Goldman Sachs ETF Trust

Goldman Sachs Funds



Semi-Annual Report				February 28, 2022

				Goldman Sachs ActiveBeta^® ETFs
				ActiveBeta^® Emerging Markets Equity ETF (GEM)
				ActiveBeta^® Europe Equity ETF (GSEU)
				ActiveBeta^® International Equity ETF (GSIE)
				ActiveBeta^® Japan Equity ETF (GSJY)
				ActiveBeta^® Paris-Aligned Climate U.S. Large Cap Equity ETF (GPAL)
				ActiveBeta^® U.S. Large Cap Equity ETF (GSLC)
				ActiveBeta^® U.S. Small Cap Equity ETF (GSSC)

ActiveBeta^® is a registered trademark of GSAM.

LOGO

Goldman Sachs ActiveBeta^® ETFs

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ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

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ACTIVEBETA^® EUROPE EQUITY ETF

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ACTIVEBETA^® INTERNATIONAL EQUITY ETF

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ACTIVEBETA^® JAPAN EQUITY ETF

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ACTIVEBETA^® PARIS-ALIGNED CLIMATE U.S. LARGE CAP EQUITY ETF

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ACTIVEBETA^® U.S. LARGE CAP EQUITY ETF

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ACTIVEBETA^® U.S. SMALL CAP EQUITY ETF


TABLE OF CONTENTS

Market and Economic Review			1

Fund Basics			4

Schedules of Investments			19

Financial Statements			76

Financial Highlights			84

ActiveBeta^® Emerging Markets Equity ETF			84

ActiveBeta^® Europe Equity ETF			85

ActiveBeta^® International Equity ETF			86

ActiveBeta^® Japan Equity ETF			87

ActiveBeta^® Paris-Aligned Climate U.S. Large Cap Equity ETF			88

ActiveBeta^® U.S. Large Cap Equity ETF			89

ActiveBeta^® U.S. Small Cap Equity ETF			90

Notes to Financial Statements			91

Other Information			108



NOT FDIC-INSURED	May Lose Value	No Bank Guarantee

MARKET REVIEW

Goldman Sachs ActiveBeta^® Equity ETFs

The following are highlights both of key factors affecting the U.S., international and emerging markets equity markets and of any key changes made to the Goldman Sachs ActiveBeta^® 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

U.S. Equities

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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%.

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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.

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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.

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

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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.

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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.

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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.

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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 tends to suggest higher interest rates; opposite of dovish.)

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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.

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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.

International Equities

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Representing the developed international equity markets, the MSCI EAFE Index (net) returned -6.78% for the Reporting Period, underperforming the U.S. equity market.

MARKET REVIEW

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As the Reporting Period began, international equity markets receded in September 2021, due primarily to the U.S. Fed’s announcements around tapering of its monthly asset purchase plans and increases in interest rates.

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The decline was further aggravated by halts in global manufacturing activities due to supply-chain disruptions and semiconductor shortages as well as power cuts and energy crises around the world.

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Regulations imposed by the Chinese government on certain key sectors led to increased investor pessimism, worsened by Evergrande Group’s debt crisis and spread of the COVID-19 Delta variant.

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During the fourth quarter of 2021, the MSCI EAFE Index increased in October, fell in November and rose in December.

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Many of the concerns that dominated the international equity markets in September ebbed somewhat in October, supported in Europe and the U.K. particularly by favorable third calendar quarter corporate earnings reports.

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In November, international equity markets suffered over fears of the new COVID-19 Omicron variant’s potential impact. Travel restrictions were re-imposed to curtail the variant’s spread, and lockdown measures were reimposed in Europe. Japan’s equity market fell due to both inflation and supply-chain issues as well as concerns about the Omicron variant.

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In December, the initial scare of the Omicron variant dissipated among studies showing its symptoms were less severe than prior variants. Also, value stocks outperformed growth stocks, which benefited international equities given their relatively high value/cyclical exposures.

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The MSCI EAFE Index fell in January and February 2022.

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The price pressure in January was mostly from the continued reverberation surrounding the U.S. Fed’s hawkish policy pivot, the velocity and magnitude of the accompanying government bond yield increase and the long-standing valuation concerns around some of the riskier pockets of the markets.

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The price pressure in February was mostly from the Russia/Ukraine crisis, as the situation deteriorated sharply and Russia launched a full-scale invasion.

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The best performing sector within the MSCI EAFE Index during the Reporting Period was energy, the only sector to post a positive total return for the Reporting Period. The weakest performing sectors were information technology, industrials and communication services.

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The best performing countries within the MSCI EAFE Index were Norway and the U.K., the only two country constituents to post a positive total return for the Reporting Period. The weakest performing countries during the Reporting Period were the Netherlands, Finland and Ireland.

Emerging Markets Equities

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Representing the emerging markets equity markets, the MSCI Emerging Markets Index (net) returned -9.81% during the Reporting Period, underperforming both the U.S. equity market and the developed international equity markets overall.

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As the Reporting Period began in September 2021, emerging markets equities as a whole posted negative returns, mainly due to a steep sell-off in China as well as on broader concerns around rising inflation and, as a direct result, a looming tightening of monetary policy across the globe.

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During the fourth quarter of 2021, the MSCI Emerging Markets Index rose in October, fell sharply in November and increased in December.

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Emerging markets equities rose slightly in October as COVID-19 vaccination rates increased and the global spread of the Delta variant slowed in most regions. The markets also expected strong corporate earnings to continue. However, rising input costs, especially energy prices, material shortages and a slowdown in economic growth in China muted investor optimism.

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In November, the Omicron variant of COVID-19 spread across regions, dampening investor sentiment and leading to mixed outlooks for the global economic recovery.

MARKET REVIEW

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In December, global economic data was encouraging despite market participants closely monitoring the implications of the spread of the Omicron variant, inflation remaining top of mind for investors, and China’s heightened regulations, mainly in the technology sector, weighing on sentiment.

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The MSCI Emerging Markets Index fell in January and February 2022.

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In January, both growing tensions between Russian and Ukraine and rising global borrowing costs worried investors. COVID-19 cases surged and hospitalizations rose, furthering dampening investor sentiment around an economic recovery across emerging markets.

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In February, the Russia/Ukraine situation deteriorated sharply, with Russia launching a full-scale invasion, triggering a sell-off in emerging markets equities.

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The best performing sector within the MSCI Emerging Markets Index during the Reporting Period was financials, the only sector to post a positive, albeit modest, total return for the Reporting Period. The weakest performing sectors were health care, consumer discretionary and communication services.

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The best performing countries within the MSCI Emerging Markets Index during the Reporting Period were Peru, United Arab Emirates and Qatar, while the weakest performing countries were Russia, Hungary and Poland.

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It is worth noting that effective March 9, 2022, after the close of the Reporting Period, MSCI Inc. removed Russian securities from the MSCI Emerging Markets Index after deeming the Russian equity market “uninvestable” amidst Russia’s invasion of Ukraine. MSCI Inc. announced the MSCI Russia Indexes would be reclassified to “standalone markets” instead of “emerging markets” across all of MSCI’s indexes “at a price that is effectively zero.”

Fund Changes and Highlights

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

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The Fund launched on December 13, 2021.

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The Fund tracks the ActiveBeta^® Paris-Aligned U.S. Large Cap Equity Index, which uses the patented ActiveBeta^® Portfolio Construction Methodology and seeks to align with the goals of the Paris Climate Agreement to combat climate change and its effects.

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The Fund’s approach combines Goldman Sachs’ well-established track record of managing diversified, multi-factor ETFs, with its ability to reflect many investors’ growing desire to reduce carbon emissions and more deliberately manage the transition to a low-carbon economy through Goldman Sachs’ rules-based and transparent approach.

FUND BASICS

ActiveBeta^® Emerging Markets Equity ETF

as of February 28, 2022


FUND SNAPSHOT

As of February 28, 2022

Market Price¹	$	35.28
Net Asset Value (NAV)¹	$	35.09

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			GS ActiveBeta^® Emerging Markets Equity Index³			MSCI Emerging Markets Index⁴
Shares		-8.60	%		-7.73	%		-8.10	%		-9.81	%

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 as of 4:00pm 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 Goldman Sachs ActiveBeta^® Emerging Markets Equity Index (the “Index”) is designed to deliver exposure to equity securities of emerging market issuers. The Index seeks to capture common sources of active equity returns, including value (i.e., how attractively a stock is priced relative to its “fundamentals”, such as book value or free cash flow), momentum (i.e., whether a company’s share price is trending up or down), quality (i.e., profitability) and low volatility (i.e., a relatively low dgree of fluctuation in a company’s share price over time). The index provider for the reference index on which the Index is based may delay or change a scheduled rebalancing or reconstitution of such reference index or the implementation of certain rules at its sole discretion. In such circumstances, the scheduled rebalancing or reconstitution of the Index may likewise be delayed or changed. It is not possible to invest directly in an unmanaged index.

⁴

The MSCI Emerging Markets Index captures large and mid cap representation across 27 Emerging Markets countries. 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. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. 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	Country

Taiwan Semiconductor Manufacturing Co. Ltd.		6.3	%	Information Technology	Taiwan
Tencent Holdings Ltd.		3.5		Communication Services	China
Samsung Electronics Co. Ltd.		3.4		Information Technology	South Korea
Alibaba Group Holding Ltd.		2.1		Consumer Discretionary	China
Infosys Ltd.		1.1		Information Technology	India
Vale SA		1.0		Materials	Brazil
MediaTek, Inc.		0.8		Information Technology	Taiwan
China Construction Bank Corp., Class H		0.8		Financials	China
Meituan, Class B		0.7		Consumer Discretionary	China
Tata Consultancy Services Ltd.		0.7		Information Technology	India

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

FUND VS BENCHMARK⁶

February 28, 2022

LOGO

⁶

Country and 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 MSCI. 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). Underlying sector allocation of exchange-traded funds held by the Fund are not reflected in the chart above. Investments in the securities lending vehicle represented 1.0% 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 Goldman Sachs ActiveBeta^® Emerging Markets 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

ActiveBeta^® Europe Equity ETF

as of February 28, 2022


FUND SNAPSHOT

As of February 28, 2022

Market Price¹	$	33.99
Net Asset Value (NAV)¹	$	34.27


PERFORMANCE REVIEW

September 1, 2021–February 28, 2022	Fund Total Return (based on NAV)²			Fund Total Return (based on Market Price)²			GS ActiveBeta^® Europe Equity Index³			MSCI Europe Index⁴
Shares		-8.93	%		-9.81	%		-8.79	%		-6.70	%

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 incurred by the Fund. Market Price returns are based upon the last trade as of 4:00pm 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 Goldman Sachs ActiveBeta^® Europe Equity Index (the “Index”) is designed to deliver exposure to equity securities of developed market issuers in Europe. The Index seeks to capture common sources of active equity returns, including value (i.e., how attractively a stock is priced relative to its “fundamentals”, such as book value or free cash flow), momentum (i.e., whether a company’s share price is trending up or down), quality (i.e., profitability) and low volatility (i.e., a relatively low dgree of fluctuation in a company’s share price over time). The index provider for the reference index on which the Index is based may delay or change a scheduled rebalancing or reconstitution of such reference index or the implementation of certain rules at its sole discretion. In such circumstances, the scheduled rebalancing or reconstitution of the Index may likewise be delayed or changed. It is not possible to invest directly in an unmanaged index.

⁴

The MSCI Europe Index captures large and mid-cap representation across 15 Developed Markets countries. 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	Country

Nestle SA		3.2	%	Consumer Staples	Switzerland
Roche Holding AG-Genusschein		2.5		Health Care	Switzerland
ASML Holding NV		2.2		Information Technology	Netherlands
LVMH Moet Hennessy Louis Vuitton SE		1.7		Consumer Discretionary	France
Novo Nordisk A/S, Class B		1.7		Health Care	Denmark
Novartis AG		1.6		Health Care	Switzerland
Shell PLC		1.4		Energy	Netherlands
AstraZeneca PLC		1.3		Health Care	United Kingdom
L’Oreal SA		1.1		Consumer Staples	France
Sanofi		1.0		Health Care	France

⁵

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


FUND VS BENCHMARK⁶

February 28, 2022

LOGO

⁶

Country and 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 MSCI. 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). Underlying sector allocation of exchange-traded funds held by the Fund are not reflected in the chart above. Investments in the securities lending vehicle represented .03% 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 Goldman Sachs ActiveBeta^® Europe 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

ActiveBeta^® International Equity ETF

as of February 28, 2022


FUND SNAPSHOT

As of February 28, 2022

Market Price¹	$	32.69
Net Asset Value (NAV)¹	$	32.84


PERFORMANCE REVIEW

September 1, 2021–February 28, 2022	Fund Total Return (based on NAV)²			Fund Total Return (based on Market Price)²			GS ActiveBeta^® Intl Equity Index³			MSCI World ex USA Index⁴
Shares		-7.13	%		-7.53	%		-7.06	%		-5.73	%

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 incurred by the Fund. Market Price returns are based upon the last trade as of 4:00pm 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 Goldman Sachs ActiveBeta^® International Equity Index (the “Index”) is designed to deliver exposure to equity securities of developed market issuers outside of the United States. The Index seeks to capture common sources of active equity returns, including value (i.e., how attractively a stock is priced relative to its “fundamentals”, such as book value or free cash flow), momentum (i.e., whether a company’s share price is trending up or down), quality (i.e., profitability) and low volatility (i.e., a relatively low degree of fluctuation in a company’s share price over time). The index provider for the reference index on which the Index is based may delay or change a scheduled rebalancing or reconstitution of such reference index or the implementation of certain rules at its sole discretion. In such circumstances, the scheduled rebalancing or reconstitution of the Index may likewise be delayed or changed. It is not possible to invest directly in an unmanaged index.

