Goldman Sachs ETF Trust

Goldman Sachs Funds



Annual Report				August 31, 2023

				Goldman Sachs Future Thematic Equity ETFs
				Goldman Sachs Future Consumer Equity ETF (GBUY)
				Goldman Sachs Future Health Care Equity ETF (GDOC)
				Goldman Sachs Future Planet Equity ETF (GSFP)
				Goldman Sachs Future Real Estate and Infrastructure Equity ETF (GREI)
				Goldman Sachs Future Tech Leaders Equity ETF (GTEK)

LOGO

Goldman Sachs Future Thematic Equity ETFs

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GOLDMAN SACHS FUTURE CONSUMER EQUITY ETF

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GOLDMAN SACHS FUTURE HEALTH CARE EQUITY ETF

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GOLDMAN SACHS FUTURE PLANET EQUITY ETF

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GOLDMAN SACHS FUTURE REAL ESTATE AND INFRASTRUCTURE EQUITY ETF

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GOLDMAN SACHS FUTURE TECH LEADERS EQUITY ETF


TABLE OF CONTENTS

Investment Process			1

Portfolio Results and Fund Basics			4

Schedules of Investments			27

Financial Statements			34

Financial Highlights			41

Goldman Sachs Future Consumer Equity ETF			41

Goldman Sachs Future Health Care Equity ETF			42

Goldman Sachs Future Planet Equity ETF			43

Goldman Sachs Future Real Estate and Infrastructure Equity ETF			44

Goldman Sachs Future Tech Leaders Equity ETF			45

Notes to Financial Statements			46

Report of Independent Registered Public Accounting Firm			59

Other Information			60



NOT FDIC-INSURED	May Lose Value	No Bank Guarantee

INVESTMENT PROCESS

Goldman Sachs Future Thematic Equity ETFs

Principal Investment Strategies

The Goldman Sachs Future Consumer Equity ETF, the Goldman Sachs Future Health Care Equity ETF, the Goldman Sachs Future Planet Equity ETF and the Goldman Sachs Future Real Estate and Infrastructure Equity ETF (each, a “Fund” and together the “Funds”) seek to achieve their respective investment objectives by investing, under normal circumstances, at least 80% of their net assets plus any borrowings for investment purposes (measured at the time of purchase) in equity investments in U.S. and non-U.S. companies that Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) believes are aligned, at the time the investment is first added to a Fund’s portfolio, with certain key themes (the “Key Themes”). The Goldman Sachs Future Tech Leaders Equity ETF does not use Key Themes within its investment process, but instead seeks to achieve its investment objective by investing in companies that the Investment Adviser believes are driving technological innovation or benefiting from the enablement of technology and have the potential to grow their business over many years.

The Key Themes and related areas of investment may change over time at the sole discretion of the Investment Adviser without prior notice to shareholders. In addition, each Fund is permitted to make investments that are not aligned with the Key Themes. In selecting investments, the Investment Adviser will not seek to allocate a specified portion of the Fund’s portfolio to each particular Key Theme, and the allocation of the Fund’s investments across the Key Themes will vary over time in the Investment Adviser’s sole discretion. Each Fund may not allocate its investments to each Key Theme at all times and an investment may be aligned with multiple Key Themes at the same time.

The Investment Adviser’s belief may be informed by, among other things, company disclosure, third-party research, engagement with the companies, or subjective criteria including the Investment Adviser’s own research, expectations or opinions.

Goldman Sachs Future Consumer Equity ETF

The Goldman Sachs Future Consumer Equity ETF (the “Fund”) intends to invest in companies that the Investment Adviser believes are aligned with the Key Themes associated with the different and evolving priorities and spending habits of younger consumers, which include, but are not limited to:

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Tech-Enabled Consumption

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Digital Enabler — Companies that provide or help create products, services or technologies in areas including but not limited to Internet and communications infrastructure, digital components and fintech infrastructure.

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Digital Services — Companies that provide or help create products, services or technologies in areas including but not limited to e-commerce, social media, digital entertainment and gaming, fintech services, mobility and the digital workforce.

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Lifestyle and Values

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Consumption — Companies that provide or help create products, services or technologies in areas including but not limited to health and wellness, luxury and sustainable living.

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Lifestyle — Companies that provide or help create products, services or technologies in areas including but not limited to experiences, health and wellness, sustainable living, education, pet care and childcare.

Goldman Sachs Future Health Care Equity ETF

The Goldman Sachs Future Health Care Equity ETF (the “Fund”) intends to invest in companies that the Investment Adviser believes are aligned with the Key Themes associated with innovation in health care, which include, but are not limited to:

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Genomics — Companies that provide, invest in or help create products, services or technologies in areas including but not limited to sequencing, diagnostic testing and the genomics supply chain.

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Precision Medicine — Companies that provide, invest in or help create products, services or technologies in areas including but not limited to targeted oncology, gene/cell therapy and rare diseases.

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Technology-Enabled Procedures — Companies that provide, invest in or help create products, services or technologies in areas including but not limited to robotic surgery and minimally invasive procedures.

INVESTMENT PROCESS

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Digital Healthcare — Companies that provide, invest in or help create products, services or technologies in areas including but not limited to connected devices, digital transformation and online health.

Goldman Sachs Future Planet Equity ETF

The Goldman Sachs Future Planet Equity ETF (the “Fund”) intends to invest in companies that the Investment Adviser are aligned with the Key Themes associated with seeking to address environmental problems, which include, but are not limited to:

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Clean Energy — Companies that provide, invest in or help create products, services or technologies in areas including but not limited to solar energy, wind energy, bioenergy, energy storage, grid services and carbon sequestration.

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Resource Efficiency — Companies that provide, invest in or help create products, services or technologies in areas including but not limited to electric and autonomous vehicles, sustainable manufacturing, logistics and smart cities.

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Sustainable Consumption — Companies that provide, invest in or help create products, services or technologies in areas including but not limited to agriculture, food, tourism and fashion.

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Circular Economy — Companies that provide, invest in or help create products, services or technologies in areas including but not limited to recycling and reuse, waste management and single-use substitution.

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Water Sustainability — Companies that provide, invest in or help create products, services or technologies in areas including but not limited to water treatment, water distribution and desalination.

Goldman Sachs Future Real Estate and Infrastructure Equity ETF

The Goldman Sachs Future Real Estate and Infrastructure Equity ETF (the “Fund”) intends to invest in companies that the Investment Adviser are aligned with the Key Themes associated with secular growth drivers for real estate and infrastructure assets, which include, but are not limited to:

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Technological Innovation — Real estate and infrastructure companies that facilitate technological innovation-driven demand including but not limited to towers and digital storage.

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Environmental Sustainability — Real estate and infrastructure companies that facilitate environmental sustainability-driven demand drivers in areas including but not limited to utilities enabling energy transition, alternative energy producers, water utilities, energy storage and grid services.

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New Age Consumer — Real estate and infrastructure companies that facilitate different and evolving priorities and spending habits of younger consumers, including but not limited to logistics, cold storage, transportation infrastructure, self storage, rental housing, leisure hotels and studio office.

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Future of Health Care — Real estate and infrastructure companies that facilitate health care innovation and aging demographic trends including but not limited to lab office, life science office and senior housing.

Goldman Sachs Future Tech Leaders Equity ETF

The Goldman Sachs Future Tech Leaders Equity ETF (the “Fund”) intends to invest in companies that the Investment Adviser believes are driving technological innovation or benefiting from the enablement of technology and have the potential to grow their business over many years.

The Investment Adviser seeks to:

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Identify companies at various growth stages that are developing differentiated technology to either disrupt existing markets, serve existing markets more efficiently or apply proven business models to new geographies.

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Invest in companies that use technology to drive long-term compounding revenue growth, as well as more mature technology companies that are evolving their business models to exploit new growth opportunities.

* * *

INVESTMENT PROCESS

At the end of the Reporting Period, i.e., the 12-month period ended August 31, 2023, we noted that during the 2022 calendar year, innovation equities — which we define as companies on the right side of long-term secular growth themes — had experienced some of the sharpest declines in the broad equity market. This was, in our view, due to their greater sensitivity to interest rate movements and their starting point of elevated valuations. However, during the 2023 calendar year to date, innovation equities had generally rebounded, driven by key tailwinds, such as the rise of generative artificial intelligence and softening recessionary concerns. We believed at the end of the Reporting Period that going forward, innovation equities were likely to offer higher margins and faster earnings growth than the equity market broadly, and we thought the equities in which the Funds invest could offer even faster earnings growth than market consensus estimates. In our view, innovation equities may also be well-positioned in an inflationary environment given that companies with innovative products typically exert greater pricing power and that inflation encourages businesses to invest in innovative solutions to reduce costs and improve efficiency. Additionally, global events may further accelerate key secular themes, providing additional tailwinds to certain innovation equities, in our opinion.

In our view, active management is especially critical in this environment, as the market was, at the end of the Reporting Period, differentiating between profitable and unprofitable as well as between high-growth, high-margin and high-growth, low-margin stocks. In managing the Funds, we intended to continue following our disciplined process of stock-level due diligence, portfolio construction and risk management. We planned to remain highly focused on understanding the fundamental drivers of the companies in which we consider investing and expected to invest in them only if we have conviction that their business models can be successful over the long term. Additionally, we intended to maintain balanced and diversified allocations across Key Themes, market capitalizations, regions and sectors to avoid concentrated risk exposures.

PORTFOLIO RESULTS

Goldman Sachs Future Consumer Equity ETF

Investment Objective

The Goldman Sachs Future Consumer Equity ETF (the “Fund”) seeks long-term growth of capital.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Fundamental Equity 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 6.84% based on net asset value (“NAV”) and 7.51% based on market price. The Fund’s benchmark, the MSCI All Country World Index Growth Index (the “MSCI ACWI Growth Index”), returned 17.86% during the same period.

The Fund had an NAV of $25.43 per share on August 31, 2022 and ended the Reporting Period with an NAV of $27.17 per share. The Fund’s market price on August 31, 2023 was $27.20 per share.

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

The Fund is an actively managed exchange-traded fund (“ETF”) that seeks long-term growth of capital by investing in companies that may be aligned, at the time a given investment is first added to the Fund’s portfolio, with the key themes associated with the different and evolving priorities and spending habits of younger consumers, which include, but are not limited to, Tech-Enabled Consumption and Lifestyle and Values (the “Key Themes”). Additionally, as part of its investment process, the Goldman Sachs Fundamental Equity Team divides these Key Themes into multiple sub-themes.

During the Reporting Period, the Fund produced a positive absolute return, as the broad global equity market advanced. At the start of 2023, investors pivoted away from energy stocks and into other segments of the global equity market; energy had been the only sector in the MSCI ACWI Growth Index to generate gains during calendar year 2022. Growth-oriented stocks, in which the Fund holds a considerable position, also performed well during the Reporting Period overall, bolstering the Fund’s absolute performance.

On a relative basis, the Fund underperformed the MSCI ACWI Growth Index during the Reporting Period. The Lifestyle and Values Key Theme detracted from the Fund’s relative performance, though this was offset somewhat by the Tech-Enabled Consumption Key Theme, which contributed positively. Among sub-themes, sustainable consumption detracted most, while digital components and luxury each added to returns. In addition, the Fund was hampered by its limited exposure to certain mega-cap stocks and to stocks that were, in our opinion, already overvalued. Recession worries, driven by high inflation, also dampened the performance of some of the Fund’s holdings among consumer discretionary stocks.

Within sectors, the Fund was hurt by stock selection in the communication services and utilities sectors. On the positive side, the Fund benefited from stock selection in the information technology and consumer staples sectors.

From a country perspective, stock selection in the U.S., Netherlands and China detracted from relative performance. Stock selection in Italy and France added to the Fund’s returns during the Reporting Period.

Which individual stock positions detracted most from the Fund’s relative returns during the Reporting Period?

Relative to the MSCI ACWI Growth Index, the Fund’s overweight positions in American Tower, a real estate investment trust that owns and operates wireless communications and broadcast towers in the U.S.; NextEra Energy, a U.S. electric utility and renewable energy company; and EDP Renovaveis, a Spanish renewable energy company (3.01%, 3.27% and 2.17% of Fund net assets as of August 31, 2023, respectively) detracted most from relative performance. All three stocks generated double-digit negative returns within the MSCI ACWI Growth Index during the Reporting Period.

PORTFOLIO RESULTS

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

Compared to the MSCI ACWI Growth Index, the Fund was helped most by overweight positions in NVIDIA, a U.S. designer and manufacturer of graphics processors, chipsets and related multimedia software; Meta Platforms, U.S. technology company; and Moncler, an Italian apparel manufacturer (6.10%, 5.10% and 2.48% of Fund net assets as of August 31, 2023, respectively). NVIDIA delivered a triple-digit positive return within the MSCI ACWI Growth Index, while Meta Platforms and Moncler each produced a double-digit positive return within the MSCI ACWI Growth Index during the Reporting Period.

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

During the Reporting Period, the Fund did not invest in derivatives or similar instruments. The Fund does not employ derivatives as a source of alpha generation, although it may use them to equitize excess cash.

Were there any changes to the Fund’s portfolio management team during the Reporting Period?

Effective January 3, 2023, Laura Destribats no longer served as a portfolio manager for the Fund. As of February 2, 2023, Jennifer Sullivan became a portfolio manager for the Fund, joining Alexis Deladerrière, Raj Garigipati and Nathan Lin. Mr. Deladerrière, Mr. Garigipati and Mr. Lin have been portfolio managers for the Fund since 2021. By design, the Fund is managed within a team structure. This has been a cornerstone of our approach and helps ensure continuity in the Fund.

