Goldman Sachs ETF Trust (GPRF) NPORT-P Goldman Sachs ActiveBeta(R) U.S. Small Cap Equity ETF (Nov 2024 report)

GOLDMAN

SACHS

ACTIVE

BETA

®

EMERGING

MARKETS

EQUITY

ETF

Schedule

of

Investments

November

30,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

97.5%

Brazil

–

2.9%

304,377

Ambev

SA

(Consumer

Staples)

$

648,961

358,703

B3

SA

–

Brasil

Bolsa

Balcao

(Financials)

556,320

209,873

Banco

Bradesco

SA

(Financials)

391,228

60,571

Banco

BTG

Pactual

SA

(Financials)

307,184

279,465

Banco

do

Brasil

SA

(Financials)

1,159,396

393,084

BB

Seguridade

Participacoes

SA

(Financials)

2,207,483

126,816

BRF

SA

(Consumer

Staples)

526,962

344,765

Caixa

Seguridade

Participacoes

SA

(Financials)

839,010

168,288

CCR

SA

(Industrials)

310,890

79,346

Centrais

Eletricas

Brasileiras

SA

(Utilities)

456,755

36,331

Cia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo

(Utilities)

565,777

374,105

Cosan

SA

(Energy)

638,478

87,301

CPFL

Energia

SA

(Utilities)

476,960

67,181

Embraer

SA

(Industrials)*

654,071

91,299

Engie

Brasil

Energia

SA

(Utilities)

581,069

151,398

Equatorial

Energia

SA

(Utilities)

776,179

791,828

Hapvida

Participacoes

e

Investimentos

SA

(Health

Care)*

(a)

358,074

82,570

Klabin

SA

(Materials)

307,149

156,133

NU

Holdings

Ltd.,

Class

A

(Financials)*

1,956,347

364,133

Petroleo

Brasileiro

SA

(Energy)

2,599,273

46,880

PRIO

SA

(Energy)

315,169

205,687

Raia

Drogasil

SA

(Consumer

Staples)

828,170

39,410

StoneCo

Ltd.,

Class

A

(Financials)*

373,607

21,292

Suzano

SA

(Materials)

222,525

109,114

Telefonica

Brasil

SA

(Communication

Services)

904,981

178,815

TIM

SA

(Communication

Services)

474,392

116,744

TOTVS

SA

(Information

Technology)

536,925

84,996

Ultrapar

Participacoes

SA

(Energy)

255,387

358,676

Vale

SA

(Materials)

3,531,102

120,788

Vibra

Energia

SA

(Consumer

Discretionary)

417,351

143,894

WEG

SA

(Industrials)

1,299,966

42,566

XP,

Inc.,

Class

A

(Financials)

576,344

26,053,485

Chile

–

0.8%

9,579,614

Banco

de

Chile

(Financials)

1,090,678

29,675

Banco

de

Credito

e

Inversiones

SA

(Financials)

844,123

12,873,105

Banco

Santander

Chile

(Financials)

611,843

645,813

Cencosud

SA

(Consumer

Staples)

1,356,124

Shares

Description

Value

a

Common

Stocks

–

(continued)

Chile

–

(continued)

280,335

Empresas

CMPC

SA

(Materials)

$

440,783

85,538

Empresas

Copec

SA

(Consumer

Discretionary)

530,182

4,872,403

Enel

Americas

SA

(Utilities)

451,630

6,205,451

Enel

Chile

SA

(Utilities)

340,704

343,613

Falabella

SA

(Consumer

Discretionary)*

1,161,509

28,175,277

Latam

Airlines

Group

SA

(Industrials)

389,620

7,217,196

China

–

28.0%

232,822

37

Interactive

Entertainment

Network

Technology

Group

Co.

Ltd.,

Class

A

(Communication

Services)

541,387

145,306

AAC

Technologies

Holdings,

Inc.

(Information

Technology)

653,560

1,233,363

Agricultural

Bank

of

China

Ltd.,

Class

A

(Financials)

818,205

3,430,804

Agricultural

Bank

of

China

Ltd.,

Class

H

(Financials)

1,710,651

134,079

Aier

Eye

Hospital

Group

Co.

Ltd.,

Class

A

(Health

Care)

271,464

109,442

Akeso,

Inc.

(Health

Care)*

(a)(b)

1,028,100

1,617,025

Alibaba

Group

Holding

Ltd.

(Consumer

Discretionary)

17,382,673

397,888

Aluminum

Corp.

of

China

Ltd.,

Class

A

(Materials)

412,672

1,062,322

Aluminum

Corp.

of

China

Ltd.,

Class

H

(Materials)

630,713

66,835

Anhui

Jianghuai

Automobile

Group

Corp.

Ltd.,

Class

A

(Consumer

Discretionary)

323,639

69,437

Anker

Innovations

Technology

Co.

Ltd.,

Class

A

(Information

Technology)

785,387

166,747

ANTA

Sports

Products

Ltd.

(Consumer

Discretionary)

1,647,852

23,695

Autohome,

Inc.

ADR

(Communication

Services)

651,849

77,816

Avary

Holding

Shenzhen

Co.

Ltd.,

Class

A

(Information

Technology)

360,178

128,662

Baidu,

Inc.,

Class

A

(Communication

Services)*

1,344,234

844,707

Bank

of

Beijing

Co.

Ltd.,

Class

A

(Financials)

666,390

357,504

Bank

of

Changsha

Co.

Ltd.,

Class

A

(Financials)

421,573

168,300

Bank

of

Chengdu

Co.

Ltd.,

Class

A

(Financials)

369,533

985,666

Bank

of

China

Ltd.,

Class

A

(Financials)

681,073

8,939,640

Bank

of

China

Ltd.,

Class

H

(Financials)

4,147,259

766,786

Bank

of

Communications

Co.

Ltd.,

Class

A

(Financials)

775,183

GOLDMAN

SACHS

ACTIVE

BETA

®

EMERGING

MARKETS

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

2,111,729

Bank

of

Communications

Co.

Ltd.,

Class

H

(Financials)

$

1,525,135

190,290

Bank

of

Hangzhou

Co.

Ltd.,

Class

A

(Financials)

371,363

649,086

Bank

of

Jiangsu

Co.

Ltd.,

Class

A

(Financials)

810,171

328,541

Bank

of

Nanjing

Co.

Ltd.,

Class

A

(Financials)

478,950

615,615

Bank

of

Shanghai

Co.

Ltd.,

Class

A

(Financials)

696,224

84,723

BeiGene

Ltd.

(Health

Care)*

1,402,333

114,366

Beijing

Enterprises

Holdings

Ltd.

(Utilities)

359,343

1,071,614

Beijing

Enterprises

Water

Group

Ltd.

(Utilities)

293,327

24,004

Beijing

Wantai

Biological

Pharmacy

Enterprise

Co.

Ltd.,

Class

A

(Health

Care)

241,477

259,165

Beijing

Yanjing

Brewery

Co.

Ltd.,

Class

A

(Consumer

Staples)

371,022

469,205

Beijing-Shanghai

High

Speed

Railway

Co.

Ltd.,

Class

A

(Industrials)

370,803

64,631

Bloomage

Biotechnology

Corp.

Ltd.,

Class

A

(Health

Care)

527,345

102,735

BOC

Aviation

Ltd.

(Industrials)

(a)

794,123

923,136

BOE

Technology

Group

Co.

Ltd.,

Class

A

(Information

Technology)

547,470

3,651,254

Bosideng

International

Holdings

Ltd.

(Consumer

Discretionary)

1,900,338

5,745

BYD

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

217,761

53,507

BYD

Co.

Ltd.,

Class

H

(Consumer

Discretionary)

1,743,788

97,538

BYD

Electronic

International

Co.

Ltd.

(Information

Technology)

433,068

228,559

C&D

International

Investment

Group

Ltd.

(Real

Estate)

(b)

377,723

171,404

Caitong

Securities

Co.

Ltd.,

Class

A

(Financials)

198,812

5,741

Cambricon

Technologies

Corp.

Ltd.,

Class

A

(Information

Technology)*

444,198

315,905

CGN

Power

Co.

Ltd.,

Class

A

(Utilities)

170,357

1,967,438

CGN

Power

Co.

Ltd.,

Class

H

(Utilities)

(a)

652,311

38,703

Changchun

High-Tech

Industry

Group

Co.

Ltd.,

Class

A

(Health

Care)

572,330

2,390,429

China

CITIC

Bank

Corp.

Ltd.,

Class

H

(Financials)

1,523,672

304,500

China

Coal

Energy

Co.

Ltd.,

Class

H

(Energy)

361,179

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

2,465,374

China

Communications

Services

Corp.

Ltd.,

Class

H

(Industrials)

$

1,292,638

514,711

China

Construction

Bank

Corp.,

Class

A

(Financials)

566,490

10,507,498

China

Construction

Bank

Corp.,

Class

H

(Financials)

7,899,308

648,871

China

Eastern

Airlines

Corp.

Ltd.,

Class

A

(Industrials)*

365,128

1,664,810

China

Energy

Engineering

Corp.

Ltd.,

Class

A

(Industrials)

537,287

1,014,631

China

Everbright

Bank

Co.

Ltd.,

Class

A

(Financials)

503,775

2,192,561

China

Everbright

Bank

Co.

Ltd.,

Class

H

(Financials)

760,763

1,331,771

China

Feihe

Ltd.

(Consumer

Staples)

(a)

980,659

450,959

China

Galaxy

Securities

Co.

Ltd.,

Class

H

(Financials)

408,564

719,130

China

Gas

Holdings

Ltd.

(Utilities)

595,151

352,563

China

Great

Wall

Securities

Co.

Ltd.,

Class

A

(Financials)

424,499

592,204

China

Hongqiao

Group

Ltd.

(Materials)

863,015

381,857

China

Life

Insurance

Co.

Ltd.,

Class

H

(Financials)

722,341

399,312

China

Mengniu

Dairy

Co.

Ltd.

(Consumer

Staples)

871,333

103,601

China

Merchants

Bank

Co.

Ltd.,

Class

A

(Financials)

519,248

306,154

China

Merchants

Bank

Co.

Ltd.,

Class

H

(Financials)

1,386,861

827,883

China

Merchants

Port

Holdings

Co.

Ltd.

(Industrials)

1,308,603

90,266

China

Merchants

Securities

Co.

Ltd.,

Class

A

(Financials)

238,531

824,317

China

Minsheng

Banking

Corp.

Ltd.,

Class

A

(Financials)

450,210

2,583,004

China

Minsheng

Banking

Corp.

Ltd.,

Class

H

(Financials)

1,005,777

309,170

China

National

Chemical

Engineering

Co.

Ltd.,

Class

A

(Industrials)

347,521

135,545

China

National

Nuclear

Power

Co.

Ltd.,

Class

A

(Utilities)

176,287

116,023

China

Pacific

Insurance

Group

Co.

Ltd.,

Class

A

(Financials)

542,463

252,973

China

Pacific

Insurance

Group

Co.

Ltd.,

Class

H

(Financials)

794,853

2,024,087

China

Petroleum

&

Chemical

Corp.,

Class

H

(Energy)

1,082,073

1,387,280

China

Power

International

Development

Ltd.

(Utilities)

527,703

98,207

China

Resources

Land

Ltd.

(Real

Estate)

290,271

1,199,074

China

Resources

Pharmaceutical

Group

Ltd.

(Health

Care)

(a)

808,983

GOLDMAN

SACHS

ACTIVE

BETA

®

EMERGING

MARKETS

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

235,239

China

Resources

Power

Holdings

Co.

Ltd.

(Utilities)

$

537,496

69,174

China

Shenhua

Energy

Co.

Ltd.,

Class

A

(Energy)

381,236

285,894

China

Shenhua

Energy

Co.

Ltd.,

Class

H

(Energy)

1,183,027

416,765

China

Southern

Airlines

Co.

Ltd.,

Class

A

(Industrials)*

388,565

497,790

China

State

Construction

International

Holdings

Ltd.

(Industrials)

693,441

753,262

China

Taiping

Insurance

Holdings

Co.

Ltd.

(Financials)

1,188,717

503,163

China

Three

Gorges

Renewables

Group

Co.

Ltd.,

Class

A

(Utilities)

316,446

8,480,226

China

Tower

Corp.

Ltd.,

Class

H

(Communication

Services)

(a)

1,111,582

384,648

China

United

Network

Communications

Ltd.,

Class

A

(Communication

Services)

273,210

187,061

China

Yangtze

Power

Co.

Ltd.,

Class

A

(Utilities)

704,839

1,488,401

China

Zheshang

Bank

Co.

Ltd.,

Class

A

(Financials)

595,311

47,963

Chongqing

Brewery

Co.

Ltd.,

Class

A

(Consumer

Staples)

409,272

582,267

Chongqing

Rural

Commercial

Bank

Co.

Ltd.,

Class

A

(Financials)

451,320

334,464

Chow

Tai

Fook

Jewellery

Group

Ltd.

(Consumer

Discretionary)

306,459

514,963

CITIC

Ltd.

(Industrials)

571,111

306,229

CMOC

Group

Ltd.,

Class

A

(Materials)

307,471

506,744

CMOC

Group

Ltd.,

Class

H

(Materials)

376,401

202,628

COSCO

SHIPPING

Holdings

Co.

Ltd.,

Class

A

(Industrials)

379,791

423,307

COSCO

SHIPPING

Holdings

Co.

Ltd.,

Class

H

(Industrials)

591,859

447,951

CRRC

Corp.

Ltd.,

Class

A

(Industrials)

489,925

1,073,300

CRRC

Corp.

Ltd.,

Class

H

(Industrials)

627,576

2,248,749

CSPC

Pharmaceutical

Group

Ltd.

(Health

Care)

1,465,152

391,475

Daqin

Railway

Co.

Ltd.,

Class

A

(Industrials)

367,686

918,855

Datang

International

Power

Generation

Co.

Ltd.,

Class

A

(Utilities)

357,373

70,081

Ecovacs

Robotics

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

495,842

26,797

Eoptolink

Technology,

Inc.

Ltd.,

Class

A

(Information

Technology)

424,836

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

1,041,845

Everdisplay

Optronics

Shanghai

Co.

Ltd.,

Class

A

(Information

Technology)*

$

350,606

1,791,768

Far

East

Horizon

Ltd.

(Financials)

1,208,857

471,679

Focus

Media

Information

Technology

Co.

Ltd.,

Class

A

(Communication

Services)

448,871

355,560

Fosun

International

Ltd.

(Industrials)

192,823

52,925

Fuyao

Glass

Industry

Group

Co.

Ltd.,

Class

H

(Consumer

Discretionary)

(a)

356,050

482,112

GD

Power

Development

Co.

Ltd.,

Class

A

(Utilities)

303,872

957,535

Geely

Automobile

Holdings

Ltd.

(Consumer

Discretionary)

1,705,500

211,306

GF

Securities

Co.

Ltd.,

Class

A

(Financials)

479,115

141,374

Giant

Biogene

Holding

Co.

Ltd.

(Consumer

Staples)

(a)

908,392

208,248

Goldwind

Science

&

Technology

Co.

Ltd.,

Class

A

(Industrials)

320,532

47,739

Goneo

Group

Co.

Ltd.,

Class

A

(Industrials)

468,462

35,378

Gree

Electric

Appliances,

Inc.

of

Zhuhai,

Class

A

(Consumer

Discretionary)

205,322

590,296

Guangdong

Investment

Ltd.

(Utilities)

370,189

552,253

Guangzhou

Automobile

Group

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

673,312

55,978

Guangzhou

Baiyunshan

Pharmaceutical

Holdings

Co.

Ltd.,

Class

A

(Health

Care)

223,971

114,375

Guosen

Securities

Co.

Ltd.,

Class

A

(Financials)

181,250

81,045

Guotai

Junan

Securities

Co.

Ltd.,

Class

A

(Financials)

211,594

421,194

Guoyuan

Securities

Co.

Ltd.,

Class

A

(Financials)

492,611

808,159

Haidilao

International

Holding

Ltd.

(Consumer

Discretionary)

(a)

1,611,842

82,510

Haier

Smart

Home

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

322,388

326,435

Haier

Smart

Home

Co.

Ltd.,

Class

H

(Consumer

Discretionary)

1,109,574

499,697

Hainan

Airport

Infrastructure

Co.

Ltd.,

Class

A

(Real

Estate)*

264,645

185,875

Hangzhou

First

Applied

Material

Co.

Ltd.,

Class

A

(Information

Technology)

447,858

266,462

Hansoh

Pharmaceutical

Group

Co.

Ltd.

(Health

Care)

(a)

660,886

GOLDMAN

SACHS

ACTIVE

BETA

®

EMERGING

MARKETS

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

178,420

Heilongjiang

Agriculture

Co.

Ltd.,

Class

A

(Consumer

Staples)

$

362,716

107,889

Henan

Shenhuo

Coal

Industry

&

Electricity

Power

Co.

Ltd.,

Class

A

(Materials)

240,312

429,405

Hengan

International

Group

Co.

Ltd.

(Consumer

Staples)

1,227,810

73,557

Hisense

Home

Appliances

Group

Co.

Ltd.,

Class

H

(Consumer

Discretionary)

207,488

28,494

Hithink

RoyalFlush

Information

Network

Co.

Ltd.,

Class

A

(Financials)

1,319,143

57,255

Huadong

Medicine

Co.

Ltd.,

Class

A

(Health

Care)

307,809

121,870

Huaibei

Mining

Holdings

Co.

Ltd.,

Class

A

(Materials)

244,056

223,681

Huaneng

Lancang

River

Hydropower,

Inc.,

Class

A

(Utilities)

286,905

193,940

Huatai

Securities

Co.

Ltd.,

Class

H

(Financials)

(a)

333,969

758,864

Huaxia

Bank

Co.

Ltd.,

Class

A

(Financials)

792,293

259,397

Huayu

Automotive

Systems

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

605,329

111,784

Hubei

Jumpcan

Pharmaceutical

Co.

Ltd.,

Class

A

(Health

Care)

460,049

224,955

Hundsun

Technologies,

Inc.,

Class

A

(Information

Technology)

951,869

14,147

Imeik

Technology

Development

Co.

Ltd.,

Class

A

(Health

Care)

413,448

722,787

Industrial

&

Commercial

Bank

of

China

Ltd.,

Class

A

(Financials)

613,072

6,563,274

Industrial

&

Commercial

Bank

of

China

Ltd.,

Class

H

(Financials)

3,846,088

216,158

Industrial

Bank

Co.

Ltd.,

Class

A

(Financials)

538,114

521,188

Industrial

Securities

Co.

Ltd.,

Class

A

(Financials)

462,920

87,984

Inner

Mongolia

Dian

Tou

Energy

Corp.

Ltd.,

Class

A

(Energy)

244,272

44,017

Isoftstone

Information

Technology

Group

Co.

Ltd.,

Class

A

(Information

Technology)

387,925

70,676

JCET

Group

Co.

Ltd.,

Class

A

(Information

Technology)

379,962

98,309

JD

Health

International,

Inc.

(Consumer

Staples)*

(a)

358,163

359,533

JD

Logistics,

Inc.

(Industrials)*

(a)

642,225

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

202,967

JD.com,

Inc.,

Class

A

(Consumer

Discretionary)

$

3,750,751

511,600

Jiangsu

Expressway

Co.

Ltd.,

Class

H

(Industrials)

518,730

131,581

Jiangsu

Hengrui

Pharmaceuticals

Co.

Ltd.,

Class

A

(Health

Care)

919,902

142,841

Jiangsu

Nhwa

Pharmaceutical

Co.

Ltd.,

Class

A

(Health

Care)

532,507

101,479

Jiangxi

Copper

Co.

Ltd.,

Class

A

(Materials)

294,615

168,481

Jiangxi

Copper

Co.

Ltd.,

Class

H

(Materials)

270,209

18,754

Kanzhun

Ltd.

ADR

(Communication

Services)

253,179

21,409

KE

Holdings,

Inc.

ADR

(Real

Estate)

403,560

352,786

Kuaishou

Technology

(Communication

Services)*

(a)

2,185,205

68,000

Kuang-Chi

Technologies

Co.

Ltd.,

Class

A

(Industrials)

376,361

1,065,562

Kunlun

Energy

Co.

Ltd.

(Utilities)

1,005,099

4,845

Kweichow

Moutai

Co.

Ltd.,

Class

A

(Consumer

Staples)

1,019,531

118,787

LB

Group

Co.

Ltd.,

Class

A

(Materials)

291,946

1,354,811

Lenovo

Group

Ltd.

(Information

Technology)

1,586,101

153,718

Lens

Technology

Co.

Ltd.,

Class

A

(Information

Technology)

437,795

47,200

Li

Auto,

Inc.,

Class

A

(Consumer

Discretionary)*

552,579

585,805

Li

Ning

Co.

Ltd.

(Consumer

Discretionary)

1,201,489

1,330,257

Liaoning

Port

Co.

Ltd.,

Class

A

(Industrials)

289,880

329,566

Longfor

Group

Holdings

Ltd.

(Real

Estate)

(a)

462,486

256,150

Meihua

Holdings

Group

Co.

Ltd.,

Class

A

(Materials)

377,304

461,747

Meituan,

Class

B

(Consumer

Discretionary)*

(a)

10,010,437

37,065

Midea

Group

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

358,504

158,010

MINISO

Group

Holding

Ltd.

(Consumer

Discretionary)

(b)

785,831

1,073,066

MMG

Ltd.

(Materials)*

364,053

183,963

Nanjing

Securities

Co.

Ltd.,

Class

A

(Financials)

229,364

175,354

NetEase,

Inc.

(Communication

Services)

3,028,648

144,578

New

China

Life

Insurance

Co.

Ltd.,

Class

H

(Financials)

442,194

269,088

New

Hope

Liuhe

Co.

Ltd.,

Class

A

(Consumer

Staples)*

353,682

191,193

New

Oriental

Education

&

Technology

Group,

Inc.

(Consumer

Discretionary)

1,140,050

GOLDMAN

SACHS

ACTIVE

BETA

®

EMERGING

MARKETS

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

27,435

Ningbo

Deye

Technology

Co.

Ltd.,

Class

A

(Industrials)

$

326,393

240,447

Nongfu

Spring

Co.

Ltd.,

Class

H

(Consumer

Staples)

(a)

1,022,778

117,616

OFILM

Group

Co.

Ltd.,

Class

A

(Information

Technology)*

217,207

63,619

PDD

Holdings,

Inc.

ADR

(Consumer

Discretionary)*

6,143,051

358,590

People’s

Insurance

Co.

Group

of

China

Ltd.

(The),

Class

A

(Financials)

358,066

2,025,915

People's

Insurance

Co.

Group

of

China

Ltd.

(The),

Class

H

(Financials)

965,893

849,959

PetroChina

Co.

Ltd.,

Class

A

(Energy)

942,497

3,239,264

PetroChina

Co.

Ltd.,

Class

H

(Energy)

2,293,675

1,013,739

PICC

Property

&

Casualty

Co.

Ltd.,

Class

H

(Financials)

1,534,636

175,353

Ping

An

Bank

Co.

Ltd.,

Class

A

(Financials)

275,221

107,268

Ping

An

Insurance

Group

Co.

of

China

Ltd.,

Class

A

(Financials)

787,800

375,355

Ping

An

Insurance

Group

Co.

of

China

Ltd.,

Class

H

(Financials)

2,160,997

215,622

Pop

Mart

International

Group

Ltd.

(Consumer

Discretionary)

(a)

2,489,689

363,172

Postal

Savings

Bank

of

China

Co.

Ltd.,

Class

A

(Financials)

265,469

837,453

Postal

Savings

Bank

of

China

Co.

Ltd.,

Class

H

(Financials)

(a)

474,606

52,606

Qifu

Technology,

Inc.

ADR

(Financials)

2,004,815

251,282

Rongsheng

Petrochemical

Co.

Ltd.,

Class

A

(Materials)

330,625

172,280

SAIC

Motor

Corp.

Ltd.,

Class

A

(Consumer

Discretionary)

417,715

238,238

SDIC

Capital

Co.

Ltd.,

Class

A

(Financials)

253,661

26,978

Seres

Group

Co.

Ltd.,

Class

A

(Consumer

Discretionary)*

452,412

54,933

Shaanxi

Coal

Industry

Co.

Ltd.,

Class

A

(Energy)

176,907

1,253,791

Shandong

Nanshan

Aluminum

Co.

Ltd.,

Class

A

(Materials)

691,690

183,675

Shandong

Sun

Paper

Industry

JSC

Ltd.,

Class

A

(Materials)

371,879

401,044

Shanghai

Electric

Group

Co.

Ltd.,

Class

A

(Industrials)*

470,151

352,898

Shanghai

Electric

Power

Co.

Ltd.,

Class

A

(Utilities)

460,920

165,764

Shanghai

Fosun

Pharmaceutical

Group

Co.

Ltd.,

Class

A

(Health

Care)

609,961

70,017

Shanghai

M&G

Stationery,

Inc.,

Class

A

(Industrials)

321,376

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

256,322

Shanghai

Pharmaceuticals

Holding

Co.

Ltd.,

Class

H

(Health

Care)

$

428,216

706,058

Shanghai

Pudong

Development

Bank

Co.

Ltd.,

Class

A

(Financials)

921,208

249,340

Shanghai

Rural

Commercial

Bank

Co.

Ltd.,

Class

A

(Financials)

286,115

16,118

Shanxi

Xinghuacun

Fen

Wine

Factory

Co.

Ltd.,

Class

A

(Consumer

Staples)

452,800

438,370

Shenzhen

Energy

Group

Co.

Ltd.,

Class

A

(Utilities)

400,244

17,199

Shenzhen

Mindray

Bio-Medical

Electronics

Co.

Ltd.,

Class

A

(Health

Care)

617,903

40,860

Shenzhen

New

Industries

Biomedical

Engineering

Co.

Ltd.,

Class

A

(Health

Care)

368,386

175,578

Sinolink

Securities

Co.

Ltd.,

Class

A

(Financials)

220,605

328,335

Sinopharm

Group

Co.

Ltd.,

Class

H

(Health

Care)

856,539

130,071

Sinotruk

Hong

Kong

Ltd.

(Industrials)

360,215

63,720

Suzhou

TFC

Optical

Communication

Co.

Ltd.,

Class

A

(Information

Technology)

907,649

28,101

TAL

Education

Group

ADR

(Consumer

Discretionary)*

279,043

173,639

TBEA

Co.

Ltd.,

Class

A

(Industrials)

325,696

709,576

Tencent

Holdings

Ltd.

(Communication

Services)

36,292,416

67,760

Tencent

Music

Entertainment

Group

ADR

(Communication

Services)

773,142

138,648

Tianqi

Lithium

Corp.,

Class

A

(Materials)

730,089

933,216

Tingyi

Cayman

Islands

Holding

Corp.

(Consumer

Staples)

1,169,286

160,563

Tongcheng

Travel

Holdings

Ltd.

(Consumer

Discretionary)

391,630

35,073

Trip.com

Group

Ltd.

(Consumer

Discretionary)*

2,291,911

78,487

Victory

Giant

Technology

Huizhou

Co.

Ltd.,

Class

A

(Information

Technology)

439,058

128,049

Vipshop

Holdings

Ltd.

ADR

(Consumer

Discretionary)

1,768,357

1,571,274

Want

Want

China

Holdings

Ltd.

(Consumer

Staples)

884,423

246,106

Weichai

Power

Co.

Ltd.,

Class

H

(Industrials)

339,040

135,862

Western

Mining

Co.

Ltd.,

Class

A

(Materials)

315,549

1,861,536

Wintime

Energy

Group

Co.

Ltd.,

Class

A

(Utilities)

405,653

GOLDMAN

SACHS

ACTIVE

BETA

®

EMERGING

MARKETS

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

80,551

WUS

Printed

Circuit

Kunshan

Co.

Ltd.,

Class

A

(Information

Technology)

$

414,609

195,193

Xiamen

C

&

D,

Inc.,

Class

A

(Industrials)

263,825

1,216,352

Xiaomi

Corp.,

Class

B

(Information

Technology)*

(a)

4,337,666

68,100

Yealink

Network

Technology

Corp.

Ltd.,

Class

A

(Information

Technology)

356,063

409,611

Youngor

Fashion

Co.

Ltd.,

Class

A

(Real

Estate)

457,032

46,650

Yum

China

Holdings,

Inc.

(Consumer

Discretionary)

2,171,557

441,090

Yunnan

Chihong

Zinc&Germanium

Co.

Ltd.,

Class

A

(Materials)

354,059

163,821

Yunnan

Yuntianhua

Co.

Ltd.,

Class

A

(Materials)

496,167

108,604

Yutong

Bus

Co.

Ltd.,

Class

A

(Industrials)

328,032

149,845

Zhejiang

Chint

Electrics

Co.

Ltd.,

Class

A

(Industrials)

470,164

706,940

Zhejiang

Expressway

Co.

Ltd.,

Class

H

(Industrials)

465,143

427,660

Zhejiang

Longsheng

Group

Co.

Ltd.,

Class

A

(Materials)

598,085

70,275

Zhejiang

NHU

Co.

Ltd.,

Class

A

(Materials)

210,808

75,090

Zhejiang

Supor

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

541,432

197,154

Zhejiang

Wanfeng

Auto

Wheel

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

537,030

21,706

Zhongji

Innolight

Co.

Ltd.,

Class

A

(Information

Technology)

379,389

156,181

Zhongjin

Gold

Corp.

Ltd.,

Class

A

(Materials)

269,902

155,087

Zhongsheng

Group

Holdings

Ltd.

(Consumer

Discretionary)

305,329

147,210

Zijin

Mining

Group

Co.

Ltd.,

Class

A

(Materials)

318,759

170,864

Zijin

Mining

Group

Co.

Ltd.,

Class

H

(Materials)

328,046

106,496

ZTE

Corp.,

Class

H

(Information

Technology)

258,934

249,368,222

Colombia

–

0.1%

65,157

Bancolombia

SA

(Financials)

570,191

Czech

Republic

–

0.1%

24,495

Komercni

Banka

AS

(Financials)

834,700

92,895

Moneta

Money

Bank

AS

(Financials)

(a)

477,741

1,312,441

Shares

Description

Value

a

Common

Stocks

–

(continued)

Egypt

–

0.3%

1,152,541

Commercial

International

Bank

-

Egypt

(CIB)

(Financials)

$

1,891,850

521,423

Eastern

Co.

SAE

(Consumer

Staples)

285,263

319,384

Talaat

Moustafa

Group

(Real

Estate)

373,484

2,550,597

Greece

–

0.9%

440,493

Alpha

Services

and

Holdings

SA

(Financials)

682,287

405,848

Eurobank

Ergasias

Services

and

Holdings

SA

(Financials)

857,314

125,733

Hellenic

Telecommunications

Organization

SA

(Communication

Services)

1,984,021

19,029

JUMBO

SA

(Consumer

Discretionary)

496,029

12,613

Metlen

Energy

&

Metals

SA

(Industrials)

413,777

126,981

National

Bank

of

Greece

SA

(Financials)

894,027

79,771

OPAP

SA

(Consumer

Discretionary)

1,306,782

191,805

Piraeus

Financial

Holdings

SA

(Financials)

701,955

70,043

Public

Power

Corp.

SA

(Utilities)

847,065

8,183,257

Hong

Kong

–

0.1%

2,855,011

Sino

Biopharmaceutical

Ltd.

(Health

Care)

1,192,408

Hungary

–

0.4%

91,172

MOL

Hungarian

Oil

&

Gas

PLC

(Energy)

622,975

38,408

OTP

Bank

Nyrt

(Financials)

2,074,631

46,773

Richter

Gedeon

Nyrt

(Health

Care)

1,241,157

3,938,763

India

–

19.5%

5,012

ABB

India

Ltd.

(Industrials)

440,201

20,764

Adani

Ports

&

Special

Economic

Zone

Ltd.

(Industrials)

292,441

139,608

Adani

Power

Ltd.

(Utilities)*

916,662

46,876

Ambuja

Cements

Ltd.

(Materials)

294,860

9,271

Apollo

Hospitals

Enterprise

Ltd.

(Health

Care)

749,273

130,786

Ashok

Leyland

Ltd.

(Industrials)

359,221

40,059

Asian

Paints

Ltd.

(Materials)

1,175,559

18,107

Astral

Ltd.

(Industrials)

383,693

51,544

Aurobindo

Pharma

Ltd.

(Health

Care)

770,205

211,911

Axis

Bank

Ltd.

(Financials)

2,849,765

4,500

Bajaj

Auto

Ltd.

(Consumer

Discretionary)

481,103

GOLDMAN

SACHS

ACTIVE

BETA

®

EMERGING

MARKETS

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

India

–

(continued)

8,666

Bajaj

Finance

Ltd.

(Financials)

$

674,429

36,534

Bajaj

Finserv

Ltd.

(Financials)

683,130

2,218

Bajaj

Holdings

&

Investment

Ltd.

(Financials)

274,788

401,029

Bank

of

Baroda

(Financials)

1,169,443

214,262

Bharat

Electronics

Ltd.

(Industrials)

781,013

105,143

Bharat

Heavy

Electricals

Ltd.

(Industrials)

312,444

282,302

Bharat

Petroleum

Corp.

Ltd.

(Energy)

975,906

176,085

Bharti

Airtel

Ltd.

(Communication

Services)

3,390,881

1,409

Bosch

Ltd.

(Consumer

Discretionary)

583,072

26,888

Britannia

Industries

Ltd.

(Consumer

Staples)

1,572,350

6,713

BSE

Ltd.

(Financials)

371,079

876,476

Canara

Bank

(Financials)

1,058,145

71,969

CG

Power

&

Industrial

Solutions

Ltd.

(Industrials)

623,688

21,025

Cholamandalam

Investment

and

Finance

Co.

Ltd.

(Financials)

307,041

100,426

Cipla

Ltd.

(Health

Care)

1,823,080

104,918

Coal

India

Ltd.

(Energy)

517,039

53,365

Colgate-Palmolive

India

Ltd.

(Consumer

Staples)

1,825,069

12,441

Cummins

India

Ltd.

(Industrials)

512,931

64,595

Dabur

India

Ltd.

(Consumer

Staples)

402,991

8,299

Divi's

Laboratories

Ltd.

(Health

Care)

606,266

3,351

Dixon

Technologies

India

Ltd.

(Consumer

Discretionary)

626,899

41,349

DLF

Ltd.

(Real

Estate)

402,718

126,028

Dr

Reddy's

Laboratories

Ltd.

(Health

Care)

1,793,257

10,537

Eicher

Motors

Ltd.

(Consumer

Discretionary)

602,550

410,288

GAIL

India

Ltd.

(Utilities)

968,517

33,466

Godrej

Consumer

Products

Ltd.

(Consumer

Staples)

492,962

12,797

Godrej

Properties

Ltd.

(Real

Estate)*

420,449

33,637

Grasim

Industries

Ltd.

(Materials)

1,037,519

56,097

Havells

India

Ltd.

(Industrials)

1,140,579

208,310

HCL

Technologies

Ltd.

(Information

Technology)

4,556,028

27,033

HDFC

Asset

Management

Co.

Ltd.

(Financials)

(a)

1,345,071

291,459

HDFC

Bank

Ltd.

(Financials)

6,195,245

29,060

HDFC

Life

Insurance

Co.

Ltd.

(Financials)

(a)

226,214

10,870

Hero

MotoCorp

Ltd.

(Consumer

Discretionary)

612,568

308,048

Hindalco

Industries

Ltd.

(Materials)

2,392,309

Shares

Description

Value

a

Common

Stocks

–

(continued)

India

–

(continued)

15,360

Hindustan

Aeronautics

Ltd.

(Industrials)

$

813,816

234,006

Hindustan

Petroleum

Corp.

Ltd.

(Energy)

1,060,967

44,416

Hindustan

Unilever

Ltd.

(Consumer

Staples)

1,312,117

518,028

ICICI

Bank

Ltd.

(Financials)

7,970,628

29,210

ICICI

Lombard

General

Insurance

Co.

Ltd.

(Financials)

(a)

643,634

1,017,809

IDFC

First

Bank

Ltd.

(Financials)*

771,883

84,393

Indian

Hotels

Co.

Ltd.

(Consumer

Discretionary)

792,381

652,612

Indian

Oil

Corp.

Ltd.

(Energy)

1,070,717

194,739

Indus

Towers

Ltd.

(Communication

Services)*

805,149

60,201

IndusInd

Bank

Ltd.

(Financials)

709,513

7,025

Info

Edge

India

Ltd.

(Communication

Services)

686,344

382,252

Infosys

Ltd.

(Information

Technology)

8,404,715

21,464

InterGlobe

Aviation

Ltd.

(Industrials)*

(a)

1,112,342

239,222

ITC

Ltd.

(Consumer

Staples)

1,349,753

73,871

Jindal

Stainless

Ltd.

(Materials)

597,289

97,031

Jindal

Steel

&

Power

Ltd.

(Materials)

1,040,919

69,015

Jio

Financial

Services

Ltd.

(Financials)*

268,190

73,774

JSW

Steel

Ltd.

(Materials)

843,418

73,649

Jubilant

Foodworks

Ltd.

(Consumer

Discretionary)

561,806

54,109

Kotak

Mahindra

Bank

Ltd.

(Financials)

1,130,416

53,314

Larsen

&

Toubro

Ltd.

(Industrials)

2,350,211

31,353

LTIMindtree

Ltd.

(Information

Technology)

(a)

2,290,318

45,370

Lupin

Ltd.

(Health

Care)

1,101,144

68,869

Mahindra

&

Mahindra

Ltd.

(Consumer

Discretionary)

2,417,531

16,050

Mankind

Pharma

Ltd.

(Health

Care)*

486,498

134,311

Marico

Ltd.

(Consumer

Staples)

1,025,180

8,543

Maruti

Suzuki

India

Ltd.

(Consumer

Discretionary)

1,119,658

61,412

Mphasis

Ltd.

(Information

Technology)

2,161,907

449

MRF

Ltd.

(Consumer

Discretionary)

665,566

43,569

Muthoot

Finance

Ltd.

(Financials)

988,493

57,669

Nestle

India

Ltd.

(Consumer

Staples)

1,525,157

537,395

NMDC

Ltd.

(Materials)

1,463,242

371,363

NTPC

Ltd.

(Utilities)

1,598,250

600,355

Oil

&

Natural

Gas

Corp.

Ltd.

(Energy)

1,823,881

77,043

Oil

India

Ltd.

(Energy)

447,325

GOLDMAN

SACHS

ACTIVE

BETA

®

EMERGING

MARKETS

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

India

–

(continued)

9,513

Oracle

Financial

Services

Software

Ltd.

(Information

Technology)

$

1,316,843

3,024

Page

Industries

Ltd.

(Consumer

Discretionary)

1,597,777

15,573

PB

Fintech

Ltd.

(Financials)*

349,053

32,794

Persistent

Systems

Ltd.

(Information

Technology)

2,292,053

243,117

Petronet

LNG

Ltd.

(Energy)

958,413

7,219

PI

Industries

Ltd.

(Materials)

347,339

32,971

Pidilite

Industries

Ltd.

(Materials)

1,196,452

7,018

Polycab

India

Ltd.

(Industrials)

606,141

377,120

Power

Finance

Corp.

Ltd.

(Financials)

2,210,602

422,729

Power

Grid

Corp.

of

India

Ltd.

(Utilities)

1,647,966

17,475

Prestige

Estates

Projects

Ltd.

(Real

Estate)

341,357

785,307

Punjab

National

Bank

(Financials)

974,939

53,333

Rail

Vikas

Nigam

Ltd.

(Industrials)

275,103

320,961

REC

Ltd.

(Financials)

2,023,094

501,857

Reliance

Industries

Ltd.

(Energy)

7,674,892

457,165

Samvardhana

Motherson

International

Ltd.

(Consumer

Discretionary)

878,986

62,261

SBI

Cards

&

Payment

Services

Ltd.

(Financials)

516,237

20,177

SBI

Life

Insurance

Co.

Ltd.

(Financials)

(a)

343,323

2,686

Shree

Cement

Ltd.

(Materials)

828,928

39,018

Shriram

Finance

Ltd.

(Financials)

1,394,390

12,346

Siemens

Ltd.

(Industrials)

1,104,738

5,201

Solar

Industries

India

Ltd.

(Materials)

657,460

27,499

SRF

Ltd.

(Materials)

737,136

236,724

State

Bank

of

India

(Financials)

2,350,395

80,461

Sun

Pharmaceutical

Industries

Ltd.

(Health

Care)

1,695,850

3,322

Supreme

Industries

Ltd.

(Materials)

182,860

571,181

Suzlon

Energy

Ltd.

(Industrials)*

425,735

59,350

Tata

Communications

Ltd.

(Communication

Services)

1,232,779

118,287

Tata

Consultancy

Services

Ltd.

(Information

Technology)

5,978,798

40,271

Tata

Consumer

Products

Ltd.

(Consumer

Staples)

456,894

14,622

Tata

Elxsi

Ltd.

(Information

Technology)

1,154,367

448,933

Tata

Motors

Ltd.

(Consumer

Discretionary)

4,178,450

99,149

Tata

Power

Co.

Ltd.

(The)

(Utilities)

485,969

Shares

Description

Value

a

Common

Stocks

–

(continued)

India

–

(continued)

1,001,675

Tata

Steel

Ltd.

(Materials)

$

1,713,474

174,477

Tech

Mahindra

Ltd.

(Information

Technology)

3,535,742

6,850

Thermax

Ltd.

(Industrials)

372,113

11,801

Titan

Co.

Ltd.

(Consumer

Discretionary)

453,765

44,413

Torrent

Pharmaceuticals

Ltd.

(Health

Care)

1,747,269

25,762

Trent

Ltd.

(Consumer

Discretionary)

2,071,845

4,274

Tube

Investments

of

India

Ltd.

(Consumer

Discretionary)

181,618

23,892

TVS

Motor

Co.

Ltd.

(Consumer

Discretionary)

688,360

15,411

UltraTech

Cement

Ltd.

(Materials)

2,043,124

730,063

Union

Bank

of

India

Ltd.

(Financials)

1,050,819

24,092

United

Spirits

Ltd.

(Consumer

Staples)

435,985

148,952

UPL

Ltd.

(Materials)

960,739

88,509

Varun

Beverages

Ltd.

(Consumer

Staples)

650,701

286,491

Vedanta

Ltd.

(Materials)

1,537,626

7,479,725

Vodafone

Idea

Ltd.

(Communication

Services)*

740,039

18,814

Voltas

Ltd.

(Industrials)

369,227

284,659

Wipro

Ltd.

(Information

Technology)

1,946,716

423,067

Zomato

Ltd.

(Consumer

Discretionary)*

1,400,739

44,256

Zydus

Lifesciences

Ltd.

(Health

Care)

505,929

174,222,160

Indonesia

–

1.2%

1,579,899

Alamtri

Resources

Indonesia

Tbk

PT

(Energy)

207,396

2,247,939

Astra

International

Tbk

PT

(Industrials)

723,540

4,496,575

Bank

Central

Asia

Tbk

PT

(Financials)

2,837,851

3,348,460

Bank

Mandiri

Persero

Tbk

PT

(Financials)

1,299,655

3,583,749

Bank

Rakyat

Indonesia

Persero

Tbk

PT

(Financials)

961,245

1,100,321

Chandra

Asri

Pacific

Tbk

PT

(Materials)

482,627

2,346,851

Indofood

Sukses

Makmur

Tbk

PT

(Consumer

Staples)

1,118,253

6,716,573

Kalbe

Farma

Tbk

PT

(Health

Care)

635,839

4,276,705

Sumber

Alfaria

Trijaya

Tbk

PT

(Consumer

Staples)

769,240

5,900,301

Telkom

Indonesia

Persero

Tbk

PT

(Communication

Services)

1,009,140

5,035,140

Unilever

Indonesia

Tbk

PT

(Consumer

Staples)

592,650

10,637,436

GOLDMAN

SACHS

ACTIVE

BETA

®

EMERGING

MARKETS

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Kazakhstan

–

–%

70,023

Solidcore

Resources

PLC

(Materials)*

(c)

$

—

Kuwait

–

0.4%

673,096

Kuwait

Finance

House

KSCP

(Financials)

1,615,430

385,815

Mobile

Telecommunications

Co.