⁴

The MSCI World ex USA Index captures large and mid cap representation across 22 of 23 Developed Markets countries. 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	Country

Nestle SA		1.8	%	Consumer Staples	Switzerland
Roche Holding AG-Genusschein		1.4		Health Care	Switzerland
ASML Holding NV		1.1		Information Technology	Netherlands
LVMH Moet Hennessy Louis Vuitton SE		1.0		Consumer Discretionary	France
Shell PLC		1.0		Energy	Netherlands
Novo Nordisk A/S, Class B		1.0		Health Care	Denmark
Novartis AG		0.9		Health Care	Switzerland
BHP Group Ltd.		0.8		Materials	Australia
Royal Bank of Canada		0.7		Financials	Canada
L’Oreal SA		0.7		Consumer Staples	France

⁵

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


FUND VS BENCHMARK⁶

February 28, 2022

LOGO

⁶

Country and 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 MSCI. 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). Underlying sector allocation of exchange-traded funds held by the Fund are not reflected in the chart above. Investments in the securities lending vehicle represented 1.5% 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 Goldman Sachs ActiveBeta^® International 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

ActiveBeta^® Japan Equity ETF

as of February 28, 2022


FUND SNAPSHOT

As of February 28, 2022

Market Price¹	$	34.91
Net Asset Value (NAV)¹	$	34.65


PERFORMANCE REVIEW

September 1, 2021-February 28, 2022	Fund Total Return (based on NAV)²			Fund Total Return (based on Market Price)²			GS ActiveBeta^® Japan Equity Index³			MSCI Japan Index⁴
Shares		-7.57	%		-6.52	%		-7.63	%		-7.37	%

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 incurred by the Fund. Market Price returns are based upon the last trade as of 4:00pm 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 Goldman Sachs ActiveBeta^® Japan Equity Index (the “Index”) is designed to deliver exposure to equity securities of Japan issuers. The Index seeks to capture common sources of active equity returns, including value (i.e., how attractively a stock is priced relative to its “fundamentals”, such as book value or free cash flow), momentum (i.e., whether a company’s share price is trending up or down), quality (i.e., profitability) and low volatility (i.e., a relatively low degree of fluctuation in a company’s share price over time). The index provider for the reference index on which the Index is based may delay or change a scheduled rebalancing or reconstitution of such reference index or the implementation of certain rules at its sole discretion. In such circumstances, the scheduled rebalancing or reconstitution of the Index may likewise be delayed or changed. It is not possible to invest directly in an unmanaged index.

⁴

The MSCI Japan Index is designed to measure the performance of the large and mid cap segments of the Japanese market. 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

Toyota Motor Corp.		4.4	%	Consumer Discretionary
Sony Group Corp.		2.9		Consumer Discretionary
Tokyo Electron Ltd.		1.9		Information Technology
Keyence Corp.		1.9		Information Technology
Honda Motor Co. Ltd.		1.8		Consumer Discretionary
Mitsubishi UFJ Financial Group, Inc.		1.5		Financials
KDDI Corp.		1.4		Communication Services
Mitsui & Co. Ltd.		1.3		Industrials
Nippon Telegraph & Telephone Corp.		1.3		Communication Services
Marubeni Corp.		1.3		Industrials

⁵

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


FUND VS BENCHMARK⁶

February 28, 2022

LOGO

⁶

Country and 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 MSCI. 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). Underlying sector allocation of exchange-traded funds held by the Fund are not reflected in the chart above. Investments in the securities lending vehicle represented 1.2% 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 Goldman Sachs ActiveBeta^® Japan 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

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

as of February 28, 2022


FUND SNAPSHOT

As of February 28, 2022

Market Price¹	$	36.60
Net Asset Value (NAV)¹	$	36.63

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

December 13, 2021–February 28, 2022	Fund Total Return (based on NAV)²			Fund Total Return (based on Market Price)²			GS ActiveBeta^® Paris-Aligned U.S. Large Cap Equity Index³
Shares		-7.60	%		-7.68	%		-7.57	%

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 incurred by the Fund. Market Price returns are based upon the last trade as of 4:00pm 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 Goldman Sachs ActiveBeta^® Paris-Aligned U.S. Large Cap Equity Index (the “Index”) is designed to deliver exposure to equity securities of large capitalization U.S. issuers. The Index seeks to capture common sources of active equity returns, including value (i.e., how attractively a stock is priced relative to its “fundamentals”, such as book value or free cash flow), momentum (i.e., whether a company’s share price is trending up or down), quality (i.e., profitability) and low volatility (i.e., a relatively low degree of fluctuation in a company’s share price over time). The Index aims to meet the minimum requirements to be an “EU Paris-Aligned Benchmark.” An “EU Paris-Aligned Benchmark” is an index whose constituent companies are aligned with the goals of the Paris Climate Agreement, an international treaty that seeks to combat climate change and its effects. The Index is reconstituted and rebalanced quarterly. It is not possible to invest directly in an unmanaged index.

The Fund is newly incepted and does not have a substantial track record. 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 2/28/22⁴

Holding	% of Net Assets			Line of Business

Apple, Inc.		6.6	%	Information Technology
Microsoft Corp.		5.9		Information Technology
Amazon.com, Inc.		3.4		Consumer Discretionary
Alphabet, Inc., Class A		2.1		Communication Services
Alphabet, Inc., Class C		2.0		Communication Services
Berkshire Hathaway, Inc., Class B		1.4		Financials
Meta Platforms, Inc., Class A		1.3		Communication Services
NVIDIA Corp.		1.3		Information Technology
Johnson & Johnson		1.2		Health Care
JPMorgan Chase & Co.		1.0		Financials

⁴

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


FUND VS BENCHMARK⁵

February 28, 2022

LOGO

⁵

Country and 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, if any). Underlying sector allocation of exchange-traded funds held by the Fund are not reflected in the chart above. 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 Goldman Sachs ActiveBeta^® Paris-Aligned U.S. Large Cap 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

ActiveBeta^® U.S. Large Cap Equity ETF

as of February 28, 2022


FUND SNAPSHOT

As of February 28, 2022

Market Price¹	$	86.46
Net Asset Value (NAV)¹	$	86.44


PERFORMANCE REVIEW

September 1, 2021–February 28, 2022	Fund Total Return (based on NAV)²			Fund Total Return (based on Market Price)²			GS ActiveBeta^® U.S. Large Cap Equity Index³			S&P 500 Index⁴
Shares		-4.38	%		-4.32	%		-4.34	%		-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 calculation assumes all management fees incurred by the Fund. Market Price returns are based upon the last trade as of 4:00pm 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 Goldman Sachs ActiveBeta^® U.S. Large Cap Equity Index (the “Index”) is designed to deliver exposure to equity securities of large capitalization U.S. issuers. The Index seeks to capture common sources of active equity returns, including value (i.e., how attractively a stock is priced relative to its “fundamentals”, such as book value or free cash flow), momentum (i.e., whether a company’s share price is trending up or down), quality (i.e., profitability) and low volatility (i.e., a relatively low dgree of fluctuation in a company’s share price over time). The index provider for the reference index on which the Index is based may delay or change a scheduled rebalancing or reconstitution of such reference index or the implementation of certain rules at its sole discretion. In such circumstances, the scheduled rebalancing or reconstitution of the Index may likewise be delayed or changed. 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. 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

Apple, Inc.		6.0	%	Information Technology
Microsoft Corp.		5.3		Information Technology
Amazon.com, Inc.		3.1		Consumer Discretionary
Alphabet, Inc., Class A		1.9		Communication Services
Alphabet, Inc., Class C		1.8		Communication Services
Meta Platforms, Inc., Class A		1.2		Communication Services
NVIDIA Corp.		1.2		Information Technology
Berkshire Hathaway, Inc., Class B		1.1		Financials
Johnson & Johnson		1.1		Health Care
Home Depot, Inc. (The)		1.0		Consumer Discretionary

⁵

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


FUND VS BENCHMARK⁶

February 28, 2022

LOGO

⁶

Country and 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, if any). Underlying sector allocation of exchange-traded funds held by the Fund are not reflected in the chart above. 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 Goldman Sachs ActiveBeta^® U.S. Large Cap 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

ActiveBeta^® U.S. Small Cap Equity ETF

as of February 28, 2022


FUND SNAPSHOT

As of February 28, 2022

Market Price¹	$	61.94
Net Asset Value (NAV)¹	$	61.81


PERFORMANCE REVIEW

September 1, 2021–February 28, 2022	Fund Total Return (based on NAV)²			Fund Total Return (based on Market Price)²			GS ActiveBeta^® U.S. Small Cap Equity Index³			Russell 2000^® Index⁴
Shares		-4.22	%		-3.97	%		-4.15	%		-9.46	%

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 incurred by the Fund. Market Price returns are based upon the last trade as of 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 Goldman Sachs ActiveBeta^® U.S. Small Cap Equity Index (the “Index”) is designed to deliver exposure to equity securities of small capitalization U.S. issuers. The Index seeks to capture common sources of active equity returns, including value (i.e., how attractively a stock is priced relative to its “fundamentals”, such as book value or free cash flow), momentum (i.e., whether a company’s share price is trending up or down), quality (i.e., profitability) and low volatility (i.e., a relatively low degree of fluctuation in a company’s share price over time). The index provider for the reference index on which the Index is based may delay or change a scheduled rebalancing or reconstitution of such reference index or the implementation of certain rules at its sole discretion. In such circumstances, the scheduled rebalancing or reconstitution of the Index may likewise be delayed or changed. It is not possible to invest directly in an unmanaged index.

⁴

The Russell 2000^® Index is an unmanaged index of common stock prices that measures the performance of the 2000 smallest companies in the Russell 3000^® Index. The Index is constructed to provide a comprehensive and unbiased small-cap barometer and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set.

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

Synaptics, Inc.		0.4	%	Information Technology
Lattice Semiconductor Corp.		0.4		Information Technology
Mr Cooper Group, Inc.		0.3		Financials
BJ’s Wholesale Club Holdings, Inc.		0.3		Consumer Staples
Vonage Holdings Corp.		0.3		Information Technology
Tenet Healthcare Corp.		0.3		Health Care
Atkore, Inc.		0.3		Industrials
Ovintiv, Inc.		0.3		Energy
Boise Cascade Co.		0.3		Industrials
Corcept Therapeutics, Inc.		0.3		Health Care

⁵

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


FUND VS BENCHMARK⁶

February 28, 2022

LOGO

⁶

Country and 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 Russell Investments. 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). Underlying sector allocation of exchange-traded funds held by the Fund are not reflected in the chart above. Investments in the securities lending vehicle represented 0.6% 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 Goldman Sachs ActiveBeta^® U.S. Small Cap 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

Industry Terms

Book Value: The total value of the company’s assets that shareholders would theoretically receive if a company were liquidated.

Free Cash Flow: A measure of financial performance calculated as operating cash flow minus capital expenditures.

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

Schedule of Investments

February 28, 2022 (Unaudited)


Shares		Description	Value

Common Stocks – 97.3%
Brazil – 3.5%
	788,902	Ambev SA (Consumer Staples)	$	2,327,641
	213,592	Atacadao SA (Consumer Staples)		789,822
	714,962	B3 SA – Brasil Bolsa Balcao (Financials)		2,023,438
	432,801	Banco Bradesco SA (Financials)		1,433,233
	681,288	BB Seguridade Participacoes SA (Financials)		3,046,931
	333,139	Cia Siderurgica Nacional SA (Materials)		1,623,113
	117,870	Energisa SA (Utilities)		1,008,772
	134,038	Engie Brasil Energia SA (Utilities)		1,037,346
	370,714	Equatorial Energia SA (Utilities)		1,840,006
	150,103	Hapvida Participacoes e Investimentos SA (Health Care)^(a)		353,427
	167,199	Klabin SA (Materials)		752,959
	157,771	Lojas Renner SA (Consumer Discretionary)		775,426
	495,737	Magazine Luiza SA (Consumer Discretionary)		578,329
	202,538	Natura & Co. Holding SA (Consumer Staples)*		910,137
	582,908	Petroleo Brasileiro SA (Energy)		4,115,217
	632,504	Raia Drogasil SA (Consumer Staples)		2,868,042
	160,215	Suzano SA (Materials)		1,712,646
	238,310	Telefonica Brasil SA (Communication Services)		2,320,790
	199,400	TIM SA (Communication Services)		526,784
	674,298	Vale SA (Materials)		12,078,386
	279,720	WEG SA (Industrials)		1,596,321

				43,718,766

Chile – 0.4%
	955,979	Cencosud SA (Consumer Staples)		1,768,104
	278,670	Cia Cervecerias Unidas SA (Consumer Staples)		2,221,541
	96,489	Empresas COPEC SA (Energy)		752,682
	7,107,260	Enel Americas SA (Utilities)		836,096

				5,578,423

China – 31.9%
	67,117	360 DigiTech, Inc. ADR (Financials)		1,258,444
	1,344,992	3SBio, Inc. (Health Care)*^(a)		1,067,222
	3,195,584	Agricultural Bank of China Ltd., Class A (Financials)		1,509,166
	5,013,706	Agricultural Bank of China Ltd., Class H (Financials)		1,899,301
	87,527	Aier Eye Hospital Group Co. Ltd., Class A (Health Care)		502,968
	23,438	Airtac International Group (Industrials)		769,144
	2,006,362	Alibaba Group Holding Ltd. (Consumer Discretionary)*		26,755,944
	74,286	Anhui Conch Cement Co. Ltd., Class A (Materials)		474,441


Common Stocks – (continued)
China – (continued)
	165,211	Anhui Conch Cement Co. Ltd., Class H (Materials)		885,924
	200,676	ANTA Sports Products Ltd. (Consumer Discretionary)		3,053,659
	18,812	Autohome, Inc. ADR (Communication Services)*		575,459
	1,116,462	AVIC Industry-Finance Holdings Co. Ltd., Class A (Financials)		688,278
	26,238	Baidu, Inc. ADR (Communication Services)*		3,999,721
	2,143,341	Bank of Beijing Co. Ltd., Class A (Financials)		1,531,928
	437,800	Bank of Changsha Co. Ltd., Class A (Financials)		550,893
	3,437,975	Bank of China Ltd., Class A (Financials)		1,689,021
	10,628,403	Bank of China Ltd., Class H (Financials)		4,135,089
	2,273,886	Bank of Communications Co. Ltd., Class A (Financials)		1,722,532
	2,804,619	Bank of Communications Co. Ltd., Class H (Financials)		1,923,897
	1,550,188	Bank of Jiangsu Co. Ltd., Class A (Financials)		1,633,716
	715,695	Bank of Nanjing Co. Ltd., Class A (Financials)		1,107,002
	1,173,293	Bank of Shanghai Co. Ltd., Class A (Financials)		1,299,733
	1,678,437	BBMG Corp., Class A (Materials)		766,070
	630,012	Beijing Enterprises Holdings Ltd. (Utilities)		2,148,767
	1,433,115	Beijing Enterprises Water Group Ltd. (Utilities)		564,904
	475,268	Beijing Originwater Technology Co. Ltd., Class A (Industrials)		503,136
	37,546	Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A (Health Care)		1,498,270
	38,206	Beijing Yuanliu Hongyuan Electronic Technology Co. Ltd., Class A (Information Technology)		971,740
	770,822	Beijing-Shanghai High Speed Railway Co. Ltd., Class A (Industrials)		630,339
	83,344	BGI Genomics Co. Ltd., Class A (Health Care)		1,128,644
	2,389,760	Bosideng International Holdings Ltd. (Consumer Discretionary)		1,357,940
	25,827	BYD Co. Ltd., Class A (Consumer Discretionary)		1,021,620
	66,396	BYD Co. Ltd., Class H (Consumer Discretionary)		2,017,279
	196,276	By-health Co. Ltd., Class A (Consumer Staples)		770,484
	149,346	C&S Paper Co. Ltd., Class A (Consumer Staples)		346,975