What was the Fund’s sector positioning relative to the MSCI ACWI Growth Index at the end of the Reporting Period?¹



Sector Name	Fund			MSCI ACWI Growth Index
Communication Services		30.40	%		10.95	%
Consumer Discretionary		26.54			14.80
Information Technology		14.23			33.36
Financials		5.89			8.52
Consumer Staples		5.52			5.97
Utilities		5.44			0.34
Materials		4.48			2.75
Real Estate		3.01			0.88
Industrials		2.53			9.90
Health Care		1.32			10.78
Energy		0.00			1.75
Cash		0.62			0.00

What was the Fund’s country positioning relative to the MSCI ACWI Growth Index at the end of the Reporting Period?¹



Country Name	Fund			MSCI ACWI Growth Index
U.S.		61.45	%		64.08	%
China		8.79			3.18
Italy		5.60			0.31
Taiwan		5.08			1.58
Netherlands		3.56			1.49
France		3.22			3.32
U.K.		2.82			2.26
Hong Kong		2.62			0.58
Portugal		2.17			0.04
Germany		1.88			1.67
South Korea		1.01			1.15
Brazil		0.68			0.53
Singapore		0.48			0.30

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 country and 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. Figures above may not sum to 100% due to rounding due to the presence of cash.

FUND BASICS

Goldman Sachs Future Consumer Equity ETF

as of August 31, 2023


FUND SNAPSHOT

As of August 31, 2023

Market Price¹	$	27.20
Net Asset Value (NAV)¹	$	27.17

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


TOP TEN HOLDINGS AS OF 8/31/23²

Holding	% of Net Assets			Line of Business	Country

Amazon.com, Inc.		7.7	%	Consumer Discretionary	United States
Alphabet, Inc., Class C		7.1		Communication Services	United States
NVIDIA Corp.		6.1		Information Technology	United States
Meta Platforms, Inc., Class A		5.1		Communication Services	United States
Mastercard, Inc., Class A		5.1		Financials	United States
Taiwan Semiconductor Manufacturing Co. Ltd.		4.3		Information Technology	Taiwan
NextEra Energy, Inc.		3.3		Utilities	United States
LVMH Moet Hennessy Louis Vuitton SE		3.2		Consumer Discretionary	France
Davide Campari-Milano NV		3.1		Consumer Staples	Italy
American Tower Corp. REIT		3.0		Real Estate	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.

GOLDMAN SACHS FUTURE CONSUMER 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 9, 2021 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the MSCI ACWI Growth Index, is 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. Certain factors may affect Fund performance including, but 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.


Goldman Sachs Future Consumer Equity ETF’s Lifetime Performance

Performance of a $10,000 Investment, with distributions reinvested, from November 9, 2021 through August 31, 2023.

LOGO


Average Annual Total Return through August 31, 2023*	1 Year Return	Since Inception
Shares based on NAV (Commenced November 9, 2021)	6.84%	-19.15%

Shares based on Market Price (Commenced November 9, 2021)	7.51%	-19.10%

MSCI ACWI Growth Index	17.86%	-6.69%

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 at 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 Future Health Care Equity ETF

Investment Objective

The Goldman Sachs Future Health Care Equity ETF (the “Fund”) seeks long-term growth of capital.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Fundamental Equity 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 8.28% based on net asset value (“NAV”) and 8.06% based on market price. The Fund’s benchmark, the MSCI All Country World Index Health Care Index (the “MSCI ACWI Health Care Index”), returned 9.41% during the same period.

The Fund had an NAV of $29.94 per share on August 31, 2022 and ended the Reporting Period with an NAV of $32.42 per share. The Fund’s market price on August 31, 2023 was $32.42 per share.

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

The Fund is an actively managed exchange-traded fund (“ETF”) that seeks long-term growth of capital by investing in companies that may be aligned, at the time a given investment is first added to the Fund’s portfolio, with the key themes associated with innovation in health care, which include, but are not limited to, Genomics, Precision Medicine, Technology-Enabled Procedures and Digital Healthcare (the “Key Themes”). Additionally, as part of its investment process, the Goldman Sachs Fundamental Equity Team divides these Key Themes into multiple sub-themes.

During the Reporting Period, the Fund generated a positive absolute return, as ongoing innovation across the health care ecosystem, coupled with demand normalization and a favorable mergers and acquisitions backdrop, fueled gains. In addition, sectors that had lagged during 2022, including health care, generally rebounded in 2023, adding further to the Fund’s absolute performance.

Relative to the MSCI ACWI Health Care Index, the Fund underperformed during the Reporting Period. These results can be largely attributed to persistent inflation, elevated interest rates, recession concerns and elongated supply-chain disruptions. Given that the Fund is primarily invested in what we consider the most innovative parts of the health care ecosystem, it is acutely sensitive to rising interest rates and inflation. When inflation is heightened, investors tend to apply a steeper discount to future earnings, which can hurt the growth outlook for innovative companies. In addition, the MSCI ACWI Health Care Index’s market capitalization weighting skews towards the more defensive parts of the health care ecosystem, which remained resilient relative to innovation equities during the Reporting Period.

Two of the Fund’s four Key Themes detracted from relative returns during the Reporting Period. The largest detractor was Genomics, which was hurt by a slowdown in COVID-19-related business segments and revenues amid waning demand for COVID-19 vaccines and diagnostic supplies. On the positive side, the Fund was helped by its two other Key Themes. Precision Medicine added most to relative performance, driven primarily by the development of novel drugs and treatments for chronic diseases, such as diabetes and Alzheimer’s disease. Within sub-themes, genomics supply chain detracted most from relative performance. The chronic diseases sub-theme contributed most positively to results.

From an industry perspective, the Fund was hampered by stock selection and an overweight position versus the MSCI ACWI Health Care Index in biotechnology. Biotechnology, which is generally considered the growth engine of the health care ecosystem, was weak amid elevated interest rates. On the positive side, the Fund was aided by its lack of exposure to health care providers and services as well as by stock selection among leading pharmaceutical companies.

From a country perspective, stock selection and an underweight position relative to the MSCI ACWI Health Care Index in Denmark detracted from the Fund’s relative returns. The Fund benefited from stock selection in and an overweight allocation to the U.S., as well as from an underweight position in China, during the Reporting Period.

PORTFOLIO RESULTS

Which individual stock positions detracted most from the Fund’s relative returns during the Reporting Period?

Relative to the MSCI ACWI Health Care Index, the Fund was hurt by its lack of exposure to Novo Nordisk, a Danish pharmaceutical company, as well as by overweight positions in Insulet, a U.S. medical device company that specializes in insulin-delivery systems, and 2seventy Bio, a U.S. immuno-oncology cell therapy company (0.00%,¹ 2.33% and 0.41% of Fund net assets as of August 31, 2023, respectively). During the Reporting Period, Novo Nordisk posted a double-digit positive return within the MSCI ACWI Health Care Index. Insulet and 2seventy Bio each generated a double-digit negative return within the MSCI ACWI Health Care Index during the Reporting Period.

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

Relative to the MSCI ACWI Health Care Index, the Fund benefited most from an overweight position in Intuitive Surgical, a U.S. company that develops, manufactures and markets robotic products for minimally invasive surgery, as well as from its lack of exposure to United Health Group. a U.S. managed health care and insurance company, and Pfizer, a U.S. pharmaceutical and biotechnology company (5.05%, 0.00%¹ and 0.00%¹ of Fund net assets as of August 31, 2023, respectively). During the Reporting Period, Intuitive Surgical delivered a double-digit positive return within the MSCI ACWI Health Care Index. United Health Group recorded a single-digit negative return, and Pfizer produced a double-digit negative return within the MSCI ACWI Health Care Index during the Reporting Period.

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

Were there any changes to the Fund’s portfolio management team during the Reporting Period?

Effective January 18, 2023, Anant Padmanabhan no longer served as a portfolio manager for the Fund. Jenny Chang and Raj Garigipati continued to serve as portfolio managers for the Fund. Ms. Chang and Mr. Garigipati have been portfolio managers for the Fund since 2021. By design, the Fund is managed within a team structure. This has been a cornerstone of our approach and helps ensure continuity in the Fund.

What was the Fund’s industry positioning relative to the MSCI ACWI Health Care Index at the end of the Reporting Period?²



Industry Name	Fund			MSCI ACWI Health Care Index
Health Care Equipment and Supplies		29.34	%		17.71	%
Biotechnology		28.37			14.44
Pharmaceuticals		22.28			41.58
Life Sciences Tools and Services		12.32			10.33
Health Care Technology		2.31			0.52
Electronic Equipment Instruments and Components		2.03			0.00
Office Real Estate Investment Trusts		1.66			0.00
Health Care Providers & Services		0.00			15.42
Cash		1.69			0.00

Some weights are 0.00% at August 31, 2023 either because those positions were eliminated during the most recent rebalance given the Index construction methodology or were not held at all during the Reporting Period as they did not meet the Fund’s investment criteria.

PORTFOLIO RESULTS

What was the Fund’s country positioning relative to the MSCI ACWI Health Care Index at the end of the Reporting Period?²



Country Name	Fund			MSCI ACWI Health Care Index
U.S.		81.8	%		69.17	%
Japan		6.01			4.10
U.K.		5.29			3.97
Australia		2.86			1.50
Denmark		1.76			4.66
Belgium		1.00			0.53
Switzerland		0.80			7.22
France		0.61			2.69
Brazil		0.00			0.15
China		0.00			1.47
Finland		0.00			0.06
Germany		0.00			1.87
Hungary		0.00			0.05
India		0.00			0.70
Indonesia		0.00			0.03
Israel		0.00			0.14
Italy		0.00			0.16
Malaysia		0.00			0.05
Netherlands		0.00			0.28
New Zealand		0.00			0.15
Saudi Arabia		0.00			0.13
South Korea		0.00			0.51
South Africa		0.00			0.05
Spain		0.00			0.05
Sweden		0.00			0.10
Taiwan		0.00			0.04
Thailand		0.00			0.18

Country and industry 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 country and industry 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. Figures above may not sum to 100% due to rounding due to the presence of cash.

FUND BASICS

Goldman Sachs Future Health Care Equity ETF

as of August 31, 2023


FUND SNAPSHOT

As of August 31, 2023

Market Price¹	$	32.42
Net Asset Value (NAV)¹	$	32.42


TOP TEN HOLDINGS AS OF 8/31/23²

Holding	% of Net Assets			Line of Business	Country

Eli Lilly & Co.		7.9	%	Health Care	United States
Boston Scientific Corp.		5.5		Health Care	United States
Intuitive Surgical, Inc.		5.1		Health Care	United States
AstraZeneca PLC		5.0		Health Care	United Kingdom
Biogen, Inc.		3.5		Health Care	United States
Chugai Pharmaceutical Co. Ltd.		3.2		Health Care	Japan
Seagen, Inc.		3.0		Health Care	United States
Dexcom, Inc.		3.0		Health Care	United States
Gilead Sciences, Inc.		2.9		Health Care	United States
BioMarin Pharmaceutical, Inc.		2.9		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.

GOLDMAN SACHS FUTURE HEALTH CARE 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 9, 2021 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the MSCI ACWI Health Care Index, is 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. Certain factors may affect Fund performance including, but 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.


Goldman Sachs Future Health Care Equity ETF’s Lifetime Performance

Performance of a $10,000 Investment, with distributions reinvested, from November 9, 2021 through August 31, 2023.

LOGO


Average Annual Total Return through August 31, 2023*	1 Year Return	Since Inception
Shares based on NAV (Commenced November 9, 2021)	8.28%	-10.57%

Shares based on Market Price (Commenced November 9, 2021)	8.06%	-10.57%

MSCI ACWI Health Care Index	9.41%	-1.42%

PORTFOLIO RESULTS

Goldman Sachs Future Planet Equity ETF

Investment Objective

The Goldman Sachs Future Planet Equity ETF (the “Fund”) seeks long-term capital appreciation.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Fundamental Equity 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 0.13% based on net asset value (“NAV”) and 0.26% based on market price. The Fund’s benchmark, the MSCI All Country World Index (Net, USD, Unhedged) (the “MSCI ACWI Index”), returned 13.95% during the same period.

The Fund had an NAV of $30.23 per share on August 31, 2022 and ended the Reporting Period with an NAV of $30.15 per share. The Fund’s market price on August 31, 2023 was $30.11 per share.

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

The Fund is an actively managed exchange-traded fund (“ETF”) that seeks long-term capital appreciation by investing in companies that may be associated, at the time a given investment is first added to the Fund’s portfolio, with seeking to address environmental problems, which include, but are not limited to, Clean Energy, Resource Efficiency, Sustainable Consumption, Circular Economy and Water Sustainability (the “Key Themes”). Additionally, as part of its investment process, the Goldman Sachs Fundamental Equity Team divides these Key Themes into multiple sub-themes.

During the Reporting Period, the Fund generated a slightly positive absolute return, with gains limited by a broad-based sell-off among clean energy and clean technology stocks. The decline was driven by slowing growth and earnings per share due to tough supply and demand fundamentals, certain end markets experiencing a destocking cycle, rising interest rates and increased geopolitical risk factors that dampened sentiment about Asian supply chains. (Destocking refers to the process of reducing inventory or of stocking less.)

On a relative basis, the Fund underperformed the MSCI ACWI Index during the Reporting Period overall. U.S. large-cap technology stocks drove more than 50% of MSCI ACWI Index returns between the beginning of 2023 and the end of the Reporting Period. However, the Fund had no exposure to that market segment because it is not aligned with any of the Fund’s Key Themes.

Among Key Themes, Sustainable Consumption, Clean Energy and Circular Economy detracted from relative performance, while Resource Efficiency and Water Sustainability contributed positively during the Reporting Period. Food and agriculture was the leading detractor among sub-themes, and smart cities was the most successful sub-theme during the Reporting Period.

Regarding sectors, stock selection in information technology, especially U.S. large-cap companies, had a negative impact on the Fund’s relative results. In addition, the Fund’s lack of exposure to real estate, which does not align with the Key Themes, also hampered its performance. Overweight positions versus the MSCI ACWI Index in materials, industrials and utilities, which were hurt more than other sectors by supply-chain disruptions, inflation and rising interest rates, detracted further from the Fund’s relative returns.