KSCP

(Communication

Services)

578,409

591,836

National

Bank

of

Kuwait

SAKP

(Financials)

1,674,463

3,868,302

Luxembourg

–

0.1%

17,330

Reinet

Investments

SCA

(Financials)

460,099

Mexico

–

1.6%

593,545

Alfa

SAB

de

CV,

Class

A

(Industrials)

453,238

2,134,582

America

Movil

SAB

de

CV,

Series

B

(Communication

Services)

1,602,596

1,421,260

Cemex

SAB

de

CV,

Series

CPO

(Materials)

781,521

53,899

Coca-Cola

Femsa

SAB

de

CV

(Consumer

Staples)

428,500

181,283

Fomento

Economico

Mexicano

SAB

de

CV

(Consumer

Staples)

1,600,398

76,760

Gruma

SAB

de

CV,

Class

B

(Consumer

Staples)

1,307,030

10,458

Grupo

Aeroportuario

del

Sureste

SAB

de

CV,

Class

B

(Industrials)

267,962

184,980

Grupo

Bimbo

SAB

de

CV,

Series

A

(Consumer

Staples)

545,745

92,297

Grupo

Comercial

Chedraui

SA

de

CV

(Consumer

Staples)

604,334

305,070

Grupo

Financiero

Banorte

SAB

de

CV,

Class

O

(Financials)

2,037,866

130,047

Grupo

Financiero

Inbursa

SAB

de

CV,

Class

O

(Financials)*

308,123

185,595

Grupo

Mexico

SAB

de

CV,

Series

B

(Materials)

900,354

24,225

Industrias

Penoles

SAB

de

CV

(Materials)*

350,503

315,890

Kimberly-Clark

de

Mexico

SAB

de

CV,

Class

A

(Consumer

Staples)

426,301

525,583

Operadora

De

Sites

Mexicanos

SAB

de

CV

(Communication

Services)

351,011

32,566

Promotora

y

Operadora

de

Infraestructura

SAB

de

CV

(Industrials)

313,556

10,250

Southern

Copper

Corp.

(Materials)

1,028,587

365,553

Wal-Mart

de

Mexico

SAB

de

CV

(Consumer

Staples)

972,570

14,280,195

Shares

Description

Value

a

Common

Stocks

–

(continued)

Netherlands

–

–%

40,500

Nebius

Group

NV,

Class

A

(Communication

Services)*

(c)

$

—

Peru

–

0.1%

5,125

Credicorp

Ltd.

(Financials)

950,534

Philippines

–

0.3%

205,744

Bank

of

the

Philippine

Islands

(Financials)

451,244

84,900

International

Container

Terminal

Services,

Inc.

(Industrials)

535,738

90,190

Jollibee

Foods

Corp.

(Consumer

Discretionary)

396,845

33,800

Manila

Electric

Co.

(Utilities)

276,118

291,440

Metropolitan

Bank

&

Trust

Co.

(Financials)

378,994

14,705

PLDT,

Inc.

(Communication

Services)

325,273

2,364,212

Poland

–

1.1%

36,739

Alior

Bank

SA

(Financials)

825,291

42,802

Bank

Pekao

SA

(Financials)

1,428,541

29,550

CD

Projekt

SA

(Communication

Services)

(b)

1,215,633

10,726

Dino

Polska

SA

(Consumer

Staples)*

(a)

1,018,407

443

LPP

SA

(Consumer

Discretionary)

1,706,885

35,390

ORLEN

SA

(Energy)

444,253

103,846

Powszechna

Kasa

Oszczednosci

Bank

Polski

SA

(Financials)

1,428,271

150,776

Powszechny

Zaklad

Ubezpieczen

SA

(Financials)

1,639,696

2,788

Santander

Bank

Polska

SA

(Financials)

299,904

10,006,881

Qatar

–

1.0%

982,473

Barwa

Real

Estate

Co.

(Real

Estate)

747,716

728,390

Commercial

Bank

PSQC

(The)

(Financials)

840,019

353,570

Dukhan

Bank

(Financials)

344,733

207,749

Industries

Qatar

QSC

(Industrials)

740,616

844,827

Masraf

Al

Rayan

QSC

(Financials)

558,036

291,004

Ooredoo

QPSC

(Communication

Services)

946,302

88,627

Qatar

Fuel

QSC

(Energy)

360,496

142,118

Qatar

International

Islamic

Bank

QSC

(Financials)

414,137

227,949

Qatar

Islamic

Bank

(Financials)

1,309,721

580,058

Qatar

National

Bank

QPSC

(Financials)

2,724,249

8,986,025

GOLDMAN

SACHS

ACTIVE

BETA

®

EMERGING

MARKETS

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Romania

–

0.1%

98,225

NEPI

Rockcastle

NV

(Real

Estate)*

$

759,971

Russia

–

0.0%

1,256,908

Gazprom

PJSC

(Energy)*

(c)

—

1,190,600

GMK

Norilskiy

Nickel

PAO

(Materials)

(c)

—

35,708,229

Inter

RAO

UES

PJSC

(Utilities)

(c)

—

62,206

LUKOIL

PJSC

(Energy)

(c)

—

824,628

Moscow

Exchange

MICEX-

RTS

PJSC

(Financials)

(c)

—

839,494

Novolipetsk

Steel

PJSC

(Materials)

(c)

—

127,440

PhosAgro

PJSC,

GDR

(Materials)*

(c)

—

820

PhosAgro

PJSC

NPV

(Materials)*

(c)

—

11,287

Polyus

PJSC

(Materials)*

(c)

—

90,086

Rosneft

Oil

Co.

PJSC

(Energy)

(c)

—

1,661,273

Sberbank

of

Russia

PJSC

(Financials)

(c)

—

152,107

Severstal

PAO

(Materials)

(c)

—

3,362,523

Surgutneftegas

PJSC

(Energy)

(c)

—

277,377

Tatneft

PJSC

(Energy)

(c)

—

1,366

TKS

Holding

MKPAO

JSC

(Financials)*

(c)

—

159,827

VTB

Bank

PJSC

(Financials)*

(c)

—

—

Saudi

Arabia

–

2.9%

10,160

ACWA

Power

Co.

(Utilities)

984,927

27,465

Advanced

Petrochemical

Co.

(Materials)*

248,193

179,398

Al

Rajhi

Bank

(Financials)

4,350,171

13,997

Al

Rajhi

Co.

for

Co-operative

Insurance

(Financials)*

620,698

79,893

Alinma

Bank

(Financials)

591,186

108,635

Arab

National

Bank

(Financials)

552,298

27,782

Bank

AlBilad

(Financials)

259,192

106,831

Bank

Al-Jazira

(Financials)*

454,975

65,455

Banque

Saudi

Fransi

(Financials)

534,874

12,645

Bupa

Arabia

for

Cooperative

Insurance

Co.

(Financials)

622,674

8,385

Co.

for

Cooperative

Insurance

(The)

(Financials)

294,610

13,113

Dallah

Healthcare

Co.

(Health

Care)

529,839

1,985

Elm

Co.

(Information

Technology)

572,427

73,296

Etihad

Etisalat

Co.

(Communication

Services)

1,076,936

157,235

Jarir

Marketing

Co.

(Consumer

Discretionary)

531,525

234,262

Mobile

Telecommunications

Co

Saudi

Arabia

(Communication

Services)

644,752

Shares

Description

Value

a

Common

Stocks

–

(continued)

Saudi

Arabia

–

(continued)

26,588

Nahdi

Medical

Co.

(Consumer

Staples)

$

832,268

67,951

Riyad

Bank

(Financials)

474,783

20,170

SABIC

Agri-Nutrients

Co.

(Materials)

594,862

68,032

Sahara

International

Petrochemical

Co.

(Materials)

439,676

5,233

SAL

Saudi

Logistics

Services

(Industrials)

359,369

54,463

Saudi

Arabian

Mining

Co.

(Materials)*

749,484

386,341

Saudi

Arabian

Oil

Co.

(Energy)

(a)

2,822,822

75,023

Saudi

Awwal

Bank

(Financials)

620,050

41,519

Saudi

Basic

Industries

Corp.

(Materials)

761,441

150,839

Saudi

Investment

Bank

(The)

(Financials)

562,098

479,380

Saudi

Kayan

Petrochemical

Co.

(Materials)*

886,819

165,987

Saudi

National

Bank

(The)

(Financials)

1,433,703

5,467

Saudi

Research

&

Media

Group

(Communication

Services)*

375,439

6,009

Saudi

Tadawul

Group

Holding

Co.

(Financials)

345,163

108,464

Saudi

Telecom

Co.

(Communication

Services)

1,149,050

55,133

Savola

Group

(The)

(Consumer

Staples)*

355,725

38,754

Yanbu

National

Petrochemical

Co.

(Materials)

384,765

26,016,794

South

Africa

–

3.6%

116,459

Absa

Group

Ltd.

(Financials)

1,112,127

52,769

Aspen

Pharmacare

Holdings

Ltd.

(Health

Care)

(b)

483,907

42,885

Bid

Corp.

Ltd.

(Consumer

Staples)

1,047,473

38,033

Bidvest

Group

Ltd.

(Industrials)

581,304

14,009

Capitec

Bank

Holdings

Ltd.

(Financials)

2,529,146

67,104

Clicks

Group

Ltd.

(Consumer

Staples)

1,459,562

61,258

Discovery

Ltd.

(Financials)

653,453

93,231

Exxaro

Resources

Ltd.

(Energy)

861,511

558,056

FirstRand

Ltd.

(Financials)

2,376,961

60,241

Gold

Fields

Ltd.

(Materials)

854,204

101,467

Harmony

Gold

Mining

Co.

Ltd.

(Materials)

926,832

87,595

Kumba

Iron

Ore

Ltd.

(Materials)

(b)

1,612,703

243,294

MTN

Group

Ltd.

(Communication

Services)

1,087,457

9,043

Naspers

Ltd.,

Class

N

(Consumer

Discretionary)

2,036,505

98,296

Nedbank

Group

Ltd.

(Financials)

1,571,430

1,456,082

Old

Mutual

Ltd.

(Financials)

1,022,915

GOLDMAN

SACHS

ACTIVE

BETA

®

EMERGING

MARKETS

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

South

Africa

–

(continued)

400,586

OUTsurance

Group

Ltd.

(Financials)

$

1,433,694

722,000

Pepkor

Holdings

Ltd.

(Consumer

Discretionary)

(a)

1,068,386

34,439

Remgro

Ltd.

(Financials)

287,275

303,661

Sanlam

Ltd.

(Financials)

1,481,007

153,317

Shoprite

Holdings

Ltd.

(Consumer

Staples)

2,510,533

201,339

Standard

Bank

Group

Ltd.

(Financials)

2,640,270

133,638

Vodacom

Group

Ltd.

(Communication

Services)

749,579

544,599

Woolworths

Holdings

Ltd.

(Consumer

Discretionary)

(b)

1,894,546

32,282,780

South

Korea

–

9.9%

3,380

Alteogen,

Inc.

(Health

Care)*

678,399

5,392

Amorepacific

Corp.

(Consumer

Staples)

402,743

2,048

Celltrion,

Inc.

(Health

Care)

274,525

3,353

CJ

CheilJedang

Corp.

(Consumer

Staples)

633,322

32,944

Coway

Co.

Ltd.

(Consumer

Discretionary)

1,556,223

10,105

DB

Insurance

Co.

Ltd.

(Financials)

790,987

10,421

Doosan

Bobcat,

Inc.

(Industrials)

289,835

15,606

Doosan

Enerbility

Co.

Ltd.

(Industrials)*

236,599

2,841

Enchem

Co.

Ltd.

(Materials)*

259,041

23,452

GS

Holdings

Corp.

(Industrials)

702,694

39,060

Hana

Financial

Group,

Inc.

(Financials)

1,747,137

27,208

Hankook

Tire

&

Technology

Co.

Ltd.

(Consumer

Discretionary)

734,297

6,324

Hanmi

Pharm

Co.

Ltd.

(Health

Care)

1,235,289

9,431

Hanmi

Semiconductor

Co.

Ltd.

(Information

Technology)

504,321

3,043

Hanwha

Aerospace

Co.

Ltd.

(Industrials)

681,651

9,814

HD

Hyundai

Co.

Ltd.

(Energy)

547,313

4,076

HD

Hyundai

Electric

Co.

Ltd.

(Industrials)

1,021,155

2,550

HD

Hyundai

Heavy

Industries

Co.

Ltd.

(Industrials)*

402,136

10,388

HD

Korea

Shipbuilding

&

Offshore

Engineering

Co.

Ltd.

(Industrials)*

1,522,774

10,748

HLB,

Inc.

(Health

Care)*

553,175

29,827

HMM

Co.

Ltd.

(Industrials)

383,995

11,918

Hyundai

Glovis

Co.

Ltd.

(Industrials)

1,050,797

6,031

Hyundai

Mobis

Co.

Ltd.

(Consumer

Discretionary)

1,035,393

6,797

Hyundai

Motor

Co.

(Consumer

Discretionary)

1,064,582

Shares

Description

Value

a

Common

Stocks

–

(continued)

South

Korea

–

(continued)

7,661

Hyundai

Rotem

Co.

Ltd.

(Industrials)

$

277,873

121,125

Industrial

Bank

of

Korea

(Financials)

1,291,954

18,176

Kakao

Corp.

(Communication

Services)

522,460

36,555

KB

Financial

Group,

Inc.

(Financials)

2,520,763

28,318

Kia

Corp.

(Consumer

Discretionary)

1,885,769

33,078

Korea

Electric

Power

Corp.

(Utilities)*

566,692

20,843

Korea

Investment

Holdings

Co.

Ltd.

(Financials)

1,116,069

821

Korea

Zinc

Co.

Ltd.

(Materials)

694,441

73,892

Korean

Air

Lines

Co.

Ltd.

(Industrials)

1,374,501

4,117

Krafton,

Inc.

(Communication

Services)*

920,758

10,273

KT&G

Corp.

(Consumer

Staples)

896,922

9,575

LG

Corp.

(Industrials)

514,080

48,131

LG

Display

Co.

Ltd.

(Information

Technology)*

327,072

30,155

LG

Electronics,

Inc.

(Consumer

Discretionary)

1,938,929

5,055

LG

H&H

Co.

Ltd.

(Consumer

Staples)

1,125,105

3,730

LG

Innotek

Co.

Ltd.

(Information

Technology)

432,878

269,448

LG

Uplus

Corp.

(Communication

Services)

2,238,559

2,898

LS

Electric

Co.

Ltd.

(Industrials)

299,138

25,383

Meritz

Financial

Group,

Inc.

(Financials)

1,855,895

109,638

Mirae

Asset

Securities

Co.

Ltd.

(Financials)

672,737

8,500

NAVER

Corp.

(Communication

Services)

1,258,199

6,999

NCSoft

Corp.

(Communication

Services)

1,191,543

7,178

Netmarble

Corp.

(Communication

Services)*

(a)

272,703

156,124

NH

Investment

&

Securities

Co.

Ltd.

(Financials)

1,490,679

9,568

Orion

Corp.

(Consumer

Staples)

703,686

3,332

POSCO

Holdings,

Inc.

(Materials)

674,736

5,186

Posco

International

Corp.

(Industrials)

175,463

866

Samsung

Biologics

Co.

Ltd.

(Health

Care)*

(a)

605,247

10,210

Samsung

C&T

Corp.

(Industrials)

870,929

28,881

Samsung

E&A

Co.

Ltd.

(Industrials)*

371,610

GOLDMAN

SACHS

ACTIVE

BETA

®

EMERGING

MARKETS

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

South

Korea

–

(continued)

10,596

Samsung

Electro-Mechanics

Co.

Ltd.

(Information

Technology)

(b)

$

820,306

530,803

Samsung

Electronics

Co.

Ltd.

(Information

Technology)

20,622,574

5,966

Samsung

Fire

&

Marine

Insurance

Co.

Ltd.

(Financials)

1,678,546

34,158

Samsung

Heavy

Industries

Co.

Ltd.

(Industrials)*

284,517

8,520

Samsung

Life

Insurance

Co.

Ltd.

(Financials)

654,093

4,200

Samsung

SDS

Co.

Ltd.

(Information

Technology)

441,662

47,474

Shinhan

Financial

Group

Co.

Ltd.

(Financials)

1,803,607

18,910

SK

Biopharmaceuticals

Co.

Ltd.

(Health

Care)*

1,401,594

20,426

SK

Bioscience

Co.

Ltd.

(Health

Care)*

689,627

58,236

SK

Hynix,

Inc.

(Information

Technology)

6,674,984

12,259

SK

Square

Co.

Ltd.

(Industrials)*

645,881

49,086

SK

Telecom

Co.

Ltd.

(Communication

Services)

2,160,410

11,194

S-Oil

Corp.

(Energy)

459,780

130,791

Woori

Financial

Group,

Inc.

(Financials)

1,566,623

9,182

Yuhan

Corp.

(Health

Care)

759,545

88,059,522

Taiwan

–

18.3%

60,638

Accton

Technology

Corp.

(Information

Technology)

1,226,462

184,369

Acer,

Inc.

(Information

Technology)

214,831

128,493

Advantech

Co.

Ltd.

(Information

Technology)

1,327,137

447,729

ASE

Technology

Holding

Co.

Ltd.

(Information

Technology)

2,088,198

528,882

Asia

Cement

Corp.

(Materials)

684,650

31,585

Asia

Vital

Components

Co.

Ltd.

(Information

Technology)

625,224

46,608

Asustek

Computer,

Inc.

(Information

Technology)

843,688

98,512

Catcher

Technology

Co.

Ltd.

(Information

Technology)

595,930

1,035,633

Cathay

Financial

Holding

Co.

Ltd.

(Financials)

2,094,668

209,424

Chailease

Holding

Co.

Ltd.

(Financials)

763,992

384,314

Chang

Hwa

Commercial

Bank

Ltd.

(Financials)

208,230

199,571

Cheng

Shin

Rubber

Industry

Co.

Ltd.

(Consumer

Discretionary)

310,879

805,631

China

Airlines

Ltd.

(Industrials)

617,560

926,490

China

Steel

Corp.

(Materials)

604,673

108,210

Chunghwa

Telecom

Co.

Ltd.

(Communication

Services)

409,748

Shares

Description

Value

a

Common

Stocks

–

(continued)

Taiwan

–

(continued)

917,480

Compal

Electronics,

Inc.

(Information

Technology)

$

1,040,826

1,878,953

CTBC

Financial

Holding

Co.

Ltd.

(Financials)

2,163,373

173,023

Delta

Electronics,

Inc.

(Information

Technology)

2,029,424

66,482

E

Ink

Holdings,

Inc.

(Information

Technology)

575,114

1,081,476

E.Sun

Financial

Holding

Co.

Ltd.

(Financials)

898,927

40,498

Eclat

Textile

Co.

Ltd.

(Consumer

Discretionary)

660,775

21,783

eMemory

Technology,

Inc.

(Information

Technology)

1,954,790

498,282

Eva

Airways

Corp.

(Industrials)

637,368

138,489

Evergreen

Marine

Corp.

Taiwan

Ltd.

(Industrials)

925,164

1,078,330

Far

Eastern

New

Century

Corp.

(Industrials)

1,108,771

243,354

Feng

TAY

Enterprise

Co.

Ltd.

(Consumer

Discretionary)

981,417

924,641

First

Financial

Holding

Co.

Ltd.

(Financials)

774,258

460,670

Formosa

Chemicals

&

Fibre

Corp.

(Materials)

480,057

435,394

Formosa

Plastics

Corp.

(Materials)

554,245

32,541

Fortune

Electric

Co.

Ltd.

(Industrials)

550,982

976,496

Fubon

Financial

Holding

Co.

Ltd.

(Financials)

2,645,434

25,407

Global

Unichip

Corp.

(Information

Technology)

930,774

15,079

Globalwafers

Co.

Ltd.

(Information

Technology)

190,327

1,014,706

Hon

Hai

Precision

Industry

Co.

Ltd.

(Information

Technology)

6,107,041

34,998

Hotai

Motor

Co.

Ltd.

(Consumer

Discretionary)

661,539

1,144,342

Hua

Nan

Financial

Holdings

Co.

Ltd.

(Financials)

917,714

30,160

International

Games

System

Co.

Ltd.

(Communication

Services)

891,346

9,730

Jentech

Precision

Industrial

Co.

Ltd.

(Information

Technology)

414,865

2,572,041

KGI

Financial

Holding

Co.

Ltd.

(Financials)

1,361,916

174,634

MediaTek,

Inc.

(Information

Technology)

6,747,088

901,105

Mega

Financial

Holding

Co.

Ltd.

(Financials)

1,102,698

121,954

Micro-Star

International

Co.

Ltd.

(Information

Technology)

642,002

477,426

Nan

Ya

Plastics

Corp.

(Materials)

568,802

96,584

Nien

Made

Enterprise

Co.

Ltd.

(Consumer

Discretionary)

1,189,348

139,390

Novatek

Microelectronics

Corp.

(Information

Technology)

2,076,925

GOLDMAN

SACHS

ACTIVE

BETA

®

EMERGING

MARKETS

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Taiwan

–

(continued)

397,357

Pegatron

Corp.

(Information

Technology)

$

1,153,550

28,904

PharmaEssentia

Corp.

(Health

Care)*

516,985

858,824

Pou

Chen

Corp.

(Consumer

Discretionary)

1,078,719

175,648

President

Chain

Store

Corp.

(Consumer

Staples)

1,462,697

156,206

Quanta

Computer,

Inc.

(Information

Technology)

1,399,376

109,643

Realtek

Semiconductor

Corp.

(Information

Technology)

1,606,689

143,759

Ruentex

Development

Co.

Ltd.

(Real

Estate)

198,270

556,747

Shanghai

Commercial

&

Savings

Bank

Ltd.

(The)

(Financials)

672,731

1,619,517

Shin

Kong

Financial

Holding

Co.

Ltd.

(Financials)*

575,853

1,717,127

SinoPac

Financial

Holdings

Co.

Ltd.

(Financials)

1,229,049

276,267

Synnex

Technology

International

Corp.

(Information

Technology)

642,976

1,270,854

Taishin

Financial

Holding

Co.

Ltd.

(Financials)

669,015

1,493,901

Taiwan

Business

Bank

(Financials)

680,656

1,070,365

Taiwan

Cooperative

Financial

Holding

Co.

Ltd.

(Financials)

820,493

92,841

Taiwan

Mobile

Co.

Ltd.

(Communication

Services)

322,970

2,783,087

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

(Information

Technology)

85,335,549

510,608

TCC

Group

Holdings

Co.

Ltd.

(Materials)

526,594

936,468

Uni-President

Enterprises

Corp.

(Consumer

Staples)

2,436,091

1,006,348

United

Microelectronics

Corp.

(Information

Technology)

1,349,212

21,726

Voltronic

Power

Technology

Corp.

(Industrials)

1,230,670

302,346

Walsin

Lihwa

Corp.

(Industrials)

242,934

218,436

Wan

Hai

Lines

Ltd.

(Industrials)

558,144

263,513

Wistron

Corp.

(Information

Technology)

920,750

30,183

Yageo

Corp.

(Information

Technology)

477,606

193,595

Yang

Ming

Marine

Transport

Corp.

(Industrials)

436,264

1,894,957

Yuanta

Financial

Holding

Co.

Ltd.

(Financials)

1,939,701

139,242

Zhen

Ding

Technology

Holding

Ltd.

(Information

Technology)

490,817

163,373,541

Shares

Description

Value

a

Common

Stocks

–

(continued)

Thailand

–

1.5%

104,316

Advanced

Info

Service

PCL,

NVDR

(Communication

Services)

$

866,829

168,600

Airports

of

Thailand

PCL,

NVDR

(Industrials)

298,635

436,800

Bangkok

Dusit

Medical

Services

PCL,

NVDR

(Health

Care)

321,574

1,603,300

Bangkok

Expressway

&

Metro

PCL,

NVDR

(Industrials)

341,252

131,600

Bumrungrad

Hospital

PCL,

NVDR

(Health

Care)

798,099

284,600

Central

Pattana

PCL,

NVDR

(Real

Estate)

497,879

883,900

Charoen

Pokphand

Foods

PCL,

NVDR

(Consumer

Staples)

615,940

622,677

CP

ALL

PCL,

NVDR

(Consumer

Staples)

1,112,004

397,100

Delta

Electronics

Thailand

PCL,

NVDR

(Information

Technology)

1,742,505

201,800

Gulf

Energy

Development

PCL,

NVDR

(Utilities)

355,971

1,325,700

Home

Product

Center

PCL,

NVDR

(Consumer

Discretionary)

365,270

97,100

Intouch

Holdings

PCL,

NVDR

(Communication

Services)

268,955

86,100

Kasikornbank

PCL,

NVDR

(Financials)

377,813

454,200

Krung

Thai

Bank

PCL,

NVDR

(Financials)

264,859

378,800

Krungthai

Card

PCL,

NVDR

(Financials)

516,332

964,400

Minor

International

PCL,

NVDR

(Consumer

Discretionary)

752,174

125,200

PTT

Exploration

&

Production

PCL,

NVDR

(Energy)

465,428

248,000

PTT

Global

Chemical

PCL,

NVDR

(Materials)

182,579

725,700

PTT

Oil

&

Retail

Business

PCL,

NVDR

(Consumer

Discretionary)

298,342

930,100

PTT

PCL,

NVDR

(Energy)

874,575

115,800

SCB

X

PCL,

NVDR

(Financials)

386,591

96,700

Siam

Cement

PCL

(The),

NVDR

(Materials)

517,369

363,800

Thai

Oil

PCL,

NVDR

(Energy)

400,421

1,536,500

True

Corp.

PCL,

NVDR

(Communication

Services)*

497,271

13,118,667

Turkey

–

0.9%

839,621

Akbank

TAS

(Financials)

1,472,382

54,293

Anadolu

Efes

Biracilik

Ve

Malt

Sanayii

AS

(Consumer

Staples)

312,307

108,449

BIM

Birlesik

Magazalar

AS

(Consumer

Staples)

1,479,866

GOLDMAN

SACHS

ACTIVE

BETA

®

EMERGING

MARKETS

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Turkey

–

(continued)

112,711

Haci

Omer

Sabanci

Holding

AS

(Financials)

$

293,962

76,044

KOC

Holding

AS

(Industrials)

439,396

89,143

Pegasus

Hava

Tasimaciligi

AS

(Industrials)*

559,528

78,055

Turk

Hava

Yollari

AO

(Industrials)*

641,095

226,501

Turkcell

Iletisim

Hizmetleri

AS

(Communication

Services)

591,065

3,093,599

Turkiye

Is

Bankasi

AS,

Class

C

(Financials)

1,215,169

1,663,967

Yapi

ve

Kredi

Bankasi

AS

(Financials)

1,421,346

8,426,116

United

Arab

Emirates

–

1.3%

370,602

Abu

Dhabi

Commercial

Bank

PJSC

(Financials)

1,010,994

396,177

Abu

Dhabi

Islamic

Bank

PJSC

(Financials)

1,408,658

407,512

Abu

Dhabi

National

Oil

Co.

for

Distribution

PJSC

(Consumer

Discretionary)

382,766

252,022

ADNOC

Drilling

Co.

PJSC

(Energy)

362,967

218,925

Aldar

Properties

PJSC

(Real

Estate)

448,811

1,427,133

Americana

Restaurants

International

PLC

-

Foreign

Company

(Consumer

Discretionary)

839,250

819,599

Dubai

Islamic

Bank

PJSC

(Financials)

1,517,342

712,594

Emaar

Properties

PJSC

(Real

Estate)

1,852,758

387,136

Emirates

NBD

Bank

PJSC

(Financials)

2,107,981

71,305

Emirates

Telecommunications

Group

Co.

PJSC

(Communication

Services)

321,480

262,141

First

Abu

Dhabi

Bank

PJSC

(Financials)

913,520

11,166,527

United

Kingdom

–

0.0%

16,970

Anglogold

Ashanti

PLC

(Materials)

424,820

United

States

–

0.1%

155,323

JBS

SA

(Consumer

Staples)

970,858

TOTAL

COMMON

STOCKS

(Cost

$705,373,089)

870,762,000

Shares

Description

Rate

Value

a

Preferred

Stocks

–

1.8%

Brazil

–

1.3%

347,378

Banco

Bradesco

SA

(Financials)

11.95

%

734,825

Shares

Description

Rate

Value

a

Preferred

Stocks

–

(continued)

Brazil

–

(continued)

34,385

Centrais

Eletricas

Brasileiras

SA,

Class

B

(Utilities)

3.92

%

$

224,659

379,059

Cia

Energetica

de

Minas

Gerais

(Utilities)

13.49

755,497

302,657

Cia

Paranaense

de

Energia

-

Copel

(Utilities)

3.60

492,207

245,446

Gerdau

SA

(Materials)

3.86

834,508

645,081

Itau

Unibanco

Holding

SA

(Financials)

7.15

3,522,169

898,391

Itausa

SA

(Financials)

6.81

1,467,062

474,791

Petroleo

Brasileiro

SA

(Energy)

11.44

3,093,360

11,124,287

Colombia

–

0.1%

117,718

Bancolombia

SA

(Financials)

9.83

960,729

Russia

–

0.0%

3,212,489

Surgutneftegas

PJSC

(Energy)

(c)

0.00

—

South

Korea

–

0.4%

5,133

Hyundai

Motor

Co.

(Consumer

Discretionary)

9.03

589,446

4,833

Hyundai

Motor

Co.

(Consumer

Discretionary)

9.20

543,910

81,869

Samsung

Electronics

Co.

Ltd.

(Information

Technology)

3.11

2,711,263

3,844,619

TOTAL

PREFERRED

STOCKS

(Cost

$14,495,590)

15,929,635

Shares

Description

Value

Exchange-Traded

Fund

–

0.7%

United

States

–

0.7%

257,264

iShares

MSCI

Malaysia

ETF

(Cost

$7,732,869)

6,331,267

Units

Description

Expiration

Month

Value

aa

Right

–

0.0%

India

–

0.0%

19,138

UPL

Ltd.*

(Cost

$0)

12/24

—

GOLDMAN

SACHS

ACTIVE

BETA

®

EMERGING

MARKETS

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

*

Non-income

producing

security.

(a)

Exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933.

(b)

All

or

a

portion

of

security

is

on

loan.

(c)

Significant

unobservable

inputs

were

used

in

the

valuation

of

this

portfolio

security;

i.e.

Level

3.

(d)

Represents

an

affiliated

issuer.

Investment

Abbreviations:

ADR

—

American

Depositary

Receipt

GDR

—

Global

Depositary

Receipt

NVDR

—

Non-Voting

Depository

Receipt

PLC

—

Public

Limited

Company

Sector

Name

%

of

Market

Value

Financials

24

.4

%

Information

Technology

23

.1

Consumer

Discretionary

12

.7

Communication

Services

9

.1

Industrials

6

.2

Consumer

Staples

5

.9

Materials

5

.7

Energy

4

.0

Health

Care

4

.0

Utilities

2

.4

Real

Estate

0

.9

Exchange-Traded

Fund

0

.7

Investment

Company

0

.3

Securities

Lending

Reinvestment

Vehicle

0

.6

TOTAL

INVESTMENTS

100

.0%

**End

swaps

header**

Shares

Dividend

Rate

Value

aa

a

Investment

Company

–

0.3%

(d)

Goldman

Sachs

Financial

Square

Treasury

Obligations

Fund

–

Institutional

Shares

2,692,397

4.511%

$

2,692,397

(Cost

$2,692,397)

TOTAL

INVESTMENTS

BEFORE

SECURITIES

LENDING

REINVESTMENT

VEHICLE

(Cost

$730,293,945)

895,715,299

a

Securities

Lending

Reinvestment

Vehicle

–

0.6%

(d)

a

a

a

a

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

4,995,343

4.541%

4,995,343

(Cost

$4,995,343)

TOTAL

INVESTMENTS

–

100.9%

(Cost

$735,289,288)

$

900,710,642

LIABILITIES

IN

EXCESS

OF

OTHER

ASSETS

–

(0.9)%

(8,141,526)

NET

ASSETS

–

100.0%

$

892,569,116

  a

The

percentage

shown

for

each

investment

category

reflects

the

value

of

investments

in

that

category

as

a

percentage

of

net

assets.

GOLDMAN

SACHS

ACTIVE

BETA

®

EUROPE

EQUITY

ETF

Schedule

of

Investments

November

30,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

98.9%

Australia

–

0.7%

32,088

Glencore

PLC

(Materials)*

$

154,964

5,387

Rio

Tinto

PLC

(Materials)

338,010

492,974

Austria

–

0.3%

2,951

Erste

Group

Bank

AG

(Financials)

161,764

2,611

OMV

AG

(Energy)

104,574

266,338

Belgium

–

1.4%

4,181

Ageas

SA/NV

(Financials)

210,907

2,809

Anheuser-Busch

InBev

SA/NV

(Consumer

Staples)

151,132

272

D’ieteren

Group

(Consumer

Discretionary)

57,974

3,557

Groupe

Bruxelles

Lambert

NV

(Financials)

245,889

745

KBC

Group

NV

(Financials)

53,696

2

Lotus

Bakeries

NV

(Consumer

Staples)

24,039

123

Sofina

SA

(Financials)

28,529

192

Syensqo

SA

(Materials)

14,248

914

UCB

SA

(Health

Care)

178,931

2,450

Warehouses

De

Pauw

CVA

REIT

(Real

Estate)

54,135

1,019,480

Brazil

–

0.1%

2,891

Yara

International

ASA

(Materials)

81,227

Chile

–

0.0%

846

Antofagasta

PLC

(Materials)

18,307

China

–

0.1%

2,516

Prosus

NV

(Consumer

Discretionary)*

102,443

Denmark

–

5.3%

109

AP

Moller

–

Maersk

A/S,

Class

A

(Industrials)

178,605

106

AP

Moller

–

Maersk

A/S,

Class

B

(Industrials)

179,769

338

Carlsberg

AS,

Class

B

(Consumer

Staples)

34,791

1,582

Danske

Bank

A/S

(Financials)

45,414

3,714

Demant

A/S

(Health

Care)*

141,596

232

DSV

A/S

(Industrials)

49,515

552

Genmab

A/S

(Health

Care)*

119,296

21,860

Novo

Nordisk

A/S,

Class

B

(Health

Care)

2,344,509

859

Novonesis

(Novozymes)

B,

Class

B

(Materials)

50,328

319

Orsted

AS

(Utilities)*

(a)

17,701

1,639

Pandora

A/S

(Consumer

Discretionary)

263,805

711

ROCKWOOL

A/S,

Class

B

(Industrials)

259,186

6,565

Tryg

A/S

(Financials)

151,178

Shares

Description

Value

a

Common

Stocks

–

(continued)

Denmark

–

(continued)

3,630

Vestas

Wind

Systems

A/S

(Industrials)*

$

56,396

573

Zealand

Pharma

A/S

(Health

Care)*

59,240

3,951,329

Finland

–

1.3%

1,459

Elisa

OYJ

(Communication

Services)

66,078

1,316

Kesko

OYJ,

Class

B

(Consumer

Staples)

26,152

725

Kone

OYJ,

Class

B

(Industrials)

37,567

57,188

Nokia

OYJ

(Information

Technology)

240,370

12,531

Nordea

Bank

Abp

(Financials)

141,683

5,388

Orion

OYJ,

Class

B

(Health

Care)

254,493

3,108

Sampo

OYJ,

Class

A

(Financials)

133,080

6,178

Wartsila

OYJ

Abp

(Industrials)

112,266

1,011,689

France

–

13.8%

2,050

Accor

SA

(Consumer

Discretionary)

94,576

343

Aeroports

de

Paris

SA

(Industrials)

39,669

2,097

Air

Liquide

SA

(Materials)

348,352

1,268

Airbus

SE

(Industrials)

197,622

2,226

Alstom

SA

(Industrials)*

50,055

934

Amundi

SA

(Financials)

(a)

60,817

774

Arkema

SA

(Materials)

61,312

12,282

AXA

SA

(Financials)

427,825

1,002

BioMerieux

(Health

Care)

104,614

5,350

BNP

Paribas

SA

(Financials)

320,054

8,526

Bollore

SE

(Communication

Services)

52,545

11,464

Bouygues

SA

(Industrials)

340,969

2,018

Bureau

Veritas

SA

(Industrials)

61,385

864

Capgemini

SE

(Information

Technology)

138,617

22,084

Carrefour

SA

(Consumer

Staples)

335,882

4,302

Cie

de

Saint-Gobain

SA

(Industrials)

392,310

4,623

Cie

Generale

des

Etablissements

Michelin

SCA

(Consumer

Discretionary)

150,147

17,582

Credit

Agricole

SA

(Financials)

235,283

4,525

Danone

SA

(Consumer

Staples)

309,030

105

Dassault

Aviation

SA

(Industrials)

20,894

1,837

Dassault

Systemes

(Information

Technology)

63,349

4,626

Eiffage

SA

(Industrials)

417,263

9,308

Engie

SA

(Utilities)

148,302

1,547

EssilorLuxottica

SA

(Health

Care)

375,480

1,329

Eurazeo

SE

(Financials)

97,627

298

Gecina

SA

REIT

(Real

Estate)

30,011

GOLDMAN

SACHS

ACTIVE

BETA

®

EUROPE

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

France

–

(continued)

9,180

Getlink

SE

(Industrials)

$

149,947

157

Hermes

International

SCA

(Consumer

Discretionary)

342,426

2,689

Ipsen

SA

(Health

Care)

310,710

4,478

Klepierre

SA

REIT

(Real

Estate)

135,363

7,480

La

Francaise

des

Jeux

SACA

(Consumer

Discretionary)

(a)

295,474

1,133

Legrand

SA

(Industrials)

113,541

1,519

L'Oreal

SA

(Consumer

Staples)

527,276

1,474

LVMH

Moet

Hennessy

Louis

Vuitton

SE

(Consumer

Discretionary)

922,427

14,427

Orange

SA

(Communication

Services)

(b)

153,673

1,253

Publicis

Groupe

SA

(Communication

Services)

135,915

411

Renault

SA

(Consumer

Discretionary)

17,594

6,556

Rexel

SA

(Industrials)

169,234

1,400

Safran

SA

(Industrials)

326,049

1,437

SEB

SA

(Consumer

Discretionary)

136,295

5,412

Societe

Generale

SA

(Financials)

143,447

192

Sodexo

SA

(Consumer

Discretionary)

15,939

1,609

Teleperformance

SE

(Industrials)

151,283

12,883

TotalEnergies

SE

(Energy)

747,979

827

Unibail-Rodamco-Westfield

REIT

(Real

Estate)*

67,747

2,731

Veolia

Environnement

SA

(Utilities)

79,525

2,902

Vinci

SA

(Industrials)

306,080

18,956

Vivendi

SE

(Communication

Services)

(b)

173,985

10,295,899

Germany

–

14.3%

1,498

adidas

AG

(Consumer

Discretionary)

352,986

2,335

Allianz

SE

(Financials)

720,632

1,792

BASF

SE

(Materials)

80,289

16,313

Bayer

AG

(Health

Care)

334,051

467

Bayerische

Motoren

Werke

AG

(Consumer

Discretionary)

34,537

3,832

Bechtle

AG

(Information

Technology)

125,873

1,391

Beiersdorf

AG

(Consumer

Staples)

180,194

1,760

Brenntag

SE

(Industrials)

113,394

430

Carl

Zeiss

Meditec

AG

(Health

Care)

25,683

7,376

Commerzbank

AG

(Financials)

113,157

2,334

Continental

AG

(Consumer

Discretionary)

152,939

593

CTS

Eventim

AG

&

Co.

KGaA

(Communication

Services)

52,330

27,831

Deutsche

Bank

AG

(Financials)

472,497

Shares

Description

Value

a

Common

Stocks

–

(continued)

Germany

–

(continued)

1,094

Deutsche

Boerse

AG

(Financials)

$

255,940

32,051

Deutsche

Lufthansa

AG

(Industrials)

214,488

9,888

Deutsche

Post

AG

(Industrials)

363,128

17,445

Deutsche

Telekom

AG

(Communication

Services)

557,922

11,839

E.ON

SE

(Utilities)

152,366

11,509

Evonik

Industries

AG

(Materials)

211,086

6,901

Fresenius

Medical

Care

AG

(Health

Care)

303,216

7,628

Fresenius

SE

&

Co.

KGaA

(Health

Care)*

268,046

3,587

GEA

Group

AG

(Industrials)

179,276

183

Hannover

Rueck

SE

(Financials)

47,761

2,669

Heidelberg

Materials

AG

(Materials)

336,588

1,531

Henkel

AG

&

Co.

KGaA

(Consumer

Staples)

116,184

2,734

Infineon

Technologies

AG

(Information

Technology)

88,983

2,126

Knorr-Bremse

AG

(Industrials)

162,011

6,402

Mercedes-Benz

Group

AG

(Consumer

Discretionary)

358,105

222

Merck

KGaA

(Health

Care)

33,202

226

MTU

Aero

Engines

AG

(Industrials)

76,910

722

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen

(Financials)

376,942

2,462

Nemetschek

SE

(Information

Technology)

255,356

3,413

Puma

SE

(Consumer

Discretionary)

159,693

380

Rational

AG

(Industrials)

355,200

311

Rheinmetall

AG

(Industrials)

204,445

6,106

SAP

SE

(Information

Technology)

1,450,416

705

Scout24

SE

(Communication

Services)

(a)

63,330

3,758

Siemens

AG

(Industrials)

726,999

6,132

Siemens

Energy

AG

(Industrials)*

330,437

443

Siemens

Healthineers

AG

(Health

Care)

(a)

24,012

132

Symrise

AG

(Materials)

14,569

1,166

Talanx

AG

(Financials)

98,769

1,621

Vonovia

SE

(Real

Estate)

53,760

4,147

Zalando

SE

(Consumer

Discretionary)*

(a)

128,861

10,726,563

Ireland

–

0.3%

1,084

AerCap

Holdings

NV

(Industrials)

107,706

4,607

Bank

of

Ireland

Group

PLC

(Financials)

40,329

GOLDMAN

SACHS

ACTIVE

BETA

®

EUROPE

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Ireland

–

(continued)

528

Kerry

Group

PLC,

Class

A

(Consumer

Staples)

$

50,999

588

Kingspan

Group

PLC

(Industrials)

44,219

243,253

Italy

–

4.9%

2,381

Amplifon

SpA

(Health

Care)

60,431

15,546

Banco

BPM

SpA

(Financials)

118,288

6,969

BPER

Banca

SpA

(Financials)

42,530

3,969

Coca-Cola

HBC

AG

(Consumer

Staples)*

141,456

36,491

Enel

SpA

(Utilities)

262,470

18,651

Eni

SpA

(Energy)

264,087

435

Ferrari

NV

(Consumer

Discretionary)

189,154

8,946

FinecoBank

Banca

Fineco

SpA

(Financials)

143,527

13,198

Generali

(Financials)

377,488

10,687

Infrastrutture

Wireless

Italiane

SpA

(Communication

Services)

(a)

110,054

63,569

Intesa

Sanpaolo

SpA

(Financials)

243,523

7,170

Leonardo

SpA

(Industrials)

192,883

8,085

Mediobanca

Banca

di

Credito

Finanziario

SpA

(Financials)

(b)

117,886

2,552

Moncler

SpA

(Consumer

Discretionary)

124,933

16,399

Poste

Italiane

SpA

(Financials)

(a)

230,105

3,445

Prysmian

SpA

(Industrials)

227,122

2,351

Recordati

Industria

Chimica

e

Farmaceutica

SpA

(Health

Care)

128,005

24,649

Snam

SpA

(Utilities)

114,863

11,801

Terna

-

Rete

Elettrica

Nazionale

(Utilities)

99,814

9,715

UniCredit

SpA

(Financials)

373,346

9,160

Unipol

Gruppo

SpA

(Financials)

110,486

3,672,451

Jordan

–

0.2%

4,829

Hikma

Pharmaceuticals

PLC

(Health

Care)

118,093

Luxembourg

–

0.5%

6,412

ArcelorMittal

(Materials)

161,453

7,640

CVC

Capital

Partners

PLC

(Financials)*

(a)

186,967

823

Eurofins

Scientific

SE

(Health

Care)

40,673

389,093

Netherlands

–

4.7%

11,282

ABN

AMRO

Bank

NV

(Financials)

(a)

175,345

78

Adyen

NV

(Financials)*

(a)

113,558

18,851

Aegon

Ltd.

