Goldman Sachs ETF Trust II NPORT-P Goldman Sachs MarketBeta Total International Equity ETF (May 2024 report)

GOLDMAN

SACHS

MARKETBETA

®

TOTAL

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

May

31,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

98.0%

Australia

–

4.8%

10,043

AGL

Energy

Ltd.

(Utilities)

$

68,327

3,987

Ampol

Ltd.

(Energy)

92,062

50,249

ANZ

Group

Holdings

Ltd.

(Financials)

944,061

21,472

APA

Group

(Utilities)

117,667

9,898

Aristocrat

Leisure

Ltd.

(Consumer

Discretionary)

295,759

3,210

ASX

Ltd.

(Financials)

133,105

19,813

Atlas

Arteria

Ltd.

(Industrials)

70,100

30,737

Aurizon

Holdings

Ltd.

(Industrials)

75,225

84,043

BHP

Group

Ltd.

(Materials)

2,487,789

7,600

BlueScope

Steel

Ltd.

(Materials)

106,850

23,234

Brambles

Ltd.

(Industrials)

220,033

5,640

CAR

Group

Ltd.

(Communication

Services)

130,868

7,785

Charter

Hall

Group

REIT

(Real

Estate)

62,750

1,095

Cochlear

Ltd.

(Health

Care)

234,898

21,686

Coles

Group

Ltd.

(Consumer

Staples)

236,814

27,978

Commonwealth

Bank

of

Australia

(Financials)

2,224,254

8,808

Computershare

Ltd.

(Industrials)

155,465

17,764

Dexus

REIT

(Real

Estate)

80,099

2,616

EBOS

Group

Ltd.

(Health

Care)

53,120

22,588

Endeavour

Group

Ltd.

(Consumer

Staples)

74,510

29,872

Evolution

Mining

Ltd.

(Materials)

77,876

26,405

Fortescue

Ltd.

(Materials)

434,450

155,706

Glencore

PLC

(Materials)

953,063

30,760

Goodman

Group

REIT

(Real

Estate)

685,717

32,034

GPT

Group

(The)

REIT

(Real

Estate)

89,265

4,656

IDP

Education

Ltd.

(Consumer

Discretionary)

49,389

11,060

IGO

Ltd.

(Materials)

51,415

40,806

Insurance

Australia

Group

Ltd.

(Financials)

168,256

11,519

Lendlease

Corp.

Ltd.

(Real

Estate)

45,658

37,253

Lottery

Corp.

Ltd.

(The)

(Consumer

Discretionary)

120,655

15,493

Lynas

Rare

Earths

Ltd.

(Materials)*

68,622

6,064

Macquarie

Group

Ltd.

(Financials)

770,075

46,079

Medibank

Pvt

Ltd.

(Financials)

113,999

2,810

Mineral

Resources

Ltd.

(Materials)

133,917

65,858

Mirvac

Group

REIT

(Real

Estate)

85,846

52,287

National

Australia

Bank

Ltd.

(Financials)

1,179,169

Shares

Description

Value

a

Common

Stocks

–

(continued)

Australia

–

(continued)

18,818

Northern

Star

Resources

Ltd.

(Materials)

$

179,589

7,592

Orica

Ltd.

(Materials)

92,499

28,594

Origin

Energy

Ltd.

(Utilities)

193,777

45,931

Pilbara

Minerals

Ltd.

(Materials)

115,771

817

Pro

Medicus

Ltd.

(Health

Care)

65,267

28,733

Qantas

Airways

Ltd.

(Industrials)*

117,520

24,948

QBE

Insurance

Group

Ltd.

(Financials)

295,332

3,031

Ramsay

Health

Care

Ltd.

(Health

Care)

94,963

840

REA

Group

Ltd.

(Communication

Services)

104,304

4,932

Reece

Ltd.

(Industrials)

85,149

6,201

Rio

Tinto

Ltd.

(Materials)

531,828

17,882

Rio

Tinto

PLC

(Materials)

1,246,742

54,309

Santos

Ltd.

(Energy)

275,582

86,810

Scentre

Group

REIT

(Real

Estate)

181,859

5,731

SEEK

Ltd.

(Communication

Services)

85,528

2,580

Seven

Group

Holdings

Ltd.

(Industrials)

67,243

7,531

Sonic

Healthcare

Ltd.

(Health

Care)

121,857

75,650

South32

Ltd.

(Materials)

199,735

39,931

Stockland

REIT

(Real

Estate)

119,502

21,142

Suncorp

Group

Ltd.

(Financials)

223,702

193,078

Telstra

Group

Ltd.

(Communication

Services)

445,571

6,559

TPG

Telecom

Ltd.

(Communication

Services)

20,284

51,497

Transurban

Group

(Industrials)

428,443

13,324

Treasury

Wine

Estates

Ltd.

(Consumer

Staples)

100,396

64,253

Vicinity

Ltd.

REIT

(Real

Estate)

83,326

3,876

Washington

H

Soul

Pattinson

&

Co.

Ltd.

(Financials)

80,013

18,819

Wesfarmers

Ltd.

(Consumer

Discretionary)

812,136

58,449

Westpac

Banking

Corp.

(Financials)

1,009,882

13,712

Whitehaven

Coal

Ltd.

(Energy)

73,500

2,865

WiseTech

Global

Ltd.

(Information

Technology)

184,192

31,738

Woodside

Energy

Group

Ltd.

(Energy)

584,674

20,224

Woolworths

Group

Ltd.

(Consumer

Staples)

425,019

6,225

Worley

Ltd.

(Industrials)

60,650

3,480

Yancoal

Australia

Ltd.

(Energy)

(a)

14,813

21,611,776

Austria

–

0.2%

1,192

ANDRITZ

AG

(Industrials)

71,107

1,306

BAWAG

Group

AG

(Financials)*

(a)

85,918

GOLDMAN

SACHS

MARKETBETA

®

TOTAL

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Austria

–

(continued)

570

CA

Immobilien

Anlagen

AG

(Real

Estate)

$

18,453

5,473

Erste

Group

Bank

AG

(Financials)

267,961

557

EVN

AG

(Utilities)

17,385

7,388

Mondi

PLC

(Materials)

146,834

2,367

OMV

AG

(Energy)

118,819

2,491

Raiffeisen

Bank

International

AG

(Financials)

45,756

2,285

Telekom

Austria

AG

(Communication

Services)*

21,556

541

Verbund

AG

(Utilities)

44,518

553

Vienna

Insurance

Group

AG

Wiener

Versicherung

Gruppe

(Financials)

17,710

1,871

voestalpine

AG

(Materials)

54,557

1,789

Wienerberger

AG

(Materials)

67,004

977,578

Belgium

–

0.5%

370

Ackermans

&

van

Haaren

NV

(Industrials)

65,433

2,538

Ageas

SA/NV

(Financials)

125,915

15,676

Anheuser-Busch

InBev

SA/NV

(Consumer

Staples)

980,570

1,912

Azelis

Group

NV

(Industrials)

40,351

844

Colruyt

Group

NV

(Consumer

Staples)

43,137

349

D’ieteren

Group

(Consumer

Discretionary)

75,623

469

Elia

Group

SA/NV

(Utilities)

47,554

1,527

Groupe

Bruxelles

Lambert

NV

(Financials)

116,372

4,183

KBC

Group

NV

(Financials)

303,616

2,767

Liberty

Global

Ltd.,

Class

A

(Communication

Services)*

46,126

3,683

Liberty

Global

Ltd.,

Class

C

(Communication

Services)*

62,869

250

Sofina

SA

(Financials)

60,305

1,169

Solvay

SA

(Materials)

(b)

42,679

1,169

Syensqo

SA

(Materials)

116,018

2,011

UCB

SA

(Health

Care)

280,861

3,379

Umicore

SA

(Materials)

66,505

2,722

Warehouses

De

Pauw

CVA

REIT

(Real

Estate)

79,076

2,553,010

Brazil

–

1.2%

73,790

Ambev

SA

(Consumer

Staples)

162,298

8,884

Atacadao

SA

(Consumer

Staples)

16,768

94,412

B3

SA

–

Brasil

Bolsa

Balcao

(Financials)

192,207

24,396

Banco

Bradesco

SA

(Financials)

53,147

24,990

Banco

BTG

Pactual

SA

(Financials)

150,201

28,782

Banco

do

Brasil

SA

(Financials)

148,514

6,254

Banco

Santander

Brasil

SA

(Financials)

33,020

Shares

Description

Value

a

Common

Stocks

–

(continued)

Brazil

–

(continued)

11,243

BB

Seguridade

Participacoes

SA

(Financials)

$

69,094

8,663

Caixa

Seguridade

Participacoes

SA

(Financials)

24,510

16,715

CCR

SA

(Industrials)

38,291

19,421

Centrais

Eletricas

Brasileiras

SA

(Utilities)

128,553

5,691

Cia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo

(Utilities)

79,975

5,695

Cia

Energetica

de

Minas

Gerais

(Utilities)

13,090

12,508

Cia

Paranaense

de

Energia

(Utilities)

19,372

10,058

Cia

Siderurgica

Nacional

SA

(Materials)

25,031

19,555

Cosan

SA

(Energy)*

50,675

3,142

CPFL

Energia

SA

(Utilities)

20,385

7,515

CSN

Mineracao

SA

(Materials)

7,063

4,966

Energisa

SA

(Utilities)

43,189

10,048

Eneva

SA

(Utilities)*

23,763

2,927

Engie

Brasil

Energia

SA

(Utilities)

24,136

16,381

Equatorial

Energia

SA

(Utilities)

91,102

78,493

Hapvida

Participacoes

e

Investimentos

SA

(Health

Care)*

(a)

59,588

6,734

Hypera

SA

(Health

Care)

34,786

7,537

Itau

Unibanco

Holding

SA

(Financials)

38,647

15,373

Klabin

SA

(Materials)

59,435

14,289

Localiza

Rent

a

Car

SA

(Industrials)

116,170

15,960

Lojas

Renner

SA

(Consumer

Discretionary)

39,841

4,495

Multiplan

Empreendimentos

Imobiliarios

SA

(Real

Estate)

19,414

14,044

Natura

&

Co.

Holding

SA

(Consumer

Staples)

39,680

3,092

Neoenergia

SA

(Utilities)

11,119

38,480

NU

Holdings

Ltd.,

Class

A

(Financials)*

457,142

3,333

Pagseguro

Digital

Ltd.,

Class

A

(Financials)*

40,829

61,971

Petroleo

Brasileiro

SA

(Energy)

479,888

2,828

Porto

Seguro

SA

(Financials)

16,330

12,044

PRIO

SA

(Energy)

95,351

21,058

Raia

Drogasil

SA

(Consumer

Staples)

100,445

16,495

Rede

D’Or

Sao

Luiz

SA

(Health

Care)

(a)

86,181

20,396

Rumo

SA

(Industrials)

76,487

22,624

Sendas

Distribuidora

SA

(Consumer

Staples)*

52,429

4,011

StoneCo

Ltd.,

Class

A

(Financials)*

55,512

11,600

Suzano

SA

(Materials)

107,484

6,795

Telefonica

Brasil

SA

(Communication

Services)

55,980

GOLDMAN

SACHS

MARKETBETA

®

TOTAL

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Brazil

–

(continued)

13,374

TIM

SA

(Communication

Services)

$

40,357

8,693

TOTVS

SA

(Information

Technology)

47,502

12,111

Ultrapar

Participacoes

SA

(Energy)

53,390

65,689

Vale

SA

(Materials)

789,890

18,664

Vibra

Energia

SA

(Consumer

Discretionary)

76,491

24,833

WEG

SA

(Industrials)

177,417

7,572

Wheaton

Precious

Metals

Corp.

(Materials)

414,665

6,493

XP,

Inc.,

Class

A

(Financials)

123,302

2,573

Yara

International

ASA

(Materials)

79,604

5,259,740

Canada

–

7.2%

8,269

Agnico

Eagle

Mines

Ltd.

(Materials)

563,844

5,993

Air

Canada

(Industrials)*

80,015

11,500

Algonquin

Power

&

Utilities

Corp.

(Utilities)

72,299

12,223

Alimentation

Couche-Tard,

Inc.

(Consumer

Staples)

713,304

4,676

AltaGas

Ltd.

(Utilities)

105,481

10,181

ARC

Resources

Ltd.

(Energy)

192,619

11,936

Bank

of

Montreal

(Financials)

1,064,315

20,054

Bank

of

Nova

Scotia

(The)

(Financials)

949,187

29,188

Barrick

Gold

Corp.

(Materials)

497,833

15,264

BCE,

Inc.

(Communication

Services)

(b)

522,032

5,852

Brookfield

Asset

Management

Ltd.,

Class

A

(Financials)

(b)

229,675

25,766

Brookfield

Corp.

(Financials)

1,121,822

5,320

CAE,

Inc.

(Industrials)*

99,871

7,224

Cameco

Corp.

(Energy)

400,800

2,795

Canadian

Apartment

Properties

REIT

(Real

Estate)

91,448

15,359

Canadian

Imperial

Bank

of

Commerce

(Financials)

761,443

9,690

Canadian

National

Railway

Co.

(Industrials)

1,233,331

17,468

Canadian

Natural

Resources

Ltd.

(Energy)

1,341,672

15,583

Canadian

Pacific

Kansas

City

Ltd.

(Industrials)

1,240,215

892

Canadian

Tire

Corp.

Ltd.,

Class

A

(Consumer

Discretionary)

89,020

2,063

Canadian

Utilities

Ltd.,

Class

A

(Utilities)

47,037

2,418

CCL

Industries,

Inc.,

Class

B

(Materials)

124,612

21,984

Cenovus

Energy,

Inc.

(Energy)

458,178

3,463

CGI,

Inc.

(Information

Technology)*

341,918

4,624

Choice

Properties

Real

Estate

Investment

Trust

REIT

(Real

Estate)

43,080

Shares

Description

Value

a

Common

Stocks

–

(continued)

Canada

–

(continued)

334

Constellation

Software,

Inc.

(Information

Technology)

$

928,891

4,616

Dollarama,

Inc.

(Consumer

Discretionary)

436,829

4,543

Emera,

Inc.

(Utilities)

158,171

2,513

Empire

Co.

Ltd.

(Consumer

Staples)

59,527

35,528

Enbridge,

Inc.

(Energy)

1,298,727

392

Fairfax

Financial

Holdings

Ltd.

(Financials)

441,220

648

FirstService

Corp.

(Real

Estate)

95,121

8,100

Fortis,

Inc.

(Utilities)

323,905

3,187

Franco-Nevada

Corp.

(Materials)

392,054

1,021

George

Weston

Ltd.

(Consumer

Staples)

145,036

2,875

Gildan

Activewear,

Inc.

(Consumer

Discretionary)

109,968

4,578

Great-West

Lifeco,

Inc.

(Financials)

(b)

137,291

5,287

Hydro

One

Ltd.

(Utilities)

(a)

152,271

1,722

iA

Financial

Corp.,

Inc.

(Financials)

112,101

1,498

IGM

Financial,

Inc.

(Financials)

40,012

2,784

Imperial

Oil

Ltd.

(Energy)

196,676

2,926

Intact

Financial

Corp.

(Financials)

489,488

9,594

Ivanhoe

Mines

Ltd.,

Class

A

(Materials)*

138,510

3,822

Keyera

Corp.

(Energy)

101,189

20,343

Kinross

Gold

Corp.

(Materials)

165,203

2,431

Loblaw

Cos.

Ltd.

(Consumer

Staples)

282,307

4,443

Magna

International,

Inc.

(Consumer

Discretionary)

200,972

30,090

Manulife

Financial

Corp.

(Financials)

781,415

3,846

Metro,

Inc.

(Consumer

Staples)

204,919

5,626

National

Bank

of

Canada

(Financials)

480,778

4,218

Northland

Power,

Inc.

(Utilities)

(b)

72,097

8,302

Nutrien

Ltd.

(Materials)

486,433

1,105

Onex

Corp.

(Financials)

78,322

4,459

Open

Text

Corp.

(Information

Technology)

130,452

6,080

Pan

American

Silver

Corp.

(Materials)

133,852

9,203

Pembina

Pipeline

Corp.

(Energy)

341,817

8,882

Power

Corp.

of

Canada

(Financials)

257,830

2,563

Quebecor,

Inc.,

Class

B

(Communication

Services)

(b)

54,056

3,034

RB

Global,

Inc.

(Industrials)

220,481

4,698

Restaurant

Brands

International,

Inc.

(Consumer

Discretionary)

322,103

GOLDMAN

SACHS

MARKETBETA

®

TOTAL

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Canada

–

(continued)

6,204

Rogers

Communications,

Inc.,

Class

B

(Communication

Services)

$

250,636

23,566

Royal

Bank

of

Canada

(Financials)

2,575,551

4,086

Saputo,

Inc.

(Consumer

Staples)

82,670

19,328

Shopify,

Inc.,

Class

A

(Information

Technology)*

1,143,672

1,896

Stantec,

Inc.

(Industrials)

152,999

9,811

Sun

Life

Financial,

Inc.

(Financials)

491,648

21,909

Suncor

Energy,

Inc.

(Energy)

893,622

17,364

TC

Energy

Corp.

(Energy)

669,517

7,667

Teck

Resources

Ltd.,

Class

B

(Materials)

398,719

24,034

TELUS

Corp.

(Communication

Services)

395,116

1,298

TFI

International,

Inc.

(Industrials)

171,721

2,372

Thomson

Reuters

Corp.

(Industrials)

408,120

29,374

Toronto-Dominion

Bank

(The)

(Financials)

1,642,005

5,312

Tourmaline

Oil

Corp.

(Energy)

263,466

916

West

Fraser

Timber

Co.

Ltd.

(Materials)

73,265

2,077

WSP

Global,

Inc.

(Industrials)

312,354

32,280,156

Chile

–

0.2%

5,481

Antofagasta

PLC

(Materials)

153,734

732,567

Banco

de

Chile

(Financials)

86,912

1,484

Banco

de

Credito

e

Inversiones

SA

(Financials)

42,077

1,035,331

Banco

Santander

Chile

(Financials)

48,964

21,286

Cencosud

SA

(Consumer

Staples)

39,941

237,329

Cia

Sud

Americana

de

Vapores

SA

(Industrials)

15,362

19,465

Empresas

CMPC

SA

(Materials)

40,702

6,957

Empresas

Copec

SA

(Energy)

57,697

318,405

Enel

Americas

SA

(Utilities)

31,468

406,089

Enel

Chile

SA

(Utilities)

23,254

19,748

Falabella

SA

(Consumer

Discretionary)*

59,777

7,488,636

Latam

Airlines

Group

SA

(Industrials)

100,665

10,962

Lundin

Mining

Corp.

(Materials)

126,013

826,566

China

–

7.8%

6,600

360

Security

Technology,

Inc.,

Class

A

(Information

Technology)*

7,474

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

2,100

37

Interactive

Entertainment

Network

Technology

Group

Co.

Ltd.,

Class

A

(Communication

Services)

$

4,195

200

3peak,

Inc.,

Class

A

(Information

Technology)*

2,614

11,667

AAC

Technologies

Holdings,

Inc.

(Information

Technology)

35,866

700

Accelink

Technologies

Co.

Ltd.,

Class

A

(Information

Technology)

3,178

232

ACM

Research

Shanghai,

Inc.,

Class

A

(Information

Technology)

2,423

575

Advanced

Micro-Fabrication

Equipment

Inc

China,

Class

A

(Information

Technology)

10,265

1,200

AECC

Aero-Engine

Control

Co.

Ltd.,

Class

A

(Industrials)

3,385

2,500

AECC

Aviation

Power

Co.

Ltd.,

Class

A

(Industrials)

12,834

90,400

Agricultural

Bank

of

China

Ltd.,

Class

A

(Financials)

54,604

473,569

Agricultural

Bank

of

China

Ltd.,

Class

H

(Financials)

197,942

9,400

Aier

Eye

Hospital

Group

Co.

Ltd.,

Class

A

(Health

Care)

15,675

600

AIMA

Technology

Group

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

2,859

7,100

Air

China

Ltd.,

Class

A

(Industrials)*

7,297

26,791

Air

China

Ltd.,

Class

H

(Industrials)*

14,246

2,846

Airtac

International

Group

(Industrials)

89,613

1,700

Aisino

Corp.,

Class

A

(Information

Technology)

1,878

8,069

Akeso,

Inc.

(Health

Care)*

(a)

45,382

263,491

Alibaba

Group

Holding

Ltd.

(Consumer

Discretionary)

2,522,637

84,278

Alibaba

Health

Information

Technology

Ltd.

(Consumer

Staples)*

35,334

12,400

Aluminum

Corp.

of

China

Ltd.,

Class

A

(Materials)

13,973

63,030

Aluminum

Corp.

of

China

Ltd.,

Class

H

(Materials)

47,051

387

Amlogic

Shanghai

Co.

Ltd.,

Class

A

(Information

Technology)

3,099

6,000

Angang

Steel

Co.

Ltd.,

Class

A

(Materials)

1,891

22,177

Angang

Steel

Co.

Ltd.,

Class

H

(Materials)

3,969

800

Angel

Yeast

Co.

Ltd.,

Class

A

(Consumer

Staples)

3,366

3,700

Anhui

Conch

Cement

Co.

Ltd.,

Class

A

(Materials)

12,223

GOLDMAN

SACHS

MARKETBETA

®

TOTAL

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

19,805

Anhui

Conch

Cement

Co.

Ltd.,

Class

H

(Materials)

$

48,960

1,400

Anhui

Gujing

Distillery

Co.

Ltd.,

Class

A

(Consumer

Staples)

48,291

2,000

Anhui

Jianghuai

Automobile

Group

Corp.

Ltd.,

Class

A

(Consumer

Discretionary)*

4,433

600

Anhui

Kouzi

Distillery

Co.

Ltd.,

Class

A

(Consumer

Staples)

3,467

600

Anhui

Yingjia

Distillery

Co.

Ltd.,

Class

A

(Consumer

Staples)

5,743

300

Anjoy

Foods

Group

Co.

Ltd.,

Class

A

(Consumer

Staples)

3,762

390

Anker

Innovations

Technology

Co.

Ltd.,

Class

A

(Information

Technology)

3,763

21,434

ANTA

Sports

Products

Ltd.

(Consumer

Discretionary)

228,084

1,100

Apeloa

Pharmaceutical

Co.

Ltd.,

Class

A

(Health

Care)

2,201

900

Asia

-

Potash

International

Investment

Guangzhou

Co.

Ltd.,

Class

A

(Materials)*

2,365

392

ASR

Microelectronics

Co.

Ltd.,

Class

A

(Information

Technology)*

2,104

300

Asymchem

Laboratories

Tianjin

Co.

Ltd.,

Class

A

(Health

Care)

3,166

433

Asymchem

Laboratories

Tianjin

Co.

Ltd.,

Class

H

(Health

Care)

(a)

2,983

500

Autobio

Diagnostics

Co.

Ltd.,

Class

A

(Health

Care)

3,529

1,121

Autohome,

Inc.

ADR

(Communication

Services)

31,836

1,800

Avary

Holding

Shenzhen

Co.

Ltd.,

Class

A

(Information

Technology)

7,405

8,300

AVIC

Industry-Finance

Holdings

Co.

Ltd.,

Class

A

(Financials)

3,289

36,850

AviChina

Industry

&

Technology

Co.

Ltd.,

Class

H

(Industrials)

16,674

600

AVICOPTER

PLC,

Class

A

(Industrials)

3,438

5,200

BAIC

BluePark

New

Energy

Technology

Co.

Ltd.,

Class

A

(Consumer

Discretionary)*

5,287

4,714

Baidu,

Inc.

ADR

(Communication

Services)*

458,201

5,600

Baiyin

Nonferrous

Group

Co.

Ltd.,

Class

A

(Materials)

2,412

19,900

Bank

of

Beijing

Co.

Ltd.,

Class

A

(Financials)

15,935

3,700

Bank

of

Changsha

Co.

Ltd.,

Class

A

(Financials)

4,373

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

3,500

Bank

of

Chengdu

Co.

Ltd.,

Class

A

(Financials)

$

7,609

41,700

Bank

of

China

Ltd.,

Class

A

(Financials)

25,475

1,399,872

Bank

of

China

Ltd.,

Class

H

(Financials)

662,060

1,400

Bank

of

Chongqing

Co.

Ltd.,

Class

A

(Financials)

1,512

39,400

Bank

of

Communications

Co.

Ltd.,

Class

A

(Financials)

38,218

121,733

Bank

of

Communications

Co.

Ltd.,

Class

H

(Financials)

91,650

3,400

Bank

of

Guiyang

Co.

Ltd.,

Class

A

(Financials)

2,741

5,500

Bank

of

Hangzhou

Co.

Ltd.,

Class

A

(Financials)

10,284

16,000

Bank

of

Jiangsu

Co.

Ltd.,

Class

A

(Financials)

18,206

9,700

Bank

of

Nanjing

Co.

Ltd.,

Class

A

(Financials)

13,840

6,600

Bank

of

Ningbo

Co.

Ltd.,

Class

A

(Financials)

22,494

13,300

Bank

of

Shanghai

Co.

Ltd.,

Class

A

(Financials)

14,292

3,400

Bank

of

Suzhou

Co.

Ltd.,

Class

A

(Financials)*

3,742

6,600

Bank

of

Zhengzhou

Co.

Ltd.,

Class

A

(Financials)*

1,734

21,200

Baoshan

Iron

&

Steel

Co.

Ltd.,

Class

A

(Materials)

20,127

7,900

BBMG

Corp.,

Class

A

(Materials)

1,859

832

BeiGene

Ltd.

ADR

(Health

Care)*

123,843

200

BeiGene

Ltd.,

Class

A

(Health

Care)*

3,344

6,900

Beijing

Capital

Eco-

Environment

Protection

Group

Co.

Ltd.,

Class

A

(Utilities)

2,782

400

Beijing

Compass

Technology

Development

Co.

Ltd.,

Class

A

(Financials)*

2,346

3,900

Beijing

Dabeinong

Technology

Group

Co.

Ltd.,

Class

A

(Consumer

Staples)

2,501

500

Beijing

Easpring

Material

Technology

Co.

Ltd.,

Class

A

(Industrials)

2,730

600

Beijing

E-Hualu

Information

Technology

Co.

Ltd.,

Class

A

(Information

Technology)*

1,537

2,700

Beijing

Enlight

Media

Co.

Ltd.,

Class

A

(Communication

Services)

3,377

7,932

Beijing

Enterprises

Holdings

Ltd.

(Utilities)

27,882

61,869

Beijing

Enterprises

Water

Group

Ltd.

(Utilities)

19,692

GOLDMAN

SACHS

MARKETBETA

®

TOTAL

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

200

Beijing

Huafeng

Test

&

Control

Technology

Co.

Ltd.,

Class

A

(Information

Technology)*

$

3,082

4,400

Beijing

Jingneng

Power

Co.

Ltd.,

Class

A

(Utilities)

2,028

429

Beijing

Kingsoft

Office

Software,

Inc.,

Class

A

(Information

Technology)

15,276

1,600

Beijing

New

Building

Materials

PLC,

Class

A

(Industrials)

7,115

2,400

Beijing

Oriental

Yuhong

Waterproof

Technology

Co.

Ltd.,

Class

A

(Materials)

4,871

3,400

Beijing

Originwater

Technology

Co.

Ltd.,

Class

A

(Industrials)

2,189

200

Beijing

Roborock

Technology

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

11,471

1,800

Beijing

Shiji

Information

Technology

Co.

Ltd.,

Class

A

(Information

Technology)*

1,635

3,400

Beijing

Shougang

Co.

Ltd.,

Class

A

(Materials)*

1,460

1,500

Beijing

Tiantan

Biological

Products

Corp.

Ltd.,

Class

A

(Health

Care)

5,849

1,300

Beijing

Tongrentang

Co.

Ltd.,

Class

A

(Health

Care)

7,972

1,800

Beijing

Ultrapower

Software

Co.

Ltd.,

Class

A

(Information

Technology)

2,095

700

Beijing

United

Information

Technology

Co.

Ltd.,

Class

A

(Industrials)

2,140

700

Beijing

Wantai

Biological

Pharmacy

Enterprise

Co.

Ltd.,

Class

A

(Health

Care)

6,561

2,600

Beijing

Yanjing

Brewery

Co.

Ltd.,

Class

A

(Consumer

Staples)

3,348

41,100

Beijing-Shanghai

High

Speed

Railway

Co.

Ltd.,

Class

A

(Industrials)

28,614

7,500

Beiqi

Foton

Motor

Co.

Ltd.,

Class

A

(Consumer

Discretionary)*

2,539

560

Bethel

Automotive

Safety

Systems

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

2,764

400

Betta

Pharmaceuticals

Co.

Ltd.,

Class

A

(Health

Care)

2,081

400

BGI

Genomics

Co.

Ltd.,

Class

A

(Health

Care)

2,161

4,074

Bilibili,

Inc.,

Class

Z

(Communication

Services)*

(b)

57,907

432

Bloomage

Biotechnology

Corp.

Ltd.,

Class

A

(Health

Care)

3,486

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

2,300

Bluefocus

Intelligent

Communications

Group

Co.

Ltd.,

Class

A

(Communication

Services)*

$

1,908

1,100

Bluestar

Adisseo

Co.,

Class

A

(Materials)

1,498

3,485

BOC

Aviation

Ltd.

(Industrials)

(a)

25,837

60,071

BOC

Hong

Kong

Holdings

Ltd.

(Financials)

188,121

2,600

BOC

International

China

Co.

Ltd.,

Class

A

(Financials)

3,502

37,600

BOE

Technology

Group

Co.

Ltd.,

Class

A

(Information

Technology)

21,107

48,750

Brilliance

China

Automotive

Holdings

Ltd.

(Consumer

Discretionary)

38,323

1,000

BTG

Hotels

Group

Co.

Ltd.,

Class

A

(Consumer

Discretionary)*

1,979

28,333

Budweiser

Brewing

Co.

APAC

Ltd.

(Consumer

Staples)

(a)

35,781

1,800

BYD

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

56,720

16,705

BYD

Co.

Ltd.,

Class

H

(Consumer

Discretionary)

468,906

12,583

BYD

Electronic

International

Co.

Ltd.

(Information

Technology)

54,364

1,600

By-health

Co.

Ltd.,

Class

A

(Consumer

Staples)

3,329

8,472

C&D

International

Investment

Group

Ltd.

(Real

Estate)

17,067

2,500

Caida

Securities

Co.

Ltd.,

Class

A

(Financials)

2,308

4,300

Caitong

Securities

Co.

Ltd.,

Class

A

(Financials)

4,272

375

Cambricon

Technologies

Corp.

Ltd.,

Class

A

(Information

Technology)*

9,019

800

Canmax

Technologies

Co.

Ltd.,

Class

A

(Materials)

2,127

546

Cathay

Biotech,

Inc.,

Class

A

(Materials)

3,654

3,700

CECEP

Solar

Energy

Co.

Ltd.,

Class

A

(Utilities)

2,652

6,000

CECEP

Wind-Power

Corp.,

Class

A

(Utilities)

2,658

800

CETC

Cyberspace

Security

Technology

Co.

Ltd.,

Class

A

(Information

Technology)

1,757

14,400

CGN

Power

Co.

Ltd.,

Class

A

(Utilities)

8,302

177,336

CGN

Power

Co.

Ltd.,

Class

H

(Utilities)*

(a)

67,776

400

Changchun

High-Tech

Industry

Group

Co.

Ltd.,

Class

A

(Health

Care)

5,768

GOLDMAN

SACHS

MARKETBETA

®

TOTAL

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

5,100

Changjiang

Securities

Co.

Ltd.,

Class

A

(Financials)

$

3,873

300

Changzhou

Xingyu

Automotive

Lighting

Systems

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

5,072

1,800

Chaozhou

Three-Circle

Group

Co.

Ltd.,

Class

A

(Information

Technology)

7,205

800

Chengxin

Lithium

Group

Co.

Ltd.,

Class

A

(Materials)

1,782

1,500

Chifeng

Jilong

Gold

Mining

Co.

Ltd.,

Class

A

(Materials)

3,612

900

China

Automotive

Engineering

Research

Institute

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

2,387

2,400

China

Baoan

Group

Co.

Ltd.,

Class

A

(Industrials)

3,269

140,651

China

Cinda

Asset

Management

Co.

Ltd.,

Class

H

(Financials)

13,484

4,900

China

CITIC

Bank

Corp.

Ltd.,

Class

A

(Financials)

4,861

173,443

China

CITIC

Bank

Corp.

Ltd.,

Class

H

(Financials)

105,750

3,600

China

Coal

Energy

Co.

Ltd.,

Class

A

(Energy)

6,578

35,055

China

Coal

Energy

Co.

Ltd.,

Class

H

(Energy)

44,136

37,334

China

Communications

Services

Corp.

Ltd.,

Class

H

(Industrials)

17,991

9,000

China

Construction

Bank

Corp.,

Class

A

(Financials)

8,718

1,576,468

China

Construction

Bank

Corp.,

Class

H

(Financials)

1,116,355

4,200

China

CSSC

Holdings

Ltd.,

Class

A

(Industrials)

21,462

9,900

China

Eastern

Airlines

Corp.

Ltd.,

Class

A

(Industrials)*

5,380

31,943

China

Eastern

Airlines

Corp.

Ltd.,

Class

H

(Industrials)*

8,983

30,600

China

Energy

Engineering

Corp.

Ltd.,

Class

A

(Industrials)

9,220

96,069

China

Energy

Engineering

Corp.

Ltd.,

Class

H

(Industrials)*

10,929

3,300

China

Enterprise

Co.

Ltd.,

Class

A

(Real

Estate)

1,253

43,700

China

Everbright

Bank

Co.

Ltd.,

Class

A

(Financials)

19,481

122,205

China

Everbright

Bank

Co.

Ltd.,

Class

H

(Financials)

39,208

55,011

China

Everbright

Environment

Group

Ltd.

(Industrials)

(b)

25,595

55,685

China

Feihe

Ltd.

(Consumer

Staples)

(a)

27,546

1,700

China

Film

Co.

Ltd.,

Class

A

(Communication

Services)*

2,690

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

6,400

China

First

Heavy

Industries

Co.

Ltd.,

Class

A

(Industrials)*

$

2,237

4,200

China

Galaxy

Securities

Co.

Ltd.,

Class

A

(Financials)

6,651

57,681

China

Galaxy

Securities

Co.

Ltd.,

Class

H

(Financials)

31,040

45,138

China

Gas

Holdings

Ltd.

(Utilities)

42,638

3,600

China

Great

Wall

Securities

Co.

Ltd.,

Class

A

(Financials)

3,591

3,000

China

Greatwall

Technology

Group

Co.

Ltd.,

Class

A

(Information

Technology)

3,835

1,300

China

Green

Electricity

Investment

of

Tianjin

Co.

Ltd.,

Class

A

(Real

Estate)

1,912

39,845

China

Hongqiao

Group

Ltd.

(Materials)

(b)

65,701

1,500

China

International

Capital

Corp.

Ltd.,

Class

A

(Financials)

6,505

24,855

China

International

Capital

Corp.

Ltd.,

Class

H

(Financials)

(a)

29,546

2,100

China

International

Marine

Containers

Group

Co.

Ltd.,

Class

A

(Industrials)

2,768

3,700

China

Jushi

Co.

Ltd.,

Class

A

(Materials)

5,834

2,000

China

Life

Insurance

Co.

Ltd.,

Class

A

(Financials)

8,627

124,569

China

Life

Insurance

Co.

Ltd.,

Class

H

(Financials)

176,424

6,203

China

Literature

Ltd.

(Communication

Services)*

(a)

20,853

55,914

China

Longyuan

Power

Group

Corp.

Ltd.,

Class

H

(Utilities)

50,959

20,708

China

Medical

System

Holdings

Ltd.

(Health

Care)

17,496

49,773

China

Mengniu

Dairy

Co.

Ltd.

(Consumer

Staples)*

91,360

20,700

China

Merchants

Bank

Co.

Ltd.,

Class

A

(Financials)

97,634

63,351

China

Merchants

Bank

Co.

Ltd.,

Class

H

(Financials)

281,799

7,600

China

Merchants

Energy

Shipping

Co.

Ltd.,

Class

A

(Energy)

9,275

2,300

China

Merchants

Expressway

Network

&

Technology

Holdings

Co.

Ltd.,

Class

A

(Industrials)

3,718

20,774

China

Merchants

Port

Holdings

Co.

Ltd.

(Industrials)

29,528

6,900

China

Merchants

Securities

Co.

Ltd.,

Class

A

(Financials)

13,472

7,128

China

Merchants

Securities

Co.

Ltd.,

Class

H

(Financials)

(a)

5,931

GOLDMAN

SACHS

MARKETBETA

®

TOTAL

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

7,200

China

Merchants

Shekou

Industrial

Zone

Holdings

Co.

Ltd.,

Class

A

(Real

Estate)*

$

9,560

33,400

China

Minsheng

Banking

Corp.

Ltd.,

Class

A

(Financials)

17,968

115,696

China

Minsheng

Banking

Corp.

Ltd.,

Class

H

(Financials)

43,774

71,243

China

National

Building

Material

Co.

Ltd.,

Class

H

(Materials)

28,503

5,700

China

National

Chemical

Engineering

Co.

Ltd.,

Class

A

(Industrials)

6,415

700

China

National

Medicines

Corp.

Ltd.,

Class

A

(Health

Care)

3,275

17,800

China

National

Nuclear

Power

Co.

Ltd.,

Class

A

(Utilities)

23,462

800

China

National

Software

&

Service

Co.

Ltd.,

Class

A

(Information

Technology)

3,376

3,400

China

Northern

Rare

Earth

Group

High-Tech

Co.

Ltd.,

Class

A

(Materials)

8,842

1,300

China

Oilfield

Services

Ltd.,

Class

A

(Energy)

3,232

30,321

China

Oilfield

Services

Ltd.,

Class

H

(Energy)

32,285

62,112

China

Overseas

Land

&

Investment

Ltd.

(Real

Estate)

117,025

20,046

China

Overseas

Property

Holdings

Ltd.

(Real

Estate)

13,555

6,900

China

Pacific

Insurance

Group

Co.

Ltd.,

Class

A

(Financials)

27,323

42,293

China

Pacific

Insurance

Group

Co.

Ltd.,

Class

H

(Financials)*

110,282

31,500

China

Petroleum

&

Chemical

Corp.,

Class

A

(Energy)

27,955

401,984

China

Petroleum

&

Chemical

Corp.,

Class

H

(Energy)

254,858

4,800

China

Petroleum

Engineering

Corp.,

Class

A

(Energy)

2,166

80,742

China

Power

International

Development

Ltd.

(Utilities)

37,980

4,618

China

Railway

Construction

Heavy

Industry

Corp.

Ltd.,

Class

A

(Industrials)

2,497

19,300

China

Railway

Group

Ltd.,

Class

A

(Industrials)

17,473

67,715

China

Railway

Group

Ltd.,

Class

H

(Industrials)

36,353

5,728

China

Railway

Signal

&

Communication

Corp.

Ltd.,

Class

A

(Information

Technology)

4,327

27,070

China

Railway

Signal

&

Communication

Corp.

Ltd.,

Class

H

(Information

Technology)

(a)

11,419

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

900

China

Rare

Earth

Resources

And

Technology

Co.

Ltd.,

Class

A

(Materials)

$

3,388

26,117

China

Resources

Beer

Holdings

Co.

Ltd.

(Consumer

Staples)

104,657

14,929

China

Resources

Gas

Group

Ltd.

(Utilities)

51,809

48,287

China

Resources

Land

Ltd.

(Real

Estate)

175,289

1,238

China

Resources

Microelectronics

Ltd.,

Class

A

(Information

Technology)

6,502

10,042

China

Resources

Mixc

Lifestyle

Services

Ltd.

(Real

Estate)

(a)

34,914

25,973

China

Resources

Pharmaceutical

Group

Ltd.

(Health

Care)

(a)

19,222

29,845

China

Resources

Power

Holdings

Co.

Ltd.

(Utilities)

84,499

900

China

Resources

Sanjiu

Medical

&

Pharmaceutical

Co.

Ltd.,

Class

A

(Health

Care)

7,534

107,695

China

Ruyi

Holdings

Ltd.

(Communication

Services)*

29,459

400

China

Science

Publishing

&

Media

Ltd.,

Class

A

(Communication

Services)

1,177

6,500

China

Shenhua

Energy

Co.

Ltd.,

Class

A

(Energy)

37,857

56,540

China

Shenhua

Energy

Co.

Ltd.,

Class

H

(Energy)

274,268

1,700

China

South

Publishing

&

Media

Group

Co.

Ltd.,

Class

A

(Communication

Services)

3,036

10,500

China

Southern

Airlines

Co.

Ltd.,

Class

A

(Industrials)*

8,495

27,099

China

Southern

Airlines

Co.

Ltd.,

Class

H

(Industrials)*

11,050

2,700

China

Southern

Power

Grid

Energy

Efficiency

&

Clean

Energy

Co.

Ltd.,

Class

A

(Industrials)

1,835

1,500

China

Southern

Power

Grid

Energy

Storage

Co.

Ltd.,

Class

A

(Utilities)

2,241

42,100

China

State

Construction

Engineering

Corp.

Ltd.,

Class

A

(Industrials)

32,612

29,676

China

State

Construction

International

Holdings

Ltd.

(Industrials)

39,298

900

China

Suntien

Green

Energy

Corp.

Ltd.,

Class

A

(Energy)

1,133

28,896

China

Suntien

Green

Energy

Corp.

Ltd.,

Class

H

(Energy)*

13,592

23,316

China

Taiping

Insurance

Holdings

Co.

Ltd.

(Financials)

25,184

GOLDMAN

SACHS

MARKETBETA

®

TOTAL

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

28,800

China

Three

Gorges

Renewables

Group

Co.

Ltd.,

Class

A

(Utilities)

$

18,505

2,000

China

Tourism

Group

Duty

Free

Corp.

Ltd.,

Class

A

(Consumer

Discretionary)

19,538

1,400

China

Tourism

Group

Duty

Free

Corp.

Ltd.,

Class

H

(Consumer

Discretionary)

(a)(b)

11,158

726,328

China

Tower

Corp.

Ltd.,

Class

H

(Communication

Services)

(a)

85,414

56,666

China

Traditional

Chinese

Medicine

Holdings

Co.

Ltd.

(Health

Care)

30,566

31,900

China

United

Network

Communications

Ltd.,

Class

A

(Communication

Services)

20,058

9,100

China

Vanke

Co.

Ltd.,

Class

A

(Real

Estate)

10,330

36,939

China

Vanke

Co.

Ltd.,

Class

H

(Real

Estate)

25,355

4,800

China

XD

Electric

Co.

Ltd.,

Class

A

(Industrials)

4,478

23,500

China

Yangtze

Power

Co.

Ltd.,

Class

A

(Utilities)

86,040

500

China

Zhenhua

Group

Science

&

Technology

Co.

Ltd.,

Class

A

(Information

Technology)

3,106

20,200

China

Zheshang

Bank

Co.

Ltd.,

Class

A

(Financials)*

8,282

39,703

China

Zheshang

Bank

Co.

Ltd.,

Class

H

(Financials)*

11,469

800

Chinalin

Securities

Co.

Ltd.,

Class

A

(Financials)*

1,210

500

Chongqing

Brewery

Co.

