Goldman Sachs ETF Trust

Goldman Sachs Funds



Annual Report				August 31, 2023

				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^® World Low Vol Plus Equity ETF (GLOV)

LOGO

Goldman Sachs ActiveBeta^® ETFs

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ACTIVEBETA^® EMERGING MARKETS EQUITY ETF (GEM)

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ACTIVEBETA^® EUROPE EQUITY ETF (GSEU)

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ACTIVEBETA^® INTERNATIONAL EQUITY ETF (GSIE)

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ACTIVEBETA^® JAPAN EQUITY ETF (GSJY)

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

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ACTIVEBETA^® U.S. LARGE CAP EQUITY ETF (GSLC)

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ACTIVEBETA^® U.S. SMALL CAP EQUITY ETF (GSSC)

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ACTIVEBETA^® WORLD LOW VOL PLUS EQUITY ETF (GLOV)


TABLE OF CONTENTS

Investment Process			1

Portfolio Management Discussion and Performance Summaries			4

Schedules of Investments			42

Financial Statements			107

Financial Highlights			115

ActiveBeta^® Emerging Markets Equity ETF (GEM)			115

ActiveBeta^® Europe Equity ETF (GSEU)			116

ActiveBeta^® International Equity ETF (GSIE)			117

ActiveBeta^® Japan Equity ETF (GSJY)			118

ActiveBeta^® Paris-Aligned Climate U.S. Large Cap Equity ETF (GPAL)			119

ActiveBeta^® U.S. Large Cap Equity ETF (GSLC)			120

ActiveBeta^® U.S. Small Cap Equity ETF (GSSC)			121

ActiveBeta^® World Low Vol Plus Equity ETF (GLOV)			122

Notes to Financial Statements			123

Report of Independent Registered Public Accounting Firm			140

Other Information			142



NOT FDIC-INSURED	May Lose Value	No Bank Guarantee

INVESTMENT PROCESS

Goldman Sachs ActiveBeta^® ETFs

Principal Investment Strategies

The investment objective of each of the ActiveBeta^® Emerging Markets Equity ETF, ActiveBeta^® Europe Equity ETF, ActiveBeta^® International Equity ETF, ActiveBeta^® Japan Equity ETF, ActiveBeta^® Paris-Aligned Climate U.S. Large Cap Equity ETF, ActiveBeta^® U.S. Large Cap Equity ETF, ActiveBeta^® U.S. Small Cap Equity ETF and ActiveBeta^® World Low Vol Plus Equity ETF (each, a “Fund”), is to seek to provide investment results that closely correspond, before fees and expenses, to the performance of its respective underlying index (each, an “Index”).

Each Fund seeks to achieve its investment objective by investing at least 80% of its assets (exclusive of collateral held from securities lending) in securities included in its underlying index, in depositary receipts representing securities included in its underlying index and in underlying stocks in respect of depositary receipts included in its underlying index.

Each Index is designed to deliver exposure to equity securities within its applicable universe of issuers. Each Index is constructed using the patented ActiveBeta^® Portfolio Construction Methodology, which was developed to provide exposure to the “factors” (or characteristics) that are commonly tied to a stock’s outperformance relative to market returns. These factors include value (i.e., how attractively a stock is priced relative to its “fundamentals,” such as book value and 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). Given each Fund’s investment objective of attempting to track its Index, each Fund does not follow traditional methods of active investment management, which may involve buying and selling securities based upon analysis of economic and market factors.

Each Index is rebalanced on a quarterly basis in accordance with the published rebalancing schedule of the applicable Reference Index. The rules-based process used to construct each Index incorporates the ActiveBeta^® Turnover Minimization Technique, which seeks to reduce turnover within each Index.

For the ActiveBeta^® Emerging Markets Equity ETF, ActiveBeta^® Europe Equity ETF, ActiveBeta^® International Equity ETF, ActiveBeta^® Japan Equity ETF, ActiveBeta^® U.S. Large Cap Equity ETF and ActiveBeta^® U.S. Small Cap Equity ETF, Goldman Sachs Asset Management, L.P. (the “Index Provider”) constructs each Index in accordance with a rules-based methodology that involves two steps.

Step 1

In the first step, individual factor subindexes for value, momentum, quality and low volatility (the “ActiveBeta^® Factor Subindexes”) are created from the constituents of the applicable Reference Index, a market capitalization-weighted index. To construct each ActiveBeta^® Factor Subindex, all constituents in the applicable Reference Index are assigned a “factor score” based on certain specified measurements (for example, in the case of the value factor, the factor score is based on a composite of book value-to-price, sales-to-price and free cash flow-to-price). Securities with a factor score that is above a fixed “Cut-off Score” receive an overweight in the applicable ActiveBeta^® Factor Subindex relative to the applicable Reference Index and securities with a factor score that is below the Cut-off Score receive an underweight in the ActiveBeta^® Factor Subindex relative to the applicable Reference Index. Accordingly, the magnitude of overweight or underweight that a security receives in constructing the applicable ActiveBeta^® Factor Subindex is determined by its attractiveness when evaluated based on the relevant factor. Each Index only includes long positions (i.e., short positions are impermissible), so the smallest weight for any given security is zero.

Step 2

The ActiveBeta^® Factor Subindexes are combined in equal weights to form each Index.

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

For the Goldman Sachs ActiveBeta^® Paris-Aligned Climate U.S. Large Cap Equity ETF, the Index aims to meet the minimum requirements to be an “EU Paris-Aligned Benchmark” as defined by the European Commission Delegated Regulation C(2020)4757. 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 Provider constructs the Fund’s Index in accordance with a rules-based methodology that involves three steps.

INVESTMENT PROCESS

Step 1

In the first step, the following types of issuers are excluded from the constituents of the Solactive US Large Cap Index (the “Reference Index”) per the requirements for an “EU Paris-Aligned Benchmark”: companies involved with controversial weapons or tobacco, companies that violate global norms as indicated by violations of the United Nations Global Compact principles or the Organisation for Economic Co-operation and Development (“OECD”) Guidelines for Multinational Enterprises, and companies that derive more than 50% of revenue from fossil fuel activities or engage in activities that significantly obstruct the United Nations Sustainable Development Goals that correspond to the EU’s six environmental objectives.

In addition, issuers who derive significant revenue from the following activities are excluded (revenue percentages are shown in parentheses): exploration, mining, extraction, distribution or refining of hard coal and lignite (≥ 1%); exploration, extraction, distribution or refining of oil fuels (≥ 10%); exploration, extraction, manufacturing or distribution of gaseous fuels (≥ 50%); and electricity generation with a greenhouse gas (GHG) intensity of more than 100g CO2e/kWh (≥ 50%).

Step 2

In the second step, the ActiveBeta^® Factor Subindexes are created from the Reference Index, a market capitalization-weighted index. To construct each ActiveBeta^® Factor Subindex, all non-excluded constituents in the Reference Index are assigned a “factor score” based on certain specified measurements (for example, in the case of the value factor, the factor score is based on a composite of book value-to-price, sales-to-price and free cash flow-to-price). Securities with a factor score that is above a fixed “Cut-off Score” receive an overweight in the applicable ActiveBeta^® Factor Subindex relative to the Reference Index and securities with a factor score that is below the Cut-off Score receive an underweight in the ActiveBeta^® Factor Subindex relative to the Reference Index. Accordingly, the magnitude of overweight or underweight that a security receives in constructing the applicable ActiveBeta^® Factor Subindex is determined by its attractiveness when evaluated based on the relevant factor. The ActiveBeta^® Factor Subindexes are combined in equal weights to form the Factor Diversity Portfolio.

Step 3

In the third step, the weights of the individual issuers in the Factor Diversity Portfolio are adjusted upwards and downwards to target the following requirements: a 50-percent reduction in aggregate GHG emissions intensity relative to the Reference Index, where an issuer’s emission intensity is defined as the sum of the issuer’s direct and indirect emissions divided by the issuer’s enterprise value including cash; an inflation-adjusted seven-percent annualized reduction in absolute GHG emissions intensity; non-negative exposure to high carbon impact sectors relative to the Reference Index; and exposure to each of the four factors (value, momentum, quality, and low volatility) that are no lower than the corresponding factor exposures for the Factor Diversity Portfolio. The resulting Index only includes long positions (i.e., short positions are impermissible), so the smallest weight for any given security is zero.

Goldman Sachs ActiveBeta^® World Low Vol Plus Equity ETF

For the ActiveBeta^® World Low Vol Plus Equity ETF, the Index seeks to provide exposure to these factors with an emphasis on the low volatility factor. The Index Provider constructs the Fund’s Index in accordance with a rules-based methodology that involves three steps.

Step 1

In the first step, the individual factor subindex for low volatility (the “ActiveBeta^® Low Volatility Factor Subindex”) is created from the constituents of the Solactive GBS Developed Markets Large & Mid Cap Index (the “Reference Index”), a market capitalization-weighted index. To construct the ActiveBeta^® Low Volatility Factor Subindex, an equal-weighted index is constructed by equally weighting stocks within sectors by country (e.g. U.S. Financials). The weight of a stock in the reweighted Reference Index is the average of its weight in the Reference Index and its weight in the equal-weighted index. Each constituent is then assigned a “factor score” based on a specified volatility measurement that is a function of the volatility in the daily total stock returns over the past 12 months. Securities with a factor score that is above a fixed “Cut-off Score” receive an overweight in the ActiveBeta^® Low Volatility Factor Subindex relative to the reweighted Reference Index and securities with a factor score that is

INVESTMENT PROCESS

below the Cut-off Score receive an underweight in the ActiveBeta^® Low Volatility Factor Subindex relative to the reweighted Reference Index. Accordingly, the magnitude of overweight or underweight that a security receives in constructing the ActiveBeta^® Low Volatility Factor Subindex is determined by the performance of its factor score relative to the fixed “Cut-off Score.” The Index includes only long positions (i.e., short positions are impermissible), so the smallest weight for any given security is zero.

Step 2

In the second step, individual factor subindexes for value, momentum and quality (the “ActiveBeta^® Value Factor Subindex, ActiveBeta^® Momentum Factor Subindex and ActiveBeta^® Quality Factor Subindex,” respectively) are created from the constituents of the ActiveBeta^® Low Volatility Factor Subindex. To construct each of these subindexes, all constituents in the ActiveBeta^® Low Volatility Factor Subindex are assigned a “factor score” based on certain specified measurements (i.e., in the case of the value factor, the factor score is based on a composite of book value-to-price, sales-to-price and free cash flow-to-price). Securities with a factor score that is above a fixed “Cut-off Score” receive an overweight in the applicable ActiveBeta^® Factor Subindex relative to the ActiveBeta^® Low Volatility Factor Subindex and securities with a factor score that is below the Cut-off Score receive an underweight the applicable ActiveBeta^® Factor Subindex relative to the Active- Beta^® Low Volatility Factor Subindex.

Step 3

In the third step, the ActiveBeta^® Value Factor Subindex, ActiveBeta^® Momentum Factor Subindex, and ActiveBeta^® Quality Factor Subindex are combined in equal weights to form the Index.

* * *

At the end of the Reporting Period, i.e. the 12 months ended August 31, 2023, we continued to believe in the existence and persistence of certain equity common factors. We further believed that in capturing common factors, investment efficiency (risk-adjusted returns) can be improved by enhancing the informational efficiency and diversification of individual common factor portfolios. Additionally, we advocate the pursuit of factor diversification strategies, which combine individual common factor portfolios, as such strategies tend to dominate individual factors. A passive capture of informationally-efficient and diversified common factor strategies potentially delivers attractive after-cost information ratios.

PORTFOLIO RESULTS

Goldman Sachs ActiveBeta^® Emerging Markets Equity ETF

Investment Objective

The Goldman Sachs ActiveBeta^® Emerging Markets Equity ETF (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 (the “Index”).

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the 12-month period ended August 31, 2023 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund returned 3.50% based on net asset value (“NAV”) and 4.36% based on market price. The Index returned 3.91%, and the MSCI Emerging Markets Index (Net, Unhedged) (“MSCI Emerging Markets Index”), a market-cap based index against which the performance of the Fund is measured, and the reference index for the Index, returned 1.25% during the same period.

The Fund had an NAV of $29.42 per share on August 31, 2022 and ended the Reporting Period with an NAV of $29.61 per share. The Fund’s market price on August 31, 2023 was $29.48 per share.

What key factors were responsible for the Fund’s performance during the Reporting Period?

The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Index. The Fund’s performance reflects Fund expenses, including management fees and brokerage expenses. The Fund’s relative performance also reflects the impact of any cash held in the Fund as well as any other differences between the Fund’s holdings and the constituents of the Index. The Index is unmanaged, and Index returns do not reflect fees and expenses, which would reduce returns.

The Index is constructed using a rules-based methodology that was developed to provide exposure to the “factors” (or characteristics) that are commonly tied to a stock’s outperformance relative to market returns, and its performance is compared to that of the MSCI Emerging Markets Index. Because the Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Index, the discussion below compared the performance of the Fund to that of the MSCI Emerging Markets Index. Given the Fund’s investment objective of attempting to track the Index, the Fund does not follow traditional methods of active investment management, which may involve buying and selling securities based upon analysis of economic and market factors. The Fund does not follow a strategy of seeking to outperform the MSCI Emerging Markets Index.

During the Reporting Period, the Fund posted positive absolute returns that outperformed the MSCI Emerging Markets Index, as measured by NAV. Amongst underlying factors, Value and Low Volatility contributed most positively to relative results, followed by Quality. Momentum detracted from results during the Reporting Period. Value refers to how attractively a stock is priced relative to its fundamentals, such as book value and free cash flow. Low Volatility is a relatively low degree of fluctuation in a company’s share price over time. Quality refers to sustainable profitability over time. Momentum is whether a company’s share price is trending up or down.

Which sectors and countries contributed most positively to the Index’s relative performance during the Reporting Period, and which detracted most?

Index constituents in the information technology, consumer staples and financials sectors contributed most positively to the Index’s results relative to the MSCI Emerging Markets Index during the Reporting Period. Index constituents in materials was the only sector to detract from the Index’s results relative to the MSCI Emerging Markets Index during the Reporting Period.

From a country perspective, Index constituents in China, India and Taiwan contributed most positively to the Index’s results relative to the MSCI Emerging Markets Index during the Reporting Period. Conversely, Index constituents in

PORTFOLIO RESULTS

South Africa, Peru and Greece detracted the most from the Index’s results relative to the MSCI Emerging Markets Index during the Reporting Period.

Which individual stock positions contributed the most to the Index’s relative returns during the Reporting Period?

Relative to the MSCI Emerging Markets Index, underweight positions in Chinese car company NIO, Chinese shopping platform Meituan and Chinese e-commerce company JD.com contributed most positively (0.00%¹, 0.80% and 0.38% of Fund net assets as of August 31, 2023, respectively). NIO was not held in the Index during the Reporting Period; Meituan and JD.com each produced a double-digit negative return within the Index during the Reporting Period.

Which individual stock positions detracted the most from the Index’s results during the Reporting Period?

Relative to the MSCI Emerging Markets Index, underweight positions in Chinese car company Li Auto, Singapore-based travel website Trip.com Group and Chinese e-commerce platform Pinduoduo detracted most (0.00%¹, 0.08% and 0.00% of Fund net assets as of August 31, 2023, respectively). Li Auto posted a single-digit negative return within the Index during the Reporting Period, and Trip.com Group and Pinduoduo each delivered a double-digit positive return within the Index during the Reporting Period.

How did the Fund use derivatives and similar instruments during the Reporting Period?

The Fund does not employ derivatives as a source of alpha generation, although it did use index futures to equitize excess cash. The use of futures was not material to the performance of the Fund during the Reporting Period.

What was the Fund’s sector positioning relative to the Index and the reference index at the end of the Reporting Period?²



Sector Name	Fund³			GS ActiveBeta^® Emerging Markets Equity Index			MSCI Emerging Markets Index

Consumer Discretionary		11.91	%		11.71	%		13.88	%
Consumer Staples		11.13			11.52			6.28
Energy		4.82			4.73			5.09
Financials		20.80			20.66			21.82
Health Care		4.88			4.96			3.79
Industrials		5.80			6.24			6.66
Information Technology		20.65			20.47			20.62
Materials		7.38			7.09			7.94
Real Estate		0.99			1.11			1.74
Communication Services		9.08			8.96			9.66
Utilities		2.56			2.55			2.53

Some weights are 0.00% at August 31, 2023 either because those positions were taken out during the most recent rebalance given the Fund’s index construction methodology or because they were not components of the Index during the Reporting Period.

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 0.0% of the Fund’s net assets as of August 31, 2023. Figures above may not sum to 100% due to rounding due to the presence of cash.

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.

PORTFOLIO RESULTS

What was the Fund’s country positioning relative to the Index and the reference index at the end of the Reporting Period?²



Country Name	Fund³			GS ActiveBeta^® Emerging Markets Equity Index			MSCI Emerging Markets Index

Brazil		5.33	%		5.33	%		5.32	%
Chile		0.65			0.64			0.53
China		31.66			31.17			29.79
Colombia		0.06			0.06			0.10
Czech		0.19			0.19			0.16
Egypt		0.47			0.46			0.09
Greece		0.84			0.83			0.47
Hong Kong		0.00			0.00			0.00
Hungary		0.23			0.22			0.25
India		13.90			13.56			14.86
Indonesia		1.97			1.94			2.02
Korea		12.08			11.97			12.23
Kuwait		0.57			0.61			0.82
Malaysia		0.56			1.39			1.43
Mexico		2.91			2.95			2.81
Peru		0.00			0.00			0.28
Philippines		0.15			0.15			0.61
Poland		0.93			0.87			0.83
Qatar		0.98			0.99			0.91
Saudi Arabia		4.06			3.97			4.21
South Africa		3.62			3.65			3.20
Taiwan		14.74			14.73			15.02
Thailand		1.76			1.78			2.03
Turkey		0.84			0.96			0.72
United Arab Emirates		1.51			1.57			1.32

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.

FUND BASICS

ActiveBeta^® Emerging Markets Equity ETF

as of August 31, 2023


FUND SNAPSHOT

As of August 31, 2023

Market Price¹	$	29.48
Net Asset Value (NAV)¹	$	29.61

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 each 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.


TOP 10 HOLDINGS AS OF 8/31/23²

Holding	% of Net Assets			Line of Business	Country

Taiwan Semiconductor Manufacturing Co. Ltd.		5.7	%	Information Technology	Taiwan
Samsung Electronics Co. Ltd.		3.3		Information Technology	South Korea
Tencent Holdings Ltd.		3.3		Communication Services	China
Alibaba Group Holding Ltd.		2.2		Consumer Discretionary	China
Reliance Industries Ltd.		0.9		Energy	India
Infosys Ltd.		0.8		Information Technology	India
Meituan, Class B		0.8		Consumer Discretionary	China
Vale SA		0.7		Materials	Brazil
China Construction Bank Corp., Class H		0.7		Financials	China
Tata Consultancy Services Ltd.		0.7		Information Technology	India

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

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.

ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

Performance Summary

August 31, 2023

The following graph shows the value, as of August 31, 2023, of a $10,000 investment made on September 25, 2015 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index and a market-cap based index against which the performance of the Fund is measured, the Goldman Sachs ActiveBeta^® Emerging Markets Equity Index and the MSCI Emerging Markets Index (Net, Unhedged), respectively, are shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and 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. In addition to the performance of constituents of the underlying index, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.

ActiveBeta^® Emerging Markets Equity ETF’s Lifetime Performance

Performance of a $10,000 Investment, with distributions reinvested, from September 25, 2015 through August 31, 2023.

LOGO


Average Annual Total Return through August 31, 2023*	One Year	Five Years	Since Inception
Shares based on NAV (Commenced September 25, 2015)	3.50%	0.63%	4.59%

Shares based on Market Price (Commenced September 25, 2015)	4.36%	0.61%	4.53%

Goldman Sachs ActiveBeta^® Emerging Markets Equity Index	3.91%	0.84%	4.88%

MSCI Emerging Markets Index (Net, Unhedged)	1.25%	0.98%	5.27%

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 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. The first day of secondary market trading is typically several days after the date on which the Fund commenced investment operations; therefore, the NAV of the Fund is used as a proxy for the period from inception of investment operations to the first day of secondary market trading to calculate the Market Price returns.

PORTFOLIO RESULTS

Goldman Sachs ActiveBeta^® Europe Equity ETF

Investment Objective

The Goldman Sachs ActiveBeta^® Europe Equity ETF (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 (the “Index”).

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the 12-month period ended August 31, 2023 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund returned 24.40% based on net asset value (“NAV”) and 25.14% based on market price. The Index returned 23.57%, and the MSCI Europe Index (Net, Unhedged) (“MSCI Europe Index”), a market-cap based index against which the performance of the Fund is measured, and the reference index for the Index, returned 22.51% during the same period.

The Fund had an NAV of $27.47 per share on August 31, 2022 and ended the Reporting Period with an NAV of $33.11 per share. The Fund’s market price on August 31, 2023 was $33.05 per share.

What key factors were responsible for the Fund’s performance during the Reporting Period?

The Index is constructed using a rules-based methodology that was developed to provide exposure to the “factors” (or characteristics) that are commonly tied to a stock’s outperformance relative to market returns, and its performance is compared to that of the MSCI Europe Index. Because the Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Index, the discussion below compared the performance of the Fund to that of the MSCI Europe Index. Given the Fund’s investment objective of attempting to track the Index, the Fund does not follow traditional methods of active investment management, which may involve buying and selling securities based upon analysis of economic and market factors. The Fund does not follow a strategy of seeking to outperform the MSCI Europe Index.

During the Reporting Period, the Fund posted double-digit positive absolute returns that outperformed the MSCI Europe Index, as measured by NAV. Amongst underlying factors, Value and Quality contributed positively to relative results during the Reporting Period. Low Volatility detracted most from relative results during the Reporting Period, followed by Momentum. Value refers to how attractively a stock is priced relative to its fundamentals, such as book value and free cash flow. Quality refers to sustainable profitability over time. Low Volatility is a relatively low degree of fluctuation in a company’s share price over time. Momentum is whether a company’s share price is trending up or down.

Which sectors and countries contributed most positively to the Index’s relative performance during the Reporting Period, and which detracted most?

Index constituents in the consumer discretionary, consumer staples and materials sectors contributed most positively to the Index’s results relative to the MSCI Europe Index during the Reporting Period. Index constituents in the financials, communication services and industrials sectors detracted most from the Index’s results relative to the MSCI Europe Index during the Reporting Period.

From a country perspective, Index constituents in the U.K., Germany and Sweden contributed most positively to the Index’s results relative to the MSCI Europe Index during the Reporting Period. Conversely, Index constituents in France, Italy and Norway detracted the most from the Index’s results relative to the MSCI Europe Index during the Reporting Period.

PORTFOLIO RESULTS

Which individual stock positions contributed the most to the Index’s relative returns during the Reporting Period?

Relative to the MSCI Europe Index, underweight positions in Dutch financial services company Adyen and Swiss multinational banking institution Credit Suisse Group and an overweight position in Spanish fashion retailer Industria de Diseno Textil contributed most positively (0.06%, 0.00%¹ and 0.69% of Fund net assets as of August 31, 2023, respectively). Adyen and Credit Suisse Group each generated a double-digit negative return within the Index during the Reporting Period. Industria de Diseno Textil posted a robust double-digit gain within the Index during the Reporting Period.

Which individual stock positions detracted the most from the Index’s results during the Reporting Period?

Relative to the MSCI Europe Index, an overweight position in Danish shipping and logistics company AP Moller-Maersk and underweight positions in Italian banking and financial services company UniCredit and Swiss investment bank and financial services company UBS Group detracted most (0.30%, 0.42% and 0.51% of Fund net assets as of August 31, 2023, respectively). AP Moller-Maersk posted a single-digit positive return within the Index during the Reporting Period, while UniCredit generated a triple-digit gain and UBS Group delivered a robust double-digit gain within the Index during the Reporting Period.

How did the Fund use derivatives and similar instruments during the Reporting Period?

What was the Fund’s sector positioning relative to the Index and reference index at the end of the Reporting Period?²



Sector Name	Fund³			GS ActiveBeta^® Europe Equity Index			MSCI Europe Index

Consumer Discretionary		12.97	%		13.43	%		11.32	%
Consumer Staples		13.44			13.63			12.42
Energy		5.66			5.68			5.95
Financials		16.47			16.10			17.49
Health Care		16.15			16.29			16.10
Industrials		15.96			15.70			14.95
Information Technology		6.46			6.46			6.69
Materials		5.37			5.30			6.94
Real Estate		0.23			0.31			0.81
Communication Services		3.21			3.20			3.12
Utilities		4.07			3.90			4.21

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.

PORTFOLIO RESULTS

What was the Fund’s country positioning relative to the Index and the reference index at the end of the Reporting Period?²



Country Name	Fund³			GS ActiveBeta^® Europe Equity Index			MSCI Europe Index
Austria		0.80	%		0.51	%		0.28	%
Belgium		1.20			1.19			1.48
Denmark		4.90			5.11			4.97
Finland		1.30			1.20			1.34
France		17.20			20.24			18.83
Germany		13.80			14.00			13.07
Ireland		1.00			0.98			1.30
Italy		4.10			4.55			4.00
Netherlands		8.00			6.96			6.71
Norway		1.10			1.27			1.03
Portugal		0.50			0.66			0.32
Spain		4.30			4.51			4.00
Sweden		3.30			3.72			4.76
Switzerland		8.40			14.11			15.54
UK		17.50			20.99			22.38

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.

FUND BASICS

ActiveBeta^® Europe Equity ETF

as of August 31, 2023


FUND SNAPSHOT

As of August 31, 2023

Market Price¹	$	33.05
Net Asset Value (NAV)¹	$	33.11


TOP 10 HOLDINGS AS OF 8/31/23²

Holding	% of Net Assets			Line of Business	Country

Novo Nordisk A/S, Class B		2.9	%	Health Care	Denmark
Nestle SA		2.7		Consumer Staples	United States
ASML Holding NV		2.2		Information Technology	Netherlands
LVMH Moet Hennessy Louis Vuitton SE		2.1		Consumer Discretionary	France
Roche Holding AG		2.0		Health Care	United States
Novartis AG		1.9		Health Care	Switzerland
AstraZeneca PLC		1.7		Health Care	United Kingdom
Shell PLC		1.6		Energy	Netherlands
TotalEnergies SE		1.3		Energy	France
SAP SE		1.2		Information Technology	Germany

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

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.

ACTIVEBETA^® EUROPE EQUITY ETF

Performance Summary

August 31, 2023

The following graph shows the value, as of August 31, 2023, of a $10,000 investment made on March 2, 2016 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index and a market-cap based index against which the performance of the Fund is measured, the Goldman Sachs ActiveBeta^® Europe Equity Index and the MSCI Europe Index (Net, Unhedged), respectively, are shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and 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. In addition to the performance of constituents of the underlying index, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.

ActiveBeta^® Europe Equity ETF’s Lifetime Performance

Performance of a $10,000 Investment, with distributions reinvested, from March 2, 2016 through August 31, 2023.

LOGO


Average Annual Total Return through August 31, 2023*	One Year	Five Years	Since Inception
Shares based on NAV (Commenced March 2, 2016)	24.40%	4.75%	7.08%

Shares based on Market Price (Commenced March 2, 2016)	25.14%	4.77%	7.05%

Goldman Sachs ActiveBeta^® Europe Equity Index	23.57%	4.72%	7.08%

MSCI Europe Index (Net, Unhedged)	22.51%	4.87%	6.91%

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. The first day of secondary market trading is typically several days after the date on which the Fund commenced investment operations; therefore, the NAV of the Fund is used as a proxy for the period from inception of investment operations to the first day of secondary market trading to calculate the Market Price returns.

PORTFOLIO RESULTS

Goldman Sachs ActiveBeta^® International Equity ETF

Investment Objective

The Goldman Sachs ActiveBeta^® International Equity ETF (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 (the “Index”).

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the 12-month period ended August 31, 2023 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund returned 16.40% based on net asset value (“NAV”) and 16.95% based on market price. The Index returned 16.39%, and the MSCI World ex USA Index (Net, Unhedged, USD) (“MSCI World ex USA Index”), a market-cap based index against which the performance of the Fund is measured, and the reference index for the Index, returned 16.45% during the same period.

The Fund had an NAV of $27.64 per share on August 31, 2022 and ended the Reporting Period with an NAV of $31.20 per share. The Fund’s market price on August 31, 2023 was $31.21 per share.

What key factors were responsible for the Fund’s performance during the Reporting Period?

The Index is constructed using a rules-based methodology that was developed to provide exposure to the “factors” (or characteristics) that are commonly tied to a stock’s outperformance relative to market returns, and its performance is compared to that of the MSCI World ex USA Index. Because the Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Index, the discussion below compared the performance of the Fund to that of the MSCI World ex USA Index. Given the Fund’s investment objective of attempting to track the Index, the Fund does not follow traditional methods of active investment management, which may involve buying and selling securities based upon analysis of economic and market factors. The Fund does not follow a strategy of seeking to outperform the MSCI World ex USA Index.

During the Reporting Period, the Fund posted double-digit positive absolute returns that closely tracked the MSCI World ex USA Index, as measured by NAV. Amongst underlying factors, Value contributed positively to relative results during the Reporting Period. Low Volatility and Momentum detracted most from relative results during the Reporting Period, followed by Quality. Value refers to how attractively a stock is priced relative to its fundamentals, such as book value and free cash flow. Low Volatility is a relatively low degree of fluctuation in a company’s share price over time. Momentum is whether a company’s share price is trending up or down. Quality refers to sustainable profitability over time.

Which sectors and countries contributed most positively to the Index’s relative performance during the Reporting Period, and which detracted most?

Index constituents in the consumer discretionary, energy and health care sectors contributed most positively to the Index’s results relative to the MSCI World ex USA Index during the Reporting Period. Index constituents in the consumer staples, materials and financials sectors detracted the most from the Index’s results relative to the MSCI World ex USA Index during the Reporting Period.

From a country perspective, Index constituents in the U.K., Sweden and Australia contributed most positively to the Fund’s results relative to the MSCI World ex USA Index

PORTFOLIO RESULTS

during the Reporting Period. Conversely, Index constituents in Japan, Canada and France detracted the most from the Fund’s results relative to the MSCI World ex USA Index during the Reporting Period.

Which individual stock positions contributed the most to the Index’s relative returns during the Reporting Period?

Relative to the MSCI World ex USA Index, underweight positions in Dutch financial services company Adyen, Swiss multinational banking institution Credit Suisse Group and Australia-based biopharmaceutical company CSL contributed most positively (0.00%,¹ 0.00% and 0.15% of Fund net assets as of August 31, 2023, respectively). Adyen and CSL each generated a double-digit negative return within the Index during the Reporting Period. Credit Suisse Group was not held in the Index during the Reporting Period.

Which individual stock positions detracted the most from the Index’s results during the Reporting Period?

Relative to the MSCI World ex USA Index, an underweight position in Canadian e-commerce company Shopify and overweight positions in Canadian forestry company West Fraser Timber and Canadian conglomerate engaged mostly in food retail and corporate investments Empire detracted most (0.11%, 0.00%¹ and 0.39% of Fund net assets as of August 31, 2023, respectively). Shopify posted a double-digit positive return within the Index during the Reporting Period, while West Fraser Timber and Empire each generated a negative return within the Index during the Reporting Period.

How did the Fund use derivatives and similar instruments during the Reporting Period?

What was the Fund’s sector positioning relative to the Index and the reference index at the end of the Reporting Period?²



Sector Name	Fund³			GS ActiveBeta^® International Equity Index			MSCI World ex USA Index

Consumer Discretionary		12.21	%		12.34	%		11.38	%
Consumer Staples		12.53			12.14			9.43
Energy		5.84			6.15			5.98
Financials		18.78			18.66			20.29
Health Care		12.46			12.48			11.99
Industrials		16.32			16.10			15.71
Information Technology		7.82			7.77			8.08
Materials		5.73			6.20			7.82
Real Estate		1.29			1.41			2.17
Communication Services		4.08			4.04			3.81
Utilities		2.93			2.72			3.36

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.

PORTFOLIO RESULTS

What was the Fund’s country positioning relative to the Index and the reference index at the end of the Reporting Period?²



Country Name	Fund³			GS ActiveBeta^® International Equity Index			MSCI World ex USA Index

Australia		6.10	%		6.17	%		6.56	%
Austria		0.40			0.23			0.16
Belgium		0.70			0.77			0.87
Canada		10.80			11.47			10.45
Denmark		3.00			3.10			2.91
Finland		0.70			0.71			0.78
France		10.40			12.09			11.02
Germany		7.80			7.74			7.65
Hong Kong		1.30			2.02			2.11
Ireland		0.60			0.62			0.76
Israel		0.80			0.80			0.59
Italy		2.40			2.58			2.34
Japan		20.40			20.20			20.37
Netherlands		4.50			3.90			3.92
New Zealand		0.20			0.18			0.17
Norway		0.70			0.76			0.60
Portugal		0.40			0.40			0.19
Singapore		1.60			1.41			1.24
Spain		2.50			2.59			2.34
Sweden		1.90			2.18			2.78
Switzerland		4.90			7.91			9.09
UK		10.50			12.18			13.09

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.

FUND BASICS

ActiveBeta^® International Equity ETF

as of August 31, 2023


FUND SNAPSHOT

As of August 31, 2023

Market Price¹	$	31.21
Net Asset Value (NAV)¹	$	31.20


TOP 10 HOLDINGS AS OF 8/31/23²

Holding	% of Net Assets			Line of Business	Country

Novo Nordisk A/S, Class B		1.7	%	Health Care	Denmark
Nestle SA		1.5		Consumer Staples	United States
LVMH Moet Hennessy Louis Vuitton SE		1.3		Consumer Discretionary	France
Roche Holding AG		1.1		Health Care	United States
ASML Holding NV		1.1		Information Technology	Netherlands
Novartis AG		1.0		Health Care	Switzerland
Shell PLC		0.9		Energy	Netherlands
AstraZeneca PLC		0.9		Health Care	United Kingdom
TotalEnergies SE		0.7		Energy	France
L’Oreal SA		0.7		Consumer Staples	France

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

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.

ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Performance Summary

August 31, 2023

The following graph shows the value, as of August 31, 2023, of a $10,000 investment made on November 6, 2015 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index and a market-cap based index against which the performance of the Fund is measured, the Goldman Sachs ActiveBeta^® International Equity Index and the MSCI World ex USA Index (Net, Unhedged, USD), respectively, are shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and 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. In addition to the performance of constituents of the underlying index, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.

ActiveBeta^® International Equity ETF’s Lifetime Performance

Performance of a $10,000 Investment, with distributions reinvested, from November 6, 2015 through August 31, 2023.

LOGO


Average Annual Total Return through August 31, 2023*	One Year	Five Years	Since Inception
Shares based on NAV (Commenced November 6, 2015)	16.40%	3.93%	5.59%

Shares based on Market Price (Commenced November 6, 2015)	16.95%	3.92%	5.59%

Goldman Sachs ActiveBeta^® International Equity Index	16.39%	3.99%	5.67%

MSCI World ex USA Index (Net, Unhedged, USD)	16.45%	4.31%	5.42%

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. The first day of secondary market trading is typically several days after the date on which the Fund commenced investment operations; therefore, the NAV of the Fund is used as a proxy for the period from inception of investment operations to the first day of secondary market trading to calculate the Market Price returns.

PORTFOLIO RESULTS

Goldman Sachs ActiveBeta^® Japan Equity ETF

Investment Objective

The Goldman Sachs ActiveBeta^® Japan Equity ETF (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 (the “Index”).

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the 12-month period ended August 31, 2023 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund returned 15.69% based on net asset value (“NAV”) and 17.15% based on market price. The Index returned 15.70%, while the MSCI Japan Index (Unhedged) (“MSCI Japan Index”), a market-cap based index against which the performance of the Fund is measured, and the reference index for the Index, returned 15.30% during the same period.

The Fund had an NAV of $30.15 per share on August 31, 2022 and ended the Reporting Period with an NAV of $34.18 per share. The Fund’s market price on August 31, 2023 was $34.18 per share.

What key factors were responsible for the Fund’s performance during the Reporting Period?

The Index is constructed using a rules-based methodology that was developed to provide exposure to the “factors” (or characteristics) that are commonly tied to a stock’s outperformance relative to market returns, and its performance is compared to that of the MSCI Japan Index. Because the Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Index, the discussion below compared the performance of the Fund to that of the MSCI Japan Index. Given the Fund’s investment objective of attempting to track the Index, the Fund does not follow traditional methods of active investment management, which may involve buying and selling securities based upon analysis of economic and market factors. The Fund does not follow a strategy of seeking to outperform the MSCI Japan Index.

During the Reporting Period, the Fund posted double-digit positive absolute returns that outperformed the MSCI Japan Index, as measured by NAV. Amongst underlying factors, Value contributed most positively to results relative to the MSCI Japan Index, followed by Momentum. Quality detracted most from results relative to the MSCI Japan Index, followed by Low Volatility. Value refers to how attractively a stock is priced relative to its fundamentals, such as book value and free cash flow. Momentum is whether a company’s share price is trending up or down. Quality refers to sustainable profitability over time. Low Volatility is a relatively low degree of fluctuation in a company’s share price over time.

Which sectors contributed most positively to the Index’s relative performance during the Reporting Period, and which detracted most?

Index constituents in the industrials, consumer discretionary and real estate sectors contributed most positively to the Index’s results relative to the MSCI Japan Index during the Reporting Period. Conversely, Index constituents in the financials, materials and consumer staples sectors detracted most from results relative to the MSCI Japan Index during the Reporting Period.

Which individual stock positions contributed the most to the Index’s relative returns during the Reporting Period?

Relative to the MSCI Japan Index, overweight positions in integrated trading and investment company Marubeni and

PORTFOLIO RESULTS

trading company Mitsui & Co. and an underweight position in electric motor manufacturer Nidec contributed most positively (1.16%, 1.68% and 0.20% of Fund net assets as of August 31, 2023, respectively). Marubeni and Mitsui & Co. each posted a double-digit gain within the Index during the Reporting Period, while Nidec generated a double-digit negative return within the Index during the Reporting Period.

Which individual stock positions detracted the most from the Index’s results during the Reporting Period?

Relative to the MSCI Japan Index, underweight positions in bank holding and financial services company Mitsubishi UFJ Financial Group and industrial chemicals manufacturer Shin-Etsu Chemical and an overweight position in information security company Trend Micro detracted most (2.19%, 1.25% and 0.30% of Fund net assets as of August 31, 2023, respectively). Mitsubishi UFJ Financial Group and Shin-Etsu Chemical each posted a robust double-digit gain within the Index during the Reporting Period. Trend Micro delivered a double-digit negative return within the Index during the Reporting Period.

How did the Fund use derivatives and similar instruments during the Reporting Period?

What was the Fund’s sector positioning relative to the Index and the reference index at the end of the Reporting Period?¹



Sector Name	Fund²			GS ActiveBeta^® Japan Equity Index			MSCI Japan Index

Consumer Discretionary		18.53	%		18.34	%		18.73	%
Consumer Staples		7.71			7.81			6.28
Energy		1.15			1.19			0.82
Financials		12.03			11.93			11.88
Health Care		8.88			8.97			8.77
Industrials		22.76			23.04			23.51
Information Technology		14.38			14.31			13.96
Materials		4.05			3.96			4.67
Real Estate		1.70			1.70			3.01
Communication Services		7.46			7.45			7.20
Utilities		1.34			1.30			1.15

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 0.0% of the Fund’s net assets as of August 31, 2023. Figures above may not sum to 100% due to rounding due to the presence of cash.

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.

FUND BASICS

ActiveBeta^® Japan Equity ETF

as of August 31, 2023


FUND SNAPSHOT

As of August 31, 2023

Market Price¹	$	34.18
Net Asset Value (NAV)¹	$	34.18


TOP 10 HOLDINGS AS OF 8/31/23²

Holding	% of Net Assets			Line of Business	Country

Toyota Motor Corp.		4.0	%	Consumer Discretionary	Japan
Mitsubishi UFJ Financial Group, Inc.		2.2		Financials	Japan
Mitsubishi Corp.		2.2		Industrials	Japan
Sony Group Corp.		2.2		Consumer Discretionary	Japan
Honda Motor Co. Ltd.		2.1		Consumer Discretionary	Japan
Keyence Corp.		1.8		Information Technology	Japan
Mitsui & Co. Ltd.		1.7		Industrials	Japan
Tokyo Electron Ltd.		1.7		Information Technology	Japan
Hitachi Ltd.		1.6		Industrials	Japan
Takeda Pharmaceutical Co. Ltd.		1.6		Health Care	Japan

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

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.

ACTIVEBETA^® JAPAN EQUITY ETF

Performance Summary

August 31, 2023

The following graph shows the value, as of August 31, 2023, of a $10,000 investment made on March 2, 2016 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index and a market-cap based index against which the performance of the Fund is measured, the Goldman Sachs ActiveBeta^® Japan Index and the MSCI Japan Index (Unhedged), respectively, are shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and 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. In addition to the performance of constituents of the underlying index, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.

ActiveBeta^® Japan Equity ETF’s Lifetime Performance

Performance of a $10,000 Investment, with distributions reinvested, from March 2, 2016 through August 31, 2023.

LOGO


Average Annual Total Return through August 31, 2023*	One Year	Five Years	Since Inception
Shares based on NAV (Commenced March 2, 2016)	15.69%	2.99%	6.10%

Shares based on Market Price (Commenced March 2, 2016)	17.15%	3.06%	6.11%

Goldman Sachs ActiveBeta^® Japan Equity Index	15.70%	2.82%	5.93%

MSCI Japan Index (Unhedged)	15.30%	3.11%	6.31%

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. The first day of secondary market trading is typically several days after the date on which the Fund commenced investment operations; therefore, the NAV of the Fund is used as a proxy for the period from inception of investment operations to the first day of secondary market trading to calculate the Market Price returns.

PORTFOLIO RESULTS

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

Investment Objective

The Goldman Sachs ActiveBeta® Paris-Aligned Climate U.S. Large Cap Equity ETF (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 (the “Index”).

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the 12-month period ended August 31, 2023 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund returned 15.48% based on net asset value (“NAV”) and 15.36% based on market price. The Index returned 15.68%, and the Solactive US Large Cap Index (“Solactive Index”), a market-cap based index against which the performance of the Fund is measured, and the reference index for the Index, returned 15.85% during the same period.

The Fund had an NAV of $32.50 on August 31, 2022 and ended the Reporting Period with an NAV of $36.99 per share. The Fund’s market price on August 31, 2023 was $37.01 per share.

What key factors were responsible for the Fund’s performance during the Reporting Period?

The Index is designed to deliver exposure to equity securities of large capitalization U.S. issuers. The Index is constructed using the patented ActiveBeta^® Portfolio Construction Methodology, which was developed to provide exposure to the “factors” (or characteristics) that are commonly tied to a stock’s outperformance relative to market returns. These factors include Value (i.e., how attractively a stock is priced relative to its “fundamentals,” such as book value and 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). Given the Fund’s investment objective of attempting to track its Index, the Fund does not follow traditional methods of active investment management, which may involve buying and selling securities based upon analysis of economic and market factors. The Fund does not follow a strategy of seeking to outperform the Solactive Index.

The Index aims to meet the minimum requirements to be an “EU Paris-Aligned Benchmark” as defined by the European Commission Delegated Regulation C(2020)4757. 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.

During the Reporting Period, the Fund posted double-digit positive absolute returns that closely tracked the Solactive Index, as measured by NAV. Step 1 of the construction of the Fund’s Index, wherein certain companies are excluded per the requirements for an “EU Paris-Aligned Benchmark,” contributed most positively to results relative to the Solactive Index. In the second step, wherein Factor Subindexes are created, Quality contributed positively to results relative to the Solactive Index. Low Volatility detracted most from results relative to the Solactive Index, followed by Value and then Momentum. Quality refers to sustainable profitability over time. Low Volatility is a relatively low degree of fluctuation in a company’s share price over time. Value refers to how attractively a stock is priced relative to its fundamentals, such as book value and free cash flow. Momentum is whether a company’s share price is trending up or down. The third step, wherein the weights of the individual issuers are adjusted to target certain emissions constraints, detracted modestly from results relative to the Solactive Index.

PORTFOLIO RESULTS

Which sectors contributed most positively to the Index’s relative performance during the Reporting Period, and which detracted most?

Index constituents in the utilities, consumer discretionary and communication services sectors contributed most positively to the Index’s results relative to the Solactive Index during the Reporting Period. Conversely, Index constituents in the health care, consumer staples and real estate sectors detracted from the Index’s results relative to the Solactive Index during the Reporting Period.

Which individual stock positions contributed the most to the Index’s relative returns during the Reporting Period?

Relative to the Solactive Index, underweight positions in electric vehicle maker Tesla, e-commerce retailer behemoth Amazon.com and entertainment and media company Walt Disney Company contributed most positively (0.00%,¹ 0.00% and 0.03% of Fund net assets as of August 31, 2023, respectively). Tesla and Amazon.com were not held in the Index during the Reporting Period. Walt Disney Company generated a double-digit negative return within the Index during the Reporting Period.

Which individual stock positions detracted the most from the Index’s results during the Reporting Period?

Relative to the Solactive Index, an overweight position in health care and retail pharmacy company CVS Health and underweight positions in entertainment content streaming company Netflix and semiconductor company NVIDIA detracted most (0.48%, 0.31% and 2.96% of Fund net assets as of August 31, 2023, respectively). CVS Health posted a double-digit negative return within the Index during the Reporting Period. Netflix generated a robust double-digit gain within the Index and NVIDIA delivered a triple-digit gain within the Index during the Reporting Period.

How did the Fund use derivatives and similar instruments during the Reporting Period?

What was the Fund’s sector positioning relative to the Index and the Solactive US Large Cap Index at the end of the Reporting Period?²



Sector Name	Fund³			GS ActiveBeta^® Paris-Aligned Climate U.S. Large Cap Equity Index			Solactive US Large Cap Index

Consumer Discretionary		8.87	%		8.84	%		10.48	%
Consumer Staples		6.92			6.93			6.31
Financials		12.39			12.40			12.25
Health Care		17.54			17.52			13.42
Industrials		7.00			7.01			8.63
Information Technology		33.40			33.41			28.44
Materials		1.28			1.28			2.40
Real Estate		3.36			3.36			2.46
Communication Services		9.06			9.07			8.78
Utilities		0.18			0.18			2.38
Energy		—			—			4.47

Sector and country 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 Solactive. 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 0.0% of the Fund’s net assets as of August 31, 2023. Figures above may not sum to 100% due to rounding due to the presence of cash.

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.

FUND BASICS

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

as of August 31, 2023


FUND SNAPSHOT

As of August 31, 2023

Market Price¹	$	37.01
Net Asset Value (NAV)¹	$	36.99


TOP 10 HOLDINGS AS OF 8/31/23²

Holding	% of Net Assets			Line of Business	Country

Apple, Inc.		7.8	%	Information Technology	United States
Microsoft Corp.		6.5		Information Technology	United States
NVIDIA Corp.		3.0		Information Technology	United States
Alphabet, Inc., Class A		2.1		Communication Services	United States
Alphabet, Inc., Class C		2.1		Communication Services	United States
Meta Platforms, Inc., Class A		1.8		Communication Services	United States
Eli Lilly & Co.		1.4		Health Care	United States
Johnson & Johnson		1.1		Health Care	United States
JPMorgan Chase & Co.		1.1		Financials	United States
UnitedHealth Group, Inc.		1.0		Health Care	United States

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

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.

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

Performance Summary

August 31, 2023

The following graph shows the value, as of August 31, 2023, of a $10,000 investment made on December 13, 2021 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index and a market-cap based index against which the performance of the Fund is measured, the Goldman Sachs ActiveBeta^® Paris-Aligned U.S. Large Cap Equity Index (USD, Unhedged) and Solactive US Large Cap Index, respectively, are shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and 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. In addition to the performance of constituents of the underlying index, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.

ActiveBeta^® Paris-Aligned Climate U.S. Large Cap Equity ETF’s Lifetime Performance

LOGO


Average Annual Total Return through August 31, 2023*	One Year	Since Inception
Shares based on NAV (Commenced December 13, 2021)	15.48%	-2.80%

Shares based on Market Price (Commenced December 13, 2021)	15.36%	-2.77%

Goldman Sachs ActiveBeta^® Paris-Aligned U.S. Large Cap Equity Index	15.68%	-2.66%

Solactive U.S. Large Cap Index	15.85%	-1.34%

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. The first day of secondary market trading is typically several days after the date on which the Fund commenced investment operations; therefore, the NAV of the Fund is used as a proxy for the period from inception of investment operations to the first day of secondary market trading to calculate the Market Price returns.

PORTFOLIO RESULTS

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

Investment Objective

The Goldman Sachs ActiveBeta® U.S. Large Cap Equity ETF (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 (the “Index”).

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the 12-month period ended August 31, 2023 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund returned 14.83% based on net asset value (“NAV”) and 14.90% based on market price. The Index returned 14.94%, and the S&P 500 Index (Total Return, USD) (“S&P 500 Index”), a market-cap based index against which the performance of the Fund is measured, returned 15.94% during the same period.

The Fund had an NAV of $78.36 on August 31, 2022 and ended the Reporting Period with an NAV of $88.55 per share. The Fund’s market price on August 31, 2023 was $88.57 per share.

What key factors were responsible for the Fund’s performance during the Reporting Period?

The Index is constructed using a rules-based methodology that was developed to provide exposure to the “factors” (or characteristics) that are commonly tied to a stock’s outperformance relative to market returns, and its performance is compared to that of the S&P 500 Index. Because the Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Index, the discussion below compared the performance of the Fund to that of the S&P 500 Index. Given the Fund’s investment objective of attempting to track the Index, the Fund does not follow traditional methods of active investment management, which may involve buying and selling securities based upon analysis of economic and market factors. The Fund does not follow a strategy of seeking to outperform the S&P 500 Index.

During the Reporting Period, the Fund posted double-digit positive absolute returns that underperformed the S&P 500 Index, as measured by NAV. Amongst underlying factors, Low Volatility detracted most from relative returns, followed by Momentum and Value. Quality contributed positively to relative returns. Low Volatility is a relatively low degree of fluctuation in a company’s share price over time. Momentum is whether a company’s share price is trending up or down. Value refers to how attractively a stock is priced relative to its fundamentals, such as book value and free cash flow. Quality refers to sustainable profitability over time.

Which sectors contributed most positively to the Index’s relative performance during the Reporting Period, and which detracted most?

Index constituents in the information technology, consumer staples and energy sectors detracted most from the Index’s results relative to the S&P 500 Index during the Reporting Period. Partially offsetting these detractors were Index constituents in financials, industrials and consumer discretionary, which contributed positively to the Index’s results relative to the S&P 500 Index during the Reporting Period.

Which individual stock positions detracted the most from the Index’s results during the Reporting Period?

Relative to the S&P 500 Index, underweight positions in semiconductor company NVIDIA and entertainment content

PORTFOLIO RESULTS

streaming company Netflix and an overweight position in health care and retail pharmacy company CVS Health detracted most (2.46%, 0.22% and 0.39% of Fund net assets as of August 31, 2023, respectively). NVIDIA generated a triple-digit gain and Netflix delivered a robust double-digit gain within the Index during the Reporting Period. CVS Health posted a double-digit negative return within the Index during the Reporting Period.

Which individual stock positions contributed the most to the Index’s relative returns during the Reporting Period?

Relative to the S&P 500 Index, underweight positions in Walt Disney Company and payment transactions company PayPal Holdings and an overweight position in building materials manufacturer and supplier Builders FirstSource contributed most positively (0.09%, 0.00%¹ and 0.65% of Fund net assets as of August 31, 2023, respectively). Walt Disney Company and PayPal Holdings each generated a double-digit negative return within the Index during the Reporting Period, while Builders FirstSource posted a robust double-digit gain within the Index during the Reporting Period.

How did the Fund use derivatives and similar instruments during the Reporting Period?

What was the Fund’s sector positioning relative to the Index and the S&P 500 Index at the end of the Reporting Period?²



Sector Name	Fund³			GS ActiveBeta^® U.S. Large Cap Equity Index			S&P 500 Index

Consumer Discretionary		12.12	%		12.48	%		10.61	%
Consumer Staples		8.58			8.55			6.56
Energy		3.79			3.78			4.42
Financials		9.79			9.75			12.46
Health Care		13.97			13.91			13.16
Industrials		9.90			9.87			8.43
Information Technology		27.59			27.48			28.21
Materials		2.05			2.04			2.46
Real Estate		1.81			1.80			2.44
Communication Services		7.88			7.85			8.81
Utilities		2.52			2.51			2.43

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. Investments in the securities lending vehicle represented 0.0% of the Fund’s net assets as of August 31, 2023. Figures above may not sum to 100% due to rounding due to the presence of cash.

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.

FUND BASICS

ActiveBeta^® U.S. Large Cap Equity ETF

as of August 31, 2023


FUND SNAPSHOT

As of August 31, 2023

Market Price¹	$	88.57
Net Asset Value (NAV)¹	$	88.55


TOP 10 HOLDINGS AS OF 8/31/23²

Holding	% of Net Assets			Line of Business	Country

Apple, Inc.		6.6	%	Information Technology	United States
Microsoft Corp.		5.6		Information Technology	United States
Amazon.com, Inc.		2.7		Consumer Discretionary	United States
NVIDIA Corp.		2.5		Information Technology	United States
Alphabet, Inc., Class A		1.9		Communication Services	United States
Alphabet, Inc., Class C		1.8		Communication Services	United States
Meta Platforms, Inc., Class A		1.7		Communication Services	United States
Eli Lilly & Co.		1.2		Health Care	United States
UnitedHealth Group, Inc.		1.0		Health Care	United States
Home Depot, Inc. (The)		0.9		Consumer Discretionary	United States

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

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.

ACTIVEBETA^® U.S. LARGE CAP EQUITY ETF

Performance Summary

August 31, 2023

The following graph shows the value, as of August 31, 2023, of a $10,000 investment made on September 17, 2015 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index and a market-cap based index against which the performance of the Fund is measured, the Goldman Sachs ActiveBeta^® U.S. Large Cap Equity Index and the S&P 500 Index (Total Return, USD), respectively, are shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and 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. In addition to the performance of constituents of the underlying index, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.

ActiveBeta^® U.S. Large Cap Equity ETF’s Lifetime Performance

Performance of a $10,000 Investment, with distributions reinvested, from September 17, 2015 through August 31, 2023.

LOGO


Average Annual Total Return through August 31, 2023*	One Year	Five Years	Since Inception
Shares based on NAV (Commenced September 17, 2015)	14.83%	10.25%	12.00%

Shares based on Market Price (Commenced September 17, 2015)	14.90%	10.26%	12.00%

Goldman Sachs ActiveBeta^® U.S. Large Cap Equity Index	14.94%	10.35%	12.11%

S&P 500 Index (Total Return, USD)	15.94%	11.12%	12.89%

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. The first day of secondary market trading is typically several days after the date on which the Fund commenced investment operations; therefore, the NAV of the Fund is used as a proxy for the period from inception of investment operations to the first day of secondary market trading to calculate the Market Price returns.

PORTFOLIO RESULTS

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

Investment Objective

The Goldman Sachs ActiveBeta^® U.S. Small Cap Equity ETF (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 (the “Index”).

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the for the 12-month period ended August 31, 2023 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund returned 6.95% based on net asset value (“NAV”) and 6.81% based on market price. The Index returned 7.24%, and the Russell 2000^® Index, a market-cap based index against which the performance of the Fund is measured, and the reference index for the Index, returned 4.65% during the same period.

The Fund had an NAV of $55.87 on August 31, 2022 and ended the Reporting Period with an NAV of $58.88 per share. The Fund’s market price on August 31, 2023 was $58.85 per share.

What key factors were responsible for the Fund’s performance during the Reporting Period?

The Index is constructed using a rules-based methodology that was developed to provide exposure to the “factors” (or characteristics) that are commonly tied to a stock’s outperformance relative to market returns, and its performance is compared to that of the Russell 2000^® Index. Because the Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Index, the discussion below compared the performance of the Fund to that of the Russell 2000^® Index. Given the Fund’s investment objective of attempting to track the Index, the Fund does not follow traditional methods of active investment management, which may involve buying and selling securities based upon analysis of economic and market factors. The Fund does not follow a strategy of seeking to outperform the Russell 2000^® Index.

During the Reporting Period, the Fund posted solid positive absolute returns that outperformed the Russell 2000^® Index, as measured by NAV. All four underlying factors contributed positively to relative returns, led by Value and then followed by Quality, Momentum and Low Volatility. Value refers to how attractively a stock is priced relative to its fundamentals, such as book value and free cash flow. Quality refers to sustainable profitability over time. Momentum is whether a company’s share price is trending up or down. Low Volatility is a relatively low degree of fluctuation in a company’s share price over time.

Which sectors contributed most positively to the Index’s relative performance during the Reporting Period, and which detracted most?

Index constituents in the industrials, health care and materials sectors contributed most positively to the Index’s results relative to the Russell 2000^® Index during the Reporting Period. Partially offsetting these positive contributors were Index constituents in the energy, real estate and utilities sectors, which detracted from the Index’s results relative to the Russell 2000^® Index during the Reporting Period.

Which individual stock positions contributed the most to the Index’s relative returns during the Reporting Period?

Relative to the Russell 2000^® Index, overweight positions in pulp and paper products company Boise Cascade, capital

PORTFOLIO RESULTS

equipment manufacturer for the semiconductor manufacturing industry Axcelis Technologies and software-driven networking solutions provider Extreme Networks contributed most positively (0.43%, 0.36% and 0.30% of Fund net assets as of August 31, 2023, respectively). Each generated either a robust double-digit or triple-digit gain within the Index during the Reporting Period.

Which individual stock positions detracted the most from the Index’s results during the Reporting Period?

Relative to the Russell 2000^® Index, underweight positions in biotechnology company Immunogen, pharmaceutical company Reata Pharmaceuticals and oil and natural gas service company Weatherford International detracted most (0.04%, 0.09% and 0.14% of Fund net assets as of August 31, 2023, respectively). Immunogen generated a double-digit negative return within the Index during the Reporting Period. Reata Pharmaceuticals and Weatherford International each delivered a triple-digit gain within the Index during the Reporting Period.

How did the Fund use derivatives and similar instruments during the Reporting Period?

What was the Fund’s sector positioning relative to the Index and the Russell 2000^® Index at the end of the Reporting Period?¹



Sector Name	Fund²			GS ActiveBeta^® U.S. Small Cap Equity Index			Russell 2000^® Index

Consumer Discretionary		11.21	%		11.20	%		10.73	%
Consumer Staples		3.63			3.74			3.53
Energy		7.15			7.13			7.76
Financials		17.13			17.04			15.89
Health Care		12.46			12.57			15.40
Industrials		19.39			19.36			17.13
Information Technology		13.41			13.41			13.57
Materials		4.67			4.65			4.54
Real Estate		5.67			5.65			6.13
Communication Services		2.07			2.06			2.48
Utilities		3.19			3.18			2.83

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 0.0% of the Fund’s net assets as of August 31, 2023. Figures above may not sum to 100% due to rounding due to the presence of cash.

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.

FUND BASICS

ActiveBeta^® U.S. Small Cap Equity ETF

as of August 31, 2023


FUND SNAPSHOT

As of August 31, 2023

Market Price¹	$	58.85
Net Asset Value (NAV)¹	$	58.88


TOP 10 HOLDINGS AS OF 8/31/23²

Holding	% of Net Assets			Line of Business	Country

Super Micro Computer, Inc.		0.4	%	Information Technology	United States
Atkore, Inc.		0.4		Industrials	United States
Boise Cascade Co.		0.4		Industrials	United States
Corcept Therapeutics, Inc.		0.4		Health Care	United States
Applied Industrial Technologies, Inc.		0.4		Industrials	United States
Simpson Manufacturing Co., Inc.		0.4		Industrials	United States
UFP Industries, Inc.		0.4		Industrials	United States
Axcelis Technologies, Inc.		0.4		Information Technology	United States
Comfort Systems USA, Inc.		0.4		Industrials	United States
Veritiv Corp.		0.4		Industrials	United States

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

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.

ACTIVEBETA^® U.S. SMALL CAP EQUITY ETF

Performance Summary

August 31, 2023

The following graph shows the value, as of August 31, 2023, of a $10,000 investment made on June 28, 2017 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index and a market-cap based index against which the performance of the Fund is measured, the Goldman Sachs ActiveBeta^® U.S. Small Cap Equity Index and the Russell 2000^® Index, respectively, are shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and 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. In addition to the performance of constituents of the underlying index, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.

ActiveBeta^® U.S. Small Cap Equity ETF’s Lifetime Performance

Performance of a $10,000 Investment, with distributions reinvested, from June 28, 2017 through August 31, 2023.

LOGO


Average Annual Total Return through August 31, 2023*	One Year	Five Years	Since Inception
Shares based on NAV (Commenced June 28, 2017)	6.95%	4.85%	7.60%

Shares based on Market Price (Commenced June 28, 2017)	6.81%	4.81%	7.59%

Goldman Sachs ActiveBeta^® U.S. Small Cap Equity Index	7.24%	5.01%	7.79%

Russell 2000^® Index	4.65%	3.14%	6.15%

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. The first day of secondary market trading is typically several days after the date on which the Fund commenced investment operations; therefore, the NAV of the Fund is used as a proxy for the period from inception of investment operations to the first day of secondary market trading to calculate the Market Price returns.