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

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

Schedule of Investments (continued)

February 28, 2022 (Unaudited)


Shares		Description	Value

Common Stocks – (continued)
China – (continued)
	4,226,600	CGN Power Co. Ltd., Class H (Utilities)^(a)	$	1,195,437
	14,451	Changchun High & New Technology Industry Group, Inc., Class A (Health Care)		416,926
	473,288	Changjiang Securities Co. Ltd., Class A (Financials)		517,542
	62,300	Chengxin Lithium Group Co. Ltd., Class A (Materials)*		579,262
	2,938,027	China Bohai Bank Co. Ltd., Class H (Financials)^(a)		488,813
	4,426,624	China Cinda Asset Management Co. Ltd., Class H (Financials)		798,794
	3,174,819	China CITIC Bank Corp. Ltd., Class H (Financials)		1,491,174
	1,361,208	China Communications Services Corp. Ltd., Class H (Industrials)		747,352
	251,838	China Conch Venture Holdings Ltd. (Industrials)		1,211,860
	1,369,830	China Construction Bank Corp., Class A (Financials)		1,309,045
	13,148,183	China Construction Bank Corp., Class H (Financials)		9,860,675
	958,583	China Everbright Bank Co. Ltd., Class A (Financials)		507,396
	2,912,061	China Everbright Bank Co. Ltd., Class H (Financials)		1,080,791
	1,384,512	China Feihe Ltd. (Consumer Staples)^(a)		1,651,414
	343,260	China Galaxy Securities Co. Ltd., Class A (Financials)		549,978
	1,243,605	China Galaxy Securities Co. Ltd., Class H (Financials)		711,432
	556,376	China Hongqiao Group Ltd. (Materials)		773,288
	1,547,575	China Jinmao Holdings Group Ltd. (Real Estate)		514,954
	730,084	China Life Insurance Co. Ltd., Class H (Financials)		1,210,936
	516,880	China Longyuan Power Group Corp. Ltd., Class H (Utilities)		1,058,408
	1,382,734	China Medical System Holdings Ltd. (Health Care)		2,452,704
	629,840	China Mengniu Dairy Co. Ltd. (Consumer Staples)*		4,090,812
	235,460	China Merchants Bank Co. Ltd., Class A (Financials)		1,858,306
	609,745	China Merchants Bank Co. Ltd., Class H (Financials)		5,134,728
	344,887	China Merchants Port Holdings Co. Ltd. (Industrials)		648,840
	204,100	China Merchants Securities Co. Ltd., Class A (Financials)		512,352
	318,721	China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A (Real Estate)		684,417


Common Stocks – (continued)
China – (continued)
	2,021,455	China Minsheng Banking Corp. Ltd., Class A (Financials)		1,252,597
	3,430,586	China Minsheng Banking Corp. Ltd., Class H (Financials)		1,334,705
	1,048,659	China National Building Material Co. Ltd., Class H (Materials)		1,344,762
	570,900	China National Chemical Engineering Co. Ltd., Class A (Industrials)		941,849
	701,800	China National Nuclear Power Co. Ltd., Class A (Utilities)		823,030
	67,900	China Northern Rare Earth Group High-Tech Co. Ltd., Class A (Materials)		529,534
	238,148	China Overseas Land & Investment Ltd. (Real Estate)		726,907
	2,048,023	China Petroleum & Chemical Corp., Class A (Energy)		1,405,379
	3,389,913	China Petroleum & Chemical Corp., Class H (Energy)		1,674,631
	2,297,075	China Power International Development Ltd. (Utilities)		1,296,454
	677,009	China Railway Group Ltd., Class A (Industrials)		666,280
	1,070,497	China Railway Group Ltd., Class H (Industrials)		628,842
	678,800	China Railway Signal & Communication Corp. Ltd., Class A (Information Technology)		521,740
	198,276	China Resources Beer Holdings Co. Ltd. (Consumer Staples)		1,569,470
	551,257	China Resources Cement Holdings Ltd. (Materials)		471,274
	94,098	China Resources Gas Group Ltd. (Utilities)		431,731
	151,872	China Resources Land Ltd. (Real Estate)		738,592
	439,302	China Resources Power Holdings Co. Ltd. (Utilities)		976,014
	196,991	China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A (Health Care)		1,117,947
	186,062	China Shenhua Energy Co. Ltd., Class A (Energy)		744,248
	862,256	China Shenhua Energy Co. Ltd., Class H (Energy)		2,372,564
	1,114,900	China State Construction Engineering Corp. Ltd., Class A (Industrials)		899,341
	777,600	China Suntien Green Energy Corp. Ltd., Class H (Energy)		515,501
	62,906	China Tourism Group Duty Free Corp. Ltd., Class A (Consumer Discretionary)		2,018,774
	13,361,633	China Tower Corp. Ltd., Class H (Communication Services)^(a)		1,556,124


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

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF


Shares		Description	Value

Common Stocks – (continued)
China – (continued)
	1,766,600	China Traditional Chinese Medicine Holdings Co. Ltd. (Health Care)	$	1,006,101
	1,502,900	China United Network Communications Ltd., Class A (Communication Services)		909,838
	139,074	China Vanke Co. Ltd., Class A (Real Estate)		423,173
	167,983	China Vanke Co. Ltd., Class H (Real Estate)		398,153
	391,718	China Yangtze Power Co. Ltd., Class A (Utilities)		1,438,989
	2,320,990	China Zheshang Bank Co. Ltd., Class A (Financials)		1,261,647
	72,327	Chongqing Brewery Co. Ltd., Class A (Consumer Staples)*		1,533,653
	865,190	Chongqing Rural Commercial Bank Co. Ltd., Class A (Financials)		536,116
	54,853	Chongqing Zhifei Biological Products Co. Ltd., Class A (Health Care)		1,123,835
	1,254,995	CITIC Ltd. (Industrials)		1,463,200
	163,622	CITIC Securities Co. Ltd., Class A (Financials)		604,961
	246,367	CITIC Securities Co. Ltd., Class H (Financials)		597,181
	11,704	Contemporary Amperex Technology Co. Ltd., Class A (Industrials)		989,294
	304,675	COSCO SHIPPING Holdings Co. Ltd., Class A (Industrials)*		845,944
	562,169	COSCO SHIPPING Holdings Co. Ltd., Class H (Industrials)*		1,129,561
	448,229	Country Garden Holdings Co. Ltd. (Real Estate)		347,629
	565,100	CRRC Corp. Ltd., Class A (Industrials)		518,531
	1,141,900	CRRC Corp. Ltd., Class H (Industrials)		507,108
	2,559,553	CSPC Pharmaceutical Group Ltd. (Health Care)		3,030,045
	282,520	Daan Gene Co. Ltd., Class A (Health Care)		831,442
	1,522,731	Dali Foods Group Co. Ltd. (Consumer Staples)^(a)		800,955
	480,500	Daqin Railway Co. Ltd., Class A (Industrials)		518,574
	11,699	Daqo New Energy Corp. ADR (Information Technology)*		561,084
	508,690	DHC Software Co. Ltd., Class A (Information Technology)		663,474
	66,600	Do-Fluoride New Materials Co. Ltd., Class A (Materials)		474,433
	131,609	Dong-E-E-Jiao Co. Ltd., Class A (Health Care)		791,323
	1,001,516	Dongfeng Motor Group Co. Ltd., Class H (Consumer Discretionary)		860,050
	334,400	Dongyue Group Ltd. (Materials)		481,890


Common Stocks – (continued)
China – (continued)
	72,898	Ecovacs Robotics Co. Ltd., Class A (Consumer Discretionary)		1,565,054
	143,477	ENN Energy Holdings Ltd. (Utilities)		2,082,278
	528,237	Far East Horizon Ltd. (Financials)		450,242
	586,300	FAW Jiefang Group Co. Ltd., Class A (Consumer Discretionary)		863,190
	190,300	Fiberhome Telecommunication Technologies Co. Ltd., Class A (Information Technology)		518,726
	647,046	Focus Media Information Technology Co. Ltd., Class A (Communication Services)		784,454
	372,502	Fosun International Ltd. (Industrials)		403,790
	295,952	Foxconn Industrial Internet Co. Ltd., Class A (Information Technology)		523,896
	72,996	Fuyao Glass Industry Group Co. Ltd., Class A (Consumer Discretionary)		509,005
	30,338	Ganfeng Lithium Co. Ltd., Class H (Materials)^(a)		510,571
	13,092	G-bits Network Technology Xiamen Co. Ltd., Class A (Communication Services)		725,683
	1,351,300	GD Power Development Co. Ltd., Class A (Utilities)		603,909
	115,700	Genscript Biotech Corp. (Health Care)*		456,806
	140,534	GF Securities Co. Ltd., Class A (Financials)		414,475
	267,834	Giant Network Group Co. Ltd., Class A (Communication Services)		405,359
	134,139	Great Wall Motor Co. Ltd., Class A (Consumer Discretionary)		776,135
	456,337	Great Wall Motor Co. Ltd., Class H (Consumer Discretionary)		949,619
	88,100	Gree Electric Appliances Inc of Zhuhai, Class A (Consumer Discretionary)		513,381
	822,692	Greenland Holdings Corp. Ltd., Class A (Real Estate)		563,238
	396,295	Guangdong Investment Ltd. (Utilities)		532,539
	35,963	Guangdong Kinlong Hardware Products Co. Ltd., Class A (Industrials)		604,133
	265,488	Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A (Health Care)		1,253,389
	323,524	Guangzhou Haige Communications Group, Inc. Co., Class A (Information Technology)		510,665
	89,138	Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A (Health Care)		1,189,448


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

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

Schedule of Investments (continued)

February 28, 2022 (Unaudited)


Shares		Description	Value

Common Stocks – (continued)
China – (continued)
	853,052	Guangzhou R&F Properties Co. Ltd., Class H (Real Estate)	$	362,457
	59,150	Guangzhou Tinci Materials Technology Co. Ltd., Class A (Materials)		995,426
	293,770	Guosen Securities Co. Ltd., Class A (Financials)		481,857
	211,851	Guotai Junan Securities Co. Ltd., Class A (Financials)		560,348
	448,786	Guoyuan Securities Co. Ltd., Class A (Financials)		503,551
	662,451	Haidilao International Holding Ltd. (Consumer Discretionary)^(a)(b)		1,519,270
	506,048	Haier Smart Home Co. Ltd., Class H (Consumer Discretionary)		1,764,824
	157,516	Haitian International Holdings Ltd. (Industrials)		420,314
	320,085	Haitong Securities Co. Ltd., Class A (Financials)		570,167
	605,330	Haitong Securities Co. Ltd., Class H (Financials)		520,601
	50,110	Hangzhou First Applied Material Co. Ltd., Class A (Information Technology)		942,163
	86,669	Hangzhou Robam Appliances Co. Ltd., Class A (Consumer Discretionary)		456,970
	53,700	Hangzhou Silan Microelectronics Co. Ltd., Class A (Information Technology)		485,002
	151,975	Hansoh Pharmaceutical Group Co. Ltd. (Health Care)^(a)		325,201
	242,492	Heilongjiang Agriculture Co. Ltd., Class A (Consumer Staples)		564,918
	102,183	Hello Group, Inc. ADR (Communication Services)		973,804
	88,042	Hengan International Group Co. Ltd. (Consumer Staples)		467,044
	1,434,086	Hesteel Co. Ltd., Class A (Materials)		584,089
	57,597	Hithink RoyalFlush Information Network Co. Ltd., Class A (Financials)		985,356
	27,200	Hoshine Silicon Industry Co. Ltd., Class A (Materials)		644,437
	1,046,686	Huadian Power International Corp. Ltd., Class A (Utilities)		713,273
	132,902	Huadong Medicine Co. Ltd., Class A (Health Care)		798,044
	223,054	Huatai Securities Co. Ltd., Class A (Financials)		559,933
	388,600	Huatai Securities Co. Ltd., Class H (Financials)^(a)		635,590
	361,412	Huaxi Securities Co. Ltd., Class A (Financials)		509,184
	1,563,833	Huaxia Bank Co. Ltd., Class A (Financials)		1,395,306


Common Stocks – (continued)
China – (continued)
	202,128	Huayu Automotive Systems Co. Ltd., Class A (Consumer Discretionary)		812,356
	107,600	Hubei Xingfa Chemicals Group Co. Ltd., Class A (Materials)		699,144
	2,148,680	Industrial & Commercial Bank of China Ltd., Class A (Financials)		1,586,822
	7,307,426	Industrial & Commercial Bank of China Ltd., Class H (Financials)		4,367,416
	488,865	Industrial Bank Co. Ltd., Class A (Financials)		1,709,865
	118,743	Inner Mongolia Yili Industrial Group Co. Ltd., Class A (Consumer Staples)		743,696
	487,500	Inner Mongolia Yuan Xing Energy Co. Ltd., Class A (Materials)*		694,552
	108,296	Intco Medical Technology Co. Ltd., Class A (Health Care)		879,240
	112,220	Jafron Biomedical Co. Ltd., Class A (Health Care)		813,639
	186,786	JD.com, Inc., Class A (Consumer Discretionary)*		6,674,258
	228,941	Jiangsu Eastern Shenghong Co. Ltd., Class A (Materials)		690,814
	482,904	Jiangsu Expressway Co. Ltd., Class H (Industrials)		516,667
	292,325	Jiangsu Hengrui Medicine Co. Ltd., Class A (Health Care)		1,856,797
	29,149	JiuGui Liquor Co. Ltd., Class A (Consumer Staples)		789,425
	368,015	Jiumaojiu International Holdings Ltd. (Consumer Discretionary)^(a)		821,401
	255,856	Joincare Pharmaceutical Group Industry Co. Ltd., Class A (Health Care)		497,520
	377,120	Jointown Pharmaceutical Group Co. Ltd., Class A (Health Care)		796,076
	18,230	JOYY, Inc. ADR (Communication Services)		843,867
	427,103	Kingboard Holdings Ltd. (Information Technology)		1,992,386
	109,376	Kingdee International Software Group Co. Ltd. (Information Technology)*		268,481
	99,608	Kuaishou Technology (Communication Services)*^(a)		1,141,571
	2,107,446	Kunlun Energy Co. Ltd. (Utilities)		2,060,597
	11,192	Kweichow Moutai Co. Ltd., Class A (Consumer Staples)		3,175,619
	2,593,629	Lenovo Group Ltd. (Information Technology)		2,884,502
	504,179	Li Ning Co. Ltd. (Consumer Discretionary)		5,010,366
	305,572	Longfor Group Holdings Ltd. (Real Estate)^(a)		1,634,681


