Goldman Sachs ETF Trust

FUND VS BENCHMARK SECTOR ALLOCATION⁵

As of February 28, 2022

Goldman Sachs Funds



Semi-Annual Report				February 28, 2022

				Goldman Sachs Equity ETFs
				Bloomberg Clean Energy Equity ETF (GCLN)
				Equal Weight U.S. Large Cap Equity ETF (GSEW)
				Hedge Industry VIP ETF (GVIP)
				Innovate Equity ETF (GINN)
				JUST U.S. Large Cap Equity ETF (JUST)

LOGO

Goldman Sachs Equity

∎

BLOOMBERG CLEAN ENERGY EQUITY ETF

∎

EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF

∎

HEDGE INDUSTRY VIP ETF

∎

INNOVATE EQUITY ETF

∎

JUST U.S. LARGE CAP EQUITY ETF


TABLE OF CONTENTS

Market and Economic Review			1

Fund Basics			3

Schedule of Investments			14

Financial Statements			35

Financial Highlights			42

Notes to Financial Statements			47

Other Information			61



NOT FDIC-INSURED	May Lose Value	No Bank Guarantee

MARKET REVIEW

Goldman Sachs Equity ETFs

The following are highlights both of key factors affecting the U.S. equity market and of any key changes made to the Goldman Sachs Equity ETFs (the “Funds”) during the six months ended February 28, 2022 (the “Reporting Period”). A fuller review will appear in the Funds’ annual shareholder report covering the 12 months ended August 31, 2022.

Market and Economic Review

•

Overall, U.S. equities struggled during the Reporting Period. The Standard & Poor’s 500 Index (the “S&P 500 Index”) ended the Reporting Period with a return of -2.62%. The Russell 3000^® Index generated a return of -4.24%.

•

Persistent supply-chain disruptions and inflationary pressures remained the common themes during the Reporting Period, while the biggest headlines were the COVID-19 variants and the start of the yet ongoing Russia/Ukraine war.

•

As the Reporting Period began in September 2021, the S&P 500 Index saw its first decline since January 2021 and its worst month since September 2020. Focus centered around U.S. Federal Reserve (“Fed”) tapering, complex legislative negotiations, persistent supply-chain disruptions, spread of the COVID-19 Delta variant, global risk events, rising energy costs and the rapid uptick in U.S. Treasury yields.

•

During the fourth quarter of 2021, the S&P 500 Index increased in October, fell in November and increased in December.

•

The third quarter corporate earnings season propelled the U.S. equity market rally in October, with retail earnings upside surprises and hints of easing supply-chain constraints supporting the market’s upward trajectory into early November.

•

Later in November, a $1 trillion infrastructure bill was signed into law, and Fed Chair Powell was appointed for a second term, bringing clarity to the Fed’s leadership. However, renewed concerns around COVID-19 developments pressured U.S. equities, with the emergence of the more contagious Omicron variant triggering a sell-off. Persistently high inflation also weighed on market sentiment.

•

In December, the S&P 500 Index rebounded despite record COVID-19 case counts in many population centers in the U.S., as studies showed the variant was generally accompanied by milder symptoms than previous variants. Positive seasonality and the so-called “Santa Rally” also lifted the S&P 500 Index towards the end of the month. (A Santa rally refers a sustained increase in the stock market that occurs in the last week of December through the first two trading days in January.) The Fed walked back its use of “transitory” in describing the inflationary environment and announced it would double its pace of asset purchase tapering and indicated potential interest rate hikes in 2022.

•

The S&P 500 Index fell in January and February 2022, suffering its biggest pullback since March 2020 amid reverberations surrounding the Fed’s hawkish policy pivot, the velocity and magnitude of the accompanying U.S. Treasury yield increase, the long-standing valuation concerns around some of the riskier pockets of the market, the remaining inflation overhang and the ramping of geopolitical tensions caused by the Russia/Ukraine war. (Hawkish suggests higher interest rates; opposite of dovish.)

•

During the Reporting Period overall, the U.S. equity market saw a sharp reversal of the growth/value dynamic amid a backdrop of rising U.S. Treasury yields and expectations of multiple interest rate hikes by the Fed. Value stocks meaningfully outperformed growth stocks during the Reporting Period.

•

The best performing sectors within the S&P 500 Index during the Reporting Period were energy, consumer staples and financials, while the weakest performing sectors were communication services, information technology and consumer discretionary.

MARKET REVIEW

Fund Changes and Highlights

Goldman Sachs Bloomberg Clean Energy Equity ETF

•

The Fund launched on February 8, 2022.

•

The Fund offers access to the $100 trillion+, multi-decade clean energy investment opportunity by seeking to track the Bloomberg Goldman Sachs Global Clean Energy Index (the “Index”), an equity index designed by Goldman Sachs Asset Management and Bloomberg energy sector specialists.

•

Compared to other clean energy ETFs, the Fund offers three key potential advantages:

Captures the full universe of clean energy companies, which may result in a more diverse portfolio and lower volatility

Drives capital to companies with what the advisor believes to be companies with the greatest potential exposure to clean energy growth through an impact-weighted portfolio construction process

Systematically evolves alongside the energy transition using forward looking datasets and analyst insights which seek to capture new clean energy businesses and potential alpha, or value- adding, opportunities

•

Ultimately, the Fund is designed for investors interested in owning “clean energy enablers,” companies that are seizing the secular growth opportunity to combat climate change and provide clean, affordable and reliable energy.

•

The Fund seeks to track the Index, which focuses capital in companies with the greatest exposure to the clean energy transition. These clean energy exposures are measured using proprietary asset-level datasets and insights from the 200+ global analysts at BloombergNEF (BNEF), a premier energy transition research and advisory service provider for governments, corporations and financiers.

FUND BASICS

Bloomberg Clean Energy Equity ETF

as of February 28, 2022


FUND SNAPSHOT

As of February 28, 2022

Market Price¹	$	41.75
Net Asset Value (NAV)¹	$	41.75

The Market Price is the price at which the Fund’s shares are trading on the Cboe BZX Exchange, Inc. The Market Price of the Fund’s shares will fluctuate and, at the time of sale, shares may be worth more or less than the original investment or the Fund’s then current net asset value (“NAV”). The NAV is the market value of one share of the Fund. This amount is derived by dividing the total value of all the securities in the Fund’s portfolio, plus other assets, less any liabilities, by the number of Fund shares outstanding. Fund shares are not individually redeemable and are issued and redeemed by the Fund at their NAV only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Information regarding how often shares of the Fund traded on Cboe BZX Exchange, Inc. at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.GSAMFUNDS.com/ETFs.


PERFORMANCE REVIEW

February 8, 2022*–February 28, 2022	Fund Total Return (based on NAV)²			Fund Total Return (based on Market Price)²			Bloomberg GS Global Clean Energy Index³
Shares		5.43	%		5.43	%		5.51	%

Commencement of operations.

Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculation assumes all management fees and operating expenses incurred by the Fund. Market Price returns are based upon the last trade at 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. Total returns for periods less than one full year are not annualized.

“Bloomberg^®” and the Bloomberg Goldman Sachs Global Clean Energy Index (the “Index”) are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited (“BISL”), the administrator of the index (collectively, “Bloomberg”) and have been licensed for use for certain purposes by Goldman Sachs. “Goldman Sachs^®” is a trademark of Goldman Sachs and has been licensed by Bloomberg for use in the name of the Index. Bloomberg is not affiliated with Goldman Sachs, and Bloomberg does not approve, endorse, review, or recommend Goldman Sachs Bloomberg Clean Energy ETF (“Fund”). Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or information relating to the Fund.

The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund is newly incepted and does not have a track record. The Fund’s investment returns and principal value will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.

Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.

FUND BASICS


TOP TEN HOLDINGS AS OF 2/28/22⁴

Holding	% of Net Assets			Line of Business	Country
NextEra Energy, Inc.		5.2	%	Utilities	United States
Contemporary Amperex Technology Co. Ltd., Class A		4.9		Industrials	China
LONGi Green Energy Technology Co. Ltd., Class A		4.1		Information Technology	China
National Grid PLC		3.2		Utilities	United Kingdom
Vestas Wind Systems A/S		3.0		Industrials	Denmark
Iberdrola SA		2.9		Utilities	Spain
Enel SpA		2.8		Utilities	Italy
General Electric Co.		2.7		Industrials	United States
Sempra Energy		2.6		Utilities	United States
Schneider Electric SE		2.5		Industrials	United States

⁴

The top 10 holdings may not be representative of the Fund’s future investments.

LOGO

⁵

Sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by Standard & Poor’s. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle). Investments in the securities lending vehicle represented 0.1% of the Fund’s net assets as of February 28, 2022. Figures above may not sum to 100% due to rounding.

⁶

The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Bloomberg Goldman Sachs Global Clean Energy Index.

For more information about the Fund, please refer to www.GSAMFUNDS.com/ETFs. There, you can learn more about the Fund’s investment strategies, holdings, and performance.

FUND BASICS

Equal Weight U.S. Large Cap Equity ETF

As of February 28, 2022


FUND SNAPSHOT

As of February 28, 2022

Market Price¹	$	65.77
Net Asset Value (NAV)¹	$	65.84

The Market Price is the price at which the Fund’s shares are trading on the CBOE BZX Exchange, Inc. (“CBOE BZX”). The Market Price of the Fund’s shares will fluctuate and, at the time of sale, shares may be worth more or less than the original investment or the Fund’s then current net asset value (“NAV”). The NAV is the market value of one share of the Fund. This amount is derived by dividing the total value of all the securities in the Fund’s portfolio, plus other assets, less any liabilities, by the number of Fund shares outstanding. Fund shares are not individually redeemable and are issued and redeemed by the Fund at their NAV only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Information regarding how often shares of the Fund traded on CBOE BZX at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.GSAMFUNDS.com/ETFs.


PERFORMANCE REVIEW

September 1, 2021–February 28, 2022	Fund Total Return (based on NAV)²			Fund Total Return (based on Market Price)²			Solactive US Large Cap Equal Weight Index³			S&P 500 Index (Total Return, USD)⁴

Shares		-5.19	%		-5.28	%		-5.25	%		-2.62	%

The Index is calculated and published by Solactive AG. Solactive AG uses its best efforts to ensure that the Index is calculated correctly. Irrespective of its obligations towards Goldman Sachs Equal Weight U.S. Large Cap Equity ETF, Solactive AG has no obligation to point out errors in the Index to third parties including but not limited to investors and/or financial intermediaries of Goldman Sachs Equal Weight U.S. Large Cap Equity ETF. Neither publication of an Index by Solactive AG nor the licensing of the Index or Index trade mark for the purpose of use in connection with the Goldman Sachs Equal Weight U.S. Large Cap Equity ETF constitutes a recommendation by Solactive AG to invest capital in said fund nor does it in any way represent an assurance or opinion of Solactive AG with regard to any investment in this fund. The index provider may delay or change a scheduled rebalancing or reconstitution of the Index or the implementation of certain rules at its sole discretion.

⁴

The S&P 500^® Index is the Standard & Poor’s 500 Composite Index of 500 stocks, an unmanaged index of common stock prices. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an unmanaged index.

The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment returns and principal value will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.

FUND BASICS


TOP TEN HOLDINGS AS OF 2/28/22⁵

Holding	% of Net Assets			Line of Business

Advanced Micro Devices, Inc.		0.4	%	Information Technology
S&P Global, Inc.		0.4		Financials
Upstart Holdings, Inc.		0.3		Financials
Snap, Inc., Class A		0.3		Communication Services
Bill.com Holdings, Inc.		0.3		Information Technology
Trade Desk, Inc. (The), Class A		0.3		Information Technology
Northrop Grumman Corp.		0.2		Industrials
Freeport-McMoRan, Inc.		0.2		Materials
L3Harris Technologies, Inc.		0.2		Industrials
Nucor Corp.		0.2		Materials

⁵

The top 10 holdings may not be representative of the Fund’s future investments.


		FUND VS. BENCHMARK SECTOR ALLOCATION⁶

		February 28, 2022

LOGO

⁶

Sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by Standard & Poor’s. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle). Investments in the securities lending vehicle represented 0.3% of the Fund’s net assets as of February 28, 2022. Figures above may not sum to 100% due to rounding.

⁷

The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Solactive US Large Cap Equal Weight Index.

For more information about the Fund, please refer to www.GSAMFUNDS.com/ETFs. There, you can learn more about the Fund’s investment strategies, holdings, and performance.

FUND BASICS

Hedge Industry VIP ETF

as of February 28, 2022


FUND SNAPSHOT

As of February 28, 2022

Market Price¹	$	91.06
Net Asset Value (NAV)¹	$	91.11

The Market Price is the price at which the Fund’s shares are trading on the NYSE Arca, Inc. The Market Price of the Fund’s shares will fluctuate and, at the time of sale, shares may be worth more or less than the original investment or the Fund’s then current net asset value (“NAV”). The NAV is the market value of one share of the Fund. This amount is derived by dividing the total value of all the securities in the Fund’s portfolio, plus other assets, less any liabilities, by the number of Fund shares outstanding. Fund shares are not individually redeemable and are issued and redeemed by the Fund at their NAV only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Information regarding how often shares of the Fund traded on NYSE Arca at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.GSAMFUNDS.com/ETFs.


PERFORMANCE REVIEW

September 1, 2021– February 28, 2022	Fund Total Return (based on NAV)²			Fund Total Return (based on Market Price)²			Goldman Sachs Hedge Fund VIP Index^TM3			S&P 500^® Index⁴

Shares		-11.70	%		-11.77	%		-11.50	%		-2.62	%

Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculations assumes all management fees incurred by the Fund. Market Price returns are based upon the last trade at 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. Total returns for periods less than one full year are not annualized.

The Index is owned and maintained by the Index Provider. The Index is calculated by Solactive AG. The Index consists of the US-listed stocks whose performance is expected to influence the long portfolios of hedge funds. Those stocks are defined as the positions that appear most frequently among the top 10 long equity holdings within the portfolios of fundamentally-driven hedge fund managers. It is not possible to invest directly in an unmanaged index.

⁴

The S&P 500^® Index is the Standard & Poor’s 500 Composite Index of 500 stocks, an unmanaged index of common stock prices.

FUND BASICS


TOP TEN HOLDINGS AS OF 2/28/22⁵

Holding	% of Net Assets			Line of Business	Country

Palo Alto Networks, Inc.		2.3	%	Information Technology	United States
Cheniere Energy, Inc.		2.3		Energy	United States
Sea Ltd. ADR		2.3		Communication Services	Taiwan
Builders FirstSource, Inc.		2.2		Industrials	United States
TransDigm Group, Inc.		2.1		Industrials	United States
Uber Technologies, Inc.		2.1		Industrials	United States
GoDaddy, Inc., Class A		2.1		Information Technology	United States
Caesars Entertainment, Inc.		2.1		Consumer Discretionary	United States
Crown Holdings, Inc.		2.1		Materials	United States
Berkshire Hathaway, Inc., Class B		2.1		Financials	United States

⁵

The top 10 holdings may not be representative of the Fund’s future investments.

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁶

As of February 28, 2022

LOGO

⁶

⁷

The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Goldman Sachs Hedge Fund VIP Index^TM.

For more information about the Fund, please refer to www.GSAMFUNDS.com/ETFs. There, you can learn more about the Fund’s investment strategies, holdings, and performance.

FUND BASICS

Innovate Equity ETF

as of February 28, 2022


FUND SNAPSHOT

As of February 28, 2022

Market Price¹	$	53.36
Net Asset Value (NAV)¹	$	53.40


PERFORMANCE REVIEW

September 1, 2021–February 28, 2022	Fund Total Return (based on NAV)²			Fund Total Return (based on Market Price)²			Solactive Innovate Global Equity Index³
Shares		-15.20	%		-15.41	%		-15.18	%

The Solactive Innovative Global Equity Index itself is comprised of the securities that compose the five Solactive Thematic Indexes, which include companies from the ‘Data-Driven World’, ‘Finance Reimagined’, ‘Human Evolution’, ‘Manufacturing Revolution’, and ‘New Age Consumer’ themes. The weight of each index constituent within the Solactive Innovate Global Equity Index is equal to the average weight of such index constituent across the Solactive Thematic Indexes, subject to specified minimum and maximum weights.

Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.

FUND BASICS


TOP TEN HOLDINGS AS OF 2/28/22⁴

Holding	% of Net Assets			Line of Business	Country
NVIDIA Corp.		2.1	%	Information Technology	United States
Microsoft Corp.		2.0		Information Technology	United States
Amazon.com, Inc.		2.0		Consumer Discretionary	United States
Apple, Inc.		2.0		Information Technology	United States
Tesla, Inc.		1.9		Consumer Discretionary	United States
Alphabet, Inc., Class A		1.9		Communication Services	United States
Meta Platforms, Inc., Class A		1.8		Communication Services	United States
Alibaba Group Holding Ltd. ADR		1.1		Consumer Discretionary	China
Intel Corp.		1.0		Information Technology	United States
Johnson & Johnson		0.8		Health Care	United States

⁴

The top 10 holdings may not be representative of the Fund’s future investments.

LOGO

⁵

Sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by Standard & Poor’s. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle). Investments in the securities lending vehicle represented 3.2% of the Fund’s net assets as of February 28, 2022. Figures above may not sum to 100% due to rounding.

⁶

The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Solactive Innovative Global Equity Index.

For more information about the Fund, please refer to www.GSAMFUNDS.com/ETFs. There, you can learn more about the Fund’s investment strategies, holdings, and performance.

FUND BASICS

JUST U.S. Large Cap Equity ETF

as of February 28, 2022


FUND SNAPSHOT

As of February 28, 2022

Market Price¹	$	62.97
Net Asset Value (NAV)¹	$	63.01


PERFORMANCE REVIEW

September 1, 2021– February 28, 2022	Fund Total Return (based on NAV)²			Fund Total Return (based on Market Price)²			JUST US Large Cap Diversified Index³			Russell 1000^® Index⁴

Shares		-3.48	%		-3.58	%		-3.38	%		-3.88	%

“JUST” and “JUST Capital” are trademarks of JUST Capital Foundation, Inc. or its affiliates and have been licensed for use in connection with the issuance and distribution of the Goldman Sachs JUST U.S. Large Cap Equity ETF. JUST Capital Foundation, Inc. and its affiliates do not in any way recommend the purchase, sale or holding of any security based on the JUST US Large Cap Diversified Index including the Goldman Sachs JUST U.S. Large Cap Equity ETF, or have any involvement in their operations or distribution. JUST Capital Foundation, Inc., its affiliates, calculation agent, and data providers expressly disclaim all representations, warranties, and liabilities relating to or in connection with the Goldman Sachs JUST U.S. Large Cap Equity ETF (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability, and fitness for a particular purpose). Frank Russell Company (“Russell”) acts solely as calculation agent in respect of the JUST US Large Cap Diversified Index. Russell does not in any way sponsor, support, promote or endorse the JUST US Large Cap Diversified Index or the Goldman Sachs JUST U.S. Large Cap Equity ETF. In no event shall any Russell party have any liability for any direct, indirect, special, incidental, punitive, consequential (including without limitation, lost profits) or any other damages in connection with the JUST US Large Cap Diversified Index. The index provider may delay or change a scheduled rebalancing or reconstitution of the Index or the implementation of certain rules at its sole discretion.

⁴

The Russell 1000^® Index is an index of approximately 1,000 of the largest companies in the U.S. equity market. The Russell 1000^® is a subset of the Russell 3000^® Index. It represents the top companies by market capitalization. The Russell 1000^® typically comprises approximately 90% of the total market capitalization of all listed U.S. stocks. It is considered a bellwether index for large cap investing. It is not possible to invest directly in an unmanaged index.

FUND BASICS


TOP TEN HOLDINGS AS OF 2/28/22⁵

Holding	% of Net Assets			Line of Business

Apple, Inc.		7.2	%	Information Technology
Microsoft Corp.		6.3		Information Technology
Amazon.com, Inc.		4.6		Consumer Discretionary
Alphabet, Inc., Class A		2.3		Communication Services
Alphabet, Inc., Class C		2.1		Communication Services
NVIDIA Corp.		1.6		Information Technology
Procter & Gamble Co. (The)		1.4		Consumer Staples
JPMorgan Chase & Co.		1.4		Financials
UnitedHealth Group, Inc.		1.2		Health Care
Visa, Inc., Class A		1.2		Information Technology

⁵

The top 10 holdings may not be representative of the Fund’s future investments.

FUND VS BENCHMARK SECTOR ALLOCATION⁶

As of February 28, 2022

LOGO

⁶

Sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by GICS. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Investments in the securities lending vehicle represented 0.0% of the Fund’s net assets as of February 28, 2022. Figures above may not sum to 100% due to rounding.

⁷

The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the JUST US Large Cap Diversified Index.

For more information about the Fund, please refer to www.GSAMFUNDS.com/ETFs. There, you can learn more about the Fund’s investment strategies, holdings, and performance.

PORTFOLIO RESULTS

Index Definition and Industry Terms

Alpha: The excess returns of a fund relative to the return of a benchmark index is the fund’s alpha.

Russell 3000^® Index is a market capitalization weighted equity index maintained by the FTSE Russell that provides exposure to the entire U.S. stock market. The index tracks the performance of the 3,000 largest U.S.-traded stocks which represent about 98% of all U.S incorporated equity securities. It is not possible to invest directly in an index. It is not possible to invest directly in an unmanaged index.

Russell 1000^® Index is an index of approximately 1,000 of the largest companies in the U.S. equity market. The Russell 1000^® is a subset of the Russell 3000^® Index. It represents the top companies by market capitalization. The Russell 1000^® typically comprises approximately 90% of the total market capitalization of all listed U.S. stocks. It is considered a bellwether index for large cap investing. It is not possible to invest directly in an unmanaged index.

S&P 500^® Index is the Standard & Poor’s 500 Composite Index of 500 stocks, an unmanaged index of common stock prices. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an unmanaged index.

GOLDMAN SACHS BLOOMBERG CLEAN ENERGY EQUITY ETF

Schedule of Investments

February 28, 2022 (Unaudited)


Shares		Description	Value

Common Stocks – 99.8%
Austria – 0.1%
	40	Verbund AG (Utilities)	$	4,852

Belgium – 1.0%
	136	Elia Group SA/NV (Utilities)		19,644
	1,488	Umicore SA (Materials)		61,321

				80,965

Brazil – 0.1%
	764	Cosan SA (Energy)		3,131
	2,436	Omega Energia SA (Utilities)*		5,121

				8,252

Canada – 4.1%
	2,936	Algonquin Power & Utilities Corp. (Utilities)		42,454
	484	Atco Ltd., Class I (Utilities)		15,886
	1,936	Ballard Power Systems, Inc. (Industrials)*		22,133
	784	Boralex, Inc., Class A (Utilities)		22,877
	72	Capital Power Corp. (Utilities)		2,211
	2,236	Fortis, Inc. (Utilities)		102,390
	1,492	Hydro One Ltd. (Utilities)^(a)		36,819
	1,120	Innergex Renewable Energy, Inc. (Utilities)		16,274
	1,740	Northland Power, Inc. (Utilities)		55,286
	108	SNC-Lavalin Group, Inc. (Industrials)		2,430
	824	TransAlta Renewables, Inc. (Utilities)		11,337
	76	WSP Global, Inc. (Industrials)		9,318

				339,415

China – 27.3%
	2,800	Beijing Easpring Material Technology Co. Ltd., Class A (Materials)		37,900
	9,596	Beijing Jingneng Clean Energy Co. Ltd., Class H (Utilities)		2,923
	8,400	Beijing Jingyuntong Technology Co. Ltd., Class A (Information Technology)*		11,608
	3,200	BYD Co. Ltd., Class A (Consumer Discretionary)		126,580
	13,200	CECEP Solar Energy Co. Ltd., Class A (Utilities)		20,982
	16,000	CECEP Wind-Power Corp., Class A (Utilities)		14,326
	12,800	China Baoan Group Co. Ltd., Class A (Industrials)		27,913
	17,060	China Datang Corp Renewable Power Co. Ltd., Class H (Utilities)		6,441
	27,412	China Everbright Environment Group Ltd. (Industrials)		19,646
	24,632	China Longyuan Power Group Corp. Ltd., Class H (Utilities)		50,439
	30,100	China National Nuclear Power Co. Ltd., Class A (Utilities)		35,300
	8,236	China Suntien Green Energy Corp. Ltd., Class H (Energy)		5,460
	4,800	Contemporary Amperex Technology Co. Ltd., Class A (Industrials)		405,726
	292	Daqo New Energy Corp. ADR (Information Technology)*		14,004


Common Stocks – (continued)
China – (continued)
	9,200	Eve Energy Co. Ltd., Class A (Industrials)		130,491
	22,000	GCL System Integration Technology Co. Ltd., Class A (Information Technology)*		12,796
	28,400	GEM Co. Ltd., Class A (Materials)		43,028
	400	Ginlong Technologies Co. Ltd., Class A (Industrials)		16,038
	6,800	Gotion High-tech Co. Ltd., Class A (Industrials)*		46,425
	3,600	Guangzhou Tinci Materials Technology Co. Ltd., Class A (Materials)		60,584
	2,400	Hangzhou First Applied Material Co. Ltd., Class A (Information Technology)		45,125
	2,800	Hengdian Group DMEGC Magnetics Co. Ltd., Class A (Information Technology)		7,539
	2,400	JA Solar Technology Co. Ltd., Class A (Information Technology)		36,118
	6,400	Jilin Electric Power Co. Ltd., Class A (Utilities)*		8,986
	28,000	LONGi Green Energy Technology Co. Ltd., Class A (Information Technology)		344,653
	400	Luoyang Xinqianglian Slewing Bearing Co. Ltd., Class A (Industrials)		9,591
	5,200	Ming Yang Smart Energy Group Ltd., Class A (Industrials)		21,179
	168	NXP Semiconductors NV (Information Technology)		31,940
	4,000	Risen Energy Co. Ltd., Class A (Information Technology)		16,964
	1,200	Shenzhen Capchem Technology Co. Ltd., Class A (Materials)		18,257
	800	Shenzhen SC New Energy Technology Corp., Class A (Information Technology)		11,142
	4,000	Shenzhen Senior Technology Material Co. Ltd., Class A (Materials)		24,063
	7,200	Sungrow Power Supply Co. Ltd., Class A (Industrials)		138,181
	400	Suzhou Maxwell Technologies Co. Ltd., Class A (Industrials)		34,681
	14,000	TBEA Co. Ltd., Class A (Industrials)		44,773
	13,200	Tianjin Zhonghuan Semiconductor Co. Ltd., Class A (Information Technology)		100,370
	5,600	Titan Wind Energy Suzhou Co. Ltd., Class A (Industrials)		18,353
	13,600	Tongwei Co. Ltd., Class A (Consumer Staples)		92,463
	400	Wuhan DR Laser Technology Corp. Ltd., Class A (Information Technology)		14,184
	800	Wuxi Shangji Automation Co. Ltd., Class A (Industrials)		20,044
	2,800	Xiamen Tungsten Co. Ltd., Class A (Materials)		9,762
	15,200	Xinjiang Goldwind Science & Technology Co. Ltd., Class A (Industrials)		36,013
	19,904	Xinyi Solar Holdings Ltd. (Information Technology)		35,968
	3,600	Zhejiang Chint Electrics Co. Ltd., Class A (Industrials)		28,480


