Goldman Sachs ETF Trust

Goldman Sachs Funds



Annual Report				August 31, 2022

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

LOGO

Goldman Sachs ActiveBeta^® ETFs

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ACTIVEBETA^® EMERGING MARKETS EQUITY ETF (GEM)

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ACTIVEBETA^® EUROPE EQUITY ETF (GSEU)

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ACTIVEBETA^® INTERNATIONAL EQUITY ETF (GSIE)

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ACTIVEBETA^® JAPAN EQUITY ETF (GSJY)

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

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

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

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


TABLE OF CONTENTS

Investment Process			1

Portfolio Management Discussion and Performance Summaries			4

Schedules of Investments			42

Financial Statements			106

Financial Highlights			114

ActiveBeta^® Emerging Markets Equity ETF (GEM)			114

ActiveBeta^® Europe Equity ETF (GSEU)			115

ActiveBeta^® International Equity ETF (GSIE)			116

ActiveBeta^® Japan Equity ETF (GSJY)			117

ActiveBeta^® Paris-Aligned Climate U.S. Large Cap Equity ETF (GPAL)			118

ActiveBeta^® U.S. Large Cap Equity ETF (GSLC)			119

ActiveBeta^® U.S. Small Cap Equity ETF (GSSC)			120

ActiveBeta^® World Low Vol Plus Equity ETF (GLOV)			121

Notes to Financial Statements			122

Report of Independent Registered Public Accounting Firm			140

Other Information			145



NOT FDIC-INSURED	May Lose Value	No Bank Guarantee

INVESTMENT PROCESS

Goldman Sachs ActiveBeta^® ETFs

Principal Investment Strategies

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

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

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

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

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

Step 1

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

Step 2

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

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

For the ActiveBeta^® Paris-Aligned Climate U.S. Large Cap Equity ETF, the Index aims to meet the minimum requirements to be an “EU Paris-Aligned Benchmark” as defined by the European Commission Delegated Regulation C(2020)4757. An “EU Paris-Aligned Benchmark” is an index whose constituent companies are aligned with the goals of the Paris Climate Agreement, an international treaty that seeks to combat climate change and its effects. The Index Provider constructs the Fund’s Index in accordance with a rules-based methodology that involves three steps.

INVESTMENT PROCESS

Step 1

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

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

Step 2

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

Step 3

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

Goldman Sachs ActiveBeta^® World Low Vol Plus Equity ETF

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

Step 1

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

INVESTMENT PROCESS

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

Step 2

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

Step 3

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

* * *

At the end of the Reporting Period, i.e. the 12 months ended August 31, 2022, we continued to believe in the existence and persistence of certain equity common factors. We further believed that in capturing common factors, investment efficiency (risk-adjusted returns) can be improved by enhancing the informational efficiency and diversification of individual common factor portfolios. Additionally, we advocate the pursuit of factor diversification strategies, which combine individual common factor portfolios, as such strategies tend to dominate individual factors. A passive capture of informationally-efficient and diversified common factor strategies potentially delivers attractive after-cost information ratios.

Effective on April 4, 2022, Jamie McGregor no longer served as a portfolio manager for the Funds. In addition, effective the same date, Matthew Maillet began to serve as a portfolio manager for the Funds. Effective June 17, 2022, Matthew Maillet no longer served as a portfolio manager for the Funds. Raj Garigipati, Managing Director, continues to serve as a portfolio manager for the Funds, as he has since their inception.

PORTFOLIO RESULTS

Goldman Sachs ActiveBeta^® Emerging Markets Equity ETF

Investment Objective

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the 12-month period ended August 31, 2022 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund returned -21.97% based on net asset value (“NAV”) and -22.65% based on market price. The Index returned -21.84%, and the MSCI Emerging Markets Index (Net, Unhedged) (“MSCI Emerging Markets Index”), a market-cap based index against which the performance of the Fund is measured, and the reference index for the Index, returned -21.80% during the same period.

The Fund had an NAV of $39.33 per share on August 31, 2021 and ended the Reporting Period with an NAV of $29.42 per share. The Fund’s market price on August 31, 2022 was $29.03 per share.

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

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

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

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

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

Index constituents in the communication services, consumer discretionary and information technology sectors contributed most positively to the Index’s results relative to the MSCI Emerging Markets Index during the Reporting Period. Index constituents in the financials, industrials and real estate sectors detracted most from the Index’s results relative to the MSCI Emerging Markets Index during the Reporting Period.

PORTFOLIO RESULTS

From a country perspective, Index constituents in China, Russia and Qatar contributed most positively to the Index’s results relative to the MSCI Emerging Markets Index during the Reporting Period. Conversely, Index constituents in India, Saudi Arabia and Thailand detracted the most from the Index’s results relative to the MSCI Emerging Markets Index during the Reporting Period.

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

Relative to the MSCI Emerging Markets Index, underweight positions in Russian energy companies Gazprom and Lukoil and in Chinese e-commerce retailer Alibaba Group Holding contributed most positively (0.50%, 0.42% and 2.22% of Fund net assets as of August 31, 2022, respectively). Each produced a double-digit negative return within the Index during the Reporting Period.

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

Relative to the MSCI Emerging Markets Index, underweight positions in Indian conglomerate Reliance Industries and Indian bank ICICI Bank and an overweight position in South Korean consumer goods company LG Household and Health Care detracted most (0.94%, 0.48% and 0.00%¹ of Fund net assets as of August 31, 2022, respectively). Reliance Industries and ICICI Bank each posted a positive return within the Index during the Reporting Period, and LG Household and Health Care delivered a double-digit negative return within the Index during the Reporting Period.

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

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

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



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

Consumer Discretionary		11.45	%		11.31	%		14.17	%
Consumer Staples		10.76			11.55			6.18
Energy		5.66			4.01			5.29
Financials		21.28			21.47			21.64
Health Care		4.63			4.75			3.92
Industrials		5.16			5.04			5.89
Information Technology		18.81			19.67			19.44
Materials		8.45			8.24			8.41
Real Estate		1.08			1.03			1.81
Communication Services		9.10			9.59			10.10
Utilities		3.15			3.34			3.14

Some weights are 0.00% at August 31, 2022 either because those positions were taken out during the most recent rebalance given the Fund’s index construction methodology or because they were not components of the Index during the Reporting Period.

Sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by MSCI. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Underlying sector allocation of exchange-traded funds held by the Fund are not reflected in the chart above. Investments in the securities lending vehicle represented 1.0% of the Fund’s net assets as of August 31, 2022. Figures above may not sum to 100% due to rounding due to the presence of cash.

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

PORTFOLIO RESULTS

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



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

China		31.69	%		31.36	%		32.09	%
Russia		3.00
Qatar		1.32			1.39			1.13
Mexico		2.08			2.33			2.00
Hungary		0.14			0.14			0.16
Greece		0.41			0.42			0.25
United Arab Emirates		1.56			1.60			1.31
Czech		0.19			0.20			0.14
Poland		0.68			0.69			0.54
Pakistan
Turkey		0.48			0.51			0.34
Argentina
Colombia		0.11			0.11			0.15
Brazil		5.20			5.11			5.29
Kuwait		0.79			0.78			0.85
Philippines		0.29			0.35			0.75
South Africa		3.73			3.88			3.40
Egypt		0.33			0.34			0.07
Peru		0.00			0.00			0.22
Korea		11.98			12.50			11.58
Taiwan		14.04			14.86			14.60
Indonesia		1.77			1.76			1.98
Chile		0.54			0.55			0.58
Malaysia		0.00			1.40			1.51
Thailand		1.54			1.41			1.97
Saudi Arabia		4.17			4.23			4.60
India		13.27			14.08			14.47

Country classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by MSCI. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Underlying sector allocation of exchange-traded funds held by the Fund are not reflected in the chart above. Investments in the securities lending vehicle represented 1.0% of the Fund’s net assets as of August 31, 2022. Figures above may not sum to 100% due to rounding due to the presence of cash.

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

FUND BASICS

ActiveBeta^® Emerging Markets Equity ETF

as of August 31, 2022


FUND SNAPSHOT

As of August 31, 2022

Market Price¹	$	29.03
Net Asset Value (NAV)¹	$	29.42

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


TOP 10 HOLDINGS AS OF 8/31/22²

Holding	% of Net Assets			Line of Business	Country

Taiwan Semiconductor Manufacturing Co. Ltd.		5.6	%	Information Technology	Taiwan

Tencent Holdings Ltd.		3.2		Communication Services	China

Samsung Electronics Co. Ltd.		3.0		Information Technology	South Korea

Alibaba Group Holding Ltd.		2.3		Consumer Discretionary	China

Infosys Ltd.		1.0		Information Technology	India

Meituan, Class B		1.0		Consumer Discretionary	China

Reliance Industries Ltd.		1.0		Energy	India

Vale SA		0.8		Materials	Brazil

China Construction Bank Corp., Class H		0.8		Financials	China

JD.com, Inc., Class A		0.7		Consumer Discretionary	China

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

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

ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

Performance Summary

August 31, 2022

The following graph shows the value, as of August 31, 2022, of a $10,000 investment made on September 25, 2015 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index and a market-cap based index against which the performance of the Fund is measured, the Goldman Sachs ActiveBeta^® Emerging Markets Equity Index and the MSCI Emerging Markets Index (Net, Unhedged), respectively, are shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. In addition to the performance of constituents of the underlying index, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.

ActiveBeta^® Emerging Markets Equity ETF’s Lifetime Performance

Performance of a $10,000 Investment, with distributions reinvested, from September 25, 2015 through August 31, 2022.

LOGO


Average Annual Total Return through August 31, 2022*	One Year	Five Years	Since Inception
Shares based on NAV (Commenced September 25, 2015)	-21.97%	-0.11%	4.75%

Shares based on Market Price (Commenced September 25, 2015)	-22.65%	-0.37%	4.56%

Goldman Sachs ActiveBeta^® Emerging Markets Equity Index	-21.84%	0.12%	5.02%

MSCI Emerging Markets Index (Net, Unhedged)	-21.80%	0.59%	5.86%

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

PORTFOLIO RESULTS

Goldman Sachs ActiveBeta^® Europe Equity ETF

Investment Objective

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the 12-month period ended August 31, 2022 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund returned -24.81% based on net asset value (“NAV”) and -25.51% based on market price. The Index returned -24.61%, and the MSCI Europe Index (Net, Unhedged) (“MSCI Europe Index”), a market-cap based index against which the performance of the Fund is measured, and the reference index for the Index, returned -21.57% during the same period.

The Fund had an NAV of $37.99 per share on August 31, 2021 and ended the Reporting Period with an NAV of $27.47 per share. The Fund’s market price on August 31, 2022 was $27.26 per share.

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

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

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

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

Index constituents in the financials, energy and consumer discretionary sectors detracted most from the Index’s results relative to the MSCI Europe Index during the Reporting Period. Index constituents in the information technology, real estate and communication services sectors contributed most positively to the Index’s results relative to the MSCI Europe Index during the Reporting Period.

From a country perspective, Index constituents in the U.K., Germany and Switzerland detracted the most from the Index’s results relative to the MSCI Europe Index during the

PORTFOLIO RESULTS

Reporting Period. Conversely, Index constituents in the Netherlands, Spain and Denmark contributed most positively to the Index’s results relative to the MSCI Europe Index during the Reporting Period.

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

Relative to the MSCI Europe Index, overweight positions in German meal-kit provider HelloFresh and German shoe and fashion e-commerce retailer Zalando and an underweight position in U.K. financial services holding company HSBC Holdings detracted most (0.34%, 0.30% and 0.75% of Fund net assets as of August 31, 2022, respectively). HelloFresh and Zalando each posted a double-digit negative return within the Index during the Reporting Period, while HSBC Holdings generated a double-digit gain within the Index during the Reporting Period.

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

Relative to the MSCI Europe Index, overweight positions in Sweden-based tobacco company Swedish Match, Finland-based pharmaceuticals company Orion and Portugal-based food distribution and food manufacturing business Jeronimo Martins contributed most positively (0.66%, 0.00%¹ and 0.00% of Fund net assets as of August 31, 2022, respectively). Each generated a solid gain within the Index during the Reporting Period.

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

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



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

Consumer Discretionary		12.26	%		11.62	%		10.39	%
Consumer Staples		15.30			15.76			14.16
Energy		5.69			5.38			6.61
Financials		14.25			14.01			15.75
Health Care		15.82			16.16			15.56
Industrials		15.08			14.75			14.18
Information Technology		6.47			6.57			7.09
Materials		5.82			6.67			7.12
Real Estate		0.66			0.72			1.01
Communication Services		4.26			3.96			3.80
Utilities		4.41			4.39			4.34

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 August 31, 2022. Figures above may not sum to 100% due to rounding due to the presence of cash.

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

PORTFOLIO RESULTS

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



Country Name	Fund³			GS ActiveBeta^® Europe Equity Index			MSCI Europe Index
Netherlands		7.57	%		6.82	%		6.45	%
Spain		3.69			3.65			3.72
Denmark		4.52			4.69			4.36
Portugal		0.69			0.66			0.37
Ireland		1.06			0.55			0.97
Sweden		4.24			4.60			5.35
Finland		1.84			1.67			1.61
Norway		1.55			1.51			1.39
Italy		3.59			3.77			3.54
Belgium		1.18			1.06			1.48
Austria		0.56			0.62			0.26
France		18.70			19.16			17.73
Switzerland		15.96			15.77			16.39
Germany		12.49			12.44			11.85
UK		22.36			23.03			24.54

Country classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by 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 August 31, 2022. Figures above may not sum to 100% due to rounding due to the presence of cash.

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

FUND BASICS

ActiveBeta^® Europe Equity ETF

as of August 31, 2022


FUND SNAPSHOT

As of August 31, 2022

Market Price¹	$	27.26
Net Asset Value (NAV)¹	$	27.47


TOP 10 HOLDINGS AS OF 8/31/22²

Holding	% of Net Assets			Line of Business	Country

Nestle SA		3.3	%	Consumer Staples	United States
Roche Holding AG		2.6		Health Care	United States
Novo Nordisk A/S, Class B		2.2		Health Care	Denmark

ASML Holding NV		2.0		Information Technology	Netherlands
LVMH Moet Hennessy Louis Vuitton SE		1.9		Consumer Discretionary	France
AstraZeneca PLC		1.8		Health Care	United Kingdom
Novartis AG		1.8		Health Care	Switzerland

Shell PLC		1.7		Energy	Netherlands
TotalEnergies SE		1.2		Energy	France
L’Oreal SA		1.1		Consumer Staples	France

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

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

ACTIVEBETA^® EUROPE EQUITY ETF

Performance Summary

August 31, 2022

The following graph shows the value, as of August 31, 2022, of a $10,000 investment made on March 2, 2016 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index and a market-cap based index against which the performance of the Fund is measured, the Goldman Sachs ActiveBeta^® Europe Equity Index and the MSCI Europe Index (Net, Unhedged), respectively, are shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. In addition to the performance of constituents of the underlying index, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.

ActiveBeta^® Europe Equity ETF’s Lifetime Performance

Performance of a $10,000 Investment, with distributions reinvested, from March 2, 2016 through August 31, 2022.

LOGO


Average Annual Total Return through August 31, 2022*	One Year	Five Years	Since Inception
Shares based on NAV (Commenced March 2, 2016)	-24.81%	1.14%	4.64%

Shares based on Market Price (Commenced March 2, 2016)	-25.51%	0.88%	4.51%

Goldman Sachs ActiveBeta^® Europe Equity Index	-24.61%	1.25%	4.75%

MSCI Europe Index (Net, Unhedged)	-21.57%	1.23%	4.69%

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

PORTFOLIO RESULTS

Goldman Sachs ActiveBeta^® International Equity ETF

Investment Objective

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the 12-month period ended August 31, 2022 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund returned -20.18% based on net asset value (“NAV”) and -20.53% based on market price. The Index returned -20.11%, and the MSCI World ex USA Index (Net, Unhedged, USD) (“MSCI World ex USA Index”), a market-cap based index against which the performance of the Fund is measured, and the reference index for the Index, returned -18.56% during the same period.

The Fund had an NAV of $35.76 per share on August 31, 2021 and ended the Reporting Period with an NAV of $27.64 per share. The Fund’s market price on August 31, 2021 was $27.52 per share.

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

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

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

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

Index constituents in the financials, health care and energy sectors detracted the most from the Index’s results relative to the MSCI World ex USA Index during the Reporting Period. Index constituents in the information technology, communication services and real estate sectors contributed most positively to the Index’s results relative to the MSCI World ex USA Index during the Reporting Period.

From a country perspective, Index constituents in the U.K., Germany and Japan detracted the most from the Fund’s results relative to the MSCI World ex USA Index during the Reporting Period. Conversely, Index constituents in Canada, the Netherlands and Singapore contributed most positively to

PORTFOLIO RESULTS

the Fund’s results relative to the MSCI World ex USA Index during the Reporting Period.

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

Relative to the MSCI World ex USA Index, overweight positions in German meal-kit provider HelloFresh and German shoe and fashion e-commerce retailer Zalando and an underweight position in U.K. financial services holding company HSBC Holdings detracted most (0.16%, 0.14% and 0.36% of Fund net assets as of August 31, 2022, respectively). HelloFresh and Zalando each posted a double-digit negative return within the Index during the Reporting Period, while HSBC Holdings generated a double-digit gain within the Index during the Reporting Period.

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

Relative to the MSCI World ex USA Index, underweight positions in Canadian e-commerce company Shopify and Singapore-based digital entertainment, e-commerce and digital financial service business Sea and an overweight position in Canadian supermarket retailer Loblaw contributed most positively (0.00%,¹ 0.00% and 0.00% of Fund net assets as of August 31, 2022, respectively). Shopify and Sea each generated a double-digit negative return within the Index during the Reporting Period, and Loblaw posted a double-digit gain within the Index during the Reporting Period.

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

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



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

Consumer Discretionary		11.21	%		10.92	%		10.67	%
Consumer Staples		13.41			13.82			10.27
Energy		6.15			5.61			6.61
Financials		17.88			17.94			19.70
Health Care		11.66			11.82			11.63
Industrials		14.51			14.13			14.84
Information Technology		7.55			7.69			7.80
Materials		7.08			7.72			7.79
Real Estate		1.96			2.19			2.59
Communication Services		5.22			4.87			4.57
Utilities		3.38			3.30			3.53

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 2.2% of the Fund’s net assets as of August 31, 2022. Figures above may not sum to 100% due to rounding due to the presence of cash.

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

PORTFOLIO RESULTS

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



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

Canada		12.60	%		12.86	%		11.56	%
Netherlands		4.21			3.71			3.60
Singapore		1.46			1.32			1.33
Spain		1.96			1.90			2.08
Denmark		2.59			2.61			2.43
Portugal		0.39			0.36			0.21
Ireland		0.77			0.33			0.54
Israel		1.10			0.99			0.75
Hong Kong		2.68			2.88			2.74
Sweden		2.35			2.57			2.99
Italy		1.97			2.21			1.97
Finland		1.12			0.92			0.90
New Zealand		0.21			0.14			0.17
Norway		0.88			0.79			0.77
Belgium		0.71			0.66			0.82
Austria		0.25			0.45			0.15
Australia		6.55			6.78			7.30
France		10.75			11.21			9.90
Switzerland		8.70			8.42			9.15
Japan		19.41			18.83			20.33
Germany		6.70			6.82			6.62
UK		12.61			13.22			13.70

Country classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by 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 2.2% of the Fund’s net assets as of August 31, 2022. Figures above may not sum to 100% due to rounding due to the presence of cash.

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

FUND BASICS

ActiveBeta^® International Equity ETF

as of August 31, 2022


FUND SNAPSHOT

As of August 31, 2022

Market Price¹	$	27.52
Net Asset Value (NAV)¹	$	27.64


TOP 10 HOLDINGS AS OF 8/31/22²

Holding	% of Net Assets			Line of Business	Country

Nestle SA		1.8	%	Consumer Staples	United States
Roche Holding AG		1.4		Health Care	United States
Novo Nordisk A/S, Class B		1.2		Health Care	Denmark

Shell PLC		1.2		Energy	Netherlands
LVMH Moet Hennessy Louis Vuitton SE		1.1		Consumer Discretionary	France
Novartis AG		0.9		Health Care	Switzerland
ASML Holding NV		0.9		Information Technology	Netherlands

AstraZeneca PLC		0.9		Health Care	United Kingdom
BHP Group Ltd.		0.8		Materials	Australia
Royal Bank of Canada		0.7		Financials	Canada

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

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

ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Performance Summary

August 31, 2022

The following graph shows the value, as of August 31, 2022, of a $10,000 investment made on November 6, 2015 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index and a market-cap based index against which the performance of the Fund is measured, the Goldman Sachs ActiveBeta^® International Equity Index and the MSCI World ex USA Index (Net, Unhedged, USD), respectively, are shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. In addition to the performance of constituents of the underlying index, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.

ActiveBeta^® International Equity ETF’s Lifetime Performance

Performance of a $10,000 Investment, with distributions reinvested, from November 6, 2015 through August 31, 2022.

LOGO


Average Annual Total Return through August 31, 2022*	One Year	Five Years	Since Inception
Shares based on NAV (Commenced November 6, 2015)	-20.18%	2.07%	4.09%

Shares based on Market Price (Commenced November 6, 2015)	-20.53%	1.86%	4.02%

Goldman Sachs ActiveBeta^® International Equity Index	-20.11%	2.13%	4.18%

MSCI World ex USA Index (Net, Unhedged, USD)	-18.56%	2.08%	3.90%

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

PORTFOLIO RESULTS

Goldman Sachs ActiveBeta^® Japan Equity ETF

Investment Objective

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the 12-month period ended August 31, 2022 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund returned -18.76% based on net asset value (“NAV”) and -19.44% based on market price. The Index returned -18.91%, while the MSCI Japan Index (Unhedged) (“MSCI Japan Index”), a market-cap based index against which the performance of the Fund is measured, and the reference index for the Index, returned -18.96% during the same period.

The Fund had an NAV of $37.91 per share on August 31, 2021 and ended the Reporting Period with an NAV of $30.15 per share. The Fund’s market price on August 31, 2022 was $29.78 per share.

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

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

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

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

Index constituents in the industrials, energy and information technology sectors contributed most positively to the Index’s results relative to the MSCI Japan Index during the Reporting Period. Conversely, Index constituents in the consumer discretionary, utilities and consumer staples sectors detracted most from results relative to the MSCI Japan Index during the Reporting Period.

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

Relative to the MSCI Japan Index, overweight positions in integrated trading and investment company Marubeni, energy company Inpex and auto manufacturer Mazda Motor

PORTFOLIO RESULTS

contributed most positively (1.19%, 1.13% and 0.30% of Fund net assets as of August 31, 2022, respectively). Marubeni and Inpex each posted a double-digit gain within the Index during the Reporting Period, and Mazda Motor generated a single-digit positive return within the Index during the Reporting Period.

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

Relative to the MSCI Japan Index, overweight positions in real estate business Iida Group Holdings and home appliance retailer Yamada Holdings and an underweight position in pharmaceutical company Daiichi Sankyo detracted most (0.08%, 0.00%¹ and 1.38% of Fund net assets as of August 31, 2022, respectively). Iida Group Holdings and Yamada Holdings each posted a double-digit negative return within the Index during the Reporting Period. Daiichi Sankyo delivered a double-digit gain within the Index during the Reporting Period.

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

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



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

Consumer Discretionary		18.07	%		17.96	%		18.94	%
Consumer Staples		7.53			7.47			6.54
Energy		1.76			1.54			0.93
Financials		10.99			11.09			10.17
Health Care		10.02			9.79			9.85
Industrials		21.28			20.94			22.58
Information Technology		14.78			15.15			13.49
Materials		3.59			4.38			4.60
Real Estate		2.51			2.55			3.46
Communication Services		8.82			8.56			8.37
Utilities		0.67			0.55			1.07

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 6.7% of the Fund’s net assets as of August 31, 2022. Figures above may not sum to 100% due to rounding due to the presence of cash.

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

FUND BASICS

ActiveBeta^® Japan Equity ETF

as of August 31, 2022


FUND SNAPSHOT

As of August 31, 2022

Market Price¹	$	29.78
Net Asset Value (NAV)¹	$	30.15


TOP 10 HOLDINGS AS OF 8/31/22²

Holding	% of Net Assets			Line of Business	Country

Toyota Motor Corp.		4.3	%	Consumer Discretionary	Japan
Sony Group Corp.		2.8		Consumer Discretionary	Japan
Honda Motor Co. Ltd.		2.2		Consumer Discretionary	Japan
Mitsubishi Corp.		1.8		Industrials	Japan
Keyence Corp.		1.8		Information Technology	Japan
Mitsui & Co. Ltd.		1.6		Industrials	Japan
KDDI Corp.		1.5		Communication Services	Japan
Nippon Telegraph & Telephone Corp.		1.5		Communication Services	Japan
Takeda Pharmaceutical Co. Ltd.		1.5		Health Care	Japan
Mitsubishi UFJ Financial Group, Inc.		1.5		Financials	Japan

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

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

ACTIVEBETA^® JAPAN EQUITY ETF

Performance Summary

August 31, 2022

The following graph shows the value, as of August 31, 2022, of a $10,000 investment made on March 2, 2016 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index and a market-cap based index against which the performance of the Fund is measured, the Goldman Sachs ActiveBeta^® Japan Index and the MSCI Japan Index (Unhedged), respectively, are shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. In addition to the performance of constituents of the underlying index, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.

ActiveBeta^® Japan Equity ETF’s Lifetime Performance

Performance of a $10,000 Investment, with distributions reinvested, from March 2, 2016 through August 31, 2022.

LOGO


Average Annual Total Return through August 31, 2022*	One Year	Five Years	Since Inception
Shares based on NAV (Commenced March 2, 2016)	-18.76%	1.85%	4.69%

Shares based on Market Price (Commenced March 2, 2016)	-19.44%	1.56%	4.50%

Goldman Sachs ActiveBeta^® Japan Equity Index	-18.91%	1.65%	4.51%

MSCI Japan Index (Unhedged)	-18.96%	1.97%	5.00%

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

PORTFOLIO RESULTS

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

Investment Objective

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the for the period since its inception on December 13, 2021 through August 31, 2022 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund returned -17.52% based on net asset value (“NAV”) and -17.39% based on market price. The Index returned -17.46%, and the Solactive US Large Cap Index (“Solactive Index”), a market-cap based index against which the performance of the Fund is measured, and the reference index for the Index, returned -16.46% during the same period.

The Fund had an NAV of $39.67 on December 13, 2021 and ended the Reporting Period with an NAV of $32.50 per share. The Fund’s market price on August 31, 2022 was $32.55 per share.

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

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

The Index aims to meet the minimum requirements to be an “EU Paris-Aligned Benchmark” as defined by the European Commission Delegated Regulation C(2020)4757. An “EU Paris-Aligned Benchmark” is an index whose constituent companies are aligned with the goals of the Paris Climate Agreement, an international treaty that seeks to combat climate change and its effects.

During the Reporting Period, the Fund posted double-digit negative absolute returns that underperformed the Solactive Index, as measured by NAV. Amongst underlying factors, Low Volatility detracted most from results relative to the Solactive Index, followed by Momentum and Value. Quality contributed positively to results relative to the Solactive Index.

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

Having no exposure to the energy sector detracted most from the Index’s results relative to the Solactive Index during the Reporting Period. Index constituents in the utilities, industrials and consumer discretionary sectors also detracted from the Index’s results relative to the Solactive Index during the Reporting Period. Conversely, Index constituents in the

PORTFOLIO RESULTS

information technology, communication services and health care sectors contributed most positively to the Index’s results relative to the Solactive Index during the Reporting Period.

From a country perspective, Index constituents in the U.S. detracted most from the Fund’s results relative to the Solactive Index during the Reporting Period, followed at some distance by Index constituents in Curacao and Switzerland. Index constituents in Panama, Liberia and Bermuda contributed most positively to the Fund’s results relative to the Solactive Index during the Reporting Period.

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

Relative to the Solactive Index, having no exposure to integrated energy companies Exxon Mobil and Chevron and an underweight position in e-commerce retailer behemoth Amazon.com detracted most (0.00%¹, 0.00% and 0.00% of Fund net assets as of August 31, 2022, respectively). Each of these holdings posted a return during the Reporting Period that outperformed the Solactive Index.

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

Relative to the Solactive Index, underweight positions in entertainment content streaming company Netflix and payment transactions company PayPal Holdings and an overweight position in consumer staples company Hershey contributed most positively (0.03%, 0.23% and 0.48% of Fund net assets as of August 31, 2022, respectively). Netflix and PayPal Holdings each generated a double-digit negative return within the Index during the Reporting Period. Hershey delivered a double-digit positive return within the Index during the Reporting Period.

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

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



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

Consumer Discretionary		9.36	%		9.34	%		11.26	%
Consumer Staples		8.66			8.66			6.68
Financials		11.76			11.74			10.47
Health Care		18.62			18.62			14.25
Industrials		5.14			5.15			7.84
Information Technology		31.67			31.69			28.37
Materials		2.20			2.20			2.07
Real Estate		4.79			4.80			2.90
Communication Services		7.13			7.14			8.25
Utilities		0.66			0.66			3.06
Energy		—			—			4.84

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



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

Panama		0.00	%		0.00	%		0.02	%
Liberia		0.00			0.00			0.03
Bermuda		0.15			0.15			0.09
Netherlands		0.00			0.00			0.16
U.K.		0.12			0.12			0.04
Ireland		1.55			1.55			1.67
Switzerland		0.36			0.36			0.26
Curacao		0.00			0.00			0.16
U.S.		97.83			97.83			97.56

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

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

FUND BASICS

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

as of August 31, 2022


FUND SNAPSHOT

As of August 31, 2022

Market Price¹	$	32.55
Net Asset Value (NAV)¹	$	32.50


TOP 10 HOLDINGS AS OF 8/31/22²

Holding	% of Net Assets			Line of Business	Country

Apple, Inc.		7.8	%	Information Technology	United States

Microsoft Corp.		5.9		Information Technology	United States

Alphabet, Inc., Class C		2.0		Communication Services	United States

Alphabet, Inc., Class A		1.9		Communication Services	United States

Johnson & Johnson		1.4		Health Care	United States

Berkshire Hathaway, Inc., Class B		1.4		Financials	United States

UnitedHealth Group, Inc.		1.3		Health Care	United States

Meta Platforms, Inc., Class A		1.1		Communication Services	United States

NVIDIA Corp.		1.0		Information Technology	United States

CVS Health Corp.		0.9		Health Care	United States

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

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

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

Performance Summary

August 31, 2022

The following graph shows the value, as of August 31, 2022, of a $10,000 investment made on December 13, 2021 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index and a market-cap based index against which the performance of the Fund is measured, the Goldman Sachs ActiveBeta^® Paris-Aligned U.S. Large Cap Equity Index (USD, Unhedged) and Solactive US Large Cap Index, respectively, are shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. In addition to the performance of constituents of the underlying index, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.

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

Performance of a $10,000 Investment, with distributions reinvested, from December 13, 2021 through August 31, 2022.

LOGO


Average Annual Total Return through August 31, 2022*		Since Inception
Shares based on NAV (Commenced December 13, 2021)		-17.52%

Shares based on Market Price (Commenced December 13, 2021)		-17.39%

Goldman Sachs ActiveBeta^® Paris-Aligned U.S. Large Cap Equity Index (USD, Unhedged)		-17.46%

Solactive US Large Cap Index		-16.46%

Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculation assumes all management fees incurred by the Fund. Market Price returns are based upon the last trade as of 4:00pm EST and do not reflect the returns you would receive if you traded shares at other times. The first day of secondary market trading is typically several days after the date on which the Fund commenced investment operations; therefore, the NAV of the Fund is used as a proxy for the period from inception of investment operations to the first day of secondary market trading to calculate the Market Price returns.

PORTFOLIO RESULTS

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

Investment Objective

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the 12-month period ended August 31, 2022 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund returned -12.70% based on net asset value (“NAV”) and -12.70% based on market price. The Index returned -12.64%, and the S&P 500 Index (Total Return, USD) (“S&P 500 Index”), a market-cap based index against which the performance of the Fund is measured, returned -11.23% during the same period.

The Fund had an NAV of $90.95 on August 31, 2021 and ended the Reporting Period with an NAV of $78.36 per share. The Fund’s market price on August 31, 2022 was $78.33 per share.

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

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

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

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

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

PORTFOLIO RESULTS

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

Relative to the S&P 500 Index, underweight positions in integrated energy companies Exxon Mobil and Chevron and in electric vehicle manufacturer Tesla detracted most (0.76%, 0.45% and 1.46% of Fund net assets as of August 31, 2022, respectively). Each generated a double-digit gain within the Index during the Reporting Period.

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

Relative to the S&P 500 Index, underweight positions in payment transactions company PayPal Holdings and entertainment content streaming company Netflix and an overweight position in auto parts retailer AutoZone contributed most positively (0.16%, 0.08% and 0.61% of Fund net assets as of August 31, 2022, respectively). PayPal Holdings and Netflix each posted a double-digit negative return within the Index during the Reporting Period, while AutoZone generated a double-digit gain within the Index during the Reporting Period.

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

What was the Fund’s sector positioning relative to the Index and the S&P 500 Index at the end of the Reporting Period?¹



Sector Name	Fund²			GS ActiveBeta^® U.S. Large Cap Equity Index			S&P 500 Index

Consumer Discretionary		13.22	%		13.22	%		11.43	%
Consumer Staples		9.14			9.14			6.77
Energy		4.33			4.33			4.67
Financials		9.12			9.10			10.86
Health Care		14.95			14.92			14.07
Industrials		7.52			7.52			7.92
Information Technology		26.91			26.95			27.32
Materials		1.68			1.68			2.54
Real Estate		3.13			3.12			2.86
Communication Services		6.77			6.79			8.42
Utilities		3.23			3.23			3.13

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 0.2% of the Fund’s net assets as of August 31, 2022. Figures above may not sum to 100% due to rounding due to the presence of cash.

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

FUND BASICS

ActiveBeta^® U.S. Large Cap Equity ETF

as of August 31, 2022


FUND SNAPSHOT

As of August 31, 2022

Market Price¹	$	78.33
Net Asset Value (NAV)¹	$	78.36


TOP 10 HOLDINGS AS OF 8/31/22²

Holding	% of Net Assets			Line of Business

Apple, Inc.		6.4	%	Information Technology
Microsoft Corp.		5.1		Information Technology
Amazon.com, Inc.		2.8		Consumer Discretionary
Alphabet, Inc., Class A		1.7		Communication Services
Alphabet, Inc., Class C		1.6		Communication Services
Tesla, Inc.		1.5		Consumer Discretionary
UnitedHealth Group, Inc.		1.2		Health Care
Johnson & Johnson		1.1		Health Care
Meta Platforms, Inc., Class A		1.1		Communication Services
Berkshire Hathaway, Inc., Class B		1.0		Financials

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

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

ACTIVEBETA^® U.S. LARGE CAP EQUITY ETF

Performance Summary

August 31, 2022

The following graph shows the value, as of August 31, 2022, of a $10,000 investment made on September 17, 2015 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index and a market-cap based index against which the performance of the Fund is measured, the Goldman Sachs ActiveBeta^® U.S. Large Cap Equity Index and the S&P 500 Index (Total Return, USD), respectively, are shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. In addition to the performance of constituents of the underlying index, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.

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

Performance of a $10,000 Investment, with distributions reinvested, from September 17, 2015 through August 31, 2022.

LOGO


Average Annual Total Return through August 31, 2022*	One Year	Five Years	Since Inception
Shares based on NAV (Commenced September 17, 2015)	-12.70%	11.53%	11.60%

Shares based on Market Price (Commenced September 17, 2015)	-12.70%	11.52%	11.59%

Goldman Sachs ActiveBeta^® U.S. Large Cap Equity Index	-12.64%	11.64%	11.71%

S&P 500 Index (Total Return, USD)	-11.23%	11.82%	12.46%

Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculation assumes all management fees incurred by the Fund. Market Price returns are based upon the last trade as of 4:00pm EST and do not reflect the returns you would receive if you traded shares at other times. The first day of secondary market trading is typically several days after the date on which the Fund commenced investment operations; therefore, the NAV of the Fund is used as a proxy for the period from inception of investment operations to the first day of secondary market trading to calculate the Market Price returns.

PORTFOLIO RESULTS

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

Investment Objective

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the for the 12-month period ended August 31, 2022 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund returned -12.95% based on net asset value (“NAV”) and -12.83% based on market price. The Index returned -12.77%, and the Russell 2000^® Index, a market-cap based index against which the performance of the Fund is measured, and the reference index for the Index, returned -17.88% during the same period.

The Fund had an NAV of $64.97 on August 31, 2021 and ended the Reporting Period with an NAV of $55.87 per share. The Fund’s market price on August 31, 2022 was $55.92 per share.

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

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

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

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

Index constituents in the health care, information technology and financials sectors contributed most positively to the Index’s results relative to the Russell 2000^® Index during the Reporting Period. Partially offsetting these positive contributors were Index constituents in energy and real estate — the only two sectors to detract from the Index’s results relative to the Russell 2000^® Index during the Reporting Period.

PORTFOLIO RESULTS

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

Relative to the Russell 2000^® Index, underweight positions in movie theater operator AMC Entertainment Holdings and medical genetic testing company Invitae and an overweight position in fiber optic management, protection and delivery products for communications networks manufacturer and distributor Clearfield contributed most positively (0.00%¹, 0.00% and 0.28% of Fund net assets as of August 31, 2022, respectively). AMC Entertainment Holdings and Invitae each posted a double-digit negative return within the Index during the Reporting Period. Clearfield generated a triple-digit positive return within the Index during the Reporting Period.

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

Relative to the Russell 2000^® Index, overweight positions in cloud-based real estate brokerage services provider eXp World Holdings and chiropractic clinics franchisor Joint and an underweight position in clinical-stage biopharmaceutical company Karuna Therapeutics detracted most (0.19%, 0.00%1 and 0.07% of Fund net assets as of August 31, 2022, respectively). eXp World Holdings and Joint each posted a double-digit negative return within the Index during the Reporting Period. Karuna Therapeutics generated a triple-digit gain within the Index during the Reporting Period.

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

What was the Fund’s sector positioning relative to the Index and the Russell 2000^® Index at the end of the Reporting Period?²



Sector Name	Fund³			GS ActiveBeta^® U.S. Small Cap Equity Index			Russell 2000^® Index

Consumer Discretionary		10.85	%		10.80	%		10.39	%
Consumer Staples		3.67			3.62			3.52
Energy		5.95			5.97			6.27
Financials		19.65			19.67			17.06
Health Care		13.10			13.08			17.66
Industrials		16.46			16.46			15.12
Information Technology		13.13			13.14			12.89
Materials		4.13			4.15			4.21
Real Estate		6.70			6.71			6.65
Communication Services		2.37			2.40			2.78
Utilities		4.00			3.99			3.44

Sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by Russell Investments. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Underlying sector allocation of exchange-traded funds held by the Fund are not reflected in the chart above. Investments in the securities lending vehicle represented 0.6% of the Fund’s net assets as of August 31, 2022. Figures above may not sum to 100% due to rounding due to the presence of cash.

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

FUND BASICS

ActiveBeta^® U.S. Small Cap Equity ETF

as of August 31, 2022


FUND SNAPSHOT

As of August 31, 2022

Market Price¹	$	55.92
Net Asset Value (NAV)¹	$	55.87


TOP 10 HOLDINGS AS OF 8/31/22²

Holding	% of Net Assets			Line of Business	Country

Murphy USA, Inc.		0.4	%	Consumer Discretionary	United States
SM Energy Co.		0.4		Energy	United States
Corcept Therapeutics, Inc.		0.3		Health Care	United States
Chord Energy Corp.		0.3		Energy	United States
Shockwave Medical, Inc.		0.3		Health Care	United States
EMCOR Group, Inc.		0.3		Industrials	United States
Applied Industrial Technologies, Inc.		0.3		Industrials	United States
Mr Cooper Group, Inc.		0.3		Financials	United States
Biohaven Pharmaceutical Holding Co. Ltd.		0.3		Health Care	United States
Magnolia Oil & Gas Corp., Class A		0.3		Energy	United States

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

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

ACTIVEBETA^® U.S. SMALL CAP EQUITY ETF

Performance Summary

August 31, 2022

The following graph shows the value, as of August 31, 2022, of a $10,000 investment made on June 28, 2017 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index and a market-cap based index against which the performance of the Fund is measured, the Goldman Sachs ActiveBeta^® U.S. Small Cap Equity Index and the Russell 2000^® Index, respectively, are shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. In addition to the performance of constituents of the underlying index, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.

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

Performance of a $10,000 Investment, with distributions reinvested, from June 28, 2017 through August 31, 2022.

LOGO


Average Annual Total Return through August 31, 2022*	One Year	Five Years	Since Inception
Shares based on NAV (Commenced June 28, 2017)	-12.95%	8.39%	7.72%

Shares based on Market Price (Commenced June 28, 2017)	-12.83%	8.79%	7.74%

Goldman Sachs ActiveBeta^® U.S. Small Cap Equity Index	-12.77%	8.55%	7.89%

Russell 2000^® Index	-17.88%	6.95%	6.45%

PORTFOLIO RESULTS

Goldman Sachs ActiveBeta^® World Low Vol Plus Equity ETF

Investment Objective

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the for the period since its inception on March 15, 2022 through August 31, 2022 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund returned -5.65% based on net asset value (“NAV”) and -5.63% based on market price. The Index returned -5.79% during the same period.

The Fund had an NAV of $40.57 on March 15, 2022 and ended the Reporting Period with an NAV of $37.97 per share. The Fund’s market price on August 31, 2022 was $37.98 per share.

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

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

During the Reporting Period, the Fund posted negative absolute returns but outperformed the Solactive Index, as measured by NAV. Amongst underlying factors, Momentum and Low Volatility contributed positively to relative returns. Value and Quality detracted from relative returns.

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

Index constituents in the industrials, information technology and communication services sectors contributed most positively to the Index’s results relative to the Solactive Index during the Reporting Period. Index constituents in the energy sector detracted most from the Index’s results relative to the Solactive Index, followed at some distance by Index constituents in the real estate and health care sectors.

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

PORTFOLIO RESULTS

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

Relative to the Solactive Index, an underweight position in semiconductor company NVIDIA and overweight positions in auto parts retailers Genuine Parts and AutoZone contributed most positively (0.19%, 0.80% and 1.25% of Fund net assets as of August 31, 2022, respectively). NVIDIA posted a double-digit negative return within the Index during the Reporting Period. Genuine Parts and AutoZone each generated a double-digit gain within the Index during the Reporting Period.

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

Relative to the Solactive Index, underweight positions in information technology giant Apple and integrated energy company Exxon Mobil and having no exposure to electric vehicle manufacturer Tesla detracted most (2.97%, 0.40% and 0.00%¹ of Fund net assets as of August 31, 2022, respectively). Each of these holdings posted a gain within the Index during the Reporting Period.

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

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



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

Consumer Discretionary		10.44	%		10.44	%		11.35	%
Consumer Staples		13.72			13.73			7.71
Energy		1.56			1.56			5.13
Financials		15.23			15.23			13.20
Health Care		12.25			12.24			13.28
Industrials		10.39			10.38			10.18
Information Technology		21.59			21.59			21.71
Materials		1.27			1.27			4.12
Real Estate		1.88			1.88			2.72
Communication Services		7.70			7.70			7.41
Utilities		3.98			3.98			3.20

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 Solactive Investments. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Underlying sector allocation of exchange-traded funds held by the Fund are not reflected in the chart above. Figures above may not sum to 100% due to rounding due to the presence of cash.

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

PORTFOLIO RESULTS

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



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

U.S.		66.91	%		66.90	%		65.99	%
Germany		1.29			1.29			1.92
Israel		1.46			1.46			0.32
Ireland		0.84			0.84			1.70
Netherlands		1.80			1.80			1.53
Spain		0.41			0.41			0.65
Guernsey		0.00			0.00			0.02
Australia		2.48			2.48			2.37
Singapore		0.76			0.76			0.42
Finland		0.42			0.42			0.35
Poland		0.00			0.00			0.06
Jersey		0.00			0.00			0.33
Sweden		1.60			1.60			0.94
Luxembourg		0.00			0.00			0.10
Cayman Islands		0.00			0.00			0.28
Panama		0.00			0.00			0.02
Liberia		0.00			0.00			0.02
Isle of Man		0.00			0.00			0.02
Faroe Islands		0.00			0.00			0.01
Bermuda		0.09			0.09			0.13
Curacao		0.09			0.09			0.11
Portugal		0.00			0.00			0.05
Japan		5.72			5.72			6.84
New Zealand		0.23			0.23			0.12
Austria		0.27			0.27			0.08
Canada		4.62			4.63			3.73
Denmark		0.03			0.03			0.73
Switzerland		2.60			2.60			2.78
Norway		0.75			0.75			0.29
Hong Kong		0.66			0.66			0.66
France		2.32			2.32			2.59
Italy		1.04			1.04			0.47
Belgium		0.53			0.53			0.22
U.K.		3.08			3.08			4.14

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

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

FUND BASICS

ActiveBeta^® World Low Vol Plus Equity ETF

as of August 31, 2022


FUND SNAPSHOT

As of August 31, 2022

Market Price¹	$	37.98
Net Asset Value (NAV)¹	$	37.97


TOP 10 HOLDINGS AS OF 8/31/22²

Holding	% of Net Assets			Line of Business	Country

Apple, Inc.		3.0	%	Information Technology	United States
Microsoft Corp.		2.2		Information Technology	United States
O’Reilly Automotive, Inc.		1.4		Consumer Discretionary	United States
AutoZone, Inc.		1.3		Consumer Discretionary	United States
Nippon Telegraph & Telephone Corp.		1.2		Communication Services	United States
Berkshire Hathaway, Inc., Class B		1.1		Financials	United States
Amazon.com, Inc.		1.0		Consumer Discretionary	United States
UnitedHealth Group, Inc.		1.0		Health Care	United States
Home Depot, Inc. (The)		1.0		Consumer Discretionary	United States
Johnson & Johnson		1.0		Health Care	United States

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

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

ACTIVEBETA^® WORLD LOW VOL PLUS EQUITY ETF

Performance Summary

August 31, 2022


Average Annual Total Return through August 31, 2022*		Since Inception
Shares based on NAV (Commenced March 15, 2022)		-5.65%

Shares based on Market Price (Commenced March 15, 2022)		-5.63%

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

FUND BASICS

Index Definitions and Industry Terms

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

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

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

The Goldman Sachs ActiveBeta^® Emerging Markets Equity Index is designed to deliver exposure to equity securities of emerging market issuers. The Index seeks to capture common sources of active equity returns, including value (i.e., how attractively a stock is priced relative to its “fundamentals,” such as book value and free cash flow), momentum (i.e., whether a company’s share price is trending up or down), quality (i.e., profitability) and low volatility (i.e., a relatively low degree of fluctuation in a company’s share price over time). The Index is reconstituted and rebalanced quarterly. It is not possible to invest directly in an unmanaged index.

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

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

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

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

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

The Goldman Sachs ActiveBeta^® Japan Equity Index is designed to deliver exposure to equity securities of Japanese issuers. The Index seeks to capture common sources of active equity returns, including value (i.e., how attractively a stock is priced relative to its “fundamentals,” such as book value and free cash flow), momentum (i.e., whether a company’s share price is trending up or down), quality (i.e., profitability) and low volatility (i.e., a relatively low degree of fluctuation in a company’s share price over time). The Index is reconstituted and rebalanced quarterly. It is not possible to invest directly in an unmanaged index.

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

The Goldman Sachs ActiveBeta^® U.S. Large Cap Equity Index is designed to deliver exposure to equity securities of large capitalization U.S. issuers. The Index seeks to capture common sources of active equity returns, including value (i.e., how attractively a stock is priced relative to its “fundamentals,” such as book value and free cash flow), momentum (i.e., whether a company’s share price is trending up or down), quality (i.e., profitability) and low volatility (i.e., a relatively low degree of fluctuation in a company’s share price over time). The Index aims to meet the minimum requirements to be an “EU Paris-Aligned Benchmark” as defined by the European Commission Delegated Regulation C(2020)4757. An “EU Paris-Aligned Benchmark” is an index whose constituent companies are aligned with the goals of the Paris Climate Agreement, an international treaty that seeks to combat climate change and its effects. The Index is reconstituted and rebalanced quarterly. It is not possible to invest directly in an unmanaged index.

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

The Goldman Sachs ActiveBeta^® U.S. Small Cap Equity Index is designed to deliver exposure to equity securities of small capitalization U.S. issuers. The Index seeks to capture common sources of active equity returns, including value (i.e., how attractively a stock is priced relative to its “fundamentals,” such as book value and free cash flow), momentum (i.e., whether a company’s share price is trending up or down), quality (i.e., profitability) and low volatility (i.e., a relatively low degree of fluctuation in a company’s share price over time). The Index is reconstituted and rebalanced quarterly. It is not possible to invest directly in an unmanaged index.

FUND BASICS

Index Definitions and Industry Terms (continued)

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.

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

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

Schedule of Investments

August 31, 2022


Shares		Description	Value

Common Stocks – 96.6%
Brazil – 3.6%
	759,166	Ambev SA (Consumer Staples)	$	2,237,496
	205,564	Atacadao SA (Consumer Staples)		783,611
	688,107	B3 SA – Brasil Bolsa Balcao (Financials)		1,573,841
	458,194	Banco Bradesco SA (Financials)		1,400,848
	104,600	Banco do Brasil SA (Financials)		841,686
	655,696	BB Seguridade Participacoes SA (Financials)		3,579,055
	56,500	Centrais Eletricas Brasileiras SA (Utilities)		502,840
	320,623	Cia Siderurgica Nacional SA (Materials)		854,004
	113,343	Energisa SA (Utilities)		925,164
	129,001	Engie Brasil Energia SA (Utilities)		1,008,404
	313,145	Equatorial Energia SA (Utilities)		1,461,464
	55,700	Hypera SA (Health Care)		463,038
	160,920	Klabin SA (Materials)		584,853
	151,843	Lojas Renner SA (Consumer Discretionary)		775,774
	194,931	Natura & Co. Holding SA (Consumer Staples)		542,541
	560,909	Petroleo Brasileiro SA (Energy)		4,024,124
	608,642	Raia Drogasil SA (Consumer Staples)		2,556,273
	154,197	Suzano SA (Materials)		1,317,267
	229,259	Telefonica Brasil SA (Communication Services)		1,820,443
	191,910	TIM SA (Communication Services)		438,196
	648,867	Vale SA (Materials)		8,077,962
	269,214	WEG SA (Industrials)		1,469,999

				37,238,883

Chile – 0.5%
	923,902	Cencosud SA (Consumer Staples)		1,296,941
	269,280	Cia Cervecerias Unidas SA (Consumer Staples)		1,469,365
	263,240	Empresas CMPC SA (Materials)		501,353
	93,257	Empresas Copec SA (Energy)		807,719
	6,868,372	Enel Americas SA (Utilities)		747,164

				4,822,542

China – 32.2%
	64,790	360 DigiTech, Inc. ADR (Financials)		1,035,344
	389,700	360 Security Technology, Inc., Class A (Information Technology)		413,808
	418,506	37 Interactive Entertainment Network Technology Group Co. Ltd., Class A (Communication Services)		1,236,658
	1,299,869	3SBio, Inc. (Health Care)^(a)		866,154
	3,088,218	Agricultural Bank of China Ltd., Class A (Financials)		1,276,762
	4,845,114	Agricultural Bank of China Ltd., Class H (Financials)		1,586,467
	109,892	Aier Eye Hospital Group Co. Ltd., Class A (Health Care)		468,992


Common Stocks – (continued)
China – (continued)
	516,500	Air China Ltd., Class H (Industrials)*		415,235
	22,556	Airtac International Group (Industrials)*		610,633
	1,938,955	Alibaba Group Holding Ltd. (Consumer Discretionary)*		23,295,573
	32,274	Amlogic Shanghai Co. Ltd., Class A (Information Technology)*		403,381
	71,789	Anhui Conch Cement Co. Ltd., Class A (Materials)		332,413
	159,592	Anhui Conch Cement Co. Ltd., Class H (Materials)		609,995
	193,922	ANTA Sports Products Ltd. (Consumer Discretionary)		2,344,700
	18,203	Autohome, Inc. ADR (Communication Services)		648,209
	1,078,941	AVIC Industry-Finance Holdings Co. Ltd., Class A (Financials)		529,019
	202,800	Baidu, Inc., Class A (Communication Services)*		3,656,102
	2,071,275	Bank of Beijing Co. Ltd., Class A (Financials)		1,240,923
	423,023	Bank of Changsha Co. Ltd., Class A (Financials)		418,510
	3,322,389	Bank of China Ltd., Class A (Financials)		1,465,147
	10,271,202	Bank of China Ltd., Class H (Financials)		3,611,805
	2,197,507	Bank of Communications Co. Ltd., Class A (Financials)		1,460,000
	2,710,366	Bank of Communications Co. Ltd., Class H (Financials)		1,547,034
	1,498,049	Bank of Jiangsu Co. Ltd., Class A (Financials)		1,575,510
	691,661	Bank of Nanjing Co. Ltd., Class A (Financials)		1,065,553
	1,133,935	Bank of Shanghai Co. Ltd., Class A (Financials)		972,149
	1,578,865	BBMG Corp., Class A (Materials)		600,072
	608,898	Beijing Enterprises Holdings Ltd. (Utilities)		1,815,325
	1,384,978	Beijing Enterprises Water Group Ltd. (Utilities)		356,441
	459,380	Beijing Originwater Technology Co. Ltd., Class A (Industrials)		367,181
	52,592	Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A (Health Care)		973,862
	744,911	Beijing-Shanghai High Speed Railway Co. Ltd., Class A (Industrials)		500,314
	78,405	BGI Genomics Co. Ltd., Class A (Health Care)		686,743
	21,824	Bloomage Biotechnology Corp. Ltd., Class A (Health Care)		452,876
	1,680,876	BOE Technology Group Co. Ltd., Class A (Information Technology)		902,183


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

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF


Shares		Description	Value

Common Stocks – (continued)
China – (continued)
	2,309,423	Bosideng International Holdings Ltd. (Consumer Discretionary)	$	1,300,528
	24,955	BYD Co. Ltd., Class A (Consumer Discretionary)		1,042,502
	64,196	BYD Co. Ltd., Class H (Consumer Discretionary)		1,980,962
	189,689	By-health Co. Ltd., Class A (Consumer Staples)		513,190
	412,796	Caitong Securities Co. Ltd., Class A (Financials)		454,500
	4,084,531	CGN Power Co. Ltd., Class H (Utilities)^(a)		973,145
	14,007	Changchun High & New Technology Industry Group, Inc., Class A (Health Care)		359,809
	457,376	Changjiang Securities Co. Ltd., Class A (Financials)		377,522
	60,153	Chengxin Lithium Group Co. Ltd., Class A (Materials)		464,048
	4,277,824	China Cinda Asset Management Co. Ltd., Class H (Financials)		588,628
	3,068,134	China CITIC Bank Corp. Ltd., Class H (Financials)		1,317,341
	1,315,478	China Communications Services Corp. Ltd., Class H (Industrials)		564,817
	136,512	China Conch Venture Holdings Ltd. (Industrials)		279,325
	1,323,773	China Construction Bank Corp., Class A (Financials)		1,060,009
	12,706,349	China Construction Bank Corp., Class H (Financials)		7,883,947
	1,428,307	China Everbright Bank Co. Ltd., Class A (Financials)		594,649
	2,814,165	China Everbright Bank Co. Ltd., Class H (Financials)		864,093
	1,750,854	China Feihe Ltd. (Consumer Staples)*^(a)		1,452,195
	331,742	China Galaxy Securities Co. Ltd., Class A (Financials)		476,423
	1,201,803	China Galaxy Securities Co. Ltd., Class H (Financials)		658,409
	537,636	China Hongqiao Group Ltd. (Materials)		524,700
	705,510	China Life Insurance Co. Ltd., Class H (Financials)		1,013,926
	1,336,291	China Medical System Holdings Ltd. (Health Care)		1,981,746
	608,635	China Mengniu Dairy Co. Ltd. (Consumer Staples)*		2,764,461
	227,597	China Merchants Bank Co. Ltd., Class A (Financials)		1,157,209
	589,294	China Merchants Bank Co. Ltd., Class H (Financials)		3,025,736
	333,306	China Merchants Port Holdings Co. Ltd. (Industrials)		501,094
	197,316	China Merchants Securities Co. Ltd., Class A (Financials)		379,258


Common Stocks – (continued)
China – (continued)
	307,928	China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A (Real Estate)		653,061
	1,953,574	China Minsheng Banking Corp. Ltd., Class A (Financials)		1,020,210
	3,315,279	China Minsheng Banking Corp. Ltd., Class H (Financials)		1,055,976
	1,013,392	China National Building Material Co. Ltd., Class H (Materials)		960,604
	678,188	China National Nuclear Power Co. Ltd., Class A (Utilities)		626,681
	65,546	China Northern Rare Earth Group High-Tech Co. Ltd., Class A (Materials)		286,580
	230,186	China Overseas Land & Investment Ltd. (Real Estate)		621,740
	140,200	China Pacific Insurance Group Co. Ltd., Class A (Financials)		426,485
	193,740	China Pacific Insurance Group Co. Ltd., Class H (Financials)		411,233
	1,979,143	China Petroleum & Chemical Corp., Class A (Energy)		1,225,920
	4,369,330	China Petroleum & Chemical Corp., Class H (Energy)		2,065,298
	1,544,323	China Power International Development Ltd. (Utilities)		865,735
	654,231	China Railway Group Ltd., Class A (Industrials)		545,703
	1,034,507	China Railway Group Ltd., Class H (Industrials)		593,116
	655,997	China Railway Signal & Communication Corp. Ltd., Class A (Information Technology)		421,563
	190,615	China Resources Beer Holdings Co. Ltd. (Consumer Staples)		1,332,072
	532,809	China Resources Cement Holdings Ltd. (Materials)		329,236
	90,956	China Resources Gas Group Ltd. (Utilities)		355,186
	146,757	China Resources Land Ltd. (Real Estate)		603,007
	186,877	China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A (Health Care)		1,070,533
	179,760	China Shenhua Energy Co. Ltd., Class A (Energy)		791,163
	833,303	China Shenhua Energy Co. Ltd., Class H (Energy)		2,622,369
	1,077,442	China State Construction Engineering Corp. Ltd., Class A (Industrials)		803,367
	350,200	China State Construction International Holdings Ltd. (Industrials)		405,131
	751,435	China Suntien Green Energy Corp. Ltd., Class H (Energy)		337,956


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

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

Schedule of Investments (continued)

August 31, 2022


Shares		Description	Value

Common Stocks – (continued)
China – (continued)
	44,225	China Tourism Group Duty Free Corp. Ltd., Class A (Consumer Discretionary)	$	1,254,214
	12,912,662	China Tower Corp. Ltd., Class H (Communication Services)^(a)		1,612,263
	1,707,212	China Traditional Chinese Medicine Holdings Co. Ltd. (Health Care)		739,538
	1,969,085	China United Network Communications Ltd., Class A (Communication Services)		1,014,028
	378,575	China Yangtze Power Co. Ltd., Class A (Utilities)		1,316,916
	2,242,940	China Zheshang Bank Co. Ltd., Class A (Financials)*		1,057,446
	69,902	Chongqing Brewery Co. Ltd., Class A (Consumer Staples)		1,132,661
	836,129	Chongqing Rural Commercial Bank Co. Ltd., Class A (Financials)		434,224
	53,088	Chongqing Zhifei Biological Products Co. Ltd., Class A (Health Care)		724,290
	1,212,863	CITIC Ltd. (Industrials)		1,253,218
	158,166	CITIC Securities Co. Ltd., Class A (Financials)		447,868
	238,092	CITIC Securities Co. Ltd., Class H (Financials)		484,141
	11,363	Contemporary Amperex Technology Co. Ltd., Class A (Industrials)*		796,154
	167,500	COSCO SHIPPING Energy Transportation Co. Ltd., Class A (Energy)*		342,603
	294,406	COSCO SHIPPING Holdings Co. Ltd., Class A (Industrials)		606,446
	543,309	COSCO SHIPPING Holdings Co. Ltd., Class H (Industrials)		815,429
	1,088,306	Country Garden Holdings Co. Ltd. (Real Estate)^(b)		323,073
	546,132	CRRC Corp. Ltd., Class A (Industrials)		396,910
	2,257,305	CRRC Corp. Ltd., Class H (Industrials)		845,535
	2,473,523	CSPC Pharmaceutical Group Ltd. (Health Care)		2,518,006
	265,686	Daan Gene Co. Ltd., Class A (Health Care)		680,638
	1,471,525	Dali Foods Group Co. Ltd. (Consumer Staples)^(a)		673,064
	464,414	Daqin Railway Co. Ltd., Class A (Industrials)		434,532
	14,458	Daqo New Energy Corp. ADR (Information Technology)*		963,915
	491,644	DHC Software Co. Ltd., Class A (Information Technology)		415,079
	123,854	Dong-E-E-Jiao Co. Ltd., Class A (Health Care)		615,537


Common Stocks – (continued)
China – (continued)
	967,922	Dongfeng Motor Group Co. Ltd., Class H (Consumer Discretionary)		615,368
	364,092	Dongxing Securities Co. Ltd., Class A (Financials)		438,904
	323,115	Dongyue Group Ltd. (Materials)		364,741
	70,459	Ecovacs Robotics Co. Ltd., Class A (Consumer Discretionary)		834,034
	65,937	ENN Energy Holdings Ltd. (Utilities)		961,057
	199,100	ENN Natural Gas Co. Ltd., Class A (Utilities)		593,238
	510,457	Far East Horizon Ltd. (Financials)		386,964
	566,631	FAW Jiefang Group Co. Ltd., Class A (Consumer Discretionary)		670,730
	183,836	Fiberhome Telecommunication Technologies Co. Ltd., Class A (Information Technology)		383,750
	625,293	Focus Media Information Technology Co. Ltd., Class A (Communication Services)		549,684
	359,982	Fosun International Ltd. (Industrials)		265,554
	463,468	Founder Securities Co. Ltd., Class A (Financials)		467,263
	286,014	Foxconn Industrial Internet Co. Ltd., Class A (Information Technology)		385,443
	70,549	Fuyao Glass Industry Group Co. Ltd., Class A (Consumer Discretionary)		399,742
	12,597	G-bits Network Technology Xiamen Co. Ltd., Class A (Communication Services)		521,437
	1,305,843	GD Power Development Co. Ltd., Class A (Utilities)*		824,019
	387,200	Geely Automobile Holdings Ltd. (Consumer Discretionary)		784,380
	111,848	Genscript Biotech Corp. (Health Care)*		362,669
	135,746	GF Securities Co. Ltd., Class A (Financials)		323,732
	258,856	Giant Network Group Co. Ltd., Class A (Communication Services)		323,685
	155,212	Great Wall Motor Co. Ltd., Class H (Consumer Discretionary)		234,928
	85,183	Gree Electric Appliances Inc of Zhuhai, Class A (Consumer Discretionary)		394,556
	382,979	Guangdong Investment Ltd. (Utilities)		351,319
	34,709	Guangdong Kinlong Hardware Products Co. Ltd., Class A (Industrials)		480,691
	256,497	Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A (Health Care)		1,012,065


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

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF


Shares		Description	Value

Common Stocks – (continued)
China – (continued)
	312,651	Guangzhou Haige Co.mmunications Group Inc Co., Class A (Information Technology)	$	396,395
	86,083	Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A (Health Care)		832,540
	114,350	Guangzhou Tinci Materials Technology Co. Ltd., Class A (Materials)		788,758
	283,889	Guosen Securities Co. Ltd., Class A (Financials)		380,932
	204,779	Guotai Junan Securities Co. Ltd., Class A (Financials)		439,350
	433,797	Guoyuan Securities Co. Ltd., Class A (Financials)		460,633
	640,222	Haidilao International Holding Ltd. (Consumer Discretionary)*^(a)(b)		1,517,181
	246,124	Haier Smart Home Co. Ltd., Class A (Consumer Discretionary)		923,650
	489,005	Haier Smart Home Co. Ltd., Class H (Consumer Discretionary)		1,607,411
	152,189	Haitian International Holdings Ltd. (Industrials)		374,226
	309,338	Haitong Securities Co. Ltd., Class A (Financials)		425,401
	584,950	Haitong Securities Co. Ltd., Class H (Financials)		383,813
	83,806	Hangzhou Robam Appliances Co. Ltd., Class A (Consumer Discretionary)		305,753
	146,855	Hansoh Pharmaceutical Group Co. Ltd. (Health Care)^(a)		293,753
	234,368	Heilongjiang Agriculture Co. Ltd., Class A (Consumer Staples)		499,093
	85,128	Hengan International Group Co. Ltd. (Consumer Staples)		407,807
	1,385,817	Hesteel Co. Ltd., Class A (Materials)		486,495
	55,730	Hithink RoyalFlush Information Network Co. Ltd., Class A (Financials)		688,222
	317,700	Hopson Development Holdings Ltd. (Real Estate)		437,154
	26,276	Hoshine Silicon Industry Co. Ltd., Class A (Materials)		427,670
	685,391	Huadian Power International Corp. Ltd., Class A (Utilities)		542,860
	128,402	Huadong Medicine Co. Ltd., Class A (Health Care)		785,475
	215,559	Huatai Securities Co. Ltd., Class A (Financials)		410,883
	375,474	Huatai Securities Co. Ltd., Class H (Financials)^(a)		503,257
	349,310	Huaxi Securities Co. Ltd., Class A (Financials)		406,389
	1,511,277	Huaxia Bank Co. Ltd., Class A (Financials)		1,126,845


Common Stocks – (continued)
China – (continued)
	195,320	Huayu Automotive Systems Co. Ltd., Class A (Consumer Discretionary)		528,991
	103,948	Hubei Xingfa Chemicals Group Co. Ltd., Class A (Materials)		582,804
	19,300	Huizhou Desay Sv Automotive Co. Ltd., Class A (Consumer Discretionary)		428,357
	2,076,413	Industrial & Commercial Bank of China Ltd., Class A (Financials)		1,319,304
	7,061,808	Industrial & Commercial Bank of China Ltd., Class H (Financials)		3,598,901
	472,464	Industrial Bank Co. Ltd., Class A (Financials)		1,172,670
	114,774	Inner Mongolia Yili Industrial Group Co. Ltd., Class A (Consumer Staples)		595,052
	282,353	Inner Mongolia Yuan Xing Energy Co. Ltd., Class A (Materials)		348,561
	124,863	Intco Medical Technology Co. Ltd., Class A (Health Care)		397,762
	108,497	Jafron Biomedical Co. Ltd., Class A (Health Care)		739,099
	234,080	JD.com, Inc., Class A (Consumer Discretionary)		7,360,434
	466,628	Jiangsu Expressway Co. Ltd., Class H (Industrials)		400,110
	282,422	Jiangsu Hengrui Medicine Co. Ltd., Class A (Health Care)		1,419,986
	136,900	Jiangsu Zhongtian Technology Co. Ltd., Class A (Industrials)		442,065
	28,151	JiuGui Liquor Co. Ltd., Class A (Consumer Staples)		609,529
	355,661	Jiumaojiu International Holdings Ltd. (Consumer Discretionary)^(a)(b)		704,176
	247,328	Joincare Pharmaceutical Group Industry Co. Ltd., Class A (Health Care)		391,431
	354,824	Jointown Pharmaceutical Group Co. Ltd., Class A (Health Care)		611,486
	17,642	JOYY, Inc. ADR (Communication Services)		534,905
	412,728	Kingboard Holdings Ltd. (Information Technology)		1,306,725
	235,899	Kuaishou Technology (Communication Services)*^(a)		2,067,800
	10,869	Kweichow Moutai Co. Ltd., Class A (Consumer Staples)		3,033,554
	2,506,417	Lenovo Group Ltd. (Information Technology)		2,075,681
	23,400	Li Auto, Inc. ADR (Consumer Discretionary)*		673,218
	324,604	Li Ning Co. Ltd. (Consumer Discretionary)		2,977,696
	1,707,512	Liaoning Port Co. Ltd., Class A (Industrials)		413,654


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

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

Schedule of Investments (continued)

August 31, 2022


Shares		Description	Value

Common Stocks – (continued)
China – (continued)
	295,274	Longfor Group Holdings Ltd. (Real Estate)^(a)	$	963,073
	17,432	Luzhou Laojiao Co. Ltd., Class A (Consumer Staples)		592,231
	413,055	Meituan, Class B (Consumer Discretionary)*^(a)		9,988,449
	1,238,474	Metallurgical Corp. of China Ltd., Class A (Industrials)		576,699
	47,600	Muyuan Foods Co. Ltd., Class A (Consumer Staples)		404,771
	225,111	NetEase, Inc. (Communication Services)		4,066,932
	85,277	New China Life Insurance Co. Ltd., Class A (Financials)		356,396
	185,640	New China Life Insurance Co. Ltd., Class H (Financials)		437,560
	448,200	New Oriental Education & Technology Group, Inc. (Consumer Discretionary)*		1,341,942
	40,200	Ningbo Orient Wires & Cables Co. Ltd., Class A (Industrials)		417,946
	40,000	Ningbo Tuopu Group Co. Ltd., Class A (Consumer Discretionary)		458,748
	358,033	Nongfu Spring Co. Ltd., Class H (Consumer Staples)^(a)		2,137,109
	107,708	North Industries Group Red Arrow Co. Ltd., Class A (Industrials)		477,640
	400,759	Northeast Securities Co. Ltd., Class A (Financials)		417,993
	796,349	Offshore Oil Engineering Co. Ltd., Class A (Energy)		518,689
	574,820	People’s Insurance Co. Group of China Ltd. (The), Class A (Financials)		416,092
	2,600,299	People’s Insurance Co. Group of China Ltd. (The), Class H (Financials)		805,051
	2,956,839	PetroChina Co. Ltd., Class A (Energy)		2,290,477
	4,984,129	PetroChina Co. Ltd., Class H (Energy)		2,355,902
	1,994,664	PICC Property & Casualty Co. Ltd., Class H (Financials)		2,160,144
	42,638	Pinduoduo, Inc. ADR (Consumer Discretionary)*		3,040,089
	225,100	Ping An Bank Co. Ltd., Class A (Financials)		416,335
	134,260	Ping An Insurance Group Co. of China Ltd., Class A (Financials)		853,836
	663,036	Ping An Insurance Group Co. of China Ltd., Class H (Financials)		3,915,442
	1,520,119	Postal Savings Bank of China Co. Ltd., Class A (Financials)		994,515
	1,897,528	Postal Savings Bank of China Co. Ltd., Class H (Financials)^(a)		1,136,266
	540,012	Power Construction Corp. of China Ltd., Class A (Industrials)		604,753


Common Stocks – (continued)
China – (continued)
	26,703	Proya Cosmetics Co. Ltd., Class A (Consumer Staples)		619,779
	871,880	Qingdao Rural Commercial Bank Corp., Class A (Financials)		385,757
	178,500	Qinghai Salt Lake Industry Co. Ltd., Class A (Materials)*		719,847
	221,199	SAIC Motor Corp. Ltd., Class A (Consumer Discretionary)		496,399
	36,347	Sangfor Technologies, Inc., Class A (Information Technology)		509,176
	218,276	SDIC Power Holdings Co. Ltd., Class A (Utilities)		353,051
	839,697	Sealand Securities Co. Ltd., Class A (Financials)		434,858
	1,217,300	Seazen Group Ltd. (Real Estate)*		406,343
	23,663	SG Micro Corp., Class A (Information Technology)		549,907
	216,155	Shandong Buchang Pharmaceuticals Co. Ltd., Class A (Health Care)		564,410
	193,508	Shandong Gold Mining Co. Ltd., Class A (Materials)		502,469
	737,986	Shanghai International Port Group Co. Ltd., Class A (Industrials)		579,165
	198,441	Shanghai Lingang Holdings Corp. Ltd., Class A (Real Estate)		364,149
	159,966	Shanghai Pharmaceuticals Holding Co. Ltd., Class A (Health Care)		400,985
	1,102,551	Shanghai Pudong Development Bank Co. Ltd., Class A (Financials)		1,162,760
	478,099	Shanghai RAAS Blood Products Co. Ltd., Class A (Health Care)		405,031
	352,100	Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A (Consumer Discretionary)		409,635
	243,700	Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A (Real Estate)		410,082
	512,945	Shanxi Securities Co. Ltd., Class A (Financials)		433,063
	888,737	Shanxi Taigang Stainless Steel Co. Ltd., Class A (Materials)		631,723
	30,334	Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A (Consumer Staples)		1,289,301
	176,300	Shengyi Technology Co. Ltd., Class A (Information Technology)		406,637
	752,170	Shenwan Hongyuan Group Co. Ltd., Class A (Financials)		456,089
	347,632	Shenzhen International Holdings Ltd. (Industrials)		300,292
	16,460	Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A (Health Care)		712,740
	20,866	Shenzhou International Group Holdings Ltd. (Consumer Discretionary)		218,926


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

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF


Shares		Description	Value

Common Stocks – (continued)
China – (continued)
	228,781	Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A (Health Care)	$	709,885
	459,262	Shimao Group Holdings Ltd. (Real Estate)^(b)(c)		258,629
	188,294	Sichuan Chuantou Energy Co. Ltd., Class A (Utilities)		360,279
	222,826	Sichuan Kelun Pharmaceutical Co. Ltd., Class A (Health Care)		693,993
	314,066	Sichuan Road & Bridge Co. Ltd., Class A (Industrials)		486,119
	83,803	Sichuan Swellfun Co. Ltd., Class A (Consumer Staples)		887,198
	68,592	Silergy Corp. (Information Technology)		1,201,135
	325,400	Sinolink Securities Co. Ltd., Class A (Financials)		407,839
	270,104	Sinopharm Group Co. Ltd., Class H (Health Care)		601,543
	829,288	Sinotrans Ltd., Class A (Industrials)		453,528
	195,740	Smoore International Holdings Ltd. (Consumer Staples)^(a)(b)		351,137
	404,700	SooChow Securities Co. Ltd., Class A (Financials)		402,730
	664,049	Southwest Securities Co. Ltd., Class A (Financials)		378,573
	237,920	Sunac China Holdings Ltd. (Real Estate)*^(c)		138,832
	38,387	Sunny Optical Technology Group Co. Ltd. (Information Technology)		527,715
	82,600	Suzhou TA&A Ultra Clean Technology Co. Ltd., Class A (Materials)		934,733
	115,200	TAL Education Group ADR (Consumer Discretionary)*		665,856
	69,759	TBEA Co. Ltd., Class A (Industrials)		250,760
	660,944	TCL Technology Group Corp., Class A (Consumer Discretionary)		397,896
	781,771	Tencent Holdings Ltd. (Communication Services)		32,590,185
	146,021	Tencent Music Entertainment Group ADR (Communication Services)*		746,167
	291,700	Tianma Microelectronics Co. Ltd., Class A (Information Technology)		399,453
	1,197,818	Tingyi Cayman Islands Holding Corp. (Consumer Staples)		2,130,444
	174,023	Titan Wind Energy Suzhou Co. Ltd., Class A (Industrials)		349,634
	1,301,523	Topsports International Holdings Ltd. (Consumer Discretionary)^(a)		1,029,763
	12,077	Trip.com Group Ltd. ADR (Consumer Discretionary)*		310,620
	60,700	Tsingtao Brewery Co. Ltd., Class H (Consumer Staples)		591,622


Common Stocks – (continued)
China – (continued)
	1,424,277	Uni-President China Holdings Ltd. (Consumer Staples)		1,228,505
	197,268	Vipshop Holdings Ltd. ADR (Consumer Discretionary)*		2,290,281
	1,938,165	Want Want China Holdings Ltd. (Consumer Staples)		1,368,026
	246,701	Weichai Power Co. Ltd., Class H (Industrials)		330,659
	257,152	Wens Foodstuffs Group Co. Ltd., Class A (Consumer Staples)*		884,834
	414,844	Western Securities Co. Ltd., Class A (Financials)		389,957
	228,831	Wharf Holdings Ltd. (The) (Real Estate)		862,980
	611,000	Wuchan Zhongda Group Co. Ltd., Class A (Consumer Discretionary)		407,714
	30,841	Wuliangye Yibin Co. Ltd., Class A (Consumer Staples)		747,990
	120,104	Wuxi Biologics Cayman, Inc. (Health Care)*^(a)		1,066,557
	554,900	XCMG Construction Machinery Co. Ltd., Class A (Industrials)*		419,382
	438,385	Xiamen C & D, Inc., Class A (Industrials)		746,588
	12,896	Xiamen Faratronic Co. Ltd., Class A (Information Technology)		332,504
	129,685	Xiamen Intretech, Inc., Class A (Consumer Discretionary)		382,835
	604,550	Xiaomi Corp., Class B (Information Technology)*^(a)		890,398
	298,259	Yadea Group Holdings Ltd. (Consumer Discretionary)^(a)		570,765
	153,200	Yankuang Energy Group Co. Ltd., Class H (Energy)		608,986
	239,930	Yihai International Holding Ltd. (Consumer Staples)*^(b)		605,874
	24,737	YongXing Special Materials Technology Co. Ltd., Class A (Materials)		482,966
	481,988	Youngor Group Co. Ltd., Class A (Real Estate)		447,480
	26,996	Youngy Co. Ltd., Class A (Materials)*		469,896
	146,900	YTO Express Group Co. Ltd., Class A (Industrials)		418,098
	583,622	Yuexiu Property Co. Ltd. (Real Estate)		731,679
	66,018	Yum China Holdings, Inc. (Consumer Discretionary)		3,308,162
	53,400	Yunnan Baiyao Group Co. Ltd., Class A (Health Care)		405,600
	31,912	Yunnan Botanee Bio-Technology Group Co. Ltd., Class A (Consumer Staples)		861,967
	9,551	Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A (Health Care)		417,021


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

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

Schedule of Investments (continued)

August 31, 2022


Shares		Description	Value

Common Stocks – (continued)
China – (continued)
	650,727	Zhejiang Expressway Co. Ltd., Class H (Industrials)	$	495,786
	31,808	Zhejiang Orient Gene Biotech Co. Ltd., Class A (Health Care)		408,585
	363,817	Zhejiang Semir Garment Co. Ltd., Class A (Consumer Discretionary)		274,437
	72,076	Zhejiang Supor Co. Ltd., Class A (Consumer Discretionary)		479,388
	301,417	Zhejiang Weixing New Building Materials Co. Ltd., Class A (Industrials)		912,093
	52,879	Zhejiang Wolwo Bio-Pharmaceutical Co. Ltd., Class A (Health Care)		355,004
	225,574	Zhongsheng Group Holdings Ltd. (Consumer Discretionary)		1,070,556
	388,700	Zhongtai Securities Co. Ltd., Class A (Financials)		417,821

				330,354,044

Colombia – 0.1%
	1,036,435	Ecopetrol SA (Energy)		528,853

Czech Republic – 0.2%
	38,113	CEZ AS (Utilities)		1,543,461
	21,333	Komercni banka AS (Financials)		502,860

				2,046,321

Egypt – 0.3%
	1,028,053	Commercial International Bank Egypt SAE (Financials)		2,041,656
	2,910,935	Eastern Co. SAE (Consumer Staples)		1,477,440

				3,519,096

Greece – 0.4%
	643,054	Eurobank Ergasias Services and Holdings SA (Financials)*		601,359
	197,403	Hellenic Telecommunications Organization SA (Communication Services)		3,148,188
	38,697	OPAP SA (Consumer Discretionary)		511,690

				4,261,237

Hong Kong – 0.3%
	274,649	Kingboard Laminates Holdings Ltd. (Information Technology)		262,792
	54,824	Orient Overseas International Ltd. (Industrials)		1,535,297
	2,660,852	Sino Biopharmaceutical Ltd. (Health Care)		1,403,508

				3,201,597

Hungary – 0.2%
	107,253	MOL Hungarian Oil & Gas PLC (Energy)		737,630
	18,079	OTP Bank Nyrt (Financials)		383,956


Common Stocks – (continued)
Hungary – (continued)
	17,597	Richter Gedeon Nyrt (Health Care)		354,047

				1,475,633

India – 13.6%
	22,138	ACC Ltd. (Materials)		640,724
	22,618	Adani Enterprises Ltd. (Industrials)		909,281
	27,504	Adani Green Energy Ltd. (Utilities)*		843,277
	8,228	Adani Power Ltd. (Utilities)*		42,865
	23,100	Adani Total Gas Ltd. (Utilities)		1,088,728
	19,731	Adani Transmission Ltd. (Utilities)*		983,519
	76,748	Asian Paints Ltd. (Materials)		3,275,920
	179,814	Aurobindo Pharma Ltd. (Health Care)		1,234,242
	23,017	Avenue Supermarts Ltd. (Consumer Staples)*^(a)		1,312,617
	107,594	Axis Bank Ltd. (Financials)		1,017,604
	14,298	Bajaj Finance Ltd. (Financials)		1,314,714
	2,210	Bajaj Finserv Ltd. (Financials)		471,775
	73,320	Berger Paints India Ltd. (Materials)		621,657
	111,700	Bharat Electronics Ltd. (Industrials)		430,869
	134,764	Bharat Petroleum Corp. Ltd. (Energy)		557,403
	181,083	Bharti Airtel Ltd. (Communication Services)		1,655,902
	169,098	Biocon Ltd. (Health Care)		659,510
	55,438	Britannia Industries Ltd. (Consumer Staples)		2,614,807
	42,200	Cholamandalam Investment and Finance Co. Ltd. (Financials)		419,753
	186,423	Cipla Ltd. (Health Care)		2,436,389
	147,300	Coal India Ltd. (Energy)		435,274
	108,428	Colgate-Palmolive India Ltd. (Consumer Staples)		2,285,624
	218,486	Dabur India Ltd. (Consumer Staples)		1,604,724
	39,854	Divi’s Laboratories Ltd. (Health Care)		1,819,127
	34,738	Dr. Reddy’s Laboratories Ltd. (Health Care)		1,855,877
	274,740	GAIL India Ltd. (Utilities)		470,589
	48,438	Grasim Industries Ltd. (Materials)		1,023,312
	111,718	Havells India Ltd. (Industrials)		1,956,446
	306,842	HCL Technologies Ltd. (Information Technology)		3,625,925
	115,043	HDFC Life Insurance Co. Ltd. (Financials)^(a)		832,800
	228,234	Hindalco Industries Ltd. (Materials)		1,260,975
	93,586	Hindustan Unilever Ltd. (Consumer Staples)		3,132,778
	178,743	Housing Development Finance Corp. Ltd. (Financials)		5,503,235
	455,903	ICICI Bank Ltd. (Financials)		5,091,016


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

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF


Shares		Description	Value

Common Stocks – (continued)
India – (continued)
	49,270	ICICI Lombard General Insurance Co. Ltd. (Financials)^(a)	$	798,842
	1,932,856	Indian Oil Corp. Ltd. (Energy)		1,739,270
	544,412	Infosys Ltd. (Information Technology)		10,229,031
	506,186	ITC Ltd. (Consumer Staples)		2,041,737
	164,252	Jindal Steel & Power Ltd. (Materials)		895,800
	58,755	JSW Steel Ltd. (Materials)		493,136
	180,101	Jubilant Foodworks Ltd. (Consumer Discretionary)		1,396,915
	26,692	Kotak Mahindra Bank Ltd. (Financials)		643,448
	41,080	Larsen & Toubro Infotech Ltd. (Information Technology)^(a)		2,399,767
	77,850	Larsen & Toubro Ltd. (Industrials)		1,883,591
	136,223	Lupin Ltd. (Health Care)		1,147,105
	146,682	Mahindra & Mahindra Ltd. (Consumer Discretionary)		2,415,897
	361,300	Marico Ltd. (Consumer Staples)		2,389,928
	6,700	Maruti Suzuki India Ltd. (Consumer Discretionary)		765,826
	32,724	Mindtree Ltd. (Information Technology)		1,361,747
	26,276	Mphasis Ltd. (Information Technology)		704,683
	63,809	Muthoot Finance Ltd. (Financials)		847,300
	10,825	Nestle India Ltd. (Consumer Staples)		2,714,603
	694,829	NTPC Ltd. (Utilities)		1,434,113
	221,756	Oil & Natural Gas Corp. Ltd. (Energy)		386,812
	5,363	Page Industries Ltd. (Consumer Discretionary)		3,445,140
	9,912	PI Industries Ltd. (Materials)		428,648
	72,321	Pidilite Industries Ltd. (Materials)		2,490,518
	723,079	Power Grid Corp. Of India Ltd. (Utilities)		2,089,388
	296,776	Reliance Industries Ltd. (Energy)		9,852,737
	102,213	SBI Life Insurance Co. Ltd. (Financials)^(a)		1,709,721
	39,441	Siemens Ltd. (Industrials)		1,431,346
	16,070	SRF Ltd. (Materials)		514,390
	176,311	State Bank of India (Financials)		1,178,799
	87,082	Sun Pharmaceutical Industries Ltd. (Health Care)		978,736
	178,472	Tata Consultancy Services Ltd. (Information Technology)		7,212,606
	123,026	Tata Consumer Products Ltd. (Consumer Staples)		1,253,591
	8,356	Tata Elxsi Ltd. (Information Technology)		948,485
	384,882	Tata Motors Ltd. (Consumer Discretionary)*		2,281,930
	171,713	Tata Power Co. Ltd. (The) (Utilities)		512,061


Common Stocks – (continued)
India – (continued)
	2,185,872	Tata Steel Ltd. (Materials)		2,979,303
	257,670	Tech Mahindra Ltd. (Information Technology)		3,489,619
	16,170	Titan Co. Ltd. (Consumer Discretionary)		530,055
	75,164	Torrent Pharmaceuticals Ltd. (Health Care)		1,466,754
	18,629	UltraTech Cement Ltd. (Materials)		1,565,625
	404,182	Vedanta Ltd. (Materials)		1,374,688
	302,866	Wipro Ltd. (Information Technology)		1,576,304

				139,429,253

Indonesia – 1.8%
	2,027,800	Adaro Energy Indonesia Tbk PT (Energy)		483,639
	5,527,654	Aneka Tambang Tbk (Materials)		741,117
	4,381,187	Astra International Tbk PT (Consumer Discretionary)		2,058,870
	4,353,586	Bank Central Asia Tbk PT (Financials)		2,405,215
	999,680	Bank Mandiri Persero Tbk PT (Financials)		596,070
	695,352	Bank Negara Indonesia Persero Tbk PT (Financials)		399,385
	2,679,472	Bank Rakyat Indonesia Persero Tbk PT (Financials)		783,487
	234,549	Gudang Garam Tbk PT (Consumer Staples)		374,915
	2,403,028	Indofood CBP Sukses Makmur Tbk PT (Consumer Staples)		1,343,785
	3,335,787	Indofood Sukses Makmur Tbk PT (Consumer Staples)		1,399,042
	12,965,024	Kalbe Farma Tbk PT (Health Care)		1,467,491
	2,929,502	Merdeka Copper Gold Tbk PT (Materials)*		844,754
	5,150,848	Sumber Alfaria Trijaya Tbk PT (Consumer Staples)		756,534
	11,521,369	Telkom Indonesia Persero Tbk PT (Communication Services)		3,539,663
	4,458,962	Unilever Indonesia Tbk PT (Consumer Staples)		1,378,921

				18,572,888

Kuwait – 0.8%
	354,724	Agility Public Warehousing Co. KSC (Industrials)		969,890
	332,759	Boubyan Bank KSCP (Financials)		902,269
	1,072,232	Kuwait Finance House KSCP (Financials)		3,133,654
	950,794	National Bank of Kuwait SAKP (Financials)		3,254,220

				8,260,033

Luxembourg – 0.1%
	46,127	Reinet Investments SCA (Financials)		760,818


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

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

Schedule of Investments (continued)

August 31, 2022


Shares		Description	Value

Common Stocks – (continued)
Mexico – 2.1%
	917,566	Alfa SAB de CV, Class A (Industrials)	$	584,885
	4,333,191	America Movil SAB de CV, Series L (Communication Services)		3,699,328
	3,334,400	Cemex SAB de CV, Series CPO (Materials)*		1,238,463
	375,161	Fomento Economico Mexicano SAB de CV (Consumer Staples)		2,355,389
	203,271	Gruma SAB de CV, Class B (Consumer Staples)		2,218,779
	1,094,936	Grupo Bimbo SAB de CV, Series A (Consumer Staples)		3,605,144
	363,167	Grupo Financiero Banorte SAB de CV, Class O (Financials)		2,148,449
	546,815	Grupo Mexico SAB de CV, Series B (Materials)		2,073,938
	1,196,330	Wal-Mart de Mexico SAB de CV (Consumer Staples)		3,916,387

				21,840,762

Philippines – 0.3%
	364,980	Bank of the Philippine Islands (Financials)		617,129
	12,654	Globe Telecom, Inc. (Communication Services)		472,765
	82,040	International Container Terminal Services, Inc. (Industrials)		264,725
	167,850	Manila Electric Co. (Utilities)		900,301
	26,285	PLDT, Inc. (Communication Services)		785,905

				3,040,825

Poland – 0.7%
	26,856	Bank Pekao SA (Financials)		373,151
	16,684	CD Projekt SA (Communication Services)		299,086
	33,198	Dino Polska SA (Consumer Staples)*^(a)		2,431,572
	24,857	KGHM Polska Miedz SA (Materials)		468,800
	578	LPP SA (Consumer Discretionary)		1,045,758
	451,813	PGE Polska Grupa Energetyczna SA (Utilities)*		690,549
	115,825	Powszechna Kasa Oszczednosci Bank Polski SA (Financials)		580,544
	209,297	Powszechny Zaklad Ubezpieczen SA (Financials)		1,256,005

				7,145,465

Qatar – 1.4%
	589,801	Commercial Bank PSQC (The) (Financials)		1,187,133
	104,230	Industries Qatar QSC (Industrials)		519,469
	1,079,017	Masraf Al Rayan QSC (Financials)		1,339,531


Common Stocks – (continued)
Qatar – (continued)
	751,965	Ooredoo QPSC (Communication Services)		1,874,879
	632,475	Qatar International Islamic Bank QSC (Financials)		2,068,450
	371,598	Qatar Islamic Bank (Financials)		2,613,201
	777,114	Qatar National Bank QPSC (Financials)		4,404,375

				14,007,038

Romania – 0.1%
	132,406	NEPI Rockcastle S.A. (Real Estate)		704,895

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)		—
	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 – 4.3%
	54,322	Advanced Petrochemical Co. (Materials)		722,559
	288,885	Al Rajhi Bank (Financials)*		6,932,010
	82,200	Alinma Bank (Financials)		830,966
	32,932	Almarai Co. JSC (Consumer Staples)		464,325
	67,000	Arab National Bank (Financials)		534,717
	46,100	Bank AlBilad (Financials)*		620,553
	64,200	Bank Al-Jazira (Financials)		402,381
	46,011	Banque Saudi Fransi (Financials)		608,951
	27,463	Bupa Arabia for Cooperative Insurance Co. (Financials)		1,201,095


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

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF


Shares		Description	Value

Common Stocks – (continued)
Saudi Arabia – (continued)
	147,052	Dar Al Arkan Real Estate Development Co. (Real Estate)*	$	553,939
	213,062	Etihad Etisalat Co. (Communication Services)		2,074,506
	10,024	Jarir Marketing Co. (Consumer Discretionary)		458,667
	195,316	Mobile Telecommunications Co Saudi Arabia (Communication Services)*		601,692
	168,284	Rabigh Refining & Petrochemical Co. (Energy)*		775,387
	87,205	Riyad Bank (Financials)		823,564
	33,113	SABIC Agri-Nutrients Co. (Materials)		1,532,765
	207,740	Sahara International Petrochemical Co. (Materials)		2,638,889
	48,796	Saudi Arabian Mining Co. (Materials)*		967,093
	432,530	Saudi Arabian Oil Co. (Energy)^(a)		4,314,944
	110,447	Saudi Basic Industries Corp. (Materials)		2,944,078
	63,136	Saudi British Bank (The) (Financials)		670,998
	275,529	Saudi Electricity Co. (Utilities)		1,850,787
	63,968	Saudi Industrial Investment Group (Materials)		435,643
	96,700	Saudi Investment Bank (The) (Financials)		514,498
	330,039	Saudi Kayan Petrochemical Co. (Materials)*		1,290,655
	294,624	Saudi National Bank (The) (Financials)		5,478,643
	231,347	Saudi Telecom Co. (Communication Services)		2,572,574
	119,203	Savola Group (The) (Consumer Staples)		1,035,376

				43,852,255

Singapore – 0.0%
	50,200	BOC Aviation Ltd. (Industrials)^(a)		403,258

South Africa – 3.7%
	168,887	Absa Group Ltd. (Financials)		1,763,938
	57,183	African Rainbow Minerals Ltd. (Materials)		792,706
	4,620	Anglo American Platinum Ltd. (Materials)		324,927
	127,500	Aspen Pharmacare Holdings Ltd. (Health Care)		1,103,368
	96,111	Bid Corp. Ltd. (Consumer Staples)		1,832,912
	48,828	Bidvest Group Ltd. (The) (Industrials)		615,779
	8,111	Capitec Bank Holdings Ltd. (Financials)		972,474
	100,054	Clicks Group Ltd. (Consumer Staples)		1,749,436


Common Stocks – (continued)
South Africa – (continued)
	32,542	Discovery Ltd. (Financials)*		234,532
	614,739	FirstRand Ltd. (Financials)		2,314,414
	172,198	Gold Fields Ltd. (Materials)		1,401,576
	212,001	Impala Platinum Holdings Ltd. (Materials)		2,243,596
	59,177	Kumba Iron Ore Ltd. (Materials)^(b)		1,321,105
	152,946	Mr Price Group Ltd. (Consumer Discretionary)		1,671,024
	301,179	MTN Group Ltd. (Communication Services)		2,195,530
	370,241	MultiChoice Group (Communication Services)		2,511,298
	3,500	Naspers Ltd., Class N (Consumer Discretionary)		498,122
	155,258	Nedbank Group Ltd. (Financials)^(b)		1,847,312
	687,719	Old Mutual Ltd. (Financials)		410,346
	336,960	Pepkor Holdings Ltd. (Consumer Discretionary)^(a)		397,566
	104,641	Remgro Ltd. (Financials)		781,904
	291,157	Sanlam Ltd. (Financials)		910,826
	46,391	Sasol Ltd. (Materials)*		903,166
	243,879	Shoprite Holdings Ltd. (Consumer Staples)		3,329,863
	572,493	Sibanye Stillwater Ltd. (Materials)		1,292,815
	156,455	SPAR Group Ltd. (The) (Consumer Staples)		1,437,289
	215,347	Standard Bank Group Ltd. (Financials)		1,935,980
	170,422	Vodacom Group Ltd. (Communication Services)		1,261,337

				38,055,141

South Korea – 11.6%
	16,750	Amorepacific Corp. (Consumer Staples)		1,540,316
	43,647	AMOREPACIFIC Group (Consumer Staples)		1,138,859
	11,024	BGF retail Co. Ltd. (Consumer Staples)		1,322,831
	4,595	Celltrion, Inc. (Health Care)		651,006
	104,476	Cheil Worldwide, Inc. (Communication Services)		1,710,608
	3,783	CJ CheilJedang Corp. (Consumer Staples)		1,152,534
	14,207	CJ Corp. (Industrials)		830,614
	13,524	CJ ENM Co. Ltd. (Communication Services)		993,914
	9,275	CJ Logistics Corp. (Industrials)*		821,717
	32,553	Coway Co. Ltd. (Consumer Discretionary)		1,550,317
	10,204	DB Insurance Co. Ltd. (Financials)		455,444
	10,114	Doosan Bobcat, Inc. (Industrials)		262,387


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

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

Schedule of Investments (continued)

August 31, 2022


Shares		Description	Value

Common Stocks – (continued)
South Korea – (continued)
	32,724	Doosan Enerbility Co. Ltd. (Industrials)*	$	497,876
	11,560	Ecopro BM Co. Ltd. (Industrials)		969,707
	6,599	E-MART, Inc. (Consumer Staples)		482,511
	8,356	F&F Co. Ltd. (Consumer Discretionary)		890,232
	31,274	GS Engineering & Construction Corp. (Industrials)		704,954
	49,082	GS Holdings Corp. (Industrials)		1,689,825
	58,985	Hana Financial Group, Inc. (Financials)		1,730,897
	41,606	Hankook Tire & Technology Co. Ltd. (Consumer Discretionary)		1,180,477
	1,800	Hanmi Pharm Co. Ltd. (Health Care)		414,489
	21,209	Hanwha Solutions Corp. (Materials)*		834,057
	18,664	HMM Co. Ltd. (Industrials)		310,474
	29,036	Hotel Shilla Co. Ltd. (Consumer Discretionary)^(b)		1,602,076
	20,966	Hyundai Engineering & Construction Co. Ltd. (Industrials)		755,532
	7,465	Hyundai Mobis Co. Ltd. (Consumer Discretionary)		1,199,936
	12,737	Hyundai Motor Co. (Consumer Discretionary)		1,866,436
	22,518	Hyundai Steel Co. (Materials)		553,880
	178,869	Industrial Bank of Korea (Financials)		1,279,785
	16,548	Kakao Corp. (Communication Services)		908,096
	42,047	Kangwon Land, Inc. (Consumer Discretionary)*		834,621
	57,236	KB Financial Group, Inc. (Financials)		2,116,048
	52,911	Kia Corp. (Consumer Discretionary)		3,196,298
	17,304	Korea Aerospace Industries Ltd. (Industrials)		789,162
	49,489	Korea Electric Power Corp. (Utilities)*^(b)		775,145
	6,572	Korea Investment Holdings Co. Ltd. (Financials)		279,085
	3,279	Korea Shipbuilding & Offshore Engineering Co. Ltd. (Industrials)*		238,286
	1,299	Korea Zinc Co. Ltd. (Materials)		652,632
	26,780	Korean Air Lines Co. Ltd. (Industrials)*		537,582
	22,033	KT&G Corp. (Consumer Staples)		1,370,525
	6,779	Kumho Petrochemical Co. Ltd. (Materials)		658,869
	4,374	L&F Co. Ltd. (Information Technology)*		753,771
	2,204	LG Chem Ltd. (Materials)		1,041,403


Common Stocks – (continued)
South Korea – (continued)
	61,493	LG Display Co. Ltd. (Information Technology)		717,200
	34,602	LG Electronics, Inc. (Consumer Discretionary)		2,612,838
	3,204	LG H&H Co. Ltd. (Consumer Staples)		1,705,542
	2,828	LG Innotek Co. Ltd. (Information Technology)		727,324
	194,298	LG Uplus Corp. (Communication Services)^(b)		1,670,537
	2,764	Lotte Chemical Corp. (Materials)		361,631
	17,875	Lotte Shopping Co. Ltd. (Consumer Discretionary)		1,320,362
	16,070	Meritz Financial Group, Inc. (Financials)		370,047
	27,831	Meritz Fire & Marine Insurance Co. Ltd. (Financials)		797,966
	426,921	Meritz Securities Co. Ltd. (Financials)		1,544,838
	9,211	NAVER Corp. (Communication Services)		1,652,753
	4,267	NCSoft Corp. (Communication Services)		1,207,476
	97,526	NH Investment & Securities Co. Ltd. (Financials)		725,493
	21,411	Orion Corp. (Consumer Staples)		1,575,150
	11,709	Pearl Abyss Corp. (Communication Services)*		497,231
	9,183	POSCO Holdings, Inc. (Materials)		1,750,712
	27,695	S-1 Corp. (Industrials)		1,205,076
	1,274	Samsung Biologics Co. Ltd. (Health Care)*^(a)		795,327
	15,474	Samsung C&T Corp. (Industrials)		1,394,054
	14,735	Samsung Electro-Mechanics Co. Ltd. (Information Technology)		1,542,297
	689,610	Samsung Electronics Co. Ltd. (Information Technology)		30,779,946
	27,334	Samsung Engineering Co. Ltd. (Industrials)*		479,221
	11,278	Samsung Fire & Marine Insurance Co. Ltd. (Financials)		1,644,208
	136,294	Samsung Heavy Industries Co. Ltd. (Industrials)*		608,333
	3,940	Samsung SDI Co. Ltd. (Information Technology)		1,761,519
	12,320	Samsung SDS Co. Ltd. (Information Technology)		1,183,597
	49,129	Samsung Securities Co. Ltd. (Financials)		1,245,167
	23,291	SD Biosensor, Inc. (Health Care)		612,073
	50,210	Seegene, Inc. (Health Care)^(b)		1,184,349
	71,158	Shinhan Financial Group Co. Ltd. (Financials)		1,947,129
	83,393	SK Hynix, Inc. (Information Technology)		5,935,489
	27,294	SK Square Co. Ltd. (Information Technology)*		826,442


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

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF


Shares		Description	Value

Common Stocks – (continued)
South Korea – (continued)
	3,636	SKC Co. Ltd. (Materials)	$	330,286
	152,449	Woori Financial Group, Inc. (Financials)		1,390,511
	24,656	Yuhan Corp. (Health Care)		1,047,034

				118,694,372

Taiwan – 14.3%
	172,879	Accton Technology Corp. (Information Technology)		1,610,224
	887,735	Acer, Inc. (Information Technology)		641,648
	185,806	Advantech Co. Ltd. (Information Technology)		1,999,227
	512,849	ASE Technology Holding Co. Ltd. (Information Technology)		1,438,926
	493,401	Asia Cement Corp. (Materials)		701,095
	125,248	Asustek Computer, Inc. (Information Technology)		1,049,306
	1,470,157	AUO Corp. (Information Technology)		809,039
	215,399	Catcher Technology Co. Ltd. (Information Technology)*		1,312,740
	1,511,105	Cathay Financial Holding Co. Ltd. (Financials)		2,211,736
	258,398	Chailease Holding Co. Ltd. (Financials)		1,672,424
	389,798	Cheng Shin Rubber Industry Co. Ltd. (Consumer Discretionary)		453,991
	5,400,539	China Development Financial Holding Corp. (Financials)		2,377,568
	2,009,344	China Steel Corp. (Materials)		1,911,146
	447,788	Chunghwa Telecom Co. Ltd. (Communication Services)		1,780,118
	1,575,239	Compal Electronics, Inc. (Information Technology)		1,177,386
	2,998,921	CTBC Financial Holding Co. Ltd. (Financials)		2,315,389
	281,450	Delta Electronics, Inc. (Information Technology)		2,431,913
	65,300	E Ink Holdings, Inc. (Information Technology)		513,818
	13,669	eMemory Technology, Inc. (Information Technology)		621,982
	1,370,176	E.Sun Financial Holding Co. Ltd. (Financials)		1,269,453
	980,601	Evergreen Marine Corp. Taiwan Ltd. (Industrials)		2,844,750
	627,124	Far Eastern New Century Corp. (Industrials)		674,770
	276,929	Feng TAY Enterprise Co. Ltd. (Consumer Discretionary)		1,564,905
	1,118,889	First Financial Holding Co. Ltd. (Financials)		975,984
	380,739	Formosa Plastics Corp. (Materials)		1,139,559
	1,426,936	Fubon Financial Holding Co. Ltd. (Financials)		2,690,961


Common Stocks – (continued)
Taiwan – (continued)
	34,129	Globalwafers Co. Ltd. (Information Technology)		544,943
	1,312,927	Hon Hai Precision Industry Co. Ltd. (Information Technology)		4,701,734
	967,942	Hua Nan Financial Holdings Co. Ltd. (Financials)		739,372
	1,911,818	Innolux Corp. (Information Technology)		760,016
	907,809	Inventec Corp. (Information Technology)		690,457
	10,378	Largan Precision Co. Ltd. (Information Technology)		666,579
	603,073	Lite-On Technology Corp. (Information Technology)		1,303,727
	248,342	MediaTek, Inc. (Information Technology)		5,442,106
	1,346,097	Mega Financial Holding Co. Ltd. (Financials)		1,587,676
	420,888	Micro-Star International Co. Ltd. (Information Technology)		1,590,213
	480,022	Nan Ya Plastics Corp. (Materials)		1,083,450
	55,947	Nan Ya Printed Circuit Board Corp. (Information Technology)		497,205
	553,035	Nanya Technology Corp. (Information Technology)		970,253
	138,723	Nien Made Enterprise Co. Ltd. (Consumer Discretionary)		1,289,811
	222,083	Novatek Microelectronics Corp. (Information Technology)		1,922,591
	580,090	Pegatron Corp. (Information Technology)		1,212,114
	874,024	Pou Chen Corp. (Consumer Discretionary)		832,746
	382,020	President Chain Store Corp. (Consumer Staples)		3,363,659
	375,762	Quanta Computer, Inc. (Information Technology)		978,987
	219,096	Realtek Semiconductor Corp. (Information Technology)		2,490,586
	2,161,014	SinoPac Financial Holdings Co. Ltd. (Financials)		1,231,822
	675,731	Synnex Technology International Corp. (Information Technology)		1,238,794
	2,270,125	Taishin Financial Holding Co. Ltd. (Financials)		1,133,664
	651,460	Taiwan Cement Corp. (Materials)		841,146
	717,672	Taiwan Cooperative Financial Holding Co. Ltd. (Financials)		651,947
	200,481	Taiwan Mobile Co. Ltd. (Communication Services)		656,030
	3,442,608	Taiwan Semiconductor Manufacturing Co. Ltd. (Information Technology)		57,117,603
	106,307	Unimicron Technology Corp. (Information Technology)		529,134
	1,580,334	Uni-President Enterprises Corp. (Consumer Staples)		3,426,761


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

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

Schedule of Investments (continued)

August 31, 2022


Shares		Description	Value

Common Stocks – (continued)
Taiwan – (continued)
	2,238,173	United Microelectronics Corp. (Information Technology)*	$	3,022,223
	275,965	Vanguard International Semiconductor Corp. (Information Technology)		674,556
	157,889	Wan Hai Lines Ltd. (Industrials)		450,259
	1,494,235	Winbond Electronics Corp. (Information Technology)		1,089,840
	787,645	WPG Holdings Ltd. (Information Technology)		1,330,101
	354,133	Yang Ming Marine Transport Corp. (Industrials)		917,982
	2,737,597	Yuanta Financial Holding Co. Ltd. (Financials)		1,825,814

				146,995,959

Tanzania – 0.0%
	32,036	AngloGold Ashanti Ltd. (Materials)^(b)		431,604

Thailand – 1.6%
	372,216	Advanced Info Service PCL NVDR (Communication Services)		1,959,972
	281,700	Airports of Thailand PCL NVDR (Industrials)*		562,048
	1,816,600	Bangkok Dusit Medical Services PCL NVDR (Health Care)		1,457,266
	84,800	Bumrungrad Hospital PCL NVDR (Health Care)		502,346
	796,400	Charoen Pokphand Foods PCL NVDR (Consumer Staples)		567,882
	949,377	CP ALL PCL NVDR (Consumer Staples)		1,601,280
	58,000	Delta Electronics Thailand PCL NVDR (Information Technology)		833,514
	144,200	Electricity Generating PCL NVDR (Utilities)		723,719
	469,300	Gulf Energy Development PCL NVDR (Utilities)		659,626
	303,700	Intouch Holdings PCL NVDR (Communication Services)		605,942
	284,700	JMT Network Services PCL NVDR (Financials)		609,026
	1,304,000	Krung Thai Bank PCL NVDR (Financials)		604,391
	455,200	Krungthai Card PCL NVDR (Financials)		752,165
	655,100	Muangthai Capital PCL NVDR (Financials)		763,572
	138,200	PTT Exploration & Production PCL NVDR (Energy)		638,648
	389,000	PTT Global Chemical PCL NVDR (Materials)		506,753
	1,061,600	PTT PCL NVDR (Energy)		1,091,807
	570,800	Ratch Group PCL NVDR (Utilities)		688,795


Common Stocks – (continued)
Thailand – (continued)
	62,700	Siam Cement PCL (The) NVDR (Materials)		615,608
	862,400	Thai Union Group PCL NVDR (Consumer Staples)		413,905

				16,158,265

Turkey – 0.5%
	324,700	BIM Birlesik Magazalar AS (Consumer Staples)		1,952,358
	551,329	Eregli Demir ve Celik Fabrikalari TAS (Materials)		872,090
	518,053	KOC Holding AS (Industrials)		1,298,941
	660,822	Turkiye Sise ve Cam Fabrikalari AS (Industrials)		900,007

				5,023,396

United Arab Emirates – 1.6%
	699,400	Abu Dhabi Commercial Bank PJSC (Financials)		1,727,054
	490,028	Abu Dhabi Islamic Bank PJSC (Financials)		1,180,694
	1,313,494	Abu Dhabi National Oil Co. for Distribution PJSC (Consumer Discretionary)		1,587,758
	941,438	Aldar Properties PJSC (Real Estate)		1,235,412
	1,028,292	Dubai Islamic Bank PJSC (Financials)		1,637,742
	1,068,663	Emaar Properties PJSC (Real Estate)		1,821,328
	550,868	Emirates NBD Bank PJSC (Financials)		2,002,175
	392,231	Emirates Telecommunications Group Co. PJSC (Communication Services)		2,746,541
	468,889	First Abu Dhabi Bank PJSC (Financials)		2,438,241

				16,376,945

United States – 0.3%
	526,002	JBS SA (Consumer Staples)		3,004,130
	11,500	Parade Technologies Ltd. (Information Technology)		326,062

				3,330,192

	TOTAL COMMON STOCKS
	(Cost $957,308,056)		$	990,531,570


Shares		Description	Rate			Value

Preferred Stocks – 2.2%
Brazil – 1.4%
	809,211	Banco Bradesco SA (Financials)		3.29	%	$	2,961,328
	119,063	Braskem SA, Class A (Materials)		30.35			699,762


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

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF


Shares		Description	Rate			Value

Preferred Stocks – (continued)
Brazil – (continued)
	44,200	Centrais Eletricas Brasileiras SA, Class B (Utilities)		3.33	%	$	408,643
	274,737	Cia Energetica de Minas Gerais (Utilities)		9.62			641,636
	111,664	Gerdau SA (Materials)		17.22			502,607
	630,670	Itau Unibanco Holding SA (Financials)		3.15			3,141,786
	770,355	Itausa SA (Financials)		6.16			1,360,500
	720,396	Petroleo Brasileiro SA (Energy)		33.98			4,620,490

							14,336,752

Chile – 0.1%
	8,256	Sociedad Quimica y Minera de Chile SA, Class B (Materials)		4.38			828,763

Colombia – 0.0%
	85,275	Bancolombia SA (Financials)		5.45			589,549

Russia – 0.0%
	3,212,489	Surgutneftegas PJSC (Energy)^(c)		15.71			—

South Korea – 0.7%
	6,930	Hyundai Motor Co. (Consumer Discretionary)		5.48			483,398
	6,639	Hyundai Motor Co. (Consumer Discretionary)		5.52			452,676
	5,415	LG H&H Co. Ltd. (Consumer Staples)		3.33			1,483,756
	120,170	Samsung Electronics Co. Ltd. (Information Technology)		2.72			4,896,464

							7,316,294

	TOTAL PREFERRED STOCKS
	(Cost $21,413,328)					$	23,071,358


Shares		Description	Value

Exchange-Traded Fund – 0.6%
United States – 0.6%
	257,264	iShares MSCI Malaysia ETF^(b)
	(Cost $7,732,868)		$	5,742,132

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $986,454,252)		$	1,019,345,060

Shares		Dividend Rate	Value

Securities Lending Reinvestment Vehicle – 1.1%^(d)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	10,851,775	2.154%	$	10,851,775
(Cost $10,851,775)

	TOTAL INVESTMENTS – 100.5%
	(Cost $997,306,027)		$	1,030,196,835

	LIABILITIES IN EXCESS OF OTHER ASSETS – (0.5)%			(4,989,136	)

	NET ASSETS – 100.0%		$	1,025,207,699



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

*		Non-income producing security.

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

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

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

(d)		Represents an affiliated issuer.



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


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

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

Schedule of Investments (continued)

August 31, 2022

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At August 31, 2022, the Fund had the following futures contracts:


Description	Number of Contracts		Expiration Date		Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
MSCI Emerging Markets Index Future		64		09/16/22	$	3,150,514	$	(8,434	)


Sector	% of Market Value

Financials		21.2	%
Information Technology		19.2
Consumer Discretionary		11.7
Consumer Staples		11.0
Communication Services		9.2
Materials		7.8
Industrials		5.2
Health Care		4.7
Energy		4.3
Utilities		3.0
Real Estate		1.0
Exchange-Traded Fund		0.6
Securities Lending Reinvestment Vehicle		1.1


TOTAL INVESTMENTS		100.0	%


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

GOLDMAN SACHS ACTIVEBETA^® EUROPE EQUITY ETF

Schedule of Investments

August 31, 2022


Shares		Description	Value

Common Stocks – 98.7%
Australia – 1.2%
	12,680	Glencore PLC (Materials)*	$	69,833
	1,472	Rio Tinto PLC (Materials)		81,718

				151,551

Austria – 0.6%
	507	Erste Group Bank AG (Financials)		11,461
	376	Mondi PLC (Materials)		6,414
	878	OMV AG (Energy)		35,562
	121	Verbund AG (Utilities)		11,601
	518	voestalpine AG (Materials)		10,480

				75,518

Belgium – 1.2%
	199	Ageas SA/NV (Financials)		8,102
	588	Anheuser-Busch InBev SA/NV (Consumer Staples)		28,585
	57	D’ieteren Group (Consumer Discretionary)		8,637
	124	Elia Group SA/NV (Utilities)		18,067
	153	Groupe Bruxelles Lambert SA (Financials)		11,616
	112	KBC Group NV (Financials)		5,336
	361	Proximus SADP (Communication Services)		4,603
	89	Sofina SA (Financials)		17,917
	171	Solvay SA (Materials)		13,866
	328	UCB SA (Health Care)		23,120
	169	Warehouses De Pauw CVA REIT (Real Estate)		5,163

				145,012

Brazil – 0.1%
	317	Yara International ASA (Materials)		13,461

China – 0.1%
	110	Prosus NV (Consumer Discretionary)*		6,830

Denmark – 4.5%
	24	AP Moller – Maersk A/S, Class A (Industrials)		56,331
	25	AP Moller – Maersk A/S, Class B (Industrials)		60,013
	184	Carlsberg AS, Class B (Consumer Staples)		24,027
	115	Chr Hansen Holding A/S (Materials)		6,720
	102	Coloplast A/S, Class B (Health Care)		11,697
	1,622	Danske Bank A/S (Financials)		21,750
	231	Demant A/S (Health Care)*		7,136
	82	DSV A/S (Industrials)		12,157
	31	Genmab A/S (Health Care)*		11,065
	2,514	Novo Nordisk A/S, Class B (Health Care)		269,371
	244	Novozymes A/S, Class B (Materials)		14,040
	46	Orsted AS (Utilities)^(a)		4,521
	386	Pandora A/S (Consumer Discretionary)		23,333
	29	ROCKWOOL A/S, Class B (Industrials)		6,001
	964	Tryg A/S (Financials)		21,851
	172	Vestas Wind Systems A/S (Industrials)		4,335

				554,348


Common Stocks – (continued)
Finland – 1.8%
	342	Elisa OYJ (Communication Services)		18,316
	2,843	Fortum OYJ (Utilities)		29,288
	143	Kesko OYJ, Class B (Consumer Staples)		3,017
	189	Kone OYJ, Class B (Industrials)		7,587
	55	Neste OYJ (Energy)		2,724
	7,268	Nokia OYJ (Information Technology)		36,630
	3,095	Nordea Bank Abp (Financials)		28,859
	1,149	Orion OYJ, Class B (Health Care)		52,188
	606	Sampo OYJ, Class A (Financials)		27,482
	587	Stora Enso OYJ, Class R (Materials)		8,780
	319	UPM-Kymmene OYJ (Materials)		10,871

				225,742

France – 17.8%
	65	Aeroports de Paris (Industrials)*		8,945
	482	Air Liquide SA (Materials)		60,681
	312	Airbus SE (Industrials)		30,711
	97	Amundi SA (Financials)^(a)		4,945
	93	Arkema SA (Materials)		7,891
	2,006	AXA SA (Financials)		47,453
	333	BioMerieux (Health Care)		30,558
	1,175	BNP Paribas SA (Financials)		54,923
	4,295	Bollore SE (Communication Services)		20,627
	535	Bouygues SA (Industrials)		15,763
	791	Bureau Veritas SA (Industrials)		19,702
	352	Capgemini SE (Information Technology)		61,234
	3,140	Carrefour SA (Consumer Staples)		52,540
	1,275	Cie de Saint-Gobain (Industrials)		51,732
	690	Cie Generale des Etablissements Michelin (Consumer Discretionary)		16,864
	81	Covivio REIT (Real Estate)		4,545
	2,573	Credit Agricole SA (Financials)		23,777
	928	Danone SA (Consumer Staples)		49,000
	142	Dassault Aviation SA (Industrials)		19,562
	749	Dassault Systemes (Information Technology)		29,053
	208	Edenred (Information Technology)		10,562
	819	Eiffage SA (Industrials)		72,357
	228	Electricite de France SA (Utilities)		2,736
	2,920	Engie SA (Utilities)		34,847
	304	EssilorLuxottica SA (Consumer Discretionary)		45,624
	246	Eurazeo SE (Financials)		14,755
	82	Gecina SA REIT (Real Estate)		7,334
	1,076	Getlink SE (Industrials)		20,330
	61	Hermes International (Consumer Discretionary)		78,667
	788	Ipsen SA (Health Care)		75,711
	80	Kering (Consumer Discretionary)		40,463
	197	Klepierre SA REIT (Real Estate)*		4,061
	1,972	La Francaise des Jeux SAEM (Consumer Discretionary)^(a)		64,188
	370	Legrand SA (Industrials)		26,892
	389	L’Oreal SA (Consumer Staples)		134,265
	355	LVMH Moet Hennessy Louis Vuitton SE (Consumer Discretionary)		231,138


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

GOLDMAN SACHS ACTIVEBETA^® EUROPE EQUITY ETF

Schedule of Investments (continued)

August 31, 2022


Shares		Description	Value

Common Stocks – (continued)
France – (continued)
	2,224	Orange SA (Communication Services)	$	22,583
	217	Pernod Ricard SA (Consumer Staples)		40,051
	412	Publicis Groupe SA (Communication Services)		20,196
	99	Remy Cointreau SA (Consumer Staples)		18,447
	631	Renault SA (Consumer Discretionary)*		18,153
	218	Safran SA (Industrials)		22,338
	1,486	Sanofi (Health Care)		122,797
	58	Sartorius Stedim Biotech (Health Care)		21,328
	511	SEB SA (Consumer Discretionary)		38,024
	1,802	Societe Generale SA (Financials)		40,009
	137	Sodexo SA (Consumer Discretionary)		10,530
	44	Teleperformance (Industrials)		12,579
	165	Thales SA (Industrials)		19,935
	2,858	TotalEnergies SE (Energy)		145,676
	284	Ubisoft Entertainment SA (Communication Services)*		13,139
	1,096	Veolia Environnement SA (Utilities)		24,554
	595	Vinci SA (Industrials)		55,193
	1,417	Vivendi SE (Communication Services)		12,901
	764	Wendel SE (Financials)		60,307
	242	Worldline SA (Information Technology)*^(a)		10,413

				2,203,589

Germany – 11.8%
	358	adidas AG (Consumer Discretionary)		53,379
	343	Allianz SE (Financials)		58,144
	589	BASF SE (Materials)		24,917
	1,141	Bayer AG (Health Care)		60,350
	518	Bayerische Motoren Werke AG (Consumer Discretionary)		38,269
	121	Bechtle AG (Information Technology)		4,652
	243	Beiersdorf AG (Consumer Staples)		24,581
	324	Brenntag SE (Industrials)		21,314
	106	Carl Zeiss Meditec AG (Health Care)		13,238
	4,556	Commerzbank AG (Financials)*		30,374
	330	Covestro AG (Materials)^(a)		9,995
	556	Daimler Truck Holding AG (Industrials)*		14,271
	4,129	Deutsche Bank AG (Financials)		34,556
	173	Deutsche Boerse AG (Financials)		29,304
	6,461	Deutsche Lufthansa AG (Industrials)*		38,559
	2,235	Deutsche Post AG (Industrials)		81,794
	3,273	Deutsche Telekom AG (Communication Services)		61,834
	2,801	E.ON SE (Utilities)		23,969
	336	Evonik Industries AG (Materials)		6,283
	439	Fresenius Medical Care AG & Co. KGaA (Health Care)		15,093
	1,350	Fresenius SE & Co. KGaA (Health Care)		33,476
	400	GEA Group AG (Industrials)		13,953
	99	Hannover Rueck SE (Financials)		14,624
	627	HeidelbergCement AG (Materials)		28,435
	1,741	HelloFresh SE (Consumer Staples)*		41,771
	150	Henkel AG & Co. KGaA (Consumer Staples)		9,397
	872	Infineon Technologies AG (Information Technology)		21,307


Common Stocks – (continued)
Germany – (continued)
	85	KION Group AG (Industrials)		3,404
	321	Knorr-Bremse AG (Industrials)		15,606
	90	LEG Immobilien SE (Real Estate)		6,816
	1,111	Mercedes-Benz Group AG (Consumer Discretionary)		62,695
	240	Merck KGaA (Health Care)		41,364
	99	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Financials)		23,713
	750	Nemetschek SE (Information Technology)		44,420
	619	Puma SE (Consumer Discretionary)		37,981
	61	Rational AG (Industrials)		33,031
	62	Rheinmetall AG (Industrials)		9,875
	1,224	RWE AG (Utilities)		46,869
	1,205	SAP SE (Information Technology)		102,921
	107	Scout24 SE (Communication Services)^(a)		6,191
	737	Siemens AG (Industrials)		74,909
	964	Siemens Energy AG (Industrials)		14,225
	187	Siemens Healthineers AG (Health Care)^(a)		9,163
	177	Symrise AG (Materials)		18,572
	4,653	Telefonica Deutschland Holding AG (Communication Services)		12,095
	1,186	Uniper SE (Utilities)^(b)		6,422
	329	United Internet AG (Communication Services)		7,460
	127	Volkswagen AG (Consumer Discretionary)		23,523
	380	Vonovia SE (Real Estate)		10,317
	1,582	Zalando SE (Consumer Discretionary)*^(a)		36,763

				1,456,174

Hong Kong – 0.0%
	472	Prudential PLC (Financials)		4,963

Ireland – 0.7%
	455	AerCap Holdings NV (Industrials)*		20,043
	766	CRH PLC (Materials)		28,341
	136	Kerry Group PLC, Class A (Consumer Staples)		14,065
	227	Kingspan Group PLC (Industrials)		12,929
	378	Smurfit Kappa Group PLC (Materials)		12,752

				88,130

Italy – 3.6%
	1,693	Assicurazioni Generali SpA (Financials)		24,923
	921	Atlantia SpA (Industrials)		21,143
	579	Coca-Cola HBC AG (Consumer Staples)*		13,272
	1,332	Davide Campari-Milano NV (Consumer Staples)		13,137
	107	DiaSorin SpA (Health Care)		14,089
	7,271	Enel SpA (Utilities)		34,331
	5,225	Eni SpA (Energy)		62,039
	216	Ferrari NV (Consumer Discretionary)		41,963
	1,223	FinecoBank Banca Fineco SpA (Financials)		13,300
	672	Infrastrutture Wireless Italiane SpA (Communication Services)^(a)		6,257
	7,284	Intesa Sanpaolo SpA (Financials)		12,620
	748	Mediobanca Banca di Credito Finanziario SpA (Financials)		5,948


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

GOLDMAN SACHS ACTIVEBETA^® EUROPE EQUITY ETF


Shares		Description	Value

Common Stocks – (continued)
Italy – (continued)
	912	Moncler SpA (Consumer Discretionary)	$	40,938
	598	Nexi SpA (Information Technology)*^(a)		4,932
	3,363	Poste Italiane SpA (Financials)^(a)		27,026
	470	Prysmian SpA (Industrials)		14,467
	501	Recordati Industria Chimica e Farmaceutica SpA (Health Care)		20,524
	3,233	Snam SpA (Utilities)		15,396
	170,174	Telecom Italia SpA (Communication Services)*		35,250
	2,048	Terna – Rete Elettrica Nazionale (Utilities)		14,622
	834	UniCredit SpA (Financials)		8,217

				444,394

Jordan – 0.1%
	943	Hikma Pharmaceuticals PLC (Health Care)		14,407

Luxembourg – 0.7%
	3,135	ArcelorMittal (Materials)		74,885
	224	Eurofins Scientific SE (Health Care)		15,565

				90,450

Netherlands – 8.2%
	464	ABN AMRO Bank NV (Financials)^(a)(b)		4,467
	10	Adyen NV (Information Technology)*^(a)		15,536
	5,302	Aegon NV (Financials)		23,821
	244	Akzo Nobel NV (Materials)		15,467
	15	Argenx SE (Health Care)*		5,634
	70	ASM International NV (Information Technology)		19,082
	503	ASML Holding NV (Information Technology)		245,132
	120	Euronext NV (Financials)^(a)		8,905
	448	EXOR NV (Financials)		27,146
	290	Heineken Holding NV (Consumer Staples)		20,646
	237	Heineken NV (Consumer Staples)		21,386
	122	IMCD NV (Industrials)		16,905
	2,304	ING Groep NV (Financials)		20,309
	565	JDE Peet’s NV (Consumer Staples)		17,453
	3,435	Koninklijke Ahold Delhaize NV (Consumer Staples)		94,641
	125	Koninklijke DSM NV (Materials)		16,007
	6,875	Koninklijke KPN NV (Communication Services)		21,915
	1,300	Koninklijke Philips NV (Health Care)		21,762
	1,341	NN Group NV (Financials)		55,246
	251	OCI NV (Materials)		9,450
	849	Randstad NV (Industrials)		39,689
	8,044	Shell PLC (Energy)		214,344
	608	Universal Music Group NV (Communication Services)		12,109
	632	Wolters Kluwer NV (Industrials)		61,924

				1,008,976


Common Stocks – (continued)
Norway – 1.4%
	450	Aker BP ASA (Energy)		15,766
	1,061	DNB Bank ASA (Financials)		20,313
	1,362	Equinor ASA (Energy)		52,522
	1,606	Gjensidige Forsikring ASA (Financials)		32,689
	262	Kongsberg Gruppen ASA (Industrials)		8,976
	424	Mowi ASA (Consumer Staples)		8,729
	1,357	Norsk Hydro ASA (Materials)		9,366
	1,850	Orkla ASA (Consumer Staples)		15,551
	52	Salmar ASA (Consumer Staples)		3,456
	902	Telenor ASA (Communication Services)		9,907

				177,275

Portugal – 0.7%
	1,942	EDP – Energias de Portugal SA (Utilities)		9,299
	3,371	Jeronimo Martins SGPS SA (Consumer Staples)		74,913

				84,212

Singapore – 0.3%
	950	STMicroelectronics NV (Information Technology)		33,191

South Africa – 0.3%
	950	Anglo American PLC (Materials)		30,764

Spain – 3.7%
	78	Acciona SA (Utilities)		15,302
	757	ACS Actividades de Construccion y Servicios SA (Industrials)		16,906
	23	Aena SME SA (Industrials)*^(a)		2,830
	336	Amadeus IT Group SA (Information Technology)*		17,778
	7,644	Banco Bilbao Vizcaya Argentaria SA (Financials)		34,524
	17,635	Banco Santander SA (Financials)		42,860
	5,627	CaixaBank SA (Financials)		16,997
	153	Cellnex Telecom SA (Communication Services)*^(a)		5,965
	658	Enagas SA (Utilities)		12,036
	562	Endesa SA (Utilities)		9,664
	550	Ferrovial SA (Industrials)		13,815
	598	Grifols SA (Health Care)*^(b)		7,243
	6,685	Iberdrola SA (Utilities)		69,809
	2,471	Industria de Diseno Textil SA (Consumer Discretionary)		53,546
	800	Naturgy Energy Group SA (Utilities)^(b)		22,106
	1,336	Red Electrica Corp. SA (Utilities)		24,497
	4,647	Repsol SA (Energy)		60,676
	6,267	Telefonica SA (Communication Services)		25,938

				452,492

Sweden – 4.2%
	166	Alfa Laval AB (Industrials)		4,457
	57	Alleima AB (Materials)*		229
	729	Assa Abloy AB, Class B (Industrials)		14,857
	2,032	Atlas Copco AB, Class A (Industrials)		20,780
	1,065	Atlas Copco AB, Class B (Industrials)		9,767


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

GOLDMAN SACHS ACTIVEBETA^® EUROPE EQUITY ETF

Schedule of Investments (continued)

August 31, 2022


Shares		Description	Value

Common Stocks – (continued)
Sweden – (continued)
	103	Boliden AB (Materials)	$	3,328
	296	Electrolux AB, Class B (Consumer Discretionary)		3,765
	306	Epiroc AB, Class A (Industrials)		4,709
	228	Epiroc AB, Class B (Industrials)		3,120
	516	EQT AB (Financials)		11,661
	416	Essity AB, Class B (Consumer Staples)		9,276
	309	Getinge AB, Class B (Health Care)		5,758
	4,005	H & M Hennes & Mauritz AB, Class B (Consumer Discretionary)		41,831
	2,019	Hexagon AB, Class B (Information Technology)		20,782
	228	Holmen AB, Class B (Materials)		9,833
	1,159	Husqvarna AB, Class B (Industrials)		7,848
	382	Industrivarden AB, Class A (Financials)		8,521
	390	Industrivarden AB, Class C (Financials)		8,612
	1,237	Investor AB, Class A (Financials)		20,684
	1,631	Investor AB, Class B (Financials)		25,876
	177	L E Lundbergforetagen AB, Class B (Financials)		7,357
	445	Lifco AB, Class B (Industrials)		6,966
	955	Nibe Industrier AB, Class B (Industrials)		9,004
	289	Sandvik AB (Industrials)		4,537
	1,499	Securitas AB, Class B (Industrials)^(b)		13,195
	1,855	Skandinaviska Enskilda Banken AB, Class A (Financials)		18,605
	760	Skanska AB, Class B (Industrials)		11,304
	856	Svenska Cellulosa AB SCA, Class B (Materials)		12,909
	1,720	Svenska Handelsbanken AB, Class A (Financials)		14,167
	1,142	Swedbank AB, Class A (Financials)		14,853
	7,994	Swedish Match AB (Consumer Staples)		80,517
	569	Swedish Orphan Biovitrum AB (Health Care)*		12,607
	1,486	Tele2 AB, Class B (Communication Services)		15,876
	3,833	Telefonaktiebolaget LM Ericsson, Class B (Information Technology)		28,831
	4,007	Telia Co. AB (Communication Services)		14,162
	279	Volvo AB, Class A (Industrials)		4,668
	979	Volvo AB, Class B (Industrials)		15,586

				520,838

Switzerland – 8.4%
	1,479	ABB Ltd. (Industrials)		40,872
	199	Adecco Group AG (Industrials)		6,331
	273	Alcon, Inc. (Health Care)		18,059
	110	Baloise Holding AG (Financials)		15,937
	9	Barry Callebaut AG (Consumer Staples)		18,481
	3	Chocoladefabriken Lindt & Spruengli AG (Consumer Staples)		31,784
	508	Cie Financiere Richemont SA (Consumer Discretionary)		57,179
	279	Clariant AG (Materials)*		5,177
	761	Credit Suisse Group AG (Financials)		3,946


Common Stocks – (continued)
Switzerland – (continued)
	22	EMS-Chemie Holding AG (Materials)		15,520
	60	Geberit AG (Industrials)		27,844
	5	Givaudan SA (Materials)		16,031
	577	Holcim AG (Materials)*		25,742
	79	Julius Baer Group Ltd. (Financials)		3,841
	244	Kuehne + Nagel International AG (Industrials)		56,503
	655	Logitech International SA (Information Technology)		32,792
	37	Lonza Group AG (Health Care)		19,843
	2,702	Novartis AG (Health Care)		219,078
	57	Partners Group Holding AG (Financials)		55,274
	45	Schindler Holding AG (Industrials)		7,617
	61	Schindler Holding AG Participation Certificates (Industrials)		10,669
	26	SGS SA (Industrials)		57,437
	205	SIG Group AG (Materials)*		4,827
	51	Sika AG (Materials)		11,517
	50	Sonova Holding AG (Health Care)		13,254
	292	Straumann Holding AG (Health Care)		32,223
	87	Swatch Group AG (The) – Bearer (Consumer Discretionary)		21,243
	450	Swatch Group AG (The) – Registered (Consumer Discretionary)		20,592
	47	Swiss Life Holding AG (Financials)		24,676
	150	Swiss Prime Site AG (Real Estate)		12,957
	44	Swisscom AG (Communication Services)		22,822
	4,153	UBS Group AG (Financials)		66,085
	38	VAT Group AG (Industrials)^(a)		9,135
	128	Zurich Insurance Group AG (Financials)		56,934

				1,042,222

United Kingdom – 18.3%
	1,943	3i Group PLC (Financials)		27,481
	7,501	abrdn PLC (Financials)		12,817
	1,162	Admiral Group PLC (Financials)		28,692
	408	Ashtead Group PLC (Industrials)		20,177
	1,686	Associated British Foods PLC (Consumer Staples)		29,918
	1,776	AstraZeneca PLC (Health Care)		219,964
	7,801	Auto Trader Group PLC (Communication Services)^(a)		59,165
	5,359	Aviva PLC (Financials)		26,109
	3,931	BAE Systems PLC (Industrials)		35,504
	16,322	Barclays PLC (Financials)		31,242
	2,115	Barratt Developments PLC (Consumer Discretionary)		10,516
	130	Berkeley Group Holdings PLC (Consumer Discretionary)		5,529
	19,095	BP PLC (Energy)		98,097
	2,436	British American Tobacco PLC (Consumer Staples)		97,834
	1,189	British Land Co. PLC (The) REIT (Real Estate)		5,960
	3,465	BT Group PLC (Communication Services)		6,076
	701	Bunzl PLC (Industrials)		23,337


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

GOLDMAN SACHS ACTIVEBETA^® EUROPE EQUITY ETF


Shares		Description	Value

Common Stocks – (continued)
United Kingdom – (continued)
	2,776	Burberry Group PLC (Consumer Discretionary)	$	56,463
	2,248	CNH Industrial NV (Industrials)		27,533
	448	Coca-Cola Europacific Partners PLC (Consumer Staples)		22,028
	4,197	Compass Group PLC (Consumer Discretionary)		90,787
	152	Croda International PLC (Materials)		11,896
	208	DCC PLC (Industrials)		12,012
	2,514	Diageo PLC (Consumer Staples)		110,108
	474	Entain PLC (Consumer Discretionary)		7,021
	985	Experian PLC (Industrials)		30,063
	6,669	Haleon PLC (Consumer Staples)*		20,087
	415	Halma PLC (Information Technology)		10,020
	4,133	Hargreaves Lansdown PLC (Financials)		39,320
	14,892	HSBC Holdings PLC (Financials)		91,632
	1,942	Imperial Brands PLC (Consumer Staples)		42,855
	1,502	Informa PLC (Communication Services)		9,557
	209	InterContinental Hotels Group PLC (Consumer Discretionary)		11,408
	161	Intertek Group PLC (Industrials)		7,417
	21,217	J Sainsbury PLC (Consumer Staples)		50,216
	33,934	JD Sports Fashion PLC (Consumer Discretionary)		44,599
	367	Johnson Matthey PLC (Materials)		8,605
	12,540	Kingfisher PLC (Consumer Discretionary)		33,867
	1,266	Land Securities Group PLC REIT (Real Estate)		9,584
	5,780	Legal & General Group PLC (Financials)		16,982
	72,888	Lloyds Banking Group PLC (Financials)		37,216
	118	London Stock Exchange Group PLC (Financials)		11,124
	2,069	M&G PLC (Financials)		4,713
	8,233	Melrose Industries PLC (Industrials)		13,077
	3,602	National Grid PLC (Utilities)		45,182
	5,546	NatWest Group PLC (Financials)		15,904
	445	Next PLC (Consumer Discretionary)		30,095
	229	Persimmon PLC (Consumer Discretionary)		3,933
	2,133	Phoenix Group Holdings PLC (Financials)		14,951
	607	Reckitt Benckiser Group PLC (Consumer Staples)		46,955
	2,266	RELX PLC (Industrials)		59,643
	2,342	Rentokil Initial PLC (Industrials)		14,198
	2,672	Rolls-Royce Holdings PLC (Industrials)*		2,394
	5,449	Sage Group PLC (The) (Information Technology)		45,347
	262	Schroders PLC (Financials)^(b)		8,195
	1,176	Segro PLC REIT (Real Estate)		12,904
	718	Severn Trent PLC (Utilities)		23,284
	1,415	Smith & Nephew PLC (Health Care)		16,720
	908	Smiths Group PLC (Industrials)		15,753
	69	Spirax-Sarco Engineering PLC (Industrials)		8,458
	1,130	SSE PLC (Utilities)		21,728
	1,469	St James’s Place PLC (Financials)		18,922
	1,627	Standard Chartered PLC (Financials)		11,325


Common Stocks – (continued)
United Kingdom – (continued)
	4,173	Taylor Wimpey PLC (Consumer Discretionary)		5,259
	20,062	Tesco PLC (Consumer Staples)		58,057
	2,583	Unilever PLC (Consumer Staples)		117,984
	1,634	United Utilities Group PLC (Utilities)		20,087
	42,692	Vodafone Group PLC (Communication Services)		57,466
	2,092	WPP PLC (Communication Services)		18,121

				2,261,473

United States – 9.0%
	731	Ferguson PLC (Industrials)		84,940
	5,413	GSK PLC (Health Care)		86,882
	3,488	Nestle SA (Consumer Staples)		409,504
	503	QIAGEN NV (Health Care)*		22,887
	1,010	Roche Holding AG (Health Care)		326,404
	112	Roche Holding AG (Health Care)		42,943
	638	Schneider Electric SE (Industrials)		76,202
	2,251	Stellantis NV (Consumer Discretionary)		30,227
	288	Swiss Re AG (Financials)		22,481
	690	Tenaris SA (Energy)		9,540

				1,112,010

	TOTAL COMMON STOCKS
	(Cost $13,450,348)		$	12,198,022


Shares		Description	Rate			Value

Preferred Stocks – 0.6%
Germany – 0.6%
	350	Bayerische Motoren Werke AG (Consumer Discretionary)		8.39	%	$	24,372
	157	Henkel AG & Co. KGaA (Consumer Staples)		2.94			10,142
	18	Sartorius AG (Health Care)		0.30			7,528
	244	Volkswagen AG (Consumer Discretionary)		5.24			34,874

	TOTAL PREFERRED STOCKS
	(Cost $101,110)					$	76,916

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $13,551,458)					$	12,274,938


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

GOLDMAN SACHS ACTIVEBETA^® EUROPE EQUITY ETF

Schedule of Investments (continued)

August 31, 2022


Shares		Dividend Rate	Value

Securities Lending Reinvestment Vehicle – 0.5%^(c)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	61,124	2.154%	$	61,124
	(Cost $61,124)

	TOTAL INVESTMENTS – 99.8%
	(Cost $13,612,582)		$	12,336,062

	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.2%			27,400

	NET ASSETS – 100.0%		$	12,363,462



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 August 31, 2022, the Fund had the following futures contracts:


Description	Number of Contracts		Expiration Date		Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
MSCI Europe Index		3		09/16/22	$	81,885	$	(997	)


Sector	% of Market Value

Health Care		15.7	%
Consumer Staples		15.2
Industrials		15.0
Financials		14.2
Consumer Discretionary		12.2
Information Technology		6.4
Materials		5.8
Energy		5.7
Utilities		4.4
Communication Services		4.2
Real Estate		0.7
Securities Lending Reinvestment Vehicle		0.5


TOTAL INVESTMENTS		100.0	%


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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Schedule of Investments

August 31, 2022


Shares		Description	Value

Common Stocks – 99.2%
Australia – 7.2%
	43,485	Ampol Ltd. (Energy)	$	1,030,870
	278,747	APA Group (Utilities)		2,119,244
	82,313	Aristocrat Leisure Ltd. (Consumer Discretionary)		2,014,540
	31,073	ASX Ltd. (Financials)		1,671,150
	386,716	Aurizon Holdings Ltd. (Industrials)		988,872
	388,135	Australia & New Zealand Banking Group Ltd. (Financials)		6,074,744
	772,066	BHP Group Ltd. (Materials)		21,489,172
	668,997	BlueScope Steel Ltd. (Materials)		7,668,310
	141,200	Brambles Ltd. (Industrials)		1,198,380
	30,932	Cochlear Ltd. (Health Care)		4,544,325
	616,193	Coles Group Ltd. (Consumer Staples)		7,417,892
	251,301	Commonwealth Bank of Australia (Financials)		16,792,077
	126,244	Computershare Ltd. (Information Technology)		2,137,701
	37,672	CSL Ltd. (Health Care)		7,580,977
	214,534	Dexus REIT (Real Estate)		1,283,954
	246,273	Endeavour Group Ltd. (Consumer Staples)		1,227,412
	568,767	Fortescue Metals Group Ltd. (Materials)		7,182,295
	1,777,048	Glencore PLC (Materials)*		9,786,774
	86,265	Goodman Group REIT (Real Estate)		1,163,264
	379,198	GPT Group (The) REIT (Real Estate)		1,094,428
	206,904	Insurance Australia Group Ltd. (Financials)		659,570
	214,482	Lottery Corp. Ltd. (The) (Consumer Discretionary)*		649,909
	49,406	Macquarie Group Ltd. (Financials)		6,003,848
	824,893	Medibank Pvt Ltd. (Financials)		2,098,026
	13,696	Mineral Resources Ltd. (Materials)*		600,633
	382,986	National Australia Bank Ltd. (Financials)		8,031,591
	44,004	Newcrest Mining Ltd. (Materials)		534,860
	63,575	Orica Ltd. (Materials)		674,242
	354,354	Origin Energy Ltd. (Utilities)		1,532,872
	135,134	QBE Insurance Group Ltd. (Financials)		1,118,179
	15,773	Ramsay Health Care Ltd. (Health Care)		775,413
	26,433	REA Group Ltd. (Communication Services)		2,311,352
	77,512	Reece Ltd. (Industrials)		850,745
	105,684	Rio Tinto Ltd. (Materials)		6,846,684
	181,388	Rio Tinto PLC (Materials)		10,069,824
	336,879	Santos Ltd. (Energy)		1,822,175
	291,361	Scentre Group REIT (Real Estate)		587,243
	90,458	Sonic Healthcare Ltd. (Health Care)		2,108,459
	1,826,421	South32 Ltd. (Materials)		5,196,228
	284,311	Stockland REIT (Real Estate)		705,572
	357,839	Suncorp Group Ltd. (Financials)		2,673,951
	864,931	Telstra Corp. Ltd. (Communication Services)		2,354,026


Common Stocks – (continued)
Australia – (continued)
	234,070	Transurban Group (Industrials)		2,240,116
	72,019	Treasury Wine Estates Ltd. (Consumer Staples)		651,225
	671,479	Vicinity Centres REIT (Real Estate)		890,744
	264,045	Wesfarmers Ltd. (Consumer Discretionary)		8,509,566
	434,551	Westpac Banking Corp. (Financials)		6,437,760
	20,160	WiseTech Global Ltd. (Information Technology)		812,242
	220,702	Woodside Energy Group Ltd. (Energy)		5,182,103
	394,474	Woolworths Group Ltd. (Consumer Staples)		9,759,880

				197,155,419

Austria – 0.3%
	36,824	Erste Group Bank AG (Financials)		832,398
	48,119	Mondi PLC (Materials)		820,833
	100,662	OMV AG (Energy)		4,077,169
	20,661	Verbund AG (Utilities)		1,980,960

				7,711,360

Belgium – 0.7%
	39,666	Ageas SA/NV (Financials)		1,614,990
	84,764	Anheuser-Busch InBev SA/NV (Consumer Staples)		4,120,660
	8,059	D’ieteren Group (Consumer Discretionary)		1,221,232
	14,553	Elia Group SA/NV (Utilities)		2,120,433
	21,181	Groupe Bruxelles Lambert SA (Financials)		1,608,041
	9,635	Sofina SA (Financials)		1,939,633
	31,613	Solvay SA (Materials)		2,563,421
	42,884	UCB SA (Health Care)		3,022,853
	31,153	Warehouses De Pauw CVA REIT (Real Estate)		951,681

				19,162,944

Brazil – 0.0%
	24,818	Yara International ASA (Materials)		1,053,824

Canada – 12.3%
	91,300	Algonquin Power & Utilities Corp. (Utilities)		1,257,676
	173,546	Alimentation Couche-Tard, Inc. (Consumer Staples)		7,479,334
	76,767	AltaGas Ltd. (Utilities)		1,660,080
	264,814	ARC Resources Ltd. (Energy)		3,666,064
	83,520	Bank of Montreal (Financials)		7,732,743
	149,411	Bank of Nova Scotia (The) (Financials)		8,285,146
	157,320	Barrick Gold Corp. (Materials)		2,342,502
	37,611	BCE, Inc. (Communication Services)		1,820,239
	102,981	Brookfield Asset Management, Inc., Class A (Financials)		4,968,188
	35,131	Cameco Corp. (Energy)		1,026,890


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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Schedule of Investments (continued)

August 31, 2022


Shares		Description	Value

Common Stocks – (continued)
Canada – (continued)
	29,491	Canadian Apartment Properties REIT (Real Estate)	$	1,005,928
	124,482	Canadian Imperial Bank of Commerce (Financials)		5,903,770
	42,152	Canadian National Railway Co. (Industrials)		5,027,276
	141,584	Canadian Natural Resources Ltd. (Energy)		7,784,093
	67,645	Canadian Pacific Railway Ltd. (Industrials)		5,078,540
	23,949	Canadian Tire Corp. Ltd., Class A (Consumer Discretionary)		2,824,834
	51,332	Canadian Utilities Ltd., Class A (Utilities)		1,574,923
	29,751	CCL Industries, Inc., Class B (Materials)		1,463,469
	470,347	Cenovus Energy, Inc. (Energy)		8,849,534
	47,984	CGI, Inc. (Information Technology)*		3,810,580
	8,908	Constellation Software, Inc. (Information Technology)		13,447,842
	151,590	Dollarama, Inc. (Consumer Discretionary)		9,257,917
	46,082	Emera, Inc. (Utilities)		2,138,365
	453,709	Empire Co. Ltd., Class A (Consumer Staples)		12,960,640
	176,583	Enbridge, Inc. (Energy)		7,302,791
	10,736	Fairfax Financial Holdings Ltd. (Financials)		5,367,508
	22,168	FirstService Corp. (Real Estate)		2,780,987
	63,103	Fortis, Inc. (Utilities)		2,791,836
	6,049	Franco-Nevada Corp. (Materials)		729,335
	89,164	George Weston Ltd. (Consumer Staples)		10,222,949
	98,520	Great-West Lifeco, Inc. (Financials)^(a)		2,320,817
	81,751	Hydro One Ltd. (Utilities)^(b)		2,219,812
	120,457	iA Financial Corp., Inc. (Financials)		6,489,189
	55,350	IGM Financial, Inc. (Financials)		1,510,967
	160,672	Imperial Oil Ltd. (Energy)		7,908,458
	24,784	Intact Financial Corp. (Financials)		3,600,455
	45,178	Keyera Corp. (Energy)		1,116,341
	168,840	Loblaw Cos. Ltd. (Consumer Staples)		14,964,309
	42,677	Magna International, Inc. (Consumer Discretionary)		2,472,437
	447,465	Manulife Financial Corp. (Financials)		7,762,985
	64,036	Metro, Inc. (Consumer Staples)		3,377,831
	70,556	National Bank of Canada (Financials)		4,681,285
	62,833	Northland Power, Inc. (Utilities)		2,157,126
	86,823	Nutrien Ltd. (Materials)		7,993,471
	55,799	Onex Corp. (Financials)		2,767,368
	35,067	Open Text Corp. (Information Technology)		1,107,759
	28,210	Parkland Corp. (Energy)		694,480
	80,989	Pembina Pipeline Corp. (Energy)		2,868,257
	242,883	Power Corp. of Canada (Financials)		6,263,102
	48,657	Quebecor, Inc., Class B (Communication Services)		1,054,062


Common Stocks – (continued)
Canada – (continued)
	17,343	Restaurant Brands International, Inc. (Consumer Discretionary)		1,026,728
	41,748	RioCan Real Estate Investment Trust REIT (Real Estate)		641,713
	35,703	Rogers Communications, Inc., Class B (Communication Services)		1,541,696
	211,246	Royal Bank of Canada (Financials)		19,700,270
	120,380	Saputo, Inc. (Consumer Staples)		3,065,572
	64,909	Shaw Communications, Inc., Class B (Communication Services)		1,669,315
	93,785	Sun Life Financial, Inc. (Financials)		4,143,555
	215,243	Suncor Energy, Inc. (Energy)		6,983,564
	97,198	TC Energy Corp. (Energy)		4,697,359
	160,178	Teck Resources Ltd., Class B (Materials)		5,440,377
	101,610	TELUS Corp. (Communication Services)		2,295,070
	13,993	Thomson Reuters Corp. (Industrials)		1,545,256
	16,955	TMX Group Ltd. (Financials)		1,707,670
	34,410	Toromont Industries Ltd. (Industrials)		2,671,137
	245,219	Toronto-Dominion Bank (The) (Financials)		15,820,520
	34,197	Tourmaline Oil Corp. (Energy)		2,027,640
	150,029	West Fraser Timber Co. Ltd. (Materials)		13,460,910
	97,871	WSP Global, Inc. (Industrials)		11,696,541

				334,027,383

Chile – 0.1%
	656,742	Lundin Mining Corp. (Materials)		3,425,128

China – 0.6%
	1,429,149	BOC Hong Kong Holdings Ltd. (Financials)		4,934,473
	1,240,127	Chow Tai Fook Jewellery Group Ltd. (Consumer Discretionary)		2,505,898
	18,817	Prosus NV (Consumer Discretionary)*		1,168,399
	2,254,311	SITC International Holdings Co. Ltd. (Industrials)		5,744,309
	231,161	Wilmar International Ltd. (Consumer Staples)		669,407
	749,926	Xinyi Glass Holdings Ltd. (Industrials)		1,391,149

				16,413,635

Denmark – 2.6%
	3,285	AP Moller – Maersk A/S, Class A (Industrials)		7,710,287
	3,534	AP Moller – Maersk A/S, Class B (Industrials)		8,483,454
	22,914	Carlsberg AS, Class B (Consumer Staples)		2,992,083
	13,948	Chr Hansen Holding A/S (Materials)		815,046
	22,627	Coloplast A/S, Class B (Health Care)		2,594,841


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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF


Shares		Description	Value

Common Stocks – (continued)
Denmark – (continued)
	172,410	Danske Bank A/S (Financials)	$	2,311,916
	52,977	Demant A/S (Health Care)*		1,636,662
	11,437	DSV A/S (Industrials)		1,695,533
	3,802	Genmab A/S (Health Care)*		1,357,068
	297,339	Novo Nordisk A/S, Class B (Health Care)		31,859,329
	28,816	Novozymes A/S, Class B (Materials)		1,658,138
	51,930	Pandora A/S (Consumer Discretionary)		3,139,124
	4,532	ROCKWOOL A/S, Class B (Industrials)		937,797
	130,586	Tryg A/S (Financials)		2,959,959

				70,151,237

Finland – 1.1%
	30,561	Elisa OYJ (Communication Services)		1,636,713
	460,376	Fortum OYJ (Utilities)		4,742,730
	23,157	Kone OYJ, Class B (Industrials)		929,558
	10,826	Neste OYJ (Energy)		536,140
	968,678	Nokia OYJ (Information Technology)		4,881,960
	360,074	Nordea Bank Abp (Financials)		3,357,519
	167,032	Orion OYJ, Class B (Health Care)		7,586,710
	88,802	Sampo OYJ, Class A (Financials)		4,027,198
	83,062	Stora Enso OYJ, Class R (Materials)		1,242,405
	42,606	UPM-Kymmene OYJ (Materials)		1,451,931

				30,392,864

France – 10.3%
	9,018	Aeroports de Paris (Industrials)*		1,240,963
	46,425	Air Liquide SA (Materials)		5,844,670
	31,040	Airbus SE (Industrials)		3,055,370
	10,358	Arkema SA (Materials)		878,859
	260,864	AXA SA (Financials)		6,170,886
	41,012	BioMerieux (Health Care)		3,763,528
	138,276	BNP Paribas SA (Financials)		6,463,435
	1,312,173	Bollore SE (Communication Services)		6,301,721
	62,772	Bouygues SA (Industrials)		1,849,428
	71,860	Bureau Veritas SA (Industrials)		1,789,851
	54,154	Capgemini SE (Information Technology)		9,420,639
	448,794	Carrefour SA (Consumer Staples)		7,509,380
	162,699	Cie de Saint-Gobain (Industrials)		6,601,341
	67,154	Cie Generale des Etablissements Michelin (Consumer Discretionary)		1,641,237
	232,370	Credit Agricole SA (Financials)		2,147,333
	93,582	Danone SA (Consumer Staples)		4,941,264
	11,974	Dassault Aviation SA (Industrials)		1,649,543
	102,740	Dassault Systemes (Information Technology)		3,985,192
	31,828	Edenred (Information Technology)		1,616,235
	102,326	Eiffage SA (Industrials)		9,040,260
	47,020	Electricite de France SA (Utilities)		564,298
	351,927	Engie SA (Utilities)		4,199,851


Common Stocks – (continued)
France – (continued)
	38,617	EssilorLuxottica SA (Consumer Discretionary)		5,795,576
	28,917	Eurazeo SE (Financials)		1,734,472
	11,078	Gecina SA REIT (Real Estate)		990,857
	122,225	Getlink SE (Industrials)		2,309,354
	9,162	Hermes International (Consumer Discretionary)		11,815,481
	111,289	Ipsen SA (Health Care)		10,692,682
	10,049	Kering (Consumer Discretionary)		5,082,701
	38,661	Klepierre SA REIT (Real Estate)*		796,949
	209,776	La Francaise des Jeux SAEM (Consumer Discretionary)^(b)		6,828,137
	34,836	Legrand SA (Industrials)		2,531,921
	52,406	L’Oreal SA (Consumer Staples)		18,088,197
	44,969	LVMH Moet Hennessy Louis Vuitton SE (Consumer Discretionary)		29,279,033
	279,015	Orange SA (Communication Services)		2,833,131
	20,202	Pernod Ricard SA (Consumer Staples)		3,728,657
	96,870	Publicis Groupe SA (Communication Services)		4,748,623
	16,606	Remy Cointreau SA (Consumer Staples)		3,094,170
	87,527	Renault SA (Consumer Discretionary)*		2,518,046
	20,387	Safran SA (Industrials)		2,088,965
	168,664	Sanofi (Health Care)		13,937,737
	11,707	Sartorius Stedim Biotech (Health Care)		4,305,011
	77,243	SEB SA (Consumer Discretionary)		5,747,707
	207,529	Societe Generale SA (Financials)		4,607,672
	17,843	Sodexo SA (Consumer Discretionary)		1,371,489
	4,817	Teleperformance (Industrials)		1,377,074
	22,505	Thales SA (Industrials)		2,718,983
	325,069	TotalEnergies SE (Energy)		16,569,201
	63,506	Ubisoft Entertainment SA (Communication Services)*		2,938,128
	10,414	Unibail – Rodamco-Westfield REIT (Real Estate)*		538,250
	154,288	Veolia Environnement SA (Utilities)		3,456,615
	76,618	Vinci SA (Industrials)		7,107,239
	173,765	Vivendi SE (Communication Services)		1,582,000
	74,933	Wendel SE (Financials)		5,914,888
	63,451	Worldline SA (Information Technology)*^(b)		2,730,137

				280,534,367

Germany – 6.3%
	42,490	adidas AG (Consumer Discretionary)		6,335,385
	42,982	Allianz SE (Financials)		7,286,121
	49,010	BASF SE (Materials)		2,073,294
	147,590	Bayer AG (Health Care)		7,806,321
	58,032	Bayerische Motoren Werke AG (Consumer Discretionary)		4,287,275
	20,980	Bechtle AG (Information Technology)		806,517
	37,466	Beiersdorf AG (Consumer Staples)		3,789,999
	37,975	Brenntag SE (Industrials)		2,498,113


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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Schedule of Investments (continued)

August 31, 2022


Shares		Description	Value

Common Stocks – (continued)
Germany – (continued)
	9,980	Carl Zeiss Meditec AG (Health Care)	$	1,246,396
	406,627	Commerzbank AG (Financials)*		2,710,900
	36,930	Covestro AG (Materials)^(b)		1,118,505
	63,038	Daimler Truck Holding AG (Industrials)*		1,617,975
	425,178	Deutsche Bank AG (Financials)		3,558,397
	28,120	Deutsche Boerse AG (Financials)		4,763,104
	458,671	Deutsche Lufthansa AG (Industrials)*		2,737,321
	288,273	Deutsche Post AG (Industrials)		10,549,926
	361,461	Deutsche Telekom AG (Communication Services)		6,828,821
	264,917	E.ON SE (Utilities)		2,266,956
	46,206	Evonik Industries AG (Materials)		863,969
	64,726	Fresenius Medical Care AG & Co. KGaA (Health Care)		2,225,264
	173,771	Fresenius SE & Co. KGaA (Health Care)		4,308,976
	43,800	GEA Group AG (Industrials)		1,527,855
	12,353	Hannover Rueck SE (Financials)		1,824,727
	99,103	HeidelbergCement AG (Materials)		4,494,352
	175,054	HelloFresh SE (Consumer Staples)*		4,199,970
	25,993	Henkel AG & Co. KGaA (Consumer Staples)		1,628,352
	37,304	Infineon Technologies AG (Information Technology)		911,518
	35,849	Knorr-Bremse AG (Industrials)		1,742,919
	10,472	LEG Immobilien SE (Real Estate)		793,129
	126,076	Mercedes-Benz Group AG (Consumer Discretionary)		7,114,655
	30,603	Merck KGaA (Health Care)		5,274,467
	2,989	MTU Aero Engines AG (Industrials)		528,833
	13,028	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Financials)		3,120,493
	81,113	Nemetschek SE (Information Technology)		4,804,072
	82,403	Puma SE (Consumer Discretionary)		5,056,138
	5,992	Rational AG (Industrials)		3,244,601
	10,486	Rheinmetall AG (Industrials)		1,670,201
	194,299	RWE AG (Utilities)		7,439,971
	132,413	SAP SE (Information Technology)		11,309,584
	11,060	Scout24 SE (Communication Services)^(b)		639,925
	69,208	Siemens AG (Industrials)		7,034,371
	171,120	Siemens Energy AG (Industrials)		2,525,123
	23,872	Siemens Healthineers AG (Health Care)^(b)		1,169,739
	23,430	Symrise AG (Materials)		2,458,490
	654,740	Telefonica Deutschland Holding AG (Communication Services)		1,701,897
	147,049	Uniper SE (Utilities)^(a)		796,254
	29,869	United Internet AG (Communication Services)		677,284
	17,340	Volkswagen AG (Consumer Discretionary)		3,211,755
	46,854	Vonovia SE (Real Estate)		1,272,079


Common Stocks – (continued)
Germany – (continued)
	158,426	Zalando SE (Consumer Discretionary)*^(b)		3,681,545

				171,533,834

Hong Kong – 1.9%
	1,119,092	AIA Group Ltd. (Financials)		10,828,980
	604,231	CK Asset Holdings Ltd. (Real Estate)		4,087,818
	117,881	CK Infrastructure Holdings Ltd. (Utilities)		717,903
	139,951	CLP Holdings Ltd. (Utilities)		1,207,143
	73,804	Hang Seng Bank Ltd. (Financials)		1,156,589
	1,381,293	HK Electric Investments & HK Electric Investments Ltd. (Utilities)		1,152,713
	1,207,787	HKT Trust & HKT Ltd. (Communication Services)		1,621,903
	937,000	Hong Kong & China Gas Co. Ltd. (Utilities)		925,199
	171,549	Hong Kong Exchanges & Clearing Ltd. (Financials)		6,946,020
	168,800	Hongkong Land Holdings Ltd. (Real Estate)		816,992
	46,959	Jardine Matheson Holdings Ltd. (Industrials)		2,493,523
	132,202	Link REIT (Real Estate)		1,024,926
	206,499	MTR Corp. Ltd. (Industrials)		1,058,956
	787,383	New World Development Co. Ltd. (Real Estate)		2,573,163
	250,123	Power Assets Holdings Ltd. (Utilities)		1,497,771
	58,608	Prudential PLC (Financials)		616,222
	378,391	Sino Land Co. Ltd. (Real Estate)		554,412
	100,646	Sun Hung Kai Properties Ltd. (Real Estate)		1,183,565
	162,716	Swire Pacific Ltd., Class A (Real Estate)		1,126,740
	381,999	Techtronic Industries Co. Ltd. (Industrials)		4,535,990
	9,525,407	WH Group Ltd. (Consumer Staples)^(b)		6,504,925

				52,631,453

Ireland – 0.5%
	75,474	AerCap Holdings NV (Industrials)*		3,324,630
	91,274	CRH PLC (Materials)		3,377,066
	15,829	Kerry Group PLC, Class A (Consumer Staples)		1,637,048
	24,060	Kingspan Group PLC (Industrials)		1,370,322
	78,479	Smurfit Kappa Group PLC (Materials)		2,647,584

				12,356,650

Israel – 1.1%
	11,136	Azrieli Group Ltd. (Real Estate)		928,990
	193,959	Bank Hapoalim BM (Financials)		2,023,291
	231,864	Bank Leumi Le-Israel BM (Financials)		2,464,703


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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF


Shares		Description	Value

Common Stocks – (continued)
Israel – (continued)
	947,789	Bezeq The Israeli Telecommunication Corp. Ltd. (Communication Services)	$	1,604,128
	27,141	Check Point Software Technologies Ltd. (Information Technology)*		3,263,434
	5,568	Elbit Systems Ltd. (Industrials)		1,193,627
	204,065	ICL Group Ltd. (Materials)^(a)		1,963,078
	279,105	Israel Discount Bank Ltd., Class A (Financials)		1,715,852
	63,961	Mizrahi Tefahot Bank Ltd. (Financials)		2,615,009
	5,927	Nice Ltd. (Information Technology)*		1,286,979
	642,192	Teva Pharmaceutical Industries Ltd. ADR (Health Care)*		5,805,416
	25,261	Tower Semiconductor Ltd. (Information Technology)*		1,189,218
	105,735	ZIM Integrated Shipping Services Ltd. (Industrials)^(a)		3,815,976

				29,869,701

Italy – 2.0%
	221,969	Assicurazioni Generali SpA (Financials)		3,267,662
	119,087	Atlantia SpA (Industrials)		2,733,846
	97,162	Coca-Cola HBC AG (Consumer Staples)*		2,227,238
	142,658	Davide Campari-Milano NV (Consumer Staples)		1,406,955
	15,821	DiaSorin SpA (Health Care)		2,083,259
	381,262	Enel SpA (Utilities)		1,800,152
	687,143	Eni SpA (Energy)		8,158,817
	28,785	Ferrari NV (Consumer Discretionary)		5,592,128
	189,315	FinecoBank Banca Fineco SpA (Financials)		2,058,805
	87,596	Infrastrutture Wireless Italiane SpA (Communication Services)^(b)		815,641
	710,712	Intesa Sanpaolo SpA (Financials)		1,231,353
	111,085	Moncler SpA (Consumer Discretionary)		4,986,357
	151,893	Nexi SpA (Information Technology)*^(b)		1,252,741
	366,318	Poste Italiane SpA (Financials)^(b)		2,943,862
	77,870	Prysmian SpA (Industrials)		2,396,830
	83,209	Recordati Industria Chimica e Farmaceutica SpA (Health Care)		3,408,749
	316,860	Snam SpA (Utilities)		1,508,978
	13,544,894	Telecom Italia SpA (Communication Services)*		2,805,734
	278,521	Terna – Rete Elettrica Nazionale (Utilities)		1,988,474
	110,499	UniCredit SpA (Financials)		1,088,678

				53,756,259


Common Stocks – (continued)
Japan – 19.3%
	59,347	Advantest Corp. (Information Technology)		3,424,895
	74,000	Aeon Co. Ltd. (Consumer Staples)^(a)		1,453,309
	20,165	Aisin Corp. (Consumer Discretionary)		604,405
	65,998	Ajinomoto Co., Inc. (Consumer Staples)		1,838,184
	82,318	Asahi Group Holdings Ltd. (Consumer Staples)		2,774,911
	42,624	Asahi Intecc Co. Ltd. (Health Care)		770,230
	500,041	Astellas Pharma, Inc. (Health Care)		7,158,387
	39,281	Azbil Corp. (Information Technology)		1,130,613
	61,057	Bandai Namco Holdings, Inc. (Consumer Discretionary)		4,618,089
	79,715	Bridgestone Corp. (Consumer Discretionary)		3,078,192
	217,707	Brother Industries Ltd. (Information Technology)		4,202,589
	111,334	Canon, Inc. (Information Technology)		2,678,441
	58,010	Capcom Co. Ltd. (Communication Services)		1,594,360
	7,612	Central Japan Railway Co. (Industrials)		903,007
	133,497	Chubu Electric Power Co., Inc. (Utilities)		1,361,693
	105,152	Chugai Pharmaceutical Co. Ltd. (Health Care)		2,737,555
	171,989	Concordia Financial Group Ltd. (Financials)		548,380
	405,183	CyberAgent, Inc. (Communication Services)		4,001,410
	37,567	Dai Nippon Printing Co. Ltd. (Industrials)		795,919
	57,618	Dai-ichi Life Holdings, Inc. (Financials)		1,000,444
	145,925	Daiichi Sankyo Co. Ltd. (Health Care)		4,418,014
	16,477	Daikin Industries Ltd. (Industrials)		2,910,293
	46,120	Daito Trust Construction Co. Ltd. (Real Estate)		4,571,245
	41,277	Daiwa House Industry Co. Ltd. (Real Estate)		933,776
	514	Daiwa House REIT Investment Corp. REIT (Real Estate)		1,193,926
	238,571	Daiwa Securities Group, Inc. (Financials)		1,047,389
	22,834	Denso Corp. (Consumer Discretionary)		1,260,256
	70,239	Dentsu Group, Inc. (Communication Services)		2,287,676
	2,765	Disco Corp. (Information Technology)		682,150
	11,283	East Japan Railway Co. (Industrials)		589,198
	55,789	Eisai Co. Ltd. (Health Care)		2,292,732
	446,992	ENEOS Holdings, Inc. (Energy)		1,688,332
	4,279	FANUC Corp. (Industrials)		695,598
	7,610	Fast Retailing Co. Ltd. (Consumer Discretionary)^(a)		4,498,752
	12,517	Fuji Electric Co. Ltd. (Industrials)		548,084


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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Schedule of Investments (continued)

August 31, 2022


Shares		Description	Value

Common Stocks – (continued)
Japan – (continued)
	83,443	FUJIFILM Holdings Corp. (Information Technology)	$	4,280,348
	41,469	Fujitsu Ltd. (Information Technology)		4,955,340
	1,162	GLP J REIT (Real Estate)		1,424,157
	134,693	Hakuhodo DY Holdings, Inc. (Communication Services)		1,215,516
	18,503	Hamamatsu Photonics KK (Information Technology)		794,177
	44,074	Hankyu Hanshin Holdings, Inc. (Industrials)		1,330,566
	6,105	Hirose Electric Co. Ltd. (Information Technology)		874,188
	110,245	Hitachi Ltd. (Industrials)		5,563,744
	100,229	Hitachi Metals Ltd. (Materials)*		1,513,286
	432,048	Honda Motor Co. Ltd. (Consumer Discretionary)		11,606,469
	19,324	Hoshizaki Corp. (Industrials)		578,500
	90,033	Hoya Corp. (Health Care)		9,254,970
	65,974	Ibiden Co. Ltd. (Information Technology)		2,132,108
	47,646	Idemitsu Kosan Co. Ltd. (Energy)		1,254,520
	624,516	Inpex Corp. (Energy)		7,226,140
	288,356	Isuzu Motors Ltd. (Consumer Discretionary)		3,600,680
	102,798	Ito En Ltd. (Consumer Staples)		4,553,145
	304,347	ITOCHU Corp. (Industrials)^(a)		8,437,190
	41,516	Itochu Techno-Solutions Corp. (Information Technology)		1,058,677
	46,055	Japan Exchange Group, Inc. (Financials)		692,528
	913	Japan Metropolitan Fund Invest REIT (Real Estate)		728,424
	172,321	Japan Post Bank Co. Ltd. (Financials)		1,260,476
	551,595	Japan Post Holdings Co. Ltd. (Financials)		3,825,055
	171,800	Japan Post Insurance Co. Ltd. (Financials)^(a)		2,642,219
	263	Japan Real Estate Investment Corp. REIT (Real Estate)		1,223,697
	183,485	Japan Tobacco, Inc. (Consumer Staples)		3,123,712
	73,239	Kajima Corp. (Industrials)		776,109
	250,252	Kakaku.com, Inc. (Communication Services)		4,673,778
	140,708	Kansai Electric Power Co., Inc. (The) (Utilities)		1,366,225
	77,626	Kao Corp. (Consumer Staples)		3,390,625
	241,964	KDDI Corp. (Communication Services)		7,465,320
	14,196	Keyence Corp. (Information Technology)		5,411,121
	52,960	Kikkoman Corp. (Consumer Staples)		3,270,244
	20,609	Kintetsu Group Holdings Co. Ltd. (Industrials)		704,683
	121,954	Kirin Holdings Co. Ltd. (Consumer Staples)		2,018,564


Common Stocks – (continued)
Japan – (continued)
	17,273	Kobayashi Pharmaceutical Co. Ltd. (Consumer Staples)		988,097
	50,145	Komatsu Ltd. (Industrials)		1,059,873
	47,749	Kose Corp. (Consumer Staples)		4,560,482
	35,091	Kubota Corp. (Industrials)		550,698
	30,014	Kyocera Corp. (Information Technology)		1,684,032
	40,802	Kyowa Kirin Co. Ltd. (Health Care)		922,736
	64,530	Lixil Corp. (Industrials)		1,135,356
	57,040	M3, Inc. (Health Care)		1,860,255
	659,999	Marubeni Corp. (Industrials)		6,913,028
	229,169	Mazda Motor Corp. (Consumer Discretionary)		2,035,037
	32,341	McDonald’s Holdings Co. Japan Ltd. (Consumer Discretionary)		1,159,493
	50,345	MEIJI Holdings Co. Ltd. (Consumer Staples)		2,407,844
	141,728	MISUMI Group, Inc. (Industrials)		3,527,225
	149,436	Mitsubishi Chemical Group Corp. (Materials)		790,165
	251,290	Mitsubishi Corp. (Industrials)		8,273,310
	160,417	Mitsubishi Electric Corp. (Industrials)		1,641,490
	114,078	Mitsubishi Estate Co. Ltd. (Real Estate)		1,547,099
	206,456	Mitsubishi HC Capital, Inc. (Financials)		1,006,776
	76,140	Mitsubishi Heavy Industries Ltd. (Industrials)		2,951,678
	1,075,509	Mitsubishi UFJ Financial Group, Inc. (Financials)		5,594,586
	297,327	Mitsui & Co. Ltd. (Industrials)		7,005,013
	85,467	Mitsui Fudosan Co. Ltd. (Real Estate)		1,740,783
	83,476	Mitsui OSK Lines Ltd. (Industrials)^(a)		2,200,936
	184,198	Mizuho Financial Group, Inc. (Financials)		2,117,363
	313,998	MonotaRO Co. Ltd. (Industrials)		5,717,085
	86,692	MS&AD Insurance Group Holdings, Inc. (Financials)^(a)		2,602,167
	51,131	Murata Manufacturing Co. Ltd. (Information Technology)		2,786,248
	191,817	NEC Corp. (Information Technology)		7,056,928
	68,361	Nexon Co. Ltd. (Communication Services)		1,375,357
	60,343	NGK Insulators Ltd. (Industrials)		870,158
	12,852	Nidec Corp. (Industrials)		864,433
	57,379	Nihon M&A Center Holdings, Inc. (Industrials)		723,938
	10,771	Nintendo Co. Ltd. (Communication Services)		4,428,056
	214	Nippon Building Fund, Inc. REIT (Real Estate)		1,071,351
	541	Nippon Prologis REIT, Inc. REIT (Real Estate)		1,367,867


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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF


Shares		Description	Value

Common Stocks – (continued)
Japan – (continued)
	428,940	Nippon Telegraph & Telephone Corp. (Communication Services)	$	11,662,217
	93,950	Nippon Yusen KK (Industrials)^(a)		7,244,909
	22,065	Nissan Chemical Corp. (Materials)		1,125,335
	68,513	Nisshin Seifun Group, Inc. (Consumer Staples)		775,945
	17,908	Nissin Foods Holdings Co. Ltd. (Consumer Staples)		1,286,663
	37,116	Nitori Holdings Co. Ltd. (Consumer Discretionary)		3,585,091
	19,143	Nitto Denko Corp. (Materials)		1,190,353
	181,637	Nomura Holdings, Inc. (Financials)		660,117
	22,697	Nomura Real Estate Holdings, Inc. (Real Estate)		560,773
	968	Nomura Real Estate Master Fund, Inc. REIT (Real Estate)		1,188,484
	61,428	Nomura Research Institute Ltd. (Information Technology)		1,679,438
	192,584	NTT Data Corp. (Information Technology)		2,742,368
	119,010	Obayashi Corp. (Industrials)		829,314
	5,372	Obic Co. Ltd. (Information Technology)		804,880
	201,301	Oji Holdings Corp. (Materials)		808,834
	268,746	Olympus Corp. (Health Care)		5,835,350
	50,484	Omron Corp. (Information Technology)		2,691,266
	102,618	Ono Pharmaceutical Co. Ltd. (Health Care)		2,463,572
	37,162	Oracle Corp. Japan (Information Technology)		2,238,432
	16,654	Oriental Land Co. Ltd. (Consumer Discretionary)		2,504,858
	139,912	ORIX Corp. (Financials)		2,317,316
	59,773	Osaka Gas Co. Ltd. (Utilities)		1,010,697
	22,340	Otsuka Corp. (Information Technology)		730,029
	90,787	Otsuka Holdings Co. Ltd. (Health Care)		2,987,048
	50,072	Pan Pacific International Holdings Corp. (Consumer Discretionary)		904,818
	190,017	Panasonic Holdings Corp. (Consumer Discretionary)		1,553,033
	239,257	Persol Holdings Co. Ltd. (Industrials)		4,867,122
	269,891	Recruit Holdings Co. Ltd. (Industrials)		8,728,017
	299,817	Renesas Electronics Corp. (Information Technology)*		2,863,536
	395,627	Resona Holdings, Inc. (Financials)		1,462,072
	696,068	Ricoh Co. Ltd. (Information Technology)		5,508,289
	199,813	SBI Holdings, Inc. (Financials)		3,958,063
	34,317	SCSK Corp. (Information Technology)		564,420
	34,981	Secom Co. Ltd. (Industrials)		2,251,401
	165,615	Seiko Epson Corp. (Information Technology)		2,623,557


Common Stocks – (continued)
Japan – (continued)
	83,248	Sekisui Chemical Co. Ltd. (Consumer Discretionary)		1,144,604
	100,190	Sekisui House Ltd. (Consumer Discretionary)		1,715,788
	130,960	Seven & i Holdings Co. Ltd. (Consumer Staples)^(a)		5,227,064
	115,491	Sharp Corp. (Consumer Discretionary)		835,617
	57,078	Shimadzu Corp. (Information Technology)		1,684,033
	9,011	Shimano, Inc. (Consumer Discretionary)		1,613,367
	22,962	Shin-Etsu Chemical Co. Ltd. (Materials)		2,702,435
	24,068	Shionogi & Co. Ltd. (Health Care)		1,181,307
	148,233	Shiseido Co. Ltd. (Consumer Staples)		5,661,993
	144,405	Shizuoka Bank Ltd. (The) (Financials)		839,606
	2,252	SMC Corp. (Industrials)		1,081,935
	358,232	SoftBank Corp. (Communication Services)		3,952,504
	137,562	SoftBank Group Corp. (Communication Services)		5,519,350
	61,252	Sompo Holdings, Inc. (Financials)		2,639,193
	117,226	Sony Group Corp. (Consumer Discretionary)		9,416,134
	44,460	Square Enix Holdings Co. Ltd. (Communication Services)		1,946,779
	322,009	Subaru Corp. (Consumer Discretionary)		5,889,658
	45,428	SUMCO Corp. (Information Technology)		625,915
	545,148	Sumitomo Chemical Co. Ltd. (Materials)		2,162,896
	265,619	Sumitomo Corp. (Industrials)		3,765,131
	59,396	Sumitomo Electric Industries Ltd. (Consumer Discretionary)		686,616
	171,867	Sumitomo Mitsui Financial Group, Inc. (Financials)		5,199,713
	54,502	Sumitomo Mitsui Trust Holdings, Inc. (Financials)		1,704,748
	73,840	Suntory Beverage & Food Ltd. (Consumer Staples)		2,716,566
	54,415	Sysmex Corp. (Health Care)		3,376,968
	134,507	Taisei Corp. (Industrials)		4,109,195
	306,593	Takeda Pharmaceutical Co. Ltd. (Health Care)		8,514,936
	15,444	TDK Corp. (Information Technology)		547,573
	51,928	Terumo Corp. (Health Care)		1,687,918
	38,431	TIS, Inc. (Information Technology)		1,106,147
	29,351	Tobu Railway Co. Ltd. (Industrials)		697,649
	28,295	Toho Co. Ltd. (Communication Services)		1,083,834
	71,939	Tokio Marine Holdings, Inc. (Financials)		4,043,633
	208,918	Tokyo Electric Power Co. Holdings, Inc. (Utilities)*		819,848
	27,228	Tokyo Electron Ltd. (Information Technology)^(a)		8,673,677


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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Schedule of Investments (continued)

August 31, 2022


Shares		Description	Value

Common Stocks – (continued)
Japan – (continued)
	83,150	Tokyo Gas Co. Ltd. (Utilities)	$	1,566,729
	49,830	Tokyu Corp. (Industrials)		596,342
	128,191	TOPPAN, Inc. (Industrials)		2,026,088
	117,377	Toray Industries, Inc. (Materials)		676,447
	41,663	Toshiba Corp. (Industrials)		1,552,914
	60,569	Tosoh Corp. (Materials)^(a)		789,527
	25,656	TOTO Ltd. (Industrials)		894,837
	884,502	Toyota Motor Corp. (Consumer Discretionary)		13,408,699
	42,627	Trend Micro, Inc. (Information Technology)		2,650,638
	56,310	Unicharm Corp. (Consumer Staples)		1,970,495
	112,033	USS Co. Ltd. (Consumer Discretionary)		1,991,339
	225,879	Welcia Holdings Co. Ltd. (Consumer Staples)		4,762,808
	28,151	Yakult Honsha Co. Ltd. (Consumer Staples)		1,671,291
	14,483	Yamaha Corp. (Consumer Discretionary)		570,440
	60,925	Yamato Holdings Co. Ltd. (Industrials)		958,099
	99,847	Yokogawa Electric Corp. (Information Technology)		1,761,053
	269,605	ZOZO, Inc. (Consumer Discretionary)		6,048,487

				525,734,058

Jordan – 0.1%
	130,477	Hikma Pharmaceuticals PLC (Health Care)		1,993,437

Luxembourg – 0.5%
	424,592	ArcelorMittal (Materials)		10,142,163
	34,330	Eurofins Scientific SE (Health Care)		2,385,369

				12,527,532

Netherlands – 4.7%
	121,071	ABN AMRO Bank NV (Financials)^(a)(b)		1,165,567
	484	Adyen NV (Information Technology)*^(b)		751,930
	722,947	Aegon NV (Financials)		3,248,055
	21,135	Akzo Nobel NV (Materials)		1,339,745
	2,132	Argenx SE (Health Care)*		800,722
	7,902	ASM International NV (Information Technology)		2,154,122
	51,094	ASML Holding NV (Information Technology)		24,900,143
	13,763	Euronext NV (Financials)^(b)		1,021,347
	59,308	EXOR NV (Financials)		3,593,736
	53,519	Heineken Holding NV (Consumer Staples)		3,810,175
	29,607	Heineken NV (Consumer Staples)		2,671,679
	11,888	IMCD NV (Industrials)		1,647,258
	371,317	ING Groep NV (Financials)		3,273,030
	95,417	JDE Peet’s NV (Consumer Staples)		2,947,479


Common Stocks – (continued)
Netherlands – (continued)
	469,576	Koninklijke Ahold Delhaize NV (Consumer Staples)		12,937,793
	13,243	Koninklijke DSM NV (Materials)		1,695,856
	929,848	Koninklijke KPN NV (Communication Services)		2,963,978
	182,737	Koninklijke Philips NV (Health Care)		3,059,090
	152,703	NN Group NV (Financials)		6,290,965
	36,672	OCI NV (Materials)		1,380,620
	92,768	Randstad NV (Industrials)		4,336,721
	1,175,790	Shell PLC (Energy)		31,330,631
	64,699	Universal Music Group NV (Communication Services)		1,288,540
	96,927	Wolters Kluwer NV (Industrials)		9,496,986

				128,106,168

New Zealand – 0.2%
	179,686	Fisher & Paykel Healthcare Corp. Ltd. (Health Care)		2,165,854
	504,998	Spark New Zealand Ltd. (Communication Services)		1,678,109
	32,630	Xero Ltd. (Information Technology)*		1,962,924

				5,806,887

Norway – 0.8%
	50,764	Aker BP ASA (Energy)		1,778,554
	143,467	DNB Bank ASA (Financials)		2,746,707
	160,681	Equinor ASA (Energy)		6,196,260
	235,919	Gjensidige Forsikring ASA (Financials)		4,801,987
	38,962	Kongsberg Gruppen ASA (Industrials)		1,334,833
	58,159	Mowi ASA (Consumer Staples)		1,197,270
	258,243	Norsk Hydro ASA (Materials)		1,782,485
	131,615	Orkla ASA (Consumer Staples)		1,106,324
	11,694	Salmar ASA (Consumer Staples)		777,114
	90,915	Telenor ASA (Communication Services)		998,547

				22,720,081

Portugal – 0.4%
	231,884	EDP – Energias de Portugal SA (Utilities)		1,110,360
	50,488	Galp Energia SGPS SA (Energy)		548,043
	395,288	Jeronimo Martins SGPS SA (Consumer Staples)		8,784,350

				10,442,753

Singapore – 1.6%
	541,961	CapitaLand Integrated Commercial Trust REIT (Real Estate)		804,143
	205,975	Capitaland Investment Ltd. (Real Estate)		544,798
	95,180	City Developments Ltd. (Real Estate)		554,665


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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF


Shares		Description	Value

Common Stocks – (continued)
Singapore – (continued)
	368,278	DBS Group Holdings Ltd. (Financials)	$	8,605,736
	177,340	Grab Holdings Ltd., Class A (Industrials)*		505,419
	369,122	Keppel Corp. Ltd. (Industrials)		1,923,530
	679,261	Mapletree Logistics Trust REIT (Real Estate)		813,107
	841,308	Oversea-Chinese Banking Corp. Ltd. (Financials)		7,290,813
	8,447	Sea Ltd. ADR (Communication Services)*		523,714
	144,988	Singapore Airlines Ltd. (Industrials)*		552,890
	1,271,685	Singapore Exchange Ltd. (Financials)		8,650,484
	203,817	Singapore Technologies Engineering Ltd. (Industrials)		544,934
	972,141	Singapore Telecommunications Ltd. (Communication Services)		1,825,682
	151,986	STMicroelectronics NV (Information Technology)		5,310,063
	237,822	United Overseas Bank Ltd. (Financials)		4,658,932
	109,199	UOL Group Ltd. (Real Estate)		541,651
	50,379	Venture Corp. Ltd. (Information Technology)		660,477

				44,311,038

South Africa – 0.2%
	133,540	Anglo American PLC (Materials)		4,324,426

Spain – 2.0%
	8,708	Acciona SA (Utilities)		1,708,360
	87,112	ACS Actividades de Construccion y Servicios SA (Industrials)		1,945,496
	33,012	Amadeus IT Group SA (Information Technology)*		1,746,733
	680,784	Banco Bilbao Vizcaya Argentaria SA (Financials)		3,074,712
	1,533,403	Banco Santander SA (Financials)		3,726,805
	772,089	CaixaBank SA (Financials)		2,332,228
	20,730	Cellnex Telecom SA (Communication Services)*^(b)		808,163
	93,952	Enagas SA (Utilities)		1,718,472
	69,982	Endesa SA (Utilities)		1,203,334
	73,768	Ferrovial SA (Industrials)		1,852,952
	49,404	Grifols SA (Health Care)*^(a)		598,374
	683,850	Iberdrola SA (Utilities)		7,141,198
	351,997	Industria de Diseno Textil SA (Consumer Discretionary)		7,627,636
	75,935	Naturgy Energy Group SA (Utilities)^(a)		2,098,275
	127,502	Red Electrica Corp. SA (Utilities)		2,337,903
	731,634	Repsol SA (Energy)		9,552,995
	891,144	Telefonica SA (Communication Services)		3,688,306

				53,161,942


Common Stocks – (continued)
Sweden – 2.3%
	11,014	Alleima AB (Materials)*		44,333
	75,224	Assa Abloy AB, Class B (Industrials)		1,533,025
	334,220	Atlas Copco AB, Class A (Industrials)		3,417,872
	155,105	Atlas Copco AB, Class B (Industrials)		1,422,504
	29,890	Boliden AB (Materials)		965,717
	53,951	Epiroc AB, Class A (Industrials)		830,328
	51,541	Epiroc AB, Class B (Industrials)		705,261
	121,576	EQT AB (Financials)		2,747,487
	49,372	Essity AB, Class B (Consumer Staples)		1,100,896
	31,553	Getinge AB, Class B (Health Care)		587,988
	445,412	H & M Hennes & Mauritz AB, Class B (Consumer Discretionary)^(a)		4,652,148
	82,239	Hexagon AB, Class B (Information Technology)		846,501
	28,896	Holmen AB, Class B (Materials)		1,246,252
	191,418	Husqvarna AB, Class B (Industrials)		1,296,132
	47,794	Industrivarden AB, Class A (Financials)		1,066,159
	57,589	Industrivarden AB, Class C (Financials)		1,271,662
	140,667	Investor AB, Class A (Financials)^(a)		2,352,112
	217,979	Investor AB, Class B (Financials)		3,458,308
	22,213	L E Lundbergforetagen AB, Class B (Financials)		923,344
	34,357	Lifco AB, Class B (Industrials)		537,815
	55,161	Sandvik AB (Industrials)		866,069
	205,607	Securitas AB, Class B (Industrials)^(a)		1,809,871
	179,508	Skandinaviska Enskilda Banken AB, Class A (Financials)		1,800,440
	59,050	Skanska AB, Class B (Industrials)		878,260
	113,234	Svenska Cellulosa AB SCA, Class B (Materials)		1,707,575
	213,138	Svenska Handelsbanken AB, Class A (Financials)		1,755,496
	140,250	Swedbank AB, Class A (Financials)		1,824,144
	1,042,864	Swedish Match AB (Consumer Staples)		10,503,913
	56,055	Swedish Orphan Biovitrum AB (Health Care)*		1,242,006
	178,841	Tele2 AB, Class B (Communication Services)		1,910,642
	463,629	Telefonaktiebolaget LM Ericsson, Class B (Information Technology)		3,487,273
	581,063	Telia Co. AB (Communication Services)		2,053,591
	49,430	Volvo AB, Class A (Industrials)		826,990
	122,771	Volvo AB, Class B (Industrials)		1,954,499

				63,626,613

Switzerland – 4.6%
	148,148	ABB Ltd. (Industrials)		4,094,013
	25,756	Adecco Group AG (Industrials)		819,431
	31,700	Alcon, Inc. (Health Care)		2,096,984


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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Schedule of Investments (continued)

August 31, 2022


Shares		Description	Value

Common Stocks – (continued)
Switzerland – (continued)
	16,551	Baloise Holding AG (Financials)	$	2,397,983
	959	Barry Callebaut AG (Consumer Staples)		1,969,195
	360	Chocoladefabriken Lindt & Spruengli AG (Consumer Staples)		3,814,130
	53,481	Cie Financiere Richemont SA (Consumer Discretionary)		6,019,661
	40,226	Clariant AG (Materials)*		746,445
	3,268	EMS-Chemie Holding AG (Materials)		2,305,464
	6,330	Geberit AG (Industrials)		2,937,504
	627	Givaudan SA (Materials)		2,010,229
	87,478	Holcim AG (Materials)*		3,902,651
	12,457	Julius Baer Group Ltd. (Financials)		605,651
	33,352	Kuehne + Nagel International AG (Industrials)		7,723,297
	64,272	Logitech International SA (Information Technology)		3,217,716
	3,232	Lonza Group AG (Health Care)		1,733,315
	314,806	Novartis AG (Health Care)		25,524,462
	7,762	Partners Group Holding AG (Financials)		7,526,981
	6,943	Schindler Holding AG (Industrials)		1,175,248
	7,882	Schindler Holding AG Participation Certificates (Industrials)		1,378,613
	2,678	SGS SA (Industrials)		5,916,049
	6,128	Sika AG (Materials)		1,383,894
	5,943	Sonova Holding AG (Health Care)		1,575,341
	50,369	Straumann Holding AG (Health Care)		5,558,421
	13,451	Swatch Group AG (The) – Bearer (Consumer Discretionary)		3,284,362
	60,629	Swatch Group AG (The) – Registered (Consumer Discretionary)		2,774,416
	5,982	Swiss Life Holding AG (Financials)		3,140,711
	19,316	Swiss Prime Site AG (Real Estate)		1,668,465
	5,603	Swisscom AG (Communication Services)		2,906,131
	407,286	UBS Group AG (Financials)		6,481,020
	5,178	VAT Group AG (Industrials)^(b)		1,244,694
	14,753	Zurich Insurance Group AG (Financials)		6,562,096

				124,494,573

United Kingdom – 10.4%
	265,996	3i Group PLC (Financials)		3,762,131
	1,048,796	abrdn PLC (Financials)		1,792,127
	238,643	Admiral Group PLC (Financials)		5,892,478
	22,751	Ashtead Group PLC (Industrials)		1,125,106
	298,801	Associated British Foods PLC (Consumer Staples)		5,302,196
	186,760	AstraZeneca PLC (Health Care)		23,130,905
	1,151,714	Auto Trader Group PLC (Communication Services)^(b)		8,735,000
	765,223	Aviva PLC (Financials)		3,728,163
	465,226	BAE Systems PLC (Industrials)		4,201,859


Common Stocks – (continued)
United Kingdom – (continued)
	2,110,568	Barclays PLC (Financials)		4,039,886
	304,113	Barratt Developments PLC (Consumer Discretionary)		1,512,070
	21,330	Berkeley Group Holdings PLC (Consumer Discretionary)		907,156
	2,384,255	BP PLC (Energy)		12,248,624
	331,893	British American Tobacco PLC (Consumer Staples)		13,329,377
	351,606	BT Group PLC (Communication Services)		616,557
	79,354	Bunzl PLC (Industrials)		2,641,743
	358,408	Burberry Group PLC (Consumer Discretionary)		7,289,924
	865,566	CK Hutchison Holdings Ltd. (Industrials)		5,596,677
	331,196	CNH Industrial NV (Industrials)		4,056,356
	71,057	Coca-Cola Europacific Partners PLC (Consumer Staples)		3,493,873
	501,055	Compass Group PLC (Consumer Discretionary)		10,838,488
	14,959	Croda International PLC (Materials)		1,170,748
	41,286	DCC PLC (Industrials)		2,384,246
	226,502	Diageo PLC (Consumer Staples)		9,920,317
	83,273	Entain PLC (Consumer Discretionary)		1,233,492
	130,980	Experian PLC (Industrials)		3,997,672
	772,189	Haleon PLC (Consumer Staples)*		2,325,818
	61,300	Halma PLC (Information Technology)		1,480,071
	419,283	Hargreaves Lansdown PLC (Financials)		3,988,890
	1,584,856	HSBC Holdings PLC (Financials)		9,751,808
	255,264	Imperial Brands PLC (Consumer Staples)		5,633,085
	203,100	Informa PLC (Communication Services)		1,292,237
	29,533	InterContinental Hotels Group PLC (Consumer Discretionary)		1,612,044
	26,550	Intertek Group PLC (Industrials)		1,223,077
	3,010,271	J Sainsbury PLC (Consumer Staples)		7,124,599
	3,660,358	JD Sports Fashion PLC (Consumer Discretionary)		4,810,760
	36,948	Johnson Matthey PLC (Materials)		866,303
	1,333,008	Kingfisher PLC (Consumer Discretionary)		3,600,077
	203,289	Land Securities Group PLC REIT (Real Estate)		1,538,976
	1,093,220	Legal & General Group PLC (Financials)		3,211,980
	11,780,053	Lloyds Banking Group PLC (Financials)		6,014,752
	13,092	London Stock Exchange Group PLC (Financials)		1,234,247
	239,342	M&G PLC (Financials)		545,161
	1,403,715	Melrose Industries PLC (Industrials)		2,229,541


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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF


Shares		Description	Value

Common Stocks – (continued)
United Kingdom – (continued)
	413,024	National Grid PLC (Utilities)	$	5,180,813
	587,364	NatWest Group PLC (Financials)		1,684,380
	70,857	Next PLC (Consumer Discretionary)		4,791,950
	232,658	Phoenix Group Holdings PLC (Financials)		1,630,823
	72,179	Reckitt Benckiser Group PLC (Consumer Staples)		5,583,490
	268,325	RELX PLC (Industrials)		7,062,487
	246,637	Rentokil Initial PLC (Industrials)		1,495,202
	775,841	Sage Group PLC (The) (Information Technology)		6,456,604
	35,024	Schroders PLC (Financials)^(a)		1,095,466
	124,412	Segro PLC REIT (Real Estate)		1,365,142
	74,482	Severn Trent PLC (Utilities)		2,415,417
	219,640	Smith & Nephew PLC (Health Care)		2,595,346
	114,062	Smiths Group PLC (Industrials)		1,978,894
	8,733	Spirax-Sarco Engineering PLC (Industrials)		1,070,538
	147,917	SSE PLC (Utilities)		2,844,222
	267,899	St James’s Place PLC (Financials)		3,450,822
	229,285	Standard Chartered PLC (Financials)		1,595,974
	1,052,665	Taylor Wimpey PLC (Consumer Discretionary)		1,326,547
	2,254,178	Tesco PLC (Consumer Staples)		6,523,308
	211,468	Unilever PLC (Consumer Staples)		9,659,253
	139,738	United Utilities Group PLC (Utilities)		1,717,861
	4,621,803	Vodafone Group PLC (Communication Services)		6,221,192
	305,901	WPP PLC (Communication Services)		2,649,666

				281,825,994

United States – 5.0%
	35,875	BRP, Inc. (Consumer Discretionary)		2,495,307
	106,062	Ferguson PLC (Industrials)		12,324,102
	634,793	GSK PLC (Health Care)		10,188,875
	88,434	James Hardie Industries PLC CDI (Materials)		2,031,575
	414,497	Nestle SA (Consumer Staples)		48,663,422
	57,014	QIAGEN NV (Health Care)*		2,594,202
	117,616	Roche Holding AG (Health Care)		38,010,232
	12,640	Roche Holding AG (Health Care)^(a)		4,846,445
	69,457	Schneider Electric SE (Industrials)		8,295,892
	256,897	Stellantis NV (Consumer Discretionary)		3,449,643
	31,835	Swiss Re AG (Financials)		2,484,953
	139,752	Tenaris SA (Energy)		1,932,255

				137,316,903

Zambia – 0.1%
	76,583	First Quantum Minerals Ltd. (Materials)		1,359,032

	TOTAL COMMON STOCKS
	(Cost $2,761,597,364)		$	2,697,927,495


Shares		Description	Rate			Value

Preferred Stocks – 0.4%
Germany – 0.4%
	43,650	Bayerische Motoren Werke AG (Consumer Discretionary)		8.39	%	$	3,039,539
	27,691	Henkel AG & Co. KGaA (Consumer Staples)		2.94			1,788,743
	3,257	Sartorius AG (Health Care)		0.30			1,362,104
	25,783	Volkswagen AG (Consumer Discretionary)		5.24			3,685,136

	TOTAL PREFERRED STOCKS (Cost $12,079,590)					$	9,875,522

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $2,773,676,954)					$	2,707,803,017


Shares		Dividend Rate	Value

Securities Lending Reinvestment Vehicle – 2.2%^(c)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	59,641,107	2.154%	$	59,641,107
	(Cost $59,641,107)

	TOTAL INVESTMENTS – 101.8%
	(Cost $2,833,318,061)		$	2,767,444,124

	LIABILITIES IN EXCESS OF OTHER ASSETS – (1.8)%			(47,407,351	)

	NET ASSETS – 100.0%		$	2,720,036,773



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


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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Schedule of Investments (continued)

August 31, 2022

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At August 31, 2022, 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		103		09/16/22	$	10,108,941	$	(699,376	)


Sector	% of Market Value

Financials		17.4	%
Industrials		14.2
Consumer Staples		13.1
Health Care		11.4
Consumer Discretionary		11.0
Information Technology		7.4
Materials		7.0
Energy		6.0
Communication Services		5.1
Utilities		3.3
Real Estate		1.9
Securities Lending Reinvestment Vehicle		2.2


TOTAL INVESTMENTS		100.0	%


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

GOLDMAN SACHS ACTIVEBETA^® JAPAN EQUITY ETF

Schedule of Investments

August 31, 2022


Shares		Description	Value

Common Stocks – 99.9%
Communication Services – 8.8%
	943	Capcom Co. Ltd.	$	25,918
	3,618	CyberAgent, Inc.		35,730
	1,388	Dentsu Group, Inc.		45,207
	4,095	Hakuhodo DY Holdings, Inc.^(a)		36,955
	1,292	Kakaku.com, Inc.		24,130
	6,037	KDDI Corp.		186,260
	182	Koei Tecmo Holdings Co. Ltd.		6,164
	438	Konami Group Corp.		22,370
	1,269	Nexon Co. Ltd.		25,531
	348	Nintendo Co. Ltd.		143,066
	6,535	Nippon Telegraph & Telephone Corp.		177,677
	10,064	SoftBank Corp.		111,040
	3,951	SoftBank Group Corp.		158,524
	685	Square Enix Holdings Co. Ltd.		29,994
	356	Toho Co. Ltd.		13,636
	5,959	Z Holdings Corp.		17,839

				1,060,041

Consumer Discretionary – 18.1%
	443	Aisin Corp.		13,278
	1,015	Bandai Namco Holdings, Inc.		76,770
	1,819	Bridgestone Corp.		70,241
	1,219	Denso Corp.		67,279
	169	Fast Retailing Co. Ltd.^(a)		99,907
	88	Hikari Tsushin, Inc.		11,204
	9,641	Honda Motor Co. Ltd.		258,994
	658	Iida Group Holdings Co. Ltd.		10,077
	3,655	Isuzu Motors Ltd.		45,640
	154	Koito Manufacturing Co. Ltd.		5,316
	4,054	Mazda Motor Corp.		36,000
	532	McDonald’s Holdings Co. Japan Ltd.		19,073
	3,775	Nissan Motor Co. Ltd.		14,975
	349	Nitori Holdings Co. Ltd.		33,710
	379	Open House Group Co. Ltd.		14,955
	461	Oriental Land Co. Ltd.		69,337
	1,827	Pan Pacific International Holdings Corp.		33,015
	6,203	Panasonic Holdings Corp.		50,698
	1,850	Rakuten Group, Inc.		9,021
	1,955	Sekisui Chemical Co. Ltd.		26,880
	2,040	Sekisui House Ltd.		34,936
	2,114	Sharp Corp.		15,296
	236	Shimano, Inc.		42,254
	4,151	Sony Group Corp.		333,427
	5,866	Subaru Corp.		107,291
	1,917	Sumitomo Electric Industries Ltd.		22,160
	696	Suzuki Motor Corp.		24,496
	34,534	Toyota Motor Corp.		523,522
	2,118	USS Co. Ltd.		37,647
	409	Yamaha Corp.		16,109
	1,250	Yamaha Motor Co. Ltd.		26,141
	1,321	ZOZO, Inc.		29,636

				2,179,285

Consumer Staples – 7.5%
	1,764	Aeon Co. Ltd.^(a)		34,644
	2,478	Ajinomoto Co., Inc.		69,018


Common Stocks – (continued)
Consumer Staples – (continued)
	1,602	Asahi Group Holdings Ltd.		54,003
	637	Ito En Ltd.		28,214
	4,875	Japan Tobacco, Inc.		82,994
	1,576	Kao Corp.		68,838
	643	Kikkoman Corp.		39,705
	3,214	Kirin Holdings Co. Ltd.		53,198
	320	Kobayashi Pharmaceutical Co. Ltd.		18,305
	307	Kobe Bussan Co. Ltd.		7,906
	311	Kose Corp.		29,703
	665	MEIJI Holdings Co. Ltd.		31,805
	1,591	Nisshin Seifun Group, Inc.		18,019
	431	Nissin Foods Holdings Co. Ltd.		30,967
	3,249	Seven & i Holdings Co. Ltd.		129,679
	1,222	Shiseido Co. Ltd.		46,676
	1,162	Suntory Beverage & Food Ltd.		42,750
	1,245	Unicharm Corp.		43,567
	1,406	Welcia Holdings Co. Ltd.		29,646
	785	Yakult Honsha Co. Ltd.		46,604

				906,241

Energy – 1.8%
	9,494	ENEOS Holdings, Inc.^(a)		35,860
	1,499	Idemitsu Kosan Co. Ltd.		39,469
	11,792	Inpex Corp.		136,442

				211,771

Financials – 11.0%
	1,439	Chiba Bank Ltd. (The)		7,806
	4,247	Concordia Financial Group Ltd.		13,541
	6,186	Dai-ichi Life Holdings, Inc.		107,410
	3,857	Daiwa Securities Group, Inc.		16,933
	2,077	Japan Exchange Group, Inc.		31,232
	2,517	Japan Post Bank Co. Ltd.		18,411
	15,605	Japan Post Holdings Co. Ltd.		108,213
	5,779	Japan Post Insurance Co. Ltd.^(a)		88,879
	4,998	Mitsubishi HC Capital, Inc.		24,373
	33,715	Mitsubishi UFJ Financial Group, Inc.		175,379
	7,882	Mizuho Financial Group, Inc.		90,604
	2,120	MS&AD Insurance Group Holdings, Inc.^(a)		63,634
	4,037	Nomura Holdings, Inc.		14,672
	3,888	ORIX Corp.		64,396
	8,968	Resona Holdings, Inc.		33,142
	3,602	SBI Holdings, Inc.		71,351
	2,313	Shizuoka Bank Ltd. (The)		13,448
	1,790	Sompo Holdings, Inc.		77,127
	4,017	Sumitomo Mitsui Financial Group, Inc.		121,531
	1,288	Sumitomo Mitsui Trust Holdings, Inc.		40,287
	1,116	T&D Holdings, Inc.		12,245
	2,334	Tokio Marine Holdings, Inc.		131,192

				1,325,806

Health Care – 10.0%
	1,193	Asahi Intecc Co. Ltd.		21,558
	8,742	Astellas Pharma, Inc.		125,147
	2,259	Chugai Pharmaceutical Co. Ltd.		58,812
	5,488	Daiichi Sankyo Co. Ltd.		166,154


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

GOLDMAN SACHS ACTIVEBETA^® JAPAN EQUITY ETF

Schedule of Investments (continued)

August 31, 2022


Shares		Description	Value

Common Stocks – (continued)
Health Care – (continued)
	1,371	Eisai Co. Ltd.	$	56,343
	1,240	Hoya Corp.		127,466
	1,284	Kyowa Kirin Co. Ltd.		29,038
	1,246	M3, Inc.		40,636
	413	Nippon Shinyaku Co. Ltd.		22,792
	4,658	Olympus Corp.		101,140
	2,931	Ono Pharmaceutical Co. Ltd.		70,365
	2,024	Otsuka Holdings Co. Ltd.		66,593
	942	Shionogi & Co. Ltd.		46,235
	702	Sysmex Corp.		43,566
	6,336	Takeda Pharmaceutical Co. Ltd.		175,968
	1,693	Terumo Corp.		55,031

				1,206,844

Industrials – 21.2%
	467	AGC, Inc.		16,002
	312	ANA Holdings, Inc.*		6,049
	216	Central Japan Railway Co.		25,624
	1,326	Dai Nippon Printing Co. Ltd.		28,093
	98	Daifuku Co. Ltd.		5,790
	611	Daikin Industries Ltd.		107,919
	401	East Japan Railway Co.		20,940
	331	FANUC Corp.		53,808
	583	Fuji Electric Co. Ltd.		25,528
	1,002	Hankyu Hanshin Holdings, Inc.		30,250
	147	Hitachi Construction Machinery Co. Ltd.		3,053
	3,269	Hitachi Ltd.		164,977
	345	Hoshizaki Corp.		10,328
	5,366	ITOCHU Corp.		148,758
	652	Japan Airlines Co. Ltd.*		12,106
	1,236	Kajima Corp.		13,098
	235	Keio Corp.		9,019
	215	Keisei Electric Railway Co. Ltd.		6,049
	361	Kintetsu Group Holdings Co. Ltd.		12,344
	1,706	Komatsu Ltd.		36,058
	2,101	Kubota Corp.		32,972
	336	Kurita Water Industries Ltd.		13,234
	1,039	Lixil Corp.		18,280
	384	Makita Corp.		9,144
	13,645	Marubeni Corp.		142,922
	617	MINEBEA MITSUMI, Inc.		10,762
	1,437	MISUMI Group, Inc.		35,763
	6,611	Mitsubishi Corp.		217,656
	4,804	Mitsubishi Electric Corp.		49,158
	3,021	Mitsubishi Heavy Industries Ltd.		117,113
	8,229	Mitsui & Co. Ltd.		193,875
	2,393	Mitsui OSK Lines Ltd.^(a)		63,094
	1,930	MonotaRO Co. Ltd.		35,140
	1,630	NGK Insulators Ltd.		23,505
	788	Nidec Corp.		53,001
	1,437	Nihon M&A Center Holdings, Inc.		18,130
	129	NIPPON EXPRESS HOLDINGS, Inc.		7,156
	1,361	Nippon Yusen KK^(a)		104,953
	2,474	Obayashi Corp.		17,240
	572	Odakyu Electric Railway Co. Ltd.		7,885
	2,867	Persol Holdings Co. Ltd.		58,322


Common Stocks – (continued)
Industrials – (continued)
	4,854	Recruit Holdings Co. Ltd.		156,974
	837	Secom Co. Ltd.		53,870
	692	SG Holdings Co. Ltd.		11,576
	1,451	Shimizu Corp.		8,018
	119	SMC Corp.		57,172
	4,052	Sumitomo Corp.		57,437
	1,736	Taisei Corp.		53,035
	584	Tobu Railway Co. Ltd.		13,881
	1,276	Tokyu Corp.		15,271
	2,674	TOPPAN, Inc.		42,263
	1,105	Toshiba Corp.		41,187
	656	TOTO Ltd.		22,880
	176	Toyota Industries Corp.		9,928
	367	Toyota Tsusho Corp.		12,986
	275	West Japan Railway Co.		10,776
	726	Yamato Holdings Co. Ltd.		11,417
	570	Yaskawa Electric Corp.^(a)		18,832

				2,562,601

Information Technology – 14.8%
	810	Advantest Corp.		46,745
	626	Azbil Corp.		18,018
	2,669	Brother Industries Ltd.		51,522
	4,327	Canon, Inc.		104,098
	129	Disco Corp.		31,825
	1,470	FUJIFILM Holdings Corp.		75,406
	803	Fujitsu Ltd.		95,955
	52	GMO Payment Gateway, Inc.		4,209
	547	Hamamatsu Photonics KK		23,478
	202	Hirose Electric Co. Ltd.		28,925
	539	Ibiden Co. Ltd.		17,419
	830	Itochu Techno-Solutions Corp.		21,165
	569	Keyence Corp.		216,887
	941	Kyocera Corp.		52,798
	150	Lasertec Corp.		20,997
	1,850	Murata Manufacturing Co. Ltd.		100,811
	2,593	NEC Corp.		95,396
	1,337	Nomura Research Institute Ltd.		36,553
	3,881	NTT Data Corp.		55,265
	129	Obic Co. Ltd.		19,328
	710	Omron Corp.		37,850
	381	Oracle Corp. Japan		22,949
	657	Otsuka Corp.		21,469
	5,114	Renesas Electronics Corp.*		48,844
	6,628	Ricoh Co. Ltd.		52,450
	263	Rohm Co. Ltd.		19,959
	1,029	SCSK Corp.		16,924
	3,185	Seiko Epson Corp.		50,455
	1,128	Shimadzu Corp.		33,281
	1,224	SUMCO Corp.		16,864
	622	TDK Corp.		22,053
	1,315	TIS, Inc.		37,849
	549	Tokyo Electron Ltd.^(a)		174,888
	1,085	Trend Micro, Inc.		67,468
	2,292	Yokogawa Electric Corp.		40,425

				1,780,528


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

GOLDMAN SACHS ACTIVEBETA^® JAPAN EQUITY ETF


Shares		Description	Value

Common Stocks – (continued)
Materials – 3.6%
	2,657	Asahi Kasei Corp.	$	19,608
	857	Hitachi Metals Ltd.*		12,939
	373	JFE Holdings, Inc.^(a)		4,036
	324	JSR Corp.		7,315
	3,012	Mitsubishi Chemical Group Corp.		15,926
	301	Mitsui Chemicals, Inc.		6,829
	389	Nippon Sanso Holdings Corp.		7,139
	1,199	Nippon Steel Corp.^(a)		19,102
	833	Nissan Chemical Corp.		42,484
	488	Nitto Denko Corp.		30,345
	11,958	Oji Holdings Corp.		48,048
	849	Shin-Etsu Chemical Co. Ltd.		99,920
	14,239	Sumitomo Chemical Co. Ltd.		56,494
	315	Sumitomo Metal Mining Co. Ltd.		10,009
	2,726	Toray Industries, Inc.		15,710
	2,907	Tosoh Corp.^(a)		37,893

				433,797

Real Estate – 2.5%
	432	Daito Trust Construction Co. Ltd.		42,818
	1,858	Daiwa House Industry Co. Ltd.		42,032
	6	Daiwa House REIT Investment Corp. REIT		13,937
	10	GLP J REIT		12,256
	1,041	Hulic Co. Ltd.		7,960
	16	Japan Metropolitan Fund Invest REIT		12,765
	3	Japan Real Estate Investment Corp. REIT		13,959
	2,657	Mitsubishi Estate Co. Ltd.		36,034
	2,085	Mitsui Fudosan Co. Ltd.		42,467
	3	Nippon Building Fund, Inc. REIT		15,019
	5	Nippon Prologis REIT, Inc. REIT		12,642
	897	Nomura Real Estate Holdings, Inc.		22,162
	12	Nomura Real Estate Master Fund, Inc. REIT		14,733
	514	Sumitomo Realty & Development Co. Ltd.		12,681

				301,465

Utilities – 0.6%
	1,477	Chubu Electric Power Co., Inc.		15,066
	1,490	Kansai Electric Power Co., Inc. (The)		14,467
	1,179	Osaka Gas Co. Ltd.		19,936
	1,088	Tokyo Electric Power Co. Holdings, Inc.*		4,269
	1,327	Tokyo Gas Co. Ltd.		25,004

				78,742

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $12,104,492)		$	12,047,121


Shares		Dividend Rate	Value

Securities Lending Reinvestment Vehicle – 7.1%^(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	862,006	2.154%	$	862,006
	(Cost $862,006)

	TOTAL INVESTMENTS – 107.0%
	(Cost $12,966,498)		$	12,909,127

	LIABILITIES IN EXCESS OF OTHER ASSETS – (7.0)%			(850,354	)

	NET ASSETS – 100.0%		$	12,058,773



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


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

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

Schedule of Investments

August 31, 2022


Shares		Description	Value

Common Stocks – 99.6%
Communication Services – 7.1%
	56	Activision Blizzard, Inc.	$	4,396
	1,157	Alphabet, Inc., Class A*		125,211
	1,167	Alphabet, Inc., Class C*		127,378
	1,400	AT&T, Inc.		24,556
	27	Charter Communications, Inc., Class A*		11,141
	833	Comcast Corp., Class A		30,146
	38	Electronic Arts, Inc.		4,821
	27	Liberty Broadband Corp., Class C*		2,746
	20	Live Nation Entertainment, Inc.*		1,807
	9	Match Group, Inc.*		509
	450	Meta Platforms, Inc., Class A*		73,319
	10	Netflix, Inc.*		2,236
	86	Omnicom Group, Inc.		5,753
	59	Paramount Global, Class B		1,380
	70	T-Mobile US, Inc.*		10,077
	494	Verizon Communications, Inc.		20,654
	105	Walt Disney Co. (The)*		11,768
	281	Warner Bros Discovery, Inc.*		3,720
	7	ZoomInfo Technologies, Inc.*		318

				461,936

Consumer Discretionary – 9.3%
	84	Advance Auto Parts, Inc.		14,166
	21	AutoZone, Inc.*		44,503
	332	Bath & Body Works, Inc.		12,394
	127	Best Buy Co., Inc.		8,978
	5	Booking Holdings, Inc.*		9,379
	69	Burlington Stores, Inc.*		9,673
	46	Caesars Entertainment, Inc.*		1,983
	7	CarMax, Inc.*		619
	23	Darden Restaurants, Inc.		2,845
	97	Dollar General Corp.		23,030
	115	Dollar Tree, Inc.*		15,603
	42	Domino’s Pizza, Inc.		15,618
	38	DoorDash, Inc., Class A*		2,276
	13	D.R. Horton, Inc.		925
	272	eBay, Inc.		12,003
	101	Etsy, Inc.*		10,667
	59	Expedia Group, Inc.*		6,056
	1,128	Ford Motor Co.		17,191
	98	Garmin Ltd.		8,672
	186	Genuine Parts Co.		29,018
	2	Hilton Worldwide Holdings, Inc.		255
	188	Home Depot, Inc. (The)		54,223
	214	Lennar Corp., Class A		16,574
	124	Lowe’s Cos., Inc.		24,073
	10	Marriott International, Inc., Class A		1,537
	92	McDonald’s Corp.		23,210
	523	MGM Resorts International		17,071
	209	NIKE, Inc., Class B		22,248
	2	NVR, Inc.*		8,280
	63	O’Reilly Automotive, Inc.*		43,919
	34	Pool Corp.		11,532
	115	Ross Stores, Inc.		9,921
	55	Starbucks Corp.		4,624
	162	Target Corp.		25,975


Common Stocks – (continued)
Consumer Discretionary – (continued)
	379	TJX Cos., Inc. (The)		23,631
	112	Tractor Supply Co.		20,737
	86	Ulta Beauty, Inc.*		36,109
	163	VF Corp.		6,756
	87	Yum! Brands, Inc.		9,678

				605,952

Consumer Staples – 8.6%
	444	Archer-Daniels-Midland Co.		39,023
	130	Brown-Forman Corp., Class B		9,451
	5	Bunge Ltd.		496
	154	Church & Dwight Co., Inc.		12,891
	113	Clorox Co. (The)		16,310
	561	Coca-Cola Co. (The)		34,619
	331	Colgate-Palmolive Co.		25,888
	214	Conagra Brands, Inc.		7,357
	51	Constellation Brands, Inc., Class A		12,549
	86	Estee Lauder Cos., Inc. (The), Class A		21,877
	216	General Mills, Inc.		16,589
	138	Hershey Co. (The)		31,005
	161	Hormel Foods Corp.		8,095
	51	J M Smucker Co. (The)		7,140
	159	Kellogg Co.		11,566
	436	Keurig Dr Pepper, Inc.		16,620
	91	Kimberly-Clark Corp.		11,604
	403	Kraft Heinz Co. (The)		15,072
	129	McCormick & Co., Inc.		10,845
	259	Mondelez International, Inc., Class A		16,022
	187	Monster Beverage Corp.*		16,611
	271	PepsiCo, Inc.		46,685
	366	Procter & Gamble Co. (The)		50,486
	211	Sysco Corp.		17,348
	323	Tyson Foods, Inc., Class A		24,348
	670	Walgreens Boots Alliance, Inc.		23,490
	426	Walmart, Inc.		56,466

				560,453

Financials – 11.7%
	259	Aflac, Inc.		15,390
	199	Allstate Corp. (The)		23,979
	634	Ally Financial, Inc.		21,049
	114	American Express Co.		17,328
	297	American International Group, Inc.		15,370
	37	Ameriprise Financial, Inc.		9,916
	74	Aon PLC, Class A		20,665
	66	Apollo Global Management, Inc.		3,668
	196	Arch Capital Group Ltd.*		8,961
	1,053	Bank of America Corp.		35,391
	154	Bank of New York Mellon Corp. (The)		6,396
	323	Berkshire Hathaway, Inc., Class B*		90,698
	6	BlackRock, Inc.		3,998
	230	Blackstone, Inc.		21,606
	136	Brown & Brown, Inc.		8,573
	218	Capital One Financial Corp.		23,069
	157	Charles Schwab Corp. (The)		11,139
	78	Chubb Ltd.		14,746


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

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


Shares		Description	Value

Common Stocks – (continued)
Financials – (continued)
	49	Cincinnati Financial Corp.	$	4,751
	649	Citigroup, Inc.		31,678
	81	Citizens Financial Group, Inc.		2,971
	52	CME Group, Inc.		10,172
	65	Coinbase Global, Inc., Class A*		4,342
	138	Discover Financial Services		13,868
	14	FactSet Research Systems, Inc.		6,067
	86	Fifth Third Bancorp		2,937
	14	First Republic Bank		2,126
	109	Hartford Financial Services Group, Inc. (The)		7,010
	88	Huntington Bancshares, Inc.		1,179
	74	Intercontinental Exchange, Inc.		7,463
	521	JPMorgan Chase & Co.		59,253
	365	KeyCorp		6,457
	92	KKR & Co., Inc.		4,652
	26	LPL Financial Holdings, Inc.		5,755
	28	M&T Bank Corp.		5,090
	9	Markel Corp.*		10,747
	135	Marsh & McLennan Cos., Inc.		21,785
	249	MetLife, Inc.		16,018
	54	Moody’s Corp.		15,364
	128	Morgan Stanley		10,908
	2	MSCI, Inc.		898
	108	Nasdaq, Inc.		6,429
	18	Northern Trust Corp.		1,712
	36	PNC Financial Services Group, Inc. (The)		5,688
	107	Principal Financial Group, Inc.		7,999
	110	Progressive Corp. (The)		13,491
	185	Prudential Financial, Inc.		17,714
	90	Raymond James Financial, Inc.		9,393
	177	Regions Financial Corp.		3,836
	27	S&P Global, Inc.		9,509
	6	Signature Bank		1,046
	12	State Street Corp.		820
	528	Synchrony Financial		17,292
	56	T. Rowe Price Group, Inc.		6,720
	65	Travelers Cos., Inc. (The)		10,507
	68	Truist Financial Corp.		3,185
	100	US Bancorp		4,561
	752	Wells Fargo & Co.		32,870
	24	Willis Towers Watson PLC		4,964

				761,169

Health Care – 18.6%
	269	Abbott Laboratories		27,613
	348	AbbVie, Inc.		46,792
	44	ABIOMED, Inc.*		11,408
	83	Agilent Technologies, Inc.		10,645
	33	Align Technology, Inc.*		8,042
	4	Alnylam Pharmaceuticals, Inc.*		827
	79	AmerisourceBergen Corp.		11,578
	76	Amgen, Inc.		18,263
	322	Avantor, Inc.*		8,021
	123	Baxter International, Inc.		7,068
	61	Becton Dickinson and Co.		15,398


Common Stocks – (continued)
Health Care – (continued)
	43	Biogen, Inc.*		8,401
	6	BioMarin Pharmaceutical, Inc.*		535
	13	Bio-Techne Corp.		4,314
	214	Boston Scientific Corp.*		8,626
	528	Bristol-Myers Squibb Co.		35,593
	21	Cardinal Health, Inc.		1,485
	31	Catalent, Inc.*		2,728
	344	Centene Corp.*		30,871
	31	Charles River Laboratories International, Inc.*		6,363
	117	Cigna Corp.		33,164
	18	Cooper Cos., Inc. (The)		5,174
	609	CVS Health Corp.		59,773
	104	Danaher Corp.		28,071
	66	Dexcom, Inc.*		5,426
	254	Edwards Lifesciences Corp.*		22,885
	68	Elevance Health, Inc.		32,988
	187	Eli Lilly & Co.		56,330
	335	Gilead Sciences, Inc.		21,262
	18	HCA Healthcare, Inc.		3,562
	272	Hologic, Inc.*		18,376
	17	Horizon Therapeutics PLC*		1,007
	22	Humana, Inc.		10,599
	47	IDEXX Laboratories, Inc.*		16,338
	6	Illumina, Inc.*		1,210
	12	Insulet Corp.*		3,066
	33	Intuitive Surgical, Inc.*		6,789
	65	IQVIA Holdings, Inc.*		13,823
	567	Johnson & Johnson		91,480
	89	Laboratory Corp. of America Holdings		20,049
	40	McKesson Corp.		14,680
	146	Medtronic PLC		12,836
	508	Merck & Co., Inc.		43,363
	18	Mettler-Toledo International, Inc.*		21,824
	78	Moderna, Inc.*		10,317
	11	Molina Healthcare, Inc.*		3,711
	89	PerkinElmer, Inc.		12,020
	1,229	Pfizer, Inc.		55,588
	132	Quest Diagnostics, Inc.		16,541
	36	Regeneron Pharmaceuticals, Inc.*		20,918
	57	ResMed, Inc.		12,535
	182	Royalty Pharma PLC, Class A		7,609
	12	Seagen, Inc.*		1,852
	46	STERIS PLC		9,263
	47	Stryker Corp.		9,644
	15	Teleflex, Inc.		3,394
	70	Thermo Fisher Scientific, Inc.		38,172
	164	UnitedHealth Group, Inc.		85,170
	81	Vertex Pharmaceuticals, Inc.*		22,823
	3,960	Viatris, Inc.		37,818
	64	Waters Corp.*		19,110
	31	West Pharmaceutical Services, Inc.		9,197
	58	Zimmer Biomet Holdings, Inc.		6,167
	96	Zoetis, Inc.		15,027

				1,205,522


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

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

Schedule of Investments (continued)

August 31, 2022


Shares		Description	Value

Common Stocks – (continued)
Industrials – 5.1%
	81	3M Co.	$	10,072
	39	AMETEK, Inc.		4,686
	198	Carrier Global Corp.		7,746
	6	Caterpillar, Inc.		1,108
	23	Cintas Corp.		9,357
	448	CSX Corp.		14,179
	2	Deere & Co.		731
	16	Delta Air Lines, Inc.*		497
	34	Dover Corp.		4,249
	95	Expeditors International of Washington, Inc.		9,775
	463	Fastenal Co.		23,303
	54	FedEx Corp.		11,384
	93	General Electric Co.		6,830
	30	IDEX Corp.		6,036
	49	Illinois Tool Works, Inc.		9,547
	20	J.B. Hunt Transport Services, Inc.		3,480
	258	Masco Corp.		13,124
	39	Norfolk Southern Corp.		9,482
	36	Old Dominion Freight Line, Inc.		9,771
	229	Otis Worldwide Corp.		16,538
	55	PACCAR, Inc.		4,813
	40	Parker-Hannifin Corp.		10,600
	62	Plug Power, Inc.*		1,738
	128	Republic Services, Inc.		18,268
	16	Rockwell Automation, Inc.		3,791
	293	Southwest Airlines Co.*		10,753
	18	Stanley Black & Decker, Inc.		1,586
	6	TransUnion		443
	22	Uber Technologies, Inc.*		633
	80	Union Pacific Corp.		17,961
	468	United Airlines Holdings, Inc.*		16,385
	90	United Parcel Service, Inc., Class B		17,506
	19	United Rentals, Inc.*		5,549
	26	Verisk Analytics, Inc.		4,866
	111	Waste Management, Inc.		18,762
	23	Westinghouse Air Brake Technologies Corp.		2,016
	41	W.W. Grainger, Inc.		22,753
	30	Xylem, Inc.		2,733

				333,051

Information Technology – 31.5%
	149	Accenture PLC, Class A		42,981
	80	Adobe, Inc.*		29,875
	262	Advanced Micro Devices, Inc.*		22,236
	135	Akamai Technologies, Inc.*		12,188
	165	Amphenol Corp., Class A		12,132
	42	Analog Devices, Inc.		6,364
	3,240	Apple, Inc.		509,393
	261	Applied Materials, Inc.		24,552
	99	Arista Networks, Inc.*		11,868
	34	Autodesk, Inc.*		6,859
	78	Automatic Data Processing, Inc.		19,064
	73	Block, Inc.*		5,030
	57	Broadcom, Inc.		28,449
	25	Broadridge Financial Solutions, Inc.		4,279


Common Stocks – (continued)
Information Technology – (continued)
	98	Cadence Design Systems, Inc.*		17,029
	16	CDW Corp.		2,731
	950	Cisco Systems, Inc.		42,484
	100	Cognex Corp.		4,211
	291	Cognizant Technology Solutions Corp., Class A		18,382
	195	Corning, Inc.		6,692
	30	Datadog, Inc., Class A*		3,149
	169	Dell Technologies, Inc., Class C		6,471
	129	DocuSign, Inc.*		7,510
	33	Enphase Energy, Inc.*		9,453
	23	Entegris, Inc.		2,182
	9	EPAM Systems, Inc.*		3,839
	183	Fidelity National Information Services, Inc.		16,721
	197	Fiserv, Inc.*		19,934
	36	FleetCor Technologies, Inc.*		7,651
	251	Fortinet, Inc.*		12,221
	68	Gartner, Inc.*		19,402
	103	Global Payments, Inc.		12,796
	2,312	Hewlett Packard Enterprise Co.		31,443
	290	HP, Inc.		8,326
	13	HubSpot, Inc.*		4,382
	1,036	Intel Corp.		33,069
	304	International Business Machines Corp.		39,049
	59	Intuit, Inc.		25,475
	120	Keysight Technologies, Inc.*		19,667
	40	KLA Corp.		13,765
	40	Lam Research Corp.		17,516
	61	Marvell Technology, Inc.		2,856
	100	Mastercard, Inc., Class A		32,437
	140	Microchip Technology, Inc.		9,135
	347	Micron Technology, Inc.		19,616
	1,477	Microsoft Corp.		386,191
	19	Monolithic Power Systems, Inc.		8,610
	85	Motorola Solutions, Inc.		20,690
	237	NetApp, Inc.		17,095
	124	NortonLifeLock, Inc.		2,801
	418	NVIDIA Corp.		63,093
	280	ON Semiconductor Corp.*		19,256
	173	Oracle Corp.		12,828
	17	Palo Alto Networks, Inc.*		9,466
	102	Paychex, Inc.		12,581
	161	PayPal Holdings, Inc.*		15,044
	122	Qorvo, Inc.*		10,953
	274	QUALCOMM, Inc.		36,242
	17	Roper Technologies, Inc.		6,844
	120	Salesforce, Inc.*		18,734
	128	Seagate Technology Holdings PLC		8,571
	24	ServiceNow, Inc.*		10,431
	92	Skyworks Solutions, Inc.		9,067
	276	SS&C Technologies Holdings, Inc.		15,390
	24	Synopsys, Inc.*		8,304
	13	Teledyne Technologies, Inc.*		4,789
	158	Teradyne, Inc.		13,373
	177	Texas Instruments, Inc.		29,242
	86	Trimble, Inc.*		5,440


80		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)
Information Technology – (continued)
	79	VeriSign, Inc.*	$	14,395
	198	Visa, Inc., Class A		39,345
	73	VMware, Inc., Class A		8,470
	462	Western Digital Corp.*		19,524
	10	Workday, Inc., Class A*		1,646
	40	Zebra Technologies Corp., Class A*		12,066
	19	Zendesk, Inc.*		1,459
	45	Zoom Video Communications, Inc., Class A*		3,618

				2,050,422

Materials – 2.2%
	17	Air Products and Chemicals, Inc.		4,292
	63	Alcoa Corp.		3,117
	27	Avery Dennison Corp.		4,958
	30	Ball Corp.		1,674
	27	Celanese Corp.		2,993
	39	CF Industries Holdings, Inc.		4,035
	231	Corteva, Inc.		14,190
	14	Crown Holdings, Inc.		1,268
	153	Dow, Inc.		7,803
	60	DuPont de Nemours, Inc.		3,339
	35	Ecolab, Inc.		5,734
	24	FMC Corp.		2,594
	159	Freeport-McMoRan, Inc.		4,706
	34	International Flavors & Fragrances, Inc.		3,756
	51	International Paper Co.		2,123
	8	Martin Marietta Materials, Inc.		2,782
	151	Mosaic Co. (The)		8,134
	180	Nucor Corp.		23,929
	32	Packaging Corp. of America		4,382
	26	PPG Industries, Inc.		3,302
	57	Sherwin-Williams Co. (The)		13,230
	217	Steel Dynamics, Inc.		17,516
	17	Vulcan Materials Co.		2,830

				142,687

Real Estate – 4.8%
	112	Alexandria Real Estate Equities, Inc. REIT		17,181
	51	American Tower Corp. REIT		12,957
	35	AvalonBay Communities, Inc. REIT		7,032
	88	Boston Properties, Inc. REIT		6,990
	112	Camden Property Trust REIT		14,393
	67	Crown Castle, Inc. REIT		11,446
	50	Digital Realty Trust, Inc. REIT		6,181
	242	Duke Realty Corp. REIT		14,242
	10	Equinix, Inc. REIT		6,574
	100	Equity Residential REIT		7,318
	42	Essex Property Trust, Inc. REIT		11,132
	64	Extra Space Storage, Inc. REIT		12,719
	244	Healthpeak Properties, Inc. REIT		6,405
	218	Invitation Homes, Inc. REIT		7,909
	158	Iron Mountain, Inc. REIT		8,312
	255	Kimco Realty Corp. REIT		5,375
	67	Mid-America Apartment Communities, Inc. REIT		11,100


Common Stocks – (continued)
Real Estate – (continued)
	133	Prologis, Inc. REIT		16,560
	48	Public Storage REIT		15,880
	171	Realty Income Corp. REIT		11,676
	28	SBA Communications Corp. REIT		9,107
	74	Simon Property Group, Inc. REIT		7,546
	93	Sun Communities, Inc. REIT		14,295
	133	UDR, Inc. REIT		5,968
	215	Ventas, Inc. REIT		10,290
	278	VICI Properties, Inc. REIT		9,171
	131	Welltower, Inc. REIT		10,041
	597	Weyerhaeuser Co. REIT		20,394
	145	W.P. Carey, Inc. REIT		12,184

				310,378

Utilities – 0.7%
	22	American Water Works Co., Inc.		3,266
	199	Edison International		13,486
	72	Entergy Corp.		8,302
	207	NextEra Energy, Inc.		17,607

				42,661

	TOTAL INVESTMENTS – 99.6%
	(Cost $7,694,125)		$	6,474,231

	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.4%			25,486

	NET ASSETS – 100.0%		$	6,499,717



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.		81

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

Schedule of Investments

August 31, 2022


Shares		Description	Value

Common Stocks – 99.8%
Communication Services – 6.8%
	167,499	Activision Blizzard, Inc.	$	13,146,997
	1,794,583	Alphabet, Inc., Class A*		194,209,772
	1,742,730	Alphabet, Inc., Class C*		190,218,979
	1,833,763	AT&T, Inc.		32,164,203
	53,651	Charter Communications, Inc., Class A*		22,138,012
	1,601,866	Comcast Corp., Class A		57,971,531
	186,019	Electronic Arts, Inc.		23,600,231
	73,577	Liberty Broadband Corp., Class C*		7,482,781
	171,589	Match Group, Inc.*		9,699,926
	755,399	Meta Platforms, Inc., Class A*		123,077,159
	42,264	Netflix, Inc.*		9,448,540
	146,139	Omnicom Group, Inc.		9,776,699
	39,002	Roku, Inc.*		2,652,136
	54,035	Take-Two Interactive Software, Inc.*		6,622,530
	116,722	T-Mobile US, Inc.*		16,803,299
	794,773	Verizon Communications, Inc.		33,229,459
	255,616	Walt Disney Co. (The)*		28,649,441
	440,081	Warner Bros Discovery, Inc.*		5,826,672

				786,718,367

Consumer Discretionary – 13.2%
	94,589	Advance Auto Parts, Inc.		15,951,489
	2,557,884	Amazon.com, Inc.*		324,262,955
	33,304	AutoZone, Inc.*		70,578,170
	505,360	Bath & Body Works, Inc.		18,865,089
	372,149	Best Buy Co., Inc.		26,307,213
	7,299	Booking Holdings, Inc.*		13,691,537
	63,299	Burlington Stores, Inc.*		8,873,887
	140,119	Caesars Entertainment, Inc.*		6,041,931
	2,602	Chipotle Mexican Grill, Inc.*		4,154,874
	88,867	Darden Restaurants, Inc.		10,993,737
	173,727	Dollar General Corp.		41,246,264
	184,246	Dollar Tree, Inc.*		24,998,497
	88,888	Domino’s Pizza, Inc.		33,053,892
	78,995	D.R. Horton, Inc.		5,620,494
	446,743	eBay, Inc.		19,714,769
	116,957	Etsy, Inc.*		12,351,829
	67,452	Expedia Group, Inc.*		6,923,948
	3,610,213	Ford Motor Co.		55,019,646
	125,815	Garmin Ltd.		11,133,369
	209,043	Genuine Parts Co.		32,612,798
	53,390	Hilton Worldwide Holdings, Inc.		6,799,750
	381,407	Home Depot, Inc. (The)		110,005,407
	402,000	Lennar Corp., Class A		31,134,900
	358,944	Lowe’s Cos., Inc.		69,685,388
	40,751	Marriott International, Inc., Class A		6,265,059
	176,837	McDonald’s Corp.		44,612,438
	768,466	MGM Resorts International		25,082,730
	394,297	NIKE, Inc., Class B		41,972,916
	1,492	NVR, Inc.*		6,176,969
	77,897	O’Reilly Automotive, Inc.*		54,303,557
	58,765	Pool Corp.		19,932,500
	78,080	Ross Stores, Inc.		6,735,962
	182,947	Starbucks Corp.		15,380,354


Common Stocks – (continued)
Consumer Discretionary – (continued)
	918,773	Stellantis NV^(a)		12,311,558
	285,363	Target Corp.		45,755,103
	615,021	Tesla, Inc.*		169,505,938
	394,376	TJX Cos., Inc. (The)		24,589,344
	174,672	Tractor Supply Co.		32,340,521
	70,723	Ulta Beauty, Inc.*		29,694,466
	203,579	VF Corp.		8,438,349
	262,058	Yum! Brands, Inc.		29,151,332

				1,532,270,929

Consumer Staples – 9.1%
	509,065	Altria Group, Inc.		22,969,013
	598,733	Archer-Daniels-Midland Co.		52,622,643
	251,975	Brown-Forman Corp., Class B		18,318,583
	74,088	Bunge Ltd.		7,347,307
	178,618	Church & Dwight Co., Inc.		14,952,113
	181,206	Clorox Co. (The)		26,155,274
	770,017	Coca-Cola Co. (The)		47,517,749
	441,690	Colgate-Palmolive Co.		34,544,575
	355,497	Conagra Brands, Inc.		12,221,987
	59,963	Constellation Brands, Inc., Class A		14,753,896
	172,324	Costco Wholesale Corp.		89,970,360
	143,240	Estee Lauder Cos., Inc. (The), Class A		36,437,391
	268,060	General Mills, Inc.		20,587,008
	179,142	Hershey Co. (The)		40,247,833
	164,333	Hormel Foods Corp.		8,262,663
	56,628	J M Smucker Co. (The)		7,927,354
	165,491	Kellogg Co.		12,037,815
	375,432	Keurig Dr Pepper, Inc.		14,311,468
	180,973	Kimberly-Clark Corp.		23,077,677
	619,232	Kraft Heinz Co. (The)		23,159,277
	1,510,428	Kroger Co. (The)		72,409,918
	136,926	McCormick & Co., Inc.		11,511,369
	271,015	Mondelez International, Inc., Class A		16,764,988
	256,437	Monster Beverage Corp.*		22,779,299
	437,112	PepsiCo, Inc.		75,301,284
	564,614	Philip Morris International, Inc.		53,914,991
	597,088	Procter & Gamble Co. (The)		82,362,319
	308,314	Sysco Corp.		25,349,577
	560,819	Tyson Foods, Inc., Class A		42,274,536
	1,154,956	Walgreens Boots Alliance, Inc.		40,492,757
	670,861	Walmart, Inc.		88,922,626

				1,059,505,650

Energy – 4.3%
	269,984	APA Corp.		10,559,074
	257,809	Baker Hughes Co.		6,512,255
	116,240	Cheniere Energy, Inc.		18,619,323
	331,889	Chevron Corp.		52,458,375
	234,851	ConocoPhillips		25,704,442
	274,518	Coterra Energy, Inc.		8,485,351
	303,487	Devon Energy Corp.		21,432,252
	97,779	Diamondback Energy, Inc.		13,031,985
	127,432	EOG Resources, Inc.		15,457,502


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

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


Shares		Description	Value

Common Stocks – (continued)
Energy – (continued)
	202,643	EQT Corp.	$	9,686,336
	919,108	Exxon Mobil Corp.		87,857,534
	286,355	Halliburton Co.		8,627,876
	72,455	Hess Corp.		8,751,115
	994,423	Kinder Morgan, Inc.		18,217,829
	396,480	Marathon Oil Corp.		10,145,923
	318,113	Marathon Petroleum Corp.		32,049,885
	390,034	Occidental Petroleum Corp.		27,692,414
	146,787	ONEOK, Inc.		8,987,768
	238,065	Phillips 66		21,297,295
	61,217	Pioneer Natural Resources Co.		15,501,369
	171,101	Schlumberger NV		6,527,503
	144,807	Targa Resources Corp.		9,880,182
	411,918	Valero Energy Corp.		48,243,836
	485,830	Williams Cos., Inc. (The)		16,532,795

				502,260,219

Financials – 9.1%
	165,868	Aflac, Inc.		9,855,876
	170,533	Allstate Corp. (The)		20,549,226
	676,494	Ally Financial, Inc.		22,459,601
	125,998	American Express Co.		19,151,696
	317,945	American International Group, Inc.		16,453,654
	47,820	Ameriprise Financial, Inc.		12,816,238
	105,656	Aon PLC, Class A		29,505,495
	78,728	Apollo Global Management, Inc.		4,375,702
	294,697	Arch Capital Group Ltd.*		13,473,547
	136,611	Arthur J Gallagher & Co.		24,804,459
	1,439,034	Bank of America Corp.		48,365,933
	388,577	Bank of New York Mellon Corp. (The)		16,137,603
	432,343	Berkshire Hathaway, Inc., Class B*		121,401,914
	16,979	BlackRock, Inc.		11,314,636
	343,981	Blackstone, Inc.		32,313,575
	204,371	Brown & Brown, Inc.		12,883,548
	253,738	Capital One Financial Corp.		26,850,555
	277,710	Charles Schwab Corp. (The)		19,703,524
	117,644	Chubb Ltd.		22,240,598
	56,387	Cincinnati Financial Corp.		5,467,283
	772,625	Citigroup, Inc.		37,711,826
	308,070	Citizens Financial Group, Inc.		11,300,008
	63,376	CME Group, Inc.		12,396,979
	57,912	Coinbase Global, Inc., Class A*		3,868,522
	111,687	Discover Financial Services		11,223,427
	32,667	FactSet Research Systems, Inc.		14,155,918
	26,094	First Republic Bank		3,961,852
	205,632	Hartford Financial Services Group, Inc. (The)		13,224,194
	119,434	Intercontinental Exchange, Inc.		12,044,919
	702,756	JPMorgan Chase & Co.		79,924,440
	318,549	KeyCorp		5,635,132
	117,051	KKR & Co., Inc.		5,918,098
	47,364	LPL Financial Holdings, Inc.		10,483,074
	37,746	M&T Bank Corp.		6,861,468
	9,483	Markel Corp.*		11,323,745
	191,877	Marsh & McLennan Cos., Inc.		30,963,191


Common Stocks – (continued)
Financials – (continued)
	341,278	MetLife, Inc.		21,954,414
	125,126	Moody’s Corp.		35,600,849
	162,154	Morgan Stanley		13,818,764
	8,003	MSCI, Inc.		3,595,268
	202,069	Nasdaq, Inc.		12,029,168
	33,051	Northern Trust Corp.		3,142,820
	49,787	PNC Financial Services Group, Inc. (The)		7,866,346
	153,321	Principal Financial Group, Inc.		11,462,278
	228,944	Progressive Corp. (The)		28,079,982
	127,291	Prudential Financial, Inc.		12,188,113
	127,918	Raymond James Financial, Inc.		13,350,802
	213,941	Regions Financial Corp.		4,636,101
	37,962	S&P Global, Inc.		13,369,457
	46,260	State Street Corp.		3,161,871
	627,723	Synchrony Financial		20,557,928
	112,038	T. Rowe Price Group, Inc.		13,444,560
	96,590	Travelers Cos., Inc. (The)		15,612,808
	97,733	Truist Financial Corp.		4,577,814
	166,872	US Bancorp		7,611,032
	908,011	Wells Fargo & Co.		39,689,161
	35,583	Willis Towers Watson PLC		7,359,632

				1,054,230,624

Health Care – 14.9%
	374,229	Abbott Laboratories		38,414,607
	540,699	AbbVie, Inc.		72,702,388
	51,162	ABIOMED, Inc.*		13,265,283
	140,528	Agilent Technologies, Inc.		18,022,716
	43,302	Align Technology, Inc.*		10,552,697
	28,056	Alnylam Pharmaceuticals, Inc.*		5,798,334
	102,968	AmerisourceBergen Corp.		15,090,990
	186,402	Amgen, Inc.		44,792,401
	181,520	Avantor, Inc.*		4,521,663
	154,338	Baxter International, Inc.		8,868,261
	45,326	Becton Dickinson and Co.		11,441,189
	107,646	Biogen, Inc.*		21,031,875
	193,957	Boston Scientific Corp.*		7,818,407
	807,226	Bristol-Myers Squibb Co.		54,415,105
	57,560	Cardinal Health, Inc.		4,070,643
	531,515	Centene Corp.*		47,698,156
	33,330	Charles River Laboratories International, Inc.*		6,840,982
	204,772	Cigna Corp.		58,042,623
	21,041	Cooper Cos., Inc. (The)		6,048,025
	788,787	CVS Health Corp.		77,419,444
	148,378	Danaher Corp.		40,048,706
	96,570	Dexcom, Inc.*		7,939,020
	369,999	Edwards Lifesciences Corp.*		33,336,910
	91,756	Elevance Health, Inc.		44,511,753
	288,460	Eli Lilly & Co.		86,892,806
	451,355	Gilead Sciences, Inc.		28,647,502
	16,418	HCA Healthcare, Inc.		3,248,630
	182,844	Hologic, Inc.*		12,352,941
	46,911	Humana, Inc.		22,600,782
	86,972	IDEXX Laboratories, Inc.*		30,233,207


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

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

Schedule of Investments (continued)

August 31, 2022


Shares		Description	Value

Common Stocks – (continued)
Health Care – (continued)
	35,076	Insulet Corp.*	$	8,960,866
	58,023	Intuitive Surgical, Inc.*		11,937,652
	66,118	IQVIA Holdings, Inc.*		14,060,654
	819,710	Johnson & Johnson		132,252,011
	85,474	Laboratory Corp. of America Holdings		19,254,728
	64,956	McKesson Corp.		23,838,852
	141,248	Medtronic PLC		12,418,524
	687,170	Merck & Co., Inc.		58,656,831
	28,095	Mettler-Toledo International, Inc.*		34,064,064
	123,032	Moderna, Inc.*		16,273,443
	28,250	Molina Healthcare, Inc.*		9,530,702
	103,256	PerkinElmer, Inc.		13,945,755
	1,319,617	Pfizer, Inc.		59,686,277
	117,959	Quest Diagnostics, Inc.		14,781,442
	49,836	Regeneron Pharmaceuticals, Inc.*		28,957,706
	111,969	ResMed, Inc.		24,624,222
	190,455	Royalty Pharma PLC, Class A		7,962,924
	101,904	Seagen, Inc.*		15,722,768
	45,516	STERIS PLC		9,166,012
	74,890	Stryker Corp.		15,367,428
	122,933	Thermo Fisher Scientific, Inc.		67,037,824
	263,172	UnitedHealth Group, Inc.		136,673,115
	41,520	Veeva Systems, Inc., Class A*		8,275,766
	115,290	Vertex Pharmaceuticals, Inc.*		32,484,110
	5,468,976	Viatris, Inc.		52,228,721
	62,393	Waters Corp.*		18,630,550
	54,612	West Pharmaceutical Services, Inc.		16,202,834
	30,515	Zimmer Biomet Holdings, Inc.		3,244,355
	166,561	Zoetis, Inc.		26,071,793

				1,728,979,975

Industrials – 7.5%
	162,489	3M Co.^(a)		20,205,507
	120,071	AMETEK, Inc.		14,427,731
	366,298	Carrier Global Corp.		14,329,578
	73,860	Caterpillar, Inc.		13,642,681
	71,702	Cintas Corp.		29,171,242
	68,312	Copart, Inc.*		8,173,531
	262,033	CSX Corp.		8,293,344
	83,860	Cummins, Inc.		18,060,928
	35,696	Deere & Co.		13,037,964
	81,723	Dover Corp.		10,212,106
	63,228	Eaton Corp. PLC		8,639,474
	228,152	Emerson Electric Co.		18,649,144
	16,803	Equifax, Inc.		3,171,566
	126,320	Expeditors International of Washington, Inc.		12,997,065
	758,588	Fastenal Co.		38,179,734
	112,856	FedEx Corp.		23,791,173
	154,683	Fortive Corp.		9,796,074
	109,211	General Dynamics Corp.		25,001,674
	207,682	General Electric Co.		15,252,166
	103,205	Honeywell International, Inc.		19,541,867
	46,828	IDEX Corp.		9,422,262
	116,935	Illinois Tool Works, Inc.		22,782,446


Common Stocks – (continued)
Industrials – (continued)
	145,000	Jacobs Solutions, Inc.		18,064,100
	19,972	J.B. Hunt Transport Services, Inc.		3,475,527
	296,256	Johnson Controls International PLC		16,039,300
	49,988	L3Harris Technologies, Inc.		11,406,762
	250,638	Leidos Holdings, Inc.		23,823,142
	68,623	Lockheed Martin Corp.		28,829,209
	249,669	Masco Corp.		12,700,662
	33,756	Norfolk Southern Corp.		8,207,096
	59,735	Northrop Grumman Corp.		28,552,733
	54,512	Old Dominion Freight Line, Inc.		14,795,102
	116,578	Otis Worldwide Corp.		8,419,263
	68,616	PACCAR, Inc.		6,004,586
	65,137	Parker-Hannifin Corp.		17,261,305
	59,888	Quanta Services, Inc.		8,462,174
	282,255	Raytheon Technologies Corp.		25,332,386
	153,273	Republic Services, Inc.		21,875,123
	27,317	Rockwell Automation, Inc.		6,472,490
	451,392	Southwest Airlines Co.*		16,566,086
	529,019	Textron, Inc.		33,000,205
	52,295	Trane Technologies PLC		8,057,091
	92,811	Union Pacific Corp.		20,836,998
	789,481	United Airlines Holdings, Inc.*		27,639,730
	157,227	United Parcel Service, Inc., Class B		30,582,224
	14,353	United Rentals, Inc.*		4,191,650
	47,231	Verisk Analytics, Inc.		8,839,754
	153,823	Waste Management, Inc.		26,000,702
	340,428	Westinghouse Air Brake Technologies Corp.		29,838,514
	82,136	W.W. Grainger, Inc.		45,580,552
	41,778	Xylem, Inc.		3,805,976

				871,439,699

Information Technology – 26.9%
	296,548	Accenture PLC, Class A		85,542,236
	163,329	Adobe, Inc.*		60,993,582
	369,980	Advanced Micro Devices, Inc.*		31,400,203
	127,484	Akamai Technologies, Inc.*		11,509,256
	189,674	Amphenol Corp., Class A		13,946,729
	70,645	Analog Devices, Inc.		10,704,837
	16,201	ANSYS, Inc.*		4,022,708
	4,732,379	Apple, Inc.		744,024,626
	360,429	Applied Materials, Inc.		33,905,556
	115,506	Arista Networks, Inc.*		13,846,859
	118,949	Autodesk, Inc.*		23,996,771
	119,386	Automatic Data Processing, Inc.		29,179,132
	41,885	Block, Inc.*		2,886,295
	111,114	Broadcom, Inc.		55,458,109
	67,708	Broadridge Financial Solutions, Inc.		11,589,578
	273,888	Cadence Design Systems, Inc.*		47,593,518
	53,506	CDW Corp.		9,133,474
	1,165,875	Cisco Systems, Inc.		52,137,930
	361,199	Cognizant Technology Solutions Corp., Class A		22,816,941
	177,065	Corning, Inc.		6,076,871


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

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


Shares		Description	Value

Common Stocks – (continued)
Information Technology – (continued)
	29,317	Crowdstrike Holdings, Inc., Class A*	$	5,353,577
	55,372	Datadog, Inc., Class A*		5,811,291
	132,055	Dell Technologies, Inc., Class C		5,056,386
	198,743	DocuSign, Inc.*		11,570,817
	59,858	Entegris, Inc.		5,679,327
	28,958	EPAM Systems, Inc.*		12,350,587
	237,876	Fidelity National Information Services, Inc.		21,734,730
	262,101	Fiserv, Inc.*		26,522,000
	31,011	FleetCor Technologies, Inc.*		6,590,768
	620,975	Fortinet, Inc.*		30,235,273
	80,190	Gartner, Inc.*		22,879,811
	124,767	Global Payments, Inc.		15,499,804
	2,732,737	Hewlett Packard Enterprise Co.		37,165,223
	461,080	HP, Inc.		13,237,607
	27,970	HubSpot, Inc.*		9,427,009
	1,191,868	Intel Corp.		38,044,427
	465,377	International Business Machines Corp.		59,777,676
	99,714	Intuit, Inc.		43,054,511
	95,019	Keysight Technologies, Inc.*		15,572,664
	52,938	KLA Corp.		18,217,554
	77,579	Lam Research Corp.		33,972,620
	200,760	Mastercard, Inc., Class A		65,120,521
	176,480	Microchip Technology, Inc.		11,515,320
	456,321	Micron Technology, Inc.		25,795,826
	2,258,185	Microsoft Corp.		590,447,632
	19,485	Monolithic Power Systems, Inc.		8,830,212
	106,048	Motorola Solutions, Inc.		25,813,144
	212,547	NetApp, Inc.		15,331,015
	107,434	NortonLifeLock, Inc.		2,426,934
	652,716	NVIDIA Corp.		98,520,953
	321,695	ON Semiconductor Corp.*		22,122,965
	313,541	Oracle Corp.		23,249,065
	42,855	Palo Alto Networks, Inc.*		23,862,093
	171,025	Paychex, Inc.		21,094,224
	193,047	PayPal Holdings, Inc.*		18,038,312
	138,988	Qorvo, Inc.*		12,478,343
	282,415	QUALCOMM, Inc.		37,355,032
	26,293	Roper Technologies, Inc.		10,585,036
	227,526	Salesforce, Inc.*		35,521,359
	248,219	Seagate Technology Holdings PLC		16,620,744
	65,409	ServiceNow, Inc.*		28,428,060
	152,075	Skyworks Solutions, Inc.		14,986,991
	33,357	Splunk, Inc.*		3,003,131
	341,885	SS&C Technologies Holdings, Inc.		19,063,508
	117,988	Synopsys, Inc.*		40,826,208
	26,319	Teledyne Technologies, Inc.*		9,694,867
	160,674	Teradyne, Inc.		13,599,447
	312,175	Texas Instruments, Inc.		51,574,432
	98,801	Trimble, Inc.*		6,249,163
	10,012	Tyler Technologies, Inc.*		3,719,558
	122,605	VeriSign, Inc.*		22,341,083
	379,701	Visa, Inc., Class A		75,450,386
	113,549	VMware, Inc., Class A		13,175,091


Common Stocks – (continued)
Information Technology – (continued)
	613,022	Western Digital Corp.*		25,906,310
	39,711	Workday, Inc., Class A*		6,534,842
	23,727	Zebra Technologies Corp., Class A*		7,157,012
	38,085	Zendesk, Inc.*		2,923,785
	62,696	Zoom Video Communications, Inc., Class A*		5,040,758

				3,122,922,235

Materials – 1.7%
	29,421	Air Products and Chemicals, Inc.		7,427,331
	25,686	Albemarle Corp.		6,882,820
	107,355	Alcoa Corp.		5,311,925
	44,335	Avery Dennison Corp.		8,140,793
	68,028	Ball Corp.		3,796,643
	27,628	Celanese Corp.		3,062,840
	93,224	CF Industries Holdings, Inc.		9,644,955
	197,755	Corteva, Inc.		12,148,090
	156,337	Dow, Inc.		7,973,187
	51,019	DuPont de Nemours, Inc.		2,838,697
	36,390	Eastman Chemical Co.		3,311,490
	33,477	Ecolab, Inc.		5,484,537
	21,818	International Flavors & Fragrances, Inc.		2,410,453
	362,766	International Paper Co.		15,098,321
	39,695	LyondellBasell Industries NV, Class A		3,294,685
	11,100	Martin Marietta Materials, Inc.		3,859,581
	135,124	Mosaic Co. (The)		7,279,130
	73,708	Newmont Corp.		3,048,563
	300,084	Nucor Corp.		39,893,167
	21,661	Packaging Corp. of America		2,965,824
	60,957	PPG Industries, Inc.		7,740,320
	94,249	Sherwin-Williams Co. (The)		21,875,193
	143,702	Steel Dynamics, Inc.		11,599,625

				195,088,170

Real Estate – 3.1%
	81,132	Alexandria Real Estate Equities, Inc. REIT		12,445,649
	54,867	American Tower Corp. REIT		13,938,961
	45,764	AvalonBay Communities, Inc. REIT		9,194,445
	52,405	Boston Properties, Inc. REIT		4,162,529
	109,753	Camden Property Trust REIT		14,104,358
	453,836	CBRE Group, Inc., Class A*		35,834,890
	85,884	Crown Castle, Inc. REIT		14,671,564
	52,414	Digital Realty Trust, Inc. REIT		6,479,943
	320,118	Duke Realty Corp. REIT		18,838,944
	9,149	Equinix, Inc. REIT		6,014,278
	140,603	Equity Residential REIT		10,289,327
	35,576	Essex Property Trust, Inc. REIT		9,429,775
	85,359	Extra Space Storage, Inc. REIT		16,963,394
	165,279	Healthpeak Properties, Inc. REIT		4,338,574
	246,552	Invitation Homes, Inc. REIT		8,944,907
	104,719	Iron Mountain, Inc. REIT		5,509,267
	89,486	Mid-America Apartment Communities, Inc. REIT		14,825,146


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

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

Schedule of Investments (continued)

August 31, 2022


Shares		Description	Value

Common Stocks – (continued)
Real Estate – (continued)
	190,772	Prologis, Inc. REIT	$	23,753,022
	67,296	Public Storage REIT		22,263,536
	177,310	Realty Income Corp. REIT		12,106,727
	34,333	SBA Communications Corp. REIT		11,166,808
	65,521	Simon Property Group, Inc. REIT		6,681,832
	104,605	Sun Communities, Inc. REIT		16,078,834
	181,280	UDR, Inc. REIT		8,134,034
	160,562	Ventas, Inc. REIT		7,684,497
	291,807	VICI Properties, Inc. REIT		9,626,713
	124,333	Welltower, Inc. REIT		9,530,124
	481,376	Weyerhaeuser Co. REIT		16,443,804
	142,972	W.P. Carey, Inc. REIT		12,013,937

				361,469,819

Utilities – 3.2%
	477,212	AES Corp. (The)		12,145,045
	208,813	Alliant Energy Corp.		12,745,946
	146,212	Ameren Corp.		13,542,155
	173,838	American Electric Power Co., Inc.		17,418,568
	49,022	American Water Works Co., Inc.		7,277,316
	104,497	Atmos Energy Corp.		11,847,870
	446,653	CenterPoint Energy, Inc.		14,082,969
	139,284	CMS Energy Corp.		9,407,241
	200,662	Consolidated Edison, Inc.		19,612,704
	148,684	Constellation Energy Corp.		12,131,128
	179,824	Dominion Energy, Inc.		14,709,603
	100,166	DTE Energy Co.		13,055,636
	168,036	Duke Energy Corp.		17,964,729
	225,768	Edison International		15,300,297
	92,030	Entergy Corp.		10,611,059
	214,029	Evergy, Inc.		14,667,407
	102,094	Eversource Energy		9,156,811
	498,375	Exelon Corp.		21,883,646
	312,194	FirstEnergy Corp.		12,347,273
	311,464	NextEra Energy, Inc.		26,493,128
	506,904	PG&E Corp.*		6,250,126
	261,347	PPL Corp.		7,599,971
	185,371	Public Service Enterprise Group, Inc.		11,930,478
	98,218	Sempra Energy		16,203,023
	281,938	Southern Co. (The)		21,728,962
	98,116	WEC Energy Group, Inc.		10,119,684
	185,110	Xcel Energy, Inc.		13,744,418

				373,977,193

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $9,526,533,417)		$	11,588,862,880

Shares		Dividend Rate	Value

Securities Lending Reinvestment Vehicle – 0.2%^(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	20,073,500	2.154%		20,073,500
	(Cost $20,073,500)

	TOTAL INVESTMENTS – 100.0%
	(Cost $9,546,606,917)		$	11,608,936,380

	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.0%			7,557,567

	NET ASSETS – 100.0%		$	11,616,493,947



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

*		Non-income producing security.

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

(b)		Represents an affiliated issuer.



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


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

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

Schedule of Investments

August 31, 2022


Shares		Description	Value

Common Stocks – 97.4%
Communication Services – 2.3%
	22,137	Advantage Solutions, Inc.*	$	80,579
	5,474	AMC Networks, Inc., Class A*		146,649
	10,905	Arena Group Holdings, Inc. (The)*^(a)		114,721
	2,078	Audacy, Inc.*		1,146
	3,164	Bumble, Inc., Class A*		79,258
	22,770	Cargurus, Inc.*		425,799
	27,271	Cars.com, Inc.*		347,705
	7,957	Cogent Communications Holdings, Inc.		423,710
	20,997	Consolidated Communications Holdings, Inc.*		120,523
	32,087	DHI Group, Inc.*		163,644
	11,070	EchoStar Corp., Class A*		203,799
	19,192	EverQuote, Inc., Class A*		166,011
	18,974	EW Scripps Co. (The), Class A*		283,661
	88,031	Gannett Co., Inc.*		204,232
	15,529	Gogo, Inc.*		230,761
	19,672	Gray Television, Inc.		375,735
	14,368	IDT Corp., Class B*		367,390
	7,961	iHeartMedia, Inc., Class A*		70,455
	10,903	Iridium Communications, Inc.*		483,984
	13,039	John Wiley & Sons, Inc., Class A		600,185
	12,439	Liberty Latin America Ltd., Class A (Chile)*		87,073
	29,736	Liberty Latin America Ltd., Class C (Chile)*		207,260
	4,888	Liberty Media Corp.-Liberty Braves, Class A*^(a)		137,353
	4,548	Liberty Media Corp.-Liberty Braves, Class C*		124,342
	9,185	Magnite, Inc.*		69,163
	9,303	Marcus Corp. (The)		149,685
	21,282	Ooma, Inc.*		257,512
	29,420	Playstudios, Inc.*		106,500
	4,772	PubMatic, Inc., Class A*		93,388
	12,381	QuinStreet, Inc.*		148,696
	7,573	Radius Global Infrastructure, Inc., Class A*		104,280
	12,535	Scholastic Corp.		575,482
	7,745	Shutterstock, Inc.		429,150
	5,702	Sinclair Broadcast Group, Inc., Class A		125,957
	65,114	Skillz, Inc.*^(a)		86,602
	25,618	Stagwell, Inc.*		173,690
	3,966	TechTarget, Inc.*		257,393
	40,971	TEGNA, Inc.		876,779
	14,723	Telephone and Data Systems, Inc.		239,543
	10,115	Thryv Holdings, Inc.*		258,742
	91,882	TrueCar, Inc.*		200,303
	7,379	United States Cellular Corp.*		210,966
	6,820	WideOpenWest, Inc.*		121,396
	22,087	Yelp, Inc.*		754,713
	6,518	Ziff Davis, Inc.*		503,711
	5,195	ZipRecruiter, Inc., Class A*		86,653

				11,276,279

Consumer Discretionary – 10.5%
	20,810	1-800-Flowers.com, Inc., Class A*		180,631


Common Stocks – (continued)
Consumer Discretionary – (continued)
	20,285	2U, Inc.*		144,429
	11,904	Aaron’s Co., Inc. (The)		141,658
	22,913	Abercrombie & Fitch Co., Class A*		329,718
	12,230	Academy Sports & Outdoors, Inc.		526,868
	10,163	Acushnet Holdings Corp.		484,267
	13,682	Adient PLC*		454,242
	16,599	Adtalem Global Education, Inc.*		625,616
	31,403	American Axle & Manufacturing Holdings, Inc.*		325,021
	18,465	American Eagle Outfitters, Inc.		207,916
	14,853	American Public Education, Inc.*		153,431
	4,532	Asbury Automotive Group, Inc.*		790,743
	103,647	Beachbody Co., Inc. (The)*		120,231
	9,692	Beazer Homes USA, Inc.*		138,014
	16,302	Bed Bath & Beyond, Inc.*^(a)		155,358
	11,273	Big 5 Sporting Goods Corp.^(a)		137,982
	11,425	Big Lots, Inc.		235,012
	4,576	BJ’s Restaurants, Inc.*		114,766
	12,256	Bloomin’ Brands, Inc.		247,816
	8,129	Bluegreen Vacations Holding Corp.		169,408
	4,889	Boot Barn Holdings, Inc.*		325,705
	7,396	Brinker International, Inc.*		181,276
	10,396	Buckle, Inc. (The)		335,583
	4,982	Build-A-Bear Workshop, Inc.		76,324
	15,866	Caleres, Inc.		404,900
	12,287	Callaway Golf Co.*		271,911
	5,656	Camping World Holdings, Inc., Class A^(a)		170,359
	21,636	CarParts.com, Inc.*		140,201
	8,113	Carriage Services, Inc.		287,281
	1,139	Cavco Industries, Inc.*		266,537
	5,289	Century Communities, Inc.		246,943
	5,471	Cheesecake Factory, Inc. (The)		167,522
	4,627	Chegg, Inc.*		91,059
	33,961	Chico’s FAS, Inc.*		192,898
	4,556	Children’s Place, Inc. (The)*		192,172
	4,764	Chuy’s Holdings, Inc.*		106,380
	7,008	Citi Trends, Inc.*		141,562
	9,705	Clarus Corp.		147,225
	12,098	Conn’s, Inc.*		116,262
	18,885	Container Store Group, Inc. (The)*		128,040
	47,360	ContextLogic, Inc., Class A*		61,568
	1,885	Cracker Barrel Old Country Store, Inc.		203,467
	12,566	Crocs, Inc.*		926,114
	25,578	Dana, Inc.		395,692
	4,083	Dave & Buster’s Entertainment, Inc.*		168,791
	17,770	Denny’s Corp.*		167,927
	12,474	Designer Brands, Inc., Class A		212,806
	21,647	Destination XL Group, Inc.*		119,275
	2,709	Dillard’s, Inc., Class A		802,514
	1,910	Dine Brands Global, Inc.		127,206
	8,458	Dorman Products, Inc.*		766,718
	10,564	Duluth Holdings, Inc., Class B*		93,703
	1,400	Duolingo, Inc.*		131,628
	12,280	El Pollo Loco Holdings, Inc.*		111,134
	19,895	Ethan Allen Interiors, Inc.		472,904


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

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

Schedule of Investments (continued)

August 31, 2022


Shares		Description	Value

Common Stocks – (continued)
Consumer Discretionary – (continued)
	12,933	Everi Holdings, Inc.*	$	239,261
	4,631	Foot Locker, Inc.		170,606
	41,572	Fossil Group, Inc.*		175,850
	5,959	Fox Factory Holding Corp.*		555,438
	4,533	Franchise Group, Inc.		153,623
	21,124	Frontdoor, Inc.*		495,992
	12,289	Funko, Inc., Class A*		273,676
	9,562	Genesco, Inc.*		541,018
	11,212	Gentherm, Inc.*		671,599
	11,262	G-III Apparel Group Ltd.*		237,290
	5,228	Golden Entertainment, Inc.*		200,023
	46,483	Goodyear Tire & Rubber Co. (The)*		652,156
	31,771	GoPro, Inc., Class A*		193,485
	849	Graham Holdings Co., Class B		480,050
	6,753	Green Brick Partners, Inc.*		164,503
	4,055	Group 1 Automotive, Inc.		724,182
	6,777	Groupon, Inc.*		67,160
	8,876	Guess?, Inc.^(a)		155,064
	14,958	Haverty Furniture Cos., Inc.		401,174
	4,185	Helen of Troy Ltd.*		517,392
	7,571	Hibbett, Inc.		443,661
	9,927	Hilton Grand Vacations, Inc.*		404,823
	2,212	Hovnanian Enterprises, Inc., Class A*		88,679
	21,931	Inspired Entertainment, Inc.*		229,618
	4,404	Installed Building Products, Inc.		398,826
	16,215	International Game Technology PLC		290,897
	6,845	iRobot Corp.*^(a)		403,034
	3,750	Jack in the Box, Inc.		299,475
	4,015	Johnson Outdoors, Inc., Class A		245,477
	13,690	KB Home		392,219
	11,003	Kontoor Brands, Inc.		409,642
	9,443	Lands’ End, Inc.*		130,502
	24,108	Laureate Education, Inc.		265,670
	15,677	La-Z-Boy, Inc.		413,716
	6,710	LCI Industries		777,488
	1,957	LGI Homes, Inc.*		185,739
	5,815	Lifetime Brands, Inc.		51,870
	9,559	Light & Wonder, Inc.*		470,590
	10,617	LL Flooring Holdings, Inc.*		86,422
	4,353	Lovesac Co. (The)*		134,290
	6,625	M/I Homes, Inc.*		286,465
	5,629	Malibu Boats, Inc., Class A*		337,909
	2,542	Marine Products Corp.		25,242
	8,688	MarineMax, Inc.*		315,722
	15,072	MasterCraft Boat Holdings, Inc.*		363,084
	5,403	MDC Holdings, Inc.		167,925
	6,295	Meritage Homes Corp.*		493,213
	14,654	Modine Manufacturing Co.*		219,517
	3,895	Monarch Casino & Resort, Inc.*		235,219
	3,211	Monro, Inc.		148,701
	9,156	Movado Group, Inc.		291,985
	6,141	Murphy USA, Inc.		1,781,934
	9,870	National Vision Holdings, Inc.*		327,980
	9,722	ODP Corp. (The)*		347,562
	4,091	OneWater Marine, Inc., Class A*		163,026
	7,831	Overstock.com, Inc.*		204,389


Common Stocks – (continued)
Consumer Discretionary – (continued)
	6,714	Oxford Industries, Inc.		716,585
	8,840	Papa John’s International, Inc.		714,537
	6,966	Patrick Industries, Inc.		368,989
	65,639	Perdoceo Education Corp.*		760,100
	8,345	PetMed Express, Inc.		171,657
	26,592	Qurate Retail, Inc.Series A		82,435
	3,476	RCI Hospitality Holdings, Inc.		226,670
	8,439	Red Rock Resorts, Inc., Class A		322,539
	22,317	Rent-A-Center, Inc.		576,671
	5,733	Revolve Group, Inc.*		134,668
	27,584	Rush Street Interactive, Inc.*		133,507
	25,344	Sally Beauty Holdings, Inc.*		377,119
	4,948	SeaWorld Entertainment, Inc.*		248,637
	17,286	Shoe Carnival, Inc.		411,234
	9,137	Signet Jewelers Ltd.		597,286
	7,877	Skyline Champion Corp.*		446,390
	9,687	Sleep Number Corp.*		401,332
	23,174	Smith & Wesson Brands, Inc.		308,214
	4,137	Sonic Automotive, Inc., Class A		220,047
	24,893	Sonos, Inc.*		374,391
	18,963	Sportsman’s Warehouse Holdings, Inc.*		150,945
	12,392	Standard Motor Products, Inc.		454,786
	18,080	Steven Madden Ltd.		526,309
	34,598	Stitch Fix, Inc., Class A*		173,682
	15,334	Stoneridge, Inc.*		291,346
	4,264	Strategic Education, Inc.		275,881
	23,411	Stride, Inc.*		892,896
	7,443	Sturm Ruger & Co., Inc.		388,897
	22,324	Taylor Morrison Home Corp.*		560,556
	9,295	Texas Roadhouse, Inc.		825,024
	3,550	TravelCenters of America, Inc.*		191,984
	23,596	Tri Pointe Homes, Inc.*		408,919
	27,809	Tupperware Brands Corp.*		312,573
	10,837	Udemy, Inc.*		161,038
	3,502	Unifi, Inc.*		39,783
	11,382	Universal Technical Institute, Inc.*		78,081
	8,224	Urban Outfitters, Inc.*		165,549
	13,944	Vista Outdoor, Inc.*		392,105
	2,555	Visteon Corp.*		306,166
	7,611	Wingstop, Inc.		866,588
	2,365	Winmark Corp.		488,065
	10,374	Winnebago Industries, Inc.		597,335
	14,353	Wolverine World Wide, Inc.		280,458
	44,031	WW International, Inc.*		229,842
	8,386	XPEL, Inc.*		574,693
	12,431	Zumiez, Inc.*		322,709