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

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF


Shares		Description	Value

Common Stocks – (continued)
China – (continued)
	18,011	Luzhou Laojiao Co. Ltd., Class A (Consumer Staples)	$	618,254
	427,439	Meituan, Class B (Consumer Discretionary)*^(a)		9,419,993
	1,281,505	Metallurgical Corp. of China Ltd., Class A (Industrials)		826,581
	95,900	Mianyang Fulin Precision Co. Ltd., Class A (Consumer Discretionary)*		404,117
	138,500	NetEase, Inc. (Communication Services)		2,703,105
	88,300	New China Life Insurance Co. Ltd., Class A (Financials)		533,158
	192,067	New China Life Insurance Co. Ltd., Class H (Financials)		549,381
	316,236	Nongfu Spring Co. Ltd., Class H (Consumer Staples)^(a)		1,981,104
	111,400	North Industries Group Red Arrow Co. Ltd., Class A (Industrials)*		398,816
	414,768	Northeast Securities Co. Ltd., Class A (Financials)		542,288
	824,062	Offshore Oil Engineering Co. Ltd., Class A (Energy)		641,227
	594,804	People’s Insurance Co. Group of China Ltd. (The), Class A (Financials)		436,441
	1,611,655	People’s Insurance Co. Group of China Ltd. (The), Class H (Financials)		517,713
	3,059,693	PetroChina Co. Ltd., Class A (Energy)		2,797,849
	5,157,429	PetroChina Co. Ltd., Class H (Energy)		2,752,407
	2,064,043	PICC Property & Casualty Co. Ltd., Class H (Financials)		2,179,295
	44,201	Pinduoduo, Inc. ADR (Consumer Discretionary)*		2,292,264
	138,991	Ping An Insurance Group Co. of China Ltd., Class A (Financials)		1,118,096
	825,467	Ping An Insurance Group Co. of China Ltd., Class H (Financials)		6,380,870
	1,573,020	Postal Savings Bank of China Co. Ltd., Class A (Financials)		1,391,038
	1,963,526	Postal Savings Bank of China Co. Ltd., Class H (Financials)^(a)		1,610,786
	938,743	Power Construction Corp. of China Ltd., Class A (Industrials)		1,138,096
	20,558	Proya Cosmetics Co. Ltd., Class A (Consumer Staples)		605,826
	902,234	Qingdao Rural Commercial Bank Corp., Class A (Financials)		523,324
	572,714	RiseSun Real Estate Development Co. Ltd., Class A (Real Estate)		356,698
	228,915	SAIC Motor Corp. Ltd., Class A (Consumer Discretionary)		656,997
	398,494	Sailun Group Co. Ltd., Class A (Consumer Discretionary)		762,254


Common Stocks – (continued)
China – (continued)
	37,667	Sangfor Technologies, Inc., Class A (Information Technology)		868,550
	121,156	Satellite Chemical Co. Ltd., Class A (Materials)		865,565
	407,528	SDIC Capital Co. Ltd., Class A (Financials)		477,925
	225,879	SDIC Power Holdings Co. Ltd., Class A (Utilities)		358,686
	868,900	Sealand Securities Co. Ltd., Class A (Financials)		538,415
	10,400	SG Micro Corp., Class A (Information Technology)		573,566
	229,802	Shandong Buchang Pharmaceuticals Co. Ltd., Class A (Health Care)		757,509
	200,244	Shandong Gold Mining Co. Ltd., Class A (Materials)		658,806
	42,703	Shanghai Bairun Investment Holding Group Co. Ltd., Class A (Consumer Staples)		305,350
	763,627	Shanghai International Port Group Co. Ltd., Class A (Industrials)		688,595
	205,270	Shanghai Lingang Holdings Corp. Ltd., Class A (Real Estate)		459,336
	165,494	Shanghai Pharmaceuticals Holding Co. Ltd., Class A (Health Care)		489,925
	744,820	Shanghai Pharmaceuticals Holding Co. Ltd., Class H (Health Care)		1,342,138
	1,140,990	Shanghai Pudong Development Bank Co. Ltd., Class A (Financials)		1,517,101
	494,719	Shanghai RAAS Blood Products Co. Ltd., Class A (Health Care)		523,728
	530,824	Shanxi Securities Co. Ltd., Class A (Financials)		496,333
	919,648	Shanxi Taigang Stainless Steel Co. Ltd., Class A (Materials)		1,065,393
	31,313	Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A (Consumer Staples)		1,450,174
	778,260	Shenwan Hongyuan Group Co. Ltd., Class A (Financials)		564,886
	359,771	Shenzhen International Holdings Ltd. (Industrials)		370,191
	17,102	Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A (Health Care)		886,567
	1,439,235	Shenzhen Overseas Chinese Town Co. Ltd., Class A (Consumer Discretionary)		1,573,807
	49,463	Shenzhou International Group Holdings Ltd. (Consumer Discretionary)		831,167
	236,745	Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A (Health Care)		904,208
	465,100	Shimao Group Holdings Ltd. (Real Estate)^(b)		277,975


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

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

Schedule of Investments (continued)

February 28, 2022 (Unaudited)


Shares		Description	Value

Common Stocks – (continued)
China – (continued)
	194,827	Sichuan Chuantou Energy Co. Ltd., Class A (Utilities)	$	371,437
	230,500	Sichuan Kelun Pharmaceutical Co. Ltd., Class A (Health Care)		634,514
	325,000	Sichuan Road & Bridge Co. Ltd., Class A (Industrials)		641,759
	86,666	Sichuan Swellfun Co. Ltd., Class A (Consumer Staples)		1,367,977
	17,819	Silergy Corp. (Information Technology)		2,313,578
	279,523	Sinopharm Group Co. Ltd., Class H (Health Care)		675,403
	881,568	Sinotrans Ltd., Class A (Industrials)		599,354
	243,098	Sinotruk Hong Kong Ltd. (Industrials)		362,141
	202,461	Smoore International Holdings Ltd. (Consumer Staples)^(a)(b)		746,238
	687,214	Southwest Securities Co. Ltd., Class A (Financials)		511,871
	2,081,991	Sun Art Retail Group Ltd. (Consumer Staples)		748,736
	240,944	Sunac China Holdings Ltd. (Real Estate)		197,351
	56,675	Sungrow Power Supply Co. Ltd., Class A (Industrials)		1,087,693
	1,006,852	Suning.com Co. Ltd., Class A (Consumer Discretionary)*		572,837
	39,679	Sunny Optical Technology Group Co. Ltd. (Information Technology)		948,087
	12,151	Suzhou Maxwell Technologies Co. Ltd., Class A (Industrials)		1,053,536
	187,100	TBEA Co. Ltd., Class A (Industrials)		598,364
	808,913	Tencent Holdings Ltd. (Communication Services)		43,604,714
	151,109	Tencent Music Entertainment Group ADR (Communication Services)*		814,478
	798,592	Tianfeng Securities Co. Ltd., Class A (Financials)		445,490
	1,239,467	Tingyi Cayman Islands Holding Corp. (Consumer Staples)		2,741,082
	180,100	Titan Wind Energy Suzhou Co. Ltd., Class A (Industrials)		590,248
	1,346,809	Topsports International Holdings Ltd. (Consumer Discretionary)^(a)		1,394,433
	12,545	Trip.com Group Ltd. ADR (Consumer Discretionary)*		323,912
	1,473,742	Uni-President China Holdings Ltd. (Consumer Staples)		1,527,741
	204,152	Vipshop Holdings Ltd. ADR (Consumer Discretionary)*		1,769,998
	2,005,545	Want Want China Holdings Ltd. (Consumer Staples)		2,132,930
	255,209	Weichai Power Co. Ltd., Class H (Industrials)		431,135


Common Stocks – (continued)
China – (continued)
	266,065	Wens Foodstuffs Group Co. Ltd., Class A (Consumer Staples)		821,808
	429,300	Western Securities Co. Ltd., Class A (Financials)		517,065
	55,700	Westone Information Industry, Inc., Class A (Information Technology)		402,964
	236,739	Wharf Holdings Ltd. (The) (Real Estate)		854,402
	433,003	Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd., Class A (Communication Services)		1,429,390
	31,838	Wuliangye Yibin Co. Ltd., Class A (Consumer Staples)		958,672
	124,280	Wuxi Biologics Cayman, Inc. (Health Care)*^(a)		1,021,922
	453,659	Xiamen C & D, Inc., Class A (Industrials)		717,515
	13,400	Xiamen Faratronic Co. Ltd., Class A (Information Technology)		452,075
	1,083,836	Xiaomi Corp., Class B (Information Technology)*^(a)		2,033,484
	308,674	Yadea Group Holdings Ltd. (Consumer Discretionary)^(a)		455,879
	248,277	Yihai International Holding Ltd. (Consumer Staples)*		1,035,851
	650,486	Yonghui Superstores Co. Ltd., Class A (Consumer Staples)		376,272
	25,600	YongXing Special Materials Technology Co. Ltd., Class A (Materials)		600,403
	498,758	Youngor Group Co. Ltd., Class A (Real Estate)		535,118
	28,000	Youngy Co. Ltd., Class A (Materials)*		590,174
	830,281	Yuexiu Property Co. Ltd. (Real Estate)		830,950
	84,015	Yum China Holdings, Inc. (Consumer Discretionary)		4,370,460
	16,100	Yunnan Energy New Material Co. Ltd., Class A (Materials)		663,391
	9,920	Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A (Health Care)		568,018
	673,370	Zhejiang Expressway Co. Ltd., Class H (Industrials)		606,694
	48,200	Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A (Information Technology)		496,513
	376,386	Zhejiang Semir Garment Co. Ltd., Class A (Consumer Discretionary)		421,719
	74,582	Zhejiang Supor Co. Ltd., Class A (Consumer Discretionary)		597,720
	320,480	Zhejiang Weixing New Building Materials Co. Ltd., Class A (Industrials)		1,175,771


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

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF


Shares		Description	Value

Common Stocks – (continued)
China – (continued)
	54,738	Zhejiang Wolwo Bio-Pharmaceutical Co. Ltd., Class A (Health Care)	$	394,530
	70,100	Zhejiang Yongtai Technology Co. Ltd., Class A (Materials)*		413,268
	233,461	Zhongsheng Group Holdings Ltd. (Consumer Discretionary)		1,625,386
	13,146	ZTO Express Cayman, Inc. ADR (Industrials)		387,018

				403,979,975

Colombia – 0.1%
	1,072,500	Ecopetrol SA (Energy)		897,324

Czech Republic – 0.2%
	39,498	CEZ AS (Utilities)		1,505,258
	22,065	Komercni Banka AS (Financials)		869,429

				2,374,687

Egypt – 0.4%
	880,972	Commercial International Bank Egypt SAE (Financials)*		2,681,048
	3,012,200	Eastern Co. SAE (Consumer Staples)		2,080,355

				4,761,403

Greece – 0.4%
	665,400	Eurobank Ergasias Services and Holdings SA (Financials)*		729,590
	204,292	Hellenic Telecommunications Organization SA (Communication Services)		4,084,403
	40,000	OPAP SA (Consumer Discretionary)		581,818

				5,395,811

Hong Kong – 0.2%
	23,466	Jinmao Property Services Co. Ltd. (Real Estate)*		5,964
	284,146	Kingboard Laminates Holdings Ltd. (Information Technology)		471,292
	2,753,372	Sino Biopharmaceutical Ltd. (Health Care)		1,754,840

				2,232,096

Hungary – 0.2%
	111,031	MOL Hungarian Oil & Gas PLC (Energy)		871,874
	18,784	OTP Bank Nyrt (Financials)*		726,120
	18,181	Richter Gedeon Nyrt (Health Care)		383,927

				1,981,921

India – 11.6%
	22,900	ACC Ltd. (Materials)		634,945
	23,400	Adani Enterprises Ltd. (Industrials)		510,702
	20,100	Adani Green Energy Ltd. (Utilities)*		491,753
	23,900	Adani Total Gas Ltd. (Utilities)		503,867
	20,400	Adani Transmission Ltd. (Utilities)*		577,879
	79,334	Asian Paints Ltd. (Materials)		3,342,615


