Goldman Sachs ETF Trust

Average Number of Contracts^(a)

Goldman Sachs ActiveBeta^® Emerging Markets Equity ETF

Goldman Sachs ActiveBeta^® Europe Equity ETF

Goldman Sachs ActiveBeta^® International Equity ETF

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

Goldman Sachs Funds



Semi-Annual Report				February 28, 2023

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

ActiveBeta^® is a registered trademark of GSAM.

LOGO

Goldman Sachs ActiveBeta^® ETFs

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ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

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ACTIVEBETA^® EUROPE EQUITY ETF

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ACTIVEBETA^® INTERNATIONAL EQUITY ETF

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ACTIVEBETA^® JAPAN EQUITY ETF

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

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ACTIVEBETA^® U.S. LARGE CAP EQUITY ETF

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ACTIVEBETA^® U.S. SMALL CAP EQUITY ETF

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ACTIVEBETA^® WORLD LOW VOL PLUS EQUITY ETF


TABLE OF CONTENTS

Market and Economic Review			1

Fund Basics			5

Schedules of Investments			22

Financial Statements			85

Financial Highlights			93

ActiveBeta^® Emerging Markets Equity ETF			93

ActiveBeta^® Europe Equity ETF			94

ActiveBeta^® International Equity ETF			95

ActiveBeta^® Japan Equity ETF			96

ActiveBeta^® Paris-Aligned Climate U.S. Large Cap Equity ETF			97

ActiveBeta^® U.S. Large Cap Equity ETF			98

ActiveBeta^® U.S. Small Cap Equity ETF			99

ActiveBeta^® World Low Vol Plus Equity ETF			100

Notes to Financial Statements			101

Other Information			126



NOT FDIC-INSURED	May Lose Value	No Bank Guarantee

MARKET REVIEW

Goldman Sachs ActiveBeta^® Equity ETFs

The following are highlights both of key factors affecting the U.S., international and emerging markets equity markets and of any key changes made to the Goldman Sachs ActiveBeta^® Equity ETFs (the “Funds”) during the six months ended February 28, 2023 (the “Reporting Period”). A fuller review will appear in the Funds’ annual shareholder report covering the 12 months ended August 31, 2023.

Market and Economic Review

U.S. Equities

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Overall, U.S. equities rose during the Reporting Period. The Standard & Poor’s 500^® Index (the “S&P 500 Index”) ended the Reporting Period with a return of 1.26%. The Russell 3000^® Index generated a return of 1.51%.

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The market posted muted returns during the Reporting Period amid a backdrop of ongoing Federal Reserve (“Fed”) interest rate hikes to combat inflation, persistent recession worries, supply-chain disruptions, geopolitical tensions given the Russia/Ukraine war, and elevated concerns around China’s zero-COVID policy.

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As the Reporting Period began in September 2022, the S&P 500 Index decreased primarily based on the noticeable tightening of financial conditions guided by expectations for a more aggressive global interest rate hiking cycle. Indeed, the Fed increased its “raise and hold” messaging as the end of September approached, a policy that received support on the back of higher than consensus expected August core inflation data and a still-tight labor market that showed only moderate signs of cooling off.

•

During the fourth quarter of 2022, the S&P 500 Index solidly increased, breaking its streak of three consecutive quarterly losses, attributable primarily to gains in October and November.

•

Investors continued to witness a variety of contradictory macroeconomic developments, highlighted by a noticeably hawkish Fed, consumer resilience, and economic data supporting the themes of slowing economic growth. (Hawkish tends to suggest higher interest rates; opposite of dovish.)

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There was a dovish tilt surrounding consensus expectations for a reduction in the pace of monetary policy tightening, which was realized when the Fed announced a 50 basis point interest rate hike in December, following four successive 75 basis point increases. (A basis point is 1/100th of a percentage point.)

•

Positive inflation developments further supported market aspirations for a peak in the Fed tightening cycle, with October and November inflation data coming in lower than anticipated by most.

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Despite the smaller interest rate hike, the Fed maintained its hawkish tone with its relentless higher-for-longer messaging that continued to be a headwind for the U.S. equities market.

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Although the third quarter 2022 corporate earnings season provided disappointing results, companies emphasized a strong demand environment even against a backdrop of heightened macroeconomic uncertainty. Companies also focused on cost-cutting measures, as headlines of layoffs remained in the spotlight, especially within the information technology sector.

•

On the geopolitical front, the most constructive takeaways came from China’s zero-COVID pivot and pro-growth focus as well as Europe’s warmer than anticipated weather that helped settle concerns about an energy crisis there.

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The S&P 500 Index rose in January 2023, rebounding from December 2022’s losses, gaining on a combination of heightened optimism around disinflationary signals, a cooling job market, positive reports about China’s economic reopening, better than consensus forecasted economic circumstances in Europe, improvements in supply-chain conditions and elevated hopes for the termination of the Fed’s tightening cycle. Collectively, these themes provided a strong case for the Fed’s soft landing scenario and the avoidance of a deep recession resulting from interest rate hikes. (A soft landing, in economics, is a cyclical downturn that avoids recession. It typically describes attempts by central banks to raise interest rates just enough to stop an economy from overheating and experiencing high inflation, without causing a significant increase in unemployment, or a hard landing.)

MARKET REVIEW

•

However, the S&P 500 Index then fell again in February 2023, giving back a portion of the prior month’s gains.

•

U.S. equities depreciated as the market’s modified Fed interest rate hike expectations and resilient economic data prompted a reduction in the progress of disinflation and heightened traction around several bearish themes. (Bearish refers to an expected downward movement in the prices of securities.)

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Early in February, the Fed raised the targeted federal funds rate by another 25 basis points as expected, and its accompanying statement seemed dovish. Still, Fed Chair Powell’s subsequent statement that further rate hikes will be necessary if economic data continues to come in stronger than expected shifted the Fed narrative more hawkish.

•

During the Reporting Period overall, value stocks meaningfully outperformed growth stocks within the large-cap and small-cap segments of the U.S. equity market, though growth stocks outpaced value stocks within the mid-cap segment.

•

The best performing sectors within the S&P 500 Index during the Reporting Period were materials, industrials, energy and financials, while the weakest performing sectors were utilities, consumer discretionary, real estate and communication services.

International Equities

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Representing the developed international equity markets, the MSCI EAFE Index (net) returned 12.58% for the Reporting Period, significantly outperforming the U.S. equity market.

•

As the Reporting Period began in September 2022, international equity markets declined, weighed down by heightened inflationary pressures, aggressive global interest rate hikes, recession concerns and the rampant spread of COVID-19.

•

Europe additionally battled an energy crisis and subsequent mobile network blackouts, which, in turn, put upward pressure on power costs and inflation and supported the need to keep interest rates high. The European Central Bank raised interest rates during the month, increasing concerns around slowing economic growth and leading to the depreciation of the euro against the U.S. dollar.

•

International equities then rallied across the major regions in the fourth quarter of 2022 overall. Markets remained volatile and under pressure from macroeconomic headwinds, including inflationary pressures and interest rate hikes. However, investors began to focus on improving inflationary indicators across the globe, and increased confidence the U.S. Fed could pull off a soft economic landing allowed both U.S. and international equities to rally.

•

In Europe, equities benefited from resilient third quarter 2022 corporate earnings reports as well as from optimism that the pace of interest rate increases could soon slow. Economic activity showed signs of a rebound in December following the inflation peak in October. Thus, although Europe remained in a recession, optimism that the recession would not be as deep as initially feared grew during the last weeks of the calendar year.

•

In Japan, the yen continued to weaken against the U.S. dollar, especially in the first half of October, and Bank of Japan Governor Kuroda remained downbeat on the sustainability of inflation numbers into 2023, citing the negative output gap in particular, and kept its interest rates low.

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Asia ex-Japan equities were flat in October, pressured by sharp sell-offs in China and Hong Kong following confirmation that Chinese Premier Xi Jinping would remain as leader for a historic third five-year term. But increasing indications that China was prepared to stray from some of its more restrictive COVID-19 procedures resulted in stronger Asia ex-Japan equities in November, even as fears of an economic slowdown within China persisted. Indeed, in December, China began to relax its zero-COVID policies in an ongoing effort to boost its economy through increased domestic spending and international travel. Investors responded positively to this news despite the near-term surge in COVID-19 cases in China caused by the re-opening.

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The MSCI EAFE Index posted solid positive returns in January 2023, with international equity markets performing well on the back of expectations around peaking inflation in the U.S. and Europe, slowing central bank interest rate hikes, and receding concerns about recession.

•

China finally lifted its stringent zero-COVID policy, increasing global hopes around the resolution of supply-chain disruptions and economic recovery driven by stronger domestic consumption and improved international tourism.

MARKET REVIEW

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In contrast to the U.S. and Europe, Japan’s inflation rate rose in January. However, the Bank of Japan reiterated its commitment to keep its monetary policy accommodative.

•

The MSCI EAFE Index then fell in February 2023, with market sentiment governed by dampening expectations around potential peaking of interest rate hikes and ongoing geopolitical tensions between Russia and Ukraine, as the war there marked a one-year milestone. Also weighing on investor sentiment was a re-escalation in U.S./China tensions. Inflation levels were relatively stable across Europe, but Japan saw its highest level of inflation in the last 40 years.

•

All sectors in the MSCI EAFE Index posted positive total returns during the Reporting Period. The best performing sectors within the MSCI EAFE Index during the Reporting Period were financials, materials, consumer discretionary and industrials, each posting a double-digit positive total return. The weakest performing sectors were real estate, communication services, consumer staples and health care.

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The best performing countries within the MSCI EAFE Index were Austria, Italy, Spain and Germany. The weakest performing countries during the Reporting Period were Israel and Norway, the only two MSCI EAFE Index constituents to post a negative absolute total return during the Reporting Period. Portugal and Hong Kong each generated a modestly positive total return but still significantly lagged the MSCI EAFE Index during the Reporting Period.

Emerging Markets Equities

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Representing the emerging markets equity markets, the MSCI Emerging Markets Index (net) returned -2.29% during the Reporting Period, underperforming both the U.S. equity market and the developed international equity markets overall.

•

As the Reporting Period began in September 2022, emerging markets equities as a whole posted double-digit negative returns, as central bank interest rate hikes and recession concerns triggered large outflows.

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Inflation remained top of mind for investors, as central banks in Europe, Asia and South America announced plans to raise interest rates during the following 12 months in an effort to get ahead of rising consumer prices.

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The Chinese equity market fell especially significantly. An overleveraged housing market and falling home prices, coupled with the yuan falling to its lowest levels since January 2008, triggered monetary outflows from the Chinese economy. Most impactfully, China’s zero-COVID policy weakened domestic levels of supply and demand, contributing to falling export levels.

•

Elsewhere in Asia, India’s equity market fell but outperformed the MSCI Emerging Markets Index, while South Korea’s equity market underperformed the MSCI Emerging Markets Index given the lack of global demand, especially from China, for Korean goods, which caused high levels of volatility in the Korean exports market.

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In Latin America, the Brazilian equity market fell but outpaced the MSCI Emerging Markets Index, as Brazil’s central bank paused its cycle of interest rate hikes, becoming the first notable economy in the world to do so.

•

Emerging markets equities then rallied in the fourth quarter of 2022 overall, attributable primarily to a strong November 2022.

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In October 2022, emerging markets equities as a whole fell, as economies struggled to deal with high inflation, major transitions of political power, and contractionary central bank policy. The MSCI China Index was particularly weak, as lockdowns continued to place several cities under COVID-19 restrictions and the closely-watched China’s 20^th Party Congress offered no signal to investors this strategy would change in the near future. South Korea’s and Brazil’s equity markets rose, driven by stronger exports.

•

November 2022 was a strong month for emerging markets equities, as softer U.S. inflation and expectations of a recovery in Chinese demand brightened the outlook for the emerging markets universe. The slowing frequency of interest rate hikes from central banks and strong consumer activity across a number of emerging markets also strengthened returns for several country constituents of the MSCI Emerging Markets Index. The MSCI China Index rallied strongly. The MSCI India Index was also strong, but the MSCI Brazil Index fell as political friction in the country’s new presidential administration hampered the speed of financial reforms, creating uncertainty amongst investors.

•

The MSCI Emerging Markets Index fell modestly in December 2022, as inflation concerns dominated. Still, the MSCI China Index rose, as China loosened its COVID-19 restrictions.

MARKET REVIEW

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The MSCI Emerging Markets Index rose in January 2023, as softer U.S. inflation and positive news around China’s full reopening post COVID-19 brightened the outlook for the emerging markets. The slowing frequency of interest rate hikes from central banks and strong consumer activity across several emerging markets also contributed positively to strengthened returns for several countries in the MSCI Emerging Markets Index, including China and Brazil. India’s equity market fell, as Indian officials hinted at an upcoming economic slowdown and as a U.S.-based short-selling firm published a report on a conglomerate that sparked a broad-based sell-off.

•

The MSCI Emerging Markets then fell in February 2023, reversing much of the gains from the prior month’s rally. A re-escalation in geopolitical tensions and stronger than consensus expected U.S. economic data challenged the path of the U.S. Fed’s interest rate policy, dampening hopes to a quick end to the interest rate hiking cycle. Following this, the U.S. dollar also strengthened, an additional headwind for emerging markets equities.

•

The best performing sectors within the MSCI Emerging Markets Index were materials, information technology, communication services and consumer staples, the only sectors in the MSCI Emerging Markets Index to post a positive total return during the Reporting Period. The weakest performing sectors were utilities, energy, consumer discretionary and health care.

•

The best performing countries within the MSCI Emerging Markets Index during the Reporting Period were Turkey, Greece, Mexico and Poland. The weakest performing countries were Qatar, Saudi Arabia, India and United Arab Emirates, each led down by weakness in the energy sector.

Fund Changes and Highlights

No material changes were made to the Funds during the Reporting Period.

FUND BASICS

ActiveBeta^® Emerging Markets Equity ETF

as of February 28, 2023


FUND SNAPSHOT

As of February 28, 2023

Market Price¹	$	28.93
Net Asset Value (NAV)¹	$	29.10

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


PERFORMANCE REVIEW

September 1, 2022—February 28, 2023	Fund Total Return (based on NAV)²			Fund Total Return (based on Market Price)²			GS ActiveBeta^® Emerging Markets Equity Index³			MSCI Emerging Markets Index⁴
Shares		-0.10	%		0.58	%		0.04	%		-2.29	%

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

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

⁴

The MSCI Emerging Markets Index captures large and mid cap representation across 27 Emerging Markets countries. It is not possible to invest directly in an unmanaged index.

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

FUND BASICS


TOP TEN HOLDINGS AS OF 2/28/23⁵

Holding	% of Net Assets			Line of Business	Country

Taiwan Semiconductor Manufacturing Co. Ltd.		5.7	%	Information Technology	Taiwan
Tencent Holdings Ltd.		3.5		Communication Services	China
Samsung Electronics Co. Ltd.		3.1		Information Technology	South Korea
Alibaba Group Holding Ltd.		2.1		Consumer Discretionary	China
Vale SA		0.9		Materials	Brazil
Infosys Ltd.		0.9		Information Technology	India
Meituan, Class B		0.9		Consumer Discretionary	China
Reliance Industries Ltd.		0.8		Energy	India
China Construction Bank Corp., Class H		0.8		Financials	China
Tata Consultancy Services Ltd.		0.7		Information Technology	India

⁵

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

FUND VS BENCHMARK⁶

February 28, 2023

LOGO

⁶

Country and sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by MSCI. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Underlying sector allocation of exchange-traded funds held by the Fund are not reflected in the chart above. Investments in the securities lending vehicle represented 0.5% of the Fund’s net assets as of February 28, 2023. Figures above may not sum to 100% due to rounding.

⁷

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

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

FUND BASICS

ActiveBeta^® Europe Equity ETF

as of February 28, 2023


FUND SNAPSHOT

As of February 28, 2023

Market Price¹	$	32.08
Net Asset Value (NAV)¹	$	32.31


PERFORMANCE REVIEW

September 1, 2022—February 28, 2023	Fund Total Return (based on NAV)²			Fund Total Return (based on Market Price)²			GS ActiveBeta^® Europe Equity Index³			MSCI Europe Index⁴
Shares		18.06	%		18.12	%		17.99	%		17.69	%

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 as of 4:00pm EST and do not reflect the returns you would receive if you traded shares at other times. Total returns for periods less than one full year are not annualized.

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

⁴

The MSCI Europe Index captures large and mid-cap representation across 15 Developed Markets countries. It is not possible to invest directly in an unmanaged index.

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

FUND BASICS


TOP TEN HOLDINGS AS OF 2/28/23⁵

Holding	% of Net Assets			Line of Business	Country

Nestle SA		2.6	%	Consumer Staples	United States
Novo Nordisk A/S, Class B		2.4		Health Care	Denmark
ASML Holding NV		2.2		Information Technology	Netherlands
LVMH Moet Hennessy Louis Vuitton SE		2.1		Consumer Discretionary	France
Roche Holding AG		2.0		Health Care	United States
Shell PLC		1.7		Energy	Netherlands
AstraZeneca PLC		1.7		Health Care	United Kingdom
Novartis AG		1.6		Health Care	Switzerland
TotalEnergies SE		1.3		Energy	France
L’Oreal SA		1.0		Consumer Staples	France

⁵

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


FUND VS BENCHMARK⁶

February 28, 2023

LOGO

⁶

Country and sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by MSCI. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Underlying sector allocation of exchange-traded funds held by the Fund are not reflected in the chart above. Investments in the securities lending vehicle represented 0.7% of the Fund’s net assets as of February 28, 2023. Figures above may not sum to 100% due to rounding.

⁷

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

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

FUND BASICS

ActiveBeta^® International Equity ETF

as of February 28, 2023


FUND SNAPSHOT

As of February 28, 2023

Market Price¹	$	30.24
Net Asset Value (NAV)¹	$	30.35


PERFORMANCE REVIEW

September 1, 2022—February 28, 2023	Fund Total Return (based on NAV)²			Fund Total Return (based on Market Price)²			GS ActiveBeta^® Intl Equity Index³			MSCI World ex USA Index⁴
Shares		10.85	%		10.94	%		10.88	%		11.41	%

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

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

⁴

The MSCI World ex USA Index captures large and mid cap representation across 22 of 23 Developed Markets countries. It is not possible to invest directly in an unmanaged index.

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

FUND BASICS


TOP TEN HOLDINGS AS OF 2/28/23⁵

Holding	% of Net Assets			Line of Business	Country

Nestle SA		1.4	%	Consumer Staples	United States
Novo Nordisk A/S, Class B		1.4		Health Care	Denmark
LVMH Moet Hennessy Louis Vuitton SE		1.3		Consumer Discretionary	France
Shell PLC		1.2		Energy	Netherlands
Roche Holding AG		1.2		Health Care	United States
ASML Holding NV		1.0		Information Technology	Netherlands
Novartis AG		0.9		Health Care	Switzerland
AstraZeneca PLC		0.9		Health Care	United Kingdom
BHP Group Ltd.		0.8		Materials	Australia
TotalEnergies SE		0.7		Energy	France

⁵

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


FUND VS BENCHMARK⁶

February 28, 2023

LOGO

⁶

Country and sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by MSCI. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Underlying sector allocation of exchange-traded funds held by the Fund are not reflected in the chart above. Investments in the securities lending vehicle represented 1.6% of the Fund’s net assets as of February 28, 2023. Figures above may not sum to 100% due to rounding.

⁷

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

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

FUND BASICS

ActiveBeta^® Japan Equity ETF

as of February 28, 2023


FUND SNAPSHOT

As of February 28, 2023

Market Price¹	$	30.83
Net Asset Value (NAV)¹	$	30.87


PERFORMANCE REVIEW

September 1, 2022—February 28, 2023	Fund Total Return (based on NAV)²			Fund Total Return (based on Market Price)²			GS ActiveBeta^® Japan Equity Index³			MSCI Japan Index⁴
Shares		3.55	%		4.69	%		3.61	%		3.67	%

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

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

⁴

The MSCI Japan Index is designed to measure the performance of the large and mid cap segments of the Japanese market. It is not possible to invest directly in an unmanaged index.

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

FUND BASICS


TOP TEN HOLDINGS AS OF 2/28/23⁵

Holding	% of Net Assets			Line of Business

Toyota Motor Corp.		3.6	%	Consumer Discretionary
Sony Group Corp.		2.4		Consumer Discretionary
Keyence Corp.		2.0		Information Technology
Honda Motor Co. Ltd.		2.0		Consumer Discretionary
Mitsubishi UFJ Financial Group, Inc.		1.9		Financials
Mitsubishi Corp.		1.8		Industrials
Takeda Pharmaceutical Co. Ltd.		1.7		Health Care
Mitsui & Co. Ltd.		1.6		Industrials
Sumitomo Mitsui Financial Group, Inc.		1.6		Financials
Daiichi Sankyo Co. Ltd.		1.5		Health Care

⁵

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


FUND VS BENCHMARK⁶

February 28, 2023

LOGO

⁶

Country and sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by MSCI. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Underlying sector allocation of exchange-traded funds held by the Fund are not reflected in the chart above. Investments in the securities lending vehicle represented 2.1% of the Fund’s net assets as of February 28, 2023. Figures above may not sum to 100% due to rounding.

⁷

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

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

FUND BASICS

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

as of February 28, 2023


FUND SNAPSHOT

As of February 28, 2023

Market Price¹	$	33.31
Net Asset Value (NAV)¹	$	33.27

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


PERFORMANCE REVIEW

September 1, 2022—February 28, 2023	Fund Total Return (based on NAV)²	Fund Total Return (based on Market Price)²	GS ActiveBeta^® Paris-Aligned U.S. Large Cap Equity Index³	Solactive US Large Cap Index⁴
Shares	3.12%	3.09%	3.18%	0.83%

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

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

⁴

Solactive US Large Cap Index intends to track the performance of the large cap segment in the United States. Constituents are selected and weighted based on free-float market capitalization. The index is calculated as a total return index in USD and reconstituted semi-annually with quarterly IPO reviews

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

FUND BASICS


TOP TEN HOLDINGS AS OF 2/28/23⁴

Holding	% of Net Assets			Line of Business

Apple, Inc.		7.2	%	Information Technology
Microsoft Corp.		5.5		Information Technology
Alphabet, Inc., Class A		1.6		Communication Services
Alphabet, Inc., Class C		1.6		Communication Services
NVIDIA Corp.		1.5		Information Technology
Johnson & Johnson		1.3		Health Care
Meta Platforms, Inc., Class A		1.2		Communication Services
UnitedHealth Group, Inc.		1.2		Health Care
Berkshire Hathaway, Inc., Class B		1.2		Financials
JPMorgan Chase & Co.		1.1		Financials

⁴

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


FUND VS BENCHMARK⁵

February 28, 2023

LOGO

⁵

Country and sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by Standard & Poor’s. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Underlying sector allocation of exchange-traded funds held by the Fund are not reflected in the chart above. Figures above may not sum to 100% due to rounding.

⁶

The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Goldman Sachs ActiveBeta^® Paris-Aligned U.S. Large Cap Equity Index.

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

FUND BASICS

ActiveBeta^® U.S. Large Cap Equity ETF

as of February 28, 2023


FUND SNAPSHOT

As of February 28, 2023

Market Price¹	$	78.83
Net Asset Value (NAV)¹	$	78.95


PERFORMANCE REVIEW

September 1, 2022—February 28, 2023	Fund Total Return (based on NAV)²			Fund Total Return (based on Market Price)²			GS ActiveBeta^® U.S. Large Cap Equity Index³			S&P 500 Index⁴
Shares		1.62	%		1.50	%		1.65	%		1.26	%

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

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

⁴

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

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

FUND BASICS


TOP TEN HOLDINGS AS OF 2/28/23⁵

Holding	% of Net Assets			Line of Business

Apple, Inc.		6.0	%	Information Technology
Microsoft Corp.		4.8		Information Technology
Amazon.com, Inc.		2.1		Consumer Discretionary
Alphabet, Inc., Class A		1.4		Communication Services
Alphabet, Inc., Class C		1.3		Communication Services
NVIDIA Corp.		1.3		Information Technology
Meta Platforms, Inc., Class A		1.1		Communication Services
Johnson & Johnson		1.1		Health Care
UnitedHealth Group, Inc.		1.1		Health Care
Home Depot, Inc. (The)		1.0		Consumer Discretionary

⁵

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


FUND VS BENCHMARK⁶

February 28, 2023

LOGO

⁶

Country and sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by Standard & Poor’s. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Underlying sector allocation of exchange-traded funds held by the Fund are not reflected in the chart above. Figures above may not sum to 100% due to rounding.

⁷

The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Goldman Sachs ActiveBeta^® U.S. Large Cap Equity Index.

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

FUND BASICS

ActiveBeta^® U.S. Small Cap Equity ETF

as of February 28, 2023


FUND SNAPSHOT

As of February 28, 2023

Market Price¹	$	58.61
Net Asset Value (NAV)¹	$	58.66


PERFORMANCE REVIEW

September 1, 2022—February 28, 2023	Fund Total Return (based on NAV)²			Fund Total Return (based on Market Price)²			GS ActiveBeta^® U.S. Small Cap Equity Index³			Russell 2000^® Index⁴
Shares		5.77	%		5.59	%		5.92	%		3.63	%

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

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

⁴

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

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

FUND BASICS


TOP TEN HOLDINGS AS OF 2/28/23⁵

Holding	% of Net Assets			Line of Business

Atkore, Inc.		0.5	%	Industrials
EMCOR Group, Inc.		0.4		Industrials
Applied Industrial Technologies, Inc.		0.4		Industrials
Mr Cooper Group, Inc.		0.3		Financials
Encore Wire Corp.		0.3		Industrials
Veritiv Corp.		0.3		Industrials
Axcelis Technologies, Inc.		0.3		Information Technology
Comfort Systems USA, Inc.		0.3		Industrials
Murphy USA, Inc.		0.3		Consumer Discretionary
Commercial Metals Co.		0.3		Materials

⁵

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


FUND VS BENCHMARK⁶

February 28, 2023

LOGO

⁶

Country and sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by Russell Investments. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Underlying sector allocation of exchange-traded funds held by the Fund are not reflected in the chart above. Investments in the securities lending vehicle represented 0.5% of the Fund’s net assets as of February 28, 2023. Figures above may not sum to 100% due to rounding.

⁷

The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Goldman Sachs ActiveBeta^® U.S. Small Cap Equity Index.

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

FUND BASICS

ActiveBeta^® World Low Vol Plus Equity ETF

as of February 28, 2023


FUND SNAPSHOT

As of February 28, 2023

Market Price¹	$	38.68
Net Asset Value (NAV)¹	$	38.71


PERFORMANCE REVIEW

September 1, 2022—February 28, 2023	Fund Total Return (based on NAV)²			Fund Total Return (based on Market Price)²			GS ActiveBeta World Low Vol Plus Equity Index³
Shares		2.93	%		2.83	%		2.85	%

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

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

FUND BASICS


TOP TEN HOLDINGS AS OF 2/28/23⁴

Holding	% of Net Assets			Line of Business	Country

Apple, Inc.		2.8	%	Information Technology	United States
Microsoft Corp.		2.1		Information Technology	United States
O’Reilly Automotive, Inc.		1.3		Consumer Discretionary	United States
AutoZone, Inc.		1.1		Consumer Discretionary	United States
Walmart, Inc.		1.0		Consumer Staples	United States
Hershey Co. (The)		0.9		Consumer Staples	United States
UnitedHealth Group, Inc.		0.9		Health Care	United States
PepsiCo, Inc.		0.9		Consumer Staples	United States
Johnson & Johnson		0.9		Health Care	United States
Nippon Telegraph & Telephone Corp.		0.9		Communication Services	Japan

⁴

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


FUND VS BENCHMARK⁵

February 28, 2023

LOGO

⁵

Country and sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by Standard & Poor’s. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Underlying sector allocation of exchange-traded funds held by the Fund are not reflected in the chart above Investments in the securities lending vehicle represented 0.3% of the Fund’s net assets as of February 28, 2023. Figures above may not sum to 100% due to rounding.

⁶

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

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

FUND BASICS

Industry Terms

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

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

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

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

Schedule of Investments

February 28, 2023 (Unaudited)


Shares		Description	Value

Common Stocks – 97.7%
Brazil – 3.9%
	678,542	Ambev SA (Consumer Staples)	$	1,740,318
	183,749	Atacadao SA (Consumer Staples)		473,389
	615,001	B3 SA – Brasil Bolsa Balcao (Financials)		1,242,795
	409,458	Banco Bradesco SA (Financials)		912,922
	93,474	Banco do Brasil SA (Financials)		721,551
	65,940	Banco Santander Brasil SA (Financials)		357,822
	556,755	BB Seguridade Participacoes SA (Financials)		3,648,283
	193,022	CCR SA (Industrials)		406,327
	123,380	Centrais Eletricas Brasileiras SA (Utilities)		811,079
	64,804	Cia Siderurgica Nacional SA (Materials)		206,923
	95,605	CPFL Energia SA (Utilities)		554,691
	71,144	Energisa SA (Utilities)		527,240
	78,040	Engie Brasil Energia SA (Utilities)		587,165
	279,787	Equatorial Energia SA (Utilities)		1,362,841
	73,287	Hypera SA (Health Care)		584,673
	86,094	Klabin SA (Materials)		320,913
	135,686	Lojas Renner SA (Consumer Discretionary)		484,714
	174,181	Natura & Co. Holding SA (Consumer Staples)		511,129
	77,267	Petro Rio SA (Energy)*		498,764
	501,355	Petroleo Brasileiro SA (Energy)		2,760,924
	544,005	Raia Drogasil SA (Consumer Staples)		2,363,291
	137,779	Suzano SA (Materials)		1,259,902
	204,966	Telefonica Brasil SA (Communication Services)		1,528,794
	277,938	TIM SA (Communication Services)		652,694
	513,402	Vale SA (Materials)		8,390,342
	135,997	Vibra Energia SA (Consumer Discretionary)		385,273
	240,621	WEG SA (Industrials)		1,804,876

				35,099,635

Chile – 0.5%
	825,771	Cencosud SA (Consumer Staples)		1,552,639
	188,064	Cia Cervecerias Unidas SA (Consumer Staples)		1,428,943
	235,192	Empresas CMPC SA (Materials)		388,612
	83,328	Empresas Copec SA (Energy)		598,672
	6,138,692	Enel Americas SA (Utilities)		760,012

				4,728,878

China – 32.9%
	57,978	360 DigiTech, Inc. ADR (Financials)		1,180,432
	374,059	37 Interactive Entertainment Network Technology Group Co. Ltd., Class A (Communication Services)		1,182,168
	1,161,783	3SBio, Inc. (Health Care)^(a)		1,151,496
	2,760,100	Agricultural Bank of China Ltd., Class A (Financials)		1,163,326
	4,330,400	Agricultural Bank of China Ltd., Class H (Financials)		1,500,565


Common Stocks – (continued)
China – (continued)
	98,214	Aier Eye Hospital Group Co. Ltd., Class A (Health Care)		441,502
	461,548	Air China Ltd., Class H (Industrials)*		425,122
	20,108	Airtac International Group (Industrials)		709,434
	83,800	Akeso, Inc., Class B (Health Care)*^(a)		427,034
	1,732,900	Alibaba Group Holding Ltd. (Consumer Discretionary)*		19,096,229
	624,200	Alibaba Health Information Technology Ltd. (Consumer Discretionary)*		445,318
	885,962	Aluminum Corp. of China Ltd., Class H (Materials)		451,474
	28,846	Amlogic Shanghai Co. Ltd., Class A (Information Technology)*		330,341
	64,201	Anhui Conch Cement Co. Ltd., Class A (Materials)		283,339
	68,102	Anhui Conch Cement Co. Ltd., Class H (Materials)		249,868
	173,307	ANTA Sports Products Ltd. (Consumer Discretionary)		2,282,941
	16,249	Autohome, Inc. ADR (Communication Services)		495,594
	964,257	AVIC Industry-Finance Holdings Co. Ltd., Class A (Financials)		603,380
	165,036	Baidu, Inc., Class A (Communication Services)*		2,834,175
	1,851,272	Bank of Beijing Co. Ltd., Class A (Financials)		1,153,100
	378,098	Bank of Changsha Co. Ltd., Class A (Financials)		437,834
	2,969,426	Bank of China Ltd., Class A (Financials)		1,379,698
	9,179,971	Bank of China Ltd., Class H (Financials)		3,368,153
	1,964,072	Bank of Communications Co. Ltd., Class A (Financials)		1,384,403
	2,422,490	Bank of Communications Co. Ltd., Class H (Financials)		1,431,983
	196,712	Bank of Hangzhou Co. Ltd., Class A (Financials)		343,242
	1,338,880	Bank of Jiangsu Co. Ltd., Class A (Financials)		1,384,776
	618,156	Bank of Nanjing Co. Ltd., Class A (Financials)		881,213
	1,013,392	Bank of Shanghai Co. Ltd., Class A (Financials)		871,741
	348,700	Bank of Suzhou Co. Ltd., Class A (Financials)		376,203
	463,500	Baoshan Iron & Steel Co. Ltd., Class A (Materials)		438,717
	1,411,100	BBMG Corp., Class A (Materials)		529,794
	38,100	BeiGene Ltd. (Health Care)*		647,984
	496,800	Beijing Capital International Airport Co. Ltd., Class H (Industrials)*		363,288
	309,301	Beijing Enterprises Holdings Ltd. (Utilities)		1,012,681


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

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF


Shares		Description	Value

Common Stocks – (continued)
China – (continued)
	1,237,833	Beijing Enterprises Water Group Ltd. (Utilities)	$	310,661
	46,962	Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A (Health Care)		856,594
	190,100	Beijing Yanjing Brewery Co. Ltd., Class A (Consumer Staples)		368,895
	31,111	BGI Genomics Co. Ltd., Class A (Health Care)		249,140
	19,370	Bloomage Biotechnology Corp. Ltd., Class A (Health Care)		353,312
	44,952	BOC Aviation Ltd. (Industrials)^(a)		324,706
	1,502,280	BOE Technology Group Co. Ltd., Class A (Information Technology)		901,148
	2,064,139	Bosideng International Holdings Ltd. (Consumer Discretionary)		1,143,895
	22,339	BYD Co. Ltd., Class A (Consumer Discretionary)		838,070
	57,343	BYD Co. Ltd., Class H (Consumer Discretionary)		1,542,881
	116,600	BYD Electronic International Co. Ltd. (Information Technology)		339,424
	169,537	By-health Co. Ltd., Class A (Consumer Staples)		559,945
	138,200	C&D International Investment Group Ltd. (Real Estate)		445,437
	368,920	Caitong Securities Co. Ltd., Class A (Financials)		409,162
	3,650,597	CGN Power Co. Ltd., Class H (Utilities)^(a)		818,530
	12,521	Changchun High & New Technology Industry Group, Inc., Class A (Health Care)		355,347
	408,778	Changjiang Securities Co. Ltd., Class A (Financials)		332,823
	53,783	Chengxin Lithium Group Co. Ltd., Class A (Materials)		293,993
	3,823,379	China Cinda Asset Management Co. Ltd., Class H (Financials)		496,827
	2,742,178	China CITIC Bank Corp. Ltd., Class H (Financials)		1,268,120
	1,175,761	China Communications Services Corp. Ltd., Class H (Industrials)		456,853
	1,183,183	China Construction Bank Corp., Class A (Financials)		959,931
	11,356,448	China Construction Bank Corp., Class H (Financials)		6,944,512
	1,276,598	China Everbright Bank Co. Ltd., Class A (Financials)		547,242
	2,515,188	China Everbright Bank Co. Ltd., Class H (Financials)		724,164
	1,564,840	China Feihe Ltd. (Consumer Staples)^(a)		1,251,952
	296,492	China Galaxy Securities Co. Ltd., Class A (Financials)		410,296
	1,074,083	China Galaxy Securities Co. Ltd., Class H (Financials)		535,023


Common Stocks – (continued)
China – (continued)
	480,607	China Hongqiao Group Ltd. (Materials)		513,701
	595,447	China Life Insurance Co. Ltd., Class H (Financials)		1,008,911
	1,194,297	China Medical System Holdings Ltd. (Health Care)		1,795,363
	543,998	China Mengniu Dairy Co. Ltd. (Consumer Staples)*		2,390,972
	203,402	China Merchants Bank Co. Ltd., Class A (Financials)		1,091,665
	393,978	China Merchants Bank Co. Ltd., Class H (Financials)		2,133,138
	297,878	China Merchants Port Holdings Co. Ltd. (Industrials)		417,435
	176,306	China Merchants Securities Co. Ltd., Class A (Financials)		354,555
	275,263	China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A (Real Estate)		587,216
	1,745,981	China Minsheng Banking Corp. Ltd., Class A (Financials)		856,452
	2,963,107	China Minsheng Banking Corp. Ltd., Class H (Financials)		1,022,998
	905,752	China National Building Material Co. Ltd., Class H (Materials)		801,959
	395,175	China National Nuclear Power Co. Ltd., Class A (Utilities)		344,486
	32,700	China National Software & Service Co. Ltd., Class A (Information Technology)		335,951
	58,560	China Northern Rare Earth Group High-Tech Co. Ltd., Class A (Materials)		244,713
	290,347	China Oilfield Services Ltd., Class H (Energy)		310,710
	92,458	China Overseas Land & Investment Ltd. (Real Estate)		229,216
	125,314	China Pacific Insurance Group Co. Ltd., Class A (Financials)		497,889
	173,220	China Pacific Insurance Group Co. Ltd., Class H (Financials)		459,007
	1,768,860	China Petroleum & Chemical Corp., Class A (Energy)		1,185,737
	3,905,136	China Petroleum & Chemical Corp., Class H (Energy)		1,994,980
	584,772	China Railway Group Ltd., Class A (Industrials)		508,080
	924,621	China Railway Group Ltd., Class H (Industrials)		481,776
	586,295	China Railway Signal & Communication Corp. Ltd., Class A (Information Technology)		430,969
	171,198	China Resources Beer Holdings Co. Ltd. (Consumer Staples)		1,263,892
	476,211	China Resources Cement Holdings Ltd. (Materials)		256,018


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

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

Schedule of Investments (continued)

February 28, 2023 (Unaudited)


Shares		Description	Value

Common Stocks – (continued)
China – (continued)
	189,272	China Resources Land Ltd. (Real Estate)	$	839,119
	461,300	China Resources Pharmaceutical Group Ltd. (Health Care)^(a)		379,054
	167,068	China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A (Health Care)		1,223,985
	160,657	China Shenhua Energy Co. Ltd., Class A (Energy)		647,093
	744,812	China Shenhua Energy Co. Ltd., Class H (Energy)		2,239,323
	962,971	China State Construction Engineering Corp. Ltd., Class A (Industrials)		778,500
	299,000	China Taiping Insurance Holdings Co. Ltd. (Financials)		353,109
	11,540,770	China Tower Corp. Ltd., Class H (Communication Services)^(a)		1,249,717
	1,525,931	China Traditional Chinese Medicine Holdings Co. Ltd. (Health Care)		791,202
	1,759,939	China United Network Communications Ltd., Class A (Communication Services)		1,336,720
	245,911	China Yangtze Power Co. Ltd., Class A (Utilities)		748,519
	2,004,659	China Zheshang Bank Co. Ltd., Class A (Financials)*		842,039
	62,514	Chongqing Brewery Co. Ltd., Class A (Consumer Staples)		1,236,036
	747,283	Chongqing Rural Commercial Bank Co. Ltd., Class A (Financials)		389,137
	47,406	Chongqing Zhifei Biological Products Co. Ltd., Class A (Health Care)		611,422
	223,522	Chow Tai Fook Jewellery Group Ltd. (Consumer Discretionary)		432,834
	1,377,506	CITIC Ltd. (Industrials)		1,519,740
	141,352	CITIC Securities Co. Ltd., Class A (Financials)		419,886
	212,778	CITIC Securities Co. Ltd., Class H (Financials)		450,522
	149,744	COSCO SHIPPING Energy Transportation Co. Ltd., Class A (Energy)*		311,908
	263,148	COSCO SHIPPING Holdings Co. Ltd., Class A (Industrials)		408,064
	485,535	COSCO SHIPPING Holdings Co. Ltd., Class H (Industrials)		503,504
	1,461,109	Country Garden Holdings Co. Ltd. (Real Estate)^(b)		446,737
	727,235	CRRC Corp. Ltd., Class A (Industrials)		596,291
	2,017,416	CRRC Corp. Ltd., Class H (Industrials)		922,673
	2,210,722	CSPC Pharmaceutical Group Ltd. (Health Care)		2,374,213


Common Stocks – (continued)
China – (continued)
	237,486	Daan Gene Co. Ltd., Class A (Health Care)		547,963
	1,315,244	Dali Foods Group Co. Ltd. (Consumer Staples)^(a)		531,158
	415,014	Daqin Railway Co. Ltd., Class A (Industrials)		405,361
	12,920	Daqo New Energy Corp. ADR (Information Technology)*		570,806
	439,391	DHC Software Co. Ltd., Class A (Information Technology)		415,897
	110,668	Dong-E-E-Jiao Co. Ltd., Class A (Health Care)		761,433
	865,045	Dongfeng Motor Group Co. Ltd., Class H (Consumer Discretionary)		441,917
	325,400	Dongxing Securities Co. Ltd., Class A (Financials)		402,087
	288,831	Dongyue Group Ltd. (Materials)		326,749
	62,927	Ecovacs Robotics Co. Ltd., Class A (Consumer Discretionary)		818,394
	34,516	ENN Energy Holdings Ltd. (Utilities)		490,290
	177,882	ENN Natural Gas Co. Ltd., Class A (Utilities)		494,110
	456,181	Far East Horizon Ltd. (Financials)		403,325
	222,431	FAW Jiefang Group Co. Ltd., Class A (Consumer Discretionary)		272,931
	558,887	Focus Media Information Technology Co. Ltd., Class A (Communication Services)		525,788
	255,612	Foxconn Industrial Internet Co. Ltd., Class A (Information Technology)		352,989
	63,007	Fuyao Glass Industry Group Co. Ltd., Class A (Consumer Discretionary)		335,985
	11,267	G-bits Network Technology Xiamen Co. Ltd., Class A (Communication Services)		572,126
	1,167,181	GD Power Development Co. Ltd., Class A (Utilities)*		659,842
	346,008	Geely Automobile Holdings Ltd. (Consumer Discretionary)		448,737
	121,354	GF Securities Co. Ltd., Class A (Financials)		285,069
	76,287	Gree Electric Appliances Inc of Zhuhai, Class A (Consumer Discretionary)		389,792
	229,328	Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A (Health Care)		1,041,455
	279,439	Guangzhou Haige Communications Group Inc Co., Class A (Information Technology)		383,079
	76,960	Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A (Health Care)		933,036
	102,176	Guangzhou Tinci Materials Technology Co. Ltd., Class A (Materials)		661,262
	253,727	Guosen Securities Co. Ltd., Class A (Financials)		352,576


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

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF


Shares		Description	Value

Common Stocks – (continued)
China – (continued)
	183,011	Guotai Junan Securities Co. Ltd., Class A (Financials)	$	376,200
	387,655	Guoyuan Securities Co. Ltd., Class A (Financials)		393,137
	7,300	H World Group Ltd. ADR (Consumer Discretionary)		345,801
	647,923	Haidilao International Holding Ltd. (Consumer Discretionary)*^(a)		1,791,188
	219,933	Haier Smart Home Co. Ltd., Class A (Consumer Discretionary)		832,377
	437,086	Haier Smart Home Co. Ltd., Class H (Consumer Discretionary)		1,545,211
	136,051	Haitian International Holdings Ltd. (Industrials)		355,315
	276,410	Haitong Securities Co. Ltd., Class A (Financials)		363,818
	522,893	Haitong Securities Co. Ltd., Class H (Financials)		336,405
	223,164	Hangzhou Binjiang Real Estate Group Co. Ltd., Class A (Real Estate)		330,330
	74,866	Hangzhou Robam Appliances Co. Ltd., Class A (Consumer Discretionary)		331,591
	131,215	Hansoh Pharmaceutical Group Co. Ltd. (Health Care)^(a)		235,701
	209,472	Heilongjiang Agriculture Co. Ltd., Class A (Consumer Staples)		429,087
	76,032	Hengan International Group Co. Ltd. (Consumer Staples)		349,673
	1,238,586	Hesteel Co. Ltd., Class A (Materials)		448,989
	49,739	Hithink RoyalFlush Information Network Co. Ltd., Class A (Financials)		847,860
	612,592	Huadian Power International Corp. Ltd., Class A (Utilities)		505,816
	114,796	Huadong Medicine Co. Ltd., Class A (Health Care)		793,467
	192,693	Huatai Securities Co. Ltd., Class A (Financials)		349,257
	335,603	Huatai Securities Co. Ltd., Class H (Financials)^(a)		377,524
	312,182	Huaxi Securities Co. Ltd., Class A (Financials)		371,383
	1,350,726	Huaxia Bank Co. Ltd., Class A (Financials)		1,014,254
	174,518	Huayu Automotive Systems Co. Ltd., Class A (Consumer Discretionary)		474,472
	92,944	Hubei Xingfa Chemicals Group Co. Ltd., Class A (Materials)		469,286
	66,200	Hygeia Healthcare Holdings Co. Ltd. (Health Care)*^(a)		481,140
	1,855,838	Industrial & Commercial Bank of China Ltd., Class A (Financials)		1,147,936
	6,311,684	Industrial & Commercial Bank of China Ltd., Class H (Financials)		3,152,023
	422,216	Industrial Bank Co. Ltd., Class A (Financials)		1,027,040


Common Stocks – (continued)
China – (continued)
	102,548	Inner Mongolia Yili Industrial Group Co. Ltd., Class A (Consumer Staples)		449,331
	252,362	Inner Mongolia Yuan Xing Energy Co. Ltd., Class A (Materials)		343,056
	91,600	Innovent Biologics, Inc. (Health Care)*^(a)		444,609
	50,400	iQIYI, Inc. ADR (Communication Services)*		389,592
	96,975	Jafron Biomedical Co. Ltd., Class A (Health Care)		452,114
	53,800	JD Health International, Inc. (Consumer Discretionary)*^(a)		375,253
	209,242	JD.com, Inc., Class A (Consumer Discretionary)		4,630,274
	417,090	Jiangsu Expressway Co. Ltd., Class H (Industrials)		398,519
	252,424	Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A (Health Care)		1,579,534
	187,089	Jiangxi Copper Co. Ltd., Class A (Materials)		528,027
	322,905	Jiangxi Copper Co. Ltd., Class H (Materials)		508,454
	25,179	JiuGui Liquor Co. Ltd., Class A (Consumer Staples)		550,507
	433,796	Jiumaojiu International Holdings Ltd. (Consumer Discretionary)^(a)(b)		1,045,598
	220,974	Joincare Pharmaceutical Group Industry Co. Ltd., Class A (Health Care)		419,271
	317,061	Jointown Pharmaceutical Group Co. Ltd., Class A (Health Care)		659,964
	15,756	JOYY, Inc. ADR (Communication Services)		494,738
	298,731	Kingboard Holdings Ltd. (Information Technology)		1,065,605
	77,800	Koolearn Technology Holding Ltd. (Consumer Discretionary)*^(a)		441,556
	210,853	Kuaishou Technology (Communication Services)*^(a)		1,410,253
	9,747	Kweichow Moutai Co. Ltd., Class A (Consumer Staples)		2,543,050
	2,240,099	Lenovo Group Ltd. (Information Technology)		2,009,083
	261,269	Li Ning Co. Ltd. (Consumer Discretionary)		2,221,760
	1,526,161	Liaoning Port Co. Ltd., Class A (Industrials)		355,651
	263,840	Longfor Group Holdings Ltd. (Real Estate)^(a)		752,916
	15,557	Luzhou Laojiao Co. Ltd., Class A (Consumer Staples)		559,467
	439,015	Meituan, Class B (Consumer Discretionary)*^(a)		7,611,942
	1,106,824	Metallurgical Corp. of China Ltd., Class A (Industrials)		542,928
	22,900	MINISO Group Holding Ltd. ADR (Consumer Discretionary)		409,910


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

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

Schedule of Investments (continued)

February 28, 2023 (Unaudited)


Shares		Description	Value

Common Stocks – (continued)
China – (continued)
	42,542	Muyuan Foods Co. Ltd., Class A (Consumer Staples)	$	303,168
	201,186	NetEase, Inc. (Communication Services)		3,103,844
	76,179	New China Life Insurance Co. Ltd., Class A (Financials)		341,571
	165,930	New China Life Insurance Co. Ltd., Class H (Financials)		401,640
	257,208	New Oriental Education & Technology Group, Inc. (Consumer Discretionary)*		979,746
	35,954	Ningbo Orient Wires & Cables Co. Ltd., Class A (Industrials)		284,458
	320,002	Nongfu Spring Co. Ltd., Class H (Consumer Staples)^(a)		1,793,756
	711,792	Offshore Oil Engineering Co. Ltd., Class A (Energy)		698,307
	48,926	PDD Holdings, Inc. ADR (Consumer Discretionary)*		4,292,278
	513,703	People’s Insurance Co. Group of China Ltd. (The), Class A (Financials)		385,737
	2,324,074	People’s Insurance Co. Group of China Ltd. (The), Class H (Financials)		734,277
	2,642,746	PetroChina Co. Ltd., Class A (Energy)		1,988,228
	4,454,617	PetroChina Co. Ltd., Class H (Energy)		2,281,363
	1,782,718	PICC Property & Casualty Co. Ltd., Class H (Financials)		1,564,804
	201,259	Ping An Bank Co. Ltd., Class A (Financials)		398,945
	119,996	Ping An Insurance Group Co. of China Ltd., Class A (Financials)		831,999
	592,563	Ping An Insurance Group Co. of China Ltd., Class H (Financials)		4,023,646
	1,358,654	Postal Savings Bank of China Co. Ltd., Class A (Financials)		883,398
	1,695,867	Postal Savings Bank of China Co. Ltd., Class H (Financials)^(a)		1,017,585
	217,008	Power Construction Corp. of China Ltd., Class A (Industrials)		224,135
	23,787	Proya Cosmetics Co. Ltd., Class A (Consumer Staples)		624,470
	159,542	Qinghai Salt Lake Industry Co. Ltd., Class A (Materials)*		569,162
	197,785	SAIC Motor Corp. Ltd., Class A (Consumer Discretionary)		427,623
	32,540	Sangfor Technologies, Inc., Class A (Information Technology)		668,522
	750,456	Sealand Securities Co. Ltd., Class A (Financials)		376,756
	172,603	Seazen Holdings Co. Ltd., Class A (Real Estate)*		485,157
	21,186	SG Micro Corp., Class A (Information Technology)		478,747
	127,717	Shaanxi Coal Industry Co. Ltd., Class A (Energy)		367,441
	188,019	Shandong Buchang Pharmaceuticals Co. Ltd., Class A (Health Care)		553,641


Common Stocks – (continued)
China – (continued)
	172,914	Shandong Gold Mining Co. Ltd., Class A (Materials)		472,101
	215,100	Shandong Weigao Group Medical Polymer Co. Ltd., Class H (Health Care)		346,922
	609,374	Shanghai Electric Group Co. Ltd., Class A (Industrials)*		367,288
	93,000	Shanghai Fudan Microelectronics Group Co. Ltd., Class H (Information Technology)		381,502
	659,592	Shanghai International Port Group Co. Ltd., Class A (Industrials)		504,773
	177,301	Shanghai Lingang Holdings Corp. Ltd., Class A (Real Estate)		311,667
	985,444	Shanghai Pudong Development Bank Co. Ltd., Class A (Financials)		1,017,807
	427,365	Shanghai RAAS Blood Products Co. Ltd., Class A (Health Care)		381,153
	470,872	Shanghai Rural Commercial Bank Co. Ltd., Class A (Financials)		401,667
	314,660	Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A (Consumer Discretionary)		354,868
	458,483	Shanxi Securities Co. Ltd., Class A (Financials)		382,525
	794,276	Shanxi Taigang Stainless Steel Co. Ltd., Class A (Materials)		546,145
	27,103	Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A (Consumer Staples)		1,101,984
	157,556	Shengyi Technology Co. Ltd., Class A (Information Technology)		410,905
	672,285	Shenwan Hongyuan Group Co. Ltd., Class A (Financials)		408,108
	310,692	Shenzhen International Holdings Ltd. (Industrials)		269,943
	51,200	Shenzhen Kstar Science And Technology Co. Ltd., Class A (Industrials)		369,728
	14,789	Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A (Health Care)		668,044
	674,229	Shenzhen Overseas Chinese Town Co. Ltd., Class A (Consumer Discretionary)		515,004
	70,400	Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A (Health Care)		375,712
	204,455	Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A (Health Care)		882,912
	459,262	Shimao Group Holdings Ltd. (Real Estate)*^(b)(c)		129,304
	168,298	Sichuan Chuantou Energy Co. Ltd., Class A (Utilities)		314,241
	199,161	Sichuan Kelun Pharmaceutical Co. Ltd., Class A (Health Care)		827,104
	145,769	Sichuan Road and Bridge Group Co. Ltd., Class A (Industrials)		266,514