				50,885,985

Consumer Staples – 3.5%
	2,290	Alico, Inc.		77,746
	3,891	Andersons, Inc. (The)		144,084
	11,381	B&G Foods, Inc.^(a)		246,512
	9,568	Beauty Health Co. (The)*		110,989
	10,032	BellRing Brands, Inc.*		237,658
	4,031	Cal-Maine Foods, Inc.		216,102
	9,708	Celsius Holdings, Inc.*		1,004,681


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

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


Shares		Description	Value

Common Stocks – (continued)
Consumer Staples – (continued)
	5,410	Central Garden & Pet Co.*	$	215,967
	8,923	Central Garden & Pet Co., Class A*		336,932
	4,123	Chefs’ Warehouse, Inc. (The)*		137,461
	2,353	Coca-Cola Consolidated, Inc.		1,116,099
	10,656	Edgewell Personal Care Co.		415,158
	6,957	elf Beauty, Inc.*		265,270
	4,883	Energizer Holdings, Inc.		137,212
	8,847	Fresh Del Monte Produce, Inc.		241,877
	8,446	Hain Celestial Group, Inc. (The)*		171,116
	18,177	Herbalife Nutrition Ltd.*		474,238
	35,257	Hostess Brands, Inc.*		817,257
	10,209	Ingles Markets, Inc., Class A		893,594
	4,034	Inter Parfums, Inc.		316,750
	1,826	J & J Snack Foods Corp.		272,129
	4,656	John B Sanfilippo & Son, Inc.		375,879
	3,614	Lancaster Colony Corp.		609,140
	2,248	Landec Corp.*		23,604
	2,847	Medifast, Inc.		357,242
	2,016	MGP Ingredients, Inc.		220,671
	12,129	National Beverage Corp.		672,674
	10,927	Nu Skin Enterprises, Inc., Class A		447,351
	2,614	PriceSmart, Inc.		165,388
	34,284	Primo Water Corp.		450,492
	19,201	Rite Aid Corp.*		137,863
	9,028	Simply Good Foods Co. (The)*		275,805
	18,581	SpartanNash Co.		565,420
	24,721	Sprouts Farmers Market, Inc.*		714,437
	2,740	Tootsie Roll Industries, Inc.		98,174
	11,196	TreeHouse Foods, Inc.*		521,734
	5,524	Turning Point Brands, Inc.		128,820
	17,704	United Natural Foods, Inc.*		780,392
	7,800	Universal Corp.		398,112
	5,670	USANA Health Sciences, Inc.*		365,828
	7,809	Utz Brands, Inc.		130,098
	37,072	Vector Group Ltd.		363,306
	8,331	Village Super Market, Inc., Class A		183,115
	14,641	Vital Farms, Inc.*		189,601
	3,106	WD-40 Co.		587,531
	5,934	Weis Markets, Inc.		461,131

				17,072,640

Energy – 5.8%
	40,266	Alto Ingredients, Inc.*		173,949
	35,329	Amplify Energy Corp.*		263,201
	3,169	Arch Resources, Inc.		461,343
	6,782	Archaea Energy, Inc.*		134,012
	44,677	Archrock, Inc.		330,163
	10,518	Berry Corp.		96,240
	15,989	Borr Drilling Ltd. (United Arab Emirates)*^(a)		64,116
	4,724	Brigham Minerals, Inc., Class A		140,539
	7,129	Bristow Group, Inc.*		206,812
	8,487	Cactus, Inc., Class A		339,056
	11,839	California Resources Corp.		591,476
	7,072	Callon Petroleum Co.*		300,984


Common Stocks – (continued)
Energy – (continued)
	48,504	Centennial Resource Development, Inc., Class A*		399,188
	3,263	Centrus Energy Corp., Class A*		162,530
	24,381	ChampionX Corp.		531,750
	11,499	Chord Energy Corp.		1,627,683
	10,573	Civitas Resources, Inc.		710,400
	25,568	CNX Resources Corp.*		451,787
	63,357	Comstock Resources, Inc.*		1,241,797
	12,957	CONSOL Energy, Inc.		930,053
	4,382	CVR Energy, Inc.		143,116
	11,280	Delek US Holdings, Inc.		318,660
	4,996	Denbury, Inc.*		444,294
	34,626	DHT Holdings, Inc.		270,429
	11,729	Diamond Offshore Drilling, Inc.*		83,393
	17,747	Dorian LPG Ltd.		258,219
	5,535	Dril-Quip, Inc.*		122,490
	5,295	Earthstone Energy, Inc., Class A*		80,484
	6,708	Empire Petroleum Corp.*^(a)		99,010
	20,171	Energy Fuels, Inc.*^(a)		163,789
	58,182	Equitrans Midstream Corp.		539,347
	3,654	FLEX LNG Ltd. (Norway)^(a)		120,838
	7,014	Golar LNG Ltd. (Cameroon)*		191,272
	4,484	Green Plains, Inc.*		164,249
	1,142	Gulfport Energy Corp.*		111,642
	53,204	Helix Energy Solutions Group, Inc.*		229,841
	8,241	Helmerich & Payne, Inc.		352,303
	6,330	International Seaways, Inc.		186,925
	2,527	Kinetik Holdings, Inc.		93,170
	44,456	Kosmos Energy Ltd. (Ghana)*		314,304
	5,992	Laredo Petroleum, Inc.*		465,039
	11,775	Liberty Energy, Inc.*		176,625
	58,212	Magnolia Oil & Gas Corp., Class A		1,389,520
	20,820	Matador Resources Co.		1,240,872
	20,774	Murphy Oil Corp.		809,563
	3,113	Nabors Industries Ltd.*		412,504
	4,009	NACCO Industries, Inc., Class A		180,285
	15,384	National Energy Services Reunited Corp.*		107,996
	26,693	NexTier Oilfield Solutions, Inc.*		250,113
	2,820	Noble Corp.*		85,587
	6,449	Northern Oil and Gas, Inc.		204,046
	20,557	Oceaneering International, Inc.*		181,929
	26,937	Oil States International, Inc.*		131,991
	13,598	Patterson-UTI Energy, Inc.		202,610
	16,419	PBF Energy, Inc., Class A*		560,873
	12,295	Peabody Energy Corp.*		303,195
	41,619	ProPetro Holding Corp.*		381,230
	9,476	Ranger Oil Corp., Class A		369,469
	5,607	REX American Resources Corp.*		169,892
	37,954	Ring Energy, Inc.*		122,971
	59,287	RPC, Inc.		471,332
	19,159	SandRidge Energy, Inc.*		401,956
	6,157	Scorpio Tankers, Inc. (Monaco)		256,131
	21,765	SFL Corp. Ltd. (Norway)		232,886
	10,906	SilverBow Resources, Inc.*		433,623
	5,338	Sitio Royalties Corp.		135,799


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

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

Schedule of Investments (continued)

August 31, 2022


Shares		Description	Value

Common Stocks – (continued)
Energy – (continued)
	38,602	SM Energy Co.	$	1,701,190
	16,805	Solaris Oilfield Infrastructure, Inc., Class A		179,813
	27,382	Talos Energy, Inc.*		567,629
	43,098	Tellurian, Inc.*		172,392
	47,468	TETRA Technologies, Inc.*		188,923
	4,086	Tidewater, Inc.*		90,546
	45,006	Uranium Energy Corp.*		203,427
	20,077	US Silica Holdings, Inc.*		281,680
	57,571	VAALCO Energy, Inc.		288,431
	3,715	Valaris Ltd.*		189,391
	7,488	Vertex Energy, Inc.*^(a)		63,648
	89,053	W&T Offshore, Inc.*		578,844
	3,756	Weatherford International PLC*		105,694
	14,816	World Fuel Services Corp.		382,253

				28,116,752

Financials – 19.2%
	3,825	1st Source Corp.		180,502
	2,543	ACNB Corp.		90,429
	3,609	Allegiance Bancshares, Inc.		152,877
	11,424	A-Mark Precious Metals, Inc.		353,116
	5,027	Amerant Bancorp, Inc.		131,657
	21,329	American Equity Investment Life Holding Co.		810,502
	4,374	American National Bankshares, Inc.		144,036
	14,281	Ameris Bancorp		666,637
	7,934	AMERISAFE, Inc.		379,404
	25,442	Apollo Commercial Real Estate Finance, Inc. REIT		296,399
	24,672	Arbor Realty Trust, Inc. REIT		369,587
	15,518	Ares Commercial Real Estate Corp. REIT		204,682
	4,930	Argo Group International Holdings Ltd.		96,776
	20,718	ARMOUR Residential REIT, Inc. REIT		147,098
	8,438	Arrow Financial Corp.		270,944
	18,601	Artisan Partners Asset Management, Inc., Class A		627,970
	23,747	Associated Banc-Corp.		475,890
	11,173	Atlantic Union Bankshares Corp.		362,564
	3,151	Atlanticus Holdings Corp.*		89,709
	23,177	Axos Financial, Inc.*		968,335
	8,818	B. Riley Financial, Inc.		438,872
	5,645	Banc of California, Inc.		95,288
	6,744	BancFirst Corp.		727,408
	11,372	Banco Latinoamericano de Comercio Exterior SA, Class E (Panama)		166,031
	14,911	Bancorp, Inc. (The)*		353,689
	2,518	Bank First Corp.		204,638
	3,972	Bank of Marin Bancorp		122,735
	21,021	Bank of NT Butterfield & Son Ltd. (The) (Bermuda)		685,705
	14,570	BankUnited, Inc.		539,818
	5,494	Bankwell Financial Group, Inc.		173,171
	5,886	Banner Corp.		357,633
	4,122	BayCom Corp.		76,710
	12,366	BCB Bancorp, Inc.		222,588


Common Stocks – (continued)
Financials – (continued)
	6,553	Berkshire Hills Bancorp, Inc.		184,860
	30,653	BGC Partners, Inc., Class A		123,225
	20,937	Blackstone Mortgage Trust, Inc., Class A REIT		606,754
	7,788	Blucora, Inc.*		156,383
	7,456	Blue Ridge Bankshares, Inc.		109,380
	8,215	Bread Financial Holdings, Inc.		315,702
	16,461	Brightsphere Investment Group, Inc.		281,318
	13,647	Broadmark Realty Capital, Inc. REIT		88,023
	15,740	Brookline Bancorp, Inc.		196,278
	4,415	BRP Group, Inc., Class A*		138,631
	5,656	Byline Bancorp, Inc.		123,357
	32,143	Cadence Bank		819,004
	1,690	Cambridge Bancorp		138,969
	8,826	Camden National Corp.		399,200
	6,143	Cannae Holdings, Inc.*		132,750
	8,681	Capital City Bank Group, Inc.		277,184
	16,213	Capitol Federal Financial, Inc.		146,890
	17,224	Cathay General Bancorp		722,375
	3,248	CBTX, Inc.		96,790
	9,375	Central Pacific Financial Corp.		204,281
	52,004	Chimera Investment Corp. REIT		442,034
	566	Citizens & Northern Corp.		13,584
	6,420	City Holding Co.		545,764
	10,835	Civista Bancshares, Inc.		229,160
	5,067	Claros Mortgage Trust, Inc.^(a)		86,595
	7,384	CNB Financial Corp.		194,347
	25,574	CNO Financial Group, Inc.		470,817
	9,090	Cohen & Steers, Inc.		648,844
	5,622	Colony Bankcorp, Inc.		79,383
	11,451	Columbia Banking System, Inc.		342,957
	6,927	Columbia Financial, Inc.*		147,753
	8,503	Community Bank System, Inc.		555,926
	5,345	Community Trust Bancorp, Inc.		225,826
	7,032	ConnectOne Bancorp, Inc.		176,011
	14,171	Consumer Portfolio Services, Inc.*		164,950
	13,176	Cowen, Inc., Class A		506,617
	1,428	Crawford & Co., Class A^(a)		8,682
	17,575	Curo Group Holdings Corp.		115,995
	16,414	Customers Bancorp, Inc.*		569,402
	18,611	CVB Financial Corp.		488,353
	1,850	Diamond Hill Investment Group, Inc.		316,442
	9,529	Dime Community Bancshares, Inc.		297,877
	12,120	Donnelley Financial Solutions, Inc.*		514,494
	20,206	Dynex Capital, Inc. REIT		313,395
	9,144	Eagle Bancorp, Inc.		443,758
	15,584	Eastern Bankshares, Inc.		302,330
	17,627	Ellington Financial, Inc. REIT		258,764
	11,190	Employers Holdings, Inc.		438,200
	10,271	Enact Holdings, Inc.		260,883
	12,378	Encore Capital Group, Inc.*		676,829
	17,680	Enova International, Inc.*		617,739
	1,540	Enstar Group Ltd.*		291,445
	6,206	Enterprise Financial Services Corp.		283,738
	3,852	Esquire Financial Holdings, Inc.		143,988
	24,215	Essent Group Ltd.		968,358


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

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


Shares		Description	Value

Common Stocks – (continued)
Financials – (continued)
	13,745	EZCORP, Inc., Class A*	$	120,269
	3,741	Farmers & Merchants Bancorp, Inc.		106,843
	12,219	Farmers National Banc Corp.		174,610
	9,245	FB Financial Corp.		366,287
	8,321	Federal Agricultural Mortgage Corp., Class C		908,986
	24,879	Federated Hermes, Inc.		847,379
	10,500	Financial Institutions, Inc.		273,315
	38,109	First BanCorp. (Puerto Rico)		544,959
	6,178	First Bancorp, Inc. (The)		179,162
	4,342	First Bancshares, Inc. (The)		129,826
	8,321	First BankCorp		302,968
	9,963	First Busey Corp.		229,149
	7,790	First Business Financial Services, Inc.		259,251
	22,614	First Commonwealth Financial Corp.		304,837
	20,103	First Financial Bancorp		433,823
	25,799	First Financial Bankshares, Inc.		1,096,715
	4,256	First Financial Corp.		197,904
	11,452	First Foundation, Inc.		217,130
	5,051	First Guaranty Bancshares, Inc.		112,536
	5,153	First Internet Bancorp		188,961
	10,807	First Interstate BancSystem, Inc., Class A		435,090
	13,897	First Merchants Corp.		553,379
	4,799	First Mid Bancshares, Inc.		169,645
	9,336	First of Long Island Corp. (The)		171,876
	2,916	First Western Financial, Inc.*		77,361
	5,636	FirstCash Holdings, Inc.		439,383
	19,482	Flagstar Bancorp, Inc.		750,641
	13,265	Flushing Financial Corp.		273,922
	4,709	Focus Financial Partners, Inc., Class A*		184,357
	32,256	Fulton Financial Corp.		523,515
	4,777	FVCBankcorp, Inc.*		92,005
	100,882	Genworth Financial, Inc., Class A*		425,722
	10,408	German American Bancorp, Inc.		390,924
	19,026	Glacier Bancorp, Inc.		964,238
	14,078	Granite Point Mortgage Trust, Inc. REIT		132,615
	6,597	Great Southern Bancorp, Inc.		387,772
	4,507	Green Dot Corp., Class A*		91,447
	3,349	Greene County Bancorp, Inc.		178,167
	8,583	Hamilton Lane, Inc., Class A		597,205
	12,474	Hancock Whitney Corp.		601,621
	12,103	Hanmi Financial Corp.		299,186
	4,998	Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT		197,521
	15,359	HarborOne Bancorp, Inc.		209,497
	8,492	Heartland Financial USA, Inc.		379,338
	18,752	Heritage Commerce Corp.		211,710
	6,479	Heritage Financial Corp.		168,389
	21,251	Hilltop Holdings, Inc.		561,026
	1,269	Hingham Institution For Savings (The)		376,766
	3,886	Home Bancorp, Inc.		151,709
	29,733	Home BancShares, Inc.		699,617
	9,528	HomeStreet, Inc.		331,670
	6,123	HomeTrust Bancshares, Inc.		142,176
	27,761	Hope Bancorp, Inc.		401,702


Common Stocks – (continued)
Financials – (continued)
	11,554	Horace Mann Educators Corp.		413,287
	13,328	Horizon Bancorp, Inc.		252,166
	10,481	Houlihan Lokey, Inc.		822,758
	13,705	Independent Bank Corp. of Michigan		281,227
	7,402	Independent Bank Corp.		579,058
	6,595	Independent Bank Group, Inc.		444,239
	10,941	International Bancshares Corp.		456,568
	1,231	Investors Title Co.		181,388
	13,344	Jackson Financial, Inc., Class A		417,133
	11,763	Kearny Financial Corp.		133,628
	4,488	Kinsale Capital Group, Inc.		1,138,067
	10,972	KKR Real Estate Finance Trust, Inc. REIT		211,321
	10,617	Ladder Capital Corp. REIT		117,424
	12,378	Lakeland Bancorp, Inc.		201,638
	9,201	Lakeland Financial Corp.		693,203
	7,268	LendingClub Corp.*		94,993
	7,876	Live Oak Bancshares, Inc.		285,426
	20,920	Macatawa Bank Corp.		199,158
	33,800	MBIA, Inc.*		398,502
	7,370	Mercantile Bank Corp.		243,800
	2,338	Mercury General Corp.		74,582
	1,896	Metropolitan Bank Holding Corp.*		135,735
	25,830	MFA Financial, Inc. REIT		282,322
	5,733	Midland States Bancorp, Inc.		143,841
	4,724	MidWestOne Financial Group, Inc.		144,082
	13,610	Moelis & Co., Class A		566,993
	33,924	Mr Cooper Group, Inc.*		1,434,985
	5,716	National Bank Holdings Corp., Class A		229,383
	836	National Western Life Group, Inc., Class A		159,099
	47,527	Navient Corp.		731,441
	8,976	NBT Bancorp, Inc.		348,089
	5,338	Nelnet, Inc., Class A		449,673
	76,824	New York Mortgage Trust, Inc. REIT		215,107
	7,764	Nexpoint Real Estate Finance, Inc. REIT		159,317
	4,617	Nicolet Bankshares, Inc.*		353,570
	17,798	NMI Holdings, Inc., Class A*		365,393
	6,661	Northeast Bank		258,247
	17,382	Northwest Bancshares, Inc.		244,565
	8,552	OceanFirst Financial Corp.		166,251
	15,539	OFG Bancorp (Puerto Rico)		422,661
	43,849	Old National Bancorp		731,840
	16,505	Old Second Bancorp, Inc.		226,449
	19,253	Open Lending Corp., Class A*		186,947
	9,676	Oportun Financial Corp.*		49,444
	7,505	Oppenheimer Holdings, Inc., Class A		272,431
	3,326	Origin Bancorp, Inc.		135,867
	11,323	Pacific Premier Bancorp, Inc.		370,941
	4,384	Park National Corp.		577,943
	10,008	Parke Bancorp, Inc.		221,977
	11,528	Pathward Financial, Inc.		379,963
	11,340	PCB Bancorp		212,965
	6,149	PCSB Financial Corp.		113,818
	7,735	Peapack-Gladstone Financial Corp.		260,437
	17,492	PennyMac Financial Services, Inc.		929,175


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

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

Schedule of Investments (continued)

August 31, 2022


Shares		Description	Value

Common Stocks – (continued)
Financials – (continued)
	11,847	PennyMac Mortgage Investment Trust REIT	$	175,928
	14,330	Peoples Bancorp, Inc.		428,324
	4,040	Peoples Financial Services Corp.		196,667
	3,787	Piper Sandler Cos.		433,877
	6,897	PJT Partners, Inc., Class A		477,410
	9,366	PRA Group, Inc.*		345,980
	8,223	Preferred Bank		557,848
	7,835	Premier Financial Corp.		211,702
	9,487	Primis Financial Corp.		124,375
	9,807	ProAssurance Corp.		209,772
	13,978	PROG Holdings, Inc.*		259,152
	15,915	Provident Financial Services, Inc.		369,705
	16,536	Pzena Investment Management, Inc., Class A		157,423
	6,585	QCR Holdings, Inc.		367,772
	42,106	Radian Group, Inc.		888,858
	14,438	Ready Capital Corp. REIT		189,138
	37,745	Redwood Trust, Inc. REIT		292,524
	6,710	Regional Management Corp.		226,060
	8,868	Renasant Corp.		295,659
	6,070	Republic Bancorp, Inc., Class A		257,975
	6,545	RLI Corp.		718,379
	8,320	S&T Bancorp, Inc.		246,605
	5,007	Safety Insurance Group, Inc.		450,880
	11,431	Sandy Spring Bancorp, Inc.		440,322
	8,727	Seacoast Banking Corp. of Florida		282,057
	12,974	Selective Insurance Group, Inc.		1,030,395
	14,454	ServisFirst Bancshares, Inc.		1,219,339
	7,158	Shore Bancshares, Inc.		136,360
	7,195	Sierra Bancorp		149,080
	1,881	Silvergate Capital Corp., Class A*		171,397
	16,674	Simmons First National Corp., Class A		393,340
	25,081	SiriusPoint Ltd. (Bermuda)*		112,112
	374	SmartFinancial, Inc.		9,384
	6,170	Southern First Bancshares, Inc.*		265,989
	6,619	Southern Missouri Bancorp, Inc.		349,020
	6,627	Southside Bancshares, Inc.		249,705
	10,047	SouthState Corp.		784,068
	10,153	StepStone Group, Inc., Class A		277,075
	10,423	Stewart Information Services Corp.		527,821
	7,195	Stock Yards Bancorp, Inc.		476,741
	6,360	StoneX Group, Inc.*		590,462
	109	Summit Financial Group, Inc.		3,109
	6,697	Texas Capital Bancshares, Inc.*		395,324
	3,736	Tompkins Financial Corp.		267,647
	13,870	Towne Bank		395,156
	14,269	TPG RE Finance Trust, Inc. REIT		132,131
	9,091	TriCo Bancshares		429,004
	6,877	Triumph Bancorp, Inc.*		425,755
	5,798	TrustCo Bank Corp.		193,305
	12,818	Trustmark Corp.		404,280
	53,145	Two Harbors Investment Corp. REIT		257,753
	8,731	UMB Financial Corp.		781,163
	17,858	United Bankshares, Inc.		662,532
	18,117	United Community Banks, Inc.		607,463


Common Stocks – (continued)
Financials – (continued)
	3,255	United Fire Group, Inc.		95,795
	6,967	Unity Bancorp, Inc.		195,285
	12,898	Universal Insurance Holdings, Inc.		154,002
	6,881	Univest Financial Corp.		170,649
	69,994	Valley National Bancorp		813,330
	10,138	Veritex Holdings, Inc.		305,255
	2,470	Virtus Investment Partners, Inc.		472,388
	9,954	Walker & Dunlop, Inc.		999,979
	14,850	Washington Federal, Inc.		475,349
	6,799	Washington Trust Bancorp, Inc.		344,233
	16,763	Waterstone Financial, Inc.		289,832
	11,652	WesBanco, Inc.		398,615
	12,988	West BanCorp, Inc.		319,635
	5,226	Westamerica BanCorp		292,395
	2,402	World Acceptance Corp.*		279,208
	15,056	WSFS Financial Corp.		727,958

				92,707,823

Health Care – 12.8%
	23,395	AbCellera Biologics, Inc. (Canada) *		249,859
	31,859	ACADIA Pharmaceuticals, Inc.*		523,443
	15,262	AdaptHealth Corp.*		274,258
	3,633	Addus HomeCare Corp.*		324,136
	44,372	Aerie Pharmaceuticals, Inc.*		670,017
	31,031	Alector, Inc.*		321,171
	51,558	Alkermes PLC*		1,220,378
	38,038	Allscripts Healthcare Solutions, Inc.*		646,646
	11,230	Amicus Therapeutics, Inc.*		126,113
	13,352	AMN Healthcare Services, Inc.*		1,370,449
	92,084	Amneal Pharmaceuticals, Inc.*		199,822
	23,945	Amphastar Pharmaceuticals, Inc.*		708,772
	15,685	AngioDynamics, Inc.*		347,266
	3,536	ANI Pharmaceuticals, Inc.*		130,443
	12,543	Anika Therapeutics, Inc.*		283,472
	3,745	Apellis Pharmaceuticals, Inc.*		226,610
	3,307	Apollo Medical Holdings, Inc.*		142,631
	16,500	Arcus Biosciences, Inc.*		397,320
	6,144	Arrowhead Pharmaceuticals, Inc.*		243,978
	7,916	Arvinas, Inc.*		335,163
	25,939	Atea Pharmaceuticals, Inc.*		194,543
	7,225	AtriCure, Inc.*		329,605
	233	Atrion Corp.		140,720
	10,857	Avanos Medical, Inc.*		267,408
	3,205	Axonics, Inc.*		231,561
	2,794	Beam Therapeutics, Inc.*		152,552
	19,620	BioCryst Pharmaceuticals, Inc.*		272,718
	9,586	Biohaven Pharmaceutical Holding Co. Ltd.*		1,431,669
	5,067	Blueprint Medicines Corp.*		371,006
	16,155	Cardiovascular Systems, Inc.*		213,408
	11,754	CareDx, Inc.*		230,261
	94,879	Catalyst Pharmaceuticals, Inc.*		1,284,662
	4,163	Celldex Therapeutics, Inc.*		126,555
	3,705	Cerevel Therapeutics Holdings, Inc.*		107,816
	24,916	Cerus Corp.*		102,405


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

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


Shares		Description	Value

Common Stocks – (continued)
Health Care – (continued)
	3,472	ChemoCentryx, Inc.*	$	177,003
	30,145	Coherus Biosciences, Inc.*		337,021
	33,641	Collegium Pharmaceutical, Inc.*		591,409
	13,800	Computer Programs and Systems, Inc.*		421,038
	4,999	CONMED Corp.		442,761
	63,076	Corcept Therapeutics, Inc.*		1,628,622
	3,644	CorVel Corp.*		566,205
	17,083	Covetrus, Inc.*		356,522
	28,297	Cross Country Healthcare, Inc.*		718,178
	14,450	CTI BioPharma Corp.*		90,746
	19,041	Cue Health, Inc.*		63,407
	14,760	Cutera, Inc.*		704,790
	6,560	Cytokinetics, Inc.*		347,418
	33,695	Dynavax Technologies Corp.*		386,482
	10,277	Eagle Pharmaceuticals, Inc.*		336,777
	7,009	Embecta Corp.		223,727
	20,474	Emergent BioSolutions, Inc.*		491,785
	3,683	Enanta Pharmaceuticals, Inc.*		224,221
	9,871	Ensign Group, Inc. (The)		841,996
	11,851	Evolent Health, Inc., Class A*		435,524
	7,663	Evolus, Inc.*		73,641
	35,948	Figs, Inc., Class A*		415,559
	10,404	Fulgent Genetics, Inc.*		452,262
	3,320	Global Blood Therapeutics, Inc.*		225,428
	4,249	Haemonetics Corp.*		318,802
	20,045	Halozyme Therapeutics, Inc.*		816,433
	15,005	Hanger, Inc.*		279,543
	16,562	Harmony Biosciences Holdings, Inc.*		727,237
	8,200	HealthEquity, Inc.*		541,856
	9,514	HealthStream, Inc.*		210,545
	7,537	Inari Medical, Inc.*		522,691
	2,751	Innovage Holding Corp.*		10,096
	43,432	Innoviva, Inc.*		571,565
	4,191	Inogen, Inc.*		119,988
	17,244	Inotiv, Inc.*		337,465
	7,145	Insmed, Inc.*		175,910
	4,605	Inspire Medical Systems, Inc.*		881,811
	6,830	Integer Holdings Corp.*		430,768
	3,993	Intellia Therapeutics, Inc.*		239,820
	5,872	Intra-Cellular Therapies, Inc.*		295,127
	2,855	iRadimed Corp.		95,785
	6,554	iRhythm Technologies, Inc.*		966,387
	63,176	Ironwood Pharmaceuticals, Inc.*		679,774
	23,300	iTeos Therapeutics, Inc.*		516,794
	12,498	IVERIC bio, Inc.*		122,980
	10,858	Joint Corp. (The)*		198,050
	1,231	Karuna Therapeutics, Inc.*		313,979
	71,187	Karyopharm Therapeutics, Inc.*		360,206
	10,700	Lantheus Holdings, Inc.*		843,160
	9,277	LeMaitre Vascular, Inc.		458,098
	5,645	LHC Group, Inc.*		911,498
	3,688	Ligand Pharmaceuticals, Inc.*		340,734
	6,920	LivaNova PLC*		389,250
	24,874	MannKind Corp.*		90,790
	6,803	Medpace Holdings, Inc.*		1,004,191
	25,717	Meridian Bioscience, Inc.*		838,117


Common Stocks – (continued)
Health Care – (continued)
	7,980	Merit Medical Systems, Inc.*		472,655
	896	Mesa Laboratories, Inc.		153,091
	90,831	MiMedx Group, Inc.*		320,633
	4,018	ModivCare, Inc.*		435,230
	84,693	Multiplan Corp.*		298,119
	37,756	Myriad Genetics, Inc.*		843,469
	5,336	National HealthCare Corp.		370,585
	8,369	National Research Corp.		285,467
	13,745	Neogen Corp.*^(a)		287,271
	12,188	NeoGenomics, Inc.*		122,489
	6,268	Nevro Corp.*		284,066
	37,244	NextGen Healthcare, Inc.*		638,362
	11,881	NuVasive, Inc.*		505,061
	8,340	Omnicell, Inc.*		853,099
	142,351	OPKO Health, Inc.*		310,325
	20,145	Option Care Health, Inc.*		623,689
	69,299	Organogenesis Holdings, Inc.*		248,783
	16,339	Orthofix Medical, Inc.*		325,146
	20,316	Owens & Minor, Inc.		599,525
	10,707	Pacira BioSciences, Inc.*		561,903
	21,413	Patterson Cos., Inc.		597,209
	15,263	Pediatrix Medical Group, Inc.*		271,987
	11,837	PetIQ, Inc.*		110,558
	20,014	Phibro Animal Health Corp., Class A		296,407
	16,848	Prestige Consumer Healthcare, Inc.*		852,172
	5,927	Progyny, Inc.*		238,325
	3,472	Prometheus Biosciences, Inc.*		181,620
	8,497	Prothena Corp. PLC (Ireland) *		234,262
	7,624	PTC Therapeutics, Inc.*		380,743
	14,433	R1 RCM, Inc.*		315,361
	45,824	Radius Health, Inc.*		3,666
	9,669	RadNet, Inc.*		194,250
	16,602	REGENXBIO, Inc.*		489,759
	6,244	SeaSpine Holdings Corp.*		39,962
	15,242	Select Medical Holdings Corp.		390,805
	5,206	Shockwave Medical, Inc.*		1,545,453
	8,511	SI-BONE, Inc.*		140,432
	6,769	Silk Road Medical, Inc.*		269,609
	9,542	STAAR Surgical Co.*		902,578
	34,136	Supernus Pharmaceuticals, Inc.*		1,168,475
	6,605	Surgery Partners, Inc.*		181,836
	6,738	Surmodics, Inc.*		227,003
	8,175	Syndax Pharmaceuticals, Inc.*		193,012
	19,202	Tactile Systems Technology, Inc.*		158,417
	19,139	Travere Therapeutics, Inc.*		512,160
	6,762	UFP Technologies, Inc.*		628,798
	2,691	US Physical Therapy, Inc.		222,304
	53,646	Vanda Pharmaceuticals, Inc.*		567,575
	12,431	Varex Imaging Corp.*		262,170
	4,382	Vaxcyte, Inc.*		114,633
	8,274	Veracyte, Inc.*		168,790
	23,878	Vericel Corp.*		595,756
	33,097	Vir Biotechnology, Inc.*		786,054
	6,160	Xencor, Inc.*		162,562
	9,611	Zimvie, Inc.*		146,279
	22,258	Zynex, Inc.		198,987

				61,649,745


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

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

Schedule of Investments (continued)

August 31, 2022


Shares		Description	Value

Common Stocks – (continued)
Industrials – 16.1%
	6,871	AAON, Inc.	$	394,945
	8,095	AAR Corp.*		347,114
	12,580	ABM Industries, Inc.		583,712
	28,167	ACCO Brands Corp.		167,030
	7,386	Aerojet Rocketdyne Holdings, Inc.*		318,115
	1,587	AeroVironment, Inc.*		140,688
	7,609	Air Transport Services Group, Inc.*		229,259
	3,160	Alamo Group, Inc.		413,202
	4,331	Albany International Corp., Class A		381,951
	27,169	Alight, Inc., Class A*		214,092
	1,795	Allegiant Travel Co.*		173,218
	10,856	Allied Motion Technologies, Inc.		380,177
	12,043	Altra Industrial Motion Corp.		457,032
	4,802	Ameresco, Inc., Class A*		330,618
	3,388	American Woodmark Corp.*		175,600
	26,344	API Group Corp.*		409,649
	10,461	Apogee Enterprises, Inc.		427,227
	13,666	Applied Industrial Technologies, Inc.		1,448,869
	8,705	ArcBest Corp.		701,014
	8,784	Arcosa, Inc.		513,425
	3,369	Argan, Inc.		116,534
	6,959	Array Technologies, Inc.*		145,443
	12,360	ASGN, Inc.*		1,195,212
	7,268	Astec Industries, Inc.		277,492
	15,164	Atkore, Inc.*		1,279,993
	6,586	Atlas Air Worldwide Holdings, Inc.*		658,073
	5,029	Atlas Technical Consultants, Inc.*		42,847
	5,151	AZZ, Inc.		219,484
	22,683	Babcock & Wilcox Enterprises, Inc.*		181,010
	7,381	Barnes Group, Inc.		229,180
	2,619	Barrett Business Services, Inc.		211,196
	12,321	Beacon Roofing Supply, Inc.*		676,546
	5,208	Bloom Energy Corp., Class A*		132,335
	8,379	Blue Bird Corp.*		99,459
	8,783	BlueLinx Holdings, Inc.*		615,688
	18,758	Boise Cascade Co.		1,169,186
	14,299	Brady Corp., Class A		665,475
	9,355	BrightView Holdings, Inc.*		94,673
	5,140	Brink’s Co. (The)		284,139
	12,720	Caesarstone Ltd.		129,617
	5,395	Casella Waste Systems, Inc., Class A*		442,012
	14,489	CBIZ, Inc.*		632,590
	3,970	Chart Industries, Inc.*		769,624
	8,062	Cimpress PLC (Ireland)*		270,722
	5,658	CIRCOR International, Inc.*		92,225
	8,408	Columbus McKinnon Corp.		257,537
	11,880	Comfort Systems USA, Inc.		1,192,039
	34,951	CoreCivic, Inc.*		333,083
	19,262	Costamare, Inc. (Monaco)		217,275
	4,026	Covenant Logistics Group, Inc.		113,211
	4,647	CRA International, Inc.		424,782
	4,388	CSW Industrials, Inc.		555,521
	13,665	Daseke, Inc.*		82,810
	16,752	Deluxe Corp.		322,309
	4,557	Distribution Solutions Group, Inc.*		181,095
	3,402	Douglas Dynamics, Inc.		98,998


Common Stocks – (continued)
Industrials – (continued)
	2,605	Ducommun, Inc.*		114,620
	15,076	DXP Enterprises, Inc.*		400,720
	4,085	Dycom Industries, Inc.*		458,010
	5,281	Eagle Bulk Shipping, Inc.		229,407
	12,654	EMCOR Group, Inc.		1,504,814
	7,653	Encore Wire Corp.		995,655
	22,935	Energy Recovery, Inc.*		526,129
	8,183	Enerpac Tool Group Corp.		158,750
	4,025	EnerSys		251,039
	7,442	Ennis, Inc.		157,994
	4,492	EnPro Industries, Inc.		406,796
	3,505	ESCO Technologies, Inc.		285,412
	15,883	Evoqua Water Technologies Corp.*		557,176
	4,545	Exponent, Inc.		426,594
	8,853	Federal Signal Corp.		352,969
	10,525	First Advantage Corp.*		145,666
	16,470	Fluor Corp.*		435,467
	6,193	Forrester Research, Inc.*		257,567
	10,543	Forward Air Corp.		1,023,093
	12,209	Franklin Covey Co.*		580,782
	11,945	Franklin Electric Co., Inc.		1,037,423
	3,569	GATX Corp.		344,801
	12,735	Genco Shipping & Trading Ltd.		174,597
	70,215	GEO Group, Inc. (The)*		574,359
	5,857	Gibraltar Industries, Inc.*		245,115
	12,464	Global Industrial Co.		374,917
	23,803	GMS, Inc.*		1,147,305
	6,969	Golden Ocean Group Ltd. (Norway) ^(a)		66,833
	3,979	Gorman-Rupp Co. (The)		105,085
	62,993	GrafTech International Ltd.		370,399
	7,828	Granite Construction, Inc.		234,683
	16,959	Great Lakes Dredge & Dock Corp.*		162,298
	5,830	Greenbrier Cos., Inc. (The)		166,213
	9,098	Griffon Corp.		285,222
	7,130	H&E Equipment Services, Inc.		225,736
	8,778	Hawaiian Holdings, Inc.*		131,582
	12,135	Healthcare Services Group, Inc.		170,739
	7,530	Heartland Express, Inc.		114,080
	5,416	Heidrick & Struggles International, Inc.		154,139
	3,442	Helios Technologies, Inc.		188,002
	3,629	Herc Holdings, Inc.		408,371
	6,913	Heritage-Crystal Clean, Inc.*		225,156
	14,362	Hillenbrand, Inc.		598,465
	17,372	HNI Corp.		555,904
	12,224	Hub Group, Inc., Class A*		975,597
	32,865	Hudson Technologies, Inc.*		272,780
	6,026	Huron Consulting Group, Inc.*		403,139
	6,549	ICF International, Inc.		665,116
	8,397	IES Holdings, Inc.*		255,185
	9,095	Insperity, Inc.		991,537
	7,022	Insteel Industries, Inc.		202,936
	23,575	Interface, Inc.		263,333
	11,827	JELD-WEN Holding, Inc.*		131,871
	35,498	Joby Aviation, Inc.*^(a)		188,139
	6,139	John Bean Technologies Corp.		633,913
	4,443	Kadant, Inc.		797,208


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

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


Shares		Description	Value

Common Stocks – (continued)
Industrials – (continued)
	5,381	Kaman Corp.	$	170,685
	15,412	KAR Auction Services, Inc.*		225,015
	16,906	Kelly Services, Inc., Class A		272,356
	10,521	Kennametal, Inc.		246,612
	17,006	Kforce, Inc.		930,568
	32,487	Kimball International, Inc., Class B		248,526
	10,596	Korn Ferry		645,508
	6,925	Kratos Defense & Security Solutions, Inc.*		86,840
	24,842	Legalzoom.com, Inc.*		255,873
	17,096	Li-Cycle Holdings Corp. (Canada) *		123,262
	30,129	Lightning eMotors, Inc.*^(a)		85,566
	2,068	Lindsay Corp.		331,625
	11,847	Manitowoc Co., Inc. (The)*		113,139
	5,590	ManTech International Corp., Class A		536,137
	7,827	Marten Transport Ltd.		155,053
	4,950	Masonite International Corp.*		405,009
	12,180	Matson, Inc.		897,179
	7,167	Matthews International Corp., Class A		179,247
	5,848	Maxar Technologies, Inc.		139,358
	2,593	McGrath RentCorp		219,160
	3,781	Miller Industries, Inc.		88,891
	13,414	MillerKnoll, Inc.		371,300
	5,216	Moog, Inc., Class A		391,096
	28,494	MRC Global, Inc.*		277,247
	16,946	Mueller Industries, Inc.		1,070,479
	21,526	Mueller Water Products, Inc., Class A		242,813
	5,718	MYR Group, Inc.*		531,431
	1,420	National Presto Industries, Inc.		96,872
	5,576	Northwest Pipe Co.*		176,536
	66,785	NOW, Inc.*		809,434
	7,041	NV5 Global, Inc.*		991,091
	2,991	Omega Flex, Inc.		302,151
	3,841	PAM Transportation Services, Inc.*		114,116
	10,949	Parsons Corp.*		453,070
	21,218	PGT Innovations, Inc.*		443,881
	26,648	Pitney Bowes, Inc.		77,013
	5,495	Powell Industries, Inc.		135,507
	2,470	Preformed Line Products Co.		192,166
	12,537	Primoris Services Corp.		254,125
	4,933	Proto Labs, Inc.*		189,427
	15,366	Quanex Building Products Corp.		342,662
	37,523	Radiant Logistics, Inc.*		262,661
	2,384	RBC Bearings, Inc.*		573,781
	3,998	Red Violet, Inc.*		75,922
	24,381	Resideo Technologies, Inc.*		507,612
	29,834	Resources Connection, Inc.		582,956
	16,066	REV Group, Inc.		185,080
	13,953	Rush Enterprises, Inc., Class A		656,628
	6,421	Rush Enterprises, Inc., Class B		325,159
	46,430	Safe Bulkers, Inc. (Greece)		148,112
	3,729	Saia, Inc.*		771,269
	13,766	Shyft Group, Inc. (The)		329,696
	11,438	Simpson Manufacturing Co., Inc.		1,059,616
	19,003	Skillsoft Corp.*		61,190
	7,119	SkyWest, Inc.*		151,564


Common Stocks – (continued)
Industrials – (continued)
	7,567	SP Plus Corp.*		250,770
	8,248	SPX Technologies, Inc.*		470,631
	2,420	Standex International Corp.		218,792
	33,487	Steelcase, Inc., Class A		374,385
	8,185	Sterling Infrastructure, Inc.*		206,999
	7,928	Tennant Co.		478,455
	12,464	Terex Corp.		414,054
	9,610	Textainer Group Holdings Ltd. (China)		291,952
	5,049	Titan International, Inc.*		70,838
	14,659	Titan Machinery, Inc.*		451,204
	6,922	Transcat, Inc.*		512,851
	6,392	TriNet Group, Inc.*		526,701
	6,201	Trinity Industries, Inc.		151,180
	8,434	Triton International Ltd. (Bermuda)		502,582
	25,713	TrueBlue, Inc.*		528,145
	17,300	Tutor Perini Corp.*		117,294
	16,044	UFP Industries, Inc.		1,273,733
	2,891	UniFirst Corp.		521,132
	18,041	Upwork, Inc.*		313,913
	6,940	V2X, Inc.*		240,540
	10,841	Veritiv Corp.*		1,292,139
	7,314	Vicor Corp.*		520,318
	47,865	View, Inc.*		85,200
	12,376	Wabash National Corp.		203,585
	7,773	Watts Water Technologies, Inc., Class A		1,076,716
	9,389	Werner Enterprises, Inc.		373,588
	8,350	Willdan Group, Inc.*		190,046
	26,519	Zurn Elkay Water Solutions Corp.		731,394

				77,625,599

Information Technology – 12.7%
	9,905	3D Systems Corp.*		100,338
	33,030	8x8, Inc.*		172,086
	53,491	A10 Networks, Inc.		743,525
	19,512	ACI Worldwide, Inc.*		462,434
	18,085	ADTRAN Holdings, Inc.		420,295
	7,022	Advanced Energy Industries, Inc.		630,505
	10,940	Agilysys, Inc.*		566,364
	10,115	Alarm.com Holdings, Inc.*		673,659
	10,426	Alpha & Omega Semiconductor Ltd.*		403,069
	9,989	Altair Engineering, Inc., Class A*		519,528
	5,421	Ambarella, Inc.*		367,977
	12,201	American Software, Inc., Class A		206,563
	39,788	Amkor Technology, Inc.		800,932
	5,242	Appfolio, Inc., Class A*		531,434
	8,732	Appian Corp.*		409,531
	14,428	Arlo Technologies, Inc.*		87,867
	10,160	Asana, Inc., Class A*		194,564
	22,709	Avaya Holdings Corp.*^(a)		36,107
	26,296	Avid Technology, Inc.*		719,196
	11,759	Axcelis Technologies, Inc.*		787,147
	8,101	Badger Meter, Inc.		767,084
	7,038	Belden, Inc.		460,848
	11,214	Benchmark Electronics, Inc.		307,824
	20,779	Benefitfocus, Inc.*		153,972


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

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

Schedule of Investments (continued)

August 31, 2022


Shares		Description	Value

Common Stocks – (continued)
Information Technology – (continued)
	7,993	Blackbaud, Inc.*	$	418,034
	4,837	Blackline, Inc.*		328,626
	32,155	Box, Inc., Class A*		827,991
	38,229	Brightcove, Inc.*		253,841
	17,311	Calix, Inc.*		1,018,752
	8,650	Cambium Networks Corp.*		168,329
	35,027	Casa Systems, Inc.*		135,905
	4,826	Cass Information Systems, Inc.		177,018
	8,584	Cerence, Inc.*		171,766
	5,748	CEVA, Inc.*		168,244
	29,743	ChannelAdvisor Corp.*		448,822
	11,160	Clearfield, Inc.*		1,295,788
	13,463	Cohu, Inc.*		361,212
	12,665	CommScope Holding Co., Inc.*		143,115
	13,187	CommVault Systems, Inc.*		715,922
	9,491	Comtech Telecommunications Corp.		107,153
	87,277	Conduent, Inc.*		356,963
	3,175	Consensus Cloud Solutions, Inc.*		159,861
	57,007	Core Scientific, Inc.*^(a)		125,415
	6,872	Corsair Gaming, Inc.*		105,760
	7,939	Couchbase, Inc.*		131,708
	12,223	CSG Systems International, Inc.		707,101
	6,695	CTS Corp.		283,332
	24,732	Cvent Holding Corp.*		125,144
	4,796	CyberOptics Corp.*		255,339
	14,976	Digi International, Inc.*		495,855
	10,146	Digital Turbine, Inc.*		187,397
	2,629	DigitalOcean Holdings, Inc.*^(a)		110,655
	13,564	Diodes, Inc.*		965,350
	10,671	Domo, Inc., Class B*		205,523
	14,511	Ebix, Inc.		377,576
	50,963	Edgio, Inc.*		187,544
	19,288	eGain Corp.*		177,642
	6,159	Envestnet, Inc.*		322,547
	8,587	ePlus, Inc.*		404,619
	13,532	EVERTEC, Inc. (Puerto Rico)		454,675
	6,101	Evo Payments, Inc., Class A*		203,285
	6,803	ExlService Holdings, Inc.*		1,140,931
	75,233	Extreme Networks, Inc.*		1,078,089
	7,412	Fabrinet (Thailand)*		762,250
	5,634	FARO Technologies, Inc.*		189,021
	19,605	FormFactor, Inc.*		574,034
	11,356	Grid Dynamics Holdings, Inc.*		229,505
	22,118	Hackett Group, Inc. (The)		454,083
	25,470	Harmonic, Inc.*		286,792
	6,712	I3 Verticals, Inc., Class A*		156,792
	14,253	Identiv, Inc.*		212,655
	9,587	Impinj, Inc.*		855,927
	18,534	Infinera Corp.*		101,566
	35,192	Information Services Group, Inc.		203,058
	60,591	Inseego Corp.*		163,596
	8,459	Insight Enterprises, Inc.*		770,784
	5,377	InterDigital, Inc.		269,710
	12,408	International Money Express, Inc.*		277,939
	4,872	Itron, Inc.*		231,810
	10,137	Kimball Electronics, Inc.*		218,351


Common Stocks – (continued)
Information Technology – (continued)
	20,065	Knowles Corp.*		303,985
	16,368	Kulicke & Soffa Industries, Inc. (Singapore)		688,111
	7,199	LiveRamp Holdings, Inc.*		142,900
	6,404	MACOM Technology Solutions Holdings, Inc.*		353,181
	9,482	Marqeta, Inc., Class A*		73,865
	13,072	Maximus, Inc.		792,032
	17,126	MaxLinear, Inc.*		615,337
	9,890	Methode Electronics, Inc.		400,149
	761	MicroStrategy, Inc., Class A*		176,217
	20,913	Mitek Systems, Inc.*		213,731
	11,344	Model N, Inc.*		339,186
	18,664	Momentive Global, Inc.*		132,328
	20,030	MoneyGram International, Inc.*		206,309
	24,013	Napco Security Technologies, Inc.*		712,226
	9,804	NETGEAR, Inc.*		231,276
	18,175	NetScout Systems, Inc.*		576,875
	5,903	Novanta, Inc.*		789,172
	14,888	OneSpan, Inc.*		171,361
	12,804	Onto Innovation, Inc.*		908,956
	3,912	OSI Systems, Inc.*		325,948
	109,686	Paysafe Ltd.*		180,982
	10,856	PC Connection, Inc.		539,326
	4,515	PDF Solutions, Inc.*		119,106
	9,631	Perficient, Inc.*		752,181
	27,203	Photronics, Inc.*		457,010
	7,897	Ping Identity Holding Corp.*		222,222
	6,329	Plexus Corp.*		593,217
	11,035	Power Integrations, Inc.		789,334
	12,701	Progress Software Corp.		611,299
	5,637	PROS Holdings, Inc.*		117,531
	6,981	Qualys, Inc.*		1,060,414
	40,002	Rackspace Technology, Inc.*		178,409
	24,546	Rambus, Inc.*		633,041
	8,277	Rapid7, Inc.*		475,928
	9,975	Remitly Global, Inc.*		109,725
	17,660	Repay Holdings Corp.*		164,061
	44,944	Ribbon Communications, Inc.*		157,753
	15,691	Rimini Street, Inc.*		79,083
	1,742	Rogers Corp.*		436,406
	14,831	Sanmina Corp.*		719,600
	9,321	Sapiens International Corp. NV (Israel)		206,181
	8,993	ScanSource, Inc.*		260,527
	8,944	SecureWorks Corp., Class A*		93,018
	11,776	Semtech Corp.*		543,933
	5,328	ShotSpotter, Inc.*		173,853
	4,386	Silicon Laboratories, Inc.*		549,697
	2,015	SiTime Corp.*		214,416
	24,894	SMART Global Holdings, Inc.*		456,805
	6,627	Sprout Social, Inc., Class A*		397,885
	8,150	SPS Commerce, Inc.*		995,278
	10,495	Squarespace, Inc., Class A*		220,395
	40,924	StoneCo Ltd., Class A (Brazil) *		387,960
	6,071	Super Micro Computer, Inc.*		395,101
	8,993	Synaptics, Inc.*		1,039,681


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

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


Shares		Description	Value

Common Stocks – (continued)
Information Technology – (continued)
	13,249	Tenable Holdings, Inc.*	$	524,793
	5,068	TTEC Holdings, Inc.		265,310
	30,878	TTM Technologies, Inc.*		485,711
	12,690	Turtle Beach Corp.*		119,159
	12,325	Ultra Clean Holdings, Inc.*		360,753
	21,605	Unisys Corp.*		201,143
	15,079	Upland Software, Inc.*		157,877
	18,062	Varonis Systems, Inc.*		493,996
	10,677	Veeco Instruments, Inc.*		225,712
	13,245	Verint Systems, Inc.*		642,250
	14,395	Veritone, Inc.*^(a)		105,803
	18,053	Verra Mobility Corp.*		287,765
	39,289	Viavi Solutions, Inc.*		553,189
	25,613	Vishay Intertechnology, Inc.		503,808
	8,086	Vishay Precision Group, Inc.*		277,431
	7,875	Workiva, Inc.*		534,634
	21,786	Xerox Holdings Corp.		362,083
	34,262	Xperi Holding Corp.		545,108
	37,152	Yext, Inc.*		165,326
	30,835	Zeta Global Holdings Corp., Class A*		215,845
	24,386	Zuora, Inc., Class A*		187,284

				61,483,034

Materials – 4.1%
	9,275	AdvanSix, Inc.		336,311
	5,548	Alpha Metallurgical Resources, Inc.		871,868
	17,123	American Vanguard Corp.		341,261
	5,932	Arconic Corp.*		149,546
	7,861	ATI, Inc.*		235,280
	17,351	Avient Corp.		760,494
	4,438	Balchem Corp.		585,017
	9,094	Cabot Corp.		654,495
	8,753	Carpenter Technology Corp.		297,339
	5,241	Chase Corp.		462,047
	4,938	Clearwater Paper Corp.*		210,062
	27,959	Commercial Metals Co.		1,132,619
	3,049	Compass Minerals International, Inc.		123,454
	18,501	Constellium SE*		246,433
	16,708	GCP Applied Technologies, Inc.*		524,965
	5,732	Greif, Inc., Class A		384,331
	2,944	Hawkins, Inc.		112,814
	8,905	HB Fuller Co.		577,578
	39,385	Hecla Mining Co.		155,177
	7,386	Ingevity Corp.*		518,054
	7,217	Innospec, Inc.		674,501
	3,961	Intrepid Potash, Inc.*		185,098
	2,785	Kaiser Aluminum Corp.		199,852
	5,125	Koppers Holdings, Inc.		117,004
	6,801	Kronos Worldwide, Inc.		87,597
	11,772	Livent Corp.*		378,823
	5,416	LSB Industries, Inc.*		85,464
	4,285	Materion Corp.		369,838
	6,618	Mativ Holdings, Inc.		156,317
	6,352	Minerals Technologies, Inc.		370,068
	32,930	Myers Industries, Inc.		636,208
	21,341	Novagold Resources, Inc. (Canada)*		94,541