From a country perspective, the Fund’s allocation to the U.S. hurt its relative performance most given the rally in the information technology sector during the Reporting Period. Also detracting was stock selection in the Netherlands, specifically an investment in a bioscience company that was struggling amid restocking challenges and the completion of a merger. On the positive side, the Fund benefited from stock selection in Italy and Switzerland. In Switzerland, stock selection driven by the grid services and smart cities sub-themes was particularly advantageous.

PORTFOLIO RESULTS

Which individual stock positions detracted most from the Fund’s relative returns during the Reporting Period?

Relative to the MSCI ACWI Index, the Fund was hampered by its overweight positions in DSM Firmenich, a Swiss-Dutch health, nutrition and bioscience company; Wolfspeed, a U.S. developer and manufacturer of wide bandgap semiconductors; and NextEra Energy, a U.S. electric utility and renewable energy company (3.76%, 0.83% and 3.14% of Fund net assets as of August 31, 2023, respectively). All three stocks produced double-digit negative returns within the MSCI ACWI Index during the Reporting Period.

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

Relative to the MSCI ACWI Index, the Fund benefited most from overweight positions in Enel, an Italian company involved in electricity generation and distribution as well as natural gas distribution; Schneider Electric, a French company engaged in energy and automation digital solutions for efficiency and sustainability; and Infineon Technologies, a German semiconductor manufacturer (4.23%, 3.36% and 3.15% of Fund net assets as of August 31, 2023, respectively). Each of these stocks recorded a double-digit positive return within the MSCI ACWI Index during the Reporting Period.

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

Were there any changes to the Fund’s portfolio management team during the Reporting Period?

Effective May 1, 2023, Saurabh Jain became a portfolio manager for the Fund, joining Alexis Deladerrière and Raj Garigipati. Mr. Deladerrière and Mr. Garigipati have been portfolio managers for the Fund since 2021. By design, the Fund is managed within a team structure. This has been a cornerstone of our approach and helps ensure continuity in the Fund.

What was the Fund’s sector positioning relative to the MSCI ACWI Index at the end of the Reporting Period?¹



Sector Name	Fund			MSCI ACWI Index

Industrials		34.82	%		10.45	%
Materials		24.89			4.48
Information Technology		16.61			22.06
Utilities		12.50			2.63
Health Care		3.68			11.76
Consumer Staples		2.39			7.15
Consumer Discretionary		1.90			11.32
Communication Services		0.00			7.51
Energy		0.00			4.90
Financials		0.00			15.42
Real Estate		0.00			2.33
Cash		3.22			0.00

What was the Fund’s country positioning relative to the MSCI ACWI Index at the end of the Reporting Period?¹



Country Name	Fund			MSCI ACWI Index

U.S.		41.96	%		62.21	%

Japan		9.95			5.49

Netherlands		5.58			1.06

Denmark		4.48			0.78

China		4.48			3.10

France		4.33			2.97

Italy		4.23			0.63

Switzerland		4.13			2.45

Spain		3.99			0.63

U.K.		3.18			3.53

Germany		3.15			2.06

Ireland		2.67			0.50

Taiwan		2.05			1.56

Belgium		1.03			0.23

Norway		0.83			0.16

Sweden		0.70			0.75
Australia		0.05			1.82

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 country and 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. Investments in the securities lending vehicle represented 0.80% 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.

FUND BASICS

Goldman Sachs Future Planet Equity ETF

as of August 31, 2023


FUND SNAPSHOT

As of August 31, 2023

Market Price¹	$	30.11
Net Asset Value (NAV)¹	$	30.15


TOP TEN HOLDINGS AS OF 8/31/23²

Holding	% of Net Assets			Line of Business	Country

Enel SpA		4.2	%	Utilities	Italy
Iberdrola SA		4.0		Utilities	Spain
DSM-Firmenich AG		3.8		Materials	Switzerland
Danaher Corp.		3.7		Health Care	United States
Contemporary Amperex Technology Co. Ltd., Class A		3.4		Industrials	China
Schneider Electric SE		3.4		Industrials	United States
Waste Management, Inc.		3.4		Industrials	United States
Ecolab, Inc.		3.2		Materials	United States
DS Smith PLC		3.2		Materials	United Kingdom
Infineon Technologies AG		3.2		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.

GOLDMAN SACH FUTURE PLANET 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 July 13, 2021 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the MSCI ACWI Index, is 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. Certain factors may affect Fund performance including, but 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.


Goldman Sachs Future Planet Equity ETF’s Lifetime Performance

Performance of a $10,000 Investment, with distributions reinvested, from July 13, 2021 through August 31, 2023.

LOGO


Average Annual Total Return through August 31, 2023*	1 Year Return	Since Inception
Shares based on NAV (Commenced July 13, 2021)	0.13%	-11.92%

Shares based on Market Price (Commenced July 13, 2021)	0.26%	-11.98%

MSCI ACWI Index	13.95%	-1.99%

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

Investment Objective

The Goldman Sachs Future Real Estate and Infrastructure Equity ETF (the “Fund”) seeks long-term growth of capital.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Fundamental Equity 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 -3.77% based on net asset value (“NAV”) and -4.15% based on market price. The Fund’s benchmark, which is comprised 50% of FTSE Global Core Infrastructure 50/50 Index and 50% of FTSE EPRA Nareit Developed Index (the “Index”), returned -5.10% during the same period.

The Fund had an NAV of $34.25 per share on August 31, 2022 and ended the Reporting Period with an NAV of $32.32 per share. The Fund’s market price on August 31, 2023 was $32.19 per share.

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

The Fund is an actively managed exchange-traded fund (“ETF”) that seeks long-term growth of capital by investing in companies that may be aligned, at the time a given investment is first added to the Fund’s portfolio, with the key themes associated with secular growth drivers for real estate and infrastructure assets, which include, but are not limited to, Technological Innovation, Environmental Sustainability, New Age Consumer and Future of Health Care (the “Key Themes”). Additionally, as part of its investment process, the Goldman Sachs Fundamental Equity Team divides these Key Themes into multiple sub-themes.

During the Reporting Period, the Fund generated a negative absolute return, as real estate and infrastructure equities, which tend to be characterized by steady compounding growth, lagged the strong rally in growth-oriented, technology-focused stocks.

On a relative basis, the Fund outperformed the Index during the Reporting Period, benefiting from its focus on sectors exposed to secular growth and its avoidance of sectors we consider to be on the wrong side of disruption. For example, the Fund was helped by its smaller allocation than the Index in retail and office real estate investment trusts (“REITs”), which generally posted negative returns during the Reporting Period, and by its selective exposure to health care real estate securities, which performed well overall. That said, at the sector level as a whole, the Fund benefited most during the Reporting Period from its allocation to utilities. The utilities sector outperformed the broader equity market during the Reporting Period, as many investors adopted defensive stances heading into 2023. Conversely, the Fund was hurt by its underweight position compared to the Index in hotel real estate securities, which gained on positive U.S. employment news, driven by an increase in nonfarm payrolls, led, in turn, by leisure, hospitality, professional and business services.

Among Key Themes, New Age Consumer contributed most positively to the Fund’s relative returns during the Reporting Period, as young consumers, with different lifestyles and values from previous generations, fueled demand for experiences over things. The Fund’s three other Key Themes detracted from relative results. Tech Innovation was the weakest performing Key Theme during the Reporting Period, as central bank interest rate hikes put downward pressure on sectors with longer-duration assets, such as telecommunications towers. (Duration is a measure of interest rate sensitivity.) Among sub-themes, the Fund’s best performer was increased leisure time, while its most notable detractor was digitization.

On the country level, an overweight exposure relative to the Index in France contributed most positively to the Fund’s relative returns. European utilities performed well amid relatively milder weather, which reduced energy demand and calmed fears about potential shortages. However, an underweight position in Japan weighed on the Fund’s performance, as Japanese stocks rose in line with global equities on expectations of the potential peaking of inflation in the U.S. and Europe, the slowing pace of central bank interest rate hikes and receding concerns about recession. Additionally, as Japan relaxed entry rules from China, inbound tourism saw a sharp recovery, with the number of foreign visitors reaching 60% of pre-COVID levels.

PORTFOLIO RESULTS

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

Relative to the Index, the Fund benefited most from overweight positions in VINCI, a French infrastructure and construction firm; ENGIE, a France-based power, gas and infrastructure company; and Veolia Environnement, a French environmental management services provider (2.00%, 1.54% and 1.56% of Fund net assets as of August 31, 2023, respectively). Each of these stocks generated a double-digit positive return within the Index during the Reporting Period.

Which individual stock positions detracted most from the Fund’s relative returns during the Reporting Period?

Relative to the Index, the Fund’s overweight positions in American Tower, a REIT that owns and operates wireless communications and broadcast towers in the U.S.; SBA Communications, a U.S. provider of wireless communications infrastructure; and Eversource Energy, a U.S. utility company that provides electricity, natural gas and water services (3.70%, 2.50% and 1.72% of Fund net assets as of August 31, 2023, respectively) detracted most from relative performance. All three stocks recorded double-digit negative returns within the Index during the Reporting Period.

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

A	During the Reporting Period, the Fund did not invest in derivatives or similar instruments. The Fund does not employ derivatives as a source of alpha generation, although it may use them to equitize excess cash.

Were there any changes to the Fund’s portfolio management team during the Reporting Period?

There were no changes to the Fund’s portfolio management team during the Reporting Period.

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



Sector Name	Fund			Index
Real Estate		53.35	%		52.88	%
Utilities		24.79			25.34
Industrials		13.56			15.21
Energy		2.28			5.45
Communication Services		2.16			1.04
Health Care		1.51			0.06
Materials		1.26			0.00
Financials		0.00			0.02
Consumer Discretionary		0.00			0.00
Cash		1.08			0.00

What was the Fund’s country positioning relative to the Index at the end of the Reporting Period?¹



Country Name	Fund			Index
U.S.		62.07	%		58.07	%
U.K.		10.31			3.59
Australia		5.81			4.75
France		5.11			1.18
Spain		3.97			1.83
Japan		2.87			6.59
Italy		2.33			0.60
Germany		1.71			1.10
Canada		1.51			5.49
Thailand		1.28			1.03
Netherlands		1.19			0.29
Denmark		0.77			0.00
Cash		1.08			0.00

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 FTSE Russell Group. The Fund’s composition may differ over time. Consequently, the Fund’s overall country and 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. Figures above may not sum to 100% due to rounding due to the presence of cash.

FUND BASICS

Goldman Sachs Future Real Estate and Infrastructure Equity ETF

as of August 31, 2023


FUND SNAPSHOT

As of August 31, 2023

Market Price¹	$	32.19
Net Asset Value (NAV)¹	$	32.32


TOP TEN HOLDINGS AS OF 8/31/23²

Holding	% of Net Assets			Line of Business	Country
Prologis, Inc. REIT		5.6	%	Real Estate	United States
Transurban Group		4.3		Industrials	Australia
National Grid PLC		4.1		Utilities	United Kingdom
NextEra Energy, Inc.		3.9		Utilities	United States
Equinix, Inc. REIT		3.7		Real Estate	United States
American Tower Corp. REIT		3.7		Real Estate	United States
AvalonBay Communities, Inc. REIT		2.8		Real Estate	United States
Alexandria Real Estate Equities, Inc. REIT		2.8		Real Estate	United States
Welltower, Inc. REIT		2.7		Real Estate	United States
Digital Realty Trust, Inc. REIT		2.6		Real Estate	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.

GOLDMAN SACHS FUTURE REAL ESTATE AND INFRASTRUCTURE 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 9, 2021 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the 50% FTSE Global Core Infrastructure 50/50 Index and 50% FTSE EPRA Nareit Developed Index, is 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. Certain factors may affect Fund performance including, but 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.


Goldman Sachs Future Real Estate and Infrastructure Equity ETF’s Lifetime Performance

Performance of a $10,000 Investment, with distributions reinvested, from November 9, 2021 through August 31, 2023.

LOGO


Average Annual Total Return through August 31, 2023*	1 Year Return	Since Inception
Shares based on NAV (Commenced November 9, 2021)	-3.77%	-9.66%

Shares based on Market Price (Commenced November 9, 2021)	-4.15%	-9.86%

50% FTSE Global Core Infrastructure 50/50 Index and 50% FTSE EPRA Nareit Developed Index	-5.10%	-7.13%

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

Investment Objective

The Goldman Sachs Future Tech Leaders Equity ETF (the “Fund”) seeks long-term growth of capital.

Portfolio Management Discussion and Analysis

Effective June 1, 2023, the Fund’s secondary benchmark changed from the custom MSCI ACWI Select Information Technology + Communication Services + Internet & Direct Marketing Retail (Excluding >$100B Market Capitalization) Index to the custom MSCI ACWI Select Information Technology + Communication Services (excluding >$100B Market Cap) Index. Below, the Goldman Sachs Fundamental Equity 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 4.05% based on net asset value (“NAV”) and 4.09% based on market price. The Fund’s primary benchmark, the MSCI All Country World Index (Net, USD, Unhedged) (the “MSCI ACWI Index”), returned 13.95% during the same period. The Fund’s new secondary benchmark, which returned 10.12% during the Reporting Period, is comprised of those companies classified within the information technology sector and communication services sector within the MSCI ACWI Index and excludes companies with a market capitalization more than $100 billion.

The Fund had an NAV of $24.12 per share on August 31, 2022 and ended the Reporting Period with an NAV of $25.09 per share. The Fund’s market price on August 31, 2023 was $25.06 per share.

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

The Fund is an actively managed exchange-traded fund (“ETF”) that seeks long-term growth of capital by investing in companies that, at the time a given investment is first added to the Fund’s portfolio, are driving technological innovation or benefiting from the enablement of technology and have the potential to grow their business over many years.

