Goldman Sachs ETF Trust (GPRF) NPORT-P Goldman Sachs Equal Weight U.S. Large Cap Equity ETF (Nov 2024 report)

GOLDMAN

SACHS

BLOOMBERG

CLEAN

ENERGY

EQUITY

ETF

Schedule

of

Investments

November

30,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

99.0%

Austria

–

0.2%

240

Verbund

AG

(Utilities)

$

19,138

Belgium

–

0.2%

209

Elia

Group

SA/NV

(Utilities)

19,569

Brazil

–

1.1%

8,279

Centrais

Eletricas

Brasileiras

SA

(Utilities)

47,658

5,988

Cia

Paranaense

de

Energia

(Utilities)

8,755

2,185

Cosan

SA

(Energy)

3,729

1,364

CPFL

Energia

SA

(Utilities)

7,452

4,251

Energisa

SA

(Utilities)

28,629

1,270

Engie

Brasil

Energia

SA

(Utilities)

8,083

668

Sao

Martinho

SA

(Consumer

Staples)

2,842

2,526

Transmissora

Alianca

de

Energia

Eletrica

SA

(Utilities)

14,423

121,571

Canada

–

2.9%

3,089

Algonquin

Power

&

Utilities

Corp.

(Utilities)

15,333

181

Atco

Ltd.,

Class

I

(Utilities)

6,352

754

Boralex,

Inc.,

Class

A

(Utilities)

16,231

238

Capital

Power

Corp.

(Utilities)

10,586

3,625

Fortis,

Inc.

(Utilities)

162,046

2,308

Hydro

One

Ltd.

(Utilities)

(a)

75,480

1,899

Northland

Power,

Inc.

(Utilities)

27,546

1,063

TransAlta

Corp.

(Utilities)

(b)

12,049

325,623

China

–

12.0%

1,028

Beijing

Easpring

Material

Technology

Co.

Ltd.,

Class

A

(Industrials)

6,503

3,771

BYD

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

142,938

7,840

BYD

Co.

Ltd.,

Class

H

(Consumer

Discretionary)

255,505

8,141

CECEP

Solar

Energy

Co.

Ltd.,

Class

A

(Utilities)

5,592

13,455

CECEP

Wind-Power

Corp.,

Class

A

(Utilities)

5,920

2,914

China

Baoan

Group

Co.

Ltd.,

Class

A

(Industrials)

3,963

15,426

China

Datang

Corp.

Renewable

Power

Co.

Ltd.,

Class

H

(Utilities)

(b)

3,965

24,551

China

Longyuan

Power

Group

Corp.

Ltd.,

Class

H

(Utilities)

20,224

39,166

China

National

Nuclear

Power

Co.

Ltd.,

Class

A

(Utilities)

50,939

2,057

China

Southern

Power

Grid

Energy

Storage

Co.

Ltd.,

Class

A

(Utilities)

2,936

59,391

China

Three

Gorges

Renewables

Group

Co.

Ltd.,

Class

A

(Utilities)

37,352

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

9,153

Contemporary

Amperex

Technology

Co.

Ltd.,

Class

A

(Industrials)

$

329,784

3,171

Dongfang

Electric

Corp.

Ltd.,

Class

A

(Industrials)

6,639

4,285

Eve

Energy

Co.

Ltd.,

Class

A

(Industrials)

28,769

3,685

Flat

Glass

Group

Co.

Ltd.,

Class

A

(Information

Technology)

12,960

2,987

Flat

Glass

Group

Co.

Ltd.,

Class

H

(Information

Technology)

(b)

5,320

857

Ganfeng

Lithium

Group

Co.

Ltd.,

Class

A

(Materials)

4,970

392

Ganfeng

Lithium

Group

Co.

Ltd.,

Class

H

(Materials)

(a)

1,267

148,792

GCL

Technology

Holdings

Ltd.

(Information

Technology)*

27,726

10,627

GEM

Co.

Ltd.,

Class

A

(Industrials)

10,172

814

Ginlong

Technologies

Co.

Ltd.,

Class

A

(Industrials)

7,618

7,199

Goldwind

Science

&

Technology

Co.

Ltd.,

Class

A

(Industrials)

11,081

3,685

Gotion

High-tech

Co.

Ltd.,

Class

A

(Industrials)

11,796

3,942

Guangzhou

Tinci

Materials

Technology

Co.

Ltd.,

Class

A

(Materials)

13,423

5,385

Hangzhou

First

Applied

Material

Co.

Ltd.,

Class

A

(Information

Technology)

12,975

3,342

Hengdian

Group

DMEGC

Magnetics

Co.

Ltd.,

Class

A

(Information

Technology)

6,204

255

Hoymiles

Power

Electronics,

Inc.,

Class

A

(Industrials)

4,388

6,859

JA

Solar

Technology

Co.

Ltd.,

Class

A

(Information

Technology)

16,460

15,735

LONGi

Green

Energy

Technology

Co.

Ltd.,

Class

A

(Information

Technology)

40,148

4,713

Ming

Yang

Smart

Energy

Group

Ltd.,

Class

A

(Industrials)

9,230

343

Ningbo

Deye

Technology

Co.

Ltd.,

Class

A

(Industrials)

4,081

4,713

Ningbo

Shanshan

Co.

Ltd.,

Class

A

(Materials)

5,668

3,771

Shanghai

Aiko

Solar

Energy

Co.

Ltd.,

Class

A

(Information

Technology)*

8,296

6,427

Shanghai

Electric

Group

Co.

Ltd.,

Class

A

(Industrials)*

7,534

4,401

Shanghai

Putailai

New

Energy

Technology

Co.

Ltd.,

Class

A

(Materials)

12,097

857

Shenzhen

Capchem

Technology

Co.

Ltd.,

Class

A

(Materials)

4,845

GOLDMAN

SACHS

BLOOMBERG

CLEAN

ENERGY

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

428

Shenzhen

SC

New

Energy

Technology

Corp.,

Class

A

(Information

Technology)

$

4,172

4,336

Sungrow

Power

Supply

Co.

Ltd.,

Class

A

(Industrials)

48,607

2,142

Sunwoda

Electronic

Co.

Ltd.,

Class

A

(Industrials)

6,753

572

Suzhou

Maxwell

Technologies

Co.

Ltd.,

Class

A

(Information

Technology)

9,735

8,377

TCL

Zhonghuan

Renewable

Energy

Technology

Co.

Ltd.,

Class

A

(Information

Technology)

12,154

3,771

Titan

Wind

Energy

Suzhou

Co.

Ltd.,

Class

A

(Industrials)

4,774

9,341

Tongwei

Co.

Ltd.,

Class

A

(Information

Technology)

35,364

4,524

Trina

Solar

Co.

Ltd.,

Class

A

(Information

Technology)

15,193

1,628

Xiamen

Tungsten

Co.

Ltd.,

Class

A

(Materials)

4,659

3,645

Xinjiang

Daqo

New

Energy

Co.

Ltd.,

Class

A

(Information

Technology)

14,478

31,323

Xinyi

Solar

Holdings

Ltd.

(Information

Technology)

13,847

4,456

Zhejiang

Chint

Electrics

Co.

Ltd.,

Class

A

(Industrials)

13,981

1,885

Zhejiang

Huayou

Cobalt

Co.

Ltd.,

Class

A

(Industrials)

8,408

2,742

Zhejiang

Jingsheng

Mechanical

&

Electrical

Co.

Ltd.,

Class

A

(Information

Technology)

13,172

1,344,585

Czech

Republic

–

0.4%

1,195

CEZ

AS

(Utilities)

48,041

Denmark

–

1.7%

1,323

Orsted

AS

(Utilities)*

(a)

73,410

7,480

Vestas

Wind

Systems

A/S

(Industrials)*

116,210

189,620

Finland

–

0.7%

3,145

Fortum

OYJ

(Utilities)

47,385

1,927

Neste

OYJ

(Energy)

29,318

76,703

France

–

1.4%

7,111

Engie

SA

(Utilities)

113,298

593

Neoen

SA

(Utilities)

(a)

24,765

564

SPIE

SA

(Industrials)

17,752

155,815

Germany

–

4.6%

16,394

E.ON

SE

(Utilities)

210,988

2,247

Infineon

Technologies

AG

(Information

Technology)

73,133

914

Nordex

SE

(Industrials)*

11,536

Shares

Description

Value

a

Common

Stocks

–

(continued)

Germany

–

(continued)

4,653

RWE

AG

(Utilities)

$

156,625

983

Siemens

Energy

AG

(Industrials)*

52,971

164

SMA

Solar

Technology

AG

(Information

Technology)

2,366

69

Wacker

Chemie

AG

(Materials)

5,157

512,776

Greece

–

0.1%

421

Public

Power

Corp.

SA

(Utilities)

5,091

India

–

1.9%

3,271

Adani

Green

Energy

Ltd.

(Utilities)*

51,251

5,415

Inox

Wind

Ltd.

(Industrials)*

12,243

20,534

NHPC

Ltd.

(Utilities)

19,791

7,553

Power

Grid

Corp.

of

India

Ltd.

(Utilities)

29,445

4,627

SJVN

Ltd.

(Utilities)

6,291

778

Sterling

and

Wilson

Renewable

(Industrials)*

4,479

77,750

Suzlon

Energy

Ltd.

(Industrials)*

57,952

6,134

Tata

Power

Co.

Ltd.

(The)

(Utilities)

30,065

211,517

Italy

–

4.3%

6,238

A2A

SpA

(Utilities)

14,080

57,507

Enel

SpA

(Utilities)

413,632

389

ERG

SpA

(Utilities)

8,537

5,689

Terna

-

Rete

Elettrica

Nazionale

(Utilities)

48,118

484,367

Japan

–

4.2%

2,984

Chubu

Electric

Power

Co.,

Inc.

(Utilities)

31,452

3,462

Denso

Corp.

(Consumer

Discretionary)

49,077

10,950

Hitachi

Ltd.

(Industrials)

273,486

3,012

Kansai

Electric

Power

Co.,

Inc.

(The)

(Utilities)

38,616

3,252

Kyushu

Electric

Power

Co.,

Inc.

(Utilities)

31,960

700

Osaka

Gas

Co.

Ltd.

(Utilities)

15,307

700

Shikoku

Electric

Power

Co.,

Inc.

(Utilities)

5,728

2,623

SUMCO

Corp.

(Information

Technology)

21,011

900

Tohoku

Electric

Power

Co.,

Inc.

(Utilities)

7,281

473,918

New

Zealand

–

0.3%

9,398

Meridian

Energy

Ltd.

(Utilities)

34,524

Portugal

–

0.7%

22,553

EDP

SA

(Utilities)

81,514

GOLDMAN

SACHS

BLOOMBERG

CLEAN

ENERGY

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Singapore

–

0.5%

6,600

Sembcorp

Industries

Ltd.

(Utilities)

$

25,698

1,175

STMicroelectronics

NV

(Information

Technology)

30,120

55,818

South

Korea

–

1.6%

133

CS

Wind

Corp.

(Industrials)

3,823

741

Ecopro

Co.

Ltd.

(Industrials)*

40,422

371

Hanwha

Solutions

Corp.

(Materials)

4,313

1,077

Korea

Electric

Power

Corp.

(Utilities)*

18,451

177

L&F

Co.

Ltd.

(Industrials)*

12,472

168

LG

Chem

Ltd.

(Materials)

34,201

345

Samsung

SDI

Co.

Ltd.

(Information

Technology)

62,939

176,621

Spain

–

5.8%

96

Acciona

SA

(Utilities)

12,198

1,280

Endesa

SA

(Utilities)

28,039

38,112

Iberdrola

SA

(Utilities)

543,025

229

Naturgy

Energy

Group

SA

(Utilities)

5,640

3,198

Redeia

Corp.

SA

(Utilities)

57,084

572

Solaria

Energia

y

Medio

Ambiente

SA

(Utilities)*

5,474

651,460

Switzerland

–

1.1%

1,895

ABB

Ltd.

(Industrials)

108,151

80

BKW

AG

(Utilities)

13,748

121,899

Taiwan

–

0.5%

3,007

Delta

Electronics,

Inc.

(Information

Technology)

35,270

4,181

Sino-American

Silicon

Products,

Inc.

(Information

Technology)

19,757

55,027

United

Kingdom

–

4.0%

2,860

Drax

Group

PLC

(Utilities)

24,247

19,324

National

Grid

PLC

(Utilities)

243,800

8,100

SSE

PLC

(Utilities)

182,385

450,432

United

States

–

48.8%

2,825

AES

Corp.

(The)

(Utilities)

36,838

1,034

Alliant

Energy

Corp.

(Utilities)

65,349

1,072

Ameren

Corp.

(Utilities)

101,186

236

Ameresco,

Inc.,

Class

A

(Industrials)*

6,648

2,150

American

Electric

Power

Co.,

Inc.

(Utilities)

214,699

1,070

Array

Technologies,

Inc.

(Industrials)*

7,180

287

Avangrid,

Inc.

(Utilities)

10,361

573

Avista

Corp.

(Utilities)

22,169

Shares

Description

Value

a

Common

Stocks

–

(continued)

United

States

–

(continued)

1,451

Bloom

Energy

Corp.,

Class

A

(Industrials)*

$

39,830

999

Brookfield

Renewable

Corp.,

Class

A

(Utilities)

(b)

31,836

1,169

CenterPoint

Energy,

Inc.

(Utilities)

38,133

600

Clearway

Energy,

Inc.,

Class

C

(Utilities)

17,694

545

CMS

Energy

Corp.

(Utilities)

37,992

1,393

Consolidated

Edison,

Inc.

(Utilities)

140,122

3,385

Dominion

Energy,

Inc.

(Utilities)

198,869

332

DTE

Energy

Co.

(Utilities)

41,759

2,358

Duke

Energy

Corp.

(Utilities)

276,004

2,842

Edison

International

(Utilities)

249,385

84

EMCOR

Group,

Inc.

(Industrials)

42,850

1,022

Enovix

Corp.

(Industrials)*

9,454

971

Enphase

Energy,

Inc.

(Information

Technology)*

69,281

860

Entergy

Corp.

(Utilities)

134,306

1,407

Eversource

Energy

(Utilities)

90,737

4,042

Exelon

Corp.

(Utilities)

159,902

749

First

Solar,

Inc.

(Information

Technology)*

149,253

454

Fluence

Energy,

Inc.

(Industrials)*

8,540

241

Generac

Holdings,

Inc.

(Industrials)*

45,356

621

General

Electric

Co.

(Industrials)

113,121

463

Green

Plains,

Inc.

(Energy)*

5,000

336

Itron,

Inc.

(Information

Technology)*

39,826

251

MasTec,

Inc.

(Industrials)*

36,159

146

MGE

Energy,

Inc.

(Utilities)

15,225

6,678

NextEra

Energy,

Inc.

(Utilities)

525,358

1,006

NEXTracker,

Inc.,

Class

A

(Industrials)*

38,389

245

Northwestern

Energy

Group,

Inc.

(Utilities)

13,534

376

NRG

Energy,

Inc.

(Utilities)

38,205

781

ON

Semiconductor

Corp.

(Information

Technology)*

55,545

429

Ormat

Technologies,

Inc.

(Utilities)

35,015

75

Otter

Tail

Corp.

(Utilities)

6,048

8,362

PG&E

Corp.

(Utilities)

180,870

6,010

Plug

Power,

Inc.

(Industrials)*

(b)

13,462

3,683

Public

Service

Enterprise

Group,

Inc.

(Utilities)

347,307

589

Quanta

Services,

Inc.

(Industrials)

202,922

2,477

QuantumScape

Corp.

(Consumer

Discretionary)*

12,955

423

Schneider

Electric

SE

(Industrials)

108,789

2,561

Sempra

(Utilities)

239,889

GOLDMAN

SACHS

BLOOMBERG

CLEAN

ENERGY

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

United

States

–

(continued)

420

SolarEdge

Technologies,

Inc.

(Information

Technology)*

$

6,636

1,214

Southern

Co.

(The)

(Utilities)

108,204

796

Sunnova

Energy

International,

Inc.

(Utilities)*

4,410

1,590

Sunrun,

Inc.

(Industrials)*

18,333

2,382

Tesla,

Inc.

(Consumer

Discretionary)*

822,171

36

Valmont

Industries,

Inc.

(Industrials)

12,523

578

WEC

Energy

Group,

Inc.

(Utilities)

58,407

505

Wolfspeed,

Inc.

(Information

Technology)*

4,838

2,239

Xcel

Energy,

Inc.

(Utilities)

162,462

5,471,336

TOTAL

COMMON

STOCKS

(Cost

$10,156,420)

11,086,965

Shares

Description

Rate

Value

a

Preferred

Stocks

–

0.4%

Brazil

–

0.4%

1,741

Centrais

Eletricas

Brasileiras

SA,

Class

B

(Utilities)

3.92

%

11,375

14,099

Cia

Energetica

de

Minas

Gerais

(Utilities)

13.49

28,100

7,684

Cia

Paranaense

de

Energia

-

Copel

(Utilities)

3.60

12,496

TOTAL

PREFERRED

STOCKS

(Cost

$56,304)

51,971

Shares

Dividend

Rate

Value

aa

a

Investment

Company

–

0.3%

(c)

Goldman

Sachs

Financial

Square

Treasury

Obligations

Fund

–

Institutional

Shares

29,654

4.511%

29,654

(Cost

$29,654)

TOTAL

INVESTMENTS

BEFORE

SECURITIES

LENDING

REINVESTMENT

VEHICLE

(Cost

$10,242,378)

11,168,590

Shares

Dividend

Rate

Value

a

Securities

Lending

Reinvestment

Vehicle

–

0.6%

(c)

a

a

a

a

Goldman

Sachs

Financial

Square

Government

Fund

–

Institutional

Shares

67,989

4.541%

$

67,989

(Cost

$67,989)

TOTAL

INVESTMENTS

–

100.3%

(Cost

$10,310,367)

$

11,236,579

LIABILITIES

IN

EXCESS

OF

OTHER

ASSETS

–

(0.3)%

(35,178)

NET

ASSETS

–

100.0%

$

11,201,401

  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)

Represents

an

affiliated

issuer.

