Goldman Sachs ETF Trust

FUND SNAPSHOT

As of August 31, 2018

Market Price¹

Net Asset Value (NAV)¹

N-CSR 1 d598189dncsr.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. LLC		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, 2018

ITEM 1.

REPORTS TO STOCKHOLDERS.

The Annual Report to Shareholders is filed herewith.

Goldman Sachs Funds

LOGO



Annual Report				August 31, 2018

				Access Fixed Income ETFs
				Access High Yield Corporate Bond ETF
				Access Investment Grade Corporate Bond ETF
				Access Treasury 0-1 Year ETF

LOGO

Goldman Sachs Access Fixed Income ETFs

∎

ACCESS HIGH YIELD CORPORATE BOND ETF

∎

ACCESS INVESTMENT GRADE CORPORATE BOND ETF

∎

ACCESS TREASURY 0-1 YEAR ETF


TABLE OF CONTENTS

Investment Process			1

Portfolio Results and Fund Basics			4

Schedules of Investments			22

Financial Statements			44

Financial Highlights			48

Notes to Financial Statements			51

Report of Independent Registered Public Accounting Firm			61

Other Information			62



NOT FDIC-INSURED	May Lose Value	No Bank Guarantee

INVESTMENT PROCESS

Goldman Sachs Access Fixed Income ETFs

Principal Investment Strategies

GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF

The Goldman Sachs Access High Yield Corporate Bond ETF (the “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.

The FTSE Goldman Sachs High Yield Corporate Bond Index (the “Index”) is a rules-based index that is designed to measure the performance of high yield corporate bonds denominated in U.S. dollars (“USD”) that meet certain liquidity and fundamental screening criteria. “High yield” bonds are bonds that are rated below investment grade and are commonly referred to as “junk bonds.” As of October 31, 2017, there were 673 constituents in the Index and the Index had a weighted average maturity of 5.81 years. The Index is a custom index that is owned and calculated by FTSE Fixed Income LLC (“FTSE”), a trading name of the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group” or the “Index Provider”) . The Index is based on the FTSE US High-Yield Market Index (the “Reference Index”) using concepts developed with Goldman Sachs Asset Management, L.P. (“GSAM”).

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 Index Provider constructs the Index in accordance with a rules-based methodology that involves two steps.

Step 1 - In the first step, the Index Provider defines a universe of potential index constituents (the “Universe”) by applying specified criteria to the constituents of the Reference Index. The Reference Index includes high yield corporate bonds issued by companies domiciled in the United States or Canada that have a minimum of one year to maturity and are rated a maximum of BB+ by Standard & Poor’s Ratings Services (“S&P”) and Ba1 by Moody’s Investors Service, Inc. (“Moody’s”) and a minimum of C by S&P and Ca by Moody’s. Only constituents of the Reference Index that (i) have a minimum of $400 million outstanding, a minimum issuer size of $1 billion and a maximum final maturity of 15 years and (ii) are rated at least CCC+ by S&P or Caa1 by Moody’s are included in the Universe. A maturity bucketing process is used to approximate the average effective duration of the Reference Index.

Step 2 - In the second step, the Index Provider applies a fundamental screen to the Universe. Issuers are first grouped into three broad industry groups: financials, industrials and utilities. Within each industry group, issuers are measured by two fundamental factors, debt service and leverage. The Index Provider ranks each issuer based on the two fundamental factors, equally weighted. The Index is constructed by including the highest ranking eligible securities in each industry group, screening out lowest ranking eligible securities.

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

The Goldman Sachs Access Investment Grade Corporate Bond ETF (the “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.

The FTSE Goldman Sachs Investment Grade Corporate Bond Index (the “Index”) is a rules-based index that is designed to measure the performance of investment grade, corporate bonds denominated in U.S. dollars (“USD”) that meet certain liquidity and fundamental screening

INVESTMENT PROCESS

criteria. As of October 31, 2017, there were 1,948 constituents in the Index and the Index had a weighted average maturity of 10.59 years. The Index is a custom index that is owned and calculated by FTSE Fixed Income LLC (“FTSE”), a trading name of the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group” or the “Index Provider”). The Index is based on the FTSE US Broad Investment-Grade (USBIG^®) Corporate Index (the “Reference Index”) using concepts developed with Goldman Sachs Asset Management, L.P. (“GSAM”).

The Index Provider constructs the Index in accordance with a rules-based methodology that involves two steps.

Step 1 - In the first step, the Index Provider defines a universe of potential index constituents (the “Universe”) by applying specified criteria to the constituents of the Reference Index. The Reference Index includes investment grade corporate bonds that have a minimum of one year to maturity and are rated at least BBB- by Standard & Poor’s Ratings Services (“S&P”) or Baa3 by Moody’s Investors’ Services, Inc. (“Moody’s”). Only corporate bond constituents of the Reference Index that have a minimum of $750 million outstanding and a minimum issuer size of $2 billion are included in the Universe. A maturity bucketing process is used to approximate the average effective duration of the Reference Index.

Step 2 - In the second step, the Index Provider applies a fundamental screen to the Universe. Issuers are first grouped into three broad industry groups: financials, industrials and utilities. Within each industry group, issuers are measured by two fundamental factors, operating margin and leverage. The Index Provider ranks each issuer based on the two fundamental factors, equally weighted. The Index is constructed by including the highest ranking eligible securities in each industry group, screening out lowest ranking eligible securities.

GOLDMAN SACHS ACCESS TREASURY 0-1 YEAR ETF (formerly Goldman Sachs TreasuryAccess 0-1 Year ETF)

Effective August 7, 2018, the Goldman Sachs TreasuryAccess 0-1 Year ETF was re-named Goldman Sachs Access Treasury 0-1 Year ETF (the “Fund”). The 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.

The FTSE US Treasury 0-1 Year Composite Select Index (the “Index”) is designed to measure the performance of U.S. Treasury Obligations with a maximum remaining maturity of 12 months. “U.S. Treasury Obligations” refer to securities issued or guaranteed by the U.S. Treasury where the payment of principal and interest is backed by the full faith and credit of the U.S. government. U.S. Treasury Obligations include U.S. Treasury notes, U.S. Treasury bills and U.S. Treasury floating rate bonds. As of October 31, 2017, there were 73 issues in the Index and the Index had a weighted average maturity of 0.38 years. The Index includes publicly-issued U.S. Treasury Obligations that have a minimum remaining maturity of 1 month and a maximum remaining maturity of 12 months at the time of rebalance and that have a minimum issue size of $5 billion. In addition, the securities in the Index must be non-convertible and denominated in U.S. dollars. The Index excludes certain special issues, such as targeted investor notes, state and local government series bonds and coupon issues that have been stripped from bonds. 10-year and 30-year U.S. Treasury bonds are not eligible for inclusion in the Index.

INVESTMENT PROCESS

The Index is sponsored by FTSE Fixed Income LLC (“FTSE”), a trading name of the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group or the “Index Provider”), which is not affiliated with the Fund or the Investment Adviser. The Index is market capitalization-weighted and the securities in the Index are updated on the last business day of each month. 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 IS NOT A MONEY MARKET FUND AND DOES NOT ATTEMPT TO MAINTAIN A STABLE NET ASSET VALUE.

ALL FUNDS

Each of the FTSE Goldman Sachs High Yield Corporate Bond Index and FTSE Goldman Sachs Investment Grade Corporate Bond Index is rebalanced (i) monthly on the last business day of each month, to account for changes in maturities, duration, corporate actions or ratings migration, and (ii) quarterly, to account for updates to the constituents on the basis of the fundamental factors (as described above). The FTSE US Treasury 0-1 Year Composite Select Index is rebalanced monthly on the last day of the month.

The Investment Adviser uses a representative sampling strategy to manage each Fund. “Representative sampling” is an indexing strategy in which a Fund invests in a representative sample of constituent securities that has a collective investment profile similar to that of its Index. The securities selected for investment by a Fund are expected to have, in the aggregate, investment characteristics, fundamental characteristics and liquidity measures similar to those of its Index. A Fund may or may not hold all of the securities in its Index.

Each of the Goldman Sachs Access High Yield Corporate Bond ETF and Goldman Sachs Investment Grade Corporate Bond ETF may concentrate its investments (i.e. hold more than 25% of its total assets) in a particular industry or group of industries to the extent that its Index is concentrated. The degree to which components of its Index represent certain sectors or industries may change over time. The Goldman Sachs Access Treasury 0-1 Year ETF may concentrate its investments (i.e., hold more than 25% of its total assets) in a particular industry or group of industries to the extent that the Index is concentrated. The U.S. government, state and municipal governments and their agencies, authorities and instrumentalities are not deemed to be industries for this purpose.

PORTFOLIO RESULTS

Goldman Sachs Access High Yield Corporate Bond ETF

Investment Objective

The Goldman Sachs Access High Yield Corporate Bond ETF (the “Fund”) seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the FTSE Goldman Sachs High Yield Corporate Bond Index (the “Index”).

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Global Fixed Income and Liquidity Solution Team discusses the Fund’s performance and positioning for the period since it commenced operations on September 5, 2017 through August 31, 2018 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund returned 2.58% based on net asset value (“NAV”) and 2.41% based on market price.The Index returned 2.98% during the same period.

The Fund had an NAV of $49.92 per share on the date of inception and ended the Reporting Period with an NAV of $48.86 per share. The Fund’s market price on August 31, 2018 was $48.82 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 designed to measure the performance of high yield corporate bonds denominated in U.S. dollars that meet certain liquidity and fundamental screening criteria. “High yield” bonds are bonds that are rated below investment grade and are commonly referred to as “junk bonds.” The Index is a custom index that is owned and calculated by FTSE Fixed Income LLC (“FTSE”), a trading name of the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group” or the “Index Provider”). The Index is based on the FTSE US High-Yield Market Index (the “Reference Index”) using concepts developed with Goldman Sachs Asset Management, L.P. (“GSAM”). The Index is rules-based and the securities in the Index are updated on the last business day of each month.

During the Reporting Period, the Fund posted positive absolute returns that modestly lagged those of the Index, as measured by NAV. The Fund is passively managed to the Index and aims to minimize tracking error to the Index.

Overall, high yield corporate bond returns are driven by three primary factors — yield, duration (whether interest rates are rising or falling) and spreads (or a widening or tightening of the yield differential to U.S. Treasuries). During the Reporting Period, interest rates increased. The yield on the 10-year U.S. Treasury increased by approximately 81 basis points during the Reporting Period. (A basis point is 1/100^th of a percentage point.) The U.S. Federal Reserve (the “Fed”) raised interest rates three times during the Reporting Period — in December 2017, March 2018 and June 2018, and expectations for additional interest rate hikes in 2018 and 2019, coupled with rising inflation, contributed to U.S. Treasuries’ rising yields.

High yield corporate spreads tightened by approximately 44 basis points during the Reporting Period. Despite heightened market volatility, as seen primarily in equity markets, high yield corporate bonds exhibited resilience on the back of strong corporate earnings, a significant decline in new issue supply and prospects for ongoing U.S. economic growth with added fiscal stimulus.

All told, then, the high yield corporate bond sector posted positive returns during the Reporting Period, with coupon income and low default rates offsetting rising interest rates.

PORTFOLIO RESULTS

At the end of the Reporting Period, we believed it likely the Fed would hike interest rates next in September 2018 for a total of two more times in 2018 and then three times in 2019 in increments of 25 basis points each. We believed the U.S. economy would continue to grow in the months ahead and corporate earnings remain strong during the next couple of quarters. Further, we expected default rates within the high yield corporate bond market to remain low.

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

The Fund does not employ derivatives.

What was the Fund’s weighted average duration, weighted average maturity, weighted average coupon and 30-day standardized yield at the end of the Reporting Period?¹

The Fund had a weighted average duration of 3.73 years, a weighted average maturity of 5.62 years and a weighted average coupon of 6.13% as of August 31, 2018. The 30-day standardized yield of the Fund at the end of the Reporting Period was 5.50%.

What was the Fund’s credit allocation at the end of the Reporting Period?²


BB	51.3	%
B	37.4	%
CCC	8.5	%
Not Rated	0.2	%
Cash	2.7	%

What was the Fund’s industry allocation at the end of the Reporting Period?

Of the approximately 96.22% of the Fund’s assets invested in high yield corporate bonds at the end of the Reporting Period, approximately 82.42% was in industrials, 6.55% in financials and 7.25% in utilities.

What was the Fund’s sector positioning relative to the Index at the end of the Reporting Period?³

While the Index was 99.34% allocated to high yield corporate bonds and 0.66% allocated to emerging market corporate bonds, the Fund was 96.22% invested in high yield corporate bonds, 1.10% in emerging market corporate bonds and 2.67% in cash at the end of the Reporting Period.

Duration is a time measure of a bond’s interest-rate sensitivity, based on the weighted average of the time periods over which a bond’s cash flows accrue to the bondholder. Time periods are weighted by multiplying by the present value of its cash flow divided by the bond’s price. (A bond’s cash flows consist of coupon payments and repayment of capital.)

A bond’s duration will almost always be shorter than its maturity, with the exception of zero-coupon bonds, for which maturity and duration are equal. Weighted average duration is a measure of the duration for the securities in the portfolio overall. Weighted average maturity (“WAM”) is the weighted average amount of time until the debt securities in a portfolio mature, or the weighted average of the remaining terms to maturity of the debt securities within a portfolio. The higher the WAM, the longer it takes for all of the bonds in the portfolio to mature, and WAM is used to manage debt portfolios and to assess the performance of debt portfolio managers. Coupons are fixed percentages paid out on a fixed income security on an annual basis. Weighted average coupon is calculated by weighting the coupon of each debt security by its relative size in the portfolio. The 30-day standardized yield calculation is based on a 30-day period ending on the last day of the Reporting Period. It is computed by dividing the net investment income per share earned during the period by the maximum offering price per share on the last day of the period.

This Fund and the Index have not been rated by an independent rating agency. The credit allocation provided refers to the Fund’s underlying portfolio securities. For the purpose of determining compliance with any credit rating requirement, the Fund assigns a security, at the time of purchase, the highest rating by a Nationally Recognized Statistical Rating Organization (“NRSRO”) if the security is rated by more than one NRSRO. For this purpose, the Fund relies only on the ratings of the following NRSROs: S&P, Moody’s and Fitch, Inc. This method may differ from the method independently used by the Index Provider. GSAM will use a single rating if that is the only one available. Securities that are not rated by all three agencies are reflected as such in the breakdown. Unrated securities may be purchased by the Fund if they are determined by the Investment Adviser to be of a credit quality consistent with the Fund’s credit rating requirements. Unrated securities do not necessarily indicate low quality, and for such securities the Investment Adviser will evaluate the credit quality. GSAM converts all ratings to the equivalent S&P major rating category when illustrating credit rating breakdowns. Ratings and fund/index credit quality may change over time.

The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the FTSE Goldman Sachs High Yield Corporate Bond Index.

FUND BASICS

Access High Yield Corporate Bond ETF

as of August 31, 2018

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 the Fund traded on NYSE Arca at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.GSAMFUNDS.com.


PERFORMANCE REVIEW
September 5, 2017– August 31, 2018	Fund Total Return (based on NAV)²	Fund Total Return (based on Market Price)²			FTSE Goldman Sachs High Yield Corporate Bond Index³
Shares	2.58%		2.41	%		2.98	%

Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculations assumes all management fees incurred by the Fund. Market Price returns are based upon the last trade as of 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 Index was developed and is calculated and maintained by FTSE Fixed Income LLC (“FTSE”), a trading name of the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group” or the “Index Provider”). FTSE is not affiliated with the Fund or GSAM. The Fund is not sponsored, endorsed, sold or promoted by FTSE or any of its affiliates and FTSE makes no representation to any owner or prospective owner of the Fund regarding the advisability of investing in securities generally or in the Fund particularly, or the ability of the Fund to track the price and yield performance of the Index or the ability of the Index to track general bond market performance. FTSE’s only relationship to GSAM (“Licensee”) is the licensing of certain information, data, trademarks and trade names of FTSE or its affiliates. The Index is determined, composed and calculated by FTSE without regard to the Fund. FTSE has no obligation to take the needs of the owners or prospective owners of the Fund into consideration in determining, composing or calculating the Index. FTSE is not responsible for and has not participated in the determination of the prices and amount of the shares to be issued by the Fund or the timing of the issuance or sale of the shares to be issued by the Fund or in the determination or calculation of the equation by which the shares to be issued by the Fund are to be converted into cash. FTSE has no obligation or liability in connection with the administration, marketing or trading of the Fund.

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. 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


		30-DAY STANDARDIZED YIELD⁴
				30-Day Standardized Yield⁴
		Shares		5.50%

⁴


		EXPENSE RATIO⁵
				Expense Ratio
		Shares		0.34%

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 ratio disclosed on the Financial Highlights in this report.


TOP TEN HOLDINGS AS OF 8/31/18⁶
Holding	% of Net Assets			Line of Business
First Data Corp., 7.00%, 12/01/23		0.9	%	Information Technology
MGM Resorts International, 6.63%, 12/15/21		0.8		Consumer, Cyclical
Bausch Health Cos, Inc., 7.00%, 03/15/24		0.8		Consumer, Non-cyclical
CCO Holdings LLC / CCO Holdings Capital Corp., 5.13%, 05/01/27		0.8		Telecommunication Services
CSC Holdings LLC, 10.88%, 10/15/25		0.8		Telecommunication Services
Sirius XM Radio, Inc., 6.00%, 07/15/24		0.7		Telecommunication Services
Prime Security Services Borrower LLC / Prime Finance, Inc., 9.25%, 05/15/23		0.7		Consumer, Non-cyclical
Bausch Health Cos, Inc., 6.13%, 04/15/25		0.7		Consumer, Non-cyclical
First Data Corp., 5.75%, 01/15/24		0.7		Information Technology
DISH DBS Corp., 5.88%, 11/15/24		0.7		Telecommunication Services

⁶

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

FUND BASICS


INDUSTRY ALLOCATION AS OF 8/31/18⁷
Industry	% of Net Assets
Telecommunication Services		22.1	%
Consumer, Non-cyclical		17.5
Energy		14.8
Consumer, Cyclical		11.1
Financials		8.1
Industrials		7.4
Information Technology		6.2
Materials		5.1
Utilities		3.4
Other		1.9

⁷

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. The “Other” category represents the Fund’s investments in other investment companies. Figures in the table may not sum to 100% due to the exclusion of other assets and liabilities.

GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF

Performance Summary

August 31, 2018

The following graph shows the value, as of August 31, 2018, of a $10,000 investment made on September 5, 2017 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index, the FTSE Goldman Sachs High Yield Corporate Bond Index is 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.

Goldman Sachs Access High Yield Corporate Bond ETF’s Lifetime Performance

Performance of a $10,000 Investment, with distributions reinvested, from September 5, 2017 through August 31, 2018.

LOGO


Average Annual Total Return through August 31, 2018							Since Inception

Shares based on NAV (Commenced September 5, 2017 )							2.58%*

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

PORTFOLIO RESULTS

Goldman Sachs Access Investment Grade Corporate Bond ETF

Investment Objective

The Goldman Sachs Access Investment Grade Corporate Bond ETF (the “Fund”) seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the FTSE Goldman Sachs Investment Grade Corporate Bond Index (the “Index”).

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Global Fixed Income and Liquidity Solution Team discusses the Fund’s performance and positioning for the 12-month period ended August 31, 2018 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund returned -1.04% based on net asset value (“NAV”) and -1.05% based on market price. The Index returned -0.84% during the same period.

The Fund had an NAV of $50.28 per share on August 31, 2017 and ended the Reporting Period with an NAV of $48.31 per share. The Fund’s market price on August 31, 2018 was $48.28 per share.

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

The Index is designed to measure the performance of investment grade corporate bonds denominated in U.S. dollars that meet certain liquidity and fundamental screening criteria. The Index is a custom index that is owned and calculated by FTSE Fixed Income LLC (“FTSE”), a trading name of the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group” or the “Index Provider”). The Index is based on the FTSE US Broad Investment Grade (USBIG^®) Corporate Index (the “Reference Index”) using concepts developed with Goldman Sachs Asset Management, L.P. (“GSAM”). The Index is rules-based and the securities in the Index are updated on the last business day of each month.

During the Reporting Period, the Fund posted negative absolute returns that modestly lagged those of the Index, as measured by NAV. The Fund is passively managed to the Index and aims to minimize tracking error to the Index.

Overall, investment grade corporate bond returns are driven by three primary factors — yield, duration (whether interest rates are rising or falling) and spreads (or a widening or tightening of the yield differential to U.S. Treasuries). During the Reporting Period, interest rates increased. The yield on the 10-year U.S. Treasury increased by approximately 69 basis points during the Reporting Period. (A basis point is 1/100th of a percentage point.) The U.S. Federal Reserve (the “Fed”) raised interest rates three times during the Reporting Period — in December 2017, March 2018 and June 2018, and expectations for additional interest rate hikes in 2018 and 2019, coupled with rising inflation, contributed to U.S. Treasuries’ rising yields.

Investment grade corporate spreads widened by approximately five basis points during the Reporting Period. Investment grade corporate bond markets also saw significant new issue supply on the back of tax reform and repatriation of U.S. dollar-based investments, which further drove the sector’s negative returns.

PORTFOLIO RESULTS

quarters. Further, we expected new issue supply within the investment grade corporate bond market to moderate and demand for long-term corporate credit to sustain, likely contributing to a flatter investment grade corporate bond yield curve. (A flatter yield curve is one wherein the differential between yields on longer-term and shorter-term maturities narrows.)

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

The Fund does not employ derivatives.

What was the Fund’s weighted average duration, weighted average maturity, weighted average coupon and 30-day standardized yield at the end of the Reporting Period?¹

The Fund had a weighted average duration of 7.22 years, a weighted average maturity of 10.77 years and a weighted average coupon of 3.91% as of August 31, 2018. The 30-day standardized yield of the Fund at the end of the Reporting Period was 3.78%.

What was the Fund’s credit allocation at the end of the Reporting Period?


AAA	2.9	%
AA	12.7	%
A	40.6	%
BBB	42.7	%
BB	0.4	%
Cash	0.7	%

What was the Fund’s industry allocation at the end of the Reporting Period?²

Of the approximately 97% of the Fund’s assets invested in investment grade corporate bonds at the end of the Reporting Period, approximately 30.24% was in financials, 65.17% in industrials and 1.59% in utilities.

What was the Fund’s sector positioning relative to the Index at the end of the Reporting Period?³

While the Index was 97.60% allocated to investment grade corporate bonds, 0.43% in high yield corporate bonds and 1.97% in emerging market corporate bonds, the Fund was approximately 97% invested in investment grade corporate bonds, 0.41% in high yield corporate bonds, 1.90% in emerging market corporate bonds and 0.68% in cash at the end of the Reporting Period.

The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the FTSE Goldman Sachs Investment Grade Corporate Bond Index.

FUND BASICS

Access Investment Grade Corporate Bond ETF

as of August 31, 2018

LOGO


PERFORMANCE REVIEW
September 1, 2017– August 31, 2018	Fund Total Return (based on NAV)²	Fund Total Return (based on Market Price)²			FTSE Goldman Sachs Investment Grade Corporate Bond Index³
Shares	-1.04%		-1.05	%		-0.84	%

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

FUND BASICS


STANDARDIZED TOTAL RETURNS⁴
For period ended June 30, 2018	One Year			Since Inception			Inception Date
Shares (based on NAV		-1.16	%		-1.15	%		6/6/17
Shares (based on Market Price)		-1.31			-1.17			6/6/17

⁴

The Standardized Total Returns are average annual total returns as of the most recent calendar quarter-end. They assume reinvestment of all distributions. 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.


		30-DAY STANDARDIZED YIELD⁵
				30-Day Standardized Yield⁵
		Shares		3.78%

⁵


		EXPENSE RATIO⁶
				Expense Ratio
		Shares		0.14%

⁶


TOP TEN HOLDINGS AS OF 8/31/18⁷
Holding	% of Net Assets			Line of Business
BP Capital Markets PLC, 3.56%, 11/01/21		0.9	%	Energy
Anheuser-Busch InBev Finance, Inc., 2.63%, 01/17/23		0.7		Consumer, Non-cyclical
Alibaba Group Holding Ltd., 3.13%, 11/28/21		0.6		Telecommunication Services
JPMorgan Chase & Co., 2.55%, 03/01/21		0.5		Financials
Dell International LLC / EMC Corp., 4.42%, 06/15/21		0.5		Information Technology
JPMorgan Chase & Co., 2.97%, 01/15/23		0.5		Financials
Apple, Inc., 2.25%, 02/23/21		0.5		Information Technology
Morgan Stanley, Series GMTN, 4.35%, 09/08/26		0.4		Financials
Royal Bank of Canada, Series MTN, 2.35%, 10/30/20		0.4		Financials
Anheuser-Busch InBev Finance, Inc., 3.65%, 02/01/26		0.4		Consumer, Non-cyclical

⁷

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

FUND BASICS


INDUSTRY ALLOCATION AS OF 8/31/18⁸
Industry	% of Net Assets
Financials		31.1	%
Consumer, Non-cyclical		18.4
Telecommunication Services		13.6
Information Technology		10.9
Energy		9.9
Consumer, Cyclical		6.2
Industrials		4.7
Materials		2.1
Utilities		1.6
Other		0.6

⁸

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Performance Summary

August 31, 2018

The following graph shows the value, as of August 31, 2018, of a $10,000 investment made on June 6, 2017 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index, the FTSE Goldman Sachs Investment Grade Corporate Bond Index is 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.

Goldman Sachs Access Investment Grade Corporate Bond ETF’s Lifetime Performance

Performance of a $10,000 Investment, with distributions reinvested, from June 6, 2017 through August 31, 2018.

LOGO


Average Annual Total Return through August 31, 2018	1 Year Return	Since Inception

Shares based on NAV (Commenced June 6, 2017)	-1.04%	0.12%

PORTFOLIO RESULTS

Goldman Sachs Access Treasury 0-1 Year ETF

(formerly Goldman Sachs TreasuryAccess 0-1 Year ETF)

Investment Objective

The Goldman Sachs Access Treasury 0-1 Year ETF (the “Fund”) seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the FTSE US Treasury 0-1 Year Composite Select Index (the “Index”).

Portfolio Management Discussion and Analysis

Effective August 7, 2018, the Goldman Sachs TreasuryAccess 0-1 Year ETF was re-named Goldman Sachs Access Treasury 0-1 Year ETF, and its benchmark index, the Citi US Treasury 0-1 Year Composite Select Index was re-named the FTSE US Treasury 0-1 Year Composite Select Index. Below, the Goldman Sachs Global Fixed Income and Liquidity Solutions Team discusses the Fund’s performance and positioning for the 12-month period ended August 31, 2018 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund returned 1.37% based on net asset value (“NAV”) and 1.38% based on market price. The Index returned 1.47% during the same period.

The Fund had an NAV of $100.10 on August 31, 2017 and ended the Reporting Period with an NAV of $100.16 per share. The Fund’s market price on August 31, 2018 was $100.18 per share.

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

The Index is designed to measure the performance of U.S. Treasury Obligations with a maximum remaining maturity of 12 months. “U.S. Treasury Obligations” refer to securities issued or guaranteed by the U.S. Treasury where the payment of principal and interest is backed by the full faith and credit of the U.S. government. U.S. Treasury Obligations include U.S. Treasury notes, U.S. Treasury bills and U.S. Treasury floating rate bonds. The Index is sponsored by FTSE Fixed Income LLC (“FTSE” ), a trading name of the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group or the “Index Provider”), which is not affiliated with the Fund or the Investment Adviser. The Index is market capitalization-weighted and the securities in the Index are updated on the last business day of each month.

During the Reporting Period, the Fund posted positive absolute returns that closely tracked those of the Index, as measured by NAV. The Fund is passively managed to the Index and aims to minimize tracking error to the Index.

Three primary factors affected the short-term U.S. Treasury market during the Reporting Period — increased new issue supply, higher interest rates and heightened market volatility.

First, on the back of tax reform signed into law in December 2017, new issue supply increased. The increased supply, in turn, drove the yields on short-term U.S. Treasuries higher. Second, the U.S. Federal Reserve (the “Fed”) hiked interest rates three times during the Reporting Period — in December 2017 and in March and June 2018 — by 25 basis points each time, bringing the targeted federal funds rate to a range of 1.75% to 2.00%. (A basis point is 1/100^th of a percentage point.) While the value of U.S. Treasuries traded down during the first half of the Reporting Period as Fed policy became priced into short-term rates, increasing yields helped offset negative price action during the second half of the Reporting Period. Third, amid a pick-up in anti-trade rhetoric from the U.S. Administration and the re-negotiation of several trade partnerships, volatility in markets across fixed income and equities heightened. In

PORTFOLIO RESULTS

addition, several specific political and economic events in emerging markets, including Venezuela, Argentina, Turkey, Brazil and South Africa, contributed to an investor preference for U.S. assets. This investor sentiment, in turn, tended to increase the value of U.S. Treasuries.

At the end of the Reporting Period, we believed each of these factors would continue to be important to the performance of the short-term U.S. Treasury market in the months ahead. We believed it likely the Fed would hike interest rates next in September 2018 for a total of two more times in 2018 and then three times in 2019 in increments of 25 basis points each, in line with the Fed’s median projections. At the end of the Reporting Period, it did not appear that the market had priced in the Fed’s forward guidance and a risk to valuations of short-term U.S. Treasuries could be a sharp market repricing to consider the median rate path provided by the Fed. A hawkish surprise to Fed policy, meaning a bias to a more aggressive path of interest rate hikes, could also be a risk to valuations. As for supply, at the end of the Reporting Period, we expected supply of U.S. Treasury bills to continue to increase, which, as a result, may well contribute to rising yields of short-term U.S. Treasuries going forward.

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

The Fund does not employ derivatives.

What was the Fund’s weighted average duration, weighted average maturity, weighted average coupon and 30-day standardized yield at the end of the Reporting Period?¹

The Fund had a weighted average duration of 0.36 years, a weighted average maturity of 0.36 years and a weighted average coupon of 0.40% as of August 31, 2018. The 30-day standardized yield of the Fund at the end of the Reporting Period was 1.96% (subsidized) and 1.94% (unsubsidized).

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

While the Index was 100% allocated to U.S. Treasury bills as the end of the Reporting Period, the Fund was approximately 99.97% invested in U.S. Treasury bills and 0.03% in cash at the end of the Reporting Period.

¹Duration

is a time measure of a bond’s interest-rate sensitivity, based on the weighted average of the time periods over which a bond’s cash flows accrue to the bondholder. Time periods are weighted by multiplying by the present value of its cash flow divided by the bond’s price. (A bond’s cash flows consist of coupon payments and repayment of capital.)

²The

Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the FTSE US Treasury 0-1 Year Composite Select Index.

FUND BASICS

Access Treasury 0-1 Year ETF

as of August 31, 2018

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 the Fund traded on NYSE Arca at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.GSAMFUNDS.com.


PERFORMANCE REVIEW
September 1, 2017– August 31, 2018	Fund Total Return (based on NAV)²			Fund Total Return (based on Market Price)²			FTSE US Treasury 0-1 Year Composite Select Index³
Shares		1.37	%		1.38	%		1.47	%

The Index is designed to measure the performance of U.S. Treasury Obligations with a maximum remaining maturity of 12 months. “U.S. Treasury Obligations” refer to securities issued or guaranteed by the U.S. Treasury where the payment of principal and interest is backed by the full faith and credit of the U.S. government. U.S. Treasury Obligations include U.S. Treasury notes, U.S. Treasury bills and U.S. Treasury floating rate bonds. The Index is sponsored by FTSE Fixed Income LLC (“FTSE” ), a trading name of the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group” or the “Index Provider”), which is not affiliated with the Fund or GSAM. The Index is determined, composed and calculated by FTSE without regard to the Fund. It is not possible to invest directly in an unmanaged index.

FUND BASICS


STANDARDIZED TOTAL RETURNS⁴
For period ended June 30, 2018	One Year			Since Inception			Inception Date
Shares (based on NAV)		1.22	%		0.86	%	9/6/16
Shares (based on Market Price)		1.19			0.87		9/6/16

⁴

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.


30-DAY STANDARDIZED YIELD⁵
	30-Day Subsized Yield⁵			30-Day Unsubsized Yield⁵
Shares		1.96	%		1.94	%

⁵

The method of calculation of the 30-Day Standardized Yield is mandated by the Securities and Exchange Commission and is determined by dividing the net investment income per share earned during the last 30 days of the period by the maximum public offering price per share on the last day of the period. This number is then annualized. The 30-Day Subsidized Yield reflects fee waivers and/or expense reimbursements recorded by the Fund during the period. Without waivers and/or reimbursements, yields would be reduced. This yield does not necessarily reflect income actually earned and distributed by the Fund and, therefore, may not be correlated with the dividends or other distributions paid to shareholders. The 30-Day Unsubsidized Yield does not adjust for any fee waivers and/or expense reimbursements in effect. If the Fund does not incur any fee waivers and/or expense reimbursements during the period, the 30-Day Subsidized Yield and 30-Day Unsubsidized Yield will be identical.


EXPENSE RATIO⁶
	Net Expense Ratio (Current)⁷			Gross Expense Ratio (Before Waivers)
Shares		0.12	%		0.14	%

⁶

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.

⁷

The Investment Adviser has agreed to waive a portion of its management fee in order to achieve an effective net management fee rate of 0.12% as an annual percentage rate of average daily net assets of the Fund. This arrangement will remain in effect through at least December 29, 2018, and prior to such date the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees.

FUND BASICS


TOP HOLDINGS AS OF 8/31/18⁸
Holding	Maturity Date	% of Net Assets
U.S. Treasury Note, 0.88%	10/15/18		11.2	%
U.S. Treasury Bills, 1.98%	10/25/18		7.4
U.S. Treasury Bills, 2.01%	10/25/18		6.8
U.S. Treasury Note, 1.25%	04/30/19		6.4
U.S. Treasury Bills, 2.19%	01/24/19		5.9
U.S. Treasury Bills, 2.04%	11/23/18		5.4
U.S. Treasury Note, 1.00%	03/15/19		5.2
U.S. Treasury Note, 1.00%	06/30/19		5.1
U.S. Treasury Bills, 2.21%	01/24/19		4.6
U.S. Treasury Note, 0.75%	02/15/19		4.4
Other	N/A		37.6

⁸

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

GOLDMAN SACHS ACCESS TREASURY 0-1 YEAR ETF

Performance Summary

August 31, 2018

The following graph shows the value, as of August 31, 2018, of a $10,000 investment made on September 6, 2016 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index, the FTSE US Treasury 0-1 Year Composite Select Index is 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.

Goldman Sachs Access Treasury 0-1 Year ETF’s Lifetime Performance

Performance of a $10,000 Investment, with distributions reinvested, from September 6, 2016 through August 31, 2018.

LOGO


Average Annual Total Return through August 31, 2018	1 Year Return	Since Inception

Shares based on NAV (Commenced September 6, 2016)	1.37%	0.96%

GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF

Schedule of Investments

August 31, 2018


Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – 89.8%
Aerospace & Defense – 1.0%
	TransDigm, Inc.
$	186,000		5.500	%		10/15/20	$	186,930
	79,000		6.000			07/15/22		80,185
	60,000		6.500			07/15/24		61,500
	45,000		6.500			05/15/25		46,013
	70,000		6.375			06/15/26		71,050

								445,678

Agriculture – 0.3%
	JBS USA LUX SA / JBS USA Finance, Inc.
	30,000		5.875	^(a)		07/15/24		28,950
	100,000		5.750	^(a)		06/15/25		94,875

								123,825

Air Freight & Logistics – 0.2%
	XPO Logistics, Inc.
	6,000		6.500	^(a)		06/15/22		6,218
	107,000		6.125	^(a)		09/01/23		110,745

								116,963

Automobiles – 0.4%
	Tesla, Inc.
	193,000		5.300	^(a)		08/15/25		168,151

Banks – 1.1%
	CIT Group, Inc.
	160,000		4.125			03/09/21		160,600
	110,000		5.000			08/15/22		112,612
	108,000		5.250			03/07/25		110,430
	Freedom Mortgage Corp.
	125,000		8.250	^(a)		04/15/25		121,563

								505,205

Basic Industry – 0.4%
	Blue Cube Spinco LLC
	10,000		9.750			10/15/23		11,350
	Hexion, Inc.
	45,000		6.625			04/15/20		42,750
	81,000		10.375	^(a)		02/01/22		80,190
	Novelis Corp.
	50,000		6.250	^(a)		08/15/24		51,125

								185,415

Broadcasting – 3.1%
	Clear Channel Worldwide Holdings, Inc., Series A
	150,000		6.500			11/15/22		153,188
	Clear Channel Worldwide Holdings, Inc., Series B
	274,000		7.625			03/15/20		275,712
	Nexstar Broadcasting, Inc.
	145,000		5.625	^(a)		08/01/24		142,825
	Sinclair Television Group, Inc.
	80,000		5.375			04/01/21		80,700
	Sirius XM Radio, Inc.
	30,000		3.875	^(a)		08/01/22		29,513
	305,000		6.000	^(a)		07/15/24		317,581
	47,000		5.375	^(a)		04/15/25		47,822
	124,000		5.375	^(a)		07/15/26		124,000
	50,000		5.000	^(a)		08/01/27		48,563

Corporate Obligations – (continued)
Broadcasting – (continued)
	Univision Communications, Inc.
	70,000		5.125	^(a)		05/15/23		66,675
	147,000		5.125	^(a)		02/15/25		135,791

								1,422,370

Capital Goods – 2.5%
	Berry Global, Inc.
	70,000		5.500			05/15/22		71,488
	88,000		4.500	^(a)		02/15/26		82,940
	Brand Industrial Services, Inc.
	50,000		8.500	^(a)		07/15/25		51,375
	BWAY Holding Co.
	179,000		5.500	^(a)		04/15/24		178,105
	100,000		7.250	^(a)		04/15/25		98,250
	Flex Acquisition Co., Inc.
	100,000		6.875	^(a)		01/15/25		96,750
	Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu
	247,000		5.125	^(a)		07/15/23		246,691
	64,000		7.000	^(a)		07/15/24		65,360
	Sensata Technologies BV
	25,000		4.875	^(a)		10/15/23		25,094
	121,000		5.000	^(a)		10/01/25		122,361
	Vertiv Group Corp.
	120,000		9.250	^(a)		10/15/24		123,600

								1,162,014

Capital Markets – 0.4%
	MSCI, Inc.
	160,000		5.250	^(a)		11/15/24		165,000
	5,000		4.750	^(a)		08/01/26		4,987

								169,987

Chemicals – 0.9%
	Chemours Co. (The)
	100,000		7.000			05/15/25		107,250
	75,000		5.375			05/15/27		73,875
	Olin Corp.
	97,000		5.125			09/15/27		96,272
	97,000		5.000			02/01/30		93,120
	Platform Specialty Products Corp.
	30,000		6.500	^(a)		02/01/22		30,788
	25,000		5.875	^(a)		12/01/25		24,875

								426,180

Commercial Services & Supplies – 0.7%
	ADT Corp. (The)
	60,000		6.250			10/15/21		63,750
	60,000		4.125			06/15/23		57,300
	60,000		4.875	^(a)		07/15/32		48,750
	Covanta Holding Corp.
	60,000		6.375			10/01/22		61,725
	25,000		5.875			07/01/25		25,031
	West Corp.
	80,000		8.500	^(a)		10/15/25		73,100

								329,656


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

GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF


Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Communications – 6.7%
	CCO Holdings LLC / CCO Holdings Capital Corp.
$	60,000		5.250	%		03/15/21	$	60,750
	154,000		5.250			09/30/22		155,540
	145,000		5.125	^(a)		05/01/23		145,544
	8,000		5.750			09/01/23		8,180
	47,000		5.750			01/15/24		48,057
	201,000		5.875	^(a)		04/01/24		205,523
	110,000		5.750	^(a)		02/15/26		110,412
	159,000		5.500	^(a)		05/01/26		157,609
	369,000		5.125	^(a)		05/01/27		352,856
	67,000		5.875	^(a)		05/01/27		66,665
	191,000		5.000	^(a)		02/01/28		180,018
	Cequel Communications Holdings I LLC / Cequel Capital Corp.
	259,000		5.125	^(a)		12/15/21		259,971
	CSC Holdings LLC
	212,000		6.750			11/15/21		225,250
	60,000		5.250			06/01/24		58,650
	300,000		10.875	^(a)		10/15/25		351,750
	200,000		5.500	^(a)		04/15/27		195,750
	DISH DBS Corp.
	62,000		5.875			07/15/22		59,985
	350,000		5.875			11/15/24		306,250
	199,000		7.750			07/01/26		180,592

								3,129,352

Construction & Engineering – 0.3%
	AECOM
	30,000		5.875			10/15/24		32,025
	98,000		5.125			03/15/27		96,285

								128,310

Consumer Cyclical – 6.1%
	Allison Transmission, Inc.
	177,000		5.000	^(a)		10/01/24		176,336
	20,000		4.750	^(a)		10/01/27		18,875
	American Axle & Manufacturing, Inc.
	151,000		6.250			04/01/25		151,000
	APX Group, Inc.
	153,000		7.875			12/01/22		156,825
	Caesars Resort Collection LLC / CRC Finco, Inc.
	151,000		5.250	^(a)		10/15/25		144,771
	Cinemark USA, Inc.
	60,000		5.125			12/15/22		60,525
	100,000		4.875			06/01/23		99,250
	CyrusOne LP / CyrusOne Finance Corp.
	161,000		5.000			03/15/24		163,817
	ESH Hospitality, Inc.
	119,000		5.250	^(a)		05/01/25		115,728
	Hilton Domestic Operating Co., Inc.
	74,000		4.250			09/01/24		72,243
	100,000		5.125	^(a)		05/01/26		100,375
	Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp.
	77,000		4.625			04/01/25		76,230
	154,000		4.875			04/01/27		152,075

Corporate Obligations – (continued)
Consumer Cyclical – (continued)
	JC Penney Corp., Inc.
	80,000		5.875	^(a)		07/01/23		71,600
	60,000		8.625	^(a)		03/15/25		44,700
	KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC
	126,000		5.000	^(a)		06/01/24		125,685
	MGM Growth Properties Operating Partnership LP / MGP Finance Co.-Issuer, Inc.
	30,000		5.625			05/01/24		30,938
	75,000		4.500			09/01/26		71,812
	Prime Security Services Borrower LLC / Prime Finance, Inc.
	295,000		9.250	^(a)		05/15/23		317,494
	Sabre GLBL, Inc.
	45,000		5.375	^(a)		04/15/23		45,450
	60,000		5.250	^(a)		11/15/23		60,450
	Scientific Games International, Inc.
	100,000		10.000			12/01/22		106,125
	100,000		5.000	^(a)		10/15/25		94,875
	Toll Brothers Finance Corp.
	19,000		5.875			02/15/22		19,997
	83,000		4.375			04/15/23		83,000
	50,000		4.350			02/15/28		46,063
	Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp.
	38,000		4.250	^(a)		05/30/23		36,622
	100,000		5.500	^(a)		03/01/25		98,875
	110,000		5.250	^(a)		05/15/27		103,538

								2,845,274

Consumer Finance – 3.2%
	Ally Financial, Inc.
	135,000		8.000			03/15/20		144,450
	95,000		4.125			03/30/20		95,712
	100,000		4.625			05/19/22		101,375
	103,000		5.125			09/30/24		105,961
	55,000		4.625			03/30/25		55,138
	20,000		5.750			11/20/25		20,875
	25,000		8.000			11/01/31		30,688
	232,000		8.000			11/01/31		284,200
	Springleaf Finance Corp.
	92,000		5.250			12/15/19		93,840
	149,000		7.750			10/01/21		162,410
	102,000		5.625			03/15/23		102,637
	132,000		6.875			03/15/25		132,825
	139,000		7.125			03/15/26		139,348

								1,469,459

Consumer Noncyclical – 2.2%
	Albertsons Cos. LLC / Safeway, Inc. / New Albertsons LP / Albertson’s LLC
	40,000		6.625			06/15/24		38,650
	185,000		5.750			03/15/25		168,119
	Avantor, Inc.
	50,000		9.000	^(a)		10/01/25		51,812
	Change Healthcare Holdings LLC / Change Healthcare Finance, Inc.
	119,000		5.750	^(a)		03/01/25		116,769


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

GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF

Schedule of Investments (continued)

August 31, 2018


Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Consumer Noncyclical – (continued)
	First Quality Finance Co., Inc.
$	170,000		4.625	% ^(a)		05/15/21	$	168,512
	IQVIA, Inc.
	246,000		4.875	^(a)		05/15/23		247,845
	Jaguar Holding Co. II / Pharmaceutical Product Development LLC
	30,000		6.375	^(a)		08/01/23		30,375
	MPH Acquisition Holdings LLC
	154,000		7.125	^(a)		06/01/24		159,198
	New Albertsons LP
	60,000		7.450			08/01/29		50,100
	10,000		8.000			05/01/31		8,575

								1,039,955

Containers & Packaging – 1.3%
	Ball Corp.
	245,000		5.000			03/15/22		252,656
	165,000		5.250			07/01/25		170,569
	50,000		4.875			03/15/26		49,937
	Sealed Air Corp.
	40,000		5.250	^(a)		04/01/23		40,850
	75,000		5.125	^(a)		12/01/24		75,844
	25,000		5.500	^(a)		09/15/25		25,594

								615,450

Diversified Consumer Services – 0.6%
	Service Corp. International
	219,000		5.375			01/15/22		223,654
	45,000		4.625			12/15/27		43,425

								267,079

Diversified Telecommunication – 2.5%
	CenturyLink, Inc.
	103,000		5.625			04/01/25		101,326
	CenturyLink, Inc., Series T
	25,000		5.800			03/15/22		25,625
	CenturyLink, Inc., Series W
	92,000		6.750			12/01/23		96,140
	CenturyLink, Inc., Series Y
	122,000		7.500			04/01/24		130,997
	Frontier Communications Corp.
	82,000		8.750			04/15/22		66,215
	148,000		10.500			09/15/22		130,425
	157,000		7.625			04/15/24		100,088
	100,000		6.875			01/15/25		59,750
	342,000		11.000			09/15/25		262,485
	182,000		8.500	^(a)		04/01/26		171,908

								1,144,959

Electric – 0.6%
	NextEra Energy Operating Partners LP
	72,000		4.250	^(a)		09/15/24		70,470
	25,000		4.500	^(a)		09/15/27		23,875
	Talen Energy Supply LLC
	63,000		4.600			12/15/21		54,574
	70,000		6.500			06/01/25		52,412
	80,000		10.500	^(a)		01/15/26		70,500

								271,831

Corporate Obligations – (continued)
Energy – 3.9%
	Ascent Resources Utica Holdings LLC / ARU Finance Corp.
	49,000		10.000	^(a)		04/01/22		54,390
	Citgo Holding, Inc.
	40,000		10.750	^(a)		02/15/20		42,750
	CITGO Petroleum Corp.
	20,000		6.250	^(a)		08/15/22		20,200
	CrownRock LP / CrownRock Finance, Inc.
	50,000		5.625	^(a)		10/15/25		48,875
	DCP Midstream Operating LP
	35,000		4.750	^(a)		09/30/21		35,700
	Endeavor Energy Resources LP / EER Finance, Inc.
	108,000		5.500	^(a)		01/30/26		108,270
	60,000		5.750	^(a)		01/30/28		60,150
	EP Energy LLC / Everest Acquisition Finance, Inc.
	105,000		9.375	^(a)		05/01/24		83,475
	73,000		8.000	^(a)		11/29/24		73,547
	105,000		8.000	^(a)		02/15/25		76,650
	120,000		7.750	^(a)		05/15/26		123,450
	Hilcorp Energy I LP / Hilcorp Finance Co.
	139,000		5.000	^(a)		12/01/24		135,004
	25,000		5.750	^(a)		10/01/25		24,937
	McDermott Technology Americas, Inc. / McDermott Technology US, Inc.
	151,000		10.625	^(a)		05/01/24		160,626
	Nabors Industries, Inc.
	25,000		5.000			09/15/20		25,250
	25,000		4.625			09/15/21		25,031
	142,000		5.500			01/15/23		142,355
	PBF Holding Co. LLC / PBF Finance Corp.
	25,000		7.000			11/15/23		26,219
	50,000		7.250			06/15/25		52,875
	Sable Permian Resources Land LLC / AEPB Finance Corp.
	125,000		13.000	^(a)		11/30/20		138,281
	Transocean Proteus Ltd.
	71,400		6.250	^(a)		12/01/24		73,007
	Transocean, Inc.
	51,000		5.800			10/15/22		50,490
	156,000		9.000	^(a)		07/15/23		168,480
	77,000		7.500			04/15/31		71,418

								1,821,430

Energy Equipment & Services – 0.2%
	Diamond Offshore Drilling, Inc.
	76,000		7.875			08/15/25		78,090

Equity Real Estate Investment – 0.9%
	Iron Mountain, Inc.
	35,000		6.000			08/15/23		36,094
	94,000		5.750			08/15/24		93,530
	99,000		4.875	^(a)		09/15/27		92,070
	69,000		5.250	^(a)		03/15/28		65,636
	SBA Communications Corp.
	16,000		4.875			07/15/22		16,180
	15,000		4.000			10/01/22		14,737
	105,000		4.875			09/01/24		103,950

								422,197


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

GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF


Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Financial Company – 1.3%
	BCD Acquisition, Inc.
$	30,000		9.625	% ^(a)		09/15/23	$	31,800
	Blackstone CQP Holdco LP
	60,000		6.500	^(a)		03/20/21		60,037
	Icahn Enterprises LP / Icahn Enterprises Finance Corp.
	100,000		6.000			08/01/20		101,875
	60,000		5.875			02/01/22		61,050
	38,000		6.250			02/01/22		39,093
	100,000		6.375			12/15/25		101,750
	Quicken Loans, Inc.
	98,000		5.750	^(a)		05/01/25		97,755
	100,000		5.250	^(a)		01/15/28		92,250

								585,610

Food and Beverage – 0.6%
	Golden Nugget, Inc.
	140,000		6.750	^(a)		10/15/24		142,625
	32,000		8.750	^(a)		10/01/25		33,760
	KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC
	100,000		4.750	^(a)		06/01/27		96,250

								272,635

Food Products – 1.5%
	Lamb Weston Holdings, Inc.
	100,000		4.625	^(a)		11/01/24		98,750
	100,000		4.875	^(a)		11/01/26		99,000
	Post Holdings, Inc.
	60,000		5.500	^(a)		03/01/25		60,075
	263,000		5.000	^(a)		08/15/26		253,795
	137,000		5.750	^(a)		03/01/27		136,315
	50,000		5.625	^(a)		01/15/28		48,875

								696,810

Food & Staples Retailing – 0.1%
	Safeway, Inc.
	30,000		7.250			02/01/31		28,725

Hardware – 1.3%
	CDW LLC / CDW Finance Corp.
	40,000		5.000			09/01/23		41,000
	45,000		5.500			12/01/24		47,025
	154,000		5.000			09/01/25		153,615
	CommScope Technologies LLC
	40,000		6.000	^(a)		06/15/25		41,600
	102,000		5.000	^(a)		03/15/27		99,195
	CommScope, Inc.
	209,000		5.500	^(a)		06/15/24		212,657

								595,092

Health Care Providers & Services – 4.4%
	Centene Corp.
	88,000		4.750			05/15/22		89,980
	210,000		6.125			02/15/24		221,812
	50,000		4.750			01/15/25		50,500
	DaVita, Inc.
	255,000		5.125			07/15/24		246,394

Corporate Obligations – (continued)
Health Care Providers & Services – (continued)
	Encompass Health Corp.
	70,000		5.750			11/01/24		71,138
	Envision Healthcare Corp.
	30,000		5.625			07/15/22		30,825
	95,000		6.250	^(a)		12/01/24		101,887
	HCA Healthcare, Inc.
	192,000		6.250			02/15/21		201,120
	Tenet Healthcare Corp.
	227,000		4.750			06/01/20		229,554
	75,000		6.000			10/01/20		78,094
	200,000		8.125			04/01/22		211,500
	269,000		6.750			06/15/23		271,017
	100,000		5.125			05/01/25		99,750
	142,000		7.000			08/01/25		142,178

								2,045,749

Healthcare – 1.4%
	HCA, Inc.
	130,000		7.500			02/15/22		142,838
	299,000		5.375			02/01/25		302,737
	220,000		5.875			02/15/26		227,975

								673,550

Hotels, Restaurants & Leisure – 2.3%
	Boyd Gaming Corp.
	100,000		6.000			08/15/26		101,125
	Diamond Resorts International, Inc.
	127,000		7.750	^(a)		09/01/23		132,080
	60,000		10.750	^(a)		09/01/24		62,550
	MGM Resorts International
	50,000		5.250			03/31/20		51,125
	369,000		6.625			12/15/21		391,601
	60,000		6.000			03/15/23		62,475
	88,000		5.750			06/15/25		88,880
	43,000		4.625			09/01/26		40,689
	Six Flags Entertainment Corp.
	136,000		4.875	^(a)		07/31/24		134,470

								1,064,995

Household & Leisure – 0.2%
	Prestige Brands, Inc.
	100,000		6.375	^(a)		03/01/24		101,750

Household Durables – 1.6%
	Lennar Corp.
	303,000		4.750			11/15/22		303,947
	50,000		4.500			04/30/24		49,250
	55,000		4.750			05/30/25		54,175
	40,000		4.750			11/29/27		38,350
	PulteGroup, Inc.
	55,000		4.250			03/01/21		55,412
	93,000		5.500			03/01/26		93,233
	65,000		5.000			01/15/27		62,075

	Tempur Sealy International, Inc.
	20,000		5.625			10/15/23		20,100
	50,000		5.500			06/15/26		48,625

								725,167


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

GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF

Schedule of Investments (continued)

August 31, 2018


Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Independent Power & Renewable Electricity Producers – 2.8%
	AES Corp.
$	100,000		4.875			05/15/23	$	101,750
	50,000		5.500			04/15/25		51,500
	137,000		6.000			05/15/26		145,220
	Calpine Corp.
	50,000		6.000	^(a)		01/15/22		51,062
	162,000		5.375			01/15/23		154,102
	10,000		5.875	^(a)		01/15/24		10,125
	99,000		5.500			02/01/24		90,833
	120,000		5.750			01/15/25		109,050
	108,000		5.250	^(a)		06/01/26		102,195
	NRG Energy, Inc.
	122,000		6.250			07/15/22		126,575
	125,000		6.250			05/01/24		130,000
	80,000		7.250			05/15/26		86,300
	71,000		6.625			01/15/27		74,728
	80,000		5.750	^(a)		01/15/28		80,800

								1,314,240

Insurance – 0.3%
	HUB International Ltd.
	137,000		7.000	^(a)		05/01/26		136,315

Internet Software & Services – 0.2%
	Rackspace Hosting, Inc.
	100,000		8.625	^(a)		11/15/24		98,625

Internet & Direct Marketing Retail – 1.3%
	Netflix, Inc.
	50,000		5.500			02/15/22		51,812
	144,000		5.750			03/01/24		147,960
	25,000		5.875			02/15/25		25,906
	20,000		4.375			11/15/26		19,000
	167,000		4.875	^(a)		04/15/28		159,068
	189,000		5.875	^(a)		11/15/28		190,654

								594,400

IT Services – 1.8%
	First Data Corp.
	407,000		7.000	^(a)		12/01/23		424,806
	100,000		5.000	^(a)		01/15/24		100,750
	306,000		5.750	^(a)		01/15/24		313,650

								839,206

Machinery – 0.2%
	Navistar International Corp.
	80,000		6.625	^(a)		11/01/25		83,500

Media – 1.2%
	AMC Entertainment Holdings, Inc.
	95,000		5.875			11/15/26		93,219
	AMC Networks, Inc.
	60,000		4.750			12/15/22		60,525
	20,000		5.000			04/01/24		19,775
	123,000		4.750			08/01/25		119,310
	Cablevision Systems Corp.
	70,000		5.875			09/15/22		71,750
	Gray Television, Inc.
	125,000		5.875	^(a)		07/15/26		125,312

Corporate Obligations – (continued)
Media – (continued)
	Tribune Media Co.
	50,000		5.875			07/15/22		51,063

								540,954

Metals – 0.3%
	Novelis Corp.
	167,000		5.875	^(a)		09/30/26		163,243

Metals & Mining – 1.9%
	Allegheny Technologies, Inc.
	50,000		7.875			08/15/23		53,750
	Cleveland-Cliffs, Inc.
	100,000		4.875	^(a)		01/15/24		98,500
	Freeport-McMoRan, Inc.
	10,000		3.100			03/15/20		9,938
	97,000		4.000			11/14/21		96,394
	95,000		3.550			03/01/22		92,031
	76,000		6.875			02/15/23		81,510
	207,000		3.875			03/15/23		199,755
	Steel Dynamics, Inc.
	60,000		5.500			10/01/24		61,800
	United States Steel Corp.
	10,000		7.375			04/01/20		10,575
	91,000		6.875			08/15/25		93,161
	84,000		6.250			03/15/26		84,000

								881,414

Natural Gas – 2.8%
	Cheniere Corpus Christi Holdings LLC
	100,000		7.000			06/30/24		111,000
	130,000		5.875			03/31/25		138,775
	70,000		5.125			06/30/27		71,400
	Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp.
	60,000		6.250			04/01/23		62,100
	80,000		5.750			04/01/25		82,000
	NuStar Logistics LP
	69,000		5.625			04/28/27		69,000
	Sunoco LP / Sunoco Finance Corp.
	110,000		4.875	^(a)		01/15/23		108,762
	83,000		5.500	^(a)		02/15/26		79,784
	50,000		5.875	^(a)		03/15/28		48,000
	Targa Resources Partners LP / Targa Resources Partners Finance Corp.
	180,000		4.125			11/15/19		180,450
	86,000		5.125			02/01/25		86,860
	97,000		5.875	^(a)		04/15/26		100,153
	122,000		5.375			02/01/27		122,610
	50,000		5.000	^(a)		01/15/28		48,812

								1,309,706

Oil, Gas & Consumable Fuels – 7.1%
	Antero Resources Corp.
	217,000		5.125			12/01/22		221,069
	120,000		5.625			06/01/23		123,900
	California Resources Corp.
	160,000		8.000	^(a)		12/15/22		144,400


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

GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF


Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Oil, Gas & Consumable Fuels – (continued)
	Cheniere Energy Partners LP
$	60,000		5.250			10/01/25	$	60,000
	Chesapeake Energy Corp.
	164,000		6.125			02/15/21		167,895
	50,000		4.875			04/15/22		48,500
	100,000		8.000	^(a)		12/15/22		105,625
	100,000		8.000			01/15/25		102,500
	55,000		8.000			06/15/27		56,100
	CNX Resources Corp.
	70,000		5.875			04/15/22		70,437
	Denbury Resources, Inc.
	30,000		9.000	^(a)		05/15/21		32,400
	158,000		9.250	^(a)		03/31/22		169,850
	Diamondback Energy, Inc.
	79,000		5.375			05/31/25		81,271
	Energy Transfer Equity LP
	256,000		7.500			10/15/20		276,160
	135,000		5.875			01/15/24		143,437
	EnLink Midstream Partners LP
	57,000		4.400			04/01/24		55,767
	122,000		4.150			06/01/25		115,252
	80,000		4.850			07/15/26		77,802
	Newfield Exploration Co.
	118,000		5.375			01/01/26		123,310
	Peabody Energy Corp.
	199,000		6.000	^(a)		03/31/22		200,741
	SM Energy Co.
	53,000		6.125			11/15/22		54,458
	25,000		5.000			01/15/24		24,375
	142,000		5.625			06/01/25		141,645
	64,000		6.750			09/15/26		66,560
	Southwestern Energy Co.
	200,000		4.100			03/15/22		195,500
	Whiting Petroleum Corp.
	227,000		5.750			03/15/21		233,810
	75,000		6.625			01/15/26		78,188
	WPX Energy, Inc.
	36,000		6.000			01/15/22		37,215
	92,000		8.250			08/01/23		104,420

								3,312,587

Pharmaceuticals – 3.6%
	Bausch Health Cos, Inc.
	50,000		7.500	^(a)		07/15/21		51,125
	40,000		5.625	^(a)		12/01/21		39,700
	45,000		5.500	^(a)		03/01/23		42,581
	220,000		5.875	^(a)		05/15/23		210,375
	344,000		7.000	^(a)		03/15/24		364,640
	339,000		6.125	^(a)		04/15/25		316,965
	140,000		5.500	^(a)		11/01/25		140,350
	172,000		9.000	^(a)		12/15/25		182,750
	100,000		9.250	^(a)		04/01/26		106,375
	Endo Dac / Endo Finance LLC / Endo Finco, Inc.
	235,000		6.000	^(a)		07/15/23		202,688

								1,657,549

Corporate Obligations – (continued)
Real Estate Management & Development – 0.2%
	Howard Hughes Corp. (The)
	108,000		5.375	^(a)		03/15/25		107,190

REITs and Real Estate – 0.2%
	CyrusOne LP / CyrusOne Finance Corp.
	20,000		5.375			03/15/27		20,350
	Realogy Group LLC / Realogy Co.-Issuer Corp.
	56,000		4.875	^(a)		06/01/23		52,850

								73,200

Rental Equipment – 2.6%
	Avis Budget Car Rental LLC / Avis Budget Finance, Inc.
	60,000		5.125	^(a)		06/01/22		60,000
	100,000		5.500			04/01/23		100,250
	BlueLine Rental Finance Corp. / BlueLine Rental LLC
	143,000		9.250	^(a)		03/15/24		150,865
	Hertz Corp. (The)
	107,000		7.375			01/15/21		107,669
	216,000		7.625	^(a)		06/01/22		215,730
	United Rentals North America, Inc.
	270,000		5.750			11/15/24		279,450
	25,000		5.500			07/15/25		25,625
	50,000		5.875			09/15/26		51,625
	10,000		5.500			05/15/27		10,025
	225,000		4.875			01/15/28		215,437

								1,216,676

Services – 0.2%
	Centene Corp.
	100,000		5.375	^(a)		06/01/26		103,500

Software – 1.0%
	BMC Software Finance, Inc.
	169,000		8.125	^(a)		07/15/21		172,803
	CDK Global, Inc.
	120,000		4.875			06/01/27		117,900
	Infor US, Inc.
	5,000		5.750	^(a)		08/15/20		5,081
	50,000		6.500			05/15/22		50,875
	Solera LLC / Solera Finance, Inc.
	120,000		10.500	^(a)		03/01/24		132,300

								478,959

Specialty Retail – 0.3%
	Penske Automotive Group, Inc.
	20,000		5.500			05/15/26		19,700
	Staples, Inc.
	124,000		8.500	^(a)		09/15/25		117,490

								137,190

Technology – 0.5%
	Dell International LLC / EMC Corp.
	110,000		5.875	^(a)		06/15/21		113,300
	55,000		7.125	^(a)		06/15/24		58,850
	Exela Intermediate LLC / Exela Finance, Inc.
	40,000		10.000	^(a)		07/15/23		42,100
	Harland Clarke Holdings Corp.
	30,000		8.375	^(a)		08/15/22		28,200

								242,450


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

GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF

Schedule of Investments (continued)

August 31, 2018


Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Technology Hardware, Storage & Peripherals – 0.4%
	EMC Corp.
$	110,000		2.650			06/01/20	$	107,525
	100,000		3.375			06/01/23		94,500

								202,025

Textiles, Apparel & Luxury Goods – 0.3%
	Hanesbrands, Inc.
	20,000		4.625	^(a)		05/15/24		19,600
	109,000		4.875	^(a)		05/15/26		105,594

								125,194

Thrifts & Mortgage Finance – 0.2%
	Nationstar Mortgage Holdings, Inc.
	100,000		9.125	^(a)		07/15/26		104,375

Wireless – 3.4%
	Sprint Capital Corp.
	225,000		6.875			11/15/28		223,875
	165,000		8.750			03/15/32		182,532
	Sprint Communications, Inc.
	60,000		7.000			08/15/20		63,000
	60,000		11.500			11/15/21		70,800
	20,000		6.000			11/15/22		20,325
	T-Mobile USA, Inc.
	100,000		4.000			04/15/22		99,500
	283,000		6.000			03/01/23		291,490
	50,000		6.375			03/01/25		52,375
	125,000		5.125			04/15/25		126,406
	285,000		6.500			01/15/26		301,744
	25,000		4.500			02/01/26		23,812
	15,000		5.375			04/15/27		15,094
	100,000		4.750			02/01/28		94,625

								1,565,578

Wireless Telecommunication Services – 1.5%
	Sprint Corp.
	70,000		7.250			09/15/21		73,500
	220,000		7.875			09/15/23		236,775
	215,000		7.125			06/15/24		223,331
	45,000		7.625			02/15/25		47,869
	100,000		7.625			03/01/26		105,500

								686,975

Wirelines – 1.3%
	Level 3 Financing, Inc.
	165,000		5.375			05/01/25		164,587
	Windstream Services LLC / Windstream Finance Corp.
	30,000		8.625	^(a)		10/31/25		28,125
	Zayo Group LLC / Zayo Capital, Inc.
	192,000		6.000			04/01/23		197,520
	150,000		6.375			05/15/25		156,750
	50,000		5.750	^(a)		01/15/27		50,125

								597,107

	TOTAL CORPORATE OBLIGATIONS
	(Cost $41,623,218)						$	41,651,071

Foreign Corporate Debt – 5.9%
Aerospace & Defense – 1.4%
	Bombardier, Inc. (Canada)
$	120,000		7.750	%^(a)		03/15/20	$	126,750
	163,000		8.750	^(a)		12/01/21		180,523
	30,000		6.000	^(a)		10/15/22		30,112
	145,000		6.125	^(a)		01/15/23		146,994
	125,000		7.500	^(a)		12/01/24		131,719
	30,000		7.500	^(a)		03/15/25		31,012

								647,110

Basic Industry – 0.8%
	NOVA Chemicals Corp. (Canada)
	175,000		5.250	^(a)		08/01/23		175,875
	90,000		5.000	^(a)		05/01/25		87,300
	95,000		5.250	^(a)		06/01/27		90,963

								354,138

Communications – 0.7%
	Quebecor Media, Inc. (Canada)
	185,000		5.750			01/15/23		192,862
	Videotron Ltd. (Canada)
	39,000		5.000			07/15/22		40,073
	98,000		5.375	^(a)		06/15/24		101,430

								334,365

Consumer Cyclical – 0.9%
	1011778 BC ULC / New Red Finance, Inc. (Canada)
	178,000		4.250	^(a)		05/15/24		170,880
	246,000		5.000	^(a)		10/15/25		239,235

								410,115

Energy – 0.2%
	Jupiter Resources, Inc. (Canada)
	150,000		8.500	^(a)		10/01/22		75,375

Household Durables – 0.1%
	Brookfield Residential Properties, Inc. (Canada)
	60,000		6.500	^(a)		12/15/20		60,825

Metals & Mining – 1.2%
	First Quantum Minerals Ltd. (Zambia)
	306,000		7.000	^(a)		02/15/21		304,087
	200,000		7.500	^(a)		04/01/25		193,500
	Hudbay Minerals, Inc. (Canada)
	56,000		7.625	^(a)		01/15/25		57,400

								554,987

Oil, Gas & Consumable Fuels – 0.6%
	MEG Energy Corp. (Canada)
	100,000		6.375	^(a)		01/30/23		91,125
	60,000		7.000	^(a)		03/31/24		54,675
	Seven Generations Energy Ltd. (Canada)
	50,000		6.750	^(a)		05/01/23		52,000
	97,000		5.375	^(a)		09/30/25		93,969

								291,769


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

GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF


Principal Amount		Interest Rate		Maturity Date		Value
Foreign Corporate Debt – (continued)
Personal Products – 0.0%
	Avon Products, Inc. (United Kingdom)
$	20,000		7.000		03/15/23	$	17,250

	TOTAL FOREIGN CORPORATE DEBT
	(Cost $2,742,586)					$	2,745,934


Principal Amount	Interest Rate			Value
Investment Company – 1.9%^(b)
Goldman Sachs Financial Square Government Fund – Institutional Shares
$885,984		1.879	%	$	885,984
(Cost $885,984)

TOTAL INVESTMENTS – 97.6%
(Cost $45,251,788)				$	45,282,989

OTHER ASSETS IN EXCESS OF LIABILITIES – 2.4%					1,129,882

NET ASSETS – 100.0%				$	46,412,871


The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(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 $20,569,119, which represents approximately 44.3% of net assets as of August 31, 2018.
(b)		Represents an affiliated issuer.



Investment Abbreviations:
LP		—Limited Partnership
REIT		—Real Estate Investment Trust


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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Schedule of Investments

August 31, 2018


Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – 75.3%
Aerospace & Defense – 2.0%
	Lockheed Martin Corp.
$	150,000		2.900	%		03/01/25	$	143,904
	110,000		4.070			12/15/42		106,433
	60,000		3.800			03/01/45		55,950
	180,000		4.700			05/15/46		192,617
	200,000		4.090			09/15/52		191,292
	Northrop Grumman Corp.
	95,000		2.550			10/15/22		91,884
	400,000		2.930			01/15/25		381,839
	290,000		3.200			02/01/27		275,002
	400,000		3.250			01/15/28		379,516
	240,000		4.030			10/15/47		225,733
	Raytheon Co.
	990,000		2.500			12/15/22		964,741
	United Technologies Corp.
	472,000		1.950			11/01/21		454,154
	430,000		3.125			05/04/27		405,137
	435,000		5.700			04/15/40		499,686
	90,000		4.500			06/01/42		89,918
	140,000		3.750			11/01/46		124,435
	480,000		4.625			11/16/48		488,608

								5,070,849

Air Freight & Logistics – 0.3%
	FedEx Corp.
	240,000		4.750			11/15/45		241,315
	220,000		4.550			04/01/46		216,808
	220,000		4.400			01/15/47		210,683

								668,806

Automobiles – 0.5%
	Ford Motor Co.
	170,000		7.450			07/16/31		190,350
	100,000		5.291			12/08/46		89,640
	General Motors Co.
	120,000		5.000			04/01/35		113,830
	300,000		6.600			04/01/36		325,065
	390,000		6.250			10/02/43		406,124
	160,000		6.750			04/01/46		177,783

								1,302,792

Banks – 12.3%
	Bank of America Corp.
	270,000		7.750			05/14/38		369,395
	Bank of America Corp., GMTN
	505,000		3.300			01/11/23		500,854
	50,000		3.500			04/19/26		48,761
	Bank of America Corp., Series L
	540,000		2.250			04/21/20		533,369
	50,000		3.950			04/21/25		49,202
	300,000		4.183			11/25/27		294,689
Bank of America Corp., MTN
	360,000		5.625			07/01/20		376,602
	190,000		2.625			10/19/20		188,127
	200,000		2.151			11/09/20		195,914
	324,000		5.000			05/13/21		338,947
	50,000		2.503			10/21/22		48,202

Corporate Obligations – (continued)
Banks – (continued)
Bank of America Corp., MTN – (continued)
	150,000		4.000			04/01/24		152,362
	680,000		3.875			08/01/25		681,901
	260,000		3.248			10/21/27		244,249
	780,000		5.000			01/21/44		847,222
	BB&T Corp., MTN
	1,000,000		2.450			01/15/20		993,851
	150,000		2.050			05/10/21		145,528
	250,000		2.750			04/01/22		245,693
	1,000,000		2.850			10/26/24		963,023
	Capital One Bank USA NA
	400,000		3.375			02/15/23		391,990
	Citigroup, Inc.
	30,000		2.650			10/26/20		29,650
	110,000		2.700			03/30/21		108,414
	380,000		2.350			08/02/21		369,865
	280,000		4.500			01/14/22		289,422
	200,000		2.700			10/27/22		193,389
	130,000		3.875			10/25/23		131,481
	90,000		4.000			08/05/24		90,001
	845,000		3.875			03/26/25		827,814
	190,000		3.300			04/27/25		183,615
	130,000		5.500			09/13/25		138,937
	225,000		3.700			01/12/26		219,494
	40,000		4.600			03/09/26		40,499
	60,000		3.400			05/01/26		57,345
	360,000		3.200			10/21/26		338,783
	40,000		4.300			11/20/26		39,689
	917,000		4.450			09/29/27		913,389
	240,000		4.125			07/25/28		232,907
	240,000		6.625			06/15/32		287,451
	420,000		8.125			07/15/39		609,847
	130,000		6.675			09/13/43		163,163
	310,000		4.650			07/30/45		317,909
	170,000		4.750			05/18/46		169,450
	Citizens Bank NA/Providence RI, MTN
	470,000		2.450			12/04/19		465,838
	580,000		2.550			05/13/21		566,557
	Discover Bank
	250,000		3.100			06/04/20		249,601
	290,000		4.200			08/08/23		293,736
	740,000		3.450			07/27/26		696,916
	Fifth Third Bancorp
	750,000		4.300			01/16/24		766,374
	230,000		8.250			03/01/38		319,331
	Fifth Third Bank/Cincinnati OH
	200,000		2.200			10/30/20		195,918
	HSBC Bank USA NA
	300,000		5.625			08/15/35		338,347
	HSBC USA, Inc.
	125,000		2.350			03/05/20		123,640
Huntington Bancshares, Inc.
	720,000		3.150			03/14/21		717,242
	250,000		2.300			01/14/22		240,457
JPMorgan Chase & Co.
	200,000		2.250			01/23/20		198,065
	430,000		4.250			10/15/20		439,949


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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF


Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Banks – (continued)
JPMorgan Chase & Co. – (continued)
$	270,000		2.550	%		10/29/20	$	266,886
	1,400,000		2.550			03/01/21		1,378,497
	80,000		2.400			06/07/21		78,366
	577,000		4.500			01/24/22		598,255
	320,000		3.250			09/23/22		318,741
	1,217,000		2.972			01/15/23		1,191,940
	250,000		3.200			01/25/23		247,525
	60,000		3.375			05/01/23		59,097
	250,000		2.700			05/18/23		241,871
	150,000		3.875			02/01/24		152,195
	60,000		3.875			09/10/24		59,795
	30,000		3.125			01/23/25		28,930
	460,000		3.200			06/15/26		440,706
	540,000		3.625			12/01/27		515,882
	175,000		5.500			10/15/40		200,660
	110,000		5.600			07/15/41		127,667
	180,000		5.400			01/06/42		204,069
	150,000		4.850			02/01/44		159,053
	370,000		4.950			06/01/45		390,917
	JPMorgan Chase & Co., MTN
	1,000,000		2.295			08/15/21		975,326
	KeyBank NA
	600,000		2.500			12/15/19		596,903
	PNC Bank NA
	250,000		2.700			11/01/22		242,139
	250,000		2.950			01/30/23		243,937
	PNC Bank NA, MTN
	260,000		2.600			07/21/20		257,348
	550,000		3.250			06/01/25		538,614
	PNC Financial Services Group, Inc. (The)
	190,000		5.125			02/08/20		195,687
	740,000		4.375			08/11/20		758,781
	Santander Holdings USA, Inc.
	490,000		3.700			03/28/22		486,574
	US Bancorp, MTN
	500,000		3.000			03/15/22		494,886
	550,000		3.700			01/30/24		558,086
	550,000		3.600			09/11/24		550,017
	30,000		3.100			04/27/26		28,582
	250,000		3.900			04/26/28		254,431

								31,816,729

Beverages – 2.1%
	Coca-Cola Co. (The)
	1,000,000		1.875			10/27/20		979,374
	500,000		2.875			10/27/25		484,448
	80,000		2.250			09/01/26		73,119
	Keurig Dr Pepper, Inc.
	920,000		4.417	^(a)		05/25/25		933,794
Molson Coors Brewing Co.
	210,000		3.000			07/15/26		192,632
	340,000		5.000			05/01/42		344,429
	150,000		4.200			07/15/46		134,422
PepsiCo, Inc.
	30,000		1.350			10/04/19		29,572
	104,000		3.000			08/25/21		104,237

Corporate Obligations – (continued)
Beverages – (continued)
PepsiCo, Inc. – (continued)
	450,000		2.750			03/05/22		447,006
	350,000		2.750			04/30/25		338,006
	500,000		2.850			02/24/26		477,904
	30,000		5.500			01/15/40		36,005
	100,000		4.875			11/01/40		110,497
	340,000		4.450			04/14/46		360,953
	340,000		3.450			10/06/46		309,370
	30,000		4.000			05/02/47		29,918

								5,385,686

Biotechnology – 3.4%
	AbbVie, Inc.
	70,000		2.900			11/06/22		68,404
	180,000		3.600			05/14/25		175,822
	190,000		3.200			05/14/26		179,313
	894,000		4.500			05/14/35		876,880
	50,000		4.300			05/14/36		48,278
	210,000		4.400			11/06/42		198,167
	175,000		4.700			05/14/45		171,703
	190,000		4.450			05/14/46		181,094
	Amgen, Inc.
	500,000		2.125			05/01/20		492,754
	680,000		3.450			10/01/20		684,758
	400,000		3.875			11/15/21		407,158
	145,000		2.650			05/11/22		141,499
	100,000		3.625			05/22/24		100,734
	430,000		2.600			08/19/26		393,794
	402,000		4.400			05/01/45		388,285
	205,000		4.663			06/15/51		205,575
	Baxalta, Inc.
	40,000		5.250			06/23/45		43,810
	Biogen, Inc.
	307,000		3.625			09/15/22		309,561
	180,000		5.200			09/15/45		194,099
	Celgene Corp.
	130,000		3.250			08/15/22		128,804
	580,000		3.875			08/15/25		572,582
	600,000		3.450			11/15/27		563,839
	80,000		5.000			08/15/45		79,929
	Gilead Sciences, Inc.
	50,000		2.550			09/01/20		49,580
	1,000,000		2.500			09/01/23		958,509
	1,000,000		3.500			02/01/25		989,332
	150,000		4.750			03/01/46		156,952
	90,000		4.150			03/01/47		86,424

								8,847,639

Capital Goods – 0.3%
	Caterpillar Financial Services Corp.
	520,000		1.700			08/09/21		501,620
	Eaton Corp.
	130,000		4.150			11/02/42		125,872
	John Deere Capital Corp., MTN
	250,000		2.800			03/06/23		244,897

								872,389


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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Schedule of Investments (continued)

August 31, 2018


Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Capital Markets – 3.7%
	Bank of New York Mellon Corp. (The), Series G
$	340,000		3.000	%		02/24/25	$	329,790
	Bank of New York Mellon Corp. (The), MTN
	320,000		2.600			08/17/20		317,874
	893,000		2.600			02/07/22		874,490
	570,000		2.200			08/16/23		538,980
	20,000		2.800			05/04/26		18,990
	40,000		3.250			05/16/27		38,879
	60,000		3.300			08/23/29		56,873
	BlackRock, Inc.
	200,000		3.500			03/18/24		201,589
	Intercontinental Exchange, Inc.
	50,000		4.000			10/15/23		51,397
	500,000		3.750			12/01/25		504,654
	Morgan Stanley
	40,000		2.800			06/16/20		39,760
	260,000		5.750			01/25/21		274,728
	30,000		3.625			01/20/27		29,001
	286,000		3.950			04/23/27		276,067
	156,000		6.375			07/24/42		195,853
	20,000		4.300			01/27/45		19,473
	130,000		4.375			01/22/47		128,417
	Morgan Stanley, Series F
	955,000		3.875			04/29/24		960,779
	Morgan Stanley, GMTN
	60,000		2.500			04/21/21		58,462
	945,000		5.500			07/28/21		996,097
	40,000		3.125			01/23/23		39,323
	25,000		3.700			10/23/24		24,858
	60,000		4.000			07/23/25		60,328
	670,000		3.875			01/27/26		663,899
	1,150,000		4.350			09/08/26		1,146,297
	Morgan Stanley, MTN
	200,000		5.625			09/23/19		205,723
	500,000		2.625			11/17/21		488,344
	720,000		3.125			07/27/26		676,383
	State Street Corp.
	250,000		3.100			05/15/23		246,770
	60,000		3.300			12/16/24		59,496
	80,000		2.650			05/19/26		75,243

								9,598,817

Chemicals – 0.6%
	Eastman Chemical Co.
	520,000		3.600			08/15/22		521,104
	220,000		4.650			10/15/44		216,205
	Sherwin-Williams Co. (The)
	710,000		2.250			05/15/20		700,582

								1,437,891

Commercial Services & Supplies – 0.2%
	Republic Services, Inc.
	400,000		3.950			05/15/28		402,932

Communications – 1.8%
21st Century Fox America, Inc.
	100,000		4.500			02/15/21		103,058
	40,000		6.200			12/15/34		48,809

Corporate Obligations – (continued)
Communications – (continued)
21st Century Fox America, Inc. – (continued)
	250,000		6.400			12/15/35		311,654
	40,000		6.150			03/01/37		48,945
	40,000		6.650			11/15/37		51,926
	150,000		6.150			02/15/41		186,362
	Charter Communications Operating LLC / Charter Communications Operating Capital
	250,000		3.579			07/23/20		250,948
	360,000		4.464			07/23/22		367,479
	90,000		3.750			02/15/28		83,118
	370,000		4.200			03/15/28		353,863
	180,000		6.384			10/23/35		192,100
	620,000		6.484			10/23/45		665,336
	160,000		5.375			05/01/47		150,320
	NBCUniversal Media LLC
	500,000		5.150			04/30/20		516,959
	500,000		4.375			04/01/21		515,395
	Time Warner Cable LLC
	50,000		6.550			05/01/37		54,333
	170,000		7.300			07/01/38		197,938
	160,000		5.875			11/15/40		160,989
	250,000		5.500			09/01/41		241,535
	170,000		4.500			09/15/42		143,867

								4,644,934

Communications Equipment – 0.5%
	Cisco Systems, Inc.
	130,000		4.450			01/15/20		132,941
	360,000		3.625			03/04/24		367,995
	410,000		5.900			02/15/39		518,016
	270,000		5.500			01/15/40		325,562

								1,344,514

Consumer Cyclical – 2.1%
	Ford Motor Credit Co. LLC
	300,000		8.125			01/15/20		318,378
	300,000		3.336			03/18/21		295,422
	555,000		5.875			08/02/21		580,268
	250,000		4.375			08/06/23		248,579
	250,000		3.810			01/09/24		240,559
	300,000		3.664			09/08/24		283,978
	576,000		4.134			08/04/25		550,429
	General Motors Financial Co., Inc.
	180,000		3.150			01/15/20		180,096
	715,000		3.200			07/13/20		712,713
	720,000		3.200			07/06/21		711,148
	390,000		3.450			04/10/22		383,839
	300,000		3.950			04/13/24		293,283
	150,000		4.350			01/17/27		146,111
	Toyota Motor Credit Corp.
	450,000		1.950			04/17/20		443,691

								5,388,494

Consumer Finance – 1.5%
	American Express Co.
	150,000		3.000			10/30/24		144,410
	115,000		4.050			12/03/42		114,052


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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF


Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Consumer Finance – (continued)
	American Express Credit Corp., MTN
$	680,000		1.700	%		10/30/19	$	670,669
	450,000		2.375			05/26/20		444,752
	210,000		3.300			05/03/27		205,265
	Capital One Financial Corp.
	332,000		4.200			10/29/25		328,892
	680,000		3.750			07/28/26		641,933
	550,000		3.800			01/31/28		524,809
	Synchrony Financial
	100,000		3.750			08/15/21		99,628
	50,000		4.250			08/15/24		48,593
	490,000		4.500			07/23/25		479,116
	140,000		3.950			12/01/27		127,492

								3,829,611

Consumer Noncyclical – 0.7%
	Allergan Funding SCS
	360,000		3.800			03/15/25		356,796
	450,000		4.550			03/15/35		443,267
	HCA, Inc.
	130,000		5.250			04/15/25		134,063
	Shire Acquisitions Investments Ireland DAC
	265,000		2.875			09/23/23		252,554
	310,000		3.200			09/23/26		288,038
	Walgreen Co.
	50,000		3.100			09/15/22		49,233
	Wyeth LLC
	200,000		5.950			04/01/37		242,173

								1,766,124

Containers & Packaging – 0.2%
	International Paper Co.
	220,000		3.000			02/15/27		203,793
	100,000		4.800			06/15/44		99,107
	190,000		4.400			08/15/47		176,390

								479,290

Distributors – 0.2%
	American Honda Finance Corp., GMTN
	297,000		1.700			09/09/21		284,810
	General Motors Financial Co., Inc.
	340,000		4.200			03/01/21		344,831

								629,641

Diversified Financial Services – 0.1%
	Berkshire Hathaway, Inc.
	90,000		3.125			03/15/26		87,619
	90,000		4.500			02/11/43		95,687

								183,306

Diversified Telecommunication – 5.2%
AT&T, Inc.
	370,000		5.000			03/01/21		384,648
	250,000		3.200			03/01/22		247,383
	50,000		3.000			06/30/22		48,917
	330,000		2.625			12/01/22		317,050
	50,000		3.600			02/17/23		49,813
	125,000		3.800			03/01/24		124,378

Corporate Obligations – (continued)
Diversified Telecommunication – (continued)
AT&T, Inc. – (continued)
	60,000		3.900			03/11/24		59,936
	550,000		3.950			01/15/25		542,731
	440,000		3.400			05/15/25		418,189
	280,000		4.125			02/17/26		276,757
	100,000		4.250			03/01/27		98,960
	60,000		4.100	^(a)		02/15/28		58,177
	700,000		4.300	^(a)		02/15/30		671,339
	85,000		4.500			05/15/35		79,346
	195,000		5.250			03/01/37		193,952
	110,000		6.000			08/15/40		115,717
	90,000		5.350			09/01/40		88,674
	100,000		6.375			03/01/41		109,491
	320,000		5.550			08/15/41		318,924
	154,000		5.150			03/15/42		148,786
	350,000		4.300			12/15/42		301,804
	170,000		4.800			06/15/44		155,311
	150,000		4.350			06/15/45		128,470
	470,000		4.750			05/15/46		426,584
	290,000		5.150	^(a)		11/15/46		276,481
	90,000		5.450			03/01/47		89,666
	240,000		4.500			03/09/48		208,114
	688,000		4.550			03/09/49		599,543
	100,000		5.150	^(a)		02/15/50		94,500
	70,000		5.700			03/01/57		70,592
	Verizon Communications, Inc.
	470,000		2.946			03/15/22		463,855
	660,000		3.125			03/16/22		655,492
	230,000		5.150			09/15/23		247,010
	50,000		4.150			03/15/24		51,187
	200,000		3.500			11/01/24		197,793
	634,000		3.376			02/15/25		619,537
	330,000		4.125			03/16/27		332,523
	560,000		4.500			08/10/33		554,098
	200,000		4.400			11/01/34		192,901
	220,000		4.272			01/15/36		208,001
	210,000		5.250			03/16/37		221,884
	150,000		4.750			11/01/41		146,573
	160,000		3.850			11/01/42		139,309
	440,000		6.550			09/15/43		531,330
	722,000		4.125			08/15/46		641,748
	283,000		4.862			08/21/46		279,843
	110,000		5.500			03/16/47		119,265
	350,000		4.522			09/15/48		332,159
	241,000		5.012			04/15/49		243,487
	372,000		5.012			08/21/54		365,068
	360,000		4.672			03/15/55		330,920