PORTFOLIO RESULTS

Goldman Sachs ActiveBeta^® World Low Vol Plus Equity ETF

Investment Objective

The Goldman Sachs ActiveBeta^® World Low Vol Plus Equity ETF (the “Fund”) seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Goldman Sachs ActiveBeta^® World Low Vol Plus Equity Index (the “Index”).

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the 12-month period ended August 31, 2023 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund returned 11.15% based on net asset value (“NAV”) and 11.22% based on market price. The Index returned 10.92%, and the Solactive GBS Developed Markets Large & Mid Cap Index (the “Solactive Index”), a market-cap based index against which the performance of the Fund is measured, and the reference index for the Index, returned 15.69% during the same period.

The Fund had an NAV of $37.97 on August 31, 2022 and ended the Reporting Period with an NAV of $41.30 per share. The Fund’s market price on August 31, 2023 was $41.34 per share.

What key factors were responsible for the Fund’s performance during the Reporting Period?

The Index is designed to deliver exposure to large and mid-capitalization equity securities of developed market issuers, including the United States. The Index is constructed using the patented ActiveBeta^® Portfolio Construction Methodology, which was developed to provide exposure to the “factors” (or characteristics) that are commonly tied to a stock’s outperformance relative to market returns. These factors include Low Volatility (i.e., a relatively low degree of fluctuation in a company’s share price over time), Value (i.e., how attractively a stock is priced relative to its “fundamentals,” such as book value and free cash flow), Momentum (i.e., whether a company’s share price is trending up or down), and Quality (i.e., profitability). The Index seeks to provide exposure to these factors with an emphasis on the Low Volatility factor. Given the Fund’s investment objective of attempting to track its Index, the Fund does not follow traditional methods of active investment management, which may involve buying and selling securities based upon analysis of economic and market factors. The Fund does not follow a strategy of seeking to outperform the Solactive Index.

During the Reporting Period, the Fund posted double-digit positive absolute returns but underperformed the Solactive Index, as measured by NAV. Step 1 of the construction of the Fund’s Index, wherein the individual factor subindex for Low Volatility is created from the constituents of the Solactive Index, detracted most from relative returns. Low Volatility is a relatively low degree of fluctuation in a company’s share price over time. In the second step, wherein individual factor subindexes for Value, Momentum and Quality are created, Quality contributed most positively to results relative to the Solactive Index, followed by Value. Momentum detracted from relative returns. Quality refers to sustainable profitability over time. Value refers to how attractively a stock is priced relative to its fundamentals, such as book value and free cash flow. Momentum is whether a company’s share price is trending up or down.

Which sectors and countries contributed most positively to the Index’s relative performance during the Reporting Period, and which detracted most?

Index constituents in the information technology sector detracted most from the Index’s results relative to the

PORTFOLIO RESULTS

Solactive Index, followed at some distance by Index constituents in the industrials and consumer staples sectors. Index constituents in the consumer discretionary, real estate and financials sectors contributed most positively to the Index’s results relative to the Solactive Index during the Reporting Period.

From a country perspective, Index constituents in the U.S. detracted most from the Index’s results relative to the Solactive Index during the Reporting Period, followed at some distance by Israel and France. Conversely, Index constituents in the U.K., Hong Kong and Belgium contributed most positively to the Index’s results relative to the Solactive Index during the Reporting Period.

Which individual stock positions detracted the most from the Index’s results during the Reporting Period?

Relative to the Solactive Index, an underweight position in semiconductor company NVIDIA, an overweight position in health care and retail pharmacy company CVS Health and having no exposure to Danish pharmaceutical company Novo Nordisk detracted most (0.59%, 0.55% and 0.00%¹ of Fund net assets as of August 31, 2023, respectively). NVIDIA delivered a triple digit gain within the Index during the Reporting Period. CVS Health posted a double-digit negative return within the Index during the Reporting Period. Novo Nordisk was not held in the Index during the Reporting Period.

Which individual stock positions contributed the most to the Index’s relative returns during the Reporting Period?

Relative to the Solactive Index, having no exposure to electric vehicle maker Tesla and entertainment and media company Walt Disney Company and an overweight position in automotive parts company O’Reilly Automotive contributed most positively (0.00%,¹ 0.00% and 1.34% of Fund net assets as of August 31, 2023, respectively). Tesla and Walt Disney Company were not held in the Index during the Reporting Period. O’Reilly Automotive generated a robust double-digit gain within the Index during the Reporting Period.

How did the Fund use derivatives and similar instruments during the Reporting Period?

What was the Fund’s sector positioning relative to the Index and the Solactive Index at the end of the Reporting Period?²



Sector Name	Fund³			GS ActiveBeta^® World Low Vol Plus Equity Index			Solactive GBS Developed Markets Large & Mid Cap Index

Consumer Discretionary		9.85	%		9.85	%		11.19	%
Consumer Staples		12.30			12.31			7.26
Energy		1.03			1.02			4.77
Financials		16.88			16.88			14.55
Health Care		14.00			14.00			12.87
Industrials		13.03			13.03			10.78
Information Technology		21.16			21.16			22.11
Materials		1.89			1.88			4.02
Real Estate		0.93			0.93			2.29
Communication Services		7.57			7.57			7.51
Utilities		1.36			1.36			2.64

Sector and country 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 Solactive 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 0.0% of the Fund’s net assets as of August 31, 2023. Figures above may not sum to 100% due to rounding due to the presence of cash.

The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Goldman Sachs ActiveBeta^® World Low Vol Plus Equity Index.

PORTFOLIO RESULTS

What was the Fund’s country positioning relative to the Index and the reference index at the end of the Reporting Period?²



Country Name	Fund³			GS ActiveBeta^® World Low Vol Plus Equity Index			Solactive GBS Developed Markets Large & Mid Cap Index

UK		2.62	%		2.62	%		3.86	%
Hong Kong		0.16			0.16			0.52
Belgium		0.21			0.21			0.23
Bermuda		0.41			0.41			0.15
Italy		0.66			0.65			0.55
Isle of Man		0.00			0.00			0.02
Faroe Islands		0.00			0.00			0.00
Cyprus		0.00			0.00			0.00
Austria		0.14			0.14			0.08
Jersey		0.00			0.00			0.24
Portugal		0.01			0.01			0.05
Panama		0.00			0.00			0.03
Luxembourg		0.00			0.00			0.11
Norway		0.52			0.52			0.22
Liberia		0.00			0.00			0.04
Poland		0.00			0.00			0.08
Guernsey		0.38			0.38			0.02
Curacao		0.00			0.00			0.15
Singapore		1.05			1.05			0.38
Cayman Islands		0.47			0.47			0.20
Finland		0.50			0.51			0.31
New Zealand		0.22			0.22			0.10
Ireland		1.46			1.46			1.85
Netherlands		1.34			1.34			1.70
Canada		3.92			3.93			3.35
Australia		2.31			2.31			2.10
Switzerland		2.50			2.49			2.75
Spain		0.54			0.54			0.70
Denmark		0.02			0.02			0.86
Germany		1.90			1.90			2.17
Japan		8.58			8.58			6.98
Sweden		0.83			0.82			0.87
France		2.79			2.79			2.76
Israel		0.72			0.72			0.25
US		65.76			65.77			66.29

Sector and country 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 Solactive 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 0.0% of the Fund’s net assets as of August 31, 2023. Figures above may not sum to 100% due to rounding due to the presence of cash.

The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Goldman Sachs ActiveBeta^® World Low Vol Plus Equity Index.

FUND BASICS

ActiveBeta^® World Low Vol Plus Equity ETF

as of August 31, 2023


FUND SNAPSHOT

As of August 31, 2023

Market Price¹	$	41.34
Net Asset Value (NAV)¹	$	41.30


TOP 10 HOLDINGS AS OF 8/31/23²

Holding	% of Net Assets			Line of Business	Country

Apple, Inc.		3.3	%	Information Technology	United States
Microsoft Corp.		2.5		Information Technology	United States
O’Reilly Automotive, Inc.		1.3		Consumer Discretionary	United States
Walmart, Inc.		1.1		Consumer Staples	United States
AutoZone, Inc.		1.0		Consumer Discretionary	United States
Amazon.com, Inc.		1.0		Consumer Discretionary	United States
PepsiCo, Inc.		0.9		Consumer Staples	United States
Cisco Systems, Inc.		0.9		Information Technology	United States
Johnson & Johnson		0.9		Health Care	United States
Meta Platforms, Inc., Class A		0.9		Communication Services	United States

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

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.

ACTIVEBETA^® WORLD LOW VOL PLUS EQUITY ETF

Performance Summary

August 31, 2023

The following graph shows the value, as of August 31, 2023, of a $10,000 investment made on March 15, 2022 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index and a market-cap based index against which the performance of the Fund is measured, the Goldman Sachs ActiveBeta^® World Low Vol Plus Equity Index and the Solactive GBS Developed Markets Large & Mid Cap Index, respectively, are shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and 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. In addition to the performance of constituents of the underlying index, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.

ActiveBeta^® World Low Vol Plus Equity ETF’s Lifetime Performance

Performance of a $10,000 Investment, with distributions reinvested, from March 15, 2022 through August 31, 2023.

LOGO


Average Annual Total Return through August 31, 2023*	One Year	Since Inception
Shares based on NAV (Commenced March 15, 2022)	11.15%	3.30%

Shares based on Market Price (Commenced March 15, 2022)	11.22%	3.36%

Goldman Sachs ActiveBeta^® World Low Vol Plus Equity Index	10.92%	3.05%

Solactive GBS Developed Markets Large & Mid Cap Index	-2.39%	2.68%

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. The first day of secondary market trading is typically several days after the date on which the Fund commenced investment operations; therefore, the NAV of the Fund is used as a proxy for the period from inception of investment operations to the first day of secondary market trading to calculate the Market Price returns.

FUND BASICS

Index Definitions and 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.

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

The Goldman Sachs ActiveBeta^® Emerging Markets Equity 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 and 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 is reconstituted and rebalanced quarterly. It is not possible to invest directly in an unmanaged index.

The MSCI Emerging Markets Index captures large and mid cap representation across 24 Emerging Markets countries. It is not possible to invest directly in an unmanaged index.

The Goldman Sachs ActiveBeta^® Europe Equity 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 and 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 is reconstituted and rebalanced quarterly. It is not possible to invest directly in an unmanaged index.

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 Goldman Sachs ActiveBeta^® International Equity Index is designed to deliver exposure to equity securities of developed markets 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 and 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 is reconstituted and rebalanced quarterly. It is not possible to invest directly in an unmanaged index.

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 Goldman Sachs ActiveBeta^® Japan Equity Index is designed to deliver exposure to equity securities of Japanese 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 and 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 is reconstituted and rebalanced quarterly. It is not possible to invest directly in an unmanaged index.

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 Goldman Sachs ActiveBeta^® Paris-Aligned U.S. Large Cap Equity 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 and 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” as defined by the European Commission Delegated Regulation C(2020)4757. 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 Solactive US Large Cap Index intends to track the performance of the large cap segment in the United States. Constituents are selected and weighted based on free-float market capitalization. The index is calculated as a total return index in USD and reconstituted semi-annually with quarterly IPO reviews.

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

FUND BASICS

Index Definitions and Industry Terms (continued)

stock is priced relative to its “fundamentals,” such as book value and 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 is reconstituted and rebalanced quarterly. It is not possible to invest directly in an unmanaged index.

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 Goldman Sachs ActiveBeta^® U.S. Small Cap Equity 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 and 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 is reconstituted and rebalanced quarterly. It is not possible to invest directly in an unmanaged index.

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 Goldman Sachs ActiveBeta^® World Low Vol Plus Equity Index is designed to deliver exposure to large and mid-capitalization equity securities of developed market issuers, including the United States. The Index seeks to capture common sources of active equity returns, including low volatility (i.e., a relatively low degree of fluctuation in a company’s share price over time), value (i.e., how attractively a stock is priced relative to its “fundamentals,” such as book value and free cash flow), momentum (i.e., whether a company’s share price is trending up or down), and quality (i.e., profitability). The Index seeks to provide exposure to these factors with an emphasis on the low volatility factor. The index is reconstituted and rebalanced quarterly. It is not possible to invest directly in an unmanaged index.

The Solactive GBS Developed Markets Large & Mid Cap Index is part of the Solactive Global Benchmark Series which includes benchmark indices for developed and emerging market countries. The index intends to track the performance of the large and mid cap segment covering approximately the largest 85% of the free-float market capitalization in the developed European market. It is calculated as a total return index in EUR and weighted by free-float market capitalization

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

Schedule of Investments

August 31, 2023


Shares		Description	Value

Common Stocks – 97.4%
Australia – 0.1%
	28,700	AngloGold Ashanti Ltd. (Materials)	$	489,196

Brazil – 3.9%
	724,808	Ambev SA (Consumer Staples)		2,026,145
	656,909	B3 SA – Brasil Bolsa Balcao (Financials)		1,715,597
	437,338	Banco Bradesco SA (Financials)		1,169,544
	99,860	Banco do Brasil SA (Financials)		950,001
	70,430	Banco Santander Brasil SA (Financials)		385,655
	594,717	BB Seguridade Participacoes SA (Financials)		3,649,300
	206,138	CCR SA (Industrials)		518,785
	131,782	Centrais Eletricas Brasileiras SA (Utilities)		938,534
	102,109	CPFL Energia SA (Utilities)		704,314
	52,148	Energisa SA (Utilities)		485,568
	83,326	Engie Brasil Energia SA (Utilities)		708,892
	303,101	Equatorial Energia SA (Utilities)		1,938,250
	52,209	Hypera SA (Health Care)		411,159
	91,954	Klabin SA (Materials)		422,722
	144,994	Lojas Renner SA (Consumer Discretionary)		469,456
	186,007	Natura & Co. Holding SA (Consumer Staples)*		570,312
	535,525	Petroleo Brasileiro SA (Energy)		3,736,057
	82,517	PRIO SA (Energy)*		773,678
	604,332	Raia Drogasil SA (Consumer Staples)		3,354,315
	147,217	Suzano SA (Materials)		1,491,215
	218,870	Telefonica Brasil SA (Communication Services)		1,827,987
	296,944	TIM SA (Communication Services)		864,271
	499,962	Vale SA (Materials)		6,571,976
	145,231	Vibra Energia SA (Consumer Discretionary)		541,505
	256,975	WEG SA (Industrials)		1,862,322

				38,087,560

Chile – 0.6%
	996,909	Cencosud SA (Consumer Staples)		2,123,807
	200,892	Cia Cervecerias Unidas SA (Consumer Staples)		1,477,640
	251,234	Empresas CMPC SA (Materials)		453,990
	89,026	Empresas Copec SA (Energy)		639,960
	6,557,016	Enel Americas SA (Utilities)*		775,529

				5,470,926

China – 31.6%
	210,500	360 Security Technology, Inc., Class A (Information Technology)*		323,334
	389,045	37 Interactive Entertainment Network Technology Group Co. Ltd., Class A (Communication Services)		1,319,177
	1,240,869	3SBio, Inc. (Health Care)*^(a)		1,038,046
	2,948,146	Agricultural Bank of China Ltd., Class A (Financials)		1,401,468


Common Stocks – (continued)
China – (continued)
	4,625,520	Agricultural Bank of China Ltd., Class H (Financials)		1,586,718
	136,315	Aier Eye Hospital Group Co. Ltd., Class A (Health Care)		337,487
	21,568	Airtac International Group (Industrials)		623,069
	89,422	Akeso, Inc. (Health Care)*^(a)		392,844
	1,850,974	Alibaba Group Holding Ltd. (Consumer Discretionary)*		21,290,892
	666,738	Alibaba Health Information Technology Ltd. (Consumer Staples)*		393,662
	487,500	Aluminum Corp. of China Ltd., Class A (Materials)		396,510
	1,361,576	Aluminum Corp. of China Ltd., Class H (Materials)		658,064
	68,579	Anhui Conch Cement Co. Ltd., Class A (Materials)		241,960
	185,191	ANTA Sports Products Ltd. (Consumer Discretionary)		2,086,476
	17,387	Autohome, Inc. ADR (Communication Services)		502,484
	614,111	AVIC Industry-Finance Holdings Co. Ltd., Class A (Financials)		310,494
	176,234	Baidu, Inc., Class A (Communication Services)*		3,132,849
	1,977,428	Bank of Beijing Co. Ltd., Class A (Financials)		1,214,413
	403,932	Bank of Changsha Co. Ltd., Class A (Financials)		451,187
	3,171,742	Bank of China Ltd., Class A (Financials)		1,634,132
	9,805,493	Bank of China Ltd., Class H (Financials)		3,326,121
	2,097,834	Bank of Communications Co. Ltd., Class A (Financials)		1,599,640
	2,587,460	Bank of Communications Co. Ltd., Class H (Financials)		1,481,518
	210,104	Bank of Hangzhou Co. Ltd., Class A (Financials)		323,304
	1,430,102	Bank of Jiangsu Co. Ltd., Class A (Financials)		1,400,924
	660,264	Bank of Nanjing Co. Ltd., Class A (Financials)		718,457
	1,082,468	Bank of Shanghai Co. Ltd., Class A (Financials)		884,892
	372,420	Bank of Suzhou Co. Ltd., Class A (Financials)		344,866
	495,006	Baoshan Iron & Steel Co. Ltd., Class A (Materials)		412,137
	40,692	BeiGene Ltd. (Health Care)*		660,060
	330,313	Beijing Enterprises Holdings Ltd. (Utilities)		1,238,397
	6,982	Beijing Kingsoft Office Software, Inc., Class A (Information Technology)		378,525
	70,268	Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A (Health Care)		481,647


42		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)
	203,058	Beijing Yanjing Brewery Co. Ltd., Class A (Consumer Staples)	$	289,585
	511,300	Beijing-Shanghai High Speed Railway Co. Ltd., Class A (Industrials)		358,265
	67,585	Bloomage Biotechnology Corp. Ltd., Class A (Health Care)		859,472
	47,940	BOC Aviation Ltd. (Industrials)^(a)		359,775
	1,131,218	BOE Technology Group Co. Ltd., Class A (Information Technology)		623,231
	2,204,777	Bosideng International Holdings Ltd. (Consumer Discretionary)		865,969
	13,523	BYD Co. Ltd., Class A (Consumer Discretionary)		463,370
	61,251	BYD Co. Ltd., Class H (Consumer Discretionary)		1,919,915
	124,516	BYD Electronic International Co. Ltd. (Information Technology)		577,187
	181,093	By-health Co. Ltd., Class A (Consumer Staples)		480,941
	147,662	C&D International Investment Group Ltd. (Real Estate)		375,852
	394,044	Caitong Securities Co. Ltd., Class A (Financials)		433,646
	102,526	Canmax Technologies Co. Ltd., Class A (Materials)		380,326
	478,500	CECEP Solar Energy Co. Ltd., Class A (Utilities)		396,422
	867,660	CECEP Wind-Power Corp., Class A (Utilities)		400,541
	3,899,375	CGN Power Co. Ltd., Class H (Utilities)^(a)		974,626
	13,399	Changchun High & New Technology Industry Group, Inc., Class A (Health Care)		253,124
	436,616	Changjiang Securities Co. Ltd., Class A (Financials)		358,723
	4,083,915	China Cinda Asset Management Co. Ltd., Class H (Financials)		401,009
	2,928,958	China CITIC Bank Corp. Ltd., Class H (Financials)		1,303,544
	1,255,851	China Communications Services Corp. Ltd., Class H (Industrials)		565,327
	1,263,813	China Construction Bank Corp., Class A (Financials)		1,041,819
	12,130,170	China Construction Bank Corp., Class H (Financials)		6,496,855
	1,363,524	China Everbright Bank Co. Ltd., Class A (Financials)		563,881
	2,686,594	China Everbright Bank Co. Ltd., Class H (Financials)		774,279
	1,671,434	China Feihe Ltd. (Consumer Staples)^(a)		1,006,047
	316,718	China Galaxy Securities Co. Ltd., Class A (Financials)		501,719


Common Stocks – (continued)
China – (continued)
	1,147,321	China Galaxy Securities Co. Ltd., Class H (Financials)		617,425
	327,700	China Great Wall Securities Co. Ltd., Class A (Financials)		395,302
	73,800	China Life Insurance Co. Ltd., Class A (Financials)		361,269
	636,029	China Life Insurance Co. Ltd., Class H (Financials)		965,186
	1,275,665	China Medical System Holdings Ltd. (Health Care)		1,841,493
	581,120	China Mengniu Dairy Co. Ltd. (Consumer Staples)*		1,956,396
	217,230	China Merchants Bank Co. Ltd., Class A (Financials)		941,623
	420,866	China Merchants Bank Co. Ltd., Class H (Financials)		1,663,767
	318,130	China Merchants Port Holdings Co. Ltd. (Industrials)		380,535
	188,296	China Merchants Securities Co. Ltd., Class A (Financials)		367,615
	293,995	China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A (Real Estate)		551,758
	1,864,957	China Minsheng Banking Corp. Ltd., Class A (Financials)		968,543
	3,164,903	China Minsheng Banking Corp. Ltd., Class H (Financials)		1,017,063
	72,200	China National Medicines Corp. Ltd., Class A (Health Care)		322,884
	422,045	China National Nuclear Power Co. Ltd., Class A (Utilities)		417,493
	45,396	China National Software & Service Co. Ltd., Class A (Information Technology)		269,438
	310,169	China Oilfield Services Ltd., Class H (Energy)		351,631
	133,800	China Pacific Insurance Group Co. Ltd., Class A (Financials)		509,207
	184,990	China Pacific Insurance Group Co. Ltd., Class H (Financials)		423,684
	1,889,414	China Petroleum & Chemical Corp., Class A (Energy)		1,575,701
	3,807,864	China Petroleum & Chemical Corp., Class H (Energy)		2,228,851
	624,604	China Railway Group Ltd., Class A (Industrials)		574,960
	987,655	China Railway Group Ltd., Class H (Industrials)		522,685
	626,251	China Railway Signal & Communication Corp. Ltd., Class A (Information Technology)		482,691
	92,356	China Resources Beer Holdings Co. Ltd. (Consumer Staples)		542,942
	81,666	China Resources Land Ltd. (Real Estate)		345,233
	806,656	China Resources Pharmaceutical Group Ltd. (Health Care)^(a)		539,022


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

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

Schedule of Investments (continued)

August 31, 2023


Shares		Description	Value

Common Stocks – (continued)
China – (continued)
	109,048	China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A (Health Care)	$	712,853
	171,599	China Shenhua Energy Co. Ltd., Class A (Energy)		664,140
	592,894	China Shenhua Energy Co. Ltd., Class H (Energy)		1,727,628
	1,028,537	China State Construction Engineering Corp. Ltd., Class A (Industrials)		795,585
	319,414	China Taiping Insurance Holdings Co. Ltd. (Financials)		336,450
	616,600	China Three Gorges Renewables Group Co. Ltd., Class A (Utilities)		416,799
	12,327,016	China Tower Corp. Ltd., Class H (Communication Services)^(a)		1,194,699
	1,629,881	China Traditional Chinese Medicine Holdings Co. Ltd. (Health Care)		636,011
	1,879,779	China United Network Communications Ltd., Class A (Communication Services)		1,345,559
	262,727	China Yangtze Power Co. Ltd., Class A (Utilities)		796,285
	2,783,727	China Zheshang Bank Co. Ltd., Class A (Financials)		982,919
	66,708	Chongqing Brewery Co. Ltd., Class A (Consumer Staples)		837,505
	798,239	Chongqing Rural Commercial Bank Co. Ltd., Class A (Financials)		412,362
	75,968	Chongqing Zhifei Biological Products Co. Ltd., Class A (Health Care)		461,329
	238,694	Chow Tai Fook Jewellery Group Ltd. (Consumer Discretionary)		362,223
	1,471,308	CITIC Ltd. (Industrials)		1,461,598
	150,982	CITIC Securities Co. Ltd., Class A (Financials)		460,507
	103,336	CITIC Securities Co. Ltd., Class H (Financials)		201,882
	1,182,300	COSCO SHIPPING Development Co. Ltd., Class A (Industrials)		386,601
	281,098	COSCO SHIPPING Holdings Co. Ltd., Class A (Industrials)		378,479
	518,595	COSCO SHIPPING Holdings Co. Ltd., Class H (Industrials)		532,367
	776,785	CRRC Corp. Ltd., Class A (Industrials)		633,936
	2,154,876	CRRC Corp. Ltd., Class H (Industrials)		1,060,710
	2,361,298	CSPC Pharmaceutical Group Ltd. (Health Care)		1,776,601
	1,382,466	Dali Foods Group Co. Ltd. (Consumer Staples)^(a)		661,108
	443,290	Daqin Railway Co. Ltd., Class A (Industrials)		434,246


Common Stocks – (continued)
China – (continued)
	32,062	Daqo New Energy Corp. ADR (Information Technology)*		1,185,332
	99,858	DaShenLin Pharmaceutical Group Co. Ltd., Class A (Consumer Staples)		364,804
	469,331	DHC Software Co. Ltd., Class A (Information Technology)		433,318
	112,996	Dong-E-E-Jiao Co. Ltd., Class A (Health Care)		804,641
	924,049	Dongfeng Motor Group Co. Ltd., Class H (Consumer Discretionary)		339,371
	347,546	Dongxing Securities Co. Ltd., Class A (Financials)		395,845
	308,457	Dongyue Group Ltd. (Materials)		265,119
	147,074	East Buy Holding Ltd. (Consumer Discretionary)*^(a)(b)		745,521
	86,017	Ecovacs Robotics Co. Ltd., Class A (Consumer Discretionary)		626,706
	36,906	ENN Energy Holdings Ltd. (Utilities)		289,440
	190,058	ENN Natural Gas Co. Ltd., Class A (Utilities)		455,920
	441,919	Fangda Carbon New Material Co. Ltd., Class A (Industrials)*		353,972
	487,349	Far East Horizon Ltd. (Financials)		333,113
	464,400	First Capital Securities Co. Ltd., Class A (Financials)		384,102
	414,100	Founder Securities Co. Ltd., Class A (Financials)		410,772
	273,034	Foxconn Industrial Internet Co. Ltd., Class A (Information Technology)		821,897
	67,297	Fuyao Glass Industry Group Co. Ltd., Class A (Consumer Discretionary)		351,348
	12,057	G-bits Network Technology Xiamen Co. Ltd., Class A (Communication Services)		691,929
	369,634	Geely Automobile Holdings Ltd. (Consumer Discretionary)		459,111
	459,095	GEM Co. Ltd., Class A (Materials)		394,853
	129,578	GF Securities Co. Ltd., Class A (Financials)		268,111
	164,700	Giant Network Group Co. Ltd., Class A (Communication Services)		330,373
	305,800	Goldwind Science & Technology Co. Ltd., Class A (Industrials)		399,134
	81,247	Gree Electric Appliances Inc of Zhuhai, Class A (Consumer Discretionary)		399,510
	56,000	Guangdong Haid Group Co. Ltd., Class A (Consumer Staples)		371,153
	281,500	Guangzhou Automobile Group Co. Ltd., Class A (Consumer Discretionary)		389,850
	172,204	Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A (Health Care)		731,545
	298,431	Guangzhou Haige Communications Group, Inc. Co., Class A (Information Technology)		434,208
	82,014	Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A (Health Care)		672,248


44		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)
	66,586	Guangzhou Tinci Materials Technology Co. Ltd., Class A (Materials)	$	300,339
	271,067	Guosen Securities Co. Ltd., Class A (Financials)		345,607
	195,437	Guotai Junan Securities Co. Ltd., Class A (Financials)		390,955
	414,097	Guoyuan Securities Co. Ltd., Class A (Financials)		395,408
	13,026	H World Group Ltd. ADR (Consumer Discretionary)*		524,687
	692,129	Haidilao International Holding Ltd. (Consumer Discretionary)^(a)		1,884,395
	234,901	Haier Smart Home Co. Ltd., Class A (Consumer Discretionary)		758,745
	466,854	Haier Smart Home Co. Ltd., Class H (Consumer Discretionary)		1,443,710
	295,330	Haitong Securities Co. Ltd., Class A (Financials)		398,859
	558,493	Haitong Securities Co. Ltd., Class H (Financials)		346,844
	238,400	Hangzhou Binjiang Real Estate Group Co. Ltd., Class A (Real Estate)		343,589
	79,940	Hangzhou Robam Appliances Co. Ltd., Class A (Consumer Discretionary)		301,924
	223,742	Heilongjiang Agriculture Co. Ltd., Class A (Consumer Staples)		412,532
	110,523	Henan Shuanghui Investment & Development Co. Ltd., Class A (Consumer Staples)		407,865
	81,210	Hengan International Group Co. Ltd. (Consumer Staples)		301,363
	458,800	Hengyi Petrochemical Co. Ltd., Class A (Materials)*		483,478
	1,322,980	Hesteel Co. Ltd., Class A (Materials)		410,790
	53,157	Hithink RoyalFlush Information Network Co. Ltd., Class A (Financials)		1,222,206
	122,584	Huadong Medicine Co. Ltd., Class A (Health Care)		639,825
	408,900	Huafon Chemical Co. Ltd., Class A (Materials)		393,254
	283,600	Huaibei Mining Holdings Co. Ltd., Class A (Materials)		457,049
	205,825	Huatai Securities Co. Ltd., Class A (Financials)		449,062
	358,529	Huatai Securities Co. Ltd., Class H (Financials)^(a)		471,836
	333,456	Huaxi Securities Co. Ltd., Class A (Financials)		390,334
	1,442,777	Huaxia Bank Co. Ltd., Class A (Financials)		1,098,164
	186,426	Huayu Automotive Systems Co. Ltd., Class A (Consumer Discretionary)		481,273
	157,100	Hubei Jumpcan Pharmaceutical Co. Ltd., Class A (Health Care)		565,072


Common Stocks – (continued)
China – (continued)
	99,242	Hubei Xingfa Chemicals Group Co. Ltd., Class A (Materials)		276,790
	70,716	Hygeia Healthcare Holdings Co. Ltd. (Health Care)^(a)(b)		357,559
	1,982,248	Industrial & Commercial Bank of China Ltd., Class A (Financials)		1,258,224
	6,741,668	Industrial & Commercial Bank of China Ltd., Class H (Financials)		3,094,973
	451,024	Industrial Bank Co. Ltd., Class A (Financials)		979,692
	1,603,100	Inner Mongolia BaoTou Steel Union Co. Ltd., Class A (Materials)*		394,250
	109,554	Inner Mongolia Yili Industrial Group Co. Ltd., Class A (Consumer Staples)		391,345
	138,304	iQIYI, Inc. ADR (Communication Services)*		697,052
	162,300	JA Solar Technology Co. Ltd., Class A (Information Technology)		620,569
	57,496	JD Health International, Inc. (Consumer Staples)*^(a)		310,145
	223,488	JD.com, Inc., Class A (Consumer Discretionary)		3,670,769
	445,504	Jiangsu Expressway Co. Ltd., Class H (Industrials)		402,228
	269,676	Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A (Health Care)		1,547,992
	40,332	Jiangsu Pacific Quartz Co. Ltd., Class A (Information Technology)		530,076
	199,775	Jiangxi Copper Co. Ltd., Class A (Materials)		518,754
	344,897	Jiangxi Copper Co. Ltd., Class H (Materials)		538,341
	26,835	JiuGui Liquor Co. Ltd., Class A (Consumer Staples)		330,345
	463,378	Jiumaojiu International Holdings Ltd. (Consumer Discretionary)^(a)		743,367
	236,032	Joincare Pharmaceutical Group Industry Co. Ltd., Class A (Health Care)		369,687
	489,776	Jointown Pharmaceutical Group Co. Ltd., Class A (Health Care)		695,114
	16,860	JOYY, Inc. ADR (Communication Services)		578,635
	319,131	Kingboard Holdings Ltd. (Information Technology)		724,396
	105,500	Kingsoft Corp. Ltd. (Communication Services)		421,099
	225,193	Kuaishou Technology (Communication Services)*^(a)		1,843,643
	66,000	Kunlun Tech Co. Ltd., Class A (Communication Services)*		328,073
	10,353	Kweichow Moutai Co. Ltd., Class A (Consumer Staples)		2,627,188
	2,392,771	Lenovo Group Ltd. (Information Technology)		2,706,523
	279,113	Li Ning Co. Ltd. (Consumer Discretionary)		1,318,728


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

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

Schedule of Investments (continued)

August 31, 2023


Shares		Description	Value

Common Stocks – (continued)
China – (continued)
	1,630,067	Liaoning Port Co. Ltd., Class A (Industrials)	$	353,851
	163,436	Longfor Group Holdings Ltd. (Real Estate)^(a)		344,306
	196,800	LONGi Green Energy Technology Co. Ltd., Class A (Information Technology)		717,873
	16,705	Luzhou Laojiao Co. Ltd., Class A (Consumer Staples)		533,155
	468,989	Meituan, Class B (Consumer Discretionary)*^(a)		7,685,158
	1,182,296	Metallurgical Corp. of China Ltd., Class A (Industrials)		591,270
	24,518	MINISO Group Holding Ltd. ADR (Consumer Discretionary)*		635,016
	45,430	Muyuan Foods Co. Ltd., Class A (Consumer Staples)		253,287
	214,876	NetEase, Inc. (Communication Services)		4,488,372
	81,441	New China Life Insurance Co. Ltd., Class A (Financials)		453,165
	177,184	New China Life Insurance Co. Ltd., Class H (Financials)		443,765
	240,500	New Hope Liuhe Co. Ltd., Class A (Consumer Staples)*		385,606
	274,714	New Oriental Education & Technology Group, Inc. (Consumer Discretionary)*		1,483,615
	341,824	Nongfu Spring Co. Ltd., Class H (Consumer Staples)^(a)		1,920,151
	760,292	Offshore Oil Engineering Co. Ltd., Class A (Energy)		607,941
	367,100	Oriental Pearl Group Co. Ltd., Class A (Communication Services)		401,977
	57,148	PDD Holdings, Inc. ADR (Consumer Discretionary)*		5,655,938
	548,723	People’s Insurance Co. Group of China Ltd. (The), Class A (Financials)		440,275
	2,482,376	People’s Insurance Co. Group of China Ltd. (The), Class H (Financials)		845,212
	2,822,830	PetroChina Co. Ltd., Class A (Energy)		3,005,692
	4,758,089	PetroChina Co. Ltd., Class H (Energy)		3,434,282
	1,665,960	PICC Property & Casualty Co. Ltd., Class H (Financials)		1,916,276
	214,907	Ping An Bank Co. Ltd., Class A (Financials)		328,627
	128,232	Ping An Insurance Group Co. of China Ltd., Class A (Financials)		859,578
	632,977	Ping An Insurance Group Co. of China Ltd., Class H (Financials)		3,789,750
	1,451,284	Postal Savings Bank of China Co. Ltd., Class A (Financials)		969,051
	1,398,905	Postal Savings Bank of China Co. Ltd., Class H (Financials)^(a)		690,377
	61,914	Qifu Technology, Inc. ADR (Financials)		1,052,538


Common Stocks – (continued)
China – (continued)
	281,496	Qinghai Salt Lake Industry Co. Ltd., Class A (Materials)*		692,283
	211,167	SAIC Motor Corp. Ltd., Class A (Consumer Discretionary)		416,619
	34,724	Sangfor Technologies, Inc., Class A (Information Technology)*		520,395
	485,700	SDIC Capital Co. Ltd., Class A (Financials)		489,137
	220,600	SDIC Power Holdings Co. Ltd., Class A (Utilities)		385,220
	184,329	Seazen Holdings Co. Ltd., Class A (Real Estate)*		367,214
	29,364	SG Micro Corp., Class A (Information Technology)		312,380
	136,379	Shaanxi Coal Industry Co. Ltd., Class A (Energy)		311,788
	193,997	Shandong Buchang Pharmaceuticals Co. Ltd., Class A (Health Care)		466,169
	184,678	Shandong Gold Mining Co. Ltd., Class A (Materials)		665,536
	229,792	Shandong Weigao Group Medical Polymer Co. Ltd., Class H (Health Care)		228,569
	1,072,200	Shanghai Construction Group Co. Ltd., Class A (Industrials)		412,470
	650,866	Shanghai Electric Group Co. Ltd., Class A (Industrials)*		399,721
	704,498	Shanghai International Port Group Co. Ltd., Class A (Industrials)		493,637
	189,383	Shanghai Lingang Holdings Corp. Ltd., Class A (Real Estate)		309,112
	211,108	Shanghai Pharmaceuticals Holding Co. Ltd., Class A (Health Care)		518,597
	1,052,592	Shanghai Pudong Development Bank Co. Ltd., Class A (Financials)		1,009,424
	456,423	Shanghai RAAS Blood Products Co. Ltd., Class A (Health Care)		445,857
	503,008	Shanghai Rural Commercial Bank Co. Ltd., Class A (Financials)		402,213
	336,110	Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A (Consumer Discretionary)		339,874
	489,739	Shanxi Securities Co. Ltd., Class A (Financials)		407,751
	848,376	Shanxi Taigang Stainless Steel Co. Ltd., Class A (Materials)		459,243
	28,941	Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A (Consumer Staples)		962,447
	718,069	Shenwan Hongyuan Group Co. Ltd., Class A (Financials)		430,141
	417,900	Shenzhen Energy Group Co. Ltd., Class A (Utilities)		372,054
	331,876	Shenzhen International Holdings Ltd. (Industrials)		236,155
	54,704	Shenzhen Kstar Science And Technology Co. Ltd., Class A (Industrials)		227,579


46		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)
	15,745	Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A (Health Care)	$	584,070
	720,193	Shenzhen Overseas Chinese Town Co. Ltd., Class A (Real Estate)*		430,424
	75,218	Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A (Health Care)		285,743
	92,500	Shenzhen SED Industry Co. Ltd., Class A (Information Technology)		348,980
	218,373	Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A (Health Care)		698,158
	179,766	Sichuan Chuantou Energy Co. Ltd., Class A (Utilities)		369,485
	212,731	Sichuan Kelun Pharmaceutical Co. Ltd., Class A (Health Care)		792,060
	356,057	Sichuan Road and Bridge Group Co. Ltd., Class A (Industrials)		435,868
	80,014	Sichuan Swellfun Co. Ltd., Class A (Consumer Staples)		727,310
	65,469	Silergy Corp. (Information Technology)		590,005
	227,100	Sinoma International Engineering Co., Class A (Industrials)		366,617
	883,800	Sinopec Shanghai Petrochemical Co. Ltd., Class A (Materials)*		367,921
	257,798	Sinopharm Group Co. Ltd., Class H (Health Care)		747,908
	386,330	SooChow Securities Co. Ltd., Class A (Financials)		434,711
	633,927	Southwest Securities Co. Ltd., Class A (Financials)		367,544
	36,647	Sunny Optical Technology Group Co. Ltd. (Information Technology)		299,560
	109,919	TAL Education Group ADR (Consumer Discretionary)*		774,929
	318,223	Tangshan Jidong Cement Co. Ltd., Class A (Materials)		331,405
	694,085	TCL Technology Group Corp., Class A (Information Technology)*		390,980
	770,543	Tencent Holdings Ltd. (Communication Services)		31,935,024
	139,443	Tencent Music Entertainment Group ADR (Communication Services)*		951,001
	278,426	Tianma Microelectronics Co. Ltd., Class A (Information Technology)*		328,978
	86,800	Tianqi Lithium Corp., Class A (Materials)		686,553
	1,143,483	Tingyi Cayman Islands Holding Corp. (Consumer Staples)		1,679,845
	234,227	Tongwei Co. Ltd., Class A (Information Technology)		1,032,356
	2,081,775	Topsports International Holdings Ltd. (Consumer Discretionary)^(a)		1,693,719
	19,500	Trip.com Group Ltd. (Consumer Discretionary)*		769,382
	1,359,640	Uni-President China Holdings Ltd. (Consumer Staples)		1,005,632


Common Stocks – (continued)
China – (continued)
	188,339	Vipshop Holdings Ltd. ADR (Consumer Discretionary)*		2,973,873
	30,600	Wanhua Chemical Group Co. Ltd., Class A (Materials)		394,140
	1,850,241	Want Want China Holdings Ltd. (Consumer Staples)		1,224,567
	396,042	Western Securities Co. Ltd., Class A (Financials)		367,285
	1,844,200	Wintime Energy Group Co. Ltd., Class A (Utilities)*		369,930
	911,065	Wuchan Zhongda Group Co. Ltd., Class A (Consumer Discretionary)		582,050
	29,389	Wuliangye Yibin Co. Ltd., Class A (Consumer Staples)		629,531
	529,717	XCMG Construction Machinery Co. Ltd., Class A (Industrials)		440,309
	418,487	Xiamen C & D, Inc., Class A (Industrials)		624,410
	368,994	Xiaomi Corp., Class B (Information Technology)*^(a)		581,601
	284,735	Yadea Group Holdings Ltd. (Consumer Discretionary)^(a)		547,557
	382,575	Yankuang Energy Group Co. Ltd., Class H (Energy)		601,055
	229,056	Yihai International Holding Ltd. (Consumer Staples)*		429,384
	81,500	Yihai Kerry Arawana Holdings Co. Ltd., Class A (Consumer Staples)		399,298
	70,563	YongXing Special Materials Technology Co. Ltd., Class A (Materials)		483,282
	460,136	Youngor Group Co. Ltd., Class A (Real Estate)		439,369
	140,188	YTO Express Group Co. Ltd., Class A (Industrials)		290,834
	724,354	Yuexiu Property Co. Ltd. (Real Estate)		897,851
	63,053	Yum China Holdings, Inc. (Consumer Discretionary)		3,385,316
	50,930	Yunnan Baiyao Group Co. Ltd., Class A (Health Care)		382,404
	63,946	Yunnan Botanee Bio-Technology Group Co. Ltd., Class A (Consumer Staples)		894,286
	172,869	Yunnan Yuntianhua Co. Ltd., Class A (Materials)		409,461
	147,100	Zangge Mining Co. Ltd., Class A (Materials)		454,123
	9,097	Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A (Health Care)		345,382
	347,000	Zhaojin Mining Industry Co. Ltd., Class H (Materials)		490,294
	681,300	Zhefu Holding Group Co. Ltd., Class A (Industrials)		369,738
	352,400	Zhejiang China Commodities City Group Co. Ltd., Class A (Real Estate)		397,984


The accompanying notes are an integral part of these financial statements.		47

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

Schedule of Investments (continued)

August 31, 2023


Shares		Description	Value

Common Stocks – (continued)
China – (continued)
	621,241	Zhejiang Expressway Co. Ltd., Class H (Industrials)^(b)	$	464,242
	298,100	Zhejiang Longsheng Group Co. Ltd., Class A (Materials)		377,617
	68,836	Zhejiang Supor Co. Ltd., Class A (Consumer Discretionary)		450,269
	279,281	Zhejiang Weixing New Building Materials Co. Ltd., Class A (Industrials)		775,471
	270,500	Zheshang Securities Co. Ltd., Class A (Financials)		382,792
	39,400	Zhongji Innolight Co. Ltd., Class A, 02/28/23 (Information Technology)		620,461
	332,800	Zhongjin Gold Corp. Ltd., Class A (Materials)		508,448
	162,762	Zhongsheng Group Holdings Ltd. (Consumer Discretionary)		496,064
	371,064	Zhongtai Securities Co. Ltd., Class A (Financials)		372,670
	464,400	Zibo Qixiang Tengda Chemical Co. Ltd., Class A (Materials)		391,121
	425,540	Zijin Mining Group Co. Ltd., Class H (Materials)		669,642
	470,937	Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A (Industrials)		417,978
	138,700	ZTE Corp., Class H, 02/28/23 (Information Technology)		446,606
	14,100	ZTO Express Cayman, Inc. ADR (Industrials)		354,474

				306,540,977

Czech Republic – 0.2%
	14,671	CEZ AS (Utilities)		624,334
	20,366	Komercni banka AS (Financials)		636,948
	165,312	Moneta Money Bank AS (Financials)^(a)		616,397

				1,877,679

Egypt – 0.5%
	1,476,533	Commercial International Bank Egypt SAE (Financials)		2,723,701
	2,754,243	Eastern Co. SAE (Consumer Staples)		1,809,422

				4,533,123

Greece – 0.8%
	613,933	Eurobank Ergasias Services and Holdings SA (Financials)*		1,068,131
	188,456	Hellenic Telecommunications Organization SA (Communication Services)		2,822,663
	20,290	JUMBO SA (Consumer Discretionary)		628,060
	15,332	Motor Oil Hellas Corinth Refineries SA (Energy)		391,054
	26,298	Mytilineos SA (Industrials)		1,068,633
	82,200	National Bank of Greece SA (Financials)*		559,740


Common Stocks – (continued)
Greece – (continued)
	93,934	OPAP SA (Consumer Discretionary)		1,588,401

				8,126,682

Hong Kong – 0.2%
	52,357	Orient Overseas International Ltd. (Industrials)		702,389
	2,540,206	Sino Biopharmaceutical Ltd. (Health Care)		965,322

				1,667,711

Hungary – 0.2%
	139,096	MOL Hungarian Oil & Gas PLC (Energy)		1,052,790
	17,260	OTP Bank Nyrt (Financials)		704,962
	16,810	Richter Gedeon Nyrt (Health Care)		421,795

				2,179,547

India – 14.2%
	8,300	ABB India Ltd. (Industrials)		439,286
	228,797	Adani Power Ltd. (Utilities)*		887,979
	7,000	Apollo Hospitals Enterprise Ltd. (Health Care)		407,057
	55,803	Asian Paints Ltd. (Materials)		2,194,811
	171,656	Aurobindo Pharma Ltd. (Health Care)		1,720,992
	21,903	Avenue Supermarts Ltd. (Consumer Staples)*^(a)		984,317
	173,503	Axis Bank Ltd. (Financials)		2,040,256
	13,630	Bajaj Finance Ltd. (Financials)		1,179,322
	21,225	Bajaj Finserv Ltd. (Financials)		381,729
	340,494	Bank of Baroda (Financials)		769,735
	69,934	Berger Paints India Ltd. (Materials)		607,040
	319,800	Bharat Electronics Ltd. (Industrials)		514,546
	128,626	Bharat Petroleum Corp. Ltd. (Energy)		529,117
	172,865	Bharti Airtel Ltd. (Communication Services)		1,788,239
	52,929	Britannia Industries Ltd. (Consumer Staples)		2,856,435
	159,292	CG Power & Industrial Solutions Ltd. (Industrials)		826,128
	40,214	Cholamandalam Investment and Finance Co. Ltd. (Financials)		544,946
	177,881	Cipla Ltd. (Health Care)		2,702,178
	207,790	Coal India Ltd. (Energy)		577,416
	103,464	Colgate-Palmolive India Ltd. (Consumer Staples)		2,427,121
	208,472	Dabur India Ltd. (Consumer Staples)		1,392,814
	23,198	Divi’s Laboratories Ltd. (Health Care)		1,006,562
	33,199	Dr. Reddy’s Laboratories Ltd. (Health Care)		2,248,864
	12,573	Eicher Motors Ltd. (Consumer Discretionary)		506,740
	393,420	GAIL India Ltd. (Utilities)		546,507
	46,272	Grasim Industries Ltd. (Materials)		1,001,022
	90,913	Havells India Ltd. (Industrials)		1,520,465
	292,895	HCL Technologies Ltd. (Information Technology)		4,147,028


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

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF


Shares		Description	Value

Common Stocks – (continued)
India – (continued)
	176,500	HDFC Bank Ltd. (Financials)	$	3,350,326
	109,776	HDFC Life Insurance Co. Ltd. (Financials)^(a)		854,950
	217,913	Hindalco Industries Ltd. (Materials)		1,210,434
	13,500	Hindustan Aeronautics Ltd. (Industrials)		636,024
	89,335	Hindustan Unilever Ltd. (Consumer Staples)		2,703,210
	452,387	ICICI Bank Ltd. (Financials)		5,239,107
	47,039	ICICI Lombard General Insurance Co. Ltd. (Financials)^(a)		746,442
	154,034	Indian Hotels Co. Ltd. (Consumer Discretionary)		783,136
	939,427	Indian Oil Corp. Ltd. (Energy)		1,011,073
	449,099	Infosys Ltd. (Information Technology)		7,787,032
	483,176	ITC Ltd. (Consumer Staples)		2,566,277
	156,847	Jindal Steel & Power Ltd. (Materials)		1,296,855
	283,238	Jio Financial Services Ltd. (Financials)*		798,877
	103,916	JSW Steel Ltd. (Materials)		978,642
	171,929	Jubilant Foodworks Ltd. (Consumer Discretionary)		1,063,416
	25,454	Kotak Mahindra Bank Ltd. (Financials)		540,757
	74,269	Larsen & Toubro Ltd. (Industrials)		2,424,640
	44,477	LTIMindtree Ltd. (Information Technology)^(a)		2,790,160
	55,630	Lupin Ltd. (Health Care)		737,724
	116,766	Mahindra & Mahindra Ltd. (Consumer Discretionary)		2,222,025
	344,901	Marico Ltd. (Consumer Staples)		2,374,921
	6,382	Maruti Suzuki India Ltd. (Consumer Discretionary)		771,194
	33,729	Mphasis Ltd. (Information Technology)		989,548
	412	MRF Ltd. (Consumer Discretionary)		540,896
	60,896	Muthoot Finance Ltd. (Financials)		927,090
	10,367	Nestle India Ltd. (Consumer Staples)		2,753,271
	663,232	NTPC Ltd. (Utilities)		1,764,907
	599,220	Oil & Natural Gas Corp. Ltd. (Energy)		1,260,525
	4,617	Page Industries Ltd. (Consumer Discretionary)		2,239,349
	9,410	PI Industries Ltd. (Materials)		412,415
	51,754	Pidilite Industries Ltd. (Materials)		1,572,258
	286,700	Power Finance Corp. Ltd. (Financials)		901,108
	690,140	Power Grid Corp. of India Ltd. (Utilities)		2,038,669
	268,900	REC Ltd. (Financials)		775,165
	283,238	Reliance Industries Ltd. (Energy)		8,235,110
	49,324	SBI Life Insurance Co. Ltd. (Financials)^(a)		770,101
	22,100	Shriram Finance Ltd. (Financials)		514,765
	31,923	Siemens Ltd. (Industrials)		1,512,391
	15,376	SRF Ltd. (Materials)		437,676
	222,135	State Bank of India (Financials)		1,506,234
	83,137	Sun Pharmaceutical Industries Ltd. (Health Care)		1,116,310
	155,504	Tata Consultancy Services Ltd. (Information Technology)		6,305,344
	80,673	Tata Consumer Products Ltd. (Consumer Staples)		813,052


Common Stocks – (continued)
India – (continued)
	7,952	Tata Elxsi Ltd. (Information Technology)		696,117
	367,337	Tata Motors Ltd. (Consumer Discretionary)		2,666,742
	163,921	Tata Power Co. Ltd. (The) (Utilities)		485,310
	2,086,344	Tata Steel Ltd. (Materials)		3,097,274
	220,431	Tech Mahindra Ltd. (Information Technology)		3,200,375
	25,092	Titan Co. Ltd. (Consumer Discretionary)		940,940
	71,749	Torrent Pharmaceuticals Ltd. (Health Care)		1,596,854
	21,994	Tube Investments of India Ltd. (Consumer Discretionary)		770,582
	29,274	TVS Motor Co. Ltd. (Consumer Discretionary)		502,090
	17,781	UltraTech Cement Ltd. (Materials)		1,782,143
	149,700	UPL Ltd. (Materials)		1,068,960
	118,096	Varun Beverages Ltd. (Consumer Staples)		1,283,152
	385,772	Vedanta Ltd. (Materials)		1,082,484
	289,060	Wipro Ltd. (Information Technology)		1,425,987

				137,621,068

Indonesia – 2.0%
	1,935,925	Adaro Energy Indonesia Tbk PT (Energy)		339,391
	5,277,009	Aneka Tambang Tbk (Materials)		689,511
	4,182,509	Astra International Tbk PT (Industrials)		1,771,318
	4,156,205	Bank Central Asia Tbk PT (Financials)		2,503,820
	3,135,396	Bank Mandiri Persero Tbk PT (Financials)		1,240,365
	1,472,866	Bank Negara Indonesia Persero Tbk PT (Financials)		887,298
	3,440,983	Bank Rakyat Indonesia Persero Tbk PT (Financials)		1,253,937
	981,900	Indah Kiat Pulp & Paper Tbk PT (Materials)		586,690
	2,294,037	Indofood CBP Sukses Makmur Tbk PT (Consumer Staples)		1,687,013
	3,184,553	Indofood Sukses Makmur Tbk PT (Consumer Staples)		1,484,591
	12,377,253	Kalbe Farma Tbk PT (Health Care)		1,475,030
	7,139,334	Sumber Alfaria Trijaya Tbk PT (Consumer Staples)		1,359,427
	10,998,929	Telkom Indonesia Persero Tbk PT (Communication Services)		2,693,763
	4,256,801	Unilever Indonesia Tbk PT (Consumer Staples)		1,025,769

				18,997,923


The accompanying notes are an integral part of these financial statements.		49

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

Schedule of Investments (continued)

August 31, 2023


Shares		Description	Value

Common Stocks – (continued)
Kuwait – 0.6%
	338,699	Agility Public Warehousing Co. KSC (Industrials)*	$	631,799
	219,452	Boubyan Bank KSCP (Financials)		434,276
	640,979	Kuwait Finance House KSCP (Financials)		1,549,163
	953,098	National Bank of Kuwait SAKP (Financials)		2,844,607

				5,459,845

Luxembourg – 0.1%
	44,076	Reinet Investments SCA (Financials)		941,297

Mexico – 2.9%
	875,968	Alfa SAB de CV, Class A (Industrials)		586,520
	3,673,702	America Movil SAB de CV, Series B (Communication Services)		3,503,077
	55,392	Arca Continental SAB de CV (Consumer Staples)		546,293
	2,752,752	Cemex SAB de CV, Series CPO (Materials)*		2,199,683
	112,727	Coca-Cola Femsa SAB de CV (Consumer Staples)		967,556
	358,189	Fomento Economico Mexicano SAB de CV (Consumer Staples)		4,060,756
	141,888	Gruma SAB de CV, Class B (Consumer Staples)		2,399,369
	699,986	Grupo Bimbo SAB de CV, Series A (Consumer Staples)		3,488,338
	81,494	Grupo Carso SAB de CV, Series A1 (Industrials)		658,033
	346,648	Grupo Financiero Banorte SAB de CV, Class O (Financials)		2,974,314
	267,026	Grupo Mexico SAB de CV, Series B (Materials)		1,288,350
	261,900	Kimberly-Clark de Mexico SAB de CV, Class A (Consumer Staples)		596,877
	234,503	Orbia Advance Corp. SAB de CV (Materials)		528,726
	44,502	Promotora y Operadora de Infraestructura SAB de CV (Industrials)		432,944
	984,782	Wal-Mart de Mexico SAB de CV (Consumer Staples)		3,929,942

				28,160,778

Philippines – 0.2%
	624,614	Bank of the Philippine Islands (Financials)		1,213,485
	41,420	Manila Electric Co. (Utilities)		251,359

				1,464,844

Poland – 0.9%
	34,816	Bank Polska Kasa Opieki SA (Financials)		911,531
	15,868	CD Projekt SA (Communication Services)		568,110


Common Stocks – (continued)
Poland – (continued)
	24,431	Dino Polska SA (Consumer Staples)*^(a)		2,246,140
	533	LPP SA (Consumer Discretionary)		1,795,096
	27,900	ORLEN SA (Energy)		426,835
	110,609	Powszechna Kasa Oszczednosci Bank Polski SA (Financials)*		1,002,426
	199,836	Powszechny Zaklad Ubezpieczen SA (Financials)		2,004,058

				8,954,196

Qatar – 1.0%
	556,575	Commercial Bank PSQC (The) (Financials)		868,502
	99,765	Industries Qatar QSC (Industrials)		338,762
	711,550	Ooredoo QPSC (Communication Services)		2,111,192
	397,873	Qatar International Islamic Bank QSC (Financials)		1,081,143
	353,284	Qatar Islamic Bank (Financials)		1,875,123
	752,212	Qatar National Bank QPSC (Financials)		3,223,766

				9,498,488

Romania – 0.1%
	126,372	NEPI Rockcastle NV (Real Estate)		756,430

Russia – 0.0%
	1,256,908	Gazprom PJSC (Energy)^(c)		—
	35,708,229	Inter RAO UES PJSC (Utilities)^(c)		—
	62,206	LUKOIL PJSC (Energy)^(c)		—
	11,906	MMC Norilsk Nickel PJSC (Materials)*^(c)		—
	824,628	Moscow Exchange MICEX-RTS PJSC (Financials)^(c)		—
	839,494	Novolipetsk Steel PJSC (Materials)*^(c)		—
	127,440	PhosAgro PJSC GDR (Materials)*^(c)		—
	820	PhosAgro PJSC (Materials)*^(c)		—
	70,023	Polymetal International PLC (Materials)*^(c)		—
	11,287	Polyus PJSC (Materials)*^(c)		—
	90,086	Rosneft Oil Co. PJSC (Energy)^(c)		—
	1,661,273	Sberbank of Russia PJSC (Financials)^(c)		—
	152,107	Severstal PAO (Materials)*^(c)		—
	3,362,523	Surgutneftegas PJSC (Energy)^(c)		—
	277,377	Tatneft PJSC (Energy)^(c)		—
	1,366	TCS Group Holding PLC GDR (Financials)*^(c)		—
	799,132,583	VTB Bank PJSC (Financials)*^(c)		—
	40,500	Yandex NV, Class A (Communication Services)*^(c)		—

				—


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

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF


Shares		Description	Value

Common Stocks – (continued)
Saudi Arabia – 4.0%
	12,684	ACWA Power Co. (Utilities)	$	652,690
	33,713	Advanced Petrochemical Co. (Materials)		382,464
	216,865	Al Rajhi Bank (Financials)		4,174,651
	78,414	Alinma Bank (Financials)		771,460
	31,426	Almarai Co. JSC (Consumer Staples)		531,217
	58,345	Arab National Bank (Financials)		401,344
	5,200	Arabian Internet & Co.mmunications Services Co. (Information Technology)		489,408
	43,996	Bank AlBilad (Financials)		503,227
	61,208	Bank Al-Jazira (Financials)*		289,504
	47,956	Banque Saudi Fransi (Financials)		490,345
	32,869	Bupa Arabia for Cooperative Insurance Co. (Financials)		1,766,731
	140,430	Dar Al Arkan Real Estate Development Co. (Real Estate)*		697,161
	11,935	Dr Sulaiman Al Habib Medical Services Group Co. (Health Care)		773,254
	5,176	Elm Co. (Information Technology)		1,173,023
	203,477	Etihad Etisalat Co. (Communication Services)		2,449,438
	95,620	Jarir Marketing Co. (Consumer Discretionary)		376,295
	186,460	Mobile Telecommunications Co Saudi Arabia (Communication Services)		671,140
	21,142	Nahdi Medical Co. (Consumer Staples)		855,680
	160,670	Rabigh Refining & Petrochemical Co. (Energy)*		442,087
	83,186	Riyad Bank (Financials)		675,353
	31,590	SABIC Agri-Nutrients Co. (Materials)		1,158,942
	110,087	Sahara International Petrochemical Co. (Materials)		1,069,860
	102,725	Saudi Arabian Mining Co. (Materials)*		1,109,238
	501,274	Saudi Arabian Oil Co. (Energy)^(a)		4,664,382
	113,797	Saudi Awwal Bank (Financials)		1,087,711
	97,159	Saudi Basic Industries Corp. (Materials)		2,289,965
	263,025	Saudi Electricity Co. (Utilities)		1,451,646
	92,330	Saudi Investment Bank (The) (Financials)		408,643
	315,033	Saudi Kayan Petrochemical Co. (Materials)*		1,023,050
	303,315	Saudi National Bank (The) (Financials)		2,891,102
	221,239	Saudi Telecom Co. (Communication Services)		2,347,676
	113,831	Savola Group (The) (Consumer Staples)		1,150,253

				39,218,940

South Africa – 3.1%
	161,189	Absa Group Ltd. (Financials)		1,551,790
	54,575	African Rainbow Minerals Ltd. (Materials)		515,919
	121,658	Aspen Pharmacare Holdings Ltd. (Health Care)		1,106,391
	91,702	Bid Corp. Ltd. (Consumer Staples)		2,057,447
	46,635	Bidvest Group Ltd. (The) (Industrials)		701,803
	7,777	Capitec Bank Holdings Ltd. (Financials)		650,869
	95,507	Clicks Group Ltd. (Consumer Staples)		1,379,518