Investment

Abbreviations:

PLC

—

Public

Limited

Company

Sector

Name

%

of

Market

Value

Utilities

62.0

%

Industrials

17.2

Consumer

Discretionary

11.4

Information

Technology

7.3

Materials

0.9

Energy

0.3

Investment

Company

0.3

Consumer

Staples

0.0

Securities

Lending

Reinvestment

Vehicle

0.6

TOTAL

INVESTMENTS

100.0%

GOLDMAN

SACHS

EQUAL

WEIGHT

U.S.

LARGE

CAP

EQUITY

ETF

Schedule

of

Investments

November

30,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

99.8%

Communication

Services

–

3.5%

11,027

Alphabet,

Inc.,

Class

A

$

1,863,012

86,651

AT&T,

Inc.

2,006,837

4,746

Charter

Communications,

Inc.,

Class

A*

1,883,996

43,061

Comcast

Corp.,

Class

A

1,859,805

12,221

Electronic

Arts,

Inc.

2,000,211

15,411

Live

Nation

Entertainment,

Inc.*

2,130,571

3,428

Meta

Platforms,

Inc.,

Class

A

1,968,769

2,502

Netflix,

Inc.*

2,218,799

18,547

Omnicom

Group,

Inc.

1,944,096

57,793

Pinterest,

Inc.,

Class

A*

1,752,284

37,065

ROBLOX

Corp.,

Class

A*

1,858,068

11,567

Take-Two

Interactive

Software,

Inc.*

2,178,991

8,323

T-Mobile

US,

Inc.

2,055,282

15,601

Trade

Desk,

Inc.

(The),

Class

A*

2,005,508

47,006

Verizon

Communications,

Inc.

2,084,246

19,625

Walt

Disney

Co.

(The)

2,305,349

230,423

Warner

Bros

Discovery,

Inc.*

2,414,833

34,530,657

Consumer

Discretionary

–

9.1%

13,785

Airbnb,

Inc.,

Class

A*

1,876,276

9,415

Amazon.com,

Inc.*

1,957,284

608

AutoZone,

Inc.*

1,927,080

21,579

Best

Buy

Co.,

Inc.

1,942,110

393

Booking

Holdings,

Inc.

2,044,378

7,715

Burlington

Stores,

Inc.*

2,174,704

80,293

Carnival

Corp.*

2,041,851

8,152

Carvana

Co.*

2,122,944

33,159

Chipotle

Mexican

Grill,

Inc.*

2,039,942

11,735

D.R.

Horton,

Inc.

1,980,633

11,246

Darden

Restaurants,

Inc.

1,982,332

11,704

Deckers

Outdoor

Corp.*

2,293,516

4,377

Domino's

Pizza,

Inc.

2,084,284

11,557

DoorDash,

Inc.,

Class

A*

2,085,807

51,191

DraftKings,

Inc.,

Class

A*

2,234,487

31,770

eBay,

Inc.

2,010,723

11,329

Expedia

Group,

Inc.*

2,091,560

8,164

Flutter

Entertainment

PLC

(United

Kingdom)*

2,255,876

175,082

Ford

Motor

Co.

1,948,663

9,283

Garmin

Ltd.

1,973,566

35,524

General

Motors

Co.

1,974,779

15,854

Genuine

Parts

Co.

2,009,177

7,879

Hilton

Worldwide

Holdings,

Inc.

1,996,854

5,006

Home

Depot,

Inc.

(The)

2,148,225

38,264

Las

Vegas

Sands

Corp.

2,030,288

11,605

Lennar

Corp.,

Class

A

2,023,796

7,441

Lowe’s

Cos.,

Inc.

2,027,152

7,001

Marriott

International,

Inc.,

Class

A

2,023,919

6,579

McDonald's

Corp.

1,947,450

25,609

NIKE,

Inc.,

Class

B

2,017,221

212

NVR,

Inc.*

1,957,943

1,578

O'Reilly

Automotive,

Inc.*

1,961,801

5,310

Pool

Corp.

2,002,348

15,099

PulteGroup,

Inc.

2,042,442

13,736

Ross

Stores,

Inc.

2,127,294

8,611

Royal

Caribbean

Cruises

Ltd.

2,101,601

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Consumer

Discretionary

–

(continued)

20,279

Starbucks

Corp.

$

2,077,786

6,755

Tesla,

Inc.*

2,331,556

16,850

TJX

Cos.,

Inc.

(The)

2,117,877

13,110

Toll

Brothers,

Inc.

2,165,379

6,718

Tractor

Supply

Co.

1,905,695

5,065

Ulta

Beauty,

Inc.*

1,958,332

15,174

Williams-Sonoma,

Inc.

2,610,232

14,529

Yum!

Brands,

Inc.

2,018,659

90,645,822

Consumer

Staples

–

6.4%

35,630

Altria

Group,

Inc.

2,057,276

36,660

Archer-Daniels-Midland

Co.

2,001,636

46,839

Brown-Forman

Corp.,

Class

B

1,970,985

22,602

Bunge

Global

SA

2,028,303

18,493

Church

&

Dwight

Co.,

Inc.

2,036,634

11,725

Clorox

Co.

(The)

1,960,068

30,406

Coca-Cola

Co.

(The)

1,948,417

21,286

Colgate-Palmolive

Co.

2,056,866

66,060

Conagra

Brands,

Inc.

1,819,953

8,448

Constellation

Brands,

Inc.,

Class

A

2,035,546

2,171

Costco

Wholesale

Corp.

2,109,951

24,734

Dollar

General

Corp.

1,911,196

31,615

Dollar

Tree,

Inc.*

2,253,201

30,556

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

2,203,699

29,055

General

Mills,

Inc.

1,925,184

10,834

Hershey

Co.

(The)

1,908,192

23,831

Kellanova

1,937,222

86,190

Kenvue,

Inc.

2,075,455

58,482

Keurig

Dr

Pepper,

Inc.

1,909,437

14,711

Kimberly-Clark

Corp.

2,049,978

57,282

Kraft

Heinz

Co.

(The)

1,831,306

32,386

Kroger

Co.

(The)

1,978,137

25,219

McCormick

&

Co.,

Inc.

1,977,422

28,902

Mondelez

International,

Inc.,

Class

A

1,877,185

35,699

Monster

Beverage

Corp.*

1,968,086

11,754

PepsiCo,

Inc.

1,921,191

15,353

Philip

Morris

International,

Inc.

2,042,870

12,008

Procter &

Gamble

Co.

(The)

2,152,554

24,923

Sysco

Corp.

1,921,813

13,156

Target

Corp.

1,740,670

32,639

Tyson

Foods,

Inc.,

Class

A

2,105,216

23,136

Walmart,

Inc.

2,140,080

63,855,729

Energy

–

4.9%

46,197

Baker

Hughes

Co.

2,030,358

9,689

Cheniere

Energy,

Inc.

2,170,433

12,228

Chevron

Corp.

1,980,080

34,034

ConocoPhillips

3,687,243

78,747

Coterra

Energy,

Inc.

2,104,120

48,718

Devon

Energy

Corp.

1,848,848

10,520

Diamondback

Energy,

Inc.

1,868,247

15,165

EOG

Resources,

Inc.

2,020,888

47,610

EQT

Corp.

2,163,398

21,036

Expand

Energy

Corp.

2,081,723

15,925

Exxon

Mobil

Corp.

1,878,513

GOLDMAN

SACHS

EQUAL

WEIGHT

U.S.

LARGE

CAP

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Energy

–

(continued)

63,779

Halliburton

Co.

$

2,031,999

13,405

Hess

Corp.

1,972,948

73,277

Kinder

Morgan,

Inc.

2,071,541

12,472

Marathon

Petroleum

Corp.

1,947,503

37,352

Occidental

Petroleum

Corp.

1,889,264

18,864

ONEOK,

Inc.

2,142,950

15,120

Phillips

66

2,025,778

44,689

Schlumberger

NV

1,963,635

10,287

Targa

Resources

Corp.

2,101,634

1,447

Texas

Pacific

Land

Corp.

2,315,330

13,939

Valero

Energy

Corp.

1,938,636

34,845

Williams

Cos.,

Inc.

(The)

2,039,129

48,274,198

Financials

–

15.5%

17,948

Aflac,

Inc.

2,046,072

10,249

Allstate

Corp.

(The)

2,125,540

6,543

American

Express

Co.

1,993,521

25,426

American

International

Group,

Inc.

1,954,751

3,422

Ameriprise

Financial,

Inc.

1,964,125

5,102

Aon

PLC,

Class

A

1,997,637

11,840

Apollo

Global

Management,

Inc.

2,072,355

19,146

Arch

Capital

Group

Ltd.

1,928,385

11,302

Ares

Management

Corp.,

Class

A

1,997,402

6,673

Arthur

J

Gallagher

&

Co.

2,083,578

42,556

Bank

of

America

Corp.

2,021,836

24,601

Bank

of

New

York

Mellon

Corp.

(The)

2,014,084

4,138

Berkshire

Hathaway,

Inc.,

Class

B*

1,998,737

1,885

Blackrock,

Inc.

1,927,978

10,948

Blackstone,

Inc.

2,092,053

24,924

Block,

Inc.*

2,207,020

17,542

Brown

&

Brown,

Inc.

1,984,000

10,191

Capital

One

Financial

Corp.

1,956,774

9,645

Cboe

Global

Markets,

Inc.

2,081,873

25,602

Charles

Schwab

Corp.

(The)

2,118,822

6,915

Chubb

Ltd.

1,996,568

12,865

Cincinnati

Financial

Corp.

2,056,213

27,845

Citigroup,

Inc.

1,973,375

41,032

Citizens

Financial

Group,

Inc.

1,975,280

8,806

CME

Group,

Inc.

2,095,828

7,949

Coinbase

Global,

Inc.,

Class

A*

2,354,494

5,518

Corpay,

Inc.*

2,103,351

10,793

Discover

Financial

Services

1,968,967

5,331

Everest

Group

Ltd.

2,066,082

4,077

FactSet

Research

Systems,

Inc.

2,000,462

31,910

Fidelity

National

Financial,

Inc.

2,022,775

22,315

Fidelity

National

Information

Services,

Inc.

1,903,470

42,024

Fifth

Third

Bancorp

2,019,673

867

First

Citizens

BancShares,

Inc.,

Class

A

1,989,765

9,149

Fiserv,

Inc.*

2,021,563

16,909

Global

Payments,

Inc.

2,011,495

3,268

Goldman

Sachs

Group,

Inc.

(The)

(a)

1,988,807

16,651

Hartford

Financial

Services

Group,

Inc.

(The)

2,053,235

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Financials

–

(continued)

111,341

Huntington

Bancshares,

Inc.

$

2,005,251

11,322

Interactive

Brokers

Group,

Inc.,

Class

A

2,163,521

12,481

Intercontinental

Exchange,

Inc.

2,008,942

10,716

Jack

Henry

&

Associates,

Inc.

1,887,945

7,883

JPMorgan

Chase &

Co.

1,968,543

99,139

KeyCorp

1,931,228

12,696

KKR

&

Co.,

Inc.

2,067,798

23,366

Loews

Corp.

2,026,533

6,310

LPL

Financial

Holdings,

Inc.

2,051,696

9,127

M&T

Bank

Corp.

2,007,849

1,188

Markel

Group,

Inc.*

2,118,109

8,647

Marsh

&

McLennan

Cos.,

Inc.

2,016,740

3,694

Mastercard,

Inc.,

Class

A

1,968,680

23,076

MetLife,

Inc.

2,035,995

4,195

Moody's

Corp.

2,097,416

14,641

Morgan

Stanley

1,926,902

3,382

MSCI,

Inc.

2,061,769

25,176

Nasdaq,

Inc.

2,089,356

18,116

Northern

Trust

Corp.

2,013,775

23,791

PayPal

Holdings,

Inc.*

2,064,345

9,512

PNC

Financial

Services

Group,

Inc.

(The)

2,042,417

22,431

Principal

Financial

Group,

Inc.

1,953,516

7,573

Progressive

Corp.

(The)

2,036,228

15,046

Prudential

Financial,

Inc.

1,947,103

12,063

Raymond

James

Financial,

Inc.

2,042,025

74,927

Regions

Financial

Corp.

2,042,510

3,975

S&P

Global,

Inc.

2,076,977

19,904

State

Street

Corp.

1,960,743

28,899

Synchrony

Financial

1,951,260

16,017

T.

Rowe

Price

Group,

Inc.

1,983,545

15,267

Tradeweb

Markets,

Inc.,

Class

A

2,068,679

7,611

Travelers

Cos.,

Inc.

(The)

2,024,830

41,695

Truist

Financial

Corp.

1,988,018

37,597

US

Bancorp

2,003,544

6,315

Visa,

Inc.,

Class

A

1,989,730

32,025

W

R

Berkley

Corp.

2,067,214

26,445

Wells

Fargo &

Co.

2,014,316

6,098

Willis

Towers

Watson

PLC

1,963,556

153,836,550

Health

Care

–

11.5%

16,568

Abbott

Laboratories

1,967,781

9,552

AbbVie,

Inc.

1,747,347

13,953

Agilent

Technologies,

Inc.

1,925,095

8,797

Align

Technology,

Inc.*

2,047,678

7,058

Alnylam

Pharmaceuticals,

Inc.*

1,786,168

6,008

Amgen,

Inc.

1,699,483

84,085

Avantor,

Inc.*

1,770,830

53,597

Baxter

International,

Inc.

1,806,755

8,109

Becton

Dickinson

&

Co.

1,799,387

11,027

Biogen,

Inc.*

1,771,267

29,094

BioMarin

Pharmaceutical,

Inc.*

1,921,077

22,345

Boston

Scientific

Corp.*

2,025,798

34,206

Bristol-Myers

Squibb

Co.

2,025,679

16,815

Cardinal

Health,

Inc.

2,055,466

7,857

Cencora,

Inc.

1,976,428

30,908

Centene

Corp.*

1,854,480

6,202

Cigna

Group

(The)

2,095,036

GOLDMAN

SACHS

EQUAL

WEIGHT

U.S.

LARGE

CAP

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Health

Care

–

(continued)

18,922

Cooper

Cos.,

Inc.

(The)*

$

1,976,592

31,736

CVS

Health

Corp.

1,899,400

7,768

Danaher

Corp.

1,861,912

28,122

Dexcom,

Inc.*

2,193,235

29,287

Edwards

Lifesciences

Corp.*

2,089,627

4,556

Elevance

Health,

Inc.

1,854,110

2,483

Eli

Lilly

&

Co.

1,974,854

35,696

Exact

Sciences

Corp.*

2,216,008

22,329

GE

HealthCare

Technologies,

Inc.

1,858,219

21,124

Gilead

Sciences,

Inc.

1,955,660

5,469

HCA

Healthcare,

Inc.

1,789,566

24,244

Hologic,

Inc.*

1,927,398

6,787

Humana,

Inc.

2,011,531

4,642

IDEXX

Laboratories,

Inc.*

1,957,764

12,745

Illumina,

Inc.*

1,837,192

8,136

Insulet

Corp.*

2,170,522

3,758

Intuitive

Surgical,

Inc.*

2,036,836

8,859

IQVIA

Holdings,

Inc.*

1,779,242

12,206

Johnson &

Johnson

1,892,052

8,312

Labcorp

Holdings,

Inc.

2,004,522

3,551

McKesson

Corp.

2,231,803

21,606

Medtronic

PLC

1,869,783

19,003

Merck &

Co.,

Inc.

1,931,465

1,406

Mettler-Toledo

International,

Inc.*

1,759,187

36,968

Moderna,

Inc.*

1,591,842

5,835

Molina

Healthcare,

Inc.*

1,738,246

70,368

Pfizer,

Inc.

1,844,345

12,504

Quest

Diagnostics,

Inc.

2,033,901

2,357

Regeneron

Pharmaceuticals,

Inc.*

1,768,269

7,886

ResMed,

Inc.

1,963,772

15,501

Revvity,

Inc.

1,800,286

8,473

STERIS

PLC

1,856,095

5,232

Stryker

Corp.

2,051,729

3,447

Thermo

Fisher

Scientific,

Inc.

1,825,635

3,254

UnitedHealth

Group,

Inc.

1,985,591

8,911

Veeva

Systems,

Inc.,

Class

A*

2,030,371

3,917

Vertex

Pharmaceuticals,

Inc.*

1,833,665

164,583

Viatris,

Inc.

2,154,391

5,061

Waters

Corp.*

1,947,068

5,889

West

Pharmaceutical

Services,

Inc.

1,917,930

17,514

Zimmer

Biomet

Holdings,

Inc.

1,963,319

11,259

Zoetis,

Inc.

1,973,140

113,633,830

Industrials

–

16.1%

14,583

3M

Co.

1,947,268

10,082

AMETEK,

Inc.

1,959,739

6,304

Automatic

Data

Processing,

Inc.