								13,578,216

Electric – 0.6%
	Berkshire Hathaway Energy Co.
	667,000		6.125			04/01/36		808,264
	350,000		5.150			11/15/43		389,065
	40,000		4.500			02/01/45		40,285
	Commonwealth Edison Co.
	100,000		4.000			03/01/48		98,743


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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Schedule of Investments (continued)

August 31, 2018


Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Electric – (continued)
	Exelon Generation Co. LLC
$	104,000		5.600	%		06/15/42	$	106,325

								1,442,682

Electric Utilities – 0.6%
	Exelon Corp.
	250,000		3.950			06/15/25		250,312
	FirstEnergy Corp., Series B
	155,000		3.900			07/15/27		151,604
	FirstEnergy Corp., Series C
	480,000		4.850			07/15/47		495,085
	Southern California Edison Co., Series C
	350,000		4.125			03/01/48		340,462
	Southern Co. (The)
	80,000		2.350			07/01/21		77,611
	260,000		3.250			07/01/26		244,195
	130,000		4.400			07/01/46		125,665

								1,684,934

Energy – 1.2%
	ConocoPhillips Co.
	150,000		4.950			03/15/26		162,547
	100,000		4.300			11/15/44		104,250
	ConocoPhillips Holding Co.
	130,000		6.950			04/15/29		163,499
	Enterprise Products Operating LLC
	200,000		3.350			03/15/23		199,782
	340,000		4.450			02/15/43		330,919
	200,000		4.850			03/15/44		204,363
	190,000		5.100			02/15/45		201,825
	50,000		4.900			05/15/46		52,113
	Sabine Pass Liquefaction LLC
	100,000		5.625			04/15/23		106,937
	405,000		5.625			03/01/25		433,223
	318,000		5.875			06/30/26		344,935
	220,000		5.000			03/15/27		227,013
	Sunoco Logistics Partners Operations LP
	500,000		4.000			10/01/27		478,168
	50,000		5.350			05/15/45		48,420

								3,057,994

Energy Equipment & Services – 0.5%
	Halliburton Co.
	125,000		3.500			08/01/23		125,922
	350,000		3.800			11/15/25		351,230
	150,000		4.850			11/15/35		157,609
	40,000		6.700			09/15/38		49,917
	150,000		4.750			08/01/43		153,194
	140,000		5.000			11/15/45		150,106
	National Oilwell Varco, Inc.
	400,000		2.600			12/01/22		383,426

								1,371,404

Equity Real Estate Investment – 0.5%
	American Tower Corp.
	50,000		4.000			06/01/25		49,554
	190,000		3.375			10/15/26		178,588

Corporate Obligations – (continued)
Equity Real Estate Investment – (continued)
	Crown Castle International Corp.
	250,000		4.875			04/15/22		258,369
	350,000		5.250			01/15/23		368,313
	60,000		3.150			07/15/23		58,045
	160,000		4.450			02/15/26		161,531
	230,000		3.650			09/01/27		217,829

								1,292,229

Financial Company – 0.6%
	GE Capital International Funding Co. Unlimited Co.
	230,000		2.342			11/15/20		225,233
	500,000		3.373			11/15/25		483,648
	750,000		4.418			11/15/35		722,979
	International Lease Finance Corp.
	215,000		5.875			08/15/22		229,647

								1,661,507

Food & Staples Retailing – 1.5%
	Costco Wholesale Corp.
	734,000		2.300			05/18/22		713,555
	Sysco Corp.
	200,000		3.300			07/15/26		192,619
	60,000		3.250			07/15/27		57,151
	Walgreens Boots Alliance, Inc.
	550,000		3.300			11/18/21		549,167
	Wal-Mart Stores, Inc.
	360,000		5.250			09/01/35		420,897
	Walmart, Inc.
	30,000		1.750			10/09/19		29,725
	80,000		1.900			12/15/20		78,537
	200,000		2.350			12/15/22		194,174
	200,000		2.550			04/11/23		195,135
	500,000		2.650			12/15/24		481,378
	500,000		3.700			06/26/28		507,264
	100,000		3.625			12/15/47		94,703
	350,000		4.050			06/29/48		354,795

								3,869,100

Food Products – 0.1%
	Tyson Foods, Inc.
	50,000		3.950			08/15/24		50,259
	140,000		4.550			06/02/47		131,536

								181,795

Health Care Equipment & Supplies – 0.9%
	Abbott Laboratories
	500,000		2.900			11/30/21		494,967
	50,000		3.250			04/15/23		49,678
	50,000		3.400			11/30/23		49,805
	60,000		2.950			03/15/25		57,586
	150,000		3.750			11/30/26		149,068
	500,000		4.750			11/30/36		533,715
	Boston Scientific Corp.
	50,000		6.000			01/15/20		51,958
	Stryker Corp.
	250,000		3.500			03/15/26		245,480


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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF


Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Health Care Equipment & Supplies – (continued)
	Zimmer Biomet Holdings, Inc.
$	820,000		3.550	%		04/01/25	$	789,733

								2,421,990

Health Care Providers & Services – 2.4%
	Aetna, Inc.
	350,000		2.800			06/15/23		337,181
	260,000		6.625			06/15/36		324,681
	Anthem, Inc.
	60,000		2.500			11/21/20		59,135
	990,000		3.650			12/01/27		948,755
	90,000		4.625			05/15/42		87,582
	50,000		4.650			01/15/43		49,133
	75,000		4.650			08/15/44		73,400
	120,000		4.375			12/01/47		114,128
	Cigna Corp.
	238,000		3.250			04/15/25		225,480
	110,000		3.875			10/15/47		94,224
	Express Scripts Holding Co.
	330,000		4.750			11/15/21		341,449
	670,000		3.900			02/15/22		673,822
	60,000		3.000			07/15/23		57,598
	50,000		3.500			06/15/24		48,565
	195,000		4.500			02/25/26		196,870
	60,000		3.400			03/01/27		55,715
	100,000		4.800			07/15/46		97,506
	UnitedHealth Group, Inc.
	500,000		2.875			03/15/22		495,251
	510,000		2.875			03/15/23		501,552
	120,000		3.750			07/15/25		121,483
	330,000		3.100			03/15/26		321,797
	60,000		3.450			01/15/27		59,204
	120,000		4.625			07/15/35		129,345
	100,000		4.250			03/15/43		102,187
	300,000		4.750			07/15/45		329,699
	180,000		4.200			01/15/47		183,120
	130,000		3.750			10/15/47		122,649

								6,151,511

Healthcare – 1.6%
	HCA, Inc.
	810,000		6.500			02/15/20		841,894
	250,000		4.750			05/01/23		254,375
	300,000		5.000			03/15/24		306,750
	250,000		5.250			06/15/26		256,875
	255,000		5.500			06/15/47		255,637
	Medtronic Global Holdings SCA
	180,000		3.350			04/01/27		177,381
	Medtronic, Inc.
	400,000		2.500			03/15/20		397,754
	950,000		3.150			03/15/22		948,375
	50,000		3.625			03/15/24		50,634
	250,000		4.375			03/15/35		261,692
	420,000		4.625			03/15/45		451,485

								4,202,852

Corporate Obligations – (continued)
Hotels, Restaurants & Leisure – 0.4%
	McDonald’s Corp., MTN
	180,000		3.700			01/30/26		179,902
	280,000		3.500			03/01/27		273,991
	25,000		4.700			12/09/35		26,284
	534,000		4.875			12/09/45		560,415

								1,040,592

Industrial Conglomerates – 0.8%
	General Electric Co., GMTN
	30,000		6.150			08/07/37		35,387
	750,000		6.875			01/10/39		953,404
	General Electric Co., MTN
	750,000		5.875			01/14/38		858,481
	Honeywell International, Inc.
	245,000		2.500			11/01/26		227,443

								2,074,715

Insurance – 0.8%
	Berkshire Hathaway Finance Corp.
	10,000		5.750			01/15/40		12,218
	Chubb INA Holdings, Inc.
	400,000		3.150			03/15/25		391,135
	400,000		3.350			05/03/26		392,080
	MetLife, Inc.
	250,000		3.600			04/10/24		251,849
	240,000		6.375			06/15/34		292,546
	170,000		5.700			06/15/35		198,211
	160,000		4.125			08/13/42		153,738
	129,000		4.875			11/13/43		137,436
	230,000		4.050			03/01/45		218,313
	MetLife, Inc., Series D
	130,000		4.368			09/15/23		135,631

								2,183,157

Internet & Direct Marketing Retail – 1.0%
	Amazon.com, Inc.
	240,000		3.300			12/05/21		242,919
	460,000		2.400			02/22/23		444,961
	370,000		2.800			08/22/24		359,245
	70,000		3.800			12/05/24		71,993
	580,000		3.150			08/22/27		561,314
	170,000		4.800			12/05/34		186,749
	200,000		3.875			08/22/37		196,673
	250,000		4.950			12/05/44		283,042
	125,000		4.050			08/22/47		122,884

								2,469,780

Internet Software & Services – 0.4%
	Alphabet, Inc.
	390,000		1.998			08/15/26		355,327
	eBay, Inc.
	150,000		2.875			08/01/21		148,248
	250,000		2.600			07/15/22		242,361
	250,000		2.750			01/30/23		241,499

								987,435


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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Schedule of Investments (continued)

August 31, 2018


Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
IT Services – 1.2%
	Fidelity National Information Services, Inc.
$	100,000		5.000	%		10/15/25	$	106,081
	101,000		3.000			08/15/26		94,129
	International Business Machines Corp.
	1,000,000		1.875			08/01/22		950,946
	350,000		3.375			08/01/23		351,307
	320,000		4.000			06/20/42		312,021
	Visa, Inc.
	380,000		3.150			12/14/25		373,309
	400,000		2.750			09/15/27		377,599
	270,000		4.150			12/14/35		284,126
	180,000		4.300			12/14/45		189,960
	30,000		3.650			09/15/47		28,585

								3,068,063

Life Sciences Tools & Services – 0.6%
	Thermo Fisher Scientific, Inc.
	50,000		3.600			08/15/21		50,292
	790,000		3.300			02/15/22		787,659
	20,000		3.150			01/15/23		19,678
	50,000		3.000			04/15/23		48,732
	50,000		4.150			02/01/24		51,211
	544,000		2.950			09/19/26		507,620

								1,465,192

Machinery – 0.2%
	Caterpillar, Inc.
	30,000		3.900			05/27/21		30,773
	130,000		3.400			05/15/24		130,589
	80,000		5.200			05/27/41		92,979
	130,000		3.803			08/15/42		125,766
	Deere & Co.
	80,000		2.600			06/08/22		78,557

								458,664

Media – 2.1%
	Comcast Corp.
	590,000		3.125			07/15/22		586,028
	60,000		3.000			02/01/24		58,413
	50,000		3.375			08/15/25		48,808
	250,000		3.150			03/01/26		238,423
	100,000		2.350			01/15/27		88,976
	60,000		3.300			02/01/27		57,281
	60,000		3.150			02/15/28		56,383
	110,000		3.550			05/01/28		106,767
	500,000		4.200			08/15/34		487,851
	170,000		4.400			08/15/35		169,179
	500,000		3.200			07/15/36		427,931
	170,000		3.900			03/01/38		158,243
	500,000		4.600			08/15/45		495,135
	340,000		4.000			08/15/47		310,141
	280,000		3.969			11/01/47		253,293
	60,000		3.999			11/01/49		54,394
	Viacom, Inc.
	220,000		4.250			09/01/23		221,309
	190,000		6.875			04/30/36		214,542
	216,000		4.375			03/15/43		187,132

Corporate Obligations – (continued)
Media – (continued)
	Walt Disney Co. (The)
	239,000		3.000			02/13/26		230,802
	Warner Media LLC
	315,000		3.600			07/15/25		303,311
	560,000		3.800			02/15/27		543,113
	250,000		4.850			07/15/45		236,579

								5,534,034

Metals & Mining – 0.1%
	Newmont Mining Corp.
	120,000		6.250			10/01/39		136,618
	150,000		4.875			03/15/42		148,575

								285,193

Multiline Retail – 0.4%
	Target Corp.
	800,000		3.500			07/01/24		811,719
	200,000		4.000			07/01/42		195,164
	140,000		3.625			04/15/46		127,905

								1,134,788

Multi-Utilities – 0.3%
	Dominion Energy, Inc.
	370,000		2.579			07/01/20		364,616
	260,000		3.900			10/01/25		257,804
	NiSource, Inc.
	225,000		4.375			05/15/47		222,602

								845,022

Oil, Gas & Consumable Fuels – 4.3%
	Anadarko Petroleum Corp.
	165,000		6.450			09/15/36		191,133
	310,000		6.200			03/15/40		350,606
	70,000		6.600			03/15/46		84,839
	Apache Corp.
	570,000		4.375			10/15/28		564,748
	200,000		4.750			04/15/43		191,274
	Chevron Corp.
	646,000		2.566			05/16/23		627,663
	30,000		2.895			03/03/24		29,377
	180,000		2.954			05/16/26		173,318
	ConocoPhillips
	150,000		6.500			02/01/39		196,276
	Continental Resources, Inc.
	800,000		5.000			09/15/22		813,500
	120,000		3.800			06/01/24		118,680
	Devon Energy Corp.
	50,000		5.600			07/15/41		53,840
	Energy Transfer Partners LP
	20,000		4.650			06/01/21		20,624
	100,000		3.600			02/01/23		98,989
	20,000		5.150			03/15/45		18,946
	30,000		6.125			12/15/45		31,993
	10,000		5.300			04/15/47		9,712
	Energy Transfer Partners LP, Series 30Y
	500,000		6.000			06/15/48		538,132


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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF


Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Oil, Gas & Consumable Fuels – (continued)
	Exxon Mobil Corp.
$	535,000		2.222	%		03/01/21	$	526,492
	150,000		3.043			03/01/26		146,469
	60,000		3.567			03/06/45		56,505
	370,000		4.114			03/01/46		378,546
	Hess Corp.
	350,000		4.300			04/01/27		339,770
	Marathon Oil Corp.
	250,000		2.800			11/01/22		243,151
	270,000		6.600			10/01/37		320,039
	Marathon Petroleum Corp.
	225,000		5.125			03/01/21		235,125
	120,000		6.500			03/01/41		142,411
	MPLX LP
	1,000,000		4.500			07/15/23		1,029,753
	50,000		4.875			06/01/25		52,050
	145,000		4.500			04/15/38		135,929
	250,000		5.200			03/01/47		251,448
	Noble Energy, Inc.
	320,000		5.250			11/15/43		321,632
	215,000		5.050			11/15/44		211,211
	Occidental Petroleum Corp.
	230,000		3.400			04/15/26		227,588
	285,000		4.625			06/15/45		302,191
	130,000		4.400			04/15/46		133,889
	92,000		4.100			02/15/47		90,726
	60,000		4.200			03/15/48		60,064
	Phillips 66
	210,000		3.900			03/15/28		208,379
	140,000		4.650			11/15/34		142,144
	100,000		5.875			05/01/42		115,927
	110,000		4.875			11/15/44		114,291
	Valero Energy Corp.
	300,000		6.125			02/01/20		312,897
	150,000		3.400			09/15/26		143,392
	Williams Cos., Inc. (The)
	430,000		3.900			01/15/25		425,256
	50,000		3.750			06/15/27		47,941
	240,000		6.300			04/15/40		274,567

								11,103,433

Pharmaceuticals – 1.4%
	Allergan Funding SCS
	50,000		4.850			06/15/44		50,070
	200,000		4.750			03/15/45		199,290
	Eli Lilly & Co.
	380,000		3.950			05/15/47		379,923
	Johnson & Johnson
	50,000		2.250			03/03/22		48,953
	60,000		2.450			03/01/26		56,705
	500,000		3.550			03/01/36		485,010
	420,000		3.625			03/03/37		410,521
	60,000		3.400			01/15/38		56,762
	70,000		3.700			03/01/46		67,584
Merck & Co., Inc.
	40,000		2.350			02/10/22		39,175
	150,000		2.750			02/10/25		145,184

Corporate Obligations – (continued)
Pharmaceuticals – (continued)
Merck & Co., Inc. – (continued)
	50,000		4.150			05/18/43		51,719
	260,000		3.700			02/10/45		252,895
	Pfizer, Inc.
	40,000		2.200			12/15/21		39,137
	125,000		2.750			06/03/26		119,439
	50,000		3.000			12/15/26		48,555
	470,000		7.200			03/15/39		658,555
	110,000		4.400			05/15/44		115,369
	130,000		4.125			12/15/46		132,046
	Shire Acquisitions Investments Ireland DAC
	50,000		2.400			09/23/21		48,341
	Zoetis, Inc.
	100,000		4.700			02/01/43		103,455

								3,508,688

REITs and Real Estate – 0.4%
	Boston Properties LP
	370,000		3.850			02/01/23		374,007
	60,000		2.750			10/01/26		54,954
	Simon Property Group LP
	500,000		4.375			03/01/21		513,474
	150,000		3.375			10/01/24		148,320

								1,090,755

Road & Rail – 0.6%
	CSX Corp.
	550,000		3.250			06/01/27		522,617
	30,000		3.800			03/01/28		29,774
	190,000		3.800			11/01/46		173,103
	Union Pacific Corp.
	590,000		4.163			07/15/22		609,564
	200,000		4.500			09/10/48		206,141

								1,541,199

Semiconductors & Semiconductor – 1.5%
	Applied Materials, Inc.
	150,000		4.350			04/01/47		152,874
	Intel Corp.
	240,000		2.450			07/29/20		238,550
	500,000		2.875			05/11/24		485,982
	503,000		3.700			07/29/25		510,401
	400,000		2.600			05/19/26		375,908
	720,000		3.150			05/11/27		701,877
	145,000		4.100			05/11/47		145,219
	95,000		3.734			12/08/47		89,820
	QUALCOMM, Inc.
	200,000		2.250			05/20/20		197,621
	250,000		3.000			05/20/22		247,124
	120,000		2.600			01/30/23		115,145
	60,000		2.900			05/20/24		57,514
	284,000		3.450			05/20/25		276,704
	130,000		4.650			05/20/35		131,564
	70,000		4.800			05/20/45		70,885
	130,000		4.300			05/20/47		122,511

								3,919,699


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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Schedule of Investments (continued)

August 31, 2018


Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Software – 4.4%
	Microsoft Corp.
$	140,000		1.850	%		02/06/20	$	138,467
	570,000		1.850			02/12/20		563,766
	60,000		2.400			02/06/22		59,022
	1,000,000		2.375			02/12/22		981,526
	485,000		2.650			11/03/22		477,901
	280,000		2.875			02/06/24		275,275
	125,000		2.700			02/12/25		120,801
	60,000		2.400			08/08/26		55,810
	475,000		3.500			02/12/35		459,616
	380,000		3.450			08/08/36		364,927
	120,000		4.100			02/06/37		124,477
	195,000		5.200			06/01/39		229,708
	200,000		4.500			10/01/40		218,396
	280,000		3.500			11/15/42		262,721
	140,000		3.750			02/12/45		136,644
	219,000		4.450			11/03/45		238,055
	500,000		3.700			08/08/46		483,405
	80,000		4.000			02/12/55		79,452
	50,000		4.750			11/03/55		56,946
	420,000		3.950			08/08/56		416,239
	150,000		4.500			02/06/57		163,528
	Microsoft Corp., Series 30Y
	430,000		4.250			02/06/47		455,250
	Oracle Corp.
	356,000		2.800			07/08/21		354,892
	400,000		1.900			09/15/21		387,307
	150,000		2.625			02/15/23		146,382
	900,000		2.400			09/15/23		862,288
	40,000		2.950			11/15/24		38,954
	260,000		2.950			05/15/25		251,552
	270,000		2.650			07/15/26		251,895
	80,000		3.250			11/15/27		77,620
	200,000		3.900			05/15/35		196,593
	420,000		3.850			07/15/36		409,330
	245,000		3.800			11/15/37		235,259
	40,000		6.500			04/15/38		51,572
	60,000		6.125			07/08/39		75,056
	240,000		5.375			07/15/40		277,025
	300,000		4.125			05/15/45		294,931
	440,000		4.000			07/15/46		424,845
	100,000		4.000			11/15/47		96,307
	200,000		4.375			05/15/55		201,602
	VMware, Inc.
	300,000		2.950			08/21/22		290,901

								11,286,243

Specialty Retail – 1.1%
Home Depot, Inc. (The)
	170,000		2.625			06/01/22		167,571
	250,000		2.700			04/01/23		245,540
	80,000		3.350			09/15/25		79,662
	105,000		3.000			04/01/26		101,409
	60,000		2.125			09/15/26		54,198
	60,000		2.800			09/14/27		56,542
	220,000		5.875			12/16/36		271,045
	320,000		4.400			03/15/45		331,551

Corporate Obligations – (continued)
Specialty Retail – (continued)
Home Depot, Inc. (The) – (continued)
	200,000		4.250			04/01/46		203,902
	290,000		3.900			06/15/47		282,122
	130,000		3.500			09/15/56		114,277
	Lowe’s Cos., Inc.
	310,000		2.500			04/15/26		287,506
	30,000		3.100			05/03/27		28,831
	100,000		3.700			04/15/46		92,322
	504,000		4.050			05/03/47		493,040

								2,809,518

Technology – 1.6%
	Broadcom Corp. / Broadcom Cayman Finance Ltd.
	50,000		3.000			01/15/22		48,807
	30,000		2.650			01/15/23		28,426
	550,000		3.625			01/15/24		533,102
	300,000		3.125			01/15/25		278,207
	590,000		3.875			01/15/27		552,824
	160,000		3.500			01/15/28		144,816
	Dell International LLC / EMC Corp.
	1,280,000		4.420	^(a)		06/15/21		1,302,728
	175,000		5.450	^(a)		06/15/23		184,268
	280,000		6.020	^(a)		06/15/26		297,302
	40,000		8.100	^(a)		07/15/36		47,361
	160,000		8.350	^(a)		07/15/46		196,507
	Seagate HDD Cayman
	300,000		4.250			03/01/22		301,950
	220,000		4.750			06/01/23		222,062

								4,138,360

Technology Hardware, Storage & Peripherals – 2.7%
	Apple, Inc.
	1,000,000		1.500			09/12/19		989,072
	1,177,000		2.250			02/23/21		1,160,172
	200,000		2.850			05/06/21		199,872
	249,000		1.550			08/04/21		239,777
	230,000		2.150			02/09/22		223,554
	130,000		2.700			05/13/22		128,616
	320,000		2.400			01/13/23		311,807
	30,000		3.000			02/09/24		29,642
	475,000		2.850			05/11/24		463,475
	350,000		2.450			08/04/26		324,826
	220,000		3.000			06/20/27		211,357
	500,000		2.900			09/12/27		475,731
	230,000		4.500			02/23/36		249,770
	157,000		3.850			05/04/43		152,103
	200,000		3.450			02/09/45		181,515
	380,000		4.375			05/13/45		398,048
	400,000		4.650			02/23/46		435,989
	415,000		3.850			08/04/46		401,800
	160,000		4.250			02/09/47		164,796
	50,000		3.750			11/13/47		47,272
	Western Digital Corp.
	200,000		4.750			02/15/26		195,500

								6,984,694


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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF


Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Tobacco – 0.5%
	Philip Morris International, Inc.
$	112,000		1.875	%		02/25/21	$	108,709
	50,000		3.250			11/10/24		49,114
	670,000		3.375			08/11/25		657,258
	20,000		2.750			02/25/26		18,797
	140,000		6.375			05/16/38		169,886
	100,000		4.375			11/15/41		97,873
	30,000		3.875			08/21/42		27,306
	205,000		4.125			03/04/43		192,973
	50,000		4.250			11/10/44		47,910

								1,369,826

Transportation – 0.3%
	Burlington Northern Santa Fe LLC
	240,000		4.450			03/15/43		248,731
	130,000		4.900			04/01/44		143,017
	150,000		4.550			09/01/44		157,996
	200,000		4.125			06/15/47		199,704

								749,448

	TOTAL CORPORATE OBLIGATIONS
	(Cost $197,109,149)							194,635,156


Foreign Corporate Debt – 23.0%
Banks – 10.4%
	Australia & New Zealand Banking Group Ltd. (Australia)
$	610,000		2.550	%		11/23/21	$	594,417
	Australia & New Zealand Banking Group Ltd., MTN (Australia)
	250,000		2.700			11/16/20		247,084
	640,000		2.300			06/01/21		622,797
	Banco Santander SA (Spain)
	400,000		3.500			04/11/22		393,852
	600,000		3.125			02/23/23		575,120
	200,000		3.848			04/12/23		197,227
	240,000		4.250			04/11/27		231,302
	200,000		3.800			02/23/28		184,952
	Bank of Nova Scotia (The) (Canada)
	70,000		2.350			10/21/20		68,907
	70,000		2.450			03/22/21		68,651
	1,000,000		2.700			03/07/22		980,729
	Barclays Bank PLC (United Kingdom)
	500,000		5.125			01/08/20		511,937
	Barclays PLC (United Kingdom)
	500,000		2.750			11/08/19		497,139
	200,000		3.684			01/10/23		195,452
	400,000		4.375			01/12/26		390,808
	400,000		4.950			01/10/47		378,231
	BNP Paribas SA, MTN (France)
	50,000		3.250			03/03/23		49,481
	Cooperatieve Rabobank UA (Netherlands)
	500,000		3.950			11/09/22		501,097
	370,000		5.750			12/01/43		424,423
	Cooperatieve Rabobank UA, MTN (Netherlands)
	500,000		2.250			01/14/20		494,361
	380,000		5.250			05/24/41		434,472

Foreign Corporate Debt – (continued)
Banks – (continued)
	Credit Suisse Group Funding Guernsey Ltd. (Switzerland)
	300,000		3.800			09/15/22		300,315
	1,000,000		3.800			06/09/23		994,726
	250,000		4.875			05/15/45		258,004
	Deutsche Bank AG (Germany)
	320,000		2.700			07/13/20		313,697
	510,000		3.300			11/16/22		484,904
	130,000		3.700			05/30/24		123,012
	HSBC Holdings PLC (United Kingdom)
	200,000		2.950			05/25/21		197,677
	700,000		2.650			01/05/22		681,383
	300,000		4.250			03/14/24		300,415
	400,000		4.250			08/18/25		398,847
	200,000		4.375			11/23/26		199,128
	100,000		6.500			09/15/37		120,371
	110,000		6.800			06/01/38		136,339
	600,000		5.250			03/14/44		631,867
	ING Groep NV (Netherlands)
	200,000		3.950			03/29/27		196,739
	Lloyds Bank PLC (United Kingdom)
	500,000		2.700			08/17/20		496,398
	Lloyds Banking Group PLC (United Kingdom)
	450,000		3.000			01/11/22		440,266
	200,000		4.500			11/04/24		198,805
	200,000		5.300			12/01/45		204,835
	200,000		4.344			01/09/48		177,004
	Mitsubishi UFJ Financial Group, Inc. (Japan)
	320,000		2.665			07/25/22		310,341
	200,000		3.850			03/01/26		198,738
	330,000		3.677			02/22/27		324,546
	500,000		3.961			03/02/28		499,329
	Mizuho Financial Group, Inc. (Japan)
	200,000		2.839			09/13/26		185,135
	National Australia Bank Ltd. (Australia)
	550,000		2.500			07/12/26		500,496
	National Australia Bank Ltd., GMTN (Australia)
	550,000		2.500			05/22/22		530,494
	Royal Bank of Canada, GMTN (Canada)
	450,000		2.150			03/06/20		444,531
	100,000		2.500			01/19/21		98,694
	Royal Bank of Canada, MTN (Canada)
	1,100,000		2.350			10/30/20		1,082,858
	Royal Bank of Scotland Group PLC (United Kingdom)
	500,000		6.400			10/21/19		516,220
	320,000		6.000			12/19/23		334,812
	350,000		4.800			04/05/26		355,140
	Santander UK Group Holdings PLC (United Kingdom)
	470,000		3.125			01/08/21		465,024
	445,000		2.875			08/05/21		435,181
	200,000		3.571			01/10/23		195,807
	Sumitomo Mitsui Banking Corp. (Japan)
	290,000		2.450			01/16/20		287,236
	Sumitomo Mitsui Financial Group, Inc. (Japan)
	460,000		2.934			03/09/21		455,218
	400,000		3.784			03/09/26		396,281
	50,000		2.632			07/14/26		45,653
	610,000		3.010			10/19/26		570,551
	150,000		3.364			07/12/27		143,611


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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Schedule of Investments (continued)

August 31, 2018


Principal Amount		Interest Rate			Maturity Date		Value
Foreign Corporate Debt – (continued)
Banks – (continued)
	Toronto-Dominion Bank (The) (Canada)
$	60,000		1.800	%		07/13/21	$	57,797
	Toronto-Dominion Bank (The), GMTN (Canada)
	365,000		2.500			12/14/20		360,271
	50,000		3.500			07/19/23		50,301
	Toronto-Dominion Bank (The), MTN (Canada)
	402,000		2.125			04/07/21		391,690
	Westpac Banking Corp. (Australia)
	492,000		2.150			03/06/20		485,807
	750,000		2.300			05/26/20		741,060
	250,000		2.600			11/23/20		247,003
	300,000		2.100			05/13/21		290,848
	750,000		3.650			05/15/23		755,079
	120,000		2.700			08/19/26		110,712

								26,763,635

Capital Goods – 0.1%
	ABB Finance USA, Inc. (Switzerland)
	80,000		2.875			05/08/22		78,744
	110,000		4.375			05/08/42		114,709

								193,453

Communications – 0.0%
	Telefonica Europe BV (Spain)
	40,000		8.250			09/15/30		52,182

Consumer Noncyclical – 0.9%
	BAT Capital Corp. (United Kingdom)
	500,000		2.764	^(a)		08/15/22		484,187
	300,000		3.222	^(a)		08/15/24		287,879
	400,000		4.390	^(a)		08/15/37		374,000
	350,000		4.540	^(a)		08/15/47		325,011
	GlaxoSmithKline Capital, Inc. (United Kingdom)
	172,000		6.375			05/15/38		220,862
	Novartis Capital Corp. (Switzerland)
	175,000		2.400			05/17/22		170,706
	300,000		3.000			11/20/25		290,729
	220,000		4.400			05/06/44		237,705

								2,391,079

Diversified Telecommunication – 0.3%
	Orange SA (France)
	500,000		1.625			11/03/19		492,441
	30,000		9.000			03/01/31		42,256
	50,000		5.375			01/13/42		54,425
	140,000		5.500			02/06/44		155,684

								744,806

Electric – 0.0%
	Emera US Finance LP (Canada)
	50,000		2.700			06/15/21		48,650
	60,000		3.550			06/15/26		57,094

								105,744

Energy – 2.2%
BP Capital Markets PLC (United Kingdom)
	2,240,000		3.561			11/01/21		2,263,922
	20,000		2.500			11/06/22		19,418

Foreign Corporate Debt – (continued)
Energy – (continued)
BP Capital Markets PLC (United Kingdom) – (continued)
	20,000		3.535			11/04/24		20,018
	50,000		3.119			05/04/26		48,254
	60,000		3.017			01/16/27		57,248
	200,000		3.279			09/19/27		193,608
	Shell International Finance BV (Netherlands)
	130,000		1.375			09/12/19		128,234
	500,000		2.125			05/11/20		494,212
	425,000		1.750			09/12/21		409,961
	280,000		3.250			05/11/25		276,541
	60,000		2.875			05/10/26		57,394
	310,000		6.375			12/15/38		401,468
	350,000		5.500			03/25/40		414,726
	100,000		4.550			08/12/43		106,196
	240,000		4.375			05/11/45		246,740
	160,000		4.000			05/10/46		156,356
	Total Capital Canada Ltd. (France)
	125,000		2.750			07/15/23		121,888
	Total Capital International SA (France)
	250,000		3.700			01/15/24		254,154
	125,000		3.750			04/10/24		127,369

								5,797,707

Financial Company – 0.3%
	AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Ireland)
	500,000		5.000			10/01/21		517,625
	150,000		3.650			07/21/27		139,594

								657,219

Food and Beverage – 2.9%
	Anheuser-Busch InBev Finance, Inc. (Belgium)
	210,000		2.650			02/01/21		207,539
	1,900,000		2.625			01/17/23		1,837,559
	640,000		3.300			02/01/23		635,022
	1,097,000		3.650			02/01/26		1,075,459
	370,000		4.700			02/01/36		376,793
	440,000		4.625			02/01/44		434,098
	535,000		4.900			02/01/46		546,720
	Anheuser-Busch InBev Worldwide, Inc. (Belgium)
	1,000,000		6.875			11/15/19		1,045,097
	170,000		3.500			01/12/24		169,654
	150,000		4.000			04/13/28		149,780
	100,000		4.375			04/15/38		97,793
	210,000		8.200			01/15/39		301,897
	212,000		3.750			07/15/42		188,425
	250,000		4.600			04/15/48		247,359
	140,000		4.439			10/06/48		135,548
	110,000		4.750			04/15/58		108,335
	Diageo Investment Corp. (United Kingdom)
	50,000		2.875			05/11/22		49,367

								7,606,445

Internet Software & Services – 0.7%
	Alibaba Group Holding Ltd. (China)
	1,470,000		3.125			11/28/21		1,456,671
	236,000		4.200			12/06/47		221,842

								1,678,513


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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF


Principal Amount		Interest Rate			Maturity Date		Value
Foreign Corporate Debt – (continued)
Metals & Mining – 0.8%
	Barrick Gold Corp. (Canada)
$	80,000		5.250	%		04/01/42	$	82,933
	Barrick North America Finance LLC (Canada)
	120,000		5.750			05/01/43		132,598
	Barrick PD Australia Finance Pty Ltd. (Canada)
	280,000		5.950			10/15/39		309,677
	BHP Billiton Finance USA Ltd. (Australia)
	590,000		5.000			09/30/43		662,363
	Rio Tinto Finance USA PLC (Australia)
	80,000		4.125			08/21/42		78,714
	Southern Copper Corp. (Peru)
	100,000		7.500			07/27/35		123,843
	350,000		6.750			04/16/40		415,641
	60,000		5.250			11/08/42		60,458
	140,000		5.875			04/23/45		152,664
	Vale Overseas Ltd. (Brazil)
	80,000		8.250			01/17/34		102,200

								2,121,091

Mining – 0.4%
	Barrick North America Finance LLC (Canada)
	120,000		5.700			05/30/41		130,917
	Vale Overseas Ltd. (Brazil)
	16,000		4.375			01/11/22		16,120
	480,000		6.250			08/10/26		528,600
	320,000		6.875			11/21/36		369,200

								1,044,837

Oil & Gas – 0.1%
	CNOOC Finance 2013 Ltd. (China)
	200,000		3.000			05/09/23		194,250

Oil Company-Exploration & Production – 0.1%
	Nexen Energy ULC (China)
	250,000		6.400			05/15/37		307,301

Oil, Gas & Consumable Fuels – 1.4%
	Canadian Natural Resources Ltd. (Canada)
	210,000		3.850			06/01/27		205,591
	100,000		6.250			03/15/38		117,770
	Canadian Natural Resources Ltd., GMTN (Canada)
	150,000		4.950			06/01/47		156,996
	Ecopetrol SA (Colombia)
	320,000		5.875			09/18/23		341,200
	505,000		5.375			06/26/26		521,728
	20,000		7.375			09/18/43		22,600
	20,000		5.875			05/28/45		19,875
	Equinor ASA (Norway)
	570,000		2.250			11/08/19		566,487
	430,000		3.150			01/23/22		429,765
	100,000		3.950			05/15/43		96,046
	160,000		4.800			11/08/43		173,809
	TransCanada PipeLines Ltd. (Canada)
	490,000		4.250			05/15/28		495,289
	50,000		4.625			03/01/34		50,839
	250,000		6.200			10/15/37		294,463
	160,000		6.100			06/01/40		186,824

								3,679,282

Foreign Corporate Debt – (continued)
Pharmaceuticals – 0.7%
	AstraZeneca PLC (United Kingdom)
	185,000		3.375			11/16/25		180,104
	90,000		3.125			06/12/27		84,806
	300,000		6.450			09/15/37		375,862
	80,000		4.375			11/16/45		79,635
	490,000		4.375			08/17/48		485,713
	GlaxoSmithKline Capital PLC (United Kingdom)
	68,000		2.850			05/08/22		67,199
	GlaxoSmithKline Capital, Inc. (United Kingdom)
	608,000		2.800			03/18/23		595,375
	Novartis Capital Corp. (Switzerland)
	50,000		3.100			05/17/27		48,323

								1,917,017

Tobacco – 0.1%
	Reynolds American, Inc. (United Kingdom)
	70,000		4.450			06/12/25		71,108
	110,000		5.700			08/15/35		119,337

								190,445

Wireless Telecommunication Services – 0.6%
	Rogers Communications, Inc. (Canada)
	50,000		5.000			03/15/44		52,494
	Vodafone Group PLC (United Kingdom)
	350,000		2.950			02/19/23		339,844
	790,000		4.375			05/30/28		785,432
	60,000		4.375			02/19/43		54,615
	350,000		5.250			05/30/48		354,421

								1,586,806

Wirelines – 1.0%
	British Telecommunications PLC (United Kingdom)
	310,000		9.625			12/15/30		442,536
	Deutsche Telekom International Finance BV (Germany)
	318,000		8.750			06/15/30		430,725
	Telefonica Emisiones SAU (Spain)
	814,000		5.134			04/27/20		839,017
	485,000		7.045			06/20/36		589,228
	230,000		5.213			03/08/47		227,954

								2,529,460

	TOTAL FOREIGN CORPORATE DEBT
	(Cost $60,310,444)							59,561,272


Principal Amount		Interest Rate			Value
Investment Company – 0.6%^(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
$	1,618,035		1.879	%	$	1,618,035
	(Cost $1,618,035)

	TOTAL INVESTMENTS – 98.9%
	(Cost $259,037,628)				$	255,814,463

	OTHER ASSETS IN EXCESS OF LIABILITIES – 1.1%					2,647,741

	NET ASSETS – 100.0%				$	258,462,204


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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Schedule of Investments (continued)

August 31, 2018


The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(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 $5,533,534, which represents approximately 2.1% of net assets as of August 31, 2018.
(b)		Represents an affiliated issuer.



Investment Abbreviations:
GMTN		—Global Medium Term Note
LP		—Limited Partnership
MTN		—Medium Term Note
PLC		—Public Limited Company
REIT		—Real Estate Investment Trust


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

GOLDMAN SACHS ACCESS TREASURY 0-1 YEAR ETF

Schedule of Investments

August 31, 2018


Principal Amount		Interest Rate^(a)			Maturity Date		Value
U.S. Treasury Bills – 59.3%
U.S. Treasury Bills
$	1,299,000		1.983	%		10/25/18	$	1,295,340
	121,536,000		1.984			10/25/18		121,193,585
	433,000		1.986			10/25/18		431,780
	433,000		1.995			10/25/18		431,780
	866,000		1.997			10/25/18		863,560
	433,000		1.999			10/25/18		431,780
	5,700,000		2.000			10/25/18		5,683,941
	433,000		2.003			10/25/18		431,780
	866,000		2.006			10/25/18		863,560
	433,000		2.009			10/25/18		431,780
	111,900,000		2.010			10/25/18		111,584,734
	4,672,000		2.014			10/25/18		4,658,837
	12,557,000		2.020			10/25/18		12,521,622
	1,128,000		2.038			11/23/18		1,122,855
	2,632,000		2.040			11/23/18		2,619,995
	88,850,000		2.043			11/23/18		88,444,746
	752,000		2.044			11/23/18		748,570
	376,000		2.046			11/23/18		374,285
	1,880,000		2.051			11/23/18		1,871,425
	752,000		2.052			11/23/18		748,570
	752,000		2.057			11/23/18		748,570
	11,280,000		2.058			11/23/18		11,228,551
	1,504,000		2.061			11/23/18		1,497,140
	752,000		2.064			11/23/18		748,570
	376,000		2.065			11/23/18		374,285
	1,128,000		2.066			11/23/18		1,122,855
	3,008,000		2.070			11/23/18		2,994,280
	70,052,000		2.073			11/23/18		69,732,485
	1,128,000		2.079			11/23/18		1,122,855
	3,542,000		2.081			11/23/18		3,525,845
	376,000		2.082			11/23/18		374,285
	376,000		2.086			11/23/18		374,285
	376,000		2.088			11/23/18		374,285
	376,000		2.107			11/23/18		374,285
	2,632,000		2.123			11/23/18		2,619,995
	209,000		2.064			12/06/18		207,879
	209,000		2.068			12/06/18		207,879
	3,135,000		2.070			12/06/18		3,118,186
	418,000		2.071			12/06/18		415,758
	627,000		2.072			12/06/18		623,637
	1,045,000		2.074			12/06/18		1,039,395
	627,000		2.075			12/06/18		623,637
	418,000		2.076			12/06/18		415,758
	836,000		2.078			12/06/18		831,516
	418,000		2.079			12/06/18		415,758
	1,254,000		2.082			12/06/18		1,247,274
	6,688,000		2.084			12/06/18		6,652,130
	209,000		2.090			12/06/18		207,879
	627,000		2.091			12/06/18		623,637
	1,672,000		2.095			12/06/18		1,663,033
	61,700,000		2.105			12/06/18		61,369,079
	209,000		2.108			12/06/18		207,879
	2,398,000		2.110			12/06/18		2,385,139
	209,000		2.113			12/06/18		207,879
	1,463,000		2.122			12/06/18		1,455,154
	46,928,000		2.131			12/06/18		46,676,307
	305,000		2.088			12/27/18		302,962
	72,560,000		2.091			12/27/18		72,075,179
	1,220,000		2.096			12/27/18		1,211,848
	3,355,000		2.101			12/27/18		3,332,583
	915,000		2.102			12/27/18		908,886
	1,220,000		2.105			12/27/18		1,211,848

U.S. Treasury Bills – (continued)
U.S. Treasury Bills – (continued)
	610,000		2.118			12/27/18		605,924
	2,440,000		2.120			12/27/18		2,423,697
	610,000		2.123			12/27/18		605,924
	2,440,000		2.124			12/27/18		2,423,697
	305,000		2.130			12/27/18		302,962
	305,000		2.136			12/27/18		302,962
	915,000		2.137			12/27/18		908,886
	305,000		2.139			12/27/18		302,962
	915,000		2.142			12/27/18		908,886
	1,823,000		2.144			12/27/18		1,810,819
	305,000		2.145			12/27/18		302,962
	305,000		2.147			12/27/18		302,962
	8,845,000		2.149			12/27/18		8,785,901
	305,000		2.152			12/27/18		302,962
	72,920,000		2.180			01/24/19		72,295,126
	260,000		2.185			01/24/19		257,772
	564,000		2.186			01/24/19		559,167
	564,000		2.189			01/24/19		559,167
	97,074,000		2.191			01/24/19		96,242,143
	7,540,000		2.192			01/24/19		7,475,388
	1,130,000		2.194			01/24/19		1,120,317
	260,000		2.198			01/24/19		257,772
	564,000		2.199			01/24/19		559,167
	260,000		2.201			01/24/19		257,772
	76,288,000		2.212			01/24/19		75,634,265
	4,795,000		2.215			01/24/19		4,753,910
	564,000		2.217			01/24/19		559,167
	30,000,000		2.412			07/18/19		29,382,511
	559,000		2.420			07/18/19		547,494

	TOTAL U.S. TREASURY BILLS
	(Cost $974,259,997)						$	974,357,839


U.S. Treasury Notes – 40.6%
U.S. Treasury Notes
$	184,727,100		0.875	%		10/15/18	$	184,493,417
	68,485,000		1.250			11/15/18		68,375,856
	73,439,500		0.750			02/15/19		72,954,685
	85,933,000		1.000			03/15/19		85,370,743
	105,346,000		1.250			04/30/19		104,601,171
	66,643,000		0.875			05/15/19		65,962,252
	85,132,000		1.000			06/30/19		84,174,265

	TOTAL U.S. TREASURY NOTES
	(Cost $665,956,384)						$	665,932,389

	TOTAL INVESTMENTS – 99.9%
	(Cost $1,640,216,381)						$	1,640,290,228

	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.1%							2,336,890

	NET ASSETS – 100.0%						$	1,642,627,118


The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)		Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discounted securities, or, for floating rate securities, the current reset rate, which is based upon current interest rate indices.


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

GOLDMAN SACHS ACCESS ETFS

Statements of Assets and Liabilities

August 31, 2018


	Access High Yield Corporate Bond ETF			Access Investment Grade Corporate Bond ETF			Access Treasury 0-1 Year ETF
Assets:
Investments at value (cost $44,365,804, $257,419,593 and $1,640,216,381 respectively)	$	44,397,005		$	254,196,428		$	1,640,290,228
Investments in Affiliated Underlying Funds, at value (cost $885,984,$1,618,035 and $— respectively)		885,984			1,618,035			—
Cash		178,866			50,001			447,364
Receivables:
Investments sold		4,966,845			19,340,837			—
Fund shares sold		4,887,960			19,336,271			—
Interest		868,888			2,699,987			2,052,019
Reimbursement from advisor		66			177			27,100
Total assets		56,185,614			297,241,736			1,642,816,711

Liabilities:
Payables:
Fund shares redeemed		4,894,293			19,346,460			—
Investments purchased		4,865,141			19,402,462			—
Management fees		13,309			30,610			189,593
Total liabilities		9,772,743			38,779,532			189,593

Net Assets:
Paid-in capital		46,705,392			261,517,143			1,640,192,826
Undistributed net investment income		309,834			770,376			2,610,844
Accumulated net realized loss		(633,556	)		(602,150	)		(250,399	)
Net unrealized gain (loss)		31,201			(3,223,165	)		73,847
NET ASSETS	$	46,412,871		$	258,462,204		$	1,642,627,118
SHARES ISSUED AND OUTSTANDING
Shares outstanding no par value (unlimited shares authorized):		950,000			5,350,000			16,400,000
Net asset value per share:	$	48.86		$	48.31		$	100.16


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

GOLDMAN SACHS ACCESS ETFS

Statements of Operations

For the Period Ended August 31, 2018


	Access High Yield Corporate Bond ETF^(a)			Access Investment Grade Corporate Bond ETF			Access Treasury 0-1 Year ETF
Investment income:
Interest	$	2,323,056		$	6,135,226		$	16,578,133
Dividends from Affiliated Underlying Funds		3,570			9,853			—
Total investment income		2,326,626			6,145,079			16,578,133

Expenses:
Management fees		141,251			244,274			1,408,414
Trustee fees		8,731			15,483			44,530
Total expenses		149,982			259,757			1,452,944
Less — expense reductions		(431	)		(1,102	)		(207,563	)
Net expenses		149,551			258,655			1,245,381
NET INVESTMENT INCOME		2,177,075			5,886,424			15,332,752

Realized and unrealized gain (loss):
Net realized loss from:
Investments unaffiliated		(635,167	)		(548,711	)		(223,408	)
In-kind redemptions		(515,911	)		(2,003,015	)		(41,738	)
Net change in unrealized gain (loss):
Investments unaffiliated		31,201			(3,834,618	)		(23,608	)
Net realized and unrealized loss		(1,119,877	)		(6,386,344	)		(288,754	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		1,057,198			(499,920	)		15,043,998

(a)

For the period September 5, 2017 (commencement of operations) through August 31, 2018.


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

GOLDMAN SACHS ACCESS ETFS

Statements of Changes in Net Assets


	Access High Yield Corporate Bond ETF			Access Investment Grade Corporate Bond ETF
	For the Period September 5, 2017⁽¹⁾ to August 31, 2018			For the Fiscal Year Ended August 31, 2018			For the Period June 6, 2017⁽¹⁾ to August 31, 2017
From operations:
Net investment income	$	2,177,075		$	5,886,424		$	500,580
Net realized gain (loss)		(1,151,078	)		(2,551,726	)		45,766
Net change in unrealized gain (loss)		31,201			(3,834,618	)		611,453
Net increase (decrease) in net assets resulting from operations		1,057,198			(499,920	)		1,157,799

Distributions to shareholders:
From net investment income		(1,965,439	)		(5,390,095	)		(234,861	)
Total distributions to shareholders		(1,965,439	)		(5,390,095	)		(234,861	)

From share transactions:
Proceeds from sales of shares		141,101,712			233,218,124			200,212,160
Cost of shares redeemed		(93,780,600	)		(149,862,662	)		(20,138,341	)
Net increase in net assets resulting from share transactions		47,321,112			83,355,462			180,073,819
TOTAL INCREASE		46,412,871			77,465,447			180,996,757

Net assets:
Beginning of period	$	—		$	180,996,757		$	—
End of period	$	46,412,871		$	258,462,204		$	180,996,757
Undistributed net investment income	$	309,834		$	770,376		$	265,719

(1)

Commencement of operations.


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

GOLDMAN SACHS ACCESS ETFS

Statements of Changes in Net Assets (continued)


	Access Treasury 0-1 Year ETF
	For the Fiscal Year Ended August 31, 2018			For the Period September 6, 2016⁽¹⁾ to August 31, 2017
From operations:
Net investment income	$	15,332,752		$	1,215,013
Net realized gain (loss)		(265,146	)		12,507
Net change in unrealized gain (loss)		(23,608	)		97,455
Net increase in net assets resulting from operations		15,043,998			1,324,975

Distributions to shareholders:
From net investment income		(13,376,311	)		(588,728	)
Total distributions to shareholders		(13,376,311	)		(588,728	)

From share transactions:
Proceeds from sales of shares		1,080,258,244			870,148,982
Cost of shares redeemed		(255,128,079	)		(55,055,963	)
Net increase in net assets resulting from share transactions		825,130,165			815,093,019
TOTAL INCREASE		826,797,852			815,829,266

Net assets:
Beginning of period	$	815,829,266		$	—
End of period	$	1,642,627,118		$	815,829,266
Undistributed net investment income	$	2,610,844		$	630,411

(1)

Commencement of operations.


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

GOLDMAN SACHS ACCESS ETFS

Financial Highlights

Selected Data for a Share Outstanding Throughout the Period


	Access High Yield Corporate Bond ETF
	For the Period September 5, 2017* to August 31, 2018
Per Share Operating Performance:
Net asset value, beginning of period	$	49.92
Net investment income^(a)		2.41
Net realized and unrealized loss		(1.21	)
Total gain from investment operations		1.20
Distributions to shareholders from net investment income		(2.26	)
Net asset value, end of period	$	48.86
Market price, end of period	$	48.82
Total Return at Net Asset Value^(b)		2.58	%
Net assets, end of period (in 000’s)	$	46,413
Ratio of net expenses to average net assets		0.34	%^(c)
Ratio of total expenses to average net assets		0.34	%^(c)
Ratio of net investment income to average net assets		4.93	%^(c)
Portfolio turnover rate^(d)		69	%

Commencement of operations.

(a)

Calculated based on the average shares outstanding methodology.

(b)

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

(c)

Annualized.

(d)

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


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

GOLDMAN SACHS ACCESS ETFS

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout the Period


	Access Investment Grade Corporate Bond ETF
	For the Fiscal Year Ended August 31, 2018			For the Period June 6, 2017* to August 31, 2017
Per Share Operating Performance:
Net asset value, beginning of period	$	50.28		$	49.90
Net investment income^(a)		1.55			0.32
Net realized and unrealized gain (loss)		(2.09	)		0.27
Total gain (loss) from investment operations		(0.54	)		0.59
Distributions to shareholders from net investment income		(1.43	)		(0.21	)
Net asset value, end of period	$	48.31		$	50.28
Market price, end of period	$	48.28		$	50.24
Total Return at Net Asset Value^(b)		(1.04	)%		1.19	%
Net assets, end of period (in 000’s)	$	258,462		$	180,997
Ratio of net expenses to average net assets		0.14	%		0.13	%^(c)
Ratio of total expenses to average net assets		0.14	%		0.14	%^(c)
Ratio of net investment income to average net assets		3.18	%		2.65	%^(c)
Portfolio turnover rate^(d)		22	%		0	%^(e)

Commencement of operations.

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)

(e)

Less than 0.5%


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

GOLDMAN SACHS ACCESS ETFS

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Access Treasury 0-1 Year ETF
	For the Fiscal Year Ended August 31, 2018			For the Period September 6, 2016* to August 31, 2017
Per Share Operating Performance:
Net asset value, beginning of period	$	100.10		$	100.00
Net investment income^(a)		1.48			0.82
Net realized and unrealized loss		(0.13	)		(0.29	)
Total gain from investment operations		1.35			0.53
Distributions to shareholders from net investment income		(1.29	)		(0.43	)
Net asset value, end of period	$	100.16		$	100.10
Market price, end of period	$	100.18		$	100.10
Total Return at Net Asset Value^(b)		1.37	%		0.53	%
Net assets, end of period (in 000’s)	$	1,642,627		$	815,829
Ratio of net expenses to average net assets		0.12	%		0.13	%^(c)
Ratio of total expenses to average net assets		0.14	%		0.14	%^(c)
Ratio of net investment income to average net assets		1.48	%		0.83	%^(c)
Portfolio turnover rate^(d)		—	%		—	%

Commencement of operations.

(a)

Calculated based on the average shares outstanding methodology.

(b)

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

(c)

Annualized.

(d)


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

GOLDMAN SACHS ETF TRUST

Notes to Financial Statements

August 31, 2018

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 Access High Yield Corporate Bond ETF (“Access High Yield Corporate Bond ETF”)				Diversified
Goldman Sachs Access Investment Grade Corporate Bond ETF (“Access Investment Grade Corporate Bond ETF”)				Diversified
Goldman Sachs Access Treasury 0-1 Year ETF (formerly Goldman Sachs TreasuryAccess 0-1 Year ETF) (“Access Treasury 0-1 Year ETF”)				Diversified

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

Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as investment adviser to the Funds pursuant to a management agreement (the “Agreement”) with the Trust. Each Fund is an exchange-traded fund (“ETF”). Shares of the Funds are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”). Market prices for the Funds’ shares may be different from their net asset value (“NAV”). The Funds issue and redeem shares at their respective NAV only in blocks of a specified number of shares, or multiples thereof, referred to as “Creation Units”. Creation Units are issued and redeemed principally in-kind for a basket of securities and a cash amount, with respect to the Funds. 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, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily NAV calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments. Distributions received from the Funds’ investments in U.S. real estate investment trusts (“REITs”) may be characterized as ordinary income, net capital gain or a return of capital. A return of capital is recorded by the Funds as a reduction to the cost basis of the REIT.

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, 2018

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund’s distributions may be shown in the accompanying financial statements as either from 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.

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

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

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’ 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:

Debt Securities — Debt securities for which market quotations are readily available are valued daily on the basis of quotations supplied by dealers or an independent pricing service approved by the Trustees. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as

GOLDMAN SACHS ETF TRUST

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

rating, interest rate and maturity date or (ii) quotations from securities dealers to determine current value. With the exception of treasury securities of G8 countries, which are generally classified as Level 1, these investments are generally classified as Level 2 of the fair value hierarchy.

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

B. Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of 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, 2018 the Funds did not hold any Level 3 securities.

C. Fair Value Hierarchy — The following is a summary of the Funds’ investments classified in the fair value hierarchy as of August 31, 2018:



ACCESS HIGH YIELD CORPORATE BOND ETF

Investment Type	Level 1		Level 2		Level 3
Assets
Fixed Income
Corporate Obligations	$	—	$	41,651,071	$	—
Foreign Corporate Debt		—		2,745,934		—
Investment Company		885,984		—		—
Total	$	885,984	$	44,397,005	$	—

ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Investment Type	Level 1		Level 2		Level 3
Assets
Fixed Income
Corporate Obligations	$	—	$	194,635,156	$	—
Foreign Corporate Debt		—		59,561,272		—
Investment Company		1,618,035		—		—
Total	$	1,618,035	$	254,196,428	$	—

GOLDMAN SACHS ETF TRUST

Notes to Financial Statements (continued)

August 31, 2018

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



ACCESS TREASURY 0-1 YEAR ETF

Investment Type	Level 1		Level 2		Level 3
Assets
Fixed Income
U.S. Treasury Bills	$	974,357,839	$	—	$	—
U.S. Treasury Notes		665,932,389		—		—
Total	$	1,640,290,228	$	—	$	—

4. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

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

The Funds operate under a unitary management fee structure. Under the unitary fee structure, GSAM is responsible for paying substantially all the expenses of each Fund, excluding payments under 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. As the Funds directly pay fees and expenses of the independent Trustees, the management fee collected by GSAM will be reduced by an amount equal to the fees and expenses paid by the Funds to the independent Trustees.

For the fiscal year ended August 31, 2018, contractual and effective net unitary management fee rates with GSAM were at the following rates:


Fund	Contractual Unitary Management Fee			Effective Net Unitary Management Fee*
Access High Yield Corporate Bond ETF		0.34	%		0.34	%
Access Investment Grade Corporate Bond ETF		0.14	%		0.14	%
Access Treasury 0-1 Year ETF		0.14	%		0.12	%

Effective Net Unitary Management Fee includes the impact of management fee waivers, if any.

The Access High Yield Corporate Bond ETF and Access Investment Grade Corporate Bond ETF invest in Institutional Shares of the Goldman Sachs Financial Square Government Fund, which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Funds invest. For the fiscal year ended August 31, 2018, GSAM waived $431 and $1,102 of the Funds’ management fee for the Access High Yield Corporate Bond ETF and Access Investment Grade Corporate Bond ETF respectively.

GSAM has agreed to waive a portion of its management fee in order to achieve an effective net management fee rate of 0.12% as an annual percentage rate of average daily net assets of the Access Treasury 0-1 Year ETF. This arrangement will remain in effect through at least December 29, 2018, and prior to such date the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees. For the fiscal year ended August 31, 2018, GSAM waived $207,563 of the Access Treasury 0-1 Year ETF Fund’s management fee.

GOLDMAN SACHS ETF TRUST

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

B. Other Transactions with Affiliates — The Funds may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is solely due to having a common investment adviser, common officers, or common trustees. The following table provides information about the Funds’ investments in the Goldman Sachs Financial Square Government Fund for the period ended August 31, 2018:


Fund	Beginning value as of August 31, 2017		Purchases at Cost		Proceeds from Sales			Ending value as of August 31, 2018		Shares as of August 31, 2018		Interest Income
Access High Yield Corporate Bond ETF*	$	—	$	7,495,131	$	(6,609,147	)	$	885,984		885,984	$	3,570
Access Investment Grade Corporate Bond ETF	$	183,870	$	15,542,530	$	(14,108,365	)	$	1,618,035		1,618,035	$	9,853

The Fund commenced operations on September 5, 2017.

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 directly purchased or redeemed by certain financial institutions (each an “Authorized Participant”). An Authorized Participant is either (1) a “Participating Party” or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation; or (2) a Depository Trust Company participant; which, in either case, must have executed an agreement with the Distributor. Retail investors will typically not qualify as an Authorized Participant or have the resources to buy and sell whole Creation Units.

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

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

Share activity is as follows:


	Access High Yield Corporate Bond ETF

	For the Period September 5, 2017* through August 31, 2018						For the Fiscal Year Ended August 31, 2017

	Shares			Dollars			Shares		Dollars

Fund Share Activity
Shares Sold		2,850,000		$	141,032,291			—	$	—
Shares Redeemed		(1,900,000	)		(93,593,996	)		—		—
NET INCREASE IN SHARES		950,000		$	47,438,295			—	$	—

Commencement of operations.

GOLDMAN SACHS ETF TRUST

Notes to Financial Statements (continued)

August 31, 2018

5. CREATION AND REDEMPTION OF CREATION UNITS (continued)



	Access Investment Grade Corporate Bond ETF

	For the Fiscal Year Ended August 31, 2018						For the Period June 6, 2017* through August 31, 2017

	Shares			Dollars			Shares			Dollars

Shares Sold		4,800,000		$	233,147,838			4,000,001		$	200,195,265
Shares Redeemed		(3,050,000	)		(149,799,365	)		(400,001	)		(20,110,802	)
NET INCREASE IN SHARES		1,750,000		$	83,348,473			3,600,000		$	180,084,463

Commencement of operations.



	Access Treasury 0-1 Year ETF

	For the Fiscal Year Ended August 31, 2018						For the Period September 6, 2016* through August 31, 2017

	Shares			Dollars			Shares			Dollars

Shares Sold		10,800,000		$	1,080,258,244			8,700,000		$	870,148,982
Shares Redeemed		(2,550,000	)		(255,127,736	)		(550,000	)		(55,055,963	)
NET INCREASE IN SHARES		8,250,000		$	825,130,508			8,150,000		$	815,093,019

Commencement of operations.

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long term securities for the fiscal year ended August 31, 2018, were as follows (with the exception of the Access Treasury 0-1 Year ETF, which only owns short term securities):


Fund	Purchases		Sales
Access High Yield Corporate Bond ETF	$	151,482,855	$	30,828,915
Access Investment Grade Corporate Bond ETF		265,029,112		41,357,183
Access Treasury 0-1 Year ETF		4,134,986,141		4,115,297,410

The proceeds from in-kind creation and redemption transactions for the fiscal year ended August 31, 2018, were as follows:


Fund	Purchases		Sales
Access High Yield Corporate Bond ETF	$	—	$	74,803,818
Access Investment Grade Corporate Bond ETF	$	—	$	140,989,665
Access Treasury 0-1 Year ETF	$	1,047,273,420	$	250,738,039

GOLDMAN SACHS ETF TRUST

7. TAX INFORMATION

The tax character of distributions paid during the fiscal year ended August 31, 2018 was as follows:


	Access High Yield Corporate Bond ETF		Access Investment Grade Corporate Bond ETF		Access Treasury 0-1 Year ETF
Distributions paid from:
Ordinary Income	$	1,965,439	$	5,390,095	$	13,376,311
Total taxable distributions	$	1,965,439	$	5,390,095	$	13,376,311


	Year Ended August 31, 2017
	Access High Yield Corporate Bond ETF		Access Investment Grade Corporate Bond ETF		Access Treasury 0-1 Year ETF
Distributions paid from:
Ordinary Income	$	—	$	234,861	$	588,728
Total taxable distributions	$	—	$	234,861	$	588,728

As of August 31, 2018, the components of accumulated earnings (losses) on a tax-basis were as follows:


	Access High Yield Corporate Bond ETF			Access Investment Grade Corporate Bond ETF			Access Treasury 0-1 Year ETF
Undistributed ordinary income — net	$	338,905		$	776,461		$	2,610,844
Undistributed long-term capital gains		—			—			—
Total undistributed earnings		338,905			776,461			2,610,844
Capital loss carryforwards:
Perpetual Short-Term		(10,793	)		(52,394	)		—
Timing differences (Post-October Capital Loss Deferral)		(566,160	)		(540,079	)		(250,399	)
Unrealized gains (losses) — net		(54,473	)		(3,238,927	)		73,847
Total accumulated earnings (losses) net	$	(292,521	)	$	(3,054,939	)	$	2,434,292

As of August 31, 2018, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:


	Access High Yield Corporate Bond ETF			Access Investment Grade Corporate Bond ETF			Access Treasury 0-1 Year ETF
Tax Cost	$	45,337,462		$	259,053,390		$	1,640,216,381
Gross unrealized gain		217,285			585,780			150,375
Gross unrealized loss		(271,758	)		(3,824,707	)		(76,528	)
Net unrealized gains (losses) on securities	$	(54,473	)	$	(3,238,927	)	$	73,847

The difference between GAAP-basis and tax-basis unrealized gains (losses) is due to wash sales and premium amortization on debt securities.

GOLDMAN SACHS ETF TRUST

Notes to Financial Statements (continued)

August 31, 2018

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 NAV of the Funds’ and result primarily from dividend redesignations, redemptions in-kind, and differences in the tax treatment of market discount and premium amortization.


Fund	Paid-in Capital			Accumulated Net Realized Gain (Loss)		Undistributed Net Investment Income (Loss)
Access High Yield Corporate Bond ETF	$	(615,720	)	$	517,522	$	98,198
Access Investment Grade Corporate Bond ETF	$	(1,960,024	)	$	1,951,696	$	8,328
Access Treasury 0-1 Year ETF	$	(41,932	)	$	17,940	$	23,992

GSAM has reviewed the Funds’ tax positions for all open tax years (the current year, and prior three tax years, as applicable) and has concluded that no provision for income tax is required in the Fund’s financial statements. Such open tax year remains 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 a Fund invests. The imposition of exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) and other government restrictions by the United States or other governments, or from problems in share registration, settlement or custody, may also result in losses. 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 a Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that a Fund also invests in securities of issuers located in emerging markets, these risks may be more pronounced.

Interest Rate Risk — When interest rates increase, fixed income securities or instruments held by a Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short- term fixed income securities or instruments. The risks associated with changing rates may have unpredictable effects on the markets and a Fund’s investments. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Funds.

Index Risk — FTSE Fixed Income LLC (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 its 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 may utilize third party data in constructing each Index, but it does not guarantee the accuracy or availability of any such third party data.

The FTSE Goldman Sachs High Yield Corporate Bond 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

GOLDMAN SACHS ETF TRUST

8. OTHER RISKS (continued)

applicable Fund and its shareholders. In addition, neither a Fund, the Investment Adviser, the Calculation Agent nor the Index Provider can guarantee the availability or timeliness of the production of the Index.

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.

Liquidity Risk — A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, potentially causing increased supply in the market due to selling activity. These risks may be more pronounced in connection with a Fund’s investments in securities of issuers located in emerging market countries.

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

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

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

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.

GOLDMAN SACHS ETF TRUST

Notes to Financial Statements (continued)

August 31, 2018

10. OTHER MATTERS

In March 2017, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2017-08 – Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. The amendments in the ASU shorten the amortization period for certain callable debt securities held at a premium, by requiring amortization to the earliest call date. The ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. GSAM is currently evaluating the impact, if any, of the amendments.

11. SUBSEQUENT EVENTS

In September 2018, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2018-13 — Fair Value Measurement (Topic 820) Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement. The amendments in the ASU modify fair value measurement disclosures. The amendments are effective for the Funds’ fiscal years beginning after December 15, 2019. GSAM is currently evaluating the impact, if any, of the amendments.

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

Report of Independent Registered Public

Accounting Firm

To the Board of Trustees of Goldman Sachs ETF Trust and Shareholders of Goldman Sachs Access High Yield Corporate Bond ETF, Goldman Sachs Access Investment Grade Corporate Bond ETF, and Goldman Sachs Access Treasury 0-1 Year ETF:

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (three of the funds constituting Goldman Sachs ETF Trust, hereafter collectively referred to as the “Funds”) as of August 31, 2018, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2018, the results of each of their operations, the changes in each of their net assets, and each of the financial highlights for each of the periods indicated in the table below in conformity with accounting principles generally accepted in the United States of America.


Fund	Statement of operations	Statements of changes in net assets	Financial highlights
Goldman Sachs Access High Yield Corporate Bond ETF	For the period September 5, 2017 (commencement of operations) through August 31, 2018
Goldman Sachs Access Investment Grade Corporate Bond ETF	For the year ended August 31, 2018	For the year ended August 31, 2018 and for the period June 6, 2017 (commencement of operations) through August 31, 2017
Goldman Sachs Access Treasury 0-1 Year ETF	For the year ended August 31, 2018	For the year ended August 31, 2018 and for the period September 6, 2016 (commencement of operations) through August 31, 2017

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2018 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

PricewaterhouseCoopers LLP

Boston, Massachusetts

October 26, 2018

We have served as the auditor of one or more investment companies in the Goldman Sachs fund complex since 2000.

GOLDMAN SACHS ETF TRUST


Fund Expenses — For the Six Months Ended 8/31/2018 (Unaudited)

As a shareholder you incur ongoing costs, which may include management fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in Shares of the Fund 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, 2018 and held for the entire six months ended August 31, 2018, which represents a period of 184 days of a 365 day year (or less where indicated).

Actual Expenses — The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the six months. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes — The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual net expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

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


	Access High Yield Corporate Bond ETF							Access Investment Grade Corporate Bond ETF							Access Treasury 0-1 Year ETF
	Beginning Account Value 3/1/18		Ending Account Value 8/31/18			Expenses Paid*		Beginning Account Value 3/1/18		Ending Account Value 8/31/18			Expenses Paid*		Beginning Account Value 3/1/18		Ending Account Value 8/31/18			Expenses Paid*
Actual based on NAV	$	1,000	$	1,022.20		$	1.73	$	1,000	$	1,005.70		$	0.71	$	1,000	$	1,009.60		$	0.61
Hypothetical 5% return	$	1,000	$	1,023.49	+	$	1.73	$	1,000	$	1,024.50	+	$	0.71	$	1,000	$	1,024.60	+	$	0.61

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.

Expenses for each Fund are calculated using the Fund’s annualized net expense ratio, which represents the ongoing expenses as a percentage of net assets for the six months ended August 31, 2018. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal year; and then dividing that result by the number of days in the fiscal year.

The annualized net expense ratio for the period is as follows:


Fund
Access High Yield Corporate Bond ETF	0.34	%
Access Investment Grade Corporate Bond ETF	0.14	%
Access Treasury 0-1 Year ETF	0.12	%

GOLDMAN SACHS ETF TRUST

Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs Access Treasury 0-1 Year ETF (formerly, Goldman Sachs TreasuryAccess 0-1 Year ETF) (Unaudited)

Background

The Goldman Sachs Access Treasury 0-1 Year ETF (formerly, Goldman Sachs TreasuryAccess 0-1 Year ETF) (the “Fund”) is an investment portfolio of Goldman Sachs ETF Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Fund at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Fund.

The Management Agreement was approved for continuation until March 31, 2019 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on March 13-14, 2018 (the “Annual Meeting”).

The review process undertaken by the Trustees spans the course of the year and culminates with the Annual Meeting. To assist the Trustees in their deliberations, the Trustees have established a Contract Review Committee (the “Committee”), comprised of the Independent Trustees. At those Committee meetings, regularly scheduled Board or other committee meetings, and/or the Annual Meeting, matters relevant to the renewal of the Management Agreement were considered by the Board, or the Independent Trustees, as applicable. With respect to the Fund, such matters included:

(a)

the nature and quality of the advisory, administrative, and other services provided to the Fund by the Investment Adviser and its affiliates, including information about:

(i)

the structure, staff, and capabilities of the Investment Adviser and its portfolio management teams;

(ii)

the groups within the Investment Adviser and its affiliates that support the portfolio management teams or provide other types of necessary services, including fund services groups (e.g., accounting and financial reporting, tax, shareholder services, and operations); controls and risk management groups (e.g., legal, compliance, valuation oversight, credit risk management, internal audit, compliance testing, market risk analysis, finance, and central funding); sales and distribution support groups, and others (e.g., information technology and training);

(iii)

trends in employee headcount;

(iv)

the Investment Adviser’s financial resources and ability to hire and retain talented personnel and strengthen its operations; and

(v)

the parent company’s support of the Investment Adviser and its registered fund business, as expressed by the firm’s senior management;

(b)

information on the investment performance of the Fund, including comparisons to the performance of similar exchange-traded funds (“ETFs”), as provided by a third-party fund data provider engaged as part of the contract review process (the “Outside Data Provider”), and information on general investment outlooks in the markets in which the Fund invests;

(c)

the terms of the Management Agreement entered into by the Trust on behalf of the Fund;

(d)

fee and expense information for the Fund, including:

(i)

the relative management fee and expense levels of the Fund as compared to those of comparable funds managed by other advisers, as provided by the Outside Data Provider;

(e)

with respect to the investment performance and expense comparison data provided by the Outside Data Provider, its processes in producing that data for the Fund;

(f)

information relating to the profitability of the Management Agreement and the transfer agency and distribution and service arrangements of the Fund to the Investment Adviser and its affiliates;

(g)

whether the Fund’s existing management fee schedule adequately addressed any economies of scale;

(h)

a summary of the “fall-out” benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund;

(i)

a summary of potential benefits derived by the Fund as a result of its relationship with the Investment Adviser;

(j)

portfolio manager ownership of Fund shares; the manner in which portfolio manager compensation is determined; and the number and types of accounts managed by the portfolio managers;

(k)

the nature and quality of the services provided to the Fund by its unaffiliated service providers, and the Investment Adviser’s general oversight and evaluation (including reports on due diligence) of those service providers as part of the administrative services provided under the Management Agreement; and

(l)

the Investment Adviser’s processes and policies addressing various types of potential conflicts of interest; its approach to risk management; the annual review of the effectiveness of the Fund’s compliance program; and periodic compliance reports.

GOLDMAN SACHS ETF TRUST

Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs Access Treasury 0-1 Year ETF (formerly, Goldman Sachs TreasuryAccess 0-1 Year ETF) (Unaudited) (continued)

The presentations made at the Board and Committee meetings and at the Annual Meeting encompassed the Fund and other registered funds for which the Board of Trustees has responsibility. In evaluating the Management Agreement at the Annual Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Investment Adviser and its affiliates, their services, and the Fund. In conjunction with these meetings, the Trustees received written materials and oral presentations on the topics covered, and the Investment Adviser addressed the questions and concerns of the Trustees, including concerns regarding the investment performance of certain of the funds they oversee. The Independent Trustees were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval and continuation of registered fund investment management agreements under applicable law. In addition, the Investment Adviser and its affiliates provided the Independent Trustees with a written response to a formal request for information sent on behalf of the Independent Trustees by their independent legal counsel. During the course of their deliberations, the Independent Trustees met in executive sessions with their independent legal counsel, without representatives of the Investment Adviser or its affiliates present.

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

As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Fund by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees considered that under the Management Agreement, the Funds pay a single fee to the Investment Adviser, and the Investment Adviser pays all of the Funds’ ordinary operating expenses, excluding payments under each Fund’s 12b-1 plan (if any), interest expenses, taxes, acquired fund fees and expenses, brokerage fees, costs of holding shareholder meetings, litigation, indemnification and extraordinary expenses. The Trustees also considered information about the Fund’s structure, investment objective, strategies and other characteristics. In particular, they noted that the Fund is a passively-managed ETF that seeks to track an index developed and maintained by a third-party service provider. The Trustees noted the experience and capabilities of the key personnel of the Investment Adviser who provide services to the Fund. In particular, the Trustees considered the Investment Adviser’s extensive experience in managing portfolios that invest in short term U.S. Treasury securities. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Fund and expressed confidence that the Investment Adviser would continue to do so in the future.

Investment Performance

The Trustees also considered the investment performance of the Fund. In this regard, they compared the total return of the Fund to the performance of its index, a comparable market capitalization-weighted reference index, and a separate account composite with a comparable investment strategy. The information regarding the Fund’s investment performance was provided for the one-year period ended December 31, 2017. The Trustees observed that the Fund’s investment performance was consistent with the investment objective of tracking its index.

Unitary Fee Structure and Profitability

The Trustees considered the contractual fee rates payable by the Fund, noting that the Management Agreement provides for a unitary fee structure, pursuant to which the Fund pays a single fee to the Investment Adviser and the Investment Adviser then pays all of the Fund’s ordinary operating expenses. In addition, the Trustees considered information on the services rendered by the Investment Adviser to the Fund, which included both advisory and administrative services that were directed to the needs and operations of the Fund as an ETF. The Trustees noted that a license fee would be payable by the Investment Adviser to Citigroup Index LLC for use of its index. The Trustees also considered information provided regarding fees and expenses of comparable ETFs advised by other, unaffiliated investment management firms. The comparisons of the Fund’s fee rate and expense ratio were prepared by the Investment Adviser and a third-party provider of mutual fund and ETF data. In particular, the Trustees referred to an analysis comparing the Fund’s management fees and net expense ratios to those of relevant peer funds. The Trustees concluded that the comparisons were useful in evaluating the reasonableness of the management fees and total expenses paid by the Fund.

The Trustees reviewed the Fund’s contribution to the Investment Adviser’s revenues and pre-tax profit margins. In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency and distribution and service), and information on the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs & Co. LLC (“Goldman Sachs”)

GOLDMAN SACHS ETF TRUST

Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs Access Treasury 0-1 Year ETF (formerly, Goldman Sachs TreasuryAccess 0-1 Year ETF) (Unaudited) (continued)

organization had audited the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology and profitability analysis calculations.

Economies of Scale

The Trustees noted that the Fund does not have fee breakpoints. The Trustees considered information previously provided regarding the amount of assets in the Fund, the Fund’s recent creation and redemption activity, and the costs of the services provided by the Investment Adviser and its affiliates.

Other Benefits to the Investment Adviser and Its Affiliates

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

Other Benefits to the Fund and Its Shareholders

The Trustees also noted that the Fund receives certain potential benefits as a result of its relationship with the Investment Adviser, including: (a) enhanced servicing 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 Fund because of the reputation of the Goldman Sachs organization; and (c) the Fund’s access to certain affiliated distribution channels.

Conclusion

In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the unitary fee paid by the Fund was reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and the Fund’s current and/or reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit the Fund and its shareholders and that the Management Agreement should be approved and continued with respect to the Fund until March 31, 2019.

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
Lawrence W. Stranghoener Age: 64	Chairman of the Board of Trustees	Trustee Since 2015; Chairman Since 2017	Mr. Stranghoener is retired. He is Director, Kennametal, Inc. (a global manufacturer and distributor of tooling and industrial materials) (2003-Present); Director, Aleris Corporation and Aleris International, Inc. (a producer of aluminum rolled products) (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). Chairman of the Board of Trustees — Goldman Sachs ETF Trust; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC.	32	Kennametal Inc. (a global manufacturer and distributor of tooling and industrial materials)
Caroline Dorsa Age: 59	Trustee	Since 2016	Ms. Dorsa is retired. She is Director, Biogen Inc. (a biotechnology company) (2010-Present); Director, Intellia Therapeutics Inc. (a gene-editing company) (2015-Present); and Director, Illumina, Inc. (a life sciences company) (2017-Present). She was formerly Executive Vice President and Chief Financial Officer, Public Service Enterprise Group, Inc. (a generation and energy services company) (2009-2015); Senior Vice President, Merck & Co, Inc. (a pharmaceutical company) (2008-2009 and 1987-2007); Senior Vice President and Chief Financial Officer, Gilead Sciences, Inc. (a pharmaceutical company) (2007-2008); and Senior Vice President and Chief Financial Officer, Avaya, Inc. (a technology company) (2007). Trustee — Goldman Sachs ETF Trust; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC.	32	Biogen Inc. (a biotechnology company); Intellia Therapeutics Inc. (a gene-editing company); Illumina, Inc. (a life sciences company)
Linda A. Lang Age: 60	Trustee	Since 2016	Ms. Lang is retired. She is Chair of the Board of Directors (2016-present), and Member of the Board of Directors, 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). Previously, Ms. Lang served as an Advisory Board Member of Goldman Sachs MLP Income Opportunities Fund and Goldman Sachs MLP and Energy Renaissance Fund (February 2016-March 2016). Trustee — Goldman Sachs ETF Trust; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC.	32	WD-40 Company (a global consumer products company)
Michael Latham Age: 52	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; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC.	32	None

GOLDMAN SACHS ETF TRUST

Trustees and Officers (Unaudited) (continued) Interested Trustee*


Name, Address and Age¹	Position(s) Held with the Trust	Term of Office and Length of Time Served²	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee³	Other Directorships Held by Trustee⁴
James A. McNamara Age: 55	Trustee and President	Since 2014	Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President and Trustee — Goldman Sachs ETF Trust; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC.	152	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, 2018.

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, 2018, Goldman Sachs ETF Trust consisted of 26 portfolios (14 of which offered shares to the public); Goldman Sachs Trust consisted of 89 portfolios (88 of which offered shares to the public); Goldman Sachs Variable Insurance Trust consisted of 13 portfolios; Goldman Sachs Trust II consisted of 19 portfolios (17 of which offered shares to the public); and Goldman Sachs MLP Income Opportunities Fund, Goldman Sachs MLP and Energy Renaissance Fund, Goldman Sachs Private Markets Fund 2018 LLC, Goldman Sachs Private Markets Fund 2018 (A) LLC and Goldman Sachs Private Markets Fund 2018 (B) LLC each consisted of one portfolio.

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: 55	Trustee and President	Since 2014	Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President and Trustee — Goldman Sachs ETF Trust; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC.
Caroline L. Kraus 200 West Street New York, NY 10282 Age: 41	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 Corp.; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC.
Scott M. McHugh 200 West Street New York, NY 10282 Age: 46	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; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC.
Joseph F. DiMaria 30 Hudson Street Jersey City, NJ 07302 Age: 50	Assistant Treasurer and Principal Accounting Officer	Since 2017	Managing Director, Goldman Sachs (November 2015-Present) and Vice President – Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010-October 2015). Assistant Treasurer and Principal Accounting Officer — Goldman Sachs ETF Trust; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC.

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, 2018.

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 Access Fixed Income ETFs — Tax Information (Unaudited)

During the fiscal year ended August 31, 2018, 100% of the net investment company taxable income distributions paid by Access High Yield Corporate Bond ETF, Access Investment Grade Corporate Bond ETF, and Access Treasury 0-1 Year ETF were designated as either interest-related dividends or short-term capital gain dividends pursuant to Section 871(k) of the Internal Revenue Code.

GOLDMAN SACHS ETF TRUST

Goldman Sachs Access Treasury 0-1 Year ETF — Other Information (Unaudited)

Effective from November 1, 2016 and solely for the purpose of marketing the Fund in the United Kingdom (“UK”), Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) identified itself as the alternative investment fund manager (“AIFM”) of the Fund. As AIFM, the Investment Adviser is responsible for complying with the UK marketing rules implementing the Alternative Investment Fund Managers Directive (Directive 2011/61/EU) (the “Directive”).

In accordance with these rules, the AIFM is required to make available an Annual Report for the financial year of the Fund, containing certain disclosures as set out in Article 22 and 23 of the Directive. The disclosures set out below are included to satisfy these requirements as they have not been disclosed elsewhere in this Annual Report.

I. Remuneration

The following disclosures are made in accordance with Article 107 of the EU Commission Delegated Regulation C (2012) 8370 in respect of the AIFM, which is part of The Goldman Sachs Group, Inc. (“GS Group”). GS Group’s global remuneration philosophy, structure and process for setting remuneration generally applies to employees of the AIFM in the same manner as other employees globally. References to the “firm” and “we” throughout this disclosure include GS Group and the AIFM and any subsidiaries and affiliates.

a. Remuneration Program Philosophy

The remuneration philosophy and the objectives of the remuneration program for the firm, including the AIFM, are reflected in GS Group’s Compensation principles as posted on the Goldman Sachs public website (http://www.goldmansachs.com/investor relations/corporate governance/corporate governance-documents/compensation-principles.pdf) which includes the following:

We pay for performance – this is an absolute requirement under our compensation program and inherent in our culture.

We structure compensation, especially at senior levels, to align with GS Group’s shareholders’ long-term interests.

We use compensation as an important tool to attract, retain and motivate talent.

We align total compensation with corporate performance over the period.

The AIFM’s remuneration program is intended to be flexible enough to allow responses to changes in market conditions, but grounded in a framework that maintains effective remuneration practices.

b. Remuneration Governance

The planning, implementation and revision of the compensation policy of the AIFM is subject to the oversight of the Compensation Committee of the Board of Directors of GS Group (the “GS Group Compensation Committee”), the ultimate parent of the AIFM.

The members of the GS Group Compensation Committee at the end of 2017 were James A. Johnson (Chair), M. Michele Burns, William W. George, Ellen J. Kullman, Lakshmi N. Mittal, and Adebayo O. Ogunlesi (ex-officio). None of the members of the GS Group Compensation Committee were an employee of the firm. All members of the GS Group Compensation Committee were “independent” within the meaning of the New York Stock Exchange Rules and the firm’s Director Independence Policy.

The GS Group Compensation Committee has for several years recognised the importance of using an independent remuneration consultant that is appropriately qualified and that provides services solely to the GS Group Compensation Committee and not to the firm. The Compensation Committee continued to retain Semler Brossy Consulting Group LLC (Semler Brossy) as its independent remuneration consultant in 2017.

GS Group’s global process for setting variable remuneration (including the requirement to consider risk and compliance issues) applies to employees of the AIFM in the same way as to employees of other entities and in other regions and is subject to oversight by the senior management of the firm in the region.

c. Link Between Pay and Performance

Annual remuneration for employees is generally comprised of fixed and variable remuneration. The AIFM’s remuneration practices provide for variable remuneration determinations to be made on a discretionary basis. Variable remuneration is based on multiple factors and is not set as a fixed percentage of revenue or by reference to any other formula. Firmwide performance is a key factor in determining variable remuneration.

d. Performance Measurement

Year-end variable remuneration is determined through a discretionary process that relies on certain qualitative and quantitative metrics (amongst other factors) against which we assess performance at year-end. We do not set specific goals, targets

GOLDMAN SACHS ETF TRUST

Goldman Sachs Access Treasury 0-1 Year ETF — Other Information (Unaudited) (continued)

or other objectives for purposes of determining year-end variable remuneration nor do we set an initial remuneration pool that is adjusted for any such goals, targets or other objectives. Such metrics are not formulaic nor given any specific weight. In addition, employees are evaluated annually as part of the “360 degree” feedback process.

e. Risk Adjustment

Prudent risk management is a hallmark of both the firm’s and AIFM’s culture and sensitivity to risk and risk management are key elements in assessing employee performance, including as part of the “360 degree” feedback process noted above.

We take risk into account in setting the amount and form of variable remuneration for employees. We provide guidelines to assist compensation managers when applying discretion during the remuneration process to promote consistent consideration of the different metrics/factors considered during the remuneration process. Further, to ensure the independence of control function employees, remuneration for those employees is not determined by individuals in revenue-producing positions but rather by the management of the relevant control function.

f. Structure of Remuneration

Fixed Remuneration

Variable Remuneration: For employees with total and variable remuneration above a specific threshold, variable remuneration is generally paid in a combination of cash and equity-based remuneration. In general, the portion paid in the form of an equity-based award increases as variable remuneration increases.

g. Total Remuneration

Staff remuneration for the financial period ending December 31, 2017:


Total remuneration for the financial year ending December 31, 2017 paid by the AIFM to 18 staff in respect of the management of the assets of the Fund		US$261,999, made up of: • US$118,734 fixed remuneration • US$143,265 variable remuneration
Which includes:
(a) Remuneration paid by the AIFM to senior management		US$168,875
(b) Remuneration paid by the AIFM to other staff members whose actions have a material impact on the risk profile of the Fund		US$93,124

The remuneration figures above:

relate to the proportion of time spent by those staff on the management of the assets of the Fund; and

do not include figures for those staff whose activities may impact the Fund but who provide services through other affiliates of the AIFM.

