,

Inc.

19,372

4

nCino,

Inc.

*

110

32

NetApp,

Inc.

2,924

20

Nutanix,

Inc.,

Class

A

*

862

688

NVIDIA

Corp.

321,778

4

Okta,

Inc.

*

268

240

Oracle

Corp.

27,890

720

Palantir

Technologies,

Inc.,

Class

A

*

14,436

116

Palo

Alto

Networks,

Inc.

*

34,230

16

Pegasystems,

Inc.

832

32

Procore

Technologies,

Inc.

*

1,891

24

PTC,

Inc.

*

3,777

84

Pure

Storage,

Inc.,

Class

A

*

2,798

376

QUALCOMM,

Inc.

48,523

32

RingCentral,

Inc.,

Class

A

*

911

276

Salesforce,

Inc.

*

69,524

12

SentinelOne,

Inc.,

Class

A

*

229

80

ServiceNow,

Inc.

*

54,859

48

Smartsheet,

Inc.,

Class

A

*

2,034

120

Snowflake,

Inc.,

Class

A

*

22,522

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Information

Technology

–

(continued)

60

Splunk,

Inc.

*

$

9,092

60

Synopsys,

Inc.

*

32,594

40

Teradata

Corp.

*

1,890

48

Teradyne,

Inc.

4,427

144

Texas

Instruments,

Inc.

21,990

12

Twilio,

Inc.,

Class

A

*

776

12

Tyler

Technologies,

Inc.

*

4,906

112

UiPath,

Inc.,

Class

A

*

2,213

44

Unity

Software,

Inc.

*

1,298

8

Universal

Display

Corp.

1,354

20

Vontier

Corp.

675

76

Workday,

Inc.,

Class

A

*

20,575

4

Zebra

Technologies

Corp.,

Class

A

*

948

32

Zscaler,

Inc.

*

6,321

3,470,602

Materials

–

0.8%

52

Ardagh

Metal

Packaging

SA

209

12

Avery

Dennison

Corp.

2,334

8

Axalta

Coating

Systems

Ltd.

*

252

8

Eagle

Materials,

Inc.

1,448

76

Ecolab,

Inc.

14,572

8

FMC

Corp.

429

52

Ginkgo

Bioworks

Holdings,

Inc.

*

67

64

Graphic

Packaging

Holding

Co.

1,451

16

Linde

PLC

6,620

24

PPG

Industries,

Inc.

3,408

8

RPM

International,

Inc.

823

16

Scotts

Miracle-Gro

Co.

(The)

891

32

Sealed

Air

Corp.

1,068

76

Sherwin-Williams

Co.

(The)

21,189

32

Southern

Copper

Corp.

(Mexico)

2,302

12

Vulcan

Materials

Co.

2,563

59,626

Real

Estate

–

1.1%

180

American

Tower

Corp.

REIT

37,580

68

CoStar

Group,

Inc.

*

5,647

16

Crown

Castle,

Inc.

REIT

1,877

20

Equinix,

Inc.

REIT

16,300

24

Equity

LifeStyle

Properties,

Inc.

REIT

1,707

56

Iron

Mountain,

Inc.

REIT

3,592

24

Lamar

Advertising

Co.,

Class

A

REIT

2,431

36

Public

Storage

REIT

9,315

4

SBA

Communications

Corp.

REIT

988

28

Simon

Property

Group,

Inc.

REIT

3,497

12

Sun

Communities,

Inc.

REIT

1,552

8

UDR,

Inc.

REIT

267

84,753

Utilities

–

0.1%

156

AES

Corp.

(The)

2,685

GOLDMAN

SACHS

MARKETBETA

®

 RUSSELL

1000

GROWTH

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

**End

swaps

header**

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Utilities

–

(continued)

40

Vistra

Corp.

$

1,416

4,101

TOTAL

INVESTMENTS

–

100.0%

(Cost

$8,030,946)

$

8,026,690

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

–

0.0%

2,633

NET

ASSETS

–

100.0%

$

8,029,323

  a

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

MARKETBETA

®

 RUSSELL

1000

VALUE

EQUITY

ETF

Schedule

of

Investments

November

30,

2023

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

99.9%

Communication

Services

–

4.8%

12

AMC

Entertainment

Holdings,

Inc.,

Class

A

*

$

80

1,504

AT&T,

Inc.

24,921

860

Comcast

Corp.,

Class

A

36,025

52

DISH

Network

Corp.,

Class

A

*

190

56

Electronic

Arts,

Inc.

7,729

56

Fox

Corp.,

Class

A

1,654

28

Fox

Corp.,

Class

B

775

52

Frontier

Communications

Parent,

Inc.

*

1,138

16

IAC,

Inc.

*

765

80

Interpublic

Group

of

Cos.,

Inc.

(The)

2,459

4

Liberty

Broadband

Corp.,

Class

A

*

332

20

Liberty

Broadband

Corp.,

Class

C

*

1,662

4

Liberty

Media

Corp.-Liberty

Formula

One,

Class

A

*

229

40

Liberty

Media

Corp.-Liberty

Formula

One,

Class

C

*

2,547

4

Liberty

Media

Corp.-Liberty

Live,

Class

A

*

132

8

Liberty

Media

Corp.-Liberty

Live,

Class

C

*

274

32

Liberty

Media

Corp.-Liberty

SiriusXM

*

864

16

Liberty

Media

Corp.-Liberty

SiriusXM,

Class

A

*

431

24

Live

Nation

Entertainment,

Inc.

*

2,021

4

Madison

Square

Garden

Sports

Corp.

*

677

4

Match

Group,

Inc.

*

130

32

New

York

Times

Co.

(The),

Class

A

1,504

80

News

Corp.,

Class

A

1,763

24

News

Corp.,

Class

B

553

4

Nexstar

Media

Group,

Inc.

568

40

Omnicom

Group,

Inc.

3,225

120

Paramount

Global,

Class

B

1,724

24

Roku,

Inc.

*

2,501

136

Sirius

XM

Holdings,

Inc.

636

36

Take-Two

Interactive

Software,

Inc.

*

5,695

112

T-Mobile

US,

Inc.

16,850

24

TripAdvisor,

Inc.

*

428

884

Verizon

Communications,

Inc.

33,884

384

Walt

Disney

Co.

(The)

*

35,593

464

Warner

Bros

Discovery,

Inc.

*

4,849

32

ZoomInfo

Technologies,

Inc.

*

460

195,268

Consumer

Discretionary

–

4.6%

44

ADT,

Inc.

258

12

Advance

Auto

Parts,

Inc.

609

56

Aptiv

PLC

*

4,639

48

Aramark

1,344

8

AutoNation,

Inc.

*

1,082

48

Bath

&

Body

Works,

Inc.

1,566

36

Best

Buy

Co.,

Inc.

2,554

48

BorgWarner,

Inc.

1,617

16

Boyd

Gaming

Corp.

945

12

Bright

Horizons

Family

Solutions,

Inc.

*

1,049

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Consumer

Discretionary

–

(continued)

12

Brunswick

Corp.

$

946

24

Caesars

Entertainment,

Inc.

*

1,073

24

Capri

Holdings

Ltd.

*

1,163

32

CarMax,

Inc.

*

2,046

208

Carnival

Corp.

*

3,132

8

Carter's,

Inc.

546

8

Columbia

Sportswear

Co.

627

64

D.R.

Horton,

Inc.

8,171

12

Darden

Restaurants,

Inc.

1,878

12

Dick's

Sporting

Goods,

Inc.

1,561

12

DoorDash,

Inc.,

Class

A

*

1,128

104

eBay,

Inc.

4,265

12

Etsy,

Inc.

*

910

8

Expedia

Group,

Inc.

*

1,089

824

Ford

Motor

Co.

8,454

56

GameStop

Corp.,

Class

A

*

815

40

Gap,

Inc.

(The)

803

32

Garmin

Ltd.

3,912

288

General

Motors

Co.

9,101

48

Gentex

Corp.

1,460

28

Genuine

Parts

Co.

3,718

4

Grand

Canyon

Education,

Inc.

*

547

12

H&R

Block,

Inc.

545

28

Harley-Davidson,

Inc.

840

28

Hasbro,

Inc.

1,300

28

Hilton

Worldwide

Holdings,

Inc.

4,691

8

Hyatt

Hotels

Corp.,

Class

A

918

24

Kohl's

Corp.

563

4

Las

Vegas

Sands

Corp.

185

12

Lear

Corp.

1,605

28

Leggett

&

Platt,

Inc.

640

52

Lennar

Corp.,

Class

A

6,652

4

Lennar

Corp.,

Class

B

459

4

Lithia

Motors,

Inc.

1,068

56

LKQ

Corp.

2,494

32

Lowe’s

Cos.,

Inc.

6,363

156

Lucid

Group,

Inc.

*

658

56

Macy’s,

Inc.

888

8

Marriott

Vacations

Worldwide

Corp.

583

72

Mattel,

Inc.

*

1,368

88

McDonald's

Corp.

24,802

60

MGM

Resorts

International

2,366

16

Mister

Car

Wash,

Inc.

*

116

12

Mohawk

Industries,

Inc.

*

1,060

80

Newell

Brands,

Inc.

610

116

NIKE,

Inc.,

Class

B

12,791

24

Nordstrom,

Inc.

375

68

Norwegian

Cruise

Line

Holdings

Ltd.

*

1,038

8

Ollie's

Bargain

Outlet

Holdings,

Inc.

*

586

32

Penn

Entertainment,

Inc.

*

786

4

Penske

Automotive

Group,

Inc.

597

16

Petco

Health

&

Wellness

Co.,

Inc.

*

48

8

Phinia,

Inc.

204

8

Planet

Fitness,

Inc.,

Class

A

*

544

12

Polaris,

Inc.

990

44

PulteGroup,

Inc.

3,890

12

PVH

Corp.

1,173

60

QuantumScape

Corp.

*

380

GOLDMAN

SACHS

MARKETBETA

®

 RUSSELL

1000

VALUE

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Consumer

Discretionary

–

(continued)

8

Ralph

Lauren

Corp.

$

1,035

4

RH

*

1,080

140

Rivian

Automotive,

Inc.,

Class

A

*

2,346

4

Ross

Stores,

Inc.

522

36

Royal

Caribbean

Cruises

Ltd.

*

3,869

20

Service

Corp.

International

1,225

24

Skechers

USA,

Inc.,

Class

A

*

1,414

48

Tapestry,

Inc.

1,520

28

Tempur

Sealy

International,

Inc.

1,129

12

Thor

Industries,

Inc.

1,189

24

Toll

Brothers,

Inc.

2,061

8

TopBuild

Corp.

*

2,366

8

Travel

+

Leisure

Co.

285

40

Under

Armour,

Inc.,

Class

A

*

326

44

Under

Armour,

Inc.,

Class

C

*

337

8

Vail

Resorts,

Inc.

1,739

24

Valvoline,

Inc.

822

72

VF

Corp.

1,205

8

Victoria's

Secret

&

Co.

*

216

12

Wayfair,

Inc.,

Class

A

*

670

12

Whirlpool

Corp.

1,307

12

Williams-Sonoma,

Inc.

2,250

16

Wyndham

Hotels

&

Resorts,

Inc.

1,237

20

Wynn

Resorts

Ltd.

1,688

8

Yum!

Brands,

Inc.

1,004

190,026

Consumer

Staples

–

8.2%

80

Albertsons

Cos.,

Inc.,

Class

A

1,742

376

Altria

Group,

Inc.

15,807

112

Archer-Daniels-Midland

Co.

8,258

20

BJ's

Wholesale

Club

Holdings,

Inc.

*

1,292

4

Brown-Forman

Corp.,

Class

A

241

8

Brown-Forman

Corp.,

Class

B

470

32

Bunge

Global

SA

3,516

40

Campbell

Soup

Co.

1,607

8

Casey's

General

Stores,

Inc.

2,203

4

Church

&

Dwight

Co.,

Inc.

387

412

Coca-Cola

Co.

(The)

24,077

172

Colgate-Palmolive

Co.

13,548

100

Conagra

Brands,

Inc.

2,829

32

Constellation

Brands,

Inc.,

Class

A

7,696

76

Coty,

Inc.,

Class

A

*

866

32

Darling

Ingredients,

Inc.

*

1,404

44

Dollar

Tree,

Inc.

*

5,438

32

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

4,086

40

Flowers

Foods,

Inc.

832

8

Freshpet,

Inc.

*

568

124

General

Mills,

Inc.

7,894

20

Grocery

Outlet

Holding

Corp.

*

564

8

Hershey

Co.

(The)

1,503

60

Hormel

Foods

Corp.

1,835

12

Ingredion,

Inc.

1,230

20

J

M

Smucker

Co.

(The)

2,195

56

Kellanova

2,942

240

Kenvue,

Inc.

4,906

200

Keurig

Dr

Pepper,

Inc.

6,314

4

Kimberly-Clark

Corp.

495

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Consumer

Staples

–

(continued)

168

Kraft

Heinz

Co.

(The)

$

5,898

136

Kroger

Co.

(The)

6,021

52

McCormick

&

Co.,

Inc.