1,934,887

4,243

Axon

Enterprise,

Inc.*

2,745,051

12,976

Boeing

Co.

(The)*

2,016,989

10,505

Booz

Allen

Hamilton

Holding

Corp.

1,556,631

8,883

Broadridge

Financial

Solutions,

Inc.

2,096,566

10,992

Builders

FirstSource,

Inc.*

2,049,678

4,298

Carlisle

Cos.,

Inc.

1,962,897

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Industrials

–

(continued)

25,858

Carrier

Global

Corp.

$

2,000,634

4,645

Caterpillar,

Inc.

1,886,381

8,921

Cintas

Corp.

2,014,273

34,954

Copart,

Inc.*

2,215,734

52,428

CSX

Corp.

1,916,243

5,455

Cummins,

Inc.

2,045,843

4,760

Deere

&

Co.

2,217,684

31,232

Delta

Air

Lines,

Inc.

1,993,226

9,549

Dover

Corp.

1,966,139

5,315

Eaton

Corp.

PLC

1,995,357

3,844

EMCOR

Group,

Inc.

1,960,901

15,300

Emerson

Electric

Co.

2,028,780

7,351

Equifax,

Inc.

1,922,728

16,309

Expeditors

International

of

Washington,

Inc.

1,983,827

23,255

Fastenal

Co.

1,943,188

7,029

FedEx

Corp.

2,127,467

9,262

Ferguson

Enterprises,

Inc.

1,999,944

26,073

Fortive

Corp.

2,068,371

5,765

GE

Vernova,

Inc.*

1,926,202

6,296

General

Dynamics

Corp.

1,788,127

10,659

General

Electric

Co.

1,941,643

21,901

Graco,

Inc.

1,994,743

8,937

Honeywell

International,

Inc.

2,081,695

17,047

Howmet

Aerospace,

Inc.

2,018,024

4,050

Hubbell,

Inc.

1,863,365

8,198

IDEX

Corp.

1,890,705

7,020

Illinois

Tool

Works,

Inc.

1,948,190

18,904

Ingersoll

Rand,

Inc.

1,969,230

9,944

J.B.

Hunt

Transport

Services,

Inc.

1,880,510

13,021

Jacobs

Solutions,

Inc.

1,838,956

23,840

Johnson

Controls

International

PLC

1,999,222

7,499

L3Harris

Technologies,

Inc.

1,846,629

9,926

Leidos

Holdings,

Inc.

1,641,760

3,169

Lennox

International,

Inc.

2,114,135

3,476

Lockheed

Martin

Corp.

1,840,229

23,992

Masco

Corp.

1,932,796

7,297

Nordson

Corp.

1,904,444

7,009

Norfolk

Southern

Corp.

1,933,433

3,672

Northrop

Grumman

Corp.

1,797,995

8,452

Old

Dominion

Freight

Line,

Inc.

1,902,883

19,226

Otis

Worldwide

Corp.

1,979,894

10,336

Owens

Corning

2,125,288

16,666

PACCAR,

Inc.

1,949,922

2,735

Parker-Hannifin

Corp.

1,922,432

13,118

Paychex,

Inc.

1,918,770

18,863

Pentair

PLC

2,055,878

6,284

Quanta

Services,

Inc.

2,164,964

9,336

Republic

Services,

Inc.

2,038,049

6,631

Rockwell

Automation,

Inc.

1,957,073

40,079

Rollins,

Inc.

2,017,176

15,915

RTX

Corp.

1,938,924

5,504

Snap-on,

Inc.

2,034,774

62,050

Southwest

Airlines

Co.

2,007,938

26,340

SS&C

Technologies

Holdings,

Inc.

2,037,136

21,312

Stanley

Black

&

Decker,

Inc.

1,906,358

22,124

Textron,

Inc.

1,894,478

4,943

Trane

Technologies

PLC

2,057,375

GOLDMAN

SACHS

EQUAL

WEIGHT

U.S.

LARGE

CAP

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Industrials

–

(continued)

1,401

TransDigm

Group,

Inc.

$

1,755,411

18,769

TransUnion

1,905,054

26,294

Uber

Technologies,

Inc.*

1,892,116

7,793

Union

Pacific

Corp.

1,906,635

22,382

United

Airlines

Holdings,

Inc.*

2,167,249

14,489

United

Parcel

Service,

Inc.,

Class

B

1,966,447

2,199

United

Rentals,

Inc.

1,904,334

18,871

Veralto

Corp.

2,041,654

6,908

Verisk

Analytics,

Inc.

2,032,403

16,295

Vertiv

Holdings

Co.,

Class

A

2,079,242

1,622

W.W.

Grainger,

Inc.

1,955,062

8,811

Waste

Management,

Inc.

2,010,846

3,802

Watsco,

Inc.

2,097,183

9,610

Westinghouse

Air

Brake

Technologies

Corp.

1,927,958

15,612

Xylem,

Inc.

1,978,821

160,238,186

Information

Technology

–

16.3%

5,454

Accenture

PLC,

Class

A

(Ireland)

1,976,366

3,824

Adobe,

Inc.*

1,972,916

13,455

Advanced

Micro

Devices,

Inc.*

1,845,690

18,627

Akamai

Technologies,

Inc.*

1,751,311

27,024

Amphenol

Corp.,

Class

A

1,963,294

8,537

Analog

Devices,

Inc.

1,861,493

5,757

ANSYS,

Inc.*

2,021,283

8,606

Apple,

Inc.

2,042,462

10,330

Applied

Materials,

Inc.

1,804,754

11,496

AppLovin

Corp.,

Class

A*

3,871,278

4,590

Arista

Networks,

Inc.*

1,862,714

8,559

Atlassian

Corp.,

Class

A*

2,255,981

6,409

Autodesk,

Inc.*

1,870,787

10,913

Broadcom,

Inc.

1,768,779

6,487

Cadence

Design

Systems,

Inc.*

1,990,276

9,541

CDW

Corp.

1,678,548

33,510

Cisco

Systems,

Inc.

1,984,127

21,013

Cloudflare,

Inc.,

Class

A*

2,097,728

24,430

Cognizant

Technology

Solutions

Corp.,

Class

A

1,966,371

39,818

Corning,

Inc.

1,937,942

6,025

Crowdstrike

Holdings,

Inc.,

Class

A*

2,084,469

15,116

Datadog,

Inc.,

Class

A*

2,308,969

14,157

Dell

Technologies,

Inc.,

Class

C

1,806,292

18,453

Entegris,

Inc.

1,949,190

924

Fair

Isaac

Corp.*

2,194,528

9,985

First

Solar,

Inc.*

1,989,711

23,930

Fortinet,

Inc.*

2,274,546

3,631

Gartner,

Inc.*

1,880,604

66,625

Gen

Digital,

Inc.

2,055,381

11,060

GoDaddy,

Inc.,

Class

A*

2,185,124

10,102

Guidewire

Software,

Inc.*

2,049,595

91,185

Hewlett

Packard

Enterprise

Co.

1,934,946

53,235

HP,

Inc.

1,886,116

3,226

HubSpot,

Inc.*

2,326,107

79,656

Intel

Corp.

1,915,727

9,091

International

Business

Machines

Corp.

2,067,384

2,947

Intuit,

Inc.

1,891,178

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Information

Technology

–

(continued)

14,109

Jabil,

Inc.

$

1,916,425

11,978

Keysight

Technologies,

Inc.*

2,046,322

2,895

KLA

Corp.

1,873,152

25,481

Lam

Research

Corp.

1,882,536

6,903

Manhattan

Associates,

Inc.*

1,970,392

21,243

Marvell

Technology,

Inc.

1,969,014

26,112

Microchip

Technology,

Inc.

1,780,055

17,402

Micron

Technology,

Inc.

1,704,526

4,634

Microsoft

Corp.

1,962,314

7,656

MicroStrategy,

Inc.,

Class

A*

2,966,470

6,819

MongoDB,

Inc.*

2,199,059

2,479

Monolithic

Power

Systems,

Inc.

1,407,180

4,118

Motorola

Solutions,

Inc.

2,057,765

16,038

NetApp,

Inc.

1,966,900

29,161

Nutanix,

Inc.,

Class

A*

1,903,630

13,343

NVIDIA

Corp.

1,844,670

26,576

ON

Semiconductor

Corp.*

1,890,085

10,645

Oracle

Corp.

1,967,622

36,032

Palantir

Technologies,

Inc.,

Class

A*

2,417,027

5,026

Palo

Alto

Networks,

Inc.*

1,949,183

9,775

PTC,

Inc.*

1,955,586

35,898

Pure

Storage,

Inc.,

Class

A*

1,902,235

11,225

QUALCOMM,

Inc.

1,779,499

3,423

Roper

Technologies,

Inc.

1,938,924

6,284

Salesforce,

Inc.

2,073,657

18,589

Seagate

Technology

Holdings

PLC

1,883,623

1,950

ServiceNow,

Inc.*

2,046,408

21,395

Skyworks

Solutions,

Inc.

1,873,988

16,136

Snowflake,

Inc.,

Class

A*

2,820,573

88,177

Super

Micro

Computer,

Inc.*

2,878,097

3,525

Synopsys,

Inc.*

1,968,677

12,455

TE

Connectivity

PLC

(Switzerland)

1,882,200

4,040

Teledyne

Technologies,

Inc.*

1,960,450

17,842

Teradyne,

Inc.

1,962,620

9,079

Texas

Instruments,

Inc.

1,825,151

27,137

Trimble,

Inc.*

1,980,187

3,201

Tyler

Technologies,

Inc.*

2,013,973

10,505

VeriSign,

Inc.*

1,966,326

27,949

Western

Digital

Corp.*

2,039,998

7,743

Workday,

Inc.,

Class

A*

1,935,673

4,954

Zebra

Technologies

Corp.,

Class

A*

2,016,278

24,097

Zoom

Communications,

Inc.,

Class

A*

1,992,581

9,991

Zscaler,

Inc.*

2,064,041

161,759,039

Materials

–

5.0%

6,277

Air

Products

and

Chemicals,

Inc.

2,098,589

9,429

Avery

Dennison

Corp.

1,941,903

32,160

Ball

Corp.

1,999,066

20,811

Celanese

Corp.

1,523,573

23,034

CF

Industries

Holdings,

Inc.

2,065,229

31,330

Corteva,

Inc.

1,949,979

19,270

CRH

PLC

1,970,743

40,155

Dow,

Inc.

1,775,253

22,738

DuPont

de

Nemours,

Inc.

1,900,670

GOLDMAN

SACHS

EQUAL

WEIGHT

U.S.

LARGE

CAP

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

**End

swaps

header**

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Materials

–

(continued)

7,830

Ecolab,

Inc.

$

1,947,869

41,047

Freeport-McMoRan,

Inc.

1,814,277

21,770

International

Flavors

&

Fragrances,

Inc.

1,988,907

32,926

International

Paper

Co.

1,937,037

4,166

Linde

PLC

1,920,484

22,532

LyondellBasell

Industries

NV,

Class

A

1,877,817

3,097

Martin

Marietta

Materials,

Inc.

1,858,200

43,506

Newmont

Corp.

1,824,642

11,569

Nucor

Corp.

1,789,609

7,985

Packaging

Corp.

of

America

1,987,067

15,341

PPG

Industries,

Inc.

1,907,960

6,017

Reliance,

Inc.

1,932,901

14,446

RPM

International,

Inc.

2,004,816

5,086

Sherwin-Williams

Co.

(The)

2,021,176

36,466

Smurfit

WestRock

PLC

2,006,359

12,619

Steel

Dynamics,

Inc.

1,833,162

6,656

Vulcan

Materials

Co.

1,917,793

49,795,081

Real

Estate

–

5.5%

17,365

Alexandria

Real

Estate

Equities,

Inc.

REIT

1,914,144

9,666

American

Tower

Corp.

REIT

2,020,194

8,636

AvalonBay

Communities,

Inc.

REIT

2,032,483

15,052

CBRE

Group,

Inc.,

Class

A*

2,107,129

25,719

CoStar

Group,

Inc.*

2,091,983

18,681

Crown

Castle,

Inc.

REIT

1,984,856

11,151

Digital

Realty

Trust,

Inc.

REIT

2,182,139

2,186

Equinix,

Inc.

REIT

2,145,515

27,136

Equity

Residential

REIT

2,080,246

6,585

Essex

Property

Trust,

Inc.

REIT

2,044,379

12,228

Extra

Space

Storage,

Inc.

REIT

2,090,499

87,101

Healthpeak

Properties,

Inc.

REIT

1,915,351

58,569

Invitation

Homes,

Inc.

REIT

2,005,988

16,958

Iron

Mountain,

Inc.

REIT

2,097,196

79,543

Kimco

Realty

Corp.

REIT

2,033,915

12,773

Mid-America

Apartment

Communities,

Inc.

REIT

2,096,816

17,191

Prologis,

Inc.

REIT

2,007,565

6,037

Public

Storage

REIT

2,101,178

34,313

Realty

Income

Corp.

REIT

1,986,380

8,744

SBA

Communications

Corp.

REIT

1,978,330

11,216

Simon

Property

Group,

Inc.

REIT

2,059,258

14,892

Sun

Communities,

Inc.

REIT

1,881,306

30,845

Ventas,

Inc.

REIT

1,976,239

62,197

VICI

Properties,

Inc.

REIT

2,028,244

35,236

W.P.

Carey,

Inc.

REIT

2,010,566

14,655

Welltower,

Inc.

REIT

2,025,028

61,751

Weyerhaeuser

Co.

REIT

1,992,087

54,889,014

Utilities

–

6.0%

34,008

Alliant

Energy

Corp.

2,149,306

22,028

Ameren

Corp.

2,079,223

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Utilities

–

(continued)

19,861

American

Electric

Power

Co.,

Inc.

$

1,983,319

14,557

American

Water

Works

Co.,

Inc.

1,993,436

13,972

Atmos

Energy

Corp.

2,114,243

65,805

CenterPoint

Energy,

Inc.

2,146,559

28,416

CMS

Energy

Corp.

1,980,879

19,509

Consolidated

Edison,

Inc.

1,962,410

8,144

Constellation

Energy

Corp.

2,089,425

33,481

Dominion

Energy,

Inc.

1,967,009

15,835

DTE

Energy

Co.

1,991,726

17,080

Duke

Energy

Corp.

1,999,214

23,651

Edison

International

2,075,375

13,126

Entergy

Corp.

2,049,887

31,659

Evergy,

Inc.

2,046,121

31,601

Eversource

Energy

2,037,948

50,225

Exelon

Corp.

1,986,901

46,259

FirstEnergy

Corp.

1,968,320

25,865

NextEra

Energy,

Inc.

2,034,800

54,538

NiSource,

Inc.

2,077,352

20,973

NRG

Energy,

Inc.

2,131,067

94,657

PG&E

Corp.

2,047,431

59,119

PPL

Corp.

2,065,027

22,955

Public

Service

Enterprise

Group,

Inc.

2,164,656

22,555

Sempra

2,112,727

22,059

Southern

Co.

(The)

1,966,119

15,603

Vistra

Corp.

2,493,984

20,142

WEC

Energy

Group,

Inc.

2,035,349

29,001

Xcel

Energy,

Inc.

2,104,313

59,854,126

TOTAL

COMMON

STOCKS

(Cost

$782,064,311)

991,312,232

Shares

Dividend

Rate

Value

aa

Investment

Company

–

0.1%

(a)

Goldman

Sachs

Financial

Square

Treasury

Obligations

Fund

–

Institutional

Shares

872,007

4.511%

872,007

(Cost

$872,007)

TOTAL

INVESTMENTS

–

99.9%

(Cost

$782,936,318)

$

992,184,239

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

–

0.1%

1,248,117

NET

ASSETS

–

100.0%

$

993,432,356

  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)

Represents

an

affiliated

issuer.

Investment

Abbreviations:

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

GOLDMAN

SACHS

HEDGE

INDUSTRY

VIP

ETF

Schedule

of

Investments

November30,

2024

(Unaudited)

**End

swaps

header**

Shares

Description

Value

aa

Common

Stocks

–

100.0%

Communication

Services

–

11.7%

35,796

Alphabet,

Inc.,

Class

A

$

6,047,734

218,004

Endeavor

Group

Holdings,

Inc.,

Class

A

(a)

6,620,781

32,274

GCI

Liberty,

Inc.,

Class

A*

(b)

—

70,052

Liberty

Broadband

Corp.,

Class

C*

5,964,227

10,890

Meta

Platforms,

Inc.,

Class

A

6,254,345

7,507

Netflix,

Inc.*

6,657,283

13,162

Spotify

Technology

SA*

6,277,748

37,822,118

Consumer

Discretionary

–

15.9%

69,387

Alibaba

Group

Holding

Ltd.

ADR

(China)

6,062,342

29,719

Amazon.com,

Inc.*

6,178,283

1,264

Booking

Holdings,

Inc.

6,575,303

26,140

Carvana

Co.*

6,807,379

248,127

Coupang,

Inc.

(South

Korea)*

6,292,501

34,484

Expedia

Group,

Inc.*

6,366,436

23,540

Flutter

Entertainment

PLC

(United

Kingdom)*

6,504,573

3,350

MercadoLibre,

Inc.

(Brazil)*

6,650,319

51,437,136

Consumer

Staples

–

4.0%

329,061

Albertsons

Cos.,

Inc.,

Class

A

6,531,861

77,737

Kellanova

6,319,241

12,851,102

Energy

–

6.3%

366,475

Energy

Transfer

LP

7,278,194

146,642

EQT

Corp.

6,663,412

43,327

Hess

Corp.