(Financials)

121,493

1,727

Akzo

Nobel

NV

(Materials)

100,870

49

Argenx

SE

(Health

Care)*

30,348

Shares

Description

Value

a

Common

Stocks

–

(continued)

Netherlands

–

(continued)

173

ASM

International

NV

(Information

Technology)

$

93,444

839

ASR

Nederland

NV

(Financials)

40,143

576

BE

Semiconductor

Industries

NV

(Information

Technology)

68,746

1,503

Euronext

NV

(Financials)

(a)

167,795

4,756

EXOR

NV

(Financials)

470,431

2,292

Heineken

Holding

NV

(Consumer

Staples)

145,249

437

Heineken

NV

(Consumer

Staples)

32,337

99

IMCD

NV

(Industrials)

14,859

14,657

ING

Groep

NV

(Financials)

226,917

3,237

JDE

Peet’s

NV

(Consumer

Staples)

64,515

16,559

Koninklijke

Ahold

Delhaize

NV

(Consumer

Staples)

571,036

43,086

Koninklijke

KPN

NV

(Communication

Services)

167,058

2,471

Koninklijke

Philips

NV

(Health

Care)*

67,309

3,917

NN

Group

NV

(Financials)

181,910

4,141

Randstad

NV

(Industrials)

181,991

2,524

Universal

Music

Group

NV

(Communication

Services)

60,808

2,701

Wolters

Kluwer

NV

(Industrials)

450,599

3,546,761

Norway

–

0.7%

3,409

DNB

Bank

ASA

(Financials)

71,142

3,554

Equinor

ASA

(Energy)

85,902

2,769

Gjensidige

Forsikring

ASA

(Financials)

49,194

1,060

Kongsberg

Gruppen

ASA

(Industrials)

124,557

1,701

Mowi

ASA

(Consumer

Staples)

30,836

14,465

Orkla

ASA

(Consumer

Staples)

133,335

5,728

Telenor

ASA

(Communication

Services)

67,359

562,325

Poland

–

0.4%

15,479

InPost

SA

(Industrials)*

271,065

Portugal

–

0.3%

10,388

Jeronimo

Martins

SGPS

SA

(Consumer

Staples)

202,320

Singapore

–

0.1%

3,793

STMicroelectronics

NV

(Information

Technology)

97,230

South

Africa

–

0.1%

1,337

Anglo

American

PLC

(Materials)

42,833

Spain

–

4.0%

7,495

ACS

Actividades

de

Construccion

y

Servicios

SA

(Industrials)

347,997

GOLDMAN

SACHS

ACTIVE

BETA

®

EUROPE

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Spain

–

(continued)

393

Aena

SME

SA

(Industrials)

(a)

$

85,010

793

Amadeus

IT

Group

SA

(Consumer

Discretionary)

55,631

35,658

Banco

Bilbao

Vizcaya

Argentaria

SA

(Financials)

336,548

52,619

Banco

de

Sabadell

SA

(Financials)

99,231

108,236

Banco

Santander

SA

(Financials)

500,202

18,405

CaixaBank

SA

(Financials)

100,035

2,242

Endesa

SA

(Utilities)

49,112

5,573

Grifols

SA

(Health

Care)*

50,716

27,354

Iberdrola

SA

(Utilities)

389,744

9,673

Industria

de

Diseno

Textil

SA

(Consumer

Discretionary)

533,104

7,528

Redeia

Corp.

SA

(Utilities)

134,373

7,743

Repsol

SA

(Energy)

96,707

55,983

Telefonica

SA

(Communication

Services)

253,428

3,031,838

Sweden

–

4.9%

1,756

AddTech

AB,

Class

B

(Industrials)

48,247

848

Alfa

Laval

AB

(Industrials)

36,059

6,847

Assa

Abloy

AB,

Class

B

(Industrials)

210,009

10,497

Atlas

Copco

AB,

Class

A

(Industrials)

167,422

6,415

Atlas

Copco

AB,

Class

B

(Industrials)

90,536

967

Epiroc

AB,

Class

A

(Industrials)

17,602

2,743

Essity

AB,

Class

B

(Consumer

Staples)

75,415

2,988

Fastighets

AB

Balder,

Class

B

(Real

Estate)*

22,965

16,094

H

&

M

Hennes

&

Mauritz

AB,

Class

B

(Consumer

Discretionary)

(b)

222,937

15,842

Hexagon

AB,

Class

B

(Information

Technology)

134,845

2,920

Holmen

AB,

Class

B

(Materials)

109,859

5,567

Industrivarden

AB,

Class

A

(Financials)

182,629

5,898

Industrivarden

AB,

Class

C

(Financials)

193,110

2,563

Indutrade

AB

(Industrials)

65,349

2,053

Investment

AB

Latour,

Class

B

(Industrials)

52,083

13,640

Investor

AB,

Class

B

(Financials)

373,828

3,334

L

E

Lundbergforetagen

AB,

Class

B

(Financials)

161,527

2,220

Lifco

AB,

Class

B

(Industrials)

67,298

3,480

Saab

AB,

Class

B

(Industrials)

76,125

3,499

Sandvik

AB

(Industrials)

64,636

6,360

Securitas

AB,

Class

B

(Industrials)

80,353

8,454

Skandinaviska

Enskilda

Banken

AB,

Class

A

(Financials)

117,300

Shares

Description

Value

a

Common

Stocks

–

(continued)

Sweden

–

(continued)

5,204

Skanska

AB,

Class

B

(Industrials)

$

108,428

4,356

SKF

AB,

Class

B

(Industrials)

83,579

5,940

Svenska

Handelsbanken

AB,

Class

A

(Financials)

61,746

3,714

Swedbank

AB,

Class

A

(Financials)

72,723

3,444

Swedish

Orphan

Biovitrum

AB

(Health

Care)*

95,382

5,838

Tele2

AB,

Class

B

(Communication

Services)

61,193

36,778

Telefonaktiebolaget

LM

Ericsson,

Class

B

(Information

Technology)

298,701

20,125

Telia

Co.

AB

(Communication

Services)

58,889

2,278

Trelleborg

AB,

Class

B

(Industrials)

75,232

909

Volvo

AB,

Class

A

(Industrials)

22,727

5,331

Volvo

AB,

Class

B

(Industrials)

132,606

3,641,340

Switzerland

–

10.1%

8,048

ABB

Ltd.

(Industrials)

459,311

2,569

Adecco

Group

AG

(Industrials)

68,526

5,293

Avolta

AG

(Consumer

Discretionary)*

195,619

193

Bachem

Holding

AG

(Health

Care)

14,919

956

Baloise

Holding

AG

(Financials)

181,651

1,253

Banque

Cantonale

Vaudoise

(Financials)

124,375

1,664

Cie

Financiere

Richemont

SA

(Consumer

Discretionary)

231,751

3,750

Clariant

AG

(Materials)*

45,162

212

DSM-Firmenich

AG

(Materials)

23,276

284

EMS-Chemie

Holding

AG

(Materials)

201,959

150

Galderma

Group

AG

(Health

Care)*

15,366

519

Geberit

AG

(Industrials)

312,460

28

Givaudan

SA

(Materials)

123,346

960

Helvetia

Holding

AG

(Financials)

168,245

273

Julius

Baer

Group

Ltd.

(Financials)

18,066

1,006

Kuehne

+

Nagel

International

AG

(Industrials)

240,481

3,557

Logitech

International

SA

(Information

Technology)

288,678

162

Lonza

Group

AG

(Health

Care)

96,795

13,278

Novartis

AG

(Health

Care)

1,405,720

259

Partners

Group

Holding

AG

(Financials)

376,300

2,386

Sandoz

Group

AG

(Health

Care)

108,711

556

Schindler

Holding

AG

(Industrials)

157,460

GOLDMAN

SACHS

ACTIVE

BETA

®

EUROPE

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Switzerland

–

(continued)

532

Schindler

Holding

AG

Participation

Certificates

(Industrials)

$

153,622

2,811

SGS

SA

(Industrials)

279,122

2,447

SIG

Group

AG

(Materials)*

48,384

280

Sika

AG

(Materials)

72,495

535

Sonova

Holding

AG

(Health

Care)

182,665

1,710

Straumann

Holding

AG

(Health

Care)

222,533

332

Swiss

Life

Holding

AG

(Financials)

272,006

1,147

Swiss

Prime

Site

AG

(Real

Estate)

126,743

184

Swisscom

AG

(Communication

Services)

106,202

278

Temenos

AG

(Information

Technology)

18,255

17,054

UBS

Group

AG

(Financials)

551,303

192

VAT

Group

AG

(Industrials)

(a)

76,582

885

Zurich

Insurance

Group

AG

(Financials)

561,136

7,529,225

Taiwan

–

2.3%

2,417

ASML

Holding

NV

(Information

Technology)

1,680,787

United

Kingdom

–

17.6%

8,297

3i

Group

PLC

(Financials)

391,148

6,736

Admiral

Group

PLC

(Financials)

219,439

233

Ashtead

Group

PLC

(Industrials)

18,628

3,771

Associated

British

Foods

PLC

(Consumer

Staples)

105,353

9,193

AstraZeneca

PLC

(Health

Care)

1,239,988

37,428

Auto

Trader

Group

PLC

(Communication

Services)

(a)

399,137

32,300

Aviva

PLC

(Financials)

198,583

14,184

BAE

Systems

PLC

(Industrials)

221,211

100,480

Barclays

PLC

(Financials)

336,913

13,528

Barratt

Redrow

PLC

(Consumer

Discretionary)

73,542

2,444

Berkeley

Group

Holdings

PLC

(Consumer

Discretionary)

128,855

8,259

British

American

Tobacco

PLC

(Consumer

Staples)

313,669

4,775

Bunzl

PLC

(Industrials)

215,945

236,464

Centrica

PLC

(Utilities)

382,911

1,515

Coca-Cola

Europacific

Partners

PLC

(Consumer

Staples)

117,534

6,794

Compass

Group

PLC

(Consumer

Discretionary)

232,382

2,495

DCC

PLC

(Industrials)

181,555

6,181

Diageo

PLC

(Consumer

Staples)

184,821

3,762

Halma

PLC

(Information

Technology)

129,488

Shares

Description

Value

a

Common

Stocks

–

(continued)

United

Kingdom

–

(continued)

24,265

Hargreaves

Lansdown

PLC

(Financials)

$

337,258

97,602

HSBC

Holdings

PLC

(Financials)

908,966

7,740

Imperial

Brands

PLC

(Consumer

Staples)

252,737

14,516

Informa

PLC

(Communication

Services)

158,048

1,171

InterContinental

Hotels

Group

PLC

(Consumer

Discretionary)

145,863

2,205

Intertek

Group

PLC

(Industrials)

132,174

61,904

J

Sainsbury

PLC

(Consumer

Staples)

205,520

135,750

JD

Sports

Fashion

PLC

(Consumer

Discretionary)

175,651

90,130

Kingfisher

PLC

(Consumer

Discretionary)

283,536

5,448

Land

Securities

Group

PLC

REIT

(Real

Estate)

41,756

40,091

Legal

&

General

Group

PLC

(Financials)

112,769

312,327

Lloyds

Banking

Group

PLC

(Financials)

210,639

2,057

London

Stock

Exchange

Group

PLC

(Financials)

294,660

73,007

M&G

PLC

(Financials)

183,921

9,340

Marks

&

Spencer

Group

PLC

(Consumer

Staples)

45,433

9,230

National

Grid

PLC

(Utilities)

116,450

40,940

NatWest

Group

PLC

(Financials)

209,552

2,154

Next

PLC

(Consumer

Discretionary)

275,975

9,250

Pearson

PLC

(Consumer

Discretionary)

144,966

2,178

Persimmon

PLC

(Consumer

Discretionary)

34,826

7,334

Phoenix

Group

Holdings

PLC

(Financials)

47,914

1,869

Reckitt

Benckiser

Group

PLC

(Consumer

Staples)

115,454

11,437

RELX

PLC

(Industrials)

538,596

42,045

Rolls-Royce

Holdings

PLC

(Industrials)*

298,523

21,815

Sage

Group

PLC

(The)

(Information

Technology)

363,791

7,443

Schroders

PLC

(Financials)

29,819

1,650

Segro

PLC

REIT

(Real

Estate)

16,358

8,693

Smith

&

Nephew

PLC

(Health

Care)

110,161

8,427

Smiths

Group

PLC

(Industrials)

189,694

602

Spirax

Group

PLC

(Industrials)

54,863

2,680

SSE

PLC

(Utilities)

60,345

14,446

Standard

Chartered

PLC

(Financials)

178,548

67,801

Taylor

Wimpey

PLC

(Consumer

Discretionary)

112,894

72,124

Tesco

PLC

(Consumer

Staples)

335,891

GOLDMAN

SACHS

ACTIVE

BETA

®

EUROPE

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

United

Kingdom

–

(continued)

10,948

Unilever

PLC

(Consumer

Staples)

$

654,166

396,261

Vodafone

Group

PLC

(Communication

Services)

357,000

2,037

Whitbread

PLC

(Consumer

Discretionary)

73,790

24,456

Wise

PLC,

Class

A

(Financials)*

274,168

13,173,777

United

States

–

10.5%

1,874

Alcon

AG

(Health

Care)

166,724

92,965

BP

PLC

(Energy)

454,515

4,497

Experian

PLC

(Industrials)

214,404

1,970

Ferrovial

SE

(Industrials)

81,189

30,485

GSK

PLC

(Health

Care)

517,286

14,925

Haleon

PLC

(Consumer

Staples)

71,006

4,299

Holcim

AG

(Materials)*

437,903

14,412

Nestle

SA

(Consumer

Staples)

1,251,112

4,363

QIAGEN

NV

(Health

Care)*

190,710

537

Roche

Holding

AG

(Health

Care)

(b)

165,062

4,594

Roche

Holding

AG

(Health

Care)

1,332,312

5,993

Sanofi

SA

(Health

Care)

582,912

2,982

Schneider

Electric

SE

(Industrials)

766,925

34,092

Shell

PLC

(Energy)

1,096,967

245

Spotify

Technology

SA

(Communication

Services)*

116,855

5,802

Stellantis

NV

(Consumer

Discretionary)

76,822

1,584

Swiss

Re

AG

(Financials)

234,004

3,948

Tenaris

SA

(Energy)

75,725

7,832,433

TOTAL

COMMON

STOCKS

(Cost

$73,341,090)

74,001,073

Shares

Description

Rate

Value

a

Preferred

Stocks

–

0.2%

Germany

–

0.2%

1,262

Henkel

AG

&

Co.

KGaA

(Consumer

Staples)

2.23

%

107,647

1,489

Porsche

Automobil

Holding

SE

(Consumer

Discretionary)

2.56

54,446

TOTAL

PREFERRED

STOCKS

(Cost

$172,803)

162,093

Shares

Dividend

Rate

Value

aa

a

Investment

Company

–

0.7%

(c)

Goldman

Sachs

Financial

Square

Treasury

Obligations

Fund

–

Institutional

Shares

520,645

4.511%

$

520,645

(Cost

$520,645)

TOTAL

INVESTMENTS

BEFORE

SECURITIES

LENDING

REINVESTMENT

VEHICLE

(Cost

$74,034,538)

74,683,811

a

Securities

Lending

Reinvestment

Vehicle

–

0.8%

(c)

a

a

a

a

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

582,351

4.541%

582,351

(Cost

$582,351)

TOTAL

INVESTMENTS

–

100.6%

(Cost

$74,616,889)

$

75,266,162

LIABILITIES

IN

EXCESS

OF

OTHER

ASSETS

–

(0.6)%

(446,543)

NET

ASSETS

–

100.0%

$

74,819,619

  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:

CVA

—

Dutch

Certification

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

Sector

Name

%

of

Market

Value

Financials

22.3

%

Industrials

19.2

Health

Care

15.7

Consumer

Discretionary

9.2

Consumer

Staples

9.1

Information

Technology

7.4

Communication

Services

4.2

Materials

4.1

Energy

3.9

Utilities

2.7

Real

Estate

0.7

Investment

Company

0.7

Securities

Lending

Reinvestment

Vehicle

0.8

TOTAL

INVESTMENTS

100.0%

GOLDMAN

SACHS

ACTIVE

BETA

®

EUROPE

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Additional

Investment

Information 

**End

swaps

header**

FUTURES

CONTRACTS

—

At

November

30,

2024,

the

Portfolio

had

the

following

futures

contracts:

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Unrealized

Appreciation/

(Depreciation)

Long

position

contracts:

MSCI

EUROPE

DEC24

16

12/20/24

$

572,123

$

(21)

GOLDMAN

SACHS

ACTIVEBETA

®

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

November

30,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

99.1%

Australia

–

6.5%

566,784

ANZ

Group

Holdings

Ltd.

(Financials)

$

11,508,949

272,501

APA

Group

(Utilities)

1,281,701

73,390

Aristocrat

Leisure

Ltd.

(Consumer

Discretionary)

3,239,123

52,413

ASX

Ltd.

(Financials)

2,255,583

533,368

BHP

Group

Ltd.

(Materials)

14,096,564

479,889

BlueScope

Steel

Ltd.

(Materials)

6,918,366

101,015

Brambles

Ltd.

(Industrials)

1,252,293

63,042

CAR

Group

Ltd.

(Communication

Services)

1,704,352

41,202

Cochlear

Ltd.

(Health

Care)

8,166,123

856,610

Coles

Group

Ltd.

(Consumer

Staples)

10,373,942

244,721

Commonwealth

Bank

of

Australia

(Financials)

25,281,390

1,115,777

Endeavour

Group

Ltd.

(Consumer

Staples)

3,176,436

267,905

Fortescue

Ltd.

(Materials)

3,314,264

789,615

Glencore

PLC

(Materials)*

3,813,334

151,402

Goodman

Group

REIT

(Real

Estate)

3,739,097

195,771

Insurance

Australia

Group

Ltd.

(Financials)

1,087,874

2,506,156

Lottery

Corp.

Ltd.

(The)

(Consumer

Discretionary)

8,457,055

39,881

Macquarie

Group

Ltd.

(Financials)

6,004,351

1,264,121

Medibank

Pvt

Ltd.

(Financials)

3,145,816

510,010

National

Australia

Bank

Ltd.

(Financials)

12,990,825

80,703

Northern

Star

Resources

Ltd.

(Materials)

920,571

367,185

Orica

Ltd.

(Materials)

4,331,962

147,086

Origin

Energy

Ltd.

(Utilities)

1,041,555

72,023

Pro

Medicus

Ltd.

(Health

Care)

11,818,529

266,366

Qantas

Airways

Ltd.

(Industrials)*

1,521,807

319,903

QBE

Insurance

Group

Ltd.

(Financials)

4,168,018

122,629

Ramsay

Health

Care

Ltd.

(Health

Care)

3,162,715

44,185

REA

Group

Ltd.

(Communication

Services)

7,240,123

81,406

Rio

Tinto

Ltd.

(Materials)

6,270,499

141,078

Rio

Tinto

PLC

(Materials)

8,852,000

820,374

Scentre

Group

REIT

(Real

Estate)

1,966,713

43,325

SGH

Ltd.

(Industrials)

1,397,374

59,852

Sonic

Healthcare

Ltd.

(Health

Care)

1,113,962

249,683

Stockland

REIT

(Real

Estate)

849,065

304,981

Suncorp

Group

Ltd.

(Financials)

3,913,995

1,131,780

Telstra

Group

Ltd.

(Communication

Services)

2,904,956

385,182

Transurban

Group

(Industrials)

3,211,865

1,092,109

Vicinity

Ltd.

REIT

(Real

Estate)

1,536,742

Shares

Description

Value

a

Common

Stocks

–

(continued)

Australia

–

(continued)

106,138

Washington

H

Soul

Pattinson

&

Co.

Ltd.

(Financials)

$

2,406,198

267,256

Wesfarmers

Ltd.

(Consumer

Discretionary)

12,505,891

568,437

Westpac

Banking

Corp.

(Financials)

12,353,490

16,162

WiseTech

Global

Ltd.

(Information

Technology)

1,348,732

477,395

Woolworths

Group

Ltd.

(Consumer

Staples)

9,385,953

236,030,153

Austria

–

0.3%

101,835

Erste

Group

Bank

AG

(Financials)

5,582,269

95,807

Mondi

PLC

(Materials)

1,449,738

89,200

OMV

AG

(Energy)

3,572,560

10,604,567

Belgium

–

0.9%

139,914

Ageas

SA/NV

(Financials)

7,057,840

66,594

Anheuser-Busch

InBev

SA/NV

(Consumer

Staples)

3,582,947

9,818

D’ieteren

Group

(Consumer

Discretionary)

2,092,621

96,606

Groupe

Bruxelles

Lambert

NV

(Financials)

6,678,210

26,857

KBC

Group

NV

(Financials)

1,935,721

62

Lotus

Bakeries

NV

(Consumer

Staples)

745,213

11,292

Sofina

SA

(Financials)

2,619,085

15,026

Syensqo

SA

(Materials)

1,115,059

20,288

UCB

SA

(Health

Care)

3,971,716

91,330

Warehouses

De

Pauw

CVA

REIT

(Real

Estate)

2,018,002

31,816,414

Brazil

–

0.1%

38,632

Wheaton

Precious

Metals

Corp.

(Materials)

2,403,757

70,867

Yara

International

ASA

(Materials)

1,991,116

4,394,873

Canada

–

11.0%

47,494

Agnico

Eagle

Mines

Ltd.

(Materials)

4,004,672

288,391

Air

Canada

(Industrials)*

5,141,049

84,926

Alimentation

Couche-Tard,

Inc.

(Consumer

Staples)

4,968,245

107,983

AltaGas

Ltd.

(Utilities)

2,640,673

38,637

ARC

Resources

Ltd.

(Energy)

712,224

93,496

Bank

of

Montreal

(Financials)

8,914,556

194,904

Bank

of

Nova

Scotia

(The)

(Financials)

11,115,298

39,900

Barrick

Gold

Corp.

(Materials)

698,745

73,547

Brookfield

Asset

Management

Ltd.,

Class

A

(Financials)

(a)

4,218,519

104,925

Brookfield

Corp.

(Financials)

6,447,700

12,550

Cameco

Corp.

(Energy)

751,575

GOLDMAN

SACHS

ACTIVEBETA

®

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Canada

–

(continued)

173,009

Canadian

Imperial

Bank

of

Commerce

(Financials)

$

11,229,552

26,335

Canadian

National

Railway

Co.

(Industrials)

2,940,552

206,782

Canadian

Natural

Resources

Ltd.

(Energy)

7,018,020

53,829

Canadian

Pacific

Kansas

City

Ltd.

(Industrials)

4,117,862

68,247

Canadian

Tire

Corp.

Ltd.,

Class

A

(Consumer

Discretionary)

7,524,401

80,470

Canadian

Utilities

Ltd.,

Class

A

(Utilities)

2,065,559

12,981

CCL

Industries,

Inc.,

Class

B

(Materials)

719,534

532,228

Cenovus

Energy,

Inc.

(Energy)

8,431,109

38,495

CGI,

Inc.

(Information

Technology)

4,357,167

6,705

Constellation

Software,

Inc.

(Information

Technology)

22,670,816

12,690

Descartes

Systems

Group,

Inc.

(The)

(Information

Technology)*

1,496,353

66,958

Dollarama,

Inc.

(Consumer

Discretionary)

6,974,363

98,162

Element

Fleet

Management

Corp.

(Industrials)

2,082,214

54,011

Emera,

Inc.

(Utilities)

2,060,685

470,031

Empire

Co.

Ltd.

(Consumer

Staples)

14,092,705

240,517

Enbridge,

Inc.

(Energy)

10,404,681

8,549

Fairfax

Financial

Holdings

Ltd.

(Financials)

12,127,900

10,034

FirstService

Corp.

(Real

Estate)

1,957,280

53,613

Fortis,

Inc.

(Utilities)

2,396,627

64,400

George

Weston

Ltd.

(Consumer

Staples)

10,351,191

16,985

Gildan

Activewear,

Inc.

(Consumer

Discretionary)

844,307

69,090

Great-West

Lifeco,

Inc.

(Financials)

(a)

2,487,467

79,233

Hydro

One

Ltd.

(Utilities)

(b)

2,591,207

45,594

iA

Financial

Corp.,

Inc.

(Financials)

4,357,994

127,005

IGM

Financial,

Inc.

(Financials)

4,291,402

52,860

Imperial

Oil

Ltd.

(Energy)

3,914,619

16,629

Intact

Financial

Corp.

(Financials)

3,167,129

178,042

Ivanhoe

Mines

Ltd.,

Class

A

(Materials)*

(a)

2,396,952

124,627

Keyera

Corp.

(Energy)

4,109,580

292,909

Kinross

Gold

Corp.

(Materials)

2,868,109

123,089

Loblaw

Cos.

Ltd.

(Consumer

Staples)

15,973,482

33,641

Magna

International,

Inc.

(Consumer

Discretionary)

1,528,820

365,819

Manulife

Financial

Corp.

(Financials)

11,775,497

183,818

MEG

Energy

Corp.

(Energy)

3,308,370

50,514

Metro,

Inc.

(Consumer

Staples)

3,291,356

Shares

Description

Value

a

Common

Stocks

–

(continued)

Canada

–

(continued)

87,522

National

Bank

of

Canada

(Financials)

$

8,670,626

109,098

Nutrien

Ltd.

(Materials)

5,095,889

16,306

Onex

Corp.

(Financials)

1,326,351

26,047

Open

Text

Corp.

(Information

Technology)

793,232

55,164

Pan

American

Silver

Corp.

(Materials)

1,223,722

235,178

Parkland

Corp.

(Energy)

6,071,981

153,018

Pembina

Pipeline

Corp.

(Energy)

6,303,666

194,606

Power

Corp.

of

Canada

(Financials)

6,554,740

51,391

Quebecor,

Inc.,

Class

B

(Communication

Services)

(a)

1,213,432

10,787

RB

Global,

Inc.

(Industrials)

1,065,795

57,048

Rogers

Communications,

Inc.,

Class

B

(Communication

Services)

2,037,210

249,721

Royal

Bank

of

Canada

(Financials)

31,418,670

46,782

Saputo,

Inc.

(Consumer

Staples)

872,057

79,202

Shopify,

Inc.,

Class

A

(Information

Technology)*

9,154,770

39,970

Stantec,

Inc.

(Industrials)

3,461,888

98,833

Sun

Life

Financial,

Inc.

(Financials)

(a)

6,082,519

239,383

Suncor

Energy,

Inc.

(Energy)

(a)

9,524,713

116,356

TC

Energy

Corp.

(Energy)

5,672,578

19,316

Teck

Resources

Ltd.,

Class

B

(Materials)

901,823

58,865

TELUS

Corp.

(Communication

Services)

916,514

11,871

Thomson

Reuters

Corp.

(Industrials)

1,936,800

118,156

TMX

Group

Ltd.

(Financials)

3,735,861

30,537

Toromont

Industries

Ltd.

(Industrials)

2,508,128

226,399

Toronto-Dominion

Bank

(The)

(Financials)

12,811,194

85,494

WSP

Global,

Inc.

(Industrials)

15,202,258

396,094,535

Chile

–

0.0%

172,867

Lundin

Mining

Corp.

(Materials)

1,696,384

China

–

0.3%

1,618,853

BOC

Hong

Kong

Holdings

Ltd.

(Financials)

4,972,093

65,860

Prosus

NV

(Consumer

Discretionary)*

2,681,590

492,503

SITC

International

Holdings

Co.

Ltd.

(Industrials)

1,281,645

1,592,180

Wilmar

International

Ltd.

(Consumer

Staples)

3,657,863

362,400

Yangzijiang

Shipbuilding

Holdings

Ltd.

(Industrials)

651,463

13,244,654

GOLDMAN

SACHS

ACTIVEBETA

®

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Denmark

–

3.1%

3,375

AP

Moller

–

Maersk

A/S,

Class

A

(Industrials)

$

5,530,201

3,285

AP

Moller

–

Maersk

A/S,

Class

B

(Industrials)

5,571,148

7,199

Carlsberg

AS,

Class

B

(Consumer

Staples)

741,004

71,537

Danske

Bank

A/S

(Financials)

2,053,611

126,199

Demant

A/S

(Health

Care)*

4,811,326

6,270

DSV

A/S

(Industrials)

1,338,180

15,829

Genmab

A/S

(Health

Care)*

3,420,911

564,723

Novo

Nordisk

A/S,

Class

B

(Health

Care)

60,567,162

34,235

Novonesis

(Novozymes)

B,

Class

B

(Materials)

2,005,809

15,023

Orsted

AS

(Utilities)*

(b)

833,595

56,893

Pandora

A/S

(Consumer

Discretionary)

9,157,187

22,167

ROCKWOOL

A/S,

Class

B

(Industrials)

8,080,705

126,034

Tryg

A/S

(Financials)

2,902,298

111,021

Vestas

Wind

Systems

A/S

(Industrials)*

1,724,827

16,578

Zealand

Pharma

A/S

(Health

Care)*

1,713,913

110,451,877

Finland

–

0.9%

24,847

Elisa

OYJ

(Communication

Services)

1,125,318

89,284

Kesko

OYJ,

Class

B

(Consumer

Staples)

1,774,288

21,505

Kone

OYJ,

Class

B

(Industrials)

1,114,329

2,186,263

Nokia

OYJ

(Information

Technology)

9,189,190

498,870

Nordea

Bank

Abp

(Financials)

5,640,536

144,022

Orion

OYJ,

Class

B

(Health

Care)

6,802,632

62,075

Sampo

OYJ,

Class

A

(Financials)

2,657,950

26,336

UPM-Kymmene

OYJ

(Materials)

692,621

147,073

Wartsila

OYJ

Abp

(Industrials)

2,672,600

31,669,464

France

–

8.0%

92,779

Accor

SA

(Consumer

Discretionary)

4,280,344

14,525

Aeroports

de

Paris

SA

(Industrials)

1,679,874

40,468

Air

Liquide

SA

(Materials)

6,722,512

29,221

Airbus

SE

(Industrials)

4,554,179

74,768

Alstom

SA

(Industrials)*

1,681,271

38,705

Amundi

SA

(Financials)

(b)

2,520,267

36,684

Arkema

SA

(Materials)

2,905,924

338,723

AXA

SA

(Financials)

11,798,904

26,338

BioMerieux

(Health

Care)

2,749,830

154,907

BNP

Paribas

SA

(Financials)

9,267,031

616,764

Bollore

SE

(Communication

Services)

3,801,073

339,297

Bouygues

SA

(Industrials)

10,091,576

Shares

Description

Value

a

Common

Stocks

–

(continued)

France

–

(continued)

90,433

Bureau

Veritas

SA

(Industrials)

$

2,750,843

26,534

Capgemini

SE

(Information

Technology)

4,257,031

635,138

Carrefour

SA

(Consumer

Staples)

9,659,996

130,694

Cie

de

Saint-Gobain

SA

(Industrials)

11,918,292

159,977

Cie

Generale

des

Etablissements

Michelin

SCA

(Consumer

Discretionary)

5,195,759

474,475

Credit

Agricole

SA

(Financials)

6,349,453

75,072

Danone

SA

(Consumer

Staples)

5,126,961

29,615

Dassault

Systemes

(Information

Technology)

1,021,272

136,021

Eiffage

SA

(Industrials)

12,269,028

146,613

Engie

SA

(Utilities)

2,335,953

35,380

EssilorLuxottica

SA

(Health

Care)

8,587,252

51,175

Eurazeo

SE

(Financials)

3,759,251

18,368

Gecina

SA

REIT

(Real

Estate)

1,849,818

203,251

Getlink

SE

(Industrials)

3,319,930

4,778

Hermes

International

SCA

(Consumer

Discretionary)

10,421,075

89,304

Ipsen

SA

(Health

Care)

10,318,928

94,454

Klepierre

SA

REIT

(Real

Estate)

2,855,199

208,265

La

Francaise

des

Jeux

SACA

(Consumer

Discretionary)

(b)

8,226,862

23,880

Legrand

SA

(Industrials)

2,393,070

41,841

L'Oreal

SA

(Consumer

Staples)

14,523,859

38,378

LVMH

Moet

Hennessy

Louis

Vuitton

SE

(Consumer

Discretionary)

24,016,905

403,382

Orange

SA

(Communication

Services)

(a)

4,296,737

49,400

Publicis

Groupe

SA

(Communication

Services)

5,358,506

247,483

Rexel

SA

(Industrials)

6,388,412

36,777

Safran

SA

(Industrials)

8,565,076

59,328

SEB

SA

(Consumer

Discretionary)

5,627,071

134,755

Societe

Generale

SA

(Financials)

3,571,728

60,328

Teleperformance

SE

(Industrials)

5,672,217

333,060

TotalEnergies

SE

(Energy)

19,337,243

24,282

Unibail-Rodamco-Westfield

REIT

(Real

Estate)*

1,989,155

91,233

Veolia

Environnement

SA

(Utilities)

2,656,654

75,759

Vinci

SA

(Industrials)

7,990,466

644,743

Vivendi

SE

(Communication

Services)

(a)

5,917,697

290,580,484

Germany

–

8.2%

42,819

adidas

AG

(Consumer

Discretionary)

10,089,797

61,398

Allianz

SE

(Financials)

18,948,759

41,283

BASF

SE

(Materials)

1,849,644

GOLDMAN

SACHS

ACTIVEBETA

®

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Germany

–

(continued)

516,724

Bayer

AG

(Health

Care)

$

10,581,275

15,824

Bayerische

Motoren

Werke

AG

(Consumer

Discretionary)

1,170,266

145,240

Bechtle

AG

(Information

Technology)

4,770,819

31,585

Beiersdorf

AG

(Consumer

Staples)

4,091,615

55,873

Brenntag

SE

(Industrials)

3,599,798

289,338

Commerzbank

AG

(Financials)

4,438,824

94,992

Continental

AG

(Consumer

Discretionary)

6,224,510

15,442

CTS

Eventim

AG

&

Co.

KGaA

(Communication

Services)

1,362,688

801,957

Deutsche

Bank

AG

(Financials)

13,615,117

28,590

Deutsche

Boerse

AG

(Financials)

6,688,585

977,806

Deutsche

Lufthansa

AG

(Industrials)

6,543,562

334,803

Deutsche

Post

AG

(Industrials)

12,295,335

442,522

Deutsche

Telekom

AG

(Communication

Services)

14,152,627

258,180

E.ON

SE

(Utilities)

3,322,726

343,558

Evonik

Industries

AG

(Materials)

6,301,170

215,037

Fresenius

Medical

Care

AG

(Health

Care)

9,448,282

253,405

Fresenius

SE

&

Co.

KGaA

(Health

Care)*

8,904,598

82,759

GEA

Group

AG

(Industrials)

4,136,245

2,987

Hannover

Rueck

SE

(Financials)

779,569

92,261

Heidelberg

Materials

AG

(Materials)

11,635,065

23,950

Henkel

AG

&

Co.

KGaA

(Consumer

Staples)

1,817,518

69,237

Knorr-Bremse

AG

(Industrials)

5,276,196

197,440

Mercedes-Benz

Group

AG

(Consumer

Discretionary)

11,044,078

5,501

MTU

Aero

Engines

AG

(Industrials)

1,872,033

18,516

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen

(Financials)

9,666,831

68,110

Nemetschek

SE

(Information

Technology)

7,064,293

107,782

Puma

SE

(Consumer

Discretionary)

5,043,085

10,871

Rational

AG

(Industrials)

10,161,530

7,759

Rheinmetall

AG

(Industrials)

5,100,605

150,223

SAP

SE

(Information

Technology)

35,683,893

26,694

Scout24

SE

(Communication

Services)

(b)

2,397,918

85,670

Siemens

AG

(Industrials)

16,573,176

176,449

Siemens

Energy

AG

(Industrials)*

9,508,368

8,013

Symrise

AG

(Materials)

884,418

43,384

Talanx

AG

(Financials)

3,674,940

Shares

Description

Value

a

Common

Stocks

–

(continued)

Germany

–

(continued)

44,773

Vonovia

SE

(Real

Estate)

$

1,484,883

179,643

Zalando

SE

(Consumer

Discretionary)*

(b)

5,582,122

297,786,763

Hong

Kong

–

1.2%

217,696

AIA

Group

Ltd.

(Financials)

1,626,800

102,216

CK

Infrastructure

Holdings

Ltd.

(Utilities)

704,073

125,360

CLP

Holdings

Ltd.

(Utilities)

1,051,977

17,613

Futu

Holdings

Ltd.

ADR

(Financials)*

1,536,382

81,404

Hang

Seng

Bank

Ltd.

(Financials)

967,134

1,908,445

HKT

Trust

&

HKT

Ltd.

(Communication

Services)

2,371,592

1,457,972

Hong

Kong

&

China

Gas

Co.

Ltd.

(Utilities)

1,105,440

162,322

Hong

Kong

Exchanges

&

Clearing

Ltd.

(Financials)

6,045,186

192,400

Jardine

Matheson

Holdings

Ltd.

(Industrials)

8,400,184

266,752

Power

Assets

Holdings

Ltd.

(Utilities)

1,748,283

1,062,808

Sino

Land

Co.

Ltd.

(Real

Estate)

1,040,743

454,877

Techtronic

Industries

Co.

Ltd.

(Industrials)

6,406,759

11,589,648

WH

Group

Ltd.

(Consumer

Staples)

(b)

9,189,445

42,193,998

Ireland

–

0.2%

29,707

AerCap

Holdings

NV

(Industrials)

2,951,687

192,687

AIB

Group

PLC

(Financials)

1,048,108

133,882

Bank

of

Ireland

Group

PLC

(Financials)

1,171,975

13,229

Kerry

Group

PLC,

Class

A

(Consumer

Staples)

1,277,783

14,861

Kingspan

Group

PLC

(Industrials)

1,117,569

7,567,122

Israel

–

1.0%

76,596

Bank

Hapoalim

BM

(Financials)

877,905

139,025

Bank

Leumi

Le-Israel

BM

(Financials)

1,579,286

18,446

Check

Point

Software

Technologies

Ltd.

(Information

Technology)*

3,357,172

1,206,738

ICL

Group

Ltd.

(Materials)

5,443,457

129,256

Israel

Discount

Bank

Ltd.,

Class

A

(Financials)

848,280

28,673

Mizrahi

Tefahot

Bank

Ltd.

(Financials)

1,235,834

4,065

Nice

Ltd.

(Information

Technology)*

730,786

457,006

Teva

Pharmaceutical

Industries

Ltd.

ADR

(Health

Care)*

7,668,561

GOLDMAN

SACHS

ACTIVEBETA

®

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Israel

–

(continued)

59,649

Wix.com

Ltd.

(Information

Technology)*

$

13,345,867

35,087,148

Italy

–

3.1%

53,055

Amplifon

SpA

(Health

Care)

1,346,562

494,475

Banco

BPM

SpA

(Financials)

3,762,395

210,576

BPER

Banca

SpA

(Financials)

1,285,088

75,888

Coca-Cola

HBC

AG

(Consumer

Staples)*

2,704,669

907,130

Enel

SpA

(Utilities)

6,524,737

634,775

Eni

SpA

(Energy)

8,988,048

14,165

Ferrari

NV

(Consumer

Discretionary)

6,159,476

528,887

FinecoBank

Banca

Fineco

SpA

(Financials)

8,485,296

405,932

Generali

(Financials)

11,610,429

293,865

Infrastrutture

Wireless

Italiane

SpA

(Communication

Services)

(b)

3,026,208

2,101,360

Intesa

Sanpaolo

SpA

(Financials)

8,049,972

208,797

Leonardo

SpA

(Industrials)

5,616,937

286,785

Mediobanca

Banca

di

Credito

Finanziario

SpA

(Financials)

4,181,568

97,328

Moncler

SpA

(Consumer

Discretionary)

4,764,681

124,518

Nexi

SpA

(Financials)*

(b)

737,015

470,259

Poste

Italiane

SpA

(Financials)

(b)

6,598,497

94,117

Prysmian

SpA

(Industrials)

6,204,948

71,041

Recordati

Industria

Chimica

e

Farmaceutica

SpA

(Health

Care)

3,867,979

434,294

Snam

SpA

(Utilities)

2,023,791

197,352

Terna

-

Rete

Elettrica

Nazionale

(Utilities)

1,669,214

290,533

UniCredit

SpA

(Financials)

11,165,140

345,853

Unipol

Gruppo

SpA

(Financials)

4,171,613

112,944,263

Japan

–

19.6%

195,860

Advantest

Corp.

(Information

Technology)

10,745,989

94,691

Aeon

Co.

Ltd.

(Consumer

Staples)

2,266,002

23,229

AGC,

Inc.

(Industrials)

725,399

691,915

Aisin

Corp.

(Consumer

Discretionary)

7,269,980

369,850

ANA

Holdings,

Inc.

(Industrials)

7,114,536

440,619

Asahi

Group

Holdings

Ltd.

(Consumer

Staples)

4,780,695

712,093

Asahi

Kasei

Corp.

(Materials)

5,063,857

428,514

Asics

Corp.

(Consumer

Discretionary)

8,568,283

190,681

Astellas

Pharma,

Inc.

(Health

Care)

1,982,544

28,801

Bridgestone

Corp.

(Consumer

Discretionary)

1,025,779

Shares

Description

Value

a

Common

Stocks

–

(continued)

Japan

–

(continued)

442,460

Brother

Industries

Ltd.

(Information

Technology)

$

7,762,973

166,832

Canon,

Inc.

(Information

Technology)

5,407,585

189,599

Capcom

Co.

Ltd.

(Communication

Services)

4,426,102

116,212

Central

Japan

Railway

Co.

(Industrials)

2,388,697

99,399

Chugai

Pharmaceutical

Co.

Ltd.

(Health

Care)

4,366,845

203,700

Concordia

Financial

Group

Ltd.

(Financials)

1,217,575

47,302

Dai

Nippon

Printing

Co.

Ltd.

(Industrials)

719,680

188,730

Dai-ichi

Life

Holdings,

Inc.

(Financials)

5,090,690

194,485

Daiichi

Sankyo

Co.

Ltd.

(Health

Care)

6,149,810

11,926

Daikin

Industries

Ltd.

(Industrials)

1,436,901

21,311

Daito

Trust

Construction

Co.

Ltd.

(Real

Estate)

2,373,250

200,285

Daiwa

Securities

Group,

Inc.

(Financials)

1,340,923

54,001

Denso

Corp.

(Consumer

Discretionary)

765,510

17,909

Disco

Corp.

(Information

Technology)

4,841,398

54,173

East

Japan

Railway

Co.

(Industrials)

1,053,269

111,691

Eisai

Co.

Ltd.

(Health

Care)

3,473,030

1,760,687

ENEOS

Holdings,

Inc.

(Energy)

9,481,930

26,214

Fast

Retailing

Co.

Ltd.

(Consumer

Discretionary)

8,920,981

135,581

FUJIFILM

Holdings

Corp.

(Information

Technology)

3,045,912

59,500

Fujikura

Ltd.

(Industrials)

2,108,460

308,355

Fujitsu

Ltd.

(Information

Technology)

5,884,379

139,261

Hankyu

Hanshin

Holdings,

Inc.