3,371

36

Molson

Coors

Beverage

Co.,

Class

B

2,215

284

Mondelez

International,

Inc.,

Class

A

20,181

28

Olaplex

Holdings,

Inc.

*

61

88

PepsiCo,

Inc.

14,810

16

Performance

Food

Group

Co.

*

1,041

328

Philip

Morris

International,

Inc.

30,622

8

Pilgrim's

Pride

Corp.

*

204

12

Post

Holdings,

Inc.

*

1,025

400

Procter &

Gamble

Co.

(The)

61,408

12

Reynolds

Consumer

Products,

Inc.

315

8

Spectrum

Brands

Holdings,

Inc.

555

60

Tyson

Foods,

Inc.,

Class

A

2,810

48

US

Foods

Holding

Corp.

*

2,104

152

Walgreens

Boots

Alliance,

Inc.

3,031

300

Walmart,

Inc.

46,707

12

WK

Kellogg

Co.

134

329,258

Energy

–

8.3%

48

Antero

Midstream

Corp.

639

60

Antero

Resources

Corp.

*

1,418

8

APA

Corp.

288

212

Baker

Hughes

Co.

7,155

28

Chesapeake

Energy

Corp.

2,249

372

Chevron

Corp.

53,419

256

ConocoPhillips

29,586

156

Coterra

Energy,

Inc.

4,095

136

Devon

Energy

Corp.

6,116

40

Diamondback

Energy,

Inc.

6,176

20

DT

Midstream,

Inc.

1,146

124

EOG

Resources,

Inc.

15,261

76

EQT

Corp.

3,037

852

Exxon

Mobil

Corp.

87,534

152

Halliburton

Co.

5,629

24

Hess

Corp.

3,373

28

HF

Sinclair

Corp.

1,469

412

Kinder

Morgan,

Inc.

7,239

132

Marathon

Oil

Corp.

3,357

88

Marathon

Petroleum

Corp.

13,129

84

NOV,

Inc.

1,581

148

Occidental

Petroleum

Corp.

8,754

88

ONEOK,

Inc.

6,059

32

Ovintiv,

Inc.

1,419

96

Phillips

66

12,373

48

Pioneer

Natural

Resources

Co.

11,119

48

Range

Resources

Corp.

1,560

300

Schlumberger

NV

15,612

232

Southwestern

Energy

Co.

*

1,529

92

TechnipFMC

PLC

(United

Kingdom)

1,906

72

Valero

Energy

Corp.

9,026

256

Williams

Cos.,

Inc.

(The)

9,418

332,671

GOLDMAN

SACHS

MARKETBETA

®

 RUSSELL

1000

VALUE

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Financials

–

21.8%

8

Affiliated

Managers

Group,

Inc.

$

1,084

44

Affirm

Holdings,

Inc.

*

1,514

128

Aflac,

Inc.

10,587

124

AGNC

Investment

Corp.

REIT

1,094

56

Allstate

Corp.

(The)

7,721

56

Ally

Financial,

Inc.

1,636

84

American

Express

Co.

14,345

16

American

Financial

Group,

Inc.

1,830

152

American

International

Group,

Inc.

10,003

104

Annaly

Capital

Management,

Inc.

REIT

1,879

44

Aon

PLC,

Class

A

14,454

64

Arch

Capital

Group

Ltd.

*

5,356

40

Arthur

J

Gallagher

&

Co.

9,960

12

Assurant,

Inc.

2,016

12

Assured

Guaranty

Ltd.

815

16

Axis

Capital

Holdings

Ltd.

901

1,464

Bank

of

America

Corp.

44,637

164

Bank

of

New

York

Mellon

Corp.

(The)

7,924

24

Bank

OZK

1,005

384

Berkshire

Hathaway,

Inc.,

Class

B

*

138,240

32

BlackRock,

Inc.

24,039

72

Block,

Inc.

*

4,567

80

Blue

Owl

Capital,

Inc.

1,078

4

BOK

Financial

Corp.

287

12

Brighthouse

Financial,

Inc.

*

624

32

Brown

&

Brown,

Inc.

2,392

80

Capital

One

Financial

Corp.

8,933

44

Carlyle

Group,

Inc.

(The)

1,508

24

Cboe

Global

Markets,

Inc.

4,373

312

Charles

Schwab

Corp.

(The)

19,132

88

Chubb

Ltd.

20,190

32

Cincinnati

Financial

Corp.

3,289

408

Citigroup,

Inc.

18,809

100

Citizens

Financial

Group,

Inc.

2,727

76

CME

Group,

Inc.

16,595

4

CNA

Financial

Corp.

169

36

Coinbase

Global,

Inc.,

Class

A

*

4,490

44

Columbia

Banking

System,

Inc.

987

28

Comerica,

Inc.

1,266

24

Commerce

Bancshares,

Inc.

1,214

40

Corebridge

Financial,

Inc.

841

12

Cullen/Frost

Bankers,

Inc.

1,179

52

Discover

Financial

Services

4,836

28

East

West

Bancorp,

Inc.

1,762

4

Euronet

Worldwide,

Inc.

*

349

8

Evercore,

Inc.,

Class

A

1,180

8

Everest

Group

Ltd.

3,284

56

Fidelity

National

Financial,

Inc.

2,511

124

Fidelity

National

Information

Services,

Inc.

7,271

144

Fifth

Third

Bancorp

4,169

20

First

American

Financial

Corp.

1,192

4

First

Citizens

BancShares,

Inc.,

Class

A

5,872

28

First

Hawaiian,

Inc.

550

116

First

Horizon

Corp.

1,484

92

Fiserv,

Inc.

*

12,016

76

FNB

Corp.

911

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Financials

–

(continued)

60

Franklin

Resources,

Inc.

$

1,488

56

Global

Payments,

Inc.

6,521

20

Globe

Life,

Inc.

2,463

68

Goldman

Sachs

Group,

Inc.

(The)

23,225

8

Hanover

Insurance

Group,

Inc.

(The)

994

64

Hartford

Financial

Services

Group,

Inc.

(The)

5,002

8

Houlihan

Lokey,

Inc.

862

304

Huntington

Bancshares,

Inc.

3,423

20

Interactive

Brokers

Group,

Inc.,

Class

A

1,557

120

Intercontinental

Exchange,

Inc.

13,661

76

Invesco

Ltd.

1,085

12

Jack

Henry

&

Associates,

Inc.

1,904

28

Janus

Henderson

Group

PLC

733

40

Jefferies

Financial

Group,

Inc.

1,418

608

JPMorgan

Chase &

Co.

94,897

12

Kemper

Corp.

531

196

KeyCorp

2,428

104

KKR

&

Co.,

Inc.

7,887

24

Lazard

Ltd.,

Class

A

720

32

Lincoln

National

Corp.

761

40

Loews

Corp.

2,812

36

M&T

Bank

Corp.

4,614

4

Markel

Group,

Inc.

*

5,756

20

Marsh

&

McLennan

Cos.,

Inc.

3,988

136

MetLife,

Inc.

8,654

60

MGIC

Investment

Corp.

1,055

4

Moody's

Corp.

1,460

252

Morgan

Stanley

19,994

8

MSCI,

Inc.

4,167

72

Nasdaq,

Inc.

4,021

12

NCR

Atleos

Corp.

*

267

148

New

York

Community

Bancorp,

Inc.

1,393

44

Northern

Trust

Corp.

3,487

152

NU

Holdings

Ltd.,

Class

A

(Brazil)

*

1,237

56

Old

Republic

International

Corp.

1,641

24

OneMain

Holdings,

Inc.

1,015

24

PayPal

Holdings,

Inc.

*

1,383

16

Pinnacle

Financial

Partners,

Inc.

1,161

84

PNC

Financial

Services

Group,

Inc.

(The)

11,253

16

Popular,

Inc.

(Puerto

Rico)

1,181

4

Primerica,

Inc.

838

52

Principal

Financial

Group,

Inc.

3,839

32

Progressive

Corp.

(The)

5,249

20

Prosperity

Bancshares,

Inc.

1,206

76

Prudential

Financial,

Inc.

7,431

40

Raymond

James

Financial,

Inc.

4,206

196

Regions

Financial

Corp.

3,269

12

Reinsurance

Group

of

America,

Inc.

1,957

8

RenaissanceRe

Holdings

Ltd.

(Bermuda)

1,715

100

Rithm

Capital

Corp.

REIT

1,038

8

RLI

Corp.

1,085

140

Robinhood

Markets,

Inc.,

Class

A

*

1,232

16

Rocket

Cos.,

Inc.,

Class

A

*

149

60

S&P

Global,

Inc.

24,950

20

SEI

Investments

Co.

1,173

GOLDMAN

SACHS

MARKETBETA

®

 RUSSELL

1000

VALUE

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Financials

–

(continued)

28

SLM

Corp.

$

421

192

SoFi

Technologies,

Inc.

*

1,400

60

Starwood

Property

Trust,

Inc.

REIT

1,192

68

State

Street

Corp.

4,952

20

Stifel

Financial

Corp.

1,220

88

Synchrony

Financial

2,848

32

Synovus

Financial

Corp.

985

48

T.

Rowe

Price

Group,

Inc.

4,806

12

TFS

Financial

Corp.

159

8

TPG,

Inc.

280

16

Tradeweb

Markets,

Inc.,

Class

A

1,550

48

Travelers

Cos.,

Inc.

(The)

8,670

280

Truist

Financial

Corp.

8,999

40

Unum

Group

1,720

320

US

Bancorp

12,198

12

UWM

Holdings

Corp.

65

20

Virtu

Financial,

Inc.,

Class

A

360

20

Voya

Financial,

Inc.

1,430

44

W

R

Berkley

Corp.

3,192

36

Webster

Financial

Corp.

1,615

772

Wells

Fargo &

Co.

34,424

24

Western

Alliance

Bancorp

1,229

68

Western

Union

Co.

(The)

791

4

WEX,

Inc.

*

706

20

Willis

Towers

Watson

PLC

4,926

12

Wintrust

Financial

Corp.

1,028

64

XP,

Inc.,

Class

A

(Brazil)

1,491

32

Zions

Bancorp

NA

1,140

878,310

Health

Care

–

14.8%

340

Abbott

Laboratories

35,459

20

Acadia

Healthcare

Co.,

Inc.

*

1,460

12

Agilent

Technologies,

Inc.

1,534

8

agilon

health,

Inc.

*

85

4

Alnylam

Pharmaceuticals,

Inc.

*

673

8

Amedisys,

Inc.

*

749

36

Amgen,

Inc.

9,707

140

Avantor,

Inc.

*

2,965

12

Azenta,

Inc.

*

676

108

Baxter

International,

Inc.

3,897

60

Becton

Dickinson

&

Co.

14,171

32

Biogen,

Inc.

*

7,491

36

BioMarin

Pharmaceutical,

Inc.

*

3,279

4

Bio-Rad

Laboratories,

Inc.,

Class

A

*

1,220

300

Boston

Scientific

Corp.

*

16,767

440

Bristol-Myers

Squibb

Co.

21,727

28

Cardinal

Health,

Inc.

2,998

36

Catalent,

Inc.

*

1,399

112

Centene

Corp.

*

8,252

16

Certara,

Inc.

*

231

12

Charles

River

Laboratories

International,

Inc.

*

2,365

56

Cigna

Group

(The)

14,721

12

Cooper

Cos.,

Inc.

(The)

4,043

268

CVS

Health

Corp.

18,211

140

Danaher

Corp.

31,263

44

DENTSPLY

SIRONA,

Inc.

1,397

16

Doximity,

Inc.,

Class

A

*

372

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Health

Care

–

(continued)

104

Elanco

Animal

Health,

Inc.

*

$

1,225

44

Elevance

Health,

Inc.

21,098

20

Encompass

Health

Corp.

1,303

12

Enovis

Corp.

*

593

36

Envista

Holdings

Corp.

*

817

24

Exact

Sciences

Corp.

*

1,536

16

Exelixis,

Inc.

*

349

20

Fortrea

Holdings,

Inc.

*

589

76

GE

HealthCare

Technologies,

Inc.

5,203

264

Gilead

Sciences,

Inc.

20,222

16

Globus

Medical,

Inc.,

Class

A

*

719

36

HCA

Healthcare,

Inc.

9,017

28

Henry

Schein,

Inc.

*

1,868

52

Hologic,

Inc.

*

3,708

16

Humana,

Inc.

7,758

16

ICON

PLC

*

4,271

4

ICU

Medical,

Inc.

*

351

24

Illumina,

Inc.

*

2,447

12

Incyte

Corp.

*

652

16

Integra

LifeSciences

Holdings

Corp.

*

627

4

Ionis

Pharmaceuticals,

Inc.

*

198

4

IQVIA

Holdings,

Inc.

*

856

8

Jazz

Pharmaceuticals

PLC

*

946

508

Johnson &

Johnson

78,567

20

Laboratory

Corp.

of

America

Holdings

4,338

8

Maravai

LifeSciences

Holdings,

Inc.,

Class

A

*

41

16

McKesson

Corp.

7,529

280

Medtronic

PLC

22,196

436

Merck &

Co.,

Inc.