Common Stocks – (continued)
India – (continued)
	186,016	Aurobindo Pharma Ltd. (Health Care)		1,543,601
	29,633	Avenue Supermarts Ltd. (Consumer Staples)*^(a)		1,706,992
	56,028	Axis Bank Ltd. (Financials)*		552,045
	10,361	Bajaj Finance Ltd. (Financials)		962,883
	2,300	Bajaj Finserv Ltd. (Financials)		488,787
	167,766	Berger Paints India Ltd. (Materials)		1,537,331
	123,600	Bharti Airtel Ltd. (Communication Services)*		1,126,134
	174,880	Biocon Ltd. (Health Care)*		809,674
	57,396	Britannia Industries Ltd. (Consumer Staples)		2,610,862
	192,884	Cipla Ltd. (Health Care)		2,368,059
	131,892	Colgate-Palmolive India Ltd. (Consumer Staples)		2,538,852
	225,989	Dabur India Ltd. (Consumer Staples)		1,689,650
	51,078	Divi’s Laboratories Ltd. (Health Care)		2,891,240
	44,098	Dr. Reddy’s Laboratories Ltd. (Health Care)		2,378,152
	37,766	Grasim Industries Ltd. (Materials)		801,207
	140,924	Havells India Ltd. (Industrials)		2,217,639
	317,490	HCL Technologies Ltd. (Information Technology)		4,748,603
	48,183	HDFC Asset Management Co. Ltd. (Financials)^(a)		1,334,077
	119,021	HDFC Life Insurance Co. Ltd. (Financials)^(a)		826,461
	193,021	Hindalco Industries Ltd. (Materials)		1,469,801
	96,833	Hindustan Unilever Ltd. (Consumer Staples)		2,791,479
	193,942	Housing Development Finance Corp. Ltd. (Financials)		6,086,146
	412,959	ICICI Bank Ltd. (Financials)		4,070,535
	50,991	ICICI Lombard General Insurance Co. Ltd. (Financials)^(a)		855,270
	1,584,051	Indian Oil Corp. Ltd. (Energy)		2,417,676
	605,399	Infosys Ltd. (Information Technology)		13,784,432
	523,699	ITC Ltd. (Consumer Staples)		1,500,255
	60,848	JSW Steel Ltd. (Materials)		506,707
	47,674	Jubilant Foodworks Ltd. (Consumer Discretionary)		1,841,537
	49,543	Larsen & Toubro Infotech Ltd. (Information Technology)^(a)		3,846,400
	64,546	Larsen & Toubro Ltd. (Industrials)		1,556,308
	140,929	Lupin Ltd. (Health Care)		1,395,028
	126,672	Mahindra & Mahindra Ltd. (Consumer Discretionary)		1,329,554
	433,518	Marico Ltd. (Consumer Staples)		2,961,369
	33,900	Mindtree Ltd. (Information Technology)		1,746,212
	27,200	Mphasis Ltd. (Information Technology)		1,122,222
	66,096	Muthoot Finance Ltd. (Financials)		1,191,917


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

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

Schedule of Investments (continued)

February 28, 2022 (Unaudited)


Shares		Description	Value

Common Stocks – (continued)
India – (continued)
	12,702	Nestle India Ltd. (Consumer Staples)	$	2,973,589
	542,400	NTPC Ltd. (Utilities)		961,019
	6,197	Page Industries Ltd. (Consumer Discretionary)		3,475,386
	10,199	PI Industries Ltd. (Materials)		334,115
	87,620	Pidilite Industries Ltd. (Materials)		2,794,339
	825,450	Power Grid Corp. of India Ltd. (Utilities)		2,291,289
	273,733	Reliance Industries Ltd. (Energy)		8,572,105
	105,693	SBI Life Insurance Co. Ltd. (Financials)^(a)		1,487,115
	51,398	Siemens Ltd. (Industrials)		1,601,304
	16,700	SRF Ltd. (Materials)		528,312
	81,000	State Bank of India (Financials)		519,449
	46,800	Sun Pharmaceutical Industries Ltd. (Health Care)		524,165
	195,010	Tata Consultancy Services Ltd. (Information Technology)		9,198,773
	180,730	Tata Consumer Products Ltd. (Consumer Staples)		1,723,648
	533,006	Tata Motors Ltd. (Consumer Discretionary)*		3,211,936
	177,700	Tata Power Co. Ltd. (The) (Utilities)		526,042
	157,495	Tata Steel Ltd. (Materials)		2,551,671
	300,897	Tech Mahindra Ltd. (Information Technology)		5,630,774
	16,700	Titan Co. Ltd. (Consumer Discretionary)		564,417
	38,897	Torrent Pharmaceuticals Ltd. (Health Care)		1,419,594
	23,620	UltraTech Cement Ltd. (Materials)		2,058,911
	276,768	Vedanta Ltd. (Materials)		1,396,926
	436,376	Wipro Ltd. (Information Technology)		3,218,923

				147,230,660

Indonesia – 1.3%
	7,030,501	Aneka Tambang Tbk (Materials)		1,086,358
	4,552,401	Astra International Tbk PT (Consumer Discretionary)		1,837,818
	4,523,722	Bank Central Asia Tbk PT (Financials)		2,534,695
	243,702	Gudang Garam Tbk PT (Consumer Staples)		532,626
	2,922,010	Indofood CBP Sukses Makmur Tbk PT (Consumer Staples)		1,728,759
	3,466,195	Indofood Sukses Makmur Tbk PT (Consumer Staples)		1,495,817
	13,471,806	Kalbe Farma Tbk PT (Health Care)		1,542,502
	2,891,771	Merdeka Copper Gold Tbk PT (Materials)*		778,949
	11,971,695	Telkom Indonesia Persero Tbk PT (Communication Services)		3,616,423


Common Stocks – (continued)
Indonesia – (continued)
	4,633,317	Unilever Indonesia Tbk PT (Consumer Staples)	$	1,186,790

				16,340,737

Kuwait – 0.6%
	293,900	Boubyan Bank KSCP (Financials)*		798,810
	1,012,527	Kuwait Finance House KSCP (Financials)		3,156,623
	940,670	National Bank of Kuwait SAKP (Financials)		3,277,434

				7,232,867

Luxembourg – 0.1%
	47,725	Reinet Investments SCA (Financials)		978,992

Mexico – 2.4%
	949,500	Alfa SAB de CV, Class A (Industrials)		712,851
	6,769,557	America Movil SAB de CV, Series L (Communication Services)		6,132,607
	301,054	Becle SAB de CV (Consumer Staples)		756,742
	3,450,354	Cemex SAB de CV, Series CPO (Materials)*		1,776,470
	388,271	Fomento Economico Mexicano SAB de CV (Consumer Staples)		3,136,002
	210,289	Gruma SAB de CV, Class B (Consumer Staples)		2,858,778
	1,320,432	Grupo Bimbo SAB de CV, Series A (Consumer Staples)		4,075,842
	375,809	Grupo Financiero Banorte SAB de CV, Class O (Financials)		2,548,126
	565,810	Grupo Mexico SAB de CV, Series B (Materials)		2,909,564
	1,318,138	Wal-Mart de Mexico SAB de CV (Consumer Staples)		5,025,472

				29,932,454

Philippines – 0.4%
	377,700	Bank of the Philippine Islands (Financials)		736,688
	32,669	Globe Telecom, Inc. (Communication Services)		1,636,317
	177,700	International Container Terminal Services, Inc. (Industrials)		729,932
	173,700	Manila Electric Co. (Utilities)		1,246,764
	27,220	PLDT, Inc. (Communication Services)		955,116

				5,304,817

Poland – 0.9%
	27,700	Bank Polska Kasa Opieki SA (Financials)		765,417
	17,232	CD Projekt SA (Communication Services)^(b)		693,646
	45,627	Dino Polska SA (Consumer Staples)*^(a)		3,219,575


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

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF


Shares		Description	Value

Common Stocks – (continued)
Poland – (continued)
	25,727	KGHM Polska Miedz SA (Materials)	$	1,017,765
	601	LPP SA (Consumer Discretionary)		1,243,374
	833,249	PGE Polska Grupa Energetyczna SA (Utilities)*		1,624,870
	402,279	Polskie Gornictwo Naftowe i Gazownictwo SA (Energy)		535,410
	119,836	Powszechna Kasa Oszczednosci Bank Polski SA (Financials)*		1,155,249
	216,649	Powszechny Zaklad Ubezpieczen SA (Financials)		1,633,348

				11,888,654

Qatar – 1.1%
	603,200	Commercial Bank PSQC (The) (Financials)		1,143,115
	108,100	Industries Qatar QSC (Industrials)		543,321
	1,311,371	Masraf Al Rayan QSC (Financials)		1,800,839
	771,294	Ooredoo QPSC (Communication Services)		1,625,840
	639,440	Qatar International Islamic Bank QSC (Financials)		1,800,126
	382,910	Qatar Islamic Bank (Financials)		2,217,954
	815,399	Qatar National Bank QPSC (Financials)		4,882,092

				14,013,287

Romania – 0.1%
	137,065	NEPI Rockcastle PLC (Real Estate)		867,494

Russia – 1.1%
	1,256,908	Gazprom PJSC (Energy)^(c)		1,866,951
	35,708,229	Inter RAO UES PJSC (Utilities)^(c)		550,456
	62,206	LUKOIL PJSC (Energy)^(c)		1,982,921
	11,906	MMC Norilsk Nickel PJSC (Materials)^(c)		1,287,968
	824,628	Moscow Exchange MICEX-RTS PJSC (Financials)^(c)		505,340
	5,200	Novatek PJSC GDR (Energy)		199,472
	839,494	Novolipetsk Steel PJSC (Materials)^(c)		896,092
	128,261	PhosAgro PJSC GDR (Materials)		781,109
	73,809	Polymetal International PLC (Materials)^(c)		416,712
	11,287	Polyus PJSC (Materials)^(c)		771,276
	90,086	Rosneft Oil Co. PJSC (Energy)^(c)		188,592
	1,661,273	Sberbank of Russia PJSC (Financials)^(c)		671,113
	152,107	Severstal PAO (Materials)^(c)		1,325,792
	3,362,523	Surgutneftegas PJSC (Energy)^(c)		339,170
	277,377	Tatneft PJSC (Energy)^(c)		792,595
	29,482	TCS Group Holding PLC GDR (Financials)^(c)		593,788
	799,132,583	VTB Bank PJSC (Financials)^(c)		103,494


Common Stocks – (continued)
Russia – (continued)
	69,395	X5 Retail Group NV GDR (Consumer Staples)^(c)		541,380
	41,484	Yandex NV, Class A (Communication Services)*^(c)		415,315

				14,229,536

Saudi Arabia – 3.6%
	69,307	Abdullah Al Othaim Markets Co. (Consumer Staples)		2,057,947
	46,824	Advanced Petrochemical Co. (Materials)		936,056
	186,769	Al Rajhi Bank (Financials)		7,985,113
	85,000	Alinma Bank (Financials)		804,302
	47,600	Banque Saudi Fransi (Financials)		673,711
	37,265	Bupa Arabia for Cooperative Insurance Co. (Financials)		1,609,119
	220,458	Etihad Etisalat Co. (Communication Services)		2,050,799
	90,200	Riyad Bank (Financials)		853,506
	34,200	SABIC Agri-Nutrients Co. (Materials)		1,451,246
	261,269	Sahara International Petrochemical Co. (Materials)		3,245,232
	25,300	Saudi Arabian Mining Co. (Materials)*		720,217
	406,888	Saudi Arabian Oil Co. (Energy)^(a)		4,506,276
	114,351	Saudi Basic Industries Corp. (Materials)		3,797,781
	65,400	Saudi British Bank (The) (Financials)		674,622
	285,062	Saudi Electricity Co. (Utilities)		2,097,106
	66,259	Saudi Industrial Investment Group (Materials)		622,552
	443,217	Saudi Kayan Petrochemical Co. (Materials)*		2,402,920
	304,895	Saudi National Bank (The) (Financials)		5,542,511
	95,950	Saudi Telecom Co. (Communication Services)		2,915,558
	123,347	Savola Group (The) (Consumer Staples)		1,114,552

				46,061,126

South Africa – 4.2%
	174,762	Absa Group Ltd. (Financials)		1,997,732
	59,108	African Rainbow Minerals Ltd. (Materials)		1,046,712
	169,268	Aspen Pharmacare Holdings Ltd. (Health Care)		2,201,771
	99,453	Bid Corp. Ltd. (Consumer Staples)		2,010,621
	50,527	Bidvest Group Ltd. (The) (Industrials)		688,070
	8,426	Capitec Bank Holdings Ltd. (Financials)		1,131,110
	103,549	Clicks Group Ltd. (Consumer Staples)^(b)		2,003,299
	636,180	FirstRand Ltd. (Financials)		2,722,163
	198,733	Gold Fields Ltd. (Materials)		2,762,906
	219,457	Impala Platinum Holdings Ltd. (Materials)		4,174,263


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

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

Schedule of Investments (continued)

February 28, 2022 (Unaudited)


Shares		Description	Value

Common Stocks – (continued)
South Africa – (continued)
	61,285	Kumba Iron Ore Ltd. (Materials)	$	2,397,303
	158,304	Mr Price Group Ltd. (Consumer Discretionary)		2,147,464
	311,605	MTN Group Ltd. (Communication Services)*		3,863,680
	383,057	MultiChoice Group (Communication Services)		3,123,950
	5,464	Naspers Ltd., Class N (Consumer Discretionary)		681,903
	160,614	Nedbank Group Ltd. (Financials)		2,272,035
	711,600	Old Mutual Ltd. (Financials)		580,240
	308,774	Rand Merchant Investment Holdings Ltd. (Financials)		966,736
	108,320	Remgro Ltd. (Financials)		979,489
	301,193	Sanlam Ltd. (Financials)		1,260,323
	48,100	Sasol Ltd. (Materials)*		1,091,304
	252,375	Shoprite Holdings Ltd. (Consumer Staples)		3,740,099
	592,387	Sibanye Stillwater Ltd. (Materials)		2,736,040
	161,848	SPAR Group Ltd. (The) (Consumer Staples)		1,718,558
	222,833	Standard Bank Group Ltd. (Financials)		2,345,352
	117,957	Tiger Brands Ltd. (Consumer Staples)^(b)		1,246,859
	176,380	Vodacom Group Ltd. (Communication Services)		1,689,436

				53,579,418

South Korea – 12.6%
	17,407	Amorepacific Corp. (Consumer Staples)		2,663,857
	45,248	AMOREPACIFIC Group (Consumer Staples)		1,836,489
	11,456	BGF retail Co. Ltd. (Consumer Staples)		1,614,997
	4,775	Celltrion, Inc. (Health Care)		633,437
	108,146	Cheil Worldwide, Inc. (Communication Services)		2,023,774
	5,870	CJ CheilJedang Corp. (Consumer Staples)		1,847,877
	7,386	CJ Corp. (Industrials)		516,624
	13,946	CJ ENM Co. Ltd. (Communication Services)		1,507,864
	9,635	CJ Logistics Corp. (Industrials)*		993,671
	33,722	Coway Co. Ltd. (Consumer Discretionary)		2,022,170
	10,500	DB Insurance Co. Ltd. (Financials)		539,693
	19,600	Doosan Bobcat, Inc. (Industrials)		621,899
	33,900	Doosan Heavy Industries & Construction Co. Ltd. (Industrials)*		586,451
	2,800	Ecopro BM Co. Ltd. (Industrials)		873,756
	17,583	E-MART, Inc. (Consumer Staples)		1,901,102
	18,367	GS Engineering & Construction Corp. (Industrials)		654,573
	50,797	GS Holdings Corp. (Energy)		1,689,924
	61,087	Hana Financial Group, Inc. (Financials)		2,474,269