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

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF


Shares		Description	Value

Common Stocks – (continued)
China – (continued)
	74,840	Sichuan Swellfun Co. Ltd., Class A (Consumer Staples)	$	891,401
	61,145	Silergy Corp. (Information Technology)		1,167,935
	241,396	Sinopharm Group Co. Ltd., Class H (Health Care)		645,814
	174,904	Smoore International Holdings Ltd. (Consumer Staples)^(a)(b)		215,914
	361,736	SooChow Securities Co. Ltd., Class A (Financials)		366,331
	593,479	Southwest Securities Co. Ltd., Class A (Financials)		348,317
	237,920	Sunac China Holdings Ltd. (Real Estate)*^(c)		69,410
	34,269	Sunny Optical Technology Group Co. Ltd. (Information Technology)		388,552
	73,867	Suzhou TA&A Ultra Clean Technology Co. Ltd., Class A (Materials)		610,980
	102,991	TAL Education Group ADR (Consumer Discretionary)*		724,027
	297,911	Tangshan Jidong Cement Co. Ltd., Class A (Materials)		386,975
	62,305	TBEA Co. Ltd., Class A (Industrials)		193,233
	590,731	TCL Technology Group Corp., Class A (Consumer Discretionary)		377,296
	721,403	Tencent Holdings Ltd. (Communication Services)		31,578,326
	130,535	Tencent Music Entertainment Group ADR (Communication Services)*		984,234
	260,754	Tianma Microelectronics Co. Ltd., Class A (Information Technology)		358,965
	1,070,549	Tingyi Cayman Islands Holding Corp. (Consumer Staples)		1,729,354
	72,127	Tongwei Co. Ltd., Class A (Information Technology)		434,731
	1,597,975	Topsports International Holdings Ltd. (Consumer Discretionary)^(a)		1,394,500
	25,902	Trip.com Group Ltd. ADR (Consumer Discretionary)*		920,816
	54,260	Tsingtao Brewery Co. Ltd., Class H (Consumer Staples)		535,031
	1,272,952	Uni-President China Holdings Ltd. (Consumer Staples)		1,115,728
	176,289	Vipshop Holdings Ltd. ADR (Consumer Discretionary)*		2,624,943
	1,732,209	Want Want China Holdings Ltd. (Consumer Staples)		1,090,147
	370,736	Western Securities Co. Ltd., Class A (Financials)		353,580
	883,025	Wuchan Zhongda Group Co. Ltd., Class A (Consumer Discretionary)		621,142
	27,557	Wuliangye Yibin Co. Ltd., Class A (Consumer Staples)		810,334
	151,954	Wuxi Biologics Cayman, Inc. (Health Care)*^(a)		1,058,906


Common Stocks – (continued)
China – (continued)
	495,925	XCMG Construction Machinery Co. Ltd., Class A (Industrials)		506,505
	391,785	Xiamen C & D, Inc., Class A (Industrials)		743,928
	540,380	Xiaomi Corp., Class B (Information Technology)*^(a)		816,473
	266,579	Yadea Group Holdings Ltd. (Consumer Discretionary)^(a)		571,229
	238,802	Yankuang Energy Group Co. Ltd., Class H (Energy)		719,494
	214,410	Yihai International Holding Ltd. (Consumer Staples)*		622,785
	22,155	YongXing Special Materials Technology Co. Ltd., Class A (Materials)		292,693
	430,812	Youngor Group Co. Ltd., Class A (Real Estate)		407,777
	24,154	Youngy Co. Ltd., Class A (Materials)*		345,717
	131,260	YTO Express Group Co. Ltd., Class A (Industrials)		342,703
	521,618	Yuexiu Property Co. Ltd. (Real Estate)		768,190
	58,957	Yum China Holdings, Inc. (Consumer Discretionary)		3,462,545
	47,692	Yunnan Baiyao Group Co. Ltd., Class A (Health Care)		390,361
	28,522	Yunnan Botanee Bio-Technology Group Co. Ltd., Class A (Consumer Staples)		568,249
	8,581	Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A (Health Care)		381,088
	581,561	Zhejiang Expressway Co. Ltd., Class H (Industrials)		468,983
	64,462	Zhejiang Supor Co. Ltd., Class A (Consumer Discretionary)		527,903
	269,381	Zhejiang Weixing New Building Materials Co. Ltd., Class A (Industrials)		995,110
	47,323	Zhejiang Wolwo Bio-Pharmaceutical Co. Ltd., Class A (Health Care)		358,886
	152,394	Zhongsheng Group Holdings Ltd. (Consumer Discretionary)		760,077
	347,330	Zhongtai Securities Co. Ltd., Class A (Financials)		348,244
	398,400	Zijin Mining Group Co. Ltd., Class H (Materials)		600,937
	440,911	Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A (Industrials)		425,581

				295,874,672

Czech Republic – 0.3%
	21,813	CEZ AS (Utilities)		1,020,032
	19,062	Komercni banka AS (Financials)		644,258
	154,800	Moneta Money Bank AS (Financials)^(a)		591,952

				2,256,242


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

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

Schedule of Investments (continued)

February 28, 2023 (Unaudited)


Shares		Description	Value

Common Stocks – (continued)
Egypt – 0.4%
	1,382,359	Commercial International Bank Egypt SAE (Financials)	$	2,396,901
	2,578,615	Eastern Co. SAE (Consumer Staples)		1,559,124

				3,956,025

Greece – 0.7%
	574,739	Eurobank Ergasias Services and Holdings SA (Financials)*		885,010
	176,398	Hellenic Telecommunications Organization SA (Communication Services)		2,716,259
	19,000	JUMBO SA (Consumer Discretionary)		380,020
	14,400	Motor Oil Hellas Corinth Refineries SA (Energy)		383,002
	15,700	Mytilineos SA (Industrials)		424,904
	87,972	OPAP SA (Consumer Discretionary)		1,369,561

				6,158,756

Hong Kong – 0.3%
	245,427	Kingboard Laminates Holdings Ltd. (Information Technology)		305,787
	49,037	Orient Overseas International Ltd. (Industrials)		787,141
	2,378,190	Sino Biopharmaceutical Ltd. (Health Care)		1,227,042

				2,319,970

Hungary – 0.2%
	130,198	MOL Hungarian Oil & Gas PLC (Energy)		992,016
	16,226	OTP Bank Nyrt (Financials)		493,477
	15,698	Richter Gedeon Nyrt (Health Care)		329,778

				1,815,271

India – 12.6%
	19,742	ACC Ltd. (Materials)		413,551
	20,166	Adani Enterprises Ltd. (Industrials)		332,699
	214,183	Adani Power Ltd. (Utilities)*		379,048
	20,600	Adani Total Gas Ltd. (Utilities)		169,089
	17,596	Adani Transmission Ltd. (Utilities)*		136,843
	52,291	Asian Paints Ltd. (Materials)		1,789,346
	160,710	Aurobindo Pharma Ltd. (Health Care)		899,610
	20,517	Avenue Supermarts Ltd. (Consumer Staples)*^(a)		848,043
	162,447	Axis Bank Ltd. (Financials)		1,658,711
	12,786	Bajaj Finance Ltd. (Financials)		945,345
	19,881	Bajaj Finserv Ltd. (Financials)		321,035
	194,400	Bank of Baroda (Financials)		373,903
	65,466	Berger Paints India Ltd. (Materials)		458,996
	299,364	Bharat Electronics Ltd. (Industrials)		342,575
	120,392	Bharat Petroleum Corp. Ltd. (Energy)		462,170
	161,847	Bharti Airtel Ltd. (Communication Services)		1,453,182
	49,573	Britannia Industries Ltd. (Consumer Staples)		2,675,566
	97,100	CG Power & Industrial Solutions Ltd. (Industrials)*		358,542


Common Stocks – (continued)
India – (continued)
	37,642	Cholamandalam Investment and Finance Co. Ltd. (Financials)		344,466
	166,585	Cipla Ltd. (Health Care)		1,826,505
	131,608	Coal India Ltd. (Energy)		342,920
	96,884	Colgate-Palmolive India Ltd. (Consumer Staples)		1,726,901
	195,230	Dabur India Ltd. (Consumer Staples)		1,257,804
	30,256	Divi’s Laboratories Ltd. (Health Care)		1,034,159
	31,013	Dr. Reddy’s Laboratories Ltd. (Health Care)		1,619,387
	11,789	Eicher Motors Ltd. (Consumer Discretionary)		442,924
	368,312	GAIL India Ltd. (Utilities)		457,341
	43,278	Grasim Industries Ltd. (Materials)		826,401
	85,109	Havells India Ltd. (Industrials)		1,232,404
	274,207	HCL Technologies Ltd. (Information Technology)		3,574,385
	102,760	HDFC Life Insurance Co. Ltd. (Financials)^(a)		607,604
	203,969	Hindalco Industries Ltd. (Materials)		984,963
	83,621	Hindustan Unilever Ltd. (Consumer Staples)		2,489,032
	159,759	Housing Development Finance Corp. Ltd. (Financials)		5,042,890
	407,427	ICICI Bank Ltd. (Financials)		4,213,131
	44,107	ICICI Lombard General Insurance Co. Ltd. (Financials)^(a)		587,889
	144,234	Indian Hotels Co. Ltd. (Consumer Discretionary)		542,181
	879,585	Indian Oil Corp. Ltd. (Energy)		809,175
	455,949	Infosys Ltd. (Information Technology)		8,204,517
	452,334	ITC Ltd. (Consumer Staples)		2,061,200
	146,791	Jindal Steel & Power Ltd. (Materials)		975,203
	97,312	JSW Steel Ltd. (Materials)		785,394
	160,965	Jubilant Foodworks Ltd. (Consumer Discretionary)		858,396
	23,876	Kotak Mahindra Bank Ltd. (Financials)		499,441
	69,563	Larsen & Toubro Ltd. (Industrials)		1,774,806
	41,677	LTIMindtree Ltd. (Information Technology)^(a)		2,380,632
	52,130	Lupin Ltd. (Health Care)		415,722
	131,122	Mahindra & Mahindra Ltd. (Consumer Discretionary)		2,013,760
	322,909	Marico Ltd. (Consumer Staples)*		1,921,419
	5,946	Maruti Suzuki India Ltd. (Consumer Discretionary)		620,321
	31,515	Mphasis Ltd. (Information Technology)		775,947
	300	MRF Ltd. (Consumer Discretionary)		309,396
	57,008	Muthoot Finance Ltd. (Financials)		670,711
	9,703	Nestle India Ltd. (Consumer Staples)		2,191,369
	620,888	NTPC Ltd. (Utilities)		1,280,569
	358,952	Oil & Natural Gas Corp. Ltd. (Energy)		660,219
	4,365	Page Industries Ltd. (Consumer Discretionary)		2,004,869


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

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF


Shares		Description	Value

Common Stocks – (continued)
India – (continued)
	8,794	PI Industries Ltd. (Materials)	$	329,724
	48,458	Pidilite Industries Ltd. (Materials)		1,348,682
	646,140	Power Grid Corp. of India Ltd. (Utilities)		1,737,135
	265,166	Reliance Industries Ltd. (Energy)		7,449,860
	91,270	SBI Life Insurance Co. Ltd. (Financials)^(a)		1,237,653
	35,295	Siemens Ltd. (Industrials)		1,386,140
	14,350	SRF Ltd. (Materials)		376,432
	207,963	State Bank of India (Financials)		1,315,185
	77,851	Sun Pharmaceutical Industries Ltd. (Health Care)		900,865
	159,424	Tata Consultancy Services Ltd. (Information Technology)		6,388,820
	109,937	Tata Consumer Products Ltd. (Consumer Staples)		951,256
	7,420	Tata Elxsi Ltd. (Information Technology)		550,144
	343,931	Tata Motors Ltd. (Consumer Discretionary)*		1,750,286
	153,481	Tata Power Co. Ltd. (The) (Utilities)		376,056
	1,953,288	Tata Steel Ltd. (Materials)		2,456,156
	230,277	Tech Mahindra Ltd. (Information Technology)		3,064,835
	23,438	Titan Co. Ltd. (Consumer Discretionary)		672,739
	67,187	Torrent Pharmaceuticals Ltd. (Health Care)		1,186,475
	12,100	Tube Investments of India Ltd. (Consumer Discretionary)		405,707
	27,400	TVS Motor Co. Ltd. (Consumer Discretionary)		358,064
	16,623	UltraTech Cement Ltd. (Materials)		1,460,121
	45,900	Varun Beverages Ltd. (Consumer Staples)		722,224
	361,172	Vedanta Ltd. (Materials)		1,172,414
	270,678	Wipro Ltd. (Information Technology)		1,267,317

				113,248,897

Indonesia – 1.9%
	1,812,377	Adaro Energy Indonesia Tbk PT (Energy)		355,345
	4,940,377	Aneka Tambang Tbk (Materials)		644,679
	3,915,667	Astra International Tbk PT (Consumer Discretionary)		1,566,267
	3,891,085	Bank Central Asia Tbk PT (Financials)		2,232,590
	1,467,694	Bank Mandiri Persero Tbk PT (Financials)		962,422
	1,378,872	Bank Negara Indonesia Persero Tbk PT (Financials)		793,416
	2,394,801	Bank Rakyat Indonesia Persero Tbk PT (Financials)		733,359
	2,147,783	Indofood CBP Sukses Makmur Tbk PT (Consumer Staples)		1,425,987


Common Stocks – (continued)
Indonesia – (continued)
	2,981,401	Indofood Sukses Makmur Tbk PT (Consumer Staples)		1,265,874
	11,587,707	Kalbe Farma Tbk PT (Health Care)		1,603,283
	998,006	Merdeka Copper Gold Tbk PT (Materials)*		297,111
	6,683,914	Sumber Alfaria Trijaya Tbk PT (Consumer Staples)		1,271,039
	10,297,367	Telkom Indonesia Persero Tbk PT (Communication Services)		2,619,920
	3,985,255	Unilever Indonesia Tbk PT (Consumer Staples)		1,092,352

				16,863,644

Kuwait – 0.7%
	317,063	Agility Public Warehousing Co. KSC (Industrials)		622,969
	297,383	Boubyan Bank KSCP (Financials)		741,277
	710,057	Kuwait Finance House KSCP (Financials)		1,982,792
	849,825	National Bank of Kuwait SAKP (Financials)		2,962,896

				6,309,934

Luxembourg – 0.1%
	41,204	Reinet Investments SCA (Financials)		814,821

Mexico – 2.6%
	820,056	Alfa SAB de CV, Class A (Industrials)		534,323
	3,439,340	America Movil SAB de CV, Series L (Communication Services)		3,562,274
	51,904	Arca Continental SAB de CV (Consumer Staples)		437,382
	2,577,170	Cemex SAB de CV, Series CPO (Materials)*		1,288,233
	105,547	Coca-Cola Femsa SAB de CV (Consumer Staples)		762,242
	335,387	Fomento Economico Mexicano SAB de CV (Consumer Staples)		3,090,502
	132,838	Gruma SAB de CV, Class B (Consumer Staples)		1,944,255
	717,384	Grupo Bimbo SAB de CV, Series A (Consumer Staples)		3,399,989
	76,300	Grupo Carso SAB de CV, Series A1 (Industrials)		363,992
	324,560	Grupo Financiero Banorte SAB de CV, Class O (Financials)		2,735,337
	250,030	Grupo Mexico SAB de CV, Series B (Materials)		1,120,053
	219,559	Orbia Advance Corp. SAB de CV (Materials)		457,809
	41,700	Promotora y Operadora de Infraestructura SAB de CV (Industrials)		406,077
	921,898	Wal-Mart de Mexico SAB de CV (Consumer Staples)		3,622,694

				23,725,162


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

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

Schedule of Investments (continued)

February 28, 2023 (Unaudited)


Shares		Description	Value

Common Stocks – (continued)
Philippines – 0.1%
	436,250	Bank of the Philippine Islands (Financials)	$	865,407
	38,740	Manila Electric Co. (Utilities)		222,431

				1,087,838

Poland – 0.8%
	23,938	Bank Pekao SA (Financials)		483,820
	14,912	CD Projekt SA (Communication Services)^(b)		444,964
	22,913	Dino Polska SA (Consumer Staples)*^(a)		1,918,927
	13,238	KGHM Polska Miedz SA (Materials)		380,095
	509	LPP SA (Consumer Discretionary)		1,080,611
	403,801	PGE Polska Grupa Energetyczna SA (Utilities)*		607,918
	103,549	Powszechna Kasa Oszczednosci Bank Polski SA (Financials)		725,317
	187,066	Powszechny Zaklad Ubezpieczen SA (Financials)		1,543,882

				7,185,534

Qatar – 1.1%
	520,985	Commercial Bank PSQC (The) (Financials)		879,813
	93,431	Industries Qatar QSC (Industrials)		357,125
	572,302	Masraf Al Rayan QSC (Financials)		424,306
	666,116	Ooredoo QPSC (Communication Services)		1,682,781
	455,205	Qatar International Islamic Bank QSC (Financials)		1,311,210
	330,752	Qatar Islamic Bank (Financials)		1,689,294
	704,266	Qatar National Bank QPSC (Financials)		3,258,566

				9,603,095

Romania – 0.1%
	118,358	NEPI Rockcastle NV (Real Estate)		710,358

Russia – 0.0%
	1,256,908	Gazprom PJSC (Energy)^(c)		—
	35,708,229	Inter RAO UES PJSC (Utilities)^(c)		—
	62,206	LUKOIL PJSC (Energy)^(c)		—
	11,906	MMC Norilsk Nickel PJSC (Materials)^(c)		—
	824,628	Moscow Exchange MICEX-RTS PJSC (Financials)*^(c)		—
	5,200	Novatek PJSC GDR (Energy)*^(c)		—
	839,494	Novolipetsk Steel PJSC (Materials)*^(c)		—
	127,440	PhosAgro PJSC GDR (Materials)*^(c)		—
	820	PhosAgro PJSC (Materials)*^(c)		—
	73,809	Polymetal International PLC (Materials)*^(c)		—
	11,287	Polyus PJSC (Materials)*^(c)		—
	90,086	Rosneft Oil Co. PJSC (Energy)^(c)		—
	1,661,273	Sberbank of Russia PJSC (Financials)*^(c)		—


Common Stocks – (continued)
Russia – (continued)
	152,107	Severstal PAO (Materials)*^(c)		—
	3,362,523	Surgutneftegas PJSC (Energy)^(c)		—
	277,377	Tatneft PJSC (Energy)^(c)		—
	29,482	TCS Group Holding PLC GDR (Financials)*^(c)		—
	799,132,583	VTB Bank PJSC (Financials)*^(c)		—
	69,395	X5 Retail Group NV GDR (Consumer Staples)*^(c)		—
	41,484	Yandex NV, Class A (Communication Services)*^(c)		—

				—

Saudi Arabia – 3.7%
	11,800	ACWA Power Co. (Utilities)		438,336
	48,587	Advanced Petrochemical Co. (Materials)		625,359
	203,059	Al Rajhi Bank (Financials)*		3,803,991
	73,442	Alinma Bank (Financials)		576,357
	29,414	Almarai Co. JSC (Consumer Staples)		411,505
	81,597	Arab National Bank (Financials)		500,543
	41,200	Bank AlBilad (Financials)*		391,398
	57,370	Bank Al-Jazira (Financials)		277,016
	64,690	Banque Saudi Fransi (Financials)		563,698
	30,685	Bupa Arabia for Cooperative Insurance Co. (Financials)		1,264,147
	131,486	Dar Al Arkan Real Estate Development Co. (Real Estate)*		503,148
	11,187	Dr Sulaiman Al Habib Medical Services Group Co. (Health Care)		691,017
	4,800	Elm Co. (Information Technology)		484,777
	190,405	Etihad Etisalat Co. (Communication Services)		1,983,888
	8,996	Jarir Marketing Co. (Consumer Discretionary)		354,312
	174,514	Mobile Telecommunications Co Saudi Arabia (Communication Services)*		482,714
	19,792	Nahdi Medical Co. (Consumer Staples)		984,154
	150,426	Rabigh Refining & Petrochemical Co. (Energy)*		407,266
	77,952	Riyad Bank (Financials)		541,124
	29,570	SABIC Agri-Nutrients Co. (Materials)		1,052,737
	165,181	Sahara International Petrochemical Co. (Materials)		1,558,208
	64,185	Saudi Arabian Mining Co. (Materials)*		1,087,809
	426,712	Saudi Arabian Oil Co. (Energy)^(a)		3,615,962
	90,969	Saudi Basic Industries Corp. (Materials)		2,145,352
	72,673	Saudi British Bank (The) (Financials)		641,976
	246,211	Saudi Electricity Co. (Utilities)		1,456,540
	86,404	Saudi Investment Bank (The) (Financials)		364,252


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

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF


Shares		Description	Value

Common Stocks – (continued)
Saudi Arabia – (continued)
	294,979	Saudi Kayan Petrochemical Co. (Materials)*	$	998,290
	211,963	Saudi National Bank (The) (Financials)		2,668,848
	207,193	Saudi Telecom Co. (Communication Services)		1,940,718
	106,537	Savola Group (The) (Consumer Staples)		772,203

				33,587,645

South Africa – 3.8%
	150,967	Absa Group Ltd. (Financials)		1,632,109
	51,035	African Rainbow Minerals Ltd. (Materials)		707,268
	4,192	Anglo American Platinum Ltd. (Materials)		232,302
	113,898	Aspen Pharmacare Holdings Ltd. (Health Care)		880,408
	85,860	Bid Corp. Ltd. (Consumer Staples)		1,881,261
	43,617	Bidvest Group Ltd. (The) (Industrials)		556,801
	7,201	Capitec Bank Holdings Ltd. (Financials)		688,279
	89,461	Clicks Group Ltd. (Consumer Staples)		1,303,688
	29,076	Discovery Ltd. (Financials)*		237,202
	549,421	FirstRand Ltd. (Financials)		1,961,977
	126,611	Gold Fields Ltd. (Materials)		1,150,423
	189,558	Impala Platinum Holdings Ltd. (Materials)		1,771,118
	52,896	Kumba Iron Ore Ltd. (Materials)^(b)		1,380,476
	136,678	Mr Price Group Ltd. (Consumer Discretionary)		1,133,780
	269,169	MTN Group Ltd. (Communication Services)		2,123,438
	330,836	MultiChoice Group (Communication Services)		2,541,253
	7,910	Naspers Ltd., Class N (Consumer Discretionary)		1,403,515
	138,730	Nedbank Group Ltd. (Financials)		1,742,641
	614,690	Old Mutual Ltd. (Financials)		398,826
	285,100	OUTsurance Group Ltd. (Financials)		554,630
	301,116	Pepkor Holdings Ltd. (Consumer Discretionary)^(a)		307,575
	93,513	Remgro Ltd. (Financials)		712,087
	260,186	Sanlam Ltd. (Financials)		848,045
	41,540	Sasol Ltd. (Materials)		611,777
	217,942	Shoprite Holdings Ltd. (Consumer Staples)		2,642,196
	511,658	Sibanye Stillwater Ltd. (Materials)		1,034,396
	192,478	Standard Bank Group Ltd. (Financials)		1,924,963
	152,376	Vodacom Group Ltd. (Communication Services)		1,051,825
	213,264	Woolworths Holdings Ltd. (Consumer Discretionary)		894,591

				34,308,850


Common Stocks – (continued)
South Korea – 11.9%
	15,052	Amorepacific Corp. (Consumer Staples)		1,574,303
	9,876	BGF retail Co. Ltd. (Consumer Staples)		1,348,644
	4,337	Celltrion, Inc. (Health Care)		475,898
	93,374	Cheil Worldwide, Inc. (Communication Services)		1,411,283
	3,363	CJ CheilJedang Corp. (Consumer Staples)		815,812
	12,710	CJ Corp. (Industrials)		834,687
	33,227	Coway Co. Ltd. (Consumer Discretionary)		1,340,882
	9,060	DB Insurance Co. Ltd. (Financials)		527,202
	15,280	Doosan Bobcat, Inc. (Industrials)		437,644
	29,232	Doosan Enerbility Co. Ltd. (Industrials)*		359,201
	7,382	Ecopro BM Co. Ltd. (Industrials)		927,736
	5,945	E-MART, Inc. (Consumer Staples)		503,185
	12,191	F&F Co. Ltd. (Consumer Discretionary)		1,279,675
	43,844	GS Holdings Corp. (Industrials)		1,346,880
	52,730	Hana Financial Group, Inc. (Financials)		1,809,138
	37,201	Hankook Tire & Technology Co. Ltd. (Consumer Discretionary)		1,045,817
	6,127	Hanmi Pharm Co. Ltd. (Health Care)*		1,199,239
	18,917	Hanwha Solutions Corp. (Materials)*		594,708
	7,372	HD Hyundai Co. Ltd. (Energy)		330,925
	70,274	HMM Co. Ltd. (Industrials)*		1,197,566
	25,960	Hotel Shilla Co. Ltd. (Consumer Discretionary)		1,573,393
	18,800	Hyundai Engineering & Construction Co. Ltd. (Industrials)		517,151
	6,633	Hyundai Mobis Co. Ltd. (Consumer Discretionary)		1,065,190
	11,407	Hyundai Motor Co. (Consumer Discretionary)		1,519,784
	20,171	Hyundai Steel Co. (Materials)		533,524
	159,870	Industrial Bank of Korea (Financials)		1,254,072
	14,776	Kakao Corp. (Communication Services)		696,786
	37,590	Kangwon Land, Inc. (Consumer Discretionary)*		573,828
	51,086	KB Financial Group, Inc. (Financials)		1,980,511
	37,132	Kia Corp. (Consumer Discretionary)		2,113,009
	15,454	Korea Aerospace Industries Ltd. (Industrials)*		526,715
	44,300	Korea Electric Power Corp. (Utilities)^(b)		604,281
	5,834	Korea Investment Holdings Co. Ltd. (Financials)*		273,348
	1,143	Korea Zinc Co. Ltd. (Materials)		504,449
	23,964	Korean Air Lines Co. Ltd. (Industrials)^(b)		412,002
	19,638	KT&G Corp. (Consumer Staples)		1,316,373
	6,021	Kumho Petrochemical Co. Ltd. (Materials)*		715,740


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

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

Schedule of Investments (continued)

February 28, 2023 (Unaudited)


Shares		Description	Value

Common Stocks – (continued)
South Korea – (continued)
	3,880	L&F Co. Ltd. (Information Technology)	$	768,230
	2,344	LG Chem Ltd. (Materials)		1,204,549
	5,579	LG Corp. (Industrials)		346,988
	23,117	LG Display Co. Ltd. (Information Technology)		267,114
	30,979	LG Electronics, Inc. (Consumer Discretionary)		2,603,336
	1,900	LG Energy Solution Ltd. (Industrials)*		750,954
	3,294	LG H&H Co. Ltd. (Consumer Staples)		1,662,869
	2,516	LG Innotek Co. Ltd. (Information Technology)		526,682
	212,787	LG Uplus Corp. (Communication Services)		1,780,126
	1,652	Lotte Chemical Corp. (Materials)^(b)		222,472
	15,963	Lotte Shopping Co. Ltd. (Consumer Discretionary)		1,049,523
	221,592	Meritz Securities Co. Ltd. (Financials)		1,175,572
	71,065	Mirae Asset Securities Co. Ltd. (Financials)		383,990
	8,171	NAVER Corp. (Communication Services)		1,287,477
	3,789	NCSoft Corp. (Communication Services)		1,244,149
	87,204	NH Investment & Securities Co. Ltd. (Financials)*		626,063
	19,193	Orion Corp. (Consumer Staples)		1,813,055
	10,483	Pearl Abyss Corp. (Communication Services)*		355,309
	3,500	POSCO Chemical Co. Ltd. (Materials)		584,546
	8,143	POSCO Holdings, Inc. (Materials)		1,956,905
	24,771	S-1 Corp. (Industrials)		1,055,798
	1,118	Samsung Biologics Co. Ltd. (Health Care)*^(a)		653,100
	13,824	Samsung C&T Corp. (Industrials)		1,150,215
	13,171	Samsung Electro-Mechanics Co. Ltd. (Information Technology)		1,433,307
	608,739	Samsung Electronics Co. Ltd. (Information Technology)		27,878,015
	24,460	Samsung Engineering Co. Ltd. (Industrials)*		485,226
	10,104	Samsung Fire & Marine Insurance Co. Ltd. (Financials)		1,637,867
	121,850	Samsung Heavy Industries Co. Ltd. (Industrials)*		506,461
	6,741	Samsung Life Insurance Co. Ltd. (Financials)		346,920
	3,498	Samsung SDI Co. Ltd. (Information Technology)		1,839,870
	10,940	Samsung SDS Co. Ltd. (Information Technology)		1,035,921
	43,968	Samsung Securities Co. Ltd. (Financials)		1,113,114
	46,744	SD Biosensor, Inc. (Health Care)		812,478
	63,617	Shinhan Financial Group Co. Ltd. (Financials)		1,867,765


Common Stocks – (continued)
South Korea – (continued)
	18,445	SK Biopharmaceuticals Co. Ltd. (Health Care)*		929,742
	71,378	SK Hynix, Inc. (Information Technology)		4,822,364
	24,401	SK Square Co. Ltd. (Information Technology)*		707,182
	2,247	SK, Inc. (Industrials)		303,279
	136,239	Woori Financial Group, Inc. (Financials)		1,256,086
	23,170	Yuhan Corp. (Health Care)		922,773

				106,907,973

Taiwan – 14.8%
	153,955	Accton Technology Corp. (Information Technology)		1,429,930
	563,450	Acer, Inc. (Information Technology)		468,779
	165,427	Advantech Co. Ltd. (Information Technology)		1,938,248
	456,548	ASE Technology Holding Co. Ltd. (Information Technology)		1,588,280
	439,288	Asia Cement Corp. (Materials)		645,174
	111,506	Asustek Computer, Inc. (Information Technology)		1,017,367
	1,048,278	AUO Corp. (Information Technology)		639,918
	191,766	Catcher Technology Co. Ltd. (Information Technology)		1,161,188
	1,179,838	Cathay Financial Holding Co. Ltd. (Financials)		1,682,468
	230,027	Chailease Holding Co. Ltd. (Financials)		1,702,394
	345,913	Cheng Shin Rubber Industry Co. Ltd. (Consumer Discretionary)		388,832
	3,522,028	China Development Financial Holding Corp. (Financials)		1,525,813
	1,004,024	China Steel Corp. (Materials)		1,034,686
	398,718	Chunghwa Telecom Co. Ltd. (Communication Services)		1,511,411
	1,402,461	Compal Electronics, Inc. (Information Technology)		1,111,585
	2,669,990	CTBC Financial Holding Co. Ltd. (Financials)		1,993,543
	250,656	Delta Electronics, Inc. (Information Technology)		2,356,880
	57,940	E Ink Holdings, Inc. (Information Technology)		369,856
	12,212	eMemory Technology, Inc. (Information Technology)		749,485
	1,219,861	E.Sun Financial Holding Co. Ltd. (Financials)		998,885
	349,235	Evergreen Marine Corp. Taiwan Ltd. (Industrials)		1,799,501
	816,446	Far Eastern New Century Corp. (Industrials)		869,514
	246,555	Feng TAY Enterprise Co. Ltd. (Consumer Discretionary)		1,496,995
	996,141	First Financial Holding Co. Ltd. (Financials)		876,174


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

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF


Shares		Description	Value

Common Stocks – (continued)
Taiwan – (continued)
	338,941	Formosa Plastics Corp. (Materials)	$	1,011,166
	1,333,906	Fubon Financial Holding Co. Ltd. (Financials)		2,626,704
	30,281	Globalwafers Co. Ltd. (Information Technology)		508,832
	1,168,882	Hon Hai Precision Industry Co. Ltd. (Information Technology)		3,874,599
	861,743	Hua Nan Financial Holdings Co. Ltd. (Financials)		646,247
	872,725	Innolux Corp. (Information Technology)		421,046
	808,297	Inventec Corp. (Information Technology)		705,647
	9,304	Largan Precision Co. Ltd. (Information Technology)		673,307
	536,962	Lite-On Technology Corp. (Information Technology)		1,224,794
	205,817	MediaTek, Inc. (Information Technology)		4,883,759
	1,198,409	Mega Financial Holding Co. Ltd. (Financials)		1,309,737
	374,760	Micro-Star International Co. Ltd. (Information Technology)		1,685,033
	427,317	Nan Ya Plastics Corp. (Materials)		1,060,246
	49,653	Nan Ya Printed Circuit Board Corp. (Information Technology)		382,955
	492,385	Nanya Technology Corp. (Information Technology)		943,740
	123,466	Nien Made Enterprise Co. Ltd. (Consumer Discretionary)		1,320,990
	197,711	Novatek Microelectronics Corp. (Information Technology)		2,644,193
	516,478	Pegatron Corp. (Information Technology)		1,152,645
	778,132	Pou Chen Corp. (Consumer Discretionary)		858,079
	340,166	President Chain Store Corp. (Consumer Staples)		2,980,827
	334,533	Quanta Computer, Inc. (Information Technology)		879,440
	195,047	Realtek Semiconductor Corp. (Information Technology)		2,432,526
	1,924,087	SinoPac Financial Holdings Co. Ltd. (Financials)		1,086,145
	601,624	Synnex Technology International Corp. (Information Technology)		1,234,070
	2,021,180	Taishin Financial Holding Co. Ltd. (Financials)		1,091,203
	973,292	Taiwan Business Bank (Financials)		459,981
	580,002	Taiwan Cement Corp. (Materials)		745,240
	636,864	Taiwan Cooperative Financial Holding Co. Ltd. (Financials)		557,030
	177,907	Taiwan Mobile Co. Ltd. (Communication Services)		564,033
	3,065,060	Taiwan Semiconductor Manufacturing Co. Ltd. (Information Technology)		51,403,720


Common Stocks – (continued)
Taiwan – (continued)
	94,343	Unimicron Technology Corp. (Information Technology)		396,328
	1,406,982	Uni-President Enterprises Corp. (Consumer Staples)		3,116,930
	1,992,741	United Microelectronics Corp. (Information Technology)*		3,266,789
	245,695	Vanguard International Semiconductor Corp. (Information Technology)		745,886
	249,442	Wan Hai Lines Ltd. (Industrials)		651,654
	1,330,307	Winbond Electronics Corp. (Information Technology)		1,006,370
	525,161	WPG Holdings Ltd. (Information Technology)		849,716
	442,384	Yang Ming Marine Transport Corp. (Industrials)		937,922
	2,437,368	Yuanta Financial Holding Co. Ltd. (Financials)		1,819,857

				133,516,292

Thailand – 1.8%
	279,616	Advanced Info Service PCL NVDR (Communication Services)		1,598,201
	427,500	Airports of Thailand PCL NVDR (Industrials)*		880,009
	2,451,900	Asset World Corp. PCL NVDR (Consumer Discretionary)		409,329
	1,623,600	Bangkok Dusit Medical Services PCL NVDR (Health Care)		1,286,338
	333,300	Berli Jucker PCL NVDR (Consumer Staples)		363,090
	180,100	Bumrungrad Hospital PCL NVDR (Health Care)		1,075,262
	316,100	Central Pattana PCL NVDR (Real Estate)		628,332
	710,600	Charoen Pokphand Foods PCL NVDR (Consumer Staples)		446,371
	848,577	CP ALL PCL NVDR (Consumer Staples)		1,488,679
	51,800	Delta Electronics Thailand PCL NVDR (Information Technology)		1,336,727
	128,900	Electricity Generating PCL NVDR (Utilities)		623,688
	419,400	Gulf Energy Development PCL NVDR (Utilities)		623,026
	299,800	Indorama Ventures PCL NVDR (Materials)		311,750
	271,500	Intouch Holdings PCL NVDR (Communication Services)		543,519
	1,165,500	Krung Thai Bank PCL NVDR (Financials)		570,527
	294,400	Krungthai Card PCL NVDR (Financials)		489,400
	196,000	Muangthai Capital PCL NVDR (Financials)		194,107
	184,800	PTT Exploration & Production PCL NVDR (Energy)		784,353


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

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

Schedule of Investments (continued)

February 28, 2023 (Unaudited)


Shares		Description	Value

Common Stocks – (continued)
Thailand – (continued)
	347,900	PTT Global Chemical PCL NVDR (Materials)	$	465,130
	716,600	PTT PCL NVDR (Energy)		643,782
	510,200	Ratch Group PCL NVDR (Utilities)		588,283
	56,000	Siam Cement PCL (The) NVDR (Materials)		518,148
	240,800	Thai Oil PCL NVDR (Energy)		344,085
	770,800	Thai Union Group PCL NVDR (Consumer Staples)		346,782

				16,558,918

Turkey – 0.8%
	290,142	BIM Birlesik Magazalar AS (Consumer Staples)		2,094,727
	270,328	Eregli Demir ve Celik Fabrikalari TAS (Materials)		631,467
	463,054	KOC Holding AS (Industrials)		1,902,105
	49,203	Sasa Polyester Sanayi AS (Materials)*		286,685
	110,585	Turk Hava Yollari AO (Industrials)*		841,147
	11,900	Turkiye Petrol Rafinerileri AS (Energy)*		373,849
	463,242	Turkiye Sise ve Cam Fabrikalari AS (Industrials)		1,158,166

				7,288,146

United Arab Emirates – 1.5%
	625,120	Abu Dhabi Commercial Bank PJSC (Financials)		1,426,278
	437,996	Abu Dhabi Islamic Bank PJSC (Financials)		1,244,994
	1,173,874	Abu Dhabi National Oil Co. for Distribution PJSC (Consumer Discretionary)		1,380,709
	841,429	Aldar Properties PJSC (Real Estate)		1,076,743
	1,074,494	Dubai Islamic Bank PJSC (Financials)		1,679,240
	955,080	Emaar Properties PJSC (Real Estate)		1,456,212
	492,356	Emirates NBD Bank PJSC (Financials)		1,823,119
	258,710	Emirates Telecommunications Group Co. PJSC (Communication Services)		1,796,181
	419,134	First Abu Dhabi Bank PJSC (Financials)		1,606,765

				13,490,241

United States – 0.2%
	470,100	JBS SA (Consumer Staples)		1,727,971
	10,200	Parade Technologies Ltd. (Information Technology)		322,040

				2,050,011

	TOTAL COMMON STOCKS
	(Cost $846,139,993)		$	879,466,808


Shares	Description	Rate			Value

Preferred Stocks – 1.9%
Brazil – 1.1%
723,230	Banco Bradesco SA (Financials)		7.83	%	$	1,811,989
39,428	Centrais Eletricas Brasileiras SA, Class B (Utilities)		4.58			271,654
245,604	Cia Energetica de Minas Gerais (Utilities)		13.12			493,024
99,856	Gerdau SA (Materials)		12.13			547,604
602,969	Itau Unibanco Holding SA (Financials)		4.13			2,937,059
757,395	Itausa SA (Financials)		6.04			1,193,970
643,846	Petroleo Brasileiro SA (Energy)		42.48			3,112,738

						10,368,038

Chile – 0.1%
12,283	Sociedad Quimica y Minera de Chile SA, Class B (Materials)		9.59			1,091,878

Colombia – 0.1%
76,277	Bancolombia SA (Financials)		10.16			485,519

Russia – 0.0%
3,212,489	Surgutneftegas PJSC (Energy)^(c)		17.05

South Korea – 0.6%
9,120	Hyundai Motor Co. (Consumer Discretionary)		7.63			648,548
8,863	Hyundai Motor Co. (Consumer Discretionary)		7.67			617,547
107,400	Samsung Electronics Co. Ltd. (Information Technology)		2.69			4,334,147

						5,600,242

TOTAL PREFERRED STOCKS
(Cost $16,729,118)					$	17,545,677


Units	Description	Expiration Month			Value

Right – 0.0%
Taiwan – 0.0%
101,322	SinoPac Financial Holdings Co. Ltd.*
(Cost $0)			03/23		$	—


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

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF


Shares		Description	Value

Exchange-Traded Fund – 0.6%
United States – 0.6%
	257,264	iShares MSCI Malaysia ETF^(b)
	(Cost $7,732,868)		$	5,592,919

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $870,601,979)		$	902,605,404


Shares	Dividend Rate	Value

Securities Lending Reinvestment Vehicle – 0.5%^(d)
Goldman Sachs Financial Square Government Fund – Institutional Shares
4,335,015	4.475%	$	4,335,015
(Cost $4,335,015)

TOTAL INVESTMENTS – 100.7%
(Cost $874,936,994)		$	906,940,419

LIABILITIES IN EXCESS OF OTHER ASSETS – (0.7)%			(6,333,042	)

NET ASSETS – 100.0%		$	900,607,377



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

*		Non-income producing security.

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

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

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

(d)		Represents an affiliated issuer.



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


Sector Name	% of Market Value

Financials		21.1	%
Information Technology		19.7
Consumer Discretionary		12.1
Consumer Staples		11.1
Communication Services		9.2
Materials		7.5
Industrials		5.3
Health Care		5.2
Energy		4.2
Utilities		2.4
Real Estate		1.1
Exchange-Traded Fund		0.6
Securities Lending Reinvestment Vehicle		0.5


TOTAL INVESTMENTS		100.0	%


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

GOLDMAN SACHS ACTIVEBETA^® EUROPE EQUITY ETF

Schedule of Investments

February 28, 2023 (Unaudited)


Shares		Description	Value

Common Stocks – 98.7%
Australia – 1.5%
	68	Flutter Entertainment PLC (Consumer Discretionary)*	$	10,987
	10,461	Glencore PLC (Materials)		62,734
	1,400	Rio Tinto PLC (Materials)		96,813

				170,534

Austria – 0.6%
	395	Erste Group Bank AG (Financials)		15,574
	292	Mondi PLC (Materials)		4,937
	687	OMV AG (Energy)		33,594
	402	voestalpine AG (Materials)		14,930

				69,035

Belgium – 1.2%
	403	Ageas SA/NV (Financials)		18,262
	642	Anheuser-Busch InBev SA/NV (Consumer Staples)		38,965
	44	D’ieteren Group (Consumer Discretionary)		8,563
	96	Elia Group SA/NV (Utilities)		12,706
	119	Groupe Bruxelles Lambert NV (Financials)		10,035
	87	KBC Group NV (Financials)		6,523
	133	Solvay SA (Materials)		15,268
	255	UCB SA (Health Care)		22,007

				132,329

Brazil – 0.1%
	247	Yara International ASA (Materials)		11,795

Chile – 0.0%
	133	Antofagasta PLC (Materials)		2,528

China – 0.2%
	274	Prosus NV (Consumer Discretionary)*		19,736

Denmark – 4.7%
	19	AP Moller – Maersk A/S, Class A (Industrials)		43,642
	20	AP Moller – Maersk A/S, Class B (Industrials)		46,766
	145	Carlsberg AS, Class B (Consumer Staples)		20,574
	89	Chr Hansen Holding A/S (Materials)		6,187
	80	Coloplast A/S, Class B (Health Care)		9,277
	1,207	Danske Bank A/S (Financials)		28,111
	82	Demant A/S (Health Care)*		2,464
	64	DSV A/S (Industrials)		11,682
	46	Genmab A/S (Health Care)*		17,357
	1,917	Novo Nordisk A/S, Class B (Health Care)		272,117
	171	Novozymes A/S, Class B (Materials)		8,265
	36	Orsted AS (Utilities)^(a)		3,156
	304	Pandora A/S (Consumer Discretionary)		28,910
	33	ROCKWOOL A/S, Class B (Industrials)		7,535
	750	Tryg A/S (Financials)		16,666
	134	Vestas Wind Systems A/S (Industrials)		3,830

				526,539


Common Stocks – (continued)
Finland – 1.7%
	266	Elisa OYJ (Communication Services)		15,154
	111	Kesko OYJ, Class B (Consumer Staples)		2,421
	147	Kone OYJ, Class B (Industrials)		7,662
	783	Metso Outotec OYJ (Industrials)		8,370
	174	Neste OYJ (Energy)		8,431
	5,718	Nokia OYJ (Information Technology)		26,557
	2,435	Nordea Bank Abp (Financials)		30,970
	899	Orion OYJ, Class B (Health Care)		42,474
	498	Sampo OYJ, Class A (Financials)		24,315
	533	Stora Enso OYJ, Class R (Materials)		7,572
	385	UPM-Kymmene OYJ (Materials)		14,009

				187,935

France – 17.6%
	74	Aeroports de Paris (Industrials)*		10,787
	380	Air Liquide SA (Materials)		60,674
	311	Airbus SE (Industrials)		40,904
	250	Alstom SA (Industrials)		7,378
	75	Amundi SA (Financials)^(a)		4,963
	151	Arkema SA (Materials)		15,399
	2,175	AXA SA (Financials)		68,852
	262	BioMerieux (Health Care)		25,768
	926	BNP Paribas SA (Financials)		64,961
	3,340	Bollore SE (Communication Services)		18,738
	416	Bouygues SA (Industrials)		14,135
	615	Bureau Veritas SA (Industrials)		17,649
	202	Capgemini SE (Information Technology)		38,099
	2,476	Carrefour SA (Consumer Staples)		49,129
	1,005	Cie de Saint-Gobain (Industrials)		60,037
	536	Cie Generale des Etablissements Michelin (Consumer Discretionary)		16,902
	63	Covivio SA REIT (Real Estate)		4,055
	2,931	Credit Agricole SA (Financials)		35,938
	726	Danone SA (Consumer Staples)		40,991
	118	Dassault Aviation SA (Industrials)		20,360
	583	Dassault Systemes (Information Technology)		22,616
	335	Edenred (Information Technology)		18,943
	646	Eiffage SA (Industrials)		71,249
	2,285	Engie SA (Utilities)		33,528
	238	EssilorLuxottica SA (Health Care)		41,494
	312	Eurazeo SE (Financials)		21,110
	64	Gecina SA REIT (Real Estate)		7,405
	836	Getlink SE (Industrials)		14,119
	41	Hermes International (Consumer Discretionary)		74,591
	524	Ipsen SA (Health Care)		60,071
	63	Kering (Consumer Discretionary)		37,080
	135	Klepierre SA REIT (Real Estate)*		3,389
	1,555	La Francaise des Jeux SAEM (Consumer Discretionary)^(a)		61,659
	292	Legrand SA (Industrials)		27,127
	294	L’Oreal SA (Consumer Staples)		116,951
	280	LVMH Moet Hennessy Louis Vuitton SE (Consumer Discretionary)		234,286
	1,326	Orange SA (Communication Services)		15,176


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

GOLDMAN SACHS ACTIVEBETA^® EUROPE EQUITY ETF


Shares		Description	Value

Common Stocks – (continued)
France – (continued)
	146	Pernod Ricard SA (Consumer Staples)	$	30,610
	304	Publicis Groupe SA (Communication Services)		24,257
	77	Remy Cointreau SA (Consumer Staples)		13,588
	320	Renault SA (Consumer Discretionary)*		14,413
	233	Safran SA (Industrials)		33,101
	46	Sartorius Stedim Biotech (Health Care)		15,059
	164	SEB SA (Consumer Discretionary)		19,027
	891	Societe Generale SA (Financials)		25,815
	144	Sodexo SA (Consumer Discretionary)		13,399
	162	Thales SA (Industrials)		22,712
	2,341	TotalEnergies SE (Energy)		145,408
	114	Valeo (Consumer Discretionary)		2,386
	589	Veolia Environnement SA (Utilities)		17,683
	466	Vinci SA (Industrials)		53,294
	1,102	Vivendi SE (Communication Services)		11,392
	602	Wendel SE (Financials)		68,630
	188	Worldline SA (Information Technology)*^(a)		7,879

				1,995,166

Germany – 13.1%
	280	adidas AG (Consumer Discretionary)		42,065
	270	Allianz SE (Financials)		63,609
	463	BASF SE (Materials)		23,802
	954	Bayer AG (Health Care)		56,950
	405	Bayerische Motoren Werke AG (Consumer Discretionary)		41,984
	94	Bechtle AG (Information Technology)		3,981
	189	Beiersdorf AG (Consumer Staples)		22,649
	252	Brenntag SE (Industrials)		19,081
	82	Carl Zeiss Meditec AG (Health Care)		10,983
	3,224	Commerzbank AG (Financials)*		39,405
	76	Covestro AG (Materials)^(a)		3,357
	388	Daimler Truck Holding AG (Industrials)*		12,350
	3,924	Deutsche Bank AG (Financials)		49,105
	141	Deutsche Boerse AG (Financials)		24,673
	5,095	Deutsche Lufthansa AG (Industrials)*		53,071
	1,700	Deutsche Post AG (Industrials)		72,330
	2,581	Deutsche Telekom AG (Communication Services)		58,124
	2,537	E.ON SE (Utilities)		27,833
	262	Evonik Industries AG (Materials)		5,621
	723	Fresenius Medical Care AG & Co. KGaA (Health Care)		28,308
	1,062	Fresenius SE & Co. KGaA (Health Care)		29,316
	311	GEA Group AG (Industrials)		13,727
	77	Hannover Rueck SE (Financials)		15,001
	440	HeidelbergCement AG (Materials)		30,386
	1,897	HelloFresh SE (Consumer Staples)*		42,790
	142	Henkel AG & Co. KGaA (Consumer Staples)		9,856
	686	Infineon Technologies AG (Information Technology)		24,382
	249	Knorr-Bremse AG (Industrials)		17,011
	800	Mercedes-Benz Group AG (Consumer Discretionary)		61,636


Common Stocks – (continued)
Germany – (continued)
	183	Merck KGaA (Health Care)		34,807
	38	MTU Aero Engines AG (Industrials)		9,208
	98	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Financials)		33,891
	663	Nemetschek SE (Information Technology)		37,743
	484	Puma SE (Consumer Discretionary)		31,002
	48	Rational AG (Industrials)		31,968
	48	Rheinmetall AG (Industrials)		12,248
	958	RWE AG (Utilities)		40,882
	951	SAP SE (Information Technology)		108,398
	83	Scout24 SE (Communication Services)^(a)		4,570
	581	Siemens AG (Industrials)		89,157
	2,287	Siemens Energy AG (Industrials)*^(b)		46,009
	145	Siemens Healthineers AG (Health Care)^(a)		7,593
	89	Symrise AG (Materials)		9,136
	3,619	Telefonica Deutschland Holding AG (Communication Services)		11,019
	311	United Internet AG (Communication Services)		6,834
	99	Volkswagen AG (Consumer Discretionary)		17,722
	118	Vonovia SE (Real Estate)		2,985
	1,195	Zalando SE (Consumer Discretionary)*^(a)		47,650

				1,486,208

Hong Kong – 0.1%
	945	Prudential PLC (Financials)		14,524

Ireland – 1.0%
	358	AerCap Holdings NV (Industrials)*		22,353
	2,765	AIB Group PLC (Financials)		11,864
	1,199	Bank of Ireland Group PLC (Financials)		13,262
	604	CRH PLC (Materials)		28,517
	106	Kerry Group PLC, Class A (Consumer Staples)		10,187
	177	Kingspan Group PLC (Industrials)		11,559
	294	Smurfit Kappa Group PLC (Materials)		11,028

				108,770

Italy – 3.7%
	1,332	Assicurazioni Generali SpA (Financials)		26,430
	451	Coca-Cola HBC AG (Consumer Staples)*		11,613
	1,036	Davide Campari-Milano NV (Consumer Staples)		11,641
	83	DiaSorin SpA (Health Care)		10,048
	5,209	Enel SpA (Utilities)		29,372
	4,120	Eni SpA (Energy)		58,400
	169	Ferrari NV (Consumer Discretionary)		43,964
	951	FinecoBank Banca Fineco SpA (Financials)		16,490
	641	Infrastrutture Wireless Italiane SpA (Communication Services)^(a)		7,083
	5,664	Intesa Sanpaolo SpA (Financials)		15,386
	713	Mediobanca Banca di Credito Finanziario SpA (Financials)		7,637
	719	Moncler SpA (Consumer Discretionary)		44,072
	589	Nexi SpA (Information Technology)*^(a)		4,780
	2,646	Poste Italiane SpA (Financials)^(a)		28,622
	430	Prysmian SpA (Industrials)		16,585


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

GOLDMAN SACHS ACTIVEBETA^® EUROPE EQUITY ETF

Schedule of Investments (continued)

February 28, 2023 (Unaudited)


Shares		Description	Value

Common Stocks – (continued)
Italy – (continued)
	389	Recordati Industria Chimica e Farmaceutica SpA (Health Care)	$	16,559
	2,750	Snam SpA (Utilities)		13,549
	1,592	Terna – Rete Elettrica Nazionale (Utilities)		12,034
	1,940	UniCredit SpA (Financials)		39,806