Common Stocks – (continued)
South Africa – (continued)
	31,054	Discovery Ltd. (Financials)*		240,642
	586,877	FirstRand Ltd. (Financials)		2,274,981
	135,191	Gold Fields Ltd. (Materials)		1,734,029
	202,470	Impala Platinum Holdings Ltd. (Materials)		1,042,130
	56,544	Kumba Iron Ore Ltd. (Materials)^(b)		1,240,414
	287,467	MTN Group Ltd. (Communication Services)		1,826,672
	9,670	Naspers Ltd., Class N (Consumer Discretionary)		1,642,899
	126,320	Nedbank Group Ltd. (Financials)^(b)		1,439,721
	656,580	Old Mutual Ltd. (Financials)		440,032
	304,522	OUTsurance Group Ltd. (Financials)		643,300
	321,648	Pepkor Holdings Ltd. (Consumer Discretionary)^(a)		276,887
	99,899	Remgro Ltd. (Financials)		833,855
	277,866	Sanlam Ltd. (Financials)		1,000,083
	232,790	Shoprite Holdings Ltd. (Consumer Staples)		3,243,569
	378,418	Sibanye Stillwater Ltd. (Materials)		574,372
	205,664	Standard Bank Group Ltd. (Financials)		2,098,566
	162,742	Vodacom Group Ltd. (Communication Services)		927,032
	227,736	Woolworths Holdings Ltd. (Consumer Discretionary)		892,181

				30,335,102

South Korea – 11.5%
	16,014	Amorepacific Corp. (Consumer Staples)		1,622,300
	10,544	BGF retail Co. Ltd. (Consumer Staples)		1,247,650
	4,589	Celltrion, Inc. (Health Care)		499,608
	3,655	CJ CheilJedang Corp. (Consumer Staples)		826,817
	4,100	CosmoAM&T Co. Ltd. (Information Technology)*		489,177
	44,635	Coway Co. Ltd. (Consumer Discretionary)		1,458,848
	9,688	DB Insurance Co. Ltd. (Financials)		598,835
	16,254	Doosan Bobcat, Inc. (Industrials)		661,596
	31,222	Doosan Enerbility Co. Ltd. (Industrials)*		430,388
	5,900	Ecopro BM Co. Ltd. (Industrials)		1,448,496
	1,100	Ecopro Co. Ltd. (Materials)		1,046,113
	16,785	F&F Co. Ltd. (Consumer Discretionary)		1,308,005
	46,872	GS Holdings Corp. (Industrials)		1,331,601
	47,866	Hana Financial Group, Inc. (Financials)		1,432,268
	39,739	Hankook Tire & Technology Co. Ltd. (Consumer Discretionary)		1,165,036
	6,573	Hanmi Pharm Co. Ltd. (Health Care)		1,464,534
	4,900	Hanwha Aerospace Co. Ltd. (Industrials)		423,363
	7,790	HD Hyundai Co. Ltd. (Energy)		348,318
	75,016	HMM Co. Ltd. (Industrials)		945,539
	27,750	Hotel Shilla Co. Ltd. (Consumer Discretionary)		1,851,750
	1,900	HYBE Co. Ltd. (Communication Services)*		362,966


The accompanying notes are an integral part of these financial statements.		51

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

Schedule of Investments (continued)

August 31, 2023


Shares		Description	Value

Common Stocks – (continued)
South Korea – (continued)
	7,117	Hyundai Mobis Co. Ltd. (Consumer Discretionary)	$	1,243,826
	12,167	Hyundai Motor Co. (Consumer Discretionary)		1,740,707
	21,533	Hyundai Steel Co. (Materials)		589,744
	170,782	Industrial Bank of Korea (Financials)		1,390,289
	13,800	JYP Entertainment Corp. (Communication Services)		1,171,447
	15,826	Kakao Corp. (Communication Services)		575,926
	66,160	Kangwon Land, Inc. (Consumer Discretionary)		776,351
	47,226	KB Financial Group, Inc. (Financials)		1,932,988
	39,668	Kia Corp. (Consumer Discretionary)		2,406,940
	16,440	Korea Aerospace Industries Ltd. (Industrials)		629,366
	47,244	Korea Electric Power Corp. (Utilities)*^(b)		636,950
	6,270	Korea Investment Holdings Co. Ltd. (Financials)		246,673
	1,215	Korea Zinc Co. Ltd. (Materials)		484,437
	25,546	Korean Air Lines Co. Ltd. (Industrials)		440,665
	15,700	KT Corp. (Communication Services)		391,980
	20,978	KT&G Corp. (Consumer Staples)		1,379,223
	3,769	Kumho Petrochemical Co. Ltd. (Materials)		355,870
	1,908	L&F Co. Ltd. (Information Technology)^(b)		310,361
	2,476	LG Chem Ltd. (Materials)		1,092,119
	6,003	LG Corp. (Industrials)		372,874
	33,065	LG Electronics, Inc. (Consumer Discretionary)		2,464,084
	2,108	LG Energy Solution Ltd. (Industrials)*		867,601
	3,486	LG H&H Co. Ltd. (Consumer Staples)		1,225,078
	2,760	LG Innotek Co. Ltd. (Information Technology)		563,798
	227,347	LG Uplus Corp. (Communication Services)		1,797,447
	75,855	Mirae Asset Securities Co. Ltd. (Financials)		382,216
	8,751	NAVER Corp. (Communication Services)		1,420,155
	4,105	NCSoft Corp. (Communication Services)		781,091
	93,120	NH Investment & Securities Co. Ltd. (Financials)		725,656
	20,495	Orion Corp. (Consumer Staples)		1,888,626
	11,187	Pearl Abyss Corp. (Communication Services)*		408,801
	3,704	POSCO Future M Co. Ltd. (Industrials)		1,259,654
	8,723	POSCO Holdings, Inc. (Materials)		3,821,159
	1,176	Samsung Biologics Co. Ltd. (Health Care)*^(a)		655,731
	14,728	Samsung C&T Corp. (Industrials)		1,166,651
	10,125	Samsung Electro-Mechanics Co. Ltd. (Information Technology)		1,037,204
	639,989	Samsung Electronics Co. Ltd. (Information Technology)		32,392,861


Common Stocks – (continued)
South Korea – (continued)
	26,174	Samsung Engineering Co. Ltd. (Industrials)*		673,286
	10,792	Samsung Fire & Marine Insurance Co. Ltd. (Financials)		2,012,656
	130,164	Samsung Heavy Industries Co. Ltd. (Industrials)*		867,596
	7,237	Samsung Life Insurance Co. Ltd. (Financials)		370,131
	3,702	Samsung SDI Co. Ltd. (Information Technology)		1,719,711
	11,776	Samsung SDS Co. Ltd. (Information Technology)		1,265,135
	46,896	Samsung Securities Co. Ltd. (Financials)		1,325,187
	58,177	Shinhan Financial Group Co. Ltd. (Financials)		1,564,738
	19,611	SK Biopharmaceuticals Co. Ltd. (Health Care)*		1,271,544
	58,092	SK Hynix, Inc. (Information Technology)		5,353,210
	18,509	SK Square Co. Ltd. (Industrials)*		631,554
	2,379	SK, Inc. (Industrials)		260,084
	119,585	Woori Financial Group, Inc. (Financials)		1,077,554
	24,700	Yuhan Corp. (Health Care)		1,360,439

				111,742,582

Taiwan – 14.6%
	165,041	Accton Technology Corp. (Information Technology)		2,477,183
	604,164	Acer, Inc. (Information Technology)		694,343
	195,111	Advantech Co. Ltd. (Information Technology)		2,107,553
	489,594	ASE Technology Holding Co. Ltd. (Information Technology)		1,814,080
	471,030	Asia Cement Corp. (Materials)		590,146
	89,946	Asustek Computer, Inc. (Information Technology)		1,136,805
	352,602	AUO Corp. (Information Technology)*		197,080
	205,634	Catcher Technology Co. Ltd. (Information Technology)		1,165,495
	865,380	Cathay Financial Holding Co. Ltd. (Financials)*		1,239,110
	251,561	Chailease Holding Co. Ltd. (Financials)		1,402,103
	372,147	Cheng Shin Rubber Industry Co. Ltd. (Consumer Discretionary)		463,336
	3,776,462	China Development Financial Holding Corp. (Financials)*		1,405,212
	761,298	China Steel Corp. (Materials)		633,489
	427,526	Chunghwa Telecom Co. Ltd. (Communication Services)		1,557,252
	1,503,791	Compal Electronics, Inc. (Information Technology)		1,506,317
	2,058,860	CTBC Financial Holding Co. Ltd. (Financials)		1,541,890


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

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF


Shares		Description	Value

Common Stocks – (continued)
Taiwan – (continued)
	268,724	Delta Electronics, Inc. (Information Technology)	$	2,919,583
	62,296	E Ink Holdings, Inc. (Information Technology)		356,994
	13,118	eMemory Technology, Inc. (Information Technology)		747,623
	994,678	E.Sun Financial Holding Co. Ltd. (Financials)		763,659
	374,493	Evergreen Marine Corp. Taiwan Ltd. (Industrials)		1,252,367
	875,460	Far Eastern New Century Corp. (Industrials)		773,843
	296,107	Feng TAY Enterprise Co. Ltd. (Consumer Discretionary)		1,562,055
	1,100,163	First Financial Holding Co. Ltd. (Financials)		908,555
	363,501	Formosa Plastics Corp. (Materials)		907,426
	1,063,854	Fubon Financial Holding Co. Ltd. (Financials)		2,124,601
	38,400	Gigabyte Technology Co. Ltd. (Information Technology)		411,172
	18,500	Global Unichip Corp. (Information Technology)		848,131
	32,531	Globalwafers Co. Ltd. (Information Technology)		468,866
	1,253,332	Hon Hai Precision Industry Co. Ltd. (Information Technology)		4,191,351
	924,069	Hua Nan Financial Holdings Co. Ltd. (Financials)		594,835
	866,643	Inventec Corp. (Information Technology)		1,534,821
	9,942	Largan Precision Co. Ltd. (Information Technology)		639,979
	506,746	Lite-On Technology Corp. (Information Technology)		2,179,963
	197,975	MediaTek, Inc. (Information Technology)		4,382,660
	814,984	Mega Financial Holding Co. Ltd. (Financials)		918,717
	401,790	Micro-Star International Co. Ltd. (Information Technology)		2,012,325
	35,400	momo.com, Inc. (Consumer Discretionary)		578,023
	458,279	Nan Ya Plastics Corp. (Materials)		951,195
	53,325	Nan Ya Printed Circuit Board Corp. (Information Technology)		404,377
	527,993	Nanya Technology Corp. (Information Technology)		1,104,182
	132,392	Nien Made Enterprise Co. Ltd. (Consumer Discretionary)		1,243,000
	212,013	Novatek Microelectronics Corp. (Information Technology)		2,659,608
	553,788	Pegatron Corp. (Information Technology)		1,356,365
	834,332	Pou Chen Corp. (Consumer Discretionary)		749,278

	364,696	President Chain Store Corp. (Consumer Staples)		3,063,325
	273,239	Quanta Computer, Inc. (Information Technology)		2,174,998
	172,715	Realtek Semiconductor Corp. (Information Technology)		2,266,964
	1,733,814	SinoPac Financial Holdings Co. Ltd. (Financials)		930,973
	419,822	Synnex Technology International Corp. (Information Technology)		805,461
	2,258,175	Taishin Financial Holding Co. Ltd. (Financials)		1,262,164
	1,068,709	Taiwan Business Bank (Financials)		448,001
	403,204	Taiwan Cement Corp. (Materials)		442,497
	719,347	Taiwan Cooperative Financial Holding Co. Ltd. (Financials)		592,934
	191,405	Taiwan Mobile Co. Ltd. (Communication Services)		560,154
	3,194,226	Taiwan Semiconductor Manufacturing Co. Ltd. (Information Technology)		55,065,080
	101,505	Unimicron Technology Corp. (Information Technology)		591,248
	1,508,668	Uni-President Enterprises Corp. (Consumer Staples)		3,349,280
	2,136,725	United Microelectronics Corp. (Information Technology)		3,052,800
	197,309	Vanguard International Semiconductor Corp. (Information Technology)		423,161
	9,300	Voltronic Power Technology Corp. (Industrials)		423,437
	316,742	Walsin Lihwa Corp. (Industrials)		377,944
	637,533	Winbond Electronics Corp. (Information Technology)*		527,499
	498,000	Wistron Corp. (Information Technology)		1,829,589
	407,391	WPG Holdings Ltd. (Information Technology)		702,299
	474,306	Yang Ming Marine Transport Corp. (Industrials)		629,251
	2,652,694	Yuanta Financial Holding Co. Ltd. (Financials)		2,032,429
	104,950	Zhen Ding Technology Holding Ltd. (Information Technology)		318,674

				141,347,110

Thailand – 1.7%
	298,616	Advanced Info Service PCL NVDR (Communication Services)		1,841,966
	329,200	Airports of Thailand PCL NVDR (Industrials)*		681,574
	2,618,900	Asset World Corp. PCL NVDR (Consumer Discretionary)		326,077
	1,734,200	Bangkok Dusit Medical Services PCL NVDR (Health Care)		1,386,667
	356,000	Berli Jucker PCL NVDR (Consumer Staples)		343,114


The accompanying notes are an integral part of these financial statements.		53

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

Schedule of Investments (continued)

August 31, 2023


Shares		Description	Value

Common Stocks – (continued)
Thailand – (continued)
	192,400	Bumrungrad Hospital PCL NVDR (Health Care)	$	1,423,049
	215,200	Central Pattana PCL NVDR (Real Estate)		422,503
	759,100	Charoen Pokphand Foods PCL NVDR (Consumer Staples)		448,729
	906,377	CP ALL PCL NVDR (Consumer Staples)		1,688,901
	553,500	Delta Electronics Thailand PCL NVDR (Information Technology)		1,714,993
	137,700	Electricity Generating PCL NVDR (Utilities)		524,965
	301,800	Gulf Energy Development PCL NVDR (Utilities)		413,690
	320,200	Indorama Ventures PCL NVDR (Materials)		265,176
	289,900	Intouch Holdings PCL NVDR (Communication Services)		602,277
	1,244,900	Krung Thai Bank PCL NVDR (Financials)		686,130
	314,400	Krungthai Card PCL NVDR (Financials)		435,451
	209,400	Muangthai Capital PCL NVDR (Financials)		243,680
	197,400	PTT Exploration & Production PCL NVDR (Energy)		893,493
	371,400	PTT Global Chemical PCL NVDR (Materials)		395,078
	765,400	PTT PCL NVDR (Energy)		759,553
	544,900	Ratch Group PCL NVDR (Utilities)		552,408
	59,900	Siam Cement PCL (The) NVDR (Materials)		535,409
	257,200	Thai Oil PCL NVDR (Energy)		378,262

				16,963,145

Turkey – 0.8%
	284,352	BIM Birlesik Magazalar AS (Consumer Staples)		2,690,179
	361,212	KOC Holding AS (Industrials)		1,921,402
	120,931	Sasa Polyester Sanayi AS (Materials)*		239,297
	51,200	Tofas Turk Otomobil Fabrikasi AS (Consumer Discretionary)		518,385
	118,157	Turk Hava Yollari AO (Industrials)*		1,085,939
	186,866	Turkiye Petrol Rafinerileri AS (Energy)		989,093
	359,910	Turkiye Sise ve Cam Fabrikalari AS (Industrials)		691,938

				8,136,233

United Arab Emirates – 1.5%
	541,952	Abu Dhabi Commercial Bank PJSC (Financials)		1,273,341
	467,812	Abu Dhabi Islamic Bank PJSC (Financials)		1,327,126
	1,253,866	Abu Dhabi National Oil Co. for Distribution PJSC (Consumer Discretionary)		1,300,617

	655,375	Aldar Properties PJSC (Real Estate)		938,531
	864,300	Americana Restaurants International PLC (Consumer Discretionary)		1,037,711
	1,147,756	Dubai Islamic Bank PJSC (Financials)		1,762,389
	1,020,176	Emaar Properties PJSC (Real Estate)		1,960,889
	525,902	Emirates NBD Bank PJSC (Financials)		2,340,970
	184,606	Emirates Telecommunications Group Co. PJSC (Communication Services)		997,150
	447,660	First Abu Dhabi Bank PJSC (Financials)		1,667,276

				14,606,000

United Kingdom – 0.0%
	59,800	Pepco Group NV (Consumer Discretionary)*		469,549

United States – 0.1%
	133,272	JBS SA (Consumer Staples)		495,300
	10,986	Parade Technologies Ltd. (Information Technology)		309,780

				805,080

	TOTAL COMMON STOCKS
	(Cost $881,888,114)		$	944,452,011


Shares		Description	Rate			Value

Preferred Stocks – 2.1%
Brazil – 1.3%
	585,774	Banco Bradesco SA (Financials)		6.74	%		1,768,816
	42,106	Centrais Eletricas Brasileiras SA, Class B (Utilities)		3.86			329,469
	262,346	Cia Energetica de Minas Gerais (Utilities)		9.16			653,355
	111,984	Gerdau SA (Materials)		14.91			584,693
	643,983	Itau Unibanco Holding SA (Financials)		4.47			3,567,892
	820,299	Itausa SA (Financials)		6.42			1,530,931
	687,712	Petroleo Brasileiro SA (Energy)		11.38			4,436,628

							12,871,784

Chile – 0.1%
	13,089	Sociedad Quimica y Minera de Chile SA, Class B (Industrials)		14.38			806,746

Colombia – 0.1%
	81,467	Bancolombia SA (Financials)		12.24			541,058

Russia – 0.0%
	3,212,489	Surgutneftegas PJSC (Energy)^(c)		1.61			—


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

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF


Shares		Description	Rate			Value

Preferred Stocks – (continued)
South Korea – 0.6%
	9,748	Hyundai Motor Co. (Consumer Discretionary)		7.34	%	$	767,745
	9,479	Hyundai Motor Co. (Consumer Discretionary)		7.42			730,064
	114,688	Samsung Electronics Co. Ltd. (Information Technology)		2.54			4,685,570

							6,183,379

	TOTAL PREFERRED STOCKS
	(Cost $17,487,554)					$	20,402,967


Shares		Description	Value

Exchange-Traded Fund – 0.6%
United States – 0.6%
	257,264	iShares MSCI Malaysia ETF
	(Cost $7,732,869)		$	5,423,125

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $907,108,537)		$	970,278,103


Shares		Dividend Rate	Value

Securities Lending Reinvestment Vehicle – 0.6%^(d)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	5,450,496	5.234%	$	5,450,496
(Cost $5,450,496)

	TOTAL INVESTMENTS – 100.7%
	(Cost $912,559,033)		$	975,728,599

	LIABILITIES IN EXCESS OF OTHER ASSETS – (0.7)%			(6,020,986	)

	NET ASSETS – 100.0%		$	969,707,613



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


Sector Name	% of Market Value

Financials		20.7	%
Information Technology		20.5
Consumer Discretionary		11.8
Consumer Staples		11.0
Communication Services		8.9
Materials		7.2
Industrials		5.7
Health Care		4.8
Energy		4.7
Utilities		2.5
Real Estate		1.0
Exchange-Traded Fund		0.6
Securities Lending Reinvestment Vehicle		0.6


TOTAL INVESTMENTS		100.0	%


The accompanying notes are an integral part of these financial statements.		55

GOLDMAN SACHS ACTIVEBETA^® EUROPE EQUITY ETF

Schedule of Investments

August 31, 2023


Shares		Description	Value

Common Stocks – 98.9%
Australia – 1.1%
	87	Flutter Entertainment PLC (Consumer Discretionary)*	$	15,854
	10,452	Glencore PLC (Materials)		55,818
	935	Rio Tinto PLC (Materials)		57,729

				129,401

Austria – 0.8%
	395	Erste Group Bank AG (Financials)		14,135
	292	Mondi PLC (Materials)		4,862
	686	OMV AG (Energy)		31,844
	1,507	voestalpine AG (Materials)		44,129

				94,970

Belgium – 1.2%
	497	Ageas SA/NV (Financials)		19,786
	694	Anheuser-Busch InBev SA/NV (Consumer Staples)		39,545
	20	D’ieteren Group (Consumer Discretionary)		3,273
	50	Elia Group SA/NV (Utilities)		5,779
	119	Groupe Bruxelles Lambert NV (Financials)		9,604
	164	KBC Group NV (Financials)		10,780
	1	Lotus Bakeries NV (Consumer Staples)		7,891
	133	Solvay SA (Materials)		15,431
	256	UCB SA (Health Care)		23,006

				135,095

Brazil – 0.1%
	247	Yara International ASA (Materials)		9,030

Chile – 0.0%
	153	Antofagasta PLC (Materials)		2,807

China – 0.2%
	309	Prosus NV (Consumer Discretionary)*		21,390

Denmark – 4.9%
	19	AP Moller – Maersk A/S, Class A (Industrials)^(a)		34,088
	20	AP Moller – Maersk A/S, Class B (Industrials)		36,421
	158	Carlsberg AS, Class B (Consumer Staples)		22,917
	75	Chr Hansen Holding A/S (Materials)		4,908
	80	Coloplast A/S, Class B (Health Care)		9,148
	1,010	Danske Bank A/S (Financials)		22,746
	82	Demant A/S (Health Care)*		3,364
	64	DSV A/S (Industrials)		12,186
	56	Genmab A/S (Health Care)*		21,529
	1,834	Novo Nordisk A/S, Class B (Health Care)		340,255
	171	Novozymes A/S, Class B (Materials)		7,433
	36	Orsted AS (Utilities)^(b)		2,320
	304	Pandora A/S (Consumer Discretionary)		31,600
	33	ROCKWOOL A/S, Class B (Industrials)		8,451
	679	Tryg A/S (Financials)		12,978
	134	Vestas Wind Systems A/S (Industrials)*		3,102

				573,446


Common Stocks – (continued)
Finland – 1.3%
	275	Elisa OYJ (Communication Services)	$	13,512
	120	Kesko OYJ, Class B (Consumer Staples)		2,347
	147	Kone OYJ, Class B (Industrials)		6,701
	499	Metso Corp. (Industrials)		5,754
	5,674	Nokia OYJ (Information Technology)		22,706
	2,526	Nordea Bank Abp (Financials)		27,724
	1,185	Orion OYJ, Class B (Health Care)		48,603
	339	Sampo OYJ, Class A (Financials)		14,912
	271	UPM-Kymmene OYJ (Materials)		9,300
	307	Wartsila OYJ Abp (Industrials)		3,907

				155,466

France – 17.2%
	277	Accor SA (Consumer Discretionary)		9,948
	49	Aeroports de Paris (Industrials)		6,467
	380	Air Liquide SA (Materials)		68,819
	328	Airbus SE (Industrials)		48,195
	250	Alstom SA (Industrials)		6,922
	75	Amundi SA (Financials)^(b)		4,481
	178	Arkema SA (Materials)		18,670
	2,173	AXA SA (Financials)		65,506
	195	BioMerieux (Health Care)		20,233
	925	BNP Paribas SA (Financials)		59,946
	3,352	Bollore SE (Communication Services)		19,882
	416	Bouygues SA (Industrials)		14,403
	636	Bureau Veritas SA (Industrials)		17,078
	200	Capgemini SE (Information Technology)		37,412
	2,474	Carrefour SA (Consumer Staples)		47,447
	1,005	Cie de Saint-Gobain SA (Industrials)		65,621
	555	Cie Generale des Etablissements Michelin (Consumer Discretionary)		17,414
	63	Covivio SA REIT (Real Estate)		3,081
	2,908	Credit Agricole SA (Financials)		36,789
	725	Danone SA (Consumer Staples)		42,358
	117	Dassault Aviation SA (Industrials)		23,061
	561	Dassault Systemes (Information Technology)		22,291
	350	Edenred (Financials)		22,352
	646	Eiffage SA (Industrials)		64,028
	2,280	Engie SA (Utilities)		36,847
	240	EssilorLuxottica SA (Health Care)		45,298
	636	Eurazeo SE (Financials)		37,586
	50	Gecina SA REIT (Real Estate)		5,364
	596	Getlink SE (Industrials)		9,997
	41	Hermes International SCA (Consumer Discretionary)		84,584
	524	Ipsen SA (Health Care)		68,133
	59	Kering (Consumer Discretionary)		31,646
	135	Klepierre SA REIT (Real Estate)		3,575
	1,582	La Francaise des Jeux SAEM (Consumer Discretionary)^(b)		57,349
	292	Legrand SA (Industrials)		28,872
	294	L’Oreal SA (Consumer Staples)		129,488
	280	LVMH Moet Hennessy Louis Vuitton SE (Consumer Discretionary)		237,709
	1,326	Orange SA (Communication Services)		14,907


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

GOLDMAN SACHS ACTIVEBETA^® EUROPE EQUITY ETF


Shares		Description	Value

Common Stocks – (continued)
France – (continued)
	145	Pernod Ricard SA (Consumer Staples)	$	28,516

	304	Publicis Groupe SA (Communication Services)		23,776
	77	Remy Cointreau SA (Consumer Staples)*		11,947
	270	Renault SA (Consumer Discretionary)		10,941
	243	Safran SA (Industrials)		39,113
	33	Sartorius Stedim Biotech (Health Care)		9,388
	164	SEB SA (Consumer Discretionary)		18,067
	822	Societe Generale SA (Financials)		23,388
	158	Sodexo SA (Consumer Discretionary)		16,980
	161	Thales SA (Industrials)		23,555
	2,339	TotalEnergies SE (Energy)		147,418
	684	Valeo SE (Consumer Discretionary)		13,363
	589	Veolia Environnement SA (Utilities)		18,449
	479	Vinci SA (Industrials)		53,527
	1,102	Vivendi SE (Communication Services)		10,059
	96	Wendel SE (Financials)		8,799

				1,991,045

Germany – 13.3%
	276	adidas AG (Consumer Discretionary)		55,244
	293	Allianz SE (Financials)		71,345
	463	BASF SE (Materials)		23,513
	933	Bayer AG (Health Care)		51,178
	467	Bayerische Motoren Werke AG (Consumer Discretionary)		49,251
	94	Bechtle AG (Information Technology)		4,585
	198	Beiersdorf AG (Consumer Staples)		25,960
	253	Brenntag SE (Industrials)		20,523
	60	Carl Zeiss Meditec AG (Health Care)		5,973
	2,520	Commerzbank AG (Financials)		27,761
	62	Covestro AG (Materials)*^(b)		3,302
	388	Daimler Truck Holding AG (Industrials)		13,682
	4,183	Deutsche Bank AG (Financials)		45,636
	141	Deutsche Boerse AG (Financials)		25,075
	4,457	Deutsche Lufthansa AG (Industrials)*		39,894
	2,578	Deutsche Telekom AG (Communication Services)		55,239
	1,698	DHL Group (Industrials)		79,402
	4,746	E.ON SE (Utilities)		58,619
	262	Evonik Industries AG (Materials)		5,035
	844	Fresenius Medical Care AG & Co. KGaA (Health Care)		40,809
	1,302	Fresenius SE & Co. KGaA (Health Care)		41,843
	236	GEA Group AG (Industrials)		9,324
	94	Hannover Rueck SE (Financials)		20,022
	437	Heidelberg Materials AG (Materials)		35,231
	1,703	HelloFresh SE (Consumer Staples)*		55,118
	142	Henkel AG & Co. KGaA (Consumer Staples)		9,830
	681	Infineon Technologies AG (Information Technology)		24,402
	258	Knorr-Bremse AG (Industrials)		17,669
	799	Mercedes-Benz Group AG (Consumer Discretionary)		58,570
	160	Merck KGaA (Health Care)		28,827
	57	MTU Aero Engines AG (Industrials)		13,351


Common Stocks – (continued)
Germany – (continued)
	110	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Financials)		42,765
	622	Nemetschek SE (Information Technology)		43,030
	483	Puma SE (Consumer Discretionary)		32,502
	48	Rational AG (Industrials)		36,650
	50	Rheinmetall AG (Industrials)		13,637
	509	RWE AG (Utilities)		21,026
	950	SAP SE (Information Technology)		132,824
	83	Scout24 SE (Communication Services)^(b)		5,731
	581	Siemens AG (Industrials)		87,576
	2,365	Siemens Energy AG (Industrials)*		33,780
	145	Siemens Healthineers AG (Health Care)^(b)		7,279
	89	Symrise AG (Materials)		9,289
	290	Talanx AG (Financials)		19,530
	3,619	Telefonica Deutschland Holding AG (Communication Services)		6,890
	998	Zalando SE (Consumer Discretionary)*^(b)		31,120

				1,539,842

Hong Kong – 0.1%
	945	Prudential PLC (Financials)		11,570

Ireland – 1.0%
	272	AerCap Holdings NV (Industrials)*		16,734
	2,765	AIB Group PLC (Financials)		12,610
	1,199	Bank of Ireland Group PLC (Financials)		11,970
	598	CRH PLC (Materials)		34,477
	106	Kerry Group PLC, Class A (Consumer Staples)		9,910
	177	Kingspan Group PLC (Industrials)		15,000
	294	Smurfit Kappa Group PLC (Materials)		12,374

				113,075

Italy – 4.1%
	1,901	Assicurazioni Generali SpA (Financials)		39,470
	571	Coca-Cola HBC AG (Consumer Staples)*		16,482
	1,036	Davide Campari-Milano NV (Consumer Staples)		13,572
	73	DiaSorin SpA (Health Care)		7,730
	5,157	Enel SpA (Utilities)		34,758
	3,576	Eni SpA (Energy)		55,439
	169	Ferrari NV (Consumer Discretionary)		53,743
	951	FinecoBank Banca Fineco SpA (Financials)		13,067
	641	Infrastrutture Wireless Italiane SpA (Communication Services)^(b)		7,942
	8,999	Intesa Sanpaolo SpA (Financials)		24,144
	1,007	Mediobanca Banca di Credito Finanziario SpA (Financials)		13,192
	718	Moncler SpA (Consumer Discretionary)		48,814
	2,625	Poste Italiane SpA (Financials)^(b)		29,217
	546	Prysmian SpA (Industrials)		22,394
	391	Recordati Industria Chimica e Farmaceutica SpA (Health Care)		19,682
	1,922	Snam SpA (Utilities)		9,938
	1,592	Terna – Rete Elettrica Nazionale (Utilities)		13,167
	1,938	UniCredit SpA (Financials)		47,464

				470,215


The accompanying notes are an integral part of these financial statements.		57

GOLDMAN SACHS ACTIVEBETA^® EUROPE EQUITY ETF

Schedule of Investments (continued)

August 31, 2023


Shares		Description	Value

Common Stocks – (continued)
Jordan – 0.2%
	736	Hikma Pharmaceuticals PLC (Health Care)	$	20,415

Luxembourg – 0.7%
	2,470	ArcelorMittal (Materials)		65,761
	174	Eurofins Scientific SE (Health Care)		10,734

				76,495

Netherlands – 8.0%
	884	ABN AMRO Bank NV (Financials)^(a)(b)		13,044
	8	Adyen NV (Financials)*^(b)		6,707
	1,177	Aegon NV (Financials)		6,055
	190	Akzo Nobel NV (Materials)		15,474
	27	Argenx SE (Health Care)*		13,621
	50	ASM International NV (Information Technology)		24,160
	392	ASML Holding NV (Information Technology)		258,636
	151	ASR Nederland NV (Financials)		6,616
	121	BE Semiconductor Industries NV (Information Technology)		13,934
	94	Euronext NV (Financials)^(b)		6,800
	452	EXOR NV (Financials)		40,100
	306	Heineken Holding NV (Consumer Staples)		24,543
	206	Heineken NV (Consumer Staples)		20,082
	61	IMCD NV (Industrials)		8,425
	2,025	ING Groep NV (Financials)		28,792
	514	JDE Peet’s NV (Consumer Staples)		14,326
	2,706	Koninklijke Ahold Delhaize NV (Consumer Staples)		88,623
	5,367	Koninklijke KPN NV (Communication Services)		18,798
	612	Koninklijke Philips NV (Health Care)*		13,816
	431	NN Group NV (Financials)		16,634
	663	Randstad NV (Industrials)		38,987
	5,941	Shell PLC (Energy)		181,541
	472	Universal Music Group NV (Communication Services)		11,726
	489	Wolters Kluwer NV (Industrials)		59,018

				930,458

Norway – 1.1%
	314	Aker BP ASA (Energy)		8,519
	825	DNB Bank ASA (Financials)		16,334
	1,702	Equinor ASA (Energy)		52,514
	919	Gjensidige Forsikring ASA (Financials)		14,298
	238	Kongsberg Gruppen ASA (Industrials)		9,863
	205	Mowi ASA (Consumer Staples)		3,719
	2,112	Orkla ASA (Consumer Staples)		16,138
	702	Telenor ASA (Communication Services)		7,517

				128,902

Portugal – 0.5%
	1,510	EDP – Energias de Portugal SA (Utilities)		6,893
	344	Galp Energia SGPS SA (Energy)		4,744
	1,884	Jeronimo Martins SGPS SA (Consumer Staples)		48,053

				59,690


Common Stocks – (continued)
Singapore – 0.3%
	742	STMicroelectronics NV (Information Technology)		35,165

South Africa – 0.0%
	148	Anglo American PLC (Materials)		3,939

Spain – 4.3%
	61	Acciona SA (Utilities)		8,729
	1,483	ACS Actividades de Construccion y Servicios SA (Industrials)		52,134
	27	Aena SME SA (Industrials)^(b)		4,249
	297	Amadeus IT Group SA (Consumer Discretionary)		20,405
	6,370	Banco Bilbao Vizcaya Argentaria SA (Financials)		50,235
	17,950	Banco Santander SA (Financials)		70,174
	3,648	CaixaBank SA (Financials)		14,784
	90	Cellnex Telecom SA (Communication Services)*^(b)		3,448
	101	Corp ACCIONA Energias Renovables SA (Utilities)		3,008
	438	Enagas SA (Utilities)		7,485
	368	Endesa SA (Utilities)		7,661
	380	Grifols SA (Health Care)*		5,215
	5,267	Iberdrola SA (Utilities)		62,653
	2,060	Industria de Diseno Textil SA (Consumer Discretionary)		79,059
	579	Naturgy Energy Group SA (Utilities)^(a)		16,804
	569	Redeia Corp. SA (Utilities)		9,267
	3,662	Repsol SA (Energy)		56,518
	5,717	Telefonica SA (Communication Services)		23,728

				495,556

Sweden – 3.3%
	303	Alfa Laval AB (Industrials)		10,659
	567	Assa Abloy AB, Class B (Industrials)		12,785
	1,666	Atlas Copco AB, Class A (Industrials)		22,054
	1,167	Atlas Copco AB, Class B (Industrials)		13,466
	238	Epiroc AB, Class A (Industrials)		4,577
	178	Epiroc AB, Class B (Industrials)		2,920
	697	Essity AB, Class B (Consumer Staples)		16,276
	79	Evolution AB (Consumer Discretionary)^(b)		8,558
	134	Getinge AB, Class B (Health Care)		2,329
	3,574	H & M Hennes & Mauritz AB, Class B (Consumer Discretionary)		54,665
	1,576	Hexagon AB, Class B (Information Technology)		14,091
	178	Holmen AB, Class B (Materials)		6,754
	749	Husqvarna AB, Class B (Industrials)		6,464
	297	Industrivarden AB, Class A (Financials)		7,749
	304	Industrivarden AB, Class C (Financials)		7,918
	1,171	Investor AB, Class B (Financials)		22,575
	137	L E Lundbergforetagen AB, Class B (Financials)		5,578
	346	Lifco AB, Class B (Industrials)		6,345
	305	Nibe Industrier AB, Class B (Industrials)		2,289
	134	Saab AB, Class B (Industrials)		7,081


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

GOLDMAN SACHS ACTIVEBETA^® EUROPE EQUITY ETF


Shares		Description	Value

Common Stocks – (continued)
Sweden – (continued)
	225	Sandvik AB (Industrials)	$	4,262
	1,491	Skandinaviska Enskilda Banken AB, Class A (Financials)		17,313
	417	Svenska Cellulosa AB SCA, Class B (Materials)		5,560
	1,498	Svenska Handelsbanken AB, Class A (Financials)		12,498
	991	Swedbank AB, Class A (Financials)		17,571
	572	Swedish Orphan Biovitrum AB (Health Care)*^(a)		11,054
	984	Tele2 AB, Class B (Communication Services)		6,950
	4,479	Telefonaktiebolaget LM Ericsson, Class B (Information Technology)^(a)		23,041
	3,116	Telia Co. AB (Communication Services)		6,292
	500	Volvo AB, Class A (Industrials)		10,247
	1,028	Volvo AB, Class B (Industrials)		20,767
	3,973	Volvo Car AB, Class B (Consumer Discretionary)*		15,137

				385,825

Switzerland – 8.4%
	1,071	ABB Ltd. (Industrials)		40,851
	111	Adecco Group AG (Industrials)		4,792
	170	Alcon, Inc. (Health Care)		14,227
	86	Baloise Holding AG (Financials)		13,456
	159	Banque Cantonale Vaudoise (Financials)		17,246
	7	Barry Callebaut AG (Consumer Staples)		12,221
	96	BKW AG (Utilities)		16,521
	2	Chocoladefabriken Lindt & Spruengli AG (Consumer Staples)		23,934
	400	Cie Financiere Richemont SA, Class A (Consumer Discretionary)		56,881
	314	Clariant AG (Materials)*		5,240
	74	DSM-Firmenich AG (Materials)		6,839
	101	Dufry AG (Consumer Discretionary)*		4,501
	11	EMS-Chemie Holding AG (Materials)^(a)		8,276
	63	Geberit AG (Industrials)		32,711
	3	Givaudan SA (Materials)		10,013
	65	Helvetia Holding AG (Financials)		9,905
	183	Julius Baer Group Ltd. (Financials)		12,734
	193	Kuehne + Nagel International AG (Industrials)		58,102
	512	Logitech International SA (Information Technology)		35,511
	23	Lonza Group AG (Health Care)		12,731
	2,129	Novartis AG (Health Care)		215,274
	37	Partners Group Holding AG (Financials)		40,014
	35	Schindler Holding AG (Industrials)		7,367
	42	Schindler Holding AG Participation Certificates (Industrials)		9,375
	512	SGS SA (Industrials)		46,594
	159	SIG Group AG (Materials)*		4,191
	28	Sika AG (Materials)		7,938
	39	Sonova Holding AG (Health Care)		10,319
	182	Straumann Holding AG (Health Care)		27,612


Common Stocks – (continued)
Switzerland – (continued)
	68	Swatch Group AG (The) – Bearer (Consumer Discretionary)		19,147
	312	Swatch Group AG (The) – Registered (Consumer Discretionary)		16,655
	37	Swiss Life Holding AG (Financials)		23,233
	116	Swiss Prime Site AG (Real Estate)		11,150
	26	Swisscom AG (Communication Services)		15,837
	2,175	UBS Group AG (Financials)		57,869
	36	VAT Group AG (Industrials)^(b)		14,445
	114	Zurich Insurance Group AG (Financials)		53,563

				977,275

United Kingdom – 17.5%
	1,565	3i Group PLC (Financials)		39,533
	1,873	abrdn PLC (Financials)		3,919
	947	Admiral Group PLC (Financials)		29,880
	262	Ashtead Group PLC (Industrials)		18,339
	903	Associated British Foods PLC (Consumer Staples)		22,799
	1,479	AstraZeneca PLC (Health Care)		199,818
	6,946	Auto Trader Group PLC (Communication Services)^(b)		53,373
	1,639	Aviva PLC (Financials)		7,792
	3,165	BAE Systems PLC (Industrials)		40,406
	17,269	Barclays PLC (Financials)		32,246
	3,061	Barratt Developments PLC (Consumer Discretionary)		17,582
	286	Berkeley Group Holdings PLC (Consumer Discretionary)		14,717
	16,139	BP PLC (Energy)		99,696
	1,998	British American Tobacco PLC (Consumer Staples)		66,396
	2,695	BT Group PLC (Communication Services)		3,948
	547	Bunzl PLC (Industrials)		19,616
	2,187	Burberry Group PLC (Consumer Discretionary)		60,524
	28,512	Centrica PLC (Utilities)		54,826
	1,755	CNH Industrial NV (Industrials)		24,343
	349	Coca-Cola Europacific Partners PLC (Consumer Staples)		22,374
	1,559	Compass Group PLC (Consumer Discretionary)		39,372
	69	Croda International PLC (Materials)		4,828
	404	DCC PLC (Industrials)		22,151
	1,899	Diageo PLC (Consumer Staples)		78,049
	155	Entain PLC (Consumer Discretionary)		2,273
	268	Halma PLC (Information Technology)		7,281
	3,226	Hargreaves Lansdown PLC (Financials)		31,117
	15,136	HSBC Holdings PLC (Financials)		111,836
	1,516	Imperial Brands PLC (Consumer Staples)		34,376
	1,659	Informa PLC (Communication Services)		15,363
	182	InterContinental Hotels Group PLC (Consumer Discretionary)		13,731
	125	Intertek Group PLC (Industrials)		6,558
	16,716	J Sainsbury PLC (Consumer Staples)		57,212
	27,534	JD Sports Fashion PLC (Consumer Discretionary)		50,677


The accompanying notes are an integral part of these financial statements.		59

GOLDMAN SACHS ACTIVEBETA^® EUROPE EQUITY ETF

Schedule of Investments (continued)

August 31, 2023


Shares		Description	Value

Common Stocks – (continued)
United Kingdom – (continued)
	173	Johnson Matthey PLC (Materials)	$	3,573
	4,854	Kingfisher PLC (Consumer Discretionary)		14,393
	403	Land Securities Group PLC REIT (Real Estate)		3,077
	9,036	Legal & General Group PLC (Financials)		25,041
	56,898	Lloyds Banking Group PLC (Financials)		30,537
	245	London Stock Exchange Group PLC (Financials)		25,389
	1,609	M&G PLC (Financials)		3,894
	1,006	Melrose Industries PLC (Industrials)		6,534
	2,637	National Grid PLC (Utilities)		33,087
	4,313	NatWest Group PLC (Financials)		12,592
	402	Next PLC (Consumer Discretionary)		35,597
	613	Pearson PLC (Consumer Discretionary)		6,517
	1,337	Phoenix Group Holdings PLC (Financials)		8,827
	488	Reckitt Benckiser Group PLC (Consumer Staples)		35,260
	1,785	RELX PLC (Industrials)		58,311
	1,822	Rentokil Initial PLC (Industrials)		13,894
	6,051	Rolls-Royce Holdings PLC (Industrials)*		17,045
	4,293	Sage Group PLC (The) (Information Technology)		52,821
	1,010	Schroders PLC (Financials)		5,270
	321	Severn Trent PLC (Utilities)		9,762
	1,104	Smith & Nephew PLC (Health Care)		14,969
	706	Smiths Group PLC (Industrials)		14,672
	53	Spirax-Sarco Engineering PLC (Industrials)		6,807
	882	SSE PLC (Utilities)		18,178
	1,544	St James’s Place PLC (Financials)		17,311
	2,014	Standard Chartered PLC (Financials)		18,160
	5,796	Taylor Wimpey PLC (Consumer Discretionary)		8,395
	15,806	Tesco PLC (Consumer Staples)		53,216
	1,921	Unilever PLC (Consumer Staples)		98,390
	812	United Utilities Group PLC (Utilities)		9,744
	38,261	Vodafone Group PLC (Communication Services)		35,494
	220	Whitbread PLC (Consumer Discretionary)		9,590
	911	Wise PLC, Class A (Financials)*		7,390
	658	WPP PLC (Communication Services)		6,385

				2,027,073

United States – 9.3%
	897	Experian PLC (Industrials)		31,394
	520	Ferrovial SE (Industrials)		16,508
	4,516	GSK PLC (Health Care)		79,473
	4,442	Haleon PLC (Consumer Staples)		18,152
	644	Holcim AG (Materials)*		42,698
	2,567	Nestle SA (Consumer Staples)		309,232
	404	QIAGEN NV (Health Care)*		18,499
	789	Roche Holding AG (Health Care)		232,524
	88	Roche Holding AG (Health Care)^(a)		27,518
	1,171	Sanofi (Health Care)		125,366
	503	Schneider Electric SE (Industrials)		86,574
	2,894	Stellantis NV (Consumer Discretionary)		53,950


Common Stocks – (continued)
United States – (continued)
	225	Swiss Re AG (Financials)		21,882
	536	Tenaris SA (Energy)		8,587

				1,072,357

	TOTAL COMMON STOCKS
	(Cost $10,608,341)		$	11,460,502


Shares		Description	Rate			Value

Preferred Stocks – 0.5%
Germany – 0.5%
	295	Bayerische Motoren Werke AG (Consumer Discretionary)		9.84	%	$	28,416
	237	Henkel AG & Co. KGaA (Consumer Staples)		2.60			18,191
	57	Volkswagen AG (Consumer Discretionary)		25.69			6,993

	TOTAL PREFERRED STOCKS
	(Cost $61,472)					$	53,600

Units

Description

Expiration

Month

Value

Right – 0.0%

Sweden – 0.0%

510

Swedish Orphan Biovitrum AB*

09/23

461

(Cost $0)

TOTAL INVESTMENTS BEFORE SECURITIES LENDING
REINVESTMENT VEHICLE

(Cost $10,669,813)

11,514,563


Shares		Dividend Rate	Value

Securities Lending Reinvestment Vehicle – 1.1%^(c)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	132,123	5.234%	$	132,123
(Cost $132,123)

	TOTAL INVESTMENTS – 100.5%
	(Cost $10,801,936)		$	11,646,686

	LIABILITIES IN EXCESS OF OTHER ASSETS – (0.5)%			(59,652	)

	NET ASSETS – 100.0%		$	11,587,034


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

GOLDMAN SACHS ACTIVEBETA^® EUROPE EQUITY ETF



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

*		Non-income producing security.

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

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

(c)		Represents an affiliated issuer.



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

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At August 31, 2023, the Fund had the following futures contracts:


Description	Number of Contracts	Expiration Date		Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:

MSCI Europe Index	2		09/15/23	$	64,285	$	(711	)


Sector Name	% of Market Value

Financials		16.2	%
Health Care		15.9
Industrials		15.7
Consumer Staples		13.3
Consumer Discretionary		13.2
Information Technology		6.5
Energy		5.5
Materials		5.3
Utilities		4.0
Communication Services		3.1
Real Estate		0.2
Securities Lending Reinvestment Vehicle		1.1


TOTAL INVESTMENTS		100.0	%


The accompanying notes are an integral part of these financial statements.		61

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Schedule of Investments

August 31, 2023


Shares		Description	Value

Common Stocks – 99.3%
Australia – 6.1%
	46,273	Ampol Ltd. (Energy)	$	1,057,896
	431,219	ANZ Group Holdings Ltd. (Financials)		7,074,138
	214,277	APA Group (Utilities)		1,247,601
	87,589	Aristocrat Leisure Ltd. (Consumer Discretionary)		2,320,136
	33,066	ASX Ltd. (Financials)		1,233,301
	532,770	Aurizon Holdings Ltd. (Industrials)		1,259,427
	646,842	BHP Group Ltd. (Materials)		18,788,890
	711,882	BlueScope Steel Ltd. (Materials)		9,686,671
	332,104	Brambles Ltd. (Industrials)		3,219,855
	32,915	Cochlear Ltd. (Health Care)		5,787,462
	655,693	Coles Group Ltd. (Consumer Staples)		6,909,213
	239,122	Commonwealth Bank of Australia (Financials)		15,824,351
	100,406	Computershare Ltd. (Industrials)		1,637,404
	228,289	Dexus REIT (Real Estate)		1,145,848
	262,055	Endeavour Group Ltd. (Consumer Staples)		933,460
	14,874	Flutter Entertainment PLC (Consumer Discretionary)*		2,710,494
	244,388	Fortescue Metals Group Ltd. (Materials)		3,391,896
	1,944,067	Glencore PLC (Materials)		10,382,110
	59,705	Goodman Group REIT (Real Estate)		903,283
	403,503	GPT Group (The) REIT (Real Estate)		1,097,581
	85,814	IDP Education Ltd. (Consumer Discretionary)		1,368,873
	113,593	IGO Ltd. (Materials)		1,024,074
	416,839	Insurance Australia Group Ltd. (Financials)		1,571,201
	1,718,684	Lottery Corp. Ltd. (The) (Consumer Discretionary)		5,610,054
	52,573	Macquarie Group Ltd. (Financials)		6,044,703
	877,773	Medibank Pvt Ltd. (Financials)		2,080,673
	436,273	National Australia Bank Ltd. (Financials)		8,182,714
	46,824	Newcrest Mining Ltd. (Materials)		789,375
	205,101	Northern Star Resources Ltd. (Materials)		1,582,049
	67,652	Orica Ltd. (Materials)		688,331
	1,684,938	Pilbara Minerals Ltd. (Materials)		5,096,139
	205,481	QBE Insurance Group Ltd. (Financials)		1,993,535
	28,128	REA Group Ltd. (Communication Services)		3,007,279
	43,883	Rio Tinto Ltd. (Materials)		3,208,712
	125,868	Rio Tinto PLC (Materials)		7,771,333
	479,742	Santos Ltd. (Energy)		2,383,107
	96,258	Sonic Healthcare Ltd. (Health Care)		2,004,903
	302,545	Stockland REIT (Real Estate)		830,800
	380,776	Suncorp Group Ltd. (Financials)		3,361,289
	1,031,966	Telstra Group Ltd. (Communication Services)		2,680,095


Common Stocks – (continued)
Australia – (continued)
	377,338	Transurban Group (Industrials)		3,240,519
	152,084	Treasury Wine Estates Ltd. (Consumer Staples)		1,149,463
	714,509	Vicinity Ltd. REIT (Real Estate)		865,346
	97,662	Washington H Soul Pattinson & Co. Ltd. (Financials)		2,087,909
	267,854	Wesfarmers Ltd. (Consumer Discretionary)		9,345,135
	462,408	Westpac Banking Corp. (Financials)		6,573,555
	28,110	WiseTech Global Ltd. (Information Technology)		1,265,278
	248,682	Woodside Energy Group Ltd. (Energy)		5,962,402
	419,762	Woolworths Group Ltd. (Consumer Staples)		10,365,981

				198,745,844

Austria – 0.4%
	39,185	Erste Group Bank AG (Financials)		1,402,196
	51,203	Mondi PLC (Materials)		852,549
	113,143	OMV AG (Energy)		5,252,147
	173,382	voestalpine AG (Materials)		5,077,102

				12,583,994

Belgium – 0.7%
	85,378	Ageas SA/NV (Financials)		3,398,954
	100,901	Anheuser-Busch InBev SA/NV (Consumer Staples)		5,749,429
	8,228	Elia Group SA/NV (Utilities)		951,073
	22,539	Groupe Bruxelles Lambert NV (Financials)		1,819,047
	26,893	KBC Group NV (Financials)		1,767,645
	132	Lotus Bakeries NV (Consumer Staples)		1,041,545
	33,639	Solvay SA (Materials)		3,902,930
	45,634	UCB SA (Health Care)		4,100,991

				22,731,614

Brazil – 0.1%
	28,226	Wheaton Precious Metals Corp. (Materials)		1,229,639
	26,409	Yara International ASA (Materials)		965,528

				2,195,167

Canada – 10.8%
	20,901	Agnico Eagle Mines Ltd. (Materials)		1,013,574
	184,670	Alimentation Couche-Tard, Inc. (Consumer Staples)		9,644,689
	45,703	AltaGas Ltd. (Utilities)		892,474
	570,330	ARC Resources Ltd. (Energy)		8,688,053
	91,933	Bank of Montreal (Financials)		7,907,346
	158,989	Bank of Nova Scotia (The) (Financials)		7,534,923
	30,952	BCE, Inc. (Communication Services)		1,309,503
	74,303	Brookfield Asset Management Ltd., Class A (Financials)		2,564,180
	48,233	Brookfield Corp. (Financials)		1,644,189


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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF


Shares		Description	Value

Common Stocks – (continued)
Canada – (continued)
	37,383	Cameco Corp. (Energy)	$	1,381,537
	31,380	Canadian Apartment Properties REIT (Real Estate)		1,124,202
	132,462	Canadian Imperial Bank of Commerce (Financials)		5,241,890
	43,202	Canadian National Railway Co. (Industrials)		4,860,006
	150,661	Canadian Natural Resources Ltd. (Energy)		9,734,864
	76,128	Canadian Pacific Kansas City Ltd. (Industrials)		6,035,322
	8,300	Canadian Tire Corp. Ltd., Class A (Consumer Discretionary)		983,399
	54,623	Canadian Utilities Ltd., Class A (Utilities)		1,292,752
	31,658	CCL Industries, Inc., Class B (Materials)		1,413,080
	628,659	Cenovus Energy, Inc. (Energy)		12,517,886
	61,733	CGI, Inc. (Information Technology)*		6,429,047
	8,794	Constellation Software, Inc. (Information Technology)		18,040,131
	20,871	Descartes Systems Group, Inc. (The) (Information Technology)*		1,562,838
	150,566	Dollarama, Inc. (Consumer Discretionary)		9,749,871
	150,775	Element Fleet Management Corp. (Financials)		2,314,643
	40,254	Emera, Inc. (Utilities)		1,506,977
	482,794	Empire Co. Ltd., Class A (Consumer Staples)		12,560,959
	176,178	Enbridge, Inc. (Energy)		6,177,526
	9,276	Fairfax Financial Holdings Ltd. (Financials)		7,639,579
	23,589	FirstService Corp. (Real Estate)		3,562,541
	46,164	Fortis, Inc. (Utilities)		1,808,072
	8,587	Franco-Nevada Corp. (Materials)		1,235,482
	94,880	George Weston Ltd. (Consumer Staples)		10,508,717
	26,214	GFL Environmental, Inc. (Industrials)		848,450
	130,416	Great-West Lifeco, Inc. (Financials)^(a)		3,742,972
	98,946	Hydro One Ltd. (Utilities)^(b)		2,568,449
	128,179	iA Financial Corp., Inc. (Financials)		8,031,142
	58,898	IGM Financial, Inc. (Financials)		1,676,892
	114,761	Imperial Oil Ltd. (Energy)		6,508,453
	22,876	Intact Financial Corp. (Financials)		3,221,019
	73,800	Ivanhoe Mines Ltd., Class A (Materials)*		655,661
	48,073	Keyera Corp. (Energy)		1,186,058
	163,862	Loblaw Cos. Ltd. (Consumer Staples)		14,210,376
	476,149	Manulife Financial Corp. (Financials)		8,791,309
	68,074	Metro, Inc. (Consumer Staples)		3,503,953
	75,079	National Bank of Canada (Financials)		5,225,758
	66,888	Northland Power, Inc. (Utilities)		1,263,157
	92,389	Nutrien Ltd. (Materials)		5,844,691
	37,315	Open Text Corp. (Information Technology)		1,501,757


Common Stocks – (continued)
Canada – (continued)
	153,504	Parkland Corp. (Energy)		4,056,150
	86,181	Pembina Pipeline Corp. (Energy)		2,675,341
	237,325	Power Corp. of Canada (Financials)		6,472,739
	64,963	Quebecor, Inc., Class B (Communication Services)		1,483,209
	23,740	RB Global, Inc. (Industrials)		1,466,214
	48,339	Restaurant Brands International, Inc. (Consumer Discretionary)		3,353,128
	37,992	Rogers Communications, Inc., Class B (Communication Services)		1,543,605
	224,788	Royal Bank of Canada (Financials)		20,226,683
	128,097	Saputo, Inc. (Consumer Staples)		2,765,596
	58,338	Shopify, Inc., Class A (Information Technology)*		3,875,977
	32,050	Stantec, Inc. (Industrials)		2,138,167
	99,798	Sun Life Financial, Inc. (Financials)^(a)		4,861,736
	290,719	Suncor Energy, Inc. (Energy)^(a)		9,834,960
	46,994	TC Energy Corp. (Energy)		1,695,042
	20,123	Teck Resources Ltd., Class B (Materials)		831,127
	80,460	TELUS Corp. (Communication Services)		1,411,224
	15,119	TFI International, Inc. (Industrials)		2,057,512
	29,945	Thomson Reuters Corp. (Industrials)		3,850,941
	90,211	TMX Group Ltd. (Financials)		1,993,650
	30,604	Toromont Industries Ltd. (Industrials)		2,507,223
	260,939	Toronto-Dominion Bank (The) (Financials)		15,896,073
	41,421	Tourmaline Oil Corp. (Energy)		2,121,336
	42,902	West Fraser Timber Co. Ltd. (Materials)		3,238,856
	88,256	WSP Global, Inc. (Industrials)		12,345,859

				350,362,697

Chile – 0.0%
	35,878	Antofagasta PLC (Materials)		658,302
	86,225	Lundin Mining Corp. (Materials)		667,902

				1,326,204

China – 0.7%
	1,520,763	BOC Hong Kong Holdings Ltd. (Financials)		4,227,708
	42,991	Prosus NV (Consumer Discretionary)*		2,975,994
	3,750,782	SITC International Holdings Co. Ltd. (Industrials)		6,992,882
	3,367,209	Wilmar International Ltd. (Consumer Staples)		9,424,695

				23,621,279

Denmark – 3.0%
	3,496	AP Moller – Maersk A/S, Class A (Industrials)^(a)		6,272,176
	3,517	AP Moller – Maersk A/S, Class B (Industrials)		6,404,602


The accompanying notes are an integral part of these financial statements.		63

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Schedule of Investments (continued)

August 31, 2023


Shares		Description	Value

Common Stocks – (continued)
Denmark – (continued)
	26,400	Carlsberg AS, Class B (Consumer Staples)	$	3,829,124
	14,842	Chr Hansen Holding A/S (Materials)		971,318
	24,078	Coloplast A/S, Class B (Health Care)		2,753,194
	183,463	Danske Bank A/S (Financials)		4,131,755
	56,374	Demant A/S (Health Care)*		2,312,607
	10,079	DSV A/S (Industrials)		1,919,090
	8,532	Genmab A/S (Health Care)*		3,280,129
	303,164	Novo Nordisk A/S, Class B (Health Care)		56,244,903
	30,663	Novozymes A/S, Class B (Materials)		1,332,892
	55,259	Pandora A/S (Consumer Discretionary)		5,744,016
	4,823	ROCKWOOL A/S, Class B (Industrials)		1,235,082
	116,962	Tryg A/S (Financials)		2,235,529

				98,666,417

Finland – 0.7%
	32,520	Elisa OYJ (Communication Services)		1,597,832
	24,641	Kone OYJ, Class B (Industrials)		1,123,253
	101,166	Metso Corp. (Industrials)		1,166,631
	800,903	Nokia OYJ (Information Technology)		3,204,963
	414,320	Nordea Bank Abp (Financials)		4,547,345
	177,740	Orion OYJ, Class B (Health Care)		7,290,075
	64,826	Sampo OYJ, Class A (Financials)		2,851,647
	44,414	UPM-Kymmene OYJ (Materials)		1,524,234
	56,164	Wartsila OYJ Abp (Industrials)		714,728

				24,020,708

France – 10.4%
	44,330	Accor SA (Consumer Discretionary)		1,592,078
	8,257	Aeroports de Paris (Industrials)		1,089,747
	49,402	Air Liquide SA (Materials)		8,946,779
	45,850	Airbus SE (Industrials)		6,736,957
	91,708	Alstom SA (Industrials)		2,539,146
	31,013	Arkema SA (Materials)		3,252,899
	348,716	AXA SA (Financials)		10,512,255
	43,641	BioMerieux (Health Care)		4,528,168
	151,798	BNP Paribas SA (Financials)		9,837,462
	1,028,094	Bollore SE (Communication Services)		6,098,077
	66,796	Bouygues SA (Industrials)		2,312,656
	76,466	Bureau Veritas SA (Industrials)		2,053,232
	42,540	Capgemini SE (Information Technology)		7,957,538
	477,564	Carrefour SA (Consumer Staples)		9,158,789
	173,129	Cie de Saint-Gobain SA (Industrials)		11,304,402
	71,459	Cie Generale des Etablissements Michelin (Consumer Discretionary)		2,242,203
	369,466	Credit Agricole SA (Financials)		4,674,056
	99,581	Danone SA (Consumer Staples)		5,817,961
	16,617	Dassault Aviation SA (Industrials)		3,275,204


Common Stocks – (continued)
France – (continued)
	109,326	Dassault Systemes (Information Technology)		4,344,033
	63,290	Edenred (Financials)		4,041,827
	108,885	Eiffage SA (Industrials)		10,792,049
	374,485	Engie SA (Utilities)		6,052,002
	41,092	EssilorLuxottica SA (Health Care)		7,755,804
	101,945	Eurazeo SE (Financials)		6,024,677
	8,376	Gecina SA REIT (Real Estate)		898,635
	104,437	Getlink SE (Industrials)		1,751,836
	7,538	Hermes International SCA (Consumer Discretionary)		15,551,149
	118,423	Ipsen SA (Health Care)		15,397,947
	10,694	Kering (Consumer Discretionary)		5,736,049
	41,140	Klepierre SA REIT (Real Estate)		1,089,492
	231,245	La Francaise des Jeux SAEM (Consumer Discretionary)^(b)		8,382,793
	37,070	Legrand SA (Industrials)		3,665,312
	50,431	L’Oreal SA (Consumer Staples)		22,211,586
	47,852	LVMH Moet Hennessy Louis Vuitton SE (Consumer Discretionary)		40,624,483
	244,697	Orange SA (Communication Services)		2,750,898
	20,667	Pernod Ricard SA (Consumer Staples)		4,064,485
	54,526	Publicis Groupe SA (Communication Services)		4,264,497
	17,671	Remy Cointreau SA (Consumer Staples)*		2,741,670
	53,438	Renault SA (Consumer Discretionary)		2,165,391
	38,380	Safran SA (Industrials)		6,177,547
	9,867	Sartorius Stedim Biotech (Health Care)		2,806,869
	30,197	SEB SA (Consumer Discretionary)		3,326,594
	114,532	Societe Generale SA (Financials)		3,258,717
	25,596	Sodexo SA (Consumer Discretionary)		2,750,838
	23,948	Thales SA (Industrials)		3,503,717
	376,295	TotalEnergies SE (Energy)		23,716,479
	48,973	Valeo SE (Consumer Discretionary)		956,752
	91,788	Veolia Environnement SA (Utilities)		2,875,095
	84,544	Vinci SA (Industrials)		9,447,595
	182,095	Vivendi SE (Communication Services)		1,662,126
	16,688	Wendel SE (Financials)		1,529,586