During the Reporting Period, the Fund recorded a positive absolute return, as global information technology stocks

advanced. The gains were driven primarily by rising investor enthusiasm around generative artificial intelligence (“AI”) as well as by resilient fundamentals and corporate earnings. Easing market concerns about interest rates provided an additional tailwind for the sector overall and for large-cap and mid-cap companies in particular. Investors continued to focus on identifying early winners among semiconductor companies and public cloud companies that offered technologies critical for the buildout of AI. (A public cloud company provides computing resources to users over the public internet.) Moreover, multiple compression during 2022 appeared to have created compelling investment opportunities across the information technology sector, though stock dispersion continued to be a factor. (Multiple compression is when a company’s multiples, such as the price/earnings ratio, is reduced due to increased earnings without an increase in stock price. Stock dispersion is a measure of how much a stock’s return differs from the market average; the higher the dispersion, the riskier the investment is considered.)

On a relative basis, the Fund underperformed the MSCI ACWI Index during the Reporting Period. The underperformance can be attributed to persistent inflation, elevated interest rates, recessionary concerns and China’s weaker than market expected economic recovery. Overall, growth stocks tend to be sensitive to interest rate movements, and as interest rates rose during the Reporting Period, investors seemed to retreat from more growth-oriented sectors into more value- and defensive-oriented sectors. This trend was exacerbated by sticky inflation data that heightened investors’ recessionary concerns, further increasing the appeal of more defensive positioning. Additionally, investors may have been discouraged by the weak macroeconomic recovery in China following the reopening of that country’s economy. Lastly, large-cap equities broadly outperformed equities further down the market capitalization spectrum, which benefited market-cap weighted indices and contributed to the relative

PORTFOLIO RESULTS

underperformance of the Fund, which focuses on small-cap and mid-cap equities.

From a sector perspective, the Fund’s overweight compared to the MSCI ACWI Index in information technology hurt relative performance the most, with exposure to China a notable detractor. The Fund benefited from stock selection and an underweight position in the consumer discretionary sector.

As for countries, stock selection in the U.S., along with an overweight position in China, detracted from the Fund’s relative returns during the Reporting Period. The Fund’s lack of exposure to large-cap and mega-cap U.S. stocks was the primary driver of its relative underperformance. On the positive side, the Fund was helped by stock selection in Taiwan and by an overweight allocation versus the MSCI ACWI Index to Argentina.

Which individual stock positions detracted most from the Fund’s relative returns during the Reporting Period?

During the Reporting Period, the Fund was hindered by its exposure to U.S.-based BILL Holdings, a provider of software-as-a-service, cloud-based payments, and spending and expense management products; NVIDIA, a U.S. supplier of AI hardware and software; and Silergy, a China-headquartered semiconductor manufacturer (0.00%,¹ 0.00% and 0.86% of Fund net assets as of August 31, 2023, respectively.) All three stocks posted single-digit negative returns within the MSCI ACWI Index during the Reporting Period.

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

Compared to the Index, the Fund benefited most from its exposure to HubSpot, a U.S. provider of cloud-based marketing, sales and consumer services platforms; AppLovin, a creator of software platforms for mobile application developers to enhance the marketing and monetization of their applications; and MercadoLibre, an Argentina-based operator of online marketplaces dedicated to e-commerce and online auctions (2.76%, 2.11% and 2.57% of Fund net assets as of August 31, 2023, respectively). During the Reporting Period, HubSpot recorded a single-digit positive return with the MSCI ACWI Index. AppLovin and MercadoLibre each recorded a modest positive return within the MSCI ACWI Index during the Reporting Period.

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

Were there any changes to the Fund’s portfolio management team during the Reporting Period?

There were no changes to the Fund’s portfolio management team during the Reporting Period.

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



Sector Name	Fund			MSCI ACWI Index

Information Technology		71.14	%		22.06	%
Communication Services		12.34			7.51
Consumer Discretionary		5.41			11.32
Financials		3.81			15.42
Industrials		3.46			10.45
Real Estate		1.43			2.33
Health Care		1.02			11.76
Consumer Staples		0.00			7.15
Energy		0.00			4.90
Materials		0.00			4.48
Utilities		0.00			2.63
Cash		1.39			0.00

PORTFOLIO RESULTS

What was the Fund’s country positioning relative to the MSCI AWCI Index at the end of the Reporting Period?²



Country Name	Fund			MSCI ACWI Index
U.S.		61.10	%		62.21	%
Taiwan		9.81			1.56
China		9.62			3.10
Japan		6.68			5.49
Argentina		2.57			0.10
Netherlands		2.47			1.06
Spain		1.70			0.63
Germany		1.47			2.06
South Korea		1.39			1.27
Australia		1.20			1.82
Singapore		0.58			0.34
Austria		0.00			0.04
Belgium		0.00			0.23
Brazil		0.00			0.55
Canada		0.00			2.82
Chile		0.00			0.05
Colombia		0.00			0.01
Czech Republic		0.00			0.02
Denmark		0.00			0.78
Egypt		0.00			0.01
Finland		0.00			0.21
France		0.00			2.97
Greece		0.00			0.05
Hong Kong		0.00			0.57
Hungary		0.00			0.03
India		0.00			1.54
Indonesia		0.00			0.21
Ireland		0.00			0.50
Israel		0.00			0.16
Italy		0.00			0.63
Kuwait		0.00			0.09
Malaysia		0.00			0.15
Mexico		0.00			0.29
New Zealand		0.00			0.05
Norway		0.00			0.16
Peru		0.00			0.03
Philippines		0.00			0.06
Poland		0.00			0.09
Portugal		0.00			0.05
Qatar		0.00			0.09
Saudi Arabia		0.00			0.44
South Africa		0.00			0.33
Sweden		0.00			0.75
Switzerland		0.00			2.45
Thailand		0.00			0.21
Turkey		0.00			0.07
United Arab Emirates		0.00			0.14
U.K.		0.00			3.53

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 country and 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. Investments in the securities lending vehicle represented 0.00% 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.

FUND BASICS

Goldman Sachs Future Tech Leaders Equity ETF

as of August 31, 2023


FUND SNAPSHOT

As of August 31, 2023

Market Price¹	$	25.06
Net Asset Value (NAV)¹	$	25.09


TOP TEN HOLDINGS AS OF 8/31/23²

Holding	% of Net Assets			Line of Business	Country

Workday, Inc., Class A		3.3	%	Information Technology	United States
KLA Corp.		3.1		Information Technology	United States
Marvell Technology, Inc.		3.0		Information Technology	United States
Motorola Solutions, Inc.		2.8		Information Technology	United States
HubSpot, Inc.		2.8		Information Technology	United States
Datadog, Inc., Class A		2.6		Information Technology	United States
MercadoLibre, Inc.		2.6		Consumer Discretionary	Brazil
NetEase, Inc.		2.4		Communication Services	China
United Microelectronics Corp.		2.3		Information Technology	Taiwan
Dynatrace, Inc.		2.3		Information Technology	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.

GOLDMAN SACHS FUTURE TECH LEADERS 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 14, 2021 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the MSCI ACWI Index, and the Fund’s secondary custom benchmark, MSCI ACWI Select Information Technology + Communication Services (excluding >$100B Market Cap) Index, 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. Certain factors may affect Fund performance including, but 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.


Goldman Sachs Future Tech Leaders Equity ETF’s Lifetime Performance

Performance of a $10,000 Investment, with distributions reinvested, from September 14, 2021 through August 31, 2023.

LOGO


Average Annual Total Return through August 31, 2023*	1 Year Return	Since Inception
Shares based on NAV (Commenced September 14, 2021)	4.05%	-21.37%

Shares based on Market Price (Commenced September 14, 2021)	4.09%	-21.42%

MSCI ACWI Index	13.95%	-1.76%

MSCI ACWI Select Information Technology + Communication Services (excluding >$100B Market Cap) Index	10.12%	-11.18%

FUND BASICS

Index Definitions and Industry Terms

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

Goldman Sachs Future Consumer Equity ETF

MSCI ACWI Growth Index captures large and mid cap securities exhibiting overall growth style characteristics across 23 developed markets and 24 emerging markets countries.

Goldman Sachs Future Health Care ETF

MSCI ACWI Health Care Index includes large and mid cap securities across 23 developed markets and 24 emerging markets countries.

Goldman Sachs Future Planet Equity ETF

MSCI ACWI Index captures large, mid and small cap representation across 23 developed markets and 24 emerging markets countries.

Goldman Sachs Future Real Estate and Infrastructure Equity ETF

50% FTSE Global Core Infrastructure 50/50 Index give participants an industry-defined interpretation of infrastructure and adjust the exposure to certain infrastructure sub-sectors.

50% FTSE EPRA Nareit Developed Index is designed to represent general trends in eligible real estate equities worldwide.

Goldman Sachs Future Tech Leaders Equity ETF

MSCI ACWI Index captures large, mid and small cap representation across 23 developed markets and 24 emerging markets countries.

MSCI ACWI Select Information Technology + Communication Services (excluding >$100B Market Cap) Index is comprised of those companies classified within the Information Technology sector and Communication Services sector within the MSCI ACWI Index and excludes companies with a market capitalization over $100 billion.

GOLDMAN SACHS FUTURE CONSUMER EQUITY ETF

Schedule of Investments

August 31, 2023


Shares		Description	Value

Common Stocks – 99.4%
Communication Services – 30.4%
	80,378	Alphabet, Inc., Class C*	$	11,039,918
	82,112	Bumble, Inc., Class A*		1,377,839
	47,131	CTS Eventim AG & Co. KGaA (Germany)		2,941,335
	25,726	Electronic Arts, Inc.		3,086,606
	44,783	Live Nation Entertainment, Inc.*		3,785,507
	26,942	Meta Platforms, Inc., Class A*		7,971,868
	9,758	NAVER Corp. (South Korea)		1,583,576
	110,160	NetEase, Inc. (China)		2,301,044
	20,063	Sea Ltd. ADR (Singapore)*		754,971
	63,143	Snap, Inc., Class A*		653,530
	98,247	Tencent Holdings Ltd. (China)		4,071,830
	32,633	T-Mobile US, Inc.*		4,446,246
	41,678	Walt Disney Co. (The)*		3,487,615

				47,501,885

Consumer Discretionary – 26.6%
	87,256	Amazon.com, Inc.*		12,042,201
	23,781	Basic-Fit NV (Netherlands)*^(a)		726,830
	10,415	Etsy, Inc.*		766,231
	158,716	Farfetch Ltd., Class A (United Kingdom)*^(b)		452,341
	44,629	Foot Locker, Inc.		875,621
	5,929	LVMH Moet Hennessy Louis Vuitton SE (France)		5,033,490
	201,194	Meituan, Class B (China)*^(a)		3,296,895
	2,028	MercadoLibre, Inc. (Brazil)*		2,783,146
	56,961	Moncler SpA (Italy)		3,872,570
	44,026	NIKE, Inc., Class B		4,477,884
	660,939	Samsonite International SA*^(a)		2,212,472
	241,626	Shenzhou International Group Holdings Ltd. (China)		2,480,428
	5,901	Ulta Beauty, Inc.*		2,449,092

				41,469,201

Consumer Staples – 5.5%
	866,367	Budweiser Brewing Co. APAC Ltd. (China)^(a)		1,878,183
	372,560	Davide Campari-Milano NV (Italy)		4,880,602
	6,735	Oddity Tech Ltd., Class A (Israel)*^(b)		280,109
	103,068	Proya Cosmetics Co. Ltd., Class A (China)		1,582,448

				8,621,342

Financials – 5.9%
	1,553	Adyen NV (Netherlands)*^(a)		1,302,087
	19,140	Mastercard, Inc., Class A		7,897,929

				9,200,016

Health Care – 1.3%
	12,526	Illumina, Inc.*		2,069,546

Industrials – 2.5%
	113,138	Experian PLC		3,959,684


Common Stocks – (continued)
Information Technology – 14.2%
	19,643	Apple, Inc.		3,690,330
	745,725	Locaweb Servicos de Internet SA (Brazil)^(a)		1,064,902
	58,835	MediaTek, Inc. (Taiwan)		1,302,456
	19,322	NVIDIA Corp.		9,536,373
	384,742	Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)		6,632,546

				22,226,607

Materials – 4.5%
	63,658	Ball Corp.		3,466,178
	38,252	DSM-Firmenich AG (Switzerland)		3,535,157

				7,001,335

Real Estate – 3.0%
	25,964	American Tower Corp. REIT		4,707,792

Utilities – 5.5%
	184,890	EDP Renovaveis SA (Spain)		3,392,333
	76,521	NextEra Energy, Inc.		5,111,603

				8,503,936

	TOTAL COMMON STOCKS
	(Cost $161,557,638)		$	155,261,344

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $161,557,638)		$	155,261,344


Shares	Dividend Rate			Value

Securities Lending Reinvestment Vehicle – 0.5%^(c)
Goldman Sachs Financial Square Government Fund – Institutional Shares
747,637		5.234	%	$	747,637
(Cost $747,637)

TOTAL INVESTMENTS – 99.9%
(Cost $162,305,275)				$	156,008,981

OTHER ASSETS IN EXCESS OF LIABILITIES – 0.1%					199,549

NET ASSETS – 100.0%				$	156,208,530


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

GOLDMAN SACHS FUTURE CONSUMER EQUITY ETF

Schedule of Investments (continued)

August 31, 2023



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

*		Non-income producing security.

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

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

(c)		Represents an affiliated issuer.



