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)		&