				336,248,139

Germany – 7.5%
	45,214	adidas AG (Consumer Discretionary)		9,050,048
	45,737	Allianz SE (Financials)		11,136,884
	52,152	BASF SE (Materials)		2,648,463
	155,349	Bayer AG (Health Care)		8,521,453
	70,536	Bayerische Motoren Werke AG (Consumer Discretionary)		7,438,973
	22,324	Bechtle AG (Information Technology)		1,088,867
	39,867	Beiersdorf AG (Consumer Staples)		5,226,975
	40,410	Brenntag SE (Industrials)		3,278,022
	10,620	Carl Zeiss Meditec AG (Health Care)		1,057,203
	432,691	Commerzbank AG (Financials)		4,766,656
	12,140	Covestro AG (Materials)*^(b)		646,554
	31,192	Daimler Truck Holding AG (Industrials)		1,099,924


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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF


Shares		Description	Value

Common Stocks – (continued)
Germany – (continued)
	538,688	Deutsche Bank AG (Financials)	$	5,877,055
	29,923	Deutsche Boerse AG (Financials)		5,321,346
	488,075	Deutsche Lufthansa AG (Industrials)*		4,368,703
	414,253	Deutsche Telekom AG (Communication Services)		8,876,193
	306,752	DHL Group (Industrials)		14,344,435
	763,479	E.ON SE (Utilities)		9,429,948
	49,168	Evonik Industries AG (Materials)		944,819
	104,627	Fresenius Medical Care AG & Co. KGaA (Health Care)		5,058,962
	235,151	Fresenius SE & Co. KGaA (Health Care)		7,557,100
	46,608	GEA Group AG (Industrials)		1,841,331
	16,153	Hannover Rueck SE (Financials)		3,440,589
	95,707	Heidelberg Materials AG (Materials)		7,715,881
	261,743	HelloFresh SE (Consumer Staples)*		8,471,351
	27,659	Henkel AG & Co. KGaA (Consumer Staples)		1,914,657
	65,877	Infineon Technologies AG (Information Technology)		2,360,560
	38,146	Knorr-Bremse AG (Industrials)		2,612,452
	134,158	Mercedes-Benz Group AG (Consumer Discretionary)		9,834,393
	32,565	Merck KGaA (Health Care)		5,867,176
	8,811	MTU Aero Engines AG (Industrials)		2,063,700
	17,648	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Financials)		6,861,057
	93,813	Nemetschek SE (Information Technology)		6,490,005
	87,685	Puma SE (Consumer Discretionary)		5,900,474
	6,870	Rational AG (Industrials)		5,245,547
	11,158	Rheinmetall AG (Industrials)		3,043,328
	54,323	RWE AG (Utilities)		2,243,998
	140,902	SAP SE (Information Technology)		19,700,189
	11,769	Scout24 SE (Communication Services)^(b)		812,649
	79,666	Siemens AG (Industrials)		12,008,331
	392,868	Siemens Energy AG (Industrials)*		5,611,416
	25,403	Siemens Healthineers AG (Health Care)^(b)		1,275,166
	15,085	Symrise AG (Materials)		1,574,381
	52,049	Talanx AG (Financials)		3,505,291
	696,704	Telefonica Deutschland Holding AG (Communication Services)		1,326,319
	168,582	Zalando SE (Consumer Discretionary)*^(b)		5,256,743

				244,715,567

Hong Kong – 1.3%
	582,829	AIA Group Ltd. (Financials)		5,291,858
	237,761	CK Asset Holdings Ltd. (Real Estate)		1,312,851
	148,925	CLP Holdings Ltd. (Utilities)		1,167,965
	16,224	Futu Holdings Ltd. ADR (Financials)*		966,950
	78,537	Hang Seng Bank Ltd. (Financials)		1,001,524


Common Stocks – (continued)
Hong Kong – (continued)
	1,285,211	HKT Trust & HKT Ltd. (Communication Services)	$	1,370,149
	997,059	Hong Kong & China Gas Co. Ltd. (Utilities)		733,641
	171,199	Hong Kong Exchanges & Clearing Ltd. (Financials)		6,636,847
	179,620	Hongkong Land Holdings Ltd. (Real Estate)		637,651
	49,970	Jardine Matheson Holdings Ltd. (Industrials)		2,376,573
	219,732	MTR Corp. Ltd. (Industrials)		917,681
	1,716,676	New World Development Co. Ltd. (Real Estate)		3,647,123
	266,153	Power Assets Holdings Ltd. (Utilities)		1,311,801
	167,049	Prudential PLC (Financials)		2,045,216
	124,815	Sun Hung Kai Properties Ltd. (Real Estate)		1,405,447
	173,149	Swire Pacific Ltd., Class A (Real Estate)		1,428,602
	406,489	Techtronic Industries Co. Ltd. (Industrials)		4,017,330
	13,748,207	WH Group Ltd. (Consumer Staples)^(b)		7,082,954

				43,352,163

Ireland – 0.6%
	51,643	AerCap Holdings NV (Industrials)*		3,177,077
	499,099	AIB Group PLC (Financials)		2,276,212
	215,659	Bank of Ireland Group PLC (Financials)		2,152,935
	97,125	CRH PLC (Materials)		5,599,626
	16,843	Kerry Group PLC, Class A (Consumer Staples)		1,574,687
	25,602	Kingspan Group PLC (Industrials)		2,169,620
	83,511	Smurfit Kappa Group PLC (Materials)		3,514,969

				20,465,126

Israel – 0.8%
	206,393	Bank Hapoalim BM (Financials)		1,713,829
	197,408	Bank Leumi Le-Israel BM (Financials)		1,536,833
	28,881	Check Point Software Technologies Ltd. (Information Technology)*		3,887,094
	215,921	ICL Group Ltd. (Materials)		1,296,106
	296,999	Israel Discount Bank Ltd., Class A (Financials)		1,489,569
	27,048	Mizrahi Tefahot Bank Ltd. (Financials)		891,559
	1,075,016	Teva Pharmaceutical Industries Ltd. ADR (Health Care)*		10,492,156
	35,105	Wix.com Ltd. (Information Technology)*		3,467,321

				24,774,467


The accompanying notes are an integral part of these financial statements.		65

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Schedule of Investments (continued)

August 31, 2023


Shares		Description	Value

Common Stocks – (continued)
Italy – 2.4%
	308,952	Assicurazioni Generali SpA (Financials)	$	6,414,694
	113,655	Coca-Cola HBC AG (Consumer Staples)*		3,280,731
	151,801	Davide Campari-Milano NV (Consumer Staples)		1,988,620
	16,835	DiaSorin SpA (Health Care)		1,782,604
	759,756	Enel SpA (Utilities)		5,120,775
	555,977	Eni SpA (Energy)		8,619,391
	30,630	Ferrari NV (Consumer Discretionary)		9,740,574
	201,448	FinecoBank Banca Fineco SpA (Financials)		2,768,003
	93,211	Infrastrutture Wireless Italiane SpA (Communication Services)^(b)		1,154,817
	1,447,979	Intesa Sanpaolo SpA (Financials)		3,884,907
	172,939	Mediobanca Banca di Credito Finanziario SpA (Financials)		2,265,532
	118,206	Moncler SpA (Consumer Discretionary)		8,036,394
	389,802	Poste Italiane SpA (Financials)^(b)		4,338,600
	99,672	Prysmian SpA (Industrials)		4,088,086
	88,543	Recordati Industria Chimica e Farmaceutica SpA (Health Care)		4,457,126
	337,172	Snam SpA (Utilities)		1,743,385
	196,971	Terna – Rete Elettrica Nazionale (Utilities)		1,629,023
	271,585	UniCredit SpA (Financials)		6,651,369

				77,964,631

Japan – 20.4%
	63,151	Advantest Corp. (Information Technology)		7,942,403
	78,734	Aeon Co. Ltd. (Consumer Staples)^(a)		1,632,709
	80,436	Aisin Corp. (Consumer Discretionary)		2,689,027
	78,602	Ajinomoto Co., Inc. (Consumer Staples)		3,332,831
	58,068	ANA Holdings, Inc. (Industrials)*		1,312,249
	97,089	Asahi Group Holdings Ltd. (Consumer Staples)		3,785,261
	45,357	Asahi Intecc Co. Ltd. (Health Care)		924,369
	551,645	Astellas Pharma, Inc. (Health Care)		8,391,097
	41,799	Azbil Corp. (Information Technology)		1,395,358
	194,913	Bandai Namco Holdings, Inc. (Consumer Discretionary)		4,527,910
	156,347	BayCurrent Consulting, Inc. (Industrials)		5,383,573
	84,825	Bridgestone Corp. (Consumer Discretionary)		3,298,378
	231,663	Brother Industries Ltd. (Information Technology)		3,928,015
	144,731	Canon, Inc. (Information Technology)		3,566,953
	105,264	Capcom Co. Ltd. (Communication Services)		4,441,644


Common Stocks – (continued)
Japan – (continued)
	10,654	Central Japan Railway Co. (Industrials)		1,367,746
	248,639	Chiba Bank Ltd. (The) (Financials)		1,778,738
	142,055	Chubu Electric Power Co., Inc. (Utilities)		1,897,840
	111,892	Chugai Pharmaceutical Co. Ltd. (Health Care)		3,425,508
	256,109	Concordia Financial Group Ltd. (Financials)		1,137,129
	431,157	CyberAgent, Inc. (Communication Services)		2,748,317
	91,124	Dai-ichi Life Holdings, Inc. (Financials)		1,697,172
	191,814	Daiichi Sankyo Co. Ltd. (Health Care)		5,664,103
	17,534	Daikin Industries Ltd. (Industrials)		3,038,054
	28,086	Daito Trust Construction Co. Ltd. (Real Estate)		3,099,231
	80,702	Daiwa House Industry Co. Ltd. (Real Estate)		2,243,924
	547	Daiwa House REIT Investment Corp. REIT (Real Estate)		1,037,754
	253,863	Daiwa Securities Group, Inc. (Financials)		1,445,564
	31,673	Denso Corp. (Consumer Discretionary)		2,166,648
	109,823	Dentsu Group, Inc. (Communication Services)		3,285,223
	15,021	Disco Corp. (Information Technology)		2,965,818
	40,720	East Japan Railway Co. (Industrials)		2,302,483
	74,046	Eisai Co. Ltd. (Health Care)		4,708,712
	316,325	ENEOS Holdings, Inc. (Energy)		1,186,993
	22,768	FANUC Corp. (Industrials)		649,487
	26,946	Fast Retailing Co. Ltd. (Consumer Discretionary)		6,196,738
	55,943	FUJIFILM Holdings Corp. (Information Technology)		3,310,046
	44,127	Fujitsu Ltd. (Information Technology)		5,517,959
	1,238	GLP J REIT (Real Estate)		1,167,547
	12,674	GMO Payment Gateway, Inc. (Financials)		803,350
	172,445	Hakuhodo DY Holdings, Inc. (Communication Services)		1,638,752
	26,186	Hamamatsu Photonics KK (Information Technology)		1,213,386
	76,774	Hankyu Hanshin Holdings, Inc. (Industrials)		2,758,032
	9,335	Hikari Tsushin, Inc. (Industrials)		1,555,566
	6,496	Hirose Electric Co. Ltd. (Information Technology)		787,766
	22,120	Hitachi Construction Machinery Co. Ltd. (Industrials)		689,954
	117,312	Hitachi Ltd. (Industrials)		7,811,399
	472,186	Honda Motor Co. Ltd. (Consumer Discretionary)		15,253,568
	29,045	Hoshizaki Corp. (Industrials)		1,116,033
	95,804	Hoya Corp. (Health Care)		10,630,996


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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF


Shares		Description	Value

Common Stocks – (continued)
Japan – (continued)
	52,758	Ibiden Co. Ltd. (Information Technology)	$	3,186,100
	85,320	Iida Group Holdings Co. Ltd. (Consumer Discretionary)		1,399,193
	672,835	Inpex Corp. (Energy)		9,404,947
	179,207	Isuzu Motors Ltd. (Consumer Discretionary)		2,301,865
	262,972	ITOCHU Corp. (Industrials)		9,884,142
	27,176	Itochu Techno-Solutions Corp. (Information Technology)		807,337
	206,688	Japan Airlines Co. Ltd. (Industrials)		4,260,540
	49,006	Japan Exchange Group, Inc. (Financials)		856,010
	1,761	Japan Metropolitan Fund Invest REIT (Real Estate)		1,182,991
	266,361	Japan Post Bank Co. Ltd. (Financials)		2,137,877
	877,664	Japan Post Holdings Co. Ltd. (Financials)		6,733,872
	256,567	Japan Post Insurance Co. Ltd. (Financials)		4,137,040
	280	Japan Real Estate Investment Corp. REIT (Real Estate)		1,163,581
	195,248	Japan Tobacco, Inc. (Consumer Staples)		4,279,537
	128,476	JFE Holdings, Inc. (Materials)		2,032,795
	120,469	Kajima Corp. (Industrials)		2,013,678
	149,729	Kansai Electric Power Co., Inc. (The) (Utilities)		2,133,035
	82,603	Kao Corp. (Consumer Staples)		3,199,494
	19,289	Kawasaki Kisen Kaisha Ltd. (Industrials)		647,361
	288,213	KDDI Corp. (Communication Services)		8,562,154
	50,936	Keisei Electric Railway Co. Ltd. (Industrials)		1,951,582
	15,106	Keyence Corp. (Information Technology)		6,279,597
	45,158	Kikkoman Corp. (Consumer Staples)		2,613,602
	62,232	Kintetsu Group Holdings Co. Ltd. (Industrials)		1,970,171
	129,772	Kirin Holdings Co. Ltd. (Consumer Staples)		1,823,770
	18,380	Kobayashi Pharmaceutical Co. Ltd. (Consumer Staples)		909,247
	79,464	Komatsu Ltd. (Industrials)		2,265,176
	56,970	Kose Corp. (Consumer Staples)		4,731,032
	37,873	Kyocera Corp. (Information Technology)		1,945,354
	43,416	Kyowa Kirin Co. Ltd. (Health Care)		796,390
	60,697	M3, Inc. (Health Care)		1,210,521
	647,109	Marubeni Corp. (Industrials)		10,598,835
	55,246	MatsukiyoCocokara & Co. (Consumer Staples)		3,254,006
	647,727	Mazda Motor Corp. (Consumer Discretionary)		6,818,296
	62,435	McDonald’s Holdings Co. Japan Ltd. (Consumer Discretionary)		2,483,076


Common Stocks – (continued)
Japan – (continued)
	62,303	MEIJI Holdings Co. Ltd. (Consumer Staples)		1,562,871
	150,812	MISUMI Group, Inc. (Industrials)		2,634,820
	385,647	Mitsubishi Chemical Group Corp. (Materials)		2,305,379
	285,254	Mitsubishi Corp. (Industrials)		14,099,583
	220,152	Mitsubishi Electric Corp. (Industrials)		2,871,646
	102,009	Mitsubishi Estate Co. Ltd. (Real Estate)		1,305,023
	475,361	Mitsubishi HC Capital, Inc. (Financials)		3,091,797
	27,480	Mitsubishi Heavy Industries Ltd. (Industrials)		1,561,010
	1,144,453	Mitsubishi UFJ Financial Group, Inc. (Financials)		9,146,348
	316,387	Mitsui & Co. Ltd. (Industrials)		11,804,885
	57,957	Mitsui Fudosan Co. Ltd. (Real Estate)		1,270,727
	82,202	Mitsui OSK Lines Ltd. (Industrials)		2,278,856
	405,365	Mizuho Financial Group, Inc. (Financials)		6,710,373
	362,532	MonotaRO Co. Ltd. (Industrials)		4,288,080
	92,250	MS&AD Insurance Group Holdings, Inc. (Financials)		3,320,328
	54,409	Murata Manufacturing Co. Ltd. (Information Technology)		3,058,953
	139,610	NEC Corp. (Information Technology)		7,370,556
	72,743	Nexon Co. Ltd. (Communication Services)		1,477,495
	64,210	NGK Insulators Ltd. (Industrials)		852,987
	114,611	Nintendo Co. Ltd. (Communication Services)		4,933,662
	228	Nippon Building Fund, Inc. REIT (Real Estate)		963,149
	35,474	NIPPON EXPRESS HOLDINGS, Inc. (Industrials)		1,844,302
	400	Nippon Prologis REIT, Inc. REIT (Real Estate)		804,753
	101,100	Nippon Steel Corp. (Materials)		2,393,734
	11,410,893	Nippon Telegraph & Telephone Corp. (Communication Services)		13,191,285
	191,107	Nippon Yusen KK (Industrials)		5,101,087
	23,479	Nissan Chemical Corp. (Materials)		1,007,637
	22,699	Nissin Foods Holdings Co. Ltd. (Consumer Staples)		1,983,249
	34,865	Nitori Holdings Co. Ltd. (Consumer Discretionary)		3,980,192
	20,370	Nitto Denko Corp. (Materials)		1,392,047
	193,279	Nomura Holdings, Inc. (Financials)		749,033
	39,817	Nomura Real Estate Holdings, Inc. (Real Estate)		1,003,185
	1,030	Nomura Real Estate Master Fund, Inc. REIT (Real Estate)		1,210,516
	65,367	Nomura Research Institute Ltd. (Information Technology)		1,879,046


The accompanying notes are an integral part of these financial statements.		67

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Schedule of Investments (continued)

August 31, 2023


Shares		Description	Value

Common Stocks – (continued)
Japan – (continued)
	71,082	NTT Data Group Corp. (Information Technology)	$	957,460
	561,812	Obayashi Corp. (Industrials)		5,090,016
	5,717	Obic Co. Ltd. (Information Technology)		994,688
	214,206	Oji Holdings Corp. (Materials)		876,923
	285,972	Olympus Corp. (Health Care)		3,870,645
	53,720	Omron Corp. (Information Technology)		2,596,980
	120,701	Ono Pharmaceutical Co. Ltd. (Health Care)		2,289,493
	47,713	Oracle Corp. Japan (Information Technology)		3,333,044
	105,574	Oriental Land Co. Ltd. (Consumer Discretionary)		3,806,422
	121,603	ORIX Corp. (Financials)		2,271,938
	58,825	Osaka Gas Co. Ltd. (Utilities)		941,459
	23,772	Otsuka Corp. (Information Technology)		1,060,543
	123,102	Otsuka Holdings Co. Ltd. (Health Care)		4,689,519
	71,090	Pan Pacific International Holdings Corp. (Consumer Discretionary)		1,418,284
	334,878	Panasonic Holdings Corp. (Consumer Discretionary)		3,863,225
	309,138	Persol Holdings Co. Ltd. (Industrials)		5,297,931
	287,192	Recruit Holdings Co. Ltd. (Industrials)		10,297,367
	319,035	Renesas Electronics Corp. (Information Technology)*		5,370,026
	484,883	Resona Holdings, Inc. (Financials)		2,572,210
	740,688	Ricoh Co. Ltd. (Information Technology)		6,044,148
	54,931	SBI Holdings, Inc. (Financials)		1,122,692
	27,449	Secom Co. Ltd. (Industrials)		1,922,194
	176,230	Seiko Epson Corp. (Information Technology)		2,762,956
	88,584	Sekisui Chemical Co. Ltd. (Consumer Discretionary)		1,360,537
	106,613	Sekisui House Ltd. (Consumer Discretionary)		2,175,320
	161,420	Seven & i Holdings Co. Ltd. (Consumer Staples)		6,631,542
	60,736	Shimadzu Corp. (Information Technology)		1,788,058
	211,726	Shimizu Corp. (Industrials)		1,424,789
	132,482	Shin-Etsu Chemical Co. Ltd. (Materials)		4,239,679
	25,611	Shionogi & Co. Ltd. (Health Care)		1,128,865
	157,735	Shiseido Co. Ltd. (Consumer Staples)		6,409,728
	236,279	Shizuoka Financial Group, Inc. (Financials)		1,923,211
	381,195	SoftBank Corp. (Communication Services)		4,372,673
	146,381	SoftBank Group Corp. (Communication Services)		6,580,785
	39,290	Sompo Holdings, Inc. (Financials)		1,712,907


Common Stocks – (continued)
Japan – (continued)
	66,336	Sony Group Corp. (Consumer Discretionary)		5,533,885
	47,310	Square Enix Holdings Co. Ltd. (Communication Services)		1,797,055
	342,652	Subaru Corp. (Consumer Discretionary)		6,612,500
	75,069	SUMCO Corp. (Information Technology)		1,003,945
	322,529	Sumitomo Chemical Co. Ltd. (Materials)		893,692
	282,647	Sumitomo Corp. (Industrials)		5,822,429
	89,179	Sumitomo Electric Industries Ltd. (Consumer Discretionary)		1,093,719
	182,884	Sumitomo Mitsui Financial Group, Inc. (Financials)		8,392,678
	67,352	Sumitomo Mitsui Trust Holdings, Inc. (Financials)		2,521,797
	78,573	Suntory Beverage & Food Ltd. (Consumer Staples)		2,544,171
	19,067	Suzuki Motor Corp. (Consumer Discretionary)		751,102
	57,904	Sysmex Corp. (Health Care)		3,082,831
	40,308	T&D Holdings, Inc. (Financials)		640,537
	108,433	Taisei Corp. (Industrials)		3,651,798
	418,622	Takeda Pharmaceutical Co. Ltd. (Health Care)		12,962,517
	55,256	Terumo Corp. (Health Care)		1,674,930
	53,828	TIS, Inc. (Information Technology)		1,270,782
	86,801	Tobu Railway Co. Ltd. (Industrials)		2,380,715
	30,107	Toho Co. Ltd. (Communication Services)		1,148,775
	229,652	Tokio Marine Holdings, Inc. (Financials)		5,090,408
	64,264	Tokyo Electron Ltd. (Information Technology)		9,523,617
	223,725	Tokyo Gas Co. Ltd. (Utilities)		5,189,541
	181,981	Tokyu Corp. (Industrials)		2,300,622
	136,409	TOPPAN, Inc. (Industrials)		3,299,077
	216,938	Toray Industries, Inc. (Materials)		1,171,377
	33,234	Toshiba Corp. (Industrials)		1,050,540
	64,452	Tosoh Corp. (Materials)		834,952
	27,300	TOTO Ltd. (Industrials)		749,140
	9,363	Toyota Industries Corp. (Industrials)		662,423
	711,848	Toyota Motor Corp. (Consumer Discretionary)		12,297,268
	47,423	Toyota Tsusho Corp. (Industrials)		2,832,318
	45,359	Trend Micro, Inc. (Information Technology)		1,928,268
	59,920	Unicharm Corp. (Consumer Staples)		2,392,108
	97,890	USS Co. Ltd. (Consumer Discretionary)		1,710,898
	306,145	Welcia Holdings Co. Ltd. (Consumer Staples)^(a)		5,630,410
	42,807	West Japan Railway Co. (Industrials)		1,853,593
	39,892	Yakult Honsha Co. Ltd. (Consumer Staples)		2,091,806


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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF


Shares		Description	Value

Common Stocks – (continued)
Japan – (continued)
	38,369	Yamaha Motor Co. Ltd. (Consumer Discretionary)	$	995,957
	64,831	Yamato Holdings Co. Ltd. (Industrials)		1,218,601
	106,247	Yokogawa Electric Corp. (Information Technology)		2,108,009
	159,563	Zensho Holdings Co. Ltd. (Consumer Discretionary)		7,525,223
	320,366	ZOZO, Inc. (Consumer Discretionary)		6,402,479

				664,108,861

Jordan – 0.1%
	138,841	Hikma Pharmaceuticals PLC (Health Care)		3,851,162

Luxembourg – 0.4%
	451,810	ArcelorMittal (Materials)		12,028,828
	36,531	Eurofins Scientific SE (Health Care)		2,253,646

				14,282,474

Macau – 0.1%
	145,777	Galaxy Entertainment Group Ltd. (Consumer Discretionary)*		964,813
	481,463	Sands China Ltd. (Consumer Discretionary)*		1,630,101

				2,594,914

Netherlands – 4.5%
	128,833	ABN AMRO Bank NV (Financials)^(a)(b)		1,900,974
	183,183	Aegon NV (Financials)		942,396
	22,490	Akzo Nobel NV (Materials)		1,831,691
	2,483	Argenx SE (Health Care)*		1,252,601
	8,408	ASM International NV (Information Technology)		4,062,728
	52,669	ASML Holding NV (Information Technology)		34,750,188
	25,152	ASR Nederland NV (Financials)		1,102,050
	16,350	BE Semiconductor Industries NV (Information Technology)		1,882,795
	14,645	Euronext NV (Financials)^(b)		1,059,399
	67,617	EXOR NV (Financials)		5,998,746
	56,950	Heineken Holding NV (Consumer Staples)		4,567,811
	34,439	Heineken NV (Consumer Staples)		3,357,326
	7,265	IMCD NV (Industrials)		1,003,375
	395,122	ING Groep NV (Financials)		5,617,880
	101,534	JDE Peet’s NV (Consumer Staples)		2,829,935
	499,678	Koninklijke Ahold Delhaize NV (Consumer Staples)		16,364,677
	769,797	Koninklijke KPN NV (Communication Services)		2,696,157
	95,483	Koninklijke Philips NV (Health Care)*		2,155,556
	54,848	NN Group NV (Financials)		2,116,862
	109,096	Randstad NV (Industrials)		6,415,312


Common Stocks – (continued)
Netherlands – (continued)
	970,601	Shell PLC (Energy)		29,658,988
	68,847	Universal Music Group NV (Communication Services)		1,710,412
	103,046	Wolters Kluwer NV (Industrials)		12,436,720

				145,714,579

New Zealand – 0.2%
	191,206	Fisher & Paykel Healthcare Corp. Ltd. (Health Care)		2,585,616
	358,292	Spark New Zealand Ltd. (Communication Services)		1,082,726
	34,722	Xero Ltd. (Information Technology)*		2,813,212

				6,481,554

Norway – 0.7%
	54,018	Aker BP ASA (Energy)		1,465,580
	152,664	DNB Bank ASA (Financials)		3,022,524
	265,773	Equinor ASA (Energy)		8,200,194
	251,044	Gjensidige Forsikring ASA (Financials)		3,905,913
	41,460	Kongsberg Gruppen ASA (Industrials)		1,718,089
	346,080	Orkla ASA (Consumer Staples)		2,644,447
	96,742	Telenor ASA (Communication Services)		1,035,890

				21,992,637

Portugal – 0.4%
	246,747	EDP – Energias de Portugal SA (Utilities)		1,126,396
	79,901	Galp Energia SGPS SA (Energy)		1,101,785
	402,536	Jeronimo Martins SGPS SA (Consumer Staples)		10,266,975

				12,495,156

Singapore – 1.6%
	576,693	CapitaLand Integrated Commercial Trust REIT (Real Estate)		815,612
	152,210	City Developments Ltd. (Real Estate)		752,879
	391,888	DBS Group Holdings Ltd. (Financials)		9,662,992
	2,248,719	Genting Singapore Ltd. (Consumer Discretionary)		1,456,964
	58,030	Jardine Cycle & Carriage Ltd. (Industrials)		1,436,033
	392,783	Keppel Corp. Ltd. (Industrials)		2,018,448
	895,239	Oversea-Chinese Banking Corp. Ltd. (Financials)		8,319,326
	7,502,151	Seatrium Ltd. (Industrials)*		805,488
	334,930	Sembcorp Industries Ltd. (Utilities)		1,326,824
	394,464	Singapore Airlines Ltd. (Industrials)		2,006,640
	1,353,208	Singapore Exchange Ltd. (Financials)		9,649,310
	1,034,456	Singapore Telecommunications Ltd. (Communication Services)		1,823,032


The accompanying notes are an integral part of these financial statements.		69

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Schedule of Investments (continued)

August 31, 2023


Shares		Description	Value

Common Stocks – (continued)
Singapore – (continued)
	132,387	STMicroelectronics NV (Information Technology)	$	6,274,061
	253,067	United Overseas Bank Ltd. (Financials)		5,329,304

				51,676,913

Spain – 2.5%
	9,266	Acciona SA (Utilities)		1,325,996
	226,214	ACS Actividades de Construccion y Servicios SA (Industrials)		7,952,439
	4,294	Aena SME SA (Industrials)^(b)		675,772
	46,522	Amadeus IT Group SA (Consumer Discretionary)		3,196,186
	1,007,788	Banco Bilbao Vizcaya Argentaria SA (Financials)		7,947,573
	2,611,426	Banco Santander SA (Financials)		10,209,192
	545,779	CaixaBank SA (Financials)		2,211,877
	23,483	Corp ACCIONA Energias Renovables SA (Utilities)		699,371
	77,111	Enagas SA (Utilities)		1,317,738
	74,468	Endesa SA (Utilities)		1,550,202
	754,731	Iberdrola SA (Utilities)		8,977,857
	395,473	Industria de Diseno Textil SA (Consumer Discretionary)		15,177,458
	80,803	Naturgy Energy Group SA (Utilities)^(a)		2,345,086
	99,612	Redeia Corp. SA (Utilities)		1,622,249
	680,775	Repsol SA (Energy)		10,506,865
	948,273	Telefonica SA (Communication Services)		3,935,693

				79,651,554

Sweden – 1.9%
	50,974	Alfa Laval AB (Industrials)		1,793,184
	80,045	Assa Abloy AB, Class B (Industrials)		1,804,867
	355,645	Atlas Copco AB, Class A (Industrials)		4,707,873
	243,774	Atlas Copco AB, Class B (Industrials)		2,812,888
	73,818	Epiroc AB, Class A (Industrials)		1,419,745
	54,846	Epiroc AB, Class B (Industrials)		899,583
	116,451	Essity AB, Class B (Consumer Staples)		2,719,342
	11,720	Evolution AB (Consumer Discretionary)^(b)		1,269,625
	572,888	H & M Hennes & Mauritz AB, Class B (Consumer Discretionary)		8,762,389
	87,510	Hexagon AB, Class B (Information Technology)		782,403
	30,748	Holmen AB, Class B (Materials)		1,166,750
	130,149	Husqvarna AB, Class B (Industrials)^(a)		1,123,214
	50,857	Industrivarden AB, Class A (Financials)		1,326,939
	61,282	Industrivarden AB, Class C (Financials)		1,596,145


Common Stocks – (continued)
Sweden – (continued)
	186,845	Investor AB, Class B (Financials)		3,602,131
	23,637	L E Lundbergforetagen AB, Class B (Financials)		962,326
	36,559	Lifco AB, Class B (Industrials)		670,421
	17,694	Saab AB, Class B (Industrials)		934,963
	58,696	Sandvik AB (Industrials)		1,111,750
	191,015	Skandinaviska Enskilda Banken AB, Class A (Financials)		2,218,062
	83,520	Svenska Cellulosa AB SCA, Class B (Materials)		1,113,610
	257,506	Svenska Handelsbanken AB, Class A (Financials)		2,148,490
	165,005	Swedbank AB, Class A (Financials)		2,925,663
	101,231	Swedish Orphan Biovitrum AB (Health Care)*^(a)		1,956,226
	190,307	Tele2 AB, Class B (Communication Services)		1,344,153
	700,575	Telefonaktiebolaget LM Ericsson, Class B (Information Technology)		3,603,995
	618,315	Telia Co. AB (Communication Services)		1,248,500
	83,499	Volvo AB, Class A (Industrials)		1,711,173
	179,414	Volvo AB, Class B (Industrials)		3,624,360
	363,423	Volvo Car AB, Class B (Consumer Discretionary)*^(a)		1,384,671

				62,745,441

Switzerland – 4.9%
	157,645	ABB Ltd. (Industrials)		6,013,088
	27,408	Adecco Group AG (Industrials)		1,183,206
	27,336	Alcon, Inc. (Health Care)		2,287,775
	17,612	Baloise Holding AG (Financials)		2,755,707
	26,542	Banque Cantonale Vaudoise (Financials)		2,878,827
	1,020	Barry Callebaut AG (Consumer Staples)		1,780,742
	12,746	BKW AG (Utilities)		2,193,481
	375	Chocoladefabriken Lindt & Spruengli AG (Consumer Staples)		4,487,688
	56,910	Cie Financiere Richemont SA, Class A (Consumer Discretionary)		8,092,721
	42,804	Clariant AG (Materials)*		714,329
	14,093	DSM-Firmenich AG (Materials)		1,302,441
	15,507	Dufry AG (Consumer Discretionary)*		691,034
	3,477	EMS-Chemie Holding AG (Materials)^(a)		2,615,869
	7,930	Geberit AG (Industrials)		4,117,405
	576	Givaudan SA (Materials)		1,922,500
	11,810	Helvetia Holding AG (Financials)		1,799,746
	27,948	Julius Baer Group Ltd. (Financials)		1,944,731
	34,333	Kuehne + Nagel International AG (Industrials)		10,335,856
	68,391	Logitech International SA (Information Technology)		4,743,428
	2,839	Lonza Group AG (Health Care)		1,571,454
	334,986	Novartis AG (Health Care)		33,872,176


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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF


Shares		Description	Value

Common Stocks – (continued)
Switzerland – (continued)
	7,709	Partners Group Holding AG (Financials)	$	8,336,979
	7,388	Schindler Holding AG (Industrials)		1,554,972
	6,390	Schindler Holding AG Participation Certificates (Industrials)		1,426,310
	71,228	SGS SA (Industrials)		6,482,091
	5,158	Sika AG (Materials)		1,462,285
	6,324	Sonova Holding AG (Health Care)		1,673,273
	40,996	Straumann Holding AG (Health Care)		6,219,603
	14,313	Swatch Group AG (The) – Bearer (Consumer Discretionary)		4,030,165
	64,516	Swatch Group AG (The) – Registered (Consumer Discretionary)		3,444,019
	6,365	Swiss Life Holding AG (Financials)		3,996,636
	20,554	Swiss Prime Site AG (Real Estate)		1,975,697
	4,449	Swisscom AG (Communication Services)		2,709,949
	316,207	UBS Group AG (Financials)		8,413,093
	5,510	VAT Group AG (Industrials)^(b)		2,210,862
	16,338	Zurich Insurance Group AG (Financials)		7,676,502

				158,916,640

United Kingdom – 10.5%
	310,083	3i Group PLC (Financials)		7,832,899
	398,970	abrdn PLC (Financials)		834,672
	253,940	Admiral Group PLC (Financials)		8,012,329
	24,209	Ashtead Group PLC (Industrials)		1,694,567
	170,107	Associated British Foods PLC (Consumer Staples)		4,294,858
	216,809	AstraZeneca PLC (Health Care)		29,291,682
	1,225,542	Auto Trader Group PLC (Communication Services)^(b)		9,417,068
	275,053	Aviva PLC (Financials)		1,307,698
	526,410	BAE Systems PLC (Industrials)		6,720,437
	2,245,861	Barclays PLC (Financials)		4,193,637
	1,059,875	Barratt Developments PLC (Consumer Discretionary)		6,087,917
	60,936	Berkeley Group Holdings PLC (Consumer Discretionary)		3,135,705
	2,686,129	BP PLC (Energy)		16,593,187
	353,168	British American Tobacco PLC (Consumer Staples)		11,736,137
	84,440	Bunzl PLC (Industrials)		3,028,050
	393,333	Burberry Group PLC (Consumer Discretionary)		10,885,324
	4,718,769	Centrica PLC (Utilities)		9,073,728
	921,052	CK Hutchison Holdings Ltd. (Industrials)		5,021,197
	352,428	CNH Industrial NV (Industrials)		4,888,450
	75,612	Coca-Cola Europacific Partners PLC (Consumer Staples)		4,847,485
	300,040	Compass Group PLC (Consumer Discretionary)		7,577,305


Common Stocks – (continued)
United Kingdom – (continued)
	10,770	Croda International PLC (Materials)	$	753,599
	72,120	DCC PLC (Industrials)		3,954,312
	241,021	Diageo PLC (Consumer Staples)		9,905,973
	44,898	Halma PLC (Information Technology)		1,219,776
	477,241	Hargreaves Lansdown PLC (Financials)		4,603,253
	2,192,220	HSBC Holdings PLC (Financials)		16,197,780
	271,628	Imperial Brands PLC (Consumer Staples)		6,159,346
	297,802	Informa PLC (Communication Services)		2,757,747
	31,426	InterContinental Hotels Group PLC (Consumer Discretionary)		2,370,971
	28,252	Intertek Group PLC (Industrials)		1,482,101
	3,203,252	J Sainsbury PLC (Consumer Staples)		10,963,369
	4,102,293	JD Sports Fashion PLC (Consumer Discretionary)		7,550,421
	1,418,463	Kingfisher PLC (Consumer Discretionary)		4,205,932
	96,945	Land Securities Group PLC REIT (Real Estate)		740,258
	1,359,393	Legal & General Group PLC (Financials)		3,767,230
	12,535,195	Lloyds Banking Group PLC (Financials)		6,727,661
	39,288	London Stock Exchange Group PLC (Financials)		4,071,321
	197,838	Melrose Industries PLC (Industrials)		1,285,040
	243,172	National Grid PLC (Utilities)		3,051,159
	811,005	NatWest Group PLC (Financials)		2,367,742
	75,399	Next PLC (Consumer Discretionary)		6,676,469
	101,461	Pearson PLC (Consumer Discretionary)		1,078,672
	247,572	Phoenix Group Holdings PLC (Financials)		1,634,435
	76,806	Reckitt Benckiser Group PLC (Consumer Staples)		5,549,460
	296,353	RELX PLC (Industrials)		9,681,008
	303,285	Rentokil Initial PLC (Industrials)		2,312,765
	955,837	Rolls-Royce Holdings PLC (Industrials)*		2,692,475
	825,576	Sage Group PLC (The) (Information Technology)		10,157,916
	128,280	Schroders PLC (Financials)		669,381
	57,061	Severn Trent PLC (Utilities)		1,735,318
	233,720	Smith & Nephew PLC (Health Care)		3,168,896
	121,376	Smiths Group PLC (Industrials)		2,522,348
	9,293	Spirax-Sarco Engineering PLC (Industrials)		1,193,460
	157,400	SSE PLC (Utilities)		3,244,047


The accompanying notes are an integral part of these financial statements.		71

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Schedule of Investments (continued)

August 31, 2023


Shares		Description	Value

Common Stocks – (continued)
United Kingdom – (continued)
	285,073	St James’s Place PLC (Financials)	$	3,196,168
	328,880	Standard Chartered PLC (Financials)		2,965,526
	1,120,154	Taylor Wimpey PLC (Consumer Discretionary)		1,622,379
	2,398,676	Tesco PLC (Consumer Staples)		8,075,910
	262,125	Unilever PLC (Consumer Staples)		13,425,581
	148,696	United Utilities Group PLC (Utilities)		1,784,340
	4,918,088	Vodafone Group PLC (Communication Services)		4,562,418
	39,521	Whitbread PLC (Consumer Discretionary)		1,722,720
	139,628	Wise PLC, Class A (Financials)*		1,132,704
	81,771	WPP PLC (Communication Services)		793,493

				342,207,212

United States – 5.5%
	38,176	BRP, Inc. (Consumer Discretionary)		2,915,648
	27,650	CSL Ltd. (Health Care)		4,898,246
	146,751	Experian PLC (Industrials)		5,136,095
	88,616	Ferrovial SE (Industrials)		2,813,248
	711,748	GSK PLC (Health Care)		12,525,478
	789,949	Haleon PLC (Consumer Staples)		3,228,175
	98,940	Holcim AG (Materials)*		6,559,781
	94,104	James Hardie Industries PLC CDI (Materials)*		2,835,839
	7,313	Monday.com Ltd. (Information Technology)*		1,297,619
	392,676	Nestle SA (Consumer Staples)		47,303,398
	60,669	QIAGEN NV (Health Care)*		2,778,090
	14,224	Roche Holding AG (Health Care)		4,447,969
	125,156	Roche Holding AG (Health Care)		36,884,355
	179,476	Sanofi (Health Care)		19,214,513
	68,414	Schneider Electric SE (Industrials)		11,775,066
	412,340	Stellantis NV (Consumer Discretionary)		7,686,833
	39,941	Swiss Re AG (Financials)		3,884,440
	148,711	Tenaris SA (Energy)		2,382,316

				178,567,109

Zambia – 0.1%
	81,492	First Quantum Minerals Ltd. (Materials)		2,186,451

	TOTAL COMMON STOCKS
	(Cost $2,886,888,533)		$	3,229,246,674


Shares		Description	Rate	Value

Preferred Stocks – 0.3%
Germany – 0.3%
	49,491	Bayerische Motoren Werke AG (Consumer Discretionary)	9.84%	$	4,767,213


Preferred Stocks – (continued)
Germany – (continued)
	37,179	Henkel AG & Co. KGaA (Consumer Staples)	2.60	$	2,853,710
	9,139	Volkswagen AG (Consumer Discretionary)	25.69		1,121,246

	TOTAL PREFERRED STOCKS
	(Cost $9,506,339)			$	8,742,169


Units		Description	Expiration Month	Value

Rights – 0.0%
Canada – 0.0%
	8,785	Constellation Software, Inc.*	10/23	$	4,870

Sweden – 0.0%
	88,015	Swedish Orphan Biovitrum AB*^(a)	09/23		79,495

	TOTAL RIGHTS
	(Cost $0)			$	84,365

Principal
Amount

Interest
Rate

Value

Warrant – 0.0%

Canada – 0.0%

8,722

Constellation Software, Inc. (Information Technology)*

08/28

—

(Cost $0)

TOTAL INVESTMENTS BEFORE SECURITIES

LENDING REINVESTMENT VEHICLE

(Cost $2,896,394,872)

3,238,073,208


Shares		Dividend Rate	Value

Securities Lending Reinvestment Vehicle – 1.1%^(c)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	37,159,558	5.234%	$	37,159,558
(Cost $37,159,558)

	TOTAL INVESTMENTS – 100.7%
	(Cost $2,933,554,430)		$	3,275,232,766

	LIABILITIES IN EXCESS OF OTHER ASSETS – (0.7)%			(24,170,981	)

	NET ASSETS – 100.0%		$	3,251,061,785


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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF



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

*		Non-income producing security.

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

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

(c)		Represents an affiliated issuer.



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

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At August 31, 2023, the Fund had the following futures contracts:


Description	Number of Contracts	Expiration Date		Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:

E-Mini MSCI EAFE Index Future	91		09/15/23	$	9,597,315	$	(92,712	)


Sector Name	% of Market Value

Financials		18.5	%
Industrials		16.1
Consumer Discretionary		12.5
Consumer Staples		12.3
Health Care		12.2
Information Technology		7.7
Energy		5.9
Materials		5.6
Communication Services		4.0
Utilities		2.9
Real Estate		1.2
Securities Lending Reinvestment Vehicle		1.1


TOTAL INVESTMENTS		100.0	%


The accompanying notes are an integral part of these financial statements.		73

GOLDMAN SACHS ACTIVEBETA^® JAPAN EQUITY ETF

Schedule of Investments

August 31, 2023


Shares		Description	Value

Common Stocks – 99.8%
Communication Services – 7.4%
	1,433	Capcom Co. Ltd.	$	60,466
	3,625	CyberAgent, Inc.		23,107
	1,312	Dentsu Group, Inc.		39,247
	4,726	Hakuhodo DY Holdings, Inc.		44,911
	5,325	KDDI Corp.		158,194
	816	Koei Tecmo Holdings Co. Ltd.		12,681
	268	Konami Group Corp.		15,566
	1,272	Nexon Co. Ltd.		25,836
	3,452	Nintendo Co. Ltd.		148,598
	138,800	Nippon Telegraph & Telephone Corp.		160,456
	10,333	SoftBank Corp.		118,529
	3,336	SoftBank Group Corp.		149,975
	686	Square Enix Holdings Co. Ltd.		26,058
	357	Toho Co. Ltd.		13,622
	5,452	Z Holdings Corp.		16,395

				1,013,641

Consumer Discretionary – 18.8%
	2,552	Aisin Corp.		85,315
	2,278	Bandai Namco Holdings, Inc.		52,919
	2,099	Bridgestone Corp.		81,619
	1,027	Denso Corp.		70,254
	584	Fast Retailing Co. Ltd.		134,302
	8,655	Honda Motor Co. Ltd.		279,592
	1,521	Iida Group Holdings Co. Ltd.		24,943
	2,236	Isuzu Motors Ltd.		28,721
	504	Koito Manufacturing Co. Ltd.		8,570
	12,273	Mazda Motor Corp.		129,192
	975	McDonald’s Holdings Co. Japan Ltd.		38,776
	3,952	Nissan Motor Co. Ltd.		16,852
	415	Nitori Holdings Co. Ltd.		47,376
	180	Open House Group Co. Ltd.		6,090
	2,787	Oriental Land Co. Ltd.		100,484
	1,830	Pan Pacific International Holdings Corp.		36,510
	9,883	Panasonic Holdings Corp.		114,012
	1,417	Rakuten Group, Inc.		5,531
	1,959	Sekisui Chemical Co. Ltd.		30,088
	2,419	Sekisui House Ltd.		49,357
	1,197	Sharp Corp.*		7,374
	191	Shimano, Inc.		28,076
	3,541	Sony Group Corp.		295,398
	5,804	Subaru Corp.		112,006
	4,594	Sumitomo Electric Industries Ltd.		56,342
	829	Suzuki Motor Corp.		32,657
	31,667	Toyota Motor Corp.		547,052
	989	USS Co. Ltd.		17,286
	410	Yamaha Corp.		12,670
	1,380	Yamaha Motor Co. Ltd.		35,821
	1,202	Zensho Holdings Co. Ltd.		56,688
	1,626	ZOZO, Inc.		32,495

				2,574,368

Consumer Staples – 7.7%
	3,342	Aeon Co. Ltd.^(a)		69,303
	2,136	Ajinomoto Co., Inc.		90,569
	2,043	Asahi Group Holdings Ltd.		79,651
	4,884	Japan Tobacco, Inc.		107,050


Common Stocks – (continued)
Consumer Staples – (continued)
	1,518	Kao Corp.		58,797
	574	Kikkoman Corp.		33,221
	3,646	Kirin Holdings Co. Ltd.		51,240
	321	Kobayashi Pharmaceutical Co. Ltd.		15,880
	308	Kobe Bussan Co. Ltd.		7,667
	333	Kose Corp.		27,654
	1,106	MatsukiyoCocokara & Co.		65,144
	1,019	MEIJI Holdings Co. Ltd.		25,562
	562	Nissin Foods Holdings Co. Ltd.		49,103
	3,550	Seven & i Holdings Co. Ltd.		145,843
	1,365	Shiseido Co. Ltd.		55,468
	1,164	Suntory Beverage & Food Ltd.		37,690
	1,278	Unicharm Corp.		51,020
	1,559	Welcia Holdings Co. Ltd.^(a)		28,672
	921	Yakult Honsha Co. Ltd.		48,294

				1,047,828

Energy – 1.2%
	3,756	ENEOS Holdings, Inc.		14,094
	254	Idemitsu Kosan Co. Ltd.		5,400
	9,806	Inpex Corp.		137,069

				156,563

Financials – 12.0%
	4,408	Chiba Bank Ltd. (The)		31,534
	5,926	Concordia Financial Group Ltd.		26,311
	1,767	Dai-ichi Life Holdings, Inc.		32,910
	3,952	Daiwa Securities Group, Inc.		22,504
	282	GMO Payment Gateway, Inc.		17,875
	2,081	Japan Exchange Group, Inc.		36,350
	3,963	Japan Post Bank Co. Ltd.		31,808
	16,107	Japan Post Holdings Co. Ltd.		123,581
	6,976	Japan Post Insurance Co. Ltd.		112,485
	11,473	Mitsubishi HC Capital, Inc.		74,622
	37,255	Mitsubishi UFJ Financial Group, Inc.		297,738
	10,922	Mizuho Financial Group, Inc.		180,802
	1,413	MS&AD Insurance Group Holdings, Inc.		50,858
	4,408	Nomura Holdings, Inc.		17,083
	2,359	ORIX Corp.		44,074
	8,986	Resona Holdings, Inc.		47,669
	704	SBI Holdings, Inc.		14,388
	4,465	Shizuoka Financial Group, Inc.		36,343
	671	Sompo Holdings, Inc.		29,253
	4,564	Sumitomo Mitsui Financial Group, Inc.		209,445
	1,291	Sumitomo Mitsui Trust Holdings, Inc.		48,338
	1,460	T&D Holdings, Inc.		23,201
	5,644	Tokio Marine Holdings, Inc.		125,103

				1,634,275

Health Care – 8.8%
	1,196	Asahi Intecc Co. Ltd.		24,374
	8,759	Astellas Pharma, Inc.		133,234
	2,264	Chugai Pharmaceutical Co. Ltd.		69,311
	5,846	Daiichi Sankyo Co. Ltd.		172,627
	1,188	Eisai Co. Ltd.		75,547
	1,242	Hoya Corp.		137,820


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

GOLDMAN SACHS ACTIVEBETA^® JAPAN EQUITY ETF


Shares		Description	Value

Common Stocks – (continued)
Health Care – (continued)
	1,287	Kyowa Kirin Co. Ltd.	$	23,608
	1,191	M3, Inc.		23,753
	4,501	Olympus Corp.		60,921
	2,937	Ono Pharmaceutical Co. Ltd.		55,710
	2,251	Otsuka Holdings Co. Ltd.		85,751
	984	Shionogi & Co. Ltd.		43,372
	684	Sysmex Corp.		36,416
	6,875	Takeda Pharmaceutical Co. Ltd.		212,883
	1,697	Terumo Corp.		51,440

				1,206,767

Industrials – 22.6%
	431	AGC, Inc.		15,137
	1,169	ANA Holdings, Inc.*		26,418
	707	BayCurrent Consulting, Inc.		24,344
	234	Central Japan Railway Co.		30,041
	622	Dai Nippon Printing Co. Ltd.		17,017
	296	Daifuku Co. Ltd.		5,476
	633	Daikin Industries Ltd.		109,678
	747	East Japan Railway Co.		42,239
	1,787	FANUC Corp.		50,977
	286	Fuji Electric Co. Ltd.		13,506
	798	Hankyu Hanshin Holdings, Inc.		28,667
	74	Hikari Tsushin, Inc.		12,331
	631	Hitachi Construction Machinery Co. Ltd.		19,682
	3,237	Hitachi Ltd.		215,541
	523	Hoshizaki Corp.		20,096
	4,608	ITOCHU Corp.		173,198
	2,046	Japan Airlines Co. Ltd.		42,175
	2,363	Kajima Corp.		39,498
	927	Kawasaki Kisen Kaisha Ltd.		31,111
	281	Keio Corp.		9,728
	984	Keisei Electric Railway Co. Ltd.		37,701
	472	Kintetsu Group Holdings Co. Ltd.		14,943
	2,375	Komatsu Ltd.		67,701
	1,197	Kubota Corp.		19,198
	402	Kurita Water Industries Ltd.		15,692
	961	Lixil Corp.		12,043
	127	Makita Corp.		3,488
	9,588	Marubeni Corp.		157,039
	404	MINEBEA MITSUMI, Inc.		6,870
	1,345	MISUMI Group, Inc.		23,498
	6,019	Mitsubishi Corp.		297,508
	6,357	Mitsubishi Electric Corp.		82,920
	531	Mitsubishi Heavy Industries Ltd.		30,164
	6,119	Mitsui & Co. Ltd.		228,309
	799	Mitsui OSK Lines Ltd.		22,150
	1,934	MonotaRO Co. Ltd.		22,876
	1,501	NGK Insulators Ltd.		19,940
	528	NIDEC Corp.		27,679
	1,438	NIPPON EXPRESS HOLDINGS, Inc.		74,762
	2,626	Nippon Yusen KK		70,094
	14,019	Obayashi Corp.		127,012
	801	Odakyu Electric Railway Co. Ltd.		11,917
	2,107	Persol Holdings Co. Ltd.		36,109
	4,822	Recruit Holdings Co. Ltd.		172,894
	593	Secom Co. Ltd.		41,527


Common Stocks – (continued)
Industrials – (continued)
	693	SG Holdings Co. Ltd.		10,015
	3,254	Shimizu Corp.		21,898
	117	SMC Corp.		56,738
	4,434	Sumitomo Corp.		91,339
	1,143	Taisei Corp.		38,494
	875	Tobu Railway Co. Ltd.		23,999
	1,689	Tokyu Corp.		21,353
	1,551	TOPPAN, Inc.		37,511
	947	Toshiba Corp.		29,935
	657	TOTO Ltd.		18,029
	378	Toyota Industries Corp.		26,743
	1,717	Toyota Tsusho Corp.		102,547
	632	West Japan Railway Co.		27,366
	651	Yamato Holdings Co. Ltd.		12,237
	571	Yaskawa Electric Corp.		22,438

				3,091,536

Information Technology – 14.3%
	798	Advantest Corp.		100,363
	628	Azbil Corp.		20,964
	2,792	Brother Industries Ltd.		47,340
	4,559	Canon, Inc.		112,358
	398	Disco Corp.		78,583
	1,152	FUJIFILM Holdings Corp.		68,162
	728	Fujitsu Ltd.		91,034
	803	Hamamatsu Photonics KK		37,209
	139	Hirose Electric Co. Ltd.		16,857
	512	Ibiden Co. Ltd.		30,920
	680	Itochu Techno-Solutions Corp.		20,201
	581	Keyence Corp.		241,523
	942	Kyocera Corp.		48,386
	126	Lasertec Corp.		19,625
	1,773	Murata Manufacturing Co. Ltd.		99,681
	1,617	NEC Corp.		85,368
	1,339	Nomura Research Institute Ltd.		38,491
	1,714	NTT Data Group Corp.		23,087
	152	Obic Co. Ltd.		26,446
	687	Omron Corp.		33,212
	543	Oracle Corp. Japan		37,932
	658	Otsuka Corp.		29,356
	5,526	Renesas Electronics Corp.*		93,014
	6,482	Ricoh Co. Ltd.		52,894
	123	Rohm Co. Ltd.		10,282
	1,031	SCSK Corp.		17,889
	3,106	Seiko Epson Corp.		48,696
	1,130	Shimadzu Corp.		33,267
	1,015	SUMCO Corp.		13,574
	716	TDK Corp.		26,135
	1,597	TIS, Inc.		37,702
	1,527	Tokyo Electron Ltd.		226,294
	959	Trend Micro, Inc.		40,768
	2,296	Yokogawa Electric Corp.		45,554

				1,953,167


The accompanying notes are an integral part of these financial statements.		75

GOLDMAN SACHS ACTIVEBETA^® JAPAN EQUITY ETF

Schedule of Investments (continued)

August 31, 2023


Shares		Description	Value

Common Stocks – (continued)
Materials – 4.0%
	2,662	Asahi Kasei Corp.	$	17,221
	4,954	JFE Holdings, Inc.		78,384
	120	JSR Corp.		3,355
	9,720	Mitsubishi Chemical Group Corp.		58,106
	301	Mitsui Chemicals, Inc.		8,179
	1,404	Nippon Paint Holdings Co. Ltd.		10,859
	453	Nippon Sanso Holdings Corp.		10,943
	3,365	Nippon Steel Corp.		79,673
	663	Nissan Chemical Corp.		28,453
	452	Nitto Denko Corp.		30,889
	3,463	Oji Holdings Corp.		14,177
	5,288	Shin-Etsu Chemical Co. Ltd.		169,226
	3,982	Sumitomo Chemical Co. Ltd.		11,034
	155	Sumitomo Metal Mining Co. Ltd.		4,812
	2,007	Toray Industries, Inc.		10,837
	1,053	Tosoh Corp.		13,641

				549,789

Real Estate – 1.7%
	375	Daito Trust Construction Co. Ltd.		41,380
	1,516	Daiwa House Industry Co. Ltd.		42,152
	6	Daiwa House REIT Investment Corp. REIT		11,383
	10	GLP J REIT		9,431
	1,590	Hulic Co. Ltd.		14,285
	16	Japan Metropolitan Fund Invest REIT		10,748
	3	Japan Real Estate Investment Corp. REIT		12,467
	1,197	Mitsubishi Estate Co. Ltd.		15,314
	1,097	Mitsui Fudosan Co. Ltd.		24,052
	3	Nippon Building Fund, Inc. REIT		12,673
	4	Nippon Prologis REIT, Inc. REIT		8,048
	394	Nomura Real Estate Holdings, Inc.		9,927
	10	Nomura Real Estate Master Fund, Inc. REIT		11,753
	284	Sumitomo Realty & Development Co. Ltd.		7,274

				230,887


Common Stocks – (continued)
Utilities – 1.3%
	1,779	Chubu Electric Power Co., Inc.		23,767
	1,493	Kansai Electric Power Co., Inc. (The)		21,269
	646	Osaka Gas Co. Ltd.		10,339
	5,439	Tokyo Gas Co. Ltd.		126,164

				181,539

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $11,912,892)		$	13,640,360


Shares		Dividend Rate	Value

Securities Lending Reinvestment Vehicle – 0.7%^(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	96,777	5.234%	$	96,777
(Cost $96,777)

	TOTAL INVESTMENTS – 100.5%
	(Cost $12,009,669)		$	13,737,137

	LIABILITIES IN EXCESS OF OTHER ASSETS – (0.5)%			(65,862	)

	NET ASSETS – 100.0%		$	13,671,275



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

*		Non-income producing security.

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

(b)		Represents an affiliated issuer.