(Industrials)

3,807,342

8,430

Hikari

Tsushin,

Inc.

(Industrials)

1,839,967

88,800

Hitachi

Construction

Machinery

Co.

Ltd.

(Industrials)

1,997,313

541,213

Hitachi

Ltd.

(Industrials)

13,517,262

237,544

Honda

Motor

Co.

Ltd.

(Consumer

Discretionary)

2,042,734

88,145

Hoya

Corp.

(Health

Care)

11,303,877

142,345

Hulic

Co.

Ltd.

(Real

Estate)

(a)

1,278,579

1,263,678

Idemitsu

Kosan

Co.

Ltd.

(Energy)

8,411,618

461,997

Inpex

Corp.

(Energy)

(a)

6,072,391

84,012

Isuzu

Motors

Ltd.

(Consumer

Discretionary)

1,117,102

197,999

ITOCHU

Corp.

(Industrials)

9,734,825

549,083

Japan

Airlines

Co.

Ltd.

(Industrials)

9,123,658

254,606

Japan

Exchange

Group,

Inc.

(Financials)

3,057,442

GOLDMAN

SACHS

ACTIVEBETA

®

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Japan

–

(continued)

74,572

Japan

Post

Bank

Co.

Ltd.

(Financials)

$

703,093

567,290

Japan

Post

Holdings

Co.

Ltd.

(Financials)

5,664,023

328,787

Japan

Post

Insurance

Co.

Ltd.

(Financials)

6,871,941

809

Japan

Real

Estate

Investment

Corp.

REIT

(Real

Estate)

2,984,226

126,133

Japan

Tobacco,

Inc.

(Consumer

Staples)

(a)

3,543,331

331,672

JFE

Holdings,

Inc.

(Materials)

3,774,195

41,261

Kajima

Corp.

(Industrials)

750,849

439,227

Kansai

Electric

Power

Co.,

Inc.

(The)

(Utilities)

5,631,265

74,196

Kao

Corp.

(Consumer

Staples)

3,218,116

53,673

Kawasaki

Kisen

Kaisha

Ltd.

(Industrials)

712,078

109,118

KDDI

Corp.

(Communication

Services)

3,596,458

11,270

Keyence

Corp.

(Information

Technology)

4,856,639

64,287

Kikkoman

Corp.

(Consumer

Staples)

702,647

332,308

Kirin

Holdings

Co.

Ltd.

(Consumer

Staples)

(a)

4,623,348

26,475

Komatsu

Ltd.

(Industrials)

709,714

18,936

Konami

Group

Corp.

(Communication

Services)

1,862,898

93,385

Kubota

Corp.

(Industrials)

1,164,631

209,082

Kyocera

Corp.

(Information

Technology)

2,051,352

21,597

Lasertec

Corp.

(Information

Technology)

2,364,115

265,100

LY

Corp.

(Communication

Services)

727,068

83,266

M3,

Inc.

(Health

Care)

803,913

34,426

Makita

Corp.

(Industrials)

1,073,685

355,497

Marubeni

Corp.

(Industrials)

5,335,355

429,952

MatsukiyoCocokara

&

Co.

(Consumer

Staples)

6,009,051

103,322

McDonald's

Holdings

Co.

Japan

Ltd.

(Consumer

Discretionary)

4,258,502

143,387

MEIJI

Holdings

Co.

Ltd.

(Consumer

Staples)

3,055,155

50,483

MINEBEA

MITSUMI,

Inc.

(Industrials)

823,204

1,415,499

Mitsubishi

Chemical

Group

Corp.

(Materials)

7,397,711

534,687

Mitsubishi

Corp.

(Industrials)

8,991,258

122,651

Mitsubishi

Electric

Corp.

(Industrials)

2,080,049

57,857

Mitsubishi

Estate

Co.

Ltd.

(Real

Estate)

816,512

592,208

Mitsubishi

HC

Capital,

Inc.

(Financials)

3,982,622

410,126

Mitsubishi

Heavy

Industries

Ltd.

(Industrials)

6,000,945

1,271,677

Mitsubishi

UFJ

Financial

Group,

Inc.

(Financials)

15,173,587

Shares

Description

Value

a

Common

Stocks

–

(continued)

Japan

–

(continued)

435,142

Mitsui

&

Co.

Ltd.

(Industrials)

$

9,086,162

100,584

Mitsui

Chemicals,

Inc.

(Materials)

2,323,307

85,506

Mitsui

Fudosan

Co.

Ltd.

(Real

Estate)

713,950

408,979

Mizuho

Financial

Group,

Inc.

(Financials)

10,304,468

618,270

MonotaRO

Co.

Ltd.

(Industrials)

10,985,475

255,368

MS&AD

Insurance

Group

Holdings,

Inc.

(Financials)

5,680,890

88,404

Murata

Manufacturing

Co.

Ltd.

(Information

Technology)

1,477,471

101,844

NEC

Corp.

(Information

Technology)

8,642,686

66,584

Nintendo

Co.

Ltd.

(Communication

Services)

3,905,883

3,356

Nippon

Building

Fund,

Inc.

REIT

(Real

Estate)

2,804,395

25,173

Nippon

Sanso

Holdings

Corp.

(Materials)

731,967

181,655

Nippon

Steel

Corp.

(Materials)

3,699,988

8,176,702

Nippon

Telegraph

&

Telephone

Corp.

(Communication

Services)

8,351,740

38,815

Nippon

Yusen

KK

(Industrials)

1,239,516

28,400

Nissin

Foods

Holdings

Co.

Ltd.

(Consumer

Staples)

752,240

7,124

Nitori

Holdings

Co.

Ltd.

(Consumer

Discretionary)

911,935

85,960

Nitto

Denko

Corp.

(Materials)

1,366,797

876,372

Nomura

Holdings,

Inc.

(Financials)

5,259,924

36,581

Nomura

Research

Institute

Ltd.

(Information

Technology)

1,115,808

38,000

NTT

Data

Group

Corp.

(Information

Technology)

733,256

76,463

Obayashi

Corp.

(Industrials)

1,086,983

50,163

Obic

Co.

Ltd.

(Information

Technology)

1,638,310

372,015

Olympus

Corp.

(Health

Care)

5,845,826

21,300

Omron

Corp.

(Information

Technology)

675,938

257,611

Ono

Pharmaceutical

Co.

Ltd.

(Health

Care)

2,970,884

19,148

Oracle

Corp.

Japan

(Information

Technology)

1,953,240

124,177

ORIX

Corp.

(Financials)

2,783,926

92,040

Osaka

Gas

Co.

Ltd.

(Utilities)

2,012,580

164,287

Otsuka

Corp.

(Information

Technology)

4,082,426

152,565

Otsuka

Holdings

Co.

Ltd.

(Health

Care)

8,822,632

81,529

Pan

Pacific

International

Holdings

Corp.

(Consumer

Discretionary)

2,066,657

653,161

Panasonic

Holdings

Corp.

(Consumer

Discretionary)

6,373,522

GOLDMAN

SACHS

ACTIVEBETA

®

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Japan

–

(continued)

343,085

Rakuten

Group,

Inc.

(Consumer

Discretionary)*

$

1,960,943

359,865

Recruit

Holdings

Co.

Ltd.

(Industrials)

24,883,963

113,734

Renesas

Electronics

Corp.

(Information

Technology)

1,486,944

259,476

Resona

Holdings,

Inc.

(Financials)

2,159,636

961,564

Ricoh

Co.

Ltd.

(Information

Technology)

10,897,106

43,051

SBI

Holdings,

Inc.

(Financials)

1,083,549

12,503

SCREEN

Holdings

Co.

Ltd.

(Information

Technology)

782,723

117,921

SCSK

Corp.

(Information

Technology)

2,377,500

54,994

Secom

Co.

Ltd.

(Industrials)

1,912,532

338,854

Seiko

Epson

Corp.

(Information

Technology)

6,000,481

153,724

Sekisui

Chemical

Co.

Ltd.

(Consumer

Discretionary)

2,476,002

114,134

Sekisui

House

Ltd.

(Consumer

Discretionary)

2,690,244

342,517

Seven

&

i

Holdings

Co.

Ltd.

(Consumer

Staples)

5,938,771

109,449

Shimadzu

Corp.

(Information

Technology)

3,070,271

127,127

Shin-Etsu

Chemical

Co.

Ltd.

(Materials)

4,701,291

216,018

Shionogi

&

Co.

Ltd.

(Health

Care)

3,047,855

426,757

Shiseido

Co.

Ltd.

(Consumer

Staples)

(a)

8,114,023

4,025,284

SoftBank

Corp.

(Communication

Services)

5,175,499

71,930

SoftBank

Group

Corp.

(Communication

Services)

4,279,831

388,164

Sompo

Holdings,

Inc.

(Financials)

10,198,723

373,608

Sony

Group

Corp.

(Consumer

Discretionary)

7,480,369

614,247

Subaru

Corp.

(Consumer

Discretionary)

9,842,430

359,481

Sumitomo

Corp.

(Industrials)

7,678,630

376,783

Sumitomo

Electric

Industries

Ltd.

(Consumer

Discretionary)

7,240,375

484,901

Sumitomo

Mitsui

Financial

Group,

Inc.

(Financials)

11,900,956

78,899

Sumitomo

Mitsui

Trust

Group,

Inc.

(Financials)

1,967,944

26,319

Suntory

Beverage

&

Food

Ltd.

(Consumer

Staples)

892,517

65,705

Suzuki

Motor

Corp.

(Consumer

Discretionary)

694,084

212,625

Sysmex

Corp.

(Health

Care)

4,479,445

21,128

Taisei

Corp.

(Industrials)

915,966

228,506

Takeda

Pharmaceutical

Co.

Ltd.

(Health

Care)

6,212,272

264,337

TDK

Corp.

(Information

Technology)

3,395,186

Shares

Description

Value

a

Common

Stocks

–

(continued)

Japan

–

(continued)

70,423

Terumo

Corp.

(Health

Care)

$

1,430,639

55,612

TIS,

Inc.

(Information

Technology)

1,356,742

319,307

Tokio

Marine

Holdings,

Inc.

(Financials)

11,829,571

61,544

Tokyo

Electron

Ltd.

(Information

Technology)

9,552,157

244,510

Tokyo

Gas

Co.

Ltd.

(Utilities)

7,342,545

179,483

Tokyu

Corp.

(Industrials)

2,091,389

26,454

TOPPAN

Holdings,

Inc.

(Industrials)

705,804

120,147

Toray

Industries,

Inc.

(Materials)

763,434

28,776

TOTO

Ltd.

(Industrials)

772,354

824,398

Toyota

Motor

Corp.

(Consumer

Discretionary)

14,005,736

482,640

Toyota

Tsusho

Corp.

(Industrials)

8,197,987

165,846

Trend

Micro,

Inc.

(Information

Technology)

(a)

9,087,104

68,786

West

Japan

Railway

Co.

(Industrials)

1,289,523

123,571

Yakult

Honsha

Co.

Ltd.

(Consumer

Staples)

2,513,629

115,720

Yokogawa

Electric

Corp.

(Information

Technology)

2,568,131

148,298

Zensho

Holdings

Co.

Ltd.

(Consumer

Discretionary)

8,907,656

349,696

ZOZO,

Inc.

(Consumer

Discretionary)

10,973,914

707,143,768

Jordan

–

0.1%

112,847

Hikma

Pharmaceuticals

PLC

(Health

Care)

2,759,676

Luxembourg

–

0.3%

210,114

ArcelorMittal

(Materials)

5,290,632

226,157

CVC

Capital

Partners

PLC

(Financials)*

(b)

5,534,551

35,041

Eurofins

Scientific

SE

(Health

Care)

1,731,713

12,556,896

Netherlands

–

2.9%

326,877

ABN

AMRO

Bank

NV

(Financials)

(b)

5,080,319

3,405

Adyen

NV

(Financials)*

(b)

4,957,226

665,117

Aegon

Ltd.

(Financials)

4,286,636

59,967

Akzo

Nobel

NV

(Materials)

3,502,546

1,255

Argenx

SE

(Health

Care)*

777,292

3,712

ASM

International

NV

(Information

Technology)

2,005,003

26,567

ASR

Nederland

NV

(Financials)

1,271,121

15,320

BE

Semiconductor

Industries

NV

(Information

Technology)

1,828,452

33,961

Euronext

NV

(Financials)

(b)

3,791,419

141,851

EXOR

NV

(Financials)

14,030,932

73,543

Heineken

Holding

NV

(Consumer

Staples)

4,660,569

GOLDMAN

SACHS

ACTIVEBETA

®

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Netherlands

–

(continued)

5,727

IMCD

NV

(Industrials)

$

859,543

549,319

ING

Groep

NV

(Financials)

8,504,439

160,895

JDE

Peet’s

NV

(Consumer

Staples)

3,206,718

460,741

Koninklijke

Ahold

Delhaize

NV

(Consumer

Staples)

15,888,627

828,625

Koninklijke

KPN

NV

(Communication

Services)

3,212,837

41,292

Koninklijke

Philips

NV

(Health

Care)*

1,124,770

126,147

NN

Group

NV

(Financials)

5,858,410

166,909

Randstad

NV

(Industrials)

7,335,400

36,926

Universal

Music

Group

NV

(Communication

Services)

889,619

81,080

Wolters

Kluwer

NV

(Industrials)

13,526,322

106,598,200

New

Zealand

–

0.4%

230,081

Auckland

International

Airport

Ltd.

(Industrials)

1,056,170

229,526

Fisher

&

Paykel

Healthcare

Corp.

Ltd.

(Health

Care)

5,166,281

98,292

Infratil

Ltd.

(Financials)

747,159

55,699

Xero

Ltd.

(Information

Technology)*

6,308,170

13,277,780

Norway

–

0.4%

169,050

DNB

Bank

ASA

(Financials)

3,527,880

75,788

Equinor

ASA

(Energy)

1,831,842

85,255

Gjensidige

Forsikring

ASA

(Financials)

1,514,651

24,037

Kongsberg

Gruppen

ASA

(Industrials)

2,824,493

53,323

Mowi

ASA

(Consumer

Staples)

966,637

205,275

Orkla

ASA

(Consumer

Staples)

1,892,175

114,795

Telenor

ASA

(Communication

Services)

1,349,949

13,907,627

Poland

–

0.3%

543,271

InPost

SA

(Industrials)*

9,513,655

Portugal

–

0.2%

320,589

Jeronimo

Martins

SGPS

SA

(Consumer

Staples)

6,243,899

Singapore

–

1.7%

988,958

CapitaLand

Ascendas

REIT

REIT

(Real

Estate)

1,932,697

749,393

CapitaLand

Integrated

Commercial

Trust

REIT

(Real

Estate)

1,095,596

445,704

DBS

Group

Holdings

Ltd.

(Financials)

14,106,009

129,453

Grab

Holdings

Ltd.,

Class

A

(Industrials)*

647,265

546,803

Keppel

Ltd.

(Industrials)

2,744,925

825,843

Oversea-Chinese

Banking

Corp.

Ltd.

(Financials)

10,028,511

Shares

Description

Value

a

Common

Stocks

–

(continued)

Singapore

–

(continued)

36,491

Sea

Ltd.

ADR

(Communication

Services)*

$

4,152,676

470,084

Singapore

Airlines

Ltd.

(Industrials)

(a)

2,212,531

1,181,958

Singapore

Exchange

Ltd.

(Financials)

11,214,341

677,687

Singapore

Technologies

Engineering

Ltd.

(Industrials)

2,274,711

925,568

Singapore

Telecommunications

Ltd.

(Communication

Services)

2,140,201

115,586

STMicroelectronics

NV

(Information

Technology)

2,962,930

251,677

United

Overseas

Bank

Ltd.

(Financials)

6,825,775

62,338,168

Spain

–

2.4%

218,814

ACS

Actividades

de

Construccion

y

Servicios

SA

(Industrials)

10,159,659

13,143

Aena

SME

SA

(Industrials)

(b)

2,842,960

34,652

Amadeus

IT

Group

SA

(Consumer

Discretionary)

2,430,936

1,124,130

Banco

Bilbao

Vizcaya

Argentaria

SA

(Financials)

10,609,772

1,598,284

Banco

de

Sabadell

SA

(Financials)

3,014,117

3,002,608

Banco

Santander

SA

(Financials)

13,876,267

609,045

CaixaBank

SA

(Financials)

3,310,286

58,185

Endesa

SA

(Utilities)

1,274,577

252,847

Grifols

SA

(Health

Care)*

2,300,964

598,344

Iberdrola

SA

(Utilities)

8,525,291

283,651

Industria

de

Diseno

Textil

SA

(Consumer

Discretionary)

15,632,727

124,265

Redeia

Corp.

SA

(Utilities)

2,218,104

272,667

Repsol

SA

(Energy)

3,405,494

1,534,200

Telefonica

SA

(Communication

Services)

6,945,132

86,546,286

Sweden

–

2.8%

39,446

AddTech

AB,

Class

B

(Industrials)

1,083,795

37,911

Alfa

Laval

AB

(Industrials)

1,612,082

189,433

Assa

Abloy

AB,

Class

B

(Industrials)

5,810,237

317,439

Atlas

Copco

AB,

Class

A

(Industrials)

5,062,988

200,183

Atlas

Copco

AB,

Class

B

(Industrials)

2,825,224

48,699

Epiroc

AB,

Class

A

(Industrials)

886,442

42,074

Essity

AB,

Class

B

(Consumer

Staples)

1,156,772

462,377

H

&

M

Hennes

&

Mauritz

AB,

Class

B

(Consumer

Discretionary)

(a)

6,404,935

274,769

Hexagon

AB,

Class

B

(Information

Technology)

2,338,802

70,454

Holmen

AB,

Class

B

(Materials)

2,650,691

GOLDMAN

SACHS

ACTIVEBETA

®

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Sweden

–

(continued)

133,792

Industrivarden

AB,

Class

A

(Financials)

$

4,389,134

140,283

Industrivarden

AB,

Class

C

(Financials)

4,593,082

71,047

Indutrade

AB

(Industrials)

1,811,499

58,576

Investment

AB

Latour,

Class

B

(Industrials)

1,486,013

378,686

Investor

AB,

Class

B

(Financials)

10,378,546

87,455

L

E

Lundbergforetagen

AB,

Class

B

(Financials)

4,237,048

58,863

Lifco

AB,

Class

B

(Industrials)

1,784,405

91,623

Saab

AB,

Class

B

(Industrials)

2,004,254

108,378

Sandvik

AB

(Industrials)

2,002,028

191,764

Securitas

AB,

Class

B

(Industrials)

2,422,768

347,609

Skandinaviska

Enskilda

Banken

AB,

Class

A

(Financials)

4,823,105

158,959

Skanska

AB,

Class

B

(Industrials)

3,311,995

130,408

SKF

AB,

Class

B

(Industrials)

2,502,139

254,790

Svenska

Handelsbanken

AB,

Class

A

(Financials)

2,648,508

186,277

Swedbank

AB,

Class

A

(Financials)

3,647,456

83,772

Swedish

Orphan

Biovitrum

AB

(Health

Care)*

2,320,084

135,929

Tele2

AB,

Class

B

(Communication

Services)

1,424,791

957,813

Telefonaktiebolaget

LM

Ericsson,

Class

B

(Information

Technology)

7,779,103

401,333

Telia

Co.

AB

(Communication

Services)

1,174,353

70,820

Trelleborg

AB,

Class

B

(Industrials)

2,338,863

34,774

Volvo

AB,

Class

A

(Industrials)

869,442

163,074

Volvo

AB,

Class

B

(Industrials)

4,056,370

101,836,954

Switzerland

–

5.9%

192,041

ABB

Ltd.

(Industrials)

10,960,070

99,910

Adecco

Group

AG

(Industrials)

2,665,023

201,889

Avolta

AG

(Consumer

Discretionary)*

7,461,414

20,942

Baloise

Holding

AG

(Financials)

3,979,218

28,622

Banque

Cantonale

Vaudoise

(Financials)

2,841,083

34,993

Cie

Financiere

Richemont

SA

(Consumer

Discretionary)

4,873,599

173,333

Clariant

AG

(Materials)*

2,087,472

7,315

DSM-Firmenich

AG

(Materials)

803,129

8,910

EMS-Chemie

Holding

AG

(Materials)

6,336,112

7,254

Galderma

Group

AG

(Health

Care)*

743,103

16,072

Geberit

AG

(Industrials)

9,676,037

832

Givaudan

SA

(Materials)

3,665,144

Shares

Description

Value

a

Common

Stocks

–

(continued)

Switzerland

–

(continued)

23,140

Helvetia

Holding

AG

(Financials)

$

4,055,410

12,530

Julius

Baer

Group

Ltd.

(Financials)

829,170

36,991

Kuehne

+

Nagel

International

AG

(Industrials)

8,842,571

105,835

Logitech

International

SA

(Information

Technology)

8,589,333

4,568

Lonza

Group

AG

(Health

Care)

2,729,393

346,555

Novartis

AG

(Health

Care)

36,689,200

8,668

Partners

Group

Holding

AG

(Financials)

12,593,689

64,661

Sandoz

Group

AG

(Health

Care)

2,946,076

13,525

Schindler

Holding

AG

(Industrials)

3,830,292

13,219

Schindler

Holding

AG

Participation

Certificates

(Industrials)

3,817,155

98,595

SGS

SA

(Industrials)

9,790,114

64,489

SIG

Group

AG

(Materials)*

1,275,140

8,237

Sika

AG

(Materials)

2,132,644

17,753

Sonova

Holding

AG

(Health

Care)

6,061,410

50,759

Straumann

Holding

AG

(Health

Care)

6,605,584

6,352

Swatch

Group

AG

(The)

–

Bearer

(Consumer

Discretionary)

1,153,238

8,780

Swiss

Life

Holding

AG

(Financials)

7,193,421

15,288

Swiss

Prime

Site

AG

(Real

Estate)

1,689,315

3,509

Swisscom

AG

(Communication

Services)

2,025,342

14,127

Temenos

AG

(Information

Technology)

927,636

467,879

UBS

Group

AG

(Financials)

15,125,078

7,759

VAT

Group

AG

(Industrials)

(b)

3,094,793

20,936

Zurich

Insurance

Group

AG

(Financials)

13,274,517

211,361,925

Taiwan

–

1.1%

56,070

ASML

Holding

NV

(Information

Technology)

38,991,210

United

Kingdom

–

10.4%

254,551

3i

Group

PLC

(Financials)

12,000,369

215,625

Admiral

Group

PLC

(Financials)

7,024,423

135,784

Associated

British

Foods

PLC

(Consumer

Staples)

3,793,493

219,802

AstraZeneca

PLC

(Health

Care)

29,647,758

1,101,147

Auto

Trader

Group

PLC

(Communication

Services)

(b)

11,742,761

999,895

Aviva

PLC

(Financials)

6,147,428

298,654

BAE

Systems

PLC

(Industrials)

4,657,747

2,833,737

Barclays

PLC

(Financials)

9,501,612

529,571

Barratt

Redrow

PLC

(Consumer

Discretionary)

2,878,899

GOLDMAN

SACHS

ACTIVEBETA

®

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

United

Kingdom

–

(continued)

82,041

Berkeley

Group

Holdings

PLC

(Consumer

Discretionary)

$

4,325,464

232,923

British

American

Tobacco

PLC

(Consumer

Staples)

8,846,183

89,371

Bunzl

PLC

(Industrials)

4,041,714

7,004,078

Centrica

PLC

(Utilities)

11,341,836

1,598,412

CK

Hutchison

Holdings

Ltd.

(Industrials)

8,319,125

45,576

Coca-Cola

Europacific

Partners

PLC

(Consumer

Staples)

3,535,786

181,438

Compass

Group

PLC

(Consumer

Discretionary)

6,205,902

85,550

DCC

PLC

(Industrials)

6,225,274

87,561

Diageo

PLC

(Consumer

Staples)

2,618,203

83,228

Halma

PLC

(Information

Technology)

2,864,713

702,282

Hargreaves

Lansdown

PLC

(Financials)

9,760,977

2,775,807

HSBC

Holdings

PLC

(Financials)

25,851,064

180,050

Imperial

Brands

PLC

(Consumer

Staples)

5,879,227

395,485

Informa

PLC

(Communication

Services)

4,305,971

39,782

InterContinental

Hotels

Group

PLC

(Consumer

Discretionary)

4,955,365

54,556

Intertek

Group

PLC

(Industrials)

3,270,237

2,497,077

J

Sainsbury

PLC

(Consumer

Staples)

8,290,259

4,466,055

JD

Sports

Fashion

PLC

(Consumer

Discretionary)

5,778,762

2,899,962

Kingfisher

PLC

(Consumer

Discretionary)

9,122,849

256,897

Land

Securities

Group

PLC

REIT

(Real

Estate)

1,968,971

1,596,501

Legal

&

General

Group

PLC

(Financials)

4,490,695

10,233,697

Lloyds

Banking

Group

PLC

(Financials)

6,901,806

49,634

London

Stock

Exchange

Group

PLC

(Financials)

7,109,944

1,872,481

M&G

PLC

(Financials)

4,717,197

274,220

Marks

&

Spencer

Group

PLC

(Consumer

Staples)

1,333,892

217,277

National

Grid

PLC

(Utilities)

2,741,265

1,278,220

NatWest

Group

PLC

(Financials)

6,542,598

68,286

Next

PLC

(Consumer

Discretionary)

8,748,935

152,169

Pearson

PLC

(Consumer

Discretionary)

2,384,801

69,034

Persimmon

PLC

(Consumer

Discretionary)

1,103,841

425,593

Phoenix

Group

Holdings

PLC

(Financials)

2,780,485

28,642

Reckitt

Benckiser

Group

PLC

(Consumer

Staples)

1,769,304

Shares

Description

Value

a

Common

Stocks

–

(continued)

United

Kingdom

–

(continued)

331,285

RELX

PLC

(Industrials)

$

15,601,019

965,249

Rolls-Royce

Holdings

PLC

(Industrials)*

6,853,355

617,386

Sage

Group

PLC

(The)

(Information

Technology)

10,295,646

363,320

Schroders

PLC

(Financials)

1,455,588

113,236

Segro

PLC

REIT

(Real

Estate)

1,122,644

145,821

Smith

&

Nephew

PLC

(Health

Care)

1,847,899

177,965

Smiths

Group

PLC

(Industrials)

4,006,048

20,688

Spirax

Group

PLC

(Industrials)

1,885,387

76,192

SSE

PLC

(Utilities)

1,715,590

428,112

Standard

Chartered

PLC

(Financials)

5,291,336

2,257,883

Taylor

Wimpey

PLC

(Consumer

Discretionary)

3,759,549

1,821,430

Tesco

PLC

(Consumer

Staples)

8,482,638

204,016

Unilever

PLC

(Consumer

Staples)

12,190,386

11,176,318

Vodafone

Group

PLC

(Communication

Services)

10,068,979

82,313

Whitbread

PLC

(Consumer

Discretionary)

2,981,785

806,377

Wise

PLC,

Class

A

(Financials)*

9,040,026

157,590

WPP

PLC

(Communication

Services)

1,721,020

373,846,030

United

States

–

5.8%

46,675

Alcon

AG

(Health

Care)

4,152,539

2,489,938

BP

PLC

(Energy)

12,173,550

37,281

CSL

Ltd.

(Health

Care)

6,854,198

4,738

CyberArk

Software

Ltd.

(Information

Technology)*

1,532,790

151,138

Experian

PLC

(Industrials)

7,205,825

66,930

Ferrovial

SE

(Industrials)

2,758,382

768,864

GSK

PLC

(Health

Care)

13,046,493

273,642

Haleon

PLC

(Consumer

Staples)

1,301,864

119,729

Holcim

AG

(Materials)*

12,195,778

93,692

James

Hardie

Industries

PLC

CDI

(Materials)*

3,430,816

22,300

Monday.com

Ltd.

(Information

Technology)*

6,363,528

357,386

Nestle

SA

(Consumer

Staples)

31,024,837

96,930

QIAGEN

NV

(Health

Care)*

4,236,893

14,252

Roche

Holding

AG

(Health

Care)

(a)

4,380,751

116,490

Roche

Holding

AG

(Health

Care)

33,783,422

120,443

Sanofi

SA

(Health

Care)

11,714,948

67,975

Schneider

Electric

SE

(Industrials)

17,482,137

809,996

Shell

PLC

(Energy)

26,062,962

5,678

Spotify

Technology

SA

(Communication

Services)*

2,708,179

98,900

Stellantis

NV

(Consumer

Discretionary)

1,309,488

44,886

Swiss

Re

AG

(Financials)

6,631,002

GOLDMAN

SACHS

ACTIVEBETA

®

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

United

States

–

(continued)

174,176

Tenaris

SA

(Energy)

$

3,340,800

213,691,182

Zambia

–

0.0%

69,383

First

Quantum

Minerals

Ltd.

(Materials)*

947,968

TOTAL

COMMON

STOCKS

(Cost

$2,878,353,188)

3,583,723,923

Shares

Description

Rate

Value

a

Preferred

Stocks

–

0.1%

Germany

–

0.1%

16,466

Henkel

AG

&

Co.

KGaA

(Consumer

Staples)

2.23

%

1,404,529

77,740

Porsche

Automobil

Holding

SE

(Consumer

Discretionary)

2.56

2,842,614

TOTAL

PREFERRED

STOCKS

(Cost

$4,863,256)

4,247,143

Units

Description

Expiration

Month

Value

aa

Warrant

–

0.0%

Canada

–

0.0%

8,722

Constellation

Software,

Inc.

(Information

Technology)*

(c)

(Cost

$0)

08/28

—

Shares

Dividend

Rate

Value

aa

a

Investment

Company

–

0.4%

(d)

Goldman

Sachs

Financial

Square

Treasury

Obligations

Fund

–

Institutional

Shares

14,675,894

4.511%

14,675,894

(Cost

$14,675,894)

TOTAL

INVESTMENTS

BEFORE

SECURITIES

LENDING

REINVESTMENT

VEHICLE

(Cost

$2,897,892,338)

3,602,646,960

Shares

Dividend

Rate

Value

a

Securities

Lending

Reinvestment

Vehicle

–

1.4%

(d)

a

a

a

a

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

51,277,525

4.541%

$

51,277,525

(Cost

$51,277,525)

TOTAL

INVESTMENTS

–

101.0%

(Cost

$2,949,169,863)

$

3,653,924,485

LIABILITIES

IN

EXCESS

OF

OTHER

ASSETS

–

(1.0)%

(36,525,689)

NET

ASSETS

–

100.0%

$

3,617,398,796

  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)

Significant

unobservable

inputs

were

used

in

the

valuation

of

this

portfolio

security;

i.e.

Level

3.

(d)

Represents

an

affiliated

issuer.

Investment

Abbreviations:

ADR

—

American

Depositary

Receipt

CVA

—

Dutch

Certification

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

Sector

Name

%

of

Market

Value

Financials

24.9

%

Industrials

17.7

Health

Care

11.2

Consumer

Discretionary

10.1

Information

Technology

9.0

Consumer

Staples

8.2

Materials

5.1

Energy

4.6

Communication

Services

4.1

Utilities

2.2

Real

Estate

1.1

Investment

Company

0.4

Securities

Lending

Reinvestment

Vehicle

1.4

TOTAL

INVESTMENTS

100.0%

GOLDMAN

SACHS

ACTIVEBETA

®

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Additional

Investment

Information 

**End

swaps

header**

FUTURES

CONTRACTS

—

At

November

30,

2024,

the

Portfolio

had

the

following

futures

contracts:

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Unrealized

Appreciation/

(Depreciation)

Long

position

contracts:

MSCI

EAFE

E-Mini

Index

216

12/20/24

$

25,182,360

$

(888,477)

GOLDMAN

SACHS

ACTIVE

BETA

®

JAPAN

EQUITY

ETF

Schedule

of

Investments

November

30,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

99.3%

Communication

Services

–

5.1%

5,420

Capcom

Co.

Ltd.

(Japan)

$

126,527

565

Dentsu

Group,

Inc.

(Japan)

14,386

9,370

KDDI

Corp.

(Japan)

308,829

1,206

Konami

Group

Corp.

(Japan)

118,644

6,427

Nintendo

Co.

Ltd.

(Japan)

377,014

296,479

Nippon

Telegraph

&

Telephone

Corp.

(Japan)

302,826

277,160

SoftBank

Corp.

(Japan)

356,358

6,092

SoftBank

Group

Corp.

(Japan)

362,474

1,967,058

Consumer

Discretionary

–

17.1%

27,808

Aisin

Corp.

(Japan)

292,180

12,600

Asics

Corp.

(Japan)

251,941

4,978

Bandai

Namco

Holdings,

Inc.

(Japan)

104,741

3,741

Bridgestone

Corp.

(Japan)

133,240

10,608

Denso

Corp.

(Japan)

150,377

1,593

Fast

Retailing

Co.

Ltd.

(Japan)

542,119

33,536

Honda

Motor

Co.

Ltd.

(Japan)

288,389

2,320

Isuzu

Motors

Ltd.

(Japan)

30,849

2,975

McDonald's

Holdings

Co.

Japan

Ltd.

(Japan)

122,617

15,189

Nissan

Motor

Co.

Ltd.

(Japan)

36,297

753

Nitori

Holdings

Co.

Ltd.

(Japan)

96,391

2,168

Oriental

Land

Co.

Ltd.

(Japan)

51,073

5,230

Pan

Pacific

International

Holdings

Corp.

(Japan)

132,574

32,165

Panasonic

Holdings

Corp.

(Japan)

313,865

8,200

Rakuten

Group,

Inc.

(Japan)*

46,868

6,959

Sekisui

Chemical

Co.

Ltd.

(Japan)

112,087

6,314

Sekisui

House

Ltd.

(Japan)

148,827

64

Shimano,

Inc.

(Japan)

8,928

48,590

Sony

Group

Corp.

(Japan)

972,868

20,822

Subaru

Corp.

(Japan)

333,643

16,552

Sumitomo

Electric

Industries

Ltd.

(Japan)

318,068

10,744

Suzuki

Motor

Corp.

(Japan)

113,496

87,428

Toyota

Motor

Corp.

(Japan)

1,485,318

9,467

Yamaha

Motor

Co.

Ltd.

(Japan)

81,978

2,790

Zensho

Holdings

Co.

Ltd.

(Japan)

167,584

7,128

ZOZO,

Inc.

(Japan)

223,686

6,560,004

Consumer

Staples

–

5.2%

6,886

Aeon

Co.

Ltd.

(Japan)

164,785

2,752

Ajinomoto

Co.,

Inc.

(Japan)

115,112

11,229

Asahi

Group

Holdings

Ltd.

(Japan)

121,834

11,494

Japan

Tobacco,

Inc.

(Japan)

(a)

322,890

4,272

Kao

Corp.

(Japan)

185,290

4,270

Kikkoman

Corp.

(Japan)

46,671

11,314

Kirin

Holdings

Co.

Ltd.

(Japan)

157,410

9,718

MatsukiyoCocokara

&

Co.

(Japan)

135,820

4,019

MEIJI

Holdings

Co.

Ltd.

(Japan)

85,633

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Consumer

Staples

–

(continued)

1,786

Nissin

Foods

Holdings

Co.

Ltd.

(Japan)

$

47,306

19,941

Seven

&

i

Holdings

Co.

Ltd.

(Japan)

345,749

6,265

Shiseido

Co.

Ltd.

(Japan)

119,118

1,564

Suntory

Beverage

&

Food

Ltd.

(Japan)

53,038

978

Unicharm

Corp.

(Japan)

25,338

3,242

Yakult

Honsha

Co.

Ltd.

(Japan)

65,947

1,991,941

Energy

–

2.8%

86,966

ENEOS

Holdings,

Inc.

(Japan)

468,343

56,885

Idemitsu

Kosan

Co.

Ltd.

(Japan)

378,653

16,408

Inpex

Corp.

(Japan)

215,663

1,062,659

Financials

–

18.1%

2,648

Chiba

Bank

Ltd.

(The)

(Japan)

22,048

13,336

Concordia

Financial

Group

Ltd.

(Japan)

(a)

79,713

11,723

Dai-ichi

Life

Holdings,

Inc.

(Japan)

316,209

21,536

Daiwa

Securities

Group,

Inc.

(Japan)

144,185

19,252

Japan

Exchange

Group,

Inc.

(Japan)

231,188

8,689

Japan

Post

Bank

Co.

Ltd.

(Japan)

81,923

20,244

Japan

Post

Holdings

Co.

Ltd.

(Japan)

202,123

14,094

Japan

Post

Insurance

Co.

Ltd.

(Japan)

294,577

18,789

Mitsubishi

HC

Capital,

Inc.

(Japan)

126,357

106,918

Mitsubishi

UFJ

Financial

Group,

Inc.

(Japan)

1,275,740

27,044

Mizuho

Financial

Group,

Inc.

(Japan)

681,390

18,564

MS&AD

Insurance

Group

Holdings,

Inc.

(Japan)

412,973

42,015

Nomura

Holdings,

Inc.

(Japan)

252,171

11,057

ORIX

Corp.

(Japan)

247,887

13,785

Resona

Holdings,

Inc.

(Japan)

114,734

2,954

SBI

Holdings,

Inc.

(Japan)

74,349

3,420

Shizuoka

Financial

Group,

Inc.

(Japan)

30,332

16,768

Sompo

Holdings,

Inc.

(Japan)

440,567

35,747

Sumitomo

Mitsui

Financial

Group,

Inc.

(Japan)

877,341

6,146

Sumitomo

Mitsui

Trust

Group,

Inc.

(Japan)

153,297

7,731

T&D

Holdings,

Inc.

(Japan)

145,833

19,869

Tokio

Marine

Holdings,

Inc.

(Japan)

736,100

6,941,037

Health

Care

–

6.9%

11,502

Astellas

Pharma,

Inc.

(Japan)

119,588

6,162

Chugai

Pharmaceutical

Co.

Ltd.

(Japan)

270,712

14,647

Daiichi

Sankyo

Co.

Ltd.

(Japan)

463,153

GOLDMAN

SACHS

ACTIVE

BETA

®

JAPAN

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Health

Care

–

(continued)

2,988

Eisai

Co.

Ltd.

(Japan)

$

92,912

3,208

Hoya

Corp.

(Japan)

411,400

500

Kyowa

Kirin

Co.

Ltd.

(Japan)

8,277

11,701

Olympus

Corp.

(Japan)

183,869

6,234

Ono

Pharmaceutical

Co.

Ltd.

(Japan)

71,893

5,976

Otsuka

Holdings

Co.

Ltd.

(Japan)

345,584

4,003

Shionogi

&

Co.

Ltd.

(Japan)

56,479

5,769

Sysmex

Corp.

(Japan)

121,538

13,504

Takeda

Pharmaceutical

Co.

Ltd.

(Japan)

367,126

6,878

Terumo

Corp.

(Japan)

139,726

2,652,257

Industrials

–

21.4%

607

AGC,

Inc.

(Japan)

18,956

7,245

ANA

Holdings,

Inc.

(Japan)

139,367

5,729

Central

Japan

Railway

Co.

(Japan)

117,758

1,972

Dai

Nippon

Printing

Co.

Ltd.

(Japan)

30,003

1,596

Daifuku

Co.

Ltd.

(Japan)

33,124

1,401

Daikin

Industries

Ltd.

(Japan)

168,799

4,072

East

Japan

Railway

Co.

(Japan)

79,171

4,187

FANUC

Corp.

(Japan)

108,366

1,328

Fuji

Electric

Co.

Ltd.

(Japan)

74,480

2,200

Fujikura

Ltd.

(Japan)

77,960

4,538

Hankyu

Hanshin

Holdings,

Inc.

(Japan)

124,067

357

Hikari

Tsushin,

Inc.

(Japan)

77,920

4,425

Hitachi

Construction

Machinery

Co.

Ltd.

(Japan)

99,528

45,860

Hitachi

Ltd.

(Japan)

1,145,393

523

Hoshizaki

Corp.

(Japan)

21,086

12,278

ITOCHU

Corp.

(Japan)

603,661

11,046

Japan

Airlines

Co.

Ltd.

(Japan)

183,542

3,463

Kajima

Corp.

(Japan)

63,018

4,961

Kawasaki

Kisen

Kaisha

Ltd.

(Japan)

65,817

6,575

Komatsu

Ltd.

(Japan)

176,256

3,597

Kubota

Corp.

(Japan)

44,859

2,365

Makita

Corp.

(Japan)

73,760

14,863

Marubeni

Corp.

(Japan)

223,066

3,304

MINEBEA

MITSUMI,

Inc.

(Japan)

53,877

35,442

Mitsubishi

Corp.

(Japan)

595,990

16,901

Mitsubishi

Electric

Corp.

(Japan)

286,626

31,120

Mitsubishi

Heavy

Industries

Ltd.

(Japan)

455,346

25,166

Mitsui

&

Co.

Ltd.

(Japan)

525,489

1,213

Mitsui

OSK

Lines

Ltd.

(Japan)

41,425

10,478

MonotaRO

Co.

Ltd.

(Japan)

186,174

1,856

NIDEC

Corp.

(Japan)

34,047

2,568

Nippon

Yusen

KK

(Japan)

82,006

3,823

Obayashi

Corp.

(Japan)

54,347

14,135

Recruit

Holdings

Co.

Ltd.

(Japan)

977,408

2,434

Secom

Co.

Ltd.

(Japan)

84,647

1,100

SG

Holdings

Co.

Ltd.

(Japan)

10,774

327

SMC

Corp.

(Japan)

138,347

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Industrials

–

(continued)

14,205

Sumitomo

Corp.

(Japan)

$

303,423

643

Taisei

Corp.

(Japan)

27,876

6,480

Tokyu

Corp.

(Japan)

(a)

75,507

1,776

TOPPAN

Holdings,

Inc.

(Japan)

47,384

970

TOTO

Ltd.

(Japan)

26,035

778

Toyota

Industries

Corp.

(Japan)

57,760

17,355

Toyota

Tsusho

Corp.

(Japan)

294,787

2,448

West

Japan

Railway

Co.

(Japan)

45,892

2,771

Yaskawa

Electric

Corp.

(Japan)

72,308

8,227,432

Information

Technology

–

15.1%

8,173

Advantest

Corp.

(Japan)

448,417

13,944

Brother

Industries

Ltd.

(Japan)

244,648

10,729

Canon,

Inc.

(Japan)

347,763

1,042

Disco

Corp.

(Japan)

281,687

7,856

FUJIFILM

Holdings

Corp.

(Japan)

176,490

16,390

Fujitsu

Ltd.

(Japan)

312,772

1,470

Keyence

Corp.

(Japan)

633,475

1,000

Kokusai

Electric

Corp.

(Japan)

16,513

6,968

Kyocera

Corp.

(Japan)

68,365

948

Lasertec

Corp.

(Japan)

103,773

12,386

Murata

Manufacturing

Co.

Ltd.

(Japan)

207,004

4,306

NEC

Corp.

(Japan)

365,416

2,493

Nomura

Research

Institute

Ltd.

(Japan)

76,042

3,514

NTT

Data

Group

Corp.

(Japan)

67,807

835

Obic

Co.

Ltd.

(Japan)

27,271

501

Oracle

Corp.

Japan

(Japan)

51,106

4,068

Otsuka

Corp.

(Japan)

101,087

13,883

Renesas

Electronics

Corp.

(Japan)

181,505

39,752

Ricoh

Co.

Ltd.

(Japan)

(a)

450,497

1,187

SCREEN

Holdings

Co.

Ltd.

(Japan)

74,310

3,747

SCSK

Corp.

(Japan)

75,546

9,106

Seiko

Epson

Corp.

(Japan)

161,250

3,130

Shimadzu

Corp.

(Japan)

87,803

20,560

TDK

Corp.

(Japan)

264,076

2,197

TIS,

Inc.

(Japan)

53,599

4,202

Tokyo

Electron

Ltd.

(Japan)

652,186

2,659

Trend

Micro,

Inc.

(Japan)

(a)

145,693

5,196

Yokogawa

Electric

Corp.