				414,071

Jordan – 0.1%
	733	Hikma Pharmaceuticals PLC (Health Care)		15,370

Luxembourg – 0.8%
	2,473	ArcelorMittal (Materials)		74,600
	174	Eurofins Scientific SE (Health Care)		12,179

				86,779

Netherlands – 8.4%
	884	ABN AMRO Bank NV (Financials)^(a)		15,661
	8	Adyen NV (Information Technology)*^(a)		11,413
	3,767	Aegon NV (Financials)		19,707
	190	Akzo Nobel NV (Materials)		13,952
	27	Argenx SE (Health Care)*		9,798
	55	ASM International NV (Information Technology)		18,840
	397	ASML Holding NV (Information Technology)		245,875
	94	Euronext NV (Financials)^(a)		6,892
	156	EXOR NV (Financials)*		12,898
	283	Heineken Holding NV (Consumer Staples)		24,295
	196	Heineken NV (Consumer Staples)		20,058
	61	IMCD NV (Industrials)		9,697
	2,045	ING Groep NV (Financials)		28,770
	514	JDE Peet’s NV (Consumer Staples)		15,176
	2,709	Koninklijke Ahold Delhaize NV (Consumer Staples)		86,230
	74	Koninklijke DSM NV (Materials)		9,158
	5,347	Koninklijke KPN NV (Communication Services)		18,378
	895	Koninklijke Philips NV (Health Care)		14,664
	1,049	NN Group NV (Financials)		42,607
	657	OCI NV (Materials)		21,878
	664	Randstad NV (Industrials)		40,912
	6,343	Shell PLC (Energy)		194,014
	472	Universal Music Group NV (Communication Services)		11,187
	499	Wolters Kluwer NV (Industrials)		57,920

				949,980

Norway – 1.2%
	314	Aker BP ASA (Energy)		8,507
	825	DNB Bank ASA (Financials)		16,553
	1,703	Equinor ASA (Energy)		52,695
	919	Gjensidige Forsikring ASA (Financials)		16,379
	204	Kongsberg Gruppen ASA (Industrials)		8,521
	330	Mowi ASA (Consumer Staples)		5,730
	1,208	Norsk Hydro ASA (Materials)		8,834
	1,438	Orkla ASA (Consumer Staples)		9,718
	702	Telenor ASA (Communication Services)		7,908

				134,845


Common Stocks – (continued)
Portugal – 0.6%
	1,510	EDP – Energias de Portugal SA (Utilities)		7,648
	344	Galp Energia SGPS SA (Energy)		4,217
	2,658	Jeronimo Martins SGPS SA (Consumer Staples)		54,742

				66,607

Singapore – 0.3%
	747	STMicroelectronics NV (Information Technology)		35,985

South Africa – 0.2%
	747	Anglo American PLC (Materials)		26,086

Spain – 4.2%
	61	Acciona SA (Utilities)		11,521
	589	ACS Actividades de Construccion y Servicios SA (Industrials)		17,902
	17	Aena SME SA (Industrials)*^(a)		2,639
	284	Amadeus IT Group SA (Information Technology)*		17,890
	6,209	Banco Bilbao Vizcaya Argentaria SA (Financials)		48,549
	17,966	Banco Santander SA (Financials)		70,925
	4,376	CaixaBank SA (Financials)		18,804
	119	Cellnex Telecom SA (Communication Services)*^(a)		4,488
	101	Corp ACCIONA Energias Renovables SA (Utilities)		3,922
	512	Enagas SA (Utilities)		9,209
	368	Endesa SA (Utilities)		7,247
	428	Ferrovial SA (Industrials)		11,919
	465	Grifols SA (Health Care)*		5,688
	5,272	Iberdrola SA (Utilities)		60,746
	2,233	Industria de Diseno Textil SA (Consumer Discretionary)		68,888
	579	Naturgy Energy Group SA (Utilities)		16,002
	1,039	Red Electrica Corp. SA (Utilities)		17,310
	3,665	Repsol SA (Energy)		58,321
	5,762	Telefonica SA (Communication Services)		23,520

				475,490

Sweden – 3.4%
	129	Alfa Laval AB (Industrials)		4,267
	567	Assa Abloy AB, Class B (Industrials)		13,870
	1,580	Atlas Copco AB, Class A (Industrials)		18,890
	829	Atlas Copco AB, Class B (Industrials)		8,793
	80	Boliden AB (Materials)		3,300
	230	Electrolux AB, Class B (Consumer Discretionary)		2,801
	238	Epiroc AB, Class A (Industrials)		4,599
	178	Epiroc AB, Class B (Industrials)		2,943
	324	Essity AB, Class B (Consumer Staples)		8,792
	48	Evolution AB (Consumer Discretionary)^(a)		5,830
	241	Getinge AB, Class B (Health Care)		5,211
	3,577	H & M Hennes & Mauritz AB, Class B (Consumer Discretionary)		45,290


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

GOLDMAN SACHS ACTIVEBETA^® EUROPE EQUITY ETF


Shares		Description	Value

Common Stocks – (continued)
Sweden – (continued)
	1,570	Hexagon AB, Class B (Information Technology)	$	17,486
	178	Holmen AB, Class B (Materials)		7,220
	901	Husqvarna AB, Class B (Industrials)		8,028
	297	Industrivarden AB, Class A (Financials)		8,208
	304	Industrivarden AB, Class C (Financials)		8,384
	501	Investor AB, Class A (Financials)		10,329
	1,180	Investor AB, Class B (Financials)		22,924
	137	L E Lundbergforetagen AB, Class B (Financials)		6,394
	346	Lifco AB, Class B (Industrials)		6,954
	743	Nibe Industrier AB, Class B (Industrials)		7,723
	225	Sandvik AB (Industrials)		4,656
	1,443	Skandinaviska Enskilda Banken AB, Class A (Financials)		18,133
	488	Skanska AB, Class B (Industrials)		8,919
	417	Svenska Cellulosa AB SCA, Class B (Materials)		5,850
	1,498	Svenska Handelsbanken AB, Class A (Financials)		15,959
	888	Swedbank AB, Class A (Financials)		18,205
	443	Swedish Orphan Biovitrum AB (Health Care)*		10,242
	1,156	Tele2 AB, Class B (Communication Services)		10,679
	4,479	Telefonaktiebolaget LM Ericsson, Class B (Information Technology)		24,953
	3,116	Telia Co. AB (Communication Services)		8,082
	500	Volvo AB, Class A (Industrials)		10,462
	1,028	Volvo AB, Class B (Industrials)		20,681

				385,057

Switzerland – 8.1%
	1,157	ABB Ltd. (Industrials)		38,614
	155	Adecco Group AG (Industrials)		5,534
	213	Alcon, Inc. (Health Care)		14,581
	86	Baloise Holding AG (Financials)		14,360
	149	Banque Cantonale Vaudoise (Financials)		13,346
	7	Barry Callebaut AG (Consumer Staples)		13,996
	63	BKW AG (Utilities)		9,236
	2	Chocoladefabriken Lindt & Spruengli AG (Consumer Staples)		22,022
	400	Cie Financiere Richemont SA, Class A (Consumer Discretionary)		60,496
	217	Clariant AG (Materials)*		3,531
	18	EMS-Chemie Holding AG (Materials)		13,693
	48	Geberit AG (Industrials)		26,068
	3	Givaudan SA (Materials)		9,094
	161	Julius Baer Group Ltd. (Financials)		10,712
	193	Kuehne + Nagel International AG (Industrials)		49,627
	515	Logitech International SA (Information Technology)		28,287
	23	Lonza Group AG (Health Care)		13,762
	2,131	Novartis AG (Health Care)		180,257
	45	Partners Group Holding AG (Financials)		42,904


Common Stocks – (continued)
Switzerland – (continued)
	35	Schindler Holding AG (Industrials)		7,562
	47	Schindler Holding AG Participation Certificates (Industrials)		10,601
	20	SGS SA (Industrials)		46,050
	159	SIG Group AG (Materials)*		3,864
	28	Sika AG (Materials)		7,884
	39	Sonova Holding AG (Health Care)		9,620
	206	Straumann Holding AG (Health Care)		27,441
	68	Swatch Group AG (The) – Bearer (Consumer Discretionary)		23,739
	350	Swatch Group AG (The) – Registered (Consumer Discretionary)		22,462
	37	Swiss Life Holding AG (Financials)		22,352
	116	Swiss Prime Site AG (Real Estate)		9,839
	26	Swisscom AG (Communication Services)		16,101
	3,275	UBS Group AG (Financials)		71,458
	30	VAT Group AG (Industrials)^(a)		9,103
	114	Zurich Insurance Group AG (Financials)		54,297

				912,493

United Kingdom – 17.4%
	1,529	3i Group PLC (Financials)		30,117
	1,873	abrdn PLC (Financials)		5,093
	904	Admiral Group PLC (Financials)		24,088
	285	Ashtead Group PLC (Industrials)		19,011
	903	Associated British Foods PLC (Consumer Staples)		21,941
	1,465	AstraZeneca PLC (Health Care)		192,968
	6,952	Auto Trader Group PLC (Communication Services)^(a)		50,111
	3,709	Aviva PLC (Financials)		20,045
	3,093	BAE Systems PLC (Industrials)		33,626
	17,445	Barclays PLC (Financials)		36,884
	3,061	Barratt Developments PLC (Consumer Discretionary)		17,384
	286	Berkeley Group Holdings PLC (Consumer Discretionary)		14,528
	15,738	BP PLC (Energy)		104,888
	1,995	British American Tobacco PLC (Consumer Staples)		75,923
	925	British Land Co. PLC (The) REIT (Real Estate)		5,002
	2,695	BT Group PLC (Communication Services)		4,547
	545	Bunzl PLC (Industrials)		19,557
	2,184	Burberry Group PLC (Consumer Discretionary)		65,202
	1,768	CNH Industrial NV (Industrials)		29,109
	348	Coca-Cola Europacific Partners PLC (Consumer Staples)		19,140
	1,700	Compass Group PLC (Consumer Discretionary)		39,516
	118	Croda International PLC (Materials)		9,374
	222	DCC PLC (Industrials)		12,422
	1,978	Diageo PLC (Consumer Staples)		84,508
	368	Entain PLC (Consumer Discretionary)		6,057
	493	Experian PLC (Industrials)		16,742


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

GOLDMAN SACHS ACTIVEBETA^® EUROPE EQUITY ETF

Schedule of Investments (continued)

February 28, 2023 (Unaudited)


Shares		Description	Value

Common Stocks – (continued)
United Kingdom – (continued)
	268	Halma PLC (Information Technology)	$	7,021
	3,251	Hargreaves Lansdown PLC (Financials)		32,652
	12,448	HSBC Holdings PLC (Financials)		95,786
	1,528	Imperial Brands PLC (Consumer Staples)		37,090
	1,659	Informa PLC (Communication Services)		13,425
	182	InterContinental Hotels Group PLC (Consumer Discretionary)		12,352
	125	Intertek Group PLC (Industrials)		6,317
	16,691	J Sainsbury PLC (Consumer Staples)		54,195
	27,493	JD Sports Fashion PLC (Consumer Discretionary)		60,278
	7,227	Kingfisher PLC (Consumer Discretionary)		25,128
	826	Land Securities Group PLC REIT (Real Estate)		6,878
	4,495	Legal & General Group PLC (Financials)		13,926
	57,340	Lloyds Banking Group PLC (Financials)		36,528
	187	London Stock Exchange Group PLC (Financials)		16,825
	1,609	M&G PLC (Financials)		4,174
	3,049	Melrose Industries PLC (Industrials)		5,531
	2,664	National Grid PLC (Utilities)		33,800
	4,313	NatWest Group PLC (Financials)		15,263
	405	Next PLC (Consumer Discretionary)		33,547
	613	Pearson PLC (Consumer Discretionary)		6,816
	178	Persimmon PLC (Consumer Discretionary)		3,130
	1,659	Phoenix Group Holdings PLC (Financials)		12,722
	477	Reckitt Benckiser Group PLC (Consumer Staples)		33,274
	1,783	RELX PLC (Industrials)		54,029
	1,822	Rentokil Initial PLC (Industrials)		11,302
	2,077	Rolls-Royce Holdings PLC (Industrials)*		3,645
	4,286	Sage Group PLC (The) (Information Technology)		38,844
	1,010	Schroders PLC (Financials)		6,082
	391	Segro PLC REIT (Real Estate)		3,898
	321	Severn Trent PLC (Utilities)		10,691
	1,101	Smith & Nephew PLC (Health Care)		15,808
	706	Smiths Group PLC (Industrials)		15,073
	53	Spirax-Sarco Engineering PLC (Industrials)		7,498
	878	SSE PLC (Utilities)		18,554
	1,451	St James’s Place PLC (Financials)		22,511
	2,014	Standard Chartered PLC (Financials)		19,121
	3,245	Taylor Wimpey PLC (Consumer Discretionary)		4,840
	15,783	Tesco PLC (Consumer Staples)		48,725
	1,968	Unilever PLC (Consumer Staples)		98,543
	1,136	United Utilities Group PLC (Utilities)		14,000
	38,558	Vodafone Group PLC (Communication Services)		46,578
	658	WPP PLC (Communication Services)		8,157

				1,972,340

United States – 8.5%
	4,509	GSK PLC (Health Care)		77,810
	4,442	Haleon PLC (Consumer Staples)*		17,314


Common Stocks – (continued)
United States – (continued)
	649	Holcim AG (Materials)*		40,259
	2,588	Nestle SA (Consumer Staples)		292,916
	391	QIAGEN NV (Health Care)*		18,062
	797	Roche Holding AG (Health Care)		231,128
	88	Roche Holding AG (Health Care)^(b)		27,341
	1,172	Sanofi (Health Care)		110,482
	503	Schneider Electric SE (Industrials)		81,146
	2,081	Stellantis NV (Consumer Discretionary)		36,533
	225	Swiss Re AG (Financials)		23,574
	536	Tenaris SA (Energy)		8,913

				965,478

	TOTAL COMMON STOCKS
	(Cost $10,714,375)		$	11,165,680


Shares		Description	Rate			Value


Preferred Stocks – 0.6%
Germany – 0.6%
	276	Bayerische Motoren Werke AG (Consumer Discretionary)		6.24	%	$	26,270
	144	Henkel AG & Co. KGaA (Consumer Staples)		2.68			10,510
	11	Sartorius AG (Health Care)		0.31			4,696
	192	Volkswagen AG (Consumer Discretionary)		19.27			26,299

	TOTAL PREFERRED STOCKS
	(Cost $82,209)					$	67,775

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $10,796,584)					$	11,233,455


Shares	Dividend Rate	Value

Securities Lending Reinvestment Vehicle – 0.7%^(c)
Goldman Sachs Financial Square Government Fund – Institutional Shares
74,219	4.475%	$	74,219
(Cost $74,219)

TOTAL INVESTMENTS – 100.0%
(Cost $10,870,803)		$	11,307,674

OTHER ASSETS IN EXCESS OF LIABILITIES – 0.0%			412

NET ASSETS – 100.0%		$	11,308,086


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

GOLDMAN SACHS ACTIVEBETA^® EUROPE EQUITY ETF



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

*		Non-income producing security.

(a)		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:
CVA		—Dutch Certification
PLC		—Public Limited Company
REIT		—Real Estate Investment Trust

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At February 28, 2023, the Fund had the following futures contracts:

Description

Number of
Contracts

Expiration
Date

Notional
Amount

Unrealized
Appreciation/
(Depreciation)

Long position contracts:

MSCI Europe Index

03/17/23

61,689

1,589


Sector Name	% of Market Value

Financials		16.7	%
Industrials		15.3
Health Care		15.0
Consumer Discretionary		13.1
Consumer Staples		13.1
Information Technology		6.5
Materials		6.1
Energy		6.0
Utilities		3.6
Communication Services		3.5
Real Estate		0.4
Securities Lending Reinvestment Vehicle		0.7


TOTAL INVESTMENTS		100.0	%


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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Schedule of Investments

February 28, 2023 (Unaudited)


Shares		Description	Value

Common Stocks – 99.4%
Australia – 7.1%
	44,835	Ampol Ltd. (Energy)	$	996,529
	417,825	ANZ Group Holdings Ltd. (Financials)		6,945,393
	287,406	APA Group (Utilities)		2,079,606
	84,869	Aristocrat Leisure Ltd. (Consumer Discretionary)		2,091,236
	32,038	ASX Ltd. (Financials)		1,469,993
	516,231	Aurizon Holdings Ltd. (Industrials)		1,152,279
	796,041	BHP Group Ltd. (Materials)		24,263,831
	689,771	BlueScope Steel Ltd. (Materials)		8,865,706
	182,974	Brambles Ltd. (Industrials)		1,588,011
	31,893	Cochlear Ltd. (Health Care)		4,779,297
	635,329	Coles Group Ltd. (Consumer Staples)		7,788,935
	259,106	Commonwealth Bank of Australia (Financials)		17,593,381
	221,198	Dexus REIT (Real Estate)		1,257,460
	253,921	Endeavour Group Ltd. (Consumer Staples)		1,169,512
	11,237	Flutter Entertainment PLC (Consumer Discretionary)*		1,815,531
	236,798	Fortescue Metals Group Ltd. (Materials)		3,417,254
	1,883,687	Glencore PLC (Materials)		11,296,387
	57,851	Goodman Group REIT (Real Estate)		774,775
	390,977	GPT Group (The) REIT (Real Estate)		1,241,817
	83,148	IDP Education Ltd. (Consumer Discretionary)		1,609,234
	110,064	IGO Ltd. (Materials)		974,531
	213,329	Insurance Australia Group Ltd. (Financials)		668,942
	1,665,301	Lottery Corp. Ltd. (The) (Consumer Discretionary)*		5,828,350
	50,940	Macquarie Group Ltd. (Financials)		6,510,277
	850,518	Medibank Pvt Ltd. (Financials)		1,915,647
	32,811	Mineral Resources Ltd. (Materials)		1,826,731
	422,722	National Australia Bank Ltd. (Financials)		8,551,880
	45,370	Newcrest Mining Ltd. (Materials)		689,617
	126,813	Northern Star Resources Ltd. (Materials)		886,805
	65,550	Orica Ltd. (Materials)		716,099
	365,352	Origin Energy Ltd. (Utilities)		1,973,465
	518,970	Pilbara Minerals Ltd. (Materials)*		1,459,365
	140,471	Qantas Airways Ltd. (Industrials)*		608,145
	199,099	QBE Insurance Group Ltd. (Financials)		2,024,678
	27,254	REA Group Ltd. (Communication Services)		2,258,196
	108,966	Rio Tinto Ltd. (Materials)		8,577,466
	204,487	Rio Tinto PLC (Materials)		14,140,753
	464,165	Santos Ltd. (Energy)		2,191,068
	93,267	Sonic Healthcare Ltd. (Health Care)		2,025,836
	1,423,220	South32 Ltd. (Materials)		4,165,309
	293,140	Stockland REIT (Real Estate)		759,087


Common Stocks – (continued)
Australia – (continued)
	368,949	Suncorp Group Ltd. (Financials)		3,197,091
	891,789	Telstra Group Ltd. (Communication Services)		2,501,733
	365,619	Transurban Group (Industrials)		3,496,154
	266,272	Treasury Wine Estates Ltd. (Consumer Staples)		2,515,644
	692,329	Vicinity Ltd. REIT (Real Estate)		952,419
	65,535	Washington H Soul Pattinson & Co. Ltd. (Energy)		1,288,684
	259,535	Wesfarmers Ltd. (Consumer Discretionary)		8,442,843
	448,045	Westpac Banking Corp. (Financials)		6,807,197
	20,786	WiseTech Global Ltd. (Information Technology)		883,074
	227,555	Woodside Energy Group Ltd. (Energy)		5,510,453
	406,725	Woolworths Group Ltd. (Consumer Staples)		10,126,236

				216,669,942

Austria – 0.3%
	37,968	Erste Group Bank AG (Financials)		1,497,056
	49,613	Mondi PLC (Materials)		838,793
	109,629	OMV AG (Energy)		5,360,823
	16,607	voestalpine AG (Materials)		616,763

				8,313,435

Belgium – 0.8%
	82,726	Ageas SA/NV (Financials)		3,748,744
	97,766	Anheuser-Busch InBev SA/NV (Consumer Staples)		5,933,657
	8,309	D’ieteren Group (Consumer Discretionary)		1,616,947
	15,005	Elia Group SA/NV (Utilities)		1,985,919
	21,839	Groupe Bruxelles Lambert NV (Financials)		1,841,705
	16,603	KBC Group NV (Financials)		1,244,849
	32,595	Solvay SA (Materials)		3,741,879
	44,216	UCB SA (Health Care)		3,815,997

				23,929,697

Brazil – 0.0%
	25,588	Yara International ASA (Materials)		1,221,956

Canada – 11.3%
	20,252	Agnico Eagle Mines Ltd. (Materials)		934,467
	178,935	Alimentation Couche-Tard, Inc. (Consumer Staples)		8,412,817
	60,832	AltaGas Ltd. (Utilities)		1,046,447
	552,617	ARC Resources Ltd. (Energy)		6,031,723
	89,078	Bank of Montreal (Financials)		8,461,249
	154,051	Bank of Nova Scotia (The) (Financials)		7,630,981
	29,991	BCE, Inc. (Communication Services)		1,329,874
	71,999	Brookfield Asset Management Ltd., Class A (Financials)		2,427,907
	98,425	Brookfield Corp. (Financials)		3,282,159


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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF


Shares		Description	Value

Common Stocks – (continued)
Canada – (continued)
	36,222	Cameco Corp. (Energy)	$	992,384
	30,405	Canadian Apartment Properties REIT (Real Estate)		1,103,687
	128,348	Canadian Imperial Bank of Commerce (Financials)		5,882,636
	43,461	Canadian National Railway Co. (Industrials)		4,961,089
	145,981	Canadian Natural Resources Ltd. (Energy)		8,268,093
	73,764	Canadian Pacific Railway Ltd. (Industrials)		5,614,722
	8,042	Canadian Tire Corp. Ltd., Class A (Consumer Discretionary)		1,004,711
	52,926	Canadian Utilities Ltd., Class A (Utilities)		1,391,327
	30,675	CCL Industries, Inc., Class B (Materials)		1,478,718
	609,133	Cenovus Energy, Inc. (Energy)		11,256,959
	59,816	CGI, Inc. (Information Technology)*		5,375,070
	8,521	Constellation Software, Inc. (Information Technology)		14,684,072
	145,890	Dollarama, Inc. (Consumer Discretionary)		8,446,179
	146,092	Element Fleet Management Corp. (Financials)		2,091,397
	39,003	Emera, Inc. (Utilities)		1,548,432
	467,799	Empire Co. Ltd., Class A (Consumer Staples)		12,435,011
	182,067	Enbridge, Inc. (Energy)		6,845,650
	8,115	Fairfax Financial Holdings Ltd. (Financials)		5,686,192
	22,857	FirstService Corp. (Real Estate)		3,140,498
	44,730	Fortis, Inc. (Utilities)		1,774,153
	6,237	Franco-Nevada Corp. (Materials)		797,898
	91,933	George Weston Ltd. (Consumer Staples)		11,543,535
	125,940	Great-West Lifeco, Inc. (Financials)^(a)		3,443,936
	95,873	Hydro One Ltd. (Utilities)^(b)		2,493,564
	124,197	iA Financial Corp., Inc. (Financials)		8,356,124
	57,069	IGM Financial, Inc. (Financials)		1,740,427
	165,661	Imperial Oil Ltd. (Energy)		8,212,171
	29,584	Intact Financial Corp. (Financials)		4,259,253
	46,581	Keyera Corp. (Energy)^(a)		1,030,191
	158,772	Loblaw Cos. Ltd. (Consumer Staples)		13,599,033
	25,431	Lumine Group, Inc. (Information Technology)*		260,917
	462,956	Manulife Financial Corp. (Financials)^(a)		9,174,448
	65,960	Metro, Inc. (Consumer Staples)		3,433,534
	72,747	National Bank of Canada (Financials)		5,355,103
	64,798	Northland Power, Inc. (Utilities)		1,577,769
	89,519	Nutrien Ltd. (Materials)		6,990,826
	24,353	Onex Corp. (Financials)		1,305,075
	36,157	Open Text Corp. (Information Technology)		1,247,416
	83,504	Pembina Pipeline Corp. (Energy)		2,747,790


Common Stocks – (continued)
Canada – (continued)
	250,425	Power Corp. of Canada (Financials)		6,699,092
	50,167	Quebecor, Inc., Class B (Communication Services)		1,189,460
	42,558	Restaurant Brands International, Inc. (Consumer Discretionary)		2,752,383
	43,044	RioCan Real Estate Investment Trust REIT (Real Estate)		683,228
	23,002	Ritchie Bros Auctioneers, Inc. (Industrials)		1,410,413
	36,812	Rogers Communications, Inc., Class B (Communication Services)		1,762,390
	217,806	Royal Bank of Canada (Financials)		22,163,754
	124,119	Saputo, Inc. (Consumer Staples)		3,331,234
	66,925	Shaw Communications, Inc., Class B (Communication Services)		1,943,182
	96,698	Sun Life Financial, Inc. (Financials)^(a)		4,683,438
	281,689	Suncor Energy, Inc. (Energy)		9,488,602
	45,535	TC Energy Corp. (Energy)		1,816,450
	182,352	Teck Resources Ltd., Class B (Materials)		7,295,687
	77,960	TELUS Corp. (Communication Services)		1,553,531
	27,604	Thomson Reuters Corp. (Industrials)		3,350,719
	17,482	TMX Group Ltd. (Financials)		1,747,237
	29,654	Toromont Industries Ltd. (Industrials)		2,451,255
	252,834	Toronto-Dominion Bank (The) (Financials)		16,871,695
	40,135	Tourmaline Oil Corp. (Energy)		1,762,880
	154,688	West Fraser Timber Co. Ltd. (Materials)		11,646,054
	85,514	WSP Global, Inc. (Industrials)		10,766,429

				346,476,727

Chile – 0.1%
	30,374	Antofagasta PLC (Materials)		577,325
	265,402	Lundin Mining Corp. (Materials)		1,655,046

				2,232,371

China – 0.6%
	1,473,529	BOC Hong Kong Holdings Ltd. (Financials)		4,984,037
	45,845	Prosus NV (Consumer Discretionary)*		3,302,178
	3,459,526	SITC International Holdings Co. Ltd. (Industrials)		7,228,005
	238,336	Wilmar International Ltd. (Consumer Staples)		697,578
	613,384	Xinyi Glass Holdings Ltd. (Industrials)		1,145,577

				17,357,375

Denmark – 2.8%
	3,387	AP Moller – Maersk A/S, Class A (Industrials)		7,779,772


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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Schedule of Investments (continued)

February 28, 2023 (Unaudited)


Shares		Description	Value

Common Stocks – (continued)
Denmark – (continued)
	3,408	AP Moller – Maersk A/S, Class B (Industrials)	$	7,968,835
	23,625	Carlsberg AS, Class B (Consumer Staples)		3,352,205
	14,382	Chr Hansen Holding A/S (Materials)		999,854
	23,330	Coloplast A/S, Class B (Health Care)		2,705,323
	177,764	Danske Bank A/S (Financials)		4,140,143
	54,622	Demant A/S (Health Care)*		1,641,462
	9,766	DSV A/S (Industrials)		1,782,594
	7,516	Genmab A/S (Health Care)*		2,835,903
	303,367	Novo Nordisk A/S, Class B (Health Care)		43,062,725
	29,711	Novozymes A/S, Class B (Materials)		1,436,018
	53,542	Pandora A/S (Consumer Discretionary)		5,091,754
	4,673	ROCKWOOL A/S, Class B (Industrials)		1,067,039
	134,642	Tryg A/S (Financials)		2,991,938

				86,855,565

Finland – 1.0%
	31,510	Elisa OYJ (Communication Services)		1,795,127
	23,875	Kone OYJ, Class B (Industrials)		1,244,451
	142,159	Metso Outotec OYJ (Industrials)		1,519,658
	29,632	Neste OYJ (Energy)		1,435,797
	776,025	Nokia OYJ (Information Technology)		3,604,219
	371,254	Nordea Bank Abp (Financials)		4,721,931
	172,219	Orion OYJ, Class B (Health Care)		8,136,538
	103,320	Sampo OYJ, Class A (Financials)		5,044,645
	125,589	Stora Enso OYJ, Class R (Materials)		1,784,042
	60,290	UPM-Kymmene OYJ (Materials)		2,193,698

				31,480,106

France – 10.9%
	13,117	Aeroports de Paris (Industrials)*		1,912,010
	47,867	Air Liquide SA (Materials)		7,642,874
	44,426	Airbus SE (Industrials)		5,843,053
	88,860	Alstom SA (Industrials)		2,622,590
	30,049	Arkema SA (Materials)		3,064,329
	337,885	AXA SA (Financials)		10,696,067
	42,286	BioMerieux (Health Care)		4,158,863
	147,083	BNP Paribas SA (Financials)		10,318,182
	1,351,488	Bollore SE (Communication Services)		7,581,912
	64,721	Bouygues SA (Industrials)		2,199,118
	74,091	Bureau Veritas SA (Industrials)		2,126,200
	41,219	Capgemini SE (Information Technology)		7,774,316
	462,730	Carrefour SA (Consumer Staples)		9,181,472
	167,752	Cie de Saint-Gobain (Industrials)		10,021,168
	69,239	Cie Generale des Etablissements Michelin (Consumer Discretionary)		2,183,381
	357,990	Credit Agricole SA (Financials)		4,389,497


Common Stocks – (continued)
France – (continued)
	96,488	Danone SA (Consumer Staples)		5,447,813
	16,101	Dassault Aviation SA (Industrials)		2,778,122
	105,931	Dassault Systemes (Information Technology)		4,109,393
	61,324	Edenred (Information Technology)		3,467,620
	105,503	Eiffage SA (Industrials)		11,636,142
	362,855	Engie SA (Utilities)		5,324,202
	39,816	EssilorLuxottica SA (Health Care)		6,941,771
	34,961	Eurazeo SE (Financials)		2,365,459
	8,116	Gecina SA REIT (Real Estate)		939,026
	161,251	Getlink SE (Industrials)		2,723,283
	7,303	Hermes International (Consumer Discretionary)		13,286,265
	114,744	Ipsen SA (Health Care)		13,154,264
	10,361	Kering (Consumer Discretionary)		6,098,254
	39,862	Klepierre SA REIT (Real Estate)*		1,000,618
	216,291	La Francaise des Jeux SAEM (Consumer Discretionary)^(b)		8,576,395
	35,918	Legrand SA (Industrials)		3,336,776
	48,865	L’Oreal SA (Consumer Staples)		19,438,191
	46,366	LVMH Moet Hennessy Louis Vuitton SE (Consumer Discretionary)		38,796,050
	237,096	Orange SA (Communication Services)		2,713,545
	14,690	Pernod Ricard SA (Consumer Staples)		3,079,919
	52,833	Publicis Groupe SA (Communication Services)		4,215,654
	17,122	Remy Cointreau SA (Consumer Staples)		3,021,473
	63,138	Renault SA (Consumer Discretionary)*		2,843,701
	29,932	Safran SA (Industrials)		4,252,279
	12,071	Sartorius Stedim Biotech (Health Care)		3,951,762
	29,259	SEB SA (Consumer Discretionary)		3,394,593
	213,973	Societe Generale SA (Financials)		6,199,413
	24,801	Sodexo SA (Consumer Discretionary)		2,307,691
	23,204	Thales SA (Industrials)		3,253,158
	364,607	TotalEnergies SE (Energy)		22,647,022
	26,218	Unibail-Rodamco-Westfield REIT (Real Estate)*		1,666,584
	88,938	Veolia Environnement SA (Utilities)		2,670,165
	81,918	Vinci SA (Industrials)		9,368,501
	362,428	Vivendi SE (Communication Services)		3,746,693
	83,343	Wendel SE (Financials)		9,501,419
	65,422	Worldline SA (Information Technology)*^(b)		2,741,900

				332,710,148

Germany – 7.3%
	43,810	adidas AG (Consumer Discretionary)		6,581,598
	44,316	Allianz SE (Financials)		10,440,415
	50,532	BASF SE (Materials)		2,597,737
	157,267	Bayer AG (Health Care)		9,388,144
	59,835	Bayerische Motoren Werke AG (Consumer Discretionary)		6,202,731
	21,631	Bechtle AG (Information Technology)		915,982


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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF


Shares		Description	Value

Common Stocks – (continued)
Germany – (continued)
	38,629	Beiersdorf AG (Consumer Staples)	$	4,629,166
	39,155	Brenntag SE (Industrials)		2,964,806
	10,290	Carl Zeiss Meditec AG (Health Care)		1,378,255
	419,252	Commerzbank AG (Financials)*		5,124,210
	16,281	Covestro AG (Materials)^(b)		719,129
	30,223	Daimler Truck Holding AG (Industrials)*		962,026
	488,930	Deutsche Bank AG (Financials)		6,118,424
	28,993	Deutsche Boerse AG (Financials)		5,073,270
	472,915	Deutsche Lufthansa AG (Industrials)*		4,925,994
	297,224	Deutsche Post AG (Industrials)		12,646,073
	401,386	Deutsche Telekom AG (Communication Services)		9,039,104
	510,069	E.ON SE (Utilities)		5,595,905
	47,640	Evonik Industries AG (Materials)		1,022,065
	66,736	Fresenius Medical Care AG & Co. KGaA (Health Care)		2,612,960
	179,167	Fresenius SE & Co. KGaA (Health Care)		4,945,874
	45,160	GEA Group AG (Industrials)		1,993,273
	12,737	Hannover Rueck SE (Financials)		2,481,345
	92,734	HeidelbergCement AG (Materials)		6,404,191
	253,613	HelloFresh SE (Consumer Staples)*		5,720,709
	26,800	Henkel AG & Co. KGaA (Consumer Staples)		1,860,181
	46,888	Infineon Technologies AG (Information Technology)		1,666,525
	36,962	Knorr-Bremse AG (Industrials)		2,525,149
	129,991	Mercedes-Benz Group AG (Consumer Discretionary)		10,015,203
	31,553	Merck KGaA (Health Care)		6,001,405
	5,948	MTU Aero Engines AG (Industrials)		1,441,345
	16,234	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Financials)		5,614,191
	90,900	Nemetschek SE (Information Technology)		5,174,725
	84,962	Puma SE (Consumer Discretionary)		5,442,175
	6,178	Rational AG (Industrials)		4,114,513
	10,811	Rheinmetall AG (Industrials)		2,758,496
	158,988	RWE AG (Utilities)		6,784,740
	136,525	SAP SE (Information Technology)		15,561,474
	11,404	Scout24 SE (Communication Services)^(b)		627,918
	71,357	Siemens AG (Industrials)		10,950,047
	381,960	Siemens Energy AG (Industrials)*^(a)		7,684,155
	24,613	Siemens Healthineers AG (Health Care)^(b)		1,288,922
	14,616	Symrise AG (Materials)		1,500,427
	675,074	Telefonica Deutschland Holding AG (Communication Services)		2,055,396
	50,284	United Internet AG (Communication Services)		1,104,919
	17,879	Volkswagen AG (Consumer Discretionary)		3,200,564


Common Stocks – (continued)
Germany – (continued)
	163,346	Zalando SE (Consumer Discretionary)*^(b)		6,513,392

				224,369,248

Hong Kong – 1.9%
	1,006,383	AIA Group Ltd. (Financials)		10,673,468
	719,675	CK Asset Holdings Ltd. (Real Estate)		4,510,862
	121,542	CK Infrastructure Holdings Ltd. (Utilities)		641,039
	144,298	CLP Holdings Ltd. (Utilities)		1,021,180
	76,097	Hang Seng Bank Ltd. (Financials)		1,237,019
	1,245,300	HKT Trust & HKT Ltd. (Communication Services)		1,618,200
	966,116	Hong Kong & China Gas Co. Ltd. (Utilities)		908,330
	165,882	Hong Kong Exchanges & Clearing Ltd. (Financials)		6,648,382
	174,045	Hongkong Land Holdings Ltd. (Real Estate)		795,386
	48,417	Jardine Matheson Holdings Ltd. (Industrials)		2,397,610
	136,105	Link REIT (Real Estate)		894,709
	212,909	MTR Corp. Ltd. (Industrials)		1,072,750
	1,663,358	New World Development Co. Ltd. (Real Estate)		4,524,198
	257,890	Power Assets Holdings Ltd. (Utilities)		1,379,881
	161,861	Prudential PLC (Financials)		2,487,675
	207,453	Sun Hung Kai Properties Ltd. (Real Estate)		2,833,169
	167,771	Swire Pacific Ltd., Class A (Real Estate)		1,367,902
	393,864	Techtronic Industries Co. Ltd. (Industrials)		3,916,311
	12,290,146	WH Group Ltd. (Consumer Staples)^(b)		7,139,699
	221,029	Wharf Real Estate Investment Co. Ltd. (Real Estate)		1,210,809

				57,278,579

Ireland – 0.7%
	77,817	AerCap Holdings NV (Industrials)*		4,858,893
	483,600	AIB Group PLC (Financials)		2,075,024
	208,961	Bank of Ireland Group PLC (Financials)		2,311,322
	94,108	CRH PLC (Materials)		4,443,166
	16,320	Kerry Group PLC, Class A (Consumer Staples)		1,568,394
	24,807	Kingspan Group PLC (Industrials)		1,620,036
	80,917	Smurfit Kappa Group PLC (Materials)		3,035,189

				19,912,024

Israel – 0.7%
	11,482	Azrieli Group Ltd. (Real Estate)		644,350
	199,980	Bank Hapoalim BM (Financials)		1,674,073


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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Schedule of Investments (continued)

February 28, 2023 (Unaudited)


Shares		Description	Value

Common Stocks – (continued)
Israel – (continued)
	239,064	Bank Leumi Le-Israel BM (Financials)	$	1,860,550
	1,137,322	Bezeq The Israeli Telecommunication Corp. Ltd. (Communication Services)		1,574,753
	27,984	Check Point Software Technologies Ltd. (Information Technology)*		3,462,180
	208,668	ICL Group Ltd. (Materials)^(a)		1,517,170
	287,773	Israel Discount Bank Ltd., Class A (Financials)		1,365,996
	26,208	Mizrahi Tefahot Bank Ltd. (Financials)		779,855
	662,134	Teva Pharmaceutical Industries Ltd. ADR (Health Care)*		6,561,748
	20,805	Tower Semiconductor Ltd. (Information Technology)*		850,881

				20,291,556

Italy – 2.2%
	228,861	Assicurazioni Generali SpA (Financials)		4,541,052
	100,179	Coca-Cola HBC AG (Consumer Staples)*		2,579,662
	147,087	Davide Campari-Milano NV (Consumer Staples)		1,652,670
	16,313	DiaSorin SpA (Health Care)		1,974,789
	393,102	Enel SpA (Utilities)		2,216,577
	708,479	Eni SpA (Energy)		10,042,441
	29,679	Ferrari NV (Consumer Discretionary)		7,720,718
	195,192	FinecoBank Banca Fineco SpA (Financials)		3,384,470
	90,316	Infrastrutture Wireless Italiane SpA (Communication Services)^(b)		998,029
	863,683	Intesa Sanpaolo SpA (Financials)		2,346,171
	57,773	Mediobanca Banca di Credito Finanziario SpA (Financials)		618,810
	114,535	Moncler SpA (Consumer Discretionary)		7,020,644
	156,612	Nexi SpA (Information Technology)*^(b)		1,270,898
	377,694	Poste Italiane SpA (Financials)^(b)		4,085,556
	80,288	Prysmian SpA (Industrials)		3,096,740
	85,793	Recordati Industria Chimica e Farmaceutica SpA (Health Care)		3,652,078
	326,700	Snam SpA (Utilities)		1,609,679
	228,217	Terna – Rete Elettrica Nazionale (Utilities)		1,725,149
	263,149	UniCredit SpA (Financials)		5,399,439

				65,935,572

Japan – 18.3%
	61,190	Advantest Corp. (Information Technology)		4,856,028
	76,301	Aeon Co. Ltd. (Consumer Staples)^(a)		1,422,784
	68,048	Ajinomoto Co., Inc. (Consumer Staples)		2,007,245


Common Stocks – (continued)
Japan – (continued)
	42,159	ANA Holdings, Inc. (Industrials)*^(a)		855,313
	94,073	Asahi Group Holdings Ltd. (Consumer Staples)		3,326,033
	43,948	Asahi Intecc Co. Ltd. (Health Care)		748,518
	92,143	Asahi Kasei Corp. (Materials)		642,495
	534,512	Astellas Pharma, Inc. (Health Care)		7,530,217
	40,501	Azbil Corp. (Information Technology)		1,052,553
	62,953	Bandai Namco Holdings, Inc. (Consumer Discretionary)		3,888,607
	99,034	BayCurrent Consulting, Inc. (Industrials)		3,889,674
	82,191	Bridgestone Corp. (Consumer Discretionary)		3,152,722
	224,466	Brother Industries Ltd. (Information Technology)		3,300,704
	140,236	Canon, Inc. (Information Technology)		3,027,302
	101,995	Capcom Co. Ltd. (Communication Services)		3,208,520
	10,323	Central Japan Railway Co. (Industrials)		1,160,262
	96,847	Chiba Bank Ltd. (The) (Financials)		708,853
	137,642	Chubu Electric Power Co., Inc. (Utilities)		1,426,792
	108,418	Chugai Pharmaceutical Co. Ltd. (Health Care)		2,701,396
	248,158	Concordia Financial Group Ltd. (Financials)		1,065,759
	417,765	CyberAgent, Inc. (Communication Services)		3,576,067
	88,294	Dai-ichi Life Holdings, Inc. (Financials)		1,882,037
	168,015	Daiichi Sankyo Co. Ltd. (Health Care)		5,282,885
	16,989	Daikin Industries Ltd. (Industrials)		2,911,634
	27,214	Daito Trust Construction Co. Ltd. (Real Estate)		2,563,268
	42,559	Daiwa House Industry Co. Ltd. (Real Estate)		981,999
	530	Daiwa House REIT Investment Corp. REIT (Real Estate)		1,093,734
	245,979	Daiwa Securities Group, Inc. (Financials)		1,175,585
	13,603	Denso Corp. (Consumer Discretionary)		722,917
	72,420	Dentsu Group, Inc. (Communication Services)		2,323,352
	4,852	Disco Corp. (Information Technology)		1,520,981
	28,505	East Japan Railway Co. (Industrials)		1,445,182
	61,818	Eisai Co. Ltd. (Health Care)		3,336,534
	460,878	ENEOS Holdings, Inc. (Energy)		1,591,241
	4,412	FANUC Corp. (Industrials)		750,476
	23,539	Fast Retailing Co. Ltd. (Consumer Discretionary)		4,648,527
	54,206	FUJIFILM Holdings Corp. (Information Technology)		2,528,539
	42,756	Fujitsu Ltd. (Information Technology)		5,499,285
	1,199	GLP J REIT (Real Estate)		1,259,604


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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF


Shares		Description	Value

Common Stocks – (continued)
Japan – (continued)
	138,875	Hakuhodo DY Holdings, Inc. (Communication Services)	$	1,547,643
	25,373	Hamamatsu Photonics KK (Information Technology)		1,244,295
	64,720	Hankyu Hanshin Holdings, Inc. (Industrials)		1,841,133
	9,045	Hikari Tsushin, Inc. (Consumer Discretionary)		1,312,775
	6,295	Hirose Electric Co. Ltd. (Information Technology)		769,458
	113,669	Hitachi Ltd. (Industrials)		5,749,583
	457,520	Honda Motor Co. Ltd. (Consumer Discretionary)		11,896,897
	19,923	Hoshizaki Corp. (Industrials)		705,711
	92,829	Hoya Corp. (Health Care)		9,179,654
	68,023	Ibiden Co. Ltd. (Information Technology)		2,334,600
	49,126	Idemitsu Kosan Co. Ltd. (Energy)		1,094,574
	700,709	Inpex Corp. (Energy)		7,371,552
	173,640	Isuzu Motors Ltd. (Consumer Discretionary)		2,076,567
	313,797	ITOCHU Corp. (Industrials)		9,373,711
	42,804	Itochu Techno-Solutions Corp. (Information Technology)		952,143
	167,264	Japan Airlines Co. Ltd. (Industrials)*		3,148,441
	47,485	Japan Exchange Group, Inc. (Financials)		708,362
	1,706	Japan Metropolitan Fund Invest REIT (Real Estate)		1,281,238
	177,673	Japan Post Bank Co. Ltd. (Financials)^(a)		1,533,924
	712,733	Japan Post Holdings Co. Ltd. (Financials)		6,331,218
	248,597	Japan Post Insurance Co. Ltd. (Financials)		4,310,730
	271	Japan Real Estate Investment Corp. REIT (Real Estate)		1,122,079
	189,184	Japan Tobacco, Inc. (Consumer Staples)		3,846,457
	52,753	JFE Holdings, Inc. (Materials)		652,950
	75,512	Kajima Corp. (Industrials)		901,942
	145,079	Kansai Electric Power Co., Inc. (The) (Utilities)		1,365,424
	80,037	Kao Corp. (Consumer Staples)		2,990,774
	279,262	KDDI Corp. (Communication Services)		8,171,922
	32,820	Keisei Electric Railway Co. Ltd. (Industrials)		948,109
	14,637	Keyence Corp. (Information Technology)		6,328,032
	43,755	Kikkoman Corp. (Consumer Staples)		2,046,172
	60,299	Kintetsu Group Holdings Co. Ltd. (Industrials)		1,826,035
	125,740	Kirin Holdings Co. Ltd. (Consumer Staples)		1,882,200
	17,809	Kobayashi Pharmaceutical Co. Ltd. (Consumer Staples)		1,072,083


Common Stocks – (continued)
Japan – (continued)
	36,237	Koei Tecmo Holdings Co. Ltd. (Communication Services)		607,076
	76,997	Komatsu Ltd. (Industrials)		1,842,750
	49,232	Kose Corp. (Consumer Staples)		5,562,386
	14,021	Kurita Water Industries Ltd. (Industrials)		634,066
	36,697	Kyocera Corp. (Information Technology)		1,807,169
	42,068	Kyowa Kirin Co. Ltd. (Health Care)		900,255
	58,811	M3, Inc. (Health Care)		1,404,055
	680,493	Marubeni Corp. (Industrials)		8,692,566
	48,362	MatsukiyoCocokara & Co. (Consumer Staples)		2,247,414
	627,609	Mazda Motor Corp. (Consumer Discretionary)		5,653,388
	33,346	McDonald’s Holdings Co. Japan Ltd. (Consumer Discretionary)		1,319,494
	30,184	MEIJI Holdings Co. Ltd. (Consumer Staples)		1,382,727
	146,129	MISUMI Group, Inc. (Industrials)		3,475,814
	154,073	Mitsubishi Chemical Group Corp. (Materials)		896,964
	276,394	Mitsubishi Corp. (Industrials)		9,392,709
	165,399	Mitsubishi Electric Corp. (Industrials)		1,861,445
	98,841	Mitsubishi Estate Co. Ltd. (Real Estate)		1,230,297
	404,658	Mitsubishi HC Capital, Inc. (Financials)		2,112,189
	124,765	Mitsubishi Heavy Industries Ltd. (Industrials)		4,593,448
	1,108,906	Mitsubishi UFJ Financial Group, Inc. (Financials)		7,856,735
	306,560	Mitsui & Co. Ltd. (Industrials)		8,606,141
	56,158	Mitsui Fudosan Co. Ltd. (Real Estate)		1,069,853
	111,130	Mitsui OSK Lines Ltd. (Industrials)^(a)		2,904,400
	373,623	Mizuho Financial Group, Inc. (Financials)		5,821,788
	323,750	MonotaRO Co. Ltd. (Industrials)		4,401,755
	89,384	MS&AD Insurance Group Holdings, Inc. (Financials)		2,921,393
	52,719	Murata Manufacturing Co. Ltd. (Information Technology)		2,833,044
	135,274	NEC Corp. (Information Technology)		4,841,323
	70,483	Nexon Co. Ltd. (Communication Services)		1,527,481
	62,216	NGK Insulators Ltd. (Industrials)		825,801
	111,051	Nintendo Co. Ltd. (Communication Services)		4,177,406
	221	Nippon Building Fund, Inc. REIT (Real Estate)		932,900
	558	Nippon Prologis REIT, Inc. REIT (Real Estate)		1,190,433


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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Schedule of Investments (continued)

February 28, 2023 (Unaudited)


Shares		Description	Value

Common Stocks – (continued)
Japan – (continued)
	97,959	Nippon Steel Corp. (Materials)	$	2,184,058
	442,259	Nippon Telegraph & Telephone Corp. (Communication Services)		12,815,008
	185,171	Nippon Yusen KK (Industrials)^(a)		4,801,409
	22,750	Nissan Chemical Corp. (Materials)		998,752
	70,641	Nisshin Seifun Group, Inc. (Consumer Staples)		816,275
	18,464	Nissin Foods Holdings Co. Ltd. (Consumer Staples)		1,537,142
	33,782	Nitori Holdings Co. Ltd. (Consumer Discretionary)		3,819,277
	19,737	Nitto Denko Corp. (Materials)		1,188,147
	187,274	Nomura Holdings, Inc. (Financials)		771,698
	38,580	Nomura Real Estate Holdings, Inc. (Real Estate)		859,599
	998	Nomura Real Estate Master Fund, Inc. REIT (Real Estate)		1,106,325
	63,336	Nomura Research Institute Ltd. (Information Technology)		1,413,511
	129,193	NTT Data Corp. (Information Technology)		1,792,569
	161,714	Obayashi Corp. (Industrials)		1,195,507
	5,539	Obic Co. Ltd. (Information Technology)		810,833
	207,551	Oji Holdings Corp. (Materials)		842,607
	277,090	Olympus Corp. (Health Care)		4,666,479
	52,051	Omron Corp. (Information Technology)		2,794,090
	116,952	Ono Pharmaceutical Co. Ltd. (Health Care)		2,386,863
	38,317	Oracle Corp. Japan (Information Technology)		2,610,445
	17,171	Oriental Land Co. Ltd. (Consumer Discretionary)		2,742,393
	144,257	ORIX Corp. (Financials)		2,585,644
	80,554	Osaka Gas Co. Ltd. (Utilities)		1,308,710
	23,033	Otsuka Corp. (Information Technology)		776,137
	119,279	Otsuka Holdings Co. Ltd. (Health Care)		3,620,008
	51,627	Pan Pacific International Holdings Corp. (Consumer Discretionary)		943,738
	324,477	Panasonic Holdings Corp. (Consumer Discretionary)		2,827,546
	246,686	Persol Holdings Co. Ltd. (Industrials)		4,938,610
	278,272	Recruit Holdings Co. Ltd. (Industrials)		7,566,857
	309,127	Renesas Electronics Corp. (Information Technology)*		4,003,230
	469,820	Resona Holdings, Inc. (Financials)		2,586,485
	717,681	Ricoh Co. Ltd. (Information Technology)		5,574,324
	7,995	Rohm Co. Ltd. (Information Technology)		615,113
	53,225	SBI Holdings, Inc. (Financials)		1,147,611
	36,068	Secom Co. Ltd. (Industrials)		2,097,910
	170,756	Seiko Epson Corp. (Information Technology)		2,352,964


Common Stocks – (continued)
Japan – (continued)
	85,833	Sekisui Chemical Co. Ltd. (Consumer Discretionary)		1,149,985
	103,302	Sekisui House Ltd. (Consumer Discretionary)		1,956,227
	156,392	Seven & i Holdings Co. Ltd. (Consumer Staples)^(a)		6,992,088
	58,851	Shimadzu Corp. (Information Technology)		1,700,097
	9,291	Shimano, Inc. (Consumer Discretionary)		1,447,040
	23,675	Shin-Etsu Chemical Co. Ltd. (Materials)		3,328,387
	24,816	Shionogi & Co. Ltd. (Health Care)		1,103,844
	152,836	Shiseido Co. Ltd. (Consumer Staples)		7,036,190
	228,938	Shizuoka Financial Group, Inc. (Financials)		1,828,613
	369,356	SoftBank Corp. (Communication Services)		4,169,033
	141,834	SoftBank Group Corp. (Communication Services)		5,744,582
	63,154	Sompo Holdings, Inc. (Financials)		2,707,163
	64,276	Sony Group Corp. (Consumer Discretionary)		5,393,493
	45,841	Square Enix Holdings Co. Ltd. (Communication Services)		2,042,762
	332,010	Subaru Corp. (Consumer Discretionary)		5,331,805
	72,737	SUMCO Corp. (Information Technology)		1,003,361
	562,073	Sumitomo Chemical Co. Ltd. (Materials)		1,968,277
	273,869	Sumitomo Corp. (Industrials)		4,670,541
	86,408	Sumitomo Electric Industries Ltd. (Consumer Discretionary)		1,062,854
	177,204	Sumitomo Mitsui Financial Group, Inc. (Financials)		7,769,058
	65,260	Sumitomo Mitsui Trust Holdings, Inc. (Financials)		2,417,037
	76,133	Suntory Beverage & Food Ltd. (Consumer Staples)		2,671,627
	56,105	Sysmex Corp. (Health Care)		3,361,399
	41,066	T&D Holdings, Inc. (Financials)		621,349
	118,930	Taisei Corp. (Industrials)		3,876,586
	405,621	Takeda Pharmaceutical Co. Ltd. (Health Care)		12,542,493
	53,541	Terumo Corp. (Health Care)		1,439,002
	52,157	TIS, Inc. (Information Technology)		1,294,209
	84,105	Tobu Railway Co. Ltd. (Industrials)		1,877,027
	29,194	Toho Co. Ltd. (Communication Services)		1,015,891
	222,519	Tokio Marine Holdings, Inc. (Financials)		4,721,882
	215,401	Tokyo Electric Power Co. Holdings, Inc. (Utilities)*		714,762
	24,510	Tokyo Electron Ltd. (Information Technology)		8,404,817