44,681

8

Mirati

Therapeutics,

Inc.

*

454

68

Moderna,

Inc.

*

5,284

4

Molina

Healthcare,

Inc.

*

1,462

52

Organon

&

Co.

589

28

Perrigo

Co.

PLC

853

1,188

Pfizer,

Inc.

36,198

24

Premier,

Inc.,

Class

A

494

48

QIAGEN

NV

*

1,976

24

Quest

Diagnostics,

Inc.

3,293

12

QuidelOrtho

Corp.

*

825

32

R1

RCM,

Inc.

*

339

20

Regeneron

Pharmaceuticals,

Inc.

*

16,476

8

Repligen

Corp.

*

1,258

28

Revvity,

Inc.

2,489

4

Roivant

Sciences

Ltd.

*

38

76

Royalty

Pharma

PLC,

Class

A

2,057

8

Sotera

Health

Co.

*

109

20

STERIS

PLC

4,019

56

Stryker

Corp.

16,594

12

Tandem

Diabetes

Care,

Inc.

*

243

36

Teladoc

Health,

Inc.

*

653

8

Teleflex,

Inc.

1,805

20

Tenet

Healthcare

Corp.

*

1,380

32

Thermo

Fisher

Scientific,

Inc.

15,864

8

United

Therapeutics

Corp.

*

1,920

32

UnitedHealth

Group,

Inc.

17,695

12

Universal

Health

Services,

Inc.,

Class

B

1,650

GOLDMAN

SACHS

MARKETBETA

®

 RUSSELL

1000

VALUE

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Health

Care

–

(continued)

4

Vertex

Pharmaceuticals,

Inc.

*

$

1,419

252

Viatris,

Inc.

2,313

44

Zimmer

Biomet

Holdings,

Inc.

5,118

595,684

Industrials

–

13.7%

116

3M

Co.

11,492

24

A

O

Smith

Corp.

1,809

8

Acuity

Brands,

Inc.

1,434

28

AECOM

2,488

12

AGCO

Corp.

1,362

20

Air

Lease

Corp.

776

28

Alaska

Air

Group,

Inc.

*

1,059

16

Allison

Transmission

Holdings,

Inc.

856

84

American

Airlines

Group,

Inc.

*

1,044

48

AMETEK,

Inc.

7,451

8

Armstrong

World

Industries,

Inc.

678

12

Automatic

Data

Processing,

Inc.

2,759

4

Avis

Budget

Group,

Inc.

*

731

28

AZEK

Co.,

Inc.

(The)

*

966

100

Boeing

Co.

(The)

*

23,163

4

Broadridge

Financial

Solutions,

Inc.

775

28

Builders

FirstSource,

Inc.

*

3,755

16

BWX

Technologies,

Inc.

1,249

4

C.H.

Robinson

Worldwide,

Inc.

328

4

CACI

International,

Inc.,

Class

A

*

1,284

12

Carlisle

Cos.,

Inc.

3,365

176

Carrier

Global

Corp.

9,145

28

Caterpillar,

Inc.

7,020

28

Ceridian

HCM

Holding,

Inc.

*

1,929

4

Cintas

Corp.

2,213

100

Clarivate

PLC

*

776

12

Clean

Harbors,

Inc.

*

1,940

204

CNH

Industrial

NV

(United

Kingdom)

2,191

8

Concentrix

Corp.

752

28

Core

&

Main,

Inc.,

Class

A

*

981

12

Crane

Co.

1,268

376

CSX

Corp.

12,145

28

Cummins,

Inc.

6,276

8

Curtiss-Wright

Corp.

1,711

4

Deere

&

Co.

1,458

128

Delta

Air

Lines,

Inc.

4,727

16

Donaldson

Co.,

Inc.

973

28

Dover

Corp.

3,952

12

Driven

Brands

Holdings,

Inc.

*

158

56

Dun

&

Bradstreet

Holdings,

Inc.

593

84

Eaton

Corp.

PLC

19,126

8

EMCOR

Group,

Inc.

1,700

120

Emerson

Electric

Co.

10,668

8

Equifax,

Inc.

1,742

12

Esab

Corp.

926

28

Expeditors

International

of

Washington,

Inc.

3,370

32

Fastenal

Co.

1,919

48

FedEx

Corp.

12,424

40

Ferguson

PLC

6,854

28

Flowserve

Corp.

1,071

76

Fortive

Corp.

5,242

28

Fortune

Brands

Innovations,

Inc.

1,916

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Industrials

–

(continued)

4

FTI

Consulting,

Inc.

*

$

882

24

Gates

Industrial

Corp.

PLC

*

294

12

Generac

Holdings,

Inc.

*

1,405

52

General

Dynamics

Corp.

12,842

228

General

Electric

Co.

27,770

28

Genpact

Ltd.

951

20

Graco,

Inc.

1,616

24

GXO

Logistics,

Inc.

*

1,350

28

Hayward

Holdings,

Inc.

*

330

28

Hertz

Global

Holdings,

Inc.

*

234

16

Hexcel

Corp.

1,109

120

Honeywell

International,

Inc.

23,510

80

Howmet

Aerospace,

Inc.

4,208

8

Hubbell,

Inc.

2,400

8

Huntington

Ingalls

Industries,

Inc.

1,896

16

IDEX

Corp.

3,227

12

Illinois

Tool

Works,

Inc.

2,907

84

Ingersoll

Rand,

Inc.

6,000

16

ITT,

Inc.

1,732

12

J.B.

Hunt

Transport

Services,

Inc.

2,223

28

Jacobs

Solutions,

Inc.

3,561

144

Johnson

Controls

International

PLC

7,603

20

KBR,

Inc.

1,033

12

Kirby

Corp.

*

921

32

Knight-Swift

Transportation

Holdings,

Inc.

1,721

40

L3Harris

Technologies,

Inc.

7,632

28

Leidos

Holdings,

Inc.

3,005

8

Lennox

International,

Inc.

3,253

12

ManpowerGroup,

Inc.

891

48

Masco

Corp.

2,906

12

MasTec,

Inc.

*

728

44

MDU

Resources

Group,

Inc.

842

12

Mercury

Systems,

Inc.

*

412

12

Middleby

Corp.

(The)

*

1,515

8

MSA

Safety,

Inc.

1,393

8

MSC

Industrial

Direct

Co.,

Inc.,

Class

A

779

12

Nordson

Corp.

2,824

48

Norfolk

Southern

Corp.

10,472

28

Northrop

Grumman

Corp.

13,305

36

nVent

Electric

PLC

1,917

12

Oshkosh

Corp.

1,168

80

Otis

Worldwide

Corp.

6,863

20

Owens

Corning

2,712

108

PACCAR,

Inc.

9,917

28

Parker-Hannifin

Corp.

12,129

8

Paycor

HCM,

Inc.

*

170

36

Pentair

PLC

2,323

112

Plug

Power,

Inc.

*

453

24

Quanta

Services,

Inc.

4,519

8

RB

Global,

Inc.

(Canada)

509

4

RBC

Bearings,

Inc.

*

1,031

12

Regal

Rexnord

Corp.

1,438

44

Republic

Services,

Inc.

7,121

24

Robert

Half,

Inc.

1,968

308

RTX

Corp.

25,096

8

Ryder

System,

Inc.

857

4

Saia,

Inc.

*

1,562

12

Schneider

National,

Inc.,

Class

B

276

GOLDMAN

SACHS

MARKETBETA

®

 RUSSELL

1000

VALUE

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Industrials

–

(continued)

12

Science

Applications

International

Corp.

$

1,409

32

Sensata

Technologies

Holding

PLC

1,040

8

SiteOne

Landscape

Supply,

Inc.

*

1,127

12

Snap-on,

Inc.

3,296

124

Southwest

Airlines

Co.

3,171

20

Spirit

AeroSystems

Holdings,

Inc.,

Class

A

*

550

44

SS&C

Technologies

Holdings,

Inc.

2,475

32

Stanley

Black

&

Decker,

Inc.

2,909

20

Stericycle,

Inc.

*

939

44

Sunrun,

Inc.

*

568

8

Tetra

Tech,

Inc.

1,265

40

Textron,

Inc.

3,066

12

Timken

Co.

(The)

869

32

Trane

Technologies

PLC

7,213

8

TransDigm

Group,

Inc.

7,703

40

TransUnion

2,349

12

U-Haul

Holding

Co.

650

72

Union

Pacific

Corp.

16,219

68

United

Airlines

Holdings,

Inc.

*

2,679

112

United

Parcel

Service,

Inc.,

Class

B

16,980

12

United

Rentals,

Inc.

5,712

4

Valmont

Industries,

Inc.

878

48

Veralto

Corp.

*

3,708

68

Vertiv

Holdings

Co.,

Class

A

*

2,969

24

Vestis

Corp.

*

439

8

Waste

Management,

Inc.

1,368

4

Watsco,

Inc.

1,529

8

WESCO

International,

Inc.

1,247

36

Westinghouse

Air

Brake

Technologies

Corp.

4,196

32

WillScot

Mobile

Mini

Holdings

Corp.

*

1,335

12

Woodward,

Inc.

1,622

24

XPO,

Inc.

*

2,071

44

Xylem,

Inc.

4,626

547,878

Information

Technology

–

9.2%

144

Advanced

Micro

Devices,

Inc.

*

17,447

32

Akamai

Technologies,

Inc.

*

3,697

24

Amdocs

Ltd.

2,010

60

Amphenol

Corp.,

Class

A

5,459

108

Analog

Devices,

Inc.

19,805

4

ANSYS,

Inc.

*

1,173

28

Applied

Materials,

Inc.

4,194

32

AppLovin

Corp.,

Class

A

*

1,199

12

Arrow

Electronics,

Inc.

*

1,423

4

Aspen

Technology,

Inc.

*

753

20

Avnet,

Inc.

935

4

Bentley

Systems,

Inc.,

Class

B

208

20

BILL

Holdings,

Inc.

*

1,309

44

CCC

Intelligent

Solutions

Holdings,

Inc.

*

514

32

Ciena

Corp.

*

1,467

12

Cirrus

Logic,

Inc.

*

911

860

Cisco

Systems,

Inc.

41,607

36

Cognex

Corp.

1,357

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Information

Technology

–

(continued)

108

Cognizant

Technology

Solutions

Corp.,

Class

A

$

7,601

24

Coherent

Corp.

*

883

160

Corning,

Inc.

4,558

12

Crane

NXT

Co.

618

12

Dolby

Laboratories,

Inc.,

Class

A

1,034

8

Dropbox,

Inc.,

Class

A

*

225

44

DXC

Technology

Co.

*

1,018

28

Entegris,

Inc.

2,923

12

F5,

Inc.

*

2,054

24

First

Solar,

Inc.

*

3,787

100

Gen

Digital,

Inc.

2,208

16

GLOBALFOUNDRIES,

Inc.

*

859

12

GoDaddy,

Inc.,

Class

A

*

1,201

16

Guidewire

Software,

Inc.

*

1,599

8

HashiCorp,

Inc.,

Class

A

*

171

272

Hewlett

Packard

Enterprise

Co.

4,600

144

HP,

Inc.

4,225

8

Informatica,

Inc.,

Class

A

*

201

876

Intel

Corp.

39,157

192

International

Business

Machines

Corp.

30,444

8

IPG

Photonics

Corp.

*

766

8

Jabil,

Inc.

923

68

Juniper

Networks,

Inc.

1,935

28

Keysight

Technologies,

Inc.

*

3,805

48

Kyndryl

Holdings,

Inc.

*

865

4

Littelfuse,

Inc.

931

16

Lumentum

Holdings,

Inc.

*

685

180

Marvell

Technology,

Inc.

10,031

32

Microchip

Technology,

Inc.

2,670

228

Micron

Technology,

Inc.

17,355

12

MKS

Instruments,

Inc.

991

4

Motorola

Solutions,

Inc.

1,292

12

nCino,

Inc.

*

332

28

NCR

Voyix

Corp.

*

439

28

NetApp,

Inc.

2,559

36

Nutanix,

Inc.,

Class

A

*

1,551

28

Okta,

Inc.

*

1,877

92

ON

Semiconductor

Corp.

*

6,562

188

Oracle

Corp.

21,848

12

PTC,

Inc.

*

1,888

12

Pure

Storage,

Inc.,

Class

A

*

400

20

Qorvo,

Inc.

*

1,930

32

QUALCOMM,

Inc.

4,130

24

Roper

Technologies,

Inc.

12,918

48

Salesforce,

Inc.

*

12,091

40

SentinelOne,

Inc.,

Class

A

*

764

32

Skyworks

Solutions,

Inc.

3,102

8

TD

SYNNEX

Corp.

789

8

Teledyne

Technologies,

Inc.

*

3,224

4

Teradyne,

Inc.

369

112

Texas

Instruments,

Inc.

17,104

52

Trimble,

Inc.

*

2,413

28

Twilio,

Inc.,

Class

A

*

1,811

4

Tyler

Technologies,

Inc.

*

1,635

20

UiPath,

Inc.,

Class

A

*

395

36

Unity

Software,

Inc.

*

1,062

4

Universal

Display

Corp.