(Japan)

115,313

5,791,414

Materials

–

4.4%

26,106

Asahi

Kasei

Corp.

(Japan)

185,646

14,961

JFE

Holdings,

Inc.

(Japan)

170,246

58,574

Mitsubishi

Chemical

Group

Corp.

(Japan)

306,121

4,633

Mitsui

Chemicals,

Inc.

(Japan)

107,014

2,168

Nippon

Sanso

Holdings

Corp.

(Japan)

63,040

11,236

Nippon

Steel

Corp.

(Japan)

228,857

6,575

Nitto

Denko

Corp.

(Japan)

104,545

13,504

Shin-Etsu

Chemical

Co.

Ltd.

(Japan)

499,392

GOLDMAN

SACHS

ACTIVE

BETA

®

JAPAN

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Additional

Investment

Information 

**End

swaps

header**

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Materials

–

(continued)

5,821

Toray

Industries,

Inc.

(Japan)

$

36,987

1,701,848

Real

Estate

–

1.2%

560

Daito

Trust

Construction

Co.

Ltd.

(Japan)

62,363

2,323

Daiwa

House

Industry

Co.

Ltd.

(Japan)

72,775

5,339

Hulic

Co.

Ltd.

(Japan)

(a)

47,956

16

Japan

Real

Estate

Investment

Corp.

REIT

(Japan)

59,020

3,497

Mitsubishi

Estate

Co.

Ltd.

(Japan)

49,352

11,972

Mitsui

Fudosan

Co.

Ltd.

(Japan)

99,963

67

Nippon

Building

Fund,

Inc.

REIT

(Japan)

55,988

298

Sumitomo

Realty

&

Development

Co.

Ltd.

(Japan)

9,203

456,620

Utilities

–

2.0%

1,293

Chubu

Electric

Power

Co.,

Inc.

(Japan)

13,629

22,828

Kansai

Electric

Power

Co.,

Inc.

(The)

(Japan)

292,674

4,657

Osaka

Gas

Co.

Ltd.

(Japan)

101,832

11,303

Tokyo

Gas

Co.

Ltd.

(Japan)

339,425

747,560

TOTAL

COMMON

STOCKS

(Cost

$33,552,254)

38,099,830

Shares

Dividend

Rate

Value

aa

Investment

Company

–

0.2%

(b)

Goldman

Sachs

Financial

Square

Treasury

Obligations

Fund

–

Institutional

Shares

80,771

4.511%

$

80,771

(Cost

$80,771)

TOTAL

INVESTMENTS

BEFORE

SECURITIES

LENDING

REINVESTMENT

VEHICLE

(Cost

$33,633,025)

38,180,601

a

Securities

Lending

Reinvestment

Vehicle

–

1.3%

(b)

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

497,735

4.541%

497,735

(Cost

$497,735)

TOTAL

INVESTMENTS

–

100.8%

(Cost

$34,130,760)

$

38,678,336

LIABILITIES

IN

EXCESS

OF

OTHER

ASSETS

–

(0.8)%

(306,682)

NET

ASSETS

–

100.0%

$

38,371,654

  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:

REIT

—

Real

Estate

Investment

Trust

FUTURES

CONTRACTS

—

At

November

30,

2024,

the

Portfolio

had

the

following

futures

contracts:

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Unrealized

Appreciation/

(Depreciation)

Long

position

contracts:

MINI

TPX

IDX

FUT

Dec24

15

12/12/24

$

267,570

$

(3,859)

GOLDMAN

SACHS

ACTIVE

BETA

®

U.S.

LARGE

CAP

EQUITY

ETF

Schedule

of

Investments

November

30,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

99.7%

Communication

Services

–

7.2%

1,450,690

Alphabet,

Inc.,

Class

A

$

245,094,075

2,018,423

AT&T,

Inc.

46,746,676

42,666

Charter

Communications,

Inc.,

Class

A*

16,936,909

904,120

Comcast

Corp.,

Class

A

39,048,943

196,022

Electronic

Arts,

Inc.

32,082,921

35,832

Live

Nation

Entertainment,

Inc.*

4,953,774

599,115

Meta

Platforms,

Inc.,

Class

A

344,083,727

63,746

Netflix,

Inc.*

56,530,590

218,438

Omnicom

Group,

Inc.

22,896,671

1,088,266

Pinterest,

Inc.,

Class

A*

32,996,225

31,839

Take-Two

Interactive

Software,

Inc.*

5,997,831

152,553

T-Mobile

US,

Inc.

37,671,438

806,026

Verizon

Communications,

Inc.

35,739,193

222,376

Walt

Disney

Co.

(The)

26,122,509

3,369,181

Warner

Bros

Discovery,

Inc.*

35,309,017

982,210,499

Consumer

Discretionary

–

11.4%

2,214,796

Amazon.com,

Inc.*

460,433,940

9,283

AutoZone,

Inc.*

29,422,840

303,217

Best

Buy

Co.,

Inc.

27,289,530

13,360

Booking

Holdings,

Inc.

69,498,453

26,696

Burlington

Stores,

Inc.*

7,525,068

1,045,544

Carnival

Corp.*

26,588,184

32,379

Carvana

Co.*

8,432,139

165,138

Chipotle

Mexican

Grill,

Inc.*

10,159,290

111,546

D.R.

Horton,

Inc.

18,826,734

69,243

Darden

Restaurants,

Inc.

12,205,464

198,782

Deckers

Outdoor

Corp.*

38,953,321

64,994

Domino's

Pizza,

Inc.

30,949,493

54,675

DoorDash,

Inc.,

Class

A*

9,867,744

223,810

eBay,

Inc.

14,164,935

135,229

Expedia

Group,

Inc.*

24,965,978

2,067,647

Ford

Motor

Co.

23,012,911

34,919

Garmin

Ltd.

7,423,779

68,194

General

Motors

Co.

3,790,904

45,013

Genuine

Parts

Co.

5,704,497

100,504

Hilton

Worldwide

Holdings,

Inc.

25,471,734

264,887

Home

Depot,

Inc.

(The)

113,670,958

49,453

Las

Vegas

Sands

Corp.

2,623,976

219,425

Lennar

Corp.,

Class

A

38,265,526

203,871

Lowe’s

Cos.,

Inc.

55,540,577

47,558

Marriott

International,

Inc.,

Class

A

13,748,542

75,464

McDonald's

Corp.

22,338,099

331,620

NIKE,

Inc.,

Class

B

26,121,707

1,564

NVR,

Inc.*

14,444,447

30,799

O'Reilly

Automotive,

Inc.*

38,289,933

15,426

Pool

Corp.

5,816,990

269,276

PulteGroup,

Inc.

36,424,964

67,692

Ross

Stores,

Inc.

10,483,460

76,045

Royal

Caribbean

Cruises

Ltd.

18,559,543

349,529

Tesla,

Inc.*

120,643,430

431,640

TJX

Cos.,

Inc.

(The)

54,252,832

62,084

Toll

Brothers,

Inc.

10,254,414

85,188

Tractor

Supply

Co.

24,165,280

92,226

Ulta

Beauty,

Inc.*

35,658,261

177,271

Williams-Sonoma,

Inc.

30,494,157

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Consumer

Discretionary

–

(continued)

274,870

Yum!

Brands,

Inc.

$

38,190,438

1,564,674,472

Consumer

Staples

–

6.9%

431,466

Altria

Group,

Inc.

24,912,847

466,398

Archer-Daniels-Midland

Co.

25,465,331

267,012

Bunge

Global

SA

23,961,657

156,632

Church

&

Dwight

Co.,

Inc.

17,249,882

139,543

Clorox

Co.

(The)

23,327,403

711,998

Coca-Cola

Co.

(The)

45,624,832

571,246

Colgate-Palmolive

Co.

55,199,501

819,010

Conagra

Brands,

Inc.

22,563,726

47,766

Constellation

Brands,

Inc.,

Class

A

11,509,218

122,792

Costco

Wholesale

Corp.

119,339,089

183,331

Dollar

General

Corp.

14,165,986

181,562

Dollar

Tree,

Inc.*

12,939,924

226,827

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

16,358,763

136,848

General

Mills,

Inc.

9,067,549

38,926

Hershey

Co.

(The)

6,856,036

100,467

Kellanova

8,166,962

111,843

Kenvue,

Inc.

2,693,179

345,899

Keurig

Dr

Pepper,

Inc.

11,293,602

144,939

Kimberly-Clark

Corp.

20,197,250

364,617

Kraft

Heinz

Co.

(The)

11,656,806

877,765

Kroger

Co.

(The)

53,613,886

195,638

Mondelez

International,

Inc.,

Class

A

12,706,688

220,423

Monster

Beverage

Corp.*

12,151,920

294,600

PepsiCo,

Inc.

48,152,370

317,981

Philip

Morris

International,

Inc.

42,310,552

472,200

Procter &

Gamble

Co.

(The)

84,646,572

417,994

Sysco

Corp.

32,231,517

209,086

Target

Corp.

27,664,169

127,360

Tyson

Foods,

Inc.,

Class

A

8,214,720

1,466,034

Walmart,

Inc.

135,608,145

939,850,082

Energy

–

2.7%

29,118

Cheniere

Energy,

Inc.

6,522,723

165,358

Chevron

Corp.

26,776,421

229,435

ConocoPhillips

24,856,988

199,499

Coterra

Energy,

Inc.

5,330,613

170,825

Devon

Energy

Corp.

6,482,809

17,869

Diamondback

Energy,

Inc.

3,173,356

82,763

EOG

Resources,

Inc.

11,028,997

815,193

Exxon

Mobil

Corp.

96,160,166

272,074

Halliburton

Co.

8,668,278

1,280,280

Kinder

Morgan,

Inc.

36,193,515

160,831

Marathon

Petroleum

Corp.

25,113,761

139,160

Occidental

Petroleum

Corp.

7,038,713

213,354

ONEOK,

Inc.

24,237,014

105,490

Phillips

66

14,133,550

83,504

Schlumberger

NV

3,669,166

86,447

Targa

Resources

Corp.

17,661,122

170,584

Valero

Energy

Corp.

23,724,823

545,455

Williams

Cos.,

Inc.

(The)

31,920,027

372,692,042

GOLDMAN

SACHS

ACTIVE

BETA

®

U.S.

LARGE

CAP

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Financials

–

14.9%

144,259

Aflac,

Inc.

$

16,445,526

72,910

Allstate

Corp.

(The)

15,120,805

140,437

American

Express

Co.

42,788,345

288,261

American

International

Group,

Inc.

22,161,506

94,368

Ameriprise

Financial,

Inc.

54,164,401

41,294

Aon

PLC,

Class

A

16,168,253

239,732

Apollo

Global

Management,

Inc.

41,960,292

190,607

Arch

Capital

Group

Ltd.

19,197,937

62,198

Ares

Management

Corp.,

Class

A

10,992,253

68,205

Arthur

J

Gallagher

&

Co.

21,296,329

1,173,447

Bank

of

America

Corp.

55,750,467

649,199

Bank

of

New

York

Mellon

Corp.

(The)

53,149,922

324,247

Berkshire

Hathaway,

Inc.,

Class

B*

156,617,786

21,565

Blackrock,

Inc.

22,056,682

66,855

Blackstone,

Inc.

12,775,322

206,703

Brown

&

Brown,

Inc.

23,378,109

255,556

Capital

One

Financial

Corp.

49,069,308

70,676

Cboe

Global

Markets,

Inc.

15,255,415

57,094

Charles

Schwab

Corp.

(The)

4,725,099

98,128

Chubb

Ltd.

28,332,497

121,097

Cincinnati

Financial

Corp.

19,354,934

542,029

Citigroup,

Inc.

38,413,595

256,978

Citizens

Financial

Group,

Inc.

12,370,921

65,403

CME

Group,

Inc.

15,565,914

25,044

Coinbase

Global,

Inc.,

Class

A*

7,418,033

28,745

Corpay,

Inc.*

10,957,019

200,135

Discover

Financial

Services

36,510,628

37,062

Everest

Group

Ltd.

14,363,749

31,945

FactSet

Research

Systems,

Inc.

15,674,453

84,440

Fidelity

National

Financial,

Inc.

5,352,652

94,837

Fidelity

National

Information

Services,

Inc.

8,089,596

150,528

Fifth

Third

Bancorp

7,234,376

5,965

First

Citizens

BancShares,

Inc.,

Class

A

13,689,675

168,374

Fiserv,

Inc.*

37,203,919

88,654

Global

Payments,

Inc.

10,546,280

261,868

Hartford

Financial

Services

Group,

Inc.

(The)

32,290,943

377,344

Huntington

Bancshares,

Inc.

6,795,965

38,935

Interactive

Brokers

Group,

Inc.,

Class

A

7,440,089

184,219

Intercontinental

Exchange,

Inc.

29,651,890

109,059

Jack

Henry

&

Associates,

Inc.

19,214,015

626,405

JPMorgan

Chase &

Co.

156,425,857

167,180

KeyCorp

3,256,666

130,387

KKR

&

Co.,

Inc.

21,236,131

326,833

Loews

Corp.

28,346,226

49,675

LPL

Financial

Holdings,

Inc.

16,151,826

42,945

M&T

Bank

Corp.

9,447,471

8,625

Markel

Group,

Inc.*

15,377,685

172,421

Marsh

&

McLennan

Cos.,

Inc.

40,213,750

219,230

Mastercard,

Inc.,

Class

A

116,836,436

136,915

MetLife,

Inc.

12,080,010

93,442

Moody's

Corp.

46,719,131

243,626

Morgan

Stanley

32,063,618

144,839

Nasdaq,

Inc.

12,020,189

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Financials

–

(continued)

240,425

Northern

Trust

Corp.

$

26,725,643

150,605

PayPal

Holdings,

Inc.*

13,067,996

60,151

PNC

Financial

Services

Group,

Inc.

(The)

12,915,623

249,485

Principal

Financial

Group,

Inc.

21,727,649

107,213

Progressive

Corp.

(The)

28,827,431

163,402

Prudential

Financial,

Inc.

21,145,853

107,518

Raymond

James

Financial,

Inc.

18,200,647

271,227

Regions

Financial

Corp.

7,393,648

42,498

S&P

Global,

Inc.

22,205,630

353,346

State

Street

Corp.

34,808,114

837,675

Synchrony

Financial

56,559,816

134,886

T.

Rowe

Price

Group,

Inc.

16,704,282

20,663

Tradeweb

Markets,

Inc.,

Class

A

2,799,837

75,410

Travelers

Cos.,

Inc.

(The)

20,062,076

59,573

Truist

Financial

Corp.

2,840,441

169,953

US

Bancorp

9,056,795

355,428

Visa,

Inc.,

Class

A

111,988,254

142,346

W

R

Berkley

Corp.

9,188,434

596,814

Wells

Fargo &

Co.

45,459,322

35,959

Willis

Towers

Watson

PLC

11,578,798

2,032,976,185

Health

Care

–

9.7%

247,356

Abbott

Laboratories

29,378,472

386,846

AbbVie,

Inc.

70,765,739

53,154

Agilent

Technologies,

Inc.

7,333,657

38,992

Align

Technology,

Inc.*

9,076,168

44,376

Alnylam

Pharmaceuticals,

Inc.*

11,230,234

78,254

Amgen,

Inc.

22,135,709

444,646

Avantor,

Inc.*

9,364,245

41,539

Becton

Dickinson

&

Co.

9,217,504

98,747

Biogen,

Inc.*

15,861,731

368,776

Boston

Scientific

Corp.*

33,433,232

505,835

Bristol-Myers

Squibb

Co.

29,955,549

131,070

Cardinal

Health,

Inc.

16,021,997

128,764

Cencora,

Inc.

32,390,584

220,599

Centene

Corp.*

13,235,940

108,503

Cigna

Group

(The)

36,652,313

69,002

Cooper

Cos.,

Inc.

(The)*

7,207,949

444,395

CVS

Health

Corp.

26,597,041

87,728

Danaher

Corp.

21,027,524

36,385

Dexcom,

Inc.*

2,837,666

141,304

Edwards

Lifesciences

Corp.*

10,082,040

28,525

Elevance

Health,

Inc.

11,608,534

203,905

Eli

Lilly

&

Co.

162,175,842

35,395

GE

HealthCare

Technologies,

Inc.

2,945,572

257,761

Gilead

Sciences,

Inc.

23,863,513

45,538

HCA

Healthcare,

Inc.

14,900,944

288,910

Hologic,

Inc.*

22,968,345

9,954

Humana,

Inc.

2,950,167

92,362

IDEXX

Laboratories,

Inc.*

38,953,673

60,409

Illumina,

Inc.*

8,707,957

58,146

Insulet

Corp.*

15,512,190

49,381

Intuitive

Surgical,

Inc.*

26,764,502

60,534

IQVIA

Holdings,

Inc.*

12,157,649

535,305

Johnson &

Johnson

82,977,628

59,412

Labcorp

Holdings,

Inc.

14,327,798

40,991

McKesson

Corp.

25,762,844

GOLDMAN

SACHS

ACTIVE

BETA

®

U.S.

LARGE

CAP

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Health

Care

–

(continued)

129,602

Medtronic

PLC

$

11,215,757

539,566

Merck &

Co.,

Inc.

54,841,488

27,636

Mettler-Toledo

International,

Inc.*

34,578,163

90,612

Pfizer,

Inc.

2,374,941

140,116

Quest

Diagnostics,

Inc.

22,791,269

32,236

Regeneron

Pharmaceuticals,

Inc.*

24,184,092

12,435

ResMed,

Inc.

3,096,564

34,189

Revvity,

Inc.

3,970,710

48,994

STERIS

PLC

10,732,626

54,364

Stryker

Corp.

21,318,843

57,682

Thermo

Fisher

Scientific,

Inc.

30,550,118

184,267

UnitedHealth

Group,

Inc.

112,439,723

54,977

Vertex

Pharmaceuticals,

Inc.*

25,736,383

3,422,442

Viatris,

Inc.

44,799,766

30,595

Waters

Corp.*

11,770,508

130,555

Zimmer

Biomet

Holdings,

Inc.

14,635,215

86,548

Zoetis,

Inc.

15,167,537

1,324,586,155

Industrials

–

9.9%

94,021

3M

Co.

12,554,624

66,656

AMETEK,

Inc.

12,956,593

52,398

Automatic

Data

Processing,

Inc.

16,082,518

20,065

Axon

Enterprise,

Inc.*

12,981,252

38,449

Booz

Allen

Hamilton

Holding

Corp.

5,697,373

91,258

Broadridge

Financial

Solutions,

Inc.

21,538,713

321,211

Builders

FirstSource,

Inc.*

59,896,215

30,458

Carlisle

Cos.,

Inc.

13,910,169

99,798

Carrier

Global

Corp.

7,721,371

79,632

Caterpillar,

Inc.

32,339,352

226,371

Cintas

Corp.

51,112,308

147,340

Copart,

Inc.*

9,339,883

239,614

CSX

Corp.

8,757,892

32,288

Cummins,

Inc.

12,109,292

21,056

Deere

&

Co.

9,809,990

292,148

Delta

Air

Lines,

Inc.

18,644,885

72,424

Dover

Corp.

14,912,102

51,691

Eaton

Corp.

PLC

19,405,835

43,833

EMCOR

Group,

Inc.

22,360,090

15,076

Equifax,

Inc.

3,943,279

113,043

Expeditors

International

of

Washington,

Inc.

13,750,551

580,867

Fastenal

Co.

48,537,247

43,663

FedEx

Corp.

13,215,480

55,382

Ferguson

Enterprises,

Inc.

11,958,635

173,292

Fortive

Corp.

13,747,254

34,384

GE

Vernova,

Inc.*

11,488,382

62,971

General

Dynamics

Corp.

17,884,394

214,344

General

Electric

Co.

39,044,903

232,241

Graco,

Inc.

21,152,510

89,184

Honeywell

International,

Inc.

20,773,629

146,826

Howmet

Aerospace,

Inc.

17,381,262

23,053

Hubbell,

Inc.

10,606,455

88,675

IDEX

Corp.

20,451,115

110,316

Illinois

Tool

Works,

Inc.

30,614,896

142,330

Ingersoll

Rand,

Inc.

14,826,516

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Industrials

–

(continued)

63,951

Jacobs

Solutions,

Inc.

$

9,031,800

95,796

Johnson

Controls

International

PLC

8,033,453

40,374

L3Harris

Technologies,

Inc.

9,942,097

180,958

Leidos

Holdings,

Inc.

29,930,453

42,446

Lennox

International,

Inc.

28,317,000

33,178

Lockheed

Martin

Corp.

17,564,765

327,866

Masco

Corp.

26,412,885

61,438

Nordson

Corp.

16,034,704

10,036

Northrop

Grumman

Corp.

4,914,127

12,729

Old

Dominion

Freight

Line,

Inc.

2,865,807

226,325

Otis

Worldwide

Corp.

23,306,948

96,331

Owens

Corning

19,807,580

88,361

PACCAR,

Inc.

10,338,237

27,502

Parker-Hannifin

Corp.

19,331,156

63,192

Paychex,

Inc.

9,243,094

30,594

Pentair

PLC

3,334,440

37,848

Quanta

Services,

Inc.

13,039,393

137,652

Republic

Services,

Inc.

30,049,432

359,216

Rollins,

Inc.

18,079,341

227,648

RTX

Corp.

27,734,356

37,705

Snap-on,

Inc.

13,939,161

450,025

SS&C

Technologies

Holdings,

Inc.

34,804,933

164,154

Stanley

Black

&

Decker,

Inc.

14,683,575

269,741

Textron,

Inc.

23,097,922

50,873

Trane

Technologies

PLC

21,174,360

12,918

TransDigm

Group,

Inc.

16,185,866

71,016

TransUnion

7,208,124

251,365

Uber

Technologies,

Inc.*

18,088,225

23,940

Union

Pacific

Corp.

5,857,160

4,996

United

Rentals,

Inc.

4,326,536

173,507

Veralto

Corp.

18,771,722

42,679

Verisk

Analytics,

Inc.

12,556,589

143,298

Vertiv

Holdings

Co.,

Class

A

18,284,825

50,137

W.W.

Grainger,

Inc.

60,432,132

82,890

Waste

Management,

Inc.

18,917,156

17,256

Watsco,

Inc.

(a)

9,518,410

162,700

Westinghouse

Air

Brake

Technologies

Corp.

32,640,874

95,262

Xylem,

Inc.

12,074,459

1,341,380,062

Information

Technology

–

31.3%

170,162

Accenture

PLC,

Class

A

(Ireland)

61,661,604

123,357

Adobe,

Inc.*

63,643,577

222,040

Advanced

Micro

Devices,

Inc.*

30,458,337

178,252

Akamai

Technologies,

Inc.*

16,759,253

413,950

Amphenol

Corp.,

Class

A

30,073,467

48,326

Analog

Devices,

Inc.

10,537,484

12,722

ANSYS,

Inc.*

4,466,694

3,682,899

Apple,

Inc.

874,062,420

249,038

Applied

Materials,

Inc.

43,509,429

79,686

AppLovin

Corp.,

Class

A*

26,834,260

58,663

Arista

Networks,

Inc.*

23,806,619

163,409

Atlassian

Corp.,

Class

A*

43,071,344

90,634

Autodesk,

Inc.*

26,456,065

917,445

Broadcom,

Inc.

148,699,486

104,038

Cadence

Design

Systems,

Inc.*

31,919,899

77,664

CDW

Corp.

13,663,428

GOLDMAN

SACHS

ACTIVE

BETA

®

U.S.

LARGE

CAP

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Information

Technology

–

(continued)

738,173

Cisco

Systems,

Inc.

$

43,707,223

311,196

Cognizant

Technology

Solutions

Corp.,

Class

A

25,048,166

230,673

Corning,

Inc.

11,226,855

35,007

Crowdstrike

Holdings,

Inc.,

Class

A*

12,111,372

82,555

Dell

Technologies,

Inc.,

Class

C

10,533,192

28,807

Fair

Isaac

Corp.*

68,417,489

340,160

Fortinet,

Inc.*

32,332,208

53,019

Gartner,

Inc.*

27,460,131

546,637

Gen

Digital,

Inc.

16,863,751

157,950

GoDaddy,

Inc.,

Class

A*

31,206,181

28,749

Guidewire

Software,

Inc.*

5,832,885

1,737,687

Hewlett

Packard

Enterprise

Co.

36,873,718

287,530

HP,

Inc.

10,187,188

47,934

HubSpot,

Inc.*

34,562,811

350,338

Intel

Corp.

8,425,629

248,366

International

Business

Machines

Corp.

56,480,912

51,030

Intuit,

Inc.

32,747,482

135,022

Jabil,

Inc.

18,340,038

72,890

Keysight

Technologies,

Inc.*

12,452,528

33,875

KLA

Corp.

21,918,141

454,470

Lam

Research

Corp.

33,576,244

138,587

Manhattan

Associates,

Inc.*

39,558,273

145,723

Microchip

Technology,

Inc.

9,933,937

95,089

Micron

Technology,

Inc.

9,313,968

1,804,949

Microsoft

Corp.

764,323,704

60,926

MicroStrategy,

Inc.,

Class

A*

23,606,997

6,561

Monolithic

Power

Systems,

Inc.

3,724,286

90,950

Motorola

Solutions,

Inc.

45,447,715

154,038

NetApp,

Inc.

18,891,220

515,675

Nutanix,

Inc.,

Class

A*

33,663,264

5,959,831

NVIDIA

Corp.

823,946,636

172,471

ON

Semiconductor

Corp.*

12,266,138

204,524

Oracle

Corp.

37,804,216

61,707

Palantir

Technologies,

Inc.,

Class

A*

4,139,306

61,705

Palo

Alto

Networks,

Inc.*

23,930,433

120,743

PTC,

Inc.*

24,155,845

518,484

Pure

Storage,

Inc.,

Class

A*

27,474,467

291,795

QUALCOMM,

Inc.

46,258,261

59,829

Roper

Technologies,

Inc.

33,889,539

196,616

Salesforce,

Inc.

64,881,314

70,303

Seagate

Technology

Holdings

PLC

7,123,803

42,454

ServiceNow,

Inc.*

44,552,926

258,242

Skyworks

Solutions,

Inc.

22,619,417

88,097

Super

Micro

Computer,

Inc.*

2,875,486

37,204

Synopsys,

Inc.*

20,778,062

56,845

TE

Connectivity

PLC

(Switzerland)

8,590,416

36,781

Teledyne

Technologies,

Inc.*

17,848,348

86,992

Teradyne,

Inc.

9,569,120

150,672

Texas

Instruments,

Inc.

30,289,592

150,827

Trimble,

Inc.*

11,005,846

8,319

Tyler

Technologies,

Inc.*

5,234,065

274,180

VeriSign,

Inc.*

51,321,012

83,572

Western

Digital

Corp.*

6,099,920

25,087

Workday,

Inc.,

Class

A*

6,271,499

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Information

Technology

–

(continued)

6,713

Zebra

Technologies

Corp.,

Class

A*

$

2,732,191

296,433

Zoom

Communications,

Inc.,

Class

A*

24,512,045

4,318,560,777

Materials

–

2.1%

98,930

Avery

Dennison

Corp.

20,374,633

149,012

Celanese

Corp.

10,909,168

176,874

CF

Industries

Holdings,

Inc.

15,858,523

67,217

Corteva,

Inc.

4,183,586

77,858

CRH

PLC

7,962,538

209,236

Dow,

Inc.

9,250,324

50,954

Ecolab,

Inc.

12,675,827

45,761

International

Flavors

&

Fragrances,

Inc.

4,180,725

216,610

International

Paper

Co.

12,743,166

68,451

Linde

PLC

31,555,226

212,167

LyondellBasell

Industries

NV,

Class

A

17,681,998

6,710

Martin

Marietta

Materials,

Inc.

4,026,000

137,837

Nucor

Corp.

21,322,005

67,481

Packaging

Corp.

of

America

16,792,647

126,391

PPG

Industries,

Inc.

15,719,249

66,782

Reliance,

Inc.

21,453,050

147,611

RPM

International,

Inc.

20,485,455

74,945

Sherwin-Williams

Co.

(The)

29,783,143

48,919

Steel

Dynamics,

Inc.

7,106,463

19,471

Vulcan

Materials

Co.

5,610,179

289,673,905

Real

Estate

–

1.4%

84,093

Alexandria

Real

Estate

Equities,

Inc.

REIT

9,269,571

12,156

American

Tower

Corp.

REIT

2,540,604

56,167

AvalonBay

Communities,

Inc.

REIT

13,218,903

60,462

CBRE

Group,

Inc.,

Class

A*

8,464,075

25,951

Digital

Realty

Trust,

Inc.

REIT

5,078,351

2,829

Equinix,

Inc.

REIT

2,776,607

152,459

Equity

Residential

REIT

11,687,507

28,598

Essex

Property

Trust,

Inc.

REIT

8,878,535

22,192

Extra

Space

Storage,

Inc.

REIT

3,793,944

292,698

Invitation

Homes,

Inc.

REIT

10,024,906

144,640

Iron

Mountain,

Inc.

REIT

17,887,629

108,122

Kimco

Realty

Corp.

REIT

2,764,679

63,841

Mid-America

Apartment

Communities,

Inc.

REIT

10,480,139

18,461

Public

Storage

REIT

6,425,351

124,454

Realty

Income

Corp.

REIT

7,204,642

67,301

Simon

Property

Group,

Inc.

REIT

12,356,464

80,290

Sun

Communities,

Inc.

REIT

10,143,036

76,194

Ventas,

Inc.

REIT

4,881,750

432,449

VICI

Properties,

Inc.

REIT

14,102,162

235,845

W.P.

Carey,

Inc.

REIT

13,457,316

84,954

Welltower,

Inc.

REIT

11,738,944

165,530

Weyerhaeuser

Co.

REIT

5,339,998

192,515,113

GOLDMAN

SACHS

ACTIVE

BETA

®

U.S.

LARGE

CAP

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

**End

swaps

header**

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Utilities

–

2.2%

192,266

Alliant

Energy

Corp.

$

12,151,211

29,437

Ameren

Corp.

2,778,558

49,967

American

Electric

Power

Co.,

Inc.

4,989,705

115,180

Atmos

Energy

Corp.

17,429,038

183,203

CenterPoint

Energy,

Inc.

5,976,082

148,779

CMS

Energy

Corp.

10,371,384

84,604

Consolidated

Edison,

Inc.

8,510,316

62,954

Constellation

Energy

Corp.

16,151,478

60,766

Dominion

Energy,

Inc.

3,570,003

46,053

DTE

Energy

Co.

5,792,546

123,393

Duke

Energy

Corp.

14,443,151

71,354

Edison

International

6,261,313

58,366

Entergy

Corp.

9,115,018

155,759

Evergy,

Inc.

10,066,704

131,350

Exelon

Corp.

5,196,206

234,896

FirstEnergy

Corp.

9,994,825

157,941

NextEra

Energy,

Inc.

12,425,218

374,885

NiSource,

Inc.

14,279,370

305,373

NRG

Energy,

Inc.

31,028,951

155,798

PG&E

Corp.

3,369,911

399,375

PPL

Corp.

13,950,169

170,172

Public

Service

Enterprise

Group,

Inc.

16,047,220

74,657

Sempra

6,993,121

122,219

Southern

Co.

(The)

10,893,379

269,068

Vistra

Corp.

43,007,829

64,919

WEC

Energy

Group,

Inc.

6,560,065

301,352,771

TOTAL

COMMON

STOCKS

(Cost

$8,211,069,128)

13,660,472,063

Shares

Dividend

Rate

Value

aa

Investment

Company

–

0.2%

(b)

Goldman

Sachs

Financial

Square

Treasury

Obligations

Fund

–

Institutional

Shares

31,426,247

4.511%

$

31,426,247

(Cost

$31,426,247)

TOTAL

INVESTMENTS

BEFORE

SECURITIES

LENDING

REINVESTMENT

VEHICLE

(Cost

$8,242,495,375)

13,691,898,310

a

Securities

Lending

Reinvestment

Vehicle

–

0.1%

(b)

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

9,229,190

4.541%

9,229,189

(Cost

$0)

TOTAL

INVESTMENTS

–

100.0%

(Cost

$8,242,495,375)

$

13,701,127,499

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

–

0.0%

6,238,889

NET

ASSETS

–

100.0%

$

13,707,366,388

  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

FUTURES

CONTRACTS

—

At

November

30,

2024,

the

Portfolio

had

the

following

futures

contracts:

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Unrealized

Appreciation/

(Depreciation)

Long

position

contracts:

S&P

500

E-Mini

Index

108

12/20/24

$

32,678,100

$

718,411

GOLDMAN

SACHS

ACTIVE

BETA

®

U.S.

SMALL

CAP

EQUITY

ETF

Schedule

of

Investments

November

30,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

98.8%

Communication

Services

–

2.4%

50,944

Advantage

Solutions,

Inc.*

$

181,361

23,458

AMC

Networks,

Inc.,

Class

A*

220,974

8,524

AST

SpaceMobile,

Inc.*

202,956

1,615

Atlanta

Braves

Holdings,

Inc.,

Class

A*

(a)

67,975

3,503

Atlanta

Braves

Holdings,

Inc.,

Class

C*

141,346

7,093

Bandwidth,

Inc.,

Class

A*

149,166

9,789

Boston

Omaha

Corp.,

Class

A*

149,478

559

Cable

One,

Inc.

234,903

32,221

Cardlytics,

Inc.*

131,140

32,668

Cargurus,

Inc.*

1,235,504

25,390

Cars.com,

Inc.*

504,499

12,233

Cinemark

Holdings,

Inc.*

422,283

3,262

Cogent

Communications

Holdings,

Inc.

268,104

8,561

EchoStar

Corp.,

Class

A*

216,508

23,616

EverQuote,

Inc.,

Class

A*

453,191

57,001

EW

Scripps

Co.

(The),

Class

A*

114,002

121,673

Gannett

Co.,

Inc.*

631,483

28,265

Getty

Images

Holdings,

Inc.*

82,534

20,264

Gray

Television,

Inc.

86,527

16,605

Grindr,

Inc.

(Singapore)*

250,570

3,693

Ibotta,

Inc.,

Class

A*

(a)

270,106

14,031

IDT

Corp.,

Class

B

724,561

49,682

Innovid

Corp.

(Israel)*

151,033

12,399

John

Wiley

&

Sons,

Inc.,

Class

A

646,980

13,056

Liberty

Latin

America

Ltd.,

Class

A

(Puerto

Rico)*

90,870

28,920

Liberty

Latin

America

Ltd.,

Class

C

(Puerto

Rico)*

199,837

64,041

LiveOne,

Inc.*

64,041

41,537

Lumen

Technologies,

Inc.*

304,882

3,210

Madison

Square

Garden

Entertainment

Corp.*

118,738

11,217

Magnite,

Inc.*

188,333

16,012

Marcus

Corp.

(The)

362,512

18,026

MediaAlpha,

Inc.,

Class

A*

227,668

9,080

Playstudios,

Inc.*

17,434

11,209

QuinStreet,

Inc.*

255,341

13,888

Scholastic

Corp.

366,365

15,653

Shutterstock,

Inc.

495,887

2,702

Sphere

Entertainment

Co.*

111,187

8,119

Spok

Holdings,

Inc.

133,233

25,618

Stagwell,

Inc.*

201,358

34,794

TEGNA,

Inc.

653,083

10,889

Telephone

and

Data

Systems,

Inc.

372,186

22,497

Thryv

Holdings,

Inc.*

355,903

80,581

TrueCar,

Inc.*

343,275

28,861

Yelp,

Inc.*

1,103,067

7,524

Ziff

Davis,

Inc.*

442,787

13,945,171

Consumer

Discretionary

–

11.6%

24,310

1-800-Flowers.com,

Inc.,

Class

A*

197,640

12,862

Abercrombie

&

Fitch

Co.,

Class

A*

1,925,313

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Consumer

Discretionary

–

(continued)

10,669

Academy

Sports

&

Outdoors,

Inc.

$

525,448

9,087

Accel

Entertainment,

Inc.*

105,046

8,769

Acushnet

Holdings

Corp.

641,102

17,883

Adient

PLC*

343,890

9,384

Adtalem

Global

Education,

Inc.*

857,791

7,624

A-Mark

Precious

Metals,

Inc.

231,007

50,956

American

Axle &

Manufacturing

Holdings,

Inc.*

336,819

43,942

American

Eagle

Outfitters,

Inc.

845,444

13,855

American

Public

Education,

Inc.*

285,690

8,351

Arhaus,

Inc.

82,925

3,188

Asbury

Automotive

Group,

Inc.*

828,338

4,340

Beazer

Homes

USA,

Inc.*

151,683

24,363

Beyond,

Inc.*

153,243

4,446

BJ's

Restaurants,

Inc.*

170,904

9,898

Bloomin'

Brands,

Inc.

137,978

3,891

Boot

Barn

Holdings,

Inc.*

533,612

7,998

Brinker

International,

Inc.*

1,057,895

13,989

Buckle,

Inc.

(The)

728,687

12,149

Build-A-Bear

Workshop,

Inc.

461,541

21,527

Caleres,

Inc.

668,844

7,690

Carriage

Services,

Inc.

311,830

1,289

Cavco

Industries,

Inc.*

663,191

2,865

Century

Communities,

Inc.

258,881

6,834

Champion

Homes,

Inc.*

708,891

3,954

Cheesecake

Factory,

Inc.

(The)

200,231

94,061

Chegg,

Inc.*

198,469

6,568

Citi

Trends,

Inc.*

131,032

18,162

Cricut,

Inc.,

Class

A

94,261

24,226

Dana,

Inc.

242,260

31,468

Denny’s

Corp.*

206,430

28,694

Designer

Brands,

Inc.,

Class

A

142,322

24,417

Despegar.com

Corp.

(Argentina)*

436,820

37,244

Destination

XL

Group,

Inc.*

89,758

4,905

Dine

Brands

Global,

Inc.

176,188

4,360

Dorman

Products,

Inc.*

610,313

98

Dream

Finders

Homes,

Inc.,

Class

A*

3,260

19,380

El

Pollo

Loco

Holdings,

Inc.*

246,514

17,080

Ethan

Allen

Interiors,

Inc.

524,868

18,022

Everi

Holdings,

Inc.*

242,756

57,856

EVgo,

Inc.*

(a)

376,643

101,665

Figs,

Inc.,

Class

A*

527,641

15,391

Foot

Locker,

Inc.*

387,084

5,373

Fox

Factory

Holding

Corp.*

174,515

19,878

Frontdoor,

Inc.*

1,164,851

22,219

Funko,

Inc.,

Class

A*

261,073

9,575

Genesco,

Inc.*

321,624

2,608

Gentherm,

Inc.*

109,797

10,610

GigaCloud

Technology,

Inc.,

Class

A

(Hong

Kong)*

(a)

262,067

13,533

G-III

Apparel

Group

Ltd.*

400,983

3,465

Golden

Entertainment,

Inc.

116,909

33,232

Goodyear

Tire

&

Rubber

Co.

(The)*

356,912

114,013

GoPro,

Inc.,

Class

A*

140,236

792

Graham

Holdings

Co.,

Class

B

737,447

GOLDMAN

SACHS

ACTIVE

BETA

®

U.S.

SMALL

CAP

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Consumer

Discretionary

–

(continued)

7,426

Green

Brick

Partners,

Inc.*

$

530,662

3,035

Group

1

Automotive,

Inc.

1,292,303

20,431

Groupon,

Inc.*

(a)

191,643

35,957

Hanesbrands,

Inc.*

312,826

13,367

Haverty

Furniture

Cos.,

Inc.

315,595

3,158

Helen

of

Troy

Ltd.*

231,576

10,307

Hilton

Grand

Vacations,

Inc.*

436,914

2,321

Hovnanian

Enterprises,

Inc.,

Class

A*

456,332

20,594

Inspired

Entertainment,

Inc.*

198,114

4,611

Installed

Building

Products,

Inc.

1,054,720

10,646

International

Game

Technology

PLC

204,723

6,908

JAKKS

Pacific,

Inc.*

201,230

3,914

Johnson

Outdoors,

Inc.,

Class

A

131,745

12,677

KB

Home

1,048,895

14,105

Kontoor

Brands,

Inc.

1,294,557

19,640

Laureate

Education,

Inc.*

373,160

12,334

La-Z-Boy,

Inc.

558,360

5,244

LCI

Industries

633,528

49,496

Leslie's,

Inc.*

113,841

865

LGI

Homes,

Inc.*

94,709

4,679

Life

Time

Group

Holdings,

Inc.*

113,559

11,708

Lifetime

Brands,

Inc.

68,960

24,736

Lincoln

Educational

Services

Corp.*

406,412

12,952

Lovesac

Co.

(The)*

488,549

8,115

Luminar

Technologies,

Inc.*

(a)

72,061

6,633

M/I

Homes,

Inc.*

1,094,644

5,353

Malibu

Boats,

Inc.,

Class

A*

232,053

276

MarineMax,

Inc.*

9,472

14,038

MasterCraft

Boat

Holdings,

Inc.*

297,606

5,379

Meritage

Homes

Corp.

1,027,766

10,890

Modine

Manufacturing

Co.*

1,478,753

2,910

Monarch

Casino

&

Resort,

Inc.

244,469

6,851

Monro,

Inc.

192,650

10,459

Movado

Group,

Inc.

212,841

2,227

Nathan's

Famous,

Inc.

194,862

23,732

National

Vision

Holdings,

Inc.*

287,157

44,001

Nerdy,

Inc.*

69,522

9,055

ODP

Corp.

(The)*

232,532

12,075

OneSpaWorld

Holdings

Ltd.

(Bahamas)

229,304

8,465

Oxford

Industries,

Inc.

704,034

6,197

Papa

John's

International,

Inc.

308,797

7,144

Patrick

Industries,

Inc.

960,082

61,929

Peloton

Interactive,

Inc.,

Class

A*

640,346

43,240

Perdoceo

Education

Corp.

1,186,938

35,683

Petco

Health

&

Wellness

Co.,

Inc.*

152,366

6,570

Phinia,

Inc.

368,446

22,759

PlayAGS,

Inc.*

264,460

23,380

Potbelly

Corp.*

243,152

5,506

RCI

Hospitality

Holdings,

Inc.

288,845

92,072

RealReal,

Inc.

(The)*

541,383

5,604

Red

Rock

Resorts,

Inc.,

Class

A

280,704

11,657

Revelyst,

Inc.*

220,317

24,232

Revolve

Group,

Inc.*

874,291

71,520

Rush

Street

Interactive,

Inc.*

1,031,318

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Consumer

Discretionary

–

(continued)

48,979

Sally

Beauty

Holdings,

Inc.*

$

682,277

9,702

Savers

Value

Village,

Inc.*

90,714

1,176

Shake

Shack,

Inc.,

Class

A*

157,266

14,994

Shoe

Carnival,

Inc.

506,197

9,130

Signet

Jewelers

Ltd.

914,826

20,284

Sleep

Number

Corp.*

304,260

1,694

Smith

&

Wesson

Brands,

Inc.

23,005

29,804

Solid

Power,

Inc.*

34,573

1,786

Sonic

Automotive,

Inc.,

Class

A

123,484

44,120

Sonos,

Inc.*

600,473

9,909

Standard

Motor

Products,

Inc.

325,808

21,001

Steven

Madden

Ltd.

957,226

84,558

Stitch

Fix,

Inc.,

Class

A*

402,496

14,276

Stoneridge,

Inc.*

97,933

2,923

Strategic

Education,

Inc.

288,822

14,982

Stride,

Inc.*

1,601,126

3,891

Sturm

Ruger

&

Co.,

Inc.

148,208

7,652

Superior

Group

of

Cos.,

Inc.