Ltd.,

Class

A

(Consumer

Staples)

4,743

21,900

Chongqing

Changan

Automobile

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

41,552

8,300

Chongqing

Rural

Commercial

Bank

Co.

Ltd.,

Class

A

(Financials)

5,893

37,131

Chongqing

Rural

Commercial

Bank

Co.

Ltd.,

Class

H

(Financials)

17,086

500

Chongqing

Taiji

Industry

Group

Co.

Ltd.,

Class

A

(Health

Care)*

2,453

1,700

Chongqing

Water

Group

Co.

Ltd.,

Class

A

(Utilities)

1,188

2,400

Chongqing

Zhifei

Biological

Products

Co.

Ltd.,

Class

A

(Health

Care)

10,831

29,227

Chow

Tai

Fook

Jewellery

Group

Ltd.

(Consumer

Discretionary)

37,508

1,400

CIMC

Vehicles

Group

Co.

Ltd.,

Class

A

(Industrials)

1,795

106,502

CITIC

Ltd.

(Industrials)

107,545

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

1,700

Citic

Pacific

Special

Steel

Group

Co.

Ltd.,

Class

A

(Materials)

$

3,530

12,300

CITIC

Securities

Co.

Ltd.,

Class

A

(Financials)

31,512

32,418

CITIC

Securities

Co.

Ltd.,

Class

H

(Financials)

50,305

16,600

CMOC

Group

Ltd.,

Class

A

(Materials)

19,049

60,780

CMOC

Group

Ltd.,

Class

H

(Materials)

56,015

840

CNGR

Advanced

Material

Co.

Ltd.,

Class

A

(Materials)

4,084

5,700

CNOOC

Energy

Technology

&

Services

Ltd.,

Class

A

(Energy)

3,278

5,100

CNPC

Capital

Co.

Ltd.,

Class

A

(Financials)

3,986

4,400

Contemporary

Amperex

Technology

Co.

Ltd.,

Class

A

(Industrials)

119,723

9,300

COSCO

SHIPPING

Development

Co.

Ltd.,

Class

A

(Industrials)

3,404

3,200

COSCO

SHIPPING

Energy

Transportation

Co.

Ltd.,

Class

A

(Energy)

7,758

21,693

COSCO

SHIPPING

Energy

Transportation

Co.

Ltd.,

Class

H

(Energy)

30,557

12,900

COSCO

SHIPPING

Holdings

Co.

Ltd.,

Class

A

(Industrials)

26,695

52,778

COSCO

SHIPPING

Holdings

Co.

Ltd.,

Class

H

(Industrials)

88,106

219,258

Country

Garden

Holdings

Co.

Ltd.

(Real

Estate)*

(c)

—

36,071

Country

Garden

Services

Holdings

Co.

Ltd.

(Real

Estate)

26,235

22,900

CRRC

Corp.

Ltd.,

Class

A

(Industrials)

21,961

73,177

CRRC

Corp.

Ltd.,

Class

H

(Industrials)

43,775

2,800

CSC

Financial

Co.

Ltd.,

Class

A

(Financials)

8,152

14,289

CSC

Financial

Co.

Ltd.,

Class

H

(Financials)

(a)

11,415

1,080

CSPC

Innovation

Pharmaceutical

Co.

Ltd.,

Class

A

(Health

Care)

4,654

139,705

CSPC

Pharmaceutical

Group

Ltd.

(Health

Care)

118,395

1,300

CSSC

Science

&

Technology

Co.

Ltd.,

Class

A

(Industrials)*

2,756

14,200

Daqin

Railway

Co.

Ltd.,

Class

A

(Industrials)

13,813

1,100

DaShenLin

Pharmaceutical

Group

Co.

Ltd.,

Class

A

(Consumer

Staples)

3,038

GOLDMAN

SACHS

MARKETBETA

®

TOTAL

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

8,100

Datang

International

Power

Generation

Co.

Ltd.,

Class

A

(Utilities)

$

3,377

44,542

Datang

International

Power

Generation

Co.

Ltd.,

Class

H

(Utilities)

9,166

3,000

DHC

Software

Co.

Ltd.,

Class

A

(Information

Technology)

2,068

1,000

Do-Fluoride

New

Materials

Co.

Ltd.,

Class

A

(Materials)

1,829

600

Dong-E-E-Jiao

Co.

Ltd.,

Class

A

(Health

Care)

5,590

2,600

Dongfang

Electric

Corp.

Ltd.,

Class

A

(Industrials)

6,575

5,344

Dongfang

Electric

Corp.

Ltd.,

Class

H

(Industrials)

8,607

43,543

Dongfeng

Motor

Group

Co.

Ltd.,

Class

H

(Consumer

Discretionary)

14,081

400

Dongguan

Yiheda

Automation

Co.

Ltd.,

Class

A

(Industrials)

1,245

3,000

Dongxing

Securities

Co.

Ltd.,

Class

A

(Financials)

3,455

7,649

East

Buy

Holding

Ltd.

(Consumer

Staples)*

(a)

17,931

15,900

East

Money

Information

Co.

Ltd.,

Class

A

(Financials)

27,149

200

Eastroc

Beverage

Group

Co.

Ltd.,

Class

A

(Consumer

Staples)

5,888

5,200

Easyhome

New

Retail

Group

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

2,025

500

Ecovacs

Robotics

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

3,432

800

Edifier

Technology

Co.

Ltd.,

Class

A

(Consumer

Discretionary)*

1,472

500

Empyrean

Technology

Co.

Ltd.,

Class

A

(Information

Technology)

5,460

12,756

ENN

Energy

Holdings

Ltd.

(Utilities)

116,907

2,200

ENN

Natural

Gas

Co.

Ltd.,

Class

A

(Utilities)

5,506

700

Eoptolink

Technology,

Inc.

Ltd.,

Class

A

(Information

Technology)

8,353

46,326

ESR

Group

Ltd.

(Real

Estate)

(a)

(b)

65,137

1,900

Eve

Energy

Co.

Ltd.,

Class

A

(Industrials)

10,243

3,600

Everbright

Securities

Co.

Ltd.,

Class

A

(Financials)

7,816

9,589

Everdisplay

Optronics

Shanghai

Co.

Ltd.,

Class

A

(Information

Technology)*

2,731

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

3,700

Fangda

Carbon

New

Material

Co.

Ltd.,

Class

A

(Industrials)*

$

2,469

21,022

Far

East

Horizon

Ltd.

(Financials)

16,875

1,141

Farasis

Energy

Gan

Zhou

Co.

Ltd.,

Class

A

(Industrials)*

1,857

2,300

FAW

Jiefang

Group

Co.

Ltd.,

Class

A

(Industrials)*

2,665

1,100

Fiberhome

Telecommunication

Technologies

Co.

Ltd.,

Class

A

(Information

Technology)

2,435

3,900

First

Capital

Securities

Co.

Ltd.,

Class

A

(Financials)

2,898

1,500

Flat

Glass

Group

Co.

Ltd.,

Class

A

(Information

Technology)

5,081

6,621

Flat

Glass

Group

Co.

Ltd.,

Class

H

(Information

Technology)

13,389

13,500

Focus

Media

Information

Technology

Co.

Ltd.,

Class

A

(Communication

Services)

11,776

4,300

Foshan

Haitian

Flavouring

&

Food

Co.

Ltd.,

Class

A

(Consumer

Staples)

21,181

32,770

Fosun

International

Ltd.

(Industrials)

18,347

7,800

Founder

Securities

Co.

Ltd.,

Class

A

(Financials)

8,843

10,500

Foxconn

Industrial

Internet

Co.

Ltd.,

Class

A

(Information

Technology)

33,098

2,100

Fujian

Funeng

Co.

Ltd.,

Class

A

(Utilities)

3,097

400

Fujian

Kuncai

Material

Technology

Co.

Ltd.,

Class

A

(Materials)*

2,199

1,200

Fujian

Sunner

Development

Co.

Ltd.,

Class

A

(Consumer

Staples)

2,713

13,282

Full

Truck

Alliance

Co.

Ltd.

ADR

(Industrials)

117,413

1,900

Fuyao

Glass

Industry

Group

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

12,088

10,157

Fuyao

Glass

Industry

Group

Co.

Ltd.,

Class

H

(Consumer

Discretionary)

(a)

57,320

1,709

GalaxyCore,

Inc.,

Class

A

(Information

Technology)

3,184

500

Gan

&

Lee

Pharmaceuticals

Co.

Ltd.,

Class

A

(Health

Care)*

3,338

1,500

Ganfeng

Lithium

Group

Co.

Ltd.,

Class

A

(Materials)

6,941

6,756

Ganfeng

Lithium

Group

Co.

Ltd.,

Class

H

(Materials)

(a)

18,610

100

G-bits

Network

Technology

Xiamen

Co.

Ltd.,

Class

A

(Communication

Services)

2,545

16,800

GD

Power

Development

Co.

Ltd.,

Class

A

(Utilities)

12,413

GOLDMAN

SACHS

MARKETBETA

®

TOTAL

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

96,370

Geely

Automobile

Holdings

Ltd.

(Consumer

Discretionary)

$

116,654

4,800

GEM

Co.

Ltd.,

Class

A

(Materials)

4,332

4,200

Gemdale

Corp.,

Class

A

(Real

Estate)

2,444

19,153

Genscript

Biotech

Corp.

(Health

Care)*

24,482

5,500

GF

Securities

Co.

Ltd.,

Class

A

(Financials)

9,739

16,966

GF

Securities

Co.

Ltd.,

Class

H

(Financials)

15,354

6,251

Giant

Biogene

Holding

Co.

Ltd.

(Consumer

Staples)*

(a)

39,511

1,900

Giant

Network

Group

Co.

Ltd.,

Class

A

(Communication

Services)

2,716

700

GigaDevice

Semiconductor,

Inc.,

Class

A

(Information

Technology)

8,005

400

Ginlong

Technologies

Co.

Ltd.,

Class

A

(Industrials)

3,159

1,300

Glodon

Co.

Ltd.,

Class

A

(Information

Technology)

2,091

3,200

GoerTek,

Inc.,

Class

A

(Information

Technology)

7,569

3,200

Goldwind

Science

&

Technology

Co.

Ltd.,

Class

A

(Industrials)

3,434

12,156

Goldwind

Science

&

Technology

Co.

Ltd.,

Class

H

(Industrials)

5,625

400

Goneo

Group

Co.

Ltd.,

Class

A

(Industrials)

6,662

200

GoodWe

Technologies

Co.

Ltd.,

Class

A

(Industrials)

2,827

1,700

Gotion

High-tech

Co.

Ltd.,

Class

A

(Industrials)*

4,748

2,600

Great

Wall

Motor

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

9,290

38,816

Great

Wall

Motor

Co.

Ltd.,

Class

H

(Consumer

Discretionary)

66,882

5,700

Gree

Electric

Appliances,

Inc.

of

Zhuhai,

Class

A

(Consumer

Discretionary)

31,920

10,000

Greenland

Holdings

Corp.

Ltd.,

Class

A

(Real

Estate)*

2,587

16,330

Greentown

China

Holdings

Ltd.

(Real

Estate)

15,926

2,300

GRG

Banking

Equipment

Co.

Ltd.,

Class

A

(Information

Technology)

3,408

2,300

Guangdong

Construction

Engineering

Group

Co.

Ltd.,

Class

A

(Industrials)*

1,332

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

2,100

Guangdong

Electric

Power

Development

Co.

Ltd.,

Class

A

(Utilities)*

$

1,661

1,700

Guangdong

Haid

Group

Co.

Ltd.,

Class

A

(Consumer

Staples)

11,850

47,621

Guangdong

Investment

Ltd.

(Utilities)

26,905

300

Guangdong

Kinlong

Hardware

Products

Co.

Ltd.,

Class

A

(Industrials)

1,569

6,100

Guanghui

Energy

Co.

Ltd.,

Class

A

(Energy)

6,723

3,000

Guangzhou

Automobile

Group

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

3,476

46,831

Guangzhou

Automobile

Group

Co.

Ltd.,

Class

H

(Consumer

Discretionary)

19,455

2,200

Guangzhou

Baiyun

International

Airport

Co.

Ltd.,

Class

A

(Industrials)*

3,069

1,300

Guangzhou

Baiyunshan

Pharmaceutical

Holdings

Co.

Ltd.,

Class

A

(Health

Care)

5,616

3,455

Guangzhou

Baiyunshan

Pharmaceutical

Holdings

Co.

Ltd.,

Class

H

(Health

Care)

9,826

2,500

Guangzhou

Development

Group,

Inc.,

Class

A

(Energy)

2,301

400

Guangzhou

Great

Power

Energy

&

Technology

Co.

Ltd.,

Class

A

(Industrials)

1,240

2,200

Guangzhou

Haige

Communications

Group,

Inc.

Co.,

Class

A

(Information

Technology)

3,278

400

Guangzhou

Kingmed

Diagnostics

Group

Co.

Ltd.,

Class

A

(Health

Care)

1,854

3,400

Guangzhou

Port

Co.

Ltd.,

Class

A

(Industrials)

1,548

700

Guangzhou

Shiyuan

Electronic

Technology

Co.

Ltd.,

Class

A

(Information

Technology)

3,161

1,800

Guangzhou

Tinci

Materials

Technology

Co.

Ltd.,

Class

A

(Materials)

4,842

3,300

Guangzhou

Yuexiu

Capital

Holdings

Group

Co.

Ltd.,

Class

A

(Financials)

2,515

2,200

Guolian

Securities

Co.

Ltd.,

Class

A

(Financials)*

3,299

6,539

Guolian

Securities

Co.

Ltd.,

Class

H

(Financials)*

2,817

4,900

Guosen

Securities

Co.

Ltd.,

Class

A

(Financials)

6,027

7,000

Guotai

Junan

Securities

Co.

Ltd.,

Class

A

(Financials)

13,426

GOLDMAN

SACHS

MARKETBETA

®

TOTAL

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

12,049

Guotai

Junan

Securities

Co.

Ltd.,

Class

H

(Financials)

(a)

$

12,783

4,100

Guoyuan

Securities

Co.

Ltd.,

Class

A

(Financials)

3,622

3,184

H

World

Group

Ltd.

ADR

(Consumer

Discretionary)

118,540

28,273

Haidilao

International

Holding

Ltd.

(Consumer

Discretionary)

(a)

62,738

5,900

Haier

Smart

Home

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

23,980

38,867

Haier

Smart

Home

Co.

Ltd.,

Class

H

(Consumer

Discretionary)

140,597

40,400

Hainan

Airlines

Holding

Co.

Ltd.,

Class

A

(Industrials)*

7,560

10,700

Hainan

Airport

Infrastructure

Co.

Ltd.,

Class

A

(Real

Estate)*

5,035

200

Hainan

Drinda

New

Energy

Technology

Co.

Ltd.,

Class

A

(Information

Technology)

1,428

500

Haisco

Pharmaceutical

Group

Co.

Ltd.,

Class

A

(Health

Care)

2,108

10,446

Haitian

International

Holdings

Ltd.

(Industrials)

31,845

9,100

Haitong

Securities

Co.

Ltd.,

Class

A

(Financials)

10,380

44,075

Haitong

Securities

Co.

Ltd.,

Class

H

(Financials)

21,634

1,000

Han’s

Laser

Technology

Industry

Group

Co.

Ltd.,

Class

A

(Industrials)

2,816

1,100

Hang

Zhou

Great

Star

Industrial

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

3,846

1,260

Hangcha

Group

Co.

Ltd.,

Class

A

(Industrials)

3,469

600

Hangjin

Technology

Co.

Ltd.,

Class

A

(Materials)

2,068

2,900

Hangzhou

Binjiang

Real

Estate

Group

Co.

Ltd.,

Class

A

(Real

Estate)

3,308

600

Hangzhou

Chang

Chuan

Technology

Co.

Ltd.,

Class

A

(Information

Technology)

2,345

1,700

Hangzhou

First

Applied

Material

Co.

Ltd.,

Class

A

(Information

Technology)*

6,065

600

Hangzhou

Lion

Microelectronics

Co.

Ltd.,

Class

A

(Information

Technology)

1,759

900

Hangzhou

Oxygen

Plant

Group

Co.

Ltd.,

Class

A

(Materials)

3,096

900

Hangzhou

Robam

Appliances

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

2,982

1,300

Hangzhou

Silan

Microelectronics

Co.

Ltd.,

Class

A

(Information

Technology)*

3,361

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

700

Hangzhou

Tigermed

Consulting

Co.

Ltd.,

Class

A

(Health

Care)

$

5,194

1,935

Hangzhou

Tigermed

Consulting

Co.

Ltd.,

Class

H

(Health

Care)*

(a)

8,137

17,988

Hansoh

Pharmaceutical

Group

Co.

Ltd.

(Health

Care)

(a)

36,926

600

Haohua

Chemical

Science

&

Technology

Co.

Ltd.,

Class

A

(Materials)

2,497

900

Hebei

Hengshui

Laobaigan

Liquor

Co.

Ltd.,

Class

A

(Consumer

Staples)

2,769

200

Hebei

Sinopack

Electronic

Technology

Co.

Ltd.,

Class

A

(Information

Technology)*

1,733

1,100

Hebei

Yangyuan

Zhihui

Beverage

Co.

Ltd.,

Class

A

(Consumer

Staples)*

3,868

800

Hefei

Meiya

Optoelectronic

Technology,

Inc.,

Class

A

(Industrials)

1,858

1,700

Heilongjiang

Agriculture

Co.

Ltd.,

Class

A

(Consumer

Staples)

3,036

2,100

Henan

Shenhuo

Coal

Industry

&

Electricity

Power

Co.

Ltd.,

Class

A

(Materials)

6,683

2,800

Henan

Shuanghui

Investment

&

Development

Co.

Ltd.,

Class

A

(Consumer

Staples)

9,762

9,784

Hengan

International

Group

Co.

Ltd.

(Consumer

Staples)

34,017

1,500

Hengdian

Group

DMEGC

Magnetics

Co.

Ltd.,

Class

A

(Information

Technology)

2,858

5,100

Hengli

Petrochemical

Co.

Ltd.,

Class

A

(Materials)

10,056

2,300

Hengtong

Optic-electric

Co.

Ltd.,

Class

A

(Information

Technology)

4,734

3,400

Hengyi

Petrochemical

Co.

Ltd.,

Class

A

(Materials)*

3,354

9,700

Hesteel

Co.

Ltd.,

Class

A

(Materials)

2,869

900

Hisense

Home

Appliances

Group

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

5,036

5,232

Hisense

Home

Appliances

Group

Co.

Ltd.,

Class

H

(Consumer

Discretionary)

23,741

1,200

Hisense

Visual

Technology

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

4,522

500

Hithink

RoyalFlush

Information

Network

Co.

Ltd.,

Class

A

(Financials)

8,025

3,500

HLA

Group

Corp.

Ltd.,

Class

A

(Consumer

Discretionary)

4,657

GOLDMAN

SACHS

MARKETBETA

®

TOTAL

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

2,100

Hongta

Securities

Co.

Ltd.,

Class

A

(Financials)

$

1,988

600

Hoshine

Silicon

Industry

Co.

Ltd.,

Class

A

(Materials)*

4,359

500

Hoyuan

Green

Energy

Co.

Ltd.,

Class

A

(Information

Technology)

1,454

13,389

Hua

Hong

Semiconductor

Ltd.

(Information

Technology)*

(a)

33,201

4,400

Huaan

Securities

Co.

Ltd.,

Class

A

(Financials)

2,785

8,000

Huadian

Power

International

Corp.

Ltd.,

Class

A

(Utilities)

7,276

25,629

Huadian

Power

International

Corp.

Ltd.,

Class

H

(Utilities)

(b)

14,873

1,600

Huadong

Medicine

Co.

Ltd.,

Class

A

(Health

Care)

6,963

4,600

Huafon

Chemical

Co.

Ltd.,

Class

A

(Materials)

4,779

900

Huagong

Tech

Co.

Ltd.,

Class

A

(Information

Technology)*

3,710

2,300

Huaibei

Mining

Holdings

Co.

Ltd.,

Class

A

(Materials)

6,241

1,700

Hualan

Biological

Engineering,

Inc.,

Class

A

(Health

Care)

4,250

400

Huali

Industrial

Group

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

3,724

4,300

Huaneng

Lancang

River

Hydropower,

Inc.,

Class

A

(Utilities)

5,851

8,200

Huaneng

Power

International,

Inc.,

Class

A

(Utilities)*

10,109

68,586

Huaneng

Power

International,

Inc.,

Class

H

(Utilities)*

45,412

7,400

Huatai

Securities

Co.

Ltd.,

Class

A

(Financials)

13,827

22,439

Huatai

Securities

Co.

Ltd.,

Class

H

(Financials)

(a)

25,527

2,400

Huaxi

Securities

Co.

Ltd.,

Class

A

(Financials)

2,308

12,200

Huaxia

Bank

Co.

Ltd.,

Class

A

(Financials)

11,566

300

Huaxia

Eye

Hospital

Group

Co.

Ltd.,

Class

A

(Health

Care)

1,008

1,300

Huaxin

Cement

Co.

Ltd.,

Class

A

(Materials)

2,653

2,900

Huayu

Automotive

Systems

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

6,412

3,700

Hubei

Energy

Group

Co.

Ltd.,

Class

A

(Utilities)

3,014

500

Hubei

Feilihua

Quartz

Glass

Co.

Ltd.,

Class

A

(Materials)

2,212

900

Hubei

Jumpcan

Pharmaceutical

Co.

Ltd.,

Class

A

(Health

Care)

4,717

1,000

Hubei

Xingfa

Chemicals

Group

Co.

Ltd.,

Class

A

(Materials)

2,973

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

600

Huizhou

Desay

Sv

Automotive

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

$

8,291

1,500

Humanwell

Healthcare

Group

Co.

Ltd.,

Class

A

(Health

Care)

3,983

1,795

Hunan

Changyuan

Lico

Co.

Ltd.,

Class

A

(Industrials)

1,277

6,400

Hunan

Valin

Steel

Co.

Ltd.,

Class

A

(Materials)

4,649

400

Hunan

Yuneng

New

Energy

Battery

Material

Co.

Ltd.,

Class

A

(Industrials)

1,987

1,800

Hundsun

Technologies,

Inc.,

Class

A

(Information

Technology)

4,971

5,860

Hygeia

Healthcare

Holdings

Co.

Ltd.

(Health

Care)

(a)

24,531

1,400

IEIT

Systems

Co.

Ltd.,

Class

A

(Information

Technology)

7,014

2,200

Iflytek

Co.

Ltd.,

Class

A

(Information

Technology)

12,774

800

IKD

Co.

Ltd.,

Class

A

(Consumer

Discretionary)*

1,912

280

Imeik

Technology

Development

Co.

Ltd.,

Class

A

(Health

Care)

7,749

61,900

Industrial

&

Commercial

Bank

of

China

Ltd.,

Class

A

(Financials)

46,246

1,157,000

Industrial

&

Commercial

Bank

of

China

Ltd.,

Class

H

(Financials)

653,677

20,900

Industrial

Bank

Co.

Ltd.,

Class

A

(Financials)

51,445

8,100

Industrial

Securities

Co.

Ltd.,

Class

A

(Financials)

5,974

500

Ingenic

Semiconductor

Co.

Ltd.,

Class

A

(Information

Technology)

4,005

42,700

Inner

Mongolia

BaoTou

Steel

Union

Co.

Ltd.,

Class

A

(Materials)*

9,048

1,900

Inner

Mongolia

Dian

Tou

Energy

Corp.

Ltd.,

Class

A

(Energy)

5,947

1,400

Inner

Mongolia

ERDOS

Resources

Co.

Ltd.,

Class

A

(Materials)

2,317

7,900

Inner

Mongolia

Junzheng

Energy

&

Chemical

Industry

Group

Co.

Ltd.,

Class

A

(Materials)

4,750

6,100

Inner

Mongolia

MengDian

HuaNeng

Thermal

Power

Corp.

Ltd.,

Class

A

(Utilities)

3,810

6,400

Inner

Mongolia

Yili

Industrial

Group

Co.

Ltd.,

Class

A

(Consumer

Staples)

24,929

GOLDMAN

SACHS

MARKETBETA

®

TOTAL

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

3,400

Inner

Mongolia

Yuan

Xing

Energy

Co.

Ltd.,

Class

A

(Materials)

$

3,410

2,000

Innovation

New

Material

Technology

Co.

Ltd.,

Class

A

(Consumer

Staples)*

1,101

20,470

Innovent

Biologics,

Inc.

(Health

Care)*

(a)

92,102

7,745

iQIYI,

Inc.

ADR

(Communication

Services)*

35,859

200

iRay

Technology

Co.

Ltd.,

Class

A

(Health

Care)*

4,685

900

Isoftstone

Information

Technology

Group

Co.

Ltd.,

Class

A

(Information

Technology)*

4,926

3,100

JA

Solar

Technology

Co.

Ltd.,

Class

A

(Information

Technology)

6,441

800

Jafron

Biomedical

Co.

Ltd.,

Class

A

(Health

Care)

3,036

800

Jason

Furniture

Hangzhou

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

3,945

1,700

JCET

Group

Co.

Ltd.,

Class

A

(Information

Technology)

6,074

600

JCHX

Mining

Management

Co.

Ltd.,

Class

A

(Materials)

4,695

16,513

JD

Health

International,

Inc.

(Consumer

Staples)*

(a)

55,196

30,053

JD

Logistics,

Inc.

(Industrials)*

(a)

32,729

40,983

JD.com,

Inc.,

Class

A

(Consumer

Discretionary)

596,671

5,100

Jiangsu

Eastern

Shenghong

Co.

Ltd.,

Class

A

(Materials)*

6,273

1,400

Jiangsu

Expressway

Co.

Ltd.,

Class

A

(Industrials)

2,261

19,201

Jiangsu

Expressway

Co.

Ltd.,

Class

H

(Industrials)

19,954

1,200

Jiangsu

Guoxin

Corp.

Ltd.,

Class

A

(Utilities)

1,342

1,200

Jiangsu

Hengli

Hydraulic

Co.

Ltd.,

Class

A

(Industrials)

8,193

6,400

Jiangsu

Hengrui

Pharmaceuticals

Co.

Ltd.,

Class

A

(Health

Care)

37,301

1,200

Jiangsu

King's

Luck

Brewery

JSC

Ltd.,

Class

A

(Consumer

Staples)

8,757

900

Jiangsu

Nhwa

Pharmaceutical

Co.

Ltd.,

Class

A

(Health

Care)

2,952

600

Jiangsu

Pacific

Quartz

Co.

Ltd.,

Class

A

(Information

Technology)

3,208

2,000

Jiangsu

Phoenix

Publishing

&

Media

Corp.

Ltd.,

Class

A

(Communication

Services)

2,953

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

500

Jiangsu

Xinquan

Automotive

Trim

Co.

Ltd.,

Class

A

(Consumer

Discretionary)*

$

3,003

1,500

Jiangsu

Yanghe

Distillery

Co.

Ltd.,

Class

A

(Consumer

Staples)

19,262

400

Jiangsu

Yangnong

Chemical

Co.

Ltd.,

Class

A

(Materials)

3,304

400

Jiangsu

Yoke

Technology

Co.

Ltd.,

Class

A

(Materials)

3,255

900

Jiangsu

Yuyue

Medical

Equipment

&

Supply

Co.

Ltd.,

Class

A

(Health

Care)

4,821

3,200

Jiangsu

Zhongtian

Technology

Co.

Ltd.,

Class

A

(Industrials)

6,631

1,900

Jiangxi

Copper

Co.

Ltd.,

Class

A

(Materials)

6,664

18,064

Jiangxi

Copper

Co.

Ltd.,

Class

H

(Materials)

38,976

1,600

Jiangxi

Special

Electric

Motor

Co.

Ltd.,

Class

A

(Industrials)*

2,072

2,500

Jinduicheng

Molybdenum

Co.

Ltd.,

Class

A

(Materials)

4,007

6,121

Jinko

Solar

Co.

Ltd.,

Class

A

(Information

Technology)

6,864

300

JiuGui

Liquor

Co.

Ltd.,

Class

A

(Consumer

Staples)

2,198

3,100

Jizhong

Energy

Resources

Co.

Ltd.,

Class

A

(Energy)

3,468

1,100

JL

Mag

Rare-Earth

Co.

Ltd.,

Class

A

(Industrials)

2,182

1,800

Joincare

Pharmaceutical

Group

Industry

Co.

Ltd.,

Class

A

(Health

Care)

3,088

600

Joinn

Laboratories

China

Co.

Ltd.,

Class

A

(Health

Care)

1,257

1,572

Joinn

Laboratories

China

Co.

Ltd.,

Class

H

(Health

Care)

(a)

1,698

3,640

Jointown

Pharmaceutical

Group

Co.

Ltd.,

Class

A

(Health

Care)

3,706

700

Jonjee

Hi-Tech

Industrial

And

Commercial

Holding

Co.

Ltd.,

Class

A

(Consumer

Staples)

2,545

600

Juewei

Food

Co.

Ltd.,

Class

A

(Consumer

Staples)

1,524

2,100

Juneyao

Airlines

Co.

Ltd.,

Class

A

(Industrials)

3,586

4,643

Kanzhun

Ltd.

ADR

(Communication

Services)

98,664

14,902

KE

Holdings,

Inc.

ADR

(Real

Estate)

252,887

200

Keboda

Technology

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

1,915

1,800

Keda

Industrial

Group

Co.

Ltd.,

Class

A

(Industrials)*

2,392

46,410

Kingdee

International

Software

Group

Co.

Ltd.

(Information

Technology)*

47,458

GOLDMAN

SACHS

MARKETBETA

®

TOTAL

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

2,500

Kingfa

Sci

&

Tech

Co.

Ltd.,

Class

A

(Materials)

$

2,528

2,000

Kingnet

Network

Co.

Ltd.,

Class

A

(Communication

Services)

2,994

15,865

Kingsoft

Corp.

Ltd.

(Communication

Services)

50,698

34,015

Kuaishou

Technology

(Communication

Services)*

(a)

241,090

2,000

Kuang-Chi

Technologies

Co.

Ltd.,

Class

A

(Industrials)*

5,017

61,487

Kunlun

Energy

Co.

Ltd.

(Utilities)

63,819

1,100

Kunlun

Tech

Co.

Ltd.,

Class

A

(Communication

Services)*

5,281

1,200

Kweichow

Moutai

Co.

Ltd.,

Class

A

(Consumer

Staples)

272,173

1,500

Lao

Feng

Xiang

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

15,522

2,200

LB

Group

Co.

Ltd.,

Class

A

(Materials)

6,336

117,738

Lenovo

Group

Ltd.

(Information

Technology)

168,856

4,600

Lens

Technology

Co.

Ltd.,

Class

A

(Information

Technology)

9,684

1,700

Lepu

Medical

Technology

Beijing

Co.

Ltd.,

Class

A

(Health

Care)

3,852

700

Levima

Advanced

Materials

Corp.,

Class

A

(Materials)

1,587

19,407

Li

Auto,

Inc.,

Class

A

(Consumer

Discretionary)*

193,863

39,499

Li

Ning

Co.

Ltd.

(Consumer

Discretionary)

102,744

16,000

Liaoning

Port

Co.

Ltd.,

Class

A

(Industrials)

3,060

3,500

Lifan

Technology

Group

Co.

Ltd.,

Class

A

(Consumer

Discretionary)*

1,483

6,500

Lingyi

iTech

Guangdong

Co.,

Class

A

(Information

Technology)

4,409

600

Livzon

Pharmaceutical

Group,

Inc.,

Class

A

(Health

Care)

3,195

2,302

Livzon

Pharmaceutical

Group,

Inc.,

Class

H

(Health

Care)

7,798

33,828

Longfor

Group

Holdings

Ltd.

(Real

Estate)

(a)

53,185

7,600

LONGi

Green

Energy

Technology

Co.

Ltd.,

Class

A

(Information

Technology)

19,439

1,000

Longshine

Technology

Group

Co.

Ltd.,

Class

A

(Information

Technology)*

1,480

2,709

Lufax

Holding

Ltd.

ADR

(Financials)

12,136

1,800

Luxi

Chemical

Group

Co.

Ltd.,

Class

A

(Materials)

3,029

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

7,200

Luxshare

Precision

Industry

Co.

Ltd.,

Class

A

(Information

Technology)

$

31,493

1,500

Luzhou

Laojiao

Co.

Ltd.,

Class

A

(Consumer

Staples)

36,087

1,700

Mango

Excellent

Media

Co.

Ltd.,

Class

A

(Communication

Services)

5,408

500

Maxscend

Microelectronics

Co.

Ltd.,

Class

A

(Information

Technology)

5,972

2,700

Meihua

Holdings

Group

Co.

Ltd.,

Class

A

(Consumer

Staples)*

4,079

3,600

Meinian

Onehealth

Healthcare

Holdings

Co.

Ltd.,

Class

A

(Health

Care)*

2,075

76,322

Meituan,

Class

B

(Consumer

Discretionary)*

(a)

1,025,321

16,800

Metallurgical

Corp.

of

China

Ltd.,

Class

A

(Industrials)

7,536

45,113

Metallurgical

Corp.

of

China

Ltd.,

Class

H

(Industrials)

9,803

12,912

Microport

Scientific

Corp.

(Health

Care)*

9,573

7,000

Midea

Group

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

62,372

2,100

Ming

Yang

Smart

Energy

Group

Ltd.,

Class

A

(Industrials)

2,939

7,937

MINISO

Group

Holding

Ltd.

(Consumer

Discretionary)

45,451

4,200

Minmetals

Capital

Co.

Ltd.,

Class

A

(Financials)

2,560

11,908

Minth

Group

Ltd.

(Consumer

Discretionary)

23,593

1,058

Montage

Technology

Co.

Ltd.,

Class

A

(Information

Technology)

7,715

5,500

Muyuan

Foods

Co.

Ltd.,

Class

A

(Consumer

Staples)

35,681

5,800

Nanjing

Iron

&

Steel

Co.

Ltd.,

Class

A

(Materials)

4,102

1,400

Nanjing

King-Friend

Biochemical

Pharmaceutical

Co.

Ltd.,

Class

A

(Health

Care)

2,414

3,400

Nanjing

Securities

Co.

Ltd.,

Class

A

(Financials)

3,733

8,100

NARI

Technology

Co.

Ltd.,

Class

A

(Industrials)

25,087

2,541

National

Silicon

Industry

Group

Co.

Ltd.,

Class

A

(Information

Technology)*

4,730

500

NAURA

Technology

Group

Co.

Ltd.,

Class

A

(Information

Technology)

20,181

2,200

NavInfo

Co.

Ltd.,

Class

A

(Information

Technology)*

2,037

29,696

NetEase,

Inc.

(Communication

Services)

522,304

GOLDMAN

SACHS

MARKETBETA

®

TOTAL

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

1,600

New

China

Life

Insurance

Co.

Ltd.,

Class

A

(Financials)

$

7,166

15,367

New

China

Life

Insurance

Co.

Ltd.,

Class

H

(Financials)

31,389

4,200

New

Hope

Liuhe

Co.

Ltd.,

Class

A

(Consumer

Staples)*

5,790

2,520

New

Oriental

Education

&

Technology

Group,

Inc.

ADR

(Consumer

Discretionary)*

201,424

1,300

Ninestar

Corp.,

Class

A

(Information

Technology)

4,865

560

Ningbo

Deye

Technology

Co.

Ltd.,

Class

A

(Industrials)

5,202

1,300

Ningbo

Joyson

Electronic

Corp.,

Class

A

(Consumer

Discretionary)*

2,810

600

Ningbo

Orient

Wires

&

Cables

Co.

Ltd.,

Class

A

(Industrials)*

3,973

419

Ningbo

Ronbay

New

Energy

Technology

Co.

Ltd.,

Class

A

(Industrials)*

1,660

1,300

Ningbo

Sanxing

Medical

Electric

Co.

Ltd.,

Class

A

(Industrials)

6,076

2,100

Ningbo

Shanshan

Co.

Ltd.,

Class

A

(Materials)

3,057

1,000

Ningbo

Tuopu

Group

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

7,924

900

Ningbo

Xusheng

Group

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

1,597

5,500

Ningbo

Zhoushan

Port

Co.

Ltd.,

Class

A

(Industrials)

2,686

6,200

Ningxia

Baofeng

Energy

Group

Co.

Ltd.,

Class

A

(Materials)*

14,007

22,342

NIO,

Inc.

ADR

(Consumer

Discretionary)*

120,423

30,173

Nongfu

Spring

Co.

Ltd.,

Class

H

(Consumer

Staples)

(a)

160,442

1,300

North

Industries

Group

Red

Arrow

Co.

Ltd.,

Class

A

(Industrials)

2,397

4,343

NXP

Semiconductors

NV

(Information

Technology)

1,181,730

5,700

Offcn

Education

Technology

Co.

Ltd.,

Class

A

(Consumer

Discretionary)*

1,843

4,100

Offshore

Oil

Engineering

Co.

Ltd.,

Class

A

(Energy)

3,464

3,000

OFILM

Group

Co.

Ltd.,

Class

A

(Information

Technology)*

3,339

1,604

Onewo,

Inc.,

Class

H

(Real

Estate)

(b)

4,808

500

Oppein

Home

Group,

Inc.,

Class

A

(Consumer

Discretionary)

4,682

6,900

Orient

Securities

Co.

Ltd.,

Class

A

(Financials)

7,680

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

13,168

Orient

Securities

Co.

Ltd.,

Class

H

(Financials)

(a)

$

5,336

3,200

Oriental

Pearl

Group

Co.

Ltd.,

Class

A

(Communication

Services)

2,879

800

Ovctek

China,

Inc.,

Class

A

(Health

Care)

1,976

6,400

Pacific

Securities

Co.

Ltd.

(The),

Class

A

(Financials)*

2,897

8,100

Pangang

Group

Vanadium

Titanium

&

Resources

Co.

Ltd.,

Class

A

(Materials)*

3,277

10,798

PDD

Holdings,

Inc.

ADR

(Consumer

Discretionary)*

1,617,324

1,000

People.cn

Co.

Ltd.,

Class

A

(Communication

Services)

3,016

9,100

People’s

Insurance

Co.

Group

of

China

Ltd.

(The),

Class

A

(Financials)

6,636

146,085

People's

Insurance

Co.

Group

of

China

Ltd.

(The),

Class

H

(Financials)

50,790

1,800

Perfect

World

Co.

Ltd.,

Class

A

(Communication

Services)*

2,288

24,500

PetroChina

Co.

Ltd.,

Class

A

(Energy)

34,182

353,206

PetroChina

Co.

Ltd.,

Class

H

(Energy)

359,827

1,400

Pharmaron

Beijing

Co.

Ltd.,

Class

A

(Health

Care)

3,976

4,496

Pharmaron

Beijing

Co.

Ltd.,

Class

H

(Health

Care)

(a)

5,649

115,497

PICC

Property

&

Casualty

Co.

Ltd.,

Class

H

(Financials)

149,993

19,500

Ping

An

Bank

Co.

Ltd.,

Class

A

(Financials)

29,808

10,800

Ping

An

Insurance

Group

Co.

of

China

Ltd.,

Class

A

(Financials)

64,001

103,580

Ping

An

Insurance

Group

Co.

of

China

Ltd.,

Class

H

(Financials)

523,636

2,200

Pingdingshan

Tianan

Coal

Mining

Co.

Ltd.,

Class

A

(Energy)

3,929

200

Piotech,

Inc.,

Class

A

(Information

Technology)

5,098

11,200

Poly

Developments

and

Holdings

Group

Co.

Ltd.,

Class

A

(Real

Estate)

15,749

2,272

Poly

Property

Services

Co.

Ltd.,

Class

H

(Real

Estate)

9,467

11,480

Pop

Mart

International

Group

Ltd.

(Consumer

Discretionary)

(a)

54,441

24,000

Postal

Savings

Bank

of

China

Co.

Ltd.,

Class

A

(Financials)

16,610

187,644

Postal

Savings

Bank

of

China

Co.

Ltd.,

Class

H

(Financials)

(a)

105,774

16,200

Power

Construction

Corp.

of

China

Ltd.,

Class

A

(Industrials)

11,925

GOLDMAN

SACHS

MARKETBETA

®

TOTAL

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

24,974

Prosus

NV

(Consumer

Discretionary)*

$

904,992

200

Pylon

Technologies

Co.

Ltd.,

Class

A

(Industrials)

1,732

642

Qi

An

Xin

Technology

Group,

Inc.,

Class

A

(Information

Technology)*

2,302

980

Qingdao

Sentury

Tire

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

3,345

5,100

Qinghai

Salt

Lake

Industry

Co.

Ltd.,

Class

A

(Materials)*

12,133

1,100

Range

Intelligent

Computing

Technology

Group

Co.

Ltd.,

Class

A

(Information

Technology)

3,885

416

Raytron

Technology

Co.

Ltd.,

Class

A

(Information

Technology)

1,726

2,800

Red

Star

Macalline

Group

Corp.

Ltd.,

Class

A

(Real

Estate)

1,187

249

Remegen

Co.

Ltd.,

Class

A

(Health

Care)*

1,548

2,273

Remegen

Co.

Ltd.,

Class

H

(Health

Care)*

(a)

7,365

1,100

Risen

Energy

Co.

Ltd.,

Class

A

(Information

Technology)

2,179

13,163

RLX

Technology,

Inc.

ADR

(Consumer

Staples)

24,878

300

Rockchip

Electronics

Co.

Ltd.,

Class

A

(Information

Technology)

2,361

7,900

Rongsheng

Petrochemical

Co.

Ltd.,

Class

A

(Materials)*

10,891

200

Ruijie

Networks

Co.

Ltd.,

Class

A

(Information

Technology)*

901

7,300

SAIC

Motor

Corp.

Ltd.,

Class

A

(Consumer

Discretionary)

14,132

2,800

Sailun

Group

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

5,733

4,600

Sanan

Optoelectronics

Co.

Ltd.,

Class

A

(Information

Technology)

7,930

400

Sangfor

Technologies,

Inc.,

Class

A

(Information

Technology)*

3,013

18,236

Sany

Heavy

Equipment

International

Holdings

Co.

Ltd.

(Industrials)

13,916

8,000

Sany

Heavy

Industry

Co.

Ltd.,

Class

A

(Industrials)*

17,810

3,100

Satellite

Chemical

Co.

Ltd.,

Class

A

(Materials)

7,780

5,800

SDIC

Capital

Co.

Ltd.,

Class

A

(Financials)

4,908

6,600

SDIC

Power

Holdings

Co.

Ltd.,

Class

A

(Utilities)

16,091

5,100

Sealand

Securities

Co.

Ltd.,

Class

A

(Financials)*

2,217

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

2,100

Seazen

Holdings

Co.

Ltd.,

Class

A

(Real

Estate)*

$

3,074

303,392

SenseTime

Group,

Inc.,

Class

B

(Information

Technology)*

(a)(b)

51,190

1,400

Seres

Group

Co.

Ltd.,

Class

A

(Consumer

Discretionary)*

17,130

4,900

SF

Holding

Co.

Ltd.,

Class

A

(Industrials)

24,844

500

SG

Micro

Corp.,

Class

A

(Information

Technology)

5,336

2,300

Shaanxi

Beiyuan

Chemical

Industry

Group

Co.