677

16

VeriSign,

Inc.

*

3,395

GOLDMAN

SACHS

MARKETBETA

®

 RUSSELL

1000

VALUE

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Information

Technology

–

(continued)

24

Viasat,

Inc.

*

$

491

20

Vontier

Corp.

675

68

Western

Digital

Corp.

*

3,285

28

Wolfspeed,

Inc.

*

1,032

8

Zebra

Technologies

Corp.,

Class

A

*

1,896

52

Zoom

Video

Communications,

Inc.,

Class

A

*

3,527

373,254

Materials

–

4.8%

48

Air

Products

and

Chemicals,

Inc.

12,986

24

Albemarle

Corp.

2,910

36

Alcoa

Corp.

967

312

Amcor

PLC

2,958

12

AptarGroup,

Inc.

1,523

4

Ardagh

Metal

Packaging

SA

16

8

Ashland,

Inc.

639

12

Avery

Dennison

Corp.

2,334

40

Axalta

Coating

Systems

Ltd.

*

1,259

64

Ball

Corp.

3,539

24

Berry

Global

Group,

Inc.

1,587

20

Celanese

Corp.

2,773

40

CF

Industries

Holdings,

Inc.

3,006

32

Chemours

Co.

(The)

878

108

Cleveland-Cliffs,

Inc.

*

1,853

148

Corteva,

Inc.

6,690

24

Crown

Holdings,

Inc.

2,064

148

Dow,

Inc.

7,659

96

DuPont

de

Nemours,

Inc.

6,868

4

Eagle

Materials,

Inc.

724

24

Eastman

Chemical

Co.

2,012

12

Ecolab,

Inc.

2,301

48

Element

Solutions,

Inc.

1,006

24

FMC

Corp.

1,288

300

Freeport-McMoRan,

Inc.

11,196

292

Ginkgo

Bioworks

Holdings,

Inc.

*

377

28

Graphic

Packaging

Holding

Co.

635

36

Huntsman

Corp.

886

52

International

Flavors

&

Fragrances,

Inc.

3,920

72

International

Paper

Co.

2,660

92

Linde

PLC

38,067

12

Louisiana-Pacific

Corp.

732

56

LyondellBasell

Industries

NV,

Class

A

5,326

12

Martin

Marietta

Materials,

Inc.

5,575

68

Mosaic

Co.

(The)

2,440

20

MP

Materials

Corp.

*

317

244

Newmont

Corp.

9,806

52

Nucor

Corp.

8,838

28

Olin

Corp.

1,320

20

Packaging

Corp.

of

America

3,360

36

PPG

Industries,

Inc.

5,112

12

Reliance

Steel

&

Aluminum

Co.

3,303

12

Royal

Gold,

Inc.

1,462

20

RPM

International,

Inc.

2,059

12

Sealed

Air

Corp.

401

8

Sherwin-Williams

Co.

(The)

2,230

16

Silgan

Holdings,

Inc.

667

20

Sonoco

Products

Co.

1,103

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Materials

–

(continued)

44

SSR

Mining,

Inc.

(Canada)

$

519

32

Steel

Dynamics,

Inc.

3,812

48

United

States

Steel

Corp.

1,723

20

Vulcan

Materials

Co.

4,271

8

Westlake

Corp.

1,027

52

Westrock

Co.

2,141

195,125

Real

Estate

–

4.7%

20

Agree

Realty

Corp.

REIT

1,184

36

Alexandria

Real

Estate

Equities,

Inc.

REIT

3,938

68

American

Homes

4

Rent,

Class

A

REIT

2,466

56

Americold

Realty

Trust,

Inc.

REIT

1,581

32

Apartment

Income

REIT

Corp.

REIT

996

28

AvalonBay

Communities,

Inc.

REIT

4,842

32

Boston

Properties,

Inc.

REIT

1,822

64

Brixmor

Property

Group,

Inc.

REIT

1,377

20

Camden

Property

Trust

REIT

1,805

64

CBRE

Group,

Inc.,

Class

A

*

5,053

48

CoStar

Group,

Inc.

*

3,986

32

Cousins

Properties,

Inc.

REIT

657

80

Crown

Castle,

Inc.

REIT

9,382

48

CubeSmart

REIT

1,908

64

Digital

Realty

Trust,

Inc.

REIT

8,882

8

EastGroup

Properties,

Inc.

REIT

1,390

16

EPR

Properties

REIT

714

8

Equinix,

Inc.

REIT

6,520

24

Equity

LifeStyle

Properties,

Inc.

REIT

1,706

80

Equity

Residential

REIT

4,547

12

Essex

Property

Trust,

Inc.

REIT

2,562

44

Extra

Space

Storage,

Inc.

REIT

5,728

16

Federal

Realty

Investment

Trust

REIT

1,529

28

First

Industrial

Realty

Trust,

Inc.

REIT

1,317

52

Gaming

and

Leisure

Properties,

Inc.

REIT

2,430

80

Healthcare

Realty

Trust,

Inc.

REIT

1,222

116

Healthpeak

Properties,

Inc.

REIT

2,009

20

Highwoods

Properties,

Inc.

REIT

379

148

Host

Hotels

&

Resorts,

Inc.

REIT

2,586

8

Howard

Hughes

Holdings,

Inc.

*

588

128

Invitation

Homes,

Inc.

REIT

4,270

32

Iron

Mountain,

Inc.

REIT

2,053

8

Jones

Lang

LaSalle,

Inc.

*

1,244

24

Kilroy

Realty

Corp.

REIT

792

128

Kimco

Realty

Corp.

REIT

2,473

4

Lamar

Advertising

Co.,

Class

A

REIT

405

124

Medical

Properties

Trust,

Inc.

REIT

601

24

Mid-America

Apartment

Communities,

Inc.

REIT

2,988

16

National

Storage

Affiliates

Trust

REIT

531

4

NET

Lease

Office

Properties

REIT

*

65

GOLDMAN

SACHS

MARKETBETA

®

 RUSSELL

1000

VALUE

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

**End

swaps

header**

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Real

Estate

–

(continued)

40

NNN

REIT,

Inc.

REIT

$

1,625

48

Omega

Healthcare

Investors,

Inc.

REIT

1,524

44

Park

Hotels

&

Resorts,

Inc.

REIT

653

192

Prologis,

Inc.

REIT

22,067

12

Public

Storage

REIT

3,105

32

Rayonier,

Inc.

REIT

982

140

Realty

Income

Corp.

REIT

7,554

36

Regency

Centers

Corp.

REIT

2,260

44

Rexford

Industrial

Realty,

Inc.

REIT

2,166

20

SBA

Communications

Corp.

REIT

4,939

52

Simon

Property

Group,

Inc.

REIT

6,494

28

Spirit

Realty

Capital,

Inc.

REIT

1,156

36

STAG

Industrial,

Inc.

REIT

1,291

20

Sun

Communities,

Inc.

REIT

2,587

64

UDR,

Inc.

REIT

2,138

84

Ventas,

Inc.

REIT

3,851

212

VICI

Properties,

Inc.

REIT

6,337

36

Vornado

Realty

Trust

REIT

847

44

W.P.

Carey,

Inc.

REIT

2,739

108

Welltower,

Inc.

REIT

9,623

152

Weyerhaeuser

Co.

REIT

4,765

12

Zillow

Group,

Inc.,

Class

A

*

473

32

Zillow

Group,

Inc.,

Class

C

*

1,310

191,014

Utilities

–

5.0%

56

AES

Corp.

(The)

964

52

Alliant

Energy

Corp.

2,630

56

Ameren

Corp.

4,345

108

American

Electric

Power

Co.,

Inc.

8,591

40

American

Water

Works

Co.,

Inc.

5,274

32

Atmos

Energy

Corp.

3,642

16

Avangrid,

Inc.

494

28

Brookfield

Renewable

Corp.,

Class

A

743

132

CenterPoint

Energy,

Inc.

3,732

8

Clearway

Energy,

Inc.,

Class

A

189

16

Clearway

Energy,

Inc.,

Class

C

400

60

CMS

Energy

Corp.

3,406

72

Consolidated

Edison,

Inc.

6,488

68

Constellation

Energy

Corp.

8,231

176

Dominion

Energy,

Inc.

7,980

44

DTE

Energy

Co.

4,581

160

Duke

Energy

Corp.

14,765

80

Edison

International

5,359

44

Entergy

Corp.

4,462

52

Essential

Utilities,

Inc.

1,852

48

Evergy,

Inc.

2,450

72

Eversource

Energy

4,277

208

Exelon

Corp.

8,010

116

FirstEnergy

Corp.

4,285

24

Hawaiian

Electric

Industries,

Inc.

292

12

IDACORP,

Inc.

1,158

20

National

Fuel

Gas

Co.

1,016

424

NextEra

Energy,

Inc.

24,808

88

NiSource,

Inc.

2,256

48

NRG

Energy,

Inc.

2,296

40

OGE

Energy

Corp.

1,402

420

PG&E

Corp.

*

7,211

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Utilities

–

(continued)

24

Pinnacle

West

Capital

Corp.

$

1,799

156

PPL

Corp.

4,075

104

Public

Service

Enterprise

Group,

Inc.

6,493

132

Sempra

9,619

228

Southern

Co.

(The)

16,183

44

UGI

Corp.

967

56

Vistra

Corp.

1,983

68

WEC

Energy

Group,

Inc.

5,686

116

Xcel

Energy,

Inc.

7,057

201,451

TOTAL

INVESTMENTS

–

99.9%

(Cost

$3,985,730)

$

4,029,939

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

–

0.1%

2,555

NET

ASSETS

–

100.0%

$

4,032,494

  a

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

MARKETBETA

®

U.S.

EQUITY

ETF

Schedule

of

Investments

November

30,

2023

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

99.6%

Communication

Services

–

8.8%

254,840

Alphabet,

Inc.,

Class

A*

$

33,773,945

221,388

Alphabet,

Inc.,

Class

C*

29,648,281

306,553

AT&T,

Inc.

5,079,583

4,258

Charter

Communications,

Inc.,

Class

A*

1,703,753

174,889

Comcast

Corp.,

Class

A

7,326,100

11,599

Electronic

Arts,

Inc.

1,600,778

10,653

Fox

Corp.,

Class

A

314,689

5,656

Fox

Corp.,

Class

B

156,445

633

Liberty

Broadband

Corp.,

Class

A*

52,501

4,849

Liberty

Broadband

Corp.,

Class

C*

403,049

6,290

Live

Nation

Entertainment,

Inc.*

529,744

11,966

Match

Group,

Inc.*

387,459

94,451

Meta

Platforms,

Inc.,

Class

A*

30,899,645

18,577

Netflix,

Inc.*

8,804,941

8,403

Omnicom

Group,

Inc.

677,534

24,843

Pinterest,

Inc.,

Class

A*

846,401

19,942

ROBLOX

Corp.,

Class

A*

783,920

27,341

Sirius

XM

Holdings,

Inc.

(a)

127,956

43,526

Snap,

Inc.,

Class

A*

601,965

5,773

Spotify

Technology

SA*

1,068,640

7,224

Take-Two

Interactive

Software,

Inc.*

1,142,837

22,203

T-Mobile

US,

Inc.

3,340,441

18,916

Trade

Desk,

Inc.

(The),

Class

A*

1,332,821

180,354

Verizon

Communications,

Inc.

6,912,969

78,389

Walt

Disney

Co.

(The)*

7,265,876

95,117

Warner

Bros

Discovery,

Inc.*

993,973

5,289

Warner

Music

Group

Corp.,

Class

A

175,119

145,951,365

Consumer

Discretionary

–

10.6%

17,955

Airbnb,

Inc.,

Class

A*

2,268,435

386,044

Amazon.com,

Inc.*

56,397,168

12,071

Aptiv

PLC*

999,962

730

AutoZone,

Inc.*

1,905,249

8,352

Best

Buy

Co.,

Inc.

592,491

1,531

Booking

Holdings,

Inc.*

4,785,447

6,772

CarMax,

Inc.*

433,002

42,407

Carnival

Corp.*

638,649

1,153

Chipotle

Mexican

Grill,

Inc.*

2,539,194

46,420

Coupang,

Inc.

(South

Korea)*

709,298

13,141

D.R.

Horton,

Inc.

1,677,711

5,191

Darden

Restaurants,

Inc.

812,236

1,521

Domino's

Pizza,

Inc.

597,586

11,146

DoorDash,

Inc.,

Class

A*

1,047,501

22,900

eBay,

Inc.

939,129

6,131

Expedia

Group,

Inc.*

834,920

168,326

Ford

Motor

Co.

1,727,025

6,438

Garmin

Ltd.

786,981

59,355

General

Motors

Co.

1,875,618

5,846

Genuine

Parts

Co.

776,232

11,124

Hilton

Worldwide

Holdings,

Inc.

1,863,493

43,079

Home

Depot,

Inc.

(The)

13,504,836

13,972

Las

Vegas

Sands

Corp.

644,389

10,563

Lennar

Corp.,

Class

A

1,351,219

466

Lennar

Corp.,

Class

B

53,469

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Consumer

Discretionary

–

(continued)

10,905

LKQ

Corp.