14		The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS BLOOMBERG CLEAN ENERGY EQUITY ETF


Shares		Description	Value

Common Stocks – (continued)
China – (continued)
	4,000	Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A (Information Technology)	$	41,204

				2,278,643

Czech Republic – 0.3%
	756	CEZ AS (Utilities)		28,811

Denmark – 5.2%
	1,396	Orsted AS (Utilities)^(a)		181,536
	7,588	Vestas Wind Systems A/S (Industrials)		249,208

				430,744

Finland – 1.2%
	264	Fortum OYJ (Utilities)		5,586
	2,188	Neste OYJ (Energy)		86,457
	356	Stora Enso OYJ, Class R (Materials)		6,866

				98,909

France – 0.9%
	4,344	Electricite de France SA (Utilities)		39,668
	1,096	Engie SA (Utilities)		17,564
	448	Neoen SA (Utilities)*^(a)		17,340

				74,572

Germany – 3.8%
	576	BASF SE (Materials)		38,332
	868	Encavis AG (Utilities)		14,985
	10,200	E.ON SE (Utilities)		138,832
	760	Infineon Technologies AG (Information Technology)		26,245
	896	Nordex SE (Industrials)*		16,012
	396	RWE AG (Utilities)		18,454
	2,112	Siemens Energy AG (Industrials)		50,836
	108	SMA Solar Technology AG (Information Technology)		4,311
	72	Wacker Chemie AG (Materials)		11,221

				319,228

Hong Kong – 0.1%
	43,100	Concord New Energy Group Ltd. (Utilities)		4,027
	1,056	Xinyi Glass Holdings Ltd. (Industrials)		2,804

				6,831

Italy – 4.0%
	1,004	A2A SpA (Utilities)		1,801
	31,032	Enel SpA (Utilities)		230,009
	1,568	Eni SpA (Energy)		24,361
	452	ERG SpA (Utilities)		14,347
	896	Falck Renewables SpA (Utilities)		8,856
	560	Hera SpA (Utilities)		2,180
	6,932	Terna – Rete Elettrica Nazionale (Utilities)		57,165

				338,719

Japan – 2.1%
	280	Denso Corp. (Consumer Discretionary)		19,563
	204	eRex Co. Ltd. (Utilities)		3,280
	596	Hitachi Ltd. (Industrials)		29,237
	204	Kyocera Corp. (Information Technology)		11,653


Common Stocks – (continued)
Japan – (continued)
	316	Nidec Corp. (Industrials)		27,115
	1,344	Panasonic Corp. (Consumer Discretionary)		13,886
	728	Renesas Electronics Corp. (Information Technology)*		8,470
	288	RENOVA, Inc. (Utilities)*		3,558
	56	Rohm Co. Ltd. (Information Technology)		4,391
	2,824	SUMCO Corp. (Information Technology)		46,268
	172	West Holdings Corp. (Utilities)		6,392

				173,813

New Zealand – 0.3%
	3,728	Contact Energy Ltd. (Utilities)		20,486
	720	Meridian Energy Ltd. (Utilities)		2,434

				22,920

Norway – 0.2%
	10,960	NEL ASA (Industrials)*^(b)		19,960

Portugal – 0.1%
	1,756	EDP – Energias de Portugal SA (Utilities)		8,607

Singapore – 0.2%
	412	STMicroelectronics NV (Information Technology)		17,557

South Africa – 0.1%
	844	Scatec ASA (Utilities)^(a)		12,170

South Korea – 3.9%
	168	CS Wind Corp. (Industrials)		8,328
	28	Doosan Co. Ltd. (Industrials)*		2,643
	196	Doosan Fuel Cell Co. Ltd. (Industrials)*		6,325
	128	Ecopro Co. Ltd. (Materials)		9,209
	168	L&F Co. Ltd. (Information Technology)		27,247
	204	LG Chem Ltd. (Materials)		95,862
	132	OCI Co. Ltd. (Materials)		11,527
	364	Samsung SDI Co. Ltd. (Information Technology)		165,902

				327,043

Spain – 3.8%
	116	Acciona SA (Utilities)		19,948
	21,284	Iberdrola SA (Utilities)		243,365
	1,836	Siemens Gamesa Renewable Energy SA (Industrials)*		42,749
	584	Solaria Energia y Medio Ambiente SA (Utilities)*		10,899

				316,961

Sweden – 0.1%
	320	PowerCell Sweden AB (Industrials)*		6,060

Switzerland – 0.7%
	1,056	ABB Ltd. (Industrials)		35,854
	92	BKW AG (Utilities)		11,612
	21,340	Meyer Burger Technology AG (Information Technology)*		8,137

				55,603


The accompanying notes are an integral part of these financial statements.		15

GOLDMAN SACHS BLOOMBERG CLEAN ENERGY EQUITY ETF

Schedule of Investments (continued)

February 28, 2022 (Unaudited)


Shares		Description	Value

Common Stocks – (continued)
Taiwan – 0.6%
	1,148	Delta Electronics, Inc. (Information Technology)	$	10,094
	4,180	Sino-American Silicon Products, Inc. (Information Technology)		27,136
	2,852	TSEC Corp. (Information Technology)*		3,876
	10,168	United Renewable Energy Co. Ltd./Taiwan (Information Technology)*		7,453

				48,559

Thailand – 0.6%
	18,172	Energy Absolute PCL NVDR (Utilities)		52,834

United Kingdom – 5.2%
	788	Ceres Power Holdings PLC (Industrials)*		7,528
	3,088	Drax Group PLC (Utilities)		29,252
	3,532	ITM Power PLC (Industrials)*^(b)		15,743
	17,364	National Grid PLC (Utilities)		263,456
	5,140	SSE PLC (Utilities)		117,552

				433,531

United States – 33.8%
	3,132	AES Corp. (The) (Utilities)		66,492
	32	ALLETE, Inc. (Utilities)		2,014
	156	Alliant Energy Corp. (Utilities)		9,110
	224	Ameresco, Inc., Class A (Industrials)*		14,392
	312	American Electric Power Co., Inc. (Utilities)		28,283
	348	Archer-Daniels-Midland Co. (Consumer Staples)		27,301
	1,024	Array Technologies, Inc. (Industrials)*		11,510
	340	Avangrid, Inc. (Utilities)		15,256
	1,040	Bloom Energy Corp., Class A (Industrials)*		23,088
	976	Brookfield Renewable Corp., Class A (Utilities)		36,551
	84	Bunge Ltd. (Consumer Staples)		8,782
	388	Clearway Energy, Inc., Class C (Utilities)		12,959
	220	Consolidated Edison, Inc. (Utilities)		18,869
	220	Constellation Energy Corp. (Utilities)		10,116
	508	Dominion Energy, Inc. (Utilities)		40,401
	108	DTE Energy Co. (Utilities)		13,132
	484	Duke Energy Corp. (Utilities)		48,598
	2,956	Edison International (Utilities)		187,470
	32	EMCOR Group, Inc. (Industrials)		3,697
	368	Emerson Electric Co. (Industrials)		34,195
	964	Enphase Energy, Inc. (Information Technology)*		160,699
	608	Exelon Corp. (Utilities)		25,876
	748	First Solar, Inc. (Information Technology)*		56,317
	2,712	FuelCell Energy, Inc. (Industrials)*^(b)		16,272
	296	Generac Holdings, Inc. (Industrials)*		93,379
	2,332	General Electric Co. (Industrials)		222,729
	1,508	Gevo, Inc. (Energy)*		5,353
	408	Green Plains, Inc. (Energy)*		13,358
	592	Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT (Financials)		28,025
	352	Itron, Inc. (Information Technology)*		16,780


Common Stocks – (continued)
United States – (continued)
	36	MasTec, Inc. (Industrials)*		2,835
	5,496	NextEra Energy, Inc. (Utilities)		430,172
	244	ON Semiconductor Corp. (Information Technology)*		15,277
	348	Ormat Technologies, Inc. (Utilities)		24,830
	4,452	Plug Power, Inc. (Industrials)*		112,591
	316	Public Service Enterprise Group, Inc. (Utilities)		20,486
	88	Quanta Services, Inc. (Industrials)		9,587
	1,512	QuantumScape Corp. (Consumer Discretionary)*^(b)		24,404
	400	Renewable Energy Group, Inc. (Energy)*		24,600
	1,332	Schneider Electric SE (Industrials)		209,125
	1,504	Sempra Energy (Utilities)		216,907
	388	SolarEdge Technologies, Inc. (Information Technology)*		123,935
	684	Sunnova Energy International, Inc. (Utilities)*		13,783
	664	SunPower Corp. (Information Technology)*		11,906
	1,644	Sunrun, Inc. (Industrials)*		44,848
	88	Tesla, Inc. (Consumer Discretionary)*		76,598
	512	Texas Instruments, Inc. (Information Technology)		87,035
	44	Timken Co. (The) (Industrials)		2,885
	288	TPI Composites, Inc. (Industrials)*		3,894
	12	Valmont Industries, Inc. (Industrials)		2,597
	908	Wolfspeed, Inc. (Information Technology)*		93,270
	336	Xcel Energy, Inc. (Utilities)		22,623

				2,825,192

	TOTAL COMMON STOCKS
	(Cost $7,908,982)		$	8,330,751


Shares	Description			Rate			Value

Preferred Stock – 0.1%
South Korea – 0.1%

36		LG Chem Ltd. (Materials	)
(Cost $9,086)					4.42	%	$	8,099

TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
(Cost $7,918,068)							$	8,338,850


16		The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS BLOOMBERG CLEAN ENERGY EQUITY ETF


Shares	Dividend Rate	Value

Securities Lending Reinvestment Vehicle – 0.7%^(c)
Goldman Sachs Financial Square Government Fund – Institutional Shares
58,314	0.026%	$	58,314
(Cost $58,314)

TOTAL INVESTMENTS – 100.6%
(Cost $7,976,382)		$	8,397,164

LIABILITIES IN EXCESS OF OTHER ASSETS – (0.6)%			(47,356	)

NET ASSETS – 100.0%		$	8,349,808



The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

*		Non-income producing security.

(a)		Exempt from registration under Rule 144A of the Securities Act of 1933.

(b)		All or a portion of security is on loan.

(c)		Represents an affiliated issuer.



Investment Abbreviations:
ADR		—American Depositary Receipt
NVDR		—Non-Voting Depository Receipt
PLC		—Public Limited Company
REIT		—Real Estate Investment Trust



The below table represents the sector breakdown of investments as a percentage of total market value of the Fund:
Sector Name	% of Market Value
Utilities		40.0%
Industrials		28.2%
Information Technology		19.7%
Materials		5.2%
Consumer Discretionary		3.1%
Energy		2.0%
Consumer Staples		1.5%
Financials		0.3%


TOTAL INVESTMENTS		100.0%


The accompanying notes are an integral part of these financial statements.		17

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

Schedule of Investments

February 28, 2022 (Unaudited)


Shares		Description	Value

Common Stocks – 99.7%
Communication Services – 4.8%
	20,967	Activision Blizzard, Inc.	$	1,708,811
	567	Alphabet, Inc., Class A*		1,531,546
	103,277	AMC Entertainment Holdings, Inc., Class A*^(a)		1,947,804
	68,477	AT&T, Inc.		1,622,220
	2,799	Charter Communications, Inc., Class A*		1,684,382
	33,396	Comcast Corp., Class A		1,561,597
	12,616	Electronic Arts, Inc.		1,641,215
	11,029	Liberty Broadband Corp., Class C*		1,617,954
	132,543	Lumen Technologies, Inc.		1,373,145
	14,228	Match Group, Inc.*		1,586,280
	5,211	Meta Platforms, Inc., Class A*		1,099,677
	3,844	Netflix, Inc.*		1,516,535
	21,659	Omnicom Group, Inc.		1,816,974
	50,492	Paramount Global, Class B		1,545,560
	60,066	Pinterest, Inc., Class A*		1,606,766
	25,439	ROBLOX Corp., Class A*		1,311,889
	10,491	Roku, Inc.*		1,463,809
	51,664	Snap, Inc., Class A*		2,063,460
	10,056	Take-Two Interactive Software, Inc.*		1,629,072
	15,150	T-Mobile US, Inc.*		1,866,632
	45,440	Twitter, Inc.*		1,615,392
	30,848	Verizon Communications, Inc.		1,655,612
	11,691	Walt Disney Co. (The)*		1,735,646
	31,553	ZoomInfo Technologies, Inc.*		1,725,634

				38,927,612

Consumer Discretionary – 10.4%
	7,084	Advance Auto Parts, Inc.		1,448,536
	10,924	Airbnb, Inc., Class A*		1,654,877
	557	Amazon.com, Inc.*		1,710,692
	815	AutoZone, Inc.*		1,518,663
	28,416	Bath & Body Works, Inc.		1,516,562
	17,031	Best Buy Co., Inc.		1,645,876
	672	Booking Holdings, Inc.*		1,459,752
	7,172	Burlington Stores, Inc.*		1,620,083
	21,173	Caesars Entertainment, Inc.*		1,782,555
	15,170	CarMax, Inc.*		1,658,536
	80,373	Carnival Corp.*		1,633,983
	10,666	Carvana Co.*		1,604,913
	1,106	Chipotle Mexican Grill, Inc.*		1,684,825
	11,756	Darden Restaurants, Inc.		1,707,206
	7,977	Dollar General Corp.		1,582,158
	12,514	Dollar Tree, Inc.*		1,777,989
	3,639	Domino’s Pizza, Inc.		1,572,812
	15,582	DoorDash, Inc., Class A*		1,635,331
	18,496	D.R. Horton, Inc.		1,579,558
	75,655	DraftKings, Inc., Class A*		1,791,510
	28,742	eBay, Inc.		1,569,026
	11,736	Etsy, Inc.*		1,817,789
	8,926	Expedia Group, Inc.*		1,750,478
	81,698	Ford Motor Co.		1,434,617
	13,028	Garmin Ltd.		1,438,812
	31,702	General Motors Co.*		1,481,117
	12,375	Genuine Parts Co.		1,511,730
	11,553	Hilton Worldwide Holdings, Inc.*		1,719,780
	4,490	Home Depot, Inc. (The)		1,418,077


Common Stocks – (continued)
Consumer Discretionary – (continued)
	36,988	Las Vegas Sands Corp.*		1,585,306
	17,187	Lennar Corp., Class A		1,544,768
	6,968	Lowe’s Cos., Inc.		1,540,346
	10,334	Marriott International, Inc., Class A*		1,758,227
	6,345	McDonald’s Corp.		1,553,066
	38,130	MGM Resorts International		1,688,778
	11,222	NIKE, Inc., Class B		1,532,364
	306	NVR, Inc.*		1,517,283
	2,507	O’Reilly Automotive, Inc.*		1,627,645
	63,756	Peloton Interactive, Inc., Class A*		1,852,749
	3,484	Pool Corp.		1,597,693
	17,041	Ross Stores, Inc.		1,557,377
	20,633	Royal Caribbean Cruises Ltd.*		1,665,496
	16,954	Starbucks Corp.		1,556,208
	83,951	Stellantis NV		1,534,624
	7,657	Target Corp.		1,529,639
	1,838	Tesla, Inc.*		1,599,850
	23,154	TJX Cos., Inc. (The)		1,530,479
	7,444	Tractor Supply Co.		1,517,013
	4,488	Ulta Beauty, Inc.*		1,680,756
	25,760	VF Corp.		1,494,595
	10,944	Wayfair, Inc., Class A*		1,541,681
	8,013	Whirlpool Corp.		1,612,776
	13,270	Yum! Brands, Inc.		1,626,637

				84,973,199

Consumer Staples – 5.6%
	32,865	Altria Group, Inc.		1,685,646
	21,959	Archer-Daniels-Midland Co.		1,722,684
	24,511	Brown-Forman Corp., Class B		1,598,853
	16,149	Church & Dwight Co., Inc.		1,580,180
	9,972	Clorox Co. (The)		1,453,818
	27,288	Coca-Cola Co. (The)		1,698,405
	20,115	Colgate-Palmolive Co.		1,547,849
	47,043	Conagra Brands, Inc.		1,645,094
	6,989	Constellation Brands, Inc., Class A		1,506,968
	3,233	Costco Wholesale Corp.		1,678,735
	5,289	Estee Lauder Cos., Inc. (The), Class A		1,567,289
	24,158	General Mills, Inc.		1,628,974
	8,370	Hershey Co. (The)		1,692,916
	26,183	Kellogg Co.		1,674,141
	43,228	Keurig Dr Pepper, Inc.		1,671,627
	12,180	Kimberly-Clark Corp.		1,585,227
	45,957	Kraft Heinz Co. (The)		1,802,434
	38,102	Kroger Co. (The)		1,783,174
	16,355	McCormick & Co., Inc.		1,556,505
	24,482	Mondelez International, Inc., Class A		1,603,081
	18,981	Monster Beverage Corp.*		1,601,996
	9,492	PepsiCo, Inc.		1,554,220
	16,041	Philip Morris International, Inc.		1,621,264
	10,261	Procter & Gamble Co. (The)		1,599,587
	20,830	Sysco Corp.		1,814,293
	18,347	Tyson Foods, Inc., Class A		1,700,033
	33,122	Walgreens Boots Alliance, Inc.		1,526,593
	11,818	Walmart, Inc.		1,597,321

				45,698,907


18		The accompanying notes are an integral part of these financial statements.

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


Shares		Description	Value

Common Stocks – (continued)
Energy – 4.3%
	62,029	Baker Hughes Co.	$	1,822,412
	14,465	Cheniere Energy, Inc.		1,922,398
	12,416	Chevron Corp.		1,787,904
	18,356	ConocoPhillips		1,741,250
	73,902	Coterra Energy, Inc.		1,724,134
	32,010	Devon Energy Corp.		1,906,195
	12,885	Diamondback Energy, Inc.		1,779,419
	14,966	EOG Resources, Inc.		1,719,893
	20,859	Exxon Mobil Corp.		1,635,763
	53,356	Halliburton Co.		1,789,027
	18,099	Hess Corp.		1,829,085
	95,547	Kinder Morgan, Inc.		1,662,518
	21,500	Marathon Petroleum Corp.		1,674,205
	42,808	Occidental Petroleum Corp.		1,871,994
	26,801	ONEOK, Inc.		1,750,105
	19,372	Phillips 66		1,631,897
	7,569	Pioneer Natural Resources Co.		1,813,532
	42,692	Schlumberger NV		1,675,234
	19,302	Valero Energy Corp.		1,611,910
	54,893	Williams Cos., Inc. (The)		1,717,053

				35,065,928

Financials – 12.7%
	26,236	Aflac, Inc.		1,602,757
	13,960	Allstate Corp. (The)		1,708,146
	34,443	Ally Financial, Inc.		1,718,706
	9,119	American Express Co.		1,774,010
	28,000	American International Group, Inc.		1,714,720
	5,366	Ameriprise Financial, Inc.		1,608,673
	5,961	Aon PLC, Class A		1,741,447
	23,568	Apollo Global Management, Inc.		1,538,048
	34,983	Arch Capital Group Ltd.*		1,648,049
	10,558	Arthur J Gallagher & Co.		1,670,170
	35,765	Bank of America Corp.		1,580,813
	27,394	Bank of New York Mellon Corp. (The)		1,455,991
	5,254	Berkshire Hathaway, Inc., Class B*		1,688,898
	2,034	BlackRock, Inc.		1,513,072
	12,322	Blackstone, Inc.		1,570,685
	11,238	Capital One Financial Corp.		1,722,448
	18,563	Charles Schwab Corp. (The)		1,567,831
	8,013	Chubb Ltd.		1,631,767
	13,870	Cincinnati Financial Corp.		1,703,097
	25,283	Citigroup, Inc.		1,497,512
	31,645	Citizens Financial Group, Inc.		1,658,831
	7,038	CME Group, Inc.		1,664,698
	8,970	Coinbase Global, Inc., Class A*		1,711,207
	14,323	Discover Financial Services		1,768,031
	3,896	FactSet Research Systems, Inc.		1,582,127
	36,207	Fifth Third Bancorp		1,732,143
	9,421	First Republic Bank		1,632,283
	4,608	Goldman Sachs Group, Inc. (The)^(b)		1,572,664
	22,756	Hartford Financial Services Group, Inc. (The)		1,581,087
	107,284	Huntington Bancshares, Inc.		1,665,048
	12,964	Intercontinental Exchange, Inc.		1,660,948
	11,195	JPMorgan Chase & Co.		1,587,451
	65,193	KeyCorp		1,634,389
	23,074	KKR & Co., Inc.		1,387,209


Common Stocks – (continued)
Financials – (continued)
	9,672	M&T Bank Corp.		1,762,529
	1,300	Markel Corp.*		1,615,783
	4,749	MarketAxess Holdings, Inc.		1,811,411
	10,754	Marsh & McLennan Cos., Inc.		1,671,279
	24,389	MetLife, Inc.		1,647,477
	4,833	Moody’s Corp.		1,556,371
	16,163	Morgan Stanley		1,466,631
	3,054	MSCI, Inc.		1,532,161
	9,132	Nasdaq, Inc.		1,562,942
	13,941	Northern Trust Corp.		1,587,880
	7,989	PNC Financial Services Group, Inc. (The)		1,591,808
	22,496	Principal Financial Group, Inc.		1,589,117
	15,159	Progressive Corp. (The)		1,605,793
	14,591	Prudential Financial, Inc.		1,629,231
	15,271	Raymond James Financial, Inc.		1,674,465
	70,934	Regions Financial Corp.		1,715,894
	7,930	S&P Global, Inc.		2,979,301
	5,297	Signature Bank		1,826,882
	17,225	State Street Corp.		1,469,809
	2,761	SVB Financial Group*		1,673,166
	39,349	Synchrony Financial		1,683,350
	10,591	T. Rowe Price Group, Inc.		1,531,035
	9,734	Travelers Cos., Inc. (The)		1,672,593
	26,105	Truist Financial Corp.		1,624,253
	15,674	Upstart Holdings, Inc.*		2,476,335
	28,085	US Bancorp		1,587,926
	30,029	Wells Fargo & Co.		1,602,648
	7,017	Willis Towers Watson PLC		1,559,879

				103,202,905

Health Care – 14.3%
	17,113	10X Genomics, Inc., Class A*		1,394,196
	12,824	Abbott Laboratories		1,546,831
	12,118	AbbVie, Inc.		1,790,677
	5,524	ABIOMED, Inc.*		1,716,528
	11,540	Agilent Technologies, Inc.		1,504,354
	3,316	Align Technology, Inc.*		1,696,001
	11,472	Alnylam Pharmaceuticals, Inc.*		1,810,855
	12,173	AmerisourceBergen Corp.		1,735,018
	7,273	Amgen, Inc.		1,647,189
	3,763	Anthem, Inc.		1,700,312
	43,638	Avantor, Inc.*		1,513,802
	19,542	Baxter International, Inc.		1,660,484
	6,528	Becton Dickinson and Co.		1,770,916
	7,426	Biogen, Inc.*		1,566,960
	18,721	BioMarin Pharmaceutical, Inc.*		1,462,485
	2,681	Bio-Rad Laboratories, Inc., Class A*		1,678,199
	3,991	Bio-Techne Corp.		1,673,865
	40,153	Boston Scientific Corp.*		1,773,558
	25,815	Bristol-Myers Squibb Co.		1,772,716
	32,299	Cardinal Health, Inc.		1,744,469
	15,642	Catalent, Inc.*		1,596,110
	21,253	Centene Corp.*		1,755,923
	18,101	Cerner Corp.		1,687,918
	4,859	Charles River Laboratories International, Inc.*		1,414,747
	7,271	Cigna Corp.		1,728,898
	4,202	Cooper Cos., Inc. (The)		1,718,702


The accompanying notes are an integral part of these financial statements.		19

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

Schedule of Investments (continued)

February 28, 2022 (Unaudited)