Common Stocks – (continued)
South Korea – (continued)
	43,028	Hankook Tire & Technology Co. Ltd. (Consumer Discretionary)		1,259,688
	37,970	Hanwha Solutions Corp. (Materials)*		1,068,977
	19,291	HMM Co. Ltd. (Industrials)*		462,881
	30,068	Hotel Shilla Co. Ltd. (Consumer Discretionary)^(b)		2,013,119
	21,683	Hyundai Engineering & Construction Co. Ltd. (Industrials)		780,866
	7,753	Hyundai Mobis Co. Ltd. (Consumer Discretionary)		1,444,398
	10,015	Hyundai Motor Co. (Consumer Discretionary)		1,457,666
	23,295	Hyundai Steel Co. (Materials)		769,170
	185,138	Industrial Bank of Korea (Financials)		1,655,286
	21,976	Kakao Corp. (Communication Services)		1,719,916
	13,300	KakaoBank Corp. (Financials)*		530,960
	43,585	Kangwon Land, Inc. (Consumer Discretionary)*		960,621
	59,166	KB Financial Group, Inc. (Financials)		2,937,755
	58,245	Kia Corp. (Consumer Discretionary)		3,575,066
	51,219	Korea Electric Power Corp. (Utilities)^(b)		988,299
	6,831	Korea Investment Holdings Co. Ltd. (Financials)*		449,965
	6,731	Korea Shipbuilding & Offshore Engineering Co. Ltd. (Industrials)*		493,762
	2,389	Korea Zinc Co. Ltd. (Materials)		1,092,818
	27,724	Korean Air Lines Co. Ltd. (Industrials)*		675,605
	22,792	KT&G Corp. (Consumer Staples)		1,512,706
	7,040	Kumho Petrochemical Co. Ltd. (Materials)*		939,760
	3,300	L&F Co. Ltd. (Information Technology)		535,202
	4,234	LG Chem Ltd. (Materials)		1,989,612
	30,800	LG Display Co. Ltd. (Information Technology)		479,029
	35,850	LG Electronics, Inc. (Consumer Discretionary)		3,682,351
	3,330	LG Household & Health Care Ltd. (Consumer Staples)		2,631,097
	2,000	LG Innotek Co. Ltd. (Information Technology)		543,935
	201,065	LG Uplus Corp. (Communication Services)^(b)		2,199,031
	2,872	Lotte Chemical Corp. (Materials)		525,504
	18,468	Lotte Shopping Co. Ltd. (Consumer Discretionary)		1,310,201
	16,700	Meritz Financial Group, Inc. (Financials)		511,827
	18,500	Meritz Fire & Marine Insurance Co. Ltd. (Financials)		632,387
	441,851	Meritz Securities Co. Ltd. (Financials)		2,153,488
	9,469	NAVER Corp. (Communication Services)		2,504,381


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

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF


Shares		Description	Value

Common Stocks – (continued)
South Korea – (continued)
	4,436	NCSoft Corp. (Communication Services)	$	1,636,267
	100,922	NH Investment & Securities Co. Ltd. (Financials)		969,476
	22,146	Orion Corp. (Consumer Staples)		1,685,332
	21,623	Pearl Abyss Corp. (Communication Services)*		1,710,273
	12,349	POSCO (Materials)		2,927,155
	28,675	S-1 Corp. (Industrials)		1,664,669
	1,223	Samsung Biologics Co. Ltd. (Health Care)*^(a)		792,379
	15,977	Samsung C&T Corp. (Industrials)		1,461,696
	15,209	Samsung Electro-Mechanics Co. Ltd. (Information Technology)		2,099,800
	722,505	Samsung Electronics Co. Ltd. (Information Technology)		43,325,663
	28,300	Samsung Engineering Co. Ltd. (Industrials)*		546,064
	11,617	Samsung Fire & Marine Insurance Co. Ltd. (Financials)		1,840,594
	141,000	Samsung Heavy Industries Co. Ltd. (Industrials)*		682,513
	5,029	Samsung SDI Co. Ltd. (Information Technology)		2,292,088
	12,697	Samsung SDS Co. Ltd. (Information Technology)		1,478,421
	50,844	Samsung Securities Co. Ltd. (Financials)		1,788,748
	24,100	SD Biosensor, Inc. (Health Care)		1,094,407
	51,963	Seegene, Inc. (Health Care)^(b)		2,217,076
	73,628	Shinhan Financial Group Co. Ltd. (Financials)		2,391,295
	86,340	SK Hynix, Inc. (Information Technology)		8,868,458
	28,256	SK Square Co. Ltd. (Information Technology)*		1,311,336
	43,711	SK Telecom Co. Ltd. (Communication Services)^(b)		1,984,963
	157,789	Woori Financial Group, Inc. (Financials)		1,876,644
	25,517	Yuhan Corp. (Health Care)		1,233,033

				159,368,106

Taiwan – 16.5%
	179,626	Accton Technology Corp. (Information Technology)		1,614,616
	1,612,095	Acer, Inc. (Information Technology)		1,656,085
	193,160	Advantech Co. Ltd. (Information Technology)		2,525,170
	532,864	ASE Technology Holding Co. Ltd. (Information Technology)		1,887,405
	771,571	Asia Cement Corp. (Materials)		1,241,229
	234,009	Asustek Computer, Inc. (Information Technology)		3,100,922
	888,900	AU Optronics Corp. (Information Technology)		651,575


Common Stocks – (continued)
Taiwan – (continued)
	223,805	Catcher Technology Co. Ltd. (Information Technology)	$	1,141,577
	1,570,192	Cathay Financial Holding Co. Ltd. (Financials)		3,489,316
	373,902	Chailease Holding Co. Ltd. (Financials)		3,347,580
	405,117	Cheng Shin Rubber Industry Co. Ltd. (Consumer Discretionary)		514,434
	5,611,643	China Development Financial Holding Corp. (Financials)		3,793,138
	2,489,669	China Steel Corp. (Materials)		3,197,007
	465,371	Chunghwa Telecom Co. Ltd. (Communication Services)		2,066,656
	1,636,722	Compal Electronics, Inc. (Information Technology)		1,482,887
	3,116,081	CTBC Financial Holding Co. Ltd. (Financials)		3,017,714
	375,876	Delta Electronics, Inc. (Information Technology)		3,304,920
	14,200	eMemory Technology, Inc. (Information Technology)		934,510
	947,535	E.Sun Financial Holding Co. Ltd. (Financials)		995,360
	1,018,980	Evergreen Marine Corp. Taiwan Ltd. (Industrials)		5,215,753
	651,600	Far Eastern New Century Corp. (Industrials)		686,812
	287,741	Feng TAY Enterprise Co. Ltd. (Consumer Discretionary)		2,124,572
	1,139,800	First Financial Holding Co. Ltd. (Financials)		1,044,867
	395,600	Formosa Plastics Corp. (Materials)		1,481,648
	636,568	Foxconn Technology Co. Ltd. (Information Technology)		1,448,655
	1,482,632	Fubon Financial Holding Co. Ltd. (Financials)		3,971,666
	35,461	Globalwafers Co. Ltd. (Information Technology)		870,240
	1,364,274	Hon Hai Precision Industry Co. Ltd. (Information Technology)		5,012,314
	972,700	Hua Nan Financial Holdings Co. Ltd. (Financials)		766,780
	1,012,600	Innolux Corp. (Information Technology)		604,996
	943,347	Inventec Corp. (Information Technology)		863,094
	10,783	Largan Precision Co. Ltd. (Information Technology)		776,945
	887,419	Lite-On Technology Corp. (Information Technology)		2,165,131
	258,035	MediaTek, Inc. (Information Technology)		9,986,373
	1,364,577	Mega Financial Holding Co. Ltd. (Financials)		1,830,144
	437,315	Micro-Star International Co. Ltd. (Information Technology)		2,425,628


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

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

Schedule of Investments (continued)

February 28, 2022 (Unaudited)


Shares		Description	Value

Common Stocks – (continued)
Taiwan – (continued)
	498,756	Nan Ya Plastics Corp. (Materials)	$	1,560,225
	58,128	Nan Ya Printed Circuit Board Corp. (Information Technology)		1,086,466
	574,623	Nanya Technology Corp. (Information Technology)		1,580,290
	144,138	Nien Made Enterprise Co. Ltd. (Consumer Discretionary)		1,856,031
	230,750	Novatek Microelectronics Corp. (Information Technology)		3,757,352
	602,731	Pegatron Corp. (Information Technology)		1,485,597
	1,982,931	Pou Chen Corp. (Consumer Discretionary)		2,270,451
	397,035	President Chain Store Corp. (Consumer Staples)		3,703,394
	390,429	Quanta Computer, Inc. (Information Technology)		1,293,770
	227,646	Realtek Semiconductor Corp. (Information Technology)		3,702,749
	2,223,268	SinoPac Financial Holdings Co. Ltd. (Financials)		1,356,086
	702,209	Synnex Technology International Corp. (Information Technology)		1,800,921
	2,897,052	Taishin Financial Holding Co. Ltd. (Financials)		2,015,071
	615,488	Taiwan Cement Corp. (Materials)		1,039,535
	724,000	Taiwan Cooperative Financial Holding Co. Ltd. (Financials)		683,068
	208,304	Taiwan Mobile Co. Ltd. (Communication Services)		769,020
	3,723,127	Taiwan Semiconductor Manufacturing Co. Ltd. (Information Technology)		80,212,902
	110,455	Unimicron Technology Corp. (Information Technology)		1,000,734
	1,642,124	Uni-President Enterprises Corp. (Consumer Staples)		3,930,320
	2,325,640	United Microelectronics Corp. (Information Technology)		4,321,949
	286,741	Vanguard International Semiconductor Corp. (Information Technology)		1,283,610
	1,552,662	Winbond Electronics Corp. (Information Technology)		1,827,638
	818,391	WPG Holdings Ltd. (Information Technology)		1,625,981
	367,954	Yang Ming Marine Transport Corp. (Industrials)*		1,515,915
	2,761,724	Yuanta Financial Holding Co. Ltd. (Financials)		2,447,970

				209,364,764

Tanzania – 0.1%
	33,185	AngloGold Ashanti Ltd. (Materials)		780,591


Common Stocks – (continued)
Thailand – 1.3%
	385,216	Advanced Info Service PCL NVDR (Communication Services)		2,699,754
	1,879,800	Bangkok Dusit Medical Services PCL NVDR (Health Care)		1,363,466
	1,561,700	Charoen Pokphand Foods PCL NVDR (Consumer Staples)		1,206,822
	982,377	CP ALL PCL NVDR (Consumer Staples)		2,044,427
	60,000	Delta Electronics Thailand PCL NVDR (Information Technology)		741,852
	106,000	Electricity Generating PCL NVDR (Utilities)		582,311
	648,600	Intouch Holdings PCL NVDR (Communication Services)		1,503,640
	471,000	Krungthai Card PCL NVDR (Financials)		911,729
	677,900	Muangthai Capital PCL NVDR (Financials)		1,068,458
	1,098,500	PTT PCL NVDR (Energy)		1,327,949
	95,500	Siam Cement PCL (The) NVDR (Materials)		1,145,708
	888,500	Sri Trang Gloves Thailand PCL NVDR (Health Care)		700,195
	2,445,000	Thai Union Group PCL NVDR (Consumer Staples)		1,526,488

				16,822,799

Turkey – 0.4%
	335,945	BIM Birlesik Magazalar AS (Consumer Staples)		1,771,876
	570,500	Eregli Demir ve Celik Fabrikalari TAS (Materials)		1,279,335
	536,025	KOC Holding AS (Industrials)		1,223,684
	844,300	Turkiye Sise ve Cam Fabrikalari AS (Industrials)		754,163

				5,029,058

United Arab Emirates – 1.4%
	726,700	Abu Dhabi Commercial Bank PJSC (Financials)		2,128,828
	401,100	Abu Dhabi Islamic Bank PJSC (Financials)		966,427
	1,364,763	Abu Dhabi National Oil Co. for Distribution PJSC (Consumer Discretionary)		1,530,832
	978,291	Aldar Properties PJSC (Real Estate)		1,118,641
	856,300	Dubai Islamic Bank PJSC (Financials)		1,419,765
	1,110,479	Emaar Properties PJSC (Real Estate)		1,535,844
	572,368	Emirates NBD Bank PJSC (Financials)		2,228,356
	407,642	Emirates Telecommunications Group Co. PJSC (Communication Services)		3,882,146
	481,664	First Abu Dhabi Bank PJSC (Financials)		2,711,864

				17,522,703


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

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF


Shares		Description	Value

Common Stocks – (continued)
United States – 0.3%
	546,534	JBS SA (Consumer Staples)	$	3,807,501

	TOTAL COMMON STOCKS
	(Cost $1,007,703,366)		$	1,231,275,970


Shares	Description		Rate			Value


Preferred Stocks – 2.1%
Brazil – 1.1%
764,361		Banco Bradesco SA (Financials)		4.89	%	$	3,019,343
99,200		Braskem SA, Class A (Materials)		15.73			919,079
219,586		Cia Energetica de Minas Gerais (Utilities)		8.39			545,587
655,287		Itau Unibanco Holding SA (Financials)		2.93			3,239,738
800,526		Itausa SA (Financials)		4.86			1,557,014
692,957		Petroleo Brasileiro SA (Energy)		16.47			4,573,352

							13,854,113

Colombia – 0.1%
88,298		Bancolombia SA (Financials)		0.71			787,889

Russia – 0.0%
3,212,489		Surgutneftegas PJSC (Energy)^(c)		22.52			460,729

South Korea – 0.9%
7,200		Hyundai Motor Co. (Consumer Discretionary)		5.70			528,166
6,900		Hyundai Motor Co. (Consumer Discretionary)		5.73			502,141
5,629		LG Household & Health Care Ltd. (Consumer Staples)		2.28			2,457,874
135,485		Samsung Electronics Co. Ltd. (Information Technology)		2.19			7,448,379

							10,936,560

TOTAL PREFERRED STOCKS
(Cost $19,930,302)						$	26,039,291


Units	Description		Expiration Month			Value


Right – 0.0%
South Korea – 0.0%
81		Samsung Biologics Co. Ltd.*
(Cost $0)				04/22		$	9,432


Shares		Description	Value

Exchange-Traded Fund – 0.5%
United States – 0.5%
	257,264	iShares MSCI Malaysia ETF^(b)
	(Cost $7,732,868)		$	6,670,855

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $1,035,366,536)		$	1,263,995,548


Shares		Dividend Rate	Value

Securities Lending Reinvestment Vehicle – 1.0%^(d)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	12,466,770	0.026%	$	12,466,770
	(Cost $12,466,770)

	TOTAL INVESTMENTS – 100.9%
	(Cost $1,047,833,306)		$	1,276,462,318

	LIABILITIES IN EXCESS OF OTHER ASSETS – (0.9)%			(11,384,995	)

	NET ASSETS – 100.0%		$	1,265,077,323



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

*		Non-income producing security.