Common Stocks – (continued)
Materials – (continued)
	26,682	O-I Glass, Inc.*		347,133
	9,171	Olympic Steel, Inc.		241,381
	24,654	Orion Engineered Carbons SA (Germany)		415,666
	9,805	Pactiv Evergreen, Inc.		108,835
	11,312	Perimeter Solutions SA*		110,292
	1,832	Piedmont Lithium, Inc.*		112,027
	1,200	Quaker Chemical Corp.		209,184
	22,204	Ramaco Resources, Inc.		234,030
	38,147	Rayonier Advanced Materials, Inc.*		172,424
	16,077	Resolute Forest Products, Inc.*		325,720
	16,083	Ryerson Holding Corp.		458,365
	14,693	Schnitzer Steel Industries, Inc., Class A		485,457
	8,284	Sensient Technologies Corp.		659,986
	3,946	Stepan Co.		411,292
	15,521	Summit Materials, Inc., Class A*		441,107
	32,982	SunCoke Energy, Inc.		217,351
	4,552	Sylvamo Corp.		202,291
	20,699	TimkenSteel Corp.*		317,523
	11,748	Tredegar Corp.		119,947
	9,803	TriMas Corp.		269,779
	6,794	Trinseo PLC		180,245
	23,228	Tronox Holdings PLC, Class A		339,826
	2,015	United States Lime & Minerals, Inc.		207,122
	18,085	Warrior Met Coal, Inc.		588,667
	7,068	Worthington Industries, Inc.		360,397

				19,570,503

Real Estate – 6.5%
	12,820	Acadia Realty Trust REIT		204,223
	8,068	Agree Realty Corp. REIT		607,682
	25,186	Alexander & Baldwin, Inc. REIT		471,734
	552	Alexander’s, Inc. REIT		130,769
	8,468	American Assets Trust, Inc. REIT		235,072
	70,346	Anywhere Real Estate, Inc.*		687,280
	55,432	Apartment Investment and Management Co., Class A REIT*		490,019
	37,393	Apple Hospitality REIT, Inc. REIT		594,923
	11,190	Armada Hoffler Properties, Inc. REIT		146,925
	3,406	Bluerock Residential Growth REIT, Inc. REIT		90,770
	27,719	Braemar Hotels & Resorts, Inc. REIT		142,753
	28,505	Brandywine Realty Trust REIT		228,895
	22,438	Broadstone Net Lease, Inc. REIT		429,463
	9,205	BRT Apartments Corp. REIT		219,723
	17,253	CareTrust REIT, Inc. REIT		371,630
	6,508	CBL & Associates Properties, Inc. REIT		188,341
	2,688	Centerspace REIT		202,621
	16,947	Chatham Lodging Trust REIT*		206,075
	15,191	City Office REIT, Inc. REIT		175,456
	6,222	Community Healthcare Trust, Inc. REIT		229,530
	233,260	Compass, Inc., Class A*		667,124
	18,005	Corporate Office Properties Trust REIT		465,249
	11,521	CTO Realty Growth, Inc. REIT		243,208
	64,460	Cushman & Wakefield PLC*		964,322
	21,983	DiamondRock Hospitality Co. REIT*		191,912


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

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

Schedule of Investments (continued)

August 31, 2022


Shares		Description	Value

Common Stocks – (continued)
Real Estate – (continued)
	13,737	DigitalBridge Group, Inc.*	$	244,519
	93,499	Diversified Healthcare Trust REIT		136,508
	42,128	Douglas Elliman, Inc.		194,210
	14,602	Easterly Government Properties, Inc. REIT		262,106
	40,790	Empire State Realty Trust, Inc., Class A REIT		284,306
	10,691	Equity Commonwealth REIT*		281,280
	11,910	Essential Properties Realty Trust, Inc. REIT		269,642
	67,937	eXp World Holdings, Inc.		878,425
	11,613	Farmland Partners, Inc. REIT		168,505
	11,492	Forestar Group, Inc.*		142,960
	15,846	Four Corners Property Trust, Inc. REIT		426,099
	33,134	Franklin Street Properties Corp. REIT		93,107
	3,882	FRP Holdings, Inc.*		223,293
	8,811	Getty Realty Corp. REIT		265,035
	11,794	Gladstone Commercial Corp. REIT		224,912
	6,378	Gladstone Land Corp. REIT		149,947
	9,906	Global Medical REIT, Inc. REIT		107,381
	23,280	Global Net Lease, Inc. REIT		320,566
	31,102	Hersha Hospitality Trust REIT*		301,689
	22,950	Independence Realty Trust, Inc. REIT		446,377
	13,631	Industrial Logistics Properties Trust REIT		102,096
	2,876	Innovative Industrial Properties, Inc. REIT		263,787
	5,134	InvenTrust Properties Corp. REIT		134,819
	20,140	iStar, Inc. REIT		277,328
	18,484	Kennedy-Wilson Holdings, Inc.		324,579
	37,910	Kite Realty Group Trust REIT		733,938
	7,413	LTC Properties, Inc. REIT		332,770
	39,478	LXP Industrial Trust REIT		397,149
	28,824	Macerich Co. (The) REIT		275,846
	24,629	Marcus & Millichap, Inc.		920,632
	7,053	National Health Investors, Inc. REIT		462,042
	29,331	Necessity Retail REIT, Inc. (The) REIT		218,809
	5,635	NETSTREIT Corp. REIT		110,784
	33,154	Newmark Group, Inc., Class A		339,828
	7,292	NexPoint Residential Trust, Inc. REIT		385,163
	67,610	Offerpad Solutions, Inc.*^(a)		102,767
	18,282	Office Properties Income Trust REIT		321,215
	13,312	Orion Office REIT, Inc. REIT		131,389
	16,708	Outfront Media, Inc. REIT		295,732
	43,854	Paramount Group, Inc. REIT		303,908
	16,445	Pebblebrook Hotel Trust REIT		289,761
	9,902	Phillips Edison & Co., Inc. REIT		323,498
	32,424	Physicians Realty Trust REIT		540,184
	28,357	Piedmont Office Realty Trust, Inc., Class A REIT		334,045
	6,679	Plymouth Industrial REIT, Inc. REIT		135,383
	11,793	Postal Realty Trust, Inc., Class A REIT		175,126
	24,850	PotlatchDeltic Corp. REIT		1,153,537
	15,348	RE/MAX Holdings, Inc., Class A		349,320
	57,768	Redfin Corp.*		473,120
	20,819	Retail Opportunity Investments Corp. REIT		348,718


Common Stocks – (continued)
Real Estate – (continued)
	23,679	RLJ Lodging Trust REIT		285,569
	11,487	RMR Group, Inc. (The), Class A		299,121
	24,888	RPT Realty REIT		239,671
	4,474	Ryman Hospitality Properties, Inc. REIT*		367,852
	36,611	Sabra Health Care REIT, Inc. REIT		548,067
	2,606	Saul Centers, Inc. REIT		115,420
	37,738	Service Properties Trust REIT		258,128
	26,461	SITE Centers Corp. REIT		342,935
	6,081	St Joe Co. (The)		232,294
	24,016	STAG Industrial, Inc. REIT		739,693
	31,383	Summit Hotel Properties, Inc. REIT		246,670
	23,791	Sunstone Hotel Investors, Inc. REIT*		259,084
	22,631	Tanger Factory Outlet Centers, Inc. REIT		348,970
	10,520	Terreno Realty Corp. REIT		641,615
	11,344	UMH Properties, Inc. REIT		204,646
	45,100	Uniti Group, Inc. REIT		423,489
	3,106	Universal Health Realty Income Trust REIT		158,064
	12,725	Urban Edge Properties REIT		200,164
	5,590	Urstadt Biddle Properties, Inc., Class A REIT		93,465
	24,834	Veris Residential, Inc. REIT*		333,769
	10,772	Washington Real Estate Investment Trust REIT		211,239
	22,425	Whitestone REIT		220,662
	16,916	Xenia Hotels & Resorts, Inc. REIT*		268,288

				31,602,714

Utilities – 3.9%
	11,787	ALLETE, Inc.		697,555
	11,308	American States Water Co.		938,225
	7	Artesian Resources Corp., Class A		382
	14,004	Avista Corp.		568,982
	12,643	Black Hills Corp.		954,294
	23,546	Brookfield Infrastructure Corp., Class A (Canada)		1,120,790
	9,214	California Water Service Group		539,295
	4,709	Chesapeake Utilities Corp.		594,747
	30,161	Clearway Energy, Inc., Class A		1,039,951
	35,116	Clearway Energy, Inc., Class C		1,302,804
	7,610	MGE Energy, Inc.		586,122
	3,189	Middlesex Water Co.		283,088
	34,107	Montauk Renewables, Inc.*		605,399
	17,096	New Jersey Resources Corp.		754,617
	5,605	Northwest Natural Holding Co.		266,854
	11,156	NorthWestern Corp.		591,045
	10,822	ONE Gas, Inc.		847,038
	10,499	Ormat Technologies, Inc.		981,446
	12,146	Otter Tail Corp.		917,509
	18,104	PNM Resources, Inc.		858,673
	20,055	Portland General Electric Co.		1,036,242
	18,841	Pure Cycle Corp.*		194,439
	5,477	SJW Group		352,171
	16,145	South Jersey Industries, Inc.		546,508
	10,877	Southwest Gas Holdings, Inc.		846,774
	9,531	Spire, Inc.		666,122


98		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)
Utilities – (continued)
	6,848	Sunnova Energy International, Inc.*	$	172,707
	5,320	Unitil Corp.		277,119
	4,836	Via Renewables, Inc.		41,251
	5,063	York Water Co. (The)		222,620

				18,804,769

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $(468,735,799))		$	470,795,843


Shares		Dividend Rate	Value

Securities Lending Reinvestment Vehicle – 0.6%^(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	2,801,299	2.154%	$	2,801,299
	(Cost $2,801,299)

	TOTAL INVESTMENTS – 98.0%
	(Cost $(471,537,098))		$	473,597,142

	OTHER ASSETS IN EXCESS OF LIABILITIES – 2.0%			9,672,649

	NET ASSETS – 100.0%		$	483,269,791



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

*		Non-income producing security.

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

(b)		Represents an affiliated issuer.



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

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At August 31, 2022, 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

114

09/16/22

10,502,127

12,093


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

GOLDMAN SACHS ACTIVEBETA^® WORLD LOW VOL PLUS EQUITY ETF

Schedule of Investments

August 31, 2022


Shares		Description	Value

Common Stocks – 99.7%
Australia – 2.5%
	13,015	ASX Ltd. (Financials)	$	699,965
	225,288	Coles Group Ltd. (Consumer Staples)		2,712,076
	83,988	Computershare Ltd. (Information Technology)		1,422,176
	30,723	EBOS Group Ltd. (Health Care)		727,834
	293,696	Medibank Pvt Ltd. (Financials)		746,984
	42,089	National Australia Bank Ltd. (Financials)		882,647
	11,961	Sonic Healthcare Ltd. (Health Care)		278,795
	951,122	Telstra Corp. Ltd. (Communication Services)		2,588,606
	77,725	Wesfarmers Ltd. (Consumer Discretionary)		2,504,899
	51,000	Woolworths Group Ltd. (Consumer Staples)		1,261,817

				13,825,799

Austria – 0.3%
	15,601	ANDRITZ AG (Industrials)		721,315
	7,888	Vienna Insurance Group AG Wiener Versicherung Gruppe (Financials)		187,587
	24,250	Wienerberger AG (Materials)		569,136

				1,478,038

Belgium – 0.5%
	4,780	Ackermans & van Haaren NV (Industrials)		700,792
	4,317	Etablissements Franz Colruyt NV (Consumer Staples)		120,158
	10,103	Solvay SA (Materials)		819,228
	9,510	Telenet Group Holding NV (Communication Services)		135,504
	6,246	UCB SA (Health Care)		440,275
	23,545	Warehouses De Pauw CVA REIT (Real Estate)		719,267

				2,935,224

Canada – 4.6%
	8,509	Bank of Montreal (Financials)		787,810
	19,042	Bank of Nova Scotia (The) (Financials)		1,055,918
	24,593	BCE, Inc. (Communication Services)		1,190,214
	25,699	Canadian Imperial Bank of Commerce (Financials)		1,218,819
	4,835	Canadian Utilities Ltd., Class A (Utilities)		148,343
	32,787	CGI, Inc. (Information Technology)*		2,603,732
	2,946	Emera, Inc. (Utilities)		136,705
	28,077	Enbridge, Inc. (Energy)		1,161,156
	10,118	Fortis, Inc. (Utilities)		447,646
	2,742	George Weston Ltd. (Consumer Staples)		314,379
	58,868	Great-West Lifeco, Inc. (Financials)		1,386,742
	7,933	Hydro One Ltd. (Utilities)^(a)		215,407
	2,604	Intact Financial Corp. (Financials)		378,292
	51,101	Loblaw Cos. Ltd. (Consumer Staples)		4,529,088
	12,102	Metro, Inc. (Consumer Staples)		638,368
	16,690	National Bank of Canada (Financials)		1,107,357


Common Stocks – (continued)
Canada – (continued)
	21,072	Open Text Corp. (Information Technology)		665,660
	6,004	Pembina Pipeline Corp. (Energy)		212,634
	89,111	Power Corp. of Canada (Financials)		2,297,861
	7,039	RioCan Real Estate Investment Trust REIT (Real Estate)		108,197
	17,927	Royal Bank of Canada (Financials)		1,671,827
	24,171	Sun Life Financial, Inc. (Financials)		1,067,909
	10,929	TC Energy Corp. (Energy)		528,174
	37,741	TELUS Corp. (Communication Services)		852,458
	16,223	Toronto-Dominion Bank (The) (Financials)		1,046,641

				25,771,337

Denmark – 0.0%
	6,231	Tryg A/S (Financials)		141,236

Finland – 0.4%
	9,552	Elisa OYJ (Communication Services)		511,563
	22,923	Orion OYJ, Class B (Health Care)		1,041,179
	16,857	Sampo OYJ, Class A (Financials)		764,470

				2,317,212

France – 2.3%
	2,929	Air Liquide SA (Materials)		368,746
	53,551	AXA SA (Financials)		1,266,779
	3,603	Bouygues SA (Industrials)		106,154
	9,441	Capgemini SE (Information Technology)		1,642,358
	70,288	Cie Generale des Etablissements Michelin (Consumer Discretionary)		1,717,831
	12,927	Dassault Systemes (Information Technology)		501,427
	5,209	Legrand SA (Industrials)		378,596
	6,335	L’Oreal SA (Consumer Staples)		2,186,558
	249,953	Orange SA (Communication Services)		2,538,034
	11,826	Sanofi (Health Care)		977,255
	10,105	Thales SA (Industrials)		1,220,854

				12,904,592

Germany – 1.3%
	4,335	Allianz SE (Financials)		734,850
	7,989	Beiersdorf AG (Consumer Staples)		808,154
	2,778	Deutsche Boerse AG (Financials)		470,551
	108,033	Deutsche Telekom AG (Communication Services)		2,040,989
	38,356	Evonik Industries AG (Materials)		717,188
	1,433	Hannover Rueck SE (Financials)		211,676
	3,388	Henkel AG & Co. KGaA (Consumer Staples)		212,244
	796	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Financials)		190,660
	6,010	SAP SE (Information Technology)		513,323
	8,408	Symrise AG (Materials)		882,245
	11,538	Talanx AG (Financials)		409,552

				7,191,432


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

GOLDMAN SACHS ACTIVEBETA^® WORLD LOW VOL PLUS EQUITY ETF


Shares		Description	Value

Common Stocks – (continued)
Hong Kong – 0.2%
	47,482	CLP Holdings Ltd. (Utilities)	$	409,554
	56,147	Hong Kong & China Gas Co. Ltd. (Utilities)		55,440
	116,403	Power Assets Holdings Ltd. (Utilities)		697,037

				1,162,031

Ireland – 0.0%
	1,285	Kerry Group PLC, Class A (Consumer Staples)		132,896

Israel – 1.5%
	116,971	Bank Hapoalim BM (Financials)		1,220,188
	143,231	Bank Leumi Le-Israel BM (Financials)		1,522,538
	12,444	Check Point Software Technologies Ltd. (Information Technology)*		1,496,267
	11,218	First International Bank Of Israel Ltd. (The) (Financials)		524,740
	196,218	Israel Discount Bank Ltd., Class A (Financials)		1,206,288
	120,155	Mivne Real Estate KD Ltd. (Real Estate)		443,567
	32,383	Mizrahi Tefahot Bank Ltd. (Financials)		1,323,960
	57,411	Shufersal Ltd. (Consumer Staples)		394,022

				8,131,570

Italy – 1.0%
	164,338	Assicurazioni Generali SpA (Financials)		2,419,261
	104,565	Eni SpA (Energy)		1,241,556
	184,025	Hera SpA (Utilities)		462,616
	15,637	Recordati Industria Chimica e Farmaceutica SpA (Health Care)		640,587
	107,445	Snam SpA (Utilities)		511,684
	41,532	Terna – Rete Elettrica Nazionale (Utilities)		296,514
	92,110	UnipolSai Assicurazioni SpA (Financials)		205,249

				5,777,467

Japan – 5.7%
	6,854	Brother Industries Ltd. (Information Technology)		132,309
	39,232	Canon, Inc. (Information Technology)		943,832
	269	Daiwa House REIT Investment Corp. REIT (Real Estate)		624,837
	10,665	Ezaki Glico Co. Ltd. (Consumer Staples)		278,886
	40,310	FUJIFILM Holdings Corp. (Information Technology)		2,067,768
	7,574	Hitachi Metals Ltd. (Materials)*		114,354
	93,199	Japan Post Holdings Co. Ltd. (Financials)		646,292
	124,440	Japan Tobacco, Inc. (Consumer Staples)		2,118,510
	60,759	KDDI Corp. (Communication Services)		1,874,599
	19,821	Kyocera Corp. (Information Technology)		1,112,121
	18,410	McDonald’s Holdings Co. Japan Ltd. (Consumer Discretionary)		660,037


Common Stocks – (continued)
Japan – (continued)
	13,461	MEIJI Holdings Co. Ltd. (Consumer Staples)		643,798
	39,632	Mitsubishi HC Capital, Inc. (Financials)		193,264
	113,052	Mizuho Financial Group, Inc. (Financials)		1,299,537
	20,356	MS&AD Insurance Group Holdings, Inc. (Financials)		611,010
	237,260	Nippon Telegraph & Telephone Corp. (Communication Services)		6,450,734
	51,525	Nisshin Seifun Group, Inc. (Consumer Staples)		583,547
	14,284	Ono Pharmaceutical Co. Ltd. (Health Care)		342,919
	9,798	Otsuka Holdings Co. Ltd. (Health Care)		322,371
	13,705	Secom Co. Ltd. (Industrials)		882,063
	84,536	Sekisui House Ltd. (Consumer Discretionary)		1,447,708
	252,043	SoftBank Corp. (Communication Services)		2,780,882
	11,748	Sumitomo Mitsui Financial Group, Inc. (Financials)		355,427
	105,590	Takeda Pharmaceutical Co. Ltd. (Health Care)		2,932,527
	39,083	Teijin Ltd. (Materials)		415,852
	29,912	Trend Micro, Inc. (Information Technology)		1,859,992
	8,119	USS Co. Ltd. (Consumer Discretionary)		144,312

				31,839,488

Netherlands – 1.9%
	1,454	Akzo Nobel NV (Materials)		92,169
	3,921	HAL Trust (Financials)		492,057
	152,671	Koninklijke Ahold Delhaize NV (Consumer Staples)		4,206,403
	3,134	Koninklijke DSM NV (Materials)		401,330
	132,505	Koninklijke KPN NV (Communication Services)		422,372
	48,048	NN Group NV (Financials)		1,979,452
	29,776	Wolters Kluwer NV (Industrials)		2,917,476

				10,511,259

New Zealand – 0.2%
	163,844	Fletcher Building Ltd. (Industrials)		562,536
	15,621	Mainfreight Ltd. (Industrials)		713,504

				1,276,040

Norway – 0.7%
	36,256	DNB Bank ASA (Financials)		694,129
	41,859	Gjensidige Forsikring ASA (Financials)		852,014
	16,823	Kongsberg Gruppen ASA (Industrials)		576,354
	37,340	SpareBank 1 SR-Bank ASA (Financials)		428,177
	92,516	Storebrand ASA (Financials)		744,107
	80,338	Telenor ASA (Communication Services)		882,377

				4,177,158


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

GOLDMAN SACHS ACTIVEBETA^® WORLD LOW VOL PLUS EQUITY ETF

Schedule of Investments (continued)

August 31, 2022


Shares		Description	Value

Common Stocks – (continued)
Singapore – 0.8%
	93,804	Oversea-Chinese Banking Corp. Ltd. (Financials)	$	812,910
	175,832	Singapore Exchange Ltd. (Financials)		1,196,076
	382,924	Singapore Telecommunications Ltd. (Communication Services)		719,132
	37,227	United Overseas Bank Ltd. (Financials)		729,277
	98,981	UOL Group Ltd. (Real Estate)		490,967
	21,667	Venture Corp. Ltd. (Information Technology)		284,058

				4,232,420

Spain – 0.4%
	47,460	Naturgy Energy Group SA (Utilities)		1,311,439
	54,309	Red Electrica Corp. SA (Utilities)		995,821

				2,307,260

Sweden – 1.6%
	25,159	Axfood AB (Consumer Staples)		760,691
	977	Industrivarden AB, Class A (Financials)		21,794
	107,637	Investor AB, Class A (Financials)		1,799,813
	31,431	Investor AB, Class B (Financials)		498,663
	67,345	Securitas AB, Class B (Industrials)		592,810
	14,720	Skandinaviska Enskilda Banken AB, Class A (Financials)		147,640
	79,495	Svenska Handelsbanken AB, Class A (Financials)		654,755
	44,955	Swedbank AB, Class A (Financials)		584,701
	54,341	Tele2 AB, Class B (Communication Services)		580,550
	233,958	Telefonaktiebolaget LM Ericsson, Class B (Information Technology)		1,759,759
	432,366	Telia Co. AB (Communication Services)		1,528,067

				8,929,243

Switzerland – 1.4%
	1,113	Geberit AG (Industrials)		516,499
	18,602	Novartis AG (Health Care)		1,508,250
	1,112	SGS SA (Industrials)		2,456,552
	2,758	Swisscom AG (Communication Services)		1,430,503
	6,028	TE Connectivity Ltd. (Information Technology)		760,794
	2,924	Zurich Insurance Group AG (Financials)		1,300,588

				7,973,186

United Kingdom – 3.1%
	295,456	BAE Systems PLC (Industrials)		2,668,519
	15,771	British American Tobacco PLC (Consumer Staples)		633,390
	24,522	Bunzl PLC (Industrials)		816,352
	389,622	CK Hutchison Holdings Ltd. (Industrials)		2,519,263
	13,808	Diageo PLC (Consumer Staples)		604,762
	278,516	Direct Line Insurance Group PLC (Financials)		667,284
	181,228	Haleon PLC (Consumer Staples)*		545,855


Common Stocks – (continued)
United Kingdom – (continued)
	7,195	Halma PLC (Information Technology)		173,721
	950	Linde PLC (Materials)		268,717
	93,342	National Grid PLC (Utilities)		1,170,846
	111,183	RELX PLC (Industrials)		2,926,408
	229,043	Sage Group PLC (The) (Information Technology)		1,906,112
	33,605	Segro PLC REIT (Real Estate)		368,739
	14,258	Severn Trent PLC (Utilities)		462,380
	436,864	Tesco PLC (Consumer Staples)		1,264,230
	2,438	United Utilities Group PLC (Utilities)		29,971

				17,026,549

United States – 69.3%
	9,198	3M Co. (Industrials)		1,143,771
	7,687	Abbott Laboratories (Health Care)		789,071
	22,261	AbbVie, Inc. (Health Care)		2,993,214
	15,799	Accenture PLC, Class A (Information Technology)		4,557,380
	6,693	Adobe, Inc. (Information Technology)*		2,499,434
	29,587	Aflac, Inc. (Financials)		1,758,060
	1,090	Agilent Technologies, Inc. (Health Care)		139,792
	13,311	Akamai Technologies, Inc. (Information Technology)*		1,201,717
	1,764	Alleghany Corp. (Financials)*		1,483,841
	2,497	Alliant Energy Corp. (Utilities)		152,417
	22,813	Allstate Corp. (The) (Financials)		2,748,966
	29,016	Alphabet, Inc., Class A (Communication Services)*		3,140,111
	28,065	Alphabet, Inc., Class C (Communication Services)*		3,063,295
	12,228	Altria Group, Inc. (Consumer Staples)		551,727
	46,056	Amazon.com, Inc. (Consumer Discretionary)*		5,838,519
	27,602	Amcor PLC (Materials)		331,500
	25,583	Amdocs Ltd. (Information Technology)		2,186,579
	10,943	Ameren Corp. (Utilities)		1,013,541
	10,002	American Electric Power Co., Inc. (Utilities)		1,002,200
	9,951	AmerisourceBergen Corp. (Health Care)		1,458,419
	2,184	AMETEK, Inc. (Industrials)		262,429
	3,723	Amgen, Inc. (Health Care)		894,637
	25,740	Amphenol Corp., Class A (Information Technology)		1,892,662
	1,050	Analog Devices, Inc. (Information Technology)		159,106
	299,238	Annaly Capital Management, Inc. REIT (Financials)		1,930,085
	11,391	Aon PLC, Class A (Financials)		3,181,051
	105,317	Apple, Inc. (Information Technology)		16,557,939
	11,443	Arch Capital Group Ltd. (Financials)*		523,174
	40,815	Archer-Daniels-Midland Co. (Consumer Staples)		3,587,230
	8,236	Arthur J Gallagher & Co. (Financials)		1,495,410
	81,781	AT&T, Inc. (Communication Services)		1,434,439
	3,361	Atmos Energy Corp. (Utilities)		381,070
	14,477	Automatic Data Processing, Inc. (Information Technology)		3,538,324


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

GOLDMAN SACHS ACTIVEBETA^® WORLD LOW VOL PLUS EQUITY ETF


Shares		Description	Value

Common Stocks – (continued)
United States – (continued)
	3,296	AutoZone, Inc. (Consumer Discretionary)*	$	6,984,916
	10,365	Bank of America Corp. (Financials)		348,368
	18,502	Baxter International, Inc. (Health Care)		1,063,125
	5,016	Becton Dickinson and Co. (Health Care)		1,266,139
	22,198	Berkshire Hathaway, Inc., Class B (Financials)*		6,233,198
	45,261	Bristol-Myers Squibb Co. (Health Care)		3,051,044
	2,135	Broadcom, Inc. (Information Technology)		1,065,600
	6,019	Broadridge Financial Solutions, Inc. (Information Technology)		1,030,272
	3,428	Brown-Forman Corp., Class B (Consumer Staples)		249,216
	3,828	Campbell Soup Co. (Consumer Staples)		192,855
	11,380	CDW Corp. (Information Technology)		1,942,566
	10,927	CenterPoint Energy, Inc. (Utilities)		344,528
	16,558	C.H. Robinson Worldwide, Inc. (Industrials)		1,890,096
	12,717	Chevron Corp. (Energy)		2,010,049
	3,029	Chubb Ltd. (Financials)		572,632
	16,180	Church & Dwight Co., Inc. (Consumer Staples)		1,354,428
	2,796	Cintas Corp. (Industrials)		1,137,525
	95,362	Cisco Systems, Inc. (Information Technology)		4,264,589
	31,057	Citigroup, Inc. (Financials)		1,515,892
	1,238	CME Group, Inc. (Financials)		242,165
	9,134	CMS Energy Corp. (Utilities)		616,910
	45,466	Coca-Cola Co. (The) (Consumer Staples)		2,805,707
	42,272	Cognizant Technology Solutions Corp., Class A (Information Technology)		2,670,322
	64,160	Colgate-Palmolive Co. (Consumer Staples)		5,017,954
	30,018	Comcast Corp., Class A (Communication Services)		1,086,351
	7,218	Conagra Brands, Inc. (Consumer Staples)		248,155
	18,625	Consolidated Edison, Inc. (Utilities)		1,820,407
	2,032	Constellation Brands, Inc., Class A (Consumer Staples)		499,974
	6,765	Constellation Energy Corp. (Utilities)		551,956
	800	Cooper Cos., Inc. (The) (Health Care)		229,952
	41,818	Corning, Inc. (Information Technology)		1,435,194
	5,377	Costco Wholesale Corp. (Consumer Staples)		2,807,332
	3,657	CSX Corp. (Industrials)		115,744
	2,125	Cummins, Inc. (Industrials)		457,661
	44,987	CVS Health Corp. (Health Care)		4,415,474
	57,654	Dell Technologies, Inc., Class C (Information Technology)		2,207,572
	14,014	Dollar General Corp. (Consumer Discretionary)		3,327,204
	3,184	Dominion Energy, Inc. (Utilities)		260,451
	5,553	Dover Corp. (Industrials)		693,903
	6,902	DTE Energy Co. (Utilities)		899,607
	7,643	Duke Energy Corp. (Utilities)		817,113


Common Stocks – (continued)
United States – (continued)
	29,443	Duke Realty Corp. REIT (Real Estate)		1,732,721
	772	Ecolab, Inc. (Materials)		126,477
	4,912	Edison International (Utilities)		332,886
	2,556	Elevance Health, Inc. (Health Care)		1,239,941
	5,924	Eli Lilly & Co. (Health Care)		1,784,487
	1,354	Emerson Electric Co. (Industrials)		110,676
	2,284	Entergy Corp. (Utilities)		263,345
	7,353	Evergy, Inc. (Utilities)		503,901
	30,059	Exelon Corp. (Utilities)		1,319,891
	1,593	Expeditors International of Washington, Inc. (Industrials)		163,904
	3,900	Extra Space Storage, Inc. REIT (Real Estate)		775,047
	23,150	Exxon Mobil Corp. (Energy)		2,212,908
	11,010	F5, Inc. (Information Technology)*		1,729,231
	74,677	Fastenal Co. (Industrials)		3,758,493
	16,978	Fidelity National Information Services, Inc. (Information Technology)		1,551,280
	11,493	FirstEnergy Corp. (Utilities)		454,548
	16,529	Fiserv, Inc. (Information Technology)*		1,672,569
	3,946	FleetCor Technologies, Inc. (Information Technology)*		838,643
	7,437	Fortive Corp. (Industrials)		470,985
	18,646	General Dynamics Corp. (Industrials)		4,268,629
	18,319	General Mills, Inc. (Consumer Staples)		1,406,899
	28,398	Genuine Parts Co. (Consumer Discretionary)		4,430,372
	51,264	Gilead Sciences, Inc. (Health Care)		3,253,726
	144,981	GSK PLC (Health Care)		2,327,047
	11,523	Hartford Financial Services Group, Inc. (The) (Financials)		741,044
	17,534	Henry Schein, Inc. (Health Care)*		1,287,171
	22,441	Hershey Co. (The) (Consumer Staples)		5,041,819
	237,550	Hewlett Packard Enterprise Co. (Information Technology)		3,230,680
	8,863	Hologic, Inc. (Health Care)*		598,784
	19,843	Home Depot, Inc. (The) (Consumer Discretionary)		5,723,118
	7,922	Illinois Tool Works, Inc. (Industrials)		1,543,443
	36,955	Intel Corp. (Information Technology)		1,179,604
	5,309	Intercontinental Exchange, Inc. (Financials)		535,413
	33,973	International Business Machines Corp. (Information Technology)		4,363,832
	20,192	International Paper Co. (Materials)		840,391
	2,140	Intuit, Inc. (Information Technology)		924,009
	6,930	Invitation Homes, Inc. REIT (Real Estate)		251,420
	4,274	IQVIA Holdings, Inc. (Health Care)*		908,909
	4,035	J M Smucker Co. (The) (Consumer Staples)		564,860
	33,956	Johnson & Johnson (Health Care)		5,478,461
	13,398	JPMorgan Chase & Co. (Financials)		1,523,755
	6,820	Kellogg Co. (Consumer Staples)		496,087
	22,199	Keurig Dr Pepper, Inc. (Consumer Staples)		846,226


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

GOLDMAN SACHS ACTIVEBETA^® WORLD LOW VOL PLUS EQUITY ETF

Schedule of Investments (continued)

August 31, 2022


Shares		Description	Value

Common Stocks – (continued)
United States – (continued)
	17,626	Keysight Technologies, Inc. (Information Technology)*	$	2,888,725
	8,304	Kimberly-Clark Corp. (Consumer Staples)		1,058,926
	8,333	Kinder Morgan, Inc. (Energy)		152,661
	31,872	Kraft Heinz Co. (The) (Consumer Staples)		1,192,013
	3,156	L3Harris Technologies, Inc. (Industrials)		720,168
	9,295	Laboratory Corp. of America Holdings (Health Care)		2,093,885
	17,251	Liberty Media Corp.-Liberty SiriusXM, Class A (Communication Services)*		716,607
	33,780	Liberty Media Corp.-Liberty SiriusXM, Class C (Communication Services)*		1,397,141
	3,591	Lockheed Martin Corp. (Industrials)		1,508,615
	27,775	Loews Corp. (Financials)		1,536,235
	21,842	Lowe’s Cos., Inc. (Consumer Discretionary)		4,240,406
	1,587	Markel Corp. (Financials)*		1,895,053
	28,667	Marsh & McLennan Cos., Inc. (Financials)		4,625,994
	46,558	Masco Corp. (Industrials)		2,368,405
	851	Mastercard, Inc., Class A (Information Technology)		276,039
	8,960	McCormick & Co., Inc. (Consumer Staples)		753,267
	15,075	McDonald’s Corp. (Consumer Discretionary)		3,803,121
	7,406	McKesson Corp. (Health Care)		2,718,002
	8,997	Merck & Co., Inc. (Health Care)		767,984
	15,879	Meta Platforms, Inc., Class A (Communication Services)*		2,587,165
	46,898	Microsoft Corp. (Information Technology)		12,262,420
	2,709	Mid-America Apartment Communities, Inc. REIT (Real Estate)		448,800
	28,959	Mondelez International, Inc., Class A (Consumer Staples)		1,791,404
	2,227	Monster Beverage Corp. (Consumer Staples)*		197,824
	13,444	Moody’s Corp. (Financials)		3,825,087
	17,290	Motorola Solutions, Inc. (Information Technology)		4,208,559
	12,216	Nasdaq, Inc. (Financials)		727,218
	13,114	Nestle SA (Consumer Staples)		1,539,630
	47,420	NiSource, Inc. (Utilities)		1,399,364
	4,513	Northrop Grumman Corp. (Industrials)		2,157,169
	13,019	NortonLifeLock, Inc. (Information Technology)		294,099
	7,151	NVIDIA Corp. (Information Technology)		1,079,372
	1,427	Omnicom Group, Inc. (Communication Services)		95,466
	3,205	Oracle Corp. (Information Technology)		237,651
	11,378	O’Reilly Automotive, Inc. (Consumer Discretionary)*		7,931,831
	9,154	Otis Worldwide Corp. (Industrials)		661,102


Common Stocks – (continued)
United States – (continued)
	30,791	Paychex, Inc. (Information Technology)		3,797,762
	30,273	PepsiCo, Inc. (Consumer Staples)		5,215,130
	28,370	Pfizer, Inc. (Health Care)		1,283,175
	34,824	Philip Morris International, Inc. (Consumer Staples)		3,325,344
	17,867	PPL Corp. (Utilities)		519,572
	24,168	Procter & Gamble Co. (The) (Consumer Staples)		3,333,734
	7,447	Progressive Corp. (The) (Financials)		913,375
	7,847	Prologis, Inc. REIT (Real Estate)		977,030
	2,463	Public Service Enterprise Group, Inc. (Utilities)		158,519
	4,127	Public Storage REIT (Real Estate)		1,365,335
	19,029	Quest Diagnostics, Inc. (Health Care)		2,384,524
	7,453	Raytheon Technologies Corp. (Industrials)		668,907
	12,989	Realty Income Corp. REIT (Real Estate)		886,889
	4,166	Regeneron Pharmaceuticals, Inc. (Health Care)*		2,420,696
	21,154	Republic Services, Inc. (Industrials)		3,019,099
	5,492	Roche Holding AG-BR (Health Care)		2,105,750
	9,088	Roche Holding AG-Genusschein (Health Care)		2,936,990
	1,158	Roper Technologies, Inc. (Information Technology)		466,188
	1,802	Salesforce, Inc. (Information Technology)*		281,328
	2,040	Sempra Energy (Utilities)		336,539
	4,753	Sherwin-Williams Co. (The) (Materials)		1,103,171
	18,639	Southern Co. (The) (Utilities)		1,436,508
	35,332	SS&C Technologies Holdings, Inc. (Information Technology)		1,970,112
	494	Stryker Corp. (Health Care)		101,369
	1,449	Swiss Re AG (Financials)		113,105
	23,196	Target Corp. (Consumer Discretionary)		3,719,247
	16,472	Texas Instruments, Inc. (Information Technology)		2,721,339
	407	Thermo Fisher Scientific, Inc. (Health Care)		221,945
	26,704	TJX Cos., Inc. (The) (Consumer Discretionary)		1,664,994
	8,986	Travelers Cos., Inc. (The) (Financials)		1,452,497
	28,098	Tyson Foods, Inc., Class A (Consumer Staples)		2,118,027
	785	UDR, Inc. REIT (Real Estate)		35,223
	1,454	Union Pacific Corp. (Industrials)		326,438
	710	United Parcel Service, Inc., Class B (Industrials)		138,102
	11,111	UnitedHealth Group, Inc. (Health Care)		5,770,276
	21,511	VeriSign, Inc. (Information Technology)*		3,919,734
	67,195	Verizon Communications, Inc. (Communication Services)		2,809,423
	6,463	Vertex Pharmaceuticals, Inc. (Health Care)*		1,821,015
	3,057	Visa, Inc., Class A (Information Technology)		607,456


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

GOLDMAN SACHS ACTIVEBETA^® WORLD LOW VOL PLUS EQUITY ETF


Shares		Description	Value

Common Stocks – (continued)
United States – (continued)
	11,031	VMware, Inc., Class A (Information Technology)	$	1,279,927
	15,765	W R Berkley Corp. (Financials)		1,021,572
	39,809	Walmart, Inc. (Consumer Staples)		5,276,683
	1,601	Waste Connections, Inc. (Industrials)		223,548
	24,746	Waste Management, Inc. (Industrials)		4,182,816
	34,641	Williams Cos., Inc. (The) (Energy)		1,178,833
	14,639	W.P. Carey, Inc. REIT (Real Estate)		1,230,115
	8,185	W.W. Grainger, Inc. (Industrials)		4,542,184
	3,104	Xcel Energy, Inc. (Utilities)		230,472
	35,753	Yum! Brands, Inc. (Consumer Discretionary)		3,977,164
	4,422	Zebra Technologies Corp., Class A (Information Technology)*		1,333,852
	7,343	Zoetis, Inc. (Health Care)		1,149,400

				386,672,729

	TOTAL INVESTMENTS – 99.7%
	(Cost $611,056,466)		$	556,714,166

	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.3%			1,397,619

	NET ASSETS – 100.0%		$	558,111,785



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

*		Non-income producing security.

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


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


Sector	% of Market Value
Information Technology		21.6	%
Financials		15.2
Consumer Staples		13.7
Health Care		12.2
Consumer Discretionary		10.4
Industrials		10.4
Communication Services		7.7
Utilities		4.0
Real Estate		1.9
Energy		1.6
Materials		1.3


TOTAL INVESTMENTS		100.0	%


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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Statements of Assets and Liabilities

August 31, 2022


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

Investments at value (cost $986,454,252, $13,551,458, $2,773,676,954 and $12,104,492, respectively)^(a)	$	1,019,345,060		$	12,274,938		$	2,707,803,017		$	12,047,121

Investments in securities lending reinvestment vehicle, at value which equals cost		10,851,775			61,124			59,641,107			862,006

Cash		19,197,048			14,717			5,094,743			14,808

Foreign currency, at value (cost $797,840, $—, $230,661 and $—, respectively)		796,648			—			230,262			—

Variation margin on futures contracts		12,172			—			—			—

Receivables:

Investments sold		26,558,920			490,444			123,549,995			404,083

Dividends		2,996,996			28,628			7,073,420			15,414

Collateral on futures contracts		215,608			6,786			511,186			586

Foreign tax reclaims		36,450			65,238			4,181,901			1,465

Reimbursement from investment adviser		33,182			—			—			—

Securities lending income		12,433			47			47,809			84

Total assets		1,080,056,292			12,941,922			2,908,133,440			13,345,567

Liabilities:

Variation margin on futures contracts		—			815			74,715			53

Payables:

Investments purchased		37,968,693			512,458			127,744,385			422,058

Upon return of securities loaned		10,851,775			61,124			59,641,107			862,006

Foreign capital gains tax		4,710,745			—			—			—

Management fees		354,916			1,979			596,705			2,624

Foreign bank overdraft (cost $—, $642, $— and $53, respectively)		—			627			—			53

Accrued expenses		962,464			1,457			39,755			—

Total liabilities		54,848,593			578,460			188,096,667			1,286,794

Net Assets:

Paid-in capital		1,039,565,105			17,293,117			3,007,031,632			13,637,976

Total distributable loss		(14,357,406	)		(4,929,655	)		(286,994,859	)		(1,579,203	)

NET ASSETS	$	1,025,207,699		$	12,363,462		$	2,720,036,773		$	12,058,773
SHARES ISSUED AND OUTSTANDING

Shares outstanding no par value (unlimited shares authorized):		34,850,000			450,000			98,400,000			400,000

Net asset value per share:		$29.42			$27.47			$27.64			$30.15

(a)

Includes loaned securities having a market value of $10,222,440, $57,277, $55,201,321 and $763,312 for ActiveBeta^® Emerging Markets Equity ETF, ActiveBeta^® Europe Equity ETF, ActiveBeta^® International Equity ETF and ActiveBeta^® Japan Equity ETF, respectively.


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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Statements of Assets and Liabilities (continued)

August 31, 2022


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

Investments at value (cost $7,694,125, $(9,526,533,417), $(468,735,799) and $611,056,466, respectively)^(a)	$	6,474,231		$	11,588,862,880	$	470,795,843		$	556,714,166

Investments in securities lending reinvestment vehicle, at value which equals cost		—			20,073,500		2,801,299			—

Cash		11,271			9,406,261		11,332,767			136,546

Foreign currency, at value (cost $—, $—, $— and $15,696, respectively)		—			—		—			15,703

Receivables:

Dividends		9,721			19,216,659		448,763			1,173,953

Reimbursement from investment adviser		4,494			—		—			—

Securities lending income		—			6,539		8,664			—

Investments sold		—			31,267,967		145,992			—

Collateral on futures contracts		—			—		689,700			—

Foreign tax reclaims		—			—		612			195,119

Fund shares sold		—			3,917,807		—			—

Total assets		6,499,717			11,672,751,613		486,223,640			558,235,487

Liabilities:

Variation margin on futures contracts		—			—		66,690			—

Payables:

Upon return of securities loaned		—			20,073,500		2,801,299			—

Investments purchased		—			3,908,496		—			106

Fund shares redeemed		—			31,342,456		—			—

Management fees		—			933,214		85,757			123,596

Accrued expenses		—			—		103			—

Total liabilities		—			56,257,666		2,953,849			123,702

Net Assets:

Paid-in capital		7,934,654			10,129,972,437		501,548,262			616,984,063

Total distributable earnings (loss)		(1,434,937	)		1,486,521,510		(18,278,471	)		(58,872,278	)

NET ASSETS	$	6,499,717		$	11,616,493,947	$	483,269,791		$	558,111,785
SHARES ISSUED AND OUTSTANDING

Shares outstanding no par value (unlimited shares authorized):		200,000			148,252,500		8,650,000			14,700,000

Net asset value per share:		$32.50			$78.36		$55.87			$37.97

(a)

Includes loaned securities having a market value of $–, $19,576,550, $2,668,209 and $– 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.


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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Statements of Operations

For the Fiscal Year Ended August 31, 2022


	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 $5,162,379, $101,675, $10,619,678 and $42,924, respectively)	$	40,341,971		$	533,697		$	86,518,517		$	312,311

Non cash dividend income		5,488,848			58,743			10,005,057			—

Securities lending income — unaffiliated issuer		191,387			6,490			949,937			1,348

Total investment income		46,022,206			598,930			97,473,511			313,659

Expenses:

Management fees		4,917,381			36,942			7,479,335			25,169

Custody, accounting and administrative services		953,794			—			—			—

Printing and mailing costs		157,463			—			—			—

Professional fees		111,967			—			—			—

Trustee fees		50,364			9,363			91,888			9,236

Shareholder meeting expense		2,715			—			—			160

Other		42,289			—			—			—

Total expenses		6,235,973			46,305			7,571,223			34,565

Less — expense reductions		(701,206	)		—			—			—

Net expenses		5,534,767			46,305			7,571,223			34,565

NET INVESTMENT INCOME		40,487,439			552,625			89,902,288			279,094

Realized and unrealized gain (loss):

Net realized gain (loss) from:

Investments — unaffiliated issuers		(14,278,743	)		(556,166	)		(109,543,632	)		(647,512	)

In-kind redemptions		1,631,509			644,518			28,658,572			—

Futures contracts		5,293			(9,410	)		(1,700,360	)		(2,732	)

Foreign currency transactions		(731,435	)		(5,981	)		(1,255,044	)		(15,638	)

Net change in unrealized gain (loss) on:

Investments — unaffiliated issuers (including the effects of the foreign capital gains tax liability of $4,710,745, $–, $– and $–, respectively)		(329,772,434	)		(5,662,524	)		(684,824,404	)		(2,431,934	)

Futures contracts		(8,434	)		(2,937	)		(699,376	)		—

Foreign currency translations		(37,875	)		(11,679	)		(665,803	)		(206	)

Net realized and unrealized loss		(343,192,119	)		(5,604,179	)		(770,030,047	)		(3,098,022	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(302,704,680	)	$	(5,051,554	)	$	(680,127,759	)	$	(2,818,928	)


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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Statements of Operations (continued)

For the Fiscal Year Ended August 31, 2022


	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 $42, $156,052, $7,966 and $634,507, respectively)	$	73,647		$	189,564,080		$	6,319,517		$	6,881,589

Securities lending income — unaffiliated issuer		47			193,039			73,328			—

Total investment income		73,694			189,757,119			6,392,845			6,881,589

Expenses:

Management fees		4,143			11,440,073			881,346			605,778

Trustee fees		6,079			367,330			21,230			11,387

Shareholder meeting expense		—			35,675			1,044			—

Total expenses		10,222			11,843,078			903,620			617,165

NET INVESTMENT INCOME		63,472			177,914,041			5,489,225			6,264,424

Realized and unrealized gain (loss):

Net realized gain (loss) from:

Investments — unaffiliated issuers		(230,839	)		(132,442,486	)		(11,571,653	)		(6,311,600	)

In-kind redemptions		—			776,953,360			15,993,686			—

Futures contracts		—			2,794,530			(530,869	)		—

Foreign currency transactions		—			(582	)		—			(67,045	)

Net change in unrealized gain (loss) on:

Investments — unaffiliated issuers		(1,219,894	)		(2,623,690,334	)		(71,334,494	)		(54,342,300	)

Futures contracts		—			(498,672	)		(38,563	)		—

Foreign currency translations		—			—			—			(18,429	)

Net realized and unrealized loss		(1,450,733	)		(1,976,884,184	)		(67,481,893	)		(60,739,374	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(1,387,261	)	$	(1,798,970,143	)	$	(61,992,668	)	$	(54,474,950	)

For the period December 13, 2021 (commencement of operations) through August 31, 2022.

For the period March 15, 2022 (commencement of operations) through August 31, 2022.


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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Statements of Changes in Net Assets


	ActiveBeta^® Emerging Markets Equity ETF						ActiveBeta^® Europe Equity ETF
	For the Fiscal Year Ended August 31, 2022			For the Fiscal Year Ended August 31, 2021			For the Fiscal Year Ended August 31, 2022			For the Fiscal Year Ended August 31, 2021
From operations:

Net investment income	$	40,487,439		$	28,374,315		$	552,625		$	460,405

Net realized gain (loss)		(13,373,376	)		299,505,967			72,961			279,554

Net change in unrealized gain (loss)		(329,818,743	)		(6,490,407	)		(5,677,140	)		4,206,895

Net increase (decrease) in net assets resulting from operations		(302,704,680	)		321,389,875			(5,051,554	)		4,946,854

Distributions to shareholders:

From distributable earnings		(53,609,786	)		(31,408,924	)		(658,039	)		(469,425	)

From share transactions:

Proceeds from sales of shares		46,098,249			267,346,093			1,790,294			—

Cost of shares redeemed		(52,865,514	)		(879,514,184	)		(4,610,459	)		—

Net decrease in net assets resulting from share transactions		(6,767,265	)		(612,168,091	)		(2,820,165	)		—

TOTAL INCREASE (DECREASE)		(363,081,731	)		(322,187,140	)		(8,529,758	)		4,477,429

Net assets:

Beginning of year	$	1,388,289,430		$	1,710,476,570		$	20,893,220		$	16,415,791

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


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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Statements of Changes in Net Assets (continued)


	ActiveBeta^® International Equity ETF						ActiveBeta^® Japan Equity ETF
	For the Fiscal Year Ended August 31, 2022			For the Fiscal Year Ended August 31, 2021			For the Fiscal Year Ended August 31, 2022			For the Fiscal Year Ended August 31, 2021
From operations:

Net investment income	$	89,902,288		$	52,804,228		$	279,094		$	348,150

Net realized gain (loss)		(83,840,464	)		6,273,922			(665,882	)		1,910,900

Net change in unrealized gain (loss)		(686,189,583	)		477,457,409			(2,432,140	)		1,170,747

Net increase (decrease) in net assets resulting from operations		(680,127,759	)		536,535,559			(2,818,928	)		3,429,797

Distributions to shareholders:

From distributable earnings		(93,382,329	)		(47,566,749	)		(285,200	)		(325,392	)

From share transactions:

Proceeds from sales of shares		495,342,351			860,704,407			—			—

Cost of shares redeemed		(95,030,975	)		—			—			(7,502,475	)

Net increase (decrease) in net assets resulting from share transactions		400,311,376			860,704,407			—			(7,502,475	)

TOTAL INCREASE (DECREASE)		(373,198,712	)		1,349,673,217			(3,104,128	)		(4,398,070	)

Net assets:

Beginning of year	$	3,093,235,485		$	1,743,562,268		$	15,162,901		$	19,560,971

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


The accompanying notes are an integral part of these financial statements.		111

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 Period December 13, 2021* to August 31, 2022			For the Fiscal Year Ended August 31, 2022			For the Fiscal Year Ended August 31, 2021
From operations:

Net investment income	$	63,472		$	177,914,041		$	145,156,213

Net realized gain (loss)		(230,839	)		647,304,822			746,188,521

Net change in unrealized gain (loss)		(1,219,894	)		(2,624,189,006	)		2,324,876,490

Net increase (decrease) in net assets resulting from operations		(1,387,261	)		(1,798,970,143	)		3,216,221,224

Distributions to shareholders:

From distributable earnings		(47,676	)		(174,777,118	)		(138,466,225	)

From share transactions:

Proceeds from sales of shares		7,934,654			1,516,359,247			1,810,335,563

Cost of shares redeemed		—			(1,695,965,517	)		(1,546,137,807	)

Net increase (decrease) in net assets resulting from share transactions		7,934,654			(179,606,270	)		264,197,756

TOTAL INCREASE (DECREASE)		6,499,717			(2,153,353,531	)		3,341,952,755

Net assets:

Beginning of year	$	—		$	13,769,847,478		$	10,427,894,723

End of year	$	6,499,717		$	11,616,493,947		$	13,769,847,478

Commencement of operations.


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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Statements of Changes in Net Assets (continued)


	ActiveBeta^® U.S. Small Cap Equity ETF						ActiveBeta^® World Low Vol Plus Equity ETF
	For the Fiscal Year Ended August 31, 2022			For the Fiscal Year Ended August 31, 2021			For the Period March 15, 2022* to August 31, 2022
From operations:

Net investment income	$	5,489,225		$	2,761,059		$	6,264,424

Net realized gain (loss)		3,891,164			30,941,317			(6,378,645	)

Net change in unrealized gain (loss)		(71,373,057	)		64,943,544			(54,360,729	)

Net increase (decrease) in net assets resulting from operations		(61,992,668	)		98,645,920			(54,474,950	)

Distributions to shareholders:

From distributable earnings		(5,603,655	)		(2,434,684	)		(4,397,328	)

From share transactions:

Proceeds from sales of shares		176,204,999			224,466,695			616,984,063

Cost of shares redeemed		(37,882,026	)		(60,618,621	)		—

Net increase in net assets resulting from share transactions		138,322,973			163,848,074			616,984,063

TOTAL INCREASE		70,726,650			260,059,310			558,111,785

Net assets:

Beginning of year	$	412,543,141		$	152,483,831		$	—

End of year	$	483,269,791		$	412,543,141		$	558,111,785

Commencement of operations.


The accompanying notes are an integral part of these financial statements.		113

GOLDMAN SACHS ACTIVEBETA^® ETFS

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Year


	ActiveBeta^® Emerging Markets Equity ETF
	For the Fiscal Year Ended August 31,
	2022			2021			2020			2019			2018
Per Share Operating Performance:

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

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

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

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

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

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

Market price, end of year	$	29.03		$	39.16		$	33.28		$	31.14		$	32.87

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

Net assets, end of year (in 000’s)	$	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	%		0.45	%		0.45	%		0.45	%		0.45	%

Ratio of total expenses to average net assets		0.51	%		0.51	%		0.52	%		0.51	%		0.51	%

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

Portfolio turnover rate^(d)		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 year, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the year. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares.