Shares		Description	Value

Common Stocks – (continued)
Health Care – (continued)
	15,415	CVS Health Corp.	$	1,597,765
	5,684	Danaher Corp.		1,559,747
	3,858	Dexcom, Inc.*		1,596,865
	14,868	Edwards Lifesciences Corp.*		1,670,717
	65,274	Elanco Animal Health, Inc.*		1,854,434
	6,663	Eli Lilly & Co.		1,665,417
	22,310	Exact Sciences Corp.*		1,741,519
	25,633	Gilead Sciences, Inc.		1,548,233
	6,902	HCA Healthcare, Inc.		1,727,640
	23,054	Hologic, Inc.*		1,640,753
	17,830	Horizon Therapeutics PLC*		1,625,561
	4,201	Humana, Inc.		1,824,578
	3,071	IDEXX Laboratories, Inc.*		1,634,847
	4,704	Illumina, Inc.*		1,536,326
	6,646	Insulet Corp.*		1,759,130
	5,691	Intuitive Surgical, Inc.*		1,652,268
	6,553	IQVIA Holdings, Inc.*		1,507,976
	9,709	Johnson & Johnson		1,597,810
	6,054	Laboratory Corp. of America Holdings*		1,642,208
	7,447	Masimo Corp.*		1,172,530
	6,460	McKesson Corp.		1,776,242
	16,274	Medtronic PLC		1,708,607
	20,239	Merck & Co., Inc.		1,549,903
	1,094	Mettler-Toledo International, Inc.*		1,541,162
	10,019	Moderna, Inc.*		1,538,918
	5,659	Molina Healthcare, Inc.*		1,736,577
	9,051	PerkinElmer, Inc.		1,625,650
	31,250	Pfizer, Inc.		1,466,875
	12,270	Quest Diagnostics, Inc.		1,610,683
	2,727	Regeneron Pharmaceuticals, Inc.*		1,686,268
	7,027	ResMed, Inc.		1,733,912
	12,021	Seagen, Inc.*		1,549,146
	7,348	STERIS PLC		1,763,520
	6,601	Stryker Corp.		1,738,373
	21,878	Teladoc Health, Inc.*		1,660,759
	5,430	Teleflex, Inc.		1,826,163
	2,766	Thermo Fisher Scientific, Inc.		1,504,704
	3,505	UnitedHealth Group, Inc.		1,667,924
	7,083	Veeva Systems, Inc., Class A*		1,622,361
	6,603	Vertex Pharmaceuticals, Inc.*		1,518,822
	111,526	Viatris, Inc.		1,227,901
	5,056	Waters Corp.*		1,601,387
	4,093	West Pharmaceutical Services, Inc.		1,584,319
	13,669	Zimmer Biomet Holdings, Inc.		1,738,560
	8,197	Zoetis, Inc.		1,587,349

				116,184,122

Industrials – 12.7%
	9,967	3M Co.		1,481,595
	11,957	AMETEK, Inc.		1,551,899
	8,124	Boeing Co. (The)*		1,668,182
	34,757	Carrier Global Corp.		1,559,894
	8,207	Caterpillar, Inc.		1,539,469
	4,248	Cintas Corp.		1,594,359
	12,740	Copart, Inc.*		1,565,491
	23,507	CoStar Group, Inc.*		1,434,162
	47,277	CSX Corp.		1,603,163
	7,419	Cummins, Inc.		1,514,366


Common Stocks – (continued)
Industrials – (continued)
	4,506	Deere & Co.		1,622,250
	41,628	Delta Air Lines, Inc.*		1,661,790
	9,743	Dover Corp.		1,528,287
	10,335	Eaton Corp. PLC		1,594,587
	17,161	Emerson Electric Co.		1,594,600
	6,783	Equifax, Inc.		1,481,000
	14,427	Expeditors International of Washington, Inc.		1,491,175
	29,211	Fastenal Co.		1,503,198
	6,613	FedEx Corp.		1,469,872
	23,260	Fortive Corp.		1,506,085
	17,730	Fortune Brands Home & Security, Inc.		1,540,737
	5,903	Generac Holdings, Inc.*		1,862,219
	7,811	General Dynamics Corp.		1,831,289
	17,147	General Electric Co.		1,637,710
	8,038	Honeywell International, Inc.		1,525,211
	7,939	IDEX Corp.		1,523,494
	7,062	Illinois Tool Works, Inc.		1,527,793
	29,186	Ingersoll Rand, Inc.		1,474,477
	12,742	Jacobs Engineering Group, Inc.		1,567,266
	8,656	J.B. Hunt Transport Services, Inc.		1,756,562
	23,010	Johnson Controls International PLC		1,494,730
	7,881	L3Harris Technologies, Inc.		1,988,455
	18,480	Leidos Holdings, Inc.		1,882,003
	4,304	Lockheed Martin Corp.		1,867,075
	43,346	Lyft, Inc., Class A*		1,687,893
	26,131	Masco Corp.		1,464,381
	5,987	Norfolk Southern Corp.		1,535,785
	4,506	Northrop Grumman Corp.		1,992,283
	5,170	Old Dominion Freight Line, Inc.		1,623,535
	19,825	Otis Worldwide Corp.		1,552,892
	17,439	PACCAR, Inc.		1,601,075
	5,203	Parker-Hannifin Corp.		1,542,117
	75,787	Plug Power, Inc.*		1,916,653
	16,145	Quanta Services, Inc.		1,758,836
	18,228	Raytheon Technologies Corp.		1,872,016
	13,028	Republic Services, Inc.		1,567,008
	5,628	Rockwell Automation, Inc.		1,500,312
	3,639	Roper Technologies, Inc.		1,631,073
	37,827	Southwest Airlines Co.*		1,656,823
	9,739	Stanley Black & Decker, Inc.		1,584,535
	23,981	Textron, Inc.		1,753,731
	9,936	Trane Technologies PLC		1,529,448
	2,679	TransDigm Group, Inc.*		1,785,795
	15,958	TransUnion		1,448,348
	44,486	Uber Technologies, Inc.*		1,602,831
	6,618	Union Pacific Corp.		1,627,697
	38,200	United Airlines Holdings, Inc.*		1,696,080
	7,195	United Parcel Service, Inc., Class B		1,513,972
	5,058	United Rentals, Inc.*		1,626,754
	8,328	Verisk Analytics, Inc.		1,476,888
	11,275	Waste Management, Inc.		1,628,110
	18,467	Westinghouse Air Brake Technologies Corp.		1,714,107
	3,324	W.W. Grainger, Inc.		1,585,747
	16,014	Xylem, Inc.		1,424,445

				103,345,615


20		The accompanying notes are an integral part of these financial statements.

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


Shares		Description	Value

Common Stocks – (continued)
Information Technology – 19.7%
	4,677	Accenture PLC, Class A	$	1,478,026
	3,119	Adobe, Inc.*		1,458,694
	27,419	Advanced Micro Devices, Inc.*		3,381,859
	27,235	Affirm Holdings, Inc.*		1,139,512
	14,467	Akamai Technologies, Inc.*		1,566,197
	20,847	Amphenol Corp., Class A		1,584,580
	9,983	Analog Devices, Inc.		1,600,175
	4,927	ANSYS, Inc.*		1,597,284
	9,546	Apple, Inc.		1,576,236
	12,045	Applied Materials, Inc.		1,616,439
	13,245	Arista Networks, Inc.*		1,625,559
	6,711	Autodesk, Inc.*		1,477,964
	8,036	Automatic Data Processing, Inc.		1,642,880
	8,646	Bill.com Holdings, Inc.*		2,056,711
	14,703	Block, Inc.*		1,874,633
	2,784	Broadcom, Inc.		1,635,433
	10,754	Broadridge Financial Solutions, Inc.		1,572,342
	10,963	Cadence Design Systems, Inc.*		1,660,127
	8,610	CDW Corp.		1,484,881
	21,544	Ceridian HCM Holding, Inc.*		1,570,773
	29,917	Cisco Systems, Inc.		1,668,471
	16,895	Cloudflare, Inc., Class A*		1,966,916
	24,970	Cognex Corp.		1,686,973
	19,032	Cognizant Technology Solutions Corp., Class A		1,639,226
	38,915	Corning, Inc.		1,572,166
	12,706	Coupa Software, Inc.*		1,537,553
	9,401	Crowdstrike Holdings, Inc., Class A*		1,835,169
	11,703	Datadog, Inc., Class A*		1,885,470
	28,005	Dell Technologies, Inc., Class C*		1,427,135
	13,660	DocuSign, Inc.*		1,617,754
	11,850	Enphase Energy, Inc.*		1,975,395
	12,623	Entegris, Inc.		1,647,049
	3,465	EPAM Systems, Inc.*		719,854
	13,852	Fidelity National Information Services, Inc.		1,319,126
	15,441	Fiserv, Inc.*		1,508,122
	6,846	FleetCor Technologies, Inc.*		1,603,333
	5,433	Fortinet, Inc.*		1,871,777
	5,581	Gartner, Inc.*		1,565,024
	11,026	Global Payments, Inc.		1,470,648
	97,860	Hewlett Packard Enterprise Co.		1,557,931
	43,790	HP, Inc.		1,504,624
	3,488	HubSpot, Inc.*		1,831,200
	33,954	Intel Corp.		1,619,606
	12,199	International Business Machines Corp.		1,494,500
	2,979	Intuit, Inc.		1,413,148
	9,688	Keysight Technologies, Inc.*		1,524,601
	4,286	KLA Corp.		1,493,671
	101,292	Kyndryl Holdings, Inc.*		1,606,491
	2,777	Lam Research Corp.		1,558,869
	22,920	Marvell Technology, Inc.		1,566,124
	4,196	Mastercard, Inc., Class A		1,514,001
	21,196	Microchip Technology, Inc.		1,490,715
	20,040	Micron Technology, Inc.		1,780,754
	5,339	Microsoft Corp.		1,595,240
	4,173	MongoDB, Inc.*		1,594,044


Common Stocks – (continued)
Information Technology – (continued)
	4,030	Monolithic Power Systems, Inc.		1,848,561
	7,052	Motorola Solutions, Inc.		1,554,472
	19,043	NetApp, Inc.		1,492,590
	30,035	Nuance Communications, Inc.*		1,667,543
	6,674	NVIDIA Corp.		1,627,455
	8,770	Okta, Inc.*		1,603,507
	27,837	ON Semiconductor Corp.*		1,742,875
	20,173	Oracle Corp.		1,532,543
	125,063	Palantir Technologies, Inc., Class A*		1,481,997
	3,262	Palo Alto Networks, Inc.*		1,938,444
	13,920	Paychex, Inc.		1,657,315
	5,083	Paycom Software, Inc.*		1,724,204
	12,696	PayPal Holdings, Inc.*		1,421,063
	14,433	PTC, Inc.*		1,606,104
	11,787	Qorvo, Inc.*		1,612,226
	8,999	QUALCOMM, Inc.		1,547,738
	9,913	RingCentral, Inc., Class A*		1,297,017
	7,309	salesforce.com, Inc.*		1,538,764
	15,309	Seagate Technology Holdings PLC		1,579,276
	2,869	ServiceNow, Inc.*		1,663,791
	11,321	Skyworks Solutions, Inc.		1,564,223
	6,153	Snowflake, Inc., Class A*		1,634,606
	13,764	Splunk, Inc.*		1,625,528
	20,561	SS&C Technologies Holdings, Inc.		1,541,458
	5,318	Synopsys, Inc.*		1,661,290
	11,277	TE Connectivity Ltd. (Switzerland)		1,606,183
	3,898	Teledyne Technologies, Inc.*		1,673,723
	14,348	Teradyne, Inc.		1,691,916
	8,960	Texas Instruments, Inc.		1,523,110
	23,563	Trade Desk, Inc. (The), Class A*		2,010,395
	22,805	Trimble, Inc.*		1,590,649
	8,258	Twilio, Inc., Class A*		1,443,498
	3,537	Tyler Technologies, Inc.*		1,514,756
	47,362	UiPath, Inc., Class A*		1,643,935
	16,496	Unity Software, Inc.*		1,755,999
	7,530	VeriSign, Inc.*		1,609,312
	7,082	Visa, Inc., Class A		1,530,562
	12,915	VMware, Inc., Class A		1,515,188
	31,810	Western Digital Corp.*		1,620,401
	6,804	Workday, Inc., Class A*		1,558,456
	3,227	Zebra Technologies Corp., Class A*		1,333,848
	16,716	Zendesk, Inc.*		1,950,256
	11,222	Zoom Video Communications, Inc., Class A*		1,488,037
	6,494	Zscaler, Inc.*		1,553,040

				160,040,839

Materials – 4.3%
	5,810	Air Products and Chemicals, Inc.		1,372,903
	7,450	Albemarle Corp.		1,459,380
	8,313	Avery Dennison Corp.		1,464,751
	17,294	Ball Corp.		1,551,964
	10,517	Celanese Corp.		1,464,808
	34,667	Corteva, Inc.		1,803,724
	14,253	Crown Holdings, Inc.		1,748,415
	26,771	Dow, Inc.		1,578,418
	21,139	DuPont de Nemours, Inc.		1,635,524
	13,741	Eastman Chemical Co.		1,627,896


The accompanying notes are an integral part of these financial statements.		21

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

Schedule of Investments (continued)

February 28, 2022 (Unaudited)


Shares		Description	Value

Common Stocks – (continued)
Materials – (continued)
	8,595	Ecolab, Inc.	$	1,514,955
	42,361	Freeport-McMoRan, Inc.		1,988,849
	278,764	Ginkgo Bioworks Holdings, Inc.*^(a)		1,254,438
	12,421	International Flavors & Fragrances, Inc.		1,651,993
	34,667	International Paper Co.		1,509,055
	16,626	LyondellBasell Industries NV, Class A		1,616,546
	4,275	Martin Marietta Materials, Inc.		1,621,935
	26,778	Newmont Corp.		1,772,704
	15,102	Nucor Corp.		1,987,725
	10,514	PPG Industries, Inc.		1,403,093
	5,645	Sherwin-Williams Co. (The)		1,485,369
	8,703	Vulcan Materials Co.		1,579,159

				35,093,604

Real Estate – 5.9%
	8,412	Alexandria Real Estate Equities, Inc. REIT		1,593,233
	6,555	American Tower Corp. REIT		1,487,133
	6,603	AvalonBay Communities, Inc. REIT		1,575,410
	14,269	Boston Properties, Inc. REIT		1,745,241
	10,125	Camden Property Trust REIT		1,671,739
	16,066	CBRE Group, Inc., Class A*		1,555,992
	9,002	Crown Castle International Corp. REIT		1,499,643
	11,111	Digital Realty Trust, Inc. REIT		1,499,096
	28,347	Duke Realty Corp. REIT		1,502,391
	2,309	Equinix, Inc. REIT		1,638,766
	17,982	Equity Residential REIT		1,533,865
	4,905	Essex Property Trust, Inc. REIT		1,555,719
	8,100	Extra Space Storage, Inc. REIT		1,524,015
	47,156	Healthpeak Properties, Inc. REIT		1,464,665
	38,851	Invitation Homes, Inc. REIT		1,468,568
	7,882	Mid-America Apartment Communities, Inc. REIT		1,612,736
	98,555	Orion Office REIT, Inc. REIT*		1,678,392
	10,537	Prologis, Inc. REIT		1,536,821
	4,529	Public Storage REIT		1,607,886
	23,860	Realty Income Corp. REIT		1,576,907
	5,116	SBA Communications Corp. REIT		1,552,143
	11,219	Simon Property Group, Inc. REIT		1,543,286
	8,663	Sun Communities, Inc. REIT		1,568,003
	28,747	UDR, Inc. REIT		1,577,348
	31,346	Ventas, Inc. REIT		1,692,684
	57,774	VICI Properties, Inc. REIT		1,615,361
	19,337	Welltower, Inc. REIT		1,610,579
	40,148	Weyerhaeuser Co. REIT		1,560,954
	21,268	W.P. Carey, Inc. REIT		1,646,143
	33,738	Zillow Group, Inc., Class C*		1,940,610

				47,635,329

Utilities – 5.0%
	75,473	AES Corp. (The)		1,602,292
	27,776	Alliant Energy Corp.		1,622,119
	18,779	Ameren Corp.		1,614,055
	18,512	American Electric Power Co., Inc.		1,678,113
	10,367	American Water Works Co., Inc.		1,566,350
	58,484	CenterPoint Energy, Inc.		1,599,537
	25,977	CMS Energy Corp.		1,662,788

	19,125	Consolidated Edison, Inc.		1,640,351
	20,520	Dominion Energy, Inc.		1,631,956
	13,876	DTE Energy Co.		1,687,183
	15,861	Duke Energy Corp.		1,592,603
	26,842	Edison International		1,702,320
	14,901	Entergy Corp.		1,567,734
	25,252	Evergy, Inc.		1,575,977
	18,704	Eversource Energy		1,529,987
	39,339	Exelon Corp.		1,674,268
	39,592	FirstEnergy Corp.		1,656,925
	21,427	NextEra Energy, Inc.		1,677,091
	135,695	PG&E Corp.*		1,542,852
	55,998	PPL Corp.		1,465,468
	24,701	Public Service Enterprise Group, Inc.		1,601,366
	12,023	Sempra Energy		1,733,957
	24,236	Southern Co. (The)		1,569,766
	17,255	WEC Energy Group, Inc.		1,568,134
	23,885	Xcel Energy, Inc.		1,608,177

				40,371,369

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $756,249,706)		$	810,539,429


Shares		Dividend Rate	Value

Securities Lending Reinvestment Vehicle – 0.3%^(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	2,439,078	0.026%	$	2,439,078
	(Cost $2,439,078)

	TOTAL INVESTMENTS – 100.0%
	(Cost $758,688,784)		$	812,978,507

	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.0%			116,882

	NET ASSETS – 100.0%		$	813,095,389



The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

*		Non-income producing security.

(a)		All or a portion of security is on loan.

(b)		Represents an affiliated issuer.



Investment Abbreviations:
PLC		—Public Limited Company
REIT		—Real Estate Investment Trust


22		The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS HEDGE INDUSTRY VIP ETF

Schedule of Investments

February 28, 2022 (Unaudited)


Shares		Description	Value

Common Stocks – 100.2%
Communication Services – 18.2%
	1,408	Alphabet, Inc., Class A*	$	3,803,205
	6,277	Charter Communications, Inc., Class A*		3,777,373
	136,865	Frontier Communications Parent, Inc.*		3,770,631
	25,099	Liberty Broadband Corp., Class C*		3,682,023
	17,528	Meta Platforms, Inc., Class A*		3,698,934
	9,622	Netflix, Inc.*		3,796,071
	29,541	Sea Ltd. ADR (Taiwan)*		4,301,170
	30,402	T-Mobile US, Inc.*		3,745,830
	25,295	Walt Disney Co. (The)*		3,755,296

				34,330,533

Consumer Discretionary – 15.5%
	31,298	Alibaba Group Holding Ltd. ADR (China)*		3,292,237
	1,230	Amazon.com, Inc.*		3,777,650
	69,340	Bath & Body Works, Inc.		3,700,676
	1,499	Booking Holdings, Inc.*		3,256,203
	46,975	Caesars Entertainment, Inc.*		3,954,825
	19,353	Expedia Group, Inc.*		3,795,317
	78,839	General Motors Co.*		3,683,358
	4,357	Tesla, Inc.*		3,792,463

				29,252,729

Energy – 2.3%
	32,644	Cheniere Energy, Inc.		4,338,388

Financials – 11.7%
	12,141	Berkshire Hathaway, Inc., Class B*		3,902,725
	43,490	Charles Schwab Corp. (The)		3,673,165
	57,415	Citigroup, Inc.		3,400,690
	10,045	S&P Global, Inc.		3,773,907
	65,960	Wells Fargo & Co.		3,520,285
	17,435	Willis Towers Watson PLC		3,875,801

				22,146,573

Health Care – 3.9%
	39,546	Horizon Therapeutics PLC*		3,605,409
	8,043	UnitedHealth Group, Inc.		3,827,422

				7,432,831

Industrials – 10.3%
	55,478	Builders FirstSource, Inc.*		4,128,673
	186,866	Hertz Global Holdings, Inc.*		3,797,117
	6,050	TransDigm Group, Inc.*		4,032,870
	110,315	Uber Technologies, Inc.*		3,974,649
	100,021	WillScot Mobile Mini Holdings Corp.*		3,553,746

				19,487,055

Information Technology – 32.2%
	22,595	Apple, Inc.		3,730,887
	14,596	Coherent, Inc.*		3,858,015
	38,981	Fiserv, Inc.*		3,807,274
	47,478	GoDaddy, Inc., Class A*		3,960,140
	10,198	Mastercard, Inc., Class A		3,679,642
	42,464	Micron Technology, Inc.		3,773,351
	12,935	Microsoft Corp.		3,864,849


Common Stocks – (continued)
Information Technology – (continued)
	69,064	Nuance Communications, Inc.*		3,834,433
	15,724	NVIDIA Corp.		3,834,297
	7,324	Palo Alto Networks, Inc.*		4,352,287
	18,487	salesforce.com, Inc.*		3,892,068
	6,584	ServiceNow, Inc.*		3,818,193
	4,503	Shopify, Inc., Class A (Canada)*		3,126,253
	16,934	Visa, Inc., Class A		3,659,776
	16,378	Workday, Inc., Class A*		3,751,381
	32,785	Zendesk, Inc.*		3,825,026

				60,767,872

Materials – 2.1%
	32,239	Crown Holdings, Inc.		3,954,758

Real Estate – 2.0%
	42,506	CyrusOne, Inc. REIT		3,840,417

Utilities – 2.0%
	338,281	PG&E Corp.*		3,846,255

	TOTAL INVESTMENTS – 100.2%
	(Cost $181,994,845)		$	189,397,411

	LIABILITIES IN EXCESS OF OTHER ASSETS – (0.2)%			(335,960	)

	NET ASSETS – 100.0%		$	189,061,451



The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

*		Non-income producing security.



Investment Abbreviations:
ADR		—American Depositary Receipt
PLC		—Public Limited Company
REIT		—Real Estate Investment Trust


The accompanying notes are an integral part of these financial statements.		23

GOLDMAN SACHS INNOVATE EQUITY ETF

Schedule of Investments

February 28, 2022 (Unaudited)


Shares		Description	Value

Common Stocks – 99.4%
Communication Services – 12.4%
	15,725	Activision Blizzard, Inc.	$	1,281,588
	2,911	AfreecaTV Co. Ltd. (South Korea)		337,016
	2,992	Alphabet, Inc., Class A*		8,081,811
	98,545	AMC Entertainment Holdings, Inc., Class A*^(a)		1,858,559
	16,731	Baidu, Inc. ADR (China)*		2,550,474
	21,082	Bilibili, Inc. ADR (China)*		666,402
	16,054	Bumble, Inc., Class A*		411,464
	34,179	Comcast Corp., Class A		1,598,210
	7,975	CTS Eventim AG & Co. KGaA (Germany)*		561,099
	9,447	Electronic Arts, Inc.		1,228,960
	54,673	Gree, Inc. (Japan)^(a)		447,637
	46,221	Hello Group, Inc. ADR (China)		440,486
	45,788	HUYA, Inc. ADR (China)*		240,387
	7,748	IDT Corp., Class B*		279,393
	108,425	iQIYI, Inc. ADR (China)*		448,880
	11,762	JOYY, Inc. ADR (China)		544,463
	103,004	Kuaishou Technology (China)*^(b)		1,180,492
	8,449	Live Nation Entertainment, Inc.*		1,020,808
	5,426	Madison Square Garden Entertainment Corp.*		425,181
	2,201	Madison Square Garden Sports Corp.*		380,773
	36,163	Meta Platforms, Inc., Class A*		7,631,478
	16,307	NetEase, Inc. ADR (China)		1,554,709
	4,643	Netflix, Inc.*		1,831,756
	70,748	Rightmove PLC (United Kingdom)		638,473
	17,121	ROBLOX Corp., Class A*		882,930
	7,582	Scout24 SE (Germany)^(b)		444,541
	10,039	Sea Ltd. ADR (Taiwan)*		1,461,678
	26,392	Snap, Inc., Class A*		1,054,096
	16,634	Sohu.com Ltd. ADR (China)*		305,068
	5,393	Spotify Technology SA*		842,333
	33,410	TELUS Corp. (Canada)		843,185
	50,392	Tencent Holdings Ltd. (China)		2,716,397
	105,409	Tencent Music Entertainment Group ADR (China)*		568,155
	13,021	TripAdvisor, Inc.*		331,254
	71,749	Turkcell Iletisim Hizmetleri AS ADR (Turkey)		253,991
	21,351	Twitter, Inc.*		759,028
	8,371	Ubisoft Entertainment SA (France)*		454,602
	56,763	VK Co. Ltd. GDR (Russia)*		41,664
	33,657	VTEX, Class A (Brazil)*		269,929
	17,586	Walt Disney Co. (The)*		2,610,818
	14,150	Warner Music Group Corp., Class A		512,513
	18,127	Weibo Corp. ADR (China)*		497,224
	10,219	World Wrestling Entertainment, Inc., Class A		605,578
	45,220	Yalla Group Ltd. ADR (United Arab Emirates)*^(a)		274,938
	86,306	Zynga, Inc., Class A*		783,658

				52,154,079

Consumer Discretionary – 16.5%
	20,191	2U, Inc.*		212,005
	3,505	adidas AG (Germany)		834,802


Common Stocks – (continued)
Consumer Discretionary – (continued)
	6,702	Airbnb, Inc., Class A*		1,015,286
	43,583	Alibaba Group Holding Ltd. ADR (China)*		4,584,496
	1,026,701	Alibaba Health Information Technology Ltd. (China)*		714,803
	2,720	Amazon.com, Inc.*		8,353,827
	62,141	ANTA Sports Products Ltd. (China)		945,591
	10,149	Aptiv PLC*		1,313,687
	109,948	Arrival SA (Luxembourg)*^(a)		383,719
	7,748	Bandai Namco Holdings, Inc. (Japan)		563,063
	19,374	Baozun, Inc. ADR (China)*		204,008
	410	Booking Holdings, Inc.*		890,622
	13,485	BorgWarner, Inc.		553,020
	69,512	Canoo, Inc.*^(a)		398,999
	14,385	Chegg, Inc.*		449,819
	9,297	Chewy, Inc., Class A*		438,261
	4,625	Columbia Sportswear Co.		428,830
	8,166	Continental AG (Germany)*		704,414
	15,860	Dana, Inc.		295,313
	6,480	Dick’s Sporting Goods, Inc.		680,400
	13,772	eBay, Inc.		751,813
	5,102	Etsy, Inc.*		790,249
	20,488	Everi Holdings, Inc.*		479,419
	3,394	Expedia Group, Inc.*		665,597
	20,314	Farfetch Ltd., Class A (United Kingdom)*		386,982
	97,949	Ford Motor Co.		1,719,984
	14,925	GameStop Corp., Class A*^(a)		1,840,849
	34,540	General Motors Co.*		1,613,709
	749	Graham Holdings Co., Class B		450,246
	7,915	Hyundai Motor Co. (South Korea)		1,152,015
	7,060	iRobot Corp.*		438,850
	229,957	JD Sports Fashion PLC (United Kingdom)		465,903
	17,488	JD.com, Inc. ADR (China)*		1,252,665
	2,563	JD.com, Inc., Class A (China)*		91,581
	25,543	Jumia Technologies AG ADR (Germany)*		240,360
	12,047	Just Eat Takeaway.com NV (United Kingdom)*^(b)		490,100
	505,618	Koolearn Technology Holding Ltd. (China)*^(a)(b)		315,781
	16,383	Las Vegas Sands Corp.*		702,175
	25,685	Li Auto, Inc. ADR (China)*		782,108
	67,148	Li Ning Co. Ltd. (China)		667,295
	2,952	Lululemon Athletica, Inc.*		944,463
	32,702	Luminar Technologies, Inc.*^(a)		458,809
	2,355	MercadoLibre, Inc. (Brazil)*		2,653,261
	20,010	MGM Resorts International		886,243
	244,430	New Oriental Education & Technology Group, Inc. ADR (China)*		369,089
	326,925	Nexteer Automotive Group Ltd. (China)		326,352
	11,556	NIKE, Inc., Class B		1,577,972
	52,807	NIO, Inc. ADR (China)*		1,206,112
	13,522	Overstock.com, Inc.*		769,402