$

485,600

25,115

Lowe’s

Cos.,

Inc.

4,993,615

35,911

Lucid

Group,

Inc.*

(a)

151,544

4,737

Lululemon

Athletica,

Inc.*

2,116,492

11,150

Marriott

International,

Inc.,

Class

A

2,260,105

31,230

McDonald's

Corp.

8,801,863

1,948

MercadoLibre,

Inc.

(Brazil)*

3,156,656

11,935

MGM

Resorts

International

470,716

3,626

Mobileye

Global,

Inc.,

Class

A

(Israel)*

148,847

52,260

NIKE,

Inc.,

Class

B

5,762,710

107

NVR,

Inc.*

658,627

2,588

O'Reilly

Automotive,

Inc.*

2,542,399

9,367

PulteGroup,

Inc.

828,230

28,344

Rivian

Automotive,

Inc.,

Class

A*

475,045

14,276

Ross

Stores,

Inc.

1,861,305

9,428

Royal

Caribbean

Cruises

Ltd.*

1,013,133

48,258

Starbucks

Corp.

4,792,019

117,867

Tesla,

Inc.*

28,297,509

49,126

TJX

Cos.,

Inc.

(The)

4,328,492

4,707

Tractor

Supply

Co.

955,568

2,104

Ulta

Beauty,

Inc.*

896,283

17,308

Yum

China

Holdings,

Inc.

(China)

747,359

11,993

Yum!

Brands,

Inc.

1,505,721

177,011,078

Consumer

Staples

–

6.3%

76,491

Altria

Group,

Inc.

3,215,682

22,908

Archer-Daniels-Midland

Co.

1,689,007

2,098

Brown-Forman

Corp.,

Class

A

126,363

13,084

Brown-Forman

Corp.,

Class

B

768,554

8,282

Campbell

Soup

Co.

332,771

10,450

Church

&

Dwight

Co.,

Inc.

1,009,783

5,253

Clorox

Co.

(The)

753,018

166,868

Coca-Cola

Co.

(The)

9,751,766

35,608

Colgate-Palmolive

Co.

2,804,842

20,341

Conagra

Brands,

Inc.

575,447

6,762

Constellation

Brands,

Inc.,

Class

A

1,626,193

18,966

Costco

Wholesale

Corp.

11,241,907

9,367

Dollar

General

Corp.

1,228,201

8,901

Dollar

Tree,

Inc.*

1,100,075

9,138

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

1,166,831

25,077

General

Mills,

Inc.

1,596,402

6,281

Hershey

Co.

(The)

1,180,325

12,278

Hormel

Foods

Corp.

375,584

4,224

J

M

Smucker

Co.

(The)

463,499

10,962

Kellanova

575,943

74,310

Kenvue,

Inc.

1,518,896

38,708

Keurig

Dr

Pepper,

Inc.

1,222,012

14,390

Kimberly-Clark

Corp.

1,780,475

33,618

Kraft

Heinz

Co.

(The)

1,180,328

30,279

Kroger

Co.

(The)

1,340,451

10,638

McCormick

&

Co.,

Inc.

689,662

7,408

Molson

Coors

Beverage

Co.,

Class

B

455,888

GOLDMAN

SACHS

MARKETBETA

®

U.S.

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Consumer

Staples

–

(continued)

58,284

Mondelez

International,

Inc.,

Class

A

$

4,141,661

21,607

Monster

Beverage

Corp.*

1,191,626

59,030

PepsiCo,

Inc.

9,934,159

66,472

Philip

Morris

International,

Inc.

6,205,826

101,019

Procter &

Gamble

Co.

(The)

15,508,437

21,619

Sysco

Corp.

1,560,243

19,809

Target

Corp.

2,650,642

12,039

Tyson

Foods,

Inc.,

Class

A

563,907

30,442

Walgreens

Boots

Alliance,

Inc.

607,013

60,917

Walmart,

Inc.

9,484,168

101,617,587

Energy

–

4.0%

43,137

Baker

Hughes

Co.

1,455,874

10,348

Cheniere

Energy,

Inc.

1,884,888

74,537

Chevron

Corp.

10,703,513

51,909

ConocoPhillips

5,999,123

31,985

Coterra

Energy,

Inc.

839,606

27,326

Devon

Energy

Corp.

1,228,850

7,311

Diamondback

Energy,

Inc.

1,128,892

25,067

EOG

Resources,

Inc.

3,084,996

173,395

Exxon

Mobil

Corp.

17,814,602

38,442

Halliburton

Co.

1,423,507

11,921

Hess

Corp.

1,675,616

83,818

Kinder

Morgan,

Inc.

1,472,682

17,179

Marathon

Petroleum

Corp.

2,562,935

29,946

Occidental

Petroleum

Corp.

1,771,306

24,883

ONEOK,

Inc.

1,713,195

19,045

Phillips

66

2,454,710

9,983

Pioneer

Natural

Resources

Co.

2,312,462

61,034

Schlumberger

NV

3,176,210

15,114

Valero

Energy

Corp.

1,894,691

51,985

Williams

Cos.,

Inc.

(The)

1,912,528

66,510,186

Financials

–

12.6%

23,031

Aflac,

Inc.

1,904,894

11,189

Allstate

Corp.

(The)

1,542,627

25,337

American

Express

Co.

4,326,800

30,497

American

International

Group,

Inc.

2,007,008

4,360

Ameriprise

Financial,

Inc.

1,541,304

8,600

Aon

PLC,

Class

A

2,825,014

17,367

Apollo

Global

Management,

Inc.

1,597,764

15,212

Arch

Capital

Group

Ltd.*

1,273,092

6,332

Ares

Management

Corp.,

Class

A

710,767

9,062

Arthur

J

Gallagher

&

Co.

2,256,438

297,206

Bank

of

America

Corp.

9,061,811

32,282

Bank

of

New

York

Mellon

Corp.

(The)

1,559,866

55,380

Berkshire

Hathaway,

Inc.,

Class

B*

19,936,800

6,348

BlackRock,

Inc.

4,768,808

30,096

Blackstone,

Inc.

3,381,888

23,488

Block,

Inc.*

1,489,844

16,148

Capital

One

Financial

Corp.

1,803,086

4,549

Cboe

Global

Markets,

Inc.

828,782

59,248

Charles

Schwab

Corp.

(The)

3,633,087

17,735

Chubb

Ltd.

4,068,941

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Financials

–

(continued)

6,597

Cincinnati

Financial

Corp.

$

678,106

81,098

Citigroup,

Inc.

3,738,618

20,575

Citizens

Financial

Group,

Inc.

561,080

15,360

CME

Group,

Inc.

3,354,010

6,700

Coinbase

Global,

Inc.,

Class

A*

835,624

10,653

Discover

Financial

Services

990,729

1,453

Everest

Group

Ltd.

596,529

11,051

Fidelity

National

Financial,

Inc.

495,527

23,398

Fidelity

National

Information

Services,

Inc.

1,372,059

28,901

Fifth

Third

Bancorp

836,684

25,975

Fiserv,

Inc.*

3,392,595

3,089

FleetCor

Technologies,

Inc.*

742,904

12,112

Franklin

Resources,

Inc.

300,378

11,117

Global

Payments,

Inc.

1,294,463

4,051

Globe

Life,

Inc.

498,800

14,199

Goldman

Sachs

Group,

Inc.

(The)

4,849,526

13,083

Hartford

Financial

Services

Group,

Inc.

(The)

1,022,567

61,347

Huntington

Bancshares,

Inc.

690,767

4,329

Interactive

Brokers

Group,

Inc.,

Class

A

336,969

23,752

Intercontinental

Exchange,

Inc.

2,703,928

124,343

JPMorgan

Chase &

Co.

19,407,455

39,600

KeyCorp

490,644

27,746

KKR

&

Co.,

Inc.

2,104,257

7,873

Loews

Corp.

553,393

7,125

M&T

Bank

Corp.

913,211

558

Markel

Group,

Inc.*

803,012

21,155

Marsh

&

McLennan

Cos.,

Inc.

4,218,730

35,929

Mastercard,

Inc.,

Class

A

14,868,498

27,022

MetLife,

Inc.

1,719,410

6,789

Moody's

Corp.

2,477,713

55,295

Morgan

Stanley

4,387,105

3,298

MSCI,

Inc.

1,717,763

14,630

Nasdaq,

Inc.

816,939

8,892

Northern

Trust

Corp.

704,691

47,011

PayPal

Holdings,

Inc.*

2,708,304

17,028

PNC

Financial

Services

Group,

Inc.

(The)

2,281,071

10,426

Principal

Financial

Group,

Inc.

769,752

25,081

Progressive

Corp.

(The)

4,114,036

15,679

Prudential

Financial,

Inc.

1,533,093

8,051

Raymond

James

Financial,

Inc.

846,563

39,883

Regions

Financial

Corp.

665,248

4,385

Rocket

Cos.,

Inc.,

Class

A*

40,956

13,734

S&P

Global,

Inc.

5,711,009

13,633

State

Street

Corp.

992,755

17,839

Synchrony

Financial

577,270

9,433

T.

Rowe

Price

Group,

Inc.

944,526

9,893

Travelers

Cos.,

Inc.

(The)

1,786,874

56,962

Truist

Financial

Corp.

1,830,759

63,473

US

Bancorp

2,419,591

69,408

Visa,

Inc.,

Class

A

17,815,645

8,535

W

R

Berkley

Corp.

619,214

155,940

Wells

Fargo &

Co.

6,953,365

4,574

Willis

Towers

Watson

PLC

1,126,576

208,729,912

GOLDMAN

SACHS

MARKETBETA

®

U.S.

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Health

Care

–

12.7%

74,223

Abbott

Laboratories

$

7,740,717

75,663

AbbVie,

Inc.

10,773,655

12,610

Agilent

Technologies,

Inc.

1,611,558

3,087

Align

Technology,

Inc.*

660,001

5,270

Alnylam

Pharmaceuticals,

Inc.*

886,677

22,803

Amgen,

Inc.

6,148,601

27,824

Avantor,

Inc.*

589,312

21,552

Baxter

International,

Inc.

777,596

12,476

Becton

Dickinson

&

Co.

2,946,582

6,203

Biogen,

Inc.*

1,451,998

7,872

BioMarin

Pharmaceutical,

Inc.*

716,982

62,574

Boston

Scientific

Corp.*

3,497,261

90,050

Bristol-Myers

Squibb

Co.

4,446,669

10,706

Cardinal

Health,

Inc.

1,146,398

7,251

Cencora,

Inc.

1,474,636

23,524

Centene

Corp.*

1,733,248

12,613

Cigna

Group

(The)

3,315,705

2,101

Cooper

Cos.,

Inc.

(The)

707,869

54,891

CVS

Health

Corp.

3,729,843

28,296

Danaher

Corp.

6,318,780

16,601

Dexcom,

Inc.*

1,917,748

25,771

Edwards

Lifesciences

Corp.*

1,744,954

10,112

Elevance

Health,

Inc.

4,848,603

36,273

Eli

Lilly

&

Co.

21,438,794

15,553

GE

HealthCare

Technologies,

Inc.

1,064,758

53,470

Gilead

Sciences,

Inc.

4,095,802

8,871

HCA

Healthcare,

Inc.

2,222,008

5,613

Henry

Schein,

Inc.*

374,555

10,481

Hologic,

Inc.*

747,295

5,332

Humana,

Inc.

2,585,274

3,557

IDEXX

Laboratories,

Inc.*

1,656,922

6,779

Illumina,

Inc.*

691,119

7,926

Incyte

Corp.*

430,699

14,901

Intuitive

Surgical,

Inc.*

4,631,827

7,797

IQVIA

Holdings,

Inc.*

1,669,338

103,252

Johnson &

Johnson

15,968,954

3,735

Laboratory

Corp.

of

America

Holdings

810,159

5,805

McKesson

Corp.

2,731,601

57,021

Medtronic

PLC

4,520,055

108,815

Merck &

Co.,

Inc.

11,151,361

953

Mettler-Toledo

International,

Inc.*

1,040,609

14,159

Moderna,

Inc.*

1,100,154

242,146

Pfizer,

Inc.

7,378,189

4,730

Quest

Diagnostics,

Inc.

649,098

4,394

Regeneron

Pharmaceuticals,

Inc.*

3,619,821

6,241

ResMed,

Inc.

984,393

15,837

Royalty

Pharma

PLC,

Class

A

428,708

5,899

Seagen,

Inc.*

1,257,726

4,219

STERIS

PLC

847,766

13,589

Stryker

Corp.

4,026,828

16,487

Thermo

Fisher

Scientific,

Inc.

8,173,595

39,825

UnitedHealth

Group,

Inc.

22,022,030

6,219

Veeva

Systems,

Inc.,

Class

A*

1,084,034

11,040

Vertex

Pharmaceuticals,

Inc.*

3,917,102

50,999

Viatris,

Inc.

468,171

2,541

Waters

Corp.*

713,030

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Health

Care

–

(continued)

3,150

West

Pharmaceutical

Services,

Inc.

$

1,104,894

8,954

Zimmer

Biomet

Holdings,

Inc.

