Goldman Sachs ETF Trust

FUND SNAPSHOT

As of August 31, 2016

Market Price¹

Net Asset Value (NAV)¹

N-CSR 1 d238206dncsr.htm GOLDMAN SACHS ETF TRUST Goldman Sachs ETF Trust

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-23013

Goldman Sachs ETF Trust

(Exact name of registrant as specified in charter)

200 West Street, New York, New York 10282

(Address of principal executive offices) (Zip code)


Caroline Kraus, Esq.		Copies to:
Goldman, Sachs & Co.		Geoffrey R.T. Kenyon, Esq.
200 West Street		Dechert LLP
New York, New York 10282		100 Oliver Street
		40th Floor
		Boston, MA 02110-2605

(Name and address of agents for service)

Registrant’s telephone number, including area code: (312) 655-4400

Date of fiscal year end: August 31

Date of reporting period: August 31, 2016

ITEM 1.

REPORTS TO STOCKHOLDERS.

The Annual Report to Shareholders is filed herewith.

Goldman Sachs Funds

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Annual Report				August 31, 2016

				Goldman Sachs ActiveBeta^® ETFs
				ActiveBeta^® Emerging Markets Equity ETF
				ActiveBeta^® Europe Equity ETF
				ActiveBeta^® International Equity ETF
				ActiveBeta^® Japan Equity ETF
				ActiveBeta^® U.S. Large Cap Equity ETF

ActiveBeta is a registered trademark of GSAM.

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Goldman Sachs ActiveBeta^® ETFs


TABLE OF CONTENTS

Market Review			1

Portfolio Management Discussion and Performance Summaries			4

Schedules of Investments			35

Financial Statements			67

Financial Highlights			70

Notes to Financial Statements			75

Report of Independent Registered Public Accounting Firm			87

Other Information			88



NOT FDIC-INSURED	May Lose Value	No Bank Guarantee

MARKET REVIEW

Goldman Sachs ActiveBeta^® ETFs

Market Review

Overall, United States and emerging market equities rallied during the 12 months ended August 31, 2016 (the “Reporting Period”), even amidst persistent volatility. The Standard & Poor’s 500^® Index (the “S&P 500 Index”) ended the Reporting Period with a gain of 12.55%. The Russell 3000^® Index generated a return of 11.44%. The MSCI Emerging Markets Index gained 11.83% during the Reporting Period. International equities, as represented by the MSCI World ex USA Index, increased a far more modest 0.53% during the Reporting Period.

Following a volatile summer 2015, U.S., international and emerging markets equities tumbled further in September 2015, before rebounding strongly in October 2015. U.S. equities finished November 2015 roughly flat, while international equities declined. In December 2015, the U.S. Federal Reserve (the “Fed”) delivered, as largely expected by markets, and voted unanimously for a 25 basis point hike in the targeted federal funds rate, its first rate hike since 2006. (A basis point is 1/100th of a percentage point.) The fairly dovish language in the Fed’s announcement, which re-emphasized “gradual” adjustments to policy going forward, helped to somewhat assuage the markets. (Dovish language or action tends to be that which is not strong or aggressive (opposite of hawkish).)

Early in 2016, however, U.S., international and emerging markets equities were embroiled in what was a global rout, triggered by investor concerns of an intensifying economic slowdown in China and exacerbated by a plunge in oil prices to less than $30 per barrel, the lowest level since 2003. The Fed’s statement in January 2016 acknowledged the risks from international markets and tightening financial conditions on the U.S. economy, and sentiment improved following a dovish European Central Bank (“ECB”) press conference on January 21, 2016. Global equities stabilized somewhat in February 2016, as other global central banks also sent a more dovish signal. U.S. equities were also supported during the month by strong U.S. economic data, rallying as fourth quarter 2015 Gross Domestic Product (“GDP”) came in above market expectations. However, international equities were still down in February 2016. In March 2016, the Fed kept interest rates on hold and surprised on the dovish side, reducing its forecast to two interest rate increases in 2016, down from four. Along with receding global economic concerns, this helped drive a recovery in U.S. equities. Further dovishness by other global central banks, along with receding global economic concerns, helped to finally drive a recovery in international equities as well. The ECB cut its deposit rate to -40 basis points, raised monthly quantitative easing, including the purchase of corporate bonds, and unveiled a new series of four-year loans to banks.

Following the rebound in March 2016, market sentiment remained sanguine in April 2016, as oil prices rose and China economic growth concerns abated with modestly improving economic data. However, the Bank of Japan (“BoJ”) disappointed markets near month-end, failing to implement additional monetary stimulus, as had been widely anticipated. This, along with a weaker than consensus expected first quarter 2016 U.S. GDP of 0.5%, drove U.S. equities to fall near the end of the month. In May 2016, weaker payroll data drove expectations for a Fed hike in June 2016 temporarily lower, but subsequent hawkish Fed minutes revived market expectations. U.S. and international equities rallied toward month-end on anticipation of better economic data, rising oil prices and optimism that the global economy could withstand U.S. rate hikes.

The Fed ultimately held interest rates steady in June 2016 and signaled a slower pace of hikes, acknowledging the slowdown in the labor market. Equity markets were otherwise dominated

MARKET REVIEW

in June 2016 by the U.K. referendum on whether to leave the European Union, popularly known as Brexit. U.S., international and emerging market equities sold off in the global risk-off sentiment that dominated toward the end of June 2016 in the days following the surprise “leave” result. However, global equity markets rather quickly rebounded owing to a combination of improving risk sentiment as markets digested the outcome and on dovish remarks from the Bank of England’s Governor Carney.

International equities rebounded strongly in July 2016, buoyed by expectations of easier monetary policy and a rebound in risk appetite, and U.S. equities were further buoyed by strong economic data and corporate earnings in July 2016, despite increased uncertainty post-Brexit. Internationally, concerns were somewhat assuaged by a dovish Bank of England Governor Carney, who expressed that “some monetary policy easing will likely be required over the summer.” The BoJ eased as had been widely expected, but the lack of further measures disappointed markets. In the U.S., payrolls reached an eight-month high in June 2016, suggesting that the especially weak May 2016 reading had been an outlier in an otherwise strong job market. Such sentiment was substantiated in August 2016, as payrolls data, released for July 2016, surprised to the upside for a second consecutive month.

The Bank of England delivered in August 2016, cutting policy rates by 25 basis points, accompanied by a large extension to its quantitative easing program, which helped offset negative sentiment following Brexit. However, investor concerns about U.S. rate hikes intensified following the strong July 2016 U.S. jobs reports and Fed Chair Janet Yellen’s hawkish speech at Jackson Hole toward the end of August 2016, acknowledging that the case for an interest rate hike had strengthened in recent months. Along with strong labor data and other recent hawkish comments from the Fed, this significantly increased the market-implied probability of an interest rate hike by year-end 2016. These factors combined to cause both U.S. and international equities to sell off and finish the month of August 2016 roughly flat.

Principal Investment Strategies

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

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

Each Index is designed to deliver exposure to equity securities within its applicable universe of issuers. Each Index is constructed using the patented ActiveBeta^® Portfolio Construction Methodology, which was developed to provide exposure to the

MARKET REVIEW

“factors” (or characteristics) that are commonly tied to a stock’s outperformance relative to market returns. These factors include value (i.e., how attractively a stock is priced relative to its “fundamentals,” such as book value and free cash flow), momentum (i.e., whether a company’s share price is trending up or down), quality (i.e., profitability) and low volatility (i.e., a relatively low degree of fluctuation in a company’s share price over time). Given each Fund’s investment objective of attempting to track its Index, each Fund does not follow traditional methods of active investment management, which may involve buying and selling securities based upon analysis of economic and market factors.

Goldman Sachs Asset Management, L.P. (the “Index Provider”) constructs each Index in accordance with a rules-based methodology that involves two steps.

Step 1

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

Step 2

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

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

PORTFOLIO RESULTS

Goldman Sachs ActiveBeta^® Emerging Markets Equity ETF

Investment Objective

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the period since its inception on September 25, 2015 through August 31, 2016 (the “Reporting

Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund returned 13.29% based on net asset value (“NAV”) and 13.20% based on market price.¹ The Index returned 13.77%, and the MSCI Emerging Markets Index (net, unhedged, USD) (“MSCI Emerging Markets Index”), a market-cap based index against which the performance of the Fund is measured, and the reference index for the Index, returned 15.75% during the same period.

The Fund had a NAV of $25.00 per share on the date of inception and ended the Reporting Period with a NAV of $28.03 per share. The Fund’s market price on August 31, 2016 was $28.01 per share.

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

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

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

The Fund posted robust absolute gains but underperformed the MSCI Emerging Markets Index during the Reporting Period. Amongst underlying factors, Momentum, Quality and Low Volatility detracted from relative results, while Value contributed positively during the Reporting Period. Momentum is whether a company’s share price is trending up or down. Quality refers to sustainable profitability over time. Low Volatility is a relatively low degree of fluctuations in a company’s share price over time. Value refers to how attractively a stock is priced relative to its fundamentals, such as book value and free cash flow.

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

PORTFOLIO RESULTS

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

Index constituents in the consumer discretionary, financials and materials sectors detracted from the Fund’s results relative to the MSCI Emerging Markets Index during the Reporting Period. Partially offsetting these detractors were Index constituents in the utilities and industrials sectors, which contributed most positively to the Fund’s results relative to the MSCI Emerging Markets Index.

From a country perspective, Index constituents in South Africa, Brazil and Thailand detracted the most from the Fund’s results relative to the MSCI Emerging Markets Index during the Reporting Period. Conversely, holdings in Greece and China contributed most positively to the Fund’s results relative to the MSCI Emerging Markets Index.

Which individual positions detracted from the Fund’s results during the Reporting Period?

Relative to the MSCI Emerging Markets Index, an underweight position in Brazilian integrated oil company Petroleo Brasileiro and overweight positions in South Korean home and office furniture manufacturer Hanssem and Hong Kong-based specialty pharmaceutical company Sino Biopharmaceutical detracted most (0.11%, 0.19% and 0.37% of Fund net assets as of August 31, 2016, respectively). Petroleo Brasileiro generated a triple-digit gain during the Reporting Period, while Hanssem and Sino Biopharmaceutical each posted a double-digit decline during the Reporting Period.

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

Relative to the MSCI Emerging Markets Index, overweight positions in South Korean personal care products manufacturer Amorepacific, Brazilian electric utility Centrais Eletricas Brasileiras and Brazilian retail drugstore chain Raia Drogasil contributed most positively (0.46%, 0.28% and 0.51% of Fund net assets as of August 31, 2016, respectively). Amorepacific and Raia Drogasil each produced a double-digit gain during the Reporting Period, and Centrais Eletricas Brasileiras posted a triple-digit increase during the Reporting Period.

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

The Fund does not employ derivatives as a source of alpha generation, although it may use them to equitize excess cash.

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


Sector Name	Fund³			GS ActiveBeta^® Index			MSCI EM Index
Financials		24.09	%		24.63	%		26.52	%
Information Technology		19.93			19.31			23.26
Consumer Staples		13.96			14.40			7.93
Consumer Discretionary		10.63			10.73			10.53
Telecommunication Services		8.10			8.16			6.33
Energy		7.02			6.98			7.21
Materials		5.43			5.29			6.47
Industrials		3.91			4.02			6.10
Health Care		3.73			4.14			2.58
Utilities		2.91			2.34			3.07
Cash & Cash Equivalents		0.27			0.00			0.00

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

Country and sector classifications for securities may differ between the above listing and the Statement of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by MSCI.

PORTFOLIO RESULTS

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


Country Name	Fund³			GS ActiveBeta^® Index			MSCI EM Index
China		25.14	%		25.11	%		26.56	%
Korea		16.25			16.68			14.94
Taiwan		11.34			11.33			12.04
India		8.97			8.62			8.34
Brazil		8.36			8.06			7.46
South Africa		6.55			7.41			6.88
Mexico		3.99			4.07			3.86
Russia		3.84			4.08			3.59
Indonesia		2.86			2.66			2.72
Malaysia		2.72			2.50			2.79
Thailand		2.18			2.40			2.33
Philippines		1.35			1.22			1.45
Turkey		1.23			1.31			1.20
Chile		1.21			0.96			1.15
Poland		0.84			0.90			1.11
United Arab Emirates		0.57			0.45			0.86
Egypt		0.53			0.41			0.19
Hungary		0.46			0.46			0.28
Qatar		0.45			0.53			0.94
Colombia		0.39			0.25			0.47
Peru		0.30			0.20			0.38
Cash & Cash Equivalents		0.27			0.00			0.00
Greece		0.19			0.19			0.33
Czech		0.00			0.18			0.15

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

FUND BASICS

ActiveBeta^® Emerging Markets Equity ETF

as of August 31, 2016

LOGO

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


PERFORMANCE REVIEW
September 25, 2015– August 31, 2016	Fund Total Return (based on NAV)²			Fund Total Return (based on Market Price)²			GS ActiveBeta^® EME Index³			MSCI EM Index⁴
Shares		13.29	%		13.20	%		13.77	%		15.75	%

Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns Based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculation assumes all management fees and operating expenses incurred by the Fund. Market Price returns are based upon the midpoint of the bid/ask spread (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 less than one full year are not annualized.

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

⁴

The MSCI Emerging Markets Index captures large and mid cap representation across 23 Emerging Markets countries. It is not possible to invest directly in an unmanaged index.

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

FUND BASICS


EXPENSE RATIOS⁵
	Net Expense Ratio (Current)			Gross Expense Ratio (Before expense limitation)
Shares		0.45	%		0.76	%

⁵

The expense ratios of the Fund, both current (net of any expense limitation) and before expense limitation (gross of any expense limitation) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed on the Financial Highlights in this report. Pursuant to a contractual arrangement, the Fund’s expense limitation will remain in effect permanently and the Investment Adviser may not terminate the arrangement without the approval of the Fund’s Board of Trustees.


TOP TEN HOLDINGS AS OF 8/31/16⁶
Holding	% of Net Assets			Line of Business	Country
iShares MSCI India ETF		4.6	%	Exchange Traded Fund	United States
Samsung Electronics Co. Ltd.		3.5		Information Technology	South Korea
Taiwan Semiconductor Manufacturing Co. Ltd.		3.4		Information Technology	Taiwan
Tencent Holdings Ltd.		3.2		Information Technology	China
iShares India 50 ETF		2.2		Exchange Traded Fund	United States
Alibaba Group Holding Ltd. ADR		2.1		Information Technology	China
China Mobile Ltd.		2.0		Telecommunication Services	China
China Construction Bank Corp., Class H		1.5		Financials	China
PowerShares India Portfolio		1.3		Exchange Traded Fund	United States
Industrial & Commercial Bank of China Ltd., Class H		1.2		Financials	China

⁶

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

FUND BASICS

FUND SECTOR ALLOCATIONS⁷

As of August 31, 2016

LOGO

⁷

The Fund’s composition may differ over time. Consequently, the Fund’s overall industry sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. Underlying sector allocations of exchange-traded funds held by the Fund are not reflected in the graph above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value.

ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

Performance Summary

August 31, 2016

The following graph shows the value, as of August 31, 2016, of a $10,000 investment made on September 25, 2015 (commencement of operations) in ETF Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index and secondary underlying index, the Goldman Sachs ActiveBeta^® Emerging Markets Equity Index and the MSCI EM Index (net, unhedged), are shown. This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. These performance fluctuations may cause an investor’s shares to be worth more or less than their original cost. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. In addition to the performance of constituents of the underlying index, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions.

ActiveBeta^® Emerging Markets Equity ETF’s Lifetime Performance

Performance of a $10,000 Investment, with distributions reinvested, from September 25, 2015 through August 31, 2016.

LOGO


Average Annual Total Return through August 31, 2016		Since Inception

Shares based on NAV (Commenced September 25, 2015)		13.29%*

Total return for periods of less than one year represents cumulative total return.

PORTFOLIO RESULTS

Goldman Sachs ActiveBeta^® Europe Equity ETF

Investment Objective

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the period since its inception on March 2, 2016 through August 31, 2016 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund returned 6.23% based on net asset value (“NAV”) and 6.55% based on market price.¹ The Index returned 6.18%, and the MSCI Europe Index (net, unhedged, USD) (“MSCI Europe Index”), a market-cap based index against which the performance of the Fund is measured, and the reference index for the Index, returned 6.15% during the same period.

The Fund had a NAV of $25.03 per share on the date of inception and ended the Reporting Period with a NAV of $26.12 per share. The Fund’s market price on August 31, 2016 was $26.20 per share.

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

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

The Fund outperformed the MSCI Europe Index during the Reporting Period. Amongst underlying factors, Momentum contributed positively to relative results during the Reporting Period. Value and Quality detracted from relative results during the Reporting Period, while Low Volatility had a rather neutral effect. Momentum is whether a company’s share price is trending up or down. Value refers to how attractively a stock is priced relative to its fundamentals, such as book value and free cash flow. Quality refers to sustainable profitability over time. Low Volatility is a relatively low degree of fluctuation in a company’s share price over time.

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

Index constituents in the financials, information technology and health care sectors contributed most positively to the Fund’s results relative to the MSCI Europe Index during the Reporting Period. Index constituents in the consumer

PORTFOLIO RESULTS

discretionary, materials and industrials sectors detracted most from the Fund’s results relative to the MSCI Europe Index during the Reporting Period.

From a country perspective, Index constituents in Spain, France and Germany contributed most positively to the Fund’s results relative to the MSCI Europe Index. Conversely, holdings in the U.K., Ireland and Belgium detracted the most from the Fund’s results relative to the MSCI Europe Index during the Reporting Period.

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

Relative to the MSCI Europe Index, overweight positions in French digital services company Atos and German sports shoes, apparel and equipment manufacturer Adidas and an underweight position in U.K. bank Lloyds Banking Group contributed most positively (1.01%, 0.87% and 0.11% of Fund net assets as of August 31, 2016, respectively). Atos and Adidas each posted a double-digit gain during the Reporting Period. Lloyds Banking Group generated a double-digit decline during the Reporting Period.

Which individual positions detracted from the Fund’s results during the Reporting Period?

Relative to the MSCI Europe Index, overweight positions in Swiss offshore drilling contractor Transocean, U.K. bookmaking services provider William Hill and Italian bank Banco Popolare detracted most (0.00%, 0.38% and 0.00% of Fund net assets as of August 31, 2016, respectively). Each of these stocks generated a double-digit decline during the Reporting Period.

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

The Fund does not employ derivatives as a source of alpha generation, although it may use them to equitize excess cash.

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


Sector Name	Fund³			GS ActiveBeta^® Index			MSCI EU Index
Consumer Staples		18.39	%		18.45	%		15.93	%
Financials		15.14			16.58			19.79
Industrials		14.75			14.54			12.82
Consumer Discretionary		14.42			14.04			10.52
Health Care		14.01			13.63			13.64
Materials		5.96			5.68			7.50
Information Technology		5.53			5.42			4.68
Energy		4.29			3.70			6.67
Utilities		4.04			4.23			3.95
Telecommunication Services		3.46			3.73			4.50
Cash and Cash Equivalents		0.01			0.00			0.00

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


Country Name	Fund³			GS ActiveBeta^® Index			MSCI EU Index
UK		28.12	%		27.50	%		30.03	%
France		17.23			17.34			15.20
Switzerland		13.92			14.07			14.20
Germany		13.22			13.51			14.27
Netherlands		5.35			5.14			5.26
Spain		4.88			4.75			4.77
Italy		4.15			4.27			3.09
Sweden		3.61			3.60			4.38
Denmark		3.35			3.50			2.90
Belgium		1.77			1.73			2.10
Norway		1.59			1.60			0.98
Finland		1.41			1.34			1.52
Ireland		0.59			0.99			0.76
Austria		0.48			0.39			0.27
Portugal		0.32			0.29			0.24
Cash and Cash Equivalents		0.01			0.00			0.00

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

FUND BASICS

ActiveBeta^® Europe Equity ETF

as of August 31, 2016

LOGO


PERFORMANCE REVIEW
March 2, 2016– August 31, 2016	Fund Total Return (based on NAV)²			Fund Total Return (based on Market Price)²			GS ActiveBeta^® Europe Equity Index³			MSCI Europe Index⁴
Shares		6.23	%		6.55	%		6.18	%		6.15	%

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

⁴

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

FUND BASICS


EXPENSE RATIO⁵
	Expense Ratio
Shares		0.25	%

⁵

The expense ratio of the Fund is as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed on the Financial Highlights in this report.


TOP TEN HOLDINGS AS OF 8/31/16⁶
Holding	% of Net Assets			Line of Business	Country
Nestle SA		2.9	%	Consumer Staples	Switzerland
Roche Holding AG		2.0		Health Care	Switzerland
Novartis AG		1.8		Health Care	Switzerland
HSBC Holdings PLC		1.4		Financials	United Kingdom
British American Tobacco PLC		1.3		Consumer Staples	United Kingdom
GlaxoSmithKline PLC		1.1		Health Care	United Kingdom
Novo Nordisk A/S, Class B		1.1		Health Care	Denmark
Koninklijke Ahold Delhaize NV		1.1		Consumer Staples	Netherlands
Sanofi		1.1		Health Care	France
SAP SE		1.0		Information Technology	Germany

⁶

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

FUND BASICS


		FUND SECTOR ALLOCATIONS⁷
		As of August 31, 2016

LOGO

⁷

The Fund’s composition may differ over time. Consequently, the Fund’s overall industry sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value.

PORTFOLIO RESULTS

Goldman Sachs ActiveBeta^® International Equity ETF

Investment Objective

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the period since its inception on November 6, 2015 through August 31, 2016 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund returned 0.90% based on net asset value (“NAV”) and 1.33% based on market price.¹ The Index returned 0.95%, and the MSCI World ex USA Index (net, unhedged, USD) (“MSCI World ex USA Index”), a market-cap based index against which the performance of the Fund is measured, and the reference index for the Index, returned -0.01% during the same period.

The Fund had a NAV of $24.78 per share on the date of inception and ended the Reporting Period with a NAV of $24.67 per share. The Fund’s market price on August 31, 2016 was $24.78 per share.

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

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

The Fund outperformed the MSCI World ex USA Index during the Reporting Period. All underlying factors contributed positively, with Value contributing most positively, followed by Low Volatility, Momentum and Quality. Value refers to how attractively a stock is priced relative to its fundamentals, such as book value and free cash flow. Low Volatility is a relatively low degree of fluctuation in a company’s share price over time. Momentum is whether a company’s share price is trending up or down. Quality refers to sustainable profitability over time.

PORTFOLIO RESULTS

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

Index constituents in the financials, health care and materials sectors contributed most positively to the Fund’s results relative to the MSCI World ex USA Index during the Reporting Period. Only partially offsetting these positive contributors were Index constituents in the consumer discretionary, energy and telecommunication services sectors, which detracted the most from the Fund’s results relative to the MSCI World ex USA Index.

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

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

Relative to the MSCI World ex USA Index, overweight positions in Australian iron ore producer Fortescue Metals Group and Canadian gold miner Kinross Gold and an underweight position in U.S. specialty pharmaceuticals firm Valeant Pharmaceuticals International contributed most positively (0.28%, 0.18% and 0.07% of Fund net assets as of August 31, 2016, respectively). Fortescue Metals Group and Kinross Gold each generated a robust triple-digit gain during the Reporting Period, while Valeant Pharmaceuticals posted a share price decline.

Which individual positions detracted from the Fund’s results during the Reporting Period?

Relative to the MSCI World ex USA Index, overweight positions in Italian telecommunications carrier Telecom Italia and U.K. sports apparel retailer Sports Direct International and an underweight position in Canadian gold miner Barrick Gold detracted most (0.20%, 0.00% and 0.09% of Fund net assets as of August 31, 2016, respectively). Telecom Italia and Sports Direct International each generated a double-digit decline during the Reporting Period, while Barrick Gold posted a single-digit gain during the Reporting Period.

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

The Fund does not employ derivatives as a source of alpha generation, although it may use them to equitize excess cash.

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


Sector Name	Fund³			GS ActiveBeta^® Index			MSCI World ex USA Index
Financials		20.49	%		22.50	%		24.84	%
Consumer Staples		16.50			16.40			11.98
Consumer Discretionary		14.69			14.44			11.80
Industrials		12.70			12.50			13.45
Health Care		11.83			11.40			10.52
Information Technology		6.32			6.46			5.41
Materials		6.23			6.24			7.62
Telecommunication Services		3.91			3.82			4.67
Energy		3.56			3.07			6.22
Utilities		3.33			3.17			3.49
Cash & Cash Equivalents		0.43			0.00			0.00

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

PORTFOLIO RESULTS

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


Country Name	Fund³			GS ActiveBeta^® Index			MSCI World ex USA Index
Japan		20.79	%		20.79	%		21.72	%
UK		15.84			16.18			17.38
France		9.54			9.80			8.79
Canada		9.33			9.05			8.70
Switzerland		8.13			8.24			8.22
Germany		7.82			7.90			8.26
Australia		6.46			6.45			6.59
Netherlands		3.04			3.07			3.05
Hong Kong		2.84			2.78			3.11
Spain		2.83			2.79			2.76
Sweden		2.47			2.28			2.54
Italy		2.29			2.35			1.79
Denmark		2.11			2.15			1.68
Singapore		1.47			1.43			1.15
Belgium		0.98			1.07			1.21
Israel		0.97			1.05			0.69
Finland		0.90			0.84			0.88
Norway		0.85			0.85			0.57
Cash & Cash Equivalents		0.43			0.00			0.00
Ireland		0.31			0.43			0.44
Austria		0.22			0.18			0.16
New Zealand		0.21			0.17			0.19
Portugal		0.17			0.17			0.14

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

FUND BASICS

ActiveBeta^® International Equity ETF

As of August 31, 2016

LOGO


PERFORMANCE REVIEW
November 6, 2015– August 31, 2016	Fund Total Return (based on NAV)²			Fund Total Return (based on Market Price)²			GS ActiveBeta^® Intl Equity Index³			MSCI World ex USA Index⁴
Shares		0.90	%		1.33	%		0.95	%		-0.01	%

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

⁴

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

FUND BASICS


EXPENSE RATIO⁵
	Expense Ratio
Shares		0.25	%

⁵


TOP TEN HOLDINGS AS OF 8/31/16⁶
Holding	% of Net Assets			Line of Business	Country
Nestle SA		1.6	%	Consumer Staples	Switzerland
Roche Holding AG		1.1		Health Care	Switzerland
Novartis AG		1.1		Health Care	Switzerland
HSBC Holdings PLC		0.8		Financials	United Kingdom
Koninklijke Ahold Delhaize NV		0.7		Consumer Staples	Netherlands
Novo Nordisk A/S, Class B		0.7		Health Care	Denmark
Atos SE		0.6		Information Technology	France
British American Tobacco PLC		0.6		Consumer Staples	United Kingdom
Sanofi		0.6		Health Care	France
Commonwealth Bank of Australia		0.6		Financials	Australia

⁶

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

FUND BASICS


		FUND SECTOR ALLOCATIONS⁷
		As of August 31, 2016

LOGO

⁷

The Fund’s composition may differ over time. Consequently, the Fund’s overall industry sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value.

ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Performance Summary

August 31, 2016

The following graph shows the value, as of August 31, 2016, of a $10,000 investment made on November 6, 2015 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index and secondary underlying index, the Goldman Sachs ActiveBeta^® International Equity Index and the MSCI World ex USA Index (net, Unhedged, USD), are shown. This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. These performance fluctuations may cause an investor’s shares to be worth more or less than their original cost. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. In addition to the performance of constituents of the underlying index, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions.

ActiveBeta^® International Equity ETF’s Lifetime Performance

Performance of a $10,000 Investment, with distributions reinvested, from November 6, 2015 through August 31, 2016.

LOGO


Average Annual Total Return through August 31, 2016		Since Inception

Shares based on NAV (Commenced November 6, 2015)		0.90%*

Total return for periods of less than one year represents cumulative total return.

PORTFOLIO RESULTS

Goldman Sachs ActiveBeta^® Japan Equity ETF

Investment Objective

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

Portfolio Management Discussion and Analysis

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund returned 7.17% based on net asset value (“NAV”) and 7.59% based on market price.¹ The Index returned 6.99%, and the MSCI Japan Index (net, unhedged, USD) (“MSCI Japan Index”), a market-cap based index which the performance of the Fund is measured, and the reference index for the Index, returned 9.58% during the same period.

The Fund had a NAV of $25.69 per share on the date of inception and ended the Reporting Period with a NAV of $27.33 per share. The Fund’s market price on August 31, 2016 was $27.44 per share.

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

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

The Fund posted solid absolute gains but underperformed the MSCI Japan Index during the Reporting Period. All underlying factors detracted from relative results during the Reporting Period, with Momentum detracting most, followed by Low Volatility, Value and Quality. Momentum is whether a company’s share price is trending up or down. Low Volatility is a relatively low degree of fluctuation in a company’s share price over time. Value refers to how attractively a stock is priced relative to its fundamentals, such as book value and free cash flow. Quality refers to sustainable profitability over time.

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

Index constituents in the industrials, materials and consumer discretionary sectors detracted most from the Fund’s results relative to the MSCI Japan Index during the Reporting Period. Index constituents in the health care, consumer staples and utilities sectors detracted the least from the

PORTFOLIO RESULTS

Fund’s results relative to the MSCI Japan Index during the Reporting Period. None of the sectors contributed positively.

Which individual positions detracted from the Fund’s results during the Reporting Period?

Relative to the MSCI Japan Index, underweight positions in electrical and electronic products manufacturer Toshiba and telecommunication services provider SoftBank Group and an overweight position in electric utility Tokyo Electric Power Company Holdings detracted most (0.03%, 1.14% and 0.63% of Fund net assets as of August 31, 2016, respectively). Toshiba and SoftBank Group each posted a double-digit gain during the Reporting Period, while Tokyo Electric Power Company Holdings generated a double-digit decline during the Reporting Period.

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

Relative to the MSCI Japan Index, overweight positions in convenience store chain operator FamilyMart UNY Holdings, toy and game equipment and software manufacturer Bandai Namco Holdings and diversified chemicals manufacturer Mitsui Chemicals contributed most positively (0.47%, 0.57% and 0.45% of Fund net assets as of August 31, 2016, respectively). Each of these stocks posted a double-digit gain during the Reporting Period.

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

The Fund does not employ derivatives as a source of alpha generation, although it may use them to equitize excess cash.

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


Sector Name	Fund³			GS ActiveBeta^® Index			MSCI Japan Index
Consumer Discretionary		21.42	%		21.20	%		21.22	%
Industrials		16.96			16.86			19.79
Financials		15.62			15.66			17.66
Consumer Staples		12.03			11.93			7.95
Information Technology		10.46			11.30			10.45
Health Care		10.17			10.08			7.84
Telecommunication Services		4.61			4.58			6.32
Materials		3.92			3.90			5.96
Utilities		2.99			2.96			2.06
Energy		1.54			1.53			0.76
Cash & Cash Equivalents		0.27			0.00			0.00

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

Sector classifications for securities may differ between the above listing and the Statement of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by MSCI.

FUND BASICS

ActiveBeta^® Japan Equity ETF

as of August 31, 2016

LOGO


PERFORMANCE REVIEW
March 2, 2016– August 31, 2016	Fund Total Return (based on NAV)²			Fund Total Return (based on Market Price)²			GS ActiveBeta^® Japan Index³			MSCI World Japan Index⁴
Shares		7.17	%		7.59	%		6.99	%		9.58	%

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

⁴

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

FUND BASICS


EXPENSE RATIO⁵
	Expense Ratio
Shares		0.25	%

⁵


TOP TEN HOLDINGS AS OF 8/31/16⁶
Holding	% of Net Assets			Line of Business
Toyota Motor Corp.		4.6	%	Consumer Discretionary
Honda Motor Co. Ltd.		1.9		Consumer Discretionary
Mitsubishi UFJ Financial Group, Inc.		1.9		Financials
Sumitomo Mitsui Financial Group, Inc.		1.5		Financials
KDDI Corp.		1.5		Telecommunication Services
Japan Tobacco, Inc.		1.4		Consumer Staples
Seven & i Holdings Co. Ltd.		1.3		Consumer Staples
Mitsubishi Corp.		1.2		Industrials
Sony Corp.		1.1		Consumer Discretionary
SoftBank Group Corp.		1.1		Telecommunication Services

⁶

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

FUND BASICS


		FUND SECTOR ALLOCATIONS⁷
		As of August 31, 2016

LOGO

⁷

The Fund’s composition may differ over time. Consequently, the Fund’s overall industry sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value.

PORTFOLIO RESULTS

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

Investment Objective

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the period since its inception on September 17, 2015 through August 31, 2016 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund returned 8.97% based on net asset value (“NAV”) and 8.94% based on market price.¹ The Index returned 9.07%, and the S&P 500 Index (Total Return, USD) (“S&P 500 Index”), a market-cap based index against which the performance of the Fund is measured, returned 11.40% during the same period.

The Fund had a NAV of $40.70 per share on the date of inception and ended the Reporting Period with a NAV of $43.83 per share. The Fund’s market price on August 31, 2016 was $43.82 per share.

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

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

The Fund posted solid absolute gains but underperformed the S&P 500 Index during the Reporting Period. Amongst underlying factors, Value, Momentum and Quality detracted from relative returns, while Low Volatility contributed positively. Value refers to how attractively a stock is priced relative to its fundamentals, such as book value and free cash flow. Momentum is whether a company’s share price is trending up or down. Quality refers to sustainable profitability over time. Low Volatility is a relatively low degree of fluctuation in a company’s share price over time.

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

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

PORTFOLIO RESULTS

Which individual positions detracted from the Fund’s results during the Reporting Period?