24		The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS INNOVATE EQUITY ETF


Shares		Description	Value

Common Stocks – (continued)
Consumer Discretionary – (continued)
	24,828	Peloton Interactive, Inc., Class A*	$	721,502
	16,991	Pinduoduo, Inc. ADR (China)*		881,153
	6,046	Planet Fitness, Inc., Class A*		511,673
	52,220	Playtech PLC (United Kingdom)*		467,342
	73,889	Qurate Retail, Inc.Series A		407,128
	36,933	Sharp Corp. (Japan)^(a)		347,284
	10,636	Shoe Carnival, Inc.		310,146
	8,989	Skechers USA, Inc., Class A*		413,314
	15,390	Sony Group Corp. (Japan)		1,578,085
	9,766	Stride, Inc.*		327,942
	103,091	TAL Education Group ADR (China)*		292,778
	9,287	Tesla, Inc.*		8,083,683
	54,125	TI Fluid Systems PLC (China)^(b)		159,406
	123,063	Toyota Motor Corp. (Japan)		2,284,960
	110,631	TUI AG (Germany)*^(a)		357,442
	35,548	Under Armour, Inc., Class A*		635,954
	16,192	Veoneer, Inc. (Sweden)*		574,006
	30,144	XPeng, Inc. ADR (China)*		1,096,337
	27,238	Yamaha Motor Co. Ltd. (Japan)		609,204
	7,803	Zalando SE (Germany)*^(b)		522,179

				69,035,867

Consumer Staples – 0.6%
	8,049	Beyond Meat, Inc.*^(a)		376,532
	15,835	Walmart, Inc.		2,140,259

				2,516,791

Energy – 0.8%
	1,068,507	China Suntien Green Energy Corp. Ltd., Class H (China)		708,354
	11,960	Hyundai Heavy Industries Holdings Co. Ltd. (South Korea)		511,285
	35,515	NOV, Inc.		609,082
	31,328	TotalEnergies SE (France)		1,604,204

				3,432,925

Financials – 7.3%
	43,879	3i Group PLC (United Kingdom)		786,271
	2,851	Ameriprise Financial, Inc.		854,701
	18,168	Apollo Global Management, Inc.		1,185,644
	7,304	Ares Management Corp., Class A		592,281
	4,260	B. Riley Financial, Inc.		253,683
	2,313	BlackRock, Inc.		1,720,618
	12,173	Blackstone, Inc.		1,551,692
	12,928	Carlyle Group, Inc. (The)		605,935
	14,381	Charles Schwab Corp. (The)		1,214,619
	27,193	CI Financial Corp. (Canada)		444,873
	6,763	Coinbase Global, Inc., Class A*		1,290,178
	8,407	Discover Financial Services		1,037,760
	12,856	DWS Group GmbH & Co. KGaA (Germany)^(b)		472,184
	5,460	Eurazeo SE (France)		424,688
	3,934	Evercore, Inc., Class A		499,657
	16,656	flatexDEGIRO AG (Germany)*		347,595
	18,313	Galaxy Digital Holdings Ltd.*^(a)		238,667
	5,450	Goldman Sachs Group, Inc. (The)^(c)		1,860,030


Common Stocks – (continued)
Financials – (continued)
	13,942	Green Dot Corp., Class A*		399,438
	25,873	Hargreaves Lansdown PLC (United Kingdom)		393,843
	8,639	Interactive Brokers Group, Inc., Class A		571,729
	13,038	Intercontinental Exchange, Inc.		1,670,429
	25,364	Invesco Ltd.		538,731
	18,721	KKR & Co., Inc.		1,125,507
	12,175	Lazard Ltd., Class A		421,012
	50,584	Monex Group, Inc. (Japan)		227,502
	12,128	Morgan Stanley		1,100,495
	2,296	Morningstar, Inc.		644,372
	2,389	MSCI, Inc.		1,198,537
	5,862	Oppenheimer Holdings, Inc., Class A		253,180
	38,458	Owl Rock Capital Corp.		578,793
	25,117	Plus500 Ltd. (Israel)		470,294
	59,953	Robinhood Markets, Inc., Class A*^(a)		720,036
	4,438	S&P Global, Inc.		1,667,357
	129,380	TP ICAP Group PLC (United Kingdom)		208,141
	8,526	Tradeweb Markets, Inc., Class A		720,276
	47,462	Up Fintech Holding Ltd. ADR (China)*^(a)		214,054
	5,057	Upstart Holdings, Inc.*		798,955
	16,429	WealthNavi, Inc. (Japan)*		243,921
	68,161	WisdomTree Investments, Inc.		383,746
	18,693	XP, Inc., Class A (Brazil)*		604,532
	123,278	Zip Co. Ltd. (Australia)*^(a)		197,699

				30,733,655

Health Care – 19.7%
	6,946	10X Genomics, Inc., Class A*		565,891
	618,320	3SBio, Inc. (China)*^(b)		490,623
	21,063	Abbott Laboratories		2,540,619
	17,014	AbbVie, Inc.		2,514,159
	2,627	ABIOMED, Inc.*		816,314
	27,935	AdaptHealth Corp.*		486,907
	27,331	Adaptive Biotechnologies Corp.*		394,386
	8,764	Agilent Technologies, Inc.		1,142,475
	18,616	Allscripts Healthcare Solutions, Inc.*		362,267
	8,357	Amgen, Inc.		1,892,693
	20,348	AstraZeneca PLC (United Kingdom)		2,473,283
	153,893	Bionano Genomics, Inc.*^(a)		329,331
	8,937	BioNTech SE ADR (Germany)*		1,347,789
	2,692	Bio-Techne Corp.		1,129,052
	24,208	Boston Scientific Corp.*		1,069,267
	31,847	Bristol-Myers Squibb Co.		2,186,933
	26,077	Burning Rock Biotech Ltd. ADR (China)*		219,829
	10,585	Castle Biosciences, Inc.*		458,225
	10,443	Cerner Corp.		973,810
	7,389	CompuGroup Medical SE & Co. KgaA (Germany)		418,701
	12,175	CRISPR Therapeutics AG (Switzerland)*		747,180
	17,627	Cullinan Oncology, Inc.*		252,771
	26,211	CureVac NV (Germany)*^(a)		440,869
	3,327	Dexcom, Inc.*		1,377,079


The accompanying notes are an integral part of these financial statements.		25

GOLDMAN SACHS INNOVATE EQUITY ETF

Schedule of Investments (continued)

February 28, 2022 (Unaudited)


Shares		Description	Value

Common Stocks – (continued)
Health Care – (continued)
	23,021	Editas Medicine, Inc.*	$	394,119
	10,963	Edwards Lifesciences Corp.*		1,231,912
	10,601	Eli Lilly & Co.		2,649,720
	13,027	Exact Sciences Corp.*		1,016,888
	27,405	Exelixis, Inc.*		562,625
	7,627	Galapagos NV (Belgium)*		503,205
	6,436	Globus Medical, Inc., Class A*		452,579
	12,365	Guardant Health, Inc.*		819,429
	9,593	Horizon Therapeutics PLC*		874,594
	4,741	Illumina, Inc.*		1,548,411
	17,823	I-Mab ADR (China)*		440,585
	1,513,646	Imugene Ltd. (Australia)*		258,119
	4,077	Insulet Corp.*		1,079,141
	7,873	Intellia Therapeutics, Inc.*		778,246
	6,608	Intuitive Surgical, Inc.*		1,918,501
	32,326	Invitae Corp.*		348,798
	14,227	Ionis Pharmaceuticals, Inc.*		474,897
	3,580	iRhythm Technologies, Inc.*		462,787
	20,376	Johnson & Johnson		3,353,278
	34,791	Koninklijke Philips NV (Netherlands)		1,185,604
	19,985	Maravai LifeSciences Holdings, Inc., Class A*		780,814
	4,313	Masimo Corp.*		679,082
	23,404	Medtronic PLC		2,457,186
	31,219	Merck & Co., Inc.		2,390,751
	208,327	Mesoblast Ltd. (Australia)*^(a)		167,046
	1,944	Mezzion Pharma Co. Ltd. (South Korea)*		263,867
	11,245	Moderna, Inc.*		1,727,232
	11,903	Myriad Genetics, Inc.*		290,195
	15,185	NextGen Healthcare, Inc.*		296,563
	19,745	Novartis AG (Switzerland)		1,729,046
	18,321	Nurix Therapeutics, Inc.*		296,251
	6,370	NuVasive, Inc.*		344,744
	30,415	Ono Pharmaceutical Co. Ltd. (Japan)		746,412
	7,252	OptimizeRx Corp.*		328,443
	39,966	Pacific Biosciences of California, Inc.*		476,395
	57,993	Pfizer, Inc.		2,722,191
	19,760	PMV Pharmaceuticals, Inc.*		312,998
	16,352	Pulmonx Corp.*		429,404
	12,205	QIAGEN NV*		606,466
	2,771	Regeneron Pharmaceuticals, Inc.*		1,713,476
	18,332	Relay Therapeutics, Inc.*		441,985
	22,393	Repare Therapeutics, Inc. (Canada)*		359,855
	34,226	ResMed, Inc. CDI		829,526
	8,239	Roche Holding AG (Switzerland)		3,141,767
	48,471	Sana Biotechnology, Inc.*		313,123
	56,319	Sangamo Therapeutics, Inc.*		329,466
	20,185	Sanofi (France)		2,119,133
	6,490	Sarepta Therapeutics, Inc.*		497,199
	6,516	Seegene, Inc. (South Korea)		278,015
	136,280	Senseonics Holdings, Inc.*^(a)		245,304
	110,406	Sharecare, Inc.*		336,738
	10,765	SI-BONE, Inc.*		237,476
	50,640	Smith & Nephew PLC (United Kingdom)		908,441
	113,248	Sorrento Therapeutics, Inc.*^(a)		286,517


Common Stocks – (continued)
Health Care – (continued)
	6,953	Stryker Corp.		1,831,073
	23,146	Takara Bio, Inc. (Japan)		480,504
	6,694	Tandem Diabetes Care, Inc.*		753,945
	9,000	Teladoc Health, Inc.*		683,190
	17,634	Tenaya Therapeutics, Inc.*^(a)		205,612
	29,509	Theravance Biopharma, Inc.*^(a)		297,156
	2,631	Thermo Fisher Scientific, Inc.		1,431,264
	10,305	Ultragenyx Pharmaceutical, Inc.*		693,733
	7,169	Vertex Pharmaceuticals, Inc.*		1,649,013
	49,255	Vicarious Surgical, Inc.*^(a)		303,903
	58,608	Well Health Technologies Corp. (Canada)*		209,323

				82,605,714

Industrials – 6.3%
	49,989	ABB Ltd. (Switzerland)		1,697,267
	8,635	AeroVironment, Inc.*		613,517
	3,980	Alfen Beheer BV (Netherlands)*^(b)		388,025
	3,610	ASGN, Inc.*		399,952
	9,016	Barnes Group, Inc.		418,793
	17,741	Blink Charging Co.*^(a)		436,074
	5,960	Booz Allen Hamilton Holding Corp.		480,912
	1,860	CACI International, Inc., Class A*		520,409
	7,546	Daihen Corp. (Japan)		282,054
	101,597	Desktop Metal, Inc., Class A*^(a)		422,643
	15,759	EHang Holdings Ltd. ADR (China)*^(a)		234,179
	1,709	Energiekontor AG (Germany)		131,489
	7,045	FANUC Corp. (Japan)		1,294,005
	20,403	General Electric Co.		1,948,691
	568,208	Ideanomics, Inc.*^(a)		596,618
	22,680	Kawasaki Heavy Industries Ltd. (Japan)		418,647
	29,948	Kratos Defense & Security Solutions, Inc.*		626,512
	5,833	Leidos Holdings, Inc.		594,033
	9,030	LIG Nex1 Co. Ltd. (South Korea)		511,451
	17,413	Lyft, Inc., Class A*		678,062
	62,565	Mitsubishi Electric Corp. (Japan)		750,454
	7,441	Moog, Inc., Class A		618,421
	12,440	Nabtesco Corp. (Japan)		341,310
	16,568	Nidec Corp. (Japan)		1,421,676
	65,707	Nikola Corp.*^(a)		519,085
	35,401	Nordex SE (Germany)*^(a)		632,620
	12,545	Parsons Corp.*		434,810
	9,318	Proto Labs, Inc.*		523,951
	8,376	Shibaura Machine Co. Ltd. (Japan)		222,536
	9,967	Siemens AG (Germany)		1,417,951
	43,907	Siemens Energy AG (Germany)		1,056,850
	18,625	Sunrun, Inc.*		508,090
	10,532	Textron, Inc.		770,205
	6,389	Thales SA (France)		738,424
	27,216	Uber Technologies, Inc.*		980,592
	4,531	Verisk Analytics, Inc.		803,528
	39,709	Virgin Galactic Holdings, Inc.*^(a)		384,383
	453,907	Xinjiang Goldwind Science & Technology Co. Ltd., Class H (China)^(a)		740,082
	154,862	Xinte Energy Co. Ltd., Class H (China)		327,415
	18,464	Yaskawa Electric Corp. (Japan) ^(a)		732,628

				26,618,344


26		The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS INNOVATE EQUITY ETF


Shares		Description	Value

Common Stocks – (continued)
Information Technology – 33.8%
	28,162	3D Systems Corp.*	$	501,847
	17,487	ACI Worldwide, Inc.*		586,164
	3,615	Adobe, Inc.*		1,690,663
	14,213	Advanced Micro Devices, Inc.*		1,753,031
	678	Adyen NV (Netherlands)*^(b)		1,419,796
	12,517	Affirm Holdings, Inc.*		523,711
	32,436	Agora, Inc. ADR (China)*		391,827
	4,576	Akamai Technologies, Inc.*		495,398
	29,392	Alkami Technology, Inc.*		463,218
	6,994	Alliance Data Systems Corp.		471,745
	7,820	Altair Engineering, Inc., Class A*		519,404
	5,530	Ambarella, Inc.*		772,596
	8,871	Amphenol Corp., Class A		674,285
	49,735	Apple, Inc.		8,212,243
	7,480	Arista Networks, Inc.*		918,020
	2,987	Atlassian Corp. PLC, Class A*		913,186
	14,055	Atos SE (France)		504,223
	5,096	Autodesk, Inc.*		1,122,292
	68,396	Avast PLC ^(b)		576,869
	5,482	Azenta, Inc.		479,785
	6,949	Belden, Inc.		391,576
	24,457	Bentley Systems, Inc., Class B		938,904
	16,438	BigCommerce Holdings, Inc. Series 1*		425,744
	55,627	Bitfarms Ltd. (Canada)*		210,956
	79,031	BlackBerry Ltd. (Canada)*		542,943
	23,200	Block, Inc.*		2,958,000
	287,578	BrainChip Holdings Ltd. (Australia)*		250,417
	2,570	Broadcom, Inc.		1,509,721
	15,760	C3.ai, Inc., Class A*		353,339
	50,600	Canaan, Inc. ADR (China)*^(a)		266,662
	12,427	Canadian Solar, Inc. (Canada)*		393,439
	23,733	Cantaloupe, Inc.*		184,405
	9,389	CEVA, Inc.*		382,790
	7,282	Ciena Corp.*		498,234
	39,767	Cisco Systems, Inc.		2,217,806
	10,861	Cognex Corp.		733,769
	35,838	Converge Technology Solutions Corp. (Canada)*		267,015
	16,032	Corning, Inc.		647,693
	6,663	Crowdstrike Holdings, Inc., Class A*		1,300,684
	3,973	CyberArk Software Ltd.*		675,966
	24,908	Dassault Systemes SE (France)		1,216,706
	13,050	Digi International, Inc.*		262,044
	9,279	Digital Garage, Inc. (Japan)		321,049
	14,183	Dlocal Ltd. (Uruguay)*		463,075
	6,186	DocuSign, Inc.*		732,608
	15,417	Edenred (France)		708,067
	4,918	Envestnet, Inc.*		367,965
	4,999	Euronet Worldwide, Inc.*		641,022
	8,536	EVERTEC, Inc. (Puerto Rico)		344,513
	30,614	Extreme Networks, Inc.*		351,755
	1,089	Fair Isaac Corp.*		513,126
	4,727	FARO Technologies, Inc.*		258,756
	9,146	Fidelity National Information Services, Inc.		870,974
	6,448	First Solar, Inc.*		485,470
	14,838	Fiserv, Inc.*		1,449,227


Common Stocks – (continued)
Information Technology – (continued)
	3,902	FleetCor Technologies, Inc.*		913,848
	4,038	Fortinet, Inc.*		1,391,172
	7,763	Global Payments, Inc.		1,035,429
	4,240	Guidewire Software, Inc.*		373,756
	56,309	Hewlett Packard Enterprise Co.		896,439
	155,658	Hive Blockchain Technologies Ltd. (Canada)*^(a)		319,084
	25,538	HP, Inc.		877,486
	48,421	Hut 8 Mining Corp. (Canada)*		296,249
	39,736	indie Semiconductor, Inc., Class A (China)*		311,928
	32,559	Infineon Technologies AG (Germany)		1,124,353
	33,373	Infinera Corp.*		308,033
	19,806	Infocom Corp. (Japan)		346,164
	84,680	Innoviz Technologies Ltd. (Israel)*^(a)		338,720
	83,253	Intel Corp.		3,971,168
	6,548	InterDigital, Inc.		421,822
	20,566	International Business Machines Corp.		2,519,541
	2,225	Intuit, Inc.		1,055,473
	2,530	IPG Photonics Corp.*		329,786
	3,763	Jack Henry & Associates, Inc.		665,298
	19,821	Juniper Networks, Inc.		669,752
	16,745	Kainos Group PLC (United Kingdom)		338,587
	2,848	Keyence Corp. (Japan)		1,329,850
	6,271	Keysight Technologies, Inc.*		986,867
	112,814	Learning Technologies Group PLC (United Kingdom)		267,014
	20,014	Marathon Digital Holdings, Inc.*^(a)		507,355
	16,083	Marvell Technology, Inc.		1,098,951
	7,786	Mastercard, Inc., Class A		2,809,345
	18,284	Materialise NV ADR (Belgium)*		378,296
	6,886	MaxLinear, Inc.*		422,456
	18,096	McAfee Corp., Class A		470,315
	17,547	Micron Technology, Inc.		1,559,226
	28,025	Microsoft Corp.		8,373,590
	1,060	MicroStrategy, Inc., Class A*		469,580
	5,498	Mimecast Ltd.*		437,256
	6,481	Nemetschek SE (Germany)		578,281
	10,996	NETGEAR, Inc.*		292,604
	11,523	NetScout Systems, Inc.*		358,711
	594,683	Newborn Town, Inc. (China)*		332,591
	2,631	Nice Ltd. ADR (Israel)*		595,264
	194,024	Nokia OYJ ADR (Finland)*		1,038,028
	3,395	Northern Data AG (Germany)*^(a)		200,959
	21,504	NortonLifeLock, Inc.		623,186
	2,910	Novanta, Inc.*		397,593
	35,255	NVIDIA Corp.		8,596,932
	3,626	NXP Semiconductors NV (China)		689,375
	5,005	Okta, Inc.*		915,114
	13,429	OneSpan, Inc.*		185,052
	10,759	Open Text Corp. (Canada)		468,017
	15,880	Oracle Corp.		1,206,404
	4,984	OSI Systems, Inc.*		402,059
	29,031	Pagseguro Digital Ltd., Class A (Brazil)*		462,754
	2,167	Palo Alto Networks, Inc.*		1,287,740
	214,917	PAX Global Technology Ltd. (Hong Kong)		160,080


The accompanying notes are an integral part of these financial statements.		27

GOLDMAN SACHS INNOVATE EQUITY ETF

Schedule of Investments (continued)

February 28, 2022 (Unaudited)


Shares		Description	Value

Common Stocks – (continued)
Information Technology – (continued)
	17,580	PayPal Holdings, Inc.*	$	1,967,729
	153,571	Paysafe Ltd.*		489,891
	18,616	Ping Identity Holding Corp.*		391,681
	4,150	PTC, Inc.*		461,812
	8,697	Q2 Holdings, Inc.*		565,740
	3,673	Qorvo, Inc.*		502,393
	11,726	QUALCOMM, Inc.		2,016,755
	956,365	Razer, Inc.*^(b)		309,662
	23,396	Repay Holdings Corp.*		404,049
	28,647	Riot Blockchain, Inc.*^(a)		493,588
	11,091	S&T AG (Austria)^(a)		175,400
	34,224	Sabre Corp.*		374,068
	8,565	salesforce.com, Inc.*		1,803,189
	10,487	SAP SE (Germany)		1,193,449
	32,238	Seiko Epson Corp. (Japan)		493,472
	7,896	Semtech Corp.*		547,824
	11,906	SentinelOne, Inc., Class A*		494,099
	2,127	ServiceNow, Inc.*		1,233,490
	8,488	Shift4 Payments, Inc., Class A*		446,893
	2,021	Shopify, Inc., Class A (Canada)*		1,403,099
	10,538	Sierra Wireless, Inc. (Canada)*		199,063
	3,597	Silicon Laboratories, Inc.*		552,895
	6,822	Skyworks Solutions, Inc.		942,596
	12,188	Software AG (Germany)		463,803
	23,484	SolarWinds Corp.		318,208
	7,865	Splunk, Inc.*		928,857
	5,640	Sprout Social, Inc., Class A*		367,220
	12,746	SS&C Technologies Holdings, Inc.		955,568
	26,695	STMicroelectronics NV (Singapore)		1,137,587
	31,951	StoneCo Ltd., Class A (Brazil)*		359,129
	19,623	Stratasys Ltd.*		492,145
	21,003	SunPower Corp.*		376,584
	2,701	Synaptics, Inc.*		616,989
	22,121	Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Taiwan)		2,367,168
	11,498	TaskUS, Inc., Class A (Philippines)*		330,223
	24,857	Telos Corp.*		283,867
	56,601	TELUS International CDA, Inc. (Philippines)*		1,389,555
	7,708	Tenable Holdings, Inc.*		426,715
	14,340	Teradyne, Inc.		1,690,973
	34,277	TomTom NV (Netherlands)*		287,017
	736,613	Truly International Holdings Ltd. (Hong Kong)		254,534
	71,921	Tuya, Inc. ADR (China)*		388,373
	173,162	Tyro Payments Ltd. (Australia)*		192,880
	25,270	UiPath, Inc., Class A*		877,122
	106,951	Velodyne Lidar, Inc.*^(a)		394,649
	16,055	Veritone, Inc.*		270,366
	7,745	Viasat, Inc.*		353,482
	13,172	Visa, Inc., Class A		2,846,733
	7,489	VMware, Inc., Class A		878,609
	6,338	Yokowo Co. Ltd. (Japan)		150,010
	27,332	Zeta Global Holdings Corp., Class A*^(a)		355,589


Common Stocks – (continued)
Information Technology – (continued)
	3,322	Zscaler, Inc.*		794,456

				141,542,904

Materials – 0.0%
	2,591	UFP Technologies, Inc.*		179,142

Real Estate – 0.6%
	6,273	Digital Realty Trust, Inc. REIT		846,353
	1,325	Equinix, Inc. REIT		940,392
	11,453	Zillow Group, Inc., Class A*		655,914

				2,442,659

Utilities – 1.4%
	10,794	Atlantica Sustainable Infrastructure PLC (Spain)		364,298
	20,543	Avangrid, Inc.		921,764
	826,174	Beijing Jingneng Clean Energy Co. Ltd., Class H (China)		251,647
	21,084	Brookfield Renewable Corp., Class A^(a)		787,909
	26,021	Brookfield Renewable Partners LP (Canada)		934,692
	12,272	Dominion Energy, Inc.		975,992
	1,645,228	Huaneng Power International, Inc., Class H (China)		962,245
	32,186	Innergex Renewable Energy, Inc. (Canada)		467,685

				5,666,232

	TOTAL COMMON STOCKS
	(Cost $419,374,638)		$	416,928,312



Closed-End-Fund – 0.1%
	188,631	Greencoat UK Wind PLC/Funds
	(Cost $337,953)		$	374,076

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $419,712,591)		$	417,302,388


Shares		Dividend Rate	Value

Securities Lending Reinvestment Vehicle – 3.2%^(c)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	13,362,374	0.026%	$	13,362,374
	(Cost $13,362,374)

	TOTAL INVESTMENTS – 102.7%
	(Cost $433,074,965)		$	430,664,762

	LIABILITIES IN EXCESS OF OTHER ASSETS – (2.7)%			(11,452,928	)

	NET ASSETS – 100.0%		$	419,211,834


28		The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS INNOVATE EQUITY ETF



The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

*		Non-income producing security.

(a)		All or a portion of security is on loan.

(b)		Exempt from registration under Rule 144A of the Securities Act of 1933.

(c)		Represents an affiliated issuer.