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


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

GOLDMAN SACHS FUTURE HEALTH CARE EQUITY ETF

Schedule of Investments

August 31, 2023


Shares		Description	Value

Common Stocks – 98.3%
Denmark – 1.7%
	51,327	Genmab A/S ADR (Health Care)*	$	1,965,311

France – 0.6%
	2,411	Sartorius Stedim Biotech (Health Care)		685,858

Italy – 1.1%
	37,056	Stevanato Group SpA (Health Care)		1,187,274

Japan – 6.0%
	115,978	Chugai Pharmaceutical Co. Ltd. (Health Care)		3,550,599
	18,565	Hoya Corp. (Health Care)		2,060,086
	60,307	Kyowa Kirin Co. Ltd. (Health Care)		1,106,225

				6,716,910

Netherlands – 1.0%
	2,227	Argenx SE ADR (Health Care)*		1,119,045

Switzerland – 0.8%
	1,625	Lonza Group AG (Health Care)		899,477

United Kingdom – 5.3%
	41,396	AstraZeneca PLC (Health Care)		5,592,750
	108,317	Oxford Nanopore Technologies PLC (Health Care)*		326,664

				5,919,414

United States – 81.8%
	87,574	2seventy bio, Inc. (Health Care)*		454,509
	6,932	Agilent Technologies, Inc. (Health Care)		839,257
	15,965	Alexandria Real Estate Equities, Inc. REIT (Real Estate)		1,857,368
	4,597	Align Technology, Inc. (Health Care)*		1,701,534
	8,456	Alnylam Pharmaceuticals, Inc. (Health Care)*		1,672,766
	10,722	Axonics, Inc. (Health Care)*		614,371
	13,043	Beam Therapeutics, Inc. (Health Care)*		302,337
	14,487	Biogen, Inc. (Health Care)*		3,873,244
	35,133	BioMarin Pharmaceutical, Inc. (Health Care)*		3,210,453
	113,839	Boston Scientific Corp. (Health Care)*		6,140,476
	52,004	Bristol-Myers Squibb Co. (Health Care)		3,206,047
	8,216	Cooper Cos., Inc. (The) (Health Care)		3,039,838
	18,054	CSL Ltd. (Health Care)		3,198,298
	6,358	Cytokinetics, Inc. (Health Care)*		222,148
	9,119	Danaher Corp. (Health Care)		2,416,535
	32,623	Dexcom, Inc. (Health Care)*		3,294,271
	25,867	Edwards Lifesciences Corp. (Health Care)*		1,978,049
	15,872	Eli Lilly & Co. (Health Care)		8,796,262
	25,262	Exact Sciences Corp. (Health Care)*		2,113,672
	42,258	Gilead Sciences, Inc. (Health Care)		3,231,892
	34,086	Halozyme Therapeutics, Inc. (Health Care)*		1,450,700
	3,250	IDEXX Laboratories, Inc. (Health Care)*		1,662,082
	12,760	Illumina, Inc. (Health Care)*		2,108,207
	13,599	Insulet Corp. (Health Care)*		2,607,064


Common Stocks – (continued)
United States – (continued)
	18,051	Intuitive Surgical, Inc. (Health Care)*	$	5,644,187
	3,852	iRhythm Technologies, Inc. (Health Care)*		398,181
	2,088	Mettler-Toledo International, Inc. (Health Care)*		2,533,746
	7,676	MoonLake Immunotherapeutics (Health Care)*		441,907
	26,683	Neurocrine Biosciences, Inc. (Health Care)*		2,905,512
	13,599	Novanta, Inc. (Information Technology)*		2,270,761
	13,366	Sarepta Therapeutics, Inc. (Health Care)*		1,617,420
	16,334	Seagen, Inc. (Health Care)*		3,365,947
	3,251	Shockwave Medical, Inc. (Health Care)*		716,488
	15,916	Ultragenyx Pharmaceutical, Inc. (Health Care)*		585,550
	12,388	Veeva Systems, Inc., Class A (Health Care)*		2,585,376
	6,825	West Pharmaceutical Services, Inc. (Health Care)		2,777,092
	24,799	Zimmer Biomet Holdings, Inc. (Health Care)		2,954,057
	13,968	Zoetis, Inc. (Health Care)		2,661,044

				91,448,648

	TOTAL INVESTMENTS – 98.3%
	(Cost $109,924,337)		$	109,941,937

	OTHER ASSETS IN EXCESS OF LIABILITIES – 1.7%			1,898,708

	NET ASSETS – 100.0%		$	111,840,645



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

*		Non-income producing security.



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

The below table represents the sector breakdown of investments as a percentage of total market value of the Fund.


Sector Name	% of Market Value

Health Care		96.2	%
Information Technology		2.1
Real Estate		1.7


TOTAL INVESTMENTS		100.0	%


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

GOLDMAN SACHS FUTURE PLANET EQUITY ETF

Schedule of Investments

August 31, 2023


Shares		Description	Value

Common Stocks – 96.6%
Australia – 0.0%
	590,949	Carbon Revolution Ltd. (Consumer Discretionary)*	$	65,064

Belgium – 1.0%
	55,405	Umicore SA (Materials)		1,471,475

China – 4.5%
	149,788	Contemporary Amperex Technology Co. Ltd., Class A (Industrials)		4,868,084
	1,803,246	Xinyi Solar Holdings Ltd. (Information Technology)		1,506,202

				6,374,286

Denmark – 4.5%
	39,008	Chr Hansen Holding A/S (Materials)		2,552,836
	50,642	Novozymes A/S, Class B (Materials)		2,201,361
	25,045	Orsted AS (Utilities)^(a)		1,613,877

				6,368,074

France – 1.0%
	40,181	Imerys SA (Materials)		1,371,985

Germany – 3.1%
	125,075	Infineon Technologies AG (Information Technology)		4,481,793

Ireland – 2.7%
	44,740	Kingspan Group PLC (Industrials)		3,791,453

Italy – 4.2%
	893,357	Enel SpA (Utilities)		6,021,249

Japan – 9.9%
	21,953	Daikin Industries Ltd. (Industrials)		3,803,719
	51,175	Horiba Ltd. (Information Technology)		2,665,171
	7,306	Keyence Corp. (Information Technology)		3,037,120
	73,110	Kurita Water Industries Ltd. (Industrials)		2,853,894
	34,111	NIDEC Corp. (Industrials)		1,788,200

				14,148,104

Netherlands – 1.8%
	62,169	Aalberts NV (Industrials)		2,591,720

Norway – 0.8%
	975,479	Aker Carbon Capture ASA (Industrials)*		1,129,804
	146,428	Circa Group AS (Materials)*		55,063

				1,184,867

Spain – 4.0%
	477,155	Iberdrola SA (Utilities)		5,675,968

Sweden – 0.4%
	62,049	Re:NewCell AB (Materials)*^(b)		524,163

Switzerland – 7.9%
	77,980	ABB Ltd. (Industrials)		2,974,408
	57,867	DSM-Firmenich AG (Materials)		5,347,928


Common Stocks – (continued)
Switzerland – (continued)
	10,213	Sika AG (Materials)		2,895,370

				11,217,706

Taiwan – 2.0%
	268,299	Delta Electronics, Inc. (Information Technology)		2,914,966

United Kingdom – 3.2%
	1,141,063	DS Smith PLC (Materials)		4,515,543

United States – 45.6%
	9,537	Albemarle Corp. (Materials)		1,895,097
	25,970	Aptiv PLC (Consumer Discretionary)*		2,634,657
	76,300	Ball Corp. (Materials)		4,154,535
	140,905	Bloom Energy Corp., Class A (Industrials)*		2,112,166
	19,730	Danaher Corp. (Health Care)		5,228,450
	53,300	Danimer Scientific, Inc. (Materials)*^(b)		103,935
	47,437	Darling Ingredients, Inc. (Consumer Staples)*		2,929,709
	46,642	DocuSign, Inc. (Information Technology)*		2,346,093
	24,899	Ecolab, Inc. (Materials)		4,576,685
	54,446	Energy Recovery, Inc. (Industrials)*		1,479,842
	39,061	Itron, Inc. (Information Technology)*		2,672,163
	66,844	NextEra Energy, Inc. (Utilities)		4,465,179
	107,862	Nuvve Holding Corp. (Industrials)*		52,745
	377,706	Oatly Group AB ADR (Consumer Staples)*^(b)		464,578
	27,845	Schneider Electric SE (Industrials)		4,792,538
	128,687	Shoals Technologies Group, Inc., Class A (Industrials)*		2,532,560
	17,345	SolarEdge Technologies, Inc. (Information Technology)*		2,819,777
	15,864	Trane Technologies PLC (Industrials)		3,256,245
	19,926	Waste Connections, Inc. (Industrials)		2,729,663
	30,413	Waste Management, Inc. (Industrials)		4,768,150
	114,135	Westrock Co. (Materials)		3,733,356
	24,681	Wolfspeed, Inc. (Information Technology)*		1,180,245
	38,643	Xylem, Inc. (Industrials)		4,001,096

				64,929,464

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $171,789,377)		$	137,647,880


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

GOLDMAN SACHS FUTURE PLANET EQUITY ETF


Shares	Dividend Rate			Value

Securities Lending Reinvestment Vehicle – 0.8%^(c)
Goldman Sachs Financial Square Government Fund – Institutional Shares
1,110,381		5.234	%	$	1,110,381
(Cost $1,110,381)

TOTAL INVESTMENTS – 97.4%
(Cost $172,899,758)				$	138,758,261

OTHER ASSETS IN EXCESS OF LIABILITIES – 2.6%					3,711,632

NET ASSETS – 100.0%				$	142,469,893



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

*		Non-income producing security.

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

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

(c)		Represents an affiliated issuer.



Investment Abbreviations:
ADR		—American Depositary Receipt
PLC		—Public Limited Company

The below table represents the sector breakdown of investments as a percentage of total market value of the Fund.


Sector Name	% of Market Value

Industrials		35.7	%
Materials		25.5
Information Technology		17.0
Utilities		12.8
Health Care		3.8
Consumer Staples		2.5
Consumer Discretionary		1.9
Securities Lending Reinvestment Vehicle		0.8


TOTAL INVESTMENTS		100.0	%


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

GOLDMAN SACHS FUTURE REAL ESTATE AND INFRASTRUCTURE EQUITY ETF

Schedule of Investments

August 31, 2023


Shares		Description	Value

Common Stocks – 98.8%
Communication Services – 2.2%
	13,217	Cellnex Telecom SA (Spain)*^(a)	$	506,381

Energy – 2.3%
	3,264	Cheniere Energy, Inc.		532,685

Health Care – 1.5%
	46,566	Chartwell Retirement Residences (Canada)		353,474

Industrials – 13.5%
	144,950	Airports of Thailand PCL NVDR (Thailand)*		300,103
	134,630	Enav SpA (Italy)^(a)		544,154
	13,296	Ferrovial SE		422,101
	2,106	Norfolk Southern Corp.		431,751
	117,285	Transurban Group (Australia)		1,007,225
	4,189	Vinci SA (France)		468,111

				3,173,445

Materials – 1.2%
	763	Linde PLC		295,311

Real Estate – 53.3%
	5,626	Alexandria Real Estate Equities, Inc. REIT		654,529
	10,068	American Homes 4 Rent, Class A REIT		362,851
	4,781	American Tower Corp. REIT		866,891
	3,590	AvalonBay Communities, Inc. REIT		659,914
	27,467	Big Yellow Group PLC REIT (United Kingdom)		374,152
	19,516	CTP NV (Netherlands)^(a)		277,480
	4,692	Digital Realty Trust, Inc. REIT		618,030
	1,116	Equinix, Inc. REIT		872,020
	8,970	Equity LifeStyle Properties, Inc. REIT		600,631
	3,309	Extra Space Storage, Inc. REIT		425,802
	23,340	Goodman Group REIT (Australia)		353,113
	68	Hoshino Resorts REIT, Inc. REIT (Japan)		292,860
	14,375	Invitation Homes, Inc. REIT		490,044
	188	Nippon Prologis REIT, Inc. REIT (Japan)		378,234
	10,495	Prologis, Inc. REIT		1,303,479
	847	Public Storage REIT		234,094
	2,611	SBA Communications Corp. REIT		586,248
	45,779	Segro PLC REIT (United Kingdom)		427,758
	6,761	Terreno Realty Corp. REIT		411,677
	32,429	UNITE Group PLC (The) REIT (United Kingdom)		386,474
	7,571	Ventas, Inc. REIT		330,701
	18,101	VICI Properties, Inc. REIT		558,235
	16,710	Vonovia SE (Germany)		400,992
	7,484	Welltower, Inc. REIT		620,274

				12,486,483

Utilities – 24.8%
	15,571	AES Corp. (The)		279,188
	4,140	Ameren Corp.		328,178
	2,893	American Water Works Co., Inc.		401,375
	8,020	CMS Energy Corp.		450,644


Common Stocks – (continued)
Utilities – (continued)
	22,369	Engie SA (France)	$	361,502
	6,307	Eversource Energy		402,513
	76,120	National Grid PLC (United Kingdom)		955,103
	13,568	NextEra Energy, Inc.		906,342
	2,784	Orsted AS (Denmark)^(a)		179,398
	8,848	Severn Trent PLC (United Kingdom)		269,082
	11,676	Veolia Environnement SA (France)		365,730
	5,423	WEC Energy Group, Inc.		456,183
	7,831	Xcel Energy, Inc.		447,385

				5,802,623

	TOTAL INVESTMENTS – 98.8%
	(Cost $25,754,590)		$	23,150,402

	OTHER ASSETS IN EXCESS OF LIABILITIES – 1.2%			279,643

	NET ASSETS – 100.0%		$	23,430,045



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.