Investment Abbreviations:
REIT		—Real Estate Investment Trust

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At August 31, 2023, the Fund had the following futures contracts:

Description

Number of
Contracts

Expiration
Date

Notional
Amount

Unrealized
Appreciation/
(Depreciation)

Long position contracts:

E-Mini Topix Index Future

09/07/23

16,008

942


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

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

Schedule of Investments

August 31, 2023


Shares		Description	Value

Common Stocks – 99.5%
Communication Services – 9.0%
	129	Activision Blizzard, Inc.	$	11,867
	1,160	Alphabet, Inc., Class A*		157,957
	1,136	Alphabet, Inc., Class C*		156,029
	2,182	AT&T, Inc.		32,272
	17	Charter Communications, Inc., Class A*		7,448
	1,014	Comcast Corp., Class A		47,415
	69	Electronic Arts, Inc.		8,279
	157	Interpublic Group of Cos., Inc. (The)		5,120
	458	Meta Platforms, Inc., Class A*		135,518
	52	Netflix, Inc.*		22,551
	114	Omnicom Group, Inc.		9,235
	241	Pinterest, Inc., Class A*		6,625
	157	Snap, Inc., Class A*		1,625
	9	Spotify Technology SA*		1,386
	97	T-Mobile US, Inc.*		13,216
	458	Verizon Communications, Inc.		16,021
	28	Walt Disney Co. (The)*		2,343
	2,440	Warner Bros Discovery, Inc.*		32,061

				666,968

Consumer Discretionary – 8.8%
	19	AutoZone, Inc.*		48,095
	10	Booking Holdings, Inc.*		31,050
	37	Burlington Stores, Inc.*		6,004
	2	Chipotle Mexican Grill, Inc.*		3,853
	56	Darden Restaurants, Inc.		8,709
	43	Deckers Outdoor Corp.*		22,751
	23	Domino’s Pizza, Inc.		8,910
	148	D.R. Horton, Inc.		17,615
	388	eBay, Inc.		17,375
	193	Etsy, Inc.*		14,199
	94	Expedia Group, Inc.*		10,189
	96	Garmin Ltd.		10,178
	179	Genuine Parts Co.		27,518
	10	Hilton Worldwide Holdings, Inc.		1,486
	118	Home Depot, Inc. (The)		38,975
	59	Las Vegas Sands Corp.		3,237
	273	Lennar Corp., Class A		32,512
	360	LKQ Corp.		18,911
	87	Lowe’s Cos., Inc.		20,052
	62	McDonald’s Corp.		17,431
	462	MGM Resorts International		20,319
	234	NIKE, Inc., Class B		23,800
	4	NVR, Inc.*		25,509
	57	O’Reilly Automotive, Inc.*		53,563
	40	Pool Corp.		14,624
	172	PulteGroup, Inc.		14,114
	213	Ross Stores, Inc.		25,945
	82	Royal Caribbean Cruises Ltd.*		8,113
	515	TJX Cos., Inc. (The)		47,627
	74	Tractor Supply Co.		16,169
	98	Ulta Beauty, Inc.*		40,673
	23	Yum! Brands, Inc.		2,976

				652,482


Common Stocks – (continued)
Consumer Staples – 6.9%
	120	Brown-Forman Corp., Class B		7,935
	199	Church & Dwight Co., Inc.		19,257
	121	Clorox Co. (The)		18,930
	547	Coca-Cola Co. (The)		32,727
	152	Colgate-Palmolive Co.		11,167
	143	Conagra Brands, Inc.		4,273
	66	Constellation Brands, Inc., Class A		17,197
	72	Dollar General Corp.		9,972
	103	Dollar Tree, Inc.*		12,603
	90	Estee Lauder Cos., Inc. (The), Class A		14,448
	253	General Mills, Inc.		17,118
	129	Hershey Co. (The)		27,717
	86	J M Smucker Co. (The)		12,466
	187	Kellogg Co.		11,411
	512	Keurig Dr Pepper, Inc.		17,229
	72	Kimberly-Clark Corp.		9,276
	231	Kraft Heinz Co. (The)		7,644
	103	Lamb Weston Holdings, Inc.		10,033
	70	McCormick & Co., Inc.		5,745
	341	Mondelez International, Inc., Class A		24,300
	402	Monster Beverage Corp.*		23,079
	273	PepsiCo, Inc.		48,572
	393	Procter & Gamble Co. (The)		60,656
	211	Sysco Corp.		14,696
	190	Walgreens Boots Alliance, Inc.		4,809
	407	Walmart, Inc.		66,182

				509,442

Financials – 12.3%
	342	Aflac, Inc.		25,503
	133	American Express Co.		21,013
	474	American International Group, Inc.		27,738
	56	Ameriprise Financial, Inc.		18,904
	45	Aon PLC, Class A		15,003
	108	Apollo Global Management, Inc.		9,433
	252	Arch Capital Group Ltd.*		19,369
	21	Ares Management Corp., Class A		2,172
	49	Arthur J Gallagher & Co.		11,294
	1,069	Bank of America Corp.		30,648
	536	Bank of New York Mellon Corp. (The)		24,050
	171	Berkshire Hathaway, Inc., Class B*		61,594
	6	BlackRock, Inc.		4,203
	106	Brown & Brown, Inc.		7,855
	309	Capital One Financial Corp.		31,639
	51	Cboe Global Markets, Inc.		7,635
	164	Charles Schwab Corp. (The)		9,701
	74	Chubb Ltd.		14,864
	542	Citigroup, Inc.		22,379
	144	Citizens Financial Group, Inc.		4,051
	33	CME Group, Inc.		6,688
	170	Discover Financial Services		15,312
	20	Everest Group Ltd.		7,214
	70	Fifth Third Bancorp		1,859
	128	Fiserv, Inc.*		15,538


The accompanying notes are an integral part of these financial statements.		77

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

Schedule of Investments (continued)

August 31, 2023


Shares		Description	Value

Common Stocks – (continued)
Financials – (continued)
	32	FleetCor Technologies, Inc.*	$	8,695
	167	Hartford Financial Services Group, Inc. (The)		11,994
	369	Huntington Bancshares, Inc.		4,092
	51	Intercontinental Exchange, Inc.		6,017
	9	Jack Henry & Associates, Inc.		1,411
	560	JPMorgan Chase & Co.		81,945
	435	KeyCorp		4,929
	32	LPL Financial Holdings, Inc.		7,379
	25	M&T Bank Corp.		3,126
	3	Markel Group, Inc.*		4,437
	125	Marsh & McLennan Cos., Inc.		24,374
	135	Mastercard, Inc., Class A		55,706
	177	MetLife, Inc.		11,211
	28	Moody’s Corp.		9,430
	170	Morgan Stanley		14,476
	108	Nasdaq, Inc.		5,668
	45	Northern Trust Corp.		3,423
	26	PNC Financial Services Group, Inc. (The)		3,139
	317	Principal Financial Group, Inc.		24,634
	98	Progressive Corp. (The)		13,080
	111	Raymond James Financial, Inc.		11,609
	126	Regions Financial Corp.		2,311
	8	S&P Global, Inc.		3,127
	332	State Street Corp.		22,822
	958	Synchrony Financial		30,924
	23	T. Rowe Price Group, Inc.		2,581
	75	Travelers Cos., Inc. (The)		12,092
	91	Truist Financial Corp.		2,780
	100	US Bancorp		3,653
	242	Visa, Inc., Class A		59,455
	183	W R Berkley Corp.		11,320
	570	Wells Fargo & Co.		23,535
	54	Willis Towers Watson PLC		11,165

				912,199

Health Care – 17.5%
	293	Abbott Laboratories		30,150
	363	AbbVie, Inc.		53,346
	105	Agilent Technologies, Inc.		12,712
	45	Align Technology, Inc.*		16,656
	73	Amgen, Inc.		18,713
	296	Avantor, Inc.*		6,408
	22	Baxter International, Inc.		893
	63	Becton Dickinson & Co.		17,605
	30	Biogen, Inc.*		8,021
	39	Bio-Techne Corp.		3,058
	458	Boston Scientific Corp.*		24,704
	668	Bristol-Myers Squibb Co.		41,182
	69	Cencora, Inc.		12,143
	243	Centene Corp.*		14,981
	31	Charles River Laboratories International, Inc.*		6,411
	110	Cigna Group (The)		30,389
	23	Cooper Cos., Inc. (The)		8,510
	547	CVS Health Corp.		35,648
	118	Danaher Corp.		31,270


Common Stocks – (continued)
Health Care – (continued)
	93	Dexcom, Inc.*		9,391
	246	Edwards Lifesciences Corp.*		18,812
	59	Elevance Health, Inc.		26,079
	183	Eli Lilly & Co.		101,419
	16	Exact Sciences Corp.*		1,339
	81	GE HealthCare Technologies, Inc.		5,706
	407	Gilead Sciences, Inc.		31,127
	44	HCA Healthcare, Inc.		12,201
	165	Hologic, Inc.*		12,332
	20	Horizon Therapeutics PLC*		2,255
	58	Humana, Inc.		26,775
	53	IDEXX Laboratories, Inc.*		27,105
	165	Incyte Corp.*		10,647
	15	Insulet Corp.*		2,876
	53	Intuitive Surgical, Inc.*		16,572
	51	IQVIA Holdings, Inc.*		11,354
	514	Johnson & Johnson		83,103
	36	Laboratory Corp. of America Holdings		7,492
	141	Medtronic PLC		11,491
	640	Merck & Co., Inc.		69,747
	19	Mettler-Toledo International, Inc.*		23,056
	65	Moderna, Inc.*		7,350
	1,434	Pfizer, Inc.		50,735
	88	Quest Diagnostics, Inc.		11,572
	38	Regeneron Pharmaceuticals, Inc.*		31,407
	46	ResMed, Inc.		7,341
	38	Revvity, Inc.		4,447
	507	Royalty Pharma PLC, Class A		15,119
	19	STERIS PLC		4,362
	82	Stryker Corp.		23,251
	15	Teleflex, Inc.		3,191
	56	Thermo Fisher Scientific, Inc.		31,198
	159	UnitedHealth Group, Inc.		75,776
	87	Vertex Pharmaceuticals, Inc.*		30,306
	4,429	Viatris, Inc.		47,612
	62	Waters Corp.*		17,410
	20	West Pharmaceutical Services, Inc.		8,138
	146	Zimmer Biomet Holdings, Inc.		17,391
	107	Zoetis, Inc.		20,385

				1,290,670

Industrials – 7.0%
	31	AMETEK, Inc.		4,945
	14	Automatic Data Processing, Inc.		3,564
	37	Axon Enterprise, Inc.*		7,878
	189	Builders FirstSource, Inc.*		27,413
	68	Carlisle Cos., Inc.		17,885
	281	Carrier Global Corp.		16,143
	41	C.H. Robinson Worldwide, Inc.		3,708
	33	Cintas Corp.		16,638
	256	Copart, Inc.*		11,476
	583	CSX Corp.		17,607
	15	Deere & Co.		6,164
	43	Delta Air Lines, Inc.		1,844
	139	Expeditors International of Washington, Inc.		16,223
	527	Fastenal Co.		30,345


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

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


Shares		Description	Value

Common Stocks – (continued)
Industrials – (continued)
	47	FedEx Corp.	$	12,268
	146	General Electric Co.		16,711
	123	Graco, Inc.		9,710
	403	Howmet Aerospace, Inc.		19,936
	40	IDEX Corp.		9,056
	68	Illinois Tool Works, Inc.		16,820
	32	J.B. Hunt Transport Services, Inc.		6,012
	47	Masco Corp.		2,773
	51	Norfolk Southern Corp.		10,455
	52	Old Dominion Freight Line, Inc.		22,223
	224	Otis Worldwide Corp.		19,163
	82	Parker-Hannifin Corp.		34,186
	12	Paychex, Inc.		1,467
	99	Republic Services, Inc.		14,269
	36	Rockwell Automation, Inc.		11,235
	42	Snap-on, Inc.		11,281
	178	SS&C Technologies Holdings, Inc.		10,221
	179	Uber Technologies, Inc.*		8,454
	35	Union Pacific Corp.		7,720
	462	United Airlines Holdings, Inc.*		23,012
	81	United Parcel Service, Inc., Class B		13,721
	22	United Rentals, Inc.		10,484
	8	Verisk Analytics, Inc.		1,938
	74	Waste Management, Inc.		11,602
	29	W.W. Grainger, Inc.		20,710
	77	Xylem, Inc.		7,973

				515,233

Information Technology – 33.2%
	145	Accenture PLC, Class A		46,947
	84	Adobe, Inc.*		46,984
	276	Advanced Micro Devices, Inc.*		29,179
	166	Akamai Technologies, Inc.*		17,445
	195	Amphenol Corp., Class A		17,234
	100	Analog Devices, Inc.		18,178
	2	ANSYS, Inc.*		638
	3,088	Apple, Inc.		580,142
	356	Applied Materials, Inc.		54,382
	140	Arista Networks, Inc.*		27,332
	38	Atlassian Corp., Class A*		7,754
	37	Autodesk, Inc.*		8,212
	74	Broadcom, Inc.		68,294
	83	Cadence Design Systems, Inc.*		19,956
	85	CDW Corp.		17,948
	1,148	Cisco Systems, Inc.		65,838
	343	Cognizant Technology Solutions Corp., Class A		24,562
	71	Corning, Inc.		2,330
	41	Enphase Energy, Inc.*		5,188
	14	Entegris, Inc.		1,418
	8	EPAM Systems, Inc.*		2,072
	21	Fair Isaac Corp.*		18,996
	55	First Solar, Inc.*		10,402
	218	Fortinet, Inc.*		13,126
	68	Gartner, Inc.*		23,778
	387	Gen Digital, Inc.		7,837


Common Stocks – (continued)
Information Technology – (continued)
	159	GoDaddy, Inc., Class A*		11,529
	1,074	Hewlett Packard Enterprise Co.		18,247
	14	HubSpot, Inc.*		7,651
	426	Intel Corp.		14,970
	237	International Business Machines Corp.		34,799
	50	Intuit, Inc.		27,090
	163	Keysight Technologies, Inc.*		21,728
	69	KLA Corp.		34,629
	59	Lam Research Corp.		41,442
	196	Lattice Semiconductor Corp.*		19,063
	103	Marvell Technology, Inc.		6,000
	300	Microchip Technology, Inc.		24,552
	103	Micron Technology, Inc.		7,204
	1,462	Microsoft Corp.		479,185
	24	Monolithic Power Systems, Inc.		12,509
	103	Motorola Solutions, Inc.		29,208
	308	NetApp, Inc.		23,624
	442	NVIDIA Corp.		218,149
	267	ON Semiconductor Corp.*		26,289
	219	Oracle Corp.		26,365
	39	Palo Alto Networks, Inc.*		9,489
	36	PTC, Inc.*		5,298
	335	QUALCOMM, Inc.		38,367
	10	Roper Technologies, Inc.		4,991
	137	Salesforce, Inc.*		30,340
	17	ServiceNow, Inc.*		10,010
	163	Skyworks Solutions, Inc.		17,725
	15	Splunk, Inc.*		1,819
	22	Synopsys, Inc.*		10,096
	223	Teradyne, Inc.		24,055
	186	Texas Instruments, Inc.		31,259
	179	Trimble, Inc.*		9,807
	66	VeriSign, Inc.*		13,714
	89	VMware, Inc., Class A*		15,021
	26	Zebra Technologies Corp., Class A*		7,150
	122	Zoom Video Communications, Inc., Class A*		8,666

				2,458,212

Materials – 1.3%
	20	Air Products and Chemicals, Inc.		5,910
	20	Albemarle Corp.		3,974
	4	Avery Dennison Corp.		753
	167	Corteva, Inc.		8,435
	31	DuPont de Nemours, Inc.		2,384
	37	Ecolab, Inc.		6,801
	33	FMC Corp.		2,846
	182	Freeport-McMoRan, Inc.		7,264
	59	Linde PLC		22,835
	4	Martin Marietta Materials, Inc.		1,786
	169	Mosaic Co. (The)		6,566
	16	Packaging Corp. of America		2,386
	15	PPG Industries, Inc.		2,126
	41	Sherwin-Williams Co. (The)		11,140
	42	Vulcan Materials Co.		9,166

				94,372


The accompanying notes are an integral part of these financial statements.		79

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

Schedule of Investments (continued)

August 31, 2023


Shares		Description	Value

Common Stocks – (continued)
Real Estate – 3.3%
	61	Alexandria Real Estate Equities, Inc. REIT	$	7,097
	15	American Tower Corp. REIT		2,720
	39	AvalonBay Communities, Inc. REIT		7,169
	144	Camden Property Trust REIT		15,497
	49	CoStar Group, Inc.*		4,018
	17	Crown Castle, Inc. REIT		1,708
	6	Digital Realty Trust, Inc. REIT		790
	10	Equinix, Inc. REIT		7,814
	72	Equity LifeStyle Properties, Inc. REIT		4,821
	126	Equity Residential REIT		8,169
	43	Essex Property Trust, Inc. REIT		10,251
	176	Gaming and Leisure Properties, Inc. REIT		8,342
	293	Healthpeak Properties, Inc. REIT		6,030
	1,413	Host Hotels & Resorts, Inc. REIT		22,311
	118	Invitation Homes, Inc. REIT		4,023
	163	Iron Mountain, Inc. REIT		10,357
	657	Kimco Realty Corp. REIT		12,444
	71	Mid-America Apartment Communities, Inc. REIT		10,311
	50	Prologis, Inc. REIT		6,210
	17	Public Storage REIT		4,698
	180	Realty Income Corp. REIT		10,087
	3	SBA Communications Corp. REIT		674
	111	Simon Property Group, Inc. REIT		12,597
	114	Sun Communities, Inc. REIT		13,956
	160	UDR, Inc. REIT		6,384
	223	Ventas, Inc. REIT		9,741
	552	VICI Properties, Inc. REIT		17,024
	69	Welltower, Inc. REIT		5,719
	279	Weyerhaeuser Co. REIT		9,137
	107	W.P. Carey, Inc. REIT		6,960

				247,059

Utilities – 0.2%
	96	Edison International		6,609
	102	NextEra Energy, Inc.		6,814

				13,423

	TOTAL INVESTMENTS – 99.5%
	(Cost $7,312,057)		$	7,360,060

	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.5%			36,944

	NET ASSETS – 100.0%		$	7,397,004



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

*		Non-income producing security.



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


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

GOLDMAN SACHS ACTIVEBETA^® U.S. LARGE CAP EQUITY ETF

Schedule of Investments

August 31, 2023


Shares		Description	Value

Common Stocks – 99.7%
Communication Services – 7.8%
	142,735	Activision Blizzard, Inc.	$	13,130,193
	1,558,926	Alphabet, Inc., Class A*		212,278,953
	1,471,627	Alphabet, Inc., Class C*		202,127,968
	1,688,890	AT&T, Inc.		24,978,683
	32,686	Charter Communications, Inc., Class A*		14,320,390
	1,391,516	Comcast Corp., Class A		65,067,288
	161,576	Electronic Arts, Inc.		19,385,888
	252,916	Interpublic Group of Cos., Inc. (The)		8,247,591
	656,184	Meta Platforms, Inc., Class A*		194,158,284
	56,901	Netflix, Inc.*		24,676,826
	165,237	Omnicom Group, Inc.		13,385,849
	368,483	Pinterest, Inc., Class A*		10,129,598
	222,054	Snap, Inc., Class A*		2,298,259
	28,283	Spotify Technology SA*		4,354,734
	110,378	T-Mobile US, Inc.*		15,039,003
	509,176	Verizon Communications, Inc.		17,810,976
	124,294	Walt Disney Co. (The)*		10,400,922
	3,110,507	Warner Bros Discovery, Inc.*		40,872,062

				892,663,467

Consumer Discretionary – 12.5%
	2,221,965	Amazon.com, Inc.*		306,653,390
	25,350	AutoZone, Inc.*		64,169,216
	323,259	Best Buy Co., Inc.		24,713,151
	12,412	Booking Holdings, Inc.*		38,539,632
	28,921	Burlington Stores, Inc.*		4,692,722
	4,894	Chipotle Mexican Grill, Inc.*		9,428,976
	92,564	Darden Restaurants, Inc.		14,394,628
	35,869	Deckers Outdoor Corp.*		18,977,929
	77,214	Domino’s Pizza, Inc.		29,912,704
	77,636	D.R. Horton, Inc.		9,240,237
	388,056	eBay, Inc.		17,377,148
	124,468	Etsy, Inc.*		9,157,111
	182,765	Expedia Group, Inc.*		19,809,898
	1,645,741	Ford Motor Co.		19,962,838
	109,316	Garmin Ltd.		11,589,682
	181,573	Genuine Parts Co.		27,913,217
	36,697	Hilton Worldwide Holdings, Inc.		5,455,009
	324,057	Home Depot, Inc. (The)		107,036,027
	101,410	Las Vegas Sands Corp.		5,563,353
	361,448	Lennar Corp., Class A		43,044,842
	372,780	LKQ Corp.		19,582,133
	311,810	Lowe’s Cos., Inc.		71,865,969
	35,384	Marriott International, Inc., Class A		7,200,998
	153,594	McDonald’s Corp.		43,182,953
	578,489	MGM Resorts International		25,441,946
	342,516	NIKE, Inc., Class B		34,837,302
	1,504	NVR, Inc.*		9,591,504
	67,682	O’Reilly Automotive, Inc.*		63,600,775
	51,038	Pool Corp.		18,659,493
	203,993	PulteGroup, Inc.		16,739,666
	89,894	Ross Stores, Inc.		10,949,988
	113,484	Royal Caribbean Cruises Ltd.*		11,228,107
	190,944	Starbucks Corp.		18,605,583
	2,510,815	Stellantis NV^(a)		46,575,618


Common Stocks – (continued)
Consumer Discretionary – (continued)
	410,604	Tesla, Inc.*		105,968,680
	421,235	TJX Cos., Inc. (The)		38,955,813
	151,729	Tractor Supply Co.		33,152,787
	63,847	Ulta Beauty, Inc.*		26,498,420
	227,665	Yum! Brands, Inc.		29,455,298

				1,419,724,743

Consumer Staples – 8.5%
	485,073	Altria Group, Inc.		21,449,928
	472,034	Archer-Daniels-Midland Co.		37,432,296
	218,883	Brown-Forman Corp., Class B		14,474,733
	64,357	Bunge Ltd.		7,357,292
	155,175	Church & Dwight Co., Inc.		15,016,285
	144,176	Clorox Co. (The)		22,556,335
	668,878	Coca-Cola Co. (The)		40,018,971
	383,684	Colgate-Palmolive Co.		28,189,264
	378,515	Conagra Brands, Inc.		11,310,028
	52,102	Constellation Brands, Inc., Class A		13,575,697
	149,701	Costco Wholesale Corp.		82,227,765
	118,073	Dollar General Corp.		16,353,111
	149,286	Dollar Tree, Inc.*		18,266,635
	124,446	Estee Lauder Cos., Inc. (The), Class A		19,977,316
	232,880	General Mills, Inc.		15,756,661
	155,640	Hershey Co. (The)		33,440,810
	201,500	Hormel Foods Corp.		7,775,885
	90,750	J M Smucker Co. (The)		13,154,213
	171,450	Kellogg Co.		10,461,879
	571,580	Keurig Dr Pepper, Inc.		19,233,667
	157,209	Kimberly-Clark Corp.		20,253,236
	537,903	Kraft Heinz Co. (The)		17,799,210
	1,222,057	Kroger Co. (The)		56,691,224
	137,068	Lamb Weston Holdings, Inc.		13,351,794
	93,928	McCormick & Co., Inc.		7,709,610
	330,119	Mondelez International, Inc., Class A		23,524,280
	445,479	Monster Beverage Corp.*		25,574,949
	379,733	PepsiCo, Inc.		67,562,095
	475,883	Philip Morris International, Inc.		45,713,321
	518,699	Procter & Gamble Co. (The)		80,056,004
	267,824	Sysco Corp.		18,653,942
	184,756	Target Corp.		23,380,872
	322,594	Tyson Foods, Inc., Class A		17,184,582
	483,899	Walgreens Boots Alliance, Inc.		12,247,484
	582,776	Walmart, Inc.		94,765,205

				972,496,579

Energy – 3.8%
	234,531	APA Corp.		10,281,839
	66,173	Baker Hughes Co.		2,394,801
	63,002	Cheniere Energy, Inc.		10,281,926
	311,345	Chevron Corp.		50,157,679
	204,020	ConocoPhillips		24,284,501
	238,446	Coterra Energy, Inc.		6,721,793
	263,653	Devon Energy Corp.		13,470,032
	42,162	Diamondback Energy, Inc.		6,399,348


The accompanying notes are an integral part of these financial statements.		81

GOLDMAN SACHS ACTIVEBETA^® U.S. LARGE CAP EQUITY ETF

Schedule of Investments (continued)

August 31, 2023


Shares		Description	Value

Common Stocks – (continued)
Energy – (continued)
	121,417	EOG Resources, Inc.	$	15,616,655
	325,643	EQT Corp.		14,074,290
	878,567	Exxon Mobil Corp.		97,687,865
	62,965	Hess Corp.		9,728,092
	516,004	Kinder Morgan, Inc.		8,885,589
	344,397	Marathon Oil Corp.		9,074,861
	276,353	Marathon Petroleum Corp.		39,454,918
	147,153	Occidental Petroleum Corp.		9,239,737
	127,492	ONEOK, Inc.		8,312,478
	206,818	Phillips 66		23,610,343
	53,157	Pioneer Natural Resources Co.		12,647,645
	148,616	Schlumberger NV		8,762,399
	42,246	Targa Resources Corp.		3,643,717
	275,234	Valero Energy Corp.		35,752,897
	262,250	Williams Cos., Inc. (The)		9,055,493

				429,538,898

Financials – 9.7%
	229,455	Aflac, Inc.		17,110,459
	52,287	Allstate Corp. (The)		5,637,061
	109,438	American Express Co.		17,290,110
	486,766	American International Group, Inc.		28,485,546
	56,120	Ameriprise Financial, Inc.		18,944,990
	66,732	Aon PLC, Class A		22,247,781
	188,613	Apollo Global Management, Inc.		16,473,459
	256,020	Arch Capital Group Ltd.*		19,677,697
	56,118	Ares Management Corp., Class A		5,804,846
	104,893	Arthur J Gallagher & Co.		24,175,739
	1,250,076	Bank of America Corp.		35,839,679
	526,329	Bank of New York Mellon Corp. (The)		23,616,382
	201,218	Berkshire Hathaway, Inc., Class B*		72,478,724
	10,764	BlackRock, Inc.		7,540,613
	92,520	Brown & Brown, Inc.		6,855,732
	369,466	Capital One Financial Corp.		37,829,624
	71,760	Cboe Global Markets, Inc.		10,743,190
	241,222	Charles Schwab Corp. (The)		14,268,281
	73,784	Chubb Ltd.		14,820,992
	30,039	Cincinnati Financial Corp.		3,177,826
	671,146	Citigroup, Inc.		27,711,618
	267,607	Citizens Financial Group, Inc.		7,527,785
	55,074	CME Group, Inc.		11,162,398
	136,444	Discover Financial Services		12,289,511
	13,819	Everest Group Ltd.		4,984,237
	28,378	FactSet Research Systems, Inc.		12,384,443
	167,293	Fiserv, Inc.*		20,307,697
	26,964	FleetCor Technologies, Inc.*		7,326,928
	178,648	Hartford Financial Services Group, Inc. (The)		12,830,499
	90,241	Intercontinental Exchange, Inc.		10,647,536
	68,113	Jack Henry & Associates, Inc.		10,678,756
	609,758	JPMorgan Chase & Co.		89,225,888
	276,741	KeyCorp		3,135,476
	41,142	LPL Financial Holdings, Inc.		9,486,934
	28,194	M&T Bank Corp.		3,525,660
	6,442	Markel Group, Inc.*		9,527,203


Common Stocks – (continued)
Financials – (continued)
	13,104	MarketAxess Holdings, Inc.		3,157,147
	166,663	Marsh & McLennan Cos., Inc.		32,497,618
	179,938	Mastercard, Inc., Class A		74,249,616
	154,066	MetLife, Inc.		9,758,540
	85,410	Moody’s Corp.		28,766,088
	140,843	Morgan Stanley		11,992,781
	147,064	Nasdaq, Inc.		7,717,919
	43,237	PNC Financial Services Group, Inc. (The)		5,220,003
	322,333	Principal Financial Group, Inc.		25,048,497
	168,268	Progressive Corp. (The)		22,458,730
	67,176	Prudential Financial, Inc.		6,359,552
	111,127	Raymond James Financial, Inc.		11,622,773
	27,861	S&P Global, Inc.		10,889,750
	317,755	State Street Corp.		21,842,479
	1,169,288	Synchrony Financial		37,744,617
	83,882	Travelers Cos., Inc. (The)		13,524,295
	85,700	Truist Financial Corp.		2,618,135
	89,446	US Bancorp		3,267,462
	329,841	Visa, Inc., Class A		81,035,337
	134,087	W R Berkley Corp.		8,294,622
	621,885	Wells Fargo & Co.		25,677,632
	47,340	Willis Towers Watson PLC		9,788,018

				1,109,302,911

Health Care – 13.9%
	325,097	Abbott Laboratories		33,452,481
	469,712	AbbVie, Inc.		69,028,876
	122,096	Agilent Technologies, Inc.		14,782,163
	37,593	Align Technology, Inc.*		13,914,673
	161,916	Amgen, Inc.		41,505,547
	157,697	Avantor, Inc.*		3,414,140
	39,391	Becton Dickinson & Co.		11,007,815
	64,397	Biogen, Inc.*		17,217,182
	386,276	Boston Scientific Corp.*		20,835,727
	701,232	Bristol-Myers Squibb Co.		43,230,953
	199,507	Cardinal Health, Inc.		17,422,946
	95,707	Cencora, Inc.		16,842,518
	503,074	Centene Corp.*		31,014,512
	19,851	Charles River Laboratories International, Inc.*		4,105,584
	177,884	Cigna Group (The)		49,142,234
	13,870	Cooper Cos., Inc. (The)		5,131,761
	685,202	CVS Health Corp.		44,654,614
	128,895	Danaher Corp.		34,157,175
	83,863	Dexcom, Inc.*		8,468,486
	308,419	Edwards Lifesciences Corp.*		23,584,801
	79,703	Elevance Health, Inc.		35,229,523
	245,688	Eli Lilly & Co.		136,160,290
	40,453	Exact Sciences Corp.*		3,384,703
	74,939	Fortrea Holdings, Inc.*		2,064,569
	60,141	GE HealthCare Technologies, Inc.		4,236,933
	392,094	Gilead Sciences, Inc.		29,987,349
	51,382	HCA Healthcare, Inc.		14,248,229
	143,375	Hologic, Inc.*		10,715,847
	31,080	Horizon Therapeutics PLC*		3,503,959


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

GOLDMAN SACHS ACTIVEBETA^® U.S. LARGE CAP EQUITY ETF


Shares		Description	Value

Common Stocks – (continued)
Health Care – (continued)
	59,312	Humana, Inc.	$	27,380,199
	67,039	IDEXX Laboratories, Inc.*		34,284,415
	201,977	Incyte Corp.*		13,033,576
	30,460	Insulet Corp.*		5,839,487
	50,379	Intuitive Surgical, Inc.*		15,752,506
	57,452	IQVIA Holdings, Inc.*		12,790,539
	660,911	Johnson & Johnson		106,856,090
	57,808	Laboratory Corp. of America Holdings		12,029,845
	56,421	McKesson Corp.		23,263,507
	122,678	Medtronic PLC		9,998,257
	661,316	Merck & Co., Inc.		72,070,218
	24,432	Mettler-Toledo International, Inc.*		29,647,743
	170,489	Moderna, Inc.*		19,277,191
	24,513	Molina Healthcare, Inc.*		7,601,972
	1,146,322	Pfizer, Inc.		40,556,872
	81,061	Quest Diagnostics, Inc.		10,659,521
	43,280	Regeneron Pharmaceuticals, Inc.*		35,770,487
	57,485	ResMed, Inc.		9,174,031
	51,057	Revvity, Inc.		5,975,201
	241,803	Royalty Pharma PLC, Class A		7,210,565
	88,542	Seagen, Inc.*		18,245,850
	13,280	STERIS PLC		3,048,955
	65,069	Stryker Corp.		18,450,315
	63,222	Thermo Fisher Scientific, Inc.		35,220,976
	228,597	UnitedHealth Group, Inc.		108,944,758
	17,826	Veeva Systems, Inc., Class A*		3,720,286
	100,144	Vertex Pharmaceuticals, Inc.*		34,884,161
	5,222,142	Viatris, Inc.		56,138,027
	54,202	Waters Corp.*		15,219,922
	25,564	West Pharmaceutical Services, Inc.		10,401,992
	77,942	Zimmer Biomet Holdings, Inc.		9,284,451
	144,697	Zoetis, Inc.		27,566,225

				1,582,743,730

Industrials – 9.8%
	141,140	3M Co.		15,055,404
	104,291	AMETEK, Inc.		16,635,457
	53,833	Automatic Data Processing, Inc.		13,706,420
	39,568	Axon Enterprise, Inc.*		8,424,423
	64,296	Boeing Co. (The)*		14,404,233
	121,576	Booz Allen Hamilton Holding Corp.		13,775,777
	40,302	Broadridge Financial Solutions, Inc.		7,504,635
	513,650	Builders FirstSource, Inc.*		74,499,796
	35,434	Carlisle Cos., Inc.		9,319,851
	318,176	Carrier Global Corp.		18,279,211
	64,156	Caterpillar, Inc.		18,036,176
	93,961	C.H. Robinson Worldwide, Inc.		8,496,893
	62,296	Cintas Corp.		31,407,774
	291,521	Copart, Inc.*		13,068,886
	227,644	CSX Corp.		6,874,849
	72,863	Cummins, Inc.		16,761,405
	38,901	Deere & Co.		15,985,977
	140,449	Delta Air Lines, Inc.		6,022,453
	70,965	Dover Corp.		10,524,109
	84,035	Eaton Corp. PLC		19,359,143


Common Stocks – (continued)
Industrials – (continued)
	129,308	Emerson Electric Co.		12,704,511
	109,708	Expeditors International of Washington, Inc.		12,804,021
	658,957	Fastenal Co.		37,942,744
	59,202	FedEx Corp.		15,452,906
	134,380	Fortive Corp.		10,595,863
	99,388	General Dynamics Corp.		22,525,296
	255,085	General Electric Co.		29,197,029
	102,923	Graco, Inc.		8,124,742
	105,912	Honeywell International, Inc.		19,905,101
	252,229	Howmet Aerospace, Inc.		12,477,769
	48,153	Hubbell, Inc.		15,700,286
	36,484	IDEX Corp.		8,259,978
	101,603	Illinois Tool Works, Inc.		25,131,502
	126,508	Ingersoll Rand, Inc.		8,806,222
	54,751	Jacobs Solutions, Inc.		7,381,530
	17,334	J.B. Hunt Transport Services, Inc.		3,256,712
	122,735	Johnson Controls International PLC		7,248,729
	73,520	L3Harris Technologies, Inc.		13,093,177
	192,100	Leidos Holdings, Inc.		18,731,671
	61,679	Lockheed Martin Corp.		27,653,780
	216,892	Masco Corp.		12,798,797
	29,344	Norfolk Southern Corp.		6,015,813
	35,730	Northrop Grumman Corp.		15,474,306
	47,375	Old Dominion Freight Line, Inc.		20,246,654
	101,286	Otis Worldwide Corp.		8,665,017
	181,718	PACCAR, Inc.		14,953,574
	56,581	Parker-Hannifin Corp.		23,588,619
	130,822	Paychex, Inc.		15,990,373
	58,920	Quanta Services, Inc.		12,365,540
	133,128	Republic Services, Inc.		19,187,739
	29,594	Rockwell Automation, Inc.		9,235,696
	245,200	RTX Corp.		21,097,008
	32,949	Snap-on, Inc.		8,850,101
	431,826	SS&C Technologies Holdings, Inc.		24,795,449
	487,403	Textron, Inc.		37,876,087
	65,032	Trane Technologies PLC		13,348,468
	15,440	TransDigm Group, Inc.*		13,955,444
	172,014	Uber Technologies, Inc.*		8,124,221
	42,649	Union Pacific Corp.		9,407,090
	685,818	United Airlines Holdings, Inc.*		34,160,595
	83,014	United Parcel Service, Inc., Class B		14,062,572
	12,459	United Rentals, Inc.		5,937,212
	41,025	Verisk Analytics, Inc.		9,937,075
	113,593	Waste Management, Inc.		17,809,111
	276,173	Westinghouse Air Brake Technologies Corp.		31,074,986
	71,332	W.W. Grainger, Inc.		50,941,034
	72,378	Xylem, Inc.		7,494,018

				1,122,529,040

Information Technology – 27.4%
	257,605	Accenture PLC, Class A		83,404,771
	141,884	Adobe, Inc.*		79,361,397
	321,380	Advanced Micro Devices, Inc.*		33,976,294
	134,714	Akamai Technologies, Inc.*		14,157,094


The accompanying notes are an integral part of these financial statements.		83

GOLDMAN SACHS ACTIVEBETA^® U.S. LARGE CAP EQUITY ETF

Schedule of Investments (continued)

August 31, 2023


Shares		Description	Value

Common Stocks – (continued)
Information Technology – (continued)
	164,764	Amphenol Corp., Class A	$	14,561,842
	114,225	Analog Devices, Inc.		20,763,820
	14,100	ANSYS, Inc.*		4,496,067
	4,010,410	Apple, Inc.		753,435,727
	313,081	Applied Materials, Inc.		47,826,254
	100,336	Arista Networks, Inc.*		19,588,597
	84,033	Atlassian Corp., Class A*		17,147,774
	103,334	Autodesk, Inc.*		22,933,948
	96,549	Broadcom, Inc.		89,104,107
	208,964	Cadence Design Systems, Inc.*		50,243,304
	46,483	CDW Corp.		9,814,885
	1,012,780	Cisco Systems, Inc.		58,082,933
	313,755	Cognizant Technology Solutions Corp., Class A		22,467,996
	192,207	Corning, Inc.		6,308,234
	25,461	Crowdstrike Holdings, Inc., Class A*		4,150,907
	48,081	Datadog, Inc., Class A*		4,638,855
	44,857	Enphase Energy, Inc.*		5,675,756
	25,142	EPAM Systems, Inc.*		6,511,527
	26,041	Fair Isaac Corp.*		23,556,428
	50,476	First Solar, Inc.*		9,546,021
	539,452	Fortinet, Inc.*		32,480,405
	69,662	Gartner, Inc.*		24,359,408
	251,118	Gen Digital, Inc.		5,085,139
	114,591	GoDaddy, Inc., Class A*		8,308,993
	1,504,303	Hewlett Packard Enterprise Co.		25,558,108
	400,511	HP, Inc.		11,899,182
	28,099	HubSpot, Inc.*		15,356,665
	594,594	Intel Corp.		20,894,033
	302,977	International Business Machines Corp.		44,486,113
	69,918	Intuit, Inc.		37,882,272
	82,544	Keysight Technologies, Inc.*		11,003,115
	45,978	KLA Corp.		23,074,979
	67,401	Lam Research Corp.		47,342,462
	186,842	Lattice Semiconductor Corp.*		18,172,253
	54,369	Marvell Technology, Inc.		3,166,994
	153,286	Microchip Technology, Inc.		12,544,926
	137,097	Micron Technology, Inc.		9,588,564
	1,938,658	Microsoft Corp.		635,414,546
	16,902	Monolithic Power Systems, Inc.		8,809,491
	92,108	Motorola Solutions, Inc.		26,119,066
	184,617	NetApp, Inc.		14,160,124
	567,007	NVIDIA Corp.		279,846,305
	279,436	ON Semiconductor Corp.*		27,513,269
	293,697	Oracle Corp.		35,358,182
	111,742	Palo Alto Networks, Inc.*		27,186,829
	46,923	PTC, Inc.*		6,905,658
	245,342	QUALCOMM, Inc.		28,099,019
	22,833	Roper Technologies, Inc.		11,395,037
	197,633	Salesforce, Inc.*		43,767,804
	53,436	ServiceNow, Inc.*		31,464,720
	132,121	Skyworks Solutions, Inc.		14,366,838
	40,152	Splunk, Inc.*		4,868,831
	75,405	Synopsys, Inc.*		34,602,600
	22,856	Teledyne Technologies, Inc.*		9,560,665
	139,584	Teradyne, Inc.		15,056,926


Common Stocks – (continued)
Information Technology – (continued)
	271,196	Texas Instruments, Inc.		45,577,200
	85,845	Trimble, Inc.*		4,703,448
	8,719	Tyler Technologies, Inc.*		3,473,911
	106,524	VeriSign, Inc.*		22,134,622
	98,654	VMware, Inc., Class A*		16,650,822
	117,947	Western Digital Corp.*		5,307,615
	34,518	Workday, Inc., Class A*		8,439,651
	20,611	Zebra Technologies Corp., Class A*		5,668,231
	104,028	Zoom Video Communications, Inc., Class A*		7,389,109

				3,126,798,668

Materials – 2.0%
	39,461	Air Products and Chemicals, Inc.		11,660,331
	23,210	Avery Dennison Corp.		4,372,300
	81,006	CF Industries Holdings, Inc.		6,243,132
	204,824	Corteva, Inc.		10,345,660
	209,015	Dow, Inc.		11,403,858
	44,331	DuPont de Nemours, Inc.		3,408,611
	29,098	Ecolab, Inc.		5,348,503
	40,444	FMC Corp.		3,487,486
	104,172	Freeport-McMoRan, Inc.		4,157,505
	149,343	International Paper Co.		5,215,058
	73,579	Linde PLC		28,478,016
	34,503	LyondellBasell Industries NV, Class A		3,407,861
	9,628	Martin Marietta Materials, Inc.		4,298,036
	385,540	Mosaic Co. (The)		14,978,229
	225,402	Nucor Corp.		38,791,684
	19,023	Packaging Corp. of America		2,836,329
	42,179	PPG Industries, Inc.		5,979,295
	45,696	Reliance Steel & Aluminum Co.		13,021,532
	67,128	RPM International, Inc.		6,695,347
	81,859	Sherwin-Williams Co. (The)		22,242,728
	153,332	Steel Dynamics, Inc.		16,343,658
	42,149	Vulcan Materials Co.		9,199,019

				231,914,178

Real Estate – 1.8%
	40,352	Alexandria Real Estate Equities, Inc. REIT		4,694,552
	32,081	American Tower Corp. REIT		5,816,927
	32,146	AvalonBay Communities, Inc. REIT		5,909,078
	95,341	Camden Property Trust REIT		10,260,598
	154,831	CBRE Group, Inc., Class A*		13,168,377
	46,754	Crown Castle, Inc. REIT		4,698,777
	7,953	Equinix, Inc. REIT		6,214,315
	36,504	Equity LifeStyle Properties, Inc. REIT		2,444,308
	122,162	Equity Residential REIT		7,919,762
	30,904	Essex Property Trust, Inc. REIT		7,367,205
	198,561	Gaming and Leisure Properties, Inc. REIT		9,411,791
	144,919	Healthpeak Properties, Inc. REIT		2,982,433
	1,156,172	Host Hotels & Resorts, Inc. REIT		18,255,956
	157,002	Invitation Homes, Inc. REIT		5,352,198


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

GOLDMAN SACHS ACTIVEBETA^® U.S. LARGE CAP EQUITY ETF


Shares		Description	Value

Common Stocks – (continued)
Real Estate – (continued)
	90,985	Iron Mountain, Inc. REIT	$	5,781,187
	46,152	Mid-America Apartment Communities, Inc. REIT		6,702,655
	46,301	Prologis, Inc. REIT		5,750,584
	22,698	Public Storage REIT		6,273,273
	154,013	Realty Income Corp. REIT		8,630,889
	12,135	SBA Communications Corp. REIT		2,724,672
	32,002	Simon Property Group, Inc. REIT		3,631,907
	90,884	Sun Communities, Inc. REIT		11,126,019
	123,275	UDR, Inc. REIT		4,918,672
	139,486	Ventas, Inc. REIT		6,092,748
	405,571	VICI Properties, Inc. REIT		12,507,810
	53,402	Welltower, Inc. REIT		4,425,958
	418,180	Weyerhaeuser Co. REIT		13,695,395
	124,209	W.P. Carey, Inc. REIT		8,079,795

				204,837,841

Utilities – 2.5%
	181,416	Alliant Energy Corp.		9,101,641
	127,028	Ameren Corp.		10,069,510
	150,988	American Electric Power Co., Inc.		11,837,459
	42,558	American Water Works Co., Inc.		5,904,497
	90,788	Atmos Energy Corp.		10,526,869
	387,975	CenterPoint Energy, Inc.		10,820,623
	120,993	CMS Energy Corp.		6,798,597
	174,293	Consolidated Edison, Inc.		15,505,105
	129,165	Constellation Energy Corp.		13,453,826
	156,188	Dominion Energy, Inc.		7,581,365
	87,000	DTE Energy Co.		8,994,060
	145,950	Duke Energy Corp.		12,960,360
	196,128	Edison International		13,503,413
	79,947	Entergy Corp.		7,614,952
	185,932	Evergy, Inc.		10,220,682
	88,711	Eversource Energy		5,661,536
	432,931	Exelon Corp.		17,369,192
	271,213	FirstEnergy Corp.		9,782,653
	270,564	NextEra Energy, Inc.		18,073,675
	140,910	NiSource, Inc.		3,770,752
	806,781	PG&E Corp.*		13,150,530
	227,033	PPL Corp.		5,657,662
	161,009	Public Service Enterprise Group, Inc.		9,834,430
	206,906	Sempra		14,528,939
	244,918	Southern Co. (The)		16,588,296


Common Stocks – (continued)
Utilities – (continued)
	85,238	WEC Energy Group, Inc.		7,170,221
	160,826	Xcel Energy, Inc.		9,187,989

				285,668,834

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $8,454,987,939)		$	11,378,218,889


Shares		Dividend Rate	Value

Securities Lending Reinvestment Vehicle – 0.3%^(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	39,027,450	5.234%	$	39,027,450
	(Cost $39,027,450)

	TOTAL INVESTMENTS – 100.0%
	(Cost $8,494,015,389)		$	11,417,246,339

	LIABILITIES IN EXCESS OF OTHER ASSETS – (0.0)%			(6,773,300	)

	NET ASSETS – 100.0%		$	11,410,473,039



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

*		Non-income producing security.

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

(b)		Represents an affiliated issuer.



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

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At August 31, 2023, the Fund had the following futures contracts:

Description

Number of
Contracts

Expiration
Date

Notional
Amount

Unrealized
Appreciation/
(Depreciation)

Long position contracts:

S&P 500 E-Mini Index

09/15/23

13,773,800

59,881


The accompanying notes are an integral part of these financial statements.		85

GOLDMAN SACHS ACTIVEBETA^® U.S. SMALL CAP EQUITY ETF

Schedule of Investments

August 31, 2023


Shares		Description	Value

Common Stocks – 99.1%
Communication Services – 2.0%
	9,556	AMC Networks, Inc., Class A*	$	111,232
	4,893	Atlanta Braves Holdings, Inc., Class A*^(a)		204,723
	4,554	Atlanta Braves Holdings, Inc., Class C*		167,769
	22,779	Cargurus, Inc.*		412,528
	27,282	Cars.com, Inc.*		509,901
	10,758	Cinemark Holdings, Inc.*		175,140
	7,965	Cogent Communications Holdings, Inc.		562,170
	32,101	DHI Group, Inc.*		121,021
	13,941	EchoStar Corp., Class A*		242,295
	18,738	EverQuote, Inc., Class A*		115,801
	18,981	EW Scripps Co. (The), Class A*		145,015
	88,070	Gannett Co., Inc.*		256,284
	15,535	Gogo, Inc.*		176,322
	19,679	Gray Television, Inc.		158,613
	14,031	IDT Corp., Class B*		328,045
	36,386	iHeartMedia, Inc., Class A*		131,353
	5,227	IMAX Corp.*		99,993
	5,320	Integral Ad Science Holding Corp.*		75,916
	13,040	John Wiley & Sons, Inc., Class A		484,566
	11,148	Liberty Latin America Ltd., Class A (Puerto Rico) *		99,663
	36,559	Liberty Latin America Ltd., Class C (Puerto Rico) *		327,569
	35,841	Loop Media, Inc.*		31,214
	83,750	Lumen Technologies, Inc.*		133,162
	9,948	Magnite, Inc.*		82,071
	9,307	Marcus Corp. (The)		141,373
	21,296	Ooma, Inc.*		300,061
	29,436	Playstudios, Inc.*		104,792
	12,384	QuinStreet, Inc.*		122,602
	12,534	Scholastic Corp.		544,602
	7,747	Shutterstock, Inc.		326,226
	7,828	Sinclair, Inc.		98,789
	11,096	Spok Holdings, Inc.		158,007
	25,618	Stagwell, Inc.*		139,618
	40,993	TEGNA, Inc.		677,614
	12,170	Thryv Holdings, Inc.*		248,146
	120,050	Tingo Group, Inc.*		154,865
	86,703	TrueCar, Inc.*		207,220
	22,097	Yelp, Inc.*		946,856
	6,518	Ziff Davis, Inc.*		434,425
	8,069	ZipRecruiter, Inc., Class A*		122,568

				9,880,130

Consumer Discretionary – 11.1%
	20,814	1-800-Flowers.com, Inc., Class A*		156,729
	65,203	2U, Inc.*		206,694
	20,010	Aaron’s Co., Inc. (The)		241,521
	18,041	Abercrombie & Fitch Co., Class A*		969,704
	13,186	Academy Sports & Outdoors, Inc.		719,560
	10,167	Acushnet Holdings Corp.		595,278
	13,693	Adient PLC*		536,355
	12,296	Adtalem Global Education, Inc.*		539,180
	36,200	American Axle & Manufacturing Holdings, Inc.*		273,310


Common Stocks – (continued)
Consumer Discretionary – (continued)
	18,473	American Eagle Outfitters, Inc.		313,302
	4,540	Asbury Automotive Group, Inc.*		1,044,200
	9,697	Beazer Homes USA, Inc.*		284,219
	4,572	BJ’s Restaurants, Inc.*		134,463
	14,540	Bloomin’ Brands, Inc.		407,992
	8,136	Bluegreen Vacations Holding Corp.		291,757
	4,895	Boot Barn Holdings, Inc.*		449,116
	7,397	Brinker International, Inc.*		242,104
	10,401	Buckle, Inc. (The)		380,053
	4,630	Build-A-Bear Workshop, Inc.		122,093
	15,874	Caleres, Inc.		455,108
	5,655	Camping World Holdings, Inc., Class A		139,848
	33,043	CarParts.com, Inc.*		159,598
	6,088	Carriage Services, Inc.		187,632
	27,128	Carrols Restaurant Group, Inc.*		189,353
	3,708	Carvana Co.*		186,698
	1,498	Cavco Industries, Inc.*		418,721
	3,528	Century Communities, Inc.		261,954
	5,468	Cheesecake Factory, Inc. (The)		174,156
	11,115	Chegg, Inc.*		113,484
	33,973	Chico’s FAS, Inc.*		174,281
	4,760	Chuy’s Holdings, Inc.*		181,356
	7,292	Cooper-Standard Holdings, Inc.*		108,942
	7,724	Coursera, Inc.*		134,320
	1,886	Cracker Barrel Old Country Store, Inc.		155,463
	5,959	Cricut, Inc., Class A		56,372
	25,592	Dana, Inc.		412,287
	5,391	Dave & Buster’s Entertainment, Inc.*		211,705
	17,775	Denny’s Corp.*		169,396
	12,483	Designer Brands, Inc., Class A		131,196
	29,522	Destination XL Group, Inc.*		134,620
	2,265	Dillard’s, Inc., Class A		781,697
	1,914	Dine Brands Global, Inc.		104,849
	5,890	Dorman Products, Inc.*		485,984
	1,175	Duluth Holdings, Inc., Class B*		7,467
	2,428	Duolingo, Inc.*		357,304
	12,287	El Pollo Loco Holdings, Inc.		116,849
	19,907	Ethan Allen Interiors, Inc.		624,682
	12,939	Everi Holdings, Inc.*		187,098
	50,530	Figs, Inc., Class A*		312,275
	5,882	Foot Locker, Inc.		115,405
	41,590	Fossil Group, Inc.*		88,171
	6,831	Fox Factory Holding Corp.*		756,943
	21,139	Frontdoor, Inc.*		693,782
	12,296	Funko, Inc., Class A*		85,703
	9,569	Genesco, Inc.*		328,025
	7,298	Gentherm, Inc.*		439,413
	11,270	G-III Apparel Group Ltd.*		223,709
	5,331	Golden Entertainment, Inc.		194,102
	46,509	Goodyear Tire & Rubber Co. (The)*		600,431
	39,749	GoPro, Inc., Class A*		144,488
	847	Graham Holdings Co., Class B		496,622
	6,759	Green Brick Partners, Inc.*		334,300
	4,055	Group 1 Automotive, Inc.		1,072,223
	8,883	Guess?, Inc.		213,725
	14,391	Haverty Furniture Cos., Inc.		450,438


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

GOLDMAN SACHS ACTIVEBETA^® U.S. SMALL CAP EQUITY ETF


Shares		Description	Value

Common Stocks – (continued)
Consumer Discretionary – (continued)
	3,396	Helen of Troy Ltd.*	$	417,436
	6,353	Hibbett, Inc.		294,207
	11,076	Hilton Grand Vacations, Inc.*		484,243
	2,208	Hovnanian Enterprises, Inc., Class A*		262,399
	21,163	Inspired Entertainment, Inc.*		278,928
	4,401	Installed Building Products, Inc.		636,957
	16,220	International Game Technology PLC		519,364
	6,843	iRobot Corp.*		266,124
	3,748	Jack in the Box, Inc.		301,227
	7,102	JAKKS Pacific, Inc.*		139,767
	4,024	Johnson Outdoors, Inc., Class A		224,982
	9,590	KB Home		487,172
	11,004	Kontoor Brands, Inc.		503,873
	6,596	Krispy Kreme, Inc.		88,320
	24,112	Laureate Education, Inc.		335,880
	15,684	La-Z-Boy, Inc.		483,851
	7,143	LCI Industries		894,875
	14,025	Leslie’s, Inc.*		87,796
	1,503	LGI Homes, Inc.*		185,019
	4,727	Life Time Group Holdings, Inc.*		81,304
	9,745	Light & Wonder, Inc.*		747,149
	23,286	Lincoln Educational Services Corp.*		198,630
	7,046	Lovesac Co. (The)*		161,494
	19,143	Luminar Technologies, Inc.*^(a)		110,264
	6,631	M/I Homes, Inc.*		651,032
	5,624	Malibu Boats, Inc., Class A*		273,101
	490	Marine Products Corp.		6,855
	5,696	MarineMax, Inc.*		189,506
	15,083	MasterCraft Boat Holdings, Inc.*		328,206
	8,949	MDC Holdings, Inc.		424,630
	6,294	Meritage Homes Corp.		875,118
	14,659	Modine Manufacturing Co.*		697,622
	3,890	Monarch Casino & Resort, Inc.		262,186
	4,212	Monro, Inc.		137,901
	9,162	Movado Group, Inc.		250,581
	2,289	Nathan’s Famous, Inc.		166,433
	9,874	National Vision Holdings, Inc.*		180,793
	26,458	Nerdy, Inc.*		123,823
	9,729	ODP Corp. (The)*		479,834
	12,406	OneSpaWorld Holdings Ltd. (Bahamas) *		141,925
	741	OneWater Marine, Inc., Class A*		19,348
	7,839	Overstock.com, Inc.*		204,676
	6,716	Oxford Industries, Inc.		678,249
	8,063	Papa John’s International, Inc.		610,369
	8,445	Patrick Industries, Inc.		706,340
	65,672	Perdoceo Education Corp.		1,088,185
	8,353	PetMed Express, Inc.		94,138
	17,743	PlayAGS, Inc.*		121,185
	4,523	Portillo’s, Inc., Class A*		82,952
	23,176	Potbelly Corp.*		185,176
	33,053	Purple Innovation, Inc.		71,725
	3,480	RCI Hospitality Holdings, Inc.		227,174
	8,440	Red Rock Resorts, Inc., Class A		370,769
	8,633	Revolve Group, Inc.*		126,473
	27,376	Rush Street Interactive, Inc.*		125,930
	25,354	Sally Beauty Holdings, Inc.*		257,597


Common Stocks – (continued)
Consumer Discretionary – (continued)
	5,722	SeaWorld Entertainment, Inc.*		278,661
	2,504	Shake Shack, Inc., Class A*		175,280
	14,990	Shoe Carnival, Inc.		346,719
	9,141	Signet Jewelers Ltd.		685,575
	3,331	Six Flags Entertainment Corp.*		76,480
	7,875	Skyline Champion Corp.*		561,251
	9,694	Sleep Number Corp.*		247,973
	23,186	Smith & Wesson Brands, Inc.		272,204
	5,116	Sonic Automotive, Inc., Class A		272,785
	24,908	Sonos, Inc.*		343,232
	10,715	Standard Motor Products, Inc.		396,776
	18,085	Steven Madden Ltd.		623,932
	34,614	Stitch Fix, Inc., Class A*		151,955
	15,342	Stoneridge, Inc.*		315,278
	4,262	Strategic Education, Inc.		330,305
	21,581	Stride, Inc.*		916,977
	6,513	Sturm Ruger & Co., Inc.		335,941
	21,945	Target Hospitality Corp.*		348,926
	22,338	Taylor Morrison Home Corp.*		1,058,821
	8,313	Topgolf Callaway Brands Corp.*		144,979
	23,601	Tri Pointe Homes, Inc.*		733,991
	23,753	Udemy, Inc.*		246,081
	22,330	Upbound Group, Inc.		683,745
	8,222	Urban Outfitters, Inc.*		273,053
	23,235	Vera Bradley, Inc.*		166,595
	13,948	Vista Outdoor, Inc.*		407,979
	2,555	Visteon Corp.*		355,835
	8,262	Warby Parker, Inc., Class A*^(a)		99,227
	1,986	Winmark Corp.		755,733
	11,173	Winnebago Industries, Inc.		724,569
	14,362	Wolverine World Wide, Inc.		116,045
	44,051	WW International, Inc.*		427,735
	9,072	XPEL, Inc.*		755,698
	3,342	Xponential Fitness, Inc., Class A*		72,388
	12,439	Zumiez, Inc.*		236,217

				53,569,839

Consumer Staples – 3.7%
	3,886	Andersons, Inc. (The)		199,585
	11,386	B&G Foods, Inc.		145,627
	18,254	BellRing Brands, Inc.*		757,541
	2,992	Calavo Growers, Inc.		98,616
	10,490	Cal-Maine Foods, Inc.		501,317
	5,416	Central Garden & Pet Co.*		239,062
	8,922	Central Garden & Pet Co., Class A*		364,018
	4,123	Chefs’ Warehouse, Inc. (The)*		117,670
	2,139	Coca-Cola Consolidated, Inc.		1,494,947
	9,163	Dole PLC		109,223
	11,877	Edgewell Personal Care Co.		457,977
	6,961	elf Beauty, Inc.*		965,560
	9,537	Energizer Holdings, Inc.		327,596
	8,853	Fresh Del Monte Produce, Inc.		226,194
	10,822	Hain Celestial Group, Inc. (The)*		114,605
	21,801	Herbalife Ltd.*		327,451
	32,712	Hostess Brands, Inc.*		931,638
	9,168	Ingles Markets, Inc., Class A		716,296


The accompanying notes are an integral part of these financial statements.		87

GOLDMAN SACHS ACTIVEBETA^® U.S. SMALL CAP EQUITY ETF

Schedule of Investments (continued)

August 31, 2023


Shares		Description	Value

Common Stocks – (continued)
Consumer Staples – (continued)
	4,040	Inter Parfums, Inc.	$	564,509
	2,121	J & J Snack Foods Corp.		343,878
	4,657	John B. Sanfilippo & Son, Inc.		467,330
	3,614	Lancaster Colony Corp.		596,997
	3,270	Medifast, Inc.		275,792
	2,010	MGP Ingredients, Inc.		240,999
	12,138	National Beverage Corp.*		622,801
	10,937	Nu Skin Enterprises, Inc., Class A		261,285
	2,619	PriceSmart, Inc.		208,158
	37,367	Primo Water Corp.		570,220
	10,600	Simply Good Foods Co. (The)*		382,448
	18,584	SpartanNash Co.		404,388
	24,736	Sprouts Farmers Market, Inc.*		1,008,982
	11,199	TreeHouse Foods, Inc.*		520,978
	7,699	Turning Point Brands, Inc.		189,549
	17,707	United Natural Foods, Inc.*		356,442
	6,915	Universal Corp.		329,292
	5,672	USANA Health Sciences, Inc.*		364,653
	7,815	Utz Brands, Inc.		120,664
	40,816	Vector Group Ltd.		437,139
	8,186	Village Super Market, Inc., Class A		184,594
	3,255	Vita Coco Co., Inc. (The)*		92,084
	18,194	Vital Farms, Inc.*		214,325
	3,108	WD-40 Co.		667,816
	5,940	Weis Markets, Inc.		385,328

				17,905,574

Energy – 7.1%
	34,485	Amplify Energy Corp.*		225,532
	28,350	Archrock, Inc.		362,596
	16,690	Ardmore Shipping Corp. (Ireland)		207,624
	21,960	Berry Corp.		188,197
	13,623	Borr Drilling Ltd. (Mexico) *		95,225
	7,137	Bristow Group, Inc.*		197,695
	6,914	Cactus, Inc., Class A		368,793
	12,953	California Resources Corp.		723,296
	10,620	Callon Petroleum Co.*		416,623
	3,263	Centrus Energy Corp., Class A*		154,862
	24,396	ChampionX Corp.		880,452
	7,108	Chord Energy Corp.		1,147,942
	13,748	Civitas Resources, Inc.		1,130,361
	25,582	CNX Resources Corp.*		571,758
	57,113	Comstock Resources, Inc.		700,205
	12,962	CONSOL Energy, Inc.		1,115,250
	4,149	Core Laboratories, Inc.		99,742
	7,388	CVR Energy, Inc.		241,588
	14,674	Delek US Holdings, Inc.		377,855
	5,523	Denbury, Inc.*		505,796
	34,635	DHT Holdings, Inc.		320,374
	17,744	Diamond Offshore Drilling, Inc.*		263,853
	10,834	Dorian LPG Ltd.		279,517
	5,540	Dril-Quip, Inc.*		152,793
	10,308	Earthstone Energy, Inc., Class A*		210,077
	4,191	Empire Petroleum Corp.*		36,629
	20,177	Energy Fuels, Inc.*^(a)		143,862
	58,209	Equitrans Midstream Corp.		558,806