Ltd.,

Class

A

(Materials)

1,345

8,600

Shaanxi

Coal

Industry

Co.

Ltd.,

Class

A

(Energy)

30,801

2,300

Shaanxi

Energy

Investment

Co.

Ltd.,

Class

A

(Utilities)

3,500

280

Shaanxi

Huaqin

Technology

Industry

Co.

Ltd.,

Class

A

(Materials)

3,565

3,400

Shan

Xi

Hua

Yang

Group

New

Energy

Co.

Ltd.,

Class

A

(Energy)

5,137

3,400

Shandong

Gold

Mining

Co.

Ltd.,

Class

A

(Materials)

13,478

13,097

Shandong

Gold

Mining

Co.

Ltd.,

Class

H

(Materials)

(a)

28,125

700

Shandong

Himile

Mechanical

Science

&

Technology

Co.

Ltd.,

Class

A

(Industrials)

3,720

1,700

Shandong

Hi-speed

Co.

Ltd.,

Class

A

(Industrials)

2,068

56,995

Shandong

Hi-Speed

Holdings

Group

Ltd.

(Financials)*

42,837

2,000

Shandong

Hualu

Hengsheng

Chemical

Co.

Ltd.,

Class

A

(Materials)

7,906

1,400

Shandong

Linglong

Tyre

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

3,995

11,000

Shandong

Nanshan

Aluminum

Co.

Ltd.,

Class

A

(Materials)

5,827

700

Shandong

Sinocera

Functional

Material

Co.

Ltd.,

Class

A

(Materials)

1,840

2,600

Shandong

Sun

Paper

Industry

JSC

Ltd.,

Class

A

(Materials)

5,395

40,556

Shandong

Weigao

Group

Medical

Polymer

Co.

Ltd.,

Class

H

(Health

Care)

23,639

200

Shandong

Weigao

Orthopaedic

Device

Co.

Ltd.,

Class

A

(Health

Care)

667

1,700

Shanghai

Aiko

Solar

Energy

Co.

Ltd.,

Class

A

(Information

Technology)

2,725

1,000

Shanghai

Bairun

Investment

Holding

Group

Co.

Ltd.,

Class

A

(Consumer

Staples)

2,916

GOLDMAN

SACHS

MARKETBETA

®

TOTAL

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

4,900

Shanghai

Baosight

Software

Co.

Ltd.,

Class

A

(Information

Technology)

$

26,664

280

Shanghai

BOCHU

Electronic

Technology

Corp.

Ltd.,

Class

A

(Information

Technology)

7,692

8,300

Shanghai

Construction

Group

Co.

Ltd.,

Class

A

(Industrials)

2,661

700

Shanghai

Daimay

Automotive

Interior

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

1,234

10,500

Shanghai

Electric

Group

Co.

Ltd.,

Class

A

(Industrials)*

6,082

2,600

Shanghai

Electric

Power

Co.

Ltd.,

Class

A

(Utilities)*

3,595

100

Shanghai

Flyco

Electrical

Appliance

Co.

Ltd.,

Class

A

(Consumer

Staples)

629

2,000

Shanghai

Fosun

Pharmaceutical

Group

Co.

Ltd.,

Class

A

(Health

Care)

6,376

7,454

Shanghai

Fosun

Pharmaceutical

Group

Co.

Ltd.,

Class

H

(Health

Care)

11,662

495

Shanghai

Fudan

Microelectronics

Group

Co.

Ltd.,

Class

A

(Information

Technology)

2,125

4,213

Shanghai

Fudan

Microelectronics

Group

Co.

Ltd.,

Class

H

(Information

Technology)

(b)

6,408

2,300

Shanghai

International

Airport

Co.

Ltd.,

Class

A

(Industrials)*

10,997

6,400

Shanghai

International

Port

Group

Co.

Ltd.,

Class

A

(Industrials)

5,010

900

Shanghai

Jinjiang

International

Hotels

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

3,476

713

Shanghai

Junshi

Biosciences

Co.

Ltd.,

Class

A

(Health

Care)*

2,634

2,522

Shanghai

Junshi

Biosciences

Co.

Ltd.,

Class

H

(Health

Care)*

(a)

3,978

2,000

Shanghai

Lingang

Holdings

Corp.

Ltd.,

Class

A

(Real

Estate)

2,958

7,300

Shanghai

Lujiazui

Finance

&

Trade

Zone

Development

Co.

Ltd.,

Class

A

(Real

Estate)*

10,185

900

Shanghai

M&G

Stationery,

Inc.,

Class

A

(Industrials)

4,406

4,118

Shanghai

MicroPort

MedBot

Group

Co.

Ltd.

(Health

Care)*

7,643

400

Shanghai

Moons'

Electric

Co.

Ltd.,

Class

A

(Industrials)

2,701

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

2,100

Shanghai

Pharmaceuticals

Holding

Co.

Ltd.,

Class

A

(Health

Care)

$

5,247

11,264

Shanghai

Pharmaceuticals

Holding

Co.

Ltd.,

Class

H

(Health

Care)

16,702

29,500

Shanghai

Pudong

Development

Bank

Co.

Ltd.,

Class

A

(Financials)

33,851

1,900

Shanghai

Putailai

New

Energy

Technology

Co.

Ltd.,

Class

A

(Materials)*

4,264

6,300

Shanghai

RAAS

Blood

Products

Co.

Ltd.,

Class

A

(Health

Care)

6,154

9,100

Shanghai

Rural

Commercial

Bank

Co.

Ltd.,

Class

A

(Financials)

9,891

3,600

Shanghai

Yuyuan

Tourist

Mart

Group

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

2,863

1,500

Shanghai

Zhangjiang

High-Tech

Park

Development

Co.

Ltd.,

Class

A

(Real

Estate)

4,122

2,000

Shanghai

Zhonggu

Logistics

Co.

Ltd.,

Class

A

(Industrials)

2,614

1,800

Shanxi

Coal

International

Energy

Group

Co.

Ltd.,

Class

A

(Industrials)

3,921

5,300

Shanxi

Coking

Coal

Energy

Group

Co.

Ltd.,

Class

A

(Energy)

8,043

2,800

Shanxi

Lu’an

Environmental

Energy

Development

Co.

Ltd.,

Class

A

(Energy)

8,738

4,000

Shanxi

Meijin

Energy

Co.

Ltd.,

Class

A

(Materials)*

3,055

3,400

Shanxi

Securities

Co.

Ltd.,

Class

A

(Financials)

2,419

5,300

Shanxi

Taigang

Stainless

Steel

Co.

Ltd.,

Class

A

(Materials)

2,756

1,200

Shanxi

Xinghuacun

Fen

Wine

Factory

Co.

Ltd.,

Class

A

(Consumer

Staples)

39,847

300

Shede

Spirits

Co.

Ltd.,

Class

A

(Consumer

Staples)

2,972

4,600

Shenergy

Co.

Ltd.,

Class

A

(Utilities)

5,538

2,200

Shengyi

Technology

Co.

Ltd.,

Class

A

(Information

Technology)

5,987

500

Shennan

Circuits

Co.

Ltd.,

Class

A

(Information

Technology)

6,187

19,700

Shenwan

Hongyuan

Group

Co.

Ltd.,

Class

A

(Financials)

12,333

700

Shenzhen

Capchem

Technology

Co.

Ltd.,

Class

A

(Materials)

3,024

300

Shenzhen

Dynanonic

Co.

Ltd.,

Class

A

(Materials)*

1,405

GOLDMAN

SACHS

MARKETBETA

®

TOTAL

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

3,800

Shenzhen

Energy

Group

Co.

Ltd.,

Class

A

(Utilities)

$

3,806

1,600

Shenzhen

Fastprint

Circuit

Tech

Co.

Ltd.,

Class

A

(Information

Technology)

2,618

400

Shenzhen

Goodix

Technology

Co.

Ltd.,

Class

A

(Information

Technology)

3,401

100

Shenzhen

Han's

CNC

Technology

Co.

Ltd.,

Class

A

(Industrials)

475

800

Shenzhen

Hepalink

Pharmaceutical

Group

Co.

Ltd.,

Class

A

(Health

Care)

1,095

2,700

Shenzhen

Inovance

Technology

Co.

Ltd.,

Class

A

(Industrials)

21,524

1,500

Shenzhen

Kaifa

Technology

Co.

Ltd.,

Class

A

(Information

Technology)

2,724

1,000

Shenzhen

Kangtai

Biological

Products

Co.

Ltd.,

Class

A

(Health

Care)

2,511

300

Shenzhen

Kedali

Industry

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

3,824

500

Shenzhen

Kstar

Science

And

Technology

Co.

Ltd.,

Class

A

(Industrials)

1,396

300

Shenzhen

Longsys

Electronics

Co.

Ltd.,

Class

A

(Information

Technology)*

3,582

1,200

Shenzhen

Mindray

Bio-Medical

Electronics

Co.

Ltd.,

Class

A

(Health

Care)

47,905

4,200

Shenzhen

MTC

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

2,861

700

Shenzhen

New

Industries

Biomedical

Engineering

Co.

Ltd.,

Class

A

(Health

Care)

7,293

7,700

Shenzhen

Overseas

Chinese

Town

Co.

Ltd.,

Class

A

(Real

Estate)*

2,744

1,000

Shenzhen

Salubris

Pharmaceuticals

Co.

Ltd.,

Class

A

(Health

Care)*

3,760

300

Shenzhen

SC

New

Energy

Technology

Corp.,

Class

A

(Information

Technology)

2,666

1,100

Shenzhen

SED

Industry

Co.

Ltd.,

Class

A

(Industrials)

2,367

800

Shenzhen

Sunlord

Electronics

Co.

Ltd.,

Class

A

(Information

Technology)

2,744

755

Shenzhen

Transsion

Holdings

Co.

Ltd.,

Class

A

(Information

Technology)

13,608

900

Shenzhen

YUTO

Packaging

Technology

Co.

Ltd.,

Class

A

(Materials)

3,088

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

13,201

Shenzhou

International

Group

Holdings

Ltd.

(Consumer

Discretionary)

$

131,953

200

Shijiazhuang

Shangtai

Technology

Co.

Ltd.,

Class

A

(Industrials)*

1,155

1,600

Shijiazhuang

Yiling

Pharmaceutical

Co.

Ltd.,

Class

A

(Health

Care)

3,998

1,700

Shuangliang

Eco-Energy

Systems

Co.

Ltd.,

Class

A

(Industrials)

1,410

402

SICC

Co.

Ltd.,

Class

A

(Information

Technology)*

2,794

4,300

Sichuan

Changhong

Electric

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

2,911

3,700

Sichuan

Chuantou

Energy

Co.

Ltd.,

Class

A

(Utilities)

9,169

8,300

Sichuan

Hebang

Biotechnology

Co.

Ltd.,

Class

A

(Materials)

2,250

1,400

Sichuan

Kelun

Pharmaceutical

Co.

Ltd.,

Class

A

(Health

Care)

6,166

6,800

Sichuan

Road

and

Bridge

Group

Co.

Ltd.,

Class

A

(Industrials)

7,354

500

Sichuan

Swellfun

Co.

Ltd.,

Class

A

(Consumer

Staples)

3,112

1,100

Sichuan

Yahua

Industrial

Group

Co.

Ltd.,

Class

A

(Materials)

1,588

700

Sieyuan

Electric

Co.

Ltd.,

Class

A

(Industrials)

6,792

305

Sinocelltech

Group

Ltd.,

Class

A

(Health

Care)*

1,853

3,500

Sinolink

Securities

Co.

Ltd.,

Class

A

(Financials)

3,949

2,500

Sinoma

International

Engineering

Co.,

Class

A

(Industrials)

4,375

1,600

Sinoma

Science

&

Technology

Co.

Ltd.,

Class

A

(Materials)

3,300

6,800

Sinomach

Heavy

Equipment

Group

Co.

Ltd.,

Class

A

(Industrials)*

2,732

700

Sinomine

Resource

Group

Co.

Ltd.,

Class

A

(Materials)

2,976

7,300

Sinopec

Oilfield

Service

Corp.,

Class

A

(Energy)*

1,818

5,700

Sinopec

Shanghai

Petrochemical

Co.

Ltd.,

Class

A

(Materials)*

2,165

51,214

Sinopec

Shanghai

Petrochemical

Co.

Ltd.,

Class

H

(Materials)*

7,397

22,462

Sinopharm

Group

Co.

Ltd.,

Class

H

(Health

Care)

60,868

3,600

Sinotrans

Ltd.,

Class

A

(Industrials)

2,982

28,998

Sinotrans

Ltd.,

Class

H

(Industrials)

15,790

GOLDMAN

SACHS

MARKETBETA

®

TOTAL

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

11,093

Sinotruk

Hong

Kong

Ltd.

(Industrials)

$

25,721

500

Skshu

Paint

Co.

Ltd.,

Class

A

(Materials)*

2,975

29,716

Smoore

International

Holdings

Ltd.

(Consumer

Staples)

(a)(b)

32,970

2,400

Songcheng

Performance

Development

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

3,372

400

Sonoscape

Medical

Corp.,

Class

A

(Health

Care)

2,157

4,700

SooChow

Securities

Co.

Ltd.,

Class

A

(Financials)

4,171

6,200

Southwest

Securities

Co.

Ltd.,

Class

A

(Financials)

3,284

2,600

SPIC

Industry-Finance

Holdings

Co.

Ltd.,

Class

A

(Financials)

1,431

900

Spring

Airlines

Co.

Ltd.,

Class

A

(Industrials)*

6,953

280

StarPower

Semiconductor

Ltd.,

Class

A

(Information

Technology)

3,366

3,000

State

Grid

Yingda

Co.

Ltd.,

Class

A

(Industrials)

1,977

1,400

Sungrow

Power

Supply

Co.

Ltd.,

Class

A

(Industrials)

19,010

11,289

Sunny

Optical

Technology

Group

Co.

Ltd.

(Information

Technology)

61,976

500

Sunresin

New

Materials

Co.

Ltd.,

Class

A

(Materials)

3,328

1,700

Sunwoda

Electronic

Co.

Ltd.,

Class

A

(Industrials)

3,630

731

SUPCON

Technology

Co.

Ltd.,

Class

A

(Information

Technology)

4,290

1,600

Suzhou

Dongshan

Precision

Manufacturing

Co.

Ltd.,

Class

A

(Information

Technology)

3,456

300

Suzhou

Maxwell

Technologies

Co.

Ltd.,

Class

A

(Information

Technology)

5,422

560

Suzhou

TFC

Optical

Communication

Co.

Ltd.,

Class

A

(Information

Technology)

6,824

7,275

TAL

Education

Group

ADR

(Consumer

Discretionary)*

82,644

1,200

Talkweb

Information

System

Co.

Ltd.,

Class

A

(Communication

Services)*

1,980

2,500

Tangshan

Jidong

Cement

Co.

Ltd.,

Class

A

(Materials)*

1,606

5,600

TangShan

Port

Group

Co.

Ltd.,

Class

A

(Industrials)

3,174

1,400

Tasly

Pharmaceutical

Group

Co.

Ltd.,

Class

A

(Health

Care)

2,683

4,700

TBEA

Co.

Ltd.,

Class

A

(Industrials)

9,648

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

17,700

TCL

Technology

Group

Corp.,

Class

A

(Information

Technology)*

$

10,423

3,800

TCL

Zhonghuan

Renewable

Energy

Technology

Co.

Ltd.,

Class

A

(Information

Technology)

5,777

101,849

Tencent

Holdings

Ltd.

(Communication

Services)

4,684,089

10,559

Tencent

Music

Entertainment

Group

ADR

(Communication

Services)

152,578

400

Thunder

Software

Technology

Co.

Ltd.,

Class

A

(Information

Technology)

3,109

3,900

Tian

Di

Science

&

Technology

Co.

Ltd.,

Class

A

(Industrials)

3,799

8,100

Tianfeng

Securities

Co.

Ltd.,

Class

A

(Financials)*

3,132

500

Tianjin

Pharmaceutical

Da

Re

Tang

Group

Corp.

Ltd.,

Class

A

(Health

Care)

2,420

2,300

Tianma

Microelectronics

Co.

Ltd.,

Class

A

(Information

Technology)*

2,377

409

Tianneng

Battery

Group

Co.

Ltd.,

Class

A

(Consumer

Discretionary)*

1,574

1,400

Tianqi

Lithium

Corp.,

Class

A

(Materials)

6,950

2,203

Tianqi

Lithium

Corp.,

Class

H

(Materials)

8,293

4,300

Tianshan

Aluminum

Group

Co.

Ltd.,

Class

A

(Materials)

5,076

3,200

TianShan

Material

Co.

Ltd.,

Class

A

(Materials)

2,611

3,000

Tianshui

Huatian

Technology

Co.

Ltd.,

Class

A

(Information

Technology)

3,376

31,040

Tingyi

Cayman

Islands

Holding

Corp.

(Consumer

Staples)

37,891

1,700

Titan

Wind

Energy

Suzhou

Co.

Ltd.,

Class

A

(Industrials)*

2,496

1,500

Toly

Bread

Co.

Ltd.,

Class

A

(Consumer

Staples)

1,232

20,177

Tongcheng

Travel

Holdings

Ltd.

(Consumer

Discretionary)*

46,062

1,400

TongFu

Microelectronics

Co.

Ltd.,

Class

A

(Information

Technology)*

4,425

1,900

Tonghua

Dongbao

Pharmaceutical

Co.

Ltd.,

Class

A

(Health

Care)

2,400

2,200

Tongkun

Group

Co.

Ltd.,

Class

A

(Materials)*

4,565

12,700

Tongling

Nonferrous

Metals

Group

Co.

Ltd.,

Class

A

(Materials)

6,920

GOLDMAN

SACHS

MARKETBETA

®

TOTAL

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

4,200

Tongwei

Co.

Ltd.,

Class

A

(Information

Technology)*

$

13,297

300

Topchoice

Medical

Corp.,

Class

A

(Health

Care)*

2,454

46,590

Topsports

International

Holdings

Ltd.

(Consumer

Discretionary)

(a)

30,372

15,612

TravelSky

Technology

Ltd.,

Class

H

(Consumer

Discretionary)

20,475

2,022

Trina

Solar

Co.

Ltd.,

Class

A

(Information

Technology)

6,140

9,410

Trip.com

Group

Ltd.

ADR

(Consumer

Discretionary)*

484,709

3,100

Tsinghua

Tongfang

Co.

Ltd.,

Class

A

(Information

Technology)*

2,444

700

Tsingtao

Brewery

Co.

Ltd.,

Class

A

(Consumer

Staples)

7,477

10,325

Tsingtao

Brewery

Co.

Ltd.,

Class

H

(Consumer

Staples)

72,917

800

Unigroup

Guoxin

Microelectronics

Co.

Ltd.,

Class

A

(Information

Technology)*

6,094

18,747

Uni-President

China

Holdings

Ltd.

(Consumer

Staples)

16,439

2,700

Unisplendour

Corp.

Ltd.,

Class

A

(Information

Technology)*

8,180

1,400

Universal

Scientific

Industrial

Shanghai

Co.

Ltd.,

Class

A

(Information

Technology)*

2,926

200

Vanchip

Tianjin

Technology

Co.

Ltd.,

Class

A

(Information

Technology)*

1,247

900

Venustech

Group,

Inc.,

Class

A

(Information

Technology)

2,257

467

Verisilicon

Microelectronics

Shanghai

Co.

Ltd.,

Class

A

(Information

Technology)*

2,048

6,032

Vipshop

Holdings

Ltd.

ADR

(Consumer

Discretionary)

96,934

1,500

Walvax

Biotechnology

Co.

Ltd.,

Class

A

(Health

Care)

2,757

2,000

Wanda

Film

Holding

Co.

Ltd.,

Class

A

(Communication

Services)*

3,613

1,100

Wangfujing

Group

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

1,995

3,200

Wanhua

Chemical

Group

Co.

Ltd.,

Class

A

(Materials)

38,547

71,713

Want

Want

China

Holdings

Ltd.

(Consumer

Staples)

43,174

1,104

Weibo

Corp.

ADR

(Communication

Services)

9,770

6,300

Weichai

Power

Co.

Ltd.,

Class

A

(Industrials)

13,791

32,527

Weichai

Power

Co.

Ltd.,

Class

H

(Industrials)

58,124

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

800

Weihai

Guangwei

Composites

Co.

Ltd.,

Class

A

(Materials)*

$

2,867

6,700

Wens

Foodstuffs

Group

Co.

Ltd.,

Class

A

(Consumer

Staples)

19,737

2,200

Western

Mining

Co.

Ltd.,

Class

A

(Materials)

5,627

4,200

Western

Securities

Co.

Ltd.,

Class

A

(Financials)

3,918

604

Western

Superconducting

Technologies

Co.

Ltd.,

Class

A

(Materials)

3,549

16,003

Wharf

Holdings

Ltd.

(The)

(Real

Estate)

47,559

1,200

Will

Semiconductor

Co.

Ltd.

Shanghai,

Class

A

(Information

Technology)

15,525

34,924

Wilmar

International

Ltd.

(Consumer

Staples)

79,837

1,200

Wingtech

Technology

Co.

Ltd.,

Class

A

(Information

Technology)*

5,039

400

Winner

Medical

Co.

Ltd.,

Class

A

(Health

Care)

1,641

2,000

Winning

Health

Technology

Group

Co.

Ltd.,

Class

A

(Health

Care)

1,706

20,900

Wintime

Energy

Group

Co.

Ltd.,

Class

A

(Utilities)*

3,652

4,900

Wuchan

Zhongda

Group

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

3,236

4,000

Wuhan

Guide

Infrared

Co.

Ltd.,

Class

A

(Information

Technology)

3,605

300

Wuhan

Jingce

Electronic

Group

Co.

Ltd.,

Class

A

(Information

Technology)

2,536

3,900

Wuliangye

Yibin

Co.

Ltd.,

Class

A

(Consumer

Staples)

78,720

1,800

WUS

Printed

Circuit

Kunshan

Co.

Ltd.,

Class

A

(Information

Technology)

7,739

2,600

WuXi

AppTec

Co.

Ltd.,

Class

A

(Health

Care)

15,064

5,949

WuXi

AppTec

Co.

Ltd.,

Class

H

(Health

Care)

(a)

25,892

406

Wuxi

Autowell

Technology

Co.

Ltd.,

Class

A

(Information

Technology)

3,178

61,031

Wuxi

Biologics

Cayman,

Inc.

(Health

Care)*

(a)

86,905

1,500

Wuxi

Lead

Intelligent

Equipment

Co.

Ltd.,

Class

A

(Industrials)

4,126

11,100

XCMG

Construction

Machinery

Co.

Ltd.,

Class

A

(Industrials)

11,073

2,800

Xiamen

C

&

D,

Inc.,

Class

A

(Industrials)

3,706

GOLDMAN

SACHS

MARKETBETA

®

TOTAL

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

200

Xiamen

Faratronic

Co.

Ltd.,

Class

A

(Information

Technology)

$

2,339

1,300

Xiamen

Tungsten

Co.

Ltd.,

Class

A

(Materials)

3,404

2,100

Xiangcai

Co.

Ltd.,

Class

A

(Real

Estate)

1,921

1,200

Xiangtan

Electric

Manufacturing

Co.

Ltd.,

Class

A

(Industrials)*

1,889

265,504

Xiaomi

Corp.,

Class

B

(Information

Technology)*

(a)

593,225

8,000

Xinhu

Zhongbao

Co.

Ltd.,

Class

A

(Real

Estate)

2,334

1,329

Xinjiang

Daqo

New

Energy

Co.

Ltd.,

Class

A

(Information

Technology)*

4,895

26,428

Xinyi

Glass

Holdings

Ltd.

(Industrials)

32,666

76,068

Xinyi

Solar

Holdings

Ltd.

(Information

Technology)

49,977

18,701

XPeng,

Inc.,

Class

A

(Consumer

Discretionary)*

77,330

19,301

Yadea

Group

Holdings

Ltd.

(Consumer

Discretionary)

(a)

30,789

500

Yangzhou

Yangjie

Electronic

Technology

Co.

Ltd.,

Class

A

(Information

Technology)

2,495

44,393

Yangzijiang

Shipbuilding

Holdings

Ltd.

(Industrials)

74,881

3,500

Yankuang

Energy

Group

Co.

Ltd.,

Class

A

(Energy)

12,131

36,284

Yankuang

Energy

Group

Co.

Ltd.,

Class

H

(Energy)

90,532

1,000

Yantai

Jereh

Oilfield

Services

Group

Co.

Ltd.,

Class

A

(Energy)

4,806

1,300

Yealink

Network

Technology

Corp.

Ltd.,

Class

A

(Information

Technology)

6,634

900

Yifeng

Pharmacy

Chain

Co.

Ltd.,

Class

A

(Consumer

Staples)

5,580

1,600

Yihai

Kerry

Arawana

Holdings

Co.

Ltd.,

Class

A

(Consumer

Staples)

6,622

2,600

Yintai

Gold

Co.

Ltd.,

Class

A

(Materials)

6,922

600

Yongan

Futures

Co.

Ltd.,

Class

A

(Financials)

1,024

8,500

Yonghui

Superstores

Co.

Ltd.,

Class

A

(Consumer

Staples)*

3,076

500

YongXing

Special

Materials

Technology

Co.

Ltd.,

Class

A

(Materials)

2,959

3,200

Yonyou

Network

Technology

Co.

Ltd.,

Class

A

(Information

Technology)*

4,953

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

4,300

Youngor

Fashion

Co.

Ltd.,

Class

A

(Real

Estate)

$

4,704

3,200

YTO

Express

Group

Co.

Ltd.,

Class

A

(Industrials)

7,137

27,729

Yuexiu

Property

Co.

Ltd.

(Real

Estate)

20,097

2,700

Yunda

Holding

Co.

Ltd.,

Class

A

(Industrials)

3,299

3,200

Yunnan

Aluminium

Co.

Ltd.,

Class

A

(Materials)

6,362

1,700

Yunnan

Baiyao

Group

Co.

Ltd.,

Class

A

(Health

Care)

12,369

400

Yunnan

Botanee

Bio-

Technology

Group

Co.

Ltd.,

Class

A

(Consumer

Staples)*

2,939

4,700

Yunnan

Chihong

Zinc&Germanium

Co.

Ltd.,

Class

A

(Materials)

3,718

900

Yunnan

Energy

New

Material

Co.

Ltd.,

Class

A

(Materials)

4,900

1,500

Yunnan

Tin

Co.

Ltd.,

Class

A

(Materials)

3,467

1,700

Yunnan

Yuntianhua

Co.

Ltd.,

Class

A

(Materials)

4,849

2,100

Yutong

Bus

Co.

Ltd.,

Class

A

(Industrials)

7,036

1,500

Zangge

Mining

Co.

Ltd.,

Class

A

(Materials)

5,385

600

Zhangzhou

Pientzehuang

Pharmaceutical

Co.

Ltd.,

Class

A

(Health

Care)

18,740

23,842

Zhaojin

Mining

Industry

Co.

Ltd.,

Class

H

(Materials)

41,934

4,900

Zhefu

Holding

Group

Co.

Ltd.,

Class

A

(Industrials)

2,130

6,900

Zhejiang

Century

Huatong

Group

Co.

Ltd.,

Class

A

(Communication

Services)*

3,807

200

Zhejiang

Cfmoto

Power

Co.

Ltd.,

Class

A

(Consumer

Discretionary)*

4,022

5,100

Zhejiang

China

Commodities

City

Group

Co.

Ltd.,

Class

A

(Consumer

Discretionary)*

5,529

2,000

Zhejiang

Chint

Electrics

Co.

Ltd.,

Class

A

(Industrials)

5,881

3,100

Zhejiang

Dahua

Technology

Co.

Ltd.,

Class

A

(Information

Technology)

6,991

500

Zhejiang

Dingli

Machinery

Co.

Ltd.,

Class

A

(Industrials)

4,372

25,494

Zhejiang

Expressway

Co.

Ltd.,

Class

H

(Industrials)

16,652

1,900

Zhejiang

Hailiang

Co.

Ltd.,

Class

A

(Materials)

2,246

1,400

Zhejiang

Huahai

Pharmaceutical

Co.

Ltd.,

Class

A

(Health

Care)

3,340

GOLDMAN

SACHS

MARKETBETA

®

TOTAL

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

1,600

Zhejiang

Huayou

Cobalt

Co.

Ltd.,

Class

A

(Materials)

$

6,340

1,200

Zhejiang

Jingsheng

Mechanical

&

Electrical

Co.

Ltd.,

Class

A

(Information

Technology)

5,298

3,300

Zhejiang

Jinke

Tom

Culture

Industry

Co.

Ltd.,

Class

A

(Communication

Services)*

1,739

800

Zhejiang

Jiuzhou

Pharmaceutical

Co.

Ltd.,

Class

A

(Health

Care)

1,661

2,500

Zhejiang

Juhua

Co.

Ltd.,

Class

A

(Materials)

8,180

10,889

Zhejiang

Leapmotor

Technology

Co.

Ltd.

(Consumer

Discretionary)*

(a)

39,668

3,000

Zhejiang

Longsheng

Group

Co.

Ltd.,

Class

A

(Materials)

3,649

2,900

Zhejiang

NHU

Co.

Ltd.,

Class

A

(Health

Care)

7,569

3,700

Zhejiang

Sanhua

Intelligent

Controls

Co.

Ltd.,

Class

A

(Industrials)

11,719

800

Zhejiang

Shuanghuan

Driveline

Co.

Ltd.,

Class

A

(Consumer

Discretionary)*

2,513

400

Zhejiang

Supor

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

2,921

1,600

Zhejiang

Weiming

Environment

Protection

Co.

Ltd.,

Class

A

(Industrials)

4,764

1,500

Zhejiang

Weixing

New

Building

Materials

Co.

Ltd.,

Class

A

(Industrials)

3,513

9,100

Zhejiang

Zheneng

Electric

Power

Co.

Ltd.,

Class

A

(Utilities)*

8,389

1,400

Zhengzhou

Coal

Mining

Machinery

Group

Co.

Ltd.,

Class

A

(Industrials)

3,138

3,798

Zhengzhou

Coal

Mining

Machinery

Group

Co.

Ltd.,

Class

H

(Industrials)

6,136

3,600

Zheshang

Securities

Co.

Ltd.,

Class

A

(Financials)

5,434

11,575

ZhongAn

Online

P&C

Insurance

Co.

Ltd.,

Class

H

(Financials)*

(a)

19,678

680

Zhongfu

Shenying

Carbon

Fiber

Co.

Ltd.,

Class

A

(Materials)

2,449

800

Zhongji

Innolight

Co.

Ltd.,

Class

A

(Information

Technology)

17,311

4,500

Zhongjin

Gold

Corp.

Ltd.,

Class

A

(Materials)

8,928

11,757

Zhongsheng

Group

Holdings

Ltd.

(Consumer

Discretionary)

21,250

6,100

Zhongtai

Securities

Co.

Ltd.,

Class

A

(Financials)

5,254

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

1,050

Zhuhai

CosMX

Battery

Co.

Ltd.,

Class

A

(Industrials)

$

2,064

2,000

Zhuhai

Huafa

Properties

Co.

Ltd.,

Class

A

(Real

Estate)*

1,968

594

Zhuzhou

CRRC

Times

Electric

Co.

Ltd.,

Class

A

(Industrials)

3,924

8,514

Zhuzhou

CRRC

Times

Electric

Co.

Ltd.,

Class

H

(Industrials)

33,247

2,500

Zhuzhou

Kibing

Group

Co.

Ltd.,

Class

A

(Industrials)

2,600

20,700

Zijin

Mining

Group

Co.

Ltd.,

Class

A

(Materials)

49,586

95,704

Zijin

Mining

Group

Co.

Ltd.,

Class

H

(Materials)

202,336

7,710

ZJLD

Group,

Inc.

(Consumer

Staples)*

(a)

10,249

6,600

Zoomlion

Heavy

Industry

Science

and

Technology

Co.

Ltd.,

Class

A

(Industrials)

7,292

21,811

Zoomlion

Heavy

Industry

Science

and

Technology

Co.

Ltd.,

Class

H

(Industrials)

15,585

3,700

ZTE

Corp.,

Class

A

(Information

Technology)*

13,725

12,647

ZTE

Corp.,

Class

H

(Information

Technology)*

25,962

6,883

ZTO

Express

Cayman,

Inc.

ADR

(Industrials)

156,864

35,296,047

Colombia

–

0.0%

3,845

Bancolombia

SA

(Financials)

35,656

79,226

Ecopetrol

SA

(Energy)

48,298

48,943

Grupo

Energia

Bogota

SA

ESP

(Utilities)

32,175

7,374

Interconexion

Electrica

SA

ESP

(Utilities)

36,458

152,587

Czech

Republic

–

0.0%

2,701

CEZ

AS

(Utilities)

112,570

1,241

Komercni

Banka

AS

(Financials)

42,424

154,994

Denmark

–

2.3%

44

AP

Moller

–

Maersk

A/S,

Class

A

(Industrials)

77,104

56

AP

Moller

–

Maersk

A/S,

Class

B

(Industrials)

101,597

1,524

Carlsberg

AS,

Class

B

(Consumer

Staples)

206,063

2,063

Coloplast

A/S,

Class

B

(Health

Care)

247,655

11,210

Danske

Bank

A/S

(Financials)

343,771

1,415

Demant

A/S

(Health

Care)*

67,757

2,964

DSV

A/S

(Industrials)

454,692

1,084

Genmab

A/S

(Health

Care)*

305,603

52,862

Novo

Nordisk

A/S,

Class

B

(Health

Care)

7,134,489

GOLDMAN

SACHS

MARKETBETA

®

TOTAL

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Denmark

–

(continued)

6,059

Novonesis

(Novozymes)

B,

Class

B

(Materials)

$

360,328

3,158

Orsted

AS

(Utilities)*

(a)

192,540

1,484

Pandora

A/S

(Consumer

Discretionary)

242,772

200

Svitzer

A/S

(Industrials)*

7,845

5,335

Tryg

A/S

(Financials)

109,640

16,841

Vestas

Wind

Systems

A/S

(Industrials)*

472,701

10,324,557

Egypt

–

0.0%

4,589

Abou

Kir

Fertilizers

&

Chemical

Industries

(Materials)

6,019

39,156

Commercial

International

Bank

-

Egypt

(CIB)

(Financials)

64,777

14,109

EFG

Holding

S.A.E.

(Financials)*

4,597

7,842

ElSewedy

Electric

Co.

(Industrials)

7,384

2,872

Ezz

Steel

Co.

SAE

(Materials)*

4,593

5,544

Misr

Fertilizers

Production

Co.

SAE

(Materials)

5,160

8,047

Telecom

Egypt

Co.

(Communication

Services)

5,250

97,780

Faroe

Islands

–

0.0%

832

Bakkafrost

P/F

(Consumer

Staples)

45,714

Finland

–

0.6%

2,193

Elisa

OYJ

(Communication

Services)

101,657

6,772

Fortum

OYJ

(Utilities)

103,034

1,640

Huhtamaki

OYJ

(Materials)

66,123

4,232

Kesko

OYJ,

Class

B

(Consumer

Staples)

76,816

5,177

Kone

OYJ,

Class

B

(Industrials)

262,967

10,867

Metso

Corp.

(Industrials)

132,011

6,699

Neste

OYJ

(Energy)

140,104

82,457

Nokia

OYJ

(Information

Technology)

321,450

53,102

Nordea

Bank

Abp

(Financials)

651,129

1,669

Orion

OYJ,

Class

B

(Health

Care)

67,909

6,899

Sampo

OYJ,

Class

A

(Financials)

295,388

8,903

Stora

Enso

OYJ,

Class

R

(Materials)

129,609

8,241

UPM-Kymmene

OYJ

(Materials)

314,467

7,621

Wartsila

OYJ

Abp

(Industrials)

158,890

2,821,554

France

–

5.5%

458

Aeroports

de

Paris

SA

(Industrials)

65,184

8,532

Air

Liquide

SA

(Materials)

1,671,483

9,801

Airbus

SE

(Industrials)

1,658,772

29,777

AXA

SA

(Financials)

1,068,372

Shares

Description

Value

a

Common

Stocks

–

(continued)

France

–

(continued)

16,677

BNP

Paribas

SA

(Financials)

$

1,225,679

13,300

Bollore

SE

(Communication

Services)

89,085

3,256

Bouygues

SA

(Industrials)

127,250

2,648

Capgemini

SE

(Information

Technology)

533,539

7,786

Cie

de

Saint-Gobain

SA

(Industrials)

681,101

11,237

Cie

Generale

des

Etablissements

Michelin

SCA

(Consumer

Discretionary)

453,189

18,550

Credit

Agricole

SA

(Financials)

300,558

10,552

Danone

SA

(Consumer

Staples)

677,235

11,362

Dassault

Systemes

(Information

Technology)

457,243

29,296

Engie

SA

(Utilities)

494,071

4,799

EssilorLuxottica

SA

(Health

Care)

1,069,571

542

Hermes

International

SCA

(Consumer

Discretionary)

1,280,349

1,193

Kering

(Consumer

Discretionary)

410,812

4,288

Legrand

SA

(Industrials)

461,316

3,750

L'Oreal

SA

(Consumer

Staples)

1,840,500

4,308

LVMH

Moet

Hennessy

Louis

Vuitton

SE

(Consumer

Discretionary)

3,436,957

31,336

Orange

SA

(Communication

Services)

364,847

3,246

Pernod

Ricard

SA

(Consumer

Staples)

482,593

5,932

Safran

SA

(Industrials)

1,378,758

407

Sartorius

Stedim

Biotech

(Health

Care)

80,702

12,506

Societe

Generale

SA

(Financials)

371,861

1,630

Thales

SA

(Industrials)

294,892

37,185

TotalEnergies

SE

(Energy)

2,705,064

8,116

Vinci

SA

(Industrials)

1,008,389

24,689,372

Germany

–

4.7%

2,774

adidas

AG

(Consumer

Discretionary)

697,152

6,518

Allianz

SE

(Financials)

1,898,476

14,963

BASF

SE

(Materials)

786,364

16,446

Bayer

AG

(Health

Care)

504,191

5,092

Bayerische

Motoren

Werke

AG

(Consumer

Discretionary)

515,088

1,638

Beiersdorf

AG

(Consumer

Staples)

256,685

1,557

BioNTech

SE

ADR

(Health

Care)*

155,928

612

Carl

Zeiss

Meditec

AG

(Health

Care)

56,240

1,808

Continental

AG

(Consumer

Discretionary)

122,163

8,901

Daimler

Truck

Holding

AG

(Industrials)

378,497

32,614

Deutsche

Bank

AG

(Financials)

539,088

GOLDMAN

SACHS

MARKETBETA

®

TOTAL

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Germany

–

(continued)

3,074

Deutsche

Boerse

AG

(Financials)

$

610,362

15,822

Deutsche

Post

AG

(Industrials)

664,039

54,042

Deutsche

Telekom

AG

(Communication

Services)

1,307,710

37,045

E.ON

SE

(Utilities)

493,853

3,362

Evonik

Industries

AG

(Materials)

73,616

3,332

Fresenius

Medical

Care

AG

(Health

Care)

141,723

6,887

Fresenius

SE

&

Co.

KGaA

(Health

Care)*

218,913

1,005

Hannover

Rueck

SE

(Financials)

248,973

99

Hapag-Lloyd

AG

(Industrials)

(a)

18,711

2,205

Heidelberg

Materials

AG

(Materials)

229,130

1,611

Henkel

AG

&

Co.

KGaA

(Consumer

Staples)

128,719

21,800

Infineon

Technologies

AG

(Information

Technology)

871,504

1,106

Knorr-Bremse

AG

(Industrials)

84,768

13,160

Mercedes-Benz

Group

AG

(Consumer

Discretionary)

948,624

2,163

Merck

KGaA

(Health

Care)

390,968

899

MTU

Aero

Engines

AG

(Industrials)

223,006

2,281

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen

(Financials)

1,133,877

723

Rheinmetall

AG

(Industrials)

414,265

12,452

RWE

AG

(Utilities)

470,964

16,972

SAP

SE

(Information

Technology)

3,057,782

12,273

Siemens

AG

(Industrials)

2,348,414

8,386

Siemens

Energy

AG

(Industrials)*

225,958

4,509

Siemens

Healthineers

AG

(Health

Care)

(a)

261,294

2,222

Symrise

AG

(Materials)

263,775

749

Talanx

AG

(Financials)

59,479

479

Volkswagen

AG

(Consumer

Discretionary)

68,172

11,646

Vonovia

SE

(Real

Estate)

364,116

21,232,587

Greece

–

0.1%

33,763

Alpha

Services

and

Holdings

SA

(Financials)*

56,849

40,458

Eurobank

Ergasias

Services

and

Holdings

SA

(Financials)*

88,369

2,909

Hellenic

Telecommunications

Organization

SA

(Communication

Services)

42,444

1,749

JUMBO

SA

(Consumer

Discretionary)

50,126

975

Motor

Oil

Hellas

Corinth

Refineries

SA

(Energy)

27,583

1,737

Mytilineos

SA

(Industrials)

69,054

Shares

Description

Value

a

Common

Stocks

–

(continued)

Greece

–

(continued)

9,128

National

Bank

of

Greece

SA

(Financials)*

$

79,077

3,270

OPAP

SA

(Consumer

Discretionary)

52,006

10,696

Piraeus

Financial

Holdings

SA

(Financials)*

41,895

3,506

Public

Power

Corp.

SA

(Utilities)*

42,705

1,129

Star

Bulk

Carriers

Corp.

(Industrials)

30,573

845

Terna

Energy

SA

(Utilities)

16,705

597,386

Guatemala

–

0.1%

2,159

Millicom

International

Cellular

SA

SDR,

SDR

(Communication

Services)*

53,907

Hong

Kong

–

1.1%

188,442

AIA

Group

Ltd.

(Financials)

1,456,067

9,466

Cathay

Pacific

Airways

Ltd.

(Industrials)

(b)

9,910

31,756

CK

Asset

Holdings

Ltd.

(Real

Estate)

125,224

10,165

CK

Infrastructure

Holdings

Ltd.

(Utilities)

58,599

31,742

CLP

Holdings

Ltd.

(Utilities)

250,947

4,735

DFI

Retail

Group

Holdings

Ltd.

(Consumer

Staples)

8,712

1,191

Futu

Holdings

Ltd.

ADR

(Financials)*

89,492

29,118

Hang

Lung

Properties

Ltd.

(Real

Estate)

26,537

12,063

Hang

Seng

Bank

Ltd.

(Financials)

167,453

22,031

Henderson

Land

Development

Co.

Ltd.

(Real

Estate)

68,430

37,866

HK

Electric

Investments

&

HK

Electric

Investments

Ltd.

(Utilities)

23,184

60,438

HKT

Trust

&

HKT

Ltd.

(Communication

Services)

70,223

153,188

Hong

Kong

&

China

Gas

Co.

Ltd.

(Utilities)

118,856

19,970

Hong

Kong

Exchanges

&

Clearing

Ltd.

(Financials)

670,827

17,291

Hongkong

Land

Holdings

Ltd.

(Real

Estate)

58,616

93,388

J&T

Global

Express

Ltd.

(Industrials)*

(b)

91,080

3,304

Jardine

Matheson

Holdings

Ltd.

(Industrials)

121,587

42,668

Link

REIT

(Real

Estate)

178,889

26,205

MTR

Corp.