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


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

GOLDMAN SACHS FUTURE TECH LEADERS EQUITY ETF

Schedule of Investments

August 31, 2023


Shares		Description	Value

Common Stocks – 98.6%
Communication Services – 12.3%
	113,804	Cellnex Telecom SA (Spain)*^(a)	$	4,360,157
	30,355	Electronic Arts, Inc.		3,641,993
	80,551	Match Group, Inc.*		3,775,425
	21,972	NAVER Corp. (South Korea)		3,565,723
	292,774	NetEase, Inc. (China)		6,115,520
	39,296	Sea Ltd. ADR (Singapore)*		1,478,709
	316,886	Snap, Inc., Class A*		3,279,770
	66,994	Trade Desk, Inc. (The), Class A*		5,361,530

				31,578,827

Consumer Discretionary – 5.4%
	30,503	Etsy, Inc.*		2,244,106
	4,785	MercadoLibre, Inc. (Brazil)*		6,566,742
	60,713	Mobileye Global, Inc., Class A (Israel)*		2,155,919
	72,680	Trip.com Group Ltd. (China)*		2,867,624

				13,834,391

Financials – 3.8%
	3,232	Adyen NV (Netherlands)*^(a)		2,709,816
	81,612	Fidelity National Information Services, Inc.		4,558,846
	15,868	Jack Henry & Associates, Inc.		2,487,785

				9,756,447

Health Care – 1.0%
	23,488	Hoya Corp. (Japan)		2,606,372

Industrials – 3.5%
	29,052	Booz Allen Hamilton Holding Corp.		3,291,882
	154,057	Daifuku Co. Ltd. (Japan)		2,850,242
	51,885	NIDEC Corp. (Japan)		2,719,967

				8,862,091

Information Technology – 71.2%
	125,052	AppLovin Corp., Class A*		5,404,747
	23,496	Arista Networks, Inc.*		4,587,124
	7,489	ASM International NV (Netherlands)		3,618,670
	15,103	Atlassian Corp., Class A*		3,081,918
	23,923	Cadence Design Systems, Inc.*		5,752,046
	12,665	CDW Corp.		2,674,215
	400,057	Chroma ATE, Inc. (Taiwan)		3,517,371
	69,224	Datadog, Inc., Class A*		6,678,732
	483,284	Delta Electronics, Inc. (Taiwan)		5,250,695
	33,547	DocuSign, Inc.*		1,687,414
	123,299	Dynatrace, Inc.*		5,943,012
	16,435	Enphase Energy, Inc.*		2,079,521
	45,277	Entegris, Inc.		4,585,202
	50,537	Hamamatsu Photonics KK (Japan)		2,341,743
	12,905	HubSpot, Inc.*		7,052,841
	334,740	Hundsun Technologies, Inc., Class A (China)		1,655,649
	105,255	Infineon Technologies AG (Germany)		3,771,586
	182,482	Jentech Precision Industrial Co. Ltd. (Taiwan)		3,707,342
	19,226	Keysight Technologies, Inc.*		2,562,826
	2,251,304	Kingdee International Software Group Co. Ltd. (China)*		3,479,556


Common Stocks – (continued)
Information Technology – (continued)
	15,734	KLA Corp.		7,896,423
	426,506	Luxshare Precision Industry Co. Ltd., Class A (China)		1,933,736
	129,986	Marvell Technology, Inc.		7,571,684
	162,356	MediaTek, Inc. (Taiwan)		3,594,146
	66,925	Micron Technology, Inc.		4,680,734
	46,042	MKS Instruments, Inc.		4,614,790
	6,958	MongoDB, Inc.*		2,653,085
	25,127	Motorola Solutions, Inc.		7,125,263
	47,703	Murata Manufacturing Co. Ltd. (Japan)		2,681,932
	18,665	Palo Alto Networks, Inc.*		4,541,194
	40,870	Procore Technologies, Inc.*		2,760,768
	56,633	RingCentral, Inc., Class A*		1,751,659
	173,362	Sangfor Technologies, Inc., Class A (China)*		2,598,108
	6,976	ServiceNow, Inc.*		4,107,678
	242,868	Silergy Corp. (China)		2,188,721
	22,091	Snowflake, Inc., Class A*		3,464,973
	26,265	Tokyo Electron Ltd. (Japan)		3,892,347
	282,148	UiPath, Inc., Class A*		4,460,760
	528,806	Unimicron Technology Corp. (Taiwan)		3,080,198
	4,170,932	United Microelectronics Corp. (Taiwan)		5,959,129
	948,786	Venustech Group, Inc., Class A (China)		3,803,747
	314,073	Viavi Solutions, Inc.*		3,282,063
	34,163	Workday, Inc., Class A*		8,352,854
	36,107	Zscaler, Inc.*		5,634,497

				182,062,699

Real Estate – 1.4%
	16,259	SBA Communications Corp. REIT		3,650,633

	TOTAL INVESTMENTS – 98.6%
	(Cost $277,361,998)		$	252,351,460

	OTHER ASSETS IN EXCESS OF LIABILITIES – 1.4%			3,543,914

	NET ASSETS – 100.0%		$	255,895,374



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.



Investment Abbreviations:
ADR		—American Depositary Receipt
REIT		—Real Estate Investment Trust


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

GOLDMAN SACHS FUTURE ETFS

Statements of Assets and Liabilities

August 31, 2023


	Future Consumer Equity ETF			Future Health Care Equity ETF			Future Planet Equity ETF			Future Real Estate and Infrastructure Equity ETF
Assets:

Investments at value (cost $161,557,638, $109,924,337, $171,789,377 and $25,754,590, respectively)^(a)	$	155,261,344		$	109,941,937		$	137,647,880		$	23,150,402

Investments in affiliated securities lending reinvestment vehicle, at value which equals cost		747,637			—			1,110,381			—

Cash		1,172,281			1,616,237			4,680,609			257,425

Foreign currency, at value (cost $885,140, $277,807, $— and $102, respectively)		874,656			277,467			—			102

Receivables:

Dividends		53,393			70,862			114,450			28,675

Foreign tax reclaims		18,576			4,596			129,670			8,398

Securities lending income		1,835			185			3,754			—

Total assets		158,129,722			111,911,284			143,686,744			23,445,002

Liabilities:

Payables:

Investments purchased		1,073,501			—			—			—

Upon return of securities loaned		747,637			—			1,110,381			—

Management fees		100,054			70,639			91,931			14,957

Foreign bank overdraft (cost $—, $—, $14,511 and $—, respectively)		—			—			14,539			—

Total liabilities		1,921,192			70,639			1,216,851			14,957

Net Assets:

Paid-in capital		170,684,842			122,408,232			183,841,499			27,868,983

Total distributable loss		(14,476,312	)		(10,567,587	)		(41,371,606	)		(4,438,938	)

NET ASSETS	$	156,208,530		$	111,840,645		$	142,469,893		$	23,430,045
SHARES ISSUED AND OUTSTANDING

Shares outstanding no par value (unlimited shares authorized):		5,750,000			3,450,000			4,725,000			725,000

Net asset value per share:		$27.17			$32.42			$30.15			$32.32

(a)

Includes loaned securities having a market value of $710,435, $—, $1,039,913 and $— for Future Consumer Equity ETF, Future Health Care Equity ETF, Future Planet Equity ETF and Future Real Estate and Infrastructure Equity ETF, respectively.


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

GOLDMAN SACHS FUTURE ETFS

Statements of Assets and Liabilities (continued)

August 31, 2023


	Future Tech Leaders Equity ETF
Assets:

Investments at value (cost $277,361,998)	$	252,351,460

Cash		3,562,663

Receivables:

Dividends		110,427

Foreign tax reclaims		32,619

Total assets		256,057,169

Liabilities:

Payables:

Management fees		161,598

Foreign bank overdraft (cost $200)		197

Total liabilities		161,795

Net Assets:

Paid-in capital		378,032,778

Total distributable loss		(122,137,404	)

NET ASSETS	$	255,895,374
SHARES ISSUED AND OUTSTANDING

Shares outstanding no par value (unlimited shares authorized):		10,200,000

Net asset value per share:		$25.09


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

GOLDMAN SACHS FUTURE ETFS

Statements of Operations

For the Fiscal Year Ended August 31, 2023


	Future Consumer Equity ETF			Future Health Care Equity ETF			Future Planet Equity ETF			Future Real Estate and Infrastructure Equity ETF
Investment income:

Dividends — unaffiliated issuers (net of foreign withholding taxes of $112,131, $13,160, $326,249 and $90,208, respectively)	$	1,073,419		$	655,503		$	2,722,301		$	591,426

Non cash dividend income		146,738			—			—			—

Securities lending income, net of rebates received or paid to borrowers—unaffiliated issuer		16,163			1,646			74,601			2,262

Total investment income		1,236,320			657,149			2,796,902			593,688

Expenses:

Management fees		840,972			775,714			1,186,549			149,454

Trustee fees		27,376			27,680			29,190			25,681

Total expenses		868,348			803,394			1,215,739			175,135

NET INVESTMENT INCOME (LOSS)		367,972			(146,245	)		1,581,163			418,553

Realized and unrealized gain (loss):

Net realized gain (loss) from:

Investments — unaffiliated issuers		(5,093,639	)		(7,593,401	)		(8,043,524	)		(1,368,943	)

In-kind redemptions		1,128,072			1,237,202			2,138,533			3,714

Foreign currency transactions		(7,327	)		(1,997	)		(36,864	)		5,823

Net change in unrealized gain (loss) on:

Investments — unaffiliated issuers		12,121,334			14,700,063			5,734,563			36,048

Foreign currency translations		(8,491	)		(186	)		4,484			3,511

Net realized and unrealized gain (loss)		8,139,949			8,341,681			(202,808	)		(1,319,847	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	8,507,921		$	8,195,436		$	1,378,355		$	(901,294	)


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

GOLDMAN SACHS FUTURE ETFS

Statements of Operations (continued)

For the Fiscal Year Ended August 31, 2023


	Future Tech Leaders Equity ETF
Investment income:

Dividends — unaffiliated issuers (net of foreign withholding taxes of $348,407)	$	2,257,357

Securities lending income, net of rebates received or paid to borrowers — unaffiliated issuer		366

Total investment income		2,257,723

Expenses:

Management fees		1,761,177

Trustee fees		30,796

Total expenses		1,791,973

NET INVESTMENT INCOME		465,750

Realized and unrealized gain (loss):

Net realized gain (loss) from:

Investments — unaffiliated issuers		(64,061,816	)

In-kind redemptions		1,783,598

Foreign currency transactions		(36,103	)

Net change in unrealized gain (loss) on:

Investments — unaffiliated issuers		74,034,201

Foreign currency translations		(227	)

Net realized and unrealized gain		11,719,653

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	12,185,403


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

GOLDMAN SACHS FUTURE ETFS

Statements of Changes in Net Assets


	Future Consumer Equity ETF						Future Health Care Equity ETF
	For the Fiscal Year Ended August 31, 2023			For the Period November 9, 2021* to August 31, 2022			For the Fiscal Year Ended August 31, 2023			For the Period November 9, 2021* to August 31, 2022
From operations:

Net investment income (loss)	$	367,972		$	198,811		$	(146,245	)	$	(162,050	)

Net realized loss		(3,972,894	)		(4,106,857	)		(6,358,196	)		(2,416,068	)

Net change in unrealized gain (loss)		12,112,843			(18,419,972	)		14,699,877			(14,682,986	)

Net increase (decrease) in net assets resulting from operations		8,507,921			(22,328,018	)		8,195,436			(17,261,104	)

Distributions to shareholders:

From distributable earnings		—			(202,678	)		(102	)		—

From return of capital		—			(74,347	)		—			—

Total distributions to shareholders		—			(277,025	)		(102	)		—

From share transactions:

Proceeds from sales of shares		61,459,027			120,508,199			12,109,470			129,642,436

Cost of shares redeemed		(2,758,951	)		(8,902,623	)		(10,245,168	)		(10,600,323	)

Net increase in net assets resulting from share transactions		58,700,076			111,605,576			1,864,302			119,042,113

TOTAL INCREASE		67,207,997			89,000,533			10,059,636			101,781,009

Net assets:

Beginning of period	$	89,000,533		$	—		$	101,781,009		$	—

End of period	$	156,208,530		$	89,000,533		$	111,840,645		$	101,781,009

Commencement of operations.


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

GOLDMAN SACHS FUTURE ETFS

Statements of Changes in Net Assets (continued)


	Future Planet Equity ETF						Future Real Estate and Infrastructure 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 November 9, 2021* to August 31, 2022
From operations:

Net investment income	$	1,581,163		$	1,061,992		$	418,553		$	276,661

Net realized loss		(5,941,855	)		(2,878,218	)		(1,359,406	)		(547,285	)

Net change in unrealized gain (loss)		5,739,047			(42,812,576	)		39,559			(2,643,761	)

Net increase (decrease) in net assets resulting from operations		1,378,355			(44,628,802	)		(901,294	)		(2,914,385	)

Distributions to shareholders:

From distributable earnings		(617,909	)		(755,496	)		(445,287	)		(211,263	)

From share transactions:

Proceeds from sales of shares		7,651,164			191,443,464			1,628,238			27,100,977

Cost of shares redeemed		(39,765,858	)		(32,339,953	)		(826,941	)		—

Net increase (decrease) in net assets resulting from share transactions		(32,114,694	)		159,103,511			801,297			27,100,977

TOTAL INCREASE (DECREASE)		(31,354,248	)		113,719,213			(545,284	)		23,975,329

Net assets:

Beginning of period	$	173,824,141		$	60,104,928		$	23,975,329		$	—

End of period	$	142,469,893		$	173,824,141		$	23,430,045		$	23,975,329

Commencement of operations.


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

GOLDMAN SACHS FUTURE ETFS

Statements of Changes in Net Assets (continued)


	Future Tech Leaders Equity ETF
	For the Fiscal Year Ended August 31, 2023			For the Period September 14, 2021* to August 31, 2022
From operations:

Net investment income	$	465,750		$	74,214

Net realized loss		(62,314,321	)		(38,383,334	)

Net change in unrealized gain (loss)		74,033,974			(99,046,678	)

Net increase (decrease) in net assets resulting from operations		12,185,403			(137,355,798	)

Distributions to shareholders:

From distributable earnings		(48,204	)		(9,965	)

From share transactions:

Proceeds from sales of shares		16,960,331			422,677,334

Cost of shares redeemed		(15,609,588	)		(42,904,139	)

Net increase in net assets resulting from share transactions		1,350,743			379,773,195

TOTAL INCREASE		13,487,942			242,407,432

Net assets:
Beginning of period	$	242,407,432		$	—

End of period	$	255,895,374		$	242,407,432

Commencement of operations.