Common Stocks – (continued)
Energy – (continued)
	31,006	Evolution Petroleum Corp.		262,311
	6,156	Expro Group Holdings NV*		144,728
	3,659	FLEX LNG Ltd. (Norway) ^(a)		110,795
	8,939	Golar LNG Ltd. (Cameroon)		197,552
	4,485	Green Plains, Inc.*		139,214
	5,193	Gulfport Energy Corp.*		612,774
	53,232	Helix Energy Solutions Group, Inc.*		539,772
	8,240	Helmerich & Payne, Inc.		329,518
	6,330	International Seaways, Inc.		272,000
	12,453	KLX Energy Services Holdings, Inc.*		129,573
	74,474	Kosmos Energy Ltd. (Ghana) *		542,171
	42,027	Liberty Energy, Inc.		670,331
	58,241	Magnolia Oil & Gas Corp., Class A		1,327,895
	23,357	Matador Resources Co.		1,483,169
	21,973	Murphy Oil Corp.		997,574
	2,220	Nabors Industries Ltd.*		245,732
	3,919	NACCO Industries, Inc., Class A		127,759
	47,600	NexTier Oilfield Solutions, Inc.*		505,036
	11,019	Noble Corp. PLC		581,142
	24,766	Nordic American Tankers Ltd.		96,835
	9,355	Northern Oil and Gas, Inc.		391,320
	20,567	Oceaneering International, Inc.*		468,722
	26,949	Oil States International, Inc.*		211,280
	24,381	Overseas Shipholding Group, Inc., Class A*		107,276
	9,403	Par Pacific Holdings, Inc.*		322,993
	17,121	Patterson-UTI Energy, Inc.		242,091
	23,594	PBF Energy, Inc., Class A		1,106,323
	17,877	Peabody Energy Corp.		385,786
	48,526	Permian Resources Corp.		688,099
	7,794	ProFrac Holding Corp., Class A*		85,734
	41,637	ProPetro Holding Corp.*		401,381
	7,157	REX American Resources Corp.*		282,630
	58,127	Ring Energy, Inc.*		109,860
	59,316	RPC, Inc.		473,935
	21,646	SandRidge Energy, Inc.		346,120
	7,236	Scorpio Tankers, Inc. (Monaco)		365,490
	4,862	Seadrill Ltd. (Norway) *		236,536
	21,776	SFL Corp. Ltd. (Norway)		246,069
	10,914	SilverBow Resources, Inc.*		466,901
	10,698	Sitio Royalties Corp., Class A		271,729
	38,616	SM Energy Co.		1,633,843
	5,506	Solaris Oilfield Infrastructure, Inc., Class A		57,923
	32,186	Talos Energy, Inc.*		554,243
	23,349	Teekay Corp. (Bermuda) *		149,667
	3,511	Teekay Tankers Ltd., Class A (Canada)		142,827
	47,491	TETRA Technologies, Inc.*		260,726
	4,083	Tidewater, Inc.*		265,517
	20,091	US Silica Holdings, Inc.*		247,722
	49,184	VAALCO Energy, Inc.		203,622
	7,063	Valaris Ltd.*		531,985
	8,681	Vital Energy, Inc.*		523,377
	89,091	W&T Offshore, Inc.*		363,491
	7,559	Weatherford International PLC*		669,123
	14,820	World Kinect Corp.		324,558

				34,132,083


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

GOLDMAN SACHS ACTIVEBETA^® U.S. SMALL CAP EQUITY ETF


Shares		Description	Value

Common Stocks – (continued)
Financials – 16.9%
	3,829	1st Source Corp.	$	171,118
	1,545	ACNB Corp.		49,177
	5,769	Amalgamated Financial Corp.		103,380
	11,431	A-Mark Precious Metals, Inc.		390,026
	22,850	Ambac Financial Group, Inc.*		294,308
	5,033	Amerant Bancorp, Inc.		94,469
	25,072	American Equity Investment Life Holding Co.		1,345,865
	4,381	American National Bankshares, Inc.		171,735
	14,284	Ameris Bancorp		582,073
	6,827	AMERISAFE, Inc.		353,639
	5,045	Ames National Corp.		90,558
	29,487	Apollo Commercial Real Estate Finance, Inc. REIT		321,998
	27,605	Arbor Realty Trust, Inc. REIT		440,576
	15,526	Ares Commercial Real Estate Corp. REIT		160,694
	4,925	Argo Group International Holdings Ltd.		146,519
	20,726	ARMOUR Residential REIT, Inc. REIT		101,765
	8,694	Arrow Financial Corp.		153,101
	18,462	Artisan Partners Asset Management, Inc., Class A		709,310
	4,926	AssetMark Financial Holdings, Inc.*		142,312
	23,754	Associated Banc-Corp.		411,657
	12,576	Atlantic Union Bankshares Corp.		373,381
	2,535	Atlanticus Holdings Corp.*		88,471
	7,796	Avantax, Inc.*		163,092
	8,755	AvidXchange Holdings, Inc.*		90,001
	20,756	Axos Financial, Inc.*		894,376
	8,606	Banc of California, Inc.		107,833
	6,748	BancFirst Corp.		644,974
	11,375	Banco Latinoamericano de Comercio Exterior SA, Class E (Panama)		268,450
	14,922	Bancorp, Inc. (The)*		547,787
	2,511	Bank First Corp.^(a)		194,929
	6,039	Bank of Hawaii Corp.^(a)		324,536
	21,025	Bank of NT Butterfield & Son Ltd. (The) (Bermuda)		612,248
	15,842	BankUnited, Inc.		415,852
	5,447	Bankwell Financial Group, Inc.		141,731
	5,891	Banner Corp.		256,553
	1,122	BayCom Corp.		21,621
	12,366	BCB Bancorp, Inc.		140,725
	6,557	Berkshire Hills Bancorp, Inc.		137,041
	30,660	BGC Group, Inc., Class A		151,460
	20,951	Blackstone Mortgage Trust, Inc., Class A REIT		461,341
	5,534	Blue Ridge Bankshares, Inc.		43,829
	8,213	Bread Financial Holdings, Inc.		308,645
	10,938	Brightsphere Investment Group, Inc.		226,526
	23,914	Brookline Bancorp, Inc.		228,857
	4,410	BRP Group, Inc., Class A*		117,262
	5,655	Byline Bancorp, Inc.		119,773
	32,160	Cadence Bank		735,821
	1,686	Cambridge Bancorp		89,712
	8,834	Camden National Corp.		289,667
	6,138	Cannae Holdings, Inc.*		120,489


Common Stocks – (continued)
Financials – (continued)
	8,688	Capital City Bank Group, Inc.		265,071
	16,218	Capitol Federal Financial, Inc.		91,956
	4,826	Cass Information Systems, Inc.		185,029
	17,230	Cathay General Bancorp		613,905
	11,750	Central Pacific Financial Corp.		199,397
	6,010	Central Valley Community Bancorp		87,866
	3,444	Chemung Financial Corp.		135,315
	22,817	Chimera Investment Corp. REIT		138,043
	3,864	ChoiceOne Financial Services, Inc.		92,891
	6,427	City Holding Co.		587,171
	10,837	Civista Bancshares, Inc.		184,121
	16,003	Claros Mortgage Trust, Inc.		182,274
	7,384	CNB Financial Corp.		134,463
	34,359	CNO Financial Group, Inc.		804,001
	4,666	Codorus Valley Bancorp, Inc.		94,486
	9,088	Cohen & Steers, Inc.		592,356
	1,680	Colony Bankcorp, Inc.		17,489
	6,933	Columbia Financial, Inc.*		118,970
	5,810	Community Bank System, Inc.		276,265
	5,348	Community Trust Bancorp, Inc.		189,854
	4,379	Compass Diversified Holdings		90,426
	7,031	ConnectOne Bancorp, Inc.		134,433
	8,802	Consumer Portfolio Services, Inc.*		81,595
	16,422	Customers Bancorp, Inc.*		577,069
	18,620	CVB Financial Corp.		325,105
	1,846	Diamond Hill Investment Group, Inc.		311,531
	11,061	Dime Community Bancshares, Inc.		235,710
	12,127	Donnelley Financial Solutions, Inc.*		597,497
	8,985	Dynex Capital, Inc. REIT		116,446
	9,149	Eagle Bancorp, Inc.		220,125
	9,323	Eastern Bankshares, Inc.		125,488
	11,731	Ellington Financial, Inc. REIT		156,843
	8,554	Employers Holdings, Inc.		335,573
	10,272	Enact Holdings, Inc.		294,395
	7,034	Encore Capital Group, Inc.*		329,613
	17,694	Enova International, Inc.*		892,662
	1,093	Enstar Group Ltd.*		276,846
	7,175	Enterprise Financial Services Corp.		277,744
	3,861	Esquire Financial Holdings, Inc.		180,540
	24,230	Essent Group Ltd.		1,216,831
	3,718	Evans Bancorp, Inc.		105,294
	14,847	EVERTEC, Inc. (Puerto Rico)		587,496
	2,627	Farmers & Merchants Bancorp, Inc.		50,176
	12,224	Farmers National Banc Corp.		155,245
	9,241	FB Financial Corp.		280,742
	6,628	Federal Agricultural Mortgage Corp., Class C		1,115,625
	2,265	Fidelity D&D Bancorp, Inc.^(a)		107,327
	10,503	Financial Institutions, Inc.		183,802
	8,327	First Bancorp		246,812
	48,393	First BanCorp. (Puerto Rico)		670,727
	6,178	First Bancorp, Inc. (The)		152,102
	4,349	First Bancshares, Inc. (The)		123,468
	9,964	First Busey Corp.		201,273
	7,725	First Business Financial Services, Inc.		243,569
	22,624	First Commonwealth Financial Corp.		295,696


The accompanying notes are an integral part of these financial statements.		89

GOLDMAN SACHS ACTIVEBETA^® U.S. SMALL CAP EQUITY ETF

Schedule of Investments (continued)

August 31, 2023


Shares		Description	Value

Common Stocks – (continued)
Financials – (continued)
	5,287	First Community Corp/SC	$	91,359
	20,116	First Financial Bancorp		418,010
	24,234	First Financial Bankshares, Inc.		696,000
	4,252	First Financial Corp.		156,133
	10,807	First Interstate BancSystem, Inc., Class A		280,009
	13,900	First Merchants Corp.		414,776
	4,797	First Mid Bancshares, Inc.		134,172
	9,343	First of Long Island Corp. (The)		122,020
	1,490	First Western Financial, Inc.*		30,277
	5,632	FirstCash Holdings, Inc.		503,050
	13,271	Flushing Financial Corp.		187,386
	5,720	Flywire Corp.*		197,798
	4,717	Focus Financial Partners, Inc., Class A*		250,001
	9,812	Franklin BSP Realty Trust, Inc. REIT		138,742
	3,203	FS Bancorp, Inc.		94,969
	32,270	Fulton Financial Corp.		430,159
	3,015	FVCBankcorp, Inc.*		36,693
	112,671	Genworth Financial, Inc., Class A*		652,365
	10,418	German American Bancorp, Inc.		301,393
	19,038	Glacier Bancorp, Inc.		575,138
	3,800	Goosehead Insurance, Inc., Class A*		265,468
	6,603	Great Southern Bancorp, Inc.		333,253
	8,027	Green Dot Corp., Class A*		119,121
	6,547	Greene County Bancorp, Inc.		188,619
	8,582	Hamilton Lane, Inc., Class A		796,324
	14,501	Hancock Whitney Corp.		598,166
	12,110	Hanmi Financial Corp.		209,745
	5,002	Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT		111,895
	15,365	HarborOne Bancorp, Inc.		153,189
	8,498	Heartland Financial USA, Inc.		260,379
	18,755	Heritage Commerce Corp.		162,606
	6,475	Heritage Financial Corp.		111,499
	13,785	Hilltop Holdings, Inc.		418,926
	655	Hingham Institution For Savings (The)^(a)		130,469
	3,883	Home Bancorp, Inc.		126,819
	29,749	Home BancShares, Inc.		659,833
	6,122	HomeTrust Bancshares, Inc.		139,888
	27,770	Hope Bancorp, Inc.		268,536
	11,561	Horace Mann Educators Corp.		331,338
	13,336	Horizon Bancorp, Inc.		149,230
	4,266	I3 Verticals, Inc., Class A*		100,891
	13,717	Independent Bank Corp.		261,858
	7,404	Independent Bank Corp.		399,964
	6,602	Independent Bank Group, Inc.		278,604
	10,951	International Bancshares Corp.		490,386
	12,263	International Money Express, Inc.*		212,150
	1,199	Investors Title Co.		172,524
	19,818	Jackson Financial, Inc., Class A		745,157
	13,405	KKR Real Estate Finance Trust, Inc. REIT		167,697
	15,094	Ladder Capital Corp. REIT		165,430
	12,381	Lakeland Bancorp, Inc.		167,267
	9,208	Lakeland Financial Corp.		480,013
	31,215	LendingClub Corp.*		217,256


Common Stocks – (continued)
Financials – (continued)
	9,809	Live Oak Bancshares, Inc.		317,223
	20,933	Macatawa Bank Corp.		191,746
	6,056	MainStreet Bancshares, Inc.		136,987
	19,118	Marqeta, Inc., Class A*		117,576
	33,813	MBIA, Inc.*		266,785
	7,369	Mercantile Bank Corp.		245,977
	3,706	Metropolitan Bank Holding Corp.*^(a)		147,536
	10,616	MFA Financial, Inc. REIT		116,351
	3,362	Middlefield Banc Corp.		87,177
	5,740	Midland States Bancorp, Inc.		127,428
	4,730	MidWestOne Financial Group, Inc.		101,033
	13,615	Moelis & Co., Class A		645,487
	16,319	Mr Cooper Group, Inc.*		924,635
	5,722	National Bank Holdings Corp., Class A		180,472
	5,635	National Bankshares, Inc.		148,313
	834	National Western Life Group, Inc., Class A		379,086
	47,552	Navient Corp.		839,293
	8,982	NBT Bancorp, Inc.		309,160
	5,341	Nelnet, Inc., Class A		490,571
	10,093	New York Mortgage Trust, Inc. REIT		96,085
	5,663	NewtekOne, Inc.		101,424
	7,579	Nexpoint Real Estate Finance, Inc. REIT		129,525
	2,950	Nicolet Bankshares, Inc.		223,639
	22,193	NMI Holdings, Inc., Class A*		635,164
	6,498	Northeast Bank		276,100
	6,253	Northeast Community Bancorp, Inc.		99,173
	17,386	Northwest Bancshares, Inc.		191,246
	4,444	Norwood Financial Corp.		120,566
	6,617	Oak Valley Bancorp		166,153
	8,713	OceanFirst Financial Corp.		146,988
	17,310	OFG Bancorp (Puerto Rico)		522,070
	43,870	Old National Bancorp		669,456
	16,509	Old Second Bancorp, Inc.		238,885
	19,255	Open Lending Corp., Class A*		158,854
	3,331	Origin Bancorp, Inc.		102,228
	10,607	Oscar Health, Inc., Class A*		66,506
	12,773	Pacific Premier Bancorp, Inc.		294,034
	18,386	Pagseguro Digital Ltd., Class A (Brazil) *		165,106
	2,066	Palomar Holdings, Inc.*		105,387
	4,391	Park National Corp.		446,828
	9,773	Parke Bancorp, Inc.		168,780
	11,747	Pathward Financial, Inc.		578,775
	9,683	Patria Investments Ltd., Class A (Cayman Islands)		139,629
	10,723	PCB Bancorp		172,104
	7,736	Peapack-Gladstone Financial Corp.		210,961
	8,680	PennyMac Financial Services, Inc.		622,964
	11,846	PennyMac Mortgage Investment Trust REIT		158,855
	14,334	Peoples Bancorp, Inc.		369,387
	4,047	Peoples Financial Services Corp.		176,449
	3,788	Piper Sandler Cos.		564,336
	6,900	PJT Partners, Inc., Class A		545,031
	2,884	Plumas Bancorp		100,767
	9,372	PRA Group, Inc.*		182,567


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

GOLDMAN SACHS ACTIVEBETA^® U.S. SMALL CAP EQUITY ETF


Shares		Description	Value

Common Stocks – (continued)
Financials – (continued)
	8,221	Preferred Bank	$	510,606
	7,844	Premier Financial Corp.		147,781
	7,135	Primis Financial Corp.		63,359
	9,809	ProAssurance Corp.		173,423
	13,984	PROG Holdings, Inc.*		479,651
	15,924	Provident Financial Services, Inc.		262,428
	6,591	QCR Holdings, Inc.		345,764
	46,895	Radian Group, Inc.		1,269,917
	37,389	Ready Capital Corp. REIT		408,288
	6,712	Regional Management Corp.		184,446
	15,852	Remitly Global, Inc.*		398,678
	10,305	Renasant Corp.		286,994
	1,759	Repay Holdings Corp.*		16,218
	6,077	Republic Bancorp, Inc., Class A		270,062
	8,326	S&T Bancorp, Inc.		235,876
	3,836	Safety Insurance Group, Inc.		264,185
	11,439	Sandy Spring Bancorp, Inc.		254,403
	8,724	Seacoast Banking Corp. of Florida		205,974
	12,443	Selective Insurance Group, Inc.		1,234,470
	14,457	ServisFirst Bancshares, Inc.		810,170
	3,830	Shore Bancshares, Inc.		42,436
	7,194	Sierra Bancorp		143,017
	16,678	Simmons First National Corp., Class A		297,202
	25,096	SiriusPoint Ltd. (Bermuda) *		277,562
	6,170	Southern First Bancshares, Inc.*		173,439
	6,624	Southern Missouri Bancorp, Inc.		280,195
	6,633	Southside Bancshares, Inc.		199,653
	10,052	SouthState Corp.		726,760
	8,366	Stellar Bancorp, Inc.		177,945
	4,068	StepStone Group, Inc., Class A		125,579
	10,432	Stewart Information Services Corp.		483,210
	7,194	Stock Yards Bancorp, Inc.		329,485
	36,800	StoneCo Ltd., Class A (Brazil)*		451,168
	6,361	StoneX Group, Inc.*		597,171
	7,562	Texas Capital Bancshares, Inc.*		472,171
	3,690	Timberland Bancorp, Inc.		104,648
	3,732	Tompkins Financial Corp.		193,803
	13,881	Towne Bank		327,592
	9,089	TriCo Bancshares		312,116
	5,591	Triumph Financial, Inc.*		359,110
	5,793	TrustCo Bank Corp.		164,927
	12,826	Trustmark Corp.		295,511
	7,719	Two Harbors Investment Corp. REIT		106,291
	8,728	UMB Financial Corp.		551,697
	17,869	United Bankshares, Inc.		537,500
	18,125	United Community Banks, Inc.		489,375
	6,807	Unity Bancorp, Inc.		164,491
	8,477	Universal Insurance Holdings, Inc.		107,319
	6,883	Univest Financial Corp.		123,825
	70,029	Valley National Bancorp		642,866
	10,139	Veritex Holdings, Inc.		190,715
	4,444	Victory Capital Holdings, Inc., Class A		152,962
	4,644	Virginia National Bankshares Corp.		153,438
	2,476	Virtus Investment Partners, Inc.		512,780
	5,628	Walker & Dunlop, Inc.		480,294
	14,857	Washington Federal, Inc.		403,813


Common Stocks – (continued)
Financials – (continued)
	6,808	Washington Trust Bancorp, Inc.		190,624
	16,771	Waterstone Financial, Inc.		208,128
	11,652	WesBanco, Inc.		295,495
	12,996	West BanCorp, Inc.		240,686
	8,076	Westamerica BanCorp		355,586
	43,719	WisdomTree, Inc.		319,149
	843	World Acceptance Corp.*		113,645
	12,565	WSFS Financial Corp.		493,804

				81,853,696

Health Care – 12.4%
	4,572	4D Molecular Therapeutics, Inc.*		74,432
	4,692	89bio, Inc.*		80,421
	39,880	ACADIA Pharmaceuticals, Inc.*		1,077,558
	6,891	Accolade, Inc.*		92,960
	19,922	AdaptHealth Corp.*		237,669
	3,635	Addus HomeCare Corp.*		318,790
	23,885	ADMA Biologics, Inc.*		91,957
	3,640	Agios Pharmaceuticals, Inc.*		99,845
	2,909	Akero Therapeutics, Inc.*		144,374
	8,921	Aldeyra Therapeutics, Inc.*		66,551
	15,138	Alignment Healthcare, Inc.*		88,406
	51,577	Alkermes PLC*		1,505,533
	18,469	Alphatec Holdings, Inc.*		301,968
	16,119	Amicus Therapeutics, Inc.*		206,646
	13,363	AMN Healthcare Services, Inc.*		1,181,022
	118,956	Amneal Pharmaceuticals, Inc.*		486,530
	20,122	Amphastar Pharmaceuticals, Inc.*		1,072,704
	3,932	Amylyx Pharmaceuticals, Inc.*		84,774
	15,693	AngioDynamics, Inc.*		126,015
	3,536	ANI Pharmaceuticals, Inc.*		227,683
	12,546	Anika Therapeutics, Inc.*		223,946
	3,015	Apollo Medical Holdings, Inc.*		114,148
	5,027	Arcellx, Inc.*		180,168
	13,290	Arcturus Therapeutics Holdings, Inc.*		403,352
	25,165	Ardelyx, Inc.*		107,203
	6,139	Arrowhead Pharmaceuticals, Inc.*		169,682
	54,272	Assertio Holdings, Inc.*		178,012
	9,567	Astria Therapeutics, Inc.*		85,146
	7,227	AtriCure, Inc.*		326,299
	238	Atrion Corp.		110,694
	9,746	Aurinia Pharmaceuticals, Inc. (Canada)*		88,396
	12,738	Avanos Medical, Inc.*		268,008
	13,627	Avita Medical, Inc.*		222,120
	3,201	Axonics, Inc.*		183,417
	4,864	Axsome Therapeutics, Inc.*		393,011
	3,636	Beam Therapeutics, Inc.*		84,282
	3,968	Biohaven Ltd.*		72,575
	3,973	BioLife Solutions, Inc.*		52,483
	2,685	Biomea Fusion, Inc.*		45,296
	4,666	Bioxcel Therapeutics, Inc.*		17,637
	2,871	Blueprint Medicines Corp.*		143,148
	6,253	Bridgebio Pharma, Inc.*		187,027
	7,155	Cabaletta Bio, Inc.*		101,315
	31,284	CareDx, Inc.*		291,254
	74,024	Catalyst Pharmaceuticals, Inc.*		1,039,297


The accompanying notes are an integral part of these financial statements.		91

GOLDMAN SACHS ACTIVEBETA^® U.S. SMALL CAP EQUITY ETF

Schedule of Investments (continued)

August 31, 2023


Shares		Description	Value

Common Stocks – (continued)
Health Care – (continued)
	4,166	Celldex Therapeutics, Inc.*	$	116,231
	3,705	Cerevel Therapeutics Holdings, Inc.*		87,809
	66,943	Cerus Corp.*		126,522
	39,582	Codexis, Inc.*		68,873
	7,731	Cogent Biosciences, Inc.*		94,396
	30,153	Coherus Biosciences, Inc.*		160,715
	32,841	Collegium Pharmaceutical, Inc.*		769,136
	13,789	Computer Programs and Systems, Inc.*		224,347
	2,059	CONMED Corp.		229,496
	60,337	Corcept Therapeutics, Inc.*		1,974,830
	18,334	CorMedix, Inc.*^(a)		74,619
	3,212	CorVel Corp.*		695,237
	4,619	Crinetics Pharmaceuticals, Inc.*		80,001
	28,309	Cross Country Healthcare, Inc.*		729,240
	5,482	CryoPort, Inc.*		77,296
	6,282	CVRx, Inc.*		108,993
	11,489	Cymabay Therapeutics, Inc.*		157,974
	6,564	Cytokinetics, Inc.*		229,346
	4,967	Denali Therapeutics, Inc.*		114,688
	64,290	Dynavax Technologies Corp.*		923,204
	8,571	Dyne Therapeutics, Inc.*		97,709
	10,026	Eagle Pharmaceuticals, Inc.*		169,941
	17,345	Embecta Corp.		317,934
	37,099	Emergent BioSolutions, Inc.*		173,994
	4,564	Enliven Therapeutics, Inc.*		71,290
	9,876	Ensign Group, Inc. (The)		989,773
	18,703	Entrada Therapeutics, Inc.*		275,308
	11,851	Evolent Health, Inc., Class A*		302,319
	19,043	Evolus, Inc.*		188,335
	5,613	FibroGen, Inc.*		5,388
	10,413	Fulgent Genetics, Inc.*		341,130
	39,465	Geron Corp.*		95,900
	3,010	Glaukos Corp.*		226,171
	2,529	Guardant Health, Inc.*		98,833
	4,245	Haemonetics Corp.*		380,904
	20,054	Halozyme Therapeutics, Inc.*		853,498
	17,861	Harmony Biosciences Holdings, Inc.*		647,461
	7,537	Harrow Health, Inc.*		114,336
	38,456	Harvard Bioscience, Inc.*		169,591
	8,945	HealthEquity, Inc.*		604,235
	9,522	HealthStream, Inc.		200,248
	10,851	Hims & Hers Health, Inc.*		72,810
	3,900	Ideaya Biosciences, Inc.*		114,504
	12,803	ImmunoGen, Inc.*		202,800
	4,674	Immunovant, Inc.*		106,147
	7,535	Inari Medical, Inc.*		501,982
	17,658	InfuSystem Holdings, Inc.*		181,524
	3,583	Inhibrx, Inc.*		76,676
	11,044	Inmode Ltd.*		431,710
	47,188	Innoviva, Inc.*		601,647
	8,839	Inogen, Inc.*		54,890
	7,154	Insmed, Inc.*		156,601
	6,827	Integer Holdings Corp.*		582,411
	3,997	Intellia Therapeutics, Inc.*		149,808
	15,312	Intra-Cellular Therapies, Inc.*		850,122
	2,722	iRadimed Corp.		125,838


Common Stocks – (continued)
Health Care – (continued)
	6,558	iRhythm Technologies, Inc.*		677,900
	63,206	Ironwood Pharmaceuticals, Inc.*		556,213
	12,300	iTeos Therapeutics, Inc.*		148,400
	10,862	Joint Corp. (The)*		100,908
	111,334	Karyopharm Therapeutics, Inc.*		142,508
	2,483	Keros Therapeutics, Inc.*		87,178
	14,178	Kiniksa Pharmaceuticals Ltd., Class A*		244,287
	1,309	Krystal Biotech, Inc.*		162,944
	3,629	Kymera Therapeutics, Inc.*		69,241
	11,865	Lantheus Holdings, Inc.*		812,041
	7,575	LeMaitre Vascular, Inc.		437,911
	10,476	LifeStance Health Group, Inc.*		86,008
	5,898	Ligand Pharmaceuticals, Inc.*		387,911
	10,875	Liquidia Corp.*		74,711
	6,925	LivaNova PLC*		384,684
	601	Madrigal Pharmaceuticals, Inc.*		108,180
	24,887	MannKind Corp.*		114,729
	9,726	Marinus Pharmaceuticals, Inc.*		69,152
	7,986	Merit Medical Systems, Inc.*		521,326
	1,705	Mesa Laboratories, Inc.		244,429
	90,876	MiMedx Group, Inc.*		674,300
	3,408	Mirum Pharmaceuticals, Inc.*		90,073
	1,605	Morphic Holding, Inc.*		88,403
	136,877	Multiplan Corp.*		234,060
	37,769	Myriad Genetics, Inc.*		674,177
	5,339	National HealthCare Corp.		352,107
	8,370	National Research Corp.		349,866
	8,575	Neogen Corp.*		198,254
	12,187	NeoGenomics, Inc.*		183,171
	6,313	Nevro Corp.*		126,513
	37,257	NextGen Healthcare, Inc.*		678,450
	2,169	Nuvalent, Inc., Class A*		98,841
	48,788	Ocular Therapeutix, Inc.*		184,419
	12,531	Omega Therapeutics, Inc.*		45,989
	32,368	Omeros Corp.*^(a)		111,993
	1,368	OmniAb, Inc. 12.5 Earnout*^(b)		—
	1,368	OmniAb, Inc. 15.00 Earnout*^(b)		—
	6,044	Omnicell, Inc.*		343,662
	91,016	OPKO Health, Inc.*		166,559
	23,131	Option Care Health, Inc.*		805,653
	26,550	OraSure Technologies, Inc.*		171,513
	67,656	Organogenesis Holdings, Inc.*		189,437
	17,082	Orthofix Medical, Inc.*		361,455
	25,437	Ovid therapeutics, Inc.*		85,596
	20,323	Owens & Minor, Inc.*		343,459
	15,577	Pacific Biosciences of California, Inc.*		175,709
	12,997	Pacira BioSciences, Inc.*		458,794
	21,424	Patterson Cos., Inc.		643,577
	17,891	Pediatrix Medical Group, Inc.*		252,800
	15,896	PetIQ, Inc.*		303,296
	7,757	Phathom Pharmaceuticals, Inc.*		111,623
	19,716	Phibro Animal Health Corp., Class A		275,038
	10,043	Phreesia, Inc.*		285,924
	4,218	Pliant Therapeutics, Inc.*		71,200
	9,726	Point Biopharma Global, Inc.*		77,419
	39,944	Poseida Therapeutics, Inc.*		83,483


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

GOLDMAN SACHS ACTIVEBETA^® U.S. SMALL CAP EQUITY ETF


Shares		Description	Value

Common Stocks – (continued)
Health Care – (continued)
	16,852	Prestige Consumer Healthcare, Inc.*	$	982,977
	2,710	PROCEPT BioRobotics Corp.*		92,438
	5,933	Progyny, Inc.*		221,538
	3,388	Protagonist Therapeutics, Inc.*		67,150
	55,214	Protalix BioTherapeutics, Inc.*		104,354
	3,439	Prothena Corp. PLC (Ireland) *		181,648
	15,172	PTC Therapeutics, Inc.*		599,294
	7,437	Pulmonx Corp.*		77,791
	4,158	Quanterix Corp.*		111,434
	9,675	RadNet, Inc.*		323,242
	2,624	Reata Pharmaceuticals, Inc., Class A*		443,456
	10,523	Recursion Pharmaceuticals, Inc., Class A*^(a)		91,550
	5,557	Revance Therapeutics, Inc.*		97,970
	3,946	REVOLUTION Medicines, Inc.*		134,046
	5,096	Rhythm Pharmaceuticals, Inc.*		132,547
	4,286	Rocket Pharmaceuticals, Inc.*		67,076
	3,667	RxSight, Inc.*		106,380
	3,559	Sage Therapeutics, Inc.*		71,180
	3,733	Sanara Medtech, Inc.*		134,985
	83,068	Sangamo Therapeutics, Inc.*		80,518
	30,573	Savara, Inc.*		110,674
	2,040	Schrodinger, Inc.*		75,256
	8,774	scPharmaceuticals, Inc.*		67,384
	15,253	Select Medical Holdings Corp.		445,540
	4,917	Semler Scientific, Inc.*		129,612
	17,446	Seres Therapeutics, Inc.*		60,189
	10,896	SI-BONE, Inc.*		249,300
	45,295	SIGA Technologies, Inc.		207,904
	6,776	Silk Road Medical, Inc.*		130,912
	3,418	SpringWorks Therapeutics, Inc.*		96,319
	9,549	STAAR Surgical Co.*		414,045
	34,147	Supernus Pharmaceuticals, Inc.*		1,087,240
	6,610	Surgery Partners, Inc.*		239,679
	6,742	Surmodics, Inc.*		248,240
	8,184	Syndax Pharmaceuticals, Inc.*		151,486
	18,748	Tactile Systems Technology, Inc.*		355,275
	7,020	Taro Pharmaceutical Industries Ltd.*		278,132
	12,617	Tela Bio, Inc.*		121,880
	8,594	Terns Pharmaceuticals, Inc.*		45,290
	8,649	TG Therapeutics, Inc.*		90,555
	13,320	Theravance Biopharma, Inc.*		126,806
	1,579	TransMedics Group, Inc.*		103,630
	9,872	Travere Therapeutics, Inc.*		140,972
	3,720	Treace Medical Concepts, Inc.*		57,846
	2,106	UFP Technologies, Inc.*		370,045
	19,231	UroGen Pharma Ltd.*		336,158
	2,684	US Physical Therapy, Inc.		270,628
	53,666	Vanda Pharmaceuticals, Inc.*		278,527
	14,606	Varex Imaging Corp.*		287,300
	4,389	Vaxcyte, Inc.*		227,877
	2,935	Ventyx Biosciences, Inc.*		98,323
	7,292	Vera Therapeutics, Inc.*		128,995
	8,278	Veracyte, Inc.*		218,539
	38,058	Veradigm, Inc.*		509,216
	23,894	Vericel Corp.*		784,440


Common Stocks – (continued)
Health Care – (continued)
	15,801	Verrica Pharmaceuticals, Inc.*		71,895
	4,718	Verve Therapeutics, Inc.*		60,721
	33,560	Viemed Healthcare, Inc.*		265,460
	9,060	Vigil Neuroscience, Inc.*		54,632
	7,095	Viking Therapeutics, Inc.*		97,982
	33,431	Vir Biotechnology, Inc.*		423,236
	3,461	Viridian Therapeutics, Inc.*		62,886
	27,478	Voyager Therapeutics, Inc.*		275,330
	11,396	Xencor, Inc.*		250,484
	33,887	Xeris Biopharma Holdings, Inc.*		76,923
	14,498	Y-mAbs Therapeutics, Inc.*		73,505
	3,399	Zentalis Pharmaceuticals, Inc.*		90,277
	11,621	Zimvie, Inc.*		137,128
	19,372	Zynex, Inc.*		149,164

				59,713,360

Industrials – 19.3%
	9,843	AAON, Inc.		620,700
	9,204	AAR Corp.*		566,966
	12,586	ABM Industries, Inc.		571,656
	28,184	ACCO Brands Corp.		150,221
	15,198	ACV Auctions, Inc., Class A*		255,478
	1,592	AeroVironment, Inc.*		154,472
	6,261	AerSale Corp.*		92,725
	3,167	Alamo Group, Inc.		543,616
	4,334	Albany International Corp., Class A		401,848
	37,820	Alight, Inc., Class A*		288,945
	10,860	Allient, Inc.		369,566
	7,641	Alta Equipment Group, Inc.		108,731
	2,448	Ameresco, Inc., Class A*		106,464
	4,226	American Woodmark Corp.*		328,233
	26,351	API Group Corp.*		741,781
	10,461	Apogee Enterprises, Inc.		527,862
	12,381	Applied Industrial Technologies, Inc.		1,911,255
	6,609	ArcBest Corp.		697,844
	9,596	Arcosa, Inc.		750,599
	3,367	Argan, Inc.		143,030
	11,389	Array Technologies, Inc.*		283,244
	12,359	ASGN, Inc.*		1,015,415
	7,273	Astec Industries, Inc.		398,706
	8,128	Asure Software, Inc.*		101,925
	13,633	Atkore, Inc.*		2,099,073
	5,150	AZZ, Inc.		252,865
	22,698	Babcock & Wilcox Enterprises, Inc.*		119,164
	7,380	Barnes Group, Inc.		290,034
	2,624	Barrett Business Services, Inc.		251,064
	13,076	Beacon Roofing Supply, Inc.*		1,044,119
	8,792	Bloom Energy Corp., Class A*^(a)		131,792
	6,219	Blue Bird Corp.*		135,885
	8,600	BlueLinx Holdings, Inc.*		767,636
	18,762	Boise Cascade Co.		2,052,000
	9,880	Bowman Consulting Group Ltd.*		291,756
	5,138	Brink’s Co. (The)		389,512
	5,403	Casella Waste Systems, Inc., Class A*		425,594
	12,725	CBIZ, Inc.*		714,000
	7,126	CECO Environmental Corp.*		98,196


The accompanying notes are an integral part of these financial statements.		93

GOLDMAN SACHS ACTIVEBETA^® U.S. SMALL CAP EQUITY ETF

Schedule of Investments (continued)

August 31, 2023


Shares		Description	Value

Common Stocks – (continued)
Industrials – (continued)
	3,972	Chart Industries, Inc.*	$	717,264
	9,487	Cimpress PLC (Ireland) *		612,955
	5,659	CIRCOR International, Inc.*		315,150
	8,407	Columbus McKinnon Corp.		316,692
	9,197	Comfort Systems USA, Inc.		1,697,490
	14,412	Commercial Vehicle Group, Inc.*		132,735
	87,320	Conduent, Inc.*		274,185
	2,854	Construction Partners, Inc., Class A*		99,176
	34,968	CoreCivic, Inc.*		376,256
	14,957	Costamare, Inc. (Monaco)		154,207
	4,036	Covenant Logistics Group, Inc.		198,450
	3,936	CRA International, Inc.		427,568
	12,228	CSG Systems International, Inc.		664,103
	4,395	CSW Industrials, Inc.		789,474
	16,758	Deluxe Corp.		338,847
	4,454	Distribution Solutions Group, Inc.*		229,515
	3,400	Douglas Dynamics, Inc.		102,918
	2,609	Ducommun, Inc.*		118,631
	14,182	DXP Enterprises, Inc.*		504,454
	4,082	Dycom Industries, Inc.*		407,914
	5,276	Eagle Bulk Shipping, Inc.^(a)		230,878
	8,042	Encore Wire Corp.		1,325,402
	22,943	Energy Recovery, Inc.*		623,591
	13,515	Enerpac Tool Group Corp.		354,093
	5,029	EnerSys		527,944
	7,447	Ennis, Inc.		158,621
	7,515	Enovix Corp.*		103,557
	5,016	EnPro Industries, Inc.		684,132
	10,260	Enviri Corp.*		76,437
	3,511	ESCO Technologies, Inc.		375,712
	4,288	EVI Industries, Inc.*		113,289
	34,049	ExlService Holdings, Inc.*		995,252
	4,551	Exponent, Inc.		408,953
	8,860	Federal Signal Corp.		540,017
	10,530	First Advantage Corp.		146,893
	3,606	Fluence Energy, Inc.*		95,018
	19,576	Fluor Corp.*		684,964
	7,768	Forrester Research, Inc.*		237,934
	10,549	Forward Air Corp.		747,080
	11,993	Franklin Covey Co.*		511,741
	11,952	Franklin Electric Co., Inc.		1,155,878
	8,276	FTAI Aviation Ltd.		305,881
	3,566	GATX Corp.		421,287
	12,740	Genco Shipping & Trading Ltd.		174,156
	7,874	Gencor Industries, Inc.*		112,441
	50,540	GEO Group, Inc. (The)*		365,910
	5,860	Gibraltar Industries, Inc.*		439,676
	12,472	Global Industrial Co.		422,052
	22,527	GMS, Inc.*		1,562,022
	12,223	Golden Ocean Group Ltd. (Norway)		89,350
	3,981	Gorman-Rupp Co. (The)		127,949
	80,128	GrafTech International Ltd.		283,653
	4,857	Granite Construction, Inc.		200,546
	1,026	Great Lakes Dredge & Dock Corp.*		9,060
	3,497	Greenbrier Cos., Inc. (The)		148,832
	13,231	Griffon Corp.		553,982


Common Stocks – (continued)
Industrials – (continued)
	7,138	H&E Equipment Services, Inc.		323,494
	7,528	Heartland Express, Inc.		113,598
	5,422	Heidrick & Struggles International, Inc.		143,629
	3,443	Helios Technologies, Inc.		199,281
	3,631	Herc Holdings, Inc.		472,538
	6,917	Heritage-Crystal Clean, Inc.*		311,957
	14,372	Hillenbrand, Inc.		696,180
	3,496	HireQuest, Inc.		66,494
	21,606	HNI Corp.		707,813
	10,368	Hub Group, Inc., Class A*		809,119
	39,015	Hudson Technologies, Inc.*		470,521
	6,029	Huron Consulting Group, Inc.*		602,599
	1,814	Hyster-Yale Materials Handling, Inc.		82,845
	5,267	ICF International, Inc.		711,361
	8,055	IES Holdings, Inc.*		603,964
	23,585	Innodata, Inc.*		306,605
	9,093	Insperity, Inc.		921,394
	7,021	Insteel Industries, Inc.		243,980
	23,582	Interface, Inc.		243,602
	19,515	Janus International Group, Inc.*		223,447
	11,827	JELD-WEN Holding, Inc.*		178,351
	11,646	JetBlue Airways Corp.*		68,944
	35,511	Joby Aviation, Inc.*^(a)		264,557
	5,133	John Bean Technologies Corp.		564,168
	4,156	Kadant, Inc.		913,239
	5,388	Kaman Corp.		120,853
	16,911	Kelly Services, Inc., Class A		312,684
	10,526	Kennametal, Inc.		278,623
	15,042	Kforce, Inc.		942,381
	10,605	Korn Ferry		540,643
	35,236	Legalzoom.com, Inc.*		402,043
	19,393	Leonardo DRS, Inc.*		332,008
	17,103	Li-Cycle Holdings Corp. (Canada) *^(a)		75,937
	3,897	Limbach Holdings, Inc.*		140,799
	2,070	Lindsay Corp.		256,887
	25,724	LSI Industries, Inc.		405,153
	11,847	Manitowoc Co., Inc. (The)*		200,451
	7,835	Marten Transport Ltd.		164,535
	4,947	Masonite International Corp.*		508,106
	12,672	Masterbrand, Inc.*		162,328
	12,178	Matson, Inc.		1,070,203
	7,165	Matthews International Corp., Class A		302,220
	11,723	Maximus, Inc.		947,453
	6,691	Mayville Engineering Co., Inc.*		78,552
	2,595	McGrath RentCorp		262,354
	2,833	Miller Industries, Inc.		113,320
	13,417	MillerKnoll, Inc.		256,265
	18,849	Mistras Group, Inc.*		100,654
	2,237	Montrose Environmental Group, Inc.*		85,990
	5,835	Moog, Inc., Class A		677,794
	28,509	MRC Global, Inc.*		265,704
	17,716	Mueller Industries, Inc.		1,366,967
	21,532	Mueller Water Products, Inc., Class A		304,032
	5,724	MYR Group, Inc.*		813,209
	1,389	National Presto Industries, Inc.		103,967
	3,399	NEXTracker, Inc., Class A*		143,166


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

GOLDMAN SACHS ACTIVEBETA^® U.S. SMALL CAP EQUITY ETF


Shares		Description	Value

Common Stocks – (continued)
Industrials – (continued)
	5,581	Northwest Pipe Co.*	$	184,675
	66,816	NOW, Inc.*		746,335
	4,832	NV5 Global, Inc.*		491,801
	2,997	Omega Flex, Inc.		250,849
	9,149	OPENLANE, Inc.*		142,816
	3,846	PAM Transportation Services, Inc.*		88,689
	13,967	Pangaea Logistics Solutions Ltd.^(a)		78,774
	10,958	Parsons Corp.*		624,825
	21,224	PGT Innovations, Inc.*		598,305
	5,497	Powell Industries, Inc.		461,583
	2,418	Preformed Line Products Co.		409,827
	12,537	Primoris Services Corp.		443,434
	6,723	Proto Labs, Inc.*		198,328
	15,373	Quanex Building Products Corp.		414,764
	36,311	Radiant Logistics, Inc.*		245,099
	27,250	Resideo Technologies, Inc.*		459,435
	29,845	Resources Connection, Inc.		462,896
	16,073	REV Group, Inc.		218,271
	16,761	Rocket Lab USA, Inc.*		105,762
	20,937	Rush Enterprises, Inc., Class A		867,001
	9,198	Rush Enterprises, Inc., Class B		422,832
	29,961	RXO, Inc.*		541,695
	46,449	Safe Bulkers, Inc. (Greece)		149,101
	7,887	Shoals Technologies Group, Inc., Class A*		155,216
	13,769	Shyft Group, Inc. (The)		215,898
	11,446	Simpson Manufacturing Co., Inc.		1,828,613
	4,382	SkyWest, Inc.*		197,628
	7,567	SP Plus Corp.*		296,399
	6,519	Spirit Airlines, Inc.		107,564
	6,673	SPX Technologies, Inc.*		527,300
	2,423	Standex International Corp.		372,245
	33,502	Steelcase, Inc., Class A		303,863
	8,192	Sterling Infrastructure, Inc.*		677,970
	7,930	Tennant Co.		653,670
	12,471	Terex Corp.		755,867
	9,611	Textainer Group Holdings Ltd. (China)		380,884
	5,669	Thermon Group Holdings, Inc.*		155,784
	15,384	Titan International, Inc.*		193,685
	14,664	Titan Machinery, Inc.*		454,877
	6,884	Transcat, Inc.*		701,893
	6,396	TriNet Group, Inc.*		709,508
	6,204	Trinity Industries, Inc.		155,534
	8,435	Triton International Ltd. (Bermuda)		707,781
	25,724	TrueBlue, Inc.*		389,204
	5,074	TTEC Holdings, Inc.		151,002
	17,311	Tutor Perini Corp.*		153,895
	16,666	UFP Industries, Inc.		1,739,097
	2,889	UniFirst Corp.		508,840
	23,060	Upwork, Inc.*		341,519
	6,946	V2X, Inc.*		349,453
	10,065	Veritiv Corp.		1,694,241
	21,346	Verra Mobility Corp.*		379,745
	7,323	Vicor Corp.*		496,280
	12,379	Wabash National Corp.		279,146
	7,777	Watts Water Technologies, Inc., Class A		1,468,064


Common Stocks – (continued)
Industrials – (continued)
	9,396	Werner Enterprises, Inc.		390,968
	8,358	Willdan Group, Inc.*		201,762
	10,367	Zurn Elkay Water Solutions Corp.		307,071

				92,974,663

Information Technology – 13.2%
	96,649	8x8, Inc.*		314,109
	45,972	A10 Networks, Inc.		684,523
	19,520	ACI Worldwide, Inc.*		473,946
	34,279	Adeia, Inc.		344,847
	11,156	ADTRAN Holdings, Inc.		95,384
	7,021	Advanced Energy Industries, Inc.		828,969
	4,765	Aehr Test Systems*		243,063
	8,760	Agilysys, Inc.*		617,974
	10,115	Alarm.com Holdings, Inc.*		592,436
	10,435	Alpha & Omega Semiconductor Ltd.*		329,224
	9,992	Altair Engineering, Inc., Class A*		664,268
	5,428	Ambarella, Inc.*		337,350
	12,201	American Software, Inc., Class A		140,678
	31,170	Amkor Technology, Inc.		871,513
	5,248	Appfolio, Inc., Class A*		1,011,657
	8,729	Appian Corp., Class A*		425,102
	10,508	Applied Digital Corp.*		63,468
	25,019	Arlo Technologies, Inc.*		244,436
	10,164	Asana, Inc., Class A*		218,424
	26,311	Avid Technology, Inc.*		701,451
	8,896	Axcelis Technologies, Inc.*		1,709,366
	7,664	Badger Meter, Inc.		1,272,837
	3,220	Bel Fuse, Inc., Class B		168,406
	7,531	Belden, Inc.		707,161
	11,218	Benchmark Electronics, Inc.		288,751
	10,434	BigCommerce Holdings, Inc.Series 1*		110,600
	8,001	Blackbaud, Inc.*		608,956
	2,419	BlackLine, Inc.*		145,285
	32,173	Box, Inc., Class A*		851,941
	38,248	Brightcove, Inc.*		147,255
	3,164	C3.ai, Inc., Class A*^(a)		98,147
	14,173	Calix, Inc.*		659,186
	8,658	Cambium Networks Corp.*		79,740
	6,010	Cerence, Inc.*		156,861
	5,753	CEVA, Inc.*		133,585
	3,880	Clear Secure, Inc., Class A		84,351
	6,544	Clearfield, Inc.*		230,022
	2,980	Climb Global Solutions, Inc.		128,170
	13,470	Cohu, Inc.*		503,643
	19,077	CommScope Holding Co., Inc.*		63,717
	13,199	CommVault Systems, Inc.*		901,624
	2,520	Comtech Telecommunications Corp.		25,326
	5,481	Consensus Cloud Solutions, Inc.*		175,008
	5,585	CoreCard Corp.*		118,625
	6,873	Corsair Gaming, Inc.*		108,044
	7,942	Couchbase, Inc.*		135,808
	4,186	CPI Card Group, Inc.*		86,525
	5,207	Credo Technology Group Holding Ltd.*		85,707
	6,695	CTS Corp.		298,932
	13,947	Daktronics, Inc.*		116,597


The accompanying notes are an integral part of these financial statements.		95

GOLDMAN SACHS ACTIVEBETA^® U.S. SMALL CAP EQUITY ETF

Schedule of Investments (continued)

August 31, 2023


Shares		Description	Value

Common Stocks – (continued)
Information Technology – (continued)
	11,878	Digi International, Inc.*	$	396,488
	28,456	Digital Turbine, Inc.*		253,543
	13,566	Diodes, Inc.*		1,110,377
	21,246	Domo, Inc., Class B*		226,482
	14,519	Ebix, Inc.		242,467
	19,296	eGain Corp.*		128,511
	6,158	Envestnet, Inc.*		336,412
	8,586	ePlus, Inc.*		569,939
	3,475	Everbridge, Inc.*		86,215
	15,311	Evolv Technologies Holdings, Inc.*		107,024
	52,097	Extreme Networks, Inc.*		1,430,063
	6,367	Fabrinet (Thailand) *		1,023,623
	5,460	Fastly, Inc., Class A*		129,893
	19,611	FormFactor, Inc.*		692,661
	8,068	Freshworks, Inc., Class A*		176,447
	16,099	Grid Dynamics Holdings, Inc.*		187,231
	22,130	Hackett Group, Inc. (The)		521,604
	25,476	Harmonic, Inc.*		272,084
	5,581	Ichor Holdings Ltd.*		204,432
	12,912	Immersion Corp.		90,642
	6,572	Impinj, Inc.*		437,498
	9,548	indie Semiconductor, Inc., Class A (China) *		63,972
	25,386	Infinera Corp.*		118,806
	34,358	Information Services Group, Inc.		178,662
	8,465	Insight Enterprises, Inc.*		1,355,162
	1,953	Intapp, Inc.*		71,499
	4,593	InterDigital, Inc.		398,259
	10,551	inTEST Corp.*		184,854
	9,677	IonQ, Inc.*		166,348
	4,880	Itron, Inc.*		333,841
	10,139	Kimball Electronics, Inc.*		306,096
	23,400	Knowles Corp.*		375,102
	16,375	Kulicke & Soffa Industries, Inc. (Singapore)		847,079
	11,939	LiveRamp Holdings, Inc.*		386,107
	23,466	Luna Innovations, Inc.*		161,681
	6,409	MACOM Technology Solutions Holdings, Inc.*		541,945
	9,404	Marathon Digital Holdings, Inc.*^(a)		118,208
	3,367	Maxeon Solar Technologies Ltd.*^(a)		53,064
	20,023	MaxLinear, Inc.*		470,541
	9,897	Methode Electronics, Inc.		319,178
	632	MicroStrategy, Inc., Class A*		225,959
	20,925	Mitek Systems, Inc.*		233,732
	8,001	Model N, Inc.*		216,027
	6,459	N-able, Inc.*		86,357
	20,132	Napco Security Technologies, Inc.		498,871
	10,007	Navitas Semiconductor Corp.*		88,362
	9,807	NETGEAR, Inc.*		129,256
	18,187	NetScout Systems, Inc.*		520,694
	5,910	Novanta, Inc.*		986,852
	3,201	NVE Corp.		283,128
	14,898	OneSpan, Inc.*		182,501
	11,265	Onto Innovation, Inc.*		1,565,610
	3,909	OSI Systems, Inc.*		532,992


Common Stocks – (continued)
Information Technology – (continued)
	4,750	PagerDuty, Inc.*		122,360
	10,860	PC Connection, Inc.		576,883
	5,734	PDF Solutions, Inc.*		208,374
	8,743	Perficient, Inc.*		557,716
	27,208	Photronics, Inc.*		646,462
	5,750	Plexus Corp.*		583,913
	11,039	Power Integrations, Inc.		927,497
	4,892	PowerSchool Holdings, Inc., Class A*		108,211
	12,700	Progress Software Corp.		772,668
	5,633	PROS Holdings, Inc.*		201,999
	4,264	Q2 Holdings, Inc.*		146,724
	6,988	Qualys, Inc.*		1,087,682
	57,204	Rackspace Technology, Inc.*		143,010
	24,561	Rambus, Inc.*		1,386,960
	8,282	Rapid7, Inc.*		417,330
	2,087	Red Violet, Inc.*		42,909
	44,969	Ribbon Communications, Inc.*		133,108
	7,782	Richardson Electronics Ltd.		97,975
	9,025	Riot Platforms, Inc.*		102,434
	959	Rogers Corp.*		138,585
	14,839	Sanmina Corp.*		826,532
	9,326	Sapiens International Corp. NV (Israel)		278,754
	9,001	ScanSource, Inc.*		295,053
	21,431	SEMrush Holdings, Inc., Class A*		202,523
	7,819	Semtech Corp.*		204,467
	3,767	Silicon Laboratories, Inc.*		508,018
	18,227	SMART Global Holdings, Inc.*		470,803
	13,478	SolarWinds Corp.*		143,541
	5,330	SoundThinking, Inc.*		114,382
	12,877	Sprinklr, Inc., Class A*		194,829
	7,406	Sprout Social, Inc., Class A*		396,517
	8,156	SPS Commerce, Inc.*		1,518,076
	11,931	Squarespace, Inc., Class A*		359,720
	7,775	Super Micro Computer, Inc.*		2,138,747
	9,000	Synaptics, Inc.*		787,860
	13,252	Tenable Holdings, Inc.*		601,243
	20,595	Thoughtworks Holding, Inc.*		102,357
	30,889	TTM Technologies, Inc.*		460,246
	9,124	Turtle Beach Corp.*		99,178
	12,334	Ultra Clean Holdings, Inc.*		433,663
	32,100	Unisys Corp.*		129,363
	14,959	Varonis Systems, Inc.*		477,641
	10,680	Veeco Instruments, Inc.*		311,749
	13,248	Verint Systems, Inc.*		429,103
	39,302	Viavi Solutions, Inc.*		410,706
	28,077	Vishay Intertechnology, Inc.		770,433
	8,086	Vishay Precision Group, Inc.*		291,258
	11,420	Weave Communications, Inc.*		116,598
	7,873	Workiva, Inc.*		880,595
	24,714	Xerox Holdings Corp.		392,705
	12,817	Xperi, Inc.*		151,241
	37,170	Yext, Inc.*		325,609
	35,283	Zeta Global Holdings Corp., Class A*		286,851
	24,401	Zuora, Inc., Class A*		222,293

				63,762,833


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

GOLDMAN SACHS ACTIVEBETA^® U.S. SMALL CAP EQUITY ETF


Shares		Description	Value

Common Stocks – (continued)
Materials – 4.6%
	9,277	AdvanSix, Inc.	$	306,883
	6,548	Alpha Metallurgical Resources, Inc.		1,328,196
	19,474	American Vanguard Corp.		269,131
	5,540	Arch Resources, Inc.		723,524
	10,720	ATI, Inc.*		485,938
	15,845	Avient Corp.		635,543
	3,563	Balchem Corp.		500,601
	9,092	Cabot Corp.		658,806
	7,655	Carpenter Technology Corp.		479,433
	4,452	Chase Corp.		563,178
	6,139	Clearwater Paper Corp.*		235,062
	27,972	Commercial Metals Co.		1,574,544
	3,046	Compass Minerals International, Inc.		91,837
	18,512	Constellium SE*		333,216
	7,616	Core Molding Technologies, Inc.*		206,470
	22,256	Ecovyst, Inc.*		227,901
	5,739	Greif, Inc., Class A		416,594
	5,149	Hawkins, Inc.		320,216
	1,821	Haynes International, Inc.		88,883
	8,902	HB Fuller Co.		645,662
	39,402	Hecla Mining Co.		172,975
	7,386	Ingevity Corp.*		398,032
	7,683	Innospec, Inc.		825,308
	1,665	Kaiser Aluminum Corp.		126,407
	3,779	Knife River Corp.*		194,467
	5,122	Koppers Holdings, Inc.		196,121
	13,533	Livent Corp.*		290,553
	12,975	LSB Industries, Inc.*		131,307
	4,284	Materion Corp.		466,056
	6,623	Mativ Holdings, Inc.		108,617
	6,353	Minerals Technologies, Inc.		388,168
	32,942	Myers Industries, Inc.		619,639
	21,346	Novagold Resources, Inc. (Canada) *		87,946
	23,388	O-I Glass, Inc.*		464,486
	9,178	Olympic Steel, Inc.		491,207
	24,661	Orion SA (Germany)		557,832
	13,490	Pactiv Evergreen, Inc.		110,888
	1,826	Piedmont Lithium, Inc.*		81,732
	1,199	Quaker Chemical Corp.		212,799
	21,502	Ramaco Resources, Inc., Class A		168,576
	4,299	Ramaco Resources, Inc., Class B		46,601
	38,167	Rayonier Advanced Materials, Inc.*		134,729
	18,952	Ryerson Holding Corp.		590,165
	14,701	Schnitzer Steel Industries, Inc., Class A		488,073
	8,290	Sensient Technologies Corp.		510,747
	3,946	Stepan Co.		344,367
	15,791	Summit Materials, Inc., Class A*		590,741
	40,084	SunCoke Energy, Inc.		372,781
	4,558	Sylvamo Corp.		190,388
	20,705	TimkenSteel Corp.*		453,647
	963	Tredegar Corp.		4,844
	9,805	TriMas Corp.		256,891
	17,833	Tronox Holdings PLC		243,242
	1,961	United States Lime & Minerals, Inc.		424,713
	24,164	Warrior Met Coal, Inc.		955,928
	7,070	Worthington Industries, Inc.		532,159

				22,324,750


Common Stocks – (continued)
Real Estate – 5.6%
	15,753	Acadia Realty Trust REIT		234,562
	25,197	Alexander & Baldwin, Inc. REIT		453,798
	555	Alexander’s, Inc. REIT		106,421
	5,846	Alpine, Income Property Trust, Inc. REIT		101,662
	8,474	American Assets Trust, Inc. REIT		181,428
	35,420	Anywhere Real Estate, Inc.*		232,355
	61,131	Apartment Investment and Management Co., Class A REIT		465,207
	43,440	Apple Hospitality REIT, Inc. REIT		652,469
	11,192	Armada Hoffler Properties, Inc. REIT		127,477
	27,724	Braemar Hotels & Resorts, Inc. REIT		75,409
	28,521	Brandywine Realty Trust REIT		142,605
	22,448	Broadstone Net Lease, Inc. REIT		362,984
	9,212	BRT Apartments Corp. REIT		171,804
	17,258	CareTrust REIT, Inc. REIT		347,749
	8,481	CBL & Associates Properties, Inc. REIT		181,409
	2,681	Centerspace REIT		173,568
	16,956	Chatham Lodging Trust REIT		165,830
	23,700	City Office REIT, Inc. REIT		119,448
	6,226	Community Healthcare Trust, Inc. REIT		206,641
	153,335	Compass, Inc., Class A*		552,006
	18,016	Corporate Office Properties Trust REIT		466,254
	11,525	CTO Realty Growth, Inc. REIT		203,070
	38,209	Cushman & Wakefield PLC*		351,141
	38,168	DiamondRock Hospitality Co. REIT		307,634
	74,005	Douglas Elliman, Inc.		185,753
	17,963	Douglas Emmett, Inc. REIT		245,554
	14,603	Easterly Government Properties, Inc. REIT		195,242
	10,781	Elme Communities REIT		165,812
	40,811	Empire State Realty Trust, Inc., Class A REIT		356,280
	10,695	Equity Commonwealth REIT		203,526
	13,818	Essential Properties Realty Trust, Inc. REIT		331,908
	49,732	eXp World Holdings, Inc.		955,849
	11,622	Farmland Partners, Inc. REIT		129,004
	11,491	Forestar Group, Inc.*		327,608
	15,853	Four Corners Property Trust, Inc. REIT		398,861
	3,882	FRP Holdings, Inc.*		221,158
	8,818	Getty Realty Corp. REIT		264,716
	11,803	Gladstone Commercial Corp. REIT		155,209
	6,382	Gladstone Land Corp. REIT		100,389
	9,913	Global Medical REIT, Inc. REIT		95,958
	23,287	Global Net Lease, Inc. REIT		264,307
	30,366	Hersha Hospitality Trust, Class A REIT		298,194
	19,354	Hudson Pacific Properties, Inc. REIT		131,801
	22,959	Independence Realty Trust, Inc. REIT		386,400
	2,874	Innovative Industrial Properties, Inc. REIT		250,843
	7,080	InvenTrust Properties Corp. REIT		169,283
	6,864	JBG SMITH Properties REIT		107,628
	8,594	Kennedy-Wilson Holdings, Inc.		137,246
	37,922	Kite Realty Group Trust REIT		855,900
	7,415	LTC Properties, Inc. REIT		243,657


The accompanying notes are an integral part of these financial statements.		97

GOLDMAN SACHS ACTIVEBETA^® U.S. SMALL CAP EQUITY ETF

Schedule of Investments (continued)

August 31, 2023


Shares		Description	Value

Common Stocks – (continued)
Real Estate – (continued)
	39,493	LXP Industrial Trust REIT	$	387,821
	28,603	Macerich Co. (The) REIT		334,369
	23,747	Marcus & Millichap, Inc.		790,775
	7,054	National Health Investors, Inc. REIT		360,671
	35,917	Necessity Retail REIT, Inc. (The) REIT		269,377
	5,631	NETSTREIT Corp. REIT		95,333
	33,170	Newmark Group, Inc., Class A		235,175
	6,195	NexPoint Residential Trust, Inc. REIT		232,622
	18,289	Office Properties Income Trust REIT		135,339
	17,913	Orion Office REIT, Inc. REIT		104,433
	19,690	Outfront Media, Inc. REIT		223,481
	43,875	Paramount Group, Inc. REIT		225,517
	2,366	Peakstone Realty Trust REIT		46,492
	22,016	Pebblebrook Hotel Trust REIT		318,572
	9,910	Phillips Edison & Co., Inc. REIT		335,553
	32,437	Physicians Realty Trust REIT		451,199
	28,373	Piedmont Office Realty Trust, Inc., Class A REIT		194,923
	6,678	Plymouth Industrial REIT, Inc. REIT		152,993
	11,803	Postal Realty Trust, Inc., Class A REIT		170,317
	21,566	PotlatchDeltic Corp. REIT		1,019,209
	15,356	RE/MAX Holdings, Inc., Class A		248,767
	12,104	Redfin Corp.*		115,230
	20,825	Retail Opportunity Investments Corp. REIT		280,304
	23,694	RLJ Lodging Trust REIT		236,703
	11,485	RMR Group, Inc. (The), Class A		290,341
	24,903	RPT Realty REIT		282,400
	9,172	Ryman Hospitality Properties, Inc. REIT		779,895
	36,630	Sabra Health Care REIT, Inc. REIT		458,974
	2,610	Saul Centers, Inc. REIT		98,032
	37,749	Service Properties Trust REIT		311,807
	26,479	SITE Centers Corp. REIT		353,495
	5,296	SL Green Realty Corp. REIT		207,921
	6,088	St Joe Co. (The)		375,873
	37,243	Summit Hotel Properties, Inc. REIT		216,382
	37,114	Sunstone Hotel Investors, Inc. REIT		333,284
	22,643	Tanger Factory Outlet Centers, Inc. REIT		526,450
	10,524	Terreno Realty Corp. REIT		640,806
	11,345	UMH Properties, Inc. REIT		169,608
	55,438	Uniti Group, Inc. REIT		297,702
	3,108	Universal Health Realty Income Trust REIT		144,926
	12,728	Urban Edge Properties REIT		208,230
	20,471	Veris Residential, Inc. REIT*		380,965
	22,433	Whitestone REIT		224,330
	20,740	Xenia Hotels & Resorts, Inc. REIT		244,732

				27,072,345

Utilities – 3.2%
	11,796	ALLETE, Inc.		647,600
	11,308	American States Water Co.		952,247
	14,010	Avista Corp.		466,393
	12,651	Black Hills Corp.		695,805
	23,563	Brookfield Infrastructure Corp., Class A (Canada)^(a)		915,423


Shares		Description	Value

Common Stocks – (continued)
Utilities – (continued)
	9,222	California Water Service Group	$	463,405
	4,717	Chesapeake Utilities Corp.		519,342
	14,633	Consolidated Water Co. Ltd. (Cayman Islands)		389,823
	19,437	Genie Energy Ltd., Class B		297,580
	7,614	MGE Energy, Inc.		551,482
	3,187	Middlesex Water Co.		239,854
	54,646	Montauk Renewables, Inc.*		521,869
	17,103	New Jersey Resources Corp.		721,234
	5,604	Northwest Natural Holding Co.		220,125
	11,156	NorthWestern Corp.		562,262
	13,808	ONE Gas, Inc.		1,000,666
	10,502	Ormat Technologies, Inc.		797,522
	13,591	Otter Tail Corp.		1,119,491
	18,107	PNM Resources, Inc.		802,321
	20,066	Portland General Electric Co.		880,095
	18,826	Pure Cycle Corp.*		206,898
	4,431	RGC Resources, Inc.		80,112
	5,474	SJW Group		359,970
	11,625	Southwest Gas Holdings, Inc.		719,936
	9,537	Spire, Inc.		557,056
	6,847	Sunnova Energy International, Inc.*^(a)		95,242
	5,318	Unitil Corp.		259,625
	5,069	York Water Co. (The)		206,511

				15,249,889

	TOTAL COMMON STOCKS
	(Cost $462,827,770)		$	478,439,162

Units

Description

Expiration
Month

Value

Rights – 0.0%

Health Care – 0.0%

4,104

Chinook Therapeutics, Inc.*

12/25

1,601

45,824

Radius Health, Inc.*^(b)

12/25

3,666

Materials – 0.0%

15,501

Resolute Forest Products*^(b)

09/23

22,011

TOTAL RIGHTS

(Cost $0)

27,278

TOTAL INVESTMENTS BEFORE SECURITIES LENDING
REINVESTMENT VEHICLE

(Cost $462,827,770)

478,466,440


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

GOLDMAN SACHS ACTIVEBETA^® U.S. SMALL CAP EQUITY ETF


Shares		Dividend Rate	Value

Securities Lending Reinvestment Vehicle – 0.6%^(c)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	2,764,662	5.234%	$	2,764,662
	(Cost $2,764,662)

	TOTAL INVESTMENTS – 99.7%
	(Cost $465,592,432)		$	481,231,102

	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.3%			1,607,736

	NET ASSETS – 100.0%		$	482,838,838



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

*		Non-income producing security.