II. Risk Management

The current risk profile of the Fund and the risk management framework employed by the AIFM to manage those risks are outlined in the Fund’s Prospectus and Statement of Additional Information. The Investment Manager’s risk management function will seek to ensure that the risk profile disclosed to investors is consistent with applicable risk limits, monitor compliance with those risk limits, promptly notify the risk management component of the portfolio management team managing the portfolio of any inconsistency, or risk or inconsistency, between the risk profile and risk limits.

III. Material Changes

Article 22 of the Directive requires disclosure of any material changes in the information listed in Article 23 of the Directive.

In respect of the period ended December 31, 2017, there have been no material changes to the information listed in Article 23 of the Directive.

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 $1.30 trillion in assets under supervision as of June 30, 2018, 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. LLC. subject to legal, internal and regulatory restrictions.

GOLDMAN SACHS EXCHANGE-TRADED FUNDS

Goldman Sachs ActiveBeta^® Emerging Markets Equity ETF

Goldman Sachs ActiveBeta^® Europe Equity ETF

Goldman Sachs ActiveBeta^® International Equity ETF

Goldman Sachs ActiveBeta^® Japan Equity ETF

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

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

Goldman Sachs Equal Weight U.S. Large Cap Equity ETF

Goldman Sachs Hedge Industry VIP ETF

Goldman Sachs JUST U.S. Large Cap Equity ETF

Goldman Sachs Access Treasury 0-1 Year ETF

Goldman Sachs Access Investment Grade Corporate Bond ETF

Goldman Sachs Access High Yield Corporate Bond ETF

INDEX DISCLAIMERS

Goldman Sachs Access High Yield Corporate Bond ETF

The Goldman Sachs Access High Yield Corporate Bond ETF (the “Fund”) has been developed solely by GSAM. The Fund is not in any way connected to or sponsored, endorsed, sold or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). FTSE Russell is a trading name of certain of the LSE Group companies.

All rights in the FTSE Goldman Sachs High Yield Corporate Bond Index (the “Index”) vest in the relevant LSE Group company which owns the Index. FTSE^® is a trademark of the relevant LSE Group company and is used by any other LSE Group company under license.

The Index is calculated by or on behalf of FTSE Fixed Income, LLC or its affiliate, agent or partner. The LSE Group does not accept any liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the Index or (b) investment in or operation of the Fund. The LSE Group makes no claim, prediction, warranty or representation either as to the results to be obtained from the Fund or the suitability of the Index for the purpose to which it is being put by GSAM.

Goldman Sachs Access Investment Grade Corporate Bond ETF

The Goldman Sachs Access Investment Grade Corporate Bond ETF (the “Fund”) has been developed solely by GSAM. The Fund is not in any way connected to or sponsored, endorsed, sold or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). FTSE Russell is a trading name of certain of the LSE Group companies.

All rights in the FTSE Goldman Sachs Investment Grade Corporate Bond Index (the “Index”) vest in the relevant LSE Group company which owns the Index. FTSE^® is a trademark of the relevant LSE Group company and is used by any other LSE Group company under license.

The Index is calculated by or on behalf of FTSE Fixed Income LLC, or its affiliate, agent or partner. The LSE Group does not accept any liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the Index or (b) investment in or operation of the Fund. The LSE Group makes no claim, prediction, warranty or representation either as to the results to be obtained from the Fund or the suitability of the Index for the purpose to which it is being put by GSAM.

Goldman Sachs Access Treasury 0-1 Year ETF

The Goldman Sachs Access Treasury 0-1 Year ETF (the “Fund”) has been developed solely by GSAM. The Fund is not in any way connected to or sponsored, endorsed, sold or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). FTSE Russell is a trading name of certain of the LSE Group companies.

All rights in the FTSE US Treasury 0-1 Year Composite Select Index (the “Index”) vest in the relevant LSE Group company which owns the Index. FTSE^® is a trademark of the relevant LSE Group company and is used by any other LSE Group company under license.

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


TRUSTEES Lawrence W. Stranghoener, Chairman Caroline Dorsa Linda A. Lang Michael Latham James A. McNamara		OFFICERS James A. McNamara, President Scott M. McHugh, Treasurer, Senior Vice President and Principal Financial Officer Joseph F. DiMaria, Assistant Treasurer and Principal Accounting Officer Caroline L. Kraus, Secretary

THE BANK OF NEW YORK MELLON Transfer Agent

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

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

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

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

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

The Funds file their complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Qs. The Funds’ Form N-Qs are available on the SEC’s web site at http://www.sec.gov within 60 days after the Funds’ first and third fiscal quarters. The Funds’ 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, 2018 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.

ETF Fund shares are not individually redeemable and are issued and redeemed by the Funds 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.

The Funds are recently or newly organized and have limited operating history.

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.

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 the Funds’ objectives, risks, and charges and expenses, and read the summary prospectuses, if available, and/or the Prospectus carefully before investing or sending money. The summary prospectuses, if available, and the Prospectus contain this and other information about the Funds and may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC by calling 1-800-621-2550.

ALPS Distributors, Inc. is the distributor of the Goldman Sachs ETF Funds. ALPS Distributors, Inc. is unaffiliated with Goldman Sachs Asset Management.

Goldman Sachs Funds

LOGO



Annual Report				August 31, 2018

				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^® U.S. Small Cap Equity ETF

ActiveBeta is a registered trademark of GSAM.

LOGO

Goldman Sachs ActiveBeta^® ETFs


TABLE OF CONTENTS

Investment Process			1

Portfolio Management Discussion and Performance Summaries			3

Schedules of Investments			36

Financial Statements			89

Financial Highlights			96

Notes to Financial Statements			102

Report of Independent Registered Public Accounting Firm			114

Other Information			115



NOT FDIC-INSURED	May Lose Value	No Bank Guarantee

INVESTMENT PROCESS

Goldman Sachs ActiveBeta^® ETFs

Principal Investment Strategies

The investment objective of each of the ActiveBeta^® Emerging Markets Equity ETF, ActiveBeta^® Europe Equity ETF, ActiveBeta^® International Equity ETF, ActiveBeta^® Japan Equity ETF, ActiveBeta^® U.S. Large Cap Equity ETF and ActiveBeta^® U.S. Small 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 “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

INVESTMENT PROCESS

Index incorporates the ActiveBeta^® Turnover Minimization Technique, which seeks to reduce turnover within each Index.

* * *

At the end of the Reporting Period, i.e., the 12 months ended August 31, 2018, we continued to believe in the existence and persistence of certain equity common factors. We further believed that in capturing common factors, investment efficiency (risk-adjusted returns) can be improved by enhancing the informational efficiency and diversification of individual common factor portfolios. Additionally, we advocate the pursuit of factor diversification strategies, which combine individual common factor portfolios, as such strategies tend to dominate individual factors. A passive capture of informationally-efficient and diversified common factor strategies potentially delivers attractive after-cost information ratios.

PORTFOLIO RESULTS

Goldman Sachs ActiveBeta^® Emerging Markets Equity ETF

Investment Objective

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the 12-month period ended August 31, 2018 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund returned -0.28% based on net asset value (“NAV”) and -0.64% based on market price. The Index returned 0.27%, 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 -0.68% during the same period.

The Fund had an NAV of $33.73 per share on August 31, 2017 and ended the Reporting Period with an NAV of $32.98 per share. The Fund’s market price on August 31, 2018 was $32.87 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 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 compared the performance of the Fund to that of the MSCI Emerging Markets Index. Given the Fund’s investment objective of attempting to track the Index, the Fund does not follow traditional methods of active investment management, which may involve buying and selling securities based upon analysis of economic and market factors. The Fund does not follow a strategy of seeking to outperform the MSCI Emerging Markets Index.

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

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

Index constituents in the consumer discretionary, consumer staples and industrials sectors contributed most positively to the Index’s results relative to the MSCI Emerging Markets Index during the Reporting Period. Index constituents in the materials, energy and financials sectors detracted most from the Index’s results relative to the MSCI Emerging Markets Index.

From a country perspective, Index constituents in China, Turkey and Taiwan contributed most positively to the Index’s results relative to the MSCI Emerging Markets Index

PORTFOLIO RESULTS

during the Reporting Period. Conversely, Index constituents in South Korea, Thailand and South Africa detracted the most from the Index’s results relative to the MSCI Emerging Markets Index.

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

Relative to the MSCI Emerging Markets Index, overweight positions in Chinese pharmaceuticals companies Sino Biopharmaceutical and CSPC Pharmaceutical Group and having no exposure to Russian supermarket chain Magnit contributed most positively (0.29%, 0.35% and 0.00%¹ of Fund net assets as of August 31, 2018, respectively). Sino Biopharmaceutical posted a triple-digit gain and CSPC Pharmaceutical Group posted a robust double-digit gain within the Index during the Reporting Period, while Magnit, which is not a component of the Index, performed poorly during the Reporting Period.

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

Relative to the MSCI Emerging Markets Index, underweight positions in India-based energy company Reliance Industries and China-based energy company CNOOC and an overweight position in Turkey-based consumer staples firm BIM Birlesik Magazalar detracted most (0.55%, 0.45% and 0.16% of Fund net assets as of August 31, 2018, respectively). Reliance Industries and CNOOC each posted a robust double-digit gain within the Index during the Reporting Period, while BIM Birlesik Magazalar generated a double-digit decline within the Index during the Reporting Period.

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

The Fund does not employ derivatives as a source of alpha generation. However, during the Reporting Period, futures contracts were used to equitize 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 Emerging Markets Index
Information Technology		26.7	%		27.0	%		27.6	%
Financials		22.0			21.6			23.0
Consumer Staples		12.2			11.7			6.5
Consumer Discretionary		9.2			9.8			9.3
Energy		6.9			7.1			7.7
Materials		6.5			5.7			7.8
Telecommunication Services		5.4			5.4			4.4
Utilities		3.2			3.5			2.4
Health Care		3.2			3.1			3.1
Industrials		2.7			3.2			5.2
Real Estate		2.0			1.8			3.0

Some weights are 0.00% at August 31, 2018 either because those positions were taken out during the most recent rebalance given the Fund’s index construction methodology or because they were not components of the Index during the reporting period.

Country and sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by MSCI. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the table above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Investments in the securities lending vehicle represented 1.4% of the Fund’s net assets as of August 31, 2018. Figures above may not sum to 100% due to rounding.

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

PORTFOLIO RESULTS

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


Country Name	Fund²			GS ActiveBeta^® Index			MSCI Emerging Markets Index
China		29.9	%		30.0	%		30.9	%
Korea		16.9			16.9			14.8
Taiwan		12.2			12.8			12.3
India		9.2			9.8			9.3
Brazil		6.5			6.7			5.8
South Africa		5.7			5.4			6.3
Russia		3.4			3.6			3.4
Mexico		2.7			2.6			3.1
Malaysia		2.2			2.0			2.5
Thailand		2.1			1.9			2.4
Indonesia		1.8			1.9			2.0
Chile		1.4			1.4			1.1
Poland		1.3			1.4			1.2
Qatar		0.9			0.5			0.9
Egypt		0.6			0.4			0.1
United Arab Emirates		0.5			0.4			0.7
Colombia		0.5			0.5			0.5
Turkey		0.4			0.3			0.5
Philippines		0.3			0.3			1.1
Peru		0.3			0.3			0.4
Hungary		0.3			0.3			0.3
Greece		0.2			0.2			0.3
Czech Republic		0.2			0.2			0.2
Pakistan		0.0			0.0			0.1

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, 2018

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 1, 2017– August 31, 2018	Fund Total Return (based on NAV)²			Fund Total Return (based on Market Price)²			GS ActiveBeta^® EME Index³			MSCI EM Index⁴
Shares		-0.28	%		-0.64	%		0.27	%		-0.68	%

The Goldman Sachs ActiveBeta^® Emerging Markets Equity Index (the “Index”) is designed to deliver exposure to equity securities of emerging market issuers. The Index seeks to capture common sources of active equity returns, including value (i.e., how attractively a stock is priced relative to its “fundamentals”, such as book value or free cash flow), momentum (i.e., whether a company’s share price is trending up or down), quality (i.e., profitability) and low volatility (i.e., a relatively low dgree of fluctuation in a company’s share price over time). The Index 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 24 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


STANDARDIZED TOTAL RETURNS⁵
For the period ended 6/30/18	One Year			Since Inception			Inception Date
Shares (based on NAV)		9.09	%		12.94	%		9/25/15
Shares (based on Market Price)		8.32			12.71			9/25/15

⁵

The Standardized Total Returns are average annual total returns or cumulative total returns (only if the performance period is one year or less) as of the most recent calendar quarter-end. They assume reinvestment of all distributions. 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.


EXPENSE RATIOS⁶
	Net Expense Ratio (Current)			Gross Expense Ratio (Before expense limitation)
Shares		0.45	%		0.53	%

⁶

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 arrangements without the approval of the Fund’s Board of Trustees.


TOP TEN HOLDINGS AS OF 8/31/18⁷
Holding	% of Net Assets			Line of Business	Country
Tencent Holdings Ltd.		4.2	%	Information Technology	China
Samsung Electronics Co. Ltd.		3.8		Information Technology	South Korea
Taiwan Semiconductor Manufacturing Co. Ltd.		3.7		Information Technology	Taiwan
Alibaba Group Holding Ltd. ADR		3.4		Information Technology	China
China Construction Bank Corp., Class H		1.4		Financials	China
Naspers Ltd., Class N		1.2		Consumer Discretionary	South Africa
Baidu, Inc. ADR		1.1		Information Technology	China
Ping An Insurance Group Co. of China Ltd., Class H		1.0		Financials	China
China Mobile Ltd.		1.0		Telecommunication Services	China
Industrial & Commercial Bank of China Ltd., Class H		0.9		Financials	China

⁷

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

ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

Performance Summary

August 31, 2018

The following graph shows the value, as of August 31, 2018, of a $10,000 investment made on September 25, 2015 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index and reference index, the Goldman Sachs ActiveBeta^® Emerging Markets Equity Index and the MSCI Emerging Markets Index (net, unhedged), respectively, 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, 2018.

LOGO


Average Annual Total Return through August 31, 2018	1 Year Return	Since Inception

Shares based on NAV (Commenced September 25, 2015)	-0.28%	11.71%

PORTFOLIO RESULTS

Goldman Sachs ActiveBeta^® Europe Equity ETF

Investment Objective

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the 12-month period ended August 31, 2018 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund returned 4.40% based on net asset value (“NAV”) and 3.58% based on market price. The Index returned 4.39%, 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 2.62% during the same period.

The Fund had an NAV of $30.39 per share on August 31, 2017 and ended the Reporting Period with an NAV of $30.82 per share. The Fund’s market price on August 31, 2018 was $30.73 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 compared the performance of the Fund to that of the MSCI Europe Index. Given the Fund’s investment objective of attempting to track the Index, the Fund does not follow traditional methods of active investment management, which may involve buying and selling securities based upon analysis of economic and market factors. The Fund does not follow a strategy of seeking to outperform the MSCI Europe Index.

During the Reporting Period, the Fund posted positive absolute returns and outperformed the MSCI Europe Index, as measured by NAV. Amongst underlying factors, Quality contributed most positively, followed by Low Volatility and Momentum. Value detracted from relative results during the Reporting Period. Quality refers to sustainable profitability over time. 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. Value refers to how attractively a stock is priced relative to its fundamentals, such as book value and free cash flow.

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

Index constituents in the financials, consumer staples and consumer discretionary sectors contributed most positively to the Index’s results relative to the MSCI Europe Index during the Reporting Period. The only two sectors to detract from the Index’s results relative to the MSCI Europe Index during the Reporting Period were Index constituents in energy and utilities.

From a country perspective, Index constituents in the U.K., Spain and Denmark contributed most positively to the Index’s results relative to the MSCI Europe Index. Conversely, Index constituents in Portugal, Sweden and Austria detracted the most from the Index’s results relative to the MSCI Europe Index during the Reporting Period.

PORTFOLIO RESULTS

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

Relative to the MSCI Europe Index, overweight positions in U.K. investment management services provider Hargreaves Lansdown, France-based video game producer and distributor UbiSoft Entertainment and U.K. consumer staples company J Sainsbury contributed most positively (0.80%, 0.52% and 0.49% of Fund net assets as of August 31, 2018, respectively). Each of these holdings posted a robust double-digit gain within the Index during the Reporting Period.

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

Relative to the MSCI Europe Index, underweight positions in Netherlands-based integrated energy company Royal Dutch Shell and U.K.-based integrated energy company BP and an overweight position in French digital services provider Atos detracted most (0.00%¹, 1.06% and 0.70% of Fund net assets as of August 31, 2018, respectively). Royal Dutch Shell and BP each generated a robust double-digit gain within the Index during the Reporting Period, while Atos posted a double-digit decline within the Index during the Reporting Period.

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

The Fund did not invest in derivatives or 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 Europe Index
Financials		15.8	%		16.8	%		18.9	%
Industrials		14.5			14.5			13.3
Consumer Discretionary		14.3			14.2			10.7
Consumer Staples		14.2			13.8			13.6
Health Care		13.6			13.7			13.1
Materials		7.5			7.7			8.3
Information Technology		6.9			6.8			5.8
Energy		6.2			6.0			8.2
Utilities		2.8			2.8			3.6
Telecommunication Services		2.2			2.3			3.2
Real Estate		1.6			1.5			1.4

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 Europe Index
UK		25.8	%		25.9	%		27.1	%
France		19.8			19.7			17.6
Germany		14.3			14.3			15.2
Switzerland		12.3			12.5			13.2
Netherlands		6.1			6.1			5.7
Italy		4.5			4.6			3.6
Spain		4.2			4.3			4.7
Sweden		3.5			3.8			4.2
Denmark		2.9			3.0			2.8
Belgium		1.6			1.4			1.7
Finland		1.5			1.5			1.7
Norway		1.4			1.5			1.2
Portugal		0.8			0.4			0.3
Ireland		0.5			0.5			0.9
Austria		0.4			0.6			0.4

Some weights are 0.00% at August 31, 2018 because those positions were taken out during the most recent rebalance given the Fund’s index construction methodology.

Country and sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by MSCI. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the table above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Investments in the securities lending vehicle represented 0.7% of the Fund’s net assets as of August 31, 2018. Figures above may not sum to 100% due to rounding.

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, 2018

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 1, 2017– August 31, 2018	Fund Total Return (based on NAV)²			Fund Total Return (based on Market Price)²			GS ActiveBeta^® Europe Index³			MSCI Europe Index⁴
Shares		4.40	%		3.58	%		4.39	%		2.62	%

The Goldman Sachs ActiveBeta^® Europe Equity Index (the “Index”) is designed to deliver exposure to equity securities of developed market issuers in Europe. The Index seeks to capture common sources of active equity returns, including value (i.e., how attractively a stock is priced relative to its “fundamentals”, such as book value or free cash flow), momentum (i.e., whether a company’s share price is trending up or down), quality (i.e., profitability) and low volatility (i.e., a relatively low dgree of fluctuation in a company’s share price over time). The Index 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.

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


STANDARDIZED TOTAL RETURNS⁵
For the period ended 6/30/18	One Year			Since Inception			Inception Date
Shares (based on NAV)		6.94	%		12.37	%		3/2/16
Shares (based on Market Price)		6.38			12.37			3/2/16

⁵

⁶


TOP TEN HOLDINGS AS OF 8/31/18⁷
Holding	% of Net Assets			Line of Business	Country
Nestle SA		2.4	%	Consumer Staples	Switzerland
Roche Holding AG		1.7		Health Care	Switzerland
Novartis AG		1.6		Health Care	Switzerland
HSBC Holdings PLC		1.3		Financials	United Kingdom
TOTAL SA		1.2		Energy	France
Royal Dutch Shell PLC, Class A		1.1		Energy	Netherlands
BP PLC		1.1		Energy	United Kingdom
SAP SE		1.1		Information Technology	Germany
Sanofi		0.9		Health Care	France
Novo Nordisk A/S, Class B		0.9		Health Care	Denmark

⁷

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

ACTIVEBETA^® EUROPE EQUITY ETF

Performance Summary

August 31, 2018

The following graph shows the value, as of August 31, 2018, of a $10,000 investment made on March 2, 2016 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index and reference index, the Goldman Sachs ActiveBeta^® Europe Equity Index and the MSCI Europe Index (Total Return, USD), respectively, 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^® Europe Equity ETF’s Lifetime Performance

Performance of a $10,000 Investment, with distributions reinvested, from March 2, 2016 through August 31, 2018.

LOGO


Average Annual Total Return through August 31, 2018	1 Year Return	Since Inception

Shares based on NAV (Commenced March 2, 2016)	4.40%	11.92%

PORTFOLIO RESULTS

Goldman Sachs ActiveBeta^® International Equity ETF

Investment Objective

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the 12-month period ended August 31, 2018 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund returned 6.30% based on net asset value (“NAV”) and 5.85% based on market price. The Index returned 6.36%, 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 4.51% during the same period.

The Fund had an NAV of $28.38 per share on August 31, 2017 and ended the Reporting Period with an NAV of $29.42 per share. The Fund’s market price on August 31, 2018 was $29.45 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 compared the performance of the Fund to that of the MSCI World ex USA Index. Given the Fund’s investment objective of attempting to track the Index, the Fund does not follow traditional methods of active investment management, which may involve buying and selling securities based upon analysis of economic and market factors. The Fund does not follow a strategy of seeking to outperform the MSCI World ex USA Index.

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

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

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

From a country perspective, Index constituents in the U.K., Japan and Spain contributed most positively to the Index’s results relative to the MSCI World ex USA Index during the Reporting Period. Conversely, Index constituents in

PORTFOLIO RESULTS

Singapore, Sweden and Italy detracted the most from the Index’s results relative to the MSCI World ex USA Index during the Reporting Period.

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

Relative to the MSCI World ex USA Index, overweight positions in Japanese cosmetics and toiletry products manufacturer Shiseido, U.K. investment management services provider Hargreaves Lansdown and Canadian information technology company Constellation Software contributed most positively (0.47%, 0.39% and 0.50% of Fund net assets as of August 31, 2018, respectively). Each of these holdings generated a robust double-digit gain within the Index during the Reporting Period.

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

Relative to the MSCI World ex USA Index, an underweight position in Netherlands-based integrated energy company Royal Dutch Shell and overweight positions in French digital services provider Atos and Japanese information technology company Mixi detracted most (0.00%¹, 0.52% and 0.00%¹ of Fund net assets as of August 31, 2018, respectively). Royal Dutch Shell posted a double-digit gain within the Index during the Reporting Period, while Atos and Mixi each posted a double-digit decline within the Index during the Reporting Period.

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

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


Sector Name	Fund³			GS ActiveBeta^® Index			MSCI World ex USA Index
Financials		17.8	%		18.5	%		21.5	%
Consumer Discretionary		14.9			14.9			11.6
Consumer Staples		14.3			14.0			10.6
Industrials		13.5			13.4			14.0
Health Care		11.5			11.5			10.3
Information Technology		8.4			8.4			6.8
Materials		6.6			6.8			8.1
Energy		4.9			4.3			7.3
Utilities		2.9			2.8			3.1
Real Estate		2.9			3.0			3.2
Telecommunication Services		2.3			2.3			3.6

Country and sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by MSCI. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the table above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Investments in the securities lending vehicle represented 1.1% of the Fund’s net assets as of August 31, 2018. Figures above may not sum to 100% due to rounding.

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?¹


Country Name	Fund²			GS ActiveBeta^® Index			MSCI World ex USA Index
Japan		22.3	%		22.6	%		22.0	%
UK		14.2			14.3			15.7
France		11.6			11.3			10.2
Canada		8.7			8.5			8.9
Germany		7.9			8.0			8.8
Switzerland		7.1			7.2			7.6
Australia		6.1			6.1			6.3
Netherlands		3.4			3.3			3.3
Hong Kong		3.2			3.4			3.3
Italy		2.9			2.8			2.1
Spain		2.6			2.7			2.7
Sweden		2.2			2.4			2.4
Denmark		1.9			1.9			1.6
Singapore		1.2			1.3			1.1
Israel		1.0			1.0			0.5
Finland		0.9			0.9			1.0
Belgium		0.8			0.6			1.0
Norway		0.7			0.7			0.7
Portugal		0.4			0.2			0.2
Austria		0.3			0.4			0.2
Ireland		0.2			0.3			0.5
New Zealand		0.2			0.2			0.2

Country and sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by MSCI. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the table above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Investments in the securities lending vehicle represented 1.1% of the Fund’s net assets as of August 31, 2018. Figures above may not sum to 100% due to rounding.

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, 2018

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 1, 2017– August 31, 2018	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		6.30	%		5.85	%		6.36	%		4.51	%

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


STANDARDIZED TOTAL RETURNS⁵
For the period ended 6/30/18	One Year			Since Inception			Inception Date
Shares (based on NAV)		9.33	%		9.05	%	11/6/15
Shares (based on Market Price)		8.84			9.12		11/6/15

⁵

⁶


TOP TEN HOLDINGS AS OF 8/31/18⁷
Holding	% of Net Assets			Line of Business	Country
Nestle SA		1.4	%	Consumer Staples	Switzerland
Roche Holding AG		0.9		Health Care	Switzerland
Novartis AG		0.9		Health Care	Switzerland
HSBC Holdings PLC		0.7		Financials	United Kingdom
Royal Bank of Canada		0.6		Financials	Canada
TOTAL SA		0.6		Energy	France
LVMH Moet Hennessy Louis Vuitton SE		0.5		Consumer Discretionary	France
Royal Dutch Shell PLC, Class A		0.5		Energy	Netherlands
BP PLC		0.5		Energy	United Kingdom
Atos SE		0.5		Information Technology	France

⁷

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

ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Performance Summary

August 31, 2018

The following graph shows the value, as of August 31, 2018, 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 reference index, the Goldman Sachs ActiveBeta^® International Equity Index and the MSCI World ex USA Index (net, Unhedged, USD), respectively, 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, 2018.

LOGO


Average Annual Total Return through August 31, 2018	1 Year Return	Since Inception

Shares based on NAV (Commenced November 6, 2015)	6.30%	8.60%

PORTFOLIO RESULTS

Goldman Sachs ActiveBeta^® Japan Equity ETF

Investment Objective

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the 12-month period ended August 31, 2018 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund returned 9.42% based on net asset value (“NAV”) and 8.86% based on market price. The Index returned 9.25%, while the MSCI Japan Index (net, unhedged, USD) (“MSCI Japan Index”), a market-cap based index against which the performance of the Fund is measured, and the reference index for the Index, returned 9.05% during the same period.

The Fund had an NAV of $30.71 per share on August 31, 2017 and ended the Reporting Period with an NAV of $32.99 per share. The Fund’s market price on August 31, 2018 was $32.90 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 compared the performance of the Fund to that of the MSCI Japan Index. Given the Fund’s investment objective of attempting to track the Index, the Fund does not follow traditional methods of active investment management, which may involve buying and selling securities based upon analysis of economic and market factors. The Fund does not follow a strategy of seeking to outperform the MSCI Japan Index.

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

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

Index constituents in the energy, health care and materials sectors contributed most positively to the Index’s results relative to the MSCI Japan Index during the Reporting Period. Conversely, Index constituents in the consumer discretionary, information technology and telecommunication services sectors detracted most from the Index’s results relative to the MSCI Japan Index during the Reporting Period.

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

Relative to the MSCI Japan Index, overweight positions in energy company Idemitsu Kosan and health care company

PORTFOLIO RESULTS

Suzuken and an underweight position in Internet e-commerce, finance and other services provider Rakuten contributed most positively (0.88%, 0.98% and 0.06% of Fund net assets as of August 31, 2018, respectively). Idemitsu Kosan generated a triple-digit gain within the Index and Suzuken generated a double-digit gain within the Index during the Reporting Period, while Rakuten posted a negative return within the Index during the Reporting Period.

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

Relative to the MSCI Japan Index, overweight positions in auto manufacturer Mazda Motor and information technology company Mixi and an underweight position in telecommunication services provider SoftBank Group detracted most (0.79%, 0.00%¹ and 1.29% of Fund net assets as of August 31, 2018, respectively). Mazda Motor and Mixi each generated a double-digit decline within the Index during the Reporting Period, while SoftBank Group posted a double-digit gain within the Index during the Reporting Period.

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

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


Sector Name	Fund³			GS ActiveBeta^® Index			MSCI Japan Index
Consumer Discretionary		19.9	%		20.0	%		19.9	%
Industrials		18.9			18.9			20.8
Information Technology		13.4			13.6			12.7
Financials		10.4			10.4			12.0
Consumer Staples		9.5			10.8			8.1
Health Care		8.9			8.9			8.1
Materials		4.6			4.6			5.9
Telecommunication Services		3.9			3.9			5.5
Utilities		3.4			3.3			1.8
Real Estate		3.1			3.1			3.9
Energy		2.5			2.5			1.3

Some weights are 0.00% at August 31, 2018 because those positions were taken out during the most recent rebalance given the Fund’s index construction methodology.

Sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by MSCI. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the table above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Investments in the securities lending vehicle represented 1.8% of the Fund’s net assets as of August 31, 2018. Figures above may not sum to 100% due to rounding.

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

FUND BASICS

ActiveBeta^® Japan Equity ETF

as of August 31, 2018

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 1, 2017– August 31, 2018	Fund Total Return (based on NAV)²			Fund Total Return (based on Market Price)²			GS ActiveBeta^® Japan Index³			MSCI World Japan Index⁴
Shares		9.42	%		8.86	%		9.25	%		9.05	%

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.

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


STANDARDIZED TOTAL RETURNS⁵
For the period ended 6/30/18	One Year			Since Inception			Inception Date
Shares (based on NAV)		12.01	%		13.59	%	3/2/16
Shares (based on Market Price)		11.52			13.48		3/2/16

⁵

Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale or redemption of Fund shares.

⁶


TOP TEN HOLDINGS AS OF 8/31/18⁷
Holding	% of Net Assets			Line of Business
Toyota Motor Corp.		3.5	%	Consumer Discretionary
Sony Corp.		1.7		Consumer Discretionary
Mitsubishi UFJ Financial Group, Inc.		1.6		Financials
Honda Motor Co. Ltd.		1.5		Consumer Discretionary
Sumitomo Mitsui Financial Group, Inc.		1.5		Financials
SoftBank Group Corp.		1.3		Telecommunication Services
Keyence Corp.		1.3		Information Technology
Mitsubishi Corp.		1.3		Industrials
JXTG Holdings, Inc.		1.1		Energy
Mitsui & Co. Ltd.		1.1		Industrials

⁷

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

ACTIVEBETA^® JAPAN EQUITY ETF

Performance Summary

August 31, 2018

The following graph shows the value, as of August 31, 2018, of a $10,000 investment made on March 2, 2016 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index and reference index, the Goldman Sachs ActiveBeta^® Japan Index and the MSCI Japan Index (Total Return, USD), respectively, 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^® Japan Equity ETF’s Lifetime Performance

Performance of a $10,000 Investment, with distributions reinvested, from March 2, 2016 through August 31, 2018.

LOGO


Average Annual Total Return through August 31, 2018	1 Year Return	Since Inception

Shares based on NAV (Commenced March 2, 2016)	9.42%	12.61%

PORTFOLIO RESULTS

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

Investment Objective

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the 12-month period ended August 31, 2018 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund returned 21.65% based on net asset value (“NAV”) and 21.67% based on market price. The Index returned 21.79%, 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 19.66% during the same period.

The Fund had an NAV of $49.16 on August 31, 2017 and ended the Reporting Period with an NAV of $58.75 per share. The Fund’s market price on August 31, 2018 was $58.75 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 compared the performance of the Fund to that of the S&P 500 Index. Given the Fund’s investment objective of attempting to track the Index, the Fund does not follow traditional methods of active investment management, which may involve buying and selling securities based upon analysis of economic and market factors. The Fund does not follow a strategy of seeking to outperform the S&P 500 Index.

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

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

Index constituents in the industrials, health care and consumer staples sectors contributed most positively to the Index’s results relative to the S&P 500 Index during the Reporting Period. Partially offsetting these positive contributors were Index constituents in utilities and materials, the only two sectors that detracted during the Reporting Period.

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

Relative to the S&P 500 Index, underweight positions in diversified conglomerate General Electric and semiconductor company Broadcom and an overweight position in petroleum refiner Valero Energy contributed most positively (0.16%, 0.05% and 0.52% of Fund net assets as of August 31, 2018,

PORTFOLIO RESULTS

respectively). General Electric and Broadcom each posted a decline within the Index during the Reporting Period, while Valero Energy generated a robust double-digit gain within the Index during the Reporting Period.

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

Relative to the S&P 500 Index, underweight positions in e-commerce retailing giant Amazon.com and information technology leaders Apple and Microsoft detracted most (2.64%, 3.64% and 2.93% of Fund net assets as of August 31, 2018, respectively). Amazon.com generated a triple-digit gain within the Index, and Apple and Microsoft each posted a robust double-digit gain within the Index during the Reporting Period.

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

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


Sector Name	Fund²			GS ActiveBeta^® Index			S&P 500 Index
Information Technology		27.6	%		27.7	%		26.5	%
Health Care		14.8			14.9			14.6
Consumer Discretionary		14.6			14.6			12.9
Financials		11.8			11.8			13.8
Industrials		9.5			9.6			9.6
Consumer Staples		8.4			8.4			6.7
Energy		4.0			4.0			5.9
Utilities		3.4			3.4			2.8
Real Estate		2.3			2.3			2.7
Materials		1.8			1.8			2.5
Telecommunication Services		1.5			1.5			1.9

Sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by Standard & Poor’s. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the table above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Investments in the securities lending vehicle represented 0.0% of the Fund’s net assets as of August 31, 2018. Figures above may not sum to 100% due to rounding.

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, 2018

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 1, 2017– August 31, 2018	Fund Total Return (based on NAV)²			Fund Total Return (based on Market Price)²			GS ActiveBeta^® LC Index³			S&P 500 Index⁴
Shares		21.65	%		21.67	%		21.79	%		19.66	%

The Goldman Sachs ActiveBeta^® U.S. Large Cap Equity Index (the “Index”) is designed to deliver exposure to equity securities of large capitalization U.S. issuers. The Index seeks to capture common sources of active equity returns, including value (i.e., how attractively a stock is priced relative to its “fundamentals”, such as book value or free cash flow), momentum (i.e., whether a company’s share price is trending up or down), quality (i.e., profitability) and low volatility (i.e., a relatively low dgree of fluctuation in a company’s share price over time). The Index 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


STANDARDIZED TOTAL RETURNS⁵
For the period ended 6/30/18	One Year			Since Inception			Inception Date
Shares (based on NAV)		15.84	%		13.11	%	9/17/15
Shares (based on Market Price)		15.84			13.13		9/17/15

⁵

⁶


TOP TEN HOLDINGS AS OF 8/31/18⁷
Holding	% of Net Assets			Line of Business
Apple, Inc.		3.6	%	Information Technology
Microsoft Corp.		2.9		Information Technology
Amazon.com, Inc.		2.6		Consumer Discretionary
Facebook, Inc., Class A		1.4		Information Technology
JPMorgan Chase & Co.		1.4		Financials
Johnson & Johnson		1.2		Health Care
Alphabet, Inc., Class C		1.2		Information Technology
Alphabet, Inc., Class A		1.2		Information Technology
UnitedHealth Group, Inc.		1.0		Health Care
Home Depot, Inc. (The)		1.0		Consumer Discretionary

⁷

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

ACTIVEBETA^® U.S. LARGE CAP EQUITY ETF

Performance Summary

August 31, 2018

The following graph shows the value, as of August 31, 2018, of a $10,000 investment made on September 17, 2015 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index and a market-cap based index against which the performance of the Fund is measured, the Goldman Sachs ActiveBeta^® U.S. Large Cap Equity Index and the S&P 500 Index (Total Return, USD), respectively, are shown. 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, 2018.

LOGO


Average Annual Total Return through August 31, 2018	1 year	Since Inception

Shares based on NAV (Commenced September 17, 2015)	21.65%	15.04%

PORTFOLIO RESULTS

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

Investment Objective

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the for the 12-month period ended August 31, 2018 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund returned 26.28% based on net asset value (“NAV”) and 28.71% based on market price. The Index returned 26.63%, and the Russell 2000^® Index (Total Return, USD) (“Russell 2000^® Index”), a market-cap based index against which the performance of the Fund is measured, and the reference index for the Index, returned 25.45% during the same period.

The Fund had an NAV of $39.65 on August 31, 2017 and ended the Reporting Period with an NAV of $49.49 per share. The Fund’s market price on August 31, 2018 was $49.55 per share.

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

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

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

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

Index constituents in the industrials, consumer discretionary and materials sectors contributed most positively to the Index’s results relative to the Russell 2000^® Index. Partially offsetting these positive contributors were Index constituents in the health care, energy and financials sectors, which detracted from the Index’s results relative to the Russell 2000^® Index during the Reporting Period.

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

Relative to the Russell 2000^® Index, overweight positions in visual implant developer STAAR Surgical, health care-related consumer services provider Medifast and electronic

PORTFOLIO RESULTS

product power systems manufacturer Vicor contributed most positively (0.26%, 0.21% and 0.20% of Fund net assets as of August 31, 2018, respectively). Each of these positions generated a robust triple-digit positive return within the Index during the Reporting Period.

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

Relative to the Russell 2000^® Index, underweight positions in clinical-stage biopharmaceutical company Nektar Therapeutics and RNA-focused biopharmaceutical company Sarepta Therapeutics and an overweight position in medical device company MiMedx Group detracted most (0.00%¹, 0.00%¹ and 0.12% of Fund net assets as of August 31, 2018, respectively). Nektar Therapeutics and MiMedx Group each posted a negative return within the Index during the Reporting Period, while Sarepta Therapeutics generated a robust triple-digit gain within the Index during the Reporting Period.

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

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


Sector Name	Fund³			GS ActiveBeta^® Index			Russell 2000^® Index
Financials		19.8	%		20.5	%		17.7	%
Information Technology		15.2			15.4			15.4
Industrials		15.1			15.1			15.1
Health Care		14.6			14.6			16.3
Consumer Discretionary		13.5			13.5			13.4
Real Estate		6.9			6.8			6.9
Materials		4.1			4.2			4.3
Energy		3.3			3.3			4.6
Utilities		3.3			3.3			3.0
Consumer Staples		2.7			2.7			2.7
Telecommunication Services		0.7			0.7			0.7

Some weights are 0.00% at August 31, 2018 because those positions were taken out during the most recent rebalance given the Fund’s index construction methodology.

Sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by Russell Investments. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the table above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Investments in the securities lending vehicle represented 3.1% of the Fund’s net assets as of August 31, 2018. Figures above may not sum to 100% due to rounding.

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

FUND BASICS

ActiveBeta^® U.S. Small Cap Equity ETF

as of August 31, 2018

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 1, 2017– August 31, 2018	Fund Total Return (based on NAV)²			Fund Total Return (based on Market Price)²			GS ActiveBeta^® SC Index³			Russell 2000^® Index⁴
Shares		26.28	%		28.71	%		26.63	%		25.45	%

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

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

⁴

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

FUND BASICS


STANDARDIZED TOTAL RETURNS⁵
For the period ended 6/30/18	One Year			Since Inception			Inception Date
Shares (based on NAV)		17.99	%		16.99	%		6/28/17
Shares (based on Market Price)		17.54			17.15			6/28/17

⁵

⁶


TOP TEN HOLDINGS AS OF 8/31/18⁷
Holding	% of Net Assets			Line of Business
Myriad Genetics, Inc.		0.3	%	Health Care
Strategic Education, Inc.		0.3		Consumer Discretionary
Trex Co., Inc.		0.3		Industrials
Vonage Holdings Corp.		0.3		Telecommunication Services
Primerica, Inc.		0.3		Financials
Amedisys, Inc.		0.3		Health Care
STAAR Surgical Co.		0.3		Health Care
Genomic Health, Inc.		0.3		Health Care
Axon Enterprise, Inc.		0.3		Industrials
World Wrestling Entertainment, Inc., Class A		0.2		Consumer Discretionary

⁷

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

ACTIVEBETA^® U.S. SMALL CAP EQUITY ETF

Performance Summary

August 31, 2018

The following graph shows the value, as of August 31, 2018, of a $10,000 investment made on June 28, 2017 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index and reference index, the Goldman Sachs ActiveBeta^® U.S. Small Cap Equity Index and the Russell 2000^® Index, respectively, 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. Small Cap Equity ETF’s Lifetime Performance

Performance of a $10,000 Investment, with distributions reinvested, from June 28, 2017 through August 31, 2018.

LOGO


Average Annual Total Return through August 31, 2018	1 year	Since Inception

Shares based on NAV (Commenced June 28, 2017)	26.28%	20.13%

FUND BASICS

Industry Terms

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

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

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

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

Schedule of Investments

August 31, 2018


Shares		Description	Value
Common Stocks – 96.6%
Brazil – 4.6%
	1,493,023	Ambev SA (Consumer Staples)	$	6,830,777
	339,827	B3 SA – Brasil Bolsa Balcao (Financials)		1,794,771
	425,008	Banco Bradesco SA (Financials)		2,590,217
	365,402	Banco do Brasil SA (Financials)		2,669,498
	580,871	BB Seguridade Participacoes SA (Financials)		3,451,305
	358,441	Cia de Saneamento Basico do Estado de Sao Paulo (Utilities)		2,122,754
	189,409	Cosan SA (Energy)		1,599,824
	215,431	Engie Brasil Energia SA (Utilities)		1,929,420
	140,089	Equatorial Energia SA (Utilities)		1,938,078
	131,120	Fibria Celulose SA (Materials)		2,519,862
	352,016	Hypera SA (Health Care)		2,341,020
	204,408	IRB Brasil Resseguros SA (Financials)		2,948,960
	470,413	Klabin SA (Materials)		2,437,639
	335,703	Localiza Rent a Car SA (Industrials)		1,754,250
	693,467	Lojas Renner SA (Consumer Discretionary)		4,759,896
	187,589	M Dias Branco SA (Consumer Staples)		1,926,383
	58,506	Magazine Luiza SA (Consumer Discretionary)		1,849,568
	509,543	Multiplan Empreendimentos Imobiliarios SA (Real Estate)		2,304,018
	266,483	Natura Cosmeticos SA (Consumer Staples)		1,875,684
	887,845	Odontoprev SA (Health Care)		2,822,934
	831,122	Petroleo Brasileiro SA (Energy)		4,454,060
	261,143	Porto Seguro SA (Financials)		3,478,442
	248,778	Raia Drogasil SA (Consumer Staples)		4,649,379
	379,301	Sul America SA (Financials)		2,114,644
	779,584	Vale SA (Materials)		10,145,699

				77,309,082

Chile – 1.3%
	26,091	Banco de Chile ADR (Financials)^(a)		2,279,310
	41,376,972	Banco Santander Chile (Financials)		3,178,503
	775,956	Cencosud SA (Consumer Staples)		1,846,231
	255,205	Cia Cervecerias Unidas SA (Consumer Staples)		3,375,114
	519,387	Empresas CMPC SA (Materials)		2,054,497
	191,402	Empresas COPEC SA (Energy)		2,933,011
	13,074,006	Enel Americas SA (Utilities)		1,949,655
	253,565	SACI Falabella (Consumer Discretionary)		2,023,660
	57,751	Sociedad Quimica y Minera de Chile SA ADR (Materials)		2,460,770

				22,100,751

China – 28.8%
	30,135	58.com, Inc. ADR (Information Technology)*		2,292,671

Common Stocks – (continued)
China – (continued)
	170,504	AAC Technologies Holdings, Inc. (Information Technology)^(a)		1,889,927
	1,221,690	Agile Group Holdings Ltd. (Real Estate)		1,995,447
	14,744,036	Agricultural Bank of China Ltd., Class H (Financials)		7,138,241
	329,613	Alibaba Group Holding Ltd. ADR (Information Technology)*		57,685,571
	299,937	Anhui Conch Cement Co. Ltd., Class H (Materials)		1,826,624
	780,510	ANTA Sports Products Ltd. (Consumer Discretionary)		4,251,144
	39,193	Autohome, Inc. ADR (Information Technology)		3,237,734
	80,779	Baidu, Inc. ADR (Information Technology)*		18,294,828
	2,008,000	Bank of Beijing Co. Ltd., Class A (Financials)		1,713,476
	3,286,300	Bank of China Ltd. (Financials)		1,707,581
	22,229,407	Bank of China Ltd., Class H (Financials)		9,997,555
	2,928,916	Bank of Communications Co. Ltd., Class A (Financials)		2,409,290
	5,278,831	Bank of Communications Co. Ltd., Class H (Financials)		3,813,397
	30,018	Baozun, Inc. ADR (Information Technology)*		1,602,661
	493,998	Beijing Enterprises Holdings Ltd. (Utilities)		2,369,635
	9,941,164	CGN Power Co. Ltd., Class H (Utilities)^(b)		2,355,816
	8,207,215	China Cinda Asset Management Co. Ltd., Class H (Financials)		2,122,673
	4,550,775	China CITIC Bank Corp Ltd., Class H (Financials)		2,841,009
	1,922,123	China Communications Construction Co. Ltd., Class H (Industrials)		1,907,699
	4,393,342	China Communications Services Corp. Ltd., Class H (Telecommunication Services)		3,638,309
	887,848	China Conch Venture Holdings Ltd. (Industrials)		3,054,173
	26,223,798	China Construction Bank Corp., Class H (Financials)		23,220,502
	3,153,100	China Everbright Bank Co. Ltd., Class A (Financials)		1,721,442
	6,304,485	China Everbright Bank Co. Ltd., Class H (Financials)		2,634,600
	3,942,464	China Huishan Dairy Holdings Co. Ltd. (Consumer Staples)*^(c)		—
	1,046,518	China Life Insurance Co. Ltd., Class H (Financials)		2,365,329
	2,863,458	China Longyuan Power Group Corp. Ltd., Class H (Utilities)		2,411,479


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)
China – (continued)
	1,464,448	China Medical System Holdings Ltd. (Health Care)	$	2,425,540
	1,582,130	China Mengniu Dairy Co. Ltd. (Consumer Staples)*		4,565,639
	1,344,220	China Merchants Bank Co. Ltd., Class H (Financials)		5,154,993
	1,934,700	China Minsheng Banking Corp. Ltd., Class A (Financials)		1,690,572
	4,917,457	China Minsheng Banking Corp. Ltd., Class H (Financials)		3,521,017
	1,772,059	China Mobile Ltd. (Telecommunication Services)		16,661,947
	2,008,513	China National Building Material Co. Ltd., Class H (Materials)		1,878,287
	471,538	China Pacific Insurance Group Co. Ltd., Class H (Financials)		1,757,251
	9,744,660	China Petroleum & Chemical Corp., Class H (Energy)		9,795,687
	3,721,659	China Railway Group Ltd., Class H (Industrials)		3,214,826
	7,988,245	China Reinsurance Group Corp., Class H (Financials)		1,577,518
	878,344	China Resources Beer Holdings Co. Ltd. (Consumer Staples)		3,737,682
	1,435,973	China Resources Pharmaceutical Group Ltd. (Health Care)^(b)		2,297,879
	11,999,990	China Telecom Corp. Ltd., Class H (Telecommunication Services)		5,641,550
	1,799,591	China Unicom Hong Kong Ltd. (Telecommunication Services)		2,093,321
	1,057,920	China Yangtze Power Co. Ltd., Class A (Utilities)		2,449,656
	3,765,842	Chongqing Rural Commercial Bank Co. Ltd., Class H (Financials)		2,029,521
	2,061,310	CITIC Ltd. (Industrials)		2,930,884
	4,269,155	CNOOC Ltd. (Energy)		7,549,576
	2,049,220	COSCO SHIPPING Energy Transportation Co. Ltd., Class H (Industrials)		895,517
	2,399,780	Country Garden Holdings Co. Ltd. (Real Estate)		3,571,128
	2,347,669	CSPC Pharmaceutical Group Ltd. (Health Care)		5,922,339
	62,067	Ctrip.com International Ltd. ADR (Consumer Discretionary)*		2,429,923
	2,651,126	Dali Foods Group Co. Ltd. (Consumer Staples)^(b)		1,925,291
	2,599,933	Dongfeng Motor Group Co. Ltd., Class H (Consumer Discretionary)		2,905,046
	243,276	ENN Energy Holdings Ltd. (Utilities)		2,216,136
	545,692	Fang Holdings Ltd. ADR (Information Technology)*		1,675,274
	167,353	Foshan Haitian Flavouring & Food Co. Ltd., Class A (Consumer Staples)		1,677,915

Common Stocks – (continued)
China – (continued)
	45,192	GDS Holdings Ltd. ADR (Information Technology)*^(a)		1,724,979
	1,496,983	Geely Automobile Holdings Ltd. (Consumer Discretionary)		3,181,296
	1,458,993	GF Securities Co. Ltd., Class H (Financials)		1,830,967
	1,403,637	Guangdong Investment Ltd. (Utilities)		2,489,346
	364,859	Guotai Junan Securities Co. Ltd., Class H (Financials)^(a)(b)		753,063
	321,614	Hengan International Group Co. Ltd. (Consumer Staples)		2,894,932
	3,181,568	Huaneng Power International, Inc., Class H (Utilities)		2,042,974
	21,398,806	Industrial & Commercial Bank of China Ltd., Class H (Financials)		15,758,272
	1,101,106	Industrial Bank Co. Ltd., Class A (Financials)		2,430,392
	429,042	Inner Mongolia Yili Industrial Group Co. Ltd., Class A (Consumer Staples)		1,519,711
	164,684	JD.com, Inc. ADR (Consumer Discretionary)*		5,154,609
	242,902	Jiangsu Hengrui Medicine Co. Ltd., Class A (Health Care)		2,351,834
	947,728	Jiayuan International Group Ltd. (Real Estate)		1,893,307
	1,063,216	Kingsoft Corp. Ltd. (Information Technology)		1,931,667
	5,170,450	Lenovo Group Ltd. (Information Technology)		3,372,792
	1,286,703	Longfor Group Holdings Ltd. (Real Estate)^(a)		3,573,765
	82,979	Momo, Inc. ADR (Information Technology)*		3,841,098
	23,848	NetEase, Inc. ADR (Information Technology)		4,714,988
	46,368	New Oriental Education & Technology Group, Inc. ADR (Consumer Discretionary)		3,644,525
	5,992,350	People's Insurance Co Group of China Ltd. (The), Class H (Financials)		2,595,776
	1,412,409	PetroChina Co. Ltd. (Energy)		1,662,120
	7,392,742	PetroChina Co. Ltd., Class H (Energy)		5,500,594
	2,958,578	PICC Property & Casualty Co. Ltd., Class H (Financials)		3,332,165
	1,747,960	Ping An Insurance Group Co. of China Ltd., Class H (Financials)		16,836,216
	2,303,259	Shanghai Electric Group Co. Ltd., Class H (Industrials)		721,887
	1,638,718	Shanghai Pudong Development Bank Co. Ltd., Class A (Financials)		2,477,709


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, 2018


Shares		Description	Value
Common Stocks – (continued)
China – (continued)
	337,666	Shenzhou International Group Holdings Ltd. (Consumer Discretionary)	$	4,431,143
	631,878	Shimao Property Holdings Ltd. (Real Estate)		1,883,824
	7,617,694	Sihuan Pharmaceutical Holdings Group Ltd. (Health Care)		1,688,745
	34,069	SINA Corp. (Information Technology)*		2,417,536
	1,035,047	Sunac China Holdings Ltd. (Real Estate)		3,389,100
	273,463	Sunny Optical Technology Group Co. Ltd. (Information Technology)		3,475,383
	82,597	TAL Education Group ADR (Consumer Discretionary)*		2,444,871
	1,652,173	Tencent Holdings Ltd. (Information Technology)		71,569,114
	1,776,713	Tingyi Cayman Islands Holding Corp. (Consumer Staples)		3,173,631
	301,498	Vipshop Holdings Ltd. ADR (Consumer Discretionary)*		2,104,456
	4,043,124	Want Want China Holdings Ltd. (Consumer Staples)		3,301,918
	39,586	Weibo Corp. ADR (Information Technology)*		3,037,830
	177,493	Wuxi Biologics Cayman, Inc. (Health Care)*^(b)		1,752,565
	187,886	Yum China Holdings, Inc. (Consumer Discretionary)		7,267,430
	28,521	YY, Inc. ADR (Information Technology)*		2,179,860

				487,039,118

Colombia – 0.5%
	4,059,239	Ecopetrol SA (Energy)		4,544,586
	154,746	Grupo de Inversiones Suramericana SA (Financials)		1,823,667
	395,882	Interconexion Electrica SA ESP (Utilities)		1,752,129

				8,120,382

Czech Republic – 0.2%
	129,362	CEZ AS (Utilities)		3,293,247

Egypt – 0.6%
	1,116,659	Commercial International Bank Egypt SAE GDR (Financials)		5,281,797
	335,131	Eastern Tobacco (Consumer Staples)		1,949,323
	209,137	ElSewedy Electric Co. (Industrials)		2,257,342
	2,356,430	Global Telecom Holding SAE (Telecommunication Services)*		566,971

				10,055,433

Common Stocks – (continued)
Greece – 0.2%
	292,535	Hellenic Telecommunications Organization SA (Telecommunication Services)		3,740,609

Hong Kong – 1.0%
	256,251	China First Capital Group Ltd. (Consumer Discretionary)*		137,122
	608,610	China Gas Holdings Ltd. (Utilities)^(a)		1,934,643
	1,660,870	Haier Electronics Group Co. Ltd. (Consumer Discretionary)*		4,327,331
	3,878,522	Sino Biopharmaceutical Ltd. (Health Care)		4,911,836
	5,579,013	Sun Art Retail Group Ltd. (Consumer Staples)		6,432,757

				17,743,689

Hungary – 0.3%
	212,929	MOL Hungarian Oil & Gas PLC (Energy)		2,180,548
	71,910	OTP Bank PLC (Financials)		2,658,263

				4,838,811

India – 9.3%
	113,692	Asian Paints Ltd. (Materials)		2,199,984
	270,378	Aurobindo Pharma Ltd. (Health Care)		2,717,075
	113,332	Avenue Supermarts Ltd. (Consumer Staples)*^(b)		2,563,807
	64,012	Bajaj Auto Ltd. (Consumer Discretionary)		2,477,268
	90,459	Bajaj Finance Ltd. (Financials)		3,643,294
	47,354	Britannia Industries Ltd. (Consumer Staples)		4,497,800
	275,953	Cipla Ltd. (Health Care)		2,576,229
	555,326	Dabur India Ltd. (Consumer Staples)		3,748,433
	84,845	Dr. Reddy's Laboratories Ltd. (Health Care)		2,981,037
	5,801	Eicher Motors Ltd. (Consumer Discretionary)		2,294,984
	522,423	GAIL India Ltd. (Utilities)		2,741,522
	473,003	HCL Technologies Ltd. (Information Technology)		6,978,714
	77,821	Hero MotoCorp Ltd. (Consumer Discretionary)		3,570,102
	816,528	Hindalco Industries Ltd. (Materials)		2,739,364
	456,970	Hindustan Petroleum Corp. Ltd. (Energy)		1,635,205
	400,812	Hindustan Unilever Ltd. (Consumer Staples)		10,059,540
	379,619	Housing Development Finance Corp. Ltd. (Financials)		10,361,797
	3,338,526	Idea Cellular Ltd. (Telecommunication Services)*		2,322,924


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)
India – (continued)
	186,885	Indiabulls Housing Finance Ltd. (Financials)	$	3,318,023
	661,522	Infosys Ltd. (Information Technology)		13,440,995
	901,365	ITC Ltd. (Consumer Staples)		4,064,808
	433,063	JSW Steel Ltd. (Materials)		2,420,042
	106,936	Larsen & Toubro Ltd. (Industrials)		2,064,880
	253,491	Mahindra & Mahindra Ltd. (Consumer Discretionary)		3,449,990
	620,979	Marico Ltd. (Consumer Staples)		3,234,637
	39,958	Maruti Suzuki India Ltd. (Consumer Discretionary)		5,124,675
	35,840	Nestle India Ltd. (Consumer Staples)		5,852,669
	720,732	NTPC Ltd. (Utilities)		1,742,733
	175,586	Pidilite Industries Ltd. (Materials)		2,893,126
	886,919	Power Grid Corp. of India Ltd. (Utilities)		2,519,718
	532,403	Reliance Industries Ltd. (Energy)		9,320,360
	1,002,083	Rural Electrification Corp. Ltd. (Financials)		1,692,597
	363,527	Tata Consultancy Services Ltd. (Information Technology)		10,652,678
	555,250	Tata Motors Ltd. (Consumer Discretionary)*		2,094,138
	302,963	Tech Mahindra Ltd. (Information Technology)		3,271,131
	33,808	UltraTech Cement Ltd. (Materials)		2,133,310
	1,089,620	Wipro Ltd. (Information Technology)		4,628,019
	504,008	Yes Bank Ltd. (Financials)		2,440,940

				156,468,548

Indonesia – 1.8%
	17,349,574	Adaro Energy Tbk PT (Energy)		2,196,670
	4,508,492	Astra International Tbk PT (Consumer Discretionary)		2,219,047
	3,309,551	Bank Central Asia Tbk PT (Financials)		5,572,089
	4,137,022	Bank Mandiri Persero Tbk PT (Financials)		1,937,913
	11,183,215	Bank Rakyat Indonesia Persero Tbk PT (Financials)		2,414,299
	1,680,197	Indah Kiat Pulp & Paper Corp. Tbk PT (Materials)		2,178,667
	3,105,817	Indofood CBP Sukses Makmur Tbk PT (Consumer Staples)		1,829,122
	5,543,014	Indofood Sukses Makmur Tbk PT (Consumer Staples)		2,398,962
	11,953,299	Perusahaan Gas Negara Persero Tbk (Utilities)		1,736,596
	15,357,971	Telekomunikasi Indonesia Persero Tbk PT (Telecommunication Services)		3,638,786

Common Stocks – (continued)
Indonesia – (continued)
	1,323,470	Unilever Indonesia Tbk PT (Consumer Staples)		3,939,861

				30,062,012

Malaysia – 2.2%
	263,002	British American Tobacco Malaysia Bhd (Consumer Staples)		2,166,990
	1,463,500	CIMB Group Holdings Bhd (Financials)		2,168,808
	2,556,800	Dialog Group Bhd (Energy)		2,165,145
	3,541,219	DiGi.Com Bhd (Telecommunication Services)		4,058,679
	4,941,000	FGV Holdings Bhd (Consumer Staples)		1,815,527
	1,528,663	Genting Bhd (Consumer Discretionary)		3,206,491
	869,334	HAP Seng Consolidated Bhd (Industrials)		2,079,463
	1,285,700	Hartalega Holdings Bhd (Health Care)		2,221,309
	982,238	Malayan Banking Bhd (Financials)		2,380,604
	152,300	Nestle Malaysia Bhd (Consumer Staples)		5,447,889
	1,164,800	Petronas Chemicals Group Bhd (Materials)		2,681,350
	500,888	Public Bank Bhd (Financials)		3,061,761
	895,000	Tenaga Nasional Bhd (Utilities)		3,414,917

				36,868,933

Mexico – 2.7%
	1,781,488	Alfa SAB de CV, Class A (Industrials)		2,341,403
	783,726	Alsea SAB de CV (Consumer Discretionary)		2,789,697
	9,645,122	America Movil SAB de CV, Series L (Telecommunication Services)		8,096,243
	434,748	Arca Continental SAB de CV (Consumer Staples)		2,672,994
	4,046,381	Cemex SAB de CV, Series CPO (Materials)*		2,863,290
	381,521	Coca-Cola Femsa SAB de CV, Series L (Consumer Staples)		2,293,256
	553,171	Fomento Economico Mexicano SAB de CV (Consumer Staples)		5,285,943
	299,683	Gruma SAB de CV, Class B (Consumer Staples)		3,793,743
	1,881,391	Grupo Bimbo SAB de CV, Series A (Consumer Staples)		3,911,262
	535,417	Grupo Financiero Banorte SAB de CV, Class O (Financials)		3,664,374
	785,180	Mexichem SAB de CV (Materials)		2,656,484
	1,878,124	Wal-Mart de Mexico SAB de CV (Consumer Staples)		5,195,156

				45,563,845


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, 2018


Shares		Description	Value
Common Stocks – (continued)
Peru – 0.3%
	22,888	Credicorp Ltd. (Financials)	$	4,990,042

Philippines – 0.3%
	63,889	Globe Telecom, Inc. (Telecommunication Services)		2,528,412
	469,178	Jollibee Foods Corp. (Consumer Discretionary)		2,527,180

				5,055,592

Poland – 1.3%
	120,539	Bank Handlowy w Warszawie SA (Financials)		2,227,079
	67,415	Bank Pekao SA (Financials)		2,140,348
	61,321	CD Projekt SA (Information Technology)*		3,432,223
	136,894	Grupa Lotos SA (Energy)		2,599,924
	1,552	LPP SA (Consumer Discretionary)^(a)		3,881,634
	111,978	Polski Koncern Naftowy ORLEN SA (Energy)		2,988,960
	232,149	Powszechna Kasa Oszczednosci Bank Polski SA (Financials)		2,661,818
	206,138	Powszechny Zaklad Ubezpieczen SA (Financials)		2,501,358

				22,433,344

Qatar – 0.9%
	678,474	Ezdan Holding Group QSC (Real Estate)*		1,928,648
	65,073	Industries Qatar QSC (Industrials)		2,216,164
	204,375	Masraf Al Rayan QSC (Financials)		2,116,160
	110,968	Ooredoo QPSC (Telecommunication Services)		2,230,941
	64,847	Qatar Islamic Bank (Financials)		2,493,430
	98,365	Qatar National Bank QPSC (Financials)		4,808,835

				15,794,178

Russia – 3.4%
	1,540,033	Alrosa PJSC (Materials)		2,318,267
	977,232	Gazprom PJSC ADR (Energy)		4,309,593
	50,696,336	Inter RAO UES PJSC (Utilities)		3,040,858
	184,285	LUKOIL PJSC (Energy)		12,860,927
	14,858	MMC Norilsk Nickel PJSC (Materials)		2,475,092
	396,320	Mobile TeleSystems PJSC ADR (Telecommunication Services)		3,071,480
	18,527	Novatek PJSC GDR (Energy)		3,094,009
	317,114	Rosneft Oil Co. PJSC (Energy)		2,051,357
	796,699	Sberbank of Russia PJSC ADR (Financials)		8,648,168
	215,645	Severstal PJSC GDR (Materials)		3,471,885
	466,518	Surgutneftegas PJSC ADR (Energy)		2,542,523
	484,070	Surgutneftegas PJSC ADR (Energy)		2,013,731

Common Stocks – (continued)
Russia – (continued)
	100,760	Tatneft PJSC ADR (Energy)		6,976,622

				56,874,512

Singapore – 0.1%
	291,555	BOC Aviation Ltd. (Industrials)^(b)		2,135,893

South Africa – 5.6%
	186,555	Absa Group Ltd. (Financials)^(a)		2,069,756
	66,909	Anglo American Platinum Ltd. (Materials)		1,963,714
	247,527	AngloGold Ashanti Ltd. (Materials)		1,991,873
	141,589	Bid Corp. Ltd. (Consumer Staples)		3,030,519
	184,663	Bidvest Group Ltd. (The) (Industrials)		2,722,444
	960,463	FirstRand Ltd. (Financials)^(a)		4,634,740
	1,853,804	Fortress REIT Ltd., Class A REIT (Real Estate)		2,086,459
	1,269,409	Growthpoint Properties Ltd. REIT (Real Estate)^(a)		2,204,165
	329,987	Hyprop Investments Ltd. REIT (Real Estate)		2,297,324
	152,005	Imperial Holdings Ltd. (Consumer Discretionary)^(a)		2,139,093
	432,961	Investec Ltd. (Financials)		2,841,932
	101,128	Kumba Iron Ore Ltd. (Materials)		1,829,743
	226,861	Liberty Holdings Ltd. (Financials)^(a)		1,802,501
	223,306	Mr Price Group Ltd. (Consumer Discretionary)		3,434,504
	229,566	MTN Group Ltd. (Telecommunication Services)^(a)		1,394,357
	93,310	Naspers Ltd., Class N (Consumer Discretionary)		20,798,840
	1,219,417	Netcare Ltd. (Health Care)		2,442,787
	1,324,290	Old Mutual Ltd. (Financials)*		2,747,780
	806,214	Pick n Pay Stores Ltd. (Consumer Staples)		3,989,456
	777,263	Rand Merchant Investment Holdings Ltd. (Financials)		2,166,602
	2,916,854	Redefine Properties Ltd. REIT (Real Estate)		2,060,537
	158,402	Remgro Ltd. (Financials)		2,318,094
	360,934	Sappi Ltd. (Materials)		2,473,111
	113,251	Sasol Ltd. (Materials)		4,452,356
	205,453	Shoprite Holdings Ltd. (Consumer Staples)^(a)		2,860,671
	199,094	SPAR Group Ltd. (The) (Consumer Staples)		2,785,719
	317,358	Standard Bank Group Ltd. (Financials)^(a)		4,036,276
	610,303	Telkom SA SOC Ltd. (Telecommunication Services)		2,094,848
	251,130	Vodacom Group Ltd. (Telecommunication Services)		2,166,390

				93,836,591


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)
South Korea – 15.7%
	16,794	Amorepacific Corp. (Consumer Staples)	$	3,967,859
	31,927	AMOREPACIFIC Group (Consumer Staples)		2,764,913
	381,263	BNK Financial Group, Inc. (Financials)		2,856,518
	19,379	Celltrion, Inc. (Health Care)*		4,700,472
	154,969	Cheil Worldwide, Inc. (Consumer Discretionary)		2,686,881
	7,568	CJ CheilJedang Corp. (Consumer Staples)		2,328,563
	48,291	Coway Co. Ltd. (Consumer Discretionary)		3,965,142
	52,304	DB Insurance Co. Ltd. (Financials)		3,007,192
	256,353	DGB Financial Group, Inc. (Financials)		2,360,525
	104,171	Dongsuh Cos., Inc. (Consumer Staples)		2,119,636
	13,095	E-MART, Inc. (Consumer Staples)		2,523,359
	48,070	GS Holdings Corp. (Energy)		2,293,058
	49,782	GS Retail Co. Ltd. (Consumer Staples)		1,663,649
	87,486	Hana Financial Group, Inc. (Financials)		3,355,929
	53,724	Hankook Tire Co. Ltd. (Consumer Discretionary)		2,251,471
	423,041	Hanwha Life Insurance Co. Ltd. (Financials)		1,843,192
	25,528	HLB, Inc. (Consumer Discretionary)*		2,385,044
	43,063	Hotel Shilla Co. Ltd. (Consumer Discretionary)		4,178,057
	33,952	Hyundai Department Store Co. Ltd. (Consumer Discretionary)		3,037,883
	65,523	Hyundai Marine & Fire Insurance Co. Ltd. (Financials)		2,189,692
	15,767	Hyundai Mobis Co. Ltd. (Consumer Discretionary)		3,172,805
	17,836	Hyundai Motor Co. (Consumer Discretionary)		2,002,875
	40,150	Hyundai Steel Co. (Materials)		1,922,468
	211,143	Industrial Bank of Korea (Financials)		2,826,241
	17,293	Kakao Corp. (Information Technology)		1,941,899
	70,803	Kangwon Land, Inc. (Consumer Discretionary)		1,841,393
	131,389	KB Financial Group, Inc. (Financials)		6,102,332
	134,385	Kia Motors Corp. (Consumer Discretionary)		3,869,235
	98,145	Korea Electric Power Corp. (Utilities)		2,689,146
	55,756	Korea Gas Corp. (Utilities)*		2,634,654
	42,821	Korea Investment Holdings Co. Ltd. (Financials)		2,742,791

Common Stocks – (continued)
South Korea – (continued)
	6,223	Korea Zinc Co. Ltd. (Materials)		2,266,924
	99,967	KT Corp. (Telecommunication Services)		2,688,813
	32,650	KT&G Corp. (Consumer Staples)		2,962,449
	8,118	LG Chem Ltd. (Materials)		2,669,171
	39,403	LG Corp. (Industrials)		2,530,939
	63,807	LG Electronics, Inc. (Consumer Discretionary)		4,402,262
	6,041	LG Household & Health Care Ltd. (Consumer Staples)		6,865,081
	154,030	LG Uplus Corp. (Telecommunication Services)		2,172,457
	6,323	Lotte Chemical Corp. (Materials)		1,794,967
	11,516	NAVER Corp (Information Technology)		7,779,753
	8,660	NCSoft Corp. (Information Technology)		3,014,643
	20,257	OCI Co. Ltd. (Materials)		2,101,858
	1,199	Ottogi Corp. (Consumer Staples)		780,915
	7,487	Pearl Abyss Corp. (Information Technology)*		1,715,119
	22,645	POSCO (Materials)		6,642,045
	41,074	S-1 Corp. (Industrials)		3,162,235
	5,226	Samsung Biologics Co. Ltd. (Health Care)*^(b)		2,173,685
	22,945	Samsung C&T Corp. (Industrials)		2,535,359
	57,765	Samsung Card Co. Ltd. (Financials)		1,829,238
	21,780	Samsung Electro-Mechanics Co. Ltd. (Information Technology)		3,150,141
	1,484,707	Samsung Electronics Co. Ltd. (Information Technology)		64,622,067
	10,130	Samsung Fire & Marine Insurance Co. Ltd. (Financials)		2,411,580
	28,339	Samsung Life Insurance Co. Ltd. (Financials)		2,354,901
	11,834	Samsung SDS Co. Ltd. (Information Technology)		2,578,040
	72,859	Samsung Securities Co. Ltd. (Financials)		2,117,404
	114,278	Shinhan Financial Group Co. Ltd. (Financials)		4,476,055
	29,371	SillaJen, Inc. (Health Care)*		2,015,851
	9,387	SK Holdings Co. Ltd. (Industrials)		2,217,833
	197,023	SK Hynix, Inc. (Information Technology)		14,690,661
	18,167	SK Innovation Co. Ltd. (Energy)		3,149,828
	23,388	SK Telecom Co. Ltd. (Telecommunication Services)		5,515,294
	274,145	Woori Bank (Financials)		4,014,341
	13,172	Yuhan Corp. (Health Care)		2,828,108

				264,454,891

Taiwan – 12.3%
	2,163,081	Acer, Inc. (Information Technology)*		1,809,903


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

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

Schedule of Investments (continued)

August 31, 2018


Shares		Description	Value
Common Stocks – (continued)
Taiwan – (continued)
	406,334	Advantech Co. Ltd. (Information Technology)	$	2,764,897
	1,330,588	ASE Technology Holding Co. Ltd. (Information Technology)*		3,262,031
	2,055,788	Asia Cement Corp. (Materials)		2,801,066
	275,260	Asustek Computer, Inc. (Information Technology)		2,343,496
	4,274,314	AU Optronics Corp. (Information Technology)		1,850,834
	2,165,428	Cathay Financial Holding Co. Ltd. (Financials)		3,708,335
	973,125	Chailease Holding Co. Ltd. (Financials)		3,310,811
	3,356,179	Chang Hwa Commercial Bank Ltd. (Financials)*		2,087,026
	114,312	Chicony Electronics Co. Ltd. (Information Technology)		240,422
	8,004,988	China Development Financial Holding Corp. (Financials)		2,892,898
	4,006,457	China Steel Corp. (Materials)		3,280,560
	1,107,288	Chunghwa Telecom Co. Ltd. (Telecommunication Services)		3,911,468
	5,542,641	CTBC Financial Holding Co. Ltd. (Financials)		3,897,804
	677,027	Delta Electronics, Inc. (Information Technology)		2,711,194
	3,594,935	E.Sun Financial Holding Co. Ltd. (Financials)		2,645,142
	820,342	Far EasTone Telecommunications Co. Ltd. (Telecommunication Services)		1,955,039
	775,842	Feng TAY Enterprise Co. Ltd. (Consumer Discretionary)		4,698,246
	3,837,637	First Financial Holding Co. Ltd. (Financials)		2,567,587
	846,692	Formosa Chemicals & Fibre Corp. (Materials)		3,390,627
	781,228	Formosa Petrochemical Corp. (Energy)		3,204,777
	977,741	Formosa Plastics Corp. (Materials)		3,581,177
	1,086,214	Foxconn Technology Co. Ltd. (Information Technology)		2,758,414
	1,858,380	Fubon Financial Holding Co. Ltd. (Financials)		3,079,653
	4,963	Hiwin Technologies Corp. (Industrials)		44,758
	2,375,693	Hon Hai Precision Industry Co. Ltd. (Information Technology)		6,226,381
	3,189,535	Hua Nan Financial Holdings Co. Ltd. (Financials)		1,869,172
	5,911,875	Innolux Corp. (Information Technology)		2,203,841
	3,695,544	Inventec Corp. (Information Technology)		3,314,740
	21,144	Largan Precision Co. Ltd. (Information Technology)		3,238,890

Common Stocks – (continued)
Taiwan – (continued)
	2,754,222	Mega Financial Holding Co. Ltd. (Financials)		2,313,493
	1,017,568	Nan Ya Plastics Corp. (Materials)		2,829,247
	814,393	Nanya Technology Corp. (Information Technology)		1,848,061
	284,953	Nien Made Enterprise Co. Ltd. (Consumer Discretionary)		2,208,003
	715,005	President Chain Store Corp. (Consumer Staples)		7,798,362
	5,155,698	Shin Kong Financial Holding Co. Ltd. (Financials)*		2,039,451
	5,067,961	SinoPac Financial Holdings Co Ltd. (Financials)		1,856,245
	1,428,028	Standard Foods Corp. (Consumer Staples)		2,417,628
	2,363,053	Synnex Technology International Corp. (Information Technology)		3,162,021
	7,516,774	Taishin Financial Holding Co. Ltd. (Financials)		3,536,298
	9,640,146	Taiwan Business Bank (Financials)*		3,483,823
	3,696,805	Taiwan Cooperative Financial Holding Co. Ltd. (Financials)		2,196,539
	771,914	Taiwan Mobile Co. Ltd. (Telecommunication Services)		2,689,070
	7,429,044	Taiwan Semiconductor Manufacturing Co. Ltd. (Information Technology)		61,918,778
	2,876,779	Uni-President Enterprises Corp. (Consumer Staples)		7,268,047
	4,871,612	United Microelectronics Corp. (Information Technology)		2,751,830
	172,455	Walsin Technology Corp. (Information Technology)		1,765,818
	3,399,429	Winbond Electronics Corp. (Information Technology)		1,909,170
	2,150,999	WPG Holdings Ltd. (Information Technology)		2,724,202
	139,800	Yageo Corp. (Information Technology)		3,176,962
	3,788,166	Yuanta Financial Holding Co. Ltd. (Financials)		1,917,825

				207,462,062

Thailand – 2.0%
	551,816	Advanced Info Service PCL NVDR (Telecommunication Services)		3,405,647
	1,440,700	Airports of Thailand PCL NVDR (Industrials)		2,938,183
	404,000	Bumrungrad Hospital PCL NVDR (Health Care)		2,240,330
	874,200	Central Pattana PCL NVDR (Real Estate)		2,203,529
	2,425,677	CP ALL PCL NVDR (Consumer Staples)		5,002,542


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

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF


Shares		Description	Value
Common Stocks – (continued)
Thailand – (continued)
	281,202	Electricity Generating PCL NVDR (Utilities)	$	1,941,694
	6,670,700	Home Product Center PCL NVDR (Consumer Discretionary)		2,975,626
	406,800	Kasikornbank PCL (Financials)		2,634,941
	538,500	PTT Exploration & Production PCL NVDR (Energy)		2,344,523
	982,200	PTT Global Chemical PCL NVDR (Materials)		2,453,249
	2,846,370	PTT PCL NVDR (Energy)		4,565,671
	785,900	Thai Oil PCL NVDR (Energy)		2,022,978

				34,728,913

Turkey – 0.4%
	240,448	BIM Birlesik Magazalar AS (Consumer Staples)		2,650,565
	926,383	Eregli Demir ve Celik Fabrikalari TAS (Materials)		1,656,291
	699,411	Turk Hava Yollari AO (Industrials)*		1,719,418

				6,026,274

United Arab Emirates – 0.5%
	3,383,978	Aldar Properties PJSC (Real Estate)		1,778,059
	1,391,998	Dubai Islamic Bank PJSC (Financials)		1,940,304
	581,685	Emirates Telecommunications Group Co. PJSC (Telecommunication Services)		2,684,225
	687,420	First Abu Dhabi Bank PJSC (Financials)		2,769,780

				9,172,368

United Kingdom – 0.2%
	97,614	Mondi Ltd. (Materials)		2,732,959

United States – 0.1%
	779,299	JBS SA (Consumer Staples)		1,777,969

	TOTAL COMMON STOCKS
	(Cost $1,380,717,838)		$	1,630,680,048


Shares	Description	Rate			Value
Preferred Stocks – 3.3%
Brazil – 1.8%
999,307	Banco Bradesco SA, (Financials)		4.19	%	$	6,883,409
148,892	Braskem SA, Class A, (Materials)		5.12			2,139,728
114,149	Cia Brasileira de Distribuicao, (Consumer Staples)		1.24			2,262,700
1,073,667	Itau Unibanco Holding SA, (Financials)		7.91			11,015,243
994,135	Itausa – Investimentos Itau SA, (Financials)		5.87			2,313,962
910,300	Petroleo Brasileiro SA, (Energy)		0.53			4,255,328

Preferred Stocks – (continued)
Brazil – (continued)
225,099	Telefonica Brasil SA, (Telecommunication Services)		6.64	%		2,186,467

						31,056,837

Chile – 0.2%
609,726	Embotelladora Andina SA, Class B, (Consumer Staples)		3.59			2,357,814

South Korea – 1.3%
32,544	Amorepacific Corp., (Consumer Staples)		0.93			4,224,595
26,351	Hyundai Motor Co., (Consumer Discretionary)		5.09			1,853,554
8,020	LG Household & Health Care Ltd., (Consumer Staples)		1.18			5,396,380
311,338	Samsung Electronics Co. Ltd., (Information Technology)		3.49			11,103,731

						22,578,260

TOTAL PREFERRED STOCKS
(Cost $49,005,837)					$	55,992,911


Units	Description	Expiration Month		Value
Rights – 0.0%
China – 0.0%
488,827	China Everbright International Ltd. (Industrials)*		09/18		37,990

Taiwan – 0.0%
5,669	Hiwin Technologies Corp. (Industrials)*		09/18		—

TOTAL RIGHTS
(Cost $0)				$	37,990

TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
(Cost $1,429,723,675)				$	1,686,710,949


Shares		Distribution Rate	Value
Securities Lending Reinvestment Vehicle – 1.4%^(d)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	22,917,805	1.879%		22,917,805
(Cost $22,917,805)

	TOTAL INVESTMENTS – 101.3%
	(Cost $1,452,641,480)		$	1,709,628,754

	LIABILITIES IN EXCESS OF OTHER ASSETS – (1.3)%			(21,088,623	)

	NET ASSETS – 100.0%		$	1,688,540,131


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

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

Schedule of Investments (continued)

August 31, 2018


The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*		Security is currently in default and/or non-income producing.
(a)		All or a portion of security is on loan.
(b)		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 $15,957,999, which represents approximately 0.9% of net assets as of August 31, 2018.
(c)		Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(d)		Represents an affiliated issuer.