Investment Abbreviations:
ADR		—American Depositary Receipt
GDR		—Global Depositary Receipt
LP		—Limited Partnership
PLC		—Public Limited Company
REIT		—Real Estate Investment Trust


The accompanying notes are an integral part of these financial statements.		29

GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF

Schedule of Investments

February 28, 2022 (Unaudited)


Shares		Description	Value

Common Stocks – 99.8%
Communication Services – 8.4%
	2,344	Alphabet, Inc., Class A*	$	6,331,472
	2,186	Alphabet, Inc., Class C*		5,897,435
	65,555	AT&T, Inc.		1,552,998
	1,149	Charter Communications, Inc., Class A*		691,445
	2,735	Electronic Arts, Inc.		355,796
	3,069	Fox Corp., Class A		128,376
	1,445	Fox Corp., Class B		55,286
	3,773	Interpublic Group of Cos., Inc. (The)		138,846
	214	Liberty Broadband Corp., Class A*		30,989
	1,291	Liberty Broadband Corp., Class C*		189,390
	229	Liberty Media Corp.-Liberty Formula One, Class A*		12,861
	1,910	Liberty Media Corp.-Liberty Formula One, Class C*		115,994
	894	Liberty Media Corp.-Liberty SiriusXM, Class A*		45,022
	1,540	Liberty Media Corp.-Liberty SiriusXM, Class C*		77,493
	9,349	Lumen Technologies, Inc.		96,856
	4,166	Netflix, Inc.*		1,643,570
	77	Paramount Global, Class A		2,622
	5,616	Paramount Global, Class B		171,906
	4,380	Pinterest, Inc., Class A*		117,165
	5,407	T-Mobile US, Inc.*		666,196
	6,080	Twitter, Inc.*		216,144
	38,028	Verizon Communications, Inc.		2,040,963
	17,503	Walt Disney Co. (The)*		2,598,495
	9,615	Zynga, Inc., Class A*		87,304

				23,264,624

Consumer Discretionary – 11.3%
	604	Advance Auto Parts, Inc.		123,506
	4,186	Amazon.com, Inc.*		12,856,294
	2,601	Aptiv PLC*		336,673
	2,209	Aramark		81,645
	2,364	Best Buy Co., Inc.		228,457
	394	Booking Holdings, Inc.*		855,866
	2,306	BorgWarner, Inc.		94,569
	692	Brunswick Corp.		66,100
	1,963	Caesars Entertainment, Inc.*		165,265
	1,571	CarMax, Inc.*		171,757
	8,206	Carnival Corp.*		166,828
	1,376	Chegg, Inc.*		43,028
	273	Chipotle Mexican Grill, Inc.*		415,875
	1,252	Darden Restaurants, Inc.		181,815
	263	Deckers Outdoor Corp.*		75,912
	603	Dick’s Sporting Goods, Inc.		63,315
	6,030	eBay, Inc.		329,178
	1,220	Etsy, Inc.*		188,966
	1,397	Expedia Group, Inc.*		273,966
	37,717	Ford Motor Co.		662,311
	1,938	Gap, Inc. (The)		28,198
	1,457	Garmin Ltd.		160,911
	13,252	General Motors Co.*		619,133
	381	Grand Canyon Education, Inc.*		33,082


Common Stocks – (continued)
Consumer Discretionary – (continued)
	1,473	Harley-Davidson, Inc.		60,835
	1,232	Hasbro, Inc.		119,566
	2,639	Hilton Worldwide Holdings, Inc.*		392,842
	10,252	Home Depot, Inc. (The)		3,237,889
	1,438	Kohl’s Corp.		79,982
	3,185	Las Vegas Sands Corp.*		136,509
	577	Lear Corp.		90,785
	6,681	Lowe’s Cos., Inc.		1,476,902
	1,097	Lululemon Athletica, Inc.*		350,974
	400	Marriott Vacations Worldwide Corp.		64,268
	3,357	Mattel, Inc.*		83,858
	3,756	MGM Resorts International		166,353
	11,946	NIKE, Inc., Class B		1,631,226
	1,064	Nordstrom, Inc.*^(a)		22,067
	3,555	Norwegian Cruise Line Holdings Ltd.*		69,287
	532	Petco Health & Wellness Co., Inc., Class A*		9,321
	2,430	PulteGroup, Inc.		120,674
	684	PVH Corp.		66,957
	3,488	Qurate Retail, Inc.Series A		19,219
	462	Ralph Lauren Corp.		61,002
	3,373	Ross Stores, Inc.		308,258
	2,111	Royal Caribbean Cruises Ltd.*		170,400
	1,546	Service Corp. International		94,074
	11,363	Starbucks Corp.		1,043,010
	2,686	Tapestry, Inc.		109,857
	4,703	Target Corp.		939,518
	1,820	Tempur Sealy International, Inc.		60,078
	513	Thor Industries, Inc.		46,427
	11,626	TJX Cos., Inc. (The)		768,479
	1,093	Tractor Supply Co.		222,742
	818	Travel + Leisure Co.		45,849
	1,813	Under Armour, Inc., Class A*		32,435
	1,967	Under Armour, Inc., Class C*		30,744
	3,121	VF Corp.		181,080
	571	Whirlpool Corp.		114,925
	712	Williams-Sonoma, Inc.		103,140
	883	Wyndham Hotels & Resorts, Inc.		76,300
	1,019	Wynn Resorts Ltd.*		88,164
	2,827	Yum! Brands, Inc.		346,534

				31,265,180

Consumer Staples – 5.9%
	5,889	Archer-Daniels-Midland Co.		461,992
	1,452	Bunge Ltd.		151,807
	2,065	Campbell Soup Co.		92,863
	1,298	Clorox Co. (The)		189,235
	8,839	Colgate-Palmolive Co.		680,161
	4,955	Conagra Brands, Inc.		173,276
	4,262	Costco Wholesale Corp.		2,213,044
	6,461	General Mills, Inc.		435,665
	963	Hain Celestial Group, Inc. (The)*		35,015
	1,549	Hershey Co. (The)		313,301
	2,992	Hormel Foods Corp.		142,539
	709	Ingredion, Inc.		62,917


30		The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF


Shares		Description	Value

Common Stocks – (continued)
Consumer Staples – (continued)
	2,662	Kellogg Co.	$	170,208
	7,394	Keurig Dr Pepper, Inc.		285,926
	3,567	Kimberly-Clark Corp.		464,245
	7,821	Kroger Co. (The)		366,023
	2,640	McCormick & Co., Inc.		251,249
	1,889	Molson Coors Beverage Co., Class B		98,568
	14,766	Mondelez International, Inc., Class A		966,878
	14,631	PepsiCo, Inc.		2,395,680
	25,487	Procter & Gamble Co. (The)		3,973,168
	5,412	Sysco Corp.		471,385
	2,335	US Foods Holding Corp.*		91,275
	13,833	Walmart, Inc.		1,869,668

				16,356,088

Energy – 3.7%
	6,711	Baker Hughes Co.		197,169
	2,132	Cheniere Energy, Inc.		283,343
	17,634	Chevron Corp.		2,539,296
	12,025	ConocoPhillips		1,140,692
	6,140	Devon Energy Corp.		365,637
	2,772	EQT Corp.		64,144
	38,601	Exxon Mobil Corp.		3,027,090
	2,524	Hess Corp.		255,075
	17,730	Kinder Morgan, Inc.		308,502
	5,602	Marathon Petroleum Corp.		436,228
	7,698	Occidental Petroleum Corp.		336,634
	4,040	ONEOK, Inc.		263,812
	3,990	Phillips 66		336,118
	3,718	Valero Energy Corp.		310,490
	11,072	Williams Cos., Inc. (The)		346,332

				10,210,562

Financials – 11.4%
	380	Affiliated Managers Group, Inc.		52,577
	6,152	Aflac, Inc.		375,826
	126	Alleghany Corp.*		83,402
	2,690	Allstate Corp. (The)		329,148
	3,260	Ally Financial, Inc.		162,674
	5,659	American Express Co.		1,100,902
	1,053	Ameriprise Financial, Inc.		315,679
	2,059	Aon PLC, Class A		601,516
	3,499	Arch Capital Group Ltd.*		164,838
	534	Assurant, Inc.		90,625
	636	Assured Guaranty Ltd.		39,413
	728	Axis Capital Holdings Ltd.		39,763
	67,841	Bank of America Corp.		2,998,572
	7,119	Bank of New York Mellon Corp. (The)		378,375
	1,137	Bank OZK		53,462
	1,348	BlackRock, Inc.		1,002,764
	746	Brighthouse Financial, Inc.*		38,986
	3,807	Capital One Financial Corp.		583,499
	1,002	Cboe Global Markets, Inc.		117,525
	14,169	Charles Schwab Corp. (The)		1,196,714
	18,687	Citigroup, Inc.		1,106,831
	3,999	Citizens Financial Group, Inc.		209,628
	1,233	Comerica, Inc.		117,739


Common Stocks – (continued)
Financials – (continued)
	1,051	Commerce Bancshares, Inc.		75,441
	2,758	Discover Financial Services		340,447
	3,408	Equitable Holdings, Inc.		111,305
	357	FactSet Research Systems, Inc.		144,974
	6,411	Fifth Third Bancorp		306,702
	1,003	First American Financial Corp.		67,241
	1,678	First Republic Bank		290,730
	3,089	Goldman Sachs Group, Inc. (The)^(b)		1,054,245
	336	Hanover Insurance Group, Inc. (The)		46,875
	3,198	Hartford Financial Services Group, Inc. (The)		222,197
	13,513	Huntington Bancshares, Inc.		209,722
	5,238	Intercontinental Exchange, Inc.		671,092
	3,138	Invesco Ltd.		66,651
	1,590	Janus Henderson Group PLC		53,376
	2,060	Jefferies Financial Group, Inc.		73,212
	27,657	JPMorgan Chase & Co.		3,921,763
	8,734	KeyCorp		218,961
	939	Lazard Ltd., Class A		32,471
	1,694	Lincoln National Corp.		114,209
	748	LPL Financial Holdings, Inc.		135,351
	4,783	Marsh & McLennan Cos., Inc.		743,326
	6,703	MetLife, Inc.		452,788
	3,048	MGIC Investment Corp.		46,269
	1,530	Moody’s Corp.		492,706
	12,613	Morgan Stanley		1,144,504
	219	Morningstar, Inc.		61,462
	753	MSCI, Inc.		377,773
	1,094	Nasdaq, Inc.		187,238
	1,090	PacWest Bancorp		53,868
	3,997	PNC Financial Services Group, Inc. (The)		796,402
	2,464	Principal Financial Group, Inc.		174,057
	5,584	Progressive Corp. (The)		591,513
	3,560	Prudential Financial, Inc.		397,510
	9,044	Regions Financial Corp.		218,774
	640	Reinsurance Group of America, Inc.		70,950
	3,221	S&P Global, Inc.		1,210,130
	532	SVB Financial Group*		322,392
	4,913	Synchrony Financial		210,178
	2,120	T. Rowe Price Group, Inc.		306,467
	2,313	Travelers Cos., Inc. (The)		397,443
	12,650	Truist Financial Corp.		787,083
	2,033	Umpqua Holdings Corp.		43,404
	1,917	Unum Group		53,523
	12,642	US Bancorp		714,779
	1,038	Voya Financial, Inc.		69,909
	848	Webster Financial Corp.		51,058
	37,675	Wells Fargo & Co.		2,010,715
	1,170	Willis Towers Watson PLC		260,091

				31,563,735

Health Care – 13.3%
	641	10X Genomics, Inc., Class A*		52,222
	13,155	Abbott Laboratories		1,586,756
	13,379	AbbVie, Inc.		1,977,015
	2,302	Agilent Technologies, Inc.		300,089


The accompanying notes are an integral part of these financial statements.		31

GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF

Schedule of Investments (continued)

February 28, 2022 (Unaudited)


Shares		Description	Value

Common Stocks – (continued)
Health Care – (continued)
	594	Align Technology, Inc.*	$	303,807
	897	Alnylam Pharmaceuticals, Inc.*		141,591
	1,571	AmerisourceBergen Corp.		223,915
	4,299	Amgen, Inc.		973,638
	1,857	Anthem, Inc.		839,085
	3,807	Baxter International, Inc.		323,481
	2,160	Becton Dickinson and Co.		585,965
	1,105	Biogen, Inc.*		233,166
	1,381	BioMarin Pharmaceutical, Inc.*		107,884
	10,740	Boston Scientific Corp.*		474,386
	16,916	Bristol-Myers Squibb Co.		1,161,622
	2,133	Cardinal Health, Inc.		115,203
	1,285	Catalent, Inc.*		131,121
	4,379	Centene Corp.*		361,793
	2,238	Cerner Corp.		208,693
	1,948	Change Healthcare, Inc.*		41,726
	2,464	Cigna Corp.		585,890
	13,937	CVS Health Corp.		1,444,570
	4,800	Danaher Corp.		1,317,168
	1,642	DENTSPLY SIRONA, Inc.		88,898
	4,680	Edwards Lifesciences Corp.*		525,892
	6,417	Eli Lilly & Co.		1,603,929
	2,339	Exelixis, Inc.*		48,020
	9,506	Gilead Sciences, Inc.		574,162
	1,855	HCA Healthcare, Inc.		464,325
	1,050	Henry Schein, Inc.*		90,699
	1,899	Hologic, Inc.*		135,152
	1,649	Horizon Therapeutics PLC*		150,339
	979	Humana, Inc.		425,199
	642	IDEXX Laboratories, Inc.*		341,769
	1,103	Illumina, Inc.*		360,240
	2,682	Intuitive Surgical, Inc.*		778,665
	1,442	IQVIA Holdings, Inc.*		331,833
	19,951	Johnson & Johnson		3,283,336
	729	Laboratory Corp. of America Holdings*		197,749
	10,168	Medtronic PLC		1,067,538
	19,185	Merck & Co., Inc.		1,469,187
	203	Mettler-Toledo International, Inc.*		285,974
	2,564	Moderna, Inc.*		393,830
	42,275	Pfizer, Inc.		1,984,388
	921	Quest Diagnostics, Inc.		120,900
	757	Regeneron Pharmaceuticals, Inc.*		468,099
	1,088	ResMed, Inc.		268,464
	388	Sage Therapeutics, Inc.*		14,112
	1,011	Seagen, Inc.*		130,288
	2,640	Stryker Corp.		695,244
	1,137	Teladoc Health, Inc.*		86,310
	2,976	Thermo Fisher Scientific, Inc.		1,618,944
	7,122	UnitedHealth Group, Inc.		3,389,146
	1,037	Veeva Systems, Inc., Class A*		237,525
	1,927	Vertex Pharmaceuticals, Inc.*		443,249
	544	Waters Corp.*		172,301
	555	West Pharmaceutical Services, Inc.		214,829
	1,580	Zimmer Biomet Holdings, Inc.		200,960
	3,593	Zoetis, Inc.		695,784

				36,848,065


Common Stocks – (continued)
Industrials – 7.9%
	5,211	3M Co.		774,615
	1,227	AECOM		89,154
	1,176	Alaska Air Group, Inc.*		66,021
	6,149	American Airlines Group, Inc.*		106,070
	4,821	Boeing Co. (The)*		989,944
	1,199	Booz Allen Hamilton Holding Corp.		96,747
	7,822	Carrier Global Corp.		351,051
	4,875	Caterpillar, Inc.		914,452
	1,163	C.H. Robinson Worldwide, Inc.		112,439
	620	Clean Harbors, Inc.*		59,167
	19,904	CSX Corp.		674,945
	1,290	Cummins, Inc.		263,315
	2,510	Deere & Co.		903,650
	6,156	Delta Air Lines, Inc.*		245,747
	1,289	Dover Corp.		202,193
	3,583	Eaton Corp. PLC		552,821
	5,374	Emerson Electric Co.		499,352
	2,210	FedEx Corp.		491,217
	1,218	Fortune Brands Home & Security, Inc.		105,844
	303	FTI Consulting, Inc.*		44,238
	2,241	General Dynamics Corp.		525,402
	9,835	General Electric Co.		939,341
	6,260	Honeywell International, Inc.		1,187,835
	354	Huntington Ingalls Industries, Inc.		72,358
	684	IDEX Corp.		131,260
	2,832	Illinois Tool Works, Inc.		612,675
	3,650	Ingersoll Rand, Inc.		184,398
	1,165	Jacobs Engineering Group, Inc.		143,295
	6,472	Johnson Controls International PLC		420,421
	1,761	L3Harris Technologies, Inc.		444,318
	1,098	Leidos Holdings, Inc.		111,820
	298	Lennox International, Inc.		79,545
	517	Lincoln Electric Holdings, Inc.		65,897
	2,232	Lockheed Martin Corp.		968,242
	2,799	Lyft, Inc., Class A*		108,993
	1,811	MDU Resources Group, Inc.		48,480
	3,444	Nielsen Holdings PLC		59,994
	1,341	Northrop Grumman Corp.		592,910
	1,500	nVent Electric PLC		50,895
	612	Oshkosh Corp.		67,956
	3,830	Otis Worldwide Corp.		300,004
	901	Owens Corning		83,964
	1,272	Quanta Services, Inc.		138,572
	13,484	Raytheon Technologies Corp.		1,384,807
	2,564	Republic Services, Inc.		308,398
	1,045	Rockwell Automation, Inc.		278,576
	467	Schneider National, Inc., Class B		12,198
	5,689	Southwest Airlines Co.*		249,178
	1,451	Stanley Black & Decker, Inc.		236,078
	1,981	Textron, Inc.		144,870
	598	Timken Co. (The)		39,205
	2,147	Trane Technologies PLC		330,488
	1,723	TransUnion		156,379
	15,553	Uber Technologies, Inc.*		560,375
	3,115	United Airlines Holdings, Inc.*		138,306
	6,518	United Parcel Service, Inc., Class B		1,371,518


32		The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF


Shares		Description	Value

Common Stocks – (continued)
Industrials – (continued)
	652	United Rentals, Inc.*	$	209,696
	1,428	Verisk Analytics, Inc.		253,241
	5,149	Waste Management, Inc.		743,516
	1,612	Westinghouse Air Brake Technologies Corp.		149,626
	412	W.W. Grainger, Inc.		196,549
	1,610	Xylem, Inc.		143,209

				21,787,770

Information Technology – 29.8%
	5,730	Accenture PLC, Class A		1,810,795
	3,723	Adobe, Inc.*		1,741,173
	12,742	Advanced Micro Devices, Inc.*		1,571,598
	1,252	Akamai Technologies, Inc.*		135,541
	450	Alliance Data Systems Corp.		30,352
	4,185	Analog Devices, Inc.		670,814
	679	ANSYS, Inc.*		220,125
	120,384	Apple, Inc.		19,877,806
	7,025	Applied Materials, Inc.		942,755
	1,718	Autodesk, Inc.*		378,355
	3,831	Automatic Data Processing, Inc.		783,210
	3,564	Block, Inc.*		454,410
	3,115	Broadcom, Inc.		1,829,876
	1,087	Broadridge Financial Solutions, Inc.		158,930
	2,140	Cadence Design Systems, Inc.*		324,060
	1,055	CDW Corp.		181,945
	1,413	Ciena Corp.*		96,677
	38,780	Cisco Systems, Inc.		2,162,761
	962	Citrix Systems, Inc.		98,605
	4,104	Cognizant Technology Solutions Corp., Class A		353,477
	5,931	Corning, Inc.		239,612
	2,112	Dell Technologies, Inc., Class C*		107,627
	1,505	DocuSign, Inc.*		178,237
	501	Dolby Laboratories, Inc., Class A		37,625
	2,313	Dropbox, Inc., Class A*		52,482
	1,955	DXC Technology Co.*		66,529
	570	Elastic NV*		49,390
	471	F5, Inc.*		94,600
	5,478	Fidelity National Information Services, Inc.		521,670
	1,044	Fortinet, Inc.*		359,679
	626	Gartner, Inc.*		175,543
	1,305	GoDaddy, Inc., Class A*		108,850
	10,131	Hewlett Packard Enterprise Co.		161,286
	8,986	HP, Inc.		308,759
	351	HubSpot, Inc.*		184,275
	31,523	Intel Corp.		1,503,647
	6,971	International Business Machines Corp.		854,017
	2,061	Intuit, Inc.		977,677
	1,136	Jabil, Inc.		65,672
	2,974	Juniper Networks, Inc.		100,491
	1,666	Keysight Technologies, Inc.*		262,178
	1,184	KLA Corp.		412,624
	1,095	Lam Research Corp.		614,678
	6,381	Marvell Technology, Inc.		436,014


Common Stocks – (continued)
Information Technology – (continued)
	7,882	Mastercard, Inc., Class A	$	2,843,983
	637	McAfee Corp., Class A		16,556
	8,739	Micron Technology, Inc.		776,548
	58,777	Microsoft Corp.		17,561,980
	498	MKS Instruments, Inc.		74,999
	496	MongoDB, Inc.*		189,467
	1,525	Motorola Solutions, Inc.		336,156
	1,033	National Instruments Corp.		41,475
	1,734	NetApp, Inc.		135,911
	400	New Relic, Inc.*		26,496
	4,280	NortonLifeLock, Inc.		124,034
	2,221	Nuance Communications, Inc.*		123,310
	1,639	Nutanix, Inc., Class A*		43,761
	18,658	NVIDIA Corp.		4,549,753
	2,067	NXP Semiconductors NV (China)		392,978
	984	Okta, Inc.*		179,915
	3,300	ON Semiconductor Corp.*		206,613
	12,870	Oracle Corp.		977,734
	741	Palo Alto Networks, Inc.*		440,339
	10,582	PayPal Holdings, Inc.*		1,184,443
	8,798	QUALCOMM, Inc.		1,513,168
	638	RingCentral, Inc., Class A*		83,476
	7,341	salesforce.com, Inc.*		1,545,501
	1,538	ServiceNow, Inc.*		891,917
	1,257	Splunk, Inc.*		148,452
	1,184	Synopsys, Inc.*		369,870
	840	Teradata Corp.*		41,992
	7,204	Texas Instruments, Inc.		1,224,608
	1,296	Twilio, Inc., Class A*		226,541
	337	Universal Display Corp.		52,205
	756	VeriSign, Inc.*		161,572
	15,247	Visa, Inc., Class A		3,295,182
	1,736	VMware, Inc., Class A		203,668
	2,432	Western Digital Corp.*		123,886
	3,605	Western Union Co. (The)		65,539
	1,477	Workday, Inc., Class A*		338,307
	480	Zebra Technologies Corp., Class A*		198,403
	925	Zendesk, Inc.*		107,920
	1,698	Zoom Video Communications, Inc., Class A*		225,155

				82,740,240

Materials – 2.5%
	2,070	Air Products and Chemicals, Inc.		489,141
	1,086	Albemarle Corp.		212,737
	1,746	Alcoa Corp.		131,544
	589	AptarGroup, Inc.		71,787
	772	Avery Dennison Corp.		136,026
	2,853	Ball Corp.		256,028
	1,215	Berry Global Group, Inc.*		73,690
	1,019	Celanese Corp.		141,926
	1,998	CF Industries Holdings, Inc.		162,218
	1,517	Chemours Co. (The)		41,869
	7,723	Corteva, Inc.		401,828
	6,996	Dow, Inc.		412,484
	4,715	DuPont de Nemours, Inc.		364,800


The accompanying notes are an integral part of these financial statements.		33

GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF

Schedule of Investments (continued)

February 28, 2022 (Unaudited)


Shares		Description	Value

Common Stocks – (continued)
Materials – (continued)
	1,252	Eastman Chemical Co.	$	148,324
	2,338	Ecolab, Inc.		412,096
	1,186	FMC Corp.		139,058
	13,692	Freeport-McMoRan, Inc.		642,839
	2,536	Graphic Packaging Holding Co.		52,191
	3,620	International Paper Co.		157,579
	2,458	LyondellBasell Industries NV, Class A		238,991
	559	Martin Marietta Materials, Inc.		212,085
	7,503	Newmont Corp.		496,699
	2,673	Nucor Corp.		351,820
	850	Packaging Corp. of America		125,112
	383	Scotts Miracle-Gro Co. (The)		53,643
	1,334	Sealed Air Corp.		89,551
	2,163	Sherwin-Williams Co. (The)		569,150
	882	Sonoco Products Co.		51,791
	1,191	Vulcan Materials Co.		216,107
	2,370	Westrock Co.		107,290

				6,960,404

Real Estate – 3.2%
	5,829	American Tower Corp. REIT		1,322,425
	3,443	Americold Realty Trust REIT		91,997
	1,798	AvalonBay Communities, Inc. REIT		428,985
	2,012	Boston Properties, Inc. REIT		246,088
	1,274	Camden Property Trust REIT		210,350
	4,306	CBRE Group, Inc., Class A*		417,036
	5,566	Crown Castle International Corp. REIT		927,240
	3,624	Digital Realty Trust, Inc. REIT		488,950
	2,145	Douglas Emmett, Inc. REIT		67,997
	1,156	Equinix, Inc. REIT		820,448
	4,756	Equity Residential REIT		405,687
	837	Essex Property Trust, Inc. REIT		265,471
	535	Howard Hughes Corp. (The)*		51,135
	653	Jones Lang LaSalle, Inc.*		160,782
	7,497	Kimco Realty Corp. REIT		176,404
	9,519	Prologis, Inc. REIT		1,388,346
	1,398	SBA Communications Corp. REIT		424,139
	3,971	UDR, Inc. REIT		217,889
	5,141	Ventas, Inc. REIT		277,614
	9,669	Weyerhaeuser Co. REIT		375,931
	764	Zillow Group, Inc., Class A*		43,754
	2,182	Zillow Group, Inc., Class C*		125,509

				8,934,177

Utilities – 2.4%
	8,053	AES Corp. (The)		170,965
	3,049	Alliant Energy Corp.		178,062
	3,105	Ameren Corp.		266,875
	6,107	American Electric Power Co., Inc.		553,600
	696	Avangrid, Inc.		31,229
	4,319	Consolidated Edison, Inc.		370,441
	3,969	Constellation Energy Corp.		182,495
	9,830	Dominion Energy, Inc.		781,780
	2,368	DTE Energy Co.		287,925
	9,388	Duke Energy Corp.		942,649
	4,548	Edison International		288,434


Common Stocks – (continued)
Utilities – (continued)
	2,444	Entergy Corp.		257,133
	4,187	Eversource Energy		342,497
	11,910	Exelon Corp.		506,890
	611	IDACORP, Inc.		63,513
	2,966	NRG Energy, Inc.		112,233
	9,168	PPL Corp.		239,927
	6,150	Public Service Enterprise Group, Inc.		398,704
	3,900	Sempra Energy		562,458
	5,837	Vistra Corp.		133,200

				6,671,010

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $217,896,133)		$	276,601,855


Shares		Dividend Rate	Value

Securities Lending Reinvestment Vehicle – 0.0%^(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	22,188	0.026%	$	22,188
	(Cost $22,188)

	TOTAL INVESTMENTS – 99.8%
	(Cost $217,918,321)		$	276,624,043

	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.2%			615,601

	NET ASSETS – 100.0%		$	277,239,644



The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

*		Non-income producing security.