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

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

(c)		Represents an affiliated issuer.



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

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At August 31, 2023, the Fund had the following futures contracts:


Description	Number of Contracts		Expiration Date		Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
E-Mini Russell 2000 Index		43		09/15/23	$	4,088,440	$	(3,714	)


The accompanying notes are an integral part of these financial statements.		99

GOLDMAN SACHS ACTIVEBETA^® WORLD LOW VOL PLUS EQUITY ETF

Schedule of Investments

August 31, 2023


Shares		Description	Value

Common Stocks – 99.5%
Australia – 2.4%
	50,922	ANZ Group Holdings Ltd. (Financials)	$	835,374
	138,594	Brambles Ltd. (Industrials)		1,343,714
	250,922	Coles Group Ltd. (Consumer Staples)		2,644,032
	45,211	Computershare Ltd. (Industrials)		737,293
	36,527	EBOS Group Ltd. (Health Care)		825,413
	102,099	Insurance Australia Group Ltd. (Financials)		384,844
	60,600	Lottery Corp. Ltd. (The) (Consumer Discretionary)		197,808
	478,176	Medibank Pvt Ltd. (Financials)		1,133,468
	60,480	National Australia Bank Ltd. (Financials)		1,134,360
	30,973	Sonic Healthcare Ltd. (Health Care)		645,119
	786,047	Telstra Group Ltd. (Communication Services)		2,041,425
	77,481	Wesfarmers Ltd. (Consumer Discretionary)		2,703,228
	28,820	Westpac Banking Corp. (Financials)		409,703
	97,055	Woolworths Group Ltd. (Consumer Staples)		2,396,763

				17,432,544

Austria – 0.1%
	9,169	Vienna Insurance Group AG Wiener Versicherung Gruppe (Financials)		246,301
	27,812	Wienerberger AG (Materials)		767,926

				1,014,227

Belgium – 0.2%
	5,683	Ackermans & van Haaren NV (Industrials)		895,600
	21,926	Warehouses De Pauw CVA REIT (Real Estate)		628,251

				1,523,851

Canada – 3.8%
	10,148	Atco Ltd., Class I (Utilities)		279,774
	14,673	Bank of Montreal (Financials)		1,262,055
	35,335	Bank of Nova Scotia (The) (Financials)		1,674,622
	5,050	BCE, Inc. (Communication Services)		213,653
	5,899	Brookfield Asset Management Ltd., Class A (Financials)		203,573
	30,553	Canadian Imperial Bank of Commerce (Financials)		1,209,067
	2,294	Canadian Utilities Ltd., Class A (Utilities)		54,292
	28,746	CGI, Inc. (Information Technology)*		2,993,689
	7,802	George Weston Ltd. (Consumer Staples)		864,134
	71,155	Great-West Lifeco, Inc. (Financials)^(a)		2,042,166
	23,216	Hydro One Ltd. (Utilities)^(b)		602,643
	10,990	Intact Financial Corp. (Financials)		1,547,430
	31,777	Loblaw Cos. Ltd. (Consumer Staples)		2,755,753
	11,361	Manulife Financial Corp. (Financials)		209,762
	14,388	Metro, Inc. (Consumer Staples)		740,589
	24,596	National Bank of Canada (Financials)		1,711,967
	92,340	Power Corp. of Canada (Financials)		2,518,457


Common Stocks – (continued)
Canada – (continued)
	20,438	Quebecor, Inc., Class B (Communication Services)		466,632
	21,314	Royal Bank of Canada (Financials)		1,917,858
	33,129	Sun Life Financial, Inc. (Financials)		1,613,905
	10,003	Thomson Reuters Corp. (Industrials)		1,286,390
	25,758	Toronto-Dominion Bank (The) (Financials)		1,569,145

				27,737,556

Denmark – 0.0%
	6,036	Tryg A/S (Financials)		115,368

Finland – 0.5%
	5,029	Elisa OYJ (Communication Services)		247,094
	27,253	Orion OYJ, Class B (Health Care)		1,117,793
	30,106	Sampo OYJ, Class A (Financials)		1,324,340
	27,531	UPM-Kymmene OYJ (Materials)		944,830

				3,634,057

France – 2.4%
	7,733	Air Liquide SA (Materials)		1,400,458
	83,181	AXA SA (Financials)		2,507,542
	32,078	Bouygues SA (Industrials)		1,110,626
	6,713	Capgemini SE (Information Technology)		1,255,735
	73,753	Cie Generale des Etablissements Michelin (Consumer Discretionary)		2,314,183
	4,239	Dassault Systemes (Information Technology)		168,435
	3,508	Legrand SA (Industrials)		346,855
	5,416	L’Oreal SA (Consumer Staples)		2,385,397
	371,657	Orange SA (Communication Services)		4,178,190
	2,083	Pernod Ricard SA (Consumer Staples)		409,654
	8,675	Thales SA (Industrials)		1,269,198

				17,346,273

Germany – 1.8%
	3,656	Allianz SE (Financials)		890,230
	12,548	Beiersdorf AG (Consumer Staples)		1,645,172
	6,899	Deutsche Boerse AG (Financials)		1,226,881
	127,969	Deutsche Telekom AG (Communication Services)		2,741,990
	124,218	E.ON SE (Utilities)		1,534,252
	43,559	Evonik Industries AG (Materials)		837,035
	3,313	Hannover Rueck SE (Financials)		705,669
	3,927	Henkel AG & Co. KGaA (Consumer Staples)		271,841
	2,917	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Financials)		1,134,050
	10,927	SAP SE (Information Technology)		1,527,757
	11,645	Talanx AG (Financials)		784,244

				13,299,121

Hong Kong – 0.3%
	106,763	CK Asset Holdings Ltd. (Real Estate)		589,516
	32,419	CLP Holdings Ltd. (Utilities)		254,250
	46,712	Link REIT (Real Estate)		231,721


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

GOLDMAN SACHS ACTIVEBETA^® WORLD LOW VOL PLUS EQUITY ETF


Shares		Description	Value

Common Stocks – (continued)
Hong Kong – (continued)
	51,692	Power Assets Holdings Ltd. (Utilities)	$	254,777
	37,277	Sun Hung Kai Properties Ltd. (Real Estate)		419,748

				1,750,012

Ireland – 0.1%
	4,892	Kerry Group PLC, Class A (Consumer Staples)		457,363

Israel – 0.7%
	20,207	Check Point Software Technologies Ltd. (Information Technology)*		2,719,660
	13,338	First International Bank Of Israel Ltd. (The) (Financials)		540,431
	142,855	Mivne Real Estate KD Ltd. (Real Estate)		342,818
	38,501	Mizrahi Tefahot Bank Ltd. (Financials)		1,269,074
	68,257	Shufersal Ltd. (Consumer Staples)*		318,256

				5,190,239

Italy – 0.7%
	174,669	Assicurazioni Generali SpA (Financials)		3,626,609
	77,250	Snam SpA (Utilities)		399,429
	49,377	Terna – Rete Elettrica Nazionale (Utilities)		408,366
	108,796	UnipolSai Assicurazioni SpA (Financials)		275,603

				4,710,007

Japan – 8.5%
	48,533	ANA Holdings, Inc. (Industrials)*		1,096,772
	19,069	Asahi Kasei Corp. (Materials)		123,359
	135,799	Astellas Pharma, Inc. (Health Care)		2,065,645
	32,278	Bridgestone Corp. (Consumer Discretionary)		1,255,114
	36,549	Brother Industries Ltd. (Information Technology)		619,715
	123,730	Canon, Inc. (Information Technology)		3,049,375
	1,167	Central Japan Railway Co. (Industrials)		149,818
	25,568	Chubu Electric Power Co., Inc. (Utilities)		341,586
	36,014	Daiwa House Industry Co. Ltd. (Real Estate)		1,001,371
	68	Daiwa House REIT Investment Corp. REIT (Real Estate)		129,008
	104,494	Daiwa Securities Group, Inc. (Financials)		595,017
	29,806	FUJIFILM Holdings Corp. (Information Technology)		1,763,567
	12,115	Hankyu Hanshin Holdings, Inc. (Industrials)		435,220
	2,458	Hirose Electric Co. Ltd. (Information Technology)		298,080
	40,559	Hulic Co. Ltd. (Real Estate)		364,400
	88,447	Japan Post Bank Co. Ltd. (Financials)		709,897
	431,652	Japan Post Holdings Co. Ltd. (Financials)		3,311,847


Common Stocks – (continued)
Japan – (continued)
	141,309	Japan Tobacco, Inc. (Consumer Staples)		3,097,277
	31,768	KDDI Corp. (Communication Services)		943,755
	46,581	Kirin Holdings Co. Ltd. (Consumer Staples)		654,633
	43,484	Kyocera Corp. (Information Technology)		2,233,563
	28,309	Kyushu Railway Co. (Industrials)		616,990
	20,727	McDonald’s Holdings Co. Japan Ltd. (Consumer Discretionary)		824,325
	34,436	MEIJI Holdings Co. Ltd. (Consumer Staples)		863,827
	20,124	Mitsubishi Estate Co. Ltd. (Real Estate)		257,451
	208,749	Mitsubishi HC Capital, Inc. (Financials)		1,357,725
	233,981	Mizuho Financial Group, Inc. (Financials)		3,873,299
	17,766	MS&AD Insurance Group Holdings, Inc. (Financials)		639,447
	25,636	NEC Corp. (Information Technology)		1,353,424
	5,527	NH Foods Ltd. (Consumer Staples)		171,522
	13,966	Nichirei Corp. (Consumer Staples)		330,575
	4,844,692	Nippon Telegraph & Telephone Corp. (Communication Services)		5,600,588
	28,169	Nisshin Seifun Group, Inc. (Consumer Staples)		371,594
	5,583	Nissin Foods Holdings Co. Ltd. (Consumer Staples)		487,796
	129,979	Nomura Holdings, Inc. (Financials)		503,720
	84,848	Obayashi Corp. (Industrials)		768,723
	39,239	Ono Pharmaceutical Co. Ltd. (Health Care)		744,297
	44,953	Otsuka Holdings Co. Ltd. (Health Care)		1,712,466
	7,417	Secom Co. Ltd. (Industrials)		519,396
	24,160	Sekisui Chemical Co. Ltd. (Consumer Discretionary)		371,067
	131,037	Sekisui House Ltd. (Consumer Discretionary)		2,673,664
	21,625	Shimizu Corp. (Industrials)		145,523
	310,604	SoftBank Corp. (Communication Services)		3,562,927
	69,361	Sumitomo Mitsui Financial Group, Inc. (Financials)		3,183,026
	135,305	Takeda Pharmaceutical Co. Ltd. (Health Care)		4,189,683
	12,926	Tobu Railway Co. Ltd. (Industrials)		354,525
	34,414	Trend Micro, Inc. (Information Technology)		1,462,982
	21,216	USS Co. Ltd. (Consumer Discretionary)		370,808
	48,423	Yamada Holdings Co. Ltd. (Consumer Discretionary)		152,335

				61,702,724


The accompanying notes are an integral part of these financial statements.		101

GOLDMAN SACHS ACTIVEBETA^® WORLD LOW VOL PLUS EQUITY ETF

Schedule of Investments (continued)

August 31, 2023


Shares		Description	Value

Common Stocks – (continued)
Netherlands – 1.4%
	4,754	HAL Trust (Financials)	$	599,564
	2,865	Heineken Holding NV (Consumer Staples)		229,794
	151,930	Koninklijke Ahold Delhaize NV (Consumer Staples)		4,975,775
	107,823	Koninklijke KPN NV (Communication Services)		377,642
	31,054	Wolters Kluwer NV (Industrials)		3,747,937

				9,930,712

New Zealand – 0.1%
	18,573	Mainfreight Ltd. (Industrials)		725,047

Norway – 0.5%
	43,106	DNB Bank ASA (Financials)		853,436
	47,111	Gjensidige Forsikring ASA (Financials)		732,985
	44,254	SpareBank 1 SR-Bank ASA (Financials)		535,434
	98,252	Storebrand ASA (Financials)		788,813
	76,561	Telenor ASA (Communication Services)		819,796

				3,730,464

Portugal – 0.0%
	20,773	EDP – Energias de Portugal SA (Utilities)		94,828

Singapore – 1.1%
	7,908	DBS Group Holdings Ltd. (Financials)		194,992
	1,034,249	Genting Singapore Ltd. (Consumer Discretionary)		670,098
	251,894	Oversea-Chinese Banking Corp. Ltd. (Financials)		2,340,814
	186,481	Singapore Airlines Ltd. (Industrials)		948,630
	205,411	Singapore Exchange Ltd. (Financials)		1,464,723
	41,587	United Overseas Bank Ltd. (Financials)		875,775
	117,680	UOL Group Ltd. (Real Estate)		578,597
	48,324	Venture Corp. Ltd. (Information Technology)		469,106

				7,542,735

Spain – 0.5%
	18,510	ACS Actividades de Construccion y Servicios SA (Industrials)		650,710
	53,706	Iberdrola SA (Utilities)		638,856
	32,493	Naturgy Energy Group SA (Utilities)		943,021
	40,225	Redeia Corp. SA (Utilities)		655,092
	235,067	Telefonica SA (Communication Services)		975,617

				3,863,296

Sweden – 0.8%
	27,367	Axfood AB (Consumer Staples)		661,563
	9,228	Essity AB, Class B (Consumer Staples)		215,491


Common Stocks – (continued)
Sweden – (continued)
	6,154	Industrivarden AB, Class C (Financials)		160,286
	122,528	Investor AB, Class A (Financials)		2,342,041
	19,423	Investor AB, Class B (Financials)		374,450
	103,462	Svenska Handelsbanken AB, Class A (Financials)		863,231
	57,768	Swedbank AB, Class A (Financials)		1,024,270
	4,288	Tele2 AB, Class B (Communication Services)		30,286
	128,986	Telia Co. AB (Communication Services)		260,448

				5,932,066

Switzerland – 1.5%
	34,340	Novartis AG (Health Care)		3,472,296
	28,456	SGS SA (Industrials)		2,589,633
	3,279	Swisscom AG (Communication Services)		1,997,285
	5,087	Zurich Insurance Group AG (Financials)		2,390,156

				10,449,370

United Kingdom – 2.6%
	299,293	BAE Systems PLC (Industrials)		3,820,938
	38,457	British American Tobacco PLC (Consumer Staples)		1,277,966
	21,258	Bunzl PLC (Industrials)		762,320
	515,437	CK Hutchison Holdings Ltd. (Industrials)		2,809,951
	21,288	Compass Group PLC (Consumer Discretionary)		537,614
	2,355	Diageo PLC (Consumer Staples)		96,790
	2,514	Halma PLC (Information Technology)		68,300
	11,476	National Grid PLC (Utilities)		143,993
	101,276	RELX PLC (Industrials)		3,308,398
	265,407	Sage Group PLC (The) (Information Technology)		3,265,577
	632,183	Tesco PLC (Consumer Staples)		2,128,446
	6,109	Unilever PLC (Consumer Staples)		312,892

				18,533,185

United States – 69.5%
	15,289	3M Co. (Industrials)		1,630,878
	6,588	Abbott Laboratories (Health Care)		677,905
	26,467	AbbVie, Inc. (Health Care)		3,889,590
	17,915	Accenture PLC, Class A (Information Technology)		5,800,340
	14,838	Activision Blizzard, Inc. (Communication Services)		1,364,948
	8,470	Adobe, Inc. (Information Technology)*		4,737,610
	42,348	Aflac, Inc. (Financials)		3,157,890
	3,208	Agilent Technologies, Inc. (Health Care)		388,393
	4,225	Air Products and Chemicals, Inc. (Materials)		1,248,445
	22,018	Akamai Technologies, Inc. (Information Technology)*		2,313,872
	4,714	Alexandria Real Estate Equities, Inc. REIT (Real Estate)		548,427
	36,375	Alphabet, Inc., Class A (Communication Services)*		4,953,184


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

GOLDMAN SACHS ACTIVEBETA^® WORLD LOW VOL PLUS EQUITY ETF


Shares		Description	Value

Common Stocks – (continued)
United States – (continued)
	35,368	Alphabet, Inc., Class C (Communication Services)*	$	4,857,795
	12,051	Altria Group, Inc. (Consumer Staples)		532,895
	52,705	Amazon.com, Inc. (Consumer Discretionary)*		7,273,817
	30,877	Amdocs Ltd. (Information Technology)		2,754,228
	11,865	AMETEK, Inc. (Industrials)		1,892,586
	5,258	Amgen, Inc. (Health Care)		1,347,836
	39,453	Amphenol Corp., Class A (Information Technology)		3,486,856
	11,158	Analog Devices, Inc. (Information Technology)		2,028,301
	2,246	Aon PLC, Class A (Financials)		748,794
	128,008	Apple, Inc. (Information Technology)		24,048,863
	20,752	Arch Capital Group Ltd. (Financials)*		1,594,999
	40,466	Archer-Daniels-Midland Co. (Consumer Staples)		3,208,954
	10,662	Arthur J Gallagher & Co. (Financials)		2,457,378
	185,008	AT&T, Inc. (Communication Services)		2,736,268
	1,564	Automatic Data Processing, Inc. (Industrials)		398,210
	2,947	AutoZone, Inc. (Consumer Discretionary)*		7,459,830
	70,448	Bank of America Corp. (Financials)		2,019,744
	4,893	Becton Dickinson & Co. (Health Care)		1,367,349
	6,666	Berkshire Hathaway, Inc., Class B (Financials)*		2,401,093
	21,826	Boston Scientific Corp. (Health Care)*		1,177,294
	60,223	Bristol-Myers Squibb Co. (Health Care)		3,712,748
	3,007	Broadcom, Inc. (Information Technology)		2,775,130
	5,091	Broadridge Financial Solutions, Inc. (Industrials)		947,995
	9,053	Campbell Soup Co. (Consumer Staples)		377,510
	37,126	Cardinal Health, Inc. (Health Care)		3,242,214
	4,942	Cboe Global Markets, Inc. (Financials)		739,867
	16,442	CDW Corp. (Information Technology)		3,471,728
	14,142	Cencora, Inc. (Health Care)		2,488,709
	29,982	C.H. Robinson Worldwide, Inc. (Industrials)		2,711,272
	20,864	Chevron Corp. (Energy)		3,361,190
	2,270	Chubb Ltd. (Financials)		455,975
	12,046	Church & Dwight Co., Inc. (Consumer Staples)		1,165,691
	8,216	Cigna Group (The) (Health Care)		2,269,752
	5,601	Cintas Corp. (Industrials)		2,823,856
	115,568	Cisco Systems, Inc. (Information Technology)		6,627,825
	53,790	Citigroup, Inc. (Financials)		2,220,989
	53,246	Coca-Cola Co. (The) (Consumer Staples)		3,185,708
	60,953	Cognizant Technology Solutions Corp., Class A (Information Technology)		4,364,844
	72,736	Colgate-Palmolive Co. (Consumer Staples)		5,343,914
	66,211	Comcast Corp., Class A (Communication Services)		3,096,026


Common Stocks – (continued)
United States – (continued)
	28,349	Conagra Brands, Inc. (Consumer Staples)		847,068
	7,207	Consolidated Edison, Inc. (Utilities)		641,135
	1,373	Constellation Brands, Inc., Class A (Consumer Staples)		357,749
	784	Cooper Cos., Inc. (The) (Health Care)		290,072
	23,835	Corning, Inc. (Information Technology)		782,265
	1,813	Corteva, Inc. (Materials)		91,575
	6,393	Costco Wholesale Corp. (Consumer Staples)		3,511,547
	11,835	CSX Corp. (Industrials)		357,417
	2,876	Cummins, Inc. (Industrials)		661,595
	60,998	CVS Health Corp. (Health Care)		3,975,240
	8,134	Darden Restaurants, Inc. (Consumer Discretionary)		1,264,918
	444	Deere & Co. (Industrials)		182,457
	57,259	Dell Technologies, Inc., Class C (Information Technology)		3,220,246
	4,970	Dollar General Corp. (Consumer Staples)		688,345
	2,878	Dover Corp. (Industrials)		426,807
	53,699	Dow, Inc. (Materials)		2,929,817
	6,542	Eaton Corp. PLC (Industrials)		1,507,081
	6,656	Electronic Arts, Inc. (Communication Services)		798,587
	6,107	Elevance Health, Inc. (Health Care)		2,699,355
	7,423	Eli Lilly & Co. (Health Care)		4,113,827
	2,021	Everest Group Ltd. (Financials)		728,934
	16,684	Expeditors International of Washington, Inc. (Industrials)		1,947,190
	31,623	Exxon Mobil Corp. (Energy)		3,516,161
	81,841	Fastenal Co. (Industrials)		4,712,405
	8,734	Ferrovial SE (Industrials)		277,274
	38,490	Fidelity National Financial, Inc. (Financials)		1,593,486
	10,219	Fiserv, Inc. (Financials)*		1,240,484
	8,804	FleetCor Technologies, Inc. (Financials)*		2,392,311
	18,738	Fortive Corp. (Industrials)		1,477,491
	12,040	Fortrea Holdings, Inc. (Health Care)*		331,702
	7,827	Gartner, Inc. (Information Technology)*		2,736,945
	1,831	GE HealthCare Technologies, Inc. (Health Care)		128,994
	30,249	Gen Digital, Inc. (Information Technology)		612,542
	13,019	General Dynamics Corp. (Industrials)		2,950,626
	24,583	General Mills, Inc. (Consumer Staples)		1,663,286
	33,764	Genuine Parts Co. (Consumer Discretionary)		5,190,540
	60,948	Gilead Sciences, Inc. (Health Care)		4,661,303
	125,249	GSK PLC (Health Care)		2,204,156
	70,574	Haleon PLC (Consumer Staples)		288,405
	19,958	Hartford Financial Services Group, Inc. (The) (Financials)		1,433,384
	33,793	Henry Schein, Inc. (Health Care)*		2,586,516
	26,680	Hershey Co. (The) (Consumer Staples)		5,732,465


The accompanying notes are an integral part of these financial statements.		103

GOLDMAN SACHS ACTIVEBETA^® WORLD LOW VOL PLUS EQUITY ETF

Schedule of Investments (continued)

August 31, 2023


Shares		Description	Value

Common Stocks – (continued)
United States – (continued)
	149,654	Hewlett Packard Enterprise Co. (Information Technology)	$	2,542,622
	11,792	Hologic, Inc. (Health Care)*		881,334
	17,340	Home Depot, Inc. (The) (Consumer Discretionary)		5,727,402
	2,560	Honeywell International, Inc. (Industrials)		481,126
	17,749	Illinois Tool Works, Inc. (Industrials)		4,390,215
	10,277	Intel Corp. (Information Technology)		361,134
	4,147	Intercontinental Exchange, Inc. (Financials)		489,305
	28,547	International Business Machines Corp. (Information Technology)		4,191,556
	58,127	International Paper Co. (Materials)		2,029,795
	1,648	Intuit, Inc. (Information Technology)		892,903
	3,378	IQVIA Holdings, Inc. (Health Care)*		752,044
	8,216	J M Smucker Co. (The) (Consumer Staples)		1,190,909
	6,187	Johnson Controls International PLC (Industrials)		365,404
	40,138	Johnson & Johnson (Health Care)		6,489,512
	22,407	JPMorgan Chase & Co. (Financials)		3,278,816
	14,730	Kellogg Co. (Consumer Staples)		898,825
	34,196	Keurig Dr Pepper, Inc. (Consumer Staples)		1,150,695
	26,807	Keysight Technologies, Inc. (Information Technology)*		3,573,373
	10,978	Kimberly-Clark Corp. (Consumer Staples)		1,414,296
	28,015	Kinder Morgan, Inc. (Energy)		482,418
	15,898	Kraft Heinz Co. (The) (Consumer Staples)		526,065
	4,188	L3Harris Technologies, Inc. (Industrials)		745,841
	12,040	Laboratory Corp. of America Holdings (Health Care)		2,505,524
	3,249	Leidos Holdings, Inc. (Industrials)		316,810
	3,584	Linde PLC (Materials)		1,387,151
	13,103	LKQ Corp. (Consumer Discretionary)		688,301
	4,938	Lockheed Martin Corp. (Industrials)		2,213,952
	37,304	Loews Corp. (Financials)		2,316,205
	24,756	Lowe’s Cos., Inc. (Consumer Discretionary)		5,705,763
	394	Markel Group, Inc. (Financials)*		582,695
	27,573	Marsh & McLennan Cos., Inc. (Financials)		5,376,459
	55,354	Masco Corp. (Industrials)		3,266,440
	11,086	Mastercard, Inc., Class A (Financials)		4,574,527
	18,614	McDonald’s Corp. (Consumer Discretionary)		5,233,326
	9,025	McKesson Corp. (Health Care)		3,721,188
	42,110	Merck & Co., Inc. (Health Care)		4,589,148
	21,804	Meta Platforms, Inc., Class A (Communication Services)*		6,451,586
	12,783	MetLife, Inc. (Financials)		809,675
	56,067	Microsoft Corp. (Information Technology)		18,376,520


Common Stocks – (continued)
United States – (continued)
	36,589	Mondelez International, Inc., Class A (Consumer Staples)		2,607,332
	12,764	Monster Beverage Corp. (Consumer Staples)*		732,781
	11,597	Moody’s Corp. (Financials)		3,905,870
	19,431	Motorola Solutions, Inc. (Information Technology)		5,510,049
	14,522	Nasdaq, Inc. (Financials)		762,115
	7,628	Nestle SA (Consumer Staples)		918,901
	30,541	NetApp, Inc. (Information Technology)		2,342,495
	4,602	NiSource, Inc. (Utilities)		123,150
	1,462	Northrop Grumman Corp. (Industrials)		633,178
	8,555	NVIDIA Corp. (Information Technology)		4,222,320
	18,131	Omnicom Group, Inc. (Communication Services)		1,468,792
	17,194	Oracle Corp. (Information Technology)		2,069,986
	10,283	O’Reilly Automotive, Inc. (Consumer Discretionary)*		9,662,935
	15,194	Otis Worldwide Corp. (Industrials)		1,299,847
	32,469	PACCAR, Inc. (Industrials)		2,671,874
	1,737	Packaging Corp. of America (Materials)		258,987
	12,544	Paychex, Inc. (Industrials)		1,533,253
	37,260	PepsiCo, Inc. (Consumer Staples)		6,629,299
	49,035	Pfizer, Inc. (Health Care)		1,734,858
	86,373	PG&E Corp. (Utilities)*		1,407,880
	18,989	Philip Morris International, Inc. (Consumer Staples)		1,824,083
	5,363	PPL Corp. (Utilities)		133,646
	28,735	Procter & Gamble Co. (The) (Consumer Staples)		4,434,960
	11,643	Progressive Corp. (The) (Financials)		1,553,991
	11,176	QUALCOMM, Inc. (Information Technology)		1,279,987
	16,828	Quest Diagnostics, Inc. (Health Care)		2,212,882
	13,184	Realty Income Corp. REIT (Real Estate)		738,831
	3,247	Regeneron Pharmaceuticals, Inc. (Health Care)*		2,683,613
	22,372	Republic Services, Inc. (Industrials)		3,224,476
	6,678	Roche Holding AG (Health Care)		1,968,054
	6,055	Roche Holding AG (Health Care)		1,893,451
	4,784	Rockwell Automation, Inc. (Industrials)		1,492,991
	885	Roper Technologies, Inc. (Information Technology)		441,668
	20,807	Royalty Pharma PLC, Class A (Health Care)		620,465
	14,447	RTX Corp. (Industrials)		1,243,020
	5,274	Salesforce, Inc. (Information Technology)*		1,167,980
	25,409	Sanofi (Health Care)		2,720,261
	5,652	Sherwin-Williams Co. (The) (Materials)		1,535,761
	2,910	Snap-on, Inc. (Industrials)		781,626
	12,725	Southern Co. (The) (Utilities)		861,864
	33,450	SS&C Technologies Holdings, Inc. (Industrials)		1,920,699
	13,811	Starbucks Corp. (Consumer Discretionary)		1,345,744


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

GOLDMAN SACHS ACTIVEBETA^® WORLD LOW VOL PLUS EQUITY ETF


Shares		Description	Value

Common Stocks – (continued)
United States – (continued)
	4,829	Stryker Corp. (Health Care)	$	1,369,263
	11,392	Swiss Re AG (Financials)		1,107,923
	8,592	TE Connectivity Ltd. (Information Technology)		1,137,495
	16,311	Texas Instruments, Inc. (Information Technology)		2,741,227
	13,139	Textron, Inc. (Industrials)		1,021,032
	298	Thermo Fisher Scientific, Inc. (Health Care)		166,016
	38,185	TJX Cos., Inc. (The) (Consumer Discretionary)		3,531,349
	2,469	T-Mobile US, Inc. (Communication Services)*		336,401
	7,787	Travelers Cos., Inc. (The) (Financials)		1,255,498
	10,212	Tyson Foods, Inc., Class A (Consumer Staples)		543,993
	12,043	UnitedHealth Group, Inc. (Health Care)		5,739,453
	23,496	VeriSign, Inc. (Information Technology)*		4,882,234
	113,200	Verizon Communications, Inc. (Communication Services)		3,959,736
	7,683	Vertex Pharmaceuticals, Inc. (Health Care)*		2,676,296
	15,937	VICI Properties, Inc. REIT (Real Estate)		491,497
	20,516	Visa, Inc., Class A (Financials)		5,040,371
	15,389	VMware, Inc., Class A (Information Technology)*		2,597,355
	20,324	W R Berkley Corp. (Financials)		1,257,243
	47,330	Walmart, Inc. (Consumer Staples)		7,696,331
	3,737	Waste Connections, Inc. (Industrials)		511,654
	22,099	Waste Management, Inc. (Industrials)		3,464,681
	1,052	Willis Towers Watson PLC (Financials)		217,512
	5,222	W.P. Carey, Inc. REIT (Real Estate)		339,691
	8,301	W.W. Grainger, Inc. (Industrials)		5,928,076
	8,786	Xylem, Inc. (Industrials)		909,702
	43,865	Yum! Brands, Inc. (Consumer Discretionary)		5,675,254
	3,129	Zebra Technologies Corp., Class A (Information Technology)*		860,506
	8,730	Zoetis, Inc. (Health Care)		1,663,152

				502,308,974

	TOTAL COMMON STOCKS
	(Cost $694,468,676)		$	719,024,019

Shares

Description

Rate

Value

Preferred Stock – 0.0%

Germany – 0.0%

4,648

Henkel AG & Co. KGaA (Consumer Staples)

(Cost $380,331)

2.60%

356,762

TOTAL INVESTMENTS BEFORE SECURITIES LENDING
REINVESTMENT VEHICLE

(Cost $694,849,007)

719,380,781


Shares		Dividend Rate	Value

Securities Lending Reinvestment Vehicle – 0.3%^(c)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	2,067,149	5.234%	$	2,067,149
(Cost $2,067,149)

	TOTAL INVESTMENTS – 99.8%
	(Cost $696,916,156)		$	721,447,930

	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.2%			1,305,681

	NET ASSETS – 100.0%		$	722,753,611



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

*		Non-income producing security.

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

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

(c)		Represents an affiliated issuer.



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


The accompanying notes are an integral part of these financial statements.		105

GOLDMAN SACHS ACTIVEBETA^® WORLD LOW VOL PLUS EQUITY ETF

Schedule of Investments (continued)

August 31, 2023

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At August 31, 2023, the Fund had the following futures contracts:


Description	Number of Contracts		Expiration Date		Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
E-Mini MSCI EAFE Index Future		6		09/15/23	$	632,790	$	5,113
S&P 500 E-Mini Index		5		09/15/23		1,129,000		16,990

Total Futures Contracts							$	22,103


Sector Name	% of Market Value

Information Technology		21.1	%
Financials		16.8
Health Care		14.0
Industrials		13.0
Consumer Staples		12.3
Consumer Discretionary		9.8
Communication Services		7.5
Materials		1.9
Utilities		1.4
Energy		1.0
Real Estate		0.9
Securities Lending Reinvestment Vehicle		0.3


TOTAL INVESTMENTS		100.0	%


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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Statements of Assets and Liabilities

August 31, 2023


	ActiveBeta^® Emerging Markets Equity ETF			ActiveBeta^® Europe Equity ETF			ActiveBeta^® International Equity ETF		ActiveBeta^® Japan Equity ETF
Assets:

Investments at value (cost $907,108,537, $10,669,813, $2,896,394,872 and $11,912,892, respectively)^(a)	$	970,278,103		$	11,514,563		$	3,238,073,208	$	13,640,360

Investments in affiliated securities lending reinvestment vehicle, at value which equals cost		5,450,496			132,123			37,159,558		96,777

Cash		21,336,315			83,999			8,918,604		17,222

Foreign currency, at value (cost $86,637, $1,453, $587,671 and $—, respectively)		86,782			1,462			589,841		—

Variation margin on futures contracts		60,494			2,018			96,196		160

Receivables:

Investments sold		18,692,210			267,179			91,264,966		331,200

Dividends		1,972,762			20,854			7,128,431		17,952

Collateral on futures contracts		—			4,341			331,647		618

Foreign tax reclaims		110,269			29,379			4,167,383		945

Reimbursement from investment adviser		37,990			4,711			—		2,667

Securities lending income		12,305			32			19,373		14

Total assets		1,018,037,726			12,060,661			3,387,749,207		14,107,915

Liabilities:

Payables:

Investments purchased		37,154,189			341,504			98,800,691		339,811

Upon return of securities loaned		5,450,496			132,123			37,159,558		96,777

Foreign capital gains tax		4,427,902			—			—		—

Management fees		333,645			—			680,102		—

Fund shares redeemed		—			—			47,011		—

Foreign bank overdraft (cost $—, $—, $— and $52, respectively)		—			—			—		52

Accrued expenses		963,881			—			60		—

Total liabilities		48,330,113			473,627			136,687,422		436,640

Net Assets:

Paid-in capital		982,910,608			14,551,089			3,196,904,719		13,637,976

Total distributable earnings (loss)		(13,202,995	)		(2,964,055	)		54,157,066		33,299

NET ASSETS	$	969,707,613		$	11,587,034		$	3,251,061,785	$	13,671,275
SHARES ISSUED AND OUTSTANDING

Shares outstanding no par value (unlimited shares authorized):		32,750,000			350,000			104,200,000		400,000

Net asset value per share:		$29.61			$33.11			$31.20		$34.18

(a)

Includes loaned securities having a market value of $4,433,693, $122,737, $33,125,560 and $92,313 for ActiveBeta^® Emerging Markets Equity ETF, ActiveBeta^® Europe Equity ETF, ActiveBeta^® International Equity ETF and ActiveBeta^® Japan Equity ETF, respectively.


The accompanying notes are an integral part of these financial statements.		107

GOLDMAN SACHS ACTIVEBETA^® ETFS

Statements of Assets and Liabilities (continued)

August 31, 2023


	ActiveBeta^® Paris-Aligned Climate U.S. Large Cap Equity ETF			ActiveBeta^® U.S. Large Cap Equity ETF		ActiveBeta^® U.S. Small Cap Equity ETF			ActiveBeta^® World Low Vol Plus Equity ETF
Assets:

Investments at value (cost $7,312,057, $8,454,987,939, $462,827,770 and $694,849,007, respectively)^(a)	$	7,360,060		$	11,378,218,889	$	478,466,440		$	719,380,781

Investments in affiliated securities lending reinvestment vehicle, at value which equals cost		—			39,027,450		2,764,662			2,067,149

Cash		14,362			14,932,201		3,220,322			876,196

Foreign currency, at value (cost $—, $—, $— and $824,650, respectively)		—			—		—			813,339

Receivables:

Reimbursement from investment adviser		13,917			—		—			—

Dividends		8,665			17,371,463		549,765			1,319,057

Investments sold		—			8,844,376		481,219			357

Securities lending income		—			114,126		4,616			9,760

Collateral on futures contracts		—			751,520		293,260			83,467

Foreign tax reclaims		—			—		612			428,267

Total assets		7,397,004			11,459,260,025		485,780,896			724,978,373

Liabilities:

Variation margin on futures contracts		—			25,163		95,795			5,105

Payables:

Upon return of securities loaned		—			39,027,450		2,764,662			2,067,149

Fund shares redeemed		—			8,861,932		—			—

Management fees		—			866,502		81,601			152,000

Accrued expenses		—			5,939		—			508

Total liabilities		—			48,786,986		2,942,058			2,224,762

Net Assets:

Paid-in capital		7,938,620			9,387,477,681		497,139,412			726,713,386

Total distributable earnings (loss)		(541,616	)		2,022,995,358		(14,300,574	)		(3,959,775	)

NET ASSETS	$	7,397,004		$	11,410,473,039	$	482,838,838		$	722,753,611
SHARES ISSUED AND OUTSTANDING

Shares outstanding no par value (unlimited shares authorized):		200,000			128,852,500		8,200,000			17,500,000

Net asset value per share:		$36.99			$88.55		$58.88			$41.30

(a)

Includes loaned securities having a market value of $–, $37,608,270, $2,683,736 and $1,980,891 for ActiveBeta^® Paris-Aligned Climate U.S. Large Cap Equity ETF, ActiveBeta^® U.S. Large Cap Equity ETF, ActiveBeta^® U.S. Small Cap Equity ETF and ActiveBeta^® World Low Vol Plus Equity ETF, respectively.


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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Statements of Operations

For the Fiscal Year Ended August 31, 2023


	ActiveBeta^® Emerging Markets Equity ETF			ActiveBeta^® Europe Equity ETF			ActiveBeta^® International Equity ETF			ActiveBeta^® Japan Equity ETF
Investment income:

Dividends — unaffiliated issuers (net of foreign withholding taxes of $3,973,676, $61,142, $11,839,197 and $39,658, respectively)	$	31,346,333		$	362,365		$	98,491,137		$	304,590

Non cash dividend income		2,802,480			—			—			—

Securities lending income, net of rebates received or paid to borrowers — unaffiliated issuer		123,715			2,932			815,832			2,647

Other income		—			80,695			—			—

Total investment income		34,272,528			445,992			99,306,969			307,237

Expenses:

Management fees		3,808,775			2,566			7,350,354			6,105

Custody, accounting and administrative services		707,430			—			—			—

Printing and mailing costs		223,955			—			—			—

Professional fees		122,341			—			—			—

Trustee fees		47,355			25,390			94,095			25,409

Shareholder meeting expense		38,267			—			—			—

Registration fees		11,880			—			—			—

Other		27,733			—			—			—

Total expenses		4,987,736			27,956			7,444,449			31,514

Less — expense reductions		(664,597	)		—			—			—

Net expenses		4,323,139			27,956			7,444,449			31,514

NET INVESTMENT INCOME		29,949,389			418,036			91,862,520			275,723

Realized and unrealized gain (loss):

Net realized gain (loss) from:

Investments — unaffiliated issuers		(34,125,268	)		(240,131	)		(67,756,323	)		(204,944	)

In-kind redemptions		2,070,593			(177,083	)		12,512,749			—

Futures contracts		(1,041,154	)		3,895			(1,185,868	)		20,073

Foreign currency transactions		(431,538	)		(4,480	)		(93,753	)		(4,831	)

Net change in unrealized gain (loss) on:

Investments — unaffiliated issuers (including the effects of the net change in foreign capital gains tax liability of $282,843, $—, $— and $—, respectively)		30,561,601			2,121,270			407,552,273			1,784,839

Futures contracts		8,434			286			606,664			942

Foreign currency translations		40,637			9,124			622,866			324

Net realized and unrealized gain (loss)		(2,916,695	)		1,712,881			352,258,608			1,596,403

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	27,032,694		$	2,130,917		$	444,121,128		$	1,872,126


The accompanying notes are an integral part of these financial statements.		109

GOLDMAN SACHS ACTIVEBETA^® ETFS

Statements of Operations (continued)

For the Fiscal Year Ended August 31, 2023


	ActiveBeta^® Paris-Aligned Climate U.S. Large Cap Equity ETF			ActiveBeta^® U.S. Large Cap Equity ETF			ActiveBeta^® U.S. Small Cap Equity ETF			ActiveBeta^® World Low Vol Plus Equity ETF
Investment income:

Dividends — unaffiliated issuers (net of foreign withholding taxes of $166, $572,591, $45,774 and $1,071,028, respectively)	$	121,812		$	176,793,084		$	7,659,729		$	15,490,905

Securities lending income, net of rebates received or paid to borrowers — unaffiliated issuer		5			287,892			54,935			92,383

Total investment income		121,817			177,080,976			7,714,664			15,583,288

Expenses:

Trustee fees		15,917			292,956			36,453			39,271

Management fees		—			9,528,468			875,427			1,540,912

Total expenses		15,917			9,821,424			911,880			1,580,183

NET INVESTMENT INCOME		105,900			167,259,552			6,802,784			14,003,105

Realized and unrealized gain (loss):

Net realized gain (loss) from:

Investments — unaffiliated issuers		(413,294	)		(346,785,616	)		(10,400,208	)		(24,516,842	)

In-kind redemptions		331,542			810,532,671			19,296,164			—

Futures contracts		—			(432,733	)		(901,485	)		—

Foreign currency transactions		(10	)		(32,889	)		—			(44,421	)

Net change in unrealized gain (loss) on:

Investments — unaffiliated issuers		1,267,897			860,901,487			13,578,626			78,874,074

Futures contracts		—			59,881			(15,807	)		22,103

Foreign currency translations		—			—			—			(3,911	)

Net realized and unrealized gain		1,186,135			1,324,242,801			21,557,290			54,331,003

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,292,035		$	1,491,502,353		$	28,360,074		$	68,334,108


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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Statements of Changes in Net Assets


	ActiveBeta^® Emerging Markets Equity ETF						ActiveBeta^® Europe Equity ETF
	For the Fiscal Year Ended August 31, 2023			For the Fiscal Year Ended August 31, 2022			For the Fiscal Year Ended August 31, 2023			For the Fiscal Year Ended August 31, 2022
From operations:

Net investment income	$	29,949,389		$	40,487,439		$	418,036		$	552,625

Net realized gain (loss)		(33,527,367	)		(13,373,376	)		(417,799	)		72,961

Net change in unrealized gain (loss)		30,610,672			(329,818,743	)		2,130,680			(5,677,140	)

Net increase (decrease) in net assets resulting from operations		27,032,694			(302,704,680	)		2,130,917			(5,051,554	)

Distributions to shareholders:

From distributable earnings		(25,009,312	)		(53,609,786	)		(359,836	)		(658,039	)

From share transactions:

Proceeds from sales of shares		62,411,100			46,098,249			—			1,790,294

Cost of shares redeemed		(119,934,568	)		(52,865,514	)		(2,547,509	)		(4,610,459	)

Net decrease in net assets resulting from share transactions		(57,523,468	)		(6,767,265	)		(2,547,509	)		(2,820,165	)

TOTAL DECREASE		(55,500,086	)		(363,081,731	)		(776,428	)		(8,529,758	)

Net assets:

Beginning of year	$	1,025,207,699		$	1,388,289,430		$	12,363,462		$	20,893,220

End of year	$	969,707,613		$	1,025,207,699		$	11,587,034		$	12,363,462


The accompanying notes are an integral part of these financial statements.		111

GOLDMAN SACHS ACTIVEBETA^® ETFS

Statements of Changes in Net Assets (continued)


	ActiveBeta^® International Equity ETF						ActiveBeta^® Japan Equity ETF
	For the Fiscal Year Ended August 31, 2023			For the Fiscal Year Ended August 31, 2022			For the Fiscal Year Ended August 31, 2023			For the Fiscal Year Ended August 31, 2022
From operations:

Net investment income	$	91,862,520		$	89,902,288		$	275,723		$	279,094

Net realized loss		(56,523,195	)		(83,840,464	)		(189,702	)		(665,882	)

Net change in unrealized gain (loss)		408,781,803			(686,189,583	)		1,786,105			(2,432,140	)

Net increase (decrease) in net assets resulting from operations		444,121,128			(680,127,759	)		1,872,126			(2,818,928	)

Distributions to shareholders:

From distributable earnings		(90,840,491	)		(93,382,329	)		(259,624	)		(285,200	)

From share transactions:

Proceeds from sales of shares		222,011,550			495,342,351			—			—

Cost of shares redeemed		(44,267,175	)		(95,030,975	)		—			—

Net increase in net assets resulting from share transactions		177,744,375			400,311,376			—			—

TOTAL INCREASE (DECREASE)		531,025,012			(373,198,712	)		1,612,502			(3,104,128	)

Net assets:

Beginning of year	$	2,720,036,773		$	3,093,235,485		$	12,058,773		$	15,162,901

End of year	$	3,251,061,785		$	2,720,036,773		$	13,671,275		$	12,058,773


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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Statements of Changes in Net Assets (continued)


	ActiveBeta^® Paris-Aligned Climate U.S. Large Cap Equity ETF						ActiveBeta^® U.S. Large Cap Equity ETF
	For the Fiscal Year Ended August 31, 2023			For the Period December 13, 2021* to August 31, 2022			For the Fiscal Year Ended August 31, 2023			For the Fiscal Year Ended August 31, 2022
From operations:

Net investment income	$	105,900		$	63,472		$	167,259,552		$	177,914,041

Net realized gain (loss)		(81,762	)		(230,839	)		463,281,433			647,304,822

Net change in unrealized gain (loss)		1,267,897			(1,219,894	)		860,961,368			(2,624,189,006	)

Net increase (decrease) in net assets resulting from operations		1,292,035			(1,387,261	)		1,491,502,353			(1,798,970,143	)

Distributions to shareholders:

From distributable earnings		(106,659	)		(47,676	)		(170,189,662	)		(174,777,118	)

From share transactions:

Proceeds from sales of shares		1,515,654			7,934,654			551,981,819			1,516,359,247

Cost of shares redeemed		(1,803,743	)		—			(2,079,315,418	)		(1,695,965,517	)

Net increase (decrease) in net assets resulting from share transactions		(288,089	)		7,934,654			(1,527,333,599	)		(179,606,270	)

TOTAL INCREASE (DECREASE)		897,287			6,499,717			(206,020,908	)		(2,153,353,531	)

Net assets:

Beginning of period	$	6,499,717		$	—		$	11,616,493,947		$	13,769,847,478

End of period	$	7,397,004		$	6,499,717		$	11,410,473,039		$	11,616,493,947

Commencement of operations.


The accompanying notes are an integral part of these financial statements.		113

GOLDMAN SACHS ACTIVEBETA^® ETFS

Statements of Changes in Net Assets (continued)


	ActiveBeta^® U.S. Small Cap Equity ETF						ActiveBeta^® World Low Vol Plus Equity ETF
	For the Fiscal Year Ended August 31, 2023			For the Fiscal Year Ended August 31, 2022			For the Fiscal Year Ended August 31, 2023			For the Period March 15, 2022* to August 31, 2022
From operations:

Net investment income	$	6,802,784		$	5,489,225		$	14,003,105		$	6,264,424

Net realized gain (loss)		7,994,471			3,891,164			(24,561,263	)		(6,378,645	)

Net change in unrealized gain (loss)		13,562,819			(71,373,057	)		78,892,266			(54,360,729	)

Net increase (decrease) in net assets resulting from operations		28,360,074			(61,992,668	)		68,334,108			(54,474,950	)

Distributions to shareholders:

From distributable earnings		(6,492,896	)		(5,603,655	)		(13,421,605	)		(4,397,328	)

From share transactions:

Proceeds from sales of shares		40,329,686			176,204,999			109,729,323			616,984,063

Cost of shares redeemed		(62,627,817	)		(37,882,026	)		—			—

Net increase (decrease) in net assets resulting from share transactions		(22,298,131	)		138,322,973			109,729,323			616,984,063

TOTAL INCREASE (DECREASE)		(430,953	)		70,726,650			164,641,826			558,111,785

Net assets:

Beginning of period	$	483,269,791		$	412,543,141		$	558,111,785		$	—

End of period	$	482,838,838		$	483,269,791		$	722,753,611		$	558,111,785

Commencement of operations.


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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Year


	ActiveBeta^® Emerging Markets Equity ETF
	For the Fiscal Year Ended August 31,
	2023			2022			2021			2020			2019
Per Share Operating Performance:

Net asset value, beginning of year	$	29.42		$	39.33		$	33.28		$	31.12		$	32.98

Net investment income^(a)		0.91			1.13			0.67			0.80	^(b)		0.75

Net realized and unrealized gain (loss)		0.06			(9.55	)		6.07			2.17			(1.79	)

Total gain (loss) from investment operations		0.97			(8.42	)		6.74			2.97			(1.04	)

Distributions to shareholders from net investment income		(0.78	)		(1.49	)		(0.69	)		(0.81	)		(0.82	)

Net asset value, end of year	$	29.61		$	29.42		$	39.33		$	33.28		$	31.12

Market price, end of year	$	29.48		$	29.03		$	39.16		$	33.28		$	31.14

Total Return at Net Asset Value^(c)		3.50	%		(21.97	)%		20.49	%		9.55	%		(3.21	)%

Net assets, end of year (in 000’s)	$	969,708		$	1,025,208		$	1,388,289		$	1,710,477		$	1,699,201

Ratio of net expenses to average net assets		0.45	%		0.45	%		0.45	%		0.45	%		0.45	%

Ratio of total expenses to average net assets		0.52	%		0.51	%		0.51	%		0.52	%		0.51	%

Ratio of net investment income to average net assets		3.15	%		3.29	%		1.76	%		2.55	%^(b)		2.37	%

Portfolio turnover rate^(d)		21	%		18	%		46	%		38	%		28	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Reflects income recognized from non-recurring special dividends which amounted to $0.03 per share and 0.09% of average net assets.

(c)

Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the year. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares.

(d)

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


The accompanying notes are an integral part of these financial statements.		115

GOLDMAN SACHS ACTIVEBETA^® ETFS

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Year


	ActiveBeta^® Europe Equity ETF
	For the Fiscal Year Ended August 31,
	2023			2022			2021			2020			2019
Per Share Operating Performance:

Net asset value, beginning of year	$	27.47		$	37.99		$	29.85		$	28.59		$	30.82

Net investment income^(a)		1.16			1.01			0.84			0.58			0.89

Net realized and unrealized gain (loss)		5.50			(10.29	)		8.15			1.27			(1.84	)

Total gain (loss) from investment operations		6.66			(9.28	)		8.99			1.85			(0.95	)

Distributions to shareholders from net investment income		(1.02	)		(1.24	)		(0.85	)		(0.59	)		(1.28	)

Net asset value, end of year	$	33.11		$	27.47		$	37.99		$	29.85		$	28.59

Market price, end of year	$	33.05		$	27.26		$	38.05		$	29.81		$	28.62

Total Return at Net Asset Value^(b)		24.40	%		(24.81	)%		30.45	%		6.69	%		(3.15	)%

Net assets, end of year (in 000’s)	$	11,587		$	12,363		$	20,893		$	16,416		$	18,584

Ratio of total expenses to average net assets		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%

Ratio of net investment income to average net assets		3.74	%		2.98	%		2.47	%		2.01	%		3.07	%

Portfolio turnover rate^(c)		14	%		19	%		19	%		18	%		17	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Year


	ActiveBeta^® International Equity ETF
	For the Fiscal Year Ended August 31,
	2023			2022			2021			2020			2019
Per Share Operating Performance:

Net asset value, beginning of year	$	27.64		$	35.76		$	28.72		$	27.70		$	29.42

Net investment income^(a)		0.92			0.96			0.75			0.57			0.86

Net realized and unrealized gain (loss)		3.55			(8.07	)		6.97			1.05			(1.78	)

Total gain (loss) from investment operations		4.47			(7.11	)		7.72			1.62			(0.92	)

Distributions to shareholders from net investment income		(0.91	)		(1.01	)		(0.68	)		(0.60	)		(0.80	)

Net asset value, end of year	$	31.20		$	27.64		$	35.76		$	28.72		$	27.70

Market price, end of year	$	31.21		$	27.52		$	35.75		$	28.63		$	27.73

Total Return at Net Asset Value^(b)		16.40	%		(20.18	)%		27.12	%		5.96	%		(3.09	)%

Net assets, end of year (in 000’s)	$	3,251,062		$	2,720,037		$	3,093,235		$	1,743,562		$	1,545,601

Ratio of total expenses to average net assets		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%

Ratio of net investment income to average net assets		3.08	%		2.97	%		2.31	%		2.08	%		3.10	%

Portfolio turnover rate^(c)		14	%		18	%		21	%		20	%		17	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


The accompanying notes are an integral part of these financial statements.		117

GOLDMAN SACHS ACTIVEBETA^® ETFS

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Year


	ActiveBeta^® Japan Equity ETF
	For the Fiscal Year Ended August 31,
	2023			2022			2021			2020			2019
Per Share Operating Performance:

Net asset value, beginning of year	$	30.15		$	37.91		$	32.60		$	30.59		$	32.99

Net investment income^(a)		0.69			0.70			0.60			0.66			0.82

Net realized and unrealized gain (loss)		3.99			(7.75	)		5.25			2.15			(2.29	)

Total gain (loss) from investment operations		4.68			(7.05	)		5.85			2.81			(1.47	)

Distributions to shareholders from net investment income		(0.65	)		(0.71	)		(0.54	)		(0.80	)		(0.93	)

Net asset value, end of year	$	34.18		$	30.15		$	37.91		$	32.60		$	30.59

Market price, end of year	$	34.18		$	29.78		$	37.75		$	32.51		$	30.52

Total Return at Net Asset Value^(b)		15.69	%		(18.76	)%		18.02	%		9.15	%		(4.32	)%

Net assets, end of year (in 000’s)	$	13,671		$	12,059		$	15,163		$	19,561		$	24,468

Ratio of total expenses to average net assets		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%

Ratio of net investment income to average net assets		2.19	%		2.03	%		1.64	%		2.09	%		2.64	%

Portfolio turnover rate^(c)		17	%		21	%		21	%		18	%		33	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout the Year


	ActiveBeta^® Paris-Aligned Climate U.S. Large Cap Equity ETF
	For the Fiscal Year Ended August 31, 2023			For the Period December 13, 2021* to August 31, 2022
Per Share Operating Performance:

Net asset value, beginning of period	$	32.50		$	39.67

Net investment income^(a)		0.45			0.32

Net realized and unrealized gain (loss)		4.52			(7.25	)

Total gain (loss) from investment operations		4.97			(6.93	)

Distributions to shareholders from net investment income		(0.48	)		(0.24	)

Net asset value, end of period	$	36.99		$	32.50

Market price, end of period	$	37.01		$	32.55

Total Return at Net Asset Value^(b)		15.48	%		(17.52	)%

Net assets, end of period (in 000’s)	$	7,397		$	6,500

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

Ratio of net investment income to average net assets		1.33	%		1.24	%^(c)

Portfolio turnover rate^(d)		26	%		19	%

Commencement of operations.

(a)

Calculated based on the average shares outstanding methodology.

(b)

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

(c)

Annualized.

(d)


The accompanying notes are an integral part of these financial statements.		119

GOLDMAN SACHS ACTIVEBETA^® ETFS

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Year


	ActiveBeta^® U.S. Large Cap Equity ETF
	For the Fiscal Year Ended August 31,
	2023			2022			2021			2020			2019
Per Share Operating Performance:

Net asset value, beginning of year	$	78.36		$	90.95		$	70.70		$	59.09		$	58.75

Net investment income^(a)		1.23			1.17			0.96			1.06			1.03

Net realized and unrealized gain (loss)		10.21			(12.61	)		20.21			11.62			0.30

Total gain (loss) from investment operations		11.44			(11.44	)		21.17			12.68			1.33

Distributions to shareholders from net investment income		(1.25	)		(1.15	)		(0.92	)		(1.07	)		(0.99	)

Net asset value, end of year	$	88.55		$	78.36		$	90.95		$	70.70		$	59.09

Market price, end of year	$	88.57		$	78.33		$	90.91		$	70.61		$	59.07

Total Return at Net Asset Value^(b)		14.83	%		(12.70	)%		30.21	%		21.81	%		2.42	%

Net assets, end of year (in 000’s)	$	11,410,473		$	11,616,494		$	13,769,847		$	10,427,895		$	6,606,050

Ratio of total expenses to average net assets		0.09	%		0.09	%		0.09	%		0.09	%		0.09	%

Ratio of net investment income to average net assets		1.53	%		1.36	%		1.22	%		1.72	%		1.82	%

Portfolio turnover rate^(c)		11	%		12	%		16	%		17	%		16	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Year


	ActiveBeta^® U.S. Small Cap Equity ETF
	For the Fiscal Year Ended August 31,
	2023			2022			2021			2020			2019
Per Share Operating Performance:

Net asset value, beginning of year	$	55.87		$	64.97		$	43.57		$	42.84		$	49.49

Net investment income^(a)		0.84	^(b)		0.74	^(c)		0.53	^(d)		0.51			0.57

Net realized and unrealized gain (loss)		2.97			(9.07	)		21.35			0.78			(6.66	)

Total gain (loss) from investment operations		3.81			(8.33	)		21.88			1.29			(6.09	)

Distributions to shareholders from net investment income		(0.80	)		(0.77	)		(0.48	)		(0.56	)		(0.56	)

Net asset value, end of year	$	58.88		$	55.87		$	64.97		$	43.57		$	42.84

Market price, end of year	$	58.85		$	55.92		$	64.94		$	43.63		$	42.84

Total Return at Net Asset Value^(e)		6.95	%		(12.95	)%		50.45	%		3.13	%		(12.28	)%

Net assets, end of year (in 000’s)	$	482,839		$	483,270		$	412,543		$	152,484		$	96,399

Ratio of total expenses to average net assets		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%

Ratio of net investment income to average net assets		1.49	%^(b)		1.22	%^(c)		0.90	%^(d)		1.21	%		1.32	%

Portfolio turnover rate^(f)		17	%		20	%		25	%		20	%		20	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Reflects income recognized from non-recurring special dividends which amounted to $0.23 per share and 0.41% of average net assets.