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


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

GOLDMAN SACHS ACTIVEBETA^® EUROPE EQUITY ETF

Schedule of Investments

August 31, 2018


Shares		Description	Value
Common Stocks – 98.8%
Australia – 0.7%
	10,583	BHP Billiton PLC (Materials)	$	226,109
	6,739	Rio Tinto PLC (Materials)		320,492

				546,601

Austria – 0.4%
	1,303	ANDRITZ AG (Industrials)		77,318
	776	Erste Group Bank AG (Financials)*		30,942
	924	OMV AG (Energy)		49,056
	4,182	Raiffeisen Bank International AG (Financials)		119,211
	579	voestalpine AG (Materials)		26,030

				302,557

Belgium – 1.6%
	2,648	Ageas (Financials)		137,349
	2,538	Anheuser-Busch InBev SA/NV (Consumer Staples)		238,156
	3,739	Colruyt SA (Consumer Staples)		222,737
	854	Groupe Bruxelles Lambert SA (Financials)		89,824
	1,007	KBC Group NV (Financials)		71,705
	1,092	Proximus SADP (Telecommunication Services)		25,214
	775	Solvay SA (Materials)		103,381
	791	Telenet Group Holding NV (Consumer Discretionary)*		43,347
	1,319	UCB SA (Health Care)		120,870
	2,396	Umicore SA (Materials)		133,923

				1,186,506

Chile – 0.1%
	3,916	Antofagasta PLC (Materials)		41,004

Colombia – 0.0%
	649	Millicom International Cellular SA (Telecommunication Services)		37,399

Denmark – 2.9%
	2,287	Carlsberg A/S, Class B (Consumer Staples)		279,825
	936	Chr Hansen Holding A/S (Materials)		95,242
	1,781	Coloplast A/S, Class B (Health Care)		191,064
	3,178	Danske Bank A/S (Financials)		93,714
	1,456	DSV A/S (Industrials)		136,747
	1,211	H Lundbeck A/S (Health Care)		71,213
	922	ISS A/S (Industrials)		32,261
	13,880	Novo Nordisk A/S, Class B (Health Care)		681,804
	972	Novozymes A/S, Class B (Materials)		53,397
	1,887	Orsted A/S (Utilities)^(a)		119,565
	1,528	Pandora A/S (Consumer Discretionary)		91,500
	3,458	Tryg A/S (Financials)		85,160
	1,115	Vestas Wind Systems A/S (Industrials)		77,870
	3,271	William Demant Holding A/S (Health Care)*		133,339

				2,142,701

Finland – 1.5%
	1,299	Elisa OYJ (Telecommunication Services)		55,695
	5,439	Fortum OYJ (Utilities)		137,956

Common Stocks – (continued)
Finland – (continued)
	1,060	Kone OYJ, Class B (Industrials)	$	57,361
	1,296	Neste OYJ (Energy)		112,791
	6,262	Nokia OYJ (Information Technology)		34,957
	7,766	Orion OYJ, Class B (Health Care)		286,162
	1,853	Sampo OYJ, Class A (Financials)		95,013
	4,263	Stora Enso OYJ, Class R (Materials)		79,534
	5,591	UPM-Kymmene OYJ (Materials)		215,970
	824	Wartsila OYJ Abp (Industrials)		17,439

				1,092,878

France – 19.1%
	1,323	Accor SA (Consumer Discretionary)		66,344
	633	Aeroports de Paris (Industrials)		139,419
	1,724	Air Liquide SA (Materials)		217,637
	1,968	Airbus SE (Industrials)		243,311
	2,121	Alstom SA (Industrials)		93,776
	201	Amundi SA (Financials)^(a)		14,523
	3,514	Arkema SA (Materials)		441,153
	4,301	Atos SE (Information Technology)		516,435
	13,208	AXA SA (Financials)		334,166
	1,340	BioMerieux (Health Care)		118,023
	8,377	BNP Paribas SA (Financials)		492,985
	5,992	Bollore SA (Industrials)		28,751
	1,173	Bouygues SA (Industrials)		51,903
	2,752	Bureau Veritas SA (Industrials)		70,891
	2,384	Capgemini SE (Information Technology)		307,196
	4,526	Carrefour SA (Consumer Staples)		80,938
	5,293	Casino Guichard Perrachon SA (Consumer Staples)^(b)		168,186
	2,448	Cie de Saint-Gobain (Industrials)		105,570
	1,065	Cie Generale des Etablissements Michelin (Consumer Discretionary)		126,329
	6,918	CNP Assurances (Financials)		159,935
	661	Covivio REIT (Real Estate)		69,255
	19,611	Credit Agricole SA (Financials)		269,063
	5,009	Danone SA (Consumer Staples)		395,253
	39	Dassault Aviation SA (Industrials)		72,739
	1,792	Dassault Systemes (Information Technology)		291,065
	1,621	Edenred (Industrials)		61,918
	3,437	Eiffage SA (Industrials)		387,738
	4,352	Electricite de France SA (Utilities)		71,447
	8,705	Engie SA (Utilities)		127,920
	1,323	Essilor International SA (Health Care)		191,336
	1,934	Eurazeo SA (Financials)		147,164
	1,200	Faurecia (Consumer Discretionary)		73,691
	698	Gecina SA REIT (Real Estate)		120,113
	3,896	Getlink (Industrials)		49,183
	851	Hermes International (Consumer Discretionary)		554,675
	1,180	ICADE REIT (Real Estate)		115,395
	106	Iliad SA (Telecommunication Services)		13,727
	295	Imerys SA (Materials)		21,246
	606	Ingenico Group SA (Information Technology)		42,686
	2,241	Ipsen SA (Health Care)		399,324
	431	Kering (Consumer Discretionary)		234,687


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

GOLDMAN SACHS ACTIVEBETA^® EUROPE EQUITY ETF

Schedule of Investments (continued)

August 31, 2018


Shares		Description	Value
Common Stocks – (continued)
France – (continued)
	1,437	Klepierre SA REIT (Real Estate)	$	51,663
	2,264	Legrand SA (Industrials)		170,957
	2,317	L’Oreal SA (Consumer Staples)		557,228
	1,900	LVMH Moet Hennessy Louis Vuitton SE (Consumer Discretionary)		667,284
	12,776	Natixis SA (Financials)		85,473
	4,963	Orange SA (Telecommunication Services)		80,554
	1,301	Pernod Ricard SA (Consumer Staples)		205,865
	14,744	Peugeot SA (Consumer Discretionary)		406,565
	1,776	Publicis Groupe SA (Consumer Discretionary)		114,271
	827	Remy Cointreau SA (Consumer Staples)		116,139
	175	Renault SA (Consumer Discretionary)		15,108
	16,785	Rexel SA (Industrials)		264,623
	1,863	Safran SA (Industrials)		243,421
	8,020	Sanofi (Health Care)		687,621
	3,369	Schneider Electric SE (Industrials)		275,329
	1,447	SCOR SE (Financials)		58,774
	826	SEB SA (Consumer Discretionary)		154,345
	825	Societe BIC SA (Industrials)		76,551
	5,058	Societe Generale SA (Financials)		207,387
	549	Sodexo SA (Consumer Discretionary)		57,310
	2,207	Suez (Utilities)		31,982
	618	Teleperformance (Industrials)		119,002
	837	Thales SA (Industrials)		118,177
	14,166	TOTAL SA (Energy)		887,893
	3,597	Ubisoft Entertainment SA (Information Technology)*		387,792
	309	Unibail-Rodamco-Westfield (Real Estate)		65,073
	5,106	Veolia Environnement SA (Utilities)		107,885
	3,340	Vinci SA (Industrials)		320,835
	2,478	Vivendi SA (Consumer Discretionary)		64,438
	235	Wendel SA (Financials)		34,889

				14,121,530

Germany – 13.3%
	2,544	adidas AG (Consumer Discretionary)		636,092
	2,784	Allianz SE (Financials)		594,843
	1,317	Axel Springer SE (Consumer Discretionary)		95,924
	4,514	BASF SE (Materials)		418,535
	6,435	Bayer AG (Health Care)		601,815
	1,123	Bayerische Motoren Werke AG (Consumer Discretionary)		108,984
	2,241	Beiersdorf AG (Consumer Staples)		261,522
	1,048	Brenntag AG (Industrials)		63,333
	11,151	Commerzbank AG (Financials)*		105,675
	379	Continental AG (Consumer Discretionary)		69,695
	2,945	Covestro AG (Materials)^(a)		251,437
	2,805	Daimler AG (Consumer Discretionary)		181,783
	1,105	Delivery Hero SE (Information Technology)*^(a)		61,018
	1,539	Deutsche Boerse AG (Financials)		213,084
	9,747	Deutsche Lufthansa AG (Industrials)		255,051
	11,546	Deutsche Post AG (Industrials)		421,955
	19,606	Deutsche Telekom AG (Telecommunication Services)		317,309

Common Stocks – (continued)
Germany – (continued)
	2,264	Deutsche Wohnen SE (Real Estate)		114,691
	7,842	E.ON SE (Utilities)		83,760
	1,761	Evonik Industries AG (Materials)		65,791
	472	Fraport AG Frankfurt Airport Services Worldwide (Industrials)		42,528
	1,553	Fresenius Medical Care AG & Co KGaA (Health Care)		157,671
	2,482	Fresenius SE & Co KGaA (Health Care)		189,960
	466	Hannover Rueck SE (Financials)		64,141
	2,631	HeidelbergCement AG (Materials)		209,935
	679	Henkel AG & Co KGaA (Consumer Staples)		75,960
	678	HOCHTIEF AG (Industrials)		110,282
	4,795	HUGO BOSS AG (Consumer Discretionary)		383,945
	5,040	Infineon Technologies AG (Information Technology)		128,540
	715	KION Group AG (Industrials)		48,932
	351	LANXESS AG (Materials)		27,640
	519	Linde AG (Materials)		118,477
	727	MAN SE (Industrials)		79,215
	1,678	Merck KGaA (Health Care)		176,649
	2,905	METRO AG (Consumer Staples)		45,477
	494	MTU Aero Engines AG (Industrials)		108,574
	660	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Financials)		142,678
	2,079	ProSiebenSat.1 Media SE (Consumer Discretionary)		54,885
	404	Puma SE (Consumer Discretionary)		221,865
	2,626	RWE AG (Utilities)		66,759
	6,473	SAP SE (Information Technology)		780,397
	3,931	Siemens AG (Industrials)		512,165
	429	Siemens Healthineers AG (Health Care)*^(a)		19,544
	1,078	Symrise AG (Materials)		100,917
	6,046	Telefonica Deutschland Holding AG (Telecommunication Services)		25,205
	5,403	TUI AG (Consumer Discretionary)		99,861
	4,832	Uniper SE (Utilities)		147,972
	1,343	United Internet AG (Information Technology)		70,816
	142	Volkswagen AG (Consumer Discretionary)		22,916
	3,571	Vonovia SE (Real Estate)		183,603
	967	Wirecard AG (Information Technology)		215,232
	5,803	Zalando SE (Consumer Discretionary)*^(a)		305,991

				9,861,029

Ireland – 0.6%
	1,677	AerCap Holdings NV (Industrials)*		95,539
	3,311	AIB Group PLC (Financials)		18,661
	1,796	Bank of Ireland Group PLC (Financials)		14,711
	4,132	CRH PLC (Materials)		137,545
	1,181	Kerry Group PLC, Class A (Consumer Staples)		135,004
	1,038	Smurfit Kappa Group PLC (Materials)		42,487

				443,947


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

GOLDMAN SACHS ACTIVEBETA^® EUROPE EQUITY ETF


Shares		Description	Value
Common Stocks – (continued)
Italy – 3.5%
	10,622	Assicurazioni Generali SpA (Financials)	$	177,285
	5,465	Davide Campari-Milano SpA (Consumer Staples)		48,484
	37,468	Enel SpA (Utilities)		185,710
	12,936	Eni SpA (Energy)		240,515
	1,165	Ferrari NV (Consumer Discretionary)		152,762
	73,300	Intesa Sanpaolo SpA (Financials)		181,443
	5,158	Luxottica Group SpA (Consumer Discretionary)		342,796
	2,859	Mediobanca Banca di Credito Finanziario SpA (Financials)		26,665
	7,597	Moncler SpA (Consumer Discretionary)		344,372
	15,103	Poste Italiane SpA (Financials)^(a)		116,540
	6,078	Prysmian SpA (Industrials)		157,134
	3,178	Recordati SpA (Health Care)		111,557
	10,947	Snam SpA (Energy)		45,037
	207,805	Telecom Italia SpA (Telecommunication Services)*		132,738
	244,446	Telecom Italia SpA-RSP (Telecommunication Services)		136,205
	10,563	Terna Rete Elettrica Nazionale SpA (Utilities)		55,625
	10,292	UniCredit SpA (Financials)		148,894

				2,603,762

Luxembourg – 0.7%
	11,437	ArcelorMittal (Materials)		345,182
	1,897	RTL Group SA (Consumer Discretionary)^(b)		142,582
	2,231	Tenaris SA (Energy)		37,509

				525,273

Netherlands – 7.0%
	3,864	ABN AMRO Group NV (Financials)^(a)		104,886
	33,936	Aegon NV (Financials)		203,977
	1,120	Akzo Nobel NV (Materials)		104,927
	1,732	ASML Holding NV (Information Technology)		353,947
	2,740	EXOR NV (Financials)		178,464
	2,452	Heineken Holding NV (Consumer Staples)		234,223
	1,873	Heineken NV (Consumer Staples)		185,540
	20,762	ING Groep NV (Financials)		282,390
	19,806	Koninklijke Ahold Delhaize NV (Consumer Staples)		483,008
	1,320	Koninklijke DSM NV (Materials)		138,807
	16,579	Koninklijke KPN NV (Telecommunication Services)		42,457
	8,568	Koninklijke Philips NV (Health Care)		383,702
	5,911	NN Group NV (Financials)		253,984
	2,493	NXP Semiconductors NV (Information Technology)*		232,198
	4,915	Randstad NV (Industrials)		308,576
	24,952	Royal Dutch Shell PLC, Class A (Energy)		811,270
	19,250	Royal Dutch Shell PLC, Class B (Energy)		635,638
	3,412	Wolters Kluwer NV (Industrials)		216,754

				5,154,748

Common Stocks – (continued)
Norway – 1.4%
	2,290	Aker BP ASA (Energy)		81,329
	3,129	DNB ASA (Financials)		63,907
	8,140	Equinor ASA (Energy)		209,372
	3,476	Gjensidige Forsikring ASA (Financials)		58,316
	6,086	Marine Harvest ASA (Consumer Staples)		131,833
	9,672	Norsk Hydro ASA (Materials)		53,561
	6,110	Orkla ASA (Consumer Staples)		50,413
	8,457	Schibsted ASA, Class B (Consumer Discretionary)		276,078
	4,869	Telenor ASA (Telecommunication Services)		92,050
	439	Yara International ASA (Materials)		20,263

				1,037,122

Portugal – 0.8%
	73,651	EDP – Energias de Portugal SA (Utilities)		288,357
	4,310	Galp Energia SGPS SA (Energy)		87,606
	12,497	Jeronimo Martins SGPS SA (Consumer Staples)		187,642

				563,605

South Africa – 0.9%
	20,053	Anglo American PLC (Materials)		401,801
	8,343	Investec PLC (Financials)		54,913
	29,333	Mediclinic International PLC (Health Care)		187,997

				644,711

Spain – 3.8%
	4,572	ACS Actividades de Construccion y Servicios SA (Industrials)		190,864
	748	Aena SME SA (Industrials)^(a)		132,721
	3,542	Amadeus IT Group SA (Information Technology)		329,360
	26,619	Banco Bilbao Vizcaya Argentaria SA (Financials)		166,315
	88,076	Banco Santander SA (Financials)		439,419
	5,406	Bankinter SA (Financials)		48,206
	3,208	CaixaBank SA (Financials)		14,411
	2,175	Enagas SA (Energy)		60,608
	2,364	Endesa SA (Utilities)		53,058
	2,197	Ferrovial SA (Industrials)^(b)		47,609
	1,503	Grifols SA (Health Care)		44,296
	17,435	Iberdrola SA (Utilities)		130,274
	11,836	Industria de Diseno Textil SA (Consumer Discretionary)		358,739
	25,524	Mapfre SA (Financials)		75,401
	2,648	Naturgy Energy Group SA (Utilities)		71,262
	2,871	Red Electrica Corp. SA (Utilities)		60,461
	24,106	Repsol SA (Energy)		464,604
	13,927	Telefonica SA (Telecommunication Services)		113,218

				2,800,826

Sweden – 3.5%
	2,918	Alfa Laval AB (Industrials)		78,280
	3,351	Assa Abloy AB, Class B (Industrials)		68,366


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

GOLDMAN SACHS ACTIVEBETA^® EUROPE EQUITY ETF

Schedule of Investments (continued)

August 31, 2018


Shares		Description	Value
Common Stocks – (continued)
Sweden – (continued)
	3,413	Atlas Copco AB, Class A (Industrials)	$	97,387
	2,366	Atlas Copco AB, Class B (Industrials)		62,617
	2,645	Boliden AB (Materials)		69,306
	2,993	Electrolux AB, Series B (Consumer Discretionary)		66,828
	2,677	Epiroc AB (Industrials)*		27,835
	2,367	Epiroc AB (Industrials)*		22,658
	1,376	Essity AB, Class B (Consumer Staples)		35,694
	22,143	Hennes & Mauritz AB, Class B (Consumer Discretionary)^(b)		298,635
	1,622	Hexagon AB, Class B (Information Technology)		96,435
	1,464	ICA Gruppen AB (Consumer Staples)^(b)		44,626
	2,284	Industrivarden AB, Class C (Financials)		48,835
	1,845	Investor AB, Class B (Financials)		83,340
	2,079	Kinnevik AB, Class B (Financials)		68,356
	1,531	L E Lundbergforetagen AB, Class B (Financials)		51,478
	2,326	Lundin Petroleum AB (Energy)		80,882
	6,085	Nordea Bank AB (Financials)		65,802
	6,454	Sandvik AB (Industrials)		113,060
	5,827	Securitas AB, Class B (Industrials)		103,766
	5,670	Skandinaviska Enskilda Banken AB, Class A (Financials)		60,570
	1,774	SKF AB, Class B (Industrials)		34,125
	3,933	Svenska Handelsbanken AB, Class A (Financials)		47,718
	3,667	Swedbank AB, Class A (Financials)		85,409
	5,894	Swedish Match AB (Consumer Staples)		315,393
	4,707	Tele2 AB, Class B (Telecommunication Services)		58,113
	22,732	Telefonaktiebolaget LM Ericsson, Class B (Information Technology)		191,929
	11,819	Telia Co. AB (Telecommunication Services)		52,469
	8,176	Volvo AB, Class B (Industrials)		140,943

				2,570,855

Switzerland – 13.6%
	5,694	ABB Ltd. (Industrials)		134,534
	2,153	Adecco Group AG (Industrials)		132,194
	425	Baloise Holding AG (Financials)		65,479
	89	Barry Callebaut AG (Consumer Staples)		159,024
	31	Chocoladefabriken Lindt & Spruengli AG (Consumer Staples)		231,274
	2,188	Cie Financiere Richemont SA (Consumer Discretionary)		193,891
	1,391	Clariant AG (Materials)*		34,836
	5,534	Coca-Cola HBC AG (Consumer Staples)*		189,746
	8,925	Credit Suisse Group AG (Financials)*		133,953
	588	Dufry AG (Consumer Discretionary)*		72,900
	135	EMS-Chemie Holding AG (Materials)		85,431
	5,124	Ferguson PLC (Industrials)		411,649
	132	Geberit AG (Industrials)		60,165
	57	Givaudan SA (Materials)		138,978
	44,866	Glencore PLC (Materials)*		182,845
	829	Julius Baer Group Ltd. (Financials)*		44,163

Common Stocks – (continued)
Switzerland – (continued)
	2,392	Kuehne + Nagel International AG (Industrials)		387,083
	805	LafargeHolcim Ltd. (Materials)*		39,289
	518	Lonza Group AG (Health Care)*		167,061
	20,771	Nestle SA (Consumer Staples)		1,747,848
	14,597	Novartis AG (Health Care)		1,213,222
	887	Pargesa Holding SA (Financials)		72,228
	546	Partners Group Holding AG (Financials)		429,641
	5,203	Roche Holding AG (Health Care)		1,295,505
	335	Schindler Holding AG (Industrials)		77,593
	329	Schindler Holding AG Participation Certificates (Industrials)		78,653
	140	SGS SA (Industrials)		369,579
	922	Sika AG (Materials)		136,999
	267	Sonova Holding AG (Health Care)		50,772
	8,370	STMicroelectronics NV (Information Technology)		172,420
	315	Straumann Holding AG (Health Care)		251,616
	288	Swatch Group AG (The) – Bearer (Consumer Discretionary)		123,169
	1,090	Swatch Group AG (The) – Registered (Consumer Discretionary)		88,532
	412	Swiss Life Holding AG (Financials)*		149,617
	799	Swiss Prime Site AG (Real Estate)*		73,819
	1,337	Swiss Re AG (Financials)		120,497
	178	Swisscom AG (Telecommunication Services)		79,678
	916	Temenos AG (Information Technology)*		165,753
	13,381	UBS Group AG (Financials)*		209,411
	476	Vifor Pharma AG (Health Care)		87,930
	678	Zurich Insurance Group AG (Financials)		206,954

				10,065,931

United Arab Emirates – 0.1%
	1,334	NMC Health PLC (Health Care)		68,037

United Kingdom – 22.4%
	14,011	3i Group PLC (Financials)		163,241
	14,913	Admiral Group PLC (Financials)		403,170
	2,486	Ashtead Group PLC (Industrials)		76,320
	3,089	Associated British Foods PLC (Consumer Staples)		91,902
	7,775	AstraZeneca PLC (Health Care)		585,617
	70,301	Auto Trader Group PLC (Information Technology)^(a)		410,359
	15,655	Aviva PLC (Financials)		98,686
	3,994	Babcock International Group PLC (Industrials)		37,034
	7,769	BAE Systems PLC (Industrials)		61,192
	31,487	Barclays PLC (Financials)		71,906
	11,111	Barratt Developments PLC (Consumer Discretionary)		78,273
	3,204	Berkeley Group Holdings PLC (Consumer Discretionary)		151,709
	109,845	BP PLC (Energy)		781,386
	10,954	British American Tobacco PLC (Consumer Staples)		529,847


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

GOLDMAN SACHS ACTIVEBETA^® EUROPE EQUITY ETF


Shares		Description	Value
Common Stocks – (continued)
United Kingdom – (continued)
	8,444	British Land Co. PLC (The) REIT (Real Estate)	$	69,758
	19,180	BT Group PLC (Telecommunication Services)		54,184
	2,832	Bunzl PLC (Industrials)		88,268
	17,740	Burberry Group PLC (Consumer Discretionary)		515,567
	23,638	Centrica PLC (Utilities)		44,027
	13,340	CNH Industrial NV (Industrials)		159,867
	2,242	Coca-Cola European Partners PLC (Consumer Staples)		95,599
	4,278	Compass Group PLC (Consumer Discretionary)		92,218
	2,447	Croda International PLC (Materials)		162,205
	1,013	DCC PLC (Industrials)		91,573
	15,124	Diageo PLC (Consumer Staples)		529,669
	15,099	Direct Line Insurance Group PLC (Financials)		64,939
	2,353	easyJet PLC (Industrials)		46,639
	9,299	Experian PLC (Industrials)		232,058
	19,358	Fiat Chrysler Automobiles NV (Consumer Discretionary)*		327,935
	5,212	G4S PLC (Industrials)		16,895
	33,499	GlaxoSmithKline PLC (Health Care)		679,403
	5,036	GVC Holdings PLC (Consumer Discretionary)		72,132
	8,251	Hammerson PLC REIT (Real Estate)		50,522
	20,713	Hargreaves Lansdown PLC (Financials)		592,278
	114,525	HSBC Holdings PLC (Financials)		995,683
	6,755	Imperial Brands PLC (Consumer Staples)		240,918
	8,949	Informa PLC (Consumer Discretionary)		88,678
	4,116	InterContinental Hotels Group PLC (Consumer Discretionary)		254,382
	30,775	International Consolidated Airlines Group SA (Industrials)		277,144
	1,304	Intertek Group PLC (Industrials)		87,015
	85,455	J Sainsbury PLC (Consumer Staples)		360,089
	888	Johnson Matthey PLC (Materials)		40,350
	23,872	Kingfisher PLC (Consumer Discretionary)		84,861
	6,085	Land Securities Group PLC REIT (Real Estate)		72,486
	46,285	Legal & General Group PLC (Financials)		152,984
	249,642	Lloyds Banking Group PLC (Financials)		192,412
	2,400	London Stock Exchange Group PLC (Financials)		144,241
	59,690	Marks & Spencer Group PLC (Consumer Discretionary)		233,987
	6,064	Meggitt PLC (Industrials)		42,419
	9,384	Merlin Entertainments PLC (Consumer Discretionary)^(a)		45,360
	2,729	Micro Focus International PLC (Information Technology)		46,289
	3,044	Mondi PLC (Materials)		84,866
	11,089	National Grid PLC (Utilities)		116,745
	4,321	Next PLC (Consumer Discretionary)		308,892
	12,413	Pearson PLC (Consumer Discretionary)		148,011
	1,912	Persimmon PLC (Consumer Discretionary)		60,463

Common Stocks – (continued)
United Kingdom – (continued)
	10,612	Prudential PLC (Financials)		239,308
	1,588	Reckitt Benckiser Group PLC (Consumer Staples)		135,378
	10,075	RELX NV (Industrials)		223,661
	11,204	RELX PLC (Industrials)		249,017
	4,364	Rolls-Royce Holdings PLC (Industrials)*		57,005
	10,077	Royal Bank of Scotland Group PLC (Financials)		31,604
	73,119	Royal Mail PLC (Industrials)		425,763
	10,001	RSA Insurance Group PLC (Financials)		82,100
	30,295	Sage Group PLC (The) (Information Technology)		234,444
	2,070	Schroders PLC (Financials)		82,732
	19,829	Segro PLC REIT (Real Estate)		169,636
	2,322	Severn Trent PLC (Utilities)		60,391
	3,414	Sky PLC (Consumer Discretionary)		68,357
	14,559	Smith & Nephew PLC (Health Care)		256,880
	4,217	Smiths Group PLC (Industrials)		88,327
	5,461	SSE PLC (Utilities)		88,937
	3,302	St James’s Place PLC (Financials)		48,561
	6,481	Standard Chartered PLC (Financials)		52,825
	3,811	Standard Life Aberdeen PLC (Financials)		15,697
	37,134	Taylor Wimpey PLC (Consumer Discretionary)		80,771
	97,141	Tesco PLC (Consumer Staples)		311,228
	9,838	Unilever NV (Consumer Staples)		567,117
	8,194	Unilever PLC (Consumer Staples)		467,754
	4,078	United Utilities Group PLC (Utilities)		39,308
	137,277	Vodafone Group PLC (Telecommunication Services)		293,510
	4,365	Whitbread PLC (Consumer Discretionary)		260,750
	69,703	Wm Morrison Supermarkets PLC (Consumer Staples)		238,495
	6,358	WPP PLC (Consumer Discretionary)		105,653

				16,579,862

United States – 0.9%
	1,589	Carnival PLC (Consumer Discretionary)		95,644
	2,975	QIAGEN NV (Health Care)*		115,438
	7,418	Shire PLC (Health Care)		433,725

				644,807

TOTAL COMMON STOCKS
	(Cost $67,036,023)		$	73,035,691


Shares		Description	Rate			Value
Preferred Stocks – 0.7%
Germany – 0.7%
	463	Bayerische Motoren Werke AG, (Consumer Discretionary)		5.63	%	$	38,921
	3,172	FUCHS PETROLUB SE, (Materials)		1.87			186,192
	702	Henkel AG & Co KGaA, (Consumer Staples)		1.68			89,804


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

GOLDMAN SACHS ACTIVEBETA^® EUROPE EQUITY ETF

Schedule of Investments (continued)

August 31, 2018


Shares		Description	Rate			Value
Preferred Stocks – (continued)
Germany – (continued)
	990	Porsche Automobil Holding SE, (Consumer Discretionary)		3.21	%	$	62,800
	405	Sartorius AG, (Health Care)		0.35			73,698
	558	Volkswagen AG, (Consumer Discretionary)		2.75			91,438

	TOTAL PREFERRED STOCKS
	(Cost $520,301)					$	542,853


Units	Description	Expiration Month		Value
Right – 0.0%
Sweden – 0.0%
2,066	Kinnevik AB (Financials)*
(Cost $0)			12/19	$	—

TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
(Cost $67,556,324)				$	73,578,544


Shares		Distribution Rate	Value
Securities Lending Reinvestment Vehicle – 0.7%^(c)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	517,340	1.879%	$	517,340
	(Cost $517,340)

	TOTAL INVESTMENTS – 100.2%
	(Cost $68,073,664)		$	74,095,884

	LIABILITIES IN EXCESS OF OTHER ASSETS – (0.2)%			(132,411	)

	NET ASSETS – 100.0%		$	73,963,473


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 $1,581,944, which represents approximately 2.1% of net assets as of August 31, 2018.
(b)		All or a portion of security is on loan.
(c)		Represents an affiliated issuer.



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


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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Schedule of Investments

August 31, 2018


Shares		Description	Value
Common Stocks – 99.3%
Australia – 6.4%
	19,870	AGL Energy Ltd. (Utilities)	$	298,608
	226,272	Alumina Ltd. (Materials)		471,283
	40,774	Amcor Ltd. (Materials)		421,675
	93,362	AMP Ltd. (Financials)		225,515
	88,272	Aristocrat Leisure Ltd. (Consumer Discretionary)		2,016,653
	15,184	ASX Ltd. (Financials)		742,760
	88,719	Aurizon Holdings Ltd. (Industrials)		269,479
	325,320	AusNet Services (Utilities)		387,022
	123,988	Australia & New Zealand Banking Group Ltd. (Financials)		2,645,210
	40,958	Bank of Queensland Ltd. (Financials)		340,343
	143,617	Bendigo & Adelaide Bank Ltd. (Financials)		1,203,782
	122,006	BHP Billiton Ltd. (Materials)		2,930,276
	71,936	BHP Billiton PLC (Materials)		1,536,933
	253,856	BlueScope Steel Ltd. (Materials)		3,177,921
	31,072	Brambles Ltd. (Industrials)		246,510
	28,671	Caltex Australia Ltd. (Energy)		626,400
	48,690	CIMIC Group Ltd. (Industrials)		1,735,278
	56,158	Coca-Cola Amatil Ltd. (Consumer Staples)		381,361
	29,128	Cochlear Ltd. (Health Care)		4,546,119
	94,047	Commonwealth Bank of Australia (Financials)		4,845,375
	36,972	Computershare Ltd. (Information Technology)		513,907
	42,890	Crown Resorts Ltd. (Consumer Discretionary)		440,456
	30,615	CSL Ltd. (Health Care)		5,032,819
	57,002	Dexus REIT (Real Estate)		441,920
	68,468	Flight Centre Travel Group Ltd. (Consumer Discretionary)		2,892,729
	90,586	Goodman Group REIT (Real Estate)		700,976
	128,724	GPT Group (The) REIT (Real Estate)		481,292
	114,246	Harvey Norman Holdings Ltd. (Consumer Discretionary)^(a)		297,442
	139,934	Insurance Australia Group Ltd. (Financials)		781,266
	40,106	LendLease Group (Real Estate)		594,306
	18,490	Macquarie Group Ltd. (Financials)		1,730,333
	308,709	Medibank Pvt Ltd. (Financials)		678,706
	197,634	Mirvac Group REIT (Real Estate)		347,317
	95,205	National Australia Bank Ltd. (Financials)		1,953,339
	24,763	Newcrest Mining Ltd. (Materials)		347,248
	84,437	Oil Search Ltd. (Energy)		547,141
	65,770	Origin Energy Ltd. (Energy)*		378,141
	5,903	Ramsay Health Care Ltd. (Health Care)		237,786
	18,004	REA Group Ltd. (Information Technology)		1,186,558
	12,008	Rio Tinto Ltd. (Materials)		631,688
	45,376	Rio Tinto PLC (Materials)		2,157,984

Common Stocks – (continued)
Australia – (continued)
	117,737	Santos Ltd. (Energy)		577,299
	151,832	Scentre Group REIT (Real Estate)		451,298
	31,415	SEEK Ltd. (Industrials)		508,913
	29,222	Sonic Healthcare Ltd. (Health Care)		553,483
	919,575	South32 Ltd. (Materials)		2,314,328
	166,830	Stockland REIT (Real Estate)		498,291
	89,000	Suncorp Group Ltd. (Financials)		997,011
	45,760	Sydney Airport (Industrials)		238,605
	391,490	Telstra Corp. Ltd. (Telecommunication Services)		877,689
	63,856	Transurban Group (Industrials)		557,401
	44,455	Treasury Wine Estates Ltd. (Consumer Staples)		625,958
	209,066	Vicinity Centres REIT (Real Estate)		418,814
	78,568	Wesfarmers Ltd. (Consumer Staples)		2,923,409
	142,423	Westpac Banking Corp. (Financials)		2,939,630
	35,066	Woodside Petroleum Ltd. (Energy)		935,014
	157,969	Woolworths Group Ltd. (Consumer Staples)		3,233,083

				70,072,083

Austria – 0.3%
	11,676	ANDRITZ AG (Industrials)		692,836
	7,294	Erste Group Bank AG (Financials)*		290,834
	15,120	OMV AG (Energy)		802,728
	48,534	Raiffeisen Bank International AG (Financials)		1,383,498
	6,702	voestalpine AG (Materials)		301,306

				3,471,202

Belgium – 0.8%
	19,012	Ageas (Financials)		986,130
	12,190	Anheuser-Busch InBev SA/NV (Consumer Staples)		1,143,864
	24,245	Colruyt SA (Consumer Staples)		1,444,303
	5,370	Groupe Bruxelles Lambert SA (Financials)		564,819
	9,807	KBC Group NV (Financials)		698,319
	10,616	Proximus SADP (Telecommunication Services)		245,120
	4,945	Solvay SA (Materials)		659,639
	9,869	Telenet Group Holding NV (Consumer Discretionary)*		540,829
	8,741	UCB SA (Health Care)		801,001
	19,164	Umicore SA (Materials)		1,071,163

				8,155,187

Canada – 8.4%
	29,325	Alimentation Couche-Tard, Inc., Class B (Consumer Staples)		1,405,135
	9,077	Atco Ltd., Class I (Utilities)		271,555
	46,210	Aurora Cannabis, Inc. (Health Care)*		311,859
	28,091	Bank of Montreal (Financials)		2,304,455
	55,847	Bank of Nova Scotia (The) (Financials)		3,234,882


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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Schedule of Investments (continued)

August 31, 2018


Shares		Description	Value
Common Stocks – (continued)
Canada – (continued)
	32,238	Barrick Gold Corp. (Materials)	$	330,057
	15,151	BCE, Inc. (Telecommunication Services)		618,496
	136,148	Bombardier, Inc., Class B (Industrials)*		450,016
	27,635	Brookfield Asset Management, Inc., Class A (Financials)		1,181,738
	25,518	CAE, Inc. (Industrials)		509,793
	93,766	Cameco Corp. (Energy)		975,089
	23,272	Canadian Imperial Bank of Commerce (Financials)^(a)		2,182,726
	20,951	Canadian National Railway Co. (Industrials)		1,864,775
	35,674	Canadian Natural Resources Ltd. (Energy)		1,219,091
	5,925	Canadian Pacific Railway Ltd. (Industrials)		1,247,251
	4,093	Canadian Tire Corp. Ltd., Class A (Consumer Discretionary)		512,492
	11,848	Canadian Utilities Ltd., Class A (Utilities)		288,488
	160,769	Cenovus Energy, Inc. (Energy)		1,491,855
	17,643	CGI Group, Inc., Class A (Information Technology)*		1,159,422
	113,502	CI Financial Corp. (Financials)		1,827,940
	7,242	Constellation Software, Inc. (Information Technology)		5,526,624
	104,342	Dollarama, Inc. (Consumer Discretionary)		3,948,984
	177,792	Empire Co. Ltd., Class A (Consumer Staples)		3,392,358
	20,240	Enbridge, Inc. (Energy)		690,887
	36,273	Encana Corp. (Energy)		480,691
	2,327	Fairfax Financial Holdings Ltd. (Financials)		1,278,579
	31,704	Finning International, Inc. (Industrials)		737,438
	29,069	First Capital Realty, Inc. (Real Estate)		455,670
	15,484	Fortis, Inc. (Utilities)		507,287
	35,568	George Weston Ltd. (Consumer Staples)		2,772,446
	10,960	Gildan Activewear, Inc. (Consumer Discretionary)		323,265
	36,503	Great-West Lifeco, Inc. (Financials)		891,334
	24,354	H&R Real Estate Investment Trust REIT (Real Estate)		379,332
	130,907	Husky Energy, Inc. (Energy)		2,166,473
	21,505	Hydro One Ltd. (Utilities)^(b)		317,970
	17,255	IGM Financial, Inc. (Financials)		481,809
	35,603	Imperial Oil Ltd. (Energy)		1,110,452
	45,039	Industrial Alliance Insurance & Financial Services, Inc. (Financials)		1,868,638
	8,205	Intact Financial Corp. (Financials)		651,265
	21,106	Linamar Corp. (Consumer Discretionary)		928,764

Common Stocks – (continued)
Canada – (continued)
	39,074	Loblaw Cos. Ltd. (Consumer Staples)		2,022,696
	24,749	Magna International, Inc. (Consumer Discretionary)		1,341,128
	80,377	Manulife Financial Corp. (Financials)		1,471,991
	4,635	Methanex Corp. (Materials)		338,468
	23,919	Metro, Inc. (Consumer Staples)		749,515
	26,381	National Bank of Canada (Financials)		1,321,326
	8,040	Onex Corp. (Financials)		577,250
	10,699	Open Text Corp. (Information Technology)		419,935
	13,365	Pembina Pipeline Corp. (Energy)		456,211
	97,485	Power Corp. of Canada (Financials)		2,186,768
	61,031	Power Financial Corp. (Financials)		1,424,267
	3,893	Restaurant Brands International, Inc. (Consumer Discretionary)		223,468
	19,992	RioCan Real Estate Investment Trust REIT (Real Estate)		387,283
	11,501	Rogers Communications, Inc., Class B (Telecommunication Services)		596,417
	78,985	Royal Bank of Canada (Financials)		6,279,064
	50,248	Saputo, Inc. (Consumer Staples)		1,539,867
	15,310	Shaw Communications, Inc., Class B (Consumer Discretionary)		309,030
	6,031	Shopify, Inc., Class A (Information Technology)*		878,136
	12,259	SmartCentres Real Estate Investment Trust REIT (Real Estate)^(a)		290,974
	7,196	SNC-Lavalin Group, Inc. (Industrials)		289,893
	35,066	Sun Life Financial, Inc. (Financials)^(a)		1,394,895
	54,536	Suncor Energy, Inc. (Energy)		2,246,769
	95,868	Teck Resources Ltd., Class B (Materials)		2,162,259
	13,573	TELUS Corp. (Telecommunication Services)		503,698
	11,443	Thomson Reuters Corp. (Financials)		509,338
	91,687	Toronto-Dominion Bank (The) (Financials)		5,530,260
	15,688	TransCanada Corp. (Energy)		668,691
	9,021	West Fraser Timber Co. Ltd. (Materials)		598,909
	55,875	WSP Global, Inc. (Industrials)		3,010,681

				92,026,568

Chile – 0.0%
	45,157	Antofagasta PLC (Materials)		472,829

China – 0.1%
	220,282	BOC Hong Kong Holdings Ltd. (Financials)		1,074,902


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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF


Shares		Description	Value
Common Stocks – (continued)
Colombia – 0.0%
	6,805	Millicom International Cellular SA (Telecommunication Services)	$	392,147

Denmark – 1.9%
	22,477	Carlsberg A/S, Class B (Consumer Staples)		2,750,167
	7,190	Chr Hansen Holding A/S (Materials)		731,612
	20,218	Coloplast A/S, Class B (Health Care)		2,168,964
	33,070	Danske Bank A/S (Financials)		975,182
	12,942	DSV A/S (Industrials)		1,215,509
	11,582	H Lundbeck A/S (Health Care)		681,081
	11,671	ISS A/S (Industrials)		408,365
	111,342	Novo Nordisk A/S, Class B (Health Care)		5,469,270
	11,405	Novozymes A/S, Class B (Materials)		626,531
	16,834	Orsted A/S (Utilities)^(b)		1,066,640
	17,058	Pandora A/S (Consumer Discretionary)^(a)		1,021,467
	25,178	Tryg A/S (Financials)		620,059
	16,003	Vestas Wind Systems A/S (Industrials)		1,117,633
	44,053	William Demant Holding A/S (Health Care)*		1,795,781

				20,648,261

Finland – 0.9%
	9,451	Elisa OYJ (Telecommunication Services)		405,211
	39,034	Fortum OYJ (Utilities)		990,070
	10,277	Kone OYJ, Class B (Industrials)		556,133
	10,969	Neste OYJ (Energy)		954,630
	74,125	Nokia OYJ (Information Technology)		413,801
	51,635	Orion OYJ, Class B (Health Care)		1,902,648
	17,274	Sampo OYJ, Class A (Financials)		885,732
	33,875	Stora Enso OYJ, Class R (Materials)		631,996
	67,146	UPM-Kymmene OYJ (Materials)		2,593,728
	13,065	Wartsila OYJ Abp (Industrials)		276,508

				9,610,457

France – 11.2%
	11,190	Accor SA (Consumer Discretionary)		561,143
	4,440	Aeroports de Paris (Industrials)		977,912
	14,027	Air Liquide SA (Materials)		1,770,764
	18,241	Airbus SE (Industrials)		2,255,198
	15,764	Alstom SA (Industrials)		696,973
	5,152	Amundi SA (Financials)^(b)		372,249
	27,251	Arkema SA (Materials)		3,421,134
	47,139	Atos SE (Information Technology)		5,660,129
	90,629	AXA SA (Financials)		2,292,941
	13,646	BioMerieux (Health Care)		1,201,898
	64,720	BNP Paribas SA (Financials)		3,808,760
	8,613	Bouygues SA (Industrials)		381,107
	22,043	Bureau Veritas SA (Industrials)		567,825

Common Stocks – (continued)
France – (continued)
	23,041	Capgemini SE (Information Technology)		2,969,008
	59,782	Carrefour SA (Consumer Staples)		1,069,081
	46,573	Casino Guichard Perrachon SA (Consumer Staples)^(a)		1,479,865
	21,710	Cie de Saint-Gobain (Industrials)		936,246
	9,671	Cie Generale des Etablissements Michelin (Consumer Discretionary)		1,147,162
	76,691	CNP Assurances (Financials)		1,772,999
	4,210	Covivio REIT (Real Estate)		441,095
	156,630	Credit Agricole SA (Financials)		2,148,962
	45,843	Danone SA (Consumer Staples)		3,617,404
	343	Dassault Aviation SA (Industrials)		639,726
	20,185	Dassault Systemes (Information Technology)		3,278,539
	14,634	Edenred (Industrials)		558,985
	20,503	Eiffage SA (Industrials)		2,313,003
	37,877	Electricite de France SA (Utilities)		621,826
	62,526	Engie SA (Utilities)		918,820
	16,348	Essilor International SA (Health Care)		2,364,297
	16,367	Eurazeo SA (Financials)		1,245,412
	13,614	Eutelsat Communications SA (Consumer Discretionary)		323,134
	8,013	Faurecia (Consumer Discretionary)		492,074
	4,922	Gecina SA REIT (Real Estate)		846,986
	25,813	Getlink (Industrials)		325,863
	8,298	Hermes International (Consumer Discretionary)		5,408,574
	7,849	ICADE REIT (Real Estate)		767,571
	5,297	Imerys SA (Materials)		381,493
	9,802	Ingenico Group SA (Information Technology)		690,436
	18,065	Ipsen SA (Health Care)		3,219,002
	3,763	Kering (Consumer Discretionary)		2,049,021
	13,158	Klepierre SA REIT (Real Estate)		473,058
	12,545	Legrand SA (Industrials)		947,287
	20,861	L’Oreal SA (Consumer Staples)		5,016,974
	16,840	LVMH Moet Hennessy Louis Vuitton SE (Consumer Discretionary)		5,914,248
	77,969	Natixis SA (Financials)		521,622
	40,720	Orange SA (Telecommunication Services)		660,919
	10,285	Pernod Ricard SA (Consumer Staples)		1,627,457
	149,672	Peugeot SA (Consumer Discretionary)		4,127,197
	17,856	Publicis Groupe SA (Consumer Discretionary)		1,148,882
	5,557	Remy Cointreau SA (Consumer Staples)		780,394
	137,182	Rexel SA (Industrials)		2,162,732
	17,554	Safran SA (Industrials)		2,293,623
	61,177	Sanofi (Health Care)		5,245,211
	22,894	Schneider Electric SE (Industrials)		1,870,994


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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Schedule of Investments (continued)

August 31, 2018


Shares		Description	Value
Common Stocks – (continued)
France – (continued)
	13,194	SCOR SE (Financials)	$	535,911
	13,465	SEB SA (Consumer Discretionary)		2,516,043
	10,145	Societe BIC SA (Industrials)		941,345
	51,020	Societe Generale SA (Financials)		2,091,908
	4,110	Sodexo SA (Consumer Discretionary)		429,040
	20,697	Suez (Utilities)		299,928
	5,156	Teleperformance (Industrials)		992,835
	8,997	Thales SA (Industrials)		1,270,293
	97,372	TOTAL SA (Energy)		6,103,055
	26,707	Ubisoft Entertainment SA (Information Technology)*		2,879,278
	2,549	Unibail-Rodamco-Westfield (Real Estate)		536,803
	8,975	Valeo SA (Consumer Discretionary)		408,403
	37,155	Veolia Environnement SA (Utilities)		785,054
	29,597	Vinci SA (Industrials)		2,843,044
	16,970	Vivendi SA (Consumer Discretionary)		441,292
	2,476	Wendel SA (Financials)		367,593

				122,227,040

Germany – 7.3%
	21,612	adidas AG (Consumer Discretionary)		5,403,779
	24,576	Allianz SE (Financials)		5,251,033
	11,013	Axel Springer SE (Consumer Discretionary)		802,133
	33,696	BASF SE (Materials)		3,124,269
	49,127	Bayer AG (Health Care)		4,594,460
	5,028	Bayerische Motoren Werke AG (Consumer Discretionary)		487,955
	24,945	Beiersdorf AG (Consumer Staples)		2,911,057
	10,077	Brenntag AG (Industrials)		608,975
	42,700	Commerzbank AG (Financials)*		404,655
	3,722	Continental AG (Consumer Discretionary)		684,443
	13,837	Covestro AG (Materials)^(b)		1,181,370
	18,732	Daimler AG (Consumer Discretionary)		1,213,963
	9,830	Delivery Hero SE (Information Technology)*^(b)		542,810
	20,762	Deutsche Boerse AG (Financials)		2,874,633
	112,023	Deutsche Lufthansa AG (Industrials)		2,931,318
	108,017	Deutsche Post AG (Industrials)		3,947,538
	147,058	Deutsche Telekom AG (Telecommunication Services)		2,380,028
	16,597	Deutsche Wohnen SE (Real Estate)		840,784
	62,689	E.ON SE (Utilities)		669,577
	13,250	Evonik Industries AG (Materials)		495,020
	5,039	Fraport AG Frankfurt Airport Services Worldwide (Industrials)		454,021
	8,674	Fresenius Medical Care AG & Co KGaA (Health Care)		880,645
	23,726	Fresenius SE & Co KGaA (Health Care)		1,815,869

Common Stocks – (continued)
Germany – (continued)
	4,527	Hannover Rueck SE (Financials)		623,105
	11,706	HeidelbergCement AG (Materials)		934,055
	9,753	Henkel AG & Co KGaA (Consumer Staples)		1,091,073
	5,770	HOCHTIEF AG (Industrials)		938,532
	28,941	HUGO BOSS AG (Consumer Discretionary)		2,317,365
	41,827	Infineon Technologies AG (Information Technology)		1,066,752
	7,501	KION Group AG (Industrials)		513,346
	3,384	LANXESS AG (Materials)		266,475
	4,278	Linde AG (Materials)		976,576
	5,692	MAN SE (Industrials)		620,210
	18,040	Merck KGaA (Health Care)		1,899,133
	35,623	METRO AG (Consumer Staples)		557,674
	4,252	MTU Aero Engines AG (Industrials)		934,526
	4,734	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Financials)		1,023,388
	8,510	OSRAM Licht AG (Industrials)		382,985
	26,084	ProSiebenSat.1 Media SE (Consumer Discretionary)		688,613
	2,574	Puma SE (Consumer Discretionary)		1,413,568
	32,172	RWE AG (Utilities)		817,892
	46,472	SAP SE (Information Technology)		5,602,749
	27,901	Siemens AG (Industrials)		3,635,185
	8,018	Symrise AG (Materials)		750,606
	120,560	Telefonica Deutschland Holding AG (Telecommunication Services)		502,593
	44,712	TUI AG (Consumer Discretionary)		826,387
	49,143	Uniper SE (Utilities)		1,504,921
	9,907	United Internet AG (Information Technology)		522,394
	26,075	Vonovia SE (Real Estate)		1,340,647
	7,543	Wirecard AG (Information Technology)		1,678,902
	37,950	Zalando SE (Consumer Discretionary)*^(b)		2,001,096

				79,931,083

Hong Kong – 2.8%
	509,653	AIA Group Ltd. (Financials)		4,395,967
	45,201	ASM Pacific Technology Ltd. (Information Technology)		476,837
	93,086	Bank of East Asia Ltd. (The) (Financials)^(a)		344,526
	94,965	CK Asset Holdings Ltd. (Real Estate)		676,947
	111,478	CK Hutchison Holdings Ltd. (Industrials)		1,284,662
	38,145	CK Infrastructure Holdings Ltd. (Utilities)		278,959
	86,343	CLP Holdings Ltd. (Utilities)		1,014,810
	214,403	Dairy Farm International Holdings Ltd. (Consumer Staples)		1,987,516


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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF


Shares		Description	Value
Common Stocks – (continued)
Hong Kong – (continued)
	110,639	Galaxy Entertainment Group Ltd. (Consumer Discretionary)	$	818,984
	93,085	Hang Lung Group Ltd. (Real Estate)		260,912
	116,763	Hang Lung Properties Ltd. (Real Estate)		230,583
	53,527	Hang Seng Bank Ltd. (Financials)		1,451,228
	52,487	Henderson Land Development Co. Ltd. (Real Estate)		277,518
	517,751	HK Electric Investments & HK Electric Investments Ltd. (Utilities)^(b)		523,101
	384,734	HKT Trust & HKT Ltd. (Telecommunication Services)		497,038
	574,260	Hong Kong & China Gas Co. Ltd. (Utilities)		1,182,337
	84,563	Hong Kong Exchanges & Clearing Ltd. (Financials)		2,406,882
	34,006	Hongkong Land Holdings Ltd. (Real Estate)		235,322
	9,073	Jardine Matheson Holdings Ltd. (Industrials)		572,688
	14,565	Jardine Strategic Holdings Ltd. (Industrials)		528,710
	301,063	Kerry Properties Ltd. (Real Estate)		1,141,131
	109,230	Link REIT (Real Estate)		1,088,278
	14,023	Melco Resorts & Entertainment Ltd. ADR (Consumer Discretionary)		334,869
	98,544	MTR Corp. Ltd. (Industrials)^(a)		507,855
	172,381	New World Development Co. Ltd. (Real Estate)		230,166
	259,436	NWS Holdings Ltd. (Industrials)		462,092
	2,601,173	PCCW Ltd. (Telecommunication Services)		1,381,963
	42,244	Power Assets Holdings Ltd. (Utilities)		296,288
	224,151	Shangri-La Asia Ltd. (Consumer Discretionary)		345,555
	32,487	Sun Hung Kai Properties Ltd. (Real Estate)		482,200
	91,938	Swire Pacific Ltd., Class A (Real Estate)		1,039,572
	93,996	Swire Properties Ltd. (Real Estate)		369,450
	143,186	Techtronic Industries Co. Ltd. (Consumer Discretionary)		875,655
	2,300,804	WH Group Ltd. (Consumer Staples)^(b)		1,735,372
	37,812	Wharf Real Estate Investment Co. Ltd. (Real Estate)		250,750
	141,038	Wheelock & Co. Ltd. (Real Estate)		884,980

				30,871,703

Ireland – 0.3%
	7,025	AerCap Holdings NV (Industrials)*		400,214
	34,179	CRH PLC (Materials)		1,137,741
	38,953	James Hardie Industries PLC CDI (Materials)		596,376

Common Stocks – (continued)
Ireland – (continued)
	11,510	Kerry Group PLC, Class A (Consumer Staples)		1,315,753
	5,567	Smurfit Kappa Group PLC (Materials)		227,868

				3,677,952

Israel – 1.0%
	72,601	Bank Hapoalim BM (Financials)		545,002
	205,779	Bank Leumi Le-Israel BM (Financials)		1,385,238
	592,832	Bezeq The Israeli Telecommunication Corp. Ltd. (Telecommunication Services)		709,870
	7,864	Check Point Software Technologies Ltd. (Information Technology)*		913,718
	7,447	Frutarom Industries Ltd. (Materials)		761,376
	31,358	Mizrahi Tefahot Bank Ltd. (Financials)		567,064
	14,816	Nice Ltd. (Information Technology)*		1,709,063
	181,257	Teva Pharmaceutical Industries Ltd. ADR (Health Care)		4,152,598

				10,743,929

Italy – 2.3%
	71,068	Assicurazioni Generali SpA (Financials)		1,186,153
	67,223	Davide Campari-Milano SpA (Consumer Staples)		596,381
	293,863	Enel SpA (Utilities)		1,456,534
	105,950	Eni SpA (Energy)		1,969,899
	17,598	Ferrari NV (Consumer Discretionary)		2,307,563
	868,151	Intesa Sanpaolo SpA (Financials)		2,148,974
	50,720	Luxottica Group SpA (Consumer Discretionary)		3,370,805
	64,031	Mediobanca Banca di Credito Finanziario SpA (Financials)		597,192
	54,073	Moncler SpA (Consumer Discretionary)		2,451,126
	124,113	Poste Italiane SpA (Financials)^(b)		957,697
	85,262	Prysmian SpA (Industrials)		2,204,275
	25,617	Recordati SpA (Health Care)		899,228
	121,558	Snam SpA (Energy)		500,106
	2,095,011	Telecom Italia SpA (Telecommunication Services)*		1,338,212
	2,561,050	Telecom Italia SpA-RSP (Telecommunication Services)		1,427,017
	105,510	Terna Rete Elettrica Nazionale SpA (Utilities)		555,616
	84,367	UniCredit SpA (Financials)		1,220,534

				25,187,312

Japan – 22.3%
	11,478	ABC-Mart, Inc. (Consumer Discretionary)		627,287
	46,835	Aeon Co. Ltd. (Consumer Staples)^(a)		1,016,444


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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Schedule of Investments (continued)

August 31, 2018


Shares		Description	Value
Common Stocks – (continued)
Japan – (continued)
	16,870	Ajinomoto Co., Inc. (Consumer Staples)	$	286,935
	66,964	Alfresa Holdings Corp. (Health Care)		1,683,083
	16,376	ANA Holdings, Inc. (Industrials)		568,438
	11,100	Aozora Bank Ltd. (Financials)		392,907
	30,872	Asahi Group Holdings Ltd. (Consumer Staples)		1,397,363
	61,001	Asahi Kasei Corp. (Materials)		896,709
	47,941	Asics Corp. (Consumer Discretionary)		718,564
	187,535	Astellas Pharma, Inc. (Health Care)		3,182,945
	44,730	Bandai Namco Holdings, Inc. (Consumer Discretionary)		1,738,615
	14,863	Benesse Holdings, Inc. (Consumer Discretionary)		465,788
	29,896	Bridgestone Corp. (Consumer Discretionary)		1,103,525
	75,229	Brother Industries Ltd. (Information Technology)		1,548,204
	55,933	Calbee, Inc. (Consumer Staples)		1,783,137
	67,991	Canon, Inc. (Information Technology)		2,184,713
	21,911	Casio Computer Co. Ltd. (Consumer Discretionary)		352,718
	5,116	Central Japan Railway Co. (Industrials)		1,029,567
	55,947	Chubu Electric Power Co., Inc. (Utilities)		815,100
	10,741	Chugai Pharmaceutical Co. Ltd. (Health Care)		623,818
	29,619	Chugoku Electric Power Co., Inc. (The) (Utilities)^(a)		370,755
	34,327	Coca-Cola Bottlers Japan Holdings, Inc. (Consumer Staples)		975,155
	26,010	CyberAgent, Inc. (Consumer Discretionary)		1,482,466
	15,501	Dai Nippon Printing Co. Ltd. (Industrials)		348,505
	32,759	Dai-ichi Life Holdings, Inc. (Financials)		625,430
	34,732	Daiichi Sankyo Co. Ltd. (Health Care)		1,358,772
	10,435	Daikin Industries Ltd. (Industrials)		1,333,489
	9,721	Daito Trust Construction Co. Ltd. (Real Estate)		1,459,662
	23,249	Daiwa House Industry Co. Ltd. (Real Estate)		710,564
	215	Daiwa House REIT Investment Corp. REIT (Real Estate)^(a)		499,472
	41,714	Daiwa Securities Group, Inc. (Financials)		250,694
	22,971	DeNA Co. Ltd. (Information Technology)		398,163
	14,491	Denso Corp. (Consumer Discretionary)		699,818

Common Stocks – (continued)
Japan – (continued)
	3,227	Disco Corp. (Information Technology)		578,552
	8,053	Don Quijote Holdings Co. Ltd. (Consumer Discretionary)		392,174
	6,578	East Japan Railway Co. (Industrials)		596,490
	12,655	Eisai Co. Ltd. (Health Care)		1,148,120
	23,013	Electric Power Development Co. Ltd. (Utilities)		610,373
	7,189	FamilyMart UNY Holdings Co. Ltd. (Consumer Staples)^(a)		628,231
	3,150	FANUC Corp. (Industrials)		618,580
	6,851	Fast Retailing Co. Ltd. (Consumer Discretionary)^(a)		3,201,067
	31,319	Fuji Electric Co. Ltd. (Industrials)		252,789
	39,543	FUJIFILM Holdings Corp. (Information Technology)		1,675,723
	271,956	Fujitsu Ltd. (Information Technology)		1,994,205
	27,262	Hakuhodo DY Holdings, Inc. (Consumer Discretionary)		460,984
	15,991	Hamamatsu Photonics KK (Information Technology)		644,630
	13,255	Hankyu Hanshin Holdings, Inc. (Industrials)		473,969
	8,462	Hikari Tsushin, Inc. (Consumer Discretionary)		1,603,342
	6,448	Hisamitsu Pharmaceutical Co., Inc. (Health Care)		472,181
	246,564	Hitachi Ltd. (Information Technology)		1,613,223
	118,270	Honda Motor Co. Ltd. (Consumer Discretionary)		3,511,249
	3,047	Hoshizaki Corp. (Industrials)		289,628
	48,459	Hoya Corp. (Health Care)		2,839,321
	27,339	Idemitsu Kosan Co. Ltd. (Energy)		1,383,161
	17,193	Iida Group Holdings Co. Ltd. (Consumer Discretionary)		318,168
	33,694	Inpex Corp. (Energy)		369,195
	70,892	Isetan Mitsukoshi Holdings Ltd. (Consumer Discretionary)		802,997
	142,039	ITOCHU Corp. (Industrials)		2,489,541
	22,031	Japan Airlines Co. Ltd. (Industrials)		795,727
	9,340	Japan Airport Terminal Co. Ltd. (Industrials)		419,051
	18,525	Japan Exchange Group, Inc. (Financials)		327,113
	24,992	Japan Post Bank Co. Ltd. (Financials)		292,552
	38,552	Japan Post Holdings Co. Ltd. (Financials)		458,932
	135	Japan Prime Realty Investment Corp. REIT (Real Estate)		489,426
	102	Japan Real Estate Investment Corp. REIT (Real Estate)		543,644
	238	Japan Retail Fund Investment Corp. REIT (Real Estate)		431,420


56		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)
	31,556	Japan Tobacco, Inc. (Consumer Staples)	$	831,552
	20,749	JGC Corp. (Industrials)		418,779
	260,078	JXTG Holdings, Inc. (Energy)		1,835,100
	85,186	Kajima Corp. (Industrials)		614,590
	137,305	Kakaku.com, Inc. (Information Technology)		2,543,396
	24,580	Kamigumi Co. Ltd. (Industrials)		500,090
	130,838	Kansai Electric Power Co., Inc. (The) (Utilities)		1,879,059
	54,836	Kao Corp. (Consumer Staples)		4,265,324
	41,092	KDDI Corp. (Telecommunication Services)		1,089,882
	15,513	Keihan Holdings Co. Ltd. (Industrials)		570,799
	13,791	Keikyu Corp. (Industrials)		239,043
	7,390	Keio Corp. (Industrials)		367,217
	9,755	Keisei Electric Railway Co. Ltd. (Industrials)		328,143
	2,630	Keyence Corp. (Information Technology)		1,491,642
	22,752	Kikkoman Corp. (Consumer Staples)		1,142,883
	10,708	Kintetsu Group Holdings Co. Ltd. (Industrials)		421,039
	54,467	Kirin Holdings Co. Ltd. (Consumer Staples)		1,349,579
	6,478	Kobayashi Pharmaceutical Co. Ltd. (Consumer Staples)		466,199
	85,197	Kobe Steel Ltd. (Materials)		714,553
	18,425	Komatsu Ltd. (Industrials)		525,242
	4,517	Konami Holdings Corp. (Information Technology)		189,626
	176,753	Konica Minolta, Inc. (Information Technology)		1,802,838
	20,209	Kose Corp. (Consumer Staples)		3,736,164
	23,445	Kuraray Co. Ltd. (Materials)		340,834
	23,879	Kyushu Electric Power Co., Inc. (Utilities)		268,325
	10,700	Kyushu Railway Co. (Industrials)		322,298
	25,694	Lawson, Inc. (Consumer Staples)		1,510,798
	30,294	LINE Corp. (Information Technology)*		1,398,794
	96,211	Lion Corp. (Consumer Staples)		2,031,203
	52,028	M3, Inc. (Health Care)		2,296,767
	11,252	Makita Corp. (Industrials)		511,431
	223,434	Marubeni Corp. (Industrials)		1,836,880
	15,912	Marui Group Co. Ltd. (Consumer Discretionary)		352,293
	12,395	Maruichi Steel Tube Ltd. (Materials)		380,619
	161,886	Mazda Motor Corp. (Consumer Discretionary)		1,881,139
	18,599	McDonald’s Holdings Co. Japan Ltd. (Consumer Discretionary)		818,534
	48,065	Medipal Holdings Corp. (Health Care)		971,400

Common Stocks – (continued)
Japan – (continued)
	30,972	MEIJI Holdings Co. Ltd. (Consumer Staples)		2,061,355
	53,153	MISUMI Group, Inc. (Industrials)		1,372,865
	218,243	Mitsubishi Chemical Holdings Corp. (Materials)		1,960,319
	87,892	Mitsubishi Corp. (Industrials)		2,513,465
	60,163	Mitsubishi Electric Corp. (Industrials)		813,857
	18,688	Mitsubishi Estate Co. Ltd. (Real Estate)		310,863
	29,865	Mitsubishi Heavy Industries Ltd. (Industrials)		1,111,268
	13,836	Mitsubishi Tanabe Pharma Corp. (Health Care)		231,213
	431,601	Mitsubishi UFJ Financial Group, Inc. (Financials)		2,610,975
	219,664	Mitsubishi UFJ Lease & Finance Co. Ltd. (Financials)		1,238,130
	115,448	Mitsui & Co. Ltd. (Industrials)		1,928,732
	10,113	Mitsui Fudosan Co. Ltd. (Real Estate)		232,065
	1,225,298	Mizuho Financial Group, Inc. (Financials)		2,155,888
	10,216	MS&AD Insurance Group Holdings, Inc. (Financials)		314,629
	4,410	Murata Manufacturing Co. Ltd. (Information Technology)		763,005
	32,117	Nagoya Railroad Co. Ltd. (Industrials)		734,244
	78,054	NEC Corp. (Information Technology)		2,161,030
	40,633	Nexon Co. Ltd. (Information Technology)*		510,821
	20,526	NGK Spark Plug Co. Ltd. (Consumer Discretionary)		584,950
	8,046	NH Foods Ltd. (Consumer Staples)		294,238
	8,107	Nidec Corp. (Industrials)		1,177,465
	72,801	Nikon Corp. (Consumer Discretionary)		1,396,471
	1,127	Nintendo Co. Ltd. (Information Technology)		408,173
	102	Nippon Building Fund, Inc. REIT (Real Estate)		595,157
	11,990	Nippon Electric Glass Co. Ltd. (Information Technology)		386,024
	5,690	Nippon Paint Holdings Co. Ltd. (Materials)		225,270
	240	Nippon Prologis REIT, Inc. (Real Estate)		468,594
	47,398	Nippon Telegraph & Telephone Corp. (Telecommunication Services)		2,115,887
	10,843	Nissan Chemical Corp. (Materials)		518,266
	74,182	Nissan Motor Co. Ltd. (Consumer Discretionary)		695,759
	28,017	Nisshin Seifun Group, Inc. (Consumer Staples)		561,679


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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Schedule of Investments (continued)

August 31, 2018


Shares		Description	Value
Common Stocks – (continued)
Japan – (continued)
	7,951	Nissin Foods Holdings Co. Ltd. (Consumer Staples)	$	508,388
	17,169	Nitori Holdings Co. Ltd. (Consumer Discretionary)		2,612,085
	3,086	Nitto Denko Corp. (Materials)		240,123
	54,205	Nomura Holdings, Inc. (Financials)		248,575
	396	Nomura Real Estate Master Fund, Inc. REIT (Real Estate)		552,832
	10,827	Nomura Research Institute Ltd. (Information Technology)		539,959
	87,927	NTT Data Corp. (Information Technology)		1,132,342
	65,178	NTT DOCOMO, Inc. (Telecommunication Services)		1,695,798
	8,768	Obic Co. Ltd. (Information Technology)		825,521
	17,411	Odakyu Electric Railway Co. Ltd. (Industrials)		377,315
	126,683	Oji Holdings Corp. (Materials)		869,421
	30,886	Olympus Corp. (Health Care)		1,260,397
	25,322	Omron Corp. (Information Technology)		1,136,104
	13,261	Ono Pharmaceutical Co. Ltd. (Health Care)		349,210
	4,571	Oracle Corp. Japan (Information Technology)		384,610
	12,685	Oriental Land Co. Ltd. (Consumer Discretionary)		1,361,906
	63,284	ORIX Corp. (Financials)		1,019,872
	34,531	Osaka Gas Co. Ltd. (Utilities)		646,337
	14,233	Otsuka Corp. (Information Technology)		516,642
	14,471	Otsuka Holdings Co. Ltd. (Health Care)		680,059
	85,830	Panasonic Corp. (Consumer Discretionary)		1,026,771
	11,592	Park24 Co. Ltd. (Industrials)		340,803
	48,507	Persol Holdings Co. Ltd. (Industrials)		1,087,071
	77,189	Pola Orbis Holdings, Inc. (Consumer Staples)		2,728,781
	151,750	Recruit Holdings Co. Ltd. (Industrials)		4,635,228
	120,547	Resona Holdings, Inc. (Financials)		684,787
	3,267	Rinnai Corp. (Consumer Discretionary)		243,659
	7,881	Ryohin Keikaku Co. Ltd. (Consumer Discretionary)		2,345,430
	8,583	Sankyo Co. Ltd. (Consumer Discretionary)		329,356
	39,492	SBI Holdings, Inc. (Financials)		1,091,608
	7,588	Secom Co. Ltd. (Industrials)		625,804
	33,224	Sega Sammy Holdings, Inc. (Consumer Discretionary)		536,929
	39,720	Sekisui Chemical Co. Ltd. (Consumer Discretionary)		692,060

Common Stocks – (continued)
Japan – (continued)
	20,297	Sekisui House Ltd. (Consumer Discretionary)		331,953
	37,791	Seven & i Holdings Co. Ltd. (Consumer Staples)		1,542,177
	11,202	SG Holdings Co. Ltd. (Industrials)		265,591
	28,003	Shimadzu Corp. (Information Technology)		832,122
	7,232	Shimamura Co. Ltd. (Consumer Discretionary)		669,817
	2,391	Shimano, Inc. (Consumer Discretionary)		369,588
	5,129	Shin-Etsu Chemical Co. Ltd. (Materials)		482,210
	26,216	Shinsei Bank Ltd. (Financials)		403,341
	17,970	Shionogi & Co. Ltd. (Health Care)		1,046,258
	72,241	Shiseido Co. Ltd. (Consumer Staples)		5,097,295
	11,913	Showa Denko KK (Materials)		568,334
	17,762	Showa Shell Sekiyu KK (Energy)		358,972
	7,803	SoftBank Group Corp. (Telecommunication Services)		724,813
	53,001	Sony Corp. (Consumer Discretionary)		3,034,228
	10,943	Sony Financial Holdings, Inc. (Financials)		218,594
	13,489	Stanley Electric Co. Ltd. (Consumer Discretionary)		467,739
	101,112	Start Today Co. Ltd. (Consumer Discretionary)		3,492,438
	19,715	Subaru Corp. (Consumer Discretionary)		586,907
	18,467	SUMCO Corp. (Information Technology)		330,419
	118,315	Sumitomo Chemical Co. Ltd. (Materials)		673,281
	110,715	Sumitomo Corp. (Industrials)		1,800,735
	44,547	Sumitomo Dainippon Pharma Co. Ltd. (Health Care)		950,116
	22,275	Sumitomo Electric Industries Ltd. (Consumer Discretionary)		353,154
	64,456	Sumitomo Mitsui Financial Group, Inc. (Financials)		2,546,618
	17,147	Sumitomo Mitsui Trust Holdings, Inc. (Financials)		689,839
	12,379	Sumitomo Realty & Development Co. Ltd. (Real Estate)		429,807
	28,669	Sumitomo Rubber Industries Ltd. (Consumer Discretionary)		426,086
	27,998	Sundrug Co. Ltd. (Consumer Staples)		1,007,458
	27,693	Suntory Beverage & Food Ltd. (Consumer Staples)		1,137,590
	48,319	Suzuken Co. Ltd. (Health Care)		2,200,577
	14,460	Suzuki Motor Corp. (Consumer Discretionary)		942,831
	29,511	Sysmex Corp. (Health Care)		2,565,595


58		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)
	9,045	Taiheiyo Cement Corp. (Materials)	$	274,079
	16,932	Taisei Corp. (Industrials)		758,913
	5,377	Taisho Pharmaceutical Holdings Co. Ltd. (Health Care)		583,840
	21,942	Taiyo Nippon Sanso Corp. (Materials)		323,733
	21,649	Takeda Pharmaceutical Co. Ltd. (Health Care)		908,444
	6,453	TDK Corp. (Information Technology)		726,861
	27,853	Teijin Ltd. (Materials)		552,865
	14,955	Terumo Corp. (Health Care)		826,750
	17,449	Tobu Railway Co. Ltd. (Industrials)		487,820
	10,605	Toho Co. Ltd. (Consumer Discretionary)		326,131
	9,874	Toho Gas Co. Ltd. (Utilities)		331,701
	35,865	Tohoku Electric Power Co., Inc. (Utilities)		450,880
	25,505	Tokio Marine Holdings, Inc. (Financials)		1,204,578
	7,084	Tokyo Century Corp. (Financials)		392,260
	421,907	Tokyo Electric Power Co. Holdings, Inc. (Utilities)*		1,955,722
	10,212	Tokyo Electron Ltd. (Information Technology)		1,738,301
	13,664	Tokyo Gas Co. Ltd. (Utilities)		324,456
	32,891	Tokyu Corp. (Industrials)		543,413
	175,168	Tokyu Fudosan Holdings Corp. (Real Estate)		1,195,853
	48,242	Toppan Printing Co. Ltd. (Industrials)		377,200
	55,992	Toray Industries, Inc. (Materials)		420,981
	128,780	Toshiba Corp. (Industrials)*		385,579
	33,824	Tosoh Corp. (Materials)		532,594
	9,622	TOTO Ltd. (Industrials)		407,841
	11,382	Toyo Suisan Kaisha Ltd. (Consumer Staples)		420,339
	9,681	Toyoda Gosei Co. Ltd. (Consumer Discretionary)		242,014
	69,162	Toyota Motor Corp. (Consumer Discretionary)		4,322,430
	18,601	Toyota Tsusho Corp. (Industrials)		635,774
	7,174	Trend Micro, Inc. (Information Technology)		452,884
	9,806	Tsuruha Holdings, Inc. (Consumer Staples)		1,122,227
	34,558	Unicharm Corp. (Consumer Staples)		1,131,935
	346	United Urban Investment Corp. REIT (Real Estate)		546,997
	18,296	USS Co. Ltd. (Consumer Discretionary)		345,674
	10,438	West Japan Railway Co. (Industrials)		701,860
	8,842	Yakult Honsha Co. Ltd. (Consumer Staples)		629,948

Common Stocks – (continued)
Japan – (continued)
	154,324	Yamada Denki Co. Ltd. (Consumer Discretionary)		766,853
	28,828	Yamaguchi Financial Group, Inc. (Financials)		317,697
	8,640	Yamaha Corp. (Consumer Discretionary)		413,748
	16,461	Yamato Holdings Co. Ltd. (Industrials)		490,482
	144,521	Yamazaki Baking Co. Ltd. (Consumer Staples)		2,817,824
	22,111	Yaskawa Electric Corp. (Information Technology)^(a)		743,780
	25,806	Yokogawa Electric Corp. (Information Technology)		530,386
	34,081	Yokohama Rubber Co. Ltd. (The) (Consumer Discretionary)		717,673

				243,604,860

Luxembourg – 0.4%
	85,802	ArcelorMittal (Materials)		2,589,606
	19,153	RTL Group SA (Consumer Discretionary)^(a)		1,439,579
	12,341	Tenaris SA (Energy)		207,484

				4,236,669

Macau – 0.2%
	53,688	Sands China Ltd. (Consumer Discretionary)		261,979
	1,656,157	SJM Holdings Ltd. (Consumer Discretionary)		1,873,724
	159,302	Wynn Macau Ltd. (Consumer Discretionary)		443,470

				2,579,173

Netherlands – 3.7%
	27,129	ABN AMRO Group NV (Financials)^(b)		736,402
	249,993	Aegon NV (Financials)		1,502,618
	8,904	Akzo Nobel NV (Materials)		834,171
	13,105	ASML Holding NV (Information Technology)		2,678,099
	24,935	EXOR NV (Financials)		1,624,084
	28,324	Heineken Holding NV (Consumer Staples)		2,705,602
	14,770	Heineken NV (Consumer Staples)		1,463,121
	161,409	ING Groep NV (Financials)		2,195,374
	161,138	Koninklijke Ahold Delhaize NV (Consumer Staples)		3,929,665
	10,645	Koninklijke DSM NV (Materials)		1,119,397
	155,276	Koninklijke KPN NV (Telecommunication Services)		397,641
	56,553	Koninklijke Philips NV (Health Care)		2,532,619
	48,460	NN Group NV (Financials)		2,082,231
	21,664	NXP Semiconductors NV (Information Technology)*		2,017,785


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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Schedule of Investments (continued)

August 31, 2018


Shares		Description	Value
Common Stocks – (continued)
Netherlands – (continued)
	28,704	Randstad NV (Industrials)	$	1,802,107
	181,503	Royal Dutch Shell PLC, Class A (Energy)		5,901,250
	145,930	Royal Dutch Shell PLC, Class B (Energy)		4,818,629
	36,263	Wolters Kluwer NV (Industrials)		2,303,682

				40,644,477

New Zealand – 0.2%
	88,096	a2 Milk Co. Ltd. (Consumer Staples)*		737,660
	84,111	Fisher & Paykel Healthcare Corp. Ltd. (Health Care)		914,687
	108,354	Meridian Energy Ltd. (Utilities)		232,933
	46,587	Ryman Healthcare Ltd. (Health Care)		435,529

				2,320,809

Norway – 0.7%
	16,876	Aker BP ASA (Energy)		599,348
	27,542	DNB ASA (Financials)		562,518
	59,106	Equinor ASA (Energy)		1,520,287
	34,489	Gjensidige Forsikring ASA (Financials)		578,618
	55,664	Marine Harvest ASA (Consumer Staples)		1,205,775
	135,384	Norsk Hydro ASA (Materials)		749,714
	49,233	Orkla ASA (Consumer Staples)		406,218
	54,949	Schibsted ASA, Class B (Consumer Discretionary)		1,793,808
	34,010	Telenor ASA (Telecommunication Services)		642,972

				8,059,258

Portugal – 0.4%
	554,025	EDP – Energias de Portugal SA (Utilities)		2,169,105
	31,649	Galp Energia SGPS SA (Energy)		643,308
	83,986	Jeronimo Martins SGPS SA (Consumer Staples)		1,261,047

				4,073,460

Singapore – 1.2%
	168,310	Ascendas Real Estate Investment Trust REIT (Real Estate)		336,608
	217,859	CapitaLand Commercial Trust REIT (Real Estate)		281,457
	183,302	CapitaLand Mall Trust REIT (Real Estate)		286,315
	42,585	City Developments Ltd. (Real Estate)		288,449
	138,061	DBS Group Holdings Ltd. (Financials)		2,514,231
	42,955	Jardine Cycle & Carriage Ltd. (Consumer Discretionary)		1,017,087
	56,708	Keppel Corp. Ltd. (Industrials)		270,285

Common Stocks – (continued)
Singapore – (continued)
	315,391	Oversea-Chinese Banking Corp. Ltd. (Financials)		2,601,305
	476,731	Singapore Exchange Ltd. (Financials)		2,578,429
	166,095	Singapore Telecommunications Ltd. (Telecommunication Services)		391,582
	177,536	Suntec Real Estate Investment Trust REIT (Real Estate)		242,321
	89,155	United Overseas Bank Ltd. (Financials)		1,760,910
	77,236	UOL Group Ltd. (Real Estate)		389,548
	29,762	Venture Corp. Ltd. (Information Technology)		393,409

				13,351,936

South Africa – 0.6%
	195,590	Anglo American PLC (Materials)		3,919,025
	81,389	Investec PLC (Financials)		535,697
	245,616	Mediclinic International PLC (Health Care)		1,574,169

				6,028,891

Spain – 2.4%
	55,444	ACS Actividades de Construccion y Servicios SA (Industrials)		2,314,586
	6,488	Aena SME SA (Industrials)^(b)		1,151,190
	49,750	Amadeus IT Group SA (Information Technology)		4,626,098
	169,366	Banco Bilbao Vizcaya Argentaria SA (Financials)		1,058,198
	689,376	Banco Santander SA (Financials)		3,439,356
	36,077	Bankinter SA (Financials)		321,701
	19,552	Enagas SA (Energy)		544,832
	21,192	Endesa SA (Utilities)		475,631
	22,155	Ferrovial SA (Industrials)		480,103
	7,597	Grifols SA (Health Care)		223,895
	150,908	Iberdrola SA (Utilities)		1,127,584
	98,153	Industria de Diseno Textil SA (Consumer Discretionary)		2,974,935
	376,605	Mapfre SA (Financials)		1,112,538
	30,241	Naturgy Energy Group SA (Utilities)		813,838
	23,786	Red Electrica Corp. SA (Utilities)		500,918
	194,272	Repsol SA (Energy)		3,744,276
	124,549	Telefonica SA (Telecommunication Services)		1,012,505

				25,922,184

Sweden – 2.2%
	25,170	Alfa Laval AB (Industrials)		675,226
	30,302	Assa Abloy AB, Class B (Industrials)		618,215
	44,268	Atlas Copco AB, Class A (Industrials)		1,263,146
	17,983	Atlas Copco AB, Class B (Industrials)		475,928
	34,345	Boliden AB (Materials)		899,933


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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF


Shares		Description	Value
Common Stocks – (continued)
Sweden – (continued)
	42,194	Electrolux AB, Series B (Consumer Discretionary)	$	942,114
	44,276	Epiroc AB, Class A (Industrials)*		460,378
	13,810	Essity AB, Class B (Consumer Staples)		358,232
	149,325	Hennes & Mauritz AB, Class B (Consumer Discretionary)^(a)		2,013,892
	13,299	Hexagon AB, Class B (Information Technology)		790,681
	34,386	Husqvarna AB, Class B (Consumer Discretionary)		273,614
	14,001	ICA Gruppen AB (Consumer Staples)^(a)		426,783
	18,183	Industrivarden AB, Class C (Financials)		388,778
	17,003	Investor AB, Class B (Financials)		768,038
	14,637	Kinnevik AB, Class B (Financials)		481,254
	11,827	L E Lundbergforetagen AB, Class B (Financials)		397,666
	17,649	Lundin Petroleum AB (Energy)		613,705
	57,591	Nordea Bank AB (Financials)		622,779
	58,509	Sandvik AB (Industrials)		1,024,946
	98,028	Securitas AB, Class B (Industrials)		1,745,662
	64,437	Skandinaviska Enskilda Banken AB, Class A (Financials)		688,347
	15,205	Skanska AB, Class B (Industrials)		285,745
	14,903	SKF AB, Class B (Industrials)		286,676
	46,991	Svenska Handelsbanken AB, Class A (Financials)		570,129
	34,331	Swedbank AB, Class A (Financials)		799,614
	39,041	Swedish Match AB (Consumer Staples)		2,089,121
	34,665	Tele2 AB, Class B (Telecommunication Services)		427,979
	222,123	Telefonaktiebolaget LM Ericsson, Class B (Information Technology)		1,875,408
	137,836	Telia Co. AB (Telecommunication Services)		611,904
	53,427	Volvo AB, Class B (Industrials)		921,009

				23,796,902

Switzerland – 8.1%
	29,832	ABB Ltd. (Industrials)		704,851
	16,485	Adecco Group AG (Industrials)		1,012,180
	3,728	Baloise Holding AG (Financials)		574,369
	827	Barry Callebaut AG (Consumer Staples)		1,477,671
	220	Chocoladefabriken Lindt & Spruengli AG (Consumer Staples)		1,641,299
	15,670	Cie Financiere Richemont SA (Consumer Discretionary)		1,388,604
	22,100	Clariant AG (Materials)*		553,471
	71,324	Coca-Cola HBC AG (Consumer Staples)*		2,445,514
	68,847	Credit Suisse Group AG (Financials)*		1,033,310

Common Stocks – (continued)
Switzerland – (continued)
	3,103	Dufry AG (Consumer Discretionary)*^(a)		384,707
	1,380	EMS-Chemie Holding AG (Materials)		873,291
	47,675	Ferguson PLC (Industrials)		3,830,091
	1,616	Geberit AG (Industrials)		736,566
	449	Givaudan SA (Materials)		1,094,760
	410,087	Glencore PLC (Materials)*		1,671,254
	9,363	Julius Baer Group Ltd. (Financials)*		498,792
	21,312	Kuehne + Nagel International AG (Industrials)		3,448,793
	6,941	LafargeHolcim Ltd. (Materials)*		338,760
	2,661	Lonza Group AG (Health Care)*		858,201
	177,532	Nestle SA (Consumer Staples)		14,939,049
	117,812	Novartis AG (Health Care)		9,791,881
	7,520	Pargesa Holding SA (Financials)		612,346
	5,380	Partners Group Holding AG (Financials)		4,233,461
	41,491	Roche Holding AG (Health Care)		10,330,920
	2,598	Schindler Holding AG (Industrials)		601,750
	3,536	Schindler Holding AG Participation Certificates (Industrials)		845,335
	961	SGS SA (Industrials)		2,536,897
	12,018	Sika AG (Materials)		1,785,737
	8,471	Sonova Holding AG (Health Care)		1,610,813
	124,278	STMicroelectronics NV (Information Technology)		2,560,097
	2,955	Straumann Holding AG (Health Care)		2,360,394
	4,540	Swatch Group AG (The) – Bearer (Consumer Discretionary)		1,941,623
	17,802	Swatch Group AG (The) – Registered (Consumer Discretionary)		1,445,918
	4,379	Swiss Life Holding AG (Financials)*		1,590,223
	6,518	Swiss Prime Site AG (Real Estate)*		602,196
	7,909	Swiss Re AG (Financials)		712,800
	1,336	Swisscom AG (Telecommunication Services)		598,030
	5,417	Temenos AG (Information Technology)*		980,224
	106,164	UBS Group AG (Financials)*		1,661,454
	3,898	Vifor Pharma AG (Health Care)		720,068
	5,045	Zurich Insurance Group AG (Financials)		1,539,948

				88,567,648

United Arab Emirates – 0.1%
	12,293	NMC Health PLC (Health Care)		626,970

United Kingdom – 12.5%
	246,223	3i Group PLC (Financials)		2,868,733
	125,695	Admiral Group PLC (Financials)		3,398,138
	26,896	Ashtead Group PLC (Industrials)		825,709
	24,594	Associated British Foods PLC (Consumer Staples)		731,703


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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Schedule of Investments (continued)

August 31, 2018


Shares		Description	Value
Common Stocks – (continued)
United Kingdom – (continued)
	58,703	AstraZeneca PLC (Health Care)	$	4,421,538
	508,932	Auto Trader Group PLC (Information Technology)^(b)		2,970,725
	127,957	Aviva PLC (Financials)		806,613
	69,736	BAE Systems PLC (Industrials)		549,274
	209,607	Barclays PLC (Financials)		478,671
	144,941	Barratt Developments PLC (Consumer Discretionary)		1,021,058
	25,361	Berkeley Group Holdings PLC (Consumer Discretionary)		1,200,840
	801,484	BP PLC (Energy)		5,701,380
	78,916	British American Tobacco PLC (Consumer Staples)		3,817,181
	62,647	British Land Co. PLC (The) REIT (Real Estate)		517,540
	167,053	BT Group PLC (Telecommunication Services)		471,926
	20,002	Bunzl PLC (Industrials)		623,422
	145,805	Burberry Group PLC (Consumer Discretionary)		4,237,443
	272,303	Centrica PLC (Utilities)		507,176
	91,026	CNH Industrial NV (Industrials)		1,090,860
	18,349	Coca-Cola European Partners PLC (Consumer Staples)		782,401
	33,715	Compass Group PLC (Consumer Discretionary)		726,772
	18,021	Croda International PLC (Materials)		1,194,562
	6,484	DCC PLC (Industrials)		586,138
	93,272	Diageo PLC (Consumer Staples)		3,266,549
	95,466	Direct Line Insurance Group PLC (Financials)		410,587
	30,841	easyJet PLC (Industrials)		611,305
	83,656	Experian PLC (Industrials)		2,087,651
	207,733	Fiat Chrysler Automobiles NV (Consumer Discretionary)*		3,519,112
	218,532	GlaxoSmithKline PLC (Health Care)		4,432,111
	49,792	GVC Holdings PLC (Consumer Discretionary)		713,183
	148,424	Hargreaves Lansdown PLC (Financials)		4,244,109
	865,267	HSBC Holdings PLC (Financials)		7,522,653
	49,873	Imperial Brands PLC (Consumer Staples)		1,778,727
	82,679	Informa PLC (Consumer Discretionary)		819,290
	32,041	InterContinental Hotels Group PLC (Consumer Discretionary)		1,980,233
	252,389	International Consolidated Airlines Group SA (Industrials)		2,272,886
	13,873	Intertek Group PLC (Industrials)		925,733
	712,241	J Sainsbury PLC (Consumer Staples)		3,001,233
	9,871	Johnson Matthey PLC (Materials)		448,531
	379,841	Kingfisher PLC (Consumer Discretionary)		1,350,265
	40,544	Land Securities Group PLC REIT (Real Estate)		482,968

Common Stocks – (continued)
United Kingdom – (continued)
	540,706	Legal & General Group PLC (Financials)		1,787,176
	1,706,035	Lloyds Banking Group PLC (Financials)		1,314,929
	22,695	London Stock Exchange Group PLC (Financials)		1,363,979
	456,961	Marks & Spencer Group PLC (Consumer Discretionary)		1,791,308
	100,431	Meggitt PLC (Industrials)		702,540
	104,274	Merlin Entertainments PLC (Consumer Discretionary)^(b)		504,036
	14,966	Micro Focus International PLC (Information Technology)		253,849
	35,509	Mondi PLC (Materials)		989,978
	81,133	National Grid PLC (Utilities)		854,166
	32,130	Next PLC (Consumer Discretionary)		2,296,852
	78,861	Pearson PLC (Consumer Discretionary)		940,331
	21,183	Persimmon PLC (Consumer Discretionary)		669,868
	119,402	Prudential PLC (Financials)		2,692,593
	13,599	Reckitt Benckiser Group PLC (Consumer Staples)		1,159,323
	95,660	RELX NV (Industrials)*		2,123,611
	74,700	RELX PLC (Industrials)		1,660,261
	52,229	Rolls-Royce Holdings PLC (Industrials)*		682,240
	92,053	Royal Bank of Scotland Group PLC (Financials)		288,705
	541,997	Royal Mail PLC (Industrials)		3,155,982
	81,547	RSA Insurance Group PLC (Financials)		669,437
	290,581	Sage Group PLC (The) (Information Technology)		2,248,722
	23,217	Schroders PLC (Financials)		927,921
	164,390	Segro PLC REIT (Real Estate)		1,406,348
	20,816	Severn Trent PLC (Utilities)		541,382
	39,106	Sky PLC (Consumer Discretionary)		783,005
	131,984	Smith & Nephew PLC (Health Care)		2,328,739
	40,203	Smiths Group PLC (Industrials)		842,071
	45,460	SSE PLC (Utilities)		740,355
	25,915	St James’s Place PLC (Financials)		381,123
	49,722	Standard Chartered PLC (Financials)		405,271
	239,690	Taylor Wimpey PLC (Consumer Discretionary)		521,357
	707,400	Tesco PLC (Consumer Staples)		2,266,427
	87,173	Unilever NV (Consumer Staples)		5,025,139
	83,712	Unilever PLC (Consumer Staples)		4,778,700
	57,992	United Utilities Group PLC (Utilities)		558,982
	1,013,402	Vodafone Group PLC (Telecommunication Services)		2,166,743
	31,862	Whitbread PLC (Consumer Discretionary)		1,903,324


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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF


Shares		Description	Value
Common Stocks – (continued)
United Kingdom – (continued)
	711,205	Wm Morrison Supermarkets PLC (Consumer Staples)	$	2,433,452
	69,844	WPP PLC (Consumer Discretionary)		1,160,619

				136,717,773

United States – 0.6%
	112,041	Bausch Health Cos., Inc. (Health Care)*		2,589,759
	16,922	Carnival PLC (Consumer Discretionary)		1,018,559
	13,753	QIAGEN NV (Health Care)*		533,654
	43,180	Shire PLC (Health Care)		2,524,701

				6,666,673

Zambia – 0.0%
	26,595	First Quantum Minerals Ltd. (Materials)		333,878

TOTAL COMMON STOCKS
	(Cost $1,000,069,171)		$	1,086,094,216


Shares	Description	Rate			Value
Preferred Stocks – 0.5%
Germany – 0.5%
2,676	Bayerische Motoren Werke AG, (Consumer Discretionary)		5.63	%	$	224,952
41,247	FUCHS PETROLUB SE, (Materials)		1.87			2,421,140
10,379	Henkel AG & Co KGaA, (Consumer Staples)		1.68			1,327,752
8,223	Porsche Automobil Holding SE, (Consumer Discretionary)		3.21			521,618
3,138	Sartorius AG, (Health Care)		0.35			571,026
3,669	Volkswagen AG, (Consumer Discretionary)		2.75			601,229

TOTAL PREFERRED STOCKS
(Cost $5,357,770)					$	5,667,717


Units	Description	Expiration Month		Value
Right – 0.0%
Sweden – 0.0%
14,283	Kinnevik AB (Financials)*
(Cost $0)			12/19	$	—

TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
(Cost $1,005,426,941)				$	1,091,761,933


Shares	Distribution Rate	Value
Securities Lending Reinvestment Vehicle – 1.1%^(c)
Goldman Sachs Financial Square Government Fund – Institutional Shares
12,382,605	1.879%	$	12,382,605
(Cost $12,382,605)

TOTAL INVESTMENTS – 100.9%
(Cost $1,017,809,546)		$	1,104,144,538

LIABILITIES IN EXCESS OF OTHER ASSETS – (0.9)%			(9,682,549	)

NET ASSETS – 100.0%		$	1,094,461,989


The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*		Non-income producing security.
(a)		All or a portion of security is on loan.
(b)		Exempt from registration under Rule 144A of the Securities Act of 1933. 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 $14,060,658, which represents approximately 1.3% of net assets as of August 31, 2018.
(c)		Represents an affiliated issuer.