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

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

(c)		Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.

(d)		Represents an affiliated issuer.



Investment Abbreviations:
ADR		—American Depositary Receipt
GDR		—Global Depositary Receipt
NVDR		—Non-Voting Depository Receipt
PLC		—Public Limited Company


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

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

Schedule of Investments (continued)

February 28, 2022 (Unaudited)



The below table represents the sector breakdown of investments as a percentage of total market value of the Fund:
Sector Name	% of Market Value
Information Technology		22.1%
Financials		19.9%
Consumer Staples		11.2%
Consumer Discretionary		10.5%
Communication Services		9.8%
Materials		8.9%
Health Care		4.7%
Industrials		4.6%
Energy		3.9%
Utilities		2.8%
Real Estate		1.1%
Exchange-Traded Fund		0.5%


TOTAL INVESTMENTS		100.0%


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

GOLDMAN SACHS ACTIVEBETA^® EUROPE EQUITY ETF

Schedule of Investments

February 28, 2022 (Unaudited)


Shares		Description	Value

Common Stocks – 98.7%
Australia – 1.4%
	17,075	Glencore PLC (Materials)*	$	101,298
	2,356	Rio Tinto PLC (Materials)		183,063

				284,361

Austria – 1.0%
	409	Erste Group Bank AG (Financials)		14,696
	758	Mondi PLC (Materials)		15,983
	970	OMV AG (Energy)		46,173
	2,007	Raiffeisen Bank International AG (Financials)		33,070
	226	Verbund AG (Utilities)		27,415
	1,839	voestalpine AG (Materials)		60,810

				198,147

Belgium – 1.1%
	221	Ageas SA/NV (Financials)		10,669
	674	Anheuser-Busch InBev SA/NV (Consumer Staples)		41,743
	156	Elia Group SA/NV (Utilities)		22,533
	238	Etablissements Franz Colruyt NV (Consumer Staples)		9,538
	206	Groupe Bruxelles Lambert SA (Financials)		21,504
	151	KBC Group NV (Financials)		10,943
	211	Proximus SADP (Communication Services)		4,209
	120	Sofina SA (Financials)		46,797
	114	Solvay SA (Materials)		12,769
	441	UCB SA (Health Care)		48,394

				229,099

Brazil – 0.1%
	427	Yara International ASA (Materials)		21,754

Chile – 0.0%
	488	Antofagasta PLC (Materials)		9,959

China – 0.1%
	253	Prosus NV (Consumer Discretionary)*		15,749

Denmark – 4.5%
	33	AP Moller – Maersk A/S, Class A (Industrials)		99,161
	34	AP Moller – Maersk A/S, Class B (Industrials)		107,916
	247	Carlsberg AS, Class B (Consumer Staples)		36,260
	155	Chr Hansen Holding A/S (Materials)		11,342
	462	Coloplast A/S, Class B (Health Care)		69,636
	2,184	Danske Bank A/S (Financials)		37,167
	311	Demant A/S (Health Care)*		13,144
	276	DSV A/S (Industrials)		51,136
	41	Genmab A/S (Health Care)*		13,806
	3,439	Novo Nordisk A/S, Class B (Health Care)		354,205
	382	Novozymes A/S, Class B (Materials)		25,103
	62	Orsted AS (Utilities)^(a)		8,063
	519	Pandora A/S (Consumer Discretionary)		53,730
	40	ROCKWOOL International A/S, Class B (Industrials)		13,777


Common Stocks – (continued)
Denmark – (continued)
	839	Tryg A/S (Financials)		19,079
	231	Vestas Wind Systems A/S (Industrials)		7,587

				921,112

Finland – 1.8%
	460	Elisa OYJ (Communication Services)		25,601
	2,590	Fortum OYJ (Utilities)		54,807
	1,037	Kesko OYJ, Class B (Consumer Staples)		30,680
	255	Kone OYJ, Class B (Industrials)		15,002
	9,787	Nokia OYJ (Information Technology)*		53,178
	4,167	Nordea Bank Abp (Financials)		46,658
	1,918	Orion OYJ, Class B (Health Care)		90,459
	672	Sampo OYJ, Class A (Financials)		31,973
	266	Stora Enso OYJ, Class R (Materials)		5,130
	429	UPM-Kymmene OYJ (Materials)		14,937
	615	Wartsila OYJ Abp (Industrials)		6,956

				375,381

France – 17.0%
	591	Air Liquide SA (Materials)		98,709
	420	Airbus SE (Industrials)*		54,203
	131	Amundi SA (Financials)^(a)		9,182
	197	Arkema SA (Materials)		26,309
	2,286	AXA SA (Financials)		62,329
	449	BioMerieux (Health Care)		49,484
	1,616	BNP Paribas SA (Financials)		95,310
	5,783	Bollore SA (Communication Services)		29,476
	720	Bouygues SA (Industrials)		25,895
	1,065	Bureau Veritas SA (Industrials)		30,695
	787	Capgemini SE (Information Technology)		166,449
	4,228	Carrefour SA (Consumer Staples)		85,005
	1,717	Cie de Saint-Gobain (Industrials)		107,902
	232	Cie Generale des Etablissements Michelin (Consumer Discretionary)		32,312
	1,852	CNP Assurances (Financials)		45,285
	109	Covivio REIT (Real Estate)		8,991
	3,464	Credit Agricole SA (Financials)		44,612
	1,250	Danone SA (Consumer Staples)		76,251
	50	Dassault Aviation SA (Industrials)		7,542
	1,008	Dassault Systemes SE (Information Technology)		49,239
	280	Edenred (Information Technology)		12,860
	1,103	Eiffage SA (Industrials)		113,135
	3,933	Engie SA (Utilities)		63,030
	410	EssilorLuxottica SA (Consumer Discretionary)		72,171
	331	Eurazeo SE (Financials)		25,746
	110	Gecina SA REIT (Real Estate)		14,023
	608	Getlink SE (Industrials)		9,998
	104	Hermes International (Consumer Discretionary)		145,082
	1,061	Ipsen SA (Health Care)		124,236
	108	Kering (Consumer Discretionary)		77,284
	2,655	La Francaise des Jeux SAEM (Consumer Discretionary)^(a)		110,606
	565	Legrand SA (Industrials)		53,827


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

GOLDMAN SACHS ACTIVEBETA^® EUROPE EQUITY ETF

Schedule of Investments (continued)

February 28, 2022 (Unaudited)


Shares		Description	Value

Common Stocks – (continued)
France – (continued)
	578	L’Oreal SA (Consumer Staples)	$	230,470
	478	LVMH Moet Hennessy Louis Vuitton SE (Consumer Discretionary)		354,294
	2,995	Orange SA (Communication Services)		36,378
	292	Pernod Ricard SA (Consumer Staples)		64,168
	554	Publicis Groupe SA (Communication Services)		37,111
	133	Remy Cointreau SA (Consumer Staples)		25,799
	849	Renault SA (Consumer Discretionary)*		27,216
	189	Safran SA (Industrials)		24,349
	2,002	Sanofi (Health Care)		210,181
	79	Sartorius Stedim Biotech (Health Care)		30,471
	227	SEB SA (Consumer Discretionary)		33,324
	2,426	Societe Generale SA (Financials)		69,866
	91	Teleperformance (Industrials)		33,924
	222	Thales SA (Industrials)		25,658
	3,631	TotalEnergies SE (Energy)		185,932
	382	Ubisoft Entertainment SA (Communication Services)*		20,745
	1,475	Veolia Environnement SA (Utilities)		51,706
	659	Vinci SA (Industrials)		69,963
	1,473	Vivendi SE (Communication Services)		18,712
	120	Wendel SE (Financials)		12,272
	222	Worldline SA (Information Technology)*^(a)		11,446

				3,501,163

Germany – 12.9%
	482	adidas AG (Consumer Discretionary)		114,800
	476	Allianz SE (Financials)		108,693
	761	Aroundtown SA (Real Estate)		4,727
	793	BASF SE (Materials)		52,774
	1,166	Bayer AG (Health Care)		67,460
	697	Bayerische Motoren Werke AG (Consumer Discretionary)		67,765
	259	Bechtle AG (Information Technology)		13,396
	468	Beiersdorf AG (Consumer Staples)		47,530
	603	Brenntag SE (Industrials)		50,716
	216	Carl Zeiss Meditec AG (Health Care)		34,172
	411	Commerzbank AG (Financials)*		3,478
	63	Continental AG (Consumer Discretionary)*		5,435
	472	Covestro AG (Materials)^(a)		25,028
	748	Daimler Truck Holding AG (Industrials)*		22,835
	2,970	Deutsche Bank AG (Financials)*		37,562
	208	Deutsche Boerse AG (Financials)		35,675
	3,010	Deutsche Post AG (Industrials)		152,679
	3,545	Deutsche Telekom AG (Communication Services)		63,827
	3,771	E.ON SE (Utilities)		51,327
	452	Evonik Industries AG (Materials)		13,652
	929	Fresenius Medical Care AG & Co. KGaA (Health Care)		59,811
	1,817	Fresenius SE & Co. KGaA (Health Care)		63,807
	539	GEA Group AG (Industrials)		23,653
	134	Hannover Rueck SE (Financials)		24,804
	1,156	HeidelbergCement AG (Materials)		75,490
	1,552	HelloFresh SE (Consumer Staples)*		85,208


Common Stocks – (continued)
Germany – (continued)
	202	Henkel AG & Co. KGaA (Consumer Staples)		15,564
	1,174	Infineon Technologies AG (Information Technology)		40,542
	218	KION Group AG (Industrials)		17,669
	433	Knorr-Bremse AG (Industrials)		38,421
	121	LEG Immobilien SE (Real Estate)		15,670
	1,496	Mercedes-Benz Group AG (Consumer Discretionary)		117,907
	418	Merck KGaA (Health Care)		83,359
	133	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Financials)		36,921
	1,010	Nemetschek SE (Information Technology)		90,119
	834	Puma SE (Consumer Discretionary)		76,795
	66	Rational AG (Industrials)		48,778
	1,648	RWE AG (Utilities)		76,799
	1,623	SAP SE (Information Technology)		184,702
	144	Scout24 SE (Communication Services)^(a)		8,443
	993	Siemens AG (Industrials)		141,269
	3,299	Siemens Energy AG (Industrials)		79,408
	507	Siemens Healthineers AG (Health Care)^(a)		32,733
	238	Symrise AG (Materials)		28,470
	3,114	Telefonica Deutschland Holding AG (Communication Services)		8,552
	1,433	Uniper SE (Utilities)		45,872
	323	United Internet AG (Communication Services)		11,014
	171	Volkswagen AG (Consumer Discretionary)		45,174
	512	Vonovia SE (Real Estate)		27,316
	1,054	Zalando SE (Consumer Discretionary)*^(a)		70,534

				2,648,335

Ireland – 0.7%
	1,031	CRH PLC (Materials)		47,027
	31	Flutter Entertainment PLC (Consumer Discretionary)*		4,466
	239	Kerry Group PLC, Class A (Consumer Staples)		28,509
	306	Kingspan Group PLC (Industrials)		29,847
	509	Smurfit Kappa Group PLC (Materials)		25,492

				135,341

Italy – 3.1%
	2,052	Assicurazioni Generali SpA (Financials)		40,864
	789	Atlantia SpA (Industrials)*		14,543
	1,794	Davide Campari-Milano NV (Consumer Staples)		19,643
	257	DiaSorin SpA (Health Care)		38,580
	9,791	Enel SpA (Utilities)		72,571
	5,812	Eni SpA (Energy)		90,296
	291	Ferrari NV (Consumer Discretionary)		63,001
	1,646	FinecoBank Banca Fineco SpA (Financials)		27,593
	905	Infrastrutture Wireless Italiane SpA (Communication Services)^(a)		9,262
	15,355	Intesa Sanpaolo SpA (Financials)		39,555


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

GOLDMAN SACHS ACTIVEBETA^® EUROPE EQUITY ETF


Shares		Description	Value

Common Stocks – (continued)
Italy – (continued)
	1,007	Mediobanca Banca di Credito Finanziario SpA (Financials)	$	10,548
	851	Moncler SpA (Consumer Discretionary)		51,788
	2,803	Poste Italiane SpA (Financials)^(a)		32,349
	633	Prysmian SpA (Industrials)		20,988
	674	Recordati Industria Chimica e Farmaceutica SpA (Health Care)		33,128
	4,353	Snam SpA (Utilities)		24,275
	2,758	Terna – Rete Elettrica Nazionale (Utilities)		22,744
	1,489	UniCredit SpA (Financials)		19,046

				630,774

Jordan – 0.1%
	1,163	Hikma Pharmaceuticals PLC (Health Care)		32,504

Luxembourg – 0.8%
	4,357	ArcelorMittal (Materials)		135,582
	301	Eurofins Scientific SE (Health Care)		30,610

				166,192

Netherlands – 8.0%
	624	ABN AMRO Bank NV (Financials)^(a)		8,314
	14	Adyen NV (Information Technology)*^(a)		29,317
	8,369	Aegon NV (Financials)		41,501
	329	Akzo Nobel NV (Materials)		31,410
	95	ASM International NV (Information Technology)		30,752
	678	ASML Holding NV (Information Technology)		456,080
	119	Euronext NV (Financials)^(a)		10,807
	780	EXOR NV (Financials)		59,399
	390	Heineken Holding NV (Consumer Staples)		31,868
	300	Heineken NV (Consumer Staples)^(b)		30,455
	165	IMCD NV (Industrials)		26,817
	3,897	ING Groep NV (Financials)		45,951
	761	JDE Peet’s NV (Consumer Staples)		25,023
	5,244	Koninklijke Ahold Delhaize NV (Consumer Staples)		161,859
	302	Koninklijke DSM NV (Materials)		56,749
	4,874	Koninklijke KPN NV (Communication Services)		16,697
	1,750	Koninklijke Philips NV (Health Care)		59,636
	1,154	NN Group NV (Financials)		55,450
	1,143	Randstad NV (Industrials)		77,928
	10,832	Shell PLC (Energy)		286,608
	818	Universal Music Group NV (Communication Services)		18,679
	851	Wolters Kluwer NV (Industrials)		86,810