6,376,868

20,318,474

Financials

–

16.1%

38,251

Apollo

Global

Management,

Inc.

6,695,072

13,438

Berkshire

Hathaway,

Inc.,

Class

B*

6,490,823

36,156

Discover

Financial

Services

6,595,939

29,808

Fiserv,

Inc.*

6,586,376

12,077

Mastercard,

Inc.,

Class

A

6,436,316

73,261

PayPal

Holdings,

Inc.*

6,356,857

24,408

Progressive

Corp.

(The)

6,562,823

20,389

Visa,

Inc.,

Class

A

6,424,166

52,148,372

Health

Care

–

8.1%

7,994

Eli

Lilly

&

Co.

6,358,028

88,199

Insmed,

Inc.*

6,629,037

41,593

Natera,

Inc.*

6,978,473

375,227

Teva

Pharmaceutical

Industries

Ltd.

ADR

(Israel)*

6,296,309

26,261,847

Industrials

–

7.9%

796,585

Alight,

Inc.,

Class

A*

6,372,680

19,277

GE

Vernova,

Inc.*

6,440,831

87,977

Uber

Technologies,

Inc.*

6,330,825

51,930

Vertiv

Holdings

Co.,

Class

A

6,626,268

25,770,604

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Information

Technology

–

23.7%

18,470

ANSYS,

Inc.*

$

6,484,817

27,539

Apple,

Inc.

6,535,831

22,092

AppLovin

Corp.,

Class

A*

7,439,481

36,888

Broadcom,

Inc.

5,978,807

407,063

Core

Scientific,

Inc.*

7,278,286

185,373

HashiCorp,

Inc.,

Class

A*

6,232,240

163,631

Juniper

Networks,

Inc.

5,877,626

14,723

Microsoft

Corp.

6,234,602

42,825

NVIDIA

Corp.

5,920,556

18,951

Salesforce,

Inc.

6,253,640

112,514

Smartsheet,

Inc.,

Class

A*

6,295,158

33,342

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

ADR

(Taiwan)

6,156,934

76,687,978

Materials

–

2.0%

62,932

CRH

PLC

6,436,056

Utilities

–

4.3%

30,924

Talen

Energy

Corp.*

6,630,415

45,393

Vistra

Corp.

7,255,617

13,886,032

TOTAL

INVESTMENTS

BEFORE

SECURITIES

LENDING

REINVESTMENT

VEHICLE

(Cost

$276,314,400)

323,619,719

Dividend

Rate

a

Securities

Lending

Reinvestment

Vehicle

–

1.7%

(c)

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

5,387,217

4.541%

5,387,217

(Cost

$5,387,217)

TOTAL

INVESTMENTS

–

101.7%

(Cost

$281,701,617)

$

329,006,936

LIABILITIES

IN

EXCESS

OF

OTHER

ASSETS

–

(1.7)%

(5,655,298)

NET

ASSETS

–

100.0%

$

323,351,638

  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)

Significant

unobservable

inputs

were

used

in

the

valuation

of

this

portfolio

security;

i.e.

Level

3.

(c)

Represents

an

affiliated

issuer.

Investment

Abbreviations:

ADR

—

American

Depositary

Receipt

LP

—

Limited

Partnership

PLC

—

Public

Limited

Company

Goldman

Sachs

Innovate

Equity

ETF

Schedule

of

Investments

November30,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

99.5%

Communication

Services

–

11.0%

30,954

Alphabet,

Inc.,

Class

A

$

5,229,678

14,014

Baidu,

Inc.

ADR

(China)*

1,191,891

14,349

Bilibili,

Inc.

ADR

(China)*

275,070

25,633

Bumble,

Inc.,

Class

A*

222,751

15,628

Comcast

Corp.,

Class

A

674,973

3,877

CTS

Eventim

AG

&

Co.

KGaA

(Germany)

342,128

4,932

Electronic

Arts,

Inc.

807,220

9,693

Endeavor

Group

Holdings,

Inc.,

Class

A

(a)

294,376

29,626

Hello

Group,

Inc.

ADR

(China)

199,383

4,900

IDT

Corp.,

Class

B

253,036

101,109

iQIYI,

Inc.

ADR

(China)*

218,395

5,355

Iridium

Communications,

Inc.

159,151

7,663

JOYY,

Inc.

ADR

(China)*

297,708

100,274

Kuaishou

Technology

(China)*

(b)

621,111

4,463

Liberty

Media

Corp.-Liberty

Formula

One,

Class

A*

361,057

4,985

Live

Nation

Entertainment,

Inc.*

689,176

5,366

Madison

Square

Garden

Entertainment

Corp.*

198,488

1,141

Madison

Square

Garden

Sports

Corp.*

262,373

9,740

Match

Group,

Inc.*

318,888

6,115

Meta

Platforms,

Inc.,

Class

A

3,511,967

9,304

MIXI,

Inc.

(Japan)

174,018

11,059

NetEase,

Inc.

ADR

(China)

967,441

1,255

Netflix,

Inc.*

1,112,947

26,864

Playtika

Holding

Corp.

226,195

49,356

Rightmove

PLC

(United

Kingdom)

404,634

12,291

ROBLOX

Corp.,

Class

A*

616,148

3,711

Scout24

SE

(Germany)

(b)

333,359

17,470

Sea

Ltd.

ADR

(Singapore)*

1,988,086

36,087

Snap,

Inc.,

Class

A*

426,188

2,673

SOOP

Co.

Ltd.

(South

Korea)

211,342

4,518

Sphere

Entertainment

Co.*

185,916

1,991

Spotify

Technology

SA*

949,627

3,820

Take-Two

Interactive

Software,

Inc.*

719,612

27,879

TELUS

Corp.

(Canada)

434,069

32,573

Tencent

Holdings

Ltd.

(China)

1,665,999

44,341

Tencent

Music

Entertainment

Group

ADR

(China)

505,931

4,147

TKO

Group

Holdings,

Inc.*

572,120

14,398

Ubisoft

Entertainment

SA

(France)*

189,405

28,043

Vivid

Seats,

Inc.,

Class

A*

100,394

21,643

VTEX,

Class

A

(Brazil)*

134,619

13,091

Walt

Disney

Co.

(The)

1,537,800

48,905

Warner

Bros

Discovery,

Inc.*

512,524

26,058

Weibo

Corp.

ADR

(China)

250,157

4,505

Ziff

Davis,

Inc.*

265,119

30,612,470

Consumer

Discretionary

–

15.0%

5,398

Academy

Sports

&

Outdoors,

Inc.

265,852

2,121

adidas

AG

(Germany)

499,789

3,794

Airbnb,

Inc.,

Class

A*

516,401

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Consumer

Discretionary

–

(continued)

26,399

Alibaba

Group

Holding

Ltd.

ADR

(China)

$

2,306,481

26,788

Amazon.com,

Inc.*

5,568,957

36,135

ANTA

Sports

Products

Ltd.

(China)

357,099

11,355

Aptiv

PLC*

630,543

12,294

Atour

Lifestyle

Holdings

Ltd.

ADR

(China)

309,194

23,112

Bandai

Namco

Holdings,

Inc.

(Japan)

486,293

9,922

BorgWarner,

Inc.

340,523

10,935

Caesars

Entertainment,

Inc.*

420,888

1,701

Carvana

Co.*

442,974

10,542

Chewy,

Inc.,

Class

A*

352,208

2,983

Columbia

Sportswear

Co.

260,237

7,715

Continental

AG

(Germany)

505,538

19,047

Coursera,

Inc.*

151,424

4,014

Deckers

Outdoor

Corp.*

786,583

2,471

Dick's

Sporting

Goods,

Inc.

512,090

50,778

D-MARKET

Elektronik

Hizmetler

ve

Ticaret

AS

ADR

(Turkey)*

150,811

1,374

Duolingo,

Inc.*

478,523

9,215

eBay,

Inc.

583,217

5,403

Etsy,

Inc.*

296,409

16,135

Everi

Holdings,

Inc.*

217,339

7,453

Foot

Locker,

Inc.*

187,443

92,927

Ford

Motor

Co.

1,034,278

20,374

GameStop

Corp.,

Class

A*

591,865

19,644

General

Motors

Co.

1,092,010

6,509

GigaCloud

Technology,

Inc.,

Class

A

(Hong

Kong)*

(a)

160,772

342

Graham

Holdings

Co.,

Class

B

318,443

70,969

Honda

Motor

Co.

Ltd.

(Japan)

610,290

5,273

Hyundai

Motor

Co.

(South

Korea)

825,885

233,999

JD

Sports

Fashion

PLC

(United

Kingdom)

302,778

16,696

JD.com,

Inc.

ADR

(China)

624,097

11,199

Kia

Corp.

(South

Korea)

745,771

8,244

Las

Vegas

Sands

Corp.

437,427

21,956

Li

Auto,

Inc.

ADR

(China)*

(a)

519,918

128,051

Li

Ning

Co.

Ltd.

(China)

262,633

197,325

Lucid

Group,

Inc.*

430,169

1,783

Lululemon

Athletica,

Inc.*

571,737

963

MercadoLibre,

Inc.

(Brazil)*

1,911,719

7,306

MGM

Resorts

International*

280,112

7,302

New

Oriental

Education

&

Technology

Group,

Inc.

ADR

(China)

425,853

486,741

Nexteer

Automotive

Group

Ltd.

(China)

179,520

11,089

NIKE,

Inc.,

Class

B

873,481

100,005

NIO,

Inc.

ADR

(China)*

(a)

448,022

152,223

Nissan

Motor

Co.

Ltd.

(Japan)

363,770

7,957

On

Holding

AG,

Class

A

(Switzerland)*

464,132

7,638

PDD

Holdings,

Inc.

ADR

(China)*

737,525

Goldman

Sachs

Innovate

Equity

ETF

Schedule

of

Investments

(continued)

November30,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Consumer

Discretionary

–

(continued)

19,887

Pearson

PLC

(United

Kingdom)

$

311,670

37,319

Peloton

Interactive,

Inc.,

Class

A*

385,879

8,822

Penn

Entertainment,

Inc.*

190,467

16,763

Playtech

PLC

(United

Kingdom)*

155,325

15,604

Prosus

NV

(China)*

635,341

109,840

Rakuten

Group,

Inc.

(Japan)*

627,803

52,853

Rivian

Automotive,

Inc.,

Class

A*

646,392

45,319

Sabre

Corp.*

177,197

31,515

Sharp

Corp.

(Japan)*

201,594

3,206

Stride,

Inc.*

342,625

12,233

TAL

Education

Group

ADR

(China)*

121,474

10,914

Tesla,

Inc.*

3,767,076

72,118

TI

Fluid

Systems

PLC

(b)

176,181

84,799

Toyota

Motor

Corp.

(Japan)

1,440,654

19,865

Udemy,

Inc.*

158,125

5,180

Wayfair,

Inc.,

Class

A*

239,523

45,073

XPeng,

Inc.

ADR

(China)*

(a)

543,130

46,606

Yamaha

Motor

Co.

Ltd.

(Japan)

403,576

9,661

Zalando

SE

(Germany)*

(b)

300,200

41,663,255

Consumer

Staples

–

0.9%

797,634

Alibaba

Health

Information

Technology

Ltd.

(China)*

(a)

374,137

88,315

East

Buy

Holding

Ltd.

(China)*

(a)

(b)

167,061

4,278

Natural

Grocers

by

Vitamin

Cottage,

Inc.

201,280

19,996

Walmart,

Inc.

1,849,630

2,592,108

Energy

–

1.0%

836,315

China

Suntien

Green

Energy

Corp.

Ltd.,

Class

H

(China)

364,337

20,904

Enbridge,

Inc.

(Canada)

904,300

4,404

HD

Hyundai

Co.

Ltd.

(South

Korea)

245,605

15,537

Oceaneering

International,

Inc.*

465,799

12,967

TotalEnergies

SE

(France)

752,856

2,732,897

Financials

–

14.6%

15,284

3i

Group

PLC

(United

Kingdom)

720,538

10,907

Affirm

Holdings,

Inc.*

763,599

34,983

Allfunds

Group

PLC

(United

Kingdom)

206,361

1,489

Ameriprise

Financial,

Inc.

854,641

7,199

Apollo

Global

Management,

Inc.

1,260,041

2,949

Ares

Management

Corp.,

Class

A

521,177

25,199

AvidXchange

Holdings,

Inc.*

288,277

29,954

BGC

Group,

Inc.,

Class

A

291,752

1,314

Blackrock,

Inc.

1,343,959

6,811

Blackstone,

Inc.

1,301,514

18,385

Block,

Inc.*

1,627,992

12,089

Brookfield

Corp.

(Canada)

742,144

8,828

Carlyle

Group,

Inc.

(The)

469,914

13,553

CI

Financial

Corp.

(Canada)

300,554

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Financials

–

(continued)

4,767

Coinbase

Global,

Inc.,

Class

A*

$

1,411,985

15,068

Corebridge

Financial,

Inc.

487,751

1,831

Corpay,

Inc.*

697,941

4,135

Discover

Financial

Services

754,348

31,159

Dlocal

Ltd.

(Uruguay)*

(a)

356,459

3,769

DWS

Group

GmbH

&

Co.

KGaA

(Germany)

(b)

156,924

3,363

Eurazeo

SE

(France)

247,042

3,637

Euronet

Worldwide,

Inc.*

382,358

1,775

Evercore,

Inc.,

Class

A

546,522

9,339

GCM

Grosvenor,

Inc.,

Class

A

(a)

115,897

5,507

Global

Payments,

Inc.

655,113

3,725

GMO

Payment

Gateway,

Inc.

(Japan)

195,570

2,732

Goldman

Sachs

Group,

Inc.

(The)

(c)

1,662,613

12,172

Green

Dot

Corp.,

Class

A*

125,006

1,519

Hamilton

Lane,

Inc.,

Class

A

292,256

19,006

Hargreaves

Lansdown

PLC

(United

Kingdom)

264,163

4,201

Interactive

Brokers

Group,

Inc.,

Class

A

802,769

4,372

Intercontinental

Exchange,

Inc.

703,717

18,085

Invesco

Ltd.

327,158

2,618

Jack

Henry

&

Associates,

Inc.

461,239

4,624

Kaspi.KZ

JSC

ADR

(Kazakhstan)

491,994

8,627

KKR

&

Co.,

Inc.

1,405,079

6,445

Lazard,

Inc.

374,261

4,367

London

Stock

Exchange

Group

PLC

(United

Kingdom)

625,562

3,723

Mastercard,

Inc.,

Class

A

1,984,136

37,465

Mirae

Asset

Securities

Co.

Ltd.

(South

Korea)

229,885

8,487

Morgan

Stanley

1,116,974

1,437

Morningstar,

Inc.

508,914

984

MSCI,

Inc.

599,876

6,010

Northern

Trust

Corp.

668,072

65,817

NU

Holdings

Ltd.,

Class

A

(Brazil)*

824,687

27,086

Pagseguro

Digital

Ltd.,

Class

A

(Brazil)*

198,811

14,082

PayPal

Holdings,

Inc.*

1,221,895

18,780

Paysafe

Ltd.*

373,346

7,572

Plus500

Ltd.

(Israel)

246,962

21,827

Repay

Holdings

Corp.*

176,362

16,221

Robinhood

Markets,

Inc.,

Class

A*

608,936

11,520

SBI

Holdings,

Inc.

(Japan)

289,946

3,767

Shift4

Payments,

Inc.,

Class

A*

429,739

47,378

SoFi

Technologies,

Inc.*

777,473

6,074

State

Street

Corp.

598,350

28,422

StoneCo

Ltd.,

Class

A

(Brazil)*

269,441

16,343

Toast,

Inc.,

Class

A*

711,574

73,640

TP

ICAP

Group

PLC

(United

Kingdom)

245,701

5,608

TPG,

Inc.

392,336

3,519

Tradeweb

Markets,

Inc.,

Class

A

476,824

26,821

UBS

Group

AG

(Switzerland)

867,040

Goldman

Sachs

Innovate

Equity

ETF

Schedule

of

Investments

(continued)

November30,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Financials

–

(continued)

6,050

Virtu

Financial,

Inc.,

Class

A

$

225,725

6,397

Visa,

Inc.,

Class

A

2,015,567

28,236

WisdomTree,

Inc.

337,420

17,856

XP,

Inc.,

Class

A

(Brazil)

241,770

40,873,952

Health

Care

–

19.8%

17,418

10X

Genomics,

Inc.,

Class

A*

276,946

366,355

3SBio,

Inc.

(China)*

(b)

269,297

13,892

Abbott

Laboratories

1,649,953

9,150

AbbVie,

Inc.

1,673,809

25,079

AdaptHealth

Corp.*

251,542

46,956

Adaptive

Biotechnologies

Corp.*

278,919

5,050

Agilent

Technologies,

Inc.

696,749

54,498

Allogene

Therapeutics,

Inc.*

135,155

4,036

Amgen,

Inc.

1,141,663

11,397

AstraZeneca

PLC

(United

Kingdom)

1,537,272

15,036

Baxter

International,

Inc.

506,864

9,029

Beam

Therapeutics,

Inc.*

247,124

3,828

BioNTech

SE

ADR

(Germany)*

453,197

6,734

Bio-Techne

Corp.

507,474

10,221

Boston

Scientific

Corp.*

926,636

21,473

Bristol-Myers

Squibb

Co.

1,271,631

7,599

Castle

Biosciences,

Inc.*

230,098

15,541

Chugai

Pharmaceutical

Co.

Ltd.

(Japan)

682,755

5,367

CompuGroup

Medical

SE

&

Co.

KgaA

(Germany)

90,188

8,911

CRISPR

Therapeutics

AG

(Switzerland)*

455,976

3,581

Danaher

Corp.

858,330

10,560

Dexcom,

Inc.*

823,574

6,942

Dianthus

Therapeutics,

Inc.*

166,539

13,630

Edwards

Lifesciences

Corp.*

972,501

3,166

Eli

Lilly

&

Co.

2,518,078

54,462

Erasca,

Inc.*

155,761

8,656

Exact

Sciences

Corp.*

537,364

9,442

Fresenius

Medical

Care

AG

(Germany)

414,862

7,685

Fulgent

Genetics,

Inc.*

140,636

5,703

Galapagos

NV

(Belgium)*

(a)

158,177

9,773

GE

HealthCare

Technologies,

Inc.

813,309

5,063

Globus

Medical,

Inc.,

Class

A*

433,443

49,821

GSK

PLC

845,389

16,371

Guardant

Health,

Inc.*

582,971

84,681

HUTCHMED

China

Ltd.

(China)*

288,380

78,200

Hygeia

Healthcare

Holdings

Co.

Ltd.

(China)*

(b)

161,193

12,222

Ideaya

Biosciences,

Inc.*

334,394

4,650

Illumina,

Inc.*

670,298

17,331

Immatics

NV

(Germany)*

144,194

7,002

Immunocore

Holdings

PLC

ADR

(United

Kingdom)*

229,245

16,635

Immunome,

Inc.*

225,404

2,599

Insulet

Corp.*

693,361

21,150

Intellia

Therapeutics,

Inc.*

330,363

2,763

Intuitive

Surgical,

Inc.*

1,497,546

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Health

Care

–

(continued)

3,397

iRhythm

Technologies,

Inc.*

$

295,420

12,360

Johnson &

Johnson

1,915,924

40,758

Keymed

Biosciences,

Inc.

(China)*

(a)(b)

200,869

24,065

Koninklijke

Philips

NV

(Netherlands)*

655,516

1,436

Krystal

Biotech,

Inc.*

283,495

2,993

Labcorp

Holdings,

Inc.

721,792

33,037

M3,

Inc.

(Japan)

318,964

32,040

MannKind

Corp.*

217,231

28,916

Maravai

LifeSciences

Holdings,

Inc.,

Class

A*

163,954

3,431

Masimo

Corp.*

591,985

15,168

Medtronic

PLC

1,312,639

13,956

Merck &

Co.,

Inc.

1,418,488

6,026

Mezzion

Pharma

Co.

Ltd.

(South

Korea)*

132,610

11,637

Moderna,

Inc.*

501,089

17,991

Myriad

Genetics,

Inc.*

292,714

3,266

Natera,

Inc.*

547,969

18,324

Novo

Nordisk

A/S

ADR

(Denmark)

1,957,003

10,258

Nurix

Therapeutics,

Inc.*

226,804

26,778

Ono

Pharmaceutical

Co.

Ltd.

(Japan)

308,816

15,391

ORIC

Pharmaceuticals,

Inc.*

152,371

11,520

Pediatrix

Medical

Group,

Inc.*

172,339

45,839

Pfizer,

Inc.

1,201,440

10,962

PHC

Holdings

Corp.

(Japan)

(a)

70,435

4,328

PROCEPT

BioRobotics

Corp.*

413,714

3,382

Q32

Bio,

Inc.*

91,010

11,210

QIAGEN

NV*

486,850

1,138

Regeneron

Pharmaceuticals,

Inc.*

853,750

20,151

ResMed,

Inc.

CDI

504,091

7,676

REVOLUTION

Medicines,

Inc.*

444,057

3,086

Revvity,

Inc.

358,408

5,365

Roche

Holding

AG

1,555,911

9,841

Rocket

Pharmaceuticals,

Inc.*

141,612

62,977

Sana

Biotechnology,

Inc.*

175,076

10,101

Sanofi

SA

982,479

3,194

Sarepta

Therapeutics,

Inc.*

425,888

159

Scilex

Holding

Co.

(Singapore)*

(a)

102

23,159

Scilex

Holding

Co.

(Singapore)*

(d)

14,905

221,196

Shanghai

MicroPort

MedBot

Group

Co.

Ltd.

(China)*

(a)

277,151

19,035

Siemens

Healthineers

AG

(Germany)

(b)

1,031,777

26,641

Smith

&

Nephew

PLC

(United

Kingdom)

337,605

3,117

Stryker

Corp.

1,222,332

11,233

Takara

Bio,

Inc.

(Japan)

77,038

9,805

Tandem

Diabetes

Care,

Inc.*

300,327

23,978

Teladoc

Health,

Inc.*

287,256

2,116

Thermo

Fisher

Scientific,

Inc.

1,120,697

10,319

Tyra

Biosciences,

Inc.*

161,802

940

UFP

Technologies,

Inc.*

303,545

Goldman

Sachs

Innovate

Equity

ETF

Schedule

of

Investments

(continued)

November30,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Health

Care

–

(continued)

10,199

Veracyte,

Inc.*

$

438,047

8,345

Verona

Pharma

PLC

ADR

(United

Kingdom)*

330,712

2,905

Vertex

Pharmaceuticals,

Inc.*

1,359,918

25,126

Verve

Therapeutics,

Inc.*

140,957

64,062

Well

Health

Technologies

Corp.

(Canada)*

268,117

3,665

Zimmer

Biomet

Holdings,

Inc.

410,847

55,454,408

Industrials

–

8.2%

22,208

ABB

Ltd.

(Switzerland)

1,267,444

2,451

AeroVironment,

Inc.*

476,719

8,669

American

Superconductor

Corp.*

295,266

3,006

Booz

Allen

Hamilton

Holding

Corp.

445,429

802

CACI

International,

Inc.,

Class

A*

368,824

138,193

ChargePoint

Holdings,

Inc.*

(a)

168,595

7,106

CS

Wind

Corp.

(South

Korea)

204,258

3,767

CSG

Systems

International,

Inc.

206,469

5,665

Daihen

Corp.

(Japan)

265,173

41,181

Doosan

Enerbility

Co.

Ltd.

(South

Korea)*

624,335

376,698

DroneShield

Ltd.

(Australia)*

(a)

191,412

6,219

ExlService

Holdings,

Inc.*

288,313

30,096

FANUC

Corp.

(Japan)

778,927

7,163

General

Electric

Co.

1,304,812

586,421

Goldwind

Science

&

Technology

Co.

Ltd.,

Class

H

(China)

556,160

196,923

Grab

Holdings

Ltd.,

Class

A

(Singapore)*

984,615

9,002

Kawasaki

Heavy

Industries

Ltd.

(Japan)

331,825

6,194

Korea

Aerospace

Industries

Ltd.

(South

Korea)

259,295

14,735

Kratos

Defense &

Security

Solutions,

Inc.*

399,171

2,556

L3Harris

Technologies,

Inc.

629,415

2,231

Leidos

Holdings,

Inc.

369,007

2,171

LG

Energy

Solution

Ltd.

(South

Korea)*

593,697

2,544

LIG

Nex1

Co.

Ltd.

(South

Korea)

359,430

4,393

Liquidity

Services,

Inc.*

112,329

1,392

Lockheed

Martin

Corp.

736,939

20,910

Lyft,

Inc.,

Class

A*

362,998

15,171

MDA

Space

Ltd.*

291,577

9,971

MEITEC

Group

Holdings,

Inc.

(Japan)

187,689

33,557

Mitsubishi

Electric

Corp.

(Japan)

569,096

2,670

Moog,

Inc.,

Class

A

590,791

12,316

Nabtesco

Corp.

(Japan)

197,715

38,446

NIDEC

Corp.

(Japan)

705,255

27,051

Nordex

SE

(Germany)*

341,427

2,446

Parsons

Corp.*

234,596

5,663

Proto

Labs,

Inc.*

233,259

3,149

Rainbow

Robotics

(South

Korea)*

342,427

4,245

RB

Global,

Inc.

(Canada)

414,991

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Industrials

–

(continued)

5,552

Shibaura

Machine

Co.

Ltd.

(Japan)

$

129,387

29,746

Shoals

Technologies

Group,

Inc.,

Class

A*

155,274

21,153

Siemens

Energy

AG

(Germany)*

1,139,879

6,169

SS&C

Technologies

Holdings,

Inc.

477,110

24,007

Stratasys

Ltd.*

230,947

16,941

Sunrun,

Inc.*

195,330

12,445

Symbotic,

Inc.*

(a)

334,770

8,706

Textron,

Inc.

745,495

2,691

Thales

SA

(France)

402,176

12,732

Uber

Technologies,

Inc.*

916,195

1,938

Verisk

Analytics,

Inc.

570,179

4,111

WNS

Holdings

Ltd.

(India)*

222,940

11,753

Xometry,

Inc.,

Class

A*

364,931

15,086

Yaskawa

Electric

Corp.

(Japan)

393,661

22,967,954

Information

Technology

–

27.1%

7,946

ACI

Worldwide,

Inc.*

451,492

2,129

Adobe,

Inc.*

1,098,415

13,684

Advanced

Micro

Devices,

Inc.*

1,877,103

3,983

Akamai

Technologies,

Inc.*

374,482

3,555

Alarm.com

Holdings,

Inc.*

231,573

8,149

Alkami

Technology,

Inc.*

321,641

3,212

Altair

Engineering,

Inc.,

Class

A*

339,219

9,519

Ambarella,

Inc.*

681,084

6,987

Amphenol

Corp.,

Class

A

507,606

23,786

Apple,

Inc.

5,645,131

1,806

Arista

Networks,

Inc.*

732,911

2,220

ASGN,

Inc.*

203,241

79,833

Aurora

Innovation,

Inc.*

516,519

2,786

Autodesk,

Inc.*

813,233

1,688

Belden,

Inc.

206,611

57,573

Bit

Digital,

Inc.*

(a)

265,412

90,805

BlackBerry

Ltd.

(Canada)*

233,369

10,743

Broadcom,

Inc.

1,741,225

10,820

C3.ai,

Inc.,

Class

A*

402,288

13,863

Canadian

Solar,

Inc.

(Canada)*

(a)

172,040

6,347

CEVA,

Inc.*

188,760

3,755

Ciena

Corp.*

261,799

32,493

Cipher

Mining,

Inc.*

217,703

21,516

Cisco

Systems,

Inc.

1,273,962

22,848

Cleanspark,

Inc.*

327,869

4,257

Cloudflare,

Inc.,

Class

A*

424,976

9,613

Cognex

Corp.

384,328

3,256

Coherent

Corp.*

326,121

17,834

CompoSecure,

Inc.,

Class

A

(a)

284,452

24,317

Core

Scientific,

Inc.*

434,788

8,490

Corning,

Inc.

413,208

2,419

Crowdstrike

Holdings,

Inc.,

Class

A*

836,901

1,450

CyberArk

Software

Ltd.*

469,090

23,962

Dassault

Systemes

(France)

826,328

6,594

Digi

International,

Inc.*

219,053

6,757

Digital

Garage,

Inc.

(Japan)

168,042

4,207

DocuSign,

Inc.*

335,256

4,071

Enphase

Energy,

Inc.*

290,466

Goldman

Sachs

Innovate

Equity

ETF

Schedule

of

Investments

(continued)

November30,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Information

Technology

–

(continued)

2,784

Exclusive

Networks

SA

(France)*

$

70,571

15,330

Extreme

Networks,

Inc.*

254,478

1,498

F5,

Inc.*

375,024

307

Fair

Isaac

Corp.*

729,134

2,112

First

Solar,

Inc.*

420,858

10,295

Fortinet,

Inc.*

978,540

15,216

Gen

Digital,

Inc.

469,414

1,321

Globant

SA*

300,871

28,046

Hewlett

Packard

Enterprise

Co.

595,136

22,104

HP,

Inc.

783,145

628

HubSpot,

Inc.*

452,819

9,778

Hut

8

Corp.

(Canada)*

276,827

53,192

indie

Semiconductor,

Inc.,

Class

A

(China)*

278,194

23,115

Infineon

Technologies

AG

(Germany)

752,320

25,872

Infinera

Corp.*

(a)

171,014

84,459

Intel

Corp.

2,031,239

1,882

InterDigital,

Inc.

368,797

5,067

International

Business

Machines

Corp.

1,152,286

21,618

Iris

Energy

Ltd.

(Australia)*

292,059

10,488

Juniper

Networks,

Inc.

376,729

18,276

Kainos

Group

PLC

(United

Kingdom)

180,263

2,262

Keyence

Corp.

(Japan)

974,775

3,524

Keysight

Technologies,

Inc.*

602,040

7,011

Kontron

AG

(Austria)

126,922

1,931

Macquarie

Technology

Group

Ltd.

(Australia)*

110,662

23,430

MARA

Holdings,

Inc.*

642,451

8,353

Marvell

Technology,

Inc.

774,240

9,926

MaxLinear,

Inc.*

150,180

12,920

Microsoft

Corp.

5,471,103

2,696

MicroStrategy,

Inc.,

Class

A*

1,044,619

6,961

nCino,

Inc.*

292,292

19,051

NCR

Voyix

Corp.*

276,430

3,886

Nemetschek

SE

(Germany)

403,052

8,458

NetScout

Systems,

Inc.*

185,061

382,000

Newborn

Town,

Inc.

(China)*

179,671

1,919

Nice

Ltd.

ADR

(Israel)*

350,102

87,567

Nokia

OYJ

ADR

(Finland)

367,781

5,055

Northern

Data

AG

(Germany)*

(a)

200,750

2,547

Novanta,

Inc.*

425,298

39,159

NVIDIA

Corp.

5,413,732

2,492

NXP

Semiconductors

NV

(China)

571,590

5,565

Okta,

Inc.*

431,621

8,665

OneSpan,

Inc.*

157,010

9,166

Open

Text

Corp.

(Canada)

278,921

5,912

Oracle

Corp.

1,092,774

1,791

OSI

Systems,

Inc.*

317,723

18,313

Pagaya

Technologies

Ltd.,

Class

A*

200,161

18,512

Palantir

Technologies,

Inc.,

Class

A*

1,241,785

2,391

Palo

Alto

Networks,

Inc.*

927,278

1,819

PTC,

Inc.*

363,909

4,715

Q2

Holdings,

Inc.*

493,849

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Information

Technology

–

(continued)

2,740

Qorvo,

Inc.*

$

189,197

6,833

QUALCOMM,

Inc.

1,083,236

4,892

Rapid7,

Inc.*

208,399

19,515

Ribbon

Communications,

Inc.*

76,304

5,725

RingCentral,

Inc.,

Class

A*

215,432

35,199

Riot

Platforms,

Inc.*

445,267

3,598

Salesforce,

Inc.

1,187,304

17,331

Seiko

Epson

Corp.

(Japan)

306,900

6,351

Semtech

Corp.*

406,718

14,667

SentinelOne,

Inc.,

Class

A*

409,943

806

ServiceNow,

Inc.*

845,849

9,545

Shopify,

Inc.,

Class

A

(Canada)*

1,103,402

2,415

Silicon

Laboratories,

Inc.*

267,220

2,918

Skyworks

Solutions,

Inc.

255,588

5,630

Snowflake,

Inc.,

Class

A*

984,124

47,082

SoundHound

AI,

Inc.,

Class

A*

(a)

438,333

52,950

Spirent

Communications

PLC

(United

Kingdom)*

115,289

6,517

Sprout

Social,

Inc.,

Class

A*

208,674

11,856

STMicroelectronics

NV

(Singapore)

303,917

12,698

Super

Micro

Computer,

Inc.*

414,463

2,172

Synaptics,

Inc.*

174,281

8,804

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

ADR

(Taiwan)

1,625,747

2,785

TD

SYNNEX

Corp.

331,387

6,314

Tenable

Holdings,

Inc.*

265,062

9,190

Teradyne,

Inc.

1,010,900

40,887

Terawulf,

Inc.*

322,598

13,180

TomTom

NV

(Netherlands)*

(a)

73,432

638

Tyler

Technologies,

Inc.*

401,410

36,915

UiPath,

Inc.,

Class

A*

524,562

49,364

United

Microelectronics

Corp.

ADR

(Taiwan)

(a)

333,207

1,778

Zebra

Technologies

Corp.,

Class

A*

723,646

10,740

Zeta

Global

Holdings

Corp.,

Class

A*

228,762

2,842

Zscaler,

Inc.*

587,129

75,942,879

Real

Estate

–

0.7%

2,435

American

Tower

Corp.

REIT

508,915

3,596

Digital

Realty

Trust,

Inc.

REIT

703,701

772

Equinix,

Inc.

REIT

757,703

1,970,319

Utilities

–

1.2%

10,228

Atlantica

Sustainable

Infrastructure

PLC

(Spain)

224,402

17,918

Avangrid,

Inc.

646,840

697,081

Beijing

Jingneng

Clean

Energy

Co.

Ltd.,

Class

H

(China)

162,142

12,719

Boralex,

Inc.,

Class

A

(Canada)

273,793

10,081

Brookfield

Renewable

Corp.,

Class

A

(a)

321,785

14,181

Brookfield

Renewable

Partners

LP

(Canada)

368,363

Goldman

Sachs

Innovate

Equity

ETF

Schedule

of

Investments

(continued)

November30,

2024

(Unaudited)

Security

Date(s)

of

Purchase

Cost

Scilex

Holding

Co.