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


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

GOLDMAN SACHS ACTIVEBETA^® JAPAN EQUITY ETF

Schedule of Investments

August 31, 2018


Shares		Description	Value
Common Stocks – 98.5%
Consumer Discretionary – 19.9%
	1,441	ABC-Mart, Inc.	$	78,752
	1,229	Aisin Seiki Co. Ltd.		56,970
	5,104	Asics Corp.		76,501
	3,365	Bandai Namco Holdings, Inc.		130,795
	2,188	Benesse Holdings, Inc.		68,569
	8,890	Bridgestone Corp.		328,149
	5,277	Casio Computer Co. Ltd.		84,948
	2,826	CyberAgent, Inc.		161,071
	4,538	Denso Corp.		219,155
	1,291	Dentsu, Inc.		60,426
	2,179	Don Quijote Holdings Co. Ltd.		106,115
	732	Fast Retailing Co. Ltd.^(a)		342,020
	5,763	Hakuhodo DY Holdings, Inc.		97,449
	1,320	Hikari Tsushin, Inc.		250,108
	27,008	Honda Motor Co. Ltd.		801,825
	3,294	Iida Group Holdings Co. Ltd.		60,958
	20,194	Isetan Mitsukoshi Holdings Ltd.		228,738
	3,493	Isuzu Motors Ltd.		50,622
	1,073	J Front Retailing Co. Ltd.		15,289
	1,380	Koito Manufacturing Co. Ltd.		85,499
	2,734	Marui Group Co. Ltd.		60,531
	35,945	Mazda Motor Corp.		417,686
	3,585	McDonald’s Holdings Co. Japan Ltd.		157,774
	6,882	Mitsubishi Motors Corp.		49,155
	701	NGK Spark Plug Co. Ltd.		19,977
	10,770	Nikon Corp.		206,591
	17,126	Nissan Motor Co. Ltd.		160,626
	1,658	Nitori Holdings Co. Ltd.		252,248
	1,032	NOK Corp.		19,749
	2,741	Oriental Land Co. Ltd.		294,283
	28,536	Panasonic Corp.		341,372
	4,270	Rakuten, Inc.		32,728
	700	Rinnai Corp.		52,207
	646	Ryohin Keikaku Co. Ltd.		192,253
	1,169	Sankyo Co. Ltd.		44,858
	7,442	Sega Sammy Holdings, Inc.		120,269
	10,087	Sekisui Chemical Co. Ltd.		175,750
	6,832	Sekisui House Ltd.		111,736
	646	Sharp Corp.^(a)		15,340
	693	Shimano, Inc.		107,120
	15,558	Sony Corp.		890,672
	2,458	Stanley Electric Co. Ltd.		85,233
	4,159	Start Today Co. Ltd.		143,653
	6,994	Subaru Corp.		208,208
	5,509	Sumitomo Electric Industries Ltd.		87,341
	4,269	Sumitomo Rubber Industries Ltd.		63,447
	4,868	Suzuki Motor Corp.		317,407
	2,350	Takashimaya Co. Ltd.		38,021
	1,292	Toho Co. Ltd.		39,732
	1,194	Toyoda Gosei Co. Ltd.		29,849
	693	Toyota Industries Corp.		39,311
	29,674	Toyota Motor Corp.		1,854,541
	2,544	USS Co. Ltd.		48,065
	40,993	Yamada Denki Co. Ltd.		203,699
	2,476	Yamaha Corp.		118,569
	4,113	Yamaha Motor Co. Ltd.		104,490

Common Stocks – (continued)
Consumer Discretionary – (continued)
	3,664	Yokohama Rubber Co. Ltd. (The)		77,156

				10,485,606

Consumer Staples – 9.5%
	10,599	Aeon Co. Ltd.^(a)		230,027
	7,183	Ajinomoto Co., Inc.		122,173
	7,557	Asahi Group Holdings Ltd.		342,053
	2,546	Calbee, Inc.		81,166
	1,892	FamilyMart UNY Holdings Co. Ltd.		165,338
	6,404	Kao Corp.		498,124
	3,690	Kikkoman Corp.		185,357
	18,011	Kirin Holdings Co. Ltd.		446,275
	1,184	Kose Corp.		218,893
	2,142	Lawson, Inc.		125,949
	6,490	Lion Corp.		137,017
	2,286	MEIJI Holdings Co. Ltd.		152,146
	7,562	Nisshin Seifun Group, Inc.		151,601
	1,958	Nissin Foods Holdings Co. Ltd.		125,195
	5,504	Pola Orbis Holdings, Inc.		194,577
	8,898	Seven & i Holdings Co. Ltd.		363,110
	6,732	Shiseido Co. Ltd.		475,007
	3,215	Sundrug Co. Ltd.		115,686
	4,499	Suntory Beverage & Food Ltd.		184,813
	2,928	Toyo Suisan Kaisha Ltd.		108,131
	1,370	Tsuruha Holdings, Inc.		156,787
	4,950	Unicharm Corp.		162,136
	1,617	Yakult Honsha Co. Ltd.		115,203
	8,745	Yamazaki Baking Co. Ltd.		170,507

				5,027,271

Energy – 2.5%
	9,208	Idemitsu Kosan Co. Ltd.		465,860
	11,272	Inpex Corp.		123,511
	85,023	JXTG Holdings, Inc.		599,919
	5,750	Showa Shell Sekiyu KK		116,208

				1,305,498

Financials – 10.4%
	18,150	Acom Co. Ltd.^(a)		74,312
	2,032	AEON Financial Service Co. Ltd.		41,690
	1,672	Aozora Bank Ltd.		59,184
	964	Bank of Kyoto Ltd. (The)		48,772
	3,213	Chiba Bank Ltd. (The)		21,152
	3,045	Concordia Financial Group Ltd.		14,637
	10,459	Credit Saison Co. Ltd.		173,554
	19,495	Dai-ichi Life Holdings, Inc.		372,196
	8,525	Daiwa Securities Group, Inc.		51,234
	3,086	Fukuoka Financial Group, Inc.		17,338
	8,147	Japan Exchange Group, Inc.		143,859
	3,931	Japan Post Bank Co. Ltd.		46,016
	15,873	Japan Post Holdings Co. Ltd.		188,956
	10,779	Mebuki Financial Group, Inc.		38,300
	137,297	Mitsubishi UFJ Financial Group, Inc.		830,580
	28,514	Mitsubishi UFJ Lease & Finance Co. Ltd.		160,718
	308,637	Mizuho Financial Group, Inc.		543,041
	3,107	MS&AD Insurance Group Holdings, Inc.		95,688


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

GOLDMAN SACHS ACTIVEBETA^® JAPAN EQUITY ETF


Shares		Description	Value
Common Stocks – (continued)
Financials – (continued)
	20,755	Nomura Holdings, Inc.	$	95,179
	24,012	ORIX Corp.		386,972
	19,524	Resona Holdings, Inc.		110,909
	3,519	SBI Holdings, Inc.		97,270
	17,057	Seven Bank Ltd.		53,224
	7,304	Shinsei Bank Ltd.		112,374
	2,736	Shizuoka Bank Ltd. (The)		24,230
	4,671	Sompo Holdings, Inc.		199,840
	1,061	Sony Financial Holdings, Inc.		21,194
	19,600	Sumitomo Mitsui Financial Group, Inc.		774,384
	3,683	Sumitomo Mitsui Trust Holdings, Inc.		148,170
	3,372	T&D Holdings, Inc.		51,377
	6,785	Tokio Marine Holdings, Inc.		320,450
	2,163	Tokyo Century Corp.		119,771
	3,752	Yamaguchi Financial Group, Inc.		41,349

				5,477,920

Health Care – 8.9%
	7,475	Alfresa Holdings Corp.		187,878
	29,803	Astellas Pharma, Inc.		505,833
	3,282	Chugai Pharmaceutical Co. Ltd.		190,613
	8,087	Daiichi Sankyo Co. Ltd.		316,376
	3,390	Eisai Co. Ltd.		307,557
	1,382	Hisamitsu Pharmaceutical Co., Inc.		101,203
	6,125	Hoya Corp.		358,877
	5,077	Kyowa Hakko Kirin Co. Ltd.		90,199
	3,503	M3, Inc.		154,639
	5,522	Medipal Holdings Corp.		111,600
	2,676	Mitsubishi Tanabe Pharma Corp.		44,719
	4,056	Olympus Corp.		165,517
	3,175	Ono Pharmaceutical Co. Ltd.		83,609
	3,735	Otsuka Holdings Co. Ltd.		175,525
	5,025	Santen Pharmaceutical Co. Ltd.		77,583
	4,379	Shionogi & Co. Ltd.		254,956
	7,681	Sumitomo Dainippon Pharma Co. Ltd.		163,823
	11,350	Suzuken Co. Ltd.		516,909
	2,906	Sysmex Corp.		252,639
	539	Taisho Pharmaceutical Holdings Co. Ltd.		58,525
	8,500	Takeda Pharmaceutical Co. Ltd.		356,680
	4,363	Terumo Corp.		241,198

				4,716,458

Industrials – 18.9%
	1,135	AGC, Inc.		45,549
	2,761	Amada Holdings Co. Ltd.		29,581
	3,038	ANA Holdings, Inc.		105,454
	1,612	Central Japan Railway Co.		324,406
	2,204	Dai Nippon Printing Co. Ltd.		49,552
	1,923	Daifuku Co. Ltd.		100,065
	2,800	Daikin Industries Ltd.		357,812
	3,082	East Japan Railway Co.		279,474
	1,545	FANUC Corp.		303,399
	5,791	Fuji Electric Co. Ltd.		46,742
	2,244	Hankyu Hanshin Holdings, Inc.		80,240
	942	Hino Motors Ltd.		9,940
	3,612	Hitachi Construction Machinery Co. Ltd.		108,147

Common Stocks – (continued)
Industrials – (continued)
	1,080	Hoshizaki Corp.		102,658
	339	IHI Corp.		11,862
	26,368	ITOCHU Corp.		462,156
	3,964	Japan Airlines Co. Ltd.		143,174
	1,370	Japan Airport Terminal Co. Ltd.		61,467
	4,643	JGC Corp.		93,710
	26,022	Kajima Corp.		187,740
	3,497	Kamigumi Co. Ltd.		71,148
	695	Kawasaki Heavy Industries Ltd.		19,054
	1,346	Keihan Holdings Co. Ltd.		49,526
	1,981	Keikyu Corp.		34,337
	1,126	Keio Corp.		55,952
	2,670	Keisei Electric Railway Co. Ltd.		89,815
	1,892	Kintetsu Group Holdings Co. Ltd.		74,394
	8,436	Komatsu Ltd.		240,485
	7,270	Kubota Corp.		113,851
	2,155	Kurita Water Industries Ltd.		64,134
	1,894	Kyushu Railway Co.		57,050
	3,816	LIXIL Group Corp.		74,988
	2,515	Makita Corp.		114,313
	62,546	Marubeni Corp.		514,199
	3,034	MINEBEA MITSUMI, Inc.		57,076
	6,198	MISUMI Group, Inc.		160,085
	23,339	Mitsubishi Corp.		667,430
	19,886	Mitsubishi Electric Corp.		269,008
	11,146	Mitsubishi Heavy Industries Ltd.		414,740
	34,007	Mitsui & Co. Ltd.		568,138
	1,690	Mitsui OSK Lines Ltd.		45,540
	756	Nabtesco Corp.		19,751
	4,205	Nagoya Railroad Co. Ltd.		96,133
	1,718	NGK Insulators Ltd.		28,043
	2,392	Nidec Corp.		347,415
	1,698	Nippon Express Co. Ltd.		106,580
	661	Nippon Yusen KK		12,495
	1,073	NSK Ltd.		12,202
	5,776	Obayashi Corp.		54,226
	2,276	Odakyu Electric Railway Co. Ltd.		49,323
	2,785	Park24 Co. Ltd.		81,879
	5,745	Persol Holdings Co. Ltd.		128,749
	15,053	Recruit Holdings Co. Ltd.		459,796
	1,351	Secom Co. Ltd.		111,421
	1,523	Seibu Holdings, Inc.		27,511
	2,661	SG Holdings Co. Ltd.		63,090
	4,841	Shimizu Corp.		42,435
	493	SMC Corp.		164,370
	989	Sohgo Security Services Co. Ltd.		43,615
	23,458	Sumitomo Corp.		381,535
	1,480	Sumitomo Heavy Industries Ltd.		48,250
	3,213	Taisei Corp.		144,011
	309	THK Co. Ltd.		8,293
	2,313	Tobu Railway Co. Ltd.		64,664
	3,260	Tokyu Corp.		53,861
	5,686	Toppan Printing Co. Ltd.		44,458
	39,101	Toshiba Corp.*		117,072
	3,148	TOTO Ltd.		133,432
	8,468	Toyota Tsusho Corp.		289,433


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

GOLDMAN SACHS ACTIVEBETA^® JAPAN EQUITY ETF

Schedule of Investments (continued)

August 31, 2018


Shares		Description	Value
Common Stocks – (continued)
Industrials – (continued)
	1,927	West Japan Railway Co.	$	129,573
	2,003	Yamato Holdings Co. Ltd.		59,683

				9,981,690

Information Technology – 13.4%
	1,482	Alps Electric Co. Ltd.		44,640
	6,955	Brother Industries Ltd.		143,133
	13,543	Canon, Inc.		435,169
	3,206	DeNA Co. Ltd.		55,571
	730	Disco Corp.		130,878
	6,029	FUJIFILM Holdings Corp.		255,492
	41,905	Fujitsu Ltd.		307,282
	2,706	Hamamatsu Photonics KK		109,084
	339	Hirose Electric Co. Ltd.		40,417
	537	Hitachi High-Technologies Corp.		21,139
	81,517	Hitachi Ltd.		533,351
	7,322	Kakaku.com, Inc.		135,631
	1,184	Keyence Corp.		671,522
	2,396	Konami Holdings Corp.		100,585
	16,675	Konica Minolta, Inc.		170,081
	1,542	Kyocera Corp.		97,483
	2,002	LINE Corp.*		92,440
	1,559	Murata Manufacturing Co. Ltd.		269,734
	15,500	NEC Corp.		429,138
	10,272	Nexon Co. Ltd.*		129,135
	1,170	Nintendo Co. Ltd.		423,747
	3,582	Nippon Electric Glass Co. Ltd.		115,324
	1,826	Nomura Research Institute Ltd.		91,065
	17,734	NTT Data Corp.		228,382
	1,643	Obic Co. Ltd.		154,691
	4,048	Omron Corp.		181,619
	1,917	Oracle Corp. Japan		161,299
	3,986	Otsuka Corp.		144,687
	7,805	Ricoh Co. Ltd.		82,002
	630	Rohm Co. Ltd.		56,986
	6,390	Seiko Epson Corp.		109,549
	5,228	Shimadzu Corp.		155,353
	956	TDK Corp.		107,683
	2,210	Tokyo Electron Ltd.		376,189
	2,193	Trend Micro, Inc.		138,441
	7,745	Yahoo Japan Corp.		26,682
	5,848	Yaskawa Electric Corp.^(a)		196,718
	7,490	Yokogawa Electric Corp.		153,941

				7,076,263

Materials – 4.6%
	1,866	Air Water, Inc.		33,522
	14,507	Asahi Kasei Corp.		213,252
	1,091	Hitachi Chemical Co. Ltd.		22,945
	2,044	JFE Holdings, Inc.		44,821
	3,942	Kaneka Corp.		36,084
	1,571	Kansai Paint Co. Ltd.		31,127
	32,251	Kobe Steel Ltd.		270,491
	2,749	Kuraray Co. Ltd.		39,964
	1,251	Maruichi Steel Tube Ltd.		38,415
	34,925	Mitsubishi Chemical Holdings Corp.		313,706

Common Stocks – (continued)
Materials – (continued)
	1,553	Mitsui Chemicals, Inc.		40,252
	573	Nippon Paint Holdings Co. Ltd.		22,685
	2,669	Nippon Steel & Sumitomo Metal Corp.		53,808
	2,534	Nissan Chemical Corp.		121,118
	1,607	Nitto Denko Corp.		125,041
	32,159	Oji Holdings Corp.		220,706
	2,927	Shin-Etsu Chemical Co. Ltd.		275,186
	29,036	Sumitomo Chemical Co. Ltd.		165,232
	2,829	Sumitomo Metal Mining Co. Ltd.		91,591
	612	Taiheiyo Cement Corp.		18,545
	5,159	Taiyo Nippon Sanso Corp.		76,116
	3,007	Teijin Ltd.		59,687
	10,029	Toray Industries, Inc.		75,404
	1,760	Tosoh Corp.		27,713
	1,128	Toyo Seikan Group Holdings Ltd.		21,403

				2,438,814

Real Estate – 3.1%
	2,465	Aeon Mall Co. Ltd.		41,326
	1,514	Daito Trust Construction Co. Ltd.		227,336
	7,506	Daiwa House Industry Co. Ltd.		229,407
	21	Daiwa House REIT Investment Corp. REIT^(a)		48,786
	3,407	Hulic Co. Ltd.		32,323
	14	Japan Prime Realty Investment Corp. REIT		50,755
	11	Japan Real Estate Investment Corp. REIT		58,628
	29	Japan Retail Fund Investment Corp. REIT		52,568
	6,452	Mitsubishi Estate Co. Ltd.		107,325
	5,889	Mitsui Fudosan Co. Ltd.		135,136
	19	Nippon Building Fund, Inc. REIT		110,863
	23	Nippon Prologis REIT, Inc. REIT		44,907
	1,902	Nomura Real Estate Holdings, Inc.		41,321
	59	Nomura Real Estate Master Fund, Inc. REIT		82,366
	3,062	Sumitomo Realty & Development Co. Ltd.		106,315
	2,407	Tokyo Tatemono Co. Ltd.		29,565
	26,910	Tokyu Fudosan Holdings Corp.		183,712
	36	United Urban Investment Corp. REIT		56,913

				1,639,552

Telecommunication Services – 3.9%
	19,339	KDDI Corp.		512,928
	10,629	Nippon Telegraph & Telephone Corp.		474,487
	15,387	NTT DOCOMO, Inc.		400,338
	7,339	SoftBank Group Corp.		681,713

				2,069,466

Utilities – 3.4%
	13,119	Chubu Electric Power Co., Inc.		191,133
	4,224	Chugoku Electric Power Co., Inc. (The)^(a)		52,874
	10,641	Electric Power Development Co. Ltd.		282,231
	27,533	Kansai Electric Power Co., Inc. (The)		395,421
	4,471	Kyushu Electric Power Co., Inc.		50,240
	5,562	Osaka Gas Co. Ltd.		104,107


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

GOLDMAN SACHS ACTIVEBETA^® JAPAN EQUITY ETF


Shares		Description	Value
Common Stocks – (continued)
Utilities – (continued)
	2,299	Toho Gas Co. Ltd.	$	77,231
	4,379	Tohoku Electric Power Co., Inc.		55,051
	98,412	Tokyo Electric Power Co. Holdings, Inc.*		456,182
	4,289	Tokyo Gas Co. Ltd.		101,844

				1,766,314

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $42,976,122)		$	51,984,852


Shares		Distribution Rate	Value
Securities Lending Reinvestment Vehicle – 1.8%^(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	928,809	1.879%		928,809
	(Cost $928,809)

	TOTAL INVESTMENTS – 100.3%
	(Cost $43,904,931)		$	52,913,661

	LIABILITIES IN EXCESS OF OTHER ASSETS – (0.3)%			(136,022	)

	NET ASSETS – 100.0%		$	52,777,639


The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*		Non-income producing security.
(a)		All or a portion of security is on loan.
(b)		Represents an affiliated issuer.



Investment Abbreviations:
REIT		—Real Estate Investment Trust


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

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

Schedule of Investments

August 31, 2018


Shares		Description	Value
Common Stocks – 99.7%
Consumer Discretionary – 14.6%
	52,248	Amazon.com, Inc.*	$	105,160,072
	86,183	Aramark		3,540,398
	14,951	AutoZone, Inc.*		11,465,623
	211,146	Best Buy Co., Inc.		16,798,776
	7,034	Booking Holdings, Inc.*		13,727,203
	80,611	Carnival Corp.		4,956,770
	2,830	Charter Communications, Inc., Class A*		878,432
	368,761	Comcast Corp., Class A		13,640,469
	37,508	Darden Restaurants, Inc.		4,352,428
	98,020	DISH Network Corp., Class A*		3,465,007
	78,003	Dollar General Corp.		8,403,263
	68,697	Dollar Tree, Inc.*		5,530,795
	45,338	Domino’s Pizza, Inc.		13,536,113
	58,674	DR Horton, Inc.		2,611,580
	26,905	Expedia Group, Inc.		3,511,103
	1,147,139	Ford Motor Co.		10,874,878
	26,802	General Motors Co.		966,212
	63,496	Genuine Parts Co.		6,340,076
	59,997	Hasbro, Inc.		5,958,302
	61,225	Hilton Worldwide Holdings, Inc.		4,752,285
	197,429	Home Depot, Inc. (The)		39,637,820
	265,778	Kohl’s Corp.		21,025,698
	130,873	L Brands, Inc.		3,458,973
	50,579	Las Vegas Sands Corp.		3,308,878
	52,471	Lear Corp.		8,510,796
	31,976	Lennar Corp., Class A		1,652,200
	39,584	LKQ Corp.*		1,366,440
	182,916	Lowe’s Cos., Inc.		19,892,115
	45,652	Marriott International, Inc., Class A		5,773,608
	102,697	McDonald’s Corp.		16,660,534
	4,309	Mohawk Industries, Inc.*		825,561
	46,736	Netflix, Inc.*		17,183,892
	246,823	NIKE, Inc., Class B		20,288,851
	1,543	NVR, Inc.*		4,117,418
	12,640	Omnicom Group, Inc.		876,205
	34,984	O’Reilly Automotive, Inc.*		11,734,333
	69,749	PVH Corp.		9,985,267
	644,002	Qurate Retail, Inc.*		13,388,802
	131,676	Ross Stores, Inc.		12,611,927
	20,618	Royal Caribbean Cruises Ltd.		2,527,354
	155,132	Starbucks Corp.		8,291,805
	158,217	Tapestry, Inc.		8,020,020
	267,574	Target Corp.		23,412,725
	53,231	Tiffany & Co.		6,528,782
	157,059	TJX Cos., Inc. (The)		17,271,778
	84,274	Twenty-First Century Fox, Inc., Class A		3,826,040
	31,711	Ulta Beauty, Inc.*		8,244,860
	120,523	VF Corp.		11,103,784
	321,577	Viacom, Inc., Class B		9,415,775
	109,636	Walt Disney Co. (The)		12,281,425
	90,664	Wyndham Destinations, Inc.		4,007,349
	51,234	Wyndham Hotels & Resorts, Inc.		2,907,530
	12,083	Wynn Resorts Ltd.		1,792,392

Common Stocks – (continued)
Consumer Discretionary – (continued)
	99,681	Yum! Brands, Inc.		8,661,282

				581,062,004

Consumer Staples – 8.4%
	139,479	Altria Group, Inc.		8,162,311
	89,664	Archer-Daniels-Midland Co.		4,519,066
	162,352	Brown-Forman Corp., Class B		8,478,022
	11,293	Bunge Ltd.		733,819
	94,140	Church & Dwight Co., Inc.		5,326,441
	85,162	Clorox Co. (The)		12,346,787
	373,015	Coca-Cola Co. (The)		16,625,279
	185,391	Colgate-Palmolive Co.		12,311,816
	80,797	Conagra Brands, Inc.		2,969,290
	28,371	Constellation Brands, Inc., Class A		5,906,842
	85,902	Costco Wholesale Corp.		20,026,333
	116,937	Estee Lauder Cos., Inc. (The), Class A		16,385,212
	83,470	General Mills, Inc.		3,840,455
	80,464	Hershey Co. (The)		8,088,241
	96,274	Hormel Foods Corp.^(a)		3,769,127
	71,204	Ingredion, Inc.		7,196,588
	57,358	JM Smucker Co. (The)		5,929,670
	58,129	Kellogg Co.		4,173,081
	138,142	Keurig Dr Pepper, Inc.		3,149,638
	81,235	Kimberly-Clark Corp.		9,385,892
	47,842	Kraft Heinz Co. (The)		2,787,753
	367,700	Kroger Co. (The)		11,582,550
	79,420	Lamb Weston Holdings, Inc.		5,368,792
	25,743	McCormick & Co., Inc.		3,214,786
	186,781	Molson Coors Brewing Co., Class B		12,465,764
	76,442	Mondelez International, Inc., Class A		3,265,602
	94,264	Monster Beverage Corp.*		5,739,735
	210,470	PepsiCo, Inc.		23,574,745
	183,970	Philip Morris International, Inc.		14,329,423
	242,688	Procter & Gamble Co. (The)		20,130,970
	198,407	Sysco Corp.		14,844,812
	136,001	Tyson Foods, Inc., Class A		8,542,223
	227,247	Walgreens Boots Alliance, Inc.		15,580,054
	358,820	Walmart, Inc.		34,396,485

				335,147,604

Energy – 4.0%
	44,911	Anadarko Petroleum Corp.		2,892,268
	23,124	Andeavor		3,533,116
	17,777	Cheniere Energy, Inc.*		1,189,815
	157,750	Chevron Corp.		18,687,065
	109,017	ConocoPhillips		8,005,118
	18,563	Devon Energy Corp.		796,910
	36,998	EOG Resources, Inc.		4,374,273
	458,311	Exxon Mobil Corp.		36,742,793
	21,858	Hess Corp.		1,471,918
	182,766	HollyFrontier Corp.		13,619,722
	88,327	Kinder Morgan, Inc.		1,563,388
	103,847	Marathon Oil Corp.		2,233,749
	230,003	Marathon Petroleum Corp.		18,926,947


68		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)
	53,884	National Oilwell Varco, Inc.	$	2,536,320
	87,959	Occidental Petroleum Corp.		7,025,285
	49,813	ONEOK, Inc.		3,283,175
	56,001	Phillips 66		6,636,678
	48,585	Schlumberger Ltd.		3,068,629
	175,734	Valero Energy Corp.		20,715,524
	78,165	Williams Cos., Inc. (The)		2,312,902

				159,615,595

Financials – 11.8%
	193,317	Aflac, Inc.		8,938,978
	3,592	Alleghany Corp.		2,269,354
	89,442	Allstate Corp. (The)		8,995,182
	429,221	Ally Financial, Inc.		11,537,461
	92,678	American Express Co.		9,822,015
	54,017	American International Group, Inc.		2,872,084
	14,119	Ameriprise Financial, Inc.		2,004,333
	903,804	Annaly Capital Management, Inc. REIT		9,598,399
	27,859	Aon PLC		4,055,156
	92,475	Arch Capital Group Ltd.*		2,826,961
	49,924	Arthur J Gallagher & Co.		3,601,517
	1,163,437	Bank of America Corp.		35,985,106
	74,121	Bank of New York Mellon Corp. (The)		3,865,410
	67,705	BB&T Corp.		3,497,640
	158,579	Berkshire Hathaway, Inc., Class B*		33,098,609
	11,132	BlackRock, Inc.		5,332,896
	55,553	Capital One Financial Corp.		5,504,747
	39,411	Cboe Global Markets, Inc.		3,972,629
	77,915	Charles Schwab Corp. (The)		3,957,303
	31,117	Chubb Ltd.		4,208,263
	33,166	Cincinnati Financial Corp.		2,542,837
	146,779	Citigroup, Inc.		10,456,536
	100,280	Citizens Financial Group, Inc.		4,127,525
	45,611	CME Group, Inc.		7,969,610
	14,353	Comerica, Inc.		1,399,130
	59,786	Discover Financial Services		4,670,482
	51,273	ETRADE Financial Corp.		3,017,929
	3,865	Everest Re Group Ltd.		861,972
	234,933	Fifth Third Bancorp		6,914,078
	15,866	First Republic Bank		1,611,827
	27,226	Franklin Resources, Inc.		864,153
	53,844	Hartford Financial Services Group, Inc. (The)		2,712,122
	74,904	Huntington Bancshares, Inc.		1,214,194
	64,010	Intercontinental Exchange, Inc.		4,879,482
	160,942	Invesco Ltd.		3,878,702
	476,229	JPMorgan Chase & Co.		54,566,319
	143,025	KeyCorp		3,013,537
	47,302	Lincoln National Corp.		3,102,065
	58,655	Loews Corp.		2,950,933
	13,238	M&T Bank Corp.		2,345,112
	2,950	Markel Corp.*		3,565,960
	93,851	Marsh & McLennan Cos., Inc.		7,942,610
	54,247	MetLife, Inc.		2,489,395

Common Stocks – (continued)
Financials – (continued)
	59,242	Moody’s Corp.		10,546,261
	206,114	Morgan Stanley		10,064,547
	50,515	MSCI, Inc.		9,105,834
	47,462	Nasdaq, Inc.		4,529,773
	29,268	Northern Trust Corp.		3,145,139
	52,965	PNC Financial Services Group, Inc. (The)		7,602,596
	60,585	Principal Financial Group, Inc.		3,343,686
	133,229	Progressive Corp. (The)		8,996,954
	74,208	Prudential Financial, Inc.		7,290,936
	13,359	Raymond James Financial, Inc.		1,242,921
	91,894	Regions Financial Corp.		1,788,257
	35,619	Reinsurance Group of America, Inc.		5,088,174
	79,625	S&P Global, Inc.		16,486,356
	71,826	SEI Investments Co.		4,530,784
	27,569	State Street Corp.		2,396,022
	69,069	SunTrust Banks, Inc.		5,080,716
	150,369	Synchrony Financial		4,762,186
	95,178	T Rowe Price Group, Inc.		11,030,178
	38,874	TD Ameritrade Holding Corp.		2,276,850
	26,690	Travelers Cos., Inc. (The)		3,512,404
	84,629	Unum Group		3,121,118
	143,241	US Bancorp		7,750,771
	514,645	Wells Fargo & Co.		30,096,440
	14,952	Willis Towers Watson PLC		2,201,981

				469,031,437

Health Care – 14.8%
	167,981	Abbott Laboratories		11,227,850
	169,077	AbbVie, Inc.		16,228,010
	23,722	ABIOMED, Inc.*		9,644,891
	53,631	Aetna, Inc.		10,740,680
	54,665	Agilent Technologies, Inc.		3,692,074
	36,484	Align Technology, Inc.*		14,100,701
	64,639	Allergan PLC		12,391,943
	92,919	Amgen, Inc.		18,566,145
	32,352	Anthem, Inc.		8,564,545
	104,114	Baxter International, Inc.		7,742,958
	30,313	Becton Dickinson and Co.		7,938,065
	37,301	Biogen, Inc.*		13,185,531
	141,100	Boston Scientific Corp.*		5,017,516
	242,938	Bristol-Myers Squibb Co.		14,709,896
	187,973	Cardinal Health, Inc.		9,810,311
	75,710	Celgene Corp.*		7,150,810
	80,507	Centene Corp.*		11,792,665
	49,783	Cerner Corp.*		3,241,371
	47,126	Cigna Corp.		8,875,711
	4,165	Cooper Cos., Inc. (The)		1,065,324
	175,855	CVS Health Corp.		13,231,330
	57,578	Danaher Corp.		5,961,626
	17,668	DaVita, Inc.*		1,224,216
	16,482	DENTSPLY SIRONA, Inc.		657,961
	65,578	Edwards Lifesciences Corp.*		9,458,971
	140,189	Eli Lilly & Co.		14,810,968
	155,744	Express Scripts Holding Co.*		13,708,587
	202,632	Gilead Sciences, Inc.		15,345,321


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

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

Schedule of Investments (continued)

August 31, 2018


Shares		Description	Value
Common Stocks – (continued)
Health Care – (continued)
	20,092	HCA Healthcare, Inc.	$	2,694,538
	81,535	Henry Schein, Inc.*		6,333,639
	27,189	Hologic, Inc.*		1,081,035
	35,760	Humana, Inc.		11,917,378
	52,676	IDEXX Laboratories, Inc.*		13,381,811
	22,799	Illumina, Inc.*		8,089,769
	20,543	Intuitive Surgical, Inc.*		11,504,080
	37,590	IQVIA Holdings, Inc.*		4,777,313
	12,533	Jazz Pharmaceuticals PLC*		2,142,140
	367,973	Johnson & Johnson		49,562,283
	18,689	Laboratory Corp. of America Holdings*		3,230,767
	45,913	McKesson Corp.		5,911,299
	70,097	Medtronic PLC		6,758,052
	277,964	Merck & Co., Inc.		19,065,551
	18,758	Mettler-Toledo International, Inc.*		10,963,301
	389,996	Mylan NV*		15,260,543
	57,608	Nektar Therapeutics*		3,830,356
	80,244	Perrigo Co. PLC		6,139,468
	820,494	Pfizer, Inc.		34,066,911
	35,306	Quest Diagnostics, Inc.		3,882,954
	50,247	ResMed, Inc.		5,598,018
	55,343	Stryker Corp.		9,376,765
	7,136	Teleflex, Inc.		1,765,660
	57,314	Thermo Fisher Scientific, Inc.		13,703,777
	148,604	UnitedHealth Group, Inc.		39,894,230
	10,022	Universal Health Services, Inc., Class B		1,304,464
	48,693	Varian Medical Systems, Inc.*		5,454,590
	31,899	Vertex Pharmaceuticals, Inc.*		5,882,176
	20,344	Waters Corp.*		3,854,781
	11,866	Zimmer Biomet Holdings, Inc.		1,466,994
	132,662	Zoetis, Inc.		12,019,177

				590,999,797

Industrials – 9.5%
	77,739	3M Co.		16,396,710
	53,901	AMETEK, Inc.		4,148,221
	72,852	Boeing Co. (The)		24,972,937
	59,917	Caterpillar, Inc.		8,319,475
	129,162	CH Robinson Worldwide, Inc.		12,409,885
	39,084	Cintas Corp.		8,339,353
	57,195	Copart, Inc.*		3,678,210
	8,484	CoStar Group, Inc.*		3,751,285
	36,729	CSX Corp.		2,723,823
	19,249	Cummins, Inc.		2,729,508
	5,584	Deere & Co.		802,979
	164,592	Delta Air Lines, Inc.		9,625,340
	31,690	Dover Corp.		2,721,220
	60,743	Eaton Corp. PLC		5,050,173
	102,437	Emerson Electric Co.		7,859,991
	6,345	Equifax, Inc.		850,040
	35,743	Expeditors International of Washington, Inc.		2,619,247
	170,272	Fastenal Co.		9,937,074
	23,686	FedEx Corp.		5,778,200

Common Stocks – (continued)
Industrials – (continued)
	69,416	Fortive Corp.		5,829,556
	55,713	Fortune Brands Home & Security, Inc.		2,951,675
	32,624	General Dynamics Corp.		6,309,482
	480,134	General Electric Co.		6,212,934
	49,403	Harris Corp.		8,028,482
	71,340	Honeywell International, Inc.		11,347,340
	14,618	Huntington Ingalls Industries, Inc.		3,573,662
	33,573	IDEX Corp.		5,143,719
	63,696	IHS Markit Ltd.*		3,503,280
	55,118	Illinois Tool Works, Inc.		7,654,788
	68,479	Ingersoll-Rand PLC		6,936,238
	14,938	JB Hunt Transport Services, Inc.		1,803,763
	56,547	Johnson Controls International PLC		2,135,780
	57,763	L3 Technologies, Inc.		12,345,108
	21,333	Lockheed Martin Corp.		6,835,307
	91,009	Masco Corp.		3,455,612
	181,092	Nielsen Holdings PLC		4,708,392
	15,666	Norfolk Southern Corp.		2,723,377
	29,853	Northrop Grumman Corp.		8,910,822
	22,099	Old Dominion Freight Line, Inc.		3,367,888
	15,375	PACCAR, Inc.		1,051,957
	31,986	Parker-Hannifin Corp.		5,616,742
	51,782	Raytheon Co.		10,327,402
	69,857	Republic Services, Inc.		5,124,710
	32,927	Rockwell Automation, Inc.		5,958,470
	34,155	Rockwell Collins, Inc.		4,643,372
	22,728	Roper Technologies, Inc.		6,781,353
	96,890	Southwest Airlines Co.		5,939,357
	35,100	Spirit AeroSystems Holdings, Inc., Class A		3,001,050
	26,220	Stanley Black & Decker, Inc.		3,684,697
	166,807	Textron, Inc.		11,514,687
	9,094	TransDigm Group, Inc.*		3,182,900
	57,301	Union Pacific Corp.		8,630,677
	111,238	United Continental Holdings, Inc.*		9,724,426
	28,245	United Parcel Service, Inc., Class B		3,470,746
	16,493	United Rentals, Inc.*		2,570,764
	62,687	United Technologies Corp.		8,255,878
	37,598	Verisk Analytics, Inc.*		4,477,546
	73,934	Waste Management, Inc.		6,720,601
	36,846	WW Grainger, Inc.		13,046,063
	27,291	XPO Logistics, Inc.*		2,906,492
	65,939	Xylem, Inc.		5,005,429

				378,126,195

Information Technology – 27.6%
	133,162	Accenture PLC, Class A		22,513,699
	94,876	Activision Blizzard, Inc.		6,840,560
	73,305	Adobe Systems, Inc.*		19,316,601
	323,599	Advanced Micro Devices, Inc.*^(a)		8,144,987
	57,205	Akamai Technologies, Inc.*		4,298,384
	28,498	Alliance Data Systems Corp.		6,799,053
	37,627	Alphabet, Inc., Class A*		46,348,939
	38,577	Alphabet, Inc., Class C*		46,994,116
	124,812	Amdocs Ltd.		8,147,727
	74,907	Amphenol Corp., Class A		7,084,704


70		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)
	21,997	Analog Devices, Inc.	$	2,174,403
	36,278	ANSYS, Inc.*		6,746,982
	637,039	Apple, Inc.		145,009,188
	161,815	Applied Materials, Inc.		6,961,281
	12,993	Arista Networks, Inc.*		3,884,647
	51,523	Autodesk, Inc.*		7,952,575
	31,172	Automatic Data Processing, Inc.		4,574,491
	9,448	Broadcom, Inc.		2,069,395
	55,729	Broadridge Financial Solutions, Inc.		7,531,217
	149,758	CA, Inc.		6,559,400
	198,184	Cadence Design Systems, Inc.*		9,322,575
	70,342	CDK Global, Inc.		4,383,713
	69,271	CDW Corp.		6,065,369
	523,370	Cisco Systems, Inc.		25,001,385
	89,468	Citrix Systems, Inc.*		10,201,141
	43,542	Cognex Corp.		2,342,560
	106,297	Cognizant Technology Solutions Corp., Class A		8,336,874
	43,222	Corning, Inc.		1,448,369
	222,823	DXC Technology Co.		20,296,947
	251,169	eBay, Inc.*		8,692,959
	83,518	Electronic Arts, Inc.*		9,471,776
	43,334	F5 Networks, Inc.*		8,195,326
	314,817	Facebook, Inc., Class A*		55,322,791
	77,407	Fidelity National Information Services, Inc.		8,373,115
	125,924	Fiserv, Inc.*		10,082,735
	10,508	FleetCor Technologies, Inc.*		2,245,980
	26,647	Gartner, Inc.*		3,990,655
	23,363	Global Payments, Inc.		2,910,563
	55,575	Hewlett Packard Enterprise Co.		918,655
	347,273	HP, Inc.		8,560,279
	27,100	IAC/InterActiveCorp*		5,344,120
	700,144	Intel Corp.		33,907,974
	133,739	International Business Machines Corp.		19,590,089
	95,342	Intuit, Inc.		20,924,709
	22,108	Keysight Technologies, Inc.*		1,434,588
	47,678	KLA-Tencor Corp.		5,540,660
	46,066	Lam Research Corp.		7,973,564
	50,776	Leidos Holdings, Inc.		3,593,418
	101,964	Mastercard, Inc., Class A		21,979,360
	42,945	Maxim Integrated Products, Inc.		2,596,884
	33,894	Microchip Technology, Inc.		2,915,901
	399,867	Micron Technology, Inc.*		21,001,015
	1,039,800	Microsoft Corp.		116,800,734
	47,586	Motorola Solutions, Inc.		6,108,139
	95,439	NetApp, Inc.		8,285,060
	82,652	NVIDIA Corp.		23,198,763
	73,901	ON Semiconductor Corp.*		1,577,047
	358,248	Oracle Corp.		17,403,688
	17,804	Palo Alto Networks, Inc.*		4,115,395
	93,622	Paychex, Inc.		6,857,812
	103,323	PayPal Holdings, Inc.*		9,539,813
	243,321	Perspecta, Inc.		5,659,646
	41,516	PTC, Inc.*		4,149,109
	15,148	Qorvo, Inc.*		1,213,203

Common Stocks – (continued)
Information Technology – (continued)
	33,832	QUALCOMM, Inc.		2,324,597
	55,651	Red Hat, Inc.*		8,221,322
	94,086	salesforce.com, Inc.*		14,365,051
	127,300	Seagate Technology PLC		6,815,642
	37,089	ServiceNow, Inc.*		7,282,796
	71,311	Skyworks Solutions, Inc.		6,510,694
	37,428	Splunk, Inc.*		4,796,398
	66,958	Square, Inc., Class A*		5,935,157
	23,127	SS&C Technologies Holdings, Inc.		1,372,356
	96,923	Symantec Corp.		1,953,968
	93,131	Synopsys, Inc.*		9,512,400
	33,743	Take-Two Interactive Software, Inc.*		4,506,715
	52,405	TE Connectivity Ltd.		4,804,490
	201,815	Texas Instruments, Inc.		22,684,006
	73,485	Total System Services, Inc.		7,138,333
	23,063	Trimble, Inc.*		970,952
	85,634	Twitter, Inc.*		3,012,604
	55,067	VeriSign, Inc.*		8,734,177
	177,020	Visa, Inc., Class A		26,002,468
	20,039	VMware, Inc., Class A*		3,071,177
	173,200	Western Digital Corp.		10,953,168
	126,135	Western Union Co. (The)		2,386,474
	48,240	Worldpay, Inc., Class A*		4,698,094
	28,458	Xilinx, Inc.		2,214,886

				1,098,094,732

Materials – 1.8%
	15,582	Air Products & Chemicals, Inc.		2,591,131
	66,771	Alcoa Corp.*		2,982,661
	53,163	Ball Corp.		2,226,466
	19,803	Celanese Corp., Series A		2,313,584
	136,094	DowDuPont, Inc.		9,544,272
	96,231	Eastman Chemical Co.		9,337,294
	25,463	Ecolab, Inc.		3,831,672
	498,298	Freeport-McMoRan, Inc.		7,001,087
	23,715	International Flavors & Fragrances, Inc.		3,089,827
	28,518	International Paper Co.		1,458,411
	13,619	LyondellBasell Industries NV, Class A		1,535,951
	133,877	Newmont Mining Corp.		4,154,203
	17,132	Packaging Corp. of America		1,883,149
	27,338	PPG Industries, Inc.		3,021,943
	24,952	Praxair, Inc.		3,947,157
	17,942	Sherwin-Williams Co. (The)		8,174,016
	58,733	WestRock Co.		3,235,014

				70,327,838

Real Estate – 2.3%
	19,741	Alexandria Real Estate Equities, Inc. REIT		2,533,757
	46,124	American Tower Corp. REIT		6,878,011
	15,374	AvalonBay Communities, Inc. REIT		2,817,900
	17,262	Boston Properties, Inc. REIT		2,251,828
	145,750	CBRE Group, Inc., Class A*		7,114,058
	50,262	Crown Castle International Corp. REIT		5,731,376


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

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

Schedule of Investments (continued)

August 31, 2018


Shares		Description	Value
Common Stocks – (continued)
Real Estate – (continued)
	50,816	Digital Realty Trust, Inc. REIT	$	6,315,412
	97,804	Duke Realty Corp. REIT		2,786,436
	3,589	Equinix, Inc. REIT		1,565,271
	33,148	Equity Residential REIT		2,245,777
	12,701	Essex Property Trust, Inc. REIT		3,128,002
	29,406	Extra Space Storage, Inc. REIT		2,711,527
	12,025	Federal Realty Investment Trust REIT		1,570,585
	33,412	HCP, Inc. REIT		903,126
	296,758	Host Hotels & Resorts, Inc. REIT		6,389,200
	18,669	Mid-America Apartment Communities, Inc. REIT		1,933,362
	88,052	Prologis, Inc. REIT		5,915,333
	14,494	Public Storage REIT		3,081,135
	28,560	Realty Income Corp. REIT		1,672,759
	22,868	Regency Centers Corp. REIT		1,509,974
	23,364	SBA Communications Corp. REIT*		3,626,794
	15,455	Simon Property Group, Inc. REIT		2,828,729
	17,997	SL Green Realty Corp. REIT		1,878,887
	57,080	UDR, Inc. REIT		2,281,488
	72,059	Ventas, Inc. REIT		4,314,172
	33,764	Vornado Realty Trust REIT		2,599,828
	52,279	Welltower, Inc. REIT		3,487,532
	54,070	Weyerhaeuser Co. REIT		1,876,770

				91,949,029

Telecommunication Services – 1.5%
	823,210	AT&T, Inc.		26,293,328
	44,078	CenturyLink, Inc.		941,506
	96,031	T-Mobile US, Inc.*		6,341,887
	465,568	Verizon Communications, Inc.		25,312,932

				58,889,653

Utilities – 3.4%
	68,864	Alliant Energy Corp.		2,950,134
	83,037	Ameren Corp.		5,250,429
	87,223	American Electric Power Co., Inc.		6,256,506
	46,467	American Water Works Co., Inc.		4,067,256
	23,086	Atmos Energy Corp.		2,129,222
	155,087	CenterPoint Energy, Inc.		4,309,868
	92,327	CMS Energy Corp.		4,546,181
	73,388	Consolidated Edison, Inc.		5,792,515
	70,257	Dominion Energy, Inc.		4,972,088
	50,754	DTE Energy Co.		5,640,800
	80,225	Duke Energy Corp.		6,517,479
	65,927	Edison International		4,333,382
	71,157	Entergy Corp.		5,948,014
	77,300	Eversource Energy		4,825,839
	142,623	Exelon Corp.		6,234,051
	180,565	FirstEnergy Corp.		6,749,520
	75,781	NextEra Energy, Inc.		12,890,348
	155,848	NRG Energy, Inc.		5,515,461
	81,804	PG&E Corp.		3,777,709
	45,325	Pinnacle West Capital Corp.		3,560,279
	132,119	PPL Corp.		3,929,219
	102,594	Public Service Enterprise Group, Inc.		5,370,796
	24,339	Sempra Energy		2,825,271

Common Stocks – (continued)
Utilities – (continued)
	118,986	Southern Co. (The)		5,209,207
	88,825	WEC Energy Group, Inc.		6,002,793
	127,311	Xcel Energy, Inc.		6,117,293

				135,721,660

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $3,233,697,629)		$	3,968,965,544


Shares		Distribution Rate	Value
Securities Lending Reinvestment Vehicle – 0.0%^(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	165,999	1.879%	$	165,999
	(Cost $165,999)

	TOTAL INVESTMENTS – 99.7%
	(Cost $3,233,863,628)		$	3,969,131,543

	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.3%			11,165,146

	NET ASSETS – 100.0%		$	3,980,296,689


The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*		Non-income producing security.
(a)		All or a portion of security is on loan.
(b)		Represents an affiliated issuer.



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


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

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

Schedule of Investments

August 31, 2018


Shares		Description	Value
Common Stocks – 99.1%
Consumer Discretionary – 13.5%
	1,902	1-800-Flowers.com, Inc., Class A*	$	22,919
	1,782	Aaron’s, Inc.		88,601
	1,669	Abercrombie & Fitch Co., Class A		36,167
	812	Acushnet Holdings Corp.		21,965
	1,505	Adtalem Global Education, Inc.*		72,014
	1,317	American Axle & Manufacturing Holdings, Inc.*		23,324
	2,907	American Eagle Outfitters, Inc.		75,466
	1,357	American Public Education, Inc.*		47,156
	440	America’s Car-Mart, Inc.*		36,718
	259	Asbury Automotive Group, Inc.*		19,295
	11,106	Ascena Retail Group, Inc.*		50,865
	246	At Home Group, Inc.*		8,465
	887	AV Homes, Inc.*		19,026
	1,471	Barnes & Noble, Inc.		7,723
	721	Bassett Furniture Industries, Inc.		16,835
	2,223	BBX Capital Corp.		16,517
	1,457	Beazer Homes USA, Inc.*		18,664
	1,491	Bed Bath & Beyond, Inc.		26,749
	1,840	Big 5 Sporting Goods Corp.		10,488
	943	Big Lots, Inc.		40,596
	2	Biglari Holdings, Inc., Class A*		1,916
	55	Biglari Holdings, Inc., Class B*		10,865
	154	BJ’s Restaurants, Inc.		11,658
	677	Bloomin’ Brands, Inc.		13,066
	868	Bojangles’, Inc.*		12,673
	1,166	Boot Barn Holdings, Inc.*		34,898
	417	Boston Omaha Corp., Class A*		10,825
	1,420	Boyd Gaming Corp.		51,716
	918	Brinker International, Inc.		40,649
	752	Buckle, Inc. (The)^(a)		19,364
	1,106	Caleres, Inc.		44,771
	1,653	Callaway Golf Co.		37,705
	1,067	Cambium Learning Group, Inc.*		14,276
	4,123	Career Education Corp.*		65,762
	741	Carriage Services, Inc.		16,873
	212	Carvana Co.*^(a)		13,725
	102	Cavco Industries, Inc.*		25,031
	2,724	Central European Media Enterprises Ltd., Class A (Czech Republic)*		10,351
	2,107	Century Casinos, Inc.*		16,856
	604	Century Communities, Inc.*		17,667
	825	Cheesecake Factory, Inc. (The)		43,865
	3,024	Chegg, Inc.*		97,917
	2,909	Chico’s FAS, Inc.		26,530
	376	Children’s Place, Inc. (The)		52,922
	265	Churchill Downs, Inc.		74,889
	300	Chuy’s Holdings, Inc.*^(a)		8,685
	640	Citi Trends, Inc.		19,802
	883	Clarus Corp.		9,139
	579	Conn’s, Inc.*		23,739
	681	Cooper Tire & Rubber Co.		19,647
	393	Cooper-Standard Holdings, Inc.*		54,403
	183	Cracker Barrel Old Country Store, Inc.^(a)		27,283
	3,133	Crocs, Inc.*		64,728
	86	Culp, Inc.		2,180

Common Stocks – (continued)
Consumer Discretionary – (continued)
	35	Daily Journal Corp.*^(a)		8,346
	1,925	Dana, Inc.		37,672
	401	Dave & Buster’s Entertainment, Inc.*		23,326
	687	Deckers Outdoor Corp.*		83,704
	890	Del Frisco’s Restaurant Group, Inc.*		8,410
	1,382	Del Taco Restaurants, Inc.*		17,869
	2,521	Denny’s Corp.*		37,991
	249	Dillard’s, Inc., Class A		19,566
	119	Dine Brands Global, Inc.		9,927
	773	Dorman Products, Inc.*		62,598
	1,928	Drive Shack, Inc.*		11,954
	941	DSW, Inc., Class A		31,298
	700	Duluth Holdings, Inc., Class B*		20,258
	1,121	El Pollo Loco Holdings, Inc.*		13,340
	610	Eldorado Resorts, Inc.*^(a)		29,310
	735	Emerald Expositions Events, Inc.		11,481
	1,532	Entercom Communications Corp., Class A		12,026
	2,095	Entravision Communications Corp., Class A		10,999
	665	Eros International PLC (India)*		7,515
	1,091	Ethan Allen Interiors, Inc.		24,275
	843	EW Scripps Co. (The), Class A		12,367
	1,884	Express, Inc.*		21,138
	958	Fiesta Restaurant Group, Inc.*		27,542
	831	Five Below, Inc.*		96,787
	127	Flexsteel Industries, Inc.		4,531
	2,786	Fossil Group, Inc.*		63,159
	1,024	Fox Factory Holding Corp.*		67,635
	2,630	Francesca’s Holdings Corp.*		16,516
	714	Gaia, Inc.*		12,495
	1,209	GameStop Corp., Class A^(a)		16,043
	2,950	Gannett Co, Inc.		30,326
	635	Genesco, Inc.*		32,290
	647	Gentherm, Inc.*		31,832
	653	G-III Apparel Group Ltd.*		29,698
	295	Golden Entertainment, Inc.*		8,558
	2,218	GoPro, Inc., Class A*		14,217
	1,132	Gray Television, Inc.*		19,753
	868	Green Brick Partners, Inc.*		9,071
	260	Group 1 Automotive, Inc.		20,043
	6,543	Groupon, Inc.*		27,939
	812	Guess?, Inc.		19,894
	156	Hamilton Beach Brands Holding Co., Class A		3,611
	867	Haverty Furniture Cos, Inc.		19,161
	281	Helen of Troy Ltd.*		33,425
	746	Hemisphere Media Group, Inc.*		10,220
	1,070	Hibbett Sports, Inc.*^(a)		21,989
	267	Hooker Furniture Corp.		11,227
	1,975	Houghton Mifflin Harcourt Co.*		12,739
	495	Hudson Ltd*		10,197
	1,354	ILG, Inc.		46,212
	401	Installed Building Products, Inc.*		18,667
	648	International Speedway Corp., Class A		28,609
	566	iRobot Corp.*^(a)		64,241
	1,284	J Alexander’s Holdings, Inc.*		15,922


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

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

Schedule of Investments (continued)

August 31, 2018


Shares		Description	Value
Common Stocks – (continued)
Consumer Discretionary – (continued)
	1,059	J. Jill, Inc.*	$	6,396
	505	Jack in the Box, Inc.		45,773
	3,331	JC Penney Co., Inc.*^(a)		5,896
	367	Johnson Outdoors, Inc., Class A		37,170
	2,482	K12, Inc.*		41,102
	1,747	KB Home		43,413
	1,526	Kirkland’s, Inc.*		13,871
	1,432	La-Z-Boy, Inc.		47,614
	571	LCI Industries		53,074
	162	LGI Homes, Inc.*^(a)		9,331
	345	Liberty Expedia Holdings, Inc., Class A*		15,922
	433	Liberty Latin America Ltd. (Chile)*		8,500
	448	Liberty Media Corp. – Liberty Braves, Class A*		11,953
	644	Liberty Media Corp. – Liberty Braves, Class C*		17,111
	892	Liberty TripAdvisor Holdings, Inc., Class A*		14,138
	939	Lifetime Brands, Inc.		10,939
	710	Lindblad Expeditions Holdings, Inc.*		10,785
	242	Lithia Motors, Inc., Class A		20,909
	646	Lumber Liquidators Holdings, Inc.*^(a)		11,260
	591	M/I Homes, Inc.*		15,313
	513	Malibu Boats, Inc., Class A*		24,732
	338	Marcus Corp. (The)		13,723
	634	Marine Products Corp.		12,452
	305	Marriott Vacations Worldwide Corp.		36,295
	1,376	MCBC Holdings, Inc.*		37,936
	343	MDC Holdings, Inc.		10,873
	307	Meredith Corp.		15,857
	352	Meritage Homes Corp.*		15,189
	478	Modine Manufacturing Co.*		8,054
	355	Monarch Casino & Resort, Inc.*		16,703
	247	Monro, Inc.^(a)		17,525
	351	Movado Group, Inc.		14,953
	1,732	MSG Networks, Inc., Class A*		42,088
	247	Murphy USA, Inc.*		20,496
	284	Nathan’s Famous, Inc.		25,191
	2,051	National CineMedia, Inc.		18,664
	251	National Vision Holdings, Inc.*		11,107
	1,575	Nautilus, Inc.*		23,074
	69	New Home Co., Inc. (The)*		606
	2,180	New Media Investment Group, Inc.		34,662
	2,950	New York & Co., Inc.*		13,423
	2,954	New York Times Co. (The), Class A		68,828
	531	Nexstar Media Group, Inc., Class A		43,542
	824	Nutrisystem, Inc.		30,488
	7,677	Office Depot, Inc.		25,718
	658	Ollie’s Bargain Outlet Holdings, Inc.*		57,312
	490	Overstock.com, Inc.*^(a)		14,308
	560	Oxford Industries, Inc.		52,130
	777	Papa John’s International, Inc.		35,835
	590	Party City Holdco, Inc.*		9,057
	1,805	Penn National Gaming, Inc.*		62,200
	434	Perry Ellis International, Inc.*		11,948
	616	PetMed Express, Inc.		22,601

Common Stocks – (continued)
Consumer Discretionary – (continued)
	4,314	Pier 1 Imports, Inc.		7,938
	1,650	Pinnacle Entertainment, Inc.*		56,496
	863	Planet Fitness, Inc., Class A*		44,332
	2,281	Potbelly Corp.*		30,908
	627	RCI Hospitality Holdings, Inc.		20,334
	748	Reading International, Inc., Class A*		12,043
	261	Red Robin Gourmet Burgers, Inc.*		10,779
	889	Red Rock Resorts, Inc., Class A		29,017
	1,987	Regis Corp.*		42,502
	2,462	Rent-A-Center, Inc.*		36,290
	423	RH*^(a)		67,257
	314	Rocky Brands, Inc.		9,467
	410	Roku, Inc.*		24,391
	1,429	Ruth’s Hospitality Group, Inc.		44,013
	127	Saga Communications, Inc., Class A		4,826
	1,769	Sally Beauty Holdings, Inc.*^(a)		27,243
	1,145	Scholastic Corp.		48,136
	848	Scientific Games Corp.*		25,694
	885	SeaWorld Entertainment, Inc.*		25,948
	168	Shake Shack, Inc., Class A*		10,156
	155	Shiloh Industries, Inc.*		1,392
	814	Shoe Carnival, Inc.		36,190
	758	Shutterfly, Inc.*		58,881
	494	Signet Jewelers Ltd.		31,715
	1,060	Sinclair Broadcast Group, Inc., Class A		30,687
	408	Skyline Champion Corp.		11,795
	978	Sleep Number Corp.*		32,959
	683	Sonic Corp.		24,492
	675	Sotheby’s*		32,414
	1,023	Speedway Motorsports, Inc.		18,301
	1,678	Sportsman’s Warehouse Holdings, Inc.*		9,581
	771	Standard Motor Products, Inc.		39,144
	1,100	Steven Madden Ltd.		63,965
	2,150	Stoneridge, Inc.*		64,350
	1,092	Strategic Education, Inc.		151,537
	608	Sturm Ruger & Co., Inc.^(a)		39,794
	1,448	Tailored Brands, Inc.		34,086
	1,326	Taylor Morrison Home Corp., Class A*		25,804
	1,397	TEGNA, Inc.		16,261
	612	Tenneco, Inc.		26,187
	597	Texas Roadhouse, Inc.		41,163
	1,135	Tile Shop Holdings, Inc.		8,683
	1,311	Tilly’s, Inc., Class A		30,835
	591	TopBuild Corp.*		36,807
	375	Tower International, Inc.		12,675
	1,475	Town Sports International Holdings, Inc.*		13,496
	1,872	TRI Pointe Group, Inc.*		27,125
	623	tronc, Inc.*		10,280
	645	Tupperware Brands Corp.		20,975
	800	Turtle Beach Corp.*^(a)		18,328
	2,009	Vera Bradley, Inc.*		29,452
	545	Vista Outdoor, Inc.*		10,066
	805	Weight Watchers International, Inc.*		60,295
	353	Weyco Group, Inc.		12,521
	604	William Lyon Homes, Class A*		11,820
	1,124	Wingstop, Inc.		75,252


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

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


Shares		Description	Value
Common Stocks – (continued)
Consumer Discretionary – (continued)
	215	Winmark Corp.	$	32,078
	353	Winnebago Industries, Inc.		13,043
	1,470	Wolverine World Wide, Inc.		57,595
	1,301	World Wrestling Entertainment, Inc., Class A		113,720
	1,893	ZAGG, Inc.*		30,667
	1,299	Zumiez, Inc.*		40,464

				6,338,533

Consumer Staples – 2.7%
	212	Alico, Inc.		6,848
	569	Alliance One International, Inc.*^(a)		10,071
	354	Boston Beer Co, Inc. (The), Class A*		107,315
	171	Calavo Growers, Inc.^(a)		18,100
	306	Cal-Maine Foods, Inc.		15,132
	8,846	Castle Brands, Inc.*^(a)		10,173
	2,322	Celsius Holdings, Inc.*^(a)		10,611
	494	Central Garden & Pet Co.*		19,612
	546	Central Garden & Pet Co., Class A*		19,836
	673	Chefs’ Warehouse, Inc. (The)*		19,786
	183	Coca-Cola Bottling Co. Consolidated		31,029
	2,310	Darling Ingredients, Inc.*		45,692
	4,324	Dean Foods Co.		32,949
	389	Edgewell Personal Care Co.*		21,967
	541	Farmer Brothers Co.*		15,689
	654	Fresh Del Monte Produce, Inc.		24,486
	1,285	Freshpet, Inc.*		47,738
	2,310	Hostess Brands, Inc.*		27,166
	824	Ingles Markets, Inc., Class A		29,623
	307	Inter Parfums, Inc.		20,047
	256	J&J Snack Foods Corp.		37,248
	188	John B Sanfilippo & Son, Inc.		13,737
	234	Lancaster Colony Corp.		36,567
	975	Landec Corp.*		13,114
	222	Limoneira Co.		6,849
	439	Medifast, Inc.		100,421
	182	MGP Ingredients, Inc.		14,034
	527	National Beverage Corp.*^(a)		62,102
	732	Natural Health Trends Corp.		19,376
	868	Nature’s Sunshine Products, Inc.*		7,812
	154	Oil-Dri Corp. of America		6,260
	1,766	Performance Food Group Co.*		58,455
	128	PriceSmart, Inc.		11,117
	12,098	Rite Aid Corp.*^(a)		16,574
	383	Sanderson Farms, Inc.		40,506
	68	Seneca Foods Corp., Class A*		2,196
	793	SpartanNash Co.		16,931
	383	Spectrum Brands Holdings, Inc.		33,264
	505	Turning Point Brands, Inc.		16,998
	857	United Natural Foods, Inc.*		30,432
	439	Universal Corp.		26,252
	518	USANA Health Sciences, Inc.*		68,350
	1,578	Vector Group Ltd.		24,506
	793	Village Super Market, Inc., Class A		23,140
	263	WD-40 Co.^(a)		46,669
	346	Weis Markets, Inc.		16,120

				1,282,900

Common Stocks – (continued)
Energy – 3.3%
	7,369	Abraxas Petroleum Corp.*		16,580
	186	Adams Resources & Energy, Inc.		8,537
	2,466	Amyris, Inc.*		22,120
	448	Arch Coal, Inc., Class A		39,724
	1,669	Archrock, Inc.		21,113
	976	Basic Energy Services, Inc.*		8,647
	397	Bonanza Creek Energy, Inc.*		12,307
	696	Bristow Group, Inc.*		7,628
	617	C&J Energy Services, Inc.*		12,926
	290	Cactus, Inc., Class A*		9,912
	416	California Resources Corp.*		17,281
	1,451	Callon Petroleum Co.*		16,396
	1,120	CARBO Ceramics, Inc.*		9,688
	845	Carrizo Oil & Gas, Inc.*		20,466
	5,625	Cloud Peak Energy, Inc.*		13,275
	451	CONSOL Energy, Inc.*		19,348
	732	Covia Holdings Corp.*		8,294
	503	CVR Energy, Inc.^(a)		19,139
	1,184	Dawson Geophysical Co.*		7,341
	1,317	Delek US Holdings, Inc.		71,776
	3,750	Denbury Resources, Inc.*		20,887
	1,512	Diamond Offshore Drilling, Inc.*^(a)		26,339
	1,623	Dorian LPG Ltd.*^(a)		12,367
	729	Dril-Quip, Inc.*		38,382
	1,172	Era Group, Inc.*		13,994
	2,529	Evolution Petroleum Corp.		25,416
	1,321	Exterran Corp.*		36,182
	2,302	FTS International, Inc.*		25,391
	518	GasLog Ltd. (Monaco)		8,702
	595	Golar LNG Ltd. (Bermuda)		15,208
	1,600	Hallador Energy Co.		9,776
	1,255	Helix Energy Solutions Group, Inc.*		11,747
	2,108	HighPoint Resources Corp.*		11,615
	1,081	ION Geophysical Corp.*		19,404
	1,564	Keane Group, Inc.*		19,206
	2,664	Laredo Petroleum, Inc.*		22,085
	863	Mammoth Energy Services, Inc.		23,715
	998	Matador Resources Co.*		32,675
	1,572	Matrix Service Co.*		32,855
	1,512	McDermott International, Inc.*		29,242
	131	NACCO Industries, Inc., Class A		4,605
	214	Natural Gas Services Group, Inc.*		4,729
	2,173	Newpark Resources, Inc.*		22,817
	5,059	Noble Corp. PLC*		30,860
	3,260	Northern Oil and Gas, Inc.*		11,247
	1,858	Oasis Petroleum, Inc.*		25,009
	615	Ocean Rig UDW, Inc. (Cyprus)*		16,654
	1,200	Oceaneering International, Inc.*		33,924
	800	Oil States International, Inc.*		27,080
	4,524	Overseas Shipholding Group, Inc., Class A*		15,517
	125	Panhandle Oil and Gas, Inc., Class A		2,331
	992	Par Pacific Holdings, Inc.*		20,148
	429	PDC Energy, Inc.*		22,604
	1,334	Peabody Energy Corp.		55,108
	112	Penn Virginia Corp.*		9,961


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

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

Schedule of Investments (continued)

August 31, 2018


Shares		Description	Value
Common Stocks – (continued)
Energy – (continued)
	1,956	Pioneer Energy Services Corp.*	$	6,259
	2,407	Profire Energy, Inc.*^(a)		6,860
	663	ProPetro Holding Corp.*		10,091
	1,612	Renewable Energy Group, Inc.*		43,443
	730	Resolute Energy Corp.*^(a)		24,061
	440	REX American Resources Corp.*		35,455
	1,328	RigNet, Inc.*		21,646
	1,021	Ring Energy, Inc.*		12,048
	1,640	Rowan Cos PLC, Class A*		23,026
	239	SEACOR Holdings, Inc.*		12,297
	670	Select Energy Services, Inc., Class A*		9,146
	369	SemGroup Corp., Class A		8,930
	629	Ship Finance International Ltd. (Norway)		8,932
	616	Solaris Oilfield Infrastructure, Inc., Class A*		10,608
	1,732	Southwestern Energy Co.*		9,734
	1,656	SRC Energy, Inc.*		15,417
	951	Superior Energy Services, Inc.*		8,559
	281	Talos Energy, Inc.*		9,700
	1,132	Teekay Corp. (Bermuda)^(a)		7,675
	9,194	Teekay Tankers Ltd., Class A (Bermuda)^(a)		9,930
	845	Tellurian, Inc.*^(a)		8,171
	2,080	TETRA Technologies, Inc.*		9,547
	319	Tidewater, Inc.*		10,208
	16,210	Ultra Petroleum Corp.*		21,235
	855	Unit Corp.*		22,478
	713	US Silica Holdings, Inc.		15,108
	9,347	W&T Offshore, Inc.*		63,279
	377	WildHorse Resource Development Corp.*		8,196
	396	World Fuel Services Corp.		11,100

				1,563,419

Financials – 19.8%
	436	1st Constitution Bancorp		9,221
	350	1st Source Corp.		19,596
	930	Access National Corp.^(a)		25,240
	221	ACNB Corp.		7,912
	1,795	AG Mortgage Investment Trust, Inc. REIT		33,746
	328	Allegiance Bancshares, Inc.*		14,612
	454	Ambac Financial Group, Inc.*		9,593
	1,714	American Equity Investment Life Holding Co.		63,572
	400	American National Bankshares, Inc.		16,460
	832	Ameris Bancorp		41,309
	465	AMERISAFE, Inc.		29,667
	241	Ames National Corp.		7,290
	1,349	AmTrust Financial Services, Inc.		19,614
	4,318	Anworth Mortgage Asset Corp. REIT		21,072
	2,229	Apollo Commercial Real Estate Finance, Inc. REIT		43,309
	1,577	Arbor Realty Trust, Inc. REIT^(a)		19,334
	1,416	Ares Commercial Real Estate Corp. REIT		20,702
	606	Argo Group International Holdings Ltd.		38,602
	951	Arlington Asset Investment Corp., Class A^(a)		9,672
	2,116	ARMOUR Residential REIT, Inc. REIT		49,768

Common Stocks – (continued)
Financials – (continued)
	684	Arrow Financial Corp.		26,915
	1,551	Artisan Partners Asset Management, Inc., Class A		51,416
	270	Associated Capital Group, Inc., Class A		10,098
	796	Atlantic Capital Bancshares, Inc.*		14,527
	1,070	B. Riley Financial, Inc.		24,503
	1,761	Banc of California, Inc.		35,484
	616	BancFirst Corp.		39,301
	720	Banco Latinoamericano de Comercio Exterior SA, Class E (Panama)		14,882
	814	Bancorp, Inc. (The)*		8,164
	1,508	BancorpSouth Bank		52,478
	1,139	Bank of Commerce Holdings		14,693
	182	Bank of Marin Bancorp		16,043
	1,919	Bank of NT Butterfield & Son Ltd. (The) (Bermuda)		101,400
	859	BankFinancial Corp.		13,701
	427	Bankwell Financial Group, Inc.		13,450
	353	Bar Harbor Bankshares		10,396
	963	BCB Bancorp, Inc.		14,301
	671	Beneficial Bancorp, Inc.		11,810
	810	Berkshire Hills Bancorp, Inc.		34,222
	1,038	Blackstone Mortgage Trust, Inc., Class A REIT		35,354
	1,696	Blucora, Inc.*		61,395
	775	Blue Hills Bancorp, Inc.		17,825
	2,253	BofI Holding, Inc.*		83,902
	1,015	Boston Private Financial Holdings, Inc.		14,667
	531	Bridge Bancorp, Inc.		18,585
	1,779	BrightSphere Investment Group PLC		22,576
	1,438	Brookline Bancorp, Inc.		26,100
	546	Bryn Mawr Bank Corp.		26,645
	441	BSB Bancorp, Inc.*		14,685
	207	C&F Financial Corp.		12,896
	471	Cadence BanCorp		13,306
	154	Cambridge Bancorp		13,788
	807	Camden National Corp.		36,912
	662	Cannae Holdings, Inc.*		12,869
	793	Capital City Bank Group, Inc.		19,444
	1,130	Capitol Federal Financial, Inc.		14,927
	558	Capstar Financial Holdings, Inc.		9,748
	2,501	Capstead Mortgage Corp. REIT		21,008
	506	Carolina Financial Corp.		20,822
	1,464	Cathay General Bancorp		61,927
	908	CenterState Bank Corp.		27,803
	546	Central Pacific Financial Corp.		15,468
	567	Central Valley Community Bancorp		12,253
	209	Century Bancorp, Inc., Class A		14,891
	1,071	Charter Financial Corp.		26,679
	821	Chemical Financial Corp.		46,896
	243	Chemung Financial Corp.		10,206
	1,168	Cherry Hill Mortgage Investment Corp. REIT		21,725
	452	Citizens & Northern Corp.		12,661
	587	City Holding Co.		47,594
	989	Civista Bancshares, Inc.		23,617


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

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


Shares		Description	Value
Common Stocks – (continued)
Financials – (continued)
	474	CNB Financial Corp.	$	14,613
	2,752	CNO Financial Group, Inc.		59,471
	1,529	CoBiz Financial, Inc.		35,243
	476	Codorus Valley Bancorp, Inc.		14,894
	958	Cohen & Steers, Inc.		39,824
	788	Colony Credit Real Estate, Inc. REIT		15,823
	1,047	Columbia Banking System, Inc.		44,236
	642	Community Bank System, Inc.		42,455
	2,144	Community Bankers Trust Corp.*		19,403
	267	Community Financial Corp. (The)		8,891
	488	Community Trust Bancorp, Inc.		24,107
	642	ConnectOne Bancorp, Inc.		15,825
	362	County Bancorp, Inc.		9,043
	1,190	Crawford & Co., Class B		10,377
	788	Curo Group Holdings Corp.*		24,318
	1,639	Customers Bancorp, Inc.*		40,483
	1,700	CVB Financial Corp.		40,885
	139	Diamond Hill Investment Group, Inc.		25,936
	586	Dime Community Bancshares, Inc.		10,636
	715	Donegal Group, Inc., Class A		10,332
	495	Donnelley Financial Solutions, Inc.*		10,341
	4,682	Dynex Capital, Inc. REIT		30,012
	656	Eagle Bancorp, Inc.*		35,326
	446	EMC Insurance Group, Inc.		11,453
	1,057	Employers Holdings, Inc.		48,463
	664	Encore Capital Group, Inc.*^(a)		25,730
	1,182	Enova International, Inc.*		39,242
	205	Enstar Group Ltd. (Bermuda)*		43,768
	641	Entegra Financial Corp.*		17,627
	151	Enterprise Bancorp, Inc.		5,431
	699	Enterprise Financial Services Corp.		39,354
	355	Equity Bancshares, Inc., Class A*		14,409
	345	Esquire Financial Holdings, Inc.*		8,970
	656	ESSA Bancorp, Inc.		10,548
	377	Evans Bancorp, Inc.		17,926
	1,453	EZCORP, Inc., Class A*		16,128
	421	Farmers & Merchants Bancorp, Inc.		19,151
	826	Farmers National Banc Corp.		13,092
	466	FB Financial Corp.		20,495
	257	FBL Financial Group, Inc., Class A		20,907
	1,034	FCB Financial Holdings, Inc., Class A*		53,561
	797	Federal Agricultural Mortgage Corp., Class C		61,425
	1,746	Federated Investors, Inc., Class B		40,437
	1,085	FGL Holdings*		9,450
	1,476	Fidelity Southern Corp.		35,867
	803	Financial Institutions, Inc.		25,937
	564	First Bancorp, Inc.		16,514
	2,718	First BanCorp. (Puerto Rico)*		23,782
	760	First Bancorp/Southern Pines NC		31,707
	397	First Bancshares, Inc. (The)		16,297
	690	First Bank/Hamilton NJ		9,867
	909	First Busey Corp.		29,133
	599	First Business Financial Services, Inc.		13,274
	2,067	First Commonwealth Financial Corp.		34,622
	383	First Community Bancshares, Inc.		12,857

Common Stocks – (continued)
Financials – (continued)
	576	First Connecticut Bancorp, Inc.		18,259
	784	First Defiance Financial Corp.		25,080
	2,468	First Financial Bancorp		77,495
	1,252	First Financial Bankshares, Inc.		75,621
	389	First Financial Corp.		20,014
	642	First Financial Northwest, Inc.		11,209
	1,045	First Foundation, Inc.*		16,908
	434	First Guaranty Bancshares, Inc.		10,846
	471	First Internet Bancorp		14,813
	586	First Interstate BancSystem, Inc., Class A		27,220
	799	First Merchants Corp.		38,448
	437	First Mid-Illinois Bancshares, Inc.		17,956
	1,277	First Midwest Bancorp, Inc.		34,709
	850	First Northwest Bancorp*		14,229
	852	First of Long Island Corp. (The)		18,574
	532	FirstCash, Inc.		43,252
	1,075	Flagstar Bancorp, Inc.*		35,529
	1,418	Flushing Financial Corp.		36,755
	467	Franklin Financial Network, Inc.*		18,050
	321	FS Bancorp, Inc.		18,724
	2,705	Fulton Financial Corp.		49,231
	1,180	GAIN Capital Holdings, Inc.		8,697
	73	GAMCO Investors, Inc., Class A		1,887
	3,011	Genworth Financial, Inc., Class A*		14,001
	951	German American Bancorp, Inc.		35,748
	1,379	Glacier Bancorp, Inc.		62,993
	302	Global Indemnity Ltd. (Cayman Islands)		11,908
	441	Granite Point Mortgage Trust, Inc. REIT		8,441
	1,217	Great Ajax Corp. REIT		16,600
	603	Great Southern Bancorp, Inc.		35,758
	843	Great Western Bancorp, Inc.		36,704
	593	Green Bancorp, Inc.		14,232
	716	Green Dot Corp., Class A*		61,340
	890	Guaranty Bancorp		27,813
	499	Hallmark Financial Services, Inc.*		5,604
	785	Hamilton Lane, Inc., Class A		38,292
	1,313	Hancock Whitney Corp.		67,685
	916	Hanmi Financial Corp.		23,908
	704	Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT		15,178
	783	HarborOne Bancorp, Inc.*^(a)		15,433
	1,095	Health Insurance Innovations, Inc., Class A*		57,926
	776	Heartland Financial USA, Inc.		47,181
	1,711	Heritage Commerce Corp.		27,102
	788	Heritage Financial Corp.		28,604
	574	Heritage Insurance Holdings, Inc.		8,409
	1,433	Hilltop Holdings, Inc.		29,735
	116	Hingham Institution for Savings		25,173
	355	Home Bancorp, Inc.		16,241
	1,640	Home BancShares, Inc.		38,392
	1,010	HomeStreet, Inc.*		29,745
	560	HomeTrust Bancshares, Inc.*		16,128
	1,618	Hope Bancorp, Inc.		28,331
	814	Horace Mann Educators Corp.		37,688
	885	Horizon Bancorp, Inc.		18,081


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

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

Schedule of Investments (continued)

August 31, 2018


Shares		Description	Value
Common Stocks – (continued)
Financials – (continued)
	958	Houlihan Lokey, Inc.	$	45,055
	571	Howard Bancorp, Inc.*		9,964
	643	IBERIABANK Corp.		55,716
	967	Impac Mortgage Holdings, Inc.*		7,233
	359	Independent Bank Corp.		32,705
	1,005	Independent Bank Corp.		25,075
	263	Independent Bank Group, Inc.		18,213
	902	International Bancshares Corp.		42,259
	402	INTL. FCStone, Inc.*		22,416
	4,158	Invesco Mortgage Capital, Inc. REIT		67,484
	591	Investar Holding Corp.		16,223
	420	Investment Technology Group, Inc.		9,190
	3,215	Investors Bancorp, Inc.		41,152
	113	Investors Title Co.		21,922
	672	James River Group Holdings Ltd.		27,518
	1,076	Kearny Financial Corp.		14,741
	726	Kemper Corp.		59,060
	906	Kingstone Cos, Inc.		16,806
	268	Kinsale Capital Group, Inc.		16,286
	758	KKR Real Estate Finance Trust, Inc.		16,070
	1,589	Ladder Capital Corp. REIT		27,601
	1,131	Lakeland Bancorp, Inc.		21,828
	841	Lakeland Financial Corp.		41,436
	313	LCNB Corp.		5,822
	1,014	LegacyTexas Financial Group, Inc.		46,918
	168	LendingTree, Inc.*^(a)		42,563
	1,038	Live Oak Bancshares, Inc.		31,400
	1,911	Macatawa Bank Corp.		23,830
	642	Malvern Bancorp, Inc.*		15,793
	477	Marlin Business Services Corp.		13,642
	1,378	MB Financial, Inc.		66,778
	1,548	MBT Financial Corp.		16,951
	513	Mercantile Bank Corp.		18,165
	893	Meridian Bancorp, Inc.		15,985
	430	Meta Financial Group, Inc.		37,238
	193	Middlefield Banc Corp.		9,573
	524	Midland States Bancorp, Inc.		18,041
	917	MidSouth Bancorp, Inc.		14,076
	432	MidWestOne Financial Group, Inc.		14,489
	937	Moelis & Co., Class A		54,393
	1,739	MTGE Investment Corp. REIT		34,084
	243	MutualFirst Financial, Inc.		9,234
	384	National Bank Holdings Corp., Class A		15,418
	118	National Bankshares, Inc.		5,428
	340	National Commerce Corp.*		14,960
	911	National General Holdings Corp.		24,879
	76	National Western Life Group, Inc., Class A		24,772
	338	Navigators Group, Inc. (The)		23,660
	718	NBT Bancorp, Inc.		29,065
	487	Nelnet, Inc., Class A		28,076
	5,059	New York Mortgage Trust, Inc. REIT		32,378
	377	NI Holdings, Inc.*		6,364
	420	Nicolet Bankshares, Inc.*		23,251
	1,489	NMI Holdings, Inc., Class A*		32,162
	732	Northeast Bancorp		15,958

Common Stocks – (continued)
Financials – (continued)
	572	Northfield Bancorp, Inc.		9,312
	465	Northrim BanCorp, Inc.		20,716
	1,010	Northwest Bancshares, Inc.		18,402
	446	Norwood Financial Corp.		17,501
	561	OceanFirst Financial Corp.		16,381
	2,882	Ocwen Financial Corp.*		12,047
	1,556	OFG Bancorp (Puerto Rico)		25,207
	408	Ohio Valley Banc Corp.		17,197
	566	Old Line Bancshares, Inc.		19,357
	2,105	Old National Bancorp		42,732
	1,090	Old Second Bancorp, Inc.		16,841
	441	Oppenheimer Holdings, Inc., Class A		13,759
	473	Opus Bank		13,410
	1,578	Orchid Island Capital, Inc. REIT		12,529
	1,452	Oritani Financial Corp.		23,522
	991	Pacific Mercantile Bancorp*		10,009
	507	Pacific Premier Bancorp, Inc.*		20,052
	400	Park National Corp.		44,060
	637	Parke Bancorp, Inc.		14,683
	643	PCSB Financial Corp.		13,194
	706	Peapack Gladstone Financial Corp.		23,587
	301	Penns Woods Bancorp, Inc.		13,629
	2,017	PennyMac Financial Services, Inc., Class A		42,660
	1,890	PennyMac Mortgage Investment Trust REIT		37,762
	465	Peoples Bancorp of North Carolina, Inc.		14,192
	756	Peoples Bancorp, Inc.		27,110
	370	Peoples Financial Services Corp.		17,013
	700	People’s Utah Bancorp		25,305
	130	Piper Jaffray Cos		10,010
	552	PJT Partners, Inc., Class A		31,972
	748	PRA Group, Inc.*		27,339
	751	Preferred Bank		45,969
	953	Premier Financial Bancorp, Inc.		18,584
	1,112	Primerica, Inc.		135,942
	259	ProAssurance Corp.		12,523
	518	Protective Insurance Corp., Class B		12,173
	1,229	Provident Financial Services, Inc.		31,008
	810	Prudential Bancorp, Inc.		14,888
	1,686	Pzena Investment Management, Inc., Class A		15,309
	514	QCR Holdings, Inc.		22,359
	4,146	Radian Group, Inc.		84,288
	2,096	Redwood Trust, Inc. REIT		35,590
	614	Regional Management Corp.*		20,465
	419	Reliant Bancorp, Inc.		11,543
	696	Renasant Corp.		32,496
	554	Republic Bancorp, Inc., Class A		26,930
	1,977	Riverview Bancorp, Inc.		19,473
	710	RLI Corp.		54,649
	755	S&T Bancorp, Inc.		35,228
	714	Safeguard Scientifics, Inc.*		7,354
	333	Safety Insurance Group, Inc.		32,201
	829	Sandy Spring Bancorp, Inc.		32,331
	307	SB One Bancorp		8,535


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

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


Shares		Description	Value
Common Stocks – (continued)
Financials – (continued)
	796	Seacoast Banking Corp. of Florida*	$	25,170
	1,254	Selective Insurance Group, Inc.		80,507
	1,529	ServisFirst Bancshares, Inc.^(a)		65,900
	861	Shore Bancshares, Inc.		16,178
	864	SI Financial Group, Inc.		11,966
	658	Sierra Bancorp		19,523
	1,347	Simmons First National Corp., Class A		42,565
	436	SmartFinancial, Inc.*		10,717
	449	South State Corp.		37,020
	563	Southern First Bancshares, Inc.*		23,421
	605	Southern Missouri Bancorp, Inc.		24,200
	866	Southern National Bancorp of Virginia, Inc.		15,198
	606	Southside Bancshares, Inc.		21,574
	331	State Auto Financial Corp.		10,390
	622	State Bank Financial Corp.		20,265
	624	Stewart Information Services Corp.		27,943
	840	Stifel Financial Corp.		46,931
	936	Stock Yards Bancorp, Inc.		36,223
	372	Summit Financial Group, Inc.		9,374
	1,045	Sutherland Asset Management Corp. REIT		17,922
	583	Territorial Bancorp, Inc.		17,420
	3,050	Third Point Reinsurance Ltd. (Bermuda)*		40,870
	621	Timberland Bancorp, Inc.		22,052
	290	Tompkins Financial Corp.		25,482
	1,266	Towne Bank/Portsmouth VA		41,272
	1,052	TriCo Bancshares		40,902
	907	TriState Capital Holdings, Inc.*		26,983
	771	Triumph Bancorp, Inc.*		32,729
	433	Trupanion, Inc.*		16,536
	2,123	TrustCo Bank Corp.		19,638
	1,171	Trustmark Corp.		41,547
	690	UMB Financial Corp.		51,916
	1,053	Union Bankshares Corp.		43,805
	639	United Bankshares, Inc.		25,177
	928	United Community Banks, Inc.		28,156
	1,132	United Community Financial Corp.		11,716
	1,401	United Financial Bancorp, Inc.		24,896
	304	United Fire Group, Inc.		15,057
	752	United Security Bancshares		8,347
	770	Unity Bancorp, Inc.		18,788
	1,987	Universal Insurance Holdings, Inc.		88,620
	628	Univest Corp. of Pennsylvania		17,898
	4,521	Valley National Bancorp		54,478
	457	Veritex Holdings, Inc.*		13,993
	106	Virtus Investment Partners, Inc.		13,674
	1,974	Waddell & Reed Financial, Inc., Class A		39,519
	1,467	Walker & Dunlop, Inc.		79,952
	1,635	Washington Federal, Inc.		55,754
	621	Washington Trust Bancorp, Inc.		37,260
	1,145	Waterstone Financial, Inc.		19,351
	1,159	WesBanco, Inc.		57,197
	992	West Bancorporation, Inc.		23,957
	345	Westamerica Bancorporation		22,090
	2,454	Western Asset Mortgage Capital Corp. REIT		27,313

Common Stocks – (continued)
Financials – (continued)
	1,429	Western New England Bancorp, Inc.		15,219
	214	Westwood Holdings Group, Inc.		12,311
	1,672	WisdomTree Investments, Inc.		13,744
	22,903	WMIH Corp.*		34,584
	269	World Acceptance Corp.*		31,906
	523	WSFS Financial Corp.		25,522