(a)		All or a portion of security is on loan.

(b)		Represents an affiliated issuer.



Investment Abbreviations:
PLC		—Public Limited Company
REIT		—Real Estate Investment Trust


34		The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS EQUITY ETFS

Statements of Assets and Liabilities

February 28, 2022 (Unaudited)


	Bloomberg Clean Energy Equity ETF		Equal Weight U.S. Large Cap Equity ETF		Hedge Industry VIP ETF			Innovate Equity ETF
Assets:

Investments in unaffiliated issuers, at value (cost $7,918,068, $754,948,362, $181,994,845 and $418,591,235, respectively)^(a)	$	8,338,850	$	808,966,765	$	189,397,411		$	415,442,358

Investments in affiliated issuers, at value (cost $—, $1,301,344, $— and $1,121,356, respectively)		—		1,572,664		—			1,860,030

Investments in securities lending reinvestment vehicle, at value which equals cost		58,314		2,439,078		—			13,362,374

Cash		7,384		1,653,442		—			1,468,544

Foreign currency, at value (cost $43, $—, $— and $110,880, respectively)		43		—		—			109,528

Receivables:

Dividends		5,463		1,011,702		58,793			435,644

Securities lending income		61		21,660		—			37,884

Foreign tax reclaims		53		—		—			30,954

Investments sold		—		19,688,924		—			—

Fund shares sold		—		9,962		—			—
Total assets		8,410,168		835,364,197		189,456,204			432,747,316

Liabilities:

Payables:

Upon return of securities loaned		58,314		2,439,078		—			13,362,374

Management fees		2,046		58,734		67,185			164,435

Fund shares redeemed		—		19,751,224		—			—

Due to custodian		—		—		320,602			—

Accrued expenses		—		19,772		6,966			8,673

Total liabilities		60,360		22,268,808		394,753			13,535,482

Net Assets:

Paid-in capital		7,927,355		717,213,617		193,036,487			419,258,557

Total distributable earnings (loss)		422,453		95,881,772		(3,975,036	)		(46,723	)
NET ASSETS	$	8,349,808	$	813,095,389	$	189,061,451		$	419,211,834
SHARES ISSUED AND OUTSTANDING

Shares outstanding no par value (unlimited shares authorized):		200,000		12,350,000		2,075,000			7,850,000

Net asset value per share:		$41.75		$65.84		$91.11			$53.40

(a)

Includes loaned securities having a market value of $64,145, $2,492,826, $— and $13,302,752 for Bloomberg Clean Energy Equity ETF, Equal Weight U.S. Large Cap Equity ETF, Hedge Industry VIP ETF and Innovate Equity ETF, respectively.


The accompanying notes are an integral part of these financial statements.		35

GOLDMAN SACHS EQUITY ETFS

Statements of Assets and Liabilities (continued)

February 28, 2022 (Unaudited)


	JUST U.S. Large Cap Equity ETF
Assets:

Investments in unaffiliated issuers, at value (cost $217,101,391)^(a)	$	275,547,610

Investments in affiliated issuers, at value (cost $794,742)		1,054,245

Investments in securities lending reinvestment vehicle, at value which equals cost		22,188

Cash		328,733

Receivables:

Dividends		359,820

Securities lending income		3

Total assets		277,312,599

Liabilities:

Payables:

Management fees		43,062

Upon return of securities loaned		22,188

Accrued expenses		7,705

Total liabilities		72,955

Net Assets:

Paid-in capital		216,959,416

Total distributable earnings		60,280,228

NET ASSETS	$	277,239,644
SHARES ISSUED AND OUTSTANDING

Shares outstanding no par value (unlimited shares authorized):		4,400,000

Net asset value per share:		$63.01

(a)

Includes loaned securities having a market value of $21,404 for JUST U.S. Large Cap Equity ETF.


36		The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS EQUITY ETFS

Statements of Operations

For the Six Months Ended February 28, 2022 (Unaudited)


	Bloomberg Clean Energy Equity ETF*			Equal Weight U.S. Large Cap Equity ETF			Hedge Industry VIP ETF			Innovate Equity ETF
Investment income:

Dividends — unaffiliated issuers (net of foreign withholding taxes of $301, $—, $1,585 and $61,335, respectively)	$	5,726		$	6,061,689		$	273,177		$	1,949,484

Securities lending income — unaffiliated issuer		61			86,491			—			267,797

Dividends — affiliated issuers		—			9,018			—			11,254

Total investment income		5,787			6,157,198			273,177			2,228,535

Expenses:

Management fees		2,046			383,884			476,911			1,163,653

Trustee fees		—			9,953			4,687			6,776

Total expenses		2,046			393,837			481,598			1,170,429

NET INVESTMENT INCOME (LOSS)		3,741			5,763,361			(208,421	)		1,058,106

Realized and unrealized gain (loss):

Net realized gain (loss) from:

Investments — unaffiliated issuers		—			(1,457,433	)		(16,761,248	)		(8,987,965	)

Investments — affiliated issuers		—			3,162			—			(8,500	)

In-kind redemptions — unaffiliated issuers		—			52,697,504			14,869,753			15,232,877

In-kind redemptions — affiliated issuers		—			91,304			—			10,814

Foreign currency transactions		(2,074	)		—			2			(17,050	)

Net change in unrealized gain (loss) on:

Investments — unaffiliated issuers		420,782			(102,655,649	)		(24,587,035	)		(83,196,743	)

Investments — affiliated issuers		—			(409,488	)		—			(407,467	)

Foreign currency translations		4			—			—			(3,152	)

Net realized and unrealized gain (loss)		418,712			(51,730,600	)		(26,478,528	)		(77,377,186	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	422,453		$	(45,967,239	)	$	(26,686,949	)	$	(76,319,080	)

For the period February 8, 2022 (commencement of operations) through February 28, 2022.


The accompanying notes are an integral part of these financial statements.		37

GOLDMAN SACHS EQUITY ETFS

Statements of Operations (continued)

For the Six Months Ended February 28, 2022 (Unaudited)


	JUST U.S. Large Cap Equity ETF
Investment income:

Dividends — unaffiliated issuers	$	1,926,095

Dividends — affiliated issuers		5,970

Securities lending income — unaffiliated issuer		760

Total investment income		1,932,825

Expenses:

Management fees		270,270

Trustee fees		5,066

Total expenses		275,336

NET INVESTMENT INCOME		1,657,489

Realized and unrealized gain (loss):

Net realized gain (loss) from:

Investments — unaffiliated issuers		(1,126,963	)

Investments — affiliated issuers		(4,339	)

In-kind redemptions — unaffiliated issuers		9,445,218

In-kind redemptions — affiliated issuers		23,192

Net change in unrealized gain (loss) on:

Investments — unaffiliated issuers		(20,099,077	)

Investments — affiliated issuers		(235,693	)

Net realized and unrealized loss		(11,997,662	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(10,340,173	)


38		The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS EQUITY ETFS

Statements of Changes in Net Assets


	Bloomberg Clean Energy Equity ETF			Equal Weight U.S. Large Cap Equity ETF
	For the Period February 8, 2022* to February 28, 2022 (Unaudited)			For the Six Months Ended February 28, 2022 (Unaudited)			For the Fiscal Year Ended August 31, 2021
From operations:

Net investment income	$	3,741		$	5,763,361		$	8,378,230

Net realized gain (loss)		(2,074	)		51,334,537			71,351,452

Net change in unrealized gain (loss)		420,786			(103,065,137	)		115,136,803

Net increase (decrease) in net assets resulting from operations		422,453			(45,967,239	)		194,866,485

Distributions to shareholders:

From distributable earnings		—			(7,178,710	)		(7,590,615	)

From share transactions:

Proceeds from sales of shares		7,927,355			155,093,987			557,025,332

Cost of shares redeemed		—			(146,356,704	)		(207,230,194	)

Net increase in net assets resulting from share transactions		7,927,355			8,737,283			349,795,138

TOTAL INCREASE (DECREASE)		8,349,808			(44,408,666	)		537,071,008

Net assets:

Beginning of period	$	—		$	857,504,055		$	320,433,047

End of period	$	8,349,808		$	813,095,389		$	857,504,055

Commencement of operations.


The accompanying notes are an integral part of these financial statements.		39

GOLDMAN SACHS EQUITY ETFS

Statements of Changes in Net Assets (continued)


	Hedge Industry VIP ETF						Innovate Equity ETF
	For the Six Months Ended February 28, 2022 (Unaudited)			For the Fiscal Year Ended August 31, 2021			For the Six Months Ended February 28, 2022 (Unaudited)			For the Period November 6, 2020* to August 31, 2021
From operations:

Net investment income (loss)	$	(208,421	)	$	(139,131	)	$	1,058,106		$	1,721,075

Net realized gain (loss)		(1,891,493	)		39,540,926			6,230,176			31,265,366

Net change in unrealized gain (loss)		(24,587,035	)		4,820,604			(83,607,362	)		81,193,907

Net increase (decrease) in net assets resulting from operations		(26,686,949	)		44,222,399			(76,319,080	)		114,180,348

Distributions to shareholders:

From distributable earnings		—			(935	)		(1,983,367	)		(1,407,971	)

From share transactions:

Proceeds from sales of shares		47,838,743			171,549,598			38,166,984			471,161,712

Cost of shares redeemed		(53,924,813	)		(109,021,786	)		(33,837,050	)		(90,749,742	)

Net increase (decrease) in net assets resulting from share transactions		(6,086,070	)		62,527,812			4,329,934			380,411,970

TOTAL INCREASE (DECREASE)		(32,773,019	)		106,749,276			(73,972,513	)		493,184,347

Net assets:

Beginning of period	$	221,834,470		$	115,085,194		$	493,184,347		$	—

End of period	$	189,061,451		$	221,834,470		$	419,211,834		$	493,184,347

Commencement of operations.


40		The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS EQUITY ETFS

Statements of Changes in Net Assets (continued)


	JUST U.S. Large Cap Equity ETF
	For the Six Months Ended February 28, 2022 (Unaudited)			For the Fiscal Year Ended August 31, 2021
From operations:

Net investment income	$	1,657,489		$	2,632,119

Net realized gain		8,337,108			4,160,554

Net change in unrealized gain (loss)		(20,334,770	)		50,126,210

Net increase (decrease) in net assets resulting from operations		(10,340,173	)		56,918,883

Distributions to shareholders:

From distributable earnings		(1,580,702	)		(2,492,618	)

From share transactions:

Proceeds from sales of shares		49,682,749			72,087,463

Cost of shares redeemed		(24,762,068	)		(15,027,884	)

Net increase in net assets resulting from share transactions		24,920,681			57,059,579

TOTAL INCREASE		12,999,806			111,485,844

Net assets:

Beginning of period	$	264,239,838		$	152,753,994

End of period	$	277,239,644		$	264,239,838


The accompanying notes are an integral part of these financial statements.		41

GOLDMAN SACHS BLOOMBERG CLEAN ENERGY EQUITY ETF

Financial Highlights

Selected Data for a Share Outstanding Throughout The Period


	Bloomberg Clean Energy Equity ETF
	For the Period February 8, 2022* to February 28, 2022 (Unaudited)
Per Share Operating Performance:

Net asset value, beginning of period	$	39.60

Net investment income^(a)		0.02

Net realized and unrealized gain		2.13

Total gain from investment operations		2.15

Net asset value, end of period	$	41.75

Market price, end of period	$	41.75

Total Return at Net Asset Value^(b)		5.43	%

Net assets, end of period (in 000’s)	$	8,350

Ratio of total expenses to average net assets		0.45	%^(c)

Ratio of net investment income to average net assets		0.82	%^(c)

Portfolio turnover rate^(d)		—	%

Commencement of operations.

(a)

Calculated based on the average shares outstanding methodology.

(b)

Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized.

(c)

Annualized.

(d)

The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions and short-term transactions. If such transactions were included, the Fund’s portfolio turnover rate may be higher.


42		The accompanying notes are an integral part of these financial statements.

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

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Equal Weight U.S. Large Cap Equity ETF
	For the Six Months Ended February 28, 2022 (Unaudited)			For the Fiscal Year Ended August 31,									For the Period September 12, 2017* to August 31, 2018
	For the Six Months Ended February 28, 2022 (Unaudited)			2021			2020			2019			For the Period September 12, 2017* to August 31, 2018
Per Share Operating Performance:

Net asset value, beginning of period	$	70.00		$	50.86		$	46.30		$	46.33		$	40.58

Net investment income^(a)		0.45			0.85			0.93			0.81			0.77

Net realized and unrealized gain (loss)		(4.05	)		19.09			4.52			(0.10	)		5.52

Total gain (loss) from investment operations		(3.60	)		19.94			5.45			0.71			6.29

Distributions to shareholders from net investment income		(0.56	)		(0.80	)		(0.89	)		(0.74	)		(0.54	)

Net asset value, end of period	$	65.84		$	70.00		$	50.86		$	46.30		$	46.33

Market price, end of period	$	65.77		$	69.99		$	50.95		$	46.32		$	46.35

Total Return at Net Asset Value^(b)		(5.19	)%		39.56	%		12.08	%		1.62	%		15.60	%

Net assets, end of period (in 000’s)	$	813,095		$	857,504		$	320,433		$	168,989		$	76,438

Ratio of total expenses to average net assets		0.09	%^(c)		0.09	%		0.09	%		0.09	%		0.09	%^(c)

Ratio of net investment income to average net assets		1.32	%^(c)		1.39	%		1.98	%		1.81	%		1.82	%^(c)

Portfolio turnover rate^(d)		21	%		43	%		48	%		39	%		34	%

Commencement of operations.

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


The accompanying notes are an integral part of these financial statements.		43

GOLDMAN SACHS HEDGE INDUSTRY VIP ETF

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Hedge Industry VIP ETF
	For the Six Months Ended February 28, 2022 (Unaudited)			For the Fiscal Year Ended August 31,												For the Period November 1, 2016* to August 31, 2017
	For the Six Months Ended February 28, 2022 (Unaudited)			2021			2020			2019			2018			For the Period November 1, 2016* to August 31, 2017
Per Share Operating Performance:

Net asset value, beginning of period	$	103.18		$	79.37		$	56.86		$	57.98		$	50.46		$	40.00

Net investment income (loss)^(a)		(0.10	)		(0.07	)		0.16	^(b)		0.51			0.17			0.32	^(c)

Net realized and unrealized gain (loss)		(11.97	)		23.88			22.59			(1.11	)		7.52			10.31

Total gain (loss) from investment operations		(12.07	)		23.81			22.75			(0.60	)		7.69			10.63

Distributions to shareholders from net investment income		—			—	^(d)		(0.24	)		(0.52	)		(0.17	)		(0.17	)

Distributions to shareholders from return of capital		—			—			—	^(d)		—			—			—

Total distributions to shareholders		—			—	^(d)		(0.24	)		(0.52	)		(0.17	)		(0.17	)

Net asset value, end of period	$	91.11		$	103.18		$	79.37		$	56.86		$	57.98		$	50.46

Market price, end of period	$	91.06		$	103.21		$	79.50		$	57.03		$	57.98		$	50.48

Total Return at Net Asset Value^(e)		(11.70	)%		30.00	%		40.07	%		(0.99	)%		15.27	%		26.61	%

Net assets, end of period (in 000’s)	$	189,061		$	221,834		$	115,085		$	79,608		$	110,155		$	45,410

Ratio of total expenses to average net assets		0.45	%^(f)		0.45	%		0.45	%		0.45	%		0.45	%		0.45	%^(f)

Ratio of net investment income (loss) to average net assets		(0.19	)%^(f)		(0.08	)%		0.26	%^(b)		0.91	%		0.31	%		0.84	%^(c)(f)

Portfolio turnover rate^(g)		54	%		136	%		124	%		103	%		129	%		116	%

Commencement of operations.

(a)

Calculated based on the average shares outstanding methodology.

(b)

Reflects income recognized from non-recurring special dividends which amounted to $0.07 per share and 0.11% of average net assets.

(c)

Reflects income recognized from non-recurring special dividends which amounted to $0.11 per share and 0.24% of average net assets.

(d)

Amount is less than $0.005 per share.

(e)

(f)

Annualized.

(g)


44		The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS INNOVATE EQUITY ETF

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Innovate Equity ETF
	For the Six Months Ended February 28, 2022 (Unaudited)			For the Period November 6, 2020* to August 31, 2021
Per Share Operating Performance:

Net asset value, beginning of period	$	63.23		$	50.03

Net investment income^(a)		0.13	^(b)		0.24

Net realized and unrealized gain (loss)		(9.71	)		13.15

Total gain (loss) from investment operations		(9.58	)		13.39

Distributions to shareholders from net investment income		(0.25	)		(0.19	)

Net asset value, end of period	$	53.40		$	63.23

Market price, end of period	$	53.36		$	63.34

Total Return at Net Asset Value^(c)		(15.20	)%		26.80	%

Net assets, end of period (in 000’s)	$	419,212		$	493,184

Ratio of total expenses to average net assets		0.50	%^(d)		0.50	%^(d)

Ratio of net investment income to average net assets		0.45	%^(b)(d)		0.50	%^(d)

Portfolio turnover rate^(e)		17	%		38	%

Commencement of operations.

(a)

Calculated based on the average shares outstanding methodology.

(b)

Reflects income recognized from non-recurring special dividends which amounted to $0.04 per share and 0.06% of average net assets.

(c)

(d)

Annualized.

(e)


The accompanying notes are an integral part of these financial statements.		45

GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	JUST U.S. Large Cap Equity ETF
	For the Six Months Ended February 28, 2022 (Unaudited)			For the Fiscal Year Ended August 31,									For the Period June 7, 2018* to August 31, 2018
	For the Six Months Ended February 28, 2022 (Unaudited)			2021			2020			2019			For the Period June 7, 2018* to August 31, 2018
Per Share Operating Performance:

Net asset value, beginning of period	$	65.65		$	50.92		$	42.04		$	42.13		$	40.08

Net investment income^(a)		0.39			0.74			0.74			0.72			0.17

Net realized and unrealized gain (loss)		(2.65	)		14.70			8.90			0.08			1.88

Total gain (loss) from investment operations		(2.26	)		15.44			9.64			0.80			2.05

Distributions to shareholders from net investment income		(0.38	)		(0.71	)		(0.76	)		(0.89	)		—

Net asset value, end of period	$	63.01		$	65.65		$	50.92		$	42.04		$	42.13

Market price, end of period	$	62.97		$	65.68		$	50.88		$	42.06		$	42.13

Total Return at Net Asset Value^(b)		(3.48	)%		30.61	%		23.29	%		2.06	%		5.11	%

Net assets, end of period (in 000’s)	$	277,240		$	264,240		$	152,754		$	129,275		$	272,805

Ratio of total expenses to average net assets		0.20	%^(c)		0.20	%		0.20	%		0.20	%		0.20	%^(c)

Ratio of net investment income to average net assets		1.20	%^(c)		1.29	%		1.69	%		1.79	%		1.84	%^(c)

Portfolio turnover rate^(d)		11	%		11	%		14	%		17	%		2	%

Commencement of operations.

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


46		The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS EQUITY ETFS

Notes to Financial Statements

February 28, 2022 (Unaudited)

1. ORGANIZATION

Goldman Sachs ETF Trust (the “Trust”) is an open-end management investment company, registered under the Investment Company Act of 1940, as amended (the “Act”), consisting of multiple series. The Trust was organized as a Delaware statutory trust on December 16, 2009. The following table lists those series of the Trust that are included in this report (collectively, the “Funds” or individually a “Fund”) along with their respective diversification status under the Act:


Fund		Diversification Classification
Goldman Sachs Bloomberg Clean Energy Equity ETF*		Diversified
Goldman Sachs Equal Weight U.S. Large Cap Equity ETF		Diversified
Goldman Sachs Hedge Industry VIP ETF		Diversified
Goldman Sachs Innovate Equity ETF		Diversified
Goldman Sachs JUST U.S. Large Cap Equity ETF		Diversified

The Goldman Sachs Bloomberg Clean Energy Equity ETF commenced operations on February 8, 2022.

The investment objective of each Fund is to provide investment results that closely correspond, before fees and expenses, to the performance of its respective Index.

Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as investment adviser to the Funds pursuant to management agreements (each, an “Agreement” and together, the “Agreements”) with the Trust. Each Fund is an exchange traded fund (“ETF”). Shares of the Goldman Sachs Hedged Industry VIP ETF, Goldman Sachs Innovate Equity ETF, and Goldman Sachs JUST U.S. Large Cap Equity ETF are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”), and shares of the Goldman Sachs Bloomberg Clean Energy Equity ETF and Goldman Sachs Equal Weight U.S. Large Cap Equity ETF are listed and traded on the Cboe BZX Exchange, Inc. (“Cboe”). Market prices for the Funds’ shares may be different from their net asset value (“NAV”). The Funds issue and redeem shares at their respective NAV only in blocks of a specified number of shares, or multiples thereof, referred to as “Creation Units”. Creation Units are issued and redeemed generally for a designated portfolio of securities (including any portion of such securities for which cash may be substituted) and a specified amount of cash. Shares generally trade in the secondary market in quantities less than a Creation Unit at market prices that change throughout the day. Only those that have entered into an authorized participant agreement with ALPS Distributors, Inc. (the “Distributor”) may do business directly with the Funds.

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. Each Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.

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

B. Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily NAV calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to

GOLDMAN SACHS EQUITY ETFS

Notes to Financial Statements (continued)

February 28, 2022 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

recover a portion of amounts previously withheld. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments. Distributions received from the Funds’ investments in U.S. real estate investment trusts (“REITs”) may be characterized as ordinary income, net capital gain and/or a return of capital. A return of capital is recorded by the Funds as a reduction to the cost basis of the REIT.

C. Expenses — Expenses incurred directly by a Fund are charged to the Fund, and certain expenses incurred by the Trust are allocated across the applicable Funds on a straight-line and/or pro-rata basis, depending upon the nature of the expenses, and are accrued daily.

D. Federal Taxes and Distributions to Shareholders — It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. For each Fund, income distributions, if any, are declared and paid quarterly. Capital gains distributions, if any, are declared and paid annually.

Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund’s distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Funds’ net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

E. Foreign Currency Translation — The accounting records and reporting currency of a Fund are maintained in U.S. dollars.

Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Statements of Operations within net change in unrealized gain (loss) on foreign currency translation. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.


3. 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;

GOLDMAN SACHS EQUITY ETFS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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. The Trustees have delegated to GSAM 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 approved by the Trustees 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.

Money Market Funds — Investments in the Funds (“Underlying Money Market Fund”) are valued at the NAV per share on the day of valuation. These investments are generally classified as Level 1 of the fair value hierarchy. For information regarding the Underlying Money Market Fund’s accounting policies and investment holdings, please see the Underlying Money Market Fund’s shareholder report.

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 Valuation Procedures approved by the Trustees. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund’s NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.

GOLDMAN SACHS EQUITY ETFS

Notes to Financial Statements (continued)

February 28, 2022 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

C. Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of February 28, 2022:


BLOOMBERG CLEAN ENERGY EQUITY ETF

Investment Type	Level 1		Level 2		Level 3

Assets

Common Stock and/or Other Equity Investments^(a)

Africa	$	12,170	$	—	$	—

Asia		2,852,446		60,933		—

Europe		2,217,522		—		—

North America		3,164,607		—		—

Oceania		22,920		—		—

South America		8,252		—		—

Securities Lending Reinvestment Vehicle		58,314		—		—

Total	$	8,336,231	$	60,933	$	—

EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF

Investment Type	Level 1		Level 2		Level 3

Assets

Common Stock and/or Other Equity Investments

Europe	$	1,606,183	$	—	$	—

North America		808,933,246		—		—

Securities Lending Reinvestment Vehicle		2,439,078		—		—

Total	$	812,978,507	$	—	$	—

HEDGE INDUSTRY VIP ETF

Investment Type	Level 1		Level 2		Level 3

Assets

Common Stock and/or Other Equity Investments

Asia	$	7,593,407	$	—	$	—

North America		181,804,004		—		—

Total	$	189,397,411	$	—	$	—

(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. The Fund utilizes fair value model prices provided by an independent third-party fair value service for certain international equity securities resulting in a Level 2 classification.

GOLDMAN SACHS EQUITY ETFS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



INNOVATE EQUITY ETF

Investment Type	Level 1		Level 2		Level 3

Assets

Common Stock and/or Other Equity Investments^(a)

Asia	$	60,292,569	$	41,664	$	—

Europe		43,098,811		—		—

North America		306,786,901		829,526		—

Oceania		868,462		197,699		—

South America		4,812,680		—		—

Closed-End-Fund		374,076		—		—

Securities Lending Reinvestment Vehicle		13,362,374		—		—

Total	$	429,595,873	$	1,068,889	$	—

JUST U.S. LARGE CAP EQUITY ETF

Investment Type	Level 1		Level 2		Level 3

Assets

Common Stock and/or Other Equity Investments

Asia	$	392,978	$	—	$	—

North America		276,208,877		—		—

Securities Lending Reinvestment Vehicle		22,188		—		—

Total	$	276,624,043	$	—	$	—

(a)

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

4. AGREEMENTS AND AFFILIATED TRANSACTIONS

A. Management Agreement — Under the Agreement, GSAM manages the Funds, subject to the general supervision of the Trustees.