				1,648,110

Norway – 0.9%
	215	Aker BP ASA (Energy)		6,687
	1,133	DNB Bank ASA (Financials)		25,395
	881	Equinor ASA (Energy)		27,897
	1,820	Gjensidige Forsikring ASA (Financials)		45,098
	571	Mowi ASA (Consumer Staples)		14,701


Common Stocks – (continued)
Norway – (continued)
	1,827	Norsk Hydro ASA (Materials)		17,361
	2,492	Orkla ASA (Consumer Staples)		23,390
	1,215	Telenor ASA (Communication Services)		18,024

				178,553

Poland – 0.1%
	2,503	InPost SA (Industrials)*		15,513

Portugal – 0.5%
	1,691	EDP – Energias de Portugal SA (Utilities)		8,288
	4,539	Jeronimo Martins SGPS SA (Consumer Staples)		99,033

				107,321

Russia – 0.1%
	780	Coca-Cola HBC AG (Consumer Staples)*		19,927
	3,296	Raspadskaya OJSC (Materials)^(c)		8,039

				27,966

Singapore – 0.3%
	1,279	STMicroelectronics NV (Information Technology)		54,504

South Africa – 0.3%
	1,279	Anglo American PLC (Materials)		65,606

Spain – 3.7%
	2,523	ACS Actividades de Construccion y Servicios SA (Industrials)^(b)		61,834
	32	Aena SME SA (Industrials)*^(a)		5,258
	375	Amadeus IT Group SA (Information Technology)*		25,247
	10,293	Banco Bilbao Vizcaya Argentaria SA (Financials)		61,158
	20,433	Banco Santander SA (Financials)		68,495
	13,672	CaixaBank SA (Financials)		45,148
	206	Cellnex Telecom SA (Communication Services)*^(a)		9,403
	886	Enagas SA (Utilities)		18,833
	913	Endesa SA (Utilities)		20,166
	593	Ferrovial SA (Industrials)		16,265
	1,080	Grifols SA (Health Care)		20,640
	9,002	Iberdrola SA (Utilities)		102,931
	2,984	Industria de Diseno Textil SA (Consumer Discretionary)		79,099
	1,077	Naturgy Energy Group SA (Utilities)		29,069
	1,799	Red Electrica Corp. SA (Utilities)^(b)		36,018
	8,018	Repsol SA (Energy)		104,702
	11,304	Telefonica SA (Communication Services)		54,291

				758,557

Sweden – 4.6%
	224	Alfa Laval AB (Industrials)		7,357
	981	Assa Abloy AB, Class B (Industrials)		26,151
	684	Atlas Copco AB, Class A (Industrials)		35,830
	359	Atlas Copco AB, Class B (Industrials)		16,459


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

GOLDMAN SACHS ACTIVEBETA^® EUROPE EQUITY ETF

Schedule of Investments (continued)

February 28, 2022 (Unaudited)


Shares		Description	Value

Common Stocks – (continued)
Sweden – (continued)
	526	Electrolux AB, Class B (Consumer Discretionary)	$	9,516
	412	Epiroc AB, Class A (Industrials)		7,816
	307	Epiroc AB, Class B (Industrials)		5,012
	1,300	EQT AB (Financials)		44,200
	561	Essity AB, Class B (Consumer Staples)		14,545
	222	Fastighets AB Balder, Class B (Real Estate)*		13,953
	525	Getinge AB, Class B (Health Care)		20,615
	2,597	H & M Hennes & Mauritz AB, Class B (Consumer Discretionary)		44,152
	3,012	Hexagon AB, Class B (Information Technology)		41,088
	1,561	Husqvarna AB, Class B (Industrials)		18,929
	884	Industrivarden AB, Class A (Financials)		24,652
	774	Industrivarden AB, Class C (Financials)		21,232
	710	Investment AB Latour, Class B (Industrials)		19,882
	1,865	Investor AB, Class A (Financials)		41,714
	3,928	Investor AB, Class B (Financials)		80,781
	375	Kinnevik AB, Class B (Financials)*		9,659
	238	L E Lundbergforetagen AB, Class B (Financials)		11,620
	600	Lifco AB, Class B (Industrials)		13,782
	816	Lundin Energy AB (Energy)		30,234
	1,286	Nibe Industrier AB, Class B (Industrials)		11,571
	530	Sagax AB, Class B (Real Estate)		14,600
	389	Sandvik AB (Industrials)		8,527
	2,347	Securitas AB, Class B (Industrials)		28,585
	2,497	Skandinaviska Enskilda Banken AB, Class A (Financials)		29,023
	1,876	Skanska AB, Class B (Industrials)		42,834
	627	Svenska Cellulosa AB SCA, Class B (Materials)		10,330
	1,790	Svenska Handelsbanken AB, Class A (Financials)		17,221
	1,537	Swedbank AB, Class A (Financials)		25,000
	12,716	Swedish Match AB (Consumer Staples)		93,421
	2,002	Tele2 AB, Class B (Communication Services)		26,674
	5,161	Telefonaktiebolaget LM Ericsson, Class B (Information Technology)		48,065
	3,705	Telia Co. AB (Communication Services)		13,863
	376	Volvo AB, Class A (Industrials)		7,398
	748	Volvo AB, Class B (Industrials)		14,565

				950,856

Switzerland – 15.3%
	2,147	ABB Ltd. (Industrials)		72,897
	413	Adecco Group AG (Industrials)		19,600
	320	Alcon, Inc. (Health Care)		24,792
	27	Bachem Holding AG, Class B (Health Care)		16,068
	108	Baloise Holding AG (Financials)		18,140
	12	Barry Callebaut AG (Consumer Staples)		27,729


Common Stocks – (continued)
Switzerland – (continued)
	6	Chocoladefabriken Lindt & Spruengli AG (Consumer Staples)		63,927
	684	Cie Financiere Richemont SA, Class A (Consumer Discretionary)		93,268
	494	Clariant AG (Materials)*		8,930
	1,025	Credit Suisse Group AG (Financials)		8,665
	35	EMS-Chemie Holding AG (Materials)		34,659
	73	Geberit AG (Industrials)		47,852
	14	Givaudan SA (Materials)		58,765
	777	Holcim Ltd. (Materials)*		39,034
	106	Julius Baer Group Ltd. (Financials)		6,216
	464	Kuehne + Nagel International AG (Industrials)		127,146
	882	Logitech International SA (Information Technology)		66,238
	88	Lonza Group AG (Health Care)		61,138
	5,004	Nestle SA (Consumer Staples)		653,310
	3,639	Novartis AG (Health Care)		318,663
	90	Partners Group Holding AG (Financials)		122,279
	151	Roche Holding AG-BR (Health Care)		63,267
	1,361	Roche Holding AG-Genusschein (Health Care)		518,988
	61	Schindler Holding AG (Industrials)		13,763
	82	Schindler Holding AG Participation Certificates (Industrials)		18,904
	35	SGS SA (Industrials)		100,523
	186	Sika AG (Materials)		62,037
	67	Sonova Holding AG (Health Care)		26,071
	44	Straumann Holding AG (Health Care)		69,996
	117	Swatch Group AG (The) – Bearer (Consumer Discretionary)		36,358
	606	Swatch Group AG (The) – Registered (Consumer Discretionary)		36,197
	64	Swiss Life Holding AG (Financials)		39,093
	201	Swiss Prime Site AG (Real Estate)		19,751
	69	Swisscom AG (Communication Services)		41,410
	5,592	UBS Group AG (Financials)		102,917
	51	VAT Group AG (Industrials)^(a)		19,367
	85	Vifor Pharma AG (Health Care)		14,930
	152	Zurich Insurance Group AG (Financials)		69,849

				3,142,737

United Kingdom – 18.2%
	1,390	3i Group PLC (Financials)		24,908
	10,100	abrdn PLC (Financials)		28,011
	3,539	Admiral Group PLC (Financials)		141,362
	786	Ashtead Group PLC (Industrials)		51,423
	893	Associated British Foods PLC (Consumer Staples)		23,005
	2,188	AstraZeneca PLC (Health Care)		265,950
	10,505	Auto Trader Group PLC (Communication Services)^(a)		93,450
	181	AVEVA Group PLC (Information Technology)		6,047
	15,555	Aviva PLC (Financials)		87,616
	4,416	BAE Systems PLC (Industrials)		42,638


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

GOLDMAN SACHS ACTIVEBETA^® EUROPE EQUITY ETF


Shares		Description	Value

Common Stocks – (continued)
United Kingdom – (continued)
	21,980	Barclays PLC (Financials)	$	53,934
	2,849	Barratt Developments PLC (Consumer Discretionary)		23,356
	175	Berkeley Group Holdings PLC (Consumer Discretionary)		9,148
	20,637	BP PLC (Energy)		100,666
	3,281	British American Tobacco PLC (Consumer Staples)		143,580
	7,189	BT Group PLC (Communication Services)		17,965
	857	Bunzl PLC (Industrials)		34,140
	3,738	Burberry Group PLC (Consumer Discretionary)		97,300
	3,027	CNH Industrial NV (Industrials)		43,604
	603	Coca-Cola Europacific Partners PLC (Consumer Staples)		30,880
	496	Compass Group PLC (Consumer Discretionary)		11,274
	434	Croda International PLC (Materials)		43,581
	279	DCC PLC (Industrials)		21,937
	3,386	Diageo PLC (Consumer Staples)		169,233
	1,189	Entain PLC (Consumer Discretionary)*		26,866
	1,268	Experian PLC (Industrials)		49,900
	8,981	GlaxoSmithKline PLC (Health Care)		186,225
	559	Halma PLC (Information Technology)		18,083
	4,878	Hargreaves Lansdown PLC (Financials)		74,254
	17,987	HSBC Holdings PLC (Financials)		124,194
	2,615	Imperial Brands PLC (Consumer Staples)		57,507
	90	InterContinental Hotels Group PLC (Consumer Discretionary)*		6,323
	216	Intertek Group PLC (Industrials)		15,604
	36,904	J Sainsbury PLC (Consumer Staples)		136,516
	37,644	JD Sports Fashion PLC (Consumer Discretionary)		76,268
	715	Johnson Matthey PLC (Materials)		18,065
	16,887	Kingfisher PLC (Consumer Discretionary)		69,379
	759	Land Securities Group PLC REIT (Real Estate)		8,088
	7,783	Legal & General Group PLC (Financials)		28,948
	134,572	Lloyds Banking Group PLC (Financials)		87,455
	112	London Stock Exchange Group PLC (Financials)		9,879
	2,786	M&G PLC (Financials)		7,693
	15,001	Melrose Industries PLC (Industrials)		29,839
	4,851	National Grid PLC (Utilities)		73,602
	5,966	NatWest Group PLC (Financials)		18,387
	540	Next PLC (Consumer Discretionary)		49,718
	397	Ocado Group PLC (Consumer Staples)*		7,314
	1,614	Pearson PLC (Communication Services)^(b)		14,033
	214	Persimmon PLC (Consumer Discretionary)		6,929
	2,429	Phoenix Group Holdings PLC (Financials)		20,161
	975	Prudential PLC (Financials)		14,868


Common Stocks – (continued)
United Kingdom – (continued)
	817	Reckitt Benckiser Group PLC (Consumer Staples)	$	69,291
	3,052	RELX PLC (Industrials)		93,407
	3,154	Rentokil Initial PLC (Industrials)		21,489
	7,548	Sage Group PLC (The) (Information Technology)		71,176
	353	Schroders PLC (Financials)		14,512
	3,212	Segro PLC REIT (Real Estate)		56,091
	967	Severn Trent PLC (Utilities)		37,315
	1,905	Smith & Nephew PLC (Health Care)		34,174
	315	Smiths Group PLC (Industrials)		6,462
	208	Spirax-Sarco Engineering PLC (Industrials)		33,337
	1,226	SSE PLC (Utilities)		28,039
	2,762	St James’s Place PLC (Financials)		52,013
	814	Standard Chartered PLC (Financials)		5,819
	5,620	Taylor Wimpey PLC (Consumer Discretionary)		11,330
	12,801	Tesco PLC (Consumer Staples)		49,767
	3,734	Unilever PLC (Consumer Staples)		187,703
	2,200	United Utilities Group PLC (Utilities)		31,718
	48,927	Vodafone Group PLC (Communication Services)		86,288
	3,018	WPP PLC (Communication Services)		42,822

				3,733,859

United States – 2.1%
	1,120	Ferguson PLC (Industrials)		171,540
	677	QIAGEN NV (Health Care)*		34,066
	860	Schneider Electric SE (Industrials)		135,021
	3,031	Stellantis NV (Consumer Discretionary)		55,731
	388	Swiss Re AG (Financials)		37,140
	473	Tenaris SA (Energy)		6,131

				439,629

	TOTAL COMMON STOCKS
	(Cost $17,795,410)		$	20,293,082


Shares	Description	Rate			Value

Preferred Stocks – 0.8%
Germany – 0.8%
533	Bayerische Motoren Werke AG (Consumer Discretionary)		2.98	%	$	43,643
790	FUCHS PETROLUB SE (Materials)		2.84			31,500
212	Henkel AG & Co. KGaA (Consumer Staples)		2.85			16,868
31	Sartorius AG (Health Care)		0.18			13,726
328	Volkswagen AG (Consumer Discretionary)		3.06			65,592

TOTAL PREFERRED STOCKS
(Cost $180,248)					$	171,329

TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
(Cost $17,975,658)					$	20,464,411


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

GOLDMAN SACHS ACTIVEBETA^® EUROPE EQUITY ETF

Schedule of Investments (continued)

February 28, 2022 (Unaudited)


Shares		Dividend Rate	Value

Securities Lending Reinvestment Vehicle – 0.3%^(d)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	63,082	0.026%	$	63,082
	(Cost $63,082)

	TOTAL INVESTMENTS – 99.8%
	(Cost $18,038,740)		$	20,527,493

	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.2%			34,751

	NET ASSETS – 100.0%		$	20,562,244



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

*		Non-income producing security.

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

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

(c)		Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.

(d)		Represents an affiliated issuer.



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

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At February 28, 2022, the Fund had the following futures contracts:

Description

Number of
Contracts

Expiration
Date

Notional
Amount

Unrealized
Appreciation/
(Depreciation)

Long position contracts: