Goldman Sachs ETF Trust

Goldman Sachs Funds



Annual Report				August 31, 2022

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

LOGO

Goldman Sachs Future Thematic Equity ETFs

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GOLDMAN SACHS FUTURE CONSUMER EQUITY ETF

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GOLDMAN SACHS FUTURE HEALTH CARE EQUITY ETF

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GOLDMAN SACHS FUTURE PLANET EQUITY ETF

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GOLDMAN SACHS FUTURE REAL ESTATE AND INFRASTRUCTURE EQUITY ETF

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GOLDMAN SACHS FUTURE TECH LEADERS EQUITY ETF


TABLE OF CONTENTS

Investment Process			1

Portfolio Results and Fund Basics			4

Schedules of Investments			26

Financial Statements			32

Financial Highlights			39

Goldman Sachs Future Consumer Equity ETF			39

Goldman Sachs Future Health Care Equity ETF			40

Goldman Sachs Future Planet Equity ETF			41

Goldman Sachs Future Real Estate and Infrastructure Equity ETF			42

Goldman Sachs Future Tech Leaders Equity ETF			43

Notes to Financial Statements			44

Report of Independent Registered Public Accounting Firm			56

Other Information			57



NOT FDIC-INSURED	May Lose Value	No Bank Guarantee

INVESTMENT PROCESS

Goldman Sachs Future Thematic Equity ETFs

Principal Investment Strategies

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

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

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

Goldman Sachs Future Consumer Equity ETF

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

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

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

Goldman Sachs Future Health Care Equity ETF

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

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

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

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

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

Goldman Sachs Future Planet Equity ETF

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

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

INVESTMENT PROCESS

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

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

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

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

Goldman Sachs Future Real Estate and Infrastructure Equity ETF

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

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Innovation — Real estate and infrastructure companies that facilitate innovation-driven demand drivers including but not limited to towers, digital storage, cold storage, logistics, life-science office and studio office.

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Demographic Shifts — Real estate and infrastructure companies that facilitate demographic-driven demand drivers in areas including but not limited to select multi-family, single family rental, self-storage and health care.

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Experiences Over Things — Real estate and infrastructure companies that facilitate experience-driven demand drivers in areas including but not limited to leisure hotels, airports, toll roads, rails and ports.

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

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Social Sustainability — Real estate and infrastructure companies that facilitate social sustainability-driven demand drivers in areas including but not limited to affordable housing, health care, education and waste management.

Goldman Sachs Future Tech Leaders Equity ETF

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

The Investment Adviser seeks to:

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

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

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At the end of the Reporting Period, i.e., on August 31, 2022, we continued to believe that rapid change was disrupting the status quo across industries and around the world. In our view, the Funds should keep investors on the right side of disruption by looking beyond what we considered backward-looking benchmarks to identify innovative, attractively valued companies aligned with durable secular growth themes. We thought that companies showing meaningful alignment with one or more of the Funds’ Key Themes were likely to benefit from secular growth tailwinds in the decades ahead. The Key Themes were underpinned, in our view, by powerful economic drivers, and we expected the investment opportunities to grow over time as companies keep innovating and scaling up innovative technologies. That said, we acknowledged the potential risk of technological failure or redundancy and the risk of changes to the operating environment. In managing the Funds, we intended to continue following our

INVESTMENT PROCESS

disciplined process of stock-level due diligence, portfolio construction and risk management. We planned to remain highly focused on understanding the fundamental drivers of the companies in which we consider investing and expected to invest in them only if we have conviction that their business models can be successful over the long term. Additionally, we intended to maintain balanced and diversified allocations across Key Themes, market capitalizations, regions and sectors to avoid concentrated risk exposures.

PORTFOLIO RESULTS

Goldman Sachs Future Consumer Equity ETF

Investment Objective

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Fundamental Equity Team discusses the Fund’s performance and positioning for the period since its inception on November 9, 2021 through August 31, 2022 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund returned -36.28% based on net asset value (“NAV”) and -36.60% based on market price. The Fund’s benchmark, the MSCI All Country World Index (ACWI) Growth Index (the “MSCI ACWI Growth Index”), returned -25.13% during the same period.

The Fund had an NAV of $40.03 per share on November 9, 2021 and ended the Reporting Period with an NAV of $25.43 per share. The Fund’s market price on August 31, 2022 was $25.30 per share.

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

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

During the Reporting Period, the Fund generated negative absolute returns, as the broad global equity market declined. Global equities fell amid investor concerns about persistent inflation and the potential of a more aggressive than previously expected U.S. Federal Reserve tightening cycle. Other headwinds included rising interest rates, ongoing supply-chain disruptions, emergence of the more contagious Omicron COVID-19 variant, economic and regulatory uncertainty in China, and the outbreak of the Russia-Ukraine war, which drove up commodity prices. Growth-oriented stocks were particularly hard hit during the sell-off, given that they had been trading at high multiples for some time and tend to be sensitive to interest rate movements.

On a relative basis, the Fund underperformed the MSCI ACWI Growth Index during the Reporting Period. Both of the Fund’s Key Themes detracted from relative returns. Within the Key Themes, the e-commerce, connected world, and experiences sub-themes hurt performance the most. The mobility sub-theme added marginally to results.

Within sectors, the Fund was hurt by stock selection in communication services, information technology and consumer discretionary. Its lack of exposure to traditional oil and gas stocks, which do not align with the Key Themes, also detracted from relative performance. The Fund benefited slightly from its overweight position versus the MSCI ACWI Growth Index in the utilities sector.

From a country perspective, stock selection in the U.S. and an allocation to the U.K. detracted from relative returns. An allocation to Portugal and stock selection in France added to performance during the Reporting Period.

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

Relative to the MSCI ACWI Growth Index, the Fund’s overweight positions in Snap, a U.S. camera and social media company; Sea, a Singapore-based e-commerce and video game development company; and Farfetch, a British-Portuguese online luxury fashion retailer (0.68%, 0.79% and 1.02% of Fund net assets as of August 31, 2022, respectively) detracted most from relative performance. All three stocks generated double-digit negative returns within the MSCI ACWI Growth Index during the Reporting Period.

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

Relative to the MSCI ACWI Growth Index, the Fund benefited most from overweight positions in NextEra Energy, a U.S. electric utility and renewable energy company; Ulta Beauty, a U.S. chain of beauty product stores;

PORTFOLIO RESULTS

and T-Mobile US, a U.S. wireless network operator (4.13%, 2.42% and 2.93% of Fund net assets as of August 31, 2022, respectively). NextEra Energy and Ulta Beauty each generated a single-digit positive return within the MSCI ACWI Growth Index, while T-Mobile US delivered a double-digit positive return within the MSCI ACWI Growth Index during the Reporting Period.

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

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

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

Effective April 4, 2022, Jamie McGregor, who had previously shared responsibility for trading, no longer served as a portfolio manager for the Fund. There were no changes to the portfolio managers who were responsible for security selection. At the end of the Reporting Period, the portfolio managers for the Fund were Alexis Deladerrière, Laura Destribats and Nathan Lin, who were responsible for security selection, and Raj Garigipati, who was responsible for trading. By design, the Fund is managed within a team structure. This has been a cornerstone of our approach and helps ensure continuity in the Fund.

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



Sector Name	Fund			MSCI ACWI Growth Index
Communication Services		28.46	%		10.86	%
Consumer Discretionary		27.38			16.37
Information Technology		16.94			34.08
Utilities		6.96			0.59
Consumer Staples		4.97			5.89
Real Estate		4.21			1.25
Materials		4.10			3.35
Health Care		2.43			10.49
Industrials		2.19			9.31
Financials		0.00			6.45
Energy		0.00			1.36

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



Country Name	Fund			MSCI ACWI Growth Index
U.S.		55.02	%		60.75	%
China		5.97			3.56
Taiwan		5.95			1.89
Italy		4.88			0.30
Hong Kong		4.55			1.16
France		4.55			3.33
Netherlands		3.94			1.50
U.K.		3.21			2.25
Portugal		2.83			0.04
Argentina		2.77			0.14
Germany		1.66			1.22
Brazil		0.83			0.56
Singapore		0.79			0.32
South Korea		0.69			1.31
Norway		0.00			0.10

Country and sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by MSCI. The Fund’s composition may differ over time. Consequently, the Fund’s overall country and sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. Figures above may not sum to 100% due to rounding due to the presence of cash.

FUND BASICS

Goldman Sachs Future Consumer Equity ETF

as of August 31, 2022


FUND SNAPSHOT

As of August 31, 2022

Market Price¹	$	25.30
Net Asset Value (NAV)¹	$	25.43

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


TOP TEN HOLDINGS AS OF 8/31/22²

Holding	% of Net Assets			Line of Business	Country

Amazon.com, Inc.		7.7	%	Consumer Discretionary	United States
Alphabet, Inc., Class C		5.2		Communication Services	United States
LVMH Moet Hennessy Louis Vuitton SE		4.6		Consumer Discretionary	France
Mastercard, Inc., Class A		4.5		Information Technology	United States
American Tower Corp. REIT		4.2		Real Estate	United States
NextEra Energy, Inc.		4.1		Utilities	United States
Taiwan Semiconductor Manufacturing Co. Ltd.		3.7		Information Technology	Taiwan
NIKE, Inc., Class B		3.0		Consumer Discretionary	United States
Walt Disney Co. (The)		3.0		Communication Services	United States
T-Mobile US, Inc.		2.9		Communication Services	United States

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

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

GOLDMAN SACHS FUTURE CONSUMER 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 9, 2021 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the MSCI ACWI Growth Index, is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. Certain factors may affect Fund performance including, but not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.

Goldman Sachs Future Consumer Equity ETF’s Lifetime Performance

Performance of a $10,000 Investment, with distributions reinvested, from November 9, 2021 through August 31, 2022.

LOGO


Average Annual Total Return through August 31, 2022*			Since Inception
Shares based on NAV (Commenced November 9, 2021)			-36.28%

Shares based on Market Price (Commenced November 9, 2021)			-36.60%

MSCI ACWI Growth Index			-25.13%

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

PORTFOLIO RESULTS

Goldman Sachs Future Health Care Equity ETF

Investment Objective

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

Portfolio Management Discussion and Analysis

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund returned -24.55% based on net asset value (“NAV”) and -24.39% based on market price. The Fund’s benchmark, the MSCI All Country World Index (ACWI) Health Care Index (the “MSCI ACWI Health Care Index”), returned -10.93% during the same period.

The Fund had an NAV of $39.68 per share on November 9, 2021 and ended the Reporting Period with an NAV of $29.94 per share. The Fund’s market price on August 31, 2022 was $30.00 per share.

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

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

Relative to the MSCI ACWI Health Care Index, the Fund underperformed during the Reporting Period. These results can be broadly attributed to two factors. First, value-oriented health care-related market segments outperformed growth-oriented health care-related market segments. Second, companies focused on COVID-19 came under pressure due to slowing demand for vaccines and testing offerings.

During the Reporting Period, all four of the Fund’s Key Themes hurt relative returns, with Genomics detracting the most and Precision Medicine detracting the least. Within the Key Themes, the genomics supply chain sub-theme detracted most from relative performance, followed by the minimally invasive surgery and diagnostic testing sub-themes. The chronic diseases sub-theme contributed positively to results.

From an industry perspective, the Fund was hampered by its underweight relative to the MSCI ACWI Health Care Index in pharmaceuticals, which was the best performing health care-related market segment during the Reporting Period. Because of its focus on health care innovation, the Fund was underweight large-cap pharmaceutical companies and health care insurers. Another source of relative weakness was the life science tools and services industry, wherein the Fund avoided manufacturers of COVID-19 vaccines and testing kits and concentrated its investments in companies further up the supply chain. COVID-19-related stocks declined during the Reporting Period as the global equity market sold off and investors rotated out of growth-oriented stocks into value-oriented stocks. During the Reporting Period, we focused on adding to the Fund’s investments in companies with innovative non-COVID-19 specific offerings, while trimming or selling holdings that seemed to rely too heavily on COVID-19-related manufacturing.

From a country perspective, stock selection in the U.S. detracted from the Fund’s relative returns. Stock selection in Belgium and an allocation to Switzerland added to performance during the Reporting Period.

PORTFOLIO RESULTS

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

Relative to the MSCI ACWI Health Care Index, the Fund’s overweight positions in Align Technology, a U.S.-based medical device company; Intuitive Surgical, a U.S. company that develops, manufactures and markets robotic products for minimally invasive surgery; and Guardant Health, a U.S.-based precision oncology biotechnology company (0.96%, 3.60% and 0.72% of Fund net assets as of August 31, 2022, respectively) detracted most from relative performance. All three stocks posted double-digit negative returns within the MSCI ACWI Health Care Index during the Reporting Period.

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

Relative to the MSCI ACWI Health Care Index, the Fund benefited most from overweight positions in Neurocrine Biosciences, a U.S. biotechnology company that develops treatments for neurological and endocrine-related diseases and disorders; Eli Lilly and Company, a U.S. pharmaceutical firm; and ShockWave Medical, a U.S.-based cardiovascular medical device manufacturer (4.25%, 5.72% and 1.80% of Fund net assets as of August 31, 2022, respectively). Each of these stocks recorded a double-digit gain within the MSCI ACWI Health Care Index during the Reporting Period.

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

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

Effective April 4, 2022, Jamie McGregor, who had previously shared responsibility for trading, no longer served as a portfolio manager for the Fund. There were no changes to the portfolio managers who were responsible for security selection. At the end of the Reporting Period, the portfolio managers for the Fund were Jenny Chang and Anant Padmanabhan, who were responsible for security selection, and Raj Garigipati, who was responsible for trading. By design, the Fund is managed within a team structure. This has been a cornerstone of our approach and helps ensure continuity in the Fund.

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



Industry Name	Fund			MSCI ACWI Health Care Index
Biotechnology		29.07	%		13.73	%
Health Care Equipment and Supplies		28.28			16.94
Pharmaceuticals		18.42			39.48
Life Sciences Tools and Services		13.86			11.16
Health Care Technology		3.74			0.68
Equity Real Estate Investment Trusts		2.21			0.00
Electronic Equipment Instruments and Components		1.68			0.00
Health Care Providers & Services		0.72			18.01

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



Country Name	Fund			MSCI ACWI Health Care Index
U.S.		77.72	%		70.71	%
Japan		5.14			4.42
U.K.		4.88			3.88
Australia		3.08			1.81
Belgium		2.62			0.39
Denmark		2.36			3.22
France		1.13			1.74
Switzerland		1.08			7.42
China		0.00			1.80
Sweden		0.00			0.12

Country and industry classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by MSCI. The Fund’s composition may differ over time. Consequently, the Fund’s overall country and industry allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. Figures above may not sum to 100% due to rounding due to the presence of cash.

FUND BASICS

Goldman Sachs Future Health Care Equity ETF

as of August 31, 2022


FUND SNAPSHOT

As of August 31, 2022

Market Price¹	$	30.00
Net Asset Value (NAV)¹	$	29.94


TOP TEN HOLDINGS AS OF 8/31/22²

Holding	% of Net Assets			Country

Eli Lilly & Co.		5.7	%	United States
AstraZeneca PLC		4.6		United Kingdom
Neurocrine Biosciences, Inc.		4.3		United States
Boston Scientific Corp.		4.0		United States
Intuitive Surgical, Inc.		3.6		United States
Edwards Lifesciences Corp.		3.5		United States
Insulet Corp.		3.4		United States
Veeva Systems, Inc., Class A		3.4		United States
West Pharmaceutical Services, Inc.		3.2		United States
CSL Ltd.		3.1		Australia

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

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

GOLDMAN SACHS FUTURE HEALTH CARE EQUITY ETF

Performance Summary

August 31, 2022

The following graph shows the value, as of August 31, 2022, of a $10,000 investment made on November 9, 2021 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the MSCI ACWI Health Care Index, is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. Certain factors may affect Fund performance including, but not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.

Goldman Sachs Future Health Care Equity ETF’s Lifetime Performance

Performance of a $10,000 Investment, with distributions reinvested, from November 9, 2021 through August 31, 2022.

LOGO


Average Annual Total Return through August 31, 2022*			Since Inception
Shares based on NAV (Commenced November 9, 2021)			-24.55%

Shares based on Market Price (Commenced November 9, 2021)			-24.39%

MSCI ACWI Health Care Index			-10.93%

PORTFOLIO RESULTS

Goldman Sachs Future Planet Equity ETF

Investment Objective

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

Portfolio Management Discussion and Analysis

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

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund returned -27.97% based on net asset value (“NAV”) and -28.28% based on market price. The Fund’s benchmark, the MSCI All Country World Index (ACWI) (Net, USD, Unhedged) (the “MSCI ACWI Index”), returned -15.88% during the same period.

The Fund had an NAV of $42.18 per share on August 31, 2021 and ended the Reporting Period with an NAV of $30.23 per share. The Fund’s market price on August 31, 2022 was $30.15 per share.

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

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

On a relative basis, the Fund underperformed the MSCI ACWI Index during the Reporting Period. As global equities retreated, many investors adopted defensive stances, rotating out of growth stocks into value-oriented, cyclical stocks. In this environment, the stocks in which the Fund invests, which are generally growth-oriented, were among the worst hit in the sell-off. All five of the Fund’s Key Themes detracted from relative performance during the Reporting Period, with Resource Efficiency detracting the most and Water Sustainability holding up the best. We took advantage of the decline in global equities during the Reporting Period to selectively add to the Fund’s allocations to the Clean Energy and Resource Efficiency Key Themes.

Regarding sectors, the Fund was hurt, broadly speaking, by its lack of exposure to market segments that do not align with its Key Themes, such as financials and traditional energy. Also, stock selection in the materials, information technology and utilities sectors detracted from relative performance. The Fund benefited from its underweight positions relative to the MSCI ACWI Index in the consumer discretionary and communication services sectors.

From a country perspective, strong stock selection in Finland and an allocation to Spain contributed positively to relative performance, while positions in France and Norway detracted from returns during the Reporting Period.

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

Relative to the MSCI ACWI Index, the Fund’s overweight positions in DocuSign, a U.S.-based company that helps organizations manage electronic agreements; Enel, an Italian utility company with a focus on sustainable energy; and DS Smith, a U.K. packaging business that offers sustainable plastic-free packaging, integrated recycling services and sustainable paper products (1.20%, 3.11% and 1.87% of

PORTFOLIO RESULTS

Fund net assets as of August 31, 2022, respectively) detracted most from relative performance during the Reporting Period. All three stocks produced double-digit negative returns within the MSCI ACWI Index during the Reporting Period.

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

Relative to the MSCI ACWI Index, the Fund benefited most from overweight positions in Shoals Technologies Group, a leading U.S. provider of electrical balance-of-system solutions for solar energy projects; Wolfspeed, a U.S. developer and manufacturer of wide bandgap semiconductors; and Albemarle, a U.S. fine chemicals manufacturer (2.77%, 2.70% and 3.09% of Fund net assets as of August 31, 2022, respectively). Each of these stocks recorded a double-digit positive return within the MSCI ACWI Index during the Reporting Period.

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

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

Effective April 4, 2022, Jamie McGregor, who had previously shared responsibility for trading, no longer served as a portfolio manager for the Fund. There were no changes to the portfolio managers who were responsible for security selection. At the end of the Reporting Period, the portfolio managers for the Fund were Alexis Deladerrière, who was responsible for security selection, and Raj Garigipati, who was responsible for trading. By design, the Fund is managed within a team structure. This has been a cornerstone of our approach and helps ensure continuity in the Fund.

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



Sector Name	Fund			MSCI ACWI Index

Industrials		32.65	%		9.59	%
Materials		22.57			4.64
Information Technology		17.02			21.45
Utilities		12.73			3.20
Energy		4.39			5.23
Health Care		3.77			12.17
Consumer Staples		2.71			7.48
Consumer Discretionary		2.27			11.59
Financials		0.00			14.34
Communication Services		0.00			7.56
Real Estate		0.00			2.75

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



Country Name	Fund			MSCI ACWI Index

U.S.		42.50	%		61.65	%
Japan		10.37			5.46
Denmark		5.41			0.65
Finland		4.39			0.24
China		3.93			3.35
Netherlands		3.93			1.04
Spain		3.84			0.56
Switzerland		3.53			2.46
France		3.38			2.66
Italy		3.11			0.53
Ireland		2.89			0.19
Germany		2.34			1.78
Taiwan		2.09			1.67
Norway		1.99			0.21
U.K.		1.87			3.68
Belgium		1.26			0.22
Sweden		1.24			0.80
Australia		0.07			1.96

Country and sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by MSCI. The Fund’s composition may differ over time. Consequently, the Fund’s overall country and sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. Investments in the securities lending vehicle represented 1.1% 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.

FUND BASICS

Goldman Sachs Future Planet Equity ETF

as of August 31, 2022


FUND SNAPSHOT

As of August 31, 2022

Market Price¹	$	30.15
Net Asset Value (NAV)¹	$	30.23


TOP TEN HOLDINGS AS OF 8/31/22²

Holding	% of Net Assets			Line of Business	Country

Neste OYJ		4.4	%	Energy	Finland
NextEra Energy, Inc.		4.0		Utilities	United States
Iberdrola SA		3.8		Utilities	Spain
Ecolab, Inc.		3.8		Materials	United States
Danaher Corp.		3.8		Health Care	United States
Enel SpA		3.1		Utilities	Italy
Albemarle Corp.		3.1		Materials	United States
Xylem, Inc.		3.1		Industrials	United States
Daikin Industries Ltd.		3.1		Industrials	Japan
Shoals Technologies Group, Inc., Class A		2.8		Industrials	United States

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

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

GOLDMAN SACH FUTURE PLANET 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 July 13, 2021 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the MSCI ACWI Index, is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. Certain factors may affect Fund performance including, but not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.

Goldman Sachs Future Planet Equity ETF’s Lifetime Performance

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

LOGO


Average Annual Total Return through August 31, 2022*	1 Year Return	Since Inception
Shares based on NAV (Commenced July 13, 2021)	-27.97%	-21.34%

Shares based on Market Price (Commenced July 13, 2021)	-28.28%	-21.53%

MSCI ACWI Index	-15.88%	-12.44%

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

PORTFOLIO RESULTS

Goldman Sachs Future Real Estate and Infrastructure Equity ETF

Investment Objective

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

Portfolio Management Discussion and Analysis

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund returned -13.52% based on net asset value (“NAV”) and -13.53% based on market price. The Fund’s benchmark, which is comprised 50% of FTSE Global Core Infrastructure 50/50 Index and 50% of FTSE EPRA Nareit Developed Index (the “Index”), returned -7.83% during the same period.

The Fund had an NAV of $40.05 per share on November 9, 2021 and ended the Reporting Period with an NAV of $34.25 per share. The Fund’s market price on August 31, 2022 was $34.25 per share.

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

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

On a relative basis, the Fund underperformed the Index during the Reporting Period. As global equities retreated, many investors adopted defensive stances, rotating out of growth stocks into value-oriented, cyclical stocks. In this environment, the stocks in which the Fund invests, which are generally growth-oriented, were among the worst hit in the sell-off. All five of the Fund’s Key Themes hurt relative performance during the Reporting Period, with Environmental Sustainability detracting the most and Demographic Shifts detracting the least. Within the Key Themes, the e-commerce and e-grocery sub-theme was a drag on performance, as logistics stocks sold off. Because of our conviction in the long-term strength of the e-commerce market, the Fund’s holdings were primarily concentrated in owner/operators of distribution and logistics warehouses, which were negatively impacted by continued supply-chain disruptions during the Reporting Period. In addition, the supply chain was hurt by the imposition of COVID-19 lockdowns in China given that they halted manufacturing in some parts of the country. On the positive side, utilities enabling the climate transition sub-theme added to the Fund’s relative returns. We have a positive view of clean energy and believe traditional forms of energy sit on the wrong side of the climate transition over the long term.

From a country perspective, stock selection in the U.S. detracted from relative returns. An allocation to Japan and stock selection in the U.K. added slightly to performance during the Reporting Period.

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

Relative to the Index, the Fund’s overweight positions in Germany-based Vonovia, a European residential real estate company; Ingenia Communities, an Australian property development company; and Cellnex Telecom, a Spain-based wireless telecommunications infrastructure and services company (2.06%, 1.40% and 2.75% of Fund net assets as of

PORTFOLIO RESULTS

August 31, 2022, respectively) detracted most from relative performance. All three stocks recorded double-digit negative returns within the Index during the Reporting Period.

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

Relative to the Index, the Fund benefited most from overweight positions in National Grid, a British multinational electricity and gas utility company; AES, a U.S. utility and power generation company; and Cheniere Energy, a U.S.-headquartered liquefied natural gas company (4.67%, 1.19% and 1.43% of Fund net assets as of August 31, 2022, respectively). Each of these stocks generated 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?

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

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

Effective April 4, 2022, Jamie McGregor, who had previously shared responsibility for trading, no longer served as a portfolio manager for the Fund. There were no changes to the portfolio managers who were responsible for security selection. At the end of the Reporting Period, the portfolio managers for the Fund were Kristin Kuney and Abhinav Zutshi, who were responsible for security selection, and Raj Garigipati, who was responsible for trading. By design, the Fund is managed within a team structure. This has been a cornerstone of our approach and helps ensure continuity in the Fund.

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



Sector Name	Fund			Index

Real Estate		53.59	%		53.61	%
Utilities		26.46			25.58
Industrials		11.73			14.88
Materials		2.90			0.00
Communication Services		2.80			0.94
Energy		1.45			4.92
Health Care		1.07			0.06
Financials		0.00			0.02

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



Country Name	Fund			Index

U.S.		60.02	%		58.17	%
U.K.		11.13			3.51
France		6.51			1.06
Australia		6.37			5.05
Spain		4.21			1.59
Italy		2.39			1.49
Canada		2.11			5.65
Germany		2.06			1.26
Japan		1.42			6.16
Netherlands		0.96			0.08
Denmark		0.88			0.00
Belgium		0.00			0.64
Portugal		0.00			0.02

Country and sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by FTSE Russell Group. The Fund’s composition may differ over time. Consequently, the Fund’s overall country and sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. Figures above may not sum to 100% due to rounding due to the presence of cash.

FUND BASICS

Goldman Sachs Future Real Estate and Infrastructure Equity ETF

as of August 31, 2022


FUND SNAPSHOT

As of August 31, 2022

Market Price¹	$	34.25
Net Asset Value (NAV)¹	$	34.25


TOP TEN HOLDINGS AS OF 8/31/22²

Holding	% of Net Assets			Line of Business	Country

National Grid PLC		4.7	%	Utilities	United Kingdom
NextEra Energy, Inc.		4.6		Utilities	United States
American Tower Corp. REIT		4.4		Real Estate	United States
Prologis, Inc. REIT		4.0		Real Estate	United States
Transurban Group		3.7		Industrials	Australia
Vinci SA		3.4		Industrials	France
Cellnex Telecom SA		2.8		Communication Services	Spain
Equity LifeStyle Properties, Inc. REIT		2.7		Real Estate	United States
SBA Communications Corp. REIT		2.7		Real Estate	United States
Public Storage REIT		2.6		Real Estate	United States

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

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

GOLDMAN SACHS FUTURE REAL ESTATE AND INFRASTRUCTURE EQUITY ETF

Performance Summary

August 31, 2022

The following graph shows the value, as of August 31, 2022, of a $10,000 investment made on November 9, 2021 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, 50% FTSE Global Core Infrastructure 50/50 Index and 50% FTSE EPRA Nareit Developed Index, is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. Certain factors may affect Fund performance including, but not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.

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

Performance of a $10,000 Investment, with distributions reinvested, from November 9, 2021 through August 31, 2022.

LOGO


Average Annual Total Return through August 31, 2022*			Since Inception
Shares based on NAV (Commenced November 9, 2021)			-13.52%

Shares based on Market Price (Commenced November 9, 2021)			-13.53%

50% FTSE Global Core Infrastructure 50/50 Index and 50% FTSE EPRA Nareit Developed Index			-7.83%

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

PORTFOLIO RESULTS

Goldman Sachs Future Tech Leaders Equity ETF

Investment Objective

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Fundamental Equity Team discusses the Fund’s performance and positioning for the period since its inception on September 14, 2021 through August 31, 2022 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund returned -40.03% based on net asset value (“NAV”) and -40.13% based on market price. The Fund’s primary benchmark, the MSCI All Country World Index (ACWI) (Net, USD, Unhedged) (the “MSCI ACWI Index”), returned -15.25% during the same period. The Fund’s custom secondary benchmark returned -28.03% during the Reporting Period. (The custom secondary benchmark is comprised of those companies within the MSCI ACWI Index that are classified within the information technology sector, the communications services sector, and the internet and direct marketing retail industry and excludes companies with market capitalizations of more than $100 billion.)

The Fund had an NAV of $40.22 per share on September 14, 2021 and ended the Reporting Period with an NAV of $24.12 per share. The Fund’s market price on August 31, 2022 was $24.08 per share.

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

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

On a relative basis, the Fund underperformed the MSCI ACWI Index during the Reporting Period. We attribute this underperformance to the interest rate sensitivity of the Fund’s investments. Companies that drive innovation have some of the highest expected growth rates in the broad global equity market, in our view, and derive the majority of their value from cash flows extending far into the future. During the Reporting Period, as the market anticipated higher interest rates, investors appeared to discount the future cash flows of many of these companies, pushing down their share prices.

From both a sector and country perspective, the Fund was hurt across the board during the Reporting Period. Regarding sectors, stock selection within information technology and communication services detracted most from relative performance. In terms of countries, stock selection in the U.S. and Taiwan diminished returns the most.

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

During the Reporting Period, the Fund was hampered by its exposure to Russian search engine and web portal Yandex as well as by overweight positions relative to the MSCI ACWI Index in Qualtrics International, a U.S. a cloud-based subscription software platform to help businesses design and improve their products and services, and UiPath, a Romania-based software company that makes robotic process automation software (0.00%,¹ 1.51% and 1.29% of Fund net

assets as of August 31, 2022, respectively). Trading in

This weight is 0.00% at August 31, 2022 because the position was not a component of the Index at the end of the Reporting Period. Given ongoing uncertainty at the end of the Reporting Period, Goldman Sachs Valuation Committee marked the Fund’s position in Yandex stock at zero.

PORTFOLIO RESULTS

Yandex shares was suspended on February 25, 2022 amid Russia’s invasion of Ukraine. In March, in response to the invasion, a number of index providers, including MSCI, excluded Russian securities from their equity and fixed income indices. Qualtrics International and UiPath each generated a double-digit negative return within the MSCI ACWI Index during the Reporting Period.

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

Relative to the Index, the Fund benefited most from overweight positions in ON Semiconductor, a U.S.-based semiconductor supplier; Palo Alto Networks, a U.S. multinational cybersecurity company; and Wolfspeed., a U.S. developer and manufacturer of wide bandgap semiconductors (2.58%, 3.54% and 1.47% of Fund net assets as of August 31, 2022, respectively). All three stocks recorded double-digit positive returns within the MSCI ACWI Index during the Reporting Period.

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

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

Effective April 4, 2022, Jamie McGregor, who had previously shared responsibility for trading, no longer served as a portfolio manager for the Fund. There were no changes to the portfolio managers who were responsible for security selection. At the end of the Reporting Period, the portfolio managers for the Fund were Sung Cho, Charles “Brook” Dane and Nathan Lin, who were responsible for security selection, and Raj Garigipati, who was responsible for trading. By design, the Fund is managed within a team structure. This has been a cornerstone of our approach and helps ensure continuity in the Fund.

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



Sector Name	Fund			MSCI ACWI Index

Information Technology		77.80	%		21.45	%
Communication Services		10.50			7.56
Consumer Discretionary		3.92			11.59
Real Estate		2.47			2.74
Health Care		1.93			12.17
Industrials		1.88			9.59
Financials		0.00			14.34
Consumer Staples		0.00			7.48
Energy		0.00			5.23
Materials		0.00			4.64
Utilities		0.00			3.20

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



Country Name	Fund			MSCI ACWI Index
U.S.		56.65	%		61.65	%
Taiwan		10.50			1.67
China		7.71			3.35
Japan		5.69			5.46
Hong Kong		3.64			1.02
Netherlands		3.43			1.04
Australia		2.41			1.96
Argentina		1.92			0.07
Spain		1.81			0.56
Germany		1.65			1.78
Uruguay		1.31			0.00
Singapore		0.99			0.35
South Korea		0.79			1.31
U.K.		0.00			3.68
Canada		0.00			3.10
France		0.00			2.66
Switzerland		0.00			2.46
India		0.00			1.64
Sweden		0.00			0.80
Denmark		0.00			0.65
Brazil		0.00			0.60
Italy		0.00			0.53
Saudi Arabia		0.00			0.52
South Africa		0.00			0.38
Finland		0.00			0.24
Mexico		0.00			0.23
Belgium		0.00			0.22
Indonesia		0.00			0.22
Thailand		0.00			0.22
Norway		0.00			0.21

PORTFOLIO RESULTS



Country Name	Fund			MSCI ACWI Index
Israel		0.00	%		0.20	%
Ireland		0.00			0.19
Malaysia		0.00			0.17
United Arab Emirates		0.00			0.15
Qatar		0.00			0.13
Kuwait		0.00			0.10
Philippines		0.00			0.09
Chile		0.00			0.07
Poland		0.00			0.06
Portugal		0.00			0.06
New Zealand		0.00			0.04
Austria		0.00			0.04
Turkey		0.00			0.04
Peru		0.00			0.03
Greece		0.00			0.03
Hungary		0.00			0.02
Colombia		0.00			0.02
Czech Republic		0.00			0.02
Egypt		0.00			0.01
Pakistan		0.00			0.00
Russia		0.00			0.00

Country and sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by MSCI. The Fund’s composition may differ over time. Consequently, the Fund’s overall country and sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. Investments in the securities lending vehicle represented 0.3% 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.

FUND BASICS

Goldman Sachs Future Tech Leaders Equity ETF

as of August 31, 2022


FUND SNAPSHOT

As of August 31, 2022

Market Price¹	$	24.08
Net Asset Value (NAV)¹	$	24.12


TOP TEN HOLDINGS AS OF 8/31/22²

Holding	% of Net Assets			Line of Business	Country

Palo Alto Networks, Inc.		3.5	%	Information Technology	United States
Cadence Design Systems, Inc.		3.0		Information Technology	United States
ON Semiconductor Corp.		2.6		Information Technology	United States
Kingdee International Software Group Co. Ltd.		2.6		Information Technology	China
Motorola Solutions, Inc.		2.5		Information Technology	United States
SBA Communications Corp. REIT		2.5		Real Estate	United States
Atlassian Corp. PLC, Class A		2.4		Information Technology	United States
Bill.com Holdings, Inc.		2.4		Information Technology	United States
Marvell Technology, Inc.		2.4		Information Technology	United States
KLA Corp.		2.4		Information Technology	United States

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

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

GOLDMAN SACHS FUTURE TECH LEADERS EQUITY ETF

Performance Summary

August 31, 2022

The following graph shows the value, as of August 31, 2022, of a $10,000 investment made on September 14, 2021 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the MSCI ACWI Index, and the Fund’s secondary custom benchmark, MSCI ACWI Select Information Technology + Communication Services + Internet & Direct Marketing Retail (Excluding > $100bn Market Capitalization) Index, are shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.

Goldman Sachs Future Tech Leaders Equity ETF’s Lifetime Performance

Performance of a $10,000 Investment, with distributions reinvested, from September 14, 2021 through August 31, 2022.

LOGO


Average Annual Total Return through August 31, 2022*			Since Inception
Shares based on NAV (Commenced September 14, 2021)			-40.03%

Shares based on Market Price (Commenced September 14, 2021)			-40.13%

MSCI ACWI Index			-15.25%

FUND BASICS

Index Definitions and Industry Terms

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

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

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

MSCI ACWI Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets.

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

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

MSCI ACWI Select Information Technology + Communication Services + Internet & Direct Marketing Retail (Excluding >$100bn Market Capitalization) Index is comprised of those companies classified within the Information Technology sector, Communications Services sector and Internet and Direct Marketing Retail industry within the MSCI ACWI Index and excludes companies with a market capitalization over $100 billion.

GOLDMAN SACHS FUTURE CONSUMER EQUITY ETF

Schedule of Investments

August 31, 2022


Shares		Description	Value

Common Stocks – 97.7%
Communication Services – 28.5%
	41,961	Alphabet, Inc., Class C*	$	4,580,043
	58,908	Baidu, Inc., Class A (China)*		1,062,000
	46,729	Bumble, Inc., Class A*		1,170,562
	27,333	CTS Eventim AG & Co. KGaA (Germany)*		1,474,554
	14,555	Electronic Arts, Inc.		1,846,593
	25,358	Live Nation Entertainment, Inc.*		2,291,349
	15,660	Meta Platforms, Inc., Class A*		2,551,484
	3,422	NAVER Corp. (South Korea)		614,018
	96,471	NetEase, Inc. (China)		1,742,878
	11,383	Sea Ltd. ADR (Singapore)*		705,746
	55,247	Snap, Inc., Class A*		601,087
	34,703	Tencent Holdings Ltd. (China)		1,446,686
	18,126	T-Mobile US, Inc.*		2,609,419
	23,563	Walt Disney Co. (The)*		2,640,941

				25,337,360

Consumer Discretionary – 27.4%
	54,068	Amazon.com, Inc.*		6,854,200
	13,569	Basic-Fit NV (Netherlands)*^(a)		520,121
	8,809	Etsy, Inc.*		930,319
	90,102	Farfetch Ltd., Class A (United Kingdom)*		903,723
	6,217	LVMH Moet Hennessy Louis Vuitton SE (France)		4,047,850
	65,752	Meituan, Class B (China)*^(a)		1,590,007
	2,882	MercadoLibre, Inc. (Brazil)*		2,465,148
	50,335	Moncler SpA (Italy)		2,259,425
	24,904	NIKE, Inc., Class B		2,651,031
	5,130	Ulta Beauty, Inc.*		2,153,933

				24,375,757

Consumer Staples – 5.0%
	423,737	Budweiser Brewing Co. APAC Ltd. (China)^(a)		1,249,803
	211,652	Davide Campari-Milano NV (Italy)		2,087,404
	46,740	Proya Cosmetics Co. Ltd., Class A (China)		1,084,840

				4,422,047

Health Care – 2.4%
	14,736	Guardant Health, Inc.*		737,684
	7,087	Illumina, Inc.*		1,429,023

				2,166,707

Industrials – 2.2%
	63,983	Experian PLC (United Kingdom)		1,952,840

Information Technology – 16.9%
	870	Adyen NV (Netherlands)*^(a)		1,351,610
	409,637	Locaweb Servicos de Internet SA (Brazil)*^(a)		739,260
	12,434	Mastercard, Inc., Class A		4,033,217
	90,628	MediaTek, Inc. (Taiwan)		1,986,000
	16,349	NVIDIA Corp.		2,467,718
	87,003	Sunny Optical Technology Group Co. Ltd. (China)		1,196,051


Common Stocks – (continued)
Information Technology – (continued)
	199,381	Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)		3,308,005

				15,081,861

Materials – 4.1%
	35,979	Ball Corp.		2,007,988
	12,797	Koninklijke DSM NV (Netherlands)		1,638,743

				3,646,731

Real Estate – 4.2%
	14,736	American Tower Corp. REIT		3,743,681

Utilities – 7.0%
	103,642	EDP Renovaveis SA (Spain)		2,518,930
	43,247	NextEra Energy, Inc.		3,678,590

				6,197,520

	TOTAL INVESTMENTS – 97.7%
	(Cost $105,342,132)		$	86,924,504

	OTHER ASSETS IN EXCESS OF LIABILITIES – 2.3%			2,076,029

	NET ASSETS – 100.0%		$	89,000,533



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

*		Non-income producing security.

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



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


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

GOLDMAN SACHS FUTURE HEALTH CARE EQUITY ETF

Schedule of Investments

August 31, 2022


Shares		Description	Value

Common Stocks – 98.0%
Australia – 3.1%
	15,574	CSL Ltd. (Health Care)	$	3,134,055

Denmark – 2.4%
	67,592	Genmab A/S ADR (Health Care)*		2,398,840

France – 1.1%
	3,115	Sartorius Stedim Biotech (Health Care)		1,145,478

Italy – 0.4%
	25,754	Stevanato Group SpA (Health Care)		427,516

Japan – 5.1%
	79,027	Chugai Pharmaceutical Co. Ltd. (Health Care)		2,057,410
	18,595	Hoya Corp. (Health Care)		1,911,479
	55,784	Kyowa Kirin Co. Ltd. (Health Care)		1,261,553

				5,230,442

Netherlands – 2.8%
	7,066	Argenx SE ADR (Health Care)*		2,670,030
	21,570	Pharvaris NV (Health Care)*		196,071

				2,866,101

Switzerland – 1.1%
	2,045	Lonza Group AG (Health Care)		1,096,729

United Kingdom – 4.9%
	37,653	AstraZeneca PLC (Health Care)		4,663,461
	95,576	Oxford Nanopore Technologies PLC (Health Care)*		304,722

				4,968,183

United States – 77.1%
	42,210	2seventy bio, Inc. (Health Care)*		621,753
	36,256	Agios Pharmaceuticals, Inc. (Health Care)*		924,528
	14,689	Alexandria Real Estate Equities, Inc. REIT (Real Estate)		2,253,293
	3,997	Align Technology, Inc. (Health Care)*		974,069
	34,865	Allogene Therapeutics, Inc. (Health Care)*		477,999
	5,857	Alnylam Pharmaceuticals, Inc. (Health Care)*		1,210,466
	14,644	Axonics, Inc. (Health Care)*		1,058,029
	14,877	Beam Therapeutics, Inc. (Health Care)*		812,284
	12,971	Biogen, Inc. (Health Care)*		2,534,274
	101,061	Boston Scientific Corp. (Health Care)*		4,073,769
	38,629	Bristol-Myers Squibb Co. (Health Care)		2,603,981
	24,342	Catalent, Inc. (Health Care)*		2,142,096
	25,009	Certara, Inc. (Health Care)*		391,891
	6,369	Cooper Cos., Inc. (The) (Health Care)		1,830,705
	6,508	Danaher Corp. (Health Care)		1,756,574
	30,587	Dexcom, Inc. (Health Care)*		2,514,557
	39,792	Edwards Lifesciences Corp. (Health Care)*		3,585,259
	19,337	Eli Lilly & Co. (Health Care)		5,824,885
	43,265	Exelixis, Inc. (Health Care)*		767,521
	33,967	Gilead Sciences, Inc. (Health Care)		2,155,885
	14,644	Guardant Health, Inc. (Health Care)*		733,079
	68,962	Halozyme Therapeutics, Inc. (Health Care)*		2,808,822


Common Stocks – (continued)
United States – (continued)
	3,718	IDEXX Laboratories, Inc. (Health Care)*		1,292,451
	9,995	Illumina, Inc. (Health Care)*		2,015,392
	9,856	Inari Medical, Inc. (Health Care)*		683,514
	13,620	Insulet Corp. (Health Care)*		3,479,501
	17,804	Intuitive Surgical, Inc. (Health Care)*		3,662,995
	3,627	iRhythm Technologies, Inc. (Health Care)*		534,801
	49,045	MaxCyte, Inc. (Health Care)*		255,034
	2,278	Mettler-Toledo International, Inc. (Health Care)*		2,761,984
	41,302	Neurocrine Biosciences, Inc. (Health Care)*		4,321,428
	12,829	Novanta, Inc. (Information Technology)*		1,715,109
	24,314	Pacific Biosciences of California, Inc. (Health Care)*		142,480
	6,926	PerkinElmer, Inc. (Health Care)		935,426
	11,204	Sarepta Therapeutics, Inc. (Health Care)*		1,225,494
	18,455	Seagen, Inc. (Health Care)*		2,847,422
	6,184	Shockwave Medical, Inc. (Health Care)*		1,835,782
	6,693	Tandem Diabetes Care, Inc. (Health Care)*		306,138
	14,317	Ultragenyx Pharmaceutical, Inc. (Health Care)*		682,778
	17,153	Veeva Systems, Inc., Class A (Health Care)*		3,418,936
	11,017	West Pharmaceutical Services, Inc. (Health Care)		3,268,634
	9,808	Zimmer Biomet Holdings, Inc. (Health Care)		1,042,787

				78,483,805

	TOTAL INVESTMENTS – 98.0%
	(Cost $114,433,612)		$	99,751,149

	OTHER ASSETS IN EXCESS OF LIABILITIES – 2.0%			2,029,860

	NET ASSETS – 100.0%		$	101,781,009



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

*		Non-income producing security.



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



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



Sector Name	% of Market Value
Health Care		96.0	%
Real Estate		2.3
Information Technology		1.7


TOTAL INVESTMENTS		100.0	%


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

GOLDMAN SACHS FUTURE PLANET EQUITY ETF

Schedule of Investments

August 31, 2022


Shares		Description	Value

Common Stocks – 98.0%
Australia – 0.1%
	633,070	Carbon Revolution Ltd. (Consumer Discretionary)*	$	115,010

Belgium – 1.3%
	68,234	Umicore SA (Materials)		2,178,453

China – 3.9%
	53,572	Contemporary Amperex Technology Co. Ltd., Class A (Industrials)*		3,753,549
	2,220,481	Xinyi Solar Holdings Ltd. (Information Technology)		3,066,693

				6,820,242

Denmark – 5.4%
	47,439	Chr Hansen Holding A/S (Materials)		2,772,080
	62,292	Novozymes A/S, Class B (Materials)		3,584,424
	30,884	Orsted AS (Utilities)^(a)		3,035,245

				9,391,749

Finland – 4.4%
	154,004	Neste OYJ (Energy)		7,626,793

France – 0.8%
	49,528	Imerys SA (Materials)		1,439,303

Germany – 2.3%
	165,923	Infineon Technologies AG (Information Technology)		4,054,307

Ireland – 0.7%
	20,716	Kingspan Group PLC (Industrials)		1,179,866

Italy – 3.1%
	1,144,815	Enel SpA (Utilities)		5,405,313

Japan – 10.3%
	29,980	Daikin Industries Ltd. (Industrials)		5,295,295
	62,960	Horiba Ltd. (Information Technology)		2,902,178
	8,994	Keyence Corp. (Information Technology)		3,428,263
	89,977	Kurita Water Industries Ltd. (Industrials)		3,543,909
	41,972	Nidec Corp. (Industrials)		2,823,062

				17,992,707

Netherlands – 3.9%
	71,205	Aalberts NV (Industrials)		2,617,703
	32,760	Koninklijke DSM NV (Materials)		4,195,141
	13,237	Pryme NV (Industrials)*^(a)		12,005

				6,824,849

Norway – 2.0%
	1,201,234	Aker Carbon Capture ASA (Industrials)*		2,599,971
	384,033	Aker Horizons ASA (Industrials)*^(b)		694,995
	178,697	Circa Group AS (Materials)*		142,790

				3,437,756

Spain – 3.8%
	638,214	Iberdrola SA (Utilities)		6,664,638


Common Stocks – (continued)
Sweden – 0.4%
	75,785	Re:NewCell AB (Materials)*^(b)		656,413

Switzerland – 3.5%
	122,208	ABB Ltd. (Industrials)		3,377,171
	12,211	Sika AG (Materials)		2,757,625

				6,134,796

Taiwan – 2.1%
	419,875	Delta Electronics, Inc. (Information Technology)		3,627,996

United Kingdom – 1.9%
	1,043,435	DS Smith PLC (Materials)		3,250,257

United States – 48.1%
	20,025	Albemarle Corp. (Materials)		5,365,899
	41,006	Aptiv PLC (Consumer Discretionary)*		3,831,191
	43,751	Ball Corp. (Materials)		2,441,743
	116,388	Bloom Energy Corp., Class A (Industrials)*		2,957,419
	24,257	Danaher Corp. (Health Care)		6,547,207
	65,042	Danimer Scientific, Inc. (Materials)*^(b)		289,437
	33,705	Darling Ingredients, Inc. (Consumer Staples)*		2,563,602
	35,683	DocuSign, Inc. (Information Technology)*		2,077,464
	40,079	Ecolab, Inc. (Materials)		6,566,143
	48,147	Itron, Inc. (Information Technology)*		2,290,834
	82,305	NextEra Energy, Inc. (Utilities)		7,000,863
	131,633	Nuvve Holding Corp. (Industrials)*^(b)		377,787
	465,162	Oatly Group AB ADR (Consumer Staples)*^(b)		1,502,473
	37,104	Schneider Electric SE (Industrials)		4,431,674
	182,211	Shoals Technologies Group, Inc., Class A (Industrials)*		4,804,904
	210,289	Smart Wires Technology Ltd. SDR (Industrials)*		116,484
	12,431	SolarEdge Technologies, Inc. (Information Technology)*		3,430,583
	95,435	Tattooed Chef, Inc. (Consumer Staples)*^(b)		635,597
	23,944	Trane Technologies PLC (Industrials)		3,689,052
	32,030	Waste Connections, Inc. (Industrials)		4,457,935
	27,397	Waste Management, Inc. (Industrials)		4,630,915
	87,319	Westrock Co. (Materials)		3,544,278
	41,265	Wolfspeed, Inc. (Information Technology)*		4,682,340
	58,286	Xylem, Inc. (Industrials)		5,309,855

				83,545,679

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $210,222,187)		$	170,346,127


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

GOLDMAN SACHS FUTURE PLANET EQUITY ETF


Shares	Dividend Rate			Value

Securities Lending Reinvestment Vehicle – 1.1%^(c)
Goldman Sachs Financial Square Government Fund – Institutional Shares
1,990,428		2.154	%	$	1,990,428
(Cost $1,990,428)

TOTAL INVESTMENTS – 99.1%
(Cost $212,212,615)				$	172,336,555

OTHER ASSETS IN EXCESS OF LIABILITIES – 0.9%					1,487,586

NET ASSETS – 100.0%				$	173,824,141



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

*		Non-income producing security.

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

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

(c)		Represents an affiliated issuer.



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



Sector	% of Market Value
Industrials		32.9	%
Materials		22.7
Information Technology		17.2
Utilities		12.8
Energy		4.4
Health Care		3.8
Consumer Staples		2.7
Consumer Discretionary		2.3
Securities Lending Reinvestment Vehicle		1.2


TOTAL INVESTMENTS		100.0	%


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

GOLDMAN SACHS FUTURE REAL ESTATE AND INFRASTRUCTURE EQUITY ETF

Schedule of Investments

August 31, 2022


Shares		Description	Value

Common Stocks – 97.9%
Communication Services – 2.7%
	16,880	Cellnex Telecom SA (Spain)*^(a)	$	658,070

Energy – 1.4%
	2,133	Cheniere Energy, Inc.		341,664

Health Care – 1.1%
	31,680	Chartwell Retirement Residences (Canada)		251,340

Industrials – 11.5%
	79,798	Enav SpA (Italy)*^(a)		331,234
	13,961	Ferrovial SA (Spain)		350,681
	1,576	Norfolk Southern Corp.		383,173
	92,134	Transurban Group (Australia)		881,748
	8,695	Vinci SA (France)		806,566

				2,753,402

Materials – 2.8%
	1,288	Linde PLC (United Kingdom)		364,324
	911	Martin Marietta Materials, Inc.		316,764

				681,088

Real Estate – 52.5%
	4,064	Alexandria Real Estate Equities, Inc. REIT		623,418
	4,180	American Tower Corp. REIT		1,061,929
	8,603	Americold Realty Trust, Inc. REIT		253,100
	2,651	AvalonBay Communities, Inc. REIT		532,612
	26,615	Big Yellow Group PLC REIT (United Kingdom)		411,891
	16,860	CTP NV (Netherlands)^(a)		229,890
	4,595	Digital Realty Trust, Inc. REIT		568,080
	12,953	DigitalBridge Group, Inc.*		230,563
	8,041	Duke Realty Corp. REIT		473,213
	905	Equinix, Inc. REIT		594,920
	9,120	Equity LifeStyle Properties, Inc. REIT		639,312
	6,034	Equity Residential REIT		441,568
	278	GLP J REIT (Japan)		340,719
	22,976	Goodman Group REIT (Australia)		309,826
	114,441	Ingenia Communities Group REIT (Australia)		334,218
	16,674	Invitation Homes, Inc. REIT		604,933
	7,735	Prologis, Inc. REIT		963,085
	1,902	Public Storage REIT		629,239
	1,954	SBA Communications Corp. REIT		635,539
	30,365	Segro PLC REIT (United Kingdom)		333,188
	17,997	Summit Industrial Income REIT (Canada)		253,134
	4,685	Terreno Realty Corp. REIT		285,738
	35,812	UNITE Group PLC (The) REIT (United Kingdom)		437,961
	8,357	Ventas, Inc. REIT		399,966
	18,171	Vonovia SE (Germany)		493,340
	6,557	Welltower, Inc. REIT		502,594

				12,583,976


Common Stocks – (continued)
Utilities – 25.9%
	11,155	AES Corp. (The)		283,895
	3,251	American Water Works Co., Inc.		482,611
	6,726	CMS Energy Corp.		454,274
	50,985	Enel SpA (Italy)		240,729
	32,283	Engie SA (France)		385,261
	5,701	Eversource Energy		511,322
	89,159	National Grid PLC (United Kingdom)		1,118,376
	13,022	NextEra Energy, Inc.		1,107,651
	2,144	Orsted AS (Denmark)^(a)		210,710
	16,408	Veolia Environnement SA (France)		367,599
	5,057	WEC Energy Group, Inc.		521,579
	7,131	Xcel Energy, Inc.		529,477

				6,213,484

	TOTAL INVESTMENTS – 97.9%
	(Cost $26,123,260)		$	23,483,024

	OTHER ASSETS IN EXCESS OF LIABILITIES – 2.1%			492,305

	NET ASSETS – 100.0%		$	23,975,329



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


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

GOLDMAN SACHS FUTURE TECH LEADERS EQUITY ETF

Schedule of Investments

August 31, 2022


Shares		Description	Value

Common Stocks – 98.5%
Communication Services – 10.5%
	200,150	Baidu, Inc., Class A (China)*	$	3,608,328
	112,322	Cellnex Telecom SA (Spain)*^(a)		4,378,893
	228,383	Kuaishou Technology (China)*^(a)		2,001,918
	40,124	Match Group, Inc.*		2,268,210
	10,660	NAVER Corp. (South Korea)		1,912,751
	288,862	NetEase, Inc. (China)		5,218,679
	38,881	Sea Ltd. ADR (Singapore)*		2,410,622
	336,889	Snap, Inc., Class A*		3,665,352
	71,449	Yandex NV, Class A (Russia)*^(b)		—

				25,464,753

Consumer Discretionary – 3.9%
	46,029	Etsy, Inc.*		4,861,123
	5,439	MercadoLibre, Inc. (Brazil)*		4,652,303

				9,513,426

Health Care – 1.9%
	45,460	Hoya Corp. (Japan)		4,673,075

Industrials – 1.9%
	67,810	Nidec Corp. (Japan)		4,560,941

Information Technology – 77.8%
	3,157	Adyen NV (Netherlands)*^(a)		4,904,636
	110,067	AppLovin Corp., Class A*		2,710,950
	71,280	ASMedia Technology, Inc. (Taiwan)		2,189,628
	19,901	Aspen Technology, Inc.*		4,191,151
	23,616	Atlassian Corp. PLC, Class A*		5,848,739
	36,015	Bill.com Holdings, Inc.*		5,830,108
	42,274	Cadence Design Systems, Inc.*		7,345,953
	35,656	Cognizant Technology Solutions Corp., Class A		2,252,389
	46,839	Datadog, Inc., Class A*		4,915,753
	491,222	Delta Electronics, Inc. (Taiwan)		4,244,481
	127,878	Dlocal Ltd. (Uruguay)*		3,180,326
	121,197	Dynatrace, Inc.*		4,627,301
	38,042	Entegris, Inc.		3,609,425
	62,441	Fidelity National Information Services, Inc.		5,705,234
	13,963	HubSpot, Inc.*		4,706,090
	163,813	Infineon Technologies AG (Germany)		4,002,749
	3,200,295	Kingdee International Software Group Co. Ltd. (China)*		6,246,586
	16,843	KLA Corp.		5,796,182
	512,042	Luxshare Precision Industry Co. Ltd., Class A (China)		2,786,926
	124,450	Marvell Technology, Inc.		5,826,749
	204,925	MediaTek, Inc. (Taiwan)		4,490,677
	40,040	MKS Instruments, Inc.		3,988,384
	24,795	Motorola Solutions, Inc.		6,035,351
	20,795	NXP Semiconductors NV (China)		3,422,441
	25,129	Okta, Inc.*		2,296,791
	90,984	ON Semiconductor Corp.*		6,256,970
	15,420	Palo Alto Networks, Inc.*		8,586,010
	49,017	Procore Technologies, Inc.*		2,676,328
	299,358	Qualtrics International, Inc., Class A*		3,667,135
	68,191	RingCentral, Inc., Class A*		2,934,941
	174,287	Sangfor Technologies, Inc., Class A (China)		2,441,543
	283,868	Silergy Corp. (China)		4,970,896


Common Stocks – (continued)
Information Technology – (continued)
	27,840	Snowflake, Inc., Class A*		5,037,648
	14,283	Tokyo Electron Ltd. (Japan)		4,549,953
	190,012	UiPath, Inc., Class A*		3,125,697
	520,545	Unimicron Technology Corp. (Taiwan)		2,590,967
	3,203,961	United Microelectronics Corp. (Taiwan)*		4,326,334
	1,077,764	Vanguard International Semiconductor Corp. (Taiwan)		2,634,436
	1,219,741	Venustech Group, Inc., Class A (China)		3,328,231
	388,785	Viavi Solutions, Inc.*		5,474,093
	4,072,752	Weimob, Inc. (China)*^(a)(c)		1,899,166
	31,376	Wolfspeed, Inc.*		3,560,235
	28,928	Workday, Inc., Class A*		4,760,392
	29,165	Zscaler, Inc.*		4,644,235

				188,620,210

Real Estate – 2.5%
	18,377	SBA Communications Corp. REIT		5,977,119

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $337,854,263)		$	238,809,524


Shares	Dividend Rate			Value

Securities Lending Reinvestment Vehicle – 0.3%^(d)
Goldman Sachs Financial Square Government Fund – Institutional Shares
706,501		2.154	%	$	706,501
(Cost $706,501)

TOTAL INVESTMENTS – 98.8%
(Cost $338,560,764)				$	239,516,025

OTHER ASSETS IN EXCESS OF LIABILITIES – 1.2%					2,891,407

NET ASSETS – 100.0%				$	242,407,432



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

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

(d)		Represents an affiliated issuer.



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


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

GOLDMAN SACHS FUTURE ETFS

Statements of Assets and Liabilities

August 31, 2022


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

Investments at value (cost $105,342,132, $114,433,612, $210,222,187 and $26,123,260, respectively)^(a)	$	86,924,504		$	99,751,149		$	170,346,127		$	23,483,024

Investments in securities lending reinvestment vehicle, at value which equals cost		—			—			1,990,428			—

Cash		1,795,583			2,000,362			3,416,558			294,219

Foreign currency, at value (cost $302,776, $36,822, $— and $180,457, respectively)		300,634			36,406			—			177,349

Receivables:

Dividends		35,287			62,099			121,961			33,462

Foreign tax reclaims		4,390			—			47,439			3,372

Securities lending income		258			111			9,579			—

Total assets		89,060,656			101,850,127			175,932,092			23,991,426

Liabilities:

Payables:

Management fees		60,123			69,118			117,510			16,097

Upon return of securities loaned		—			—			1,990,428			—

Foreign bank overdraft (cost $11 for Future Planet Equity ETF)		—			—			13			—

Total liabilities		60,123			69,118			2,107,951			16,097

Net Assets:

Paid-in capital		110,869,295			119,696,983			215,711,393			27,100,977

Total distributable loss		(21,868,762	)		(17,915,974	)		(41,887,252	)		(3,125,648	)

NET ASSETS	$	89,000,533		$	101,781,009		$	173,824,141		$	23,975,329
SHARES ISSUED AND OUTSTANDING

Shares outstanding no par value (unlimited shares authorized):		3,500,000			3,400,000			5,750,000			700,000

Net asset value per share:		$25.43			$29.94			$30.23			$34.25

(a)

Includes loaned securities having a market value of $1,923,031 for Future Planet Equity ETF.


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

GOLDMAN SACHS FUTURE ETFS

Statements of Assets and Liabilities (continued)

August 31, 2022


	Future Tech Leaders Equity ETF
Assets:

Investments at value (cost $337,854,263)^(a)	$	238,809,524

Investments in securities lending reinvestment vehicle, at value which equals cost		706,501

Cash		3,632,656

Receivables:

Dividends		112,808

Foreign tax reclaims		13,629

Securities lending income		2,859

Total assets		243,277,977

Liabilities:

Payables:

Upon return of securities loaned		706,501

Management fees		163,872

Foreign bank overdraft (cost $176)		172

Total liabilities		870,545

Net Assets:

Paid-in capital		376,287,884

Total distributable loss		(133,880,452	)

NET ASSETS	$	242,407,432
SHARES ISSUED AND OUTSTANDING

Shares outstanding no par value (unlimited shares authorized):		10,050,000

Net asset value per share:		$24.12

(a)

Includes loaned securities having a market value of $658,897 for Future Tech Leaders Equity ETF.


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

GOLDMAN SACHS FUTURE ETFS

Statements of Operations

For the Fiscal Year Ended August 31, 2022


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

Dividends — unaffiliated issuers (net of foreign withholding taxes of $68,828, $6,553, $294,526 and $25,512, respectively)	$	519,594		$	199,200		$	1,893,817		$	387,670

Securities lending income — unaffiliated issuer		312			2,211			152,868			1,149

Total investment income		519,906			201,411			2,046,685			388,819

Expenses:

Management fees		312,727			355,010			972,370			104,534

Trustee fees		8,368			8,451			12,323			7,624

Total expenses		321,095			363,461			984,693			112,158

NET INVESTMENT INCOME (LOSS)		198,811			(162,050	)		1,061,992			276,661

Realized and unrealized gain (loss):

Net realized gain (loss) from:

Investments — unaffiliated issuers		(3,635,961	)		(3,301,533	)		(2,716,240	)		(537,606	)

In-kind redemptions		(474,763	)		889,334			(140,799	)		—

Foreign currency transactions		3,867			(3,869	)		(21,179	)		(9,679	)

Net change in unrealized gain (loss) on:

Investments — unaffiliated issuers		(18,417,628	)		(14,682,463	)		(42,808,550	)		(2,640,236	)

Foreign currency translations		(2,344	)		(523	)		(4,026	)		(3,525	)

Net realized and unrealized loss		(22,526,829	)		(17,099,054	)		(45,690,794	)		(3,191,046	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(22,328,018	)	$	(17,261,104	)	$	(44,628,802	)	$	(2,914,385	)

For the period November 9, 2021 (commencement of operations) through August 31, 2022.


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

GOLDMAN SACHS FUTURE ETFS

Statements of Operations (continued)

For the Period Ended August 31, 2022


	Future Tech Leaders Equity ETF*
Investment income:

Dividends — unaffiliated issuers (net of foreign withholding taxes of $213,722)	$	1,839,086

Securities lending income — unaffiliated issuer		32,907

Total investment income		1,871,993

Expenses:

Management fees		1,782,631

Trustee fees		15,148

Total expenses		1,797,779

NET INVESTMENT INCOME		74,214

Realized and unrealized gain (loss):

Net realized gain (loss) from:

Investments — unaffiliated issuers		(37,673,044	)

In-kind redemptions		(677,277	)

Foreign currency transactions		(33,013	)

Net change in unrealized gain (loss) on:

Investments — unaffiliated issuers		(99,044,739	)

Foreign currency translations		(1,939	)

Net realized and unrealized loss		(137,430,012	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(137,355,798	)

For the period September 14, 2021 (commencement of operations) through August 31, 2022.


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

GOLDMAN SACHS FUTURE ETFS

Statements of Changes in Net Assets


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

Net investment income (loss)	$	198,811		$	(162,050	)

Net realized loss		(4,106,857	)		(2,416,068	)

Net change in unrealized loss		(18,419,972	)		(14,682,986	)

Net decrease in net assets resulting from operations		(22,328,018	)		(17,261,104	)

Distributions to shareholders:

From distributable earnings		(202,678	)		—

From return of capital		(74,347	)		—

Total distributions to shareholders		(277,025	)		—

From share transactions:

Proceeds from sales of shares		120,508,199			129,642,436

Cost of shares redeemed		(8,902,623	)		(10,600,323	)

Net increase in net assets resulting from share transactions		111,605,576			119,042,113

TOTAL INCREASE		89,000,533			101,781,009

Net assets:

Beginning of period	$	—		$	—

End of period	$	89,000,533		$	101,781,009

Commencement of operations.


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

GOLDMAN SACHS FUTURE ETFS

Statements of Changes in Net Assets (continued)


	Future Planet Equity ETF					Future Real Estate and Infrastructure Equity ETF
	For the Fiscal Year Ended August 31, 2022			For the Period July 13, 2021* to August 31, 2021		For the Period November 9, 2021* to August 31, 2022
From operations:

Net investment income	$	1,061,992		$	24,822	$	276,661

Net realized gain (loss)		(2,878,218	)		37,501		(547,285	)

Net change in unrealized gain (loss)		(42,812,576	)		2,932,519		(2,643,761	)

Net increase (decrease) in net assets resulting from operations		(44,628,802	)		2,994,842		(2,914,385	)

Distributions to shareholders:

From distributable earnings		(755,496	)		—		(211,263	)

From share transactions:

Proceeds from sales of shares		191,443,464			57,110,086		27,100,977

Cost of shares redeemed		(32,339,953	)		—		—

Net increase in net assets resulting from share transactions		159,103,511			57,110,086		27,100,977

TOTAL INCREASE		113,719,213			60,104,928		23,975,329

Net assets:

Beginning of period	$	60,104,928		$	—	$	—

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

Commencement of operations.


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

GOLDMAN SACHS FUTURE ETFS

Statements of Changes in Net Assets (continued)


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

Net investment income	$	74,214

Net realized loss		(38,383,334	)

Net change in unrealized loss		(99,046,678	)

Net decrease in net assets resulting from operations		(137,355,798	)

Distributions to shareholders:

From distributable earnings		(9,965	)

From share transactions:

Proceeds from sales of shares		422,677,334

Cost of shares redeemed		(42,904,139	)

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

TOTAL INCREASE		242,407,432

Net assets:

Beginning of period	$	—

End of period	$	242,407,432

Commencement of operations.


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

GOLDMAN SACHS FUTURE ETFS

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


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

Net asset value, beginning of period	$	40.03

Net investment income^(a)		0.10

Net realized and unrealized loss		(14.62	)

Total loss from investment operations		(14.52	)

Distributions to shareholders from net investment income		(0.06	)

Distributions to shareholders from return of capital		(0.02	)

Total distributions		(0.08	)

Net asset value, end of period	$	25.43

Market price, end of period	$	25.30

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

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

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

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

Portfolio turnover rate^(d)		24	%

Commencement of operations.

(a)

Calculated based on the average shares outstanding methodology.

(b)

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

(c)

Annualized.

(d)

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


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

GOLDMAN SACHS FUTURE ETFS

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


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

Net asset value, beginning of period	$	39.68

Net investment loss^(a)		(0.08	)

Net realized and unrealized loss		(9.66	)

Total loss from investment operations		(9.74	)

Net asset value, end of period	$	29.94

Market price, end of period	$	30.00

Total Return at Net Asset Value^(b)		(24.55	)%

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

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

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

Portfolio turnover rate^(d)		24	%

Commencement of operations.

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS FUTURE ETFS

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


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

Net asset value, beginning of period	$	42.18		$	39.89

Net investment income^(a)		0.27			0.02

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

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

Distributions to shareholders from net investment income		(0.17	)		—

Net asset value, end of period	$	30.23		$	42.18

Market price, end of period	$	30.15		$	42.25

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

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

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

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

Portfolio turnover rate^(d)		15	%		2	%

Commencement of operations.

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS FUTURE ETFS

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


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

Net asset value, beginning of period	$	40.05

Net investment income^(a)		0.56

Net realized and unrealized loss		(5.95	)

Total loss from investment operations		(5.39	)

Distributions to shareholders from net investment income		(0.41	)

Net asset value, end of period	$	34.25

Market price, end of period	$	34.25

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

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

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

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

Portfolio turnover rate^(d)		40	%

Commencement of operations.

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS FUTURE ETFS

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


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

Net asset value, beginning of period	$	40.22

Net investment income^(a)		0.01

Net realized and unrealized loss		(16.11	)

Total loss from investment operations		(16.10	)

Net asset value, end of period	$	24.12

Market price, end of period	$	24.08

Total Return at Net Asset Value^(b)		(40.03	)%

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

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

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

Portfolio turnover rate^(d)		55	%

Commencement of operations.

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

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

Commenced operations on November 9, 2021

Commenced operations on September 14, 2021

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

Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as investment adviser to the Funds pursuant to a management agreement (the “Agreement”) with the Trust. Each Fund is an exchange-traded fund (“ETF”). Shares of the Funds are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”). Market prices for the Funds’ shares may be different from their net asset value (“NAV”). The Funds issue and redeem shares at their respective NAV only in blocks of a specified number of shares, or multiples thereof, referred to as “Creation Units”. Creation Units are issued and redeemed generally for a designated portfolio of securities (including any portion of such securities for which cash may be substituted) and a specified amount of cash. Shares generally trade in the secondary market in quantities less than a Creation Unit at market prices that change throughout the day. Only those that have entered into an authorized participant agreement with ALPS Distributors, Inc. (the “Distributor”) may do business directly with the Funds.

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

B. Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily NAV calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments. Distributions received from the Funds’ investments in U.S. real estate investment trusts (“REITs”) may be characterized as ordinary income, net capital gain and/or a return of capital. A return of capital is recorded by the Funds as a reduction to the cost basis of the REIT.

GOLDMAN SACHS FUTURE ETFS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

D. Federal Taxes and Distributions to Shareholders — It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. For each Fund, income distributions, if any, are declared and paid quarterly. Capital gains distributions, if any, are declared and paid annually.

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

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

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


3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

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

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

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

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

The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, including investments for which market quotations are not readily available. With respect to the Funds’ investments

GOLDMAN SACHS FUTURE ETFS

Notes to Financial Statements (continued)

August 31, 2022

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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 (“Valuation Designee”). GSAM has day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds’ investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

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

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

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

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

B. Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of a Fund’s investments may be determined under the Valuation Procedures. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund’s NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.

GOLDMAN SACHS FUTURE ETFS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

C. Fair Value Hierarchy — The following is a summary of the Funds’ investments classified in the fair value hierarchy as of August 31, 2022:


FUTURE CONSUMER EQUITY ETF

Investment Type	Level 1		Level 2		Level 3

Assets

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

Asia	$	15,986,034	$	—	$	—

Europe		18,755,200		—		—

North America		48,978,862		—		—

South America		3,204,408		—		—

Total	$	86,924,504	$	—	$	—

FUTURE HEALTH CARE EQUITY ETF

Investment Type	Level 1		Level 2		Level 3

Assets

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

Asia	$	5,230,442	$	—	$	—

Europe		12,902,847		—		—

North America		78,483,805		—		—

Oceania		3,134,055		—		—

Total	$	99,751,149	$	—	$	—

FUTURE PLANET EQUITY ETF

Investment Type	Level 1		Level 2		Level 3

Assets

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

Asia	$	28,440,945	$	—	$	—

Europe		58,244,493		—		—

North America		83,429,195		116,484		—

Oceania		115,010		—		—

Securities Lending Reinvestment Vehicle		1,990,428		—		—

Total	$	172,220,071	$	116,484	$	—

FUTURE REAL ESTATE AND INFRASTRUCTURE EQUITY ETF

Investment Type	Level 1		Level 2		Level 3

Assets

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

Asia	$	340,719	$	—	$	—

Europe		6,739,819		—		—

North America		14,876,693		—		—

Oceania		1,525,793		—		—

Total	$	23,483,024	$	—	$	—

(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.

GOLDMAN SACHS FUTURE ETFS

Notes to Financial Statements (continued)

August 31, 2022

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



FUTURE TECH LEADERS EQUITY ETF

Investment Type	Level 1		Level 2		Level 3

Assets

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

Asia	$	74,508,579	$	—	$	—	^(b)

Europe		13,286,278		—		—

North America		143,182,038		—		—

South America		7,832,629		—		—

Securities Lending Reinvestment Vehicle		706,501		—		—

Total	$	239,516,025	$	—	$	—

(a)

(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.

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


4. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

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

The Funds operate under a unitary management fee structure. Under the unitary fee structure, GSAM is responsible for paying substantially all the expenses of each Fund, excluding payments under a Fund’s 12b-1 plan (if any), interest expenses, taxes, acquired fund fees and expenses, brokerage fees, costs of holding shareholder meetings, and, litigation, indemnification and extraordinary expenses. As the Funds directly pay fees and expenses of the independent Trustees, the management fee collected by GSAM will be reduced by an amount equal to the fees and expenses paid by the Funds to the independent Trustees.

For the period ended August 31, 2022, contractual and effective net unitary management fees with GSAM for each Fund were at the following rates:


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

5. CREATION AND REDEMPTION OF CREATION UNITS

The Trust issues and redeems shares of the Funds only in Creation Units on a continuous basis through the Distributor, without an initial sales load, at NAV next determined after receipt, on any Business Day (as defined in the Statement of Additional Information), of an order in proper form. Shares of the Funds may only be purchased or redeemed by certain financial institutions

GOLDMAN SACHS FUTURE ETFS

5. CREATION AND REDEMPTION OF CREATION UNITS (continued)

(each an “Authorized Participant”). An Authorized Participant is either (1) a “Participating Party” or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation; or (2) a Depository Trust Company participant; which, in either case, must have executed an agreement with the Distributor. Retail investors will typically not qualify as an Authorized Participant or have the resources to buy and sell whole Creation Units. Therefore, they will be unable to purchase or redeem the shares directly from the Funds. Rather, most retail investors will purchase shares in the secondary market at market prices with the assistance of a broker and may be subject to customary brokerage commissions or fees. Fixed creation and redemption transaction fees are imposed in connection with creations and redemptions.

Authorized Participants transacting in Creation Units for cash may also pay a variable charge to compensate the relevant fund for certain transaction costs (e.g. taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in “Proceeds from sale of shares” in the Statements of Changes in Net Assets.

Share activity is as follows:


	Goldman Sachs Future Consumer Equity ETF
	For the Period November 9, 2021* to August 31, 2022 (Unaudited)
	Shares			Dollars

Fund Share Activity
Shares Sold		3,800,001		$	120,483,990
Shares Redeemed		(300,001	)		(8,899,985	)

NET INCREASE IN SHARES		3,500,000		$	111,584,005


	Goldman Sachs Future Health Care Equity ETF
	For the Period November 9, 2021* to August 31, 2022 (Unaudited)
	Shares			Dollars

Fund Share Activity
Shares Sold		3,725,001		$	129,641,934
Shares Redeemed		(325,001	)		(10,600,323	)

NET INCREASE IN SHARES		3,400,000		$	119,041,611


	Goldman Sachs Future Planet Equity ETF
	For the Fiscal Year Ended 31-Aug-22 (Unaudited)						For the Period July 13, 2021* to August 31, 2021
	Shares			Dollars			Shares		Dollars

Fund Share Activity
Shares Sold		5,375,000		$	191,424,437			1,425,000	$	57,104,470
Shares Redeemed		(1,050,000	)		(32,343,100	)		—		—

NET INCREASE IN SHARES		4,325,000		$	159,081,337			1,425,000	$	57,104,470

Commencement of operations

GOLDMAN SACHS FUTURE ETFS

Notes to Financial Statements (continued)

August 31, 2022

5. CREATION AND REDEMPTION OF CREATION UNITS (continued)


	Goldman Sachs Future Real Estate and Infrastructure Equity ETF
	For the Period November 9, 2021* to August 31, 2022 (Unaudited)
	Shares			Dollars

Fund Share Activity
Shares Sold		700,001		$	27,101,017
Shares Redeemed		(1	)		(40	)

NET INCREASE IN SHARES		700,000		$	27,100,977


	Goldman Sachs Future Tech Leaders Equity ETF
	For the Period September 14, 2021* to August 31, 2022 (Unaudited)
	Shares			Dollars

Fund Share Activity
Shares Sold		11,700,000		$	422,462,591
Shares Redeemed		(1,650,000	)		(42,748,691	)

NET INCREASE IN SHARES		10,050,000		$	379,713,900

Commencement of operations

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the period ended August 31, 2022, were as follows:


Fund	Purchases		Sales
Goldman Sachs Future Consumer Equity ETF*	$	28,845,831	$	11,709,146
Goldman Sachs Future Health Care Equity ETF*		13,104,861		14,076,248
Goldman Sachs Future Planet Equity ETF		28,266,743		18,711,250
Goldman Sachs Future Real Estate and Infrastructure Equity ETF*		6,776,500		7,019,657
Goldman Sachs Future Tech Leaders Equity ETF**		202,670,084		126,487,483

Commenced operations on November 9, 2021

Commenced operations on September 14, 2021

GOLDMAN SACHS FUTURE ETFS

6. PORTFOLIO SECURITIES TRANSACTIONS (continued)

The purchases and sales from in-kind creation and redemption transactions for the period ended August 31, 2022, were as follows:


Fund	Purchases		Sales
Goldman Sachs Future Consumer Equity ETF*	$	100,042,962	$	7,726,873
Goldman Sachs Future Health Care Equity ETF*		128,320,898		10,492,371
Goldman Sachs Future Planet Equity ETF		176,618,319		30,234,813
Goldman Sachs Future Real Estate and Infrastructure Equity ETF*		26,962,548		—
Goldman Sachs Future Tech Leaders Equity ETF**		335,086,603		35,064,618

Commenced operations on November 9, 2021

Commenced operations on September 14, 2021

7. SECURITIES LENDING

The Funds may lend their securities through a securities lending agent, the Bank of New York Mellon (“BNYM”), to certain qualified borrowers. In accordance with the Funds’ securities lending procedures, the Funds receive cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Funds, at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Statements of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The Funds invest the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”), an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net assets of the Government Money Market Fund.

In the event of a default by a borrower with respect to any loan, BNYM may exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If BNYM is unable to purchase replacement securities, BNYM will indemnify the Funds by paying the Funds an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Funds’ master netting agreements with certain borrowers provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws. The Funds’ loaned securities were all subject to enforceable Securities Lending Agreements, and the value of the collateral was at least equal to the value of the cash received. The amounts of the Funds’ overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of August 31, 2022, are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities, where applicable. The Goldman Sachs Future Real Estate and Infrastructure Equity ETF did not have securities on loan as of August 31, 2022.

GOLDMAN SACHS FUTURE ETFS

Notes to Financial Statements (continued)

August 31, 2022

7. SECURITIES LENDING (continued)

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 period 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 period 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
Goldman Sachs Future Consumer Equity ETF*	$	—	$	3,748,005	$	(3,748,005	)	$	—
Goldman Sachs Future Health Care Equity ETF *		—		5,634,078		(5,634,078	)		—
Goldman Sachs Future Planet Equity ETF		1,099,446		44,816,985		(43,926,003	)		1,990,428
Goldman Sachs Future Tech Leaders Equity ETF**		—		36,541,086		(35,834,585	)		706,501

Commenced operations on November 9, 2021

Commenced operations on September 14, 2021

8. TAX INFORMATION

The tax character of distributions paid during the period ended August 31, 2022 were as follows:


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

Commenced operations on November 9, 2021

Commenced operations on September 14, 2021

There were no distributions from the Funds for the period ended August 31, 2021.

GOLDMAN SACHS FUTURE ETFS

8. TAX INFORMATION (continued)

As of August 31, 2022, the components of accumulated earnings (losses) on a tax-basis were as follows:


	Goldman Sachs Future Consumer Equity ETF*			Goldman Sachs Future Health Care Equity ETF*			Goldman Sachs Future Planet Equity ETF			Goldman Sachs Future Real Estate and Infrastructure Equity ETF*			Goldman Sachs Future Tech Leaders Equity ETF**
Undistributed ordinary income — net	$	—		$	—		$	373,385		$	61,532		$	48,238
Total undistributed earnings	$	—		$	—		$	373,385		$	61,532		$	48,238
Capital loss carryforwards:
Perpetual Short-Term	$	—		$	—		$	—		$	—		$	(567,945	)
Timing differences (Late Year Ordinary Loss Deferral/Post October Capital Loss Deferral)		(3,085,569	)		(2,799,158	)		(1,262,304	)		(247,446	)		(25,265,983	)
Unrealized losses — net		(18,783,193	)		(15,116,816	)		(40,998,333	)		(2,939,734	)		(108,094,762	)
Total accumulated losses net	$	(21,868,762	)	$	(17,915,974	)	$	(41,887,252	)	$	(3,125,648	)	$	(133,880,452	)

Commenced operations on November 9, 2021

Commenced operations on September 14, 2021

As of August 31, 2022, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:


	Goldman Sachs Future Consumer Equity ETF*			Goldman Sachs Future Health Care Equity ETF*			Goldman Sachs Future Planet Equity ETF			Goldman Sachs Future Real Estate and Infrastructure Equity ETF*			Goldman Sachs Future Tech Leaders Equity ETF**
Tax Cost	$	105,705,353		$	114,867,442		$	213,330,891		$	26,419,233		$	347,608,848
Gross unrealized gain		739,718			2,516,558			5,784,461			439,535			6,897,656
Gross unrealized loss		(19,522,911	)		(17,633,374	)		(46,782,794	)		(3,379,269	)		(114,992,418	)
Net unrealized losses	$	(18,783,193	)	$	(15,116,816	)	$	(40,998,333	)	$	(2,939,734	)	$	(108,094,762	)

Commenced operations on November 9, 2021

Commenced operations on September 14, 2021

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

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


Fund	Paid-in Capital			Total Distributable Earnings
Goldman Sachs Future Consumer Equity ETF	$	(661,934	)	$	661,934
Goldman Sachs Future Health Care Equity ETF		654,870			(654,870	)
Goldman Sachs Future Planet Equity ETF		(502,204	)		502,204
Goldman Sachs Future Real Estate and Infrastructure Equity ETF		—			—
Goldman Sachs Future Tech Leaders Equity ETF		(3,485,311	)		3,485,311

GSAM has reviewed the Funds’ tax positions for all open tax years (the current and prior year, 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.

GOLDMAN SACHS FUTURE ETFS

Notes to Financial Statements (continued)

August 31, 2022

9. OTHER RISKS

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

Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information, less stringent investor protections, less stringent accounting, corporate governance, financial reporting and disclosure standards, and less economic, political and social stability in the countries in which a Fund invests. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or from problems in registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent a Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact a Fund’s liquidity and performance. Foreign risk also involves the risk of negative foreign currency exchange rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which a Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that a Fund also invests in securities of issuers located in, or economically tied to, emerging markets, these risks may be more pronounced.

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

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

GOLDMAN SACHS FUTURE ETFS

9. OTHER RISKS (continued)

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

Sector Risk — To the extent a Fund focuses its investments in securities of issuers in one or more sectors (such as the financial services or telecommunications sectors), the Fund may be subjected, to a greater extent than if its investments were diversified across different sectors, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that sector, such as: adverse economic, business, political, environmental or other developments.

10. INDEMNIFICATIONS

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

11. 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.

Report of Independent Registered Public

Accounting Firm

To the Board of Trustees of Goldman Sachs ETF Trust and Shareholders of Goldman Sachs Future Consumer Equity ETF, Goldman Sachs Future Health Care Equity ETF, Goldman Sachs Future Planet Equity ETF, Goldman Sachs Future Real Estate and Infrastructure Equity ETF, and Goldman Sachs Future Tech Leaders Equity ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds indicated in the table below (five of the funds constituting Goldman Sachs ETF Trust, hereafter collectively referred to as the “Funds”) as of August 31, 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 Future Planet Equity ETF	For the year ended August 31, 2022	For the year ended August 31, 2022 and for the period July 13, 2021 (commencement of operations) through August 31, 2021 For each of the periods indicated therein
Goldman Sachs Future Tech Leaders Equity ETF	For the period September 14, 2021 (commencement of operations) through August 31, 2022
Goldman Sachs Future Consumer Equity ETF, Goldman Sachs Future Health Care Equity ETF, and Goldman Sachs Future Real Estate and Infrastructure Equity ETF	For the period November 9, 2021 (commencement of operations) through August 31, 2022

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 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.

GOLDMAN SACHS FUTURE 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

GOLDMAN SACHS FUTURE ETFS

Fund Expenses — Six Month Period ended 08/31/2022 (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 from March 1, 2022 and held for the entire six months ended 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.


	Goldman Sachs Future Consumer Equity ETF						Goldman Sachs Future Health Care Equity ETF						Goldman Sachs Future Planet Equity ETF						Goldman Sachs Future Real Estate and Infrastructure Equity ETF						Goldman Sachs Future Tech Leaders Equity ETF
	Beginning Account Value 3/1/22		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*		Beginning Account Value 3/1/22		Ending Account Value 8/31/22		Expenses Paid*
Actual based on NAV	$	1,000	$	795.87	$	3.39	$	1,000	$	910.03	$	3.61	$	1,000	$	880.71	$	3.56	$	1,000	$	914.38	$	3.62	$	1,000	$	746.32	$	3.30
Hypothetical 5% return	$	1,000	$	1,021.42	$	3.82	$	1,000	$	1,021.42	$	3.82	$	1,000	$	1,021.42	$	3.82	$	1,000	$	1,021.42	$	3.82	$	1,000	$	1,021.42	$	3.82

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

Expenses for each Fund is calculated using the Fund’s annualized net expense ratio, which represents the ongoing expenses as a percentage of net assets for the six months ended August 31, 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:


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

GOLDMAN SACHS FUTURE ETFS

Trustees and Officers (Unaudited)

Independent Trustees


Name, Address and Age¹	Position(s) Held with the Trust	Term of Office and Length of Time Served²	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee³	Other Directorships Held by Trustee⁴

Cheryl K. Beebe Age: 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

GOLDMAN SACHS FUTURE ETFS

Trustees and Officers (Unaudited) (continued)

Independent Trustees


Name, Address and Age¹	Position(s) Held with the Trust	Term of Office and Length of Time Served²	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee³	Other Directorships Held by Trustee⁴

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)

GOLDMAN SACHS FUTURE 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.

GOLDMAN SACHS FUTURE ETFS

Trustees and Officers (Unaudited) (continued)

Officers of the Trust*


Name, Address and Age¹	Positions Held with the Trust	Term of Office and Length of Time Served²	Principal Occupation(s) During Past 5 Years

James A. McNamara 200 West Street New York, NY 10282 Age: 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 ETF Trust – Future Thematic Equity ETFs - Tax Information (Unaudited)

For the fiscal year ended August 31, 2022, 39.42%, 33.68%, 24.46%, and 100% of the dividends paid from net investment company taxable income by the Future Consumer Equity ETF, Future Planet Equity ETF, Future Real Estate and Infrastructure Equity ETF, and Future Tech Leaders Equity ETF, respectively, qualify for the dividends received deduction available to corporations.

For the fiscal year ended August 31, 2022, 83.63%, 100%, 89.14%, and 100% of the dividends paid from net investment company taxable income by the Future Consumer Equity ETF, Future Planet Equity ETF, Future Real Estate and Infrastructure Equity ETF, and Future Tech Leaders 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, the Future Health Care Equity ETF did not have any dividends paid from net investment company taxable income.

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^® U.S. Large Cap Equity ETF

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

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

Goldman Sachs ActiveBeta^® World Low Vol Plus Equity ETF

Goldman Sachs Bloomberg Clean Energy Equity ETF

Goldman Sachs 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


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, Principal Financial Officer, Principal Accounting Officer and Treasurer Caroline L. Kraus, Secretary

THE BANK OF NEW YORK MELLON Transfer Agent

ALPS DISTRIBUTORS, INC. Distributor		GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser

Visit our Website at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.

Goldman Sachs Asset Management, L.P., 200 West Street, New York, New York 10282

The reports concerning the Funds included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Funds in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Funds, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Funds. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information regarding how the Funds voted proxies relating to portfolio securities for the most recent 12-month period ended June 30, are available (i) without charge, upon request by calling 1-800-621-2550; and (ii) on the Securities and Exchange Commission (“SEC’’) web site at http://www.sec.gov.

The Funds will file portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on the Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be made available on the SEC’s web site at http://www.sec.gov. Portfolio holdings information may be obtained upon request and without charge by calling 1-800-621-2550.

Fund holdings and allocations shown are as of February 28, 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.