				9,314,272

Health Care – 14.5%
	1,060	Abeona Therapeutics, Inc.*^(a)		16,324
	2,694	Acorda Therapeutics, Inc.*		77,587
	357	Adamas Pharmaceuticals, Inc.*		8,222
	510	Addus HomeCare Corp.*		33,099
	1,795	ADMA Biologics, Inc.*^(a)		11,470
	1,657	Adverum Biotechnologies, Inc.*		12,593
	845	Aeglea BioTherapeutics, Inc.*		9,236
	454	Aimmune Therapeutics, Inc.*		12,671
	906	Akorn, Inc.*		14,215
	276	Albireo Pharma, Inc.*		9,544
	3,079	Allscripts Healthcare Solutions, Inc.*		44,984
	2,481	AMAG Pharmaceuticals, Inc.*		60,536
	1,023	Amedisys, Inc.*		127,885
	768	American Renal Associates Holdings, Inc.*		16,858
	893	Amicus Therapeutics, Inc.*		12,038
	1,221	AMN Healthcare Services, Inc.*		71,184
	870	Amneal Pharmaceuticals, Inc.*		20,097
	1,123	Amphastar Pharmaceuticals, Inc.*		21,315
	5,052	Ampio Pharmaceuticals, Inc.*		3,178
	153	AnaptysBio, Inc.*		13,562
	1,701	AngioDynamics, Inc.*		38,136
	470	ANI Pharmaceuticals, Inc.*		27,354
	398	Apellis Pharmaceuticals, Inc.*		7,705
	456	Apollo Medical Holdings, Inc.*		6,954
	1,361	Arbutus Biopharma Corp. (Canada)*		12,385
	358	Arena Pharmaceuticals, Inc.*		13,905
	1,840	ArQule, Inc.*		12,199
	1,812	Array BioPharma, Inc.*		28,213
	1,004	Arrowhead Pharmaceuticals, Inc.*^(a)		14,819
	333	Assembly Biosciences, Inc.*		13,320
	5,754	Assertio Therapeutics, Inc.*		36,711
	343	Atara Biotherapeutics, Inc.*		14,046
	484	Athenex, Inc.*		7,952
	784	AtriCure, Inc.*		27,087
	32	Atrion Corp.		20,962
	234	Audentes Therapeutics, Inc.*		8,518
	982	Avanos Medical, Inc.*		70,802
	4,050	AVEO Pharmaceuticals, Inc.*^(a)		12,109
	619	AxoGen, Inc.*		27,143
	221	Biohaven Pharmaceutical Holding Co Ltd*		8,367
	4,887	BioScrip, Inc.*		14,172
	568	BioTelemetry, Inc.*		35,102
	363	Blueprint Medicines Corp.*		27,831
	2,296	Brookdale Senior Living, Inc.*		22,776
	477	Calithera Biosciences, Inc.*		2,600
	1,052	Cambrex Corp.*		70,905


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

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

Schedule of Investments (continued)

August 31, 2018


Shares		Description	Value
Common Stocks – (continued)
Health Care – (continued)
	822	Capital Senior Living Corp.*	$	7,291
	1,434	Cardiovascular Systems, Inc.*		55,252
	583	CareDx, Inc.*		14,173
	1,529	CASI Pharmaceuticals, Inc.*		10,627
	1,010	Catalyst Biosciences, Inc.*		11,039
	3,372	Catalyst Pharmaceuticals, Inc.*		11,364
	512	Cellular Biomedicine Group, Inc.*		10,880
	1,314	Cerus Corp.*		10,223
	2,228	ChemoCentryx, Inc.*		29,365
	1,059	Civitas Solutions, Inc.*		16,944
	596	Codexis, Inc.*		10,251
	344	Collegium Pharmaceutical, Inc.*		5,882
	3,348	Community Health Systems, Inc.*^(a)		12,990
	389	Computer Programs & Systems, Inc.^(a)		10,620
	1,387	Concert Pharmaceuticals, Inc.*		21,873
	456	CONMED Corp.		36,676
	6,029	Corcept Therapeutics, Inc.*		90,556
	1,077	Corium International, Inc.*^(a)		10,512
	397	CorVel Corp.*		23,602
	203	Corvus Pharmaceuticals, Inc.*		2,225
	2,785	Cross Country Healthcare, Inc.*		27,878
	513	CryoLife, Inc.*		17,801
	640	CryoPort, Inc.*^(a)		9,088
	1,821	CTI BioPharma Corp.*		3,423
	1,319	Cutera, Inc.*		44,846
	658	Cymabay Therapeutics, Inc.*		8,969
	1,128	CytomX Therapeutics, Inc.*		25,369
	807	CytoSorbents Corp.*^(a)		11,823
	740	Dicerna Pharmaceuticals, Inc.*		11,729
	1,187	Diplomat Pharmacy, Inc.*		24,523
	577	Dynavax Technologies Corp.*		7,991
	992	Eagle Pharmaceuticals, Inc.*		68,577
	477	Editas Medicine, Inc.*^(a)		15,660
	440	Eloxx Pharmaceuticals, Inc.*		8,061
	1,651	Emergent BioSolutions, Inc.*		102,362
	233	Enanta Pharmaceuticals, Inc.*		21,187
	4,355	Endo International PLC*		74,688
	634	Endocyte, Inc.*		12,502
	695	Ensign Group, Inc. (The)		27,154
	4,107	Enzo Biochem, Inc.*		18,851
	619	Epizyme, Inc.*		7,304
	233	Esperion Therapeutics, Inc.*^(a)		11,531
	1,604	Fate Therapeutics, Inc.*		20,676
	849	Fennec Pharmaceuticals, Inc. (Canada)*		8,082
	336	FibroGen, Inc.*		20,546
	343	Flexion Therapeutics, Inc.*^(a)		7,855
	485	FONAR Corp.*		12,707
	195	G1 Therapeutics, Inc.*		11,833
	1,906	Genomic Health, Inc.*		116,590
	2,286	Geron Corp.*^(a)		13,099
	998	Glaukos Corp.*		68,233
	303	Global Blood Therapeutics, Inc.*		14,832
	1,420	Globus Medical, Inc., Class A*		75,643
	595	GlycoMimetics, Inc.*		8,758
	1,009	Haemonetics Corp.*		112,645
	962	Halozyme Therapeutics, Inc.*		17,710

Common Stocks – (continued)
Health Care – (continued)
	3,577	Harvard Bioscience, Inc.*		21,283
	687	HealthEquity, Inc.*		64,722
	474	Heron Therapeutics, Inc.*		18,273
	399	Heska Corp.*		42,693
	1,029	HMS Holdings Corp.*		32,979
	4,246	Horizon Pharma PLC*		89,760
	1,638	ImmunoGen, Inc.*		16,691
	1,410	Immunomedics, Inc.*^(a)		37,732
	5,308	Innoviva, Inc.*		77,072
	383	Inogen, Inc.*		101,461
	2,393	Insys Therapeutics, Inc.*		22,375
	739	Integer Holdings Corp.*		59,046
	422	Intellia Therapeutics, Inc.*		13,052
	1,809	Intersect ENT, Inc.*		53,004
	451	Intra-Cellular Therapies, Inc., Class A*		9,895
	522	IntriCon Corp.*		38,576
	685	Iovance Biotherapeutics, Inc.*		12,124
	521	iRhythm Technologies, Inc.*		48,500
	945	K2M Group Holdings, Inc.*		25,836
	493	Karyopharm Therapeutics, Inc.*		10,378
	1,824	Keryx Biopharmaceuticals, Inc.*		6,220
	1,151	Kindred Biosciences, Inc.*		17,150
	841	Kura Oncology, Inc.*		17,240
	301	La Jolla Pharmaceutical Co.*^(a)		6,935
	2,424	Lannett Co., Inc.*^(a)		12,968
	2,337	Lantheus Holdings, Inc.*		37,626
	993	LeMaitre Vascular, Inc.		37,247
	916	LHC Group, Inc.*		90,620
	346	LifePoint Health, Inc.*		22,282
	237	Ligand Pharmaceuticals, Inc.*		61,547
	767	LivaNova PLC*		96,297
	282	Loxo Oncology, Inc.*		47,652
	3,042	Luminex Corp.		85,815
	410	MacroGenics, Inc.*^(a)		8,967
	51	Madrigal Pharmaceuticals, Inc.*		12,200
	419	Magellan Health, Inc.*		30,796
	2,257	Mallinckrodt PLC*		77,776
	1,316	Marinus Pharmaceuticals, Inc.*		9,396
	838	Medidata Solutions, Inc.*		71,213
	678	Medpace Holdings, Inc.*		40,538
	1,254	Meridian Bioscience, Inc.		19,688
	730	Merit Medical Systems, Inc.*		42,960
	10,334	MiMedx Group, Inc.*^(a)		54,770
	187	Mirati Therapeutics, Inc.*^(a)		10,575
	1,060	Momenta Pharmaceuticals, Inc.*		28,090
	408	MyoKardia, Inc.*		25,153
	3,114	Myriad Genetics, Inc.*		155,046
	2,215	NanoString Technologies, Inc.*		35,817
	1,863	Natera, Inc.*		51,493
	210	National HealthCare Corp.		16,185
	765	National Research Corp.		29,950
	489	Natus Medical, Inc.*		18,240
	579	Neogen Corp.*		54,102
	2,553	NeoGenomics, Inc.*		35,359
	354	Nevro Corp.*		23,867
	5,819	Novavax, Inc.*		9,078


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

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


Shares		Description	Value
Common Stocks – (continued)
Health Care – (continued)
	795	Novocure Ltd.*	$	35,815
	897	NuVasive, Inc.*		62,960
	1,328	NxStage Medical, Inc.*		37,636
	1,342	Nymox Pharmaceutical Corp. (Canada)*^(a)		3,516
	1,244	Omeros Corp.*^(a)		32,195
	494	Omnicell, Inc.*		33,962
	2,071	OPKO Health, Inc.*^(a)		12,260
	758	OraSure Technologies, Inc.*		12,136
	923	Orthofix Medical, Inc.*		49,436
	1,295	Owens & Minor, Inc.		21,989
	747	Oxford Immunotec Global PLC*		10,996
	651	Pacira Pharmaceuticals, Inc.*		30,695
	19,952	Palatin Technologies, Inc.*		20,152
	1,091	Patterson Cos., Inc.		24,602
	15,113	PDL BioPharma, Inc.*		36,573
	1,751	Phibro Animal Health Corp., Class A		82,647
	4,284	Pieris Pharmaceuticals, Inc.*		23,733
	1,247	Prestige Brands Holdings, Inc.*		48,009
	300	Providence Service Corp. (The)*		20,142
	312	PTC Therapeutics, Inc.*		13,023
	3,016	Quality Systems, Inc.*		69,036
	383	Quidel Corp.*		29,445
	1,316	R1 RCM, Inc.*		13,121
	3,193	RadNet, Inc.*		44,223
	1,740	Recro Pharma, Inc.*		11,101
	420	REGENXBIO, Inc.*		29,589
	455	Repligen Corp.*		24,970
	657	Retrophin, Inc.*		20,820
	430	Rocket Pharmaceuticals, Inc.*		10,256
	316	RTI Surgical, Inc.*		1,414
	1,015	Sangamo Therapeutics, Inc.*		18,524
	683	Savara, Inc.*		8,032
	1,183	SeaSpine Holdings Corp.*		18,218
	1,787	Select Medical Holdings Corp.*		35,383
	2,048	Senseonics Holdings, Inc.*^(a)		8,356
	455	Sientra, Inc.*^(a)		11,430
	1,282	SIGA Technologies, Inc.*		10,551
	1,089	Simulations Plus, Inc.		22,706
	1,260	Sorrento Therapeutics, Inc.*^(a)		6,993
	184	Spark Therapeutics, Inc.*		11,336
	469	Spectrum Pharmaceuticals, Inc.*		10,098
	2,576	STAAR Surgical Co.*		122,875
	690	Stemline Therapeutics, Inc.*		11,799
	1,363	Supernus Pharmaceuticals, Inc.*		60,381
	980	Surgery Partners, Inc.*^(a)		17,003
	431	Surmodics, Inc.*		33,941
	1,231	Syneos Health, Inc.*		61,365
	226	Tabula Rasa HealthCare, Inc.*		19,813
	926	Tactile Systems Technology, Inc.*^(a)		62,662
	1,405	Tandem Diabetes Care, Inc.*		64,194
	480	Teladoc Health, Inc.*		37,224
	1,073	Tenet Healthcare Corp.*		36,182
	665	TG Therapeutics, Inc.*		8,446
	529	Tivity Health, Inc.*		18,198
	867	TransEnterix, Inc.*^(a)		5,029

Common Stocks – (continued)
Health Care – (continued)
	1,525	Triple-S Management Corp., Class B (Puerto Rico)*		33,199
	245	US Physical Therapy, Inc.		30,686
	112	Utah Medical Products, Inc.		10,175
	3,107	Vanda Pharmaceuticals, Inc.*		60,043
	557	Varex Imaging Corp.*		17,490
	2,360	Veracyte, Inc.*		29,830
	1,072	Verastem, Inc.*		10,677
	3,752	Vericel Corp.*		45,774
	738	Viking Therapeutics, Inc.*		9,646
	1,559	Vital Therapies, Inc.*^(a)		12,550
	1,060	Vocera Communications, Inc.*		35,150
	429	Voyager Therapeutics, Inc.*		9,326
	183	WaVe Life Sciences Ltd.*^(a)		9,754
	602	Wright Medical Group NV*^(a)		17,446
	863	Xencor, Inc.*		36,065
	582	XOMA Corp.*		10,901
	1,233	Zafgen, Inc.*		11,738
	290	Zogenix, Inc.*^(a)		14,007

				6,839,500

Industrials – 15.1%
	1,323	AAON, Inc.		53,449
	529	AAR Corp.		24,688
	672	ABM Industries, Inc.		21,316
	2,341	Acacia Research Corp.*		9,130
	1,584	ACCO Brands Corp.		19,642
	748	Actuant Corp., Class A		22,029
	626	Advanced Disposal Services, Inc.*		16,702
	785	Advanced Drainage Systems, Inc.		24,610
	775	Aegion Corp.*		19,344
	1,154	Aerojet Rocketdyne Holdings, Inc.*		40,517
	256	Aerovironment, Inc.*		22,518
	379	Air Transport Services Group, Inc.*		7,713
	328	Alamo Group, Inc.		31,258
	300	Albany International Corp., Class A		23,145
	204	Allegiant Travel Co.		27,795
	660	Allied Motion Technologies, Inc.		32,234
	566	Altra Industrial Motion Corp.		22,102
	214	American Woodmark Corp.*		18,179
	836	Apogee Enterprises, Inc.		41,148
	1,248	Applied Industrial Technologies, Inc.		96,158
	1,010	ArcBest Corp.		48,581
	1,129	ASGN, Inc.*		104,534
	221	Astec Industries, Inc.		10,752
	1,281	Atkore International Group, Inc.*		35,074
	154	Atlas Air Worldwide Holdings, Inc.*		9,379
	961	Avis Budget Group, Inc.*		29,897
	1,700	Axon Enterprise, Inc.*		116,042
	201	AZZ, Inc.		10,804
	904	Barnes Group, Inc.		61,526
	327	Barrett Business Services, Inc.		24,535
	1,209	Beacon Roofing Supply, Inc.*		44,830
	691	BG Staffing, Inc.		16,833
	1,181	Blue Bird Corp.*		27,104
	771	BlueLinx Holdings, Inc.*		27,702


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

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

Schedule of Investments (continued)

August 31, 2018


Shares		Description	Value
Common Stocks – (continued)
Industrials – (continued)
	2,918	BMC Stock Holdings, Inc.*	$	65,655
	1,305	Brady Corp., Class A		52,787
	521	Briggs & Stratton Corp.		10,503
	625	Brink’s Co. (The)		46,937
	3,392	Builders FirstSource, Inc.*		52,983
	1,162	Caesarstone Ltd.		22,020
	1,023	Casella Waste Systems, Inc., Class A*		29,033
	2,005	CBIZ, Inc.*		47,919
	60	CECO Environmental Corp.		506
	528	Chart Industries, Inc.*		39,890
	635	Cimpress NV (Netherlands)*		88,900
	768	Columbus McKinnon Corp.		32,663
	1,254	Comfort Systems USA, Inc.		71,980
	1,651	Commercial Vehicle Group, Inc.*		16,114
	741	Continental Building Products, Inc.*		27,639
	2,379	Costamare, Inc. (Monaco)		16,724
	1,052	Covanta Holding Corp.		18,568
	280	Covenant Transportation Group, Inc., Class A*		8,364
	541	CRA International, Inc.		30,924
	308	CSW Industrials, Inc.*		17,248
	401	Cubic Corp.		30,356
	1,061	Daseke, Inc.*^(a)		9,538
	1,029	Deluxe Corp.		60,937
	485	DMC Global, Inc.		19,036
	523	Douglas Dynamics, Inc.		23,953
	435	Ducommun, Inc.*		17,700
	1,227	DXP Enterprises, Inc.*		56,307
	524	Dycom Industries, Inc.*		43,969
	553	Eastern Co. (The)		16,313
	2,087	Echo Global Logistics, Inc.*		69,288
	1,109	EMCOR Group, Inc.		88,831
	372	Encore Wire Corp.		18,693
	711	EnerSys		59,006
	457	Engility Holdings, Inc.*		15,862
	156	Ennis, Inc.		3,401
	3,014	Enphase Energy, Inc.*^(a)		14,738
	290	EnPro Industries, Inc.		21,770
	318	EnviroStar, Inc.		15,025
	547	ESCO Technologies, Inc.		37,005
	1,352	Essendant, Inc.		19,509
	434	Esterline Technologies Corp.*		37,302
	447	Evoqua Water Technologies Corp.*		8,663
	535	Exponent, Inc.		28,007
	809	Federal Signal Corp.		21,058
	565	Forrester Research, Inc.		27,798
	1,028	Forward Air Corp.		66,059
	968	Franklin Covey Co.*		24,781
	591	Franklin Electric Co, Inc.		28,900
	718	FreightCar America, Inc.*		12,141
	722	FTI Consulting, Inc.*		55,031
	5,538	FuelCell Energy, Inc.*		6,479
	247	GATX Corp.		20,859
	727	Genco Shipping & Trading Ltd.*		9,982
	458	Gencor Industries, Inc.*		5,908
	928	Generac Holdings, Inc.*		51,495

Common Stocks – (continued)
Industrials – (continued)
	770	General Finance Corp.*		10,511
	527	Gibraltar Industries, Inc.*		23,926
	420	Global Brass & Copper Holdings, Inc.		16,191
	1,983	GMS, Inc.*		49,278
	363	Gorman-Rupp Co. (The)		13,308
	174	Graham Corp.		4,839
	240	Granite Construction, Inc.		10,963
	616	Greenbrier Cos, Inc. (The)		35,728
	887	H&E Equipment Services, Inc.		30,876
	1,231	Harsco Corp.*		34,776
	1,285	Hawaiian Holdings, Inc.		53,328
	120	HC2 Holdings, Inc.*		752
	1,109	Healthcare Services Group, Inc.		45,702
	482	Heartland Express, Inc.		9,857
	246	Heidrick & Struggles International, Inc.		10,873
	152	Herc Holdings, Inc.*		7,992
	631	Heritage-Crystal Clean, Inc.*		14,702
	1,698	Herman Miller, Inc.		65,033
	504	Hertz Global Holdings, Inc.*		8,875
	1,162	Hillenbrand, Inc.		59,436
	1,012	HNI Corp.		44,629
	923	Hub Group, Inc., Class A*		48,781
	447	Hurco Cos, Inc.		19,176
	456	Huron Consulting Group, Inc.*		22,572
	240	Hyster-Yale Materials Handling, Inc.		14,808
	599	ICF International, Inc.		48,908
	849	IES Holdings, Inc.*		16,258
	2,209	InnerWorkings, Inc.*		17,274
	830	Insperity, Inc.		99,476
	1,622	Interface, Inc.		38,198
	496	JELD-WEN Holding, Inc.*		12,063
	560	John Bean Technologies Corp.		66,248
	405	Kadant, Inc.		40,925
	795	Kaman Corp.		51,842
	1,707	KBR, Inc.		35,813
	1,053	Kelly Services, Inc., Class A		26,546
	1,107	Kennametal, Inc.		45,210
	1,110	KeyW Holding Corp. (The)*		9,446
	1,758	Kforce, Inc.		73,924
	2,955	Kimball International, Inc., Class B		51,624
	925	KLX, Inc.*		68,302
	1,012	Knoll, Inc.		23,822
	680	Korn/Ferry International		45,648
	951	Kratos Defense & Security Solutions, Inc.*^(a)		12,705
	642	Lawson Products, Inc.*		21,635
	830	LB Foster Co., Class A*		18,883
	203	Lindsay Corp.		19,441
	898	LSC Communications, Inc.		10,983
	395	Lydall, Inc.*		16,906
	767	Manitex International, Inc.*		8,115
	476	Marten Transport Ltd.		10,496
	306	Masonite International Corp.*		20,487
	840	MasTec, Inc.*		36,792
	237	Matson, Inc.		8,854
	406	Matthews International Corp., Class A		21,071


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

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


Shares		Description	Value
Common Stocks – (continued)
Industrials – (continued)
	692	Maxar Technologies Ltd.	$	21,487
	237	McGrath RentCorp		13,746
	1,491	Meritor, Inc.*		32,295
	833	Milacron Holdings Corp.*		17,660
	102	Miller Industries, Inc.		2,938
	654	Mistras Group, Inc.*		14,918
	425	Mobile Mini, Inc.		18,233
	419	Moog, Inc., Class A		33,063
	1,002	MRC Global, Inc.*		20,651
	629	MSA Safety, Inc.		63,586
	345	Mueller Industries, Inc.		11,030
	223	Multi-Color Corp.		13,770
	356	MYR Group, Inc.*		12,378
	152	National Presto Industries, Inc.		20,155
	942	Navigant Consulting, Inc.*		22,504
	350	Navistar International Corp.*		15,250
	1,809	NCI Building Systems, Inc.*		30,572
	1,950	Nexeo Solutions, Inc.*		19,520
	510	Northwest Pipe Co.*		9,211
	1,278	NOW, Inc.*		21,969
	741	NV5 Global, Inc.*		65,541
	290	Omega Flex, Inc.		25,738
	2,057	Orion Group Holdings, Inc.*		17,731
	222	PAM Transportation Services, Inc.*		12,936
	296	Park-Ohio Holdings Corp.		12,269
	439	Patrick Industries, Inc.*		28,096
	1,939	PGT Innovations, Inc.*		47,118
	958	PICO Holdings, Inc.*		11,448
	957	Pitney Bowes, Inc.		6,948
	503	Powell Industries, Inc.		19,692
	304	Preformed Line Products Co.		24,837
	712	Primoris Services Corp.		17,843
	578	Proto Labs, Inc.*		89,850
	564	Quad/Graphics, Inc.		12,842
	715	Quanex Building Products Corp.		11,726
	3,729	Radiant Logistics, Inc.*		16,221
	848	Raven Industries, Inc.		41,043
	269	RBC Bearings, Inc.*		40,299
	278	Reis, Inc.		6,408
	2,355	Resources Connection, Inc.		38,975
	1,207	Rexnord Corp.*		35,039
	911	Rush Enterprises, Inc., Class A		39,137
	459	Rush Enterprises, Inc., Class B		20,334
	3,602	Safe Bulkers, Inc. (Greece)*		10,050
	340	Saia, Inc.*		26,945
	992	Simpson Manufacturing Co., Inc.		76,156
	1,173	SiteOne Landscape Supply, Inc.*		106,004
	584	SkyWest, Inc.		38,135
	691	SP Plus Corp.*		26,880
	957	Spartan Motors, Inc.		13,829
	776	Sparton Corp.*		9,910
	505	SPX Corp.*		17,165
	603	SPX FLOW, Inc.*		28,908
	222	Standex International Corp.		23,954
	2,809	Steelcase, Inc., Class A		41,011
	309	Sterling Construction Co., Inc.*		4,496

Common Stocks – (continued)
Industrials – (continued)
	283	Sun Hydraulics Corp.		14,246
	665	Sunrun, Inc.*		8,725
	1,114	Systemax, Inc.		40,661
	789	Tennant Co.		60,398
	1,086	Tetra Tech, Inc.		75,803
	968	Titan Machinery, Inc.*		17,482
	354	TPI Composites, Inc.*		9,923
	1,786	Trex Co., Inc.*		151,274
	896	TriMas Corp.*		27,507
	677	TriNet Group, Inc.*		39,990
	337	Triton International Ltd. (Bermuda)		12,732
	2,109	TrueBlue, Inc.*		61,794
	554	Tutor Perini Corp.*		11,274
	850	Twin Disc, Inc.*		21,718
	264	UniFirst Corp.		48,893
	1,204	Universal Forest Products, Inc.		45,102
	149	US Ecology, Inc.		10,840
	806	USA Truck, Inc.*		17,659
	635	Vectrus, Inc.*		20,841
	1,160	Veritiv Corp.*		55,390
	507	Viad Corp.		31,231
	1,533	Vicor Corp.*		95,736
	248	VSE Corp.		9,568
	1,479	Wabash National Corp.		26,977
	221	WageWorks, Inc.*		11,824
	667	Watts Water Technologies, Inc., Class A		54,994
	591	Werner Enterprises, Inc.		21,897
	836	Wesco Aircraft Holdings, Inc.*		10,157
	763	Willdan Group, Inc.*		23,935
	187	Willis Lease Finance Corp.*		6,410
	510	Woodward, Inc.		41,086

				7,085,651

Information Technology – 15.2%
	1,017	3D Systems Corp.*^(a)		20,696
	2,086	8x8, Inc.*		47,352
	3,167	A10 Networks, Inc.*		22,074
	304	Acacia Communications, Inc.*		12,394
	1,086	ACI Worldwide, Inc.*		30,853
	1,420	Acxiom Corp.*		64,880
	1,844	Adesto Technologies Corp.*^(a)		11,156
	1,312	ADTRAN, Inc.		22,566
	890	Advanced Energy Industries, Inc.*		53,026
	3,187	Aerohive Networks, Inc.*		13,449
	815	Agilysys, Inc.*		13,097
	728	Alarm.com Holdings, Inc.*		40,979
	254	Altair Engineering, Inc., Class A*		10,610
	340	Alteryx, Inc., Class A*^(a)		19,737
	683	Ambarella, Inc.*		26,166
	1,113	American Software, Inc., Class A		20,012
	3,183	Amkor Technology, Inc.*		27,788
	700	Anixter International, Inc.*		50,470
	810	Appfolio, Inc., Class A*		69,174
	390	Applied Optoelectronics, Inc.*^(a)		16,130
	808	Apptio, Inc., Class A*		31,350
	1,441	Aquantia Corp.*		18,214


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

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

Schedule of Investments (continued)

August 31, 2018


Shares		Description	Value
Common Stocks – (continued)
Information Technology – (continued)
	1,937	Avaya Holdings Corp.*	$	45,248
	2,800	Avid Technology, Inc.*		16,576
	1,106	AVX Corp.		23,392
	507	Axcelis Technologies, Inc.*		10,241
	740	Badger Meter, Inc.		40,663
	546	Bel Fuse, Inc., Class B		15,643
	482	Belden, Inc.		35,051
	1,349	Benchmark Electronics, Inc.		34,872
	485	Blackbaud, Inc.		50,717
	187	Blackline, Inc.*		9,866
	471	Bottomline Technologies de, Inc.*		31,072
	2,515	Box, Inc., Class A*		61,768
	2,854	Brightcove, Inc.*		23,403
	1,127	Brooks Automation, Inc.		44,415
	470	Cabot Microelectronics Corp.		52,983
	533	CACI International, Inc., Class A*		103,935
	531	CalAmp Corp.*		12,479
	3,411	Calix, Inc.*		26,606
	269	Carbon Black, Inc.*		6,814
	1,042	Carbonite, Inc.*		43,295
	365	Cardlytics, Inc.*		7,442
	864	Cardtronics PLC, Class A*		30,318
	1,088	Care.com, Inc.*		21,140
	1,144	Cargurus, Inc., Class A*		56,422
	440	Cars.com, Inc.*		11,840
	1,243	Casa Systems, Inc.*		18,260
	227	Cass Information Systems, Inc.		16,237
	293	CEVA, Inc.*		8,966
	1,456	ChannelAdvisor Corp.*		19,001
	2,466	Ciena Corp.*		77,876
	1,889	Cirrus Logic, Inc.*		83,022
	605	Cision Ltd*		10,957
	1,078	Clearfield, Inc.*^(a)		14,715
	1,147	Cloudera, Inc.*		17,217
	657	Cohu, Inc.		17,332
	953	CommVault Systems, Inc.*		66,377
	644	Comtech Telecommunications Corp.		23,087
	1,861	Control4 Corp.*		60,315
	2,328	Convergys Corp.		57,571
	703	Cornerstone OnDemand, Inc.*		39,762
	509	Coupa Software, Inc.*		36,500
	353	Cray, Inc.*		7,660
	1,468	Cree, Inc.*		70,626
	1,000	CSG Systems International, Inc.		37,350
	610	CTS Corp.		22,540
	2,350	Daktronics, Inc.		19,059
	1,369	Digi International, Inc.*		18,413
	1,239	Diodes, Inc.*		46,983
	174	Ebix, Inc.		13,859
	1,799	eGain Corp.*		25,726
	1,387	Electro Scientific Industries, Inc.*		30,445
	776	Electronics For Imaging, Inc.*		26,997
	322	Ellie Mae, Inc.*		33,929
	2,716	Entegris, Inc.		92,072
	345	Envestnet, Inc.*		21,804
	392	ePlus, Inc.*		40,631

Common Stocks – (continued)
Information Technology – (continued)
	1,322	Etsy, Inc.*		64,368
	640	Everbridge, Inc.*		38,534
	1,568	Everi Holdings, Inc.*		13,595
	1,207	EVERTEC, Inc. (Puerto Rico)		29,028
	1,789	Exela Technologies, Inc.*		10,698
	563	ExlService Holdings, Inc.*		36,077
	4,779	Extreme Networks, Inc.*		29,964
	248	Fabrinet (Thailand)*		11,872
	513	FARO Technologies, Inc.*		34,987
	1,489	Finisar Corp.*		30,376
	3,090	Fitbit, Inc., Class A*		18,602
	1,842	Five9, Inc.*		88,508
	505	ForeScout Technologies, Inc.*		18,215
	1,295	FormFactor, Inc.*		20,008
	4,298	Glu Mobile, Inc.*		33,095
	455	GTT Communications, Inc.*^(a)		19,588
	2,021	Hackett Group, Inc. (The)		41,370
	1,602	Hortonworks, Inc.*		35,757
	639	HubSpot, Inc.*		91,824
	626	Ichor Holdings Ltd.*^(a)		16,232
	635	II-VI, Inc.*		31,591
	487	Imperva, Inc.*		22,962
	1,068	Impinj, Inc.*^(a)		22,941
	925	Infinera Corp.*		8,279
	3,234	Information Services Group, Inc.*		16,008
	450	Insight Enterprises, Inc.*		24,813
	1,236	Instructure, Inc.*^(a)		50,614
	2,097	Integrated Device Technology, Inc.*		89,102
	508	InterDigital, Inc.		41,961
	2,373	Iteris, Inc.*		12,221
	571	Itron, Inc.*		37,914
	616	j2 Global, Inc.		50,863
	1,556	KEMET Corp.*		40,207
	1,199	Kimball Electronics, Inc.*		23,740
	1,333	Knowles Corp.*		24,167
	1,556	KVH Industries, Inc.*		19,372
	568	Lattice Semiconductor Corp.*		4,652
	1,165	Leaf Group Ltd.*		12,873
	1,462	Liquidity Services, Inc.*		10,526
	1,919	LivePerson, Inc.*		51,621
	598	Lumentum Holdings, Inc.*^(a)		40,604
	779	ManTech International Corp., Class A		51,663
	1,351	MAXIMUS, Inc.		89,842
	994	MaxLinear, Inc.*		19,164
	320	Maxwell Technologies, Inc.*		1,142
	5,950	Meet Group, Inc. (The)*		30,345
	94	Mesa Laboratories, Inc.		18,871
	780	Methode Electronics, Inc.		30,927
	265	MicroStrategy, Inc., Class A*		39,485
	1,267	MINDBODY, Inc., Class A*		47,006
	1,636	Mitek Systems, Inc.*		11,861
	4,407	MobileIron, Inc.*		21,594
	835	Model N, Inc.*		14,195
	422	MTS Systems Corp.		22,830
	1,169	Nanometrics, Inc.*		51,214
	1,185	Napco Security Technologies, Inc.*		17,894


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

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


Shares		Description	Value
Common Stocks – (continued)
Information Technology – (continued)
	571	NETGEAR, Inc.*	$	40,455
	1,660	NetScout Systems, Inc.*		41,500
	834	New Relic, Inc.*		85,702
	1,601	NIC, Inc.		26,897
	605	Novanta, Inc.*		46,343
	155	NVE Corp.		17,620
	2,240	Oclaro, Inc.*		21,370
	963	OneSpan, Inc.*		18,056
	316	OSI Systems, Inc.*		24,613
	2,803	Pandora Media, Inc.*		25,900
	1,160	PAR Technology Corp.*		29,789
	468	Park Electrochemical Corp.		10,006
	172	Paylocity Holding Corp.*		13,664
	1,153	PC Connection, Inc.		45,774
	1,592	Perficient, Inc.*		45,738
	2,124	Perspecta, Inc.		49,404
	1,548	PFSweb, Inc.*		13,328
	1,314	Photronics, Inc.*		14,060
	852	Plantronics, Inc.		57,271
	815	Plexus Corp.*		51,581
	474	Power Integrations, Inc.		34,768
	638	Presidio, Inc.*		9,647
	2,099	PRGX Global, Inc.*		20,045
	1,054	Progress Software Corp.		43,140
	514	PROS Holdings, Inc.*		18,956
	662	Q2 Holdings, Inc.*		41,243
	520	QAD, Inc., Class A		31,538
	454	Qualys, Inc.*		41,337
	956	Quantenna Communications, Inc.*		17,466
	2,944	QuinStreet, Inc.*		44,661
	1,038	Quotient Technology, Inc.*		15,518
	3,333	Rambus, Inc.*		40,729
	926	Rapid7, Inc.*		35,327
	2,657	Remark Holdings, Inc.*^(a)		9,353
	4,104	Ribbon Communications, Inc.*		28,400
	308	Rogers Corp.*		42,526
	2,008	Rosetta Stone, Inc.*		31,726
	1,315	Rudolph Technologies, Inc.*		36,557
	337	SailPoint Technologies Holding, Inc.*		10,423
	1,355	Sanmina Corp.*		41,734
	643	ScanSource, Inc.*		26,138
	896	Science Applications International Corp.		80,837
	792	Semtech Corp.*		47,322
	223	ShotSpotter, Inc.*		12,720
	504	Shutterstock, Inc.		27,740
	552	Silicon Laboratories, Inc.*		54,096
	298	SMART Global Holdings, Inc.*		9,831
	257	SPS Commerce, Inc.*		25,255
	287	Stamps.com, Inc.*		71,305
	449	Stratasys Ltd.*		11,203
	1,276	Sykes Enterprises, Inc.*		38,586
	1,041	Synaptics, Inc.*		50,239
	241	SYNNEX Corp.		23,370
	1,283	Syntel, Inc.*		52,269
	438	Tech Data Corp.*		31,865
	1,369	TechTarget, Inc.*		32,842

Common Stocks – (continued)
Information Technology – (continued)
	2,109	Telaria, Inc.*		8,668
	474	Telenav, Inc.*		2,654
	1,608	TiVo Corp.		21,949
	309	Trade Desk, Inc. (The), Class A*		43,841
	2,634	Travelport Worldwide Ltd.		48,913
	2,310	TrueCar, Inc.*		29,707
	729	TTEC Holdings, Inc.		19,100
	2,149	TTM Technologies, Inc.*		40,186
	203	Tucows, Inc., Class A*^(a)		11,886
	909	Ultra Clean Holdings, Inc.*		13,871
	1,559	Unisys Corp.*		28,997
	420	Upland Software, Inc.*		15,632
	659	USA Technologies, Inc.*		10,709
	1,069	Varonis Systems, Inc.*		78,999
	1,121	Verint Systems, Inc.*		54,425
	378	ViaSat, Inc.*^(a)		23,746
	1,786	Viavi Solutions, Inc.*		20,003
	484	Virtusa Corp.*		28,198
	2,905	Vishay Intertechnology, Inc.		69,139
	738	Vishay Precision Group, Inc.*		31,955
	1,167	Web.com Group, Inc.*		32,618
	1,592	Workiva, Inc.*		58,665
	3,332	Xcerra Corp.*		48,247
	1,790	XO Group, Inc.*		53,807
	842	Xperi Corp.		13,219
	1,724	Yelp, Inc.*		81,235
	1,562	Yext, Inc.*		38,831
	3,532	Zix Corp.*		19,603
	227	Zscaler, Inc.*^(a)		9,713

				7,149,724

Materials – 4.1%
	473	AdvanSix, Inc.*		16,006
	2,091	AgroFresh Solutions, Inc.*		13,905
	2,669	AK Steel Holding Corp.*^(a)		11,850
	763	Allegheny Technologies, Inc.*		20,624
	1,373	American Vanguard Corp.		30,069
	406	Balchem Corp.		45,021
	1,457	Boise Cascade Co.		63,671
	470	Carpenter Technology Corp.		28,045
	570	Century Aluminum Co.*		7,193
	478	Chase Corp.		59,248
	4,253	Cleveland-Cliffs, Inc.*		42,743
	1,772	Coeur Mining, Inc.*^(a)		10,065
	964	Commercial Metals Co.		20,822
	213	Compass Minerals International, Inc.		13,323
	1,313	Ferro Corp.*		28,820
	904	Forterra, Inc.*		7,648
	717	FutureFuel Corp.		10,633
	1,341	GCP Applied Technologies, Inc.*		33,793
	4,064	Gold Resource Corp.		20,970
	357	Greif, Inc., Class A		19,699
	62	Greif, Inc., Class B		3,525
	229	Haynes International, Inc.		9,023
	648	HB Fuller Co.		36,930
	5,827	Hecla Mining Co.		16,549


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

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

Schedule of Investments (continued)

August 31, 2018


Shares		Description	Value
Common Stocks – (continued)
Materials – (continued)
	1,023	Ingevity Corp.*	$	103,333
	381	Innophos Holdings, Inc.		16,653
	562	Innospec, Inc.		43,611
	2,008	Intrepid Potash, Inc.*		6,827
	215	Kaiser Aluminum Corp.		23,562
	1,596	KapStone Paper and Packaging Corp.		54,823
	750	KMG Chemicals, Inc.		58,110
	264	Koppers Holdings, Inc.*		9,359
	627	Kraton Corp.*		29,488
	548	Kronos Worldwide, Inc.		11,031
	3,150	Louisiana-Pacific Corp.		91,854
	5,051	Marrone Bio Innovations, Inc.*		10,531
	711	Materion Corp.		45,362
	580	Minerals Technologies, Inc.		38,947
	2,527	Myers Industries, Inc.		56,226
	234	Neenah, Inc.		21,352
	917	Olympic Steel, Inc.		20,211
	1,745	OMNOVA Solutions, Inc.*		15,792
	1,883	PolyOne Corp.		79,576
	441	Quaker Chemical Corp.		79,442
	802	Rayonier Advanced Materials, Inc.		16,762
	1,594	Ryerson Holding Corp.*		16,578
	834	Schnitzer Steel Industries, Inc., Class A		21,976
	511	Schweitzer-Mauduit International, Inc.		20,793
	634	Sensient Technologies Corp.		45,027
	499	Stepan Co.		44,516
	1,052	Summit Materials, Inc., Class A*		22,376
	1,938	SunCoke Energy, Inc.*		21,628
	446	Synalloy Corp.		10,236
	655	TimkenSteel Corp.*^(a)		9,177
	703	Trecora Resources*		9,842
	891	Trinseo SA		68,741
	1,885	Tronox Ltd., Class A		30,518
	644	UFP Technologies, Inc.*		22,701
	196	United States Lime & Minerals, Inc.		14,874
	375	Universal Stainless & Alloy Products, Inc.*		11,355
	162	US Concrete, Inc.*^(a)		7,808
	2,521	Valhi, Inc.		8,319
	1,012	Verso Corp., Class A*		31,767
	2,205	Warrior Met Coal, Inc.		53,030
	645	Worthington Industries, Inc.		30,044

				1,904,333

Real Estate – 6.9%
	698	Acadia Realty Trust REIT		19,907
	406	Agree Realty Corp. REIT		23,170
	1,052	Alexander & Baldwin, Inc. REIT		24,690
	40	Alexander’s, Inc. REIT		14,437
	1,015	Altisource Portfolio Solutions SA*		36,692
	427	American Assets Trust, Inc. REIT		16,866
	716	Armada Hoffler Properties, Inc. REIT		11,162
	3,804	Ashford Hospitality Trust, Inc. REIT		24,688
	2,597	Braemar Hotels & Resorts, Inc. REIT		29,995
	829	BRT Apartments Corp. REIT		10,669
	1,415	CareTrust REIT, Inc. REIT		26,107

Common Stocks – (continued)
Real Estate – (continued)
	885	CatchMark Timber Trust, Inc., Class A REIT		11,098
	4,084	CBL & Associates Properties, Inc. REIT		18,215
	4,608	Cedar Realty Trust, Inc. REIT		20,598
	1,533	Chatham Lodging Trust REIT		32,883
	1,705	Chesapeake Lodging Trust REIT		56,112
	811	City Office REIT, Inc. REIT		10,470
	361	Clipper Realty, Inc. REIT		4,404
	568	Community Healthcare Trust, Inc. REIT		17,625
	351	Consolidated-Tomoka Land Co.		22,036
	2,185	CoreCivic, Inc. REIT		56,570
	620	CorEnergy Infrastructure Trust, Inc. REIT^(a)		23,207
	906	CorePoint Lodging, Inc. REIT		18,890
	10,396	Cousins Properties, Inc. REIT		97,203
	4,484	DiamondRock Hospitality Co. REIT		53,629
	775	Easterly Government Properties, Inc. REIT		15,694
	554	EastGroup Properties, Inc. REIT		53,888
	463	Education Realty Trust, Inc. REIT		19,159
	1,597	First Industrial Realty Trust, Inc. REIT		51,839
	1,049	Forestar Group, Inc.*		26,959
	1,448	Four Corners Property Trust, Inc. REIT		39,009
	1,318	Franklin Street Properties Corp. REIT		11,295
	1,375	Front Yard Residential Corp. REIT		16,803
	355	FRP Holdings, Inc.*		23,181
	2,229	GEO Group, Inc. (The) REIT		56,550
	806	Getty Realty Corp. REIT		23,463
	893	Gladstone Commercial Corp. REIT		17,780
	525	Global Net Lease, Inc. REIT		11,387
	979	Government Properties Income Trust REIT		16,555
	2,140	Gramercy Property Trust REIT		58,529
	1,482	Healthcare Realty Trust, Inc. REIT		45,883
	1,269	Hersha Hospitality Trust REIT		29,948
	939	HFF, Inc., Class A		42,640
	1,704	Independence Realty Trust, Inc. REIT		17,602
	675	Industrial Logistics Properties Trust REIT		16,247
	1,813	InfraREIT, Inc. REIT		37,874
	263	Innovative Industrial Properties, Inc., Class A REIT		11,940
	1,840	iStar, Inc. REIT		20,590
	619	Jernigan Capital, Inc. REIT		12,386
	1,304	Kennedy-Wilson Holdings, Inc.		27,971
	1,709	Kite Realty Group Trust REIT		29,873
	2,909	LaSalle Hotel Properties REIT		102,135
	1,917	Lexington Realty Trust REIT		17,905
	591	LTC Properties, Inc. REIT		27,452
	1,464	Mack-Cali Realty Corp. REIT		31,974
	1,979	Marcus & Millichap, Inc.*		72,055
	472	Maui Land & Pineapple Co., Inc.*		5,994
	1,001	MedEquities Realty Trust, Inc. REIT		10,721
	1,343	Monmouth Real Estate Investment Corp. REIT		23,355
	644	National Health Investors, Inc. REIT		51,037
	1,692	National Storage Affiliates Trust REIT		47,985
	1,961	New Senior Investment Group, Inc. REIT		12,433
	635	Newmark Group, Inc., Class A		8,160


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

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


Shares		Description	Value
Common Stocks – (continued)
Real Estate – (continued)
	666	NexPoint Residential Trust, Inc. REIT	$	21,512
	1,290	NorthStar Realty Europe Corp. REIT		17,699
	412	One Liberty Properties, Inc. REIT		11,861
	1,428	Pebblebrook Hotel Trust REIT		55,135
	2,685	Pennsylvania Real Estate Investment Trust REIT		27,387
	1,892	Physicians Realty Trust REIT		33,091
	817	Piedmont Office Realty Trust, Inc., Class A REIT		16,209
	1,465	PotlatchDeltic Corp. REIT		70,760
	1,303	Preferred Apartment Communities, Inc., Class A REIT		23,219
	376	PS Business Parks, Inc. REIT		49,042
	730	QTS Realty Trust, Inc., Class A REIT		33,383
	2,273	Ramco-Gershenson Properties Trust REIT		31,731
	1,001	RE/MAX Holdings, Inc., Class A		49,299
	4,412	Redfin Corp.*^(a)		87,402
	750	Retail Opportunity Investments Corp. REIT		14,805
	1,045	Rexford Industrial Realty, Inc. REIT		33,963
	3,334	RLJ Lodging Trust REIT		73,048
	700	RMR Group, Inc. (The), Class A		66,115
	876	Ryman Hospitality Properties, Inc. REIT		77,727
	3,344	Sabra Health Care REIT, Inc. REIT		78,852
	185	Saul Centers, Inc. REIT		11,100
	916	Select Income REIT		18,824
	476	Seritage Growth Properties, Class A REIT^(a)		24,504
	557	St Joe Co. (The)*		9,580
	1,299	STAG Industrial, Inc. REIT		37,502
	3,015	Summit Hotel Properties, Inc. REIT		41,396
	5,549	Sunstone Hotel Investors, Inc. REIT		93,112
	942	Tanger Factory Outlet Centers, Inc. REIT		22,665
	363	Tejon Ranch Co.*		8,069
	861	Terreno Realty Corp. REIT		33,071
	1,085	Tier REIT, Inc. REIT		25,866
	1,036	UMH Properties, Inc. REIT		16,535
	281	Universal Health Realty Income Trust REIT		21,426
	1,162	Urban Edge Properties REIT		26,563
	532	Urstadt Biddle Properties, Inc., Class A REIT		12,103
	3,678	Washington Prime Group, Inc. REIT		28,468
	983	Washington Real Estate Investment Trust REIT		31,023
	756	Whitestone REIT		10,312
	2,317	Xenia Hotels & Resorts, Inc. REIT		56,210

				3,228,143

Telecommunication Services – 0.7%
	867	Boingo Wireless, Inc.*		28,680
	1,249	Cincinnati Bell, Inc.*		16,237
	728	Cogent Communications Holdings, Inc.		39,822
	728	Consolidated Communications Holdings, Inc.		8,598
	2,574	Frontier Communications Corp.		13,385

Common Stocks – (continued)
Telecommunication Services – (continued)
	525	Intelsat S.A.*		11,534
	540	Iridium Communications, Inc.*		10,935
	2,937	NII Holdings, Inc.*		16,859
	968	Ooma, Inc.*		15,488
	275	Shenandoah Telecommunications Co.		10,491
	1,083	Spok Holdings, Inc.		16,624
	10,261	Vonage Holdings Corp.*		145,501
	1,299	Windstream Holdings, Inc.*		6,118

				340,272

Utilities – 3.3%
	1,076	ALLETE, Inc.		80,786
	1,033	American States Water Co.		62,424
	1,111	AquaVenture Holdings Ltd.*		20,198
	254	Artesian Resources Corp., Class A		9,126
	11,302	Atlantic Power Corp.*		24,864
	1,279	Avista Corp.		65,625
	1,154	Black Hills Corp.		67,913
	798	Cadiz, Inc.*^(a)		7,661
	763	California Water Service Group		31,397
	406	Chesapeake Utilities Corp.		34,916
	176	Connecticut Water Service, Inc.		12,058
	1,455	Consolidated Water Co. Ltd. (Cayman Islands)		19,643
	804	El Paso Electric Co.		49,285
	953	IDACORP, Inc.		93,251
	695	MGE Energy, Inc.		45,488
	1,562	New Jersey Resources Corp.		71,227
	512	Northwest Natural Gas Co.		33,229
	942	NorthWestern Corp.		56,482
	2,754	NRG Yield, Inc., Class A		54,226
	3,207	NRG Yield, Inc., Class C		63,659
	987	ONE Gas, Inc.		77,509
	959	Ormat Technologies, Inc.		50,491
	838	Otter Tail Corp.		40,140
	1,437	Pattern Energy Group, Inc., Class A		29,286
	1,653	PNM Resources, Inc.		64,384
	1,817	Portland General Electric Co.		84,309
	1,514	Pure Cycle Corp.*		17,033
	520	RGC Resources, Inc.		14,004
	376	SJW Group		21,774
	1,356	South Jersey Industries, Inc.		44,992
	949	Southwest Gas Holdings, Inc.		73,377
	1,151	Spark Energy, Inc., Class A		10,129
	870	Spire, Inc.		64,859
	1,942	TerraForm Power, Inc., Class A		21,712
	486	Unitil Corp.		24,567
	388	York Water Co. (The)		11,679

				1,553,703

	TOTAL COMMON STOCKS
	(Cost $42,760,128)		$	46,600,450


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

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

Schedule of Investments (continued)

August 31, 2018


Units		Description	Value
Rights – 0.0%
Financials – 0.0%
	153	NewStar Financial, Inc. CVR*^(b)	$	75

Materials – 0.0%
	562	A Schulman, Inc. CVR*		1,074

	TOTAL RIGHTS
	(Cost $1,270)		$	1,149

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $42,761,398)		$	46,601,599


Shares		Distribution Rate	Value
Securities Lending Reinvestment Vehicle – 3.1%^(c)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	1,464,426	1.879%	$	1,464,426
	(Cost $1,464,426)

	TOTAL INVESTMENTS – 102.2%
	(Cost $44,225,824)		$	48,066,025

	LIABILITIES IN EXCESS OF OTHER ASSETS – (2.2)%			(1,051,925	)

	NET ASSETS – 100.0%		$	47,014,100


The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*		Non-income producing security.
(a)		All or a portion of security is on loan.
(b)		Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(c)		Represents an affiliated issuer.



Investment Abbreviations:
CVR		—Contingent Value Right
PLC		—Public Limited Company
REIT		—Real Estate Investment Trust


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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Statements of Assets and Liabilities

August 31, 2018


	ActiveBeta^® Emerging Markets Equity ETF			ActiveBeta^® Europe Equity ETF			ActiveBeta^® International Equity ETF			ActiveBeta^® Japan Equity ETF
Assets:
Investments at value (cost $1,429,723,675, $67,556,324, $1,005,426,941 and $42,976,122, respectively)^(a)	$	1,686,710,949		$	73,578,544		$	1,091,761,933		$	51,984,852
Investments in securities lending reinvestment vehicle, at value which equals cost		22,917,805			517,340			12,382,605			928,809
Cash		2,317,960			620,082			1,233,378			—
Foreign currency, at value (cost $16,478,029, $16,355, $186,655, and $375,285, respectively)		16,478,042			16,351			186,742			375,468
Receivables:
Investments sold		89,007,273			2,567,689			37,145,540			1,446,732
Dividends		3,192,204			146,532			2,240,588			65,043
Foreign tax reclaims		81,834			71,545			400,303			4,246
Securities lending income		18,850			593			6,138			298
Reimbursement from advisor		157,455			—			—			—
Other assets		21,303			—			—			—
Total assets		1,820,903,675			77,518,676			1,145,357,227			54,805,448

Liabilities:
Payables:
Upon return of securities loaned		22,917,805			517,340			12,382,605			928,809
Investments purchased		104,368,769			3,022,261			38,285,407			361,347
Foreign capital gains tax		4,068,963			—			—			—
Management fees		573,793			15,602			227,226			11,024
Due to custodian		—			—			—			726,629
Accrued expenses		434,214			—			—			—
Total liabilities		132,363,544			3,555,203			50,895,238			2,027,809

Net Assets:
Paid-in capital		1,464,695,326			68,987,626			1,017,742,040			43,969,271
Undistributed (distributions in excess of) net investment income		14,894,569			140,745			2,014,147			(137,957	)
Accumulated net realized loss		(43,840,938	)		(1,187,671	)		(11,632,550	)		(63,669	)
Net unrealized gain		252,791,174			6,022,773			86,338,352			9,009,994
NET ASSETS	$	1,688,540,131		$	73,963,473		$	1,094,461,989		$	52,777,639
SHARES ISSUED AND OUTSTANDING
Shares outstanding no par value (unlimited shares authorized):		51,200,000			2,400,000			37,200,000			1,600,000
Net asset value per share:		$32.98			$30.82			$29.42			$32.99

(a)

Includes loaned securities having a market value of $22,006,472, $472,946, $11,561,127 and $887,807.


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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Statements of Assets and Liabilities (continued)

August 31, 2018


	ActiveBeta^® U.S. Large Cap Equity ETF			ActiveBeta^® U.S. Small Cap Equity ETF
Assets:
Investments at value (cost $3,233,697,629 and $42,761,398, respectively)^(a)	$	3,968,965,544		$	46,601,599
Investments in securities lending reinvestment vehicle, at value which equals cost		165,999			1,464,426
Cash		4,667,427			385,839
Receivables:
Dividends		6,962,831			30,919
Investments sold		2,929,383			—
Securities lending income		147			3,277
Total assets		3,983,691,331			48,486,060

Liabilities:
Payables:
Upon return of securities loaned		165,999			1,464,426
Fund shares redeemed		2,937,358			—
Management fees		291,285			7,534
Total liabilities		3,394,642			1,471,960

Net Assets:
Paid-in capital		3,275,976,651			43,424,995
Undistributed net investment income		12,889,916			79,481
Accumulated net realized loss		(43,837,793	)		(330,577	)
Net unrealized gain		735,267,915			3,840,201
NET ASSETS	$	3,980,296,689		$	47,014,100
SHARES ISSUED AND OUTSTANDING
Shares outstanding no par value (unlimited shares authorized):		67,752,500			950,000
Net asset value per share:		$58.75			$49.49

(a)

Includes loaned securities having a market value of $164,522 and $1,436,446.


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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Statements of Operations

For the Fiscal Year Ended August 31, 2018


	ActiveBeta^® Emerging Markets Equity ETF			ActiveBeta^® Europe Equity ETF			ActiveBeta^® International Equity ETF			ActiveBeta^® Japan Equity ETF
Investment income:
Dividends (net of foreign withholding taxes of $5,467,700, $282,001, $2,607,306 and $108,798, respectively)	$	45,586,095		$	2,051,628		$	23,279,724		$	935,754
Securities lending income		173,431			22,225			214,147			7,556
Total investment income		45,759,526			2,073,853			23,493,871			943,310

Expenses:
Management fees		6,932,741			147,863			2,051,340			115,723
Custody, accounting and administrative services		1,416,002			—			—			—
Printing and mailing cost		129,183			—			—			—
Professional fees		116,927			—			—			—
Trustee fees		72,252			10,979			37,960			10,558
Registration fees		30,566			—			—			—
Other		121,102			301			2,351			6
Total expenses		8,818,773			159,143			2,091,651			126,287
Less — expense reductions		(1,021,164	)		—			—			—
Net expenses		7,797,609			159,143			2,091,651			126,287
NET INVESTMENT INCOME		37,961,917			1,914,710			21,402,220			817,023

Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments unaffiliated		(29,703,479	)		(1,078,470	)		(9,132,985	)		4,470
In-kind redemptions		16,893,651			—			4,982,916			—
Foreign currency transactions		(811,482	)		(8,723	)		(82,422	)		(10,406	)
Net change in unrealized gain (loss) on:
Investments unaffiliated (including the effects of the foreign capital gains tax liability of $4,068,963, $—, $— and $—, respectively)		(38,157,755	)		345,694			15,927,999			2,882,709
Foreign currency translations		(120,861	)		(1,497	)		(17,332	)		854
Net realized and unrealized gain (loss)		(51,899,926	)		(742,996	)		11,678,176			2,877,627
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(13,938,009	)		1,171,714			33,080,396			3,694,650


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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Statements of Operations (continued)

For the Fiscal Year Ended August 31, 2018


	ActiveBeta^® U.S. Large Cap Equity ETF			ActiveBeta^® U.S. Small Cap Equity ETF
Investment income:
Dividends (net of foreign withholding taxes of $— and $35, respectively)	$	55,745,666		$	272,418
Securities lending income		29,260			24,390
Total investment income		55,774,926			296,808

Expenses:
Management fees		2,573,611			31,994
Trustee fees		115,805			9,391
Total expenses		2,689,416			41,385
NET INVESTMENT INCOME		53,085,510			255,423

Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments unaffiliated		(27,075,850	)		(371,232	)
In-kind redemptions		65,843,448			929,046
Net change in unrealized gain on:
Investments unaffiliated		499,540,105			4,040,567
Net realized and unrealized gain		538,307,703			4,598,381
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		591,393,213			4,853,804


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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Statements of Changes in Net Assets


	ActiveBeta^® Emerging Markets Equity ETF						ActiveBeta^® Europe Equity ETF
	For the Fiscal Year Ended August 31, 2018			For the Fiscal Year Ended August 31, 2017			For the Fiscal Year Ended August 31, 2018			For the Fiscal Year Ended August 31, 2017
From operations:
Net investment income	$	37,961,917		$	23,113,439		$	1,914,710		$	935,931
Net realized gain (loss)		(13,621,310	)		27,382,713			(1,087,193	)		360,990
Net change in unrealized gain (loss)		(38,278,616	)		191,701,572			344,197			4,561,723
Net increase (decrease) in net assets resulting from operations		(13,938,009	)		242,197,724			1,171,714			5,858,644

Distributions to shareholders:
From net investment income		(32,143,026	)		(18,216,894	)		(1,905,353	)		(931,065	)
Total distributions to shareholders		(32,143,026	)		(18,216,894	)		(1,905,353	)		(931,065	)

From share transactions:
Proceeds from sales of shares		314,794,227			538,219,705			30,634,671			10,463,180
Cost of shares redeemed		(70,855,843	)		(134,905,814	)		—			(5,287,804	)
Net increase in net assets resulting from share transactions		243,938,384			403,313,891			30,634,671			5,175,376
TOTAL INCREASE		197,857,349			627,294,721			29,901,032			10,102,955

Net assets:
Beginning of year	$	1,490,682,782		$	863,388,061		$	44,062,441		$	33,959,486
End of year	$	1,688,540,131		$	1,490,682,782		$	73,963,473		$	44,062,441
Undistributed net investment income	$	14,894,569		$	9,818,288		$	140,745		$	138,949


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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Statements of Changes in Net Assets (continued)


	ActiveBeta^® International Equity ETF						ActiveBeta^® Japan Equity ETF
	For the Fiscal Year Ended August 31, 2018			For the Fiscal Year Ended August 31, 2017			For the Fiscal Year Ended August 31, 2018			For the Fiscal Year Ended August 31, 2017
From operations:
Net investment income	$	21,402,220		$	10,777,194		$	817,023		$	593,857
Net realized loss		(4,232,491	)		(1,216,679	)		(5,936	)		(25,970	)
Net change in unrealized gain		15,910,667			62,998,276			2,883,563			4,328,379
Net increase in net assets resulting from operations		33,080,396			72,558,791			3,694,650			4,896,266

Distributions to shareholders:
From net investment income		(21,486,236	)		(9,649,669	)		(918,018	)		(721,272	)
Total distributions to shareholders		(21,486,236	)		(9,649,669	)		(918,018	)		(721,272	)

From share transactions:
Proceeds from sales of shares		504,609,336			246,462,159			7,009,409			6,019,256
Cost of shares redeemed		(14,870,038	)		—			—			—
Net increase in net assets resulting from share transactions		489,739,298			246,462,159			7,009,409			6,019,256
TOTAL INCREASE		501,333,458			309,371,281			9,786,041			10,194,250

Net assets:
Beginning of year	$	593,128,531		$	283,757,250		$	42,991,598		$	32,797,348
End of year	$	1,094,461,989		$	593,128,531		$	52,777,639		$	42,991,598
Undistributed (distributions in excess of) net investment income	$	2,014,147		$	1,931,703		$	(137,957	)	$	(85,057	)


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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Statements of Changes in Net Assets (continued)


	ActiveBeta^® U.S. Large Cap Equity ETF						ActiveBeta^® U.S. Small Cap Equity ETF
	For the Fiscal Year Ended August 31, 2018			For the Fiscal Year Ended August 31, 2017			For the Fiscal Year Ended August 31, 2018			For the Period June 28, 2017⁽¹⁾to August 31, 2017
From operations:
Net investment income	$	53,085,510		$	34,576,873		$	255,423		$	19,762
Net realized gain (loss)		38,767,598			(6,147,868	)		557,814			227
Net change in unrealized gain (loss)		499,540,105			196,569,414			4,040,567			(200,366	)
Net increase (decrease) in net assets resulting from operations		591,393,213			224,998,419			4,853,804			(180,377	)

Distributions to shareholders:
From net investment income		(50,169,147	)		(28,028,221	)		(196,288	)		—
Total distributions to shareholders		(50,169,147	)		(28,028,221	)		(196,288	)		—

From share transactions:
Proceeds from sales of shares		1,249,627,575			1,088,221,008			41,173,190			12,076,307
Cost of shares redeemed		(207,045,304	)		(45,906,935	)		(10,712,536	)		—
Net increase in net assets resulting from share transactions		1,042,582,271			1,042,314,073			30,460,654			12,076,307
TOTAL INCREASE		1,583,806,337			1,239,284,271			35,118,170			11,895,930

Net assets:
Beginning of period	$	2,396,490,352		$	1,157,206,081		$	11,895,930		$	—
End of period	$	3,980,296,689		$	2,396,490,352		$	47,014,100		$	11,895,930
Undistributed net investment income	$	12,889,916		$	9,973,553		$	79,481		$	19,762

(1)

Commencement of operations.


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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


	ActiveBeta^® Emerging Markets Equity ETF
	For the Fiscal Year Ended August 31,						For the Period September 25, 2015* to August 31, 2016
	2018			2017
Per Share Operating Performance:
Net asset value, beginning of period	$	33.73		$	28.03		$	25.00
Net investment income^(a)		0.77			0.63			0.60
Net realized and unrealized gain (loss)		(0.84	)		5.58			2.70
Total gain (loss) from investment operations		(0.07	)		6.21			3.30
Distributions to shareholders from net investment income		(0.68	)		(0.51	)		(0.27	)
Net asset value, end of period	$	32.98		$	33.73		$	28.03
Market price, end of period	$	32.87		$	33.74		$	28.01
Total Return at Net Asset Value^(b)		(0.28	)%		22.49	%		13.29	%
Net assets, end of period (in 000’s)	$	1,688,540		$	1,490,683		$	863,388
Ratio of net expenses to average net assets		0.45	%		0.45	%		0.45	%^(c)
Ratio of total expenses to average net assets		0.51	%		0.53	%		0.58	%^(c)
Ratio of net investment income to average net assets		2.19	%		2.13	%		2.52	%^(c)
Portfolio turnover rate^(d)		28	%		27	%		44	%

Commencement of operations.

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	ActiveBeta^® Europe Equity ETF
	For the Fiscal Year Ended August 31,						For the Period March 2, 2016* to August 31, 2016
	2018			2017
Per Share Operating Performance:
Net asset value, beginning of period	$	30.39		$	26.12		$	25.03
Net investment income^(a)		0.95			0.75			0.60
Net realized and unrealized gain		0.37			4.26			0.97
Total gain from investment operations		1.32			5.01			1.57
Distributions to shareholders from net investment income		(0.89	)		(0.74	)		(0.48	)
Net asset value, end of period	$	30.82		$	30.39		$	26.12
Market price, end of period	$	30.73		$	30.54		$	26.20
Total Return at Net Asset Value^(b)		4.40	%		19.46	%		6.23	%
Net assets, end of period (in 000’s)	$	73,963		$	44,062		$	33,959
Ratio of net expenses to average net assets		0.25	%		0.25	%		0.25	%^(c)
Ratio of total expenses to average net assets		0.25	%		0.25	%		0.71	%^(c)
Ratio of net investment income to average net assets		3.02	%		2.71	%		4.61	%^(c)
Portfolio turnover rate^(d)		23	%		17	%		14	%

Commencement of operations.

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	ActiveBeta^® International Equity ETF
	For the Fiscal Year Ended August 31,						For the Period November 6, 2015* to August 31, 2016
	2018			2017
Per Share Operating Performance:
Net asset value, beginning of period	$	28.38		$	24.67		$	24.78
Net investment income^(a)		0.76			0.69			0.59
Net realized and unrealized gain (loss)		1.02			3.61			(0.37	)
Total gain from investment operations		1.78			4.30			0.22
Distributions to shareholders from net investment income		(0.74	)		(0.59	)		(0.33	)
Net asset value, end of period	$	29.42		$	28.38		$	24.67
Market price, end of period	$	29.45		$	28.53		$	24.78
Total Return at Net Asset Value^(b)		6.30	%		17.66	%		0.90	%
Net assets, end of period (in 000’s)	$	1,094,462		$	593,129		$	283,757
Ratio of net expenses to average net assets		0.25	%		0.25	%		0.27	%^(c)
Ratio of total expenses to average net assets		0.25	%		0.25	%		0.62	%^(c)
Ratio of net investment income to average net assets		2.56	%		2.64	%		3.02	%^(c)
Portfolio turnover rate^(d)		16	%		23	%		23	%

Commencement of operations.

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	ActiveBeta^® Japan Equity ETF
	For the Fiscal Year Ended August 31,						For the Period March 2, 2016* to August 31, 2016
	2018			2017
Per Share Operating Performance:
Net asset value, beginning of period	$	30.71		$	27.33		$	25.69
Net investment income^(a)		0.54			0.48			0.24
Net realized and unrealized gain		2.36			3.50			1.60
Total gain from investment operations		2.90			3.98			1.84
Distributions to shareholders from net investment income		(0.62	)		(0.60	)		(0.20	)
Net asset value, end of period	$	32.99		$	30.71		$	27.33
Market price, end of period	$	32.90		$	30.79		$	27.44
Total Return at Net Asset Value^(b)		9.42	%		14.74	%		7.17	%
Net assets, end of period (in 000’s)	$	52,778		$	42,992		$	32,797
Ratio of net expenses to average net assets		0.25	%		0.25	%		0.25	%^(c)
Ratio of total expenses to average net assets		0.25	%		0.25	%		0.73	%^(c)
Ratio of net investment income to average net assets		1.62	%		1.68	%		1.81	%^(c)
Portfolio turnover rate^(d)		23	%		22	%		10	%

Commencement of operations.

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	ActiveBeta^® U.S. Large Cap Equity ETF
	For the Fiscal Year Ended August 31,						For the Period September 17, 2015* to August 31, 2016
	2018			2017
Per Share Operating Performance:
Net asset value, beginning of period	$	49.16		$	43.83		$	40.70
Net investment income^(a)		0.96			0.97			0.85
Net realized and unrealized gain		9.56			5.17			2.78
Total gain from investment operations		10.52			6.14			3.63
Distributions to shareholders from net investment income		(0.93	)		(0.81	)		(0.50	)
Net asset value, end of period	$	58.75		$	49.16		$	43.83
Market price, end of period	$	58.75		$	49.15		$	43.82
Total Return at Net Asset Value^(b)		21.65	%		14.15	%		8.97	%
Net assets, end of period (in 000’s)	$	3,980,297		$	2,396,490		$	1,157,206
Ratio of net expenses to average net assets		0.09	%		0.09	%		0.09	%^(c)
Ratio of total expenses to average net assets		0.09	%		0.09	%		0.19	%^(c)
Ratio of net investment income to average net assets		1.78	%		2.08	%		2.11	%^(c)
Portfolio turnover rate^(d)		16	%		20	%		18	%

Commencement of operations.

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	ActiveBeta^® U.S. Small Cap Equity ETF
	For the Fiscal Year Ended August 31, 2018			For the Period June 28, 2017* to August 31, 2017
Per Share Operating Performance:
Net asset value, beginning of period	$	39.65		$	40.36
Net investment income^(a)		0.56			0.07
Net realized and unrealized gain (loss)		9.79			(0.78	)
Total gain (loss) from investment operations		10.35			(0.71	)
Distributions to shareholders from net investment income		(0.51	)		—
Net asset value, end of period	$	49.49		$	39.65
Market price, end of period	$	49.55		$	38.95
Total Return at Net Asset Value^(b)		26.28	%		(1.76	)%
Net assets, end of period (in 000’s)	$	47,014		$	11,896
Ratio of net expenses to average net assets		0.20	%		0.20	%^(c)
Ratio of total expenses to average net assets		0.20	%		0.20	%^(c)
Ratio of net investment income to average net assets		1.24	%		0.96	%^(c)
Portfolio turnover rate^(d)		27	%		0	%^(e)

Commencement of operations.

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)

(e)

Less than 0.5%


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

GOLDMAN SACHS ACTIVEBETA^® ETFS

Notes to Financial Statements

August 31, 2018

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 (collectively, the “Funds” or individually a “Fund”). Goldman Sachs ActiveBeta^® Emerging Markets Equity ETF (“ActiveBeta^® Emerging Markets Equity ETF”), Goldman Sachs ActiveBeta^® Europe Equity ETF (“ActiveBeta^® Europe Equity ETF”), Goldman Sachs ActiveBeta^® International Equity ETF (“ActiveBeta^® International Equity ETF”), Goldman Sachs ActiveBeta^® Japan Equity ETF (“ActiveBeta^® Japan Equity ETF”), Goldman Sachs ActiveBeta^® U.S. Large Cap Equity ETF (“ActiveBeta^® U.S. Large Cap Equity ETF”) and Goldman Sachs ActiveBeta^® U.S. Small Cap Equity ETF (“ActiveBeta^® U.S. Small Cap Equity ETF”) are all diversified Funds. The Trust was organized as a Delaware statutory trust on December 16, 2009.

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

Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as investment adviser to the Funds pursuant to management agreements (each, an “Agreement”) with the Trust. Each Fund is an exchange-traded fund (“ETF”). Shares of the Funds are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”). Market prices for the Funds’ shares may be different from their net asset value (“NAV”). The Funds issue and redeem shares at their respective NAV only in blocks of a specified number of shares, or multiples thereof, referred to as “Creation Units”. Creation Units are issued and redeemed 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, ActiveBeta^® U.S. Large Cap Equity ETF and the ActiveBeta^® U.S. Small 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

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

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2. SIGNIFICANT ACCOUNTING POLICIES (continued)

required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. For each fund, income distributions, if any, are declared and paid quarterly. Capital gains distributions, if any, are declared and paid annually.

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

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

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

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

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Notes to Financial Statements (continued)

August 31, 2018

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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, and 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 a Fund’s 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.

C. Fair Value Hierarchy — The following is a summary of the Funds’ investments classified in the fair value hierarchy as of August 31, 2018:



ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments^(a)
Africa	$	98,610,228	$	5,281,797	$	—
Asia		1,290,580,635		61,922,599		—
Europe		37,038,968		—		—
North America		47,341,814		—		—
South America		112,520,257		33,414,651		—
Securities Lending Reinvestment Vehicle		22,917,805		—		—
Total	$	1,609,009,707	$	100,619,047	$	—

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



ACTIVEBETA^® EUROPE EQUITY ETF

Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments^(a)
Africa	$	644,711	$	—	$	—
Asia		68,037		—		—
Europe		71,053,132		542,854		—
North America		644,807		—		—
Oceania		546,601		—		—
South America		41,003		37,399		—
Securities Lending Reinvestment Vehicle		517,340		—		—
Total	$	73,515,631	$	580,253	$	—

ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments^(a)
Africa	$	6,362,769	$	—	$	—
Asia		302,853,473		—		—
Europe		604,926,865		5,667,717		—
North America		98,693,241		—		—
Oceania		72,392,892		—		—
South America		472,829		392,147		—
Securities Lending Reinvestment Vehicle		12,382,605		—		—
Total	$	1,098,084,674	$	6,059,864	$	—

ACTIVEBETA^® JAPAN EQUITY ETF

Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments^(a)
Asia	$	51,984,852	$	—	$	—
Securities Lending Reinvestment Vehicle		928,809		—		—
Total	$	52,913,661	$	—	$	—

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	$	3,968,965,544	$	—	$	—
Securities Lending Reinvestment Vehicle		165,999		—		—
Total	$	3,969,131,543	$	—	$	—

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Notes to Financial Statements (continued)

August 31, 2018

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



ACTIVEBETA^® U.S. SMALL CAP EQUITY ETF

Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments^(a)
Asia	$	19,386	$	—	$	—
Europe		160,314		—		—
North America		46,412,250		1,074		75
South America		8,500		—		—
Securities Lending Reinvestment Vehicle		1,464,426		—		—
Total	$	48,064,876	$	1,074	$	75

(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.

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

For the fiscal year ended August 31, 2018, unitary management fees with GSAM were at the following rates for each Fund except the ActiveBeta^® Emerging Markets Equity ETF:


Fund	Unitary Management Fee
ActiveBeta^® Europe Equity ETF		0.25	%
ActiveBeta^® International Equity ETF		0.25	%
ActiveBeta^® Japan Equity ETF		0.25	%
ActiveBeta^® U.S. Large Cap Equity ETF		0.09	%
ActiveBeta^® U.S. Small Cap Equity ETF		0.20	%

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4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the year ended August 31, 2018, contractual and effective net management fees with GSAM were at the following rate for the ActiveBeta^® Emerging Markets Equity ETF:

Fund

Contractual and Effective Net

Management Fee

ActiveBeta^® Emerging Markets Equity ETF

0.40

B. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to limit certain “Other Expenses” of the ActiveBeta^® Emerging Markets Equity ETF (excluding acquired fund fees and expenses, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of the Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitation as an annual percentage rate of average daily net assets for the ActiveBeta^® Emerging Markets Equity ETF is 0.05%. This Other Expense limitation will remain in effect permanently and GSAM may not terminate the arrangement without the approval of the Trustees.

For the fiscal year ended August 31, 2018, these expense reimbursements amounted to $1,021,164.

5. CREATION AND REDEMPTION OF CREATION UNITS

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

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

Share activity is as follows:


	ActiveBeta^® Emerging Markets Equity ETF
	For the Fiscal Year Ended August 31, 2018						For the Fiscal Year Ended August 31, 2017
Shares Sold		9,000,000		$	313,899,096			17,400,000		$	537,396,840
Shares Redeemed		(2,000,000	)		(70,845,037	)		(4,000,000	)		(134,905,814	)
NET INCREASE IN SHARES		7,000,000		$	243,054,059			13,400,000		$	402,491,026

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Notes to Financial Statements (continued)

August 31, 2018

5.CREATION AND REDEMPTION OF CREATION UNITS (continued)



	ActiveBeta^® Europe Equity ETF
	For the Fiscal Year Ended August 31, 2018						For the Fiscal Year Ended August 31, 2017
Shares Sold		950,000		$	30,634,671			350,000		$	10,463,180
Shares Redeemed		—			—			(200,000	)		(5,287,804	)
NET INCREASE IN SHARES		950,000		$	30,634,671			150,000		$	5,175,376

	ActiveBeta^® International Equity ETF
	For the Fiscal Year Ended August 31, 2018						For the Fiscal Year Ended August 31, 2017
Shares Sold		16,800,000		$	504,572,187			9,400,000		$	246,447,741
Shares Redeemed		(500,000	)		(14,869,982	)		—			—
NET INCREASE IN SHARES		16,300,000		$	489,702,205			9,400,000		$	246,447,741

	ActiveBeta^® Japan Equity ETF
	For the Fiscal Year Ended August 31, 2018						For the Fiscal Year Ended August 31, 2017
Shares Sold		200,000		$	7,009,409			200,000		$	6,019,256
Shares Redeemed		—			—			—			—
NET INCREASE IN SHARES		200,000		$	7,009,409			200,000		$	6,019,256

	ActiveBeta^® U.S. Large Cap Equity ETF
	For the Fiscal Year Ended August 31, 2018						For the Fiscal Year Ended August 31, 2017
Shares Sold		22,900,000		$	1,249,627,522			23,400,000		$	1,088,220,664
Shares Redeemed		(3,900,000	)		(207,045,304	)		(1,050,000	)		(45,906,935	)
NET INCREASE IN SHARES		19,000,000		$	1,042,582,218			22,350,000		$	1,042,313,729

	ActiveBeta^® U.S. Small Cap Equity ETF
	For the Fiscal Year Ended August 31, 2018						For the period *June 28, 2017 through August 31, 2017**
Shares Sold		900,000		$	41,173,179			300,000		$	12,076,307
Shares Redeemed		(250,000	)		(10,712,536	)		—			—
NET INCREASE IN SHARES		650,000		$	30,460,643			300,000		$	12,076,307

Commencement of operations.

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6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales of long-term securities for the year ended August 31, 2018, were as follows:


Fund	Purchases		Sales
ActiveBeta^® Emerging Markets Equity ETF	$	692,058,692	$	473,153,999
ActiveBeta^® Europe Equity ETF		16,018,591		14,648,507
ActiveBeta^® International Equity ETF		156,219,085		132,449,762
ActiveBeta^® Japan Equity ETF		11,678,629		12,371,580
ActiveBeta^® U.S. Large Cap Equity ETF		488,633,494		470,337,057
ActiveBeta^® U.S. Small Cap Equity ETF		5,582,300		5,618,675

The purchase and sales from in-kind creation and redemption transactions for the year ended August 31, 2018, were as follows:


Fund	Purchases		Sales
ActiveBeta^® Emerging Markets Equity ETF	$	74,483,997	$	45,077,059
ActiveBeta^® Europe Equity ETF		29,047,735		—
ActiveBeta^® International Equity ETF		479,693,043		14,746,126
ActiveBeta^® Japan Equity ETF		7,002,817		—
ActiveBeta^® U.S. Large Cap Equity ETF		1,240,406,878		206,323,857
ActiveBeta^® U.S. Small Cap Equity ETF		40,838,708		10,593,133


7. SECURITIES LENDING

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

Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Statements of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

The Funds invest the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”), an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% (prior to February 21, 2018, GSAM may have received a management fee of up to 0.205%) on an annualized basis of the average daily net assets of the Government Money Market Fund.

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Notes to Financial Statements (continued)

August 31, 2018

7. SECURITIES LENDING (continued)

In the event of a default by a borrower with respect to any loan, BNYM may exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If BNYM is unable to purchase replacement securities, BNYM will indemnify the Funds by paying the Funds an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Funds’ loaned securities were all subject to enforceable Securities Lending Agreements, and the value of the collateral was at least equal to the value of the cash received. The amounts of the Funds’ overnight and continuous agreements which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of August 31, 2018 are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities.

Both the Funds and BNYM received compensation relating to the lending of the Funds’ securities. The amounts earned, if any, by the Funds for the fiscal year ended August 31, 2018, are reported under Investment Income on the Statements of Operations.

The following table provides information about the Funds’ investment in the Government Money Market Fund for the fiscal year ended August 31, 2018:


Fund	Beginning value as of August 31, 2017		Purchases at Cost		Proceeds from Sales			Ending value as of August 31, 2018
ActiveBeta^® Emerging Markets Equity ETF	$	26,893,134	$	200,170,248	$	(204,145,577	)	$	22,917,805
ActiveBeta^® Europe Equity ETF		90,063		21,318,368		(20,891,091	)		517,340
ActiveBeta^® International Equity ETF		6,961,512		180,511,493		(175,090,400	)		12,382,605
ActiveBeta^® Japan Equity ETF		288,307		3,166,238		(2,525,736	)		928,809
ActiveBeta^® U.S. Large Cap Equity ETF		3,705,216		51,447,387		(54,986,604	)		165,999
ActiveBeta^® U.S. Small Cap Equity ETF		649,189		7,873,829		(7,058,592	)		1,464,426


8. TAX INFORMATION

The tax character of distributions paid during the fiscal year ended August 31, 2018 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		ActiveBeta^® U.S. Small Cap Equity ETF
Distributions paid from:
Ordinary Income	$	32,143,026	$	1,905,353	$	21,486,236	$	918,018	$	50,169,147	$	195,906
Capital Gains		—		—		—		—		—		382
Total taxable distributions	$	32,143,026	$	1,905,353	$	21,486,236	$	918,018	$	50,169,147	$	196,288

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8. TAX INFORMATION (continued)

As of August 31, 2018, 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			ActiveBeta^® U.S. Small Cap Equity ETF
Undistributed ordinary income — net	$	17,506,051		$	272,242		$	3,630,666		$	87,747		$	12,889,916		$	78,704
Undistributed long-term capital gains		—			—			—			—			—			—
Total undistributed earnings	$	17,506,051		$	272,242		$	3,630,666		$	87,747		$	12,889,916		$	78,704
Capital loss carryforwards:
Perpetual Short-Term	$	(9,474,543	)	$	(8,922	)	$	(134,300	)	$	(31,193	)	$	(10,443,983	)	$	(12,857	)
Perpetual Long-Term		—			(58,657	)		—			—			(750,872	)		—
Timing differences (Post-October Capital Loss Deferral/Qualified Late Year Loss Deferral)		(29,028,472	)		(953,073	)		(5,934,865	)		(20,277	)		(15,211,669	)		(152,393	)
Unrealized gains (losses) — net		244,841,769			5,724,257			79,158,448			8,772,091			717,836,646			3,675,651
Total accumulated earnings (losses) net	$	223,844,805		$	4,975,847		$	76,719,949		$	8,808,368		$	704,320,038		$	3,589,105

As of August 31, 2018, 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			ActiveBeta^® U.S. Small Cap Equity ETF
Tax Cost	$	1,460,590,885		$	68,372,180		$	1,024,989,450		$	44,142,834		$	3,251,294,897		$	44,390,374
Gross unrealized gain		311,362,705			8,269,585			110,769,038			9,422,232			767,471,985			4,972,440
Gross unrealized loss		(62,324,836	)		(2,545,881	)		(31,613,950	)		(651,405	)		(49,635,339	)		(1,296,789	)
Net unrealized gains (losses)	$	249,037,869		$	5,723,704		$	79,155,088		$	8,770,827		$	717,836,646		$	3,675,651

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

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 redemptions in-kind, differences in the tax treatment of foreign currency transactions, partnership investments, passive foreign investment company investments and underlying fund investments.


	ActiveBeta^® Emerging Markets Equity ETF			ActiveBeta^® Europe Equity ETF			ActiveBeta^® International Equity ETF			ActiveBeta^® Japan Equity ETF			ActiveBeta^® U.S. Large Cap Equity ETF			ActiveBeta^® U.S. Small Cap Equity ETF
Paid-in Capital	$	16,165,924		$	—		$	4,666,671		$	—		$	65,029,179		$	888,034
Accumulated Net realized Gain (Loss)		(15,423,314	)		7,561			(4,833,131	)		(48,095	)		(65,029,179	)		(888,618	)
Undistributed Net Investment Income (Loss)		(742,610	)		(7,561	)		166,460			48,095			—			584

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Notes to Financial Statements (continued)

August 31, 2018

8. TAX INFORMATION (continued)

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


9. OTHER RISKS

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

Foreign Custody Risk — If a Fund invests in foreign securities, the Fund may hold such securities and cash with foreign banks, agents, and securities depositories appointed by the Fund’s custodian (each a “Foreign Custodian”). Some foreign custodians may be recently organized or new to the foreign custody business. In some countries, Foreign Custodians may be subject to little or no regulatory oversight over, or independent evaluation of, their operations. Further, the laws of certain countries may place limitations on a Fund’s ability to recover its assets if a Foreign Custodian enters bankruptcy.

Investments in emerging markets may be subject to even greater custody risks than investments in more developed markets. Custody services in emerging market countries are very often undeveloped and may be considerably less well regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries.

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. Errors in index data, index computation or the construction of an Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the applicable Fund and its shareholders. In addition, neither a Fund, the Investment Adviser, the Calculation Agent nor the Index Provider can guarantee the availability or timeliness of the production of the Index.

112

GOLDMAN SACHS ACTIVEBETA^® ETFS

9. OTHER RISKS (continued)

10. INDEMNIFICATIONS

11. SUBSEQUENT EVENTS

113

Report of Independent Registered Public

Accounting Firm

To the Board of Trustees of

Goldman Sachs ETF Trust and Shareholders of Goldman Sachs ActiveBeta^® Emerging Markets Equity ETF, Goldman Sachs ActiveBeta^® Europe Equity ETF, Goldman Sachs ActiveBeta^® International Equity ETF, Goldman Sachs ActiveBeta^® Japan Equity ETF, Goldman Sachs ActiveBeta^® U.S. Large Cap Equity ETF, and Goldman Sachs ActiveBeta^® U.S. Small Cap Equity ETF:

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (six of the funds constituting Goldman Sachs ETF Trust, hereafter collectively referred to as the “Funds”) as of August 31, 2018, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2018, the results of each of their operations, the changes in each of their net assets, and each of the financial highlights for each of the periods indicated in the table below in conformity with accounting principles generally accepted in the United States of America.


Fund	Statement of operations	Statements of changes in net assets	Financial highlights
Goldman Sachs ActiveBeta^® Emerging Markets Equity ETF, Goldman Sachs ActiveBeta^® Europe Equity ETF, Goldman Sachs ActiveBeta^® International Equity ETF, Goldman Sachs ActiveBeta^® Japan Equity ETF, Goldman Sachs ActiveBeta^® U.S. Large Cap Equity ETF	For the year ended August 31, 2018	For each of the two years in the period ended August 31, 2018	For each of the periods indicated therein
Goldman Sachs ActiveBeta^® U.S. Small Cap Equity ETF	For the year ended August 31, 2018	For the year ended August 31, 2018 and for the period June 28, 2017 (commencement of operations) through August 31, 2017

Basis for Opinions

PricewaterhouseCoopers LLP

Boston, Massachusetts

October 26, 2018

We have served as the auditor of one or more investment companies in the Goldman Sachs fund complex since 2000.

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GOLDMAN SACHS ACTIVEBETA^® ETFS

Fund Expenses — Six Months ended 8/31/2018 (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 Fund 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, 2018 and held for the six months ended August 31, 2018, which represents a period of 184 days of a 365 day year (or less where indicated).


	ActiveBeta^® Emerging Markets Equity ETF							ActiveBeta^® Europe Equity ETF							ActiveBeta^® International Equity ETF
	Beginning Account Value 3/1/18		Ending Account Value 8/31/18			Expenses Paid*		Beginning Account Value 3/1/18		Ending Account Value 8/31/18			Expenses Paid*		Beginning Account Value 3/1/18		Ending Account Value 8/31/18			Expenses Paid*
Actual based on NAV	$	1,000	$	904.20		$	2.16	$	1,000	$	995.50		$	1.26	$	1,000	$	993.20		$	1.26
Hypothetical 5% return		1,000		1,022.94	+		2.29		1,000		1,023.95	+		1.28		1,000		1,023.95	+		1.28

	ActiveBeta^® Japan Equity ETF							ActiveBeta^® U.S. Large Cap Equity ETF							ActiveBeta^® U.S. Small Cap Equity ETF
	Beginning Account Value 3/1/18		Ending Account Value 8/31/18			Expenses Paid*		Beginning Account Value 3/1/18		Ending Account Value 8/31/18			Expenses Paid*		Beginning Account Value 3/1/18		Ending Account Value 8/31/18			Expenses Paid*
Actual based on NAV	$	1,000	$	964.60		$	1.24	$	1,000	$	1,085.00		$	0.47	$	1,000	$	1,172.20		$	1.10
Hypothetical 5% return		1,000		1,023.95	+		1.28		1,000		1,024.75	+		0.46		1,000		1,024.20	+		1.02

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

Expenses for the Fund are calculated using the Fund’s annualized net expense ratio, which represents the ongoing expenses as a percentage of net assets for the Fiscal year ended August 31, 2018. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratio for the period is as follows:


Fund
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
ActiveBeta^® U.S. Small Cap Equity ETF	0.20

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GOLDMAN SACHS ACTIVEBETA^® ETFS

Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs ActiveBeta^® ETFs except Goldman Sachs ActiveBeta^® Emerging Markets Equity ETF (Unaudited)

Background

The Goldman Sachs ActiveBeta^® Europe Equity ETF, Goldman Sachs ActiveBeta^® International Equity ETF, Goldman Sachs ActiveBeta^® Japan Equity ETF, Goldman Sachs ActiveBeta^® U.S. Large Cap Equity ETF and Goldman Sachs ActiveBeta^® U.S. Small Cap Equity ETF (each, a “Fund” and together, the “Funds”) are investment portfolios of Goldman Sachs ETF Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Funds at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Funds.