(c)

Reflects income recognized from non-recurring special dividends which amounted to $0.21 per share and 0.34% of average net assets.

(d)

Reflects income recognized from non-recurring special dividends which amounted to $0.09 per share and 0.16% of average net assets.

(e)

(f)


The accompanying notes are an integral part of these financial statements.		121

GOLDMAN SACHS ACTIVEBETA^® ETFS

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Year


	ActiveBeta^® World Low Vol Plus Equity ETF
	For the Fiscal Year Ended August 31, 2023			For the Period March 15, 2022* to August 31, 2022
Per Share Operating Performance:

Net asset value, beginning of period	$	37.97		$	40.57

Net investment income^(a)		0.87			0.47

Net realized and unrealized gain (loss)		3.30			(2.76	)

Total gain (loss) from investment operations		4.17			(2.29	)

Distributions to shareholders from net investment income		(0.84	)		(0.31	)

Net asset value, end of period	$	41.30		$	37.97

Market price, end of period	$	41.34		$	37.98

Total Return at Net Asset Value^(b)		11.15	%		(5.65	)%

Net assets, end of period (in 000’s)	$	722,754		$	558,112

Ratio of total expenses to average net assets		0.25	%		0.25	%^(c)

Ratio of net investment income to average net assets		2.22	%		2.54	%^(c)

Portfolio turnover rate^(d)		31	%		13	%

Commencement of operations.

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Notes to Financial Statements

August 31, 2023

1. ORGANIZATION

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


Fund				Diversification Classification
Goldman Sachs ActiveBeta^® Emerging Markets Equity ETF (“ActiveBeta^® Emerging Markets Equity ETF”)				Diversified
Goldman Sachs ActiveBeta^® Europe Equity ETF (“ActiveBeta^® Europe Equity ETF”)				Diversified
Goldman Sachs ActiveBeta^® International Equity ETF (“ActiveBeta^® International Equity ETF”)				Diversified
Goldman Sachs ActiveBeta^® Japan Equity ETF (“ActiveBeta^® Japan Equity ETF”)				Diversified
Goldman Sachs ActiveBeta^® Paris-Aligned Climate U.S. Large Cap Equity ETF (“ActiveBeta^® Paris-Aligned Climate U.S. Large Cap Equity ETF”)				Diversified
Goldman Sachs ActiveBeta^® U.S. Large Cap Equity ETF (“ActiveBeta^® U.S. Large Cap Equity ETF”)				Diversified
Goldman Sachs ActiveBeta^® U.S. Small Cap Equity ETF (“ActiveBeta^® U.S. Small Cap Equity ETF”)				Diversified
Goldman Sachs ActiveBeta^® World Low Vol Plus Equity ETF (“ActiveBeta^® World Low Vol Plus Equity ETF”)				Diversified

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

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


2. SIGNIFICANT ACCOUNTING POLICIES

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

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

B. Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received.

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Notes to Financial Statements (continued)

August 31, 2023

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily NAV calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. These reclaims, if any, are recorded when the amount is known and there are no significant uncertainties on collectability. Such amounts recovered, if any, are reflected as other income in the Statements of Operations. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments. Distributions received from the Funds’ investments in U.S. real estate investment trusts (“REITs”) may be characterized as ordinary income, net capital gain and/or a return of capital. A return of capital is recorded by the Funds as a reduction to the cost basis of the REIT.

For derivative contracts, unrealized gains and losses are recorded daily and become realized gains and losses upon disposition or termination of the contract.

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

D. Federal Taxes and Distributions to Shareholders — It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. For each Fund, income distributions, if any, are declared and paid quarterly, with the exception of ActiveBeta^® Europe Equity ETF and ActiveBeta^® Japan Equity ETF, which are paid semiannually. Capital gains distributions, if any, are declared and paid at least annually. Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions. The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund’s distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Funds’ net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

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


3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Funds’ policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to

124

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;

Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM’s assumptions in determining fair value measurement).

The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, including investments for which market quotations are not readily available. With respect to the Funds’ investments that do not have readily available market quotations, the Trustees have designated the Adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940 (the “Valuation Designee”). GSAM has day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds’ investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

A. Level 1 and Level 2 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:

Equity Securities — Equity securities traded on a United States (“U.S.”) securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities will be valued at the valid closing bid price for long positions and at the valid closing ask price for short positions (i.e. where there is sufficient volume, during normal exchange trading hours). If no valid bid/ask price is available, the equity security will be valued pursuant to the Valuation Procedures and consistent with applicable regulatory guidance. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2.

Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price for long positions or the last ask price for short positions, and are generally classified as Level 2.

Underlying Funds (including Money Market Funds) — Underlying funds (“Underlying Funds”) include ETFs and other investment companies. Investments in the Underlying Funds (except ETFs) are valued at the NAV per share on the day of valuation. ETFs are valued daily at the last sale price or official closing price on the principal exchange or system on which the investment is traded. Because the Funds invest in Underlying Funds that fluctuate in value, the Funds’ shares will correspondingly fluctuate in value. Underlying Funds are generally classified as Level 1 of the fair value hierarchy. To the extent that underlying ETFs are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. For information regarding an Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. A Fund enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as either due to broker/receivable for collateral on certain derivative contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

125

GOLDMAN SACHS ACTIVEBETA^® ETFS

Notes to Financial Statements (continued)

August 31, 2023

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

Exchange-traded derivatives, including futures and options contracts, are generally valued at the last sale or settlement price on the exchange where they are principally traded. Exchange-traded options without settlement prices are generally valued at the last bid price for long positions and the last ask price for short positions on the exchange where they are principally traded. Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy. Over-the-counter (“OTC”) and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.

Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security. Upon entering into a futures contract, a Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.

B. Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of a Fund’s investments may be determined under the Valuation Procedures. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund’s NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.

C. Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of August 31, 2023:



ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

Investment Type	Level 1		Level 2		Level 3

Assets

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

Africa	$	34,868,225	$	—	$	—

Asia		795,640,613		23,807,632		—

Europe		23,305,380		—		—

North America		34,388,983		—		—

Oceania		489,196		—		—

South America		44,365,232		13,412,842		—

Securities Lending Reinvestment Vehicle		5,450,496		—		—

Total	$	938,508,125	$	37,220,474	$	—

(a)

Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile noted in table.

126

GOLDMAN SACHS ACTIVEBETA^® ETFS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



ACTIVEBETA^® EUROPE EQUITY ETF

Investment Type	Level 1			Level 2		Level 3

Assets

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

Africa	$	3,939		$	—	$	—

Asia		88,540			—		—

Europe		10,141,384			67,105		—

North America		1,072,357			—		—

Oceania		129,401			—		—

South America		11,837			—		—

Securities Lending Reinvestment Vehicle		132,123			—		—

Total	$	11,579,581		$	67,105	$	—

Derivative Type

Liabilities^(b)

Futures Contracts	$	(711	)	$	—	$	—

ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Investment Type	Level 1			Level 2		Level 3

Assets

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

Africa	$	2,186,451		$	—	$	—

Asia		813,979,759			—		—

Europe		1,673,500,915			10,722,638		—

North America		526,093,967			2,840,709		—

Oceania		205,227,398			—		—

South America		3,521,371			—		—

Securities Lending Reinvestment Vehicle		37,159,558			—		—

Total	$	3,261,669,419		$	13,563,347	$	—

Derivative Type

Liabilities^(b)

Futures Contracts	$	(92,712	)	$	—	$	—

(a)

(b)

Amount shown represents unrealized gain (loss) at fiscal year end.

127

GOLDMAN SACHS ACTIVEBETA^® ETFS

Notes to Financial Statements (continued)

August 31, 2023

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



ACTIVEBETA^® JAPAN EQUITY ETF

Investment Type	Level 1		Level 2		Level 3

Assets

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

Asia	$	13,640,360	$	—	$	—

Securities Lending Reinvestment Vehicle		96,777		—		—

Total	$	13,737,137	$	—	$	—

Derivative Type

Assets^(b)

Futures Contracts	$	942	$	—	$	—

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

Investment Type	Level 1		Level 2		Level 3

Assets

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

North America	$	7,360,060	$	—	$	—

Total	$	7,360,060	$	—	$	—

ACTIVEBETA^® U.S. LARGE CAP EQUITY ETF

Investment Type	Level 1		Level 2		Level 3

Assets

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

North America	$	11,378,218,889	$	—	$	—

Securities Lending Reinvestment Vehicle		39,027,450		—		—

Total	$	11,417,246,339	$	—	$	—

Derivative Type

Assets^(b)

Futures Contracts	$	59,881	$	—	$	—

(a)

(b)

Amount shown represents unrealized gain (loss) at fiscal year end.

128

GOLDMAN SACHS ACTIVEBETA^® ETFS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



ACTIVEBETA^® U.S. SMALL CAP EQUITY ETF

Investment Type	Level 1			Level 2		Level 3

Assets

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

Africa	$	542,171		$	—	$	—

Asia		2,594,311			—		—

Europe		2,911,606			—		—

North America		471,524,799			251,602		25,677

South America		616,274			—		—

Securities Lending Reinvestment Vehicle		2,764,662			—		—

Total	$	480,953,823		$	251,602	$	25,677

Derivative Type

Liabilities^(b)

Futures Contracts	$	(3,714	)	$	—	$	—

ACTIVEBETA^® WORLD LOW VOL PLUS EQUITY ETF

Investment Type	Level 1			Level 2		Level 3

Assets

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

Asia	$	76,185,710		$	—	$	—

Europe		94,634,188			356,762		—

North America		530,046,530			—		—

Oceania		18,157,591			—		—

Securities Lending Reinvestment Vehicle		2,067,149			—		—

Total	$	721,091,168		$	356,762	$	—

Derivative Type

Assets^(b)

Futures Contracts	$	22,103		$	—	$	—

(a)

(b)

Amount shown represents unrealized gain (loss) at fiscal year end.

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

4. INVESTMENTS IN DERIVATIVES

The following tables set forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of August 31, 2023. These instruments were used as part of the Funds’ investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the

129

GOLDMAN SACHS ACTIVEBETA^® ETFS

Notes to Financial Statements (continued)

August 31, 2023

4. INVESTMENTS IN DERIVATIVES (continued)

effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds’ net exposure.


Risk	Fund	Statement of Assets and Liabilities		Assets (Liabilities)^(a)
Equity	Goldman Sachs ActiveBeta^® Europe Equity ETF		Variation Margin on Futures Contracts	$	(711	)
Equity	Goldman Sachs ActiveBeta^® International Equity ETF		Variation Margin on Futures Contracts		(92,712	)
Equity	Goldman Sachs ActiveBeta^® Japan Equity ETF		Variation Margin on Futures Contracts		942
Equity	Goldman Sachs ActiveBeta^® U.S. Large Cap Equity ETF		Variation Margin on Futures Contracts		59,881
Equity	Goldman Sachs ActiveBeta^® U.S. Small Cap Equity ETF		Variation Margin on Futures Contracts		(3,714	)
Equity	Goldman Sachs ActiveBeta^® World Low Vol Plus Equity ETF		Variation Margin on Futures Contracts		22,103

(a)

Includes unrealized gain (loss) on futures contracts described in the Additional Investment Information sections of the Schedules of Investments. Only the variation margin as of August 31, 2023 is reported within the Statements of Assets and Liabilities.

The following tables set forth, by certain risk types, the Funds’ gains (losses) related to these derivatives and their indicative volumes for the fiscal year ended August 31, 2023. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in “Net realized gain (loss)” or “Net change in unrealized gain (loss)” on the Statements of Operations:


Risk	Fund	Net Realized Gain (Loss) from Futures Contracts			Net Change in Unrealized Gain (Loss) on Futures Contracts
Equity	Goldman Sachs ActiveBeta^® Emerging Markets Equity ETF	$	(1,041,154	)	$	8,434
Equity	Goldman Sachs ActiveBeta^® Europe Equity ETF		3,895			286
Equity	Goldman Sachs ActiveBeta^® International Equity ETF		(1,185,868	)		606,664
Equity	Goldman Sachs ActiveBeta^® Japan Equity ETF		20,073			942
Equity	Goldman Sachs ActiveBeta^® U.S. Large Cap Equity ETF		(432,733	)		59,881
Equity	Goldman Sachs ActiveBeta^® U.S. Small Cap Equity ETF		(901,485	)		(15,807	)
Equity	Goldman Sachs ActiveBeta^® World Low Vol Plus Equity ETF		—			22,103

For the fiscal year ended August 31, 2023, the relevant values for each derivative type was as follows:


Fund	Average Number of Contracts^(a)
Goldman Sachs ActiveBeta^® Emerging Markets Equity ETF		50
Goldman Sachs ActiveBeta^® Europe Equity ETF		2
Goldman Sachs ActiveBeta^® International Equity ETF		84
Goldman Sachs ActiveBeta^® Japan Equity ETF		5
Goldman Sachs ActiveBeta^® U.S. Large Cap Equity ETF		28
Goldman Sachs ActiveBeta^® U.S. Small Cap Equity ETF		36
Goldman Sachs ActiveBeta^® World Low Vol Plus Equity ETF		11

(a)

Amount disclosed represents average number of contracts for the months that the Fund held such derivatives during the fiscal year ended August 31, 2023.

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GOLDMAN SACHS ACTIVEBETA^® ETFS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

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

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

For the fiscal year ended August 31, 2023, unitary management fees with GSAM were at the following rates for each Fund except the ActiveBeta^® Emerging Markets Equity ETF:


Fund				Unitary Management Fee
ActiveBeta^® Europe Equity ETF				0.25%
ActiveBeta^® International Equity ETF				0.25%
ActiveBeta^® Japan Equity ETF				0.25%
ActiveBeta^® Paris-Aligned Climate U.S. Large Cap Equity ETF				0.20%
ActiveBeta^® U.S. Large Cap Equity ETF				0.09%
ActiveBeta^® U.S. Small Cap Equity ETF				0.20%
ActiveBeta^® World Low Vol Plus Equity ETF				0.25%

For the fiscal year ended August 31, 2023, contractual and effective net management fees with GSAM were at the following rate for the ActiveBeta^® Emerging Markets Equity ETF:


Fund				Contractual and Effective Net Management Fee
ActiveBeta^® Emerging Markets Equity ETF				0.40%

B. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain “Other Expenses” of the ActiveBeta^® Emerging Markets Equity ETF (excluding acquired fund fees and expenses, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of the Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Fund is not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitation as an annual percentage rate of average daily net assets for the ActiveBeta^® Emerging Markets Equity ETF is 0.05%. This Other Expense limitation will remain in effect permanently and GSAM may not terminate the arrangement without the approval of the Trustees.

For the fiscal year ended August 31, 2023, these expense reimbursements amounted to $664,597.

131

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Notes to Financial Statements (continued)

August 31, 2023

6. CREATION AND REDEMPTION OF CREATION UNITS

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

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


	ActiveBeta^® Emerging Markets Equity ETF

	For the Fiscal Year Ended August 31, 2023						For the Fiscal Year Ended August 31, 2022

	Shares			Dollars			Shares			Dollars

Fund Share Activity
Shares Sold		2,100,000		$	61,682,388			1,200,000		$	45,853,209
Shares Redeemed		(4,200,000	)		(119,934,568	)		(1,650,000	)		(52,865,514	)

NET DECREASE IN SHARES		(2,100,000	)	$	(58,252,180	)		(450,000	)	$	(7,012,305	)

	ActiveBeta^® Europe Equity ETF

	For the Fiscal Year Ended August 31, 2023						For the Fiscal Year Ended August 31, 2022

	Shares			Dollars			Shares			Dollars

Fund Share Activity
Shares Sold		—		$	—			50,000		$	1,790,247
Shares Redeemed		(100,000	)		(2,546,984	)		(150,000	)		(4,610,459	)

NET DECREASE IN SHARES		(100,000	)	$	(2,546,984	)		(100,000	)	$	(2,820,212	)

	ActiveBeta^® International Equity ETF

	For the Fiscal Year Ended August 31, 2023						For the Fiscal Year Ended August 31, 2022

	Shares			Dollars			Shares			Dollars

Fund Share Activity
Shares Sold		7,300,000		$	221,995,548			15,100,000		$	495,288,336
Shares Redeemed		(1,500,000	)		(44,265,384	)		(3,200,000	)		(95,030,974	)

NET INCREASE IN SHARES		5,800,000		$	177,730,164			11,900,000		$	400,257,362

132

GOLDMAN SACHS ACTIVEBETA^® ETFS

6. CREATION AND REDEMPTION OF CREATION UNITS (continued)



	ActiveBeta^® Japan Equity ETF

	For the Fiscal Year Ended August 31, 2023						For the Fiscal Year Ended August 31, 2022

	Shares			Dollars			Shares			Dollars

Fund Share Activity
Shares Sold		—		$	—			—		$	—
Shares Redeemed		—			—			—			—

NET DECREASE IN SHARES		—		$	—			—		$	—

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

	For the Fiscal Year Ended August 31, 2023						For the Fiscal Year Ended August 31, 2022

	Shares			Dollars			Shares			Dollars

Fund Share Activity
Shares Sold		50,000		$	1,515,654			200,001		$	7,934,694
Shares Redeemed		(50,000	)		(1,803,743	)		(1	)		(40	)

NET DECREASE IN SHARES		—		$	(288,089	)		200,000		$	7,934,654

	ActiveBeta^® U.S. Large Cap Equity ETF

	For the Fiscal Year Ended August 31, 2023						For the Fiscal Year Ended August 31, 2022

	Shares			Dollars			Shares			Dollars

Fund Share Activity
Shares Sold		6,700,000		$	551,981,819			17,200,000		$	1,516,359,247
Shares Redeemed		(26,100,000	)		(2,079,315,418	)		(20,350,000	)		(1,695,965,517	)

NET DECREASE IN SHARES		(19,400,000	)	$	(1,527,333,599	)		(3,150,000	)	$	(179,606,270	)

	ActiveBeta^® U.S. Small Cap Equity ETF

	For the Fiscal Year Ended August 31, 2023						For the Fiscal Year Ended August 31, 2022

	Shares			Dollars			Shares			Dollars

Fund Share Activity
Shares Sold		700,000		$	40,329,686			2,950,000		$	176,204,999
Shares Redeemed		(1,150,000	)		(62,627,817	)		(650,000	)		(37,882,026	)

NET INCREASE (DECREASE) IN SHARES		(450,000	)	$	(22,298,131	)		2,300,000		$	138,322,973

133

GOLDMAN SACHS ACTIVEBETA^® ETFS

Notes to Financial Statements (continued)

August 31, 2023

6. CREATION AND REDEMPTION OF CREATION UNITS (continued)



	ActiveBeta^® World Low Vol Plus Equity ETF

	For the Fiscal Year Ended August 31, 2023				For the Fiscal Year Ended August 31, 2022

	Shares		Dollars		Shares		Dollars

Fund Share Activity
Shares Sold		2,800,000	$	109,727,326		14,700,000	$	616,984,063
Shares Redeemed		—		—		—		—

NET INCREASE IN SHARES		2,800,000	$	109,727,326		14,700,000	$	616,984,063

7. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales of long-term securities for the fiscal year ended August 31, 2023, were as follows:


Fund	Purchases		Sales
ActiveBeta^® Emerging Markets Equity ETF	$	200,749,406	$	235,385,698
ActiveBeta^® Europe Equity ETF		1,633,708		1,587,135
ActiveBeta^® International Equity ETF		480,763,647		412,638,539
ActiveBeta^® Japan Equity ETF		2,099,571		2,086,227
ActiveBeta^® Paris-Aligned Climate U.S. Large Cap Equity ETF		2,033,353		2,052,720
ActiveBeta^® U.S. Large Cap Equity ETF		1,214,787,650		1,180,849,456
ActiveBeta^® U.S. Small Cap Equity ETF		83,785,372		75,661,063
ActiveBeta^® World Low Vol Plus Equity ETF		195,413,617		195,430,578

The purchases and sales from in-kind creation and redemption transactions for the fiscal year ended August 31, 2023, were as follows:


Fund	Purchases		Sales
ActiveBeta^® Emerging Markets Equity ETF	$	9,036,085	$	23,143,649
ActiveBeta^® Europe Equity ETF		—		2,510,871
ActiveBeta^® International Equity ETF		153,896,315		44,059,815
ActiveBeta^® Japan Equity ETF		—		—
ActiveBeta^® Paris-Aligned Climate U.S. Large Cap Equity ETF		1,521,899		1,799,823
ActiveBeta^® U.S. Large Cap Equity ETF		511,313,808		2,074,826,737
ActiveBeta^® U.S. Small Cap Equity ETF		39,995,198		62,191,757
ActiveBeta^® World Low Vol Plus Equity ETF		108,315,926		—

134

GOLDMAN SACHS ACTIVEBETA^® ETFS

8. SECURITIES LENDING

The Funds may lend their securities through a securities lending agent, the Bank of New York Mellon (“BNYM”), to certain qualified borrowers. In accordance with the Funds’ securities lending procedures, the Funds receive cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Funds, at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Statements of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

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

In the event of a default by a borrower with respect to any loan, BNYM may exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If BNYM is unable to purchase replacement securities, BNYM will indemnify the Funds by paying the Funds an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Funds’ master netting agreements with certain borrowers provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws. The Funds’ loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the value of the cash received. The amounts of the Funds’ overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of August 31, 2023, are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities, where applicable.

Both the Funds and BNYM received compensation relating to the lending of the Funds’ securities. The amounts earned, if any, by the Funds for the fiscal year ended August 31, 2023, are reported under Investment Income on the Statements of Operations.

The following table provides information about the Funds’ investment in the Government Money Market Fund for the fiscal year ended August 31, 2023:


Fund	Beginning value as of August 31, 2022		Purchases at Cost		Proceeds from Sales			Ending value as of August 31, 2023
ActiveBeta^® Emerging Markets Equity ETF	$	10,851,775	$	66,236,554	$	(71,637,833	)	$	5,450,496
ActiveBeta^® Europe Equity ETF		61,124		2,814,927		(2,743,928	)		132,123
ActiveBeta^® International Equity ETF		59,641,107		740,532,397		(763,013,946	)		37,159,558
ActiveBeta^® Japan Equity ETF		862,006		5,835,762		(6,600,991	)		96,777
ActiveBeta^® Paris-Aligned Climate U.S. Large Cap Equity ETF		—		8,426		(8,426	)		—
ActiveBeta^® U.S. Large Cap Equity ETF		20,073,500		234,754,344		(215,800,394	)		39,027,450
ActiveBeta^® U.S. Small Cap Equity ETF		2,801,299		31,474,494		(31,511,131	)		2,764,662
ActiveBeta^® World Low Vol Plus Equity ETF		—		50,907,674		(48,840,525	)		2,067,149

135

GOLDMAN SACHS ACTIVEBETA^® ETFS

Notes to Financial Statements (continued)

August 31, 2023

9. TAX INFORMATION

The tax character of distributions paid during the fiscal years ended August 31, 2023 and August 31, 2022 were as follows:


	Fiscal Year Ended August 31, 2023
	ActiveBeta^® Emerging Markets Equity ETF		ActiveBeta^® Europe Equity ETF		ActiveBeta^® International Equity ETF		ActiveBeta^® Japan Equity ETF		ActiveBeta^® Paris-Aligned Climate U.S. Large Cap Equity ETF		ActiveBeta^® U.S. Large Cap Equity ETF		ActiveBeta^® U.S. Small Cap Equity ETF		ActiveBeta^® World Low Vol Plus Equity ETF
Distributions paid from:
Ordinary Income	$	25,009,312	$	359,836	$	90,840,491	$	259,624	$	106,659	$	170,189,662	$	6,492,896	$	13,421,605
Total taxable distributions	$	25,009,312	$	359,836	$	90,840,491	$	259,624	$	106,659	$	170,189,662	$	6,492,896	$	13,421,605


	Fiscal Year Ended August 31, 2022
	ActiveBeta^® Emerging Markets Equity ETF		ActiveBeta^® Europe Equity ETF		ActiveBeta^® International Equity ETF		ActiveBeta^® Japan Equity ETF		ActiveBeta^® Paris-Aligned Climate U.S. Large Cap Equity ETF		ActiveBeta^® U.S. Large Cap Equity ETF		ActiveBeta^® U.S. Small Cap Equity ETF		ActiveBeta^® World Low Vol Plus Equity ETF
Distributions paid from:
Ordinary Income	$	53,609,786	$	658,039	$	93,382,329	$	285,200	$	47,676	$	174,777,118	$	5,603,655	$	4,397,328
Total taxable distributions	$	53,609,786	$	658,039	$	93,382,329	$	285,200	$	47,676	$	174,777,118	$	5,603,655	$	4,397,328

As of the Funds’ most recent fiscal year ended August 31, 2023, the components of accumulated earnings (losses) on a tax-basis were as follows:


	ActiveBeta^® Emerging Markets Equity ETF			ActiveBeta^® Europe Equity ETF			ActiveBeta^® International Equity ETF			ActiveBeta^® Japan Equity ETF			ActiveBeta^® Paris-Aligned Climate U.S. Large Cap Equity ETF			ActiveBeta^® U.S. Large Cap Equity ETF			ActiveBeta^® U.S. Small Cap Equity ETF			ActiveBeta^® World Low Vol Plus Equity ETF
Undistributed ordinary income — net	$	6,550,334		$	64,824		$	11,705,202		$	36,881		$	15,135		$	28,038,168		$	682,091		$	2,351,799
Undistributed long-term capital gains		—			—			—			—			—			—			—			—
Total undistributed earnings	$	6,550,334		$	64,824		$	11,705,202		$	36,881		$	15,135		$	28,038,168		$	682,091		$	2,351,799
Capital loss carryforwards:
Perpetual Short-Term	$	(31,389,025	)	$	(1,208,253	)	$	(96,667,452	)	$	(559,539	)	$	(230,083	)	$	(276,490,779	)	$	(12,028,913	)	$	(5,514,785	)
Perpetual Long-Term		—			(2,369,425	)		(118,383,474	)		(905,890	)		—			(248,471,968	)		(4,515,494	)		—
Timing differences (Post-October Capital Loss Deferral/Qualified Late Year Loss Deferral)		(31,927,009	)		(194,024	)		(65,186,861	)		(185,059	)		(351,977	)		(301,619,129	)		(9,760,708	)		(23,615,451	)
Unrealized gains (losses) — net		43,562,705			742,823			322,689,651			1,646,906			25,309			2,821,539,066			11,322,450			22,818,662
Total accumulated earnings (losses) net	$	(13,202,995	)	$	(2,964,055	)	$	54,157,066		$	33,299		$	(541,616	)	$	2,022,995,358		$	(14,300,574	)	$	(3,959,775	)

136

GOLDMAN SACHS ACTIVEBETA^® ETFS

9. TAX INFORMATION (continued)

As of August 31, 2023, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:


	ActiveBeta^® Emerging Markets Equity ETF			ActiveBeta^® Europe Equity ETF			ActiveBeta^® International Equity ETF			ActiveBeta^® Japan Equity ETF			ActiveBeta^® Paris-Aligned Climate U.S. Large Cap Equity ETF			ActiveBeta^® U.S. Large Cap Equity ETF			ActiveBeta^® U.S. Small Cap Equity ETF			ActiveBeta^® World Low Vol Plus Equity ETF
Tax Cost	$	927,755,722		$	10,902,134		$	2,952,311,690		$	12,091,241		$	7,334,751		$	8,595,767,154		$	469,904,938		$	698,629,031
Gross unrealized gain		208,995,792			1,875,577			541,256,048			2,607,425			613,055			3,212,291,550			79,432,183			56,152,592
Gross unrealized loss		(165,433,087	)		(1,132,754	)		(218,566,397	)		(960,519	)		(587,746	)		(390,752,484	)		(68,109,733	)		(33,333,930	)
Net unrealized gains (losses)	$	43,562,705		$	742,823		$	322,689,651		$	1,646,906		$	25,309		$	2,821,539,066		$	11,322,450		$	22,818,662

The difference between GAAP-basis and tax basis unrealized gains (losses) is attributable primarily to wash sales, net mark to market gains/(losses) on regulated futures contracts, differences in the tax treatment of partnership investments, and differences in the tax treatment of passive foreign investment company investments.

In order to present components of the Funds’ capital accounts on a tax-basis, certain reclassifications have been recorded to the Funds’ accounts. These reclassifications have no impact on the net asset value of the Funds and result primarily from redemption in-kind transactions.


Fund	Paid-in Capital			Total Distributable Earnings
ActiveBeta^® Emerging Markets Equity ETF	$	868,971		$	(868,971	)
ActiveBeta^® Europe Equity ETF	$	(194,519	)	$	194,519
ActiveBeta^® International Equity ETF	$	12,128,712		$	(12,128,712	)
ActiveBeta^® Japan Equity ETF	$	—		$	—
ActiveBeta^® Paris-Aligned Climate U.S. Large Cap Equity ETF	$	292,055		$	(292,055	)
ActiveBeta^® U.S. Large Cap Equity ETF	$	784,838,843		$	(784,838,843	)
ActiveBeta^® U.S. Small Cap Equity ETF	$	17,889,281		$	(17,889,281	)
ActiveBeta^® World Vol Equity ETF	$	—		$	—

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

10. OTHER RISKS

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

Calculation Methodology Risk — The Index relies on various sources of information to assess the criteria of issuers included in the Index (or a Reference Index if applicable), including fundamental information that may be based on assumptions and estimates. Neither the Fund, the Investment Adviser nor the Index Provider can offer assurances that the Index’s calculation methodology or sources of information will provide a correct valuation of securities, nor can they guarantee the availability or timeliness of the production of the Index.

137

GOLDMAN SACHS ACTIVEBETA^® ETFS

Notes to Financial Statements (continued)

August 31, 2023

10. OTHER RISKS (continued)

Geographic Risk — If a Fund focuses its investments in securities of issuers located in a particular country or geographic region, the Fund may be subjected, to a greater extent than if its investments were less focused, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that country or region, such as: adverse securities markets; adverse exchange rates; adverse social, political, regulatory, economic, business, environmental or other developments; or natural disasters.

Index Risk — GSAM (the “Index Provider”) constructs each Fund’s index (an “Index”) in accordance with a rules-based methodology. A Fund will be negatively affected by general declines in the securities and asset classes represented in its Index. In addition, because the Funds are not “actively” managed, unless a specific security is removed from an Index, a Fund generally would not sell a security because the security’s issuer was in financial trouble. Market disruptions and regulatory restrictions could have an adverse effect on a Fund’s ability to adjust its exposure to the required levels in order to track the Index. A Fund also does not attempt to take defensive positions under any market conditions, including declining markets. Therefore, a Fund’s performance could be lower than funds that may actively shift their portfolio assets to take advantage of market opportunities or to lessen the impact of a market decline or a decline in the value of one or more issuers. The Index Provider relies on third party data it believes to be reliable in constructing each Index, but it does not guarantee the accuracy or availability of such third party data. Errors in index data, index computation or the construction of an Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the applicable Fund and its shareholders. In addition, neither a Fund, the Investment Adviser, the Calculation Agent nor the Index Provider can guarantee the availability or timeliness of the production of the Index.

Industry Concentration Risk — In following its methodology, the Index from time to time may be concentrated to a significant degree in securities of issuers located in a single industry or group of industries. To the extent that the Index concentrates in the securities of issuers in a particular industry or group of industries, the Fund also may concentrate its investments to approximately the same extent. By concentrating its investments in an industry or group of industries, the Fund may face more risks than if it were diversified broadly over numerous industries or groups of industries. If the Index is not concentrated in a particular industry or group of industries, the Fund will not concentrate in a particular industry or group of industries.

Investment Style Risk — Different investment styles (e.g., “growth”, “value” or “quantitative”) tend to shift in and out of favor depending upon market and economic conditions and investor sentiment. The Fund may outperform or underperform other funds that invest in similar asset classes but employ different investment styles.

Large Shareholder Transactions Risk — Certain shareholders, including other funds advised by the Investment Adviser, may from time to time own a substantial amount of the Fund’s Shares. In addition, a third party investor, the Investment Adviser or an affiliate of the Investment Adviser, an authorized participant, a lead market maker, or another entity (i.e., a seed investor) may invest in the Fund and hold its investment solely to facilitate commencement of the Fund or to facilitate the Fund’s achieving a specified size or scale. Any such investment may be held for a limited period of time. There can be no assurance that any large shareholder would not redeem its investment, that the size of the Fund would be maintained at such levels or that the Fund would continue to meet applicable listing requirements. Redemptions by large shareholders could have a significant negative impact on the Fund, including on the Fund’s liquidity. In addition, transactions by large shareholders may account for a large percentage of the trading volume on Cboe or NYSE Arca and may, therefore, have a material upward or downward effect on the market price of the Shares.

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

138

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10. OTHER RISKS (continued)

Market Trading Risk — Each Fund faces numerous market trading risks, including disruptions to creations and redemptions, the existence of extreme market volatility or potential lack of an active trading market for Shares. If a shareholder purchases Shares at a time when the market price is at a premium to the NAV or sells Shares at a time when the market price is at a discount to the NAV, the shareholder may pay more for, or receive less than, the underlying value of the Shares, respectively. The Investment Adviser cannot predict whether Shares will trade below, at or above their NAV. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for Shares will be closely related to, but not identical to, the same forces influencing the prices of the securities of a Fund’s Index trading individually or in the aggregate at any point in time.

Tracking Error Risk — Tracking error is the divergence of a Fund’s performance from that of its Index. The performance of a Fund may diverge from that of its Index for a number of reasons. Tracking error may occur because of transaction costs, a Fund’s holding of cash, differences in accrual of dividends, changes to its Index or the need to meet new or existing regulatory requirements. Unlike a Fund, the returns of an Index are not reduced by investment and other operating expenses, including the trading costs associated with implementing changes to its portfolio of investments. Tracking error risk may be heightened during times of market volatility or other unusual market conditions.

11. INDEMNIFICATIONS

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

12. OTHER MATTERS

Pursuant to an effort to consolidate the membership of the Board of Trustees of the Trust (the “Board”) with the Board of Trustees of each of Goldman Sachs ETF Trust II, Goldman Sachs Real Estate Diversified Income Fund, Goldman Sachs Trust, Goldman Sachs Trust II and Goldman Sachs Variable Insurance Trust, in July 2023, the Board voted to nominate Gregory G. Weaver, Dwight L. Bush, Kathryn A. Cassidy, John G. Chou, Joaquin Delgado, Eileen H. Dowling and Paul C. Wirth (the “Nominees”) for election as Trustees of the Trust at a virtual special joint meeting of shareholders to be held on November 16, 2023. Each of the Nominees currently serve as a Trustee of each of the Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust. If elected, the Nominees will serve as Trustees alongside the current Trustees of the Trust. This annual report is not a proxy statement. Information regarding the election of the Nominees is contained in the proxy materials filed with the SEC. The proxy statement has been mailed to shareholders of record, and shareholders can also access the proxy statement, and any other relevant documents, on the SEC’s website.

13. SUBSEQUENT EVENTS

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

139

Report of Independent Registered Public

Accounting Firm

To the Board of Trustees of Goldman Sachs ETF Trust and Shareholders of Goldman Sachs ActiveBeta^® Emerging Markets Equity ETF, Goldman Sachs ActiveBeta^® Europe Equity ETF, Goldman Sachs ActiveBeta^® International Equity ETF, Goldman Sachs ActiveBeta^® Japan Equity ETF, Goldman Sachs ActiveBeta^® Paris-Aligned Climate U.S. Large Cap Equity ETF, Goldman Sachs ActiveBeta^® U.S. Large Cap Equity ETF, Goldman Sachs ActiveBeta^® U.S. Small Cap Equity ETF, and Goldman Sachs ActiveBeta^® World Low Vol Plus Equity ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds indicated in the table below (eight of the funds constituting Goldman Sachs ETF Trust, hereafter collectively referred to as the “Funds”) as of August 31, 2023, the related statements of operations and of changes in net assets for each of the periods indicated in the table below including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2023, the results of each of their operations, the changes in each of their net assets, and each of the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.


Fund	Statement of operations	Statement of changes in net assets	Financial highlights
Goldman Sachs ActiveBeta^® Emerging Markets Equity ETF, Goldman Sachs ActiveBeta^® Europe Equity ETF, Goldman Sachs ActiveBeta^® International Equity ETF, Goldman Sachs ActiveBeta^® Japan Equity ETF, Goldman Sachs ActiveBeta^® U.S. Large Cap Equity ETF, and Goldman Sachs ActiveBeta^® U.S. Small Cap Equity ETF	For the year ended August 31, 2023	For the two years ended August 31, 2023	For each of the five years in the period ended August 31, 2023
Goldman Sachs ActiveBeta^® Paris-Aligned Climate U.S. Large Cap Equity ETF	For the year ended August 31, 2023	For the year ended August 31, 2023, and for the period December 13, 2021 (commencement of operations) through August 31, 2022
ActiveBeta^® World Low Vol Plus Equity ETF	For the year ended August 31, 2023	For the year ended August 31, 2023, and for the period March 15, 2022 (commencement of operations) through August 31, 2022

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

140

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2023 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

October 25, 2023

We have served as the auditor of one or more investment companies in the Goldman Sachs fund complex since 2000.

141

GOLDMAN SACHS ACTIVEBETA^® ETFS

Fund Expenses — Six Month Period Ended 8/31/2023 (Unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from from March 1, 2023 through August 31, 2023, which represents a period of 184 days of a 365 day year (or less where indicated).

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

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

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


	ActiveBeta^® Emerging Markets Equity ETF							ActiveBeta^® Europe Equity ETF							ActiveBeta^® International Equity ETF							ActiveBeta^® Japan Equity ETF
	Beginning Account Value 3/1/2023		Ending Account Value 8/31/23			Expenses Paid*		Beginning Account Value 3/1/23		Ending Account Value 8/31/23			Expenses Paid**		Beginning Account Value 3/1/23		Ending Account Value 8/31/23			Expenses Paid**		Beginning Account Value 3/1/23		Ending Account Value 8/31/23			Expenses Paid**
Actual based on NAV	$	1,000	$	1,036.06		$	2.35	$	1,000	$	1,053.65		$	1.29	$	1,000	$	1,050.04		$	1.29	$	1,000	$	1,117.22		$	1.33
Hypothetical 5% return		1,000	$	1,022.90	⁺		2.33		1,000	$	1,023.94	⁺⁺		1.28		1,000	$	1,023.95	⁺⁺		1.28		1,000	$	1,023.95	⁺⁺		1.28
	ActiveBeta^® Paris-Aligned Climate U.S. Large Cap Equity ETF							ActiveBeta^® U.S. Large Cap Equity ETF							ActiveBeta^® U.S. Small Cap Equity ETF							ActiveBeta^® World Low Vol Plus Equity ETF
	Beginning Account Value 3/1/23		Ending Account Value 8/31/23			Expenses Paid**		Beginning Account Value 3/1/23		Ending Account Value 2/28/23			Expenses Paid**		Beginning Account Value 3/1/23		Ending Account Value 8/31/23			Expenses Paid**		Beginning Account Value 3/1/23		Ending Account Value 8/31/23			Expenses Paid**
Actual based on NAV	$	1,000	$	1,119.81		$	1.07	$	1,000	$	1,130.04		$	0.48	$	1,000	$	1,011.15		$	1.01	$	1,000	$	1,079.78		$	1.31
Hypothetical 5% return		1,000	$	1,024.20	⁺⁺		1.02		1,000	$	1,024.75	⁺⁺		0.46		1,000	$	1,024.20	⁺⁺		1.02		1,000	$	1,023.94	⁺⁺		1.28

Hypothetical expenses are based on the Fund’s actual annualized net expense ratios (excluding proxy fee which is not annualized) and an assumed rate of return of 5% per year before expenses.

Expenses for the Fund is calculated using the Fund’s annualized net expense ratio (excluding proxy fee which is not annualized), which represents the ongoing expenses as a percentage of net assets for the six months ended August 31, 2023. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal year; and then dividing that result by the number of days in the fiscal year.

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

Expenses for each Fund is calculated using the Fund’s annualized net expense ratio, which represents the ongoing expenses as a percentage of net assets for the six months ended August 31, 2023. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratio for the period is as follows:


Fund
Goldman Sachs ActiveBeta^® Emerging Markets Equity ETF	0.46	%
Goldman Sachs ActiveBeta^® Europe Equity ETF	0.25
Goldman Sachs ActiveBeta^® International Equity ETF	0.25
Goldman Sachs ActiveBeta^® Japan Equity ETF	0.25
Goldman Sachs ActiveBeta^® Paris-Aligned Climate U.S. Large Cap Equity ETF	0.20
Goldman Sachs ActiveBeta^® U.S. Large Cap Equity ETF	0.09
Goldman Sachs ActiveBeta^® U.S. Small Cap Equity ETF	0.20
Goldman Sachs ActiveBeta^® World Low Vol Plus Equity ETF	0.25

142

GOLDMAN SACHS ACTIVEBETA^® ETFS

Trustees and Officers (Unaudited)

Independent Trustees


Name, Address and Age¹	Position(s) Held with the Trust	Term of Office and Length of Time Served²	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee³	Other Directorships Held by Trustee⁴

Cheryl K. Beebe Age: 67	Chair of the Board of Trustees	Since 2021	Ms. Beebe is retired. She is Director, Packaging Corporation of America (2008-Present); Director, The Mosaic Company (2019-Present); Director, HanesBrands Inc. (2020-Present); and was formerly Director, Convergys Corporation (a global leader in customer experience outsourcing) (2015-2018); and formerly held the position of Executive Vice President, (2010-2014); and Chief Financial Officer, Ingredion, Inc. (a leading global ingredient solutions company) (2004-2014). Chair of the Board of Trustees — Goldman Sachs ETF Trust; Goldman Sachs Trust II; Goldman Sachs ETF Trust II; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs Real Estate Diversified Income Fund.	68	Packaging Corporation of America (producer of container board); The Mosaic Company (producer of phosphate and potash fertilizer); HanesBrands Inc. (a multinational clothing company)

Lawrence Hughes Age: 65	Trustee	Since 2021	Mr. Hughes is retired. Formerly, he held senior management positions with BNY Mellon Wealth Management, a division of The Bank of New York Mellon Corporation (a financial services company) (1991-2015), most recently as Chief Executive Officer (2010-2015). Previously, Mr. Hughes served as an Advisory Board Member of Goldman Sachs Trust II (February 2016-April 2016). Trustee — Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs Real Estate Diversified Income Fund.	68	None

John F. Killian Age: 68	Trustee	Since 2021	Mr. Killian is retired. He is Director, Consolidated Edison, Inc. (2007-Present); and was formerly Director, Houghton Mifflin Harcourt Publishing Company (2011-2022). Previously, he held senior management positions with Verizon Communications, Inc., including Executive Vice President and Chief Financial Officer (2009-2010); and President, Verizon Business, Verizon Communications, Inc. (2005-2009). Trustee — Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs Real Estate Diversified Income Fund.	68	Consolidated Edison, Inc. (a utility holding company)

Steven D. Krichmar Age: 65	Trustee	Since 2021	Mr. Krichmar is retired. Formerly, he held senior management and governance positions with Putnam Investments, LLC, a financial services company (2001-2016). He was most recently Chief of Operations and a member of the Operating Committee of Putnam Investments, LLC and Principal Financial Officer of The Putnam Funds. Previously, Mr. Krichmar served as an Audit Partner with PricewaterhouseCoopers LLP and its predecessor company (1990-2001). Trustee — Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs Real Estate Diversified Income Fund.	68	None

143

GOLDMAN SACHS ACTIVEBETA^® ETFS

Trustees and Officers (Unaudited) (continued)

Independent Trustees


Name, Address and Age¹	Position(s) Held with the Trust	Term of Office and Length of Time Served²	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee³	Other Directorships Held by Trustee⁴

Michael Latham Age: 57	Trustee	Since 2015	Mr. Latham is retired. Formerly, he held senior management positions with the iShares exchange-traded fund business owned by BlackRock, Inc., including Chairman (2011-2014); Global Head (2010-2011); U.S. Head (2007-2010); and Chief Operating Officer (2003-2007). Trustee — Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.	69	None

Lawrence W. Stranghoener Age: 69	Trustee	Since 2015	Mr. Stranghoener is retired. He is Chairman, Kennametal, Inc. (a global manufacturer and distributor of tooling and industrial materials) (2003-Present); and was formerly Director, Aleris Corporation and Aleris International, Inc. (a producer of aluminum rolled products) (2011-2020); Interim Chief Executive Officer (2014) and Executive Vice President and Chief Financial Officer (2004-2014), Mosaic Company (a fertilizer manufacturing company). Trustee — Goldman Sachs ETF Trust; Goldman Sachs Trust II; Goldman Sachs ETF Trust II; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs Real Estate Diversified Income Fund. Chair of the Board of Trustees — Goldman Sachs Credit Income Fund.	69	Kennametal, Inc. (a global manufacturer and distributor of tooling and industrial materials)

Interested Trustee*


Name, Address and Age¹	Position(s) Held with the Trust	Term of Office and Length of Time Served²	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee³	Other Directorships Held by Trustee⁴

James A. McNamara Age: 60	President and Trustee	Since 2014	Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President and Trustee — Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.	172	None

Mr. McNamara is considered to be an “Interested Trustee” because he holds a position with Goldman Sachs and owns securities issued by The Goldman Sachs Group, Inc. The Interested Trustee holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor.

Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Caroline Kraus. Information is provided as of August 31, 2023.

Each Trustee holds office for an indefinite term, until the earliest of: (a) the election of his or her successor; (b) the date the Trustee resigns or is removed by the Board or shareholders, in accordance with the Trust’s Declaration of Trust; or (c) the termination of the Trust. The Board has adopted policies which provide that each Independent Trustee shall retire as of December 31st of the calendar year in which he or she reaches (a) his or her 74th birthday or (b) the 15^th anniversary of the date he or she became a Trustee, whichever is earlier, unless a waiver of such requirements shall have been adopted by a majority of the other Trustees. These policies may be changed by the Trustees without shareholder vote.

The Goldman Sachs Fund Complex includes certain other companies listed above for each respective Trustee. As of August 31, 2023, Goldman Sachs ETF Trust consisted of 67 portfolios (32 of which offered shares to the public); Goldman Sachs ETF Trust II consisted of 2 portfolios; Goldman Sachs Trust consisted of 87 portfolios; Goldman Sachs Variable Insurance Trust consisted of 15 portfolios (11 of which offered shares to the public); Goldman Sachs Trust II consisted of 18 portfolios (7 of which offered shares to the public); and Goldman Sachs MLP and Energy Renaissance Fund, Goldman Sachs Credit Income Fund and Goldman Sachs Real Estate Diversified Income Fund each consisted of one portfolio. Goldman Sachs MLP and Energy Renaissance Fund and Goldman Sachs Credit Income Fund each did not offer shares to the public.

⁴

This column includes only directorships of companies required to report to the Securities and Exchange Commission under the Securities Exchange Act of 1934 (i.e., “public companies”) or other investment companies registered under the Act.

Additional information about the Trustees is available in the Funds’ Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States of America): 1-800-526-7384.

144

GOLDMAN SACHS ACTIVEBETA^® ETFS

Trustees and Officers (Unaudited) (continued)

Officers of the Trust*


Name, Address and Age¹	Positions Held with the Trust	Term of Office and Length of Time Served²	Principal Occupation(s) During Past 5 Years

James A. McNamara 200 West Street New York, NY 10282 Age: 60	Trustee and President	Since 2014	Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President and Trustee — Goldman Sachs ETF Trust; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs ETF Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

Caroline L. Kraus 200 West Street New York, NY 10282 Age: 46	Secretary	Since 2014	Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (August 2006-December 2015); Senior Counsel, Goldman Sachs (January 2020-Present); Associate General Counsel, Goldman Sachs (2012-December 2019); Assistant General Counsel, Goldman Sachs (August 2006-December 2011); and Associate, Weil, Gotshal & Manges, LLP (2002-2006). Secretary — Goldman Sachs ETF Trust; Goldman Sachs Trust (previously Assistant Secretary (2012)); Goldman Sachs Variable Insurance Trust (previously Assistant Secretary (2012)); Goldman Sachs Trust II; Goldman Sachs ETF Trust II; Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs Private Middle Market Credit II LLC; Goldman Sachs Middle Market Lending Corp.; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

Joseph F. DiMaria 30 Hudson Street Jersey City, NJ 07302 Age: 55	Treasurer, Principal Financial Officer and Principal Accounting Officer	Since 2017 (Treasurer and Principal Financial Officer since 2019)	Managing Director, Goldman Sachs (November 2015-Present) and Vice President-Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010-October 2015). Treasurer, Principal Financial Officer and Principal Accounting Officer — Goldman Sachs ETF Trust (previously Assistant Treasurer (2017)); Goldman Sachs Trust (previously Assistant Treasurer (2016)); Goldman Sachs Variable Insurance Trust (previously Assistant Treasurer (2016)); Goldman Sachs Trust II (previously Assistant Treasurer (2017)); Goldman Sachs MLP and Energy Renaissance Fund (previously Assistant Treasurer (2017)); Goldman Sachs ETF Trust II; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

Represents a partial list of officers of the Trust. Additional information about all the officers is available in the Funds’ Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States): 1-800-621-2550.

Information is provided as of August 31, 2023.

Officers hold office at the pleasure of the Board of Trustees or until their successors are duly elected and qualified. Each officer holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor.

Goldman Sachs ActiveBeta^® ETFs - Tax Information (Unaudited)

From distributions paid during the fiscal year ended August 31, 2023, the total amount of income received by the ActiveBeta^® Emerging Markets Equity ETF, ActiveBeta^® Europe Equity ETF, ActiveBeta^® International Equity ETF and ActiveBeta^® Japan Equity ETF from sources within foreign countries and possessions of the United States was $1.3946, $1.4573, $0.7919 and $0.65 per share, respectively, all of which is attributable to qualified passive income. The percentage of net investment income dividends paid from foreign sources by the ActiveBeta^® Emerging Markets Equity ETF, ActiveBeta^® Europe Equity ETF, ActiveBeta^® International Equity ETF and ActiveBeta^® Japan Equity ETF was 96.81%, 78.04%, 80.59% and 82.47%, respectively. The total amount of taxes paid by the ActiveBeta^® Emerging Markets Equity ETF, ActiveBeta^® Europe Equity ETF, ActiveBeta^® International Equity ETF and ActiveBeta^® Japan Equity ETF to foreign countries was $0.203, $0.2123, $0.0726 and $0.0905 per share, respectively.

For the fiscal year ended August 31, 2023, 77.93%, 100%, 100%, 100%, 100%, 100%, 100% and 100% of the dividends paid from net investment company taxable income by the ActiveBeta^® Emerging Markets Equity ETF, ActiveBeta^® Europe Equity ETF, ActiveBeta^® International Equity ETF, ActiveBeta^® Japan Equity ETF, ActiveBeta^® Paris-Aligned Climate U.S. Large Cap Equity ETF, ActiveBeta^® U.S. Large Cap Equity ETF, ActiveBeta^® U.S. Small Cap Equity ETF, and ActiveBeta^® World Low Vol Plus Equity ETF, respectively, qualify for the reduced tax rate under the Jobs and Growth Tax Relief and Reconciliation Act of 2003.

For the fiscal year ended August 31, 2023, 94.44%, 84.41%, 47.02%, and 85.64% of the dividends paid from net investment company taxable income by the ActiveBeta^® U.S. Large Cap Equity ETF, ActiveBeta^® U.S. Small Cap Equity ETF, ActiveBeta^® World Low Vol Plus Equity ETF, and ActiveBeta^® Paris-Aligned Climate U.S. Large Cap Equity ETF, respectively, qualify for the dividends received deduction available to corporations.

145

FUNDS PROFILE

Goldman Sachs ETFs

LOGO

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

Today, the Asset Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $2.46 trillion in assets under supervision as of June 30, 2023, Goldman Sachs Asset Management has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. Goldman Sachs Asset Management leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.

GOLDMAN SACHS EXCHANGE-TRADED FUNDS

Goldman Sachs ActiveBeta^® Emerging Markets Equity ETF

Goldman Sachs ActiveBeta^® Europe Equity ETF

Goldman Sachs ActiveBeta^® International Equity ETF

Goldman Sachs ActiveBeta^® Japan Equity ETF

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

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

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

Goldman Sachs ActiveBeta^® World Low Vol Plus Equity ETF

Goldman Sachs Bloomberg Clean Energy Equity ETF

Goldman Sachs Community Municipal Bond ETF

Goldman Sachs Defensive Equity ETF

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

Goldman Sachs Hedge Industry VIP ETF

Goldman Sachs Innovate Equity ETF

Goldman Sachs JUST U.S. Large Cap Equity ETF

Goldman Sachs Access Emerging Markets USD Bond ETF

Goldman Sachs Access High Yield Corporate Bond ETF

Goldman Sachs Access Inflation Protected USD Bond ETF

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

Goldman Sachs Access Investment Grade Corporate Bond ETF

Goldman Sachs Access Treasury 0-1 Year ETF

Goldman Sachs Access Ultra Short Bond ETF

Goldman Sachs Access U.S. Aggregate Bond ETF

Goldman Sachs MarketBeta^® Emerging Markets Equity ETF

Goldman Sachs MarketBeta^® International Equity ETF

Goldman Sachs MarketBeta^® U.S. Equity ETF

Goldman Sachs MarketBeta U.S. 1000 Equity ETF

Goldman Sachs MarketBeta^® Total International Equity ETF

Goldman Sachs Future Planet Equity ETF

Goldman Sachs Future Tech Leaders Equity ETF

Goldman Sachs Future Health Care Equity ETF

Goldman Sachs Future Consumer Equity ETF

Goldman Sachs Future Real Estate and Infrastructure Equity ETF

Goldman Sachs North American Pipelines & Power Equity ETF

Goldman Sachs Small Cap Core Equity ETF

INDEX DISCLAIMERS

The MSCI Emerging Markets Index, MSCI Europe Index, MSCI World ex USA Index and MSCI Japan Index (the “MSCI Indices”) were used by GSAM as the reference universe for selection of the companies included in the Goldman Sachs ActiveBeta^® Emerging Markets Equity Index, Goldman Sachs ActiveBeta^® Europe Equity Index, Goldman Sachs ActiveBeta^® International Equity Index and Goldman Sachs ActiveBeta^® Japan Equity Index (the “ActiveBeta^® Indices”), respectively. MSCI Inc. does not in any way sponsor, support, promote or endorse the ActiveBeta^® Indices or the Goldman Sachs ActiveBeta^® Emerging Markets Equity ETF, Goldman Sachs ActiveBeta^® Europe Equity ETF, Goldman Sachs ActiveBeta^® International Equity ETF or Goldman Sachs ActiveBeta^® Japan Equity ETF (the “ActiveBeta^® ETFs” or the “Funds”). MSCI Inc. was not and is not involved in any way in the creation, calculation, maintenance or review of the ActiveBeta^® Indices. The MSCI Indices were provided on an “as is” basis. MSCI Inc., its affiliates and any other person or entity involved in or related to compiling, computing or creating the MSCI Indices (collectively, the “MSCI Parties”) expressly disclaim all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose). Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including without limitation lost profits) or any other damages in connection with the MSCI Indices, the ActiveBeta^® ETFs or the ActiveBeta^® Indices.

The Russell 2000^® Index was used by Goldman Sachs Asset Management or its affiliate as the starting universe for selection of the companies included in the Goldman Sachs ActiveBeta^® U.S. Small Cap Equity Index. Frank Russell Company (“Russell”) does not in any way sponsor, support, promote or endorse the Goldman Sachs ActiveBeta^® U.S. Small Cap Equity Index or the Goldman Sachs ActiveBeta^® U.S. Small Cap Equity ETF. In no event shall any Russell Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including without limitation lost profits) or any other damages in connection with the Russell 2000^® Index or the Goldman Sachs ActiveBeta^® U.S. Small Cap Equity Index.

The ActiveBeta^® Indices are trademarks of Goldman Sachs Asset Management, L.P. and have been licensed for use by Goldman Sachs ETF Trust.

Solactive US Large Cap Index intends to track the performance of the large cap segment in the United States. Constituents are selected and weighted based on free-float market capitalization. The index is calculated as a total return index in USD and reconstituted semi-annually with quarterly IPO reviews.

Solactive GBS Developed Markets Large & Mid Cap Index is part of the Solactive Global Benchmark Series which includes benchmark indices for developed and emerging market countries. The index intends to track the performance of the large and mid cap segment covering approximately the largest 85% of the free-float market capitalization in the developed European market. It is calculated as a total return index in EUR and weighted by free-float market capitalization.

GOLDMAN SACHS ASSET MANAGEMENT, L.P., THE GOLDMAN SACHS GROUP, INC., AND GOLDMAN SACHS & CO. LLC (COLLECTIVELY, “GOLDMAN SACHS”) DOES NOT GUARANTEE NOR MAKE ANY REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, TO THE OWNERS OR SHAREHOLDERS OF THE FUNDS OR ANY MEMBER OF THE PUBLIC REGARDING THE ADVISABILITY OF INVESTING IN SECURITIES GENERALLY OR IN A FUND PARTICULARLY OR THE ABILITY OF THE ACTIVEBETA^® INDICES TO TRACK GENERAL MARKET PERFORMANCE. GOLDMAN SACHS, IN ITS CAPACITY AS THE INDEX PROVIDER OF THE ACTIVEBETA^® INDICES, LICENSES CERTAIN TRADEMARKS AND TRADE NAMES TO THE FUNDS. GOLDMAN SACHS HAS NO OBLIGATION TO TAKE THE NEEDS OF THE FUNDS OR THE SHAREHOLDERS OF THE FUNDS INTO CONSIDERATION IN DETERMINING, COMPOSING OR CALCULATING THE ACTIVEBETA^® INDICES. GOLDMAN SACHS OR ANY OF ITS AFFILIATES MAY HOLD LONG OR SHORT POSITIONS IN SECURITIES HELD BY A FUND OR IN RELATED DERIVATIVES.

GOLDMAN SACHS DOES NOT GUARANTEE THE ADEQUACY, TIMELINESS, ACCURACY AND/OR THE COMPLETENESS OF THE ACTIVEBETA^® INDICES OR ANY DATA RELATED THERETO. GOLDMAN SACHS HEREBY EXPRESSLY DISCLAIMS ANY AND ALL LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN OR IN THE CALCULATION THEREOF. GOLDMAN SACHS MAKES NO WARRANTY, EXPRESS OR IMPLIED, AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE MARKS, THE ACTIVEBETA^® INDICES OR ANY DATA INCLUDED THEREIN AS TO THE RESULTS TO BE OBTAINED BY A FUND, THE SHAREHOLDERS, OR ANY OTHER PERSON OR ENTITY FROM USE OF THE ACTIVEBETA^® INDICES OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, GOLDMAN SACHS HEREBY EXPRESSLY DISCLAIMS ANY AND ALL LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.


TRUSTEES Cheryl K. Beebe, Chair Lawrence Hughes John F. Killian Steven D. Kirchmar Michael Latham James A. McNamara Lawrence W. Stranghoener		OFFICERS James A. McNamara, President Joseph F. DiMaria, Treasurer, Principal Financial Officer and Principal Accounting Officer Robert Griffith, Secretary* * Effective September 20, 2023

THE BANK OF NEW YORK MELLON Transfer Agent

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

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

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

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

Neither MSCI nor any other party involved in or related to compiling, computing, or creating the MSCI data makes any express or implied warranties or representations with respect to such data (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability, or fitness for a particular purpose with respect to any of such data. Without limiting any of the foregoing, in no event shall MSCI, any of its affiliates or any third party involved in or related to compiling, computing or creating the data have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. No further distribution or dissemination of the MSCI data is permitted without MSCI’s express written consent.

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

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

Fund holdings and allocations shown are as of August 31, 2023 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.

Economic and market forecasts presented herein reflect our judgment as of the date of this presentation and are subject to change without notice. These forecasts do not take into account the specific investment objectives, restrictions, tax and financial situation or other needs of any specific client. Actual data will vary and may not be reflected here. These forecasts are subject to high levels of uncertainty that may affect actual performance. Accordingly, these forecasts should be viewed as merely representative of a broad range of possible outcomes. These forecasts are estimated, based on assumptions, and are subject to significant revision and may change materially as economic and market conditions change. Goldman Sachs has no obligation to provide updates or changes to these forecasts. Case studies and examples are for illustrative purposes only.

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

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

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