01/09/23

$

116,953

**End

swaps

header**

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Utilities

–

(continued)

16,044

Central

Puerto

SA

ADR

(Argentina)

(a)

$

218,680

1,030,000

Concord

New

Energy

Group

Ltd.

(Hong

Kong)

68,829

29,265

Innergex

Renewable

Energy,

Inc.

(Canada)

182,469

50,014

ReNew

Energy

Global

PLC,

Class

A

(India)*

301,584

22,577

SSE

PLC

(United

Kingdom)

508,359

3,277,246

TOTAL

COMMON

STOCKS

(Cost

$222,731,893)

278,087,488

a

Exchange-Traded

Funds

–

0.2%

177,002

Greencoat

UK

Wind

PLC/Funds

284,148

239,133

Renewables

Infrastructure

Group

Ltd.

(The)

271,731

TOTAL

EXCHANGE-TRADED

FUNDS

(Cost

$653,628)

555,879

Units

Description

Expiration

Month

Value

aa

Right

–

0.0%

Health

Care

–

0.0%

9,282

AstraZeneca

PLC*

(e)

(Cost

$0)

12/28

28,403

Shares

Dividend

Rate

Value

aa

Investment

Company

–

0.2%

(c)

Goldman

Sachs

Financial

Square

Treasury

Obligations

Fund

–

Institutional

Shares

632,753

4.511%

632,753

(Cost

$632,753)

TOTAL

INVESTMENTS

BEFORE

SECURITIES

LENDING

REINVESTMENT

VEHICLE

(Cost

$224,018,274)

279,304,523

a

Securities

Lending

Reinvestment

Vehicle

–

1.9%

(c)

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

5,421,780

4.541%

5,421,780

(Cost

$5,421,780)

TOTAL

INVESTMENTS

–

101.8%

(Cost

$229,440,054)

$

284,726,303

LIABILITIES

IN

EXCESS

OF

OTHER

ASSETS

–

(1.8)%

(5,109,804)

NET

ASSETS

–

100.0%

$

279,616,499

  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.

(d)

Restricted

securities

are

not

registered

under

the

Securities

Act

of

1933

and

are

subject

to

legal

restrictions

on

sale.

These

securities

generally

may

be

resold

in

transactions

exempt

from

registration

or

to

the

public

if

the

securities

are

subsequently

registered

and

the

registration

statement

is

effective.

Disposal

of

these

securities

may

involve

time

consuming

negotiations

and

prompt

sale

at

an

acceptable

price

may

be

difficult.

Total

market

value

of

restricted

securities

amounts

to

$14,905,

which

represents

approximately

0.0%

of

net

assets

as

of

November

30,

2024.

See

additional

details

below:  

(e)

Significant

unobservable

inputs

were

used

in

the

valuation

of

this

portfolio

security;

i.e.

Level

3.

Investment

Abbreviations:

ADR

—

American

Depositary

Receipt

LP

—

Limited

Partnership

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

GOLDMAN

SACHS

JUST

U.S.

LARGE

CAP

EQUITY

ETF

Schedule

of

Investments

November

30,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

99.5%

Communication

Services

–

6.5%

54,727

Alphabet,

Inc.,

Class

A

$

9,246,127

45,855

Alphabet,

Inc.,

Class

C

7,817,819

68,365

AT&T,

Inc.

1,583,333

881

Charter

Communications,

Inc.,

Class

A*

349,726

36,572

Comcast

Corp.,

Class

A

1,579,545

3,042

Electronic

Arts,

Inc.

497,884

2,776

Fox

Corp.,

Class

A

130,805

1,567

Fox

Corp.,

Class

B

70,092

4,498

Interpublic

Group

of

Cos.,

Inc.

(The)

138,583

2,391

Match

Group,

Inc.*

78,281

4,275

News

Corp.,

Class

A

125,471

1,370

News

Corp.,

Class

B

43,964

2,207

Omnicom

Group,

Inc.

231,338

6,747

Paramount

Global,

Class

B

73,205

1,921

Take-Two

Interactive

Software,

Inc.*

361,878

4,636

T-Mobile

US,

Inc.

1,144,814

40,009

Verizon

Communications,

Inc.

1,773,999

20,795

Walt

Disney

Co.

(The)

2,442,789

27,455

Warner

Bros

Discovery,

Inc.*

287,728

27,977,381

Consumer

Discretionary

–

10.0%

4,921

Airbnb,

Inc.,

Class

A*

669,797

97,814

Amazon.com,

Inc.*

20,334,552

3,178

Aptiv

PLC*

176,474

2,754

Aramark

112,060

2,681

Bath

&

Body

Works,

Inc.

97,159

2,437

Best

Buy

Co.,

Inc.

219,330

387

Booking

Holdings,

Inc.

2,013,166

2,715

BorgWarner,

Inc.

93,179

1,853

CarMax,

Inc.*

155,596

15,594

Chipotle

Mexican

Grill,

Inc.*

959,343

355

Choice

Hotels

International,

Inc.

(a)

53,690

1,705

Deckers

Outdoor

Corp.*

334,112

633

Dick's

Sporting

Goods,

Inc.

131,183

5,701

eBay,

Inc.

360,816

1,434

Etsy,

Inc.*

78,669

1,424

Expedia

Group,

Inc.*

262,899

44,121

Ford

Motor

Co.

491,067

2,257

Gap,

Inc.

(The)

54,732

1,790

Garmin

Ltd.

380,554

12,642

General

Motors

Co.

702,769

362

Grand

Canyon

Education,

Inc.*

59,582

1,575

H&R

Block,

Inc.

93,366

1,517

Harley-Davidson,

Inc.

51,017

1,514

Hasbro,

Inc.

98,637

2,803

Hilton

Worldwide

Holdings,

Inc.

710,392

11,221

Home

Depot,

Inc.

(The)

4,815,268

557

Hyatt

Hotels

Corp.,

Class

A

87,973

1,282

Kohl's

Corp.

19,192

4,008

Las

Vegas

Sands

Corp.

212,665

674

Lear

Corp.

65,944

6,494

Lowe’s

Cos.,

Inc.

1,769,160

1,367

Lululemon

Athletica,

Inc.*

438,342

3,123

Macy’s,

Inc.

50,718

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Consumer

Discretionary

–

(continued)

2,600

Marriott

International,

Inc.,

Class

A

$

751,634

2,758

MGM

Resorts

International*

105,742

13,608

NIKE,

Inc.,

Class

B

1,071,902

4,952

Norwegian

Cruise

Line

Holdings

Ltd.*

133,159

1,751

Penn

Entertainment,

Inc.*

37,804

227

Penske

Automotive

Group,

Inc.

37,805

628

Polaris,

Inc.

43,332

729

PVH

Corp.

79,002

3,432

QuantumScape

Corp.*

17,949

2,752

Royal

Caribbean

Cruises

Ltd.

671,653

1,708

Service

Corp.

International

151,312

12,694

Starbucks

Corp.

1,300,627

2,762

Tapestry,

Inc.

172,017

12,776

TJX

Cos.,

Inc.

(The)

1,605,815

345

TopBuild

Corp.*

134,771

1,216

Tractor

Supply

Co.

344,943

824

Travel

+

Leisure

Co.

46,037

4,094

VF

Corp.

82,822

979

Wayfair,

Inc.,

Class

A*

45,269

624

Whirlpool

Corp.

69,526

1,437

Williams-Sonoma,

Inc.

247,193

958

Wyndham

Hotels

&

Resorts,

Inc.

94,056

1,019

YETI

Holdings,

Inc.*

41,137

43,438,910

Consumer

Staples

–

6.0%

5,323

Archer-Daniels-Midland

Co.

290,636

1,570

Bunge

Global

SA

140,892

2,180

Campbell

Soup

Co.

100,716

1,345

Clorox

Co.

(The)

224,844

42,149

Coca-Cola

Co.

(The)

2,700,908

8,883

Colgate-Palmolive

Co.

858,364

5,019

Costco

Wholesale

Corp.

4,877,866

2,691

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

194,075

6,059

General

Mills,

Inc.

401,469

1,621

Hershey

Co.

(The)

285,507

3,285

Hormel

Foods

Corp.

106,532

765

Ingredion,

Inc.

112,715

2,969

Kellanova

241,350

12,151

Keurig

Dr

Pepper,

Inc.

396,730

3,645

Kimberly-Clark

Corp.

507,931

2,854

McCormick

&

Co.,

Inc.

223,782

1,985

Molson

Coors

Beverage

Co.,

Class

B

123,189

14,537

Mondelez

International,

Inc.,

Class

A

944,178

14,916

PepsiCo,

Inc.

2,438,020

25,601

Procter &

Gamble

Co.

(The)

4,589,235

5,488

Sysco

Corp.

423,180

5,163

Target

Corp.

683,117

3,182

Tyson

Foods,

Inc.,

Class

A

205,239

2,456

US

Foods

Holding

Corp.*

171,355

8,151

Walgreens

Boots

Alliance,

Inc.

73,522

49,114

Walmart,

Inc.

4,543,045

25,858,397

GOLDMAN

SACHS

JUST

U.S.

LARGE

CAP

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Energy

–

3.5%

3,297

APA

Corp.

$

74,677

10,257

Baker

Hughes

Co.

450,795

2,314

Cheniere

Energy,

Inc.

518,359

17,556

Chevron

Corp.

2,842,843

13,369

ConocoPhillips

1,448,397

6,484

Devon

Energy

Corp.

246,068

45,608

Exxon

Mobil

Corp.

5,379,920

9,092

Halliburton

Co.

289,671

2,814

Hess

Corp.

414,165

1,459

HF

Sinclair

Corp.

59,717

19,845

Kinder

Morgan,

Inc.

561,018

3,574

Marathon

Petroleum

Corp.

558,080

6,769

Occidental

Petroleum

Corp.

342,376

5,885

ONEOK,

Inc.

668,536

2,493

Range

Resources

Corp.

89,100

3,294

Valero

Energy

Corp.

458,130

12,326

Williams

Cos.,

Inc.

(The)

721,317

15,123,169

Financials

–

14.7%

2,411

Affirm

Holdings,

Inc.*

168,794

6,886

Aflac,

Inc.

785,004

3,218

Allstate

Corp.

(The)

667,381

3,295

Ally

Financial,

Inc.

131,734

6,092

American

Express

Co.

1,856,111

8,027

American

International

Group,

Inc.

617,116

1,243

Ameriprise

Financial,

Inc.

713,445

2,409

Aon

PLC,

Class

A

943,220

4,375

Arch

Capital

Group

Ltd.

440,650

643

Assurant,

Inc.

146,025

674

Assured

Guaranty

Ltd.

62,871

950

Axis

Capital

Holdings

Ltd.

88,388

83,971

Bank

of

America

Corp.

3,989,462

9,119

Bank

of

New

York

Mellon

Corp.

(The)

746,573

1,822

Blackrock,

Inc.

1,863,542

5,548

Blue

Owl

Capital,

Inc.

131,654

789

Brighthouse

Financial,

Inc.*

41,241

4,058

Capital

One

Financial

Corp.

779,177

1,280

Cboe

Global

Markets,

Inc.

276,288

18,333

Charles

Schwab

Corp.

(The)

1,517,239

23,646

Citigroup,

Inc.

1,675,792

4,439

CME

Group,

Inc.

1,056,482

2,515

Columbia

Banking

System,

Inc.

77,990

1,618

Comerica,

Inc.

116,901

3,029

Discover

Financial

Services

552,580

4,202

Equitable

Holdings,

Inc.

202,662

8,322

Fifth

Third

Bancorp

399,955

6,739

First

Horizon

Corp.

142,395

6,230

Fiserv,

Inc.*

1,376,581

3,897

Goldman

Sachs

Group,

Inc.

(The)

(b)

2,371,598

428

Hanover

Insurance

Group,

Inc.

(The)

70,624

3,614

Hartford

Financial

Services

Group,

Inc.

(The)

445,642

17,870

Huntington

Bancshares,

Inc.

321,839

6,929

Intercontinental

Exchange,

Inc.

1,115,292

4,411

Invesco

Ltd.

79,795

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Financials

–

(continued)

35,465

JPMorgan

Chase &

Co.

$

8,856,320

11,382

KeyCorp

221,721

1,341

Lazard,

Inc.

77,872

2,071

Lincoln

National

Corp.

73,603

953

LPL

Financial

Holdings,

Inc.

309,868

2,009

M&T

Bank

Corp.

441,960

447

MarketAxess

Holdings,

Inc.

115,634

6,064

Marsh

&

McLennan

Cos.,

Inc.

1,414,307

8,989

Mastercard,

Inc.,

Class

A

4,790,598

7,327

MetLife,

Inc.

646,461

3,477

MGIC

Investment

Corp.

91,306

1,952

Moody's

Corp.

975,961

14,356

Morgan

Stanley

1,889,393

940

MSCI,

Inc.

573,052

5,077

Nasdaq,

Inc.

421,340

11,108

PayPal

Holdings,

Inc.*

963,841

899

Pinnacle

Financial

Partners,

Inc.

114,272

4,886

PNC

Financial

Services

Group,

Inc.

(The)

1,049,122

2,974

Principal

Financial

Group,

Inc.

259,006

7,225

Progressive

Corp.

(The)

1,942,658

4,496

Prudential

Financial,

Inc.

581,827

11,414

Regions

Financial

Corp.

311,146

818

Reinsurance

Group

of

America,

Inc.

186,831

1,536

Rocket

Cos.,

Inc.,

Class

A*

22,318

3,849

S&P

Global,

Inc.

2,011,141

2,711

SLM

Corp.

74,227

12,744

SoFi

Technologies,

Inc.*

209,129

3,730

State

Street

Corp.

367,442

4,281

Synchrony

Financial

289,053

1,756

Synovus

Financial

Corp.

100,215

1,417

Tradeweb

Markets,

Inc.,

Class

A

192,004

2,823

Travelers

Cos.,

Inc.

(The)

751,031

16,262

Truist

Financial

Corp.

775,372

2,409

Unum

Group

185,252

19,419

US

Bancorp

1,034,839

17,106

Visa,

Inc.,

Class

A

5,389,758

1,191

Voya

Financial,

Inc.

98,853

4,106

Western

Union

Co.

(The)

45,207

1,252

Willis

Towers

Watson

PLC

403,144

64,229,127

Health

Care

–

10.9%

16,487

Abbott

Laboratories

1,958,161

16,926

AbbVie,

Inc.

3,096,273

2,776

Agilent

Technologies,

Inc.

383,005

1,205

Alnylam

Pharmaceuticals,

Inc.*

304,949

5,108

Amgen,

Inc.

1,444,900

6,410

Avantor,

Inc.*

134,995

4,717

Baxter

International,

Inc.

159,010

2,758

Becton

Dickinson

&

Co.

612,000

1,349

Biogen,

Inc.*

216,690

13,883

Boston

Scientific

Corp.*

1,258,633

19,327

Bristol-Myers

Squibb

Co.

1,144,545

2,349

Cardinal

Health,

Inc.

287,142

1,755

Cencora,

Inc.

441,470

5,076

Centene

Corp.*

304,560

2,646

Cigna

Group

(The)

893,819

13,852

CVS

Health

Corp.

829,042

GOLDMAN

SACHS

JUST

U.S.

LARGE

CAP

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Health

Care

–

(continued)

6,146

Danaher

Corp.

$

1,473,135

490

DaVita,

Inc.*

81,423

1,976

DENTSPLY

SIRONA,

Inc.

38,828

3,819

Dexcom,

Inc.*

297,844

5,639

Edwards

Lifesciences

Corp.*

402,343

2,211

Elevance

Health,

Inc.

899,789

7,641

Eli

Lilly

&

Co.

6,077,269

1,559

Envista

Holdings

Corp.*

34,750

2,988

Exelixis,

Inc.*

108,942

11,905

Gilead

Sciences,

Inc.

1,102,165

242

GRAIL,

Inc.*

4,235

1,801

HCA

Healthcare,

Inc.

589,323

1,234

Henry

Schein,

Inc.*

95,080

2,280

Hologic,

Inc.*

181,260

1,167

Humana,

Inc.

345,875

784

IDEXX

Laboratories,

Inc.*

330,652

1,477

Illumina,

Inc.*

212,910

1,504

Incyte

Corp.*

112,183

266

Inspire

Medical

Systems,

Inc.*

51,274

3,377

Intuitive

Surgical,

Inc.*

1,830,334

1,718

IQVIA

Holdings,

Inc.*

345,043

830

Labcorp

Holdings,

Inc.

200,163

1,420

McKesson

Corp.

892,470

12,234

Medtronic

PLC

1,058,730

24,176

Merck &

Co.,

Inc.

2,457,249

3,118

Moderna,

Inc.*

134,261

2,424

Organon

&

Co.

38,469

54,060

Pfizer,

Inc.

1,416,913

1,133

Premier,

Inc.,

Class

A

25,946

1,058

Quest

Diagnostics,

Inc.

172,094

998

Regeneron

Pharmaceuticals,

Inc.*

748,720

498

Repligen

Corp.*

74,969

1,358

ResMed,

Inc.

338,169

1,467

Solventum

Corp.*

104,905

3,446

Stryker

Corp.

1,351,349

442

Teleflex,

Inc.

85,240

3,644

Thermo

Fisher

Scientific,

Inc.

1,929,972

630

Ultragenyx

Pharmaceutical,

Inc.*

30,007

8,762

UnitedHealth

Group,

Inc.

5,346,572

2,454

Vertex

Pharmaceuticals,

Inc.*

1,148,791

567

Waters

Corp.*

218,136

1,969

Zimmer

Biomet

Holdings,

Inc.