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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF


Shares		Description	Value

Common Stocks – (continued)
Japan – (continued)
	101,420	Tokyo Gas Co. Ltd. (Utilities)	$	1,956,699
	51,379	Tokyu Corp. (Industrials)		618,592
	132,173	TOPPAN, Inc. (Industrials)		2,389,914
	210,202	Toray Industries, Inc. (Materials)		1,202,433
	32,202	Toshiba Corp. (Industrials)		996,923
	62,449	Tosoh Corp. (Materials)		849,066
	26,453	TOTO Ltd. (Industrials)		882,641
	689,739	Toyota Motor Corp. (Consumer Discretionary)		9,430,965
	15,016	Toyota Tsusho Corp. (Industrials)		612,920
	43,951	Trend Micro, Inc. (Information Technology)		2,068,244
	58,059	Unicharm Corp. (Consumer Staples)		2,149,481
	133,596	USS Co. Ltd. (Consumer Discretionary)		2,166,528
	232,893	Welcia Holdings Co. Ltd. (Consumer Staples)		5,093,332
	34,281	West Japan Railway Co. (Industrials)		1,329,815
	38,653	Yakult Honsha Co. Ltd. (Consumer Staples)		2,636,173
	37,176	Yamaha Motor Co. Ltd. (Consumer Discretionary)		951,131
	62,817	Yamato Holdings Co. Ltd. (Industrials)		1,061,131
	102,947	Yokogawa Electric Corp. (Information Technology)		1,537,233
	277,977	ZOZO, Inc. (Consumer Discretionary)		6,173,185

				561,078,438

Jordan – 0.1%
	134,528	Hikma Pharmaceuticals PLC (Health Care)		2,820,845

Luxembourg – 0.5%
	437,777	ArcelorMittal (Materials)		13,205,953
	35,396	Eurofins Scientific SE (Health Care)		2,477,474

				15,683,427

Macau – 0.0%
	93,005	Galaxy Entertainment Group Ltd. (Consumer Discretionary)		618,493
	174,693	Sands China Ltd. (Consumer Discretionary)*		605,344

				1,223,837

Netherlands – 4.9%
	124,830	ABN AMRO Bank NV (Financials)^(b)		2,211,446
	499	Adyen NV (Information Technology)*^(b)		711,866
	745,397	Aegon NV (Financials)		3,899,506
	21,791	Akzo Nobel NV (Materials)		1,600,093
	4,543	Argenx SE (Health Care)*		1,648,670
	8,147	ASM International NV (Information Technology)		2,790,687
	51,034	ASML Holding NV (Information Technology)		31,607,004
	14,190	Euronext NV (Financials)^(b)		1,040,453


Common Stocks – (continued)
Netherlands – (continued)
	22,763	EXOR NV (Financials)*		1,881,968
	55,181	Heineken Holding NV (Consumer Staples)		4,737,152
	30,527	Heineken NV (Consumer Staples)		3,124,081
	7,039	IMCD NV (Industrials)		1,118,983
	382,848	ING Groep NV (Financials)		5,386,135
	98,380	JDE Peet’s NV (Consumer Staples)		2,904,604
	484,157	Koninklijke Ahold Delhaize NV (Consumer Staples)		15,411,164
	13,655	Koninklijke DSM NV (Materials)		1,689,948
	958,729	Koninklijke KPN NV (Communication Services)		3,295,230
	152,779	Koninklijke Philips NV (Health Care)		2,503,243
	164,404	NN Group NV (Financials)		6,677,625
	52,332	OCI NV (Materials)		1,742,641
	105,707	Randstad NV (Industrials)		6,513,145
	1,160,730	Shell PLC (Energy)		35,503,335
	66,709	Universal Music Group NV (Communication Services)		1,581,149
	99,845	Wolters Kluwer NV (Industrials)		11,589,187

				151,169,315

New Zealand – 0.2%
	114,684	Auckland International Airport Ltd. (Industrials)*		620,999
	185,267	Fisher & Paykel Healthcare Corp. Ltd. (Health Care)		2,982,041
	520,684	Spark New Zealand Ltd. (Communication Services)		1,612,949
	33,643	Xero Ltd. (Information Technology)*		1,762,793

				6,978,782

Norway – 0.8%
	52,340	Aker BP ASA (Energy)^(a)		1,417,951
	147,921	DNB Bank ASA (Financials)		2,967,985
	257,518	Equinor ASA (Energy)		7,968,297
	243,246	Gjensidige Forsikring ASA (Financials)		4,335,219
	40,172	Kongsberg Gruppen ASA (Industrials)		1,678,080
	59,966	Mowi ASA (Consumer Staples)		1,041,206
	266,265	Norsk Hydro ASA (Materials)		1,947,085
	177,819	Orkla ASA (Consumer Staples)		1,201,667
	93,739	Telenor ASA (Communication Services)		1,055,935

				23,613,425

Portugal – 0.3%
	239,087	EDP – Energias de Portugal SA (Utilities)		1,210,964
	77,421	Galp Energia SGPS SA (Energy)		949,134
	407,563	Jeronimo Martins SGPS SA (Consumer Staples)		8,393,727

				10,553,825


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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Schedule of Investments (continued)

February 28, 2023 (Unaudited)


Shares		Description	Value

Common Stocks – (continued)
Singapore – 1.6%
	558,793	CapitaLand Integrated Commercial Trust REIT (Real Estate)	$	805,303
	147,478	City Developments Ltd. (Real Estate)		844,672
	379,715	DBS Group Holdings Ltd. (Financials)		9,638,496
	2,178,901	Genting Singapore Ltd. (Consumer Discretionary)		1,650,989
	56,227	Jardine Cycle & Carriage Ltd. (Industrials)		1,240,950
	380,585	Keppel Corp. Ltd. (Industrials)		1,549,312
	700,371	Mapletree Logistics Trust REIT (Real Estate)		879,268
	867,434	Oversea-Chinese Banking Corp. Ltd. (Financials)		8,164,312
	7,258,439	Sembcorp Marine Ltd. (Industrials)*		684,784
	382,207	Singapore Airlines Ltd. (Industrials)		1,615,539
	1,311,177	Singapore Exchange Ltd. (Financials)		8,483,714
	1,002,320	Singapore Telecommunications Ltd. (Communication Services)		1,764,661
	128,275	STMicroelectronics NV (Information Technology)		6,179,422
	245,207	United Overseas Bank Ltd. (Financials)		5,450,056
	51,943	Venture Corp. Ltd. (Information Technology)		662,527

				49,614,005

South Africa – 0.2%
	137,687	Anglo American PLC (Materials)		4,808,196

Spain – 2.5%
	8,978	Acciona SA (Utilities)		1,695,721
	89,818	ACS Actividades de Construccion y Servicios SA (Industrials)		2,729,923
	45,077	Amadeus IT Group SA (Information Technology)*		2,839,568
	886,358	Banco Bilbao Vizcaya Argentaria SA (Financials)		6,930,495
	2,530,316	Banco Santander SA (Financials)		9,988,962
	796,066	CaixaBank SA (Financials)		3,420,814
	21,374	Cellnex Telecom SA (Communication Services)*^(b)		806,043
	22,753	Corp ACCIONA Energias Renovables SA (Utilities)		883,625
	96,871	Enagas SA (Utilities)		1,742,330
	72,155	Endesa SA (Utilities)		1,420,984
	76,059	Ferrovial SA (Industrials)		2,118,148
	731,288	Iberdrola SA (Utilities)		8,426,147
	383,190	Industria de Diseno Textil SA (Consumer Discretionary)		11,821,396
	78,293	Naturgy Energy Group SA (Utilities)		2,163,756
	131,461	Red Electrica Corp. SA (Utilities)		2,190,201
	754,354	Repsol SA (Energy)		12,003,892
	918,819	Telefonica SA (Communication Services)		3,750,496

				74,932,501


Common Stocks – (continued)
Sweden – 2.0%
	18,778	Alfa Laval AB (Industrials)		621,216
	77,559	Assa Abloy AB, Class B (Industrials)		1,897,215
	344,600	Atlas Copco AB, Class A (Industrials)		4,119,894
	185,838	Atlas Copco AB, Class B (Industrials)		1,971,252
	30,818	Boliden AB (Materials)		1,271,155
	71,526	Epiroc AB, Class A (Industrials)		1,382,016
	53,143	Epiroc AB, Class B (Industrials)		878,531
	50,906	Essity AB, Class B (Consumer Staples)		1,381,432
	8,964	Evolution AB (Consumer Discretionary)^(b)		1,088,718
	32,534	Getinge AB, Class B (Health Care)		703,490
	555,096	H & M Hennes & Mauritz AB, Class B (Consumer Discretionary)		7,028,257
	84,794	Hexagon AB, Class B (Information Technology)		944,405
	29,793	Holmen AB, Class B (Materials)		1,208,450
	197,363	Husqvarna AB, Class B (Industrials)		1,758,527
	49,278	Industrivarden AB, Class A (Financials)		1,361,824
	59,379	Industrivarden AB, Class C (Financials)		1,637,554
	69,771	Investor AB, Class A (Financials)		1,438,426
	181,041	Investor AB, Class B (Financials)		3,517,146
	22,903	L E Lundbergforetagen AB, Class B (Financials)		1,068,877
	35,424	Lifco AB, Class B (Industrials)		711,972
	154,492	Nibe Industrier AB, Class B (Industrials)		1,605,866
	56,873	Sandvik AB (Industrials)		1,176,878
	185,082	Skandinaviska Enskilda Banken AB, Class A (Financials)		2,325,815
	80,926	Svenska Cellulosa AB SCA, Class B (Materials)		1,135,289
	249,511	Svenska Handelsbanken AB, Class A (Financials)		2,658,139
	159,881	Swedbank AB, Class A (Financials)		3,277,771
	57,795	Swedish Orphan Biovitrum AB (Health Care)*		1,336,169
	184,395	Tele2 AB, Class B (Communication Services)		1,703,451
	478,025	Telefonaktiebolaget LM Ericsson, Class B (Information Technology)		2,663,181
	599,103	Telia Co. AB (Communication Services)		1,553,970
	80,906	Volvo AB, Class A (Industrials)		1,692,815
	157,489	Volvo AB, Class B (Industrials)		3,168,325

				60,288,026

Switzerland – 4.6%
	152,749	ABB Ltd. (Industrials)		5,097,881
	26,557	Adecco Group AG (Industrials)		948,090
	32,684	Alcon, Inc. (Health Care)		2,237,402
	17,065	Baloise Holding AG (Financials)		2,849,477
	25,718	Banque Cantonale Vaudoise (Financials)		2,303,575


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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF


Shares		Description	Value

Common Stocks – (continued)
Switzerland – (continued)
	989	Barry Callebaut AG (Consumer Staples)	$	1,977,472
	10,628	BKW AG (Utilities)		1,558,055
	366	Chocoladefabriken Lindt & Spruengli AG (Consumer Staples)		4,030,003
	55,142	Cie Financiere Richemont SA, Class A (Consumer Discretionary)		8,339,694
	41,474	Clariant AG (Materials)*		674,824
	3,369	EMS-Chemie Holding AG (Materials)		2,562,920
	6,527	Geberit AG (Industrials)		3,544,671
	559	Givaudan SA (Materials)		1,694,445
	22,178	Julius Baer Group Ltd. (Financials)		1,475,615
	34,388	Kuehne + Nagel International AG (Industrials)		8,842,367
	66,267	Logitech International SA (Information Technology)		3,639,824
	2,750	Lonza Group AG (Health Care)		1,645,452
	324,582	Novartis AG (Health Care)		27,455,707
	8,003	Partners Group Holding AG (Financials)		7,630,281
	7,159	Schindler Holding AG (Industrials)		1,546,757
	6,192	Schindler Holding AG Participation Certificates (Industrials)		1,396,627
	2,761	SGS SA (Industrials)		6,357,149
	4,998	Sika AG (Materials)		1,407,279
	6,127	Sonova Holding AG (Health Care)		1,511,403
	42,645	Straumann Holding AG (Health Care)		5,680,692
	13,869	Swatch Group AG (The) – Bearer (Consumer Discretionary)		4,841,757
	62,512	Swatch Group AG (The) – Registered (Consumer Discretionary)		4,011,840
	6,168	Swiss Life Holding AG (Financials)		3,726,137
	19,916	Swiss Prime Site AG (Real Estate)		1,689,327
	4,311	Swisscom AG (Communication Services)		2,669,623
	419,933	UBS Group AG (Financials)		9,162,582
	5,339	VAT Group AG (Industrials)^(b)		1,620,071
	15,830	Zurich Insurance Group AG (Financials)		7,539,623

				141,668,622

United Kingdom – 10.4%
	274,256	3i Group PLC (Financials)		5,402,096
	744,368	abrdn PLC (Financials)		2,024,026
	246,053	Admiral Group PLC (Financials)		6,556,429
	23,457	Ashtead Group PLC (Industrials)		1,564,742
	164,825	Associated British Foods PLC (Consumer Staples)		4,004,876
	205,858	AstraZeneca PLC (Health Care)		27,115,354
	1,187,479	Auto Trader Group PLC (Communication Services)^(b)		8,559,599
	687,745	Aviva PLC (Financials)		3,716,809
	510,058	BAE Systems PLC (Industrials)		5,545,166


Common Stocks – (continued)
United Kingdom – (continued)
	2,176,109	Barclays PLC (Financials)		4,600,902
	1,026,960	Barratt Developments PLC (Consumer Discretionary)		5,832,270
	59,043	Berkeley Group Holdings PLC (Consumer Discretionary)		2,999,318
	2,602,695	BP PLC (Energy)		17,345,996
	342,199	British American Tobacco PLC (Consumer Staples)		13,022,994
	81,818	Bunzl PLC (Industrials)		2,935,930
	381,115	Burberry Group PLC (Consumer Discretionary)		11,378,048
	892,444	CK Hutchison Holdings Ltd. (Industrials)		5,320,897
	341,480	CNH Industrial NV (Industrials)		5,622,219
	73,264	Coca-Cola Europacific Partners PLC (Consumer Staples)		4,029,520
	303,122	Compass Group PLC (Consumer Discretionary)		7,045,914
	15,423	Croda International PLC (Materials)		1,225,247
	42,569	DCC PLC (Industrials)		2,382,001
	233,536	Diageo PLC (Consumer Staples)		9,977,555
	85,858	Entain PLC (Consumer Discretionary)		1,413,119
	55,083	Experian PLC (Industrials)		1,870,549
	43,503	Halma PLC (Information Technology)		1,139,712
	462,418	Hargreaves Lansdown PLC (Financials)		4,644,320
	1,773,092	HSBC Holdings PLC (Financials)		13,643,751
	263,191	Imperial Brands PLC (Consumer Staples)		6,388,576
	288,554	Informa PLC (Communication Services)		2,334,975
	30,450	InterContinental Hotels Group PLC (Consumer Discretionary)		2,066,612
	27,375	Intertek Group PLC (Industrials)		1,383,328
	3,103,757	J Sainsbury PLC (Consumer Staples)		10,077,786
	3,974,874	JD Sports Fashion PLC (Consumer Discretionary)		8,714,861
	1,374,405	Kingfisher PLC (Consumer Discretionary)		4,778,788
	150,402	Land Securities Group PLC REIT (Real Estate)		1,252,375
	1,127,169	Legal & General Group PLC (Financials)		3,492,030
	12,145,861	Lloyds Banking Group PLC (Financials)		7,737,449
	32,077	London Stock Exchange Group PLC (Financials)		2,886,145
	235,618	National Grid PLC (Utilities)		2,989,430
	785,806	NatWest Group PLC (Financials)		2,780,755
	73,058	Next PLC (Consumer Discretionary)		6,051,590
	98,309	Pearson PLC (Consumer Discretionary)		1,093,059


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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Schedule of Investments (continued)

February 28, 2023 (Unaudited)


Shares		Description	Value

Common Stocks – (continued)
United Kingdom – (continued)
	239,885	Phoenix Group Holdings PLC (Financials)	$	1,839,500
	74,421	Reckitt Benckiser Group PLC (Consumer Staples)		5,191,435
	287,148	RELX PLC (Industrials)		8,701,323
	254,296	Rentokil Initial PLC (Industrials)		1,577,492
	799,932	Sage Group PLC (The) (Information Technology)		7,249,725
	212,422	Schroders PLC (Financials)		1,279,157
	92,803	Segro PLC REIT (Real Estate)		925,106
	55,288	Severn Trent PLC (Utilities)		1,841,366
	226,461	Smith & Nephew PLC (Health Care)		3,251,597
	117,604	Smiths Group PLC (Industrials)		2,510,824
	9,004	Spirax-Sarco Engineering PLC (Industrials)		1,273,746
	152,511	SSE PLC (Utilities)		3,222,847
	276,217	St James’s Place PLC (Financials)		4,285,363
	318,667	Standard Chartered PLC (Financials)		3,025,398
	1,085,357	Taylor Wimpey PLC (Consumer Discretionary)		1,618,833
	2,324,178	Tesco PLC (Consumer Staples)		7,175,104
	218,035	Unilever PLC (Consumer Staples)		10,917,555
	144,077	United Utilities Group PLC (Utilities)		1,775,665
	4,765,341	Vodafone Group PLC (Communication Services)		5,756,468
	79,232	WPP PLC (Communication Services)		982,244

				319,347,866

United States – 5.2%
	36,990	BRP, Inc. (Consumer Discretionary)		3,212,257
	130,165	Computershare Ltd. (Information Technology)		2,176,865
	40,491	CSL Ltd. (Health Care)		8,090,505
	689,640	GSK PLC (Health Care)		11,900,846
	592,715	Haleon PLC (Consumer Staples)*		2,310,218
	95,867	Holcim AG (Materials)*		5,946,874
	91,180	James Hardie Industries PLC CDI (Materials)		1,907,949
	380,480	Nestle SA (Consumer Staples)		43,063,557
	58,784	QIAGEN NV (Health Care)*		2,715,550
	121,268	Roche Holding AG (Health Care)		35,167,397
	13,782	Roche Holding AG (Health Care)^(a)		4,282,015
	173,902	Sanofi (Health Care)		16,393,374
	66,289	Schneider Electric SE (Industrials)		10,693,963
	303,462	Stellantis NV (Consumer Discretionary)		5,327,435
	38,700	Swiss Re AG (Financials)		4,054,777
	144,093	Tenaris SA (Energy)		2,396,072

				159,639,654

Zambia – 0.1%
	78,961	First Quantum Minerals Ltd. (Materials)		1,728,912

	TOTAL COMMON STOCKS
	(Cost $2,812,030,966)		$	3,040,183,977


Shares		Description	Rate			Value


Preferred Stocks – 0.4%
Germany – 0.4%
	45,006	Bayerische Motoren Werke AG (Consumer Discretionary)		7.17	%	$	4,283,668
	28,551	Henkel AG & Co. KGaA (Consumer Staples)		2.70			2,083,756
	3,358	Sartorius AG (Health Care)		0.33			1,433,723
	26,583	Volkswagen AG (Consumer Discretionary)		5.43			3,641,186

	TOTAL PREFERRED STOCKS
	(Cost $12,425,539)					$	11,442,333

Units

Description

Expiration
Month

Value

Right – 0.0%

Hong Kong – 0.0%

27,221

Link REIT*

(Cost $0)

03/23

25,662

TOTAL INVESTMENTS BEFORE SECURITIES LENDING
REINVESTMENT VEHICLE

(Cost $2,824,456,505)

3,051,651,972


Shares	Dividend Rate	Value

Securities Lending Reinvestment Vehicle – 1.6%^(c)
Goldman Sachs Financial Square Government Fund – Institutional Shares
49,602,357	4.475%	$	49,602,357
(Cost $49,602,357)

TOTAL INVESTMENTS – 101.4%
(Cost $2,874,058,862)		$	3,101,254,329

LIABILITIES IN EXCESS OF OTHER ASSETS – (1.4)%			(42,370,773	)

NET ASSETS – 100.0%		$	3,058,883,556



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

*		Non-income producing security.

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

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

(c)		Represents an affiliated issuer.



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


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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At February 28, 2023, the Fund had the following futures contracts:


Description	Number of Contracts		Expiration Date		Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
E-Mini MSCI EAFE Index Future		39		03/17/23	$	3,990,870	$	(31,024	)


Sector Name	% of Market Value

Financials		19.5	%
Industrials		14.6
Consumer Staples		11.9
Consumer Discretionary		11.7
Health Care		11.6
Information Technology		7.1
Materials		7.0
Energy		6.3
Communication Services		4.4
Utilities		2.7
Real Estate		1.6
Securities Lending Reinvestment Vehicle		1.6


TOTAL INVESTMENTS		100.0	%


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

GOLDMAN SACHS ACTIVEBETA^® JAPAN EQUITY ETF

Schedule of Investments

February 28, 2023 (Unaudited)


Shares		Description	Value

Common Stocks – 99.8%
Communication Services – 8.6%
	1,722	Capcom Co. Ltd.	$	54,170
	3,612	CyberAgent, Inc.		30,919
	1,386	Dentsu Group, Inc.		44,465
	4,718	Hakuhodo DY Holdings, Inc.		52,578
	6,038	KDDI Corp.		176,687
	891	Koei Tecmo Holdings Co. Ltd.		14,927
	342	Konami Group Corp.		15,089
	1,273	Nexon Co. Ltd.		27,588
	3,477	Nintendo Co. Ltd.		130,794
	6,319	Nippon Telegraph & Telephone Corp.		183,101
	10,315	SoftBank Corp.		116,429
	3,951	SoftBank Group Corp.		160,024
	687	Square Enix Holdings Co. Ltd.		30,614
	357	Toho Co. Ltd.		12,423
	5,979	Z Holdings Corp.		16,184

				1,065,992

Consumer Discretionary – 17.3%
	444	Aisin Corp.		12,158
	957	Bandai Namco Holdings, Inc.		59,114
	2,143	Bridgestone Corp.		82,202
	913	Denso Corp.		48,520
	507	Fast Retailing Co. Ltd.		100,123
	189	Hikari Tsushin, Inc.		27,431
	9,281	Honda Motor Co. Ltd.		241,334
	734	Iida Group Holdings Co. Ltd.		12,194
	2,232	Isuzu Motors Ltd.		26,693
	309	Koito Manufacturing Co. Ltd.		5,188
	13,581	Mazda Motor Corp.		122,335
	533	McDonald’s Holdings Co. Japan Ltd.		21,091
	2,665	Nissan Motor Co. Ltd.		10,322
	349	Nitori Holdings Co. Ltd.		39,457
	180	Open House Group Co. Ltd.		6,475
	461	Oriental Land Co. Ltd.		73,627
	1,824	Pan Pacific International Holdings Corp.		33,343
	11,299	Panasonic Holdings Corp.		98,461
	1,415	Rakuten Group, Inc.		6,981
	1,962	Sekisui Chemical Co. Ltd.		26,287
	2,037	Sekisui House Ltd.		38,575
	1,199	Sharp Corp.		8,274
	190	Shimano, Inc.		29,592
	3,534	Sony Group Corp.		296,543
	5,793	Subaru Corp.		93,031
	2,440	Sumitomo Electric Industries Ltd.		30,013
	696	Suzuki Motor Corp.		24,439
	32,218	Toyota Motor Corp.		440,524
	2,314	USS Co. Ltd.		37,526
	411	Yamaha Corp.		15,599
	1,377	Yamaha Motor Co. Ltd.		35,230
	1,325	ZOZO, Inc.		29,425

				2,132,107

Consumer Staples – 8.1%
	3,340	Aeon Co. Ltd.		62,281
	2,264	Ajinomoto Co., Inc.		66,782
	2,040	Asahi Group Holdings Ltd.		72,126


Common Stocks – (continued)
Consumer Staples – (continued)
	4,875	Japan Tobacco, Inc.		99,118
	1,513	Kao Corp.		56,537
	594	Kikkoman Corp.		27,778
	3,634	Kirin Holdings Co. Ltd.		54,397
	321	Kobayashi Pharmaceutical Co. Ltd.		19,324
	308	Kobe Bussan Co. Ltd.		8,423
	300	Kose Corp.		33,895
	874	MatsukiyoCocokara & Co.		40,615
	508	MEIJI Holdings Co. Ltd.		23,271
	1,269	Nisshin Seifun Group, Inc.		14,664
	414	Nissin Foods Holdings Co. Ltd.		34,466
	3,493	Seven & i Holdings Co. Ltd.^(a)		156,168
	1,220	Shiseido Co. Ltd.		56,166
	1,160	Suntory Beverage & Food Ltd.		40,706
	1,107	Unicharm Corp.		40,984
	1,403	Welcia Holdings Co. Ltd.		30,683
	882	Yakult Honsha Co. Ltd.		60,153

				998,537

Energy – 1.4%
	9,480	ENEOS Holdings, Inc.		32,731
	720	Idemitsu Kosan Co. Ltd.		16,042
	12,055	Inpex Corp.		126,820

				175,593

Financials – 13.1%
	4,400	Chiba Bank Ltd. (The)		32,205
	5,915	Concordia Financial Group Ltd.		25,403
	5,215	Dai-ichi Life Holdings, Inc.		111,161
	3,870	Daiwa Securities Group, Inc.		18,495
	2,077	Japan Exchange Group, Inc.		30,984
	3,337	Japan Post Bank Co. Ltd.^(a)		28,810
	15,607	Japan Post Holdings Co. Ltd.		138,637
	5,852	Japan Post Insurance Co. Ltd.		101,475
	11,453	Mitsubishi HC Capital, Inc.		59,781
	33,264	Mitsubishi UFJ Financial Group, Inc.		235,679
	10,903	Mizuho Financial Group, Inc.		169,890
	1,410	MS&AD Insurance Group Holdings, Inc.		46,084
	4,414	Nomura Holdings, Inc.		18,189
	3,145	ORIX Corp.		56,371
	8,955	Resona Holdings, Inc.		49,300
	703	SBI Holdings, Inc.		15,158
	4,457	Shizuoka Financial Group, Inc.		35,600
	1,050	Sompo Holdings, Inc.		45,009
	4,556	Sumitomo Mitsui Financial Group, Inc.		199,746
	1,286	Sumitomo Mitsui Trust Holdings, Inc.		47,630
	1,442	T&D Holdings, Inc.		21,818
	6,073	Tokio Marine Holdings, Inc.		128,870

				1,616,295

Health Care – 9.6%
	1,197	Asahi Intecc Co. Ltd.		20,387
	8,743	Astellas Pharma, Inc.		123,172
	2,260	Chugai Pharmaceutical Co. Ltd.		56,311
	5,835	Daiichi Sankyo Co. Ltd.		183,470
	1,184	Eisai Co. Ltd.		63,905


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

GOLDMAN SACHS ACTIVEBETA^® JAPAN EQUITY ETF


Shares		Description	Value

Common Stocks – (continued)
Health Care – (continued)
	1,240	Hoya Corp.	$	122,621
	1,289	Kyowa Kirin Co. Ltd.		27,585
	1,250	M3, Inc.		29,842
	414	Nippon Shinyaku Co. Ltd.		18,540
	4,659	Olympus Corp.		78,462
	2,927	Ono Pharmaceutical Co. Ltd.		59,737
	2,243	Otsuka Holdings Co. Ltd.		68,073
	917	Shionogi & Co. Ltd.		40,789
	681	Sysmex Corp.		40,800
	6,863	Takeda Pharmaceutical Co. Ltd.		212,216
	1,691	Terumo Corp.		45,448

				1,191,358

Industrials – 21.5%
	431	AGC, Inc.		15,947
	933	ANA Holdings, Inc.*^(a)		18,929
	570	BayCurrent Consulting, Inc.		22,387
	216	Central Japan Railway Co.		24,278
	727	Dai Nippon Printing Co. Ltd.		19,481
	99	Daifuku Co. Ltd.		5,400
	611	Daikin Industries Ltd.		104,715
	497	East Japan Railway Co.		25,198
	357	FANUC Corp.		60,725
	377	Fuji Electric Co. Ltd.		14,558
	1,201	Hankyu Hanshin Holdings, Inc.		34,166
	148	Hitachi Construction Machinery Co. Ltd.		3,308
	3,563	Hitachi Ltd.		180,223
	522	Hoshizaki Corp.		18,490
	5,367	ITOCHU Corp.		160,322
	2,039	Japan Airlines Co. Ltd.*		38,380
	1,240	Kajima Corp.		14,811
	235	Keio Corp.		8,186
	577	Keisei Electric Railway Co. Ltd.		16,669
	1,094	Kintetsu Group Holdings Co. Ltd.		33,130
	2,470	Komatsu Ltd.		59,114
	1,792	Kubota Corp.		27,042
	401	Kurita Water Industries Ltd.		18,134
	963	Lixil Corp.		15,348
	282	Makita Corp.		7,039
	11,770	Marubeni Corp.		150,349
	544	MINEBEA MITSUMI, Inc.		9,433
	1,347	MISUMI Group, Inc.		32,040
	6,612	Mitsubishi Corp.		224,696
	4,797	Mitsubishi Electric Corp.		53,987
	3,021	Mitsubishi Heavy Industries Ltd.		111,224
	7,130	Mitsui & Co. Ltd.		200,162
	2,282	Mitsui OSK Lines Ltd.		59,640
	1,936	MonotaRO Co. Ltd.		26,322
	1,498	NGK Insulators Ltd.		19,883
	659	Nidec Corp.		33,362
	1,121	Nihon M&A Center Holdings, Inc.		9,357
	826	NIPPON EXPRESS HOLDINGS, Inc.		46,086
	2,621	Nippon Yusen KK^(a)		67,962
	4,212	Obayashi Corp.		31,138
	800	Odakyu Electric Railway Co. Ltd.		9,696
	2,291	Persol Holdings Co. Ltd.		45,865


Common Stocks – (continued)
Industrials – (continued)
	4,854	Recruit Holdings Co. Ltd.		131,991
	836	Secom Co. Ltd.		48,626
	694	SG Holdings Co. Ltd.		10,001
	1,940	Shimizu Corp.		10,468
	116	SMC Corp.		58,845
	4,426	Sumitomo Corp.		75,481
	1,141	Taisei Corp.		37,192
	836	Tobu Railway Co. Ltd.		18,658
	1,280	Tokyu Corp.		15,411
	1,737	TOPPAN, Inc.		31,408
	1,026	Toshiba Corp.		31,763
	658	TOTO Ltd.		21,955
	177	Toyota Industries Corp.		10,382
	485	Toyota Tsusho Corp.		19,797
	472	West Japan Railway Co.		18,310
	729	Yamato Holdings Co. Ltd.		12,315
	571	Yaskawa Electric Corp.		22,469

				2,652,254

Information Technology – 13.9%
	809	Advantest Corp.		64,202
	629	Azbil Corp.		16,347
	2,868	Brother Industries Ltd.		42,173
	4,551	Canon, Inc.		98,243
	129	Disco Corp.		40,438
	1,150	FUJIFILM Holdings Corp.		53,644
	766	Fujitsu Ltd.		98,523
	37	GMO Payment Gateway, Inc.		3,040
	801	Hamamatsu Photonics KK		39,281
	202	Hirose Electric Co. Ltd.		24,691
	541	Ibiden Co. Ltd.		18,568
	833	Itochu Techno-Solutions Corp.		18,530
	569	Keyence Corp.		245,997
	939	Kyocera Corp.		46,242
	125	Lasertec Corp.		20,326
	1,850	Murata Manufacturing Co. Ltd.		99,416
	1,614	NEC Corp.		57,764
	1,341	Nomura Research Institute Ltd.		29,928
	2,399	NTT Data Corp.		33,286
	152	Obic Co. Ltd.		22,251
	686	Omron Corp.		36,824
	382	Oracle Corp. Japan		26,025
	659	Otsuka Corp.		22,206
	5,107	Renesas Electronics Corp.*		66,136
	6,460	Ricoh Co. Ltd.		50,176
	264	Rohm Co. Ltd.		20,311
	1,032	SCSK Corp.		14,963
	3,180	Seiko Epson Corp.		43,819
	1,131	Shimadzu Corp.		32,673
	1,616	SUMCO Corp.		22,292
	624	TDK Corp.		20,889
	1,594	TIS, Inc.		39,553
	499	Tokyo Electron Ltd.		171,114
	956	Trend Micro, Inc.		44,987
	2,289	Yokogawa Electric Corp.		34,180

				1,719,038


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

GOLDMAN SACHS ACTIVEBETA^® JAPAN EQUITY ETF

Schedule of Investments (continued)

February 28, 2023 (Unaudited)


Shares		Description	Value

Common Stocks – (continued)
Materials – 3.7%
	2,666	Asahi Kasei Corp.	$	18,589
	374	JFE Holdings, Inc.		4,629
	177	JSR Corp.		4,022
	3,022	Mitsubishi Chemical Group Corp.		17,593
	302	Mitsui Chemicals, Inc.		7,283
	516	Nippon Sanso Holdings Corp.		9,197
	2,560	Nippon Steel Corp.		57,077
	832	Nissan Chemical Corp.		36,526
	487	Nitto Denko Corp.		29,317
	5,267	Oji Holdings Corp.		21,383
	1,107	Shin-Etsu Chemical Co. Ltd.		155,629
	9,965	Sumitomo Chemical Co. Ltd.		34,896
	316	Sumitomo Metal Mining Co. Ltd.		11,738
	5,444	Toray Industries, Inc.		31,142
	1,489	Tosoh Corp.		20,245

				459,266

Real Estate – 1.9%
	431	Daito Trust Construction Co. Ltd.		40,596
	1,207	Daiwa House Industry Co. Ltd.		27,850
	6	Daiwa House REIT Investment Corp. REIT		12,382
	10	GLP J REIT		10,505
	1,045	Hulic Co. Ltd.		8,316
	16	Japan Metropolitan Fund Invest REIT		12,016
	3	Japan Real Estate Investment Corp. REIT		12,422
	1,399	Mitsubishi Estate Co. Ltd.		17,414
	1,307	Mitsui Fudosan Co. Ltd.		24,899
	3	Nippon Building Fund, Inc. REIT		12,664
	5	Nippon Prologis REIT, Inc. REIT		10,667
	753	Nomura Real Estate Holdings, Inc.		16,778
	12	Nomura Real Estate Master Fund, Inc. REIT		13,302
	516	Sumitomo Realty & Development Co. Ltd.		12,179

				231,990

Utilities – 0.7%
	1,482	Chubu Electric Power Co., Inc.		15,362
	1,495	Kansai Electric Power Co., Inc. (The)		14,070
	839	Osaka Gas Co. Ltd.		13,631
	1,091	Tokyo Electric Power Co. Holdings, Inc.*		3,620
	1,931	Tokyo Gas Co. Ltd.		37,255

				83,938

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $11,988,381)		$	12,326,368


Shares	Dividend Rate	Value

Securities Lending Reinvestment Vehicle – 2.1%^(b)
Goldman Sachs Financial Square Government Fund – Institutional Shares
262,939	4.475%	$	262,939
(Cost $262,939)

TOTAL INVESTMENTS – 101.9%
(Cost $12,251,320)		$	12,589,307

LIABILITIES IN EXCESS OF OTHER ASSETS – (1.9)%			(239,611	)

NET ASSETS – 100.0%		$	12,349,696



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

*		Non-income producing security.

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

(b)		Represents an affiliated issuer.



Investment Abbreviations:
REIT		—Real Estate Investment Trust


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

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

Schedule of Investments

February 28, 2023 (Unaudited)


Shares		Description	Value

Common Stocks – 99.7%
Communication Services – 7.0%
	128	Activision Blizzard, Inc.	$	9,760
	1,447	Alphabet, Inc., Class A*		130,317
	1,426	Alphabet, Inc., Class C*		128,768
	1,648	AT&T, Inc.		31,164
	28	Charter Communications, Inc., Class A*		10,293
	1,294	Comcast Corp., Class A		48,098
	71	Electronic Arts, Inc.		7,877
	11	Live Nation Entertainment, Inc.*		793
	131	Match Group, Inc.*		5,426
	564	Meta Platforms, Inc., Class A*		98,666
	23	Netflix, Inc.*		7,409
	95	Omnicom Group, Inc.		8,604
	337	Pinterest, Inc., Class A*		8,462
	151	T-Mobile US, Inc.*		21,469
	605	Verizon Communications, Inc.		23,480
	101	Walt Disney Co. (The)*		10,060
	2,143	Warner Bros Discovery, Inc.*		33,474

				584,120

Consumer Discretionary – 9.5%
	86	Advance Auto Parts, Inc.		12,467
	23	AutoZone, Inc.*		57,190
	94	Best Buy Co., Inc.		7,812
	8	Booking Holdings, Inc.*		20,192
	39	Darden Restaurants, Inc.		5,577
	137	Dollar General Corp.		29,633
	111	Dollar Tree, Inc.*		16,126
	42	Domino’s Pizza, Inc.		12,348
	20	DoorDash, Inc., Class A*		1,093
	40	D.R. Horton, Inc.		3,699
	397	eBay, Inc.		18,222
	160	Etsy, Inc.*		19,426
	43	Expedia Group, Inc.*		4,686
	65	Ford Motor Co.		785
	112	Garmin Ltd.		10,991
	263	Genuine Parts Co.		46,514
	208	Home Depot, Inc. (The)		61,680
	297	Lennar Corp., Class A		28,732
	248	LKQ Corp.		14,208
	156	Lowe’s Cos., Inc.		32,097
	5	Marriott International, Inc., Class A		846
	94	McDonald’s Corp.		24,808
	601	MGM Resorts International		25,849
	272	NIKE, Inc., Class B		32,311
	3	NVR, Inc.*		15,521
	76	O’Reilly Automotive, Inc.*		63,088
	44	Pool Corp.		15,702
	130	Rivian Automotive, Inc., Class A*		2,509
	165	Ross Stores, Inc.		18,239
	79	Starbucks Corp.		8,065
	751	Stellantis NV		13,157
	129	Target Corp.		21,736
	512	TJX Cos., Inc. (The)		39,219
	124	Tractor Supply Co.		28,924
	111	Ulta Beauty, Inc.*		57,587
	213	VF Corp.		5,287
	113	Yum! Brands, Inc.		14,369

				790,695


Common Stocks – (continued)
Consumer Staples – 8.3%
	369	Archer-Daniels-Midland Co.		29,373
	190	Brown-Forman Corp., Class B		12,325
	221	Church & Dwight Co., Inc.		18,515
	126	Clorox Co. (The)		19,586
	730	Coca-Cola Co. (The)		43,442
	366	Colgate-Palmolive Co.		26,828
	353	Conagra Brands, Inc.		12,853
	67	Constellation Brands, Inc., Class A		14,988
	99	Darling Ingredients, Inc.*		6,264
	118	Estee Lauder Cos., Inc. (The), Class A		28,680
	310	General Mills, Inc.		24,648
	170	Hershey Co. (The)		40,514
	235	Hormel Foods Corp.		10,429
	93	J M Smucker Co. (The)		13,754
	246	Kellogg Co.		16,221
	606	Keurig Dr Pepper, Inc.		20,937
	105	Kimberly-Clark Corp.		13,130
	577	Kraft Heinz Co. (The)		22,468
	120	Lamb Weston Holdings, Inc.		12,077
	107	McCormick & Co., Inc.		7,952
	368	Mondelez International, Inc., Class A		23,986
	260	Monster Beverage Corp.*		26,458
	343	PepsiCo, Inc.		59,521
	478	Procter & Gamble Co. (The)		65,754
	290	Sysco Corp.		21,625
	76	Tyson Foods, Inc., Class A		4,502
	539	Walgreens Boots Alliance, Inc.		19,151
	528	Walmart, Inc.		75,045

				691,026

Financials – 12.1%
	354	Aflac, Inc.		24,125
	110	Allstate Corp. (The)		14,166
	149	American Express Co.		25,924
	568	American International Group, Inc.		34,710
	61	Ameriprise Financial, Inc.		20,915
	76	Aon PLC, Class A		23,108
	173	Apollo Global Management, Inc.		12,266
	261	Arch Capital Group Ltd.*		18,270
	1,313	Bank of America Corp.		45,036
	272	Bank of New York Mellon Corp. (The)		13,839
	321	Berkshire Hathaway, Inc., Class B*		97,963
	8	BlackRock, Inc.		5,515
	160	Blackstone, Inc.		14,528
	105	Brown & Brown, Inc.		5,887
	333	Capital One Financial Corp.		36,324
	39	Cboe Global Markets, Inc.		4,921
	189	Charles Schwab Corp. (The)		14,727
	102	Chubb Ltd.		21,524
	37	Cincinnati Financial Corp.		4,466
	738	Citigroup, Inc.		37,409
	122	Citizens Financial Group, Inc.		5,095
	46	CME Group, Inc.		8,527
	183	Discover Financial Services		20,496
	9	FactSet Research Systems, Inc.		3,731
	88	Fifth Third Bancorp		3,194


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

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

Schedule of Investments (continued)

February 28, 2023 (Unaudited)


Shares		Description	Value

Common Stocks – (continued)
Financials – (continued)
	322	First Horizon Corp.	$	7,976
	10	First Republic Bank		1,230
	182	Hartford Financial Services Group, Inc. (The)		14,247
	264	Huntington Bancshares, Inc.		4,044
	70	Intercontinental Exchange, Inc.		7,126
	659	JPMorgan Chase & Co.		94,468
	462	KeyCorp		8,450
	32	LPL Financial Holdings, Inc.		7,986
	38	M&T Bank Corp.		5,901
	5	Markel Corp.*		6,649
	164	Marsh & McLennan Cos., Inc.		26,591
	308	MetLife, Inc.		22,093
	54	Moody’s Corp.		15,668
	176	Morgan Stanley		16,984
	136	Nasdaq, Inc.		7,624
	27	Northern Trust Corp.		2,572
	39	PNC Financial Services Group, Inc. (The)		6,159
	353	Principal Financial Group, Inc.		31,615
	138	Progressive Corp. (The)		19,806
	89	Prudential Financial, Inc.		8,900
	121	Raymond James Financial, Inc.		13,124
	258	Regions Financial Corp.		6,017
	21	S&P Global, Inc.		7,165
	189	State Street Corp.		16,760
	14	SVB Financial Group*		4,034
	954	Synchrony Financial		34,067
	59	T. Rowe Price Group, Inc.		6,624
	84	Travelers Cos., Inc. (The)		15,550
	115	Truist Financial Corp.		5,399
	123	US Bancorp		5,871
	199	W R Berkley Corp.		13,172
	748	Wells Fargo & Co.		34,984
	50	Willis Towers Watson PLC		11,718

				1,007,240

Health Care – 19.5%
	377	Abbott Laboratories		38,348
	440	AbbVie, Inc.		67,716
	122	Agilent Technologies, Inc.		17,320
	53	Align Technology, Inc.*		16,404
	4	Alnylam Pharmaceuticals, Inc.*		766
	105	AmerisourceBergen Corp.		16,334
	98	Amgen, Inc.		22,703
	462	Avantor, Inc.*		11,259
	141	Baxter International, Inc.		5,633
	81	Becton Dickinson and Co.		18,999
	50	Biogen, Inc.*		13,493
	21	BioMarin Pharmaceutical, Inc.*		2,091
	72	Bio-Techne Corp.		5,230
	367	Boston Scientific Corp.*		17,146
	747	Bristol-Myers Squibb Co.		51,513
	118	Cardinal Health, Inc.		8,934
	16	Catalent, Inc.*		1,092
	417	Centene Corp.*		28,523
	21	Charles River Laboratories International, Inc.*		4,606


Common Stocks – (continued)
Health Care – (continued)
	155	Cigna Group (The)		45,276
	19	Cooper Cos., Inc. (The)		6,212
	712	CVS Health Corp.		59,481
	144	Danaher Corp.		35,644
	86	Dexcom, Inc.*		9,547
	309	Edwards Lifesciences Corp.*		24,856
	87	Elevance Health, Inc.		40,861
	242	Eli Lilly & Co.		75,315
	433	Gilead Sciences, Inc.		34,870
	27	HCA Healthcare, Inc.		6,573
	268	Hologic, Inc.*		21,344
	15	Horizon Therapeutics PLC*		1,642
	68	Humana, Inc.		33,661
	62	IDEXX Laboratories, Inc.*		29,341
	10	Illumina, Inc.*		1,992
	214	Incyte Corp.*		16,474
	19	Insulet Corp.*		5,251
	50	Intuitive Surgical, Inc.*		11,470
	70	IQVIA Holdings, Inc.*		14,593
	703	Johnson & Johnson		107,742
	79	Laboratory Corp. of America Holdings		18,909
	36	McKesson Corp.		12,593
	164	Medtronic PLC		13,579
	697	Merck & Co., Inc.		74,049
	24	Mettler-Toledo International, Inc.*		34,409
	206	Moderna, Inc.*		28,595
	25	Molina Healthcare, Inc.*		6,883
	111	PerkinElmer, Inc.		13,827
	1,688	Pfizer, Inc.		68,482
	161	Quest Diagnostics, Inc.		22,276
	46	Regeneron Pharmaceuticals, Inc.*		34,979
	80	ResMed, Inc.		17,040
	407	Royalty Pharma PLC, Class A		14,591
	31	STERIS PLC		5,829
	73	Stryker Corp.		19,190
	90	Thermo Fisher Scientific, Inc.		48,758
	206	UnitedHealth Group, Inc.		98,044
	103	Vertex Pharmaceuticals, Inc.*		29,900
	5,050	Viatris, Inc.		57,570
	85	Waters Corp.*		26,426
	36	West Pharmaceutical Services, Inc.		11,413
	113	Zimmer Biomet Holdings, Inc.		13,997
	133	Zoetis, Inc.		22,211

				1,623,805

Industrials – 6.2%
	68	3M Co.		7,326
	64	AMETEK, Inc.		9,060
	70	Carlisle Cos., Inc.		18,075
	281	Carrier Global Corp.		12,653
	32	Caterpillar, Inc.		7,666
	58	C.H. Robinson Worldwide, Inc.		5,798
	45	Cintas Corp.		19,731
	27	CoStar Group, Inc.*		1,908
	523	CSX Corp.		15,946
	35	Deere & Co.		14,673


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

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


Shares		Description	Value

Common Stocks – (continued)
Industrials – (continued)
	16	Dover Corp.	$	2,398
	150	Expeditors International of Washington, Inc.		15,684
	604	Fastenal Co.		31,142
	51	FedEx Corp.		10,364
	146	General Electric Co.		12,368
	281	Howmet Aerospace, Inc.		11,853
	8	Hubbell, Inc.		2,012
	54	IDEX Corp.		12,149
	61	Illinois Tool Works, Inc.		14,223
	29	J.B. Hunt Transport Services, Inc.		5,243
	275	Masco Corp.		14,418
	50	Norfolk Southern Corp.		11,241
	55	Old Dominion Freight Line, Inc.		18,659
	297	Otis Worldwide Corp.		25,132
	87	PACCAR, Inc.		6,281
	69	Parker-Hannifin Corp.		24,278
	135	Republic Services, Inc.		17,406
	16	Rockwell Automation, Inc.		4,719
	246	Southwest Airlines Co.		8,261
	114	Uber Technologies, Inc.*		3,792
	84	Union Pacific Corp.		17,411
	581	United Airlines Holdings, Inc.*		30,189
	124	United Parcel Service, Inc., Class B		22,629
	28	United Rentals, Inc.		13,119
	15	Verisk Analytics, Inc.		2,567
	131	Waste Management, Inc.		19,619
	96	Westinghouse Air Brake Technologies Corp.		10,016
	45	W.W. Grainger, Inc.		30,079
	70	Xylem, Inc.		7,185

				517,273

Information Technology – 30.6%
	185	Accenture PLC, Class A		49,127
	95	Adobe, Inc.*		30,775
	354	Advanced Micro Devices, Inc.*		27,817
	168	Akamai Technologies, Inc.*		12,197
	237	Amphenol Corp., Class A		18,372
	108	Analog Devices, Inc.		19,815
	4,083	Apple, Inc.		601,875
	363	Applied Materials, Inc.		42,162
	151	Arista Networks, Inc.*		20,944
	77	Atlassian Corp., Class A*		12,653
	33	Autodesk, Inc.*		6,557
	100	Automatic Data Processing, Inc.		21,982
	80	Broadcom, Inc.		47,543
	15	Broadridge Financial Solutions, Inc.		2,112
	118	Cadence Design Systems, Inc.*		22,767
	39	CDW Corp.		7,894
	1,185	Cisco Systems, Inc.		57,378
	363	Cognizant Technology Solutions Corp., Class A		22,735
	197	Corning, Inc.		6,688
	58	Enphase Energy, Inc.*		12,211
	10	Entegris, Inc.		852
	6	EPAM Systems, Inc.*		1,846
	347	Fidelity National Information Services, Inc.		21,989


Common Stocks – (continued)
Information Technology – (continued)
	49	First Solar, Inc.*		8,288
	259	Fiserv, Inc.*		29,808
	46	FleetCor Technologies, Inc.*		9,880
	272	Fortinet, Inc.*		16,168
	82	Gartner, Inc.*		26,880
	110	Gen Digital, Inc.		2,146
	133	Global Payments, Inc.		14,923
	80	GoDaddy, Inc., Class A*		6,057
	2,897	Hewlett Packard Enterprise Co.		45,222
	156	HP, Inc.		4,605
	24	HubSpot, Inc.*		9,285
	695	Intel Corp.		17,326
	260	International Business Machines Corp.		33,618
	67	Intuit, Inc.		27,281
	64	Jack Henry & Associates, Inc.		10,511
	164	Keysight Technologies, Inc.*		26,233
	64	KLA Corp.		24,280
	60	Lam Research Corp.		29,161
	156	Marvell Technology, Inc.		7,043
	128	Mastercard, Inc., Class A		45,477
	251	Microchip Technology, Inc.		20,339
	260	Micron Technology, Inc.		15,033
	1,844	Microsoft Corp.		459,930
	29	Monolithic Power Systems, Inc.		14,044
	113	Motorola Solutions, Inc.		29,698
	326	NetApp, Inc.		21,043
	536	NVIDIA Corp.		124,438
	370	ON Semiconductor Corp.*		28,642
	171	Oracle Corp.		14,945
	54	Palo Alto Networks, Inc.*		10,172
	103	Paychex, Inc.		11,371
	196	PayPal Holdings, Inc.*		14,426
	12	PTC, Inc.*		1,504
	377	QUALCOMM, Inc.		46,571
	16	Roper Technologies, Inc.		6,883
	147	Salesforce, Inc.*		24,051
	131	Seagate Technology Holdings PLC		8,457
	22	ServiceNow, Inc.*		9,508
	159	Skyworks Solutions, Inc.		17,740
	23	Splunk, Inc.*		2,357
	487	SS&C Technologies Holdings, Inc.		28,587
	33	Synopsys, Inc.*		12,004
	10	Teledyne Technologies, Inc.*		4,301
	248	Teradyne, Inc.		25,083
	235	Texas Instruments, Inc.		40,291
	119	Trimble, Inc.*		6,195
	89	VeriSign, Inc.*		17,518
	239	Visa, Inc., Class A		52,566
	52	VMware, Inc., Class A*		5,727
	45	Western Digital Corp.*		1,732
	23	Zebra Technologies Corp., Class A*		6,906
	54	Zoom Video Communications, Inc., Class A*		4,028

				2,548,573

Materials – 2.6%
	40	Air Products and Chemicals, Inc.		11,439
	31	Avery Dennison Corp.		5,648


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

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

Schedule of Investments (continued)

February 28, 2023 (Unaudited)


Shares		Description	Value

Common Stocks – (continued)
Materials – (continued)
	356	Corteva, Inc.	$	22,175
	139	Dow, Inc.		7,951
	81	DuPont de Nemours, Inc.		5,915
	31	Ecolab, Inc.		4,941
	85	FMC Corp.		10,978
	229	Freeport-McMoRan, Inc.		9,382
	37	International Flavors & Fragrances, Inc.		3,448
	58	Linde PLC (United Kingdom)		20,206
	5	Martin Marietta Materials, Inc.		1,799
	287	Mosaic Co. (The)		15,266
	185	Nucor Corp.		30,976
	50	Packaging Corp. of America		6,836
	20	PPG Industries, Inc.		2,641
	73	RPM International, Inc.		6,470
	61	Sherwin-Williams Co. (The)		13,502
	226	Steel Dynamics, Inc.		28,501
	26	Vulcan Materials Co.		4,704

				212,778

Real Estate – 3.4%
	41	Alexandria Real Estate Equities, Inc. REIT		6,141
	47	American Tower Corp. REIT		9,307
	45	AvalonBay Communities, Inc. REIT		7,763
	165	Boston Properties, Inc. REIT		10,804
	135	Camden Property Trust REIT		15,493
	38	CBRE Group, Inc., Class A*		3,235
	47	Crown Castle, Inc. REIT		6,145
	36	Digital Realty Trust, Inc. REIT		3,752
	10	Equinix, Inc. REIT		6,883
	120	Equity Residential REIT		7,502
	37	Essex Property Trust, Inc. REIT		8,438
	28	Extra Space Storage, Inc. REIT		4,610
	264	Healthpeak Properties, Inc. REIT		6,352
	1,144	Host Hotels & Resorts, Inc. REIT		19,219
	176	Invitation Homes, Inc. REIT		5,502
	247	Iron Mountain, Inc. REIT		13,029
	504	Kimco Realty Corp. REIT		10,387
	58	Mid-America Apartment Communities, Inc. REIT		9,286
	63	Prologis, Inc. REIT		7,774
	24	Public Storage REIT		7,175
	198	Realty Income Corp. REIT		12,662
	17	SBA Communications Corp. REIT		4,409
	55	Simon Property Group, Inc. REIT		6,715
	109	Sun Communities, Inc. REIT		15,602
	180	UDR, Inc. REIT		7,711
	193	Ventas, Inc. REIT		9,390
	550	VICI Properties, Inc. REIT		18,442
	101	Welltower, Inc. REIT		7,486
	366	Weyerhaeuser Co. REIT		11,438
	191	W.P. Carey, Inc. REIT		15,502

				278,154


Common Stocks – (continued)
Utilities – 0.5%
	21	American Water Works Co., Inc.		2,948
	237	Edison International		15,692
	285	NextEra Energy, Inc.		20,243

				38,883

	TOTAL INVESTMENTS – 99.7%
	(Cost $8,967,350)		$	8,292,547

	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.3%			24,139

	NET ASSETS – 100.0%		$	8,316,686



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

*		Non-income producing security.