Relative to the S&P 500 Index, an overweight position in investment and insurance company Voya Financial and underweight positions in telecommunication services giant AT&T and integrated energy company Chevron detracted most (0.00%, 0.96% and 0.40% of Fund net assets as of August 31, 2016, respectively). Voya generated a double-digit negative return during the Reporting Period, while AT&T and Chevron each generated a double-digit gain during the Reporting Period.

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

Relative to the S&P 500 Index, overweight positions in packaged food producer Tyson Foods, mining company Newmont Mining and aircraft and parts contractor L-3 Communications Holdings contributed most positively (0.62%, 0.11% and 0.49% of Fund net assets as of August 31, 2016, respectively). Tyson Foods and L-3 Communications Holdings each generated a double-digit gain during the Reporting Period, while Newmont Mining posted a triple-digit increase during the Reporting Period.

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

The Fund does not employ derivatives as a source of alpha generation, although it may use them to equitize excess cash.

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


Sector Name	Fund³			GS ActiveBeta^® Index			S&P 500 Index
Information Technology		20.17	%		20.27	%		20.99	%
Consumer Discretionary		15.55			15.60			12.22
Health Care		14.96			15.02			14.63
Financials		13.83			13.87			16.33
Consumer Staples		13.63			13.68			10.05
Industrials		9.36			9.39			9.95
Utilities		4.11			4.13			3.24
Energy		3.37			3.38			7.01
Telecommunication Services		2.47			2.48			2.66
Materials		2.18			2.19			2.92
Cash & Cash Equivalents		0.37			0.00			0.00

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

FUND BASICS

ActiveBeta^® U.S. Large Cap Equity ETF

as of August 31, 2016

LOGO


PERFORMANCE REVIEW
September 17, 2015– August 31, 2016	Fund Total Return (based on NAV)²			Fund Total Return (based on Market Price)²			GS ActiveBeta^® LC Index³			S&P 500 Index⁴
Shares		8.97	%		8.94	%		9.07	%		11.40	%

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

⁴

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

FUND BASICS


EXPENSE RATIO⁵
	Expense Ratio
Shares		0.09	%

⁵


TOP TEN HOLDINGS AS OF 8/31/16⁶
Holding	% of Net Assets			Line of Business
Apple, Inc.		2.6	%	Information Technology
Microsoft Corp.		2.0		Information Technology
Johnson & Johnson		1.4		Health Care
Exxon Mobil Corp.		1.3		Energy
Amazon.com, Inc.		1.2		Consumer Discretionary
JPMorgan Chase & Co.		1.1		Financials
The Home Depot, Inc.		1.0		Consumer Discretionary
Facebook, Inc., Class A		1.0		Information Technology
Pfizer, Inc.		1.0		Health Care
AT&T, Inc.		1.0		Telecommunication Services

⁶

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

FUND BASICS


		FUND SECTOR ALLOCATIONS⁷
		As of August 31, 2016

LOGO

⁷

The Fund’s composition may differ over time. Consequently, the Fund’s overall industry sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value.

ACTIVEBETA^® U.S. LARGE CAP EQUITY ETF

Performance Summary

August 31, 2016

The following graph shows the value, as of August 31, 2016, of a $10,000 investment made on September 17, 2015 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index and secondary underlying index, the Goldman Sachs ActiveBeta^® U.S. Large Cap Equity Index and the S&P 500 Index (Total Return, USD), are shown. This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. These performance fluctuations may cause an investor’s shares to be worth more or less than their original cost. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. In addition to the performance of constituents of the underlying index, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions.

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

Performance of a $10,000 Investment, with distributions reinvested, from September 17, 2015 through August 31, 2016.

LOGO


Average Annual Total Return through August 31, 2016		Since Inception

Shares based on NAV (Commenced September 17, 2015)		8.97%*

Total return for periods of less than one year represents cumulative total return.

FUND BASICS

Index Definitions and Industry Terms

The S&P 500^® Index is the Standard & Poor’s 500 Composite Index of 500 stocks, an unmanaged index of common stock prices.

The MSCI World ex USA Index captures large and mid cap representation across 22 of 23 Developed Markets countries. The index as of June 30, 2016, consists of the following 22 developed market country indexes: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom. It is not possible to invest directly in an unmanaged index.

The Russell 3000^® Index is an unmanaged index that measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an unmanaged index.

The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. As of June 30, 2016, the MSCI Emerging Markets Index consisted of the following 23 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. It is not possible to invest directly in an unmanaged index.

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

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

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

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

Schedule of Investments

August 31, 2016


Shares		Description	Value
	Common Stocks – 86.7%
	Brazil – 5.7%
	1,004,407	Ambev SA (Consumer Staples)	$	5,960,347
	213,757	Banco Bradesco SA (Financials)		1,923,535
	220,881	Banco do Brasil SA (Financials)		1,585,333
	228,442	Banco Santander Brasil SA (Financials)		1,602,160
	287,754	BB Seguridade Participacoes SA (Financials)		2,593,861
	260,106	BM&FBovespa SA – Bolsa de Valores Mercadorias e Futuros (Financials)		1,440,565
	123,950	BRF SA (Consumer Staples)		2,064,045
	185,153	CETIP SA – Mercados Organizados (Financials)		2,502,068
	139,085	Cia de Saneamento Basico do Estado de Sao Paulo (Utilities)		1,264,057
	406,071	Cia Siderurgica Nacional SA (Materials)*		1,079,909
	126,180	Cielo SA (Information Technology)		1,310,652
	113,532	Cosan SA Industria e Comercio (Energy)		1,320,760
	197,212	EDP – Energias Do Brasil SA (Utilities)		872,080
	84,216	Engie Brasil Energia SA (Utilities)		1,015,655
	153,611	Equatorial Energia SA (Utilities)		2,402,161
	140,466	Hypermarcas SA (Consumer Staples)		1,133,701
	447,657	Lojas Renner SA (Consumer Discretionary)		3,547,977
	37,639	M Dias Branco SA (Consumer Staples)		1,408,349
	163,116	Natura Cosmeticos SA (Consumer Staples)		1,571,740
	537,069	Odontoprev SA (Health Care)		2,117,518
	207,140	Petroleo Brasileiro SA (Energy)*		944,166
	155,882	Porto Seguro SA (Financials)		1,328,019
	241,074	Raia Drogasil SA (Consumer Staples)		4,449,037
	315,106	Sul America SA (Financials)		1,591,218
	95,514	Ultrapar Participacoes SA (Energy)		2,198,376

				49,227,289

	Chile – 1.1%
	2,121,628	Aguas Andinas SA, Class A (Utilities)		1,274,858
	14,906	Banco de Chile ADR (Financials)		984,094
	469,428	Cencosud SA (Consumer Staples)		1,381,358
	156,745	Cia Cervecerias Unidas SA (Consumer Staples)		1,661,445
	117,419	Empresas COPEC SA (Energy)		1,031,429
	106,536	Latam Airlines Group SA ADR (Industrials)*		865,072
	153,612	SACI Falabella (Consumer Discretionary)		1,097,558
	33,844	Sociedad Quimica y Minera de Chile SA ADR (Materials)		863,022

				9,158,836

	Common Stocks – (continued)
	China – 24.4%
	214,072	AAC Technologies Holdings, Inc. (Information Technology)	$	2,441,057
	8,760,524	Agricultural Bank of China Ltd., Class H (Financials)		3,602,807
	188,266	Alibaba Group Holding Ltd. ADR (Information Technology)*		18,297,572
	430,303	ANTA Sports Products Ltd. (Consumer Discretionary)		1,164,968
	48,129	Baidu, Inc. ADR (Information Technology)*		8,233,428
	16,984,660	Bank of China Ltd., Class H (Financials)		7,641,920
	3,102,339	Bank of Communications Co. Ltd., Class H (Financials)		2,395,721
	185,509	Beijing Enterprises Holdings Ltd. (Industrials)		1,064,254
	3,288,717	Belle International Holdings Ltd. (Consumer Discretionary)		2,136,866
	142,405	BYD Co. Ltd., Class H (Consumer Discretionary)*		991,378
	3,710,254	China Cinda Asset Management Co. Ltd., Class H (Financials)		1,257,997
	3,480,556	China CITIC Bank Corp Ltd., Class H (Financials)		2,297,412
	3,707,434	China Communications Services Corp. Ltd., Class H (Telecommunication Services)		2,179,508
	449,689	China Conch Venture Holdings Ltd. (Industrials)		864,970
	17,859,476	China Construction Bank Corp., Class H (Financials)		13,354,170
	2,712,173	China Everbright Bank Co. Ltd., Class H (Financials)		1,283,228
	3,595,400	China Huishan Dairy Holdings Co. Ltd. (Consumer Staples)		1,381,286
	1,033,253	China Life Insurance Co. Ltd., Class H (Financials)		2,469,657
	892,997	China Medical System Holdings Ltd. (Health Care)		1,496,627
	962,117	China Mengniu Dairy Co. Ltd. (Consumer Staples)		1,825,811
	1,102,175	China Merchants Bank Co. Ltd., Class H (Financials)		2,682,704
	1,978,763	China Minsheng Banking Corp. Ltd., Class H (Financials)		2,127,551
	1,388,854	China Mobile Ltd. (Telecommunication Services)		17,153,088
	955,715	China Overseas Land & Investment Ltd. (Real Estate)		3,160,356
	283,742	China Pacific Insurance Group Co. Ltd., Class H (Financials)		998,634
	4,658,136	China Petroleum & Chemical Corp., Class H (Energy)		3,380,966
	1,246,781	China Railway Group Ltd., Class H (Industrials)		924,226
	737,851	China Resources Beer Holdings Co. Ltd. (Consumer Staples)		1,702,715


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

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

Schedule of Investments (continued)

August 31, 2016


Shares		Description	Value
	Common Stocks – (continued)
	China – (continued)
	425,570	China Resources Land Ltd. (Real Estate)	$	1,198,789
	561,995	China Resources Power Holdings Co. Ltd. (Utilities)		970,862
	562,830	China Shenhua Energy Co. Ltd., Class H (Energy)		1,011,487
	6,034,981	China Telecom Corp. Ltd., Class H (Telecommunication Services)		3,119,899
	2,154,861	China Unicom Hong Kong Ltd. (Telecommunication Services)		2,441,902
	2,240,259	Chongqing Rural Commercial Bank Co. Ltd., Class H (Financials)		1,299,664
	864,747	CITIC Ltd. (Industrials)		1,362,324
	1,304,626	CNOOC Ltd. (Energy)		1,602,873
	2,488,159	Country Garden Holdings Co. Ltd. (Real Estate)		1,263,847
	2,193,978	CSPC Pharmaceutical Group Ltd. (Health Care)		2,129,842
	24,363	Ctrip.com International Ltd. ADR (Consumer Discretionary)*		1,153,588
	1,553,322	Dongfeng Motor Group Co. Ltd., Class H (Consumer Discretionary)		1,660,108
	1,083,079	Far East Horizon Ltd. (Financials)		1,012,321
	3,252,886	Geely Automobile Holdings Ltd. (Consumer Discretionary)		2,608,431
	725,927	Guangdong Investment Ltd. (Utilities)		1,123,038
	956,689	Guangzhou Automobile Group Co. Ltd., Class H (Consumer Discretionary)		1,317,232
	826,295	Guangzhou R&F Properties Co. Ltd., Class H (Real Estate)		1,395,489
	195,000	Hengan International Group Co. Ltd. (Consumer Staples)		1,650,401
	16,036,291	Industrial & Commercial Bank of China Ltd., Class H (Financials)		10,192,273
	40,016	JD.com, Inc. ADR (Consumer Discretionary)*		1,016,806
	738,258	Jiangsu Expressway Co. Ltd., Class H (Industrials)		1,037,421
	1,313,426	Kunlun Energy Co. Ltd. (Energy)		966,856
	756,255	Longfor Properties Co. Ltd. (Real Estate)		1,218,705
	1,371,204	Luye Pharma Group Ltd. (Health Care)*		871,504
	22,164	NetEase, Inc. ADR (Information Technology)		4,698,103
	59,294	New Oriental Education & Technology Group, Inc. ADR (Consumer Discretionary)		2,340,927
	2,584,085	People’s Insurance Co Group of China Ltd. (The), Class H (Financials)		1,039,397
	3,617,547	PetroChina Co. Ltd., Class H (Energy)		2,415,818
	1,149,643	PICC Property & Casualty Co. Ltd., Class H (Financials)		1,900,077

	Common Stocks – (continued)
	China – (continued)
	1,095,852	Ping An Insurance Group Co. of China Ltd., Class H (Financials)		5,672,280
	202,179	Shenzhou International Group Holdings Ltd. (Consumer Discretionary)		1,328,007
	437,342	Sinopharm Group Co. Ltd., Class H (Health Care)		2,241,189
	28,218	TAL Education Group ADR (Consumer Discretionary)*		1,686,308
	1,067,541	Tencent Holdings Ltd. (Information Technology)		27,773,201
	1,134,756	Tingyi Cayman Islands Holding Corp. (Consumer Staples)		1,050,382
	462,872	TravelSky Technology Ltd., Class H (Information Technology)		1,007,288
	343,796	Tsingtao Brewery Co. Ltd., Class H (Consumer Staples)		1,152,376
	108,248	Vipshop Holdings Ltd. ADR (Consumer Discretionary)*		1,532,792
	2,438,324	Want Want China Holdings Ltd. (Consumer Staples)		1,606,322
	2,489,109	Zijin Mining Group Co. Ltd., Class H (Materials)		827,911

				210,408,917

	Colombia – 0.4%
	239,179	Cementos Argos SA (Materials)		955,485
	93,558	Grupo de Inversiones Suramericana SA (Financials)		1,223,875
	361,840	Interconexion Electrica SA Esp (Utilities)		1,212,748

				3,392,108

	Egypt – 0.5%
	875,687	Commercial International Bank Egypt SAE GDR (Financials)		3,679,637
	452,906	Global Telecom Holding SAE GDR (Telecommunication Services)*		901,283

				4,580,920

	Greece – 0.2%
	175,695	Hellenic Telecommunications Organization SA (Telecommunication Services)		1,663,282

	Hong Kong – 0.8%
	987,179	Haier Electronics Group Co. Ltd. (Consumer Discretionary)		1,651,927
	4,954,170	Sino Biopharmaceutical Ltd. (Health Care)		3,180,683
	3,304,215	Sun Art Retail Group Ltd. (Consumer Staples)		2,125,637

				6,958,247

	Hungary – 0.5%
	23,122	MOL Hungarian Oil & Gas PLC (Energy)		1,441,370
	43,423	OTP Bank PLC (Financials)		1,132,738


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

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF


Shares		Description	Value
	Common Stocks – (continued)
	Hungary – (continued)
	68,950	Richter Gedeon Nyrt (Health Care)	$	1,412,471

				3,986,579

	Indonesia – 2.9%
	23,620,514	Adaro Energy Tbk PT (Energy)		2,047,764
	2,714,194	Astra International Tbk PT (Consumer Discretionary)		1,667,597
	1,996,320	Bank Central Asia Tbk PT (Financials)		2,264,954
	1,814,732	Bank Mandiri Persero Tbk PT (Financials)		1,535,648
	1,344,341	Bank Rakyat Indonesia Persero Tbk PT (Financials)		1,180,669
	3,059,229	Charoen Pokphand Indonesia Tbk PT (Consumer Staples)		860,228
	367,916	Gudang Garam Tbk PT (Consumer Staples)		1,786,188
	3,725,936	Hanjaya Mandala Sampoerna Tbk PT (Consumer Staples)		1,117,921
	1,600,408	Indofood Sukses Makmur TBK PT (Consumer Staples)		956,143
	11,357,104	Kalbe Farma Tbk PT (Health Care)		1,536,826
	1,033,897	Matahari Department Store Tbk PT (Consumer Discretionary)		1,558,835
	4,532,094	Surya Citra Media Tbk PT (Consumer Discretionary)		1,035,224
	9,176,202	Telekomunikasi Indonesia Persero Tbk PT (Telecommunication Services)		2,912,311
	802,988	Unilever Indonesia Tbk PT (Consumer Staples)		2,763,393
	7,237,981	Waskita Karya Persero TBK PT (Industrials)		1,522,350

				24,746,051

	Malaysia – 2.7%
	1,198,000	AirAsia Bhd (Industrials)		886,204
	1,723,629	Astro Malaysia Holdings Bhd (Consumer Discretionary)		1,253,780
	160,002	British American Tobacco Malaysia Bhd (Consumer Staples)		1,941,881
	2,135,619	DiGi.Com Bhd (Telecommunication Services)		2,643,523
	922,163	Genting Bhd (Consumer Discretionary)		1,773,609
	521,234	Hap Seng Consolidated Bhd (Industrials)		999,926
	886,738	IHH Healthcare Bhd (Health Care)		1,429,976
	1,405,800	IOI Properties Group Bhd (Real Estate)		873,534
	207,400	Kuala Lumpur Kepong Bhd (Consumer Staples)		1,205,891
	597,738	Malayan Banking Bhd (Financials)		1,152,586
	639,813	Maxis Bhd (Telecommunication Services)		990,760
	608,332	Petronas Chemicals Group Bhd (Materials)		1,003,511

	Common Stocks – (continued)
	Malaysia – (continued)
	170,612	Petronas Dagangan Bhd (Energy)		984,421
	299,788	Public Bank Bhd (Financials)		1,463,642
	477,100	Tenaga Nasional Bhd (Utilities)		1,734,054
	849,184	Westports Holdings Bhd (Industrials)		931,789
	2,781,298	YTL Corp Bhd (Utilities)		1,152,159
	2,963,717	YTL Power International Bhd (Utilities)		1,088,876

				23,510,122

	Mexico – 4.0%
	708,372	Alfa SAB de CV, Class A (Industrials)		1,148,412
	5,317,909	America Movil SAB de CV, Series L (Telecommunication Services)		3,173,483
	268,137	Arca Continental SAB de CV (Consumer Staples)		1,665,203
	1,761,667	Cemex SAB de CV, Series CPO (Materials)*		1,453,682
	130,647	Coca-Cola Femsa SAB de CV, Series L (Consumer Staples)		969,704
	83,111	El Puerto de Liverpool SAB de CV, Series C1 (Consumer Discretionary)		901,992
	339,228	Fomento Economico Mexicano SAB de CV (Consumer Staples)		3,096,402
	679,690	Gentera SAB de CV (Financials)		1,313,362
	184,104	Gruma SAB de CV, Class B (Consumer Staples)		2,441,711
	162,563	Grupo Aeroportuario del Pacifico SAB de CV, Class B (Industrials)		1,608,938
	90,676	Grupo Aeroportuario del Sureste SAB de CV, Class B (Industrials)		1,378,011
	1,152,817	Grupo Bimbo SAB de CV, Series A (Consumer Staples)		3,268,059
	365,873	Grupo Comercial Chedraui SA de CV (Consumer Staples)		880,325
	329,285	Grupo Financiero Banorte SAB de CV, Class O (Financials)		1,766,250
	689,332	Grupo Financiero Santander Mexico SAB de CV, Class B (Financials)		1,310,804
	487,571	Grupo Lala SAB de CV (Consumer Staples)		1,017,843
	509,726	Grupo Mexico SAB de CV, Series B (Materials)		1,271,293
	37,028	Industrias Penoles SAB de CV (Materials)		854,879
	538,503	Kimberly-Clark de Mexico SAB de CV, Class A (Consumer Staples)		1,287,127
	88,629	Promotora y Operadora de Infraestructura SAB de CV (Industrials)		1,060,988
	1,152,967	Wal-Mart de Mexico SAB de CV (Consumer Staples)		2,622,608

				34,491,076

	Netherlands – 0.4%
	570,163	Steinhoff International Holdings NV (Consumer Discretionary)		3,418,463


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

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

Schedule of Investments (continued)

August 31, 2016


Shares		Description	Value
	Common Stocks – (continued)
	Peru – 0.3%
	67,353	Cia de Minas Buenaventura Saa ADR (Materials)*	$	832,483
	11,315	Credicorp Ltd. (Financials)		1,772,834

				2,605,317

	Philippines – 1.3%
	790,950	Aboitiz Equity Ventures, Inc. (Industrials)		1,273,125
	39,854	Globe Telecom, Inc. (Telecommunication Services)		1,684,996
	31,615	GT Capital Holdings, Inc. (Financials)		1,041,507
	659,918	JG Summit Holdings, Inc. (Industrials)		1,104,702
	287,288	Jollibee Foods Corp. (Consumer Discretionary)		1,510,582
	8,593,800	Metro Pacific Investments Corp. (Financials)		1,276,298
	225,060	Security Bank Corp. (Financials)		1,030,750
	2,327,871	SM Prime Holdings, Inc. (Real Estate)		1,491,296
	314,795	Universal Robina Corp. (Consumer Staples)		1,263,369

				11,676,625

	Poland – 0.8%
	35,753	CCC SA (Consumer Discretionary)		1,663,632
	121,932	Grupa Lotos SA (Energy)*		905,601
	926	LPP SA (Consumer Discretionary)		1,065,361
	113,808	Polski Koncern Naftowy ORLEN SA (Energy)		1,891,296
	643,317	Polskie Gornictwo Naftowe i Gazownictwo SA (Energy)		876,649
	124,318	Powszechny Zaklad Ubezpieczen SA (Financials)		878,825

				7,281,364

	Qatar – 0.4%
	46,505	Commercial Bank QSC (The) (Financials)		536,397
	66,441	Ooredoo QSC (Telecommunication Services)		1,873,890
	33,647	Qatar National Bank SAQ (Financials)		1,506,162

				3,916,449

	Russia – 3.7%
	1,144,935	Gazprom PJSC ADR (Energy)		4,631,262
	111,927	Lukoil PJSC (Energy)		4,989,759
	12,426	MMC Norilsk Nickel PJSC (Materials)		1,820,090
	238,348	Mobile TeleSystems PJSC ADR (Telecommunication Services)		1,937,769
	992,758	Moscow Exchange MICEX-RTS PJSC (Financials)		1,930,593
	612,655	Rosneft PJSC GDR (Energy)		3,201,123
	974,605	Rostelecom PJSC (Telecommunication Services)		1,225,742

	Common Stocks – (continued)
	Russia – (continued)
	430,202	Sberbank of Russia PJSC ADR (Financials)		3,944,952
	208,940	Severstal PAO GDR (Materials)		2,459,224
	276,684	Surgutneftegas OAO ADR (Energy)		1,397,254
	193,902	Surgutneftegas OJSC ADR (Energy)		914,054
	99,723	Tatneft PAO ADR (Energy)		2,941,829
	439,026	VTB Bank PJSC GDR (Financials)		897,808

				32,291,459

	South Africa – 6.2%
	56,291	AngloGold Ashanti Ltd. (Materials)*		917,311
	114,467	Barclays Africa Group Ltd. (Financials)		1,158,350
	112,125	Bidvest Group Ltd. (The) (Industrials)		1,158,273
	247,279	Brait SE (Financials)*		1,957,844
	222,798	Coronation Fund Managers Ltd. (Financials)		1,055,986
	239,248	Exxaro Resources Ltd. (Energy)		1,223,219
	722,994	FirstRand Ltd. (Financials)		2,165,422
	95,129	Foschini Group Ltd (The) (Consumer Discretionary)		845,058
	270,605	Gold Fields Ltd. (Materials)		1,381,333
	773,967	Growthpoint Properties Ltd. REIT (Real Estate)		1,337,623
	97,007	Imperial Holdings Ltd. (Consumer Discretionary)		1,039,812
	137,662	Liberty Holdings Ltd. (Financials)		1,055,049
	385,498	Life Healthcare Group Holdings Ltd. (Health Care)		1,008,667
	151,691	Massmart Holdings Ltd. (Consumer Staples)		1,334,113
	59,397	Mondi Ltd. (Materials)		1,198,908
	135,839	Mr Price Group Ltd. (Consumer Discretionary)		1,703,002
	141,420	MTN Group Ltd. (Telecommunication Services)		1,155,261
	56,963	Naspers Ltd., Class N (Consumer Discretionary)		9,314,366
	595,086	Netcare Ltd. (Health Care)		1,328,556
	495,298	Pick n Pay Stores Ltd. (Consumer Staples)		2,480,504
	93,787	Pioneer Foods Group Ltd. (Consumer Staples)		1,083,568
	1,417,729	Redefine Properties Ltd. REIT (Real Estate)		1,061,792
	185,514	Resilient REIT Ltd. REIT (Real Estate)		1,487,728
	219,463	Sanlam Ltd. (Financials)		931,895
	366,430	Sappi Ltd. (Materials)*		1,803,244
	126,000	Shoprite Holdings Ltd. (Consumer Staples)		1,614,160
	271,450	Sibanye Gold Ltd. (Materials)		1,052,102
	81,884	SPAR Group Ltd (The) (Consumer Staples)		1,068,477
	196,818	Standard Bank Group Ltd. (Financials)		1,780,894


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

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF


Shares		Description	Value
	Common Stocks – (continued)
	South Africa – (continued)
	374,282	Telkom SA SOC Ltd. (Telecommunication Services)	$	1,546,562
	40,890	Tiger Brands Ltd. (Consumer Staples)		1,060,228
	220,643	Vodacom Group Ltd. (Telecommunication Services)		2,293,230
	288,352	Woolworths Holdings Ltd. (Consumer Discretionary)		1,580,295

				53,182,832

	South Korea – 15.0%
	10,031	Amorepacific Corp. (Consumer Staples)		3,472,615
	19,435	AMOREPACIFIC Group (Consumer Staples)		2,527,422
	13,521	BGF Retail Co. Ltd. (Consumer Staples)		2,455,608
	118,561	BNK Financial Group, Inc. (Financials)		941,045
	14,452	Celltrion, Inc. (Health Care)*		1,384,281
	5,405	CJ CheilJedang Corp (Consumer Staples)		1,888,114
	29,741	Coway Co. Ltd. (Consumer Discretionary)		2,224,573
	151,969	DGB Financial Group, Inc. (Financials)		1,245,737
	30,564	Dongbu Insurance Co. Ltd. (Financials)		1,850,287
	7,769	E-MART, Inc. (Consumer Staples)		1,097,415
	19,119	GS Holdings Corp. (Energy)		847,066
	21,503	GS Retail Co. Ltd. (Consumer Staples)		908,333
	68,874	Hana Financial Group, Inc. (Financials)		1,809,873
	32,667	Hankook Tire Co. Ltd. (Consumer Discretionary)		1,634,815
	4,067	Hanmi Pharm Co. Ltd. (Health Care)		2,166,635
	12,496	Hanssem Co. Ltd. (Consumer Discretionary)		1,647,455
	54,258	Hanwha Chemical Corp. (Materials)		1,245,744
	30,989	Hanwha Corp. (Industrials)		1,018,607
	173,281	Hanwha Life Insurance Co. Ltd. (Financials)		881,169
	20,924	Hotel Shilla Co. Ltd. (Consumer Discretionary)		1,272,329
	8,717	Hyosung Corp. (Materials)		1,031,968
	37,155	Hyundai Engineering & Construction Co. Ltd. (Industrials)		1,284,597
	38,406	Hyundai Marine & Fire Insurance Co. Ltd. (Financials)		1,164,236
	11,586	Hyundai Mobis Co. Ltd. (Consumer Discretionary)		2,706,864
	10,799	Hyundai Motor Co. (Consumer Discretionary)		1,288,132
	22,880	Hyundai Steel Co. (Materials)		1,052,685
	83,237	Industrial Bank of Korea (Financials)		877,161

	Common Stocks – (continued)
	South Korea – (continued)
	33,256	Kangwon Land, Inc. (Consumer Discretionary)		1,176,636
	77,968	KB Financial Group, Inc. (Financials)		2,720,139
	48,319	Kia Motors Corp. (Consumer Discretionary)		1,817,921
	59,287	Korea Electric Power Corp. (Utilities)		3,083,987
	52,792	Korea Gas Corp. (Utilities)		2,009,884
	3,161	Korea Zinc Co. Ltd. (Materials)		1,356,537
	77,775	KT Corp. (Telecommunication Services)		2,204,206
	19,637	KT&G Corp. (Consumer Staples)		2,060,564
	4,857	LG Chem Ltd. (Materials)		1,178,313
	23,846	LG Corp. (Industrials)		1,409,373
	45,967	LG Display Co. Ltd. (Information Technology)		1,238,842
	37,679	LG Electronics, Inc. (Consumer Discretionary)		1,740,331
	4,525	LG Household & Health Care Ltd. (Consumer Staples)		3,859,439
	298,714	LG Uplus Corp. (Telecommunication Services)		3,121,092
	6,437	Lotte Chemical Corp. (Materials)		1,547,189
	6,804	NAVER Corp (Information Technology)		5,156,395
	5,115	NCSoft Corp. (Information Technology)		1,238,610
	1,485	Orion Corp. (Consumer Staples)		989,556
	13,381	POSCO (Materials)		2,772,207
	24,944	S-1 Corp. (Industrials)		2,304,244
	20,589	Samsung Electronics Co. Ltd. (Information Technology)		29,914,063
	3,956	Samsung Fire & Marine Insurance Co. Ltd. (Financials)		957,955
	14,299	Samsung Life Insurance Co. Ltd. (Financials)		1,320,894
	8,049	Samsung SDI Co. Ltd. (Information Technology)		833,775
	57,079	Shinhan Financial Group Co. Ltd. (Financials)		2,098,869
	5,622	SK Holdings Co. Ltd. (Industrials)		1,068,936
	102,359	SK Hynix, Inc. (Information Technology)		3,346,175
	10,643	SK Innovation Co. Ltd. (Energy)		1,388,840
	11,801	SK Telecom Co. Ltd. (Telecommunication Services)		2,312,573
	163,417	Woori Bank (Financials)		1,553,561

				129,705,872

	Taiwan – 11.4%
	769,794	Advanced Semiconductor Engineering, Inc. (Information Technology)		946,155
	221,563	Advantech Co. Ltd. (Information Technology)		1,811,998
	1,268,373	Asia Cement Corp. (Materials)		1,133,243


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

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

Schedule of Investments (continued)

August 31, 2016


Shares		Description	Value
	Common Stocks – (continued)
	Taiwan – (continued)
	113,736	Asustek Computer, Inc. (Information Technology)	$	962,421
	1,556,580	Cathay Financial Holding Co. Ltd. (Financials)		1,967,156
	1,914,978	Chang Hwa Commercial Bank Ltd. (Financials)		962,604
	475,002	Cheng Shin Rubber Industry Co. Ltd. (Consumer Discretionary)		1,008,970
	3,374,072	China Development Financial Holding Corp. (Financials)		852,809
	1,481,184	China Life Insurance Co. Ltd./Taiwan (Financials)		1,311,712
	2,392,585	China Steel Corp. (Materials)		1,658,873
	856,206	Chunghwa Telecom Co. Ltd. (Telecommunication Services)		3,076,141
	3,102,617	CTBC Financial Holding Co. Ltd. (Financials)		1,794,268
	1,796,047	E.Sun Financial Holding Co. Ltd. (Financials)		1,010,367
	494,563	Far EasTone Telecommunications Co. Ltd. (Telecommunication Services)		1,151,832
	460,038	Feng TAY Enterprise Co. Ltd. (Consumer Discretionary)		2,189,242
	2,233,881	First Financial Holding Co. Ltd. (Financials)		1,147,548
	510,061	Formosa Chemicals & Fibre Corp. (Materials)		1,324,563
	474,705	Formosa Petrochemical Corp. (Energy)		1,388,337
	590,007	Formosa Plastics Corp. (Materials)		1,455,935
	1,000,717	Formosa Taffeta Co. Ltd. (Consumer Discretionary)		966,640
	1,698,100	Fubon Financial Holding Co. Ltd. (Financials)		2,402,883
	2,491,416	Hon Hai Precision Industry Co. Ltd. (Information Technology)		6,909,586
	312,291	HTC Corp. (Information Technology)*		836,568
	1,874,345	Hua Nan Financial Holdings Co. Ltd. (Financials)		965,807
	1,162,505	Inventec Corp. (Information Technology)		862,797
	17,420	Largan Precision Co. Ltd. (Information Technology)		1,954,435
	748,523	Lite-On Technology Corp. (Information Technology)		1,132,321
	122,068	MediaTek, Inc. (Information Technology)		959,833
	1,658,563	Mega Financial Holding Co. Ltd. (Financials)		1,129,039
	447,054	Nan Ya Plastics Corp. (Materials)		853,799
	127,150	Nien Made Enterprise Co. Ltd. (Consumer Discretionary)		1,442,587
	63,742	OBI Pharma, Inc. (Health Care)*		797,516
	884,255	Pou Chen Corp. (Consumer Discretionary)		1,281,913

	Common Stocks – (continued)
	Taiwan – (continued)
	438,932	Powertech Technology, Inc. (Information Technology)		1,145,383
	550,169	President Chain Store Corp. (Consumer Staples)		4,378,049
	213,959	Realtek Semiconductor Corp. (Information Technology)		856,362
	3,377,721	SinoPac Financial Holdings Co Ltd. (Financials)		987,859
	815,623	Standard Foods Corp. (Consumer Staples)		2,012,678
	5,352,812	Taiwan Business Bank (Financials)*		1,430,543
	2,094,817	Taiwan Cooperative Financial Holding Co. Ltd. (Financials)		920,965
	463,636	Taiwan Mobile Co. Ltd. (Telecommunication Services)		1,629,202
	5,192,237	Taiwan Semiconductor Manufacturing Co. Ltd. (Information Technology)		28,799,852
	1,726,251	Uni-President Enterprises Corp. (Consumer Staples)		3,264,211
	463,595	Vanguard International Semiconductor Corp. (Information Technology)		869,318
	1,691,317	Wistron Corp. (Information Technology)		1,241,950
	732,145	WPG Holdings Ltd. (Information Technology)		871,038

				98,057,308

	Thailand – 2.2%
	231,516	Advanced Info Service PCL NVDR (Telecommunication Services)		1,106,900
	115,432	Airports of Thailand PCL NVDR (Industrials)		1,340,546
	2,035,100	Bangkok Dusit Medical Services PCL NVDR (Health Care)		1,381,602
	1,716,292	BEC World PCL NVDR (Consumer Discretionary)		1,110,628
	3,615,666	BTS Group Holdings PCL NVDR (Industrials)		945,292
	185,797	Bumrungrad Hospital PCL NVDR (Health Care)		912,467
	759,300	Central Pattana PCL NVDR (Real Estate)		1,321,599
	882,400	Charoen Pokphand Foods PCL NVDR (Consumer Staples)		828,473
	728,977	CP ALL PCL NVDR (Consumer Staples)		1,310,939
	245,800	Electricity Generating PCL NVDR (Utilities)		1,402,421
	4,050,300	Home Product Center PCL NVDR (Consumer Discretionary)		1,275,390
	170,257	PTT PCL NVDR (Energy)		1,716,563
	552,500	Robinson Department Store PCL NVDR (Consumer Discretionary)		1,021,508
	244,579	Siam Commercial Bank PCL (The) NVDR (Financials)		1,130,495


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

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF


Shares		Description	Value
	Common Stocks – (continued)
	Thailand – (continued)
	460,700	Thai Oil PCL NVDR (Energy)	$	941,617
	1,755,490	Thai Union Group PCL NVDR (Consumer Staples)		1,090,351

				18,836,791

	Turkey – 1.2%
	145,330	Arcelik As (Consumer Discretionary)		1,039,229
	144,760	BIM Birlesik Magazalar AS (Consumer Staples)		2,480,258
	379,306	Haci Omer Sabanci Holding AS (Financials)		1,170,310
	211,739	KOC Holding AS (Industrials)		918,769
	819,877	Petkim Petrokimya Holding As (Materials)		1,271,750
	44,709	Tupras Turkiye Petrol Rafinerileri AS (Energy)		874,810
	482,311	Turk Telekomunikasyon AS (Telecommunication Services)		973,065
	371,386	Turkiye Garanti Bankasi AS (Financials)		957,614
	567,084	Turkiye Is Bankasi, Class C (Financials)		921,792

				10,607,597

	United Arab Emirates – 0.6%
	1,320,988	Aldar Properties PJSC (Real Estate)		992,602
	664,020	Dubai Islamic Bank PJSC (Financials)		987,054
	542,137	Emaar Properties PJSC (Real Estate)		1,047,936
	350,783	Emirates Telecommunications Group Co. PJSC (Telecommunication Services)		1,886,136

				4,913,728

	TOTAL COMMON STOCKS
	(Cost $668,944,048)		$	748,617,232


	Exchange-Traded Funds – 9.0%
	United States – 9.0%
	626,510	iShares India 50 ETF	$	18,839,156
	1,337,948	iShares MSCI India ETF		39,549,743
	558,209	PowerShares India Portfolio		11,538,180
	361,526	WisdomTree India Earnings Fund		7,837,883

	TOTAL EXCHANGE-TRADED FUNDS
	(Cost $67,353,598)		$	77,764,962


	Preferred Stocks – 4.2%
	Brazil – 2.7%
	501,016	Banco Bradesco SA (Financials)	$	4,502,296
	211,363	Braskem SA, Class A (Materials)		1,575,843
	271,854	Centrais Eletricas Brasileiras SA, Class B (Utilities)*		2,395,893
	113,253	Cia Brasileira de Distribuicao (Consumer Staples)		1,763,690

	Preferred Stocks – (continued)
	Brazil – (continued)
	801,634	Gerdau SA (Materials)		2,250,862
	590,631	Itau Unibanco Holding SA (Financials)		6,547,753
	526,010	Itausa – Investimentos Itau SA (Financials)		1,398,876
	265,505	Petroleo Brasileiro SA (Energy)*		1,055,025
	106,654	Telefonica Brasil SA (Telecommunication Services)		1,605,845

				23,096,083

	Chile – 0.1%
	367,127	Embotelladora Andina SA, Class B (Consumer Staples)		1,318,268

	Russia – 0.1%
	373	Transneft PJSC (Energy)		884,228

	South Korea – 1.3%
	20,067	Amorepacific Corp. (Consumer Staples)		3,959,408
	4,926	LG Household & Health Care Ltd. (Consumer Staples)		2,513,807
	3,681	Samsung Electronics Co. Ltd. (Information Technology)		4,370,981

				10,844,196

	TOTAL PREFERRED STOCKS
	(Cost $26,568,174)		$	36,142,775

	TOTAL INVESTMENTS – 99.9%
	(Cost $762,865,820)		$	862,524,969

	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.1%			863,092

	NET ASSETS – 100.0%		$	863,388,061


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
GDR		—Global Depositary Receipt
NVDR		—Non-Voting Depository Receipt
PLC		—Public Limited Company
REIT		—Real Estate Investment Trust


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

GOLDMAN SACHS ACTIVEBETA^® EUROPE EQUITY ETF

Schedule of Investments

August 31, 2016


Shares		Description	Value
	Common Stocks – 99.4%
	Australia – 0.0%
	624	BHP Billiton PLC (Materials)	$	8,090

	Austria – 0.5%
	707	ANDRITZ AG (Industrials)		36,021
	624	Erste Group Bank AG (Financials)*		17,503
	1,934	OMV AG (Energy)		54,108
	3,859	Raiffeisen Bank International AG (Financials)*		54,756

				162,388

	Belgium – 1.8%
	668	Ageas (Financials)		23,041
	2,221	Anheuser-Busch InBev SA/NV (Consumer Staples)		274,697
	1,836	Colruyt SA (Consumer Staples)		100,617
	501	Groupe Bruxelles Lambert SA (Financials)		43,897
	598	Proximus SADP (Telecommunication Services)		18,269
	78	Solvay SA (Materials)		8,549
	1,190	Telenet Group Holding NV (Consumer Discretionary)*		55,725
	382	UCB SA (Health Care)		31,317
	749	Umicore SA (Materials)		44,163

				600,275

	Denmark – 3.4%
	1,220	Carlsberg A/S, Class B (Consumer Staples)		114,194
	910	Chr Hansen Holding A/S (Materials)		55,096
	962	Coloplast A/S, Class B (Health Care)		73,058
	953	Danske Bank A/S (Financials)		27,923
	1,174	DSV A/S (Industrials)		58,132
	325	Genmab A/S (Health Care)*		51,843
	1,924	ISS A/S (Industrials)		77,794
	8,231	Novo Nordisk A/S, Class B (Health Care)		385,154
	234	Novozymes A/S, Class B (Materials)		10,130
	811	Pandora A/S (Consumer Discretionary)		100,729
	9,730	TDC A/S (Telecommunication Services)*		53,698
	936	Tryg A/S (Financials)		18,643
	868	Vestas Wind Systems A/S (Industrials)		71,894
	1,769	William Demant Holding A/S (Health Care)*		36,902

				1,135,190

	Finland – 1.4%
	806	Elisa OYJ (Telecommunication Services)		28,313
	494	Fortum OYJ (Utilities)		7,615
	976	Kone OYJ, Class B (Industrials)		48,970
	1,615	Neste OYJ (Energy)		67,164
	3,659	Nokia OYJ (Information Technology)		20,539
	546	Nokian Renkaat OYJ (Consumer Discretionary)		19,684
	2,807	Orion OYJ, Class B (Health Care)		106,106
	919	Sampo OYJ, Class A (Financials)		39,396
	5,910	UPM-Kymmene OYJ (Materials)		118,546
	514	Wartsila OYJ Abp (Industrials)		21,113

				477,446

	Common Stocks – (continued)
	France – 17.0%
	3,146	Accor SA (Consumer Discretionary)	$	118,588
	208	Aeroports de Paris (Industrials)		21,428
	661	Air Liquide SA (Materials)		72,390
	696	Airbus Group SE (Industrials)		40,534
	714	Alstom SA (Industrials)*		18,859
	241	Arkema SA (Materials)		21,481
	3,500	Atos SE (Information Technology)		343,854
	7,113	AXA SA (Financials)		149,094
	3,949	BNP Paribas SA (Financials)		200,580
	3,224	Bollore SA (Industrials)		11,627
	296	Bouygues SA (Industrials)		9,372
	1,374	Bureau Veritas SA (Industrials)		29,412
	1,271	Capgemini SA (Information Technology)		123,636
	3,579	Carrefour SA (Consumer Staples)		89,966
	343	Casino Guichard Perrachon SA (Consumer Staples)		16,940
	1,150	Christian Dior SE (Consumer Discretionary)		198,526
	884	Cie de Saint-Gobain (Industrials)		38,713
	676	Cie Generale des Etablissements Michelin (Consumer Discretionary)		71,751
	3,900	CNP Assurances (Financials)		62,678
	7,665	Credit Agricole SA (Financials)		72,478
	3,332	Danone SA (Consumer Staples)		252,757
	1,068	Dassault Systemes (Information Technology)		89,830
	1,803	Eiffage SA (Industrials)		140,968
	1,742	Engie SA (Utilities)		27,725
	976	Essilor International SA (Health Care)		123,757
	645	Eurazeo SA (Financials)		39,072
	1,222	Eutelsat Communications SA (Consumer Discretionary)		23,715
	353	Fonciere Des Regions REIT (Real Estate)		32,930
	359	Gecina SA REIT (Real Estate)		56,077
	562	Hermes International (Consumer Discretionary)		236,976
	260	ICADE REIT (Real Estate)		20,033
	58	Iliad SA (Telecommunication Services)		11,941
	338	Imerys SA (Materials)		23,780
	234	Ingenico Group SA (Information Technology)		25,160
	520	JCDecaux SA (Consumer Discretionary)		17,838
	36	Kering (Consumer Discretionary)		6,814
	875	Klepierre REIT (Real Estate)		40,940
	1,248	Lagardere SCA (Consumer Discretionary)		30,392
	1,222	Legrand SA (Industrials)		73,099
	1,351	L’Oreal SA (Consumer Staples)		254,817
	1,027	LVMH Moet Hennessy Louis Vuitton SE (Consumer Discretionary)		173,518
	5,170	Natixis SA (Financials)		22,837
	3,671	Orange SA (Telecommunication Services)		55,972
	669	Pernod Ricard SA (Consumer Staples)		76,671
	8,108	Peugeot SA (Consumer Discretionary)*		119,425
	1,023	Publicis Groupe SA (Consumer Discretionary)		75,825


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

GOLDMAN SACHS ACTIVEBETA^® EUROPE EQUITY ETF


Shares		Description	Value
	Common Stocks – (continued)
	France – (continued)
	506	Remy Cointreau SA (Consumer Staples)	$	44,087
	1,354	Renault SA (Consumer Discretionary)		110,553
	10,051	Rexel SA (Industrials)		161,254
	286	Safran SA (Industrials)		19,966
	4,734	Sanofi (Health Care)		364,171
	1,790	Schneider Electric SE (Industrials)		121,790
	2,184	SCOR SE (Financials)		64,155
	505	Societe BIC SA (Industrials)		73,596
	2,915	Societe Generale SA (Financials)		105,985
	512	Sodexo SA (Consumer Discretionary)		59,219
	2,118	Suez (Utilities)		31,999
	1,164	Technip SA (Energy)		68,671
	832	Thales SA (Industrials)		71,935
	6,383	TOTAL SA (Energy)		303,912
	364	Unibail-Rodamco SE REIT (Real Estate)		99,730
	479	Valeo SA (Consumer Discretionary)		24,748
	2,245	Veolia Environnement SA (Utilities)		47,669
	2,276	Vinci SA (Industrials)		172,347
	1,852	Vivendi SA (Consumer Discretionary)		35,849
	199	Wendel SA (Financials)		22,596

				5,769,008

	Germany – 12.4%
	1,788	adidas AG (Consumer Discretionary)		296,617
	1,464	Allianz SE (Financials)		217,757
	468	Axel Springer SE (Consumer Discretionary)		23,799
	2,404	BASF SE (Materials)		195,186
	3,167	Bayer AG (Health Care)		338,510
	217	Bayerische Motoren Werke AG (Consumer Discretionary)		18,854
	1,586	Beiersdorf AG (Consumer Staples)		147,336
	442	Brenntag AG (Industrials)		24,018
	996	Commerzbank AG (Financials)		6,995
	182	Continental AG (Consumer Discretionary)		38,088
	1,801	Covestro AG (Materials)^(a)		93,634
	1,140	Daimler AG (Consumer Discretionary)		78,821
	927	Deutsche Boerse AG (Financials)*		79,085
	7,784	Deutsche Lufthansa AG (Industrials)		90,552
	7,401	Deutsche Post AG (Industrials)		234,097
	11,059	Deutsche Telekom AG (Telecommunication Services)		184,385
	1,818	Deutsche Wohnen AG (Real Estate)		68,235
	9,704	E.ON SE (Utilities)		89,240
	572	Evonik Industries AG (Materials)		19,198
	501	Fraport AG Frankfurt Airport Services Worldwide (Industrials)		27,905
	869	Fresenius Medical Care AG & Co KGaA (Health Care)		76,789
	1,492	Fresenius SE & Co KGaA (Health Care)		108,709
	782	GEA Group AG (Industrials)		41,906
	308	Hannover Rueck SE (Financials)		31,422
	469	HeidelbergCement AG (Materials)		43,496
	364	Henkel AG & Co KGaA (Consumer Staples)		40,804
	365	HOCHTIEF AG (Industrials)		49,006

	Common Stocks – (continued)
	Germany – (continued)
	2,553	HUGO BOSS AG (Consumer Discretionary)		155,676
	3,016	Infineon Technologies AG (Information Technology)		50,705
	962	LANXESS AG (Materials)		51,257
	189	Linde AG (Materials)		32,322
	390	MAN SE (Industrials)		40,509
	910	Merck KGaA (Health Care)		95,615
	1,026	METRO AG (Consumer Staples)		30,396
	628	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Financials)		113,344
	754	OSRAM Licht AG (Industrials)		39,419
	1,222	ProSiebenSat.1 Media SE (Consumer Discretionary)		52,480
	3,931	SAP SE (Information Technology)		344,823
	1,942	Siemens AG (Industrials)		231,538
	624	Symrise AG (Materials)		45,876
	5,122	Telefonica Deutschland Holding AG (Telecommunication Services)		21,016
	3,098	TUI AG (Consumer Discretionary)		43,131
	1,066	United Internet AG (Information Technology)		43,763
	1,214	Vonovia SE (Real Estate)		47,168
	3,049	Zalando SE (Consumer Discretionary)*^(a)		116,426

				4,219,908

	Ireland – 0.8%
	1,408	CRH PLC (Materials)		47,593
	3,668	Experian PLC (Industrials)		72,732
	1,328	Kerry Group PLC, Class A (Consumer Staples)		112,675
	345	Paddy Power Betfair PLC (Consumer Discretionary)		41,172

				274,172

	Italy – 3.6%
	4,219	Assicurazioni Generali SpA (Financials)		53,568
	1,489	Atlantia SpA (Industrials)		38,242
	36,713	Enel SpA (Utilities)		161,839
	4,186	Eni SpA (Energy)		63,126
	3,247	EXOR SpA (Financials)		133,262
	182	Ferrari NV (Consumer Discretionary)		8,757
	6,810	Intesa Sanpaolo SpA (Financials)		16,155
	2,944	Luxottica Group SpA (Consumer Discretionary)		141,811
	5,727	Prysmian SpA (Industrials)		141,091
	15,600	Snam SpA (Utilities)		86,351
	109,575	Telecom Italia SpA (Telecommunication Services)*		99,279
	128,538	Telecom Italia SpA-RSP (Telecommunication Services)*		94,055
	16,224	Terna Rete Elettrica Nazionale SpA (Utilities)		83,698
	22,616	UniCredit SpA (Financials)		58,085
	33,852	UnipolSai SpA (Financials)		56,441

				1,235,760


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

GOLDMAN SACHS ACTIVEBETA^® EUROPE EQUITY ETF

Schedule of Investments (continued)

August 31, 2016


Shares		Description	Value
	Common Stocks – (continued)
	Jersey Island – 0.1%
	461	Randgold Resources Ltd. (Materials)	$	43,170

	Luxembourg – 0.4%
	896	Millicom International Cellular SA (Telecommunication Services)		45,814
	884	RTL Group SA (Consumer Discretionary)		74,285
	801	SES SA (Consumer Discretionary)		18,368
	676	Tenaris SA (Energy)		9,276

				147,743

	Mexico – 0.1%
	1,776	Fresnillo PLC (Materials)		37,356

	Netherlands – 5.6%
	663	ABN AMRO Group NV (Financials)^(a)		13,605
	364	Akzo Nobel NV (Materials)		24,559
	667	ASML Holding NV (Information Technology)		70,847
	2,850	Boskalis Westminster (Industrials)		101,733
	473	Gemalto NV (Information Technology)		32,899
	1,745	Heineken Holding NV (Consumer Staples)		140,048
	1,273	Heineken NV (Consumer Staples)		113,566
	6,162	ING Groep NV (Financials)		77,002
	15,702	Koninklijke Ahold Delhaize NV (Consumer Staples)		375,382
	651	Koninklijke DSM NV (Materials)		45,309
	10,398	Koninklijke KPN NV (Telecommunication Services)		33,897
	2,023	Koninklijke Philips NV (Industrials)		58,671
	440	Koninklijke Vopak NV (Energy)		22,278
	3,625	NN Group NV (Financials)		107,696
	541	NXP Semiconductors NV (Information Technology)*		47,619
	2,880	Randstad Holding NV (Industrials)		135,601
	9,213	Royal Dutch Shell PLC, Class A (Energy)		224,493
	7,975	Royal Dutch Shell PLC, Class B (Energy)		202,839
	1,830	Wolters Kluwer NV (Industrials)		76,686

				1,904,730

	Norway – 1.6%
	780	DNB ASA (Financials)		9,473
	2,337	Gjensidige Forsikring ASA (Financials)		40,093
	3,434	Marine Harvest ASA (Consumer Staples)*		53,027
	26,844	Norsk Hydro ASA (Materials)		113,992
	7,826	Orkla ASA (Consumer Staples)		71,588
	3,242	Schibsted ASA, Class A (Consumer Discretionary)		102,844
	3,733	Schibsted ASA, Class B (Consumer Discretionary)		107,858
	1,700	Telenor ASA (Telecommunication Services)		29,654
	338	Yara International ASA (Materials)		11,986

				540,515

	Common Stocks – (continued)
	Portugal – 0.3%
	8,776	EDP – Energias de Portugal SA (Utilities)		29,372
	2,021	Galp Energia SGPS SA (Energy)		29,329
	3,094	Jeronimo Martins SGPS SA (Consumer Staples)		49,845

				108,546

	South Africa – 0.4%
	1,134	Investec PLC (Financials)		6,695
	8,764	Mediclinic International PLC (Health Care)		117,307
	980	Mondi PLC (Materials)		19,882

				143,884

	Spain – 4.7%
	1,534	Abertis Infraestructuras SA (Industrials)		23,722
	6,449	ACS Actividades de Construccion y Servicios SA (Industrials)		182,473
	447	Aena SA (Industrials)^(a)		63,102
	1,898	Amadeus IT Group SA (Information Technology)		87,082
	3,071	Banco Bilbao Vizcaya Argentaria SA (Financials)		19,079
	5,055	Banco de Sabadell SA (Financials)		6,840
	37,503	Banco Santander SA (Financials)		167,911
	1,924	Bankinter SA (Financials)		14,091
	20,460	Distribuidora Internacional de Alimentacion SA (Consumer Staples)		124,761
	1,690	Enagas SA (Utilities)		49,550
	2,412	Endesa SA (Utilities)		49,053
	1,365	Ferrovial SA (Industrials)		26,856
	2,826	Gas Natural SDG SA (Utilities)		58,244
	1,508	Grifols SA (Health Care)		31,894
	25,982	Iberdrola SA (Utilities)		170,731
	5,674	Industria de Diseno Textil SA (Consumer Discretionary)		200,736
	21,711	Mapfre SA (Financials)		58,590
	2,288	Red Electrica Corp. SA (Utilities)		49,194
	10,480	Repsol SA (Energy)		140,532
	4,992	Telefonica SA (Telecommunication Services)		50,205
	962	Zardoya Otis SA (Industrials)		9,054

				1,583,700

	Sweden – 3.5%
	4,076	Assa Abloy AB, Class B (Industrials)		82,414
	1,560	Atlas Copco AB, Class A (Industrials)		44,166
	1,144	Atlas Copco AB, Class B (Industrials)		29,361
	2,463	Boliden AB (Materials)		52,069
	1,482	Electrolux AB, Series B (Consumer Discretionary)		38,536
	2,141	Getinge AB, Class B (Health Care)		41,692
	7,306	Hennes & Mauritz AB, Class B (Consumer Discretionary)		222,352
	1,168	Hexagon AB, Class B (Information Technology)		47,478
	3,770	Husqvarna AB, Class B (Consumer Discretionary)		32,553


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

GOLDMAN SACHS ACTIVEBETA^® EUROPE EQUITY ETF


Shares		Description	Value
	Common Stocks – (continued)
	Sweden – (continued)
	1,628	ICA Gruppen AB (Consumer Staples)	$	55,603
	988	Industrivarden AB, Class C (Financials)		17,972
	858	Investor AB, Class B (Financials)		30,214
	468	Kinnevik AB, Class B (Financials)		11,504
	3,254	Nordea Bank AB (Financials)		31,759
	702	Sandvik AB (Industrials)		7,609
	3,146	Securitas AB, Class B (Industrials)		54,623
	1,638	Skandinaviska Enskilda Banken AB, Class A (Financials)		15,987
	1,507	Skanska AB, Class B (Industrials)		32,984
	2,008	Svenska Cellulosa AB SCA, Class B (Consumer Staples)		61,603
	1,664	Svenska Handelsbanken AB, Class A (Financials)		21,440
	1,274	Swedbank AB, Class A (Financials)		29,251
	3,467	Swedish Match AB (Consumer Staples)		123,384
	1,768	Tele2 AB, Class B (Telecommunication Services)		14,689
	6,526	Telefonaktiebolaget LM Ericsson, Class B (Information Technology)		46,457
	7,696	Telia Co. AB (Telecommunication Services)		34,702

				1,180,402

	Switzerland – 15.5%
	4,826	ABB Ltd. (Industrials)*		104,669
	1,370	Actelion Ltd. (Health Care)*		228,252
	676	Adecco Group AG (Industrials)		38,941
	871	Aryzta AG (Consumer Staples)*		34,732
	302	Baloise Holding AG (Financials)		35,961
	48	Barry Callebaut AG (Consumer Staples)*		61,750
	10	Chocoladefabriken Lindt & Spruengli AG (Consumer Staples)		57,961
	668	Cie Financiere Richemont SA (Consumer Discretionary)		38,514
	5,694	Coca-Cola HBC AG (Consumer Staples)*		124,837
	654	Credit Suisse Group AG (Financials)*		8,527
	69	Dufry AG (Consumer Discretionary)*		8,076
	125	EMS-Chemie Holding AG (Materials)		66,600
	40	Galenica AG (Health Care)		46,450
	202	Geberit AG (Industrials)		88,197
	34	Givaudan SA (Materials)		70,350
	117,067	Glencore PLC (Materials)*		266,858
	319	Julius Baer Group Ltd. (Financials)*		13,386
	1,283	Kuehne + Nagel International AG (Industrials)		179,284
	159	LafargeHolcim Ltd. (Materials)*		8,439
	748	Lonza Group AG (Health Care)*		141,903
	12,516	Nestle SA (Consumer Staples)		997,408
	7,828	Novartis AG (Health Care)		616,648
	830	Pargesa Holding SA (Financials)		57,273
	398	Partners Group Holding AG (Financials)		182,686
	2,789	Roche Holding AG (Health Care)		680,680
	294	Schindler Holding AG (Industrials)		55,595
	340	Schindler Holding AG Participation Certificates (Industrials)		64,052

	Common Stocks – (continued)
	Switzerland – (continued)
	32	SGS SA (Industrials)		70,380
	15	Sika AG (Materials)		71,538
	624	Sonova Holding AG (Health Care)		86,435
	7,903	STMicroelectronics NV (Information Technology)		59,000
	166	Swatch Group AG (The) – Bearer (Consumer Discretionary)		42,761
	676	Swatch Group AG (The) – Registered (Consumer Discretionary)		34,366
	414	Swiss Life Holding AG (Financials)*		103,653
	664	Swiss Prime Site AG (Real Estate)*		58,456
	1,277	Swiss Re AG (Financials)		107,873
	78	Swisscom AG (Telecommunication Services)		37,303
	161	Syngenta AG (Materials)		70,181
	7,694	UBS Group AG (Financials)		111,352
	1,638	Wolseley PLC (Industrials)		93,964
	161	Zurich Insurance Group AG (Financials)*		41,194

				5,266,485

	United Kingdom – 25.5%
	5,826	3i Group PLC (Financials)		46,888
	8,164	Admiral Group PLC (Financials)		219,194
	6,719	Aggreko PLC (Industrials)		89,671
	656	Anglo American PLC (Materials)*		6,700
	3,276	ARM Holdings PLC (Information Technology)		72,768
	744	Ashtead Group PLC (Industrials)		12,326
	1,196	Associated British Foods PLC (Consumer Staples)		47,634
	4,487	AstraZeneca PLC (Health Care)		288,483
	28,968	Auto Trader Group PLC (Information Technology)^(a)		141,552
	3,590	Aviva PLC (Financials)		20,143
	1,213	Babcock International Group PLC (Industrials)		16,617
	9,895	BAE Systems PLC (Industrials)		69,787
	9,178	Barclays PLC (Financials)		20,705
	5,850	Barratt Developments PLC (Consumer Discretionary)		37,849
	43,171	BP PLC (Energy)		241,939
	7,186	British American Tobacco PLC (Consumer Staples)		444,693
	5,316	British Land Co. PLC (The) REIT (Real Estate)		46,160
	25,919	BT Group PLC (Telecommunication Services)		131,151
	2,341	Bunzl PLC (Industrials)		72,296
	8,981	Burberry Group PLC (Consumer Discretionary)		153,382
	1,689	Capita PLC (Industrials)		22,895
	23,273	Centrica PLC (Utilities)		70,898
	17,403	CNH Industrial NV (Industrials)		126,956
	233	Coca-Cola European Partners PLC (Consumer Staples)*		8,927
	8,294	Compass Group PLC (Consumer Discretionary)		156,639


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

GOLDMAN SACHS ACTIVEBETA^® EUROPE EQUITY ETF

Schedule of Investments (continued)

August 31, 2016


Shares		Description	Value
	Common Stocks – (continued)
	United Kingdom – (continued)
	1,004	Croda International PLC (Materials)	$	43,524
	589	DCC PLC (Industrials)		53,459
	8,196	Diageo PLC (Consumer Staples)		226,333
	12,343	Direct Line Insurance Group PLC (Financials)		59,651
	6,484	Dixons Carphone PLC (Consumer Discretionary)		31,480
	5,400	Fiat Chrysler Automobiles NV (Consumer Discretionary)		37,258
	3,906	G4S PLC (Industrials)		11,797
	18,008	GlaxoSmithKline PLC (Health Care)		386,559
	5,429	Hammerson PLC REIT (Real Estate)		41,240
	10,997	Hargreaves Lansdown PLC (Financials)		190,404
	63,325	HSBC Holdings PLC (Financials)		468,012
	3,042	ICAP PLC (Financials)		19,056
	869	IMI PLC (Industrials)		12,030
	3,818	Imperial Brands PLC (Consumer Staples)		199,692
	1,972	Inmarsat PLC (Telecommunication Services)		19,913
	503	InterContinental Hotels Group PLC (Consumer Discretionary)		21,483
	14,097	International Consolidated Airlines Group SA (Industrials)		70,841
	1,233	Intertek Group PLC (Industrials)		56,375
	5,876	Intu Properties PLC REIT (Real Estate)		24,319
	9,352	ITV PLC (Consumer Discretionary)		24,582
	7,956	J Sainsbury PLC (Consumer Staples)		25,039
	770	Johnson Matthey PLC (Materials)		33,663
	13,000	Kingfisher PLC (Consumer Discretionary)		63,184
	4,273	Land Securities Group PLC REIT (Real Estate)		61,224
	10,946	Legal & General Group PLC (Financials)		30,149
	48,389	Lloyds Banking Group PLC (Financials)		37,613
	32,112	Marks & Spencer Group PLC (Consumer Discretionary)		144,971
	3,250	Meggitt PLC (Industrials)		19,933
	5,852	Merlin Entertainments PLC (Consumer Discretionary)^(a)		36,797
	11,433	National Grid PLC (Utilities)		156,701
	1,789	Next PLC (Consumer Discretionary)		129,454
	5,260	Old Mutual PLC (Financials)		13,372
	1,586	Persimmon PLC (Consumer Discretionary)		37,888
	2,467	Petrofac Ltd. (Energy)		26,866
	2,730	Provident Financial PLC (Financials)		107,479
	5,694	Prudential PLC (Financials)		101,682
	2,366	Reckitt Benckiser Group PLC (Consumer Staples)		227,882
	4,238	RELX NV (Industrials)		75,049
	6,214	RELX PLC (Industrials)		117,601
	1,619	Rio Tinto PLC (Materials)		48,790
	2,021	Rolls-Royce Holdings PLC (Industrials)*		20,381
	26,290	Royal Mail PLC (Industrials)		176,980
	2,849	RSA Insurance Group PLC (Financials)		18,504
	19,630	Sage Group PLC (The) (Information Technology)		186,393

	Common Stocks – (continued)
	United Kingdom – (continued)
	312	Schroders PLC (Financials)		11,376
	11,409	Segro PLC REIT (Real Estate)		67,719
	2,392	Severn Trent PLC (Utilities)		74,592
	8,515	Sky PLC (Consumer Discretionary)		94,681
	6,096	Smith & Nephew PLC (Health Care)		98,123
	397	Smiths Group PLC (Industrials)		6,973
	3,068	SSE PLC (Utilities)		60,433
	1,794	St James’s Place PLC (Financials)		23,073
	2,782	Standard Life PLC (Financials)		13,281
	7,214	Tate & Lyle PLC (Consumer Staples)		69,302
	11,363	Taylor Wimpey PLC (Consumer Discretionary)		24,005
	76,054	Tesco PLC (Consumer Staples)*		165,698
	5,660	Unilever NV (Consumer Staples)		259,182
	6,073	Unilever PLC (Consumer Staples)		280,690
	5,232	United Utilities Group PLC (Utilities)		66,570
	69,306	Vodafone Group PLC (Telecommunication Services)		208,635
	2,112	Whitbread PLC (Consumer Discretionary)		115,401
	30,783	William Hill PLC (Consumer Discretionary)		128,287
	77,182	Wm Morrison Supermarkets PLC (Consumer Staples)		199,138
	10,504	Worldpay Group PLC (Information Technology)*^(a)		41,106
	7,410	WPP PLC (Consumer Discretionary)		170,417

				8,640,538

	United States – 0.8%
	1,454	Carnival PLC (Consumer Discretionary)		69,583
	2,210	QIAGEN NV (Health Care)*		58,434
	2,236	Shire PLC (Health Care)		139,425

				267,442

	TOTAL COMMON STOCKS
	(Cost $32,652,261)		$	33,746,748


	Preferred Stocks – 0.5%
	Germany – 0.5%
	2,143	FUCHS PETROLUB SE (Materials)	$	97,332
	611	Henkel AG & Co KGaA (Consumer Staples)		80,061

	TOTAL PREFERRED STOCKS
	(Cost $153,447)		$	177,393

	TOTAL INVESTMENTS – 99.9%
	(Cost $32,805,708)		$	33,924,141

	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.1%			35,345

	NET ASSETS – 100.0%		$	33,959,486


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

GOLDMAN SACHS ACTIVEBETA^® EUROPE EQUITY ETF


The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*		Non-income producing security
(a)		Exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities may be deemed liquid by the Investment Adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $506,222, which represents approximately 1.5% of net assets as of August 31, 2016.