Ltd.

(Industrials)

88,764

2,196

Orient

Overseas

International

Ltd.

(Industrials)

37,277

22,825

Power

Assets

Holdings

Ltd.

(Utilities)

126,330

46,062

Prudential

PLC

(Financials)

438,087

GOLDMAN

SACHS

MARKETBETA

®

TOTAL

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Hong

Kong

–

(continued)

164,115

Sino

Biopharmaceutical

Ltd.

(Health

Care)

$

59,576

56,379

Sino

Land

Co.

Ltd.

(Real

Estate)

59,814

24,371

Sun

Hung

Kai

Properties

Ltd.

(Real

Estate)

234,572

6,856

Swire

Pacific

Ltd.,

Class

A

(Real

Estate)

59,548

12,007

Swire

Pacific

Ltd.,

Class

B

(Real

Estate)

16,023

17,613

Swire

Properties

Ltd.

(Real

Estate)

32,284

22,831

Techtronic

Industries

Co.

Ltd.

(Industrials)

279,283

127,090

WH

Group

Ltd.

(Consumer

Staples)

(a)

86,423

25,905

Wharf

Real

Estate

Investment

Co.

Ltd.

(Real

Estate)

75,000

5,187,614

Hungary

–

0.1%

7,396

MOL

Hungarian

Oil

&

Gas

PLC

(Energy)

57,432

3,808

OTP

Bank

Nyrt

(Financials)

183,461

2,325

Richter

Gedeon

Nyrt

(Health

Care)

58,886

299,779

India

–

5.7%

887

ABB

India

Ltd.

(Industrials)

88,390

1,156

ACC

Ltd.

(Materials)

35,265

4,816

Adani

Energy

Solutions

Ltd.

(Utilities)*

64,782

5,219

Adani

Enterprises

Ltd.

(Industrials)

213,293

5,168

Adani

Green

Energy

Ltd.

(Utilities)*

118,153

12,128

Adani

Ports

&

Special

Economic

Zone

Ltd.

(Industrials)

208,848

13,133

Adani

Power

Ltd.

(Utilities)*

118,914

4,411

Adani

Total

Gas

Ltd.

(Utilities)

54,921

2,462

Adani

Wilmar

Ltd.

(Consumer

Staples)*

10,493

7,771

Aditya

Birla

Capital

Ltd.

(Financials)*

20,840

520

Alkem

Laboratories

Ltd.

(Health

Care)

29,968

10,138

Ambuja

Cements

Ltd.

(Materials)

77,009

2,784

APL

Apollo

Tubes

Ltd.

(Materials)

50,193

1,695

Apollo

Hospitals

Enterprise

Ltd.

(Health

Care)

118,573

24,026

Ashok

Leyland

Ltd.

(Industrials)

64,475

6,815

Asian

Paints

Ltd.

(Materials)

235,235

1,985

Astral

Ltd.

(Industrials)

49,864

7,655

AU

Small

Finance

Bank

Ltd.

(Financials)

(a)

59,895

Shares

Description

Value

a

Common

Stocks

–

(continued)

India

–

(continued)

4,724

Aurobindo

Pharma

Ltd.

(Health

Care)

$

67,104

2,426

Avenue

Supermarts

Ltd.

(Consumer

Staples)*

(a)

125,037

38,151

Axis

Bank

Ltd.

(Financials)

531,167

1,137

Bajaj

Auto

Ltd.

(Consumer

Discretionary)

123,748

4,450

Bajaj

Finance

Ltd.

(Financials)

357,066

6,399

Bajaj

Finserv

Ltd.

(Financials)

117,184

447

Bajaj

Holdings

&

Investment

Ltd.

(Financials)

42,592

1,350

Balkrishna

Industries

Ltd.

(Consumer

Discretionary)

49,329

12,721

Bandhan

Bank

Ltd.

(Financials)

(a)

28,697

17,314

Bank

of

Baroda

(Financials)

54,947

11,908

Bank

of

India

(Financials)

18,360

4,092

Berger

Paints

India

Ltd.

(Materials)

22,551

59,790

Bharat

Electronics

Ltd.

(Industrials)

211,987

4,266

Bharat

Forge

Ltd.

(Consumer

Discretionary)

79,449

21,461

Bharat

Heavy

Electricals

Ltd.

(Industrials)

76,849

16,098

Bharat

Petroleum

Corp.

Ltd.

(Energy)

121,075

38,254

Bharti

Airtel

Ltd.

(Communication

Services)

629,117

7,491

Biocon

Ltd.

(Health

Care)

27,753

145

Bosch

Ltd.

(Consumer

Discretionary)

52,798

1,994

Britannia

Industries

Ltd.

(Consumer

Staples)*

123,737

30,370

Canara

Bank

(Financials)

42,933

10,705

CG

Power

&

Industrial

Solutions

Ltd.

(Industrials)

82,521

6,668

Cholamandalam

Investment

and

Finance

Co.

Ltd.

(Financials)

99,144

8,991

Cipla

Ltd.

(Health

Care)

155,883

34,943

Coal

India

Ltd.

(Energy)

205,628

2,231

Colgate-Palmolive

India

Ltd.

(Consumer

Staples)

71,025

4,598

Container

Corp.

Of

India

Ltd.

(Industrials)

59,208

2,273

Cummins

India

Ltd.

(Industrials)

96,705

9,908

Dabur

India

Ltd.

(Consumer

Staples)

64,703

1,345

Dalmia

Bharat

Ltd.

(Materials)

28,612

1,239

Deepak

Nitrite

Ltd.

(Materials)

32,526

5,114

Delhivery

Ltd.

(Industrials)*

23,594

2,117

Divi's

Laboratories

Ltd.

(Health

Care)

109,239

10,372

DLF

Ltd.

(Real

Estate)

101,351

2,037

Dr.

Reddy's

Laboratories

Ltd.

(Health

Care)

141,342

2,326

Eicher

Motors

Ltd.

(Consumer

Discretionary)

131,902

GOLDMAN

SACHS

MARKETBETA

®

TOTAL

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

India

–

(continued)

10,192

Embassy

Office

Parks

REIT

(Real

Estate)

$

42,719

17,146

FSN

E-Commerce

Ventures

Ltd.

(Consumer

Discretionary)*

33,729

45,151

GAIL

India

Ltd.

(Utilities)

110,509

3,894

General

Insurance

Corp.

of

India

(Financials)

(a)

16,612

1,026

Gland

Pharma

Ltd.

(Health

Care)*

(a)

22,618

41,318

GMR

Airports

Infrastructure

Ltd.

(Industrials)*

41,877

6,297

Godrej

Consumer

Products

Ltd.

(Consumer

Staples)

95,834

1,931

Godrej

Properties

Ltd.

(Real

Estate)*

64,282

5,205

Grasim

Industries

Ltd.

(Materials)

144,434

575

Gujarat

Fluorochemicals

Ltd.

(Materials)

20,928

2,739

Gujarat

Gas

Ltd.

(Utilities)

18,092

3,675

Havells

India

Ltd.

(Industrials)

83,973

17,730

HCL

Technologies

Ltd.

(Information

Technology)

281,250

1,320

HDFC

Asset

Management

Co.

Ltd.

(Financials)

(a)

61,426

93,657

HDFC

Bank

Ltd.

(Financials)

1,718,441

16,384

HDFC

Life

Insurance

Co.

Ltd.

(Financials)

(a)

107,926

2,182

Hero

MotoCorp

Ltd.

(Consumer

Discretionary)

133,830

24,403

Hindalco

Industries

Ltd.

(Materials)

201,533

2,782

Hindustan

Aeronautics

Ltd.

(Industrials)

165,773

10,708

Hindustan

Petroleum

Corp.

Ltd.

(Energy)

68,933

14,982

Hindustan

Unilever

Ltd.

(Consumer

Staples)

418,034

37

Honeywell

Automation

India

Ltd.

(Information

Technology)

22,795

86,674

ICICI

Bank

Ltd.

(Financials)

1,164,064

3,948

ICICI

Lombard

General

Insurance

Co.

Ltd.

(Financials)

(a)

74,766

6,415

ICICI

Prudential

Life

Insurance

Co.

Ltd.

(Financials)

(a)

41,919

47,669

IDFC

First

Bank

Ltd.

(Financials)*

43,631

4,057

Indian

Bank

(Financials)

27,583

14,186

Indian

Hotels

Co.

Ltd.

(Consumer

Discretionary)

94,731

62,763

Indian

Oil

Corp.

Ltd.

(Energy)

122,110

5,033

Indian

Railway

Catering

&

Tourism

Corp.

Ltd.

(Industrials)

61,523

29,842

Indian

Railway

Finance

Corp.

Ltd.

(Financials)

(a)

63,566

5,859

Indraprastha

Gas

Ltd.

(Utilities)

31,021

13,980

Indus

Towers

Ltd.

(Communication

Services)*

58,309

9,613

IndusInd

Bank

Ltd.

(Financials)

168,355

Shares

Description

Value

a

Common

Stocks

–

(continued)

India

–

(continued)

1,152

Info

Edge

India

Ltd.

(Communication

Services)

$

78,627

60,085

Infosys

Ltd.

(Information

Technology)

1,012,727

1,812

InterGlobe

Aviation

Ltd.

(Industrials)*

(a)

90,936

49,932

ITC

Ltd.

(Consumer

Staples)

255,100

5,087

Jindal

Stainless

Ltd.

(Materials)

48,358

6,373

Jindal

Steel

&

Power

Ltd.

(Materials)

78,499

56,754

Jio

Financial

Services

Ltd.

(Financials)*

234,131

6,212

JSW

Energy

Ltd.

(Utilities)

45,620

15,874

JSW

Steel

Ltd.

(Materials)

167,457

6,393

Jubilant

Foodworks

Ltd.

(Consumer

Discretionary)

37,835

18,291

Kotak

Mahindra

Bank

Ltd.

(Financials)

368,225

455

L&T

Technology

Services

Ltd.

(Industrials)

(a)

24,479

11,530

Larsen

&

Toubro

Ltd.

(Industrials)

506,846

3,706

Life

Insurance

Corp.

of

India

(Financials)

44,962

328

Linde

India

Ltd.

(Materials)

34,224

1,541

LTIMindtree

Ltd.

(Information

Technology)

(a)

86,804

4,022

Lupin

Ltd.

(Health

Care)

76,254

4,034

Macrotech

Developers

Ltd.

(Real

Estate)

(a)

66,594

9,650

Mahindra

&

Mahindra

Financial

Services

Ltd.

(Financials)

30,937

14,832

Mahindra

&

Mahindra

Ltd.

(Consumer

Discretionary)

445,335

936

MakeMyTrip

Ltd.

(Consumer

Discretionary)*

70,752

532

Mankind

Pharma

Ltd.

(Health

Care)*

13,638

8,737

Marico

Ltd.

(Consumer

Staples)

62,337

2,206

Maruti

Suzuki

India

Ltd.

(Consumer

Discretionary)

327,692

3,703

Max

Financial

Services

Ltd.

(Financials)*

40,731

12,392

Max

Healthcare

Institute

Ltd.

(Health

Care)

111,611

478

Mazagon

Dock

Shipbuilders

Ltd.

(Industrials)

18,234

1,398

Mphasis

Ltd.

(Information

Technology)

38,255

37

MRF

Ltd.

(Consumer

Discretionary)

55,600

1,784

Muthoot

Finance

Ltd.

(Financials)

35,980

6,010

Nestle

India

Ltd.

(Consumer

Staples)

169,555

46,142

NHPC

Ltd.

(Utilities)

59,287

19,232

NMDC

Ltd.

(Materials)

59,939

79,199

NTPC

Ltd.

(Utilities)

340,626

1,965

Oberoi

Realty

Ltd.

(Real

Estate)

42,836

GOLDMAN

SACHS

MARKETBETA

®

TOTAL

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

India

–

(continued)

64,823

Oil

&

Natural

Gas

Corp.

Ltd.

(Energy)

$

205,292

6,048

Oil

India

Ltd.

(Energy)

46,060

3,370

One

97

Communications

Ltd.

(Financials)*

14,565

364

Oracle

Financial

Services

Software

Ltd.

(Information

Technology)

32,509

86

Page

Industries

Ltd.

(Consumer

Discretionary)

37,044

1,162

Patanjali

Foods

Ltd.

(Consumer

Staples)

19,908

3,957

PB

Fintech

Ltd.

(Financials)*

61,362

1,670

Persistent

Systems

Ltd.

(Information

Technology)

68,233

12,555

Petronet

LNG

Ltd.

(Energy)

44,725

1,566

Phoenix

Mills

Ltd.

(The)

(Real

Estate)

58,152

1,353

PI

Industries

Ltd.

(Materials)

57,376

2,550

Pidilite

Industries

Ltd.

(Materials)

90,717

730

Polycab

India

Ltd.

(Industrials)

58,959

24,308

Power

Finance

Corp.

Ltd.

(Financials)

143,408

75,762

Power

Grid

Corp.

of

India

Ltd.

(Utilities)

281,369

2,305

Prestige

Estates

Projects

Ltd.

(Real

Estate)

44,115

160

Procter

&

Gamble

Hygiene

&

Health

Care

Ltd.

(Consumer

Staples)

30,615

36,864

Punjab

National

Bank

(Financials)

57,170

9,478

Rail

Vikas

Nigam

Ltd.

(Industrials)

43,341

20,876

REC

Ltd.

(Financials)

134,490

57,332

Reliance

Industries

Ltd.

(Energy)

1,964,933

34,329

Samvardhana

Motherson

International

Ltd.

(Consumer

Discretionary)

62,204

4,903

SBI

Cards

&

Payment

Services

Ltd.

(Financials)

40,653

7,463

SBI

Life

Insurance

Co.

Ltd.

(Financials)

(a)

123,955

677

Schaeffler

India

Ltd.

(Industrials)

34,401

166

Shree

Cement

Ltd.

(Materials)

49,082

4,001

Shriram

Finance

Ltd.

(Financials)

112,836

1,490

Siemens

Ltd.

(Industrials)

124,381

407

Solar

Industries

India

Ltd.

(Materials)

45,690

4,549

Sona

Blw

Precision

Forgings

Ltd.

(Consumer

Discretionary)

(a)

35,484

2,444

SRF

Ltd.

(Materials)

64,747

29,881

State

Bank

of

India

(Financials)

297,248

24,200

Steel

Authority

of

India

Ltd.

(Materials)

45,952

Shares

Description

Value

a

Common

Stocks

–

(continued)

India

–

(continued)

18,046

Sun

Pharmaceutical

Industries

Ltd.

(Health

Care)

$

315,600

1,069

Sundaram

Finance

Ltd.

(Financials)

54,910

982

Supreme

Industries

Ltd.

(Materials)

62,088

165,405

Suzlon

Energy

Ltd.

(Industrials)*

94,422

1,877

Tata

Communications

Ltd.

(Communication

Services)

39,988

16,961

Tata

Consultancy

Services

Ltd.

(Information

Technology)

745,921

10,073

Tata

Consumer

Products

Ltd.

(Consumer

Staples)

127,947

585

Tata

Elxsi

Ltd.

(Information

Technology)

48,669

28,891

Tata

Motors

Ltd.

(Consumer

Discretionary)

319,468

7,692

Tata

Motors

Ltd.,

Class

A

(Consumer

Discretionary)

56,991

28,409

Tata

Power

Co.

Ltd.

(The)

(Utilities)

148,646

135,138

Tata

Steel

Ltd.

(Materials)

270,693

10,405

Tech

Mahindra

Ltd.

(Information

Technology)

153,131

619

Thermax

Ltd.

(Industrials)

40,079

6,227

Titan

Co.

Ltd.

(Consumer

Discretionary)

241,847

1,550

Torrent

Pharmaceuticals

Ltd.

(Health

Care)

50,064

2,691

Torrent

Power

Ltd.

(Utilities)

48,416

3,035

Trent

Ltd.

(Consumer

Discretionary)

165,770

1,687

Tube

Investments

of

India

Ltd.

(Consumer

Discretionary)

72,290

3,839

TVS

Motor

Co.

Ltd.

(Consumer

Discretionary)

100,228

1,925

UltraTech

Cement

Ltd.

(Materials)

228,670

24,818

Union

Bank

of

India

Ltd.

(Financials)

47,616

1,157

United

Breweries

Ltd.

(Consumer

Staples)

25,787

4,978

United

Spirits

Ltd.

(Consumer

Staples)

69,143

8,702

UPL

Ltd.

(Materials)

53,043

7,777

Varun

Beverages

Ltd.

(Consumer

Staples)

132,935

577

Vedant

Fashions

Ltd.

(Consumer

Discretionary)

7,212

18,724

Vedanta

Ltd.

(Materials)

100,943

135,611

Vodafone

Idea

Ltd.

(Communication

Services)*

24,776

3,861

Voltas

Ltd.

(Industrials)

62,894

23,492

Wipro

Ltd.

(Information

Technology)

123,326

212,431

Yes

Bank

Ltd.

(Financials)*

58,534

100,817

Zomato

Ltd.

(Consumer

Discretionary)*

216,378

GOLDMAN

SACHS

MARKETBETA

®

TOTAL

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

India

–

(continued)

4,231

Zydus

Lifesciences

Ltd.

(Health

Care)

$

50,696

25,824,220

Indonesia

–

0.5%

184,254

Adaro

Energy

Indonesia

Tbk

PT

(Energy)

31,408

103,841

Adaro

Minerals

Indonesia

Tbk

PT

(Materials)*

9,266

220,074

Amman

Mineral

Internasional

PT

(Materials)*

163,532

132,150

Aneka

Tambang

Tbk

(Materials)

11,914

337,977

Astra

International

Tbk

PT

(Industrials)

89,226

876,234

Bank

Central

Asia

Tbk

PT

(Financials)

498,779

608,360

Bank

Mandiri

Persero

Tbk

PT

(Financials)

220,881

249,562

Bank

Negara

Indonesia

Persero

Tbk

PT

(Financials)

67,574

1,176,474

Bank

Rakyat

Indonesia

Persero

Tbk

PT

(Financials)

314,209

423,789

Barito

Pacific

Tbk

PT

(Materials)

27,774

261,468

Barito

Renewables

Energy

Tbk

PT

(Utilities)

132,343

114,981

Chandra

Asri

Pacific

Tbk

PT

(Materials)

64,920

122,071

Charoen

Pokphand

Indonesia

Tbk

PT

(Consumer

Staples)

39,063

355,413

Dayamitra

Telekomunikasi

PT

(Communication

Services)*

13,342

12,624,114

GoTo

Gojek

Tokopedia

Tbk

PT

(Consumer

Discretionary)*

50,496

7,189

Gudang

Garam

Tbk

PT

(Consumer

Staples)

8,273

42,804

Indah

Kiat

Pulp

&

Paper

Tbk

PT

(Materials)*

23,970

38,012

Indofood

CBP

Sukses

Makmur

Tbk

PT

(Consumer

Staples)

22,807

73,374

Indofood

Sukses

Makmur

Tbk

PT

(Consumer

Staples)

26,527

20,763

Indosat

Tbk

PT

(Communication

Services)*

13,033

317,808

Kalbe

Farma

Tbk

PT

(Health

Care)

29,141

54,012

Mayora

Indah

Tbk

PT

(Consumer

Staples)

7,545

165,004

Merdeka

Battery

Materials

Tbk

PT

(Materials)*

6,803

204,790

Merdeka

Copper

Gold

Tbk

PT

(Materials)*

34,027

25,207

Pantai

Indah

Kapuk

Dua

Tbk

PT

(Materials)*

7,950

320,879

Sarana

Menara

Nusantara

Tbk

PT

(Communication

Services)

13,625

55,145

Semen

Indonesia

Persero

Tbk

PT

(Materials)

11,843

315,444

Sumber

Alfaria

Trijaya

Tbk

PT

(Consumer

Staples)

51,442

Shares

Description

Value

a

Common

Stocks

–

(continued)

Indonesia

–

(continued)

794,507

Telkom

Indonesia

Persero

Tbk

PT

(Communication

Services)

$

141,789

124,872

Trimegah

Bangun

Persada

Tbk

PT

(Materials)

7,723

96,129

Unilever

Indonesia

Tbk

PT

(Consumer

Staples)

18,457

23,640

United

Tractors

Tbk

PT

(Energy)

32,114

33,071

Vale

Indonesia

Tbk

PT

(Materials)*

10,115

2,201,911

Ireland

–

0.3%

3,022

AerCap

Holdings

NV

(Industrials)

280,170

25,839

AIB

Group

PLC

(Financials)

146,425

17,667

Bank

of

Ireland

Group

PLC

(Financials)

201,670

2,626

Kerry

Group

PLC,

Class

A

(Consumer

Staples)

221,791

2,563

Kingspan

Group

PLC

(Industrials)

245,407

4,331

Smurfit

Kappa

Group

PLC

(Materials)

210,168

1,305,631

Israel

–

0.5%

907

Airport

City

Ltd.

(Real

Estate)*

13,433

3,393

Amot

Investments

Ltd.

(Real

Estate)

13,224

612

Azrieli

Group

Ltd.

(Real

Estate)

36,882

20,804

Bank

Hapoalim

BM

(Financials)

190,129

24,529

Bank

Leumi

Le-Israel

BM

(Financials)

202,414

33,506

Bezeq

The

Israeli

Telecommunication

Corp.

Ltd.

(Communication

Services)

40,258

205

Big

Shopping

Centers

Ltd.

(Real

Estate)*

20,008

415

Camtek

Ltd.

(Information

Technology)

45,033

1,534

Check

Point

Software

Technologies

Ltd.

(Information

Technology)*

230,867

157

Delek

Group

Ltd.

(Energy)

17,843

415

Elbit

Systems

Ltd.

(Industrials)

78,420

4,076

Energix-Renewable

Energies

Ltd.

(Utilities)

16,785

1,942

Enlight

Renewable

Energy

Ltd.

(Utilities)*

33,460

104

Fattal

Holdings

1998

Ltd.

(Consumer

Discretionary)*

11,934

867

First

International

Bank

Of

Israel

Ltd.

(The)

(Financials)

35,097

1,140

Global-e

Online

Ltd.

(Consumer

Discretionary)*

35,591

1,732

Harel

Insurance

Investments

&

Financial

Services

Ltd.

(Financials)

14,781

GOLDMAN

SACHS

MARKETBETA

®

TOTAL

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Israel

–

(continued)

11,703

ICL

Group

Ltd.

(Materials)

$

54,452

59

Israel

Corp.

Ltd.

(Materials)

13,785

20,708

Israel

Discount

Bank

Ltd.,

Class

A

(Financials)

105,702

421

Melisron

Ltd.

(Real

Estate)

27,770

9,806

Mivne

Real

Estate

KD

Ltd.

(Real

Estate)

22,731

2,520

Mizrahi

Tefahot

Bank

Ltd.

(Financials)

91,377

1,059

Nice

Ltd.

(Information

Technology)*

200,995

481

Nova

Ltd.

(Information

Technology)*

103,458

1,597

OPC

Energy

Ltd.

(Utilities)*

12,320

2,739

Phoenix

Holdings

Ltd.

(The)

(Financials)

26,077

1,251

Plus500

Ltd.

(Financials)

35,614

2,230

Shapir

Engineering

and

Industry

Ltd.

(Industrials)*

11,263

786

Strauss

Group

Ltd.

(Consumer

Staples)

12,860

18,656

Teva

Pharmaceutical

Industries

Ltd.

(Health

Care)*

307,899

1,841

Tower

Semiconductor

Ltd.

(Information

Technology)*

68,438

918

Wix.com

Ltd.

(Information

Technology)*

147,890

2,278,790

Italy

–

1.7%

26,029

A2A

SpA

(Utilities)

54,508

2,194

Amplifon

SpA

(Health

Care)

80,624

17,184

Assicurazioni

Generali

SpA

(Financials)

(b)

440,257

3,397

Banca

Mediolanum

SpA

(Financials)

38,906

23,036

Banco

BPM

SpA

(Financials)

165,152

8,198

Davide

Campari-Milano

NV

(Consumer

Staples)

81,646

128,548

Enel

SpA

(Utilities)

928,857

35,508

Eni

SpA

(Energy)

558,785

2,185

Ferrari

NV

(Consumer

Discretionary)

895,207

10,213

FinecoBank

Banca

Fineco

SpA

(Financials)

164,590

5,208

Infrastrutture

Wireless

Italiane

SpA

(Communication

Services)

(a)

56,821

259,693

Intesa

Sanpaolo

SpA

(Financials)

1,016,614

6,703

Leonardo

SpA

(Industrials)*

171,514

10,122

Mediobanca

Banca

di

Credito

Finanziario

SpA

(Financials)

159,552

3,248

Moncler

SpA

(Consumer

Discretionary)

215,934

8,135

Nexi

SpA

(Financials)*

(a)

53,783

4,219

Pirelli

&

C

SpA

(Consumer

Discretionary)

(a)

27,829

7,631

Poste

Italiane

SpA

(Financials)

(a)

104,381

Shares

Description

Value

a

Common

Stocks

–

(continued)

Italy

–

(continued)

8,576

PRADA

SpA

(Consumer

Discretionary)

$

70,705

4,279

Prysmian

SpA

(Industrials)

278,810

1,634

Recordati

Industria

Chimica

e

Farmaceutica

SpA

(Health

Care)

85,855

2,939

Ryanair

Holdings

PLC

ADR

(Industrials)

357,500

34,275

Snam

SpA

(Utilities)

161,822

574

Stevanato

Group

SpA

(Health

Care)

11,664

180,308

Telecom

Italia

SpA

(Communication

Services)*

(b)

47,370

100,904

Telecom

Italia

SpA-RSP

(Communication

Services)*

28,897

23,486

Terna

-

Rete

Elettrica

Nazionale

(Utilities)

196,883

27,302

UniCredit

SpA

(Financials)

1,078,418

7,532,884

Japan

–

15.7%

1,533

ABC-Mart,

Inc.

(Consumer

Discretionary)

29,481

5,966

Acom

Co.

Ltd.

(Financials)

15,273

12,277

Advantest

Corp.

(Information

Technology)

415,080

13,105

Aeon

Co.

Ltd.

(Consumer

Staples)

282,457

1,441

Aeon

Mall

Co.

Ltd.

(Real

Estate)

17,345

3,407

AGC,

Inc.

(Industrials)

118,962

3,383

Air

Water,

Inc.

(Materials)

49,482

2,438

Aisin

Corp.

(Consumer

Discretionary)

90,588

8,756

Ajinomoto

Co.,

Inc.

(Consumer

Staples)

312,306

3,139

Alfresa

Holdings

Corp.

(Health

Care)

44,215

5,654

Amada

Co.

Ltd.

(Industrials)

63,720

7,478

ANA

Holdings,

Inc.

(Industrials)

142,379

7,966

Asahi

Group

Holdings

Ltd.

(Consumer

Staples)

291,023

3,571

Asahi

Intecc

Co.

Ltd.

(Health

Care)

51,402

22,724

Asahi

Kasei

Corp.

(Materials)

148,220

2,824

Asics

Corp.

(Consumer

Discretionary)

156,345

29,897

Astellas

Pharma,

Inc.

(Health

Care)

294,604

2,187

Azbil

Corp.

(Information

Technology)

60,344

9,704

Bandai

Namco

Holdings,

Inc.

(Consumer

Discretionary)

176,734

2,161

BayCurrent

Consulting,

Inc.

(Industrials)

44,060

9,176

Bridgestone

Corp.

(Consumer

Discretionary)

399,401

4,208

Brother

Industries

Ltd.

(Information

Technology)

80,789

GOLDMAN

SACHS

MARKETBETA

®

TOTAL

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Japan

–

(continued)

1,299

Calbee,

Inc.

(Consumer

Staples)

$

25,559

16,750

Canon,

Inc.

(Information

Technology)

485,195

5,600

Capcom

Co.

Ltd.

(Communication

Services)

103,344

15,591

Central

Japan

Railway

Co.

(Industrials)

348,341

12,235

Chiba

Bank

Ltd.

(The)

(Financials)

116,281

12,116

Chubu

Electric

Power

Co.,

Inc.

(Utilities)

167,039

10,704

Chugai

Pharmaceutical

Co.

Ltd.

(Health

Care)

325,660

2,349

Coca-Cola

Bottlers

Japan

Holdings,

Inc.

(Consumer

Staples)

27,392

18,767

Concordia

Financial

Group

Ltd.

(Financials)

112,797

319

Cosmos

Pharmaceutical

Corp.

(Consumer

Staples)

25,760

6,919

CyberAgent,

Inc.

(Communication

Services)

41,630

3,975

Dai

Nippon

Printing

Co.

Ltd.

(Industrials)

123,541

5,724

Daifuku

Co.

Ltd.

(Industrials)

99,932

16,155

Dai-ichi

Life

Holdings,

Inc.

(Financials)

432,493

32,076

Daiichi

Sankyo

Co.

Ltd.

(Health

Care)

1,138,566

4,552

Daikin

Industries

Ltd.

(Industrials)

664,645

1,004

Daito

Trust

Construction

Co.

Ltd.

(Real

Estate)

106,057

10,375

Daiwa

House

Industry

Co.

Ltd.

(Real

Estate)

275,641

37

Daiwa

House

REIT

Investment

Corp.

REIT

(Real

Estate)

58,580

23,944

Daiwa

Securities

Group,

Inc.

(Financials)

188,023

29,811

Denso

Corp.

(Consumer

Discretionary)

482,417

3,329

Dentsu

Group,

Inc.

(Communication

Services)

88,084

1,492

Disco

Corp.

(Information

Technology)

583,812

18,300

East

Japan

Railway

Co.

(Industrials)

317,858

1,545

Ebara

Corp.

(Industrials)

112,671

4,732

Eisai

Co.

Ltd.

(Health

Care)

203,349

2,812

Electric

Power

Development

Co.

Ltd.

(Utilities)

47,232

46,557

ENEOS

Holdings,

Inc.

(Energy)

240,095

15,744

FANUC

Corp.

(Industrials)

440,726

2,795

Fast

Retailing

Co.

Ltd.

(Consumer

Discretionary)

715,180

2,279

Fuji

Electric

Co.

Ltd.

(Industrials)

135,541

15,351

FUJIFILM

Holdings

Corp.

(Information

Technology)

349,621

Shares

Description

Value

a

Common

Stocks

–

(continued)

Japan

–

(continued)

31,810

Fujitsu

Ltd.

(Information

Technology)

$

459,200

3,063

Fukuoka

Financial

Group,

Inc.

(Financials)

89,252

80

GLP

J

REIT

(Real

Estate)

66,435

735

GMO

Payment

Gateway,

Inc.

(Financials)

31,707

3,661

Hakuhodo

DY

Holdings,

Inc.

(Communication

Services)

30,263

2,338

Hamamatsu

Photonics

KK

(Information

Technology)

68,781

3,952

Hankyu

Hanshin

Holdings,

Inc.

(Industrials)

103,688

4,262

Haseko

Corp.

(Consumer

Discretionary)

48,086

321

Hikari

Tsushin,

Inc.

(Industrials)

52,579

490

Hirose

Electric

Co.

Ltd.

(Information

Technology)

54,567

1,729

Hitachi

Construction

Machinery

Co.

Ltd.

(Industrials)

46,761

15,339

Hitachi

Ltd.

(Industrials)

1,575,921

80,837

Honda

Motor

Co.

Ltd.

(Consumer

Discretionary)

910,249

1,811

Hoshizaki

Corp.

(Industrials)

64,882

5,799

Hoya

Corp.

(Health

Care)

703,356

8,496

Hulic

Co.

Ltd.

(Real

Estate)

78,502

2,085

Ibiden

Co.

Ltd.

(Information

Technology)

84,026

19,835

Idemitsu

Kosan

Co.

Ltd.

(Energy)

135,435

2,453

IHI

Corp.

(Industrials)

63,188

2,676

Iida

Group

Holdings

Co.

Ltd.

(Consumer

Discretionary)

36,476

14,109

Inpex

Corp.

(Energy)

217,590

5,672

Isetan

Mitsukoshi

Holdings

Ltd.

(Consumer

Discretionary)

117,703

10,106

Isuzu

Motors

Ltd.

(Consumer

Discretionary)

134,858

930

Ito

En

Ltd.

(Consumer

Staples)

22,199

20,798

ITOCHU

Corp.

(Industrials)

980,707

4,173

J

Front

Retailing

Co.

Ltd.

(Consumer

Discretionary)

40,470

7,187

Japan

Airlines

Co.

Ltd.

(Industrials)

121,083

8,849

Japan

Exchange

Group,

Inc.

(Financials)

207,563

117

Japan

Metropolitan

Fund

Invest

REIT

(Real

Estate)

68,870

6,450

Japan

Post

Bank

Co.

Ltd.

(Financials)

63,743

35,355

Japan

Post

Holdings

Co.

Ltd.

(Financials)

340,850

3,055

Japan

Post

Insurance

Co.

Ltd.

(Financials)

58,730

18,548

Japan

Tobacco,

Inc.

(Consumer

Staples)

525,475

8,868

JFE

Holdings,

Inc.

(Materials)

134,195

3,767

JGC

Holdings

Corp.

(Industrials)

29,892

GOLDMAN

SACHS

MARKETBETA

®

TOTAL

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Japan

–

(continued)

3,369

JSR

Corp.

(Materials)*

$

92,937

3,748

JTEKT

Corp.

(Consumer

Discretionary)

27,142

7,405

Kajima

Corp.

(Industrials)

125,274

12,270

Kansai

Electric

Power

Co.,

Inc.

(The)

(Utilities)

221,515

3,266

Kansai

Paint

Co.

Ltd.

(Materials)

54,452

7,562

Kao

Corp.

(Consumer

Staples)

331,459

2,616

Kawasaki

Heavy

Industries

Ltd.

(Industrials)

99,383

6,339

Kawasaki

Kisen

Kaisha

Ltd.

(Industrials)

94,049

25,785

KDDI

Corp.

(Communication

Services)

711,633

1,795

Keihan

Holdings

Co.

Ltd.

(Industrials)

33,285

1,839

Keio

Corp.

(Industrials)

44,283

2,643

Keisei

Electric

Railway

Co.

Ltd.

(Industrials)

94,926

1,724

Kewpie

Corp.

(Consumer

Staples)

34,152

3,078

Keyence

Corp.

(Information

Technology)

1,384,605

12,865

Kikkoman

Corp.

(Consumer

Staples)

148,916

3,164

Kintetsu

Group

Holdings

Co.

Ltd.

(Industrials)

67,228

13,653

Kirin

Holdings

Co.

Ltd.

(Consumer

Staples)

188,967

848

Kobayashi

Pharmaceutical

Co.

Ltd.

(Consumer

Staples)

29,296

2,365

Kobe

Bussan

Co.

Ltd.

(Consumer

Staples)

52,388

1,892

Koei

Tecmo

Holdings

Co.

Ltd.

(Communication

Services)

16,471

4,010

Koito

Manufacturing

Co.

Ltd.

(Consumer

Discretionary)

56,611

1,159

Kokusai

Electric

Corp.

(Information

Technology)

31,714

15,002

Komatsu

Ltd.

(Industrials)

438,857

1,601

Konami

Group

Corp.

(Communication

Services)

111,712

560

Kose

Corp.

(Consumer

Staples)

36,990

17,791

Kubota

Corp.

(Industrials)

251,448

5,429

Kuraray

Co.

Ltd.

(Materials)

66,003

1,882

Kurita

Water

Industries

Ltd.

(Industrials)

80,480

22,276

Kyocera

Corp.

(Information

Technology)

253,173

4,163

Kyowa

Kirin

Co.

Ltd.

(Health

Care)

70,348

7,733

Kyushu

Electric

Power

Co.,

Inc.

(Utilities)

90,127

2,352

Kyushu

Railway

Co.

(Industrials)

51,756

1,312

Lasertec

Corp.

(Information

Technology)

338,050

4,266

Lion

Corp.

(Consumer

Staples)

34,259

Shares

Description

Value

a

Common

Stocks

–

(continued)

Japan

–

(continued)

4,658

Lixil

Corp.

(Industrials)

$

51,131

43,755

LY

Corp.

(Communication

Services)

103,829

6,843

M3,

Inc.

(Health

Care)

66,364

4,083

Makita

Corp.

(Industrials)

120,376

28,068

Marubeni

Corp.

(Industrials)

546,553

2,975

Marui

Group

Co.

Ltd.

(Financials)

44,215

5,946

MatsukiyoCocokara

&

Co.

(Consumer

Staples)

83,924

9,630

Mazda

Motor

Corp.

(Consumer

Discretionary)

101,573

1,428

McDonald's

Holdings

Co.

Japan

Ltd.

(Consumer

Discretionary)

58,521

17,708

Mebuki

Financial

Group,

Inc.

(Financials)

70,969

3,071

Medipal

Holdings

Corp.

(Health

Care)

45,182

4,437

MEIJI

Holdings

Co.

Ltd.

(Consumer

Staples)

99,303

6,481

MINEBEA

MITSUMI,

Inc.

(Industrials)

135,604

4,763

MISUMI

Group,

Inc.

(Industrials)

81,745

23,844

Mitsubishi

Chemical

Group

Corp.

(Materials)

126,044

61,653

Mitsubishi

Corp.

(Industrials)

1,295,872

32,800

Mitsubishi

Electric

Corp.

(Industrials)

569,818

18,972

Mitsubishi

Estate

Co.

Ltd.

(Real

Estate)

318,665

3,032

Mitsubishi

Gas

Chemical

Co.,

Inc.

(Materials)

56,860

13,931

Mitsubishi

HC

Capital,

Inc.

(Financials)

92,241

54,120

Mitsubishi

Heavy

Industries

Ltd.

(Industrials)

471,133

10,852

Mitsubishi

Motors

Corp.

(Consumer

Discretionary)

30,185

191,391

Mitsubishi

UFJ

Financial

Group,

Inc.

(Financials)

2,019,322

24,213

Mitsui

&

Co.

Ltd.

(Industrials)

1,228,023

2,974

Mitsui

Chemicals,

Inc.

(Materials)

89,914

45,630

Mitsui

Fudosan

Co.

Ltd.

(Real

Estate)

418,276

6,048

Mitsui

OSK

Lines

Ltd.

(Industrials)

199,515

42,236

Mizuho

Financial

Group,

Inc.

(Financials)

863,830

4,132

MonotaRO

Co.

Ltd.

(Industrials)

43,596

21,360

MS&AD

Insurance

Group

Holdings,

Inc.

(Financials)

445,971

30,960

Murata

Manufacturing

Co.

Ltd.

(Information

Technology)

584,447

3,290

Nagoya

Railroad

Co.

Ltd.

(Industrials)

37,695

GOLDMAN

SACHS

MARKETBETA

®

TOTAL

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Japan

–

(continued)

4,251

NEC

Corp.

(Information

Technology)

$

314,473

7,459

Nexon

Co.

Ltd.

(Communication

Services)

127,754

4,840

NGK

Insulators

Ltd.

(Industrials)

64,541

1,623

NH

Foods

Ltd.

(Consumer

Staples)

49,750

2,123

Nichirei

Corp.

(Consumer

Staples)

48,027

8,028

NIDEC

Corp.

(Industrials)

400,672

5,450

Nikon

Corp.

(Consumer

Discretionary)

56,531

19,264

Nintendo

Co.

Ltd.

(Communication

Services)

1,048,735

27

Nippon

Building

Fund,

Inc.

REIT

(Real

Estate)

100,856

1,383

NIPPON

EXPRESS

HOLDINGS,

Inc.

(Industrials)

68,180

14,885

Nippon

Paint

Holdings

Co.

Ltd.

(Materials)

100,121

38

Nippon

Prologis

REIT,

Inc.

REIT

(Real

Estate)

62,678

3,123

Nippon

Sanso

Holdings

Corp.

(Materials)

92,113

14,286

Nippon

Steel

Corp.

(Materials)

312,002

897,228

Nippon

Telegraph

&

Telephone

Corp.

(Communication

Services)

880,984

2,709

Nippon

Television

Holdings,

Inc.

(Communication

Services)

36,555

8,270

Nippon

Yusen

KK

(Industrials)

262,343

2,185

Nissan

Chemical

Corp.

(Materials)

60,609

36,805

Nissan

Motor

Co.

Ltd.

(Consumer

Discretionary)

130,783

4,277

Nisshin

Seifun

Group,

Inc.

(Consumer

Staples)

47,956

3,051

Nissin

Foods

Holdings

Co.

Ltd.

(Consumer

Staples)

76,845

3,215

Niterra

Co.

Ltd.

(Consumer

Discretionary)

96,688

1,370

Nitori

Holdings

Co.

Ltd.

(Consumer

Discretionary)

151,433

2,476

Nitto

Denko

Corp.

(Materials)

188,995

50,459

Nomura

Holdings,

Inc.

(Financials)

305,204

1,728

Nomura

Real

Estate

Holdings,

Inc.

(Real

Estate)

44,414

72

Nomura

Real

Estate

Master

Fund,

Inc.

REIT

(Real

Estate)

67,673

6,498

Nomura

Research

Institute

Ltd.

(Information

Technology)

173,837

8,127

NSK

Ltd.

(Industrials)

39,817

10,387

NTT

Data

Group

Corp.

(Information

Technology)

159,198

11,571

Obayashi

Corp.

(Industrials)

134,711

482

OBIC

Business

Consultants

Co.

Ltd.

(Information

Technology)

19,321

Shares

Description

Value

a

Common

Stocks

–

(continued)

Japan

–

(continued)

1,089

Obic

Co.

Ltd.

(Information

Technology)

$

141,128

5,312

Odakyu

Electric

Railway

Co.

Ltd.

(Industrials)

55,657

15,542

Oji

Holdings

Corp.

(Materials)

62,704

20,986

Olympus

Corp.

(Health

Care)

330,325

3,135

Omron

Corp.

(Information

Technology)

102,502

7,360

Ono

Pharmaceutical

Co.

Ltd.

(Health

Care)

106,551

1,252

Open

House

Group

Co.

Ltd.

(Consumer

Discretionary)

36,091

557

Oracle

Corp.

Japan

(Information

Technology)

39,450

18,435

Oriental

Land

Co.

Ltd.

(Consumer

Discretionary)

514,648

19,239

ORIX

Corp.

(Financials)

418,582

46

Orix

JREIT,

Inc.

REIT

(Real

Estate)

46,660

6,875

Osaka

Gas

Co.

Ltd.

(Utilities)

156,273

3,678

Otsuka

Corp.

(Information

Technology)

69,771

7,410

Otsuka

Holdings

Co.

Ltd.

(Health

Care)

305,274

6,394

Pan

Pacific

International

Holdings

Corp.

(Consumer

Discretionary)

164,260

37,177

Panasonic

Holdings

Corp.

(Consumer

Discretionary)

327,305

30,813

Persol

Holdings

Co.

Ltd.

(Industrials)

44,334

23,762

Rakuten

Group,

Inc.

(Consumer

Discretionary)*

123,388

24,096

Recruit

Holdings

Co.

Ltd.

(Industrials)

1,218,715

20,192

Renesas

Electronics

Corp.

(Information

Technology)

377,255

39,724

Resona

Holdings,

Inc.

(Financials)

274,020

2,960

Resonac

Holdings

Corp.

(Materials)

65,399

9,469

Ricoh

Co.

Ltd.

(Information

Technology)

84,570

1,823

Rinnai

Corp.

(Consumer

Discretionary)

43,723

5,877

Rohm

Co.

Ltd.

(Information

Technology)

75,844

3,294

Rohto

Pharmaceutical

Co.

Ltd.

(Consumer

Staples)

57,875

4,308

Ryohin

Keikaku

Co.

Ltd.

(Consumer

Discretionary)

70,797

6,099

Santen

Pharmaceutical

Co.

Ltd.

(Health

Care)

63,185

4,040

SBI

Holdings,

Inc.

(Financials)

104,429

1,560

SCREEN

Holdings

Co.

Ltd.

(Information

Technology)

148,957

2,399

SCSK

Corp.

(Information

Technology)

45,447

3,476

Secom

Co.

Ltd.

(Industrials)

216,154

GOLDMAN

SACHS

MARKETBETA

®

TOTAL

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Japan

–

(continued)

2,589

Sega

Sammy

Holdings,

Inc.

(Consumer

Discretionary)

$

36,435

3,732

Seibu

Holdings,

Inc.

(Industrials)

55,513

4,603

Seiko

Epson

Corp.

(Information

Technology)

74,019

6,313

Sekisui

Chemical

Co.

Ltd.

(Consumer

Discretionary)

90,510

9,995

Sekisui

House

Ltd.

(Consumer

Discretionary)

224,648

38,313

Seven

&

i

Holdings

Co.

Ltd.

(Consumer

Staples)

494,440

7,579

SG

Holdings

Co.

Ltd.

(Industrials)

76,588

4,641

Sharp

Corp.

(Consumer

Discretionary)*

28,653

4,588

Shimadzu

Corp.

(Information

Technology)

118,769

790

Shimamura

Co.

Ltd.

(Consumer

Discretionary)

37,855

1,314

Shimano,

Inc.

(Consumer

Discretionary)

214,812

9,074

Shimizu

Corp.

(Industrials)

50,219

32,804

Shin-Etsu

Chemical

Co.

Ltd.

(Materials)

1,222,231

1,066

Shinko

Electric

Industries

Co.

Ltd.

(Information

Technology)

37,954

4,910

Shionogi

&

Co.

Ltd.

(Health

Care)

219,965

6,553

Shiseido

Co.

Ltd.

(Consumer

Staples)

207,292

9,179

Shizuoka

Financial

Group,

Inc.

(Financials)

94,772

943

SMC

Corp.

(Industrials)

472,925

46,793

SoftBank

Corp.

(Communication

Services)

562,040

16,325

SoftBank

Group

Corp.

(Communication

Services)

939,328

5,926

Sohgo

Security

Services

Co.

Ltd.

(Industrials)

35,689

3,740

Sojitz

Corp.

(Industrials)

97,674

15,199

Sompo

Holdings,

Inc.

(Financials)

321,593

20,621

Sony

Group

Corp.

(Consumer

Discretionary)

1,692,117

1,474

Square

Enix

Holdings

Co.

Ltd.

(Communication

Services)

44,170

2,497

Stanley

Electric

Co.

Ltd.

(Consumer

Discretionary)

45,850

10,270

Subaru

Corp.

(Consumer

Discretionary)

228,738

1,713

Sugi

Holdings

Co.

Ltd.

(Consumer

Staples)

26,565

5,697

SUMCO

Corp.

(Information

Technology)

85,485

23,958

Sumitomo

Chemical

Co.

Ltd.

(Materials)

49,137

19,703

Sumitomo

Corp.

(Industrials)

511,680

Shares

Description

Value

a

Common

Stocks

–

(continued)

Japan

–

(continued)

12,205

Sumitomo

Electric

Industries

Ltd.

(Consumer

Discretionary)

$

197,624

2,721

Sumitomo

Forestry

Co.

Ltd.

(Consumer

Discretionary)

93,952

1,918

Sumitomo

Heavy

Industries

Ltd.

(Industrials)

51,995

4,289

Sumitomo

Metal

Mining

Co.

Ltd.

(Materials)

139,605

21,879

Sumitomo

Mitsui

Financial

Group,

Inc.

(Financials)

1,432,657

11,132

Sumitomo

Mitsui

Trust

Holdings,

Inc.

(Financials)

258,067

7,120

Sumitomo

Realty

&

Development

Co.

Ltd.

(Real

Estate)

222,147

2,930

Sumitomo

Rubber

Industries

Ltd.

(Consumer

Discretionary)

33,021

1,136

Sundrug

Co.

Ltd.

(Consumer

Staples)

28,887

2,096

Suntory

Beverage

&

Food

Ltd.

(Consumer

Staples)

76,707

26,572

Suzuki

Motor

Corp.

(Consumer

Discretionary)

315,103

7,971

Sysmex

Corp.

(Health

Care)

135,915

9,041

T&D

Holdings,

Inc.

(Financials)

162,559

2,792

Taisei

Corp.

(Industrials)

106,016

2,054

Taiyo

Yuden

Co.

Ltd.

(Information

Technology)

43,225

25,562

Takeda

Pharmaceutical

Co.

Ltd.

(Health

Care)

678,801

2,253

TBS

Holdings,

Inc.

(Communication

Services)

52,660

6,349

TDK

Corp.

(Information

Technology)

317,198

24,040

Terumo

Corp.

(Health

Care)

408,456

2,052

THK

Co.

Ltd.

(Industrials)

39,670

3,943

TIS,

Inc.

(Information

Technology)

72,000

3,495

Tobu

Railway

Co.

Ltd.

(Industrials)

61,695

735

Toei

Animation

Co.

Ltd.

(Communication

Services)

11,151

1,802

Toho

Co.

Ltd.

(Communication

Services)

56,911

7,720

Tohoku

Electric

Power

Co.,

Inc.

(Utilities)

78,136

31,836

Tokio

Marine

Holdings,

Inc.

(Financials)

1,099,861

2,744

Tokyo

Century

Corp.

(Financials)

25,328

24,943

Tokyo

Electric

Power

Co.

Holdings,

Inc.

(Utilities)*

149,139

7,570

Tokyo

Electron

Ltd.

(Information

Technology)

1,620,027

6,912

Tokyo

Gas

Co.

Ltd.

(Utilities)

155,047

9,217

Tokyu

Corp.

(Industrials)

107,628

9,949

Tokyu

Fudosan

Holdings

Corp.

(Real

Estate)

68,756

GOLDMAN

SACHS

MARKETBETA

®

TOTAL

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Japan

–

(continued)

4,351

TOPPAN

Holdings,

Inc.

(Industrials)

$

112,689

25,313

Toray

Industries,

Inc.

(Materials)

126,577

5,016

Tosoh

Corp.

(Materials)

63,616

2,556

TOTO

Ltd.

(Industrials)

63,776

1,528

Toyo

Suisan

Kaisha

Ltd.

(Consumer

Staples)

109,973

1,217

Toyota

Boshoku

Corp.

(Consumer

Discretionary)

17,735

2,780

Toyota

Industries

Corp.

(Industrials)

261,822

188,788

Toyota

Motor

Corp.

(Consumer

Discretionary)

4,085,832

3,899

Toyota

Tsusho

Corp.

(Industrials)

236,677

2,214

Trend

Micro,

Inc.

(Information

Technology)

99,721

632

Tsuruha

Holdings,

Inc.

(Consumer

Staples)

37,410

6,917

Unicharm

Corp.

(Consumer

Staples)

222,328

52

United

Urban

Investment

Corp.

REIT

(Real

Estate)

46,294

6,638

USS

Co.

Ltd.

(Consumer

Discretionary)

51,724

1,538

Welcia

Holdings

Co.

Ltd.

(Consumer

Staples)

21,204

7,960

West

Japan

Railway

Co.

(Industrials)

158,952

4,443

Yakult

Honsha

Co.

Ltd.

(Consumer

Staples)

80,890

10,864

Yamada

Holdings

Co.

Ltd.

(Consumer

Discretionary)

30,446

2,714

Yamaha

Corp.

(Consumer

Discretionary)

61,639

15,354

Yamaha

Motor

Co.

Ltd.

(Consumer

Discretionary)

149,734

5,157

Yamato

Holdings

Co.

Ltd.

(Industrials)

59,136

2,217

Yamazaki

Baking

Co.

Ltd.

(Consumer

Staples)

48,771

4,382

Yaskawa

Electric

Corp.

(Industrials)

166,948

4,007

Yokogawa

Electric

Corp.

(Information

Technology)

102,913

2,199

Yokohama

Rubber

Co.

Ltd.

(The)

(Consumer

Discretionary)

55,134

1,432

Zensho

Holdings

Co.

Ltd.

(Consumer

Discretionary)

56,143

1,958

ZOZO,

Inc.

(Consumer

Discretionary)

45,827

70,785,732

Jordan

–

0.0%

2,640

Hikma

Pharmaceuticals

PLC

(Health

Care)

64,872

Kuwait

–

0.2%

50,248

Agility

Global

PLC

(Industrials)

17,237

Shares

Description

Value

a

Common

Stocks

–

(continued)

Kuwait

–

(continued)

25,124

Agility

Public

Warehousing

Co.

KSC

(Industrials)

$

23,982

23,060

Boubyan

Bank

KSCP

(Financials)

43,498

38,520

Gulf

Bank

KSCP

(Financials)

31,875

203,239

Kuwait

Finance

House

KSCP

(Financials)

483,351

11,214

Mabanee

Co

KPSC

(Real

Estate)

30,323

35,116

Mobile

Telecommunications

Co.

KSCP

(Communication

Services)

51,253

131,191

National

Bank

of

Kuwait

SAKP

(Financials)

366,283

1,047,802

Luxembourg

–

0.1%

7,676

ArcelorMittal

(Materials)

201,327

2,170

Eurofins

Scientific

SE

(Health

Care)

130,414

2,265

Reinet

Investments

SCA

(Financials)

56,953

388,694

Macau

–

0.0%

31,122

Galaxy

Entertainment

Group

Ltd.

(Consumer

Discretionary)

149,178

40,591

Sands

China

Ltd.

(Consumer

Discretionary)*

96,713

245,891

Mexico

–

0.7%

539,088

America

Movil

SAB

de

CV,

Series

B

(Communication

Services)

496,934

7,805

Arca

Continental

SAB

de

CV

(Consumer

Staples)

79,206

29,421

Becle

SAB

de

CV

(Consumer

Staples)

54,034

253,054

Cemex

SAB

de

CV,

Series

CPO

(Materials)*

189,492

8,792

Coca-Cola

Femsa

SAB

de

CV

(Consumer

Staples)

81,617

3,102

El

Puerto

de

Liverpool

SAB

de

CV

(Consumer

Discretionary)

23,301

48,035

Fibra

Uno

Administracion

SA

de

CV

REIT

(Real

Estate)

68,221

36,179

Fomento

Economico

Mexicano

SAB

de

CV

(Consumer

Staples)

412,717

3,084

Fresnillo

PLC

(Materials)

24,325

3,026

Gruma

SAB

de

CV,

Class

B

(Consumer

Staples)

58,432

6,342

Grupo

Aeroportuario

del

Pacifico

SAB

de

CV,

Class

B

(Industrials)

118,718

3,045

Grupo

Aeroportuario

del

Sureste

SAB

de

CV,

Class

B

(Industrials)

101,877

22,786

Grupo

Bimbo

SAB

de

CV,

Series

A

(Consumer

Staples)

85,366

GOLDMAN

SACHS

MARKETBETA

®

TOTAL

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Mexico

–

(continued)

8,186

Grupo

Carso

SAB

de

CV,

Series

A1

(Industrials)

$

62,911

7,564

Grupo

Comercial

Chedraui

SA

de

CV

(Consumer

Staples)

55,687

865

Grupo

Elektra

SAB

DE

CV

(Financials)

55,764

48,270

Grupo

Financiero

Banorte

SAB

de

CV,

Class

O

(Financials)

456,758

32,788

Grupo

Financiero

Inbursa

SAB

de

CV,

Class

O

(Financials)*

87,654

52,282

Grupo

Mexico

SAB

de

CV,

Series

B

(Materials)

321,537

3,141

Industrias

Penoles

SAB

de

CV

(Materials)*

49,457

26,829

Kimberly-Clark

de

Mexico

SAB

de

CV,

Class

A

(Consumer

Staples)

55,991

15,242

Orbia

Advance

Corp.

SAB

de

CV

(Materials)

24,722

12,856

Prologis

Property

Mexico

SA

de

CV

REIT

(Real

Estate)

52,054

83,396

Wal-Mart

de

Mexico

SAB

de

CV

(Consumer

Staples)

311,950

3,328,725

Netherlands

–

2.6%

503

Adyen

NV

(Financials)*

(a)

646,969

2,856

Akzo

Nobel

NV

(Materials)

198,864

937

Argenx

SE

ADR

(Health

Care)*

347,646

770

ASM

International

NV

(Information

Technology)

535,151

6,574

ASML

Holding

NV

(Information

Technology)

6,214,672

1,665

EXOR

NV

(Financials)

185,994

1,855

Heineken

Holding

NV

(Consumer

Staples)

151,236

4,811

Heineken

NV

(Consumer

Staples)

479,873

55,480

ING

Groep

NV

(Financials)

985,589

16,064

Koninklijke

Ahold

Delhaize

NV

(Consumer

Staples)

497,712

55,398

Koninklijke

KPN

NV

(Communication

Services)

207,123

13,658

Koninklijke

Philips

NV

(Health

Care)*

368,899

12,866

Universal

Music

Group

NV

(Communication

Services)

399,187

4,153

Wolters

Kluwer

NV

(Industrials)

658,466

11,877,381

New

Zealand

–

0.2%

11,306

a2

Milk

Co.

Ltd.

(The)

(Consumer

Staples)*

53,418

20,198

Auckland

International

Airport

Ltd.

(Industrials)

96,795

12,977

Contact

Energy

Ltd.

(Utilities)

73,512

9,184

Fisher

&

Paykel

Healthcare

Corp.

Ltd.

(Health

Care)

166,458

13,505

Infratil

Ltd.

(Industrials)

87,953

Shares

Description

Value

a

Common

Stocks

–

(continued)

New

Zealand

–

(continued)

1,386

Mainfreight

Ltd.

(Industrials)

$

58,800

10,916

Mercury

NZ

Ltd.

(Utilities)

44,801

21,172

Meridian

Energy

Ltd.

(Utilities)

87,935

30,575

Spark

New

Zealand

Ltd.

(Communication

Services)

78,429

2,127

Xero

Ltd.

(Information

Technology)*

190,966

939,067

Norway

–

0.5%

370

Aker

ASA,

Class

A

(Industrials)

22,021

5,136

Aker

BP

ASA

(Energy)

131,511

12,340

AutoStore

Holdings

Ltd.

(Industrials)*

(a)

17,391

14,875

DNB

Bank

ASA

(Financials)

290,657

14,657

Equinor

ASA

(Energy)

422,687

2,393

Frontline

PLC

(Energy)

68,544

3,031

Gjensidige

Forsikring

ASA

(Financials)

53,020

1,399

Kongsberg

Gruppen

ASA

(Industrials)

120,096

4,215

Leroy

Seafood

Group

ASA

(Consumer

Staples)

18,471

7,411

Mowi

ASA

(Consumer

Staples)

132,531

21,872

Norsk

Hydro

ASA

(Materials)

147,708

13,309

Orkla

ASA

(Consumer

Staples)

105,886

1,088

Salmar

ASA

(Consumer

Staples)

66,151

1,147

Schibsted

ASA,

Class

A

(Communication

Services)

33,203

1,597

Schibsted

ASA,

Class

B

(Communication

Services)

43,128

1,206

Seadrill

Ltd.

(Energy)*

60,693

2,847

SpareBank

1

SR-Bank

ASA

(Financials)

36,762

7,276

Storebrand

ASA

(Financials)

78,569

10,777

Telenor

ASA

(Communication

Services)

125,611

3,905

TOMRA

Systems

ASA

(Industrials)

51,241

6,524

Var

Energi

ASA

(Energy)

23,079

1,594

Wallenius

Wilhelmsen

ASA

(Industrials)

16,955

2,065,915

Philippines

–

0.2%

4,150

Ayala

Corp.

(Industrials)

42,195

100,192

Ayala

Land,

Inc.

(Real

Estate)

44,943

33,114

Bank

of

the

Philippine

Islands

(Financials)

68,016

35,257

BDO

Unibank,

Inc.

(Financials)

78,322

13,606

International

Container

Terminal

Services,

Inc.

(Industrials)

79,423

50,084

JG

Summit

Holdings,

Inc.

(Industrials)

26,531

7,494

Jollibee

Foods

Corp.

(Consumer

Discretionary)

27,712

4,932

Manila

Electric

Co.

(Utilities)

30,947

GOLDMAN

SACHS

MARKETBETA

®

TOTAL

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Philippines

–

(continued)

30,114

Metropolitan

Bank

&

Trust

Co.

(Financials)

$

31,931

1,447

PLDT,

Inc.

(Communication

Services)

36,595

8,183

SM

Investments

Corp.

(Industrials)

121,654

191,926

SM

Prime

Holdings,

Inc.

(Real

Estate)

88,387

14,589

Universal

Robina

Corp.

(Consumer

Staples)

26,675

703,331

Poland

–

0.3%

7,912

Allegro.eu

SA

(Consumer

Discretionary)*

(a)

75,915

2,953

Bank

Pekao

SA

(Financials)

120,010

213

Budimex

SA

(Industrials)

40,441

1,157

CD

Projekt

SA

(Communication

Services)

38,293

802

Dino

Polska

SA

(Consumer

Staples)*

(a)

79,874

2,904

InPost

SA

(Industrials)*

52,049

2,284

KGHM

Polska

Miedz

SA

(Materials)

88,007

19

LPP

SA

(Consumer

Discretionary)

83,683

219

mBank

SA

(Financials)*

34,822

9,737

ORLEN

SA

(Energy)

157,222

14,702

PGE

Polska

Grupa

Energetyczna

SA

(Utilities)*

25,296

14,357

Powszechna

Kasa

Oszczednosci

Bank

Polski

SA

(Financials)

216,467

9,513

Powszechny

Zaklad

Ubezpieczen

SA

(Financials)

120,815

558

Santander

Bank

Polska

SA

(Financials)

71,490

1,204,384

Portugal

–

0.1%

122,613

Banco

Comercial

Portugues

SA,

Class

R

(Financials)*

49,477

46,949

EDP

–

Energias

de

Portugal

SA

(Utilities)

190,161

7,975

Galp

Energia

SGPS

SA

(Energy)

167,223

4,601

Jeronimo

Martins

SGPS

SA

(Consumer

Staples)

102,794

3,356

Navigator

Co.

SA

(The)

(Materials)*

14,624

524,279

Qatar

–

0.2%

56,377

Commercial

Bank

PSQC

(The)

(Financials)

60,078

29,214

Dukhan

Bank

(Financials)

28,428

33,260

Industries

Qatar

QSC

(Industrials)

105,507

115,459

Masraf

Al

Rayan

QSC

(Financials)

73,030

72,659

Mesaieed

Petrochemical

Holding

Co.

(Materials)

34,324

Shares

Description

Value

a

Common

Stocks

–

(continued)

Qatar

–

(continued)

11,701

Ooredoo

QPSC

(Communication

Services)

$

30,289

8,146

Qatar

Electricity

&

Water

Co.

QSC

(Utilities)

33,403

9,803

Qatar

Fuel

QSC

(Energy)

36,213

59,127

Qatar

Gas

Transport

Co.

Ltd.

(Energy)

64,340

18,595

Qatar

International

Islamic

Bank

QSC

(Financials)

51,224

27,464

Qatar

Islamic

Bank

(Financials)

129,739

74,326

Qatar

National

Bank

QPSC

(Financials)

275,584

922,159

Saudi

Arabia

–

1.0%

2,231

ACWA

Power

Co.

(Utilities)

239,356

6,207

Ades

Holding

Co.

(Energy)*

29,887

2,133

Advanced

Petrochemical

Co.

(Materials)*

22,805

32,811

Al

Rajhi

Bank

(Financials)

665,720

20,506

Alinma

Bank

(Financials)

167,298

4,116

Almarai

Co.

JSC

(Consumer

Staples)

57,394

14,856

Arab

National

Bank

(Financials)

78,029

422

Arabian

Internet

&

Co.mmunications

Services

Co.

(Information

Technology)

29,703

10,253

Bank

AlBilad

(Financials)

88,706

8,367

Bank

Al-Jazira

(Financials)*

33,462

9,887

Banque

Saudi

Fransi

(Financials)

88,307

1,241

Bupa

Arabia

for

Cooperative

Insurance

Co.

(Financials)

76,431

1,230

Co.

for

Cooperative

Insurance

(The)

(Financials)

43,091

1,416

Dr

Sulaiman

Al

Habib

Medical

Services

Group

Co.

(Health

Care)

101,253

442

Elm

Co.

(Information

Technology)

93,899

6,316

Etihad

Etisalat

Co.

(Communication

Services)

78,725

9,843

Jarir

Marketing

Co.

(Consumer

Discretionary)

33,381

1,590

Mouwasat

Medical

Services

Co.

(Health

Care)

45,359

653

Nahdi

Medical

Co.

(Consumer

Staples)

22,807

6,994

Rabigh

Refining

&

Petrochemical

Co.

(Energy)*

12,755

24,608

Riyad

Bank

(Financials)

160,086

3,905

SABIC

Agri-Nutrients

Co.

(Materials)

110,361

6,016

Sahara

International

Petrochemical

Co.

(Materials)

47,878

400

SAL

Saudi

Logistics

Services

(Industrials)

27,131

20,277

Saudi

Arabian

Mining

Co.

(Materials)*

249,766

GOLDMAN

SACHS

MARKETBETA

®

TOTAL

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Saudi

Arabia

–

(continued)

73,326

Saudi

Arabian

Oil

Co.

(Energy)

(a)

$

566,949

847

Saudi

Aramco

Base

Oil

Co.

(Materials)

29,402

16,762

Saudi

Awwal

Bank

(Financials)

171,164

15,066

Saudi

Basic

Industries

Corp.

(Materials)

305,281

13,085

Saudi

Electricity

Co.

(Utilities)

58,331

6,192

Saudi

Industrial

Investment

Group

(Materials)

35,362

12,304

Saudi

Kayan

Petrochemical

Co.

(Materials)*

26,145

49,217

Saudi

National

Bank

(The)

(Financials)

444,183

536

Saudi

Research

&

Media

Group

(Communication

Services)*

29,182

803

Saudi

Tadawul

Group

Holding

Co.

(Financials)

50,398

30,133

Saudi

Telecom

Co.

(Communication

Services)

289,223

4,380

Savola

Group

(The)

(Consumer

Staples)*

50,390

4,613

Yanbu

National

Petrochemical

Co.

(Materials)

44,522

4,704,122

Singapore

–

1.0%

59,428

CapitaLand

Ascendas

REIT

REIT

(Real

Estate)

114,750

76,057

CapitaLand

Integrated

Commercial

Trust

REIT

(Real

Estate)

110,285

40,182

CapitaLand

Investment

Ltd.

(Real

Estate)

79,074

7,384

City

Developments

Ltd.

(Real

Estate)

30,646

33,660

DBS

Group

Holdings

Ltd.

(Financials)

896,222

46,751

Frasers

Logistics

&

Commercial

Trust

REIT

(Real

Estate)

34,241

94,913

Genting

Singapore

Ltd.

(Consumer

Discretionary)

63,898

40,279

Grab

Holdings

Ltd.,

Class

A

(Industrials)*

147,824

3,813

Hafnia

Ltd.

(Energy)

33,386

1,587

Jardine

Cycle

&

Carriage

Ltd.

(Industrials)

30,221

23,214

Keppel

Ltd.

(Industrials)

115,409

34,395

Mapletree

Industrial

Trust

REIT

(Real

Estate)

55,981

55,654

Mapletree

Logistics

Trust

REIT

(Real

Estate)

54,760

38,421

Mapletree

Pan

Asia

Commercial

Trust

REIT

(Real

Estate)

34,677

14,065

Olam

Group

Ltd.

(Consumer

Staples)

11,862

53,753

Oversea-Chinese

Banking

Corp.

Ltd.

(Financials)

577,019

14,543

SATS

Ltd.

(Industrials)*

29,910

Shares

Description

Value

a

Common

Stocks

–

(continued)

Singapore

–

(continued)

6,090

Sea

Ltd.

ADR

(Communication

Services)*

$

411,197

54,026

Seatrium

Ltd.

(Industrials)*

70,345

15,007

Sembcorp

Industries

Ltd.

(Utilities)

56,511

22,166

Singapore

Airlines

Ltd.

(Industrials)

111,019

13,693

Singapore

Exchange

Ltd.

(Financials)

96,845

25,414

Singapore

Technologies

Engineering

Ltd.

(Industrials)

78,590

119,569

Singapore

Telecommunications

Ltd.

(Communication

Services)

219,376

10,890

STMicroelectronics

NV

(Information

Technology)

447,529

22,386

United

Overseas

Bank

Ltd.

(Financials)

509,924

8,793

UOL

Group

Ltd.

(Real

Estate)

35,063

4,524

Venture

Corp.

Ltd.

(Information

Technology)

46,923

4,503,487

South

Africa

–

0.8%

12,843

Absa

Group

Ltd.

(Financials)

101,755

932

Anglo

American

Platinum

Ltd.

(Materials)

30,224

19,328

Anglo

American

PLC

(Materials)

618,533

6,005

Aspen

Pharmacare

Holdings

Ltd.

(Health

Care)

74,111

5,591

Bid

Corp.

Ltd.

(Consumer

Staples)

123,488

5,680

Bidvest

Group

Ltd.

(The)

(Industrials)

74,100

1,631

Capitec

Bank

Holdings

Ltd.

(Financials)

184,510

4,049

Clicks

Group

Ltd.

(Consumer

Staples)

63,605

8,901

Discovery

Ltd.

(Financials)

51,858

4,033

Exxaro

Resources

Ltd.

(Energy)

38,864

83,763

FirstRand

Ltd.

(Financials)

289,183

14,726

Gold

Fields

Ltd.

(Materials)

228,921

9,053

Harmony

Gold

Mining

Co.

Ltd.

(Materials)

82,180

14,566

Impala

Platinum

Holdings

Ltd.

(Materials)

74,433

3,522

Investec

Ltd.

(Financials)

23,017

938

Kumba

Iron

Ore

Ltd.

(Materials)

24,425

28,146

MTN

Group

Ltd.

(Communication

Services)

122,675

4,858

MultiChoice

Group

(Communication

Services)*

29,041

3,006

Naspers

Ltd.,

Class

N

(Consumer

Discretionary)

595,265

7,298

Nedbank

Group

Ltd.

(Financials)

88,564

5,506

Northam

Platinum

Holdings

Ltd.

(Materials)

37,936

81,584

Old

Mutual

Ltd.

(Financials)

46,062

GOLDMAN

SACHS

MARKETBETA

®

TOTAL

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

South

Africa

–

(continued)

14,144

OUTsurance

Group

Ltd.

(Financials)

$

30,087

26,759

Pepkor

Holdings

Ltd.

(Consumer

Discretionary)

(a)

24,133

8,490

Remgro

Ltd.

(Financials)

54,428

27,529

Sanlam

Ltd.

(Financials)

103,580

9,727

Sasol

Ltd.

(Materials)

64,115

7,935

Shoprite

Holdings

Ltd.

(Consumer

Staples)

105,234

46,829

Sibanye

Stillwater

Ltd.

(Materials)

58,724

22,611

Standard

Bank

Group

Ltd.

(Financials)

215,187

9,913

Vodacom

Group

Ltd.

(Communication

Services)

48,677

14,992

Woolworths

Holdings

Ltd.

(Consumer

Discretionary)

43,358

3,750,273

South

Korea

–

3.2%

598

Alteogen,

Inc.

(Health

Care)*

80,292

487

Amorepacific

Corp.

(Consumer

Staples)

68,308

395

AMOREPACIFIC

Group

(Consumer

Staples)

10,912

122

BGF

retail

Co.

Ltd.

(Consumer

Staples)

10,265

4,516

BNK

Financial

Group,

Inc.

(Financials)

27,561

292

Celltrion

Pharm,

Inc.

(Health

Care)*

18,812

2,571

Celltrion,

Inc.

(Health

Care)

327,189

1,073

Cheil

Worldwide,

Inc.

(Communication

Services)

14,484

131

CJ

CheilJedang

Corp.

(Consumer

Staples)

33,068

206

CJ

Corp.

(Industrials)

20,517

161

CJ

ENM

Co.

Ltd.

(Communication

Services)*

10,407

141

CJ

Logistics

Corp.

(Industrials)

10,561

382

CosmoAM&T

Co.

Ltd.

(Information

Technology)*

42,765

905

Coway

Co.

Ltd.

(Consumer

Discretionary)

36,865

362

CS

Wind

Corp.

(Industrials)

13,805

3,129

Daewoo

Engineering

&

Construction

Co.

Ltd.

(Industrials)*

8,260

593

DB

HiTek

Co.

Ltd.

(Information

Technology)

17,367

730

DB

Insurance

Co.

Ltd.

(Financials)

54,570

3,345

Delivery

Hero

SE

(Consumer

Discretionary)*

(a)

101,351

444

DL

E&C

Co.

Ltd.

(Industrials)

10,903

504

Dongsuh

Cos.,

Inc.

(Consumer

Staples)

6,825

820

Doosan

Bobcat,

Inc.

(Industrials)

34,173

109

Doosan

Co.

Ltd.

(Industrials)

16,218

Shares

Description

Value

a

Common

Stocks

–

(continued)

South

Korea

–

(continued)

7,186

Doosan

Enerbility

Co.

Ltd.

(Industrials)*

$

107,955

633

Doosan

Fuel

Cell

Co.

Ltd.

(Industrials)*

11,201

767

Ecopro

BM

Co.

Ltd.

(Industrials)*

105,975

1,625

Ecopro

Co.

Ltd.

(Industrials)*

110,794

405

Ecopro

Materials

Co.

Ltd.

(Industrials)*

23,226

296

E-MART,

Inc.

(Consumer

Staples)

13,105

179

Enchem

Co.

Ltd.

(Materials)*

37,945

242

F&F

Co.

Ltd.

(Consumer

Discretionary)

11,711

733

Fila

Holdings

Corp.

(Consumer

Discretionary)

20,859

85

Green

Cross

Corp.

(Health

Care)

7,042

748

GS

Holdings

Corp.

(Industrials)

23,555

653

GS

Retail

Co.

Ltd.

(Consumer

Staples)

9,352

4,827

Hana

Financial

Group,

Inc.

(Financials)

215,107

416

Hanjin

Kal

Corp.

(Industrials)

19,139

1,146

Hankook

Tire

&

Technology

Co.

Ltd.

(Consumer

Discretionary)

36,295

107

Hanmi

Pharm

Co.

Ltd.

(Health

Care)

21,909

304

Hanmi

Science

Co.

Ltd.

(Health

Care)

6,927

708

Hanmi

Semiconductor

Co.

Ltd.

(Information

Technology)

82,686

2,515

Hanon

Systems

(Consumer

Discretionary)

9,101

154

Hansol

Chemical

Co.

Ltd.

(Materials)

21,078

559

Hanwha

Aerospace

Co.

Ltd.

(Industrials)

82,767

560

Hanwha

Corp.

(Industrials)

10,941

4,277

Hanwha

Life

Insurance

Co.

Ltd.

(Financials)

8,665

2,369

Hanwha

Ocean

Co.

Ltd.

(Industrials)*

50,817

1,742

Hanwha

Solutions

Corp.

(Materials)

39,569

982

Hanwha

Systems

Co.

Ltd.

(Industrials)

12,377

703

HD

Hyundai

Co.

Ltd.

(Energy)

34,882

354

HD

Hyundai

Electric

Co.

Ltd.

(Industrials)

76,959

319

HD

Hyundai

Heavy

Industries

Co.

Ltd.

(Industrials)*

29,652

1,969

HD

Hyundai

Infracore

Co.

Ltd.

(Industrials)*

11,818

381

HD

HYUNDAI

MIPO

(Industrials)*

19,868

746

HD

Korea

Shipbuilding

&

Offshore

Engineering

Co.

Ltd.

(Industrials)*

70,260

GOLDMAN

SACHS

MARKETBETA

®

TOTAL

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

South

Korea

–

(continued)

492

Hite

Jinro

Co.

Ltd.

(Consumer

Staples)

$

7,143

503

HL

Mando

Co.

Ltd.

(Consumer

Discretionary)

15,767

1,945

HLB,

Inc.

(Health

Care)*

85,973

4,065

HMM

Co.

Ltd.

(Industrials)

52,847

509

Hotel

Shilla

Co.

Ltd.

(Consumer

Discretionary)

20,918

96

Hugel,

Inc.

(Health

Care)*

13,243

300

HYBE

Co.

Ltd.

(Communication

Services)

43,335

39

Hyosung

Advanced

Materials

Corp.

(Materials)

10,478

38

Hyosung

TNC

Corp.

(Materials)

11,019

104

Hyundai

Autoever

Corp.

(Information

Technology)

11,117

330

Hyundai

Elevator

Co.

Ltd.

(Industrials)

9,570

1,213

Hyundai

Engineering

&

Construction

Co.

Ltd.

(Industrials)

29,086

312

Hyundai

Glovis

Co.

Ltd.

(Industrials)

40,449

971

Hyundai

Marine

&

Fire

Insurance

Co.

Ltd.

(Financials)

23,003

1,044

Hyundai

Mobis

Co.

Ltd.

(Consumer

Discretionary)

161,741

2,268

Hyundai

Motor

Co.

(Consumer

Discretionary)

414,434

1,210

Hyundai

Rotem

Co.

Ltd.

(Industrials)

31,418

1,399

Hyundai

Steel

Co.

(Materials)

29,959

4,187

Industrial

Bank

of

Korea

(Financials)

41,611

461

JYP

Entertainment

Corp.

(Communication

Services)

19,345

5,055

Kakao

Corp.

(Communication

Services)

158,089

633

Kakao

Games

Corp.

(Communication

Services)*

9,761

3,577

KakaoBank

Corp.

(Financials)

57,483

364

Kakaopay

Corp.

(Financials)*

8,150

1,915

Kangwon

Land,

Inc.

(Consumer

Discretionary)

20,622

6,249

KB

Financial

Group,

Inc.

(Financials)

358,362

65

KCC

Corp.

(Materials)

13,802

203

KEPCO

Engineering

&

Construction

Co.,

Inc.

(Industrials)

10,249

341

KEPCO

Plant

Service

&

Engineering

Co.

Ltd.

(Industrials)

9,150

4,137

Kia

Corp.

(Consumer

Discretionary)

351,685

220

KIWOOM

Securities

Co.

Ltd.

(Financials)

21,260

1,175

Korea

Aerospace

Industries

Ltd.

(Industrials)

43,960

Shares

Description

Value

a

Common

Stocks

–

(continued)

South

Korea

–

(continued)

4,299

Korea

Electric

Power

Corp.

(Utilities)*

$

60,392

435

Korea

Gas

Corp.

(Utilities)*

9,363

690

Korea

Investment

Holdings

Co.

Ltd.

(Financials)

32,493

153

Korea

Zinc

Co.

Ltd.

(Materials)

58,236

3,081

Korean

Air

Lines

Co.

Ltd.

(Industrials)

46,397

480

Krafton,

Inc.

(Communication

Services)*

86,671

1,071

KT

Corp.

(Communication

Services)

28,311

1,879

KT&G

Corp.

(Consumer

Staples)

113,319

492

Kum

Yang

Co.

Ltd.

(Materials)*

29,601

275

Kumho

Petrochemical

Co.

Ltd.

(Materials)

29,277

413

L&F

Co.

Ltd.

(Industrials)*

46,653

166

LEENO

Industrial,

Inc.

(Information

Technology)

32,132

787

LG

Chem

Ltd.

(Materials)

199,798

1,490

LG

Corp.

(Industrials)

87,492

3,719

LG

Display

Co.

Ltd.

(Information

Technology)*

26,673

1,803

LG

Electronics,

Inc.

(Consumer

Discretionary)

136,473

678

LG

Energy

Solution

Ltd.

(Industrials)*

162,087

156

LG

H&H

Co.

Ltd.

(Consumer

Staples)

47,041

235

LG

Innotek

Co.

Ltd.

(Information

Technology)

42,093

3,582

LG

Uplus

Corp.

(Communication

Services)

24,966

304

Lotte

Chemical

Corp.

(Materials)

24,833

425

Lotte

Corp.

(Industrials)

8,027

339

Lotte

Energy

Materials

Corp.

(Information

Technology)

11,655

172

Lotte

Shopping

Co.

Ltd.

(Consumer

Discretionary)

8,187

269

LS

Corp.

(Industrials)

33,048

1,750

Meritz

Financial

Group,

Inc.

(Financials)

97,198

4,135

Mirae

Asset

Securities

Co.

Ltd.

(Financials)

21,533

2,273

NAVER

Corp.

(Communication

Services)

279,415

229

NCSoft

Corp.

(Communication

Services)

31,475

339

Netmarble

Corp.

(Communication

Services)*

(a)

14,740

2,069

NH

Investment

&

Securities

Co.

Ltd.

(Financials)

18,351

50

NongShim

Co.

Ltd.

(Consumer

Staples)

16,594

199

OCI

Holdings

Co.

Ltd.

(Materials)

13,927

372

Orion

Corp.

(Consumer

Staples)

24,638

GOLDMAN

SACHS

MARKETBETA

®

TOTAL

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

South

Korea

–

(continued)

3,798

Pan

Ocean

Co.

Ltd.

(Industrials)

$

11,809

462

Pearl

Abyss

Corp.

(Communication

Services)*

13,831

853

Posco

DX

Co.

Ltd.

(Information

Technology)

21,779

474

POSCO

Future

M

Co.

Ltd.

(Industrials)

85,759

1,193

POSCO

Holdings,

Inc.

(Materials)

317,950

858

Posco

International

Corp.

(Industrials)

26,678

281

S-1

Corp.

(Industrials)

12,908

295

Samsung

Biologics

Co.

Ltd.

(Health

Care)*

(a)

155,538

1,351

Samsung

C&T

Corp.

(Industrials)

131,826

368

Samsung

Card

Co.

Ltd.

(Financials)

10,765

2,597

Samsung

E&A

Co.

Ltd.

(Industrials)*

43,891

919

Samsung

Electro-Mechanics

Co.

Ltd.

(Information

Technology)

102,882

80,666

Samsung

Electronics

Co.

Ltd.

(Information

Technology)

4,282,222

520

Samsung

Fire

&

Marine

Insurance

Co.

Ltd.

(Financials)

130,887

10,844

Samsung

Heavy

Industries

Co.

Ltd.

(Industrials)*

71,742

1,269

Samsung

Life

Insurance

Co.

Ltd.

(Financials)

77,265

859

Samsung

SDI

Co.

Ltd.

(Information

Technology)

232,347

608

Samsung

SDS

Co.

Ltd.

(Information

Technology)

67,275

1,039

Samsung

Securities

Co.

Ltd.

(Financials)

27,090

568

SD

Biosensor,

Inc.

(Health

Care)*

4,119

7,542

Shinhan

Financial

Group

Co.

Ltd.

(Financials)

256,838

110

Shinsegae,

Inc.

(Consumer

Discretionary)

12,966

468

SK

Biopharmaceuticals

Co.

Ltd.

(Health

Care)*

28,867

398

SK

Bioscience

Co.

Ltd.

(Health

Care)*

14,862

9,001

SK

Hynix,

Inc.

(Information

Technology)

1,229,995

448

SK

IE

Technology

Co.

Ltd.

(Industrials)*

(a)

13,962

953

SK

Innovation

Co.

Ltd.

(Energy)*

68,831

1,655

SK

Square

Co.

Ltd.

(Industrials)*

92,758

893

SK

Telecom

Co.

Ltd.

(Communication

Services)

32,894

597

SK,

Inc.

(Industrials)

75,975

309

SKC

Co.

Ltd.

(Materials)*

31,066

Shares

Description

Value

a

Common

Stocks

–

(continued)

South

Korea

–

(continued)

689

S-Oil

Corp.

(Energy)

$

33,939

66

Soulbrain

Co.

Ltd.

(Materials)

15,707

185

Studio

Dragon

Corp.

(Communication

Services)*

6,013

287

Wemade

Co.

Ltd.

(Communication

Services)*

8,851

497

WONIK

IPS

Co.

Ltd.

(Information

Technology)*

12,707

10,868

Woori

Financial

Group,

Inc.

(Financials)

111,227

915

Yuhan

Corp.

(Health

Care)

45,467

14,278,621

Spain

–

1.6%

3,415

ACS

Actividades

de

Construccion

y

Servicios

SA

(Industrials)

152,445

1,230

Aena

SME

SA

(Industrials)

(a)

239,818

7,521

Amadeus

IT

Group

SA

(Consumer

Discretionary)

533,488

97,183

Banco

Bilbao

Vizcaya

Argentaria

SA

(Financials)

1,048,689

265,022

Banco

Santander

SA

(Financials)

1,390,925

63,196

CaixaBank

SA

(Financials)

361,552

9,530

Cellnex

Telecom

SA

(Communication

Services)*

(a)

346,894

4,935

EDP

Renovaveis

SA

(Utilities)

78,862

5,294

Endesa

SA

(Utilities)

105,173

96,760

Iberdrola

SA

(Utilities)

1,271,017

18,496

Industria

de

Diseno

Textil

SA

(Consumer

Discretionary)

874,653

2,091

Naturgy

Energy

Group

SA

(Utilities)

56,023

6,761

Redeia

Corp.

SA

(Utilities)

121,399

21,372

Repsol

SA

(Energy)

348,486

86,470

Telefonica

SA

(Communication

Services)

402,241

7,331,665

Sweden

–

2.2%

2,938

AAK

AB

(Consumer

Staples)

82,241

3,997

AddTech

AB,

Class

B

(Industrials)

94,251

4,720

Alfa

Laval

AB

(Industrials)

217,752

16,253

Assa

Abloy

AB,

Class

B

(Industrials)

474,739

42,374

Atlas

Copco

AB,

Class

A

(Industrials)

809,027

25,176

Atlas

Copco

AB,

Class

B

(Industrials)

414,725

1,983

Avanza

Bank

Holding

AB

(Financials)

(b)

51,662

1,813

Axfood

AB

(Consumer

Staples)

48,043

6,254

Beijer

Ref

AB

(Industrials)

101,179

4,498

Boliden

AB

(Materials)

156,873

6,803

Castellum

AB

(Real

Estate)*

84,446

5,797

Elekta

AB,

Class

B

(Health

Care)

47,485

GOLDMAN

SACHS

MARKETBETA

®

TOTAL

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Sweden

–

(continued)

13,604

Embracer

Group

AB

(Communication

Services)*

(b)

$

33,864

10,396

Epiroc

AB,

Class

A

(Industrials)

216,180

6,311

Epiroc

AB,

Class

B

(Industrials)

117,853

8,655

EQT

AB

(Financials)

261,694

10,086

Essity

AB,

Class

B

(Consumer

Staples)

258,451

2,991

Evolution

AB

(Consumer

Discretionary)

(a)

320,793

3,715

Fabege

AB

(Real

Estate)

31,561

11,000

Fastighets

AB

Balder,

Class

B

(Real

Estate)*

73,904

3,640

Getinge

AB,

Class

B

(Health

Care)

64,721

10,255

H

&

M

Hennes

&

Mauritz

AB,

Class

B

(Consumer

Discretionary)

180,973

32,289

Hexagon

AB,

Class

B

(Information

Technology)

353,677

1,517

Holmen

AB,

Class

B

(Materials)

63,379

6,421

Husqvarna

AB,

Class

B

(Industrials)

52,932

1,958

Industrivarden

AB,

Class

A

(Financials)

69,442

2,160

Industrivarden

AB,

Class

C

(Financials)

75,600

4,471

Indutrade

AB

(Industrials)

114,951

2,256

Investment

AB

Latour,

Class

B

(Industrials)

62,614

8,029

Investor

AB,

Class

A

(Financials)

215,436

30,363

Investor

AB,

Class

B

(Financials)

821,059

3,982

Kinnevik

AB,

Class

B

(Financials)*

45,983

753

L

E

Lundbergforetagen

AB,

Class

B

(Financials)

38,161

3,769

Lifco

AB,

Class

B

(Industrials)

99,554

24,687

Nibe

Industrier

AB,

Class

B

(Industrials)

(b)

125,299

5,152

Saab

AB,

Class

B

(Industrials)

124,132

3,401

Sagax

AB,

Class

B

(Real

Estate)

89,445

17,517

Sandvik

AB

(Industrials)

383,911

8,404

Securitas

AB,

Class

B

(Industrials)

(b)

86,140

26,540

Skandinaviska

Enskilda

Banken

AB,

Class

A

(Financials)

376,378

5,544

Skanska

AB,

Class

B

(Industrials)

97,652

6,241

SKF

AB,

Class

B

(Industrials)

136,069

3,686

SSAB

AB,

Class

A

(Materials)

21,393

10,616

SSAB

AB,

Class

B

(Materials)

61,371

9,999

Svenska

Cellulosa

AB

SCA,

Class

B

(Materials)

152,925

24,512

Svenska

Handelsbanken

AB,

Class

A

(Financials)

229,896

554

Svenska

Handelsbanken

AB,

Class

B

(Financials)

6,389

3,026

Sweco

AB,

Class

B

(Industrials)

42,295

Shares

Description

Value

a

Common

Stocks

–

(continued)

Sweden

–

(continued)

16,678

Swedbank

AB,

Class

A

(Financials)

$

345,859

3,889

Swedish

Orphan

Biovitrum

AB

(Health

Care)*

104,424

9,250

Tele2

AB,

Class

B

(Communication

Services)

90,238

48,711

Telefonaktiebolaget

LM

Ericsson,

Class

B

(Information

Technology)

299,106

37,730

Telia

Co.

AB

(Communication

Services)

97,758

1,768

Thule

Group

AB

(Consumer

Discretionary)

(a)

53,121

3,504

Trelleborg

AB,

Class

B

(Industrials)

136,266

3,179

Volvo

AB,

Class

A

(Industrials)

86,085

24,988

Volvo

AB,

Class

B

(Industrials)

670,009

7,945

Volvo

Car

AB,

Class

B

(Consumer

Discretionary)*

26,534

9,997,900

Switzerland

–

3.2%

27,063

ABB

Ltd.

(Industrials)

1,481,918

8,229

Alcon,

Inc.

(Health

Care)

732,825

8,775

Cie

Financiere

Richemont

SA

(Consumer

Discretionary)

1,401,140

4,398

DSM-Firmenich

AG

(Materials)

504,423

553

Geberit

AG

(Industrials)

337,384

154

Givaudan

SA

(Materials)

723,270

857

Kuehne

+

Nagel

International

AG

(Industrials)

242,713

1,241

Lonza

Group

AG

(Health

Care)

669,093

31,663

Novartis

AG

(Health

Care)

3,270,012

361

Partners

Group

Holding

AG

(Financials)

482,587

331

Schindler

Holding

AG

(Industrials)

83,654

681

Schindler

Holding

AG

Participation

Certificates

(Industrials)

176,336

2,483

SGS

SA

(Industrials)

231,194

2,533

Sika

AG

(Materials)

766,231

1,783

Straumann

Holding

AG

(Health

Care)

231,238

471

Swatch

Group

AG

(The)

–

Bearer

(Consumer

Discretionary)

100,841

883

Swatch

Group

AG

(The)

–

Registered

(Consumer

Discretionary)

36,802

425

Swisscom

AG

(Communication

Services)

234,700

54,874

UBS

Group

AG

(Financials)

1,732,927

2,427

Zurich

Insurance

Group

AG

(Financials)

1,274,367

14,713,655

Taiwan

–

5.1%

8,453

Accton

Technology

Corp.

(Information

Technology)

131,515

GOLDMAN

SACHS

MARKETBETA

®

TOTAL

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Taiwan

–

(continued)

49,017

Acer,

Inc.

(Information

Technology)

$

80,046

7,212

Advantech

Co.

Ltd.

(Information

Technology)

78,590

1,200

Alchip

Technologies

Ltd.

(Information

Technology)

106,316

61,689

ASE

Technology

Holding

Co.

Ltd.

(Information

Technology)

298,980

43,014

Asia

Cement

Corp.

(Materials)

55,172

4,978

Asia

Vital

Components

Co.

Ltd.

(Information

Technology)

118,173

504

ASMedia

Technology,

Inc.

(Information

Technology)

31,117

502

ASPEED

Technology,

Inc.

(Information

Technology)

56,485

11,746

Asustek

Computer,

Inc.

(Information

Technology)

186,013

96,683

AUO

Corp.

(Information

Technology)*

53,126

10,927

Catcher

Technology

Co.

Ltd.

(Information

Technology)

75,727

173,699

Cathay

Financial

Holding

Co.

Ltd.

(Financials)*

301,349

25,299

Chailease

Holding

Co.

Ltd.

(Financials)

118,709

98,467

Chang

Hwa

Commercial

Bank

Ltd.

(Financials)

55,322

36,203

Cheng

Shin

Rubber

Industry

Co.

Ltd.

(Consumer

Discretionary)

67,949

10,030

Chicony

Electronics

Co.

Ltd.

(Information

Technology)

57,745

47,819

China

Airlines

Ltd.

(Industrials)

33,066

271,552

China

Development

Financial

Holding

Corp.

(Financials)*

118,197

203,798

China

Steel

Corp.

(Materials)

149,417

6,740

Chroma

ATE,

Inc.

(Information

Technology)

59,298

63,633

Chunghwa

Telecom

Co.

Ltd.

(Communication

Services)

251,436

66,693

Compal

Electronics,

Inc.

(Information

Technology)

76,279

304,367

CTBC

Financial

Holding

Co.

Ltd.

(Financials)

332,611

32,161

Delta

Electronics,

Inc.

(Information

Technology)

322,662

15,090

E

Ink

Holdings,

Inc.

(Information

Technology)

102,249

251,696

E.Sun

Financial

Holding

Co.

Ltd.

(Financials)

222,217

3,776

Eclat

Textile

Co.

Ltd.

(Consumer

Discretionary)

56,534

4,897

Elite

Material

Co.

Ltd.

(Information

Technology)

61,753

1,028

eMemory

Technology,

Inc.

(Information

Technology)

69,815

44,880

Eva

Airways

Corp.

(Industrials)

49,599

16,829

Evergreen

Marine

Corp.

Taiwan

Ltd.

(Industrials)

109,357

Shares

Description

Value

a

Common

Stocks

–

(continued)

Taiwan

–

(continued)

50,064

Far

Eastern

New

Century

Corp.

(Industrials)

$

52,237

26,729

Far

EasTone

Telecommunications

Co.

Ltd.

(Communication

Services)

68,898

10,669

Feng

TAY

Enterprise

Co.

Ltd.

(Consumer

Discretionary)

50,885

181,174

First

Financial

Holding

Co.

Ltd.

(Financials)

153,803

74,266

Formosa

Chemicals

&

Fibre

Corp.

(Materials)

121,278

23,218

Formosa

Petrochemical

Corp.

(Energy)

48,308

90,654

Formosa

Plastics

Corp.

(Materials)

182,741

1,547

Formosa

Sumco

Technology

Corp.

(Information

Technology)

8,095

3,034

Fortune

Electric

Co.

Ltd.

(Industrials)

66,873

16,501

Foxconn

Technology

Co.

Ltd.

(Information

Technology)

37,236

140,987

Fubon

Financial

Holding

Co.

Ltd.

(Financials)

319,456

5,373

Giant

Manufacturing

Co.

Ltd.

(Consumer

Discretionary)

36,075

9,023

Gigabyte

Technology

Co.

Ltd.

(Information

Technology)

88,575

1,461

Global

Unichip

Corp.

(Information

Technology)

65,622

3,531

Globalwafers

Co.

Ltd.

(Information

Technology)

57,444

5,407

Gold

Circuit

Electronics

Ltd.

(Information

Technology)*

33,216

29,526

Highwealth

Construction

Corp.

(Real

Estate)

41,745

4,642

Hiwin

Technologies

Corp.

(Industrials)

31,884

199,860

Hon

Hai

Precision

Industry

Co.

Ltd.

(Information

Technology)

1,061,182

5,357

Hotai

Motor

Co.

Ltd.

(Consumer

Discretionary)

101,537

166,789

Hua

Nan

Financial

Holdings

Co.

Ltd.

(Financials)

128,719

142,090

Innolux

Corp.

(Information

Technology)*

61,189

2,112

International

Games

System

Co.

Ltd.

(Communication

Services)

65,849

52,507

Inventec

Corp.

(Information

Technology)

86,717

1,705

Jentech

Precision

Industrial

Co.

Ltd.

(Information

Technology)

54,475

1,291

King

Slide

Works

Co.

Ltd.

(Information

Technology)

44,835

18,619

King

Yuan

Electronics

Co.

Ltd.

(Information

Technology)

50,694

1,594

Largan

Precision

Co.

Ltd.

(Information

Technology)

111,945

37,243

Lite-On

Technology

Corp.

(Information

Technology)

123,592

GOLDMAN

SACHS

MARKETBETA

®

TOTAL

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Taiwan

–

(continued)

1,497

Lotes

Co.

Ltd.

(Information

Technology)

$

74,171

29,193

Macronix

International

Co.

Ltd.

(Information

Technology)

24,467

25,183

MediaTek,

Inc.

(Information

Technology)

960,085

180,488

Mega

Financial

Holding

Co.

Ltd.

(Financials)

217,573

3,650

Merida

Industry

Co.

Ltd.

(Consumer

Discretionary)

25,803

11,913

Micro-Star

International

Co.

Ltd.

(Information

Technology)

70,425

1,312

momo.com,

Inc.

(Consumer

Discretionary)

17,780

93,851

Nan

Ya

Plastics

Corp.

(Materials)

154,130

3,573

Nan

Ya

Printed

Circuit

Board

Corp.

(Information

Technology)

21,563

19,376

Nanya

Technology

Corp.

(Information

Technology)

38,580

3,158

Nien

Made

Enterprise

Co.

Ltd.

(Consumer

Discretionary)

34,218

9,479

Novatek

Microelectronics

Corp.

(Information

Technology)

173,521

5,171

Oneness

Biotech

Co.

Ltd.

(Health

Care)

24,024

32,423

Pegatron

Corp.

(Information

Technology)

106,095

4,150

PharmaEssentia

Corp.

(Health

Care)*

53,422

2,772

Phison

Electronics

Corp.

(Information

Technology)

50,915

4,713

Polaris

Group

(Health

Care)*

10,475

38,490

Pou

Chen

Corp.

(Consumer

Discretionary)

44,497

50,485

Powerchip

Semiconductor

Manufacturing

Corp.

(Information

Technology)*

38,806

11,115

Powertech

Technology,

Inc.

(Information

Technology)

61,075

9,203

President

Chain

Store

Corp.

(Consumer

Staples)

76,706

39,541

Quanta

Computer,

Inc.

(Information

Technology)

334,452

7,600

Realtek

Semiconductor

Corp.

(Information

Technology)

127,394

29,559

Ruentex

Development

Co.

Ltd.

(Real

Estate)*

40,697

11,815

Ruentex

Industries

Ltd.

(Consumer

Discretionary)*

24,911

76,072

Shanghai

Commercial

&

Savings

Bank

Ltd.

(The)

(Financials)

108,141

4,464

Shihlin

Electric

&

Engineering

Corp.

(Industrials)

32,039

223,280

Shin

Kong

Financial

Holding

Co.

Ltd.

(Financials)*

65,135

Shares

Description

Value

a

Common

Stocks

–

(continued)

Taiwan

–

(continued)

8,890

Sino-American

Silicon

Products,

Inc.

(Information

Technology)

$

57,219

180,442

SinoPac

Financial

Holdings

Co.

Ltd.

(Financials)

128,394

21,118

Synnex

Technology

International

Corp.

(Information

Technology)

55,021

31,688

TA

Chen

Stainless

Pipe

(Materials)

37,514

217,987

Taishin

Financial

Holding

Co.

Ltd.

(Financials)

123,818

103,786

Taiwan

Business

Bank

(Financials)

54,145

103,877

Taiwan

Cement

Corp.

(Materials)

105,820

178,047

Taiwan

Cooperative

Financial

Holding

Co.

Ltd.

(Financials)

140,430

11,241

Taiwan

Fertilizer

Co.

Ltd.

(Materials)

22,139

34,803

Taiwan

High

Speed

Rail

Corp.

(Industrials)

32,231

28,867

Taiwan

Mobile

Co.

Ltd.

(Communication

Services)

94,013

398,847

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

(Information

Technology)

10,108,458

34,112

Tatung

Co.

Ltd.

(Industrials)*

57,074

29,120

Teco

Electric

and

Machinery

Co.

Ltd.

(Industrials)

50,520

8,208

Tripod

Technology

Corp.

(Information

Technology)

53,717

21,845

Unimicron

Technology

Corp.

(Information

Technology)

123,069

79,234

Uni-President

Enterprises

Corp.

(Consumer

Staples)

195,676

193,171

United

Microelectronics

Corp.

(Information

Technology)

327,974

15,000

Vanguard

International

Semiconductor

Corp.

(Information

Technology)

49,778

1,537

VisEra

Technologies

Co.

Ltd.

(Information

Technology)

13,095

1,183

Voltronic

Power

Technology

Corp.

(Industrials)

61,900

46,798

Walsin

Lihwa

Corp.

(Industrials)

53,380

6,392

Walsin

Technology

Corp.

(Information

Technology)

22,593

23,482

Wan

Hai

Lines

Ltd.

(Industrials)

57,774

5,857

Win

Semiconductors

Corp.

(Information

Technology)

25,584

47,197

Winbond

Electronics

Corp.

(Information

Technology)

36,424

45,138

Wistron

Corp.

(Information

Technology)

156,062

1,564

Wiwynn

Corp.

(Information

Technology)

119,253

GOLDMAN

SACHS

MARKETBETA

®

TOTAL

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Taiwan

–

(continued)

26,300

WPG

Holdings

Ltd.

(Information

Technology)

$

69,984

9,109

WT

Microelectronics

Co.

Ltd.

(Information

Technology)

32,478

6,516

Yageo

Corp.

(Information

Technology)

133,160

29,223

Yang

Ming

Marine

Transport

Corp.

(Industrials)

64,501

185,037

Yuanta

Financial

Holding

Co.

Ltd.

(Financials)

180,787

5,902

Yulon

Finance

Corp.

(Financials)

27,056

10,135

Yulon

Motor

Co.

Ltd.

(Consumer

Discretionary)

22,057

10,661

Zhen

Ding

Technology

Holding

Ltd.

(Information

Technology)

40,151

23,186,278

Thailand

–

0.4%

18,044

Advanced

Info

Service

PCL,

NVDR

(Communication

Services)

99,563

71,744

Airports

of

Thailand

PCL,

NVDR

(Industrials)

126,756

125,717

Asset

World

Corp.

PCL,

NVDR

(Consumer

Discretionary)

12,985

16,070

B

Grimm

Power

PCL,

NVDR

(Utilities)

10,876

17,120

Bangkok

Bank

PCL,

NVDR

(Financials)

63,519

114,711

Bangkok

Dusit

Medical

Services

PCL,

NVDR

(Health

Care)

84,186

130,391

Bangkok

Expressway

&

Metro

PCL,

NVDR

(Industrials)

27,822

65,762

Banpu

PCL,

NVDR

(Energy)

9,653

16,099

Berli

Jucker

PCL,

NVDR

(Consumer

Staples)

9,715

130,482

BTS

Group

Holdings

PCL,

NVDR

(Industrials)

17,024

8,640

Bumrungrad

Hospital

PCL,

NVDR

(Health

Care)

56,833

5,044

Carabao

Group

PCL,

NVDR

(Consumer

Staples)

9,631

27,872

Central

Pattana

PCL,

NVDR

(Real

Estate)

43,372

8,895

Central

Plaza

Hotel

PCL,

NVDR

(Consumer

Discretionary)

9,913

52,320

Central

Retail

Corp.

PCL,

NVDR

(Consumer

Discretionary)

43,375

64,734

Charoen

Pokphand

Foods

PCL,

NVDR

(Consumer

Staples)*

40,118

13,366

Com7

PCL,

NVDR

(Consumer

Discretionary)

6,431

90,717

CP

ALL

PCL,

NVDR

(Consumer

Staples)

141,784

22,501

CP

Axtra

PCL,

NVDR

(Consumer

Staples)

17,584

Shares

Description

Value

a

Common

Stocks

–

(continued)

Thailand

–

(continued)

3,809

Electricity

Generating

PCL,

NVDR

(Utilities)

$

10,768

26,226

Energy

Absolute

PCL,

NVDR

(Utilities)

16,324

10,972

Global

Power

Synergy

PCL,

NVDR

(Utilities)

14,017

79,569

Gulf

Energy

Development

PCL,

NVDR

(Utilities)

87,593

80,546

Home

Product

Center

PCL,

NVDR

(Consumer

Discretionary)

20,361

28,601

Indorama

Ventures

PCL,

NVDR

(Materials)

17,958

15,245

Intouch

Holdings

PCL,

NVDR

(Communication

Services)

27,867

166,800

IRPC

PCL,

NVDR

(Energy)

8,614

24,720

Kasikornbank

PCL,

NVDR

(Financials)

88,022

9,955

KCE

Electronics

PCL,

NVDR

(Information

Technology)

11,162

79,142

Krung

Thai

Bank

PCL,

NVDR

(Financials)

37,000

15,530

Krungthai

Card

PCL,

NVDR

(Financials)

19,312

89,335

Land

&

Houses

PCL,

NVDR

(Real

Estate)

16,026

56,099

Minor

International

PCL,

NVDR

(Consumer

Discretionary)

46,889

10,839

Muangthai

Capital

PCL,

NVDR

(Financials)

13,111

20,603

Ngern

Tid

Lor

PCL,

NVDR

(Financials)

11,144

27,834

Osotspa

PCL,

NVDR

(Consumer

Staples)

17,250

23,069

PTT

Exploration

&

Production

PCL,

NVDR

(Energy)

96,565

31,795

PTT

Global

Chemical

PCL,

NVDR

(Materials)

30,032

46,261

PTT

Oil

&

Retail

Business

PCL,

NVDR

(Consumer

Discretionary)

22,760

163,158

PTT

PCL,

NVDR

(Energy)

145,241

10,022

Ratch

Group

PCL,

NVDR

(Utilities)

7,764

17,701

SCB

X

PCL,

NVDR

(Financials)

51,000

20,034

SCG

Packaging

PCL,

NVDR

(Materials)

18,106

6,783

Siam

Cement

PCL

(The),

NVDR

(Materials)

43,512

27,207

Siam

Global

House

PCL,

NVDR

(Consumer

Discretionary)

12,276

13,395

Srisawad

Corp.

PCL,

NVDR

(Financials)

15,110

144,018

Thai

Beverage

PCL

(Consumer

Staples)

52,740

GOLDMAN

SACHS

MARKETBETA

®

TOTAL

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Thailand

–

(continued)

39,177

Thai

Life

Insurance

PCL,

NVDR

(Financials)

$

9,264

19,036

Thai

Oil

PCL,

NVDR

(Energy)

26,777

38,188

Thai

Union

Group

PCL,

NVDR

(Consumer

Staples)

15,466

7,975

Tisco

Financial

Group

PCL,

NVDR

(Financials)

21,189

662,501

TMBThanachart

Bank

PCL,

NVDR

(Financials)

30,433

168,898

True

Corp.

PCL,

NVDR

(Communication

Services)*

39,481

136,748

WHA

Corp.

PCL,

NVDR

(Real

Estate)

20,258

1,952,532

Turkey

–

0.3%

1,426

AG

Anadolu

Grubu

Holding

AS

(Industrials)

14,798

10,358

Ahlatci

Dogal

Gaz

Dagitim

Enerji

VE

Yatirim

AS

(Utilities)*

4,689

45,536

Akbank

TAS

(Financials)

93,873

613

Akcansa

Cimento

AS

(Materials)

2,712

4,866

Akfen

Yenilenebilir

Enerji

AS

(Utilities)*

4,079

1,775

Aksa

Akrilik

Kimya

Sanayii

AS

(Consumer

Discretionary)

6,530

3,939

Aksa

Enerji

Uretim

AS

(Utilities)*

5,699

2,284

Alarko

Holding

AS

(Industrials)

8,516

1,126

Alfa

Solar

Enerji

Sanayi

VE

Ticaret

AS

(Information

Technology)*

2,645

2,706

Anadolu

Anonim

Turk

Sigorta

Sirketi

(Financials)*

9,636

3,066

Anadolu

Efes

Biracilik

Ve

Malt

Sanayii

AS

(Consumer

Staples)

18,943

1,011

Anadolu

Hayat

Emeklilik

AS

(Financials)

2,888

717

Anadolu

Isuzu

Otomotiv

Sanayi

Ve

Ticaret

AS,

Class

C

(Industrials)

2,199

1,541

Arcelik

AS

(Consumer

Discretionary)

8,660

19,688

Aselsan

Elektronik

Sanayi

Ve

Ticaret

AS

(Industrials)

35,850

3,300

Astor

Transformator

Enerji

Turizm

Insaat

Ve

Petrol

Sanayi

Ticaret

AS

(Industrials)*

10,123

1,747

Aydem

Yenilenebilir

Enerji

AS

(Utilities)*

1,841

829

Aygaz

AS

(Utilities)

4,813

1,680

Baskent

Dogalgaz

Dagitim

Gayrimenkul

Yatirim

Ortakligi

AS

(Utilities)

1,622

6,709

Bera

Holding

AS

(Industrials)

3,676

1,129

Bien

Yapi

Urunleri

Sanayi

Turizm

ve

Ticaret

AS

(Industrials)*

1,282

Shares

Description

Value

a

Common

Stocks

–

(continued)

Turkey

–

(continued)

6,895

BIM

Birlesik

Magazalar

AS

(Consumer

Staples)

$

102,753

428

Borusan

Birlesik

Boru

Fabrikalari

Sanayi

ve

Ticaret

AS

(Materials)*

6,561

62

Borusan

Yatirim

ve

Pazarlama

AS

(Financials)

4,697

74

Bosch

Fren

Sistemleri

Sanayi

ve

Ticaret

AS

(Consumer

Discretionary)

2,043

612

Brisa

Bridgestone

Sabanci

Sanayi

ve

Ticaret

AS

(Consumer

Discretionary)

2,216

6,083

Can2

Termik

AS

(Utilities)*

3,146

39

Celebi

Hava

Servisi

AS

(Industrials)

2,590

6,651

Cimsa

Cimento

Sanayi

VE

Ticaret

AS

(Materials)

6,397

1,229

Coca-Cola

Icecek

AS

(Consumer

Staples)

29,056

451

CW

Enerji

Muhendislik

Ticaret

VE

Sanayi

AS

(Industrials)*

3,306

601

DAP

Gayrimenkul

Gelistirme

AS

(Real

Estate)*

636

559

Deva

Holding

AS

(Health

Care)*

1,586

14,592

Dogan

Sirketler

Grubu

Holding

AS

(Consumer

Discretionary)

6,420

688

Dogu

Aras

Enerji

Yatirimlari

AS

(Utilities)

1,334

1,185

Dogus

Otomotiv

Servis

ve

Ticaret

AS

(Consumer

Discretionary)

11,148

304

Eczacibasi

Yatirim

Holding

Ortakligi

AS

(Industrials)*

2,240

17

EGE

Endustri

VE

Ticaret

AS

(Consumer

Discretionary)

6,793

2,022

EIS

Eczacibasi

Ilac

ve

Sinai

ve

Finansal

Yatirimlar

Sanayi

ve

Ticaret

AS

(Consumer

Staples)*

3,315

30,244

Emlak

Konut

Gayrimenkul

Yatirim

Ortakligi

AS

REIT

(Real

Estate)*

8,310

3,711

Enerjisa

Enerji

AS

(Utilities)

(a)

6,965

609

Enerya

Enerji

AS

(Utilities)*

3,352

8,329

Enka

Insaat

ve

Sanayi

AS

(Industrials)

10,752

27,872

Eregli

Demir

ve

Celik

Fabrikalari

TAS

(Materials)

41,484

943

Europower

Enerji

VE

Otomasyon

Teknolojileri

Sanayi

Ticaret

AS

(Industrials)*

3,484

1,043

Ford

Otomotiv

Sanayi

AS

(Consumer

Discretionary)

35,394

1,264

GEN

Ilac

VE

Saglik

Urunleri

Sanayi

VE

Ticaret

AS

(Health

Care)*

2,372

1,839

Girisim

Elektrik

Taahhut

Ticaret

Ve

Sanayi

AS

(Industrials)*

3,431

GOLDMAN

SACHS

MARKETBETA

®

TOTAL

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Turkey

–

(continued)

1,222

Gubre

Fabrikalari

TAS

(Materials)*

$

5,778

17,240

Haci

Omer

Sabanci

Holding

AS

(Financials)

52,294

18,887

Hektas

Ticaret

TAS

(Materials)*

8,561

585

Investco

Holding

AS

(Financials)*

5,994

6,164

Is

Gayrimenkul

Yatirim

Ortakligi

AS

REIT

(Real

Estate)*

3,184

8,075

Is

Yatirim

Menkul

Degerler

AS

(Financials)

9,747

2,154

Izdemir

Enerji

Elektrik

Uretim

AS

(Utilities)*

1,573

7,284

Izmir

Demir

Celik

Sanayi

AS

(Materials)*

1,481

2,308

Jantsa

Jant

Sanayi

Ve

Ticaret

AS

(Industrials)

2,385

1,707

Kaleseramik

Canakkale

Kalebodur

Seramik

Sanayi

AS

(Industrials)*

2,653

2,953

Kardemir

Karabuk

Demir

Celik

Sanayi

ve

Ticaret

AS,

Class

A

(Materials)

2,292

1,529

Kardemir

Karabuk

Demir

Celik

Sanayi

ve

Ticaret

AS,

Class

B

(Materials)

1,051

11,204

Kardemir

Karabuk

Demir

Celik

Sanayi

ve

Ticaret

AS,

Class

D

(Materials)

10,115

1,655

Kayseri

Seker

Fabrikasi

AS

(Consumer

Staples)

1,441

3,828

Kiler

Holding

AS

(Industrials)*

3,893

1,030

Kimteks

Poliuretan

Sanayi

VE

Ticaret

AS

(Materials)

1,864

11,212

KOC

Holding

AS

(Industrials)

82,917

2,452

Kocaer

Celik

Sanayi

Ve

Ticaret

AS

(Materials)*

4,080

1,317

Kontrolmatik

Enerji

Ve

Muhendislik

AS

(Industrials)

8,300

12

Konya

Cimento

Sanayii

AS

(Materials)*

3,365

883

Kordsa

Teknik

Tekstil

AS

(Consumer

Discretionary)*

2,477

15,096

Koza

Altin

Isletmeleri

AS

(Materials)

9,786

2,588

Koza

Anadolu

Metal

Madencilik

Isletmeleri

AS

(Materials)*

3,987

4,475

Margun

Enerji

Uretim

Sanayi

VE

Ticaret

AS

(Utilities)*

3,382

4,500

Mavi

Giyim

Sanayi

Ve

Ticaret

AS,

Class

B

(Consumer

Discretionary)

(a)

13,335

3,770

MIA

Teknoloji

AS

(Information

Technology)*

5,834

1,538

Migros

Ticaret

AS

(Consumer

Staples)

22,693

1,077

MLP

Saglik

Hizmetleri

AS

(Health

Care)*

(a)

9,037

Shares

Description

Value

a

Common

Stocks

–

(continued)

Turkey

–

(continued)

406

Nuh

Cimento

Sanayi

AS

(Materials)

$

3,236

17,407

ODAS

Elektrik

Uretim

ve

Sanayi

Ticaret

AS

(Utilities)*

4,702

515

Otokar

Otomotiv

Ve

Savunma

Sanayi

A.S.

(Industrials)

9,745

4,876

Oyak

Cimento

Fabrikalari

AS

(Materials)*

9,182

3,553

Pegasus

Hava

Tasimaciligi

AS

(Industrials)*

22,261

19,510

Petkim

Petrokimya

Holding

AS

(Materials)*

12,345

12

Politeknik

Metal

Sanayi

ve

Ticaret

AS

(Materials)

6,036

12,423

Qua

Granite

Hayal

(Industrials)*

1,308

6,374

Sarkuysan

Elektrolitik

Bakir

Sanayi

ve

Ticaret

AS

(Industrials)

6,439

22,482

Sasa

Polyester

Sanayi

AS

(Materials)*

30,698

191

SDT

Uzay

VE

Savunma

Teknolojileri

AS

(Industrials)

1,766

1,455

Selcuk

Ecza

Deposu

Ticaret

ve

Sanayi

A.S.

(Health

Care)

2,203

2,360

Smart

Gunes

Enerjisi

Teknolojileri

ArGE

Uretim

Sanayi

ve

Ticaret

AS

(Information

Technology)*

3,678

4,315

Sok

Marketler

Ticaret

AS

(Consumer

Staples)

7,844

2,787

TAV

Havalimanlari

Holding

AS

(Industrials)*

20,827

2,891

Tekfen

Holding

AS

(Industrials)*

4,726

1,930

Tofas

Turk

Otomobil

Fabrikasi

AS

(Consumer

Discretionary)

18,501

3,296

Torunlar

Gayrimenkul

Yatirim

Ortakligi

AS

REIT

(Real

Estate)*

4,875

11,646

Turk

Hava

Yollari

AO

(Industrials)*

109,466

7,323

Turk

Telekomunikasyon

AS

(Communication

Services)*

10,486

393

Turk

Traktor

ve

Ziraat

Makineleri

AS

(Industrials)

12,177

19,869

Turkcell

Iletisim

Hizmetleri

AS

(Communication

Services)

61,441

9,606

Turkiye

Halk

Bankasi

AS

(Financials)*

5,261

136,554

Turkiye

Is

Bankasi

AS,

Class

C

(Financials)

68,300

14,986

Turkiye

Petrol

Rafinerileri

AS

(Energy)

82,213

3,210

Turkiye

Sigorta

AS

(Financials)

7,564

16,957

Turkiye

Sinai

Kalkinma

Bankasi

AS

(Financials)*

5,817

25,080

Turkiye

Sise

ve

Cam

Fabrikalari

AS

(Industrials)

38,668

GOLDMAN

SACHS

MARKETBETA

®

TOTAL

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Turkey

–

(continued)

2,250

Ulker

Biskuvi

Sanayi

AS

(Consumer

Staples)*

$

9,535

4,865

Vestel

Beyaz

Esya

Sanayi

ve

Ticaret

AS

(Consumer

Discretionary)

3,601

2,058

Vestel

Elektronik

Sanayi

ve

Ticaret

AS

(Consumer

Discretionary)*

5,348

54,854

Yapi

ve

Kredi

Bankasi

AS

(Financials)

55,043

2,564

Yayla

Agro

Gida

Sanayi

VE

Nakliyat

AS

(Consumer

Staples)

1,006

515

YEO

Teknoloji

Enerji

VE

Endustri

AS

(Industrials)*

2,923

22,136

Zorlu

Enerji

Elektrik

Uretim

AS

(Utilities)*

3,862

1,493,437

United

Arab

Emirates

–

0.7%

48,771

Abu

Dhabi

Commercial

Bank

PJSC

(Financials)

103,569

24,321

Abu

Dhabi

Islamic

Bank

PJSC

(Financials)

74,293

50,249

Abu

Dhabi

National

Energy

Co.

PJSC

(Utilities)

35,569

48,131

Abu

Dhabi

National

Oil

Co.

for

Distribution

PJSC

(Consumer

Discretionary)

42,456

29,461

ADNOC

Drilling

Co.

PJSC

(Energy)

32,083

128,484

Adnoc

Gas

PLC

(Energy)

104,241

61,151

Aldar

Properties

PJSC

(Real

Estate)

91,567

23,202

Alpha

Dhabi

Holding

PJSC

(Industrials)*

68,601

50,321

Borouge

PLC

(Materials)

32,469

150,661

Dubai

Electricity

&

Water

Authority

PJSC

(Utilities)

93,931

48,485

Dubai

Islamic

Bank

PJSC

(Financials)

72,865

103,974

Emaar

Properties

PJSC

(Real

Estate)

216,834

41,145

Emirates

NBD

Bank

PJSC

(Financials)

174,189

58,235

Emirates

Telecommunications

Group

Co.

PJSC

(Communication

Services)

255,260

73,976

First

Abu

Dhabi

Bank

PJSC

(Financials)

233,627

12,316

International

Holding

Co.

PJSC

(Industrials)*

1,364,700

44,426

Pure

Health

Holding

PJSC

(Health

Care)*

43,422

3,039,676

United

Kingdom

–

6.7%

15,785

3i

Group

PLC

(Financials)

575,391

3,195

Admiral

Group

PLC

(Financials)

110,402

Shares

Description

Value

a

Common

Stocks

–

(continued)

United

Kingdom

–

(continued)

4,973

Allfunds

Group

PLC

(Financials)

$

29,531

7,324

Ashtead

Group

PLC

(Industrials)

530,402

5,790

Associated

British

Foods

PLC

(Consumer

Staples)

187,982

24,840

AstraZeneca

PLC

(Health

Care)

3,855,247

15,254

Auto

Trader

Group

PLC

(Communication

Services)

(a)

158,518

45,799

Aviva

PLC

(Financials)

279,836

15,601

B&M

European

Value

Retail

SA

(Consumer

Discretionary)

108,175

51,031

BAE

Systems

PLC

(Industrials)

904,420

254,470

Barclays

PLC

(Financials)

712,781

16,284

Barratt

Developments

PLC

(Consumer

Discretionary)

104,327

1,750

Berkeley

Group

Holdings

PLC

(Consumer

Discretionary)

116,753

34,319

British

American

Tobacco

PLC

(Consumer

Staples)

1,055,234

105,497

BT

Group

PLC

(Communication

Services)

175,420

5,623

Bunzl

PLC

(Industrials)

210,194

6,195

Burberry

Group

PLC

(Consumer

Discretionary)

81,635

93,546

Centrica

PLC

(Utilities)

168,590

44,452

CK

Hutchison

Holdings

Ltd.

(Industrials)

216,483

3,396

Coca-Cola

Europacific

Partners

PLC

(Consumer

Staples)

250,319

29,009

Compass

Group

PLC

(Consumer

Discretionary)

809,600

27,614

ConvaTec

Group

PLC

(Health

Care)

(a)

87,403

2,333

Croda

International

PLC

(Materials)

134,855

1,653

DCC

PLC

(Industrials)

119,752

37,594

Diageo

PLC

(Consumer

Staples)

1,259,081

22,333

DS

Smith

PLC

(Materials)

108,335

10,682

Entain

PLC

(Consumer

Discretionary)

91,829

2,942

Flutter

Entertainment

PLC

(Consumer

Discretionary)*

558,118

6,315

Halma

PLC

(Information

Technology)

178,976

5,916

Hargreaves

Lansdown

PLC

(Financials)

79,503

320,593

HSBC

Holdings

PLC

(Financials)

2,842,561

13,757

Imperial

Brands

PLC

(Consumer

Staples)

339,974

23,433

Informa

PLC

(Communication

Services)

252,940

2,681

InterContinental

Hotels

Group

PLC

(Consumer

Discretionary)

269,663

4,840

Intermediate

Capital

Group

PLC

(Financials)

142,349

GOLDMAN

SACHS

MARKETBETA

®

TOTAL

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

United

Kingdom

–

(continued)

30,977

International

Consolidated

Airlines

Group

SA

ADR

(Industrials)*

$

134,137

2,693

Intertek

Group

PLC

(Industrials)

163,756

29,401

J

Sainsbury

PLC

(Consumer

Staples)

103,765

41,804

JD

Sports

Fashion

PLC

(Consumer

Discretionary)

67,862

31,742

Kingfisher

PLC

(Consumer

Discretionary)

106,733

11,487

Land

Securities

Group

PLC

REIT

(Real

Estate)

95,430

99,370

Legal

&

General

Group

PLC

(Financials)

316,295

1,076,334

Lloyds

Banking

Group

PLC

(Financials)

760,840

6,975

London

Stock

Exchange

Group

PLC

(Financials)

813,638

37,313

M&G

PLC

(Financials)

94,586

22,391

Melrose

Industries

PLC

(Industrials)

175,554

61,614

National

Grid

PLC

(Utilities)

692,216

91,703

NatWest

Group

PLC

(Financials)

367,782

2,003

Next

PLC

(Consumer

Discretionary)

238,140

9,867

Ocado

Group

PLC

(Consumer

Staples)*

46,934

11,972

Pearson

PLC

(Consumer

Discretionary)

144,501

5,346

Persimmon

PLC

(Consumer

Discretionary)

98,354

12,520

Phoenix

Group

Holdings

PLC

(Financials)

79,097

11,971

Reckitt

Benckiser

Group

PLC

(Consumer

Staples)

678,551

31,603

RELX

PLC

(Industrials)

1,374,495

41,955

Rentokil

Initial

PLC

(Industrials)

221,307

13,616

Rightmove

PLC

(Communication

Services)

92,435

140,885

Rolls-Royce

Holdings

PLC

(Industrials)*

813,286

17,076

Sage

Group

PLC

(The)

(Information

Technology)

222,304

14,729

Schroders

PLC

(Financials)

73,474

19,458

Segro

PLC

REIT

(Real

Estate)

225,740

4,416

Severn

Trent

PLC

(Utilities)

134,152

14,619

Smith

&

Nephew

PLC

(Health

Care)

184,342

5,859

Smiths

Group

PLC

(Industrials)

128,456

1,230

Spirax-Sarco

Engineering

PLC

(Industrials)

139,534

18,242

SSE

PLC

(Utilities)

407,612

35,506

Standard

Chartered

PLC

(Financials)

351,434

59,070

Taylor

Wimpey

PLC

(Consumer

Discretionary)

110,669

Shares

Description

Value

a

Common

Stocks

–

(continued)

United

Kingdom

–

(continued)

119,427

Tesco

PLC

(Consumer

Staples)

$

472,890

41,724

Unilever

PLC

(Consumer

Staples)

2,273,135

11,415

United

Utilities

Group

PLC

(Utilities)

147,661

407,772

Vodafone

Group

PLC

(Communication

Services)

392,601

4,342

Weir

Group

PLC

(The)

(Industrials)

117,420

3,250

Whitbread

PLC

(Consumer

Discretionary)

122,192

9,809

Wise

PLC,

Class

A

(Financials)*

101,722

17,965

WPP

PLC

(Communication

Services)

186,827

30,578,438

United

States

–

5.9%

255,803

BP

PLC

(Energy)

1,589,849

549

BRP,

Inc.

(Consumer

Discretionary)

34,298

8,030

CSL

Ltd.

(Health

Care)

1,495,833

675

CyberArk

Software

Ltd.

(Information

Technology)*

154,744

15,383

Experian

PLC

(Industrials)

706,454

7,886

Ferrovial

SE

(Industrials)

310,424

2,767

GFL

Environmental,

Inc.

(Industrials)

87,101

68,511

GSK

PLC

(Health

Care)

1,540,887

85,102

Haleon

PLC

(Consumer

Staples)

352,252

8,578

Holcim

AG

(Materials)*

749,072

1,362

ICON

PLC

(Health

Care)*

442,405

1,201

Inmode

Ltd.

(Health

Care)*

22,975

7,368

James

Hardie

Industries

PLC

CDI

(Materials)*

229,275

11,274

JBS

SA

(Consumer

Staples)

61,863

439

Monday.com

Ltd.

(Information

Technology)*

99,174

44,210

Nestle

SA

(Consumer

Staples)

4,682,933

1,270

Parade

Technologies

Ltd.

(Information

Technology)

30,148

11,647

Roche

Holding

AG

(Health

Care)

2,982,272

480

Roche

Holding

AG

(Health

Care)

134,505

18,508

Sanofi

SA

(Health

Care)

1,803,485

9,012

Schneider

Electric

SE

(Industrials)

2,225,242

106,992

Shell

PLC

(Energy)

3,829,890

35,073

Stellantis

NV

(Consumer

Discretionary)

769,121

4,834

Swiss

Re

AG

(Financials)

614,598

7,800

Tenaris

SA

(Energy)

127,820

4,298

Waste

Connections,

Inc.

(Industrials)

705,703

25,782,323

GOLDMAN

SACHS

MARKETBETA

®

TOTAL

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Zambia

–

0.0%

9,375

First

Quantum

Minerals

Ltd.

(Materials)

$

120,424

TOTAL

COMMON

STOCKS

(Cost

$320,675,816)

443,137,203

Shares

Description

Rate

Value

a

Preferred

Stocks

–

0.8%

Brazil

–

0.4%

86,922

Banco

Bradesco

SA

(Financials)

8.64

%

209,538

2,976

Braskem

SA

(Materials)*

0.00

10,702

4,068

Centrais

Eletricas

Brasileiras

SA,

Class

B

(Utilities)

4.66

30,286

31,300

Cia

Energetica

de

Minas

Gerais

(Utilities)

10.84

59,255

17,301

Cia

Paranaense

de

Energia

(Utilities)

4.19

29,889

22,975

Gerdau

SA

(Materials)

6.15

79,165

81,064

Itau

Unibanco

Holding

SA

(Financials)

7.55

478,594

90,501

Itausa

SA

(Financials)

8.60

167,542

2

Klabin

SA

(Materials)

5.22

2

76,450

Petroleo

Brasileiro

SA

(Energy)

13.69

564,228

18,902

Raizen

SA

(Consumer

Discretionary)

6.80

10,250

1,639,451

Chile

–

0.0%

2,303

Sociedad

Quimica

y

Minera

de

Chile

SA,

Class

B

(Industrials)

1.83

107,793

Colombia

–

0.0%

7,569

Bancolombia

SA

(Financials)

10.38

66,632

Germany

–

0.2%

984

Bayerische

Motoren

Werke

AG

(Consumer

Discretionary)

6.82

94,432

1,906

Dr.

Ing

hc

F

Porsche

AG

(Consumer

Discretionary)

(a)

1.33

157,049

Shares

Description

Rate

Value

a

Preferred

Stocks

–

(continued)

Germany

–

(continued)

2,759

Henkel

AG

&

Co.

KGaA

(Consumer

Staples)

2.23

%

$

248,959

2,563

Porsche

Automobil

Holding

SE

(Consumer

Discretionary)

5.08

140,566

412

Sartorius

AG

(Health

Care)

0.31

108,015

3,065

Volkswagen

AG

(Consumer

Discretionary)

7.88

382,647

1,131,668

South

Korea

–

0.2%

42

Doosan

Co.

Ltd.

(Industrials)

2.44

2,615

576

Hyundai

Motor

Co.

(Consumer

Discretionary)

13.14

63,901

363

Hyundai

Motor

Co.

(Consumer

Discretionary)

13.19

40,218

129

LG

Chem

Ltd.

(Materials)

1.45

22,081

270

LG

Electronics,

Inc.

(Consumer

Discretionary)

1.81

9,156

13,758

Samsung

Electronics

Co.

Ltd.

(Information

Technology)

2.34

599,189

50

Samsung

Fire

&

Marine

Insurance

Co.

Ltd.

(Financials)

5.90

9,570

746,730

TOTAL

PREFERRED

STOCKS

(Cost

$3,696,405)

3,692,274

Shares

Description

Value

Exchange-Traded

Fund

–

0.4%

United

States

–

0.4%

76,272

iShares

MSCI

Malaysia

ETF

(Cost

$1,635,499)

1,751,968

Units

Description

Expiration

Month

Value

aa

Right

–

0.0%

United

Kingdom

–

0.0%

17,970

National

Grid

PLC*

(Cost

$0)

06/24

44,855

GOLDMAN

SACHS

MARKETBETA

®

TOTAL

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2024

(Unaudited)

Additional

Investment

Information 

**End

swaps

header**

Units

Description

Expiration

Month

Value

aa

Warrant

–

0.0%

Canada

–

0.0%

309

Constellation

Software,

Inc.

(Information

Technology)*

(c)

(Cost

$0)

08/28

$

—

Shares

Dividend

Rate

Value

aa

a

Investment

Company

–

0.6%

(d)

Goldman

Sachs

Financial

Square

Treasury

Obligations

Fund

–

Institutional

Shares

2,557,349

5.180%

2,557,349

(Cost

$2,557,349)

TOTAL

INVESTMENTS

BEFORE

SECURITIES

LENDING

REINVESTMENT

VEHICLE

(Cost

$328,565,069)

451,183,649

a

Securities

Lending

Reinvestment

Vehicle

–

0.5%

(d)

a

a

a

a

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

2,199,098

5.227%

2,199,098

(Cost

$2,199,098)

TOTAL

INVESTMENTS

–

100.3%

(Cost

$330,764,167)

$

453,382,747

LIABILITIES

IN

EXCESS

OF

OTHER

ASSETS

–

(0.3)%

(1,306,258)

NET

ASSETS

–

100.0%

$

452,076,489

  a

The

percentage

shown

for

each

investment

category

reflects

the

value

of

investments

in

that

category

as

a

percentage

of

net

assets.

*

Non-income

producing

security.

(a)

Exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933.

(b)

All

or

a

portion

of

security

is

on

loan.

(c)

Significant

unobservable

inputs

were

used

in

the

valuation

of

this

portfolio

security;

i.e.

Level

3.

(d)

Represents

an

affiliated

issuer.

Investment

Abbreviations:

ADR

—

American

Depositary

Receipt

CVA

—

Dutch

Certification

NVDR

—

Non-Voting

Depository

Receipt

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

SDR

—

Swedish

Depositary

Receipt

Sector

Name

%

of

Market

Value

Financials

21.0

%

Industrials

14.6

Information

Technology

12.7

Consumer

Discretionary

11.1

Health

Care

8.8

Materials

7.1

Consumer

Staples

7.3

Energy

5.6

Communication

Services

5.3

Utilities

3.1

Real

Estate

1.9

Investment

Company

0.6

Exchange-Traded

Fund

0.4

Securities

Lending

Reinvestment

Vehicle

0.5

TOTAL

INVESTMENTS

100.0%

FUTURES

CONTRACTS

—

At

May

31,

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

16

06/21/24

$

1,896,160

$

35,333

MSCI

Emerging

Markets

Index

15

06/21/24

792,375

(3,526)

Total

Futures

Contracts

$

31,807

GOLDMAN

SACHS

MARKETBETA

®

U.S.

1000

EQUITY

ETF

Schedule

of

Investments

May

31,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

99.8%

Communication

Services

–

8.9%

200,424

Alphabet,

Inc.,

Class

A*

$

34,573,140

165,482

Alphabet,

Inc.,

Class

C*

28,787,249

241,080

AT&T,

Inc.

4,392,478

3,240

Charter

Communications,

Inc.,

Class

A*

930,269

134,183

Comcast

Corp.,

Class

A

5,371,345

9,127

Electronic

Arts,

Inc.

1,212,796

2,910

Endeavor

Group

Holdings,

Inc.,

Class

A

78,075

8,001

Fox

Corp.,

Class

A

275,474

4,384

Fox

Corp.,

Class

B

140,025

7,419

Frontier

Communications

Parent,

Inc.*

197,791

2,371

IAC,

Inc.*

118,052

13,009

Interpublic

Group

of

Cos.,

Inc.

(The)

408,092

558

Liberty

Broadband

Corp.,

Class

A*

30,266

3,906

Liberty

Broadband

Corp.,

Class

C*

211,275

774

Liberty

Media

Corp.-Liberty

Formula

One,

Class

A*

52,949

6,540

Liberty

Media

Corp.-Liberty

Formula

One,

Class

C*

484,876

5,001

Liberty

Media

Corp.-Liberty

SiriusXM*

113,323

2,491

Liberty

Media

Corp.-Liberty

SiriusXM,

Class

A*

56,620

4,943

Live

Nation

Entertainment,

Inc.*

463,357

9,125

Match

Group,

Inc.*

279,499

74,285

Meta

Platforms,

Inc.,

Class

A

34,678,467

14,245

Netflix,

Inc.*

9,139,877

5,195

New

York

Times

Co.

(The),

Class

A

265,984

12,899

News

Corp.,

Class

A

350,724

3,561

News

Corp.,

Class

B

99,280

1,083

Nexstar

Media

Group,

Inc.

179,442

6,638

Omnicom

Group,

Inc.

617,068

16,501

Paramount

Global,

Class

B

196,527

20,006

Pinterest,

Inc.,

Class

A*

830,049

16,174

ROBLOX

Corp.,

Class

A*

543,770

4,166

Roku,

Inc.*

239,128

21,593

Sirius

XM

Holdings,

Inc.

(a)

60,892

34,896

Snap,

Inc.,

Class

A*

524,138

4,627

Spotify

Technology

SA*

1,373,201

5,683

Take-Two

Interactive

Software,

Inc.*

911,326

1,837

TKO

Group

Holdings,

Inc.

200,362

17,417

T-Mobile

US,

Inc.

3,047,278

14,942

Trade

Desk,

Inc.

(The),

Class

A*

1,386,319

1,351

Trump

Media

&

Technology

Group

Corp.*

(a)

66,321

141,810

Verizon

Communications,

Inc.

5,835,482

61,639

Walt

Disney

Co.

(The)

6,404,908

75,629

Warner

Bros

Discovery,

Inc.*

623,183

4,226

Warner

Music

Group

Corp.,

Class

A

125,850

8,678

ZoomInfo

Technologies,

Inc.*

106,566

145,983,093

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Consumer

Discretionary

–

10.0%

12,133

ADT,

Inc.

$

86,266

2,006

Advance

Auto

Parts,

Inc.

141,704

14,517

Airbnb,

Inc.,

Class

A*

2,103,949

303,595

Amazon.com,

Inc.*

53,566,302

1,959

Amer

Sports,

Inc.

(Finland)*

(a)

30,110

9,169

Aptiv

PLC*

763,411

8,385

Aramark

269,578

698

Asbury

Automotive

Group,

Inc.*

164,079

2,501

Autoliv,

Inc.

(Sweden)

319,053

896

AutoNation,

Inc.*

152,544

581

AutoZone,

Inc.*

1,609,335

7,704

Bath

&

Body

Works,

Inc.

400,146

6,588

Best

Buy

Co.,

Inc.

558,794

1,027

Birkenstock

Holding

PLC

(Luxembourg)*

58,539

1,144

Booking

Holdings,

Inc.

4,320,144

7,705

BorgWarner,

Inc.

274,760

2,325

Boyd

Gaming

Corp.

123,969

1,943

Bright

Horizons

Family

Solutions,

Inc.*

204,248

2,358

Brunswick

Corp.

194,606

2,196

Burlington

Stores,

Inc.*

527,150

6,974

Caesars

Entertainment,

Inc.*

247,995

3,846

Capri

Holdings

Ltd.*

132,879

5,345

CarMax,

Inc.*

375,540

33,728

Carnival

Corp.*

508,618

3,300

Carvana

Co.*

329,934

1,617

Cava

Group,

Inc.*

149,653

4,535

Chewy,

Inc.,

Class

A*

96,187

925

Chipotle

Mexican

Grill,

Inc.*

2,894,806

1,055

Choice

Hotels

International,

Inc.

119,415

2,326

Churchill

Downs,

Inc.

301,217

1,185

Columbia

Sportswear

Co.

101,460

36,996

Coupang,

Inc.

(South

Korea)*

841,289

1,997

Crocs,

Inc.*

310,813

10,105

D.R.

Horton,

Inc.

1,493,519

4,080

Darden

Restaurants,

Inc.

613,591

862

Deckers

Outdoor

Corp.*

942,959

1,908

Dick's

Sporting

Goods,

Inc.

434,337

277

Dillard's,

Inc.,

Class

A

123,916

1,191

Domino's

Pizza,

Inc.

605,719

10,363

DoorDash,

Inc.,

Class

A*

1,141,070

15,631

DraftKings,

Inc.,

Class

A*

549,117

1,228

Duolingo,

Inc.*

235,039

2,780

Dutch

Bros,

Inc.,

Class

A*

98,384

17,441

eBay,

Inc.

945,651

4,010

Etsy,

Inc.*

254,515

4,475

Expedia

Group,

Inc.*

505,049

1,847

Five

Below,

Inc.*

255,126

3,541

Floor

&

Decor

Holdings,

Inc.,

Class

A*

413,801

132,353

Ford

Motor

Co.

1,605,442

8,997

GameStop

Corp.,

Class

A*

208,191

6,669

Gap,

Inc.

(The)

193,134

5,157

Garmin

Ltd.

844,974

38,838

General

Motors

Co.

1,747,322

7,897

Gentex

Corp.

276,395

4,662

Genuine

Parts

Co.

671,981

4,689

H&R

Block,

Inc.

232,762

4,270

Harley-Davidson,

Inc.

153,208

GOLDMAN

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(Unaudited)

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Description

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Common

Stocks

–

(continued)

Consumer

Discretionary

–

(continued)

4,336

Hasbro,

Inc.

$

259,206

8,489

Hilton

Worldwide

Holdings,

Inc.

1,702,893

33,878

Home

Depot,

Inc.

(The)

11,344,726

1,450

Hyatt

Hotels

Corp.,

Class

A

213,831

799

Installed

Building

Products,

Inc.

169,260

3,528

International

Game

Technology

PLC

69,643

12,337

Las

Vegas

Sands

Corp.

555,535

1,949

Lear

Corp.

244,307

8,145

Lennar

Corp.,

Class

A

1,306,051

253

Lennar

Corp.,

Class

B

37,004

3,269

Levi

Strauss

&

Co.,

Class

A

78,489

3,063

Light

&

Wonder,

Inc.*

292,455

912

Lithia

Motors,

Inc.

230,864

8,587

LKQ

Corp.

369,499

19,293

Lowe’s

Cos.,

Inc.

4,269,348

28,345

Lucid

Group,

Inc.*

(a)

80,500

3,741

Lululemon

Athletica,

Inc.*

1,167,155

8,259

Macy’s,

Inc.

160,885

8,506

Marriott

International,

Inc.,

Class

A

1,966,332

11,513

Mattel,

Inc.*

204,816

24,591

McDonald's

Corp.

6,366,364

1,514

MercadoLibre,

Inc.

(Brazil)*

2,612,528

1,212

Meritage

Homes

Corp.

213,736

8,376

MGM

Resorts

International*

336,464

3,007

Mobileye

Global,

Inc.,

Class

A

(Israel)*

77,160

1,772

Mohawk

Industries,

Inc.*

216,060

639

Murphy

USA,

Inc.

280,361

41,125

NIKE,

Inc.,

Class

B

3,908,931

14,127

Norwegian

Cruise

Line

Holdings

Ltd.*

234,508

101

NVR,

Inc.*

775,754

1,986

O'Reilly

Automotive,

Inc.*

1,913,034

624

Penske

Automotive

Group,

Inc.

94,910

2,931

Planet

Fitness,

Inc.,

Class

A*

186,529

1,816

Polaris,

Inc.

151,818

1,284

Pool

Corp.

466,798

7,149

PulteGroup,

Inc.

838,721

1,954

PVH

Corp.

234,500

1,335

Ralph

Lauren

Corp.

249,485

503

RH*

136,781

22,720

Rivian

Automotive,

Inc.,

Class

A*

(a)

248,102

11,267

Ross

Stores,

Inc.

1,574,676

7,473

Royal

Caribbean

Cruises

Ltd.*

1,103,613

4,856

Service

Corp.

International

347,981

1,667

SharkNinja,

Inc.

127,726

1,435

Signet

Jewelers

Ltd.

157,118

4,503

Skechers

USA,

Inc.,

Class

A*

321,604

37,920

Starbucks

Corp.

3,041,942

7,684

Tapestry,

Inc.

334,177

5,506

Tempur

Sealy

International,

Inc.

282,788

92,685

Tesla,

Inc.*

16,505,345

2,261

Texas

Roadhouse,

Inc.

390,407

1,720

Thor

Industries,

Inc.

170,693

38,739

TJX

Cos.,

Inc.

(The)

3,993,991

3,510

Toll

Brothers,

Inc.

426,956

1,069

TopBuild

Corp.*

446,789

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Consumer

Discretionary

–

(continued)

3,704

Tractor

Supply

Co.

$

1,056,714

1,644

Ulta

Beauty,

Inc.*

649,528

1,292

Vail

Resorts,

Inc.

243,826

4,408

Valvoline,

Inc.*

178,965

12,471

VF

Corp.

165,615

3,088

Wayfair,

Inc.,

Class

A*

183,705

5,773

Wendy's

Co.

(The)

100,739

1,813

Whirlpool

Corp.

168,663

2,038

Williams-Sonoma,

Inc.

597,582

992

Wingstop,

Inc.

365,701

2,665

Wyndham

Hotels

&

Resorts,

Inc.

188,575

3,274

Wynn

Resorts

Ltd.

310,637

12,844

Yum

China

Holdings,

Inc.

(China)

459,301

9,442

Yum!

Brands,

Inc.

1,297,614

166,282,009

Consumer

Staples

–

5.9%

14,059

Albertsons

Cos.,

Inc.,

Class

A

290,178

60,183

Altria

Group,

Inc.

2,783,464

17,096

Archer-Daniels-Midland

Co.

1,067,474

4,447

BellRing

Brands,

Inc.*

258,682

4,512

BJ's

Wholesale

Club

Holdings,

Inc.*

397,372

316

Boston

Beer

Co.,

Inc.

(The),

Class

A*

99,120

1,652

Brown-Forman

Corp.,

Class

A

75,662

10,357

Brown-Forman

Corp.,

Class

B

474,972

4,871

Bunge

Global

SA

524,071

6,467

Campbell

Soup

Co.

287,005

1,258

Casey's

General

Stores,

Inc.

417,379

5,069

Celsius

Holdings,

Inc.*

405,419

8,264

Church

&

Dwight

Co.,

Inc.

884,331

4,183

Clorox

Co.

(The)

550,315

131,296

Coca-Cola

Co.

(The)

8,262,457

176

Coca-Cola

Consolidated,

Inc.

172,663

27,969

Colgate-Palmolive

Co.

2,599,998

16,084

Conagra

Brands,

Inc.

480,590

5,303

Constellation

Brands,

Inc.,

Class

A

1,326,970

14,923

Costco

Wholesale

Corp.

12,085,988

12,087

Coty,

Inc.,

Class

A*

125,221

5,329

Darling

Ingredients,

Inc.*

215,292

7,386

Dollar

General

Corp.

1,011,217

7,036

Dollar

Tree,

Inc.*

829,896

1,818

elf

Beauty,

Inc.*

339,802

7,251

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

894,483

6,290

Flowers

Foods,

Inc.

146,054

19,133

General

Mills,

Inc.

1,315,394

4,977

Hershey

Co.

(The)

984,600

9,785

Hormel

Foods

Corp.

303,139

2,232

Ingredion,

Inc.

262,439

614

Inter

Parfums,

Inc.

73,545

3,475

J

M

Smucker

Co.

(The)

387,949

8,768

Kellanova

529,061

58,714

Kenvue,

Inc.

1,133,180

30,650

Keurig

Dr

Pepper,

Inc.

1,049,763

11,349

Kimberly-Clark

Corp.

1,512,822

26,701

Kraft

Heinz

Co.

(The)

944,414

GOLDMAN

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Shares

Description

Value

aa

Common

Stocks

–

(continued)

Consumer

Staples

–

(continued)

23,916

Kroger

Co.

(The)

$

1,252,481

4,827

Lamb

Weston

Holdings,

Inc.

426,176

656

Lancaster

Colony

Corp.

121,688

4,852

Maplebear,

Inc.*

147,889

8,508

McCormick

&

Co.,

Inc.

614,448

5,915

Molson

Coors

Beverage

Co.,

Class

B

324,201

45,810

Mondelez

International,

Inc.,

Class

A

3,139,359

17,015

Monster

Beverage

Corp.*

883,419

46,460

PepsiCo,

Inc.

8,032,934

5,137

Performance

Food

Group

Co.*

357,535

52,302

Philip

Morris

International,

Inc.

5,302,377

1,345

Pilgrim's

Pride

Corp.*

48,326

1,662

Post

Holdings,

Inc.*

177,119

79,434

Procter &

Gamble

Co.

(The)

13,070,070

1,841

Reynolds

Consumer

Products,

Inc.

52,358

17,071

Sysco

Corp.

1,243,110

15,543

Target

Corp.

2,427,195

9,523

Tyson

Foods,

Inc.,

Class

A

545,192

7,713

US

Foods

Holding

Corp.*

407,478

24,131

Walgreens

Boots

Alliance,

Inc.

391,405

143,712

Walmart,

Inc.

9,450,501

93,917,642

Energy

–

4.0%

11,405

Antero

Midstream

Corp.

167,083

9,378

Antero

Resources

Corp.*

334,138

12,003

APA

Corp.

366,452

34,275

Baker

Hughes

Co.

1,147,527

6,448

ChampionX

Corp.

210,334

7,826

Cheniere

Energy,

Inc.

1,234,865

3,994

Chesapeake

Energy

Corp.

363,175

58,007

Chevron

Corp.

9,414,536

1,391

Chord

Energy

Corp.

257,905

2,756

Civitas

Resources,

Inc.

202,731

39,661

ConocoPhillips

4,619,713

25,244

Coterra

Energy,

Inc.

719,959

21,574

Devon

Energy

Corp.

1,058,852

5,739

Diamondback

Energy,

Inc.

1,143,553

3,291

DT

Midstream,

Inc.

220,760

8,365

EnLink

Midstream

LLC*

106,152

19,681

EOG

Resources,

Inc.

2,451,269

13,884

EQT

Corp.

570,494

153,281

Exxon

Mobil

Corp.

17,973,730

30,459

Halliburton

Co.

1,117,845

9,341

Hess

Corp.

1,439,448

2,657

Hess

Midstream

LP,

Class

A

92,331

5,080

HF

Sinclair

Corp.

280,568

66,074

Kinder

Morgan,

Inc.

1,287,782

6,078

Magnolia

Oil

&

Gas

Corp.,

Class

A

157,724

19,568

Marathon

Oil

Corp.

566,689

12,175

Marathon

Petroleum

Corp.

2,150,227

3,796

Matador

Resources

Co.

240,856

4,880

Murphy

Oil

Corp.

208,815

2,791

New

Fortress

Energy,

Inc.

70,752

3,862

Noble

Corp.

PLC

179,429

13,232

NOV,

Inc.

249,026

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Energy

–

(continued)

23,540

Occidental

Petroleum

Corp.

$

1,471,250

19,594

ONEOK,

Inc.

1,587,114

8,169

Ovintiv,

Inc.

422,092

3,504

PBF

Energy,

Inc.,

Class

A

162,340

14,285

Permian

Resources

Corp.

234,131

14,406

Phillips

66

2,047,237

8,052

Range

Resources

Corp.

297,199

47,993

Schlumberger

NV

2,202,399

1,578

Scorpio

Tankers,

Inc.

(Monaco)

129,507

3,889

SM

Energy

Co.

196,122

36,628

Southwestern

Energy

Co.*

275,809

7,417

Targa

Resources

Corp.

876,912

14,838

TechnipFMC

PLC

(United

Kingdom)

388,607

783

Texas

Pacific

Land

Corp.

481,005

25,461

Transocean

Ltd.*

157,858

11,162

Valero

Energy

Corp.

1,753,997

2,711

Viper

Energy,

Inc.

104,265

2,391

Weatherford

International

PLC*

287,733

41,027

Williams

Cos.,

Inc.

(The)

1,703,031

65,383,328

Financials

–

12.9%

1,088

Affiliated

Managers

Group,

Inc.

176,909

8,259

Affirm

Holdings,

Inc.*

241,741

17,516

Aflac,

Inc.

1,574,163

23,349

AGNC

Investment

Corp.

REIT

223,917

8,823

Allstate

Corp.

(The)

1,478,029

9,155

Ally

Financial,

Inc.

356,770

19,384

American

Express

Co.

4,652,160

2,405

American

Financial

Group,

Inc.

312,434

22,933

American

International

Group,

Inc.

1,807,579

3,377

Ameriprise

Financial,

Inc.

1,474,432

16,608

Annaly

Capital

Management,

Inc.

REIT

327,178

6,614

Aon

PLC,

Class

A

1,862,767

13,648

Apollo

Global

Management,

Inc.

1,585,352

12,036

Arch

Capital

Group

Ltd.*

1,235,255

5,871

Ares

Management

Corp.,

Class

A

822,938

7,147

Arthur

J

Gallagher

&

Co.

1,810,549

1,748

Assurant,

Inc.

303,226

2,621

Axis

Capital

Holdings

Ltd.

193,639

233,818

Bank

of

America

Corp.

9,350,382

25,392

Bank

of

New

York

Mellon

Corp.

(The)

1,513,617

3,656

Bank

OZK

153,113

43,572

Berkshire

Hathaway,

Inc.,

Class

B*

18,056,237

4,998

BlackRock,

Inc.

3,858,606

23,685

Blackstone,

Inc.

2,854,042

18,514

Block,

Inc.*

1,186,377

15,709

Blue

Owl

Capital,

Inc.

282,605

780

BOK

Financial

Corp.

70,684

8,016

Brown

&

Brown,

Inc.

717,512

12,719

Capital

One

Financial

Corp.

1,750,516

7,333

Carlyle

Group,

Inc.

(The)

315,026

3,560

Cboe

Global

Markets,

Inc.

615,844

46,563

Charles

Schwab

Corp.

(The)

3,412,137

13,639

Chubb

Ltd.

3,693,714

GOLDMAN

SACHS

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Schedule

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Investments

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May

31,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Financials

–

(continued)

5,233

Cincinnati

Financial

Corp.

$

615,296

63,783

Citigroup,

Inc.

3,974,319

15,659

Citizens

Financial

Group,

Inc.

552,606

12,096

CME

Group,

Inc.

2,455,246

747

CNA

Financial

Corp.

34,317

5,772

Coinbase

Global,

Inc.,

Class

A*

1,304,010

4,429

Comerica,

Inc.

226,942

4,030

Commerce

Bancshares,

Inc.

224,229

7,921

Corebridge

Financial,

Inc.

231,056

2,349

Corpay,

Inc.*

628,757

264

Credit

Acceptance

Corp.*

129,579

1,982

Cullen/Frost

Bankers,

Inc.

201,332

8,437

Discover

Financial

Services

1,034,882

2,863

Dlocal

Ltd.

(Uruguay)*

26,196

4,749

East

West

Bancorp,

Inc.

352,328

11,139

Equitable

Holdings,

Inc.

462,157

855

Erie

Indemnity

Co.,

Class

A

309,878

3,517

Essent

Group

Ltd.

199,414

1,476

Euronet

Worldwide,

Inc.*

172,072

1,192

Evercore,

Inc.,

Class

A

241,904

1,125

Everest

Group

Ltd.

439,796

1,291

FactSet

Research

Systems,

Inc.

521,900

8,770

Fidelity

National

Financial,

Inc.

441,657

19,400

Fidelity

National

Information

Services,

Inc.

1,472,072

22,992

Fifth

Third

Bancorp

860,361

3,343

First

American

Financial

Corp.

185,804

389

First

Citizens

BancShares,

Inc.,

Class

A

660,689

4,121

First

Financial

Bankshares,

Inc.

123,548

18,641

First

Horizon

Corp.

295,273

19,811

Fiserv,

Inc.*

2,966,895

10,641

Franklin

Resources,

Inc.

251,128

3,744

Glacier

Bancorp,

Inc.

139,951

8,648

Global

Payments,

Inc.

880,799

3,174

Globe

Life,

Inc.

262,680

10,932

Goldman

Sachs

Group,

Inc.

(The)

(b)

4,990,676

1,198

Hanover

Insurance

Group,

Inc.

(The)

158,052

9,989

Hartford

Financial

Services

Group,

Inc.

(The)

1,033,362

1,717

Houlihan

Lokey,

Inc.

232,396

48,693

Huntington

Bancshares,

Inc.

677,807

3,442

Interactive

Brokers

Group,

Inc.,

Class

A

432,728

19,099

Intercontinental

Exchange,

Inc.

2,557,356

11,051

Invesco

Ltd.

173,611

2,452

Jack

Henry

&

Associates,

Inc.

403,795

4,498

Janus

Henderson

Group

PLC

150,683

6,070

Jefferies

Financial

Group,

Inc.

282,376

97,807

JPMorgan

Chase &

Co.

19,818,632

31,586

KeyCorp

453,891

744

Kinsale

Capital

Group,

Inc.

285,413

22,559

KKR

&

Co.,

Inc.

2,319,968

3,684

Lazard,

Inc.

148,207

5,692

Lincoln

National

Corp.

187,779

6,214

Loews

Corp.

477,235

2,535

LPL

Financial

Holdings,

Inc.

725,542

5,598

M&T

Bank

Corp.

848,657

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Financials

–

(continued)

444

Markel

Group,

Inc.*

$

728,866

1,246

MarketAxess

Holdings,

Inc.

247,867

16,655

Marsh

&

McLennan

Cos.,

Inc.

3,457,245

28,279

Mastercard,

Inc.,

Class

A

12,642,693

20,409

MetLife,

Inc.

1,476,999

5,346

Moody's

Corp.

2,122,309

42,705

Morgan

Stanley

4,178,257

869

Morningstar,

Inc.

250,489

2,619

MSCI,

Inc.

1,296,876

11,511

Nasdaq,

Inc.

679,494

6,886

Northern

Trust

Corp.

580,077

10,490

Old

National

Bancorp

179,274

8,791

Old

Republic

International

Corp.

279,378

3,982

OneMain

Holdings,

Inc.

195,596

37,000

PayPal

Holdings,

Inc.*

2,330,630

2,539

Pinnacle

Financial

Partners,

Inc.

201,876

13,424

PNC

Financial

Services

Group,

Inc.

(The)

2,112,803

2,377

Popular,

Inc.

(Puerto

Rico)

211,577

1,184

Primerica,

Inc.

267,454

7,944

Principal

Financial

Group,

Inc.

651,726

19,690

Progressive

Corp.

(The)

4,158,134

3,068

Prosperity

Bancshares,

Inc.

191,136

12,300

Prudential

Financial,

Inc.

1,480,305

6,385

Raymond

James

Financial,

Inc.

783,759

30,942

Regions

Financial

Corp.

598,728

2,217

Reinsurance

Group

of

America,

Inc.

465,127

1,751

RenaissanceRe

Holdings

Ltd.

(Bermuda)

398,983

16,281

Rithm

Capital

Corp.

REIT

182,510

1,361

RLI

Corp.

198,679

16,602

Robinhood

Markets,

Inc.,

Class

A*

346,982

4,106

Rocket

Cos.,

Inc.,

Class

A*

57,073

3,266

Ryan

Specialty

Holdings,

Inc.

181,361

10,585

S&P

Global,

Inc.

4,525,193

3,382

SEI

Investments

Co.

228,995

2,022

Selective

Insurance

Group,

Inc.

197,367

2,024

Shift4

Payments,

Inc.,

Class

A*

136,175

31,527

SoFi

Technologies,

Inc.*

217,536

2,543

SouthState

Corp.

196,599

9,970

Starwood

Property

Trust,

Inc.

REIT

193,817

10,149

State

Street

Corp.

767,163

3,331

Stifel

Financial

Corp.

269,644

13,703

Synchrony

Financial

600,191

4,914

Synovus

Financial

Corp.

195,037

7,472

T.

Rowe

Price

Group,

Inc.

880,426

1,737

TFS

Financial

Corp.

22,894

12,827

Toast,

Inc.,

Class

A*

310,798

2,778

TPG,

Inc.

116,454

3,908

Tradeweb

Markets,

Inc.,

Class

A

426,011

7,760

Travelers

Cos.,

Inc.

(The)

1,673,832

44,816

Truist

Financial

Corp.

1,691,804

4,475

United

Bankshares,

Inc.

145,169

6,529

Unum

Group

351,652

49,889

US

Bancorp

2,022,999

2,864

UWM

Holdings

Corp.

21,108

14,490

Valley

National

Bancorp

103,314

GOLDMAN

SACHS

MARKETBETA

®

U.S.

1000

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Financials

–

(continued)

53,302

Visa,

Inc.,

Class

A

$

14,522,663

3,570

Voya

Financial,

Inc.

270,677

6,857

W

R

Berkley

Corp.

555,623

5,743

Webster

Financial

Corp.

253,955

120,611

Wells

Fargo &

Co.

7,227,011

3,655

Western

Alliance

Bancorp

230,375

11,507

Western

Union

Co.

(The)

147,290

1,340

WEX,

Inc.*

251,009

3,482

Willis

Towers

Watson

PLC

888,920

2,060

Wintrust

Financial

Corp.

203,137

4,932

Zions

Bancorp

NA

213,013

210,698,803

Health

Care

–

11.8%

3,330

10X

Genomics,

Inc.,

Class

A*

74,659

58,371

Abbott

Laboratories

5,964,932

59,520

AbbVie,

Inc.

9,597,005

3,035

Acadia

Healthcare

Co.,

Inc.*

209,081

9,945

Agilent

Technologies,

Inc.

1,296,927

2,425

Align

Technology,

Inc.*

623,734

4,205

Alnylam

Pharmaceuticals,

Inc.*

624,148

17,963

Amgen,

Inc.

5,493,984

3,435

Apellis

Pharmaceuticals,

Inc.*

134,824

22,071

Avantor,

Inc.*

531,470

1,290

Bausch

+

Lomb

Corp.*

19,789

17,088

Baxter

International,

Inc.

582,530

9,776

Becton

Dickinson

&

Co.

2,267,739

4,873

Biogen,

Inc.*

1,096,133

6,276

BioMarin

Pharmaceutical,

Inc.*

471,139

670

Bio-Rad

Laboratories,

Inc.,

Class

A*

192,196

5,281

Bio-Techne

Corp.

407,640

49,197

Boston

Scientific

Corp.*

3,717,817

3,586

Bridgebio

Pharma,

Inc.*

100,444

68,639

Bristol-Myers

Squibb

Co.

2,820,377

3,074

Bruker

Corp.

201,378

8,202

Cardinal

Health,

Inc.

814,213

6,092

Catalent,

Inc.*

327,689

5,675

Cencora,

Inc.

1,285,785

17,975

Centene

Corp.*

1,286,830

2,522

Cerevel

Therapeutics

Holdings,

Inc.*

102,746

1,699

Charles

River

Laboratories

International,

Inc.*

354,140

493

Chemed

Corp.

273,304

9,921

Cigna

Group

(The)

3,418,975

6,676

Cooper

Cos.,

Inc.

(The)

629,614

305

CorVel

Corp.*

73,154

43,194

CVS

Health

Corp.

2,574,362

3,452

Cytokinetics,

Inc.*

167,457

22,229

Danaher

Corp.

5,708,407

1,827

DaVita,

Inc.*

268,788

7,130

DENTSPLY

SIRONA,

Inc.

199,711

13,024

Dexcom,

Inc.*

1,546,860

4,151

Doximity,

Inc.,

Class

A*

115,107

20,283

Edwards

Lifesciences

Corp.*

1,762,390

16,594

Elanco

Animal

Health,

Inc.*

293,382

7,972

Elevance

Health,

Inc.

4,292,763

28,517

Eli

Lilly

&

Co.

23,393,636

3,334

Encompass

Health

Corp.

288,024

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Health

Care

–

(continued)

1,825

Ensign

Group,

Inc.

(The)

$

221,263

5,776

Envista

Holdings

Corp.*

111,823

6,052

Exact

Sciences

Corp.*

275,063

9,165

Exelixis,

Inc.*

198,789

12,344

GE

HealthCare

Technologies,

Inc.

962,832

42,021

Gilead

Sciences,

Inc.

2,700,690

4,539

Globus

Medical,

Inc.,

Class

A*

304,612

4,238

Halozyme

Therapeutics,

Inc.*

187,701

6,617

HCA

Healthcare,

Inc.

2,248,126

2,820

HealthEquity,

Inc.*

230,338

4,404

Henry

Schein,

Inc.*

305,373

7,861

Hologic,

Inc.*

579,985

4,065

Humana,

Inc.

1,455,758

2,784

IDEXX

Laboratories,

Inc.*

1,383,509

5,347

Illumina,

Inc.*

557,585

1,884

Immunovant,

Inc.*

47,835

6,312

Incyte

Corp.*

364,770

972

Inspire

Medical

Systems,

Inc.*

154,344

2,344

Insulet

Corp.*

415,333

3,017

Intra-Cellular

Therapies,

Inc.*

202,863

11,748

Intuitive

Surgical,

Inc.*

4,724,106

4,728

Ionis

Pharmaceuticals,

Inc.*

177,631

6,005

IQVIA

Holdings,

Inc.*

1,315,635

2,049

Jazz

Pharmaceuticals

PLC*

215,657

81,214

Johnson &

Johnson

11,911,657

2,857

Labcorp

Holdings,

Inc.

556,858

2,266

Lantheus

Holdings,

Inc.*

185,427

1,503

Masimo

Corp.*

187,123

4,427

McKesson

Corp.

2,521,575

789

Medpace

Holdings,

Inc.*

304,822

44,873

Medtronic

PLC

3,651,316

85,559

Merck &

Co.,

Inc.

10,741,077

711

Mettler-Toledo

International,

Inc.*

998,308

11,177

Moderna,

Inc.*

1,593,281

1,957

Molina

Healthcare,

Inc.*

615,633

3,683

Natera,

Inc.*

392,350

3,278

Neurocrine

Biosciences,

Inc.*

443,874

5,715

Option

Care

Health,

Inc.*

170,421

8,628

Organon

&

Co.

184,035

1,240

Penumbra,

Inc.*

234,943

4,562

Perrigo

Co.

PLC

125,592

190,429

Pfizer,

Inc.

5,457,695

7,669

QIAGEN

NV*

331,761

3,773

Quest

Diagnostics,

Inc.

535,653

5,095

R1

RCM,

Inc.*

65,522

3,488

Regeneron

Pharmaceuticals,

Inc.*

3,418,798

1,749

Repligen

Corp.*

260,758

4,915

ResMed,

Inc.

1,014,112

4,154

Revvity,

Inc.

453,866

14,949

Roivant

Sciences

Ltd.*

154,872

12,725

Royalty

Pharma

PLC,

Class

A

348,792

2,960

Sarepta

Therapeutics,

Inc.*

384,386

1,222

Shockwave

Medical,

Inc.*

409,370

3,336

STERIS

PLC

743,528

10,669

Stryker

Corp.

3,639,089

1,588

Teleflex,

Inc.

332,003

3,355

Tenet

Healthcare

Corp.*

453,663

GOLDMAN

SACHS

MARKETBETA

®

U.S.

1000

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Health

Care

–

(continued)

12,996

Thermo

Fisher

Scientific,

Inc.

$

7,381,468

1,545

United

Therapeutics

Corp.*

425,076

31,287

UnitedHealth

Group,

Inc.

15,498,641

1,741

Universal

Health

Services,

Inc.,

Class

B

330,442

3,497

Vaxcyte,

Inc.*

245,734

4,962

Veeva

Systems,

Inc.,

Class

A*

864,628

8,679

Vertex

Pharmaceuticals,

Inc.*

3,951,896

40,539

Viatris,

Inc.

429,713

3,122

Viking

Therapeutics,

Inc.*

194,376

1,993

Waters

Corp.*

615,638

2,500

West

Pharmaceutical

Services,

Inc.

828,525

7,071

Zimmer

Biomet

Holdings,

Inc.

814,226

15,582

Zoetis,

Inc.

2,642,084

191,991,511

Industrials

–

9.3%

18,639

3M

Co.

1,866,509

4,061

A

O

Smith

Corp.

339,662

2,105

AAON,

Inc.

157,980

1,055

Acuity

Brands,

Inc.

273,889

2,259

Advanced

Drainage

Systems,

Inc.

391,914

4,569

AECOM

399,056

2,110

AGCO

Corp.

226,466

3,496

Air

Lease

Corp.

166,549

4,316

Alaska

Air

Group,

Inc.*

181,358

2,962

Allegion

PLC

360,831

2,926

Allison

Transmission

Holdings,

Inc.

221,820

21,843

American

Airlines

Group,

Inc.*

251,195

7,753

AMETEK,

Inc.

1,314,754

5,859

API

Group

Corp.*

208,815

1,287

Applied

Industrial

Technologies,

Inc.

248,391

1,259

Atkore,

Inc.

191,557

13,936

Automatic

Data

Processing,

Inc.

3,413,205

581

Avis

Budget

Group,

Inc.

66,077

2,390

Axon

Enterprise,

Inc.*

673,191

4,821

AZEK

Co.,

Inc.

(The)*

231,215

18,803

Boeing

Co.

(The)*

3,339,601

4,321

Booz

Allen

Hamilton

Holding

Corp.

657,699

3,961

Broadridge

Financial

Solutions,

Inc.

795,250

4,057

Builders

FirstSource,

Inc.*

652,325

3,092

BWX

Technologies,

Inc.

284,866

3,903

C.H.

Robinson

Worldwide,

Inc.

337,102

744

CACI

International,

Inc.,

Class

A*

315,813

1,640

Carlisle

Cos.,

Inc.

685,996

26,863

Carrier

Global

Corp.

1,697,473

17,154

Caterpillar,

Inc.

5,806,972

1,413

Chart

Industries,

Inc.*

221,883

2,916

Cintas

Corp.

1,976,961

11,622

Clarivate

PLC*

66,245

1,706

Clean

Harbors,

Inc.*

369,503

28,525

CNH

Industrial

NV

301,224

1,190

Comfort

Systems

USA,

Inc.

389,535

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Industrials

–

(continued)

1,556

Concentrix

Corp.

$

95,429

28,592

Copart,

Inc.*

1,517,092

3,505

Core

&

Main,

Inc.,

Class

A*

201,748

1,625

Crane

Co.

242,255

65,907

CSX

Corp.

2,224,361

4,601

Cummins,

Inc.

1,296,240

1,294

Curtiss-Wright

Corp.

365,969

5,040

Dayforce,

Inc.*

249,278

8,648

Deere

&

Co.

3,240,925

21,701

Delta

Air

Lines,

Inc.

1,107,185

4,079

Donaldson

Co.,

Inc.

300,541

4,719

Dover

Corp.

867,447

9,325

Dun

&

Bradstreet

Holdings,

Inc.

89,427

13,373

Eaton

Corp.

PLC

4,451,203

1,590

EMCOR

Group,

Inc.

617,969

19,218

Emerson

Electric

Co.

2,155,491

4,118

Equifax,

Inc.

952,864

1,905

Esab

Corp.

195,872

5,443

ExlService

Holdings,

Inc.*

162,528

4,862

Expeditors

International

of

Washington,

Inc.

587,816

1,691

Exponent,

Inc.

160,848

19,234

Fastenal

Co.

1,269,059

7,625

FedEx

Corp.

1,936,445

6,526

Ferguson

PLC

1,342,659

4,433

Flowserve

Corp.

220,320

5,687

Fluor

Corp.*

246,816

11,837

Fortive

Corp.

881,146

4,264

Fortune

Brands

Innovations,

Inc.

298,736

3,342

FTAI

Aviation

Ltd.

281,797

1,160

FTI

Consulting,

Inc.*

249,168

1,186

GATX

Corp.

163,621

2,000

Generac

Holdings,

Inc.*

294,420

7,611

General

Dynamics

Corp.

2,281,549

36,761

General

Electric

Co.

6,070,712

5,734

Genpact

Ltd.

189,566

5,653

Graco,

Inc.

456,480

3,948

GXO

Logistics,

Inc.*

198,308

1,390

HEICO

Corp.

308,260

2,521

HEICO

Corp.,

Class

A

442,839

2,843

Hexcel

Corp.

195,797

21,988

Honeywell

International,

Inc.

4,445,754

13,719

Howmet

Aerospace,

Inc.

1,161,313

1,815

Hubbell,

Inc.

705,835

1,319

Huntington

Ingalls

Industries,

Inc.

333,839

2,555

IDEX

Corp.

533,075

10,226

Illinois

Tool

Works,

Inc.

2,482,362

13,625

Ingersoll

Rand,

Inc.

1,267,806

1,219

Insperity,

Inc.

115,464

2,773

ITT,

Inc.

368,476

2,779

J.B.

Hunt

Transport

Services,

Inc.

446,724

4,220

Jacobs

Solutions,

Inc.

588,015

11,352

Joby

Aviation,

Inc.*

(a)

55,284

22,984

Johnson

Controls

International

PLC

1,652,779

4,547

KBR,

Inc.

298,556

5,306

Knight-Swift

Transportation

Holdings,

Inc.

256,015

6,368

L3Harris

Technologies,

Inc.

1,431,717

GOLDMAN

SACHS

MARKETBETA

®

U.S.

1000

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Industrials

–

(continued)

1,208

Landstar

System,

Inc.

$

219,892

4,625

Leidos

Holdings,

Inc.

680,106

1,066

Lennox

International,

Inc.

535,772

1,910

Lincoln

Electric

Holdings,

Inc.

375,048

8,110

Lockheed

Martin

Corp.

3,814,457

12,036

Lyft,

Inc.,

Class

A*

187,882

1,615

ManpowerGroup,

Inc.

120,511

7,381

Masco

Corp.

516,080

2,136

MasTec,

Inc.*

239,766

2,043

Maximus,

Inc.

175,902

6,502

MDU

Resources

Group,

Inc.

164,110

1,786

Middleby

Corp.

(The)*

230,233

1,249

MSA

Safety,

Inc.

224,820

1,518

MSC

Industrial

Direct

Co.,

Inc.,

Class

A

130,396

3,897

NEXTracker,

Inc.,

Class

A*

214,998

1,817

Nordson

Corp.

426,486

7,608

Norfolk

Southern

Corp.

1,710,278

4,992

Northrop

Grumman

Corp.

2,250,244

5,560

nVent

Electric

PLC

452,473

6,434

Old

Dominion

Freight

Line,

Inc.

1,127,559

2,199

Oshkosh

Corp.

250,092

13,937

Otis

Worldwide

Corp.

1,382,550

2,937

Owens

Corning

531,803

17,397

PACCAR,

Inc.

1,870,178

4,305

Parker-Hannifin

Corp.

2,288,194

1,377

Parsons

Corp.*

104,859

10,854

Paychex,

Inc.

1,304,217

1,730

Paycom

Software,

Inc.

251,404

1,476

Paylocity

Holding

Corp.*

209,843

5,567

Pentair

PLC

453,042

4,841

Quanta

Services,

Inc.

1,335,826

886

RBC

Bearings,

Inc.*

261,618

2,235

Regal

Rexnord

Corp.

334,222

6,958

Republic

Services,

Inc.

1,288,552

3,549

Robert

Half,

Inc.

227,952

3,885

Rockwell

Automation,

Inc.

1,000,504

10,079

Rollins,

Inc.

460,510

44,749

RTX

Corp.

4,824,390

899

Saia,

Inc.*

368,123

1,749

Science

Applications

International

Corp.

235,503

5,129

Sensata

Technologies

Holding

PLC

211,930

1,436

Simpson

Manufacturing

Co.,

Inc.

238,261

1,499

SiteOne

Landscape

Supply,

Inc.*

232,075

1,760

Snap-on,

Inc.

480,234

20,104

Southwest

Airlines

Co.

539,591

7,366

SS&C

Technologies

Holdings,

Inc.

457,060

5,132

Stanley

Black

&

Decker,

Inc.

447,356

3,121

Stericycle,

Inc.*

160,856

1,176

Symbotic,

Inc.*

46,534

1,784

Tetra

Tech,

Inc.

373,730

6,391

Textron,

Inc.

559,916

2,192

Timken

Co.

(The)

190,463

3,506

Toro

Co.

(The)

281,146

7,677

Trane

Technologies

PLC

2,513,910

1,746

TransDigm

Group,

Inc.

2,345,280

6,533

TransUnion

469,853

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Industrials

–

(continued)

3,671

Trex

Co.,

Inc.*

$

317,468

1,077

TriNet

Group,

Inc.

111,976

67,462

Uber

Technologies,

Inc.*

4,355,347

2,045

UFP

Industries,

Inc.

244,337

287

U-Haul

Holding

Co.*

18,147

3,414

U-Haul

Holding

Co.

207,537

20,538

Union

Pacific

Corp.

4,781,657

11,055

United

Airlines

Holdings,

Inc.*

585,804

24,451

United

Parcel

Service,

Inc.,

Class

B

3,396,977

2,258

United

Rentals,

Inc.

1,511,528

668

Valmont

Industries,

Inc.

167,935

7,412

Veralto

Corp.

730,675

4,884

Verisk

Analytics,

Inc.

1,234,578

11,665

Vertiv

Holdings

Co.,

Class

A

1,143,987

1,339

W.W.

Grainger,

Inc.

1,233,835

13,701

Waste

Management,

Inc.

2,887,212

1,141

Watsco,

Inc.

541,861

916

Watts

Water

Technologies,

Inc.,

Class

A

182,403

1,512

WESCO

International,

Inc.

271,389

6,027

Westinghouse

Air

Brake

Technologies

Corp.

1,019,949

6,293

WillScot

Mobile

Mini

Holdings

Corp.*

248,133

2,014

Woodward,

Inc.

375,611

3,839

XPO,

Inc.*

410,696

8,050

Xylem,

Inc.

1,135,211

153,078,925

Information

Technology

–

29.6%

21,198

Accenture

PLC,

Class

A

5,983,983

15,352

Adobe,

Inc.*

6,827,956

53,962

Advanced

Micro

Devices,

Inc.*

9,006,258

5,054

Akamai

Technologies,

Inc.*

466,181

1,974

Allegro

MicroSystems,

Inc.

(Japan)*

59,496

1,871

Altair

Engineering,

Inc.,

Class

A*

163,394

3,902

Amdocs

Ltd.

308,258

3,676

Amkor

Technology,

Inc.

119,801

19,919

Amphenol

Corp.,

Class

A

2,636,678

17,007

Analog

Devices,

Inc.

3,987,971

2,925

ANSYS,

Inc.*

928,541

621

Appfolio,

Inc.,

Class

A*

141,787

499,628

Apple,

Inc.

96,053,483

28,261

Applied

Materials,

Inc.

6,078,376

6,093

AppLovin

Corp.,

Class

A*

496,458

7,972

Arista

Networks,

Inc.*

2,372,866

1,827

Arrow

Electronics,

Inc.*

239,903

1,522

ASGN,

Inc.*

142,931

910

Aspen

Technology,

Inc.*

191,691

5,216

Atlassian

Corp.,

Class

A*

818,182

7,203

Autodesk,

Inc.*

1,452,125

7,307

Bentley

Systems,

Inc.,

Class

B

367,104

3,416

BILL

Holdings,

Inc.*

177,803

15,481

Broadcom,

Inc.

20,567,283

9,107

Cadence

Design

Systems,

Inc.*

2,607,425

6,452

CCC

Intelligent

Solutions

Holdings,

Inc.*

72,133

GOLDMAN

SACHS

MARKETBETA

®

U.S.

1000

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Information

Technology

–

(continued)

4,558

CDW

Corp.

$

1,019,260

4,847

Ciena

Corp.*

233,480

137,475

Cisco

Systems,

Inc.

6,392,587

9,644

Cloudflare,

Inc.,

Class

A*

652,802

5,846

Cognex

Corp.

266,110

17,174

Cognizant

Technology

Solutions

Corp.,

Class

A

1,136,060

4,428

Coherent

Corp.*

252,662

7,515

Confluent,

Inc.,

Class

A*

195,165

26,036

Corning,

Inc.

970,101

7,463

Crowdstrike

Holdings,

Inc.,

Class

A*

2,340,919

8,811

Datadog,

Inc.,

Class

A*

970,796

10,005

Dell

Technologies,

Inc.,

Class

C

1,396,298

6,796

DocuSign,

Inc.*

372,013

2,003

Dolby

Laboratories,

Inc.,

Class

A

162,263

3,853

DoubleVerify

Holdings,

Inc.*

70,125

8,723

Dropbox,

Inc.,

Class

A*

196,529

6,113

DXC

Technology

Co.*

95,057

8,874

Dynatrace,

Inc.*

405,808

2,779

Elastic

NV*

289,155

4,493

Enphase

Energy,

Inc.*

574,655

5,039

Entegris,

Inc.

636,678

1,902

EPAM

Systems,

Inc.*

338,423

1,973

F5,

Inc.*

333,378

1,223

Fabrinet

(Thailand)*

292,945

825

Fair

Isaac

Corp.*

1,064,192

3,431

First

Solar,

Inc.*

932,409

2,362

Five9,

Inc.*

110,447

14,197

Flex

Ltd.*

470,347

20,679

Fortinet,

Inc.*

1,226,678

5,925

Freshworks,

Inc.,

Class

A*

76,314

2,591

Gartner,

Inc.*

1,087,365

20,980

Gen

Digital,

Inc.

520,933

3,635

Gitlab,

Inc.,

Class

A*

171,536

2,566

GLOBALFOUNDRIES,

Inc.*

125,734

1,398

Globant

SA*

225,246

4,503

GoDaddy,

Inc.,

Class

A*

628,754

2,596

Guidewire

Software,

Inc.*

295,736

4,131

HashiCorp,

Inc.,

Class

A*

138,719

43,599

Hewlett

Packard

Enterprise

Co.

769,522

33,366

HP,

Inc.

1,217,859

1,636

HubSpot,

Inc.*

999,678

1,620

Informatica,

Inc.,

Class

A*

46,737

140,669

Intel

Corp.

4,339,639

30,618

International

Business

Machines

Corp.

5,108,613

9,187

Intuit,

Inc.

5,295,754

989

IPG

Photonics

Corp.*

85,776

4,224

Jabil,

Inc.

502,234

10,753

Juniper

Networks,

Inc.

383,559

5,872

Keysight

Technologies,

Inc.*

813,155

4,622

KLA

Corp.

3,510,548

2,157

Klaviyo,

Inc.,

Class

A*

48,834

4,412

Lam

Research

Corp.

4,113,925

4,606

Lattice

Semiconductor

Corp.*

341,949

830

Littelfuse,

Inc.

212,978

1,833

MACOM

Technology

Solutions

Holdings,

Inc.*

185,390

2,076

Manhattan

Associates,

Inc.*

455,765

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Information

Technology

–

(continued)

28,894

Marvell

Technology,

Inc.

$

1,988,196

18,033

Microchip

Technology,

Inc.

1,753,349

36,796

Micron

Technology,

Inc.

4,599,500

247,329

Microsoft

Corp.

102,673,688

504

MicroStrategy,

Inc.,

Class

A*

768,343

2,132

MKS

Instruments,

Inc.

269,890

2,349

MongoDB,

Inc.*

554,505

1,593

Monolithic

Power

Systems,

Inc.

1,171,859

5,638

Motorola

Solutions,

Inc.

2,057,363

6,959

NetApp,

Inc.

838,072

1,203

Novanta,

Inc.*

195,078

8,179

Nutanix,

Inc.,

Class

A*

452,421

80,010

NVIDIA

Corp.

87,717,363

5,375

Okta,

Inc.*

476,655

14,579

ON

Semiconductor

Corp.*

1,064,850

1,640

Onto

Innovation,

Inc.*

355,388

52,428

Oracle

Corp.

6,144,037

66,454

Palantir

Technologies,

Inc.,

Class

A*

1,440,723

10,788

Palo

Alto

Networks,

Inc.*

3,181,489

2,770

Procore

Technologies,

Inc.*

185,950

3,961

PTC,

Inc.*

698,087

10,342

Pure

Storage,

Inc.,

Class

A*

623,519

3,270

Qorvo,

Inc.*

321,735

37,533

QUALCOMM,

Inc.

7,658,609

1,217

Qualys,

Inc.*

171,135

3,658

Rambus,

Inc.*

202,141

3,585

Roper

Technologies,

Inc.

1,909,945

31,725

Salesforce,

Inc.

7,437,609

6,601

Samsara,

Inc.,

Class

A*

223,972

6,523

Seagate

Technology

Holdings

PLC

608,205

8,657

SentinelOne,

Inc.,

Class

A*

145,697

6,858

ServiceNow,

Inc.*

4,505,226

1,055

Silicon

Laboratories,

Inc.*

133,109

5,378

Skyworks

Solutions,

Inc.

498,325

4,466

Smartsheet,

Inc.,

Class

A*

165,242

10,646

Snowflake,

Inc.,

Class

A*

1,449,772

1,898

SolarEdge

Technologies,

Inc.*

92,983

1,229

SPS

Commerce,

Inc.*

231,163

1,685

Super

Micro

Computer,

Inc.*

1,321,899

1,318

Synaptics,

Inc.*

123,510

5,103

Synopsys,

Inc.*

2,861,762

2,496

TD

SYNNEX

Corp.

326,577

10,400

TE

Connectivity

Ltd.

1,556,880

1,574

Teledyne

Technologies,

Inc.*

624,799

3,825

Tenable

Holdings,

Inc.*

161,377

5,234

Teradyne,

Inc.

737,680

30,486

Texas

Instruments,

Inc.

5,945,075

8,356

Trimble,

Inc.*

465,262

6,072

Twilio,

Inc.,

Class

A*

348,533

1,406

Tyler

Technologies,

Inc.*

675,386

13,154

UiPath,

Inc.,

Class

A*

161,268

8,365

Unity

Software,

Inc.*

152,829

1,475

Universal

Display

Corp.

259,157

2,939

VeriSign,

Inc.*

512,326

5,173

Vontier

Corp.

206,817

10,827

Western

Digital

Corp.*

815,165

6,993

Workday,

Inc.,

Class

A*

1,478,670

GOLDMAN

SACHS

MARKETBETA

®

U.S.

1000

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Information

Technology

–

(continued)

1,729

Zebra

Technologies

Corp.,

Class

A*

$

540,036

8,603

Zoom

Video

Communications,

Inc.,

Class

A*

527,708

2,952

Zscaler,

Inc.*

501,722

482,637,292

Materials

–

2.6%

7,383

Air

Products

and

Chemicals,

Inc.

1,969,046

3,958

Albemarle

Corp.

485,211

5,995

Alcoa

Corp.

265,399

48,911

Amcor

PLC

497,425

14,222

Anglogold

Ashanti

PLC

(United

Kingdom)

344,030

2,208

AptarGroup,

Inc.

326,100

34,686

Arcadium

Lithium

PLC

(Jersey)*

153,659

1,725

Ashland,

Inc.

172,793

2,691

Avery

Dennison

Corp.

612,445

7,470

Axalta

Coating

Systems

Ltd.*

265,857

10,499

Ball

Corp.

728,946

3,889

Berry

Global

Group,

Inc.

232,873

3,742

Celanese

Corp.

568,934

6,418

CF

Industries

Holdings,

Inc.

511,707

15,759

Cleveland-Cliffs,

Inc.*

272,316

3,912

Commercial

Metals

Co.

220,324

23,658

Corteva,

Inc.

1,323,429

23,337

CRH

PLC

1,908,033

4,032

Crown

Holdings,

Inc.

339,454

23,840

Dow,

Inc.

1,373,899

12,757

DuPont

de

Nemours,

Inc.

1,048,115

1,153

Eagle

Materials,

Inc.

267,946

4,009

Eastman

Chemical

Co.

406,232

8,510

Ecolab,

Inc.

1,976,022

4,206

FMC

Corp.

256,356

48,139

Freeport-McMoRan,

Inc.

2,538,369

10,302

Graphic

Packaging

Holding

Co.

291,753

5,561

Huntsman

Corp.

137,913

8,631

International

Flavors

&

Fragrances,

Inc.

830,130

11,641

International

Paper

Co.

524,893

16,490

Linde

PLC

7,181,725

2,223

Louisiana-Pacific

Corp.

203,805

8,631

LyondellBasell

Industries

NV,

Class

A

858,094

2,081

Martin

Marietta

Materials,

Inc.

1,190,498

10,790

Mosaic

Co.

(The)

333,735

38,857

Newmont

Corp.

1,629,663

8,101

Nucor

Corp.

1,367,854

4,044

Olin

Corp.

217,405

3,009

Packaging

Corp.

of

America

552,121

7,967

PPG

Industries,

Inc.

1,046,943

1,927

Reliance,

Inc.

579,603

2,223

Royal

Gold,

Inc.

284,966

4,317

RPM

International,

Inc.

483,936

4,845

Sealed

Air

Corp.

188,325

7,988

Sherwin-Williams

Co.

(The)

2,426,754

2,685

Silgan

Holdings,

Inc.

126,866

3,294

Sonoco

Products

Co.

202,153

2,915

Southern

Copper

Corp.

(Mexico)

345,806

5,021

Steel

Dynamics,

Inc.

672,161

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Materials

–

(continued)

4,013

Summit

Materials,

Inc.,

Class

A*

$

155,062

7,584

United

States

Steel

Corp.

290,846

4,472

Vulcan

Materials

Co.

1,143,803

1,094

Westlake

Corp.

175,653

8,638

Westrock

Co.

463,342

42,970,728

Real

Estate

–

2.4%

3,342

Agree

Realty

Corp.

REIT

203,060

5,249

Alexandria

Real

Estate

Equities,

Inc.

REIT

624,631

11,275

American

Homes

4

Rent,

Class

A

REIT

406,351

15,705

American

Tower

Corp.

REIT

3,074,097

9,543

Americold

Realty

Trust,

Inc.

REIT

254,512

4,866

Apartment

Income

REIT

Corp.

REIT

188,558

4,795

AvalonBay

Communities,

Inc.

REIT

923,901

4,853

Boston

Properties,

Inc.

REIT

294,432

10,129

Brixmor

Property

Group,

Inc.

REIT

228,004

3,633

Camden

Property

Trust

REIT

372,927

10,486

CBRE

Group,

Inc.,

Class

A*

923,502

13,672

CoStar

Group,

Inc.*

1,068,740

14,563

Crown

Castle,

Inc.

REIT

1,492,708

7,551

CubeSmart

REIT

319,483

10,514

Digital

Realty

Trust,

Inc.

REIT

1,528,105

1,596

EastGroup

Properties,

Inc.

REIT

263,627

3,146

Equinix,

Inc.

REIT

2,400,335

6,010

Equity

LifeStyle

Properties,

Inc.

REIT

377,248

11,532

Equity

Residential

REIT

749,926

2,161

Essex

Property

Trust,

Inc.

REIT

561,406

7,076

Extra

Space

Storage,

Inc.

REIT

1,024,393

2,495

Federal

Realty

Investment

Trust

REIT

251,870

4,446

First

Industrial

Realty

Trust,

Inc.

REIT

209,496

8,776

Gaming

and

Leisure

Properties,

Inc.

REIT

394,042

12,781

Healthcare

Realty

Trust,

Inc.

REIT

207,436

23,799

Healthpeak

Properties,

Inc.

REIT

473,600

23,822

Host

Hotels

&

Resorts,

Inc.

REIT

427,367

19,382

Invitation

Homes,

Inc.

REIT

674,300

9,794

Iron

Mountain,

Inc.

REIT

790,278

1,598

Jones

Lang

LaSalle,

Inc.*

322,908

3,915

Kilroy

Realty

Corp.

REIT

131,270

22,112

Kimco

Realty

Corp.

REIT

428,088

2,936

Lamar

Advertising

Co.,

Class

A

REIT

346,771

3,926

Mid-America

Apartment

Communities,

Inc.

REIT

524,945

2,402

National

Storage

Affiliates

Trust

REIT

87,865

6,168

NNN

REIT,

Inc.

REIT

257,637

GOLDMAN

SACHS

MARKETBETA

®

U.S.

1000

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Real

Estate

–

(continued)

8,277

Omega

Healthcare

Investors,

Inc.

REIT

$

267,595

31,084

Prologis,

Inc.

REIT

3,434,471

5,331

Public

Storage

REIT

1,459,788

4,106

Rayonier,

Inc.

REIT

123,262

29,007

Realty

Income

Corp.

REIT

1,539,111

5,605

Regency

Centers

Corp.

REIT

344,147

7,249

Rexford

Industrial

Realty,

Inc.

REIT

328,815

1,978

Ryman

Hospitality

Properties,

Inc.

REIT

207,828

3,625

SBA

Communications

Corp.

REIT

712,965

10,922

Simon

Property

Group,

Inc.

REIT

1,652,608

6,072

STAG

Industrial,

Inc.

REIT

212,884

4,171

Sun

Communities,

Inc.

REIT

492,136

10,307

UDR,

Inc.

REIT

398,056

13,589

Ventas,

Inc.

REIT

682,983

34,830

VICI

Properties,

Inc.

REIT

999,969

7,337

W.P.

Carey,

Inc.

REIT

413,807

19,934

Welltower,

Inc.

REIT

2,066,558

24,770

Weyerhaeuser

Co.

REIT

743,843

1,659

Zillow

Group,

Inc.,

Class

A*

66,609

5,176

Zillow

Group,

Inc.,

Class

C*

211,957

39,167,211

Utilities

–

2.4%

23,886

AES

Corp.

(The)

515,699

8,515

Alliant

Energy

Corp.

438,437

8,859

Ameren

Corp.

649,985

17,738

American

Electric

Power

Co.,

Inc.

1,600,854

6,588

American

Water

Works

Co.,

Inc.

861,513

5,064

Atmos

Energy

Corp.

587,019

2,402

Avangrid,

Inc.

86,496

6,063

Brookfield

Renewable

Corp.,

Class

A

(a)

191,227

21,369

CenterPoint

Energy,

Inc.

651,968

1,109

Clearway

Energy,

Inc.,

Class

A

28,479

2,771

Clearway

Energy,

Inc.,

Class

C

77,588

10,022

CMS

Energy

Corp.

630,684

11,635

Consolidated

Edison,

Inc.

1,100,089

10,668

Constellation

Energy

Corp.

2,317,623

28,181

Dominion

Energy,

Inc.

1,519,520

6,945

DTE

Energy

Co.

809,301

25,975

Duke

Energy

Corp.

2,690,231

12,971

Edison

International

996,821

7,140

Entergy

Corp.

803,179

9,200

Essential

Utilities,

Inc.

347,116

7,678

Evergy,

Inc.

419,679

11,793

Eversource

Energy

698,499

33,492

Exelon

Corp.

1,257,625

18,418

FirstEnergy

Corp.

741,509

1,700

IDACORP,

Inc.

162,299

2,972

National

Fuel

Gas

Co.

169,880

68,214

NextEra

Energy,

Inc.

5,458,484

15,059

NiSource,

Inc.

437,615

7,014

NRG

Energy,

Inc.

568,134

6,777

OGE

Energy

Corp.

246,005

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Utilities

–

(continued)

68,688

PG&E

Corp.

$

1,273,475

3,833

Pinnacle

West

Capital

Corp.

302,270

24,978

PPL

Corp.

732,605

16,821

Public

Service

Enterprise

Group,

Inc.

1,274,359

21,224

Sempra

1,634,885

36,697

Southern

Co.

(The)

2,940,898

1,892

Southwest

Gas

Holdings,

Inc.

146,800

7,048

UGI

Corp.

179,442

11,617

Vistra

Corp.

1,151,012

10,676

WEC

Energy

Group,

Inc.

865,076

18,646

Xcel

Energy,

Inc.

1,033,921

38,598,301

TOTAL

COMMON

STOCKS

(Cost

$487,058,958)

1,630,708,843

Shares

Dividend

Rate

Value

aa

Investment

Company

–

0.1%

(b)

Goldman

Sachs

Financial

Square

Treasury

Obligations

Fund

–

Institutional

Shares

2,070,116

5.180%

2,070,116

(Cost

$2,070,116)

TOTAL

INVESTMENTS

BEFORE

SECURITIES

LENDING

REINVESTMENT

VEHICLE

(Cost

$489,129,074)

1,632,778,959

a

Securities

Lending

Reinvestment

Vehicle

–

0.0%

(b)

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

688,315

5.227%

688,315

(Cost

$688,315)

TOTAL

INVESTMENTS

–

99.9%

(Cost

$489,817,389)

$

1,633,467,274

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

–

0.1%

1,076,785

NET

ASSETS

–

100.0%

$

1,634,544,059

  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:

LP

—

Limited

Partnership

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

GOLDMAN

SACHS

MARKETBETA

®

U.S.

1000

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2024

(Unaudited)

Additional

Investment

Information 

FUTURES

CONTRACTS

—

At

May

31,

2024,

the

Portfolio

had

the

following

futures

contracts:

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Unrealized

Appreciation/

(Depreciation)

Long

position

contracts:

E-Mini

Russell

1000

Index

6

06/21/24

$

867,330

$

6,049

Goldman

Sachs

MarketBeta

®

ETFs

II

Schedule

of

Investments

May

31,

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

Adviser

as

the

valuation

designee

to

perform

fair

valuations

pursuant

to

Rule

2a-5

under

the

Investment

Company

Act

of

1940

(the

"Valuation

Designee").

GSAM

has

day-to-day

responsibility

for

implementing

and

maintaining

internal

controls

and

procedures

related

to

the

valuation

of

the

Funds'

investments.

To

assess

the

continuing

appropriateness

of

pricing

sources

and

methodologies,

GSAM

regularly

performs

price

verification

procedures

and

issues

challenges

as

necessary

to

third

party

pricing

vendors

or

brokers,

and

any

differences

are

reviewed

in

accordance

with

the

Valuation

Procedures.

A.

Level

1

and

Level

2

Fair

Value

Investments

—

The

valuation

techniques

and

significant

inputs

used

in

determining

the

fair

values

for

investments

classified

as

Level

1

and

Level

2

are

as

follows:

Equity

Securities

—

Equity

securities

traded

on

a

United

States

(“U.S.”)

securities

exchange

or

the

NASDAQ

system,

or

those

located

on

certain

foreign

exchanges,

including

but

not

limited

to

the

Americas,

are

valued

daily

at

their

last

sale

price

or

official

closing

price

on

the

principal

exchange

or

system

on

which

they

are

traded.

If

there

is

no

sale

or

official

closing

price

or

such

price

is

believed

by

GSAM

to

not

represent

fair

value,

equity

securities

will

be

valued

at

the

valid

closing

bid

price

for

long

positions

and

at

the

valid

closing

ask

price

for

short

positions

(i.e.

where

there

is

sufficient

volume,

during

normal

exchange

trading

hours).

If

no

valid

bid/ask

price

is

available,

the

equity

security

will

be

valued

pursuant

to

the

Valuation

Procedures

and

consistent

with

applicable

regulatory

guidance.

To

the

extent

these

investments

are

actively

traded,

they

are

classified

as

Level

1

of

the

fair

value

hierarchy,

otherwise

they

are

generally

classified

as

Level

2.

Certain

equity

securities

containing

unique

attributes

may

be

classified

as

Level

2.

Unlisted

equity

securities

for

which

market

quotations

are

available

are

valued

at

the

last

sale

price

on

the

valuation

date,

or

if

no

sale

occurs,

at

the

last

bid

price

for

long

positions

or

the

last

ask

price

for

short

positions,

and

are

generally

classified

as

Level

2.

Goldman

Sachs

MarketBeta

®

ETFs

II

Schedule

of

Investments

(continued)

May

31,

2024

(Unaudited)

Underlying

Funds

(including

Money

Market

Funds)

—

Underlying

funds

(“Underlying

Funds”)

include

exchange-traded

funds

(“ETFs”)

and

other

investment

companies.

Investments

in

the

Underlying

Funds

(except

ETFs)

are

valued

at

the

NAV

per

share

on

the

day

of

valuation.

ETFs

are

valued

daily

at

the

last

sale

price

or

official

closing

price

on

the

principal

exchange

or

system

on

which

the

investment

is

traded.

Because

the

Funds

invest

in

Underlying

Funds

that

fluctuate

in

value,

the

Funds’

shares

will

correspondingly

fluctuate

in

value.

Underlying

Funds

are

generally

classified

as

Level

1

of

the

fair

value

hierarchy.

To

the

extent

that

underlying

ETFs

are

actively

traded,

they

are

classified

as

Level

1

of

the

fair

value

hierarchy,

otherwise

they

are

generally

classified

as

Level

2.

For

information

regarding

an

Underlying

Fund’s

accounting

policies

and

investment

holdings,

please

see

the

Underlying

Fund’s

shareholder

report.

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.

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.

B.

Level

3

Fair

Value

Investments

—

To

the

extent

that

significant

inputs

to

valuation

models

and

other

alternative

pricing

sources

are

unobservable,

or

if

quotations

are

not

readily

available,

or

if

GSAM

believes

that

such

quotations

do

not

accurately

reflect

fair

value,

the

fair

value

of

a

Fund’s

investments

may

be

determined

under

the

Valuation

Procedures.

GSAM,

consistent

with

its

procedures

and

applicable

regulatory

guidance,

may

make

an

adjustment

to

the

most

recent

valuation

prices

of

either

domestic

or

foreign

securities

in

light

of

significant

events

to

reflect

what

it

believes

to

be

the

fair

value

of

the

securities

at

the

time

of

determining

a

Fund’s

NAV.

To

the

extent

investments

are

valued

using

single

source

broker

quotations

obtained

directly

from

the

broker

or

passed

through

from

third

party

pricing

vendors,

such

investments

are

classified

as

Level

3

investments.

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

MarketBeta

®

ETFs

II

Schedule

of

Investments

(continued)

May

31,

2024

(Unaudited)

C.

Fair

Value

Hierarchy

—

The

following

is

a

summary

of

the

Funds’

investments

classified

in

the

fair

value

hierarchy

as

of

May

31,

2024:

For

further

information

regarding

security

characteristics,

see

the

Schedules

of

Investments.

MarketBeta

®

Total

International

Equity

ETF

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Africa

$

3,968,477

$

—

$

—

Asia

195,825,994

2,637,258

—

Europe

151,374,406

1,019,474

—

North

America

61,161,929

283,182

—

Oceania

22,550,843

—

—

South

America

6,346,688

1,706,081

—

Exchange-Traded

Fund

1,751,968

—

—

Investment

Company

2,557,349

—

—

Securities

Lending

Reinvestment

Vehicle

2,199,098

—

—

Total

$

447,736,752

$

5,645,995

$

—

€

1.00

€

1.00

€

1.00

Derivative

Type

Assets

Futures

Contracts

(b)

$

35,333

$

—

$

—

1.00

€

1.00

€

1.00

Liabilities

Futures

Contracts

(b)

$

(3,526)

$

—

$

—

€

1.00

€

1.00

€

1.00

MarketBeta

®

U.S.

1000

Equity

ETF

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Asia

$

1,730,191

$

—

$

—

Europe

1,423,505

—

—

North

America

1,624,507,053

409,370

—

South

America

2,638,724

—

—

Investment

Company

2,070,116

—

—

Securities

Lending

Reinvestment

Vehicle

688,315

—

—

Total

$

1,633,057,904

$

409,370

$

—

€

1.00

€

1.00

€

1.00

Derivative

Type

Assets

Futures

Contracts

(b)

$

6,049

$

—

$

—

1.00

€

1.00

€

1.00

(a)

Amounts

are

disclosed

by

continent

to

highlight

the

impact

of

time

zone

differences

between

local

market

close

and

the

calculation

of

NAV.

Security

valuations

are

based

on

the

principal

exchange

or

system

on

which

they

are

traded,

which

may

differ

from

country

of

domicile

noted

in

table.

(b)

Amount

shown

represents

unrealized

gain

(loss)

at

period

end.

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

MarketBeta

®

ETFs

II

Schedule

of

Investments

(continued)

May

31,

2024

(Unaudited)

Securities

Lending

—

The

Funds

may

lend

their

securities

through

a

securities

lending

agent,

the

Bank

of

New

York

Mellon

("BNYM"),

to

certain

qualified

borrowers.

In

accordance

with

the

Funds'

securities

lending

procedures,

the

Funds

receive

cash

collateral

at

least

equal

to

the

market

value

of

the

securities

on

loan.

The

market

value

of

the

loaned

securities

is

determined

at

the

close

of

business

of

the

Funds,

at

their

last

sale

price

or

official

closing

price

on

the

principal

exchange

or

system

on

which

they

are

traded,

and

any

additional

required

collateral

is

delivered

to

the

Funds

on

the

next

business

day.

As

with

other

extensions

of

credit,

the

Funds

may

experience

delay

in

the

recovery

of

their

securities

or

incur

a

loss

should

the

borrower

of

the

securities

breach

its

agreement

with

the

Funds

or

become

insolvent

at

a

time

when

the

collateral

is

insufficient

to

cover

the

cost

of

repurchasing

securities

on

loan.

Dividend

income

received

from

securities

on

loan

may

not

be

subject

to

withholding

taxes

and

therefore

withholding

taxes

paid

may

differ

from

the

amounts

listed

in

the

Statements

of

Operations.

Loans

of

securities

are

terminable

at

any

time

and

as

such

1)

the

remaining

contractual

maturities

of

the

outstanding

securities

lending

transactions

are

considered

to

be

overnight

and

continuous

and

2)

the

borrower,

after

notice,

is

required

to

return

borrowed

securities

within

the

standard

time

period

for

settlement

of

securities

transactions.

The

Funds

invest

the

cash

collateral

received

in

connection

with

securities

lending

transactions

in

the

Goldman

Sachs

Financial

Square

Government

Fund

("Government

Money

Market

Fund"),

an

affiliated

series

of

the

Goldman

Sachs

Trust.

The

Government

Money

Market

Fund

is

registered

under

the

Act

as

an

open

end

investment

company,

is

subject

to

Rule

2a-7

under

the

Act,

and

is

managed

by

GSAM,

for

which

GSAM

may

receive

a

management

fee

of

up

to

0.16%

on

an

annualized

basis

of

the

average

daily

net

assets

of

the

Government

Money

Market

Fund.

In

the

event

of

a

default

by

a

borrower

with

respect

to

any

loan,

BNYM

may

exercise

any

and

all

remedies

provided

under

the

applicable

borrower

agreement

to

make

the

Funds

whole.

These

remedies

include

purchasing

replacement

securities

by

applying

the

collateral

held

from

the

defaulting

broker

against

the

purchase

cost

of

the

replacement

securities.

If

BNYM

is

unable

to

purchase

replacement

securities,

BNYM

will

indemnify

the

Funds

by

paying

the

Funds

an

amount

equal

to

the

market

value

of

the

securities

loaned

minus

the

value

of

cash

collateral

received

from

the

borrower

for

the

loan,

subject

to

an

exclusion

for

any

shortfalls

resulting

from

a

loss

of

value

in

such

cash

collateral

due

to

reinvestment

risk.

The

Funds'

master

netting

agreements

with

certain

borrowers

provide

the

right,

in

the

event

of

a

default

(including

bankruptcy

or

insolvency),

for

the

non-defaulting

party

to

liquidate

the

collateral

and

calculate

net

exposure

to

the

defaulting

party

or

request

additional

collateral.

However,

in

the

event

of

a

default

by

a

borrower,

a

resolution

authority

could

determine

that

such

rights

are

not

enforceable

due

to

the

restrictions

or

prohibitions

against

the

right

of

set-off

that

may

be

imposed

in

accordance

with

a

particular

jurisdiction's

bankruptcy

or

insolvency

laws.

The

Funds'

loaned

securities

were

all

subject

to

enforceable

Securities

Lending

Agreements

and

the

value

of

the

collateral

was

at

least

equal

to

the

value

of

the

cash

received.

The

Funds’

risks

include,

but

are

not

limited

to,

the

following:

Calculation

Methodology

Risk

—

The

Index

relies

on

various

sources

of

information

to

assess

the

criteria

of

issuers

included

in

the

Index,

(or

a

Reference

Index

if

applicable)

including

fundamental

information

that

may

be

based

on

assumptions

and

estimates.

Neither

the

Fund,

the

Investment

Adviser

nor

the

Index

Provider

can

offer

assurances

that

the

Index’s

calculation

methodology

or

sources

of

information

will

provide

a

correct

valuation

of

securities,

nor

can

they

guarantee

the

availability

or

timeliness

of

the

production

of

the

Index.

Depositary

Receipts

Risk

—

Foreign

securities

may

trade

in

the

form

of

depositary

receipts,

which

include

American

Depositary

Receipts

(“ADRs”)

and

Global

Depositary

Receipts

(“GDRs”)

(collectively

“Depositary

Receipts”).

To

the

extent

the

Fund

acquires

Depositary

Receipts

through

banks

which

do

not

have

a

contractual

relationship

with

the

foreign

issuer

of

the

security

underlying

the

Depositary

Receipts

to

issue

and

service

such

unsponsored

Depositary

Receipts,

there

may

be

an

increased

possibility

that

the

Fund

would

not

become

aware

of

and

be

able

to

respond

to

corporate

actions

such

as

stock

splits

or

rights

offerings

involving

the

foreign

issuer

in

a

timely

manner.

In

addition,

the

lack

of

information

may

result

in

inefficiencies

in

the

valuation

of

such

instruments.

Investment

in

Depositary

Receipts

does

not

eliminate

all

the

risks

inherent

in

investing

in

securities

of

non-U.S.

issuers.

The

market

value

of

Depositary

Receipts

is

dependent

upon

the

market

value

of

the

underlying

securities

and

fluctuations

in

the

relative

value

of

the

currencies

in

which

the

Depositary

Receipts

and

the

underlying

securities

are

quoted.

The

issuers

of

Depositary

Receipts

may

discontinue

issuing

new

Depositary

Receipts

and

withdraw

existing

Depositary

Receipts

at

any

time,

which

may

result

in

costs

and

delays

in

the

distribution

of

the

underlying

assets

to

the

Fund

and

may

negatively

impact

the

Fund’s

performance.

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

MarketBeta

®

ETFs

II

Schedule

of

Investments

(continued)

May

31,

2024

(Unaudited)

Foreign

and

Emerging

Countries

Risk

—

For

the

MarketBeta

®

Total

International

Equity

ETF,

investing

in

foreign

markets

may

involve

special

risks

and

considerations

not

typically

associated

with

investing

in

the

U.S.

Foreign

securities

may

be

subject

to

risk

of

loss

because

of

more

or

less

foreign

government

regulation;

less

public

information;

less

stringent

investor

protections;

less

stringent

accounting,

corporate

governance,

financial

reporting

and

disclosure

standards;

and

less

economic,

political

and

social

stability

in

the

countries

in

which

a

Fund

invests.

The

imposition

of

sanctions,

exchange

controls

(including

repatriation

restrictions),

confiscations

of

assets

and

property,

trade

restrictions

(including

tariffs)

and

other

government

restrictions

by

the

U.S.

or

other

governments,

or

from

problems

in

share

registration,

settlement

or

custody,

may

also

result

in

losses.

The

type

and

severity

of

sanctions

and

other

similar

measures,

including

counter

sanctions

and

other

retaliatory

actions,

that

may

be

imposed

could

vary

broadly

in

scope,

and

their

impact

is

impossible

to

predict.

For

example,

the

imposition

of

sanctions

and

other

similar

measures

could,

among

other

things,

cause

a

decline

in

the

value

and/or

liquidity

of

securities

issued

by

the

sanctioned

country

or

companies

located

in

or

economically

tied

to

the

sanctioned

country

and

increase

market

volatility

and

disruption

in

the

sanctioned

country

and

throughout

the

world.

Sanctions

and

other

similar

measures

could

limit

or

prevent

a

Fund

from

buying

and

selling

securities

(in

the

sanctioned

country

and

other

markets),

significantly

delay

or

prevent

the

settlement

of

securities

transactions,

and

significantly

impact

a

Fund's

liquidity

and

performance.

Foreign

risk

also

involves

the

risk

of

negative

foreign

currency

exchange

rate

fluctuations,

which

may

cause

the

value

of

securities

denominated

in

such

foreign

currency

(or

other

instruments

through

which

a

Fund

has

exposure

to

foreign

currencies)

to

decline

in

value.

Currency

exchange

rates

may

fluctuate

significantly

over

short

periods

of

time.

To

the

extent

that

a

Fund

also

invests

in

securities

of

issuers

located

in,

or

economically

tied

to,

emerging

markets,

these

risks

may

be

more

pronounced.

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

—

Solactive

AG

(the

"Index

Provider")

constructs

each

Fund's

Index

in

accordance

with

a

rules-based

methodology.

The

Funds

will

be

negatively

affected

by

general

declines

in

the

securities

and

asset

classes

represented

in

its

Index.

In

addition,

because

the

Funds

are

not

"actively"

managed,

unless

a

specific

security

is

removed

from

an

Index,

a

Fund

generally

would

not

sell

a

security

because

the

security's

issuer

was

in

financial

trouble.

Market

disruptions

and

regulatory

restrictions

could

have

an

adverse

effect

on

a

Fund's

ability

to

adjust

its

exposure

to

the

required

levels

in

order

to

track

the

Index.

A

Fund

also

does

not

attempt

to

take

defensive

positions

under

any

market

conditions,

including

declining

markets.

Therefore,

a

Fund's

performance

could

be

lower

than

funds

that

may

actively

shift

their

portfolio

assets

to

take

advantage

of

market

opportunities

or

to

lessen

the

impact

of

a

market

decline

or

a

decline

in

the

value

of

one

or

more

issuers.

When

the

Index

is

rebalanced

and

a

Fund

in

turn

rebalances

its

portfolio

to

attempt

to

increase

the

correlation

between

the

Fund's

portfolio

and

the

Index,

any

transaction

costs

and

market

exposure

arising

from

such

portfolio

rebalancing

may

be

borne

directly

by

the

Fund

and

its

shareholders.

The

Index

Provider

may

utilize

third

party

data

in

constructing

the

Index,

but

it

does

not

guarantee

the

accuracy

or

availability

of

any

such

third

party

data.

The

Index

Provider

may

delay

or

change

a

scheduled

rebalancing

or

reconstitution

of

an

Index

or

the

implementation

of

certain

rules

at

its

sole

discretion.

In

such

circumstances,

a

Fund,

in

replicating

the

composition

of

its

Index,

may

have

more

or

less

exposure

to

a

particular

sector

or

individual

company

than

had

the

Index

been

constructed

in

accordance

with

its

stated

methodology.

Industry

Concentration

Risk

—

Concentrating

Fund

investments

in

a

limited

number

of

issuers

conducting

business

in

the

same

industry

or

group

of

industries

will

subject

a

Fund

to

a

greater

risk

of

loss

as

a

result

of

adverse

economic,

business,

political,

environmental

or

other

developments

than

if

its

investments

were

diversified

across

different

industries.

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

MarketBeta

®

ETFs

II

Schedule

of

Investments

(continued)

May

31,

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

the

Fund’s

Shares.

In

addition,

a

third

party

investor,

the

Investment

Adviser

or

an

affiliate

of

the

Investment

Adviser,

an

authorized

participant,

a

lead

market

maker,

or

another

entity

(i.e.,

a

seed

investor)

may

invest

in

the

Fund

and

hold

its

investment

solely

to

facilitate

commencement

of

the

Fund

or

to

facilitate

the

Fund’s

achieving

a

specified

size

or

scale.

Any

such

investment

may

be

held

for

a

limited

period

of

time.

There

can

be

no

assurance

that

any

large

shareholder

would

not

redeem

its

investment,

that

the

size

of

the

Fund

would

be

maintained

at

such

levels

or

that

the

Fund

would

continue

to

meet

applicable

listing

requirements.

Redemptions

by

large

shareholders

could

have

a

significant

negative

impact

on

the

Fund,

including

on

the

Fund’s

liquidity.

In

addition,

transactions

by

large

shareholders

may

account

for

a

large

percentage

of

the

trading

volume

on

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.

Mid-Cap

Risk

—

Investments

in

mid-capitalization

companies

involve

greater

risks

than

those

associated

with

larger,

more

established

companies.

These

securities

may

be

subject

to

more

abrupt

or

erratic

price

movements

and

may

lack

sufficient

market

liquidity,

and

these

issuers

often

face

greater

business

risks.

Seed

Investor

Risk

—

GSAM

and/or

its

affiliates

may

make

payments

to

one

or

more

investors

that

contribute

seed

capital

to

the

Fund.

Such

payments

may

continue

for

a

specified

period

of

time

and/or

until

a

specified

dollar

amount

is

reached.

Those

payments

will

be

made

from

the

assets

of

GSAM

and/or

such

affiliates

(and

not

the

Fund).

Seed

investors

may

contribute

cash

and/or

securities

in

kind

and

such

seed

investment

may

constitute

all

or

a

majority

of

the

assets

in

the

Fund.

There

is

a

risk

that

such

seed

investors

may

redeem

their

investments

in

the

Fund,

particularly

after

payments

from

GSAM

and/or

its

affiliates

have

ceased.

As

with

redemptions

by

other

large

shareholders,

such

redemptions

could

have

a

significant

negative

impact

on

the

Fund,

including

on

the

Fund’s

liquidity

and

the

market

price

of

the

Fund’s

Shares.

The

form

of

a

seed

investor’s

contribution

and

any

redemption

activity

by

a

seed

investor

can

affect,

including

adversely,

the

tax

efficiency

of

the

Fund.

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)