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


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

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

Schedule of Investments

February 28, 2023 (Unaudited)


Shares		Description	Value

Common Stocks – 99.7%
Communication Services – 6.4%
	149,069	Activision Blizzard, Inc.	$	11,366,511
	1,628,173	Alphabet, Inc., Class A*		146,633,260
	1,536,987	Alphabet, Inc., Class C*		138,789,926
	1,663,713	AT&T, Inc.		31,460,813
	34,143	Charter Communications, Inc., Class A*		12,551,308
	1,453,325	Comcast Corp., Class A		54,020,090
	168,756	Electronic Arts, Inc.		18,721,791
	40,063	Liberty Broadband Corp., Class C*		3,472,260
	155,673	Match Group, Inc.*		6,447,976
	685,336	Meta Platforms, Inc., Class A*		119,892,680
	38,356	Netflix, Inc.*		12,355,618
	132,599	Omnicom Group, Inc.		12,009,492
	384,854	Pinterest, Inc., Class A*		9,663,684
	162,213	T-Mobile US, Inc.*		23,063,444
	721,070	Verizon Communications, Inc.		27,984,727
	129,812	Walt Disney Co. (The)*		12,930,573
	2,120,430	Warner Bros Discovery, Inc.*		33,121,117

				674,485,270

Consumer Discretionary – 12.3%
	85,813	Advance Auto Parts, Inc.		12,439,453
	2,320,658	Amazon.com, Inc.*		218,675,603
	27,029	AutoZone, Inc.*		67,208,690
	337,611	Best Buy Co., Inc.		28,058,850
	7,817	Booking Holdings, Inc.*		19,730,108
	2,355	Chipotle Mexican Grill, Inc.*		3,511,493
	80,625	Darden Restaurants, Inc.		11,528,569
	157,599	Dollar General Corp.		34,088,664
	155,918	Dollar Tree, Inc.*		22,651,767
	80,644	Domino’s Pizza, Inc.		23,710,142
	71,653	D.R. Horton, Inc.		6,626,469
	405,298	eBay, Inc.		18,603,178
	106,131	Etsy, Inc.*		12,885,365
	61,186	Expedia Group, Inc.*		6,667,438
	664,901	Ford Motor Co.		8,025,355
	114,166	Garmin Ltd.		11,203,110
	189,630	Genuine Parts Co.		33,537,962
	28,430	Hilton Worldwide Holdings, Inc.		4,108,419
	346,021	Home Depot, Inc. (The)		102,609,067
	377,499	Lennar Corp., Class A		36,519,253
	290,779	LKQ Corp.		16,658,729
	325,660	Lowe’s Cos., Inc.		67,004,545
	36,961	Marriott International, Inc., Class A		6,255,280
	160,423	McDonald’s Corp.		42,337,234
	604,180	MGM Resorts International		25,985,782
	357,732	NIKE, Inc., Class B		42,494,984
	1,576	NVR, Inc.*		8,153,625
	70,685	O’Reilly Automotive, Inc.*		58,675,619
	53,308	Pool Corp.		19,023,493
	93,889	Ross Stores, Inc.		10,378,490
	165,968	Starbucks Corp.		16,943,673
	2,622,343	Stellantis NV		45,943,449
	192,967	Target Corp.		32,514,940
	491,964	Tesla, Inc.*		101,201,914
	357,804	TJX Cos., Inc. (The)		27,407,786


Common Stocks – (continued)
Consumer Discretionary – (continued)
	158,470	Tractor Supply Co.		36,964,712
	66,686	Ulta Beauty, Inc.*		34,596,697
	184,686	VF Corp.		4,583,907
	237,772	Yum! Brands, Inc.		30,235,088

				1,309,748,902

Consumer Staples – 8.9%
	506,616	Altria Group, Inc.		23,522,181
	535,764	Archer-Daniels-Midland Co.		42,646,814
	228,607	Brown-Forman Corp., Class B		14,829,736
	67,216	Bunge Ltd.		6,419,128
	162,064	Church & Dwight Co., Inc.		13,577,722
	150,582	Clorox Co. (The)		23,406,466
	698,597	Coca-Cola Co. (The)		41,573,507
	400,727	Colgate-Palmolive Co.		29,373,289
	395,330	Conagra Brands, Inc.		14,393,965
	54,412	Constellation Brands, Inc., Class A		12,171,964
	156,349	Costco Wholesale Corp.		75,701,059
	55,634	Darling Ingredients, Inc.*		3,519,963
	129,970	Estee Lauder Cos., Inc. (The), Class A		31,589,208
	243,218	General Mills, Inc.		19,338,263
	162,547	Hershey Co. (The)		38,738,201
	210,448	Hormel Foods Corp.		9,339,682
	81,733	J M Smucker Co. (The)		12,087,493
	179,072	Kellogg Co.		11,808,008
	367,273	Keurig Dr Pepper, Inc.		12,689,282
	164,192	Kimberly-Clark Corp.		20,532,210
	561,799	Kraft Heinz Co. (The)		21,876,453
	1,370,370	Kroger Co. (The)		59,117,762
	131,434	Lamb Weston Holdings, Inc.		13,227,518
	124,236	McCormick & Co., Inc.		9,233,220
	245,901	Mondelez International, Inc., Class A		16,027,827
	232,629	Monster Beverage Corp.*		23,672,327
	396,595	PepsiCo, Inc.		68,821,130
	512,265	Philip Morris International, Inc.		49,843,385
	541,734	Procter & Gamble Co. (The)		74,520,929
	279,722	Sysco Corp.		20,858,870
	336,919	Tyson Foods, Inc., Class A		19,959,082
	780,835	Walgreens Boots Alliance, Inc.		27,743,068
	608,659	Walmart, Inc.		86,508,704

				948,668,416

Energy – 4.6%
	244,948	APA Corp.		9,401,104
	95,626	Cheniere Energy, Inc.		15,045,795
	104,265	Chesapeake Energy Corp.		8,425,655
	325,177	Chevron Corp.		52,278,706
	213,080	ConocoPhillips		22,021,818
	249,045	Coterra Energy, Inc.		6,218,654
	275,359	Devon Energy Corp.		14,847,357
	76,127	Diamondback Energy, Inc.		10,701,934
	126,809	EOG Resources, Inc.		14,331,953
	340,102	EQT Corp.		11,284,584
	917,592	Exxon Mobil Corp.		100,852,537


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

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

Schedule of Investments (continued)

February 28, 2023 (Unaudited)


Shares		Description	Value

Common Stocks – (continued)
Energy – (continued)
	211,520	Halliburton Co.	$	7,663,370
	65,756	Hess Corp.		8,857,333
	902,215	Kinder Morgan, Inc.		15,391,788
	359,700	Marathon Oil Corp.		9,046,455
	288,624	Marathon Petroleum Corp.		35,673,926
	353,844	Occidental Petroleum Corp.		20,721,105
	133,148	ONEOK, Inc.		8,714,537
	204,281	Ovintiv, Inc.		8,737,098
	216,001	Phillips 66		22,153,062
	55,525	Pioneer Natural Resources Co.		11,127,765
	155,223	Schlumberger NV		8,259,416
	131,373	Targa Resources Corp.		9,734,739
	4,569	Texas Pacific Land Corp.		8,133,688
	287,464	Valero Energy Corp.		37,867,633
	440,770	Williams Cos., Inc. (The)		13,267,177

				490,759,189

Financials – 9.8%
	239,648	Aflac, Inc.		16,332,011
	137,076	Allstate Corp. (The)		17,652,647
	114,285	American Express Co.		19,884,447
	508,389	American International Group, Inc.		31,067,652
	58,616	Ameriprise Financial, Inc.		20,097,668
	87,782	Aon PLC, Class A		26,690,117
	196,988	Apollo Global Management, Inc.		13,966,449
	267,385	Arch Capital Group Ltd.*		18,716,950
	123,946	Arthur J Gallagher & Co.		23,221,283
	1,305,595	Bank of America Corp.		44,781,909
	352,545	Bank of New York Mellon Corp. (The)		17,937,490
	321,226	Berkshire Hathaway, Inc., Class B*		98,031,751
	15,393	BlackRock, Inc.		10,612,396
	91,103	Blackstone, Inc.		8,272,152
	96,631	Brown & Brown, Inc.		5,418,100
	275,714	Capital One Financial Corp.		30,074,883
	46,305	Cboe Global Markets, Inc.		5,842,302
	251,942	Charles Schwab Corp. (The)		19,631,321
	106,721	Chubb Ltd.		22,520,265
	51,158	Cincinnati Financial Corp.		6,174,771
	700,950	Citigroup, Inc.		35,531,156
	279,497	Citizens Financial Group, Inc.		11,671,795
	57,515	CME Group, Inc.		10,660,980
	101,314	Discover Financial Services		11,347,168
	29,639	FactSet Research Systems, Inc.		12,286,847
	266,409	First Horizon Corp.		6,598,951
	186,578	Hartford Financial Services Group, Inc. (The)		14,605,326
	168,478	Huntington Bancshares, Inc.		2,581,083
	94,249	Intercontinental Exchange, Inc.		9,594,548
	637,586	JPMorgan Chase & Co.		91,397,953
	289,026	KeyCorp		5,286,286
	42,970	LPL Financial Holdings, Inc.		10,723,593
	29,447	M&T Bank Corp.		4,572,825
	8,612	Markel Corp.*		11,452,754
	174,071	Marsh & McLennan Cos., Inc.		28,223,872
	309,633	MetLife, Inc.		22,209,975


Common Stocks – (continued)
Financials – (continued)
	104,258	Moody’s Corp.		30,250,459
	147,104	Morgan Stanley		14,195,536
	7,248	MSCI, Inc.		3,784,543
	153,595	Nasdaq, Inc.		8,610,536
	29,993	Northern Trust Corp.		2,857,433
	45,160	PNC Financial Services Group, Inc. (The)		7,131,667
	336,649	Principal Financial Group, Inc.		30,150,284
	207,722	Progressive Corp. (The)		29,812,261
	92,722	Prudential Financial, Inc.		9,272,200
	116,061	Raymond James Financial, Inc.		12,587,976
	194,105	Regions Financial Corp.		4,526,529
	29,101	S&P Global, Inc.		9,929,261
	123,659	State Street Corp.		10,966,080
	23,671	SVB Financial Group*		6,819,852
	828,346	Synchrony Financial		29,580,236
	87,615	Travelers Cos., Inc. (The)		16,219,289
	88,668	Truist Financial Corp.		4,162,963
	151,408	US Bancorp		7,226,704
	195,433	W R Berkley Corp.		12,935,710
	755,125	Wells Fargo & Co.		35,317,196
	49,437	Willis Towers Watson PLC		11,586,055

				1,043,594,446

Health Care – 15.4%
	339,534	Abbott Laboratories		34,537,398
	490,573	AbbVie, Inc.		75,499,185
	127,513	Agilent Technologies, Inc.		18,103,021
	39,269	Align Technology, Inc.*		12,153,755
	25,474	Alnylam Pharmaceuticals, Inc.*		4,876,997
	99,956	AmerisourceBergen Corp.		15,549,155
	169,111	Amgen, Inc.		39,176,254
	164,700	Avantor, Inc.*		4,013,739
	140,027	Baxter International, Inc.		5,594,079
	41,136	Becton Dickinson and Co.		9,648,449
	76,677	Biogen, Inc.*		20,692,055
	18,463	BioMarin Pharmaceutical, Inc.*		1,838,730
	250,975	Boston Scientific Corp.*		11,725,552
	732,378	Bristol-Myers Squibb Co.		50,504,787
	208,362	Cardinal Health, Inc.		15,775,087
	482,237	Centene Corp.*		32,985,011
	20,738	Charles River Laboratories International, Inc.*		4,548,673
	185,785	Cigna Group (The)		54,267,798
	14,479	Cooper Cos., Inc. (The)		4,734,199
	715,640	CVS Health Corp.		59,784,566
	134,621	Danaher Corp.		33,322,736
	87,596	Dexcom, Inc.*		9,724,032
	322,123	Edwards Lifesciences Corp.*		25,911,574
	83,245	Elevance Health, Inc.		39,097,679
	261,722	Eli Lilly & Co.		81,453,121
	62,809	GE HealthCare Technologies, Inc.*		4,773,484
	409,509	Gilead Sciences, Inc.		32,977,760
	20,608	HCA Healthcare, Inc.		5,017,018
	165,873	Hologic, Inc.*		13,210,126
	32,157	Horizon Therapeutics PLC*		3,520,870


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

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


Shares		Description	Value

Common Stocks – (continued)
Health Care – (continued)
	61,946	Humana, Inc.	$	30,664,509
	70,016	IDEXX Laboratories, Inc.*		33,134,372
	210,942	Incyte Corp.*		16,238,315
	31,816	Insulet Corp.*		8,792,670
	52,624	Intuitive Surgical, Inc.*		12,071,419
	60,000	IQVIA Holdings, Inc.*		12,508,200
	743,707	Johnson & Johnson		113,980,535
	77,539	Laboratory Corp. of America Holdings		18,559,735
	58,928	McKesson Corp.		20,613,604
	128,133	Medtronic PLC		10,609,412
	690,697	Merck & Co., Inc.		73,379,649
	25,510	Mettler-Toledo International, Inc.*		36,573,942
	178,060	Moderna, Inc.*		24,716,509
	25,610	Molina Healthcare, Inc.*		7,051,201
	93,673	PerkinElmer, Inc.		11,668,846
	1,197,243	Pfizer, Inc.		48,572,148
	107,010	Quest Diagnostics, Inc.		14,805,904
	45,206	Regeneron Pharmaceuticals, Inc.*		34,375,547
	60,034	ResMed, Inc.		12,787,242
	172,805	Royalty Pharma PLC, Class A		6,195,059
	92,469	Seagen, Inc.*		16,615,755
	27,783	STERIS PLC		5,224,037
	67,956	Stryker Corp.		17,864,273
	92,111	Thermo Fisher Scientific, Inc.		49,902,055
	238,756	UnitedHealth Group, Inc.		113,633,531
	37,670	Veeva Systems, Inc., Class A*		6,240,412
	104,594	Vertex Pharmaceuticals, Inc.*		30,362,592
	4,961,790	Viatris, Inc.		56,564,406
	56,609	Waters Corp.*		17,599,172
	49,566	West Pharmaceutical Services, Inc.		15,713,909
	56,396	Zimmer Biomet Holdings, Inc.		6,985,773
	151,122	Zoetis, Inc.		25,237,374

				1,634,258,997

Industrials – 8.4%
	147,413	3M Co.		15,882,277
	108,909	AMETEK, Inc.		15,417,158
	10,153	Boeing Co. (The)*		2,046,337
	126,973	Booz Allen Hamilton Holding Corp.		12,028,152
	37,012	Carlisle Cos., Inc.		9,557,239
	332,303	Carrier Global Corp.		14,963,604
	67,007	Caterpillar, Inc.		16,051,527
	72,796	C.H. Robinson Worldwide, Inc.		7,276,688
	65,060	Cintas Corp.		28,526,858
	124,003	Copart, Inc.*		8,737,251
	27,440	CoStar Group, Inc.*		1,938,910
	237,752	CSX Corp.		7,249,059
	76,096	Cummins, Inc.		18,497,416
	40,627	Deere & Co.		17,032,463
	74,125	Dover Corp.		11,111,338
	57,379	Eaton Corp. PLC		10,037,308
	135,050	Emerson Electric Co.		11,169,986
	114,588	Expeditors International of Washington, Inc.		11,981,321


Common Stocks – (continued)
Industrials – (continued)
	688,231	Fastenal Co.		35,485,190
	61,832	FedEx Corp.		12,565,499
	140,346	Fortive Corp.		9,355,464
	103,809	General Dynamics Corp.		23,659,109
	188,426	General Electric Co.		15,961,566
	128,720	Honeywell International, Inc.		24,647,306
	263,435	Howmet Aerospace, Inc.		11,111,688
	50,297	Hubbell, Inc.		12,651,707
	42,476	IDEX Corp.		9,556,250
	106,110	Illinois Tool Works, Inc.		24,740,608
	57,048	Jacobs Solutions, Inc.		6,817,236
	18,109	J.B. Hunt Transport Services, Inc.		3,273,926
	128,192	Johnson Controls International PLC		8,040,202
	76,793	L3Harris Technologies, Inc.		16,217,914
	141,485	Leidos Holdings, Inc.		13,733,949
	64,420	Lockheed Martin Corp.		30,551,829
	226,525	Masco Corp.		11,876,706
	30,642	Norfolk Southern Corp.		6,888,934
	48,817	Northrop Grumman Corp.		22,656,458
	49,474	Old Dominion Freight Line, Inc.		16,784,549
	105,781	Otis Worldwide Corp.		8,951,188
	132,869	PACCAR, Inc.		9,593,142
	59,095	Parker-Hannifin Corp.		20,792,576
	61,539	Quanta Services, Inc.		9,932,395
	256,089	Raytheon Technologies Corp.		25,119,770
	139,046	Republic Services, Inc.		17,927,201
	24,793	Rockwell Automation, Inc.		7,312,200
	525,832	Textron, Inc.		38,138,595
	47,430	Trane Technologies PLC		8,773,127
	4,608	TransDigm Group, Inc.		3,427,753
	75,794	Union Pacific Corp.		15,710,580
	716,280	United Airlines Holdings, Inc.*		37,217,909
	142,648	United Parcel Service, Inc., Class B		26,031,834
	13,015	United Rentals, Inc.		6,097,918
	42,849	Verisk Analytics, Inc.		7,331,892
	139,553	Waste Management, Inc.		20,899,457
	308,850	Westinghouse Air Brake Technologies Corp.		32,222,321
	74,506	W.W. Grainger, Inc.		49,802,046
	75,592	Xylem, Inc.		7,759,519

				889,122,405

Information Technology – 26.6%
	269,048	Accenture PLC, Class A		71,445,696
	148,186	Adobe, Inc.*		48,004,855
	335,660	Advanced Micro Devices, Inc.*		26,376,163
	127,273	Akamai Technologies, Inc.*		9,240,020
	172,083	Amphenol Corp., Class A		13,339,874
	91,322	Analog Devices, Inc.		16,754,847
	14,719	ANSYS, Inc.*		4,468,836
	4,342,500	Apple, Inc.		640,127,925
	326,985	Applied Materials, Inc.		37,979,308
	104,792	Arista Networks, Inc.*		14,534,650
	87,772	Atlassian Corp., Class A*		14,423,573
	107,923	Autodesk, Inc.*		21,443,221


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

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

Schedule of Investments (continued)

February 28, 2023 (Unaudited)


Shares		Description	Value

Common Stocks – (continued)
Information Technology – (continued)
	108,326	Automatic Data Processing, Inc.	$	23,812,221
	100,831	Broadcom, Inc.		59,922,855
	61,422	Broadridge Financial Solutions, Inc.		8,646,989
	248,505	Cadence Design Systems, Inc.*		47,946,555
	48,546	CDW Corp.		9,826,681
	1,057,767	Cisco Systems, Inc.		51,217,078
	327,695	Cognizant Technology Solutions Corp., Class A		20,523,538
	160,630	Corning, Inc.		5,453,389
	26,594	Crowdstrike Holdings, Inc., Class A*		3,209,630
	50,224	Datadog, Inc., Class A*		3,843,141
	46,844	Enphase Energy, Inc.*		9,862,067
	26,263	EPAM Systems, Inc.*		8,079,812
	240,304	Fidelity National Information Services, Inc.		15,228,065
	52,725	First Solar, Inc.*		8,917,907
	237,812	Fiserv, Inc.*		27,369,783
	28,155	FleetCor Technologies, Inc.*		6,047,412
	563,401	Fortinet, Inc.*		33,488,555
	72,756	Gartner, Inc.*		23,850,144
	97,479	Gen Digital, Inc.		1,901,815
	113,200	Global Payments, Inc.		12,701,040
	44,234	GoDaddy, Inc., Class A*		3,348,956
	2,479,295	Hewlett Packard Enterprise Co.		38,701,795
	418,295	HP, Inc.		12,348,068
	29,348	HubSpot, Inc.*		11,353,567
	706,561	Intel Corp.		17,614,566
	316,442	International Business Machines Corp.		40,915,951
	73,021	Intuit, Inc.		29,732,691
	71,133	Jack Henry & Associates, Inc.		11,682,884
	86,209	Keysight Technologies, Inc.*		13,789,992
	48,023	KLA Corp.		18,218,966
	70,392	Lam Research Corp.		34,211,216
	182,129	Mastercard, Inc., Class A		64,708,612
	160,093	Microchip Technology, Inc.		12,972,336
	327,824	Micron Technology, Inc.		18,954,784
	2,024,766	Microsoft Corp.		505,017,136
	17,660	Monolithic Power Systems, Inc.		8,552,561
	96,203	Motorola Solutions, Inc.		25,283,110
	192,822	NetApp, Inc.		12,446,660
	592,192	NVIDIA Corp.		137,483,295
	291,835	ON Semiconductor Corp.*		22,590,947
	209,826	Oracle Corp.		18,338,792
	116,701	Palo Alto Networks, Inc.*		21,982,967
	155,151	Paychex, Inc.		17,128,670
	175,149	PayPal Holdings, Inc.*		12,890,966
	256,236	QUALCOMM, Inc.		31,652,833
	23,849	Roper Technologies, Inc.		10,259,840
	206,415	Salesforce, Inc.*		33,771,558
	146,621	Seagate Technology Holdings PLC		9,465,852
	55,813	ServiceNow, Inc.*		24,120,704
	137,986	Skyworks Solutions, Inc.		15,395,098
	41,942	Splunk, Inc.*		4,299,055


Common Stocks – (continued)
Information Technology – (continued)
	512,850	SS&C Technologies Holdings, Inc.		30,104,295
	107,037	Synopsys, Inc.*		38,935,779
	23,873	Teledyne Technologies, Inc.*		10,267,061
	145,782	Teradyne, Inc.		14,744,392
	283,238	Texas Instruments, Inc.		48,561,155
	89,654	Trimble, Inc.*		4,667,387
	9,100	Tyler Technologies, Inc.*		2,923,375
	111,250	VeriSign, Inc.*		21,897,338
	344,492	Visa, Inc., Class A		75,767,571
	103,032	VMware, Inc., Class A*		11,346,914
	214,908	Western Digital Corp.*		8,269,660
	36,046	Workday, Inc., Class A*		6,685,452
	21,527	Zebra Technologies Corp., Class A*		6,463,482
	56,888	Zoom Video Communications, Inc., Class A*		4,243,276

				2,824,099,210

Materials – 2.1%
	41,208	Air Products and Chemicals, Inc.		11,784,664
	23,289	Albemarle Corp.		5,922,625
	40,221	Avery Dennison Corp.		7,327,864
	84,598	CF Industries Holdings, Inc.		7,266,122
	213,920	Corteva, Inc.		13,325,077
	249,713	Dow, Inc.		14,283,583
	46,297	DuPont de Nemours, Inc.		3,381,070
	30,385	Ecolab, Inc.		4,842,457
	42,246	FMC Corp.		5,456,071
	155,979	International Paper Co.		5,676,076
	54,086	Linde PLC (United Kingdom)		18,841,940
	36,031	LyondellBasell Industries NV, Class A		3,458,616
	10,059	Martin Marietta Materials, Inc.		3,619,932
	218,146	Mosaic Co. (The)		11,603,186
	41,648	Newmont Corp.		1,816,269
	272,265	Nucor Corp.		45,588,052
	19,665	Packaging Corp. of America		2,688,599
	44,048	PPG Industries, Inc.		5,816,979
	70,108	RPM International, Inc.		6,213,672
	85,499	Sherwin-Williams Co. (The)		18,925,204
	160,149	Steel Dynamics, Inc.		20,196,390

				218,034,448

Real Estate – 2.3%
	42,149	Alexandria Real Estate Equities, Inc. REIT		6,313,077
	41,271	American Tower Corp. REIT		8,172,071
	41,539	AvalonBay Communities, Inc. REIT		7,166,308
	47,531	Boston Properties, Inc. REIT		3,112,330
	99,576	Camden Property Trust REIT		11,427,342
	411,752	CBRE Group, Inc., Class A*		35,056,565
	48,827	Crown Castle, Inc. REIT		6,384,130
	32,016	Digital Realty Trust, Inc. REIT		3,337,028
	8,304	Equinix, Inc. REIT		5,715,394
	127,583	Equity Residential REIT		7,976,489
	32,276	Essex Property Trust, Inc. REIT		7,360,865
	22,225	Extra Space Storage, Inc. REIT		3,659,346


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

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


Shares		Description	Value

Common Stocks – (continued)
Real Estate – (continued)
	149,944	Healthpeak Properties, Inc. REIT	$	3,607,653
	811,746	Host Hotels & Resorts, Inc. REIT		13,637,333
	163,978	Invitation Homes, Inc. REIT		5,125,952
	95,021	Iron Mountain, Inc. REIT		5,012,358
	48,203	Mid-America Apartment Communities, Inc. REIT		7,717,300
	48,358	Prologis, Inc. REIT		5,967,377
	23,709	Public Storage REIT		7,087,806
	160,858	Realty Income Corp. REIT		10,286,869
	17,097	SBA Communications Corp. REIT		4,434,107
	33,417	Simon Property Group, Inc. REIT		4,079,881
	94,917	Sun Communities, Inc. REIT		13,586,419
	164,474	UDR, Inc. REIT		7,046,066
	145,680	Ventas, Inc. REIT		7,087,332
	423,573	VICI Properties, Inc. REIT		14,202,403
	94,556	Welltower, Inc. REIT		7,008,491
	436,749	Weyerhaeuser Co. REIT		13,648,406
	129,724	W.P. Carey, Inc. REIT		10,528,400

				245,745,098

Utilities – 2.9%
	432,954	AES Corp. (The)		10,685,305
	189,468	Alliant Energy Corp.		9,714,024
	132,666	Ameren Corp.		10,972,805
	157,701	American Electric Power Co., Inc.		13,872,957
	44,456	American Water Works Co., Inc.		6,240,733
	94,817	Atmos Energy Corp.		10,696,306
	405,217	CenterPoint Energy, Inc.		11,273,137
	126,367	CMS Energy Corp.		7,451,862
	182,040	Consolidated Edison, Inc.		16,265,274
	134,901	Constellation Energy Corp.		10,102,736
	163,132	Dominion Energy, Inc.		9,073,402
	90,868	DTE Energy Co.		9,969,128
	152,439	Duke Energy Corp.		14,368,900
	204,838	Edison International		13,562,324
	83,498	Entergy Corp.		8,589,439
	194,189	Evergy, Inc.		11,420,255
	92,644	Eversource Energy		6,981,652
	452,161	Exelon Corp.		18,262,783
	283,256	FirstEnergy Corp.		11,199,942
	282,582	NextEra Energy, Inc.		20,071,800
	527,994	PG&E Corp.*		8,247,266
	237,115	PPL Corp.		6,418,703
	168,154	Public Service Enterprise Group, Inc.		10,161,546
	108,046	Sempra Energy		16,202,578
	255,797	Southern Co. (The)		16,130,559
	89,022	WEC Energy Group, Inc.		7,892,691
	167,963	Xcel Energy, Inc.		10,845,371

				306,673,478

	TOTAL INVESTMENTS – 99.7%
	(Cost $8,753,442,443)		$	10,585,189,859

	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.3%			30,043,574

	NET ASSETS – 100.0%		$	10,615,233,433



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

*		Non-income producing security.



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


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

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

Schedule of Investments

February 28, 2023 (Unaudited)


Shares		Description	Value

Common Stocks – 99.0%
Communication Services – 2.3%
	4,857	Advantage Solutions, Inc.*	$	10,685
	5,273	AMC Networks, Inc., Class A*		117,904
	10,515	Arena Group Holdings, Inc. (The)*		82,648
	4,718	Bumble, Inc., Class A*		114,081
	21,951	Cargurus, Inc.*		374,265
	26,293	Cars.com, Inc.*		504,826
	10,367	Cinemark Holdings, Inc.*		141,095
	7,675	Cogent Communications Holdings, Inc.		496,879
	15,382	Consolidated Communications Holdings, Inc.*		46,607
	30,935	DHI Group, Inc.*		131,164
	13,435	EchoStar Corp., Class A*		268,163
	18,058	EverQuote, Inc., Class A*		246,492
	18,292	EW Scripps Co. (The), Class A*		230,845
	84,874	Gannett Co., Inc.*		257,168
	59,549	Globalstar, Inc.*		76,223
	14,970	Gogo, Inc.*		246,406
	18,965	Gray Television, Inc.		221,890
	13,521	IDT Corp., Class B*		411,174
	13,186	iHeartMedia, Inc., Class A*		95,730
	10,513	Iridium Communications, Inc.*		645,183
	12,565	John Wiley & Sons, Inc., Class A		559,017
	5,302	Liberty Latin America Ltd., Class A (Puerto Rico)*		46,764
	35,232	Liberty Latin America Ltd., Class C (Puerto Rico)*		309,337
	4,715	Liberty Media Corp.-Liberty Braves, Class A*		161,489
	4,388	Liberty Media Corp.-Liberty Braves, Class C*		146,866
	14,759	Magnite, Inc.*		164,268
	8,969	Marcus Corp. (The)		144,311
	20,522	Ooma, Inc.*		268,633
	28,365	Playstudios, Inc.*		105,518
	11,933	QuinStreet, Inc.*		202,503
	12,080	Scholastic Corp.		550,969
	7,466	Shutterstock, Inc.		561,593
	7,543	Sinclair Broadcast Group, Inc., Class A		122,725
	25,618	Stagwell, Inc.*		175,739
	39,504	TEGNA, Inc.		687,370
	14,199	Telephone and Data Systems, Inc.		180,185
	9,747	Thryv Holdings, Inc.*		232,368
	86,353	TrueCar, Inc.*		201,202
	9,382	United States Cellular Corp.*		226,388
	21,294	Yelp, Inc.*		639,246
	6,281	Ziff Davis, Inc.*		496,073
	7,777	ZipRecruiter, Inc., Class A*		132,676

				11,034,668

Consumer Discretionary – 11.4%
	20,058	1-800-Flowers.com, Inc., Class A*		198,574
	19,555	2U, Inc.*		175,213
	15,185	Aaron’s Co., Inc. (The)		217,905
	17,386	Abercrombie & Fitch Co., Class A*		511,322
	12,708	Academy Sports & Outdoors, Inc.		751,678
	9,798	Acushnet Holdings Corp.		472,851


Common Stocks – (continued)
Consumer Discretionary – (continued)
	13,194	Adient PLC*		563,648
	11,850	Adtalem Global Education, Inc.*		463,572
	34,885	American Axle & Manufacturing Holdings, Inc.*		306,988
	17,802	American Eagle Outfitters, Inc.		255,815
	14,319	American Public Education, Inc.*		158,082
	4,374	Asbury Automotive Group, Inc.*		993,335
	7,485	Bally’s Corp.*		147,829
	89,176	Beachbody Co., Inc. (The)*		57,563
	9,345	Beazer Homes USA, Inc.*		139,334
	10,872	Big 5 Sporting Goods Corp.^(a)		96,000
	11,016	Big Lots, Inc.		158,080
	4,406	BJ’s Restaurants, Inc.*		140,992
	14,011	Bloomin’ Brands, Inc.		365,687
	7,840	Bluegreen Vacations Holding Corp.		260,053
	4,717	Boot Barn Holdings, Inc.*		365,332
	7,129	Brinker International, Inc.*		270,902
	10,025	Buckle, Inc. (The)		408,920
	15,297	Caleres, Inc.		399,405
	5,450	Camping World Holdings, Inc., Class A		124,423
	20,864	CarParts.com, Inc.*		130,817
	7,823	Carriage Services, Inc.		265,356
	1,292	Cavco Industries, Inc.*		368,220
	3,398	Century Communities, Inc.		203,234
	5,270	Cheesecake Factory, Inc. (The)		197,309
	6,095	Chegg, Inc.*		96,850
	32,739	Chico’s FAS, Inc.*		188,249
	4,396	Children’s Place, Inc. (The)*		184,061
	4,587	Chuy’s Holdings, Inc.*		163,985
	6,751	Citi Trends, Inc.*		189,298
	8,298	Conn’s, Inc.*		71,114
	11,124	Container Store Group, Inc. (The)*		48,389
	1,816	Cracker Barrel Old Country Store, Inc.		197,871
	10,472	Crocs, Inc.*		1,274,547
	24,663	Dana, Inc.		390,662
	5,195	Dave & Buster’s Entertainment, Inc.*		207,904
	17,131	Denny’s Corp.*		199,919
	12,030	Designer Brands, Inc., Class A		117,774
	20,875	Destination XL Group, Inc.*		124,832
	2,607	Dillard’s, Inc., Class A		929,161
	1,843	Dine Brands Global, Inc.		141,303
	8,156	Dorman Products, Inc.*		758,753
	7,056	Duluth Holdings, Inc., Class B*		42,407
	1,352	Duolingo, Inc.*		122,748
	11,841	El Pollo Loco Holdings, Inc.		141,737
	19,185	Ethan Allen Interiors, Inc.		566,917
	12,468	Everi Holdings, Inc.*		236,767
	5,668	Foot Locker, Inc.		247,805
	40,080	Fossil Group, Inc.*		173,546
	5,739	Fox Factory Holding Corp.*		674,332
	4,376	Franchise Group, Inc.		121,697
	20,371	Frontdoor, Inc.*		575,481
	11,850	Funko, Inc., Class A*		128,098
	9,223	Genesco, Inc.*		414,758
	8,413	Gentherm, Inc.*		534,310
	10,860	G-III Apparel Group Ltd.*		180,439


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

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


Shares		Description	Value

Common Stocks – (continued)
Consumer Discretionary – (continued)
	5,136	Golden Entertainment, Inc.*	$	211,141
	44,819	Goodyear Tire & Rubber Co. (The)*		509,144
	38,307	GoPro, Inc., Class A*		198,813
	817	Graham Holdings Co., Class B		511,981
	6,513	Green Brick Partners, Inc.*		203,206
	3,907	Group 1 Automotive, Inc.		863,720
	8,561	Guess?, Inc.^(a)		180,123
	14,069	Haverty Furniture Cos., Inc.		530,964
	3,272	Helen of Troy Ltd.*		368,722
	6,121	Hibbett, Inc.		440,284
	10,672	Hilton Grand Vacations, Inc.*		509,481
	2,129	Hovnanian Enterprises, Inc., Class A*		145,006
	20,633	Inspired Entertainment, Inc.*		326,208
	4,241	Installed Building Products, Inc.		489,327
	15,631	International Game Technology PLC		415,159
	6,594	iRobot Corp.*		270,947
	3,611	Jack in the Box, Inc.		283,102
	3,876	Johnson Outdoors, Inc., Class A		251,397
	8,350	KB Home		294,505
	10,605	Kontoor Brands, Inc.		553,051
	5,919	Lands’ End, Inc.*		44,984
	23,237	Laureate Education, Inc.		275,591
	15,113	La-Z-Boy, Inc.		489,359
	6,468	LCI Industries		729,655
	1,102	LGI Homes, Inc.*		114,950
	4,920	Lifetime Brands, Inc.		38,966
	9,392	Light & Wonder, Inc.*		588,033
	18,447	Luminar Technologies, Inc.*^(a)		165,101
	6,391	M/I Homes, Inc.*		369,655
	5,421	Malibu Boats, Inc., Class A*		323,959
	2,011	Marine Products Corp.		25,741
	8,380	MarineMax, Inc.*		281,400
	14,535	MasterCraft Boat Holdings, Inc.*		490,847
	6,611	MDC Holdings, Inc.		244,607
	6,066	Meritage Homes Corp.*		662,589
	14,128	Modine Manufacturing Co.*		344,864
	3,748	Monarch Casino & Resort, Inc.		275,928
	4,058	Monro, Inc.		204,686
	8,829	Movado Group, Inc.		305,660
	5,604	Murphy USA, Inc.		1,429,524
	9,516	National Vision Holdings, Inc.*		355,518
	9,377	ODP Corp. (The)*		424,591
	3,940	OneWater Marine, Inc., Class A*		109,611
	7,554	Overstock.com, Inc.*		146,321
	6,472	Oxford Industries, Inc.		761,172
	7,770	Papa John’s International, Inc.		652,292
	7,500	Patrick Industries, Inc.		546,375
	63,286	Perdoceo Education Corp.*		872,398
	8,050	PetMed Express, Inc.		151,179
	3,354	RCI Hospitality Holdings, Inc.		280,965
	8,135	Red Rock Resorts, Inc., Class A		355,255
	5,531	Revolve Group, Inc.*		149,779
	26,591	Rush Street Interactive, Inc.*		111,416
	24,432	Sally Beauty Holdings, Inc.*		393,111
	4,765	SeaWorld Entertainment, Inc.*		307,819
	14,448	Shoe Carnival, Inc.		380,705


Common Stocks – (continued)
Consumer Discretionary – (continued)
	8,809	Signet Jewelers Ltd.		630,901
	7,589	Skyline Champion Corp.*		519,163
	9,343	Sleep Number Corp.*		372,412
	22,346	Smith & Wesson Brands, Inc.		244,465
	4,931	Sonic Automotive, Inc., Class A		280,525
	24,003	Sonos, Inc.*		466,378
	18,280	Sportsman’s Warehouse Holdings, Inc.*		164,337
	10,327	Standard Motor Products, Inc.		402,443
	17,429	Steven Madden Ltd.		632,673
	33,358	Stitch Fix, Inc., Class A*		155,448
	14,783	Stoneridge, Inc.*		351,983
	4,107	Strategic Education, Inc.		350,122
	20,796	Stride, Inc.*		883,206
	7,179	Sturm Ruger & Co., Inc.		418,320
	21,527	Taylor Morrison Home Corp.*		771,312
	8,960	Texas Roadhouse, Inc.		909,798
	11,848	Topgolf Callaway Brands Corp.*		274,637
	3,957	TravelCenters of America, Inc.*		333,773
	22,744	Tri Pointe Homes, Inc.*		542,217
	26,814	Tupperware Brands Corp.*		109,937
	10,446	Udemy, Inc.*		98,610
	339	Unifi, Inc.*		3,509
	4,734	Universal Technical Institute, Inc.*		34,369
	21,520	Upbound Group, Inc.		577,812
	7,923	Urban Outfitters, Inc.*		213,525
	13,442	Vista Outdoor, Inc.*		383,904
	2,461	Visteon Corp.*		411,085
	6,342	Wingstop, Inc.		1,080,360
	2,275	Winmark Corp.		664,300
	10,768	Winnebago Industries, Inc.		684,414
	13,839	Wolverine World Wide, Inc.		231,803
	42,452	WW International, Inc.*		155,374
	2,270	Xometry, Inc., Class A*		69,031
	8,079	XPEL, Inc.*		539,758
	11,987	Zumiez, Inc.*		278,818

				53,815,762

Consumer Staples – 3.6%
	854	Alico, Inc.		21,982
	3,745	Andersons, Inc. (The)		170,884
	10,973	B&G Foods, Inc.^(a)		139,028
	9,230	Beauty Health Co. (The)*		116,390
	9,676	BellRing Brands, Inc.*		298,795
	7,757	Cal-Maine Foods, Inc.		440,598
	5,726	Celsius Holdings, Inc.*		519,921
	5,220	Central Garden & Pet Co.*		211,410
	8,599	Central Garden & Pet Co., Class A*		330,460
	3,974	Chefs’ Warehouse, Inc. (The)*		129,354
	2,263	Coca-Cola Consolidated, Inc.		1,260,152
	11,447	Edgewell Personal Care Co.		488,787
	6,710	elf Beauty, Inc.*		501,572
	4,713	Energizer Holdings, Inc.		170,752
	8,532	Fresh Del Monte Produce, Inc.		266,881
	10,429	Hain Celestial Group, Inc. (The)*		185,949
	21,010	Herbalife Nutrition Ltd.*		406,543
	33,993	Hostess Brands, Inc.*		839,627


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

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

Schedule of Investments (continued)

February 28, 2023 (Unaudited)


Shares		Description	Value

Common Stocks – (continued)
Consumer Staples – (continued)
	8,835	Ingles Markets, Inc., Class A	$	789,849
	3,893	Inter Parfums, Inc.		468,756
	1,753	J & J Snack Foods Corp.		247,541
	4,489	John B. Sanfilippo & Son, Inc.		402,978
	3,483	Lancaster Colony Corp.		668,666
	592	Lifecore Biomedical, Inc.*		3,428
	2,742	Medifast, Inc.		307,460
	1,938	MGP Ingredients, Inc.		196,591
	11,697	National Beverage Corp.*		545,665
	10,539	Nu Skin Enterprises, Inc., Class A		419,874
	2,523	PriceSmart, Inc.		175,904
	33,048	Primo Water Corp.		511,583
	10,214	Simply Good Foods Co. (The)*		391,094
	17,910	SpartanNash Co.		479,272
	23,838	Sprouts Farmers Market, Inc.*		722,053
	2,640	Tootsie Roll Industries, Inc.		116,239
	10,793	TreeHouse Foods, Inc.*		526,590
	5,326	Turning Point Brands, Inc.		127,291
	17,064	United Natural Foods, Inc.*		695,017
	6,665	Universal Corp.		337,182
	5,465	USANA Health Sciences, Inc.*		332,163
	7,530	Utz Brands, Inc.		123,492
	35,740	Vector Group Ltd.		474,270
	7,888	Village Super Market, Inc., Class A		176,139
	14,115	Vital Farms, Inc.*		228,098
	2,995	WD-40 Co.		519,423
	5,725	Weis Markets, Inc.		437,619

				16,923,322

Energy – 6.1%
	38,824	Alto Ingredients, Inc.*		113,366
	33,234	Amplify Energy Corp.*		278,501
	5,338	Arch Resources, Inc.		839,934
	34,269	Archrock, Inc.		379,358
	8,938	Ardmore Shipping Corp. (Ireland)		162,225
	21,163	Berry Corp.		199,567
	6,876	Bristow Group, Inc.*		187,302
	8,187	Cactus, Inc., Class A		376,193
	12,483	California Resources Corp.		526,783
	10,234	Callon Petroleum Co.*		396,670
	3,144	Centrus Energy Corp., Class A*		140,883
	23,509	ChampionX Corp.		718,670
	6,851	Chord Energy Corp.		922,282
	13,248	Civitas Resources, Inc.		929,612
	15,824	Clean Energy Fuels Corp.*		88,614
	24,653	CNX Resources Corp.*		378,424
	55,041	Comstock Resources, Inc.		668,198
	12,492	CONSOL Energy, Inc.		683,687
	5,631	CVR Energy, Inc.		178,672
	14,140	Delek US Holdings, Inc.		355,904
	4,816	Denbury, Inc.*		401,510
	33,378	DHT Holdings, Inc.		386,183
	17,100	Diamond Offshore Drilling, Inc.*		203,148
	12,990	Dorian LPG Ltd.		285,130
	5,338	Dril-Quip, Inc.*		182,826
	5,166	Empire Petroleum Corp.*		67,158


Common Stocks – (continued)
Energy – (continued)
	19,445	Energy Fuels, Inc.*^(a)		130,476
	56,096	Equitrans Midstream Corp.		338,259
	5,932	Expro Group Holdings NV*		134,834
	3,527	FLEX LNG Ltd. (Norway)^(a)		122,352
	7,199	Frontline PLC (Norway)		135,917
	8,613	Golar LNG Ltd. (Cameroon)*		196,635
	4,323	Green Plains, Inc.*		149,878
	2,390	Gulfport Energy Corp.*		158,027
	51,298	Helix Energy Solutions Group, Inc.*		424,747
	7,942	Helmerich & Payne, Inc.		334,199
	6,099	International Seaways, Inc.		313,733
	58,037	Kosmos Energy Ltd. (Ghana)*		456,751
	11,355	Liberty Energy, Inc.		173,164
	56,127	Magnolia Oil & Gas Corp., Class A		1,226,375
	21,634	Matador Resources Co.		1,163,693
	21,176	Murphy Oil Corp.		826,287
	3,003	Nabors Industries Ltd.*		451,381
	3,777	NACCO Industries, Inc., Class A		141,222
	11,172	National Energy Services Reunited Corp.*		72,171
	25,729	NexTier Oilfield Solutions, Inc.*		234,906
	6,900	Noble Corp. PLC*		287,661
	9,016	Northern Oil and Gas, Inc.		279,857
	19,821	Oceaneering International, Inc.*		414,061
	25,971	Oil States International, Inc.*		237,115
	9,062	Par Pacific Holdings, Inc.*		251,742
	13,108	Patterson-UTI Energy, Inc.		179,580
	18,360	PBF Energy, Inc., Class A		802,516
	15,496	Peabody Energy Corp.*		423,041
	46,764	Permian Resources Corp.		505,519
	40,125	ProPetro Holding Corp.*		353,501
	9,135	Ranger Oil Corp., Class A		379,102
	6,896	REX American Resources Corp.*		227,637
	56,016	Ring Energy, Inc.*		117,634
	57,162	RPC, Inc.		501,311
	20,860	SandRidge Energy, Inc.*		304,347
	6,973	Scorpio Tankers, Inc. (Monaco)		420,890
	20,985	SFL Corp. Ltd. (Norway)		216,565
	10,516	SilverBow Resources, Inc.*		258,904
	10,309	Sitio Royalties Corp., Class A		242,365
	37,213	SM Energy Co.		1,098,156
	16,206	Solaris Oilfield Infrastructure, Inc., Class A		144,720
	31,018	Talos Energy, Inc.*		552,431
	3,385	Teekay Tankers Ltd., Class A (Canada)*		152,833
	41,549	Tellurian, Inc.*		61,908
	45,765	TETRA Technologies, Inc.*		162,923
	3,935	Tidewater, Inc.*		192,185
	43,389	Uranium Energy Corp.*		160,539
	19,360	US Silica Holdings, Inc.*		235,030
	64,866	VAALCO Energy, Inc.		304,221
	6,807	Valaris Ltd.*		457,771
	8,365	Vital Energy, Inc.*		429,877
	85,856	W&T Offshore, Inc.*		481,652
	6,528	Weatherford International PLC*		434,895
	14,284	World Fuel Services Corp.		392,096

				28,900,392


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

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


Shares		Description	Value

Common Stocks – (continued)
Financials – 19.4%
	3,691	1st Source Corp.	$	183,886
	2,022	ACNB Corp.		74,895
	11,015	A-Mark Precious Metals, Inc.		322,850
	5,787	Ambac Financial Group, Inc.*		95,775
	4,850	Amerant Bancorp, Inc.		137,740
	22,865	American Equity Investment Life Holding Co.		952,327
	4,221	American National Bankshares, Inc.		142,037
	13,766	Ameris Bancorp		658,978
	6,578	AMERISAFE, Inc.		358,764
	28,416	Apollo Commercial Real Estate Finance, Inc. REIT		326,500
	26,815	Arbor Realty Trust, Inc. REIT		404,370
	14,961	Ares Commercial Real Estate Corp. REIT		169,209
	4,747	Argo Group International Holdings Ltd.		137,900
	19,975	ARMOUR Residential REIT, Inc. REIT		108,464
	8,378	Arrow Financial Corp.		255,361
	17,932	Artisan Partners Asset Management, Inc., Class A		591,218
	22,891	Associated Banc-Corp.		529,927
	12,118	Atlantic Union Bankshares Corp.		453,940
	2,767	Atlanticus Holdings Corp.*		88,682
	7,511	Avantax, Inc.*		214,740
	20,001	Axos Financial, Inc.*		947,847
	2,042	B. Riley Financial, Inc.^(a)		81,231
	8,293	Banc of California, Inc.		145,542
	6,504	BancFirst Corp.		586,986
	10,963	Banco Latinoamericano de Comercio Exterior SA, Class E (Panama)		200,623
	14,380	Bancorp, Inc. (The)*		497,404
	2,421	Bank First Corp.		197,384
	3,831	Bank of Marin Bancorp		111,099
	20,262	Bank of NT Butterfield & Son Ltd. (The) (Bermuda)		732,471
	15,266	BankUnited, Inc.		540,722
	5,249	Bankwell Financial Group, Inc.		158,415
	5,677	Banner Corp.		357,537
	2,609	BayCom Corp.		53,563
	11,918	BCB Bancorp, Inc.		206,777
	6,318	Berkshire Hills Bancorp, Inc.		183,601
	29,547	BGC Partners, Inc., Class A		143,598
	20,190	Blackstone Mortgage Trust, Inc., Class A REIT		427,422
	7,193	Blue Ridge Bankshares, Inc.		88,042
	7,915	Bread Financial Holdings, Inc.		325,069
	12,614	Brightsphere Investment Group, Inc.		316,233
	32,284	Broadmark Realty Capital, Inc. REIT		164,648
	23,044	Brookline Bancorp, Inc.		298,650
	4,249	BRP Group, Inc., Class A*		122,116
	5,450	Byline Bancorp, Inc.		134,343
	30,993	Cadence Bank		823,174
	1,626	Cambridge Bancorp		129,316
	8,513	Camden National Corp.		350,310
	5,917	Cannae Holdings, Inc.*		133,606
	8,373	Capital City Bank Group, Inc.		298,665
	15,629	Capitol Federal Financial, Inc.		131,127