As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Funds’ business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of each Fund’s average daily net assets.

The Funds operate under a unitary management fee structure. Under the unitary fee structure, GSAM is responsible for paying substantially all the expenses of each such Fund, excluding payments under the Fund’s 12b-1 plan (if any), interest expenses, taxes, acquired fund fees and expenses, brokerage fees, costs of holding shareholder meetings and litigation, indemnification and extraordinary expenses. As the Funds directly pay fees and expenses of the independent Trustees, the management fee collected by GSAM will be reduced by an amount equal to the fees and expenses paid by the Funds to the independent Trustees.

GOLDMAN SACHS EQUITY ETFS

Notes to Financial Statements (continued)

February 28, 2022 (Unaudited)

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the six months ended February 28, 2022, contractual and effective net unitary management fee rates with GSAM for each Fund were at the following rates:


Fund				Unitary Management Fee
Goldman Sachs Bloomberg Clean Energy Equity ETF				0.45%
Goldman Sachs Equal Weight U.S. Large Cap Equity ETF				0.09%
Goldman Sachs Hedge Industry VIP ETF				0.45%
Goldman Sachs Innovate Equity ETF				0.50%
Goldman Sachs Just U.S. Large Cap Equity ETF				0.20%

B. Other Transactions with Affiliates — The Funds may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is solely due to having a common investment adviser, common officers, or common trustees. The following table provides information about the Funds’ investments in The Goldman Sachs Group, Inc. for the six months ended February 28, 2022:


Fund	Beginning value as of August 31, 2021		Purchases at Cost		Proceeds from Sales			Realized Gain		Change in Unrealized Depreciation			Ending value as of February 28, 2022		Shares as of February 28, 2022		Dividend Income
Goldman Sachs Equal Weight U.S. Large Cap Equity ETF	$	1,819,030	$	472,691	$	(404,035	)	$	94,466	$	(409,488	)	$	1,572,664		4,608	$	9,018
Goldman Sachs Innovate Equity ETF		2,261,900		167,062		(163,779	)		2,314		(407,467	)		1,860,030		5,450		11,254
Goldman Sachs JUST U.S. Large Cap Equity ETF		1,173,128		209,586		(111,629	)		18,853		(235,693	)		1,054,245		3,089		5,970

5. CREATION AND REDEMPTION OF CREATION UNITS

The Trust issues and redeems shares of the Funds only in Creation Units on a continuous basis through the Distributor, without an initial sales load, at NAV next determined after receipt, on any Business Day (as defined in the Statement of Additional Information), of an order in proper form. Shares of the Funds may only be purchased or redeemed by certain financial institutions (each an “Authorized Participant”). An Authorized Participant is either (1) a “Participating Party” or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation; or (2) a Depository Trust Company participant; which, in either case, must have executed an agreement with the Distributor. Retail investors will typically not qualify as an Authorized Participant or have the resources to buy and sell whole Creation Units. Therefore, they will be unable to purchase or redeem the shares directly from the Funds. Rather, most retail investors will purchase shares in the secondary market at market prices with the assistance of a broker and may be subject to customary brokerage commissions or fees. Fixed creation and redemption transaction fees are imposed in connection with creations and redemptions.

Authorized Participants transacting in Creation Units for cash may also pay a variable charge to compensate the relevant fund for certain transaction costs (e.g. taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in “Proceeds from sale of shares” in the Statements of Changes in Net Assets.

GOLDMAN SACHS EQUITY ETFS

5. CREATION AND REDEMPTION OF CREATION UNITS (continued)

Share activity is as follows:


							Goldman Sachs Bloomberg Clean Energy Equity ETF

							For the period February 8, 2022* through February 28, 2022 Unaudited

							Shares			Dollars

Fund Share Activity
Shares Sold								200,000		$	7,927,355
Shares Redeemed								—			—

NET INCREASE IN SHARES								200,000		$	7,927,355

	Goldman Sachs Equal Weight U.S. Large Cap Equity ETF

	For the Six Months Ended February 28, 2022 Unaudited						For the Fiscal Year Ended August 31, 2021

	Shares			Dollars			Shares			Dollars

Fund Share Activity
Shares Sold		2,250,000		$	155,093,987			9,300,000		$	557,024,513
Shares Redeemed		(2,150,000	)		(146,356,704	)		(3,350,000	)		(207,230,194	)

NET INCREASE IN SHARES		100,000		$	8,737,283			5,950,000		$	349,794,319

	Goldman Sachs Hedge Industry VIP ETF

	For the Six Months Ended February 28, 2022 Unaudited						For the Fiscal Year Ended August 31, 2021

	Shares			Dollars			Shares			Dollars

Fund Share Activity
Shares Sold		475,000		$	47,838,743			1,850,000		$	171,549,598
Shares Redeemed		(550,000	)		(53,924,813	)		(1,150,000	)		(109,021,786	)

NET INCREASE (DECREASE) IN SHARES		(75,000	)	$	(6,086,070	)		700,000		$	62,527,812

	Goldman Sachs Innovate Equity ETF

	For the Six Months Ended February 28, 2022 Unaudited						For the period November 6, 2020* through August 31, 2021

	Shares			Dollars			Shares			Dollars

Fund Share Activity
Shares Sold		600,000		$	38,160,791			9,350,000		$	471,141,230
Shares Redeemed		(550,000	)		(33,837,050	)		(1,550,000	)		(90,747,684	)

NET INCREASE IN SHARES		50,000		$	4,323,741			7,800,000		$	380,393,546

Commencement of operations

GOLDMAN SACHS EQUITY ETFS

Notes to Financial Statements (continued)

February 28, 2022 (Unaudited)

5. CREATION AND REDEMPTION OF CREATION UNITS (continued)


	Goldman Sachs JUST U.S. Large Cap Equity ETF

	For the Six Months Ended February 28, 2022 Unaudited						For the Fiscal Year Ended August 31, 2021

	Shares			Dollars			Shares			Dollars

Fund Share Activity
Shares Sold		750,000		$	49,682,749			1,300,000		$	72,087,463
Shares Redeemed		(375,000	)		(24,762,068	)		(275,000	)		(15,027,884	)

NET INCREASE IN SHARES		375,000		$	24,920,681			1,025,000		$	57,059,579

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales of long-term securities for the six months ended February 28, 2022, were as follows:


Fund	Purchases		Sales
Goldman Sachs Bloomberg Clean Energy Equity ETF*	$	2,410,868	$	—
Goldman Sachs Equal Weight U.S. Large Cap Equity ETF		179,136,855		180,323,104
Goldman Sachs Hedge Industry VIP ETF		115,219,749		118,934,101
Goldman Sachs Innovate Equity ETF		81,848,773		81,082,285
Goldman Sachs JUST U.S. Large Cap Equity ETF		30,264,151		29,828,937

Commenced operations on February 8, 2022.

The purchases and sales from in-kind creation and redemption transactions for the six months ended February 28, 2022, were as follows:


Fund	Purchases		Sales
Goldman Sachs Bloomberg Clean Energy Equity ETF*	$	5,507,200	$	—
Goldman Sachs Equal Weight U.S. Large Cap Equity ETF		154,863,329		145,693,543
Goldman Sachs Hedge Industry VIP ETF		47,248,906		53,603,554
Goldman Sachs Innovate Equity ETF		36,372,038		34,525,467
Goldman Sachs JUST U.S. Large Cap Equity ETF		49,569,263		24,705,573

Commenced operations on February 8, 2022.

7. 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

GOLDMAN SACHS EQUITY ETFS

7. SECURITIES LENDING (continued)

experience delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Statements of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

The Funds invest the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”), an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net assets of the Government Money Market Fund.

In the event of a default by a borrower with respect to any loan, BNYM may exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If BNYM is unable to purchase replacement securities, BNYM will indemnify the Funds by paying the Funds an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Funds’ master netting agreements with certain borrowers provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws. The Funds’ loaned securities were all subject to enforceable Securities Lending Agreements, and the value of the collateral was at least equal to the value of the cash received. The amounts of the Funds’ overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of February 28, 2022, are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities, where applicable.

Both the Funds and BNYM received compensation relating to the lending of the Funds’ securities. The amounts earned, if any, by the Funds for the six months ended February 28, 2022, are reported under Investment Income on the Statements of Operations.

The following table provides information about the Funds’ investment in the Government Money Market Fund for the six months ended February 28, 2022:


Fund	Beginning value as of August 31, 2021		Purchases at Cost		Proceeds from Sales			Ending value as of February 28, 2022
Goldman Sachs Bloomberg Clean Energy Equity ETF*	$	—	$	107,999	$	(49,685	)	$	58,314
Goldman Sachs Equal Weight U.S. Large Cap Equity ETF		10,902,108		37,161,179		(45,624,209	)		2,439,078
Goldman Sachs Innovate Equity ETF		13,009,276		44,066,888		(43,713,790	)		13,362,374
Goldman Sachs JUST U.S. Large Cap Equity ETF		185,290		530,088		(693,190	)		22,188

Commenced operations on February 8, 2022.

GOLDMAN SACHS EQUITY ETFS

Notes to Financial Statements (continued)

February 28, 2022 (Unaudited)

8. TAX INFORMATION

As of the Funds’ most recent fiscal year ended August 31, 2021, the Funds’ capital loss carryforward and certain timing differences on a tax-basis were as follows:


	Goldman Sachs Bloomberg Clean Energy Equity ETF*		Goldman Sachs Equal Weight U.S. Large Cap Equity ETF		Goldman Sachs Hedge Industry VIP ETF			Goldman Sachs Innovate Equity ETF**			Goldman Sachs JUST U.S. Large Cap Equity ETF
Capital loss carryforwards:
Perpetual Short-Term	$	—	$	—	$	(7,410,259	)	$	(221,190	)	$	(4,021,812	)
Perpetual Long-Term		—		—		(893,031	)		(470,331	)		(1,377,563	)
Timing differences (Qualified Late Year Loss Deferral)		—		—		(72,888	)		—			—

Commenced operations on February 8, 2022.

The capital loss carryforwards of the Goldman Sachs Innovate Equity ETF were acquired in a tax-free reorganization on November 6, 2020.

As of February 28, 2022, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:


	Goldman Sachs Bloomberg Clean Energy Equity ETF			Goldman Sachs Equal Weight U.S. Large Cap Equity ETF			Goldman Sachs Hedge Industry VIP ETF			Goldman Sachs Innovate Equity ETF			Goldman Sachs JUST U.S. Large Cap Equity ETF
Tax Cost	$	7,976,382		$	768,805,041		$	182,896,355		$	436,638,008		$	219,852,115
Gross unrealized gain		534,014			90,507,851			18,842,315			50,750,728			62,925,138
Gross unrealized loss		(113,232	)		(46,334,385	)		(12,341,259	)		(56,723,974	)		(6,153,210	)
Net unrealized gain (loss)	$	420,782		$	44,173,466		$	6,501,056		$	(5,973,246)		$	56,771,928

The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales, and differences in the tax treatment of underlying fund investments, partnership investments, passive foreign investment company investments, and real estate trust investments.

GSAM has reviewed the Funds’ tax positions for all open tax years (the current and prior three years, as applicable) and has concluded that no provision for income tax is required in the Funds’ financial statements. Such open tax year remains subject to examination and adjustment by tax authorities.

9. OTHER RISKS

The Funds’ risks include, but are not limited to, the following:

Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation; less public information; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; and less economic, political and social stability in the countries in which a Fund invests. The imposition of exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or problems with registration, settlement or custody, may also result in losses. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which a Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that a Fund also invests in securities of issuers located in, or economically tied to, emerging markets, these risks may be more pronounced.

GOLDMAN SACHS EQUITY ETFS

9. OTHER RISKS (continued)

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

Index Risk — GSAM, JUST Capital Foundation, Inc. and Solactive AG (the “Index Providers”) construct the respective Fund’s Index in accordance with a rules-based methodology. A Fund will be negatively affected by general declines in the securities and asset classes represented in its Index. In addition, because the Funds are not “actively” managed, unless a specific security is removed from an Index, a Fund generally would not sell a security because the security’s issuer was in financial trouble. Market disruptions and regulatory restrictions could have an adverse effect on a Fund’s ability to adjust its exposure to the required levels in order to track the Index. A Fund also does not attempt to take defensive positions under any market conditions, including declining markets. Therefore, a Fund’s performance could be lower than funds that may actively shift their portfolio assets to take advantage of market opportunities or to lessen the impact of a market decline or a decline in the value of one or more issuers. The Index Providers rely on third party data they believe to be reliable in constructing each respective Index, but they do not guarantee the accuracy or availability of such third party data. Errors in index data, index computation or the construction of an Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Providers for a period of time or at all, which may have an adverse impact on the applicable Fund and its shareholders. In addition, neither a Fund, the Investment Adviser, the Calculation Agent nor the Index Providers can guarantee the availability or timeliness of the production of the Index. Furthermore, Solactive AG, the index provider for the Goldman Sachs Equal Weight U.S. Large Cap Equity ETF and Goldman Sachs Innovate Equity ETF, and JUST Capital Foundation, Inc., the index provider for the Goldman Sachs JUST U.S. Large Cap Equity ETF, may delay or change a scheduled rebalancing or reconstitution of an Index or the implementation of certain rules at its sole discretion. In such circumstances, a Fund, in replicating the composition of its Index, may have more or less exposure to a particular sector or individual company than had the Index been constructed in accordance with its stated methodology.

Investments in Other Investment Companies Risk — As a shareholder of another investment company, including an ETF, a Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund. ETFs are subject to risks that do not apply to conventional mutual funds, including, but not limited to, the following: (i) the market price of the ETF’s shares may trade at a premium or a discount to their NAV; and (ii) an active trading market for an ETF’s shares may not develop or be maintained.

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

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

GOLDMAN SACHS EQUITY ETFS

Notes to Financial Statements (continued)

February 28, 2022 (Unaudited)

9. OTHER RISKS (continued)

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.

Sector Risk — To the extent a Fund focuses its investments in securities of issuers in one or more sectors (such as the financial services or telecommunications sectors), the Fund may be subjected, to a greater extent than if its investments were diversified across different sectors, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that sector, such as: adverse economic, business, political, environmental or other developments.

Tracking Error Risk — 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.

10. INDEMNIFICATIONS

Under the Trust’s organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.

11. SUBSEQUENT EVENTS

Subsequent events after the Statements of Assets and Liabilities date have been evaluated, and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.

GOLDMAN SACHS EQUITY ETFS

Voting Results of Special Meeting of Shareholders (Unaudited)

A Special Meeting (the “Meeting”) of the Goldman Sachs ETF Trust (“the Trust”) was held on December 3, 2021 to consider and act upon the proposal below. Each Fund has amortized its respective share of the proxy, shareholder meeting and other related costs and GSAM has agreed to reimburse the Fund in an amount equal to the portion of the increase in the Fund’s total expense ratio that exceeds a specified percentage.

At the Meeting, Cheryl K. Beebe, Lawrence Hughes, John F. Killian, Steven D. Krichmar and Linda A. Lang were elected to the Trust’s Board of Trustees. In electing trustees, the Trust’s shareholders voted as follows:


Proposal 1. Election of Trustees	For		Against/Withheld		Abstain

Cheryl K. Beebe		264,924,160		15,294,512		0

Lawrence Hughes		279,548,931		669,741		0

John F. Killian		264,883,857		15,334,814		0

Steven D. Krichmar		279,552,751		665,920		0

Linda A. Lang		279,620,511		598,160		0

GOLDMAN SACHS EQUITY ETFS

Liquidity Risk Management Program

Each Fund has adopted and implemented a liquidity risk management program (the “Program”) in accordance with Rule 22e-4 under the 1940 Act. The Program seeks to assess and manage each Fund’s liquidity risk, i.e., the risk that a Fund is unable to satisfy redemption requests without significantly diluting remaining investors’ interests in the Fund. The Board of Trustees of the Trust has designated GSAM, each Fund’s investment adviser, to administer the Program. Certain aspects of the Program rely on third parties to perform certain functions, including the provision of market data and application of models.

The Program is comprised of various components designed to support the assessment and/or management of liquidity risk, including: (1) the periodic assessment (no less frequently than annually) of certain factors that influence a Fund’s liquidity risk; (2) the periodic classification (no less frequently than monthly) of a Fund’s investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) a 15% limit on the acquisition of “illiquid investments” (as defined under Rule 22e-4); (4) for a Fund that does not invest primarily in “highly liquid investments” (as defined under Rule 22e-4), the determination of a minimum percentage of the Fund’s assets that will generally be invested in highly liquid investments (a “Highly Liquid Investment Minimum”); and (5) periodic reporting to the Board of Trustees.

At a meeting of the Board of Trustees on February 3-4, 2022, GSAM provided a written report to the Board addressing the operation, and the adequacy and effectiveness of the implementation, of the Program, including, as applicable, the operation of any Highly Liquid Investment Minimum and any material changes to the Program, for the period from January 1, 2021 through December 31, 2021 (the “Reporting Period”). Among other things, the annual report discussed: (1) the results of stress tests designed to assess liquidity under a hypothetical stressed scenario involving elevated redemptions; (2) an assessment of the methodologies used to classify investments into one of four liquidity categories; (3) the efficiency of the arbitrage function during the Reporting Period; and (4) the impact of local holidays in non-U.S. jurisdictions. The report concluded that the Program continues to be reasonably designed to assess and manage liquidity risk and was adequately and effectively implemented during the Reporting Period.

There can be no assurance that the Program will achieve its objectives under all circumstances in the future. Please refer to your Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other risks to which it may be subject.

GOLDMAN SACHS EQUITY ETFS

Fund Expenses — Six Months Ended 2/28/2022 (Unaudited)

As a shareholder you incur ongoing costs, including management fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in Shares of the Funds and to compare these costs with the ongoing costs of investing in other exchange-traded funds. This example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares of a Fund.

Except with respect to the Goldman Sachs Bloomberg Clean Energy Equity ETF, which commenced operations on February 8, 2022, the example is based on an investment of $1,000 invested at the beginning of the period from September 1, 2021 and held for the six months ended February 28, 2022, which represents a period of 181 days of a 365 day year (or less where indicated).

Actual Expenses — The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the six months. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes — The second line in the table below provides information about hypothetical account values and hypothetical expenses based on a Fund’s actual net expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in a Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees, or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.


	Goldman Sachs Bloomberg Clean Energy Equity ETF							Goldman Sachs Equal Weight U.S. Large Cap Equity ETF							Goldman Sachs Hedge Industry VIP ETF							Goldman Sachs Innovate Equity ETF							Goldman Sachs Just US Large Cap Equity ETF
	Beginning Account Value 9/1/2021		Ending Account Value 2/28/22			Expenses Paid*		Beginning Account Value 9/1/21		Ending Account Value 2/28/22			Expenses Paid**		Beginning Account Value 9/1/21		Ending Account Value 2/28/22			Expenses Paid**		Beginning Account Value 9/1/21		Ending Account Value 2/28/22			Expenses Paid**		Beginning Account Value 9/1/21		Ending Account Value 2/28/22			Expenses Paid**
Actual based on NAV	$	1,000	$	1,054.30		$	0.27	$	1,000	$	948.08		$	0.43	$	1,000	$	883.02		$	2.10	$	1,000	$	848.00		$	2.29	$	1,000	$	965.23		$	0.97
Hypothetical 5% return	$	1,000	$	1,002.62	+	$	0.26	$	1,000	$	1,024.35	+	$	0.45	$	1,000	$	1,022.56	+	$	2.26	$	1,000	$	1,022.31	+	$	2.51	$	1,000	$	1,023.80	+	$	1.00

Hypothetical expenses are based on the Fund’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses.

The Fund commenced operations on February 8, 2022. Expenses are calculated using the Fund’s annualized expense ratio, multiplied by the ending value for the period, multiplied by 21/365, which represents a period of 21 days of a 365 day year (to reflect the Fund’s commencement of operation).

Expenses for each Fund are calculated using the Fund’s annualized net expense ratio, which represents the ongoing expenses as a percentage of net assets for the six months ended February 28, 2022. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratio for the period is as follows:


Fund
Goldman Sachs Bloomberg Clean Energy Equity ETF	0.45	%
Goldman Sachs Equal Weight U.S. Large Cap Equity ETF	0.09
Goldman Sachs Hedge Industry VIP ETF	0.45
Goldman Sachs Innovate Equity ETF	0.50
Goldman Sachs Just US Large Cap Equity ETF	0.20

GOLDMAN SACHS EQUITY ETFS

Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs Equal Weight U.S. Large Cap Equity ETF, Goldman Sachs Hedge Industry VIP ETF, Goldman Sachs Innovate Equity ETF and Goldman Sachs JUST U.S. Large Cap Equity ETF (Unaudited)

Background

The Goldman Sachs Equal Weight U.S. Large Cap Equity ETF, Goldman Sachs Hedge Industry VIP ETF, Goldman Sachs Innovate Equity ETF and Goldman Sachs JUST U.S. Large Cap Equity ETF (each, a “Fund” and together, the “Funds”) are investment portfolios of Goldman Sachs ETF Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Funds at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Funds.

The Management Agreement was most recently approved for continuation until September 30, 2022 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on September 13, 2021 (the “Annual Meeting”).

The review process undertaken by the Trustees spans the course of the year and culminates with the Annual Meeting. To assist the Trustees in their deliberations, the Trustees have established a Contract Review Committee (the “Committee”), comprised of the Independent Trustees. The Committee held one meeting over the course of the year since the Management Agreement was last approved in 2020. At this Committee meeting, regularly scheduled Board or other committee meetings, and/or the Annual Meeting, matters relevant to the renewal of the Management Agreement were considered by the Board, or the Independent Trustees, as applicable. With respect to each Fund, such matters included:

(a)

the nature and quality of the advisory, administrative, and other services provided to the Fund by the Investment Adviser and its affiliates, including information about:

(i)

the structure, staff, and capabilities of the Investment Adviser and its portfolio management teams;

(ii)

the groups within the Investment Adviser and its affiliates that support the portfolio management teams or provide other types of necessary services, including fund services groups (e.g., accounting and financial reporting, tax, shareholder services, and operations); controls and risk management groups (e.g., legal, compliance, valuation oversight, credit risk management, internal audit, compliance testing, market risk analysis, finance, and central funding); sales and distribution support groups, and others (e.g., information technology and training);

(iii)

trends in employee headcount;

(iv)

the Investment Adviser’s financial resources and ability to hire and retain talented personnel and strengthen its operations; and

(v)

the parent company’s support of the Investment Adviser and its registered fund business, as expressed by the firm’s senior management;

(b)

information on the investment performance of the Fund, including comparisons to the performance of similar exchange-traded funds (“ETFs”), as provided by a third-party fund data provider engaged as part of the contract review process (the “Outside Data Provider”), and information on general investment outlooks in the markets in which the Fund invests;

(c)

the terms of the Management Agreement entered into by the Trust on behalf of the Fund;

(d)

fee and expense information for the Fund, including the relative management fee and expense levels of the Fund as compared to those of comparable funds managed by other advisers, as provided by the Outside Data Provider;

(e)

with respect to the investment performance and expense comparison data provided by the Outside Data Provider, its processes in producing that data for the Fund;

(f)

information relating to the profitability of the Management Agreement and the transfer agency and distribution and service arrangements of the Fund, to the Investment Adviser and its affiliates;

(g)

whether the Fund’s existing management fee schedule adequately addressed any economies of scale;

(h)

a summary of the “fall-out” benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund;

(i)

a summary of potential benefits derived by the Fund as a result of its relationship with the Investment Adviser;

(j)

portfolio manager ownership of Fund shares; the manner in which portfolio manager compensation is determined; and the number and types of accounts managed by the portfolio managers;

(k)

the nature and quality of the services provided to the Fund by its unaffiliated service providers, and the Investment Adviser’s general oversight and evaluation (including reports on due diligence) of those service providers as part of the administrative services provided under the Management Agreement; and

GOLDMAN SACHS EQUITY ETFS

(l)

the Investment Adviser’s processes and policies addressing various types of potential conflicts of interest; its approach to risk management; the annual review of the effectiveness of the Fund’s compliance program; and periodic compliance reports.

The presentations made at the Board and Committee meetings and at the Annual Meeting encompassed the Funds and other registered funds for which the Board of Trustees has responsibility. In evaluating the Management Agreement at the Annual Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Investment Adviser and its affiliates, their services, and the Funds. In conjunction with these meetings, the Trustees received written materials and oral presentations on the topics covered, and the Investment Adviser addressed the questions and concerns of the Trustees, including concerns regarding the investment performance of certain of the funds they oversee. The Independent Trustees were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval and continuation of registered fund investment management agreements under applicable law. In addition, the Investment Adviser and its affiliates provided the Independent Trustees with a written response to a formal request for information sent on behalf of the Independent Trustees by their independent legal counsel. During the course of their deliberations, the Independent Trustees met in executive sessions with their independent legal counsel, without representatives of the Investment Adviser or its affiliates present.

Nature, Extent, and Quality of the Services Provided Under the Management Agreement

As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Funds by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees noted the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted the significant resources that the Investment Adviser devotes to risk management and the control environment in which the Funds operate, the Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the market, regulatory and control environment in which the Funds and their service providers operate, including changes associated with the COVID-19 pandemic, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. The Trustees considered that under the Management Agreement, each Fund pays a single fee to the Investment Adviser, and the Investment Adviser pays each Fund’s ordinary operating expenses, excluding payments under each Fund’s 12b-1 plan (if any), interest expenses, taxes, acquired fund fees and expenses, brokerage fees, costs of holding shareholder meetings, litigation, indemnification and extraordinary expenses. The Trustees also considered information about each Fund’s structure, investment objective, strategies and other characteristics. In particular, they noted that the Funds are passively-managed ETFs that seek to track indices developed and maintained by third-party service providers, except for the Goldman Sachs Hedge Industry VIP ETF, which seeks to track a proprietary index created by the Investment Adviser. The Trustees noted the experience and capabilities of the key personnel of the Investment Adviser who provide services to the Funds. In particular, the Trustees considered the Investment Adviser’s extensive experience in managing quantitative investment strategies. They also considered information regarding the Investment Adviser’s business continuity planning and remote operations capabilities. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Funds and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Funds and the Investment Adviser and its affiliates.