(a)

the nature and quality of the advisory, administrative, and other services provided to the Fund by the Investment Adviser and its affiliates, including information about:

(i)

the structure, staff, and capabilities of the Investment Adviser and its portfolio management teams;

(ii)

(iii)

trends in employee headcount;

(iv)

the Investment Adviser’s financial resources and ability to hire and retain talented personnel and strengthen its operations; and

(v)

the parent company’s support of the Investment Adviser and its registered fund business, as expressed by the firm’s senior management;

(b)

(c)

the terms of the Management Agreement entered into by the Trust on behalf of the Fund;

(d)

fee and expense information for the Fund, including:

(i)

the relative management fee and expense levels of the Fund as compared to those of comparable funds managed by other advisers, as provided by the Outside Data Provider;

(e)

with respect to the investment performance and expense comparison data provided by the Outside Data Provider, its processes in producing that data for the Fund;

(f)

information relating to the profitability of the Management Agreement and the transfer agency and distribution and service arrangements of the Fund to the Investment Adviser and its affiliates;

(g)

whether the Fund’s existing management fee schedule adequately addressed any economies of scale;

(h)

a summary of the “fall-out” benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund;

(i)

a summary of potential benefits derived by the Fund as a result of its relationship with the Investment Adviser;

(j)

portfolio manager ownership of Fund shares; the manner in which portfolio manager compensation is determined; and the number and types of accounts managed by the portfolio managers;

(k)

(l)

116

GOLDMAN SACHS ACTIVEBETA^® ETFS

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

The presentations made at the Board and Committee meetings and at the Annual Meeting encompassed the Funds and other registered funds for which the Board of Trustees has responsibility. In evaluating the Management Agreement at the Annual Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Investment Adviser and its affiliates, their services, and the Funds. In conjunction with these meetings, the Trustees received written materials and oral presentations on the topics covered, and the Investment Adviser addressed the questions and concerns of the Trustees, including concerns regarding the investment performance of certain of the funds they oversee. The Independent Trustees were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval and continuation of registered fund investment management agreements under applicable law. In addition, the Investment Adviser and its affiliates provided the Independent Trustees with a written response to a formal request for information sent on behalf of the Independent Trustees by their independent legal counsel. During the course of their deliberations, the Independent Trustees met in executive sessions with their independent legal counsel, without representatives of the Investment Adviser or its affiliates present.

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

As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Funds by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees considered that under the Management Agreement, the Funds pay a single fee to the Investment Adviser, and the Investment Adviser pays all of the Funds’ ordinary operating expenses, excluding payments under each Fund’s 12b-1 plan (if any), interest expenses, taxes, acquired fund fees and expenses, brokerage fees, costs of holding shareholder meetings, litigation, indemnification and extraordinary expenses. The Trustees also considered information about each Fund’s structure, investment objective, strategies and other characteristics. In particular, they noted that the Funds are passively-managed ETFs that seek to track proprietary indices created by the Investment Adviser. The Trustees noted the experience and capabilities of the key personnel of the Investment Adviser who provide services to the Funds. In particular, the Trustees considered the Investment Adviser’s extensive experience in managing quantitative investment strategies and its expertise in developing “smart beta” products. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Funds and expressed confidence that the Investment Adviser would continue to do so in the future.

Investment Performance

The Trustees also considered the investment performance of the Funds. In this regard, they compared the total return of each Fund (with the exception of Goldman Sachs ActiveBeta^® U.S. Small Cap Equity ETF) to the performance of its respective proprietary index, a comparable market capitalization-weighted reference index, and a separate account composite with a comparable investment strategy. The information regarding each Fund’s investment performance was provided for the one-year period ended December 31, 2017, or from inception to that date, to the extent that the Fund had not been in existence for that one-year period. The Trustees observed that each Fund’s investment performance was consistent with the investment objective of tracking its respective proprietary index.

Unitary Fee Structure and Profitability

The Trustees considered the contractual fee rates payable by each Fund, noting that the Management Agreement provides for a unitary fee structure, pursuant to which each Fund pays a single fee to the Investment Adviser and the Investment Adviser then pays all of the Fund’s ordinary operating expenses. In addition, the Trustees considered information on the services rendered by the Investment Adviser to the Funds, which included both advisory and administrative services that were 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 index created by the Investment Adviser. The Trustees also considered information provided regarding fees and expenses of comparable ETFs advised by other, unaffiliated investment management firms. The comparisons of the Funds’ fee rates and expense ratios were prepared by the Investment Adviser and a third-party provider of mutual fund and ETF data. In particular, the Trustees referred to an analysis comparing each Fund’s management fees and net expense ratios to those of relevant peer funds. The Trustees concluded that the comparisons were useful in evaluating the reasonableness of the management fees and total expenses paid by the Funds.

The Trustees reviewed each Fund’s contribution to the Investment Adviser’s revenues and pre-tax profit margins. In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency and distribution and service), and information on the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are

117

GOLDMAN SACHS ACTIVEBETA^® ETFS

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

substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs & Co. LLC (“Goldman Sachs”) organization had audited the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology and profitability analysis calculations.

Economies of Scale

The Trustees noted that the Funds do not have fee breakpoints. 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.

Other Benefits to the Investment Adviser and Its Affiliates

The Trustees also considered the other benefits derived (or expected to be derived) by the Investment Adviser and its affiliates from their relationships with the Funds, 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 more likely to do business with other areas of Goldman Sachs.

Other Benefits to the Funds and Their Shareholders

The Trustees also noted that the Funds receive certain potential benefits as a result of their relationship with the Investment Adviser, including: (a) enhanced servicing 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 each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the unitary fee paid by each Fund was reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and each Fund’s current and/or reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit each Fund and its shareholders and that the Management Agreement should be approved and continued with respect to each Fund until March 31, 2019.

118

GOLDMAN SACHS ACTIVEBETA^® ETFS

Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs ActiveBeta^® Emerging Markets Equity ETF (Unaudited)

Background

The Goldman Sachs ActiveBeta^® Emerging Markets Equity ETF (the “Fund”) is an investment portfolio of Goldman Sachs ETF Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Fund at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Fund.

(a)

the nature and quality of the advisory, administrative, and other services provided to the Fund by the Investment Adviser and its affiliates, including information about:

(i)

the structure, staff, and capabilities of the Investment Adviser and its portfolio management teams;

(ii)

(iii)

trends in employee headcount;

(iv)

the Investment Adviser’s financial resources and ability to hire and retain talented personnel and strengthen its operations; and

(v)

the parent company’s support of the Investment Adviser and its registered fund business, as expressed by the firm’s senior management;

(b)

(c)

the terms of the Management Agreement entered into by the Trust on behalf of the Fund;

(d)

fee and expense information for the Fund, including:

(i)

the relative management fee and expense levels of the Fund as compared to those of comparable funds managed by other advisers, as provided by the Outside Data Provider;

(e)

with respect to the investment performance and expense comparison data provided by the Outside Data Provider, its processes in producing that data for the Fund;

(f)

the undertakings of the Investment Adviser and its affiliates to implement fee waivers and/or expense limitations;

(g)

information relating to the profitability of the Management Agreement and the transfer agency and distribution and service arrangements of the Fund to the Investment Adviser and its affiliates;

(h)

whether the Fund’s existing management fee schedule adequately addressed any economies of scale;

(i)

a summary of the “fall-out” benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund;

(j)

a summary of potential benefits derived by the Fund as a result of its relationship with the Investment Adviser;

(k)

portfolio manager ownership of Fund shares; the manner in which portfolio manager compensation is determined; and the number and types of accounts managed by the portfolio managers;

(l)

(m)

119

GOLDMAN SACHS ACTIVEBETA^® ETFS

Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs ActiveBeta^® Emerging Markets Equity ETF (Unaudited) (continued)

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

As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Fund by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees also considered information about the Fund’s structure, investment objective, strategies and other characteristics. In particular, they noted that the Fund is a passively-managed ETF that seeks to track a proprietary index created by the Investment Adviser. The Trustees noted the experience and capabilities of the key personnel of the Investment Adviser who provide services to the Fund. In particular, the Trustees considered the Investment Adviser’s extensive experience in managing quantitative investment strategies and its expertise in developing “smart beta” products. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Fund and expressed confidence that the Investment Adviser would continue to do so in the future.

Investment Performance

The Trustees also considered the investment performance of the Fund. In this regard, they compared the total return of the Fund to the performance of its proprietary index, a comparable market capitalization-weighted reference index, and a separate account composite with a comparable investment strategy. The information regarding the Fund’s investment performance was provided for the one-year period through December 31, 2017. The Trustees observed that the Fund’s investment performance was consistent with the investment objective of tracking its proprietary index.

Costs of Services Provided and Profitability

The Trustees considered the contractual terms of the Management Agreement and the fee rates payable by the Fund thereunder. In this regard, the Trustees considered information on the services rendered by the Investment Adviser to the Fund, which included both advisory and administrative services that were directed to the needs and operations of the Fund as an ETF. The Trustees noted that no license fees would be payable to the Investment Adviser by the Fund for use of the index created by the Investment Adviser. The Trustees also reviewed the Fund’s total operating expense ratio (both gross and net of expense limitations). They compared the Fund’s fees and expenses to similar information for comparable ETFs advised by other, unaffiliated investment management firms. The comparisons of the Fund’s fee rate and expense ratio were prepared by the Investment Adviser and a third-party provider of mutual fund and ETF data. In particular, the Trustees referred to an analysis comparing the Fund’s management fee and net expense ratios to those of relevant peer funds. The Trustees concluded that the comparisons were useful in evaluating the reasonableness of the management fee and total expenses paid by the Fund.

In addition, the Trustees considered the Investment Adviser’s undertaking to limit certain expenses of the Fund that exceed a specified level and acknowledged the permanent expense limitation agreement in place. The Trustees reviewed the Fund’s contribution to the Investment Adviser’s revenues and pre-tax profit margins. In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency and distribution and service), and information on the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs & Co. LLC (“Goldman Sachs”) organization had audited the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology and profitability analysis calculations.

120

GOLDMAN SACHS ACTIVEBETA^® ETFS

Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs ActiveBeta^® Emerging Markets Equity ETF (Unaudited) (continued)

Economies of Scale

The Trustees noted that the Fund does not have management fee breakpoints. The Trustees considered information previously provided regarding the amount of assets in the Fund, the Fund’s 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 the Fund increase over time, the Fund and its shareholders could realize economies of scale as certain Fund expenses, such as certain fixed fees, become a smaller percentage of overall assets.

Other Benefits to the Investment Adviser and Its Affiliates

Other Benefits to the Fund and Its Shareholders

Conclusion

In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fee paid by the Fund was reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and the Fund’s current and/or reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit the Fund and its shareholders and that the Management Agreement should be approved and continued with respect to the Fund until March 31, 2019.

121

GOLDMAN SACHS ACTIVEBETA^® ETFS

Trustees and Officers (Unaudited) Independent Trustees


Name, Address and Age¹	Position(s) Held with the Trust	Term of Office and Length of Time Served²	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee³	Other Directorships Held by Trustee⁴
Lawrence W. Stranghoener Age: 64	Chairman of the Board of Trustees	Trustee Since 2015; Chairman Since 2017	Mr. Stranghoener is retired. He is Director, Kennametal, Inc. (a global manufacturer and distributor of tooling and industrial materials) (2003-Present); Director, Aleris Corporation and Aleris International, Inc. (a producer of aluminum rolled products) (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). Chairman of the Board of Trustees — Goldman Sachs ETF Trust; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC.	32	Kennametal Inc. (a global manufacturer and distributor of tooling and industrial materials)
Caroline Dorsa Age: 59	Trustee	Since 2016	Ms. Dorsa is retired. She is Director, Biogen Inc. (a biotechnology company) (2010-Present); Director, Intellia Therapeutics Inc. (a gene-editing company) (2015-Present); and Director, Illumina, Inc. (a life sciences company) (2017-Present). She was formerly Executive Vice President and Chief Financial Officer, Public Service Enterprise Group, Inc. (a generation and energy services company) (2009-2015); Senior Vice President, Merck & Co, Inc. (a pharmaceutical company) (2008-2009 and 1987-2007); Senior Vice President and Chief Financial Officer, Gilead Sciences, Inc. (a pharmaceutical company) (2007-2008); and Senior Vice President and Chief Financial Officer, Avaya, Inc. (a technology company) (2007). Trustee — Goldman Sachs ETF Trust; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC.	32	Biogen Inc. (a biotechnology company); Intellia Therapeutics Inc. (a gene-editing company); Illumina, Inc. (a life sciences company)
Linda A. Lang Age: 60	Trustee	Since 2016	Ms. Lang is retired. She is Chair of the Board of Directors (2016-present), and Member of the Board of Directors, 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). Previously, Ms. Lang served as an Advisory Board Member of Goldman Sachs MLP Income Opportunities Fund and Goldman Sachs MLP and Energy Renaissance Fund (February 2016 - March 2016). Trustee — Goldman Sachs ETF Trust; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC.	32	WD-40 Company (a global consumer products company)
Michael Latham Age: 52	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; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC.	32	None

122

GOLDMAN SACHS ACTIVEBETA^® ETFS

Trustees and Officers (Unaudited) (continued)

Interested Trustee*


Name, Address and Age¹	Position(s) Held with the Trust	Term of Office and Length of Time Served²	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee³	Other Directorships Held by Trustee⁴
James A. McNamara Age: 55	Trustee and President	Since 2014	Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President and Trustee — Goldman Sachs ETF Trust; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC.	152	None

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, 2018.

⁴

123

GOLDMAN SACHS ACTIVEBETA^® ETFS

Trustees and Officers (Unaudited) (continued)

Officers of the Trust*


Name, Address and Age¹	Positions Held with the Trust	Term of Office and Length of Time Served²	Principal Occupation(s) During Past 5 Years
James A. McNamara 200 West Street New York, NY 10282 Age: 55	Trustee and President	Since 2014	Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President and Trustee — Goldman Sachs ETF Trust; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC.
Caroline L. Kraus 200 West Street New York, NY 10282 Age: 41	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 Corp.; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC.
Scott M. McHugh 200 West Street New York, NY 10282 Age: 46	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; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC.
Joseph F. DiMaria 30 Hudson Street Jersey City, NJ 07302 Age: 50	Assistant Treasurer and Principal Accounting Officer	Since 2017	Managing Director, Goldman Sachs (November 2015-Present) and Vice President – Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010-October 2015). Assistant Treasurer and Principal Accounting Officer — Goldman Sachs ETF Trust; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC.

Information is provided as of August 31, 2018.

124

GOLDMAN SACHS ACTIVEBETA^® ETFS

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

From distributions paid during the year ended August 31, 2018, the total amount of income received by the ActiveBeta^® Emerging Markets Equity ETF, ActiveBeta^® Europe Equity ETF, ActiveBeta^® International Equity ETF and ActiveBeta^® Japan Equity ETF from sources within foreign countries and possessions of the United States was $0.5357, $0.5657, $0.4329 and $0.4673 per share, respectively, all of which is attributable to qualified passive income. The percentage of net investment income dividends paid from foreign sources by the ActiveBeta^® Emerging Markets Equity ETF, ActiveBeta^® Europe Equity ETF, ActiveBeta^® International Equity ETF and ActiveBeta^® Japan Equity ETF was 93.67%, 80.15%, 79.80% and 95.78%, respectively. The total amount of taxes paid by the ActiveBeta^® Emerging Markets Equity ETF, ActiveBeta^® Europe Equity ETF, ActiveBeta^® International Equity ETF and ActiveBeta^® Japan Equity ETF to foreign countries was $0.0802, $0.0660, $0.0431 and $0.0527 per share, respectively.

For the year ended August 31, 2018, 68.54%, 73.87%, 69.68%, 89.79%, 96.21%, and 74.44% of the dividends paid from net investment company taxable income by the ActiveBeta^® Emerging Markets Equity ETF, ActiveBeta^® Europe Equity ETF, ActiveBeta^® International Equity ETF, ActiveBeta^® Japan Equity ETF, ActiveBeta^® U.S. Large Cap Equity ETF, and ActiveBeta^® U.S. Small Cap Equity ETF, respectively, qualify for the reduced tax rate under the Jobs and Growth Tax Relief and Reconciliation Act of 2003.

For the year ended August 31, 2018, 94.20% and 76.98% of the dividends paid from net investment company taxable income by the ActiveBeta^® U.S. Large Cap Equity ETF and ActiveBeta^® U.S. Small Cap Equity ETF qualify for the dividends received deduction available to corporations.

Pursuant to Section 852 of the Internal Revenue Code, ActiveBeta^® U.S. Small Cap Equity ETF designates $382, or if different, the maximum amount allowable, as capital gain dividends paid during the year ended August 31, 2018.

125

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 $1.30 trillion in assets under supervision as of June 30, 2018, 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. LLC subject to legal, internal and regulatory restrictions.

GOLDMAN SACHS EXCHANGE-TRADED FUNDS

Goldman Sachs ActiveBeta^® Emerging Markets Equity ETF

Goldman Sachs ActiveBeta^® Europe Equity ETF

Goldman Sachs ActiveBeta^® International Equity ETF

Goldman Sachs ActiveBeta^® Japan Equity ETF

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

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

Goldman Sachs Equal Weight U.S. Large Cap Equity ETF

Goldman Sachs Hedge Industry VIP ETF

Goldman Sachs JUST U.S. Large Cap Equity ETF

Goldman Sachs Access Treasury 0-1 Year ETF

Goldman Sachs Access Investment Grade Corporate Bond ETF

Goldman Sachs Access High Yield Corporate Bond ETF

INDEX DISCLAIMERS

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

The Russell 2000^® Index was used by Goldman Sachs Asset Management or its affiliate as the starting universe for selection of the companies included in the Goldman Sachs ActiveBeta^® U.S. Small Cap Equity Index. Frank Russell Company (“RUSSELL”) does not in any way sponsor, support, promote or endorse the Goldman Sachs ActiveBeta^® U.S. Small Cap Equity Index or the Goldman Sachs ActiveBeta^® U.S. Small Cap Equity ETF. In no event shall any Russell Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including without limitation lost profits) or any other damages in connection with the Russell 2000^® Index or the Goldman Sachs ActiveBeta^® U.S. Small Cap Equity Index.

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

GOLDMAN SACHS 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 Lawrence W. Stranghoener, Chairman Caroline Dorsa Linda A. Lang Michael Latham James A. McNamara		OFFICERS James A. McNamara, President Scott M. McHugh, Treasurer, Senior Vice President and Principal Financial Officer Joseph F. DiMaria, Assistant Treasurer and Principal Accounting Officer Caroline L. Kraus, Secretary

THE BANK OF NEW YORK MELLON Transfer Agent

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

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

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

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 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.

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

Goldman Sachs Funds

LOGO



Annual Report				August 31, 2018

				Equal Weight U.S. Large Cap Equity ETF

LOGO

Goldman Sachs Equal Weight U.S. Large Cap Equity ETF


TABLE OF CONTENTS

Investment Process			1

Portfolio Results and Fund Basics			2

Schedule of Investments			7

Financial Statements			12

Financial Highlights			15

Notes to Financial Statements			16

Report of Independent Registered Public Accounting Firm			23

Other Information			24



NOT FDIC-INSURED	May Lose Value	No Bank Guarantee

INVESTMENT PROCESS

Goldman Sachs Equal Weight U.S. Large Cap Equity ETF

Principal Investment Strategies

The Goldman Sachs Equal Weight U.S. Large Cap Equity ETF (the “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.

The Solactive US Large Cap Equal Weight Index (GTR) (the “Index”) consists of equity securities of large capitalization U.S. issuers. The Index is an equal-weight version of the Solactive US Large Cap Index, a market capitalization-weighted index that includes equity securities of approximately 500 of the largest U.S. companies. The Index includes the same constituents as the Solactive US Large Cap Index. However, unlike the Solactive US Large Cap Index, in which each security is weighted based on its market value, each security in the Index is given the same weight, approximately 0.2% of the Index, at each rebalance.

As of August 31, 2018, the Index consisted of 499 securities with a market capitalization range of between approximately $4.4 billion and $1.1 trillion, and an average market capitalization of approximately $53.1 billion. The Index is reconstituted on a semi-annual basis in May and November to reflect changes in the constituents of the Solactive US Large Cap Index. New securities from initial public offerings are also added on a semi-annual basis in February and August, subject to fulfillment of certain eligibility criteria. The Index is rebalanced on a monthly basis to weight all constituents equally.

* * *

At the end of the Reporting Period, i.e. from Fund commencement on September 12, 2017 through August 31, 2018, we believed that while mega-cap stocks may drive performance in market cap-weighted equity indices, many top performers may be found among non-mega-cap stocks. We maintain conviction in our methodology for providing meaningful access to opportunities among non-mega-cap stocks and avoiding concentration in mega-cap stocks by equally weighting the largest U.S. equities and rebalancing on a monthly basis. We believe this approach allows investors to participate in a broad range of market cycles and potentially reduce exposure to isolated market incidents.

PORTFOLIO RESULTS

Goldman Sachs Equal Weight U.S. Large Cap Equity ETF

Investment Objective

The Goldman Sachs Equal Weight 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 Solactive US Large Cap Equal Weight Index (GTR) (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 from its commencement of operations on September 12, 2017 through August 31, 2018 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund returned 15.60% based on net asset value (“NAV”) and 15.65% based on market price.¹The Index returned 15.77%, 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 18.42% during the same period.

The Fund had an NAV of $40.58 on the date of inception and ended the Reporting Period with an NAV of $46.33 per share. The Fund’s market price on August 31, 2018 was $46.35 per share.

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

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 period from commencement of investment operations to the first day of secondary market trading to calculate the market price returns.

upon analysis of economic and market factors. The Fund does not follow a strategy of seeking to outperform the S&P 500 Index.

During the Reporting Period, the Index posted double-digit absolute gains but underperformed the S&P 500 Index. The Fund underperformed the S&P 500 Index during the Reporting Period, as measured by NAV.

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

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

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

Relative to the S&P 500 Index, underweight positions in e-commerce retailing giant Amazon.com and information technology giants Apple and Microsoft detracted most (0.23%, 0.24% and 0.21% of Fund net assets as of August 31, 2018, respectively). Amazon.com posted a triple-digit gain within the Index during the Reporting Period, and Apple and Microsoft each generated a robust double-digit gain within the Index during the Reporting Period.

PORTFOLIO RESULTS

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

Relative to the S&P 500 Index, underweight positions in diversified conglomerate General Electric, social media giant Facebook and tobacco company Philip Morris International contributed most positively (0.19%, 0.20% and 0.18% of Fund net assets as of August 31, 2018, respectively). General Electric and Philip Morris International each posted a double-digit negative return within the Index during the Reporting Period, and Facebook generated only a modestly positive return within the Index during the Reporting Period.

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

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


Sector Name	Fund³			Solactive US Large Cap Equal Weight Index			S&P 500 Index
Information Technology		18.1	%		18.1	%		26.5	%
Financials		14.0			14.0			13.8
Health Care		13.1			13.2			14.6
Industrials		12.7			13.0			9.6
Consumer Discretionary		12.3			12.6			12.9
Consumer Staples		6.7			6.8			6.7
Energy		5.9			5.9			5.9
Real Estate		5.9			5.8			2.7
Utilities		5.2			5.2			2.8
Materials		4.6			4.6			2.5
Telecommunication Services		0.8			0.8			1.9

Sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by Standard & Poor’s. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Underlying sector allocation of exchange-traded funds held by the Fund are not reflected in the chart above. Investments in the securities lending vehicle represented 0.1% of the Fund’s net assets as of August 31, 2018. Figures above may not sum to 100% due to rounding.

The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Solactive US Large Cap Equal Weight Index.

FUND BASICS

Equal Weight U.S. Large Cap Equity ETF

as of August 31, 2018

LOGO

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


PERFORMANCE REVIEW
September 12, 2017– August 31, 2018	Fund Total Return (based on NAV)²			Fund Total Return (based on Market Price)²			Solactive US Large Cap Equal Weight Index³			S&P 500 Index (Total Return, USD)⁴
Shares		15.60	%		15.65	%		15.77	%		18.42	%

Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculation assumes all management fees and operating expenses incurred by the Fund. Market Price returns are based upon the last trade as of 4:00 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 Index is calculated and published by Solactive AG. Solactive AG uses its best efforts to ensure that the Index is calculated correctly. Irrespective of its obligations towards Goldman Sachs Equal Weight U.S. Large Cap Equity ETF, Solactive AG has no obligation to point out errors in the Index to third parties including but not limited to investors and/or financial intermediaries of Goldman Sachs Equal Weight U.S. Large Cap Equity ETF. Neither publication of an Index by Solactive AG nor the licensing of the Index or Index trade mark for the purpose of use in connection with the Goldman Sachs Equal Weight 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.

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

⁵


TOP TEN HOLDINGS AS OF 8/31/18⁶
Holding	% of Net Assets			Line of Business
Invesco S&P 500 Equal Weight ETF		0.3	%	Exchange Traded Fund
Square, Inc., Class A		0.3		Information Technology
Advanced Micro Devices, Inc.		0.3		Information Technology
Splunk, Inc.		0.2		Information Technology
Alnylam Pharmaceuticals, Inc.		0.2		Health Care
Nektar Therapeutics		0.2		Health Care
Workday, Inc., Class A		0.2		Information Technology
Autodesk, Inc.		0.2		Information Technology
Apple, Inc.		0.2		Information Technology
Broadridge Financial Solutions, Inc.		0.2		Information Technology

⁶

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

Performance Summary

August 31, 2018

The following graph shows the value, as of August 31, 2018, of a $10,000 investment made on September 12, 2017 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index and a market-cap based index against which the performance of the Fund is measured, the Solactive US Large Cap Equal Weight Index (GTR) 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.

Goldman Sachs Equal Weight U.S. Large Cap Equity ETF’s Lifetime Performance

Performance of a $10,000 Investment, with distributions reinvested, from September 12, 2017 through August 31, 2018.

LOGO


Average Annual Total Return through August 31, 2018			Since Inception
Shares based on NAV (Commenced September 12, 2017)			15.60%*

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

GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF

Schedule of Investments

August 31, 2018


Shares		Description	Value
Common Stocks – 99.3%
Consumer Discretionary – 12.3%
	87	Amazon.com, Inc.*	$	175,106
	3,722	Aramark		152,900
	209	AutoZone, Inc.*		160,278
	1,997	Best Buy Co., Inc.		158,881
	72	Booking Holdings, Inc.*		140,512
	3,254	BorgWarner, Inc.		142,428
	2,003	CarMax, Inc.*		156,334
	2,528	Carnival Corp.		155,447
	2,848	CBS Corp., Class B		151,001
	492	Charter Communications, Inc., Class A*		152,717
	4,183	Comcast Corp., Class A		154,729
	1,401	Darden Restaurants, Inc.		162,572
	4,748	DISH Network Corp., Class A*		167,842
	1,523	Dollar General Corp.		164,073
	1,641	Dollar Tree, Inc.*		132,117
	570	Domino’s Pizza, Inc.		170,179
	3,423	DR Horton, Inc.		152,358
	1,117	Expedia Group, Inc.		145,768
	14,897	Ford Motor Co.		141,224
	3,949	General Motors Co.		142,361
	1,540	Genuine Parts Co.		153,769
	1,503	Hasbro, Inc.		149,263
	1,904	Hilton Worldwide Holdings, Inc.		147,788
	758	Home Depot, Inc. (The)		152,184
	6,642	Interpublic Group of Cos., Inc. (The)		155,091
	2,027	Kohl’s Corp.		160,356
	2,082	Las Vegas Sands Corp.		136,204
	830	Lear Corp.		134,626
	2,864	Lennar Corp., Class A		147,983
	1,886	Liberty Broadband Corp., Class C*		152,936
	4,464	LKQ Corp.*		154,097
	1,506	Lowe’s Cos., Inc.		163,777
	1,173	Marriott International, Inc., Class A		148,349
	949	McDonald’s Corp.		153,956
	4,774	MGM Resorts International		138,398
	794	Mohawk Industries, Inc.*		152,122
	441	Netflix, Inc.*		162,147
	5,714	Newell Brands, Inc.		124,108
	1,945	NIKE, Inc., Class B		159,879
	2,993	Norwegian Cruise Line Holdings Ltd.*		160,455
	56	NVR, Inc.*		149,433
	2,174	Omnicom Group, Inc.		150,702
	490	O’Reilly Automotive, Inc.*		164,356
	975	PVH Corp.		139,581
	7,031	Qurate Retail, Inc.*		146,174
	1,712	Ross Stores, Inc.		163,975
	1,327	Royal Caribbean Cruises Ltd.		162,664
	2,858	Starbucks Corp.		152,760
	3,172	Tapestry, Inc.		160,789
	1,851	Target Corp.		161,963
	503	Tesla, Inc.*^(a)		151,735
	1,088	Tiffany & Co.		133,443
	1,540	TJX Cos., Inc. (The)		169,354
	3,324	Twenty-First Century Fox, Inc., Class A		150,910
	615	Ulta Beauty, Inc.*		159,900
	1,623	VF Corp.		149,527
	5,155	Viacom, Inc., Class B		150,938

Common Stocks – (continued)
Consumer Discretionary – (continued)
	1,318	Walt Disney Co. (The)		147,642
	1,144	Whirlpool Corp.		142,977
	3,248	Wyndham Destinations, Inc.		143,562
	898	Wynn Resorts Ltd.		133,209
	1,886	Yum! Brands, Inc.		163,875

				9,435,784

Consumer Staples – 6.7%
	2,552	Altria Group, Inc.		149,343
	3,102	Archer-Daniels-Midland Co.		156,341
	2,810	Brown-Forman Corp., Class B		146,738
	2,167	Bunge Ltd.		140,812
	2,676	Church & Dwight Co., Inc.		151,408
	1,108	Clorox Co. (The)		160,638
	3,211	Coca-Cola Co. (The)		143,114
	2,235	Colgate-Palmolive Co.		148,426
	4,076	Conagra Brands, Inc.		149,793
	712	Constellation Brands, Inc., Class A		148,238
	686	Costco Wholesale Corp.		159,927
	1,111	Estee Lauder Cos., Inc. (The), Class A		155,673
	3,249	General Mills, Inc.		149,487
	1,522	Hershey Co. (The)		152,992
	4,161	Hormel Foods Corp.		162,903
	1,478	Ingredion, Inc.		149,382
	1,348	JM Smucker Co. (The)		139,356
	2,105	Kellogg Co.		151,118
	6,230	Keurig Dr Pepper, Inc.		142,044
	1,319	Kimberly-Clark Corp.		152,397
	2,486	Kraft Heinz Co. (The)		144,859
	5,153	Kroger Co. (The)		162,320
	2,130	Lamb Weston Holdings, Inc.		143,988
	1,275	McCormick & Co., Inc.		159,222
	2,233	Molson Coors Brewing Co., Class B		149,030
	3,452	Mondelez International, Inc., Class A		147,469
	2,493	Monster Beverage Corp.*		151,799
	1,302	PepsiCo, Inc.		145,837
	1,734	Philip Morris International, Inc.		135,061
	1,849	Procter & Gamble Co. (The)		153,375
	2,229	Sysco Corp.		166,774
	2,593	Tyson Foods, Inc., Class A		162,866
	2,208	Walgreens Boots Alliance, Inc.		151,381
	1,678	Walmart, Inc.		160,853

				5,144,964

Energy – 5.9%
	2,043	Anadarko Petroleum Corp.		131,569
	996	Andeavor		152,179
	3,253	Apache Corp.		142,579
	4,328	Baker Hughes a GE Co.		142,694
	6,381	Cabot Oil & Gas Corp.		152,059
	2,356	Cheniere Energy, Inc.*		157,687
	1,183	Chevron Corp.		140,138
	1,515	Cimarex Energy Co.		127,987
	1,023	Concho Resources, Inc.*		140,304
	2,072	ConocoPhillips		152,147
	3,323	Devon Energy Corp.		142,656
	1,132	Diamondback Energy, Inc.		137,063


The accompanying notes are an integral part of these financial statements.		7

GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF

Schedule of Investments (continued)

August 31, 2018


Shares		Description	Value
Common Stocks – (continued)
Energy – (continued)
	1,159	EOG Resources, Inc.	$	137,029
	3,014	EQT Corp.		153,774
	1,836	Exxon Mobil Corp.		147,192
	3,527	Halliburton Co.		140,692
	2,281	Hess Corp.		153,602
	2,005	HollyFrontier Corp.		149,413
	8,416	Kinder Morgan, Inc.		148,963
	7,081	Marathon Oil Corp.		152,312
	1,848	Marathon Petroleum Corp.		152,072
	3,081	National Oilwell Varco, Inc.		145,023
	4,144	Noble Energy, Inc.		123,160
	1,782	Occidental Petroleum Corp.		142,328
	2,126	ONEOK, Inc.		140,125
	1,214	Phillips 66		143,871
	791	Pioneer Natural Resources Co.		138,188
	2,215	Schlumberger Ltd.		139,899
	2,925	Targa Resources Corp.		161,080
	1,262	Valero Energy Corp.		148,765
	5,030	Williams Cos., Inc. (The)		148,838

				4,485,388

Financials – 14.0%
	933	Affiliated Managers Group, Inc.		136,302
	3,216	Aflac, Inc.		148,708
	237	Alleghany Corp.		149,732
	1,575	Allstate Corp. (The)		158,398
	5,584	Ally Financial, Inc.		150,098
	1,504	American Express Co.		159,394
	2,709	American International Group, Inc.		144,038
	1,026	Ameriprise Financial, Inc.		145,651
	13,956	Annaly Capital Management, Inc. REIT		148,213
	1,043	Aon PLC		151,819
	4,897	Arch Capital Group Ltd.*		149,701
	2,097	Arthur J Gallagher & Co.		151,278
	4,840	Bank of America Corp.		149,701
	2,797	Bank of New York Mellon Corp. (The)		145,864
	2,941	BB&T Corp.		151,932
	757	Berkshire Hathaway, Inc., Class B*		158,001
	297	BlackRock, Inc.		142,281
	1,586	Capital One Financial Corp.		157,157
	1,542	Cboe Global Markets, Inc.		155,434
	2,929	Charles Schwab Corp. (The)		148,764
	1,072	Chubb Ltd.		144,977
	1,978	Cincinnati Financial Corp.		151,653
	2,079	Citigroup, Inc.		148,108
	3,757	Citizens Financial Group, Inc.		154,638
	941	CME Group, Inc.		164,421
	1,545	Comerica, Inc.		150,607
	2,096	Discover Financial Services		163,740
	2,500	ETRADE Financial Corp.		147,150
	685	Everest Re Group Ltd.		152,769
	5,055	Fifth Third Bancorp		148,769
	1,514	First Republic Bank		153,807
	4,356	Franklin Resources, Inc.		138,259
	630	Goldman Sachs Group, Inc. (The)^(b)		149,821
	2,839	Hartford Financial Services Group, Inc. (The)		143,000

Common Stocks – (continued)
Financials – (continued)
	9,687	Huntington Bancshares, Inc.		157,026
	2,026	Intercontinental Exchange, Inc.		154,442
	5,537	Invesco Ltd.		133,442
	1,303	JPMorgan Chase & Co.		149,298
	7,163	KeyCorp		150,924
	2,197	Lincoln National Corp.		144,079
	2,950	Loews Corp.		148,414
	862	M&T Bank Corp.		152,703
	129	Markel Corp.*		155,935
	1,796	Marsh & McLennan Cos., Inc.		151,995
	3,268	MetLife, Inc.		149,969
	875	Moody’s Corp.		155,767
	2,959	Morgan Stanley		144,488
	899	MSCI, Inc.		162,054
	1,637	Nasdaq, Inc.		156,235
	1,371	Northern Trust Corp.		147,328
	1,031	PNC Financial Services Group, Inc. (The)		147,990
	2,573	Principal Financial Group, Inc.		142,004
	2,496	Progressive Corp. (The)		168,555
	1,483	Prudential Financial, Inc.		145,705
	1,636	Raymond James Financial, Inc.		152,213
	8,031	Regions Financial Corp.		156,283
	1,057	Reinsurance Group of America, Inc.		150,992
	747	S&P Global, Inc.		154,666
	2,496	SEI Investments Co.		157,448
	1,698	State Street Corp.		147,573
	2,074	SunTrust Banks, Inc.		152,563
	488	SVB Financial Group*		157,502
	5,163	Synchrony Financial		163,512
	1,256	T Rowe Price Group, Inc.		145,558
	2,612	TD Ameritrade Holding Corp.		152,985
	1,149	Travelers Cos., Inc. (The)		151,208
	3,771	Unum Group		139,074
	2,823	US Bancorp		152,753
	2,607	Wells Fargo & Co.		152,457
	940	Willis Towers Watson PLC		138,434
	2,892	Zions Bancorporation		154,115

				10,711,874

Health Care – 13.1%
	2,282	Abbott Laboratories		152,529
	1,621	AbbVie, Inc.		155,584
	423	ABIOMED, Inc.*		171,983
	794	Aetna, Inc.		159,014
	2,269	Agilent Technologies, Inc.		153,248
	1,125	Alexion Pharmaceuticals, Inc.*		137,520
	421	Align Technology, Inc.*		162,712
	813	Allergan PLC		155,860
	1,574	Alnylam Pharmaceuticals, Inc.*		193,083
	1,828	AmerisourceBergen Corp.		164,465
	763	Amgen, Inc.		152,455
	592	Anthem, Inc.		156,720
	2,067	Baxter International, Inc.		153,723
	597	Becton Dickinson and Co.		156,336
	450	Biogen, Inc.*		159,070
	1,487	BioMarin Pharmaceutical, Inc.*		148,670
	4,460	Boston Scientific Corp.*		158,598


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

GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF


Shares		Description	Value
Common Stocks – (continued)
Health Care – (continued)
	2,543	Bristol-Myers Squibb Co.	$	153,979
	2,994	Cardinal Health, Inc.		156,257
	1,665	Celgene Corp.*		157,259
	1,149	Centene Corp.*		168,305
	2,412	Cerner Corp.*		157,045
	832	Cigna Corp.		156,699
	578	Cooper Cos., Inc. (The)		147,841
	2,301	CVS Health Corp.		173,127
	1,457	Danaher Corp.		150,858
	2,132	DaVita, Inc.*		147,726
	1,051	Edwards Lifesciences Corp.*		151,596
	1,515	Eli Lilly & Co.		160,060
	1,880	Express Scripts Holding Co.*		165,478
	1,927	Gilead Sciences, Inc.		145,932
	1,205	HCA Healthcare, Inc.		161,603
	1,883	Henry Schein, Inc.*		146,271
	3,486	Hologic, Inc.*		138,603
	474	Humana, Inc.		157,965
	614	IDEXX Laboratories, Inc.*		155,981
	465	Illumina, Inc.*		164,996
	2,244	Incyte Corp.*		165,854
	295	Intuitive Surgical, Inc.*		165,200
	1,226	IQVIA Holdings, Inc.*		155,812
	863	Jazz Pharmaceuticals PLC*		147,504
	1,128	Johnson & Johnson		151,930
	854	Laboratory Corp. of America Holdings*		147,631
	1,191	McKesson Corp.		153,341
	1,659	Medtronic PLC		159,944
	2,274	Merck & Co., Inc.		155,974
	255	Mettler-Toledo International, Inc.*		149,037
	4,015	Mylan NV*		157,107
	2,851	Nektar Therapeutics*		189,563
	1,856	Perrigo Co. PLC		142,003
	3,755	Pfizer, Inc.		155,908
	1,388	Quest Diagnostics, Inc.		152,652
	405	Regeneron Pharmaceuticals, Inc.*		164,734
	1,415	ResMed, Inc.		157,645
	916	Stryker Corp.		155,198
	551	Teleflex, Inc.		136,334
	638	Thermo Fisher Scientific, Inc.		152,546
	591	UnitedHealth Group, Inc.		158,660
	1,222	Universal Health Services, Inc., Class B		159,056
	1,296	Varian Medical Systems, Inc.*		145,178
	855	Vertex Pharmaceuticals, Inc.*		157,662
	758	Waters Corp.*		143,626
	1,191	Zimmer Biomet Holdings, Inc.		147,243
	1,733	Zoetis, Inc.		157,010

				9,993,503

Industrials – 12.7%
	704	3M Co.		148,488
	3,788	American Airlines Group, Inc.		153,338
	1,927	AMETEK, Inc.		148,302
	6,915	Arconic, Inc.		154,758
	422	Boeing Co. (The)		144,657
	1,043	Caterpillar, Inc.		144,821
	1,623	CH Robinson Worldwide, Inc.		155,938

Common Stocks – (continued)
Industrials – (continued)
	731	Cintas Corp.		155,973
	2,609	Copart, Inc.*		167,785
	360	CoStar Group, Inc.*		159,178
	2,116	CSX Corp.		156,923
	1,051	Cummins, Inc.		149,032
	1,039	Deere & Co.		149,408
	2,753	Delta Air Lines, Inc.		160,995
	1,807	Dover Corp.		155,167
	1,804	Eaton Corp. PLC		149,985
	2,073	Emerson Electric Co.		159,061
	1,191	Equifax, Inc.		159,558
	1,967	Expeditors International of Washington, Inc.		144,142
	2,630	Fastenal Co.		153,487
	612	FedEx Corp.		149,297
	1,823	Fortive Corp.		153,096
	2,586	Fortune Brands Home & Security, Inc.		137,006
	751	General Dynamics Corp.		145,243
	11,002	General Electric Co.		142,366
	914	Harris Corp.		148,534
	941	Honeywell International, Inc.		149,675
	645	Huntington Ingalls Industries, Inc.		157,683
	977	IDEX Corp.		149,686
	2,822	IHS Markit Ltd.*		155,210
	1,046	Illinois Tool Works, Inc.		145,268
	1,519	Ingersoll-Rand PLC		153,860
	1,249	JB Hunt Transport Services, Inc.		150,817
	3,999	Johnson Controls International PLC		151,042
	1,287	Kansas City Southern		149,241
	697	L3 Technologies, Inc.		148,963
	459	Lockheed Martin Corp.		147,068
	3,715	Masco Corp.		141,059
	6,359	Nielsen Holdings PLC		165,334
	886	Norfolk Southern Corp.		154,022
	497	Northrop Grumman Corp.		148,350
	1,022	Old Dominion Freight Line, Inc.		155,753
	2,276	PACCAR, Inc.		155,724
	888	Parker-Hannifin Corp.		155,933
	756	Raytheon Co.		150,777
	2,067	Republic Services, Inc.		151,635
	799	Rockwell Automation, Inc.		144,587
	1,079	Rockwell Collins, Inc.		146,690
	495	Roper Technologies, Inc.		147,693
	2,573	Southwest Airlines Co.		157,725
	1,609	Spirit AeroSystems Holdings, Inc., Class A		137,569
	1,001	Stanley Black & Decker, Inc.		140,671
	2,197	Textron, Inc.		151,659
	398	TransDigm Group, Inc.*		139,300
	997	Union Pacific Corp.		150,168
	1,862	United Continental Holdings, Inc.*		162,776
	1,249	United Parcel Service, Inc., Class B		153,477
	1,009	United Rentals, Inc.*		157,273
	1,106	United Technologies Corp.		145,660
	1,352	Verisk Analytics, Inc.*		161,010
	1,666	Waste Management, Inc.		151,439
	431	WW Grainger, Inc.		152,604


The accompanying notes are an integral part of these financial statements.		9

GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF

Schedule of Investments (continued)

August 31, 2018


Shares		Description	Value
Common Stocks – (continued)
Industrials – (continued)
	1,505	XPO Logistics, Inc.*	$	160,282
	1,967	Xylem, Inc.		149,315

				9,693,536

Information Technology – 18.1%
	940	Accenture PLC, Class A		158,926
	2,039	Activision Blizzard, Inc.		147,012
	614	Adobe Systems, Inc.*		161,795
	8,130	Advanced Micro Devices, Inc.*		204,632
	1,986	Akamai Technologies, Inc.*		149,228
	664	Alliance Data Systems Corp.		158,417
	124	Alphabet, Inc., Class A*		152,743
	2,213	Amdocs Ltd.		144,465
	1,603	Amphenol Corp., Class A		151,612
	1,555	Analog Devices, Inc.		153,712
	887	ANSYS, Inc.*		164,964
	787	Apple, Inc.		179,145
	3,081	Applied Materials, Inc.		132,545
	585	Arista Networks, Inc.*		174,903
	1,163	Autodesk, Inc.*		179,509
	1,111	Automatic Data Processing, Inc.		163,039
	672	Broadcom, Inc.		147,188
	1,323	Broadridge Financial Solutions, Inc.		178,790
	3,385	CA, Inc.		148,263
	3,394	Cadence Design Systems, Inc.*		159,654
	2,396	CDK Global, Inc.		149,319
	1,780	CDW Corp.		155,857
	3,540	Cisco Systems, Inc.		169,106
	1,359	Citrix Systems, Inc.*		154,953
	2,871	Cognex Corp.		154,460
	1,838	Cognizant Technology Solutions Corp., Class A		144,154
	4,511	Corning, Inc.		151,164
	1,766	DXC Technology Co.		160,865
	4,471	eBay, Inc.*		154,741
	1,163	Electronic Arts, Inc.*		131,896
	874	F5 Networks, Inc.*		165,291
	865	Facebook, Inc., Class A*		152,007
	1,449	Fidelity National Information Services, Inc.		156,738
	1,984	Fiserv, Inc.*		158,859
	690	FleetCor Technologies, Inc.*		147,481
	1,106	Gartner, Inc.*		165,635
	1,327	Global Payments, Inc.		165,318
	9,691	Hewlett Packard Enterprise Co.		160,192
	6,481	HP, Inc.		159,757
	722	IAC/InterActiveCorp*		142,378
	3,113	Intel Corp.		150,763
	1,031	International Business Machines Corp.		151,021
	731	Intuit, Inc.		160,433
	2,578	Keysight Technologies, Inc.*		167,286
	1,282	KLA-Tencor Corp.		148,981
	786	Lam Research Corp.		136,049
	2,191	Leidos Holdings, Inc.		155,057
	756	Mastercard, Inc., Class A		162,963
	2,446	Maxim Integrated Products, Inc.		147,910
	1,602	Microchip Technology, Inc.		137,820
	2,833	Micron Technology, Inc.*		148,789

Common Stocks – (continued)
Information Technology – (continued)
	1,412	Microsoft Corp.		158,610
	1,231	Motorola Solutions, Inc.		158,011
	1,931	NetApp, Inc.		167,630
	612	NVIDIA Corp.		171,776
	6,777	ON Semiconductor Corp.*		144,621
	3,135	Oracle Corp.		152,298
	755	Palo Alto Networks, Inc.*		174,518
	2,167	Paychex, Inc.		158,733
	1,820	PayPal Holdings, Inc.*		168,041
	1,626	PTC, Inc.*		162,502
	1,871	Qorvo, Inc.*		149,848
	2,340	QUALCOMM, Inc.		160,781
	1,059	Red Hat, Inc.*		156,446
	1,090	salesforce.com, Inc.*		166,421
	2,836	Seagate Technology PLC		151,839
	850	ServiceNow, Inc.*		166,906
	1,582	Skyworks Solutions, Inc.		144,437
	1,556	Splunk, Inc.*		199,401
	2,311	Square, Inc., Class A*		204,847
	2,820	SS&C Technologies Holdings, Inc.		167,339
	7,397	Symantec Corp.		149,124
	1,673	Synopsys, Inc.*		170,880
	1,323	Take-Two Interactive Software, Inc.*		176,700
	1,600	TE Connectivity Ltd.		146,688
	1,346	Texas Instruments, Inc.		151,290
	1,637	Total System Services, Inc.		159,018
	4,241	Trimble, Inc.*		178,546
	4,701	Twitter, Inc.*		165,381
	1,029	VeriSign, Inc.*		163,210
	1,093	Visa, Inc., Class A		160,551
	1,033	VMware, Inc., Class A*		158,318
	2,133	Western Digital Corp.		134,891
	7,423	Western Union Co. (The)		140,443
	1,207	Workday, Inc., Class A*		186,530
	1,819	Worldpay, Inc., Class A*		177,152
	2,074	Xilinx, Inc.		161,419

				13,842,931

Materials – 4.6%
	914	Air Products & Chemicals, Inc.		151,989
	1,589	Albemarle Corp.		151,781
	3,461	Alcoa Corp.*		154,603
	3,843	Ball Corp.		160,945
	1,270	Celanese Corp., Series A		148,374
	3,268	Chemours Co. (The)		142,485
	2,176	DowDuPont, Inc.		152,603
	1,445	Eastman Chemical Co.		140,208
	1,062	Ecolab, Inc.		159,810
	1,668	FMC Corp.		142,531
	9,082	Freeport-McMoRan, Inc.		127,602
	1,128	International Flavors & Fragrances, Inc.		146,967
	2,788	International Paper Co.		142,578
	1,351	LyondellBasell Industries NV, Class A		152,366
	750	Martin Marietta Materials, Inc.		149,040
	4,079	Newmont Mining Corp.		126,571
	2,235	Nucor Corp.		139,688
	1,326	Packaging Corp. of America		145,754


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

GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF


Shares		Description	Value
Common Stocks – (continued)
Materials – (continued)
	1,352	PPG Industries, Inc.	$	149,450
	893	Praxair, Inc.		141,264
	338	Sherwin-Williams Co. (The)		153,986
	3,177	Steel Dynamics, Inc.		145,284
	1,329	Vulcan Materials Co.		147,253
	2,585	WestRock Co.		142,382

				3,515,514

Real Estate – 5.9%
	1,178	Alexandria Real Estate Equities, Inc. REIT		151,196
	1,014	American Tower Corp. REIT		151,208
	848	AvalonBay Communities, Inc. REIT		155,430
	1,193	Boston Properties, Inc. REIT		155,627
	2,638	Brookfield Property REIT, Inc., Class A REIT		52,813
	3,006	CBRE Group, Inc., Class A*		146,723
	1,350	Crown Castle International Corp. REIT		153,940
	1,230	Digital Realty Trust, Inc. REIT		152,864
	5,143	Duke Realty Corp. REIT		146,524
	339	Equinix, Inc. REIT		147,848
	2,293	Equity Residential REIT		155,351
	623	Essex Property Trust, Inc. REIT		153,432
	1,591	Extra Space Storage, Inc. REIT		146,706
	1,193	Federal Realty Investment Trust REIT		155,818
	5,784	HCP, Inc. REIT		156,341
	7,149	Host Hotels & Resorts, Inc. REIT		153,918
	4,264	Iron Mountain, Inc. REIT		153,930
	1,487	Mid-America Apartment Communities, Inc. REIT		153,994
	2,279	Prologis, Inc. REIT		153,103
	688	Public Storage REIT		146,255
	2,685	Realty Income Corp. REIT		157,260
	2,356	Regency Centers Corp. REIT		155,567
	945	SBA Communications Corp. REIT*		146,692
	851	Simon Property Group, Inc. REIT		155,759
	1,187	SL Green Realty Corp. REIT		123,923
	3,901	UDR, Inc. REIT		155,923
	2,657	Ventas, Inc. REIT		159,075
	2,082	Vornado Realty Trust REIT		160,314
	2,393	Welltower, Inc. REIT		159,637
	4,377	Weyerhaeuser Co. REIT		151,926

				4,469,097

Telecommunication Services – 0.8%
	4,679	AT&T, Inc.		149,447
	7,973	CenturyLink, Inc.		170,303
	2,494	T-Mobile US, Inc.*		164,704
	2,894	Verizon Communications, Inc.		157,347

				641,801

Utilities – 5.2%
	3,485	Alliant Energy Corp.		149,297
	2,410	Ameren Corp.		152,384
	2,105	American Electric Power Co., Inc.		150,992
	1,697	American Water Works Co., Inc.		148,538
	1,632	Atmos Energy Corp.		150,519
	5,260	CenterPoint Energy, Inc.		146,175
	3,098	CMS Energy Corp.		152,546
	1,899	Consolidated Edison, Inc.		149,888
	2,085	Dominion Energy, Inc.		147,556
	1,380	DTE Energy Co.		153,373

Common Stocks – (continued)
Utilities – (continued)
	1,836	Duke Energy Corp.		149,157
	2,247	Edison International		147,695
	1,842	Entergy Corp.		153,973
	2,466	Eversource Energy		153,952
	3,524	Exelon Corp.		154,034
	4,227	FirstEnergy Corp.		158,005
	893	NextEra Energy, Inc.		151,899
	4,731	NRG Energy, Inc.		167,430
	3,473	PG&E Corp.		160,383
	1,862	Pinnacle West Capital Corp.		146,260
	5,200	PPL Corp.		154,648
	2,902	Public Service Enterprise Group, Inc.		151,920
	1,293	Sempra Energy		150,092
	3,083	Southern Co. (The)		134,974
	2,258	WEC Energy Group, Inc.		152,596
	3,194	Xcel Energy, Inc.		153,472

				3,941,758

	TOTAL COMMON STOCKS
	(Cost $71,718,878)		$	75,876,150


Exchange Traded Fund – 0.3%
	2,342	Invesco S&P 500 Equal Weight ETF
	(Cost $251,363)		$	250,852

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $71,970,241)		$	76,127,002


Shares	Distribution Rate			Value
Securities Lending Reinvestment Vehicle – 0.1%^(b)
Goldman Sachs Financial Square Government Fund – Institutional Shares
61,541		1.879	%	$	61,541
(Cost $61,541)

TOTAL INVESTMENTS – 99.7%
(Cost $72,031,782)				$	76,188,543

OTHER ASSETS IN EXCESS OF LIABILITIES – 0.3%					249,257

NET ASSETS – 100.0%				$	76,437,800


The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*		Non-income producing security.
(a)		All or a portion of security is on loan.
(b)		Represents an affiliated issuer.



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


The accompanying notes are an integral part of these financial statements.		11

GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF

Statement of Assets and Liabilities

August 31, 2018


	Equal Weight U.S. Large Cap Equity ETF
Assets:
Investments in unaffiliated issuers, at value (cost $71,818,227)^(a)	$	75,977,181
Investments in affiliated issuers, at value (cost $152,014)		149,821
Investments in securities lending reinvestment vehicle, at value which equals cost		61,541
Cash		187,503
Receivables:
Fund shares sold		4,632,560
Dividends		111,067
Securities lending income		141
Total assets		81,119,814

Liabilities:
Payables:
Upon return of securities loaned		61,541
Investments purchased		4,615,215
Management fees		5,258
Total liabilities		4,682,014

Net Assets:
Paid-in capital		72,532,398
Undistributed net investment income		215,556
Accumulated net realized gain		(466,915	)
Net unrealized gain		4,156,761
NET ASSETS	$	76,437,800
SHARES ISSUED AND OUTSTANDING
Shares outstanding no par value (unlimited shares authorized):		1,650,000
Net asset value per share:		$46.33

(a)

Includes loaned securities having a market value of $60,030.


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

GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF

Statement of Operations

For the Period Ended August 31, 2018^(a)


	Equal Weight U.S. Large Cap Equity ETF
Investment income:
Dividends — unaffiliated issuers	$	652,782
Dividends — affiliated issuers		1,116
Securities lending income		1,133
Total investment income		655,031

Expenses:
Management fees		23,042
Trustee fees		7,892
Total expenses		30,934
NET INVESTMENT INCOME		624,097

Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		(473,592	)
Investments — affiliated issuers		(788	)
In-kind redemptions — affiliated issuers		1,357
In-kind redemptions — unaffiliated issuers		660,758
Net unrealized gain (loss) on:
Investments — unaffiliated		4,158,954
Investments — affiliated issuers		(2,193	)
Net realized and unrealized gain		4,344,496
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	4,968,593

(a)

For the period September 12, 2017 (commencement of operations) through August 31, 2018.


The accompanying notes are an integral part of these financial statements.		13

GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF

Statement of Changes in Net Assets


	Equal Weight U.S. Large Cap Equity ETF
	For the Period September 12, 2017^(a) to August 31, 2018
From operations:
Net investment income	$	624,097
Net realized gain		187,735
Net change in unrealized gain		4,156,761
Net increase in net assets resulting from operations		4,968,593

Distributions to shareholders:
From net investment income		(410,506	)
Total distributions to shareholders		(410,506	)

From share transactions:
Proceeds from sales of shares		80,491,449
Cost of shares redeemed		(8,611,736	)
Net increase in net assets resulting from share transactions		71,879,713
TOTAL INCREASE		76,437,800

Net assets:
Beginning of period	$	—
End of period	$	76,437,800
Undistributed net investment income	$	215,556

(a)

Commencement of operations.


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

GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF

Financial Highlights

Selected Data for a Share Outstanding Throughout the Period


	Equal Weight U.S. Large Cap Equity ETF
	For the Period September 12, 2017* to August 31, 2018
Per Share Operating Performance:
Net asset value, beginning of period	$	40.58
Net investment income^(a)		0.77
Net realized and unrealized gain		5.52
Total gain from investment operations		6.29
Distributions to shareholders from net investment income		(0.54	)
Net asset value, end of period	$	46.33
Market price, end of period	$	46.35
Total Return at Net Asset Value^(b)		15.60	%
Net assets, end of period (in 000’s)	$	76,438
Ratio of total expenses to average net assets		0.09	%^(c)
Ratio of net investment income to average net assets		1.82	%^(c)
Portfolio turnover rate^(d)		34	%

Commencement of operations.

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


The accompanying notes are an integral part of these financial statements.		15

GOLDMAN SACHS ETF TRUST

Notes to Financial Statements

August 31, 2018

1. ORGANIZATION

Goldman Sachs Equal Weight U.S. Large Cap Equity ETF (the “Fund”) is a series of the Goldman Sachs ETF Trust (the “Trust”) which is an open-end diversified 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 investment objective of the Fund is to provide investment results that closely correspond, before fees and expenses, to the performance of the Solactive US Large Cap Equal Weight Index (GTR) (the “Index”).

Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as investment adviser to the Fund pursuant to a management agreement (the “Agreement”) with the Trust. The Fund is an exchange- traded fund (“ETF”). Shares of the Fund are listed and traded on the Cboe BZX Exchange, Inc. (“Cboe BZX”). Market prices for the Fund’s shares may be different from its net asset value (“NAV”). The Fund issues and redeems shares at its 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. 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 Fund.

2. SIGNIFICANT ACCOUNTING POLICIES

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

B. Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. 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. Distributions received from the Fund’s investments in U.S. real estate investment trusts (“REITs”) may be characterized as ordinary income, net capital gain or a return of capital. A return of capital is recorded by the Fund as a reduction to the cost basis of the REIT.

C. Expenses — Expenses incurred directly by the Fund are charged to the Fund, and certain expenses incurred by the Trust that may not solely relate to the Fund are allocated to the Fund and the other applicable funds of the Trust on a straight-line and/or pro-rata basis, depending upon the nature of the expenses, and are accrued daily.

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

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 the 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 Fund’s net assets on the Statement of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

GOLDMAN SACHS ETF TRUST

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

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

The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Fund, 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 Fund’s 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:

Exchange Traded Funds — Investments in exchange traded funds (“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. For information regarding an ETF’s accounting policies and investment holdings, please see the ETF’s shareholder report.

GOLDMAN SACHS ETF TRUST

Notes to Financial Statements (continued)

August 31, 2018

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

reflect fair value, the fair value of the Fund’s 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 the 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, 2018 the Fund did not hold Level 3 securities.

C. Fair Value Hierarchy — The following is a summary of the Fund’s investments classified in the fair value hierarchy as of August 31, 2018:



EQUAL WEIGHT 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	$	76,127,002	$	—	$	—
Securities Lending Reinvestment Vehicle		61,541		—		—
Total	$	76,188,543	$	—	$	—

(a)

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

4. AGREEMENTS AND AFFILIATED TRANSACTIONS

A. Management Agreement — Under the Agreement, GSAM manages the Fund, 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 Fund’s business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of the Fund’s average daily net assets.

The Fund operates under a unitary management fee structure. Under the unitary fee structure, GSAM is responsible for paying substantially all the expenses of the 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. As the Fund directly pays fees and expenses of the independent Trustees, the management fee collected by GSAM will be reduced by an amount equal to the fees and expenses paid by the Fund to the independent Trustees.

For the period ended August 31, 2018, the unitary management fee rate with GSAM was 0.09%.

B. Other Transactions with Affiliates — The Fund may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is solely due to having a common investment adviser, common officers, or common trustees. The following table provides information about the Fund’s investment in The Goldman Sachs Group, Inc. for the period ended August 31, 2018:


Fund	Beginning value as of September 12, 2017*	Purchases at Cost		Proceeds from Sales			Realized Gain		Change in Unrealized Appreciation			Ending value as of August 31, 2018		Shares as of August 31, 2018		Dividend Income
Equal Weight U.S. Large Cap Equity ETF	$—	$	178,970	$	(27,525	)	$	569	$	(2,193	)	$	149,821		630	$	1,116

Commencement of operations.

GOLDMAN SACHS ETF TRUST

5. CREATION AND REDEMPTION OF CREATION UNITS

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

Authorized Participants transacting in Creation Units for cash may also pay a variable charge to compensate the 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 Statement of Changes in Net Assets.

Share activity for the period ended August 31, 2018, is as follows:


	EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF
	For the period September 12, 2017* through August 31, 2018
	Shares			Dollars

Fund Share Activity
Shares Sold		1,850,000		$	80,491,438
Shares Redeemed		(200,000	)	$	(8,611,736	)
NET INCREASE IN SHARES		1,650,000		$	71,879,702

Commencement of operation.

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales of long-term securities for the period ended August 31, 2018, were as follows:


Fund	Purchases		Sales
Equal Weight U.S. Large Cap Equity ETF	$	11,947,528	$	11,807,318

The purchase and sales from in-kind creation and redemption transactions for the period ended August 31, 2018, were as follows:


Fund	Purchases		Sales
Equal Weight U.S. Large Cap Equity ETF	$	80,259,866	$	8,527,324

7. SECURITIES LENDING

GOLDMAN SACHS ETF TRUST

Notes to Financial Statements (continued)

August 31, 2018

7. SECURITIES LENDING (continued)

market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Fund, at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Fund on the next business day. As with other extensions of credit, the Fund may experience delay in the recovery of its securities or incur a loss should the borrower of the securities breach its agreement with the Fund or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Statement of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

The Fund invests the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”), an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% (prior to February 21, 2018, GSAM may have received a management fee of up to 0.205%) on an annualized basis of the average daily net assets of the Government Money Market Fund.

In the event of a default by a borrower with respect to any loan, BNYM may exercise any and all remedies provided under the applicable borrower agreement to make the Fund whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If BNYM is unable to purchase replacement securities, BNYM will indemnify the Fund by paying the Fund an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Fund’s loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the value of the cash received. The amounts of the Fund’s overnight and continuous agreements which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of August 31, 2018 are disclosed as “Payable upon return of securities loaned” on the Statement of Assets and Liabilities.

Both the Fund and BNYM received compensation relating to the lending of the Fund’s securities. The amounts earned, if any, by the Fund for the period ended August 31, 2018, are reported under Investment Income on the Statement of Operations.

The following table provides information about the Fund’s investment in the Government Money Market Fund for the period ended August 31, 2018:


Beginning value as of September 12, 2017*		Purchases at Cost		Proceeds from Sales			Ending value as of August 31, 2018
$	—	$	2,495,888	$	(2,434,347	)	$	61,541

Commencement of operations.

8. TAX INFORMATION

The tax character of distributions paid during the period ended August 31, 2018 was as follows:


	Equal Weight U.S. Large Cap Equity ETF
Distributions paid from:
Ordinary Income*	$	408,419
Long-term capital gain		2,087
Total taxable distributions	$	410,506

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

GOLDMAN SACHS ETF TRUST

8. TAX INFORMATION (continued)

As of August 31, 2018, the components of accumulated earnings (losses) on a tax-basis were as follows:


	Equal Weight U.S. Large Cap Equity ETF
Undistributed ordinary income — net	$	215,678
Total undistributed earnings	$	215,678
Unrealized gains (losses) — net	$	3,689,724
Total accumulated earnings (losses) net	$	3,905,402

As of August 31, 2018, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:


	Equal Weight U.S. Large Cap Equity ETF
Tax Cost	$	72,498,819
Gross unrealized gain		5,081,115
Gross unrealized loss		(1,391,391	)
Net unrealized gains (losses)	$	3,689,724

The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales and differences in the tax treatment of underlying fund investments.

In order to present certain components of the Fund’s capital accounts on a tax-basis, certain reclassifications have been recorded to the Fund’s accounts. These reclassifications have no impact on the net asset value of the Fund and result primarily from redemptions in-kind, dividend redesignation and underlying fund investments.


Fund	Paid-in Capital		Accumulated Net Realized Gain (Loss)			Undistributed Net Investment Income (Loss)
Equal Weight U.S. Large Cap Equity ETF	$	652,685	$	(654,650	)	$	1,965

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

9. OTHER RISKS

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

Index Risk — Solactive AG (the “Index Provider”) constructs the Fund’s Index in accordance with a rules-based methodology. The Fund will be negatively affected by general declines in the securities and asset classes represented in its Index. In addition, because the Fund is not “actively” managed, unless a specific security is removed from its Index, the 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 the Fund’s ability to adjust its exposure to the required levels in order to track the Index. The Fund also does not attempt to take defensive positions under any market conditions, including declining markets. Therefore, the 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 the Index, but it does not guarantee the accuracy or availability of such third party data. The Index is

GOLDMAN SACHS ETF TRUST

Notes to Financial Statements (continued)

August 31, 2018

9. OTHER RISKS (continued)

new and has a limited performance history. Errors in index data, index computation or the construction of the 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 Fund and its shareholders. In addition, neither the 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, the 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 — The 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 the Fund’s Index trading individually or in the aggregate at any point in time.

Tracking Error Risk — Tracking error is the divergence of the Fund’s performance from that of its Index. The performance of the Fund may diverge from that of its Index for a number of reasons. Tracking error may occur because of transaction costs, the 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 the Fund, the returns of its 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.

10. INDEMNIFICATIONS

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

11. SUBSEQUENT EVENTS

In September 2018, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2018-13 — Fair Value Measurement (Topic 820) Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement. The amendments in the ASU modify fair value measurement disclosures. The amendments are effective for the Fund’s fiscal year beginning after December 15, 2019. GSAM is currently evaluating the impact, if any, of the amendments.

Other than noted above, subsequent events after the Statement of Assets and Liabilities date have been evaluated and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.

Report of Independent Registered Public

Accounting Firm

To the Board of Trustees of Goldman Sachs ETF Trust and Shareholders of

Goldman Sachs Equal Weight U.S. Large Cap Equity ETF:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Goldman Sachs Equal Weight U.S. Large Cap Equity ETF (one of the funds constituting Goldman Sachs ETF Trust, referred to hereafter as the “Fund”) as of August 31, 2018, the related statements of operations and changes in net assets, including the related notes, and the financial highlights for the period September 12, 2017 (commencement of operations) through August 31, 2018 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of August 31, 2018, the results of its operations, changes in its net assets, and the financial highlights for the period September 12, 2017 (commencement of operations) through August 31, 2018 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2018 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audit provides a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts

October 26, 2018

We have served as the auditor of one or more investment companies in the Goldman Sachs fund complex since 2000.

GOLDMAN SACHS ETF TRUST


Fund Expenses — Six Months Ended 8/31/2018 (Unaudited)


	Equal Weight U.S. Large Cap Equity ETF
	Beginning Account Value 3/1/18		Ending Account Value 8/31/18			Expenses Paid*
Actual based on NAV	$	1,000	$	1,074.50		$	0.47
Hypothetical 5% return	$	1,000	$	1,024.75	+	$	0.46

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

Expenses for the Fund are calculated using the Fund’s annualized net expense ratio, which represents the ongoing expenses as a percentage of net assets for the six months ended August 31, 2018. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal year; and then dividing that result by the number of days in the fiscal year.

The annualized net expense ratio for the period is as follows:


Fund
Equal Weight U.S. Large Cap Equity ETF	0.09	%

GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF

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
Lawrence W. Stranghoener Age: 64	Chairman of the Board of Trustees	Trustee Since 2015; Chairman Since 2017	Mr. Stranghoener is retired. He is Director, Kennametal, Inc. (a global manufacturer and distributor of tooling and industrial materials) (2003-Present); Director, Aleris Corporation and Aleris International, Inc. (a producer of aluminum rolled products) (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). Chairman of the Board of Trustees —Goldman Sachs ETF Trust; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC.	32	Kennametal Inc. (a global manufacturer and distributor of tooling and industrial materials)
Caroline Dorsa Age: 59	Trustee	Since 2016	Ms. Dorsa is retired. She is Director, Biogen Inc. (a biotechnology company) (2010-Present); Director, Intellia Therapeutics Inc. (a gene-editing company) (2015-Present); and Director, Illumina, Inc. (a life sciences company) (2017-Present). She was formerly Executive Vice President and Chief Financial Officer, Public Service Enterprise Group, Inc. (a generation and energy services company) (2009-2015); Senior Vice President, Merck & Co, Inc. (a pharmaceutical company) (2008-2009 and 1987-2007); Senior Vice President and Chief Financial Officer, Gilead Sciences, Inc. (a pharmaceutical company) (2007-2008); and Senior Vice President and Chief Financial Officer, Avaya, Inc. (a technology company) (2007). Trustee — Goldman Sachs ETF Trust; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC.	32	Biogen Inc. (a biotechnology company); Intellia Therapeutics Inc. (a gene-editing company); Illumina, Inc. (a life sciences company)
Linda A. Lang Age: 60	Trustee	Since 2016	Ms. Lang is retired. She is Chair of the Board of Directors (2016-present), and Member of the Board of Directors, 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). Previously, Ms. Lang served as an Advisory Board Member of Goldman Sachs MLP Income Opportunities Fund and Goldman Sachs MLP and Energy Renaissance Fund (February 2016-March 2016). Trustee — Goldman Sachs ETF Trust; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC.	32	WD-40 Company (a global consumer products company)
Michael Latham Age: 52	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; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC.	32	None

GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF

Trustees and Officers (Unaudited) (continued)

Interested Trustee*


Name, Address and Age¹	Position(s) Held with the Trust	Term of Office and Length of Time Served²	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee³	Other Directorships Held by Trustee⁴
James A. McNamara Age: 55	Trustee and President	Since 2014	Advisory Director, Goldman Sachs (January 2018 -Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President and Trustee — Goldman Sachs ETF Trust; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC.	152	None

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, 2018.

⁴

Additional information about the Trustees is available in the Fund’s 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 EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF

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: 55	Trustee and President	Since 2014	Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President and Trustee — Goldman Sachs ETF Trust; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC.
Caroline L. Kraus 200 West Street New York, NY 10282 Age: 41	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 Corp.; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC.
Scott M. McHugh 200 West Street New York, NY 10282 Age: 46	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; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC.
Joseph F. DiMaria 30 Hudson Street Jersey City, NJ 07302 Age: 50	Assistant Treasurer and Principal Accounting Officer	Since 2017	Managing Director, Goldman Sachs (November 2015-Present) and Vice President – Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010-October 2015). Assistant Treasurer and Principal Accounting Officer — Goldman Sachs ETF Trust; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC.

Represents a partial list of officers of the Trust. Additional information about all the officers is available in the Fund’s 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, 2018.

Goldman Sachs Equal Weight U.S. Large Cap Equity ETF — Tax Information (Unaudited)

For the year ended August 31, 2018, 75.81% of the dividends paid from net investment company taxable income by the Equal Weight 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, 2018, 84.59% of the dividends paid from net investment company taxable income by the Equal Weight 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 Equal Weight U.S. Large Cap Equity ETF designates $2,087 or if different, the maximum amount allowable, as capital gain dividends paid during the fiscal year ended August 31, 2018.

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 $1.30 trillion in assets under supervision as of June 30, 2018, 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. LLC subject to legal, internal and regulatory restrictions.

GOLDMAN SACHS EXCHANGE-TRADED FUNDS

Goldman Sachs ActiveBeta^® Emerging Markets Equity ETF

Goldman Sachs ActiveBeta^® Europe Equity ETF

Goldman Sachs ActiveBeta^® International Equity ETF

Goldman Sachs ActiveBeta^® Japan Equity ETF

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

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

Goldman Sachs Equal Weight U.S. Large Cap Equity ETF

Goldman Sachs Hedge Industry VIP ETF

Goldman Sachs JUST U.S. Large Cap Equity ETF

Goldman Sachs Access Treasury 0-1 Year ETF

Goldman Sachs Access Investment Grade Corporate Bond ETF

Goldman Sachs Access High Yield Corporate Bond ETF

INDEX DISCLAIMERS

The Goldman Sachs Equal Weight 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 Equal Weight Index (GTR) (“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 Equal Weight 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 Equal Weight U.S. Large Cap Equity ETF. Neither publication of a 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 Equal Weight 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.


TRUSTEES Lawrence W. Stranghoener, Chairman Caroline Dorsa Linda A. Lang Michael Latham James A. McNamara		OFFICERS James A. McNamara, President Scott M. McHugh, Treasurer, Senior Vice President and Principal Financial Officer Joseph F. DiMaria, Assistant Treasurer and Principal Accounting Officer Caroline L. Kraus, Secretary

THE BANK OF NEW YORK MELLON Transfer Agent

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

Visit our Website at www.GSAMFUNDS.com 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 Fund included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Fund in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Fund, 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 Fund. 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 Fund uses to determine how to vote proxies relating to portfolio securities and information regarding how the Fund voted proxies relating to portfolio securities for the most recent 12-month period ended June 30, are available (i) without charge, upon request by calling 1-800-621-2550; and (ii) on the Securities and Exchange Commission (“SEC’’) web site at http://www.sec.gov.

The 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.

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 the 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 the Fund and may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC by calling 1-800-621-2550.

The Fund is recently or newly organized and has limited operating history.

ActiveBeta^® is a registered trademark of GSAM.

ALPS Distributors, Inc. is the distributor of the Goldman Sachs ETF Funds. ALPS Distributors, Inc. is unaffiliated with Goldman Sachs Asset Management.

Goldman Sachs Funds

LOGO



Annual Report				August 31, 2018

				Hedge Industry VIP ETF

LOGO

Goldman Sachs Hedge Industry VIP ETF


TABLE OF CONTENTS

Investment Process			1

Portfolio Results and Fund Basics			3

Schedule of Investments			9

Financial Statements			10

Financial Highlights			13

Notes to Financial Statements			14

Report of Independent Registered Public Accounting Firm			21

Other Information			22



NOT FDIC-INSURED	May Lose Value	No Bank Guarantee

INVESTMENT PROCESS

Goldman Sachs Hedge Industry VIP ETF

Principal Investment Strategies

The Goldman Sachs Hedge Industry VIP ETF (the “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. The Goldman Sachs Hedge Fund VIP Index^TM (the “Index”) is designed to deliver exposure to equity securities whose performance is expected to influence the long portfolios of hedge funds. Such equity securities are defined as those that appear most frequently among the top ten equity holdings of U.S. hedge fund managers that select their investments based upon fundamental analysis. Goldman Sachs Asset Management, L.P. (the “Index Provider”) is the provider of the Index, which is constructed in accordance with a rules-based methodology.

Hedge fund managers report their U.S. equity holdings, which are made public 45 days after the end of each calendar quarter. The Index is reconstituted and rebalanced on a quarterly basis once the information has been fully disseminated. The construction of the Index involves accessing the identifiers and share counts of U.S. equity holdings disclosed by hedge fund managers in their quarterly 13F filings with the Securities and Exchange Commission (“SEC”). The Index is constructed to then apply share prices at the time of data collection to the numbers of shares listed in each 13F disclosure filing to calculate the dollar market value of each reported position. U.S. hedge fund managers that select their investments based upon fundamental analysis are assumed to be U.S. hedge fund managers with no fewer than 10 and no more than 200 distinct U.S. equity positions, as reported in the hedge fund managers’ most recent Form 13F filings. Managers with less than $10 million of disclosed equity assets are excluded.

The equity positions are then ranked within each individual hedge fund manager’s portfolio by descending market value. The approximately 50 stocks that appear most frequently in the top 10 holdings of this universe then become the Index constituents. Constituents are equal dollar-weighted at each rebalance. 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 Index does not include hedge funds (i.e., unlisted, privately offered funds) and is not designed to approximate the performance of any hedge fund manager, hedge fund or group of hedge fund managers or hedge funds. The Index should not be considered a hedge fund replication strategy. As of August 31, 2018, the Index consisted of 50 securities with a market capitalization range of between approximately $3.1 billion and $882.3 billion. The components of the Index may change over time. The percentage of the portfolio exposed to any asset class will vary from time to time as the weightings of the securities within the Index change, and the Fund may not be invested in each asset class at all times.

INVESTMENT PROCESS

THE FUND IS NOT A HEDGE FUND AND DOES NOT INVEST IN HEDGE FUNDS.

* * *

At the end of the Reporting Period, i.e. the 12 months ended August 31, 2018, we continued to believe the most effective way to identify the most important positions of hedge fund managers is to know what equities they are holding. We also maintained conviction in our methodology for extracting these important positions — by obtaining information from quarterly 13F filings of hedge fund managers and identifying stocks that appear among top holdings most frequently. Through an efficient implementation of our methodology, we believe investors are able to access top hedge fund long equity ideas and gain exposure to evolving U.S. market themes.

PORTFOLIO RESULTS

Goldman Sachs Hedge Industry VIP ETF

Investment Objective

The Goldman Sachs Hedge Industry VIP ETF (the “Fund”) seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Goldman Sachs Hedge Fund VIP Index^TM (the “Index”).

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the 12-month period ended August 31, 2018 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund returned 15.27% based on net asset value (“NAV”) and 15.24% based on market price. The Index returned 15.82%, 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 19.66% during the same period.

The Fund had an NAV of $50.46 on August 31, 2017 and ended the Reporting Period with an NAV of $57.98 per share. The Fund’s market price on August 31, 2018 was $57.98 per share.

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

The Index is designed to deliver exposure to equity securities whose performance is expected to influence the long portfolios of hedge funds. Such equity securities are defined as those that appear most frequently among the top ten equity holdings of U.S. hedge fund managers that select their investments based upon fundamental analysis. Goldman Sachs Asset Management, L.P. (the “Index Provider”) is the provider of the Index, which is constructed in accordance with a rules-based methodology. Hedge fund managers report their U.S. equity holdings, which are made public 45 days after the end of each calendar quarter. The Index is reconstituted and rebalanced on a quarterly basis once the information has been fully disseminated. The construction of the Index involves accessing the identifiers and share counts of U.S. equity holdings disclosed by hedge fund managers in the their quarterly 13F filings with the Securities and Exchange Commission (“SEC”). The Index is constructed to then apply share prices at the time of data collection to the numbers of shares listed in each 13F disclosure filing to calculate the dollar market value of each reported position. U.S. hedge fund managers that select their investments based upon fundamental analysis are assumed to be U.S. hedge fund managers with no fewer than 10 and more than 200 distinct U.S. equity positions, as reported in the hedge fund managers’ most recent Form 13F filings. Managers with less than $10 million of disclosed equity assets are excluded. The equity positions are then ranked within each individual hedge fund manager’s portfolio by descending market value. The approximately 50 stocks that appear most frequently in the top 10 holdings of this universe then become the Index constituents. Constituents are equal dollar-weighted at each rebalance.

The Index’s performance is compared to that of the S&P 500 Index below. Given the Fund’s investment objective of attempting to track the Index, the Fund does not follow traditional methods of active investment management, which may involve buying and selling securities based upon analysis of economic and market factors. The Fund does not follow a strategy of seeking to outperform the S&P 500 Index.

During the Reporting Period, the Index posted solid double-digit absolute gains but underperformed the S&P 500 Index. The Fund underperformed the S&P 500 Index during the Reporting Period, as measured by NAV.

PORTFOLIO RESULTS

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

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

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

Relative to the S&P 500 Index, overweight positions in media company Liberty Broadband, branded online travel service provider Expedia Group and semiconductor company NXP Semiconductors detracted most (0.00%¹, 0.00%¹ and 2.00% of Fund net assets as of August 31, 2018, respectively). Each of these positions generated a double-digit negative return within the Index during the Reporting Period.

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

Relative to the S&P 500 Index, overweight positions in semiconductor company Micron Technology, Internet subscription service for movies and television Netflix and specialty finance company FleetCor Technologies contributed most positively (0.00%¹, 2.13% and 0.00%¹ of Fund net assets as of August 31, 2018, respectively). Each of these positions generated a robust double-digit gain within the Index during the Reporting Period.

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

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


Sector Name	Fund³			GS Hedge Fund VIP Index^TM			S&P 500 Index
Information Technology		36.5	%		36.6	%		26.5	%
Consumer Discretionary		19.9			19.9			12.9
Financials		13.8			13.8			13.8
Health Care		10.0			10.0			14.6
Industrials		8.0			8.0			9.6
Telecommunication Services		5.7			5.7			1.9
Energy		2.1			2.1			5.9
Materials		2.0			2.0			2.5
Consumer Staples		1.8			1.8			6.7
Real Estate		0.0			0.0			2.7
Utilities		0.0			0.0			2.8

Some weights are 0.00% at August 31, 2018 because those positions were eliminated during the most recent rebalance given the Index construction methodology.

Sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by Standard & Poor’s. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Investments in the securities lending vehicle represented 0.9% of the Fund’s net assets as of August 31, 2018. Figures above may not sum to 100% due to rounding.

The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Goldman Sachs Hedge Fund VIP Index^TM.

FUND BASICS

Hedge Industry VIP ETF

as of August 31, 2018

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 the Fund traded on NYSE Arca at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.GSAMFUNDS.com.


PERFORMANCE REVIEW
September 1, 2017– August 31, 2018	Fund Total Return (based on NAV)²			Fund Total Return (based on Market Price)²			Goldman Sachs Hedge Fund VIP Index^TM3			S&P 500 Index^®⁴
Shares		15.27	%		15.24	%		15.82	%		19.66	%

The Index is owned and maintained by the Index Provider. The Index is calculated by Solactive AG. The Index consists of the US-listed stocks whose performance is expected to influence the long portfolios of hedge funds. Those stocks are defined as the positions that appear most frequently among the top 10 long equity holdings within the portfolios of fundamentally-driven hedge fund managers. 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.

FUND BASICS


STANDARDIZED TOTAL RETURNS⁵
For the period ended 6/30/18	One Year			Since Inception			Inception Date
Shares (based on NAV)		15.68	%		21.94	%	11/1/16
Shares (based on Market Price)		15.53			22.02		11/1/16

⁵

The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when 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. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

⁶


TOP TEN HOLDINGS AS OF 8/31/18⁷
Holding	% of Net Assets			Line of Business	Country
Autodesk, Inc.		2.3	%	Information Technology	United States
Netflix, Inc.		2.1		Consumer Discretionary	United States
Apple, Inc.		2.1		Information Technology	United States
GoDaddy, Inc., Class A		2.1		Information Technology	United States
Delta Air Lines, Inc.		2.1		Industrials	United States
Booking Holdings, Inc.		2.1		Consumer Discretionary	United States
Caesars Entertainment Corp.		2.1		Consumer Discretionary	United States
Mastercard, Inc., Class A		2.1		Information Technology	United States
Cheniere Energy, Inc.		2.1		Energy	United States
PayPal Holdings, Inc.		2.1		Information Technology	United States

⁷

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

Performance Summary

August 31, 2018

The following graph shows the value, as of August 31, 2018, of a $10,000 investment made on November 1, 2016 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index and a market-cap based index against which the performance of the Fund is measured, the Goldman Sachs Hedge Fund VIP 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.

Goldman Sachs Hedge Industry VIP ETF’s Lifetime Performance

Performance of a $10,000 Investment, with distributions reinvested, from November 1, 2016 through August 31, 2018.

LOGO


Average Annual Total Return through August 31, 2018	1 Year	Since Inception

Shares based on NAV (Commenced November 1, 2016)	15.27%	45.95%

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.