Common Stocks – (continued)
Financials – (continued)
	16,605	Cathay General Bancorp		712,687
	9,042	Central Pacific Financial Corp.		202,812
	21,989	Chimera Investment Corp. REIT		142,709
	150	Citizens & Northern Corp.		3,375
	6,194	City Holding Co.		608,251
	10,444	Civista Bancshares, Inc.		222,771
	7,603	Claros Mortgage Trust, Inc.		105,986
	7,116	CNB Financial Corp.		169,645
	31,097	CNO Financial Group, Inc.		796,705
	8,760	Cohen & Steers, Inc.		633,874
	4,147	Colony Bankcorp, Inc.		52,128
	11,044	Columbia Banking System, Inc.		328,338
	6,682	Columbia Financial, Inc.*		140,990
	8,201	Community Bank System, Inc.		500,671
	5,153	Community Trust Bancorp, Inc.		220,291
	6,776	ConnectOne Bancorp, Inc.		164,318
	9,164	Consumer Portfolio Services, Inc.*		101,354
	12,707	Cowen, Inc., Class A		495,446
	644	Crawford & Co., Class A		3,555
	14,638	Curo Group Holdings Corp.		42,743
	15,826	Customers Bancorp, Inc.*		487,441
	17,942	CVB Financial Corp.		429,352
	1,779	Diamond Hill Investment Group, Inc.		310,613
	10,661	Dime Community Bancshares, Inc.		326,653
	11,687	Donnelley Financial Solutions, Inc.*		494,477
	19,481	Dynex Capital, Inc. REIT		257,734
	8,816	Eagle Bancorp, Inc.		386,229
	15,028	Eastern Bankshares, Inc.		235,639
	16,996	Ellington Financial, Inc. REIT		218,739
	10,786	Employers Holdings, Inc.		479,006
	9,898	Enact Holdings, Inc.		240,027
	11,931	Encore Capital Group, Inc.*		616,594
	17,051	Enova International, Inc.*		831,236
	878	Enstar Group Ltd.*		214,680
	5,983	Enterprise Financial Services Corp.		325,834
	3,720	Esquire Financial Holdings, Inc.		171,083
	23,350	Essent Group Ltd.		1,002,883
	18,654	EZCORP, Inc., Class A*		164,528
	3,601	Farmers & Merchants Bancorp, Inc.		93,266
	11,779	Farmers National Banc Corp.		167,851
	8,907	FB Financial Corp.		335,705
	8,024	Federal Agricultural Mortgage Corp., Class C		1,138,285
	23,988	Federated Hermes, Inc.		943,928
	10,122	Financial Institutions, Inc.		252,645
	43,084	First BanCorp. (Puerto Rico)		625,149
	5,953	First Bancorp, Inc. (The)		174,304
	4,190	First Bancshares, Inc. (The)		131,189
	8,024	First BankCorp		332,916
	9,602	First Busey Corp.		231,792
	7,472	First Business Financial Services, Inc.		264,658
	21,802	First Commonwealth Financial Corp.		349,050
	19,385	First Financial Bancorp		477,646
	24,877	First Financial Bankshares, Inc.		912,488
	4,099	First Financial Corp.		180,151
	11,045	First Foundation, Inc.		166,448


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

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

Schedule of Investments (continued)

February 28, 2023 (Unaudited)


Shares		Description	Value

Common Stocks – (continued)
Financials – (continued)
	4,875	First Guaranty Bancshares, Inc.	$	99,986
	4,967	First Internet Bancorp		134,159
	10,414	First Interstate BancSystem, Inc., Class A		370,114
	13,394	First Merchants Corp.		548,083
	4,624	First Mid Bancshares, Inc.		143,298
	9,003	First of Long Island Corp. (The)		153,231
	2,334	First Western Financial, Inc.*		60,381
	5,428	FirstCash Holdings, Inc.		479,021
	12,788	Flushing Financial Corp.		248,854
	4,545	Focus Financial Partners, Inc., Class A*		235,704
	31,098	Fulton Financial Corp.		534,886
	4,811	FVCBankcorp, Inc.*		65,189
	108,581	Genworth Financial, Inc., Class A*		676,460
	10,038	German American Bancorp, Inc.		394,493
	18,347	Glacier Bancorp, Inc.		869,281
	4,241	Granite Point Mortgage Trust, Inc. REIT		25,404
	6,364	Great Southern Bancorp, Inc.		370,321
	4,908	Green Dot Corp., Class A*		92,908
	3,155	Greene County Bancorp, Inc.		177,627
	8,272	Hamilton Lane, Inc., Class A		643,562
	12,896	Hancock Whitney Corp.		633,452
	11,670	Hanmi Financial Corp.		275,645
	4,819	Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT		151,365
	14,807	HarborOne Bancorp, Inc.		202,412
	8,189	Heartland Financial USA, Inc.		404,864
	18,075	Heritage Commerce Corp.		218,888
	6,240	Heritage Financial Corp.		173,909
	13,285	Hilltop Holdings, Inc.		440,663
	1,230	Hingham Institution For Savings (The)		350,181
	3,741	Home Bancorp, Inc.		147,957
	28,670	Home BancShares, Inc.		690,947
	9,188	HomeStreet, Inc.		231,813
	5,900	HomeTrust Bancshares, Inc.		172,693
	26,763	Hope Bancorp, Inc.		342,834
	11,140	Horace Mann Educators Corp.		411,734
	12,852	Horizon Bancorp, Inc.		195,607
	10,101	Houlihan Lokey, Inc.		966,666
	13,218	Independent Bank Corp.		291,457
	7,136	Independent Bank Corp.		568,596
	6,363	Independent Bank Group, Inc.		374,526
	10,553	International Bancshares Corp.		512,137
	1,189	Investors Title Co.		194,223
	17,932	Jackson Financial, Inc., Class A		813,754
	11,341	Kearny Financial Corp.		113,864
	4,327	Kinsale Capital Group, Inc.		1,379,015
	12,918	KKR Real Estate Finance Trust, Inc. REIT		187,311
	14,546	Ladder Capital Corp. REIT		164,370
	11,930	Lakeland Bancorp, Inc.		229,653
	8,874	Lakeland Financial Corp.		635,556
	18,383	LendingClub Corp.*		172,800
	9,452	Live Oak Bancshares, Inc.		326,661
	20,172	Macatawa Bank Corp.		220,077
	32,585	MBIA, Inc.*		449,347


Common Stocks – (continued)
Financials – (continued)
	7,102	Mercantile Bank Corp.		245,658
	1,827	Metropolitan Bank Holding Corp.*		101,965
	10,230	MFA Financial, Inc. REIT		109,563
	5,532	Midland States Bancorp, Inc.		144,053
	4,558	MidWestOne Financial Group, Inc.		136,922
	13,121	Moelis & Co., Class A		561,972
	32,705	Mr Cooper Group, Inc.*		1,518,493
	5,513	National Bank Holdings Corp., Class A		223,221
	804	National Western Life Group, Inc., Class A		216,911
	45,826	Navient Corp.		827,159
	8,656	NBT Bancorp, Inc.		351,347
	5,145	Nelnet, Inc., Class A		482,961
	38,898	New York Mortgage Trust, Inc. REIT		103,858
	7,305	Nexpoint Real Estate Finance, Inc. REIT		131,855
	4,448	Nicolet Bankshares, Inc.*		331,198
	19,377	NMI Holdings, Inc., Class A*		452,259
	6,261	Northeast Bank		275,985
	16,755	Northwest Bancshares, Inc.		231,554
	8,397	OceanFirst Financial Corp.		199,177
	16,681	OFG Bancorp (Puerto Rico)		507,436
	42,275	Old National Bancorp		746,999
	15,909	Old Second Bancorp, Inc.		263,771
	18,557	Open Lending Corp., Class A*		131,384
	1,872	Oportun Financial Corp.*		11,307
	7,233	Oppenheimer Holdings, Inc., Class A		318,903
	3,211	Origin Bancorp, Inc.		121,729
	12,309	Pacific Premier Bancorp, Inc.		399,058
	1,990	Palomar Holdings, Inc.*		119,400
	4,231	Park National Corp.		540,595
	9,417	Parke Bancorp, Inc.		192,201
	11,320	Pathward Financial, Inc.		577,433
	10,842	PCB Bancorp		197,975
	7,455	Peapack-Gladstone Financial Corp.		276,953
	14,388	PennyMac Financial Services, Inc.		870,042
	11,417	PennyMac Mortgage Investment Trust REIT		148,764
	13,815	Peoples Bancorp, Inc.		429,785
	3,900	Peoples Financial Services Corp.		193,245
	3,651	Piper Sandler Cos.		551,265
	6,649	PJT Partners, Inc., Class A		524,473
	9,032	PRA Group, Inc.*		384,402
	7,923	Preferred Bank		557,779
	7,559	Premier Financial Corp.		187,614
	9,147	Primis Financial Corp.		107,111
	9,453	ProAssurance Corp.		188,020
	13,477	PROG Holdings, Inc.*		333,151
	15,346	Provident Financial Services, Inc.		358,329
	6,354	QCR Holdings, Inc.		339,875
	45,193	Radian Group, Inc.		964,871
	20,783	Ready Capital Corp. REIT		234,017
	13,702	Redwood Trust, Inc. REIT		104,272
	6,468	Regional Management Corp.		203,871
	9,930	Renasant Corp.		357,281
	5,856	Republic Bancorp, Inc., Class A		260,592
	6,310	RLI Corp.		870,212


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

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


Shares		Description	Value

Common Stocks – (continued)
Financials – (continued)
	8,023	S&T Bancorp, Inc.	$	298,937
	4,828	Safety Insurance Group, Inc.		389,571
	11,023	Sandy Spring Bancorp, Inc.		363,208
	8,407	Seacoast Banking Corp. of Florida		256,498
	11,991	Selective Insurance Group, Inc.		1,217,446
	13,933	ServisFirst Bancshares, Inc.		1,030,345
	6,898	Shore Bancshares, Inc.		117,680
	6,932	Sierra Bancorp		140,096
	4,257	Silvergate Capital Corp., Class A*^(a)		59,215
	16,071	Simmons First National Corp., Class A		357,258
	24,185	SiriusPoint Ltd. (Bermuda)*		171,714
	5,945	Southern First Bancshares, Inc.*		239,286
	6,385	Southern Missouri Bancorp, Inc.		295,498
	6,393	Southside Bancshares, Inc.		244,149
	9,688	SouthState Corp.		781,628
	8,063	Stellar Bancorp, Inc.		235,843
	6,766	StepStone Group, Inc., Class A		193,508
	10,052	Stewart Information Services Corp.		427,109
	6,933	Stock Yards Bancorp, Inc.		405,789
	6,130	StoneX Group, Inc.*		618,088
	6,454	Texas Capital Bancshares, Inc.*		427,448
	3,596	Tompkins Financial Corp.		268,945
	13,376	Towne Bank		405,694
	14,011	TPG RE Finance Trust, Inc. REIT		118,953
	8,760	TriCo Bancshares		442,468
	6,629	Triumph Financial, Inc.*		403,375
	5,583	TrustCo Bank Corp.		209,139
	12,361	Trustmark Corp.		363,413
	20,762	Two Harbors Investment Corp. REIT		344,026
	8,412	UMB Financial Corp.		762,632
	17,220	United Bankshares, Inc.		702,059
	17,466	United Community Banks, Inc.		578,299
	2,077	United Fire Group, Inc.		59,278
	6,559	Unity Bancorp, Inc.		173,223
	12,432	Universal Insurance Holdings, Inc.		240,311
	6,633	Univest Financial Corp.		187,051
	67,487	Valley National Bancorp		781,499
	9,771	Veritex Holdings, Inc.		260,495
	2,387	Virtus Investment Partners, Inc.		502,296
	9,593	Walker & Dunlop, Inc.		836,797
	14,317	Washington Federal, Inc.		502,097
	6,559	Washington Trust Bancorp, Inc.		275,478
	16,163	Waterstone Financial, Inc.		260,224
	11,230	WesBanco, Inc.		405,965
	12,525	West BanCorp, Inc.		263,777
	5,822	Westamerica BanCorp		320,909
	1,498	World Acceptance Corp.*		139,853
	12,108	WSFS Financial Corp.		604,310

				91,584,997

Health Care – 11.5%
	52,399	AbCellera Biologics, Inc. (Canada)*		440,152
	36,224	ACADIA Pharmaceuticals, Inc.*		749,475
	14,719	AdaptHealth Corp.*		235,357
	3,504	Addus HomeCare Corp.*		380,675
	24,799	ADMA Biologics, Inc.*		88,036


Common Stocks – (continued)
Health Care – (continued)
	22,720	Alector, Inc.*		194,029
	49,703	Alkermes PLC*		1,329,058
	15,535	Amicus Therapeutics, Inc.*		204,907
	12,876	AMN Healthcare Services, Inc.*		1,158,969
	88,782	Amneal Pharmaceuticals, Inc.*		182,891
	23,081	Amphastar Pharmaceuticals, Inc.*		735,361
	15,122	AngioDynamics, Inc.*		187,210
	3,406	ANI Pharmaceuticals, Inc.*		142,507
	12,089	Anika Therapeutics, Inc.*		383,221
	5,775	Apellis Pharmaceuticals, Inc.*		378,147
	15,904	Arcus Biosciences, Inc.*		289,612
	5,918	Arrowhead Pharmaceuticals, Inc.*		191,151
	5,582	Arvinas, Inc.*		171,088
	25,012	Atea Pharmaceuticals, Inc.*		88,542
	6,965	AtriCure, Inc.*		268,152
	231	Atrion Corp.		131,208
	12,275	Avanos Medical, Inc.*		344,559
	3,083	Axonics, Inc.*		185,257
	1,494	Axsome Therapeutics, Inc.*		101,876
	3,505	Beam Therapeutics, Inc.*		141,041
	18,913	BioCryst Pharmaceuticals, Inc.*		167,380
	15,570	Cardiovascular Systems, Inc.*		306,885
	11,333	CareDx, Inc.*		190,621
	71,337	Catalyst Pharmaceuticals, Inc.*		1,088,603
	4,016	Celldex Therapeutics, Inc.*		171,845
	3,569	Cerevel Therapeutics Holdings, Inc.*		95,257
	24,027	Cerus Corp.*		68,717
	3,980	Chinook Therapeutics, Inc.*		86,844
	29,059	Coherus Biosciences, Inc.*		196,729
	31,649	Collegium Pharmaceutical, Inc.*		839,648
	13,289	Computer Programs and Systems, Inc.*		398,803
	3,216	CONMED Corp.		309,347
	58,147	Corcept Therapeutics, Inc.*		1,211,202
	3,094	CorVel Corp.*		557,786
	27,280	Cross Country Healthcare, Inc.*		721,556
	5,284	CryoPort, Inc.*		114,451
	6,865	Cue Health, Inc.*^(a)		14,760
	6,834	Cutera, Inc.*		221,627
	6,325	Cytokinetics, Inc.*		274,252
	7,484	Deciphera Pharmaceuticals, Inc.*		108,518
	3,037	Denali Therapeutics, Inc.*		82,455
	57,563	Dynavax Technologies Corp.*		592,899
	9,663	Eagle Pharmaceuticals, Inc.*		270,564
	13,428	Embecta Corp.		429,025
	35,753	Emergent BioSolutions, Inc.*		442,622
	612	Enanta Pharmaceuticals, Inc.*		29,682
	9,519	Ensign Group, Inc. (The)		851,760
	11,422	Evolent Health, Inc., Class A*		399,884
	34,660	Figs, Inc., Class A*		319,219
	10,034	Fulgent Genetics, Inc.*		329,015
	38,031	Geron Corp.*		105,726
	2,902	Glaukos Corp.*		137,061
	4,090	Haemonetics Corp.*		318,079
	19,327	Halozyme Therapeutics, Inc.*		927,503
	15,966	Harmony Biosciences Holdings, Inc.*		702,983
	8,619	HealthEquity, Inc.*		561,700


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

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

Schedule of Investments (continued)

February 28, 2023 (Unaudited)


Shares		Description	Value

Common Stocks – (continued)
Health Care – (continued)
	9,176	HealthStream, Inc.*	$	235,364
	7,262	Inari Medical, Inc.*		408,560
	273	Innovage Holding Corp.*		2,072
	45,474	Innoviva, Inc.*		548,871
	1,592	Inogen, Inc.*		24,947
	1,309	Inotiv, Inc.*		9,817
	6,893	Insmed, Inc.*		140,479
	4,434	Inspire Medical Systems, Inc.*		1,152,530
	6,578	Integer Holdings Corp.*		493,218
	3,853	Intellia Therapeutics, Inc.*		154,775
	5,662	Intra-Cellular Therapies, Inc.*		277,608
	1,981	iRadimed Corp.		75,199
	6,320	iRhythm Technologies, Inc.*		743,738
	60,909	Ironwood Pharmaceuticals, Inc.*		686,444
	21,921	iTeos Therapeutics, Inc.*		388,221
	9,485	IVERIC bio, Inc.*		197,098
	10,468	Joint Corp. (The)*		164,348
	2,067	Karuna Therapeutics, Inc.*		412,201
	68,634	Karyopharm Therapeutics, Inc.*		207,275
	1,262	Krystal Biotech, Inc.*		103,370
	10,317	Lantheus Holdings, Inc.*		763,045
	8,941	LeMaitre Vascular, Inc.		448,034
	5,684	Ligand Pharmaceuticals, Inc.*		410,044
	6,674	LivaNova PLC*		315,814
	23,984	MannKind Corp.*		126,636
	6,563	Medpace Holdings, Inc.*		1,272,434
	7,696	Merit Medical Systems, Inc.*		543,184
	867	Mesa Laboratories, Inc.		153,043
	87,577	MiMedx Group, Inc.*		421,245
	3,879	ModivCare, Inc.*		380,879
	131,907	Multiplan Corp.*		133,226
	36,399	Myriad Genetics, Inc.*		688,669
	5,144	National HealthCare Corp.		286,624
	8,066	National Research Corp.		364,261
	8,264	Neogen Corp.*		146,190
	11,746	NeoGenomics, Inc.*		197,920
	6,082	Nevro Corp.*		191,218
	35,905	NextGen Healthcare, Inc.*		650,240
	11,667	NuVasive, Inc.*		504,364
	1,368	OmniAb, Inc. 12.5 Earnout*^(b)		—
	1,368	OmniAb, Inc. 15.00 Earnout*^(b)		—
	6,554	Omnicell, Inc.*		356,800
	137,245	OPKO Health, Inc.*		156,459
	22,291	Option Care Health, Inc.*		683,665
	65,199	Organogenesis Holdings, Inc.*		159,738
	16,462	Orthofix Medical, Inc.*		339,117
	19,585	Owens & Minor, Inc.*		300,238
	9,518	Pacific Biosciences of California, Inc.*		86,423
	10,324	Pacira BioSciences, Inc.*		439,493
	20,646	Patterson Cos., Inc.		547,532
	17,242	Pediatrix Medical Group, Inc.*		271,389
	11,407	PetIQ, Inc.*		106,313
	19,001	Phibro Animal Health Corp., Class A		298,506
	16,239	Prestige Consumer Healthcare, Inc.*		978,400
	2,103	PROCEPT BioRobotics Corp.*		78,757
	5,718	Progyny, Inc.*		214,768


Common Stocks – (continued)
Health Care – (continued)
	3,350	Prometheus Biosciences, Inc.*		410,006
	3,314	Prothena Corp. PLC (Ireland)*		184,789
	11,587	PTC Therapeutics, Inc.*		506,004
	45,824	Radius Health, Inc.*^(b)		3,666
	9,324	RadNet, Inc.*		219,907
	2,528	Reata Pharmaceuticals, Inc., Class A*		78,798
	17,999	REGENXBIO, Inc.*		400,478
	5,355	Revance Therapeutics, Inc.*		185,818
	3,803	REVOLUTION Medicines, Inc.*		101,768
	2,217	Sage Therapeutics, Inc.*		92,316
	14,699	Select Medical Holdings Corp.		399,666
	5,185	Shockwave Medical, Inc.*		986,394
	8,208	SI-BONE, Inc.*		162,313
	45,270	SIGA Technologies, Inc.		310,100
	6,531	Silk Road Medical, Inc.*		346,078
	9,203	STAAR Surgical Co.*		509,754
	32,907	Supernus Pharmaceuticals, Inc.*		1,236,974
	6,371	Surgery Partners, Inc.*		213,110
	6,498	Surmodics, Inc.*		141,916
	7,886	Syndax Pharmaceuticals, Inc.*		199,910
	18,069	Tactile Systems Technology, Inc.*		261,097
	1,521	TransMedics Group, Inc.*		121,786
	18,449	Travere Therapeutics, Inc.*		408,830
	5,630	UFP Technologies, Inc.*		662,764
	2,588	US Physical Therapy, Inc.		262,242
	51,718	Vanda Pharmaceuticals, Inc.*		333,064
	14,076	Varex Imaging Corp.*		249,004
	4,229	Vaxcyte, Inc.*		173,262
	7,977	Veracyte, Inc.*		196,314
	36,677	Veradigm, Inc.*		609,205
	23,026	Vericel Corp.*		700,221
	36,101	Vir Biotechnology, Inc.*		823,103
	10,981	Xencor, Inc.*		352,820
	9,396	Zimvie, Inc.*		106,926
	20,939	Zynex, Inc.*		270,532

				54,009,227

Industrials – 17.7%
	5,837	AAON, Inc.		530,934
	8,870	AAR Corp.*		482,439
	12,128	ABM Industries, Inc.		587,116
	27,160	ACCO Brands Corp.		153,997
	14,645	ACV Auctions, Inc., Class A*		179,255
	7,118	Aerojet Rocketdyne Holdings, Inc.*		401,028
	1,533	AeroVironment, Inc.*		131,439
	7,339	Air Transport Services Group, Inc.*		153,605
	3,052	Alamo Group, Inc.		556,654
	4,178	Albany International Corp., Class A		421,644
	31,506	Alight, Inc., Class A*		302,458
	1,737	Allegiant Travel Co.*		178,129
	10,466	Allied Motion Technologies, Inc.		451,713
	11,608	Altra Industrial Motion Corp.		714,240
	3,644	Ameresco, Inc., Class A*		160,154
	4,072	American Woodmark Corp.*		207,591
	25,393	API Group Corp.*		596,482
	10,081	Apogee Enterprises, Inc.		461,307


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

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


Shares		Description	Value

Common Stocks – (continued)
Industrials – (continued)
	12,366	Applied Industrial Technologies, Inc.	$	1,766,607
	6,914	ArcBest Corp.		665,127
	9,246	Arcosa, Inc.		560,308
	3,243	Argan, Inc.		126,023
	6,712	Array Technologies, Inc.*		125,783
	11,911	ASGN, Inc.*		1,057,697
	7,010	Astec Industries, Inc.		315,660
	14,619	Atkore, Inc.*		2,134,666
	6,354	Atlas Air Worldwide Holdings, Inc.*		640,547
	2,766	Atlas Technical Consultants, Inc.*		33,828
	4,964	AZZ, Inc.		201,787
	21,875	Babcock & Wilcox Enterprises, Inc.*		141,969
	7,112	Barnes Group, Inc.		299,700
	2,529	Barrett Business Services, Inc.		242,733
	11,883	Beacon Roofing Supply, Inc.*		772,395
	8,472	Bloom Energy Corp., Class A*		183,758
	5,993	Blue Bird Corp.*		121,718
	8,467	BlueLinx Holdings, Inc.*		714,530
	18,082	Boise Cascade Co.		1,249,647
	13,785	Brady Corp., Class A		760,381
	3,003	BrightView Holdings, Inc.*		18,979
	4,953	Brink’s Co. (The)		323,183
	10,644	Caesarstone Ltd.		61,948
	5,207	Casella Waste Systems, Inc., Class A*		405,209
	12,262	CBIZ, Inc.*		614,204
	3,828	Chart Industries, Inc.*		511,038
	9,142	Cimpress PLC (Ireland)*		321,067
	5,452	CIRCOR International, Inc.*		159,580
	8,102	Columbus McKinnon Corp.		300,746
	9,832	Comfort Systems USA, Inc.		1,429,966
	33,700	CoreCivic, Inc.*		327,227
	14,415	Costamare, Inc. (Monaco)		151,358
	3,888	Covenant Logistics Group, Inc.		134,719
	3,793	CRA International, Inc.		472,115
	4,235	CSW Industrials, Inc.		599,507
	4,335	Daseke, Inc.*		35,330
	16,151	Deluxe Corp.		297,824
	4,397	Distribution Solutions Group, Inc.*		195,271
	3,275	Douglas Dynamics, Inc.		122,125
	2,514	Ducommun, Inc.*		135,253
	14,187	DXP Enterprises, Inc.*		410,146
	3,933	Dycom Industries, Inc.*		331,198
	5,085	Eagle Bulk Shipping, Inc.		331,898
	12,204	EMCOR Group, Inc.		2,040,753
	7,750	Encore Wire Corp.		1,495,827
	22,110	Energy Recovery, Inc.*		487,968
	9,797	Enerpac Tool Group Corp.		263,833
	3,887	EnerSys		352,512
	7,178	Ennis, Inc.		156,121
	4,833	EnPro Industries, Inc.		519,547
	3,385	ESCO Technologies, Inc.		315,448
	15,312	Evoqua Water Technologies Corp.*		743,551
	4,385	Exponent, Inc.		451,216
	8,539	Federal Signal Corp.		450,603
	10,148	First Advantage Corp.*		147,247
	18,867	Fluor Corp.*		691,853


Common Stocks – (continued)
Industrials – (continued)
	5,969	Forrester Research, Inc.*		196,320
	10,167	Forward Air Corp.		1,049,336
	11,689	Franklin Covey Co.*		547,863
	11,518	Franklin Electric Co., Inc.		1,100,775
	3,436	GATX Corp.		374,833
	12,276	Genco Shipping & Trading Ltd.		233,858
	48,706	GEO Group, Inc. (The)*		426,665
	5,647	Gibraltar Industries, Inc.*		301,606
	12,019	Global Industrial Co.		338,094
	22,947	GMS, Inc.*		1,393,112
	11,778	Golden Ocean Group Ltd. (Norway)^(a)		122,256
	3,838	Gorman-Rupp Co. (The)		106,927
	77,217	GrafTech International Ltd.		436,276
	4,680	Granite Construction, Inc.		202,176
	16,354	Great Lakes Dredge & Dock Corp.*		93,790
	3,371	Greenbrier Cos., Inc. (The)		108,243
	8,768	Griffon Corp.		319,769
	6,877	H&E Equipment Services, Inc.		381,673
	8,461	Hawaiian Holdings, Inc.*		94,763
	7,255	Heartland Express, Inc.		117,023
	5,227	Heidrick & Struggles International, Inc.		179,443
	3,318	Helios Technologies, Inc.		224,761
	3,500	Herc Holdings, Inc.		502,565
	6,666	Heritage-Crystal Clean, Inc.*		239,843
	13,849	Hillenbrand, Inc.		652,842
	16,745	HNI Corp.		523,281
	11,784	Hub Group, Inc., Class A*		1,080,946
	37,598	Hudson Technologies, Inc.*		380,868
	5,809	Huron Consulting Group, Inc.*		407,734
	5,076	ICF International, Inc.		505,011
	8,091	IES Holdings, Inc.*		340,307
	8,764	Insperity, Inc.		1,087,525
	6,765	Insteel Industries, Inc.		201,259
	22,725	Interface, Inc.		200,434
	11,398	JELD-WEN Holding, Inc.*		149,884
	34,220	Joby Aviation, Inc.*^(a)		160,834
	4,948	John Bean Technologies Corp.		548,684
	4,279	Kadant, Inc.		918,530
	5,192	Kaman Corp.		134,992
	16,297	Kelly Services, Inc., Class A		272,649
	10,145	Kennametal, Inc.		287,408
	16,392	Kforce, Inc.		1,024,336
	31,324	Kimball International, Inc., Class B		216,449
	10,219	Korn Ferry		571,140
	23,950	Legalzoom.com, Inc.*		195,671
	16,483	Li-Cycle Holdings Corp. (Canada) *^(a)		99,887
	1,993	Lindsay Corp.		299,927
	11,417	Manitowoc Co., Inc. (The)*		215,895
	7,550	Marten Transport Ltd.		166,628
	4,768	Masonite International Corp.*		423,398
	11,737	Matson, Inc.		780,628
	6,904	Matthews International Corp., Class A		263,457
	7,597	Maxar Technologies, Inc.		391,246
	2,500	McGrath RentCorp		257,100
	2,731	Miller Industries, Inc.		75,949
	12,930	MillerKnoll, Inc.		308,639


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

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

Schedule of Investments (continued)

February 28, 2023 (Unaudited)


Shares		Description	Value

Common Stocks – (continued)
Industrials – (continued)
	5,622	Moog, Inc., Class A	$	554,442
	27,474	MRC Global, Inc.*		307,709
	17,073	Mueller Industries, Inc.		1,262,890
	20,752	Mueller Water Products, Inc., Class A		287,830
	5,516	MYR Group, Inc.*		665,285
	734	National Presto Industries, Inc.		50,374
	5,378	Northwest Pipe Co.*		207,053
	64,389	NOW, Inc.*		827,399
	6,786	NV5 Global, Inc.*		714,023
	2,889	Omega Flex, Inc.		336,222
	3,707	PAM Transportation Services, Inc.*		107,503
	10,560	Parsons Corp.*		475,517
	20,455	PGT Innovations, Inc.*		432,623
	5,296	Powell Industries, Inc.		234,878
	2,331	Preformed Line Products Co.		207,844
	12,083	Primoris Services Corp.		332,283
	6,479	Proto Labs, Inc.*		203,700
	14,814	Quanex Building Products Corp.		384,423
	35,305	Radiant Logistics, Inc.*		200,532
	2,687	RBC Bearings, Inc.*		617,499
	2,969	Red Violet, Inc.*		60,479
	26,261	Resideo Technologies, Inc.*		481,627
	28,761	Resources Connection, Inc.		519,424
	15,489	REV Group, Inc.		181,066
	13,452	Rush Enterprises, Inc., Class A		762,459
	6,194	Rush Enterprises, Inc., Class B		371,516
	44,763	Safe Bulkers, Inc. (Greece)		167,861
	3,588	Saia, Inc.*		971,882
	5,439	Shoals Technologies Group, Inc., Class A*		133,473
	13,270	Shyft Group, Inc. (The)		344,091
	11,030	Simpson Manufacturing Co., Inc.		1,189,696
	7,293	SP Plus Corp.*		248,108
	6,281	Spirit Airlines, Inc.		115,068
	6,430	SPX Technologies, Inc.*		452,929
	2,334	Standex International Corp.		269,997
	32,287	Steelcase, Inc., Class A		254,099
	8,428	Stem, Inc.*		68,772
	7,895	Sterling Infrastructure, Inc.*		303,642
	5,390	SunPower Corp.*		80,958
	7,643	Tennant Co.		541,277
	12,018	Terex Corp.		711,586
	9,261	Textainer Group Holdings Ltd. (China)		304,872
	14,825	Titan International, Inc.*		183,978
	14,133	Titan Machinery, Inc.*		647,150
	6,634	Transcat, Inc.*		596,994
	6,164	TriNet Group, Inc.*		510,811
	5,978	Trinity Industries, Inc.		166,846
	8,130	Triton International Ltd. (Bermuda)		560,482
	24,790	TrueBlue, Inc.*		463,573
	16,682	Tutor Perini Corp.*		135,291
	16,060	UFP Industries, Inc.		1,373,612
	2,783	UniFirst Corp.		545,830
	17,390	Upwork, Inc.*		197,203
	6,695	V2X, Inc.*		310,447
	9,701	Veritiv Corp.		1,469,119


Common Stocks – (continued)
Industrials – (continued)
	7,056	Vicor Corp.*		331,632
	24,712	View, Inc.*		15,692
	11,928	Wabash National Corp.		326,827
	7,496	Watts Water Technologies, Inc., Class A		1,313,524
	9,056	Werner Enterprises, Inc.		420,651
	8,054	Willdan Group, Inc.*		145,455
	9,991	Zurn Elkay Water Solutions Corp.		229,793

				83,716,748

Information Technology – 12.7%
	52,101	8x8, Inc.*		277,177
	44,304	A10 Networks, Inc.		674,307
	18,812	ACI Worldwide, Inc.*		486,290
	33,035	Adeia, Inc.		325,725
	10,751	ADTRAN Holdings, Inc.		187,605
	6,765	Advanced Energy Industries, Inc.		629,686
	10,551	Agilysys, Inc.*		843,130
	9,747	Alarm.com Holdings, Inc.*		495,440
	10,055	Alpha & Omega Semiconductor Ltd.*		268,569
	9,629	Altair Engineering, Inc., Class A*		616,834
	5,231	Ambarella, Inc.*		493,336
	11,759	American Software, Inc., Class A		159,217
	30,039	Amkor Technology, Inc.		773,805
	5,057	Appfolio, Inc., Class A*		667,827
	8,413	Appian Corp., Class A*		348,719
	9,795	Asana, Inc., Class A*		144,868
	25,357	Avid Technology, Inc.*		736,874
	11,338	Axcelis Technologies, Inc.*		1,457,387
	7,810	Badger Meter, Inc.		949,852
	6,782	Belden, Inc.		572,265
	10,812	Benchmark Electronics, Inc.		257,217
	7,710	Blackbaud, Inc.*		429,370
	2,331	Blackline, Inc.*		159,347
	31,006	Box, Inc., Class A*		1,034,050
	36,860	Brightcove, Inc.*		197,938
	13,660	Calix, Inc.*		698,709
	8,343	Cambium Networks Corp.*		167,444
	32,953	Casa Systems, Inc.*		119,290
	4,652	Cass Information Systems, Inc.		224,924
	8,272	Cerence, Inc.*		226,487
	5,544	CEVA, Inc.*		174,969
	3,050	Clear Secure, Inc., Class A		93,757
	6,306	Clearfield, Inc.*		395,323
	12,981	Cohu, Inc.*		482,893
	12,215	CommScope Holding Co., Inc.*		88,437
	12,718	CommVault Systems, Inc.*		748,836
	9,151	Comtech Telecommunications Corp.		146,324
	84,148	Conduent, Inc.*		334,909
	3,065	Consensus Cloud Solutions, Inc.*		125,788
	6,623	Corsair Gaming, Inc.*		115,902
	7,655	Couchbase, Inc.*		124,470
	6,242	Credo Technology Group Holding Ltd.*		66,228
	11,783	CSG Systems International, Inc.		662,205
	6,452	CTS Corp.		279,436
	23,849	Cvent Holding Corp.*		173,144
	11,448	Digi International, Inc.*		382,020


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

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


Shares		Description	Value

Common Stocks – (continued)
Information Technology – (continued)
	12,570	Digital Turbine, Inc.*	$	135,002
	13,072	Diodes, Inc.*		1,198,572
	10,287	Domo, Inc., Class B*		158,111
	13,990	Ebix, Inc.		243,146
	27,431	Edgio, Inc.*		33,740
	18,595	eGain Corp.*		145,227
	5,933	Envestnet, Inc.*		370,872
	8,275	ePlus, Inc.*		448,257
	13,051	EVERTEC, Inc. (Puerto Rico)		480,407
	5,886	Evo Payments, Inc., Class A*		199,241
	6,562	ExlService Holdings, Inc.*		1,079,515
	58,295	Extreme Networks, Inc.*		1,091,282
	6,135	Fabrinet (Thailand)*		747,672
	5,426	FARO Technologies, Inc.*		147,587
	18,897	FormFactor, Inc.*		568,800
	10,947	Grid Dynamics Holdings, Inc.*		127,533
	21,327	Hackett Group, Inc. (The)		397,535
	24,553	Harmonic, Inc.*		323,854
	6,470	I3 Verticals, Inc., Class A*		159,227
	13,736	Identiv, Inc.*		96,427
	6,333	Impinj, Inc.*		839,882
	18,205	Infinera Corp.*		128,709
	33,109	Information Services Group, Inc.		174,484
	46,744	Inseego Corp.*		41,859
	8,156	Insight Enterprises, Inc.*		1,092,252
	2,440	InterDigital, Inc.^(a)		178,096
	11,962	International Money Express, Inc.*		305,629
	4,702	Itron, Inc.*		262,231
	9,771	Kimball Electronics, Inc.*		244,373
	22,549	Knowles Corp.*		382,882
	15,780	Kulicke & Soffa Industries, Inc. (Singapore)		841,074
	11,505	LiveRamp Holdings, Inc.*		271,863
	6,177	MACOM Technology Solutions Holdings, Inc.*		423,372
	11,295	Maximus, Inc.		927,094
	16,514	MaxLinear, Inc.*		564,944
	9,539	Methode Electronics, Inc.		464,835
	20,164	Mitek Systems, Inc.*		187,525
	10,934	Model N, Inc.*		363,009
	17,996	Momentive Global, Inc.*		124,172
	19,312	MoneyGram International, Inc.*		209,535
	21,516	Napco Security Technologies, Inc.*		679,906
	9,450	NETGEAR, Inc.*		171,045
	17,527	NetScout Systems, Inc.*		498,468
	5,696	Novanta, Inc.*		893,759
	14,357	OneSpan, Inc.*		194,107
	12,346	Onto Innovation, Inc.*		1,018,175
	3,767	OSI Systems, Inc.*		348,636
	14,964	Paysafe Ltd.*		298,382
	10,466	PC Connection, Inc.		458,411
	4,356	PDF Solutions, Inc.*		163,089
	8,427	Perficient, Inc.*		596,632
	26,220	Photronics, Inc.*		461,996
	5,542	Plexus Corp.*		531,422
	10,640	Power Integrations, Inc.		875,140


Common Stocks – (continued)
Information Technology – (continued)
	12,240	Progress Software Corp.		703,066
	5,429	PROS Holdings, Inc.*		141,643
	6,733	Qualys, Inc.*		795,504
	55,355	Rackspace Technology, Inc.*		130,084
	23,669	Rambus, Inc.*		1,046,880
	7,980	Rapid7, Inc.*		377,454
	9,615	Remitly Global, Inc.*		140,667
	27,454	Repay Holdings Corp.*		232,810
	43,336	Ribbon Communications, Inc.*		193,279
	3,727	Rimini Street, Inc.*		15,952
	924	Rogers Corp.*		136,013
	14,033	Sabre Corp.*		71,007
	14,299	Sanmina Corp.*		864,518
	8,988	Sapiens International Corp. NV (Israel)		185,333
	8,674	ScanSource, Inc.*		270,455
	6,751	SecureWorks Corp., Class A*		51,105
	11,356	Semtech Corp.*		349,878
	5,135	ShotSpotter, Inc.*		175,103
	3,631	Silicon Laboratories, Inc.*		648,242
	1,937	SiTime Corp.*		240,479
	24,004	SMART Global Holdings, Inc.*		400,867
	6,394	Sprout Social, Inc., Class A*		389,906
	7,859	SPS Commerce, Inc.*		1,183,880
	10,116	Squarespace, Inc., Class A*		236,816
	39,457	StoneCo Ltd., Class A (Brazil)*		335,779
	5,857	Super Micro Computer, Inc.*		573,810
	8,673	Synaptics, Inc.*		1,020,032
	12,771	Tenable Holdings, Inc.*		564,861
	4,889	TTEC Holdings, Inc.		196,831
	29,768	TTM Technologies, Inc.*		395,617
	12,231	Turtle Beach Corp.*		98,949
	11,887	Ultra Clean Holdings, Inc.*		378,720
	30,933	Unisys Corp.*		154,046
	20,106	Upland Software, Inc.*		116,414
	14,417	Varonis Systems, Inc.*		390,412
	10,292	Veeco Instruments, Inc.*		218,911
	12,767	Verint Systems, Inc.*		477,230
	13,883	Veritone, Inc.*		98,430
	20,572	Verra Mobility Corp.*		354,456
	37,875	Viavi Solutions, Inc.*		414,352
	27,058	Vishay Intertechnology, Inc.		574,441
	7,794	Vishay Precision Group, Inc.*		339,818
	7,587	Workiva, Inc.*		676,760
	23,816	Xerox Holdings Corp.		392,726
	8,835	Xperi, Inc.*		103,281
	35,820	Yext, Inc.*		262,919
	29,005	Zeta Global Holdings Corp., Class A*		307,743
	23,515	Zuora, Inc., Class A*		199,172

				60,013,976

Materials – 4.6%
	8,939	AdvanSix, Inc.		367,840
	6,310	Alpha Metallurgical Resources, Inc.		1,058,439
	18,766	American Vanguard Corp.		391,646
	7,728	Arconic Corp.*		204,328
	9,212	ATI, Inc.*		374,468


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

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

Schedule of Investments (continued)

February 28, 2023 (Unaudited)


Shares		Description	Value

Common Stocks – (continued)
Materials – (continued)
	15,268	Avient Corp.	$	666,143
	3,432	Balchem Corp.		446,160
	8,763	Cabot Corp.		696,921
	8,436	Carpenter Technology Corp.		407,712
	5,057	Chase Corp.		495,283
	5,917	Clearwater Paper Corp.*		228,337
	26,956	Commercial Metals Co.		1,394,973
	2,934	Compass Minerals International, Inc.		113,047
	17,839	Constellium SE*		285,246
	5,530	Greif, Inc., Class A		392,907
	2,840	Hawkins, Inc.		115,503
	8,579	HB Fuller Co.		598,471
	37,972	Hecla Mining Co.		195,556
	7,118	Ingevity Corp.*		587,662
	6,956	Innospec, Inc.		761,404
	3,819	Intrepid Potash, Inc.*		120,948
	2,688	Kaiser Aluminum Corp.		213,212
	4,937	Koppers Holdings, Inc.		177,189
	11,351	Livent Corp.*		266,181
	8,126	LSB Industries, Inc.*		110,432
	4,129	Materion Corp.		461,127
	6,384	Mativ Holdings, Inc.		165,409
	6,121	Minerals Technologies, Inc.		371,851
	31,746	Myers Industries, Inc.		820,317
	20,572	Novagold Resources, Inc. (Canada)*		114,997
	25,717	O-I Glass, Inc.*		571,432
	8,845	Olympic Steel, Inc.		464,363
	23,767	Orion Engineered Carbons SA (Germany)		606,059
	9,451	Pactiv Evergreen, Inc.		102,165
	10,900	Perimeter Solutions SA*		93,304
	1,760	Piedmont Lithium, Inc.*		114,224
	1,157	Quaker Chemical Corp.		226,517
	20,887	Ramaco Resources, Inc.		207,826
	36,781	Rayonier Advanced Materials, Inc.*		301,604
	15,501	Resolute Forest Products, Inc.*		339,782
	18,262	Ryerson Holding Corp.		656,154
	14,167	Schnitzer Steel Industries, Inc., Class A		463,119
	7,988	Sensient Technologies Corp.		602,215
	3,803	Stepan Co.		395,854
	15,219	Summit Materials, Inc., Class A*		449,569
	38,630	SunCoke Energy, Inc.		367,371
	4,392	Sylvamo Corp.		216,657
	19,955	TimkenSteel Corp.*		364,977
	11,329	Tredegar Corp.		131,643
	9,448	TriMas Corp.		283,346
	6,554	Trinseo PLC		151,922
	22,390	Tronox Holdings PLC		349,284
	1,890	United States Lime & Minerals, Inc.		304,857
	23,287	Warrior Met Coal, Inc.		891,193
	6,814	Worthington Industries, Inc.		411,838

				21,670,984

Real Estate – 6.2%
	15,181	Acadia Realty Trust REIT		221,187
	8,407	Agree Realty Corp. REIT		595,047
	24,281	Alexander & Baldwin, Inc. REIT		453,326


Common Stocks – (continued)
Real Estate – (continued)
	536	Alexander’s, Inc. REIT		117,336
	8,166	American Assets Trust, Inc. REIT		206,028
	67,824	Anywhere Real Estate, Inc.*		392,701
	58,911	Apartment Investment and Management Co., Class A REIT		441,832
	38,876	Apple Hospitality REIT, Inc. REIT		641,843
	10,787	Armada Hoffler Properties, Inc. REIT		138,289
	26,718	Braemar Hotels & Resorts, Inc. REIT		124,506
	27,485	Brandywine Realty Trust REIT		161,887
	21,633	Broadstone Net Lease, Inc. REIT		383,986
	8,878	BRT Apartments Corp. REIT		187,947
	16,633	CareTrust REIT, Inc. REIT		327,171
	6,270	CBL & Associates Properties, Inc. REIT		160,199
	2,584	Centerspace REIT		161,784
	16,341	Chatham Lodging Trust REIT		199,524
	14,645	City Office REIT, Inc. REIT		123,897
	6,000	Community Healthcare Trust, Inc. REIT		232,440
	255,763	Compass, Inc., Class A*		923,304
	17,362	Corporate Office Properties Trust REIT		441,516
	11,107	CTO Realty Growth, Inc. REIT		195,261
	65,127	Cushman & Wakefield PLC*		842,743
	31,135	DiamondRock Hospitality Co. REIT		271,497
	13,246	DigitalBridge Group, Inc.		162,528
	53,412	Diversified Healthcare Trust REIT		52,344
	40,616	Douglas Elliman, Inc.		171,400
	14,073	Easterly Government Properties, Inc. REIT		212,502
	10,389	Elme Communities REIT		193,339
	39,329	Empire State Realty Trust, Inc., Class A REIT		286,708
	10,307	Equity Commonwealth REIT		218,818
	11,484	Essential Properties Realty Trust, Inc. REIT		295,828
	63,919	eXp World Holdings, Inc.^(a)		772,142
	11,200	Farmland Partners, Inc. REIT		120,064
	11,074	Forestar Group, Inc.*		158,026
	15,276	Four Corners Property Trust, Inc. REIT		414,743
	31,944	Franklin Street Properties Corp. REIT		77,304
	3,740	FRP Holdings, Inc.*		204,391
	8,497	Getty Realty Corp. REIT		291,702
	11,375	Gladstone Commercial Corp. REIT		155,610
	6,150	Gladstone Land Corp. REIT		108,240
	9,554	Global Medical REIT, Inc. REIT		96,113
	22,441	Global Net Lease, Inc. REIT		316,867
	29,264	Hersha Hospitality Trust, Class A REIT		244,647
	22,126	Independence Realty Trust, Inc. REIT		400,259
	32,220	Industrial Logistics Properties Trust REIT		132,102
	2,768	Innovative Industrial Properties, Inc. REIT		244,719
	6,824	InvenTrust Properties Corp. REIT		165,073
	19,414	iStar, Inc. REIT		149,488
	17,821	Kennedy-Wilson Holdings, Inc.		297,789
	36,546	Kite Realty Group Trust REIT		793,779
	7,147	LTC Properties, Inc. REIT		256,006
	38,059	LXP Industrial Trust REIT		396,955


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

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


Shares		Description	Value

Common Stocks – (continued)
Real Estate – (continued)
	27,790	Macerich Co. (The) REIT	$	332,091
	24,438	Marcus & Millichap, Inc.		839,934
	6,798	National Health Investors, Inc. REIT		373,890
	34,613	Necessity Retail REIT, Inc. (The) REIT		237,445
	5,427	NETSTREIT Corp. REIT		109,571
	31,967	Newmark Group, Inc., Class A		256,375
	5,969	NexPoint Residential Trust, Inc. REIT		289,079
	45,122	Offerpad Solutions, Inc.*		25,647
	17,623	Office Properties Income Trust REIT		289,722
	17,264	Orion Office REIT, Inc. REIT		147,780
	16,107	Outfront Media, Inc. REIT		281,067
	42,281	Paramount Group, Inc. REIT		222,821
	21,218	Pebblebrook Hotel Trust REIT		302,781
	9,551	Phillips Edison & Co., Inc. REIT		325,594
	31,259	Physicians Realty Trust REIT		463,571
	27,343	Piedmont Office Realty Trust, Inc., Class A REIT		250,188
	6,435	Plymouth Industrial REIT, Inc. REIT		139,189
	11,374	Postal Realty Trust, Inc., Class A REIT		166,402
	23,958	PotlatchDeltic Corp. REIT		1,105,901
	14,797	RE/MAX Holdings, Inc., Class A		273,597
	55,690	Redfin Corp.*		412,663
	20,069	Retail Opportunity Investments Corp. REIT		285,582
	22,833	RLJ Lodging Trust REIT		258,926
	11,068	RMR Group, Inc. (The), Class A		311,454
	23,998	RPT Realty REIT		257,259
	5,340	Ryman Hospitality Properties, Inc. REIT		495,392
	35,301	Sabra Health Care REIT, Inc. REIT		420,435
	2,515	Saul Centers, Inc. REIT		98,890
	36,379	Service Properties Trust REIT		399,441
	25,516	SITE Centers Corp. REIT		341,149
	5,867	St Joe Co. (The)		251,284
	23,157	STAG Industrial, Inc. REIT		779,001
	35,892	Summit Hotel Properties, Inc. REIT		265,601
	31,258	Sunstone Hotel Investors, Inc. REIT		330,397
	21,821	Tanger Factory Outlet Centers, Inc. REIT		412,199
	10,143	Terreno Realty Corp. REIT		630,996
	10,934	UMH Properties, Inc. REIT		185,987
	43,485	Uniti Group, Inc. REIT		238,733
	2,995	Universal Health Realty Income Trust REIT		158,795
	12,265	Urban Edge Properties REIT		188,881
	2,141	Urstadt Biddle Properties, Inc., Class A REIT		37,039
	19,728	Veris Residential, Inc. REIT*		318,410
	21,618	Whitestone REIT		204,290
	16,308	Xenia Hotels & Resorts, Inc. REIT		228,964

				29,279,150

Utilities – 3.5%
	11,368	ALLETE, Inc.		695,608
	10,897	American States Water Co.		973,102
	13,502	Avista Corp.		555,202
	12,192	Black Hills Corp.		748,711
	22,707	Brookfield Infrastructure Corp., Class A (Canada)^(a)		981,170


Common Stocks – (continued)
Utilities – (continued)
	8,888	California Water Service Group		508,749
	4,545	Chesapeake Utilities Corp.		582,169
	27,135	Clearway Energy, Inc., Class A		806,181
	30,650	Clearway Energy, Inc., Class C		962,717
	7,339	MGE Energy, Inc.		519,454
	3,072	Middlesex Water Co.		235,008
	40,745	Montauk Renewables, Inc.*		401,746
	16,483	New Jersey Resources Corp.		841,128
	5,401	Northwest Natural Holding Co.		261,084
	10,751	NorthWestern Corp.		621,193
	11,579	ONE Gas, Inc.		928,173
	10,121	Ormat Technologies, Inc.		855,427
	12,467	Otter Tail Corp.		883,786
	17,451	PNM Resources, Inc.		855,099
	19,338	Portland General Electric Co.		924,356
	18,142	Pure Cycle Corp.*		160,194
	5,276	SJW Group		403,297
	10,488	Southwest Gas Holdings, Inc.		660,849
	9,191	Spire, Inc.		647,046
	6,598	Sunnova Energy International, Inc.*		117,312
	5,126	Unitil Corp.		278,444
	1,934	Via Renewables, Inc.		11,333
	4,884	York Water Co. (The)		212,356

				16,630,894

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $453,347,856)		$	467,580,120


Shares	Dividend Rate	Value

Securities Lending Reinvestment Vehicle – 0.5%^(c)
Goldman Sachs Financial Square Government Fund – Institutional Shares
2,262,941	4.475%	$	2,262,941
(Cost $2,262,941)

TOTAL INVESTMENTS – 99.5%
(Cost $455,610,797)		$	469,843,061

OTHER ASSETS IN EXCESS OF LIABILITIES – 0.5%			2,401,470

NET ASSETS – 100.0%		$	472,244,531



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

*		Non-income producing security.

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

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

(c)		Represents an affiliated issuer.