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


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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Schedule of Investments

August 31, 2016


Shares		Description	Value
	Common Stocks – 99.2%
	Australia – 6.4%
	11,779	AGL Energy Ltd. (Utilities)	$	164,214
	12,674	Amcor Ltd. (Materials)		152,402
	37,666	AMP Ltd. (Financials)		148,899
	12,060	APA Group (Utilities)		83,748
	40,129	Aristocrat Leisure Ltd. (Consumer Discretionary)		455,400
	7,885	ASX Ltd. (Financials)		303,114
	99,341	AusNet Services (Utilities)		128,415
	35,707	Australia & New Zealand Banking Group Ltd. (Financials)		721,878
	12,444	Bank of Queensland Ltd. (Financials)		98,667
	43,347	Bendigo & Adelaide Bank Ltd. (Financials)		357,700
	11,952	Boral Ltd. (Materials)		59,374
	20,389	Brambles Ltd. (Industrials)		188,784
	8,825	Caltex Australia Ltd. (Energy)		225,171
	22,348	Challenger Ltd. (Financials)		154,352
	15,519	CIMIC Group Ltd. (Industrials)		345,351
	10,075	Cochlear Ltd. (Health Care)		1,066,876
	28,931	Commonwealth Bank of Australia (Financials)		1,561,372
	9,325	CSL Ltd. (Health Care)		757,587
	19,573	Dexus Property Group REIT (Real Estate)		142,982
	2,867	Domino’s Pizza Enterprises Ltd. (Consumer Discretionary)		163,089
	79,670	DUET Group (Utilities)		157,474
	18,366	Flight Centre Travel Group Ltd. (Consumer Discretionary)		508,640
	217,160	Fortescue Metals Group Ltd. (Materials)		799,713
	27,812	Goodman Group REIT (Real Estate)		158,647
	39,455	GPT Group (The) REIT (Real Estate)		158,047
	35,752	Harvey Norman Holdings Ltd. (Consumer Discretionary)		144,557
	43,689	Insurance Australia Group Ltd. (Financials)		182,560
	12,486	LendLease Group (Real Estate)		129,685
	5,618	Macquarie Group Ltd. (Financials)		340,732
	82,034	Medibank Pvt Ltd. (Financials)		165,846
	62,465	Mirvac Group REIT (Real Estate)		108,914
	16,762	National Australia Bank Ltd. (Financials)		344,415
	14,192	Newcrest Mining Ltd. (Materials)*		236,679
	30,376	Origin Energy Ltd. (Energy)		120,081
	99,555	Platinum Asset Management Ltd. (Financials)		402,535
	73,737	Qantas Airways Ltd. (Industrials)*		179,551
	12,666	QBE Insurance Group Ltd. (Financials)		94,430
	8,056	Ramsay Health Care Ltd. (Health Care)		502,341
	10,950	REA Group Ltd. (Consumer Discretionary)		482,330
	96,644	Scentre Group REIT (Real Estate)		360,985
	4,959	SEEK Ltd. (Industrials)		59,892
	5,379	Sonic Healthcare Ltd. (Health Care)		92,980
	333,288	South32 Ltd. (Materials)*		480,927
	43,030	Stockland REIT (Real Estate)		156,845
	24,647	Suncorp Group Ltd. (Financials)		235,433

	Common Stocks – (continued)
	Australia – (continued)
	56,319	Sydney Airport (Industrials)		308,137
	25,619	Tabcorp Holdings Ltd. (Consumer Discretionary)		95,692
	58,928	Tatts Group Ltd. (Consumer Discretionary)		168,735
	121,772	Telstra Corp. Ltd. (Telecommunication Services)		481,384
	7,984	TPG Telecom Ltd. (Telecommunication Services)		73,145
	52,485	Transurban Group (Industrials)		452,041
	10,623	Treasury Wine Estates Ltd. (Consumer Staples)		89,657
	64,510	Vicinity Centres REIT (Real Estate)		160,477
	22,729	Vocus Communications Ltd. (Telecommunication Services)		131,360
	13,329	Wesfarmers Ltd. (Consumer Staples)		425,139
	41,523	Westfield Corp. REIT (Real Estate)		318,932
	44,245	Westpac Banking Corp. (Financials)		979,614
	33,875	Woolworths Ltd. (Consumer Staples)		603,627

				18,171,554

	Austria – 0.2%
	2,366	ANDRITZ AG (Industrials)		120,544
	4,112	OMV AG (Energy)		115,043
	26,872	Raiffeisen Bank International AG (Financials)*		381,291

				616,878

	Belgium – 1.0%
	2,866	Ageas (Financials)		98,856
	9,678	Anheuser-Busch InBev SA/NV (Consumer Staples)		1,196,994
	7,228	Colruyt SA (Consumer Staples)		396,109
	2,665	Groupe Bruxelles Lambert SA (Financials)		233,504
	3,239	Proximus SADP (Telecommunication Services)		98,952
	2,010	Solvay SA (Materials)		220,304
	5,434	Telenet Group Holding NV (Consumer Discretionary)*		254,461
	1,642	UCB SA (Health Care)		134,616
	2,476	Umicore SA (Materials)		145,990

				2,779,786

	Canada – 9.1%
	3,387	Agnico Eagle Mines Ltd. (Materials)		171,589
	1,380	Agrium, Inc. (Materials)		132,904
	22,283	Alimentation Couche-Tard, Inc., Class B (Consumer Staples)		1,148,584
	2,821	Atco Ltd., Class I (Utilities)		103,440
	7,823	Bank of Montreal (Financials)		518,612
	14,970	Bank of Nova Scotia (The) (Financials)		796,506
	15,718	Barrick Gold Corp. (Materials)		267,028
	4,694	BCE, Inc. (Telecommunication Services)		219,200
	15,260	Brookfield Asset Management, Inc., Class A (Financials)		514,656
	7,800	CAE, Inc. (Industrials)		111,170


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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF


Shares		Description	Value
	Common Stocks – (continued)
	Canada – (continued)
	5,761	Canadian Imperial Bank of Commerce (Financials)	$	457,086
	6,369	Canadian National Railway Co. (Industrials)		409,066
	5,869	Canadian Natural Resources Ltd. (Energy)		182,192
	512	Canadian Pacific Railway Ltd. (Industrials)		78,378
	995	Canadian Tire Corp. Ltd., Class A (Consumer Discretionary)		101,870
	3,679	Canadian Utilities Ltd., Class A (Utilities)		105,431
	881	CCL Industries, Inc., Class B (Materials)		168,035
	21,660	Cenovus Energy, Inc. (Energy)		312,836
	5,756	CGI Group, Inc., Class A (Information Technology)*		280,024
	26,491	CI Financial Corp. (Financials)		518,291
	2,558	Constellation Software, Inc. (Information Technology)		1,115,534
	12,250	Crescent Point Energy Corp. (Energy)		184,863
	14,992	Dollarama, Inc. (Consumer Discretionary)		1,107,218
	63,164	Empire Co. Ltd. (Consumer Staples)		1,038,411
	4,899	Enbridge, Inc. (Energy)		193,115
	19,106	Encana Corp. (Energy)		182,316
	359	Fairfax Financial Holdings Ltd. (Financials)		203,085
	22,027	Finning International, Inc. (Industrials)		390,494
	9,055	First Capital Realty, Inc. (Real Estate)		153,142
	4,815	Fortis, Inc. (Utilities)		151,380
	2,134	Franco-Nevada Corp. (Materials)		149,033
	11,104	George Weston Ltd. (Consumer Staples)		955,483
	3,401	Gildan Activewear, Inc. (Consumer Discretionary)		100,082
	5,501	Goldcorp, Inc. (Materials)		83,686
	17,130	Great-West Lifeco, Inc. (Financials)		408,911
	7,481	H&R Real Estate Investment Trust REIT (Real Estate)		132,965
	12,042	Husky Energy, Inc. (Energy)*		147,949
	5,287	IGM Financial, Inc. (Financials)		149,497
	1,845	Imperial Oil Ltd. (Energy)		56,262
	14,448	Industrial Alliance Insurance & Financial Services, Inc. (Financials)		514,690
	3,642	Intact Financial Corp. (Financials)		264,202
	20,112	Jean Coutu Group PJC, Inc. (The), Class A (Consumer Staples)		297,530
	126,729	Kinross Gold Corp. (Materials)*		506,124
	7,247	Linamar Corp. (Consumer Discretionary)		298,927
	12,158	Loblaw Cos. Ltd. (Consumer Staples)		661,159
	28,769	Manulife Financial Corp. (Financials)		392,270
	23,105	Metro, Inc. (Consumer Staples)		784,342
	7,309	National Bank of Canada (Financials)		256,752
	11,453	Onex Corp. (Financials)		699,113
	2,470	Open Text Corp. (Information Technology)		155,273

	Common Stocks – (continued)
	Canada – (continued)
	29,556	Power Corp. of Canada (Financials)		624,437
	18,499	Power Financial Corp. (Financials)		425,940
	1,330	Restaurant Brands International, Inc. (Consumer Discretionary)		63,426
	6,261	RioCan Real Estate Investment Trust REIT (Real Estate)		131,419
	5,872	Rogers Communications, Inc., Class B (Telecommunication Services)		251,341
	23,927	Royal Bank of Canada (Financials)		1,486,809
	15,541	Saputo, Inc. (Consumer Staples)		516,434
	5,591	Seven Generations Energy Ltd., Class A (Energy)*		128,690
	5,494	Shaw Communications, Inc., Class B (Consumer Discretionary)		109,834
	6,488	Silver Wheaton Corp. (Materials)		164,369
	6,160	Smart Real Estate Investment Trust REIT (Real Estate)		166,389
	3,487	SNC-Lavalin Group, Inc. (Industrials)		148,564
	9,137	Sun Life Financial, Inc. (Financials)		288,167
	20,350	Suncor Energy, Inc. (Energy)		551,538
	5,479	Teck Resources Ltd., Class B (Materials)		88,738
	3,265	TELUS Corp. (Telecommunication Services)		107,054
	25,168	Toronto-Dominion Bank (The) (Financials)		1,122,542
	8,338	TransCanada Corp. (Energy)		377,928
	128,915	Turquoise Hill Resources Ltd. (Materials)*		396,949
	30,629	Veresen, Inc. (Energy)		301,610
	28,043	Yamana Gold, Inc. (Materials)		113,493

				25,896,377

	China – 0.1%
	556,150	Yangzijiang Shipbuilding Holdings Ltd. (Industrials)		312,180

	Denmark – 2.1%
	6,845	Carlsberg A/S, Class B (Consumer Staples)		640,701
	2,977	Chr Hansen Holding A/S (Materials)		180,243
	6,812	Coloplast A/S, Class B (Health Care)		517,327
	4,705	Danske Bank A/S (Financials)		137,856
	4,583	DSV A/S (Industrials)		226,935
	892	Genmab A/S (Health Care)*		142,291
	6,607	ISS A/S (Industrials)		267,143
	40,779	Novo Nordisk A/S, Class B (Health Care)		1,908,178
	1,353	Novozymes A/S, Class B (Materials)		58,574
	5,803	Pandora A/S (Consumer Discretionary)		720,751
	44,061	TDC A/S (Telecommunication Services)*		243,164
	6,229	Tryg A/S (Financials)		124,066
	4,284	Vestas Wind Systems A/S (Industrials)		354,831
	22,200	William Demant Holding A/S (Health Care)*		463,095

				5,985,155


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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Schedule of Investments (continued)

August 31, 2016


Shares		Description	Value
	Common Stocks – (continued)
	Finland – 0.9%
	5,789	Elisa OYJ (Telecommunication Services)	$	203,354
	5,014	Fortum OYJ (Utilities)		77,287
	4,212	Kone OYJ, Class B (Industrials)		211,334
	6,376	Neste OYJ (Energy)		265,161
	10,062	Nokia OYJ (Information Technology)		56,481
	1,582	Nokian Renkaat OYJ (Consumer Discretionary)		57,034
	12,663	Orion OYJ, Class B (Health Care)		478,670
	7,445	Sampo OYJ, Class A (Financials)		319,154
	41,098	UPM-Kymmene OYJ (Materials)		824,370
	1,421	Wartsila OYJ Abp (Industrials)		58,368

				2,551,213

	France – 9.4%
	10,892	Accor SA (Consumer Discretionary)		410,572
	953	Aeroports de Paris (Industrials)		98,180
	2,064	Air Liquide SA (Materials)		226,039
	2,623	Airbus Group SE (Industrials)		152,758
	3,311	Alstom SA (Industrials)*		87,452
	1,008	Arkema SA (Materials)		89,846
	18,421	Atos SE (Information Technology)		1,809,750
	27,301	AXA SA (Financials)		572,250
	16,590	BNP Paribas SA (Financials)		842,648
	6,733	Bureau Veritas SA (Industrials)		144,128
	7,009	Capgemini SA (Information Technology)		681,799
	18,214	Carrefour SA (Consumer Staples)		457,851
	4,266	Casino Guichard Perrachon SA (Consumer Staples)		210,695
	5,284	Christian Dior SE (Consumer Discretionary)		912,183
	3,653	Cie de Saint-Gobain (Industrials)		159,974
	2,712	Cie Generale des Etablissements Michelin (Consumer Discretionary)		287,853
	23,193	CNP Assurances (Financials)		372,744
	39,296	Credit Agricole SA (Financials)		371,573
	14,002	Danone SA (Consumer Staples)		1,062,156
	6,621	Dassault Systemes (Information Technology)		556,895
	4,668	Eiffage SA (Industrials)		364,969
	7,019	Engie SA (Utilities)		111,711
	4,972	Essilor International SA (Health Care)		630,452
	3,994	Eurazeo SA (Financials)		241,944
	8,742	Eutelsat Communications SA (Consumer Discretionary)		169,657
	1,282	Fonciere Des Regions REIT (Real Estate)		119,595
	1,940	Gecina SA REIT (Real Estate)		303,034
	2,598	Hermes International (Consumer Discretionary)		1,095,487
	1,380	ICADE REIT (Real Estate)		106,328
	1,265	Imerys SA (Materials)		89,000
	606	Ingenico Group SA (Information Technology)		65,158
	2,761	JCDecaux SA (Consumer Discretionary)		94,712
	357	Kering (Consumer Discretionary)		67,574

	Common Stocks – (continued)
	France – (continued)
	4,028	Klepierre REIT (Real Estate)		188,465
	5,447	Lagardere SCA (Consumer Discretionary)		132,646
	3,378	Legrand SA (Industrials)		202,070
	7,970	L’Oreal SA (Consumer Staples)		1,503,249
	5,069	LVMH Moet Hennessy Louis Vuitton SE (Consumer Discretionary)		856,437
	18,026	Natixis SA (Financials)		79,623
	17,086	Orange SA (Telecommunication Services)		260,514
	3,135	Pernod Ricard SA (Consumer Staples)		359,286
	47,956	Peugeot SA (Consumer Discretionary)*		706,360
	5,510	Publicis Groupe SA (Consumer Discretionary)		408,401
	1,700	Remy Cointreau SA (Consumer Staples)		148,119
	6,269	Renault SA (Consumer Discretionary)		511,858
	48,802	Rexel SA (Industrials)		782,958
	5,349	Safran SA (Industrials)		373,413
	20,759	Sanofi (Health Care)		1,596,921
	6,949	Schneider Electric SE (Industrials)		472,803
	13,382	SCOR SE (Financials)		393,098
	3,124	Societe BIC SA (Industrials)		455,273
	14,632	Societe Generale SA (Financials)		531,995
	2,630	Sodexo SA (Consumer Discretionary)		304,193
	6,308	Suez (Utilities)		95,301
	4,945	Technip SA (Energy)		291,732
	2,765	Thales SA (Industrials)		239,063
	21,213	TOTAL SA (Energy)		1,010,010
	1,231	Unibail-Rodamco SE REIT (Real Estate)		337,272
	3,589	Valeo SA (Consumer Discretionary)		185,432
	13,261	Veolia Environnement SA (Utilities)		281,579
	8,981	Vinci SA (Industrials)		680,076
	8,203	Vivendi SA (Consumer Discretionary)		158,785
	757	Wendel SA (Financials)		85,955

				26,599,854

	Germany – 7.1%
	8,851	adidas AG (Consumer Discretionary)		1,468,319
	7,894	Allianz SE (Financials)		1,174,163
	1,725	Axel Springer SE (Consumer Discretionary)		87,723
	7,197	BASF SE (Materials)		584,341
	13,059	Bayer AG (Health Care)		1,395,832
	1,054	Bayerische Motoren Werke AG (Consumer Discretionary)		91,575
	8,834	Beiersdorf AG (Consumer Staples)		820,659
	3,066	Brenntag AG (Industrials)		166,606
	1,139	Continental AG (Consumer Discretionary)		238,363
	1,628	Covestro AG (Materials)^(a)		84,639
	4,845	Daimler AG (Consumer Discretionary)		334,991
	7,760	Deutsche Boerse AG (Financials)*		662,031
	34,124	Deutsche Lufthansa AG (Industrials)		396,968
	31,291	Deutsche Post AG (Industrials)		989,750
	55,701	Deutsche Telekom AG (Telecommunication Services)		928,693


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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF


Shares		Description	Value
	Common Stocks – (continued)
	Germany – (continued)
	13,596	Deutsche Wohnen AG (Real Estate)	$	510,303
	57,349	E.ON SE (Utilities)		527,394
	3,192	Evonik Industries AG (Materials)		107,133
	3,554	Fraport AG Frankfurt Airport Services Worldwide (Industrials)		197,953
	4,610	Fresenius Medical Care AG & Co KGaA (Health Care)		407,362
	7,745	Fresenius SE & Co KGaA (Health Care)		564,312
	3,146	GEA Group AG (Industrials)		168,588
	3,259	Hannover Rueck SE (Financials)		332,482
	6,778	HeidelbergCement AG (Materials)		628,605
	2,990	Henkel AG & Co KGaA (Consumer Staples)		335,176
	1,600	HOCHTIEF AG (Industrials)		214,820
	7,976	HUGO BOSS AG (Consumer Discretionary)		486,359
	12,748	Infineon Technologies AG (Information Technology)		214,320
	2,098	LANXESS AG (Materials)		111,785
	1,397	Linde AG (Materials)		238,910
	1,737	MAN SE (Industrials)		180,419
	5,528	Merck KGaA (Health Care)		580,833
	10,774	METRO AG (Consumer Staples)		319,188
	3,439	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Financials)		620,681
	4,852	OSRAM Licht AG (Industrials)		253,660
	7,982	ProSiebenSat.1 Media SE (Consumer Discretionary)		342,796
	13,693	SAP SE (Information Technology)		1,201,135
	7,414	Siemens AG (Industrials)		883,948
	5,076	Symrise AG (Materials)		373,180
	36,960	Telefonica Deutschland Holding AG (Telecommunication Services)		151,649
	12,266	TUI AG (Consumer Discretionary)		170,768
	2,997	United Internet AG (Information Technology)		123,035
	5,286	Vonovia SE (Real Estate)		205,378
	10,669	Zalando SE (Consumer Discretionary)*^(a)		407,395

				20,284,220

	Hong Kong – 2.8%
	150,069	AIA Group Ltd. (Financials)		948,965
	47,523	Bank of East Asia Ltd. (The) (Financials)		192,071
	88,158	BOC Hong Kong Holdings Ltd. (Financials)		308,569
	24,734	Cheung Kong Infrastructure Holdings Ltd. (Utilities)		207,744
	9,885	CK Hutchison Holdings Ltd. (Industrials)		127,055
	26,252	CLP Holdings Ltd. (Utilities)		269,229
	77,465	First Pacific Co. Ltd. (Financials)		58,023
	16,269	Hang Seng Bank Ltd. (Financials)		285,456
	14,274	Henderson Land Development Co. Ltd. (Real Estate)		83,453

	Common Stocks – (continued)
	Hong Kong – (continued)
	283,737	HK Electric Investments & HK Electric Investments Ltd. (Utilities)^(a)		266,298
	119,352	HKT Trust & HKT Ltd. (Telecommunication Services)		164,639
	56,476	Hong Kong & China Gas Co. Ltd. (Utilities)		107,757
	26,971	Hong Kong Exchanges and Clearing Ltd. (Financials)		659,606
	13,683	Hysan Development Co. Ltd. (Real Estate)		66,062
	2,271	Jardine Matheson Holdings Ltd. (Industrials)		135,919
	25,848	Kerry Properties Ltd. (Real Estate)		75,144
	63,756	Link REIT (Real Estate)		463,575
	33,617	MTR Corp. Ltd. (Industrials)		183,758
	231,158	New World Development Co. Ltd. (Real Estate)		289,963
	184,122	NWS Holdings Ltd. (Industrials)		328,995
	356,599	PCCW Ltd. (Telecommunication Services)		226,186
	12,920	Power Assets Holdings Ltd. (Utilities)		123,591
	32,782	Sino Land Co. Ltd. (Real Estate)		56,125
	828,639	SJM Holdings Ltd. (Consumer Discretionary)		521,321
	22,091	Sun Hung Kai Properties Ltd. (Real Estate)		310,998
	12,863	Swire Pacific Ltd., Class A (Real Estate)		142,116
	38,337	Techtronic Industries Co. Ltd. (Consumer Discretionary)		155,439
	813,368	WH Group Ltd. (Consumer Staples)^(a)		639,642
	26,346	Wharf Holdings Ltd. (The) (Real Estate)		186,130
	84,614	Wheelock & Co. Ltd. (Real Estate)		484,335

				8,068,164

	Ireland – 0.5%
	8,841	CRH PLC (Materials)		298,846
	14,542	Experian PLC (Industrials)		288,351
	10,166	James Hardie Industries PLC CDI (Materials)		165,717
	3,555	Kerry Group PLC, Class A (Consumer Staples)		301,626
	2,338	Paddy Power Betfair PLC (Consumer Discretionary)		279,013

				1,333,553

	Israel – 0.9%
	2,527	Azrieli Group Ltd. (Real Estate)		110,222
	37,207	Bank Hapoalim BM (Financials)		199,272
	63,676	Bank Leumi Le-Israel BM (Financials)*		238,016
	150,500	Bezeq The Israeli Telecommunication Corp. Ltd. (Telecommunication Services)		301,609
	998	Check Point Software Technologies Ltd. (Information Technology)*		76,587
	9,673	Mizrahi Tefahot Bank Ltd. (Financials)		116,474
	7,111	Nice Ltd. (Information Technology)		484,800


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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Schedule of Investments (continued)

August 31, 2016


Shares		Description	Value
	Common Stocks – (continued)
	Israel – (continued)
	21,388	Teva Pharmaceutical Industries Ltd. (Health Care)	$	1,083,860

				2,610,840

	Italy – 2.0%
	9,790	Assicurazioni Generali SpA (Financials)		124,301
	8,410	Atlantia SpA (Industrials)		215,994
	228,477	Enel SpA (Utilities)		1,007,177
	14,520	Eni SpA (Energy)		218,964
	13,342	EXOR SpA (Financials)		547,578
	26,157	Intesa Sanpaolo SpA (Financials)		62,052
	5,177	Leonardo-Finmeccanica SpA (Industrials)*		58,985
	15,461	Luxottica Group SpA (Consumer Discretionary)		744,751
	27,923	Prysmian SpA (Industrials)		687,915
	60,744	Snam SpA (Utilities)		336,238
	631,148	Telecom Italia SpA (Telecommunication Services)*		571,842
	768,640	Telecom Italia SpA-RSP (Telecommunication Services)*		562,440
	53,306	Terna Rete Elettrica Nazionale SpA (Utilities)		275,000
	68,265	UniCredit SpA (Financials)		175,325
	133,517	UnipolSai SpA (Financials)		222,611

				5,811,173

	Japan – 20.8%
	3,581	ABC-Mart, Inc. (Consumer Discretionary)		225,035
	9,037	Aeon Co. Ltd. (Consumer Staples)		124,282
	14,592	Ajinomoto Co., Inc. (Consumer Staples)		309,376
	14,100	Alfresa Holdings Corp. (Health Care)		263,229
	41,845	ANA Holdings, Inc. (Industrials)		113,801
	43,474	Aozora Bank Ltd. (Financials)		153,831
	9,708	Asahi Group Holdings Ltd. (Consumer Staples)		317,797
	8,426	Asics Corp. (Consumer Discretionary)		170,825
	57,974	Astellas Pharma, Inc. (Health Care)		885,850
	15,149	Bandai Namco Holdings, Inc. (Consumer Discretionary)		413,894
	14,897	Benesse Holdings, Inc. (Consumer Discretionary)		343,638
	9,135	Bridgestone Corp. (Consumer Discretionary)		313,965
	28,963	Brother Industries Ltd. (Information Technology)		486,100
	18,181	Calbee, Inc. (Consumer Staples)		660,025
	22,363	Canon, Inc. (Information Technology)		640,827
	6,688	Casio Computer Co. Ltd. (Consumer Discretionary)		94,467
	1,433	Central Japan Railway Co. (Industrials)		235,381
	27,107	Chubu Electric Power Co., Inc. (Utilities)		366,633
	5,081	Chugoku Electric Power Co., Inc. (The) (Utilities)		61,010
	13,809	Concordia Financial Group Ltd. (Financials)*		71,238

	Common Stocks – (continued)
	Japan – (continued)
	9,747	CYBERDYNE, Inc. (Health Care)*		153,506
	9,541	Dai Nippon Printing Co. Ltd. (Industrials)		97,038
	12,339	Daiichi Sankyo Co. Ltd. (Health Care)		283,260
	3,216	Daikin Industries Ltd. (Industrials)		298,141
	3,268	Daito Trust Construction Co. Ltd. (Real Estate)		481,346
	10,850	Daiwa House Industry Co. Ltd. (Real Estate)		280,232
	12,878	Daiwa Securities Group, Inc. (Financials)		75,250
	2,271	Denso Corp. (Consumer Discretionary)		93,795
	2,122	Dentsu, Inc. (Consumer Discretionary)		116,732
	2,061	East Japan Railway Co. (Industrials)		176,540
	4,830	Eisai Co. Ltd. (Health Care)		281,577
	6,251	FamilyMart Co. Ltd. (Consumer Staples)		447,817
	493	FANUC Corp. (Industrials)		84,030
	2,116	Fast Retailing Co. Ltd. (Consumer Discretionary)		743,418
	5,997	Fuji Heavy Industries Ltd. (Consumer Discretionary)		237,596
	15,230	FUJIFILM Holdings Corp. (Information Technology)		572,331
	77,843	Fujitsu Ltd. (Information Technology)		395,254
	159,652	GungHo Online Entertainment, Inc. (Information Technology)		379,701
	4,123	Hankyu Hanshin Holdings, Inc. (Industrials)		133,135
	8,116	Hikari Tsushin, Inc. (Consumer Discretionary)		729,722
	3,979	Hisamitsu Pharmaceutical Co., Inc. (Health Care)		178,110
	2,768	Hitachi Chemical Co. Ltd. (Materials)		59,676
	20,904	Hitachi Construction Machinery Co. Ltd. (Industrials)		391,666
	3,520	Hitachi High-Technologies Corp. (Information Technology)		130,509
	23,308	Hitachi Ltd. (Information Technology)		111,768
	9,744	Hokuriku Electric Power Co. (Utilities)		116,436
	27,216	Honda Motor Co. Ltd. (Consumer Discretionary)		834,096
	1,523	Hoshizaki Corp. (Industrials)		121,769
	14,914	Hoya Corp. (Health Care)		578,046
	16,631	Idemitsu Kosan Co. Ltd. (Energy)		303,405
	13,921	Iida Group Holdings Co. Ltd. (Consumer Discretionary)		260,830
	19,085	Isetan Mitsukoshi Holdings Ltd. (Consumer Discretionary)		173,810
	43,545	ITOCHU Corp. (Industrials)		514,028
	2,174	Japan Airlines Co. Ltd. (Industrials)		66,144
	2,884	Japan Airport Terminal Co. Ltd. (Industrials)		113,760
	8,062	Japan Exchange Group, Inc. (Financials)		125,955
	73	Japan Retail Fund Investment Corp. REIT (Real Estate)		163,947
	9,600	Japan Tobacco, Inc. (Consumer Staples)		371,990


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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF


Shares		Description	Value
	Common Stocks – (continued)
	Japan – (continued)
	107,783	JX Holdings, Inc. (Energy)	$	403,164
	19,181	Kajima Corp. (Industrials)		128,881
	41,921	Kakaku.com, Inc. (Information Technology)		701,149
	12,300	Kamigumi Co. Ltd. (Industrials)		106,548
	10,146	Kansai Electric Power Co., Inc. (The) (Utilities)*		86,977
	2,621	Kansai Paint Co. Ltd. (Materials)		57,749
	21,441	Kao Corp. (Consumer Staples)		1,114,596
	20,916	KDDI Corp. (Telecommunication Services)		613,922
	19,421	Keihan Holdings Co. Ltd. (Industrials)		125,987
	11,844	Keikyu Corp. (Industrials)		109,697
	11,458	Keio Corp. (Industrials)		95,931
	10,787	Keisei Electric Railway Co. Ltd. (Industrials)		129,734
	577	Keyence Corp. (Information Technology)		404,600
	4,001	Kikkoman Corp. (Consumer Staples)		125,908
	33,334	Kintetsu Group Holdings Co. Ltd. (Industrials)		126,974
	15,441	Kirin Holdings Co. Ltd. (Consumer Staples)		251,764
	1,864	Koito Manufacturing Co. Ltd. (Consumer Discretionary)		88,753
	5,511	Komatsu Ltd. (Industrials)		120,492
	3,300	Konami Holdings Corp. (Information Technology)		116,610
	58,924	Konica Minolta, Inc. (Information Technology)		530,934
	6,352	Kose Corp. (Consumer Staples)		569,890
	4,152	Kubota Corp. (Industrials)		60,894
	7,510	Kuraray Co. Ltd. (Materials)		107,312
	4,204	Kurita Water Industries Ltd. (Industrials)		95,879
	2,895	Kyocera Corp. (Information Technology)		137,592
	6,028	Kyowa Hakko Kirin Co. Ltd. (Health Care)		85,552
	7,973	Lawson, Inc. (Consumer Staples)		559,617
	16,148	M3, Inc. (Health Care)		483,183
	908	Makita Corp. (Industrials)		65,224
	15,889	Marubeni Corp. (Industrials)		79,218
	5,213	Marui Group Co. Ltd. (Consumer Discretionary)		63,553
	5,448	Maruichi Steel Tube Ltd. (Materials)		188,035
	17,137	Mazda Motor Corp. (Consumer Discretionary)		282,565
	6,633	McDonald’s Holdings Co. Japan Ltd. (Consumer Discretionary)		183,147
	6,555	Medipal Holdings Corp. (Health Care)		103,678
	9,543	MEIJI Holdings Co. Ltd. (Consumer Staples)		858,948
	5,218	Miraca Holdings, Inc. (Health Care)		247,443
	73,090	Mitsubishi Chemical Holdings Corp. (Materials)		461,286
	24,305	Mitsubishi Corp. (Industrials)		506,496

	Common Stocks – (continued)
	Japan – (continued)
	14,508	Mitsubishi Electric Corp. (Industrials)		189,424
	5,802	Mitsubishi Estate Co. Ltd. (Real Estate)		109,774
	45,041	Mitsubishi Gas Chemical Co., Inc. (Materials)		304,816
	16,000	Mitsubishi Heavy Industries Ltd. (Industrials)		69,671
	26,097	Mitsubishi Materials Corp. (Materials)		73,673
	70,665	Mitsubishi Motors Corp. (Consumer Discretionary)		323,145
	12,891	Mitsubishi Tanabe Pharma Corp. (Health Care)		239,288
	144,053	Mitsubishi UFJ Financial Group, Inc. (Financials)		785,617
	67,741	Mitsubishi UFJ Lease & Finance Co. Ltd. (Financials)		317,633
	31,877	Mitsui & Co. Ltd. (Industrials)		424,369
	20,320	Mitsui Chemicals, Inc. (Materials)		97,244
	3,093	Mitsui Fudosan Co. Ltd. (Real Estate)		66,623
	173,159	Mitsui OSK Lines Ltd. (Industrials)		400,106
	14,995	Mixi, Inc. (Information Technology)		532,766
	374,441	Mizuho Financial Group, Inc. (Financials)		650,525
	1,810	Murata Manufacturing Co. Ltd. (Information Technology)		243,322
	87,483	Nagoya Railroad Co. Ltd. (Industrials)		428,809
	5,637	Nexon Co. Ltd. (Information Technology)		77,224
	2,875	NH Foods Ltd. (Consumer Staples)		62,956
	29,091	NHK Spring Co. Ltd. (Consumer Discretionary)		273,937
	1,794	Nidec Corp. (Industrials)		161,683
	22,626	Nikon Corp. (Consumer Discretionary)		332,275
	16,600	Nippon Express Co. Ltd. (Industrials)		78,639
	1,696	Nippon Paint Holdings Co. Ltd. (Materials)		60,750
	73	Nippon Prologis REIT, Inc. REIT (Real Estate)		175,240
	18,395	Nippon Steel & Sumitomo Metal Corp. (Materials)		390,539
	14,761	Nippon Telegraph & Telephone Corp. (Telecommunication Services)		648,750
	33,181	Nippon Yusen KK (Industrials)		60,309
	12,182	Nissan Motor Co. Ltd. (Consumer Discretionary)		119,541
	8,767	Nisshin Seifun Group, Inc. (Consumer Staples)		124,002
	1,975	Nissin Foods Holdings Co. Ltd. (Consumer Staples)		109,600
	8,349	Nitori Holdings Co. Ltd. (Consumer Discretionary)		846,725
	950	Nitto Denko Corp. (Materials)		64,879
	5,147	Nomura Real Estate Holdings, Inc. (Real Estate)		83,897
	2,995	Nomura Research Institute Ltd. (Information Technology)		101,344
	5,426	NTT Data Corp. (Information Technology)		282,749


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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Schedule of Investments (continued)

August 31, 2016


Shares		Description	Value
	Common Stocks – (continued)
	Japan – (continued)
	20,499	NTT DOCOMO, Inc. (Telecommunication Services)	$	515,869
	11,205	Obayashi Corp. (Industrials)		103,454
	2,187	Obic Co. Ltd. (Information Technology)		112,062
	11,001	Odakyu Electric Railway Co. Ltd. (Industrials)		112,951
	27,306	Oji Holdings Corp. (Materials)		109,821
	6,095	Olympus Corp. (Health Care)		199,464
	7,652	Omron Corp. (Information Technology)		259,666
	4,509	Ono Pharmaceutical Co. Ltd. (Health Care)		117,569
	5,718	Oracle Corp. Japan (Information Technology)		332,792
	1,462	Oriental Land Co. Ltd. (Consumer Discretionary)		85,641
	19,337	ORIX Corp. (Financials)		278,086
	50,859	Osaka Gas Co. Ltd. (Utilities)		200,269
	13,597	Otsuka Holdings Co. Ltd. (Health Care)		589,311
	38,186	Panasonic Corp. (Consumer Discretionary)		391,699
	10,404	Park24 Co. Ltd. (Industrials)		304,269
	6,049	Pola Orbis Holdings, Inc. (Consumer Staples)		483,054
	12,950	Recruit Holdings Co. Ltd. (Industrials)		492,660
	50,470	Resona Holdings, Inc. (Financials)		230,893
	14,104	Ricoh Co. Ltd. (Information Technology)		127,220
	1,018	Rinnai Corp. (Consumer Discretionary)		95,467
	2,341	Ryohin Keikaku Co. Ltd. (Consumer Discretionary)		422,324
	2,653	Sankyo Co. Ltd. (Consumer Discretionary)		92,080
	17,367	SBI Holdings, Inc. (Financials)		206,184
	4,047	Secom Co. Ltd. (Industrials)		307,218
	5,381	Sega Sammy Holdings, Inc. (Consumer Discretionary)		73,509
	10,452	Sekisui Chemical Co. Ltd. (Consumer Discretionary)		146,117
	8,890	Sekisui House Ltd. (Consumer Discretionary)		143,189
	11,617	Seven & i Holdings Co. Ltd. (Consumer Staples)		489,793
	20,145	Seven Bank Ltd. (Financials)		71,282
	8,817	Shimadzu Corp. (Information Technology)		138,007
	2,235	Shimamura Co. Ltd. (Consumer Discretionary)		258,645
	1,905	Shimano, Inc. (Consumer Discretionary)		276,997
	10,167	Shimizu Corp. (Industrials)		90,725
	2,512	Shin-Etsu Chemical Co. Ltd. (Materials)		184,426
	79,620	Shinsei Bank Ltd. (Financials)		127,010
	5,495	Shionogi & Co. Ltd. (Health Care)		245,385
	24,791	Shiseido Co. Ltd. (Consumer Staples)		623,400
	15,230	Showa Shell Sekiyu KK (Energy)		129,868
	3,230	SoftBank Group Corp. (Telecommunication Services)		210,972

	Common Stocks – (continued)
	Japan – (continued)
	1,491	Sohgo Security Services Co. Ltd. (Industrials)		74,525
	3,133	Sompo Japan Nipponkoa Holdings, Inc. (Financials)		100,440
	16,455	Sony Corp. (Consumer Discretionary)		528,959
	2,362	Stanley Electric Co. Ltd. (Consumer Discretionary)		60,355
	12,915	Start Today Co. Ltd. (Consumer Discretionary)		599,957
	36,466	Sumitomo Chemical Co. Ltd. (Materials)		167,109
	27,020	Sumitomo Corp. (Industrials)		293,097
	13,795	Sumitomo Dainippon Pharma Co. Ltd. (Health Care)		230,995
	6,758	Sumitomo Electric Industries Ltd. (Consumer Discretionary)		100,192
	19,759	Sumitomo Mitsui Financial Group, Inc. (Financials)		691,713
	10,652	Sumitomo Rubber Industries Ltd. (Consumer Discretionary)		157,975
	3,647	Sundrug Co. Ltd. (Consumer Staples)		264,441
	7,857	Suntory Beverage & Food Ltd. (Consumer Staples)		311,819
	13,138	Suzuken Co. Ltd. (Health Care)		380,924
	11,256	Sysmex Corp. (Health Care)		725,843
	27,840	Taiheiyo Cement Corp. (Materials)		84,514
	19,811	Taisei Corp. (Industrials)		149,011
	2,411	Taisho Pharmaceutical Holdings Co. Ltd. (Health Care)		220,972
	10,035	Takashimaya Co. Ltd. (Consumer Discretionary)		73,442
	7,613	Takeda Pharmaceutical Co. Ltd. (Health Care)		335,624
	43,418	Teijin Ltd. (Materials)		162,028
	6,403	Terumo Corp. (Health Care)		249,162
	26,986	Tobu Railway Co. Ltd. (Industrials)		130,971
	3,298	Toho Co. Ltd. (Consumer Discretionary)		96,133
	20,811	Toho Gas Co. Ltd. (Utilities)		176,854
	16,266	Tohoku Electric Power Co., Inc. (Utilities)		203,964
	4,155	Tokio Marine Holdings, Inc. (Financials)		163,252
	63,486	Tokyo Electric Power Co. Holdings, Inc. (Utilities)*		255,945
	3,141	Tokyo Electron Ltd. (Information Technology)		288,728
	36,671	Tokyo Gas Co. Ltd. (Utilities)		157,235
	5,105	Tokyo Tatemono Co. Ltd. (Real Estate)		59,966
	27,299	Tokyu Corp. (Industrials)		203,749
	13,790	TonenGeneral Sekiyu KK (Energy)		127,321
	14,950	Toppan Printing Co. Ltd. (Industrials)		133,261
	17,420	Toray Industries, Inc. (Materials)		167,809
	3,000	TOTO Ltd. (Industrials)		113,985
	5,411	Toyo Seikan Group Holdings Ltd. (Materials)		100,336
	3,528	Toyo Suisan Kaisha Ltd. (Consumer Staples)		144,449


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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF


Shares		Description	Value
	Common Stocks – (continued)
	Japan – (continued)
	7,870	Toyoda Gosei Co. Ltd. (Consumer Discretionary)	$	181,238
	20,703	Toyota Motor Corp. (Consumer Discretionary)		1,248,565
	7,874	Toyota Tsusho Corp. (Industrials)		180,112
	2,220	Trend Micro, Inc. (Information Technology)		78,768
	2,348	Tsuruha Holdings, Inc. (Consumer Staples)		230,181
	17,630	Unicharm Corp. (Consumer Staples)		428,329
	145	United Urban Investment Corp. REIT (Real Estate)		258,360
	1,224	West Japan Railway Co. (Industrials)		70,078
	1,901	Yakult Honsha Co. Ltd. (Consumer Staples)		83,899
	30,716	Yamada Denki Co. Ltd. (Consumer Discretionary)		143,728
	5,950	Yamaguchi Financial Group, Inc. (Financials)		62,816
	5,053	Yamaha Corp. (Consumer Discretionary)		163,898
	47,378	Yamazaki Baking Co. Ltd. (Consumer Staples)		1,076,866
	7,146	Yokohama Rubber Co. Ltd. (The) (Consumer Discretionary)		116,135

				59,008,672

	Jersey Island – 0.1%
	1,661	Randgold Resources Ltd. (Materials)		155,542

	Luxembourg – 0.4%
	6,746	Millicom International Cellular SA (Telecommunication Services)		344,934
	5,501	RTL Group SA (Consumer Discretionary)		462,262
	4,653	SES SA (Consumer Discretionary)		106,703
	6,811	Tenaris SA (Energy)		93,457

				1,007,356

	Mexico – 0.1%
	9,677	Fresnillo PLC (Materials)		203,544

	Netherlands – 3.1%
	1,976	Akzo Nobel NV (Materials)		133,323
	3,384	ASML Holding NV (Information Technology)		359,442
	8,721	Boskalis Westminster (Industrials)		311,302
	2,091	Gemalto NV (Information Technology)		145,437
	12,248	Heineken Holding NV (Consumer Staples)		982,985
	6,307	Heineken NV (Consumer Staples)		562,656
	38,667	ING Groep NV (Financials)		483,193
	81,395	Koninklijke Ahold Delhaize NV (Consumer Staples)		1,945,880
	1,869	Koninklijke DSM NV (Materials)		130,079
	47,882	Koninklijke KPN NV (Telecommunication Services)		156,093
	9,498	Koninklijke Philips NV (Industrials)		275,461
	2,447	Koninklijke Vopak NV (Energy)		123,894

	Common Stocks – (continued)
	Netherlands – (continued)
	12,419	NN Group NV (Financials)		368,960
	999	NXP Semiconductors NV (Information Technology)*		87,932
	8,712	Randstad Holding NV (Industrials)		410,194
	40,814	Royal Dutch Shell PLC, Class A (Energy)		994,513
	31,436	Royal Dutch Shell PLC, Class B (Energy)		799,555
	11,121	Wolters Kluwer NV (Industrials)		466,023

				8,736,922

	New Zealand – 0.2%
	40,228	Auckland International Airport Ltd. (Industrials)		218,891
	11,235	Fletcher Building Ltd. (Materials)		86,401
	45,449	Meridian Energy Ltd. (Utilities)		95,622
	8,832	Ryman Healthcare Ltd. (Health Care)		61,513
	49,842	Spark New Zealand Ltd. (Telecommunication Services)		137,590

				600,017

	Norway – 0.8%
	11,402	DNB ASA (Financials)		138,473
	10,485	Gjensidige Forsikring ASA (Financials)		179,881
	16,960	Marine Harvest ASA (Consumer Staples)*		261,890
	162,629	Norsk Hydro ASA (Materials)		690,595
	27,923	Orkla ASA (Consumer Staples)		255,425
	9,703	Schibsted ASA, Class A (Consumer Discretionary)		307,802
	10,663	Schibsted ASA, Class B (Consumer Discretionary)		308,087
	7,443	Telenor ASA (Telecommunication Services)		129,834
	4,085	Yara International ASA (Materials)		144,866

				2,416,853

	Portugal – 0.2%
	30,702	EDP – Energias de Portugal SA (Utilities)		102,754
	9,033	Galp Energia SGPS SA (Energy)		131,088
	15,261	Jeronimo Martins SGPS SA (Consumer Staples)		245,861

				479,703

	Singapore – 1.4%
	33,566	Ascendas Real Estate Investment Trust REIT (Real Estate)		60,342
	50,178	CapitaLand Commercial Trust REIT (Real Estate)		56,884
	25,009	CapitaLand Ltd. (Real Estate)		56,336
	35,531	CapitaLand Mall Trust REIT (Real Estate)		56,314
	42,278	DBS Group Holdings Ltd. (Financials)		465,016
	477,941	Golden Agri-Resources Ltd. (Consumer Staples)		126,249
	12,057	Jardine Cycle & Carriage Ltd. (Consumer Discretionary)		375,993


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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Schedule of Investments (continued)

August 31, 2016


Shares		Description	Value
	Common Stocks – (continued)
	Singapore – (continued)
	96,775	Oversea-Chinese Banking Corp. Ltd. (Financials)	$	609,970
	7,296	Singapore Airlines Ltd. (Industrials)		56,212
	102,586	Singapore Exchange Ltd. (Financials)		569,065
	50,926	Singapore Telecommunications Ltd. (Telecommunication Services)		150,216
	193,532	StarHub Ltd. (Telecommunication Services)		519,740
	45,525	Suntec Real Estate Investment Trust REIT (Real Estate)		55,952
	19,865	United Overseas Bank Ltd. (Financials)		262,515
	198,787	Wilmar International Ltd. (Consumer Staples)		449,253

				3,870,057

	South Africa – 0.2%
	13,207	Investec PLC (Financials)		77,976
	33,811	Mediclinic International PLC (Health Care)		452,564
	5,971	Mondi PLC (Materials)		121,135

				651,675

	Spain – 2.7%
	7,746	Abertis Infraestructuras SA (Industrials)		119,788
	26,732	ACS Actividades de Construccion y Servicios SA (Industrials)		756,377
	1,993	Aena SA (Industrials)^(a)		281,347
	15,245	Amadeus IT Group SA (Information Technology)		699,455
	16,121	Banco Bilbao Vizcaya Argentaria SA (Financials)		100,152
	42,270	Banco de Sabadell SA (Financials)		57,200
	172,862	Banco Santander SA (Financials)		773,950
	95,166	Distribuidora Internacional de Alimentacion SA (Consumer Staples)		580,301
	7,192	Enagas SA (Utilities)		210,865
	11,181	Endesa SA (Utilities)		227,389
	6,734	Ferrovial SA (Industrials)		132,487
	5,230	Gas Natural SDG SA (Utilities)		107,790
	7,056	Grifols SA (Health Care)		149,235
	119,609	Iberdrola SA (Utilities)		785,965
	25,262	Industria de Diseno Textil SA (Consumer Discretionary)		893,725
	138,508	Mapfre SA (Financials)		373,780
	6,232	Red Electrica Corp. SA (Utilities)		133,994
	50,771	Repsol SA (Energy)		680,816
	37,842	Telefonica SA (Telecommunication Services)		380,583
	24,989	Zardoya Otis SA (Industrials)		235,176

				7,680,375

	Sweden – 2.3%
	5,064	Alfa Laval AB (Industrials)		78,535
	21,801	Assa Abloy AB, Class B (Industrials)		440,804
	13,604	Atlas Copco AB, Class A (Industrials)		385,155
	5,523	Atlas Copco AB, Class B (Industrials)		141,748
	20,649	Boliden AB (Materials)		436,533

	Common Stocks – (continued)
	Sweden – (continued)
	13,082	Electrolux AB, Series B (Consumer Discretionary)		340,173
	11,277	Getinge AB, Class B (Health Care)		219,599
	34,687	Hennes & Mauritz AB, Class B (Consumer Discretionary)		1,055,668
	4,110	Hexagon AB, Class B (Information Technology)		167,067
	15,269	Husqvarna AB, Class B (Consumer Discretionary)		131,843
	8,748	ICA Gruppen AB (Consumer Staples)		298,778
	5,851	Industrivarden AB, Class C (Financials)		106,433
	3,801	Investor AB, Class B (Financials)		133,852
	3,438	Kinnevik AB, Class B (Financials)		84,508
	18,259	Nordea Bank AB (Financials)		178,206
	5,281	Sandvik AB (Industrials)		57,238
	30,103	Securitas AB, Class B (Industrials)		522,667
	10,236	Skandinaviska Enskilda Banken AB, Class A (Financials)		99,902
	7,108	Skanska AB, Class B (Industrials)		155,572
	8,374	Svenska Cellulosa AB SCA, Class B (Consumer Staples)		256,906
	19,536	Svenska Handelsbanken AB, Class A (Financials)		251,720
	9,313	Swedbank AB, Class A (Financials)		213,824
	10,537	Swedish Match AB (Consumer Staples)		374,992
	18,749	Tele2 AB, Class B (Telecommunication Services)		155,770
	19,972	Telefonaktiebolaget LM Ericsson, Class B (Information Technology)		142,176
	53,117	Telia Co. AB (Telecommunication Services)		239,512

				6,669,181

	Switzerland – 9.3%
	21,460	ABB Ltd. (Industrials)*		465,435
	5,329	Actelion Ltd. (Health Care)*		887,850
	3,720	Adecco Group AG (Industrials)		214,291
	7,797	Aryzta AG (Consumer Staples)*		310,912
	1,375	Baloise Holding AG (Financials)		163,732
	211	Barry Callebaut AG (Consumer Staples)*		271,441
	4,824	Cie Financiere Richemont SA (Consumer Discretionary)		278,133
	21,808	Coca-Cola HBC AG (Consumer Staples)*		478,126
	4,747	Credit Suisse Group AG (Financials)*		61,889
	747	EMS-Chemie Holding AG (Materials)		397,999
	185	Galenica AG (Health Care)		214,834
	776	Geberit AG (Industrials)		338,816
	244	Givaudan SA (Materials)		504,862
	643,743	Glencore PLC (Materials)*		1,467,433
	2,298	Julius Baer Group Ltd. (Financials)*		96,429
	6,781	Kuehne + Nagel International AG (Industrials)		947,566
	1,570	LafargeHolcim Ltd. (Materials)*		83,330
	4,144	Lonza Group AG (Health Care)*		786,160
	57,567	Nestle SA (Consumer Staples)		4,587,549


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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF


Shares		Description	Value
	Common Stocks – (continued)
	Switzerland – (continued)
	38,964	Novartis AG (Health Care)	$	3,069,374
	4,990	Pargesa Holding SA (Financials)		344,330
	2,117	Partners Group Holding AG (Financials)		971,724
	12,722	Roche Holding AG (Health Care)		3,104,917
	1,357	Schindler Holding AG (Industrials)		256,608
	1,375	Schindler Holding AG Participation Certificates (Industrials)		259,033
	158	SGS SA (Industrials)		347,502
	64	Sika AG (Materials)		305,230
	3,577	Sonova Holding AG (Health Care)		495,476
	51,494	STMicroelectronics NV (Information Technology)		384,426
	1,396	Swatch Group AG (The) – Bearer (Consumer Discretionary)		359,603
	5,505	Swatch Group AG (The) – Registered (Consumer Discretionary)		279,858
	1,626	Swiss Life Holding AG (Financials)*		407,100
	2,494	Swiss Prime Site AG (Real Estate)*		219,562
	8,011	Swiss Re AG (Financials)		676,722
	345	Swisscom AG (Telecommunication Services)		164,995
	791	Syngenta AG (Materials)		344,802
	44,962	UBS Group AG (Financials)		650,715
	15,258	Wolseley PLC (Industrials)		875,273
	806	Zurich Insurance Group AG (Financials)*		206,227

				26,280,264

	United Kingdom – 14.3%
	46,406	3i Group PLC (Financials)		373,480
	20,033	Aberdeen Asset Management PLC (Financials)		84,117
	38,400	Admiral Group PLC (Financials)		1,030,995
	27,382	Aggreko PLC (Industrials)		365,436
	20,309	ARM Holdings PLC (Information Technology)		451,114
	3,430	Ashtead Group PLC (Industrials)		56,827
	4,101	Associated British Foods PLC (Consumer Staples)		163,334
	20,116	AstraZeneca PLC (Health Care)		1,293,321
	104,860	Auto Trader Group PLC (Information Technology)^(a)		512,397
	24,173	Aviva PLC (Financials)		135,629
	4,267	Babcock International Group PLC (Industrials)		58,455
	42,477	BAE Systems PLC (Industrials)		299,579
	36,562	Barclays PLC (Financials)		82,482
	47,774	Barratt Developments PLC (Consumer Discretionary)		309,094
	235,591	BP PLC (Energy)		1,320,300
	26,043	British American Tobacco PLC (Consumer Staples)		1,611,627
	28,655	British Land Co. PLC (The) REIT (Real Estate)		248,820
	147,292	BT Group PLC (Telecommunication Services)		745,301
	8,444	Bunzl PLC (Industrials)		260,774

	Common Stocks – (continued)
	United Kingdom – (continued)
	39,637	Burberry Group PLC (Consumer Discretionary)		676,940
	7,650	Capita PLC (Industrials)		103,699
	57,480	Centrica PLC (Utilities)		175,105
	63,999	CNH Industrial NV (Industrials)		466,876
	1,508	Coca-Cola European Partners PLC (Consumer Staples)*		57,776
	32,791	Compass Group PLC (Consumer Discretionary)		619,286
	4,219	Croda International PLC (Materials)		182,898
	2,000	DCC PLC (Industrials)		181,524
	27,895	Diageo PLC (Consumer Staples)		770,321
	98,037	Direct Line Insurance Group PLC (Financials)		473,792
	35,660	Dixons Carphone PLC (Consumer Discretionary)		173,131
	19,772	Fiat Chrysler Automobiles NV (Consumer Discretionary)		136,421
	30,696	G4S PLC (Industrials)		92,707
	65,665	GlaxoSmithKline PLC (Health Care)		1,409,563
	21,870	Hammerson PLC REIT (Real Estate)		166,130
	44,346	Hargreaves Lansdown PLC (Financials)		767,817
	293,944	HSBC Holdings PLC (Financials)		2,172,432
	17,489	ICAP PLC (Financials)		109,556
	4,940	IMI PLC (Industrials)		68,387
	19,733	Imperial Brands PLC (Consumer Staples)		1,032,092
	14,430	Inmarsat PLC (Telecommunication Services)		145,711
	6,060	InterContinental Hotels Group PLC (Consumer Discretionary)		258,818
	57,777	International Consolidated Airlines Group SA (Industrials)		290,343
	4,258	Intertek Group PLC (Industrials)		194,683
	51,726	Intu Properties PLC REIT (Real Estate)		214,076
	44,435	ITV PLC (Consumer Discretionary)		116,800
	37,817	J Sainsbury PLC (Consumer Staples)		119,018
	3,508	Johnson Matthey PLC (Materials)		153,362
	97,940	Kingfisher PLC (Consumer Discretionary)		476,017
	24,382	Land Securities Group PLC REIT (Real Estate)		349,348
	136,064	Legal & General Group PLC (Financials)		374,761
	172,106	Lloyds Banking Group PLC (Financials)		133,779
	2,015	London Stock Exchange Group PLC (Financials)		72,706
	91,897	Marks & Spencer Group PLC (Consumer Discretionary)		414,872
	30,742	Meggitt PLC (Industrials)		188,551
	31,866	Merlin Entertainments PLC (Consumer Discretionary)^(a)		200,369
	48,044	National Grid PLC (Utilities)		658,491
	8,730	Next PLC (Consumer Discretionary)		631,711
	58,585	Old Mutual PLC (Financials)		148,931
	13,143	Persimmon PLC (Consumer Discretionary)		313,972


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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Schedule of Investments (continued)

August 31, 2016


Shares		Description	Value
	Common Stocks – (continued)
	United Kingdom – (continued)
	11,388	Petrofac Ltd. (Energy)	$	124,017
	12,014	Provident Financial PLC (Financials)		472,986
	38,301	Prudential PLC (Financials)		683,970
	10,368	Reckitt Benckiser Group PLC (Consumer Staples)		998,597
	26,388	RELX NV (Industrials)		467,295
	18,416	RELX PLC (Industrials)		348,526
	11,537	Rio Tinto PLC (Materials)		347,681
	16,436	Rolls-Royce Holdings PLC (Industrials)*		165,752
	145,224	Royal Mail PLC (Industrials)		977,627
	16,575	RSA Insurance Group PLC (Financials)		107,651
	88,910	Sage Group PLC (The) (Information Technology)		844,229
	7,102	Schroders PLC (Financials)		258,953
	57,584	Segro PLC REIT (Real Estate)		341,793
	7,890	Severn Trent PLC (Utilities)		246,041
	36,015	Sky PLC (Consumer Discretionary)		400,463
	31,043	Smith & Nephew PLC (Health Care)		499,675
	7,620	Smiths Group PLC (Industrials)		133,830
	10,818	SSE PLC (Utilities)		213,092
	7,969	St James’s Place PLC (Financials)		102,491
	19,536	Standard Life PLC (Financials)		93,262
	27,861	Tate & Lyle PLC (Consumer Staples)		267,651
	67,117	Taylor Wimpey PLC (Consumer Discretionary)		141,788
	345,315	Tesco PLC (Consumer Staples)*		752,333
	26,694	Unilever NV (Consumer Staples)		1,222,366
	26,549	Unilever PLC (Consumer Staples)		1,227,076
	21,907	United Utilities Group PLC (Utilities)		278,739
	286,273	Vodafone Group PLC (Telecommunication Services)		861,780
	7,594	Whitbread PLC (Consumer Discretionary)		414,941
	163,736	William Hill PLC (Consumer Discretionary)		682,364
	412,081	Wm Morrison Supermarkets PLC (Consumer Staples)		1,063,213
	37,591	Worldpay Group PLC (Information Technology)*^(a)		147,108
	43,422	WPP PLC (Consumer Discretionary)		998,633

				40,581,777

	United States – 0.8%
	4,687	Carnival PLC (Consumer Discretionary)		224,303
	18,832	QIAGEN NV (Health Care)*		497,926
	11,314	Shire PLC (Health Care)		705,482
	1,040	Taro Pharmaceutical Industries Ltd. (Health Care)*		131,664
	8,837	Thomson Reuters Corp. (Financials)		365,792
	7,185	Valeant Pharmaceuticals International, Inc. (Health Care)*		208,587

				2,133,754

	TOTAL COMMON STOCKS
	(Cost $274,166,406)		$	281,496,639

	Preferred Stocks – 0.4%
	Germany – 0.4%
	823	Bayerische Motoren Werke AG (Consumer Discretionary)		61,587
	12,370	FUCHS PETROLUB SE (Materials)		561,829
	3,848	Henkel AG & Co KGaA (Consumer Staples)		504,214

	TOTAL PREFERRED STOCKS
	(Cost $1,024,050)		$	1,127,630

	TOTAL INVESTMENTS – 99.6%
	(Cost $275,190,456)		$	282,624,269

	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.4%			1,132,981

	NET ASSETS – 100.0%		$	283,757,250


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. Under procedures approved by the Board of Trustees, such securities may be deemed liquid by the Investment Adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $2,539,195, which represents approximately 0.9% of net assets as of August 31, 2016.



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


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

GOLDMAN SACHS ACTIVEBETA^® JAPAN EQUITY ETF

Schedule of Investments

August 31, 2016


Shares		Description	Value
	Common Stocks – 99.7%
	Consumer Discretionary – 21.4%
	1,104	ABC-Mart, Inc.	$	69,377
	811	Aisin Seiki Co. Ltd.		38,302
	3,000	Asics Corp.		60,821
	6,882	Bandai Namco Holdings, Inc.		188,027
	2,124	Benesse Holdings, Inc.		48,996
	7,054	Bridgestone Corp.		242,442
	4,017	Casio Computer Co. Ltd.		56,739
	2,808	Denso Corp.		115,974
	1,924	Dentsu, Inc.		105,840
	783	Don Quijote Holdings Co. Ltd.		25,587
	521	Fast Retailing Co. Ltd.		183,044
	6,441	Fuji Heavy Industries Ltd.		255,187
	2,820	Hakuhodo DY Holdings, Inc.		30,644
	941	Hikari Tsushin, Inc.		84,607
	20,628	Honda Motor Co. Ltd.		632,192
	4,897	Iida Group Holdings Co. Ltd.		91,752
	8,204	Isetan Mitsukoshi Holdings Ltd.		74,715
	1,943	Isuzu Motors Ltd.		22,363
	3,600	J Front Retailing Co. Ltd.		40,652
	1,038	Koito Manufacturing Co. Ltd.		49,424
	5,718	Marui Group Co. Ltd.		69,710
	13,307	Mazda Motor Corp.		219,414
	2,500	McDonald’s Holdings Co. Japan Ltd.		69,029
	40,022	Mitsubishi Motors Corp.		183,017
	686	NGK Spark Plug Co. Ltd.		12,833
	3,266	NHK Spring Co. Ltd.		30,754
	10,013	Nikon Corp.		147,046
	14,737	Nissan Motor Co. Ltd.		144,613
	1,546	Nitori Holdings Co. Ltd.		156,790
	1,200	Oriental Land Co. Ltd.		70,293
	20,582	Panasonic Corp.		211,123
	4,679	Rakuten, Inc.		58,988
	833	Rinnai Corp.		78,118
	656	Ryohin Keikaku Co. Ltd.		118,345
	854	Sankyo Co. Ltd.		29,640
	2,081	Sega Sammy Holdings, Inc.		28,428
	7,800	Sekisui Chemical Co. Ltd.		109,042
	5,078	Sekisui House Ltd.		81,790
	622	Shimamura Co. Ltd.		71,981
	732	Shimano, Inc.		106,437
	11,716	Sony Corp.		376,620
	2,488	Start Today Co. Ltd.		115,578
	4,074	Sumitomo Electric Industries Ltd.		60,400
	2,675	Sumitomo Rubber Industries Ltd.		39,672
	3,103	Suzuki Motor Corp.		102,868
	7,730	Takashimaya Co. Ltd.		56,573
	1,240	Toho Co. Ltd.		36,144
	1,139	Toyoda Gosei Co. Ltd.		26,230
	433	Toyota Industries Corp.		20,722
	24,997	Toyota Motor Corp.		1,507,529
	1,033	USS Co Ltd.		16,518
	15,850	Yamada Denki Co. Ltd.		74,166
	3,600	Yamaha Corp.		116,769
	1,686	Yamaha Motor Co. Ltd.		34,556
	1,593	Yokohama Rubber Co. Ltd. (The)		25,889

				7,024,310

	Common Stocks – (continued)
	Consumer Staples – 12.0%
	11,614	Aeon Co. Ltd.		159,723
	8,116	Ajinomoto Co., Inc.		172,073
	6,450	Asahi Group Holdings Ltd.		211,144
	1,800	Calbee, Inc.		65,345
	2,152	FamilyMart Co. Ltd.		154,168
	11,621	Japan Tobacco, Inc.		450,302
	6,499	Kao Corp.		337,846
	2,484	Kikkoman Corp.		78,169
	14,749	Kirin Holdings Co. Ltd.		240,481
	1,482	Kose Corp.		132,962
	2,227	Lawson, Inc.		156,311
	1,981	MEIJI Holdings Co. Ltd.		178,306
	2,178	NH Foods Ltd.		47,693
	6,199	Nisshin Seifun Group, Inc.		87,680
	1,092	Nissin Foods Holdings Co. Ltd.		60,599
	1,360	Pola Orbis Holdings, Inc.		108,605
	9,917	Seven & i Holdings Co. Ltd.		418,118
	5,837	Shiseido Co. Ltd.		146,779
	1,266	Sundrug Co. Ltd.		91,797
	3,822	Suntory Beverage & Food Ltd.		151,683
	2,324	Toyo Suisan Kaisha Ltd.		95,153
	927	Tsuruha Holdings, Inc.		90,876
	3,881	Unicharm Corp.		94,291
	932	Yakult Honsha Co. Ltd.		41,133
	7,642	Yamazaki Baking Co. Ltd.		173,697

				3,944,934

	Energy – 1.5%
	9,363	Idemitsu Kosan Co. Ltd.		170,812
	2,400	Inpex Corp.		20,846
	64,367	JX Holdings, Inc.		240,766
	3,748	Showa Shell Sekiyu KK		31,959
	4,337	TonenGeneral Sekiyu KK		40,043

				504,426

	Financials – 11.0%
	11,926	Acom Co. Ltd.*		57,073
	1,546	AEON Financial Service Co. Ltd.		28,473
	15,896	Aozora Bank Ltd.		56,247
	1,062	Bank of Kyoto Ltd. (The)		7,680
	3,321	Chiba Bank Ltd. (The)		19,682
	1,708	Chugoku Bank Ltd. (The)		21,037
	4,652	Concordia Financial Group Ltd.*		23,999
	1,088	Credit Saison Co. Ltd.		18,734
	11,696	Dai-ichi Life Insurance Co. Ltd. (The)		162,773
	13,005	Daiwa Securities Group, Inc.		75,992
	3,256	Fukuoka Financial Group, Inc.		13,788
	3,827	Hachijuni Bank Ltd. (The)		20,238
	2,465	Hiroshima Bank Ltd. (The)		10,271
	1,715	Iyo Bank Ltd. (The)		11,059
	6,841	Japan Exchange Group, Inc.		106,879
	1,800	Japan Post Bank Co. Ltd.		21,161
	2,125	Japan Post Holdings Co. Ltd.		27,837
	6,354	Joyo Bank Ltd. (The)		25,248
	9,321	Kyushu Financial Group, Inc.		55,240
	111,685	Mitsubishi UFJ Financial Group, Inc.		609,093
	36,000	Mitsubishi UFJ Lease & Finance Co. Ltd.		168,802


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

GOLDMAN SACHS ACTIVEBETA^® JAPAN EQUITY ETF

Schedule of Investments (continued)

August 31, 2016


Shares		Description	Value
	Common Stocks – (continued)
	Financials – (continued)
	208,200	Mizuho Financial Group, Inc.	$	361,711
	2,869	MS&AD Insurance Group Holdings, Inc.		81,894
	16,779	Nomura Holdings, Inc.		79,049
	15,616	ORIX Corp.		224,574
	28,200	Resona Holdings, Inc.		129,011
	2,524	SBI Holdings, Inc.		29,965
	12,826	Seven Bank Ltd.		45,384
	20,110	Shinsei Bank Ltd.		32,080
	2,525	Shizuoka Bank Ltd. (The)		20,799
	2,878	Sompo Japan Nipponkoa Holdings, Inc.		92,265
	2,262	Sony Financial Holdings, Inc.		31,076
	14,396	Sumitomo Mitsui Financial Group, Inc.		503,968
	10,579	Sumitomo Mitsui Trust Holdings, Inc.		37,873
	3,072	Suruga Bank Ltd.		73,091
	6,307	T&D Holdings, Inc.		71,982
	6,466	Tokio Marine Holdings, Inc.		254,051

				3,610,079

	Health Care – 10.2%
	7,040	Alfresa Holdings Corp.		131,428
	22,584	Astellas Pharma, Inc.		345,086
	1,717	Chugai Pharmaceutical Co. Ltd.		53,866
	2,859	CYBERDYNE, Inc.*		45,026
	10,849	Daiichi Sankyo Co. Ltd.		249,054
	2,464	Eisai Co. Ltd.		143,645
	1,774	Hisamitsu Pharmaceutical Co., Inc.		79,408
	5,541	Hoya Corp.		214,762
	5,201	Kyowa Hakko Kirin Co. Ltd.		73,815
	3,666	M3, Inc.		109,695
	4,221	Medipal Holdings Corp.		66,762
	2,285	Miraca Holdings, Inc.		108,357
	4,011	Mitsubishi Tanabe Pharma Corp.		74,454
	3,398	Olympus Corp.		111,202
	4,029	Ono Pharmaceutical Co. Ltd.		105,054
	7,458	Otsuka Holdings Co. Ltd.		323,239
	3,776	Santen Pharmaceutical Co. Ltd.		47,531
	3,953	Shionogi & Co. Ltd.		176,525
	5,499	Sumitomo Dainippon Pharma Co. Ltd.		92,080
	3,246	Suzuken Co. Ltd.		94,115
	2,284	Sysmex Corp.		147,284
	581	Taisho Pharmaceutical Holdings Co. Ltd.		53,250
	7,530	Takeda Pharmaceutical Co. Ltd.		331,965
	4,062	Terumo Corp.		158,066

				3,335,669

	Industrials – 17.0%
	2,623	Amada Holdings Co. Ltd.		27,438
	14,034	ANA Holdings, Inc.		38,167
	3,559	Asahi Glass Co. Ltd.		22,641
	1,482	Central Japan Railway Co.		243,430
	3,381	Dai Nippon Printing Co. Ltd.		34,387
	1,896	Daikin Industries Ltd.		175,770
	2,937	East Japan Railway Co.		251,577
	996	FANUC Corp.		169,763
	1,617	Fuji Electric Co. Ltd.		7,379
	1,373	Hankyu Hanshin Holdings, Inc.		44,335
	1,307	Hino Motors Ltd.		14,481

	Common Stocks – (continued)
	Industrials – (continued)
	8,697	Hitachi Construction Machinery Co. Ltd.		162,951
	1,008	Hoshizaki Corp.		80,593
	16,181	ITOCHU Corp.		191,009
	2,086	Japan Airlines Co. Ltd.		63,466
	1,038	Japan Airport Terminal Co. Ltd.		40,944
	826	JGC Corp.		13,105
	11,768	Kajima Corp.		79,071
	3,438	Kamigumi Co. Ltd.		29,781
	2,288	Kawasaki Heavy Industries Ltd.		6,702
	10,636	Keihan Holdings Co. Ltd.		68,997
	4,680	Keikyu Corp.		43,345
	6,481	Keio Corp.		54,262
	4,266	Keisei Electric Railway Co. Ltd.		51,307
	26,194	Kintetsu Group Holdings Co. Ltd.		99,777
	4,125	Komatsu Ltd.		90,189
	5,734	Kubota Corp.		84,096
	1,142	Kurita Water Industries Ltd.		26,045
	1,858	LIXIL Group Corp.		37,489
	1,500	Makita Corp.		107,749
	41,606	Marubeni Corp.		207,437
	18,600	Mitsubishi Corp.		387,609
	12,289	Mitsubishi Electric Corp.		160,451
	7,461	Mitsubishi Heavy Industries Ltd.		32,488
	581	Mitsubishi Logistics Corp.		8,959
	8,400	Mitsui & Co. Ltd.		111,827
	116,238	Mitsui OSK Lines Ltd.		268,583
	697	Nabtesco Corp.		17,985
	18,459	Nagoya Railroad Co. Ltd.		90,479
	1,249	NGK Insulators Ltd.		27,097
	1,200	Nidec Corp.		108,149
	11,319	Nippon Express Co. Ltd.		53,621
	25,949	Nippon Yusen KK		47,164
	1,200	NSK Ltd.		12,367
	8,540	Obayashi Corp.		78,849
	4,322	Odakyu Electric Railway Co. Ltd.		44,375
	5,050	Park24 Co. Ltd.		147,689
	3,048	Recruit Holdings Co. Ltd.		115,956
	1,851	Secom Co. Ltd.		140,514
	1,174	Seibu Holdings, Inc.		19,284
	4,903	Shimizu Corp.		43,752
	141	SMC Corp.		39,723
	1,649	Sohgo Security Services Co. Ltd.		82,422
	26,318	Sumitomo Corp.		285,482
	10,619	Taisei Corp.		79,872
	8,451	Tobu Railway Co. Ltd.		41,015
	13,320	Tokyu Corp.		99,415
	5,402	Toppan Printing Co. Ltd.		48,152
	3,360	Toshiba Corp.*		10,629
	2,724	TOTO Ltd.		103,498
	8,722	Toyota Tsusho Corp.		199,509
	1,084	West Japan Railway Co.		62,063
	1,026	Yamato Holdings Co. Ltd.		24,218

				5,560,879

	Information Technology – 10.5%
	2,313	Alps Electric Co. Ltd.		52,170
	7,292	Brother Industries Ltd.		122,385


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

GOLDMAN SACHS ACTIVEBETA^® JAPAN EQUITY ETF


Shares		Description	Value
	Common Stocks – (continued)
	Information Technology – (continued)
	10,024	Canon, Inc.	$	287,244
	6,000	FUJIFILM Holdings Corp.		225,475
	27,268	Fujitsu Ltd.		138,456
	20,860	GungHo Online Entertainment, Inc.		49,611
	1,117	Hamamatsu Photonics KK		35,151
	155	Hirose Electric Co. Ltd.		19,900
	257	Hitachi High-Technologies Corp.		9,529
	31,098	Hitachi Ltd.		149,124
	4,931	Kakaku.com, Inc.		82,473
	442	Keyence Corp.		309,936
	3,000	Konami Holdings Corp.		106,009
	12,636	Konica Minolta, Inc.		113,856
	1,996	Kyocera Corp.		94,865
	2,400	Mixi, Inc.		85,271
	1,392	Murata Manufacturing Co. Ltd.		187,130
	5,512	Nexon Co. Ltd.		75,511
	608	Nintendo Co. Ltd.		133,286
	1,977	Nomura Research Institute Ltd.		66,897
	2,747	NTT Data Corp.		143,146
	1,254	Obic Co. Ltd.		64,255
	3,038	Omron Corp.		103,093
	1,647	Oracle Corp. Japan		95,857
	1,868	Otsuka Corp.		79,192
	7,200	Ricoh Co. Ltd.		64,945
	250	Rohm Co. Ltd.		12,496
	3,735	Seiko Epson Corp.		71,569
	5,667	Shimadzu Corp.		88,702
	244	TDK Corp.		17,456
	1,262	Tokyo Electron Ltd.		116,006
	2,478	Trend Micro, Inc.		87,922
	7,200	Yahoo Japan Corp.		29,375
	2,737	Yaskawa Electric Corp.		40,327
	5,663	Yokogawa Electric Corp.		72,543

				3,431,163

	Materials – 3.9%
	1,032	Air Water, Inc.		19,077
	3,662	Asahi Kasei Corp.		30,886
	2,985	Daicel Corp.		38,065
	1,200	JSR Corp.		17,553
	9,708	Kaneka Corp.		79,121
	2,400	Kuraray Co. Ltd.		34,294
	1,925	Maruichi Steel Tube Ltd.		66,440
	21,000	Mitsubishi Chemical Holdings Corp.		132,535
	2,021	Mitsubishi Gas Chemical Co., Inc.		13,677
	20,140	Mitsubishi Materials Corp.		56,856
	30,783	Mitsui Chemicals, Inc.		147,316
	4,259	Nippon Steel & Sumitomo Metal Corp.		90,422
	816	Nitto Denko Corp.		55,728
	20,069	Oji Holdings Corp.		80,714
	1,652	Shin-Etsu Chemical Co. Ltd.		121,287
	14,343	Sumitomo Chemical Co. Ltd.		65,728
	10,548	Taiheiyo Cement Corp.		32,021
	11,474	Teijin Ltd.		42,819
	8,982	Toray Industries, Inc.		86,524
	4,000	Toyo Seikan Group Holdings Ltd.		74,172

				1,285,235

	Common Stocks – (continued)
	Real Estate – 4.6%
	2,150	Aeon Mall Co. Ltd.		30,264
	1,362	Daito Trust Construction Co. Ltd.		200,610
	7,490	Daiwa House Industry Co. Ltd.		193,450
	2,796	Hulic Co. Ltd.		26,491
	18	Japan Prime Realty Investment Corp. REIT		79,615
	16	Japan Real Estate Investment Corp. REIT		94,049
	28	Japan Retail Fund Investment Corp. REIT		62,884
	6,202	Mitsubishi Estate Co. Ltd.		117,342
	6,605	Mitsui Fudosan Co. Ltd.		142,272
	15	Nippon Building Fund, Inc. REIT		91,797
	27	Nippon Prologis REIT, Inc. REIT		64,815
	10,275	Nomura Real Estate Holdings, Inc.		167,484
	18	Nomura Real Estate Master Fund, Inc. REIT		29,706
	2,012	NTT Urban Development Corp.		18,460
	2,714	Sumitomo Realty & Development Co. Ltd.		71,645
	2,146	Tokyo Tatemono Co. Ltd.		25,208
	8,110	Tokyu Fudosan Holdings Corp.		45,162
	29	United Urban Investment Corp. REIT		51,672

				1,512,926

	Telecommunication Services – 4.6%
	16,313	KDDI Corp.		478,816
	7,125	Nippon Telegraph & Telephone Corp.		313,146
	13,652	NTT DOCOMO, Inc.		343,560
	5,740	SoftBank Group Corp.		374,916

				1,510,438

	Utilities – 3.0%
	14,658	Chubu Electric Power Co., Inc.		198,255
	3,233	Chugoku Electric Power Co., Inc. (The)		38,820
	1,200	Electric Power Development Co. Ltd.		29,305
	3,000	Hokuriku Electric Power Co.		35,849
	15,743	Kansai Electric Power Co., Inc. (The)*		134,958
	2,423	Kyushu Electric Power Co., Inc.*		22,559
	15,306	Osaka Gas Co. Ltd.		60,271
	1,997	Shikoku Electric Power Co., Inc.		19,037
	13,466	Toho Gas Co. Ltd.		114,435
	3,399	Tohoku Electric Power Co., Inc.		42,621
	50,900	Tokyo Electric Power Co. Holdings, Inc.*		205,204
	18,651	Tokyo Gas Co. Ltd.		79,970

				981,284

	TOTAL INVESTMENTS – 99.7%
	(Cost $30,903,047)		$	32,701,343

	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.3%			96,005

	NET ASSETS – 100.0%		$	32,797,348


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:
REIT		—Real Estate Investment Trust


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

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

Schedule of Investments

August 31, 2016


Shares		Description	Value
	Common Stocks – 99.6%
	Consumer Discretionary – 15.5%
	13,566	Advance Auto Parts, Inc.	$	2,135,017
	18,015	Amazon.com, Inc.*		13,856,417
	9,697	Aramark		367,807
	6,503	AutoZone, Inc.*		4,823,925
	96,856	Bed Bath & Beyond, Inc.		4,491,213
	103,597	Best Buy Co., Inc.		3,986,413
	20,908	BorgWarner, Inc.		719,026
	42,803	Carnival Corp.		2,045,983
	2,601	Charter Communications, Inc., Class A*		669,003
	2,096	Chipotle Mexican Grill, Inc.*		867,178
	60,065	Coach, Inc.		2,293,282
	90,240	Comcast Corp., Class A		5,889,062
	29,596	Dollar General Corp.		2,172,642
	12,849	Dollar Tree, Inc.*		1,062,612
	10,596	DR Horton, Inc.		339,708
	10,173	Expedia, Inc.		1,110,078
	53,679	Foot Locker, Inc.		3,523,490
	435,308	Ford Motor Co.		5,484,881
	14,222	General Motors Co.		453,966
	27,224	Genuine Parts Co.		2,799,172
	12,278	Goodyear Tire & Rubber Co. (The)		360,359
	47,512	Hanesbrands, Inc.		1,260,969
	22,761	Hasbro, Inc.		1,860,484
	26,328	Hilton Worldwide Holdings, Inc.		628,449
	87,019	Home Depot, Inc. (The)		11,670,988
	39,612	Interpublic Group of Cos., Inc. (The)		916,622
	11,753	Johnson Controls, Inc.		515,722
	93,787	Kohl’s Corp.		4,162,267
	49,606	L Brands, Inc.		3,780,473
	30,957	Lear Corp.		3,599,990
	6,142	Lennar Corp., Class A		290,517
	11,256	LKQ Corp.*		406,229
	95,596	Lowe’s Cos., Inc.		7,318,830
	65,517	Macy’s, Inc.		2,370,405
	9,587	Marriott International, Inc., Class A		683,841
	51,048	Mattel, Inc.		1,691,220
	36,498	McDonald’s Corp.		4,221,359
	46,871	Michael Kors Holdings Ltd.*		2,294,335
	3,201	Mohawk Industries, Inc.*		681,109
	27,859	Netflix, Inc.*		2,714,860
	24,650	Newell Brands, Inc.		1,308,422
	101,360	NIKE, Inc., Class B		5,842,390
	27,505	Omnicom Group, Inc.		2,369,006
	16,934	O’Reilly Automotive, Inc.*		4,740,673
	2,477	Priceline Group, Inc. (The)*		3,509,240
	39,562	PVH Corp.		4,263,201
	72,798	Ross Stores, Inc.		4,530,948
	10,912	Royal Caribbean Cruises Ltd.		775,952
	4,791	Signet Jewelers Ltd.		392,766
	178,286	Sirius XM Holdings, Inc.*		738,104
	267,283	Staples, Inc.		2,287,943
	89,714	Starbucks Corp.		5,044,618
	64,965	Target Corp.		4,559,893
	16,933	Tiffany & Co.		1,208,508
	12,713	Time Warner, Inc.		996,826
	59,602	TJX Cos., Inc. (The)		4,615,579

	Common Stocks – (continued)
	Consumer Discretionary – (continued)
	31,005	Tractor Supply Co.		2,602,870
	23,338	TripAdvisor, Inc.*		1,423,618
	13,729	Twenty-First Century Fox, Inc., Class A		336,910
	17,394	Ulta Salon Cosmetics & Fragrance, Inc.*		4,299,971
	38,008	Under Armour, Inc., Class A*		1,506,257
	45,783	VF Corp.		2,840,835
	6,859	Viacom, Inc., Class B		276,692
	56,764	Walt Disney Co. (The)		5,361,927
	14,428	Wyndham Worldwide Corp.		1,021,358
	27,950	Yum! Brands, Inc.		2,535,345

				179,909,755

	Consumer Staples – 13.6%
	104,975	Altria Group, Inc.		6,937,798
	67,709	Archer-Daniels-Midland Co.		2,962,946
	51,530	Brown-Forman Corp., Class B		2,501,781
	24,735	Bunge Ltd.		1,580,566
	33,919	Campbell Soup Co.		2,059,562
	30,947	Church & Dwight Co., Inc.		3,076,751
	34,462	Clorox Co. (The)		4,515,900
	161,068	Coca-Cola Co. (The)		6,995,183
	19,450	Coca-Cola European Partners PLC		747,853
	70,335	Colgate-Palmolive Co.		5,228,704
	46,413	ConAgra Foods, Inc.		2,163,310
	18,545	Constellation Brands, Inc., Class A		3,042,307
	44,842	Costco Wholesale Corp.		7,268,440
	78,711	CVS Health Corp.		7,351,607
	45,513	Dr Pepper Snapple Group, Inc.		4,264,568
	44,357	Estee Lauder Cos., Inc. (The), Class A		3,957,975
	37,609	General Mills, Inc.		2,663,469
	30,545	Hershey Co. (The)		3,051,140
	40,596	Hormel Foods Corp.		1,553,203
	21,816	JM Smucker Co. (The)		3,093,291
	24,176	Kellogg Co.		1,987,509
	30,910	Kimberly-Clark Corp.		3,958,335
	27,553	Kraft Heinz Co. (The)		2,465,718
	185,555	Kroger Co. (The)		5,935,904
	22,125	McCormick & Co., Inc.		2,255,865
	30,527	Mead Johnson Nutrition Co.		2,596,932
	10,098	Molson Coors Brewing Co., Class B		1,033,227
	58,047	Mondelez International, Inc., Class A		2,613,276
	4,917	Monster Beverage Corp.*		756,677
	85,660	PepsiCo, Inc.		9,144,205
	80,240	Philip Morris International, Inc.		8,018,383
	123,258	Procter & Gamble Co. (The)		10,761,656
	58,347	Reynolds American, Inc.		2,892,261
	256,690	Rite Aid Corp.*		1,932,876
	75,348	Sysco Corp.		3,907,547
	95,111	Tyson Foods, Inc., Class A		7,187,538
	58,505	Walgreens Boots Alliance, Inc.		4,721,939
	122,518	Wal-Mart Stores, Inc.		8,752,686
	58,749	Whole Foods Market, Inc.		1,784,795

				157,723,683

	Energy – 3.4%
	4,426	Apache Corp.		219,972


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

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


Shares		Description	Value
	Common Stocks – (continued)
	Energy – (continued)
	63,196	Baker Hughes, Inc.	$	3,104,820
	46,592	Chevron Corp.		4,686,223
	2,956	EOG Resources, Inc.		261,576
	173,990	Exxon Mobil Corp.		15,161,489
	5,390	Halliburton Co.		231,824
	70,799	National Oilwell Varco, Inc.		2,374,599
	13,375	Occidental Petroleum Corp.		1,027,869
	5,262	ONEOK, Inc.		246,735
	6,880	Phillips 66		539,736
	2,187	Pioneer Natural Resources Co.		391,582
	18,433	Schlumberger Ltd.		1,456,207
	17,316	Spectra Energy Corp.		616,796
	50,604	Tesoro Corp.		3,816,554
	86,924	Valero Energy Corp.		4,811,243

				38,947,225

	Financials – 9.5%
	23,830	Aflac, Inc.		1,767,709
	1,402	Alleghany Corp.*		751,752
	33,918	Allstate Corp. (The)		2,338,985
	168,253	Ally Financial, Inc.		3,371,790
	41,064	American Express Co.		2,692,977
	19,363	American International Group, Inc.		1,158,488
	4,595	Ameriprise Financial, Inc.		464,463
	157,545	Annaly Capital Management, Inc. REIT		1,687,307
	17,907	Aon PLC		1,993,944
	16,268	Arthur J Gallagher & Co.		803,802
	379,800	Bank of America Corp.		6,129,972
	15,787	Bank of New York Mellon Corp. (The)		657,844
	19,836	BB&T Corp.		763,686
	35,757	Berkshire Hathaway, Inc., Class B*		5,381,071
	2,647	BlackRock, Inc.		986,828
	46,452	Capital One Financial Corp.		3,325,963
	19,621	Chubb Ltd.		2,490,494
	26,051	Cincinnati Financial Corp.		2,008,793
	55,342	CIT Group, Inc.		2,041,013
	129,959	Citigroup, Inc.		6,204,243
	13,738	CME Group, Inc.		1,488,512
	11,008	Discover Financial Services		660,480
	5,252	Everest Re Group Ltd.		1,015,632
	89,140	Fifth Third Bancorp		1,797,062
	12,188	First Republic Bank		937,988
	9,897	Franklin Resources, Inc.		361,241
	41,071	Hartford Financial Services Group, Inc. (The)		1,686,786
	2,688	Huntington Bancshares, Inc.		26,907
	4,959	Intercontinental Exchange, Inc.		1,398,537
	180,786	JPMorgan Chase & Co.		12,203,055
	17,947	Lincoln National Corp.		861,994
	22,274	Loews Corp.		932,390
	5,238	M&T Bank Corp.		619,813
	1,438	Markel Corp.*		1,338,936
	44,163	Marsh & McLennan Cos., Inc.		2,986,744
	42,683	MetLife, Inc.		1,852,442
	4,892	Moody’s Corp.		531,711

	Common Stocks – (continued)
	Financials – (continued)
	81,885	Morgan Stanley		2,625,233
	42,358	New York Community Bancorp, Inc.		640,029
	6,205	Northern Trust Corp.		438,011
	14,907	PNC Financial Services Group, Inc. (The)		1,343,121
	8,119	Principal Financial Group, Inc.		398,399
	59,234	Progressive Corp. (The)		1,928,659
	17,294	Prudential Financial, Inc.		1,372,798
	141,241	Regions Financial Corp.		1,408,173
	20,443	S&P Global, Inc.		2,525,528
	10,582	SunTrust Banks, Inc.		466,349
	9,117	Synchrony Financial		253,726
	21,676	T Rowe Price Group, Inc.		1,507,349
	8,610	TD Ameritrade Holding Corp.		282,968
	33,387	Travelers Cos., Inc. (The)		3,963,371
	15,270	Unum Group		543,765
	37,012	US Bancorp		1,634,080
	194,195	Wells Fargo & Co.		9,865,106
	5,700	Willis Towers Watson PLC		706,857

				109,624,876

	Health Care – 15.0%
	46,543	Abbott Laboratories		1,955,737
	64,212	AbbVie, Inc.		4,115,989
	48,404	Aetna, Inc.		5,669,077
	39,029	Agilent Technologies, Inc.		1,833,582
	15,795	Allergan PLC*		3,704,559
	16,668	AmerisourceBergen Corp.		1,449,616
	42,934	Amgen, Inc.		7,301,356
	39,153	Anthem, Inc.		4,897,257
	23,067	Baxter International, Inc.		1,077,921
	9,560	Becton Dickinson and Co.		1,694,128
	14,611	Biogen, Inc.*		4,465,560
	53,625	Boston Scientific Corp.*		1,277,348
	74,505	Bristol-Myers Squibb Co.		4,275,842
	36,288	Cardinal Health, Inc.		2,891,065
	27,427	Celgene Corp.*		2,927,558
	21,241	Cerner Corp.*		1,370,894
	19,706	Cigna Corp.		2,527,492
	4,217	Cooper Cos., Inc. (The)		784,025
	10,694	CR Bard, Inc.		2,361,663
	36,274	Danaher Corp.		2,953,066
	16,893	DaVita HealthCare Partners, Inc.*		1,091,795
	17,903	DENTSPLY SIRONA, Inc.		1,100,318
	33,912	Edwards Lifesciences Corp.*		3,905,306
	53,215	Eli Lilly & Co.		4,137,466
	54,673	Express Scripts Holding Co.*		3,974,727
	111,321	Gilead Sciences, Inc.		8,725,340
	10,964	HCA Holdings, Inc.*		828,330
	18,277	Henry Schein, Inc.*		2,993,590
	10,361	Hologic, Inc.*		398,070
	10,347	Humana, Inc.		1,849,112
	4,355	Illumina, Inc.*		733,121
	2,669	Intuitive Surgical, Inc.*		1,832,055
	1,628	Jazz Pharmaceuticals PLC*		201,595
	139,702	Johnson & Johnson		16,672,037


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

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

Schedule of Investments (continued)

August 31, 2016


Shares		Description	Value
	Common Stocks – (continued)
	Health Care – (continued)
	12,262	Laboratory Corp. of America Holdings*	$	1,679,036
	63,142	Mallinckrodt PLC*		4,706,605
	6,661	McKesson Corp.		1,229,754
	44,980	Medtronic PLC		3,914,609
	115,670	Merck & Co., Inc.		7,262,919
	11,163	Mettler-Toledo International, Inc.*		4,499,470
	53,304	Mylan NV*		2,257,957
	12,521	Perrigo Co. PLC		1,139,286
	333,159	Pfizer, Inc.		11,593,933
	14,392	Quest Diagnostics, Inc.		1,191,945
	38,906	ResMed, Inc.		2,594,641
	8,507	St Jude Medical, Inc.		662,865
	21,032	Stryker Corp.		2,432,561
	27,454	Thermo Fisher Scientific, Inc.		4,178,224
	63,223	UnitedHealth Group, Inc.		8,601,489
	5,209	Universal Health Services, Inc., Class B		627,841
	9,350	Varian Medical Systems, Inc.*		898,816
	11,693	Waters Corp.*		1,839,426
	10,022	Zimmer Biomet Holdings, Inc.		1,298,951
	50,298	Zoetis, Inc.		2,570,228

				173,157,153

	Industrials – 9.3%
	36,366	3M Co.		6,518,242
	6,903	Acuity Brands, Inc.		1,899,153
	11,562	Alaska Air Group, Inc.		780,782
	9,359	AMETEK, Inc.		456,251
	19,547	Boeing Co. (The)		2,530,359
	24,802	Caterpillar, Inc.		2,032,524
	49,027	CH Robinson Worldwide, Inc.		3,403,454
	24,413	Cintas Corp.		2,868,772
	11,942	CSX Corp.		337,720
	5,117	Cummins, Inc.		642,746
	7,264	Deere & Co.		614,171
	80,016	Delta Air Lines, Inc.		2,940,588
	12,045	Dover Corp.		873,263
	10,613	Eaton Corp. PLC		706,189
	43,737	Emerson Electric Co.		2,304,065
	20,231	Equifax, Inc.		2,668,469
	10,485	Expeditors International of Washington, Inc.		531,065
	67,175	Fastenal Co.		2,895,914
	7,465	FedEx Corp.		1,231,202
	18,082	Fortive Corp.		952,379
	14,882	Fortune Brands Home & Security, Inc.		945,900
	9,646	General Dynamics Corp.		1,468,314
	330,082	General Electric Co.		10,311,762
	22,135	Honeywell International, Inc.		2,583,376
	18,851	Illinois Tool Works, Inc.		2,240,441
	7,905	Ingersoll-Rand PLC		537,461
	7,356	JB Hunt Transport Services, Inc.		583,993
	38,464	L-3 Communications Holdings, Inc.		5,724,213
	12,805	Lockheed Martin Corp.		3,111,231
	30,259	Masco Corp.		1,073,589
	21,203	Nielsen Holdings PLC		1,129,696

	Common Stocks – (continued)
	Industrials – (continued)
	15,467	Northrop Grumman Corp.		3,280,087
	5,861	PACCAR, Inc.		350,722
	9,636	Parker-Hannifin Corp.		1,180,699
	19,635	Raytheon Co.		2,751,453
	57,963	Republic Services, Inc.		2,928,291
	12,541	Rockwell Automation, Inc.		1,453,878
	9,037	Rockwell Collins, Inc.		756,307
	8,586	Roper Technologies, Inc.		1,524,444
	8,581	Sensata Technologies Holding NV*		326,764
	12,568	Snap-on, Inc.		1,926,549
	39,419	Southwest Airlines Co.		1,453,773
	13,507	Stanley Black & Decker, Inc.		1,671,491
	3,237	Stericycle, Inc.*		278,317
	56,912	Textron, Inc.		2,324,855
	4,040	TransDigm Group, Inc.*		1,152,168
	15,840	Tyco International PLC		691,891
	8,879	Union Pacific Corp.		848,211
	90,104	United Continental Holdings, Inc.*		4,542,143
	22,256	United Parcel Service, Inc., Class B		2,430,800
	22,306	United Technologies Corp.		2,374,028
	12,227	Verisk Analytics, Inc.*		1,015,452
	3,350	Wabtec Corp.		256,644
	43,902	Waste Management, Inc.		2,807,094
	13,305	WW Grainger, Inc.		3,068,931

				108,292,276

	Information Technology – 20.2%
	50,552	Accenture PLC, Class A		5,813,480
	37,920	Activision Blizzard, Inc.		1,568,750
	23,638	Adobe Systems, Inc.*		2,418,404
	11,673	Akamai Technologies, Inc.*		640,848
	4,834	Alliance Data Systems Corp.*		988,940
	13,522	Alphabet, Inc., Class A*		10,680,352
	13,324	Alphabet, Inc., Class C*		10,220,174
	47,396	Amdocs Ltd.		2,849,447
	15,842	Amphenol Corp., Class A		987,115
	4,179	Analog Devices, Inc.		261,438
	14,631	ANSYS, Inc.*		1,391,262
	279,081	Apple, Inc.		29,610,494
	45,844	Applied Materials, Inc.		1,367,985
	19,543	Autodesk, Inc.*		1,317,198
	23,311	Automatic Data Processing, Inc.		2,093,561
	34,194	CA, Inc.		1,159,519
	16,931	CDK Global, Inc.		981,659
	191,344	Cisco Systems, Inc.		6,015,855
	33,943	Citrix Systems, Inc.*		2,959,830
	27,338	Cognizant Technology Solutions Corp., Class A*		1,570,295
	33,170	Corning, Inc.		752,627
	123,405	eBay, Inc.*		3,968,705
	47,657	Electronic Arts, Inc.*		3,871,178
	112,817	EMC Corp.		3,270,565
	92,369	Facebook, Inc., Class A*		11,649,578
	29,428	Fidelity National Information Services, Inc.		2,334,523
	35,163	Fiserv, Inc.*		3,623,547
	1,731	FleetCor Technologies, Inc.*		284,230


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

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


Shares		Description	Value
	Common Stocks – (continued)
	Information Technology – (continued)
	16,033	Global Payments, Inc.	$	1,217,706
	11,560	Harris Corp.		1,074,849
	44,850	Hewlett Packard Enterprise Co.		963,378
	296,552	HP, Inc.		4,261,452
	263,847	Intel Corp.		9,469,469
	50,045	International Business Machines Corp.		7,951,150
	45,742	Intuit, Inc.		5,097,946
	28,532	Juniper Networks, Inc.		658,519
	14,208	KLA-Tencor Corp.		984,046
	13,658	Lam Research Corp.		1,274,565
	57,403	Linear Technology Corp.		3,343,151
	3,692	LinkedIn Corp., Class A*		711,633
	38,677	MasterCard, Inc., Class A		3,737,358
	16,282	Maxim Integrated Products, Inc.		663,003
	9,293	Microchip Technology, Inc.		575,330
	392,869	Microsoft Corp.		22,574,253
	18,033	Motorola Solutions, Inc.		1,388,361
	62,439	NetApp, Inc.		2,159,765
	29,161	NVIDIA Corp.		1,788,736
	138,915	Oracle Corp.		5,726,076
	9,878	Palo Alto Networks, Inc.*		1,315,453
	44,722	Paychex, Inc.		2,713,284
	37,395	PayPal Holdings, Inc.*		1,389,224
	39,040	QUALCOMM, Inc.		2,462,253
	20,027	Red Hat, Inc.*		1,461,570
	25,728	salesforce.com, Inc.*		2,043,318
	48,373	Seagate Technology PLC		1,632,105
	9,940	ServiceNow, Inc.*		722,340
	27,033	Skyworks Solutions, Inc.		2,023,690
	56,457	Symantec Corp.		1,362,307
	79,301	Texas Instruments, Inc.		5,514,592
	27,933	Total System Services, Inc.		1,375,700
	18,326	Vantiv, Inc., Class A*		984,839
	16,515	VeriSign, Inc.*		1,229,542
	56,920	Visa, Inc., Class A		4,604,828
	71,602	Western Digital Corp.		3,341,665
	92,107	Western Union Co. (The)		1,982,143
	622,356	Xerox Corp.		6,130,207
	8,892	Xilinx, Inc.		482,035
	8,592	Yahoo!, Inc.*		367,308

				233,410,708

	Materials – 2.2%
	3,623	Air Products & Chemicals, Inc.		563,811
	6,260	Ashland, Inc.		732,921
	5,596	Ball Corp.		443,147
	6,010	Dow Chemical Co. (The)		322,377
	38,450	Eastman Chemical Co.		2,610,371
	9,619	Ecolab, Inc.		1,183,618
	13,101	EI du Pont de Nemours & Co.		911,830
	8,985	International Flavors & Fragrances, Inc.		1,245,141
	14,592	International Paper Co.		707,566
	5,171	LyondellBasell Industries NV, Class A		407,940
	2,662	Martin Marietta Materials, Inc.		487,226
	16,313	Monsanto Co.		1,737,335
	13,728	Mosaic Co. (The)		412,801

	Common Stocks – (continued)
	Materials – (continued)
	31,974	Newmont Mining Corp.		1,222,686
	54,867	Nucor Corp.		2,661,598
	10,417	PPG Industries, Inc.		1,102,952
	8,305	Praxair, Inc.		1,013,542
	19,191	Sealed Air Corp.		904,472
	15,244	Sherwin-Williams Co. (The)		4,324,875
	10,220	Vulcan Materials Co.		1,163,751
	22,778	WestRock Co.		1,091,066

				25,251,026

	Real Estate – 4.3%
	19,197	American Tower Corp. REIT		2,176,556
	10,196	AvalonBay Communities, Inc. REIT		1,784,402
	6,504	Boston Properties, Inc. REIT		911,406
	55,350	CBRE Group, Inc., Class A*		1,654,411
	25,107	Crown Castle International Corp. REIT		2,379,390
	18,037	Digital Realty Trust, Inc. REIT		1,787,286
	4,728	Equinix, Inc. REIT		1,742,977
	54,321	Equity Residential REIT		3,523,803
	4,779	Essex Property Trust, Inc. REIT		1,085,311
	19,881	Extra Space Storage, Inc. REIT		1,601,415
	8,391	Federal Realty Investment Trust REIT		1,334,169
	55,827	General Growth Properties, Inc. REIT		1,626,799
	90,587	Host Hotels & Resorts, Inc. REIT		1,614,260
	67,605	Kimco Realty Corp. REIT		2,031,530
	31,279	Macerich Co. (The) REIT		2,561,437
	45,917	Prologis, Inc. REIT		2,438,652
	15,101	Public Storage REIT		3,381,718
	27,594	Realty Income Corp. REIT		1,813,754
	27,633	Simon Property Group, Inc. REIT		5,954,083
	5,843	SL Green Realty Corp. REIT		687,838
	38,163	UDR, Inc. REIT		1,380,737
	22,183	Ventas, Inc. REIT		1,612,039
	100,010	VEREIT, Inc. REIT		1,045,104
	9,448	Vornado Realty Trust REIT		976,073
	25,898	Welltower, Inc. REIT		1,987,672
	40,600	Weyerhaeuser Co. REIT		1,293,110

				50,385,932

	Telecommunication Services – 2.5%
	272,536	AT&T, Inc.		11,141,272
	145,680	CenturyLink, Inc.		4,049,904
	6,861	Level 3 Communications, Inc.*		340,511
	7,884	SBA Communications Corp., Class A*		899,959
	32,184	T-Mobile US, Inc.*		1,491,406
	203,606	Verizon Communications, Inc.		10,654,702

				28,577,754

	Utilities – 4.1%
	34,447	Alliant Energy Corp.		1,307,264
	33,792	Ameren Corp.		1,670,001
	29,120	American Electric Power Co., Inc.		1,880,278
	23,831	American Water Works Co., Inc.		1,763,256
	54,402	CenterPoint Energy, Inc.		1,222,413
	42,701	CMS Energy Corp.		1,792,161
	25,978	Consolidated Edison, Inc.		1,954,844


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

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

Schedule of Investments (continued)

August 31, 2016


Shares		Description	Value
	Common Stocks – (continued)
	Utilities – (continued)
	24,749	Dominion Resources, Inc.	$	1,835,386
	19,194	DTE Energy Co.		1,783,122
	28,957	Duke Energy Corp.		2,306,715
	28,824	Edison International		2,096,081
	28,627	Entergy Corp.		2,238,631
	27,261	Eversource Energy		1,471,276
	40,969	Exelon Corp.		1,392,946
	113,500	FirstEnergy Corp.		3,714,855
	29,556	NextEra Energy, Inc.		3,574,503
	31,044	PG&E Corp.		1,922,865
	21,643	Pinnacle West Capital Corp.		1,624,091
	46,805	PPL Corp.		1,627,878
	24,821	Public Service Enterprise Group, Inc.		1,061,346
	23,739	SCANA Corp.		1,677,160
	11,622	Sempra Energy		1,216,010
	50,103	Southern Co. (The)		2,571,787
	31,808	WEC Energy Group, Inc.		1,904,663
	48,383	Xcel Energy, Inc.		2,001,121