Investment Performance

The Trustees also considered the investment performance of the Funds. In this regard, they compared the investment performance of each Fund to its peers using data, rankings and/or ratings compiled by the Outside Data Provider as of March 31, 2021, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of June 30, 2021. The information on each Fund’s investment performance was provided for the one- and three-year periods ending on the applicable dates, to the extent that each Fund had been in existence for those periods. As part of this review, they reviewed the investment performance of each Fund in light of its investment objective and policies and market conditions. The Trustees also received information comparing each Fund’s performance to that of its respective index, a comparable market capitalization-weighted reference index and/or a separate account composite with a comparable investment strategy, as applicable. The Trustees observed that each Fund’s investment performance was consistent with the investment objective of tracking its index.

GOLDMAN SACHS EQUITY ETFS

In addition, the Trustees considered materials prepared and presentations made by the Investment Adviser’s senior management and portfolio management personnel in which Fund performance was assessed. The Trustees also considered the Investment Adviser’s periodic reports with respect to the Funds’ risk profiles, and how the Investment Adviser’s approach to risk monitoring and management influences portfolio management.

Unitary Fee Structure and Profitability

The Trustees considered the unitary management fee rate payable by each Fund, noting that the Management Agreement provides for a unitary fee structure, pursuant to which each Fund pays a single fee to the Investment Adviser and the Investment Adviser then pays all of the Fund’s ordinary operating expenses. In addition, the Trustees considered information on the services rendered by the Investment Adviser to the Funds, which included both advisory and non-advisory services that were directed to the needs and operations of the Funds as ETFs. The Trustees noted that license fees would be payable by the Investment Adviser to Solactive AG for the use of the underlying indices of the Goldman Sachs Equal Weight U.S. Large Cap Equity ETF and Goldman Sachs Innovative Equity ETF, to Frank Russell Company for the use of the underlying index of the Goldman Sachs JUST U.S. Large Cap Equity ETF, and to JUST Capital Foundation, Inc. for the use of certain trademarks and trade names with respect to the Goldman Sachs JUST U.S. Large Cap Equity ETF. They noted that no license fee would be payable to the Investment Adviser by the Goldman Sachs Hedge Industry VIP ETF for use of the index created by the Investment Adviser. The Trustees also considered information previously provided regarding fees and expenses of comparable ETFs advised by other, unaffiliated investment management firms. The comparisons of each Fund’s fee rate and expense ratio were prepared by the Investment Adviser and certain third-party providers of mutual fund and ETF data. In particular, the Trustees referred to an analysis comparing each Fund’s management fee rate and net expense ratio to those of relevant peer funds. The Trustees concluded that the comparisons were useful in evaluating the reasonableness of the management fees and total expenses paid by the Funds.

The Trustees reviewed each Fund’s contribution to the Investment Adviser’s revenues and pre-tax profit margins. In this regard the Trustees noted that they had previously received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency and distribution and service), and information on the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs & Co. LLC (“Goldman Sachs”) organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology and profitability analysis calculations.

Economies of Scale

The Trustees noted that the Funds, similar to many other ETFs, do not have management fee breakpoints. They considered information previously provided regarding each Fund’s fee structure, the amount of assets in each Fund, each Fund’s recent creation and redemption activity, and the costs of the services provided by the Investment Adviser and its affiliates. The Trustees further noted the Investment Adviser’s assertion that future economies of scale (among several factors) had been taken into consideration in determining each Fund’s unitary management fee rate.

Other Benefits to the Investment Adviser and Its Affiliates

The Trustees also considered the other benefits derived (or expected to be derived) by the Investment Adviser and its affiliates from their relationships with the Funds as stated above, including: (a) trading efficiencies resulting from aggregation of orders of the Funds with those for other funds or accounts managed by the Investment Adviser; (b) the Investment Adviser’s ability to leverage the infrastructure designed to service the Funds on behalf of its other clients; (c) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (d) fees earned by the Investment Adviser for managing the fund in which the Funds’ securities lending cash collateral is invested; (e) the Investment Adviser’s ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Funds; and (f) the possibility that the working relationship between the Investment Adviser and the Funds’ third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.

GOLDMAN SACHS EQUITY ETFS

Other Benefits to the Funds and Their Shareholders

The Trustees also noted that the Funds receive certain other potential benefits as a result of their relationship with the Investment Adviser, including: (a) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (b) the advantages received from the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (c) the Investment Adviser’s ability to hire and retain qualified personnel to provide services to the Funds because of the reputation of the Goldman Sachs organization; (d) the Funds’ access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; and (e) the Funds’ access to certain affiliated distribution channels.

Conclusion

In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the unitary fee paid by each Fund was reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and each Fund’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit each Fund and its shareholders and that the Management Agreement should be approved and continued with respect to each Fund until September 30, 2022.

GOLDMAN SACHS EQUITY ETFS

Statement Regarding Basis for Initial Approval of Management Agreement for the Goldman Sachs Bloomberg Clean Energy Equity ETF (Unaudited)

Background

The Goldman Sachs Bloomberg Clean Energy Equity ETF (the “Fund”) is a newly-organized investment portfolio of Goldman Sachs ETF Trust (the “Trust”) that commenced investment operations on February 8, 2022. At a meeting held on December 1, 2021 (the “Meeting”) in connection with the Fund’s organization, the Board of Trustees, including all of the Trustees present who are not parties to the Fund’s investment management agreement (the “Management Agreement”) or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”) approved the Management Agreement with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Fund.

At the Meeting, the Trustees reviewed the Management Agreement with respect to the Fund, including information regarding the terms of the Management Agreement; the nature, extent and quality of the Investment Adviser’s anticipated services; the fees and expenses to be paid by the Fund; a comparison of the Fund’s proposed management fee and anticipated expenses with those paid by other similar exchange-traded funds (“ETFs”); potential benefits to be derived by the Investment Adviser and its affiliates from their relationships with the Fund; and potential benefits to be derived by the Fund from its relationship with the Investment Adviser. Various information was also provided at prior meetings at which the Fund was discussed.

In connection with the Meeting, the Trustees received written materials and oral presentations on the topics covered, and were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval of registered fund investment management agreements under applicable law. In evaluating the Management Agreement at the Meeting, the Trustees relied upon information included in a presentation made by the Investment Adviser at the Meeting and information received at prior Board meetings, as well as on their knowledge of the Investment Adviser resulting from their meetings and other interactions over time.

Nature, Extent, and Quality of the Services Provided Under the Management Agreement

As part of their review, the Trustees considered the nature, extent, and quality of the services to be provided to the Fund by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that would be provided by the Investment Adviser and its affiliates. The Trustees noted the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted the significant resources that the Investment Adviser devotes to risk management and the control environment in which the Fund would operate, the Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the market, regulatory and control environment in which the Fund and its service providers would operate, including changes associated with the COVID-19 pandemic, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. The Trustees considered that under the Management Agreement, the Fund pays a single management fee to the Investment Adviser, and the Investment Adviser pays all of the Fund’s ordinary operating expenses, excluding payments under the Fund’s 12b-1 plan (if any), interest expenses, taxes, acquired fund fees and expenses, brokerage fees, costs of holding shareholder meetings and litigation, indemnification and extraordinary expenses. The Trustees also considered information about the Fund’s structure, investment objective, strategies and other characteristics. In particular, they noted that the Fund would operate as a passively-managed ETF that seeks to track an index owned and calculated by a third-party service provider. The Trustees noted the experience and capabilities of the key personnel of the Investment Adviser who would provide services to the Fund. In particular, the Trustees considered the Investment Adviser’s extensive experience in managing quantitative investment strategies. The Trustees also considered information regarding the Investment Adviser’s business continuity planning and remote operations capabilities. The Trustees concluded that the Investment Adviser would be able to commit substantial financial and operational resources to the Fund. They also considered that although the Fund was new (and therefore had no performance data to evaluate), the Investment Adviser has committed substantial financial and operational resources to ETFs and has extensive experience managing other types of registered investment companies. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Fund and the Investment Adviser and its affiliates.

Unitary Fee Structure and Profitability

The Trustees considered the unitary management fee rate payable by the Fund, noting that the Management Agreement provides for a unitary fee structure, pursuant to which the Fund pays a single fee to the Investment Adviser and the Investment Adviser then pays all of the Fund’s ordinary operating expenses. In addition, the Trustees considered information on the services to be rendered by the Investment Adviser to the Fund, which would include both advisory and non-advisory services directed to the

GOLDMAN SACHS EQUITY ETFS

Statement Regarding Basis for Initial Approval of Management Agreement for the Goldman Sachs Bloomberg Clean Energy Equity ETF (Unaudited) (continued)

needs and operations of the Fund as an ETF. The Trustees noted that a license fee would be payable by the Investment Adviser to Bloomberg Professional Services for the use of its index. The Trustees also considered information provided regarding fees and expenses of comparable ETFs advised by other, unaffiliated investment management firms. The comparisons of the Fund’s fee rate and projected expense ratio were prepared by the Investment Adviser and a third-party provider of mutual fund and ETF data. In particular, the Trustees referred to an analysis comparing the Fund’s management fee rate and projected expense ratio to those of relevant peer funds. The Trustees concluded that the comparisons were useful in evaluating the reasonableness of the management fee and total expenses to be paid by the Fund. The Trustees concluded that the Investment Adviser’s management of the Fund likely would benefit the Fund and its shareholders.

In addition, the Trustees recognized that there was not yet profitability data to evaluate for the Fund, but considered the Investment Adviser’s representations that (i) such data would be provided after the Fund commenced operations, and (ii) the Fund was not expected to be profitable to the Investment Adviser and its affiliates initially.

Economies of Scale

The Trustees noted that the Fund, similar to many other ETFs, would not have management fee breakpoints. The Trustees considered the Fund’s projected asset levels and information comparing the fee rates charged by the Investment Adviser with fee rates charged to other ETFs in the Fund’s peer group. The Trustees further noted the Investment Adviser’s assertion that future economies of scale (among several factors) had been taken into consideration in determining the Fund’s unitary management fee rate.

Other Benefits to the Investment Adviser and Its Affiliates

The Trustees also considered the other benefits expected to be derived by the Investment Adviser and its affiliates from their relationships with the Fund as stated above, including: (a) trading efficiencies resulting from aggregation of orders of the Funds with those for other funds or accounts managed by the Investment Adviser; (b) the Investment Adviser’s ability to leverage the infrastructure designed to service the Fund on behalf of its other clients; (c) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (d) fees earned by the Investment Adviser for managing the fund in which the Fund’s securities lending cash collateral is invested; (e) the Investment Adviser’s ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Fund; and (f) the possibility that the working relationship between the Investment Adviser and the Fund’s third party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs & Co. LLC (“Goldman Sachs”).

Other Benefits to the Fund and Its Shareholders

The Trustees also noted that the Fund is expected to receive certain potential benefits as a result of its relationship with the Investment Adviser, including: (a) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (b) the advantages received from the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (c) the Investment Adviser’s ability to hire and retain qualified personnel to provide services to the Fund because of the reputation of the Goldman Sachs organization; (d) the Funds’ access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; and (e) the Fund’s access to certain affiliated distribution channels.

Conclusion

In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the unitary management fee to be paid by the Fund was reasonable in light of the services to be provided to it by the Investment Adviser, the Investment Adviser’s costs and the Fund’s reasonably foreseeable asset levels. The Trustees unanimously concluded that the engagement of the Investment Adviser likely would benefit the Fund and its shareholders and that the Management Agreement should be approved for an initial two-year period from its effective date.

FUNDS PROFILE

Goldman Sachs ETFs

LOGO

Goldman Sachs is a premier financial services firm, known since 1869 for creating thoughtful and customized investment solutions in complex global markets.

Today, the Asset Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $2.21 trillion in assets under supervision as of December 31, 2021, Goldman Sachs Asset Management (“GSAM”) has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. GSAM leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.

GOLDMAN SACHS EXCHANGE-TRADED FUNDS

Goldman Sachs ActiveBeta^® Emerging Markets Equity ETF

Goldman Sachs ActiveBeta^® Europe Equity ETF

Goldman Sachs ActiveBeta^® International Equity ETF

Goldman Sachs ActiveBeta^® Japan Equity ETF

Goldman Sachs ActiveBeta^® U.S. Large Cap Equity ETF

Goldman Sachs ActiveBeta^® U.S. Small Cap Equity ETF

Goldman Sachs ActiveBeta^® Paris-Aligned Climate U.S. Large Cap Equity ETF

Goldman Sachs ActiveBeta^® World Low Vol Plus Equity ETF

Goldman Sachs Bloomberg Clean Energy Equity ETF

Goldman Sachs Equal Weight U.S. Large Cap Equity ETF

Goldman Sachs Hedge Industry VIP ETF

Goldman Sachs Innovate Equity ETF

Goldman Sachs Access Emerging Markets USD Bond ETF

Goldman Sachs JUST U.S. Large Cap Equity ETF

Goldman Sachs Access High Yield Corporate Bond ETF

Goldman Sachs Access Inflation Protected USD Bond ETF

Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF

Goldman Sachs Access Investment Grade Corporate Bond ETF

Goldman Sachs Access Treasury 0-1 Year ETF

Goldman Sachs Access Ultra Short Bond ETF

Goldman Sachs Access U.S. Aggregate Bond ETF

Goldman Sachs MarketBeta^® Emerging Markets Equity ETF

Goldman Sachs MarketBeta^® International Equity ETF

Goldman Sachs MarketBeta^® U.S. Equity ETF

Goldman Sachs Future Planet Equity ETF

Goldman Sachs Future Tech Leaders Equity ETF

Goldman Sachs Future Health Care Equity ETF

Goldman Sachs Future Consumer Equity ETF

Goldman Sachs Future Real Estate and Infrastructure Equity ETF

INDEX DISCLAIMERS

“Bloomberg^®” and the Bloomberg Goldman Sachs Global Clean Energy Index are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited (“BISL”), the administrator of the index (collectively, “Bloomberg”), and have been licensed for use for certain purposes by GSAM. The Fund is not sponsored, endorsed, sold or promoted by Bloomberg. Bloomberg does not make any representation or warranty, express or implied, to the owners of or counterparties to the Fund or any member of the public regarding the advisability of investing in securities generally or in the Fund particularly. The only relationship of Bloomberg to GSAM. is the licensing of certain trademarks, trade names and service marks and of the Index, which is determined, composed and calculated by BISL without regard to GSAM or the Fund. Bloomberg has no obligation to take the needs of GSAM or the owners of the Fund into consideration in determining, composing or calculating the Index. Bloomberg is not responsible for and has not participated in the determination of the timing of, prices at, or quantities of the Fund to be issued. Bloomberg shall not have any obligation or liability, including, without limitation, to Fund customers, in connection with the administration, marketing or trading of the Fund.

BLOOMBERG DOES NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE INDEX OR ANY DATA RELATED THERETO AND SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS OR INTERRUPTIONS THEREIN. BLOOMBERG DOES NOT MAKE ANY WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY GSAM, OWNERS OF THE FUND OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE INDEX OR ANY DATA RELATED THERETO. BLOOMBERG DOES NOT MAKE ANY EXPRESS OR IMPLIED WARRANTIES AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE INDEX OR ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, TO THE MAXIMUM EXTENT ALLOWED BY LAW, BLOOMBERG, ITS LICENSORS, AND ITS AND THEIR RESPECTIVE EMPLOYEES, CONTRACTORS, AGENTS, SUPPLIERS, AND VENDORS SHALL HAVE NO LIABILITY OR RESPONSIBILITY WHATSOEVER FOR ANY INJURY OR DAMAGES—WHETHER DIRECT, INDIRECT, CONSEQUENTIAL, INCIDENTAL, PUNITIVE OR OTHERWISE—ARISING IN CONNECTION WITH THE FUND OR THE INDEX OR ANY DATA OR VALUES RELATING THERETO—WHETHER ARISING FROM THEIR NEGLIGENCE OR OTHERWISE, EVEN IF NOTIFIED OF THE POSSIBILITY THEREOF.

The Goldman Sachs Equal Weight U.S. Large Cap Equity ETF is not sponsored, promoted, sold or supported in any other manner by Solactive AG nor does Solactive AG offer any express or implicit guarantee or assurance either with regard to the results of using the Solactive US Large Cap Equal Weight Index (GTR) (“Solactive Index”) and/or Solactive Index trade mark or the Solactive Index Price at any time or in any other respect. The Solactive Index is calculated and published by Solactive AG. Solactive AG uses its best efforts to ensure that the Solactive Index is calculated correctly. Irrespective of its obligations towards Goldman Sachs Equal Weight U.S. Large Cap Equity ETF, Solactive AG has no obligation to point out errors in the Solactive Index to third parties including but not limited to investors and/or financial intermediaries of Goldman Sachs Equal Weight U.S. Large Cap Equity ETF. Neither publication of a Solactive Index by Solactive AG nor the licensing of the Solactive Index or Solactive Index trade mark for the purpose of use in connection with the Goldman Sachs Equal Weight U.S. Large Cap Equity ETF constitutes a recommendation by Solactive AG to invest capital in said fund nor does it in any way represent an assurance or opinion of Solactive AG with regard to any investment in this fund.

FUNDS PROFILE

GOLDMAN SACHS ASSET MANAGEMENT, L.P., THE GOLDMAN SACHS GROUP, INC., AND GOLDMAN SACHS & CO. LLC (COLLECTIVELY, “GOLDMAN SACHS”) DOES NOT GUARANTEE NOR MAKE ANY REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, TO THE OWNERS OR SHAREHOLDERS OF THE FUND OR ANY MEMBER OF THE PUBLIC REGARDING THE ADVISABILITY OF INVESTING IN SECURITIES GENERALLY OR IN THE FUND PARTICULARLY OR THE ABILITY OF THE INDEX TO TRACK GENERAL MARKET PERFORMANCE. GOLDMAN SACHS, IN ITS CAPACITY AS THE INDEX PROVIDER OF THE INDEX, LICENSES CERTAIN TRADEMARKS AND TRADE NAMES TO THE FUND. GOLDMAN SACHS HAS NO OBLIGATION TO TAKE THE NEEDS OF THE FUND OR THE SHAREHOLDERS OF THE FUND INTO CONSIDERATION IN DETERMINING, COMPOSING OR CALCULATING THE INDEX. GOLDMAN SACHS, ITS AFFILIATES AND ANY OF ITS CLIENTS MAY HOLD LONG OR SHORT POSITIONS IN SECURITIES HELD BY THE FUND OR IN RELATED DERIVATIVES, INCLUDING THOSE LINKED TO THE INDEX. GOLDMAN SACHS DOES NOT GUARANTEE THE ADEQUACY, TIMELINESS, ACCURACY AND/OR THE COMPLETENESS OF THE INDEX OR ANY DATA RELATED THERETO. GOLDMAN SACHS HEREBY EXPRESSLY DISCLAIMS ANY AND ALL LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN OR IN THE CALCULATION THEREOF. GOLDMAN SACHS MAKES NO WARRANTY, EXPRESS OR IMPLIED, AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE MARKS, THE INDEX OR ANY DATA INCLUDED THEREIN AS TO THE RESULTS TO BE OBTAINED BY THE FUND, THE SHAREHOLDERS, OR ANY OTHER PERSON OR ENTITY FROM USE OF THE INDEX OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, GOLDMAN SACHS HEREBY EXPRESSLY DISCLAIMS ANY AND ALL LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.

The Goldman Sachs Innovate Equity ETF is not sponsored, promoted, sold or supported in any other manner by Solactive AG nor does Solactive AG offer any express or implicit guarantee or assurance either with regard to the results of using the Solactive Innovative Global Equity Index (“Solactive Index”) and/or Solactive Index trade mark or the Solactive Index Price at any time or in any other respect. The Solactive Index is calculated and published by Solactive AG. Solactive AG uses its best efforts to ensure that the Solactive Index is calculated correctly. Irrespective of its obligations towards Goldman Sachs Innovate Equity ETF, Solactive AG has no obligation to point out errors in the Solactive Index to third parties including but not limited to investors and/or financial intermediaries of Goldman Sachs Innovate Equity ETF. Neither publication of a Solactive Index by Solactive AG nor the licensing of the Solactive Index or Solactive Index trade mark for the purpose of use in connection with the Goldman Sachs Innovate Equity ETF constitutes a recommendation by Solactive AG to invest capital in said fund nor does it in any way represent an assurance or opinion of Solactive AG with regard to any investment in this fund.

Neither JUST Capital Foundation, Inc. (“JUST Capital”) nor any of its affiliates (collectively, the “JUST Parties”) in any way sells, sponsors, supports, promotes, or endorses the Goldman Sachs JUST U.S. Large Cap Equity ETF (the “GS ETF”), or has involvement in its operations or distribution. The JUST US Large Cap Diversified Index (the “JUST Index”) has been licensed by Russell on an “as is” basis to Goldman Sachs Asset Management L.P. (“Goldman Sachs”) in connection withGoldman Sachs’ sponsorship of the GS ETF, and JUST Capital’s only relationship with Goldman Sachs is the licensing of certain trademarks and trade names of JUST Capital or its affiliates. The JUST Parties and any other person or entity involved in or related to compiling, computing, or creating the JUST Index expressly disclaim all representations, warranties, and liabilities relating to or in connection with the GS ETF (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability, and fitness for a particular purpose).

No JUST Party makes any claim, prediction, warranty, or representation whatsoever, expressly or impliedly, either as to (i) the results to be obtained from the use of the JUST Index, the GS ETF, or any of the data included in either of the foregoing, (ii) the level at which the JUST Index or GS ETF is said to stand at any particular time on any particular day or otherwise, (iii) the suitability of the JUST Index for the purpose to which it is being put in connection with the GS ETF, or (iv) the advisability of investing in securities generally or in any index or ETF, including those provided by Goldman Sachs.

No JUST Party has provided, nor will any provide, any financial or investment advice or recommendation in relation to the JUST Index or the GS ETF to Goldman Sachs Asset Management or to its clients. No JUST Party shall be (i) liable (whether in negligence or otherwise) to any person for any error in the JUST Index or (ii) under any obligation to advise any person of any error therein. Without limiting any of the foregoing, in no event shall any JUST Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including without limitation lost profits), or any other damages in connection with the JUST Index or the GS ETF.

Data and information regarding the JUST Index is proprietary to JUST Capital or its licensors, and reproduction of such data and information is prohibited except with the prior written permission of JUST Capital. JUST Index^® and JUST Capital Index^® are trademarks of JUST Capital and have been licensed for use by Goldman Sachs Asset Management L.P. by JUST Capital and/or its agent.

Frank Russell Company (“Russell”) acts solely as calculation agent in respect of the JUST US Large Cap Diversified Index and does not in any way sponsor, support, promote or endorse the JUST US Large Cap Diversified Index or the Goldman Sachs JUST U.S. Large Cap Equity ETF. The JUST US Large Cap Diversified Index was provided on an “as is” basis. Russell, its affiliates and any other person or entity involved in or related to compiling, computing or creating the JUST US Large Cap Diversified Index (collectively, the “Russell Parties”) expressly disclaim all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose).

Russell does not make any claim, prediction, warranty or representation whatsoever, expressly or impliedly, either as to (i) the results to be obtained from the use of the JUST US Large Cap Diversified Index (upon which the Goldman Sachs JUST U.S. Large Cap Equity ETF is based), (ii) the figure at which the JUST US Large Cap Diversified Index is said to stand at any particular time on any particular day or otherwise, or (iii) the suitability of the JUST US Large Cap Diversified Index for the purpose to which it is being put in connection with the Goldman Sachs JUST U.S. Large Cap Equity ETF.

Russell has not provided and will not provide any financial or investment advice or recommendation in relation to the JUST US Large Cap Diversified Index to Goldman Sachs Asset Management or to its clients. The JUST US Large Cap Diversified Index is calculated by Russell or its agent as calculation agent. Russell shall not be (a) liable (whether in negligence or otherwise) to any person for any error in the Index or (b) under any obligation to advise any person of any error therein.

Without limiting any of the foregoing, in no event shall any Russell Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including without limitation lost profits) or any other damages in connection with the JUST US Large Cap Diversified Index or the Goldman Sachs JUST U.S. Large Cap Equity ETF.


TRUSTEES Cheryl K. Beebe, Chair Lawrence Hughes John F. Killian Steven D. Krichmar Linda A. Lang Michael Latham Lawrence W. Stranghoener James A. McNamara		OFFICERS James A. McNamara, President Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Caroline L. Kraus, Secretary

THE BANK OF NEW YORK MELLON Transfer Agent

ALPS DISTRIBUTORS, INC. Distributor		GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser

Visit our Website at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.

Goldman Sachs Asset Management, L.P., 200 West Street, New York, New York 10282

The reports concerning the Funds included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Funds in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Funds, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Funds. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information regarding how the Funds voted proxies relating to portfolio securities for the most recent 12-month period ended June 30 is available (i) without charge, upon request by calling 1-800-621-2550; and (ii) on the Securities and Exchange Commission (“SEC”) web site at http://www.sec.gov.

The Funds will file their portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be made available on the SEC’s web site at http://www.sec.gov. Portfolio holdings information may be obtained upon request and without charge by calling 1-800-621-2550.

Fund holdings and allocations shown are as of February 28, 2022 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.

ETF Fund shares are not individually redeemable and are issued and redeemed by the Funds at their net asset value (“NAV”) only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Brokerage commissions will reduce returns. Ordinary brokerage commissions apply.

This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus or summary prospectus, if applicable. Investors should consider the Funds’ objective, risks, and charges and expenses, and read the summary prospectus, if available, and/or the prospectus carefully before investing or sending money. The summary prospectus, if available, and the Prospectus contain this and other information about the Funds and may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC by calling 1-800-621-2550.

ActiveBeta^® is a registered trademark of GSAM.

ALPS Distributors, Inc. is the distributor of the Goldman Sachs ETF Funds. ALPS Distributors, Inc. is unaffiliated with Goldman Sachs Asset Management.