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

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

Schedule of Investments (continued)

February 28, 2023 (Unaudited)



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

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At February 28, 2023, the Fund had the following futures contracts:


Description	Number of Contracts		Expiration Date		Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
E-Mini Russell 2000 Index		40		03/17/23	$	3,798,200	$	(20,015	)


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

GOLDMAN SACHS ACTIVEBETA^® WORLD LOW VOL PLUS EQUITY ETF

Schedule of Investments

February 28, 2023 (Unaudited)


Shares		Description	Value

Common Stocks – 99.7%
Australia – 2.2%
	5,733	ASX Ltd. (Financials)	$	263,046
	49,083	Brambles Ltd. (Industrials)		425,986
	209,059	Coles Group Ltd. (Consumer Staples)		2,562,998
	32,602	EBOS Group Ltd. (Health Care)		896,211
	312,105	Medibank Pvt Ltd. (Financials)		702,963
	53,981	National Australia Bank Ltd. (Financials)		1,092,063
	27,682	Sonic Healthcare Ltd. (Health Care)		601,276
	606,297	Telstra Group Ltd. (Communication Services)		1,700,843
	65,044	Wesfarmers Ltd. (Consumer Discretionary)		2,115,924
	51,808	Westpac Banking Corp. (Financials)		787,125
	80,390	Woolworths Group Ltd. (Consumer Staples)		2,001,470

				13,149,905

Austria – 0.3%
	16,555	ANDRITZ AG (Industrials)		1,026,182
	8,384	Vienna Insurance Group AG Wiener Versicherung Gruppe (Financials)		235,173
	25,158	Wienerberger AG (Materials)		786,529

				2,047,884

Belgium – 0.6%
	5,073	Ackermans & van Haaren NV (Industrials)		862,401
	1,709	Groupe Bruxelles Lambert NV (Financials)		144,122
	13,549	Proximus SADP (Communication Services)		125,295
	12,826	Solvay SA (Materials)		1,472,414
	6,641	UCB SA (Health Care)		573,142
	21,836	Warehouses De Pauw CVA REIT (Real Estate)		670,629

				3,848,003

Canada – 4.4%
	4,392	Atco Ltd., Class I (Utilities)		136,491
	9,030	Bank of Montreal (Financials)		857,732
	20,207	Bank of Nova Scotia (The) (Financials)		1,000,962
	16,093	BCE, Inc. (Communication Services)		713,603
	27,271	Canadian Imperial Bank of Commerce (Financials)		1,249,925
	11,845	Canadian Utilities Ltd., Class A (Utilities)		311,383
	27,455	CGI, Inc. (Information Technology)*		2,467,108
	35,137	Enbridge, Inc. (Energy)		1,321,138
	6,396	George Weston Ltd. (Consumer Staples)		803,112
	62,469	Great-West Lifeco, Inc. (Financials)		1,708,268
	23,427	Hydro One Ltd. (Utilities)^(a)		609,314
	8,829	Intact Financial Corp. (Financials)		1,271,124
	28,363	Loblaw Cos. Ltd. (Consumer Staples)		2,429,329
	12,857	Metro, Inc. (Consumer Staples)		669,268
	17,711	National Bank of Canada (Financials)		1,303,754
	24,072	Open Text Corp. (Information Technology)		830,484


Common Stocks – (continued)
Canada – (continued)
	21,831	Pembina Pipeline Corp. (Energy)		718,373
	90,780	Power Corp. of Canada (Financials)		2,428,446
	8,155	Quebecor, Inc., Class B (Communication Services)		193,355
	11,350	RioCan Real Estate Investment Trust REIT (Real Estate)		180,156
	19,024	Royal Bank of Canada (Financials)		1,935,866
	25,650	Sun Life Financial, Inc. (Financials)^(b)		1,242,323
	26,157	TELUS Corp. (Communication Services)		521,238
	4,870	Thomson Reuters Corp. (Industrials)		591,146
	17,215	Toronto-Dominion Bank (The) (Financials)		1,148,763

				26,642,661

Denmark – 0.1%
	13,854	Tryg A/S (Financials)		307,856

Finland – 0.5%
	7,201	Elisa OYJ (Communication Services)		410,242
	24,325	Orion OYJ, Class B (Health Care)		1,149,242
	26,871	Sampo OYJ, Class A (Financials)		1,311,988
	8,083	UPM-Kymmene OYJ (Materials)		294,106

				3,165,578

France – 2.4%
	6,902	Air Liquide SA (Materials)		1,102,035
	61,934	AXA SA (Financials)		1,960,579
	15,621	Bouygues SA (Industrials)		530,777
	5,991	Capgemini SE (Information Technology)		1,129,963
	60,012	Cie Generale des Etablissements Michelin (Consumer Discretionary)		1,892,417
	8,559	Dassault Systemes (Information Technology)		332,030
	3,135	Legrand SA (Industrials)		291,241
	2,950	L’Oreal SA (Consumer Staples)		1,173,491
	351,365	Orange SA (Communication Services)		4,021,345
	1,859	Pernod Ricard SA (Consumer Staples)		389,760
	12,571	Thales SA (Industrials)		1,762,431

				14,586,069

Germany – 1.5%
	901	Allianz SE (Financials)		212,267
	8,478	Beiersdorf AG (Consumer Staples)		1,015,974
	5,007	Deutsche Boerse AG (Financials)		876,138
	129,589	Deutsche Telekom AG (Communication Services)		2,918,309
	44,281	E.ON SE (Utilities)		485,801
	40,829	Evonik Industries AG (Materials)		875,942
	1,524	Hannover Rueck SE (Financials)		296,897
	2,539	Henkel AG & Co. KGaA (Consumer Staples)		176,231
	1,186	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Financials)		410,153
	3,700	SAP SE (Information Technology)		421,736


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

GOLDMAN SACHS ACTIVEBETA^® WORLD LOW VOL PLUS EQUITY ETF

Schedule of Investments (continued)

February 28, 2023 (Unaudited)


Shares		Description	Value

Common Stocks – (continued)
Germany – (continued)
	4,166	Symrise AG (Materials)	$	427,667
	12,264	Talanx AG (Financials)		587,350

				8,704,465

Hong Kong – 0.2%
	95,588	CK Asset Holdings Ltd. (Real Estate)		599,137
	28,978	CLP Holdings Ltd. (Utilities)		205,074
	93,059	Power Assets Holdings Ltd. (Utilities)		497,927

				1,302,138

Ireland – 0.1%
	4,367	Kerry Group PLC, Class A (Consumer Staples)		419,680

Israel – 1.1%
	110,339	Bank Hapoalim BM (Financials)		923,670
	151,993	Bank Leumi Le-Israel BM (Financials)		1,182,908
	13,725	Check Point Software Technologies Ltd. (Information Technology)*		1,698,057
	11,919	First International Bank Of Israel Ltd. (The) (Financials)		422,532
	208,221	Israel Discount Bank Ltd., Class A (Financials)		988,380
	127,690	Mivne Real Estate KD Ltd. (Real Estate)		330,148
	34,364	Mizrahi Tefahot Bank Ltd. (Financials)		1,022,548
	61,008	Shufersal Ltd. (Consumer Staples)		314,977

				6,883,220

Italy – 1.1%
	144,912	Assicurazioni Generali SpA (Financials)		2,875,339
	142,446	Eni SpA (Energy)		2,019,122
	141,664	Hera SpA (Utilities)		379,042
	12,266	Recordati Industria Chimica e Farmaceutica SpA (Health Care)		522,145
	55,511	Snam SpA (Utilities)		273,508
	44,134	Terna – Rete Elettrica Nazionale (Utilities)		333,620
	97,884	UnipolSai Assicurazioni SpA (Financials)		249,757

				6,652,533

Japan – 7.0%
	24,632	Brother Industries Ltd. (Information Technology)		362,206
	73,458	Canon, Inc. (Information Technology)		1,585,752
	16,852	Daiwa House Industry Co. Ltd. (Real Estate)		388,840
	158	Daiwa House REIT Investment Corp. REIT (Real Estate)		326,057
	116,127	Daiwa Securities Group, Inc. (Financials)		554,995
	31,476	FUJIFILM Holdings Corp. (Information Technology)		1,468,256
	2,194	Hirose Electric Co. Ltd. (Information Technology)		268,180
	28,220	Japan Post Bank Co. Ltd. (Financials)^(b)		243,635


Common Stocks – (continued)
Japan – (continued)
	282,148	Japan Post Holdings Co. Ltd. (Financials)		2,506,325
	132,052	Japan Tobacco, Inc. (Consumer Staples)		2,684,859
	63,493	KDDI Corp. (Communication Services)		1,857,968
	41,576	Kirin Holdings Co. Ltd. (Consumer Staples)		622,350
	33,056	Kyocera Corp. (Information Technology)		1,627,865
	16,996	Kyushu Railway Co. (Industrials)		371,700
	14,083	McDonald’s Holdings Co. Japan Ltd. (Consumer Discretionary)		557,261
	19,636	MEIJI Holdings Co. Ltd. (Consumer Staples)		899,524
	55,972	Mitsubishi Estate Co. Ltd. (Real Estate)		696,697
	129,020	Mitsubishi HC Capital, Inc. (Financials)		673,444
	159,433	Mizuho Financial Group, Inc. (Financials)		2,484,283
	21,601	MS&AD Insurance Group Holdings, Inc. (Financials)		705,999
	4,294	NH Foods Ltd. (Consumer Staples)		118,529
	7,540	Nichirei Corp. (Consumer Staples)		148,791
	184,383	Nippon Telegraph & Telephone Corp. (Communication Services)		5,342,728
	44,242	Nisshin Seifun Group, Inc. (Consumer Staples)		511,228
	2,382	Nissin Foods Holdings Co. Ltd. (Consumer Staples)		198,303
	25,242	Obayashi Corp. (Industrials)		186,607
	20,085	Ono Pharmaceutical Co. Ltd. (Health Care)		409,913
	13,606	Otsuka Holdings Co. Ltd. (Health Care)		412,930
	13,589	Secom Co. Ltd. (Industrials)		790,410
	96,195	Sekisui House Ltd. (Consumer Discretionary)		1,821,642
	321,018	SoftBank Corp. (Communication Services)		3,623,427
	47,066	Sumitomo Mitsui Financial Group, Inc. (Financials)		2,063,489
	112,088	Takeda Pharmaceutical Co. Ltd. (Health Care)		3,465,952
	33,582	Teijin Ltd. (Materials)		348,849
	5,326	Tobu Railway Co. Ltd. (Industrials)		118,864
	24,731	Trend Micro, Inc. (Information Technology)		1,163,790
	18,967	USS Co. Ltd. (Consumer Discretionary)		307,588

				41,919,236

Netherlands – 1.4%
	4,168	HAL Trust (Financials)		552,521
	135,605	Koninklijke Ahold Delhaize NV (Consumer Staples)		4,316,432
	140,811	Koninklijke KPN NV (Communication Services)		483,979
	28,198	Wolters Kluwer NV (Industrials)		3,272,992

				8,625,924


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

GOLDMAN SACHS ACTIVEBETA^® WORLD LOW VOL PLUS EQUITY ETF


Shares		Description	Value

Common Stocks – (continued)
New Zealand – 0.2%
	174,112	Fletcher Building Ltd. (Industrials)	$	512,388
	16,598	Mainfreight Ltd. (Industrials)		749,138

				1,261,526

Norway – 0.6%
	38,474	DNB Bank ASA (Financials)		771,968
	44,381	Gjensidige Forsikring ASA (Financials)		790,974
	39,678	SpareBank 1 SR-Bank ASA (Financials)		498,537
	98,175	Storebrand ASA (Financials)		816,026
	85,252	Telenor ASA (Communication Services)		960,332

				3,837,837

Singapore – 0.9%
	267,317	Genting Singapore Ltd. (Consumer Discretionary)		202,550
	74,230	Keppel Corp. Ltd. (Industrials)		302,181
	152,697	Oversea-Chinese Banking Corp. Ltd. (Financials)		1,437,188
	1,417,789	Sembcorp Marine Ltd. (Industrials)*		133,759
	34,564	Singapore Airlines Ltd. (Industrials)		146,097
	147,024	Singapore Exchange Ltd. (Financials)		951,290
	243,055	Singapore Telecommunications Ltd. (Communication Services)		427,917
	30,480	United Overseas Bank Ltd. (Financials)		677,459
	105,182	UOL Group Ltd. (Real Estate)		533,665
	22,668	Venture Corp. Ltd. (Information Technology)		289,128

				5,101,234

Spain – 0.5%
	5,915	ACS Actividades de Construccion y Servicios SA (Industrials)		179,780
	38,136	Iberdrola SA (Utilities)		439,416
	44,397	Naturgy Energy Group SA (Utilities)		1,226,984
	57,631	Red Electrica Corp. SA (Utilities)		960,159

				2,806,339

Sweden – 1.0%
	26,556	Axfood AB (Consumer Staples)		638,397
	114,222	Investor AB, Class A (Financials)		2,354,844
	4,442	Investor AB, Class B (Financials)		86,296
	84,358	Svenska Handelsbanken AB, Class A (Financials)		898,699
	47,706	Swedbank AB, Class A (Financials)		978,036
	31,789	Tele2 AB, Class B (Communication Services)		293,669
	368,737	Telia Co. AB (Communication Services)		956,441

				6,206,382

Switzerland – 1.6%
	1,230	Geberit AG (Industrials)		667,986
	30,650	Novartis AG (Health Care)		2,592,619


Common Stocks – (continued)
Switzerland – (continued)
	909	SGS SA (Industrials)		2,092,955
	2,927	Swisscom AG (Communication Services)		1,812,570
	4,541	Zurich Insurance Group AG (Financials)		2,162,819

				9,328,949

United Kingdom – 2.8%
	313,531	BAE Systems PLC (Industrials)		3,408,595
	27,654	British American Tobacco PLC (Consumer Staples)		1,052,422
	22,095	Bunzl PLC (Industrials)		792,850
	413,457	CK Hutchison Holdings Ltd. (Industrials)		2,465,098
	14,673	Diageo PLC (Consumer Staples)		626,887
	7,646	Halma PLC (Information Technology)		200,313
	1,480	Linde PLC (Materials)		515,588
	70,498	National Grid PLC (Utilities)		894,451
	90,394	RELX PLC (Industrials)		2,739,171
	224,927	Sage Group PLC (The) (Information Technology)		2,038,497
	8,688	Severn Trent PLC (Utilities)		289,354
	669,729	Tesco PLC (Consumer Staples)		2,067,559

				17,090,785

United States – 69.2%
	12,675	3M Co. (Industrials)		1,365,605
	8,166	Abbott Laboratories (Health Care)		830,646
	23,623	AbbVie, Inc. (Health Care)		3,635,580
	15,991	Accenture PLC, Class A (Information Technology)		4,246,410
	7,103	Adobe, Inc. (Information Technology)*		2,301,017
	36,432	Aflac, Inc. (Financials)		2,482,841
	3,083	Agilent Technologies, Inc. (Health Care)		437,694
	2,778	Air Products and Chemicals, Inc. (Materials)		794,452
	17,016	Akamai Technologies, Inc. (Information Technology)*		1,235,361
	9,451	Allstate Corp. (The) (Financials)		1,217,100
	30,791	Alphabet, Inc., Class A (Communication Services)*		2,773,037
	29,782	Alphabet, Inc., Class C (Communication Services)*		2,689,315
	15,921	Altria Group, Inc. (Consumer Staples)		739,212
	47,042	Amazon.com, Inc. (Consumer Discretionary)*		4,432,768
	29,332	Amcor PLC (Materials)		326,758
	28,760	Amdocs Ltd. (Information Technology)		2,634,704
	11,613	Ameren Corp. (Utilities)		960,511
	13,337	American Electric Power Co., Inc. (Utilities)		1,173,256
	12,622	AmerisourceBergen Corp. (Health Care)		1,963,478
	6,306	AMETEK, Inc. (Industrials)		892,677
	3,950	Amgen, Inc. (Health Care)		915,057
	30,641	Amphenol Corp., Class A (Information Technology)		2,375,290
	3,928	Analog Devices, Inc. (Information Technology)		720,670


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

GOLDMAN SACHS ACTIVEBETA^® WORLD LOW VOL PLUS EQUITY ETF

Schedule of Investments (continued)

February 28, 2023 (Unaudited)


Shares		Description	Value

Common Stocks – (continued)
United States – (continued)
	111,016	Annaly Capital Management, Inc. REIT (Financials)	$	2,295,811
	4,256	Aon PLC, Class A (Financials)		1,294,037
	114,254	Apple, Inc. (Information Technology)		16,842,182
	16,994	Arch Capital Group Ltd. (Financials)*		1,189,580
	43,312	Archer-Daniels-Midland Co. (Consumer Staples)		3,447,635
	9,517	Arthur J Gallagher & Co. (Financials)		1,783,010
	74,430	AT&T, Inc. (Communication Services)		1,407,471
	2,847	Atmos Energy Corp. (Utilities)		321,170
	15,363	Automatic Data Processing, Inc. (Information Technology)		3,377,095
	2,630	AutoZone, Inc. (Consumer Discretionary)*		6,539,600
	42,721	Bank of America Corp. (Financials)		1,465,330
	6,680	Baxter International, Inc. (Health Care)		266,866
	4,610	Becton Dickinson and Co. (Health Care)		1,081,276
	9,805	Berkshire Hathaway, Inc., Class B (Financials)*		2,992,290
	4,894	Boston Scientific Corp. (Health Care)*		228,648
	53,753	Bristol-Myers Squibb Co. (Health Care)		3,706,807
	2,532	Broadcom, Inc. (Information Technology)		1,504,742
	5,690	Broadridge Financial Solutions, Inc. (Information Technology)		801,038
	3,641	Brown-Forman Corp., Class B (Consumer Staples)		236,192
	13,112	Campbell Soup Co. (Consumer Staples)		688,642
	24,700	Cardinal Health, Inc. (Health Care)		1,870,037
	12,076	CDW Corp. (Information Technology)		2,444,424
	21,262	CenterPoint Energy, Inc. (Utilities)		591,509
	25,452	C.H. Robinson Worldwide, Inc. (Industrials)		2,544,182
	18,623	Chevron Corp. (Energy)		2,994,020
	3,899	Chubb Ltd. (Financials)		822,767
	9,603	Church & Dwight Co., Inc. (Consumer Staples)		804,539
	4,618	Cintas Corp. (Industrials)		2,024,854
	101,195	Cisco Systems, Inc. (Information Technology)		4,899,862
	41,537	Citigroup, Inc. (Financials)		2,105,511
	8,618	CMS Energy Corp. (Utilities)		508,203
	52,302	Coca-Cola Co. (The) (Consumer Staples)		3,112,492
	51,723	Cognizant Technology Solutions Corp., Class A (Information Technology)		3,239,412
	66,111	Colgate-Palmolive Co. (Consumer Staples)		4,845,936
	59,097	Comcast Corp., Class A (Communication Services)		2,196,635
	84,024	Computershare Ltd. (Information Technology)		1,405,208
	23,586	Conagra Brands, Inc. (Consumer Staples)		858,766
	21,295	Consolidated Edison, Inc. (Utilities)		1,902,708
	1,226	Constellation Brands, Inc., Class A (Consumer Staples)		274,256


Common Stocks – (continued)
United States – (continued)
	699	Cooper Cos., Inc. (The) (Health Care)		228,552
	17,728	Corning, Inc. (Information Technology)		601,866
	11,454	Corteva, Inc. (Materials)		713,470
	5,706	Costco Wholesale Corp. (Consumer Staples)		2,762,731
	10,580	CSX Corp. (Industrials)		322,584
	2,255	Cummins, Inc. (Industrials)		548,145
	46,984	CVS Health Corp. (Health Care)		3,925,043
	27,549	Dell Technologies, Inc., Class C (Information Technology)		1,119,591
	14,223	Dollar General Corp. (Consumer Discretionary)		3,076,435
	1,647	Dover Corp. (Industrials)		246,885
	37,555	Dow, Inc. (Materials)		2,148,146
	7,377	DTE Energy Co. (Utilities)		809,331
	8,110	Duke Energy Corp. (Utilities)		764,449
	5,217	Edison International (Utilities)		345,418
	4,763	Electronic Arts, Inc. (Communication Services)		528,407
	4,991	Elevance Health, Inc. (Health Care)		2,344,123
	6,286	Eli Lilly & Co. (Health Care)		1,956,329
	6,427	Emerson Electric Co. (Industrials)		531,577
	2,430	Entergy Corp. (Utilities)		249,974
	971	Everest Re Group Ltd. (Financials)		372,835
	8,870	Evergy, Inc. (Utilities)		521,645
	22,983	Exelon Corp. (Utilities)		928,283
	14,891	Expeditors International of Washington, Inc. (Industrials)		1,557,003
	28,226	Exxon Mobil Corp. (Energy)		3,102,320
	13,114	F5, Inc. (Information Technology)*		1,875,040
	73,047	Fastenal Co. (Industrials)		3,766,303
	34,765	Fidelity National Financial, Inc. (Financials)		1,385,733
	33,858	Fidelity National Information Services, Inc. (Information Technology)		2,145,581
	10,588	FirstEnergy Corp. (Utilities)		418,650
	20,772	Fiserv, Inc. (Information Technology)*		2,390,649
	4,796	FleetCor Technologies, Inc. (Information Technology)*		1,030,133
	9,058	Fortive Corp. (Industrials)		603,806
	6,420	Gartner, Inc. (Information Technology)*		2,104,540
	13,837	Gen Digital, Inc. (Information Technology)		269,960
	19,787	General Dynamics Corp. (Industrials)		4,509,655
	23,382	General Mills, Inc. (Consumer Staples)		1,859,103
	30,136	Genuine Parts Co. (Consumer Discretionary)		5,329,853
	54,400	Gilead Sciences, Inc. (Health Care)		4,380,832
	153,851	GSK PLC (Health Care)		2,654,946
	168,388	Haleon PLC (Consumer Staples)*		656,324
	17,813	Hartford Financial Services Group, Inc. (The) (Financials)		1,394,402
	30,753	Henry Schein, Inc. (Health Care)*		2,408,267
	23,814	Hershey Co. (The) (Consumer Staples)		5,675,352
	252,082	Hewlett Packard Enterprise Co. (Information Technology)		3,935,000


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

GOLDMAN SACHS ACTIVEBETA^® WORLD LOW VOL PLUS EQUITY ETF


Shares		Description	Value

Common Stocks – (continued)
United States – (continued)
	12,098	Hologic, Inc. (Health Care)*	$	963,485
	15,476	Home Depot, Inc. (The) (Consumer Discretionary)		4,589,253
	5,948	Honeywell International, Inc. (Industrials)		1,138,923
	7,035	Hormel Foods Corp. (Consumer Staples)		312,213
	9,567	Illinois Tool Works, Inc. (Industrials)		2,230,642
	9,173	Intel Corp. (Information Technology)		228,683
	24,144	International Business Machines Corp. (Information Technology)		3,121,819
	6,387	International Paper Co. (Materials)		232,423
	1,470	Intuit, Inc. (Information Technology)		598,555
	2,343	IQVIA Holdings, Inc. (Health Care)*		488,445
	5,114	J M Smucker Co. (The) (Consumer Staples)		756,309
	36,033	Johnson & Johnson (Health Care)		5,522,418
	15,079	JPMorgan Chase & Co. (Financials)		2,161,575
	13,147	Kellogg Co. (Consumer Staples)		866,913
	30,522	Keurig Dr Pepper, Inc. (Consumer Staples)		1,054,535
	18,704	Keysight Technologies, Inc. (Information Technology)*		2,991,892
	8,812	Kimberly-Clark Corp. (Consumer Staples)		1,101,941
	25,043	Kinder Morgan, Inc. (Energy)		427,234
	42,299	Kraft Heinz Co. (The) (Consumer Staples)		1,647,123
	3,738	L3Harris Technologies, Inc. (Industrials)		789,428
	9,863	Laboratory Corp. of America Holdings (Health Care)		2,360,808
	18,016	Liberty Media Corp.-Liberty SiriusXM, Class A (Communication Services)*		583,538
	35,713	Liberty Media Corp.-Liberty SiriusXM, Class C (Communication Services)*		1,150,673
	4,407	Lockheed Martin Corp. (Industrials)		2,090,064
	31,239	Loews Corp. (Financials)		1,908,391
	22,096	Lowe’s Cos., Inc. (Consumer Discretionary)		4,546,252
	792	Markel Corp. (Financials)*		1,053,249
	30,420	Marsh & McLennan Cos., Inc. (Financials)		4,932,299
	49,407	Masco Corp. (Industrials)		2,590,409
	1,873	Mastercard, Inc., Class A (Information Technology)		665,458
	15,997	McDonald’s Corp. (Consumer Discretionary)		4,221,768
	7,859	McKesson Corp. (Health Care)		2,749,157
	33,065	Merck & Co., Inc. (Health Care)		3,512,826
	20,120	Meta Platforms, Inc., Class A (Communication Services)*		3,519,793
	9,287	MetLife, Inc. (Financials)		666,157
	49,767	Microsoft Corp. (Information Technology)		12,412,885
	30,730	Mondelez International, Inc., Class A (Consumer Staples)		2,002,981
	4,885	Monster Beverage Corp. (Consumer Staples)*		497,098


Common Stocks – (continued)
United States – (continued)
	11,039	Moody’s Corp. (Financials)		3,202,966
	17,343	Motorola Solutions, Inc. (Information Technology)		4,557,914
	12,962	Nasdaq, Inc. (Financials)		726,650
	13,927	Nestle SA (Consumer Staples)		1,576,288
	13,879	NetApp, Inc. (Information Technology)		895,889
	22,588	NiSource, Inc. (Utilities)		619,589
	4,192	Northrop Grumman Corp. (Industrials)		1,945,549
	7,588	NVIDIA Corp. (Information Technology)		1,761,630
	3,108	Omnicom Group, Inc. (Communication Services)		281,492
	3,407	Oracle Corp. (Information Technology)		297,772
	9,179	O’Reilly Automotive, Inc. (Consumer Discretionary)*		7,619,488
	12,534	Otis Worldwide Corp. (Industrials)		1,060,627
	18,057	PACCAR, Inc. (Industrials)		1,303,715
	1,551	Packaging Corp. of America (Materials)		212,053
	32,675	Paychex, Inc. (Information Technology)		3,607,320
	32,125	PepsiCo, Inc. (Consumer Staples)		5,574,651
	30,105	Pfizer, Inc. (Health Care)		1,221,360
	36,954	Philip Morris International, Inc. (Consumer Staples)		3,595,624
	24,629	PPL Corp. (Utilities)		666,707
	25,647	Procter & Gamble Co. (The) (Consumer Staples)		3,528,001
	9,780	Progressive Corp. (The) (Financials)		1,403,626
	16,474	Quest Diagnostics, Inc. (Health Care)		2,279,343
	12,895	Raytheon Technologies Corp. (Industrials)		1,264,871
	11,788	Realty Income Corp. REIT (Real Estate)		753,843
	3,520	Regeneron Pharmaceuticals, Inc. (Health Care)*		2,676,678
	20,474	Republic Services, Inc. (Industrials)		2,639,713
	5,405	Roche Holding AG (Health Care)		1,679,313
	5,959	Roche Holding AG (Health Care)		1,728,094
	1,490	Roper Technologies, Inc. (Information Technology)		640,998
	6,880	Royalty Pharma PLC, Class A (Health Care)		246,648
	4,708	Salesforce, Inc. (Information Technology)*		770,276
	19,414	Sanofi (Health Care)		1,830,117
	5,964	Sempra Energy (Utilities)		894,361
	5,044	Sherwin-Williams Co. (The) (Materials)		1,116,489
	160,059	Sirius XM Holdings, Inc. (Communication Services)^(b)		702,659
	2,216	Snap-on, Inc. (Industrials)		551,075
	24,722	Southern Co. (The) (Utilities)		1,558,969
	46,440	SS&C Technologies Holdings, Inc. (Information Technology)		2,726,028
	1,081	Stryker Corp. (Health Care)		284,173
	6,397	TE Connectivity Ltd. (Information Technology)		814,466
	17,480	Texas Instruments, Inc. (Information Technology)		2,996,946


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

GOLDMAN SACHS ACTIVEBETA^® WORLD LOW VOL PLUS EQUITY ETF

Schedule of Investments (continued)

February 28, 2023 (Unaudited)


Shares		Description	Value

Common Stocks – (continued)
United States – (continued)
	125	Thermo Fisher Scientific, Inc. (Health Care)	$	67,720
	28,338	TJX Cos., Inc. (The) (Consumer Discretionary)		2,170,691
	4,002	T-Mobile US, Inc. (Communication Services)*		569,004
	9,536	Travelers Cos., Inc. (The) (Financials)		1,765,304
	12,276	Tyson Foods, Inc., Class A (Consumer Staples)		727,230
	803	Union Pacific Corp. (Industrials)		166,446
	2,399	United Parcel Service, Inc., Class B (Industrials)		437,794
	11,791	UnitedHealth Group, Inc. (Health Care)		5,611,809
	21,873	VeriSign, Inc. (Information Technology)*		4,305,263
	93,352	Verizon Communications, Inc. (Communication Services)		3,622,991
	6,858	Vertex Pharmaceuticals, Inc. (Health Care)*		1,990,809
	21,782	VICI Properties, Inc. REIT (Real Estate)		730,350
	4,959	Visa, Inc., Class A (Information Technology)		1,090,682
	10,542	VMware, Inc., Class A (Information Technology)*		1,160,990
	18,140	W R Berkley Corp. (Financials)		1,200,687
	4,570	Walgreens Boots Alliance, Inc. (Consumer Staples)		162,372
	42,245	Walmart, Inc. (Consumer Staples)		6,004,282
	3,337	Waste Connections, Inc. (Industrials)		447,858
	21,612	Waste Management, Inc. (Industrials)		3,236,613
	1,238	WEC Energy Group, Inc. (Utilities)		109,761
	36,760	Williams Cos., Inc. (The) (Energy)		1,106,476
	15,534	W.P. Carey, Inc. REIT (Real Estate)		1,260,739
	7,730	W.W. Grainger, Inc. (Industrials)		5,166,964
	5,288	Xcel Energy, Inc. (Utilities)		341,446
	6,722	Xylem, Inc. (Industrials)		690,013
	37,940	Yum! Brands, Inc. (Consumer Discretionary)		4,824,450
	2,793	Zebra Technologies Corp., Class A (Information Technology)*		838,598
	7,793	Zoetis, Inc. (Health Care)		1,301,431

				418,167,812

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $632,508,926)		$	602,056,016


Shares	Dividend Rate	Value

Securities Lending Reinvestment Vehicle – 0.3%^(c)
Goldman Sachs Financial Square Government Fund – Institutional Shares
2,044,942	4.475%	$	2,044,942
(Cost $2,044,942)

TOTAL INVESTMENTS – 100.0%
(Cost $634,553,868)		$	604,100,958

LIABILITIES IN EXCESS OF OTHER ASSETS – (0.0)%			(167,696	)

NET ASSETS – 100.0%		$	603,933,262



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


Sector Name	% of Market Value

Information Technology		20.8	%
Financials		15.4
Consumer Staples		13.5
Health Care		13.2
Industrials		11.8
Consumer Discretionary		9.0
Communication Services		7.7
Utilities		3.4
Energy		1.9
Materials		1.9
Real Estate		1.1
Securities Lending Reinvestment Vehicle		0.3


TOTAL INVESTMENTS		100.0	%


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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Statements of Assets and Liabilities

February 28, 2023 (Unaudited)


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

Investments at value (cost $870,601,979, $10,796,584, $2,824,456,505 and $11,988,381, respectively)^(a)	$	902,605,404		$	11,233,455		$	3,051,651,972		$	12,326,368

Investments in securities lending reinvestment vehicle, at value which equals cost		4,335,015			74,219			49,602,357			262,939

Cash		4,541,389			50,690			3,785,599			6,885

Foreign currency, at value (cost $143,160, $—, $592,442 and $—, respectively)		143,331			—			595,040			—

Receivables:

Investments sold		22,093,699			166,170			87,903,660			481,374

Dividends		2,621,335			10,446			4,222,466			21,989

Reimbursement from investment adviser		85,677			—			—			—

Collateral on futures contracts		61,392			6,693			904,356			—

Foreign tax reclaims		42,176			57,597			2,937,577			—

Securities lending income		5,263			20			48,596			229

Fund shares sold		—			—			27,360,394			—

Other assets		457,570			—			—			—

Total assets		936,992,251			11,599,290			3,229,012,017			13,099,784

Liabilities:

Variation margin on futures contracts		13,419			124			218,623			—

Payables:

Investments purchased		28,343,362			213,759			92,403,115			484,672

Upon return of securities loaned		4,335,015			74,219			49,602,357			262,939

Foreign capital gains tax		2,672,733			—			—			—

Management fees		287,200			2,188			592,906			2,421

Fund shares redeemed		—			—			27,311,460			—

Foreign bank overdraft (cost $—, $915, $— and $55, respectively)		—			914			—			56

Accrued expenses		733,145			—			—			—

Total liabilities		36,384,874			291,204			170,128,461			750,088

Net Assets:

Paid-in capital		928,887,103			14,745,607			3,079,140,301			13,637,976

Total distributable loss		(28,279,726	)		(3,437,521	)		(20,256,745	)		(1,288,280	)

NET ASSETS	$	900,607,377		$	11,308,086		$	3,058,883,556		$	12,349,696
SHARES ISSUED AND OUTSTANDING

Shares outstanding no par value (unlimited shares authorized):		30,950,000			350,000			100,800,000			400,000

Net asset value per share:		$29.10			$32.31			$30.35			$30.87

(a)

Includes loaned securities having a market value of $3,929,666, $62,901, $47,334,036 and $250,111 for ActiveBeta^® Emerging Markets Equity ETF, ActiveBeta^® Europe Equity ETF, ActiveBeta^® International Equity ETF and ActiveBeta^® Japan Equity ETF, respectively.


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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Statements of Assets and Liabilities (continued)

February 28, 2023 (Unaudited)


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

Investments at value (cost $8,967,350, $8,753,442,443, $453,347,856 and $632,508,926, respectively)^(a)	$	8,292,547		$	10,585,189,859	$	467,580,120	$	602,056,016

Investments in securities lending reinvestment vehicle, at value which equals cost		—			—		2,262,941		2,044,942

Cash		11,795			14,830,443		4,006,978		747,119

Foreign currency, at value (cost $—, $—, $— and $9,728, respectively)		—			—		—		9,611

Receivables:

Dividends		9,628			15,966,668		473,595		971,668

Reimbursement from investment adviser		2,716			—		—		—

Collateral on futures contracts		—			—		255,600		—

Securities lending income		—			4		1,805		3,402

Foreign tax reclaims		—			—		612		263,184

Total assets		8,316,686			10,615,986,974		474,581,651		606,095,942

Liabilities:

Payables:

Upon return of securities loaned		—			—		2,262,941		2,044,942

Management fees		—			753,541		74,179		117,739

Total liabilities		—			753,541		2,337,120		2,162,681

Net Assets:

Paid-in capital		9,450,308			9,064,345,303		469,915,581		651,883,907

Total distributable earnings (loss)		(1,133,622	)		1,550,888,130		2,328,950		(47,950,645	)

NET ASSETS	$	8,316,686		$	10,615,233,433	$	472,244,531	$	603,933,262
SHARES ISSUED AND OUTSTANDING

Shares outstanding no par value (unlimited shares authorized):		250,000			134,452,500		8,050,000		15,600,000

Net asset value per share:		$33.27			$78.95		$58.66		$38.71

(a)

Includes loaned securities having a market value of $–, $–, $2,195,968 and $1,911,748 for ActiveBeta^® Paris-Aligned Climate U.S. Large Cap Equity ETF, ActiveBeta^® U.S. Large Cap Equity ETF, ActiveBeta^® U.S. Small Cap Equity ETF and ActiveBeta^® World Low Vol Plus Equity ETF, respectively.


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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Statements of Operations

For the Six Months Ended February 28, 2023 (Unaudited)


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

Dividends — unaffiliated issuers (net of foreign withholding taxes of $1,215,756, $9,881, $2,276,845 and $15,895, respectively)	$	9,818,130		$	95,146		$	29,375,803		$	142,215

Non cash dividend income		1,886,450			—			—			—

Securities lending income — unaffiliated issuer		58,510			1,110			350,300			1,312

Total investment income		11,763,090			96,256			29,726,103			143,527

Expenses:

Management fees		1,866,594			7,277			3,406,122			8,772

Custody, accounting and administrative services		490,176			—			—			—

Printing and mailing costs		95,002			—			—			—

Professional fees		55,393			—			—			—

Trustee fees		25,259			6,015			61,037			6,027

Other		18,084			—			—			—

Total expenses		2,550,508			13,292			3,467,159			14,799

Less — expense reductions		(450,589	)		—			—			—

Net expenses		2,099,919			13,292			3,467,159			14,799

NET INVESTMENT INCOME		9,663,171			82,964			26,258,944			128,728

Realized and unrealized gain (loss):

Net realized gain (loss) from:

Investments — unaffiliated issuers		(17,114,734	)		(96,177	)		(40,553,175	)		(103,728	)

In-kind redemptions		1,882,421			(177,083	)		12,512,749			—

Futures contracts		(669,255	)		4,046			(347,059	)		3,928

Foreign currency transactions		(378,411	)		(2,112	)		(97,402	)		5,004

Net change in unrealized gain (loss) on:

Investments — unaffiliated issuers (including the effects of the net change in foreign capital gains tax liability of $2,672,733, $—, $— and $—, respectively)		1,150,629			1,713,391			293,069,404			395,358

Futures contracts		8,434			2,586			668,352			—

Foreign currency translations		(68,008	)		4,746			516,999			(191	)

Net realized and unrealized gain (loss)		(15,188,924	)		1,449,397			265,769,868			300,371

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(5,525,753	)	$	1,532,361		$	292,028,812		$	429,099


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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Statements of Operations (continued)

For the Six Months Ended February 28, 2023 (Unaudited)


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

Dividends — unaffiliated issuers (net of foreign withholding taxes of $—, $—, $41,596 and $228,500, respectively)	$	59,873		$	85,616,439		$	3,797,569		$	5,748,367

Securities lending income — unaffiliated issuer		3			41,485			31,699			4,173

Total investment income		59,876			85,657,924			3,829,268			5,752,540

Expenses:

Trustee fees		5,933			225,914			15,078			17,081

Management fees		1,823			4,599,147			439,362			696,591

Total expenses		7,756			4,825,061			454,440			713,672

NET INVESTMENT INCOME		52,120			80,832,863			3,374,828			5,038,868

Realized and unrealized gain (loss):

Net realized gain (loss) from:

Investments — unaffiliated issuers		(244,010	)		(202,250,285	)		(6,067,971	)		(12,640,681	)

In-kind redemptions		—			506,322,653			14,834,745			—

Futures contracts		—			(947,564	)		(467,305	)		—

Foreign currency transactions		—			—			—			7,130

Net change in unrealized gain (loss) on:

Investments — unaffiliated issuers		545,091			(230,582,047	)		12,172,220			23,889,390

Futures contracts		—			—			(32,108	)		—

Foreign currency translations		—			—			—			8,608

Net realized and unrealized gain		301,081			72,542,757			20,439,581			11,264,447

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	353,201		$	153,375,620		$	23,814,409		$	16,303,315


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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Statements of Changes in Net Assets


	ActiveBeta^® Emerging Markets Equity ETF						ActiveBeta^® Europe Equity ETF
	For the Six Months Ended February 28, 2023 (Unaudited)			For the Fiscal Year Ended August 31, 2022			For the Six Months Ended February 28, 2023 (Unaudited)			For the Fiscal Year Ended August 31, 2022
From operations:

Net investment income	$	9,663,171		$	40,487,439		$	82,964		$	552,625

Net realized gain (loss)		(16,279,979	)		(13,373,376	)		(271,326	)		72,961

Net change in unrealized gain (loss)		1,091,055			(329,818,743	)		1,720,723			(5,677,140	)

Net increase (decrease) in net assets resulting from operations		(5,525,753	)		(302,704,680	)		1,532,361			(5,051,554	)

Distributions to shareholders:

From distributable earnings		(8,396,567	)		(53,609,786	)		(40,227	)		(658,039	)

From share transactions:

Proceeds from sales of shares		—			46,098,249			—			1,790,294

Cost of shares redeemed		(110,678,002	)		(52,865,514	)		(2,547,510	)		(4,610,459	)

Net decrease in net assets resulting from share transactions		(110,678,002	)		(6,767,265	)		(2,547,510	)		(2,820,165	)

TOTAL DECREASE		(124,600,322	)		(363,081,731	)		(1,055,376	)		(8,529,758	)

Net assets:

Beginning of period	$	1,025,207,699		$	1,388,289,430		$	12,363,462		$	20,893,220

End of period	$	900,607,377		$	1,025,207,699		$	11,308,086		$	12,363,462


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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Statements of Changes in Net Assets (continued)


	ActiveBeta^® International Equity ETF						ActiveBeta^® Japan Equity ETF
	For the Six Months Ended February 28, 2023 (Unaudited)			For the Fiscal Year Ended August 31, 2022			For the Six Months Ended February 28, 2023 (Unaudited)			For the Fiscal Year Ended August 31, 2022
From operations:

Net investment income	$	26,258,944		$	89,902,288		$	128,728		$	279,094

Net realized loss		(28,484,887	)		(83,840,464	)		(94,796	)		(665,882	)

Net change in unrealized gain (loss)		294,254,755			(686,189,583	)		395,167			(2,432,140	)

Net increase (decrease) in net assets resulting from operations		292,028,812			(680,127,759	)		429,099			(2,818,928	)

Distributions to shareholders:

From distributable earnings		(25,290,698	)		(93,382,329	)		(138,176	)		(285,200	)

From share transactions:

Proceeds from sales of shares		116,375,843			495,342,351			—			—

Cost of shares redeemed		(44,267,174	)		(95,030,975	)		—			—

Net increase in net assets resulting from share transactions		72,108,669			400,311,376			—			—

TOTAL INCREASE (DECREASE)		338,846,783			(373,198,712	)		290,923			(3,104,128	)

Net assets:

Beginning of period	$	2,720,036,773		$	3,093,235,485		$	12,058,773		$	15,162,901

End of period	$	3,058,883,556		$	2,720,036,773		$	12,349,696		$	12,058,773


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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Statements of Changes in Net Assets (continued)


	ActiveBeta^® Paris-Aligned Climate U.S. Large Cap Equity ETF						ActiveBeta^® U.S. Large Cap Equity ETF
	For the Six Months Ended February 28, 2023 (Unaudited)			For the Period December 13, 2021* to August 31, 2022			For the Six Months Ended February 28, 2023 (Unaudited)			For the Fiscal Year Ended August 31, 2022
From operations:

Net investment income	$	52,120		$	63,472		$	80,832,863		$	177,914,041

Net realized gain (loss)		(244,010	)		(230,839	)		303,124,804			647,304,822

Net change in unrealized gain (loss)		545,091			(1,219,894	)		(230,582,047	)		(2,624,189,006	)

Net increase (decrease) in net assets resulting from operations		353,201			(1,387,261	)		153,375,620			(1,798,970,143	)

Distributions to shareholders:

From distributable earnings		(51,886	)		(47,676	)		(89,009,000	)		(174,777,118	)

From share transactions:

Proceeds from sales of shares		1,515,654			7,934,654			260,988,473			1,516,359,247

Cost of shares redeemed		—			—			(1,326,615,607	)		(1,695,965,517	)

Net increase (decrease) in net assets resulting from share transactions		1,515,654			7,934,654			(1,065,627,134	)		(179,606,270	)

TOTAL INCREASE (DECREASE)		1,816,969			6,499,717			(1,001,260,514	)		(2,153,353,531	)

Net assets:

Beginning of period	$	6,499,717		$	—		$	11,616,493,947		$	13,769,847,478

End of period	$	8,316,686		$	6,499,717		$	10,615,233,433		$	11,616,493,947

Commencement of operations.


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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Statements of Changes in Net Assets (continued)


	ActiveBeta^® U.S. Small Cap Equity ETF						ActiveBeta^® World Low Vol Plus Equity ETF
	For the Six Months Ended February 28, 2023 (Unaudited)			For the Fiscal Year Ended August 31, 2022			For the Six Months Ended February 28, 2023 (Unaudited)			For the Period March 15, 2022* to August 31, 2022
From operations:

Net investment income	$	3,374,828		$	5,489,225		$	5,038,868		$	6,264,424

Net realized gain (loss)		8,299,469			3,891,164			(12,633,551	)		(6,378,645	)

Net change in unrealized gain (loss)		12,140,112			(71,373,057	)		23,897,998			(54,360,729	)

Net increase (decrease) in net assets resulting from operations		23,814,409			(61,992,668	)		16,303,315			(54,474,950	)

Distributions to shareholders:

From distributable earnings		(3,206,988	)		(5,603,655	)		(5,381,682	)		(4,397,328	)

From share transactions:

Proceeds from sales of shares		14,733,631			176,204,999			34,899,844			616,984,063

Cost of shares redeemed		(46,366,312	)		(37,882,026	)		—			—

Net increase (decrease) in net assets resulting from share transactions		(31,632,681	)		138,322,973			34,899,844			616,984,063

TOTAL INCREASE (DECREASE)		(11,025,260	)		70,726,650			45,821,477			558,111,785

Net assets:

Beginning of period	$	483,269,791		$	412,543,141		$	558,111,785		$	—

End of period	$	472,244,531		$	483,269,791		$	603,933,262		$	558,111,785

Commencement of operations.


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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


	ActiveBeta^® Emerging Markets Equity ETF
	For the Six Months Ended February 28, 2023 (Unaudited)			For the Fiscal Year Ended August 31,
	For the Six Months Ended February 28, 2023 (Unaudited)			2022			2021			2020			2019			2018
Per Share Operating Performance:

Net asset value, beginning of period	$	29.42		$	39.33		$	33.28		$	31.12		$	32.98		$	33.73

Net investment income^(a)		0.29			1.13			0.67			0.80	^(b)		0.75			0.77

Net realized and unrealized gain (loss)		(0.36	)		(9.55	)		6.07			2.17			(1.79	)		(0.84	)

Total gain (loss) from investment operations		(0.07	)		(8.42	)		6.74			2.97			(1.04	)		(0.07	)

Distributions to shareholders from net investment income		(0.25	)		(1.49	)		(0.69	)		(0.81	)		(0.82	)		(0.68	)

Net asset value, end of period	$	29.10		$	29.42		$	39.33		$	33.28		$	31.12		$	32.98

Market price, end of period	$	28.93		$	29.03		$	39.16		$	33.28		$	31.14		$	32.87

Total Return at Net Asset Value^(c)		(0.10	)%		(21.97	)%		20.49	%		9.55	%		(3.21	)%		(0.28	)%

Net assets, end of period (in 000’s)	$	900,607		$	1,025,208		$	1,388,289		$	1,710,477		$	1,699,201		$	1,688,540

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

Ratio of total expenses to average net assets		0.55	%^(d)		0.51	%		0.51	%		0.52	%		0.51	%		0.51	%

Ratio of net investment income to average net assets		2.07	%^(d)		3.29	%		1.76	%		2.55	%^(b)		2.37	%		2.19	%

Portfolio turnover rate^(e)		8	%		18	%		46	%		38	%		28	%		28	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Reflects income recognized from non-recurring special dividends which amounted to $0.03 per share and 0.09% of average net assets.

(c)

Assumes investment at the net asset value at the beginning of the 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.

(d)

Annualized.

(e)

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, short-term transactions and certain derivatives. 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.		93

GOLDMAN SACHS ACTIVEBETA^® ETFS

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	ActiveBeta^® Europe Equity ETF
	For the Six Months Ended February 28, 2023 (Unaudited)			For the Fiscal Year Ended August 31,
	For the Six Months Ended February 28, 2023 (Unaudited)			2022			2021			2020			2019			2018
Per Share Operating Performance:

Net asset value, beginning of period	$	27.47		$	37.99		$	29.85		$	28.59		$	30.82		$	30.39

Net investment income^(a)		0.23	^(b)		1.01			0.84			0.58			0.89			0.95

Net realized and unrealized gain (loss)		4.72			(10.29	)		8.15			1.27			(1.84	)		0.37

Total gain (loss) from investment operations		4.95			(9.28	)		8.99			1.85			(0.95	)		1.32

Distributions to shareholders from net investment income		(0.11	)		(1.24	)		(0.85	)		(0.59	)		(1.28	)		(0.89	)

Net asset value, end of period	$	32.31		$	27.47		$	37.99		$	29.85		$	28.59		$	30.82

Market price, end of period	$	32.08		$	27.26		$	38.05		$	29.81		$	28.62		$	30.73

Total Return at Net Asset Value^(c)		18.06	%		(24.81	)%		30.45	%		6.69	%		(3.15	)%		4.40	%

Net assets, end of period (in 000’s)	$	11,308		$	12,363		$	20,893		$	16,416		$	18,584		$	73,963

Ratio of total expenses to average net assets		0.25	%^(d)		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%

Ratio of net investment income to average net assets		1.56	%^(b)(d)		2.98	%		2.47	%		2.01	%		3.07	%		3.02	%

Portfolio turnover rate^(e)		7	%		19	%		19	%		18	%		17	%		23	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Reflects income recognized from non-recurring special dividends which amounted to $0.04 per share and 0.15% of average net assets.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	ActiveBeta^® International Equity ETF
	For the Six Months Ended February 28, 2023 (Unaudited)			For the Fiscal Year Ended August 31,
	For the Six Months Ended February 28, 2023 (Unaudited)			2022			2021			2020			2019			2018
Per Share Operating Performance:

Net asset value, beginning of period	$	27.64		$	35.76		$	28.72		$	27.70		$	29.42		$	28.38

Net investment income^(a)		0.27			0.96			0.75			0.57			0.86			0.76

Net realized and unrealized gain (loss)		2.70			(8.07	)		6.97			1.05			(1.78	)		1.02

Total gain (loss) from investment operations		2.97			(7.11	)		7.72			1.62			(0.92	)		1.78

Distributions to shareholders from net investment income		(0.26	)		(1.01	)		(0.68	)		(0.60	)		(0.80	)		(0.74	)

Net asset value, end of period	$	30.35		$	27.64		$	35.76		$	28.72		$	27.70		$	29.42

Market price, end of period	$	30.24		$	27.52		$	35.75		$	28.63		$	27.73		$	29.45

Total Return at Net Asset Value^(b)		10.85	%		(20.18	)%		27.12	%		5.96	%		(3.09	)%		6.30	%

Net assets, end of period (in 000’s)	$	3,058,884		$	2,720,037		$	3,093,235		$	1,743,562		$	1,545,601		$	1,094,462

Ratio of total expenses to average net assets		0.25	%^(c)		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%

Ratio of net investment income to average net assets		1.89	%^(c)		2.97	%		2.31	%		2.08	%		3.10	%		2.56	%

Portfolio turnover rate^(d)		7	%		18	%		21	%		20	%		17	%		16	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	ActiveBeta^® Japan Equity ETF
	For the Six Months Ended February 28, 2023 (Unaudited)			For the Fiscal Year Ended August 31,
	For the Six Months Ended February 28, 2023 (Unaudited)			2022			2021			2020			2019			2018
Per Share Operating Performance:

Net asset value, beginning of period	$	30.15		$	37.91		$	32.60		$	30.59		$	32.99		$	30.71

Net investment income^(a)		0.32			0.70			0.60			0.66			0.82			0.54

Net realized and unrealized gain (loss)		0.75			(7.75	)		5.25			2.15			(2.29	)		2.36

Total gain (loss) from investment operations		1.07			(7.05	)		5.85			2.81			(1.47	)		2.90

Distributions to shareholders from net investment income		(0.35	)		(0.71	)		(0.54	)		(0.80	)		(0.93	)		(0.62	)

Net asset value, end of period	$	30.87		$	30.15		$	37.91		$	32.60		$	30.59		$	32.99

Market price, end of period	$	30.83		$	29.78		$	37.75		$	32.51		$	30.52		$	32.90

Total Return at Net Asset Value^(b)		3.55	%		(18.76	)%		18.02	%		9.15	%		(4.32	)%		9.42	%

Net assets, end of period (in 000’s)	$	12,350		$	12,059		$	15,163		$	19,561		$	24,468		$	52,778

Ratio of total expenses to average net assets		0.25	%^(c)		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%

Ratio of net investment income to average net assets		2.17	%^(c)		2.03	%		1.64	%		2.09	%		2.64	%		1.62	%

Portfolio turnover rate^(d)		8	%		21	%		21	%		18	%		33	%		23	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout the Period


	ActiveBeta^® Paris-Aligned Climate U.S. Large Cap Equity ETF
	For the Six Months Ended February 28, 2023 (Unaudited)			For the Period December 13, 2021* to August 31, 2022
Per Share Operating Performance:

Net asset value, beginning of period	$	32.50		$	39.67

Net investment income^(a)		0.22			0.32

Net realized and unrealized gain (loss)		0.78			(7.25	)

Total gain (loss) from investment operations		1.00			(6.93	)

Distributions to shareholders from net investment income		(0.23	)		(0.24	)

Net asset value, end of period	$	33.27		$	32.50

Market price, end of period	$	33.31		$	32.55

Total Return at Net Asset Value^(b)		3.12	%		(17.52	)%

Net assets, end of period (in 000’s)	$	8,317		$	6,500

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

Ratio of net investment income to average net assets		1.34	%^(c)		1.24	%^(c)

Portfolio turnover rate^(d)		12	%		19	%

Commencement of operations.

(a)

Calculated based on the average shares outstanding methodology.