1,041,440

19,846

Zoetis,

Inc.

3,506,193

209,339,695

Industrials

–

8.3%

23,610

3M

Co.

2,339,043

5,257

A

O

Smith

Corp.

396,168

9,874

AMETEK,

Inc.

1,532,741

17,753

Automatic

Data

Processing,

Inc.

4,081,770

23,869

Boeing

Co.

(The)*

5,528,776

5,025

Broadridge

Financial

Solutions,

Inc.

973,946

4,825

C.H.

Robinson

Worldwide,

Inc.

395,891

35,617

Carrier

Global

Corp.

1,850,659

22,052

Caterpillar,

Inc.

5,528,877

3,704

Cintas

Corp.

2,049,238

36,260

Copart,

Inc.*

1,820,977

85,821

CSX

Corp.

2,772,018

6,119

Cummins,

Inc.

1,371,635

11,562

Deere

&

Co.

4,213,308

27,314

Delta

Air

Lines,

Inc.

1,008,706

5,879

Dover

Corp.

829,880

16,975

Eaton

Corp.

PLC

3,865,038

24,396

Emerson

Electric

Co.

2,168,804

5,235

Equifax,

Inc.

1,139,712

6,310

Expeditors

International

of

Washington,

Inc.

759,345

24,281

Fastenal

Co.

1,456,132

9,908

FedEx

Corp.

2,564,488

8,321

Ferguson

PLC

1,425,720

15,136

Fortive

Corp.

1,044,081

9,640

General

Dynamics

Corp.

2,380,791

46,375

General

Electric

Co.

5,648,475

28,518

Honeywell

International,

Inc.

5,587,247

13,032

Illinois

Tool

Works,

Inc.

3,156,481

17,301

Ingersoll

Rand,

Inc.

1,235,810

3,551

J.B.

Hunt

Transport

Services,

Inc.

657,894

29,058

Johnson

Controls

International

PLC

1,534,262

8,060

L3Harris

Technologies,

Inc.

1,537,929

5,804

Leidos

Holdings,

Inc.

622,885

10,893

Lockheed

Martin

Corp.

4,877,559

9,542

Masco

Corp.

577,768

9,797

Norfolk

Southern

Corp.

2,137,314

6,469

Northrop

Grumman

Corp.

3,073,810

4,113

Old

Dominion

Freight

Line,

Inc.

1,600,204

17,778

Otis

Worldwide

Corp.

1,525,175

22,046

PACCAR,

Inc.

2,024,264

5,435

Parker-Hannifin

Corp.

2,354,333

13,713

Paychex,

Inc.

1,672,575

2,153

Paycom

Software,

Inc.

391,114

6,161

Quanta

Services,

Inc.

1,160,178

8,872

Republic

Services,

Inc.

1,435,845

4,887

Rockwell

Automation,

Inc.

1,346,075

13,336

Rollins,

Inc.

543,309

62,621

RTX

Corp.

5,102,359

2,179

Snap-on,

Inc.

598,550

25,281

Southwest

Airlines

Co.

646,435

GOLDMAN

SACHS

MARKETBETA

®

U.S.

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Industrials

–

(continued)

9,393

SS&C

Technologies

Holdings,

Inc.

$

528,450

6,403

Stanley

Black

&

Decker,

Inc.

582,033

8,364

Textron,

Inc.

641,184

9,806

Trane

Technologies

PLC

2,210,370

2,195

TransDigm

Group,

Inc.

2,113,500

8,299

TransUnion

487,317

83,573

Uber

Technologies,

Inc.*

4,711,846

26,120

Union

Pacific

Corp.

5,884,052

13,836

United

Airlines

Holdings,

Inc.*

545,138

31,085

United

Parcel

Service,

Inc.,

Class

B

4,712,797

2,979

United

Rentals,

Inc.

1,418,064

6,214

Verisk

Analytics,

Inc.

1,500,246

1,708

W.W.

Grainger,

Inc.

1,342,813

17,381

Waste

Management,

Inc.

2,971,977

7,550

Westinghouse

Air

Brake

Technologies

Corp.

880,028

10,134

Xylem,

Inc.

1,065,387

136,140,796

Information

Technology

–

29.4%

28,470

Accenture

PLC,

Class

A

9,484,496

19,504

Adobe,

Inc.*

11,917,139

68,555

Advanced

Micro

Devices,

Inc.*

8,306,124

6,377

Akamai

Technologies,

Inc.*

736,735

5,123

Amdocs

Ltd.

429,154

25,248

Amphenol

Corp.,

Class

A

2,297,316

21,618

Analog

Devices,

Inc.

3,964,309

3,694

ANSYS,

Inc.*

1,083,672

635,313

Apple,

Inc.

120,677,704

35,910

Applied

Materials,

Inc.

5,378,600

10,112

Arista

Networks,

Inc.*

2,221,708

6,463

Atlassian

Corp.,

Class

A*

1,234,110

9,120

Autodesk,

Inc.*

1,992,082

17,324

Broadcom,

Inc.

16,037,347

11,581

Cadence

Design

Systems,

Inc.*

3,164,740

5,780

CDW

Corp.

1,218,886

174,798

Cisco

Systems,

Inc.

8,456,727

12,021

Cloudflare,

Inc.,

Class

A*

927,420

21,667

Cognizant

Technology

Solutions

Corp.,

Class

A

1,524,923

32,786

Corning,

Inc.

934,073

9,369

Crowdstrike

Holdings,

Inc.,

Class

A*

2,220,359

12,244

Datadog,

Inc.,

Class

A*

1,427,283

10,553

Dell

Technologies,

Inc.,

Class

C

800,656

5,696

Enphase

Energy,

Inc.*

575,410

2,448

EPAM

Systems,

Inc.*

632,049

1,049

Fair

Isaac

Corp.*

1,140,892

28,872

Fortinet,

Inc.*

1,517,512

3,258

Gartner,

Inc.*

1,416,709

26,352

Gen

Digital,

Inc.

581,852

3,198

GLOBALFOUNDRIES,

Inc.*

171,701

55,163

Hewlett

Packard

Enterprise

Co.

932,806

42,039

HP,

Inc.

1,233,424

2,041

HubSpot,

Inc.*

1,008,111

178,892

Intel

Corp.

7,996,472

38,937

International

Business

Machines

Corp.

6,173,851

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Information

Technology

–

(continued)

11,663

Intuit,

Inc.

$

6,664,938

7,663

Keysight

Technologies,

Inc.*

1,041,325

5,856

KLA

Corp.

3,189,295

5,752

Lam

Research

Corp.

4,117,972

36,761

Marvell

Technology,

Inc.

2,048,691

22,971

Microchip

Technology,

Inc.

1,916,700

46,800

Micron

Technology,

Inc.

3,562,416

314,490

Microsoft

Corp.

119,163,406

2,959

MongoDB,

Inc.*

1,230,175

7,201

Motorola

Solutions,

Inc.

2,324,987

9,050

NetApp,

Inc.

827,080

101,713

NVIDIA

Corp.

47,571,170

6,355

Okta,

Inc.*

426,103

18,389

ON

Semiconductor

Corp.*

1,311,687

66,701

Oracle

Corp.

7,751,323

78,185

Palantir

Technologies,

Inc.,

Class

A*

1,567,609

12,956

Palo

Alto

Networks,

Inc.*

3,823,186

47,759

QUALCOMM,

Inc.

6,163,299

4,592

Roper

Technologies,

Inc.

2,471,644

40,376

Salesforce,

Inc.*

10,170,714

8,292

Seagate

Technology

Holdings

PLC

655,897

8,763

ServiceNow,

Inc.*

6,009,140

6,797

Skyworks

Solutions,

Inc.

658,833

11,708

Snowflake,

Inc.,

Class

A*

2,197,357

6,495

Splunk,

Inc.*

984,252

6,457

Synopsys,

Inc.*

3,507,636

13,529

TE

Connectivity

Ltd.

1,772,299

6,669

Teradyne,

Inc.

615,082

38,800

Texas

Instruments,

Inc.

5,925,148

10,511

Trimble,

Inc.*

487,710

7,416

Twilio,

Inc.,

Class

A*

479,667

10,578

Unity

Software,

Inc.*

312,157

3,804

VeriSign,

Inc.*

807,209

13,639

Western

Digital

Corp.*

658,900

8,799

Workday,

Inc.,

Class

A*

2,382,065

2,151

Zebra

Technologies

Corp.,

Class

A*

509,744

10,923

Zoom

Video

Communications,

Inc.,

Class

A*

740,907

3,695

Zscaler,

Inc.*

729,873

486,593,948

Materials

–

2.3%

9,393

Air

Products

and

Chemicals,

Inc.

2,541,276

5,062

Albemarle

Corp.

613,869

61,954

Amcor

PLC

587,324

13,199

Ball

Corp.

729,773

4,667

Celanese

Corp.

647,126

30,446

Corteva,

Inc.

1,376,159

29,600

CRH

PLC

1,857,400

30,355

Dow,

Inc.

1,570,871

17,887

DuPont

de

Nemours,

Inc.

1,279,636

10,865

Ecolab,

Inc.

2,083,146

61,185

Freeport-McMoRan,

Inc.

2,283,424

10,944

International

Flavors

&

Fragrances,

Inc.

824,959

14,767

International

Paper

Co.

545,493

20,969

Linde

PLC

8,676,343

GOLDMAN

SACHS

MARKETBETA

®

U.S.

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Materials

–

(continued)

10,960

LyondellBasell

Industries

NV,

Class

A

$

1,042,296

2,636

Martin

Marietta

Materials,

Inc.

1,224,659

14,193

Mosaic

Co.

(The)

509,387

33,798

Newmont

Corp.

1,358,342

10,709

Nucor

Corp.

1,820,209

3,740

Packaging

Corp.

of

America

628,357

10,012

PPG

Industries,

Inc.

1,421,604

10,128

Sherwin-Williams

Co.

(The)

2,823,686

3,657

Southern

Copper

Corp.

(Mexico)

263,048

5,708

Vulcan

Materials

Co.

1,219,001

37,927,388

Real

Estate

–

2.3%

7,329

Alexandria

Real

Estate

Equities,

Inc.

REIT

801,793

19,976

American

Tower

Corp.

REIT

4,170,589

6,120

AvalonBay

Communities,

Inc.

REIT

1,058,393

13,163

CBRE

Group,

Inc.,

Class

A*

1,039,350

17,383

CoStar

Group,

Inc.*

1,443,484

18,417

Crown

Castle,

Inc.

REIT

2,159,946

13,009

Digital

Realty

Trust,

Inc.

REIT

1,805,389

4,039

Equinix,

Inc.

REIT

3,291,825

15,852

Equity

Residential

REIT

901,028

2,693

Essex

Property

Trust,

Inc.

REIT

574,848

8,958

Extra

Space

Storage,

Inc.

REIT

1,166,063

23,235

Healthpeak

Properties,

Inc.

REIT

402,430

30,062

Host

Hotels

&

Resorts,

Inc.

REIT

525,183

24,336

Invitation

Homes,

Inc.

REIT

811,849

12,245

Iron

Mountain,

Inc.

REIT

785,517

4,866

Mid-America

Apartment

Communities,

Inc.

REIT

605,720

583

NET

Lease

Office

Properties

REIT*

9,532

39,518

Prologis,

Inc.

REIT

4,541,804

6,776

Public

Storage

REIT

1,753,358

30,413

Realty

Income

Corp.

REIT

1,641,085

4,617

SBA

Communications

Corp.

REIT

1,140,214

13,850

Simon

Property

Group,

Inc.

REIT

1,729,726

13,066

UDR,

Inc.

REIT

436,404

16,965

Ventas,

Inc.

REIT

777,676

43,430

VICI

Properties,

Inc.

REIT

1,298,123

8,920

W.P.

Carey,

Inc.

REIT

555,181

22,213

Welltower,

Inc.

REIT

1,979,178

31,155

Weyerhaeuser

Co.

REIT

976,709

38,382,397

Utilities

–

2.3%

10,637

Alliant

Energy

Corp.

537,913

11,097

Ameren

Corp.

861,016

22,013

American

Electric

Power

Co.,

Inc.

1,751,134

8,346

American

Water

Works

Co.,

Inc.

1,100,337

6,334

Atmos

Energy

Corp.

720,872

3,076

Avangrid,

Inc.

94,956

26,856

CenterPoint

Energy,

Inc.

759,219

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Utilities

–

(continued)

12,472

CMS

Energy

Corp.

$

707,911

14,785

Consolidated

Edison,

Inc.

1,332,276

13,866

Constellation

Energy

Corp.

1,678,341

35,694

Dominion

Energy,

Inc.

1,618,366

8,815

DTE

Energy

Co.

917,730

33,054

Duke

Energy

Corp.

3,050,223

16,317

Edison

International

1,093,076

8,973

Entergy

Corp.

909,952

9,594

Evergy,

Inc.

489,678

14,806

Eversource

Energy

879,624

42,597

Exelon

Corp.

1,640,410

23,291

FirstEnergy

Corp.

860,370

86,761

NextEra

Energy,

Inc.