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

GOLDMAN SACHS HEDGE INDUSTRY VIP ETF

Schedule of Investments

August 31, 2018


Shares		Description	Value
Common Stocks – 99.8%
Consumer Discretionary – 19.9%
	1,122	Amazon.com, Inc.*	$	2,258,261
	1,175	Booking Holdings, Inc.*		2,293,071
	224,398	Caesars Entertainment Corp.*^(a)		2,288,860
	6,997	Charter Communications, Inc., Class A*		2,171,869
	60,871	Comcast Corp., Class A		2,251,618
	22,788	Dollar Tree, Inc.*		1,834,662
	44,325	GCI Liberty, Inc., Class A*		2,175,471
	59,509	General Motors Co.		2,145,300
	6,383	Netflix, Inc.*		2,346,901
	47,366	Twenty-First Century Fox, Inc., Class A		2,150,416

				21,916,429

Consumer Staples – 1.8%
	9,712	Constellation Brands, Inc., Class A		2,022,038

Energy – 2.1%
	33,925	Cheniere Energy, Inc.*		2,270,600

Financials – 13.8%
	79,083	Ally Financial, Inc.		2,125,751
	69,965	Bank of America Corp.		2,164,017
	10,466	Berkshire Hathaway, Inc., Class B*		2,184,463
	30,770	Citigroup, Inc.		2,192,055
	18,789	JPMorgan Chase & Co.		2,152,844
	37,097	Wells Fargo & Co.		2,169,433
	38,222	XL Group Ltd. (Bermuda)		2,193,561

				15,182,124

Health Care – 10.0%
	10,938	Aetna, Inc.		2,190,553
	11,678	Allergan PLC		2,238,789
	8,131	Anthem, Inc.		2,152,520
	25,049	Express Scripts Holding Co.*		2,204,813
	17,774	IQVIA Holdings, Inc.*		2,258,898

				11,045,573

Industrials – 8.0%
	39,339	Delta Air Lines, Inc.		2,300,545
	15,897	Rockwell Collins, Inc.		2,161,197
	6,042	TransDigm Group, Inc.*		2,114,700
	20,995	XPO Logistics, Inc.*		2,235,967

				8,812,409

Information Technology – 36.5%
	8,413	Adobe Systems, Inc.*		2,216,910
	12,486	Alibaba Group Holding Ltd. ADR (China)*		2,185,175
	1,712	Alphabet, Inc., Class A*		2,108,841
	10,270	Apple, Inc.		2,337,760
	16,077	Autodesk, Inc.*		2,481,485
	9,964	Baidu, Inc. ADR (China)*		2,256,647
	22,709	Dell Technologies, Inc., Class V*		2,183,924
	11,894	Facebook, Inc., Class A*		2,090,133
	28,397	GoDaddy, Inc., Class A*		2,313,220
	10,566	Mastercard, Inc., Class A		2,277,607
	19,662	Microsoft Corp.		2,208,632
	23,623	NXP Semiconductors NV (Netherlands)*		2,200,246
	24,555	PayPal Holdings, Inc.*		2,267,163

Common Stocks – (continued)
Information Technology – (continued)
	14,697	salesforce.com, Inc.*		2,243,938
	11,119	Spotify Technology SA*		2,107,273
	16,687	Take-Two Interactive Software, Inc.*		2,228,716
	15,304	Visa, Inc., Class A		2,248,004
	23,194	Worldpay, Inc., Class A*		2,258,864

				40,214,538

Materials – 2.0%
	31,886	DowDuPont, Inc.		2,236,165

Telecommunication Services – 5.7%
	66,818	AT&T, Inc.		2,134,167
	32,659	T-Mobile US, Inc.*		2,156,801
	57,217	Zayo Group Holdings, Inc.*		1,983,141

				6,274,109

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $99,354,749)		$	109,973,985


Shares		Distribution Rate	Value
Securities Lending Reinvestment Vehicle – 0.9%^(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	977,928	1.879%	$	977,928
	(Cost $977,928)

	TOTAL INVESTMENTS – 100.7%
	(Cost $100,332,677)		$	110,951,913

	LIABILITIES IN EXCESS OF OTHER ASSETS – (0.7)%			(797,373	)

	NET ASSETS – 100.0%		$	110,154,540


The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*		Non-income producing security.
(a)		All or a portion of security is on loan.
(b)		Represents an affiliated issuer.



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


The accompanying notes are an integral part of these financial statements.		9

GOLDMAN SACHS HEDGE INDUSTRY VIP ETF

Statement of Assets and Liabilities

August 31, 2018


	Hedge Industry VIP ETF
Assets:
Investments at value (cost $99,354,749)^(a)	$	109,973,985
Investments in securities lending reinvestment vehicle, at value which equals cost		977,928
Cash		169,527
Receivables:
Dividends		52,010
Securities lending income		107
Total assets		111,173,557

Liabilities:
Payables:
Upon return of securities loaned		977,928
Management fees		41,089
Total liabilities		1,019,017

Net Assets:
Paid-in capital		102,453,130
Undistributed net investment income		141,853
Accumulated net realized loss		(3,059,679	)
Net unrealized gain		10,619,236
NET ASSETS	$	110,154,540
SHARES ISSUED AND OUTSTANDING
Shares outstanding no par value (unlimited shares authorized):		1,900,000
Net asset value per share:		$57.98

(a)

Includes loaned securities having a market value of $927,894.


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

GOLDMAN SACHS HEDGE INDUSTRY VIP ETF

Statement of Operations

For the Fiscal Year Ended August 31, 2018


	Hedge Industry VIP ETF
Investment income:
Dividends	$	610,144
Securities lending income		665
Total investment income		610,809

Expenses:
Management fees		350,385
Trustee fees		11,419
Total expenses		361,804
NET INVESTMENT INCOME		249,005

Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments		(2,793,298	)
In-kind redemptions		7,248,440
Net change in unrealized gain on:
Investments		6,929,279
Net realized and unrealized gain		11,384,421
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	11,633,426


The accompanying notes are an integral part of these financial statements.		11

GOLDMAN SACHS HEDGE INDUSTRY VIP ETF

Statements of Changes in Net Assets


	Hedge Industry VIP ETF
	For the Fiscal Year Ended August 31, 2018			For the Period November 1, 2016⁽¹⁾ to August 31, 2017
From operations:
Net investment income	$	249,005		$	210,026
Net realized gain		4,455,142			3,093,684
Net change in unrealized gain		6,929,279			3,689,957
Net increase in net assets resulting from operations		11,633,426			6,993,667

Distributions to shareholders:
From net investment income		(211,522	)		(105,656	)
Total distributions to shareholders		(211,522	)		(105,656	)

From share transactions:
Proceeds from sales of shares		89,646,943			68,761,793
Cost of shares redeemed		(36,323,817	)		(30,240,294	)
Net increase in net assets resulting from share transactions		53,323,126			38,521,499
TOTAL INCREASE		64,745,030			45,409,510

Net assets:
Beginning of period	$	45,409,510		$	—
End of period	$	110,154,540		$	45,409,510
Undistributed net investment income	$	141,853		$	104,370

(1)

Commencement of operations.


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

GOLDMAN SACHS HEDGE INDUSTRY VIP ETF

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


	Hedge Industry VIP ETF
	For the Fiscal Year Ended August 31, 2018			For the Period November 1, 2016* to August 31, 2017
Per Share Operating Performance:
Net asset value, beginning of period	$	50.46		$	40.00
Net investment income^(a)		0.17			0.32	^(b)
Net realized and unrealized gain		7.52			10.31
Total gain from investment operations		7.69			10.63
Distributions to shareholders from net investment income		(0.17	)		(0.17	)
Net asset value, end of period	$	57.98		$	50.46
Market price, end of period	$	57.98		$	50.48
Total Return at Net Asset Value^(c)		15.27	%		26.61	%
Net assets, end of period (in 000’s)	$	110,155		$	45,410
Ratio of total expenses to average net assets		0.45	%		0.45	%^(d)
Ratio of net investment income to average net assets		0.31	%		0.84	%^(b)(d)
Portfolio turnover rate^(e)		129	%		116	%

Commencement of operations.

(a)

Calculated based on the average shares outstanding methodology.

(b)

Reflects income recognized from non-recurring special dividends which amounted to $0.11 per share and 0.24% of average net assets.

(c)

(d)

Annualized.

(e)


The accompanying notes are an integral part of these financial statements.		13

GOLDMAN SACHS ETF TRUST

Notes to Financial Statements

August 31, 2018

1. ORGANIZATION

Goldman Sachs Hedge Industry VIP ETF (the “Fund”) is a series of the Goldman Sachs ETF Trust (the “Trust”) which is an open-end diversified 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 investment objective of the Fund is to provide investment results that closely correspond, before fees and expenses, to the performance of the Goldman Sachs Hedge Fund VIP Index™ (the “Index”).

Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as investment adviser to the Fund pursuant to a management agreement (the “Agreement”) with the Trust. The Fund is an exchange- traded fund (“ETF”). Shares of the Fund are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”). Market prices for the Fund’s shares may be different from its net asset value (“NAV”). The Fund issues and redeems shares at its 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. 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 Fund.

2. SIGNIFICANT ACCOUNTING POLICIES

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

B. Investment Income and Investments — Investment income includes interest income, dividend income and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily NAV calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Fund may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments.

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 the 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 Fund’s net assets on the Statement of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

GOLDMAN SACHS ETF TRUST

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Fund’s policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The 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 3 — Prices or valuations that require significant unobservable inputs (including GSAM’s assumptions in determining fair value measurement).

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:

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 Fund’s 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 the 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;

GOLDMAN SACHS ETF TRUST

Notes to Financial Statements (continued)

August 31, 2018

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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, 2018 the Fund did not hold level 3 securities.

C. Fair Value Hierarchy — The following is a summary of the Fund’s investments classified in the fair value hierarchy as of August 31, 2018:



HEDGE INDUSTRY VIP ETF

Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments^(a)
Asia	$	4,441,822	$	—	$	—
Europe		2,200,246		—		—
North America		103,331,917		—		—
Securities Lending Reinvestment Vehicle		977,928		—		—
Total	$	110,951,913	$	—	$	—

(a)

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

4. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

For the fiscal year ended August 31, 2018, the unitary management fee rate with GSAM was 0.45%.

5. CREATION AND REDEMPTION OF CREATION UNITS

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

GOLDMAN SACHS ETF TRUST

5. CREATION AND REDEMPTION OF CREATION UNITS (continued)

Share activity is as follows:


	GOLDMAN SACHS HEDGE INDUSTRY VIP ETF
	For the Fiscal Year Ended August 31, 2018						For the Period November 1, 2016* to August 31, 2017
	Shares			Dollars			Shares			Dollars

Fund Share Activity
Shares Sold		1,650,000		$	89,646,943			1,550,000		$	68,761,740
Shares Redeemed		(650,000	)		(36,323,817	)		(650,000	)		(30,240,294	)
NET INCREASE IN SHARES		1,000,000		$	53,323,126			900,000		$	38,521,446

Commencement of operations.

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the fiscal year ended August 31, 2018, were as follows:


Fund	Purchases		Sales
Goldman Sachs Hedge Industry VIP ETF	$	102,645,776	$	102,078,484

The purchases and sales from in-kind creation and redemption transactions for the fiscal year ended August 31, 2018, were as follows:


Fund	Purchases		Sales
Goldman Sachs Hedge Industry VIP ETF	$	89,066,682	$	36,228,003

7. SECURITIES LENDING

The Fund may lend its securities through a securities lending agent, the Bank of New York Mellon (“BNYM”), to certain qualified borrowers. In accordance with the Fund’s securities lending procedures, the Fund receives cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Fund, at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Fund on the next business day. As with other extensions of credit, the Fund may experience delay in the recovery of its securities or incur a loss should the borrower of the securities breach its agreement with the Fund or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Statement of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

GOLDMAN SACHS ETF TRUST

Notes to Financial Statements (continued)

August 31, 2018

7. SECURITIES LENDING (continued)

In the event of a default by a borrower with respect to any loan, BNYM may exercise any and all remedies provided under the applicable borrower agreement to make the Fund whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If BNYM is unable to purchase replacement securities, BNYM will indemnify the Fund by paying the Fund an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Fund’s loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the value of the cash received. The amounts of the Fund’s overnight and continuous agreements which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of August 31, 2018, are disclosed as “Payable upon return of securities loaned” on the Statement of Assets and Liabilities.

Both the Fund and BNYM received compensation relating to the lending of the Fund’s securities. The amounts earned, if any, by the Fund for the fiscal year ended August 31, 2018, are reported under Investment Income on the Statement of Operations.

The following table provides information about the Fund’s investment in the Government Money Market Fund for the fiscal year ended August 31, 2018:

Beginning
value as of

August 31,

2017

Purchases at
Cost

Proceeds
from Sales

Ending

value as of

August 31,

2018

—

8,105,682

7,127,754

977,928

8. TAX INFORMATION

The tax character of distributions paid during the fiscal year ended August 31, 2018 was as follows:


	Goldman Sachs Hedge Industry VIP ETF
Distributions paid from:
Ordinary Income	$	211,522
Total taxable distributions	$	211,522

GOLDMAN SACHS ETF TRUST

8. TAX INFORMATION (continued)

As of August 31, 2018, the components of accumulated earnings (losses) on a tax-basis were as follows:


	Goldman Sachs Hedge Industry VIP ETF
Undistributed ordinary income — net	$	141,853
Total undistributed earnings	$	141,853
Capital loss carryforwards:
Perpetual Short-Term	$	(185,212	)
Timing differences (Post-October Capital Loss Deferral)		(2,205,568	)
Unrealized gains (losses) — net		9,950,337
Total accumulated earnings (losses) net	$	7,701,410

As of August 31, 2018, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:


	Goldman Sachs Hedge Industry VIP ETF
Tax Cost	$	101,001,576
Gross unrealized gain		11,294,235
Gross unrealized loss		(1,343,898	)
Net unrealized gains (losses) on securities	$	9,950,337

The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales.


Fund	Paid-in Capital		Accumulated Net Realized Gain (Loss)
Hedge Industry VIP ETF	$	7,198,909	$	(7,198,909	)

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

9. OTHER RISKS

The Fund’s portfolio’s risks include, but are not limited to, the following:

Index Risk — GSAM (the “Index Provider”) constructs the Fund’s Index in accordance with a rules-based methodology. The Fund will be negatively affected by general declines in the securities and asset classes represented in its Index. In addition, because the Fund is not “actively” managed, unless a specific security is removed from its Index, the 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 the Fund’s ability to adjust its exposure to the required levels in order to track the Index. The Fund also does not attempt to take defensive positions under any market conditions, including declining markets. Therefore, the 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

GOLDMAN SACHS ETF TRUST

Notes to Financial Statements (continued)

August 31, 2018

9. OTHER RISKS (continued)

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 the Index, but it does not guarantee the accuracy or availability of such third party data. Errors in index data, index computation or the construction of the 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 Fund and its shareholders. In addition, neither the Fund, the Investment Adviser, the Calculation Agent nor the Index Provider can guarantee the availability or timeliness of the production of the Index.

10. INDEMNIFICATIONS

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

11. SUBSEQUENT EVENTS

In September 2018, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2018-13 — Fair Value Measurement (Topic 820) Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement. The amendments in the ASU modify fair value measurement disclosures. The amendments are effective for the Fund’s fiscal year beginning after December 15, 2019. GSAM is currently evaluating the impact, if any, of the amendments.

Report of Independent Registered Public

Accounting Firm

To the Board of Trustees of Goldman Sachs ETF Trust and Shareholders of

Goldman Sachs Hedge Industry VIP ETF:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Goldman Sachs Hedge Industry VIP ETF (one of the funds constituting Goldman Sachs ETF Trust, referred to hereafter as the “Fund”) as of August 31, 2018, the related statement of operations for the year ended August 31, 2018 and the statements of changes in net assets and the financial highlights for the year ended August 31, 2018 and for the period November 1, 2016 (commencement of operations) through August 31, 2017, including the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of August 31, 2018, the results of its operations for the year then ended, the changes in its net assets and the financial highlights for the year ended August 31, 2018 and for the period November 1, 2016 (commencement of operations) through August 31, 2017 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2018 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts

October 26, 2018

We have served as the auditor of one or more investment companies in the Goldman Sachs fund complex since 2000.

GOLDMAN SACHS ETF TRUST


Fund Expenses — Six Months Ended 8/31/2018 (Unaudited)


	Hedge Industry VIP ETF
	Beginning Account Value 3/1/18		Ending Account Value 8/31/18			Expenses Paid*
Actual based on NAV	$	1,000	$	1,052.30		$	2.33
Hypothetical 5% return	$	1,000	$	1,022.94	+	$	2.29

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

The annualized net expense ratio for the period is as follows:


Fund
Hedge Industry VIP ETF	0.45	%

GOLDMAN SACHS HEDGE INDUSTRY VIP ETF

Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs Hedge Industry VIP ETF (Unaudited)

Background

The Goldman Sachs Hedge Industry VIP ETF (the “Fund”) is an investment portfolio of Goldman Sachs ETF Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Fund at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Fund.

(a)

the nature and quality of the advisory, administrative, and other services provided to the Fund by the Investment Adviser and its affiliates, including information about:

(i)

the structure, staff, and capabilities of the Investment Adviser and its portfolio management teams;

(ii)

(iii)

trends in employee headcount;

(iv)

the Investment Adviser’s financial resources and ability to hire and retain talented personnel and strengthen its operations; and

(v)

the parent company’s support of the Investment Adviser and its registered fund business, as expressed by the firm’s senior management;

(b)

(c)

the terms of the Management Agreement entered into by the Trust on behalf of the Fund;

(d)

fee and expense information for the Fund, including:

(i)

the relative management fee and expense levels of the Fund as compared to those of comparable funds managed by other advisers, as provided by the Outside Data Provider;

(e)

with respect to the investment performance and expense comparison data provided by the Outside Data Provider, its processes in producing that data for the Fund;

(f)

information relating to the profitability of the Management Agreement and the transfer agency and distribution and service arrangements of the Fund to the Investment Adviser and its affiliates;

(g)

whether the Fund’s existing management fee schedule adequately addressed any economies of scale;

(h)

a summary of the “fall-out” benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund;

(i)

a summary of potential benefits derived by the Fund as a result of its relationship with the Investment Adviser;

(j)

portfolio manager ownership of Fund shares; the manner in which portfolio manager compensation is determined; and the number and types of accounts managed by the portfolio managers;

(k)

(l)

GOLDMAN SACHS HEDGE INDUSTRY VIP ETF

Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs Hedge Industry VIP ETF (Unaudited) (continued)

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

As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Fund by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees considered that under the Management Agreement, the Funds pay a single fee to the Investment Adviser, and the Investment Adviser pays all of the Funds’ ordinary operating expenses, excluding payments under each Fund’s 12b-1 plan (if any), interest expenses, taxes, acquired fund fees and expenses, brokerage fees, costs of holding shareholder meetings, litigation, indemnification and extraordinary expenses. The Trustees also considered information about the Fund’s structure, investment objective, strategies and other characteristics. In particular, they noted that the Fund is a passively-managed ETF that seeks to track a proprietary index created by the Investment Adviser. The Trustees noted the experience and capabilities of the key personnel of the Investment Adviser who provide services to the Fund. In particular, the Trustees considered the Investment Adviser’s extensive experience in managing quantitative investment strategies. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Fund and expressed confidence that the Investment Adviser would continue to do so in the future.

Investment Performance

The Trustees also considered the investment performance of the Fund. In this regard, they compared the total return of the Fund to the performance of its proprietary index, a comparable market capitalization-weighted reference index, and a separate account composite with a comparable investment strategy. The information regarding the Fund’s investment performance was provided for the one-year period ended December 31, 2017. The Trustees observed that the Fund’s investment performance was consistent with the investment objective of tracking its proprietary index.

Unitary Fee Structure and Profitability

The Trustees considered the contractual fee rates payable by the Fund, noting that the Management Agreement provides for a unitary fee structure, pursuant to which the Fund pays a single fee to the Investment Adviser and the Investment Adviser then pays all of the Fund’s ordinary operating expenses. In addition, the Trustees considered information on the services rendered by the Investment Adviser to the Fund, which included both advisory and administrative services that were directed to the needs and operations of the Fund as an ETF. The Trustees noted that no license fees would be payable to the Investment Adviser by the Fund for use of the index created by the Investment Adviser. The Trustees also considered information provided regarding fees and expenses of comparable ETFs advised by other, unaffiliated investment management firms. The comparisons of the Fund’s fee rate and expense ratio were prepared by the Investment Adviser and a third-party provider of mutual fund and ETF data. In particular, the Trustees referred to an analysis comparing the Fund’s management fee and net expense ratios to those of relevant peer funds. The Trustees concluded that the comparisons were useful in evaluating the reasonableness of the management fee and total expenses paid by the Fund.

GOLDMAN SACHS HEDGE INDUSTRY VIP ETF

Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs Hedge Industry VIP ETF (Unaudited) (continued)

allocated. The Trustees also noted that the internal audit group within the Goldman Sachs & Co. LLC (“Goldman Sachs”) organization had audited the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology and profitability analysis calculations.

Economies of Scale

Other Benefits to the Investment Adviser and Its Affiliates

Other Benefits to the Fund and Its Shareholders

Conclusion

GOLDMAN SACHS HEDGE INDUSTRY VIP ETF

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
Lawrence W. Stranghoener Age: 64	Chairman of the Board of Trustees	Trustee Since 2015; Chairman Since 2017	Mr. Stranghoener is retired. He is Director, Kennametal, Inc. (a global manufacturer and distributor of tooling and industrial materials) (2003-Present); Director, Aleris Corporation and Aleris International, Inc. (a producer of aluminum rolled products) (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). Chairman of the Board of Trustees —Goldman Sachs ETF Trust; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC.	32	Kennametal Inc. (a global manufacturer and distributor of tooling and industrial materials)
Caroline Dorsa Age: 59	Trustee	Since 2016	Ms. Dorsa is retired. She is Director, Biogen Inc. (a biotechnology company) (2010-Present); Director, Intellia Therapeutics Inc. (a gene-editing company) (2015-Present); and Director, Illumina, Inc. (a life sciences company) (2017-Present). She was formerly Executive Vice President and Chief Financial Officer, Public Service Enterprise Group, Inc. (a generation and energy services company) (2009-2015); Senior Vice President, Merck & Co, Inc. (a pharmaceutical company) (2008-2009 and 1987-2007); Senior Vice President and Chief Financial Officer, Gilead Sciences, Inc. (a pharmaceutical company) (2007-2008); and Senior Vice President and Chief Financial Officer, Avaya, Inc. (a technology company) (2007). Trustee — Goldman Sachs ETF Trust; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC.	32	Biogen Inc. (a biotechnology company); Intellia Therapeutics Inc. (a gene-editing company); Illumina, Inc. (a life sciences company)
Linda A. Lang Age: 60	Trustee	Since 2016	Ms. Lang is retired. She is Chair of the Board of Directors (2016-present), and Member of the Board of Directors, 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). Previously, Ms. Lang served as an Advisory Board Member of Goldman Sachs MLP Income Opportunities Fund and Goldman Sachs MLP and Energy Renaissance Fund (February 2016-March 2016). Trustee — Goldman Sachs ETF Trust; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC.	32	WD-40 Company (a global consumer products company)
Michael Latham Age: 52	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; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC.	32	None

GOLDMAN SACHS HEDGE INDUSTRY VIP ETF

Trustees and Officers (Unaudited) (continued)

Interested Trustee*


Name, Address and Age¹	Position(s) Held with the Trust	Term of Office and Length of Time Served²	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee³	Other Directorships Held by Trustee⁴
James A. McNamara Age: 55	Trustee and President	Since 2014	Advisory Director, Goldman Sachs (January 2018 -Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President and Trustee — Goldman Sachs ETF Trust; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC.	152	None

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, 2018.

⁴

GOLDMAN SACHS HEDGE INDUSTRY VIP ETF

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: 55	Trustee and President	Since 2014	Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President and Trustee — Goldman Sachs ETF Trust; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC.
Caroline L. Kraus 200 West Street New York, NY 10282 Age: 41	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 Corp.; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC.
Scott M. McHugh 200 West Street New York, NY 10282 Age: 46	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; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC.
Joseph F. DiMaria 30 Hudson Street Jersey City, NJ 07302 Age: 50	Assistant Treasurer and Principal Accounting Officer	Since 2017	Managing Director, Goldman Sachs (November 2015-Present) and Vice President – Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010-October 2015). Assistant Treasurer and Principal Accounting Officer — Goldman Sachs ETF Trust; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC.

Information is provided as of August 31, 2018.

Goldman Sachs Hedge Industry VIP ETF — Tax Information (Unaudited)

For the year ended August 31, 2018, 100% of the dividends paid from net investment company taxable income by the Goldman Sachs Hedge Industry VIP ETF qualify for the dividends received deduction available to corporations.

For the year ended August 31, 2018, 100% of the dividends paid from net investment company taxable income by the Goldman Sachs Hedge Industry VIP ETF qualify for the reduced tax rate under the Jobs and Growth Tax Relief and Reconciliation Act of 2003.

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 $1.30 trillion in assets under supervision as of June 30, 2018, 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. LLC subject to legal, internal and regulatory restrictions.

GOLDMAN SACHS EXCHANGE-TRADED FUNDS

Goldman Sachs ActiveBeta^® Emerging Markets Equity ETF

Goldman Sachs ActiveBeta^® Europe Equity ETF

Goldman Sachs ActiveBeta^® International Equity ETF

Goldman Sachs ActiveBeta^® Japan Equity ETF

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

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

Goldman Sachs Equal Weight U.S. Large Cap Equity ETF

Goldman Sachs Hedge Industry VIP ETF

Goldman Sachs JUST U.S. Large Cap Equity ETF

Goldman Sachs Access Treasury 0-1 Year ETF

Goldman Sachs Access Investment Grade Corporate Bond ETF

Goldman Sachs Access High Yield Corporate Bond ETF

INDEX DISCLAIMER

GOLDMAN SACHS ASSET MANAGEMENT, L.P., THE GOLDMAN SACHS GROUP, INC., AND GOLDMAN SACHS & CO. LLC (COLLECTIVELY, “GOLDMAN SACHS”) DOES NOT GUARANTEE NOR MAKE ANY REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, TO THE OWNERS OR SHAREHOLDERS OF THE FUND OR ANY MEMBER OF THE PUBLIC REGARDING THE ADVISABILITY OF INVESTING IN SECURITIES GENERALLY OR IN THE FUND PARTICULARLY OR THE ABILITY OF THE INDEX TO TRACK GENERAL MARKET PERFORMANCE. GOLDMAN SACHS, IN ITS CAPACITY AS THE INDEX PROVIDER OF THE INDEX, LICENSES CERTAIN TRADEMARKS AND TRADE NAMES TO THE FUND. GOLDMAN SACHS HAS NO OBLIGATION TO TAKE THE NEEDS OF THE FUND OR THE SHAREHOLDERS OF THE FUND INTO CONSIDERATION IN DETERMINING, COMPOSING OR CALCULATING THE INDEX. GOLDMAN SACHS, ITS AFFILIATES AND ANY OF THEIR CLIENTS MAY HOLD LONG OR SHORT POSITIONS IN SECURITIES HELD BY THE FUND OR IN RELATED DERIVATIVES, INCLUDING THOSE LINKED TO THE INDEX. GOLDMAN SACHS DOES NOT GUARANTEE THE ADEQUACY, TIMELINESS, ACCURACY AND/OR THE COMPLETENESS OF THE INDEX 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 INDEX OR ANY DATA INCLUDED THEREIN AS TO THE RESULTS TO BE OBTAINED BY THE FUND, THE SHAREHOLDERS, OR ANY OTHER PERSON OR ENTITY FROM USE OF THE INDEX 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 Lawrence W. Stranghoener, Chairman Caroline Dorsa Linda A. Lang Michael Latham James A. McNamara		OFFICERS James A. McNamara, President Scott M. McHugh, Treasurer, Senior Vice President and Principal Financial Officer Joseph F. DiMaria, Assistant Treasurer and Principal Accounting Officer Caroline L. Kraus, Secretary

THE BANK OF NEW YORK MELLON Transfer Agent

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

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

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

The Fund files its complete schedule of portfolio holdings with the 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, 2018 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.

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 the 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 the Fund and may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC by calling 1-800-621-2550.

ActiveBeta^® is a registered trademark of GSAM.

ALPS Distributors, Inc. is the distributor of the Goldman Sachs ETF Funds. ALPS Distributors, Inc. is unaffiliated with Goldman Sachs Asset Management.

Goldman Sachs Funds

LOGO



Annual Report				August 31, 2018

				JUST U.S. Large Cap Equity ETF

LOGO

Goldman Sachs JUST U.S. Large Cap Equity ETF


TABLE OF CONTENTS

Investment Process			1

Portfolio Results and Fund Basics			3

Schedule of Investments			8

Financial Statements			13

Financial Highlights			16

Notes to Financial Statements			17

Report of Independent Registered Public Accounting Firm			24

Other Information			25



NOT FDIC-INSURED	May Lose Value	No Bank Guarantee

INVESTMENT PROCESS

Goldman Sachs JUST U.S. Large Cap Equity ETF

Principal Investment Strategies

The Goldman Sachs JUST 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 JUST US Large Cap Diversified Index (the “Index”).

The 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.

The Index is designed to deliver exposure to equity securities of large capitalization U.S. issuers that engage in “just business behavior” based on rankings produced by JUST Capital Foundation, Inc. (the “Index Provider”). The Index Provider publishes an annual ranking of issuers in the Russell 1000^® Index (the “Reference Index”) based on its quantitative performance assessment of seven issue areas: how they treat their workers, their customers, the communities they interact with, the environment, and their shareholders, their commitment to making quality and beneficial products, and job creation.

The Index Provider seeks to encourage greater accountability in the business community and drive positive change among large publicly-traded U.S. corporations by (a) defining business behaviors that the American public cares most about (through extensive qualitative and quantitative survey research), (b) developing metrics that correspond to these issues in accordance with a robust, transparent methodology, (c) ranking the largest publicly-traded U.S. companies on the basis of these metrics, and (d) developing tools and products that allow investors to direct capital towards more “just” companies.

The Index is a market capitalization-weighted index that consists of the top-ranked 50% of companies in the Reference Index by industry, based on the most recent rankings by the Index Provider. On the annual Index reconstitution date, Index constituent weights are adjusted such that the Index is industry neutral and matches the Reference Index’s industry weights, based on the Industry Classification Benchmark (“ICB”) industry classification.

As of May 10, 2018, the Index consisted of 437 securities with a market capitalization range of between approximately $1.8 billion and $927 billion. The Index is reconstituted annually in December and rebalanced in March, June and September on dates corresponding to the rebalance dates for the Reference Index. The components of the Index may change over time. The Index Provider determines whether an issuer is a U.S. issuer by reference to the index methodology of the Reference Index. FTSE Russell, which constructs the Reference Index, will deem an issuer to be a U.S. issuer if it is incorporated in, has a stated headquarters in, and trades in the U.S.; if any of these do not match, the Reference Index methodology provides for consideration of certain additional factors.

The Fund seeks to invest in the Index components in approximately the same weighting that such components have within the Index at the applicable time. However, under various circumstances, it may not be possible or practicable to purchase all of the securities in the Index in the approximate Index weight. In these circumstances, the Fund may purchase a sample of securities in the Index. There may also be instances in which the Investment Adviser may choose to underweight or overweight a security in the Fund’s Index, purchase

INVESTMENT PROCESS

securities not in the Fund’s Index that the Investment Adviser believes are appropriate to substitute for certain securities in such Index or utilize various combinations of other available investment techniques.

The Index is calculated by Frank Russell Company (“Russell” or the “Calculation Agent”) in accordance with the methodology and constituent list developed and provided by the Index Provider.

The Fund may concentrate its investments (i.e., hold more than 25% of its total assets) in a particular industry or group of industries to the extent that the Index is concentrated. The degree to which components of the Index represent certain sectors or industries may change over time.

The Fund may lend securities representing up to one-third of the value of the Fund’s total assets (including the value of any collateral received).

For a complete overview of and more in-depth information about the Index Provider’s processes, please view its Full Ranking Methodology and Survey Research Appendices at https://justcapital.com/methodology/full-ranking-methodology/.

* * *

At the end of the Reporting Period, i.e., from Fund commencement on June 7, 2018 through August 31, 2018, we believed a focus on just business behavior via a data-driven approach may provide a suitable core U.S. equity allocation for investors seeking to encourage greater accountability in the business community through their investments. The Fund’s data-driven approach collects and analyzes data from a diverse range of sources, utilizing more than 120,000 data points across 85 unique metrics to score the performance of Russell 1000^® Index companies. These companies are scored across a variety of issues, including worker treatment, customer concerns and environment impacts to provide broad market exposure.

PORTFOLIO RESULTS

Goldman Sachs JUST U.S. Large Cap Equity ETF

Investment Objective

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the period from its commencement of operations on June 7, 2018 through August 31, 2018 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund returned 5.11% based on net asset value (“NAV”) and 5.10% based on market price¹. The Index returned 5.17%, and the Russell 1000^® Index (Total Return, USD) (“Russell 1000^® Index”), a market-cap based index against which the performance of the Fund is measured, returned 5.11% during the same period.

The Fund had an NAV of $40.08 on the date of inception and ended the Reporting Period with an NAV of $42.13 per share. The Fund’s market price on August 31, 2018 was $42.13 per share.

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

The Index’s performance is compared to that of the Russell 1000^® Index below. Given the Fund’s investment objective of attempting to track the Index, the Fund does not follow traditional methods of active investment management, which may involve buying and selling securities based upon analysis of economic and market

factors. The Fund does not follow a strategy of seeking to outperform the Russell 1000^® Index.

During the Reporting Period, the Index posted solid absolute gains that modestly outperformed the Russell 1000^® Index. The Fund closely tracked the Russell 1000^® Index during the Reporting Period, as measured by NAV.

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

Index constituents in the information technology, consumer discretionary and health care sectors contributed most positively to the Index’s results relative to the Russell 1000^® Index during the Reporting Period. Index constituents in the industrials, real estate and telecommunication services sectors detracted most from the Index’s results relative to the Russell 1000^® Index during the Reporting Period.

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

Relative to the Russell 1000^® Index, overweight positions in information technology giant Apple, e-commerce retailing leader Amazon.com and software behemoth Microsoft contributed most positively (4.71%, 4.61% and 3.58% of Fund net assets as of August 31, 2018, respectively). Each of these companies posted a double-digit positive return within the Index during the Reporting Period.

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

Relative to the Russell 1000^® Index, underweight positions in media company Comcast, medical equipment and device manufacturer Illumina and drug developer Vertex

PORTFOLIO RESULTS

Pharmaceuticals detracted most (0.00%², 0.00%² and 0.00%² of Fund net assets as of August 31, 2018, respectively). Each of these companies generated gains within the Russell 1000^® Index but were not components of the Index during the Reporting Period.

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

What was the Fund’s sector positioning relative to the Index and the Russell 1000^® Index at the end of the Reporting Period?³


Sector Name	Fund⁴			JUST US Large Cap Diversified Index			Russell 1000^® Index
Information Technology		27.4	%		27.5	%		26.2	%
Financials		14.8			14.9			13.9
Health Care		13.4			13.4			14.2
Consumer Discretionary		12.7			12.8			13.0
Industrials		10.2			10.2			9.9
Consumer Staples		7.0			7.0			6.3
Energy		5.7			5.7			5.7
Materials		2.7			2.7			2.8
Utilities		2.7			2.7			2.8
Telecommunication Services		1.8			1.8			1.9
Real Estate		1.2			1.2			3.4

Some weights are 0.00% at August 31, 2018 either because those positions were eliminated during the most recent rebalance given the Index construction methodology or were not held at all during the Reporting Period as they did not meet the Fund’s investment criteria.

Sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by GICS. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Investments in the securities lending vehicle represented less than 0.05% of the Fund’s net assets as of August 31, 2018. Figures above may not sum to 100% due to rounding.

⁴

The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the JUST US Large Cap Diversified Index.

FUND BASICS

Goldman Sachs JUST U.S. Large Cap Equity ETF

as of August 31, 2018

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 the Fund traded on NYSE Arca at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.GSAMFUNDS.com.


PERFORMANCE REVIEW
June 7, 2018– August 31, 2018	Fund Total Return (based on NAV)²			Fund Total Return (based on Market Price)²			JUST US Large Cap Diversified Index³			Russell 1000^® Index⁴
Shares		5.11	%		5.10	%		5.17	%		5.11	%

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

“JUST” and “JUST Capital” are trademarks of JUST Capital Foundation, Inc. or its affiliates and have been licensed for use in connection with the issuance and distribution of the Goldman Sachs JUST U.S. Large Cap Equity ETF. JUST Capital Foundation, Inc. and its affiliates do not in any way recommend the purchase, sale or holding of any security based on the JUST US Large Cap Diversified Index including the Goldman Sachs JUST U.S. Large Cap Equity ETF, or have any involvement in their operations or distribution. JUST Capital Foundation, Inc., its affiliates, calculation agent, and data providers expressly disclaim all representations, warranties, and liabilities relating to or in connection with the Goldman Sachs JUST U.S. Large Cap Equity ETF (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability, and fitness for a particular purpose). Frank Russell Company (“Russell”) acts solely as calculation agent in respect of the JUST US Large Cap Diversified Index. Russell does not in any way sponsor, support, promote or endorse the JUST US Large Cap Diversified Index or the Goldman Sachs JUST U.S. Large Cap Equity ETF. In no event shall any Russell party have any liability for any direct, indirect, special, incidental, punitive, consequential (including without limitation, lost profits) or any other damages in connection with the JUST US Large Cap Diversified Index.

⁴

The Russell 1000^® Index is an index of approximately 1,000 of the largest companies in the U.S. equity market. The Russell 1000^® is a subset of the Russell 3000^® Index. It represents the top companies by market capitalization. The Russell 1000^® typically comprises approximately 90% of the total market capitalization of all listed U.S. stocks. It is considered a bellwether index for large cap investing.

FUND BASICS

⁵


TOP TEN HOLDINGS AS OF 8/31/18⁶
Holding	% of Net Assets			Line of Business
Apple, Inc.		4.7	%	Information Technology
Amazon.com, Inc.		4.6		Consumer Discretionary
Microsoft Corp.		3.6		Information Technology
JPMorgan Chase & Co.		2.1		Financials
Facebook, Inc., Class A		1.8		Information Technology
Johnson & Johnson		1.7		Health Care
Bank of America Corp.		1.6		Financials
Exxon Mobil Corp.		1.6		Energy
Alphabet, Inc., Class C		1.6		Information Technology
Alphabet, Inc., Class A		1.5		Information Technology

⁶

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

FUND BASICS

Industry Terms

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

GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF

Schedule of Investments

August 31, 2018


Shares		Description	Value
Common Stocks – 99.6%
Consumer Discretionary – 12.7%
	6,246	Amazon.com, Inc.*	$	12,571,387
	3,886	Aptiv PLC		342,007
	3,748	Aramark		153,968
	848	AutoNation, Inc.*		38,457
	415	AutoZone, Inc.*		318,255
	3,710	Best Buy Co., Inc.		295,168
	740	Booking Holdings, Inc.*		1,444,147
	3,072	BorgWarner, Inc.		134,461
	2,730	CarMax, Inc.*		213,076
	6,227	Carnival Corp.		382,898
	2,359	Discovery, Inc., Class A*^(a)		65,651
	5,292	Discovery, Inc., Class C*		135,687
	1,848	Expedia Group, Inc.		241,164
	57,360	Ford Motor Co.		543,773
	3,355	Gap, Inc. (The)		101,824
	1,305	Garmin Ltd.		88,923
	19,249	General Motors Co.		693,926
	2,099	Genuine Parts Co.		209,585
	3,208	H&R Block, Inc.		86,808
	5,263	Hanesbrands, Inc.		92,313
	1,677	Hasbro, Inc.		166,543
	4,290	Hilton Worldwide Holdings, Inc.		332,990
	670	Hyatt Hotels Corp., Class A		51,831
	5,896	Interpublic Group of Cos., Inc. (The)		137,672
	683	John Wiley & Sons, Inc., Class A		44,088
	2,566	Kohl’s Corp.		202,996
	3,563	L Brands, Inc.		94,170
	5,483	Las Vegas Sands Corp.		358,698
	975	Lear Corp.		158,145
	4,157	Lennar Corp., Class A		214,792
	230	Lennar Corp., Class B		9,701
	2,115	Live Nation Entertainment, Inc.*		105,073
	12,692	Lowe’s Cos., Inc.		1,380,255
	1,444	Lululemon Athletica, Inc.*		223,719
	4,694	Macy’s, Inc.		171,566
	4,495	Marriott International, Inc., Class A		568,483
	5,051	Mattel, Inc.*^(a)		77,937
	7,974	MGM Resorts International		231,166
	6,405	Netflix, Inc.*		2,354,990
	18,445	NIKE, Inc., Class B		1,516,179
	1,806	Nordstrom, Inc.		113,507
	3,457	Omnicom Group, Inc.		239,639
	1,236	O’Reilly Automotive, Inc.*		414,579
	543	Penske Automotive Group, Inc.		28,578
	575	Pool Corp.		94,449
	3,810	PulteGroup, Inc.		106,490
	1,121	PVH Corp.		160,482
	2,590	Royal Caribbean Cruises Ltd.		317,482
	20,640	Starbucks Corp.		1,103,208
	4,229	Tapestry, Inc.		214,368
	8,241	Target Corp.		721,088
	1,896	Tiffany & Co.		232,544
	2,068	Toll Brothers, Inc.		74,924
	1,870	Tractor Supply Co.		165,084
	1,596	TripAdvisor, Inc.*^(a)		86,679
	875	Ulta Beauty, Inc.*		227,500
	4,750	VF Corp.		437,618

Common Stocks – (continued)
Consumer Discretionary – (continued)
	157	Viacom, Inc., Class A		5,291
	5,422	Viacom, Inc., Class B		158,756
	436	Visteon Corp.*		48,130
	22,906	Walt Disney Co. (The)		2,565,930
	821	Wayfair, Inc., Class A*		110,975
	1,018	Whirlpool Corp.		127,230
	1,504	Wyndham Destinations, Inc.		66,477
	1,504	Wyndham Hotels & Resorts, Inc.		85,352
	1,577	Wynn Resorts Ltd.		233,932

				34,694,764

Consumer Staples – 7.0%
	8,207	Archer-Daniels-Midland Co.		413,633
	754	Brown-Forman Corp., Class A		39,691
	4,502	Brown-Forman Corp., Class B		235,094
	2,602	Campbell Soup Co.		102,649
	1,903	Clorox Co. (The)		275,897
	56,237	Coca-Cola Co. (The)		2,506,483
	12,525	Colgate-Palmolive Co.		831,785
	2,307	Constellation Brands, Inc., Class A		480,317
	6,714	Costco Wholesale Corp.		1,565,235
	3,198	Estee Lauder Cos., Inc. (The), Class A		448,104
	8,714	General Mills, Inc.		400,931
	2,061	Hershey Co. (The)		207,172
	3,985	Hormel Foods Corp.		156,013
	1,056	Ingredion, Inc.		106,730
	1,614	JM Smucker Co. (The)		166,855
	3,646	Kellogg Co.		261,746
	5,122	Kimberly-Clark Corp.		591,796
	1,786	McCormick & Co., Inc.		223,036
	2,550	Molson Coors Brewing Co., Class B		170,187
	21,290	Mondelez International, Inc., Class A		909,509
	20,826	PepsiCo, Inc.		2,332,720
	37,011	Procter & Gamble Co. (The)		3,070,062
	7,313	Sysco Corp.		547,159
	12,997	Walgreens Boots Alliance, Inc.		891,074
	21,921	Walmart, Inc.		2,101,347

				19,035,225

Energy – 5.7%
	1,795	Andeavor		274,258
	3,074	Antero Resources Corp.*		56,900
	990	Apergy Corp.*		44,768
	5,304	Baker Hughes a GE Co.		174,873
	2,660	Cheniere Energy, Inc.*		178,034
	24,289	Chevron Corp.		2,877,275
	1,201	Cimarex Energy Co.		101,460
	2,480	Concho Resources, Inc.*		340,132
	14,929	ConocoPhillips		1,096,236
	1,110	Continental Resources, Inc.*		73,204
	6,659	Devon Energy Corp.		285,871
	7,367	EOG Resources, Inc.		871,000
	54,030	Exxon Mobil Corp.		4,331,585
	11,129	Halliburton Co.		443,936
	1,350	Helmerich & Payne, Inc.		88,519
	3,462	Hess Corp.		233,131
	2,063	HollyFrontier Corp.		153,735


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

GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF


Shares		Description	Value
Common Stocks – (continued)
Energy – (continued)
	3,026	Kosmos Energy Ltd. (Ghana)*	$	27,355
	10,844	Marathon Oil Corp.		233,254
	4,869	National Oilwell Varco, Inc.		229,184
	5,221	ONEOK, Inc.		344,116
	5,362	Phillips 66		635,451
	3,011	QEP Resources, Inc.*		30,020
	17,674	Schlumberger Ltd.		1,116,290
	1,409	SM Energy Co.		42,397
	5,486	Valero Energy Corp.		646,690
	15,561	Williams Cos., Inc. (The)		460,450
	5,053	WPX Energy, Inc.*		96,361

				15,486,485

Financials – 14.8%
	11,333	Aflac, Inc.		524,038
	219	Alleghany Corp.		138,360
	5,204	Allstate Corp. (The)		523,366
	9,792	American Express Co.		1,037,756
	13,328	American International Group, Inc.		708,650
	2,139	Ameriprise Financial, Inc.		303,652
	3,618	Aon PLC		526,636
	2,670	Arthur J Gallagher & Co.		192,614
	1,632	Assured Guaranty Ltd.		66,488
	140,191	Bank of America Corp.		4,336,108
	614	Bank of Hawaii Corp.		51,042
	13,862	Bank of New York Mellon Corp. (The)		722,903
	11,546	BB&T Corp.		596,466
	1,826	BlackRock, Inc.		874,764
	7,184	Capital One Financial Corp.		711,863
	17,818	Charles Schwab Corp. (The)		904,976
	37,841	Citigroup, Inc.		2,695,793
	5,034	CME Group, Inc.		879,591
	422	CNA Financial Corp.		18,948
	2,541	Comerica, Inc.		247,697
	1,402	Commerce Bancshares, Inc.		99,626
	844	Cullen/Frost Bankers, Inc.		93,591
	5,163	Discover Financial Services		403,334
	1,717	Eaton Vance Corp.		90,537
	361	Erie Indemnity Co., Class A		44,594
	579	FactSet Research Systems, Inc.		132,817
	10,155	Fifth Third Bancorp		298,862
	2,376	First Republic Bank		241,378
	5,247	Goldman Sachs Group, Inc. (The)^(b)		1,247,789
	624	Hanover Insurance Group, Inc. (The)		76,434
	5,294	Hartford Financial Services Group, Inc. (The)		266,659
	16,235	Huntington Bancshares, Inc.		263,169
	6,007	Invesco Ltd.		144,769
	50,257	JPMorgan Chase & Co.		5,758,447
	15,657	KeyCorp		329,893
	1,242	Legg Mason, Inc.		38,750
	3,234	Lincoln National Corp.		212,086
	7,521	Marsh & McLennan Cos., Inc.		636,502
	12,799	MetLife, Inc.		587,346
	2,474	Moody’s Corp.		440,421
	19,825	Morgan Stanley		968,055
	278	Morningstar, Inc.		39,565

Common Stocks – (continued)
Financials – (continued)
	1,304	MSCI, Inc.		235,059
	3,108	Northern Trust Corp.		333,986
	6,960	PNC Financial Services Group, Inc. (The)		999,038
	1,554	Popular, Inc. (Puerto Rico)		78,228
	4,189	Principal Financial Group, Inc.		231,191
	8,594	Progressive Corp. (The)		580,353
	6,226	Prudential Financial, Inc.		611,704
	1,949	Raymond James Financial, Inc.		181,335
	16,636	Regions Financial Corp.		323,737
	958	Reinsurance Group of America, Inc.		136,850
	3,723	S&P Global, Inc.		770,847
	801	Signature Bank		92,708
	5,374	State Street Corp.		467,054
	783	SVB Financial Group*		252,713
	3,498	T Rowe Price Group, Inc.		405,383
	735	TFS Financial Corp.^(a)		11,348
	3,999	Travelers Cos., Inc. (The)		526,268
	3,104	Unum Group		114,476
	22,806	US Bancorp		1,234,033
	2,502	Voya Financial, Inc.		125,275
	1,351	Webster Financial Corp.		88,328
	65,156	Wells Fargo & Co.		3,810,323
	1,403	WR Berkley Corp.		109,799
	3,738	XL Group Ltd. (Bermuda)		214,524

				40,410,895

Health Care – 13.4%
	21,911	Abbott Laboratories		1,464,531
	20,338	AbbVie, Inc.		1,952,041
	4,098	Aetna, Inc.		820,706
	4,645	Agilent Technologies, Inc.		313,723
	651	Agios Pharmaceuticals, Inc.*		52,549
	8,481	Amgen, Inc.		1,694,589
	3,274	Anthem, Inc.		866,726
	6,407	Baxter International, Inc.		476,489
	2,695	Biogen, Inc.*		952,656
	20,948	Bristol-Myers Squibb Co.		1,268,401
	4,767	Cardinal Health, Inc.		248,790
	9,263	Celgene Corp.*		874,890
	2,596	Centene Corp.*		380,262
	3,025	Cigna Corp.		569,729
	15,613	CVS Health Corp.		1,174,722
	1,736	DaVita, Inc.*		120,287
	2,861	DENTSPLY SIRONA, Inc.		114,211
	2,684	Edwards Lifesciences Corp.*		387,140
	12,336	Eli Lilly & Co.		1,303,298
	16,577	Gilead Sciences, Inc.		1,255,376
	3,549	HCA Healthcare, Inc.		475,956
	1,965	Henry Schein, Inc.*		152,641
	843	Hill-Rom Holdings, Inc.		81,999
	1,763	Humana, Inc.		587,537
	1,096	IDEXX Laboratories, Inc.*		278,428
	2,247	Incyte Corp.*		166,076
	34,384	Johnson & Johnson		4,631,181
	3,163	McKesson Corp.		407,236
	17,331	Medtronic PLC		1,670,882
	34,488	Merck & Co., Inc.		2,365,532


The accompanying notes are an integral part of these financial statements.		9

GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF

Schedule of Investments (continued)

August 31, 2018


Shares		Description	Value
Common Stocks – (continued)
Health Care – (continued)
	355	Mettler-Toledo International, Inc.*	$	207,483
	1,136	Neurocrine Biosciences, Inc.*		139,671
	74,309	Pfizer, Inc.		3,085,310
	1,020	Regeneron Pharmaceuticals, Inc.*		414,885
	1,799	ResMed, Inc.		200,427
	1,367	Seattle Genetics, Inc.*		104,931
	494	TESARO, Inc.*		16,030
	5,137	Thermo Fisher Scientific, Inc.		1,228,257
	548	United Therapeutics Corp.*		67,399
	12,241	UnitedHealth Group, Inc.		3,286,219
	1,174	Varian Medical Systems, Inc.*		131,512
	996	Waters Corp.*		188,722
	569	WellCare Health Plans, Inc.*		172,162
	939	West Pharmaceutical Services, Inc.		109,910

				36,461,502

Industrials – 10.1%
	8,316	3M Co.		1,754,011
	961	AGCO Corp.		57,333
	1,843	Alaska Air Group, Inc.		124,384
	6,493	American Airlines Group, Inc.		262,837
	2,047	AO Smith Corp.		118,890
	6,230	Arconic, Inc.		139,427
	7,919	Boeing Co. (The)		2,714,554
	1,437	BWX Technologies, Inc.		88,117
	8,367	Caterpillar, Inc.		1,161,758
	3,110	Copart, Inc.*		200,004
	12,002	CSX Corp.		890,068
	2,198	Cummins, Inc.		311,676
	4,665	Deere & Co.		670,827
	9,947	Delta Air Lines, Inc.		581,700
	2,180	Dover Corp.		187,197
	568	Dun & Bradstreet Corp. (The)		81,179
	6,295	Eaton Corp. PLC		523,366
	9,046	Emerson Electric Co.		694,100
	1,772	Equifax, Inc.		237,395
	3,570	FedEx Corp.		870,901
	2,021	Fluor Corp.		116,026
	2,093	Fortune Brands Home & Security, Inc.		110,887
	3,732	General Dynamics Corp.		721,769
	124,286	General Electric Co.		1,608,261
	2,380	Graco, Inc.		111,884
	1,287	Hexcel Corp.		85,096
	786	Hubbell, Inc.		99,319
	625	Huntington Ingalls Industries, Inc.		152,794
	1,101	IDEX Corp.		168,684
	5,767	IHS Markit Ltd.*		317,185
	4,885	Illinois Tool Works, Inc.		678,429
	3,569	Ingersoll-Rand PLC		361,504
	1,259	ITT, Inc.		74,419
	1,899	Jacobs Engineering Group, Inc.		138,038
	1,256	JB Hunt Transport Services, Inc.		151,662
	13,314	Johnson Controls International PLC		502,870
	528	Lennox International, Inc.		117,644
	3,578	Lockheed Martin Corp.		1,146,427
	948	ManpowerGroup, Inc.		88,856
	4,455	Masco Corp.		169,156

Common Stocks – (continued)
Industrials – (continued)
	643	MSC Industrial Direct Co., Inc., Class A		54,964
	5,471	Nielsen Holdings PLC		142,246
	4,073	Norfolk Southern Corp.		708,050
	2,332	Northrop Grumman Corp.		696,079
	951	Old Dominion Freight Line, Inc.		144,932
	1,577	Owens Corning		89,290
	1,907	Parker-Hannifin Corp.		334,869
	4,140	Raytheon Co.		825,682
	1,803	Rockwell Automation, Inc.		326,271
	2,360	Rockwell Collins, Inc.		320,842
	1,463	Roper Technologies, Inc.		436,515
	750	Ryder System, Inc.		57,630
	822	Snap-on, Inc.		145,313
	8,267	Southwest Airlines Co.		506,767
	2,272	Stanley Black & Decker, Inc.		319,284
	981	Terex Corp.		38,014
	989	Timken Co. (The)		48,115
	11,112	Union Pacific Corp.		1,673,689
	9,953	United Parcel Service, Inc., Class B		1,223,025
	1,205	United Rentals, Inc.*		187,823
	1,177	USG Corp.*		50,729
	2,311	Verisk Analytics, Inc.*		275,217
	659	WW Grainger, Inc.		233,332
	2,581	Xylem, Inc.		195,924

				27,625,236

Information Technology – 27.4%
	9,273	Accenture PLC, Class A		1,567,786
	11,071	Activision Blizzard, Inc.		798,219
	5,644	Adobe Systems, Inc.*		1,487,250
	10,413	Advanced Micro Devices, Inc.*		262,095
	1,899	Akamai Technologies, Inc.*		142,691
	697	Alliance Data Systems Corp.		166,290
	3,427	Alphabet, Inc., Class A*		4,221,379
	3,491	Alphabet, Inc., Class C*		4,252,701
	4,232	Analog Devices, Inc.		418,333
	56,459	Apple, Inc.		12,851,762
	12,047	Applied Materials, Inc.		518,262
	1,254	Arrow Electronics, Inc.*		97,223
	2,518	Autodesk, Inc.*		388,653
	6,349	Automatic Data Processing, Inc.		931,716
	1,691	Avnet, Inc.		81,844
	2,041	Booz Allen Hamilton Holding Corp.		104,418
	1,694	Broadridge Financial Solutions, Inc.		228,927
	3,599	CA, Inc.		157,636
	55,352	Cisco Systems, Inc.		2,644,165
	1,551	Citrix Systems, Inc.*		176,845
	6,698	Cognizant Technology Solutions Corp., Class A		525,324
	931	Dolby Laboratories, Inc., Class A		65,347
	14,360	eBay, Inc.*		497,000
	4,424	Electronic Arts, Inc.*		501,726
	703	F5 Networks, Inc.*		132,951
	27,292	Facebook, Inc., Class A*		4,796,023
	1,043	First Solar, Inc.*		54,319
	5,902	Fiserv, Inc.*		472,573
	1,016	Gartner, Inc.*		152,156


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

GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF


Shares		Description	Value
Common Stocks – (continued)
Information Technology – (continued)
	921	Guidewire Software, Inc.*	$	92,625
	17,812	Hewlett Packard Enterprise Co.		294,432
	53,546	Intel Corp.		2,593,233
	10,548	International Business Machines Corp.		1,545,071
	2,800	Intuit, Inc.		614,516
	519	IPG Photonics Corp.*		91,074
	2,408	Jabil, Inc.		71,180
	1,106	Jack Henry & Associates, Inc.		175,235
	3,958	Juniper Networks, Inc.		112,526
	2,692	Keysight Technologies, Inc.*		174,684
	1,789	KLA-Tencor Corp.		207,900
	1,637	Leidos Holdings, Inc.		115,850
	13,626	Mastercard, Inc., Class A		2,937,221
	13,278	Micron Technology, Inc.*		697,361
	86,993	Microsoft Corp.		9,771,924
	1,857	Motorola Solutions, Inc.		238,365
	1,589	National Instruments Corp.		75,875
	3,079	NetApp, Inc.		267,288
	6,682	NVIDIA Corp.		1,875,504
	32,975	Oracle Corp.		1,601,926
	4,625	Paychex, Inc.		338,781
	17,128	PayPal Holdings, Inc.*		1,581,428
	17,014	QUALCOMM, Inc.		1,169,032
	3,665	Sabre Corp.		95,693
	8,096	salesforce.com, Inc.*		1,236,097
	3,283	Square, Inc., Class A*		291,005
	7,094	Symantec Corp.		143,015
	1,700	Synopsys, Inc.*		173,638
	1,655	Take-Two Interactive Software, Inc.*		221,042
	1,382	Teradata Corp.*		57,312
	11,240	Texas Instruments, Inc.		1,263,376
	2,592	Total System Services, Inc.		251,787
	8,112	Twitter, Inc.*		285,380
	339	Ultimate Software Group, Inc. (The)*		104,978
	1,210	VeriSign, Inc.*		191,918
	26,518	Visa, Inc., Class A		3,895,229
	788	VMware, Inc., Class A*		120,769
	3,434	Western Digital Corp.		217,166
	591	WEX, Inc.*		112,420
	1,661	Workday, Inc., Class A*		256,691
	3,209	Xerox Corp.		89,403
	2,918	Xilinx, Inc.		227,108
	1,694	Zillow Group, Inc., Class C*		82,413

				74,655,085

Materials – 2.7%
	2,993	Air Products & Chemicals, Inc.		497,706
	1,503	Albemarle Corp.		143,567
	891	AptarGroup, Inc.		93,297
	846	Ashland Global Holdings, Inc.		71,233
	1,198	Avery Dennison Corp.		126,006
	4,952	Ball Corp.		207,390
	1,303	Bemis Co., Inc.		64,212
	1,848	Celanese Corp., Series A		215,902
	1,859	Crown Holdings, Inc.*		79,584
	848	Domtar Corp.		43,163
	31,671	DowDuPont, Inc.		2,221,087

Common Stocks – (continued)
Materials – (continued)
	1,940	Eastman Chemical Co.		188,238
	3,471	Ecolab, Inc.		522,316
	19,722	Freeport-McMoRan, Inc.		277,094
	2,967	Huntsman Corp.		90,464
	1,074	International Flavors & Fragrances, Inc.		139,931
	5,645	International Paper Co.		288,685
	4,378	LyondellBasell Industries NV, Class A		493,751
	105	NewMarket Corp.		42,109
	2,328	Owens-Illinois, Inc.*		41,136
	3,916	Praxair, Inc.		619,472
	2,313	Sealed Air Corp.		92,774
	1,204	Sherwin-Williams Co. (The)		548,518
	1,411	Sonoco Products Co.		79,072
	1,120	Southern Copper Corp. (Peru)		48,877
	3,083	Steel Dynamics, Inc.		140,986
	496	Westlake Chemical Corp.		46,907

				7,423,477

Real Estate – 1.2%
	6,504	American Tower Corp. REIT		969,877
	4,706	CBRE Group, Inc., Class A*		229,700
	506	CoreSite Realty Corp., Class A REIT		58,934
	6,143	Crown Castle International Corp. REIT		700,486
	1,090	EPR Properties REIT		76,496
	1,179	Equinix, Inc. REIT		514,197
	1,808	Extra Space Storage, Inc. REIT		166,716
	573	Howard Hughes Corp. (The)*		74,702
	675	Jones Lang Lasalle, Inc.		102,951
	1,877	Realogy Holdings Corp.		40,149
	2,438	Uniti Group, Inc. REIT		50,759
	11,221	Weyerhaeuser Co. REIT		389,481

				3,374,448

Telecommunication Services – 1.9%
	75,937	AT&T, Inc.		2,425,428
	6,709	Sprint Corp.*		40,992
	3,198	T-Mobile US, Inc.*		211,196
	43,143	Verizon Communications, Inc.		2,345,685

				5,023,301

Utilities – 2.7%
	8,296	American Electric Power Co., Inc.		595,072
	1,828	Atmos Energy Corp.		168,596
	7,254	CenterPoint Energy, Inc.		201,589
	4,731	CMS Energy Corp.		232,954
	5,233	Consolidated Edison, Inc.		413,041
	3,042	DTE Energy Co.		338,088
	5,345	Edison International		351,327
	3,042	Entergy Corp.		254,281
	5,326	Eversource Energy		332,502
	16,222	Exelon Corp.		709,064
	1,362	National Fuel Gas Co.		75,632
	7,920	NextEra Energy, Inc.		1,347,192
	6,089	NiSource, Inc.		164,829
	8,689	PG&E Corp.		401,258
	11,771	PPL Corp.		350,069
	8,483	Public Service Enterprise Group, Inc.		444,085


The accompanying notes are an integral part of these financial statements.		11

GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF

Schedule of Investments (continued)

August 31, 2018


Shares		Description	Value
Common Stocks – (continued)
Utilities – (continued)
	4,443	Sempra Energy	$	515,743
	1,394	Vectren Corp.		99,253
	8,551	Xcel Energy, Inc.		410,876

				7,405,451

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $259,867,296)		$	271,595,869


Shares		Distribution Rate	Value
Securities Lending Reinvestment Vehicle – 0.0%^(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	75,906	1.879%	$	75,906
	(Cost $75,906)

	TOTAL INVESTMENTS – 99.6%
	(Cost $259,943,202)		$	271,671,775

	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.4%			1,133,655

	NET ASSETS – 100.0%		$	272,805,430


The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*		Non-income producing security.
(a)		All or a portion of security is on loan.
(b)		Represents an affiliated issuer.



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


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

GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF

Statement of Assets and Liabilities

August 31, 2018



	JUST U.S. Large Cap Equity ETF
Assets:
Investments in unaffiliated issuers, at value (cost $258,644,856)^(a)	$	270,348,080
Investments in affiliated issuers, at value (cost $1,222,440)		1,247,789
Investments in securities lending reinvestment vehicle, at value which equals cost		75,906
Cash		747,252
Receivables:
Dividends		507,575
Securities lending income		105
Total assets		272,926,707

Liabilities:
Payables:
Upon return of securities loaned		75,906
Management fees		45,371
Total liabilities		121,277

Net Assets:
Paid-in capital		260,101,111
Undistributed net investment income		1,052,344
Accumulated net realized loss		(76,598	)
Net unrealized gain		11,728,573
NET ASSETS	$	272,805,430
SHARES ISSUED AND OUTSTANDING
Shares outstanding no par value (unlimited shares authorized):		6,475,000
Net asset value per share:	$	42.13

(a)

Includes loaned securities having a market value of $74,570.


The accompanying notes are an integral part of these financial statements.		13

GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF

Statement of Operations

For the Period Ended August 31, 2018^(a)



	JUST U.S. Large Cap Equity ETF
Investment income:
Dividends — unaffiliated issuers	$	1,163,515
Dividends — affiliated issuers		4,198
Securities lending income		254
Total investment income		1,167,967

Expenses:
Management fees		111,885
Trustee fees		3,738
Total expenses		115,623
NET INVESTMENT INCOME		1,052,344

Realized and unrealized gain (loss):
Net realized loss from:
Investments — unaffiliated issuers		(76,598	)
Net unrealized gain on:
Investments — unaffiliated issuers		11,703,224
Investments — affiliated issuers		25,349
Net realized and unrealized gain		11,651,975
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	12,704,319

(a)

For the period June 7, 2018 (commencement of operations) through August 31, 2018.


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

GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF

Statement of Changes in Net Assets

For the Period Ended August 31, 2018^(a)


	JUST U.S. Large Cap Equity ETF
From operations:
Net investment income	$	1,052,344
Net realized loss		(76,598	)
Net unrealized gain		11,728,573
Net increase in net assets resulting from operations		12,704,319

From share transactions:
Proceeds from sales of shares		260,101,111
Net increase in net assets resulting from share transactions		260,101,111
TOTAL INCREASE		272,805,430

Net assets:
Beginning of period	$	—
End of period	$	272,805,430
Undistributed net investment income	$	1,052,344

(a)

For the period June 7, 2018 (commencement of operations) through August 31, 2018.


The accompanying notes are an integral part of these financial statements.		15

GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF

Financial Highlights

Selected Data for a Share Outstanding Throughout the Period


	JUST U.S. Large Cap Equity ETF
	For the Period June 7, 2018* to August 31, 2018
Per Share Operating Performance:
Net asset value, beginning of period	$	40.08
Net investment income^(a)		0.17
Net realized and unrealized gain		1.88
Total gain from investment operations		2.05
Net asset value, end of period	$	42.13
Market price, end of period	$	42.13
Total Return at Net Asset Value^(b)		5.11	%
Net assets, end of period (in 000’s)	$	272,805
Ratio of total expenses to average net assets		0.20	%^(c)
Ratio of net investment income to average net assets		1.84	%^(c)
Portfolio turnover rate^(d)		2	%

Commencement of operations.

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS ETF TRUST

Notes to Financial Statements

August 31, 2018

1. ORGANIZATION

Goldman Sachs JUST U.S. Large Cap Equity ETF (the “Fund”) is a series of the Goldman Sachs ETF Trust (the “Trust”) which is an open-end diversified 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 investment objective of the Fund is to provide investment results that closely correspond, before fees and expenses, to the performance of the JUST US Large Cap Diversified Index (the “Index”).

Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as investment adviser to the Fund pursuant to a management agreement (the “Agreement”) with the Trust. The Fund is an exchange- traded fund (“ETF”). Shares of the Fund are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”). Market prices for the Fund’s shares may be different from its net asset value (“NAV”). The Fund issues and redeems shares at its 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. 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 Fund.


2. SIGNIFICANT ACCOUNTING POLICIES

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

B. Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. 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. Distributions received from the Fund’s investments in U.S. real estate investment trusts (“REITs”) may be characterized as ordinary income, net capital gain or a return of capital. A return of capital is recorded by the Fund as a reduction to the cost basis of the REIT.

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 the 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 Fund’s net assets on the Statement of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

GOLDMAN SACHS ETF TRUST

Notes to Financial Statements (continued)

August 31, 2018

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Fund’s policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The 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 3 — Prices or valuations that require significant unobservable inputs (including GSAM’s assumptions in determining fair value measurement).

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:

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 Fund’s 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 the 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;

GOLDMAN SACHS ETF TRUST

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

C. Fair Value Hierarchy — The following is a summary of the Fund’s investments classified in the fair value hierarchy as of August 31, 2018:



JUST 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	$	271,519,637	$	—	$	—
South America		48,877		—		—
Africa		27,355		—		—
Securities Lending Reinvestment Vehicle		75,906		—		—
Total	$	271,671,775	$	—	$	—

(a)

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


4. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

For the period August 31, 2018, the unitary management fee rate with GSAM was 0.20%.

Beginning

value as of

June 7,
2018*

Purchases
at Cost

Proceeds
from Sales

Realized
Gain

Change in
Unrealized
Appreciation

Ending

value as of
August 31,
2018

Shares as of
August 31,
2018

Dividend
Income

$—

$1,222,440

$—

$25,349

$1,247,789

5,247

$4,198

Commencement of operations.

GOLDMAN SACHS ETF TRUST

Notes to Financial Statements (continued)

August 31, 2018

5. CREATION AND REDEMPTION OF CREATION UNITS

Share activity for the period ended August 31, 2018, is as follows:


	JUST U.S. Large Cap Equity ETF
	Shares		Dollars

Fund Share Activity⁽¹⁾
Shares Sold		6,475,000	$	260,101,111
NET INCREASE IN SHARES		6,475,000	$	260,101,111

(1)

For the period June 7, 2018 (commencement of operations) through August 31, 2018


6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales of long-term securities for the period ended August 31, 2018, were as follows:


Fund	Purchases		Sales
JUST U.S. Large Cap Equity ETF	$	9,912,769	$	4,884,053

The purchase and sales from in-kind creation and redemption transactions for the period ended August 31, 2018, were as follows:


Fund	Purchases		Sales
JUST U.S. Large Cap Equity ETF	$	255,111,499	$	—


7. SECURITIES LENDING

GOLDMAN SACHS ETF TRUST

7. SECURITIES LENDING (continued)

become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Statement of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

The Fund invests the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”), an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net assets of the Government Money Market Fund.

The following table provides information about the Fund’s investment in the Government Money Market Fund for the period ended August 31, 2018:


Beginning value as of June 7, 2018*		Purchases at Cost		Proceeds from Sales			Ending value as of August 31, 2018
$	—	$	1,232,753	$	(1,156,847	)	$	75,906

Commencement of operations.

8. TAX INFORMATION

There is no distribution paid during the period ended August 31, 2018.

As of August 31, 2018, the components of accumulated earnings (losses) on a tax-basis were as follows:


	JUST U.S. Large Cap Equity ETF
Undistributed ordinary income — net	$	1,052,344
Total undistributed earnings	$	1,052,344
Capital loss carryforwards:
Perpetual Short-term	$	(9,850	)
Unrealized gains (losses) — net	$	11,661,825
Total accumulated earnings (losses) net	$	12,704,319

GOLDMAN SACHS ETF TRUST

Notes to Financial Statements (continued)

August 31, 2018

8. TAX INFORMATION (continued)

As of August 31, 2018, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:


	JUST U.S. Large Cap Equity ETF
Tax Cost	$	260,009,950
Gross unrealized gain		16,987,040
Gross unrealized loss		(5,325,215	)
Net unrealized gains	$	11,661,825

The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales.


9. OTHER RISKS

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

Index Risk — JUST Capital Foundation, Inc. (the “Index Provider”) constructs the Fund’s Index in accordance with a rules-based methodology. The Fund will be negatively affected by general declines in the securities and asset classes represented in its Index. In addition, because the Fund is not “actively” managed, unless a specific security is removed from its Index, the 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 the Fund’s ability to adjust its exposure to the required levels in order to track the Index. The Fund also does not attempt to take defensive positions under any market conditions, including declining markets. Therefore, the 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 the Index, but it does not guarantee the accuracy or availability of such third party data. The Index is new and has a limited performance history. Errors in index data, index computation or the construction of the 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 Fund and its shareholders. In addition, neither the Fund, the Investment Adviser, the Calculation Agent nor the Index Provider can guarantee the availability or timeliness of the production of the Index.

GOLDMAN SACHS ETF TRUST

9. OTHER RISKS (continued)

holding of cash, differences in accrual of dividends, changes to its Index or the need to meet new or existing regulatory requirements. Unlike the Fund, the returns of its 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.


10. INDEMNIFICATIONS

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


11. SUBSEQUENT EVENTS

In September 2018, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2018-13 — Fair Value Measurement (Topic 820) Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement. The amendments in the ASU modify fair value measurement disclosures. The amendments are effective for the Fund’s fiscal year beginning after December 15, 2019. GSAM is currently evaluating the impact, if any, of the amendments.

Report of Independent Registered Public

Accounting Firm

To the Board of Trustees of Goldman Sachs ETF Trust and Shareholders of

Goldman Sachs JUST U.S. Large Cap Equity ETF:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Goldman Sachs JUST U.S. Large Cap Equity ETF (one of the funds constituting Goldman Sachs ETF Trust, referred to hereafter as the “Fund”) as of August 31, 2018, the related statements of operations and changes in net assets, including the related notes, and the financial highlights for the period June 7, 2018 (commencement of operations) through August 31, 2018 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of August 31, 2018, the results of its operations, changes in its net assets, and the financial highlights for the period June 7, 2018 (commencement of operations) through August 31, 2018 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2018 by correspondence with the custodian and transfer agent. We believe that our audit provides a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts

October 26, 2018

We have served as the auditor of one or more investment companies in the Goldman Sachs fund complex since 2000.

GOLDMAN SACHS ETF TRUST


Fund Expenses — Period Ended 8/31/2018 (Unaudited)

The example is based on an investment of $1,000 invested at the beginning of the period from June 7, 2018 (commencement of operations) and held for the period ended August 31, 2018, which represents a period of 86 days of a 365 day year (or less where indicated).

Actual Expenses — The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the 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.


	JUST U.S. Large Cap Equity ETF*
	Beginning Account Value 6/7/18		Ending Account Value 8/31/18			Expenses Paid**
Actual based on NAV	$	1,000	$	1,051.10		$	0.48
Hypothetical 5% return	$	1,000	$	1,011.31	+	$	0.47

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

The Fund commenced operations on June 7, 2018. Expenses are calculated using the Fund’s annualized expense ratio, multiplied by the ending value for the period, multiplied by 86/365, which represents a period of 86 days of a 365 day year (to reflect the Fund’s commencement of operation).

The Expenses for the Fund are calculated using the Fund’s annualized net expense ratio, which represents the ongoing expenses as a percentage of net assets for the period ended August 31, 2018. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal year; and then dividing that result by the number of days in the fiscal year.

The annualized net expense ratio for the period is as follows:


Fund
JUST U.S. Large Cap Equity ETF	0.20	%

GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF

Statement Regarding Basis for Initial Approval of Management Agreement (Unaudited)

Background

The Goldman Sachs JUST U.S. Large Cap Equity ETF (the “Fund”) is a newly-organized investment portfolio of Goldman Sachs ETF Trust (the “Trust”) that commenced investment operations on June 7, 2018. At a meeting held on March 13-14, 2018 (the “Meeting”) in connection with the Fund’s organization, the Board of Trustees, including all of the Trustees present who are not parties to the Fund’s investment management agreement (the “Management Agreement”) or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”) approved the Management Agreement with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”).

At the Meeting, the Trustees reviewed the Management Agreement with respect to the Fund, including information regarding the terms of the Management Agreement; the nature, extent and quality of the Investment Adviser’s anticipated services; the fees and expenses to be paid by the Fund; a comparison of the Fund’s proposed management fee and anticipated expenses with those paid by other similar exchange-traded funds (“ETFs”); 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 Fund was discussed.

In connection with the Meeting, the Trustees received written materials and oral presentations on the topics covered, and were advised by their independent legal counsel regarding their responsibilities under applicable law. In evaluating the Management Agreement at the Meeting, the Trustees relied upon information included in a presentation made by the Investment Adviser at the Meeting and information received at prior Board meetings, as well as on their knowledge of the Investment Adviser resulting from their meetings and other interactions over time.

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

As part of their review, the Trustees considered the nature, extent, and quality of the services to be provided by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that would be provided to the Fund by the Investment Adviser and its affiliates. The Trustees considered that under the Management Agreement, the Fund pays a single fee to the Investment Adviser, and the Investment Adviser pays all of the Fund’s ordinary operating expenses, excluding payments under the Fund’s 12b-1 plan (if any), interest expenses, taxes, acquired fund fees and expenses, brokerage fees, costs of holding shareholder meetings, litigation, indemnification and extraordinary expenses. The Trustees also considered information about the Fund’s structure, investment objective, strategies and other characteristics. In particular, they noted that the Fund would operate as a passively-managed ETF that would seek to track an index developed and maintained by a third-party service provider. The Trustees noted the experience and capabilities of the key personnel of the Investment Adviser who would be providing services to the Fund. In particular, the Trustees considered the Investment Adviser’s extensive experience in managing quantitative investment strategies. The Trustees concluded that the Investment Adviser would be able to commit substantial financial and other resources to the Fund. They also considered that although the Fund was new (and therefore had no performance data to evaluate), the Investment Adviser has committed substantial financial and operational resources to exchange-traded funds and has extensive experience managing other types of registered investment companies.

Unitary Fee Structure and Profitability

The Trustees considered the contractual fee rates payable by the Fund, noting that the Management Agreement provides for a unitary fee structure, pursuant to which the Fund pays a single fee to the Investment Adviser and the Investment Adviser then pays all of the Fund’s ordinary operating expenses. They noted that license fees would be payable by the Investment Adviser to Frank Russell Company for the use of its index and to JUST Capital Foundation, Inc. for use of certain trademarks and trade names. In addition, the Trustees considered information on the services rendered by the Investment Adviser to the Fund, which included both advisory and administrative services that were directed to the needs and operations of the Fund as an ETF. The Trustees also considered information provided regarding fees and expenses of comparable ETFs advised by other, unaffiliated investment management firms. The comparisons of the Fund’s fee rate and expense ratio were prepared by the Investment Adviser and a third-party provider of mutual fund and ETF data. In particular, the Trustees referred to an analysis comparing the Fund’s management fee and net expense ratios to those of relevant peer funds. The Trustees concluded that the comparisons were useful in evaluating the reasonableness of the management fee and total expenses paid by the Fund.

The Trustees recognized that there was not yet profitability data to evaluate for the Fund, but considered the Investment Adviser’s representations that (i) such data would be provided after the Fund commenced operations, and (ii) the Fund was not expected to be profitable to the Investment Adviser and its affiliates initially.

GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF

Statement Regarding Basis for Initial Approval of Management Agreement (Unaudited) (continued)

Economies of Scale

The Trustees noted that the Fund will not have management fee breakpoints. They considered the Fund’s projected asset levels and information comparing the fee rates charged by the Investment Adviser with fee rates charged to other ETFs in the Fund’s peer group.

Other Benefits to the Investment Adviser and Its Affiliates

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

Other Benefits to the Fund and Its Shareholders

The Trustees also noted that the Fund is expected to receive certain potential benefits as a result of its relationship with the Investment Adviser, including: (a) enhanced servicing from vendors 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 Fund because of the reputation of the Goldman Sachs organization; and (c) the Fund’s access to certain affiliated distribution channels.

Conclusion

In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the unitary fee paid by the Fund was reasonable in light of the services to be provided to it by the Investment Adviser, the Investment Adviser’s costs, and the Fund’s reasonably foreseeable asset levels. The Trustees unanimously concluded that the engagement of the Investment Adviser likely would benefit the Fund and its shareholders and that the Management Agreement should be approved with respect to the Fund until March 14, 2020.

GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF

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
Lawrence W. Stranghoener Age: 64	Chairman of the Board of Trustees	Trustee Since 2015; Chairman Since 2017	Mr. Stranghoener is retired. He is Director, Kennametal, Inc. (a global manufacturer and distributor of tooling and industrial materials) (2003-Present); Director, Aleris Corporation and Aleris International, Inc. (a producer of aluminum rolled products) (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). Chairman of the Board of Trustees — Goldman Sachs ETF Trust; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC.	32	Kennametal Inc. (a global manufacturer and distributor of tooling and industrial materials)
Caroline Dorsa Age: 59	Trustee	Since 2016	Ms. Dorsa is retired. She is Director, Biogen Inc. (a biotechnology company) (2010-Present); Director, Intellia Therapeutics Inc. (a gene-editing company) (2015-Present); and Director, Illumina, Inc. (a life sciences company) (2017-Present). She was formerly Executive Vice President and Chief Financial Officer, Public Service Enterprise Group, Inc. (a generation and energy services company) (2009-2015); Senior Vice President, Merck & Co, Inc. (a pharmaceutical company) (2008-2009 and 1987-2007); Senior Vice President and Chief Financial Officer, Gilead Sciences, Inc. (a pharmaceutical company) (2007-2008); and Senior Vice President and Chief Financial Officer, Avaya, Inc. (a technology company) (2007). Trustee — Goldman Sachs ETF Trust; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC.	32	Biogen Inc. (a biotechnology company); Intellia Therapeutics Inc. (a gene-editing company); Illumina, Inc. (a life sciences company)
Linda A. Lang Age: 60	Trustee	Since 2016	Ms. Lang is retired. She is Chair of the Board of Directors (2016-present), and Member of the Board of Directors, 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). Previously, Ms. Lang served as an Advisory Board Member of Goldman Sachs MLP Income Opportunities Fund and Goldman Sachs MLP and Energy Renaissance Fund (February 2016-March 2016). Trustee — Goldman Sachs ETF Trust; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC.	32	WD-40 Company (a global consumer products company)
Michael Latham Age: 52	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; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC.	32	None

GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF

Trustees and Officers (Unaudited) (continued)

Interested Trustee*


Name, Address and Age¹	Position(s) Held with the Trust	Term of Office and Length of Time Served²	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee³	Other Directorships Held by Trustee⁴
James A. McNamara Age: 55	Trustee and President	Since 2014	Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President and Trustee — Goldman Sachs ETF Trust; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC.	152	None

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, 2018.

⁴

GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF

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: 55	Trustee and President	Since 2014	Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000– December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President and Trustee — Goldman Sachs ETF Trust; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC.
Caroline L. Kraus 200 West Street New York, NY 10282 Age: 41	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 Corp.; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC.
Scott M. McHugh 200 West Street New York, NY 10282 Age: 46	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; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC.
Joseph F. DiMaria 30 Hudson Street Jersey City, NJ 07302 Age: 50	Assistant Treasurer and Principal Accounting Officer	Since 2017	Managing Director, Goldman Sachs (November 2015-Present) and Vice President – Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010-October 2015). Assistant Treasurer and Principal Accounting Officer — Goldman Sachs ETF Trust; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC.

Information is provided as of August 31, 2018.

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.

GOLDMAN SACHS EXCHANGE-TRADED FUNDS

Goldman Sachs ActiveBeta^® Emerging Markets Equity ETF

Goldman Sachs ActiveBeta^® Europe Equity ETF

Goldman Sachs ActiveBeta^® International Equity ETF

Goldman Sachs ActiveBeta^® Japan Equity ETF

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

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

Goldman Sachs Equal Weight U.S. Large Cap Equity ETF

Goldman Sachs Hedge Industry VIP ETF

Goldman Sachs JUST U.S. Large Cap Equity ETF

Goldman Sachs Access Treasury 0-1 Year ETF

Goldman Sachs Access Investment Grade Corporate Bond ETF

Goldman Sachs Access High Yield Corporate Bond ETF

INDEX DISCLAIMERS

Neither JUST Capital Foundation, Inc. (“JUST Capital”) nor any of its affiliates (collectively, the “JUST Parties”) in any way sells, sponsors, supports, promotes, or endorses the Goldman Sachs JUST U.S. Large Cap Equity ETF (the “GS ETF”), or has involvement in its operations or distribution. The JUST US Large Cap Diversified Index (the “JUST Index”) has been licensed by Russell on an “as is” basis to Goldman Sachs Asset Management L.P. (“Goldman Sachs”) in connection with Goldman Sachs’ sponsorship of the GS ETF, and JUST Capital’s only relationship with Goldman Sachs is the licensing of certain trademarks and trade names of JUST Capital or its affiliates. The JUST Parties and any other person or entity involved in or related to compiling, computing, or creating the JUST Index expressly disclaim all representations, warranties, and liabilities relating to or in connection with the GS ETF (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability, and fitness for a particular purpose).

No JUST Party makes any claim, prediction, warranty, or representation whatsoever, expressly or impliedly, either as to (i) the results to be obtained from the use of the JUST Index, the GS ETF, or any of the data included in either of the foregoing, (ii) the level at which the JUST Index or GS ETF is said to stand at any particular time on any particular day or otherwise, (iii) the suitability of the JUST Index for the purpose to which it is being put in connection with the GS ETF, or (iv) the advisability of investing in securities generally or in any index or ETF, including those provided by Goldman Sachs.

No JUST Party has provided, nor will any provide, any financial or investment advice or recommendation in relation to the JUST Index or the GS ETF to Goldman Sachs Asset Management or to its clients. No JUST Party shall be (i) liable (whether in negligence or otherwise) to any person for any error in the JUST Index or (ii) under any obligation to advise any person of any error therein. Without limiting any of the foregoing, in no event shall any JUST 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 JUST Index or the GS ETF.

Data and information regarding the JUST Index is proprietary to JUST Capital or its licensors, and reproduction of such data and information is prohibited except with the prior written permission of JUST Capital. JUST Index^® and JUST Capital Index^® are trademarks of JUST Capital and have been licensed for use by Goldman Sachs Asset Management L.P. by JUST Capital and/or its agent.

Frank Russell Company (“Russell”) acts solely as calculation agent in respect of the JUST US Large Cap Diversified Index and does not in any way sponsor, support, promote or endorse the JUST US Large Cap Diversified Index or the Goldman Sachs JUST U.S. Large Cap Equity ETF. The JUST US Large Cap Diversified Index was provided on an “as is” basis. Russell, its affiliates and any other person or entity involved in or related to compiling, computing or creating the JUST US Large Cap Diversified Index (collectively, the “Russell Parties”) expressly disclaim all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose).

Russell does not make any claim, prediction, warranty or representation whatsoever, expressly or impliedly, either as to (i) the results to be obtained from the use of the JUST US Large Cap Diversified Index (upon which the Goldman Sachs JUST U.S. Large Cap Equity ETF is based), (ii) the figure at which the JUST US Large Cap Diversified Index is said to stand at any particular time on any particular day or otherwise, or (iii) the suitability of the JUST US Large Cap Diversified Index for the purpose to which it is being put in connection with the Goldman Sachs JUST U.S. Large Cap Equity ETF.

Russell has not provided and will not provide any financial or investment advice or recommendation in relation to the JUST US Large Cap Diversified Index to Goldman Sachs Asset Management or to its clients. The JUST US Large Cap Diversified Index is calculated by Russell or its agent as calculation agent. Russell shall not be (a) liable (whether in negligence or otherwise) to any person for any error in the Index or (b) under any obligation to advise any person of any error therein.

Without limiting any of the foregoing, in no event shall any Russell Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including without limitation lost profits) or any other damages in connection with the JUST US Large Cap Diversified Index or the Goldman Sachs JUST U.S. Large Cap Equity ETF.


TRUSTEES Lawrence W. Stranghoener, Chairman Caroline Dorsa Linda A. Lang Michael Latham James A. McNamara		OFFICERS James A. McNamara, President Scott M. McHugh, Treasurer, Senior Vice President and Principal Financial Officer Joseph F. DiMaria, Assistant Treasurer and Principal Accounting Officer Caroline L. Kraus, Secretary

THE BANK OF NEW YORK MELLON Transfer Agent

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

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

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

The Fund is recently or newly organized and has limited operating history.

ActiveBeta^® is a registered trademark of GSAM.

ALPS Distributors, Inc. is the distributor of the Goldman Sachs ETF Funds. ALPS Distributors, Inc. is unaffiliated with Goldman Sachs Asset Management.

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 13(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. Caroline Dorsa 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.

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.


	2018			2017			Description of Services Rendered



Audit Fees:

• PricewaterhouseCoopers LLP (“PwC”)		$	314,325		$	212,675	Financial Statement audits.

Audit-Related Fees:

• PwC		$	9,797		$	12,909

Tax Fees:

• PwC		$	100,167		$	47,752	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.

2018

2017

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, 2018 and August 31, 2017 were approximately $109,964 and $60,661 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, 2017 and December 31, 2016 were approximately $9.7 million and $11.4 million respectively. With regard to the aggregate non-audit fees billed to GS ETF’s adviser and service affiliates, the 2017 and 2016 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 Michael Latham, Linda A. Lang, Lawrence W. Stranghoener, 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 last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12.

DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 13.

EXHIBITS.


(a)(1)	Goldman Sachs ETF Trust’s Code of Ethics for Principal Executive and Senior Financial Officers is incorporated by reference to Exhibit 12(a)(1) of the registrant’s Form N-CSR filed on October 31, 2016.

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

(a)(3)	Not applicable to open-end investment companies.

(a)(4)	There was no change in the registrant’s independent public accountant for the period covered by this report.

(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:		November 5, 2018

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:		November 5, 2018

By:		/s/ Scott McHugh


		Scott McHugh
		Principal Financial Officer
		Goldman Sachs ETF Trust

Date:		November 5, 2018