(b)

(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.		97

GOLDMAN SACHS ACTIVEBETA^® ETFS

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	ActiveBeta^® U.S. Large Cap Equity ETF
	For the Six Months Ended February 28, 2023 (Unaudited)			For the Fiscal Year Ended August 31,
	For the Six Months Ended February 28, 2023 (Unaudited)			2022			2021			2020			2019			2018
Per Share Operating Performance:

Net asset value, beginning of period	$	78.36		$	90.95		$	70.70		$	59.09		$	58.75		$	49.16

Net investment income^(a)		0.58			1.17			0.96			1.06			1.03			0.96

Net realized and unrealized gain (loss)		0.65			(12.61	)		20.21			11.62			0.30			9.56

Total gain (loss) from investment operations		1.23			(11.44	)		21.17			12.68			1.33			10.52

Distributions to shareholders from net investment income		(0.64	)		(1.15	)		(0.92	)		(1.07	)		(0.99	)		(0.93	)

Net asset value, end of period	$	78.95		$	78.36		$	90.95		$	70.70		$	59.09		$	58.75

Market price, end of period	$	78.83		$	78.33		$	90.91		$	70.61		$	59.07		$	58.75

Total Return at Net Asset Value^(b)		1.62	%		(12.70	)%		30.21	%		21.81	%		2.42	%		21.65	%

Net assets, end of period (in 000’s)	$	10,615,233		$	11,616,494		$	13,769,847		$	10,427,895		$	6,606,050		$	3,980,297

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

Ratio of net investment income to average net assets		1.51	%^(c)		1.36	%		1.22	%		1.72	%		1.82	%		1.78	%

Portfolio turnover rate^(d)		6	%		12	%		16	%		17	%		16	%		16	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	ActiveBeta^® U.S. Small Cap Equity ETF
	For the Six Months Ended February 28, 2023 (Unaudited)			For the Fiscal Year Ended August 31,
	For the Six Months Ended February 28, 2023 (Unaudited)			2022			2021			2020			2019			2018
Per Share Operating Performance:

Net asset value, beginning of period	$	55.87		$	64.97		$	43.57		$	42.84		$	49.49		$	39.65

Net investment income^(a)		0.41	^(b)		0.74	^(c)		0.53	^(d)		0.51			0.57			0.56

Net realized and unrealized gain (loss)		2.78			(9.07	)		21.35			0.78			(6.66	)		9.79

Total gain (loss) from investment operations		3.19			(8.33	)		21.88			1.29			(6.09	)		10.35

Distributions to shareholders from net investment income		(0.40	)		(0.77	)		(0.48	)		(0.56	)		(0.56	)		(0.51	)

Net asset value, end of period	$	58.66		$	55.87		$	64.97		$	43.57		$	42.84		$	49.49

Market price, end of period	$	58.61		$	55.92		$	64.94		$	43.63		$	42.84		$	49.55

Total Return at Net Asset Value^(e)		5.77	%		(12.95	)%		50.45	%		3.13	%		(12.28	)%		26.28	%

Net assets, end of period (in 000’s)	$	472,245		$	483,270		$	412,543		$	152,484		$	96,399		$	47,014

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

Ratio of net investment income to average net assets		1.49	%^(b)(f)		1.22	%^(c)		0.90	%^(d)		1.21	%		1.32	%		1.24	%

Portfolio turnover rate^(g)		5	%		20	%		25	%		20	%		20	%		27	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Reflects income recognized from non-recurring special dividends which amounted to $0.07 per share and 0.12% of average net assets.

(c)

Reflects income recognized from non-recurring special dividends which amounted to $0.21 per share and 0.34% of average net assets.

(d)

Reflects income recognized from non-recurring special dividends which amounted to $0.09 per share and 0.16% of average net assets.

(e)

(f)

Annualized.

(g)


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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	ActiveBeta^® World Low Vol Plus Equity ETF
	For the Six Months Ended February 28, 2023 (Unaudited)			For the Period March 15, 2022* to August 31, 2022
Per Share Operating Performance:

Net asset value, beginning of period	$	37.97		$	40.57

Net investment income^(a)		0.33			0.47

Net realized and unrealized gain (loss)		0.77			(2.76	)

Total gain (loss) from investment operations		1.10			(2.29	)

Distributions to shareholders from net investment income		(0.36	)		(0.31	)

Net asset value, end of period	$	38.71		$	37.97

Market price, end of period	$	38.68		$	37.98

Total Return at Net Asset Value^(b)		2.93	%		(5.65	)%

Net assets, end of period (in 000’s)	$	603,933		$	558,112

Ratio of total expenses to average net assets		0.25	%^(c)		0.25	%^(c)

Ratio of net investment income to average net assets		1.76	%^(c)		2.54	%^(c)

Portfolio turnover rate^(d)		15	%		13	%

Commencement of operations.

(a)

Calculated based on the average shares outstanding methodology.

(b)

(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.


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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Notes to Financial Statements

February 28, 2023 (Unaudited)

1. ORGANIZATION

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


Fund		Diversification Classification
Goldman Sachs ActiveBeta^® Emerging Markets Equity ETF (“ActiveBeta^® Emerging Markets Equity ETF”)		Diversified
Goldman Sachs ActiveBeta^® Europe Equity ETF (“ActiveBeta^® Europe Equity ETF”)		Diversified
Goldman Sachs ActiveBeta^® International Equity ETF (“ActiveBeta^® International Equity ETF”)		Diversified
Goldman Sachs ActiveBeta^® Japan Equity ETF (“ActiveBeta^® Japan Equity ETF”)		Diversified
Goldman Sachs ActiveBeta^® Paris-Aligned Climate U.S. Large Cap Equity ETF (“ActiveBeta^® Paris-Aligned Climate U.S. Large Cap Equity ETF”)		Diversified
Goldman Sachs ActiveBeta^® U.S. Large Cap Equity ETF (“ActiveBeta^® U.S. Large Cap Equity ETF”)		Diversified
Goldman Sachs ActiveBeta^® U.S. Small Cap Equity ETF (“ActiveBeta^® U.S. Small Cap Equity ETF”)		Diversified
Goldman Sachs ActiveBeta^® World Low Vol Plus Equity ETF (“ActiveBeta^® World Low Vol Plus Equity ETF”)		Diversified

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

Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as investment adviser to the Funds pursuant to management agreements (each, an “Agreement” and together, the “Agreements”) with the Trust. Each Fund is an exchange-traded fund (“ETF”). Shares of the Funds are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”), except for ActiveBeta^® Paris-Aligned Climate U.S. Large Cap Equity ETF and ActiveBeta^® World Low Vol Plus Equity ETF, which are listed and traded on the Cboe BZX Exchange, Inc. 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

101

GOLDMAN SACHS ACTIVEBETA^® ETFS

Notes to Financial Statements (continued)

February 28, 2023 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. These reclaims, if any, are recorded when the amount is known and there are no significant uncertainties on collectability. Such amounts recovered, if any, are reflected as other income in the Statements of Operations. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments. Distributions received from the Funds’ investments in U.S. real estate investment trusts (“REITs”) may be characterized as ordinary income, net capital gain and/or a return of capital. A return of capital is recorded by the Funds as a reduction to the cost basis of the REIT.

For derivative contracts, unrealized gains and losses are recorded daily and become realized gains and losses upon disposition or termination of the contract.

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

D. Federal Taxes and Distributions to Shareholders — It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. For each Fund, income distributions, if any, are declared and paid quarterly, with the exception of ActiveBeta^® Europe Equity ETF and ActiveBeta^® Japan Equity ETF, which are paid semiannually. Capital gains distributions, if any, are declared and paid at least annually. Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions. The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund’s distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Funds’ net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

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

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Funds’ policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to 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;

102

GOLDMAN SACHS ACTIVEBETA^® ETFS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM’s assumptions in determining fair value measurement).

The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, including investments for which market quotations are not readily available. With respect to the Funds’ investments that do not have readily available market quotations, the Trustees have designated the Adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940 (the “Valuation Designee”). GSAM has day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds’ investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

A. Level 1 and Level 2 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:

Equity Securities — Equity securities traded on a United States (“U.S.”) securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities will be valued at the valid closing bid price for long positions and at the valid closing ask price for short positions (i.e. where there is sufficient volume, during normal exchange trading hours). If no valid bid/ask price is available, the equity security will be valued pursuant to the Valuation Procedures and consistent with applicable regulatory guidance. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2.

Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price for long positions or the last ask price for short positions, and are generally classified as Level 2.

Underlying Funds (including Money Market Funds) — Underlying funds (“Underlying Funds”) include other investment companies and exchange-traded funds (“ETFs”). Investments in the Underlying Funds (except ETFs) are valued at the NAV per share on the day of valuation. ETFs are valued daily at the last sale price or official closing price on the principal exchange or system on which the investment is traded. Because the Funds invest in Underlying Funds that fluctuate in value, the Funds’ shares will correspondingly fluctuate in value. Underlying Funds are generally classified as Level 1 of the fair value hierarchy. To the extent that underlying ETFs are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. For information regarding an Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. A Fund enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as either due to broker/receivable for collateral on certain derivative contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

Exchange-traded derivatives, including futures and options contracts, are generally valued at the last sale or settlement price on the exchange where they are principally traded. Exchange-traded options without settlement prices are generally valued at the last bid price for long positions and the last ask price for short positions on the exchange where they are principally traded. Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy. Over-the-counter (“OTC”) and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models,

103

GOLDMAN SACHS ACTIVEBETA^® ETFS

Notes to Financial Statements (continued)

February 28, 2023 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.

Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security. Upon entering into a futures contract, a Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.

B. Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of a Fund’s investments may be determined under the Valuation Procedures. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund’s NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.

C. Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of February 28, 2023:



ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

Investment Type	Level 1		Level 2		Level 3

Assets

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

Africa	$	38,264,875	$	—	$	—

Asia		739,304,925		22,753,868		198,714

Europe		18,940,981		—		—

North America		31,368,093		—		—

South America		40,920,391		10,853,557		—

Securities Lending Reinvestment Vehicle		4,335,015		—		—

Total	$	873,134,280	$	33,607,425	$	198,714

(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.

104

GOLDMAN SACHS ACTIVEBETA^® ETFS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



ACTIVEBETA^® EUROPE EQUITY ETF

Investment Type	Level 1			Level 2		Level 3

Assets

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

Africa	$	26,086		$	—	$	—

Asia		85,615			—		—

Europe		9,887,983			83,436		—

North America		965,478			—		—

Oceania		170,534			—		—

South America		14,323			—		—

Securities Lending Reinvestment Vehicle		74,219			—		—

Total	$	11,224,238		$	83,436	$	—

Derivative Type

Assets^(b)

Futures Contracts	$	1,589		$	—	$	—

ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Investment Type	Level 1			Level 2		Level 3

Assets

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

Africa	$	6,537,108		$	—	$	—

Asia		708,979,851			710,446		—

Europe		1,588,551,356			13,653,779		—

North America		503,947,514			2,168,867		—

Oceania		223,648,724			—		—

South America		3,454,327			—		—

Securities Lending Reinvestment Vehicle		49,602,357			—		—

Total	$	3,084,721,237		$	16,533,092	$	—

Derivative Type

Liabilities^(b)

Futures Contracts	$	(31,024	)	$	—	$	—

ACTIVEBETA^® JAPAN EQUITY ETF

Investment Type	Level 1			Level 2		Level 3

Assets

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

Asia	$	12,326,368		$	—	$	—

Securities Lending Reinvestment Vehicle		262,939			—		—

Total	$	12,589,307		$	—	$	—

(a)

(b)

Amount shown represents unrealized gain (loss) at period end.

105

GOLDMAN SACHS ACTIVEBETA^® ETFS

Notes to Financial Statements (continued)

February 28, 2023 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



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

Investment Type	Level 1			Level 2		Level 3

Assets

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

Europe	$	20,205		$	—	$	—

North America		8,272,342			—		—

Total	$	8,292,547		$	—	$	—

ACTIVEBETA^® U.S. LARGE CAP EQUITY ETF

Investment Type	Level 1			Level 2		Level 3

Assets

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

Europe	$	18,841,940		$	—	$	—

North America		10,566,347,919			—		—

Total	$	10,585,189,859		$	—	$	—

ACTIVEBETA^® U.S. SMALL CAP EQUITY ETF

Investment Type	Level 1			Level 2		Level 3

Assets

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

Africa	$	653,386		$	—	$	—

Asia		2,078,951			—		—

Europe		2,611,338			—		—

North America		461,897,000			—		3,666

South America		335,779			—		—

Securities Lending Reinvestment Vehicle		2,262,941			—		—

Total	$	469,839,395		$	—	$	3,666

Derivative Type

Liabilities^(b)

Futures Contracts	$	(20,015	)	$	—	$	—

(a)

(b)

Amount shown represents unrealized gain (loss) at period end.

106

GOLDMAN SACHS ACTIVEBETA^® ETFS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



ACTIVEBETA^® WORLD LOW VOL PLUS EQUITY ETF

Investment Type	Level 1		Level 2		Level 3

Assets

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

Asia	$	55,072,071	$	133,758	$	—

Europe		87,628,284		—		—

North America		444,810,473		—		—

Oceania		14,411,430		—		—

Securities Lending Reinvestment Vehicle		2,044,942		—		—

Total	$	603,967,200	$	133,758	$	—

(a)

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

4. INVESTMENTS IN DERIVATIVES

The following tables set forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of February 28, 2023. These instruments were used as part of the Funds’ investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds’ net exposure.

Risk

Fund

Statement of Assets and Liabilities

Assets
(Liabilities)^(a)

Equity

Goldman Sachs ActiveBeta^® Europe Equity ETF

Variation Margin on Futures Contracts

1,589

Equity

Goldman Sachs ActiveBeta^® International Equity ETF

Variation Margin on Futures Contracts

(31,024

)

Equity

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

Variation Margin on Futures Contracts

(20,015

)

(a)

Includes unrealized gain (loss) on futures contracts described in the Additional Investment Information sections of the Schedules of Investments. Only the variation margin as of February 28, 2023 is reported within the Statements of Assets and Liabilities.

The following tables set forth, by certain risk types, the Funds’ gains (losses) related to these derivatives and their indicative volumes for the six months ended February 28, 2023. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and

107

GOLDMAN SACHS ACTIVEBETA^® ETFS

Notes to Financial Statements (continued)

February 28, 2023 (Unaudited)

4. INVESTMENTS IN DERIVATIVES (continued)

accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in “Net realized gain (loss)” or “Net change in unrealized gain (loss)” on the Statements of Operations:


Risk	Fund	Net Realized Gain (Loss) from Futures Contracts			Net Change in Unrealized Gain (Loss) on Futures Contracts
Equity	Goldman Sachs ActiveBeta^® Emerging Markets Equity ETF	$	(669,255	)	$	8,434
Equity	Goldman Sachs ActiveBeta^® Europe Equity ETF		4,046			2,586
Equity	Goldman Sachs ActiveBeta^® International Equity ETF		(347,059	)		668,352
Equity	Goldman Sachs ActiveBeta^® Japan Equity ETF		3,928			—
Equity	Goldman Sachs ActiveBeta^® U.S. Large Cap Equity ETF		(947,564	)		—
Equity	Goldman Sachs ActiveBeta^® U.S. Small Cap Equity ETF		(467,305	)		(32,108	)

For the six months ended February 28, 2023, the relevant values for each derivative type was as follows:

(a)

Amount disclosed represents average number of contracts for the months that the Fund held such derivatives during the six months ended February 28, 2023.

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

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

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

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GOLDMAN SACHS ACTIVEBETA^® ETFS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the six months ended February 28, 2023, unitary management fees with GSAM were at the following rates for each Fund except the ActiveBeta^® Emerging Markets Equity ETF:


Fund	Unitary Management Fee
ActiveBeta^® Europe Equity ETF		0.25	%
ActiveBeta^® International Equity ETF		0.25	%
ActiveBeta^® Japan Equity ETF		0.25	%
ActiveBeta^® Paris-Aligned Climate U.S. Large Cap Equity ETF		0.20	%
ActiveBeta^® U.S. Large Cap Equity ETF		0.09	%
ActiveBeta^® U.S. Small Cap Equity ETF		0.20	%
ActiveBeta^® World Low Vol Plus Equity ETF		0.25	%

For the six months ended February 28, 2023, contractual and effective net management fees with GSAM were at the following rate for the ActiveBeta^® Emerging Markets Equity ETF:


Fund	Contractual and Effective Net Management Fee
ActiveBeta^® Emerging Markets Equity ETF		0.40	%

B. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain “Other Expenses” of the ActiveBeta^® Emerging Markets Equity ETF (excluding acquired fund fees and expenses, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of the Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Fund is not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitation as an annual percentage rate of average daily net assets for the ActiveBeta^® Emerging Markets Equity ETF is 0.05%. This Other Expense limitation will remain in effect permanently and GSAM may not terminate the arrangement without the approval of the Trustees.

For the six months ended February 28, 2023, these expense reimbursements amounted to $450,589.

6. CREATION AND REDEMPTION OF CREATION UNITS

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

Authorized Participants transacting in Creation Units for cash may also pay a variable charge to compensate the relevant fund for certain transaction costs (e.g. taxes on currency or other financial transactions, and brokerage costs) and market impact

109

GOLDMAN SACHS ACTIVEBETA^® ETFS

Notes to Financial Statements (continued)

February 28, 2023 (Unaudited)

6. CREATION AND REDEMPTION OF CREATION UNITS (continued)

expenses relating to investing in portfolio securities. Such variable charges, if any, are included in “Proceeds from sale of shares” in the Statements of Changes in Net Assets.


	ActiveBeta^® Emerging Markets Equity ETF

	For the Six Months Ended February 28, 2023 (Unaudited)						For the Fiscal Year Ended August 31, 2022

	Shares			Dollars			Shares			Dollars

Fund Share Activity
Shares Sold		—		$	—			1,200,000		$	45,853,209
Shares Redeemed		(3,900,000	)		(111,197,329	)		(1,650,000	)		(52,865,514	)

NET DECREASE IN SHARES		(3,900,000	)	$	(111,197,329	)		(450,000	)	$	(7,012,305	)

	ActiveBeta^® Europe Equity ETF

	For the Six Months Ended February 28, 2023 (Unaudited)						For the Fiscal Year Ended August 31, 2022

	Shares			Dollars			Shares			Dollars

Fund Share Activity
Shares Sold		—		$	—			50,000		$	1,790,247
Shares Redeemed		(100,000	)		(2,546,984	)		(150,000	)		(4,610,459	)

NET DECREASE IN SHARES		(100,000	)	$	(2,546,984	)		(100,000	)	$	(2,820,212	)

	ActiveBeta^® International Equity ETF

	For the Six Months Ended February 28, 2023 (Unaudited)						For the Fiscal Year Ended August 31, 2022

	Shares			Dollars			Shares			Dollars

Fund Share Activity
Shares Sold		3,900,000		$	116,367,915			15,100,000		$	495,288,336
Shares Redeemed		(1,500,000	)		(44,265,384	)		(3,200,000	)		(95,030,974	)

NET INCREASE IN SHARES		2,400,000		$	72,102,531			11,900,000		$	400,257,362

	ActiveBeta^® Japan Equity ETF

	For the Six Months Ended February 28, 2023 (Unaudited)						For the Fiscal Year Ended August 31, 2022

	Shares			Dollars			Shares			Dollars

Fund Share Activity
Shares Sold		—		$	—			—		$	—
Shares Redeemed		—			—			—			—

NET DECREASE IN SHARES		—		$	—			—		$	—

110

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6. CREATION AND REDEMPTION OF CREATION UNITS (continued)



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

	For the Six Months Ended February 28, 2023 (Unaudited)						For the Fiscal Year Ended August 31, 2022

	Shares			Dollars			Shares			Dollars

Fund Share Activity
Shares Sold		50,000		$	1,515,654			200,001		$	7,934,694
Shares Redeemed		—			—			(1	)		(40	)

NET DECREASE IN SHARES		50,000		$	1,515,654			200,000		$	7,934,654

	ActiveBeta^® U.S. Large Cap Equity ETF

	For the Six Months Ended February 28, 2023 (Unaudited)						For the Fiscal Year Ended August 31, 2022

	Shares			Dollars			Shares			Dollars

Fund Share Activity
Shares Sold		3,350,000		$	260,988,473			17,200,000		$	1,516,359,247
Shares Redeemed		(17,150,000	)		(1,326,615,607	)		(20,350,000	)		(1,695,965,517	)

NET INCREASE IN SHARES		(13,800,000	)	$	(1,065,627,134	)		(3,150,000	)	$	(179,606,270	)

	ActiveBeta^® U.S. Small Cap Equity ETF

	For the Six Months Ended February 28, 2023 (Unaudited)						For the Fiscal Year Ended August 31, 2022

	Shares			Dollars			Shares			Dollars

Fund Share Activity
Shares Sold		250,000		$	14,733,631			2,950,000		$	176,204,999
Shares Redeemed		(850,000	)		(46,366,312	)		(650,000	)		(37,882,026	)

NET INCREASE IN SHARES		(600,000	)	$	(31,632,681	)		2,300,000		$	138,322,973

	ActiveBeta^® World Low Vol Plus Equity ETF

	For the Six Months Ended February 28, 2023 (Unaudited)						For the Fiscal Year Ended August 31, 2022

	Shares			Dollars			Shares			Dollars

Fund Share Activity
Shares Sold		900,000		$	34,901,635			14,700,000		$	616,984,063
Shares Redeemed		—			—			—			—

NET INCREASE IN SHARES		900,000		$	34,901,635			14,700,000		$	616,984,063

111

GOLDMAN SACHS ACTIVEBETA^® ETFS

Notes to Financial Statements (continued)

February 28, 2023 (Unaudited)

7. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales of long-term securities for the six months ended February 28, 2023, were as follows:


Fund	Purchases		Sales
ActiveBeta^® Emerging Markets Equity ETF	$	73,200,828	$	153,180,340
ActiveBeta^® Europe Equity ETF		737,388		708,061
ActiveBeta^® International Equity ETF		242,203,579		200,427,251
ActiveBeta^® Japan Equity ETF		1,000,689		1,013,072
ActiveBeta^® Paris-Aligned Climate U.S. Large Cap Equity ETF		936,105		939,264
ActiveBeta^® U.S. Large Cap Equity ETF		626,050,293		612,655,668
ActiveBeta^® U.S. Small Cap Equity ETF		29,837,444		22,256,461
ActiveBeta^® World Low Vol Plus Equity ETF		84,919,759		85,294,748

The purchases and sales from in-kind creation and redemption transactions for the six months ended February 28, 2023, were as follows:


Fund	Purchases		Sales
ActiveBeta^® Emerging Markets Equity ETF	$	—	$	21,843,298
ActiveBeta^® Europe Equity ETF		—		2,510,871
ActiveBeta^® International Equity ETF		81,103,511		44,059,815
ActiveBeta^® Japan Equity ETF		—		—
ActiveBeta^® Paris-Aligned Climate U.S. Large Cap Equity ETF		1,521,899		—
ActiveBeta^® U.S. Large Cap Equity ETF		237,766,874		1,324,279,381
ActiveBeta^® U.S. Small Cap Equity ETF		14,587,339		45,976,953
ActiveBeta^® World Low Vol Plus Equity ETF		34,441,884		—

8. SECURITIES LENDING

The Funds may lend their securities through a securities lending agent, the Bank of New York Mellon (“BNYM”), to certain qualified borrowers. In accordance with the Funds’ securities lending procedures, the Funds receive cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Funds, at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Statements of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

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8. SECURITIES LENDING (continued)

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

In the event of a default by a borrower with respect to any loan, BNYM may exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If BNYM is unable to purchase replacement securities, BNYM will indemnify the Funds by paying the Funds an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Funds’ master netting agreements with certain borrowers provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws. The Funds’ loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the value of the cash received. The amounts of the Funds’ overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of February 28, 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 six months ended February 28, 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 six months ended February 28, 2023:


Fund	Beginning value as of August 31, 2022		Purchases at Cost		Proceeds from Sales			Ending value as of February 28, 2023
ActiveBeta^® Emerging Markets Equity ETF	$	10,851,775	$	35,049,086	$	(41,565,846	)	$	4,335,015
ActiveBeta^® Europe Equity ETF		61,124		1,019,119		(1,006,024	)		74,219
ActiveBeta^® International Equity ETF		59,641,107		293,370,234		(303,408,984	)		49,602,357
ActiveBeta^® Japan Equity ETF		862,006		2,042,757		(2,641,824	)		262,939
ActiveBeta^® Paris-Aligned Climate U.S. Large Cap Equity ETF		—		8,239		(8,239	)		—
ActiveBeta^® U.S. Large Cap Equity ETF		20,073,500		43,520,114		(63,593,614	)		—
ActiveBeta^® U.S. Small Cap Equity ETF		2,801,299		14,435,015		(14,973,373	)		2,262,941
ActiveBeta^® World Low Vol Plus Equity ETF		—		7,190,490		(5,145,548	)		2,044,942

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GOLDMAN SACHS ACTIVEBETA^® ETFS

Notes to Financial Statements (continued)

February 28, 2023 (Unaudited)

9. TAX INFORMATION

As of the Funds’ most recent fiscal year ended August 31, 2022, the Funds’ capital loss carryforward and certain timing differences on a tax-basis were as follows:


	ActiveBeta^® Emerging Markets Equity ETF			ActiveBeta^® Europe Equity ETF			ActiveBeta^® International Equity ETF			ActiveBeta^® Japan Equity ETF			ActiveBeta^® Paris-Aligned Climate U.S. Large Cap Equity ETF			ActiveBeta^® U.S. Large Cap Equity ETF			ActiveBeta^® U.S. Small Cap Equity ETF			ActiveBeta^® World Low Vol Plus Equity ETF
Capital loss carryforwards:
Perpetual Short-Term	$	(18,537,592	)	$	(908,605	)	$	(32,894,979	)	$	(352,828	)	$	—		$	(204,920,817	)	$	(11,445,206	)	$	—
Perpetual Long-Term		—			(2,093,602	)		(70,797,369	)		(447,827	)		—			(218,687,721	)		(2,653,039	)		—
Timing differences (Post-October Capital Loss Deferral/Qualified Late Year Loss Deferral)		(15,871,468	)		(620,899	)		(115,057,817	)		(671,682	)		(230,446	)		(101,511,677	)		—			(5,625,554	)

As of February 28, 2023, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:


	ActiveBeta^® Emerging Markets Equity ETF			ActiveBeta^® Europe Equity ETF			ActiveBeta^® International Equity ETF			ActiveBeta^® Japan Equity ETF			ActiveBeta^® Paris-Aligned Climate U.S. Large Cap Equity ETF			ActiveBeta^® U.S. Large Cap Equity ETF			ActiveBeta^® U.S. Small Cap Equity ETF			ActiveBeta^® World Low Vol Plus Equity ETF
Tax Cost	$	889,848,766		$	10,929,922		$	2,885,918,044		$	12,300,559		$	8,967,743		$	8,835,099,042		$	459,966,119		$	635,306,959
Gross unrealized gain		198,999,712			1,561,406			398,563,127			1,502,872			343,255			2,243,999,636			66,010,856			19,987,822
Gross unrealized loss		(181,908,059	)		(1,183,654	)		(183,226,842	)		(1,214,124	)		(1,018,451	)		(493,908,819	)		(58,396,855	)		(51,193,823	)
Net unrealized gains (losses)	$	17,091,653		$	377,752		$	215,336,285		$	288,748		$	(675,196	)	$	1,750,090,817		$	7,614,001		$	(31,206,001	)

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

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

10. OTHER RISKS

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

Derivatives Risk — The Funds’ use of derivatives and other similar instruments (collectively referred to in this paragraph as “derivatives”) may result in loss, including due to adverse market movements. Derivatives, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other assets and instruments, may increase market exposure and be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying assets or instruments may produce disproportionate losses to the Funds. Certain derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not, or lacks the capacity or authority to, fulfill its contractual obligations, liquidity risk, which includes the risk that the Funds will not be able to exit the derivative when it is advantageous to do so, and risks arising from margin requirements, which include the risk that the Funds will be required to pay additional margin or set aside additional collateral to maintain open derivative positions. The use of derivatives is a highly specialized activity that involves

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GOLDMAN SACHS ACTIVEBETA^® ETFS

10. OTHER RISKS (continued)

investment techniques and risks different from those associated with investments in more traditional securities and instruments. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.

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

Geographic Risk — If a Fund focuses its investments in securities of issuers located in a particular country or geographic region, the Fund may be subjected, to a greater extent than if its investments were less focused, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that country or region, such as: adverse securities markets; adverse exchange rates; adverse social, political, regulatory, economic, business, environmental or other developments; or natural disasters.

Index Risk — GSAM (the “Index Provider”) constructs each Fund’s index (an “Index”) in accordance with a rules-based methodology. A Fund will be negatively affected by general declines in the securities and asset classes represented in its Index. In addition, because the Funds are not “actively” managed, unless a specific security is removed from an Index, a Fund generally would not sell a security because the security’s issuer was in financial trouble. Market disruptions and regulatory restrictions could have an adverse effect on a Fund’s ability to adjust its exposure to the required levels in order to track the Index. A Fund also does not attempt to take defensive positions under any market conditions, including declining markets. Therefore, a Fund’s performance could be lower than funds that may actively shift their portfolio assets to take advantage of market opportunities or to lessen the impact of a market decline or a decline in the value of one or more issuers. The Index Provider relies on third party data it believes to be reliable in constructing each Index, but it does not guarantee the accuracy or availability of such third party data. Errors in index data, index computation or the construction of an Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the applicable Fund and its shareholders. In addition, neither a Fund, the Investment Adviser, the Calculation Agent nor the Index Provider can guarantee the availability or timeliness of the production of the Index.

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GOLDMAN SACHS ACTIVEBETA^® ETFS

Notes to Financial Statements (continued)

February 28, 2023 (Unaudited)

10. OTHER RISKS (continued)

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

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

Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

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

Tracking Error Risk — Tracking error is the divergence of a Fund’s performance from that of its Index. The performance of a Fund may diverge from that of its Index for a number of reasons. Tracking error may occur because of transaction costs, a Fund’s holding of cash, differences in accrual of dividends, changes to its Index or the need to meet new or existing regulatory requirements. Unlike a Fund, the returns of an Index are not reduced by investment and other operating expenses, including the trading costs associated with implementing changes to its portfolio of investments. Tracking error risk may be heightened during times of market volatility or other unusual market conditions.

11. INDEMNIFICATIONS

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

12. 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.

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Liquidity Risk Management Program

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

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

At a meeting of the Board of Trustees on February 2, 2023, GSAM provided a written report to the Board addressing the operation, and the adequacy and effectiveness of the implementation, of the Program, including, as applicable, the operation of any Highly Liquid Investment Minimum and any material changes to the Program, for the period from January 1, 2022 through December 31, 2022 (the “Reporting Period”). Among other things, the annual report discussed: (1) the results of stress tests designed to assess liquidity under a hypothetical stressed scenario involving elevated redemptions; (2) an assessment of the methodologies used to classify investments into one of four liquidity categories; (3) the efficiency of the arbitrage function during the Reporting Period; (4) the impact of local holidays in non-U.S. jurisdictions; and (5) the impact of geopolitical, market and economic developments and events on liquidity and liquidity risk. The report concluded that the Program continues to be reasonably designed to assess and manage liquidity risk and was adequately and effectively implemented during the Reporting Period.

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

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Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs ActiveBeta^® ETFs except Goldman Sachs ActiveBeta^® Emerging Markets Equity ETF (Unaudited)

Background

The Goldman Sachs ActiveBeta^® Europe Equity ETF, Goldman Sachs ActiveBeta^® International Equity ETF, Goldman Sachs ActiveBeta^® Japan Equity ETF, Goldman Sachs ActiveBeta^® Paris-Aligned Climate U.S. Large Cap Equity ETF, Goldman Sachs ActiveBeta^® U.S. Large Cap Equity ETF and Goldman Sachs ActiveBeta^® U.S. Small Cap Equity ETF (each, a “Fund” and together, the “Funds”) are investment portfolios of Goldman Sachs ETF Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Funds at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Funds.

The Management Agreement was most recently approved for continuation until September 30, 2023 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on September 19-20, 2022 (the “Annual Meeting”).

The review process undertaken by the Trustees spans the course of the year and culminates with the Annual Meeting. To assist the Trustees in their deliberations, the Trustees have established a Contract Review Committee (the “Committee”), comprised of the Independent Trustees. The Committee held four meetings over the course of the year since the Management Agreement was last approved in 2021. At those Committee meetings, regularly scheduled Board or other committee meetings, and/or the Annual Meeting, matters relevant to the renewal of the Management Agreement were considered by the Board, or the Independent Trustees, as applicable. With respect to each Fund, such matters included:

(a)

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

(i)

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

(ii)

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

(iii)

trends in employee headcount;

(iv)

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

(v)

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

(b)

information on the investment performance of the Fund (except for the Goldman Sachs ActiveBeta^® Paris-Aligned Climate U.S. Large Cap Equity ETF, which commenced operations in 2022), including comparisons to the performance of similar exchange-traded funds (“ETFs”), as provided by a third-party fund data provider engaged as part of the contract review process (the “Outside Data Provider”), benchmark performance indices and a composite of accounts with comparable investment strategies managed by the Investment Adviser, and information on general investment outlooks in the markets in which the Fund invests;

(d)

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

(e)

with respect to the extensive investment performance and expense comparison data (except for the Goldman Sachs ActiveBeta^® Paris-Aligned Climate U.S. Large Cap Equity ETF, which commenced operations in 2022) provided by the Outside Data Provider, its processes in producing that data for the Fund;

(f)

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

(g)

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

(h)

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

(i)

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

(j)

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

118

GOLDMAN SACHS ACTIVEBETA^® ETFS

Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs ActiveBeta^® ETFs except Goldman Sachs ActiveBeta^® Emerging Markets Equity ETF (Unaudited) (continued)

(k)

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

(l)

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

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

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

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

Investment Performance

The Trustees also considered the investment performance of the Funds (except for the Goldman Sachs ActiveBeta^® Paris-Aligned Climate U.S. Large Cap Equity ETF, which commenced operations in 2022). In this regard, they compared the investment performance of each Fund to its peers using rankings and/or ratings compiled by the Outside Data Provider as of March 31, 2022, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of June 30, 2022. The information on each Fund’s investment performance was provided for the one-, three-, and five-year periods ending on the applicable dates, to the extent that each Fund had been in existence for those periods. As part of this review, they reviewed the investment performance of each Fund in light of its investment objective and policies and market conditions. The Trustees also received information comparing each Fund’s performance to that of its respective proprietary index, a comparable market capitalization-weighted reference index and a composite of accounts with comparable investment strategies

119

GOLDMAN SACHS ACTIVEBETA^® ETFS

Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs ActiveBeta^® ETFs except Goldman Sachs ActiveBeta^® Emerging Markets Equity ETF (Unaudited) (continued)

managed by the Investment Adviser, as applicable. The Trustees observed that each Fund’s investment performance was consistent with the investment objective of tracking its respective proprietary index.

The Trustees noted that Goldman Sachs ActiveBeta^® Paris-Aligned Climate U.S. Large Cap Equity ETF had launched on December 13, 2021 and did not yet have a meaningful performance history.

Unitary Fee Structure and Profitability

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

In particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Funds (except for the Goldman Sachs ActiveBeta^® Paris-Aligned Climate U.S. Large Cap Equity ETF). The analyses provided a comparison of each Fund’s management fee to those of a relevant peer group and category universe; an expense analysis which compared each Fund’s overall net and gross expenses to a peer group and a category universe; and data comparing each Fund’s net expenses to the peer and category medians. The Trustees also considered information previously provided regarding fees and expenses of comparable ETFs advised by other, unaffiliated investment management firms. The comparisons of the Funds’ fee rates and expense ratios were prepared by the Investment Adviser and certain third-party providers of mutual fund and ETF data. In particular, the Trustees referred to an analysis comparing each Fund’s management fee rate and net expense ratio to those of relevant peer funds. The Trustees concluded that the comparisons provided by the Outside Data Provider and the Investment Adviser were useful in evaluating the reasonableness of the management fees and total expenses paid by the Funds.

In addition, the Trustees noted that no license fees would be payable to the Investment Adviser by the Funds for use of the indices created by the Investment Adviser.

The Trustees reviewed each Fund’s contribution to the Investment Adviser’s revenues and pre-tax profit margins. In this regard the Trustees noted that they had previously received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency, and distribution and service), and information on the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs & Co. LLC (“Goldman Sachs”) organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology and profitability analysis calculations. Profitability data for the Funds was provided for 2021 and 2020 (2021 only for Goldman Sachs ActiveBeta^® Paris-Aligned Climate U.S. Large Cap Equity ETF). The Trustees considered this information in relation to the Investment Adviser’s overall profitability.

Economies of Scale

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

Other Benefits to the Investment Adviser and Its Affiliates

The Trustees also considered the other benefits derived (or expected to be derived) by the Investment Adviser and its affiliates from their relationships with the Funds as stated above, including: (a) trading efficiencies resulting from aggregation of orders of the Funds with those for other funds or accounts managed by the Investment Adviser; (b) fees earned by the Investment Adviser for managing the fund in which the Funds’ securities lending cash collateral is invested (except for the Goldman Sachs ActiveBeta^® Paris-Aligned Climate U.S. Large Cap Equity ETF); (c) the Investment Adviser’s ability to leverage the infrastructure designed to service the Funds on behalf of its other clients; (d) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (e) the Investment Adviser’s ability to negotiate better pricing with custodians on behalf of its other

120

GOLDMAN SACHS ACTIVEBETA^® ETFS

Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs ActiveBeta^® ETFs except Goldman Sachs ActiveBeta^® Emerging Markets Equity ETF (Unaudited) (continued)

clients, as a result of the relationship with the Funds; (f) the investment of cash and cash collateral (except for the Goldman Sachs ActiveBeta^® Paris-Aligned Climate U.S. Large Cap Equity ETF) in money market funds managed by the Investment Adviser that will result in increased assets under management for those money market funds; and (g) the possibility that the working relationship between the Investment Adviser and the Funds’ third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.

Other Benefits to the Funds and Their Shareholders

The Trustees also noted that the Funds receive certain other potential benefits as a result of their relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Funds with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing and pricing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (c) the Investment Adviser’s ability to negotiate favorable terms with derivatives counterparties on behalf of the Funds as a result of the size and reputation of the Goldman Sachs organization; (d) the Investment Adviser’s ability to hire and retain qualified personnel to provide services to the Funds because of the reputation of the Goldman Sachs organization; (e) the Funds’ access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; and (f) the Funds’ access to certain affiliated distribution channels. They considered the competitive nature of the ETF marketplace, noting that many of the Funds’ shareholders invested in the Funds in part because of the Funds’ relationship with the Investment Adviser and have a general expectation that the relationship will continue.

Conclusion

In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the unitary fee paid by each Fund was reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and each Fund’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit each Fund and its shareholders and that the Management Agreement should be approved and continued with respect to each Fund until September 30, 2023.

121

GOLDMAN SACHS ACTIVEBETA^® ETFS

Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs ActiveBeta^® Emerging Markets Equity ETF (Unaudited)

Background

The Goldman Sachs ActiveBeta^® Emerging Markets Equity ETF (the “Fund”) is an investment portfolio of Goldman Sachs ETF Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Fund at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Fund.

(a)

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

(i)

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

(ii)

(iii)

trends in employee headcount;

(iv)

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

(v)

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

(b)

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

(c)

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

(d)

(e)

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

(f)

the undertaking of the Investment Adviser and its affiliates to implement an expense limitation;

(g)

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

(h)

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

(i)

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

(j)

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

(k)

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

(l)

122

GOLDMAN SACHS ACTIVEBETA^® ETFS

Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs ActiveBeta^® Emerging Markets Equity ETF (Unaudited) (continued)

(m)

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

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

As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Fund by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees noted the transition in the leadership and changes in personnel of various of the Investment Adviser’s portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted the Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the market, regulatory and control environment in which the Fund and their service providers operate, including changes associated with the COVID-19 pandemic, geopolitical events, and economic sanctions, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. The Trustees also considered information about the Fund’s structure, investment objective, strategies and other characteristics. In particular, they noted that the Fund is a passively-managed ETF that seeks to track a proprietary index created by the Investment Adviser. The Trustees noted the experience and capabilities of the key personnel of the Investment Adviser who provide services to the Fund. In particular, the Trustees considered the Investment Adviser’s extensive experience in managing quantitative investment strategies and its expertise in developing “smart beta” products. The Trustees also considered information regarding the Investment Adviser’s business continuity planning and remote operations capabilities. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Fund and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Fund and the Investment Adviser and its affiliates.

Investment Performance

The Trustees also considered the investment performance of the Fund. In this regard, they compared the investment performance of the Fund to its peers using rankings and ratings compiled by the Outside Data Provider as of March 31, 2022, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of June 30, 2022. The information on the Fund’s investment performance was provided for the one-, three-, and five-year periods ending on the applicable dates. As part of this review, they reviewed the investment performance of the Fund in light of its investment objective and policies and market conditions. The Trustees also received information comparing the Fund’s performance to that of its proprietary index, a comparable market capitalization-weighted reference index, and a composite of accounts with comparable investment strategies managed by the Investment Adviser. The Trustees observed that the Fund’s investment performance was consistent with the investment objective of tracking its proprietary index.

Costs of Services Provided and Profitability

The Trustees considered the contractual terms of the Management Agreement and the fee rate payable by the Fund thereunder. In this regard, the Trustees considered information on the services rendered by the Investment Adviser to the Fund, which included both advisory and non-advisory services that were directed to the needs and operations of the Fund as an ETF.

123

GOLDMAN SACHS ACTIVEBETA^® ETFS

Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs ActiveBeta^® Emerging Markets Equity ETF (Unaudited) (continued)

In particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Fund. The analyses provided a comparison of the Fund’s management fee to those of a relevant peer group and category universe; an expense analysis which compared the Fund’s overall net and gross expenses to a peer group and a category universe; and data comparing the Fund’s net expenses to the peer and category medians. The Trustees also considered information previously provided regarding fees and expenses of comparable ETFs advised by other, unaffiliated investment management firms. The comparisons of the Fund’s fee rate and expense ratio were prepared by the Investment Adviser and certain third-party providers of mutual fund and ETF data. In particular, the Trustees referred to an analysis comparing the Fund’s management fee and net expense ratio to those of relevant peer funds. The Trustees concluded that the comparisons provided by the Outside Data Provider and the Investment Adviser were useful in evaluating the reasonableness of the management fees and total expenses paid by the Fund.

The Trustees noted that no license fees would be payable to the Investment Adviser by the Fund for use of the index created by the Investment Adviser. The Trustees reviewed the Fund’s total operating expense ratio (both gross and net of expense limitations).

In addition, the Trustees considered the Investment Adviser’s undertaking to limit certain expenses of the Fund that exceed a specified level pursuant to the permanent expense limitation agreement in place. The Trustees reviewed the Fund’s contribution to the Investment Adviser’s revenues and pre-tax profit margins. In this regard the Trustees noted that they had previously received, among other things, profitability analyses and summaries, revenue and expense schedules with respect to the Fund for various functions (i.e., investment management, transfer agency, and distribution and service), and information on the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs & Co. LLC (“Goldman Sachs”) organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology and profitability analysis calculations. Profitability data for the Fund was provided for 2021 and 2020. The Trustees considered this information in relation to the Investment Adviser’s overall profitability.

Economies of Scale

The Trustees noted that the Fund, similar to many other ETFs, does not have management fee breakpoints. They considered information previously provided regarding the Fund’s fee structure, the amount of assets in the Fund, the Fund’s recent creation and redemption activity, information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates, information comparing the contractual management fee rate charged by other advisers to other funds in the peer group, and the Investment Adviser’s undertaking to limit certain expenses of the Fund that exceed a specified level. The Trustees recognized that if the assets of the Fund increase over time, the Fund and its shareholders could realize economies of scale as certain Fund expenses, such as certain fixed fees, become a smaller percentage of overall assets. They further noted the Investment Adviser’s assertion that future economies of scale (among several factors) had been taken into consideration in determining the Fund’s management fee rate.

Other Benefits to the Investment Adviser and Its Affiliates

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

124

GOLDMAN SACHS ACTIVEBETA^® ETFS

Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs ActiveBeta^® Emerging Markets Equity ETF (Unaudited) (continued)

Other Benefits to the Fund and Its Shareholders

The Trustees also noted that the Fund receives certain other potential benefits as a result of its relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Fund with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing and pricing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (c) the Investment Adviser’s ability to negotiate favorable terms with derivatives counterparties on behalf of the Fund as a result of the size and reputation of the Goldman Sachs organization; (d) the Investment Adviser’s ability to hire and retain qualified personnel to provide services to the Fund because of the reputation of the Goldman Sachs organization; (e) the Fund’s access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; and (f) the Fund’s access to certain affiliated distribution channels. They considered the competitive nature of the ETF marketplace, noting that many of the Fund’s shareholders invested in the Fund in part because of the Fund’s relationship with the Investment Adviser and have a general expectation that the relationship will continue.

Conclusion

In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fee paid by the Fund was reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and the Fund’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit the Fund and its shareholders and that the Management Agreement should be approved and continued with respect to the Fund until September 30, 2023.

125

GOLDMAN SACHS ACTIVEBETA^® ETFS

Fund Expenses — Six Month Period Ended 2/28/2023 (Unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from September 1, 2022 through February 28, 2023, which represents a period of 181 days of a 365 day year (or less where indicated).

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

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

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


	ActiveBeta^® Emerging Markets Equity ETF							ActiveBeta^® Europe Equity ETF							ActiveBeta^® International Equity ETF							ActiveBeta^® Japan Equity ETF
	Beginning Account Value 9/1/22		Ending Account Value 2/28/23			Expenses Paid**		Beginning Account Value 9/1/22		Ending Account Value 2/28/23			Expenses Paid**		Beginning Account Value 9/1/22		Ending Account Value 2/28/23			Expenses Paid**		Beginning Account Value 9/1/22		Ending Account Value 2/28/23			Expenses Paid**
Actual based on NAV	$	1,000	$	998.95		$	2.23	$	1,000	$	1,180.65		$	1.35	$	1,000	$	1,108.54		$	1.31	$	1,000	$	1,035.54		$	1.26
Hypothetical 5% return		1,000		1,022.56	⁺		2.26		1,000		1,023.55	⁺		1.26		1,000		1,023.55	⁺		1.25		1,000		1,023.56	⁺		1.25


	ActiveBeta^® Paris-Aligned Climate U.S. Large Cap Equity ETF							ActiveBeta^® U.S. Large Cap Equity ETF							ActiveBeta^® U.S. Small Cap Equity ETF							ActiveBeta^® World Low Vol Plus Equity ETF
	Beginning Account Value 9/1/22		Ending Account Value 2/28/23			Expenses Paid**		Beginning Account Value 9/1/22		Ending Account Value 2/28/23			Expenses Paid**		Beginning Account Value 9/1/22		Ending Account Value 2/28/23			Expenses Paid**		Beginning Account Value 9/1/22		Ending Account Value 2/28/23			Expenses Paid**
Actual based on NAV	$	1,000	$	1,031.24		$	1.01	$	1,000	$	1,016.17		$	0.45	$	1,000	$	1,057.74		$	1.02	$	1,000	$	1,029.35		$	1.26
Hypothetical 5% return		1,000		1,023.80	⁺		1.00		1,000		1,024.35	⁺		0.45		1,000		1,023.80	⁺		1.00		1,000		1,023.55	⁺		1.25

⁺

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 are calculated using the Fund’s annualized net expense ratio, which represents the ongoing expenses as a percentage of net assets for the six months ended February 28, 2023. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratio for the period is as follows:


Fund
Goldman Sachs ActiveBeta^® Emerging Markets Equity ETF	0.45	%
Goldman Sachs ActiveBeta^® Europe Equity ETF	0.25	%
Goldman Sachs ActiveBeta^® International Equity ETF	0.25	%
Goldman Sachs ActiveBeta^® Japan Equity ETF	0.25	%
Goldman Sachs ActiveBeta^® Paris-Aligned Climate U.S. Large Cap Equity ETF	0.20	%
Goldman Sachs ActiveBeta^® U.S. Large Cap Equity ETF	0.09	%
Goldman Sachs ActiveBeta^® U.S. Small Cap Equity ETF	0.20	%

Goldman Sachs ActiveBeta^® World Low Vol Plus Equity ETF	0.25	%

126

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 $2.30 trillion in assets under supervision as of December 31, 2022, 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 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^® U.S. Equity ETF

Goldman Sachs MarketBeta^® U.S. 1000 Equity ETF

Goldman Sachs Future Planet Equity ETF

Goldman Sachs Future Tech Leaders Equity ETF

Goldman Sachs Future Health Care Equity ETF

Goldman Sachs Future Consumer Equity ETF

Goldman Sachs Future Real Estate and Infrastructure Equity ETF

INDEX DISCLAIMERS

The MSCI Emerging Markets Index, MSCI Europe Index, MSCI World ex USA Index and MSCI Japan Index (the “MSCI Indices”) were used by GSAM as the reference universe for selection of the companies included in the Goldman Sachs ActiveBeta^® Emerging Markets Equity Index, Goldman Sachs ActiveBeta^® Europe Equity Index, Goldman Sachs ActiveBeta^® International Equity Index and Goldman Sachs ActiveBeta^® Japan Equity Index (the “ActiveBeta^® Indices”), respectively. MSCI Inc. does not in any way sponsor, support, promote or endorse the ActiveBeta^® Indices or the Goldman Sachs ActiveBeta^® Emerging Markets Equity ETF, Goldman Sachs ActiveBeta^® Europe Equity ETF, Goldman Sachs ActiveBeta^® International Equity ETF or Goldman Sachs ActiveBeta^® Japan Equity ETF (the “ActiveBeta^® ETFs” or the “Funds”). MSCI Inc. was not and is not involved in any way in the creation, calculation, maintenance or review of the ActiveBeta^® Indices. The MSCI Indices were provided on an “as is” basis. MSCI Inc., its affiliates and any other person or entity involved in or related to compiling, computing or creating the MSCI Indices (collectively, the “MSCI Parties”) expressly disclaim all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose). Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including without limitation lost profits) or any other damages in connection with the MSCI Indices, the ActiveBeta^® ETFs or the ActiveBeta^® Indices.

The Russell 2000^® Index was used by Goldman Sachs Asset Management or its affiliate as the starting universe for selection of the companies included in the Goldman Sachs ActiveBeta^® U.S. Small Cap Equity Index. Frank Russell Company (“RUSSELL”) does not in any way sponsor, support, promote or endorse the Goldman Sachs ActiveBeta^® U.S. Small Cap Equity Index or the Goldman Sachs ActiveBeta^® U.S. Small Cap Equity ETF. In no event shall any Russell Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including without limitation lost profits) or any other damages in connection with the Russell 2000^® Index or the Goldman Sachs ActiveBeta^® U.S. Small Cap Equity Index.

The ActiveBeta^® Indices are trademarks of Goldman Sachs Asset Management, L.P. and have been licensed for use by Goldman Sachs ETF Trust.

GOLDMAN SACHS ASSET MANAGEMENT, L.P., THE GOLDMAN SACHS GROUP, INC., AND GOLDMAN SACHS & CO. LLC (COLLECTIVELY, “GOLDMAN SACHS”) DOES NOT GUARANTEE NOR MAKE ANY REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, TO THE OWNERS OR SHAREHOLDERS OF THE FUNDS OR ANY MEMBER OF THE PUBLIC REGARDING THE ADVISABILITY OF INVESTING IN SECURITIES GENERALLY OR IN A FUND PARTICULARLY OR THE ABILITY OF THE ACTIVEBETA^® INDICES TO TRACK GENERAL MARKET PERFORMANCE. GOLDMAN SACHS, IN ITS CAPACITY AS THE INDEX PROVIDER OF THE ACTIVEBETA^® INDICES, LICENSES CERTAIN TRADEMARKS AND TRADE NAMES TO THE FUNDS. GOLDMAN SACHS HAS NO OBLIGATION TO TAKE THE NEEDS OF THE FUNDS OR THE SHAREHOLDERS OF THE FUNDS INTO CONSIDERATION IN DETERMINING, COMPOSING OR CALCULATING THE ACTIVEBETA^® INDICES. GOLDMAN SACHS OR ANY OF ITS AFFILIATES MAY HOLD LONG OR SHORT POSITIONS IN SECURITIES HELD BY A FUND OR IN RELATED DERIVATIVES.

GOLDMAN SACHS DOES NOT GUARANTEE THE ADEQUACY, TIMELINESS, ACCURACY AND/OR THE COMPLETENESS OF THE ACTIVEBETA^® INDICES OR ANY DATA RELATED THERETO. GOLDMAN SACHS HEREBY EXPRESSLY DISCLAIMS ANY AND ALL LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN OR IN THE CALCULATION THEREOF. GOLDMAN SACHS MAKES NO WARRANTY, EXPRESS OR IMPLIED, AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE MARKS, THE ACTIVEBETA^® INDICES OR ANY DATA INCLUDED THEREIN AS TO THE RESULTS TO BE OBTAINED BY A FUND, THE SHAREHOLDERS, OR ANY OTHER PERSON OR ENTITY FROM USE OF THE ACTIVEBETA^® INDICES OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, GOLDMAN SACHS HEREBY EXPRESSLY DISCLAIMS ANY AND ALL LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.


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

THE BANK OF NEW YORK MELLON Transfer Agent

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

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

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

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

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information regarding how the Fund 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 February 28, 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.

Neither MSCI nor any other party involved in or related to compiling, computing, or creating the MSCI data makes any express or implied warranties or representations with respect to such data (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability, or fitness for a particular purpose with respect to any of such data. Without limiting any of the foregoing, in no event shall MSCI, any of its affiliates or any third party involved in or related to compiling, computing or creating the data have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. No further distribution or dissemination of the MSCI data is permitted without MSCI’s express written consent.

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.