129,548

11,328

Sweetgreen,

Inc.,

Class

A*

464,221

17,061

Target

Hospitality

Corp.*

141,094

17,266

Taylor

Morrison

Home

Corp.*

1,275,439

19,318

Topgolf

Callaway

Brands

Corp.*

162,658

20,747

Tri

Pointe

Homes,

Inc.*

903,117

48,083

Udemy,

Inc.*

382,741

3,493

United

Parks

&

Resorts,

Inc.*

204,830

13,804

Universal

Technical

Institute,

Inc.*

357,109

26,409

Upbound

Group,

Inc.

908,206

10,398

Urban

Outfitters,

Inc.*

506,695

22,598

Vera

Bradley,

Inc.*

132,198

18,087

Victoria's

Secret

&

Co.*

702,499

3,859

Visteon

Corp.*

360,315

18,793

Warby

Parker,

Inc.,

Class

A*

423,594

1,815

Winmark

Corp.

747,644

8,578

Winnebago

Industries,

Inc.

502,156

15,314

Wolverine

World

Wide,

Inc.

355,132

6,728

Worthington

Enterprises,

Inc.

275,310

11,126

XPEL,

Inc.*

483,981

12,105

Zumiez,

Inc.*

267,157

63,735,319

Consumer

Staples

–

3.7%

6,746

Andersons,

Inc.

(The)

322,054

21,435

B&G

Foods,

Inc.

143,186

70,014

Beauty

Health

Co.

(The)*

103,621

10,621

Cal-Maine

Foods,

Inc.

1,036,716

5,471

Central

Garden

&

Pet

Co.*

217,472

11,640

Central

Garden

&

Pet

Co.,

Class

A*

393,316

11,653

Chefs'

Warehouse,

Inc.

(The)*

521,006

15,731

Dole

PLC

237,066

9,908

Edgewell

Personal

Care

Co.

362,435

8,582

Energizer

Holdings,

Inc.

327,060

9,831

Fresh

Del

Monte

Produce,

Inc.

331,796

25,820

Hain

Celestial

Group,

Inc.

(The)*

213,531

84,417

Herbalife

Ltd.*

655,920

75,347

Honest

Co.,

Inc.

(The)*

624,627

9,580

Ingles

Markets,

Inc.,

Class

A

707,962

5,543

Interparfums,

Inc.

763,049

2,127

J

&

J

Snack

Foods

Corp.

369,651

GOLDMAN

SACHS

ACTIVE

BETA

®

U.S.

SMALL

CAP

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Consumer

Staples

–

(continued)

3,865

John

B

Sanfilippo

&

Son,

Inc.

$

333,743

2,541

Lancaster

Colony

Corp.

472,220

30,961

Mama's

Creations,

Inc.*

302,489

10,132

Medifast,

Inc.*

199,296

14,517

National

Beverage

Corp.

716,995

46,997

Nu

Skin

Enterprises,

Inc.,

Class

A

343,078

46,016

Olaplex

Holdings,

Inc.*

88,811

4,115

PriceSmart,

Inc.

369,280

38,237

Primo

Brands

Corp.,

Class

A

1,090,519

8,623

Simply

Good

Foods

Co.

(The)*

343,109

24,678

SpartanNash

Co.

468,389

23,777

Sprouts

Farmers

Market,

Inc.*

3,673,071

6,265

TreeHouse

Foods,

Inc.*

215,140

8,736

Turning

Point

Brands,

Inc.

540,758

33,776

United

Natural

Foods,

Inc.*

838,658

3,178

Universal

Corp.

181,527

9,461

USANA

Health

Sciences,

Inc.*

364,532

7,971

Village

Super

Market,

Inc.,

Class

A

258,021

23,112

Vital

Farms,

Inc.*

767,318

3,221

WD-40

Co.

892,507

7,703

Weis

Markets,

Inc.

561,010

9,572

WK

Kellogg

Co.

199,098

20,550,037

Energy

–

3.7%

18,501

Amplify

Energy

Corp.*

124,142

26,383

Archrock,

Inc.

675,932

21,226

Ardmore

Shipping

Corp.

(Ireland)

236,882

4,615

Atlas

Energy

Solutions,

Inc.

108,776

27,635

Berry

Corp.

112,751

5,097

Bristow

Group,

Inc.*

194,807

5,618

Cactus,

Inc.,

Class

A

385,732

9,404

California

Resources

Corp.

556,341

20,145

ChampionX

Corp.

623,488

24,102

CNX

Resources

Corp.*

976,613

7,831

CONSOL

Energy,

Inc.

1,023,512

4,791

CVR

Energy,

Inc.

92,706

9,827

Delek

US

Holdings,

Inc.

187,204

24,088

DHT

Holdings,

Inc.

226,909

9,966

DMC

Global,

Inc.*

80,226

7,648

Dorian

LPG

Ltd.

187,147

30,641

Encore

Energy

Corp.

(Canada)*

(a)

115,823

30,177

Evolution

Petroleum

Corp.

176,837

7,923

Expro

Group

Holdings

NV*

110,050

5,196

FLEX

LNG

Ltd.

(Norway)

(a)

125,431

11,817

Geospace

Technologies

Corp.*

126,915

10,773

Golar

LNG

Ltd.

(Cameroon)

424,133

4,130

Gulfport

Energy

Corp.*

726,054

35,397

Helix

Energy

Solutions

Group,

Inc.*

378,394

8,158

Helmerich

&

Payne,

Inc.

282,512

7,654

Innovex

International,

Inc.*

124,531

8,929

International

Seaways,

Inc.

348,231

2,961

Kinetik

Holdings,

Inc.

174,758

8,442

Kodiak

Gas

Services,

Inc.

341,394

43,037

Liberty

Energy,

Inc.

791,881

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Energy

–

(continued)

43,394

Magnolia

Oil

&

Gas

Corp.,

Class

A

$

1,203,750

18,668

Murphy

Oil

Corp.

606,150

2,119

Nabors

Industries

Ltd.*

155,598

3,814

NACCO

Industries,

Inc.,

Class

A

122,849

4,901

Natural

Gas

Services

Group,

Inc.*

136,052

2,453

Newpark

Resources,

Inc.*

20,507

12,830

Noble

Corp.

PLC

429,420

11,631

Northern

Oil

&

Gas,

Inc.

505,832

12,009

Oceaneering

International,

Inc.*

360,030

26,614

Oil

States

International,

Inc.*

146,377

10,062

Par

Pacific

Holdings,

Inc.*

175,381

38,375

Patterson-UTI

Energy,

Inc.

322,350

14,866

PBF

Energy,

Inc.,

Class

A

468,130

15,317

Peabody

Energy

Corp.

365,310

1,770

ProFrac

Holding

Corp.,

Class

A*

16,054

32,869

ProPetro

Holding

Corp.*

276,100

3,230

REX

American

Resources

Corp.*

139,891

44,663

RPC,

Inc.

287,630

12,852

SandRidge

Energy,

Inc.

150,754

8,635

Scorpio

Tankers,

Inc.

(Monaco)

437,449

6,131

Seadrill

Ltd.

(Norway)*

249,164

24,740

SFL

Corp.

Ltd.

(Norway)

260,265

9,957

Sitio

Royalties

Corp.,

Class

A

235,981

21,165

SM

Energy

Co.

956,446

13,914

Talos

Energy,

Inc.*

156,532

43,048

Teekay

Corp.

Ltd.

(Bermuda)*

317,694

8,828

Teekay

Tankers

Ltd.,

Class

A

(Canada)

355,327

63,532

TETRA

Technologies,

Inc.*

244,598

3,032

Tidewater,

Inc.*

156,815

21,823

Ur-Energy,

Inc.*

28,588

45,130

VAALCO

Energy,

Inc.

231,066

5,727

Valaris

Ltd.*

264,530

1,452

Vitesse

Energy,

Inc.

40,772

40,011

W&T

Offshore,

Inc.

77,621

13,792

World

Kinect

Corp.

399,278

20,340,403

Financials

–

20.5%

4,800

1st

Source

Corp.

311,472

441

ACNB

Corp.

20,665

13,147

Amalgamated

Financial

Corp.

468,428

13,900

Ambac

Financial

Group,

Inc.*

178,476

4,894

Amerant

Bancorp,

Inc.

121,714

12,181

American

Coastal

Insurance

Corp.*

167,245

14,297

Ameris

Bancorp

1,004,793

7,544

AMERISAFE,

Inc.

445,247

3,806

Ames

National

Corp.

64,664

22,829

Apollo

Commercial

Real

Estate

Finance,

Inc.

REIT

211,168

35,505

Arbor

Realty

Trust,

Inc.

REIT

520,858

6,768

Ares

Commercial

Real

Estate

Corp.

REIT

48,865

6,885

Arrow

Financial

Corp.

227,067

22,165

Artisan

Partners

Asset

Management,

Inc.,

Class

A

1,081,430

23,269

Associated

Banc-Corp.

621,050

GOLDMAN

SACHS

ACTIVE

BETA

®

U.S.

SMALL

CAP

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Financials

–

(continued)

16,038

Atlantic

Union

Bankshares

Corp.

$

680,492

1,122

Atlanticus

Holdings

Corp.*

65,368

16,180

Axos

Financial,

Inc.*

1,340,513

5,314

Baldwin

Insurance

Group,

Inc.

(The),

Class

A*

260,173

5,061

BancFirst

Corp.

639,103

12,419

Banco

Latinoamericano

de

Comercio

Exterior

SA,

Class

E

(Panama)

423,115

16,557

Bancorp,

Inc.

(The)*

967,426

1,764

Bank

First

Corp.

188,519

6,773

Bank

of

Hawaii

Corp.

534,932

22,962

Bank

of

NT

Butterfield

&

Son

Ltd.

(The)

(Bermuda)

870,949

15,852

BankUnited,

Inc.

666,894

5,306

Bankwell

Financial

Group,

Inc.

175,894

5,609

Banner

Corp.

418,375

12,029

BCB

Bancorp,

Inc.

159,625

8,142

Berkshire

Hills

Bancorp,

Inc.

248,168

48,640

BGC

Group,

Inc.,

Class

A

473,754

16,855

Blackstone

Mortgage

Trust,

Inc.,

Class

A

REIT

323,953

13,906

Bread

Financial

Holdings,

Inc.

818,090

8,215

Brightsphere

Investment

Group,

Inc.

256,144

5,480

BrightSpire

Capital,

Inc.

REIT

34,743

23,267

Brookline

Bancorp,

Inc.

292,932

7,484

Burford

Capital

Ltd.

102,007

7,704

Byline

Bancorp,

Inc.

242,060

23,172

Cadence

Bank

884,939

6,774

Camden

National

Corp.

319,123

5,971

Cannae

Holdings,

Inc.

129,571

7,020

Capital

City

Bank

Group,

Inc.

276,307

3,355

Cass

Information

Systems,

Inc.

150,539

13,752

Cathay

General

Bancorp

715,242

13,323

Central

Pacific

Financial

Corp.

425,270

2,956

Chemung

Financial

Corp.

154,687

15,090

Chimera

Investment

Corp.

REIT

223,936

3,399

ChoiceOne

Financial

Services,

Inc.

127,395

5,114

City

Holding

Co.

671,570

10,542

Civista

Bancshares,

Inc.

241,201

7,191

CNB

Financial

Corp.

200,701

32,390

CNO

Financial

Group,

Inc.

1,292,361

9,266

Cohen

&

Steers,

Inc.

969,780

6,743

Columbia

Financial,

Inc.*

122,925

6,501

Community

Financial

System,

Inc.

450,064

4,535

Community

Trust

Bancorp,

Inc.

267,474

3,954

Community

West

Bancshares

86,672

1,387

Compass

Diversified

Holdings

32,872

10,543

ConnectOne

Bancorp,

Inc.

289,932

6,122

Consumer

Portfolio

Services,

Inc.*

63,424

14,378

Customers

Bancorp,

Inc.*

811,638

14,687

CVB

Financial

Corp.

343,970

7,048

Dave,

Inc.*

695,497

2,453

Diamond

Hill

Investment

Group,

Inc.

405,604

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Financials

–

(continued)

8,469

Dime

Community

Bancshares,

Inc.

$

303,868

10,660

Donnelley

Financial

Solutions,

Inc.*

642,265

8,456

Dynex

Capital,

Inc.

REIT

106,123

5,791

Eagle

Bancorp,

Inc.

170,024

12,895

Eastern

Bankshares,

Inc.

240,363

19,012

Ellington

Financial,

Inc.

REIT

234,988

6,385

Employers

Holdings,

Inc.

340,704

11,914

Enact

Holdings,

Inc.

419,492

14,079

Enova

International,

Inc.*

1,485,475

2,723

Enstar

Group

Ltd.*

884,158

5,490

Enterprise

Financial

Services

Corp.

332,639

4,878

Esquire

Financial

Holdings,

Inc.

378,972

21,748

Essent

Group

Ltd.

1,256,599

9,715

EVERTEC,

Inc.

(Puerto

Rico)

349,740

3,518

F&G

Annuities

&

Life,

Inc.

170,025

682

Farmers

&

Merchants

Bancorp,

Inc.

22,861

11,901

Farmers

National

Banc

Corp.

186,251

8,601

FB

Financial

Corp.

485,526

5,167

Federal

Agricultural

Mortgage

Corp.,

Class

C

1,102,999

2,203

Fidelity

D&D

Bancorp,

Inc.

(a)

118,301

10,220

Financial

Institutions,

Inc.

277,575

7,748

First

Bancorp

366,480

6,008

First

Bancorp,

Inc.

(The)

171,649

54,859

First

BanCorp.

(Puerto

Rico)

1,134,484

4,231

First

Bancshares,

Inc.

(The)

157,139

11,799

First

Busey

Corp.

314,915

7,176

First

Business

Financial

Services,

Inc.

359,661

21,056

First

Commonwealth

Financial

Corp.

396,484

16,576

First

Financial

Bancorp

489,489

20,777

First

Financial

Bankshares,

Inc.

865,985

4,135

First

Financial

Corp.

201,953

7,628

First

Internet

Bancorp

319,842

8,353

First

Interstate

BancSystem,

Inc.,

Class

A

292,104

11,496

First

Merchants

Corp.

502,950

7,292

First

Mid

Bancshares,

Inc.

306,337

12,901

First

of

Long

Island

Corp.

(The)

186,677

5,520

FirstCash

Holdings,

Inc.

600,907

12,911

Flushing

Financial

Corp.

229,041

17,841

Franklin

BSP

Realty

Trust,

Inc.

REIT

233,360

3,116

FS

Bancorp,

Inc.

148,633

37,388

Fulton

Financial

Corp.

806,833

2,350

FVCBankcorp,

Inc.*

33,793

85,591

Genworth

Financial,

Inc.,

Class

A*

667,610

7,468

German

American

Bancorp,

Inc.

335,911

11,862

Glacier

Bancorp,

Inc.

686,691

8,404

Goosehead

Insurance,

Inc.,

Class

A*

1,059,912

5,172

Great

Southern

Bancorp,

Inc.

331,370

9,479

Green

Dot

Corp.,

Class

A*

97,349

6,367

Greene

County

Bancorp,

Inc.

193,684

GOLDMAN

SACHS

ACTIVE

BETA

®

U.S.

SMALL

CAP

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Financials

–

(continued)

6,606

HA

Sustainable

Infrastructure

Capital,

Inc.

REIT

$

207,164

13,981

Hamilton

Insurance

Group

Ltd.,

Class

B

(Bermuda)*

266,757

9,666

Hamilton

Lane,

Inc.,

Class

A

1,859,738

13,495

Hancock

Whitney

Corp.

801,333

11,786

Hanmi

Financial

Corp.

311,740

9,894

HarborOne

Bancorp,

Inc.

127,435

4,850

HCI

Group,

Inc.

591,070

7,908

Heartland

Financial

USA,

Inc.

534,344

18,250

Heritage

Commerce

Corp.

193,815

8,509

Heritage

Financial

Corp.

225,063

21,657

Heritage

Insurance

Holdings,

Inc.*

269,197

9,397

Hilltop

Holdings,

Inc.

297,415

409

Hingham

Institution

For

Savings

(The)

(a)

115,853

5,753

Hippo

Holdings,

Inc.*

190,079

3,777

Home

Bancorp,

Inc.

191,607

25,736

Home

BancShares,

Inc.

817,375

5,955

HomeTrust

Bancshares,

Inc.

220,871

32,615

Hope

Bancorp,

Inc.

444,216

8,598

Horace

Mann

Educators

Corp.

359,998

10,613

Horizon

Bancorp,

Inc.

194,112

5,159

Independent

Bank

Corp.

373,460

16,991

Independent

Bank

Corp.

639,371

5,214

Independent

Bank

Group,

Inc.

348,921

14,781

International

Bancshares

Corp.

1,080,935

26,660

International

Money

Express,

Inc.*

561,726

968

Investors

Title

Co.

277,342

21,435

Jackson

Financial,

Inc.,

Class

A

2,147,573

29,294

James

River

Group

Holdings

Ltd.

137,389

16,523

Kearny

Financial

Corp.

130,862

9,741

KKR

Real

Estate

Finance

Trust,

Inc.

REIT

113,288

19,317

Ladder

Capital

Corp.

REIT

229,100

7,797

Lakeland

Financial

Corp.

572,768

24,712

LendingClub

Corp.*

411,208

5,677

LendingTree,

Inc.*

250,980

7,630

Live

Oak

Bancshares,

Inc.

361,662

35,439

Marqeta,

Inc.,

Class

A*

137,503

41,986

MBIA,

Inc.*

289,284

12,521

Medallion

Financial

Corp.

117,948

9,017

Mercantile

Bank

Corp.

451,301

9,569

Merchants

Bancorp

395,008

5,333

Mercury

General

Corp.

421,094

2,552

Metropolitan

Bank

Holding

Corp.*

165,727

19,582

MFA

Financial,

Inc.

REIT

217,556

2,160

Middlefield

Banc

Corp.

(a)

66,917

8,610

Midland

States

Bancorp,

Inc.

231,179

5,771

MidWestOne

Financial

Group,

Inc.

190,154

8,727

Moelis

&

Co.,

Class

A

671,804

4,102

Moneylion,

Inc.*

376,153

15,327

Mr

Cooper

Group,

Inc.*

1,512,315

7,530

National

Bank

Holdings

Corp.,

Class

A

359,482

5,482

National

Bankshares,

Inc.

(a)

175,972

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Financials

–

(continued)

28,395

Navient

Corp.

$

442,394

8,322

NBT

Bancorp,

Inc.

417,099

5,516

NCR

Atleos

Corp.*

180,980

2,217

Nelnet,

Inc.,

Class

A

241,476

7,371

Nexpoint

Real

Estate

Finance,

Inc.

REIT

130,983

2,166

Nicolet

Bankshares,

Inc.

241,292

22,605

NMI

Holdings,

Inc.,

Class

A*

903,974

6,047

Northeast

Bank

595,327

4,263

Northeast

Community

Bancorp,

Inc.

128,529

22,262

Northwest

Bancshares,

Inc.

326,806

4,320

Norwood

Financial

Corp.

133,488

6,437

Oak

Valley

Bancorp

200,577

12,535

OceanFirst

Financial

Corp.

259,224

17,711

OFG

Bancorp

(Puerto

Rico)

804,434

43,637

Old

National

Bancorp

1,010,633

16,064

Old

Second

Bancorp,

Inc.

298,790

4,493

Origin

Bancorp,

Inc.

154,379

22,322

Oscar

Health,

Inc.,

Class

A*

386,840

7,196

Pacific

Premier

Bancorp,

Inc.

204,366

48,014

Pagseguro

Digital

Ltd.,

Class

A

(Brazil)*

352,423

4,833

Palomar

Holdings,

Inc.*

523,414

3,554

Park

National

Corp.

676,539

9,505

Parke

Bancorp,

Inc.

224,413

11,315

Pathward

Financial,

Inc.

949,102

9,423

Patria

Investments

Ltd.,

Class

A

(Cayman

Islands)

112,699

17,076

Payoneer

Global,

Inc.*

186,299

4,332

Paysafe

Ltd.*

86,120

10,428

PCB

Bancorp

224,098

9,481

Peapack-Gladstone

Financial

Corp.

342,643

5,125

PennyMac

Financial

Services,

Inc.

549,041

22,324

PennyMac

Mortgage

Investment

Trust

REIT

303,383

3,193

Peoples

Bancorp

of

North

Carolina,

Inc.

102,208

10,533

Peoples

Bancorp,

Inc.

369,498

3,937

Peoples

Financial

Services

Corp.

217,283

18,152

Perella

Weinberg

Partners

465,962

3,140

Piper

Sandler

Cos.

1,076,989

8,619

PJT

Partners,

Inc.,

Class

A

1,442,476

2,234

Plumas

Bancorp

(a)

111,923

2,240

PRA

Group,

Inc.*

47,488

8,223

Preferred

Bank

775,676

12,451

Premier

Financial

Corp.

345,017

1,761

Primis

Financial

Corp.

22,013

13,548

PROG

Holdings,

Inc.

659,246

17,877

Provident

Financial

Services,

Inc.

377,562

6,135

QCR

Holdings,

Inc.

565,095

39,646

Radian

Group,

Inc.

1,418,930

39,484

Ready

Capital

Corp.

REIT

290,997

21,233

Redwood

Trust,

Inc.

REIT

152,028

6,528

Regional

Management

Corp.

199,300

9,590

Renasant

Corp.

360,776

4,936

Republic

Bancorp,

Inc.,

Class

A

376,493

6,851

Root,

Inc.,

Class

A*

(a)

683,798

GOLDMAN

SACHS

ACTIVE

BETA

®

U.S.

SMALL

CAP

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Financials

–

(continued)

9,633

S&T

Bancorp,

Inc.

$

412,196

2,536

Safety

Insurance

Group,

Inc.

217,690

9,184

Sandy

Spring

Bancorp,

Inc.

346,053

8,486

Seacoast

Banking

Corp.

of

Florida

254,241

9,124

Selective

Insurance

Group,

Inc.

931,469

11,072

ServisFirst

Bancshares,

Inc.

1,060,476

2,221

Sezzle,

Inc.*

941,771

6,998

Sierra

Bancorp

220,227

15,522

Simmons

First

National

Corp.,

Class

A

379,668

33,411

SiriusPoint

Ltd.

(Sweden)*

515,198

8,109

Skyward

Specialty

Insurance

Group,

Inc.*

438,778

6,001

Southern

First

Bancshares,

Inc.*

268,185

5,230

Southern

Missouri

Bancorp,

Inc.

343,349

4,432

Southside

Bancshares,

Inc.

155,652

9,919

SouthState

Corp.

1,097,934

7,714

Stellar

Bancorp,

Inc.

239,211

10,345

StepStone

Group,

Inc.,

Class

A

681,632

8,650

Stewart

Information

Services

Corp.

649,529

4,963

Stock

Yards

Bancorp,

Inc.

377,784

40,994

StoneCo

Ltd.,

Class

A

(Brazil)*

388,623

8,249

StoneX

Group,

Inc.*

855,916

6,426

Texas

Capital

Bancshares,

Inc.*

568,380

2,840

Timberland

Bancorp,

Inc.

91,988

1,773

Tompkins

Financial

Corp.

135,298

13,512

Towne

Bank

494,945

6,142

TriCo

Bancshares

296,904

2,938

Triumph

Financial,

Inc.*

314,630

6,046

Trupanion,

Inc.*

322,312

5,634

TrustCo

Bank

Corp.

209,810

11,936

Trustmark

Corp.

466,817

16,967

Two

Harbors

Investment

Corp.

REIT

199,362

8,926

UMB

Financial

Corp.

1,120,124

17,475

United

Bankshares,

Inc.

738,668

12,889

United

Community

Banks,

Inc.

435,777

6,621

Unity

Bancorp,

Inc.

300,593

15,031

Universal

Insurance

Holdings,

Inc.

340,152

9,968

Univest

Financial

Corp.

316,584

50,316

Valley

National

Bancorp

535,362

9,871

Veritex

Holdings,

Inc.

300,177

7,928

Victory

Capital

Holdings,

Inc.,

Class

A

550,837

4,519

Virginia

National

Bankshares

Corp.

(a)

184,466

1,877

Virtus

Investment

Partners,

Inc.

463,563

10,822

WaFd,

Inc.

395,869

3,245

Walker &

Dunlop,

Inc.

357,534

6,622

Washington

Trust

Bancorp,

Inc.

245,941

13,681

Waterstone

Financial,

Inc.

206,446

10,846

WesBanco,

Inc.

383,298

12,640

West

BanCorp,

Inc.

301,717

9,224

Westamerica

BanCorp

527,890

54,067

WisdomTree,

Inc.

646,101

2,820

World

Acceptance

Corp.*

340,994

Shares

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Stocks

–

(continued)

Financials

–

(continued)

10,683

WSFS

Financial

Corp.

$

641,194

113,526,258

Health

Care

–

16.4%

75,133

Absci

Corp.*

(a)

229,156

54,471

ACADIA

Pharmaceuticals,

Inc.*

888,967

4,982

Accolade,

Inc.*

19,231

32,699

AdaptHealth

Corp.*

327,971

10,891

Adaptive

Biotechnologies

Corp.*

64,693

34,813

ADC

Therapeutics

SA

(Switzerland)*

84,247

4,771

Addus

HomeCare

Corp.*

586,070

48,716

ADMA

Biologics,

Inc.*

979,679

2,341

Agios

Pharmaceuticals,

Inc.*

139,032

195,699

Akebia

Therapeutics,

Inc.*

403,140

52,743

Alkermes

PLC*

1,530,602

62,164

Alphatec

Holdings,

Inc.*

651,479

22,470

Altimmune,

Inc.*

(a)

192,568

51,634

Amicus

Therapeutics,

Inc.*

515,307

11,576

AMN

Healthcare

Services,

Inc.*

301,323

114,071

Amneal

Pharmaceuticals,

Inc.*

943,367

11,868

Amphastar

Pharmaceuticals,

Inc.*

536,315

3,762

AnaptysBio,

Inc.*

93,900

10,408

Anavex

Life

Sciences

Corp.*

(a)

98,460

32,604

AngioDynamics,

Inc.*

225,946

9,324

ANI

Pharmaceuticals,

Inc.*

533,613

13,777

Anika

Therapeutics,

Inc.*

244,128

19,259

Annexon,

Inc.*

103,806

2,835

Apogee

Therapeutics,

Inc.*

128,000

29,975

Applied

Therapeutics,

Inc.*

60,849

49,197

Aquestive

Therapeutics,

Inc.*

250,413

46,986

Arbutus

Biopharma

Corp.*

162,572

6,968

Arcellx,

Inc.*

613,672

8,939

Arcturus

Therapeutics

Holdings,

Inc.*

163,941

32,139

Ardelyx,

Inc.*

182,228

5,972

Arrowhead

Pharmaceuticals,

Inc.*

155,451

26,458

ARS

Pharmaceuticals,

Inc.*

383,906

9,906

Artivion,

Inc.*

292,425

7,592

Astrana

Health,

Inc.*

328,354

20,142

AtriCure,

Inc.*

728,335

16,231

Aurinia

Pharmaceuticals,

Inc.

(Canada)*

143,807

20,935

Avanos

Medical,

Inc.*

401,115

1,397

Avid

Bioservices,

Inc.*

17,155

11,421

Avidity

Biosciences,

Inc.*

491,446

24,041

Avita

Medical,

Inc.*

(a)

308,206

6,448

Axsome

Therapeutics,

Inc.*

633,323

4,303

Beam

Therapeutics,

Inc.*

117,773

103,483

BioCryst

Pharmaceuticals,

Inc.*

776,123

9,315

Biohaven

Ltd.*

428,583

9,458

BioLife

Solutions,

Inc.*

259,811

26,776

Bioventus,

Inc.,

Class

A*

(a)

329,077

5,937

Blueprint

Medicines

Corp.*

572,208

6,090

Bridgebio

Pharma,

Inc.*

164,978

8,499

BrightSpring

Health

Services,

Inc.*

164,031

32,917

Brookdale

Senior

Living,

Inc.*

186,969

GOLDMAN

SACHS

ACTIVE

BETA

®

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SMALL

CAP

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

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Description

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Stocks

–

(continued)

Health

Care

–

(continued)

41,324

CareDx,

Inc.*

$

1,014,091

3,994

Cassava

Sciences,

Inc.*

(a)

15,337

13,918

Castle

Biosciences,

Inc.*

421,437

74,702

Catalyst

Pharmaceuticals,

Inc.*

1,648,673

116,201

Cerus

Corp.*

214,972

5,088

CervoMed,

Inc.*

(a)

54,950

46,059

ChromaDex

Corp.*

355,575

30,563

Collegium

Pharmaceutical,

Inc.*

932,171

28,888

Community

Health

Systems,

Inc.*

99,375

14,504

Concentra

Group

Holdings

Parent,

Inc.

316,477

5,108

CONMED

Corp.

378,196

4,792

Contineum

Therapeutics,

Inc.,

Class

A*

71,449

4,507

Corbus

Pharmaceuticals

Holdings,

Inc.*

80,315

42,676

Corcept

Therapeutics,

Inc.*

2,461,552

16,690

CorMedix,

Inc.*

164,563

3,009

CorVel

Corp.*

1,099,489

7,055

Crinetics

Pharmaceuticals,

Inc.*

403,546

31,312

Cross

Country

Healthcare,

Inc.*

336,917

26,051

CryoPort,

Inc.*

184,441

37,645

Cytek

Biosciences,

Inc.*

245,822

3,758

Cytokinetics,

Inc.*

194,890

39,285

Definitive

Healthcare

Corp.*

185,818

4,925

Denali

Therapeutics,

Inc.*

123,125

2,079

Disc

Medicine,

Inc.*

131,913

45,358

DocGo,

Inc.*

196,400

47,391

Dynavax

Technologies

Corp.*

609,448

11,351

Dyne

Therapeutics,

Inc.*

347,454

15,879

Edgewise

Therapeutics,

Inc.*

524,007

31,157

Editas

Medicine,

Inc.*

69,792

34,093

Embecta

Corp.

710,157

27,232

Enhabit,

Inc.*

210,503

9,840

Ensign

Group,

Inc.

(The)

1,438,706

17,406

Entrada

Therapeutics,

Inc.*

346,205

70,672

Esperion

Therapeutics,

Inc.*

(a)

197,882

12,076

Evolent

Health,

Inc.,

Class

A*

156,022

46,939

Evolus,

Inc.*

642,595

1,723

EyePoint

Pharmaceuticals,

Inc.*

15,249

58,786

Fulcrum

Therapeutics,

Inc.*

226,326

18,307

Fulgent

Genetics,

Inc.*

335,018

7,172

GeneDx

Holdings

Corp.*

562,213

3,711

Glaukos

Corp.*

533,085

5,386

Haemonetics

Corp.*

471,113

18,762

Halozyme

Therapeutics,

Inc.*

904,328

25,504

Harmony

Biosciences

Holdings,

Inc.*

884,224

4,351

Harrow,

Inc.*

182,350

37,422

Harvard

Bioscience,

Inc.*

82,328

17,511

Health

Catalyst,

Inc.*

154,622

8,952

HealthEquity,

Inc.*

908,986

12,665

HealthStream,

Inc.

419,212

24,577

Heron

Therapeutics,

Inc.*

(a)

29,247

21,495

Hims

&

Hers

Health,

Inc.*

692,569

41,402

Humacyte,

Inc.*

187,137

2,249

ICU

Medical,

Inc.*

368,746

7,148

Ideaya

Biosciences,

Inc.*

195,569

47,980

ImmunityBio,

Inc.*

(a)

241,819

Shares

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Stocks

–

(continued)

Health

Care

–

(continued)

6,365

Immunome,

Inc.*

$

86,246

14,489

Inari

Medical,

Inc.*

752,269

17,178

InfuSystem

Holdings,

Inc.*

152,884

28,595

Inmode

Ltd.*

558,460

52,104

Innoviva,

Inc.*

989,455

13,573

Inovio

Pharmaceuticals,

Inc.*

(a)

58,635

20,527

Inozyme

Pharma,

Inc.*

55,628

10,352

Insmed,

Inc.*

778,056

6,451

Integer

Holdings

Corp.*

906,365

12,611

Integra

LifeSciences

Holdings

Corp.*

309,978

7,612

Intellia

Therapeutics,

Inc.*

118,899

14,001

Iovance

Biotherapeutics,

Inc.*

130,489

4,987

iRadimed

Corp.

268,949

5,651

iRhythm

Technologies,

Inc.*

491,439

87,033

Ironwood

Pharmaceuticals,

Inc.*

306,356

2,209

Janux

Therapeutics,

Inc.*

99,869

10,568

Joint

Corp.

(The)*

123,012

1,974

Keros

Therapeutics,

Inc.*

113,979

15,743

Kiniksa

Pharmaceuticals

International

PLC*

347,605

1,946

Krystal

Biotech,

Inc.*

384,179

7,821

Kura

Oncology,

Inc.*

86,344

5,548

Kymera

Therapeutics,

Inc.*

259,924

11,632

Lantheus

Holdings,

Inc.*

1,038,389

16,028

Larimar

Therapeutics,

Inc.*

101,457

6,296

LeMaitre

Vascular,

Inc.

673,609

32,634

LifeMD,

Inc.*

215,058

5,488

Ligand

Pharmaceuticals,

Inc.*

666,627

10,280

Liquidia

Corp.*

118,734

7,766

LivaNova

PLC*

407,715

47,827

MacroGenics,

Inc.*

171,699

918

Madrigal

Pharmaceuticals,

Inc.*

301,278

19,876

MannKind

Corp.*

134,759

8,095

Merit

Medical

Systems,

Inc.*

841,070

71,650

Mersana

Therapeutics,

Inc.*

163,362

4,439

Mesa

Laboratories,

Inc.

519,984

111,549

MiMedx

Group,

Inc.*

1,031,828

15,579

Mind

Medicine

MindMed,

Inc.*

127,280

35,151

Myriad

Genetics,

Inc.*

571,907

6,177

National

HealthCare

Corp.

773,360

12,677

National

Research

Corp.

249,230

106,031

Nektar

Therapeutics*

120,875

20,842

Neogen

Corp.*

295,540

10,046

NeoGenomics,

Inc.*

178,116

34,021

Nevro

Corp.*

156,497

7,782

Nkarta,

Inc.*

22,334

7,506

Novavax,

Inc.*

65,452

6,204

Novocure

Ltd.*

124,328

8,059

Nurix

Therapeutics,

Inc.*

178,184

2,109

Nuvalent,

Inc.,

Class

A*

203,898

230,256

Ocugen,

Inc.*

(a)

226,134

33,938

Ocular

Therapeutix,

Inc.*

335,647

17,969

Omeros

Corp.*

(a)

203,948

35,425

OmniAb,

Inc.*

138,512

1,368

OmniAb,

Inc.

12.5

Earnout*

(b)

—

1,368

OmniAb,

Inc.

15.00

Earnout*

(b)

—

10,578

Omnicell,

Inc.*

492,829

99,184

OPKO

Health,

Inc.*

(a)

152,743

23,252

Option

Care

Health,

Inc.*

553,398

GOLDMAN

SACHS

ACTIVE

BETA

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U.S.

SMALL

CAP

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

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Description

Value

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Stocks

–

(continued)

Health

Care

–

(continued)

68,550

OraSure

Technologies,

Inc.*

$

260,490

65,826

Organogenesis

Holdings,

Inc.*

254,747

31,933

Orthofix

Medical,

Inc.*

623,651

5,465

OrthoPediatrics

Corp.*

141,981

34,972

Owens

&

Minor,

Inc.*

471,073

32,999

Pacira

BioSciences,

Inc.*

558,013

3,109

PACS

Group,

Inc.*

49,153

14,960

Paragon

28,

Inc.*

(a)

154,238

26,497

Patterson

Cos.,

Inc.

569,421

46,224

Pediatrix

Medical

Group,

Inc.*

691,511

9,006

Pennant

Group,

Inc.

(The)*

280,807

19,597

Perspective

Therapeutics,

Inc.*

85,247

18,349

Phibro

Animal

Health

Corp.,

Class

A

428,816

29,546

Phreesia,

Inc.*

621,352

9,001

Pliant

Therapeutics,

Inc.*

124,214

33,426

Poseida

Therapeutics,

Inc.*

311,196

3,358

Praxis

Precision

Medicines,

Inc.*

269,211

14,350

Prestige

Consumer

Healthcare,

Inc.*

1,216,449

10,900

Privia

Health

Group,

Inc.*

234,132

3,707

PROCEPT

BioRobotics

Corp.*

354,352

12,300

Progyny,

Inc.*

191,511

10,231

Protagonist

Therapeutics,

Inc.*

448,118

16,037

PTC

Therapeutics,

Inc.*

703,704

20,216

Pulmonx

Corp.*

130,393

38,985

Puma

Biotechnology,

Inc.*

132,159

12,555

Quanterix

Corp.*

154,803

11,351

RadNet,

Inc.*

928,058

21,261

Revance

Therapeutics,

Inc.*

76,752

13,151

REVOLUTION

Medicines,

Inc.*

760,785

6,523

Rhythm

Pharmaceuticals,

Inc.*

404,687

7,360

Rocket

Pharmaceuticals,

Inc.*

105,910

5,612

RxSight,

Inc.*

263,091

13,089

Sage

Therapeutics,

Inc.*

71,597

3,631

Sanara

Medtech,

Inc.*

131,951

42,063

Savara,

Inc.*

141,332

464

Scholar

Rock

Holding

Corp.*

18,514

17,974

Select

Medical

Holdings

Corp.

379,431

4,648

Semler

Scientific,

Inc.*

(a)

265,029

31,120

SI-BONE,

Inc.*

421,987

42,077

SIGA

Technologies,

Inc.

306,321

4,962

Simulations

Plus,

Inc.

157,643

4,253

Soleno

Therapeutics,

Inc.*

224,176

6,987

SpringWorks

Therapeutics,

Inc.*

289,821

8,818

Spyre

Therapeutics,

Inc.*

250,696

15,095

STAAR

Surgical

Co.*

439,265

18,271

Standard

BioTools,

Inc.*

33,619

6,731

Stoke

Therapeutics,

Inc.*

81,512

11,482

Summit

Therapeutics,

Inc.*

211,958

31,779

Supernus

Pharmaceuticals,

Inc.*

1,162,158

13,046

Surgery

Partners,

Inc.*

311,017

10,856

Surmodics,

Inc.*

428,269

10,209

Syndax

Pharmaceuticals,

Inc.*

170,694

20,795

Tactile

Systems

Technology,

Inc.*

406,334

115,654

Talkspace,

Inc.*

395,537

8,516

Tandem

Diabetes

Care,

Inc.*

260,845

6,880

Tarsus

Pharmaceuticals,

Inc.*

360,856

49,095

Taysha

Gene

Therapies,

Inc.*

159,068

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Stocks

–

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Care

–

(continued)

56,829

Teladoc

Health,

Inc.*

$

680,811

45,615

TG

Therapeutics,

Inc.*

1,587,402

24,771

Theravance

Biopharma,

Inc.*

229,132

2,350

TransMedics

Group,

Inc.*

203,769

17,457

TScan

Therapeutics,

Inc.*

(a)

83,270

5,368

Twist

Bioscience

Corp.*

263,998

1,533

UFP

Technologies,

Inc.*

495,036

2,154

UroGen

Pharma

Ltd.*

(a)

27,356

4,528

US

Physical

Therapy,

Inc.

447,185

52,208

Vanda

Pharmaceuticals,

Inc.*

268,871

34,989

Varex

Imaging

Corp.*

583,617

11,321

Vaxcyte,

Inc.*

1,068,023

5,032

Vera

Therapeutics,

Inc.*

250,342

14,089

Veracyte,

Inc.*

605,123

20,173

Vericel

Corp.*

1,172,858

33,828

Viemed

Healthcare,

Inc.*

293,289

12,590

Vir

Biotechnology,

Inc.*

100,216

4,595

Viridian

Therapeutics,

Inc.*

99,022

37,857

Voyager

Therapeutics,

Inc.*

259,699

14,922

WaVe

Life

Sciences

Ltd.*

225,322

15,083

Xencor,

Inc.*

386,125

26,599

Xeris

Biopharma

Holdings,

Inc.*

87,245

30,923

Y-mAbs

Therapeutics,

Inc.*

368,602

18,119

Zimvie,

Inc.*

267,436

21,574

Zymeworks,

Inc.*

303,978

11,403

Zynex,

Inc.*

(a)

94,873

90,583,213

Industrials

–

18.4%

5,237

AAR

Corp.*

364,076

10,085

ABM

Industries,

Inc.

576,559

59,009

ACCO

Brands

Corp.

343,432

11,769

ACV

Auctions,

Inc.,

Class

A*

266,215

2,663

AeroVironment,

Inc.*

517,954

2,327

Alamo

Group,

Inc.

465,284

2,951

Albany

International

Corp.,

Class

A

244,638

32,796

Alight,

Inc.,

Class

A*

262,368

10,108

Allient,

Inc.

262,505

7,277

Alta

Equipment

Group,

Inc.

57,561

12,716

American

Superconductor

Corp.*

433,107

4,229

American

Woodmark

Corp.*

383,909

10,625

Apogee

Enterprises,

Inc.

894,731

8,241

Applied

Industrial

Technologies,

Inc.

2,263,968

3,189

ArcBest

Corp.

367,628

6,650

Arcosa,

Inc.

722,456

3,891

Argan,

Inc.

606,763

6,850

Aris

Water

Solutions,

Inc.,

Class

A

184,265

16,337

Array

Technologies,

Inc.*

109,621

3,381

Astec

Industries,

Inc.

130,540

9,357

Atkore,

Inc.

882,459

13,881

Atmus

Filtration

Technologies,

Inc.

600,908

7,197

AZZ,

Inc.

670,329

6,869

Barnes

Group,

Inc.

321,744

11,902

Barrett

Business

Services,

Inc.

510,715

12,053

Beacon

Roofing

Supply,

Inc.*

1,362,230

GOLDMAN

SACHS

ACTIVE

BETA

®

U.S.

SMALL

CAP

EQUITY

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Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

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Description

Value

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Stocks

–

(continued)

Industrials

–

(continued)

17,014

Blue

Bird

Corp.*

$

691,619

6,123

BlueLinx

Holdings,

Inc.*

769,661

11,754

Boise

Cascade

Co.

1,734,890

9,195

Bowman

Consulting

Group

Ltd.*

251,851

23,167

BrightView

Holdings,

Inc.*

396,156

7,430

Brink’s

Co.

(The)

718,555

16,267

Byrna

Technologies,

Inc.*

314,441

5,789

Cadre

Holdings,

Inc.

193,295

5,384

Casella

Waste

Systems,

Inc.,

Class

A*

609,523

7,828

CBIZ,

Inc.*

646,436

11,794

CECO

Environmental

Corp.*

377,998

2,802

Chart

Industries,

Inc.*

541,487

10,663

Cimpress

PLC

(Ireland)*

856,239

11,356

Columbus

McKinnon

Corp.

446,177

6,370

Commercial

Vehicle

Group,

Inc.*

15,352

54,073

Conduent,

Inc.*

201,692

6,086

Construction

Partners,

Inc.,

Class

A*

618,398

32,544

CoreCivic,

Inc.*

726,708

21,147

Costamare,

Inc.

(Monaco)

279,140

2,799

Covenant

Logistics

Group,

Inc.

162,566

2,734

CRA

International,

Inc.

533,212

9,169

CSG

Systems

International,

Inc.

502,553

3,670

CSW

Industrials,

Inc.

1,550,171

29,393

Deluxe

Corp.

681,036

6,754

Distribution

Solutions

Group,

Inc.*

264,183

51,465

DNOW,

Inc.*

774,548

4,243

Douglas

Dynamics,

Inc.

109,851

2,270

Ducommun,

Inc.*

152,090

10,546

DXP

Enterprises,

Inc.*

772,705

3,833

Dycom

Industries,

Inc.*

694,386

10,469

Energy

Recovery,

Inc.*

162,898

14,633

Enerpac

Tool

Group

Corp.

706,189

5,330

EnerSys

515,198

7,234

Ennis,

Inc.

154,301

3,372

Enpro,

Inc.

637,645

2,372

ESCO

Technologies,

Inc.