(d)

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


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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Year


	ActiveBeta^® Europe Equity ETF
	For the Fiscal Year Ended August 31,
	2022			2021			2020			2019			2018
Per Share Operating Performance:

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

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

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

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

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

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

Market price, end of year	$	27.26		$	38.05		$	29.81		$	28.62		$	30.73

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

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

Ratio of total expenses to average net assets		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%

Ratio of net investment income to average net assets		2.98	%		2.47	%		2.01	%		3.07	%		3.02	%

Portfolio turnover rate^(c)		19	%		19	%		18	%		17	%		23	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


The accompanying notes are an integral part of these financial statements.		115

GOLDMAN SACHS ACTIVEBETA^® ETFS

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Year


	ActiveBeta^® International Equity ETF
	For the Fiscal Year Ended August 31,
	2022			2021			2020			2019			2018
Per Share Operating Performance:

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

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

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

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

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

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

Market price, end of year	$	27.52		$	35.75		$	28.63		$	27.73		$	29.45

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

Net assets, end of year (in 000’s)	$	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	%		0.25	%		0.25	%		0.25	%		0.25	%

Ratio of net investment income to average net assets		2.97	%		2.31	%		2.08	%		3.10	%		2.56	%

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

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Year


	ActiveBeta^® Japan Equity ETF
	For the Fiscal Year Ended August 31,
	2022			2021			2020			2019			2018
Per Share Operating Performance:

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

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

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

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

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

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

Market price, end of year	$	29.78		$	37.75		$	32.51		$	30.52		$	32.90

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

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

Ratio of total expenses to average net assets		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%

Ratio of net investment income to average net assets		2.03	%		1.64	%		2.09	%		2.64	%		1.62	%

Portfolio turnover rate^(c)		21	%		21	%		18	%		33	%		23	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


The accompanying notes are an integral part of these financial statements.		117

GOLDMAN SACHS ACTIVEBETA^® ETFS

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout The Period


	ActiveBeta^® Paris- Aligned Climate U.S. Large Cap Equity ETF
	For the Period December 13, 2021* to August 31, 2022
Per Share Operating Performance:

Net asset value, beginning of period	$	39.67

Net investment income^(a)		0.32

Net realized and unrealized loss		(7.25	)

Total loss from investment operations		(6.93	)

Distributions to shareholders from net investment income		(0.24	)

Net asset value, end of period	$	32.50

Market price, end of period	$	32.55

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

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

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

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

Portfolio turnover rate^(d)		19	%

Commencement of operations.

(a)

Calculated based on the average shares outstanding methodology.

(b)

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

(c)

Annualized.

(d)


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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Year


	ActiveBeta^® U.S. Large Cap Equity ETF
	For the Fiscal Year Ended August 31,
	2022			2021			2020			2019			2018
Per Share Operating Performance:

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

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

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

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

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

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

Market price, end of year	$	78.33		$	90.91		$	70.61		$	59.07		$	58.75

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

Net assets, end of year (in 000’s)	$	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	%		0.09	%		0.09	%		0.09	%		0.09	%

Ratio of net investment income to average net assets		1.36	%		1.22	%		1.72	%		1.82	%		1.78	%

Portfolio turnover rate^(c)		12	%		16	%		17	%		16	%		16	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)


The accompanying notes are an integral part of these financial statements.		119

GOLDMAN SACHS ACTIVEBETA^® ETFS

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Year


	ActiveBeta^® U.S. Small Cap Equity ETF
	For the Fiscal Year Ended August 31,
	2022			2021			2020			2019			2018
Per Share Operating Performance:

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

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

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

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

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

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

Market price, end of year	$	55.92		$	64.94		$	43.63		$	42.84		$	49.55

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

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

Ratio of total expenses to average net assets		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%

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

Portfolio turnover rate^(e)		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 $0.21 per share and 0.34% of average net assets.

(c)

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

(d)

(e)


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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout The Period


	ActiveBeta^® World Low Vol Plus Equity ETF
	For the Period March 15, 2022* to August 31, 2022
Per Share Operating Performance:

Net asset value, beginning of period	$	40.57

Net investment income^(a)		0.47

Net realized and unrealized loss		(2.76	)

Total loss from investment operations		(2.29	)

Distributions to shareholders from net investment income		(0.31	)

Net asset value, end of period	$	37.97

Market price, end of period	$	37.98

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

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

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

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

Portfolio turnover rate^(d)		13	%

Commencement of operations.

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


The accompanying notes are an integral part of these financial statements.		121

GOLDMAN SACHS ACTIVEBETA^® ETFS

Notes to Financial Statements

August 31, 2022

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

122

GOLDMAN SACHS ACTIVEBETA^® ETFS

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. 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;

123

GOLDMAN SACHS ACTIVEBETA^® ETFS

Notes to Financial Statements (continued)

August 31, 2022

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, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security. Upon entering into a futures contract, a Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.

B. Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of a Fund’s investments may be determined under the Valuation Procedures. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund’s NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.

C. Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of August 31, 2022:



ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

Investment Type	Level 1			Level 2		Level 3

Assets

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

Africa	$	42,005,841		$	—	$	—

Asia		847,814,402			23,474,559		397,461	^(b)

Europe		16,394,369			—		—

North America		30,913,086			—		—

South America		43,419,041			14,926,301		—

Securities Lending Reinvestment Vehicle		10,851,775			—		—

Total	$	991,398,514		$	38,400,860	$	397,461

Derivative Type

Liabilities^(c)

Futures Contracts	$	(8,434	)	$	—	$	—

(a)

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

(b)

Amount represents valuations of Russian positions for which GSAM has determined include significant unobservable inputs as of August 31, 2022. To the extent that the same positions were held as of the Fund’s prior fiscal year end, August 31, 2021, they were classified as Level 1.

(c)

Amount shown represents unrealized gain (loss) at fiscal year end.

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Notes to Financial Statements (continued)

August 31, 2022

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	$	30,764		$	—	$	—

Asia		59,391			—		—

Europe		10,826,378			81,383		—

North America		1,112,010			—		—

Oceania		151,551			—		—

South America		13,461			—		—

Securities Lending Reinvestment Vehicle		61,124			—		—

Total	$	12,254,679		$	81,383	$	—

Derivative Type

Liabilities^(b)

Futures Contracts	$	(997	)	$	—	$	—

ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Investment Type	Level 1			Level 2		Level 3

Assets

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

Africa	$	5,683,458		$	—	$	—

Asia		670,953,323			—		—

Europe		1,341,339,603			11,041,089		—

North America		469,312,711			2,031,575		—

Oceania		202,962,306			—		—

South America		4,478,952			—		—

Securities Lending Reinvestment Vehicle		59,641,107			—		—

Total	$	2,754,371,460		$	13,072,664	$	—

Derivative Type

Liabilities^(b)

Futures Contracts	$	(699,376	)	$	—	$	—

(a)

(b)

Amount shown represents unrealized gain (loss) at fiscal year end.

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



ACTIVEBETA^® JAPAN EQUITY ETF

Investment Type	Level 1		Level 2		Level 3

Assets

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

Asia	$	12,047,121	$	—	$	—

Securities Lending Reinvestment Vehicle		862,006		—		—

Total	$	12,909,127	$	—	$	—

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

Investment Type	Level 1		Level 2		Level 3

Assets

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

North America	$	6,474,231	$	—	$	—

Total	$	6,474,231	$	—	$	—

ACTIVEBETA^® U.S. LARGE CAP EQUITY ETF

Investment Type	Level 1		Level 2		Level 3

Assets

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

North America	$	11,588,862,880	$	—	$	—

Securities Lending Reinvestment Vehicle		20,073,500		—		—

Total	$	11,608,936,380	$	—	$	—

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	$	505,576	$	—	$	—

Asia		2,012,609		—		—

Europe		1,962,725		—		—

North America		465,628,975		3,666		—

South America		682,292		—		—

Securities Lending Reinvestment Vehicle		2,801,299		—		—

Total	$	473,593,476	$	3,666	$	—

(a)

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Notes to Financial Statements (continued)

August 31, 2022

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



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

Derivative Type	Level 1		Level 2		Level 3

Assets^(b)

Futures Contracts	$	12,093	$	—	$	—

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	$	45,365,509	$	—	$	—

Europe		83,802,752		—		—

North America		412,444,066		—		—

Oceania		15,101,839		—		—

Total	$	556,714,166	$	—	$	—

(a)

(b)

Amount shown represents unrealized gain (loss) at fiscal year end.

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

4. INVESTMENTS IN DERIVATIVES

The following tables set forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of August 31, 2022. 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^® Emerging Markets Equity ETF		Variation Margin on Futures Contracts	$	(8,434	)
Equity	Goldman Sachs ActiveBeta^® Europe Equity ETF		Variation Margin on Futures Contracts		(997	)
Equity	Goldman Sachs ActiveBeta^® International Equity ETF		Variation Margin on Futures Contracts		(699,376	)
Equity	Goldman Sachs ActiveBeta^® U.S. Small Cap Equity ETF		Variation Margin on Futures Contracts		12,093

(a)

Includes unrealized gain (loss) on futures contracts described in the Additional Investment Information sections of the Schedules of Investments. Only the variation margin as of August 31, 2022 is reported within the Statements of Assets and Liabilities.

The following tables set forth, by certain risk types, the Funds’ gains (losses) related to these derivatives and their indicative volumes for the fiscal year ended August 31, 2022. 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

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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	$	5,293		$	(8,434	)
Equity	Goldman Sachs ActiveBeta^® Europe Equity ETF		(9,410	)		(2,937	)
Equity	Goldman Sachs ActiveBeta^® International Equity ETF		1,700,360			(699,376	)
Equity	Goldman Sachs ActiveBeta^® Japan Equity ETF		(2,732	)		—
Equity	Goldman Sachs ActiveBeta^® U.S. Large Cap Equity ETF		2,794,530			(498,672	)
Equity	Goldman Sachs ActiveBeta^® U.S. Small Cap Equity ETF		(530,869	)		(38,563	)

For the fiscal year ended August 31, 2022, the relevant values for each derivative type was as follows:


Fund	Average Number of Contracts^(a)
Goldman Sachs ActiveBeta^® Emerging Markets Equity ETF		78
Goldman Sachs ActiveBeta^® Europe Equity ETF		3
Goldman Sachs ActiveBeta^® International Equity ETF		80
Goldman Sachs ActiveBeta^® Japan Equity ETF		5
Goldman Sachs ActiveBeta^® U.S. Large Cap Equity ETF		62
Goldman Sachs ActiveBeta^® U.S. Small Cap Equity ETF		52

(a)

Amount disclosed represents average number of contracts for the months that the Fund held such derivatives during the fiscal year ended August 31, 2022.

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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Notes to Financial Statements (continued)

August 31, 2022

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the fiscal year ended August 31, 2022, unitary management fees with GSAM were at the following rates for each Fund except the ActiveBeta^® Emerging Markets Equity ETF:


Fund				Unitary Management Fee
ActiveBeta^® Europe Equity ETF				0.25%
ActiveBeta^® International Equity ETF				0.25%
ActiveBeta^® Japan Equity ETF				0.25%
ActiveBeta^® Paris-Aligned Climate U.S. Large Cap Equity ETF				0.20%
ActiveBeta^® U.S. Large Cap Equity ETF				0.09%
ActiveBeta^® U.S. Small Cap Equity ETF				0.20%
ActiveBeta^® World Low Vol Plus Equity ETF				0.25%

For the fiscal year ended August 31, 2022, contractual and effective net management fees with GSAM were at the following rate for the ActiveBeta^® Emerging Markets Equity ETF:


Fund				Contractual and Effective Net Management Fee
ActiveBeta^® Emerging Markets Equity ETF				0.40%

B. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain “Other Expenses” of the ActiveBeta^® Emerging Markets Equity ETF (excluding acquired fund fees and expenses, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of the Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Fund is not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitation as an annual percentage rate of average daily net assets for the ActiveBeta^® Emerging Markets Equity ETF is 0.05%. This Other Expense limitation will remain in effect permanently and GSAM may not terminate the arrangement without the approval of the Trustees.

For the fiscal year ended August 31, 2022, these expense reimbursements amounted to $701,206.

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

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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 Fiscal Year Ended August 31, 2022						For the Fiscal Year Ended August 31, 2021

	Shares			Dollars			Shares			Dollars

Fund Share Activity
Shares Sold		1,200,000		$	45,853,209			6,800,000		$	265,763,520
Shares Redeemed		(1,650,000	)		(52,865,514	)		(22,900,000	)		(879,193,841	)

NET DECREASE IN SHARES		(450,000	)	$	(7,012,305	)		(16,100,000	)	$	(613,430,321	)

	ActiveBeta^® Europe Equity ETF

	For the Fiscal Year Ended August 31, 2022						For the Fiscal Year Ended August 31, 2021

	Shares			Dollars			Shares			Dollars

Fund Share Activity
Shares Sold		50,000		$	1,790,247			—		$	—
Shares Redeemed		(150,000	)		(4,610,459	)		—			—

NET DECREASE IN SHARES		(100,000	)	$	(2,820,212	)		—		$	—

	ActiveBeta^® International Equity ETF

	For the Fiscal Year Ended August 31, 2022						For the Fiscal Year Ended August 31, 2021

	Shares			Dollars			Shares			Dollars

Fund Share Activity
Shares Sold		15,100,000		$	495,288,336			25,800,000		$	860,606,084
Shares Redeemed		(3,200,000	)		(95,030,974	)		—			—

NET INCREASE IN SHARES		11,900,000		$	400,257,362			25,800,000		$	860,606,084

	ActiveBeta^® Japan Equity ETF

	For the Fiscal Year Ended August 31, 2022						For the Fiscal Year Ended August 31, 2021

	Shares			Dollars			Shares			Dollars

Fund Share Activity
Shares Sold		—		$	—			—		$	—
Shares Redeemed		—			—			(200,000	)		(7,502,453	)

NET DECREASE IN SHARES		—		$	—			(200,000	)	$	(7,502,453	)

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Notes to Financial Statements (continued)

August 31, 2022

6. CREATION AND REDEMPTION OF CREATION UNITS (continued)


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

	For the Fiscal Year Ended August 31, 2022						For the Fiscal Year Ended August 31, 2021

	Shares			Dollars			Shares			Dollars

Fund Share Activity
Shares Sold		200,001		$	7,934,694			—		$	—
Shares Redeemed		(1	)		(40	)		—			—

NET DECREASE IN SHARES		200,000		$	7,934,654			—		$	—

	ActiveBeta^® U.S. Large Cap Equity ETF

	For the Fiscal Year Ended August 31, 2022						For the Fiscal Year Ended August 31, 2021

	Shares			Dollars			Shares			Dollars

Fund Share Activity
Shares Sold		17,200,000		$	1,516,359,247			22,700,000		$	1,810,334,871
Shares Redeemed		(20,350,000	)		(1,695,965,517	)		(18,800,000	)		(1,546,137,808	)

NET INCREASE IN SHARES		(3,150,000	)	$	(179,606,270	)		3,900,000		$	264,197,063

	ActiveBeta^® U.S. Small Cap Equity ETF

	For the Fiscal Year Ended August 31, 2022						For the Fiscal Year Ended August 31, 2021

	Shares			Dollars			Shares			Dollars

Fund Share Activity
Shares Sold		2,950,000		$	176,204,999			3,800,000		$	224,465,356
Shares Redeemed		(650,000	)		(37,882,026	)		(950,000	)		(60,618,621	)

NET INCREASE IN SHARES		2,300,000		$	138,322,973			2,850,000		$	163,846,735

	ActiveBeta^® World Low Vol Plus Equity ETF

	For the Fiscal Year Ended August 31, 2022						For the Fiscal Year Ended August 31, 2021

	Shares			Dollars			Shares			Dollars

Fund Share Activity
Shares Sold		14,700,000		$	616,984,063			—		$	—
Shares Redeemed		—			—			—			—

NET INCREASE IN SHARES		14,700,000		$	616,984,063			—		$	—

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7. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales of long-term securities for the fiscal year ended August 31, 2022, were as follows:


Fund	Purchases		Sales
ActiveBeta^® Emerging Markets Equity ETF	$	218,605,854	$	235,021,084
ActiveBeta^® Europe Equity ETF		3,399,768		3,480,886
ActiveBeta^® International Equity ETF		571,559,375		530,523,831
ActiveBeta^® Japan Equity ETF		2,873,954		2,882,851
ActiveBeta^® Paris-Aligned Climate U.S. Large Cap Equity ETF		1,397,343		1,396,925
ActiveBeta^® U.S. Large Cap Equity ETF		1,581,861,098		1,564,265,806
ActiveBeta^® U.S. Small Cap Equity ETF		100,298,000		89,779,312
ActiveBeta^® World Low Vol Plus Equity ETF		78,745,429		72,331,762

The purchases and sales from in-kind creation and redemption transactions for the fiscal year ended August 31, 2022, were as follows:


Fund	Purchases		Sales
ActiveBeta^® Emerging Markets Equity ETF	$	3,199,262	$	10,389,406
ActiveBeta^® Europe Equity ETF		1,764,893		4,575,043
ActiveBeta^® International Equity ETF		443,149,143		93,102,591
ActiveBeta^® Japan Equity ETF		—		—
ActiveBeta^® Paris-Aligned Climate U.S. Large Cap Equity ETF		7,927,747		—
ActiveBeta^® U.S. Large Cap Equity ETF		1,481,235,171		1,662,892,663
ActiveBeta^® U.S. Small Cap Equity ETF		157,818,504		37,624,227
ActiveBeta^® World Low Vol Plus Equity ETF		611,142,456		—

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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Notes to Financial Statements (continued)

August 31, 2022

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 August 31, 2022, are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities, where applicable.

Both the Funds and BNYM received compensation relating to the lending of the Funds’ securities. The amounts earned, if any, by the Funds for the fiscal year ended August 31, 2022, are reported under Investment Income on the Statements of Operations.

The following table provides information about the Funds’ investment in the Government Money Market Fund for the fiscal year ended August 31, 2022:


Fund	Beginning value as of August 31, 2021*		Purchases at Cost		Proceeds from Sales			Ending value as of August 31, 2022
ActiveBeta^® Emerging Markets Equity ETF	$	8,722,462	$	125,816,478	$	(123,687,165	)	$	10,851,775
ActiveBeta^® Europe Equity ETF		184,641		5,378,010		(5,501,527	)		61,124
ActiveBeta^® International Equity ETF		37,762,053		623,069,473		(601,190,419	)		59,641,107
ActiveBeta^® Japan Equity ETF		82,494		4,601,560		(3,822,048	)		862,006
ActiveBeta^® Paris-Aligned Climate U.S. Large Cap Equity ETF*		—		73,148		(73,148	)		—
ActiveBeta^® U.S. Large Cap Equity ETF		9,566,002		249,967,630		(239,460,132	)		20,073,500
ActiveBeta^® U.S. Small Cap Equity ETF		5,108,816		38,272,436		(40,579,953	)		2,801,299

Beginning value is as of December 13, 2021 (commencement of operations) for ActiveBeta Paris-Aligned Climate U.S. Large Cap Equity ETF.

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9. TAX INFORMATION

The tax character of distributions paid during the fiscal years ended August 31, 2022 and August 31, 2021 were as follows:


	Fiscal Year Ended August 31, 2022
	ActiveBeta^® Emerging Markets Equity ETF		ActiveBeta^® Europe Equity ETF		ActiveBeta^® International Equity ETF		ActiveBeta^® Japan Equity ETF		ActiveBeta^® Paris-Aligned Climate U.S. Large Cap Equity ETF		ActiveBeta^® U.S. Large Cap Equity ETF		ActiveBeta^® U.S. Small Cap Equity ETF		ActiveBeta^® World Low Vol Plus Equity ETF
Distributions paid from:
Ordinary Income	$	53,609,786	$	658,039	$	93,382,329	$	285,200	$	47,676	$	174,777,118	$	5,603,655	$	4,397,328
Total taxable distributions	$	53,609,786	$	658,039	$	93,382,329	$	285,200	$	47,676	$	174,777,118	$	5,603,655	$	4,397,328


	Fiscal Year Ended August 31, 2021
	ActiveBeta^® Emerging Markets Equity ETF		ActiveBeta^® Europe Equity ETF		ActiveBeta^® International Equity ETF		ActiveBeta^® Japan Equity ETF		ActiveBeta^® Paris-Aligned Climate U.S. Large Cap Equity ETF		ActiveBeta^® U.S. Large Cap Equity ETF		ActiveBeta^® U.S. Small Cap Equity ETF		ActiveBeta^® World Low Vol Plus Equity ETF
Distributions paid from:
Ordinary Income	$	31,408,924	$	469,425	$	47,566,749	$	325,392	$	—	$	138,466,225	$	2,434,684	$	—
Total taxable distributions	$	31,408,924	$	469,425	$	47,566,749	$	325,392	$	—	$	138,466,225	$	2,434,684	$	—

As of August 31, 2022, the components of accumulated earnings (losses) on a tax-basis were as follows:


	ActiveBeta^® Emerging Markets Equity ETF			ActiveBeta^® Europe Equity ETF			ActiveBeta^® International Equity ETF			ActiveBeta^® Japan Equity ETF			ActiveBeta^® Paris-Aligned Climate U.S. Large Cap Equity ETF			ActiveBeta^® U.S. Large Cap Equity ETF			ActiveBeta^® U.S. Small Cap Equity ETF			ActiveBeta^® World Low Vol Plus Equity ETF
Undistributed ordinary income—net	$	6,814,704		$	40,229		$	10,949,380		$	—		$	15,796		$	30,968,860		$	365,901		$	1,867,096
Total undistributed earnings	$	6,814,704		$	40,229		$	10,949,380		$	—		$	15,796		$	30,968,860		$	365,901		$	1,867,096
Capital loss carryforwards⁽¹⁾:
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/Late Year Ordinary Loss Deferral)		(15,871,468	)		(620,899	)		(115,057,817	)		(671,682	)		(230,446	)		(101,511,677	)		—			(5,625,554	)
Unrealized gains (losses)—net		13,236,950			(1,346,778	)		(79,194,072	)		(106,866	)		(1,220,287	)		1,980,672,865			(4,546,127	)		(55,113,820	)
Total accumulated earnings (losses) net	$	(14,357,406	)	$	(4,929,655	)	$	(286,994,857	)	$	(1,579,203	)	$	(1,434,937	)	$	1,486,521,510		$	(18,278,471	)	$	(58,872,278	)

(1)

The ActiveBeta^® Emerging Markets Equity ETF, ActiveBeta^® Europe Equity ETF, ActiveBeta^® International Equity ETF, and ActiveBeta^® U.S. Large Cap Equity ETF, utilized $454, $22,400, $40,928 and $513,181 respectively, of capital losses in the current fiscal year.

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Notes to Financial Statements (continued)

August 31, 2022

9. TAX INFORMATION (continued)

As of August 31, 2022, 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	$	1,012,217,799		$	13,671,700		$	2,845,177,242		$	13,015,737		$	7,694,518		$	9,628,263,515		$	478,155,362		$	611,809,557
Gross unrealized gain		211,733,554			1,351,639			307,462,886			1,397,955			126,123			2,043,444,802			64,092,371			7,435,834
Gross unrealized loss		(198,496,604	)		(2,698,417	)		(386,656,958	)		(1,504,821	)		(1,346,410	)		(62,771,937	)		(68,638,498	)		(62,549,654	)
Net unrealized gains (losses)	$	13,236,950		$	(1,346,778	)	$	(79,194,072	)	$	(106,866	)	$	(1,220,287	)	$	1,980,672,865		$	(4,546,127	)	$	(55,113,820	)

ActiveBeta^® Paris-Aligned Climate U.S. Large Cap Equity ETF commenced operations on December 13, 2021.

ActiveBeta^® World Vol Equity ETF commenced operations on March 15, 2022.

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.

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


Fund	Paid-in Capital		Total Distributable Earnings
ActiveBeta^® Emerging Markets Equity ETF	$	1,059,102	$	(1,059,102	)
ActiveBeta^® Europe Equity ETF	$	567,560	$	(567,560	)
ActiveBeta^® International Equity ETF	$	26,783,340	$	(26,783,340	)
ActiveBeta^® Japan Equity ETF	$	—	$	—
ActiveBeta^® Paris-Aligned Climate U.S. Large Cap Equity ETF	$	—	$	—
ActiveBeta^® U.S. Large Cap Equity ETF	$	765,767,626	$	(765,767,626	)
ActiveBeta^® U.S. Small Cap Equity ETF	$	15,541,995	$	(15,541,995	)
ActiveBeta^® World Vol Equity ETF	$	—	$	—

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

10. OTHER RISKS

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

Derivatives Risk — The Funds’ use of derivatives may result in loss. Derivative instruments, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other instruments, may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Funds. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. The use of derivatives is a highly specialized activity that involves investment

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10. OTHER RISKS (continued)

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.

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. Furthermore, the index providers for the reference indices upon which the Funds’ Indexes are based may delay or change a scheduled rebalancing or reconstitution of an index or the implementation of certain rules at their sole discretion. In such circumstances, a Fund, in replicating the composition of an index, may have more or less exposure to a particular sector or individual company than had the index been constructed in accordance with its stated methodology.

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Notes to Financial Statements (continued)

August 31, 2022

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. OTHER MATTERS

In late February 2022, Russia began an invasion of Ukraine. Following such invasion, the United States, the European Union, and other countries and entities imposed wide-ranging sanctions on Russia and related entities. The ActiveBeta^® Emerging Markets Equity ETF has limited market value in Russian and Ukrainian securities, which are being valued to reflect the limited liquidity and transferability in the current environment. With the closure of local Russian markets and imposition of sanctions in late February and early March, there are currently limited portfolio management actions possible as many of these assets are either sanctioned and/or cannot be transferred or settled. These sanctions and the current environment could impair the ability of the Funds to buy, sell, hold, receive, deliver or otherwise transact in certain securities and other instruments. The full impact of the

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GOLDMAN SACHS ACTIVEBETA^® ETFS

12. OTHER MATTERS (continued)

sanctions and the Russia-Ukraine conflict on these Funds, the financial markets and the global economy is not yet known. Management is continuing to monitor these developments and evaluate other impacts they may have on the Funds.

13. SUBSEQUENT EVENTS

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

139

Report of Independent Registered Public

Accounting Firm

To the Board of Trustees of Goldman Sachs ETF Trust and Shareholders of Goldman Sachs ActiveBeta^® Emerging Markets Equity ETF, Goldman Sachs ActiveBeta^® Europe Equity ETF, Goldman Sachs ActiveBeta^® International Equity ETF, Goldman Sachs ActiveBeta^® Japan Equity ETF, Goldman Sachs ActiveBeta^®Paris-Aligned Climate U.S. Large Cap Equity ETF, Goldman Sachs ActiveBeta^® U.S. Large Cap Equity ETF, Goldman Sachs ActiveBeta^® U.S. Small Cap Equity ETF, and Goldman Sachs ActiveBeta^® World Low Vol Plus Equity ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds indicated in the table below (eight of the funds constituting Goldman Sachs ETF Trust, hereafter collectively referred to as the “Funds”) as of August 31, 2022, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2022, the results of each of their operations, the changes in each of their net assets, and each of the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.


Fund	Statement of operations	Statements of changes in net assets	Financial highlights
Goldman Sachs ActiveBeta^® Emerging Markets Equity ETF, Goldman Sachs ActiveBeta^® Europe Equity ETF, Goldman Sachs ActiveBeta^® International Equity ETF, Goldman Sachs ActiveBeta^®Japan Equity ETF, Goldman Sachs ActiveBeta^® U.S. Large Cap Equity ETF, and Goldman Sachs ActiveBeta^® U.S. Small Cap Equity ETF	For the year ended August 31, 2022	For the two years ended August 31, 2022	For each of the five years in the period ended August 31, 2022
Goldman Sachs ActiveBeta^® Paris-Aligned Climate U.S. Large Cap Equity ETF	For the period December 13, 2021 (commencement of operations) through August 31, 2022
ActiveBeta^® World Low Vol Plus Equity ETF	For the period March 15, 2022 (commencement of operations) through August 31, 2022

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

140

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

October 25, 2022

We have served as the auditor of one or more investment companies in the Goldman Sachs fund complex since 2000.

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GOLDMAN SACHS ACTIVEBETA^® ETFS

Voting Results of Special Meeting of Shareholders (Unaudited)

A Special Meeting (the “Meeting”) of the Goldman Sachs ETF Trust (“the Trust”) was held on December 3, 2021 to consider and act upon the proposal below. Each Fund has amortized its respective share of the proxy, shareholder meeting and other related costs and GSAM has agreed to reimburse the Fund in an amount equal to the portion of the increase in the Fund’s total expense ratio that exceeds a specified percentage.

At the Meeting, Cheryl K. Beebe, Lawrence Hughes, John F. Killian, Steven D. Krichmar and Linda A. Lang were elected to the Trust’s Board of Trustees. In electing trustees, the Trust’s shareholders voted as follows:


Proposal 1. Election of Trustees	For		Against/Withheld		Abstain

Cheryl K. Beebe		264,924,160		15,294,512		0

Lawrence Hughes		279,548,931		669,741		0

John F. Killian		264,883,857		15,334,814		0

Steven D. Krichmar		279,552,751		665,920		0

Linda A. Lang		279,620,511		598,160		0

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GOLDMAN SACHS ACTIVEBETA^® ETFS

Statement Regarding Basis for Initial Approval of Management Agreement for the Goldman Sachs ActiveBeta^® World Low Vol Plus Equity ETF (Unaudited)

Background

The Goldman Sachs ActiveBeta^® World Low Vol Plus Equity ETF (the “Fund”) is a newly-organized investment portfolio of Goldman Sachs ETF Trust (the “Trust”) that commenced investment operations on March 15, 2022. At a meeting held on December 1, 2021 (the “Meeting”) in connection with the Fund’s organization, the Board of Trustees, including all of the Trustees present who are not parties to the Fund’s investment management agreement (the “Management Agreement”) or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”) approved the Management Agreement with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Fund.

At the Meeting, the Trustees reviewed the Management Agreement with respect to the Fund, including information regarding the terms of the Management Agreement; the nature, extent and quality of the Investment Adviser’s anticipated services; the fees and expenses to be paid by the Fund; a comparison of the Fund’s proposed management fee and anticipated expenses with those paid by other similar exchange-traded funds (“ETFs”); potential benefits to be derived by the Investment Adviser and its affiliates from their relationships with the Fund; and potential benefits to be derived by the Fund from its relationship with the Investment Adviser. Various information was also provided at prior meetings at which the Fund was discussed.

In connection with the Meeting, the Trustees received written materials and oral presentations on the topics covered, and were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval of registered fund investment management agreements under applicable law. In evaluating the Management Agreement at the Meeting, the Trustees relied upon information included in a presentation made by the Investment Adviser at the Meeting and information received at prior Board meetings, as well as on their knowledge of the Investment Adviser resulting from their meetings and other interactions over time.

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 to be provided to the Fund by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that would be provided by the Investment Adviser and its affiliates. The Trustees noted the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted the significant resources that the Investment Adviser devotes to risk management and the control environment in which the Fund would operate, 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 its service providers would 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, the Fund pays a single management fee to the Investment Adviser, and the Investment Adviser pays all of the Fund’s ordinary operating expenses, 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. The Trustees also considered information about the Fund’s structure, investment objective, strategies and other characteristics. In particular, they noted that the Fund would operate as 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 would 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 would be able to commit substantial financial and operational resources to the Fund. They also considered that although the Fund was new (and therefore had no performance data to evaluate), the Investment Adviser has committed substantial financial and operational resources to ETFs and has extensive experience managing other types of registered investment companies. 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.

Unitary Fee Structure and Profitability

The Trustees considered the unitary management fee rate payable by the Fund, noting that the Management Agreement provides for a unitary fee structure, pursuant to which the Fund pays a single management 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 to be rendered by the Investment Adviser to the Fund, which would include both advisory and non-advisory services directed to the needs and operations of the Fund as an ETF. The Trustees noted that no license fees would be payable to the

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GOLDMAN SACHS ACTIVEBETA^® ETFS

Statement Regarding Basis for Initial Approval of Management Agreement for the Goldman Sachs ActiveBeta^® World Low Vol Plus Equity ETF (Unaudited) (continued)

Investment Adviser by the Fund for use of the index created by the Investment Adviser. The Trustees also considered information provided regarding fees and expenses of comparable ETFs advised by other, unaffiliated investment management firms. The comparisons of the Fund’s unitary management fee rate and projected expense ratio were prepared by the Investment Adviser and a third-party provider of mutual fund and ETF data. In particular, the Trustees referred to an analysis comparing the Fund’s unitary management fee rate and projected expense ratio to those of relevant peer funds. The Trustees concluded that the comparisons were useful in evaluating the reasonableness of the management fee and total expenses to be paid by the Fund. The Trustees concluded that the Investment Adviser’s management of the Fund likely would benefit the Fund and its shareholders.

In addition, the Trustees recognized that there was not yet profitability data to evaluate for the Fund, but considered the Investment Adviser’s representations that (i) such data would be provided after the Fund commenced operations, and (ii) the Fund was not expected to be profitable to the Investment Adviser and its affiliates initially.

Economies of Scale

The Trustees noted that the Fund, similar to many other ETFs, would not have management fee breakpoints. The Trustees considered the Fund’s projected asset levels and information comparing the fee rates charged by the Investment Adviser with fee rates charged to other ETFs in the Fund’s peer group.

Other Benefits to the Investment Adviser and Its Affiliates

The Trustees also considered the other benefits expected to be derived by the Investment Adviser and its affiliates from their relationships with the Fund as stated above, including: (a) the Investment Adviser’s ability to leverage the infrastructure designed to service the Fund on behalf of its other clients; (b) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (c) fees earned by the Investment Adviser for managing the fund in which the Funds’ securities lending cash collateral is invested; (d) 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; and (e) 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 & Co. LLC (“Goldman Sachs”).

Other Benefits to the Fund and Its Shareholders

The Trustees also noted that the Fund is expected to receive certain potential benefits as a result of its relationship with the Investment Adviser, including: (a) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (b) 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; and (c) the Fund’s access to certain affiliated distribution channels.

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 management fee to be paid by the Fund was reasonable in light of the services to be provided to it by the Investment Adviser, the Investment Adviser’s costs and the Fund’s reasonably foreseeable asset levels. The Trustees unanimously concluded that the engagement of the Investment Adviser likely would benefit the Fund and its shareholders and that the Management Agreement should be approved for an initial two-year period from its effective date.

144

GOLDMAN SACHS ACTIVEBETA^® ETFS

Fund Expenses — Six Month Period Ended 8/31/2022 (Unaudited)

As a shareholder you incur ongoing costs, including management fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in Shares of the Funds and to compare these costs with the ongoing costs of investing in other exchange-traded funds. This example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares of a Fund.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from from March 1, 2022 through August 31, 2022, which represents a period of 184 days of a 365 day year (or less where indicated).

Actual Expenses — The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the six months. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes — The second line in the table below provides information about hypothetical account values and hypothetical expenses based on a Fund’s actual net expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in a Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees, or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.


	ActiveBeta^® Emerging Markets Equity ETF							ActiveBeta^® Europe Equity ETF							ActiveBeta^® International Equity ETF							ActiveBeta^® Japan Equity ETF
	Beginning Account Value 3/1/22		Ending Account Value 8/31/22			Expenses Paid**		Beginning Account Value 3/1/22		Ending Account Value 8/31/22			Expenses Paid**		Beginning Account Value 3/1/22		Ending Account Value 8/31/22			Expenses Paid**		Beginning Account Value 3/1/22		Ending Account Value 8/31/22			Expenses Paid**
Actual based on NAV	$	1,000	$	853.70		$	2.10	$	1,000	$	825.69		$	1.15	$	1,000	$	859.40		$	1.17	$	1,000	$	879.00		$	1.18
Hypothetical 5% return		1,000		1,022.94	+		2.29		1,000		1,023.95	+		1.28		1,000		1,023.95	+		1.28		1,000		1,023.95	+		1.28
	ActiveBeta^® Paris-Aligned Climate U.S. Large Cap Equity ETF							ActiveBeta^® U.S. Large Cap Equity ETF							ActiveBeta^® U.S. Small Cap Equity ETF							ActiveBeta^® World Low Vol Plus Equity ETF
	Beginning Account Value 12/13/21		Ending Account Value 8/31/22			Expenses Paid*		Beginning Account Value 3/1/22		Ending Account Value 8/31/22			Expenses Paid**		Beginning Account Value 3/1/22		Ending Account Value 8/31/22			Expenses Paid**		Beginning Account Value 3/15/22		Ending Account Value 8/31/22			Expenses Paid***
Actual based on NAV	$	1,000	$	892.61		$	0.95	$	1,000	$	912.98		$	0.43	$	1,000	$	908.86		$	0.96	$	1,000	$	943.50		$	1.13
Hypothetical 5% return		1,000		1,024.20	+		1.02		1,000		1,024.75	+		0.46		1,000		1,024.20	+		1.02		1,000		1,022.12	+		1.18

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.

The Fund commenced operations on December 13, 2021. Expenses are calculated using the Fund’s annualized expense ratio, multiplied by the ending value for the period, multiplied by 262/365, which represents a period of 78 days of a 365 day year (to reflect the Fund’s commencement of operation).

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, 2022. 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:

***

The Fund commenced operations on March 15, 2022. Expenses are calculated using the Fund’s annualized expense ratio, multiplied by the ending value for the period, multiplied by 170/365, which represents a period of 78 days of a 365 day year (to reflect the Fund’s commencement of operations).


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

145

GOLDMAN SACHS ACTIVEBETA^® ETFS

Trustees and Officers (Unaudited)

Independent Trustees


Name, Address and Age¹	Position(s) Held with the Trust	Term of Office and Length of Time Served²	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee³	Other Directorships Held by Trustee⁴

Cheryl K. Beebe Age: 66	Chair of the Board of Trustees	Since 2021	Ms. Beebe is retired. She is Director, Packaging Corporation of America (2008-Present); Director, The Mosaic Company (2019-Present); Director, HanesBrands Inc. (2020-Present); and was formerly Director, Convergys Corporation (a global leader in customer experience outsourcing) (2015-2018); and formerly held the position of Executive Vice President, (2010-2014); and Chief Financial Officer, Ingredion, Inc. (a leading global ingredient solutions company) (2004-2014). Chair of the Board of Trustees — Goldman Sachs ETF Trust; Goldman Sachs Trust II; Goldman Sachs ETF Trust II; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs Real Estate Diversified Income Fund.	68	Packaging Corporation of America (producer of container board); The Mosaic Company (producer of phosphate and potash fertilizer); HanesBrands Inc. (a multinational clothing company)

Lawrence Hughes Age: 64	Trustee	Since 2021	Mr. Hughes is retired. Formerly, he held senior management positions with BNY Mellon Wealth Management, a division of The Bank of New York Mellon Corporation (a financial services company) (1991-2015), most recently as Chief Executive Officer (2010-2015). He serves as a Member of the Board of Directors, (2012-Present) and formerly served as Chairman (2012-2019), Ellis Memorial and Eldredge House (a not-for-profit organization). Previously, Mr. Hughes served as an Advisory Board Member of Goldman Sachs Trust II (February 2016-April 2016). Trustee — Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs Real Estate Diversified Income Fund.	68	None

John F. Killian Age: 67	Trustee	Since 2021	Mr. Killian is retired. He is Director, Consolidated Edison, Inc. (2007-Present); and was formerly Director, Houghton Mifflin Harcourt Publishing Company (2011-2022). Previously, he held senior management positions with Verizon Communications, Inc., including Executive Vice President and Chief Financial Officer (2009-2010); and President, Verizon Business, Verizon Communications, Inc. (2005-2009). Trustee — Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs Real Estate Diversified Income Fund.	68	Consolidated Edison, Inc. (a utility holding company)

Steven D. Krichmar Age: 64	Trustee	Since 2021	Mr. Krichmar is retired. Formerly, he held senior management and governance positions with Putnam Investments, LLC, a financial services company (2001-2016). He was most recently Chief of Operations and a member of the Operating Committee of Putnam Investments, LLC and Principal Financial Officer of The Putnam Funds. Previously, Mr. Krichmar served as an Audit Partner with PricewaterhouseCoopers LLP and its predecessor company (1990-2001). Trustee — Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs Real Estate Diversified Income Fund.	68	None

146

GOLDMAN SACHS ACTIVEBETA^® ETFS

Trustees and Officers (Unaudited) (continued)

Independent Trustees


Name, Address and Age¹	Position(s) Held with the Trust	Term of Office and Length of Time Served²	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee³	Other Directorships Held by Trustee⁴

Linda A. Lang Age: 64	Trustee	Since 2016	Ms. Lang is retired. She was formerly Chair of the Board of Directors (2016-2019); and Member of the Board of Directors, WD-40 Company (a global consumer products company) (2004-2019); Chairman and Chief Executive Officer (2005-2014); and Director, President and Chief Operating Officer, Jack in the Box, Inc. (a restaurant company) (2003-2005). Previously, Ms. Lang served as an Advisory Board Member of Goldman Sachs MLP and Energy Renaissance Fund (February 2016-March 2016). Trustee — Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.	69	None

Michael Latham Age: 56	Trustee	Since 2015	Mr. Latham is retired. He currently serves as Chief Operating Officer and Director of FinTech Evolution Acquisition Group (a special purpose acquisition company) (2021-Present). Formerly, Mr. Latham held senior management positions with the iShares exchange-traded fund business owned by BlackRock, Inc., including Chairman (2011-2014); Global Head (2010-2011); U.S. Head (2007-2010); and Chief Operating Officer (2003-2007). Trustee — Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.	69	FinTech Evolution Acquisition Group (a special purpose acquisition company)

Lawrence W. Stranghoener Age: 68	Trustee	Since 2015	Mr. Stranghoener is retired. He is Chairman, Kennametal, Inc. (a global manufacturer and distributor of tooling and industrial materials) (2003-Present); and was formerly Director, Aleris Corporation and Aleris International, Inc. (a producer of aluminum rolled products) (2011-2020); Interim Chief Executive Officer (2014) and Executive Vice President and Chief Financial Officer (2004-2014), Mosaic Company (a fertilizer manufacturing company). Trustee — Goldman Sachs ETF Trust; Goldman Sachs Trust II; Goldman Sachs ETF Trust II; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs Real Estate Diversified Income Fund. Chair of the Board of Trustees — Goldman Sachs Credit Income Fund	69	Kennametal, Inc. (a global manufacturer and distributor of tooling and industrial materials)

147

GOLDMAN SACHS ACTIVEBETA^® ETFS

Trustees and Officers (Unaudited) (continued)

Interested Trustee*


Name, Address and Age¹	Position(s) Held with the Trust	Term of Office and Length of Time Served²	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee³	Other Directorships Held by Trustee⁴

James A. McNamara Age: 59	President and Trustee	Since 2014	Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993 - April 1998). President and Trustee — Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.	172	None

Mr. McNamara is considered to be an “Interested Trustee” because he holds a position with Goldman Sachs and owns securities issued by The Goldman Sachs Group, Inc. The Interested Trustee holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor.

Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Caroline Kraus. Information is provided as of August 31, 2022.

Each Trustee holds office for an indefinite term, until the earliest of: (a) the election of his or her successor; (b) the date the Trustee resigns or is removed by the Board or shareholders, in accordance with the Trust’s Declaration of Trust; or (c) the termination of the Trust. The Board has adopted policies which provide that each Independent Trustee shall retire as of December 31st of the calendar year in which he or she reaches (a) his or her 74th birthday or (b) the 15^th anniversary of the date he or she became a Trustee, whichever is earlier, unless a waiver of such requirements shall have been adopted by a majority of the other Trustees. These policies may be changed by the Trustees without shareholder vote.

The Goldman Sachs Fund Complex includes certain other companies listed above for each respective Trustee. As of August 31, 2022, Goldman Sachs ETF Trust consisted of 46 portfolios (29 of which offered shares to the public); Goldman Sachs ETF Trust II consisted of 2 portfolios (1 of which offered shares to the public); Goldman Sachs Trust consisted of 88 portfolios; Goldman Sachs Variable Insurance Trust consisted of 15 portfolios (12 of which offered shares to the public); Goldman Sachs Trust II consisted of 18 portfolios (16 of which offered shares to the public); and Goldman Sachs MLP and Energy Renaissance Fund, Goldman Sachs Credit Income Fund and Goldman Sachs Real Estate Diversified Income Fund each consisted of one portfolio. Goldman Sachs Credit Income Fund did not offer shares to the public.

⁴

This column includes only directorships of companies required to report to the Securities and Exchange Commission under the Securities Exchange Act of 1934 (i.e., “public companies”) or other investment companies registered under the Act.

Additional information about the Trustees is available in the Funds’ Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States of America): 1-800-526-7384.

148

GOLDMAN SACHS ACTIVEBETA^® ETFS

Trustees and Officers (Unaudited) (continued)

Officers of the Trust*


Name, Address and Age¹	Positions Held with the Trust	Term of Office and Length of Time Served²	Principal Occupation(s) During Past 5 Years

James A. McNamara 200 West Street New York, NY 10282 Age: 59	Trustee and President	Since 2014	Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President and Trustee — Goldman Sachs ETF Trust; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs ETF Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

Caroline L. Kraus 200 West Street New York, NY 10282 Age: 45	Secretary	Since 2014	Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (August 2006-December 2015); Senior Counsel, Goldman Sachs (January 2020-Present); Associate General Counsel, Goldman Sachs (2012-December 2019); Assistant General Counsel, Goldman Sachs (August 2006-December 2011); and Associate, Weil, Gotshal & Manges, LLP (2002-2006). Secretary — Goldman Sachs ETF Trust; Goldman Sachs Trust (previously Assistant Secretary (2012)); Goldman Sachs Variable Insurance Trust (previously Assistant Secretary (2012)); Goldman Sachs Trust II; Goldman Sachs ETF Trust II; Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs Private Middle Market Credit II LLC; Goldman Sachs Middle Market Lending Corp.; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

Joseph F. DiMaria 30 Hudson Street Jersey City, NJ 07302 Age: 54	Treasurer, Principal Financial Officer and Principal Accounting Officer	Since 2017 (Treasurer and Principal Financial Officer since 2019)	Managing Director, Goldman Sachs (November 2015-Present) and Vice President-Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010-October 2015). Treasurer, Principal Financial Officer and Principal Accounting Officer — Goldman Sachs ETF Trust (previously Assistant Treasurer (2017)); Goldman Sachs Trust (previously Assistant Treasurer (2016)); Goldman Sachs Variable Insurance Trust (previously Assistant Treasurer (2016)); Goldman Sachs Trust II (previously Assistant Treasurer (2017)); Goldman Sachs MLP and Energy Renaissance Fund (previously Assistant Treasurer (2017)); Goldman Sachs ETF Trust II; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

Represents a partial list of officers of the Trust. Additional information about all the officers is available in the Funds’ Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States): 1-800-621-2550.

Information is provided as of August 31, 2022.

Officers hold office at the pleasure of the Board of Trustees or until their successors are duly elected and qualified. Each officer holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor.

Goldman Sachs ActiveBeta ETFs — Tax Information (Unaudited)

From distributions paid during the fiscal year ended August 31, 2022, the total amount of income received by the ActiveBeta^® Emerging Markets Equity ETF, ActiveBeta^® Europe Equity ETF, ActiveBeta^® International Equity ETF and ActiveBeta^® Japan Equity ETF from sources within foreign countries and possessions of the United States was $0.9244, $0.8317, $0.5623 and $0.9741 per share, respectively, all of which is attributable to qualified passive income. The percentage of net investment income dividends paid from foreign sources by the ActiveBeta^® Emerging Markets Equity ETF, ActiveBeta^® Europe Equity ETF, ActiveBeta^® International Equity ETF and ActiveBeta^® Japan Equity ETF was 83.15%, 79.20%, 83.94% and 95.55%, respectively. The total amount of taxes paid by the ActiveBeta^® Emerging Markets Equity ETF, ActiveBeta^® Europe Equity ETF, ActiveBeta^® International Equity ETF and ActiveBeta^® Japan Equity ETF to foreign countries was $0.1760, $0.1078, $0.0569, and $0.1491 per share, respectively.

For the fiscal year ended August 31, 2022, 44.29%, 74.22%, 79.11%, 98.55%, 100%, 82.62%, 100% and 100% of the dividends paid from net investment company taxable income by the ActiveBeta^® Emerging Markets Equity ETF, ActiveBeta^® Europe Equity ETF, ActiveBeta^® International Equity ETF, ActiveBeta^® Japan Equity ETF, ActiveBeta^® U.S. Large Cap Equity ETF, ActiveBeta^® U.S. Small Cap Equity ETF, ActiveBeta^® Paris-Aligned Climate US Large Cap Equity ETF, and ActiveBeta^® World Low Vol Plus Equity ETF, respectively, qualify for the reduced tax rate under the Jobs and Growth Tax Relief and Reconciliation Act of 2003.

For the fiscal year ended August 31, 2022, 98.06%, 90.89%, 100% and 43.77% of the dividends paid from net investment company taxable income by the ActiveBeta^® U.S. Large Cap Equity ETF, ActiveBeta^® U.S. Small Cap Equity ETF, ActiveBeta^® Paris-Aligned Climate US Large Cap Equity ETF and ActiveBeta^® World Low Vol Plus Equity ETF qualify for the dividends received deduction available to corporations.

For the year ended August 31, 2022, 8.69% of the dividend paid from net investment company taxable income by ActiveBeta^® U.S. Small Cap Equity ETF qualifies as section 199A dividends.

149

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 $2.27 trillion in assets under supervision as of June 30, 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^® Paris-Aligned Climate U.S. Large Cap Equity ETF

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

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

Goldman Sachs ActiveBeta^® World Low Vol Plus Equity ETF

Goldman Sachs Bloomberg Clean Energy Equity ETF

Goldman Sachs Equal Weight U.S. Large Cap Equity ETF

Goldman Sachs Hedge Industry VIP ETF

Goldman Sachs Innovate Equity ETF

Goldman Sachs JUST U.S. Large Cap Equity ETF

Goldman Sachs Access Emerging Markets USD Bond ETF

Goldman Sachs Access High Yield Corporate Bond ETF

Goldman Sachs Access Inflation Protected USD Bond ETF

Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF

Goldman Sachs Access Investment Grade Corporate Bond ETF

Goldman Sachs Access Treasury 0-1 Year ETF

Goldman Sachs Access Ultra Short Bond ETF

Goldman Sachs Access U.S. Aggregate Bond ETF

Goldman Sachs MarketBeta^® Emerging Markets Equity ETF

Goldman Sachs MarketBeta^® International Equity ETF

Goldman Sachs MarketBeta^® U.S. Equity ETF

Goldman Sachs MarketBeta U.S. 1000 Equity ETF

Goldman Sachs 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.

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

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

GOLDMAN SACHS ASSET MANAGEMENT, L.P., THE GOLDMAN SACHS GROUP, INC., AND GOLDMAN SACHS & CO. LLC (COLLECTIVELY, “GOLDMAN SACHS”) DOES NOT GUARANTEE NOR MAKE ANY REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, TO THE OWNERS OR SHAREHOLDERS OF THE FUNDS OR ANY MEMBER OF THE PUBLIC REGARDING THE ADVISABILITY OF INVESTING IN SECURITIES GENERALLY OR IN A FUND PARTICULARLY OR THE ABILITY OF THE ACTIVEBETA^® INDICES TO TRACK GENERAL MARKET PERFORMANCE. GOLDMAN SACHS, IN ITS CAPACITY AS THE INDEX PROVIDER OF THE ACTIVEBETA^® INDICES, LICENSES CERTAIN TRADEMARKS AND TRADE NAMES TO THE FUNDS. GOLDMAN SACHS HAS NO OBLIGATION TO TAKE THE NEEDS OF THE FUNDS OR THE SHAREHOLDERS OF THE FUNDS INTO CONSIDERATION IN DETERMINING, COMPOSING OR CALCULATING THE ACTIVEBETA^® INDICES. GOLDMAN SACHS OR ANY OF ITS AFFILIATES MAY HOLD LONG OR SHORT POSITIONS IN SECURITIES HELD BY A FUND OR IN RELATED DERIVATIVES.

GOLDMAN SACHS DOES NOT GUARANTEE THE ADEQUACY, TIMELINESS, ACCURACY AND/OR THE COMPLETENESS OF THE ACTIVEBETA^® INDICES OR ANY DATA RELATED THERETO. GOLDMAN SACHS HEREBY EXPRESSLY DISCLAIMS ANY AND ALL LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN OR IN THE CALCULATION THEREOF. GOLDMAN SACHS MAKES NO WARRANTY, EXPRESS OR IMPLIED, AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE MARKS, THE ACTIVEBETA^® INDICES OR ANY DATA INCLUDED THEREIN AS TO THE RESULTS TO BE OBTAINED BY A FUND, THE SHAREHOLDERS, OR ANY OTHER PERSON OR ENTITY FROM USE OF THE ACTIVEBETA^® INDICES OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, GOLDMAN SACHS HEREBY EXPRESSLY DISCLAIMS ANY AND ALL LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.


TRUSTEES Cheryl K. Beebe, Chair Lawrence Hughes John F. Killian Steven D. Krichmar Linda A. Lang Michael Latham James A. McNamara Lawrence W. Stranghoener		OFFICERS James A. McNamara, President Joseph F. DiMaria, Treasurer, Principal Financial Officer and Principal Accounting Officer 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 a Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (i) without charge, upon request by calling 1-800-621-2550; and (ii) on the Securities and Exchange Commission (“SEC”) web site at http://www.sec.gov.

The Funds will file their portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on the Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be made available on the SEC’s web site at http://www.sec.gov. Portfolio holdings information may be obtained upon request and without charge by calling 1-800-621-2550.

Fund holdings and allocations shown are as of August 31, 2022 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.

Economic and market forecasts presented herein reflect our judgment as of the date of this presentation and are subject to change without notice. These forecasts do not take into account the specific investment objectives, restrictions, tax and financial situation or other needs of any specific client. Actual data will vary and may not be reflected here. These forecasts are subject to high levels of uncertainty that may affect actual performance. Accordingly, these forecasts should be viewed as merely representative of a broad range of possible outcomes. These forecasts are estimated, based on assumptions, and are subject to significant revision and may change materially as economic and market conditions change. Goldman Sachs has no obligation to provide updates or changes to these forecasts. Case studies and examples are for illustrative purposes only.

ETF Fund shares are not individually redeemable and are issued and redeemed by the Fund at their net asset value (“NAV”) only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Brokerage commissions will reduce returns. Ordinary brokerage commissions apply. ALPS Distributors, Inc. is the distributor of the Goldman Sachs ETF Funds. ALPS Distributors, Inc. is unaffiliated with Goldman Sachs Asset Management.

This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current Prospectus or summary prospectus, if applicable. Investors should consider a Fund’s objective, risks, and charges and expenses, and read the summary prospectus, if available, and/or the Prospectus carefully before investing or sending money. The summary prospectus, if available, and the Prospectus contain this and other information about a Fund and may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC by calling 1-800-621-2550.

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