				47,610,653

	TOTAL INVESTMENTS – 99.6%
	(Cost $1,113,732,645)		$	1,152,891,041

	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.4%			4,315,040

	NET ASSETS – 100.0%		$	1,157,206,081


The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*		Non-income producing security



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


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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Statements of Assets and Liabilities

August 31, 2016


	ActiveBeta^® Emerging Markets Equity ETF			ActiveBeta^® Europe Equity ETF			ActiveBeta^® International Equity ETF			ActiveBeta^® Japan Equity ETF			ActiveBeta^® U.S. Large Cap Equity ETF
Assets:
Investments at value (cost $762,865,820, $32,805,708, $275,190,456, $30,903,047 and $1,113,732,645, respectively)	$	862,524,969		$	33,924,141		$	282,624,269		$	32,701,343		$	1,152,891,041
Cash		4,062,074			24,187			832,799			26,813			1,995,592
Foreign currency, at value (cost $93,238, $1,241, $20,128, $360 and $—, respectively)		93,208			1,242			20,136			360			—
Deferred offering costs		11,606			—			—			—			—
Receivables:
Investments sold		55,475,458			1,690,334			12,321,116			—			—
Dividends		1,084,385			61,007			540,442			50,440			2,280,088
Foreign tax reclaims		19,032			19,323			55,012			9,993			—
Fund shares sold		—			—			148,474			—			16,805
Reimbursement from advisor		236,045			8,299			53,336			8,399			64,964
Other assets		20,747			—			—			—			—
Total assets		923,527,524			35,728,533			296,595,584			32,797,348			1,157,248,490

Liabilities:
Payables:
Investments purchased		59,386,663			1,769,047			12,796,003			—			—
Foreign capital gains tax		289,322			—			—			—			—
Management fees		292,988			—			39,908			—			42,409
Trustee fees		25,705			—			—			—			—
Accrued expenses and other liabilities		144,785			—			2,423			—			—
Total liabilities		60,139,463			1,769,047			12,838,334			—			42,409

Net Assets:
Paid-in capital		773,425,205			32,844,724			276,873,924			30,940,606			1,118,301,823
Undistributed net investment income		5,548,952			126,865			863,433			69,454			3,312,092
Accumulated net realized loss		(14,954,314	)		(128,956	)		(1,409,516	)		(10,764	)		(3,566,230	)
Net unrealized gain		99,368,218			1,116,853			7,429,409			1,798,052			39,158,396
NET ASSETS	$	863,388,061		$	33,959,486		$	283,757,250		$	32,797,348		$	1,157,206,081
SHARES ISSUED AND OUTSTANDING
Shares outstanding no par value (unlimited shares authorized):		30,800,000			1,300,000			11,500,000			1,200,000			26,402,500
Net asset value per share:		$28.03			$26.12			$24.67			$27.33			$43.83


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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Statements of Operations


	ActiveBeta^® Emerging Markets Equity ETF⁽¹⁾			ActiveBeta^® Europe Equity ETF⁽²⁾			ActiveBeta^® International Equity ETF⁽³⁾			ActiveBeta^® Japan Equity ETF⁽²⁾			ActiveBeta^® U.S. Large Cap Equity ETF⁽⁴⁾
Investment income:
Dividends (net of foreign withholding taxes of $2,046,652, $111,780, $359,967, $42,975 and $1,492, respectively)	$	15,078,999		$	799,519		$	3,105,895		$	325,039		$	8,811,883
Total investment income		15,078,999			799,519			3,105,895			325,039			8,811,883

Expenses:
Management fees		2,036,659			33,150			238,023			31,572			340,656
Custody, accounting and administrative services		416,761			4,819			94,549			4,673			44,017
Professional fees		119,178			27,895			69,206			27,895			91,269
Amortization of offering costs		93,502			11,265			55,747			11,279			79,394
Trustee fees		87,537			15,160			51,548			15,161			67,954
Printing and mailing cost		37,745			3,416			30,571			3,416			45,516
Registration fees		15,106			4,842			13,363			4,842			24,015
Other		157,357			16,723			33,493			16,578			63,169
Total expenses		2,963,845			117,270			586,500			115,416			755,990
Less — expense reductions		(674,705	)		(75,953	)		(334,206	)		(75,847	)		(393,369	)
Net expenses		2,289,140			41,317			252,294			39,569			362,621
NET INVESTMENT INCOME		12,789,859			758,202			2,853,601			285,470			8,449,262

Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments (including the effects of the foreign capital gains tax liability of $11,436, $—, $—, $— and $—, respectively)		(14,936,894	)		(127,433	)		(1,403,388	)		(10,531	)		(3,710,329	)
In-kind redemptions		—			—			—			—			4,173,054
Foreign currency transactions		(117,403	)		(10,250	)		(4,609	)		17,484			—
Unrealized gain (loss) on:
Investments (including the effects of the foreign capital gains tax liability of $278,623, $—, $—, $— and $—, respectively)		99,380,526			1,118,433			7,433,813			1,798,296			39,158,396
Foreign currency translations		(12,308	)		(1,580	)		(4,404	)		(244	)		—
Net realized and unrealized gain		84,313,921			979,170			6,021,412			1,805,005			39,621,121
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		97,103,780			1,737,372			8,875,013			2,090,475			48,070,383

(1)

For the period September 25, 2015 (commencement of operations) through August 31, 2016.

(2)

For the period March 2, 2016 (commencement of operations) through August 31, 2016.

(3)

For the period November 6, 2015 (commencement of operations) through August 31, 2016.

(4)

For the period September 17, 2015 (commencement of operations) through August 31, 2016.


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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Statements of Changes in Net Assets


	ActiveBeta^® Emerging Markets Equity ETF⁽¹⁾			ActiveBeta^® Europe Equity ETF⁽²⁾			ActiveBeta^® International Equity ETF⁽³⁾			ActiveBeta^® Japan Equity ETF⁽²⁾			ActiveBeta^® U.S. Large Cap Equity ETF⁽⁴⁾
From operations:
Net investment income	$	12,789,859		$	758,202		$	2,853,601		$	285,470		$	8,449,262
Net realized gain (loss)		(15,054,297	)		(137,683	)		(1,407,997	)		6,953			462,725
Unrealized gain		99,368,218			1,116,853			7,429,409			1,798,052			39,158,396
Net increase in net assets resulting from operations		97,103,780			1,737,372			8,875,013			2,090,475			48,070,383

Distributions to shareholders:
From net investment income		(7,161,211	)		(624,546	)		(1,996,958	)		(235,644	)		(5,154,092	)
Total distributions to shareholders		(7,161,211	)		(624,546	)		(1,996,958	)		(235,644	)		(5,154,092	)

From share transactions:
Proceeds from sales of shares		773,445,492			32,846,660			276,879,195			30,942,517			1,168,663,742
Cost of shares redeemed		—			—			—			—			(54,473,952	)
Net increase in net assets resulting from share transactions		773,445,492			32,846,660			276,879,195			30,942,517			1,114,189,790
TOTAL INCREASE		863,388,061			33,959,486			283,757,250			32,797,348			1,157,106,081

Net assets:
Beginning of period	$	—		$	—		$	—		$	—		$	100,000
End of period	$	863,388,061		$	33,959,486		$	283,757,250		$	32,797,348		$	1,157,206,081
Undistributed net investment income	$	5,548,952		$	126,865		$	863,433		$	69,454		$	3,312,092

(1)

For the period September 25, 2015 (commencement of operations) through August 31, 2016.

(2)

For the period March 2, 2016 (commencement of operations) through August 31, 2016.

(3)

For the period November 6, 2015 (commencement of operations) through August 31, 2016.

(4)

For the period September 17, 2015 (commencement of operations) through August 31, 2016.


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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Financial Highlights

Selected Data for a Share Outstanding Throughout The Period


	ActiveBeta^® Emerging Markets Equity ETF*
Per Share Operating Performance:
Net asset value, beginning of period	$	25.00
Net investment income^(a)		0.60
Net realized and unrealized gain		2.70
Total gain from investment operations		3.30
Distributions to shareholders from net investment income		(0.27	)
Net asset value, end of period	$	28.03
Market price, end of period	$	28.01
Total Return at Net Asset Value^(b)		13.29	%
Net assets, end of period (in 000’s)	$	863,388
Ratio of net expenses to average net assets		0.45	%^(c)
Ratio of total expenses to average net assets		0.58	%^(c)
Ratio of net investment income to average net assets		2.52	%^(c)
Portfolio turnover rate^(d)		44	%

For the period September 25, 2015 to August 31, 2016.

(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. If such transactions were included, the Fund’s portfolio turnover rate may be higher.


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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Financial Highlights

Selected Data for a Share Outstanding Throughout The Period


	ActiveBeta^® Europe Equity ETF*
Per Share Operating Performance:
Net asset value, beginning of period	$	25.03
Net investment income^(a)		0.60
Net realized and unrealized gain		0.97
Total gain from investment operations		1.57
Distributions to shareholders from net investment income		(0.48	)
Net asset value, end of period	$	26.12
Market price, end of period	$	26.20
Total Return at Net Asset Value^(b)		6.23	%
Net assets, end of period (in 000’s)	$	33,959
Ratio of net expenses to average net assets		0.25	%^(c)
Ratio of total expenses to average net assets		0.71	%^(c)
Ratio of net investment income to average net assets		4.61	%^(c)
Portfolio turnover rate^(d)		14	%

For the period March 2, 2016 to August 31, 2016.

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Financial Highlights

Selected Data for a Share Outstanding Throughout The Period


	ActiveBeta^® International Equity ETF*
Per Share Operating Performance:
Net asset value, beginning of period	$	24.78
Net investment income^(a)		0.59
Net realized and unrealized loss		(0.37	)
Total gain from investment operations		0.22
Distributions to shareholders from net investment income		(0.33	)
Net asset value, end of period	$	24.67
Market price, end of period	$	24.78
Total Return at Net Asset Value^(b)		0.90	%
Net assets, end of period (in 000’s)	$	283,757
Ratio of net expenses to average net assets		0.27	%^(c)
Ratio of total expenses to average net assets		0.62	%^(c)
Ratio of net investment income to average net assets		3.02	%^(c)
Portfolio turnover rate^(d)		23	%

For the period November 6, 2015 to August 31, 2016.

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Financial Highlights

Selected Data for a Share Outstanding Throughout The Period


	ActiveBeta^® Japan Equity ETF*
Per Share Operating Performance:
Net asset value, beginning of period	$	25.69
Net investment income^(a)		0.24
Net realized and unrealized gain		1.60
Total gain from investment operations		1.84
Distributions to shareholders from net investment income		(0.20	)
Net asset value, end of period	$	27.33
Market price, end of period	$	27.44
Total Return at Net Asset Value^(b)		7.17	%
Net assets, end of period (in 000’s)	$	32,797
Ratio of net expenses to average net assets		0.25	%^(c)
Ratio of total expenses to average net assets		0.73	%^(c)
Ratio of net investment income to average net assets		1.81	%^(c)
Portfolio turnover rate^(d)		10	%

For the period March 2, 2016 to August 31, 2016.

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Financial Highlights

Selected Data for a Share Outstanding Throughout The Period


	ActiveBeta^® U.S. Large Cap Equity ETF*
Per Share Operating Performance:
Net asset value, beginning of period	$	40.70
Net investment income^(a)		0.85
Net realized and unrealized gain		2.78
Total gain from investment operations		3.63
Distributions to shareholders from net investment income		(0.50	)
Net asset value, end of period	$	43.83
Market price, end of period	$	43.82
Total Return at Net Asset Value^(b)		8.97	%
Net assets, end of period (in 000’s)	$	1,157,206
Ratio of net expenses to average net assets		0.09	%^(c)
Ratio of total expenses to average net assets		0.19	%^(c)
Ratio of net investment income to average net assets		2.11	%^(c)
Portfolio turnover rate^(d)		18	%

For the period September 17, 2015 to August 31, 2016.

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS ETF TRUST

Notes to Financial Statements

August 31, 2016

1. ORGANIZATION

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


Fund		Diversification Classification
Goldman Sachs ActiveBeta^® Emerging Markets Equity ETF (“ActiveBeta^® Emerging Markets Equity ETF”)		Diversified
Goldman Sachs ActiveBeta^® Europe Equity ETF (“ActiveBeta^® Europe Equity ETF”)		Diversified
Goldman Sachs ActiveBeta^® International Equity ETF (“ActiveBeta^® International Equity ETF”)		Diversified
Goldman Sachs ActiveBeta^® Japan Equity ETF (“ActiveBeta^® Japan Equity ETF”)		Diversified
Goldman Sachs ActiveBeta^® U.S. Large Cap Equity ETF (“ActiveBeta^® U.S. Large Cap Equity ETF”)		Diversified

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

Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman, Sachs & Co., serves as investment adviser to the Funds pursuant to management agreements (each, an “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. 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 principally in-kind for a basket of securities and a cash amount, with respect to the ActiveBeta^® Europe Equity ETF, ActiveBeta^® International Equity ETF, ActiveBeta^® Japan Equity ETF and the ActiveBeta^® U.S. Large Cap Equity ETF. The ActiveBeta^® Emerging Markets Equity ETF issues and redeems Creation Units partially for cash and partially in-kind. 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.

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, net of any foreign withholding taxes less any amounts reclaimable and securities lending income. 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. 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. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments.

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.

GOLDMAN SACHS ETF TRUST

Notes to Financial Statements (continued)

August 31, 2016

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

D. Offering and Organization Costs — Offering costs paid in connection with the initial offering of shares of the ActiveBeta^® Emerging Markets Equity ETF are being amortized on a straight-line basis over 12 months from the date of commencement of operations. The offering costs of the ActiveBeta^® Europe Equity ETF, the ActiveBeta^® International Equity ETF, the ActiveBeta^® Japan Equity ETF and the ActiveBeta^® U.S. Large Cap Equity ETF were amortized on a straight-line basis prior to the transition of the Funds to a unitary fee structure on May 1, 2016. Organization costs paid in connection with the organization of the Funds were borne by GSAM.

E. 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 (mutual funds) and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, the Funds are not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. For all Funds, Income Distributions are declared and paid on a quarterly basis whereas Capital Gains Distributions are declared and paid on an annual basis.

Net capital losses are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. 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 net investment income, net realized gain 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.

F. Foreign Currency Translation — The accounting records and reporting currency of the Funds 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 translations. 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

The fair value of a financial instrument is 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). 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 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).

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Funds’ policy, transfers between different levels of the fair value hierarchy resulting from such changes are deemed to have occurred as of the beginning of the reporting period.

GOLDMAN SACHS ETF TRUST

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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. The Trustees have delegated to GSAM day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds’ portfolio 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 are valued at the last bid price for long positions and at the last ask price for short positions. 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.

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. These investments are generally classified as Level 2 of the fair value hierarchy.

Exchange Traded Funds — Investments in ETFs are valued daily at the last sale price or official closing price on the principal exchange or system on which the investment is traded. 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.

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 the Funds’ investments may be determined under Valuation Procedures approved by the Trustees. 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. Significant events which could affect a large number of securities in a particular market may include, but are not limited to: significant fluctuations in U.S. or foreign markets; market dislocations; market disruptions; or unscheduled market closings. Significant events which could also affect a single issuer may include, but are not limited to: corporate actions such as reorganizations, mergers and buy-outs; ratings downgrades; and bankruptcies. At August 31, 2016 the Funds did not hold level 3 securities.

GOLDMAN SACHS ETF TRUST

Notes to Financial Statements (continued)

August 31, 2016

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, 2016:



ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments^(a)
Africa	$	53,182,832	$	4,580,920	$	—
Asia		567,673,756		19,683,832		—
Europe		16,349,688		—		—
North America		112,256,039		—		—
South America		64,383,551		24,414,351		—
Total	$	813,845,866	$	48,679,103	$	—

ACTIVEBETA^® EUROPE EQUITY ETF

Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments^(a)
Africa	$	143,884	$	—	$	—
Europe		33,244,162		223,207		—
North America		304,798		—		—
Oceania		8,090		—		—
Total	$	33,700,934	$	223,207	$	—

ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments^(a)
Africa	$	651,675	$	—	$	—
Asia		73,869,913		—		—
Europe		159,624,871		1,472,564		—
North America		28,233,675		—		—
Oceania		18,771,571		—		—
Total	$	281,151,705	$	1,472,564	$	—

GOLDMAN SACHS ETF TRUST

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



ACTIVEBETA^® JAPAN EQUITY ETF

Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments^(a)
Asia	$	32,701,343	$	—	$	—
Total	$	32,701,343	$	—	$	—

ACTIVEBETA^® U.S. LARGE CAP EQUITY ETF

Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments^(a)
North America	$	1,152,891,041	$	—	$	—
Total	$	1,152,891,041	$	—	$	—

(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.

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.

For each Fund except the Goldman Sachs ActiveBeta^® Emerging Markets Equity ETF, the Board of Trustees of Goldman Sachs ETF Trust approved a unitary management fee structure for the Fund and reduction of the Fund’s management fee rate then in effect under a prior management agreement. Under the unitary fee structure, GSAM is responsible for paying substantially all the expenses of each such Fund, excluding payments under the Fund’s 12b-1 plan (if any), interest expenses, taxes, acquired fund fees and expenses, brokerage fees, costs of holding shareholder meetings, litigation, indemnification and extraordinary expenses. Prior to May 1, 2016, each Fund except the Goldman Sachs ActiveBeta^® Emerging Markets Equity ETF had a non-unitary management fee structure.

GOLDMAN SACHS ETF TRUST

Notes to Financial Statements (continued)

August 31, 2016

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the fiscal year ended August 31, 2016, contractual and effective net management fees with GSAM were at the following rates for all Funds except the ActiveBeta^® Emerging Markets Equity ETF:


Fund	Contractual Management Fee (Inception to April 30, 2016)			Contractual Unitary Management Fee (May 1, 2016 to Present)			Effective Net Management Fee
ActiveBeta^® Europe Equity ETF		0.30	%		0.25	%		0.17	%¹
ActiveBeta^® International Equity ETF		0.30	%		0.25	%		0.23	%¹
ActiveBeta^® Japan Equity ETF		0.30	%		0.25	%		0.17	%¹
ActiveBeta^® U.S. Large Cap Equity ETF		0.10	%		0.09	%		0.07	%²

(1)

Effective March 2, 2016 through April 30, 2016, GSAM agreed to waive a portion of its management fees in order to achieve an effective net management fee rate of 0.20%.

(2)

Effective September 17, 2015 through April 30, 2016, GSAM agreed to waive a portion of its management fee in order to achieve an effective net management fee rate of 0.07%.

For the fiscal year ended August 31, 2016, contractual and effective net management fees with GSAM were at the following rates for the ActiveBeta^® Emerging Markets Equity ETF:


Fund	Contractual Management Fee			Effective Net Management Fee
ActiveBeta^® Emerging Markets Equity ETF		0.40	%		0.40	%

B. Distribution and Service Plans — The Trust, on behalf of the Funds, has adopted a Distribution and Service Plan (the “Plan”), pursuant to Rule 12b-1 under the Act. Under the Plan, the Funds are authorized to pay distribution fees in connection with the sale and distribution of their shares and pay service fees in connection with the provision of ongoing services to shareholders of each Fund and the maintenance of shareholder accounts in an amount up to 0.25% of its average daily net assets each year. No Rule 12b-1 fees are currently paid by any Fund, and there are no current plans to impose these fees.

C. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to limit certain “Other Expenses” of the ActiveBeta^® Emerging Markets Equity ETF (excluding acquired fund fees and expenses, taxes, interest, brokerage fees, shareholder meeting, litigation, indemnification and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of the Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds, including those funds which no longer apply an Other Expense limitation (ActiveBeta^® Europe Equity ETF, ActiveBeta^® International Equity ETF, ActiveBeta^® Japan Equity ETF and ActiveBeta^® U.S. Large Cap Equity ETF), are not obligated to reimburse GSAM for prior fiscal year’s expense reimbursements, if any. The Other Expense limitation as an annual percentage rate of average daily net assets for the ActiveBeta^® Emerging Markets Equity ETF is 0.05%. This Other Expense limitation will remain in effect permanently and GSAM may not terminate the arrangement without the approval of the Trustees.

From the respective Funds’ inception dates until April 30, 2016 the Other Expense limitations as an annual percentage rate of average daily net assets for ActiveBeta^® Europe Equity ETF, ActiveBeta^® International Equity ETF, ActiveBeta^® Japan Equity ETF and ActiveBeta^® U.S. Large Cap Equity ETF were 0.05%, 0.05%, 0.05% and 0.02%, respectively.

GOLDMAN SACHS ETF TRUST

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the fiscal year ended August 31, 2016, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:


	Management Fee Waiver		Other Expense Reimbursements		Total Expense Reductions
ActiveBeta^® Emerging Markets Equity ETF	$	—	$	674,705	$	674,705
ActiveBeta^® Europe Equity ETF		5,127		70,826		75,953
ActiveBeta^® International Equity ETF		17,143		317,063		334,206
ActiveBeta^® Japan Equity ETF		4,985		70,862		75,847
ActiveBeta^® U.S. Large Cap Equity ETF		46,703		346,666		393,369

5. CREATION AND REDEMPTION OF CREATION UNITS

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

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:


	ActiveBeta^® Emerging Markets Equity ETF⁽¹⁾				ActiveBeta^® Europe Equity ETF⁽²⁾
	Shares		Dollars		Shares		Dollars

Fund Share Activity
Shares Sold		30,800,000	$	773,445,492		1,300,000	$	32,846,660
Shares Redeemed		—		—		—		—
NET INCREASE IN SHARES		30,800,000	$	773,445,492		1,300,000	$	32,846,660

	ActiveBeta^® International Equity ETF⁽³⁾				ActiveBeta^® Japan Equity ETF⁽²⁾
	Shares		Dollars		Shares		Dollars

Fund Share Activity
Shares Sold		11,500,000	$	276,879,195		1,200,000	$	30,942,517
Shares Redeemed		—		—		—		—
NET INCREASE IN SHARES		11,500,000	$	276,879,195		1,200,000	$	30,942,517

GOLDMAN SACHS ETF TRUST

Notes to Financial Statements (continued)

August 31, 2016

5. CREATION AND REDEMPTION OF CREATION UNITS (continued)


	ActiveBeta^® U.S. Large Cap Equity ETF⁽⁴⁾
	Shares			Dollars

Fund Share Activity
Shares Sold		27,750,000		$	1,168,663,742
Shares Redeemed		(1,350,000	)		(54,473,952	)
NET INCREASE IN SHARES		26,400,000		$	1,114,189,790

(1)

For the period September 25, 2015 (commencement of operations) through August 31, 2016.

(2)

For the period March 2, 2016 (commencement of operations) through August 31, 2016.

(3)

For the period November 6, 2015 (commencement of operations) through August 31, 2016.

(4)

For the period September 17, 2015 (commencement of operations) through August 31, 2016.

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales of long-term securities for the fiscal year ended August 31, 2016, were as follows:


Fund	Purchases		Sales
ActiveBeta^® Emerging Markets Equity ETF	$	688,814,647	$	217,319,104
ActiveBeta^® Europe Equity ETF		4,665,870		4,562,403
ActiveBeta^® International Equity ETF		29,435,229		27,233,692
ActiveBeta^® Japan Equity ETF		2,971,016		2,977,139
ActiveBeta^® U.S. Large Cap Equity ETF		80,841,317		75,317,381

The purchases and sales from in-kind creation and redemption transactions for the fiscal year ended August 31, 2016, were as follows:


Fund	Purchases		Sales
ActiveBeta^® Emerging Markets Equity ETF	$	306,298,353	$	—
ActiveBeta^® Europe Equity ETF		32,831,376		—
ActiveBeta^® International Equity ETF		274,406,285		—
ActiveBeta^® Japan Equity ETF		30,919,701		—
ActiveBeta^® U.S. Large Cap Equity ETF		1,162,145,744		54,195,418

GOLDMAN SACHS ETF TRUST

7. TAX INFORMATION

The tax character of distributions paid during the fiscal year ended August 31, 2016 was as follows:


	ActiveBeta^® Emerging Markets Equity ETF		ActiveBeta^® Europe Equity ETF		ActiveBeta^® International Equity ETF		ActiveBeta^® Japan Equity ETF		ActiveBeta^® U.S. Large Cap Equity ETF
Distributions paid from:
Ordinary Income*	$	7,161,211	$	624,546	$	1,996,958	$	235,644	$	5,150,101
Net long-term capital gains		—		—		—		—		3,991
Total taxable distributions	$	7,161,211	$	624,546	$	1,996,958	$	235,644	$	5,154,092

For tax purposes short-term capital gain distributions are considered ordinary income distributions.

As of August 31, 2016, the components of accumulated earnings (losses) on a tax-basis were as follows:


	ActiveBeta^® Emerging Markets Equity ETF			ActiveBeta^® Europe Equity ETF			ActiveBeta^® International Equity ETF			ActiveBeta^® Japan Equity ETF			ActiveBeta^® U.S. Large Cap Equity ETF
Undistributed ordinary income — net	$	6,046,124		$	146,674		$	1,138,375		$	111,932		$	3,305,579
Undistributed long-term capital gains		—			—			—			—			—
Total undistributed earnings	$	6,046,124		$	146,674		$	1,138,375		$	111,932		$	3,305,579
Timing differences (Post-October Loss Deferral)	$	(11,689,355	)	$	(120,230	)	$	(482,853	)	$	(10,081	)	$	(1,088,518	)
Unrealized gains (losses) — net	$	95,606,087		$	1,088,318		$	6,227,804		$	1,754,891		$	36,687,197
Total accumulated earnings (losses) net	$	89,962,856		$	1,114,762		$	6,883,326		$	1,856,742		$	38,904,258

As of August 31, 2016, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:


	ActiveBeta^® Emerging Markets Equity ETF			ActiveBeta^® Europe Equity ETF			ActiveBeta^® International Equity ETF			ActiveBeta^® Japan Equity ETF			ActiveBeta^® U.S. Large Cap Equity ETF
Tax Cost	$	766,627,951		$	32,834,243		$	276,392,061		$	30,946,208		$	1,116,203,844
Gross unrealized gain		108,200,424			2,145,954			11,847,117			2,723,149			59,519,680
Gross unrealized loss		(12,303,406	)		(1,056,056	)		(5,614,909	)		(968,014	)		(22,832,483	)
Net unrealized gains (losses) on securities	$	95,897,018		$	1,089,898		$	6,232,208		$	1,755,135		$	36,687,197
Net unrealized gain/(loss) on other investments		(290,931	)		(1,580	)		(4,404	)		(244	)		—
Net unrealized gain/(loss)	$	95,606,087		$	1,088,318		$	6,227,804		$	1,754,891		$	36,687,197

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

GOLDMAN SACHS ETF TRUST

Notes to Financial Statements (continued)

August 31, 2016

7. TAX INFORMATION (continued)

In order to present certain components of the Funds' capital accounts on a tax-basis, certain reclassifications have been recorded to the Funds' accounts. These reclassifications have no impact on the net asset value of the Funds and result primarily from certain non-deductible expenses, realized capital gains taxes, redemptions in kind, dividend redesignations, and from differences in the tax treatment of foreign currency transactions, partnership investments, underlying fund investments and passive foreign investment company investments.


Fund	Paid-in Capital			Accumulated Net Realized Gain (Loss)			Accumulated Undistributed Net Investment Income (Loss)
ActiveBeta^® Emerging Markets Equity ETF	$	(20,287	)	$	99,983		$	(79,696	)
ActiveBeta^® Europe Equity ETF		(1,936	)		8,727			(6,791	)
ActiveBeta^® International Equity ETF		(5,271	)		(1,519	)		6,790
ActiveBeta^® Japan Equity ETF		(1,911	)		(17,717	)		19,628
ActiveBeta^® U.S. Large Cap Equity ETF		4,012,033			(4,028,955	)		16,922

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

8. 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 United States. Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which the Fund invests. Loss may also result from the imposition of exchange controls, confiscations and other government restrictions by the United States or other governments, or from problems in registration, settlement or custody. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the 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 the Fund also invests in securities of issuers located in emerging markets, these risks may be more pronounced.

Foreign Custody Risk — The Funds that invest in foreign securities 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.

GOLDMAN SACHS ETF TRUST

8. OTHER RISKS (continued)

Index Risk — GSAM (the “Index Provider”) constructs each Fund’s Index in accordance with a rules-based methodology. A Fund will be negatively affected by general declines in the securities and asset classes represented in its Index. In addition, because the Funds are not “actively” managed, unless a specific security is removed from an Index, a Fund generally would not sell a security because the security’s issuer was in financial trouble. Market disruptions and regulatory restrictions could have an adverse effect on a Fund’s ability to adjust its exposure to the required levels in order to track the Index. A Fund also does not attempt to take defensive positions under any market conditions, including declining markets. Therefore, a Fund’s performance could be lower than funds that may actively shift their portfolio assets to take advantage of market opportunities or to lessen the impact of a market decline or a decline in the value of one or more issuers. The Index Provider relies on third party data it believes to be reliable in constructing each Index, but it does not guarantee the accuracy or availability of such third party data. Each Index is new and has a limited performance history. Errors in index data, index computation or the construction of an Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the applicable Fund and its shareholders. In addition, neither a Fund, the Investment Adviser nor the Index Provider can guarantee the availability or timeliness of the production of the Index.

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, the Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). Additionally, the Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

Market Trading Risk — Each Fund faces numerous market trading risks, including disruptions to creations and redemptions, the existence of extreme market volatility or potential lack of an active trading market for Shares. If a shareholder purchases Shares at a time when the market price is at a premium to the NAV or sells Shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses. The Investment Adviser cannot predict whether Shares will trade below, at or above their NAV. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for Shares will be closely related to, but not identical to, the same forces influencing the prices of the securities of a Fund’s Index trading individually or in the aggregate at any point in time.

Tracking Error Risk — Tracking error is the divergence of a Fund’s performance from that of its Index. The performance of a Fund may diverge from that of its Index for a number of reasons. Tracking error may occur because of transaction costs, a Fund’s holding of cash, differences in accrual of dividends, changes to its Index or the need to meet new or existing regulatory requirements. Unlike a Fund, the returns of an Index are not reduced by investment and other operating expenses, including the trading costs associated with implementing changes to its portfolio of investments. Tracking error risk may be heightened during times of market volatility or other unusual market conditions.

GOLDMAN SACHS ETF TRUST

Notes to Financial Statements (continued)

August 31, 2016

9. 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.

10. 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 the Goldman Sachs ActiveBeta^® ETFs:

In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the 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, and Goldman Sachs ActiveBeta^® U.S. Large Cap Equity ETF (collectively the “Funds”), funds of the Goldman Sachs ETF Trust, at August 31, 2016, and the results of each of their operations, the changes in each of their net assets and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at August 31, 2016 by correspondence with the custodian, brokers, and the application of alternative auditing procedures where securities purchased confirmations had not been received, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts

October 21, 2016

GOLDMAN SACHS ETF TRUST

Fund Expenses — Six Month Period Ended 8/31/2016 (Unaudited)

As a shareholder you incur ongoing costs, which may include management fees; distribution and service (12b-1) 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.

The Example is based on an investment of $1,000 invested at the beginning of the period from March 1, 2016 (or commencement of operations) and held for the six months ended August 31, 2016, which represents a period of 184 days of a 366 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 period. 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 the Funds’ actual net expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Funds’ 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 the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees, or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.


	ActiveBeta^® Emerging Markets Equity ETF							ActiveBeta^® Europe Equity ETF⁽¹⁾							ActiveBeta^® International Equity ETF							ActiveBeta^® Japan Equity ETF⁽¹⁾							ActiveBeta^® U.S. Large Cap Equity ETF
	Beginning Account Value		Ending Account Value 8/31/2016			Expenses Paid*		Beginning Account Value		Ending Account Value 8/31/2016			Expenses Paid*		Beginning Account Value		Ending Account Value 8/31/2016			Expenses Paid*		Beginning Account Value		Ending Account Value 8/31/2016			Expenses Paid*		Beginning Account Value		Ending Account Value 8/31/2016			Expenses Paid*
Actual based on NAV	$	1,000	$	1,212.59		$	2.50	$	1,000	$	1,062.30		$	1.29	$	1,000	$	1,098.55		$	1.32	$	1,000	$	1,071.70		$	1.29	$	1,000	$	1,115.93		$	0.48
Hypothetical 5% return	$	1,000	$	1,022.87	+	$	2.29	$	1,000	$	1,023.88	+	$	1.27	$	1,000	$	1,023.88	+	$	1.27	$	1,000	$	1,023.88	+	$	1.27	$	1,000	$	1,024.68	+	$	0.46

Expenses for each Fund are calculated using each Fund’s annualized net expense ratio, which represents the ongoing expenses as a percentage of net assets for the six months ended August 31, 2016. 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 ratios for the period were as follows:


Fund
ActiveBeta^® Emerging Markets Equity ETF	0.45	%
ActiveBeta^® Europe Equity ETF	0.25
ActiveBeta^® International Equity ETF	0.25
ActiveBeta^® Japan Equity ETF	0.25
ActiveBeta^® U.S. Large Cap Equity ETF	0.09

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

(1)

Fund commenced operations on March 2, 2016. Expenses are calculated using the Fund’s annualized expense ratio, multiplied by the ending value for the period, multiplied by 183/366 (to reflect commencement of operation).

GOLDMAN SACHS ETF TRUST

Statement Regarding Basis for Initial Approval of Management Agreement for Goldman Sachs ActiveBeta^® Europe Equity ETF and Goldman Sachs ActiveBeta^® Japan Equity ETF (Unaudited)

Background

The Goldman Sachs ActiveBeta^® Europe Equity ETF and Goldman Sachs ActiveBeta^® Japan Equity ETF (each, a “Fund” and together, the “Funds”) are newly-organized investment portfolios of Goldman Sachs ETF Trust (the “Trust”) that commenced investment operations on March 2, 2016. At a meeting held on April 16, 2015 (the “Meeting”) in connection with each Fund’s organization, the Trustees, including all of the Trustees present who are not parties to the Fund’s investment management agreement (the “Management Agreement”) or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”) approved the Management Agreement with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”).