220,725

4,401

Zoetis,

Inc.

771,275

46,848,976

Industrials

–

9.0%

6,010

3M

Co.

802,515

358

Acuity

Brands,

Inc.

114,807

1,447

AECOM

169,256

664

AGCO

Corp.

67,203

1,465

Alaska

Air

Group,

Inc.*

77,059

1,403

Amentum

Holdings,

Inc.*

34,163

7,564

American

Airlines

Group,

Inc.*

109,829

2,459

AMETEK,

Inc.

477,980

485

Armstrong

World

Industries,

Inc.

77,518

4,432

Automatic

Data

Processing,

Inc.

1,360,314

233

Avis

Budget

Group,

Inc.

25,413

1,455

AZEK

Co.,

Inc.

(The)*

77,290

7,472

Boeing

Co.

(The)*

1,161,448

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Industrials

–

(continued)

1,436

Booz

Allen

Hamilton

Holding

Corp.

$

212,786

1,441

Broadridge

Financial

Solutions,

Inc.

340,105

1,265

C.H.

Robinson

Worldwide,

Inc.

133,559

526

Carlisle

Cos.,

Inc.

240,224

9,110

Carrier

Global

Corp.

704,841

5,289

Caterpillar,

Inc.

2,147,916

10,413

CNH

Industrial

NV

130,787

9,651

Copart,

Inc.*

611,777

21,129

CSX

Corp.

772,265

1,471

Cummins,

Inc.

551,684

1,408

Dayforce,

Inc.*

112,626

2,732

Deere

&

Co.

1,272,839

7,505

Delta

Air

Lines,

Inc.

478,969

4,326

Eaton

Corp.

PLC

1,624,067

6,108

Emerson

Electric

Co.

809,921

558

Everus

Construction

Group,

Inc.*

35,522

2,478

FedEx

Corp.

750,016

3,892

Fortive

Corp.

308,752

1,381

Fortune

Brands

Innovations,

Inc.

108,132

377

FTI

Consulting,

Inc.*

76,350

2,972

GE

Vernova,

Inc.*

993,005

11,842

General

Electric

Co.

2,157,139

7,056

Honeywell

International,

Inc.

1,643,554

834

IDEX

Corp.

192,345

4,468

Ingersoll

Rand,

Inc.

465,432

877

ITT,

Inc.

136,917

1,403

Jacobs

Solutions,

Inc.

198,146

7,328

Johnson

Controls

International

PLC

614,526

1,279

KBR,

Inc.

77,802

2,025

L3Harris

Technologies,

Inc.

498,656

1,287

Leidos

Holdings,

Inc.

212,870

365

Lennox

International,

Inc.

243,502

2,301

Lockheed

Martin

Corp.

1,218,172

2,408

Masco

Corp.

193,988

612

Nordson

Corp.

159,726

1,489

Northrop

Grumman

Corp.

729,089

1,808

nVent

Electric

PLC

141,585

704

Oshkosh

Corp.

79,981

4,428

Otis

Worldwide

Corp.

455,995

1,000

Owens

Corning

205,620

1,762

Pentair

PLC

192,040

1,546

Quanta

Services,

Inc.

532,628

1,229

Rockwell

Automation,

Inc.

362,727

14,389

RTX

Corp.

1,753,012

594

Schneider

National,

Inc.,

Class

B

19,964

1,614

Sensata

Technologies

Holding

PLC

51,874

503

SiteOne

Landscape

Supply,

Inc.*

77,085

6,925

Southwest

Airlines

Co.

224,093

1,147

Spirit

AeroSystems

Holdings,

Inc.,

Class

A*

37,117

1,680

Stanley

Black

&

Decker,

Inc.

150,276

2,028

Textron,

Inc.

173,658

664

Timken

Co.

(The)

51,427

2,437

Trane

Technologies

PLC

1,014,328

2,115

TransUnion

214,673

GOLDMAN

SACHS

JUST

U.S.

LARGE

CAP

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Industrials

–

(continued)

22,661

Uber

Technologies,

Inc.*

$

1,630,686

6,632

Union

Pacific

Corp.

1,622,585

3,817

United

Airlines

Holdings,

Inc.*

369,600

7,915

United

Parcel

Service,

Inc.,

Class

B

1,074,224

732

United

Rentals,

Inc.

633,912

1,570

Verisk

Analytics,

Inc.

461,910

4,830

Waste

Management,

Inc.

1,102,303

1,900

Westinghouse

Air

Brake

Technologies

Corp.

381,178

2,609

Xylem,

Inc.

330,691

39,057,974

Information

Technology

–

31.6%

6,783

Accenture

PLC,

Class

A

(Ireland)

2,457,956

4,111

Adobe,

Inc.*

2,120,988

14,957

Advanced

Micro

Devices,

Inc.*

2,051,727

1,459

Akamai

Technologies,

Inc.*

137,175

4,602

Analog

Devices,

Inc.

1,003,466

827

ANSYS,

Inc.*

290,360

135,354

Apple,

Inc.

32,123,565

7,723

Applied

Materials,

Inc.

1,349,285

1,986

Autodesk,

Inc.*

579,713

42,339

Broadcom,

Inc.

6,862,305

2,489

Cadence

Design

Systems,

Inc.*

763,650

1,392

Ciena

Corp.*

97,050

523

Cirrus

Logic,

Inc.*

54,627

38,556

Cisco

Systems,

Inc.

2,282,901

2,736

Cloudflare,

Inc.,

Class

A*

273,135

4,684

Cognizant

Technology

Solutions

Corp.,

Class

A

377,015

7,248

Corning,

Inc.

352,760

1,910

DocuSign,

Inc.*

152,208

1,350

DoubleVerify

Holdings,

Inc.*

27,446

2,456

Dropbox,

Inc.,

Class

A*

67,933

735

Elastic

NV*

80,453

580

F5,

Inc.*

145,203

1,138

First

Solar,

Inc.*

226,769

5,843

Fortinet,

Inc.*

555,377

730

Gartner,

Inc.*

378,089

5,280

Gen

Digital,

Inc.

162,888

852

Gitlab,

Inc.,

Class

A*

54,315

1,298

GoDaddy,

Inc.,

Class

A*

256,446

798

Guidewire

Software,

Inc.*

161,906

12,279

Hewlett

Packard

Enterprise

Co.

260,560

9,056

HP,

Inc.

320,854

39,679

Intel

Corp.

954,280

8,520

International

Business

Machines

Corp.

1,937,533

2,514

Intuit,

Inc.

1,613,309

2,987

Juniper

Networks,

Inc.

107,293

1,958

Keysight

Technologies,

Inc.*

334,505

12,150

Lam

Research

Corp.

897,642

624

Lumentum

Holdings,

Inc.*

54,269

7,926

Marvell

Technology,

Inc.

734,661

10,236

Micron

Technology,

Inc.

1,002,616

69,250

Microsoft

Corp.

29,324,605

625

MongoDB,

Inc.*

201,556

422

Monolithic

Power

Systems,

Inc.

239,544

2,000

NetApp,

Inc.

245,280

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Information

Technology

–

(continued)

2,378

Nutanix,

Inc.,

Class

A*

$

155,236

217,889

NVIDIA

Corp.

30,123,154

1,435

Okta,

Inc.*

111,299

4,091

ON

Semiconductor

Corp.*

290,952

2,828

Palo

Alto

Networks,

Inc.*

1,096,755

393

Pegasystems,

Inc.

37,323

10,301

QUALCOMM,

Inc.

1,633,018

8,710

Salesforce,

Inc.

2,874,213

1,898

ServiceNow,

Inc.*

1,991,837

1,204

Smartsheet,

Inc.,

Class

A*

67,364

1,403

Synopsys,

Inc.*

783,561

952

Teradata

Corp.*

29,417

1,473

Teradyne,

Inc.

162,030

8,461

Texas

Instruments,

Inc.

1,700,915

400

Tyler

Technologies,

Inc.*

251,668

1,661

Vontier

Corp.

65,211

3,030

Western

Digital

Corp.*

221,160

1,972

Workday,

Inc.,

Class

A*

492,980

576

Zebra

Technologies

Corp.,

Class

A*

234,432

2,389

Zoom

Communications,

Inc.,

Class

A*

197,546

828

Zscaler,

Inc.*

171,057

136,366,346

Materials

–

2.3%

2,472

Air

Products

and

Chemicals,

Inc.

826,464

1,260

Albemarle

Corp.

135,702

2,797

Alcoa

Corp.

129,865

701

AptarGroup,

Inc.

121,245

3,397

Ball

Corp.

211,157

1,270

Berry

Global

Group,

Inc.

91,834

1,236

Celanese

Corp.

90,487

2,103

CF

Industries

Holdings,

Inc.

188,555

5,448

Cleveland-Cliffs,

Inc.*

67,828

7,645

Dow,

Inc.

337,985

4,517

DuPont

de

Nemours,

Inc.

377,576

1,273

Eastman

Chemical

Co.

133,308

2,792

Ecolab,

Inc.

694,566

1,352

FMC

Corp.

79,890

15,910

Freeport-McMoRan,

Inc.

703,222

3,256

Graphic

Packaging

Holding

Co.

97,973

2,764

International

Flavors

&

Fragrances,

Inc.

252,519

5,335

Linde

PLC

2,459,382

680

Louisiana-Pacific

Corp.

80,376

2,793

LyondellBasell

Industries

NV,

Class

A

232,769

670

Martin

Marietta

Materials,

Inc.

402,000

3,573

Mosaic

Co.

(The)

94,541

12,890

Newmont

Corp.

540,607

2,505

PPG

Industries,

Inc.

311,547

2,555

Sherwin-Williams

Co.

(The)

1,015,357

1,043

Sonoco

Products

Co.

54,111

9,730,866

Real

Estate

–

2.5%

6,780

American

Tower

Corp.

REIT

1,417,020

2,062

AvalonBay

Communities,

Inc.

REIT

485,292

GOLDMAN

SACHS

JUST

U.S.

LARGE

CAP

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

**End

swaps

header**

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Real

Estate

–

(continued)

2,280

BXP,

Inc.

REIT

$

186,937

4,430

CBRE

Group,

Inc.,

Class

A*

620,156

5,890

CoStar

Group,

Inc.*

479,093

6,304

Crown

Castle,

Inc.

REIT

669,800

4,667

Digital

Realty

Trust,

Inc.

REIT

913,285

1,381

Equinix,

Inc.

REIT

1,355,424

5,439

Equity

Residential

REIT

416,954

938

Essex

Property

Trust,

Inc.

REIT

291,211

4,223

Iron

Mountain,

Inc.

REIT

522,258

682

Jones

Lang

LaSalle,

Inc.*

191,369

9,551

Kimco

Realty

Corp.

REIT

244,219

13,405

Prologis,

Inc.

REIT

1,565,436

1,570

SBA

Communications

Corp.

REIT

355,212

4,788

UDR,

Inc.

REIT

219,578

5,827

Ventas,

Inc.

REIT

373,336

10,679

Weyerhaeuser

Co.

REIT

344,505

797

Zillow

Group,

Inc.,

Class

A*

64,979

2,248

Zillow

Group,

Inc.,

Class

C*

190,428

10,906,492

Utilities

–

2.5%

7,920

AES

Corp.

(The)

103,277

3,100

Ameren

Corp.

292,609

6,285

American

Electric

Power

Co.,

Inc.

627,620

2,304

American

Water

Works

Co.,

Inc.

315,510

922

Avangrid,

Inc.

33,284

7,487

CenterPoint

Energy,

Inc.

244,226

3,729

Constellation

Energy

Corp.

956,712

9,920

Dominion

Energy,

Inc.

582,800

9,146

Duke

Energy

Corp.

1,070,539

4,482

Edison

International

393,296

2,503

Entergy

Corp.

390,894

4,187

Eversource

Energy

270,020

11,792

Exelon

Corp.

466,492

2,210

MDU

Resources

Group,

Inc.

44,288

24,442

NextEra

Energy,

Inc.

1,922,852

2,469

NRG

Energy,

Inc.

250,875

1,350

Pinnacle

West

Capital

Corp.

126,495

8,752

PPL

Corp.

305,707

5,898

Public

Service

Enterprise

Group,

Inc.

556,181

7,478

Sempra

700,464

4,087

Vistra

Corp.

653,266

6,532

Xcel

Energy,

Inc.

473,962

10,781,369

TOTAL

COMMON

STOCKS

(Cost

$298,384,998)

430,319,007

Shares

Dividend

Rate

Value

aa

Investment

Company

–

0.4%

(b)

Goldman

Sachs

Financial

Square

Treasury

Obligations

Fund

–

Institutional

Shares

1,611,288

4.511%

$

1,611,288

(Cost

$1,611,288)

TOTAL

INVESTMENTS

BEFORE

SECURITIES

LENDING

REINVESTMENT

VEHICLE

(Cost

$299,996,286)

431,930,295

a

Securities

Lending

Reinvestment

Vehicle

–

0.0%

(b)

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

52,858

4.541%

52,858

(Cost

$52,858)

TOTAL

INVESTMENTS

–

99.9%

(Cost

$300,049,144)

$

431,983,153

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

–

0.1%

384,268

NET

ASSETS

–

100.0%

$

432,367,421

  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.

Investment

Abbreviations:

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

GOLDMAN

SACHS

NORTH

AMERICAN

PIPELINES

&

POWER

EQUITY

ETF

Schedule

of

Investments

November

30,

2024

(Unaudited)

**End

swaps

header**

Shares

Description

Value

aa

Common

Stocks

–

99.0%

Energy

–

82.8%

19,288

Antero

Midstream

Corp.

$

308,029

3,513

Cheniere

Energy

Partners

LP

204,632

3,110

Cheniere

Energy,

Inc.

696,671

13,830

Clean

Energy

Fuels

Corp.*

42,596

396

Delek

Logistics

Partners

LP

15,975

1,972

DT

Midstream,

Inc.

209,269

14,451

Enbridge,

Inc.

(Canada)

625,145

25,136

Energy

Transfer

LP

499,201

14,117

EnLink

Midstream

LLC*

226,013

10,566

Enterprise

Products

Partners

LP

363,787

804

Excelerate

Energy,

Inc.,

Class

A

24,900

5,943

Gibson

Energy,

Inc.

(Canada)

100,214

405

Global

Partners

LP

22,862

3,357

Hess

Midstream

LP,

Class

A

127,230

18,907

Keyera

Corp.

(Canada)

623,459

24,123

Kinder

Morgan,

Inc.

681,957

758

Kinetik

Holdings,

Inc.

44,737

3,970

MPLX

LP

205,090

4,949

New

Fortress

Energy,

Inc.

52,806

7,260

NextDecade

Corp.*

52,562

3,576

NGL

Energy

Partners

LP*

17,236

8,142

ONEOK,

Inc.

924,931

11,401

Pembina

Pipeline

Corp.

(Canada)

469,671

11,287

Plains

All

American

Pipeline

LP

210,728

6,396

Plains

GP

Holdings

LP,

Class

A*

128,048

3,093

South

Bow

Corp.

(Canada)*

81,647

1,506

Sunoco

LP

85,029

4,249

Targa

Resources

Corp.

868,071

10,929

TC

Energy

Corp.

(Canada)

532,810

4,833

Western

Midstream

Partners

LP

196,752

11,313

Williams

Cos.,

Inc.

(The)

662,037

4,524

World

Kinect

Corp.

130,970

9,435,065

Utilities

–

16.2%

8,273

AltaGas

Ltd.

(Canada)

202,312

4,436

Atlantica

Sustainable

Infrastructure

PLC

(Spain)

97,326

5,069

Boralex,

Inc.,

Class

A

(Canada)

109,117

2,557

Brookfield

Renewable

Corp.,

Class

A

81,619

6,931

Brookfield

Renewable

Partners

LP

(Canada)

180,038

3,547

Clearway

Energy,

Inc.,

Class

C

104,601

7,389

Innergex

Renewable

Energy,

Inc.

(Canada)

46,071

2,195

New

Jersey

Resources

Corp.

113,218

5,088

NextEra

Energy

Partners

LP

88,887

19,733

Northland

Power,

Inc.

(Canada)

286,239

2,638

Ormat

Technologies,

Inc.

215,314

770

Suburban

Propane

Partners

LP

15,285

8,530

Superior

Plus

Corp.

(Canada)

40,330

8,851

UGI

Corp.

268,805

1,849,162

TOTAL

COMMON

STOCKS

(Cost

$9,362,542)

11,284,227

Shares

Dividend

Rate

Value

aa

Investment

Company

–

0.8%

(a)

Goldman

Sachs

Financial

Square

Treasury

Obligations

Fund

–

Institutional

Shares

86,306

4.511%

$

86,306

(Cost

$86,306)

TOTAL

INVESTMENTS

–

99.8%

(Cost

$9,448,848)

$

11,370,533

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

–

0.2%

17,778

NET

ASSETS

–

100.0%

$

11,388,311

  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)

Represents

an

affiliated

issuer.

Investment

Abbreviations:

LP

—

Limited

Partnership

PLC

—

Public

Limited

Company

GOLDMAN

SACHS

SMALL

CAP

CORE

EQUITY

ETF

Schedule

of

Investments

November

30,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

99.0%

Communication

Services

–

0.7%

5,848

Nexstar

Media

Group,

Inc.

$

997,610

Consumer

Discretionary

–

11.4%

9,287

Abercrombie

&

Fitch

Co.,

Class

A*

1,390,171

12,548

Boot

Barn

Holdings,

Inc.*

1,720,833

23,820

Boyd

Gaming

Corp.