352,029

4,189

EVI

Industries,

Inc.

82,272

25,217

ExlService

Holdings,

Inc.*

1,169,060

2,269

Exponent,

Inc.

223,973

9,155

Federal

Signal

Corp.

891,789

10,938

First

Advantage

Corp.*

210,338

21,164

Fluor

Corp.*

1,187,935

11,245

Forrester

Research,

Inc.*

193,976

974

Forward

Air

Corp.*

35,736

10,619

Franklin

Covey

Co.*

386,319

9,904

Franklin

Electric

Co.,

Inc.

1,072,603

14,238

FTAI

Aviation

Ltd.

2,403,659

37,910

FTAI

Infrastructure,

Inc.

327,921

3,643

GATX

Corp.

598,035

11,856

Genco

Shipping

&

Trading

Ltd.

188,155

7,666

Gencor

Industries,

Inc.*

170,109

42,856

GEO

Group,

Inc.

(The)*

1,221,825

6,072

Gibraltar

Industries,

Inc.*

439,856

12,473

Global

Industrial

Co.

352,362

16,844

GMS,

Inc.*

1,690,295

22,186

Golden

Ocean

Group

Ltd.

(Norway)

221,860

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Industrials

–

(continued)

6,324

Gorman-Rupp

Co.

(The)

$

269,402

71,382

GrafTech

International

Ltd.*

139,909

4,296

Graham

Corp.*

192,547

7,692

Granite

Construction,

Inc.

764,354

5,467

Greenbrier

Cos.,

Inc.

(The)

371,756

13,235

Griffon

Corp.

1,115,710

7,130

H&E

Equipment

Services,

Inc.

425,946

11,818

Heartland

Express,

Inc.

150,916

4,725

Heidrick

&

Struggles

International,

Inc.

218,012

1,949

Herc

Holdings,

Inc.

452,168

6,673

Hillenbrand,

Inc.

227,082

27,891

Hillman

Solutions

Corp.*

317,957

2,994

HireQuest,

Inc.

(a)

45,539

23,693

HNI

Corp.

1,342,208

14,415

Hub

Group,

Inc.,

Class

A

744,391

22,693

Hudson

Technologies,

Inc.*

134,796

3,315

Huron

Consulting

Group,

Inc.*

407,115

4,742

Hyster-Yale,

Inc.

266,690

4,095

ICF

International,

Inc.

567,444

7,231

IES

Holdings,

Inc.*

2,240,562

25,445

Innodata,

Inc.*

1,045,281

8,014

Insperity,

Inc.

631,904

7,087

Insteel

Industries,

Inc.

208,925

32,352

Interface,

Inc.

858,946

22,144

Janus

International

Group,

Inc.*

165,637

16,559

JELD-WEN

Holding,

Inc.*

180,328

2,319

John

Bean

Technologies

Corp.

292,240

2,808

Kadant,

Inc.

1,159,114

15,606

Kelly

Services,

Inc.,

Class

A

228,628

15,427

Kennametal,

Inc.

442,755

14,747

Kforce,

Inc.

884,673

10,651

Korn

Ferry

834,399

4,982

Kratos

Defense &

Security

Solutions,

Inc.*

134,962

4,168

L

B

Foster

Co.,

Class

A*

119,747

91,764

Legalzoom.com,

Inc.*

727,689

14,974

Leonardo

DRS,

Inc.*

520,646

4,943

Limbach

Holdings,

Inc.*

491,779

1,091

Lindsay

Corp.

144,852

23,939

LSI

Industries,

Inc.

489,313

17,018

Manitowoc

Co.,

Inc.

(The)*

180,901

7,620

Marten

Transport

Ltd.

132,436

19,149

Masterbrand,

Inc.*

331,278

9,150

Matrix

Service

Co.*

121,329

7,991

Matson,

Inc.

1,224,061

6,968

Matthews

International

Corp.,

Class

A

210,155

9,084

Maximus,

Inc.

676,758

8,354

Mayville

Engineering

Co.,

Inc.*

140,765

1,952

McGrath

RentCorp

237,851

5,307

Miller

Industries,

Inc.

390,701

21,167

MillerKnoll,

Inc.

532,138

18,331

Mistras

Group,

Inc.*

170,662

4,712

Moog,

Inc.,

Class

A

1,042,624

34,621

MRC

Global,

Inc.*

483,655

29,857

Mueller

Industries,

Inc.

2,411,550

23,189

Mueller

Water

Products,

Inc.,

Class

A

580,653

2,186

MYR

Group,

Inc.*

345,169

GOLDMAN

SACHS

ACTIVE

BETA

®

U.S.

SMALL

CAP

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Industrials

–

(continued)

1,356

National

Presto

Industries,

Inc.

$

108,100

9,975

NEXTracker,

Inc.,

Class

A*

380,646

30,622

NN,

Inc.*

122,182

5,427

Northwest

Pipe

Co.*

304,265

18,754

NuScale

Power

Corp.*

556,056

12,590

NV5

Global,

Inc.*

273,958

2,922

Omega

Flex,

Inc.

144,405

22,271

OPENLANE,

Inc.*

449,874

15,976

Orion

Group

Holdings,

Inc.*

139,311

2,153

PAMT

Corp.*

40,842

16,872

Pitney

Bowes,

Inc.

135,988

2,227

Powell

Industries,

Inc.

595,455

2,250

Preformed

Line

Products

Co.

306,045

13,006

Primoris

Services

Corp.

1,088,732

6,786

Proto

Labs,

Inc.*

279,515

11,863

Quanex

Building

Products

Corp.

353,043

35,328

Radiant

Logistics,

Inc.*

264,253

22,970

Resideo

Technologies,

Inc.*

624,325

29,865

Resources

Connection,

Inc.

252,061

15,090

REV

Group,

Inc.

468,092

26,932

Rocket

Lab

USA,

Inc.*

734,705

16,334

Rush

Enterprises,

Inc.,

Class

A

1,011,891

7,673

Rush

Enterprises,

Inc.,

Class

B

437,438

22,429

RXO,

Inc.*

676,234

51,888

Safe

Bulkers,

Inc.

(Monaco)

200,807

18,812

Shoals

Technologies

Group,

Inc.,

Class

A*

98,199

10,290

Shyft

Group,

Inc.

(The)

145,089

10,039

Sky

Harbour

Group

Corp.*

113,240

7,919

SkyWest,

Inc.*

908,626

20,983

Spire

Global,

Inc.*

(a)

342,862

6,208

SPX

Technologies,

Inc.*

1,095,340

1,567

Standex

International

Corp.

325,764

44,391

Steelcase,

Inc.,

Class

A

597,947

5,985

Sterling

Infrastructure,

Inc.*

1,163,783

3,463

Tecnoglass,

Inc.

280,676

8,021

Tennant

Co.

708,816

10,770

Terex

Corp.

590,088

8,387

Thermon

Group

Holdings,

Inc.*

264,694

30,593

Titan

International,

Inc.*

223,941

14,676

Titan

Machinery,

Inc.*

226,744

3,049

Transcat,

Inc.*

319,810

3,950

TriNet

Group,

Inc.

369,049

5,656

Trinity

Industries,

Inc.

213,231

9,623

Triumph

Group,

Inc.*

185,243

26,939

TrueBlue,

Inc.*

202,581

7,884

TTEC

Holdings,

Inc.

40,839

23,116

Tutor

Perini

Corp.*

628,293

13,910

UFP

Industries,

Inc.

1,890,369

9,473

Ultralife

Corp.*

72,658

2,127

UniFirst

Corp.

427,250

51,483

Upwork,

Inc.*

873,667

3,569

V2X,

Inc.*

215,032

22,640

Verra

Mobility

Corp.*

535,662

1,465

Viad

Corp.*

65,515

3,119

Vicor

Corp.*

165,962

9,827

Virco

Mfg.

Corp.

161,359

2,748

VSE

Corp.

322,230

14,905

Wabash

National

Corp.

295,566

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Industrials

–

(continued)

6,453

Watts

Water

Technologies,

Inc.,

Class

A

$

1,392,493

6,113

Werner

Enterprises,

Inc.

249,899

68,331

Wheels

Up

Experience,

Inc.*

(a)

170,827

10,617

Willdan

Group,

Inc.*

464,069

3,145

WNS

Holdings

Ltd.

(India)*

170,553

1,472

Xometry,

Inc.,

Class

A*

45,706

11,159

Zurn

Elkay

Water

Solutions

Corp.

444,351

102,114,476

Information

Technology

–

12.1%

109,716

8x8,

Inc.*

340,120

35,216

A10

Networks,

Inc.

600,433

21,896

ACI

Worldwide,

Inc.*

1,244,131

37,148

Adeia,

Inc.

450,234

4,629

Advanced

Energy

Industries,

Inc.

532,520

4,396

Agilysys,

Inc.*

590,383

8,673

Alarm.com

Holdings,

Inc.*

564,959

9,542

Alkami

Technology,

Inc.*

376,623

3,830

Alpha

&

Omega

Semiconductor

Ltd.*

158,830

7,890

Altair

Engineering,

Inc.,

Class

A*

833,263

2,292

Ambarella,

Inc.*

163,993

4,432

Amplitude,

Inc.,

Class

A*

45,827

20,357

Appian

Corp.,

Class

A*

770,512

1,326

Applied

Optoelectronics,

Inc.*

54,658

53,914

Arlo

Technologies,

Inc.*

604,915

25,959

Arteris,

Inc.*

225,584

43,559

Asana,

Inc.,

Class

A*

666,888

11,063

ASGN,

Inc.*

1,012,818

6,570

AudioEye,

Inc.*

(a)

176,864

22,586

AvePoint,

Inc.*

398,643

6,423

Axcelis

Technologies,

Inc.*

476,843

37,547

Backblaze,

Inc.,

Class

A*

243,680

5,896

Badger

Meter,

Inc.

1,278,371

1,174

Bel

Fuse,

Inc.,

Class

A

(a)

113,479

5,481

Bel

Fuse,

Inc.,

Class

B

439,466

6,087

Belden,

Inc.

745,049

12,650

Benchmark

Electronics,

Inc.

613,398

57,107

BigCommerce

Holdings,

Inc.,

Series

1*

420,879

6,302

Blackbaud,

Inc.*

528,990

3,873

BlackLine,

Inc.*

240,165

124,911

Blend

Labs,

Inc.,

Class

A*

638,295

34,015

Box,

Inc.,

Class

A*

1,193,586

3,712

Braze,

Inc.,

Class

A*

147,441

5,452

C3.ai,

Inc.,

Class

A*

202,705

15,810

Calix,

Inc.*

514,299

23,261

Cerence,

Inc.*

171,317

5,915

CEVA,

Inc.*

175,912

33,281

Cleanspark,

Inc.*

477,582

4,871

Clearfield,

Inc.*

(a)

149,053

13,395

Clearwater

Analytics

Holdings,

Inc.,

Class

A*

415,781

2,547

Climb

Global

Solutions,

Inc.

342,852

11,093

Cohu,

Inc.*

292,855

81,410

CommScope

Holding

Co.,

Inc.*

388,326

12,283

Commvault

Systems,

Inc.*

2,107,640

GOLDMAN

SACHS

ACTIVE

BETA

®

U.S.

SMALL

CAP

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Information

Technology

–

(continued)

16,960

Consensus

Cloud

Solutions,

Inc.*

$

423,152

16,580

Corsair

Gaming,

Inc.*

121,863

31,497

Couchbase,

Inc.*

646,003

1,641

CPI

Card

Group,

Inc.*

54,169

10,614

Credo

Technology

Group

Holding

Ltd.*

519,661

7,284

CTS

Corp.

399,964

483

Daily

Journal

Corp.*

272,658

30,550

Daktronics,

Inc.*

470,470

2,517

Diebold

Nixdorf,

Inc.*

116,336

9,271

Digi

International,

Inc.*

307,983

90,276

Digital

Turbine,

Inc.*

129,997

5,620

DigitalOcean

Holdings,

Inc.*

214,010

7,813

Diodes,

Inc.*

507,845

31,816

Domo,

Inc.,

Class

B*

297,798

9,549

Eastman

Kodak

Co.*

69,230

18,782

eGain

Corp.*

100,108

8,044

ePlus,

Inc.*

650,438

48,481

Extreme

Networks,

Inc.*

804,785

4,602

Fabrinet

(Thailand)*

1,079,537

8,705

FARO

Technologies,

Inc.*

228,506

11,205

FormFactor,

Inc.*

448,872

11,693

Freshworks,

Inc.,

Class

A*

186,971

16,757

Grid

Dynamics

Holdings,

Inc.*

306,653

23,791

Hackett

Group,

Inc.

(The)

745,610

17,221

Harmonic,

Inc.*

220,773

9,639

Hut

8

Corp.

(Canada)*

(a)

270,085

7,458

Ichor

Holdings

Ltd.*

244,324

11,196

Immersion

Corp.

100,092

5,247

Impinj,

Inc.*

1,008,526

46,673

Infinera

Corp.*

(a)

308,509

33,425

Information

Services

Group,

Inc.

123,338

6,360

Insight

Enterprises,

Inc.*

995,022

5,205

InterDigital,

Inc.

1,019,972

4,097

Itron,

Inc.*

485,617

14,230

Kimball

Electronics,

Inc.*

279,050

19,093

Knowles

Corp.*

371,550

6,996

Kulicke

&

Soffa

Industries,

Inc.

(Singapore)

338,746

10,945

LiveRamp

Holdings,

Inc.*

332,290

11,869

Logility

Supply

Chain

Solutions,

Inc.,

Class

A

124,981

17,969

MARA

Holdings,

Inc.*

492,710

6,810

MaxLinear,

Inc.*

103,035

3,102

Methode

Electronics,

Inc.

33,874

15,501

Mitek

Systems,

Inc.*

144,469

7,681

N-able,

Inc.*

80,190

17,678

Napco

Security

Technologies,

Inc.

693,508

18,369

NCR

Voyix

Corp.*

266,534

10,585

NETGEAR,

Inc.*

260,391

14,433

NetScout

Systems,

Inc.*

315,794

13,756

NextNav,

Inc.*

239,217

4,378

Novanta,

Inc.*

731,038

2,317

NVE

Corp.

179,058

21,068

Olo,

Inc.,

Class

A*

153,586

27,742

OneSpan,

Inc.*

502,685

23,399

Ooma,

Inc.*

346,305

2,598

OSI

Systems,

Inc.*

460,885

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Information

Technology

–

(continued)

20,875

Pagaya

Technologies

Ltd.,

Class

A*

$

228,164

8,919

PagerDuty,

Inc.*

189,440

3,204

PAR

Technology

Corp.*

259,973

9,519

PC

Connection,

Inc.

690,889

11,144

PDF

Solutions,

Inc.*

352,150

16,964

Penguin

Solutions,

Inc.*

307,727

18,827

Photronics,

Inc.*

468,981

4,902

Plexus

Corp.*

805,889

72,617

Porch

Group,

Inc.*

265,778

6,962

Power

Integrations,

Inc.

456,081

33,309

Powerfleet,

Inc.*

234,495

10,113

Progress

Software

Corp.

691,830

19,063

PROS

Holdings,

Inc.*

441,690

8,748

Q2

Holdings,

Inc.*

916,265

7,000

Qualys,

Inc.*

1,075,200

55,584

Rackspace

Technology,

Inc.*

148,965

16,554

Rambus,

Inc.*

956,987

7,707

Rapid7,

Inc.*

328,318

52,958

Ribbon

Communications,

Inc.*

207,066

2,383

Rogers

Corp.*

246,831

7,031

Sanmina

Corp.*

558,332

7,291

Sapiens

International

Corp.

NV

(Israel)

199,263

13,417

ScanSource,

Inc.*

676,351

34,128

SEMrush

Holdings,

Inc.,

Class

A*

464,141

6,791

Semtech

Corp.*

434,896

2,206

Silicon

Laboratories,

Inc.*

244,094

17,814

SolarWinds

Corp.

237,817

1,229

SoundThinking,

Inc.*

15,952

48,372

Sprinklr,

Inc.,

Class

A*

398,585

20,732

Sprout

Social,

Inc.,

Class

A*

663,839

6,623

SPS

Commerce,

Inc.*

1,278,703

5,572

Synaptics,

Inc.*

447,097

37,477

Telos

Corp.*

127,422

14,022

Tenable

Holdings,

Inc.*

588,644

61,946

Terawulf,

Inc.*

488,754

26,247

TTM

Technologies,

Inc.*

639,902

9,099

Ultra

Clean

Holdings,

Inc.*

349,675

61,946

Unisys

Corp.*

494,329

18,065

Varonis

Systems,

Inc.*

902,527

8,394

Veeco

Instruments,

Inc.*

233,941

10,989

Verint

Systems,

Inc.*

276,923

36,575

Viavi

Solutions,

Inc.*

363,555

18,946

Vishay

Intertechnology,

Inc.

361,869

9,047

Vishay

Precision

Group,

Inc.*

207,810

6,089

Workiva,

Inc.*

592,155

25,791

Xerox

Holdings

Corp.

235,730

40,562

Xperi,

Inc.*

384,122

93,507

Yext,

Inc.*

772,368

51,741

Zeta

Global

Holdings

Corp.,

Class

A*

1,102,083

12,248

Zuora,

Inc.,

Class

A*

121,623

65,594,156

Materials

–

3.9%

6,942

AdvanSix,

Inc.

225,407

3,397

Alpha

Metallurgical

Resources,

Inc.*

834,201

GOLDMAN

SACHS

ACTIVE

BETA

®

U.S.

SMALL

CAP

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Materials

–

(continued)

10,622

American

Vanguard

Corp.

$

63,838

48,897

Arcadium

Lithium

PLC

(Argentina)*

256,709

3,352

Arch

Resources,

Inc.

576,276

17,281

Arq,

Inc.*

133,237

37,282

ASP

Isotopes,

Inc.*

(a)

206,915

14,394

Aspen

Aerogels,

Inc.*

213,031

9,966

Avient

Corp.

510,757

3,433

Balchem

Corp.

619,725

9,667

Cabot

Corp.

1,059,697

6,120

Carpenter

Technology

Corp.

1,187,525

14,387

Century

Aluminum

Co.*

328,455

5,713

Clearwater

Paper

Corp.*

154,937

57,813

Coeur

Mining,

Inc.*

373,472

20,110

Commercial

Metals

Co.

1,240,586

23,054

Constellium

SE*

282,642

7,410

Core

Molding

Technologies,

Inc.*

122,561

36,554

Ecovyst,

Inc.*

290,604

4,594

Greif,

Inc.,

Class

A

326,312

4,275

Hawkins,

Inc.

575,030

7,737

HB

Fuller

Co.

594,898

14,550

Hecla

Mining

Co.

80,316

5,612

Ingevity

Corp.*

272,575

6,382

Innospec,

Inc.

756,969

3,536

Kaiser

Aluminum

Corp.

287,406

6,690

Knife

River

Corp.*

692,415

6,020

Koppers

Holdings,

Inc.

231,529

3,818

Kronos

Worldwide,

Inc.

43,182

19,922

LSB

Industries,

Inc.*

175,911

2,421

Materion

Corp.

279,916

9,523

Mativ

Holdings,

Inc.

125,227

19,271

Metallus,

Inc.*

321,248

7,992

Minerals

Technologies,

Inc.

651,907

20,856

Myers

Industries,

Inc.

241,930

12,317

O-I

Glass,

Inc.*

155,194

10,023

Olympic

Steel,

Inc.

423,772

16,330

Orion

SA

(Germany)

300,799

19,755

Pactiv

Evergreen,

Inc.

268,075

896

Piedmont

Lithium,

Inc.*

(a)

11,254

1,870

Quaker

Chemical

Corp.

294,899

8,731

Radius

Recycling,

Inc.,

Class

A

173,048

11,155

Ramaco

Resources,

Inc.,

Class

A

142,226

1,409

Ramaco

Resources,

Inc.,

Class

B

14,457

53,328

Rayonier

Advanced

Materials,

Inc.*

469,820

15,814

Ryerson

Holding

Corp.

406,420

4,612

Sensient

Technologies

Corp.

358,076

3,161

Smith-Midland

Corp.*

(a)

155,205

21,124

SSR

Mining,

Inc.

(Canada)*

122,730

3,294

Stepan

Co.

253,309

11,435

Summit

Materials,

Inc.,

Class

A*

582,499

37,304

SunCoke

Energy,

Inc.

464,808

5,302

Sylvamo

Corp.

489,322

7,358

TriMas

Corp.

194,398

13,061

Tronox

Holdings

PLC

158,038

6,487

United

States

Lime

&

Minerals,

Inc.

992,511

8,251

Universal

Stainless

&

Alloy

Products,

Inc.*

366,509

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Materials

–

(continued)

12,327

Warrior

Met

Coal,

Inc.

$

866,835

3,632

Worthington

Steel,

Inc.

162,859

22,164,409

Real

Estate

–

4.7%

17,891

Acadia

Realty

Trust

REIT

462,482

13,992

Alexander

&

Baldwin,

Inc.

REIT

275,363

3,268

Alpine,

Inc.ome

Property

Trust,

Inc.

REIT

58,465

10,410

American

Assets

Trust,

Inc.

REIT

296,060

4,064

American

Healthcare

REIT,

Inc.

REIT

121,148

53,831

Anywhere

Real

Estate,

Inc.*

263,772

18,340

Apartment

Investment

and

Management

Co.,

Class

A

REIT*

162,126

34,941

Apple

Hospitality

REIT,

Inc.

REIT

562,900

10,671

Armada

Hoffler

Properties,

Inc.

REIT

117,915

41,970

Brandywine

Realty

Trust

REIT

235,032

17,676

Broadstone

Net

Lease,

Inc.

REIT

309,507

8,962

BRT

Apartments

Corp.

REIT

179,778

19,152

CareTrust

REIT,

Inc.

REIT

570,538

7,254

CBL

&

Associates

Properties,

Inc.

REIT

224,149

1,345

Centerspace

REIT

97,513

25,997

Chatham

Lodging

Trust

REIT

239,432

28,373

City

Office

REIT,

Inc.

REIT

164,563

137,136

Compass,

Inc.,

Class

A*

972,294

13,297

COPT

Defense

Properties

REIT

438,136

5,389

CTO

Realty

Growth,

Inc.

REIT

109,989

9,084

Curbline

Properties

Corp.

REIT*

220,378

42,166

Cushman

&

Wakefield

PLC*

645,140

40,033

DiamondRock

Hospitality

Co.

REIT

371,506

20,265

Douglas

Emmett,

Inc.

REIT

392,330

9,429

Easterly

Government

Properties,

Inc.

REIT

116,165

6,315

Elme

Communities

REIT

106,976

33,602

Empire

State

Realty

Trust,

Inc.,

Class

A

REIT

368,278

11,038

Equity

Commonwealth

REIT*

224,513

20,984

Essential

Properties

Realty

Trust,

Inc.

REIT

715,554

63,949

eXp

World

Holdings,

Inc.

885,694

9,562

Forestar

Group,

Inc.*

285,426

6,986

Four

Corners

Property

Trust,

Inc.

REIT

207,554

57,776

Franklin

Street

Properties

Corp.

REIT

110,352

6,380

FRP

Holdings,

Inc.*

203,394

4,240

Getty

Realty

Corp.

REIT

139,411

7,684

Gladstone

Commercial

Corp.

REIT

135,315

10,310

Global

Medical

REIT,

Inc.

REIT

91,656

22,499

Global

Net

Lease,

Inc.

REIT

166,718

47,073

Hudson

Pacific

Properties,

Inc.

REIT

181,231

GOLDMAN

SACHS

ACTIVE

BETA

®

U.S.

SMALL

CAP

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Real

Estate

–

(continued)

20,659

Independence

Realty

Trust,

Inc.

REIT

$

451,193

35,767

Industrial

Logistics

Properties

Trust

REIT

138,418

4,617

Innovative

Industrial

Properties,

Inc.

REIT

503,345

6,159

InvenTrust

Properties

Corp.

REIT

190,744

16,015

JBG

SMITH

Properties

REIT

273,696

25,673

Kite

Realty

Group

Trust

REIT

707,805

5,987

LTC

Properties,

Inc.

REIT

231,038

23,369

LXP

Industrial

Trust

REIT

218,500

28,075

Macerich

Co.

(The)

REIT

595,471

10,439

Marcus

&

Millichap,

Inc.

434,367

6,856

National

Health

Investors,

Inc.

REIT

525,512

5,738

NET

Lease

Office

Properties

REIT

187,862

31,818

Newmark

Group,

Inc.,

Class

A

492,543

3,533

NexPoint

Residential

Trust,

Inc.

REIT

166,298

27,429

Orion

Office

REIT,

Inc.

REIT

116,025

20,003

Outfront

Media,

Inc.

REIT

384,258

50,837

Paramount

Group,

Inc.

REIT

247,068

20,488

Pebblebrook

Hotel

Trust

REIT

283,759

10,421

Phillips

Edison

&

Co.,

Inc.

REIT

411,629

33,777

Piedmont

Office

Realty

Trust,

Inc.,

Class

A

REIT

321,557

6,992

Postal

Realty

Trust,

Inc.,

Class

A

REIT

99,077

7,479

PotlatchDeltic

Corp.

REIT

335,358

14,945

RE/MAX

Holdings,

Inc.,

Class

A*

196,676

89,511

Real

Brokerage,

Inc.

(The)

(Canada)*

(a)

470,828

15,631

Redfin

Corp.*

148,338

10,524

Retail

Opportunity

Investments

Corp.

REIT

183,118

35,783

RLJ

Lodging

Trust

REIT

365,344

8,516

RMR

Group,

Inc.

(The),

Class

A

189,055

8,517

Ryman

Hospitality

Properties,

Inc.

REIT

998,533

29,901

Sabra

Health

Care

REIT,

Inc.

REIT

560,046

54,690

Service

Properties

Trust

REIT

152,038

4,543

SITE

Centers

Corp.

REIT

70,507

7,379

SL

Green

Realty

Corp.

REIT

576,964

2,865

St

Joe

Co.

(The)

146,344

43,199

Summit

Hotel

Properties,

Inc.

REIT

284,249

35,131

Sunstone

Hotel

Investors,

Inc.

REIT

377,658

17,283

Tanger,

Inc.

REIT

638,953

6,700

Terreno

Realty

Corp.

REIT

406,221

10,808

UMH

Properties,

Inc.

REIT

207,514

50,786

Uniti

Group,

Inc.

REIT

300,145

3,021

Universal

Health

Realty

Income

Trust

REIT

127,456

10,146

Urban

Edge

Properties

REIT

233,459

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Real

Estate

–

(continued)

10,295

Veris

Residential,

Inc.

REIT

$

187,884

17,422

Whitestone

REIT

256,452

19,549

Xenia

Hotels

&

Resorts,

Inc.

REIT

300,664

26,122,722

Utilities

–

1.4%

7,379

ALLETE,

Inc.

478,750

3,082

American

States

Water

Co.

262,925

6,602

Avista

Corp.

255,431

8,384

Black

Hills

Corp.

537,163

15,393

Brookfield

Infrastructure

Corp.,

Class

A

(Canada)

(a)

690,992

3,054

California

Water

Service

Group

156,334

1,578

Chesapeake

Utilities

Corp.

207,902

6,680

Consolidated

Water

Co.

Ltd.

179,892

12,144

Genie

Energy

Ltd.,

Class

B

185,317

9,579

Hawaiian

Electric

Industries,

Inc.*

99,526

1,784

MGE

Energy,

Inc.

186,036

41,599

Montauk

Renewables,

Inc.*

183,868

7,873

New

Jersey

Resources

Corp.

406,089

4,531

Northwestern

Energy

Group,

Inc.

250,292

5,994

ONE

Gas,

Inc.

467,352

3,723

Ormat

Technologies,

Inc.

303,871

6,700

Otter

Tail

Corp.

540,288

9,470

Portland

General

Electric

Co.

453,802

18,310

Pure

Cycle

Corp.*

266,227

2,840

RGC

Resources,

Inc.

59,072

2,041

SJW

Group

113,725

8,810

Southwest

Gas

Holdings,

Inc.

688,590

5,193

Spire,

Inc.

380,076

6,592

TXNM

Energy,

Inc.

323,338

3,117

Unitil

Corp.

187,082

2,712

York

Water

Co.

(The)

97,198

7,961,138

TOTAL

COMMON

STOCKS

(Cost

$430,240,270)

546,637,302

Units

Description

Expiration

Month

Value

A

Rights

–

0.0%

Health

Care*

–

0.0%

4,104

Chinook

Therapeutics,

Inc.*

(b)

12/25

1,601

45,824

Radius

Health,

Inc.*

(b)

12/25

3,666

5,267

Materials

–

0.0%

15,501

Resolute

Forest

Products*

(b)

09/23

22,011

TOTAL

RIGHTS

(Cost

$0)

27,278

GOLDMAN

SACHS

ACTIVE

BETA

®

U.S.

SMALL

CAP

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

**End

swaps

header**

Shares

Dividend

Rate

Value

aa

Investment

Company

–

0.9%

(c)

Goldman

Sachs

Financial

Square

Treasury

Obligations

Fund

–

Institutional

Shares

5,034,815

4.511%

$

5,034,815

(Cost

$5,034,815)

TOTAL

INVESTMENTS

BEFORE

SECURITIES

LENDING

REINVESTMENT

VEHICLE

(Cost

$435,275,085)

551,699,395

a

Securities

Lending

Reinvestment

Vehicle

–

0.9%

(c)

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

4,887,967

4.541%

4,887,967

(Cost

$4,887,967)

TOTAL

INVESTMENTS

–

100.6%

(Cost

$440,163,052)

$

556,587,362

LIABILITIES

IN

EXCESS

OF

OTHER

ASSETS

–

(0.6)%

(3,551,013)

NET

ASSETS

–

100.0%

$

553,036,349

  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:

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

FUTURES

CONTRACTS

—

At

November

30,

2024,

the

Portfolio

had

the

following

futures

contracts:

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Unrealized

Appreciation/

(Depreciation)

Long

position

contracts:

Russell

2000

E-Mini

Index

41

12/20/24

$

5,011,430

$

356,549

GOLDMAN

SACHS

ACTIVE

BETA

®

WORLD

LOW

VOL

PLUS

EQUITY

ETF

Schedule

of

Investments

November

30,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

99.4%

Australia

–

2.6%

90,499

ANZ

Group

Holdings

Ltd.

(Financials)

$

1,837,646

27,185

BlueScope

Steel

Ltd.

(Materials)

391,915

65,375

Brambles

Ltd.

(Industrials)

810,460

4,703

CAR

Group

Ltd.

(Communication

Services)

127,147

324,417

Coles

Group

Ltd.

(Consumer

Staples)

3,928,840

12,334

Commonwealth

Bank

of

Australia

(Financials)

1,274,188

41,256

EBOS

Group

Ltd.

(Health

Care)

927,390

66,382

Endeavour

Group

Ltd.

(Consumer

Staples)

188,979

122,806

Insurance

Australia

Group

Ltd.

(Financials)

682,417

432,162

Lottery

Corp.

Ltd.

(The)

(Consumer

Discretionary)

1,458,336

2,004

Macquarie

Group

Ltd.

(Financials)

301,716

530,577

Medibank

Pvt

Ltd.

(Financials)

1,320,362

68,865

National

Australia

Bank

Ltd.

(Financials)

1,754,109

95,929

Origin

Energy

Ltd.

(Utilities)

679,299

18,781

QBE

Insurance

Group

Ltd.

(Financials)

244,698

7,694

Ramsay

Health

Care

Ltd.

(Health

Care)

198,435

90,279

Scentre

Group

REIT

(Real

Estate)

216,429

17,277

Suncorp

Group

Ltd.

(Financials)

221,726

501,673

Telstra

Group

Ltd.

(Communication

Services)

1,287,651

134,328

Wesfarmers

Ltd.

(Consumer

Discretionary)

6,285,701

50,527

Westpac

Banking

Corp.

(Financials)

1,098,072

132,885

Woolworths

Group

Ltd.

(Consumer

Staples)

2,612,621

23,563

Worley

Ltd.

(Industrials)

212,906

28,061,043

Austria

–

0.1%

17,151

Erste

Group

Bank

AG

(Financials)

940,163

11,071

Vienna

Insurance

Group

AG

Wiener

Versicherung

Gruppe

(Financials)

339,687

1,279,850

Belgium

–

0.2%

6,667

Ackermans

&

van

Haaren

NV

(Industrials)

1,323,133

7,682

Ageas

SA/NV

(Financials)

387,512

3,145

KBC

Group

NV

(Financials)

226,676

15,416

Warehouses

De

Pauw

CVA

REIT

(Real

Estate)

340,628

2,277,949

Shares

Description

Value

a

Common

Stocks

–

(continued)

Brazil

–

0.0%

3,408

Yara

International

ASA

(Materials)

$

95,753

Canada

–

3.3%

9,709

AltaGas

Ltd.

(Utilities)

237,429

1,478

Bank

of

Montreal

(Financials)

140,923

36,210

Bank

of

Nova

Scotia

(The)

(Financials)

2,065,042

34,294

Canadian

Imperial

Bank

of

Commerce

(Financials)

2,225,932

8,126

Canadian

Tire

Corp.

Ltd.,

Class

A

(Consumer

Discretionary)

895,912

17,806

CGI,

Inc.

(Information

Technology)

2,015,423

7,792

Empire

Co.

Ltd.

(Consumer

Staples)

233,624

12,953

Enbridge,

Inc.

(Energy)

560,342

13,162

George

Weston

Ltd.

(Consumer

Staples)

2,115,565

57,585

Great-West

Lifeco,

Inc.

(Financials)

(a)

2,073,249

4,355

iA

Financial

Corp.,

Inc.

(Financials)

416,262

15,247

Keyera

Corp.

(Energy)

502,770

42,100

Loblaw

Cos.

Ltd.

(Consumer

Staples)

5,463,393

30,719

Manulife

Financial

Corp.

(Financials)

988,826

11,270

Metro,

Inc.

(Consumer

Staples)

734,323

23,871

National

Bank

of

Canada

(Financials)

2,364,851

21,658

Pembina

Pipeline

Corp.

(Energy)

892,214

90,959

Power

Corp.

of

Canada

(Financials)

3,063,691

9,379

Quebecor,

Inc.,

Class

B

(Communication

Services)

(a)

221,455

19,772

Royal

Bank

of

Canada

(Financials)

2,487,616

3,549

Stantec,

Inc.

(Industrials)

307,387

23,576

Sun

Life

Financial,

Inc.

(Financials)

(a)

1,450,947

11,635

TC

Energy

Corp.

(Energy)

567,229

4,401

Thomson

Reuters

Corp.

(Industrials)

718,040

11,283

Toronto-Dominion

Bank

(The)

(Financials)

638,469

8,028

WSP

Global,

Inc.

(Industrials)

1,427,512

34,808,426

Denmark

–

0.0%

2,412

Tryg

A/S

(Financials)

55,543

Finland

–

0.3%

3,295

Elisa

OYJ

(Communication

Services)

149,230

47,106

Nordea

Bank

Abp

(Financials)

532,610

32,455

Orion

OYJ,

Class

B

(Health

Care)

1,532,956

GOLDMAN

SACHS

ACTIVE

BETA

®

WORLD

LOW

VOL

PLUS

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Finland

–

(continued)

22,827

Sampo

OYJ,

Class

A

(Financials)

$

977,415

3,192,211

France

–

1.9%

3,526

Air

Liquide

SA

(Materials)

585,736

86,318

AXA

SA

(Financials)

3,006,757

56,913

Bouygues

SA

(Industrials)

1,692,741

3,665

Capgemini

SE

(Information

Technology)

588,001

93,859

Cie

Generale

des

Etablissements

Michelin

SCA

(Consumer

Discretionary)

3,048,368

56,274

Credit

Agricole

SA

(Financials)

753,062

11,200

Danone

SA

(Consumer

Staples)

764,892

31,010

Engie

SA

(Utilities)

494,076

7,681

L'Oreal

SA

(Consumer

Staples)

2,666,231

396,009

Orange

SA

(Communication

Services)

4,218,201

3,970

Safran

SA

(Industrials)

924,582

13,721

TotalEnergies

SE

(Energy)

796,632

9,104

Vinci

SA

(Industrials)

960,219

20,499,498

Germany

–

2.5%

8,096

Allianz

SE

(Financials)

2,498,602

11,621

Beiersdorf

AG

(Consumer

Staples)

1,505,419

6,603

Deutsche

Boerse

AG

(Financials)

1,544,761

44,725

Deutsche

Post

AG

(Industrials)

1,642,485

196,837

Deutsche

Telekom

AG

(Communication

Services)

6,295,192

49,330

E.ON

SE

(Utilities)

634,867

10,353

Fresenius

SE

&

Co.

KGaA

(Health

Care)*

363,802

3,206

Hannover

Rueck

SE

(Financials)

836,725

6,717

Henkel

AG

&

Co.

KGaA

(Consumer

Staples)

509,740

23,084

Mercedes-Benz

Group

AG

(Consumer

Discretionary)

1,291,235

1,197

MTU

Aero

Engines

AG

(Industrials)

407,348

5,790

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen

(Financials)

3,022,843

18,199

SAP

SE

(Information

Technology)

4,322,981

3,433

Symrise

AG

(Materials)

378,910

17,312

Talanx

AG

(Financials)

1,466,452

26,721,362

Hong

Kong

–

0.0%

24,308

Power

Assets

Holdings

Ltd.

(Utilities)

159,314

Ireland

–

0.6%

17,228

Accenture

PLC,

Class

A

(Information

Technology)

6,242,910

Shares

Description

Value

a

Common

Stocks

–

(continued)

Ireland

–

(continued)

3,114

Kerry

Group

PLC,

Class

A

(Consumer

Staples)

$

300,780

6,543,690

Israel

–

0.6%

18,046

Check

Point

Software

Technologies

Ltd.

(Information

Technology)*

3,284,372

13,865

First

International

Bank

Of

Israel

Ltd.

(The)

(Financials)

(a)

652,892

173,801

Mivne

Real

Estate

KD

Ltd.

(Real

Estate)

519,159

41,106

Mizrahi

Tefahot

Bank

Ltd.

(Financials)

1,771,708

6,228,131

Italy

–

1.0%

89,747

A2A

SpA

(Utilities)

202,568

29,145

Banca

Mediolanum

SpA

(Financials)

336,458

62,800

Enel

SpA

(Utilities)

451,703

88,019

Eni

SpA

(Energy)

1,246,298

244,113

Generali

(Financials)

6,982,098

71,917

Intesa

Sanpaolo

SpA

(Financials)

275,502

21,386

Mediobanca

Banca

di

Credito

Finanziario

SpA

(Financials)

311,826

51,661

Poste

Italiane

SpA

(Financials)

(b)

724,888

10,531,341

Japan

–

5.8%

19,875

Aeon

Co.

Ltd.

(Consumer

Staples)

475,618

24,292

Aeon

Mall

Co.

Ltd.

(Real

Estate)

324,950

6,973

AGC,

Inc.

(Industrials)

217,754

131,940

ANA

Holdings,

Inc.

(Industrials)

2,538,034

176,747

Asahi

Kasei

Corp.

(Materials)

1,256,889

106,610

Bridgestone

Corp.

(Consumer

Discretionary)

(a)

3,797,030

208,421

Canon,

Inc.

(Information

Technology)

6,755,624

79,364

Central

Japan

Railway

Co.

(Industrials)

1,631,299

138,148

Chubu

Electric

Power

Co.,

Inc.

(Utilities)

1,456,126

7,661

Daiwa

House

Industry

Co.

Ltd.

(Real

Estate)

240,004

161,942

Daiwa

Securities

Group,

Inc.

(Financials)

1,084,214

77,634

FUJIFILM

Holdings

Corp.

(Information

Technology)

1,744,096

19,399

Hankyu

Hanshin

Holdings,

Inc.

(Industrials)

530,361

61,483

Haseko

Corp.

(Consumer

Discretionary)

823,471

61,799

Hulic

Co.

Ltd.

(Real

Estate)

(a)

555,094

71,346

Japan

Airlines

Co.

Ltd.

(Industrials)

1,185,498

GOLDMAN

SACHS

ACTIVE

BETA

®

WORLD

LOW

VOL

PLUS

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Japan

–

(continued)

60,773

Japan

Post

Bank

Co.

Ltd.

(Financials)

$

572,991

101,900

Japan

Tobacco,

Inc.

(Consumer

Staples)

(a)

2,862,577

51,210

KDDI

Corp.

(Communication

Services)

1,687,848

28,822

Kintetsu

Group

Holdings

Co.

Ltd.

(Industrials)

613,536

45,798

Kirin

Holdings

Co.

Ltd.

(Consumer

Staples)

(a)

637,180

116,427

Kyocera

Corp.

(Information

Technology)

1,142,292

133,201

Kyushu

Electric

Power

Co.,

Inc.

(Utilities)

1,309,083

22,821

Kyushu

Railway

Co.

(Industrials)

598,237

43,413

Lixil

Corp.

(Industrials)

493,865

13,448

McDonald's

Holdings

Co.

Japan

Ltd.

(Consumer

Discretionary)

554,271

21,830

MEIJI

Holdings

Co.

Ltd.

(Consumer

Staples)

465,133

234,718

Mitsubishi

HC

Capital,

Inc.

(Financials)

1,578,488

22,624

NH

Foods

Ltd.

(Consumer

Staples)

775,047

7,711

Nichirei

Corp.

(Consumer

Staples)

220,879

14,936

NIPPON

EXPRESS

HOLDINGS,

Inc.

(Industrials)

774,820

3,654,234

Nippon

Telegraph

&

Telephone

Corp.

(Communication

Services)

3,732,460

27,231

Nippon

Television

Holdings,

Inc.

(Communication

Services)

444,678

69,627

Nisshin

Seifun

Group,

Inc.

(Consumer

Staples)

847,476

109,318

Oji

Holdings

Corp.

(Materials)

401,795

47,275

Ono

Pharmaceutical

Co.

Ltd.

(Health

Care)

545,196

83,960

Osaka

Gas

Co.

Ltd.

(Utilities)

1,835,900

94,193

Otsuka

Holdings

Co.

Ltd.

(Health

Care)

5,447,057

25,098

SCSK

Corp.

(Information

Technology)

506,021

59,052

Sekisui

Chemical

Co.

Ltd.

(Consumer

Discretionary)

951,139

47,590

Sekisui

House

Ltd.

(Consumer

Discretionary)

1,121,741

28,820

Shionogi

&

Co.

Ltd.

(Health

Care)

406,629

2,684,657

SoftBank

Corp.

(Communication

Services)

3,451,791

70,734

Takeda

Pharmaceutical

Co.

Ltd.

(Health

Care)

1,923,008

11,469

Tobu

Railway

Co.

Ltd.

(Industrials)

196,260

33,858

Tosoh

Corp.

(Materials)

464,411

Shares

Description

Value

a

Common

Stocks

–

(continued)

Japan

–

(continued)

162,887

Yamada

Holdings

Co.

Ltd.

(Consumer

Discretionary)

$

495,543

61,673,414

Netherlands

–

1.7%

5,719

EXOR

NV

(Financials)

565,684

5,344

Heineken

Holding

NV

(Consumer

Staples)

338,660

50,931

ING

Groep

NV

(Financials)

788,503

228,132

Koninklijke

Ahold

Delhaize

NV

(Consumer

Staples)

7,867,119

436,841

Koninklijke

KPN

NV

(Communication

Services)

1,693,769

38,882

Wolters

Kluwer

NV

(Industrials)

6,486,562

17,740,297

New

Zealand

–

0.1%

22,552

Mainfreight

Ltd.

(Industrials)

977,202

Norway

–

0.5%

77,137

DNB

Bank

ASA

(Financials)

1,609,761

52,308

Gjensidige

Forsikring

ASA

(Financials)

929,310

53,815

SpareBank

1

SR-Bank

ASA

(Financials)

702,945

116,751

Storebrand

ASA

(Financials)

1,280,013

110,519

Telenor

ASA

(Communication

Services)

1,299,665

5,821,694

Singapore

–

1.2%

32,796

DBS

Group

Holdings

Ltd.