At the Meeting, the Trustees reviewed the Management Agreement with respect to each Fund, including information regarding the terms of the Management Agreement; the nature, extent, and quality of the Investment Adviser’s anticipated services; the fees and expenses to be paid by the Fund; a comparison of the Fund’s proposed management fees and anticipated expenses with those paid by other similar exchange-traded funds (“ETFs”); the Investment Adviser’s proposal to limit certain expenses of the Fund that exceed a specified level; potential benefits to be derived by the Investment Adviser and its affiliates from their relationships with the Fund; and potential benefits to be derived by the Fund from its relationship with the Investment Adviser. Various information was also provided at prior meetings at which the Funds were discussed.

In connection with the Meeting, the Trustees received written materials and oral presentations on the topics covered. The Independent Trustees were advised by their independent legal counsel regarding their responsibilities under applicable law. In evaluating the Management Agreement at the Meeting, the Trustees relied upon information included in a presentation made by the Investment Adviser at the Meeting and information received at prior Board meetings. The Trustees also drew on information they had received in their capacity as Trustees of other registered investment companies sponsored by the Investment Adviser.

Nature, Extent, and Quality of the Services to be Provided Under the Management Agreement

As part of their review, the Trustees considered the nature, extent, and quality of the services to be provided by the Investment Adviser. In this regard, the Trustees considered the investment advisory services that would be provided to the Funds by the Investment Adviser. The Trustees also considered information about each Fund’s structure, investment objective, strategies, and other characteristics. In particular, they noted that the Funds would operate as passively-managed ETFs, which would seek to track proprietary indices created by the Investment Adviser. The Trustees noted the experience and capabilities of the key Investment Adviser personnel who would be providing services to the Funds. The Trustees considered the Investment Adviser’s extensive experience in managing quantitative investment strategies and its expertise in developing “smart beta” products that it had obtained through its acquisition of another investment management firm. The Trustees concluded that the Investment Adviser would be able to commit substantial financial and other resources to the Funds. They also considered that although the Funds were new (and therefore had no performance data to evaluate) and would be among the first ETFs managed by the Investment Adviser, the Investment Adviser had extensive experience managing other types of registered investment companies. The Trustees concluded that the Investment Adviser’s management of the Funds likely would benefit the Funds and their shareholders.

Costs of Services to be Provided and Profitability

The Trustees considered the contractual fee rates payable by the Funds under the Management Agreement, and the net amount expected to be retained by the Investment Adviser. In this regard, the Trustees considered information on the services to be rendered by the Investment Adviser to the Funds, which include advisory and non-advisory services directed to the needs and operations of the Funds as ETFs. The Trustees noted that no license fees would be payable to the Investment Adviser by the Funds for use of the indices created by the Investment Adviser. The Trustees also reviewed the Funds’ projected total operating expense ratios (both gross and net of expense limitations). They compared the Funds’ projected fees and expenses to similar information for comparable ETFs advised by other, unaffiliated investment management firms, as well as the peer group and category medians. The comparisons of the Funds’ fee rates and total operating expense ratios were prepared by a third-party provider of mutual fund data. The Trustees concluded that this information was useful in evaluating the reasonableness of the management fees and total expenses expected to be paid by the Funds.

In addition, the Trustees considered the Investment Adviser’s undertaking to limit certain expenses of the Funds that exceed a specified level. The Trustees recognized that there was not yet profitability data to evaluate for the Funds, but considered the Investment Adviser’s representations that (i) such data would be provided after the Funds commenced operations, and (ii) the Funds were not expected to be profitable to the Investment Adviser and its affiliates initially.

GOLDMAN SACHS ETF TRUST

Statement Regarding Basis for Initial Approval of Management Agreement for Goldman Sachs ActiveBeta^® Europe Equity ETF and Goldman Sachs ActiveBeta^® Japan Equity ETF (Unaudited) (continued)

Economies of Scale

The Trustees noted that the Funds will not have management fee breakpoints. They considered the Funds’ projected asset levels and information comparing the fee rates charged by the Investment Adviser with fee rates charged to other ETFs in the peer groups, as well as the Investment Adviser’s undertaking to limit certain expenses of the Funds that exceed a specified level. The Trustees recognized that if the assets of the Funds increase over time, the Funds and their shareholders could realize economies of scale as certain Fund expenses, such as certain fixed fees, become a smaller percentage of overall assets.

Other Benefits to the Investment Adviser and Its Affiliates

The Trustees also considered the other benefits expected to be derived by the Investment Adviser and its affiliates from their relationships with the Fund, including: (a) the Investment Adviser’s ability to leverage the infrastructure designed to service the Funds on behalf of its other clients; (b) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (c) the Investment Adviser’s ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Funds; and (d) the possibility that the working relationship between the Investment Adviser and the Funds’ third-party service providers may cause those service providers to be open to doing business with other areas of Goldman, Sachs & Co. (“Goldman Sachs”).

Other Benefits to the Funds and Their Shareholders

The Trustees also noted that the Funds receive (or are expected to receive) certain potential benefits as a result of their relationships with the Investment Adviser, including: (a) improved servicing and pricing from vendors because of the volume of business generated by the Investment Adviser and its affiliates; (b) the Investment Adviser’s ability to hire and retain qualified personnel to provide services to the Funds because of the reputation of the Goldman Sachs organization; and (c) the Funds’ access to certain affiliated distribution channels.

Conclusion

In connection with their consideration of the Management Agreement for the Funds at the Meeting, the Trustees gave weight to various factors, but did not identify any particular factor as controlling their decision. After deliberation and consideration of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the investment management fees were reasonable. The Trustees concluded that the engagement of the Investment Adviser likely would benefit the Funds and their shareholders and that the Management Agreement should be approved with respect to each Fund for a period of two years.

GOLDMAN SACHS ETF TRUST

Statement Regarding Basis for Approval of Management Agreement for All Funds except ActiveBeta^® Emerging Markets Equity ETF (Unaudited)

Background

The Goldman Sachs ActiveBeta^® Europe Equity ETF, Goldman Sachs ActiveBeta^® International Equity ETF, Goldman Sachs ActiveBeta^® Japan Equity ETF and Goldman Sachs ActiveBeta^® U.S. Large Cap Equity ETF (each, a “Fund” and together, the “Funds”) are investment portfolios of Goldman Sachs ETF Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and determines whether to approve changes to the Trust’s investment management agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Funds. At a meeting held on April 12, 2016 (the “Meeting”) the Trustees, including all of the Trustees present who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”) approved the new Management Agreement with the Investment Adviser.

At the Meeting, the Trustees reviewed the new Management Agreement with respect to each Fund, including information regarding the terms of the Management Agreement; the nature, extent, and quality of the services provided to the Fund by the Investment Adviser; the unitary fee structure of the Fund; a comparison of the Fund’s proposed unitary fee with the fees and expenses paid by other similar exchange-traded funds (“ETFs”); potential benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund; and potential benefits derived by the Fund from its relationship with the Investment Adviser.

Nature, Extent, and Quality of the Services Provided Under the Management Agreement

With regard to the nature, extent, and quality of the services provided by the Investment Adviser, the Trustees considered both the investment advisory services, and the other, non-advisory services that are provided to the Funds by the Investment Adviser and its affiliates. The Trustees considered that under the new Management Agreement, the Funds would pay a single fee to the Investment Adviser, and the Investment Adviser would pay all of the Funds’ ordinary operating expenses, including transfer agency, custody, administration, legal, and audit fees. They considered that the unitary fee rate for each Fund would be lower than its respective management fee rate under the previous management agreement. The Trustees also considered information about each Fund’s structure, investment objective, strategies, and other characteristics. In particular, they noted that the Funds are passively-managed ETFs that seek to track proprietary indices created by the Investment Adviser. The Trustees noted the experience and capabilities of the key Investment Adviser personnel who provide services to the Funds. In particular, the Trustees considered the Investment Adviser’s extensive experience in managing quantitative investment strategies and its expertise in developing “smart beta” products. The Trustees concluded that the Investment Adviser commits substantial financial and operational resources to the Funds and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees concluded that each Fund did not yet have a meaningful performance history.

Unitary Fee Structure and Profitability

The Trustees considered the contractual unitary fee rates which would be payable by the Funds under the Management Agreement. In this regard, the Trustees considered information on the services rendered by the Investment Adviser to the Funds, which include both advisory and administrative services directed to the needs and operations of the Funds as ETFs. The Trustees considered the new unitary fee structure, pursuant to which the Funds would pay a single fee to the Investment Adviser and the Investment Adviser would then pay all of the Funds’ ordinary operating expenses. They considered that the fee change would be favorable to each Fund’s shareholders, in that the unitary fee rate for each Fund would be lower than its respective management fee rate under the previous management agreement. The Trustees also considered information provided at previous Board meetings regarding fees and expenses of comparable ETFs advised by other, unaffiliated investment management firms, as well as the peer group and category medians. The Trustees concluded that this information was useful in evaluating the reasonableness of the unitary fee to be paid by the Funds. The Trustees recognized that they would evaluate profitability data for the Funds at a future meeting of the Board of Trustees.

Economies of Scale

The Trustees noted that the Funds would not have management fee breakpoints. They considered the Funds’ asset levels and information comparing the fee rates charged by the Investment Adviser with fee rates charged to other ETFs in the peer groups.

GOLDMAN SACHS ETF TRUST

Statement Regarding Basis for Approval of Management Agreement for All Funds except ActiveBeta^® Emerging Markets Equity ETF (Unaudited) (continued)

The Trustees considered information previously provided regarding the amounts of assets in each Fund, the Funds’ recent creation and redemption activity, and the costs of the services provided by the Investment Adviser and its affiliates. The Trustees recognized that if the assets of a Fund increase over time, the Fund and its shareholders could realize economies of scale as certain Fund expenses, such as certain fixed fees, become a smaller percentage of overall assets.

Other Benefits to the Investment Adviser and Its Affiliates

The Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from their relationships with the Funds, including: (a) the Investment Adviser’s ability to leverage the infrastructure designed to service the Funds on behalf of its other clients; (b) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (c) the Investment Adviser’s ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Funds; and (d) the possibility that the working relationship between the Investment Adviser and the Funds’ third party service providers may cause those service providers to be open to doing business with other areas of Goldman, Sachs & Co. (“Goldman Sachs”).

Other Benefits to the Funds and Their Shareholders

The Trustees observed that the Funds receive (or are expected to receive) certain potential benefits as a result of their relationship with the Investment Adviser, including: (a) improved servicing and pricing from vendors because of the volume of business generated by the Investment Adviser and its affiliates; (b) the Investment Adviser’s ability to hire and retain qualified personnel to provide services to the Funds because of the reputation of the Goldman Sachs organization; and (c) the Funds’ access to certain affiliated distribution channels.

Conclusion

In connection with their consideration of the Management Agreement, the Trustees gave weight to various factors, but did not identify any particular factor as controlling their decision. After deliberation and consideration of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the unitary fee paid by each Fund was reasonable in light of the services provided to it by the Investment Adviser, its costs, and the Fund’s current and/or reasonably foreseeable asset levels, and that the Management Agreement would likely benefit each Fund and its shareholders and should be approved and continued with respect to the Fund until April 16, 2017.

GOLDMAN SACHS ETF TRUST

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
Ashok N. Bakhru Age: 74	Chairman of the Board of Trustees	Since 2014	Mr. Bakhru is retired. He was formerly Director, Apollo Investment Corporation (a business development company) (2008-2013); President, ABN Associates (a management and financial consulting firm) (1994-1996 and 1998-2012); Trustee, Scholarship America (1998-2005); Trustee, Institute for Higher Education Policy (2003-2008); Director, Private Equity Investors — III and IV (1998-2007), and Equity-Linked Investors II (April 2002-2007). Chairman of the Board of Trustees — Goldman Sachs ETF Trust; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs MLP Income Opportunities Fund; and Goldman Sachs MLP and Energy Renaissance Fund.	141	None
John P. Coblentz, Jr. Age: 75	Trustee	Since 2014	Mr. Coblentz is retired. Formerly, he was Partner, Deloitte & Touche LLP (a professional services firm) (1975-2003); Director, Emerging Markets Group, Ltd. (a consulting company) (2004-2006); and Director, Elderhostel, Inc. (a not-for-profit organization) (2006-2012). Previously, Mr. Coblentz served as Trustee of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (2003-2015). Trustee — Goldman Sachs ETF Trust; Goldman Sachs Trust II; Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs MLP Income Opportunities Fund; and Goldman Sachs MLP and Energy Renaissance Fund.	35	None
Linda A. Lang Age: 58	Trustee	Since 2016	Ms. Lang is retired. She is Director, WD-40 Company (2004-Present); and was formerly Chairman and Chief Executive Officer (2005-2014); and Director, President and Chief Operating Officer, Jack in the Box, Inc. (a restaurant company) (2003-2005). Trustee — Goldman Sachs ETF Trust; Goldman Sachs MLP Income Opportunities Fund; and Goldman Sachs MLP and Energy Renaissance Fund.	17	WD-40 Company (a global consumer products company)
Michael Latham Age: 51	Trustee	Since 2015	Mr. Latham is retired. Formerly, he held senior management positions with the iShares exchange-traded fund business, 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 MLP Income Opportunities Fund; and Goldman Sachs MLP and Energy Renaissance Fund.	17	None
Lawrence W. Stranghoener Age: 62	Trustee	Since 2015	Mr. Stranghoener is retired. He is Chairman of the Board of Directors, Kennametal, Inc. (2003-Present); Director, Aleris Corporation and Aleris International, Inc. (2011-Present); and was formerly 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 MLP Income Opportunities Fund; and Goldman Sachs MLP and Energy Renaissance Fund.	17	Kennametal Inc. (a global manufacturer and distributor of tooling and industrial materials)

GOLDMAN SACHS ETF TRUST

Trustees and Officers (Unaudited) (continued)

Independent Trustees (continued)


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
Richard P. Strubel Age: 77	Trustee	Since 2014	Mr. Strubel is retired. Formerly, he served as Chairman of the Board of Trustees, Northern Funds (a family of retail and institutional mutual funds managed by Northern Trust Investments, Inc.) (2008-2014) and Trustee (1982-2014); Director, Cardean Learning Group (provider of educational services via the internet) (2003-2008); and Director, Gildan Activewear Inc. (a clothing marketing and manufacturing company) (2000-2014). He serves as Trustee Emeritus, The University of Chicago (1987-Present). Previously, Mr. Strubel served as Trustee of Goldman Sachs Trust (1987-2015) and Goldman Sachs Variable Insurance Trust (1997-2015). Trustee — Goldman Sachs ETF Trust; Goldman Sachs Trust II; Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs MLP Income Opportunities Fund; and Goldman Sachs MLP and Energy Renaissance Fund.	35	None

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: 54	Trustee and President	Since 2014	Managing Director, Goldman Sachs (December 1998-Present); 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 MLP Income Opportunities Fund; and Goldman Sachs MLP and Energy Renaissance Fund.	139	None

This person is considered to be an “Interested Trustee” because he holds a position with Goldman Sachs and own 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 L. Kraus. Information is provided as of August 31, 2016.

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, retires or is removed by the Board of Trustees or shareholders, in accordance with the Trust’s Declaration of Trust; or (c) the termination of the Trust.

The Goldman Sachs Fund Complex includes certain other companies listed above for each respective Trustee. As of August 31, 2016, Goldman Sachs ETF Trust consisted of 15 portfolios (seven of which offered shares to the public); Goldman Sachs Trust consisted of 92 portfolios (91 of which offered shares to the public); Goldman Sachs Variable Insurance Trust consisted of 14 portfolios; Goldman Sachs Trust II consisted of 16 portfolios (15 of which offered shares to the public); and Goldman Sachs BDC, Inc., Goldman Sachs Private Middle Market Credit LLC, Goldman Sachs MLP Income Opportunities Fund, and Goldman Sachs MLP and Energy Renaissance Fund each consisted of one portfolio. Goldman Sachs Private Middle Market Credit LLC does 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 ETF TRUST

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: 54	Trustee and President	Since 2014	Managing Director, Goldman Sachs (December 1998-Present); 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 MLP Income Opportunities Fund; and Goldman Sachs MLP and Energy Renaissance Fund.
Caroline L. Kraus 200 West Street New York, NY 10282 Age: 39	Secretary	Since 2014	Managing Director, Goldman Sachs (January 2016 – Present); Vice President, Goldman Sachs (August 2006-December 2015); Associate General Counsel, Goldman Sachs (2012-Present); 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 BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs Middle Market Lending LLC; Goldman Sachs MLP Income Opportunities Fund; and Goldman Sachs MLP and Energy Renaissance Fund.
Scott M. McHugh 200 West Street New York, NY 10282 Age: 45	Treasurer, Senior Vice President and Principal Financial Officer	Since 2014	Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (February 2007-December 2015); Assistant Treasurer of certain mutual funds administered by DWS Scudder (2005-2007); and Director (2005-2007), Vice President (2000-2005), and Assistant Vice President (1998-2000), Deutsche Asset Management or its predecessor (1998-2007). Treasurer, Senior Vice President and Principal Financial Officer — Goldman Sachs ETF Trust; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; and Goldman Sachs MLP and Energy Renaissance 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, 2016.

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

Goldman Sachs ActiveBeta^® ETFs — Tax Information (Unaudited)

From distributions paid during the year ended August 31, 2016, the total amount of income received by the ActiveBeta^® Emerging Markets Equity ETF and ActiveBeta^® International Equity ETF from sources within foreign countries and possessions of the United States was $0.0870 and $0.0152 per share, respectively, all of which is attributable to qualified passive income. The percentage of net investment income dividends paid from foreign sources by the ActiveBeta^® Emerging Markets Equity ETF and ActiveBeta^® International Equity ETF were 100% and 100%, respectively. The total amount of taxes paid by the ActiveBeta^® Emerging Markets Equity ETF and ActiveBeta^® International Equity ETF to such countries was $0.0122, and $0.0047 per share, respectively.

For the year ended August 31, 2016, 100% of the dividends paid from net investment company taxable income by the ActiveBeta^® Emerging Markets Equity ETF, ActiveBeta^® International Equity ETF, and ActiveBeta^® U.S. Large Cap Equity ETF qualify for the reduced tax rate under the Jobs and Growth Tax Relief and Reconciliation Act of 2003.

For the year ended August 31, 2016, 87.19% of the dividends paid from net investment company taxable income by the ActiveBeta^® U.S. Large Cap Equity ETF qualify for the dividends received deduction available to corporations.

Pursuant to Section 852 of the Internal Revenue Code, the ActiveBeta^® U.S. Large Cap Equity ETF designates $3,991, or if different, the maximum amount allowable, as capital gain dividends paid during the fiscal year ended August 31, 2016.

During the year ended August 31, 2016, the ActiveBeta^® Emerging Markets Equity ETF designates $1,581 as short-term capital gain dividends pursuant to Section 871(k) of the Internal Revenue Code.

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 Investment Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $1.12 trillion in assets under supervision as of June 30, 2016, Goldman Sachs Asset Management (“GSAM”) 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. GSAM leverages the resources of Goldman, Sachs & Co. 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

INDEX DISCLAIMERS

The MSCI Emerging Markets Index, MSCI Europe Index, MSCI World ex USA Index and MSCI Japan Index (the “MSCI Indices”) were used by GSAM as the reference universe for selection of the companies included in the Goldman Sachs ActiveBeta^® Emerging Markets Equity Index, Goldman Sachs ActiveBeta^® Europe Equity Index, Goldman Sachs ActiveBeta^® International Equity Index and Goldman Sachs ActiveBeta^® Japan Equity Index (the “ActiveBeta^® Indices”), respectively. MSCI Inc. does not in any way sponsor, support, promote or endorse the ActiveBeta^® Indices or the Goldman Sachs ActiveBeta^® Emerging Markets Equity ETF, Goldman Sachs ActiveBeta^® Europe Equity ETF, Goldman Sachs ActiveBeta^® International Equity ETF or Goldman Sachs ActiveBeta^® Japan Equity ETF (the “ActiveBeta^® ETFs” or the “Funds”). MSCI Inc. was not and is not involved in any way in the creation, calculation, maintenance or review of the ActiveBeta^® Indices. The MSCI Indices were provided on an “as is” basis. MSCI Inc., its affiliates and any other person or entity involved in or related to compiling, computing or creating the MSCI Indices (collectively, the “MSCI Parties”) expressly disclaim all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose). Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including without limitation lost profits) or any other damages in connection with the MSCI Indices, the ActiveBeta^® ETFs or the ActiveBeta^® Indices.

The Goldman Sachs ActiveBeta^® U.S. Large Cap Equity ETF is not sponsored, promoted, sold or supported in any other manner by Solactive AG nor does Solactive AG offer any express or implicit guarantee or assurance either with regard to the results of using the Solactive US Large Cap Index (the “Solactive Index”) and/or Solactive Index trade mark or the Solactive Index Price at any time or in any other respect. The Solactive Index is calculated and published by Solactive AG. Solactive AG uses its best efforts to ensure that the Solactive Index is calculated correctly. Irrespective of its obligations towards Goldman Sachs ActiveBeta^® U.S. Large Cap Equity ETF, Solactive AG has no obligation to point out errors in the Solactive Index to third parties including but not limited to investors and/or financial intermediaries of Goldman Sachs ActiveBeta^® U.S. Large Cap Equity ETF. Neither publication of the Solactive Index by Solactive AG nor the licensing of the Solactive Index or Solactive Index trade mark for the purpose of use in connection with the Goldman Sachs ActiveBeta^® U.S. Large Cap Equity ETF constitutes a recommendation by Solactive AG to invest capital in said fund nor does it in any way represent an assurance or opinion of Solactive AG with regard to any investment in this fund.

The ActiveBeta^® Indices are trademarks of Goldman Sachs Asset Management, L.P. and have been licensed for use by Goldman Sachs ETF Trust.

GOLDMAN SACHS ASSET MANAGEMENT, L.P., THE GOLDMAN SACHS GROUP, INC., AND GOLDMAN, SACHS & CO. (COLLECTIVELY, “GOLDMAN SACHS”) DOES NOT GUARANTEE NOR MAKE ANY REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, TO THE OWNERS OR SHAREHOLDERS OF THE FUNDS OR ANY MEMBER OF THE PUBLIC REGARDING THE ADVISABILITY OF INVESTING IN SECURITIES GENERALLY OR IN A FUND PARTICULARLY OR THE ABILITY OF THE ACTIVEBETA^® INDICES TO TRACK GENERAL MARKET PERFORMANCE. GOLDMAN SACHS, IN ITS CAPACITY AS THE INDEX PROVIDER OF THE ACTIVEBETA^® INDICES, LICENSES CERTAIN TRADEMARKS AND TRADE NAMES TO THE FUNDS. GOLDMAN SACHS HAS NO OBLIGATION TO TAKE THE NEEDS OF THE FUNDS OR THE SHAREHOLDERS OF THE FUNDS INTO CONSIDERATION IN DETERMINING, COMPOSING OR CALCULATING THE ACTIVEBETA^® INDICES. GOLDMAN SACHS OR ANY OF ITS AFFILIATES MAY HOLD LONG OR SHORT POSITIONS IN SECURITIES HELD BY A FUND OR IN RELATED DERIVATIVES.

GOLDMAN SACHS DOES NOT GUARANTEE THE ADEQUACY, TIMELINESS, ACCURACY AND/OR THE COMPLETENESS OF THE ACTIVEBETA^® INDICES OR ANY DATA RELATED THERETO. GOLDMAN SACHS HEREBY EXPRESSLY DISCLAIMS ANY AND ALL LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN OR IN THE CALCULATION THEREOF. GOLDMAN SACHS MAKES NO WARRANTY, EXPRESS OR IMPLIED, AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE MARKS, THE ACTIVEBETA^® INDICES OR ANY DATA INCLUDED THEREIN AS TO THE RESULTS TO BE OBTAINED BY A FUND, THE SHAREHOLDERS, OR ANY OTHER PERSON OR ENTITY FROM USE OF THE ACTIVEBETA^® INDICES OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, GOLDMAN SACHS HEREBY EXPRESSLY DISCLAIMS ANY AND ALL LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.


TRUSTEES Ashok N. Bakhru, Chairman John P. Coblentz Jr. Caroline Dorsa* Linda A. Lang Michael Latham James A. McNamara Lawrence W. Stranghoener Richard P. Strubel		OFFICERS James A. McNamara, President Scott M. McHugh, Principal Financial Officer, Senior Vice President 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

* Effective as of September 15, 2016, Caroline Dorsa was appointed as a Trustee.

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

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

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

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information regarding how a Fund voted proxies relating to portfolio securities 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 file their complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-Qs. The Fund’s Form N-Qs are available on the SEC’s web site at http://www.sec.gov within 60 days after the Fund’s first and third fiscal quarters. The Fund’s Form N-Qs may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C., and information on the operation of the Public Reference Room may also be obtained by calling 1-800-SEC-0330. Form N-Qs may be obtained upon request and without charge by calling 1-800-621-2550.

Fund holdings and allocations shown are as of August 31, 2016 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.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

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. 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. by calling 1-800-621-2550.

ITEM 2.

CODE OF ETHICS.

(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party (the “Code of Ethics”).

(b) During the period covered by this report, no amendments were made to the provisions of the Code of Ethics.

(c) During the period covered by this report, the registrant did not grant any waivers, including an implicit waiver, from any provision of the Code of Ethics.

(d) A copy of the Code of Ethics is available as provided in Item 12(a)(1) of this report.

ITEM 3.

AUDIT COMMITTEE FINANCIAL EXPERT.

The registrant’s board of trustees has determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its audit committee. John P. Coblentz, Jr. is the “audit committee financial expert” and is “independent” (as each term is defined in Item 3 of Form N-CSR).

ITEM 4.

PRINCIPAL ACCOUNTANT FEES AND SERVICES.

The following disclosure relates to the independence of PricewaterhouseCoopers LLP (“PwC”) with respect to SEC Rule 2-01(c)(1)(ii)(A) of Regulation S-X (the “Loan Rule”). The Loan Rule prohibits accounting firms, such as PwC, from having certain financial relationships with their audit clients and affiliated entities. Specifically, the Loan Rule provides, in relevant part, that an accounting firm generally would not be independent if it receives a loan from a lender that is a “record or beneficial owner of more than ten percent of the audit client’s equity securities.” The Goldman Sachs Asset Management investment company complex (the “Funds”) has been notified by PwC that one of its lenders owns more than ten percent of at least one of the Funds. The Funds are providing this disclosure to explain the facts and circumstances as well as PwC’s conclusions concerning its independence and its objectivity and impartiality with respect to the audits of the Funds.

PwC has advised the Funds that, after evaluating the facts and circumstances related to the matter described above, it has concluded that its financial relationship described above did not and will not impair PwC’s application of objective and impartial judgment on any issues encompassed within its audits of the financial statements of the Funds. PwC has advised the Funds that this conclusion is based in part on the following considerations: (1) the lenders to PwC have no influence over the fund adviser to the Funds; (2) an investment in any such Fund is passive; (3) the PwC lenders are part of various syndicates of unrelated lenders; (4) there have been no changes to the loans in question since the origination of each respective note; (5) the debts are in good standing and no lender has the right to take action against PwC, as borrower, in connection with the financings; (6) the debt balances are immaterial to PwC and to each lender; and (7) the PwC audit engagement team has no involvement in PwC’s treasury function and PwC’s treasury function has no oversight of or ability to influence the PwC audit engagement team.

If it were ultimately determined that PwC was not independent with respect to the Funds for certain periods, any Fund filings with the SEC which contain the Funds’ financial statements for such periods would not comply with applicable securities laws which potentially could have a material adverse effect on the Funds.

Table 1 — Items 4(a) - 4(d). The accountant fees below reflect the aggregate fees billed by the Funds of the Goldman Sachs ETF Trust to which this certified shareholder report relates.


	2016			2015			Description of Services Rendered



Audit Fees:

• PricewaterhouseCoopers LLP (“PwC”)		$	162,000		$	—	Financial Statement audits.

Audit-Related Fees:

• PwC		$	0		$	—

Tax Fees:

• PwC		$	45,352		$	—	Tax compliance services provided in connection with the preparation and review of registrant’s tax returns.

Table 2 — Items 4(b)(c) & (d). Non-Audit Services to the Goldman Sachs ETF Trust’s service affiliates * that were pre-approved by the Audit Committee of the Goldman Sachs ETF Trust pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X.

2016

2015

Description of Services Rendered

Audit-Related Fees:

• PwC

—

*	These include the advisor (excluding sub-advisors) and any entity controlling, controlled by or under common control with the advisor that provides ongoing services to the registrant (hereinafter referred to as “service affiliates”).

Item 4(e)(1) — Audit Committee Pre-Approval Policies and Procedures

Pre-Approval of Audit and Non-Audit Services Provided to the Funds of the Goldman Sachs ETF Trust. The Audit and Non-Audit Services Pre-Approval Policy (the “Policy”) adopted by the Audit Committee of Goldman Sachs ETF Trust (“GS ETF”) sets forth the procedures and the conditions pursuant to which services performed by an independent auditor for GS ETF may be pre-approved. Services may be pre-approved specifically by the Audit Committee as a whole or, in certain circumstances, by the Audit Committee Chairman or the person designated as the Audit Committee Financial Expert. In addition, subject to specified cost limitations, certain services may be pre-approved under the provisions of the Policy. The Policy provides that the Audit Committee will consider whether the services provided by an independent auditor are consistent with the Securities and Exchange Commission’s rules on auditor independence. The Policy provides for periodic review and pre-approval by the Audit Committee of the services that may be provided by the independent auditor.

De Minimis Waiver. The pre-approval requirements of the Policy may be waived with respect to the provision of non-audit services that are permissible for an independent auditor to perform, provided (1) the aggregate amount of all such services provided constitutes no more than five percent of the total amount of revenues subject to pre-approval that was paid to the independent auditors during the fiscal year in which the services are provided; (2) such services were not recognized by GS ETF at the time of the engagement to be non-audit services; and (3) such services are promptly brought to the attention of the Audit Committee and approved prior to the completion of the audit by the Audit Committee or by one or more members of the Audit Committee to whom authority to grant such approvals has been delegated by the Audit Committee, pursuant to the pre-approval provisions of the Policy.

Pre-Approval of Non-Audit Services Provided to the Goldman Sachs ETF Trust’s Investment Advisers. The Policy provides that, in addition to requiring pre-approval of audit and non-audit services provided to GS ETF, the Audit Committee will pre-approve those non-audit services provided to GS ETF’s investment advisers (and entities controlling, controlled by or under common control with the investment advisers that provide ongoing services to GS ETF) where the engagement relates directly to the operations or financial reporting of GS ETF.

Item 4(e)(2) – 0% of the audit-related fees, tax fees and other fees listed in Table 1 were approved by GS ETF’s Audit Committee pursuant to the “de minimis” exception of Rule 2-01(c)(7)(i)(C) of Regulation S-X. In addition, 0% of the non-audit services to the GS ETF’s service affiliates listed in Table 2 were approved by GS ETF’s Audit Committee pursuant to the “de minimis” exception of Rule 2-01(c)(7)(i)(C) of Regulation S-X.

Item 4(f) – Not applicable.

Item 4(g) Aggregate Non-Audit Fees Disclosure

The aggregate non-audit fees billed to GS ETF by PwC for the twelve months ended August 31, 2016 and August 31, 2015 were approximately $0 and $0 respectively. The aggregate non-audit fees billed to GS ETF’s adviser and service affiliates by PwC for non-audit services for the twelve months ended December 31, 2015 and December 31, 2014 were approximately $14.4 million and $10.2 million respectively. With regard to the aggregate non-audit fees billed to GS ETF’s adviser and service affiliates, the 2015 and 2014 amounts include fees for non-audit services required to be pre-approved [see Table 2] and fees for non-audit services that did not require pre-approval since they did not directly relate to GS ETF’s operations or financial reporting.

Item 4(h) — GS ETF’s Audit Committee has considered whether the provision of non-audit services to GS ETF’s investment adviser and service affiliates that did not require pre-approval pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the auditors’ independence.

ITEM 5.

AUDIT COMMITTEE OF LISTED REGISTRANTS.

The Registrant has a separately-designated standing Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended. The members of the Audit Committee are Ashok N. Bakhru, John P. Coblentz, Jr., Michael Latham, Linda A. Lang, Lawrence W. Stranghoener, Richard P. Strubel, and Caroline Dorsa, each a Trustee of the Registrant.

ITEM 6.

SCHEDULE OF INVESTMENTS.

Schedule of Investments is included as part of the Report to Shareholders filed under Item 1.

ITEM 7.

DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8.

PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9.

PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10.

SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees.

ITEM 11.

CONTROLS AND PROCEDURES.

(a)

The registrant’s principal executive and principal financial officers, or persons performing similar functions have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b)

There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12.

EXHIBITS.


(a)(1)	Goldman Sachs ETF Trust’s Code of Ethics for Principal Executive and Senior Financial Officers is filed herewith.

(a)(2)	Exhibit 99.CERT	Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 filed herewith.

(b)	Exhibit 99.906CERT	Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


		Goldman Sachs ETF Trust

By:		/s/ James A. McNamara


		James A. McNamara
		President/Chief Executive Officer
		Goldman Sachs ETF Trust

Date:		October 31, 2016

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By:		/s/ James A. McNamara


		James A. McNamara
		President/Chief Executive Officer
		Goldman Sachs ETF Trust

Date:		October 31, 2016

By:		/s/ Scott McHugh


		Scott McHugh
		Principal Financial Officer
		Goldman Sachs ETF Trust

Date:		October 31, 2016