1,759,107

22,544

Cheesecake

Factory,

Inc.

(The)

1,141,628

4,875

Installed

Building

Products,

Inc.

1,115,107

31,910

KinderCare

Learning

Cos.,

Inc.*

759,139

12,017

M/I

Homes,

Inc.*

1,983,166

15,419

Meritage

Homes

Corp.

2,946,108

15,052

Ollie's

Bargain

Outlet

Holdings,

Inc.*

1,489,395

7,961

Patrick

Industries,

Inc.

1,069,879

12,973

Shake

Shack,

Inc.,

Class

A*

1,734,879

17,109,412

Consumer

Staples

–

1.9%

48,598

Primo

Brands

Corp.,

Class

A

1,386,015

82,519

Utz

Brands,

Inc.

1,436,656

2,822,671

Energy

–

4.2%

9,312

Chord

Energy

Corp.

1,187,466

32,705

Murphy

Oil

Corp.

1,061,931

27,831

Noble

Corp.

PLC

931,504

82,807

Patterson-UTI

Energy,

Inc.

695,579

18,946

PBF

Energy,

Inc.,

Class

A

596,610

41,260

SM

Energy

Co.

1,864,539

6,337,629

Financials

–

21.2%

39,271

Atlantic

Union

Bankshares

Corp.

1,666,269

21,694

Banner

Corp.

1,618,155

44,557

Cadence

Bank

1,701,632

32,956

First

Merchants

Corp.

1,441,825

25,876

Glacier

Bancorp,

Inc.

1,497,962

10,422

Hamilton

Lane,

Inc.,

Class

A

2,005,193

23,076

Kemper

Corp.

1,649,703

18,929

Mr

Cooper

Group,

Inc.*

1,867,724

50,831

NMI

Holdings,

Inc.,

Class

A*

2,032,732

51,440

Pacific

Premier

Bancorp,

Inc.

1,460,896

12,924

PennyMac

Financial

Services,

Inc.

1,384,548

87,305

Perella

Weinberg

Partners

2,241,119

10,069

Pinnacle

Financial

Partners,

Inc.

1,279,871

7,763

Piper

Sandler

Cos.

2,662,631

9,096

PJT

Partners,

Inc.,

Class

A

1,522,307

40,728

Skyward

Specialty

Insurance

Group,

Inc.*

2,203,792

14,709

SouthState

Corp.

1,628,139

15,313

Stifel

Financial

Corp.

1,773,245

31,637,743

Health

Care

–

12.6%

49,810

Alkermes

PLC*

1,445,486

9,370

Blueprint

Medicines

Corp.*

903,081

18,081

Cytokinetics,

Inc.*

937,681

43,174

Dynavax

Technologies

Corp.*

555,218

37,432

Halozyme

Therapeutics,

Inc.*

1,804,222

22,519

Immunovant,

Inc.*

635,036

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Health

Care

–

(continued)

10,609

Integer

Holdings

Corp.*

$

1,490,564

11,910

iRhythm

Technologies,

Inc.*

1,035,753

9,961

Lantheus

Holdings,

Inc.*

889,218

18,929

Merit

Medical

Systems,

Inc.*

1,966,723

62,161

NeoGenomics,

Inc.*

1,102,115

34,434

Pennant

Group,

Inc.

(The)*

1,073,652

19,931

REVOLUTION

Medicines,

Inc.*

1,153,008

29,996

Surgery

Partners,

Inc.*

715,105

8,016

TransMedics

Group,

Inc.*

695,067

25,660

Veracyte,

Inc.*

1,102,097

45,374

Waystar

Holding

Corp.*

1,401,149

18,905,175

Industrials

–

17.3%

21,056

Arcosa,

Inc.

2,287,524

12,442

Crane

Co.

2,265,439

12,651

Esab

Corp.

1,632,991

33,710

Federal

Signal

Corp.

3,283,691

15,313

Franklin

Electric

Co.,

Inc.

1,658,398

102,937

Gates

Industrial

Corp.

PLC*

2,281,084

41,471

Kratos

Defense &

Security

Solutions,

Inc.*

1,123,449

10,393

Loar

Holdings,

Inc.*

956,988

13,930

Moog,

Inc.,

Class

A

3,082,291

13,031

MYR

Group,

Inc.*

2,057,595

18,077

SPX

Technologies,

Inc.*

3,189,506

9,571

Standex

International

Corp.

1,989,715

25,808,671

Information

Technology

–

18.1%

29,130

Alkami

Technology,

Inc.*

1,149,761

13,647

ASGN,

Inc.*

1,249,383

17,756

Axcelis

Technologies,

Inc.*

1,318,205

9,571

Badger

Meter,

Inc.

2,075,184

14,840

Celestica,

Inc.

(Canada)*

1,264,962

39,093

Clearwater

Analytics

Holdings,

Inc.,

Class

A*

1,213,447

26,796

Cohu,

Inc.*

707,414

11,098

Commvault

Systems,

Inc.*

1,904,306

6,167

CyberArk

Software

Ltd.*

1,995,086

29,996

DigitalOcean

Holdings,

Inc.*

1,142,248

7,799

Impinj,

Inc.*

1,499,046

59,996

Knowles

Corp.*

1,167,522

16,695

MACOM

Technology

Solutions

Holdings,

Inc.*

2,217,430

31,077

Onestream,

Inc.*

928,892

27,067

Semtech

Corp.*

1,733,371

9,677

SPS

Commerce,

Inc.*

1,868,338

41,260

Tenable

Holdings,

Inc.*

1,732,095

36,369

Vertex,

Inc.,

Class

A*

1,973,018

27,139,708

Materials

–

7.1%

17,756

Ashland,

Inc.

1,386,033

26,200

ATI,

Inc.*

1,576,454

39,133

Avient

Corp.

2,005,566

71,582

Constellium

SE*

877,595

38,228

Graphic

Packaging

Holding

Co.

1,150,281

17,756

HB

Fuller

Co.

1,365,259

GOLDMAN

SACHS

SMALL

CAP

CORE

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

**End

swaps

header**

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Materials

–

(continued)

21,789

Knife

River

Corp.*

$

2,255,162

10,616,350

Real

Estate

–

3.7%

72,631

Independence

Realty

Trust,

Inc.

REIT

1,586,261

88,687

Newmark

Group,

Inc.,

Class

A

1,372,875

100,386

RLJ

Lodging

Trust

REIT

1,024,941

24,149

Terreno

Realty

Corp.

REIT

1,464,154

5,448,231

Utilities

–

0.8%

14,944

ONE

Gas,

Inc.

1,165,184

TOTAL

COMMON

STOCKS

(Cost

$131,479,013)

147,988,384

Shares

Dividend

Rate

Value

aa

Investment

Company

–

1.0%

(a)

Goldman

Sachs

Financial

Square

Treasury

Obligations

Fund

–

Institutional

Shares

1,483,426

4.511%

1,483,426

(Cost

$1,483,426)

TOTAL

INVESTMENTS

–

100.0%

(Cost

$132,962,439)

$

149,471,810

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

–

0.0%

53,473

NET

ASSETS

–

100.0%

$

149,525,283

  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)

Represents

an

affiliated

issuer.

Investment

Abbreviations:

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

Goldman

Sachs

Equity

ETFs

Schedule

of

Investments

November

30,

2024

(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

GSAM

as

the

valuation

designee

to

perform

fair

valuations

pursuant

to

Rule

2a-5

under

the

Act

(the

“Valuation

Designee”).

GSAM

has

day-to-day

responsibility

for

implementing

and

maintaining

internal

controls

and

procedures

related

to

the

valuation

of

the

Funds’

investments.

To

assess

the

continuing

appropriateness

of

pricing

sources

and

methodologies,

GSAM

regularly

performs

price

verification

procedures

and

issues

challenges

as

necessary

to

third

party

pricing

vendors

or

brokers,

and

any

differences

are

reviewed

in

accordance

with

the

Valuation

Procedures.

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.

Goldman

Sachs

Equity

ETFs

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Underlying

Funds

(including

Money

Market

Funds)

—

Underlying

funds

(“Underlying

Funds”)

include

exchange-traded

funds

(“ETFs”)

and

other

investment

companies.

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

the

Valuation

Procedures.

GSAM,

consistent

with

its

procedures

and

applicable

regulatory

guidance,

may

make

an

adjustment

to

the

most

recent

valuation

prices

of

either

domestic

or

foreign

securities

in

light

of

significant

events

to

reflect

what

it

believes

to

be

the

fair

value

of

the

securities

at

the

time

of

determining

a

Fund’s

NAV.

To

the

extent

investments

are

valued

using

single

source

broker

quotations

obtained

directly

from

the

broker

or

passed

through

from

third

party

pricing

vendors,

such

investments

are

classified

as

Level

3

investments.

Fair

Value

Hierarchy

—

The

following

is

a

summary

of

the

Funds’

investments

classified

in

the

fair

value

hierarchy

as

of

November

30,

2024:

(a)

Bloomberg

Clean

Energy

Equity

ETF

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Asia

$

2,317,486

$

—

$

—

Europe

2,816,425

—

—

North

America

5,796,959

—

—

Oceania

34,524

—

—

South

America

121,572

51,971

—

Investment

Company

29,654

—

—

Securities

Lending

Reinvestment

Vehicle

67,989

—

—

Total

$

11,184,609

$

51,971

$

—

€

1.00

€

1.00

€

1.00

(a)

Equal

Weight

U.S.

Large

Cap

Equity

ETF

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Europe

$

6,114,442

$

—

$

—

North

America

985,197,790

—

—

Investment

Company

872,007

—

—

Total

$

992,184,239

$

—

$

—

€

1.00

€

1.00

€

1.00

(a)

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

Equity

ETFs

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Hedge

Industry

VIP

ETF

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Asia

$

24,808,086

$

—

$

—

Europe

6,504,573

—

—

North

America

285,656,741

—

—

South

America

6,650,319

—

—

Securities

Lending

Reinvestment

Vehicle

5,387,217

—

—

Total

$

329,006,936

$

—

$

—

€

1.00

€

1.00

€

1.00

(a)

Innovate

Equity

ETF

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Asia

$

40,777,730

$

14,905

$

—

Europe

22,691,264

—

28,403

North

America

209,349,179

504,091

—

Oceania

594,133

—

—

South

America

4,156,186

—

—

Exchange-Traded

Fund

555,879

—

—

Investment

Company

632,753

—

—

Securities

Lending

Reinvestment

Vehicle

5,421,780

—

—

Total

$

284,178,904

$

518,996

$

28,403

€

1.00

€

1.00

€

1.00

(a)

JUST

U.S.

Large

Cap

Equity

ETF

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Europe

$

2,457,956

$

—

$

—

North

America

427,861,051

—

—

Investment

Company

1,611,288

—

—

Securities

Lending

Reinvestment

Vehicle

52,858

—

—

Total

$

431,983,153

$

—

$

—

€

1.00

€

1.00

€

1.00

(a)

North

American

Pipelines

&

Power

Equity

ETF

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Europe

$

97,326

$

—

$

—

North

America

11,186,901

—

—

Investment

Company

86,306

—

—

Total

$

11,370,533

$

—

$

—

€

1.00

€

1.00

€

1.00

(a)

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

Equity

ETFs

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

For

further

information

regarding

security

characteristics,

see

the

Schedules

of

Investments.

Securities

Lending

—

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.

Small

Cap

Core

Equity

ETF

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

North

America

$

147,988,384

$

—

$

—

Investment

Company

1,483,426

—

—

Total

$

149,471,810

$

—

$

—

€

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.

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

Equity

ETFs

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

The

Funds’

risks

include,

but

are

not

limited

to,

the

following:

Calculation

Methodology

Risk

(each

Fund

except

Small

Cap

Core

Equity

ETF)

—

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.

Index

Risk

(each

Fund

except

Small

Cap

Core

Equity

ETF)

—

Bloomberg

Professional

Services,

GSAM,

JUST

Capital

Foundation,

Inc.

and

Solactive

AG

(the

“Index

Providers”)

construct

the

respective

Fund’s

Index

in

accordance

with

a

rules-based

methodology.

A

Fund

will

be

negatively

affected

by

general

declines

in

the

securities

and

asset

classes

represented

in

its

Index.

In

addition,

because

the

Funds

are

not

“actively”

managed,

unless

a

specific

security

is

removed

from

an

Index,

a

Fund

generally

would

not

sell

a

security

because

the

security’s

issuer

was

in

financial

trouble.

Market

disruptions

and

regulatory

restrictions

could

have

an

adverse

effect

on

a

Fund’s

ability

to

adjust

its

exposure

to

the

required

levels

in

order

to

track

the

Index.

A

Fund

also

does

not

attempt

to

take

defensive

positions

under

any

market

conditions,

including

declining

markets.

Therefore,

a

Fund’s

performance

could

be

lower

than

funds

that

may

actively

shift

their

portfolio

assets

to

take

advantage

of

market

opportunities

or

to

lessen

the

impact

of

a

market

decline

or

a

decline

in

the

value

of

one

or

more

issuers.

When

the

Index

is

rebalanced

and

a

Fund

in

turn

rebalances

its

portfolio

to

attempt

to

increase

the

correlation

between

the

Fund’s

portfolio

and

the

Index,

any

transaction

costs

and

market

exposure

arising

from

such

portfolio

rebalancing

may

be

borne

directly

by

the

Fund

and

its

shareholders.

The

Index

Providers

may

utilize

third

party

data

in

constructing

each

Index,

but

not

guarantee

the

accuracy

or

availability

of

such

third

party

data.

Errors

in

index

data,

index

computation

or

the

construction

of

an

Index

in

accordance

with

its

methodology

may

occur

from

time

to

time

and

may

not

be

identified

and

corrected

by

the

Index

Providers

for

a

period

of

time

or

at

all,

which

may

have

an

adverse

impact

on

the

applicable

Fund

and

its

shareholders.

In

addition,

neither

a

Fund,

the

Investment

Adviser,

the

Calculation

Agent

nor

the

Index

Providers

can

guarantee

the

availability

or

timeliness

of

the

production

of

the

Index.

The

Index

Providers

may

delay

or

change

a

scheduled

rebalancing

or

reconstitution

of

an

Index

or

the

implementation

of

certain

rules

at

its

sole

discretion.

In

such

circumstances,

a

Fund,

in

replicating

the

composition

of

its

Index,

may

have

more

or

less

exposure

to

a

particular

sector

or

individual

company

than

had

the

Index

been

constructed

in

accordance

with

its

stated

methodology.

Industry

Concentration

Risk

(each

Fund

except

Small

Cap

Core

Equity

ETF)

—

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

specified

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

or

NYSE

Arca

and

may,

therefore,

have

a

material

upward

or

downward

effect

on

the

market

price

of

the

Shares.

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

Equity

ETFs

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

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,

military

conflict,

acts

of

terrorism,

social

unrest,

natural

disasters,

recessions,

inflation,

rapid

interest

rate

changes,

supply

chain

disruptions,

sanctions,

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

pay

more

for,

or

receive

less

than,

the

underlying

value

of

the

Shares,

respectively.

The

Investment

Adviser

cannot

predict

whether

Shares

will

trade

below,

at

or

above

their

NAV.

Price

differences

may

be

due,

in

large

part,

to

the

fact

that

supply

and

demand

forces

at

work

in

the

secondary

trading

market

for

Shares

will

be

closely

related

to,

but

not

identical

to,

the

same

forces

influencing

the

prices

of

the

securities

of

a

Fund’s

Index

(except

Small

Cap

Core

Equity

ETF)

trading

individually

or

in

the

aggregate

at

any

point

in

time.

Master

Limited

Partnership

Risk

—

Investments

in

securities

of

MLPs

involve

risks

that

differ

from

investments

in

common

stock,

including

risks

related

to

limited

control

and

limited

rights

to

vote

on

matters

affecting

the

MLP,

risks

related

to

potential

conflicts

of

interest

between

the

MLP

and

the

MLP’s

general

partner,

cash

flow

risks,

dilution

risks,

limited

liquidity

and

risks

related

to

the

general

partner’s

right

to

require

unit-holders

to

sell

their

common

units

at

an

undesirable

time

or

price.

Non-Diversification

Risk

—

The

North

American

Pipelines

&

Power

Equity

ETF

and

Small

Cap

Core

Equity

ETF

are

non-diversified,

meaning

that

they

are

permitted

to

invest

a

larger

percentage

of

their

assets

in

one

or

more

issuers

or

in

fewer

issuers

than

diversified

mutual

funds.

Thus,

the

Fund

may

be

more

susceptible

to

adverse

developments

affecting

any

single

issuer

held

in

its

portfolio,

and

may

be

more

susceptible

to

greater

losses

because

of

these

developments.

Tracking

Error

Risk

(each

Fund

except

Small

Cap

Core

Equity

ETF)

—

Tracking

error

is

the

divergence

of

a

Fund’s

performance

from

that

of

its

Index.

The

performance

of

a

Fund

may

diverge

from

that

of

its

Index

for

a

number

of

reasons.

Tracking

error

may

occur

because

of

transaction

costs,

a

Fund’s

holding

of

cash,

differences

in

accrual

of

dividends,

changes

to

its

Index

or

the

need

to

meet

new

or

existing

regulatory

requirements.

Unlike

a

Fund,

the

returns

of

an

Index

are

not

reduced

by

investment

and

other

operating

expenses,

including

the

trading

costs

associated

with

implementing

changes

to

its

portfolio

of

investments.

Tracking

error

risk

may

be

heightened

during

times

of

market

volatility

or

other

unusual

market

conditions.

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)