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

GOLDMAN SACHS FUTURE CONSUMER EQUITY ETF

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


	Future Consumer Equity ETF
	For the Fiscal Year Ended August 31, 2023			For the Period November 9, 2021* to August 31, 2022
Per Share Operating Performance:

Net asset value, beginning of period	$	25.43		$	40.03

Net investment income^(a)		0.08			0.10

Net realized and unrealized gain (loss)		1.66			(14.62	)

Total gain (loss) from investment operations		1.74			(14.52	)

Distributions to shareholders from net investment income		—			(0.06	)

Distributions to shareholders from return of capital		—			(0.02	)

Total distributions to shareholders		—			(0.08	)

Net asset value, end of period	$	27.17		$	25.43

Market price, end of period	$	27.20		$	25.30

Total Return at Net Asset Value^(b)		6.84	%		(36.28	)%

Net assets, end of period (in 000’s)	$	156,209		$	89,001

Ratio of total expenses to average net assets		0.75	%		0.75	%^(c)

Ratio of net investment income to average net assets		0.32	%		0.46	%^(c)

Portfolio turnover rate^(d)		16	%		24	%

Commencement of operations.

(a)

Calculated based on the average shares outstanding methodology.

(b)

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

(c)

Annualized.

(d)

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


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

GOLDMAN SACHS FUTURE HEALTH CARE EQUITY ETF

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Future Health Care Equity ETF
	For the Fiscal Year Ended August 31, 2023			For the Period November 9, 2021* to August 31, 2022
Per Share Operating Performance:

Net asset value, beginning of period	$	29.94		$	39.68

Net investment loss^(a)		(0.04	)		(0.08	)

Net realized and unrealized gain (loss)		2.52			(9.66	)

Total gain (loss) from investment operations		2.48			(9.74	)

Distributions to shareholders from net investment income		(0.00	)^(b)		—

Net asset value, end of period	$	32.42		$	29.94

Market price, end of period	$	32.42		$	30.00

Total Return at Net Asset Value^(c)		8.28	%		(24.55	)%

Net assets, end of period (in 000’s)	$	111,841		$	101,781

Ratio of total expenses to average net assets		0.75	%		0.75	%^(d)

Ratio of net investment loss to average net assets		(0.14	)%		(0.33	)%^(d)

Portfolio turnover rate^(e)		28	%		24	%

Commencement of operations.

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS FUTURE PLANET EQUITY ETF

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Future Planet Equity ETF
	For the Fiscal Year Ended August 31,						For the Period July 13, 2021* to August 31, 2021
	2023			2022			For the Period July 13, 2021* to August 31, 2021
Per Share Operating Performance:

Net asset value, beginning of period	$	30.23		$	42.18		$	39.89

Net investment income^(a)		0.30			0.27			0.02

Net realized and unrealized gain (loss)		(0.27	)		(12.05	)		2.27

Total gain (loss) from investment operations		0.03			(11.78	)		2.29

Distributions to shareholders from net investment income		(0.11	)		(0.17	)		—

Net asset value, end of period	$	30.15		$	30.23		$	42.18

Market price, end of period	$	30.11		$	30.15		$	42.25

Total Return at Net Asset Value^(b)		0.13	%		(27.97	)%		5.74	%

Net assets, end of period (in 000’s)	$	142,470		$	173,824		$	60,104

Ratio of total expenses to average net assets		0.75	%		0.75	%		0.75	%^(c)

Ratio of net investment income to average net assets		0.97	%		0.81	%		0.42	%^(c)

Portfolio turnover rate^(d)		20	%		15	%		2	%

Commencement of operations.

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS FUTURE REAL ESTATE AND INFRASTRUCTURE EQUITY ETF

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Future Real Estate and Infrastructure Equity ETF
	For the Fiscal Year Ended August 31, 2023			For the Period November 9, 2021* to August 31, 2022
Per Share Operating Performance:

Net asset value, beginning of period	$	34.25		$	40.05

Net investment income^(a)		0.59			0.56

Net realized and unrealized loss		(1.90	)		(5.95	)

Total loss from investment operations		(1.31	)		(5.39	)

Distributions to shareholders from net investment income		(0.62	)		(0.41	)

Net asset value, end of period	$	32.32		$	34.25

Market price, end of period	$	32.19		$	34.25

Total Return at Net Asset Value^(b)		(3.77	)%		(13.52	)%

Net assets, end of period (in 000’s)	$	23,430		$	23,975

Ratio of total expenses to average net assets		0.75	%		0.75	%^(c)

Ratio of net investment income to average net assets		1.79	%		1.85	%^(c)

Portfolio turnover rate^(d)		30	%		40	%

Commencement of operations.

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS FUTURE TECH LEADERS EQUITY ETF

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Future Tech Leaders Equity ETF
	For the Fiscal Year Ended August 31, 2023			For the Period September 14, 2021* to August 31, 2022
Per Share Operating Performance:

Net asset value, beginning of period	$	24.12		$	40.22

Net investment income^(a)		0.05			0.01

Net realized and unrealized gain (loss)		0.92			(16.11	)

Total gain (loss) from investment operations		0.97			(16.10	)

Distributions to shareholders from net investment income		0.00	^(b)		0.00	^(b)

Net asset value, end of period	$	25.09		$	24.12

Market price, end of period	$	25.06		$	24.08

Total Return at Net Asset Value^(c)		4.05	%		(40.03	)%

Net assets, end of period (in 000’s)	$	255,895		$	242,407

Ratio of total expenses to average net assets		0.75	%		0.75	%^(d)

Ratio of net investment income to average net assets		0.19	%		0.03	%^(d)

Portfolio turnover rate^(e)		44	%		55	%

Commencement of operations.

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS FUTURE 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 Future Consumer Equity ETF				Non-Diversified
Goldman Sachs Future Health Care Equity ETF				Non-Diversified
Goldman Sachs Future Planet Equity ETF				Non-Diversified
Goldman Sachs Future Real Estate and Infrastructure Equity ETF				Non-Diversified
Goldman Sachs Future Tech Leaders Equity ETF				Non-Diversified

The investment objective of each Fund (except the Goldman Sachs Future Planet Equity ETF) is to seek long-term growth of capital. The investment objective of the Goldman Sachs Future Planet Equity ETF is to seek long-term capital appreciation.

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 a management agreement (the “Agreement”) 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”). Market prices for the Funds’ shares may be different from their net asset value (“NAV”). The Funds issue and redeem shares at their respective NAV only in blocks of a specified number of shares, or multiples thereof, referred to as “Creation Units”. Creation Units are issued and redeemed generally for a designated portfolio of securities (including any portion of such securities for which cash may be substituted) and a specified amount of cash. Shares generally trade in the secondary market in quantities less than a Creation Unit at market prices that change throughout the day. Only those that have entered into an authorized participant agreement with ALPS Distributors, Inc. (the “Distributor”) may do business directly with the Funds.

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

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

GOLDMAN SACHS FUTURE ETFS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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 Goldman Sachs Future Consumer Equity ETF, Goldman Sachs Future Health Care Equity ETF, Goldman Sachs Future Planet Equity ETF and Goldman Sachs Future Tech Leaders Equity ETF, income distributions, if any, are declared and paid annually. For Goldman Sachs Future Real Estate and Infrastructure Equity ETF income distributions, if any, are declared and paid semi-annually. Capital gains distributions, if any, are declared and paid annually.

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

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

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

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Funds’ policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;

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’

GOLDMAN SACHS FUTURE ETFS

Notes to Financial Statements (continued)

August 31, 2023

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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.

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

B. Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of a Fund’s investments may be determined under 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 classified in the fair value hierarchy as of August 31, 2023:



FUTURE CONSUMER EQUITY ETF

Investment Type	Level 1		Level 2		Level 3

Assets

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

Asia	$	26,164,484	$	—	$	—

Europe		26,136,745		—		—

North America		99,112,067		—		—

South America		3,848,048		—		—

Securities Lending Reinvestment Vehicle		747,637		—		—

Total	$	156,008,981	$	—	$	—

(a)

Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile noted in table. The Fund utilizes fair value model prices provided by an independent fair value service for international equities, resulting in a Level 2 classification.

GOLDMAN SACHS FUTURE ETFS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



FUTURE HEALTH CARE EQUITY ETF

Investment Type	Level 1		Level 2		Level 3

Assets

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

Asia	$	6,716,910	$	—	$	—

Europe		11,776,379		—		—

North America		91,448,648		—		—

Total	$	109,941,937	$	—	$	—

FUTURE PLANET EQUITY ETF

Investment Type	Level 1		Level 2		Level 3

Assets

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

Asia	$	23,437,356	$	—	$	—

Europe		49,215,996		—		—

North America		64,929,464		—		—

Oceania		65,064		—		—

Securities Lending Reinvestment Vehicle		1,110,381		—		—

Total	$	138,758,261	$	—	$	—

FUTURE REAL ESTATE AND INFRASTRUCTURE EQUITY ETF

Investment Type	Level 1		Level 2		Level 3

Assets

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

Asia	$	671,094	$	300,103	$	—

Europe		5,516,317		—		—

North America		15,302,550		—		—

Oceania		1,360,338		—		—

Total	$	22,850,299	$	300,103	$	—

FUTURE TECH LEADERS EQUITY ETF

Investment Type	Level 1		Level 2		Level 3

Assets

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

Asia	$	74,044,496	$	—	$	—

Europe		14,460,229		—		—

North America		157,279,993		—		—

South America		6,566,742		—		—

Total	$	252,351,460	$	—	$	—

(a)

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

GOLDMAN SACHS FUTURE ETFS

Notes to Financial Statements (continued)

August 31, 2023

4. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

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

The Funds operate under a unitary management fee structure. Under the unitary fee structure, GSAM is responsible for paying substantially all the expenses of each Fund, excluding payments under a 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, contractual and effective net unitary management fee rates with GSAM for each Fund were at the following rates:


Fund	Unitary Management Fee
Future Consumer Equity ETF		0.75	%
Future Health Care Equity ETF		0.75	%
Future Planet Equity ETF		0.75	%
Future Real Estate and Infrastructure Equity ETF		0.75	%
Future Tech Leaders Equity ETF		0.75	%

5. CREATION AND REDEMPTION OF CREATION UNITS

The Trust issues and redeems shares of the Funds only in Creation Units on a continuous basis through the Distributor, without an initial sales load, at NAV next determined after receipt, on any Business Day (as defined in the Statement of Additional Information), of an order in proper form. Shares of the Funds may only be purchased or redeemed by certain financial institutions (each an “Authorized Participant”). An Authorized Participant is either (1) a “Participating Party” or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation; or (2) a Depository Trust Company participant; which, in either case, must have executed an agreement with the Distributor. Retail investors will typically not qualify as an Authorized Participant or have the resources to buy and sell whole Creation Units.

Therefore, they will be unable to purchase or redeem the shares directly from the Funds. Rather, most retail investors will purchase shares in the secondary market at market prices with the assistance of a broker and may be subject to customary brokerage commissions or fees. Fixed creation and redemption transaction fees are imposed in connection with creations and redemptions.

GOLDMAN SACHS FUTURE ETFS

5. CREATION AND REDEMPTION OF CREATION UNITS (continued)

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.

Share activity is as follows:


	Goldman Sachs Future Consumer Equity ETF

	For the Fiscal Year Ended August 31, 2023						For the Period November 9, 2021* to August 31, 2022

	Shares			Dollars			Shares			Dollars

Fund Share Activity
Shares Sold		2,350,000		$	61,441,718			3,800,001		$	120,483,990
Shares Redeemed		(100,000	)		(2,754,101	)		(300,001	)		(8,899,985	)

NET INCREASE IN SHARES		2,250,000		$	58,687,617			3,500,000		$	111,584,005

	Goldman Sachs Future Health Care Equity ETF

	For the Fiscal Year Ended August 31, 2023						For the Period November 9, 2021* to August 31, 2022

	Shares			Dollars			Shares			Dollars

Fund Share Activity
Shares Sold		375,000		$	12,109,471			3,725,001		$	129,641,934
Shares Redeemed		(325,000	)		(10,245,168	)		(325,001	)		(10,600,323	)

NET INCREASE IN SHARES		50,000		$	1,864,303			3,400,000		$	119,041,611

	Goldman Sachs Future Planet 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		250,000		$	7,613,215			5,375,000		$	191,424,437
Shares Redeemed		(1,275,000	)		(39,760,858	)		(1,050,000	)		(32,343,100	)

NET INCREASE/(DECREASE) IN SHARES		(1,025,000	)	$	(32,147,643	)		4,325,000		$	159,081,337

	Goldman Sachs Future Real Estate and Infrastructure Equity ETF

	For the Fiscal Year Ended August 31, 2023						For the Period November 9, 2021* to August 31, 2022

	Shares			Dollars			Shares			Dollars

Fund Share Activity
Shares Sold		50,000		$	1,628,238			700,001		$	27,101,017
Shares Redeemed		(25,000	)		(826,941	)		(1	)		(40	)

NET INCREASE IN SHARES		25,000		$	801,297			700,000		$	27,100,977

Commencement of operations

GOLDMAN SACHS FUTURE ETFS

Notes to Financial Statements (continued)

August 31, 2023

5. CREATION AND REDEMPTION OF CREATION UNITS (continued)


	Goldman Sachs Future Tech Leaders Equity ETF

	For the Fiscal Year Ended August 31, 2023						For the Period September 14, 2021* to August 31, 2022

	Shares			Dollars			Shares			Dollars

Fund Share Activity
Shares Sold		800,000		$	16,946,509			11,700,000		$	422,462,591
Shares Redeemed		(650,000	)		(15,575,293	)		(1,650,000	)		(42,748,691	)

NET INCREASE IN SHARES		150,000		$	1,371,216			10,050,000		$	379,713,900

Commencement of operations

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the fiscal year ended August 31, 2023, were as follows:


Fund	Purchases		Sales
Goldman Sachs Future Consumer Equity ETF	$	29,785,455	$	17,974,512
Goldman Sachs Future Health Care Equity ETF		29,552,384		29,572,806
Goldman Sachs Future Planet Equity ETF		31,074,028		33,749,711
Goldman Sachs Future Real Estate and Infrastructure Equity ETF		7,186,720		6,940,989
Goldman Sachs Future Tech Leaders Equity ETF		106,374,772		105,412,965

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
Goldman Sachs Future Consumer Equity ETF	$	50,821,631	$	2,496,721
Goldman Sachs Future Health Care Equity ETF		11,965,227		10,076,416
Goldman Sachs Future Planet Equity ETF		7,101,493		37,041,298
Goldman Sachs Future Real Estate and Infrastructure Equity ETF		1,603,791		808,867
Goldman Sachs Future Tech Leaders Equity ETF		13,371,833		12,547,687

7. SECURITIES LENDING

The Funds may lend their securities through a securities lending agent, the Bank of New York Mellon (“BNYM”), to certain qualified borrowers. In accordance with the Funds’ securities lending procedures, the Funds receive cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Funds, at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with

GOLDMAN SACHS FUTURE ETFS

7. SECURITIES LENDING (continued)

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
Goldman Sachs Future Consumer Equity ETF	$	—	$	3,377,543	$	(2,629,906	)	$	747,637
Goldman Sachs Future Health Care Equity ETF		—		4,199,233		(4,199,233	)		—
Goldman Sachs Future Planet Equity ETF		1,990,428		20,203,676		(21,083,723	)		1,110,381
Goldman Sachs Future Real Estate and Infrastructure Equity ETF		—		2,569,199		(2,569,199	)		—
Goldman Sachs Future Tech Leaders Equity ETF		706,501		4,848,214		(5,554,715	)		—

GOLDMAN SACHS FUTURE ETFS

Notes to Financial Statements (continued)

August 31, 2023

8. TAX INFORMATION

The tax character of distributions paid during the fiscal years ended August 31, 2023 and August 31, 2022 were as follows:


	Goldman Sachs Future Consumer Equity ETF		Goldman Sachs Future Health Care Equity ETF		Goldman Sachs Future Planet Equity ETF		Goldman Sachs Future Real Estate and Infrastructure Equity ETF		Goldman Sachs Future Tech Leaders Equity ETF
Distributions paid from:
Ordinary Income	$	—	$	102	$	617,909	$	445,287	$	48,204
Capital Gains		—		—		—		—		—
Total taxable distributions	$	—	$	102	$	617,909	$	445,287	$	48,204


	Goldman Sachs Future Consumer Equity ETF*		Goldman Sachs Future Health Care Equity ETF*		Goldman Sachs Future Planet Equity ETF		Goldman Sachs Future Real Estate and Infrastructure Equity ETF*		Goldman Sachs Future Tech Leaders Equity ETF**
Distributions paid from:
Ordinary Income	$	202,678	$	—	$	755,496	$	211,263	$	9,965
Capital Gains		—		—		—		—		—
Total taxable distributions	$	202,678	$	—	$	755,496	$	211,263	$	9,965
Return of Capital	$	74,347	$	—	$	—	$	—	$	—

Commenced operations on November 9, 2021.

Commenced operations on September 14, 2021.

As of August 31, 2023, the components of accumulated earnings (losses) on a tax basis were as follows:


	Goldman Sachs Future Consumer Equity ETF			Goldman Sachs Future Health Care Equity ETF			Goldman Sachs Future Planet Equity ETF			Goldman Sachs Future Real Estate and Infrastructure Equity ETF			Goldman Sachs Future Tech Leaders Equity ETF
Undistributed ordinary income — net	$	360,645		$	134,205		$	1,310,874		$	40,716		$	431,476
Undistributed long-term capital gains		—			—			—			—			—
Total undistributed earnings	$	360,645		$	134,205		$	1,310,874		$	40,716		$	431,476
Capital loss carryforwards:
Perpetual Short-Term	$	(4,207,635	)	$	(3,732,076	)	$	(1,689,183	)	$	(619,615	)	$	(35,991,302	)
Perpetual Long-Term		—			—			(434,932	)		—			(6,921,885	)
Timing differences (Late Year Ordinary Loss Deferral/Post October Capital Loss Deferral)		(2,589,572	)		(5,683,882	)		(4,661,043	)		(962,910	)		(41,838,379	)
Unrealized gains (losses) — net		(8,039,750	)		(1,285,834	)		(35,897,322	)		(2,897,129	)		(37,817,314	)
Total accumulated earnings (losses) net	$	(14,476,312	)	$	(10,567,587	)	$	(41,371,606	)	$	(4,438,938	)	$	(122,137,404	)

GOLDMAN SACHS FUTURE ETFS

8. TAX INFORMATION (continued)

As of August 31, 2023, each Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:


	Goldman Sachs Future Consumer Equity ETF			Goldman Sachs Future Health Care Equity ETF			Goldman Sachs Future Planet Equity ETF			Goldman Sachs Future Real Estate and Infrastructure Equity ETF			Goldman Sachs Future Tech Leaders Equity ETF
Tax Cost	$	164,037,896		$	111,227,062		$	174,656,070		$	26,047,517		$	290,166,607
Gross unrealized gain		15,888,751			11,573,296			4,636,883			806,619			28,107,859
Gross unrealized loss		(23,928,501	)		(12,859,130	)		(40,534,205	)		(3,703,748	)		(65,925,173	)
Net unrealized gains (losses)	$	(8,039,750	)	$	(1,285,834	)	$	(35,897,322	)	$	(2,897,129	)	$	(37,817,314	)

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

In order to present certain components of the Fund’s capital accounts on a tax-basis, certain reclassifications have been recorded to the Fund’s accounts. These reclassifications have no impact on the net asset value of the Fund and result primarily from net operating losses and redemption in-kind transactions.


Fund	Paid-in Capital			Total Distributable Earnings
Goldman Sachs Future Consumer Equity ETF	$	1,115,471		$	(1,115,471	)
Goldman Sachs Future Health Care Equity ETF	$	846,947		$	(846,947	)
Goldman Sachs Future Planet Equity ETF	$	244,800		$	(244,800	)
Goldman Sachs Future Real Estate and Infrastructure Equity ETF	$	(33,291	)	$	33,291
Goldman Sachs Future Tech Leaders Equity ETF	$	394,151		$	(394,151	)

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

9. OTHER RISKS

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

Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information, less stringent investor protections, less stringent accounting, corporate governance, financial reporting and disclosure standards, and less economic, political and social stability in the countries in which a Fund invests. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or from problems in registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent a Fund

GOLDMAN SACHS FUTURE ETFS

Notes to Financial Statements (continued)

August 31, 2023

9. OTHER RISKS (continued)

from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact a Fund’s liquidity and performance. Foreign risk also involves the risk of negative foreign currency exchange rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which a Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that a Fund also invests in securities of issuers located in, or economically tied to, emerging markets, these risks may be more pronounced.

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

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.

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.

Issuer Concentration Risk — The Fund’s portfolio may be comprised of a relatively small number of companies in comparison to other funds. This relatively small number of issuers may subject the Fund to greater risks, because a decline in the value of any single investment held by the Fund may adversely affect the Fund’s overall value more than it would affect that of a fund holding a greater number of investments.

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 specificed size or scale. Any such investment may be held for a limited period of time. There can be no assurance that any large shareholder would not redeem its investment, that the size of the Fund would be maintained at such levels or that the Fund would continue to meet applicable listing requirements. Redemptions by large shareholders could have a significant negative impact on the Fund, including on the Fund’s liquidity. In addition, transactions by large shareholders may account for a large percentage of the trading volume on NYSE Arca and may, therefore, have a material upward or downward effect on the market price of the Shares.

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

GOLDMAN SACHS FUTURE ETFS

9. 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 portfolio trading individually or in the aggregate at any point in time.

Mid-Cap and Small-Cap Risk — Investments in mid-capitalization and small-capitalization companies involve greater risks than those associated with larger, more established companies. These securities may be subject to more abrupt or erratic price movements and may lack sufficient market liquidity, and these issuers often face greater business risks.

Non-Diversification Risk — The Funds are non-diversified, meaning that they are permitted to invest a larger percentage of their assets in one or more issuers or in fewer issuers than diversified mutual funds. Thus, a Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments.

Seed Investor Risk — GSAM and/or its affiliates may make payments to one or more investors that contribute seed capital to the Fund. Such payments may continue for a specified period of time and/or until a specified dollar amount is reached. Those payments will be made from the assets of GSAM and/or such affiliates (and not the Fund). There is a risk that such seed investors may redeem their investments in the Fund, particularly after payments from GSAM and/or its affiliates have ceased. As with redemptions by other large shareholders, such redemptions could have a significant negative impact on the Fund, including on the Fund’s liquidity and the market price of the Fund’s Shares. For more information, see the section entitled Tax Advantaged Product Structure in the Prospectus.

Thematic Investing Risk — The Fund’s thematic investment strategy limits the universe of investment opportunities available to the Fund and will affect the Fund’s exposure to certain companies, sectors, regions, and countries, which may result in the Fund forgoing opportunities to buy or sell certain securities when it might otherwise be advantageous to do so. Adhering to the Fund’s thematic investment strategy may also affect the Fund’s performance relative to similar funds that do not seek to invest in companies exposed to certain themes. There is no guarantee that the Investment Adviser’s views, security selection criteria or investment judgment will reflect the beliefs or values of any particular investor. In addition, the Investment Adviser is not required to monitor on an ongoing basis whether a current holding continues to be aligned with one or more themes or otherwise associated with certain themes. The Fund is not required to sell, and may instead add to, positions in holdings that no longer continue to be aligned with one or more of the Key Themes or associated with these themes.

10. INDEMNIFICATIONS

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

11. 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

GOLDMAN SACHS FUTURE ETFS

Notes to Financial Statements (continued)

August 31, 2023

11. OTHER MATTERS (continued)

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.

12. SUBSEQUENT EVENTS

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

GOLDMAN SACHS FUTURE ETFS

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Goldman Sachs ETF Trust and Shareholders of Goldman Sachs Future Consumer Equity ETF, Goldman Sachs Future Health Care Equity ETF, Goldman Sachs Future Planet Equity ETF, Goldman Sachs Future Real Estate and Infrastructure Equity ETF, and Goldman Sachs Future Tech Leaders 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 (five 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 Future Planet Equity ETF	For the year ended August 31, 2023	For the two years ended August 31, 2023	For the periods indicated therein
Goldman Sachs Future Tech Leaders Equity ETF	For the year ended August 31, 2023	For the year ended August 31, 2023, and for the period September 14, 2021 (commencement of operations) through August 31, 2022
Goldman Sachs Future Consumer Equity ETF, Goldman Sachs Future Health Care Equity ETF, and Goldman Sachs Future Real Estate and Infrastructure Equity ETF	For the year ended August 31, 2023	For the year ended August 31, 2023, and for the period November 9, 2021 (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.

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.

GOLDMAN SACHS FUTURE ETFS

Fund Expenses — Six Month Period ended 08/31/2023 (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 from March 1, 2023 and held for the six months ended 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.


	Goldman Sachs Future Consumer Equity ETF							Goldman Sachs Future Health Care Equity ETF							Goldman Sachs Future Planet Equity ETF							Goldman Sachs Future Real Estate and Infrastructure Equity ETF							Goldman Sachs Future Tech Leaders 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 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	$	1,084.20		$	3.94	$	1,000	$	1,041.44		$	3.86	$	1,000	$	969.45		$	3.72	$	1,000	$	988.62		$	3.76	$	1,000	$	1,081.47		$	3.94
Hypothetical 5% return		1,000		1,021.42	⁺		3.82		1,000		1,021.42	⁺		3.82		1,000		1,021.42	⁺		3.82		1,000		1,021.42	⁺		3.82		1,000		1,021.42	⁺		3.82

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

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 fiscal year 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 Future Consumer Equity ETF	0.75	%
Goldman Sachs Future Health Care Equity ETF	0.75
Goldman Sachs Future Planet Equity ETF	0.75
Goldman Sachs Future Real Estate and Infrastructure Equity ETF	0.75
Goldman Sachs Future Tech Leaders Equity ETF	0.75

GOLDMAN SACHS FUTURE 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

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

GOLDMAN SACHS FUTURE 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

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.

GOLDMAN SACHS FUTURE 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 ETF Trust — Future ETFs — Tax Information (Unaudited)

For the fiscal year ended August 31, 2023, 100%, 100%, 100%, 62.68%, and 100% of the dividends paid from net investment company taxable income by the Future Consumer Equity ETF, Future Health Care Equity ETF, Future Planet Equity ETF, Future Real Estate and Infrastructure Equity ETF, and Future Tech Leaders ETF, respectively, qualify for the reduced tax rate under the Jobs and Growth Tax Relief and Reconciliation Act of 2003.

For the year ended August 31, 2023, 37.32% of the dividends paid from net investment company taxable income by the Future Real Estate and Infrastructure Equity ETF qualify as section 199A dividends.

For the fiscal year ended August 31, 2023, 100%, 36.33%, 27.73%, and 100% of the dividends paid from net investment company taxable income by the Future Health Care Equity ETF, Future Planet Equity ETF, Future Real Estate and Infrastructure Equity ETF, and Future Tech Leaders ETF, respectively, qualify for the dividends received deduction available to corporations.

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^® U.S. Large Cap Equity ETF

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

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

Goldman Sachs ActiveBeta^® World Low Vol Plus Equity ETF

Goldman Sachs Bloomberg Clean Energy Equity ETF

Goldman Sachs 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 U.S. Aggregate Bond ETF

Goldman Sachs Access Ultra Short Bond ETF

Goldman Sachs Community Municipal Bond ETF

Goldman Sachs MarketBeta^® Emerging Markets Equity ETF

Goldman Sachs MarketBeta^® International Equity ETF

Goldman Sachs MarketBeta(R) 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


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

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information regarding how the Funds voted proxies relating to portfolio securities for the most recent 12-month period ended June 30, are 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 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.