(Financials)

1,037,955

305,095

Oversea-Chinese

Banking

Corp.

Ltd.

(Financials)

3,704,879

403,692

Singapore

Airlines

Ltd.

(Industrials)

(a)

1,900,046

238,906

Singapore

Exchange

Ltd.

(Financials)

2,266,725

123,903

Singapore

Telecommunications

Ltd.

(Communication

Services)

286,502

88,252

United

Overseas

Bank

Ltd.

(Financials)

2,393,498

50,450

UOL

Group

Ltd.

(Real

Estate)

199,444

81,172

Venture

Corp.

Ltd.

(Information

Technology)

779,237

12,568,286

Spain

–

0.7%

51,909

ACS

Actividades

de

Construccion

y

Servicios

SA

(Industrials)

2,410,165

2,557

Aena

SME

SA

(Industrials)

(b)

553,104

32,896

Iberdrola

SA

(Utilities)

468,707

25,365

Naturgy

Energy

Group

SA

(Utilities)

624,755

773,753

Telefonica

SA

(Communication

Services)

3,502,683

7,559,414

GOLDMAN

SACHS

ACTIVE

BETA

®

WORLD

LOW

VOL

PLUS

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Sweden

–

0.9%

33,234

Axfood

AB

(Consumer

Staples)

$

711,319

21,535

Essity

AB,

Class

B

(Consumer

Staples)

592,078

3,671

Industrivarden

AB,

Class

C

(Financials)

120,194

128,559

Investor

AB,

Class

A

(Financials)

3,500,423

45,352

Investor

AB,

Class

B

(Financials)

1,242,950

62,465

Skandinaviska

Enskilda

Banken

AB,

Class

A

(Financials)

866,707

10,905

Swedbank

AB,

Class

A

(Financials)

213,529

55,425

Tele2

AB,

Class

B

(Communication

Services)

580,958

378,629

Telia

Co.

AB

(Communication

Services)

1,107,919

3,083

Trelleborg

AB,

Class

B

(Industrials)

101,817

11,096

Volvo

AB,

Class

B

(Industrials)

276,006

9,313,900

Switzerland

–

1.4%

142

Givaudan

SA

(Materials)

625,541

36,478

Novartis

AG

(Health

Care)

3,861,865

943

Schindler

Holding

AG

Participation

Certificates

(Industrials)

272,303

37,842

SGS

SA

(Industrials)

3,757,569

274

Swiss

Life

Holding

AG

(Financials)

224,487

2,805

Swisscom

AG

(Communication

Services)

1,619,004

10,164

TE

Connectivity

PLC

(Information

Technology)

1,535,984

4,989

Zurich

Insurance

Group

AG

(Financials)

3,163,287

15,060,040

United

Kingdom

–

3.0%

1,463

AstraZeneca

PLC

(Health

Care)

197,335

84,067

Aviva

PLC

(Financials)

516,850

191,641

BAE

Systems

PLC

(Industrials)

2,988,794

42,815

British

American

Tobacco

PLC

(Consumer

Staples)

1,626,071

23,466

Bunzl

PLC

(Industrials)

1,061,226

664,852

CK

Hutchison

Holdings

Ltd.

(Industrials)

3,460,301

29,113

Compass

Group

PLC

(Consumer

Discretionary)

995,781

99,400

HSBC

Holdings

PLC

(Financials)

925,711

17,414

Imperial

Brands

PLC

(Consumer

Staples)

568,625

4,835

InterContinental

Hotels

Group

PLC

(Consumer

Discretionary)

602,262

138,742

J

Sainsbury

PLC

(Consumer

Staples)

460,621

2,875

London

Stock

Exchange

Group

PLC

(Financials)

411,837

Shares

Description

Value

a

Common

Stocks

–

(continued)

United

Kingdom

–

(continued)

29,295

National

Grid

PLC

(Utilities)

$

369,599

5,923

Next

PLC

(Consumer

Discretionary)

758,866

123,605

RELX

PLC

(Industrials)

5,820,861

298,414

Sage

Group

PLC

(The)

(Information

Technology)

4,976,408

24,852

Smith

&

Nephew

PLC

(Health

Care)

314,934

1,029,205

Tesco

PLC

(Consumer

Staples)

4,793,142

7,309

Unilever

PLC

(Consumer

Staples)

436,728

46,576

WPP

PLC

(Communication

Services)

508,651

31,794,603

United

States

–

71.0%

4,970

Abbott

Laboratories

(Health

Care)

590,287

30,281

AbbVie,

Inc.

(Health

Care)

5,539,303

9,365

Adobe,

Inc.

(Information

Technology)*

4,831,684

53,875

Aflac,

Inc.

(Financials)

6,141,750

22,496

Akamai

Technologies,

Inc.

(Information

Technology)*

2,115,074

12,617

Allstate

Corp.

(The)

(Financials)

2,616,640

48,765

Alphabet,

Inc.,

Class

A

(Communication

Services)

8,238,847

44,468

Alphabet,

Inc.,

Class

C

(Communication

Services)

7,581,349

26,688

Altria

Group,

Inc.

(Consumer

Staples)

1,540,965

70,779

Amazon.com,

Inc.

(Consumer

Discretionary)*

14,714,246

32,690

Amdocs

Ltd.

(Information

Technology)

2,834,877

2,770

Ameren

Corp.

(Utilities)

261,460

3,519

American

Electric

Power

Co.,

Inc.

(Utilities)

351,407

3,923

American

Express

Co.

(Financials)

1,195,260

15,314

American

International

Group,

Inc.

(Financials)

1,177,340

3,855

Ameriprise

Financial,

Inc.

(Financials)

2,212,654

8,071

AMETEK,

Inc.

(Industrials)

1,568,841

3,138

Amgen,

Inc.

(Health

Care)

887,646

82,627

Amphenol

Corp.,

Class

A

(Information

Technology)

6,002,852

3,825

Aon

PLC,

Class

A

(Financials)

1,497,641

156,836

Apple,

Inc.

(Information

Technology)

37,221,888

31,167

Arch

Capital

Group

Ltd.

(Financials)

3,139,140

8,882

Arthur

J

Gallagher

&

Co.

(Financials)

2,773,316

305,679

AT&T,

Inc.

(Communication

Services)

7,079,526

3,204

Atmos

Energy

Corp.

(Utilities)

484,829

GOLDMAN

SACHS

ACTIVE

BETA

®

WORLD

LOW

VOL

PLUS

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

United

States

–

(continued)

8,117

Autodesk,

Inc.

(Information

Technology)*

$

2,369,352

3,250

Automatic

Data

Processing,

Inc.

(Industrials)

997,523

2,527

AutoZone,

Inc.

(Consumer

Discretionary)*

8,009,428

66,261

Bank

of

America

Corp.

(Financials)

3,148,060

32,679

Bank

of

New

York

Mellon

Corp.

(The)

(Financials)

2,675,430

4,462

Becton

Dickinson

&

Co.

(Health

Care)

990,118

27,442

Berkshire

Hathaway,

Inc.,

Class

B

(Financials)*

13,255,035

7,647

Biogen,

Inc.

(Health

Care)*

1,228,338

31,957

Boston

Scientific

Corp.

(Health

Care)*

2,897,222

260,448

BP

PLC

(Energy)

1,273,356

65,512

Bristol-Myers

Squibb

Co.

(Health

Care)

3,879,621

23,539

Broadcom,

Inc.

(Information

Technology)

3,815,201

6,984

Broadridge

Financial

Solutions,

Inc.

(Industrials)

1,648,364

10,145

Cadence

Design

Systems,

Inc.

(Information

Technology)*

3,112,587

7,913

Campbell

Soup

Co.

(Consumer

Staples)

365,581

44,214

Cardinal

Health,

Inc.

(Health

Care)

5,404,719

11,482

Cboe

Global

Markets,

Inc.

(Financials)

2,478,390

17,892

CDW

Corp.

(Information

Technology)

3,147,740

26,326

Cencora,

Inc.

(Health

Care)

6,622,305

4,617

Cheniere

Energy,

Inc.

(Energy)

1,034,254

12,651

Chevron

Corp.

(Energy)

2,048,576

8,069

Chubb

Ltd.

(Financials)

2,329,762

21,929

Church

&

Dwight

Co.,

Inc.

(Consumer

Staples)

2,415,041

13,303

Cigna

Group

(The)

(Health

Care)

4,493,753

10,866

Cincinnati

Financial

Corp.

(Financials)

1,736,713

27,886

Cintas

Corp.

(Industrials)

6,296,380

112,614

Cisco

Systems,

Inc.

(Information

Technology)

6,667,875

56,235

Citigroup,

Inc.

(Financials)

3,985,374

7,962

Clorox

Co.

(The)

(Consumer

Staples)

1,331,008

2,940

CME

Group,

Inc.

(Financials)

699,720

7,454

CMS

Energy

Corp.

(Utilities)

519,618

46,104

Coca-Cola

Co.

(The)

(Consumer

Staples)

2,954,344

62,069

Cognizant

Technology

Solutions

Corp.,

Class

A

(Information

Technology)

4,995,934

93,457

Colgate-Palmolive

Co.

(Consumer

Staples)

9,030,750

Shares

Description

Value

a

Common

Stocks

–

(continued)

United

States

–

(continued)

84,342

Comcast

Corp.,

Class

A

(Communication

Services)

$

3,642,731

109,523

Conagra

Brands,

Inc.

(Consumer

Staples)

3,017,359

6,088

ConocoPhillips

(Energy)

659,574

2,722

Consolidated

Edison,

Inc.

(Utilities)

273,806

18,983

Corning,

Inc.

(Information

Technology)

923,903

7,710

Corpay,

Inc.

(Financials)*

2,938,898

7,782

Costco

Wholesale

Corp.

(Consumer

Staples)

7,563,170

9,434

Coterra

Energy,

Inc.

(Energy)

252,077

1,079

CSL

Ltd.

(Health

Care)

198,377

11,508

CSX

Corp.

(Industrials)

420,617

2,479

Cummins,

Inc.

(Industrials)

929,724

72,547

CVS

Health

Corp.

(Health

Care)

4,341,938

2,105

Darden

Restaurants,

Inc.

(Consumer

Discretionary)

371,048

509

Deere

&

Co.

(Industrials)

237,143

45,741

Dell

Technologies,

Inc.,

Class

C

(Information

Technology)

5,836,094

3,497

Dover

Corp.

(Industrials)

720,032

12,139

Dow,

Inc.

(Materials)

536,665

2,677

DTE

Energy

Co.

(Utilities)

336,713

8,610

Duke

Energy

Corp.

(Utilities)

1,007,801

3,583

Eaton

Corp.

PLC

(Industrials)

1,345,130

3,761

Ecolab,

Inc.

(Materials)

935,624

4,705

Edison

International

(Utilities)

412,864

13,772

Electronic

Arts,

Inc.

(Communication

Services)

2,254,063

1,874

Elevance

Health,

Inc.

(Health

Care)

762,643

7,504

Eli

Lilly

&

Co.

(Health

Care)

5,968,306

4,801

Entergy

Corp.

(Utilities)

749,772

2,262

EOG

Resources,

Inc.

(Energy)

301,434

8,500

Everest

Group

Ltd.

(Financials)

3,294,260

9,556

Expeditors

International

of

Washington,

Inc.

(Industrials)

1,162,392

22,693

Exxon

Mobil

Corp.

(Energy)

2,676,866

87,195

Fastenal

Co.

(Industrials)

7,286,014

15,408

Ferguson

Enterprises,

Inc.

(Industrials)

3,327,049

22,737

Fidelity

National

Financial,

Inc.

(Financials)

1,441,298

3,125

Fidelity

National

Information

Services,

Inc.

(Financials)

266,563

4,836

FirstEnergy

Corp.

(Utilities)

205,772

6,114

Fiserv,

Inc.

(Financials)*

1,350,949

20,091

Fortive

Corp.

(Industrials)

1,593,819

67,210

Fox

Corp.,

Class

A

(Communication

Services)

3,166,935

37,068

Fox

Corp.,

Class

B

(Communication

Services)

1,658,052

3,969

Garmin

Ltd.

(Consumer

Discretionary)

843,809

8,443

Gartner,

Inc.

(Information

Technology)*

4,372,883

GOLDMAN

SACHS

ACTIVE

BETA

®

WORLD

LOW

VOL

PLUS

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

United

States

–

(continued)

11,145

General

Dynamics

Corp.

(Industrials)

$

3,165,292

17,377

General

Electric

Co.

(Industrials)

3,165,394

18,685

General

Mills,

Inc.

(Consumer

Staples)

1,238,068

25,258

Genuine

Parts

Co.

(Consumer

Discretionary)

3,200,946

63,058

Gilead

Sciences,

Inc.

(Health

Care)

5,837,910

176,853

GSK

PLC

(Health

Care)

3,000,936

92,649

Haleon

PLC

(Consumer

Staples)

440,782

30,799

Hartford

Financial

Services

Group,

Inc.

(The)

(Financials)

3,797,825

3,458

HCA

Healthcare,

Inc.

(Health

Care)

1,131,527

8,214

Hershey

Co.

(The)

(Consumer

Staples)

1,446,732

296,038

Hewlett

Packard

Enterprise

Co.

(Information

Technology)

6,281,926

4,883

Hilton

Worldwide

Holdings,

Inc.

(Consumer

Discretionary)

1,237,548

3,861

Holcim

AG

(Materials)*

393,287

15,246

Hologic,

Inc.

(Health

Care)*

1,212,057

19,948

Home

Depot,

Inc.

(The)

(Consumer

Discretionary)

8,560,285

75,953

HP,

Inc.

(Information

Technology)

2,691,015

15,829

Illinois

Tool

Works,

Inc.

(Industrials)

4,392,864

10,692

Intercontinental

Exchange,

Inc.

(Financials)

1,720,984

48,611

International

Business

Machines

Corp.

(Information

Technology)

11,054,628

1,254

Intuit,

Inc.

(Information

Technology)

804,729

8,603

Iron

Mountain,

Inc.

REIT

(Real

Estate)

1,063,933

42,933

Johnson &

Johnson

(Health

Care)

6,655,044

31,568

JPMorgan

Chase &

Co.

(Financials)

7,883,161

14,679

Keurig

Dr

Pepper,

Inc.

(Consumer

Staples)

479,269

24,450

Keysight

Technologies,

Inc.

(Information

Technology)*

4,177,038

18,623

Kimberly-Clark

Corp.

(Consumer

Staples)

2,595,115

76,815

Kinder

Morgan,

Inc.

(Energy)

2,171,560

47,907

Kraft

Heinz

Co.

(The)

(Consumer

Staples)

1,531,587

92,974

Kroger

Co.

(The)

(Consumer

Staples)

5,678,852

5,105

L3Harris

Technologies,

Inc.

(Industrials)

1,257,106

8,567

Labcorp

Holdings,

Inc.

(Health

Care)

2,066,018

Shares

Description

Value

a

Common

Stocks

–

(continued)

United

States

–

(continued)

18,727

Leidos

Holdings,

Inc.

(Industrials)

$

3,097,446

2,913

Linde

PLC

(Materials)

1,342,864

3,167

Lockheed

Martin

Corp.

(Industrials)

1,676,641

54,877

Loews

Corp.

(Financials)

4,759,482

28,341

Lowe’s

Cos.,

Inc.

(Consumer

Discretionary)

7,720,939

26,744

LyondellBasell

Industries

NV,

Class

A

(Materials)

2,228,845

1,896

Markel

Group,

Inc.

(Financials)*

3,380,416

683

Marriott

International,

Inc.,

Class

A

(Consumer

Discretionary)

197,448

29,597

Marsh

&

McLennan

Cos.,

Inc.

(Financials)

6,902,908

65,753

Masco

Corp.

(Industrials)

5,297,062

16,540

Mastercard,

Inc.,

Class

A

(Financials)

8,814,828

14,943

McDonald's

Corp.

(Consumer

Discretionary)

4,423,277

10,994

McKesson

Corp.

(Health

Care)

6,909,729

47,846

Merck &

Co.,

Inc.

(Health

Care)

4,863,067

16,220

Meta

Platforms,

Inc.,

Class

A

(Communication

Services)

9,315,470

6,299

MetLife,

Inc.

(Financials)

555,761

68,531

Microsoft

Corp.

(Information

Technology)

29,020,137

25,093

Mondelez

International,

Inc.,

Class

A

(Consumer

Staples)

1,629,790

6,248

Monster

Beverage

Corp.

(Consumer

Staples)*

344,452

12,690

Moody's

Corp.

(Financials)

6,344,746

21,853

Motorola

Solutions,

Inc.

(Information

Technology)

10,919,944

5,509

Nasdaq,

Inc.

(Financials)

457,192

34,693

NetApp,

Inc.

(Information

Technology)

4,254,750

6,205

Northern

Trust

Corp.

(Financials)

689,748

983

Northrop

Grumman

Corp.

(Industrials)

481,326

150,576

NVIDIA

Corp.

(Information

Technology)

20,817,132

17,511

Occidental

Petroleum

Corp.

(Energy)

885,706

11,220

Omnicom

Group,

Inc.

(Communication

Services)

1,176,080

9,521

ONEOK,

Inc.

(Energy)

1,081,586

12,055

Oracle

Corp.

(Information

Technology)

2,228,246

9,071

O'Reilly

Automotive,

Inc.

(Consumer

Discretionary)*

11,277,249

13,913

Otis

Worldwide

Corp.

(Industrials)

1,432,761

22,911

PACCAR,

Inc.

(Industrials)

2,680,587

6,385

Packaging

Corp.

of

America

(Materials)

1,588,907

GOLDMAN

SACHS

ACTIVE

BETA

®

WORLD

LOW

VOL

PLUS

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

United

States

–

(continued)

10,545

Paychex,

Inc.

(Industrials)

$

1,542,417

37,335

PepsiCo,

Inc.

(Consumer

Staples)

6,102,406

12,201

Philip

Morris

International,

Inc.

(Consumer

Staples)

1,623,465

3,532

PPG

Industries,

Inc.

(Materials)

439,275

15,325

PPL

Corp.

(Utilities)

535,302

33,880

Procter &

Gamble

Co.

(The)

(Consumer

Staples)

6,073,329

13,105

Progressive

Corp.

(The)

(Financials)

3,523,672

9,402

Prudential

Financial,

Inc.

(Financials)

1,216,713

11,914

Public

Service

Enterprise

Group,

Inc.

(Utilities)

1,123,490

625

Public

Storage

REIT

(Real

Estate)

217,531

12,101

QUALCOMM,

Inc.

(Information

Technology)

1,918,372

12,818

Quest

Diagnostics,

Inc.

(Health

Care)

2,084,976

3,977

Raymond

James

Financial,

Inc.

(Financials)

673,227

8,899

Realty

Income

Corp.

REIT

(Real

Estate)

515,163

3,412

Regeneron

Pharmaceuticals,

Inc.

(Health

Care)*

2,559,751

24,357

Republic

Services,

Inc.

(Industrials)

5,317,133

6,629

Roche

Holding

AG

(Health

Care)

2,037,609

8,280

Roche

Holding

AG

(Health

Care)

2,401,294

75,073

Rollins,

Inc.

(Industrials)

3,778,424

5,692

Roper

Technologies,

Inc.

(Information

Technology)

3,224,177

4,625

Ross

Stores,

Inc.

(Consumer

Discretionary)

716,274

53,601

Royalty

Pharma

PLC,

Class

A

(Health

Care)

1,429,003

19,607

RTX

Corp.

(Industrials)

2,388,721

5,214

Salesforce,

Inc.

(Information

Technology)

1,720,568

2,197

Sanofi

SA

(Health

Care)

213,692

6,746

Sherwin-Williams

Co.

(The)

(Materials)

2,680,860

3,980

Snap-on,

Inc.

(Industrials)

1,471,366

16,028

Southern

Co.

(The)

(Utilities)

1,428,576

35,950

SS&C

Technologies

Holdings,

Inc.

(Industrials)

2,780,373

15,128

State

Street

Corp.

(Financials)

1,490,259

2,522

Stryker

Corp.

(Health

Care)

989,002

21,448

Swiss

Re

AG

(Financials)

3,168,510

2,809

Synopsys,

Inc.

(Information

Technology)*

1,568,798

45,279

Sysco

Corp.

(Consumer

Staples)

3,491,464

2,459

Texas

Instruments,

Inc.

(Information

Technology)

494,333

24,653

Textron,

Inc.

(Industrials)

2,111,036

Shares

Description

Value

a

Common

Stocks

–

(continued)

United

States

–

(continued)

411

Thermo

Fisher

Scientific,

Inc.

(Health

Care)

$

217,678

64,644

TJX

Cos.,

Inc.

(The)

(Consumer

Discretionary)

8,125,104

13,677

T-Mobile

US,

Inc.

(Communication

Services)

3,377,398

11,780

Tractor

Supply

Co.

(Consumer

Discretionary)

3,341,633

816

TransDigm

Group,

Inc.

(Industrials)

1,022,424

7,923

Travelers

Cos.,

Inc.

(The)

(Financials)

2,107,835

14,559

Tyson

Foods,

Inc.,

Class

A

(Consumer

Staples)

939,056

11,811

UnitedHealth

Group,

Inc.

(Health

Care)

7,207,072

3,922

Ventas,

Inc.

REIT

(Real

Estate)

251,283

25,598

VeriSign,

Inc.

(Information

Technology)*

4,791,434

5,278

Verisk

Analytics,

Inc.

(Industrials)

1,552,840

141,498

Verizon

Communications,

Inc.

(Communication

Services)

6,274,021

3,130

Vertex

Pharmaceuticals,

Inc.

(Health

Care)*

1,465,247

23,952

Visa,

Inc.,

Class

A

(Financials)

7,546,796

43,966

W

R

Berkley

Corp.

(Financials)

2,838,005

7,825

W.W.

Grainger,

Inc.

(Industrials)

9,431,786

177,084

Walmart,

Inc.

(Consumer

Staples)

16,380,270

7,518

Waste

Connections,

Inc.

(Industrials)

1,457,369

22,280

Waste

Management,

Inc.

(Industrials)

5,084,742

2,280

WEC

Energy

Group,

Inc.

(Utilities)

230,394

18,970

Wells

Fargo &

Co.

(Financials)

1,444,945

3,663

Welltower,

Inc.

REIT

(Real

Estate)

506,153

9,786

Westinghouse

Air

Brake

Technologies

Corp.

(Industrials)

1,963,267

31,677

Williams

Cos.,

Inc.

(The)

(Energy)

1,853,738

707

Willis

Towers

Watson

PLC

(Financials)

227,654

39,812

Yum!

Brands,

Inc.

(Consumer

Discretionary)

5,531,479

7,207

Zimmer

Biomet

Holdings,

Inc.

(Health

Care)

807,905

8,085

Zoetis,

Inc.

(Health

Care)

1,416,896

761,615,386

TOTAL

COMMON

STOCKS

(Cost

$849,620,802)

1,064,578,347

GOLDMAN

SACHS

ACTIVE

BETA

®

WORLD

LOW

VOL

PLUS

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Additional

Investment

Information 

**End

swaps

header**

**End

swaps

header**

Shares

Description

Rate

Value

a

Preferred

Stocks

–

0.2%

Germany

–

0.2%

14,917

Henkel

AG

&

Co.

KGaA

(Consumer

Staples)

2.23

%

$

1,272,401

10,806

Porsche

Automobil

Holding

SE

(Consumer

Discretionary)

2.56

395,129

TOTAL

PREFERRED

STOCKS

(Cost

$1,645,191)

1,667,530

Shares

Dividend

Rate

Value

aa

a

Investment

Company

–

0.2%

(c)

Goldman

Sachs

Financial

Square

Treasury

Obligations

Fund

-

Institutional

Shares

2,626,502

4.511%

2,626,502

(Cost

$2,626,502)

TOTAL

INVESTMENTS

BEFORE

SECURITIES

LENDING

REINVESTMENT

VEHICLE

(Cost

$853,892,495)

1,068,872,379

a

Securities

Lending

Reinvestment

Vehicle

–

0.7%

(c)

a

a

a

a

Goldman

Sachs

Financial

Square

Funds

Prime

Obligations

Fund

7,778,594

4.541%

7,778,594

(Cost

$7,778,594)

TOTAL

INVESTMENTS

–

100.5%

(Cost

$861,671,089)

$

1,076,650,973

LIABILITIES

IN

EXCESS

OF

OTHER

ASSETS

–

(0.5)%

(5,409,182)

NET

ASSETS

–

100.0%

$

1,071,241,791

  a

The

percentage

shown

for

each

investment

category

reflects

the

value

of

investments

in

that

category

as

a

percentage

of

net

assets.

*

Non-income

producing

security.

(a)

All

or

a

portion

of

security

is

on

loan.

(b)

Exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933.

(c)

Represents

an

affiliated

issuer.

Investment

Abbreviations:

CVA

—

Dutch

Certification

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

Sector

Name

%

of

Market

Value

Information

Technology

21.2

%

Financials

19.9

Industrials

13.3

Consumer

Staples

11.5

Health

Care

10.6

Consumer

Discretionary

9.6

Communication

Services

8.0

Energy

1.7

Utilities

1.6

Materials

1.3

Real

Estate

0.4

Investment

Company

0.2

Securities

Lending

Reinvestment

Vehicle

0.7

TOTAL

INVESTMENTS

100.0%

FUTURES

CONTRACTS

—

At

November

30,

2024,

the

Portfolio

had

the

following

futures

contracts:

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Unrealized

Appreciation/

(Depreciation)

Long

position

contracts:

MSCI

EAFE

E-Mini

Index

5

12/20/24

$

582,925

$

(22,672)

S&P

500

E-Mini

Index

5

12/20/24

1,512,875

76,611

Total

Futures

Contracts

$

53,939

Goldman

Sachs

ActiveBeta

®

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

the

GSAM

as

the

valuation

designee

to

perform

fair

valuations

pursuant

to

Rule

2a-5

under

the

Investment

Company

Act

of

1940

(the

“Valuation

Designee”).

GSAM

has

day-to-day

responsibility

for

implementing

and

maintaining

internal

controls

and

procedures

related

to

the

valuation

of

the

Funds’

investments.

To

assess

the

continuing

appropriateness

of

pricing

sources

and

methodologies,

GSAM

regularly

performs

price

verification

procedures

and

issues

challenges

as

necessary

to

third

party

pricing

vendors

or

brokers,

and

any

differences

are

reviewed

in

accordance

with

the

Valuation

Procedures.

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

ActiveBeta

®

ETFS

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Underlying

Funds

(including

Money

Market

Funds)

—

Underlying

funds

(“Underlying

Funds”)

include

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.

Derivative

Contracts

—

A

derivative

is

an

instrument

whose

value

is

derived

from

underlying

assets,

indices,

reference

rates

or

a

combination

of

these

factors.

A

Fund

enters

into

derivative

transactions

to

hedge

against

changes

in

interest

rates,

securities

prices,

and/or

currency

exchange

rates,

to

increase

total

return,

or

to

gain

access

to

certain

markets

or

attain

exposure

to

other

underliers.

For

financial

reporting

purposes,

cash

collateral

that

has

been

pledged

to

cover

obligations

of

a

Fund

and

cash

collateral

received,

if

any,

is

reported

separately

on

the

Statements

of

Assets

and

Liabilities

as

either

due

to

broker/receivable

for

collateral

on

certain

derivative

contracts.

Non-cash

collateral

pledged

by

a

Fund,

if

any,

is

noted

in

the

Schedules

of

Investments.

Exchange-traded

derivatives,

including

futures

and

options

contracts,

are

generally

valued

at

the

last

sale

or

settlement

price

on

the

exchange

where

they

are

principally

traded.

Exchange-traded

options

without

settlement

prices

are

generally

valued

at

the

last

bid

price

for

long

positions

and

the

last

ask

price

for

short

positions

on

the

exchange

where

they

are

principally

traded.

Exchange-traded

derivatives

typically

fall

within

Level

1

of

the

fair

value

hierarchy.

Over-the-counter

(“OTC”)

and

centrally

cleared

derivatives

are

valued

using

market

transactions

and

other

market

evidence,

including

market-based

inputs

to

models,

calibration

to

market-clearing

transactions,

broker

or

dealer

quotations,

or

other

alternative

pricing

sources.

Where

models

are

used,

the

selection

of

a

particular

model

to

value

OTC

and

centrally

cleared

derivatives

depends

upon

the

contractual

terms

of,

and

specific

risks

inherent

in,

the

instrument,

as

well

as

the

availability

of

pricing

information

in

the

market.

Valuation

models

require

a

variety

of

inputs,

including

contractual

terms,

market

prices,

yield

curves,

credit

curves,

measures

of

volatility,

voluntary

and

involuntary

prepayment

rates,

loss

severity

rates

and

correlations

of

such

inputs.

For

OTC

and

centrally

cleared

derivatives

that

trade

in

liquid

markets,

model

inputs

can

generally

be

verified

and

model

selection

does

not

involve

significant

management

judgment.

OTC

and

centrally

cleared

derivatives

are

classified

within

Level

2

of

the

fair

value

hierarchy

when

significant

inputs

are

corroborated

by

market

evidence.

i.

Futures

Contracts

—

Futures

contracts

are

contracts

to

buy

or

sell

a

standardized

quantity

of

a

specified

commodity

or

security.

Upon

entering

into

a

futures

contract,

a

Fund

deposits

cash

or

securities

in

an

account

on

behalf

of

the

broker

in

an

amount

sufficient

to

meet

the

initial

margin

requirement.

Subsequent

payments

are

made

or

received

by

a

Fund

equal

to

the

daily

change

in

the

contract

value

and

are

recorded

as

variation

margin

receivable

or

payable

with

a

corresponding

offset

to

unrealized

gains

or

losses.

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

and

derivatives

classified

in

the

fair

value

hierarchy

as

of

November

30,

2024:

(a)

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

ActiveBeta

®

ETFS

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

ActiveBeta

®

Emerging

Markets

Equity

ETF

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Africa

$

34,833,377

$

—

$

—

Asia

747,681,265

16,963,286

—

Europe

25,086,232

—

—

North

America

15,251,053

—

—

South

America

34,791,406

12,085,016

—

Exchange-Traded

Fund

6,331,267

—

—

Investment

Company

2,692,397

—

—

Securities

Lending

Reinvestment

Vehicle

4,995,343

—

—

Total

$

871,662,340

$

29,048,302

$

—

€

1.00

€

1.00

€

1.00

(a)

ActiveBeta

®

Europe

Equity

ETF

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Africa

$

42,833

$

—

$

—

Asia

1,998,553

—

—

Europe

63,359,401

337,438

—

North

America

7,832,433

—

—

Oceania

492,974

—

—

South

America

99,534

—

—

Investment

Company

520,645

—

—

Securities

Lending

Reinvestment

Vehicle

582,351

—

—

Total

$

74,928,724

$

337,438

$

—

€

1.00

€

1.00

€

1.00

Derivative

Type

Liabilities

Futures

Contracts

(b)

$

(21)

$

—

$

—

€

1.00

€

1.00

€

1.00

(a)

ActiveBeta

®

International

Equity

ETF

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Africa

$

947,968

$

—

$

—

Asia

901,758,622

—

—

Europe

1,810,752,107

9,327,462

—

North

America

606,354,901

3,430,816

—

Oceania

249,307,933

—

—

South

America

6,091,257

—

—

Investment

Company

14,675,894

—

—

Securities

Lending

Reinvestment

Vehicle

51,277,525

—

—

Total

$

3,641,166,207

$

12,758,278

$

—

€

1.00

€

1.00

€

1.00

Derivative

Type

Liabilities

Futures

Contracts

(b)

$

(888,477)

$

—

$

—

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

ActiveBeta

®

ETFS

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

€

1.00

€

1.00

€

1.00

(a)

ActiveBeta

®

Japan

Equity

ETF

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Asia

$

38,099,830

$

—

$

—

Investment

Company

80,771

—

—

Securities

Lending

Reinvestment

Vehicle

497,735

—

—

Total

$

38,678,336

$

—

$

—

€

1.00

€

1.00

€

1.00

Derivative

Type

Liabilities

Futures

Contracts

(b)

$

(3,859)

$

—

$

—

€

1.00

€

1.00

€

1.00

(a)

ActiveBeta

®

U.S.

Large

Cap

Equity

ETF

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Europe

$

70,252,020

$

—

$

—

North

America

13,590,220,043

—

—

Investment

Company

31,426,247

—

—

Securities

Lending

Reinvestment

Vehicle

9,229,189

—

—

Total

$

13,701,127,499

$

—

$

—

€

1.00

€

1.00

€

1.00

Derivative

Type

Assets

Futures

Contracts

(b)

$

718,411

$

—

$

—

€

1.00

€

1.00

€

1.00

(a)

ActiveBeta

®

U.S.

Small

Cap

Equity

ETF

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Africa

$

424,133

$

—

$

—

Asia

2,451,769

—

—

Europe

3,767,481

—

—

North

America

538,559,344

—

27,278

South

America

1,434,575

—

—

Investment

Company

5,034,815

—

—

Securities

Lending

Reinvestment

Vehicle

4,887,967

—

—

Total

$

556,560,084

$

—

$

27,278

€

1.00

€

1.00

€

1.00

Derivative

Type

Assets

Futures

Contracts

(b)

$

356,549

$

—

$

—

€

1.00

€

1.00

€

1.00

(a)

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

ActiveBeta

®

ETFS

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

For

further

information

regarding

security

characteristics,

see

the

Schedules

of

Investments.

Securities

Lending

—

The

Funds

may

lend

their

securities

through

a

securities

lending

agent,

the

Bank

of

New

York

Mellon

(“BNYM”),

to

certain

qualified

borrowers.

In

accordance

with

the

Funds’

securities

lending

procedures,

the

Funds

receive

cash

collateral

at

least

equal

to

the

market

value

of

the

securities

on

loan.

The

market

value

of

the

loaned

securities

is

determined

at

the

close

of

business

of

the

Funds,

at

their

last

sale

price

or

official

closing

price

on

the

principal

exchange

or

system

on

which

they

are

traded,

and

any

additional

required

collateral

is

delivered

to

the

Funds

on

the

next

business

day.

As

with

other

extensions

of

credit,

the

Funds

may

experience

delay

in

the

recovery

of

their

securities

or

incur

a

loss

should

the

borrower

of

the

securities

breach

its

agreement

with

the

Funds

or

become

insolvent

at

a

time

when

the

collateral

is

insufficient

to

cover

the

cost

of

repurchasing

securities

on

loan.

Dividend

income

received

from

securities

on

loan

may

not

be

subject

to

withholding

taxes

and

therefore

withholding

taxes

paid

may

differ

from

the

amounts

listed

in

the

Statements

of

Operations.

Loans

of

securities

are

terminable

at

any

time

and

as

such

1)

the

remaining

contractual

maturities

of

the

outstanding

securities

lending

transactions

are

considered

to

be

overnight

and

continuous

and

2)

the

borrower,

after

notice,

is

required

to

return

borrowed

securities

within

the

standard

time

period

for

settlement

of

securities

transactions.

The

Funds

invest

the

cash

collateral

received

in

connection

with

securities

lending

transactions

in

the

Goldman

Sachs

Financial

Square

Government

Fund

(“Government

Money

Market

Fund”),

an

affiliated

series

of

the

Goldman

Sachs

Trust.

The

Government

Money

Market

Fund

is

registered

under

the

Act

as

an

open

end

investment

company,

is

subject

to

Rule

2a-7

under

the

Act,

and

is

managed

by

GSAM,

for

which

GSAM

may

receive

a

management

fee

of

up

to

0.16%

on

an

annualized

basis

of

the

average

daily

net

assets

of

the

Government

Money

Market

Fund.

In

the

event

of

a

default

by

a

borrower

with

respect

to

any

loan,

BNYM

may

exercise

any

and

all

remedies

provided

under

the

applicable

borrower

agreement

to

make

the

Funds

whole.

These

remedies

include

purchasing

replacement

securities

by

applying

the

collateral

held

from

the

defaulting

broker

against

the

purchase

cost

of

the

replacement

securities.

If

BNYM

is

unable

to

purchase

replacement

securities,

BNYM

will

indemnify

the

Funds

by

paying

the

Funds

an

amount

equal

to

the

market

value

of

the

securities

loaned

minus

the

value

of

cash

collateral

received

from

the

borrower

for

the

loan,

subject

to

an

exclusion

for

any

shortfalls

resulting

from

a

loss

of

value

in

such

cash

collateral

due

to

reinvestment

risk.

The

Funds’

master

netting

agreements

with

certain

borrowers

ActiveBeta

®

World

Low

Vol

Plus

Equity

ETF

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Asia

$

80,629,145

$

—

$

—

Europe

160,058,922

—

—

North

America

796,423,812

—

—

Oceania

29,038,245

—

—

South

America

95,753

—

—

Investment

Company

2,626,502

—

—

Securities

Lending

Reinvestment

Vehicle

7,778,594

—

—

Total

$

1,076,650,973

$

—

$

—

€

1.00

€

1.00

€

1.00

Derivative

Type

Assets

Futures

Contracts

(b)

$

76,611

$

—

$

—

€

1.00

€

1.00

€

1.00

Liabilities

Futures

Contracts

(b)

$

(22,672)

$

—

$

—

€

1.00

€

1.00

€

1.00

(a)

Amounts

are

disclosed

by

continent

to

highlight

the

impact

of

time

zone

differences

between

local

market

close

and

the

calculation

of

NAV.

Security

valuations

are

based

on

the

principal

exchange

or

system

on

which

they

are

traded,

which

may

differ

from

country

of

domicile

noted

in

table.

(b)

Amount

shown

represents

unrealized

gain

(loss)

at

period

end.

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

ActiveBeta

®

ETFS

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

provide

the

right,

in

the

event

of

a

default

(including

bankruptcy

or

insolvency),

for

the

non-defaulting

party

to

liquidate

the

collateral

and

calculate

net

exposure

to

the

defaulting

party

or

request

additional

collateral.

However,

in

the

event

of

a

default

by

a

borrower,

a

resolution

authority

could

determine

that

such

rights

are

not

enforceable

due

to

the

restrictions

or

prohibitions

against

the

right

of

set-off

that

may

be

imposed

in

accordance

with

a

particular

jurisdiction’s

bankruptcy

or

insolvency

laws.

The

Funds’

loaned

securities

were

all

subject

to

enforceable

Securities

Lending

Agreements

and

the

value

of

the

collateral

was

at

least

equal

to

the

value

of

the

cash

received.

The

Funds’

risks

include,

but

are

not

limited

to,

the

following:

Calculation

Methodology

Risk

—

The

Index

relies

on

various

sources

of

information

to

assess

the

criteria

of

issuers

included

in

the

Index

(or

a

reference

index

if

applicable),

including

fundamental

information

that

may

be

based

on

assumptions

and

estimates.

Neither

the

Fund,

the

Investment

Adviser

nor

the

Index

Provider

can

offer

assurances

that

the

Index’s

calculation

methodology

or

sources

of

information

will

provide

a

correct

valuation

of

securities,

nor

can

they

guarantee

the

availability

or

timeliness

of

the

production

of

the

Index.

Geographic

Risk

—

If

a

Fund

focuses

its

investments

in

securities

of

issuers

located

in

a

particular

country

or

geographic

region,

the

Fund

may

be

subjected,

to

a

greater

extent

than

if

its

investments

were

less

focused,

to

the

risks

of

volatile

economic

cycles

and/

or

conditions

and

developments

that

may

be

particular

to

that

country

or

region,

such

as:

adverse

securities

markets;

adverse

exchange

rates;

adverse

social,

political,

regulatory,

economic,

business,

environmental

or

other

developments;

or

natural

disasters.

Index

Risk

—

GSAM

(the

“Index

Provider”)

constructs

each

Fund’s

index

(an

“Index”)

in

accordance

with

a

rules-based

methodology.

A

Fund

will

be

negatively

affected

by

general

declines

in

the

securities

and

asset

classes

represented

in

its

Index.

In

addition,

because

the

Funds

are

not

“actively”

managed,

unless

a

specific

security

is

removed

from

an

Index,

a

Fund

generally

would

not

sell

a

security

because

the

security’s

issuer

was

in

financial

trouble.

Market

disruptions

and

regulatory

restrictions

could

have

an

adverse

effect

on

a

Fund’s

ability

to

adjust

its

exposure

to

the

required

levels

in

order

to

track

its

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

an

Index

is

rebalanced

and

a

Fund

in

turn

rebalances

its

portfolio

to

attempt

to

increase

the

correlation

between

the

Fund’s

portfolio

and

its

Index,

any

transaction

costs

and

market

exposure

arising

from

such

portfolio

rebalancing

may

be

borne

directly

by

the

Fund

and

its

shareholders.

The

Index

Provider

may

utilize

third

party

data

in

constructing

each

Index,

but

it

does

not

guarantee

the

accuracy

or

availability

of

any

such

third

party

data.

Errors

in

index

data,

index

computation

or

the

construction

of

an

Index

in

accordance

with

its

methodology

may

occur

from

time

to

time

and

may

not

be

identified

and

corrected

by

the

Index

Provider

for

a

period

of

time

or

at

all,

which

may

have

an

adverse

impact

on

the

applicable

Fund

and

its

shareholders.

In

addition,

neither

a

Fund,

the

Investment

Adviser,

the

Calculation

Agent

nor

the

Index

Provider

can

guarantee

the

availability

or

timeliness

of

the

production

of

the

Index.

Industry

Concentration

Risk

—

In

following

its

methodology,

an

Index

from

time

to

time

may

be

concentrated

to

a

significant

degree

in

securities

of

issuers

located

in

a

single

industry

or

group

of

industries.

To

the

extent

that

an

Index

concentrates

in

the

securities

of

issuers

in

a

particular

industry

or

group

of

industries,

a

Fund

also

may

concentrate

its

investments

to

approximately

the

same

extent.

By

concentrating

its

investments

in

an

industry

or

group

of

industries,

a

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,

a

Fund

will

not

concentrate

in

a

particular

industry

or

group

of

industries.

Investment

Style

Risk

—

Different

investment

styles

(e.g.,

“growth”,

“value”

or

“quantitative”)

tend

to

shift

in

and

out

of

favor

depending

upon

market

and

economic

conditions

and

investor

sentiment.

A

Fund

may

outperform

or

underperform

other

funds

that

invest

in

similar

asset

classes

but

employ

different

investment

styles.

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

ActiveBeta

®

ETFS

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Large

Shareholder

Transactions

Risk

—

Certain

shareholders,

including

other

funds

advised

by

the

Investment

Adviser,

may

from

time

to

time

own

a

substantial

amount

of

a

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

a

Fund

and

hold

its

investment

solely

to

facilitate

commencement

of

a

Fund

or

to

facilitate

a

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

a

Fund

would

be

maintained

at

such

levels

or

that

a

Fund

would

continue

to

meet

applicable

listing

requirements.

Redemptions

by

large

shareholders

could

have

a

significant

negative

impact

on

a

Fund,

including

on

a

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.

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

trading

individually

or

in

the

aggregate

at

any

point

in

time.

Tracking

Error

Risk

—

Tracking

error

is

the

divergence

of

a

Fund’s

performance

from

that

of

its

Index.

The

performance

of

a

Fund

may

diverge

from

that

of

its

Index

for

a

number

of

reasons.

Tracking

error

may

occur

because

of

transaction

costs,

a

Fund’s

holding

of

cash,

differences

in

accrual

of

dividends,

changes

to

its

Index

or

the

need

to

meet

new

or

existing

regulatory

requirements.

Unlike

a

Fund,

the

returns

of

an

Index

are

not

reduced

by

investment

and

other

operating

expenses,

including

the

trading

costs

associated

with

implementing

changes

to

its

portfolio

of

investments.

Tracking

error

risk

may

be

heightened

during

times

of

market

volatility

or

other

unusual

market

conditions.

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)