5,076,386

17,498

NiSource,

Inc.

448,649

105,186

PG&E

Corp.*

1,806,044

31,501

PPL

Corp.

822,806

21,215

Public

Service

Enterprise

Group,

Inc.

1,324,452

26,961

Sempra

1,964,648

46,698

Southern

Co.

(The)

3,314,624

13,541

WEC

Energy

Group,

Inc.

1,132,298

23,534

Xcel

Energy,

Inc.

1,431,809

38,325,120

TOTAL

COMMON

STOCKS

(Cost

$1,478,126,193)

1,646,529,472

Shares

Dividend

Rate

Value

aa

Investment

Company

–

0.2%

(b)

Goldman

Sachs

Financial

Square

Treasury

Obligations

Fund

–

Institutional

Shares

2,885,174

5.260%

2,885,174

(Cost

$2,885,174)

TOTAL

INVESTMENTS

BEFORE

SECURITIES

LENDING

REINVESTMENT

VEHICLE

(Cost

$1,481,011,367)

1,649,414,646

a

Securities

Lending

Reinvestment

Vehicle

–

0.1%

(b)

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

1,313,506

5.259%

1,313,506

(Cost

$1,313,506)

TOTAL

INVESTMENTS

–

99.9%

(Cost

$1,482,324,873)

$

1,650,728,152

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

–

0.1%

1,614,349

NET

ASSETS

–

100.0%

$

1,652,342,501

  a

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.

GOLDMAN

SACHS

MARKETBETA

®

U.S.

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Additional

Investment

Information 

**End

swaps

header**

Investment

Abbreviations:

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

FUTURES

CONTRACTS

—

At

November

30,

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

17

12/15/23

$

3,890,238

$

7,192

Goldman

Sachs

MarketBeta®

ETFs

Schedule

of

Investments

November

30,

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

—

U.S.

GAAP

defines

the

fair

value

of

a

financial

instrument

as

the

amount

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date

(i.e.,

the

exit

price);

the

Funds’

policy

is

to

use

the

market

approach.

GAAP

establishes

a

fair

value

hierarchy

that

prioritizes

the

inputs

to

valuation

techniques

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements).

The

level

in

the

fair

value

hierarchy

within

which

the

fair

value

measurement

in

its

entirety

falls

shall

be

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety.

The

levels

used

for

classifying

investments

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

these

investments.

The

three

levels

of

the

fair

value

hierarchy

are

described

below:

Level

1

—

Unadjusted

quoted

prices

in

active

markets

that

are

accessible

at

the

measurement

date

for

identical,

unrestricted

assets

or

liabilities;

Level

2

—

Quoted

prices

in

markets

that

are

not

active

or

financial

instruments

for

which

significant

inputs

are

observable

(including,

but

not

limited

to,

quoted

prices

for

similar

investments,

interest

rates,

foreign

exchange

rates,

volatility

and

credit

spreads),

either

directly

or

indirectly;

Level

3

—

Prices

or

valuations

that

require

significant

unobservable

inputs

(including

GSAM’s

assumptions

in

determining

fair

value

measurement).

The

Board

of

Trustees

(“Trustees”)

has

approved

Valuation

Procedures

that

govern

the

valuation

of

the

portfolio

investments

held

by

the

Funds,

including

investments

for

which

market

quotations

are

not

readily

available.

With

respect

to

the

Funds’

investments

that

do

not

have

readily

available

market

quotations,

the

Trustees

have

designated

the

Adviser

as

the

valuation

designee

to

perform

fair

valuations

pursuant

to

rule

2a-5

under

the

Investment

Company

Action

of

1940

(“Valuation

Designee”)

GSAM

has

day-to-day

responsibility

for

implementing

and

maintaining

internal

controls

and

procedures

related

to

the

valuation

of

the

Funds’

investments.

To

assess

the

continuing

appropriateness

of

pricing

sources

and

methodologies,

GSAM

regularly

performs

price

verification

procedures

and

issues

challenges

as

necessary

to

third

party

pricing

vendors

or

brokers,

and

any

differences

are

reviewed

in

accordance

with

the

Valuation

Procedures.

Level

1

and

Level

2

Fair

Value

Investments

—

The

valuation

techniques

and

significant

inputs

used

in

determining

the

fair

values

for

investments

classified

as

Level

1

and

Level

2

are

as

follows:

Equity

Securities—

Equity

securities

traded

on

a

United

States

(“U.S.”)

securities

exchange

or

the

NASDAQ

system,

or

those

located

on

certain

foreign

exchanges,

including

but

not

limited

to

the

Americas,

are

valued

daily

at

their

last

sale

price

or

official

closing

price

on

the

principal

exchange

or

system

on

which

they

are

traded.

If

there

is

no

sale

or

official

closing

price

or

such

price

is

believed

by

GSAM

to

not

represent

fair

value,

equity

securities

will

be

valued

at

the

valid

closing

bid

price

for

long

positions

and

at

the

valid

closing

ask

price

for

short

positions

(i.e.

where

there

is

sufficient

volume,

during

normal

exchange

trading

hours).

If

no

valid

bid/ask

price

is

available,

the

equity

security

will

be

valued

pursuant

to

the

Valuation

Procedures

and

consistent

with

applicable

regulatory

guidance.

To

the

extent

these

investments

are

actively

traded,

they

are

classified

as

Level

1

of

the

fair

value

hierarchy,

otherwise

they

are

generally

classified

as

Level

2.

Certain

equity

securities

containing

unique

attributes

may

be

classified

as

Level

2.

Unlisted

equity

securities

for

which

market

quotations

are

available

are

valued

at

the

last

sale

price

on

the

valuation

date,

or

if

no

sale

occurs,

at

the

last

bid

price

for

long

positions

or

the

last

ask

price

for

short

positions,

and

are

generally

classified

as

Level

2.

Derivative

Contracts

—

A

derivative

is

an

instrument

whose

value

is

derived

from

underlying

assets,

indices,

reference

rates

or

a

combination

of

these

factors.

A

Fund

enters

into

derivative

transactions

to

hedge

against

changes

in

interest

rates,

securities

prices,

and/or

currency

exchange

rates,

to

increase

total

return,

or

to

gain

access

to

certain

markets

or

attain

exposure

to

other

underliers.

For

financial

reporting

purposes,

cash

collateral

that

has

been

pledged

to

cover

obligations

of

a

Fund

and

cash

collateral

received,

if

any,

is

reported

separately

on

the

Statements

of

Assets

and

Liabilities

as

either

due

to

broker

or

receivable

for

collateral

on

certain

derivatives

contracts.

Non-cash

collateral

pledged

by

a

Fund,

if

any,

is

noted

in

the

Schedules

of

Investments.

Goldman

Sachs

MarketBeta®

ETFs

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Exchange-traded

derivatives,

including

futures

and

options

contracts,

are

generally

valued

at

the

last

sale

or

settlement

price

on

the

exchange

where

they

are

principally

traded.

Exchange-traded

options

without

settlement

prices

are

generally

valued

at

the

last

bid

price

for

long

positions

and

the

last

ask

price

for

short

positions

on

the

exchange

where

they

are

principally

traded.

Exchange-traded

derivatives

typically

fall

within

Level

1

of

the

fair

value

hierarchy.

Over-the-counter

(“OTC”)

and

centrally

cleared

derivatives

are

valued

using

market

transactions

and

other

market

evidence,

including

market-based

inputs

to

models,

calibration

to

market-clearing

transactions,

broker

or

dealer

quotations,

or

other

alternative

pricing

sources.

Where

models

are

used,

the

selection

of

a

particular

model

to

value

OTC

and

centrally

cleared

derivatives

depends

upon

the

contractual

terms

of,

and

specific

risks

inherent

in,

the

instrument,

as

well

as

the

availability

of

pricing

information

in

the

market.

Valuation

models

require

a

variety

of

inputs,

including

contractual

terms,

market

prices,

yield

curves,

credit

curves,

measures

of

volatility,

voluntary

and

involuntary

prepayment

rates,

loss

severity

rates

and

correlations

of

such

inputs.

For

OTC

and

centrally

cleared

derivatives

that

trade

in

liquid

markets,

model

inputs

can

generally

be

verified

and

model

selection

does

not

involve

significant

management

judgment.

OTC

and

centrally

cleared

derivatives

are

classified

within

Level

2

of

the

fair

value

hierarchy

when

significant

inputs

are

corroborated

by

market

evidence.

i.

Futures

Contracts

—

Futures

contracts

are

contracts

to

buy

or

sell

a

standardized

quantity

of

a

specified

commodity

or

security.

Upon

entering

into

a

futures

contract,

a

Fund

deposits

cash

or

securities

in

an

account

on

behalf

of

the

broker

in

an

amount

sufficient

to

meet

the

initial

margin

requirement.

Subsequent

payments

are

made

or

received

by

a

Fund

equal

to

the

daily

change

in

the

contract

value

and

are

recorded

as

variation

margin

receivable

or

payable

with

a

corresponding

offset

to

unrealized

gains

or

losses.

Underlying

Funds

(including

Money

Market

Funds)

—

Underlying

funds

(“Underlying

Funds”)

include

other

investment

companies

and

exchange-traded

funds

(“ETFs”).

Investments

in

the

Underlying

Funds

(except

ETFs)

are

valued

at

the

NAV

per

share

on

the

day

of

valuation.

ETFs

are

valued

daily

at

the

last

sale

price

or

official

closing

price

on

the

principal

exchange

or

system

on

which

the

investment

is

traded.

Because

the

Funds

invest

in

Underlying

Funds

that

fluctuate

in

value,

the

Funds’

shares

will

correspondingly

fluctuate

in

value.

Underlying

Funds

are

generally

classified

as

Level

1

of

the

fair

value

hierarchy.

To

the

extent

that

underlying

ETFs

are

actively

traded,

they

are

classified

as

Level

1

of

the

fair

value

hierarchy,

otherwise

they

are

generally

classified

as

Level

2.

For

information

regarding

an

Underlying

Fund’s

accounting

policies

and

investment

holdings,

please

see

the

Underlying

Fund’s

shareholder

report.

Level

3

Fair

Value

Investments

—

To

the

extent

that

significant

inputs

to

valuation

models

and

other

alternative

pricing

sources

are

unobservable,

or

if

quotations

are

not

readily

available,

or

if

GSAM

believes

that

such

quotations

do

not

accurately

reflect

fair

value,

the

fair

value

of

a

Fund’s

investments

may

be

determined

under

Valuation

Procedures

approved

by

the

Trustees.

GSAM,

consistent

with

its

procedures

and

applicable

regulatory

guidance,

may

make

an

adjustment

to

the

most

recent

valuation

prices

of

either

domestic

or

foreign

securities

in

light

of

significant

events

to

reflect

what

it

believes

to

be

the

fair

value

of

the

securities

at

the

time

of

determining

a

Fund’s

NAV.

To

the

extent

investments

are

valued

using

single

source

broker

quotations

obtained

directly

from

the

broker

or

passed

through

from

third

party

pricing

vendors,

such

investments

are

classified

as

Level

3

investments.

Fair

Value

Hierarchy

—

The

following

is

a

summary

of

the

Funds’

investments

classified

in

the

fair

value

hierarchy

as

of

November

30,

2023:

MarketBeta®

Emerging

Markets

Equity

ETF

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Africa

$

2,572,436

$

—

$

—

Asia

77,225,874

2,199,827

5,732

Europe

817,730

—

—

North

America

2,600,397

—

—

Oceania

9,347

—

—

South

America

4,814,845

1,427,674

—

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

MarketBeta®

ETFs

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Exchange-Traded

Fund

273,423

—

—

Securities

Lending

Reinvestment

Vehicle

29,482

—

—

Total

$

88,343,534

$

3,627,501

$

5,732

€

1.00

€

1.00

€

1.00

MarketBeta®

International

Equity

ETF

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Africa

$

1,441,061

$

—

$

—

Asia

218,084,717

—

—

Europe

382,297,265

2,540,812

—

North

America

50,870,158

754,694

—

Oceania

58,747,660

—

—

South

America

509,246

—

—

Investment

Company

1,199,197

—

—

Securities

Lending

Reinvestment

Vehicle

3,083,718

—

—

Total

$

716,233,022

$

3,295,506

$

—

€

1.00

€

1.00

€

1.00

Derivative

Type

Assets

Futures

Contracts

(b)

$

94,211

$

—

$

—

€

1.00

€

1.00

€

1.00

MarketBeta® Russell

1000

Growth

Equity

ETF

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Asia

$

7,180

$

—

$

—

North

America

8,014,281

—

—

South

America

5,229

—

—

Total

$

8,026,690

$

—

$

—

€

1.00

€

1.00

€

1.00

MarketBeta® Russell

1000

Value

Equity

ETF

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Europe

$

4,097

$

—

$

—

North

America

4,023,114

—

—

South

America

2,728

—

—

Total

$

4,029,939

$

—

$

—

€

1.00

€

1.00

€

1.00

MarketBeta®

U.S.

Equity

ETF

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Asia

$

1,605,504

$

—

$

—

North

America

1,641,767,312

—

—

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

MarketBeta®

ETFs

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

For

further

information

regarding

security

characteristics,

see

the

Schedules

of

Investments.

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

November

30,

2023,

are

disclosed

as

“Payable

upon

return

of

securities

loaned”

on

the

Statements

of

Assets

and

Liabilities,

where

applicable.

South

America

$

3,156,656

$

—

$

—

Investment

Company

2,885,174

—

—

Securities

Lending

Reinvestment

Vehicle

1,313,506

—

—

Total

$

1,650,728,152

$

—

$

—

€

1.00

€

1.00

€

1.00

Derivative

Type

Assets

Futures

Contracts

(b)

$

7,192

$

—

$

—

€

1.00

€

1.00

€

1.00

(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.

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

MarketBeta®

ETFs

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

The

Funds’

risks

include,

but

are

not

limited

to,

the

following:

Calculation

Methodology

Risk

—

The

Index

relies

on

various

sources

of

information

to

assess

the

criteria

of

issuers

included

in

the

Index,

(or

a

Reference

Index

if

applicable)

including

fundamental

information

that

may

be

based

on

assumptions

and

estimates.

Neither

the

Fund,

the

Investment

Adviser

nor

the

Index

Provider

can

offer

assurances

that

the

Index’s

calculation

methodology

or

sources

of

information

will

provide

a

correct

valuation

of

securities,

nor

can

they

guarantee

the

availability

or

timeliness

of

the

production

of

the

Index.

Depositary

Receipts

Risk

—

Foreign

securities

may

trade

in

the

form

of

depositary

receipts,

which

include

American

Depositary

Receipts

(“ADRs”)

and

Global

Depositary

Receipts

(“GDRs”)

(collectively

“Depositary

Receipts”).

To

the

extent

the

Fund

acquires

Depositary

Receipts

through

banks

which

do

not

have

a

contractual

relationship

with

the

foreign

issuer

of

the

security

underlying

the

Depositary

Receipts

to

issue

and

service

such

unsponsored

Depositary

Receipts,

there

may

be

an

increased

possibility

that

the

Fund

would

not

become

aware

of

and

be

able

to

respond

to

corporate

actions

such

as

stock

splits

or

rights

offerings

involving

the

foreign

issuer

in

a

timely

manner.

In

addition,

the

lack

of

information

may

result

in

inefficiencies

in

the

valuation

of

such

instruments.

Investment

in

Depositary

Receipts

does

not

eliminate

all

the

risks

inherent

in

investing

in

securities

of

non-U.S.

issuers.

The

market

value

of

Depositary

Receipts

is

dependent

upon

the

market

value

of

the

underlying

securities

and

fluctuations

in

the

relative

value

of

the

currencies

in

which

the

Depositary

Receipts

and

the

underlying

securities

are

quoted.

The

issuers

of

Depositary

Receipts

may

discontinue

issuing

new

Depositary

Receipts

and

withdraw

existing

Depositary

Receipts

at

any

time,

which

may

result

in

costs

and

delays

in

the

distribution

of

the

underlying

assets

to

the

Fund

and

may

negatively

impact

the

Fund’s

performance.

Foreign

and

Emerging

Countries

Risk

—

Investing

in

foreign

markets

may

involve

special

risks

and

considerations

not

typically

associated

with

investing

in

the

U.S.

Foreign

securities

may

be

subject

to

risk

of

loss

because

of

more

or

less

foreign

government

regulation;

less

public

information;

less

stringent

investor

protections;

less

stringent

accounting,

corporate

governance,

financial

reporting

and

disclosure

standards;

and

less

economic,

political

and

social

stability

in

the

countries

in

which

a

Fund

invests.

The

imposition

of

sanctions,

exchange

controls

(including

repatriation

restrictions),

confiscation

of

assets

and

property,

trade

restrictions

(including

tariffs)

and

other

government

restrictions

by

the

U.S.

or

other

governments,

or

from

problems

in

registration,

settlement

or

custody,

may

also

result

in

losses.

The

type

and

severity

of

sanctions

and

other

similar

measures,

including

counter

sanctions

and

other

retaliatory

actions,

that

may

be

imposed

could

vary

broadly

in

scope,

and

their

impact

is

impossible

to

predict.

For

example,

the

imposition

of

sanctions

and

other

similar

measures

could,

among

other

things,

cause

a

decline

in

the

value

and/or

liquidity

of

securities

issued

by

the

sanctioned

country

or

companies

located

in

or

economically

tied

to

the

sanctioned

country

and

increase

market

volatility

and

disruption

in

the

sanctioned

country

and

throughout

the

world.

Sanctions

and

other

similar

measures

could

limit

or

prevent

a

Fund

from

buying

and

selling

securities

(in

the

sanctioned

country

and

other

markets),

significantly

delay

or

prevent

the

settlement

of

securities

transactions,

and

significantly

impact

the

Fund’s

liquidity

and

performance.

Foreign

risk

also

involves

the

risk

of

negative

foreign

currency

exchange

rate

fluctuations,

which

may

cause

the

value

of

securities

denominated

in

such

foreign

currency

(or

other

instruments

through

which

a

Fund

has

exposure

to

foreign

currencies)

to

decline

in

value.

Currency

exchange

rates

may

fluctuate

significantly

over

short

periods

of

time.

To

the

extent

that

a

Fund

also

invests

in

securities

of

issuers

located

in,

or

economically

tied

to,

emerging

markets,

these

risks

may

be

more

pronounced.

Geographic

Risk

—

If

the

Fund

focuses

its

investments

in

securities

of

issuers

located

in

a

particular

country

or

geographic

region,

the

Fund

may

be

subjected,

to

a

greater

extent

than

if

its

investments

were

less

focused,

to

the

risks

of

volatile

economic

cycles

and/

or

conditions

and

developments

that

may

be

particular

to

that

country

or

region,

such

as:

adverse

securities

markets;

adverse

exchange

rates;

adverse

social,

political,

regulatory,

economic,

business,

environmental

or

other

developments;

or

natural

disasters.

Index

Risk

—

Solactive

AG

(the

“Index

Provider”)

constructs

each

Fund’s

Index

in

accordance

with

a

rules-based

methodology.

A

Fund

will

be

negatively

affected

by

general

declines

in

the

securities

and

asset

classes

represented

in

its

Index.

In

addition,

because

the

Funds

are

not

“actively”

managed,

unless

a

specific

security

is

removed

from

an

Index,

a

Fund

generally

would

not

sell

a

security

because

the

security’s

issuer

was

in

financial

trouble.

Market

disruptions

and

regulatory

restrictions

could

have

an

adverse

effect

on

a

Fund’s

ability

to

adjust

its

exposure

to

the

required

levels

in

order

to

track

the

Index.

A

Fund

also

does

not

attempt

to

take

defensive

positions

under

any

market

conditions,

including

declining

markets.

Therefore,

a

Fund’s

performance

could

be

lower

than

funds

that

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

MarketBeta®

ETFs

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

may

actively

shift

their

portfolio

assets

to

take

advantage

of

market

opportunities

or

to

lessen

the

impact

of

a

market

decline

or

a

decline

in

the

value

of

one

or

more

issuers.

The

Index

Provider

relies

on

third

party

data

it

believes

to

be

reliable

in

constructing

each

Index,

but

it

does

not

guarantee

the

accuracy

or

availability

of

such

third

party

data.

Errors

in

index

data,

index

computation

or

the

construction

of

an

Index

in

accordance

with

its

methodology

may

occur

from

time

to

time

and

may

not

be

identified

and

corrected

by

the

Index

Provider

for

a

period

of

time

or

at

all,

which

may

have

an

adverse

impact

on

the

applicable

Fund

and

its

shareholders.

In

addition,

neither

a

Fund,

the

Investment

Adviser,

the

Calculation

Agent

nor

the

Index

Provider

can

guarantee

the

availability

or

timeliness

of

the

production

of

the

Index.

Industry

Concentration

Risk

—

In

following

its

methodology,

an

Index

from

time

to

time

may

be

concentrated

to

a

significant

degree

in

securities

of

issuers

located

in

a

single

industry

or

group

of

industries.

To

the

extent

that

an

Index

concentrates

in

the

securities

of

issuers

in

a

particular

industry

or

group

of

industries,

the

Fund

also

will

concentrate

its

investments

to

approximately

the

same

extent.

By

concentrating

its

investments

in

an

industry

or

group

of

industries,

the

applicable

Fund

may

face

more

risks

than

if

it

were

diversified

broadly

over

numerous

industries

or

groups

of

industries.

If

an

Index

is

not

concentrated

in

a

particular

industry

or

group

of

industries,

the

applicable

Fund

will

not

concentrate

in

a

particular

industry

or

group

of

industries.

Large

Shareholder

Transactions

Risk

—

Certain

shareholders,

including

other

funds

advised

by

the

Investment

Adviser,

may

from

time

to

time

own

a

substantial

amount

of

the

Fund’s

Shares.

In

addition,

a

third

party

investor,

the

Investment

Adviser

or

an

affiliate

of

the

Investment

Adviser,

an

authorized

participant,

a

lead

market

maker,

or

another

entity

(i.e.,

a

seed

investor)

may

invest

in

the

Fund

and

hold

its

investment

solely

to

facilitate

commencement

of

the

Fund

or

to

facilitate

the

Fund’s

achieving

a

specificed

size

or

scale.

Any

such

investment

may

be

held

for

a

limited

period

of

time.

There

can

be

no

assurance

that

any

large

shareholder

would

not

redeem

its

investment,

that

the

size

of

the

Fund

would

be

maintained

at

such

levels

or

that

the

Fund

would

continue

to

meet

applicable

listing

requirements.

Redemptions

by

large

shareholders

could

have

a

significant

negative

impact

on

the

Fund,

including

on

the

Fund’s

liquidity.

In

addition,

transactions

by

large

shareholders

may

account

for

a

large

percentage

of

the

trading

volume

on

Cboe

BZX

Exchange,

Inc.

and

may,

therefore,

have

a

material

upward

or

downward

effect

on

the

market

price

of

the

Shares.

Market

and

Credit

Risks

—

In

the

normal

course

of

business,

a

Fund

trades

financial

instruments

and

enters

into

financial

transactions

where

risk

of

potential

loss

exists

due

to

changes

in

the

market

(market

risk).

The

value

of

the

securities

in

which

a

Fund

invests

may

go

up

or

down

in

response

to

the

prospects

of

individual

companies,

particular

sectors

or

governments

and/or

general

economic

conditions

throughout

the

world

due

to

increasingly

interconnected

global

economies

and

financial

markets.

Events

such

as

war,

acts

of

terrorism,

social

unrest,

natural

disasters,

the

spread

of

infectious

illness

or

other

public

health

threats

could

also

significantly

impact

a

Fund

and

its

investments.

Additionally,

a

Fund

may

also

be

exposed

to

credit

risk

in

the

event

that

an

issuer

or

guarantor

fails

to

perform

or

that

an

institution

or

entity

with

which

the

Fund

has

unsettled

or

open

transactions

defaults.

Market

Trading

Risk

—

Each

Fund

faces

numerous

market

trading

risks,

including

disruptions

to

creations

and

redemptions,

the

existence

of

extreme

market

volatility

or

potential

lack

of

an

active

trading

market

for

Shares.

If

a

shareholder

purchases

Shares

at

a

time

when

the

market

price

is

at

a

premium

to

the

NAV

or

sells

Shares

at

a

time

when

the

market

price

is

at

a

discount

to

the

NAV,

the

shareholder

may

sustain

losses.

The

Investment

Adviser

cannot

predict

whether

Shares

will

trade

below,

at

or

above

their

NAV.

Price

differences

may

be

due,

in

large

part,

to

the

fact

that

supply

and

demand

forces

at

work

in

the

secondary

trading

market

for

Shares

will

be

closely

related

to,

but

not

identical

to,

the

same

forces

influencing

the

prices

of

the

securities

of

a

Fund’s

Index

trading

individually

or

in

the

aggregate

at

any

point

in

time.

Mid-Cap

Risk

—

Investments

in

mid-capitalization

companies

involve

greater

risks

than

those

associated

with

larger,

more

established

companies.

These

securities

may

be

subject

to

more

abrupt

or

erratic

price

movements

and

may

lack

sufficient

market

liquidity,

and

these

issuers

often

face

greater

business

risks.

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

MarketBeta®

ETFs

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Tracking

Error

Risk

—

Tracking

error

is

the

divergence

of

a

Fund’s

performance

from

that

of

its

Index.

The

performance

of

a

Fund

may

diverge

from

that

of

its

Index

for

a

number

of

reasons.

Tracking

error

may

occur

because

of

transaction

costs,

a

Fund’s

holding

of

cash,

differences

in

accrual

of

dividends,

changes

to

its

Index

or

the

need

to

meet

new

or

existing

regulatory

requirements.

Unlike

a

Fund,

the

returns

of

an

Index

are

not

reduced

by

investment

and

other

operating

expenses,

including

the

trading

costs

associated

with

implementing

changes

to

its

portfolio

of

investments.

Tracking

error

risk

may

be

heightened

during

times

of

market

volatility

or

other

unusual

market

conditions.

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)